Wall Street drifted to a mixed close as drops for Ford Motor and Qualcomm worked against buoyant fashion and cigarette stocks. The S&P 500 rose 0.4% Thursday following healthy gains for stock markets across much of Europe and Asia.

Wall Street experiences mixed performance as fashion and tobacco stocks surge, while automotive and tech sectors face challenges.

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 rose

Qualcomm stock is lower Thursday even after the chipmaker reported strong earnings and gave an encouraging outlook. This is what investors need to know.

Qualcomm on Wednesday forecast sales and profits above analyst expectations as artificial intelligence features helped fuel demand for smartphones, and its share price fell after the bell on expectations of flat revenue from its patent licensing business.