Asia-Pacific markets trade mixed after OPEC shock, tech jitters drag Wall Street lower
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- UAE will leave OPEC on May 1, ending its participation in the oil cartel that coordinates production among major Middle‑East producers.
- OpenAI reported revenue and new‑user growth below its own targets, prompting CFO Sarah Friar to warn the firm may struggle to pay computing contracts.
- S&P 500 fell 0.49% to 7,138.80, while the Nasdaq Composite dropped 0.9% to 24,663.80, reflecting tech‑stock weakness.
- Hang Seng rose 1.2%, showing regional resilience amid broader market turbulence.
- CSI 300 slipped 0.26%, highlighting weaker performance in Mainland China.
- U.S. futures showed modest gains (S&P 500 +0.1%, Nasdaq +0.2%, Dow +0.1%) ahead of the “Magnificent Seven” earnings season and a possible final Fed policy meeting.
Why it matters: US tech investors lose as OpenAI’s revenue shortfall drags the Nasdaq down 0.9% to 24,663.80, while oil‑importing economies will see higher supply after the UAE exits OPEC on May 1, raising price volatility.
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