The S&P 500 is trading just below all-time highs within a consolidation range as investors await a key inflation report, which is expected to shape expectations for the Federal Reserve’s interest rate policy. The major market driver for today is the release of the Personal Consumption Expenditures (PCE) Price Index for October, the Fed’s preferred inflation measure. A “softer” reading (cooling inflation) could support the view of a potential rate cut from the Federal Reserve next week, likely leading to a broad market rally, especially for tech and growth stocks. A “hotter-than-expected” reading (sticky inflation) could spark fears that the Fed will maintain a “higher-for-longer” interest rate stance, potentially triggering a market pullback and renewed selling in rate-sensitive sectors.