Stock market today: Asian shares are mixed as Wall Street gears up for an interest rate cut

Shares were mixed in Asia on Tuesday as world markets geared up for the Federal Reserve’s most anticipated meeting in years.Tokyo’s Nikkei index fell 1% to 36,203.22 and the Hang Seng in Hong Kong advanced 1.3% to 17,654.79.

Markets in mainland China and South Korea were closed.Australia's S&P/ASX 200 gained 0.2% to 8,140.90.

Traders are eagerly awaiting the Fed's decision Wednesday on interest rates.It is expected to cut its key rate for the first time in more than four years after keeping rates high to tamp down inflation.

The main question is how much relief for the economy the Fed will deliver.“The warning is that markets steeped in rich policy expectations are ripe for volatility,” Mizuho Bank said in a commentary.“Accordingly, it may be best to be braced for (policy) curveballs that could potentially force market re-pricing.”U.S.

retail sales and industrial output are due out later in the day.On Monday, the Dow rose 228 points, or 0.6%, to surpass its prior all-time high set a few weeks ago.

It closed at 41,622.08.The S&P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1% to climb within 0.6% of its own record set in July, ending at 5,633.09.The Nasdaq composite slipped 0.5% to 17,592.13 as big technology stocks and other market superstars gave back a bit of their big gains from recent years.

Most stocks rose, and Oracle’s 5.1% gain helped lead the market.The software company continued a strong run that began last week with a better-than-expected profit report.

Alcoa jumped 6.1% after saying it would sell its ownership stake in a Saudi Arabian joint venture to Saudi Arabian Mining Co.for $950 million in stock and $150 million in cash.

But drops for some influential Big Tech stocks kept indexes in check.Apple fell 2.8% and Nvidia lost 1.9%.

They’re among the market’s most influential stocks because they’re among the largest by market value.Carl Icahn’s Icahn Enterprises ros...