The Fed decision, Big Tech’s UK investments, another TikTok extension and more in Morning Squawk

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Here are five key things investors need to know to start the trading day:

It’s the big day: The Federal Reserve will announce its interest rate decision at 2 p.m. ET, followed by Chair Jerome Powell’s closely monitored press conference at 2:30 p.m. ET. Investors are hoping the central bank will cut rates for the first time this year.

Here’s what to know:

• Traders think a rate cut is in the bag. Fed funds futures are pricing in a 100% likelihood of at least a quarter-point decrease today, according to CME’s FedWatch tool.
• Powell’s commentary and the Fed’s Summary of Economic Projections, which includes a key grid known as the “dot plot,” should provide clues into the future of monetary policy.
• Pay close attention to if anyone breaks from the majority. At the central bank’s last meeting in July, Fed Governors Christopher Waller and Michelle Bowman both dissented.
• Fed Governor Lisa Cook will get to vote after an appeals court blocked President Donald Trump from firing her ahead of the meeting. Governor Stephen Miran will also get a say following his Senate confirmation on Monday.
• Mortgage rates dropped to a three-year low ahead of the meeting.
• Stocks had a lackluster session yesterday, but they’re still going into the Fed’s decision trading near record highs. Follow live markets updates here.

Yesterday was a good day to be in England’s tech sector.

Microsoft announced plans to spend $30 billion on infrastructure and operations tied to artificial intelligence in the country. Nvidia, Google, OpenAI and Salesforce all also said they would each make multi-billion dollar investments in the U.K. All together, the new investments will total more than $40 billion.

The announcements came as Trump traveled to the U.K., where he is expected to sign a deal with British Prime Minister Keir Starmer focused on technological collaboration.

StubHub last night priced its IPO at $23.50, within its previously set range, ahead of its expected debut on the public market today. The share sale values the ticketing platform at $8.6 billion.

The San Francisco-based company is nearing the end of a long road. StubHub has twice delayed its public debut — the most recent postponement having followed Trump’s initial tariff policy announcement in April. The company will trade on the New York Stock Exchange under the ticker symbol “STUB.”

StubHub’s debut would be the latest in a series of recent IPOs. Crypto platform Gemini and buy-now-pay-later platform Klarna both went public last week.

Meta is offering some counterprogramming to today’s Fed meeting.

The company is set to unveil its most advanced smart glasses to date at its annual Connect event. The glasses, internally called Hypernova, are expected to cost $800. CNBC reported last month that the gadgets have a small display that can be controlled by hand gestures captured by a wristband.

As CNBC’s Jonathan Vanian notes, the announcement comes after Meta spent billions trying to make virtual reality popular. Now, the Big Tech company is focusing its metaverse efforts on smart glasses.

Trump yesterday extended the deadline for ByteDance to divest TikTok’s U.S. business until December. If that sentence feels familiar, it’s because it’s the fourth such extension the president has granted for the popular short-form video app.

The latest extension follows news earlier this week that the U.S. and China reached a “framework” deal for TikTok. CNBC’s David Faber reported yesterday that TikTok’s U.S. arm will be owned by a consortium of investors including Oracle and Silver Lake. The deal is expected to close in 30 to 45 days.