Equities slipped Thursday amid rising bond yields and hawkish comments from Federal Reserve Chair Jerome Powell. The Dow Jones industrial average lost 0.7 percent, the S&P 500 fell 0.8 percent, and the Nasdaq was down 0.9 percent. US Treasury yields rose, the dollar fell, and oil prices rose.

Stocks faced profit-taking pressures from the open Thursday after their better performance lately. Even with Thursday's losses, the S&P is up nearly 5 percent in November.

Selling gathered steam as long yields jumped on weaker than expected results in the monthly long bond auction. Yields rose further and stocks saw more selling after Powell said at midafternoon officials are not confident that policy is sufficiently restrictive to tame inflation, and the process of getting inflation sustainably down to 2 percent has a long way to go.

All 11 stock sectors suffered losses. Megacaps were leaders in falling back as bond yields ticked up. Weakest sectors included health care, consumer discretionary, real estate, consumer staples, utilities, materials, and financials.

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.