NEW YORK — 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 morning trading following healthy gains for stock markets across much of Europe and Asia. The Dow Jones Industrial Average was down 108 points, or 0.2%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.

Tapestry, the company behind the Coach and Kate Spade brands, helped lead the market and jumped 13.9%. It reported stronger profit for the latest quarter than analysts expected, thanks in part to attracting new, younger customers. Tapestry also raised its forecast for revenue and profit growth this fiscal year.

Philip Morris International, which sells Marlboro cigarettes and smokeless tobacco products around the world, was one of the strongest forces pushing upward on the S&P 500 and rose 9.1% after reporting a better profit than expected. It also gave financial forecasts that topped expectations, and analysts pointed in particular to strength for its Zyn nicotine pouches.

They helped offset a 6.3% drop for Ford Motor, which fell even though the automaker delivered a stronger profit and revenue for the latest quarter than analysts expected. Investors focused instead on Ford’s financial forecasts for 2025, which the company said incorporates “headwinds related to market factors.”

The company gave a forecasted range for how much cash it will generate this year whose midpoint fell below analysts’ expectations, for example.

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Qualcomm Falls 4.9%

Qualcomm, meanwhile, weighed on the tech industry after falling 4.9%. The company, whose products help power smartphones and other devices, reported profit for the latest quarter that topped analysts’ forecasts, and analysts called the performance solid. But they also said expectations were high, and worries are rising about the wireless chip industry broadly.

In the bond market, Treasury yields held relatively steady after a report said more U.S. workers filed for unemployment benefits last week than expected, though the number remains low compared with history. A more comprehensive report will arrive on Friday, showing how many jobs U.S. employers added during the month of January.

The U.S. economy has remained much more solid than critics feared, but pressure is rising in part because of the threat of potential tariffs coming from President Donald Trump..

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After rocking financial markets around the world at the start of this week, worries about a potentially punishing global trade war have eased a bit after Trump gave 30-day reprieves for tariffs on both Mexico and Canada. That bolstered hopes that Trump sees tariffs as merely a tool for negotiation, rather than as a long-term policy.

While discussing Ford Motor’s earnings and financial forecasts, CEO Jim Farley said his company can manage a “few weeks” of tariffs of 25% on Canadian and Mexican imports. But if they’re protracted, they would have “a huge impact on our industry,” resulting in higher prices for customers, losses of U.S. jobs and billions of dollars of industry profits wiped out.

Elsewhere on Wall Street, another company reliant on spending by consumers around the world, Ralph Lauren, leaped 14% after reporting stronger profit and revenue than expected. Growth was particularly strong in China, where the company recently opened stores in Hong Kong and Beijing.

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Eli Lilly Rallied While Honeywell Fell

Eli Lilly rallied 3% after the drugmaker showed how demand for its hot-selling diabetes and obesity treatments is swelling its profits.

Honeywell fell 6.2% after announcing it will split into three independent, publicly-traded companies, following in the footsteps of other conglomerates such as General Electric.

The North Carolina company, one of the few U.S. conglomerates still in existence, expects to complete the spin-off of its automation and aerospace technologies businesses sometime in late 2026.

In stock markets abroad, London’s FTSE 100 jumped 1.4% after the Bank of England cut its main interest rate as it slashed its forecast for economic growth. The British economy has barely grown over the past six months, and the Bank of England halved its growth projection for the British economy this year to 0.75%.

Stock indexes also rose 1.3% in Paris, 1.4% in Hong Kong and 0.6% in Tokyo.

The yield on the 10-year Treasury was holding at 4.43%, where it was late Wednesday.