The Globe and Mail reports in its Tuesday edition that U.S. stocks edged back from their record heights Monday in Wall Street's final moves before an upcoming update on inflation. A Reuters dispatch to The Globe says the S&P 500 dipped 0.3 per cent after flirting with its all-time high set two weeks ago earlier in the day. The Dow dropped 200 points, while the Nasdaq composite shaved 0.3 per cent off its own record. The highlight of this week for Wall Street will likely arrive today, when the U.S. government will report on July inflation. Economists expect the update to show U.S. consumers had to pay prices that were 2.8 per cent higher from a year earlier, a slight acceleration from June's 2.7-per-cent inflation. Inflation has remained above 2 per cent, even if it has improved substantially from its peak above 9 per cent three years ago. The worry is that President Donald Trump's tariffs could push inflation higher. A top Federal Reserve official, Michelle Bowman, said that she believes the job market is the bigger concern following last month's weak employment results. She is still backing three cuts to interest rates this year. Meanwhile, the S&P/TSX Composite Index was up 16.55 points at 27,775.23.