But after all of that buildup, the actual event may fall short of expectations, at least when it comes to the stock market’s reaction. The futures market, after all, has not just factored in the September cut,

The Federal Reserve is virtually certain to deliver an interest rate cut when it concludes its policy meeting on Wednesday, but the size of that cut remains far from certain. Fed-funds futures traders have priced in a knife-edge decision between a standard cut of 25 basis points or an outsize move of 50 basis points.

U.S. stocks rose closer to their all-time highs following a couple reports on the economy that came in close to expectations.

"From a sentiment perspective, we're one bad macro data point away from a pullback," BMO's Brian Belski told Business Insider.