NEW YORK (AP) — U.S. stocks are drifting on Wednesday following the latest discouraging signal on the job market.

The S&P 500 fell 0.3%, though it remains near its record set last week. The Dow Jones Industrial Average gave back 56 points, or 0.1%, after setting its own all-time high the day before. The Nasdaq composite was 0.3% lower, as of 10:05 a.m. Eastern time.

The action was stronger in the bond market, where Treasury yields dropped after a report suggested hiring may have been much weaker across the country last month than economists expected.

Employers outside the government actually cut 32,000 jobs more than they added, according to the survey by ADP Research, with some of the hardest hits focused in the Midwest. What’s worse, the survey also revised down its numbers fo

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