US stocks recovered from early losses to close slightly higher on Thursday, with the S&P 500 bouncing from a two-week low. This came as a global bond selloff reversed course after sending US Treasury yields to multi-decade highs. Yields turned lower and further declined after Fed Vice Chair Philip Jefferson suggested the central bank may be patient before hiking rates again, following a 25 basis point hike in September. The two-year US Treasury yield dropped about 10 basis points, poised for its biggest daily drop since August 2025. Earlier, economic data, including weekly initial jobless claims dipping to 197,000 (below forecast), had pushed Treasury yields higher, with the benchmark 10-year Treasury note hitting a 24-year high.