The market was looking up at the open, with futures hopping off earlier flatness into the green.

At 8:53 a.m. EDT, the

S&P 500 futures

were up 6.5 points, almost 5 points above fair value and an indication of a light upswing for the early going. The

Nasdaq 100

futures were up 34.5 points, indicating some optimism in large-cap technology stocks after yesterday's Nasdaq selloff.

But it's hard to take any moves very seriously considering the kind of volume the market's seen lately. Yesterday was the lightest day of trading so far this year.

"We're just getting a little bit of bounce after the selloff yesterday," said Bryan Piskorowski, market analyst at

Prudential Securities

. "Its not much to write home about."

So how about this: The market is still waiting on interest rates!

After weeks of hot data, last Friday's employment numbers seem to have cemented market sentiment that a 50-basis-point hike is definitive at the

Federal Open Market Committee's

May 16 meeting. But who knows how much higher the Fed will go in coming months? And nobody wants to place bets either way just yet.

April import-export earnings, retail sales and the

Producer Price Index

come in on Thursday and Friday and could provide some clues.

"The market is clearly penned in by this week's economic data and next week's interest rate decision. We are going to see some pretty lackluster trade and any kind of action is pretty questionable on both sides here. We've got to look at what's coming out with the PPI to see whether the economy is actually slowing," Piskorowski said.

Meanwhile, tech bellwether

Cisco

(CSCO) - Get Report

may dominate what little action there is on the market again today, as the company is scheduled to report earnings after the bell. The networking flagship drubbed tech into the muck yesterday, taking the

Nasdaq Composite Index

down 147.44, or 3.9%, to 3669.38, after an article in

Barron's

raised doubt about the company's growth-by-acquisition strategy. For more on this, see Aaron Task's May 8

piece.

Investors may want to watch some of Cisco's battered industry mates as well, including

Lucent

(LU)

,

Nortel Networks

(NT)

and

3Com

(COMS)

, as these stocks will probably take their cues from Cisco.

The market will also be eyeing some Old Economy earnings news

today, with waste-management giant

Allied Waste

(AW)

, oil industry leader

BP Amoco

(BPA)

and drugstore retailer

CVS

(CVS) - Get Report

reporting today. The world's largest retailer,

Wal-Mart

(WMT) - Get Report

, already reported earnings this morning, which came in above Wall Street estimates.

The bond market was bouncing this morning, with the 10-year note up 7/32 to 99 23/32 and yielding 6.535%.

European bourses saw investors shedding tech, media and telecom shares at midsession in the wake of yesterday's Nasdaq slide. But the major indices were off earlier lows as stock futures in the U.S. were looking up.

The Paris

CAC

was down 75.19 to 6439.23, while Frankfurt's

Xetra Dax

was 74.25 lower to 7333.84. Across the Channel, London's

FTSE

was down 20.3 to 6196.0. The FTSE was inching back after stumbling off an earlier bounce.

The euro was trading down at $0.8976.

Asian markets slipped lower overnight in thin volume as investors spooked by the Nasdaq's near-4% decline unloaded tech shares in favor of blue-chips. Tokyo stocks fell to their lowest level in more than six months.

Hong Kong's

Hang Seng

index fell 124.10 to 14,776.90 while in Tokyo, the

Nikkei

dove 355.42 to 17,844.54.

The dollar inched slightly higher overnight against the yen to 108.82 yen and continued on that track this morning, lately at 109.26.

For a look at stocks in the preopen news, see

Stocks to Watch, published separately.