"Wall Street Drifts Lower as Rate Cut Hopes Fade: Stock Market Update"

The stock market slipped from its all-time high as the strong economy signals may delay interest rate cuts that Wall Street desires. The S&P 500, Dow Jones, and Nasdaq all fell, with companies like Estee Lauder and McDonald's reporting mixed results. Yields in the bond market rose, leading traders to push back expectations for Federal Reserve rate cuts. The solid economy signals could give the Fed reason to pause before cutting rates, impacting stock prices. However, the economic strength is expected to drive growth in company profits. In international markets, Chinese indexes swung sharply following Beijing's pledge to shore up its financial markets.