Stocks gave up their early gains to end weaker Monday as investors braced for volatility around the consumer price index report due Tuesday. The Dow Jones industrial average slipped 0.5 percent while the S&P 500 and the Nasdaq both eased 0.3 percent. US bond yields were flat while oil prices and the dollar rose.

Risk assets got an early lift as the market reacted to Fed Governor Michelle Bowman's weekend comment that a weakening labor market could argue for three rate cuts this year. Investors also reacted favorably to news that President Trump has extended the deadline for reaching a deal on China's tariffs for another 90 days.

Among sectors, best performers included consumer staples, consumer discretionary and health care. Lagging were materials, energy, utilities and financials.

The Econoday consensus expectation calls for CPI to rise 0.2 percent and and 0.3 percent excluding food and energy.

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.