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Wall Street Mixed Ahead of Key Inflation Data and Economic Reports

Stock futures are mostly unchanged as Wall Street prepares for the release of the key Personal Consumption Expenditures (PCE) inflation report, which is the Federal Reserve's preferred inflation measure. Futures tied to major indices, including the Dow Jones, S&P 500, and Nasdaq, showed minimal movement. Investors are cautious amid economic data indicating a resilient labor market and strong GDP growth, which could influence the Fed's interest rate decisions. Recent data showed a decline in weekly jobless claims to 218,000, suggesting a stable labor market, although some market participants are wary of a potential slowdown. The stock market experienced declines this week, with the S&P 500 down nearly 0.9%, Nasdaq down 1.1%, and Dow down 0.8%. Major technology stocks like Oracle, Meta, and Tesla pulled back, reflecting concerns over high valuations and industry risks. Notably, Oracle dropped 5.6%, and CarMax hit a five-year low after reporting lower profits. Investors are also monitoring the possibility of a government shutdown amid unresolved budget negotiations. Market sentiment remains cautious, with some analysts advising patience and strategic buying on dips, especially in the tech sector. Overall, the market is in a state of cautious anticipation ahead of the upcoming inflation and economic data releases that could impact future rate cut expectations and market direction.

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