Stocks ended narrowly mixed Wednesday after choppy trading as markets awaited news from the Middle East conflict and reacted to the Federal Reserve policy announcement. The Dow Jones industrial average lost 0.1 percent, the S&P 500 was unchanged, and the Nasdaq was up 0.1 percent. US Treasury yields rose at the long end and declined in shorter maturities. Oil prices and the dollar rose.

The major averages faded in the afternoon after Fed Chair Jerome Powell said the inflationary impact of tariffs was coming and suggested policy needed to remain restrictive.

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.