Stocks were able to erase their morning losses during the second half of the day but wound up shedding those gains within the last hour of trading. The Dow snapped its two-day rally with a 42-point loss, though it managed to stay above the psychologically significant 30,000 level. Both the Nasdaq and S&P 500 turned in modest losses as well, while investors unpacked better-than-expected private payrolls data for September. The ISM services index for last month also beat Wall Street's estimates. Meanwhile, the Cboe Volatility Index (VIX) marked its fourth consecutive daily loss.

The Dow Jones Average (DJI - 30,273.87) shed 42.5 points or 0.1% for the day. Nike (NKE) led the gainers, adding 2.8%, while Goldman Sachs (GS) paced the laggards with a 1.9% loss.

The S&P 500 Index (SPX - 3,783.28) lost 7.7 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,148.64) dropped 27.8 points or 0.3% for the session.

Lastly, the Cboe Volatility Index (VIX - 28.55) fell 0.5 points or 1.8% for the session.

GOLD LOSES LUSTER AS BOND YIELDS BOUNCE BACK

Oil prices were higher on Wednesday after the Organization of the Petroleum Exporting Countries and their allies (OPEC+) cut oil production by 2 million barrels per day. What's more, the Energy Information Administration (EIA) reported a weekly drop in U.S. crude, gasoline, and distillate supplies. November-dated crude added $1.24, or 1.4%, to close at $87.76 per barrel.

Meanwhile, gold prices settled lower as bond yields and the U.S. dollar recovered. Also weighing on the precious metal today was an upbeat private payrolls report, which may embolden the central bank. December-dated gold shed $9.70, or 0.6% to close at $1,720.80 an ounce.

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