Stocks Dip From Highs as Traders Turn Cautious: Markets Wrap

Equities edged lower in cautious trading as investors weighed how much further a record rally driven by expectations of Federal Reserve interest-rate cuts can run.

S&P 500 futures slid 0.1% after all major US benchmarks hit all-time highs on Thursday. Europe’s Stoxx 600 eased as well. Microsoft Corp. rose in premarket trading, leading the Magnificent Seven after it avoided a hefty antitrust penalty from the European Union.

Treasuries pulled back from Thursday’s advance alongside weakness in Europe, with the US 10-year yield rising two basis points to 4.04%. The dollar rebounded from back-to-back losses. Gold advanced above $3,650 an ounce. ...