* * * * * * * THURSDAY, APRIL 11, 2024 ~ VOL. CCLXXXIII NO. 85 WSJ.com HHHH $5.

00
DJIA 38461.51 g 422.16 1.09% NASDAQ 16170.36 g 0.8% STOXX 600 506.59 À 0.2% 10-YR. TREAS. g 1 16/32 , yield 4.559% OIL $86.21 À $0.98 GOLD $2,329.60 g $13.90 EURO $1.0745 YEN 153.17

What’s Inflation Upsets Rate-Cut Plans Stocks

News Consumer-price a measure of goods and ser-
vices prices across the econ-
delay and diminish future in-
terest-rate reductions.
Consumer-price index,
change from a year earlier
Drop as
Business & Finance
index rose 3.5% in
March, a touch
omy, rose 3.5% in March from
a year earlier, the Labor De-
partment said Wednesday.
The yield on the bench-
mark 10-year Treasury note
settled at 4.559%, marking its
8% Price Data
higher than expected
Rattle
Core CPI
That was a touch higher than highest close since November
March: +3.8%
 Stubborn inflation pres- economists had forecast and a and its largest single-day in- 6
sures persisted in March, de- BY SAM GOLDFARB pickup from February’s 3.2%. crease since September 2022. Overall

Markets
railing the case for the Fed to AND NICK TIMIRAOS Core prices, which exclude An auction of 10-year Trea- March: +3.5%
begin reducing interest rates volatile food and energy cate- sury notes on Wednesday af- 4
in June and raising questions Stubborn inflation pres- gories, also rose more than ternoon was met by soft de-
over whether it can deliver sures persisted in March, de- expected on a monthly and mand, with the weakest
cuts this year without signs of railing the case for the Fed- annual basis. participation from investors 2 Doubts grow among
an economic slowdown. A1, A2 eral Reserve to begin reducing Stocks fell, with the Dow since November 2022, accord-
 The fresh inflation shock interest rates in June and Jones Industrial Average down ing to BMO Capital Markets. investors about the
drove major U.S. stock indexes raising questions over more than 400 points to its Futures contracts tied to 0 Fed's plans, driving
lower, depressing the S&P whether it can deliver cuts lowest close in nearly two the federal-funds rate show
500, Dow and Nasdaq by 0.9%, this year without signs of an months. Yields climbed on U.S. traders see rates ending the
2015 ’20 up Treasury yields
1.1% and 0.8%, respectively. A1 economic slowdown. government bonds, reflecting year around 5%, according to Note: Core excludes food and energy prices.
The consumer-price index, bets that the data could help Please turn to page A2 Source: Labor Department BY KAREN LANGLEY
 Inflation in China retreated
sharply, reigniting concerns
A fresh inflation shock

Around the World, Muslims Mark End of Ramadan

over deflation even as its econ-
drove major stock indexes
omy starts to feel the benefit of
lower Wednesday, heightening
a manufacturing-led revival. A9
investors’ worries that the
 Macy’s averted a fight for Federal Reserve won’t cut in-
control of its board but added terest rates anytime soon.
new directors who will help Stocks dropped broadly,
the company decide whether with 10 of the S&P 500’s 11
to accept a takeover bid it sectors falling and the Dow
had previously resisted. B1 Jones Industrial Average losing
more than 400 points. Shares
 KPMG’s Netherlands unit
of smaller companies, banks
agreed to pay a $25 million fine
and real-estate firms slid. The
over claims of training-course
yield on the benchmark 10-
examination cheating and
year U.S. Treasury note, which
misinforming investigators. B1
rises when bond prices fall,
 Four Paramount Global direc- posted its biggest one-day
tors are expected to leave the climb in more than 18 months.
board soon, as the Shari Red- Wednesday’s moves came
stone-controlled entertainment after data showed the con-
company discusses a merger sumer-price index rose more
with Skydance Media. B1 than Wall Street expected on
both a monthly and annual ba-
 Philips said it reached a
sis. So-called core prices, which
final agreement with the
exclude the volatile categories
Justice Department and FDA
of food and energy, also topped
on terms of a settlement re-
investors’ estimates.
lated to its Respironics ven-
That marked the latest in a
tilators, and backed its me-
series of readings showing
dium-term guidance. B3
persistent growth and linger-
 Delta said it expects strong ing inflation that has forced
summer travel demand as the investors to reconsider when
MONICAH MWANGI/REUTERS

airline posted a better-than- the Fed will shift from raising

expected profit for the first interest rates to cutting them.
three months of the year. B5 The prospect of rate cuts had
sparked a rally that helped
 Lands’ End is on track to
send major indexes to records,
make an annual profit for the
but now investors are doubt-
first time in three years, fol-
ON HAND: A girl attends Eid al-Fitr prayers in Nairobi, Kenya, on Wednesday, as Muslims around the world celebrated the ing central bank officials will
lowing a pandemic slump. B3
end of the holy month of Ramadan. For many, the holiday was overshadowed by the fighting in Gaza. A6, A8 cut rates many times in 2024.
Some are even beginning to
World-Wide question whether any cuts are

