Wall Street drifts after mixed reports on inflation and the economy

U.S. stocks are drifting, and yields are climbing Thursday following mixed economic reports that offered no slam-dunk clues about where interest rates are heading. The Standard & Poor's 500 was virtually unchanged in early trading. The Dow Jones industrial average was down 26 points, or 0.1%, as of 9:40 a.m. Eastern, and the Nasdaq composite was flat.

But yields regressed following some speeches that investors saw as hints that the Fed is considering not hiking its main interest rate anymore. The jump in the 10-year Treasury yield has pulled mortgage rates up to their highest levels since the turn of the millennium, and such moves could act to slow the economy without any more hikes to overnight interest rates by the Fed. Nothing in Thursday’s inflation report should sway the Fed one way or the other when it comes to what it will do on Nov.

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