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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.

Tasha Matsumoto

4/28/26 4:03PM

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 Wall Street Journal 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 as the market went risk-off, 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 earnings per share missed estimates by 15%.

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