Equities were mixed to weaker Thursday as growth concerns and earnings news weighed on the averages while megacaps provided support. The Dow industrials declined 0.7 percent, the S&P 500 eased 0.2 percent, and the Nasdaq firmed 0.2 percent. US Treasury yields, oil prices, and the dollar all declined.

More weakness in regional bank stocks, another uptick in jobless claims, and soft Chinese economic readings dampened cyclicals and commodities prices. A somewhat cool US producer price report pushed down Treasury yields, with the yield curve inverting further.

Among sectors, entertainment, energy, financials, real estate, airlines lagged the most. Among entertainment stocks, Disney had a terrible day after reporting disappointing results in its streaming business. On the positive side, health care, homebuilders, retail, and machinery stocks held up better. FANMAGS outperformed with big tech stocks leading.

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.