(RTTNews) - After gains in the prior session, equities could show limited movement in early trading on Friday. Index futures point to a nearly unchanged open, with S&P 500 futures slipping just 0.1 percent.

Market participants may pause after Thursday's advance that carried the Dow and S&P 500 to fresh record closing highs.

With the Federal Reserve's initial rate cut behind them, traders might question the next driver for market momentum.

The absence of major U.S. economic data may keep participants cautious ahead of key reports due next week.

Although the Fed has outlined further rate cuts ahead, the figures could still shape sentiment.

Next week will likely feature reports on durable goods orders, new home sales and consumer confidence, along with personal income and spending data that includes the Fed's preferred inflation gauge.

After closing moderately lower on Wednesday amid late volatility, stocks rose sharply on Thursday. Major averages posted strong gains, with the Dow and S&P 500 reaching new record closes.

The averages eased from peaks late in the session but stayed positive. The Dow rose 522.09 points or 1.3 percent to 42,025.19, the Nasdaq climbed 440.68 points or 2.5 percent to 18,013.96 and the S&P 500 advanced 95.38 points or 1.7 percent to 5,713.64.

Markets across the Asia-Pacific region mostly advanced on Friday. Japan's Nikkei 225 Index rose 1.5 percent, while Hong Kong's Hang Seng Index gained 1.4 percent.

Major European markets declined. The U.K.'s FTSE 100 Index fell 0.8 percent, and both the French CAC 40 Index and German DAX Index slipped 0.7 percent.

Crude oil futures eased $0.30 to $71.65 a barrel after rising $1.04 to $71.95 a barrel on Thursday. Gold futures climbed $28.60 to $2,643.20 an ounce after gaining $16 to $2,614.60 an ounce previously.

The dollar traded at 143.91 yen versus 142.62 yen at Thursday's New York close. Against the euro, it stood at 1.1168 compared with 1.1161 the prior day.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.