As those old, fun folks at the

Federal Reserve

pull up the rope ladder and have their little secret treehouse meeting about the state of the American economy, futures and overseas markets were playing nice.

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It looks like old business will be big business while tech names break out the gauze and staunch the heavy bleeding.

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S&P 500

futures on

Globex

, an electronic exchange where currency and index option trade, were up 4 to 1350.5, a gain of about 11 from fair value as calculated by

Prudential Securities

.

Nasdaq 100

futures on Globex were up 69 to 2677.5, with a gain of about 95 from fair value as calculated by

TheStreet.com

.

Meanwhile, it looks as though

Microsoft's

(MSFT) - Get Report

four-day losing streak in the wake of its earnings warning will finally abate, at least at Tuesday's open. On

Instinet

, where equities can trade even when the market is shuttered in New York, Microsoft last traded at $48, a gain of 19 cents from where it closed yesterday.

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In Europe, the Brits were the last men standing, that is, until they succumbed to losses as the European markets trade at midday. The

FTSE

gained 39.30 to 6285.80, largely supported by telecommunications stocks after

Goldman Sachs

said a whole lot of nice things about the sector, including that it is undervalued and investors should increase their holdings. Paris'

CAC-40

jumped 74.90 to 5962.39, while Germany's

Xetra Dax

rose 92.09 to 6482.27.

Asian markets have been closely tied to the performance of America's Nasdaq Composite Index. And as the Comp goes, ending in losses for each of the last five sessions, so goes the

Nikkei 225

. Japan's major economic index fell 351.53 to 14,132.37. Hong Kong's

Hang Seng

was a contrarian, gaining 163.51 to 15,188.04.

For Monday's postclose trading, see

The Night Watch.