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Stocks Fall as AI Jitters and Oil Spike Check Wall Street Rally

Investors seek clues from the Fed on whether higher energy costs could stretch out the fight against inflation.

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A visitor stands next to an electronic screen displaying Japan's Nikkei stock prices quotation board inside a conference hall in Tokyo, Japan March 4, 2026. REUTERS/Issei Kato/ File Photo
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Semiconductor chips are seen on a printed circuit board in this illustration picture created on February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

Overview

  • U.S. benchmarks, which set records days ago, slipped Tuesday as the S&P 500 fell 0.5%, the Nasdaq 0.9% and the Dow 0.1%, with chipmakers leading losses.
  • Brent crude pushed above $110 a barrel as the Strait of Hormuz stayed largely closed and the UAE said it will leave OPEC on May 1, adding to supply uncertainty.
  • A Wall Street Journal report that OpenAI missed revenue and user targets rattled AI-linked stocks, dragging down Nvidia, Broadcom and Oracle.
  • The Fed is expected to hold rates Wednesday, and Jerome Powell’s comments on energy-driven inflation could sway rate-cut hopes as U.S. gasoline averaged $4.18 a gallon.
  • Axios reported that Iran proposed reopening the strait if nuclear talks wait until later, but President Trump said the offer was “not enough,” prolonging risks at a chokepoint that carries roughly a fifth of global oil and liquefied natural gas.