The PCE, which strips out volatile food and energy costs and is the Fed's preferred gauge of inflation, is likely to show that prices remained elevated in March. Stubborn inflation data has zapped hopes on Wall Street that interest-rate cuts were imminent, with the central bank making it clear that no cuts are coming at least in the near future.

Wall Street is looking to extend its recent rally ahead of the first of the Big Six big tech earnings after the closing bell.

U.S. stocks drifted to a mixed finish Wednesday as Wall Street’s momentum eased following some sharp swerves. The S&P 500 was virtually flat and edged up by 1.08, or less than 0.1%, to 5,071.63. It had jumped sharply in the first two days of the week to claw back nearly two-thirds of last week’s steep loss.