Preopen Trading: Tech Selloff, Gore's Fight Weaken Futures

Chip watchers see mixed action in Intel's presession rise and Lucent's slide from Monday's close.

Author:: Eric Gillin
Publish date:: Nov 28, 2000 7:31 AM EST

There's something happening here, but what it is ain't exactly clear.

Markets took their cue from

Buffalo Springfield

this morning, trading close to flat with signs of negativity. Basically, the smoke's still there on the water after Monday's late-day selloff in technology and

Al Gore's

announcement last night that he will continue to fight for Florida's electoral vote, despite the fact that Florida's secretary of state, a Republican, certified the election results in favor of Republican candidate

George W. Bush

The intrigue continues and overseas markets didn't love it, weighed down by stumbles in technology following the precedent set in yesterday afternoon's trading in America. Futures were even, with the broader market again looking more secure than the tech-heavy

Nasdaq

S&P 500

futures on

Globex

, an electronic exchange where futures and options in a wide variety of indices and currencies trade, were off 3.7 to 1355.1, with a fair-value gain of 1 as calculated by

Prudential Securities

Nasdaq 100

futures on Globex were off 25.5 to 2771, with a fair-value loss of 7 as calculated by

TheStreet.com

Trading was very thin this morning on

Instinet

, where people can trade shares even when the New York market is closed. But what activity there was occurred in the chipmakers, which took a massive beating Monday. There's really not much of a tell on where chips will open yet, not from the trading. Much-maligned

Lucent

(LU)

last traded at $16.81, which is about 6 cents higher than where it closed yesterday. Blue-chipper

Intel

(INTC) - Get Report

was lower, trading at $43.63, 31 cents lower than its closing price Monday.

In Europe, markets were sour, like morning breath or a carton of milk in a dorm room fridge. London's

FTSE

, which was nearing midday, was off 65 to 6309. Paris'

CAC-40

dropped 58 to 6114, while Germany's

Xetra Dax