A slate of companies announced layoffs last night, making restructuring moves to cut costs and hopefully turn around in a negative environment. Technology looked like it would be a well-watched sector today, with Nasdaq futures trending higher in the wake of layoff announcements from Razorfish (RAZF) , Infospace (INSP) - Get Report and eToys ( ETYS).

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S&P 500 futures on

Globex

, an electronic exchange specializing in currency and options trading, were down 0.5 to 1361.5. But, that's really a gain of about a point from fair value, the level that reflects the real nature of the relationship between index futures and their underlying stock index.

Nasdaq 100 futures on

Globex

were up 18.5 to 2499.5. And that's really a gain of about 18 points from fair-value as calculated by

TheStreet.com

.

Aside from the layoffs at Razorfish, Infospace and eToys, there wasn't much news out there.

Cisco

(CSCO) - Get Report

, set to announced earnings after the bell today, was up 19 cents to $34.75 on

Instinet

, an electronic exchange where stocks can traded both before and after the bell.

Sun Microsystems

(SUNW) - Get Report

rose 37 cents to $28.25, while

Microsoft

(MSFT) - Get Report

gained 56 cents to $62.50. So judging by large-cap tech, the open should be a decent one.

European markets were pretty much where they began the day. Britain's

FTSE

rose 10.2 to 6279.4, fading after an early morning rally inspired by Monday's late-day strength on Wall Street failed to take hold. Banks were hottest, with merger rumors keeping the sector on trading screens for much of the day.

Meanwhile, Germany's

Xetra Dax

rose 30 to 6658.1, while Paris'

CAC-40

rose 9.6 to 5833.1.

Across the Pacific, Japan's

Nikkei

continued to struggle as high-tech stocks take it on the chin again. The Nikkei dropped 115.7 to close at 13,269.9, hitting a four-week low.

Toshiba

was a major drag on the index, helping fuel the tech sell-off. Hong Kong's

Hang Seng

traded in the opposite direction, gaining 82.4 to close at 15,913.2. For more international markets information, check out our

global indices.

For Monday's postclose trading, see

The Night Watch.