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

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.

The Federal Reserve cut rates by half a percentage point. But the market's reaction only raised more questions. Stocks initially rallied. But by the close, major indexes were slightly lower for the day.