Asia markets mixed after S&P 500 hits record, South Korea pushes fresh highs

The broad market index gained 0.41% to finish at 6,978.60, supported by gains in Apple and Microsoft.

South Korea’s Kospi and Kosdaq continued to push fresh records, gaining 1.48% and 3.42% respectively.

However, Japan’s Nikkei 225 slumped 0.55%, dragged by basic materials stocks, while the Topix fell 0.88%.

Late Tuesday, the yen strengthened to its highest level in almost three months against the dollar, touching a low of 152.08 amid intervention expectations swirling around the currency.

Hong Kong’s Hang Seng Index was up 2.27%, led by energy stocks, while the CSI 300 index on mainland China rose 0.47%.

Australia’s S&P/ASX 200 reversed earlier gains and fell 0.13% to 8,929.9, snapping a three-day winning streak. Australia saw headline inflation come in at 3.6% in the last quarter of 2025, its highest level in six quarters.

In Southeast Asia, Indonesia’s Jakarta Composite plunged over 7.3%, after reports that index provider MSCI had issued a statement warning of a potential downgrade of the country to frontier-market status.

On the commodities front, spot gold prices also reached a fresh record of $5,255.71 per ounce.

Overnight in the U.S., the Nasdaq Composite climbed 0.91%, while the Dow Jones Industrial Average broke ranks, losing 408.99 points, or 0.83%, and settling at 49,003.4.

S&P 500 futures were near the flatline ahead of the Federal Reserve’s interest rate decision and earnings reports from major tech companies.

The central bank is widely expected to keep its benchmark interest rate steady at a target range of 3.5% to 3.75%, but traders will be seeking hints on longer-term changes to monetary policy. 

—CNBC’s Sean Conlon and Pia Singh contributed to this report.