Stock futures are little changed as Wall Street awaits Fed’s preferred inflation reading: Live updates

U.S. stock futures were little changed on Wednesday as traders await the release of the Federal Reserve’s favorite inflation gauge.

Futures tied to the Dow Jones Industrial Average rose 6 points, sitting near flat. Meanwhile, S&P 500 futures fell 0.1%, while Nasdaq-100 futures dipped 0.3%.

The personal consumption expenditures price index (PCE) is set for release at 10 a.m. ET. Economists polled by Dow Jones expect a year-over-year increase of 2.8% for the core reading, which excludes food and energy. Investors will look through the data for indications on how the Fed may proceed on its rate policy at its December meeting.

That comes a day after the Fed issued the meetings from its November meeting. While central bank officials said they anticipate more interest rate cuts coming down the pike, they said the pace of cuts would happen “gradually.”

“I think they’ll cut again [in December],” Stephen Stanley, Santander U.S. Capital Markets chief U.S. economist, told CNBC’s “Power Lunch.” “I think they feel like they’re still pretty far away from neutral, so they feel like they still have some distance to go and they’d like to get another notch in their belt on that.”

Other key data out on Wednesday include personal income and consumer spending for October. That’s also scheduled to be released at 10 a.m. ET.

It’s a shortened trading week in the U.S., with the market dark for the Thanksgiving holiday on Thursday and set to close early Friday. Trading volume is anticipated to remain light.

Still, stocks finished in the green across the three major averages on Tuesday. Both the S&P 500 and the Dow reached fresh intraday and closing highs.