Stocks ended mixed but mostly higher on rebound action Monday after steep losses last week. The Dow Jones industrial average rose 1.0 percent, the S&P 500 firmed by 0.6 percent, and the Nasdaq was down 0.1 percent. US bond yields declined, the dollar rose, and oil prices jumped.

Underlying sentiment remained negative as growth fears continue to build amid expectations for more negative news on tariffs headed into Wednesday's expected unveiling of President Trump's reciprocal tariffs. Economic news was limited Monday; investors are awaiting top-tier reports on Tuesday on job openings and the manufacturing purchasing managers survey and the monthly employment report on Friday.

Many stocks saw dip-buying as they appeared oversold after last week's tariff-inspired selloff. Megacaps were mostly weaker to weigh on the Nasdaq, with Tesla off along with chipmakers Broadcom and Nvidia, plus Apple and Microsoft, and AI favorites AppLovin and Palantir.

Vaccine makers including Moderna dropped after the resignation of the top vaccine regulator at the Food & Drug Administration over differences with Health and Human Services Secretary Robert Kennedy. On the positive side, Walmart led gains among consumer staples shares. Other winners included energy as oil prices advanced after Trump's threat to impose tariffs on buyers of Russian oil. Defensive plays real estate and utilities also outperformed as interest rates fell.

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.