The markets look to open on a relatively quiet note this morning as earnings are all but over, there are few economic releases and investors continue to look for direction.

In early action, the

S&P 500 June futures contract was up 2.1, about 4.5 points above fair value, suggesting a moderately strong open. The

Nasdaq 100

June contract was up 12, suggesting some slight tech strength.

Any market-moving economic releases will occur later this week when first-quarter GDP is released on Thursday and April

durable goodsand

personal income figures are released on Friday.

But investors will likely give a close look to those numbers for any indication as to what the

Federal Reserve will do at its

FOMC meeting next month. Last week, the Fed voted to raise interest rates by 50 basis points. Investors are looking for some sense to what the Fed will do at the next meeting. That uncertainty was blamed for much of the

Dow

and

Nasdaq

problems at the end of last week.

This morning, several stocks are on the move. According to

Instinet

,

General Motors

(GM) - Get Report

was off 2 7/16 to 84 1/2;

Microsoft

(MSFT) - Get Report

was down 1/16 to 65;

MCI Worldcom

(WCOM)

was bid at 38, which would be a gain of 1/4 point and

Intel

(INTC) - Get Report

was off 3/8 to 117 1/2.

Friday's After-Hours Trading

By Angela Privin
Staff Reporter

The low

volume that defined the week grew typically thinner this Friday and turned into a downright ghost town this evening on

Island

.

Yahoo!

(YHOO)

hopped along higher on evening news that the

Securities and Exchange Commission

will approve the portal's request to not be classified and regulated as an investment company.

Yahoo!, which owns interests in other companies and was subject to stricter SEC investment restrictions because of it, applied for an exemption in February.

The SEC defines an investment company as one engaged in the business of investing, reinvesting, owning, holding or trading in securities that represent more than 40% of total assets.

Yahoo! insisted it was not in the business of investing, punctuating the statement with six emphatic exclamation marks. The company told the SEC that it is not involved in speculation but rather makes small, noncontrolling investments in companies that complement its Internet business. Today the SEC granted Yahoo!'s exemption. This will hold if no objections are filed by agency regulators by June 12.

The evening news rallied Yahoo! shares up 1 2/16 to 121 7/16 on 30,000 Island shares.

Madge Networks

(MADGF)

managed to muster volume of 87,000 shares on Island, falling 5/16 to 3 5/8 postclose on a morning announcement that it will open the first Internet broadcast network across Europe. The Dutch company soaked in 23% today on the news, riding up 3/4 to 3 15/16, but the momentum was hard to maintain late night. There seemed to be a lot of interest in the stock but not too much direction.

Madge Broadcast Network

is an affiliate network to the

Real Broadcast Network

in the U.S., and features a broadcast operations center in Europe that uses

RealNetworks

(RNWK) - Get Report

technology. The company will announce full details of the MBN service offering June 8.

Cyber-Care

(CYBR) - Get Report

develops the Electronic HouseCall System, a patented Internet-based technology system that provides remote health care monitoring. Tonight, the Florida-based company crashed on the late-night mention of a legal dispute. A class action suit was file against the cyber health care company, charging that Cyber-Care officers, insiders and directors violated federal securities laws by releasing false and misleading information about the development and sale of its Electronic Housecall System. All the alleged touting drove the stock from under 1 to over 37.

Lately the stock didn't have that much farther to fall. After closing at 8 3/16 today it stumbled 2 10/16 to 5 9/16 on 40,000 Island shares.

Yesterday

Covad Communications

(COVD)

spiked on takeover speculation; today it dove 4 3/8 to 22 1/2 when the company denied the rumors. Late-night lurkers were not convinced, lifting the Internet and network access provider 3/4 to 23 1/4 on 17,000 Island shares. California-based Covad could use the boost after posting 52-week lows on May 17 and falling about 66% from its early March high.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.