South Korea and Hong Kong dropped 1.7% each, Japan declined 0.6%, Chinese stocks lost 1.5%, and MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.7%

Asian stocks dipped on Tuesday, retreating from record highs as lingering concerns about potential roadblocks to the Biden administration’s $1.9 trillion stimulus weighed on sentiment, dragging U.S. Treasury yields to three-week lows.

The lower risk appetite lent some support to the dollar against a basket of currencies, while oil prices edged down.

In a sea of red seen across Asian markets, South Korea and Hong Kong topped losers and fell 1.7% each, Japan slipped 0.6% and Chinese stocks shed 1.5%. All have touched milestone highs this month.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.7% to 722.7 but was not far off from a record high struck on Monday and is still up 9% so far this year.

Australian stock markets were closed for a national public holiday.

E-mini futures for the S&P 500 slipped 0.26%.

All eyes were on Washington as U.S. lawmakers agreed that getting COVID-19 vaccines to Americans should be a priority even as they locked horns over the size of the pandemic relief package.

The immediate question now is when stimulus aid will be approved and how much, said Christopher Grisanti, chief equity strategist at MAI Capital Management.

Financial markets have been eyeing a massive package, though disagreements have meant months of indecision in a country suffering more than 175,000 COVID-19 cases a day with millions out of work.

Fourth-quarter gross domestic product data for the United States, Germany and France due out this week may cool sentiment.

Overnight, the Nasdaq index scaled a new peak and added 0.7% on hopes of strong earnings later this week from technology titans, but the Dow Jones Industrial Average index struggled to keep pace and fell 0.12%.

European shares closed at two-week lows as a slump in German business morale underscored the damage from tighter COVID-19 restrictions.

U.S. policymakers are expected to keep the monetary spigot open when the Federal Reserve’s Federal Open Market Committee meets on Tuesday and Wednesday.