Profit Taking May Contribute To Initial Pullback On Wall Street

Stocks may slip in early trading as profit-taking follows a two-session rally that pushed major indices to record closing highs after the Fed’s widely expected 25-basis-point rate cut. S&P 500 futures were down about 0.3% as traders took profits and weighed risks including a new White House H‑1B fee that could pressure tech firms. Market attention is also on upcoming U.S. inflation data and Fed speeches, leaving trading potentially subdued. Overseas markets were mixed (Nikkei up, Hang Seng down; European indices varied). Commodities showed divergent moves: crude fell toward $62/bbl while gold jumped further. Currency moves were modest, with the dollar around JPY 147.8 and EUR/USD near 1.178. Overall the note is cautious — short-term pullback risk from profit-taking and policy/regulatory headlines, but underlying momentum remains after recent rate relief.