NEW YORK (AP) — U.S. stocks drifted a bit below their record heights. The S&P 500 slipped 0.1% Tuesday, coming off its latest all-time high. The Dow Jones Industrial Average lost 0.3%, and the Nasdaq composite fell 0.1%. Stocks have run to records on expectations that the Federal Reserve will announce on Wednesday its first cut to interest rates of the year. The job market could use such a boost after slowing sharply. Treasury yields eased a bit after a report showing stronger sales at U.S. retailers did little to change expectations for the Fed to cut interest rates several times through this year and into 2026.

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

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