Easy come, easy go.European stocks started the session on a better footing today but those gains have now faded, with regional indices slipping back as we approach midday in London. The Eurostoxx is now down 0.2%, Germany DAX down 0.1%, and France CAC 40 down by 0.5% on the day.At the same time, US futures are also paring their slight advance with S&P 500 futures turning flat and Nasdaq futures being down 0.1%.There isn't necessarily one big catalyst behind the turnaround in the risk mood. Instead, I think it reflects just how fragile the relief has been after the moves we've seen in oil and the bond market this week.Earlier in the session, we saw both oil prices and bond yields ease from their recent highs. That helped to take some pressure off equities at the open. But they are starting to edge back up from today's lows, and that looks to be enough to keep investors from getting too comfortable.WTI crude is now up 1.5% on the day to $90.30, off the lows near $88.60 earlier today. Meanwhile, 10-year Treasury yields have also nudged back up to 5.22% now from a low of around 5.20% earlier.They are both still well below the peaks seen this week, so I wouldn't frame the latest move as another major escalation. Having said that, neither issue has really disappeared. And that's the tricky part for equities at the moment.For now, I'd continue to keep a close eye on oil prices and bond yields. As long as both remain elevated, any rallies in equities may struggle to build much momentum even if the worst of this week's moves continues to hold. This article was written by Justin Low at investinglive.com.