(Aug 4): Asian stocks looked poised for gains Tuesday after a technology-fueled rally in the U.S. amid positive economic data and the potential for further stimulus. The dollar climbed.

Futures pointed higher in Japan, Australia and Hong Kong. S&P 500 contracts were little changed. Earlier, the Nasdaq 100 reached a record as traders sought out companies poised to do best in a stay-at-home economy. Apple Inc. set an all-time high and Microsoft Corp. gained as it tried to salvage a deal for the U.S. operations of TikTok. The dollar rebounded following its worst July in a decade and Treasuries fell across the curve as data showed U.S. manufacturing expanded in July at the fastest pace since March 2019.

With investors attuned to any potential for more economic stimulus, U.S. stocks got a boost after the White House was said to be exploring whether President Donald Trump can act on his own to extend enhanced unemployment benefits. A slowdown in the rate of coronavirus infections in a number of states also boosted sentiment.

“Momentum begets more momentum, and the markets have been overbought we believe, but the demand to buy has been there,” said Bob Phillips, managing principal at Spectrum Management Group. “There’s a big desire from both parties to get some kind of stimulus passed. The way the market is reacting, I think the market is expecting that.”

Meanwhile, tension between the U.S. and China continue to simmer. Trump said TikTok will have to close its U.S. operations by Sept. 15 -- unless there’s a deal to sell the social media network’s American operations.

Elsewhere, oil dipped after rising the most in nearly two weeks. Gold was little changed.

Here are some key events coming up:

    Australia interest rate decision due Tuesday.
    Reserve Bank of India and Bank of England rate decisions due Thursday.
    Dallas Fed President Robert Kaplan discusses the U.S. economy at Thursday event.
    July U.S. employment and jobs reports expected Friday.

These are some of the main moves in markets:
Stocks

    S&P 500 futures were little changed as of 7:04 a.m. in Tokyo. The S&P 500 Index advanced 0.7%.
    Nikkei 225 futures climbed 1%.
    Australia’s S&P/ASX 200 Index futures rose 1.4%.
    Hang Seng Index futures rose 0.7% earlier.

Currencies

    The yen was at 105.98 per dollar.
    The offshore yuan was at 6.9828 per dollar.
    The Bloomberg Dollar Spot Index climbed 0.3%.
    The euro was at US$1.1766.

Bonds

    The yield on 10-year Treasuries climbed more than two basis points to 0.55%.

Commodities

    West Texas Intermediate crude fell 0.6% to US$40.76 a barrel.
    Gold traded at US$1,977.85 an ounce.