Wall Street drifts as it hits a lull following its big rally

U.S. stock indexes are drifting on Wednesday as Wall Street takes a pause from what seemed like a relentless rally.

The S&P 500 was virtually unchanged in morning trading, coming off its first loss in four days. The Dow Jones Industrial Average was up 45 points, or 0.1%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was basically flat. All three are near their all-time highs, which were set on Monday.

It’s a slowdown following the blistering run for the U.S. stock market since it hit a low in April, fueled by hopes that President Donald Trump’s tariffs won’t derail global trade and that the Federal Reserve will cut interest rates several times to boost the U.S. economy. The big rally, though, has raised concerns that stock prices have shot too high and become too expensive, particularly if the Fed does not deliver as many cuts to rates as traders expect.

Demonstrating the weight of high expectations, Micron Technology’s stock fell 1.8% even though it reported a better profit and revenue for the latest quarter than analysts expected. The maker of computer memory also gave a forecast for profit in the current quarter that blew past analysts’ expectations.

Typically, such a performance would send a stock higher. But Micron’s stock came into the day with an atypical, stunning gain of 97.7% for the year so far.

Freeport-McMoRan sank 10.6% for one of the market’s larger losses after the miner said it expects sales of copper to be 4% lower in the third quarter than it had earlier forecast. It also said sales of gold will likely be roughly 6% lower than earlier expected.