Stock futures were little changed Sunday night as investors await the Federal Reserve‘s highly anticipated policy meeting, during which central bankers are expected to cut rates for the first time since 2020.

S&P 500 futures hovered just below the flatline, while futures tied to the Dow Jones Industrial Average was little moved, Nasdaq 100 futures edged lower by 0.15%.

The S&P 500 is less than 1% away from its July record and could notch a new all-time high this week. After a rough start to a historically weak September, the three major U.S. indexes ended last week’s trading session in the green, with the S&P 500 and tech-heavy Nasdaq Composite just closing their best week of 2024.

Central bankers are set to meet on Tuesday and Wednesday and are widely anticipated to make their first interest rate cut since they began hiking rates in March 2022. A cut this week would be a pivotal move, as many investors hope the decision could lower borrowing costs for companies and improve overall earnings growth — boosting economic growth.

The overnight lending rate is currently at 5.25% to 5.5%. About 56% of traders see a 25 basis point cut taking place, while 44% expect a larger cut of 50 basis points, per the CME FedWatch tool.

Stocks typically post strong gains during cycles where initial rate cuts are able to sustain economic expansion, BMO Capital chief investment strategist Brian Belski said.

“So long as nothing breaks in the economy, U.S. stocks remain firmly within a bull market, but with significantly strong trailing one-year performance headed into this initial rate cut, future gains are likely to be more muted relative to historical norms, in our view,” he said in a Friday note ahead.

Investors will also be watching for August retail sales data due Tuesday and earnings from food companies General Mills and Olive Garden parent company Darden Restaurants, as well as FedEx and homebuilder Lennar.