Stocks are slipping after the latest hotter-than-forecast reading on the economy raised more worries about inflation and interest rates staying high.

Nvidia leaped 4.4%, and Alphabet climbed 1.4% as Treasury yields stabilized in the bond market. Last week, a jump in yields cranked up the pressure on stocks, particularly those seen as the most expensive and making their investors wait the longest for big growth.

Asian shares are trading mostly higher as investors kept their eyes on potentially market-moving reports expected later this week

Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve's policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows.