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(CNN Business) —  

Asian markets mostly opened higher Tuesday, but pared back their gains to trade mixed as investors await more news on US-China trade relations and a decision from the Federal Reserve later this week.

Japan’s Nikkei 225 (N225) jumped 0.5% at the open. It retreated slightly in the afternoon, though was still positive. The index is trading at its highest level in about a year.

Hong Kong’s Hang Seng (HSI) rose 0.5% early, too, but reversed that trend and was last trading down 0.5%.

South Korea’s Kospi (KOSPI) also opened higher, but was flat-to-negative late in the day. China’s Shanghai Composite (SHCOMP) was the worst performer, declining 0.6% by the afternoon.

Overnight, the S&P 500 (SPX) set a new closing record on Wall Street. The Dow (INDU) and the Nasdaq Composite (COMP) also closed higher but fell just short of setting a new records.

Markets rose Monday on hopes for improvement in the US-China trade relationship. Stocks trended upward last week after the Office of the US Trade Representative said that the world’s two largest economies had made headway in finalizing a “phase one” trade agreement.

On Monday during US hours, President Donald Trump told reporters that the United States is ahead of schedule in terms of signing a trade deal.

Investors may also be looking to the Federal Reserve’s next monetary policy decision later this week. Chances of another quarter-percentage point interest rate cut stand at 94%, according to the CME FedWatch Tool. It would be the third rate cut this year.