S&P 500, Nasdaq set records as market anticipates Fed rate decision

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Happy Monday. This is TheStreet’s Stock Market Today for Sept. 15, 2025. You can follow the latest updates on the market here, our daily live blog.

The U.S. markets just opened, with stocks higher ahead of a long-awaited event for investors: the Federal Open Market Committee (FOMC) meeting. The S&P 500 (+0.36%) and Nasdaq (+0.54%) hit intraday highs of 6,607 and 22,260.36.

Here are some headlines crossing the wire this morning:

President Trump suggested that earnings reports move from 4x per year to 2x per year so “managers” can focus more on management.

Tesla CEO Elon Musk bought over $1 billion in stock in the open market, his first purchase of this kind since Feb. 2020.

CoreWeave CRWV and Nvidia NVDA signed a $6.3 billion whereby the semiconductor company will buy excess cloud capacity not sold by the hyperscaler.

Documents showed that Fed Governor Lisa Cook accurately marked her Atlanta property as a ‘second home’, contradicting charges by this administration that she committed mortgage fraud.

As of now, U.S. stock futures are set to tick up to start the week. In futures, the Russell 2000 (+0.32%) is leading the run higher, while the Dow (+0.17%), S&P 500 (+0.16%), and Nasdaq (+0.06%) aren’t far behind. Gold (-0.27%) is modestly lower. The 10Y Treasury is up 1.2 basis points to 4.072%. The Cboe Volatility Index (+2.3%) is moderating.

Good morning. In recent weeks, investors have gotten to see a lot of data — whether it’s inflation, labor market, or other confounding indicators. Now, they’ll see how the Fed feels about it.

Tomorrow, the Fed will begin its two-day long Federal Open Market Committee meeting, where the central bank is anticipated to cut interest rates for the first time since Dec. 2024. Expected to be split three ways, many Fed leaders are likely to prefer a 25 basis point (0.25%) cut, a smaller minority will likely prefer a 50 bp (0.50%) cut or no action at all.

Whatever they decide, it’s likely to mean a subdued reaction from the market, which has spent recent months pricing in the Fed’s return to easing. Many analysts have warned that the recent cuts are ‘priced in’ and the Fed cut could end up being a “sell the news” event.

Related: JPMorgan warns of possible market pullback as Fed cut looms

In any case, high expectations still remain for the Fed. Between now and year end, some analysts like Morgan Stanley  (MS)  have been pricing for three rate cuts, which would bring the current headline rate from 4.25% to 4.5% range to a more moderated 3.75% to 4%.