Equities sagged Friday in a broad-based selloff as concern about interest rates and slowing growth weighed on global risk appetite. The Dow industrials lost 0.7 percent, the S&P 500 fell 0.8 percent, and the Nasdaq was down 1.0 percent. US Treasury yields, the dollar, and oil prices all declined.

Weaker than expected flash PMI reports for Europe, Japan, Australia, and the US dampened growth expectations and depressed bond yields. At the same time, aggressive rate hikes and hawkish talk from global central banks his week kept investors focused on prospects for more rate increases. It also renewed worries that growth is likely to slow. Equities also appeared ready to correct further after their strong performance over the last month.

Big technology-oriented stocks led the decliners, including Nvidia and Tesla, with the latter hit by a series of analyst downgrades. Commodity-oriented stocks suffered as oil and other commodities slipped on growth worries.

Among sectors, technology, communications services, consumer discretionary, materials, and energy lagged.

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.