US stocks churned between gains and losses amid uncertainty about how many more of the cuts to interest rates that Wall Street loves are on the way.

The S&P 500 fell 0.1 per cent and hung near its record set at the start of the week. The Dow Jones Industrial Average rose 260 points, or 0.6 per cent, while the Nasdaq composite fell 0.3 per cent.

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.

The Australian sharemarket is set to retreat, with futures at 6.01am AEST pointing to a drop of 14 points, or 0.2 per cent, at the open. The ASX lost 0.7 per cent on Wednesday. The Australian

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