Stocks extended their losses on Thursday, with the Dow finishing back below 30,000 and just off session lows. Both the Nasdaq and S&P 500 settled in the red as well, with higher-than-expected jobless claims tampering down optimism in the wake of an early week rally.

The Cboe Volatility Index (VIX) snapped a four-day losing streak to close above the 30 level once more. Elsewhere, U.S. President Joe Biden today pardoned all previous federal offenses of simple marijuana possession, and investors are keen to unpack tomorrow's jobs report for September.

The Dow Jones Average (DJI - 29,926.94) shed 346.9 points or 1.2% for the day. Chevron (CVX) led the gainers, adding 1.8%, while 3M (MMM) paced the laggards with a 3.5% loss.

The S&P 500 Index (SPX - 3,744.52) lost 38.8 points or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,073.31) dropped 75.3 points or 0.7% for the session.

Lastly, the Cboe Volatility Index (VIX - 30.52) added 2 points or 6.9% for the session.

OIL PRICES STILL ENJOYING OPEC+ TAILWINDS

Oil prices notched their fourth-straight win on Thursday, still enjoying tailwinds after the Organization of the Petroleum Exporting Countries and their allies' (OPEC+) decided to cut production by 2 million barrels per day. November-dated crude added 69 cents, or 0.8%, to close at $88.45 per barrel.

Gold prices were flat, meanwhile, as traders awaited the release of the September jobs report, which could sway Fed policy. December-dated closed at $1,720.80 an ounce.

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