After a handful of earnings reports that met analyst expectations, the market looks poised for another rally today, even as companies such as

Nortel Networks

(NT)

and

Sun Microsystems

(SUNW) - Get Report

acknowledged slowing in their revenues due to the economy.

Shares of Nortel were up again today after last night's earnings release, even though the company admitted that it hadn't escaped the slowing economy. Technology spending declined during the quarter, but the company was optimistic that technology spending would

rebound in the second half of the year. So far, the market believes that. The company reported earnings of 26 cents a share, in line with expectations. The shares were up $2.69 to $39.38 on 60,000

Instinet

shares, making it the most active in the morning.

Microsoft

(MSFT) - Get Report

was also higher on Instinet after reporting earnings of 47 cents a share

last night, in line with previously lowered expectations. The stock was lately up $3.50 to $59 on 23,000 Instinet shares.

Shares of

CMGI

(CMGI)

were lousy after the company warned that it would be unlikely to hit analysts' targets for earnings and revenue. The company, which owns a load of Internet properties, said it is unlikely to hit its revenue target of $1.65 million for the fiscal year ended July 31. The stock was down $1.34 to $5.50, a 20% loss, on 10,000 Instinet shares.

Sun Microsystems

(SUNW) - Get Report

was also up lately, gaining 13 cents to $35 after meeting expectations for earnings of 16 cents a share, but falling short of revenue

expectations.

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Lately the

S&P 500 futures were up 13.5 points to 1369.5, or about 12 points above fair value. The

Nasdaq 100

futures were lately at 2759.50, up 65 points, and nearly 65 points above fair value, indicating a stellar open for the tech-heavy index.

Europe's major indices were mixed this morning with France's

CAC-40

off 0.4%, Germany's

Xetra Dax

down 0.3% and the U.K.'s

FTSE 100

gaining 0.2%. Major Asian markets rallied, with Japan's battered

Nikkei 225

jumping 1.3% overnight and Hong Kong's

Hang Seng

lifting 2.0%.

For more on world markets, check out

TheStreet.com's

global indices information.

For more on postclose trading, see Thursday's Night Watch.