Stocks slipped for a second day Tuesday in an ongoing risk-off move amid nerves over high technology valuations and ahead of Nvidia earnings due Wednesday. The Dow Jones industrial average lost 1.1 percent, the S&P 500 declined 0.8 percent and the Nasdaq lost 1.2 percent. US Treasury yields fell as traders shifted into safer assets, oil prices rose, and the dollar was mostly higher.

The Magnificent Seven led the way down again as investors appeared inclined to pare risk positions in the highly-valued shares. Big tech players Nvidia, Microsoft and Amazon were the day's noted losers weighing on the indexes. Bitcoin and crypto-linked stocks sold off heavily in risk-off trading. News of an earnings miss at Home Depot added to the negative market tone.

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.