The Federal Reserve delivered its highly anticipated 50-basis point interest rate cut this afternoon. While the decision initially pushed the Dow and S&P 500 to new record highs, the former reversed its triple-digit gain to settle 103 points lower, while the latter snapped its seven-day win streak amid concerns that the large cut may be indicative of a potential economic downturn.

While Fed Chair Jerome Powell assured investors downward inflation trends drove the decision, the Nasdaq still settled firmly in the red as well. Elsewhere, the Cboe Volatility Index (VIX) secured a third-straight daily gain.

MORE RECORD HIGHS FOR GOLD

Oil prices settled modestly lower on Wednesday as investors unpacked conflict in the Middle East, falling crude inventories, and the Fed's interest rate cut. October-dated West Texas Intermediate (WTI) crude shed 28 cents, or 0.4%, to close at $70.91 a barrel. 

Gold prices notched a fresh record high after today's rate cut and the U.S. dollar weakened. Gold for December delivery was last seen 0.2% higher at $2,598.60.

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