Santoli's Wednesday market wrap-up: Erratic response to Fed rate cut

(These are the market notes on today's action by Mike Santoli, CNBC's Senior Markets Commentator. See today's video update from Mike above.) A typically erratic market response to the as-expected 25-basis-point rate cut from the Fed , which came with a median committee member outlook for two more such cuts this year, but without the fully dovish dismissal of inflation concerns that the most bullish traders might have been looking for. The reflex trade was a textbook Fed-easing play to rotate out of big, expensive growth stocks and into lower-quality, more cyclical small-caps and financials . But the trade has wobbled already. Fed Chair Powell in his press conference continued to accentuate the "two-way risk" both to the Fed's inflation and full-employment mandates, making markets a bit ant