Stocks seesawed to end nearly unchanged Wednesday as momentum has stalled after the big rebound in stocks on Monday and more modest gains on Tuesday. The Dow Jones industrial average slipped 0.2 percent, the S&P 500 was flat, and the Nasdaq gained 0.4 percent. Bond yields jumped, oil prices dipped while the dollar rose.

Gains in a handful of megacaps, including Alphabet, Nvidia and Tesla, helped the Nasdaq outperform. Best sectors included big banks, semiconductors, transports, travel & leisure, and managed care. Worst performers included airlines, pharma, homebuilders, insurance, machinery, and food & beverage.

Over in bond-land, US Treasuries had a bad day with yields on the 10-year benchmark breaking decisively above 4.5 percent as progress on tax cut measures in the House of Representatives refocused traders on the grim outlook for US fiscal deficits at a time that global investors have increasingly soured on US assets.

Investors are waiting for news, including a heavy batch of economic indicators due on Thursday including retail sales, producer prices, and industrial production, plus an appearance by Federal Reserve Chair Jerome Powell. They are also hoping for more clarity on whether President Trump will continued to scale back his trade war, with new trade agreements with the European Union and other key trading partners, after Monday's ceasefire in trade hostilities with China.

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.