All three major indexes started off the holiday-shortened week with steep losses, dragged lower by surging bond yields and more disappointing bank earnings. The Dow secured its third-straight triple-digit drop and the tech-laden Nasdaq logged its first close below the 200-day moving average since April 2020.

Goldman Sachs (GS) missed fourth-quarter estimates and shared a large increase in operation spending. Also in focus is the buyout of Activision Blizzard (ATVI) by Microsoft (MSFT) for $68.7 billion in cash. Another round of big bank earnings is expected before the bell tomorrow, as well as some from blue chips UnitedHealth Group (UNH) and Procter & Gamble (PG).

The Dow Jones Average (DJI - 35,368.47) shed 543 points or 1.5% for the day. Visa (V) led the seven gainers today, adding 0.5%, and GS paced the laggards with a 7% fall.

The S&P 500 Index (SPX - 4,577.11) moved 85.7 points lower, or 1.8%, while the Nasdaq Composite (IXIC -14,506.90) dropped 386.9 points, or 2.6%, for today's session.

Lastly, the CBOE Volatility Index (VIX - 22.79) added 3.6 points or 18.8% for the day. 

OIL CLIMBS TO AN 8-YEAR HIGH

Crude jumped to an eight-year high in today's session, after supply disruption inquiries related to a drone attack in Houthi took place as a threat to the United Arab Emirates (UAE). February-dated oil added $1.61, or 1.9%, to finish at $85.43 for the day.

Brushing off an early morning lift, gold futures sank in today's trading, as the broader market weighed heavy. February-dated gold fell $4.10, or 0.2%, to close at $1,812.40 per ounce.