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.

Asian shares are trading mostly higher after a Wall Street rally that followed profit reports from major companies

US stocks rallied on Tuesday after President Donald Trump temporarily paused tariffs on Mexico and Canada, but not on China, which gave Wall Street a break from escalating trade tensions and helped major indexes snap a two-day losing streak.

Wall Street shifted lower in early trading Wednesday as markets took in more corporate earnings reports while considering the impact of tariffs being imposed by the United States and China.