## Major Index Performance
- **Dow Jones Industrial Average**: Down 15 points, or less than 0.1%, as of midday trading. However, it closed the previous day up 0.1% at 43,958.19[2][3].
- **S&P 500**: Down 0.1% in midday trading, but still near its all-time high set on Monday. It closed the previous day up 1.39 points at 5,985.38[2][3].
- **NASDAQ Composite**: Down 0.2% in midday trading. It closed the previous day down 0.3% at 19,230.72[2][3].

## Key Factors Driving Today's Market Direction
- The post-election rally is showing signs of cooling down[1][3].
- Federal Reserve Chairman Jerome Powell signaled caution on rate cuts, which may have impacted market sentiment[1].
- October CPI data was in line with expectations, with a 0.2% increase, which did not significantly alter market expectations[2].

## Notable Sector Performance
- **Top Gainers**:
- Consumer Discretionary Select Sector SPDR (XLY) advanced 0.9%
- Real Estate Select Sector SPDR (XLRE) advanced 0.8%
- Energy Select Sector SPDR (XLE) advanced 0.8%[2].
- **Top Decliners**:
- Three out of 11 broad sectors of the S&P 500 ended in negative territory, though specific sectors are not detailed[2].

## Market Highlights
- **Most Actively Traded Stocks**: No specific details available for today, but notable movers include Walt Disney Co., up 7.8% after strong quarterly profits, and Tapestry, up 12.7% after terminating its merger with Capri[3].
- **Biggest Percentage Gainers and Losers**:
- Griffon Corp. jumped 18.2% and Arcos Dorados Holdings Inc. jumped 2.4% due to strong earnings reports[2].
- **Significant Market-Moving News Events**:
- Walt Disney Co.'s strong quarterly profits and Tapestry's merger termination[3].
- **Important Economic Data Releases and Their Impact**:
- October CPI increased 0.2%, in line with expectations, and core CPI increased 0.3%. This data supported an 83% probability of a 25 basis-point rate cut in December[2].

## Technical Analysis
- **Current Market Trend**: The market is showing signs of uncertainty and cooling down after the post-election rally[1][3].
- **Key Support and Resistance Levels**: Not specified in the sources.
- **Trading Volume Analysis**: A total of 16.49 billion shares were traded on Wednesday, higher than the last 20-session average of 13.46 billion[2].
- **VIX Movement and Implications**: The CBOE Volatility Index (VIX) was down 6.7% to 14.02, indicating reduced volatility[2].

## Forward-Looking Elements
- **Pre-market Futures Indication**: Not available in the sources.
- **Key Events to Watch for Tomorrow**: No specific events mentioned.
- **Important Upcoming Earnings Releases**: Third-quarter earnings results are ongoing, with notable releases from companies like Griffon Corp. and Arcos Dorados Holdings Inc.[2].
- **Potential Market Catalysts**: The expectation of a potential 25 basis-point rate cut in December, as indicated by the CME FedWatch tool, could be a significant market catalyst[2].