Stock market today: Wall Street ends mixed, and yields rise after solid data on the economy

The S&P 500 slipped 16.13 points, or 0.3%, to 4,688.68 and is on track for its first losing week in the last 10. The Dow Jones Industrial Average eked out a gain of 10.15 points, or less than 0.1%, to 37,440.34, and the Nasdaq composite fell 81.91 points, or 0.6%, to 14,510.30.

Walgreens Boots Alliance sank 5.1% after it nearly halved its dividend so it could hold on to more cash. That helped overshadow gains for airlines and cruise-ship operators, which recovered some of their sharp losses from earlier in the week. Carnival steamed 3.1% higher, and United Airlines got a 2.4% lift.

U.S. stocks broadly regressed this week after rallying into the end of last year. Critics said the market was due for at least a breather following its big run that fed on hopes inflation cooled enough for the Federal Reserve to cut interest rates this year. Rate cuts give a boost to prices for stocks and other investments.

Treasury yields in the bond market eased since autumn on expectations for such cuts, but 10-year Treasury yields rose to 3.99% Thursday from 3.91% late Wednesday following reports showing the job market may be stronger than expected. The yield on the two-year Treasury climbed to 4.39% from 4.33%.

The economy is in a delicate phase where investors want it to remain solid, but not too hot. A healthy job market is good for workers, but too much strength could prod the Federal Reserve to keep interest rates high because it could keep upward pressure on inflation. The Fed already hiked its main interest rate to the highest level since 2001.

A report from the U.S. government Thursday showed fewer U.S. workers filed for unemployment benefits last week than expected. Another from ADP Research Institute said private employers accelerated hiring last month by more than economists expected.

A third report from S&P Global said growth for financial businesses and others in U.S. services industries was stronger last month than expected.

Indexes were modestly higher in much of Europe and a bit lower in much of Asia.

In Tokyo, the market reopened from the New Year holidays with a moment of silence after a major earthquake Monday left dozens of people dead. Japan’s benchmark Nikkei 225 fell 0.5%.

On Wall Street, Peloton Interactive jumped 13.9% after it announced a partnership to bring its workout content to TikTok.

APA fell 7.3% after it said it will buy Callon Petroleum in an all-stock deal valued at roughly $4.5 billion, including debt. Callon Petroleum gained 2.9%.