Stocks: Investors remain jittery

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NEW YORK (CNNMoney) -- Stocks were headed for a flat open Wednesday, after the government reported a widening trade deficit and commodity prices pull back.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures churned on either side of the breakeven mark ahead of the opening bell. Futures measure current index values against perceived future performance.

The major indexes have been moving higher this week, but recent moves suggest investors may be turning cautious. Utilities and health care stocks, two defensive sectors, were among the top performers Tuesday.

Some experts say the sector gains are a sign that investors are getting cautious, and the market may level off or turn lower.

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U.S. stocks rose for the third straight day Tuesday, as investors were encouraged by Microsoft's $8.5 billion deal to buy Skype, along with solid corporate earnings reports and economic data.

Economy: The U.S. trade deficit widened to $48.2 billion in March, the Commerce Department said Wednesday. Economists were expecting a $47.7 billion trade deficit.

Companies: Automaker Toyota (TM) said Tuesday that while net income almost doubled and sales increased 0.2% for the fiscal year ended March 31, the earthquake that hit Japan earlier this year cost the company about ¥100 billion.

Also, insurer American International Group (AIG, Fortune 500) and the Treasury decided to move ahead with a $9 billion stock offering, despite the recent low price of the stock. Shares of AIG were down about 2% in premarket trade.

Before the opening bell, department store chain Macy's (M, Fortune 500) reported earnings per share of 30 cents, compared with 5 cents last year. The company also announced it was doubling its quarterly dividend to 10 cents per share on common stock. Shares of Macy's jumped 5% in premarket trade.

Dow component Cisco (CSCO, Fortune 500) is slated to issue its results after the closing bell. Analysts expect that the communications equipment maker earned 37 cents a share.

World markets: European stocks were mixed in midday trading. Britain's FTSE 100 edged lower, the DAX in Germany rose 0.5% and France's CAC 40 added 0.3%.

In Asia, China's food price surge slowed, helping to ease overall inflation in April. China's consumer price index rose at an annual rate of 5.3% in April, down from 5.4% growth in March.

Asian markets ended mixed. The Shanghai Composite lost 0.3%, the Hang Seng in Hong Kong shaved 0.2% and Japan's Nikkei rose 0.5%.

Currencies and commodities: The dollar slid against the the British pound, but gained on the euro and the Japanese yen.

Oil for June delivery slipped $1.59 to $102.29 a barrel.

Meanwhile, gas prices resumed their climb toward $4 a gallon after four straight days of declines. The national average price for a gallon of regular unleaded gasoline increased 1.1 cents to $3.962, according to AAA.

Gold futures for June delivery fell $3.30 to $1,513.60 an ounce.

Silver futures for July delivery fell 78 cents to $37.71.

Bonds: The price on the benchmark 10-year U.S. Treasury was down ever so slightly with the yield at 3.23%.