Equities ended narrowly mixed to lower Monday in quiet trading. The Dow Jones industrial average declined 0.6 percent, the S&P 500 lost 0.2 percent and the Nasdaq rose 0.1 percent. US Treasury yields and oil prices rose while the dollar slipped.

The market saw rotation out of cyclical and value plays after their gains last week and back into momentum and growth plays, which outperformed on the day. Utilities and real estate stocks lagged as market rates rose after a stronger than expected US purchasing managers report.

Other weak sectors included homebuilders, machinery, road/rail, housing-related retail, and media. On the positive side, big technology shares were mostly better. Chipmakers, China tech, energy, industrials, and metals had a good day.

Investors are focusing this week on employment data, including the job openings report due Tuesday, ADP employment on Wednesday, and nonfarm payrolls on Friday.

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.