Stocks are trading near record highs Wednesday, but the key driver of rate cuts is weighing on risk sentiment.

The Dow closed at a record high on Friday. Investors see more gains ahead as the Fed kicks off a new cycle of easing interest rates.

Stocks were choppy in the lead-up to today's Federal Reserve policy announcement. While the main indexes made a confident move higher after the central bank cut rates by a half-percentage point, a late-day burst of selling pressure sent them into the red at the close.