Equities slipped Monday with big technology and megacaps off on valuation worries. The Dow industrial average was flat; the S&P 500 lost 0.4 percent, and the Nasdaq fell 1.2 percent. US Treasury yields and the dollar declined while oil prices rose.

More consolidation and analyst downgrades weighed on megacaps with Goldman joining the string of downgrades on Tesla while Google was downgraded by UBS. Markets seemed relatively blase about the weekend's abortive armed uprising in Russia but uncertainty dampened risk appetite.

Sectors were mixed with lagging sectors including technology, communications services, consumer staples, and health care. Holding up better were energy, industrials, materials, health care, and real estate. Stocks in focus included Pfizer, which sold off after bad news about its obesity drug, and SL Green, the real estate investment trust, up after selling a big stake in its Park Avenue property.

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.