U.S. stocks on Friday were lower, as the euphoria sparked by the Federal Reserve's bumper interest rate cut earlier in the week cooled off. A post-earnings plunge in global economic bellwether FedEx (FDX) weighed on sentiment.

U.S. stock index futures jumped on Thursday, with those linked to the tech-heavy Nasdaq climbing 2% after the Federal Reserve started its easing cycle with a jumbo 50-basis-point cut to interest rates,

Technology stocks weighed on the S&P 500 and the Nasdaq on Monday as caution set in ahead of the Federal Reserve's pivotal monetary policy decision, due later in the week, with a majority of traders pricing in a steep reduction in borrowing costs.