SPX futures traded slightly higher in pre-market action today, driven by optimism in tech earnings and resilience in U.S. consumer spending data. Traders are watching closely for the upcoming CPI report, which could set near-term direction for the index. Based on the latest data from the CME FedWatch tool, the Fed funds futures market is pricing a 98% probability of a 25-basis-point Fed rate cut at the upcoming 29 October 2025 FOMC meeting. Expectations for a third 25-basis-point cut in 2025 have also strengthened, with odds rising to 87% for the 10 December meeting, which would lower the Fed funds rate to a range of 3.50%–3.75% (see Fig. 1). Dow Jones Industrial Average futures ticked 37 points higher, or 0.1%. S&P 500 futures gained 0.1% along with Nasdaq-100 futures . A mild uptick in SPX futures overnight coincided with positive Asian equity sentiment. Analysts point to synchronized global growth expectations as a driver for broader risk-on moves.