NEW YORK (CNNMoney) -- With investors awaiting reports on the nation's trade balance and petroleum inventory, U.S. stocks were set to open mixed Wednesday.

At 8:12 a.m. ET, S&P futures were slightly lower, but a comparison to fair value indicated a higher start for the broad market, while Nasdaq futures indicated a lower opening for that tech-laden market.

Due before the market open is the government's May trade report, which is expected to show an increase in the nation's trade deficit to $65 billion from $63.4 billion in April.

After the opening bell, the Energy Information Administration issues its weekly inventory figures, numbers that will be closely watched in the face of continued high oil prices.

Ahead of the report, U.S. light crude was up 24 cents to $74.40 a barrel in electronic trading, while Brent crude trading in London was 10 cents higher at $73.77.

Gina Martin, an economist with Wachovia, said that the inventory report and the reaction in oil markets stand a better chance to influence stocks than the trade report, which is relatively old data in the eyes of economists and traders.

"When it comes to oil, I don't count anything out," said Martin. "If the inventory or some geopolitical shock gives us a new record, that would be big for the markets." Oil price hit a record high last week.

But she said she thinks most investors are biding their time, already looking ahead a week to the Consumer Price Index report and the congressional testimony of Federal Reserve Chairman Ben Bernanke, both set for July 19.

"I think next Wednesday is going to be the most interesting day of the month," she said.

Treasury prices were lower, raising the yield on the 10-year note to 5.13 percent from 5.10 percent late Tuesday.

Markets in Asia closed mixed Wednesday, with Japan and South Korea closing down, while Hong Kong and Australia posted gains. Markets in India rebounded following the terrorist attack in Mumbai Tuesday, the nation's financial center. Major European markets were higher in early trading.

The dollar was higher against the euro and the yen in early trading.

In corporate news, the European Union regulators announced a $357 million fine against software provider Microsoft (Charts) for not sharing information with rivals to help them develop software that works with the Windows operating system. Microsoft has been arguing the order would have it hand over patented information.

Online job search firm Monster Worldwide (Charts) announced early Wednesday that it may need to restate results for 2005 and prior years because of problems with its past options-granting practices.

Biotech firm Genentech (Charts) posted a 79 percent increase in its second-quarter profit on higher sales of colon cancer drug Avastin. But while the earnings topped analysts' forecasts, the company's sales of Avastin trailed some estimates, and shares of Genetech fell 3 percent in after-hours trading following the report.

The U.S. Army will discontinue its multi-billion dollar contract with oil services giant Halliburton (Charts) to provide logistical support to U.S. troops worldwide, according to a Washington Post Wednesday.

Related: More on markets ahead of the open.