Equities edged down Tuesday in tentative trading to end an eight-day streak of gains for the S&P 500 and Nasdaq. The Dow Jones industrial average and the S&P 500 both eased 0.2 percent and the Nasdaq declined 0.3 percent. Bond yields and oil prices fell while the dollar was mostly higher.

Stock trading lacked conviction for a second day as investors await Federal Open Market Committee meeting minutes due Wednesday and Fed Chair Jerome Powell's hugely anticipated appearance on Friday morning at the Fed's Jackson Hole conference. Comments from other Fed officials suggest Powell will repeat policy-makers are increasingly convinced inflation is ebbing. Earnings from retailers including Macy's, Target, and TJX will also be in focus Wednesday.

Buyers and sellers generally lacked a rationale to do much beyond light consolidation after the recent strength. Among sectors, only oil prices made much of a move lower. Other weak links included financials, industrials and materials. Holding up best were communications services, consumer staples, and pharma, with Eli Lilly up on positive clinical trials news. Netflix rallied after reporting strength in ad sales.

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.