S&P 500 And Nasdaq 100: OpenAI Concerns, Oil Surge Hit US Stocks

• Major chipmakers tumbled on OpenAI concerns: Nvidia fell over 2%, while Broadcom, AMD, and Intel each dropped around 4%, and Oracle lost roughly 5%
• WTI crude oil jumped 3% above $99 per barrel and Brent crude gained 2% above $110 as U.S.-Iran talks were called off with no meetings scheduled
• Major tech earnings loom this week with Alphabet, Amazon, Meta, and Microsoft reporting Wednesday and Apple on Thursday, creating heightened risk as both indices show potential weekly closing price reversal top patterns

Market Summary: Tech Sell-Off and Oil Surge Pressure US Equities

Date: April 28, 2026

Key Developments

US equities retreated Tuesday following Monday's record highs, with the S&P 500 and Nasdaq both declining while the Dow held steady. The sell-off was triggered by two primary factors: concerning news about OpenAI and surging oil prices.

OpenAI Impact on Technology Sector

A Wall Street Journal report revealed OpenAI's recent revenue and user growth fell below internal expectations. CFO Sarah Friar expressed concerns about meeting future computing contract obligations if growth doesn't accelerate. This news hammered semiconductor stocks:

• Nvidia: down 2%
• Broadcom: down ~4%
• AMD and Intel: each down ~4%
• Oracle: down ~5%

Energy Markets

June WTI crude oil surged 3% above $99 per barrel, while Brent crude gained 2% above $110. The rally continues as US-Iran negotiations were cancelled with no future meetings scheduled, raising supply concerns.

Technical Levels

The S&P 500 formed a new minor top at 7,178.74, with key support at 7,112.65 and critical weekly close level at 7,165.07. The Nasdaq Composite peaked at 24,889.37, with pivot support at 24,544.19 and weekly close reference at 24,836.60.

Outlook

Major Big Tech earnings loom this week: Alphabet, Amazon, Meta Platforms, and Microsoft report Wednesday; Apple reports Thursday. Analysts warn elevated expectations after the recent rally set a high bar. Coca-Cola's 5% jump on strong earnings suggests defensive rotation. Both indices remain vulnerable to a weekly closing price reversal pattern.