Stocks continue to slide amid tech selloff

Investors were once again in risk-off mode as tech and crypto continued to fall.

Your Evening Briefing February 04, 2026 Stocks continue to slide amid tech selloff The S&P 500, Nasdaq 100, and Russell 2000 all traded lower as tech continued to be the worst-performing sector, while materials and energy fared the best. Cryptocurrencies continued to fall, with ethereum hitting a nine-month low. Bitcoin and bitcoin-sensitive equities also dropped. Stocks that moved higher: Eli Lilly soared after crushing Q4 earnings estimates and giving cheery 2026 guidance. Super Micro Computer soared as blockbuster Q2 results restored investors' faith in the AI server company. Match Group climbed as its CEO touted a plan to turn Tinder around. Enphase Energy soared after Q1 sales guidance beat estimates as consumer demand rose ahead of the expiration of tax credits. Silicon Laboratories surged after Texas Instruments agreed to purchase the company for $231 per share, a 69% premium to yesterday's closing price. MGM Resorts stock surged after strong results from BetMGM. Other sports gambling stocks like FanDuel parent co. Flutter Entertainment, DraftKings, and Penn Entertainment's rose in tandem. Chipotle ticked higher after beating Q4 estimates, but gave underwhelming full-year guidance. Lumentum rose after the optical and photonics company reported better-than-expected quarterly earnings and guidance. Stocks that moved lower: Although Advanced Micro Devices reported Q4 sales and earnings beats and a Q1 sales outlook ahead of Wall Street's expectations, shares slumped on the lack of new big customer wins. Palantir plunged without a lot of ironclad news to blame for the sell-off, though the company has gotten a couple of price target cuts in recent days — Mizuho, UBS, and D.A. Davidson among them — on grounds of its sky-high valuation. Novo Nordisk's slide continued after its CEO warned of "unprecedented pricing pressure" as its disappointing guidance overshadowed its Q4 earnings beat. Tesla fell after senators voiced skepticism about full-self driving and lack of lidar during a Senate committee hearing. AppLovin tumbled after a report of a competitive threat from CloudX in AI-enhanced mobile ad monetization. Uber dropped after its Q1 profit guidance underwhelmed. Roblox dipped, as Egypt joins growing list of countries that have banned the platform. AbbVie shares slipped despite a Q4 earnings beat. Shares of Grand Theft Auto" and "NBA 2K" maker Take-Two Interactive slipped despite raising its net bookings outlook. The New York Times sank as higher-than-expected operating costs weighed on profitability. BitMine Immersion Technologies, Strategy, and SharpLink Gaming fell as their digital asset treasuries are now underwater. Novo and Lilly agree prices are falling — and disagree on what comes next Novo Nordisk and Eli Lilly are cutting prices to reach more patients — with sharply different expectations about what that means for sales. Read more. With China boxed out, Unusual Machines' CEO sees clear skies for his drone supply company A US government ban on foreign drone components has created a once-in-a-lifetime opportunity for the nascent American drone industry. Unusual Machines wants to supply all the parts. Read more. Nvidia is close to investing $20 billion in OpenAI's funding round, per Bloomberg, citing people familiar with the matter. That would make its OpenAI stake more than the market value of the chip designer's entire portfolio of publicly traded stocks (a little over $15 billion, assuming no changes since its most recent filings). Read more.  Anthropic pledges no ads for Claude The move defines Anthropic's AI offering as an alternative to competitors planning to integrate ads in AI chats. For hyperscalers like Amazon, how much capex is too much? Wall Street used to cheer Big Tech for pouring buckets of money into data center spending. Now analysts and investors are looking for more nuance. Walmart joins the trillion-dollar club, becoming only the third non-tech American firm to do so Shares have surged on rapid e-commerce growth, digital advertising, and new AI partnerships. Maybe Walmart isn't that "offline" after all. Uber has some autonomous ride-hailing lessons for Tesla Uber CEO Dara Khosrowshahi addressed what he called misconceptions about autonomous ride-hailing during the company's earnings report Wednesday. Hims adds cancer detection test to Labs product Its lab analysis product will be a central part of the company's upcoming Super Bowl ad. Strategist doubles down on $45,000 bitcoin price target after fresh bearish technical signal From MACD to H&S, the negative technicals are piling up for bitcoin. Ozempic is no longer the most-searched for GLP-1 in the US According to Google Trends data, as of January more people in the US are searching for Eli Lilly's weight loss shot, Zepbound, than Ozempic. Netflix's Sarandos: Big Tech is trying to "run away with the television business" Netflix co-CEO Ted Sarandos addressed regulatory and industry fears around its merger plans. PepsiCo is cutting snack prices across the US, with consumers "feeling the strain" Snacks accounted for 85% of Pepsi's North American profits last year. Does PepsiCo need a name change? October 10 liquidation event is still a major weight on bitcoin's price as analysts eye the $70,000 level "I suspect, based on increased volatility and current price, we are not far from the bottom," one expert said. Firefox will soon let users block AI features in its browser As Google Chrome and Microsoft Edge ramp up AI offerings, Firefox is betting people will want an off switch. Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. 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