Wall Street's main indexes were set for a muted open on Friday as investors held back after a rally in the previous session that was sparked by an oversized interest rate cut by the Federal Reserve. The S&P 500 notched its eighth session of gains out of nine on Thursday and closed at an all-time high,

For all the nail-biting about the economy over the past year, investors had it easy: a 5% yield on short-term U.S. debt, one of the safest investments in the world. Now, the times they are a-changin’—again.

Wall Street pointed lower 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.