The futures action thus far has been spelling rally, even as the U.S. market contends with a tech bellwether under pressure and a mixed picture overseas.

The

S&P 500 futures

on

Globex

lately were down 3.9 to 1551.5, but more than 7 points above fair value. The thinly traded

Nasdaq 100

futures were down 14 to 4790.

Microsoft

(MSFT) - Get Report

lately was off 3 3/16 to 108 1/2 on

Instinet

, falling on weekend reports that the government is cool to the software behemoth's antitrust settlement proposal.

Elsewhere, preopen trading has been pretty quiet. The latest reports on

OPEC's

plans, saying the oil-producing states plan to increase output by a less-than-stunning 1.5 million to 1.7 million barrels a day, aren't moving the major integrated oil companies.

France's

CAC 40

was up 1% in midday European trading, but Germany's

Xetra Dax

was off 0.9% and the U.K.'s

FTSE 100

was down 0.8%. Overnight in Asia, Hong Kong's

Hang Seng

surged 2.9%, while Japan's

Nikkei 225

added 1.6% (see today's

Asian Markets Update for more).

Friday's After-Hours Trading

By Eric Gillin
Staff Reporter

Yawn.

This Friday evening has been a mellow one, like most Fridays. Big moves were few and far between. News didn't break, so much as fracture. Peashooters dominated volume on

Island

, while bigger guns fired on

Instinet

.

Here's a good example of the micro-cap phenomenon on Island.

Microwave Power Devices

(MPDI)

stayed in the heavy volume after announcing the receipt of a $13.3 million contract from

Unique Broadband Systems

TST Recommends

last night. Microwave will provide amplifiers to be used in Unique's terrestrial repeater system. It rose 15/32 to 10 7/16 on 156,000 shares on Island, the third-most actively traded issue.

During the day session -- or more correctly, during the last five minutes of the day session -- Microwave Power Devices rose 7/16, or 4.7%, to 9 3/4. This late-day momentum continued into the night session.

Microwave's market cap is $104 million. The other most-actives on Island weren't much different. The top Island stock was motorcycle-engine maker

Titan Motorcycle

(TMOT)

, market cap $38.6 million, followed by

Venus Exploration

(VENX)

and then Microwave. It's a small world.

At the No. 6 spot was

Multiple Zones International

(MZON)

, market cap $150 million. This company was unchanged after gaining 5 7/16, or 94%, to 11 1/4 during the day.

Why the huge pop? Well, today the company announced it would become

Microsoft's

(MSFT) - Get Report

primary supplier of computer products to its employees. That's 20,000 new customers, plus a good rub from getting the Microsoft stamp of approval.

Over in the big leagues, tech names rose after hours.

After dropping 3/16 to 111 11/16 during the day, Microsoft put in a good shift at the foundry this evening, hammering out a gain of 2 11/16 to 114 5/16 on 108,000 shares on Island. On Instinet, Mister Softee rose 2 15/16 to 114 5/8 on 291,000 shares.

Yahoo!

(YHOO)

continued winning, gaining 1/2 to 194 1/2 on 15,000 shares on Island after gaining 3 to 194 during the day session. Tonight's move is just icing on a weeklong cakewalk in which Yahoo! vaulted more than 13%.

MicroStrategy

(MSTR) - Get Report

took the kinda hit this week that would make

Mike Ditka

wet himself. Still, MicroStrategy has been recovering since dropping 140 points on Monday, rising 42 points in the span since then. Tonight, the healing continued. MicroStrategy rose 1 49/64 to 130 3/4 on 14,000 shares on Island.

Intel

(INTC) - Get Report

shrugged off a bad day, picking up some late-night steam heading into the weekend. It rose 1 3/16 to 140 1/4 on 71,000 shares on Instinet. Today, it fell 3 9/16, or 2.5%, to 139 1/16.

Oracle

(ORCL) - Get Report

shone brightly today, screaming to a 52-week high and a better than 3-point gain. But by the closing bell, it fell limper than the asparagus at a

Ponderosa

, ending the day up a mere 1/8 to 87. On Instinet, Oracle got some bite back, gaining 1 to 88 on 57,000 shares.

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 8 a.m. to 8 p.m. EST.

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.