Stocks recovered slightly Thursday as some investors saw value after four days of losses in the S&P 500. Megacaps managed to retrace some recent losses after weighing on the major averages earlier. The Dow Jones industrial average firmed 0.3 percent, the S&P 500 rose 0.5 percent, and the NASDAQ was up 0.7 percent. US Treasury yields declined, the dollar was mixed, and oil prices rose.

Nvidia's strong quarter gave semiconductor stocks a boost. Other winners on earnings included Bumble, Planet Fitness, Bath & Body Works, and Apache, the driller. Wayfair, Lucid Group, and Domino's Pizza were notable decliners on disappointing quarterly results.

Among sectors, best were energy, chipmakers, airlines, and grocery stores. Lagging were streaming entertainment, restaurants, metals, waste companies, telecom, and insurance.

Market rates continued to correct lower after their move higher. Still, risk appetite remains depressed by the Federal Reserve's hawkish stance and the recent run of surprisingly strong economic data. Thursday's unexpectedly low jobless claims figure played into the view that a resilient labor market calls for more rate hikes.

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.