The U.S. stock market closed lower on Thursday as investors took heart from comments by Federal Reserve officials that indicated an interest rate hike was still around the corner.

There was hope last week that the Fed might begin to reduce the sharp pace of rate hikes starting next month after data showed inflation was cooling. However, a still-strong labor market and this week’s consumer spending data clouded the outlook.

Many market observers believe the Fed is likely to raise rates by half a percentage point next month, which would be less than the last 4 rate hikes of 0.75 percentage point each. But there are also expectations that the interest rate will stay raised longer instead of the Fed’s expected reversal soon.

St. Louis FRB head James Bullard has insisted that the rate hike must be continued to cool inflation, suggesting it will rise to around 5-7%.

Signs that the labor market remains robust – weekly jobless claims data – fell short of expectations, reinforcing the prospects for a more hawkish Fed stance.

Here are 3 events that could impact the market on Friday:

1. Finished Home Sales

The U.S. housing market is one area where cooling is really taking place. At 10:00 AM Eastern Time (3:00 PM GMT), the US finished home sales data for October will be released. Analysts are expecting 4.38 million, which will be slightly lower than the previous month.

2. Li Auto earnings

Li Auto Inc (NASDAQ:LI) is expected to report a loss of 40 cents per share on revenue of $10.7 billion. Analysts will listen to its production and demand forecasts.

3. Foot Locker’s earnings

Retailer Foot Locker Inc (NYSE:FL) is expected to report earnings per share of $1.14 on revenue of $2.1 billion.