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

Markets in Europe and Asia shot higher on Thursday after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates. U.S. futures were higher after a lackluster response on Wall Street to the Fed's move the day before.

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.