Equities stalled to end flat Thursday with the market lacking conviction needed to exceed Wednesday's all-time record closing highs but stocks avoided significant selling pressure. The Dow Jones industrial average rose by 0.2 percent, the S&P 500 was flat, and the Nasdaq eased 0.1 percent. Bond yields, oil prices and the dollar all rose.

Risk appetite appeared limited headed into the monthly employment report due Friday morning. Some big technology shares including Apple and Nvidia came under profit-taking pressure to weigh on the major averages after their recent huge gains. Other chipmakers lagged along with chain stores, airlines, machinery, auto parts, cruise lines, asset managers, utilities and construction materials.

Holding up best were electric vehicles, life sciences, big pharma, food, entertainment and athletic apparel. Earnings news came in mostly supportive, including Costco, Lululemon and J.M. Smucker, with their results suggesting consumer spending remains robust.

Investors are keying on the monthly employment report due Friday morning with expectations centered on a rise of 187,000 in payroll jobs for May. Investors have shown a tendency to be spooked by very weak data even as it would boost expectations for rate cuts.

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.