US equity futures rallied Friday on positive earnings from Amazon.com Inc. and Apple Inc. and expectations of shallower Federal Reserve monetary tightening, a prospect that also drove a surge in bonds.

Nasdaq 100 contracts added more than 1% after the US stock market hit a seven-week high Thursday. Amazon jumped over 10% in extended trading, while Apple also advanced, after their revenues beat estimates.

Futures suggest brighter sentiment will lift bourses in Japan and Australia. But Hong Kong may have a muted start after a call between US President Joe Biden and Chinese President Xi Jinping underlined bilateral tension even as the leaders told aides to plan an in-person meeting.

A Treasuries rally drove the 10-year yield to the lowest since April. Bonds jumped on data showing a technical US recession, which bolstered the view that high inflation will cool and that the Fed will become less aggressive.

A dollar gauge retreated, oil topped $97 a barrel and gold held gains. Bitcoin breached $24,000 before slipping back.