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Live Nasdaq Composite: Tech Stocks Fumble Gains on OpenAI and Oil-Fueled Sell-Off

By Gerelyn Terzo · Updated Apr 28, 1:32pm ET · Published Apr 28, 10:00am ET

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Jamie Dimon's Warning

Speaking Tuesday at a conference hosted by Norway’s sovereign wealth fund, JPMorgan Chase CEO Jamie Dimon sounded the alarm on ballooning government debt, warning that markets may ultimately force policymakers into a reckoning they’ve been reluctant to confront on their own.

“The way it’s going now, there will be some kind of bond crisis, and then we’ll have to deal with it,” Dimon said, responding to a question about debt levels both globally and in the United States.

Dimon is also concerned about stagflation in a “worst case” scenario.

 

Consumers Feeling Confident

American consumers are feeling better than expected. The Conference Board’s confidence index edged up to 92.8 in April, topping the 89.0 economists had penciled in. Lingering worries over gasoline costs and Middle East uncertainty kept the mood from turning fully optimistic, but the slight upward revision to March’s reading signals an underlying sanguine trend remains intact.

CoreWeave Speaks Up

CoreWeave moved quickly Tuesday to quiet the noise around its OpenAI ties. The company reportedly stated that OpenAI is “a terrific partner, but not our only one,” pointing to a roster that now includes Meta, Anthropic, Microsoft, Google, IBM, Perplexity AI and Jane Street. The company also noted that demand for compute continues to outpace supply across the AI ecosystem, particularly as inference scales. CoreWeave stock is still getting punished, down 2.2%, but is off its pre-session lows.

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The story so far

This article will be updated throughout the day, so check back often for more daily updates.

The Nasdaq Composite opened Tuesday in the red, surrendering a chunk of Monday’s record-setting rally. A Wall Street Journal report flagged that OpenAI missed its 2026 sales and user targets, sending shockwaves through the AI infrastructure trade just as megacap earnings season hits its peak.

Oil is adding to the pressure. WTI is trading near $91 a barrel, with Brent pushing past $108 after the UAE announced it will exit OPEC and OPEC+ effective May 1, a move that rattled energy markets already strained by near-zero Strait of Hormuz transits. The Fed kicks off a two-day meeting today ahead of Wednesday’s rate decision, with the 10-year Treasury yield hovering near 4.3% amid sticky inflation.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 49,259 Up 0.19%
Nasdaq Composite: 24,704 Down 0.73%
S&P 500: 7,145 Down 0.41%

Market Movers

The damage was concentrated in OpenAI’s commercial orbit. Oracle cratered 7% in premarket after its $300 billion data-center partnership with the AI company came under fresh scrutiny. SoftBank shed nearly 10% in Tokyo. CoreWeave (Nasdaq: CRWV), GE Vernova, Vertiv, and Caterpillar (NYSE: CAT) all slid on fears of a broader pullback in AI capital spending. Bloomberg Intelligence analyst Anurag Rana flagged Oracle as carrying the heaviest exposure to OpenAI’s financial trajectory, with Microsoft (Nasdaq: MSFT), AWS (Nasdaq: AMZN), and CoreWeave next in the line of fire should compute spending get trimmed.

The timing couldn’t be more loaded. Alphabet, Amazon, Meta, and Microsoft all report Wednesday, with Apple following Thursday, meaning roughly a third of the Nasdaq’s total market cap will reprice within 48 hours. Capex guidance and any commentary on OpenAI exposure will be closely parsed.

Separately, Meta is preparing to unwind its acquisition of AI startup Manus after China blocked the deal.

In a wrap up of Monday’s market activity, Nvidia’s (Nasdaq; NVDA) continued climb helped push major indexes to fresh record closes Monday, with the chipmaker serving as one of the session’s primary engines alongside Alphabet. Arm Holdings (Nasdaq: ARM) snapped a seven-day winning streak in brutal fashion Monday, tumbling 8% for its worst single-session drop since October. The selloff came as investors grew uneasy over the possibility that Arm may be cut out of a rival’s major chip venture.

Contact [email protected] for any questions or corrections.

Gerelyn Terzo

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.

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