Here come personal income and spending ...

The Commerce Department's monthly report on personal income, spending, and price inflation is due at 8:30 a.m. ET.

Economists forecast that personal income rose by 0.4%, while spending increased 0.5% in October, according to Bloomberg.

The second estimate of Q3 gross domestic product released on Tuesday was revised higher, to a 3.2% pace from 2.9%. This was mostly due to new data that reflected stronger consumer spending than previously thought.

The upcoming report will also include data on personal consumption expenditures, a key measure of spending that also reflects price changes.

Core PCE, which excludes the volatile costs of food and energy, is estimated at 0.1% month-on-month, and 1.7% year-on-year. The annualized change would remain below the Federal Reserve's 2% target of inflation, although the core consumer price index has crossed that threshold. The Fed prefers core PCE.

More to come ...