The PCE report is expected to show that prices continued to decline in October, falling to 3.5% from 3.7% the month earlier.

The Nasdaq CompositeIXIC index lost momentum on Wednesday after weak results the day before. Stocks fell across the board, indicating that November's encouraging rally is reaching an inflection point. Fortunately for bulls, the month's gains look set to continue as futures contracts turned green ahead of the last bell in November.

Wall Street's tech-heavy index lost 0.2% yesterday, joined by a tiny 0.1% decline for the S&P 500. The Dow Jones Industrial Average continued its gains, albeit up just 13 points after being picked up by investors a day earlier.

The next item on the agenda is the Federal Reserve's preferred inflation measure. The Personal Consumption Expenditures, or PCE, index will be released today. Analysts expect results to show prices fell further to 3.5% in October from 3.7% the month earlier.