Supply and demand drives the stock prices. Right now, hedge funds are facing margin calls, they have to pay higher interest rates and pledging more collaterals. Individuals are either tapped out or staying out of the market due to recession fears. Companies with good earnings don't wait for Fed rate cut to announce it. The Fed probably need to cut 1% just to stablize the market. So far, only inflation hedges are benefiting from all these rate cuts.