Stocks tried to hang on to their gains today but ultimately closed lower, dipping into the red in the final minutes of trading despite sitting in the black for most of the day. As investors unpacked the hotter-than-expected producer price index (PPI) reading for September, the S&P 500 and Nasdaq fell for the sixth-straight day, while the Dow finished marginally lower as well. 

The Federal Reserve's September minutes did encourage investors, though. The central bank indicated it remains committed to bringing inflation down with interest rate hikes but is aware it may need to recalibrate policy tightening to mitigate the risk of negative economic impact. Nevertheless, investor sentiment is cautious ahead of tomorrow's release of the consumer price index (CPI).

The Dow Jones Average (DJI - 29,210.85) shed 28.3 points or 0.1% for the day. JPMorgan Chase (JPM) led the gainers, adding 1.6%, while Walgreens Boots Alliance (WBA) paced the laggards with a 2.1% loss.

The S&P 500 Index (SPX - 3,577.03) lost 11.8 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,417.10 ) fell 9.1 points or 0.09% for the session.

Lastly, the Cboe Volatility Index (VIX - 33.57) dropped 0.06 points or 0.2% for the session.

OIL LOGS THIRD-STRAIGHT LOSS ON DEMAND FEARS

Oil prices settled lower again on Wednesday to mark their third consecutive session in the red, and their worst close since Oct. 4. Demand fears continued to grip black gold, especially after the Organization of the Petroleum Exporting Countries (OPEC) today lowered its oil demand forecast, and the International Monetary Fund (IMF) shared a grim economic outlook. November-dated crude shed $2.08,or 2.3%, to close at $87.27 per barrel.

Gold prices fell, too, giving back almost all of yesterday's gains as rising U.S. Treasury yields and a stronger U.S. dollar weighed. Investors were also weighing a hotter-than-expected PPI reading. December-dated gold fell $8.50, or 0.5%, to close at $1,677.50 an ounce.

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