The Dow extended its afternoon losses to settle at a 210-point drop -- its fourth straight loss -- as yesterday's Federal Reserve policy update continues to impact Wall Street, while the S&P 500 struggled for direction for most of the day before eventually settling with a muted loss. The Nasdaq, meanwhile, logged a triple-digit pop, as investors shifted out of materials and took refuge in the tech sector. China's decision to release reserves of several key metals, including copper, is also putting weight on the materials sector, with names like Dow Inc (DOW), and Caterpillar (CAT) slipping. 

The Dow Jones Average (DJI - 33,823.45) lost 210.2 points or 0.6% for the day. Microsoft (MSFT) led the Dow components with a 1.4% rise, while Caterpillar (CAT) paced the laggards, falling 3.6%.

Meanwhile, the S&P 500 Index (SPX - 4,221.86) lost 1.8 points or 0.04%. The Nasdaq Composite (IXIC - 14,161.35) added 121.7 points, or 0.9% for the day.

Lastly, the Cboe Volatility Index (VIX - 17.75) lost 0.4 points or 2.2%.

HARDENING U.S. DOLLAR SLAMS GOLD PRICES

Oil prices saw a dramatic drop from yesterday's two-year high, dampened by a strengthening U.S. dollar as well as hesitancy surrounding commodities in the wake of China's regulation decisions. As a result, July-dated crude lost $1.11, or 1.5%, to settle at $71.04 per barrel.

Meanwhile, gold prices logged their biggest one-day percentage drop in 2021, moving lower as the greenback swelled. August-dated gold dropped to its lowest level in almost seven weeks, shedding $86.60, or 4.7%, to settle at $1,774.80 an ounce.