New York, April 28, 2026, 13:02 EDT
The Dow Jones Industrial Average managed a modest gain Tuesday, bucking declines in the S&P 500 and a steeper slide for the Nasdaq as traders moved out of AI stocks and into more stable blue chips. According to LSEG figures cited by Reuters, the Dow closed up 100.62 points, or 0.20%, at 49,268.41. The S&P 500 slipped 0.64%, with the Nasdaq down 1.24%.
The split stands out: the selloff’s hit isn’t spread evenly. Because the Dow is price-weighted, stocks with bigger price tags have an outsized impact. Coca-Cola and Johnson & Johnson, both trading higher, managed to cushion the blow—together, they tacked on roughly 48 points to the Dow, according to MarketWatch.
A new round of scrutiny hit the artificial-intelligence trade after The Wall Street Journal said OpenAI fell short of its own user and revenue goals. That’s reignited worry: the outlay on data centers and AI infrastructure could be outpacing real demand.
Coca-Cola did most of the heavy lifting for the Dow. First-quarter net revenue jumped 12% to $12.5 billion, while comparable EPS climbed 18% to 86 cents. The beverage giant lifted its full-year comparable EPS forecast to 8% to 9% growth, a notch higher than the previous 7% to 8% range.
It wasn’t a clear sweep. CEO Henrique Braun flagged that “persistent inflation” is still squeezing some shoppers. CFO John Murphy, speaking with Reuters, mentioned Coca-Cola is coordinating with bottlers on fallout in the Middle East, and that the company had secured some cheaper commodity contracts before the latest upheaval. J.P. Morgan analysts labeled Coca-Cola a relative outperformer, noting it’s better shielded from cost inflation than certain rivals. Reuters
The Nasdaq took the hardest hit. According to Reuters, Oracle slid 4.1%, Nvidia shed 3.5%, AMD gave up 5%, and Arm dropped a steep 8.8%. CoreWeave, which is backed by Nvidia, tumbled 6.2%. Dennis Follmer, chief investment officer at Montis Financial, said any stumble in AI spending or demand might have the market “second thoughts” about its recent surge. Reuters
Oil just piled on, with Brent crude stuck around $111 a barrel while traders digested the U.S.-Iran standoff alongside news that the United Arab Emirates is looking to exit both OPEC and OPEC+. “That gives OPEC a lot less sway over the markets,” said Brian Jacobsen, chief economic strategist at Annex Wealth Management. Reuters
That’s part of the reason the Dow’s rally isn’t just a risk-on move. Higher oil prices could stoke inflation, right as the Federal Reserve’s April meeting—set for April 28-29—comes into focus, with the policy call expected Wednesday. The central bank is considering rates at a time when energy prices and geopolitical turmoil are again front and center for markets.
Earnings are up next. Amazon, Microsoft, Meta Platforms, and Alphabet all line up to report on Wednesday. Apple follows on Thursday. That puts the heaviest AI investors right in the spotlight after Tuesday’s drop.
If the AI rally loses steam or oil prices remain high, the Dow’s buffer could quickly erode. According to AP, the S&P 500 slipped off its record, tech stocks took a bigger hit, and Brent crude pushed higher, with Middle East tensions—particularly around the Strait of Hormuz—keeping energy traders on edge.
At the moment, the Dow is holding up mainly because it lacks the heavy exposure to AI infrastructure names weighing on the Nasdaq. That’s keeping the index steadier today, though its path for the rest of the week still hangs on earnings, oil prices, and the Fed.
