NEW YORK (Reuters) – The Dow and S&P 500 suffered their biggest daily percentage drops since May 31 on Wednesday after the Federal Reserve cut interest rates for the first time in a decade, but remarks by Fed Chair Jerome Powell dampened expectations for further cuts going forward.

Based on the latest available data, the Dow Jones Industrial Average <.DJI> fell 336.26 points, or 1.24%, to 26,861.76, the S&P 500 <.SPX> lost 33.07 points, or 1.10%, to 2,980.11, and the Nasdaq Composite <.IXIC> dropped 98.20 points, or 1.19%, to 8,175.42.

(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)