Equities were mostly weaker Wednesday with banking worries again depressing the Dow industrials and the S&P 500 while Microsoft earnings helped lift the Nasdaq. The Dow lost 0.7 percent, the S&P 500 fell 0.4 percent, and the Nasdaq was up 0.5 percent. US Treasury yields rose while oil prices and the dollar slipped.

Ongoing concern over fallout from trouble at First Republic Bank limited risk appetite as well as caution before some notable earnings due after Wednesday's close from Meta, Waste Management, and others. Mostly positive earnings news failed to generate upside momentum, another negative for sentiment.

Sectors were mixed with consumer discretionary, communications services, and technology outperforming. Lagging were energy, materials, industrials, consumer staples, utilities, and health care.

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.