Equities edged down Thursday in muted trading as the market trimmed its recent advance. The Dow declined 0.6 percent while the S&P 500 and the Nasdaq both eased 0.2 percent. US Treasury yields rose, the dollar fell, and oil prices slipped.

Profit-taking in chipmakers including Broadcom and Nvidia after their strength lately weighed on the major indexes. Lagging sectors were materials, industrials, health care and real estate. Holding up best were consumer staples, energy, financials and utilities.

Trading was somewhat limited ahead of the month's big data event, the employment figures due Friday. Expectations for nonfarm payrolls center on an increase of 210,000 with forecasts ranging from 160,000 to 275,000. Much of the month's increase is expected to reflect a bounceback from temporary layoffs in October due to strikes and weather effects. Excluding the bounceback, the market sees payrolls up about 110,000 on the month.

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.