Stocks retreated this afternoon, with the Dow suffering a 177-point drop, brushing off the week's earlier gains as investors turn their attention to Fed Chair Jerome Powell's long-awaited speech tomorrow. Ahead of the Jackson Hole Economic Symposium and especially after Wednesday's July Fed minutes supported a September rate cut, investors are eager for more insight into the central bank's future monetary policy. Another catalyst moving markets is rising Treasury yields, with the 10-year note touching 3.875% this afternoon. 

Gold Dragged Lower on Yields, Dollar

Bouncing back from yesterday's seven-month lows, oil scraped together a win. For the session, October-dated West Texas Intermediate (WTI) crude added $1.08, or 1.5%, to close at $73.01.

Ahead of tomorrow's Powell speech and amid rising bond yields and greenback, gold failed to close in the black. The precious metal turned in its worst daily loss in a month, with gold for December delivery settling $30.80, or 1.2% lower at at $2,516.70.

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