The Real Estate Nightmare in St. Louis

in store.
“If you travel 1,000 miles to
 Most small drones made go fishing, the most important
by U.S. startups have failed aspect is the last 30 feet
to perform in combat in where you’re presenting the
Ukraine, dashing companies’ fly to the fish,” said Richard
hopes for sales and positive Saperstein, chief investment
attention and diminishing
Downtown has empty office towers, copper thieves and failing retail—even the Panera left officer at Treasury Partners.
the Pentagon’s sources of re- “Inflation has come down, yet
liable supplies of thousands BY KONRAD PUTZIER Police and firefighters send in occasional ing—the 44-story AT&T Tower, now the final stage in moving it to-
of unmanned aircraft. A1 raids to search for missing people or to empty—recently sold for around $3.5 wards their anticipated goal of
The Railway Exchange Building was roust squatters. A search dog died during million. 2% is not occurring.”
 South Korean President
the heart of downtown St. Louis for a one of the raids last year when it fell Cities such as San Francisco and Chi- The S&P 500 dropped 0.9%,
Yoon’s ruling conservatives
century. Every day, locals crowded into through an open window. cago are trying to save their downtown paring its 2024 advance to
stumbled badly in legislative
the sprawling, ornate 21-story office “It’s a very dangerous place,” said office districts from spiraling into a doom 8.2%. The tech-heavy Nasdaq
elections, an outcome that
building to go to work, shop at the de- Dennis Jenkerson, the St. Louis Fire De- loop. St. Louis is already trapped in one. Composite lost 0.8%.
raises new foreign-policy ques-
partment store that filled its lower floors partment chief. As offices sit empty, shops and restau- The Dow industrials re-
tions for allies and foes. A8
or dine on the famous French onion soup It anchors a neighborhood with de- rants close and abandoned buildings be- Please turn to page A2
 U.S. intelligence reports at its restaurant. serted sidewalks sprinkled with broken come voids that suck the life out of the
show that an attack on Is- Today, the building sits empty, with glass and tiny pieces of copper pipes left streets around them. Locals often find  Fed prepares to slow pace
raeli assets by Iran or its many of its windows boarded up. A fire behind by scavengers. Signs suggest visi- boarded-up buildings depressing and of asset runoff................... A2
proxies could be imminent, broke out last year, which authorities tors should “park in well-lit areas.” empty sidewalks scary. So even fewer  Heard on the Street: Buy
U.S. officials said, as the top suspect was the work of copper thieves. Nearby, the city’s largest office build- Please turn to page A10 on the freakouts ............. B10
American military com-
mander for the Middle East

For Most INSIDE U.S.-Made Drones

headed to Israel to coordi-
nate a response. A6
 Israeli airstrikes killed
three adult sons of the head
of Hamas’s political leadership
on the first day of the Muslim
Teachers, Have Largely Failed
holiday of Eid al-Fitr, an attack
that could complicate a U.S.-
led plan for a Gaza truce. A6
Parental In Ukraine Combat
 Richneck Elementary
School administrators dis-
Leave Is
missed or ignored security
risks before a 6-year-old
shot his teacher in Newport
Still Absent BY HEATHER SOMERVILLE
AND BRETT FORREST
ment officials and former U.S.
defense officials.
Instead, Ukraine has turned
News, Va., last year, a special PERSONAL JOURNAL SPORTS The Silicon Valley company to cheaper Chinese products.
grand jury found. A5 BY SARA RANDAZZO Intervening during Stewart Hagestad will Skydio sent hundreds of its “The general reputation for
best drones to Ukraine to help every class of U.S. drone in
 House Speaker Johnson’s
Elementary art teacher
middle age can help play in the Masters, fight the Russians. Things Ukraine is that they don’t
tenuous grip on the gavel you stay sharp as you then go back to work
Kathryn Vaughn wasn’t nearly didn’t go well. work as well as other sys-
was dealt another blow after
holdout Republicans egged on
ready to return to her rural grow older. A11 on Wall Street. A14 Skydio’s drones flew off tems,” Skydio Chief Executive
Tennessee classroom three course and were lost, victims Adam Bry said, calling his own
by Trump derailed passage of
weeks after giving birth to her of Russia’s electronic warfare. drone “not a very successful
a critical but controversial na-
son in 2021. The company has since gone platform on the front lines.”
tional-security spying law. A5
 Allen Weisselberg, the for-
But Vaughn’s school district,
like most in the U.S., offered no
American Households Are Divided back to the drawing board to
build a new fleet.
There has been a deluge of
venture capital invested in
mer finance chief of Trump’s
family business, was sentenced
paid maternity leave. As her
family’s sole wage earner, she
Over How to Load the Dishwasher Most small drones from
U.S. startups have failed to
startups trying to build small,
AI-powered aircraft, hoping to
to five months in jail for lying felt she had little choice but to i i i perform in combat, dashing sell them to the U.S. govern-
during a civil-fraud investigation go back to work, where she companies’ hopes that a badge ment. Startups have focused
into the former president. A3 sneaked glances midday of a The divisive appliance keeps causing sudsy of being battle-tested would on commercial drones that
video feed of her son at home bring the startups sales and can be built faster and
CONTENTS
Arts in Review..... A13
Heard on Street.. B10
Opinion................ A15-17
with her husband. showdowns; ‘control freak in the kitchen’ attention. It is also bad news cheaper than the large mili-
Business & FinanceB2,5,9 Personal Journal A11-12
“It’s the sad reality,” she for the Pentagon, which needs tary drones made by tradi-
Business News....... B3 Sports.......................... A14 said of the parental-leave poli- BY NATASHA KHAN dishwasher. a reliable supply of thousands tional defense contractors.
