Equities crept up late Tuesday to end slightly better. Dip-buying in megacaps lifted the major averages even as the broad market came under pressure on fear of a slowing economy and weaker profitability. The Dow Jones industrial average rose by 0.4 percent while the S&P 500 and the Nasdaq both firmed 0.2 percent. Bond yields, the dollar and oil prices all declined.

Bond yields started the day lower with the bond market following through on its recent rally and commodities selling off in risk-off trading. Much softer than expected US job openings figures and downward revisions to durable goods figures pushed yields still lower. The reports added to the run of weak US data that began last week with personal consumption figures and continued with Monday's poor manufacturing purchasing managers reading. The weaker data have renewed expectations for Federal Reserve rate cuts this year.

Among sectors, cyclicals and value stocks lagged badly Tuesday. Concern about slackening demand depressed oil and other commodities to hurt energy and materials stocks. Financials and industrials lagged too. Holding up best were consumer staples, real estate, health care, consumer discretionary and technology sectors.

Among megacaps, Nvidia extended its remarkable run after Elon Musk talked about Tesla's plans to buy its microchips. Microsoft rebounded from early losses to end higher along with Apple and Alphabet.

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.