NEW YORK (AP) — U.S. stocks churned between gains and losses, but they ultimately remained near their record levels. The S&P 500 fell 0.1% Wednesday and hung near its record set at the start of the week. The Dow Jones Industrial Average rose 260 points, or 0.6%, while the Nasdaq composite fell 0.3%. Stocks initially rose and bond yields fell after officials at the Federal Reserve indicated they may cut interest rates several more times by the end of 2026. But they snapped back after Fed Chair Jerome Powell warned not to take the projections as gospel.

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

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