Crossword................ A14 Technology................ B4 cies of her profession, one Nina, an illustrator and ad- of small, unmanned aircraft. Nearly 300 U.S.-based drone-
Equities........................ B6 U.S. News.............. A2-5 largely dominated by women Nina and Stephen Edwards junct lecturer at Pratt Insti- In the first war to feature technology companies raised a
From Page One.. A10 World News...... A6-10
and tasked with caring for have been on the same page tute, has a more freewheeling small drones prominently, U.S. total of around $2.5 billion in
other people’s children. for most things in their 25- approach. Just make sure ev- companies still have no mean- venture-capital funding in the
> Some 18% of the nation’s year marriage: what to have erything fits. “It might look ingful presence. Made-in- past two years, according to
largest school districts offer for dinner, where to vacation, random and messy,” she says. America drones tend to be ex- the data firm PitchBook.
some form of paid parental where to set the thermostat in “But I know where it all is.” pensive, glitchy and hard to Ukrainian officials have
leave, according to the Na- their New York City home. But Stephen, a professor of repair, said drone-company found U.S.-made drones fragile
s 2024 Dow Jones & Company, Inc.
tional Council on Teacher there is one thing they can’t computer science at Columbia executives, Ukrainians on the and unable to overcome Rus-
All Rights Reserved Please turn to page A4 agree on: how best to load the Please turn to page A12 front lines, Ukrainian govern- Please turn to page A7
A2 | Thursday, April 11, 2024 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Fed Prepares to Slow Pace of Asset Runoff
It has let $60 billion Officials have been allowing part of their program un- printing money: crediting the cause the Fed is shrinking its facility has shrunk to around
up to $60 billion in Treasury changed and instead slow run- bank’s account at the Fed. As Treasury holdings twice as $440 billion in recent weeks
in Treasurys mature securities to run off every off by allowing fewer Treasury its bondholdings grew, so did fast as it did five years ago. from $2.3 trillion a year ago.
each month but could month and up to $35 billion in securities to mature every this electronic cash, called re- Continuing to run at this rate Once that facility is nearly
mortgage-backed securities to month, the minutes said. serves. When the Fed shrinks raises the risk that the Fed drained of cash, forecasting de-
lower that amount mature every month. The pro- “The vast majority of par- its holdings, it drains those re- drains reserves so quickly that mand for bank reserves could
cess is designed to shrink the ticipants…judged that it would serve deposits. money-market rates jump as be more uncertain, raising the
BY NICK TIMIRAOS Fed’s balance sheet, which be prudent to begin slowing A bank uses reserves to banks struggle to redistribute risk that the Fed goes too far.
topped out at nearly $9 tril- the pace of runoff fairly soon,” manage transactions between a dwindling supply of reserves. Market participants say the
Federal Reserve officials lion two years ago. the minutes said. A few others itself, its customers, other Officials said at last Fed needs to manage runoff
neared agreement last month In theory, runoff can put said they preferred to con- banks and the central bank. month’s meeting they favored carefully because banks may
on a plan to slow the runoff of upward pressure on interest tinue with the existing pro- The Fed and private-sector an approach that allowed need more reserves than it re-
their $7.4 trillion in asset rates because private inves- gram and wait for evidence forecasters thought banks had them to reduce more of those alizes. That is because of reg-
holdings, according to minutes tors must absorb the in- that short-term money market far more than needed for this. holdings if they slow the pro- ulations that require banks to
of their meeting released creased supply of debt that rates were rising before ad- But in September 2019, a cess down and give the finan- hold higher-quality assets to
Wednesday. isn’t being rolled over by the justing the dials. sharp, unexpected spike in a cial system more time to ad- meet unexpected demands for
At issue is a program the Fed. Slowing the pace of run- Five years ago, balance- key overnight lending rate just to lower levels of reserves. cash. Moreover, for 15 years
central bank initiated two off could ease that pressure. sheet runoff sparked upheaval suggested reserves had dwin- They have been motivated banks have had so much cash
years ago to passively reduce Minutes from the Fed’s in overnight lending markets, dled to the point they were ei- to consider changes this as a result of the Fed’s opera-
those holdings by allowing March 19-20 meeting indicated forcing a messy U-turn. The ther too scarce or difficult to spring because of signs that a tions that the interbank mar-
bonds to “run off” its balance most officials favored plans to current deliberations indicate redistribute across the finan- cash surplus in money mar- ket where banks lent reserves
sheet without buying new reduce the pace of runoff “by most officials are determined cial system. The Fed began kets is diminishing. The Fed to each other has atrophied.
ones. It acquired trillions in roughly half” of the current not to do that again. buying Treasury bills to add allows money-market firms Market participants and Fed
Treasurys and mortgage bonds overall pace. Because high in- When the Fed buys a bond reserves back to the system and others to park extra cash officials are less confident re-
to stabilize financial markets terest rates have kept mort- from a bank or a bank’s cus- and avoid further instability. that would otherwise end up serves can quickly go from
in 2020 and to provide addi- gage bond runoff at a subdued tomer, it pays for it through Policymakers are weighing in reserves in an overnight re- banks with extra to those in
tional stimulus in 2021. level, officials would leave that the electronic equivalent of a slower pace of runoff be- verse repurchase facility. The need.

