Blue-Chips, Tech Looking to Pop at Open

Updated from 7:59 a.m. EDT

Futures were flying high this morning, indicating a strong start for both blue-chips and tech stocks.

At 9:15 a.m. EDT, Nasdaq futures were up to 1508, about 23 points above fair value as calculated by TheStreet.com. S&P 500 futures were at 1164, trading 5 points ahead of fair value.

Ericsson(ERICY Quote) was the most active stock in preopen trading, with more than 245,000 shares changing hands on Instinet. The stock rose 29 cents, or 5.8%, to $5.27.

Intel(INTC Quote) was also on the move, trading up 53 cents, or 2%, to $27.60 before the bell.

Overseas, European stocks were higher despite the selloff on Wall Street, a day after the Fed cut interest rates. London's FTSE 100 gained 27 points, or 0.5%, to 5457. In Japan, the Nikkei 225 traded up about 116 points, or 1%, to 11,396 on the strength of real estate and banking stocks. Hong Kong's Hang Seng was down 252 points, or 2.2%, to 11,189, with much of the weakness coming from telecom.