The Dow finished the day down 313 points, with Nike (NKE) leading the losses, while the S&P 500 and Nasdaq landed deep in the red as well. Surging bond yields were the highlight of the day, as the 2-year and 10-year Treasury yields jumped to their highest levels since 2007 and 2011, respectively.

All eyes remain on the Federal Open Market Committee's (FOMC) two-day meeting that concludes tomorrow, in which Wall Street anticipates a 0.75 basis point interest rate hike. In the meantime, today's housing market data showed a surprise 12.2% rise in housing starts in August. 

The Dow Jones Average (DJI - 30,706.23) fell 313.5 points or 1% for the day. Apple (AAPL) led the gainers with a 1.6% rise, while Nike (NKE) landed at the bottom of the list with a 4.5% drop. 

The S&P 500 Index (SPX - 3,855.93) dropped 44 points, or 1.1% for the day, while the Nasdaq Composite (IXIC - 11,425.05) shed 110 points or 1%.

Lastly, the Cboe Volatility Index (VIX - 27.16) rose 1.4 points or 5.4%. 

There were no earnings of note today.

Oil, Gold Fall Lower

Oil prices moved lower today. October-dated West Texas Intermediate (WTI) crude fell $1.28, or 1.5%, to settle at $84.45 a barrel, while the new front-month contract, November-dated crude, dropped $1.42, or 1.7%, to settle at $83.94 a barrel.

Gold futures fell for the second day, dropping to their lowest level since April 2020. December-dated gold shed $7.10, or 0.4%, to settle at $1,671.10 per ounce.  

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