MARKET WRAPS

STOCKS: U.S. stocks fell amid concerns about a stalemate in the Strait of Hormuz between the U.S. and Iran.

TREASURYS: Treasury yields rose ahead of the Federal Reserve statement.

FOREX: The U.S. dollar ticked up ahead of the last Fed meeting to have Jerome Powell as chairman.

COMMODITIES: Oil futures closed on the cusp of $100 a barrel in New York, driven higher by concerns about the uncertain fate of the Strait of Hormuz.

HEADLINES

OpenAI Misses Key Revenue, User Targets in High-Stakes Sprint Toward IPO

OpenAI recently missed its own targets for new users and revenue, stumbles that have raised concern among some company leaders about whether it will be able to support its massive spending on data centers.

Chief Financial Officer Sarah Friar has told other company leaders that she is worried the company might not be able to pay for future computing contracts if revenue doesn't grow fast enough, according to people familiar with the matter.

Board directors have also more closely examined the company's data-center deals in recent months and questioned Chief Executive Sam Altman's efforts to secure even more computing power despite the business slowdown, the people said.

GM Says Iran War, High Gas Prices Aren't Denting Sales

General Motors easily topped Wall Street estimates for profitability in the first quarter, thanks to lower costs from its electric-vehicle pullback, and an expected $500 million tariff refund following the Supreme Court's rejection of President Trump's emergency tariffs.

Elevated oil prices from the Iran war have raised GM's costs, but the U.S.'s largest automaker has seen little impact in demand for its large trucks and SUVs, executives said Tuesday.

GM revenue fell less than 1% from the prior year, reflecting minimal impact so far from the Iran conflict and elevated U.S. gasoline prices on vehicle sales.

Visa Beats Expectations. What It Means for the Stock.

Visa reported better-than-expected adjusted earnings and revenue for its fiscal second quarter, as credit card spending continues.

The major credit card company announced earnings of $3.31 a share, compared with $2.76 a share a year ago, with revenue growing 17% to $11.2 billion in the fiscal second quarter, which ended in March.

Analysts tracked by FactSet expected adjusted earnings of $3.10 a share on revenue of $10.75 billion.

Starbucks Touts Momentum in Sales Rebound

Starbucks said its sales rebound is picking up steam.

The world's largest coffee chain reported a 6.2% increase in same-store sales across its regions for the three months ended March 29, outpacing analysts' expectations. In the U.S., same-store sales jumped 7.1%, the second consecutive quarterly increase in Starbucks's domestic market under Chief Executive Brian Niccol's watch.

Seattle-based Starbucks hired Niccol in 2024 to help reverse a persistent sales slide. After seven quarters of flat or declining U.S. same-store sales, the chain reported a return to domestic growth in January.

T-Mobile Stock Rises on Earnings Beat

T-Mobile US stock was up in late trading on Tuesday after the telecommunications company reported better-than-expected financial results.

The wireless carrier posted first-quarter adjusted earnings of $2.27 a share on revenue of $23.1 billion. Analysts surveyed by FactSet were expecting earnings of $2.01 a share on revenue of $23 billion.

Postpaid net account additions of 217,000 beat estimates of 192,800 and were up 6% from the prior year.

Mondelez Reports Higher First-Quarter Profit, Revenue on International Growth

Mondelez International reported a higher profit and revenue in the first quarter boosted by double-digit growth in Latin America and the Asia, Middle East, and Africa region.

The food company, whose brands include Oreo and Cadbury, on Tuesday logged a profit of $560 million, or 44 cents a share, compared with $402 million, or 31 cents a share, a year earlier.

Stripping out certain one-time items, the company posted adjusted earnings of 67 cents a share, ahead of analysts' estimates of 61 cents a share, according to FactSet.

U.S. Home Price Growth Slowed in February

U.S. home-price growth slowed in February as affordability pressures shaped home buyer decisions.

The S&P Cotality Case-Shiller National Home Price Index, which measures home prices across the country, rose 0.7% in the 12 months through February, compared with a 0.8% increase in January.

