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

Futures for Hong Kong and Australian benchmarks pointed to gains while contracts for Japanese shares suggested a drop. US government bonds advanced slightly on Monday as traders unwound bets the Fed will cut interest rates this year. The Nasdaq 100 dropped 1.4%, sliding for a second day after suffering its worst week since March.

The technology sector led 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.

US equity futures inched higher in Asian trading while major currencies were steady. The yen was little changed near 143.50 versus the dollar, a level that has caused concern for officials in Tokyo.

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.

“Bulls should be happy with flat markets, especially in light of what happened over the weekend,” said Alec Young, chief investment strategist at MAPsignals after markets largely shrugged off the biggest threat to President Vladimir Putin’s almost quarter-century grip on power in Russia. “It continues to be a very data-driven market.”

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 edged higher again on 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 0.1% as of 7:21 a.m. Tokyo time. The S&P 500 fell 0.45% Monday
• Nasdaq 100 futures rose 0.1%. The Nasdaq 100 fell 1.4%
• Nikkei 225 futures fell 0.3%
• Australia’s S&P/ASX 200 Index futures rose 0.3%
• Hang Seng Index futures rose 0.5%

Currencies

• The euro was little changed at $1.0910
• The Japanese yen was little changed at 143.44 per dollar
• The offshore yuan was little changed at 7.2433 per dollar
• The Australian dollar was unchanged at $0.6675

Cryptocurrencies

• Bitcoin was little changed at $30,188.19
• Ether rose 0.2% to $1,855.39

Bonds

• The yield on 10-year Treasuries declined one basis point to 3.72% Monday

Commodities

• West Texas Intermediate crude rose 0.2% to $69.51 a barrel

This story was produced with the assistance of Bloomberg Automation.