Stock market today: Wall Street edges back from its all-time highs

NEW YORK — Some of the steam is coming out of Wall Street’s record-breaking rally, as U.S. stocks edge back from their all-time highs. The S&P 500 was 0.1% lower in early trading Monday, coming off its sixth straight winning week. The Dow Jones Industrial Average also slipped 0.1%, as did the Nasdaq composite. Boeing rose 4.7% after reaching an agreement with the union representing striking machinists. Kenvue, which makes Band-Aids and Tylenol, rose 6.

Kenvue, the consumer health brands company that Johnson & Johnson spun off last year, climbed 8.2% on a Wall Street Journal report that activist investor Starboard Value had taken a significant stake in the maker of Band-Aids and Tylenol. Before Monday's premarket rally, Kenvue shares had lost about a fifth of their value since the company started trading publicly in May of 2023.

China cut its one-year and five-year Loan Prime Rates, which are reference rates for lending. Lower rates can help reduce pressure on borrowers, particulary property developers that have suffered following a crackdown on excessive borrowing several years ago. But any impact on market sentiment appeared to be short-lived.

In Europe at midday, France's CAC 40 tumbled 1% and Germany's DAX was down 0.9%. Britain's FTSE 100 lost 0.2%.

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