Stocks were ending nearly flat Friday with mixed earnings news in focus and markets lacking direction. The Dow Jones industrial average and the S&P 500 both firmed by 0.1 percent, and the Nasdaq was up 0.5 percent. US bond yields mostly declined except at the very long end where the 10-year and 30-year yield edged up. The dollar and oil prices rose.

Comments from Federal Reserve officials failed to alter the pervasive sense of uncertainty after the FOMC announcement. Officials are repeating that the outlook is uncertain and policy will respond to data as it comes in.

Weak guidance from Fedex hit the stock and added to concerns about slowing demand. Nike and Micron also released weak reports that weighed on stocks. Quantum computing stocks sold off as the firms disappointed investors at the Nvidia conference. On the positive side, Boeing rallied after winning a US contract to build next generation fighter jets.

Among sectors, best were consumer discretionary and communications services while lagging were technology, financials, real estate, 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.