Stocks were narrowly mixed Wednesday as the market held onto big gains scored on Monday and Tuesday that put the S&P 500 and the Nasdaq within 1 percent of their February highs. The Dow Jones industrial average eased by 0.3 percent, the S&P 500 was flat, and the Nasdaq advanced 0.3 percent. Oil prices rose, the dollar slipped, and US Treasury yields declined.

As the ceasefire between Iran and Israel appeared to be holding, stocks remained well-supported despite profit-taking after the big run, and sentiment remains risk-on. Big technology stocks provided leadership as investors appear to be buying on fear of missing out on the latest rally. Nvidia and Google were among the day's best performers as technology and communications sectors led the market.

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.