Asian stocks were mixed Wednesday following Wall Street’s mostly positive performance ahead of key U.S. inflation data that could influence the pace of market-boosting rate cuts by the Federal Reserve.

Investors are gearing up for December's crucial consumer price index to determine the direction of Fed policy.

BMO Capital Markets forecasts the S&P 500 will reach 6,700, reflecting a gain of 13.2%. Chief investment strategist Brian Belski said he and his team "remain resolutely bullish," but expect "performance and fundamentals will more closely match the historical norms -- namely, in the high-single digit/low-double-digit percentage range in 2025."