Major stock indexes closed flat to lower Friday to end slightly lower on the week after an array of comments from President Trump. The Dow Jones industrial average slipped 0.2 percent while the S&P 500 and the Nasdaq both eased 0.1 percent. US Treasury yields rose, the dollar was mostly higher, and oil prices recovered some of Thursday's decline.

Trump's comment Friday that he would prefer to keep Kevin Hassett as a White House assistant rather than as Fed chair spurred a mild selloff Friday afternoon amid disappointment that interest rates might not come down as much if other candidates for Fed chief get the nod. Hassett has been seen as the likely choice, while former Fed Governor Kevin Warsh and current Fed Governor Christopher Waller, the leading alternatives, are perceived to be more cautious about inflation and more committed to Fed orthodoxy than Hassett.

Markets suffered risk-off moves this week after President Trump's threats to intervene in Iran, to seize Greenland, and his threats to levy heavy tariffs on countries that don't support his plan to take Greenland from Denmark, a close NATO ally. Stocks and the dollar also suffered as Trump renewed his attacks on Fed Chair Jerome Powell and on the Fed's independence generally. Attention will focus next week on Supreme Court arguments over whether Trump can fire Fed Governor Susan Cook over allegations of mortgage fraud, charges which appear unfounded.

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.