Major Indexes Suffer 3rd Week of Losses, Dow Drops 338 Points

Stocks reversed earlier gains to close in the red today, despite nonfarm payrolls climbing to 315,000 jobs in August -- just shy of analyst estimates. Fears surrounding another imminent rate hike swirled on Wall Street, sending all three indexes into a third-straight week of losses. For the day, the Dow shed 338 points, marking its fifth settlement lower in six sessions alongside the S&P 500. The tech-heavy Nasdaq nabbed its sixth-consecutive daily loss as investors look ahead to Labor Day weekend.

Continue reading for more on today's market, including:

• Peloton stock sinks on analyst bear note.
• Rate hike fears that are crippling Wall Street.
• Plus, LULU's lunge higher; Starbuck's CEO reveal; and 5 weed stocks in focus this week.

The Dow Jones Average (DJI - 31,318.44) dropped 338 points, or 1.1% for the day and 3% for the week. Chevron (CVX) was the top performer with a 1.5% rise, while 3M (MMM) landed at the bottom of the list with a 3.2% drop. 

The S&P 500 Index (SPX -  3,924.26) shed 42.6 points, or 1.1% for the day, while the Nasdaq Composite (IXIC -11,630.86) lost 154.3 points, or 1.3%. For the week, the indexes erased 3.3% and 4.1%, respectively.

Lastly, the Cboe Volatility Index (VIX - 25.47) fell 0.09 point, or 0.4% for today's session. For the week, the VIX moved 0.3% lower.

5 Things to Know Today

1. The PGA Golf Tour is limiting who can join and renew their membership for the 2022-2023 year. It will now exclude anyone who belongs to its rival, LIV Gold League. (CNBC)
2. Amazon.com (AMZN) is closing around 42 manufacturing locations to sedate production as sales slow. (Bloomberg)
3. Athletic clothing name swimming in a post-earnings pop. 
4. Coffee powerhouse in spotlight after c-suite shakeup.
5. 5 weed stocks that smoked headlines this week.

Oil, Gold Suffer Steep Weekly Losses

Crude managed to inch higher for today's session, as traders await next week's Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. October-dated crude added 26 cents, or 0.3%, to settle at $86.87 a barrel on the day, but shed 4.6% for the week.

Following a bounce in silver prices and today's jobs data, gold managed to eke out a daily win. December-dated gold added $13.30, or 0.8%, to settle at $1,722.60 per ounce. For the week, gold backpedaled almost 1.6%.