The S&P 500 (^GSPC) is pulling back from its latest record run as investors take some profits in this jittery market. OpenAI missed sales and user targets, rippling through tech stocks, while oil is climbing. The United Arab Emirates plans to exit OPEC. S&P 500 futures slipped 0.4% while Nasdaq 100 futures sank 0.9% and Dow futures rose 0.3%. The S&P 500 (^GSPC) remains above the 7,100 level and is on pace for a 13% gain for the month of April.
Domino’s Pizza (NASDAQ:DPZ | DPZ Price Prediction) led S&P 500 declines after cutting U.S. same-store sales guidance, and Spotify (NYSE:SPOT) dropped 12% premarket on weak premium subscriber growth.
General Motors (NYSE: GM) blew past Wall Street’s first-quarter expectations and lifted its full-year outlook, powered in part by a roughly $500 million windfall after the U.S. Supreme Court struck down and refunded certain Trump-era tariff charges. GM shares climbed about 1% in premarket trading.
Coca-Cola (NYSE: KO) kicked off Tuesday with a earnings beat on both the top and bottom lines, as stronger-than-expected beverage demand powered the soft drink giant past analyst forecasts. Coke also nudged its full-year earnings per share growth outlook up to 8%–9%, from a prior range of 7%–8%, while holding its organic revenue growth target steady at 4%–5%. Shares surged more than 2% ahead of the open.
OpenAI Miss Hits the AI Trade
The Wall Street Journal reported OpenAI fell short of monthly sales targets in 2026 as Anthropic gained ground in coding and enterprise markets and Alphabet’s Gemini gained ground. Partner stocks took the brunt. Oracle (NYSE:ORCL) slid 7% in premarket trading, CoreWeave (NASDAQ:CRWV) tumbled, and SoftBank dropped almost 10% in Tokyo. Bloomberg Intelligence’s Anurag Rana said the miss “will have an impact throughout the entire AI infrastructure ecosystem, with Oracle as the most exposed in terms of risk to its financial goals.”
Selling spread to picks-and-shovels names tied to data center buildouts. GE Vernova (NYSE:GEV) and Vertiv each fell more than 2%, and Caterpillar slipped about 2%.
Oil Climbs, Consumer Weakness Emerges
Oil traded just below $110 a barrel as the UAE confirmed it will leave OPEC and OPEC+ May 1 and gradually boost production. WTI had climbed to roughly $91 a barrel last week, sitting in the 89th percentile of its 12-month range. That helps energy producers but pressures consumers.
What It Means for Investors
With the 10-year Treasury at around 4.3% and the VIX near 19, the setup is fragile rather than fearful. The real test arrives Wednesday and Thursday when Alphabet, Amazon, Meta, Microsoft, and Apple report. Watch capex commentary closely: any softening of AI infrastructure spending guidance would extend today’s pullback well beyond the OpenAI orbit.
All eyes turn to the Federal Reserve on Wednesday as officials deliver their third rate decision of 2026 and almost certainly their last under Chair Jerome Powell. With inflation creeping higher and the job market losing steam, the FOMC is expected to stand pat, keeping its benchmark rate in the 3.5%–3.75% range. Markets aren’t even entertaining another outcome: the CME Group’s FedWatch tool put the odds of a hold at 100% heading into Tuesday.
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