Stocks faltered late Thursday to end lower with pressure from megacaps amid profit-taking after a decent runup earlier in the week. The Dow Jones industrial average declined 0.5 percent, the S&P 500 slipped 0.2 percent, and Nasdaq firmed by 0.1 percent. For the month, the Dow lost 2.6 percent, the S&P fell 1.5 percent, and the Nasdaq lost 1.7 percent.

Markets were in a bit of a waiting game ahead of the jobs report Friday. Thursday's major economic data point, the personal consumption expenditures price index, matched expectations to leave investor hopes intact for a steady slowing in inflation. Comments from Atlanta Fed President Raphael Bostic also proved supportive as he repeated his line that there is plenty of tightening already slowing the economy, and the Fed should be patient.

Salesforce beat market expectations in the day's big company earnings report, and its comments on artificial intelligence played into the market's hopes for AI.

Among sectors, best were autos, banks, apparel, chipmakers, retailers, and software. Lagging were health care, restaurants, drug stores, and transports.

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.