Equities were mostly lower Thursday as another weak employment indicator set a soft tone headed into Friday's employment figures. The Dow Jones industrial average declined 0.5 percent, the S&P 500 eased 0.3 percent, and the Nasdaq firmed 0.3 percent. Bond yields and oil prices declined while the dollar rose.

News that ADP private payrolls were up a muted 99,000, well below the 140,000 expected, added another downbeat precursor to official nonfarm payroll figures due Friday, where expectations center on a modest 160,000 increase.

Some investors are reacting badly to disappointing data on the view that an actual recession is coming but reaction Thursday was limited as many market participants remain sidelined ahead of the jobs report. Rising expectations for more aggressive rate cuts from the Federal Reserve are also cushioning the impact of weak economic reports. Other economic indicators released Thursday were more positive, including better than expected jobless claims and better productivity numbers.

Big technology shares outperformed Thursday with Amazon and Tesla the leaders. Among sectors, best were food & beverages, discount stores, airlines, exchanges and real estate investment trusts. Lagging were retail, telecom, machinery, road & rail, biotech, chemicals and building products.

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.