After a volatile day of trading, stocks pulled back from their midday gains to finish firmly in the red. Both the Dow and S&P 500 secured their sixth day of losses in the last seven sessions, while the Nasdaq marked its seventh-consecutive loss as tech slipped, marking its longest losing streak since 2016. Rising bond yields also weighed heavy.

In today's economic data, the ISM services purchasing managers' index (PMI) came in at a stronger-than-expected 56.9% in August, showing the services sector expanded at a faster rate than expected. However, the U.S. Services PMI Business Activity Index fell to 43.7 in August -- its lowest level since May 2020. 

The Dow Jones Average (DJI - 31,145.30) dropped 173.1 points or 0.6% for the day. Visa (V) was the top performer with a 0.4% rise, while 3M (MMM) landed at the bottom of the list with a 4.2% drop. 

The S&P 500 Index (SPX -3,908.19) shed 16.1 points or 0.4% for the day, while the Nasdaq Composite (IXIC -11,544.91) lost 86 points, or 0.7%. 

Lastly, the Cboe Volatility Index (VIX - 26.91) added 0.9 points or 3.5% for today's session.

OIL PRICES INCH HIGHER AFTER OPEC+ DECISION

Oil prices finished nearly flat today, one day after the Organization of the Petroleum Exporting Countries and allies (OPEC+) surprised investors by agreeing on a small production cut of 100,000 barrels per day in October. October-dated crude added 1 cent to settle at $86.88 a barrel.

Gold prices finished lower today, with analysts pointing to global recession fears as well as lockdowns in China. December-dated gold dropped $9.70, or 0.6%, to settle at $1,712.90 per ounce. 

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