In a surprising twist, the stock market's much-anticipated Fed decision rally is losing steam.

The S&P 500 dipped by 0.3% after initially soaring following the central bank’s announcement of a quarter-point interest rate cut. Meanwhile, the Nasdaq Composite faced a steeper decline, plunging 0.9%. In contrast, the Dow Jones managed to climb 277 points, or 0.6%, though it too is now retreating.

While the rate cut was widely anticipated, and stocks had surged to new heights in eager expectation, the atmosphere has shifted. Traders are now on edge, eagerly anticipating Fed Chairman Jerome Powell's press conference scheduled for 2:30 p.m. ET, which has a track record of spurring volatile market reactions. What twists will today’s event hold?