Stocks sold off across the board Friday as the market gave back Thursday's good gains to end lower on the week under pressure from rising market interest rates. Rising oil prices and the week's producer and consumer price index reports left investors cautious on the outlook for inflation and rates.

The Dow Jones industrial average lost 0.8 percent, the S&P 500 fell 1.2 percent, and the Nasdaq dropped 1.6 percent on the day. US Treasury yields and oil prices rose while the dollar lost ground. The S&P 500 and Nasdaq both posted a second straight week of declines.

United Auto Worker strikes at major US automakers were in focus though auto stocks were resilient. Big technology shares led the selloff Friday as risk appetite faltered heading into next week's Federal Open Market Committee meeting, with Nvidia and Microsoft among the day's featured losers.

Among other companies in focus, Adobe sold off despite posting strong results Thursday. Lennar, the homebuilder, dropped despite posting quarterly beats on sales and profits. Among sectors, worst were communications services, real estate, information technology, financials, and consumer discretionary.

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.