NEW YORK (CNNMoney.com) - The recent woes for stocks could continue as investors await the latest readings on real estate strength and U.S. fuel supplies, and weigh the implications of an inverted yield curve, along with reports of weaker than expected demand for big ticket items and a new bird flu threat.

U.S. stock futures were up in early trading, although a comparison to fair value indicated a lower open for U.S. markets ahead of the government reports, with the tech-heavy Nasdaq pointing lower than the blue chip S&P.

The government reported durable goods orders fell 4.8 percent in April, a much sharper drop than the 0.5 percent fall decline forecast by economists surveyed by Briefing.com. It is the first slide in orders since January.

Following the report treasury prices were higher, trimming the yield on the 10-year note to 4.99 percent, down from the 5.02 percent level reached late Tuesday. That puts that closely watched benchmark below the fed funds rate, the key short-term rate set by the Federal Reserve, a situation known as an inverted yield curve, which some economists say is a warning sign of an economic downturn.

The World Health Organization said early Wednesday that a cluster of bird flu cases in Indonesia may have been caused by human-to-human transmission. Authorities have been warning for some time that if the disease that has previously affected humans exposed to infected birds mutates into something that could be spread between humans, there would be a risk of a worldwide pandemic that could kill millions and greatly slow commerce.

Oil prices were lower ahead of the 10:30 a.m. ET report on U.S. fuel inventories, following a sharp run-up in oil prices Tuesday that helped take U.S. stocks lower in late afternoon trading. A build in gasoline supplies is expected in the report, which could take oil and gasoline prices lower.

The July light crude futures contract for NYMEX was down $1.02 to $70.74 in electronic trading, while the July contract for Brent crude lost 91 cents to $70.09.

At 10 a.m. ET the Census Bureau reports on new home sales, with economists looking for the annual sales pace to drop to 1.14 million in April from 1.21 million in March. Most readings have indicated a slowdown in housing in recent months.

Peter Cardillo, chief market strategist SW Bach, said he doesn't discount the downward pressure that bird flu worries could have on stocks, but he thinks economic reports will end up being more important.

"I think we're looking to a choppy session, with the market being driven by the data today, particularly new home sales and the oil inventory numbers," he said. "In a nervous market, a state in which we find ourselves in now, the bird flu report can have an effect but I don't think it will be a drastic effect."

Major markets in Asia closed mostly higher Wednesday ahead of the some of the bird flu reports, while major European markets were down in early trading. The dollar was higher against the euro and little changed against the yen.

In corporate news, Vonage, a pioneer in phone service over the Internet, has its initial public offering start trading Wednesday, after it priced its IPO shares in the midpoint of its earlier range. MasterCard could price its IPO later Wednesday.

________________

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