Stock market today: Live updates

Aside from the Federal Reserve, investors will turn their attention to the four “Magnificent Seven” earnings reports due after the bell. Alphabet, Amazon, Meta Platforms and Microsoft are all on deck.

“Look for Mag7 earnings to be a positive catalyst, though positioning points to increasing probability of a near-term top forming, a slight consolidation (assuming no new catalysts emerge), before resuming the bull run,” traders at JPMorgan wrote.

— Fred Imbert

Asia-Pacific markets closed mixed Wednesday, after Wall Street declined overnight as investors assess the latest developments concerning OPEC, as well as a report that pointed to weakness in OpenAI.

The United Arab Emirates will exit OPEC on May 1, in a major blow to the cartel that coordinates production among many of the world’s largest oil producers, particularly those in the Middle East.

Optimism around tech stocks took a hit as the Wall Street Journal reported that OpenAI’s revenue and new users’ growth was below its own targets. The report added that CFO Sarah Friar told the company leadership that she was concerned OpenAI might not be able to pay for computing contracts in the future if its top line did not expand fast enough.

South Korea’s Kospi added 0.75% to end day at 6,690.9, while the small-cap Kosdaq gained 0.39% to 1,220.26. In Australia, the S&P/ASX 200 declined 0.27% to 8,687.

Hong Kong’s Hang Seng index added 1.2% as of its last hour of trade, while Mainland China’s CSI 300 gained 1.1% to 4,810.35.

Japan markets were closed for a holiday.

—Lee Ying Shan

Asia-Pacific markets opened mixed Wednesday, after Wall Street declined overnight as investors assess the latest developments concerning OPEC, as well as a report that pointed to weakness in OpenAI.

The United Arab Emirates will exit OPEC on May 1, in a major blow to the cartel that coordinates production among many of the world’s largest oil producers, particularly those in the Middle East.

Optimism around tech stocks took hit as the Wall Street Journal reported that OpenAI’s revenue and new users growth was below its own targets. The report added that CFO Sarah Friar told the company leadership that she was concerned OpenAI may not be able to pay computing contracts in the future if its top line doesn’t expand fast enough.

South Korea’s Kospi lost 0.39%, while the small-cap Kosdaq traded flat. In Australia, the S&P/ASX 200 declined 0.28%.

Hong Kong’s Hang Seng index added 0.95%, while the CSI 300 was flat.

Japan markets were closed for a holiday.

—Lee Ying Shan

July wheat futures climbed to a high of $6.595 a bushel Tuesday, the highest since June 2024, bringing the gain since the start of the war with Iran to more than 11%. In April alone, wheat futures are ahead 6.8%, extending the year-to-date advance to 29.8% and on track to rise for a fourth straight month.

The National Association of Wheat Growers said major wheat-producing states are challenged by dry weather and recent USDA reports reflect a worsening outlook. Conditions have steadily declined in recent weeks, the farmers said.

July corn futures are higher by nearly 4% in April, up 6% since the start of the Iran war and up 8% since the start of the year.

— Gina Francolla and Scott Schnipper

These are the stocks moving the most in after-hours trading:

• Starbucks — The coffee chain jumped nearly 5% after Starbucks raised its full-year outlook.
• Robinhood — The maker of the trading app saw shares tumble about 9% after first-quarter results fell short of expectations.
• Visa — The credit card payment giant saw shares rise almost 5%. Second-quarter adjusted earnings of $3.31 per share and revenue of $11.23 billion surpassed analysts’ expectations.

Read the full list of stocks moving here.

— Lisa Kailai Han