(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Poll: Fed to cut rates by 25 bps in Nov and Dec

*

FedEx ( FDX ) falls on quarterly profit drop, forecast trim

*

Nike ( NKE ) jumps after appointing new CEO

*

Futures: Dow up 0.07%, S&P 500 down 0.13%, Nasdaq off

0.15%

(Updated at 8:34 a.m. ET/1234 GMT)

By Johann M Cherian and Purvi Agarwal

Sept 20 (Reuters) -

Wall Street's main indexes were set for a muted open on

Friday as investors held back after a rally in the previous

session that was sparked by an oversized interest rate cut by

the Federal Reserve.

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

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

its mid-July milestone. The blue-chip Dow also notched a

record high and settled above the psychological level of 42,000

points.

All three major indexes are on track for weekly gains of

over 1%, with the benchmark set to buck the historical trend of

September being weaker for U.S. equities on average.

At 8:34 a.m. ET, Dow E-minis were up 28 points,

or 0.07%, S&P 500 E-minis were down 7.75 points, or

0.13%, and Nasdaq 100 E-minis were down 30.75 points, or

0.15%.

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

kicked off its easing cycle with a 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.

"All you had (this week) was the Fed. The Fed's over.

The rest of the world decided to buy the U.S. market and also

bid up their markets ... and now this is the fade," said Jay

Hatfield, portfolio manager at InfraCap.

"The most bullish thing that can happen after such a big

run is a stall."

Traders now see a 59.7% probability of 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.

A strong majority of over 100 economists polled by Reuters

said that the Fed will cut rates by 25 basis points in both

November and December.

Philadelphia Fed President Patrick Harker's remarks will be

parsed through later in the day in the absence of major economic

data.

Some market volatility is expected in the day, as options

and futures linked to stock indexes and individual stocks are

set to expire simultaneously on the third Friday of the last

month of the quarter, in an event called "triple witching".

Among top movers in premarket trading, FedEx ( FDX ) plunged

13.2% after the postal service company, often seen as a

bellwether to the U.S. economy, reported a steep drop in

quarterly profit and lowered its full-year revenue forecast.

Rival United Parcel Service ( UPS ) slipped 2.1%.

Nike ( NKE ) jumped 7.8% after the sportswear giant said

that former senior executive Elliott Hill will rejoin the

company to succeed John Donahoe as president and CEO.

Trump Media & Technology ( DJT ) shares, majority owned by

former U.S. President Donald Trump, fell 5.2% after the expiry

of its lock-up period that lifts restrictions on insiders to

sell the company's stock.

A rebalancing of the main indexes is also expected. Dell

dipped nearly 1%, Palantir Technologies ( PLTR ) fell

2.4% with the stocks expected to join the S&P 500 before the

market opens on Sept. 23.

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.