European equities and equity futures both gained today as traders went risk-on, despite supply bottlenecks and pricing pressures weighing on the global recovery. The Stoxx Europe 600 index rose to its highest level in almost three weeks, helped by advances in technology and mining stocks.
Futures on the tech-heavy Nasdaq 100 outperformed those on the S&P 500 as Wall Street ended a three-day losing skid. The 10-year yield stayed at 1.5%, despite treasuries reversing an overnight gain. Gold fell from its highest level in almost a month, with crude oil steadying over $80 a barrel.
Investors are continuing to assess the durability of a reopening economy to supply chain disruptions, an increase in oil costs, and the possibility of decreased central bank assistance. As of Tuesday, executives from S&P 500 firms had used the term "supply chain" on investor calls nearly 3,000 times, considerably more than last year's, then-record, number.
