CNBC Business News Update Market Midday: Stocks Lower, Software Makers Lower On AI Fears, Eli Lilly With Strong Results 2/4/26
Feb 4, 2026
Steve Liesman, senior economics reporter tracking jobs and labor trends. David Ricks, CEO of Eli Lilly, on pricing and growth for diabetes and weight-loss drugs. They discuss midday market drops, AI-driven selloffs in software, chip demand and ADP job data. Conversation also covers pricing moves and strong results from Lilly.
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AI Moving From Q&A To Doing Work
- AI's progress is shifting from answering questions to doing actual work, which disrupts software makers.
- That shift has triggered steep sell-offs in major software names and chip volatility.
Chips React To AI Demand Signals
- Chip stocks also reacted to AI dynamics and demand signals, creating market volatility.
- AMD plunged while CEO Lisa Su said chip demand is accelerating.
Mixed Job Picture By Firm Size
- ADP data showed weak job creation in January, with manufacturing losing jobs monthly since March 2024.
- Small businesses remain strained while medium firms added jobs and large firms cut payrolls.