(Bloomberg) — European stocks and U.S. futures rose as dip buyers returned to technology names betting a selloff had gone too far. Energy contracts extended a rally amid a supply crunch.

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December futures on the Nasdaq 100 Index rose 0.4% after the digital-heavy gauge plunged to the lowest level since June on Monday. The technology subgroup in Europe’s benchmark Stoxx 600 advanced for the first time in eight days. European natural-gas contracts jumped as much as 16% and West Texas Intermediate crude headed for a seven-year high.

Calm in global markets has been shattered by a growing wall of worry spanning a debt crisis in China, elevated inflation on the back of commodity supply shocks, fading economic recovery and U.S. political bickering. The turbulence comes even as investors brace for a tapering of stimulus by the Federal Reserve.

It is “the period of a multiplicity of shocks percolating through the financial markets leaving them in the fog, with many watching from the sidelines for clarity,” Sebastien Galy, a senior macro strategist at Nordea Invetsment, wrote in a note.

European natural gas contracts soared on Tuesday to an unprecedented 111.70 euros per megawatt-hour, compared with 15.49 euros in February. The continent is bracing for a winter crunch in energy supply, with German front-month power contracts also jumping to record levels.

European stocks advanced, with banks and technology shares contributing the most. Prosus NV rose as much as 2.9% after getting regulatory approval to raise its stake in Delivery Hero SE.

December futures on the S&P 500 Index, which had wobbled between gains and losses in the European morning, overcame the hesitancy and began rallying. Facebook Inc. found dip buyers in premarket trading after a 4.9% plunge on Monday amid an hours-long service disruption. The stock added 1.6% in the early New York session.

The dollar rebounded from a three-day selloff. Treasury yields edged higher, with the 10-year rate trading at around 1.49%. Bitcoin extended a recovery and was poised above the $50,000 mark.

Traders are now turning their attention to Friday’s nonfarm-payrolls data to gauge the timing of the Fed’s taper. An earlier indication of the health of the world’s largest economy will come Tuesday via gauges of U.S. services activity.

In the latest Fed comments, St. Louis President James Bullard said elevated price pressures may be changing the mentality of businesses and consumers by making them more accustomed to higher inflation. Australia’s central bank kept its monetary settings unchanged.

For more market analysis, read our MLIV blog.

Here are some events to watch this week:

  • Rate decision in New Zealand on Wednesday

  • Reserve Bank of India monetary policy decision on Friday

  • The U.S. Labor Department releases unemployment and job creation data Friday

Some of the main moves in markets:

Stocks

  • Futures on the S&P 500 rose 0.4% as of 6:15 a.m. New York time

  • Futures on the Nasdaq 100 rose 0.4%

  • Futures on the Dow Jones Industrial Average rose 0.3%

  • The Stoxx Europe 600 rose 0.7%

  • The MSCI World index was little changed

Currencies

  • The Bloomberg Dollar Spot Index rose 0.2%

  • The euro fell 0.2% to $1.1602

  • The British pound was little changed at $1.3619

  • The Japanese yen fell 0.2% to 111.18 per dollar

Bonds

  • The yield on 10-year Treasuries advanced one basis point to 1.49%

  • Germany’s 10-year yield was little changed at -0.22%

  • Britain’s 10-year yield advanced one basis point to 1.02%

Commodities

  • West Texas Intermediate crude rose 0.4% to $77.94 a barrel

  • Gold futures fell 0.6% to $1,757.20 an ounce

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