Stocks weakened Tuesday with risk appetite hurt by concern about a slowing economy. The Dow industrials and the S&P 500 both declined 0.6 percent and the Nasdaq was off 0.6 percent. US Treasury yields and the dollar declined while US benchmark oil prices rose.

Stocks initially traded higher but sentiment shifted to risk off after US job openings figures suggested a weaker than expected employment picture. Risk appetite also suffered from JP Morgan Chase CEO Jamie Dimon's comment that regional banking turmoil will hurt economic performance for years to come.

Financials led the decliners after the Dimon comments, along with other cyclicals -- industrials, materials and energy. On the positive side, defensive sectors including utilities outperformed along with communications services. Megacaps had a decent day as they are seen as relatively impervious to the business cycle. Amazon, Alphabet, and Meta advanced to underpin the major stock averages.

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.