The Japanese yen remains a focus, and the exchange rate between the US dollar and the Japanese yen is still trading near its weakest level in about 34 years. The yen rose to 159.41 per dollar in trading on Tuesday. The dollar closed at 159.59 yen on Monday.
Hong Kong's Hang Seng rose 0.5% to 18,109.80 and the Shanghai Composite Index fell 0.3% to 2,953.95.
Australia's S&P/ASX 200 gained 1.2% to 7,829.70. In South Korea, the Kospi rose 0.4% to 2,774.54.
Elsewhere, Taiwan's Taiex rose 0.3%, while Bangkok's SET rose 0.4%.
On Monday, the S&P 500 fell 0.3% to 5,447.87. Declines by Nvidia and other winners from Wall Street's AI boom sent the Nasdaq Composite down 1.1% to 17,496.82, while the Dow Jones Industrial Average rose 0.7% to 39,411.21.
Shares of oil and gas companies were among the market's strongest, as seven in 10 S&P 500 stocks rose. Exxon Mobil rose 3% and oilfield services provider SLB gained 4% as oil prices held near their highest levels since April.
Financial companies were also strong. JPMorgan Chase added 1.3% and Wells Fargo rose 1.6% ahead of results due later this week for the Federal Reserve's tests of how big banks would fare in a recession.
But declines in a handful of high-profile stocks offset all those gains, and attention focused more on Nvidia's 6.7% drop. It was the third consecutive drop for the chip company, which had soared 1,000% since fall 2022.
The almost insatiable demand so that Nvidia chips enhance artificial intelligence applications has been a great reason for the American stock market records recently, even as the growth of the economy slows down under weight of high interest rates. But the rise of AI has been so frenetic that it has raised concerns about a possible stock market bubble and overly high expectations among investors.
Nvidia shares have been retreating since briefly overtaking Microsoft as Wall Street's most valuable stock last week, and are down nearly 13% in just three days. Because Nvidia has become so large in size, its stock movements carry extra weight in the S&P 500 and other indices. It was by far the heaviest weight on the S&P 500 on Monday.
Other AI beneficiaries also gave up some of their fantastic profits. Super Micro Computer fell 8.6%, cutting its year-to-date profit below 200% to 190.9%.
Such a rotation among stocks could be a healthy sign for the market, as long as it can stay close to its records. Market watchers have been concerned to see that only Nvidia and a handful of other companies are responsible for much of the S&P 500's returns recently. They would prefer a market in which many stocks share in the profits.
In the bond market, Treasury yields fell a bit. The 10-year Treasury yield fell to 4.23% from 4.26% late Friday.
It has been mostly falling since hitting 4.70% in late April, which has eased pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the Federal Reserve to cut its main interest rate later this year.
The Federal Reserve has been keeping the federal funds rate at the highest level in more than 20 years, hoping to slow the economy enough to get inflation under control.
In other trading Tuesday, benchmark U.S. crude oil rose 6 cents to $81.69 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude added 2 cents to $85.17 a barrel.
The euro rose to $1.0736 from $1.0732.