CPI Throws Consumer-price index for

select items, change from
a month earlier
Veterinarian services

+2.5%
Transportation services

+1.5%
Electricity

+0.9% Officials Signaled

2.0%
Caution on Policy
Rate Cuts The prices for many
basic consumer 1.5 Federal Reserve offi-

Into Doubt
items rose in March cials last month agreed
from the previous they were prepared to
month. Clothing, 3% 1.0
shelter, electricity,
hold interest rates at
gas, medical care their current level for lon-
0.5
Continued from Page One and eating out all ger than anticipated
FactSet, implying just one or increased from should recent declines in
two quarter-point cuts this February. 2 0 inflation subside.
year. Entering January, traders Oct. 2023 Oct. ’23 ’24 Oct. ’23 ’24 Officials thought their
’24
had expected the Fed to cut in- interest-rate stance “re-
terest rates six or seven times. Gasoline (all types) Apparel Major appliances Furniture and bedding mained well positioned
“Inflationary pressures re- to respond to evolving
+0.7% +0.6% +0.3%
main firm across the board,” 1 1.0% economic conditions, in-
said Blerina Uruçi, chief U.S. March cluding the possibility of
economist at T. Rowe Price’s +1.7% 0.5 maintaining the current
fixed-income division. Infla- restrictive policy stance
tion overall is “firmer than for longer should the dis-
the Fed needs it to be to initi- 0 0 inflation process slow,”
ate a series of interest-rate said the minutes of their
cuts anytime soon.” -0.5 March 19-20 meeting.
President Biden, a Demo- The account was re-
crat who last month said he leased with a customary
-1 -1.0
thought the Fed would cut in- three-week delay. Hotter-
terest rates later this year, Oct. 2023 ’24 Oct. ’23 ’24 Oct. ’233 ’24 than-expected inflation
said he stood by that predic- +0.9% data is likely to shift the
tion Wednesday but said the Meats, poultry, fish Medical-care +0.6% Shelter +0.4% outlook for some who
latest inflation numbers -2 0.5%
and eggs services had anticipated steadier
might delay the cut by a declines in price growth
month or so. beginning last month.
“We don’t know what the 0 The minutes showed
Fed is going to do for cer- Oct. 2023 ’24 Oct. ’23 ’24 Oct. ’23 ’24 officials had been split
tain,” said Biden, who is run- -3 over how to judge firm
ning for re-election this year. Food away from home +0.3% Day care +0.1% Groceries Unchanged inflation readings in Jan-
and preschool uary and February. Some
0.5% thought they had been
Underlying pressure “relatively broad based
Wednesday’s report had -4 0 and therefore should not
been hotly anticipated be- Oct.
ct. 2023
20 ’24 Oct. 2023 ’24 Oct. ’23 ’24 Oct. ’23 ’24 be discounted as merely
cause Fed leaders had been statistical aberrations,”
willing to play down stronger- the minutes said. A few
than-anticipated inflation Note: All items are seasonally adjusted except food away from home. others thought turn-of-
readings in January and Feb- Source: Labor Department Kurt Wilberding/THE WALL STREET JOURNAL the-year pricing decisions
ruary as reflecting potential might explain the larger-
seasonal quirks. But a third level, the highest in 23 years, The cost of shelter also in- come back, and if we ease too tember, respectively. than-expected price rises.
straight month of above-ex- until they see more cracks in creased 0.4% from February, late, we could do unnecessary The minutes didn’t of-
pectations inflation data the economy. continuing to defy predictions harm to employment,” Powell fer any clues on when of-
erodes that story and could Details within the report that it would start rising said last month. “We do see The last mile ficials had been prepared
lead Fed officials to postpone were just as concerning as the more slowly given private- the risks as two-sided, so it is Wednesday’s CPI report to start lowering rates.
anticipated rate cuts until headline numbers, analysts sector indexes that have consequential” to start cut- won’t be the final word on And those clues would
July or later. said. The overall core index shown a marked slowdown in ting rates. what prices did last month. likely have been rendered
Fed officials have been op- climbed 0.4% from the previ- new rents. Before Wednesday, many The Fed’s preferred gauge, to moot by the March con-
timistic about achieving a ous month despite a decline Last month, a narrow ma- economists had also remained be released later this month by sumer-price index infla-
soft landing in which infla- in the prices of goods such as jority of Fed officials thought optimistic that inflation the Commerce Department, tion report.
tion slows without a sharp new and used cars and trucks. at least three cuts would be would resume its decline in has been running below the That report could de-
downturn in economic activ- A problem area was services warranted this year if infla- March. But the latest data CPI. Core inflation using that rail the case to begin cut-
ity. To do that, some officials outside of housing. tion continued to fall. Fed prompted some to push back measure was 2.8% in February. ting rates in June and
wanted to cut rates pre-emp- That category, which in- Chair Jerome Powell has sug- the timing and magnitude of By all measures, inflation raise questions over
tively before the economy cludes everything from car in- gested he is on his front foot expected Fed cuts. has eased substantially since whether the Fed will be
weakens notably. The latest surance to medical care, has ready to cut rates but that the Economists at Goldman its peak in mid-2022, when able to deliver any cuts
report sets back that effort by been flagged by Fed officials central bank shouldn’t be in a Sachs and UBS, who previ- CPI data showed that prices this year without signs of
depriving them of a credible as particularly important be- rush to do so. ously anticipated three cuts had climbed about 9% from a an economic slowdown.
justification for cutting rates, cause it can be sticky and “We’re in a situation where this year starting in June, year earlier. —Nick Timiraos
and it could prompt them to closely linked to strength of if we ease too much or too now anticipate two cuts this —Eric Wallerstein
hold rates at their current the labor market. soon, we could see inflation year starting in July and Sep- contributed to this article.

