NEW YORK (CNNMoney.com) - Technology stocks looked to take a hit at Wednesday's open after Microsoft's decision to delay the introduction of its new Windows Vista operating system.

Nasdaq futures were down sharply, indicating a lower open for the tech-laden market. But the broader market appeared set for a slightly higher start as indicated by S&P futures.

Shares of Microsoft (Research) fell 3.5 percent in heavy Frankfurt trading on the news about Vista. Other tech shares, particularly makers of memory chips and personal computers, were also lower on the news, which is seen as cutting into second half sales as buyers wait until the new software's rollout next January to upgrade equipment.

Peter Cardillo, chief market strategist SW Bach, said that he thinks the markets might be overreacting a bit to the Microsoft announcement because it will likely mean only a delay in sales, not a permanent loss.

"I think the market is in cautious mood, and any news that might seem to be negative is going to have an overreaction ahead of the (Federal Reserve) meeting next week," said Cardillo. "Ahead of that meeting I think the market is just going to consolidate and stay range bound -- I don't see any big moves up or down."

Major markets in Asia closed lower Wednesday on the Microsoft news, while major European markets were mixed in early trading.

Oil prices were mixed ahead of the weekly report on U.S. fuel inventories, due at 10:30 a.m. ET. The May light crude futures contract for NYMEX fell 27 cents to $62.07 a barrel in electronic trading, while the May contract for Brent crude gained 10 cents to $62.23.

Treasury prices were lower, lifting the yield on the benchmark 10-year note to 4.72 percent from 4.70 percent late Tuesday. The dollar was higher against the euro and little changed versus the yen.

In corporate news, the Bush administration is considering subjecting the biggest vans and SUVs to fuel-economy rules for the first time, according to a report in the Wall Street Journal, a move that would further hit embattled U.S. automakers, particularly General Motors (Research) and Ford Motor (Research), which depend on the sales of the large models more than their Japanese rivals.

But shares of GM were 1 percent higher in Frankfurt in early trading Wednesday on hopes that a deal between the automaker, the United Auto Workers union and bankrupt auto parts maker Delphi is near.

For a more detailed look at the markets before the open, click here.