The market is looking mixed this morning, as investors set to take yesterday's rally on the

Nasdaq Composite Index

higher. The market is less enthusiastic about Old Economy stocks, however, with

S&P 500

futures essentially flat.

At 7:52 a.m. EDT, the

S&P 500 futures were up 1.3 points, about 3 points above fair value and not much of a clear indication for the open. The

Nasdaq 100

futures were 12.5 points higher, indicating some buying sentiment for the early going.

Nobody on Wall Street wants to be left out of a summer rally in tech and if optimism over interest rates or corporate earnings continues, the market could see more buying today. Summer starts tonight, after all.

Yesterday, bullish comments on the economy by analysts including

Goldman Sachs'

influential Abby Joseph Cohen, as well as upbeat analyst comments about

Intel

(INTC) - Get Report

fueled an afternoon rally on the

Nasdaq Composite Index

. It almost finished above the 4000 level, up 129.29, or 3.4%, to 3989.85, its highest level since April 11 of this year. The Nasdaq is now down only 2% for the year.

The

Dow Jones Industrial Average

was a little more sluggish, as the market is more worried about Old Economy earnings, particularly in retail and manufacturing. The Dow finished up 108.54, or 1%, to 10,557.84.

So what will the market be watching today? Though not usually a market moving number, April

international trade figures

are due out at 8:30 a.m. EDT. There isn't any other big data this week, so these numbers could have some influence on the market. According to

Reuters

consensus estimates, the April international trade deficit is expected to narrow to $20.9 billion versus the previous $30.176 billion.

And software giant

Oracle

(ORCLE)

will report fourth quarter earnings today.

Of course, if the market does continue to rally ahead of the Fed meeting on June 28, it may have to pullback post-meeting as it looks ahead to the Fed's next get-together. Many market watchers expect this market will continue to bounce around until investors are really certain the Fed is through raising interest rates.

In other major company news today, a much anticipated merger between Canada's

Seagram

(VO) - Get Report

, France's

TST Recommends

Vivendi

(EX)

and Vivendi's cable unit

Canal Plus

(AN) - Get Report

was finalized, which will create the world's second largest media conglomerate behind AOL-Time Warner.

And

Publicis

(PUBP)

of France has agreed to acquire London-based advertising group

Saatchi & Saatchi

(SSA)

, in a stock deal valued at about $1.92 billion, creating the world's fifth-largest advertising company.

Bonds/Economy

The Treasury market was riding higher this morning, with the 10-year note up 3/32 at 103 16/32 and yielding 6.015%.

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International

European markets were moving higher at

midsession on strength in tech and media stocks after the Nasdaq's rally on Monday and confirmation about the Saatchi & Saatchi deal.

The Paris

CAC

was up 56.07, or 0.86%, to 6561.23, while Frankfurt's

Xetra Dax

was up 56.07, or 0.86%, to 6561.23.

Across the channel, London's

FTSE

, meanwhile, was 28.7 higher, or 0.44%, to 6518.9.

The euro was lately trading down at $0.9543.

Asian markets were mixed overnight.

Large cap tech plays in Japan were all the rage again on Tuesday, thanks to the near 3.4% bounce in the Nasdaq overnight. A mildly optimistic June economic report also helped sentiment in Tokyo.

The

Nikkei 225

index rose 316.20 points, or 1.9%, to 16,907.55,

In currency trading, the dollar lost ground against the yen and fell to around 105.60 after the EPA said Japan's economy was one step closer to a self-sustaining recovery. It was recently higher at 105.87 yen.

Hong Kong's

Hang Seng

index lost 180.73 points, or 1.1%, to 16,086.74 as bank and property shares got hit by profit taking

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