Stock Market Today: Nvidia, Eli Lilly, Novo Nordisk & Earnings Preview

Wall Street closed lower on Tuesday, February 3, 2026, with technology stocks leading the decline and spilling over into related financial sectors. The Dow Jones Industrial Average finished the day down nearly 400 points, while the Nasdaq Composite dropped 1.9%, according to reports from CNBC and Yahoo Finance.

The downturn was particularly pronounced in the artificial intelligence (AI) space, with Nvidia experiencing a more than 3% dip in its stock price. This follows a period of struggle for the market to determine which software companies will be negatively impacted by the rise of AI. The sell-off extended to private credit managers and business development companies with investments in software, pulling down shares of financial institutions like Blue Owl Capital, KKR, Apollo Global Management, and BlackRock.

Despite the broader market struggles, there were pockets of activity driven by specific company news. Eli Lilly’s stock fell nearly 4% ahead of its Wednesday earnings report. This decline was largely attributed to disappointing guidance from GLP-1 rival Novo Nordisk for 2026. Novo Nordisk shares plummeted over 14% after the company projected a 5% to 13% decrease in both adjusted sales and adjusted operating profits year-over-year.

Novo Nordisk’s weaker-than-expected forecast stemmed from anticipated sales declines in the U.S. Market, driven by lower realized prices due to the Most Favored Nations agreement with the United States. The company also cited “intensifying competition” in the U.S., suggesting a loss of market share to Eli Lilly. The market is now keenly focused on whether increased patient access and volume will be sufficient to offset price declines for both companies during the upcoming earnings season.

Eli Lilly CEO David Ricks acknowledged the dynamic in a recent CNBC interview, expressing optimism that increased volume would create a “positive balance,” but also cautioned that “time will tell.” Investors will be looking for clarity on Lilly’s pricing and volume trends when its earnings are released before the opening bell on Wednesday.

In a brighter spot for the market, housing-related stocks rallied on news of a potential program aimed at making homeownership more affordable. According to a Bloomberg report, companies including Lennar and Taylor Morrison Home are exploring a pathway to ownership involving private investors. While a White House official indicated that the Trump administration is not currently actively considering the plan, the initiative aligns with a stated Trump priority of reviving the housing market. Home Depot, positioned to benefit significantly from a housing market recovery, saw its shares rise nearly 1% despite the overall market decline.

Several key earnings reports are scheduled for release after market close on Tuesday, including Advanced Micro Devices, Super Micro, Chipotle, Enphase Energy, Amgen, Amcor, Prudential Financial, Mondelez, and Corteva. Before the opening bell on Wednesday, February 4, 2026, investors will be watching reports from GE Healthcare, Uber, Boston Scientific, Johnson Controls, AbbVie, Bunge, and Fortive.

Elsewhere, billionaire investor Stanley Druckenmiller has reportedly shifted his portfolio, dropping holdings in Nvidia and Palantir. According to The Motley Fool, Druckenmiller is now investing in two stocks poised to benefit from growth in a currently hot market, though the specific companies were not named in the provided sources.

Nvidia CEO Jensen Huang addressed rumors of a fraying relationship between his company and OpenAI in an interview with Jim Cramer, which will air on “Mad Money” at 6 p.m. ET. Huang refuted the reports, stating, There’s no controversy at all. It’s complete nonsense. We love working with OpenAI. The interview provides a direct response to speculation surrounding a key partnership in the AI sector.