Market Review: April 28, 2026

Closing Recap

Tuesday, April 28, 2026

U.S. stocks pulled back from record highs for the S&P 500 and Nasdaq as shares of CRWV, ORCL, ARM, AMD, and other chip stocks pulled back after the Wall Street Journal reported that OpenAI had missed its goals for new users and revenue in recent months, raising concerns over the ChatGPT creator’s growth prospects. The report said OpenAI CFO Sarah Friar expressed concerns to other leaders over the company’s ability to pay for future computing contracts if its revenue did not grow fast enough, citing people familiar with the matter. Note ORCL is reported to have signed one of the biggest cloud deals with OpenAI, amounting to $300 billion in computing power over a period of five years. However, later in the morning, OpenAI countered, saying it’s “firing on all cylinders” and dismissed the Wall Street Journal report claiming the company missed internal user and revenue targets as “prime clickbait.” Shares of tech stocks related to AI, data infrastructure and data centers still saw weakness, but were off their lows ahead of big earnings tomorrow night from hyperscalers AMZN, GOOGL, META and MSFT as all eyes on capex spending. Meanwhile, oil prices climbed after an Iranian proposal to reopen the Strait of Hormuz was met with skepticism from President Trump, dealing a blow to investors’ hopes of a quick reopening of the waterway. U.S. crude prices rose about 4%, near $100 a barrel. In addition to another deluge of corporate earnings tonight and tomorrow, its also Fed Chairman Powell’s last FOMC policy meeting tomorrow afternoon where no changes to rates are expected.

There was nothing particularly incremental when it comes to the Middle East today though Trump said to be dissatisfied with Iran’s latest proposal, though another report noted that despite the fact that the two sides have not met for a second round of talks, they are not as far apart as they seem. Iran reportedly scrambling to find new ways to store oil and avoid a production shutdown. Still a lot of concern about equity market complacency in the face of physical market disruption risk. President Trump said say this morning on Truth Social media platform, “Iran has just informed US that they are in a “State of Collapse.” They want US to “Open the Hormuz Strait,” as soon as possible, as they try to Figure out their leadership situation (Which I believe they will be able to do!).”

Wild stats for wild markets: The S&P 500 (SPX) is up over 9% this month, on track for its 2nd best April since 1950 (April after Covid was number 1); the S&P 500 on Monday notched its 10th all-time high of 2026, and up 13% in just 19 days while the Nasdaq Comp is tracking for a 15% advance in April. Of the 155 S&P 500 companies reported thus far vs 195 LY (fiscal qtr ending Feb-Apr, per Reuters), 85% beat vs 77% LY and the avg beat 25% vs 35% LY, avg miss -6% vs -6% LY.

• February home prices in 20 metro areas -0.1% seasonally adj (consensus +0.2%) vs +0.2% in January (previous +0.2%) – S&P Cotality Case-Shiller reported. February 20-metro area home prices non-adjusted +0.4% vs -0.1% in January (previous -0.1%) and 20-metro area home prices +0.9% (consensus +1.1%) from year ago.
• Dallas Fed Texas service sector revenue index 4.3 in April vs 1.3 in March and Dallas Fed Texas service sector index of general business activity outlook -9.9 in April vs -13.3 in March.

• Precious metals extend recent declines as June gold prices tumbled -$85.30, or -1.82%, to settle at $4,608.40 while May silver prices dropped -$1.81/oz, or -2.41%, to settle at $73.22. A stronger dollar an a rise in treasury yields weighed on precious metals.
• The average U.S. gasoline price rose to its highest level in nearly four years. Average prices at the pump rose 7 cents to $4.18 a gallon on Tuesday, representing the biggest single day increase in more than a month, AAA data showed. Gasoline prices have climbed $1.19 a gallon, or more than 40%, since late February.
• Treasury yields edged higher as inflation fears rise given the recent spike in oil prices back to $100 per barrel as the Iran/U.S. conflict is no better than where it was a few weeks ago.

• Auto Retail: ABG Q1 revs $4.1B vs. est $4.37B as adj EPS misses at $5.37 vs. est. $5.62; said divested 10 dealerships, terminated 7 franchises during Q1 2026 as part of capital allocation & portfolio optimization efforts

• In Beverages: KO reported Q1 PS $0.86 vs. est. $0.81 as revs rose 12.5% y/y to $12.5B vs. est. $12.4B as organic revs rose 10%, driven by an 8% increase in concentrate sales and 2% growth in price and mix; raises guidance as expects annual comparable EPS to grow 8% to 9%, compared with a prior view of 7% to 8% rise.
• In Consumer Products: KMB posts Q1 sales of $4.16B vs. ests $4.09B as lower prices and strong volumes offsetting competitive pressures; Q1 EPS $1.97 beats est. of $1.89; said expects FY26 organic sales growth to be in-line to ahead of the weighted average growth in the categories and markets it competes in.

