Wednesday marked the first time since the inception of the Nasdaq Composite in 1971 that the index set a new record closing high while the Dow Jones Industrial Average fell for the eighth straight trading day.

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.

The S&P 500 and the Nasdaq rose on Monday, as investors looked ahead to an anticipated Federal Reserve interest rate cut later in the week as well as several key data releases for clues on monetary policy next year.