Stocks weakened Tuesday on rising oil prices and higher bond yields with big growth stocks lagging. The Dow Jones industrial average declined 0.3 percent while the S&P 500 and Nasdaq lost 0.2 percent. US Treasury yields, the dollar, and oil prices all rose.

Oil prices retreated from early highs to help equities recover from their morning lows. Megacaps including Apple, Facebook, and Microsoft managed to end higher after an early selloff while Amazon ended down after announcing big hiring plans for the holidays and an bump in hourly pay.

Markets were cautious ahead of Wednesday's Federal Reserve policy announcement and other central bank policy news due this week. Investors are expecting no rate move Wednesday but a reiteration of the Fed's tightening bias. Rising oil prices, with Brent crude just below $100 a barrel, have renewed inflation worries and revived fears of more rate increases later in the fall.

Among sectors, worst were communications services, industrials, consumer staples, 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.