5 things to know before the Tuesday open: Another record | Baseline tariffs | Fed meeting ruling

• The S&P 500 barely clinched another all-time high on Monday.
• President Donald Trump said countries that have not ironed out deals with the U.S. will face a baseline tariff between 15% and 20%.
• Beginning next month, the Las Vegas Sphere will screen the 1939 movie “The Wizard of Oz.”

1. Clinching another record

The S&P 500 was able to inch higher on Monday, notching its sixth straight all-time high closing record. While that's good enough news on paper, it was a rather unexciting move considering the trade deal between the U.S. and European Union announced on Sunday. Monday's muted action may underscore uncertainty about the many potential catalysts on deck this week. There's a deluge of earnings reports expected and a Federal Reserve policy meeting, as well as key economic data on labor and inflation due. S&P 500 futures advanced on Tuesday morning as traders wondered if the streak could continue. Follow live market updates here.

2. Baseline tariff talk

With the White House's Friday tariff deadline just days away, President Donald Trump offered a broad proclamation. Countries that have not ironed out deals with the U.S. will face a base tariff “in the range” of 15% to 20%, he said on Monday. Remember, as CNBC's Erin Doherty noted, that any rate in this range would be higher than the 10% baseline tariff first announced by Trump in April. With the deadline looming, the question is which countries will manage to secure better deals before time runs out.

3. Cost cutting

Billions of dollars in cost cuts are coming for Merck over the next few years, the company said Tuesday. It plans to slash $3 billion by the end of 2027 as it readies for the patent expiration of cancer drug Keytruda the following year. Additionally, as CNBC's Annika Kim Constantino reported, the announcement comes as pharmaceutical makers grapple with the tariff outlook and aim to build up domestic manufacturing. Merck posted second-quarter revenue that came in slightly lower than Wall Street expected and provided a narrower range for full-year guidance.

4. Bank's closed

The Federal Reserve will keep its policy meeting closed to the public this week, as it has for half a century. While that's business as usual for those who follow central bank gatherings, the decision comes at the hands of a U.S. District Court judge — who on Monday rejected a request from a Trump-aligned investment fund to open the meeting to the public. This is the latest installment in an ongoing pressure campaign from Trump and his allies to press the Fed to lower interest rates. But the White House may need to wait: Fed funds futures are pricing in a more than 97% likelihood of the central bank keeping rates unchanged at this week's meeting, according to CME Group's FedWatch tool.

5. Oz meets Vegas

Starting next month, the Las Vegas Sphere — that giant dome known for its larger-than-life concerts — will screen the hit 1939 movie “The Wizard of Oz.” There's an artificial intelligence component, as well. Engineers partnered with Google Cloud on using AI “outpainting” to expand the original film to fill the space. The goal, as CNBC's Krysta Escobar reports, is to have viewers feel like they were in the studio as the movie was being made.