As the Federal Reserve kicks off a long-awaited rate cutting cycle, some investors are wary that richly valued U.S. stocks may have already priced in the benefits of easier monetary policy, making it harder for markets to rise much further.

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.

Investors’ giddy reaction turned slightly negative to the hotly anticipated Federal Reserve decision to lower interest rates by 50 basis points Wednesday, as the central bank opted for the more stock-friendly route to kick off its rate cutting cycle.