The Dow index entered further into bear market territory on Tuesday, but Big Tech stocks rebounded despite growing concerns about a slowing global economy.

The U.S. Federal Reserve is determined to stop inflation, but some fear it will overreach and push the U.S. economy into recession.

The impression is that the Fed is expected to make another significant interest rate hike at its November meeting, even though it has already raised the rate by 0.75 percentage points in June, July and September.

Strong consumer confidence indicators reinforce these expectations, allowing the Fed to raise the rate above 4% by the end of the year.

Consumer sentiment influences consumer spending, which is the main driver of economic activity in the US.

Federal Reserve Bank of St. Louis Governor James Bullard indicated Tuesday that the job is not over, adding that the rate should remain at a higher level for “some time to make sure we get the inflation problem under control.”

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

1. Pending home sales in the US

Following Tuesday’s strong data on completed home sales, investors will be awaiting the US pending home sales data at 10:00 am ET (14:00 GMT). Analysts expect the figure to fall 1.4% in August from the previous month.

2. Fed speakers’ speeches

Several Fed officials are scheduled to speak throughout the day on Wednesday, including Fed Chairman Jerome Powell, as well as Bullard, Raphael Bostic and Michelle Bowman.

3. Oil Inventories

Weekly data on U.S. crude oil inventories will be released at 10:30 a.m. ET (2:30 p.m. GMT, and analysts expect a 0.443 million barrel increase in inventories over last week. The data will be released against the backdrop of Hurricane Jan looming over Florida, but away from the center of the drilling and refining industry in the Gulf of Mexico.