NEW YORK — Stocks are drifting mostly lower in early trading on Wall Street today as the market cools off following a rare winning week and the best daily gain for the S&P 500 in two years.

The benchmark index gave up an early gain and was off 0.1% in the early going, while the tech-heavy Nasdaq was down 0.4%.

The Dow Jones Industrial Average was little changed.

European markets were mixed and Asian markets closed higher overnight.

Treasury yields were mostly higher. The yield on the 10-year Treasury note, which helps set mortgage rates, rose to 3.18%.

Crude oil prices were mixed.

In Europe, Germany’s DAX gained 0.8% at midday, while the CAC 40 in Paris picked up 0.1% and Britain’s FTSE 100 advanced 0.7%.

In Asian trading, Hong Kong’s Hang Seng index led regional gains, surging 2.4% to 22,229.52, while the Nikkei 225 in Tokyo gained 1.4% to 26,871.27. In South Korea, the Kospi climbed 1.5% to 2,401.92.

Australia’s S&P/ASX 200 added 1.9% to 6,706.00 while the Shanghai Composite index rose 0.9% to 3,379.19.

Positive news about inflation helped push stocks in New York higher on Friday, but the boost to sentiment may prove ephemeral, “largely because the downward trend for equity indices remains intact and we have seen previous instances of a single event pertaining to inflation, economic outlook and central banks’ policies bringing back market jitters and reversing dip-buying sentiments,” Jun Rong Yeap of IG said in a commentary.