Traders see a 61% chance the Fed will cut rates 50 basis points at its upcoming policy meeting, per the CME FedWatch tool.

Tech stocks dragged on U.S. indexes and the dollar touched a more than one-year low against the yen on Monday as all eyes looked to a Federal Reserve meeting later this week that is expected to usher in a hotly anticipated easing cycle.

With the Federal Reserve set to begin cutting interest rates this week, analysts believe tech stocks could get a big boost.

A gauge of Chinese stocks listed in Hong Kong swung to a gain in volatile trading as investors debated whether weaker macro data will prompt the government to bolster stimulus.

Asian equities were mostly higher overnight while Mainland China was closed for the Mid-Autumn Festival. Japan, South Korea, Indonesia, and Malaysia were also closed.

Pacific markets were closed Monday; Aussie, Taiwan stocks higher on hopes that Fed will kick off the rate-cutting cycle with a 50 basis point cut.