Copper hit a 9-1/2 year high in London and Shanghai while benchmark Brent crude futures slipped 0.4% to $65.10 a barrel after hitting a one-year high of $66.79 on Tuesday. US crude futures fell 0.8% to $61.17.
Overall, analysts expect earnings at STOXX 600 firms to have fallen 19.9% in the fourth quarter, steeper than the 18.2% estimate issued last week, according to Refinitiv data. Still, earnings are expected to rebound nearly 43% in the first quarter.
In commodity markets, gold was sidelined at $1,838 an ounce as investors drove platinum to a six-year peak on bets of more demand from the automobile sector.
Wall Street's latest highs had been helped by tech shares again. Netflix had said it would no longer need to borrow billions of dollars to finance its TV shows and movies, prompting a near 17% surge in its shares.
The sudden lift in bond yields undermined gold, which pays no interest, and the metal fell back 1.1% to $1,828 an ounce from its recent peak of $1,959.
In commodities, oil prices slipped from their highest levels since March as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California.