U.S. stock markets ended nearly flat after hitting record highs on Tuesday and the dollar stood firm as strong economic data allayed slowdown fears and investors braced for the Federal Reserve's expected move to cut interest rates for the first time in more than four years.

Asian stocks wobbled on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve's easing cycle that could see policymakers deliver an outsized rate cut.

The U.S. currency dropped back sharply against the yen, handing back about half of its rally from Tuesday, when unexpectedly robust U.S. retail sales data was taken as weakening the case for aggressive Fed easing.