The S&P 500 (SNPINDEX:^GSPC) fell 0.49% to 7,138.80, the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 0.90% to 24,663.80, and the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.05% to 49,141.93 as tech weakness offset strength in energy and defensives.
Market movers
Artificial intelligence (AI) stocks struggled today, particularly those tied to OpenAI, such as Oracle and CoreWeave. A Wall Street Journal report said that the artificial intelligence research company had missed revenue and user targets, a claim OpenAI denied this morning.
General Motors and Coca-Cola both gained following solid quarterly earnings. Energy stocks such as Chevron and ExxonMobil both finished in the green.
What this means for investors
Software and chip names felt the pressure today, as concerns about OpenAI triggered a pullback in AI-focused stocks. With big names such as Nvidia trading close to all-time highs, investors are worried about whether the huge investment in AI infrastructure will pay off.
The news comes in the week that several mega‑cap tech companies, including Alphabet, Amazon, Meta Platforms, and Microsoft, are due to report earnings, and AI spending vs. revenue generation will be under the microscope.
Oil prices rose as U.S.-Iran tensions continue and the UAE announced it will leave OPEC, an intergovernmental coalition of oil-producing countries. Finally, JPMorgan Chase CEO Jamie Dimon warned of an impending downturn in private credit and pointed to mounting risks, including geopolitics, oil, and government deficits.
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