Stocks slipped lower Tuesday as a surprise pop in oil prices weighed down the broader market. The Dow Jones Industrial Average lost nearly 200 points, while the S&P 500 and Nasdaq Composite lost 0.4% and 0.08%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): -0.42% or -18.94 points to 4,496.83

Dow Jones Industrial Average (DIA  ): -0.56% or -195.74 points to 34,641.97

Nasdaq Composite Index (QQQ  ): -0.08% or -10.86 points to 14,020.95

In the spotlight Tuesday, oil prices rose after Saudi Arabia extended its 1-million-barrels-per-day voluntary oil producer cut until the end of the year, according to Saudi Press Agency. Brent crude futures for November were up $1.49 at $90.49 per barrel, while West Texas Intermediate crude futures for October increased by $1.95 to $87.50 per barrel.

Over the weekend, Goldman Sachs revised its recession outlook to only a 15% chance and said it expects the Federal Reserve to pause its rate hiking campaign at its next policy meeting later this month.

"'Good news' from growth has been 'bad news' for markets," strategist Andrea Ferrario wrote in a note. "With fading recession risk, there is a risk that good news on growth might trigger more hawkish repricing of real rates if accompanied by stickier inflation."

Market participants are currently pricing in a 93% chance the Fed will hold its benchmark interest rate between 5.25% to 5.50% at its September meeting, according to CME Group's FedWatch tool.

UBS issued a similar outlook, reiterating its "softish" landing for the U.S. economy as inflation rates continue to decelerate near the central bank's target. The firm also anticipates the Fed will end its rate hikes in November.

"Our base case view is that by the November FOMC meeting, the economy will have shown clear signs of slowing, leading the Fed to finally put an end to its sharpest rate hike cycle since the 1980s. We expect US Treasury yields to fall by year-end as both US economic growth and inflation moderate," Mark Haefele, global wealth management chief investment officer, wrote in a note.

Elsewhere, Warner Bros. Discovery (WBD  ) shares fell after the entertainment company warned in a filing with the U.S. Securities and Exchange Commision (SEC) that writer and actor strikes could negatively impact cash flow by a range of $300 million to $500 million. "While [Warner Bros. Discovery] is hopeful these strikes will be resolved soon, it cannot predict when the strikes will ultimately end," the company said in the filing.

United Airlines (UAL  ) shares fell Tuesday after the carrier requested a nationwide ground stop for its flights due to an "equipment outage," according to the Federal Aviation Administration (FAA).

"We have identified a fix for the technology issue and flights have resumed. We're working with impacted customers to help them reach their destinations as soon as possible," United said in a statement.

Chip designer Arm filed an updated regulatory filing for its highly anticipated IPO, setting a range between $47 and $51 per share. With an expected sale of 95.5 million shares, this price point implies a valuation of up to $54.5 billion.

For Wednesday, market participants will react to earnings reports from companies like Zscaler (ZA  ) and Asana (ASAN  ) as well as the Fed's Beige Book release for more clue on the central bank's next moves.