U.S. stock index futures were muted on Friday, taking a breather after the S&P 500 and the Nasdaq closed the previous session at record highs on upbeat earnings and economic data, while Netflix's standout profit failed to ignite enthusiasm.

Dow Futures edged up slightly ahead of the Wall Street open on Friday, as investors held onto optimism after major indexes hit fresh record highs the day before.

Top voices on Wall Street have expressed alarm over the idea that Trump could fire Fed Chair Jerome Powell, emphasizing the need for Fed independence.

Consumers' inflation expectations, by some measures, are also the highest in decades. Inflation has been above the Fed's 2% target for over four years, and the prospect of a dovish Fed under the stewardship of a new Trump-friendly Chair could keep it that way.

This past April, when President Donald Trump started flirting with the notion of firing Fed Chair Jerome Powell, stocks and the dollar tumbled because investors worried that even talking about such a move crossed a red line.

Wall Street appears calm after President Donald Trump walked back his earlier threats to fire Federal Reserve Chair Jerome Powell.

Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

The S&P 500 is on the cusp of a new record high following the central bank’s dovish forecast on interest rates. But some market watchers are questioning the durability of the rally.

PepsiCo jumped 7.5% after delivering revenue and profit that topped Wall Street’s expectations. The drink and snack giant also stood by its financial forecasts given in April, which projected lower full-year profit than previous forecasts due to increased costs from tariffs and a pullback in consumer spending.

The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results.