NEW YORK >> U.S. stock indexes drifted lower Thursday following a mixed set of earnings reports from Morgan Stanley, UnitedHealth Group and other big companies.

The S&P 500 slipped 0.2% after flipping between small gains and losses through the day. More stocks rose within the index than fell, but drops for some influential stocks like Tesla outweighed them.

The Dow Jones Industrial Average dropped 68 points, or 0.2%, and the Nasdaq composite fell 0.9%.

The relatively modest moves for stocks came a day after they shot higher on hopes that an encouraging report on inflation may convince the Federal Reserve to deliver more cuts to interest rates this year. Treasury yields were also more placid in the bond market following mixed economic reports on Thursday.

One report showed growth for sales at U.S. retailers wasn’t as strong last month as economists expected. Another said more U.S. workers filed for unemployment benefits last week, and a third said manufacturing in the mid-Atlantic area unexpectedly roared back to growth.

Taken together, the trio of reports suggests the U.S. economy is nowhere near a recession but may be showing some signs of slowing that could keep pressure off inflation. Markets have been lurching down and up in recent weeks as economic reports force traders to revamp their expectations about what the Federal Reserve may do with interest rates in 2025.

When reports have calmed worries about inflation, expectations have climbed for possible cuts to rates. That has typically sent Treasury yields lower and stock prices higher. When inflation looks to be a bigger problem, whether through a still-solid economy or possible policies coming from President-elect Donald Trump, Treasury yields have climbed, and stock prices have tended to sink.

On Thursday, yields eased. The yield on the 10-year Treasury fell to 4.61% from 4.66% late Wednesday and from 4.79% on Tuesday.