Stocks Surrender Gains After Hawkish Fed Minutes

The Dow gave back a triple digit lead today, extending its August pullback after the Fed meeting minutes from July signaled more rate hikes ahead. The blue-chip index completed a 360-point reversal, after last month's notes disclosed "most participants continue to see significant upside risks to inflation, which could require further tightening of monetary policy." The S&P 500 and Nasdaq fell as well, the latter logging its lowest close since June 27.  

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

• Options bulls play Target's post-earnings pop.
• Keep an eye on this Wall Street newbie. 
• Plus, a big retail earnings win; tax stock soars; and a former Dow stock to target.

5 Things to Know Today

1. The monumental Inflation Reduction Act (IRA), one year later. (MarketWatch)
2. The Russian ruble is falling, but the beat goes on. (Bloomberg)
3. How this retail stock won the day.
4. Tax stock has room to run after earnings win.
5. A post-earnings pullback can't stop GE stock. 

Gold, Oil Join the Slide

Oil prices suffered a third-straight loss today, weighed down by pressures at home and abroad. September-dated oil shed $1.61, or 2%, to settle at $79.38 per barrel.

Gold fell as well, to its lowest level since early July. December-dated gold lost $6.90, or 0.4%, to settle at $1,98.30 an ounce.