As London/European traders head for the exit, the major European stock indices are closing firmly higher. Italy’s FTSE MIB led the gains, while the German DAX, Spanish Ibex each advanced by more than 1%.The final closing levels show:German DAX: 25,575.02, up 270.95 points or 1.07%France’s CAC 40: 8,138.95, up 73.92 points or 0.92%UK’s FTSE 100: 10,739.02, up 79.88 points or 0.75%Spain’s Ibex: 19,724.40, up 210.60 points or 1.08%Italy’s FTSE MIB: 52,371.53, up 826.29 points or 1.60%European benchmark 10-year yields moved sharply lower helping to support the major indices. Germany: 3.453%, down -6.2 basis pointsFrance: 4.466%, down -8.8 basis pointsUK: 5.218%, down -6.6 basis pointsSpain: 3.911%, down -7.8 basis pointsItaly: 4.334%, down -8.5 basis pointsThe combination of rising equities and falling yields provided a supportive backdrop for risk assets during the European session.US stocks surge, led by technologyIn the US, the major stock indices are also trading higher, with the Nasdaq indices leading the way:Dow industrial average: up 233 points or 0.45%S&P 500: up 85 points or 1.12%Nasdaq Composite: up 454 points or 1.71%Russell 2000: up 19 points or 0.66%Nasdaq 100: up 658 points or 2.22%The strength is being led by technology and semiconductor shares.Meta and Alphabet are outpacing the Nasdaq composite but the rest of the Magnificent 7 are underperfoming with Microsoft little changed. Meta: +8.23%Alphabet: +2.12%Nvidia: +1.27%Amazon: +0.85%Apple: +0.51%Tesla: +0.30%Microsoft: little changedSome of the largest gains are concentrated in the semiconductor sector with ARM Holdings: approximately +15%Intel: +14.05%AMD: +8.89%Astera Labs: +7.89%Credo Technology: +5.31%The Nasdaq Composite and Nasdaq 100 have both moved above key technical resistance levels today. That shifts the short-term bias more firmly in the buyers’ favor (see earlier video and post on the Nasdaq Composite and Nasdaq 100 indices) For traders, the next test is whether those broken resistance levels can now hold as support. Stay above, and the buyers remain in control. Move back below, and the break starts to look more vulnerable (see post outlining key levels here).Oil tumbles while Bitcoin reboundsWTI crude oil (November) is down $3.90, or more than 4%, at $92.18. The sharp decline helps ease some of the inflation concerns associated with the recent Middle East-driven surge in energy prices.Gold and silver are also modestly lower:Spot gold: $4,347.57, down 0.70%Gold futures: $4,347.50, down 0.68%Silver: $66.16, down 0.09%Copper is moving in the opposite direction, rising 1.17% to $6.7700.Bitcoin has rebounded strongly and is trading near $85,933, up approximately 5.9%.Overall, the market tone is decidedly risk-on as European traders exit: stocks are higher, government bond yields are lower, oil is falling sharply and Bitcoin is rebounding. Technology and semiconductor shares are leading the charge, but buyers will still need to defend the broken technical levels to keep the bullish momentum intact. This article was written by Greg Michalowski at investinglive.com.