U.S. stocks edged away from records as investors weighed expectations for easier monetary policy against concerns about a slowing global economy. Treasuries gained, while the dollar dropped.
The S&P 500 fell for a second session, stalling below last week’s all-time high that was fueled by the prospect of rate cuts. Health-care paced losses as Bristol-Meyers Squibb Co. tumbled after the company said it will strip out a top drug from its merger with Celgene Corp. to get regulator approval. Energy producers dropped in the wake of new U.S. sanctions on Iran. The Russell 2000 Index slumped.