The major U.S. index futures are currently pointing to a modestly higher open on Friday, with stocks likely to move back to the upside following the pullback seen during trading on Wednesday.

Traders may look to pick up stocks at somewhat reduced levels following the weakness seen in the previous session, which pulled the Dow and the S&P 500 down off Tuesday’s record closing highs.

Activity is likely to be relatively subdued, however, as many traders remain away from their desks following the Thanksgiving Day holiday on Thursday.

A lack of major U.S. economic data may also keep traders ahead of the release of several closely watched reports next week.

The Labor Department’s monthly jobs report is likely to be in focus next week, while traders are also likely to keep an eye on reports on manufacturing and service sector activity.

After trending higher over the past several sessions, stocks gave back some ground during trading on Wednesday. The tech-heavy Nasdaq led the way lower.

The Nasdaq climbed well off its worst levels of the day but still closed down 115.10 points or 0.6 percent at 19,060.48. The Dow fell 138.25 points or 0.3 percent to 44,722.06 and the S&P 500 slid 22.8 points or 0.4 percent to 5,998.74, snapping a seven-session winning streak.

The pullback by the Nasdaq came amid substantial weakness among computer hardware stocks, with the NYSE Arca Computer Hardware Index plunging by 3.3 percent.

PC makers Dell Technologies (NYSE:DELL) and HP Inc. (NYSE:HPQ) plummeted by 12.3 percent and 11.4 percent, respectively, after providing disappointing earnings guidance.

Significant weakness was also visible among software stocks, as reflected by the 1.6 percent loss posted by the Dow Jones U.S. Software Index.

Weakness among semiconductor and networking stocks also weighed on the Nasdaq, while biotechnology stocks showed a strong move to the upside.

The weakness in the broader markets came after the Commerce Department released closely watched consumer price inflation data that matched expectations.

The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in October, matching the uptick seen in September as well as economist estimates.

The annual rate of growth by the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September, which was also in line with expectations.

Excluding food and energy prices, the core PCE price index climbed by 0.3 percent in October, matching the increase seen in September as well as economist estimates.

The annual rate of growth by the core PCE price index crept up to 2.8 percent in October from 2.7 percent in September, which was also in line with expectations.

While the faster year-over-year price growth was in line with estimates, the acceleration may still have raised concerns about the outlook for interest rates.

“Whilst the CME Fedwatch tool suggests markets still broadly expect a further rate cut from the Federal Reserve next month, there is a concern that the pace of cuts is likely to slow as central bankers respond to the sticky nature of prices in core areas as well as fears about how Trump’s tariffs might impact the U.S. consumer,” said AJ Bell head of financial analysis Danni Hewson.

The inflation readings, which are preferred by the Federal Reserve, largely overshadowed a slew of other U.S. economic data.

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