Your Evening Briefing

April 28, 2026

Stocks fall as the AI trade slumps

Stocks fell from record highs, with the S&P 500, Nasdaq 100, and Russell 2000 all trading lower.

Information technology was the worst-performing sector as a WSJ report that OpenAI has missed key revenue and user targets dragged down the AI trade. Energy was today’s best performer as traders digested news that the United Arab Emirates is quitting OPEC. Despite the positive implications for oil supply, oil prices climbed amid stalled peace talks.

Bitcoin dipped amid the market’s risk-off mood, and not even news around a bitcoin strategic reserve that might materialize “in the next few weeks” seemed to help the asset.

Tomorrow brings earnings from Alphabet, Meta, Amazon, and Microsoft, the first time these four tech giants have ever reported on the same day.

Stocks that moved higher:

Match Group edged up after announcing a $100 million investment in Grindr rival Sniffies, with a future option to acquire the startup, while competitor Grindr slipped on the news.
GM ticked higher after reporting impressive Q1 earnings before the bell, with the automaker boosting its full-year guidance.

Stocks that moved lower:

Spotify sank after its Q2 operating profit outlook came in below estimates, overshadowing a solid Q1.
Corning fell after posting underwhelming Q2 guidance.
BYD dipped as steep competition and slowing China sales dragged Q1 profit down 55%.
Rambus sank after Q1 adjusted EPS missed estimates by 15%.

Meta could be getting ready to post its highest revenue growth since 2021

Meta’s outlook and analyst estimates suggest more than 30% revenue growth in Q1. Read more.

“Did 2025 end badly for OpenAI?” is the wrong question. Here are the two questions that do matter.

Whether OpenAI learned from the mistakes that punished all of its competitors in late 2025 — and if those missteps were actually advantages — will determine where the OG LLM kingpin goes from here.

Read more.

US gas prices climbed on Tuesday to their highest level in four years as peace talks between the US and Iran are at a standstill.

The national average gas price is currently $4.18 per gallon, according to the American Automobile Association. Read more.

The 6 biggest US airlines spent $1.2 billion more on fuel in Q1, and things are about to get worse
Carriers expect to pay about $4.26 per gallon for jet fuel in Q2, up from $2.80 in Q1.
Google will supply AI models to Pentagon in classified deal, per The Information
The move follows similar government use deals penned by OpenAI and xAI.
OpenAI’s models are officially coming to Amazon
On Monday, Microsoft announced a new agreement in which it lost exclusive access to OpenAI’s models.
Ship-tracking app surges as Iran war continues
MarineTraffic’s user count more than doubled in April from last year.

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