Markets took a breather on Friday, with stock futures little changed in premarket trading after rallying to record highs yesterday on the Fed's supersized rate cut earlier in the week.

Stocks jumped Thursday morning as investors cheered the Federal Reserve’s eye-popping half-point interest rate cut.

The decision by the Fed's policy-setting committee to cut interest rates for the first time since March 2020 was prefaced by an unusual amount of market uncertainty as to how much the central bank would lower its benchmark rate from a two-decade high of 5.25% to 5.5%, where it has stood since July 2023.