Stocks ended narrowly mixed Friday with some positive momentum after Thursday's big gains although weakness in megacaps kept the market in check. The Dow Jones industrial average firmed 0.2 percent, the S&P 500 rose 0.1 percent, and the Nasdaq eased by 0.3 percent. US Treasury yields retreated, the dollar rose, and oil prices dropped.

Profit-taking in chipmakers including AMD and Broadcom weighed on technology shares Friday after Thursday's rally powered by a big beat from Nvidia, which managed to close marginally higher Friday after rising 16 percent on Thursday. Apple, Microsoft, and Tesla fell back Friday to depress the major averages.

Bond yields fell back Friday to bolster the market as Treasuries found buyers after Thursday's selloff. Meanwhile, a batch of Federal Reserve speakers late Thursday reiterated the refrain that officials want more confirmation inflation is under control before cutting rates but generally expect to do so later this year. US personal consumption price data due next week will attract a lot of attention from policy-makers and markets.

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.