Nasdaq, S&P 500 end lower on renewed AI growth worries ahead of big tech earnings
By Stephen Culp and Niket Nishant
Tue April 28, 2026
After only two days, concerns about the potential profitability of AI is back on the front page again with signs of weakening coming from OpenAI and its chief user Oracle. Whereas before the Dow was taking a big hit while tech soared, today tech took a major dump while the Dow, while not exactly soaring, did spend most of the day in the black gaining well over 200 at its height and then closing nearly flat. It appears that AI has taken bets off the table awaiting the reports from the major AI contributors later this week.
The Fed is also holding its regular monthly meeting today and tomorrow though nothing is expected to change save the fact that it’s likely Powell’s last meeting as chair but comments will still be scrutinized for hints of future direction. Optimism for a quick end to the war has also faded as well as the hopes that the oil spikes will be transitory. Sentiment is that even if the war does end very soon, prices at the pumps will be a very long time returning to pre-war levels. But Q1 is still going strong and will be shifting into overdrive over the next few days, which could change everything. Or make it worse. All the fence-sitting is well reflected in the still way below average volume of 15.48 billion, vs the 4-week of 18.11 billion.
DJ: 49,167.79 -62.92 NAS: 24,887.10
+50.50 S&P: 7,173.91 4/27
DJ: 49,141.93 -25.86 NAS: 24,663.80
-223.30 S&P: 7,138.80
-35.11 4/28
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