Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange.
NYSE
The S&P 500 and Nasdaq Composite fell on Tuesday, weighed down by a report that pointed to weakness in OpenAI as well as a rise in oil prices.
The broad market index fell 0.7%, while the tech-heavy Nasdaq shed 1.3%. The Dow Jones Industrial Average added 107 points, or 0.2%, lifted by a more than 6% gain in shares of Coca-Cola the company reported better-than-expected earnings.
OpenAI recently saw revenue and new users growth that were below its own targets, according to a Wall Street Journal report. The report added that CFO Sarah Friar told leadership she was concerned OpenAI may not be able to pay computing contracts in the future if its top line doesn’t expand fast enough.
Chip stocks dropped on the report, with the VanEck Semiconductor ETF sliding more than 3%. Nvidia lost more than 3%, while Broadcom pulled back more than 4%. Advanced Micro Devices and Intel were down 4% each, as did Oracle.
There’s “just some profit taking out of caution ahead of what they’re going to hear tomorrow from the earnings reports” from a majority of Magnificent Seven companies, said Stephen Kolano, CIO of Integrated Partners.
The news comes during a major earnings week for the stock market, with five of the “Magnificent Seven” tech titans slated to report. Alphabet, Amazon, Meta Platforms and Microsoft are due Wednesday, while Apple’s results are set for Thursday.
Tuesday’s moves come after the S&P 500 and Nasdaq hit record highs on Monday. The market’s gains were kept in check as peace talks between the U.S. and Iran appeared to come to a standstill.
Over the weekend, President Donald Trump canceled plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan to discuss the ceasefire in Iran. In a Truth Social post, the president said that negotiations could happen over the phone. Esmaeil Baqaei, Iran’s Foreign Ministry spokesperson, said that no meetings are currently planned between Tehran and Washington.
In a bit of positive news, White House press secretary Karoline Leavitt confirmed on Monday that Trump and his national security team have discussed Iran’s offer to reopen the Strait of Hormuz if the war ends and the U.S. lifts its blockade.
To be sure, crude prices were higher again on Tuesday. West Texas Intermediate futures jumped 3% to trade above $99 per barrel. Brent futures gained 2% to above $110 per barrel.