CORRECTIONS  AMPLIFICATIONS
Stocks Drop Index performance on Wednesday

0%
the coming earnings season,
which kicks off in earnest this
week when JPMorgan Chase,
The Pratt & Whitney GTF
engine was incorrectly called
the Pratt & GTF engine in a
An article in Saturday’s
U.S. Watch about a weather
system in California incor-
Broadly on –0.25
Nasdaq Composite
S&P 500
Citigroup and Wells Fargo open
their books Friday. Analysts ex-
pect companies in the S&P 500
Business News article on
Tuesday about Spirit Airlines.
rectly referred to U.S. Route
50 as an interstate. Price Data –0.50
Dow industrials
to report a third consecutive
quarter of earnings growth,
with profits for the first quar-
Readers can alert The Wall Street Journal to any errors in news articles by ter rising 3.1% from a year ear-
emailing [email protected] or by calling 888-410-2667. Continued from Page One lier, according to FactSet.
–0.75
treated 1.1%, or about 422 Oil prices rose, with Brent
points. Home Depot fell 3%, crude gaining 1.2% to $90.48
THE WALL STREET JOURNAL UnitedHealth lost 2.1% and Mi- per barrel. That helped the en-
–1.00
(USPS 664-880) (Eastern Edition ISSN 0099-9660) crosoft declined 0.7%. ergy sector rise 0.4%, the only
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Shares of smaller compa- S&P 500 sector to advance for
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 nies fell even more, hit by the –1.25
the day. Exxon Mobil shares
Published daily except Sundays and general legal holidays. prospect of higher borrowing gained 0.8%, while Chevron
Periodicals postage paid at New York, N.Y., and other mailing offices. costs. The Russell 2000 shares added 0.4%.
Postmaster: Send address changes to The Wall Street Journal, slumped 2.5%, its worst day –1.50 Overseas, stocks were mixed.
200 Burnett Rd., Chicopee, MA 01020. since Feb. 13, when January’s The Stoxx Europe 600 added
10 a.m. 11 noon 1 p.m. 2 3 4
All Advertising published in The Wall Street Journal is subject to the applicable rate card,
CPI reading also topped Wall 0.2%, while Japan’s Nikkei 225
copies of which are available from the Advertising Services Department, Dow Jones & Co. Street’s expectations. Source: FactSet fell 0.5% and the Shanghai
Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right Bank stocks also took a Composite dropped 0.7%
not to accept an advertiser’s order. Only publication of an advertisement shall constitute blow, with the KBW Nasdaq dividend payments, but rising more of the debt than usual. Gold lost 0.6% after a
final acceptance of the advertiser’s order. Regional Banking Index drop- rates make those dividends The 10-year yield, which streak of three consecutive re-
Letters to the Editor: Fax: 212-416-2891; email: [email protected] ping 5%. Banks have struggled less enticing. Higher borrowing helps set borrowing costs on cord closes. Silver rose for a
Need assistance with your subscription? under the weight of higher in- costs can also hurt earnings for everything from mortgages to 10th consecutive session.
By web: customercenter.wsj.com; By email: [email protected] terest rates, particularly small the group, said James Ragan, corporate debt, settled at Overseas, the Stoxx Europe
By phone: 1-800-JOURNAL (1-800-568-7625) and midsize lenders. director of wealth management 4.559% Wednesday, its highest 600 rose 0.15%. At midday
Reprints & licensing: Within the S&P 500, the research at D.A. Davidson. close since November. The Thursday, Japan’s Nikkei 225
By email: [email protected] real-estate sector declined 4.1% Investors’ growing doubts yield on the 2-year Treasury, was down 0.5% and Hong
By phone: 1-800-843-0008 in its worst day since June about the prospect for rate cuts which tends to climb when in- Kong’s Hang Seng Index was
WSJ back issues and framed pages: wsjshop.com 2022. Public Storage and Amer- helped drive up Treasury vestors expect higher rates, down 1%. S&P 500 futures
ican Tower shares retreated 6% yields. A $39 billion auction of notched its biggest one-day were down 0.1%.
Our newspapers are 100% sourced from sustainably certified mills.
and 5.6%, respectively. 10-year Treasury notes also at- gain since March 2023. —Gina Heeb
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Investors often turn to real- tracted weak demand from in- Some investors said stocks and Eric Wallerstein
estate stocks for their hefty vestors, forcing banks to absorb could get new direction from contributed to this article.
THE WALL STREET JOURNAL. * * * * Thursday, April 11, 2024 | A3

U.S. NEWS

Ex-Trump Tulips, Tulips Everywhere Adorn the Dutch Envoy’s Residence

CFO Gets
Five Months
For Perjury
BY CORINNE RAMEY

Allen Weisselberg, the for-

mer finance chief of Donald
Trump’s family business, was
sentenced Wednesday to five
months in jail for lying during
a civil-fraud investigation into
the former president.
Weisselberg, 76 years old,
pleaded guilty to two counts of
perjury last month. He admit-
ted to lying to investigators at

JOHN MCDONNELL/ASSOCIATED PRESS (3)

the New York attorney gen-
eral’s office and later on the
stand while testifying at
Trump’s civil-fraud trial.
“The promise is five months
of incarceration,” Justice Laurie
Peterson said before handing
down the sentence, which both
sides had agreed upon as part
of the plea deal. After Weissel- FLOWER POWER: Tulips and other native flowers decorated the Dutch ambassador’s residence in Washington for the start of a two-day event Wednesday.
berg, wearing a windbreaker, At right, the ambassador, Birgitta Tazelaar, admired a replica of the Netherlands Carillon in Arlington, Va., that was 3D-printed using recycled materials.
declined to speak, court officers
cuffed his hands behind his

