Equities ended narrowly mixed Friday in very quiet trading as the market awaited inflation reports next week. The Dow Jones industrial average rose 0.3 percent, it eighth straight uptick. The S&P 500 firmed 0.2 percent and the Nasdaq was flat. Bond yields rose while oil prices and the dollar dipped.

Equities came off early highs on midmorning news of a unexpected drop in consumer sentiment and surprisingly high consumer inflation expectations figures. Another round of comments from Federal Reserve officials maintained the recent cautious stance on the outlook for rate cuts. On the other hand, forecasters still generally expect disinflation momentum in the second half to lead to Fed easing. The theory will be tested again with consumer price and producer price figures due next week.

Among sectors, best were chipmakers, industrial metals, insurance, information technology hardware and media. Lagging were energy, utilities, real estate, parcels and logistics, cosmetics, and apparel.

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.