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Futures were pretty close to dead even, with the markets awaiting a crucial speech from

Federal Reserve chair

Alan Greenspan

. He will deliver his

Humphrey-Hawkins testimony to the

Senate Banking Committee

, giving Wall Street and Washington an inside look into the Fed's opinion on the American economy.

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S&P 500 futures on


, an electronic exchange specializing in currency and index options, lately were off 1 to 1332.5. That's about 3 points below fair value.

Nasdaq 100

futures were up 3.5 to 2305.00, about 32 points above fair value as calculated by


Around the midpoint of the trading day, European markets were mixed and quite close to their opening numbers. Expect more of a decisive move when American markets open. London's

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dropped 6 to 6235.4 as telecommunications stocks plummeted and big-name oil company

BP Amoco

(BP) - Get BP p.l.c. Report

slipped before it releases earnings.


Xetra Dax

rose 18.5 to 6583.4 while Paris


rose 8.4 to 5767.9.

In Asia, the troubled Japanese stock market continued on its wayward path. The benchmark

Nikkei 225

dropped 148.1 to 13,274.7, as investors focused on a glut in supplies instead of the possibility that the

Bank of Japan

would further cut interest rates. As has been the case lately, the Hong Kong

Hang Seng

was a contrarian, gaining 149.6 to 15,842.72.

Check out's

global indices for more on markets around the world.

For Monday's postclose trading, see

The Night Watch.