Optimism around a stronger-than-expected jobs report didn't last
Optimism around a stronger-than-expected jobs report didn't last, with the Dow settling modestly lower to snap its three-day streak of record closes. The Nasdaq and S&P 500 finished quietly in the red as well, after it became evident that jobs growth was restricted to only a few sectors, including healthcare. Though Treasury yields surged at first, the realization that a resilient labor market could dissuade the Federal Reserve from lowering interest rates ultimately weighed on sentiment.
Continue reading for more on today's market, including:
- DraftKings stock extends pullback before earnings.
- Options traders buying software ETF on the dip.
- Plus, GILD taps new record; Mattel stock craters after earnings; and bulls target UPST.
5 Things to Know Today
- Bill Ackman’s Pershing Square Capital Management revealed a sizable stake in Meta Platforms (META), noting its "deeply discounted valuation." (CNBC)
- The House of Representatives will vote on a resolution to revoke tariffs on Canada, as President Donald Trump faces increased pushback. (Barron's)
- Behind Gilead Sciences stock's surge to record highs.
- Mattel stock had its worst day since 1999 after earnings.
- Call traders targeted Upstart stock following a top-line beat.
God, Oil Prices Resume Upward Swing
Oil prices trekked higher on Wednesday, with U.S.-Iran tensions still top of mind after President Trump said he was considering sending another aircraft carrier to the Middle East, despite resuming negotiations with Tehran. March-dated West Texas Intermediate (WTI) crude rose $1.15, or 1.8%, to settle $65.11 a barrel.
Gold prices settled higher as well, with investors brushing off today's jobs data and resuming buying the safe-haven metal. April-dated gold futures rose 1.5% to settle at $5,110.10 per ounce.