Stocks eke out new record close as traders await Big Tech earnings and peace talk updates

Key Points:

• The United Arab Emirates announced it will leave OPEC and OPEC+ on May 1 to independently manage its oil production, aiming to better meet urgent market needs amid ongoing geopolitical disruptions in the region.
• As the third-largest OPEC producer, the UAE plans to gradually increase output in line with demand, reducing OPEC's collective influence and leaving the group more centered on Saudi Arabia's spare capacity.
• Corning beat Q1 earnings and sales expectations but shares fell due to softer Q2 guidance, as the company anticipates higher expenses related to upgrading its solar wafer facility despite strong momentum in key markets like optics and mobile electronics.
• JetBlue reported a deeper-than-expected Q1 loss driven by elevated fuel costs, with fuel prices expected to remain high in Q2; the airline forecasts modest capacity growth and aims to recoup fuel expenses fully by early next year amid strong demand.
• The airline industry faces continued pressure from rising fuel prices linked to the Iran conflict, with JetBlue and rivals adjusting fees and exploring mergers, including potential government support for low-cost carrier Spirit.