Most Important News

1. UAE Leaves OPEC, Analysts See Long-Term Supply Risk;
2. stc Q1 Net Profit Rises to SAR 3.7B, Declares 5.5% Dividend;
3. Americana Q1 Profit Nearly Doubles to SAR 236.9M;
4. STX Jump 16%, Beats Q3 Estimates on Revenue and EPS;

At the close of 28/04/2026, the Saudi Arabia's benchmark index Tadawul All Shares Index(TASI.SA)  edged 0.1% higher, with the country's biggest lender by assets Saudi National Bank 1180.SE rising 0.9%. Oil major Saudi Arabian Oil Co.(2222.SA)  gained 0.7%.

The S&P 500 index(SPX.US)  fell on Tuesday, weighed down by a report that pointed to weakness in OpenAI as well as a rise in oil prices.

The broad market index fell 0.49% to close at 7,138.80, while the tech-heavy NASDAQ(IXIC.US)  Composite shed 0.9% and ended at 24,663.80. The Dow Jones Industrial Average(DJI.US)  slid 25.86 points, or 0.05%, to settle at 49,141.93. Losses in the blue-chip index were kept in check by a nearly 4% gain in shares of Coca-Cola Company(KO.US)  after the company reported better-than-expected earnings.

UAE Leaves OPEC, Analysts See Long-Term Supply Risk

Hours after the UAE announced it will officially leave OPEC on May 1, analysts at JPMorgan, UBS, and Bloomberg largely agree that near-term price impact is limited, as Strait of Hormuz closures remain the main bottleneck for Gulf exports. However, if a US-Iran peace deal reopens the strait, the UAE could expand output freely outside the OPEC quota system. This would increase supply, weaken the cartel’s price support, and drive Brent downward once shipping normalizes.

US Bans Citizens and Entities from Paying Iran Hormuz Transit Fees

The U.S. Treasury's Office of Foreign Assets Control issued guidance stating that American individuals and entities, including foreign affiliates, are prohibited from directly or indirectly paying security passage fees for the Strait of Hormuz to the Iranian government or the Islamic Revolutionary Guard Corps. The move further tightens sanctions amid regional tensions.

Fed Set to Hold Rates, Eyes Signal on Future Cuts

Nick Timiraos writes that April's Fed decision highlights a key debate: how long can officials maintain that their next move is more likely a cut than a hike? With 1970s-style stagflation risks rising, the FOMC may tweak its statement to signal that rate reductions are no longer imminent. Markets expect no change this week.

KSA Stocks

stc Q1 Net Profit Rises to SAR 3.7B, Declares 5.5% Dividend

Saudi Telecom Co.(7010.SA)  reported Q1 2026 net profit of 3.7 billion riyals, up slightly from 3.65 billion a year earlier, driven by 3.8% revenue growth to 19.9 billion riyals on higher commercial, wholesale, and subsidiary revenues. The board declared a 5.5% cash dividend, or 0.55 riyal per share, for the quarter.

Americana Q1 Profit Nearly Doubles to SAR 236.9M on 13% Revenue Growth

Americana Restaurants International PLC - Foreign Company(6015.SA)  reported Q1 2026 net profit of 236.9 million riyals, surging 94% year-on-year, driven by a 13.3% rise in revenue to 2.44 billion riyals. The strong performance reflects resilient consumer demand for dining across its markets.

Arabian Pipes Q1 Profit Plunges 50% to SAR 20.1M on Lower Sales

Arabian Pipes Co.(2200.SA)  reported a 50% year-on-year drop in Q1 2026 net profit to 20.1 million riyals, driven by a 21.8% decline in revenue to 194.6 million riyals. The company attributed the fall to reduced sales volumes, a shift in sales mix, and changes in customer delivery schedules.

Modern Mills Q1 Profit Edges Up 0.4% to SAR 65.9M

Modern Mills for Food Products Co.(2284.SA)  for Food Products Co. reported Q1 2026 net profit of 65.9 million riyals, up slightly from 65.6 million a year earlier. Sequentially, profit grew 26% from 52.3 million in Q4 2025. Shareholders' equity stood at 307.8 million riyals as of March 31, 2026.

USA Stocks

Seagate Beats Q3 Estimates on Revenue and EPS, Shares Jump 16%

Seagate Technology Holdings PLC(STX.US)  reported fiscal Q3 revenue of $3.11 billion, topping estimates of $2.95 billion, and adjusted EPS of $4.10, well above the $3.50 consensus. Adjusted operating margin came in at 37.5%, surpassing expectations of 34.8%. The strong results sent shares up over 16% in after-hours trading.

NXP Q1 Revenue Beats with 12% Growth, Raises Q2 Guidance

NXP Semiconductors NV(NXPI.US)  shares rallied over 15% after reporting strong Q1 results. Revenue rose 12% year-over-year to $3.181 billion, slightly above the $3.15 billion consensus, with growth across all end markets. Non-GAAP EPS increased 16% to $3.05. The company also provided upbeat Q2 guidance, signaling accelerating demand recovery.

Robinhood Q1 Revenue Rises 15% to $1.067B, Shares Fall 9%

Robinhood(HOOD.US)  reported Q1 total revenue of $1.067 billion, up 15% year-over-year, with net income of $346 million, up 3%. Transaction revenue rose 7% to $623 million, while net interest income jumped 24% to $359 million. Despite the beat, shares dropped 9% post-market as earnings per share only grew 3% to $0.38.

OpenAI Misses 2025 Revenue Targets, AI-Linked Stocks Slide

OpenAI reportedly fell short of its 2025 revenue and user goals, renewing concerns over AI investment returns. SOFTBANK CORP.(SFBQF.US)  dropped nearly 10%, while CoreWeave(CRWV.US) , Oracle Corporation(ORCL.US) , and Advanced Micro Devices, Inc.(AMD.US)  also declined. The miss highlights a dilemma for AI spending: slowing capex risks business weakness, but accelerating it fuels worries over profitability and payoff timelines.