US stocks edged back from their record heights 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 per cent from its latest all-time high. The Dow Jones dipped 125 points, or 0.3 per cent, while the Nasdaq composite slipped 0.1 per cent from its own record set the day before.

The Australian sharemarket is set to slide, with futures at 6.59am AEST pointing to a fall of 40 points, or 0.5 per cent, at the open. The ASX added 0.3 per cent on Tuesday. The Australian dollar was stronger at US66.83¢ at 5.27am AEST.

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

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