Stocks gave back some of Friday's big gains to end moderately lower Monday. Seen by some market participants as another case of government overreach along with tariffs and threats to Fed independence were statements by President Trump expressing hope to make more deals like the 10 percent government stake in Intel announced Friday, which converted government grants into shares. The Dow Jones Industrial average fell 0.8 percent while the S&P 500 slipped 0.4 percent and the Nasdaq edged down 0.2 percent. US bond yields ticked up and the dollar edged higher. Sector weakness was broad based, led by consumer staples, health care and utilities. Only communications and energy bucked the downtrend to post modest gains.

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.