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.