(Bloomberg) -- U.S. stocks lingered near record highs and bond yields increased as Jerome Powell said the economy is entering a period of quicker expansion. The benchmark S&P 500 Index fluctuated for much of Wednesday’s trading session as investors weighed earnings from companies including some of the world’s biggest banks. The Federal Reserve chairman also warned that risks from a potential spike in Covid-19 cases remain.The energy and financial sectors led gains in the benchmark index, while the information technology and communications services industry groups paced the decliners. Goldman Sachs Group Inc. climbed after its revenue beat estimates. JPMorgan Chase & Co. dropped as the bank warned that loan demand remained tepid.“We’re going to get some really strong corporate earnings numbers in this quarter most likely, and the question is -- is there anything in there that is going to be sustained or is this a one-time surge as we emerge from Covid?” said Matt Forester, chief investment officer of BNY Mellon’s Lockwood Advisors. “We’re going to need earnings to be really strong to justify these valuations.”With global equities hovering near all-time highs, investors are looking to the earnings season for further catalysts. Expectations of a strong profit rebound have helped markets rally, setting the bar high as reporting gets underway. More broadly, investors are monitoring vaccine developments for any threats to the economic recovery, while also keeping an eye on rising inflation.“No one can deny how big the elephant in the room is in terms of fiscal stimulus,” Nela Richardson, ADP’s chief economist, said by phone. “Companies didn’t do this themselves -- they got a big lift from the Fed and a big lift from the U.S. government.”The White House said the U.S. inoculation campaign remains on track despite a pause in Johnson & Johnson doses amid health concerns. J&J shares edged lower for a second day, while rival Moderna Inc. rose.Elsewhere, Bitcoin jumped to an all-time high, as did Ether, the second-largest digital token, with shares of cryptocurrency company Coinbase Global Inc. set for their trading debut on the Nasdaq.Some key events to watch this week:U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksThe S&P 500 Index rose 0.1% to a record high as of 12:33 p.m. New York timeThe NASDAQ Composite Index fell 0.2%The Dow Jones Industrial Average rose 0.6% to a record highThe MSCI World Index rose 0.3% to a record highCurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro climbed 0.3% to $1.20The British pound climbed 0.3%, more than any closing gain since April 5The Japanese yen was unchanged at 109 yen per dollarBondsThe yield on 10-year Treasuries advanced 2.5 basis points to 1.639%Germany’s 10-year yield advanced 3.3 basis points, more than any closing gain since March 26Britain’s 10-year yield advanced 2.6 basis points, more than any closing gain since March 30CommoditiesWest Texas Intermediate crude rose 5.1%, the most since March 23Gold futures fell 0.6% to $1,737/ozFor 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.