Asian shares trade mixed after Wall Street hits records on tech gains

TOKYO (AP) — Asian shares traded mixed Wednesday, calming somewhat from the buzz set off by recent record rallies on Wall Street, while investors' attention turned to global interest rates and uncertainty caused by developments in Venezuela.

Despite a broad rally on Wall Street, Japan's Nikkei 225 lost 0.9% to 52,041.97 and South Korea's Kospi declined 0.5% to 4,503.23. Both had set records a day earlier.

In Australia, the S&P/ASX 200 rose 0.3% to 8,708.50.

Hong Kong's Hang Seng declined 1% to 26,471.97, while the Shanghai Composite added 0.3% to 4,095.94.

“Global uncertainty continues to deepen,” Tan Boon Heng of Mizuho Bank in Singapore said in a commentary, because of U.S. forces capturing Venezuelan President Nicolás Maduro in a weekend raid, and President Donald Trump's threats to take control of Greenland.

On Tuesday, broad gains led by technology stocks pushed prices on Wall Street to more records. The gains mirror much of the action from the previous year, when big technology stocks often drove the market to a series of records.

The S&P 500 rose 0.6% to 6,944.82, setting a record on just the third trading day of the year. The Dow Jones Industrial Average rose 1% to 49,462.08, hitting a record for a second-straight day. The Nasdaq composite gained 0.6%, to 23,547.17.

Small company stocks outpaced their larger counterparts as the Russell 2000 jumped 1.4%. It's now just below its record set in December.

Amazon, which surged 3.4%, is one of the most valuable companies in the world. Technology companies, especially those focused on artificial intelligence, are being closely watched this week during the industry's annual CES trade show in Las Vegas. AI advances helped propel the broader U.S. market to a series of records in 2025.

The Federal Reserve will be analyzing economic data for its next meeting in late January. The central bank cut its benchmark interest rate three times late in 2025. Wall Street expects the Fed to hold interest rates steady at its January meeting.

Treasury yields rose in the bond market. The yield on the 10-year Treasury climbed to 4.16% from 4.15% late Monday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, rose to 3.46% from 3.45% late Monday.

In other trading early Wednesday, the price of benchmark U.S. crude oil fell 78 cents or nearly 1.3% to $56.35 per barrel. The price of Brent crude, the international standard, fell 59 cents to $60.11 per barrel.

Gold prices slipped 0.3% and silver prices declined 1.5%. Such assets are often considered safe havens in times of geopolitical turmoil. The metals have notched record prices over the last year amid lingering economic concerns brought on by conflicts and trade wars.

In currency trading, the U.S. dollar rose to 156.71 Japanese yen from 156.62 yen. The euro cost $1.1696, inching up from $1.1692.

AP Business Writer Damian J. Troise contributed.