Equities seesawed in slim ranges Wednesday before ending slightly better in quiet trading. The Dow Jones industrial average and the S&P 500 both firmed 0.2 percent and the Nasdaq gained 0.1 percent. US bond yields declined while oil prices and the dollar rose.

News in FOMC minutes that Federal Reserve officials were considering a pause or early end to their balance sheet runoff if the debt ceiling situation heats up gave bonds and stocks a late lift. The FOMC monetary policy discussion otherwise matched the market's current understanding. Weaker than expected housing starts didn't make much of an impact. President Trump's latest tariff threats on imported cars, drugs and semiconductors were generally viewed as posturing though automaker shares have come under selling pressure from ongoing tariff fears.

Big technology shares were mostly better to support the market. Among sectors, best performers included aerospace & defense, energy, grocery stores, chipmakers, EVs, health care, utilities and real estate investment trusts. Lagging were home builders, chemicals, miners, rails, trucking, banks, and restaurant chains.

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.