Asian stocks were set to advance as falling oil prices eased inflation concerns and pushed bond yields lower, while traders awaited Nvidia Corp.'s earnings for fresh clues on the outlook for artificial intelligence. Equity-index futures for Japan, South Korea and Australia gained after a rebound in chipmakers snapped Nvidia's seven-day losing streak ahead of its results Wednesday.

Earlier, the Nasdaq 100 Index closed 0.6% higher, while the S&P 500 Index rose 0.3%. Dan Suzuki, global investment strategist at i Capital, discussed the Treasury's recent attempts to lower long-term yields, stating the Treasury hasn't done enough.

The market wrap by Toby Alder and Anand Krishnamoorthy highlighted how declining oil prices are providing relief to equity markets across the Asia-Pacific region. Investors are closely monitoring the chip sector's performance as a barometer for AI-driven growth.