NEW YORK/LONDON >> MSCI’s global equities gauge rose today, while Wall Street stocks dipped and U.S. Treasury yields fell after a mixed bag of economic data and Federal Reserve officials’ comments suggested more interest rate cuts on the horizon.

U.S. shares had surged on Wednesday after data showed easing in U.S. core inflation. While today’s data included a U.S. retail sales increase in December, it was below expectations.

The number of Americans filing new applications for unemployment benefits increased more than expected last week but remained at levels consistent with a healthy labor market.

U.S. Treasury yields slipped in a choppy market, with investors reacting to Federal Governor Christopher Waller saying three or four interest cuts this year are still possible if U.S. economic data weakens further.

On Wall Street, major indexes fell a day after they registered their biggest daily percentage gains since the Nov. 6 rally following the U.S. presidential election.

“It was a roller coaster from Friday’s job print up through yesterday’s CPI,” said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson.

“It feels like the market is taking a breather, digesting some smaller economic news, digesting some of the testimonies in D.C. and really looking forward to next week as a major catalyst.”

With President-elect Donald Trump due to be inaugurated on Monday, investors were closely monitoring U.S. Senate Finance Committee testimony from Scott Bessent, Trump’s nominee to lead the Treasury Department.

Bessent said extending Trump’s 2017 tax cuts was a top priority, that the Fed should stay independent and he was ready to impose tougher sanctions on Russia’s oil sector. This followed his prepared remarks that the U.S. must prioritize investing to grow the economy over “wasteful spending that drives inflation.”

While investors have been hoping for fewer regulations under Trump, they have been dealing with the uncertainty of whether his tariff policies would push inflation higher.

“Bessent, fortunately, is one of the less controversial appointments and so far most his comments have followed with expectations. It does reinforce the view that this is a pro-market, pro-business administration with Bessent a very important appointment,” said Hetts.

On Wall Street, at 2:42 p.m. ET, the Dow Jones Industrial Average was down 36.83 points, or 0.08%, at 43,184.86. The S&P 500 slid 2.23 points, or 0.04%, to 5,947.68 and the Nasdaq Composite fell 84.99 points, or 0.44%, to 19,426.25.

MSCI’s gauge of stocks across the globe rose 2.38 points, or 0.28%, to 849.68. Earlier, Europe’s STOXX 600 index closed up 0.98%, with luxury stocks boosted after Cartier jewelry owner Richemont’s results exceeded analysts’ expectations.

Chip stocks around the world got a lift from Asian chipmaker Taiwan Semiconductor Manufacturing Co reporting a record quarterly profit, in line with expectations. The Philadelphia semiconductor index rose 1.1%.

In currencies, the U.S. dollar fell today as traders digest a slew of mixed economic data to gauge the outlook for Fed rate cuts this year.

The dollar index, which measures the greenback against a basket of major currencies, fell 0.09% to 108.93, with the euro up 0.14% at $1.0303.

Against the Japanese yen, the dollar weakened 0.82% to 155.18 after comments from Governor Kazuo Ueda prompted traders to price in a more than 70% chance the Bank of Japan will raise interest rates next week.

In bonds, the yield on benchmark U.S. 10-year notes fell 6.1 basis points to 4.592%, from 4.653% late on Wednesday. The 30-year bond yield fell 4.6 basis points to 4.8317% from 4.878%.

The 2-year note yield, which typically moves in step with expectations for the Fed’s interest rate path, fell 3.4 basis points to 4.23%, from 4.264% late on Wednesday.

In commodities, oil prices slipped with Yemen’s Houthi militia expected to halt attacks on ships in the Red Sea, while investors digested the complex ceasefire accord between Israel and militant group Hamas.

U.S. crude settled down 1.7% at $78.68 a barrel and Brent settled at $81.29 per barrel, down 0.9%.

U.S. natural gas futures closed at a two-year high on colder weather forecasts for the Martin Luther King, Jr. Day holiday weekend, which may cut output by freezing gas wells and pipes even as demand for heating fuel rises to a record high.

Gold prices rose to a more-than-one-month high after the latest U.S. economic data pushed Treasury yields down. Spot gold rose 0.71% to $2,714.94 an ounce. U.S. gold futures rose 1.38% to $2,749.80 an ounce.