U.S. stocks closed nearly unchanged on Friday following a strong rally, driven by the Federal Reserve's interest-rate cut. Traders speculated on future rate cuts while notable gains by Nike and Intel buoyed the market.

U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

Stocks were choppy Friday as market participants took a breather following Thursday's Fed-fueled rally. While buzz continued to swirl around the Federal Reserve's jumbo-sized rate cut from earlier this week, today's headlines centered mostly on single-stock news, including Nike's ( NKE) big C-suite shake-up.

Stocks were mostly lower Friday, a day after both the Dow Jones Industrial Average and S&P 500 closed at record highs following the Federal Reserve’s half-point cut to interest rates.These stocks were making moves Friday:Shares of FedEx were tumbling 14% after the shipping and logistics company reported fiscal first-quarter adjusted earnings that widely missed Wall Street estimates amid a slump in demand,

Key Takeaways The S&P 500 and Nasdaq lost ground at midday Friday after rallying to record highs Thursday in the wake of the Federal Reserve's rate cut.FedEx shares fell after the package delivery firm missed profit and sales estimates and cut its outlook.