(Bloomberg) -- Asian stocks looked set for a muted start Wednesday after their U.S. peers rebounded from Friday’s selloff as traders parsed the latest earnings reports. The dollar retreated.

Futures edged higher in Japan and Australia, though dipped in Hong Kong, which saw strong gains Tuesday. U.S. stocks rose, led by tech shares and small caps. Treasuries were steady, with the yield on 10-year notes around 1.1%. Crude oil advanced and gold was little changed.

Netflix Inc. surged in after-hours trading as it added more customers than expected. Goldman Sachs Group Inc. earlier turned lower even after reporting that profit more than doubled. Bank of America Corp. shares edged higher after its results. General Motors Co. rose to a record after Microsoft Corp. invested in its self-driving car startup.

Investors showed signs of returning to the reflation trade, betting that the incoming U.S. administration will use its legislative firepower to propel economic growth. Still, Janet Yellen encountered early Republican resistance to Biden’s $1.9 trillion Covid-19 relief plan in her confirmation hearing to become Treasury secretary.

Yellen -- who could be confirmed as soon as Thursday -- said that help for the unemployed and small businesses would provide the “biggest bang for the buck.” She urged lawmakers to “act big” in efforts to rescue an economy battered by the coronavirus.

“Yellen is a positive,” said Mohit Kumar, strategist at Jefferies International. “We should have greater co-operation between the Fed and the Treasury, with both the monetary and fiscal policy working together and supportive. This is a good backdrop for risk sentiment.”

Donald Trump is in the final hours of his term, with Biden to be sworn in at noon Wednesday in Washington.

These are some key events coming up in the week ahead:

  • Earnings come from companies including Morgan Stanley, Procter & Gamble and Intel.
  • Joe Biden takes office as U.S. president on Wednesday.
  • Policy decisions are due Wednesday from central banks in Brazil, Malaysia and Canada. The Bank of Japan and the ECB deliver decisions Thursday.

Here are the main moves in markets:

Stocks

  • The S&P 500 Index jumped 0.8%.
  • Futures on Japan’s Nikkei 225 rose 0.2%.
  • Hang Seng futures slipped 0.3%.
  • Futures on Australia’s S&P/ASX 200 Index advanced 0.2%.

Currencies

  • The Bloomberg Dollar Spot Index declined 0.2%.
  • The euro climbed 0.4% to $1.2127.
  • The offshore yuan was at 6.4795 per dollar.
  • The yen was at 103.89 per dollar.

Bonds

  • The yield on 10-year Treasuries was little changed at about 1.09%.

Commodities

  • West Texas Intermediate crude advanced 1.3% to $53.03 a barrel.
  • Gold slid 0.1% to $1,839.83 an ounce.

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