Wall Street's midday momentum lost steam, with the Dow, S&P 500, and Nasdaq all falling into the red in the final hours of Wednesday's trading. Yet at the same time, the Cboe Volatility Index (VIX) was flat and well off Monday's multi-year high, while the treasury market remained elevated.

In the background, small-cap equities that are more sensitive to broader-market volatility are suffering, with the Russell 2000 Index (RUT) shedding nearly 10% since Aug. 2, just one session after it nearly surpassed the 2,300 for the first time since November 2023.

Oil Futures Bounce after Stateside Inventories Fall

Oil futures finished Wednesday higher after data showed falling U.S. crude inventories. Investors also kept their eyes on retaliation in Iran after the assassination of a top Hamas leader last week. For the session, September-dated West Texas Intermediate (WTI) crude gained $2.03, or 2.8%, to settle at $75.23. 

Gold prices also closed today higher, as investors bet on a U.S. interest rate cut in September. At last check, December-dated gold futures added 0.3% to settle at $2,438.80 per ounce.

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