To no one's surprise, Wednesday's slew of wins was once again short-lived, as all three major indexes suffered steep losses today. Investors made noise surrounding Nvidia's (NVDA) earnings blowout, but it wasn't enough to maintain gains ahead of tomorrow's Fed speech from Chair Jerome Powell at the Jackson Hole Symposium. 

Treasury yields were moving higher as well, just days after hitting Monday's 16-year peak. Both the Dow and Nasdaq shed triple digits, the former logging its worst single-session performance since March 22. On the flip side, the VIX snapped its four-day losing streak.

GOLD SNAPS WIN STREAK AHEAD OF FED SPEECH

News that crude production may need to be cut even more sent prices slightly higher in Thursday's session. September-dated oil added 16 cents, or 0.2%, to settle at $79.05 per barrel.

Precious metal traders looked wary ahead of tomorrow's Fed speech. December-dated gold lost $1, or almost 0.1%, to settle at $1,947.10 an ounce.

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