New York, April 28, 2026, 09:04 EDT
Nasdaq 100 futures sagged 1.27% as of 8:04 a.m. ET, with the tech-heavy index under pressure after a report surfaced about OpenAI missing internal goals—AI stocks took the brunt. S&P 500 E-minis slipped 0.68%. Dow E-minis edged higher, up 0.17%. Oil climbing past $110 a barrel on Middle East supply fears added to the unease. “Putting pressure on the Nasdaq and on the S&P,” said Art Hogan, chief market strategist at B Riley Wealth. Reuters
The retreat landed just after all-time highs for both the S&P 500 and Nasdaq—this wasn’t a post-selloff move. Futures, those contracts trading ahead of the opening bell, were signaling some caution Tuesday as investors braced for a busy stretch: heavyweight tech earnings plus the Fed’s policy call.
OpenAI kicked things off. The Wall Street Journal, picked up by Reuters, said the ChatGPT developer fell short of recent revenue and user targets—missing multiple monthly sales goals even as Anthropic captured more share in coding and enterprise. OpenAI’s CEO Sam Altman and CFO Sarah Friar fired back, calling the report “ridiculous” in an email to Reuters. Reuters
Shares slid for companies connected to the private AI player. Oracle slipped 7.7% ahead of the open, while CoreWeave shed 7.4%, as cloud partnerships involving OpenAI came under renewed examination. SoftBank, a top OpenAI backer, ended nearly 10% lower in Tokyo. Arm also tumbled, off 8.1%.
Oil’s jump widened the pressure. Brent crude gained 3% to $111.40, while U.S. crude advanced 3.8% to $100, with the Strait of Hormuz still snarled and President Donald Trump expressing dissatisfaction over Tehran’s latest offer, according to Reuters. Matt Britzman at Hargreaves Lansdown noted that as long as oil flows are held back, the risk grows that “higher energy costs begin to bite.” Reuters
The Fed’s position looks even tougher now. Traders are betting rates hold steady this week, but rising fuel prices muddy the inflation outlook. Earnings from Microsoft, Alphabet, Amazon, and Meta will reveal if AI investments are still justifying big tech’s elevated valuations.
General Motors, on the other hand, nudged guidance higher. The company now sees 2026 core profit coming in between $13.5 billion and $15.5 billion, citing a robust first quarter boosted by truck sales and looking ahead to a $500 million tariff refund. CEO Mary Barra described “solid momentum” in GM’s core business to shareholders, even as she emphasized the “dynamic environment” the company continues to navigate. MarketScreener
Coca-Cola topped expectations again. The soda giant bumped up its full-year comparable EPS growth outlook to 8%-9%, from a prior 7%-8%. CEO Henrique Braun credited the quarter to keeping a close eye on consumers and what he called “managing complexity.” RBC Capital Markets’ Nik Modi described the numbers as a “strong print.” Reuters
UPS headed in the opposite direction. The company stuck with its $89.7 billion revenue goal for 2026 but posted weaker first-quarter numbers—revenue came in lower, and adjusted EPS slipped to $1.07. CEO Carol Tomé described the period as a “critical transition,” while Evercore ISI’s Jonathan Chappell flagged the absence of clearer second-quarter guidance as a likely negative for investors. About UPS-US
Spotify shares slumped 12% before the bell, adding to pressure on growth stocks, after the streaming giant projected second-quarter operating income at 630 million euros—well below the 684 million euros analysts had penciled in. Yet, co-CEO Alex Norström pointed out that monthly active users topped 760 million and said the company “delivered on the subscriber growth” it was aiming for. Reuters
There’s a risk for bears here: robust results from names like GM and Coca-Cola have been enough to hold the market together for now. But the downside looks messier—if OpenAI jitters ripple through AI suppliers, and oil’s run keeps stoking inflation, it could take more than just another round of dip-buying to keep this record rally on track.
