US Stocks Down after Fed Rate Cut

US stocks fell during Wednesday's session following the Federal Reserve decision to cut interest rates.

The Federal Reserve said in a statement that it had decided to cut rates by 25 basis points between 2-2.25 percent for the first time since the global financial crisis.

The Fed also decided to end the balance sheet reduction program two months earlier, given the impact of global developments on economic prospects and low inflation.

Economic data indicated that the US non-farm private sector added 156,000 jobs last month, while US labor costs rose in Q2 at the slowest pace since 2017.

In the meantime, the Dow Jones Industrial Average dropped 0.1 percent at 27,160.3 points.

The Standard & Poor's (S&P) also slipped by 0.09 percent to 3,0101 points, while the Nasdaq Technology Index rose 0.08 percent to settle at 8280 points.

During the same period, the dollar index, which measures the performance of the currency against six major currencies, rose by 0.2 percent at 98.269.

Despite falling sales revenue for iPhone devices, Apple share price grew approximately 4 percent after earnings, exceeding analysts' estimates.

General Electric also beat estimates after growing 0.3 percent after quarterly results.