NEW YORK (AP) — Shares are mixed in Asia, where Chinese markets advanced after a government investment fund said it would step up stock purchases.

But the gains in Shanghai, Shenzhen and Hong Kong were much smaller than recent losses.

Oil prices rose and U.S. futures were mixed.

China's Central Huijin Investment, a sovereign fund that owns China's state-run banks and other big government controlled enterprises, promised to expand its purchases of stock index funds to help markets that have been sagging under heavy selling pressure from a property crisis and slowing economy.

The fund periodically steps up buying of shares in big state-owned banks and other companies to counter heavy selling pressure in the Chinese markets. On Monday, benchmarks in Shanghai and the smaller market in Shenzhen bounced between small gains and big losses, while share prices of state-run banks and other big companies rose.

By midday Tuesday, Hong Kong's Hang Seng was up 3.3% at 16,026.94 in rally led by technology shares such as e-commerce giant Alibaba, which gained 7.4% and JD.com, which was up 6.3%.

The Shanghai Composite index was up 2.5% at 2,770.83.

Elsewhere in Asia, Tokyo's Nikkei 225 index fell 0.3% to 36,244.27 and the Kospi in South Korea lost 0.7%, to 2,570.85.

Australia's S&P/ASX 200 shed 0.6% to 7,578.90. In Bangkok, the SET gained 1%, while India's Sensex edged 0.2% higher.

On Monday, stocks slipped on Wall Street as data showed the economy remains strong, which could delay interest rate cuts investors are counting on.

The S&P 500 fell 0.3% to 4,942.81 from the all-time high set Friday. The Dow Jones Industrial Average dropped 0.7% to 38,380.12, and the Nasdaq composite edged down by 0.2%, to 15,597.68.

Earnings season is near its midpoint, and roughly half the companies in the S&P 500 have reported their latest results, including many of the market’s most influential. Estee Lauder jumped 12% after it reported better revenue and profit than analysts expected. McDonald’s, meanwhile, fell 3.7% despite reporting stronger profit than expected. Its revenue for the latest quarter fell just short of forecasts.

Boeing fell 1.3% after the discovery of another problem in some of its 737 fuselages that may delay deliveries of about 50 aircraft. It and McDonald’s were two of the biggest reasons the Dow Jones Industrial Average lagged the market.

Stocks broadly felt pressure from another jump for bond yields, which rose as traders absorbed a message that the Federal Reserve will not begin cutting its main interest rate as soon as they had hoped.