Futures for the Dow Jones Industrial Average slipped 18 points, effectively trading flat, and S&P 500 futures ticked down 0.1%. Both gauges had rallied to new highs on Thursday as investors mulled the Federal Reserve’s half-point interest-rate cut. Contracts tied to the tech-heavy Nasdaq 100 were also in the red, sliding 0.2%.

Dow Jones futures rose sharply early Thursday, along with S&P 500 futures and Nasdaq futures, after volatile market action following the Federal Reserve rate cut. The stock market initially jumped Wednesday afternoon as the Fed cut rates by 50 basis points,