10 things you need to know before the opening bell

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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 Fed is widely expected to announce the start of a reduction in its $4.4 trillion balance sheet at the conclusion of its meeting on Wednesday, September 20.

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

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 is planning to shut down cryptocurrency exchanges.

Northrop Grumman is nearing a deal for Orbital. The defense contractor is closing in on a deal for missile and rocket maker Orbital ATK likely worth more $7.7 billion, Reuters reports, citing a personal familiar with the transaction.

Slack scores a $5.1 billion valuation. The enterprise messaging operator raised $250 million from a group led by 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 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%.