Alain’s Holdings

Symbol	Name	Price	Change	Change %
VOO	Vanguard S&P 500 ETF	654.26	-3.24	-0.49%
QQQ	Invesco QQQ Trust	654.09*	-10.14*	-1.53%*
XIU.TO	iShares S&P/TSX 60 ETF	49.63*	-0.34*	-0.68%*
VRT	Vertiv Holdings Co.	307.29*	-15.14*	-4.69%*

Indexes Pull Back as OpenAI Concerns Rattle Tech

U.S. stocks fell broadly on Tuesday as a bombshell Wall Street Journal report on OpenAI’s missed revenue targets sent shockwaves through the AI trade. The S&P 500 fell 0.49% to close at 7,138.80,
the Nasdaq Composite shed 0.9% to end at 24,663.80, and
the Dow Jones Industrial Average slid to 49,141.90.
The Russell 2000 was the hardest hit, falling 1.15% to 2,755.99, with tech declines bearing the greatest fault.

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The Big Story: OpenAI’s Revenue Miss Spooks AI Bulls

OpenAI recently saw revenue and new-user growth below its own internal targets, according to the Wall Street Journal, with CFO Sarah Friar reportedly telling leadership she was concerned the company may not be able to pay computing contracts in the future if its top line doesn’t improve.

The report ended an 18-day winning streak for semiconductor stocks — one of the greatest chip rallies ever seen — as investors weighed whether those gains could be sustained. Semiconductors, semiconductor equipment & materials, and computer hardware led the declines.

Oracle pushed back on the narrative: the company defended OpenAI’s growth trajectory, saying it is seeing firsthand how quickly adoption of OpenAI’s technology is accelerating and that it remains focused on building capacity to support rapidly growing demand.

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Oil Hits $100

The average price for a gallon of regular gas hit $4.176, the highest since August 2, 2022 when Bidden was in charge. West Texas Intermediate crude briefly topped $100 per barrel before pulling back, while Brent crude futures reached as high as $112.70 a barrel, their highest since March 31. Stalled U.S.–Iran talks kept energy markets on edge.

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Notable Movers

Winners:

• General Motors (GM) crushed Q1 estimates with $4.2 billion in adjusted earnings versus the $3 billion expected, and raised its full-year guidance to $11.50–$13.50 per share. Silverado sales rose 8% and GM said consumer demand for large trucks and SUVs hasn’t wavered even with gas prices above $4.
• Coca-Cola (KO) soared nearly 4% after reporting better-than-expected earnings, helping limit losses in the Dow.
• Nucor (NUE) rose 3.8% after the steel producer topped Q1 earnings estimates. TheStreet

Losers:

• Spotify (SPOT) fell over 9% as results showed ad-supported revenue decreased 5% year over year, with concerns about growth for the coming quarter.
• UPS tumbled 5% despite beating Q1 estimates on both revenue and earnings, as investors weighed a 2.3% dip in domestic volume.
• Oracle (ORCL) fell 5.2% amid concerns about its partnership with OpenAI, and Illinois Tool Works (ITW) dropped 9% as the industrial equipment maker faced pressure from geopolitical tensions and cautious analyst sentiment.
• Arm Holdings (ARM) fell approximately 8%, with broad semiconductor names including AMD and Marvell also declining, indicating sector-wide cooling after the AI rally.

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What to Watch

The Russell 2000 has surged more than 10% in April, on track for its best month since 2024, with the rally propelling the index up 11% for 2026. But Tuesday’s pullback served as a reminder that the AI trade remains fragile.

All eyes now turn to Wednesday, when the Fed announces its rate decision — widely expected to be a hold — and mega-cap tech giants Microsoft, Alphabet, Amazon, and Meta all report earnings after the bell. The results could either rekindle or further dent the AI rally.

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