Stocks reversed their midday gains in a big way Thursday, as the bank sector took a hit from Silvergate Capital (SI) and SVB Financial Group's (SIVB) respective plunges. The Dow shed more than 540 points, as investors continued to digest Fed comments ahead of tomorrow's highly-anticipated jobs report. The Nasdaq also locked in a triple-digit loss, while the S&P 500 settled squarely in the red as well. The Cboe Volatility Index (VIX), otherwise known as Wall Street's "fear gauge," settled at its highest level since Feb. 21.

Oil Futures Fall For Third-straight Session

Oil futures fell for a third-straight session, just ahead of tomorrow's nonfarm payrolls report. In addition, black gold continues to be weighed down by the possibility of more interest rate hikes. April-dated crude dropped 94 cents, or 1.2%, to close at $75.72 per barrel.

Gold prices, meanwhile, pared some losses stemming from the Federal Reserve's latest remarks. Specifically, April-dated gold added $16, or about 0.9%, to close at $1,834.60 per ounce.

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