Equities were mostly lower Tuesday for a third straight day amid year-end profit-taking with negative spillover from rising bond yields and disappointment that the seasonal Santa Claus rally fizzled. The Dow slipped 0.1 percent, the S&P 500 fell 0.4 percent and the Nasdaq was down 0.9 percent. The dollar and oil prices rose.

Megacaps, big technology and chipmaker shares fell again to weigh on the major averages while small- and mid-cap stocks outperformed. Other weak segments included big banks, media, hotels and retailers. Best sectors included energy, industrial metals, hotels, chemicals, hospitals and homebuilders.

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.