S&P 500 and Nasdaq Close Lower

2026-04-28 20:12 By Anna Fedec 1 min. read

The S&P 500 closed 0.4% lower and the Nasdaq dropped 1% on Tuesday pressured by a report signaling weakness at OpenAI and higher oil prices.

The WSJ reported that OpenAI revenue and new users growth was below its own targets, raising concerns about its ability to cover future computing costs.

Chip stocks declined on the news: Nvidia lost 1.5%, Broadcom over 4%, AMD 3%, Intel 1%, and Oracle more than 3%.

Also, tech hyperscalers Meta, Microsoft, and Alphabet were lower ahead of their earnings after tomorrow's closing bell.

Meanwhile, the Dow settled near the flat line, as AI related losses were offset by 3.5% jump in Coca-Cola after strong earnings.

After the closing bell, Starbucks reported its second straight quarter of traffic growth and raised its full-year outlook with revenue topping estimates.



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