U.S. stock markets headed for another cautious day as investors digest recent highs, wait for data.

Stocks could stick to a tight trading range once again Wednesday, after three days of consolidation, as investors continue to regroup after the market hit its most recent highs last week, in the absence of economic and earnings news.

At 7:40 a.m. ET, futures pointed to a flat to slightly higher start for the major indexes.

The lack of major economic news or earnings reports in the past few sessions has left the market in a narrow trading range, with investors cautious after the Nasdaq hit a 21-month high and the Dow a 17-month high early last week. Some investors have chosen to take profits, while others have sat on the sidelines waiting for more data.

This trend likely will continue Wednesday, as investors look ahead to several key economic reports at the end of the week. Among them are jobless claims and the trade balance figures due Thursday, and reports on producer prices, retail sales and consumer sentiment all on tap Friday.

Friday also brings comments from Federal Reserve Chairman Alan Greenspan.

On the earnings front, two heavyweights were set to report Thursday. The world's No. 1 retailer Wal-Mart Stores (WMT: Research, Estimates) posts results before the market open, and PC maker Dell Computer (DELL: Research, Estimates) comes in after the close.

But in the meantime, investors could eye a few developments Wednesday.

Chipmaker Applied Materials (AMAT: Research, Estimates) plans to post its results after the bell. Analysts surveyed by First Call expect to see a decline in fourth-quarter profit to 5 cents a share from 9 cents a year earlier. Among U.S. stocks trading in Europe, Applied Materials was slightly lower in early Wednesday trading.

Microsoft (MSFT: Research, Estimates), the world's top software maker, was scheduled to defend itself at hearing on European Commission charges that it abused the dominance of Windows operating system. The company faces sanctions when the commission rules on the matter, most likely in the spring. Microsoft shares were lower in European trading.

Delta Airlines (DAL: down $0.38 to $12.42, Research, Estimates) warned it would take charges in the fourth quarter mostly related to its pension plan for pilots.

Cisco Systems (CSCO: Research, Estimates), the largest maker of routers for Internet networking, said it would buy conferencing products maker Latitude (LATD: Research, Estimates) for about $80 million.

The Dow Jones industrial average fell 0.2 percent Tuesday and has slipped more than 119 points since last Thursday. The Nasdaq composite index, down 0.6 percent Tuesday, has fallen more than 45 points over the past three sessions.

Asian-Pacific stocks ended mixed Wednesday, with Tokyo's Nikkei index up 0.2 percent. European markets were generally lower in midday trading. (Check the latest on world markets)

Treasury prices fell, sending the 10-year note yield up to 4.45 percent from 4.44 percent late Friday; the debt market was closed Tuesday to commemorate Veterans Day. The dollar gained against the yen, but weakened versus the euro.

Brent oil futures advanced 11 cents to $29.09 a barrel in London. Gold was slightly higher.