Market down with good news on CPI. Is this an indicator that Fed rate cut has been priced in?

Normally a dropped CPI will lead to a higher expectation of Fed interest rate cut and the market should feel happy about it. But as of now Nasdaq and S&P 500 fell quite a bit in response of this. You can call this a correction, but market corrections also have their reasons. I do not understand. The only explanation seems to be that Fed interest rate cut has been priced in by the majority of investors and “sell the news”. I am worried that the market will even fall more when the interest rate cut officially begins, later this year or next.