Stocks were narrowly mixed but mostly weaker Thursday as President Trump's sweeping tariffs came into effect. The Dow Jones industrial average declined 0.5 percent, the S&P 500 eased 0.1 percent, and the Nasdaq was up 0.4 percent. US Treasury yields rose after a poorly received 30-year bond auction after a similar showing for the 10-year note on Wednesday. The dollar declined against major currencies while oil prices slipped.

Stocks appeared due for consolidation after their run to record highs in major indexes as the market has shrugged off most of the bearish news related to tariffs. There was some disappointment over a Bloomberg report that President Trump's staff are favoring current Fed Governor Christopher Waller to be the next Fed chair. Waller is not known to be as close to President Trump or as ready to cut interest rates drastically as some of the other candidates.

Company-specific news weighed on the market, including disappointing clinical results for Eli Lilly and weak revenue guidance from Fortinet. Intel was also lower after Trump called for its CEO to resign.

Bond yields initially declined after news of an unexpected rise in jobless claims in the latest week. But a poor reception for the long bond auction sent yields higher, another negative for stocks.

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.