(Bloomberg) — European stocks rose with U.S. equity futures Friday amid optimism that the economic recovery can weather elevated inflation and a brutal fourth wave of the pandemic in Europe.

Most Read from Bloomberg

The Stoxx 600 Europe Index rebounded from losses in the previous session, with miners and energy outperforming as base metals and oil advanced. Among U.S. equity futures, Nasdaq 100 contracts were again outperforperformers after megacap tech helped the S&P 500 notch its 66th all-time high of 2021.

Traders are bracing for more volatility after Thursday’s choppy session, with Friday’s options expiration forecast to be the second-biggest in recent history.

Global stocks continue to hover near records, propped up by robust U.S. corporate earnings growth. Many major asset managers expect markets to continue climbing into next year, albeit at a less enthusiastic and more volatile pace, as inflationary pressures gradually ease.

“You can come up with a very strong list of reasons why you shouldn’t be invested,” Kristen Bitterly, regional head of investments for North America at Citi Private Bank, said on Bloomberg Television. “The best way to combat that is really with the record-high profitability that we’ve seen and to recognize that not all parts of the market are created equal.”

The main European equities benchmark is now into its seventh consecutive quarter of gains, as rising earnings growth estimates signal some outperformance for the perennial laggard. Stoxx Europe 600 companies are on track for a 60% bounce in earnings this year, compared with 45% for S&P 500 peers.

Treasury yields edged up and a dollar gauge remained on course for a fourth weekly advance. Commodities including crude oil, iron ore and copper pushed higher. Gold was little changed. Bitcoin extended a slide, dropping to about $56,000.

Meanwhile, lawmakers in the U.S. House of Representatives are due to vote on President Joe Biden’s approximately $2 trillion economic plan. The bill’s fate in the Senate is still uncertain. Traders are also waiting for Biden’s pick for Fed chair nominee from Governor Lael Brainard and incumbent Jerome Powell.

What to watch this week:

For more market analysis, read our MLIV blog.

Some of the main moves in markets:

Stocks

  • The Stoxx Europe 600 rose 0.4% as of 8:42 a.m. London time

  • Futures on the S&P 500 rose 0.3%

  • Futures on the Nasdaq 100 rose 0.4%

  • Futures on the Dow Jones Industrial Average rose 0.4%

  • The MSCI Asia Pacific Index was little changed

  • The MSCI Emerging Markets Index fell 0.2%

Currencies

  • The Bloomberg Dollar Spot Index rose 0.2%

  • The euro fell 0.4% to $1.1331

  • The Japanese yen fell 0.2% to 114.45 per dollar

  • The offshore yuan was little changed at 6.3830 per dollar

  • The British pound fell 0.1% to $1.3478

Bonds

  • The yield on 10-year Treasuries advanced two basis points to 1.60%

  • Germany’s 10-year yield advanced one basis point to -0.26%

  • Britain’s 10-year yield advanced one basis point to 0.94%

Commodities

  • Brent crude rose 1% to $82.06 a barrel

  • Spot gold fell 0.2% to $1,854.63 an ounce

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.