Tech earnings could come to the market’s rescue as traders remain jittery about the outcome of key inflation data due on Friday. AI giants Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Microsoft Corp. (NASDAQ:MSFT) set a positive tone for tech companies with strong performances in the first quarter. However, the focus will likely shift to the annual inflation rate, as measured by the Personal Consumption Expenditures Price Index (PCE), the Federal Reserve’s preferred gauge. This data, released as part of the personal income and spending report at 8:30 am ET, could provide a double boost to the market. A reading in line with or below expectations could help break the recent lackluster performance. The PCE data is particularly important because the Federal Open Market Committee (FOMC), the Fed’s policy-setting arm, meets next Wednesday. The futures market currently prices in a 97% chance of the Fed holding rates steady. Futures Performance On Friday ( as of 6:15 a.m. EDT) Futures Performance (+/-) Nasdaq 100 +0.99% S&P 500 +0.70% Dow +0.15% R2K -0.26% In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.70% to $507.02, and the Invesco QQQ ETF (NASDAQ:QQQ) rallied 0.93% to $428.40, according to Benzinga Pro data. Cues From Past Session: A mixed first-quarter GDP data that showed weaker growth and a rise in an inflation gauge as well as negative reactions to tech earnings sent traders on the defensive on Thursday. The major averages opened notably lower but they trimmed their losses in the session, although they ended notably lower. Communication services stocks plunged, led lower by Meta Platforms, Inc. (NASDAQ:META) Index Performance (+/-) Value Nasdaq Composite -0.64% 15,611.76 S&P 500 Index -0.46% 5,048.42 Dow Industrials -0.98% 38,085.80 Russell ...