Stocks staged a bounce off their midday losses to settle the day with solid gains. The Dow added nearly 70 points, while the S&P 500 and Nasdaq both managed to string together another daily win as Big Tech climbed higher. All eyes were on the Federal Reserve today after it pledged to bring down inflation during the release of its June meeting minutes this afternoon. The Fed also noted that another 50- or 75-basis point hike will likely be on the docket during the next meeting. Meanwhile, bond yields saw a bounce, with the 10-year Treasury yield rising more than 2%. 

The Dow Jones Average (DJI -31,037.68) added 69.9 points or 0.2% for the day. UnitedHealth (UNH) led the gainers, adding 2%. Walgreens Boots Alliance (WBA) paced the laggards with a 1.9% drop.

The S&P 500 Index (SPX - 3,845.08) gained 13.7 points, or 0.4% for the day. Meanwhile, the  Nasdaq Composite (IXIC - 11,361.85) rose 39.6 points, or 0.4% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.73) shed 0.8 points or 2.9% for the day.

CRUDE FUTURES ENTER BEAR MARKET 

Oil futures officially entered a bear market today, as defined by a 20% or more pullback from the commodity's highs. sparking the negative price action are concerns that the Fed's tightening fiscal policy could speed up the economy's move toward a recession, which could ding demand. For the day, August-dated crude lost $0.97, or 1%, to settle at $98.53 per barrel, marking its lowest front-month settlement since April.

Gold prices continued to tumble as well, turning in their seventh-consecutive daily drop, thanks to the rise of the U.S. dollar, as well as a fall in industrial metals and silver. August-dated gold fell $27.40, or 1.6%, to close at $1,736.50 an ounce.

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