Stock futures were wavering on Wednesday as Wall Street waited for the Federal Reserve’s preferred inflation gauge, the final major economic data due before the Thanksgiving holiday. Futures tracking the Dow Jones Industrial Average were up 85 points,

Dow Jones Industrial Average was at 44,860, on pace for a roughly 7.4% monthly gain, which would be its best month since Nov. 2023, according to Dow Jones Market Data. S&P 500 ind

The Bureau of Economic Analysis releases the latest reading of its personal consumption expenditures price index on Wednesday at 10 a.m. Eastern time. Here is what Wall Street expects to see in the October data, according to FactSet:

Financial markets are pricing in a 70 percent probability of a 25 basis point easing at the December meeting, with a 30 percent probability of no change.

In the 12 months through October, the PCE price index increased 2.3 after advancing 2.1% in September. Excluding the volatile food and energy components, the PCE price index rose 0.3%, after a similar increase in September.