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Futures: Dow dips 0.03%, S&P 500 down 0.24%, Nasdaq off

0.37%

Sept 20 (Reuters) - U.S. stock index futures edged lower

on Friday, taking a pause from the previous session's rally that

set Wall Street's main indexes on track for weekly gains after

the Federal Reserve took a pivotal stance on monetary policy

earlier in the week.

The S&P 500 notched its eighth session of gains out

of nine on Thursday and closed at an all-time high, which

breached the milestone it logged in mid-July. The blue-chip Dow

settled above the psychological level of 42,000 points

and clinched a record high.

The indexes along with the tech-heavy Nasdaq are on

track for weekly gains of over 1%. The S&P 500 is also up over

1% so far in the month, bucking the historical trend that showed

September has been weaker for U.S. equities on average.

At 5:43 a.m. ET, Dow E-minis were down 12 points,

or 0.03%, S&P 500 E-minis were down 14 points, or 0.24%

and Nasdaq 100 E-minis were down 75 points, or 0.37%.

Risk appetite got a boost earlier in the week after the Fed

kicked off its easing cycle with a large but expected

50-basis-point cut and assured that more were on the way. The

central bank also projected a period of steady economic growth

and low unemployment and inflation.

As economic data is light, investors will focus on remarks

from Philadelphia Fed President Patrick Harker due later in the

day for his insights on the central bank's outlook on policy and

the economy.

Traders see a 59.1% probability that the Fed will stick to a

25 bps cut in November, as per the CME Group's FedWatch tool.

Expectations are that rates will drop by 72 bps by year-end, as

per LSEG data.

Investors will also brace for volatility due to "triple

witching" - an event where options and futures linked to stock

indexes, futures and single stocks will expire on the third

Friday of the last month of the quarter.

Among top movers, FedEx ( FDX ) slid 13% after the postal

service company, often seen as a bellwether to the U.S. economy,

reported a steep quarterly profit drop and lowered its full-year

revenue forecast. Rival United Parcel Service ( UPS ) slipped

2.4%.

Nike ( NKE ) jumped 6.9% after the sportswear giant said

that former senior executive Elliott Hill will rejoin the

company to succeed John Donahoe as president and CEO.

The rebalancing of the main indexes are also expected. Dell

dipped 0.7%, Palantir Technologies ( PLTR ) fell 2.4%

with the stocks expected to join the S&P 500 before the market

opens on Sept. 23.

Globally, investors mulled whether the world's dominant

economy is set to boom or face a recession. Central banks in the

UK and Japan took a more cautious stance on interest rates, days

after the Fed's verdict.

Historically, equities have performed well in a rate cutting

cycle as lower borrowing costs could ease pressures on corporate

profits. However, the outlook appears bleak with the S&P 500's

valuations high above its longterm average.