(Bloomberg) -- The rotation out of tech shares and into cyclicals, sparked by promising vaccine news, reversed Wednesday as investors cast a wary eye on a batch of data that suggest a possible slowdown in economic growth. Treasuries edged higher.The S&P 500 Index pared losses to trade little changed after closing a record. The Dow Jones Industrial Average fell back below 30,000. The tech-heavy Nasdaq indexes edged higher. Volume is starting to dwindle in the final hour of trading. U.S. markets are closed Thursday for a holiday, leading to a deluge of data that brought the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deficit.Minutes from the Federal Reserve’s latest meeting did little to alter views. The central bank discussed providing more guidance on its bond-buying strategy during the Nov. 4-5 policy meeting. Traders are also assessing the pandemic’s effect on the economy as cases continue to rise and more jurisdictions tighten restrictions.“The market is caught between two powerful impulses -- optimism for the post-pandemic world and fear because present reality is that the pandemic is exploding throughout the country,” said Jeff Klingelhofer, co-head of investments and portfolio manager at Thornburg Investment Management, which has $44 billion in total client assets. “Markets could be choppy, but downside is likely limited by the vaccine.”Small caps slumped. The Russell 2000 is still up 20% in November, headed for the best month in its 41-year history. Gold was little changed, Bitcoin pulled back from near a record and the 10-year Treasury yield fell. The dollar weakened.The mediocre economic data dimmed positive vaccine news and the formal start of President-elect Joe Biden’s transition to power -- including the selection of Janet Yellen as Treasury secretary -- that had fueled optimism about the outlook for risk assets. At the same time, restrictions to curb surging coronavirus cases threaten to slow the world’s economic recovery. An MSCI gauge of global shares stalled on Wednesday after gaining 13% in November, still set for the best month since 1988.“We remain on fragile footing heading into the winter as cases continue to climb globally,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “And since the markets are forward looking, this data will likely be taken in stride. The markets tend to cheer on certainty so the presidential transition and vaccine developments are two factors it’s latched onto lately.”In Europe, the Stoxx Europe 600 Index edged lower, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. ABN Amro Bank NV and Commerzbank AG dropped more than 3% and led euro-area lenders lower after the European Central Bank said the industry will probably have to set aside more money to soak up losses when government pandemic support ends.Here are some key events coming up:Thursday sees a policy decision and briefing from the Bank of Korea.U.S. celebrates the Thanksgiving holiday on Thursday. The stock market closes at 1 p.m. on Friday.The week ends with Black Friday, the traditional start of the U.S. holiday shopping season.Here are the main moves in markets:StocksThe S&P 500 Index slid 0.1% as of 3:15 p.m. New York time.The Stoxx Europe 600 Index declined 0.1%.The MSCI Asia Pacific Index was little changed.The MSCI Emerging Market Index fell 0.4%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro gained 0.2% to $1.1914.The British pound rose 0.1% to $1.3378.The onshore yuan strengthened 0.3% to 6.574 per dollar.The Japanese yen was little changed at 104.4 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 0.87%.The yield on two-year Treasuries was little changed at 0.16%.Germany’s 10-year yield fell one basis point to -0.58%.Britain’s 10-year yield declined to 0.318%.Japan’s 10-year yield dipped less than one basis point to 0.021%.CommoditiesWest Texas Intermediate crude gained 3.6% to $45.62 a barrel.Brent crude gained 1.5% to $48.59 a barrel.Gold futures were flat at $1,810.70 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.