S&P 500, Nasdaq 100 futures edge higher after two-day slide as tech shares steady

Markets are bracing for the Personal Consumption Expenditures Price Index, with economists expecting it to rise to 4.1%, well above the Federal Reserve’s 2% target. CME Group’s FedWatch tool shows traders have sharply raised the odds of a second rate hike by the Fed by the end of December. The shift has reinforced expectations for higher rates and kept pressure on richly valued technology stocks, leaving Nasdaq futures struggling to rebound while Dow futures turned lower. Micron’s after-hours earnings are expected to be strong, but analysts say the stock’s pattern of post-earnings declines may do little to ease broader valuation concerns in tech.