Stock futures were little changed Wednesday ahead of the release of the Federal Reserve's preferred measure of inflation, as investors digested a flurry of earnings reports that came out after yesterday's closing bell.

A record setting rally for U.S. stocks ahead of Thanksgiving has the blue-chip Dow and S&P 500 on pace for their best month of gains in a year. Here's how things looked on the eve of Thanksgiving:

Traders are eyeing potentially hotter inflation, and dialing back their bets for Fed rate cuts into next year.