US stocks look to extend record gains as the Fed kicks off its two-day policy meeting, with a 25 bp rate cut widely expected. Newly confirmed Fed Governor Steven Myron joined the board, while a federal court blocked President Trump’s attempt to remove Governor Lisa Cook ahead of the decision. August retail sales rose 0.6%, topping estimates as back-to-school shopping boosted apparel and online sales, though Moody’s warns that high-income households now account for nearly half of all US consumer spending. Meanwhile, President Trump filed a $15B libel lawsuit against The New York Times (NYT), more than the paper’s market cap. Warner Bros. Discovery (WBD) falls after a TD Cowen downgrade, and Disney (DIS) takes a 2% stake in Webtoon as part of a broader content partnership.

Takeaways:

Fed expected to cut 25 bps Wednesday; Myron confirmed, Cook remains on board

Retail sales beat with back-to-school boost; spending led by top earners

Trump sues New York Times for $15B, more than its market cap

Warner Bros. downgraded, Disney buys into Webtoon with 2% stake

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