Stocks fall as the AI trade slumps

Chip stocks dropped on a report that OpenAI missed key revenue and user targets, while oil climbed amid stalled peace talks.

Your Evening Briefing April 28, 2026 Stocks fall as the AI trade slumps Stocks fell from record highs, with the S&P 500, Nasdaq 100, and Russell 2000 all trading lower. Information technology was the worst-performing sector as a WSJ report that OpenAI has missed key revenue and user targets dragged down the AI trade. Energy was today’s best performer as traders digested news that the United Arab Emirates is quitting OPEC. Despite the positive implications for oil supply, oil prices climbed amid stalled peace talks. Bitcoin dipped amid the market’s risk-off mood, and not even news around a bitcoin strategic reserve that might materialize “in the next few weeks” seemed to help the asset. Tomorrow brings earnings from Alphabet, Meta, Amazon, and Microsoft, the first time these four tech giants have ever reported on the same day. Stocks that moved higher: Match Group edged up after announcing a $100 million investment in Grindr rival Sniffies, with a future option to acquire the startup, while competitor Grindr slipped on the news. GM ticked higher after reporting impressive Q1 earnings before the bell, with the automaker boosting its full-year guidance. Stocks that moved lower: Spotify sank after its Q2 operating profit outlook came in below estimates, overshadowing a solid Q1. Corning fell after posting underwhelming Q2 guidance. BYD dipped as steep competition and slowing China sales dragged Q1 profit down 55%. Rambus sank after Q1 adjusted EPS missed estimates by 15%. Meta could be getting ready to post its highest revenue growth since 2021 Meta’s outlook and analyst estimates suggest more than 30% revenue growth in Q1. Read more. “Did 2025 end badly for OpenAI?” is the wrong question. Here are the two questions that do matter. Whether OpenAI learned from the mistakes that punished all of its competitors in late 2025 — and if those missteps were actually advantages — will determine where the OG LLM kingpin goes from here. Read more. US gas prices climbed on Tuesday to their highest level in four years as peace talks between the US and Iran are at a standstill. The national average gas price is currently $4.18 per gallon, according to the American Automobile Association. Read more. The 6 biggest US airlines spent $1.2 billion more on fuel in Q1, and things are about to get worse Carriers expect to pay about $4.26 per gallon for jet fuel in Q2, up from $2.80 in Q1. Google will supply AI models to Pentagon in classified deal, per The Information The move follows similar government use deals penned by OpenAI and xAI.  OpenAI’s models are officially coming to Amazon On Monday, Microsoft announced a new agreement in which it lost exclusive access to OpenAI’s models. Ship-tracking app surges as Iran war continues MarineTraffic’s user count more than doubled in April from last year.  Was this email forwarded to you? Don’t miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025