- S&P 500 and Nasdaq-100 futures fell on Tuesday, weighed down by a rise in oil
prices as well as a report that pointed to weakness in OpenAI.
- The United Arab Emirates announced Tuesday that it will exit OPEC on May 1.
- OpenAI recently saw revenue and new users growth that were below its own
targets, according to a Wall Street Journal report. The report added that CFO
Sarah Friar told leadership she was concerned OpenAI may not be able to pay
computing contracts in the future if its top line doesn’t expand fast enough.
- The report sent tech lower. Nvidia lost more than 2%, while Broadcom pulled
back more than 4%. AMD and Intel were down nearly 6% and 4%, respectively.
Oracle dropped more than 7%.
- Tuesday’s moves come after the S&P 500 and Nasdaq hit record highs on Monday.
The market’s gains were kept in check as peace talks between the U.S. and Iran
appeared to come to a standstill.
- Alphabet, Amazon, Meta Platforms and Microsoft are due Wednesday, while
Apple’s results are set for Thursday.
- Apple earnings should be strong as the company continues to roll out personal
devices that are popular among consumers despite an ongoing memory supply
crunch, according to UBS.
- General Motors — Shares popped more than 5% after the automaker raised its
2026 guidance and blew through first-quarter earnings expectations
- Coca-Cola — Shares of the beverage company gained 2% after Coca-Cola reported
quarterly earnings and revenue that topped analysts’ expectations
