Investors are gearing up for December's crucial consumer price index to determine the direction of Fed policy.

Asian stocks were mixed Wednesday following Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of market-boosting rate cuts by the Federal Reserve.

Asian shares are mixed after gains for oil-and-gas producers helped offset drops for Nvidia and other Big Tech companies on Wall Street.

US stocks gained after cooler-than-expected producer price index data soothed inflation concerns. The numbers on Tuesday showed wholesale inflation rose 0.2% in December on a monthly basis, compared to an estimated 0.4% increase. The reading climbed 3.3% from a year ago, below the projected 3.5% gain.

Wall Street pointed modestly higher early Tuesday ahead of new data on inflation and the kickoff to earnings season. Futures for the S&P 500 and the Dow Jones Industrial Average each ticked up 0.3% before the bell.

U.S. stocks rose modestly in choppy trade on Tuesday as investors gauged inflation data and braced for quarterly earnings reports to justify stock valuations and the strength of the U.S. economy. Stocks received an initial lift after a Labor Department report showed the producer price index rose less than expected in December,

Most U.S. stocks rose Tuesday following an encouraging update on inflation, though drops for Eli Lilly and other influential stocks kept indexes in check. The S&P 500 rose 0.1% as three out of every four stocks in the index climbed.