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The S&P 500 hits a record. The benchmark index ticked above 2,500 for the first time just ahead of Friday's closing bell.

The Fed is getting ready for its 'biggest meeting of the year.'The Federal Reserve is widely expected to announce the start of a reduction in its $4.4 trillion balance sheet at the conclusion of its meeting Wednesday.

Another Fed rate hike this year is a coin flip. The market sees a 47.7% chance the Fed hikes rates again in 2017, according to Bloomberg data.

Euro-area inflation picks up. Consumer prices in the euro area rose 1.5% year-over-year in August, up from a 1.3% advance in July, data released on Monday by Eurostat shows.

Beijing bans winter construction. China's capital is planning to ban major construction projects during the winter in an effort to improve air quality, Reuters reports, citing official media.

Bitcoin is making a big comeback. Bitcoin trades up almost 6% at $3,943 a coin on Monday, after briefly sliding below $3,000 early Friday morning on word China was planning to shut down cryptocurrency exchanges.

Northrop Grumman is buying Orbital. The defense contractor will pay $7.8 billion, or $134.50 a share, a 22% premium over Friday's closing price, for the missile and rocket maker Orbital, Reuters reports, citing a person familiar with the transaction.

Slack scores a $5.1 billion valuation. The enterprise messaging operator raised $250 million from a group led by the Japanese conglomerate SoftBank, boosting its valuation to $5.1 billion, Reuters says.

Stock markets around the world trade mixed. China's Shanghai Composite (-0.53%) trailed in Asia, and Germany's DAX (+0.55%) leads in Europe. The S&P 500 is set to open up 0.2% near 2,505.

US economic data trickles out. NAHB home prices will be released at 10 a.m. ET. The US 10-year yield is up 1 basis point at 2.21%.