Disappointing earnings and rising bond yields on worries before Federal Reserve Chair Jerome Powell's appearance Tuesday undercut equities Monday as the market continued to give back January's gains. The Dow Jones industrial average eased 0.1 percent, the S&P 500 lost 0.6 percent, and the NASDAQ was off 1.0 percent. US Treasury yields surged for a second day while the dollar and oil prices also rose.

Equities came off amid expectations that Fed Chair Powell will push back on the market's bullish take on his post rate-hike comments in light of blowout strength in US employment figures. Comments from Atlanta Fed President Raphael Bostic underlined this view as Bostic told Bloomberg the latest jobs report raises the prospect that rates will need to move to a higher peak than previously expected.

Earnings were another blow for market sentiment with weak results from Tyson Foods and Children's Place among the featured decliners. Bearishness linked to renewed US-China tensions was another negative as the dispute over China's evident spy balloons came shortly after China's reopening had fueled a big move back into Chinese equities.

Among sectors, the day's only winners were consumer staples and utilities amid risk-off sentiment. The biggest losers were materials, information technology, and communications services.

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.