Wall Street Pulls Back Amid Oil Price Surge and OpenAI Concerns

NEW YORK, KOMPAS.com - The main indices of the United States (US) stock market, or Wall Street, closed weaker on Tuesday (28 April 2026) local time, amid pressure from reports related to OpenAI’s performance and a surge in global oil prices.

Quoting CNBC on Wednesday (29 April 2026), the S&P 500 index pulled back 0.49% to 7,138.80.

The technology-heavy Nasdaq Composite fell more sharply by 0.9% to 24,663.80.

Meanwhile, the Dow Jones Industrial Average weakened slightly by 25.86 points or 0.05% to 49,141.93.

Market pressure was partly triggered by a Wall Street Journal report stating that OpenAI’s revenue growth and new user numbers were below internal targets.

In the report, Chief Financial Officer (CFO) Sarah Friar was said to have expressed concerns to management that the company could face difficulties meeting future computing contract obligations if revenue growth does not accelerate sufficiently.

This negative sentiment also pulled down shares in the semiconductor sector.

The VanEck Semiconductor ETF (SMH) fell around 3%.

Nvidia shares weakened by more than 1%, Broadcom corrected by more than 4%, Advanced Micro Devices dropped more than 3%, and Oracle declined around 4%.

Chief Investment Officer at Integrated Partners, Stephen Kolano, said the weakness was also influenced by investors taking profits ahead of earnings reports from several major technology companies.

“This is more about profit-taking as a cautious step ahead of earnings reports to be released tomorrow,” he stated.

This week, the market will be flooded with performance reports from tech giant issuers.

Four companies, namely Alphabet, Amazon, Meta Platforms, and Microsoft, are scheduled to release reports on Wednesday, followed by Apple on Thursday.

Tuesday’s market movement came after the S&P 500 and Nasdaq hit all-time highs on Monday’s trading.