It was a defeating session on Wall Street, with the S&P 500 and Dow marking three consecutive losses for the first time since early September and August, respectively. The tech-heavy Nasdaq also experienced a steep selloff and cut off a five-day win streak with its worst daily percentage drop since Sept. 6. The negative sentiment and sharp pullback can be attributed to the U.S. 10-year Treasury yield's push higher, which had it scoring five-month highs earlier.

Gold Drops Off After Hitting New Record

On the back of an unanticipated hike in U.S. crude inventories, oil prices tumbled during Wednesday's session. November-dated West Texas Intermediate (WTI) crude shed 97 cents, or 1.4%, to settle at $70.77 per barrel.

Safe haven gold pulled back from its intraday record peak, as yields have yet to hit a top and the U.S. dollar gains strength. Gold for December delivery dropped 0.9% to trade at $2,734.60 at last check.

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