NEW YORK (AP) — U.S. stocks are drifting near their record levels as expectations for cuts to interest rates continue to support financial markets. The S&P 500 edged up 0.1% in early trading Tuesday and was just below its all-time high set last week. The Dow Jones Industrial Average inched up 18 points, and the Nasdaq composite was up 0.2%, coming off its own record. Treasury yields were holding steadier in the bond market following their sharp slide during recent weeks, when expectations cemented that the Federal Reserve will cut interest rates for the first time this year at its next meeting in a week.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

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