Stocks are slipping on Wall Street after a big jump last week on hopes for more interest rate cuts from the Federal Reserve.

Figma’s initial public offering last month was an instant hit. Shares soared 250% in their first day of trading. But the stock has surrendered over 30% of its gains as of Friday’s close, and most analysts are approaching the company with caution.

Wall Street stocks were mixed on Monday as investors looked ahead to AI chipmaker Nvidia's quarterly earnings this week, digesting a rally on Friday that lifted the Dow Jones Industrial Average to a record high close.