The S&P 500 recovered some of its losses on Thursday as Treasury yields declined from session highs following a statement by Raphael Bostic, president of the Atlantic Federal Reserve, that he would not support a comeback of more hawkish Fed rate rises.

The S&P 500 edged up by 0.11%, the Dow Jones Industrial Average added 0.57%, or 186 points, and the Nasdaq Composite slipped by 0.1%.

The comments allayed concerns that the Fed could have to reverse its more aggressive 50 basis point rate hikes in response to positive economic indicators.

The 10-Year and 2-Year Treasury rates reached levels not seen in more than ten years as a result of data showing a rise in labour expenses in the fourth quarter and fewer initial unemployment claims than anticipated.

At its investor day on Wednesday, Tesla laid out its cost-cutting strategies, but the company's shares plunged more than 6% as a result of the lack of an update on its ambitions to introduce a more reasonably priced electric vehicle.