Stocks seesawed in ranges to end slightly lower Thursday as investors fretted over tariffs and mostly waited for more tariff news. The market notably failed to bounce after Wednesday's selloff. The Dow Jones industrial average dipped 0.4 percent, the S&P 500 lost 0.3 percent, and the Nasdaq was down 0.5 percent. US bond yields were mixed with short end yields lower and long-term yield higher. The dollar declined and oil prices rose.

News late Wednesday that President Trump was proceeding with 25 percent tariffs on auto imports rattled investors and spurred a selloff at the open Thursday amid rising risk aversion. And Trump's new warnings about a range of tariffs and potential retaliation if other countries hit back at the US added to worries and uncertainty as the market waits for April 2 when Trump has promised to unveil threatened reciprocal tariffs. Meanwhile, economic reports suggested the US economy is not fading as much as sentiment reports would suggest, with pending home sales higher, jobless claims holding steady and 4Q GDP revised higher.

Among sectors, weakness in megacaps weighed on the major averages. Weakest were technology, communications services, industrials, and materials while holding up best were consumer staples, utilities, financials and consumer discretionary.

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.