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,

Borrowing rates have already fallen in anticipation of a deeper cut in rates. The average 30-year mortgage rate dropped to 6.2% last week to the lowest level in 18 months and down from a peak of nearly 7.8%, according to the mortgage giant Freddie Mac.

The S&P 500 notched its eighth session of gains out of nine on Thursday and closed at an all-time high, which breached the milestone it logged in mid-July. The blue-chip Dow settled above the psychological level of 42,