Equities were mostly better and US Treasury yields declined Wednesday in tepid trading after somewhat supportive US consumer price figures. The Dow industrials eased 0.2 percent, the S&P 500 firmed 0.2 percent, and the Nasdaq was up 1.0 percent. US Treasury yields and oil prices declined while the dollar rose.

Investors generally viewed the CPI report as leaving the Federal Reserve on track for no more rate increases in the current cycle. Growth stocks outperformed, paced by megacaps. Alphabet was the day's featured winner after the firm reported on its artificial intelligence prospects.

Weakness in the banking sector limited the market's upside. Regional bank stocks fell at the open but managed to recover from the day's worst levels. Energy, industrials, consumer staples lagged too. On the upside, information services led the winners, along with real estate, information technology, and utilities.

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.