Asian stocks retreated on Monday after U.S. stocks fell as good news on the job market raised inflation worries. Markets in Japan were closed for a holiday. U.S. futures dropped while oil prices surged more than $1 a barrel after President Joe Biden’s administration expanded sanctions against Russia’s critically important energy sector over its war in Ukraine.

Asian markets diverged Tuesday as bargain buying after recent losses played against ongoing worries about the outlook for the global economy and the impact of a second Donald Trump presidency.

Asian shares were mixed Tuesday, echoing trading on Wall Street, where gains for oil and gas producers helped offset drops for Nvidia and other Big Tech companies. Japan's benchmark Nikkei 225 index slipped 2.