Megacap weakness weighed on equities Wednesday as early dip-buying gave way to selling. The Dow Jones industrial average eased 0.1 percent. The S&P 500 fell 0.6 percent, its fourth straight decline, and the Nasdaq lost 1.2 percent. US Treasury yields and oil prices slipped while the dollar rose.

Nvidia, Intel, and other chipmakers sank as these recent investor favorites saw more profit-taking after their huge run over the last 12 months. High-fliers including Apple, Amazon, Meta and Microsoft sank to weigh on the major averages.

On the positive side, earnings season has gotten off to a mostly positive start, and market interest rates declined Wednesday as US Treasuries corrected from their recent selloff. Treasuries also got a late boost from a well-received 20-year bond sale.

The market's mixed showing was reflected in a split among sectors, with worst performers including information technology, real estate, industrials and consumer discretionary. On the positive side, best were consumer staples, financials, materials, utilities and communications services.

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.