Wall Street pumped the brakes on a furious stock rally after the Federal Reserve tempered expectations for a December rate cut and Meta Platforms Inc. tumbled 11% as the giant is taking on debt to fund its artificial-intelligence push.

Equities fell after notching a series of records in October, with the S&P 500 still set for its longest streak of monthly gains in four years. While the US and China agreed to a one-year trade truce, several investors saw the deal as mostly priced in. Bond yields rose alongside the dollar as money markets reined in their expectations for policy easing. Bitcoin sank.

The latest developments gave some reasons for the stock-market surge to take a breather after multiple warnings about high valuations and a narrowing of participation in recent days, with the c

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