Equities ended narrowly mixed on a quiet news day Friday as strength in chipmakers and selected megacaps was offset by weakness elsewhere in response to rising bond yields. The Dow declined 0.2 percent while the S&P 500 was flat and the Nasdaq was up 0.1 percent. US Treasury yields, the dollar and oil prices all rose.

Signs of sticky inflation in the week's consumer price and producer price reports plus heavy US Treasury supply pushed bond yields higher. Among sectors, best were technology, consumer discretionary and utilities. Lagging were energy, materials, financials and communications services.

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.