Wall Street veered toward losses early Monday following another record-setting week that was propelled by the Federal Reserve's first interest rate cut of the year.

Futures for the S&P 500 shed 0.3% before the bell, while futures for the Nasdaq and Dow Jones Industrial Average each fell 0.4%.

The Fed's rate cut last week has raised optimism on Wall Street that the U.S. central bank would keep lowering its benchmark lending rate to close out 2025, giving the economy extra fuel.

Fed Chair Jerome Powell said the central bank may have to react quickly because recent data has shown that the U.S. labor market is not as strong as previously thought . Complicating the matter is inflation, which remains stubbornly high , possibly a byproduct of President Donald Trump’s tariffs.

Markets ha

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