Equities were mostly better Friday with big technology shares leading and bond yields lower after a mixed employment report. The Dow declined 0.3 percent while the S&P 500 firmed 0.3 percent and the Nasdaq gained 0.8 percent. US Treasury yields and oil prices fell while the dollar was mostly higher.

Markets added to bets on a December rate cut after the jobs report as investors seized on the uptick in the unemployment rate and the decline in the employment participation rate alongside higher than expected payroll gains and hotter than expected hourly earnings. The market evidently liked the evidence of resilience in the job market and in an unexpectedly strong consumer sentiment report. Positive comments about holiday shopping have bolstered consumer-oriented stocks.

Big cap technology shares and small caps led the day's winners. Best performers among sectors included consumer discretionary, information technology, and communications services. Lagging were consumer staples, materials, industrials and health care.

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.