US stocks drift in mixed trading as oil prices keep spurting higher

NEW YORK (AP) — The U.S. stock market is drifting in mixed trading Wednesday as the countdown ticks to an afternoon announcement from the Federal Reserve on what it will do with interest rates. Oil prices, meanwhile, continued to spurt higher because of the war with Iran.

The S&P 500 slipped 0.1%, a day after falling from its all-time high due to drops for artificial-intelligence stocks and worries about higher oil prices. The Dow Jones Industrial Average was down 314 points, or 0.6%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was virtually unchanged.

Another procession of profit reports from companies showing stronger growth for the start of 2026 than analysts expected helped support the market.

Visa jumped 8.8% after delivering stronger results than analysts expected, and CEO Ryan McInerney said consumer spending remained resilient in the quarter. Starbucks climbed 10% after likewise reporting better results than expected, while saying customers spent more at each visit, particularly at its North American stores.

Most companies so far this earnings reporting season have been topping analysts’ expectations, which has helped the U.S. stock market rally to records despite the high gasoline costs and soured confidence among U.S. households caused by the Iran war.

But those not meeting expectations have gotten punished. GE Healthcare Technologies dropped 12.6% after falling short of analysts’ forecasts. Robinhood Markets tumbled 13% after reporting growth in profit that was not as strong as analysts expected.

Booking Holdings swung between losses and gains after the online travel company said the war with Iran is affecting its results and kept some potential customers from booking rooms during the latest quarter.

The company behind Booking.com, Priceline and other brands is expecting the conflict to continue affecting its business through the end of June. It could affect travel not only in the Middle East but also in major transit corridors, such as between Europe and Asia.

The clearest result in financial markets of the war with Iran is how high oil prices have jumped. The price for a barrel of Brent crude to be delivered in June rose again Wednesday, up 5.9% to $117.81. Brent for delivery in July, which is where more of the trading is happening in the oil market, rose 5.3% to $109.92.

Brent’s price is approaching its high point of the war, slightly above $119 per barrel, and is well above its roughly $70 level from before the war. A ceasefire is still in place between the United States and Iran, but so is a closure of the Strait of Hormuz by Iran and a U.S. blockade of Iran's ships. That's all keeping oil tankers pent up in the Persian Gulf and crude prices high.

Expensive oil is one of the main reasons virtually all of Wall Street believes the Federal Reserve will not announce a resumption of its cuts to interest rates in the afternoon. While lower rates can help the economy, they also risk worsening inflation.

The consensus among traders is instead that the Fed will hold the federal funds rate steady in what’s likely to be Jerome Powell’s final Fed meeting as its chair. The bigger question is whether Powell will say if he’s staying on at the central bank after ceding the chairmanship. He has been a target of President Donald Trump’s anger for not cutting interest rates more quickly and more sharply.

The yield on the 10-year Treasury rose to 4.39% from 4.36% late Tuesday following the latest rise in oil prices.

Elsewhere on Wall Street, several AI stocks held firmer ahead of reports due after trading ends for the day from the biggest spenders on AI technology. Alphabet, Amazon, Meta Platforms and Microsoft could help show whether all the investment in AI chips and data centers is providing the kind of profits and productivity that would make it all worth it. Worries are high on Wall Street that it may not be and that all the immense spending is just a bubble.

Broadcom added 0.3%, a day after falling 4.4%. Nvidia, though, slipped 0.9%.

In stock markets abroad, indexes were mixed in Europe following a stronger finish in Asia. Hong Kong’s Hang Seng jumped 1.7% for one of the world’s strongest moves.

AP Business Writer Chan Ho-him contributed to this report.

FILE - A train arrives at a Wall Street subway station in New York's Financial District on Nov. 5, 2024. (AP Photo/Peter Morgan, File)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 29, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 29, 2026. (AP Photo/Ahn Young-joon)

A currency trader reacts near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 29, 2026. (AP Photo/Ahn Young-joon)

The man charged with trying to storm the White House Correspondents’ Association dinner and kill President Donald Trump took a picture of himself in his hotel room just minutes earlier, outfitted with an ammunition bag, a shoulder gun holster and a sheathed knife, authorities said Wednesday in a new court filing.

Cole Allen wore black pants, a black shirt and a red tie as he snapped the image in his room at the Washington Hilton, where Trump and hundreds of journalists were meeting for a gala Saturday night, authorities say.

The 31-year-old from Torrance, California, was captured when he tried to race past security barricades near the hotel's ballroom, prompting an exchange of gunfire with Secret Service agents tasked with safeguarding the event, investigators say.

New details emerged in a court filing made by prosecutors who want Allen to remain in custody. A hearing is set for Thursday.

The government said Allen repeatedly made online checks to keep track of Trump’s status that night, including live coverage of the president exiting his vehicle at the Hilton hotel. Investigators said preset emails with an “Apology and Explanation” attachment were sent at approximately 8:30 p.m.

“He intended to kill and fired his shotgun while trying to breach security and attack his target. Put simply, the defendant poses an uncommonly serious danger to the community if released pending trial. The defendant’s lack of criminal history and other personal circumstances do not alter this conclusion,” Assistant U.S. Attorney Charles Jones wrote.

Trump, a Republican, was uninjured. A Secret Service officer wearing a bullet-resistant vest was shot in the vest and survived.

Allen appeared in court on Monday and was charged with the attempted assassination of the president as authorities suggested an attack that disrupted one of Washington’s glitziest events had been planned for at least several weeks. He did not speak at length during the quick court appearance, as is customary. One of his lawyers, Tezira Abe, noted he had no criminal record and said he “is presumed innocent at this time.”

Trump was rushed off the stage by his security team Saturday night and appeared at the White House two hours later, still in his tuxedo.

“When you’re impactful, they go after you. When you’re not impactful, they leave you alone,” he said. “They seem to think he was a lone wolf.”

An FBI affidavit filed Monday revealed other details about the planning behind the assault, with authorities alleging that Allen on April 6 reserved a room for himself at the Washington hotel where the event would be held weeks later under its typical tight security. He traveled by train cross-country from California, checking himself into the Washington Hilton a day before the dinner with a room reserved for the weekend.

This enhanced version of an image contained in a court filing by the Department of Justice, April 29, 2026, shows Cole Tomas Allen, inside his hotel room, on Saturday, April 25, 2026 in Washington, using his cellphone to take a photograph of himself in the mirror. (Department of Justice via AP)

This image contained in a court filing by the Department of Justice, April 29, 2026, shows Cole Tomas Allen, left, inside his hotel room, on Saturday, April 25, 2026 in Washington, using his cellphone to take a photograph of himself in the mirror. (Department of Justice via AP)

This image contained in a court filing by the Department of Justice, April 29, 2026, shows some of the weapons and shotgun ammunition that Cole Tomas Allen possessed, Saturday, April 25, 2026 in Washington. (Department of Justice via AP)

This image contained in a court filing by the Department of Justice, April 29, 2026, shows Cole Tomas Allen, left, inside his hotel room, on Saturday, April 25, 2026 in Washington, using his cellphone to take a photograph of himself in the mirror. An enhanced version of the image is right. (Department of Justice via AP)

This image contained in a court filing by the Department of Justice, April 29, 2026, shows Cole Tomas Allen, left, inside his hotel room, on Saturday, April 25, 2026 in Washington, using his cellphone to take a photograph of himself in the mirror. An enhanced version of the image is right. (Department of Justice via AP)