Dip buying in megacaps bolstered equities Monday after their losses last week. The broader market was mixed with decliners about even with advancing stocks. Rising bond yields kept the market in check and underlying sentiment remains bearish in light of the interest rates and ongoing China growth worries.

The Dow industrial average eased 0.1 percent, the S&P 500 rose 0.7 percent, and the Nasdaq advanced 1.6 percent. US Treasury yields and the dollar rose while oil prices declined.

Investors are awaiting Friday's speech from Federal Reserve Chair Jerome Powell at the Fed's annual Jackson Hole conference. Expectations call for a restatement of the Fed's data dependent position and its inclination to keep rates high for longer given the strong economy and persistent demand-pull inflation. News from China continued to dominate the news with markets underwhelmed by the People's Bank of China's relatively modest rate cuts Monday and other state efforts to bolster the economy and markets.

Technology names had a good day, especially Apple and Microsoft, plus chipmakers, led by Nvidia ahead of its earnings this week. Electric vehicles outperformed, along with biotech, truckers, and construction and engineering. On the downside, homebuilders, banks, utilities, food, and real estate 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.