Equities ended narrowly mixed Monday with the market in wait and see mode ahead of Federal Reserve Chair Jerome Powell's appearance and inflation figures starting Tuesday. The Dow Jones industrial average slipped by 0.2 percent, the S&P 500 was flat, while the Nasdaq firmed by 0.3 percent. Bond yields declined while the dollar and oil prices gained.

Stocks started the day better on carry-over from last week's gains but the enthusiasm faltered amid caution before the week's news, including the producer price report on Tuesday and consumer prices on Wednesday. A Federal Reserve survey of consumer inflation expectations released Monday weighed on risk appetite as it showed consumers see prices rising more rapidly, especially in the year ahead.

Sectors were mixed with technology having a strong day along with real estate and materials. Lagging were consumer discretionary, industrials, communications services and consumer staples. Meme stocks revived, paced by Gamestop and AMC after a noted meme stock trader, Roaring Kitty, posted on social media after a three-year absence.

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.