Stocks ended nearly flat Friday as market awaited trade news. The Dow Jones industrial average eased 0.3 percent, the S&P 500 was down 0.1 percent, and the Nasdaq was unchanged. Bond yields and oil prices rose while the dollar declined.

Stocks seesawed in ranges as markets appear transfixed by the prospect of news ahead of a meeting between US Treasury Secretary Scott Bessent. US Trade Representative Jamieson Greer and Chinese officials in Switzerland over the weekend to discuss trade. Investors generally expect some deescalation of the trade war after the US-UK trade deal and President Trump's apparent offer to lower tariffs on Chinese goods to 80 percent.

Sectors were mixed with energy outperforming along with consumer discretionary and materials while consumer staples, communications services and health care lagged.

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.