The S&P 500 futures hit a new record for the first time over 6,900, driven by the AI trade with gains in Nvidia, Microsoft, and a $4 trillion valuation for Apple. The move comes ahead of tomorrow’s Federal Reserve decision, with the CME FedWatch Tool showing a nearly 100% probability for a rate cut tomorrow and a 91% probability for a cut in December. The market also anticipates key earnings reports this week from Google, Meta, Microsoft, Apple, and Amazon, which comprise about 25% of the S&P 500. Consumer confidence for October moved lower to its lowest level since April. In the options market, there was a huge surge in call volume yesterday in S&P 500 and E-mini Nasdaq-100 futures, and S&P 500 futures implied volatility for Friday is elevated near 15%. In the crypto space, the Bitcoin rally topped out at around $16,300 before pulling back by about $1,500 on the day, and Ether hit $4,180 before sitting near $4,030. CME volume for crypto futures was about 130,000 contracts.