Equities slipped Monday amid selling pressure after weeks of gains and after the S&P 500 and Dow industrials set their latest in a string of record highs on Friday. The Dow Jones industrial average declined 0.8 percent, the S&P 500 eased 0.2 percent and the Nasdaq was up 0.3 percent. Bond yields, oil prices, and the dollar all rose.

Rising bond yields gave equity players another reason to trim long positions along with caution ahead of big earnings reports due this week. Among big names reporting are Boeing, UPS and Tesla. Bond yields rose after a selloff in European bond markets overnight. Concern about the US fiscal position headed into the presidential election has been another distinct negative for bonds.

Among sectors, only information technology was strong, which helped the Nasdaq outperform. Weakest links were communications services, consumer discretionary, real estate, health care and financials. Real estate reacted especially badly to the day's uptick in rates.

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.