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U.S. stocks are drifting, a day after tumbling on worries that interest rates may stay high for a while. The S&P 500 was virtually unchanged Thursday. The Dow fell 165 points, and the Nasdaq composite was 0.4% higher. In the bond market, which has been driving much of Wall Street’s action, Treasury yields were mixed and keeping up the pressure on stocks. They initially fell but then rose following mixed data on the U.S. economy and speculation about when the European Central Bank may cut interest rates. With hopes dimming for U.S. rate cuts, companies will need to deliver bigger profits to justify their high stock prices.

United statesChris larkinElaine kurtenbachOhsung kwonSavita subramanianMatt ottFederal reserveEuropean central bankMorgan stanleyBofa global researchAssociated pressDow jones industrial averageWall streetModelo especialSouth koreaWriters matt ott