Equities were mixed to weaker Tuesday in a convictionless market with growth and technology shares much weaker while value/cyclicals traded better. The Dow Jones industrial average rose 0.5 percent, the S&P 500 fell 0.5 percent and the Nasdaq dropped 1.2 percent. Bond yields, the dollar and oil prices all declined.

Losses in Microsoft, Nvidia, Tesla and big tech shares amid earnings caution weighed on the S&P 500 and Nasdaq even as Dow stocks and Russell 200 shares were broadly higher. Sentiment was uncertain and mixed amid caution ahead of the Federal Reserve policy announcement Wednesday and employment figures due Friday.

Among sectors, weakest were technology, consumer discretionary, health care, consumer staples and materials. Chipmakers and software had a bad day. Merck's losses weighed on pharma, and Procter & Gamble depressed consumer staples. Holding up best were industrials, real estate, financials and energy. Best performers among Dow shares included Goldman Sachs, Travelers and UnitedHealth.

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.