Stocks ended narrowly mixed Wednesday in convictionless trading with more stocks declining than advancing but megacaps mostly better. The Dow Jones industrial average eased 0.2 percent, the S&P 500 firmed 0.1 percent, and the Nasdaq gained 0.3 percent. US Treasury yields were flat to lower. The dollar was mixed but mostly lower, and oil prices declined.

Highly-anticipated consumer price index figures generally matched expectations, which left intact expectations for no rate move from the Federal Reserve next week but even money on a rate hike in November. Recent increases in energy costs have renewed inflation concerns, as evident in the CPI report. Airlines suffered Wednesday after American, Frontier, and Spirit all warned of a hit to profits from higher fuel costs.

Among sectors, information technology, consumer discretionary, health care, and utilities outperformed while lagging were industrials, materials, energy, and real estate.

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.