Equities pulled back to end narrowly mixed but mostly lower Wednesday after Tuesday's rally. Big technology stocks that led the way higher Tuesday led the way down Wednesday. The Dow Jones industrial average firmed 0.1 percent, the S&P 500 eased 0.2 percent, and the Nasdaq slipped 0.5 percent. US Treasury yields, the dollar, oil prices all rose.

Nvidia and Tesla led the decliners alongside semiconductors, other tech equipment, big pharma, drug stores, discount chain stores and truckers. On the positive side, best performers included
big banks, insurance, utilities, cruise lines, and restaurant chains. Notable winners on earnings included Williams-Sonoma, Texas Roadhouse, and cruise lines Carnival and Royal Caribbean.

Tesla suffered from profit-taking plus a downgrade at Wells Fargo. McDonalds came off after gloomy comments from the firm on international sales. Dollar Tree, the discount store, dropped after weak quarterly results and guidance.

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.