Dow Snaps 3-Day Win Streak as Stocks Reverse Gains

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

1. Bill Ackman’s Pershing Square Capital Management revealed a sizable stake in Meta Platforms (META), noting its "deeply discounted valuation." (CNBC)
2. The House of Representatives will vote on a resolution to revoke tariffs on Canada, as President Donald Trump faces increased pushback. (Barron's)
3. Behind Gilead Sciences stock's surge to record highs.
4. Mattel stock had its worst day since 1999 after earnings.
5. 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.