Equities seesawed to end narrowly mixed Wednesday in a day lacking much impetus. The Dow Jones industrial average and S&P 500 both lost 0.1 percent, and the Nasdaq firmed 0.1 percent. US Treasury yields, the dollar, and oil prices all declined.

Equities faced downward pressure as investors viewed the market as due for a pullback after recent gains. On the positive side, investors tend to view November as a positive month for equities. Investors were hoping for news from several appearance by Federal Reserve officials, especially Fed Chair Jerome Powell in the morning, but officials avoided market-sensitive comments.

Among sectors, worst were communications services, energy, consumer discretionary, consumer staples, and health care. Holding up best were technology and real estate. Oil prices retreated again as the market focuses on slower growth in China and elsewhere as tending to undercut demand.

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.