The S&P 500 ETF (SPY) closed with a minimal loss, while the Nasdaq 100 ETF (QQQ) returned 0.61% after the Fed voted to maintain interest rates between 3.50% and 3.75%.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
News That Moved the Stock Market Today
- Of the 12 policymakers, eight voted in favor of holding rates, while four dissented. Fed Governor Stephen Miran backed a 25-bps rate cut, while the other three dissenters supported holding rates but opposed an easing bias. The number of dissents was the highest since 1992.
- Jerome Powell said he would remain on the Board of Governors once his term as Chair ends on May 15. “I will continue to serve as a Governor for a period of time to be determined,” he said. “I plan to keep a low profile as a Governor.”
- Brent crude oil (BZ) surged to its highest level since 2022 as disagreements between the U.S. and Iran over the Strait of Hormuz persist.
- President Trump rejected Iran’s proposal to reopen Hormuz in exchange for the U.S. lifting its blockade on Iranian ports while postponing nuclear negotiations.
- Visa (V) surged after reporting revenue growth of 17% to $11.2 billion, above the consensus analyst estimate of $10.75 billion.
- SoFi (SOFI) faced its largest daily loss since November 2025, despite the company reporting its largest revenue growth in three years.
- Robinhood (HOOD) closed deep in the red after its first-quarter results fell short of expectations.
- Apple (AAPL) will report earnings after the closing bell on Thursday.