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Stocks finished up and down session Wednesday afternoon lower after the Federal Reserve cut interest rates by 0.5% in its first rate reduction since 2020.

Additionally, the Fed's latest Summary of Economic Projections (SEP) showed the majority of Fed officials expect the central bank to cut interest rates by 100 basis points in total this year — suggesting two more rate cuts to come.

Stocks initially rallied following the announcement before paring those gains. The tech-heavy Nasdaq Composite (^IXIC) and the the S&P 500 (^GSPC) closed down about 0.3%, while the Dow Jones Industrial Average (^DJI) was off about 0.25%.

The significant policy shift was widely expected, given growing signs that the central bank has managed to cool inflation without severe harm to the economy. But investors were still guessing at whether hopes for a 0.5% cut would be fulfilled or if the historic pattern of 0.25% moves would repeat itself.

Fed Chair Jerome Powell said the super-sized cut was "timely" and "a sign of our commitment not to get behind."

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