Stocks were mostly weaker on Tuesday after mixed bank earnings and a disappointing inflation report. The Dow Jones industrial average lost 1.0 percent, the S&P 500 declined 0.4 percent and the Nasdaq was up 0.2 percent. US Treasury yields and the dollar rose while oil prices dipped.

US consumer price figures were mostly in line with expectations but analysts pointed to surging prices for imported goods including coffee, furniture, clothing, appliances, toys and computers. That signaled the advent of dreaded tariff effects, which are widely expected to get worse as the year goes on. Bond yields rose on the report as the market dialed back expectations for a rate cut in September.

The Nasdaq rallied to a new record close with a boost from a rally in Nvidia after it announced plans to resume sales of top chips in China. That news helped other semiconductor stocks advance too, including AMD and Super Micro Computer.

Bank and financial firm earnings got a mixed reception to kick off the quarterly earnings season. Blackrock, JP Morgan Chase and Wells Fargo slipped after their quarter results while Citigroup managed gains after rising on better than expected trading profits.

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.