Asian stocks are poised for a cautious open as the US posted modest gains in a choppy session ahead of earnings from companies including Netflix Inc. and Tesla Inc.

Equity futures for Japan fell, while contracts for Australia were little changed. A reprieve from a two-day slide in Hong Kong may be in store, with equity futures pointing to a small gain. Meanwhile, an index of US-listed Chinese companies bounced back Wednesday from their worst day in almost a month.

The S&P 500 rose for a third day on Wednesday. The tech-heavy Nasdaq 100 ended marginally lower and the blue-chip Dow Jones Industrial Average extended its winning streak into an eighth day, the longest rally since September 2019. Apple Inc. advanced after Bloomberg reported on its efforts to build artificial intelligence tools, while Goldman Sachs Group Inc. ended in the green even after its profit slump stood in contrast to beats earlier in the week from peer investment firms.

In post-market trading, Netflix declined 5.58% as sales missed estimates and its third-quarter forecast also fell short. Tesla was modestly higher by 0.343% after earnings beat estimates. Profitability, though, shrank in the second quarter, a sign the electric-vehicle maker’s margins are being squeezed.

US Treasuries gained, spurred by a UK inflation report earlier in the session that sent guilt yields tumbling. Price pressures in Britain dropped to the lowest in 15 months, adding to evidence central banks can go easier on raising interest rates. However, gains across the Treasury curve eased following a spike in commodities including wheat after a warning from Russia that any ships to Ukraine would be seen as carrying arms.

The dollar rose against almost all of its Group of 10 counterparts, with the pound falling as much as 1.3% in the biggest intraday drop in more than four months. The yen and Aussie were also among the worst performers Wednesday.

In the US, new home construction retreated in June after surging a month earlier, while applications to build, a proxy for future construction, slipped, data Wednesday showed.

In Asia on Thursday, Japan’s trade deficit is expected to narrow last month as exports increased, while Australia is due to report jobs figures for June following an unexpected surge the prior month.

Evidence of easing price pressures in the US and UK is bolstering hopes among investors a campaign of monetary tightening is drawing to a close. However, shaky economic reports have made clear the Federal Reserve is far from claiming victory.

“The risk of recession has receded dramatically,” said Neil Dutta, head of economics at Renaissance Macro Research, on Bloomberg TV. “I think the markets are right to allocate a little bit more to the soft-landing story, but I think you can make a good case that maybe we’re getting a little bit over our skis here and we should probably put some more potential on the resurgence of the inflationary-boom scenario.”

In other corporate news, Carvana Co. gained 40% after the used-car retailer reached a deal to restructure its debt and filed to sell as much as $1 billion in stock. AT&T Inc. rose 8.5% after the telecommunications company reassured investors by saying less than 10% of its nationwide copper-wire telecom network had lead-clad cables.

Key events this week:

• China loan prime rates, Thursday
• US initial jobless claims, existing home sales, Conf. Board leading index, Thursday
• Japan CPI, Friday

Some of the main moves in markets as of 6:30 a.m. Tokyo time:

Stocks

• The S&P 500 rose 0.2%
• The Nasdaq 100 was little changed
• Nikkei 225 futures fell 0.4%
• Australia’s S&P/ASX 200 Index futures were little changed
• Hang Seng Index futures rose 0.3%

Currencies

• The Bloomberg Dollar Spot Index rose 0.3%
• The euro was unchanged at $1.1200
• The yen was unchanged at 139.64 per dollar
• The offshore yuan was little changed at 7.2320 per dollar
• The Australian dollar was unchanged at $0.6772

Cryptocurrencies

• Bitcoin fell 0.2% to $29,918.55
• Ether fell 0.5% to $1,888.76

Bonds

• The yield on 10-year Treasuries declined four basis points to 3.75%

Commodities

• Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.