The broader market took a fierce turn from its midday gains, with the Dow and Nasdaq finishing with substantial triple-digit losses, while the S&P 500 closed firmly lower as well. Rising bond yields put pressure on the market after Fed Chairman Jerome Powell indicated that bigger rate hikes might be coming next month to counteract inflation. Specifically, Powell signaled a potential 50 basis point hike. The 10-year Treasury yield resumed its climb toward its 2018 highs and is now above 2.9%. 

The Dow Jones Average (DJI - 34,792.76) fell 368 points or 1.1% for the day. Dow (DOW) led the gainers with a 2.9% rise, while Salesforce (CRM) dropped to the bottom of the index with a 4.9% loss. 

The S&P 500 Index (SPX - 4,393.66) shed 65.8 points, or 1.5%, for the day, while the Nasdaq Composite (IXIC - 13,174.65) dropped 278.4 points, or 2.1%.

Lastly, the Cboe Market Volatility Index (VIX - 22.68) added 2.4 points or 11.6%.

GOLD MARKS 3RD CONSECUTIVE LOSS

Oil prices rose today, amid news that the European Union (EU) is considering ways to diminish Europe's reliance on Russian oil imports, including a possible boycott. The now most-active, June-dated contract for crude rose $1.60, or 1.6%, to settle at $103.79 a barrel.

Gold futures fell for the third-straight day, pulling back even further from Monday's five-week high. June-dated gold shed $7.40, or 0.4%, to settle at $1,948.20 an ounce.