Equities fell across the board Friday with notable losses in megacaps and semiconductors and negative spillover from rising bond yields. The Dow slipped 1.0 percent, the S&P 500 fell 1.1 percent and the Nasdaq was down 1.5 percent. US Treasury yields and oil prices rose while the dollar was mostly weaker.

On a quiet news day, the market appeared to give back its recent bounce. Friday's losses in the Magnificent Seven, with an especially big down day for Tesla, weighed on the major averages, as investors were evidently ready to take back some of the year's startling gains. Consistent with the big declines in megacaps, worst sectors included consumer discretionary, information technology, communications services, plus utilities.

The economic calendar picks up a bit next week, starting with Chicago PMI and pending home sales on Monday, and ending with ISM manufacturing on Friday,

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.