Plus: The House prepares to vote on extending enhanced Affordable Care Act subsidies. And defense stocks dip after President Trump presses contractors to limit share buybacks and cap executive pay. Daniel Bach hosts. Sign up for WSJ’s free What’s News newsletter.

Dips in defense, home-building and bank stocks weighed on the index. Plus: Ventyx Biosciences stock rallies after acquisition talks. Katherine Sullivan hosts. Sign up for the WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.

Plus: Private sector hiring was up for December. And grocery chain Albertson’s saw a sales bump in its latest quarter. Anthony Bansie hosts. Sign up for WSJ’s free What’s News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.

Plus: Lockheed Martin ramps up its Patriot missile output, as Pentagon officials urge weapons makers to dramatically increase missile production to better prepare for a potential future conflict. And Elon Musk’s xAI closes a $20 billion funding round. Daniel Bach hosts. Sign up for WSJ’s free What’s News newsletter.

The S&P 500 also hit a new record. Plus: Shares in insurance giant AIG fall after announcing a new CEO. Katherine Sullivan hosts. Sign up for the WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.

Plus: Ford reports higher fourth-quarter sales. And a Pentagon deal leads Lockheed Martin to more than triple its PAC-3 missile production. Alex Ossola hosts. Sign up for WSJ’s free What’s News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.

Plus: More than eight million workers get a pay bump, as states hike their minimum wage. And the Trump administration pauses social-service funds in more Democratic states. Luke Vargas hosts. Sign up for WSJ’s free What’s News newsletter.

Oil and defense stocks also rallied on the news. Plus: Bed Bath & Beyond shares rose after the company announced a new chief executive. Katherine Sullivan hosts. Sign up for the WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.

Plus: Minnesota Governor Tim Walz drops his re-election bid amid a welfare fraud scandal in the state. And Toyota reports strong sales for the final months of 2025. Alex Ossola hosts. Sign up for WSJ’s free What’s News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor.

Plus: Chevron shares rally, but oil futures are muted after President Trump says the U.S. could keep some of the profits from Venezuela’s oil output. And news of a potential market-first diabetes treatment for children as young as one. Sign up for WSJ’s free What’s News newsletter.