The Nasdaq Composite Jolted by OpenAI Stumble, Rising Oil Even as Tech Earnings Ramp Up
The Nasdaq Composite fell sharply after a report revealed OpenAI missed its 2026 sales and user targets, rattling the AI infrastructure trade ahead of megacap earnings. Oil prices rose, with WTI Crude nearing $100/barrel, as the UAE announced plans to leave OPEC.
The Nasdaq Composite dropped sharply after a Wall Street Journal report stated OpenAI fell short of its 2026 sales and user targets. Oracle, SoftBank, CoreWeave, GE Vernova, Vertiv, and Caterpillar all slid on capex pullback fears. The Nasdaq Composite is on pace for a 14% advance in April as Big Tech companies prepare to report Q1 2026 results. Oil prices rose, with WTI Crude at $91 a barrel, after the UAE announced plans to leave OPEC. Major tech companies, including Alphabet, Amazon, Meta, and Microsoft, are set to report earnings this week. The Fed begins a two-day meeting with a rate decision on Wednesday.
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