Stocks: 5 things to know before the open

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Stock markets have been rallying for the past three consecutive trading days, but they're now taking a break.

U.S. stock futures are holding steady and European markets are mixed in early trading.

Here are the five things you need to know before the opening bell rings in New York:

1. What about oil?: Crude oil futures are holding around $31 per barrel after jumping on Wednesday.

Oil prices got a lift after Iran said it would support any measures to stabilize the energy markets.

Oil prices have fallen by about 70% since 2014 as major producers such as Russia and Saudi Arabia continue to pump oil into a market that has become saturated.

Saudi and Russian oil ministers agreed to keep production steady at January's levels on Tuesday, but said the deal would only work if other major producers do the same. So they need Iran to promise to cap production, but so far the country has avoided making this explicit commitment.

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2. Awaiting energy data: Oil prices could see more volatility this morning as the U.S. Energy Information Administration releases its latest data on crude inventories at 11 a.m. ET.

Recent data shows that America is pumping so much oil that it's running out of places to keep it.

Natural gas inventories data will come out a bit earlier, at 10:30 a.m.

3. Stock market movers -- Nestle, Devon Energy, Kinder Morgan: Shares in chocolate maker Nestle (NSRGY) are slumping on the Swiss stock exchange as investors express their disappointment with the company's latest earnings.

Shares in Devon Energy (DVN) are sliding premarket after the company announced plans to raise nearly $1.5 billion through a new stock offering. The company said it would use the money to reduce debt and invest in its business operations.

And shares in Kinder Morgan (KMI) continue to edge higher premarket after the company got a vote of confidence from famed investor Warren Buffett. The stock shot up 10% Wednesday after it was revealed that Buffett's company bought a large stake in the energy infrastructure firm.

4. Earnings: Investors will be monitoring quarterly results from Walmart (WMT), which is reporting ahead of the open. Dish Network (DISH), Hyatt Hotels (H), Starwood Hotels (HOT), Virgin America (VA) and SodaStream (SODA) are among the other companies reporting this morning.

After the close we'll get results from the likes of Nordstrom (JWN) and Yamana Gold (AUY).

Related: CNNMoney's Tech30

5. Market recap: The Dow Jones industrial average has been on a roll recently, rising by a whopping 794 points over the last three days. The S&P 500 and Nasdaq have also been surging alongside the Dow. But this comes after a rough start to the year when stocks took a sharp drop.

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