Abortion Fight Erupts in Arizona

back and led him out of the
courtroom.
Weisselberg is expected to
serve his sentence at New York
City’s Rikers Island. It will be
his second stint in jail. Weis-
selberg, a longtime confidant Court ruling, likely Would you say each candidate’s positions on abortion are too the 2022 midterm elections distance from the decision Tues-
to the former president, restrictive, not restrictive enough or about right? and helped Democrats to vic- day as Democrats amped up
pleaded guilty to 15 felonies ballot measure will tory in races in Arizona and their offensive efforts.
Too restrictive Just about right
and admitted receiving perks highlight a perilous Don't know, refused Not restrictive enough
across the country. Kari Lake, the expected GOP
including an apartment and Mayes and other Democrats candidate in the state’s highly
leased cars as part of a tax- issue for the GOP TRUMP have won the state in recent competitive Senate race, was
fraud scheme at the Trump Or- years by engaging Democratic among the Republicans on
ganization. Justice Juan Mer- BY ELIZA COLLINS All swing voters and outperforming with Tuesday who said they op-
chan, who presided over that states* independents and moderate Re- posed the new ruling. During
case, sentenced Weisselberg to PHOENIX—Meagan Quattle- publicans. The Journal poll of her unsuccessful bid for gover-
five months in jail. He was re- baum of Tucson said she was Ariz. Arizona voters showed that 9 nor in 2022, Lake praised the
leased after three. so horrified by the Arizona Su- out of 10 Democrats, two-thirds 1864 ban but later softened her
In Weisselberg’s plea to the preme Court’s decision to ban 0% 25 50 75 100 of independents and one-third stance and told the Journal in
perjury charges, he admitted nearly all abortions in her of Republicans support access to the fall that she supported a
to lies relating to Trump’s fi- state that she now plans to BIDEN the procedure. 15-week ban and opposed a na-
nancial statements, which volunteer to help Democrats All swing A ballot measure that would tional ban.
were the subject of the New win in November. states legalize abortion until viability— Trump on Wednesday said
York attorney general’s inves- “I think it’s a really selfish or more than halfway through a the Arizona decision goes too
tigation. A Manhattan judge and ridiculous ruling,” said Ariz. typical pregnancy—is expected far. “That’ll be straightened
earlier this year found Trump Quattlebaum, 28, a registered in- to be put before voters in Ari- out,” he told reporters as he
and other defendants, includ- dependent who works in the 0% 25 50 75 100 zona in November, giving Demo- campaigned in Georgia.
ing Weisselberg, fraudulently healthcare industry. “It defi- crats hope they can bring out Arizona Gov. Katie Hobbs, a
*Arizona, Georgia, North Carolina, Nevada, Michigan, Pennsylvania and Wisconsin
valued Trump’s properties for nitely influences the way I will Note: Totals may not equal 100 due to rounding.
their coalition. Democrat, called on the Legisla-
financial benefits, including be voting.” Source: Wall Street Journal polls conducted March 17–24, 2024; margin of error of +/- 2.1 pct. pts. “I think we’re going to see ture to repeal the 1864 ban,
low-interest loans. The defen- The Arizona Supreme Court’s for 2,100 registered voters in all swing states and +/- 5.6 pct. pts. for 300 registered voters in Ariz. moderate Republican women which would take the state back
dants have appealed. decision Tuesday to bring back and independents respond to to the 15-week ban that had pre-
Weisselberg isn’t expected a 160-year-old near total ban on supported access to the proce- of Roe v. Wade, the Supreme this very sternly,” said Jen Cox, viously been in place. While
to be called to testify at the procedure inflamed the poli- dure—and more voters said Court decision that had estab- senior adviser to the Biden cam- Democrats say that law is still
Trump’s criminal trial that be- tics in one of the nation’s big- they backed President Biden’s lished the constitutional right paign in Arizona. Biden has too restrictive, it would give
gins next week despite playing gest electoral battlegrounds, approach than that of the pre- to an abortion. promised to restore access to some breathing room before
a role in the payment of hush- which is now effectively ground sumptive GOP presidential And the ruling quickly put abortion rights and has criti- voters can cast ballots in No-
money to porn star Stormy zero for abortion politics. With a candidate, Donald Trump. Republicans on defense. cized Trump for appointing the vember on even-looser restric-
Daniels, who alleged she had a tossup Senate race, a pair of Biden won Arizona narrowly “If past is prologue, this is Supreme Court justices who tions. After Arizona Republicans
sexual encounter with Trump. close congressional seats and its in 2020. This year, the president going to have an immediate and were part of the majority that squashed an effort Wednesday
Trump denies the sexual en- 11 Electoral College votes on the lags behind Trump in most bat- lasting impact on politics in Ari- overturned the right to an abor- to move forward with a repeal of
counter and has pleaded not line, the state will be one of the tleground and national polls, in- zona, and they bit off more than tion. The Biden campaign is run- the law, the House speaker is-
guilty. Former Trump lawyer most closely watched in the cluding the Journal poll of Ari- they can chew,” said Kris Mayes, ning two abortion-focused ads sued a statement saying the leg-
Michael Cohen, who is ex- country. zona, in which he trailed the the Democratic attorney general. in Arizona, both of which blame islature was reviewing options
pected to be a key witness at Arizona voters were most former president by 5 percent- She credited her razor-thin vic- Trump for restrictions. but didn’t commit to holding a
trial, has said he met with likely to say that they wouldn’t age points. tory in 2022—by 280 votes—to Trump spokeswoman Karo- vote.
Trump and Weisselberg to dis- support a candidate they dis- While Democrats fretted the fall of Roe earlier that year. line Leavitt said after the ruling:
cuss the payoff. agreed with on abortion, ac- about the practical and health Arizona Democrats also said “President Trump could not
Seth Rosenberg, a lawyer cording to a Wall Street Jour- consequences of the new ban, the ban could help them finally have been more clear. These are Watch a video
for Weisselberg, said the for- nal poll conducted in March of the decision was a political gift wrest control of the state Leg- decisions for people of each Scan this code
mer CFO had accepted respon- seven swing states. In the poll, to a party eager to paint Re- islature, where Republicans state to make.” Trump on Mon- for a video
sibility for his conduct and which was conducted before publicans as extreme on abor- hold narrow majorities in both day declined to take a national about the
looked forward to returning to the Arizona ruling, the major- tion and responsible for the chambers. stance. Arizona court's
his family and his retirement. ity of voters there said they chaos that has followed the fall Abortion was a key issue in Arizona Republicans sought abortion ruling.
A4 | Thursday, April 11, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Teachers See
Parental
Leave Gap
Continued from Page One
Quality. Those that do typi-
cally offer less than six
weeks—often only partially
paid—or require teachers to
exhaust their sick time first.
Many teachers are forced to
use workarounds such as
stockpiling sick leave and try-
ing to time pregnancies for
summer births.
Some states are trying to
change that.
Tennessee, Oklahoma and
South Carolina enacted laws
last year giving teachers six
weeks paid maternity leave,
joining around half a dozen

ANDREA MORALES FOR THE WALL STREET JOURNAL (3)

