US stock futures pointed to a mixed and cautious open on Tuesday, April 28, 2026, with tech shares leading a pullback driven by disappointing news from OpenAI and ongoing geopolitical tensions between the US and Iran. Nasdaq 100 futures fell 0.9%, and S&P 500 futures slipped 0.4%, while Dow Jones Industrial Average futures managed a 117-point gain, rising 0.2%, as the index relies less on growth stocks.
The tech selloff was triggered by a Wall Street Journal report revealing that OpenAI, the company behind ChatGPT, has missed its own internal targets for both weekly active users and revenue ahead of its planned initial public offering. The news dragged down major tech and semiconductor stocks in premarket trading. Oracle (ORCL) fell 4.6%, while Nvidia, AMD, and Arm Holdings also declined. Analysts noted that the move showed how sensitive AI-linked equities remain to signs that the sector’s hype may be outpacing commercial reality.
Geopolitical risks remained elevated, with the US-Iran stand-off persisting and keeping oil prices high. Brent crude rose 2.7% to $104.42 a barrel, and West Texas Intermediate climbed 2.6% to $98.83. Disruption in the Strait of Hormuz has kept energy markets under pressure, with Brent now trading about 54% above pre-conflict levels. President Donald Trump expressed dissatisfaction with Iran’s latest proposal, which reportedly would reopen the Strait of Hormuz but leave nuclear discussions for later.
The Federal Reserve begins its two-day policy meeting on Tuesday, with markets widely expecting a rate hold when the decision is announced Wednesday. Attention will also focus on Fed Chair Jerome Powell’s comments, as his term nears its end.
Corporate earnings remain a key catalyst for near-term sentiment. United Parcel Service, Coca-Cola, and General Motors are set to report Tuesday, while Alphabet, Amazon, Meta, and Microsoft all release results Wednesday. Apple follows on Thursday.
Bitcoin and XRP also declined in early trading Tuesday, mirroring the cautious mood in equity markets.
