Stocks sell off as oil sheds over 3%

The S&P 500 erases those August gains as crude gets crushed. Will the start of September get markets back on track? Catch The Final Round at 4 p.m. ET with Jen Rogers, editor-in-chief Andy Serwer and Jared Blikre.

Winners and losers

Stocks getting hit today include Palo Alto Networks as current quarter guidance came in light, Juno Therapeutics as BTIG initiated coverage of the biotech name with a ‘sell’ rating, and H&R Block, with shares getting slashed as the tax services firm blamed currency fluctuations on poor sales.

Stocks in the green today include retailer Chicos on an earnings and revenue beat; Andy Serwer favorite Bob Evans Farms as the restaurant chain and food distributor raised its full-year forecast; and Veeva Systems, with shares jumping as the cloud-based software company reported a 40% jump in subscription service revenue and upbeat guidance.

Where are the ultra-high net worth hunting for yield?
Slow growth and historically low rates have many left investors starved for income. So where can investors turn for yield? Joining The Final Round to discuss is Barbara Goodstein, the CEO of TIGER 21, a high-net worth investment club with $45 billion in assets under management.

Looking ahead

• Ahead of Friday’s jobs report, we’ll get the Labor Department’s weekly jobless claims data. The consensus estimate is for 265,000 initial claims.

• Throughout the day we’ll get auto sales data for the month of August. The Street’s expecting a 17.1 million annualized sales rate for the industry, a dip from July’s strong figure of 17.9 million.

• And in Minneapolis, The Revolution – Prince’s backing band – is reuniting for a trio of shows to pay tribute to the musical legend. The band consists of drummer Bobby Z, bassist Brown Mark, vocalist Wendy Melvoin, and keyboardists Lisa Coleman and Dr. Fink. The Revolution was featured on albums including 1999, Around the World in a Day, Purple Rain and Parade.