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% in early trading, though it remains near its record set last week. The Dow Jones Industrial Average was down 51 points, or 0.1%, as of 9:35 a.m. Eastern time, a day after setting its own all-time high. The Nasdaq composite was 0.4% lower.

The action was stronger in the bond market, where Treasury yields sank 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 the hardest hits focused in the Midwest. What’s worse, the survey also revised down its numbers for employment

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