Market Summary - April 28, 2026

US Market Overview

The US market opened lower on April 28, 2026, primarily due to concerns surrounding the profitability of the AI sector, particularly related to OpenAI. The US100 index saw a decline of over 1% at the market open, reflecting broader market sentiment.

OpenAI Developments

Recent reports from The Wall Street Journal indicated that OpenAI has not met critical revenue and user growth milestones, leading to increased anxiety within the technology sector. This has particularly affected companies that rely heavily on OpenAI's technology. Additionally, OpenAI has altered its partnership agreement with Microsoft, removing an exclusivity clause that previously granted Microsoft exclusive licensing rights to OpenAI's technology.

Furthermore, a legal battle is set to commence between OpenAI and Elon Musk, who is seeking $150 billion in damages, claiming that OpenAI unlawfully transitioned from a non-profit to a commercial entity.

Geopolitical Concerns

Market sentiment is also being impacted by stalled negotiations between the US and Iran. Limited communication from the White House has left officials expressing disappointment with Iran's rigid demands, which include control over the Strait of Hormuz, security guarantees, and the right to enrich uranium.

Macroeconomic Data

The Conference Board is expected to release its Consumer Confidence Index shortly after the market opens, with forecasts predicting a drop from 91.8 to 89.3 points.

Company News

• CoreWeave (CRWV.US) & Oracle (ORCL.US): Both stocks fell nearly 5% following setbacks reported by OpenAI.
• Meta (META.US): The Chinese government has blocked the purchase of the "Manus" AI model due to national security concerns, resulting in a decline of over 1% in the stock.
• Bed Bath & Beyond (BBBY1.US): The company reported earnings that exceeded EPS expectations, with a loss per share of $0.24 compared to an anticipated $0.33, leading to a stock increase of over 25%.
• UPS (UPS.US): Despite reporting decent Q1 2026 results, the stock dropped more than 4% due to a lack of expected increases in conservative financial targets.
• Coca-Cola (CCH.UK): The company met revenue and profitability expectations for Q1 2026, resulting in a stock increase of about 3%.