This morning's earnings-fueled optimism evaporated by the end of the day. The Dow erased a more than 350-point gain to finish the day 215 points lower, while the S&P and Nasdaq also logged muted drops. A report from Bloomberg covering Apple's (AAPL) plans to slow hiring and growth spending spooked traders, while the NAHB monthly confidence index marked its second biggest one-month drop on record. Meanwhile, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) snapped a three-day losing streak. 

The Dow Jones Average (DJI -31,072.61) lost 215.7 points or 0.7% for the day. Goldman Sachs (GS) led the gainers, adding 2.5%. Merck (MRK) paced the losers, shedding 2.8%.

The S&P 500 Index (SPX - 3,830.85) lost 32.3 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,360.05) shed 92.4 points, or 0.8% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 25.30) added 1.1 points or 4.4% for the day. 

TRADERS BUY INTO LAST WEEK'S DIP IN OIL PRICES 

Oil rose once again during today's session as many bought into last week's steep drop amid renewed supply fears. Specifically, President Joe Biden's visit to Saudi Arabia yielded few results when it came to talks over renewed oil production in the region. August-dated crude added $5.01, or 5.1%, to finish at $102.60 per barrel for the day. 

Gold prices rose off their 20-month lows on Monday, posting their first gain in three sessions as the U.S. Dollar showed some give and investors brushed off the recent rise in interest rates. August-dated gold added $6.60, or 0.4%, to close at $1,710.20 an ounce.

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