Equities eroded Tuesday as the market consolidated after scoring good gains lately. The Dow Jones industrial average and the S&P 500 both eased 0.2 percent, and the Nasdaq lost 0.6 percent. US Treasury yields declined while oil prices rose and the dollar was mixed.

Stocks got a little bearish kick in the afternoon as minutes of the last Federal Open Market Committee reminded investors that officials remained willing to raise rates if economic data call for it. The minutes also noted that past rate increases and tighter financial conditions pose downside risks. The view that interest rates have peaked remains generally supportive for risk appetite.

Among sectors, best were consumer staples, financials, health care and materials, while lagging were consumer discretionary, information technology, real estate, and communications services. Among Dow stocks, technology suffered Microsoft and Intel had a bad day while Travelers advanced to lift 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.