Crude oil is taking out key levels to the upside here, putting downward pressure on stocks. Gold and silver are fading as well, while the dollar is climbing. Treasuries are flattish.
It looks like oil traders are getting tired of empty truce talk. US WTI futures popped back above $100 a barrel today, while Brent crude is pushing $105. Both President Trump and Iranian leaders have been talking about an alleged deal for a few weeks now, but nothing has changed. The Strait of Hormuz remains effectively closed and Iranian ports remain blockaded. The United States Oil Fund LP (USO) is now up 94% year-to-date.
USO, NVDA, ORCL (YTD % Change)
Data by YCharts
Meanwhile, OpenAI reportedly missed internal targets for sales and traffic at the end of 2025 – failing to hit one billion weekly active users. This comes as the company behind ChatGPT just raised $122 billion in private funding – and is pushing for a late-2026 Initial Public Offering (IPO). Stocks linked to the AI boom, including Nvidia Corp. (NVDA) and Oracle Corp. (ORCL), slid on the news.
It’s unclear if slumping demand, stiff competition, or delays tied to an overtaxed AI compute network are responsible. But the weaker-than-expected figures are leading some to worry about OpenAI’s massive spending obligations. The company has taken on more than $600 billion in commitments for future spending on data center capacity and associated infrastructure.
On the earnings front, it’s a mixed bag today for name-brand stocks. United Parcel Service Inc. (UPS) topped first-quarter earnings estimates, reporting earnings per share of $1.07 against forecasts for $1.03. But tepid guidance from the shipping company left investors wanting more, and UPS stock slid in early trading.
On the flip side, beverage giant Coca-Cola Co. (KO) topped forecasts on both the top and bottom lines. It also reported a 10% rise in organic revenue – and raised its EPS growth forecast to a range of 6%-7%. Coke stock rose on the news.
