After the interest rate cut, the market fell. This seems unusual, but it is actually the result of a complex game of multiple factors such as market expectations, economic fundamentals, and policy transmission:

Expectations realized early: The market had been continuously speculating and rising before the interest rate cut. When the policy was officially implemented, investors chose to "cash in on the good news" and take profits.

Economic concerns dominate: Interest rate cuts are often aimed at addressing downward economic pressure, but this action may actually strengthen the market's worries about economic recession, leading to increased risk aversion.

Policy transmission is ineffective: The liquidity released by the interest rate cut may not have effectively flowed into the stock market (e.g., remaining in the banking system or flowing into the bond market), or it may be offset by other policies (e.g., balance sheet reduction).

Divergence in capital flow: In the context of stockpiled funds, an interest rate cut may not necessarily bring in incremental funds, and may even trigger a flow of capital out of overvalued sectors.