Stocks pull back after all-time highs

Stock indexes slipped on Tuesday as Wall Street took a pause from its relentless rally.

- STAN CHOE

MICHAEL NAGLE Bloomberg TRADERS work on the floor of the New York Stock Exchange on Monday as markets paused their rally.

The Standard & Poor's 500 dipped 0.6%. The Dow Jones industrial average dropped 88 points, or 0.2%, and the Nasdaq composite sank 0.9%.

It’s the first pullback for the indexes after the trio set all-time highs in each of the last three days. Since surging from a bottom in April, the broad U.S. stock market has been facing criticism that it’s shot too high, too fast and become too expensive. Even the head of the Federal Reserve, Jerome Powell, said on Tuesday that stock prices broadly look “fairly highly valued.”

Nvidia weighed on the market after giving back some of its big gain from the day before, when it announced a partnership with OpenAI to build out data centers. Wall Street’s most influential stock lost 2.8%.

Other Big Tech stocks that have been some of the biggest reasons for Wall Street’s run to records gave back some of their big gains. Amazon fell 3%, and Microsoft slipped 1%.