U.S. stocks close lower amid Fed's rate cut decision

U.S. stocks close lower amid Fed's rate cut decision

U.S. stocks close lower amid Fed's rate cut decision

Meanwhile, the Dow fell 148 points, or 0.5%, with 25 of 30 components losing ground.

Shortly after the opening bell, the Dow Jones Industrial Average rose 48.53 points, or 0.18 percent, to 27,246.55.

Among the 11-major S&P 500 sectors, which are all in the red at the moment, the Consumer Staples and the Materials are leading the loser by erasing 2% and 1.5%, respectively.

The NASDAQ subtracted 98.19 points, or 1.2%, to 8,175.42, its biggest one-day drop since late June.

Six of the 11 primary S&P 500 sectors traded lower around market opening, with the utilities sector down almost 0.8 percent, leading the losers.

Shares of Spotify declined almost 0.2 percent, after the music streaming service reported a sharp loss in second-quarter profit, despite its better-than-expected quarterly revenue.

Wednesday's Fed rates cut has led to a Dow sell-off.

Apple reported Tuesday evening earnings per share and revenue for the previous quarter that topped analyst expectations, sending the stock up 2% on Wednesday.

The decision came due to "implications of global developments for the economic outlook and muted inflation pressures", according to the Fed. President Trump slammed Powell on Twitter saying he "let us down" by not pursuing a string of rate cuts.

However, Powell told reporters in a news conference following rate decision that the central bank's rate cut was a "mid-cycle adjustment", hinting that further rate cuts later this year are not a sure thing.

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