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.

Investors celebrated the Federal Reserve's super-sized interest rate cut and what is likely the start of a long-time coming easing cycle which should borrowing lower costs for consumers and businesses.

Shortly after market open, the Dow Jones Industrial Average rose 1.3% to a new record of 42,105, the S&P 500 rose 1.6% to its new all-time high of 5,713 and the tech-heavy Nasdaq surged 2.3%, though it remains 4% below its July peak.