Equities seesawed in slim ranges but rose slightly late Monday in quiet trading as investors awaited earnings news and jobs data later in the week. The Dow industrial average rose 0.3 percent while the S&P 500 and the Nasdaq both gained 0.2 percent. US Treasury yields, the dollar, and oil prices all rose.

Megacap weakness weighed on the major averages, in part due to caution before earnings due Wednesday from Amazon and Apple. Other big names reporting this week include AMD, CVS, Caterpillar, Qualcomm, Pfizer, Starbucks, and Airbnb. There is also hesitation ahead of the US jobs report due on Friday.

Sectors were mixed with energy outperforming as oil prices extended recent gains. Other leaders included real estate, financials, materials, utilities, and consumer discretionary. Lagging were technology, health care, and consumer staples.

The big six Dow stocks ended July with strong gains, led by Boeing, 3M, and Goldman Sachs, to rival the big seven Nasdaq tech stocks which have led the winners so far in 2023. On Monday, Chevron outperformed in the Dow while lagging were Intel, Amgen, and Johnson & Johnson.

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.