Stocks slipped Monday in a risk-off move amid nerves over high technology stock valuations ahead of Nvidia's earnings due on Wednesday and US jobs data due on Thursday. Markets are also focused on results from big retail players including Home Depot, Lowes and Target also for release on Wednesday.

The Dow Jones industrial average lost 1.2 percent, the S&P 500 declined 0.9 percent and the Nasdaq lost 0.8 percent. US Treasury yields were mostly down, oil prices declined, and the dollar rose.

Tech momentum stocks and crypto-linked shares suffered most in the risk-off trade. Airlines came under pressure Monday despite an end to government shutdown related flight limits. Alphabet was a notable winner on news Berkshire Hathaway had taken a big position. Apple, on the other hand, sold off amid reports its CEO is stepping down.

Federal Reserve Governor Christopher Waller's comment that he favors a rate cut in December helped stocks do better late in the day. Earlier, Fed Governor Phillip Jefferson expressed caution about more rate cuts.

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.