Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) Index trended lower on Tuesday morning after the Wall Street Journal reported that OpenAI missed its revenue and new user targets, with CFO Sarah Friar expressing concerns that the AI startup may not be able to pay for computing contracts if its top line doesn’t grow fast enough. Futures on the Dow Jones Industrial Average (DJIA) were up 0.12% at 8:35 a.m. EDT on April 28, while futures tied to the Nasdaq 100 and the S&P 500 were down 1.42% and 0.76%, respectively.
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New trading tool for QQQ bullsIn a favorable development, White House Press Secretary Karoline Leavitt confirmed on Monday that Donald Trump and his national security team are reviewing Iran’s proposal. The plan offers to reopen the Strait of Hormuz if current conflicts end and U.S. sanctions are lifted.
Meanwhile, oil prices continued to rise amid persistent tensions in the Middle East. At the time of writing, Brent crude (CM:BZ) was up by 3.43% to $111.88 per barrel, while WTI crude (CM:CL) gained 4.11% to $100.34.
In Monday’s regular trading session, the S&P 500 and Nasdaq set new intraday and closing records to kick off a busy week, with the indices up 0.12% and 0.20%, respectively, while the Dow slipped 0.13%.
Turning to trending stocks, shares of Oracle (ORCL), Advanced Micro Devices (AMD), Broadcom (AVGO), Nvidia (NVDA), and several AI companies were down in Tuesday’s pre-market trading in reaction to the news of weakness in OpenAI’s revenue and new user growth.
Meanwhile, General Motors (GM) stock rose 1% after the automaker beat Q1 earnings expectations and raised full-year guidance. Coca-Cola (KO) stock rose 3% after the beverage giant surpassed Q1 expectations. Spotify (SPOT) stock plunged 10% as the music streaming platform issued weaker-than-expected operating income guidance.
Wall Street is gearing up for a busy week as several major companies prepare to report earnings, including five of the Magnificent 7 – Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (META), and Apple (AAPL).