U.S. stocks ended lower on Wednesday, after the Federal Reserve announced a 0.5-percentage-point interest rate cut.
The Dow Jones Industrial Average fell 103.08 points, or 0.25 percent, to 41,503.1. The Standard and Poor's 500 sank 16.32 points, or 0.29 percent, to 5,618.26. The Nasdaq Composite Index shed 54.76 points, or 0.31 percent, to 17,573.3.
Nine of the 11 primary Standard and Poor's 500 sectors ended in red, with utilities and technology leading the laggards by losing 0.77 percent and 0.51 percent, respectively. Meanwhile, energy and communication services led the gainers by rising 0.25 percent and 0.02 percent, respectively.
The U.S. Fed cut interest rates by 50 basis points on Wednesday, bringing the benchmark rate to a range of 4.75 percent to 5 percent, the first rate cut in four years.
In its policy statement, the Fed said that the decision reflected "greater confidence that inflation is moving sustainably towards two percent" and that the central bank "judges that the risks to achieving its employment and inflation goals are roughly in balance."
Following the cut on Wednesday, U.S. stocks experienced volatile trading, swinging between gains and losses throughout the session.
US stocks close lower on Wednesday following Fed rate cut
US stocks close lower on Wednesday following Fed rate cut
Russia said on Wednesday that its forces had hit Ukrainian military personnel and equipment in multiple regions over the past 24 hours, while Ukraine reported its forces engaged in 103 battles with the Russian military.
The Russian Defense Ministry said in its daily battlefield report that its tactical aviation, missile troops and artillery units attacked Ukrainian military personnel and equipment concentration sites in multiple regions.
They destroyed energy support facilities of the Ukrainian military-industrial complex, airport infrastructure and several drone assembly workshops, as well as various other equipment and facilities, including armored vehicles, howitzers, counter-artillery radars, electronic warfare stations and ammunition depots.
The report stated that the Russian armed forces continued to defeat Ukrainian forces entering the country’s Kursk region. During the past day, more than 400 Ukrainian military personnel were killed or injured on the Kursk front, and 23 Ukrainian armored vehicles were destroyed.
The General Staff of the Armed Forces of Ukraine reported that, as of Wednesday afternoon, its forces engaged in 103 battles with the Russian military on the frontline.
The situation on the frontline remained complex and tense, with particularly intense fighting reported in the directions of Pokrovsk and Kurakhove. Battles were on going in various regions. The Ukrainian military is taking all necessary measures to prevent the Russian military from advancing deeper into Ukraine, according to the report.
The report stated that the Ukrainian armed forces are continuing operations in the Kursk region, and the Ukrainian military will take corresponding response measures based on the development of situations on the frontline.
Russia claims hitting multiple Ukrainian targets, while Ukraine reports 103 battles on frontline
