Equities retreated Friday as the market gave back some of its recent advance. The Dow Jones industrial average declined 0.2 percent, the S&P 500 lost 0.7 percent, and the Nasdaq slipped by 1.2 percent. US Treasury yields and oil prices fell while the dollar was mixed but mostly higher.

US Treasury yields declined after a mixed employment report that left intact expectations for Federal Reserve rate cuts in June or July. Investors are already looking ahead to economic data next week including consumer prices on Tuesday and retail sales on Thursday.

Equities started off strong but the major indexes fell back as key growth stocks rolled over amid profit-taking for market favorites like Nvidia and Meta. Nvidia is still up 82 percent year to date while Meta is up 46 percent. Value/cyclical shares outperformed.

Amid sectors, best were health care, financials, real estate and communications services. Lagging were materials, consumer discretionary, information technology and consumer staples.

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.