Wall Street Today | Meta may shut down Facebook and Instagram in Europe

Asian stocks look set for a mixed open Tuesday after another late dip in U.S. shares as investors weigh the potential impact of tightening monetary policy on the economic outlook.

Australian shares edged higher, while futures for Japan were little changed, those for Hong Kong rose and U.S. contracts climbed. Wall Street shares reversed gains in the last hour of trading, dragged down by technology stocks such as Meta Platforms. Volumes on U.S. exchanges were among the lowest of the year.

A fee war is breaking out among exchange-traded funds jockeying to benefit from the push to create virtual worlds.

Traders have been piling into exchange-traded funds mostly focused on ultra-short instruments like Treasury bills, while offloading ETFs tracking longer-dated debt -- even those that are considered short-term bonds maturing in five years or less.

The flood into ETFs that invest in Treasuries and counter-cyclical stocks like consumer staples and utilities accelerated by $20.6 billion through last week, on a three-month rolling average, and is probing extreme territory, according to Todd Sohn, managing director of technical strategy at Strategas.

But he doesn't see the market sending a buy signal for riskier assets just yet, for two reasons: The rush of money into these protective investments is only about half the level seen in the lead-up to market reversals such as in 2018; and he wants to see more demand for stocks related to discretionary goods, such as clothing.

In July 2020, the European Court of Justice ruled the data transfer standard between the EU and the U.S. doesn't adequately protect European citizens' privacy.

Rapidly rising wages are expected to push Federal Reserve interest rate hikes at an even faster pace. Average hourly earnings are running at a 5.7% pace over the past 12 months, near the highest levels in 15 years.

Bank of America is sticking to its call for seven rate hikes this year as the Fed looks to control the higher cost of living.

The price of bitcoin climbed more than 6% on Monday, hitting its highest level in a month. Bitcoin rose to as much as $44,500, according to Coin Metrics, its highest level since Jan. 5. Back then, it hit a high of $47,013. As of 4:02 p.m. ET, bitcoin traded at $44,068.88.

Economic stories have been pressuring bitcoin more than ever before recently, as new institutional investors treat it like a risk asset. However, there's still no consensus on how to best value bitcoin.

Oil dropped to trade near $91 a barrel, pausing a rally that's propelled crude to its highest since 2014.

Futures in New York fell 1.1% on Monday after rallying for seven straight weeks and gaining almost 30%. Diplomats are set to return to Vienna Tuesday to resume Iran nuclear negotiations, which are viewed as a path to restore the nation's sanctioned oil to global markets.