U.S. stocks rose after the Federal Reserve lowered its benchmark interest rates by 50 basis points to a range of 4.75% to 5%. That was the first rate cut in over four years that marked the beginning of a monetary-easing cycle in the world's largest economy.

Stock futures are pointing to a higher open for major U.S. indexes on Wednesday as market participants await the Federal Reserve's first interest rate cut in more than four years.