Shares of Dow component JPM Chase got a lift from positive comments from a Bank of America analyst while a report showed private sector hiring rose more than expected in December.

But even that good news was only just enough to keep the Dow in positive territory, fishing up just three one hundredths of one percent. The same wasn't true of the other major indexes.

The S&P 500 dropped a third of one percent and the Nasdaq fell more than half of one percent extending its bleak start to the year following a blistering rally to end 2023.

Bets that the Federal Reserve could start reducing rates this year had driven much of the gains toward the end of 2023, though the latest minutes from the central bank's December policy meeting did not offer many clues on when the easing might begin.

Investors remained cautious on Thursday, and a tick-up in yields on 10-year Treasuries prompted traders to move away from growth stocks toward other sectors.

Penn Mutual Asset Management Portfolio Manager George Cipolloni said investors should pay close attention to the gyrations of the 10-year bond.

"There's been about a 15-basis point move up in the 10 year yield just in the first two days of the year, 2 to 3 days of the year. And I think that what that's telling me is that the market is going to be hypersensitive. Now we have a bunch of economic readings coming out. We had a jobs number today. We have the nonfarm payrolls coming out tomorrow. (flash) "What that's telling me is that the market is going to be ultra-sensitive to these readings and how the bond market responds to these readings. So, I really think that the 10 year yield is the best benchmark to gauge in terms of how stocks may perform."

Apple's stock received its second downgrade of the week with brokerage Piper Sandler cutting the iPhone maker to "neutral," days after Barclays also reduced its rating. Shares fell one percent.

And Walgreens Boots slid five percent after the pharmacy chain slashed its dividend more than 40 percent to conserve cash amid low consumer spending and intense competition.