• In Leisure Products: PII posted a wide bottom-line beat with adj. EPS +$0.52 vs. the Street, on a top-line beat (+$31.0M) including +3% ORV retail, with higher GMs (+394 bps); reiterated its FY26 guide, calling for sales of $7.15B-$7.30B, adj. EBITDA margin +100-140 bps y/y, and adj. EPS between $1.60 to $1.70.

• In Oil Majors: BP shares rose as Q1 profit more than doubled year-on-year to $3.2B, beating expectations by 20% as the spike in oil prices triggered by the war has helped reap billions of dollars; Q1 underlying replacement cost profit of $3.2B exceeded expectations of $2.67B and above the $1.38B figure y/y.
• In Oil Service & Equipment: SEI reported better-than-expected Q1 adjusted EBITDA (+13.4% versus its forecast), above-consensus Q2 guidance as raised EBITDA guidance by 10.0% at the midpoint to $83-93M from $76-84M and announced a 10-year contract for 600MW+ with a third large hyperscaler customer.

• BRX reported in-line Q126 FFO and modestly raised the low end of FY26 guidance by $0.01/share; Q1 SSNOI growth accelerated 40 bps sequentially to 6.4%, driven by base Rent growth of 4.1%, up 50 bps vs Q425.
• KRC reported a 1Q26 FFO/share beat (+$0.03/share vs. cons.) and mgmt raised its FY26 FFO/share guidance by 6.3% to $3.49-$3.63 (above cons. by 6.6%) largely driven by higher cap interest (Flower Mart) of $16M ($0.13).
• PSA reported a $0.10/share Core FFO beat (+2.4%) vs consensus, driven by a stronger than expected core; move-in Rent declines narrowed meaningfully, an important trend heading into peak season; management affirmed its FY26 outlook.
• VTR Q1 NFFO beat consensus by over 3%. Management increased ‘26 NFFO guidance by ~1% at the midpoint to reflect higher SHOP SSNOI growth guidance and $500M increase to investment guidance to $3B. SHOP occupancy bucked typical seasonality in 1Q, and RevPOR growth is tracking in line with expectations,

• BBIO rises and fall  as the third and final PFE tafamidis patent lawsuit dismissed. On Saturday, PFE and Cipla agreed to a patent settlement related to Cipla’s claim that it does not infringe the tafamidis polymorph patent (9,770,441) and also that it believes the ‘441 patent is invalid. Last Friday was Dexcel settlement. Pfizer said its tafamidis settlements with generic drug manufacturers extend the effective U.S. patent expiry date to June 1, 2031, subject to the outcome of other litigation. Pfizer had previously anticipated a significant decline in U.S. revenues for tafamidis beginning in 2029 upon patent expiry.
• ERAS shares tumbled after saying one patient withdrew from the trial after a severe treatment-related adverse event and later died, according to a filing.
• INCY Q1 revenue above expectations ($1.27B vs $1.21B est), Jakafi revs also better ($757M vs $735M est); Names Suketu Suky Upadhyay as CFO (former ZBH CFO); still sees Jakafi net product revenues $3.22B-$3.27B.
• NVS reported a drop in Q1 sales and operating profit, with generic competition hitting drugs like Entresto hard while the company affirmed its guidance for the year, with net sales expected to grow in the low single digits, and core operating profit forecasted to decline slightly.
• TEM shares bounced this afternoon on reports the FDA plans to pilot AI this summer to pull clinical trial data directly from electronic health records and send it in real time to drugmakers and regulators. The goal is to speed up trials, get drugs to patients faster, and boost U.S. biotech.
• In Managed Care: shares of CNC advanced on a quarterly beat and raise quarter; boosted its FY26 adjusted EPS view to greater than $3.40 from greater than $3.00 9est. $3.02) and guided FY26 revenue $187.5M-$191.5M, vs. consensus $188.8B (follows better recent results from UNH).
• In Medical Devices: AXGN shares rose as Q1 revs $61.5M topped consensus $57.7M on better guidance as sees 2026 rev growth to be at least 20% or $270M, above its prior view of up 18% or $265.7M.
• In Ortho: ZBH raises annual adjusted profit forecast to $8.40–$8.55 from prior view of $8.30–$8.45 (consensus est. at $8.40) after better Q1 adj EPS $2.09 (est. $1.86) and in-line revs $2.08B; said CFO Suketu Upadhyay will leave for another professional opportunity.
• In Medical Research: QGEN cuts FY26 EPS view to ‘at least’ $2.43 from ‘at least’ $2.50 and updates year sales growth of about 1-2% CER (previously at least 5% CER growth); cites headwinds from reduced QuantiFERON immigration testing demand, sustained caution among U.S. Life Sciences customers.
• In Hospitals: UHS Q1 adj EPS $5.62 vs est $5.41 on revs $4.5B vs est $4.39B; Q1 behavioral health care facilities on a same facility basis, adj admissions increased by 1.2% while adjusted patient days increased by 1.6% y/y; Q1 acute care hospitals owned during both periods, adjusted admissions increased by 0.8%.

