Wall Street slid from the previous session's record highs and the dollar steadied on Friday as the market knuckled down to the start of a rate reducing cycle that began with a mid-week jumbo cut by the U.

Traders betting big on a weaker dollar are facing disappointment — at least for now — as the greenback remains resilient following the Federal Reserve’s half-point interest-rate cut.

Investor expectations had largely shifted towards a dovish outcome in the days leading up to the Fed's move on Wednesday, with money markets pricing in around a 65% chance of a 50 basis point (bp) cut.