If Fed starts cutting rates from September, will it have a multiplier effect on stock markets?

Global bond and equity markets experienced a surge after the Fed maintained interest rates steady and signalled a potential cut in September. Nasdaq increased by 2.64%, Nifty surpassed 25,000 for the first time, and Sensex rallied past 82,000. CME FedWatch tool shows that traders are pricing in 100% probability of a rate cut for Fed's 18th September meeting as Jerome Powell clearly stated that if inflation remains on the anticipated trajectory of 2%, a rate cut might happen as early as September