This is CNBC's live blog covering Asia-Pacific markets.

Asia-Pacific markets traded mixed on Thursday after Wall Street rally stalled overnight and as investors assessed a surprise interest rate cut by South Korea.

The U.S. personal consumption expenditure price index, or PCE, rose 2.3% on an annualized basis, accelerating from 2.1% in September. The so-called core inflation, which excludes food and energy prices, climbed 2.8% in the 12 months through October, up from 2.7% in the previous month.

Both matched the expectations from economists polled by Reuters, according to LSEG data.

The Bank of Korea unexpectedly cut its benchmark interest rate by 25 basis points to 3.0%. Market watchers polled by Reuters had forecast the BOK to pause its policy easing this month, following a 25 bps cut in October.

Following the announcement, South Korea's blue-chip Kospi index rose 0.15% while the small-cap Kosdaq climbed 0.53%.

Japan's Nikkei 225 dropped 0.24% while the broad-based Topix was flat.

Australia's S&P/ASX 200 rose 0.49% to notch a fresh intraday high.

Hong Kong's Hang Seng index pulled back 0.48%, after logging its largest jump this month on Wednesday. Mainland China's CSI 300 index was trading flat.

Overnight in the U.S., declines in big technology names pulled markets lower in a thin trading session.

Chipmaking powerhouse Nvidia lost more than 1%, while Meta Platforms slid 0.8%. Dell and HP dropped more than 12% and 11%, respectively, following weak earnings forecasts.

The S&P 500 declined 0.38% to 5,998.74, snapping a seven-day winning streak. The Nasdaq Composite lost 0.6% to end at 19,060.48. The Dow Jones Industrial Average lost 138.25 points, or 0.31%, to finish at 44,722.06, reversing course gaining more than 140 points.

The U.S. market will be closed on Thursday for the Thanksgiving holiday.

— CNBC's Alex Harring and Sean Conlon contributed to this report.

South Korea unexpectedly cuts rates by 25 basis points — first back-to-back cuts since 2009

South Korea on Thursday cut its benchmark interest rate by 25 basis points to 3% in a surprise move, as the country strives to boost its economy that has seen tepid growth.

Economists polled by Reuters had estimated the bank to hold rates at 3.25%.

This also marked the first time the BOK has enacted two back-to-back cuts since 2009. It had cut rates by 25 bps in its last meeting in October.

The rate cut follows a weaker-than-expected GDP reading in the third quarter. South Korea's third-quarter GDP expanded by 1.5% year on year, below the 2% expected by economists polled by Reuters.

— Lim Hui Jie

Inflation data is a 'nice Black Friday gift for the Fed,' investment strategist says

Wednesday's inflation data that came in line with expectations is a welcome preholiday update for the Federal Reserve, according to Scott Helfstein, Global X's head of investment strategy.

"This is a nice Black Friday gift for the Fed," he said. "They can eat turkey and watch football for a day knowing that they are close to full employment with price stability."

Helfstein said the numbers are "very close" to the Fed's target goal. Additionally, he said the reading is unlikely to change the path of interest rates, or the probability of a 25 basis-point cut at the central bank's December policy meeting.

— Alex Harring

Number of S&P 500 stocks above 200-day average for past year shows 'solid' market

The percentage of all stocks in the S&P 500 above their 200-day moving averages is currently 77%, and has remained above at least 60% for the past year. This proves that the underpinnings of the market are "still solid," according to Chris Verrone, head of the technical and macro research at Strategas.

The strong moving averages, which smooth out short-term fluctuations to show the underlying trend in a stock price, "speaks to the persistence of decent internals," Verrone wrote to clients on Wednesday.

"It's not historically uncommon for the early part of December to be a shoulder period for stocks, but the market is still smack in the middle of its best 3-month run of the calendar," he said, referring to the period from Oct. 31 until Jan. 31.

— Scott Schnipper

S&P 500 on pace to snap 7-day win streak

With just about an hour left in Wednesday's session, the S&P 500 was poised to end a rally that has lasted over the past seven trading days.

The broad index ticked down about 0.3% in afternoon trading. If that holds, it will mark its first negative and worst trading day since Nov. 15. In that session, the S&P 500 tumbled more than 1.3%.

Elsewhere, the Nasdaq Composite was on track to finish Wednesday around 0.6% lower, while the Dow was down 0.2%.

— Alex Harring

CNBC Pro: 5 tech stocks in supply chain management could benefit from Trump's tariffs, Redburn Atlantic says

President-elect Donald Trump's proposed steep tariffs on imports could create winners in the stock market — particularly among companies that help businesses manage their supply chains, according to Redburn Atlantic.

These tech stocks have outperformed during "periods of supply chain uncertainty," the Redburn analyst said citing 2018-2019 trade tensions between the U.S. and China.

CNBC Pro subscribers can read more here.

— Ganesh Rao

CNBC Pro: U.S. stocks too expensive? Morningstar's top exec reveals where he's investing instead

Attractive returns and a breadth of opportunities are among the reasons the U.S. market historically reigned supreme among investors.

However, one market watcher considers U.S. stocks expensive and is now seeking opportunities in other markets that are cheaper.

"We believe markets outside the U.S. are more attractive than the U.S. largely from a valuation perspective," Kunal Kapoor, chief executive officer at Morningstar said, revealing markets with "attractive pockets" of opportunity.

CNBC Pro subscribers can read more here.

— Amala Balakrishner