New York – U.S. stocks are drifting on Monday as Wall Street lets off the accelerator for its seemingly relentless rally.

The S&P 500 dipped 0.1%. The Dow Jones Industrial Average was down 103 points, or 0.2%, as of 9:57 a.m. Eastern time, and the Nasdaq composite was virtually unchanged. All three set their latest all-time highs on Friday.

It’s only a modest pullback when compared with the surge that stocks have enjoyed hitting a bottom in April. Driving the market have been hopes that President Donald Trump’s tariffs won’t derail global trade and that the Federal Reserve will deliver several cuts to interest rates that will boost the U.S. economy.

The Fed made its first cut of the year to rates last week, and officials indicated they could deliver more through the end of this year an

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