Stock futures were little changed Friday following a winning session that sent indexes to new records as the Federal Reserve’s decision to cut interest rates set in investors’ minds. Futures tied to the Dow Jones Industrial Average dipped about 22 points, or 0.5%. S&P 500 futures and Nasdaq 100 futures each rose less than 0.1%. The three major averages closed at all-time highs and notched fresh intraday records on Thursday. Notably, the small cap-focused Russell 2000 surged 2.5%, ending the session at a record for the first time since 2021. “The market is being held afloat by the earnings numbers,” said Aswath Damodaran, a professor at New York University’s Stern School of Business, on CNBC’s “Closing Bell.” “As long as the earnings numbers keep coming in, there is no catalyst for an adjustment.” “It’s not just Big Tech. It’s not just tech,” he added. “It’s collectively all stocks.” Thursday’s moves come a day after the Fed lowered its benchmark overnight lending rate by a quarter percentage point, cutting rates for the first time since December. The move was widely expected by markets, but stocks had a volatile session on the back of the decision after Fed Chair Jerome Powell in his press conference characterized the decision as a “risk management cut.” With Thursday’s gains, the Dow and S&P 500 are both on track to finish the week 0.7% higher. The tech-heavy Nasdaq Composite has climbed 1.5%, while the Russell 2000 has jumped nearly 3%. There are no economic reports or major earnings reports scheduled for Friday. U.S. Treasury yields inched higher on Friday as investors weighed the state of the U.S. economy after the Federal Reserve cut interest rates for the first time this year. At 4:52 a.m. ET, the 10-year Treasury yield was up 2 basis points to 4.125% while the 2-year Treasury yield was little changed at 3.576%. The 30-year Treasury bond yield also added 2 basis points to 4.742%. Japan’s benchmark Nikkei 225 index pared gains to fall 0.57% Friday, after the Bank of Japan kept its policy rate steady at 0.5%, in line with the forecast from a Reuters poll of economists. The benchmark index had hit a fresh record high for a second consecutive session earlier in the day. The index closed at 45,045.81, while the Japanese yen appreciated by 0.14% against the dollar to 147.80. Meanwhile, the Topix declined 0.35% to close at 3,147.68 Australia’s ASX/S&P 200 climbed 0.32% to end the trading day at 8,773.5. South Korea’s Kospi lost 0.46% to end at 3,445.24, while the small-cap Kosdaq added 0.7% to close at 863.11. Hong Kong’s Hang Seng Index closed flat at 26,545.1, while the mainland’s CSI 300 was little changed at 4,501.92. Oil prices dropped on Friday as worries over fuel demand outweighed expectations that the year’s first interest rate cut by the U.S. Federal Reserve would trigger more consumption. Brent crude futures were down 14 cents, or 0.2%, at $67.30 a barrel, while U.S. West Texas Intermediate futures lost 28 cents, or 0.4%, to $63.29. Both benchmarks were still on track for a second consecutive weekly gain. Gold prices edged higher on Friday, set for a fifth straight weekly gain, buoyed by the Federal Reserve’s first rate cut of the year, while investors awaited further cues on the U.S. policy outlook. Spot gold was up 0.1% at $3,647.68 per ounce. Bullion is up 0.2% so far this week. U.S. gold futures for December delivery rose 0.1% to $3,679.90.