# Dow slides 328 points as the Fed holds its breath

> Oil near $107, a 10-year yield above 5%, and a rate cut everyone already expects made for a jittery Tuesday.
- Title: Dow slides 328 points as the Fed holds its breath · Kiplinger
- Summary: Oil near $107, a 10-year yield above 5%, and a rate cut everyone already expects made for a jittery Tuesday. Markets drifted lower not because of bad news…
- Keywords: stocks, federal reserve, oil, semiconductors, interest rates, Dow, slides, 328, points, Fed, holds, breath
- Source: Kiplinger — https://kiplinger.com/investing/stocks/dow-loses-328-points-while-waiting-for-the-fed-stock-market-today
- Published: 2026-09-15T20:09:56+00:00
- Read time: 2 min
- Topics: stocks, federal reserve, oil, semiconductors, interest rates
## 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.
## Key takeaway

Markets drifted lower not because of bad news, but because everything worth reacting to was scheduled for Wednesday.