U.S. stock indexes made slight gains on Monday as Wall Street eagerly awaited the much-anticipated meeting of the Federal Reserve, which could lead to a cut in interest rates for the first time in over four years. The S&P 500 inched up 0.1% in morning trading, nearing its all-time high set in July, while the Dow Jones Industrial Average was on track to reach a new record, gaining 265 points or 0.6%. However, the tech-heavy Nasdaq composite experienced a 0.5% drop, weighed down by declines in some Big Tech stocks, including Apple and Nvidia.

Oracle emerged as a market leader, rising by 4.3% and extending its strong performance from last week when it reported better-than-expected profits. Meanwhile, oil-and-gas stocks witnessed a climb as oil prices rebounded by about 2%, partially recovering from significant declines seen during the spring. Alcoa, a major aluminum producer, saw a substantial boost of 9% after announcing the sale of its stake in a Saudi Arabian joint venture to Saudi Arabian Mining Co., which amounted to $950 million in stock and $150 million in cash.

In anticipation of the Federal Reserve meeting, Treasury yields edged lower in the bond market. Traders are increasingly speculating on the possibility of a larger-than-usual half-percentage-point interest rate cut, with a 61% probability. This is a significant increase from just 30% a week ago. While a rate cut may relieve some pressure on the economy, it can also potentially fuel inflation.

The Federal Reserve, in its efforts to combat high inflation, has kept its main interest rate at a two-decade high. However, with inflation having decreased significantly since its peak two summers ago, the focus has shifted towards stimulating the slowing job market and economy. Some critics argue that these actions may be too late, raising concerns about a potential recession.

Despite positive news indicating that manufacturing in New York state returned to growth in September, bond yields slightly declined. The 10-year Treasury yield dipped to 3.65% and the two-year yield, closely tied to expectations for the Federal Reserve's actions, eased to 3.57%.

On Wall Street, Icahn Enterprises, led by billionaire investor Carl Icahn, saw a significant surge of 9.4% after a U.S. judge dismissed a proposed class-action lawsuit against the company. The lawsuit, based on allegations made by a research firm looking for financial irregularities and profiting from falling stock prices, was dismissed, providing a positive boost for the company.

Internationally, stock markets displayed mixed performances with modest movements across Europe and Asia. The Hang Seng index in Hong Kong added 0.3% after recent data revealed a further slowdown in China's economy during August.

As investors await further cues from the Federal Reserve meeting, the stock market remains poised for potential record-breaking highs in the near future.