Stocks end mixed as bond yields advance

U.S. stock indexes drifted to a mixed close Thursday after more reports showing the economy remains stronger than expected.

The Standard & Poor’s 500 index fell 0.2% for its fifth straight loss, its longest such streak since October. The Dow Jones industrial average edged up by 0.1%, and the Nasdaq composite slipped 0.5% after a mixed set of profit reports from big companies.

Treasury yields rose after the release of the strongerthan-expected economic data that showed the number of layoffs across the country remains relatively low and that manufacturing in the mid-Atlantic region accelerated unexpectedly.

Equifax dropped 8.5% for one of the market’s bigger losses after it reported weaker revenue for the latest quarter than analysts expected. High interest rates are pressuring its mortgage credit inquiry business.

Las Vegas Sands fell 8.7% even though it reported better results than expected. Analysts said investors may be worried about competition that the casino and resort company is facing in Macau.

Helping to offset those losses was Elevance Health, which climbed 3.2% after raising its profit forecast for the full year.

Stocks broadly have been struggling recently as yields in the bond market charge higher.

Yields climbed a bit higher after more reports Thursday showed the U.S. economy remains stronger than expected.

One report said fewer workers applied for unemployment benefits last week than economists expected. It’s the latest sign that the job market remains remarkably solid despite high interest rates.

That resilience “continues to generate a solid f low of paychecks to keep fueling consumer demand,” said Carl Riccadonna, chief U.S. economist at BNP Paribas.

Another report Thursday said growth in manufacturing in the mid-Altlantic region accelerated sharply. Econonmists were expecting a contraction.

A third report said sales of previously occupied U.S. homes didn’t fall as much last month as economists expected.

Similar data, along with reports showing inflation has remained hotter than forecast this year, pushed top Fed officials to say recently they could hold interest rates high for a while.

Traders are now forecasting just one or two rate cuts by the Federal Reserve this year, according to data from CME Group, down from expectations for six or more at the start of the year.

In the bond market, the yield on the 10-year Treasury rose to 4.64% from 4.59% late Wednesday. The two-year Treasury yield, which moves more closely with expectations for Fed action, rose to 4.98% from 4.94%.

In stock markets abroad, indexes rose modestly across much of Europe and Asia.