By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stocks are slipping on Monday as Wall Street lets off the accelerator for its seemingly relentless rally .

The S&P 500 dipped 0.2%. The Dow Jones Industrial Average was down 228 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.1% lower. 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 co

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