Stocks ended flat to lower Tuesday amid mixed signals in muted trading as markets calmed down after last week's fireworks on a quieter news day. The Dow Jones industrial average eased 0.4 percent, the S&P 500 eased 0.2 percent and the Nasdaq was down 0.1 percent. Bond yields fell, the dollar rose while oil prices were slightly weaker.

Stocks started off better as many investors saw signs of more moderate positioning on tariffs from President Trump, including his comment that he would support tariff exemptions for automakers. Lower bond yields, in a correction from their recent steep rise, provided initial support for equities though the move faltered. Well-received quarterly results from Citigroup and Bank of America bolstered stocks. On the bearish side was news that the White House launched national security probes into the state of US chipmaking and pharma production, but this development was well anticipated by the market.

Among sectors, best were communications services, including Netflix, financials, chipmakers, software, utilities and real estate. Lagging were big technology, food & beverage, parcels & logistics, paper & packaging, road & rail.

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.