Stocks Falter as OpenAI Concerns Increase

US equities pulled back sharply from record highs on Tuesday as a Wall Street Journal report that OpenAI missed key user and revenue targets ignited a sell-off across the AI complex, just hours before five Magnificent Seven companies report earnings. The S&P 500 fell 0.5% to 7,138.80 and the Nasdaq dropped 0.9% to 24,663.80 — its worst day in a month — while Brent crude surged to $111 for its seventh straight session of gains. In a seismic shift for energy markets, the UAE announced it is leaving OPEC effective 1 May. Goldman Sachs warned investors to brace for a near-term pullback as positioning is stretched and pension funds may sell more than $25 billion in equities. ASX 200 futures are down 37 points to 8,694, with Australian CPI due at 11:30am AEST.