Asian stocks surged on Friday with Japan’s Nikkei leading regional gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates. U.S. futures and oil prices were lower.

Wall Street ticked slightly higher as markets awaited an expected interest rate cut by the U.S. Federal Reserve, the first in more than four years.

Wall Street indexes hit record highs following the Federal Reserve's interest rate cuts, sparking investor enthusiasm. Global markets also saw gains, and longer-term Treasury yields rose. Megacap tech stocks and smaller companies benefited,