Investors find themselves in a state of increased uncertainty regarding the outlook for interest rates following a series of robust data that showcased the economy's resilience. This sentiment has been particularly aggravated by a closely monitored inflation gauge favored by the Federal Reserve. Trading volumes have been relatively subdued and are anticipated to decline even further during the remainder of the week due to the Thanksgiving holiday.

Market Indicators and Their Movements

S&P 500 Futures witnessed a slight rise to 6,017.75 points, while Nasdaq 100 Futures remained steady at 20,819.50 points by 18:17 ET (23:17 GMT). Dow Jones Futures also saw a less than 0.1% increase, reaching 44,852.0 points. These market indicators provide a snapshot of the current market conditions and the fluctuations within different sectors.

Technology Share Losses and Their Impact

Losses in technology shares had a significant impact on Wall Street on Wednesday. A multitude of weak earnings reports raised questions about the extent to which artificial intelligence served as an earnings driver for the broader sector. PC makers Dell Technologies Inc (NYSE:DELL) and HP Inc (NYSE:HPQ) both experienced sharp declines after their quarterly earnings and guidance failed to meet expectations. The limited earnings boost provided by AI spilled over into other AI-exposed stocks, with market darling NVIDIA Corporation (NASDAQ:NVDA) losing 1.2%. This shows how the performance of specific sectors and companies can be influenced by broader market trends and economic data.

Microsoft's Antitrust Investigation and Its Effect

Microsoft Corporation (NASDAQ:MSFT) was a major drag on Wall Street, losing 1.2% as Bloomberg reported that the U.S. Federal Trade Commission had launched a comprehensive antitrust investigation into the company. The stock continued to decline in aftermarket trade. This comes just days after U.S. authorities recommended tech giant Alphabet Inc (NASDAQ:GOOGL) to divest some of its key assets due to antitrust law violations. The news has sparked concerns about increased regulatory challenges for America's largest tech firms. However, the policy outlook remains unclear in the context of a Donald Trump presidency.

Economic Data and Its Implications

A swathe of strong economic readings on Wednesday kept doubts over future interest rate cuts alive. The PCE price index data, which is the Fed's preferred inflation gauge, rose as expected in October, indicating that inflation remained well above the central bank's 2% annual target. Weekly jobless claims data was slightly better than expected, and a revised reading on third-quarter gross domestic product showed that economic growth remained steady. This strength in the U.S. economy is expected to give the Fed more leeway to take a gradual approach in lowering rates. The minutes of the Fed's November meeting revealed that policymakers favored a slow and steady easing in rates. This shows how economic data plays a crucial role in shaping the Fed's monetary policy decisions and the overall market sentiment.