Equities in Asia were mixed as gains for tech stocks were offset by slumping commodity shares. Wall Street futures pointed slightly lower after the big three indexes experienced gains overnight, with the tech-heavy Nasdaq leading the way with a 0.9% rally. Treasury yields and the dollar remained above multi-week lows as the markets awaited comments from Federal Reserve Chair Jerome Powell for guidance on the policy outlook. Crude oil prices hit a three-month low due to a significant increase in US stockpiles, while concerns about the Chinese economy affected the demand outlook. Expectations have been growing that US policy rates have peaked and cuts could begin in May. However, investors remain sensitive to the possibility of more interest rate hikes amidst guarded remarks from Fed officials. Fed Governor Christopher Waller stated that the economy needs to be monitored closely, while Fed Governor Michelle Bowman expressed her expectation of higher rates being necessary. Powell is scheduled to speak on Wednesday and Thursday. US 10-year Treasury yields were little changed, and the dollar index remained largely flat. Market analysts attributed these trends to the markets repositioning for a moderation in US growth and concerns about China’s recovery and the slowing US economy. Brent crude futures and US crude futures also dropped to their lowest levels since July 24, contributing to declines in commodity shares. However, growth stocks saw gains due to expectations of lower borrowing costs. The Nikkei 225 in Japan rose by 0.13% while the broader Topix declined by 0.66%. The Asia-Pacific shares outside Japan, as measured by MSCI’s broadest index, gained 0.3% with Chinese markets contributing to the increase. Hong Kong’s Hang Seng rose by 0.22%, and mainland blue chips added 0.1%.