Equities seesawed to end mixed Friday with sentiment hurt broadly by rising bond yields and the view that equities rose too much in January. The Dow Jones industrial average rose 0.5 percent, the S&P 500 fired 0.2 percent, and the NASDAQ was down 0.6 percent. US Treasury yields rose, the dollar was mostly higher, and oil prices rose.

Sectors were mixed in relatively quiet trading ahead of a big week of US economic indicators, starting with consumer prices on Tuesday. Sentiment has soured after the huge upside surprise in employment figures last week, which undercut the bullish case premised on falling inflation and expectations for early rate cuts. US consumer sentiment figures featuring an uptick in near-term inflation expectations were another negative, and investors are cautious about risk assets pending the consumer price reading due next week.

Energy was the day's top performer after Russia announced output cuts but rising oil prices added to upward pressure on bond yields which weighed on the market generally. Other sectors doing relatively well included financials, health care, utilities, and consumer staples. Lagging were communications services, information technology, and consumer discretionary, which reflected a poor showing for megacaps.

Among movers, Lyft dropped on news it would cut prices, which depressed Uber as well. Google continued to sell off to weigh on megacaps. Tesla was another big decliner as autos lagged. Nvidia dropped to lead chipmakers down.

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.