"The Nasdaq Composite meandering between positive and negative territory as traders opted for restraint over risk ahead of a session loaded with potential flashpoints."
"Brent briefly topped $115 a barrel and WTI pushed above $103 on fears of prolonged shipping disruption through the Strait of Hormuz, while the UAE's unexpected departure from OPEC injected fresh volatility into energy markets."
"Any hint of a shift in the rate path, in either direction, will land hard on a tech-heavy index that remains sensitive to the cost of capital."
"OpenAI is casting a long shadow over the sector after reports surfaced that the AI bellwether has come up short of its own internal growth targets."
The Nasdaq Composite is experiencing volatility as traders remain cautious ahead of significant earnings reports and the Federal Reserve's rate decision. April has seen a notable 12.8% gain for the index, but this is threatened by macroeconomic factors, including rising oil prices and uncertainty surrounding OPEC. Jerome Powell's upcoming statements are critical, especially with potential changes in interest rates. Major tech companies like Amazon, Alphabet, Meta, and Microsoft are set to report earnings, with concerns about OpenAI's growth impacting the sector.
Read at 24/7 Wall St.
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