It was another dismal day on Wall Street as the Dow and S&P 500 logged their fifth-straight daily drops, with the former shedding 142 points. Meanwhile, the Nasdaq settled just above breakeven, snapping a three-day losing streak. This morning's dismal jobless claims data, as well as a number of lackluster earnings reports out of the bank sector weighed heavily on sentiment, which was further compacted by fears that the U.S. Federal Reserve could turn even more hawkish in an effort to fight inflationary pressures. 

The Dow Jones Average (DJI -30,630.17) gave up 142.6 points or 0.5% for the day. Boeing (BA) led the gainers, adding 2.2%. Travelers Companies (TRV) paced the laggards with a 4.7% fall.

The S&P 500 Index (SPX - 3,709.38) lost 11.4 points or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,251.19) added 3.6 points, or 0.03% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.40) lost 0.4 points or 1.6% for the day.

GOLD HITS LOWEST LEVEL SINCE MARCH 2021

Oil prices were weighed upon by piling concerns over weaker demand for the commodity, which are starting to overshadow worries about tightening supply amid the Russia-Ukraine war.August-dated crude shed 52 cents, or 0.5%, to finish at $95.78 per barrel for the day, settling at its lowest level since April.

Yesterday's victory turned out to be short-lived, as today's gold prices took a nose dive as the U.S. dollar grew even more hardy. August-dated gold lost $29.70, or 1.7%, to close at $1,705.80 an ounce, marking its lowest settlement since March 30, 2021, and earlier touching a low of $1,695.

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