(Bloomberg) — Asian stocks opened higher, extending a global rally amid a slew of corporate earnings and a crumbling of the retail trading frenzy that fueled swings in heavily shorted shares. The dollar held losses.Equities rose in Japan, Australia and South Korea. S&P 500 futures advanced and Nasdaq 100 contracts climbed after Alphabet Inc. and Amazon.com Inc. reported better-than-estimated revenue, with the online-retail giant saying Chief Executive Officer Jeff Bezos will step down from his post. U.S. stocks climbed earlier for a second session. Treasury yields edged higher amid a move to fast track a U.S. stimulus plan.Elsewhere, oil traded at its highest in over a year on tightening global supplies and signs of strength in physical markets.All major groups in the S&P 500 rose on Tuesday, with financial and industrial companies leading the charge. United Parcel Service Inc. climbed as the courier reported a surge in profit, while Exxon Mobil Corp. rose on a pledge to safeguard dividends. Meanwhile, the speculative trades popular with Reddit crowds crumbled, with GameStop Corp. and AMC Entertainment Holdings Inc. tumbling. Silver steadied after a 10% slide on Tuesday from an eight-year high.The Senate on Tuesday will begin a process that would let Democrats pass President Joe Biden’s $1.9 trillion stimulus proposal without Republican votes, Majority Leader Chuck Schumer said.“The fact that markets have cooled down a bit with the retail-trading frenzy, that’s giving a little bit of optimism,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors. “Anytime there’s more stability to markets, there’s a breath of relief of all investors.”Still, some urged caution. Bank of America Corp. strategists came out with a warning about rising bullishness, saying that a sentiment indicator is close to hitting a “sell” signal. Citigroup Inc. is growing concerned with elevated earnings expectations, with strategists noting that share prices may be ahead of themselves by about 10%.These are some key events coming up:The EIA crude oil inventory report is due Wednesday.The Bank of England sets rates on Thursday and an Indian central bank policy decision is due Friday.The U.S. January payrolls report is due Friday, providing a first look at hiring in 2021.These are the main moves in markets:StocksS&P 500 futures rose 0.3% as of 9:20 a.m. in Tokyo. The gauge increased 1.4% on Tuesday.Topix index rose 0.8%.Australia’s S&P/ASX 200 Index rose 1%.South Korea’s Kospi index rose 0.7%.Hang Seng futures earlier slipped 0.2%.CurrenciesThe Bloomberg Dollar Spot Index was little changed.The euro bought $1.2037.The yen was at 105.04 per dollar.The offshore yuan traded at 6.4584 per dollar.BondsThe yield on 10-year Treasuries rose one basis point to 1.11%.Australia’s 10-year bond yield rose two basis point to 1.17%.CommoditiesWest Texas Intermediate crude climbed 0.5% to $55.02 a barrel.Gold was at $1,837.80 an ounce.Silver futures added 2.1% to $26.99 after slumping 10% on Tuesday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.