other states with policies.
A proposed California law
would require school districts
and community colleges to
provide 14 weeks of paid ma-
ternity leave.
At a legislative hearing this
month on the California bill,
state Assemblywoman Cecilia
Aguiar-Curry, a Democrat,
cited data showing female
teachers in the state earn
$100,000 less on average in
retirement than male teachers
because they have much less Kathryn Vaughn, a teacher in Tennessee, with husband,
sick time to cash out. Lance Vaughn, and son Wyn. When she had Wyn, Tennessee
“That is shocking and unac- didn’t offer paid maternity leave to teachers. It now does.
ceptable,” Aguiar-Curry told
state lawmakers. see this impact.” ups and vaccinations. break. ees 12 weeks paid leave this She never found out which
In many California districts, California Gov. Gavin “Women leave the work- She said teachers often school year after the city of- colleagues helped get her ex-
she said, teachers who take Newsom, a Democrat, vetoed force when they have babies, only realize once they become fered it to other government tra time off.
time off beyond their stored a maternity-leave bill for and they’re not coming back,” pregnant that they won’t re- employees. In Tennessee, Vaughn’s an-
sick days have their paycheck teachers in 2019, saying the said Erika Jones, a Los Ange- ceive full pay under disability Kimberly Papa became a ger toward the leave policies
docked by the price of a substi- tens of millions of dollars it les kindergarten teacher and insurance or district policies. music teacher in Cleveland grew in 2022 after she made
tute teacher. would cost should be consid- officer with the California “It’s not spoken about,” three years ago because nei- the decision to work while
The California bill ad- ered through the annual bud- Teachers Association, who Hopkins said. “It’s not some- ther she nor her husband, a having a miscarriage so she
vanced to an appropriations get process and local collec- testified in support of the Cal- thing they advertise when videographer, had a job with wouldn’t have to use up sick
committee, over the objec- tive bargaining. ifornia bill. you’re applying.” medical benefits. Once preg- days for a future pregnancy.
tions of two school adminis- Proponents of teacher pa- Jenna Hopkins, a third- The Cleveland Teachers nant, she was shocked to learn Now five months pregnant,
tration associations that ar- rental leave said it is a crucial grade teacher in southeastern Union, which represents she had to rely on saved-up she will benefit this fall from
gued paying maternity leave recruiting tool as many teach- Kentucky, was recently disap- 4,300 teachers and school sick days. the new state law guarantee-
from the current pot of school ers are leaving the profession pointed to learn that a bill to staff, is fighting in contract After her daughter was ing six weeks of paid leave,
finance money would force and districts struggle with give Kentucky teachers 20 negotiations for 12 weeks paid born last year, Papa ended up separate from her sick days.
education cuts elsewhere. vacancies. days of paid parental leave parental leave to mirror a taking 12 weeks off fully paid, “It’s taken off so much
“It means that existing re- Research shows that paid- hasn’t advanced in the state new benefit for all city and thanks to another workaround pressure that I was feeling be-
sources from a finite pot of parental-leave policies sup- Legislature. Hopkins consid- county government employ- available in many school dis- fore,” said Vaughn, who strug-
money will be drained,” Doro- port the physical and mental ers herself among the lucky ees. “We are not walking tricts: using sick days that gled with infertility for a de-
thy Johnson, legislative advo- well-being of mothers and ones who succeeded in timing away from the table without other employees offer as a cade. “I can focus more on
cate with the Association of children, including by lower- her pregnancy to give birth as this,” said Shari Obrenski, the gift. Papa said human re- having this healthy pregnancy
California School Administra- ing the risk of postpartum the 2023 school year wound union’s president. sources puts out a call for and having my own child and
tors, told legislators. “And depression and making it down. She only needed to use Chicago Public Schools be- sick-day donations and “you taking time to bond with her
that means that students will more likely babies get check- 10 sick days before summer gan offering district employ- just kind of hope and pray.” when she gets here.”

It’s time for

“qualified”
to mean
qualities,
not just a
bachelor’s
degree.
Keith, Data Analyst,
Google Career Certificate Graduate,
STAR

Tear the paper ceiling that is keeping you

from discovering over 70 million STARs: workers
Skilled Through Alternative Routes that are being
held back by degree screens, stereotypes and more.
Find out how STARs can meet your talent needs.

TEAR THE PAPER CEILING.ORG

#HireSTARs
 THE WALL STREET JOURNAL. * * * * * Thursday, April 11, 2024 | A5

U.S. NEWS

Surveillance Vote Fails,

In Setback to Speaker

FROM LEFT: ROD LAMKEY/CNP/ZUMA PRESS; REBECCA COOK/REUTERS

GOP holdouts sink Johnson (R., La.) has urged House Republicans emerged
passage of the legislation, say- from a heated closed-door
measure in House ing that changes to the law meeting Wednesday evening
after statement from would prevent certain abuses. without clarity about the path
But the morning of the vote, forward. For some it felt simi-
Trump to ‘kill FISA’ Trump inveighed against the lar to the infighting and paral-
proposal. “KILL FISA, IT WAS ysis that led to the ouster of
BY DUSTIN VOLZ ILLEGALLY USED AGAINST ME, former Speaker Kevin McCar-
AND LINDSAY WISE AND MANY OTHERS. THEY thy (R., Calif.) six months ago.
SPIED ON MY CAMPAIGN!!!” “I’m having déjà vu about
WA S H I N G T O N — H o u s e Trump said on Truth Social. the déjà vu,” said Rep. Mario
Speaker Mike Johnson’s tenu- FISA grants spy agencies Diaz-Balart (R., Fla.).
ous grip on the gavel was broad authority to collect The majority party is re- House Speaker Mike Johnson plans to appear with Donald Trump in Florida on Friday.
dealt another blow Wednes- communications from U.S. sponsible for passing a rule, a
day, after holdout Republicans technology firms to hunt for procedural step that allows Rep. Thomas Massie (R., dents have soured on Johnson comments as designed to
egged on by former President national-security threats liv- the speaker to set up a sim- Ky.) said House Republican over federal spending and ef- show that the speaker wasn’t
Donald Trump derailed pas- ing overseas. There is no evi- ple-majority vote on the leaders were trying to frighten forts to provide more funding on the outs with Trump.
sage of a critical but contro- dence that the specific law at House floor. The minority people into voting against the to Ukraine. With a 218-213 ma- Absent congressional ac-
versial national-security spy- issue, Section 702, has been party typically votes against warrant requirement in pri- jority, Johnson can only afford tion, the law will expire in
ing law. used to spy on Trump or any the rule, regardless of the un- vate conversations and at to lose a handful of votes on April. But Johnson may have
The procedural vote related of his campaigns. Trump derlying legislation. classified briefings in secure any legislation, assuming no an out, as some experts say
to renewing the law, known as signed an extension of Section On Wednesday, 19 Republi- facilities called SCIFs. Democratic backing. the law could potentially con-
Section 702 of the Foreign In- 702 into law in 2018. cans joined Democrats to tank Trump and Johnson are “He does not have my sup- tinue for another year due to
telligence Surveillance Act, A different section of the the rule. The opponents in- planning to appear together at port, and I’m watching what how and when the secretive
failed with 193 in favor and law that isn’t due to lapse was cluded a crew aligned with the Trump’s Mar-a-Lago club in happens with FISA and court that oversees the pro-
228 opposed. The failed vote used to obtain wiretaps on House Freedom Caucus, in- Florida on Friday for a joint Ukraine,” said Greene follow- gram grants annual approval
plunges the fate of the surveil- Trump’s 2016 campaign cluding Rep. Bob Good (R., announcement on election in- ing the meeting. for the categories of intelli-
lance power into uncertainty a staffer Carter Page, a move Va.), the group’s chairman, tegrity, according to the In a meeting with House gence collection it allows.
week before it is due to expire. that a Justice Department in- and Rep. Chip Roy (R., Texas). speaker’s political team. Republicans Wednesday Section 702 of FISA allows
Democratic and Republican spector general later sharply Until last year, no rule vote The setback for GOP leader- morning, Johnson argued for the U.S. to track the electronic
administrations have said the criticized after a litany of er- had failed for two decades. ship comes as Johnson now renewing and reforming FISA, communications of terrorists,
Section 702 program is vital rors regarding the surveillance After the failed vote, John- faces an effort from within his calling the spying program vi- spies and hackers overseas
to protecting Americans from application were uncovered. son said Republicans would own party to remove him. tal to understanding the that route through U.S. tech-
terrorists, hackers and other The Trump statement was regroup and formulate an- Ahead of the vote, Johnson threats against the U.S. John- nology firms. Though intended
foreign threats. But the law seen as helping to tip senti- other plan. “We cannot allow met with top critic Rep. Marjo- son told members that he had to collect conversations from
has animated critics on the ment against the proposal. Section 702 of FISA to expire. rie Taylor Greene (R., Ga.), who spoken with Trump on Tues- suspected national security
left and right for years for “When Trump puts out a It’s too important to national filed a motion to remove John- day night, according to a law- threats located overseas, the
how it allows the collection of statement like that, people get security. I think most of the son last month but has yet to maker in the room. Johnson program ensnares an unknown
some American communica- scared,” said Rep. Max Miller members understand that,” take the next step of forcing a didn’t specify the topic, but volume of private communica-
tions without a warrant. (R., Ohio) of House Republicans. the speaker said. vote. Greene and other dissi- the lawmaker took Johnson’s tions that belong to Americans.

