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.

U.S. stocks were higher after the close on Thursday, as gains in the Technology, Industrials and Basic Materials sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average rose 1.

Dow Jones futures fell Friday as Nike surged after announcing a leadership change. FedEx stock plunged on earnings news.

As the Fed gears up for a potential rate cut, US stocks hold steady. Learn how this key decision could influence the Dow Jones and Nasdaq indices today.

The U.S. dollar edged slightly lower in choppy trading on Wednesday as markets grappled with the supersized 50 basis point interest rate cut as well as the switch to an easing monetary policy stance delivered by the Federal Reserve.

In the end, the Fed decided to go big. The Federal Reserve lowered its key interest rate by a hefty half percentage point Wednesday, moving ahead with its first rate cut in four years and cheering markets that expected an emphatic move amid a softening jobs picture.