US stock markets closed mixed on April 28 (local time), with tech-heavy indexes sliding amid concerns over OpenAI’s growth slowdown following CEO Sam Altman’s White House visit.
Market Snapshot
The Dow Jones Industrial Average, a benchmark for blue-chip stocks, edged up 84.39 points, or 0.17%, to finish at 49,252.18 on the New York Stock Exchange.
In contrast, the S&P 500 dropped 34.32 points, or 0.48%, settling at 7,139.59. The Nasdaq Composite, dominated by technology shares, fell 204.05 points, or 0.82%, to 20,483.05.
Tech Sector Pressures
Worries about OpenAI’s decelerating expansion exerted downward pressure across the technology sector. Reports indicate that the company’s primary revenue streams and new user acquisition failed to meet internal targets.
This development prompted a sharp reversal for semiconductor stocks, which had previously climbed on expectations of booming AI infrastructure demand. Nvidia declined around 2%, while Broadcom posted a mid-3% drop. AMD and Intel also tumbled, shedding more than 4% and 2%, respectively.
Analysts attribute the pullback to waning investor confidence in AI server and cloud computing demand.
Consumer Goods Boost Dow
The Dow found support from strong results at Coca-Cola, which surged over 5% after delivering earnings that surpassed forecasts.
