HONG KONG (AP) -- Asian stocks were mixed Wednesday followed Wall Street's mostly positive performance ahead of key U.S. inflation data that could influence the pace of market-boosting rate cuts by the Federal Reserve.
U.S. futures and oil prices were little changed.
Tokyo's Nikkei 225 index edged 0.1% higher to 38,505.54.
The Kospi rose 0.2% to 2,502.94 after South Korean law enforcement officials detained impeached President Yoon Suk Yeol on Wednesday in connection with his failed declaration of martial law last month.
South Korea's unemployment rate reached 3.7% in December on a seasonally adjusted basis, the highest since June 2021, amid political uncertainty, the government reported.
The Hang Seng in Hong Kong added 0.2% to 19,264.46 after media reported that President-elect Donald Trump's incoming economic team is discussing gradually ramping up tariffs in different phases. The Shanghai Composite shed 0.3% to 3,232.98.
Australia's S&P/ASX 200 was flat at 8,233.10.
On Tuesday, the S&P 500 rose 0.1% to 5,842.91 as three out of every four stocks in the index climbed. The Dow Jones Industrial Average added 0.5% to 42,518.28, and the Nasdaq composite slipped 0.2% to 19,044.39.
Stocks got a boost from a report showing inflation at the U.S. wholesale level wasn't as high last month as economists expected. It's an encouraging signal ahead of a report coming later in the day, which will show how much inflation U.S. consumers faced at gasoline pumps, grocery registers and auto lots in December.
Stubbornly high readings on inflation and a run of better-than-expected updates on the U.S. economy have sent Wall Street into a weekslong rut, pulling it further from the dozens of all-time highs set last year. The fear is that all the strong data will convince the Federal Reserve to deliver less relief this year through lower interest rates.
The Fed has already hinted it's likely to cut rates just two times in 2025, down from an earlier projection of four. Speculation is growing about whether the Fed may cut rates zero times this year.
Such questions have sent Treasury yields sharply higher in the bond market, which cranks up the pressure on the stock market. Yields slowed their ascent following the update on wholesale inflation.
The yield on the 10-year Treasury held at 4.78%, where it was late Monday. It was below 3.65% in September.
The two-year Treasury yield, which more closely tracks expectations for Fed action, eased to 4.36% from 4.39%.
Indexes drifted between gains and losses through the day in large part due to drops for several Big Tech stocks. Nvidia fell 1.1% and was the second-heaviest weight on the S&P 500.
The only stock to drag more on the market was Eli Lilly, which fell 6.6% after saying it expects to report weaker revenue for the last three months of 2024 than previously forecast.
CEO David Ricks said last quarter's 45% growth in Lilly's revenue for its Mounjaro diabetes treatment, Zepbound obesity injections and other products in the incretin market wasn't as big as expected.
Several of the nation's biggest financial companies will report their latest results on Wednesday, including JPMorgan Chase and Wells Fargo, as earnings reporting season gears up. Such reports are always under the spotlight, but companies may be under more pressure to impress this time around.
If Treasury yields continue to rise, either stock prices need to fall or companies need to produce bigger profit growth to make up for it.
In other dealings early Wednesday, U.S. benchmark crude oil rose 6 cents to $76.43 per barrel. Brent crude, the international standard, lost 1 cent to $79.91 per barrel.
The U.S. dollar fell to 157.91 Japanese yen from 158.00 yen. The euro slipped to $1.0299 from $1.0309.
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AP Business Writer Stan Choe contributed.
