Stocks fall sharply after the Fed's first rate cut in more than 10 years

The S&P 500 fell as much 1.8% after the Federal Reserve cut its benchmark interest rate for the first time since the financial crisis. The Fed lowered rates a quarter point to a range of 2% to 2.25%. Chairman Jerome Powell said the cut was a"mid-cycle adjustment," suggesting the decision may not be followed by other cuts in the future. Visit the Markets Insider homepage for more stories. US stocks dropped by as much as 1.

The S&P 500 fell as much 1.8% after the Federal Reserve cut its benchmark interest rate for the first time since the financial crisis. The Fed lowered rates a quarter point to a range of 2% to 2.25%. Chairman Jerome Powell said the cut was a"mid-cycle adjustment," suggesting the decision may not be followed by other cuts in the future. Visit the Markets Insider homepage for more stories. US stocks dropped by as much as 1.

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