Stocks edged up Monday in quiet trading with select big technology companies outperforming to support the major averages. The Dow Jones industrial average firmed 0.1 percent, the S&P 500 gained 0.3 percent and the Nasdaq rose 0.8 percent. Bond yields rose, the dollar declined, and oil prices rallied.

Amazon, Apple, and Tesla were notable winners to underpin the market. Other strong sectors included big banks, big oil, pharma, metals, tobacco and coal. On the downside, several value/cyclical sectors lagged including homebuilders, machinery, road & rail, auto parts, plus semiconductors, casinos, cruise lines and apparel.

US Treasuries had another bad day as the market prices in a Republican sweep in upcoming elections and much looser fiscal policy and heavier borrowing to follow. The latest Supreme Court ruling on presidential immunity is expected to boost President Trump's election prospects following a disastrous debate performance from President Biden. The bond market also saw unwinding of safe-haven trades after a slightly weaker than feared showing for the French far-right NR party. Reaction was limited to weaker than expected results in the ISM manufacturing report.

Market liquidity appears diminished this week ahead of big macro news events including an appearance by Federal Reserve Chair Jerome Powell and JOLTS job openings data on Tuesday, plus employment figures on Friday.

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.