Tech-led selloff lingers, AI fears resurface, earnings reset expectations

So even though we've got the Dow and the S&P bouncing back a little bit, the NASDAQ is still under some selling pressure.

Dow futures right now indicating a gain of about a tenth of 1%.

S&P futures, not even that.

NASDAQ futures down four tenths of 1% after we had a very sharp software sell-off yesterday.

There didn't seem to be a single precipitating event, although some fingers were being pointed at a new anthropic product that was rolled out.

It wasn't even rolled out yesterday, but it seemed to get more attention yesterday and really highlighting some of the concerns that are already in the market about how much AI will be able to replace software.

You heard those comments from Jensen Wang saying it doesn't make sense that that would happen.

And we indeed have had various analysts here on the show pushing back against that notion and saying there will be a place for enterprise software for the foreseeable future, some of them calling the sell-off that we had been seeing even before yesterday overdone.

So that's the backdrop that we've got for stocks.

And then, of course, we're still right smack dab in earnings season.

And I do want to point out some of the earnings highlights.

We talked about AMD earlier, but let's talk about Eli Lilly.

That company coming out with a huge sales forecast, saying sales are going to rise as much as 27% this year to $83 billion, fueled, of course, in part by Monjaro and Zetbound.

It's diabetes and obesity slash weight loss drugs.

And this is in sharp contrast to the forecast we got from Novo Nordisk, which was disappointing.

Eli Lilly is still waiting for approval of its weight loss pill.

That could happen this spring.

Remember, Novo's got approved in December and is seeing high demand.

But those Eli Lilly shares are up some 8% this morning.

Then let's talk about Uber, because they have a new CFO who is an internal executive getting a promotion.

That's Balaji Krishnamoorthi.

He is really an autonomous vehicle proponent.

So signaling, of course, Uber's expansion into that area.

That executive change will be effective February 16th.

The prior CFO is leaving after less than three years on the job for another job.