Equities were mixed to weaker Tuesday with traders inclined to take profits after the recent rally and as the market reacted to mixed earnings reports. The Dow Jones industrial average firmed 0.3 percent, the S&P 500 eased 0.1 percent, and the NASDAQ slipped 0.3 percent. US Treasury yields and oil prices declined while the dollar was mixed.

Megacaps mostly weakened to weigh on the major averages after their recent runup. Big technology shares were mostly weaker after leading the way higher over the last three sessions. Sectors were mixed with communications services, energy, and health care lagging. Industrials, real estate, and financials held up better.

Among stocks trading up on earnings were Concrete Pumping Holdings, PACCAR, and HighPeak Energy. Notable decliners included Cheesecake Factory and Peloton, both off on analyst downgrades. Disappointing guidance from 3M, which noted Covid-related disruptions in China, depressed industrials. Google led megacaps down the Department of Justice began antitrust action over the search engine leader's dominant position in digital advertising.

Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.

Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.