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.

The Federal Reserve's closely followed overnight reverse-repo facility already has begun to reflect Wednesday's big interest-rate cut. Wall Street firms rushed to park extra cash overnight at the facility in the wake of the pandemic,

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