Asian shares were mixed Tuesday after US stocks fell amid concern that the Federal Reserve and its peers around the world will push economies into recession.

Japanese stocks fluctuated at the open and rose slightly in Australia, while futures for Hong Kong benchmark pointed to gains. US equity futures inched higher in Asian trading after the Nasdaq 100 had dropped 1.4% Monday, sliding for a second day after suffering its worst week since March.

The technology sector led the declines on Wall Street, as AI-favorite Nvidia Corp. and Facebook-parent company Meta Platforms Inc. dipped. Tesla Inc. slumped more than 6% after Goldman Sachs Group Inc. joined the list of brokers turning less bullish on the electric-vehicle maker following this year’s blistering rally.

A gauge of dollar strength was steady and major currencies were little changed. US government bonds steadied Tuesday after a slight advance on Monday as traders unwound bets the Fed will cut interest rates this year.

The yen continued to hover around 143.50 versus the dollar, a level that has caused concern for officials in Tokyo. The yield on Australia’s 10-year government bonds fell six basis points to 3.89%.

Investors have been growing more anxious that central banks determined to extinguish inflation will keep pushing rates higher and risk sending fragile economies into recession. That’s caused traders to finally relent on their bets that the Fed will cut rates this year after Chair Jerome Powell last week warned the US may need one or two more rate increases in 2023.

“I’m not sure we have felt the full effect of the whole inflation cycle,” Nancy Daoud, private wealth adviser at Ameriprise Financial Services, said on Bloomberg Television. “Those rate hikes are very, very likely in July and in early fall.”

In a late-night televised speech, Putin condemned leaders of the Wagner mercenary group as traitors to Russia. The comments did little to clarify the mystery around the weekend’s events or the fate of Wagner chief Yevgeny Prigozhin, who the Kremlin said had agreed to go to Belarus and avoid prosecution.

Meanwhile, a positive sign emerged in the US-China relationship from a report that US Treasury Secretary Janet Yellen plans to visit Beijing in early July for the first high-level economic talks with her new Chinese counterpart He Lifeng. Still, the Biden administration expects to have an executive order ready as soon as July that would regulate and potentially bar some US investments in China.

Oil steadied Tuesday after a slightly weaker dollar made the commodity more attractive to importers. The market has so far shrugged off the dramatic but short-lived rebellion inside Russia.

Key events this week:

• US new home sales, durable goods, Conference Board consumer confidence, Tuesday
• US wholesale inventories, goods trade balance, Wednesday
• Fed to unveil results of annual banking industry stress test, Wednesday
• Policy panel with ECB’s Christine Lagarde, Fed Chair Jerome Powell, BOJ’s Kazuo Ueda and BOE’s Andrew Bailey speak, Wednesday
• Eurozone economic confidence, consumer confidence, Thursday
• US GDP, initial jobless claims, Thursday
• Atlanta Fed President Rafael Bostic speaks, Thursday
• China manufacturing PMI, non-manufacturing PMI, balance of payments, Friday
• US personal income and spending, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.2% as of 9:15 a.m. Tokyo time. The S&P 500 fell 0.45%
• Nasdaq 100 futures rose 0.2%. The Nasdaq 100 fell 1.4%
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 rose 0.5%
• Euro Stoxx 50 futures rose 0.3%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro was little changed at $1.0908
• The Japanese yen was little changed at 143.46 per dollar
• The offshore yuan was little changed at 7.2464 per dollar
• The Australian dollar was little changed at $0.6674

Cryptocurrencies

• Bitcoin rose 0.3% to $30,242.8
• Ether rose 0.3% to $1,856.62

Bonds

• The yield on 10-year Treasuries declined one basis point to 3.71%
• Australia’s 10-year yield declined six basis points to 3.89%

Commodities

• West Texas Intermediate crude was little changed
• Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.