Do rate cuts with the stock market at or near all-time highs provide bulls additional fuel or do they portend trouble ahead? Dow Jones Market Data ran back the tape.

The Fed just issued its first interest-rate cut in four years.Stocks immediately surged to record highs after the announcement before closing lower.Major indexes stayed resilient near all-time highs despite a jumbo cut already being priced in.

Bond yields typically decline amid rate cutting, so the yield curve might remain inverted at least through next March.