Asian equities were muted as investors approach Nvidia ’s earnings report amid concerns over stretched valuations in the AI sector. The S&P 500 and its tech-heavy components have traded lower, with the Nasdaq down over 1% in recent sessions. Rate-cut probability by the Federal Reserve for December has been pushed down to around 42%, further dampening risk asset sentiment. Commodity and yield-linked sectors also remain under pressure, suggesting markets may pause ahead of clearer data.