Stocks ended flat to slightly better in quiet trading Tuesday after seesawing around unchanged as the market awaits the unveiling of President Trump's latest tariff plans expected late Wednesday. The Dow Jones industrial average was flat, the S&P 500 firmed by 0.4 percent, and the Nasdaq was up 0.9 percent. US bond yields declined, the dollar was mostly weaker, and oil prices dipped.

Growth stocks saw a bit of a lift as interest rates sagged after weaker than expected readings on the manufacturing sector and job openings. The ISM purchasing managers report on manufacturing cited widespread worries about slowing demand as a result of US tariffs already imposed and concerns about the effect of more tariffs ahead. The report added to market worries about stagflation.

Among sectors, megacaps outperformed, paced by Tesla, Nvidia and Amazon. Other winners included chain stores, insurance and apparel. Lagging were health & personal care, banks, biotechs, travel & leisure, and tobacco.

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.