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Asian stocks and U.S. equity futures rose early Friday after solid U.S. economic data and President Joe Biden’s federal spending plans spurred a rally on Wall Street in cyclical shares. Treasury yields climbed.

Japan led gains, jumping more than 1%, with South Korea and Australia also up. Industrial and financial shares helped the S&P 500 to a modest increase, while small-caps outperformed and the tech-heavy Nasdaq 100 slipped. S&P 500 and Nasdaq 100 futures advanced. U.S. data prints included a drop in jobless claims to a fresh pandemic low. Meanwhile, Biden isreportedlyset tounveila budget that would take federal spending to $6 trillion in the coming fiscal year.

The 10-year U.S. Treasury yield advanced past 1.61% amid the growth optimism and focus on debt supply risks to fund spending. A gauge of the dollar was steady and the yen declined amid month-end rebalancing. The yuan is in focus after China’s central bank said the exchange rate can’t be used as a tool to spur exports or to offset the impact of commodity price surges.

Global stocks are set to climb for a fourth month. The economic rebound from Covid-19 is a bulwark for sentiment, and comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury Secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through theend of 2021.

Economic data are underscoring the recovery trade, and “value has a much stronger path for gains going forward,” said Greg Bassuk, chief executive officer at AXS Investments.

For now investors are generally taking virus spikes in some parts of the world in their stride, betting the vaccine rollout will eventually bring the pandemic to heel. In Japan, officials recommended extending a state of emergency that includes Tokyo and other major cities.

Elsewhere, oil climbed to a more than two-year peak and the Bloomberg Commodity Spot Index rose the most in about two weeks. Bitcoin continued to trade below the $40,000 level.

These are some of the main moves in markets:

Stocks

• S&P 500 futures increased 0.4% as of 9:24 a.m. in Tokyo. The gauge rose 0.1%
• Nasdaq 100 contracts added 0.3%. The gauge fell 0.3%
• Japan’s Topix index rose 1.5%
• Australia’s S&P/ASX 200 was up 0.9%
• South Korea’s Kospi index climbed 0.5%

Currencies

• The Bloomberg Dollar Spot Index ticked up less than 0.1%
• The euro was at $1.2187
• The British pound was at $1.4195 after rising 0.6%
• The Japanese yen was at 109.91 per dollar after falling 0.6%
• The offshore yuan was at 6.3762 per dollar

Bonds

• The yield on 10-year Treasuries was at 1.61%
• Australia’s 10-year yield increased five basis points to 1.68%

Commodities

• West Texas Intermediate crude rose 0.4% to $67.10 a barrel
• Gold was at $1,896.18 an ounce