Traders are eyeing potentially hotter inflation, and dialing back their bets for Fed rate cuts into next year.

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

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,