Weakness in megacaps weighed on equities Wednesday as consolidative pressures into month-end continued, and the major indexes edged down to end at the day's lows. On the positive side, well-received earnings reports, including beats from Intuit and Footlocker, provided support.

The Dow Jones industrial average was flat, the S&P 500 eased 0.1 percent, and the Nasdaq was down 0.2 percent. The dollar and US Treasury yields declined as hopes for rate cuts in May continued despite a mixed batch of Federal Reserve comments. Oil prices rose.

Reaction was limited to an upward revision in gross domestic product figures for the third quarter as investors expect a much weaker showing in the fourth quarter. The latest beige book reported softening business activity with moderating price pressures.

Among sectors, technology, financials, industrials, and real estate outperformed. Lagging were energy, consumer staples, and communications services.

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.