5 Things to Know Before the Stock Market Opens

Stock futures are rising this morning after major indexes hit record highs yesterday for the third straight session on the strength of a tech sector rally; the Federal Reserve is widely expected to announce a cut in interest rates at the end of its two-day policy meeting this afternoon; Nvidia (NVDA) shares continue surging after the chipmaker announced a flurry of new deals yesterday; three Magnificent Seven members—Microsoft (MSFT), Google (GOOG, GOOGL) and Meta (META)—are scheduled to release quarterly results later today; and shares of Dow component Caterpillar (CAT) are higher after a strong earnings report. Here’s what you need to know today.

1. Major Indexes on Pace to Add to Record Highs

Stock futures are slightly higher as investors look ahead to the Fed’s interest rate decision later today and another big day in tech earnings. Major indexes are coming off of a third straight session of record highs, led by Nvidia’s (NVDA) surge to a new all-time high. Futures tied to the Dow Jones industrial Average were up 0.1% recently, while those linked to the benchmark S&P 500 and the tech-heavy Nasdaq added 0.3% and 0.4%, respectively. Gold futures were up 1.2% at $4,030 an ounce, rebounding from several days of declines, while bitcoin was at $113,200, little changed from yesterday afternoon. The yield on the 10-year Treasury, which can affect borrowing costs on all sorts of consumer loans, was a tick higher at 3.99%.

2. Federal Reserve Expected to Cut Interest Rates for Second Straight Month

The Federal Reserve is scheduled to announce its highly anticipated interest rate decision at 2 p.m. ET. The central bank is widely expected to cut the federal funds rate for its second straight meeting, dropping the influential rate by a quarter percentage point to a range of 3.75%-4%. Investors will be watching how members of the Federal Open Market Committee vote on the decision after a loyalist to President Donald Trump voted for steeper rate reductions at the September meeting.  Market watchers will also be focused on comments from Fed Chair Jerome Powell, who is due to speak at 2: 30 p.m. ET and is expected to talk about the outlook for inflation, the labor market and the economy broadly, potentially providing insight on the path for interest rates.

3. Nvidia Poised to Hit $5 Trillion Market Cap

Nvidia (NVDA) shares are rising in premarket trading after hitting a record high Tuesday on investor optimism over a string of new deals for the chipmaker. At an Nvidia developer conference in Washington, D.C., CEO Jensen Huang announced a $1 billion investment in Finnish tech firm Nokia (NOK), which rose more than 20% on the news. Nvidia also announced new deals with Oracle (ORCL) and Palantir Technologies (PLTR) as the chipmaker highlighted its progress on AI development. Nvidia shares were up more than 3% ahead of the opening bell after rising 5% yesterday, putting the world’s most valuable company on a path to open above the $5 trillion market capitalization level on Wednesday.

4. Microsoft, Google, Meta Earnings on Deck as Tech Stocks Drive Markets Higher

A trio of Magnificent Seven earnings reports are due today as investor optimism about technology stocks continues powering a broader market rally. Microsoft (MSFT), Google (GOOG, GOOGL) and Meta (META) are all scheduled to drop their quarterly results after the closing bell. Microsoft is expected to show an 11% increase in quarterly adjusted earnings amid increased infrastructure spending and Wall Street optimism over its position in the AI race. For Google-parent Alphabet, analysts see near-term momentum on AI for the search giant. Facebook-owner Meta is expected to hit nearly $50 billion in quarterly revenue on surging ad sales, while investors will be listening for details on the company’s efforts to acquire AI talent. Shares of Alphabet, Microsoft and Meta were up slightly in premarket trading.

5. Caterpillar Shares Rise on Strong Earnings Report

Caterpillar (CAT) shares are surging ahead of the opening bell after the heavy-equipment maker posted better-than-expected quarterly results, after missing on earnings in its prior two quarters. Cat’s third-quarter revenue rose 10% to $17.6 billion, higher than the $16.6 billion average estimate of analysts tracked by Visible Alpha. The company posted adjusted earnings per share of $4.95, down from the year-ago quarter but well above the consensus estimates of $4.51. Cat shares were up nearly 5% in premarket trading. Coming into today’s session, the stock had gained 45% so far in 2025 and was trailing only Nvidia among the top gainers in the Dow Jones Industrial Average.