NEW YORK >> U.S. stock indexes pulled back Tuesday to trim some of their stellar gains for the year.

The S&P 500 slipped 0.4%, though it’s still near its all-time high set earlier this month. The Dow Jones Industrial Average dropped 267 points, or 0.6%, and the Nasdaq composite gave back 0.3% from its record set the day before.

Nvidia, the superstar stock that’s been a big reason for Wall Street’s run to repeated records this year, fell 1.2% to weigh on the market. It’s the eighth loss in nine days for the stock, which has dropped more than 12% from its record set last month, as its moonshot momentum slows.

Like the overall U.S. market, Nvidia’s stock had climbed so much that critics warned expectations had become too high and that the stock price makes sense only if everything goes correctly for it from here.

Across a survey of global fund managers, strategists at Bank of America found many plowing into U.S. stocks and pulling out of their cash reserves to do so. The survey found fund managers are holding a notably small percentage of their overall portfolios in cash, similar to 2002 and 2011, which preceded tougher times for riskier investments.

The survey’s broadest measure of optimism, based on expectations for economic growth and other indicators, is at its highest level since August 2021, strategist Michael Hartnett said in a BofA Global Research report. That’s a potentially concerning signal for contrarians.

The Fed is widely expected to announce the third cut of the year to its main interest rate Wednesday.