Stocks recovered from early losses Wednesday as many traders squared positions as they awaited President Trump's grand tariff unveiling. The Dow Jones industrial average rose 0.6 percent, the S&P 500 gained 0.7 percent, and the Nasdaq was up 0.9 percent. US bond yields and oil prices rose while the dollar was mostly weaker.

Somewhat upbeat employment figures in the monthly ADP report appeared to ease some concerns that the job market is stalling, news that pushed bond yields higher.

Among sectors, best performers included industrials, technology, financials, utilities, and construction discretionary. Lagging were energy and consumer staples.

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.