5 things to know before the stock market opens Tuesday

• Stocks rose again Monday as the Dow notched another record close.
• There's no clear indication yet whether Fed officials are leaning toward another 50 basis point rate cut at their next policy meeting, or toward a more traditional 25-point move.
• GM is gaining momentum in its EV business.

Here are the most important news items that investors need to start their trading day:

1. Inching higher

U.S. stocks climbed again Monday as investors digest the Federal Reserve's major rate cut last week. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all rose only modestly, as the 30-stock Dow notched another record close. As traders look ahead to the Fed's next policy decision in November, stocks could become more responsive to signs of economic weakness. One indicator will come Tuesday in the Conference Board's consumer confidence reading for September. Follow live market updates.

2. No clear path

After the Fed last week made its first half percentage point rate cut since 2008, officials have indicated mixed views on how to proceed. Speaking to CNBC on Monday, Minneapolis Fed President Neel Kashkari suggested the central bank could go back to its more traditional 25 basis point moves. Kashkari, who is not a voting member this year, said he expects "we will probably take smaller steps unless the data changes materially." Speaking separately Monday, Atlanta Fed President Raphael Bostic, a voting member, suggested the Fed could be less cautious, saying as of now he expects to be "normalizing monetary policy sooner than I thought would be appropriate even a few months ago."

3. Charging up

General Motors' electric vehicle business is spinning up. After stops and starts driven by slow demand and production issues, the Detroit automaker's EV sales are rising. GM sold 21,000 EVs in the U.S. in July and August, and sales were up 70% through August from the previous year, according to data GM provided to CNBC. The increase comes as the company builds out an EV lineup with prices ranging from about $35,000 to $300,000. "We are definitely outstripping the industry in terms of growth, in terms of EVs," Rory Harvey, GM president of global markets told CNBC. Legacy automakers are struggling to catch up to EV market leader Tesla.

4. Rough air

Southwest Airlines told employees it has "difficult decisions" to make. The carrier is aiming to increase profits and ease pressure from activist investor Elliott Management, which has called for changes in the company's leadership. Southwest has already made huge tweaks to its unique operating model, opting for assigned seats and listings on sites like Google Flights and Kayak, among other changes. "Now, all that's not enough. We also have to change our network," COO Andrew Watterson said in a video message to staff last week. Southwest is hosting its investor day on Thursday.

5. Best foot forward

As Foot Locker turns 50, the sneaker retailer is trying to mount a comeback while navigating a changing retail environment and relationship with key supplier Nike. Foot Locker has seen signs of a turnaround as it revamps its store footprint, as last month it posted comparable sales growth for the first time in six quarters. Still, questions remain about whether a specialized sneaker retailer can not only survive but also thrive, as brands move more toward selling online and directly to consumers. Read more about the company's turnaround efforts here.

– CNBC's Hakyung Kim, Jeff Cox, Michael Wayland, Leslie Josephs and Gabrielle Fonrouge contributed to this report.