Update: Equities Fall Intraday as Yields, Oil Surge Ahead of Fed Decision

01:50 PM EDT, 09/15/2026 (MT Newswires) -- (Updates with latest market prices and developments.) US benchmark equity indexes fell intraday as bond yields and oil prices jumped ahead of the Federal Reserve's interest rate decision due on Wednesday. The Dow Jones Industrial Average was down 0.9% at 51,956.4 after midday Tuesday, while the Nasdaq Composite shed 0.8% to 25,972.8. The S&P 500 dipped 0.5% to 7,579.3. Except energy and materials, all sectors were in the red, led by consumer discretionary. The Federal Open Market Committee began its two-day policy meeting on Tuesday. Markets are currently pricing in a 93% probability that the FOMC will hike its benchmark lending rate by 25 basis points, according to the CME FedWatch tool. Goldman Sachs said the Fed will likely avoid disappointing markets that almost fully price in an interest rate increase. Treasury yields were higher, with the 10-year yield up 5.1 basis points at 5.012%. It hit 5.041% earlier in the day, the highest since July 2007, CNBC reported. The two-year yield advanced 3.5 basis points to about 4.7%. West Texas Intermediate crude oil jumped 5% to $106.41 a barrel, while Brent climbed 3.3% to $109.15. Oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been halted, Reuters reported Tuesday, citing shipping industry sources. The news agency also reported the suspension of operations at three oil fields in Libya, but the issue was not related to the US-Iran conflict. Last week, Saudi Arabia shut down its key East-West crude oil pipeline in the Riyadh and Madinah regions as a precautionary measure. Yemen's Iran-aligned Houthis reportedly launched strikes on Saudi energy infrastructure in recent days. "The East-West pipeline is expected to remain out of service for several weeks, and without a pickup in flows through the Strait of Hormuz, its closure will further exacerbate an already tight global supply situation," Saxo Bank said Tuesday in a report. In company news, Axon Enterprise (AXON) shares tumbled nearly 11% intraday, the worst performer on the S&P 500. The company said it intends to offer $1 billion of 0% convertible senior notes due 2031 in a public offering. Salesforce (CRM) is expanding its partnerships with Nvidia (NVDA), Alphabet's (GOOG, GOOGL) Google Cloud, and Amazon.com's (AMZN) Amazon Web Services to strengthen its agentic enterprise capabilities and expand its artificial intelligence footprint across third-party infrastructure. Shares of Salesforce were up 0.5% intraday. Nvidia was also edging higher, while Alphabet and Amazon were trading lower. Spot gold edged down 0.1% to $4,296.53 per troy ounce, while silver dipped 0.4% to $63.89 per ounce.