Equities ended narrowly mixed Friday -- but remained stronger on the week -- in relatively muted trading after a mixed batch of earnings reports. The Dow Jones industrial average firmed 0.2 percent, the S&P 500 eased 0.1 percent and the Nasdaq lost 0.4 percent. US Treasury yields and oil prices rose while the dollar was mixed but mostly lower.

Stocks saw broad-based buying Friday and the mood remained positive after a personal income and spending report that generally bolstered the soft landing/no landing narrative. Bond yields rose as traders sold on the mostly as-expected good inflation news, and pending home sales figures also came in stronger than expected.

Friday's stock price action showed losses among chipmakers after disappointing guidance from Intel, along with weakness among megacaps including Apple and Microsoft that weighed on the averages. On the positive side, earnings lifted American Express to bolster financials.

Among sectors, other winners included health care, consumer discretionary and energy. Lagging were information technology, materials, industrials, and real estate.

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.