Wall Street drifted to a mixed close as drops for Ford Motor and Qualcomm worked against buoyant fashion and cigarette stocks. The S&P 500 rose 0.4% Thursday following healthy gains for stock markets across much of Europe and Asia.

Some calm is returning to Wall Street, and U.S. stock indexes are making only modest moves after much of Europe and Asia rose earlier in the day

US stocks mostly gain early Thursday as investors weigh earnings reports. Amazon results are due after the close and monthly jobs on Friday.

Wall Street is drifting Thursday as gains for fashion brands and cigarette makers help offset drops for Ford Motor and Qualcomm following their latest profit reports. The S&P 500 was up 0.1% in afternoon trading following healthy gains for stock markets across much of Europe and Asia.