U.S. stock indexes sailed higher in the wake of their global counterparts and the dollar wobbled on Thursday after the Federal Reserve started a long-awaited interest rate cutting cycle with a chunky half-point move.

Fed Chair Jerome Powell announced a half percent cut to benchmark interest rates on Wednesday — the first cut since March 2020. While a half percent cut is considered large, Massachusetts Sen. Elizabeth Warren wanted more.

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.