Visa Jumps 8.3% After Beating Expectations

More jumps for oil prices sent tremors through the bond market, along with hints that some Federal Reserve officials don't want to cut interest rates any time soon. But fat profit reports from Visa and other big companies helped the US stock market remain resilient Wednesday.

• The S&P 500 fell 2.85 points, or less than 0.1%, to 7,135.95.
• The Dow Jones Industrial Average fell 280.12 points, or 0.6%, to 48,861.81.
• The Nasdaq composite rose 9.44 points, or less than 0.1%, to 24,673.24.

The price for a barrel of Brent crude jumped nearly 6%, the AP reports. Treasury yields climbed as traders erased nearly all bets for a cut to rates by the Fed this year.

The price for a barrel of Brent crude to be delivered in July jumped 5.8% to settle at $110.44 per barrel. That's where most of the trading is happening in the Brent market, and it got as high as $111.50 earlier in the day. The highest price since the war with Iran began is $119.50 for the most actively traded Brent contract, reached last month. On Wednesday, the price for a barrel of Brent crude to be delivered in June, which is getting less trading action than July's contract, briefly breached that mark and got as high as $119.76.

• Oil prices have been spurting higher this week as President Trump appears willing to maintain the US blockade of Iranian ships, which is preventing the country from making money by selling oil. Iran, in turn, is keeping the Strait of Hormuz closed to other oil tankers hoping to carry crude to customers worldwide as long as the blockade continues.

High oil prices helped push the Federal Reserve to announce Wednesday that it's still holding off on cutting interest rates. While lower rates could give the economy a boost, they also risk worsening inflation. Three Fed officials also said they did not want to include anything suggesting more cuts may be coming in the central bank's statement announcing the decision. Traders are still largely expecting the Fed to hold rates steady through the end of this year, according to data from CME Group. But they nearly eliminated bets for a cut to rates in 2026 in favor of a small chance for a hike.

Still, the US stock market held near its records as more companies joined the procession reporting stronger profit growth for the start of 2026 than analysts expected. Visa jumped 8.3% after delivering stronger results than analysts expected, and CEO Ryan McInerney said consumer spending remained resilient in the quarter. Starbucks climbed 8.4% after likewise reporting better results than expected, while saying customers spent more at each visit, particularly at its North American stores.

• But those not meeting expectations have been punished. GE Healthcare Technologies dropped 13.2% after falling short of analysts' forecasts. Robinhood Markets sank 13.2% after reporting growth in profit that was not as strong as analysts expected.
• Booking Holdings swung between losses and gains and finished with a gain of 0.3% after the online travel company reported better results than analysts expected. It said the war with Iran is affecting its results and kept some potential customers from booking rooms during the quarter.