A Wall Street sign is viewed in front of the New York Stock Exchange. Eduardo Munoz | AFP | Getty Images
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Secret Santa
The three major indexes are coming off back-to-back winning weeks, with the S&P 500 on Friday rising closer to records it set earlier this year. Stocks' advances came as investors geared up for the last Federal Reserve policy meeting of the year, which is set to kick off tomorrow. Here's what to know: The delayed release of September's personal consumption expenditures price index showed core PCE — a key inflation measure — was lighter than economists anticipated on a 12-month basis.
The report gave stocks a boost on Friday, as traders bet the data would encourage Fed officials to cut interest rates this week.
The Fed is set to announce its decision on Wednesday. Traders are pricing in about a 90% likelihood that the central bank cuts interest rates again, according to CME's FedWatch tool.
Meanwhile, Treasury Secretary Scott Bessent said Sunday that he expects the U.S. economy to finish the year with 3% real GDP growth, even after the hit from the federal government shutdown.
Following its four-day win streak last week, the S&P 500 is now roughly 0.7% away from its intraday record and about a quarter-percent off its closing high.
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2. Changing of the guard
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