Just as Wall Street traders come to grips with the Federal Reserve’s interest-rate cut, Friday’s US options expiration threatens to whipsaw the market some more.

U.S. stock indexes sailed higher in the wake of their global counterparts and the dollar wobbled on Thursday after the Federal Reserve started a long-awaited interest rate cutting cycle with a chunky half-point move.

Markets on Wall Street were positioned to open at record highs Thursday after the Federal Reserve issued a bigger-than-usual interest rate cut intended to fortify a cooling labor market and prevent a recession.