Technology megacaps led stocks higher Wednesday as they rebounded from Tuesday's losses, with a boost from a retreat in bond yields. The Dow Jones industrial average eased by 0.1 percent, the S&P 500 gained 0.5 percent, and the Nasdaq was up 1.0 percent. US Treasury yields and the dollar eased while oil prices dropped.

Big technology drew support from bargain-hunting and from a favorable court ruling that lifted Alphabet to help communications services lead the day's winners. Apple was another big winner on the day as megacaps lifted technology shares. An unexpectedly soft job openings report helped bond yields retreat after the recent runup in global bond yields fueled by renewed focus on heavy government borrowing.

Cyclicals and value shares lagged with energy, consumer staples, materials, industrials and financials among the weakest performers. The Dow industrials lagged as American Express, Boeing, and Chevron sold off.

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.