As the Federal Reserve kicks off a long-awaited rate cutting cycle, some investors are wary that richly valued U.S. stocks may have already priced in the benefits of easier monetary policy, making it harder for markets to rise much further.

Though the S&P 500 briefly touched a new record, equities were mixed as investors remain split over the Fed's interest rate decision on Wednesday.

U.S. stock indexes remained stuck in place as Wall Street made few big moves ahead of what’s expected to be the first cut to interest rates in more than four years.