Dip-buying in blue chips after last week's selloff lifted equities Monday. The Dow industrial average rose 1.2 percent, the S&P 500 gained 0.9 percent, and the Nasdaq firmed 0.6 percent. US Treasury yields and the dollar rose while oil prices fell.

Risk appetite recovered with Dow stocks leading the way, paced by Boeing, Amgen, and Johnson & Johnson. Apple was a notable laggard as the market continued to react badly to the iPhone maker's quarterly results from last week. Tesla had a bad day too on news its CFO had stepped down.

Among sectors, big technology shares outperformed despite Apple's losses. Media & entertainment lifted communications services. Banks, asset managers, and insurers outperformed to boost financials. Restaurants, homebuilders, and cruise lines powered consumer discretionary. Laggards included electric vehicles, department stores, food, chipmakers, and networking/communications.

Comments from Federal Reserve officials were mixed for risk. New York Fed President John Williams spoke of the possibility that rates have peaked and raised the prospect of rate cuts in 2024. Fed Governor Michelle Bowman, on the other hand, repeated that more rate hikes are likely to be needed.

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.