(Bloomberg) — Stock prices fluctuated in a quiet post-holiday session, with mixed jobless claims data doing little to change bets on the Federal Reserve’s interest rate outlook.

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The S&P 500 rebounded from session lows but struggled to gain traction after its best Christmas Eve performance since 1974, according to data compiled by Bespoke Investment Group. With major European markets closed, trading volumes were low. Bitcoin fell as traders reduced risk after a record run.

Recurring jobless claims in the U.S. have risen to their highest level in more than three years, another sign that unemployed people are taking longer to find jobs. Meanwhile, in the week ending December 21, initial claims fell to 219,000.

“Employment claims are too loud to trigger a move,” said Andrew Brenner of NatAlliance Securities. “Currently the direction for bonds is lower and steeper, but that could change in the near term. As for the Fed’s outlook, they believe they have convinced markets that the recalibration period is over. And that the number of rate cuts next year will be minimal.”

The S&P 500 has barely changed. The Nasdaq 100 fluctuated. The Dow Jones Industrial Average rose 0.1%. Most mega-caps fell, although Apple Inc. outperformed after a bullish note from Wedbush. GameStop Corp. rebounded after an X post from Keith Gill, the online personality known as Roaring Kitty.

The 10-year Treasury yield rose two basis points to 4.61%. The Bloomberg Dollar Spot Index gained 0.1%.

Company highlights:

• Alibaba Group Holding Ltd. agreed to merge its South Korean operations with E-Mart Inc.’s e-commerce platform to better compete in the country’s fast-moving online retail sector.

• Progressive Corp. was upgraded to Outperform versus Market Performance at Raymond James. Raymond James wrote that “the company’s long-term track record of growth and value creation makes it a core holding for large-cap growth investors.”

Important events this week:

• Japan Tokyo CPI, Unemployment, Industrial Production, Retail Sales, Friday

• US goods trade, Friday

Some of the key moves in the markets:

Shares

• The S&P 500 was little changed at 11:48 a.m. New York time

• The Nasdaq 100 has barely changed

• The Dow Jones Industrial Average rose 0.1%

• The MSCI World Index has hardly changed

Currencies

• The Bloomberg Dollar Spot Index rose 0.1%

• The euro was little changed at $1.0415

• The British pound fell 0.4% to $1.2512

• The Japanese yen fell 0.5% to 158.06 per dollar

Cryptocurrencies

• Bitcoin fell 2.2% to $96,270.57

• Ether fell 3.3% to $3,350.77

The story continues