The Dow closed over 300 points lower, finishing in bear market territory and securing its fifth-straight daily loss alongside the S&P 500 and Nasdaq. Unsurprisingly, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- finished at its highest level since mid-June. 

Last week's rate hike from the Fed is still at the center of the action. The Fed's aggressive stance has caused the U.S. dollar to surge, potentially hurting foreign trade, with news that the British pound hit a record low against the dollar reverberating through the market today. Bond yields are continuing to rise as well, and the 2- and 10-year notes both hit their highest levels since 2007 and 2010, respectively.

The Dow Jones Average (DJI - 29,260.81) fell 329.6 points or 1.1%. Walmart (WMT) led the winners with a 0.9% rise, while Travelers (TRV) was the worst performer with a 3.1% drop. 

The S&P 500 Index (SPX - 3,655.04) dropped 38.2 points or 1%, while the Nasdaq Composite (IXIC - 10,802.92) shed 65 points, or 0.6%. 

Lastly, the Cboe Volatility Index (VIX - 32.26) added 2.3 points or 7.8%.

OIL, GOLD EXTEND LOWS

Oil futures dropped for the second session, extending Friday's multi-month lows. November-dated West Texas Intermediate (WTI) crude $2.03, or 2.6%, to settle at $76.71 barrel -- the lowest front-month contract finish since early January. 

Gold fell for the second day as well, hitting their lowest level since April 2020. December gold $22.20, or 1.3%, to settle at $1,633.40.  

More By This Author:

Nasdaq Trying For Midday Comeback As Tech Strengthens
Dow Logs Nearly 2-Year Low, Steep Weekly Loss
Dow Breaches Key Level, "Fear Gauge" Spikes