Asia markets live: Asian chip stocks, Nvidia

Asia-Pacific markets opened mixed Tuesday, tracking mixed gains on Wall Street as investors look toward the U.S. Federal Reserve’s decision stateside.

Australia’s S&P/ASX 200 traded 0.73% higher.

Japan’s Nikkei 225 and Topix rose 0.12% and 0.11% respectively. South Korea’s Kospi slipped 1%, while the Kosdaq dropped 0.92%.

Chinese leaders have decided to increase the country’s budget deficit to 4% of GDP in 2025 in a bid to keep economic growth at around 5% next year, Reuters reported Tuesday. China’s CSI 300 traded 1.1% higher, while Hong Kong’s Hang Seng Index traded around the flatline.

Overnight in the U.S., the Nasdaq Composite advanced to a record, lifted by a rally in tech. The tech-heavy index gained 1.24% to 20,173.89, while the S&P 500 added 0.38%, closing at 6,074.08. The Dow Jones Industrial Average underperformed, losing 110.58 points, or 0.25%, to end at 43,717.48. The 30-stock Dow fell for an eighth day, marking its longest run of losses since 2018.

The Fed decision on Dec. 18 stateside will also be top of mind for investors, with the CME Fedwatch tool currently forecasting a 98.2% chance of a 25-basis-points cut.

Contrary to the general upward trend, market darling Nvidia, the artificial intelligence chipmaker that had driven stock gains over the past two years, saw a 1.7% decline. This drop pushed the stock into correction territory, falling over 10% from its recent all-time high in November.

— CNBC’s Brian Evans and Jesse Pound contributed to this report.