Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size.

Shares mostly gained in Asia on Monday after U.S. stocks capped a mostly dismal week with a broad rally that still left the benchmark S&P 500 down 2% for the week. U.S. futures and oil prices advanced.

Investors assessed November inflation numbers from Japan's capital of Tokyo, which saw its headline inflation rate come in at 3%, compared to 2.6% in October.

Shares fell in Asia on Tuesday after the Nasdaq set a record ahead of a meeting by the Federal Reserve later this week that could set the direction for markets in the new year. U.S. futures slipped and oil prices reversed early losses.