NEW YORK (CNNMoney.com) - Stocks appeared to be ready to catch their breath early Thursday as investors wait to see the results of the first 30-year bond auction in nearly five years.

U.S. stock futures were slightly up, although a comparison to fair value indicated a flat to mixed open for U.S. markets.

The Treasury Department auction of the 30-year bond, the first since August 2001, could be a catalyst for the market, said Peter Cardillo, chief market strategist at SW Bach. He believes stocks will be in holding pattern early in the day lacking other news.

"The auction is important. If it's successful, that could alievate some of the fears that foreign demand for dollar denominated assets is falling," he said.

The major U.S. stock indexes all posted gains of about 1 percent Wednesday on positive earnings news from Cisco and lower oil prices.

Wednesday's U.S. rally spilled over to overseas markets Thursday as major markets in Asia closed solidly higher Thursday and major European markets were also up about 1 percent in early trading.

But the oil prices were creeping higher after Wednesday's sell-off. The March light crude futures contract for NYMEX gained 26 cents to $62.81 a barrel in electronic trading, while the March contract for Brent crude rose 25 cents to $61.31.

Treasury prices were higher ahead of the bond auction, cutting the yield on the benchmark 10-year note to 4.56 percent from 4.58 percent late Wednesday.The dollar was down against the euro and the yen.

In corporate news, the Wall Street Journal reports that negotiations between General Motors (Research), bankrupt auto parts maker Delphi Corp. and the United Auto Workers to restructure Delphi's work force havehit a snag in recent days. The talks are seen as central to GM's efforts to stay out of bankruptcy itself and return to profitability. Shares of GM were down another 2 percent in Frankfurt trading following the report.

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