NEW YORK (AP) — U.S. stocks are drifting lower following the latest discouraging signal on the job market. The S&P 500 fell 0.3% early Wednesday, though it remains near its record set last week. The Dow Jones Industrial Average was down 36 points, or 0.1%, 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 cut 32,000 jobs more than they added, according to ADP Research.

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

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