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Markets are pricing in a 95% chance the Fed will cut rates 25 basis points at their December policy meeting. The outlook in 2025 is less certain.

Other indexes tanked, as well.

Stocks eyed a rebound Wednesday, with the blue-chip Dow looking to snap its longest losing streak since 1978

(Bloomberg) -- The Federal Reserve did what markets expected Wednesday. But that didn’t stop investors from dumping risk assets in droves.Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousStock sold off violently at the end of the session after the Fed cut interest rates by a quarter of a percentage point, its third straight reduction, and Chair Jerome Powell indicated that the central bank will likely put further reductions on hold while inflation stays abov

The Federal Reserve has spoken, and as far as investors are concerned, the message was clear - clearly hawkish. Investors in Asia go into Thursday on the defensive after the Fed cut interest rates by a quarter of a percentage point as expected, but signaled a slower pace of easing ahead.

According to preliminary data, the S&P 500 lost 2.96%, while the Nasdaq Composite lost 3.62% and the Dow Jones Industrial Average fell or 2.61%. The Dow and S&P saw their biggest one-day percentage decline since Aug. 5 and the Nasdaq saw its biggest daily decline since July 24. "Everything in the dot plot suggested that we have higher economic growth, a stronger labor market, more inflation, fewer Fed rate cuts and a higher neutral rate."

Micron Technology issued a revenue outlook that came in below analysts’ expectations, sending shares lower in extended trading Wednesday.