5 Things to Know Before the Stock Market Opens

Stock futures are inching higher after the S&P 500 and Nasdaq Composite reached new highs; the Federal Reserve’s two-day meeting begins as a new member joins the board ahead of an expected interest-rate cut; U.S. retail sales numbers are expected to show a slowdown in August; Oracle shares are soaring on a report that the software firm is among a consortium of companies that could allow Chinese-owned TikTok to continue operating in the U.S.; Dave & Buster’s (PLAY) shares are diving after the arcade-themed restaurant reported weak earnings. Here’s what investors need to know today.

Futures tied to the S&P 500 and the Nasdaq Composite are slightly higher after the two indexes hit record highs as investors looked ahead to today’s retail sales data and the start of the Federal Reserve’s two-day policy meeting. Gold prices hit another record high this morning, with futures trading at $3,730 an ounce, amid expectations the Fed will cut its key rate this week. Bitcoin (BTCUSD) is also slightly higher, trading at around $115,000. The yield on the 10-year Treasury ticked higher but remains near its lowest level since April.

The Federal Reserve will begin its meeting today just as questions over who will be attending the meeting have been resolved. The Senate yesterday approved President Donald Trump’s appointment of  Stephen Miran to the Fed’s Board of Governors. Meanwhile, an appeals court upheld a ruling to allow current Fed Governor Lisa Cook to remain on the board while she challenges Trump’s efforts to fire her.  The Fed is widely expected to reduce interest rates when it announces that decision tomorrow. The central bank has held its benchmark rate steady this year amid uncertainty about the impact of tariffs on inflation, despite pressure from Trump to cut. Recent data showing weakness in the labor market has boosted expectations that the Fed will decide to trim the key rate this week.

The monthly retail sales report scheduled for release this morning is expected to show that growth slowed in August. Retail sales are estimated to have increased 0.3%, according to economists surveyed by The Wall Street Journal and Dow Jones Newswires. That would compared with 0.5% sales growth in July. The retail sales numbers are likely to provide clues on how tariffs are feeding through the economy.