Asian stocks were largely unchanged in early trading, reflecting a subdued session on Wall Street as investors prepared for this week’s Federal Reserve decision and US inflation data.

The Japanese benchmark Nikkei 225 index climbed 0.70%, or 274.27 points, to 39,312.43, while the broader Topix index rose 0.65%, or 18.18 points, to 2,800.67. South Korea’s KOSPI increased by 0.46%, or 12.38 points, to 2,713.55. Meanwhile, Australia’s S&P/ASX 200 index fell 1.20%, or 94.30 points, to 7,765.70.

Earlier, the Dow Jones Industrial Average rose 69.05 points, or 0.18%, to 38,868.04. The S&P 500 gained 13.8 points, or 0.26%, to 5,360.79, and the Nasdaq Composite added 59.40 points, or 0.35%, to 17,192.53.

Analysts noted that traders are bracing for volatility ahead of US macroeconomic catalysts, while political uncertainty in Europe also weighed on equities.

In commodities, oil prices rose on Tuesday, continuing the previous day’s rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, although gains were limited by a stronger dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT, and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05.

Gold prices rebounded after experiencing the largest drop in 3-1/2 years in the previous session, as investors awaited inflation data and the Fed’s policy statement. Spot gold added 0.72% to $2,309.15 an ounce.