OVERNIGHT

The Nikkei was up 0.8% and the Shamghai Composite Index was down 0.7% in early, light trading overnight as investors await who will show up, the hawks or the doves later today when Fed Chair Janet Yellen is scheduled to speak in New York.

As the WSJ reported, in later trading many Asian markets declined ahead of Yellen's talk.

Japan’s Nikkei Stock Average NIK, -0.27%   was down 0.2%, Australia’s S&P/ASX 200 XJO, -1.67%   was down 0.8% and Korea’s Kospi SEU, +0.27%   was up 0.2%. In China, the Shanghai Composite Index SHCOMP, -1.14%   was down 0.1%, while Hong Kong’s Hang Seng Index HSI, -0.26% was little changed.

Investors were being cautious before U.S. Federal Reserve Chairwoman Janet Yellen was scheduled to speak Tuesday in New York on her views of the U.S. economy and monetary policy. Her comments could offer hints to when the Fed expects to raise rates, a move that Fed official James Bullard recently said could be as soon as April or June.

Many money managers are also expected to adjust portfolios before the first quarter ends Thursday. Large Asian stock markets, including Japan, China and Hong Kong, are down for the three months ending March. Smaller markets in Thailand, Indonesia and the Philippines, look set to book gains for the quarter. Japan shares fell despite data showing consumer spending in February gained from a year earlier. Employment also rose slightly to 3.3% in February from 3.2% the previous month.

Gold traded lower, down 0.2% at $1,218.70 apparently owing to weaker U.S.data. The dollar held steady at $113.90 against the yen amid a game some are calling "Guess what's left in the toolbox of Japanese officials."  It's a reference to negative interest rates and concern more might be coming.