U.S. stock market set for a mild pullback Monday, with S&P 500 and Nasdaq 100 futures edging lower in pre-market trading.

U.S. stock market futures are showing a slight decline, with both major indexes edging lower. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures also dipped 0.1%. On Friday, the S&P 500 eased 3.38 points to 6,734.11. The Dow Jones Industrial Average lost 309.74 points to 47,147.48, while the Nasdaq Composite gained 30.23 points to finish at 22,900.59.

Regulatory filings released Friday show that Wall Street’s largest hedge funds trimmed their positions in “Magnificent Seven” stocks—such as Nvidia, Amazon, Alphabet, and Meta—during the third quarter. Instead, they shifted toward application software, e-commerce, and payments companies.

Several funds also scaled back their holdings in major healthcare and energy names, marking a shift from the second quarter when many top stock-pickers were more heavily invested in Big Tech amid soaring artificial intelligence valuations. Since then, those elevated valuations have begun to cool.

Despite the repositioning, markets performed strongly in the third quarter. The S&P 500 climbed nearly 8%, while the tech-focused Nasdaq 100 advanced about 9%.

Among notable moves, Lone Pine Capital and Tiger Global cut their stakes in Meta Platforms by 34.8% and 62.6%, respectively. Bridgewater and Coatue were among the firms that reduced exposure to Nvidia.