Stocks decline after Fed cuts rates as expected

U.S. stocks fell on Wednesday, erasing earlier gains after the Federal Reserve cut interest rates by a quarter of a percentage point and the central bank's economic projections signaled a slower pace of cuts next year. The Fed cut rates by 25 basis points to the 4.25%-4.50% range and its summary of economic projections (SEP) indicated it will make rate cuts totaling a half percentage point by the end of 2025 given the solid labor market and the recent stall in lowering inflation. Investors were watching comments from Fed Chair Jerome Powell for more insight on the path of interest rates from the central bank.