Stocks reversed their sizable midday gains today. The Dow turned sharply lower despite trading 365 points higher at its session peak, while the Nasdaq and S&P 500 snagged their third-straight losses. Investors were initially encouraged that this morning's consumer price index implied a peak in inflation may be imminent. However, Wall Street pared its gains as investors still weighed the tighter monetary policy looming from the Federal Reserve in the coming months. Following the report, the 10-year Treasury yield pulled back from its three-year highs.

The Dow Jones Average (DJI - 34,220.29) dropped 87.8 points or 0.3% for the day. Dow (DOW) led the gainers with a 2.1% rise, while Cisco Systems (CSCO) dropped to the bottom of the index with a 2% loss. 

The S&P 500 Index (SPX - 4,397.45) lost 15.1 points, or 0.3%, for the day, while the Nasdaq Composite (IXIC - 13,371.57) fell 40.4 points, or 0.3% in today's session.

Lastly, the Cboe Market Volatility Index (VIX - 24.26) lost 0.1 points or 0.5% for the day.

GOLD PRICES NAB FOUR STRAIGHT, HIT 1-MONTH HIGH

Oil prices settled back above $100, amid news that China has begun to lift lockdowns. May-dated West Texas Intermediate (WTI) crude rose $6.31, or 6.7%, to settle at $100.60 a barrel. 

Gold prices rose for the fourth straight day. June-dated gold added $27.90, or 1.4%, to settle at $1,976.10 an ounce -- the highest settlement for the front-month contract since March 11.