Shares fell in Asia on Tuesday after the Nasdaq set a record ahead of a meeting by the Federal Reserve later this week that could set the direction for markets in the new year. U.S. futures slipped and oil prices reversed early losses.

Fundstrat's Tom Lee said stocks should rally into year-end due to favorable seasonals and a "buy the dip" mantra among active fund managers.

U.S. equity futures edged lower in early Tuesday trading, while Treasury yields extended their recent run of gains, as investors looked to a key reading of domestic consumer strength and the start of the Federal Reserve's two-day policy meeting in Washington.