"More than half of major U.S. metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins," said Nicholas Godec at S&P Dow Jones Indices.

UPS Nears End of Restructuring as Outlook Faces Headwinds

United Parcel Service said it is in the home stretch of a years-long restructuring that includes phasing out roughly half its Amazon business, as well as cutting tens of thousands of delivery-driver and warehouse-worker roles.

Costs tied to transformation initiatives weighed on UPS's bottom line during the recent quarter, though the company said the moves should enable it to return to growth later this year.

"Our actions are moving us toward a more profitable U.S. small package business, with the back half of 2026 expected to be the inflection point, " Chief Executive Carol Tomé said on a call with analysts Tuesday.

Coca-Cola Profit Rises on Concentrate Sales Growth

Coca-Cola reported higher first-quarter profit, boosted by growth in sales of concentrates, which it sells to bottling partners.

The company recorded earnings of 91 cents a share, up 18% from the year prior.

Comparable earnings were 86 cents a share. Analysts polled by FactSet expected 81 cents a share.

April Consumer Sentiment Improved, According to Conference Board Survey

A survey from the Conference Board, a research group, suggested that consumer sentiment improved this month, countering evidence from another major poll that showed the mood had darkened.

The headline index from the Conference Board's survey rose to 92.8, versus 92.2 in March. Economists surveyed by The Wall Street Journal were expecting a decline to 89. Dana Peterson, the organization's chief economist, said that while the Iran war and higher oil prices have weighed on shoppers, Americans were feeling better about the job market and their expected future income.

A similar survey, fielded by the University of Michigan, told a strikingly different story this month. The Michigan survey reported last week that Americans' economic mood is at the lowest recorded level in decades of polling.

TALKING POINT Teens Want to Learn About Investing. Their Preferred Source of Information Is Close to Home.

The good news is that teens are highly interested in investing. The bad news is that they can be exposed to a horde of online influencers peddling dubious advice about how to go about doing it.

A new survey from Charles Schwab finds that 70% of teens between the ages of 13 and 17 say that they are very or extremely interested in investing, while 73% of parents say it is very important for kids in that age range to learn about investing.

"Investing has never been more accessible, and we're seeing people start earlier than ever," says Jonathan Craig, head of retail investing at Schwab.

More than half of the 1,000 teens polled in Schwab's survey said they trust their parents to give them investing advice, and 27% said that they want their parents to be heavily involved in their investing.

The largest group of respondents said their parents gave them their first introduction to investing, but results were mixed. While 42% said they first learned about investing from their parents, 33% said their introduction came from school; 31% said YouTube; 19% said online searches; and 19% said other family members. (Respondents could select more than one answer if they learned about investing from multiple sources.)

"[W]hen investors get started is when education matters most-especially now given the volume of information available, the range of products to evaluate, and the increasingly blurred boundary between investing and gambling," Craig says.

Teens and parents polled in the survey agreed that money management is one of the most important subjects that schools can teach. Just over half the adults said they wished they had started investing earlier.

--Kenneth Corbin, Barron's

Expected Major Events for Wednesday

08:00/ITA: Apr Consumer Confidence Survey

08:00/ITA: Apr Business Confidence Survey

08:00/GER: Apr Bavaria CPI

08:00/GER: Apr North Rhine Westphalia CPI

08:00/GER: Apr Saxony CPI

08:00/GER: Apr Hesse CPI

08:00/GER: Apr Baden-Wuerttemberg CPI

08:00/GER: Apr Brandenburg CPI

08:30/UK: Mar Capital issuance statistics

10:00/ITA: Mar Foreign Trade non-EU

11:00/US: 04/24 MBA Weekly Mortgage Applications Survey

12:00/GER: Apr Provisional CPI

12:30/US: Feb New Residential Construction - Housing Starts and Building Permits

12:30/US: Mar New Residential Construction - Housing Starts and Building Permits

12:30/US: Mar Advance Report on Durable Goods

12:30/US: Mar Advance Economic Indicators Report

13:45/CAN: Bank of Canada interest rate announcement

14:00/US: Feb Metropolitan Area Employment and Unemployment

14:30/US: 04/24 EIA Weekly Petroleum Status Report

18:00/US: U.S. interest rate decision

23:01/UK: Mar UK monthly automotive manufacturing figures

23:50/JPN: Mar Preliminary Retail Sales

23:50/JPN: Mar Preliminary Industrial Production

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Expected Earnings for Wednesday

AbbVie Inc $(ABBV)$ is expected to report $1.37 for 1Q.

