Wall Street pointed lower Friday as a rally driven by the Federal Reserve’s big cut to interest rates faded and markets' focus turned to earnings and other corporate news. Futures for the S&P 500 shed 0.

The S&P 500 and the Dow hovered near their record highs and were on track for weekly gains of over 1%, along with the tech-heavy Nasdaq

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,