Macro & Markets Daily — Apr 28, 2026

Two stories collided on the eve of Jerome Powell's possibly-final FOMC meeting, and neither of them was kind to the AI trade. The S&P 500 closed down 0.49% at 7,138.80; the Nasdaq closed down 0.90% at 24,663.80; and the Dow closed down 0.05% at 49,141.93 — a tale of two tapes, with mega-cap tech taking the punch and old-economy names shrugging it off. The 10-year Treasury yield pushed up intraday to 4.35%, a one-month high, while Brent settled at $104.09, closed down 3.83% on the session, after the UAE's surprise OPEC exit and a Wall Street Journal report on OpenAI's revenue troubles rewrote the day's risk calculus before lunch.

The most uncomfortable stress test of the AI thesis this year didn't come from a regulator or a competitor. It came from OpenAI's own internal numbers.

The Wall Street Journal reported overnight that OpenAI had fallen short of its goals for new users and revenue in recent months, and that CFO Sarah Friar had expressed concerns to other company leaders that the ChatGPT creator might not be able to pay for future computing contracts if revenue didn't grow fast enough. The company also missed multiple monthly revenue targets earlier this year after losing ground to Anthropic in coding and enterprise markets, the Journal said.

The market did the math in real time. Oracle — one of OpenAI's primary cloud providers — fell 5.2% on the session. The Russell 2000 closed down 1.15% at 2,756.05. The Nasdaq-100 shed 1.49% on the session, with just 37 holdings green at the close. This wasn't a valuation story; it was a cash-flow story. If OpenAI can't grow revenue fast enough to cover its compute bills, the AI infrastructure spending cycle — the one supporting Nvidia, Oracle, and Microsoft — gets a credibility question stapled to it.

Oracle pushed back, with a spokesperson telling CNBC: "We're incredibly excited about our partnership with OpenAI and remain focused on building and delivering the capacity they need." OpenAI ran its own communications push Tuesday, insisting its corporate and advertising businesses are growing well, per Wall Street Insight. 华尔街见闻 — Chinese (Simplified)

Watch for: OpenAI's next revenue disclosure, or any direct response from Sam Altman. The signal that the bears are right looks like a hyperscaler trimming AI capex guidance on this week's earnings calls. The signal they're wrong is Microsoft, Meta, or Alphabet raising it. We'll know by Friday.

The United Arab Emirates announced on Tuesday that it will leave OPEC effective May 1, ending nearly six decades of membership in practice. The timing is the part that matters.

Per Bloomberg, Energy Minister Suhail Al Mazrouei said the disruption from the Iran war created an opportune moment for a move that has been years in the making. The UAE was OPEC's third-largest producer, accounting for roughly 12% of group supply. Quotas had capped its output near 3.2 million barrels per day; the country has the ambition to hit 5 million by 2027.

WTI crude briefly crossed $100 intraday before settling at $99.61, closed up 3.36% on the session, while Brent closed down 3.83% on the session at $104.09 as traders digested the supply paradox: the UAE is now free to pump more, but shipping through the Strait of Hormuz remains constrained, limiting its ability to export. The IEA reported OPEC+'s share of global oil output fell to 44% in March from 48% in February — and the May 1 exit makes that worse.

The real risk is contagion. Rystad Energy's geopolitical lead told NPR that "OPEC and OPEC+ have only ever been as strong as the members' willingness to hold barrels back from the market," adding that "Saudi Arabia is now left doing more of the heavy lifting on price stability." Robin Mills of Qamar Energy told CNN that Kazakhstan — another producer chafing under quotas — could follow.

Watch for: Saudi Arabia's response. If Riyadh floods the market in retaliation, prices fall sharply and the inflation problem partially resolves itself. If Saudi accommodates, the cartel's discipline is permanently looser, and structural energy volatility becomes the new baseline. The OPEC meeting in Vienna on Wednesday just got considerably more interesting.

General Motors beat earnings handily — adjusted EPS of $3.70 versus $2.62 expected, revenue of $43.62 billion roughly in line — and raised its 2026 guidance to $13.5–$15.5 billion. But the more interesting number wasn't in the release. It was in the courthouse.

GM said it expects a roughly $500 million tariff refund following February's Supreme Court ruling that the International Emergency Economic Powers Act did not give the president unilateral authority to impose sweeping tariffs. GM is one of more than 330,000 importers who paid those tariffs, totaling $166 billion. Customs and Border Protection launched a refund portal last week; approved claims take 60 to 90 days, and only some refunds are returned in the first phase. GM confirmed to the AP it doesn't yet have a specific estimate for when the cash will actually arrive.

The honest caveat in the beat: Q1 2025 was an artificially easy comp after consumers and businesses front-loaded purchases ahead of the April 1 tariff deadline. The real test is Q2, when that pull-forward demand evaporates. And a $500 million refund is a one-time accounting event, not a business improvement.

Watch for: Ford's earnings later this week. If the same refund dynamic shows up across autos, electronics, and retail, analysts have a $166 billion variable to map into 2026 models that almost no one has fully priced. The signal that this becomes a sector-wide tailwind is a second importer-heavy company surprising to the upside on a refund line. The signal it stays opaque is silence — and slow CBP processing.

A $500 million tariff refund GM hasn't yet received, an oil cartel seeing the UAE announce a planned exit while that country currently faces export constraints, and an AI company so worried about its compute bill it had to issue a press release insisting business is great. Somewhere in Vienna a Saudi delegation is staring at an empty UAE chair, somewhere in San Francisco a CFO is doing inference math on a napkin, and somewhere in Texas a manufacturer just logged a finished-goods price index Powell would prefer not to see — all 24 hours before he takes the podium.

Sleep well.

If you know someone who'll be watching Powell tomorrow with one eye on Brent, send this their way.