Stock futures are little changed after the S&P 500 posts another record, Wall Street awaits earnings: Live updates – CNBC
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 27, 2026.
Brendan Mcdermid | Reuters
The S&P 500 fell on Tuesday, weighed down by a report that pointed to weakness in OpenAI as well as a rise in oil prices.
The broad market index fell 0.49% to close at 7,138.80, while the tech-heavy Nasdaq Composite shed 0.9% and ended at 24,663.80. The Dow Jones Industrial Average slid 25.86 points, or 0.05%, to settle at 49,141.93. Losses in the blue-chip index were kept in check by a nearly 4% gain in shares of Coca-Cola after the company reported better-than-expected earnings.
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.
Chip stocks dropped on the report, with the VanEck Semiconductor ETF (SMH) sliding about 3%. Nvidia lost more than 1%, while Broadcom pulled back more than 4%. Advanced Micro Devices was down more than 3%, while Oracle declined around 4%.
There’s “just some profit taking out of caution ahead of what they’re going to hear tomorrow from the earnings reports” from a majority of Magnificent Seven companies, said Stephen Kolano, CIO of Integrated Partners.
Major earnings reports are on deck for the stock market this week, with five of the “Magnificent Seven” tech titans slated to report. Alphabet, Amazon, Meta Platforms and Microsoft are due Wednesday, while Apple’s results are set for Thursday.
Tuesday’s moves come after the S&P 500 and Nasdaq hit record highs on Monday. However, the market’s gains were kept in check as peace talks between the U.S. and Iran appeared to come to a standstill.
Over the weekend, President Donald Trump canceled plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan to discuss the ceasefire in Iran. In a Truth Social post, the president said that negotiations could happen over the phone. Esmaeil Baqaei, Iran’s Foreign Ministry spokesperson, said that no meetings are currently planned between Tehran and Washington.
In a bit of positive news, White House press secretary Karoline Leavitt confirmed on Monday that Trump and his national security team have discussed Iran’s offer to reopen the Strait of Hormuz if the war ends and the U.S. lifts its blockade.
To be sure, crude prices were higher again on Tuesday. West Texas Intermediate futures jumped more than 3% to settle at $99.93 per barrel. Brent futures gained 2.8% to close at $111.26 per barrel.
