(Bloomberg) -- Asian stocks fluctuated Wednesday after their biggest slide in two months as investors mulled a slew of earnings reports and awaited the conclusion of the Federal Reserve’s first policy meeting of the year. Nasdaq futures climbed.Stocks pared earlier gains across much of the region, edging higher in Japan and Hong Kong and falling back in South Korea. Australian shares underperformed as they reopened after a holiday. Nasdaq 100 contracts jumped following a strong earnings report from Microsoft Corp. S&P 500 futures were little changed after the benchmark ended an up-and-down session slightly lower.Elsewhere, Treasury yields were steady and the dollar edged up. Oil advanced higher and gold slipped. Bitcoin dipped below the $32,000 level.Global stocks are mostly treading water near record highs as U.S. corporate earnings season gears up this week. New coronavirus variants that sparked fresh lockdowns and other restrictions are weighing on the so-called reflation trade that bets on an end to curbs.Investors are also seeking more clarity on the timeline for President Joe Biden’s $1.9 trillion Covid-19 relief plan and awaiting the Federal Reserve monetary policy decision later Wednesday.“For the reopening trade to really have persistence it is going to need to show a much broader participation across the market,” Jim McDonald, chief investment strategist at Northern Trust, said on Bloomberg TV. “The virus vaccine rollout is the most important development to help give confidence in the shape of the recovery.”Data showed global coronavirus cases surpassed 100 million. The U.K. became the first nation in Europe with 100,000 deaths. The Biden administration intends to order 100 million more doses each of Pfizer Inc. and Moderna Inc.’s coronavirus vaccines and at least temporarily speed up shipments to states.These are some key events coming up in the week ahead:Apple Inc., Tesla Inc., Facebook Inc. and Samsung Electronics Co. are among companies reporting results.The Federal Open Market Committee monetary policy decision and briefing by Chair Jerome Powell are scheduled for Wednesday.Fourth-quarter GDP, initial jobless claims and new home sales are among U.S. data releases Thursday.U.S. personal income, spending and pending home sales come Friday.These are the main moves in markets:StocksS&P 500 futures fell 0.1% as of 1:51 p.m. in Tokyo. The S&P 500 Index fell 0.2%.Topix index rose 0.4%.Australia’s S&P/ASX 200 Index fell 0.7%.Kospi index fell 0.5%.Hong Kong’s Hang Seng Index rose 0.2%.Shanghai Composite Index was flat.Euro Stoxx 50 futures fell 0.2%.CurrenciesThe yen traded at 103.73 per dollar, down 0.1%.The offshore yuan was at 6.4710 per dollar.The Bloomberg Dollar Spot Index rose 0.1%.The euro traded at $1.2156.The British pound was at $1.3730.BondsThe yield on 10-year Treasuries was at 1.04%.Australia’s 10-year bond yield fell two basis points to 1.09%.CommoditiesWest Texas Intermediate crude rose 0.4% to $52.81 per barrel.Gold dipped 0.2% to $1,846.96 an ounce.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.