The stock market took a beating today, with the Dow logging its worst single-session decline since May 2. The S&P 500 and Nasdaq also finished sharply lower, as investors once more fell victim to Fed fatigue. The 2-year Treasury yield reached a 16-year peak, prompting CME's Fed Watch tool to predict a 95% chance of an interest rate hike at the central bank's meeting later this month. Elsewhere, the Cboe Volatility Index (VIX) finished above 15 for its highest close since June 1. 

GOLD SINKS TO MARCH LOWS

Crude managed to keep a tight grip on its two-week highs following another drop in domestic supplies. August-dated oil rose just one cent, settling at $71.80 per barrel.

Gold dropped to its March lows as Treasury yields climbed and investors digested service and employment sector data. August-dated gold shed $11.70, or 0.6%, to close at $1,915.40 an ounce. 

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