Beijing, Jun 27 (AP) Asian stock markets were mixed Tuesday after Wall Street drifted lower following its latest rally.

Shanghai and Hong Kong advanced. Tokyo and Seoul declined. Oil prices rose.

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Wall Street's benchmark S&P 500 index lost 0.4 per cent on Monday as tech stocks declined following a rapid run-up while most other stocks advanced. The index is off this year's high of two weeks ago but still up more than 20 per cent since mid-October.

“The moderation from previous overbought technical conditions and extreme bullish sentiment continues,” Yeap Jun Rong of IG said in a report.

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The Shanghai Composite Index gained 0.5 per cent to 3,166.41 while the Nikkei 225 in Tokyo sank 0.8 per cent to 32,453.74. Hong Kong's Hang Seng rose 1.3 per cent to 19,052.70.

The Kospi in Seoul shed 0.2 per cent to 2,575.68 while Sydney's S&P-ASX 200 added 0.6 per cent to 7,118.20.

New Zealand and Bangkok declined while Singapore and Jakarta advanced.

Stock prices surged this year on hopes that a recession expected after the Federal Reserve and central banks in Europe and Asia raised interest rates to cool inflation might come later and be shorter and shallower than previously forecast.

The S&P 500 hit a peak for the year two weeks ago before enthusiasm eased. Last week was the index's first losing week in the past six.

On Monday, the US market benchmark declined to 4,328.82. The Dow Jones Industrial Average lost less than 0.1 per cent to 33,714.71.

The Nasdaq composite, dominated by tech stocks, fell 1.2 per cent to 13,335.78.

Tesla Inc. fell 6.1 per cent after roughly doubling this year.

PacWest Bancorp, one of the banks that Wall Street has punished in its hunt for the system's next potential weak link, rose 4 per cent after it sold a portfolio of loans to raise cash.

Electric vehicle company Lucid Group rose 1.5 per cent after announcing a deal where it would provide powertrain and battery systems to Aston Martin.

A report on Friday will show how the Federal Reserve's preferred measure of inflation behaved in May, but consumer and wholesale price data already were reported earlier this month

Traders are betting June inflation data due out next month will push the Fed to raise rates by a quarter of a percentage point at its next meeting, which runs July 25-26, according to data from CME Group.

The Fed skipped a rate hike at this month's meeting after pushing its benchmark lending rate to a 16-year high to cool inflation. Much of Wall Street expects a hike next month to be the final one of this cycle.

The Fed, meanwhile, has suggested it could raise rates twice more because inflation remains stubbornly high even if it has come down from its peak last summer.

In energy markets, benchmark US crude rose 32 cents to USD 69.69 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 21 cents on Monday to USD 69.37.

Brent crude, the price standard for international oil trading, added 31 cents to USD 74.66 per barrel in London. It advanced 33 cents the previous session to USD 74.18.

The dollar declined to 143.40 yen from Monday's 143.45 yen. The euro rose to USD 1.0923 from USD 1.0915. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)