Futures for U.S. markets were mixed late Tuesday, indicating that investors are waiting for direction after all three major indices set fresh records earlier in the day, and as the Federal Reserve is expected to raise interest rates Wednesday.

The S&P 500 was down 0.4% and the Dow Jones Industrials, 0.06%, while Nasdaq added 0.02% at 9:28 p.m. EST.

At the end of its two-day meeting Wednesday, the Fed is expected to announce a 25-basis-point interest rate increase. The hike has largely been priced into the market, but investors are looking at the central bank's comments about how President-elect Donald Trump's economic policies might alter its view of future rate increases.

The Trump rally returned Tuesday with the three indexes ending the day at new all-time highs. The Dow rose 0.58% to 19,911.21, the S&P added 0.65% to 2,271.72, while the Nasdaq finished up 0.95% at 5,463.83.

European investors earlier in the day also traded optimistically with Germany's Dax ending the day 0.84% higher, the FTSE in London, 1.13%, and the Cac in Paris, 0.91%.

The mood in Asia early Wednesday was different as oil fell. The Nikkei in Japan opened higher, but tempered gains and was off 0.22% at 9:46 p.m. EST as the Kospi in South Korea slipped 0.08%. Meanwhile, the Hang Seng in Hong Kong added 0.59% and Australia's ASX rose 0.86%.

The decline in oil came as figures showed crude inventories in the U.S. were higher than expected. A barrel of industry standard Brent crude slipped 1.09% to $55.11, while a barrel of West Texas crude slid 1.25% to $52.33 at 9:35 p.m. EST. The prices represent futures for delivery in February and January, respectively.

In currencies, the dollar was off 0.08% against a basket of currencies. It bought ¥115.14 at 9:51 p.m. EST, a decrease of 0.084%, and £0.79, an increase of 0.019%.