Top market strategist sees ‘nirvana’ after Fed rate cut, new economic data

A "We're Hiring" sign in Atlanta, Georgia, US, on Wednesday, Sept. 18, 2024. Inflation rates fell under 2% in Atlanta for the first time in almost four years and dropped significantly across the South, providing some relief to consumers, and potential voters, in regions that will be key to the outcome of the US presidential election. Photographer: Elijah Nouvelage/Bloomberg via Getty Images (Credit: Photographer: Elijah Nouvelage/Bloomberg via Getty Images)

The Federal Reserve cut interest rates for the first time since March 2020 on Wednesday. Stocks balked at the move initially, with all three major U.S. market indices ending the day in the red after a volatile trading session. 

While it’s important not to read too far into single-day stock market gyrations, there were a few key investor fears blamed for Wednesday’s wild ride.