Equities scored modest gains Wednesday with support from upbeat results from Nvidia and a good showing from megacaps. The Dow Jones industrial average rose 0.5 percent, the S&P 500 firmed 0.4 percent, and the Nasdaq gained 0.5 percent. US Treasury yields rose while oil prices and the dollar declined.

Broad-based buying spurred gains nearly across the board. Lower oil prices were viewed as a positive for consumer spending. Among sectors, only energy ended lower after OPEC+ delayed its weekend meeting amid reports of discord, which was seen as delaying any oil output cuts.

Best sectors included consumer discretionary, consumer staples, communications services, and health care.

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.