A red day before the decision

All three main indexes opened lower on Tuesday and kept sliding as the FOMC met to talk inflation and rates. The Dow closed down 0.6% at 52,092.

Crude keeps climbing

West Texas Intermediate futures jumped another 4.5%, touching $106.75 a barrel before settling at $105.84 at the close.

A pipeline attack behind the spike

Per Bloomberg, an Iran-backed militant group hit a land-based pipeline, shutting down Saudi Arabia's workaround for the Strait of Hormuz.

Yields touch 2007 levels

The 10-year Treasury yield peaked at 5.041%, its highest since 2007, and still closed up 4.1 basis points at 5.002%. The 2-year hit a fresh 52-week high.

A cut is basically priced in

CME FedWatch put the odds of a 25-basis-point cut on Wednesday at 94.5%, up from 93.5% on Monday. The decision itself is not the suspense.

Trump and Huang talk down AI fear

On a live All-In podcast call, Trump called worries about AI's speed a "hoax" and Nvidia's Jensen Huang backed him up. NVDA closed up 0.6%.

“everybody wins in the AI race in America”

Chevron rides the war premium

Chevron led the Dow with a 2.6% gain, extending a year of outperformance driven by the widening conflict in the Middle East. Goldman Sachs fell 1.2%.

Skyworks whipsaws higher

Skyworks rose 13.6% a day after a double-digit drop. CEO Philip Brace said he is very confident the $22 billion Qorvo deal closes this year. QRVO gained 9.3%.

“I really think this is a transformative deal for both the company and the industry”

Axon punished for a $1B raise

Axon sank 9.8% after announcing $1 billion in 0% convertible notes, part of it funding covered calls to limit dilution. The stock is down nearly 14% in 2026.