Markets Right Now: Stocks down slightly after hitting record

NEW YORK (AP) — The latest on developments in financial markets (all times local):

9:35 a.m.

The stock market is taking a breather Friday, a day after the S&P 500 index rose to a record high.

The commodities and bond markets are also tame compared with Thursday, when oil jumped more than 5% and the yield on the 10-year Treasury note fell below 2% for the first time since 2016.

The markets have been reacting to signs the Federal Reserve is willing to cut interest rates if the U.S. economy slumps and heightened tensions between the U.S. and Iran.

The S&P 500 slipped 4 points, or 0.1 percent, to 2,950.

The Dow Jones industrials fell 10 points to 26,742. The Nasdaq dipped 26 points, or 0.3%, to 8,025.

Bond prices fell. The yield on the 10-year Treasury rose to 2.04%. Oil rose slightly.