U.S. markets closed lower, with modest losses after the Federal Reserve cut interest rates by 50 basis points, its first cut in over four years. Despite initial gains, markets weakened, with the S&P 500 and Dow closing lower.

Wall Street's gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday.

Markets in Europe and Asia shot higher on Thursday after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates. U.S. futures were higher after a lackluster response on Wall Street to the Fed's move the day before.

Asian markets have forged higher after the Federal Reserve kicked off its efforts to prevent a recession in the U.S. with a bigger-than-usual cut to interest rates

Markets on Wall Street were positioned to open at record highs Thursday after the Federal Reserve issued a bigger-than-usual interest rate cut intended to fortify a cooling labor market and prevent a

Stocks were either up big, or down a lot, in the year after the first Federal Reserve interest rate cutting cycle, according to a team led by Keith Lerner, co-chief investment officer at Truist Advisory Services.

Wall Street jumps to record highs as global markets cheer Fed rate cut.

Europe was waiting to see if the Bank of England delivers a surprise cut of its own later. That is seen as only an outside chance, so for the time being the bulls were content with the first Fed cut in four years.