U.S. stock futures were doing that familiar Tuesday morning dance—bouncing between gains and losses—after Monday's lackluster session left investors scratching their heads. By early trading, the major benchmark indices had settled into positive territory, if only barely.

But here's what really has Wall Street's attention: the Federal Open Market Committee kicked off its two-day meeting today, and by tomorrow afternoon, we'll know whether the Fed is pulling the trigger on another rate cut. Spoiler alert: the market thinks it's happening. The CME Group's FedWatch tool shows traders pricing in an 89.4% likelihood that the Federal Reserve will lower interest rates at this December meeting.

Treasury yields reflected the cautious optimism, with the 10-year bond yielding 4.15% and the two-year sitting at 3.58%.