Stocks closed out August with another selloff, with all three major indexes logging a fourth-straight daily loss and finishing August in the red. The Cboe Volatility Index (VIX), meanwhile, had its best month since April, despite settling lower today. Cleveland Fed President Loretta Mester sent investors off into September -- historically one of the worst months of the year for stocks -- by noting benchmark interest rates could rise above 4% in 2023, as the central bank remains committed to fighting high inflation.

The Dow Jones Average (DJI - 31,510.43) dropped 280.4 points, or 0.9% for the day, and 4.1% for the month. Amgen (AMGN) led the gainers, adding 0.5%. Salesforce (CRM) paced the laggards with a 2.2% drop.

The S&P 500 Index (SPX -3,955.00) shed 31.2 points, or 0.8% for the day, and 4.2% for the month. Meanwhile, the Nasdaq Composite (IXIC -11,816.20) lost 66.9 points, or 0.6% for the session, and 4.6% for the month.

Lastly, the Cboe Volatility Index (VIX - 25.87) lost 0.3 points, or 1.3% for the session, but gained 21.2% for the month.

OIL, GOLD PRICES EXTEND MONTHLY LOSING STREAKS

Oil prices moved lower on Wednesday to mark their third-straight month in the red -- their longest losing streak in two years. Slowing global economic growth, lockdowns in China, returning supplies from Libya, as well a the potential for Iranian crude to enter the market contributed to these losses. October-dated crude shed $2.09, or 2.3%, to close at $89.55 per barrel on the day, and fell 9.2% in August.

Gold prices edged lower for a fourth consecutive day and turned in their fifth-straight negative month, the latter of which marks the worst losing streak of its kind in roughly four years. Rising Treasury yields and strength in the U.S. Dollar continued to weigh on the yellow metal. December-dated gold dropped $10.10, or 0.6% to close at $1,726.20 an ounce. For the month, prices shed 3.1%.

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