Asia-Pacific Markets Mixed as UAE Exits OPEC; OpenAI Revenue Concerns Weigh on Tech

Asia-Pacific markets traded 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 1.2%, while Mainland China's CSI 300 was down 0.26%. Japan markets were closed for a holiday. S&P 500 futures added 0.1%, while Nasdaq 100 futures rose 0.2%. Futures tied to the Dow Jones Industrial Average advanced 63 points, or 0.1%. Overnight in the U.S., The S&P 500 fell on Tuesday, weighed down by the report on OpenAI as well as a rise in oil prices. Traders await quarterly earnings from four of the "Magnificent Seven" stocks, as well as the conclusion of what could be Jerome Powell's final policy meeting as Federal Reserve chair. The broad market index fell 0.49% to close at 7,138.80, while the tech-heavy Nasdaq Composite shed 0.9% and ended at 24,663.80. The Dow Jones Industrial Average slid 25.86 points, or 0.05%, to settle at 49,141.93.