The Dow erased all of yesterday's gains to close 323 points lower, its worst single-session fall since July 19. The ADP private payroll survey weighed on the broader market, as well as comments from Fed vice-chair Richard Clarida that the central bank could resume interest rate hikes by 2023. The S&P 500 also finished in the red, while the tech-heady Nasdaq notched a close just above breakeven.

Elsewhere, the 10-year Treasury yield trimmed earlier losses after the ISM Services purchasing managers' index for July finished at record a record high, and the Cboe Volatility Index (VIX) pulled back for a small loss. 

The Dow Jones Average (DJI - 34,792.67) fell 323.7 points or 0.9% for the day. Of the 30 Dow components, IBM (IBM) topped the long list of Dow winners today, adding 1.9%, while Walt Disney (DIS) paced the five laggards with a 1.5% dip.

The S&P 500 Index (SPX - 4,402.66) shed 20.5 points or 0.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,780.53) added 19.2 points, or 0.1%, for the day. 

Lastly, the Cboe Volatility Index (VIX - 17.97) shed 0.07 points or 0.4%, for the day. 

OIL LOGS 3RD CONSECUTIVE LOSS

Oil locked in its third consecutive day of losses, falling to a two-week low thanks to the spreading Delta variant and a surprise build in U.S. crude stockpiles. Keeping steeper losses in check today is the mounting tension in the Mideast Gulf, where it was alleged Iranian-backed forces seized an oil product tanker. In response, September-dated crude fell $2.41 cents, or 3.6%, to settle at $68.15 a barrel.

Meanwhile, gold prices eked out a win due to a weaker U.S. dollar, whil upcoming U.S. jobs data -- which plays a pivotal role in the Federal Reserve's monetary policy decisions -- kept a lid on more gains. As a result. December-dated gold, the most active contract, added 40 cents, or 0.02%, to settle at $1,814.50 an ounce.