Bureau of Economic Analysis Chart Second Quarter GDP. The big question is how the market will react if the Federal Reserve does cut rates. Market pundits have been saying this is a sell the news event, meaning no matter the outcome the stock market will fall some. It would be reasonable to expect a pull back of some kind because the market is near all time highs and be driven higher by expected accommodative monetary policy. The S&P 500 sits near all time highs above a pivotal 3000 point market, which will serve as a support or resistance depending on the broad move in the market after the Fed decision.