• In Industrials: CR reported a $0.14 operating EPS beat, led by stronger acquisitive contributions, particularly Druck AAT), while core sales in both segments and PFT profitability also contributed to the upside vs its model; Q1 core bookings within PFT rose a solid 5% Y/Y and nearly 20% Q/Q. AME is in exclusive talks to acquire part of an industrials company owned by private-equity firm Clayton Dubilier & Rice, the WSJ reported. The deal for Indicor’s testing and measurement businesses would value them at around $5B https://tinyurl.com/2jbewh7x
• In Aerospace: Airbus (EADSY) Q1 operating profit fell 52% to 300M euros ($351M) vs. est. 348M euros while revenue declined 7% to 12.65B euros in the three months to March 31 vs. est. 12.39B euros; left its full-year guidance unchanged, reaffirming a target production rate of between 70 and 75 A320-family Aircraft per month
• In Staffing sector: KFRC shares surged after earnings results as Q1 EPS $0.46 vs. est. $0.39; Q1 revs $330.4M vs. consensus $329.38M; guides Q2 EPS $0.67-$0.75 above consensus $0.60 on better revs $344M-$352M vs. est. $335.67M (shares of comps RHI, KFY moved higher early).

• In Chemicals: SHW Q1 EPS and sales came in above consensus while forecasts mid-single-digit sales growth for Q2, banking on price increases and contributions from recent acquisitions; TROX was downgraded to Sell at Truist while raise CC tgt to $30 from $27 following continued momentum for shares of TiO2 producers. Truist stills expect TROX earnings to improve sequentially  throughout 2026 but see potential for Q2 guidance to disappoint. As the US-Iran conflict continues to disrupt commodity pricing and regional Logistics, Truist continues to view CC’s geographic footprint within TiO2 as relatively advantaged vs Chinese and Western competitors.

• Media sector: SPOT shares tumbled after Q1 monthly active users (MAU) forecast of 778M exceeded estimates of 773M, but its prediction for a 6M increase in premium subscribers to 299M was below estimates of 302M; guides Q2 operating income of 630M euros ($736.41M) for Q2, below average estimate of 684M euros. For DIS, the Financial Times reported Federal regulators have ordered a review of Disney’s ABC stations for violations of rules including ‘unlawful discrimination’.
• Telecom: TMUS launched a new internet offering for businesses, combining its 5G network with Starlink’s satellite backup to serve companies operating in remote locations. The offering comes as the telecom operator ramps up efforts to expand its enterprise customer base amid intensifying competition in the crowded U.S. wireless market.

• In Optical: GLW Q1 results mostly in line at $0.70/$4.35B vs. est. $0.69/$4.31B as posted higher profit and core results, lifted by surging demand for its optical fiber products used in artificial intelligence data centers and continued growth in its new solar business; sales growth was led by its Optical Communications and the company’s new solar business, sees Q2 sales about $4.6B vs. est. $4.65B and EPS $0.73-$0.77 vs. est. $0.75.
• In the EMS sector: SANM rises on results as Q2 revs $4.01B tops $3.28B estimate as beat was driven by significantly higher-than-expected revenue from its AI and data‑centre systems unit ZT Systems, while guides Q3 revs $3.2B-$3.5B above prior view $3.1B-$3.4B. CLS shares fell as revs grew 53% y/y to $4.05B (which was in-line with ests), driven by continued strength in the CCS segment which increased +76% Y/y to $3.241B and non-GAAP EPS of $2.16 beat consensus estimates of $2.08; company raised year rev view, but were high expectations.
• IT Services & Consulting: DT shares edged higher after activist investor Starboard Value disclosed it has made a "substantial investment" in Dynatrace, as it sees the software monitoring firm as undervalued despite its strong competitive positioning and long-term growth prospects.

• AMKR shares fell; reported a Q1 earnings beat on better sales, margins, and a lower tax rate vs consensus; Q1 gross margins were up 230 bps Y/y and operating margins were up 360 bps Y/y (both lower sequentially), though tax was ~13%, while the co reiterated its ~$2.75B in CAPEX guide for FY26 (investor expectations were already elevated due to optimism around its CoWoS/2.5D advanced packaging ramp).
• RMBS shares fell; Q1 results in-line to slight miss on EPS at $0.63 vs est $0.65 on revs $180.2Mm vs est $179.9Mm; guides Q2 product revs $95-101Mm, licensing billings $76-82Mm (note RMBS shares up ~90% since the beginning of the month and up 20% coming into the report so had high expectations).
• In semiconductor equipment (AMAT, KLAC, LRCX), Reuters reported The U.S. has ordered multiple chip equipment companies to halt shipments to two facilities of China’s Hua Hong, the country’s second-largest chipmaker, according to Reuters. Restrictions target tools and materials tied to advanced chip production.