Equities suffered broad-based declines Thursday as the market consolidated its recent gains. The Dow Jones industrial average fell 1.6 percent, the S&P 500 lost 0.8 percent, and the Nasdaq declined 0.5 percent. Bond yields rose while the dollar and oil prices fell.

Rising bond yields weighed on equities with the US Treasury 2-year note yield up 6 basis points. Lower than expected jobless claims and a big beat on S&P PMI numbers played into concerns about a resilient economy limiting Federal Reserve easing. Atlanta Fed President Raphael Bostic repeated that markets are going to have to wait longer for any rate cut.

Meanwhile, reactions to earnings news was mixed with Nvidia up big after another impressive quarterly report. Medtronic sold off after its results failed to impress. Losses in Boeing, Intel and Disney weighed on the Dow.

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.