After the enthusiasm for artificial intelligence earlier this year that provided a catalyst for the tech sector, the Nasdaq has fallen sharply in recent days. Earnings from Microsoft saw revenue surge from an advertising rebound that may still weaken in the fourth quarter because of economic uncertainty. Big energy companies are set to report early on Friday.
But investors will also be watching Friday's report on inflation in the form of the personal consumption expenditures index, the core reading of which is the Fed's preferred inflation gauge. Futures traders see a near certainty that the Fed will pause on further interest rate hikes at its meeting next week despite Thursday's unexpectedly strong reading on third quarter gross domestic product, which was fueled by consumer spending. Expectations are also high that the Fed could pause in December. But Fed officials have said they might have to keep rates higher for longer to get inflation back to their 2% target rate.is due out at 8:30 ET .
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