Amphenol Corp $(APH)$ is expected to report $0.96 for 1Q.

Avantor Inc $(AVTR)$ is expected to report $0.05 for 1Q.

Blackbaud Inc $(BLKB)$ is expected to report $0.63 for 1Q.

Blackstone Mortgage Trust Inc - Class A $(BXMT)$ is expected to report $0.29 for 1Q.

Brinker International Inc $(EAT)$ is expected to report $2.87 for 3Q.

California BanCorp $(BCAL)$ is expected to report $0.40 for 1Q.

Capitol Federal Financial Inc (CFFN) is expected to report $0.16 for 2Q.

Carpenter Technology Corp $(CRS)$ is expected to report $2.64 for 3Q.

Central Pacific Financial Corp $(CPF)$ is expected to report $0.74 for 1Q.

Citizens Financial Services Inc (CZFS) is expected to report $1.98 for 1Q.

Community Financial System Inc $(CBU)$ is expected to report $1.09 for 1Q.

Dana Inc $(DAN)$ is expected to report $0.34 for 1Q.

EMCOR Group Inc $(EME)$ is expected to report $5.85 for 1Q.

Entergy Corp $(ETR)$ is expected to report $0.81 for 1Q.

Euronet Worldwide Inc $(EEFT)$ is expected to report $0.95 for 1Q.

Evercore Inc - Class A (EVR) is expected to report $4.87 for 1Q.

Fannie Mae (FNMA) is expected to report $0.62 for 1Q.

Federal Signal Corp $(FSS)$ is expected to report $0.89 for 1Q.

GE HealthCare Technologies Inc $(GEHC)$ is expected to report $0.98 for 1Q.

General Dynamics Corp (GD) is expected to report $3.70 for 1Q.

Humana Inc $(HUM)$ is expected to report $10.43 for 1Q.

John Marshall Bancorp Inc (JMSB) is expected to report $0.40 for 1Q.

Kite Realty Group Trust $(KRG)$ is expected to report $0.05 for 1Q.

Lennox International Inc $(LII)$ is expected to report $3.08 for 1Q.

Lithia Motors Inc $(LAD)$ is expected to report $6.83 for 1Q.

Navient Corp (NAVI) is expected to report $0.15 for 1Q.

Old Dominion Freight Line Inc (ODFL) is expected to report $1.05 for 1Q.

Oxford Square Capital Corp $(OXSQ)$ is expected to report $0.06 for 1Q.

PROG Holdings Inc $(PRG)$ is expected to report $0.49 for 1Q.

Penske Automotive Group Inc $(PAG)$ is expected to report $2.91 for 1Q.

Phillips 66 (PSX) is expected to report $-0.51 for 1Q.

Prosperity Bancshares Inc (PB) is expected to report $1.31 for 1Q.

Red River Bancshares Inc (RRBI) is expected to report $1.68 for 1Q.

Regeneron Pharmaceuticals Inc $(REGN)$ is expected to report $8.04 for 1Q.

Scotts Miracle-Gro Co (SMG) is expected to report $4.07 for 2Q.

Sofi Technologies Inc $(SOFI)$ is expected to report $0.12 for 1Q.

Tradeweb Markets Inc (TW) is expected to report $0.88 for 1Q.

Virtu Financial Inc $(VIRT)$ is expected to report $1.50 for 1Q.

Yum China Holdings Inc (YUMC) is expected to report $0.87 for 1Q.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

April 28, 2026 16:38 ET (20:38 GMT)

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