Stock market today: Wall Street drifts around its record heights

NEW YORK (AP) — U.S. stocks are drifting around their records Wednesday as financial markets around the world take a pause following big recent moves.

The S&P 500 was virtually unchanged in morning trading, a day after setting an all-time high for the 41st time this year. The Dow Jones Industrial Average was down 165 points, or 0.4%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.2% higher.

2 Cards Charging 0% Interest Until 2026

Paying down your credit card balance can be tough with the majority of your payment going to interest. Avoid interest charges for up to 18 months with these cards.

Learn more

Treasury yields were edging higher in the bond market, a day after sinking on a surprisingly weak update on confidence among U.S. consumers. The worst drop in confidence in three years raised worries about the U.S. economy, but it also raised expectations for the Federal Reserve to deliver another dose of bigger-than-usual relief through a big cut to interest rates at its next meeting.

In stock markets abroad, indexes moved more modestly after jumping a day before on hopes that new stimulus measures from China would prop up the world’s second-largest economy. Chinese indexes rose again Tuesday, but they pared their gains as the day progressed, while European indexes were lower. Prices for crude oil also gave back gains.

2 Cards Charging 0% Interest Until 2026

Paying down your credit card balance can be tough with the majority of your payment going to interest. Avoid interest charges for up to 18 months with these cards.

Learn more

The next date on the calendar circled for a potentially big market move is next week, when the latest monthly update on the U.S. job market will arrive. Slowing hiring in the world’s largest economy has become the top concern among investors, now that inflation has eased significantly from its peak two summers ago.