Tylenol Maker Bounces Back

US stocks slipped on Tuesday as Wall Street took a pause from its relentless rally.

• The S&P 500 fell 36.83 points, or 0.6%, to 6,656.92.
• The Dow Jones Industrial Average dropped 88.76 points, or 0.2%, to 46,292.78.
• The Nasdaq composite fell 215.50 points, or 0.9%, to 22,53.47.

It's a breather for the indexes, which all set their latest all-time highs on Monday. After surging since in April, the broad US stock market is facing criticism that it's shot too high, too fast and become too expensive. Even the head of the Federal Reserve, Jerome Powell, said on Tuesday that stock prices broadly look "fairly highly valued," the AP reports.

Nvidia weighed on the market after giving back some of its big gain from the day before, when it announced a partnership with OpenAI to build out data centers. Wall Street's most influential stock lost 2.8%. Other Big Tech stocks that have been some of the biggest reasons for Wall Street's run to records gave back some of their big gains. Amazon fell 3%, and Microsoft slipped 1%. But a 2% rise for Boeing helped limit the market's losses after Uzbekistan Airways agreed to buy 14 of its Dreamliner airplanes and said it may add eight more to the order.

Kenvue climbed 1.6% and recovered much of its drop from Monday, when it had sunk on worries that President Trump would say its Tylenol product may increase the risk of autism in children. Trump did warn pregnant women about taking Tylenol, but he did not seem to cite any significant new research to back it up. Kenvue has disputed any link between the drug and autism.

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Gold, meanwhile, continued its record-breaking rally and topped $3,800 per ounce. It's soared nearly 45% so far this year, even more than the US stock market, in part on expectations that the Fed will cut interest rates to help the slowing job market. Worries about potentially high inflation because of White House influence on the Fed, along with mountains of debt for the US and other governments, have also vaulted gold's price higher. Powell said again on Tuesday that the Fed is stuck in an unusual position because worries about the job market are rising at the same time that inflation has stubbornly remained above its 2% target. They were his first public remarks since the Fed cut its main interest rate last week for the first time this year.