Stocks in Asia are set for a cautious open after mixed US inflation data spurred traders to trim Federal Reserve rate-cut bets. The dollar rose, Treasuries declined and the yen touched its weakest since April.

Equity futures for Japan and Australia fell as the S&P 500 closed 0.4% lower. Hong Kong stock contracts gained as US tech shares jumped on news Nvidia Corp. and Advanced Micro Devices Inc. will resume some chip sales to China, while an index of US-listed Chinese shares climbed to its highest since April. While short-dated Treasuries led losses, longer maturities also slid — with 30-year yields topping 5%. The dollar rose 0.4%.