Wall Street edges back from its record heights

Market Overview - U.S. stocks have retreated slightly from record highs as anticipation builds for the Federal Reserve's first interest rate cut of the year [1][2] - The S&P 500 decreased by 0.1%, while the Dow Jones Industrial Average fell by 125 points (0.3%), and the Nasdaq composite slipped 0.1% [1] Economic Indicators - Retail spending in the U.S. increased more than economists expected, although some of this may be attributed to higher prices rather than increased consumption [3] - The job market's slowdown is perceived as a greater risk to the economy than inflation, influencing expectations for interest rate cuts [2] Federal Reserve Expectations - There are high expectations for the Fed to announce a series of interest rate cuts, which could impact stock market performance [4] - Fed Chair Jerome Powell's comments during the press conference following the rate decision will be closely monitored for insights on future cuts [4] Investment Sentiment - Global fund managers are increasing their stock allocations to the highest level in seven months, despite 58% believing that stocks are currently overpriced [5] - Dave & Buster's shares dropped by 16.7% after reporting weaker-than-expected profits [5] Legal Developments - New York Times Co. shares fell by 1.6% following a $15 billion defamation lawsuit filed by President Trump against the newspaper and its journalists [6]