NEW YORK (AP) — U.S. stocks edged back from their record heights on Tuesday as the countdown ticked toward what Wall Street expects will be the first cut of the year to interest rates by the Federal Reserve.

The S&P 500 fell 0.1% from its latest all-time high. The Dow Jones Industrial Average dipped 125 points, or 0.3%, while the Nasdaq composite slipped 0.1% from its own record set the day before.

Stocks have run to records on expectations that the Fed will announce the first of a series of cuts to rates on Wednesday in hopes of giving the economy a boost. The job market has slowed so much that traders believe Fed officials now see it as the bigger danger for the economy than the threat of higher inflation because of President Donald Trump’s tariffs.

The Fed has been holding off on cut

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