Do rate cuts with the stock market at or near all-time highs provide bulls additional fuel or do they portend trouble ahead? Dow Jones Market Data ran back the tape.

Stocks got a brief leg up to an intraday record on Wednesday after the Federal Reserve issued its first rate cut since 2020. Major indexes then wobbled into the close, turning lower during Fed Chair Jerome Powell's question-and-answer session.

A rate cut makes borrowing cheaper, which can boost company profits and consumer spending, leading to higher stock prices. But Giuseppe Sette, co-founder and president of Toggle A