The S&P 500 Index (SPY  ) ticked lower on Tuesday as climbing oil prices and a new report outlining weakness in artificial intelligence bellwether OpenAI impacted market outlooks.

The broader market index fell about 0.5% to settle at 7,138.80. Meanwhile the Dow Jones Industrial Average (DIA  ) lost about 25 points and the Nasdaq Composite (QQQ  ) declined by 0.9% to end the session at 49,141.93 and 24,663.79, respectively.

OpenAI came into focus on Tuesday after The Wall Street Journal reported that the start-up failed to meet internal growth expectations for user growth and revenue, citing people familiar with the matter. According to the report, Chief Financial Officer Sarah Friar has warned that the company could have issues funding computing agreements if revenue growth doesn't accelerate.

Shares of companies related to AI infrastructure declined on Tuesday, with stocks such as Oracle (ORCL  ), Nvidia (NVDA  ), Broadcom (AVGO  ) and Advanced Micro Devices (AMD  ) all falling on the news.

Oracle, who has a five-year partnership worth $300 billion with OpenAI to supply the start-up with computing power, pushed back on the WSJ's report, citing "rapidly growing demand" for OpenAi's technology.

"We're incredibly excited about our partnership with OpenAI and remain focused on building and delivering the capacity they need to support rapidly growing demand," an Oracle spokesperson told CNBC. "OpenAI's new 5.5 model is a significant step forward, and we expect continued momentum as access to their technology expands across cloud providers."

In crude oil news, the United Arab Emirates announced plans to exit its membership to OPEC on May 1; the UAE is the third-largest producer in the organization, behind only Saudi Arabia and Iraq.

"This decision follows a comprehensive review of the UAE's production policy and its current and future capacity and is based on our national interest and our commitment to contributing effectively to meeting the market's pressing needs," the nation's energy ministry said in a statement.

The news helped push crude oil futures higher on Tuesday, with West Texas Intermediate futures setting above $99 per barrel and Brent futures closing about $111 a barrel.

For Wednesday, market participants will focus on the Federal Reserve's next monetary policy decision, where policymakers are widely expected to hold interest rates at their current range in response to inflationary pressures spurred by the United State-Iran war.