US stocks slip as Wall Street's relentless rally takes a pause

Market Performance - U.S. stock indexes experienced a pullback after reaching all-time highs for three consecutive days, with the S&P 500 down 0.6%, Dow Jones Industrial Average down 0.2%, and Nasdaq composite down 0.9% [1][2] - Nvidia's stock declined by 2.8% after a significant gain the previous day due to a partnership announcement with OpenAI [2] - Other major tech stocks also saw losses, with Amazon falling 3% and Microsoft slipping 1% [3] Company-Specific Developments - Boeing's stock rose by 2% following an agreement with Uzbekistan Airways to purchase 14 Dreamliner airplanes, with the possibility of adding eight more [3] - Kenvue's stock increased by 1.6% as it recovered from a previous drop related to concerns over its Tylenol product and autism risk, despite no substantial new research being cited [4] Gold Market Insights - Gold prices continued to rise, briefly surpassing $3,800 per ounce, marking a nearly 45% increase this year, driven by expectations of interest rate cuts by the Federal Reserve [5][6] - Concerns about high inflation and government debt have contributed to the surge in gold prices [6] Federal Reserve Commentary - Federal Reserve Chairman Jerome Powell indicated that stock prices appear "fairly highly valued," reflecting concerns about the market's rapid rise [2] - The Fed is in a challenging position with rising job market concerns and persistent inflation above the 2% target, leading to discussions of potential interest rate cuts [6][7]