Jury Finds School Ignored Warnings Child Had a Gun

BY TALAL ANSARI ties and baffling decisions” in ony Parker, on eight counts of yer for Parker didn’t respond tence of up to five years. boy had a gun.
the years leading up to the in- felony child neglect, alleging to requests for comment. The grand jury’s report was The boy, whom officials ha-
Richneck Elementary cident. The report also said she was told the child may The report said the gun issued last month but released ven’t named, fired one shot at
School administrators dis- school staff received several have had a gun by multiple jammed after the boy fired the Wednesday by the Common- Zwerner on Jan. 6, 2023, offi-
missed or ignored security warnings from other children staffers that day and didn’t first shot, with seven bullets wealth’s Attorney’s Office. cials have said. Zwerner was
risks before a 6-year-old shot that the boy had a gun on the take action. remaining. The eight counts of Abby Zwerner, the Virginia seated at a reading table when
his teacher in Newport News, day of the shooting. “Dr. Parker’s lack of re- felony child neglect corre- teacher who was shot, filed a the bullet went through her
Va., last year, a special grand Neither the school nor the sponse and initiative given the spond with the eight bullets, $40 million lawsuit last year hand and upper chest, the
jury found. district responded to a request seriousness of the information the Newport News Common- against school-district offi- lawsuit said. She evacuated
The grand jury’s report for comment. she had received on January 6, wealth Attorney’s Office said. cials, saying administrators children out of the classroom
criticized the administration The grand jury indicted the 2023 is shocking,” the grand Parker was arrested Tuesday. failed to take action despite despite her injuries and was
for “several missed opportuni- former assistant principal, Eb- jury wrote in its report. A law- Each count carries a sen- repeated warnings that the the last one to leave.

U.S.WATCH

Her Beauty
Will Bloom
25 CARATS OF IRIDESCENT OPALS
ARE A GORGEOUS GIFT
FOR MOTHER'S DAY
JON SHAPLEY/HOUSTON CHRONICLE/ASSOCIATED PRESS

$
695
Compare at $1,095

DESTRUCTION: A furniture store in Katy, Texas, was heavily damaged by a tornado. She'll be the center of attention with our
High winds tore through the South and caused flooding and road closures in some places.
breathtaking 18" tennis necklace.
ELECTION 2024 WASHINGTON, D.C. PHILADELPHIA
The shimmering showpiece features
Cornel West Picks Limits Set on Some Several People Shot
Professor for Ticket ‘Forever Chemicals’ At Eid al-Fitr Event 25.00 ct. t.w. oval Ethiopian opals
Independent presidential The Biden administration A celebration of the end of flashing kaleidoscopic colors
candidate Cornel West picked on Wednesday finalized strict Ramadan devolved into panic
Melina Abdullah as his vice limits on certain “forever Wednesday as rival groups ex- in 18kt gold over sterling silver.
presidential running mate in chemicals” in drinking water changed gunfire, leaving at
his long-shot bid. that will require utilities to least three people injured.
Abdullah is a professor of reduce them to the lowest The Eid al-Fitr event, held Available in 20" $795
Pan-African studies at Califor- level that they can be reliably outside a mosque in Philadel-
nia State University, Los Ange- measured. phia’s Parkside neighborhood,
les, and a co-founder of the Officials say this will re- came to a sudden end when
Black Lives Matter Los Ange- duce exposure for 100 million some 30 shots rang out at
les chapter. Her university people and help prevent about 2:30 p.m., police said.
website says she is a “woman- thousands of illnesses, includ- Five people were later
ist scholar-activist” who sees ing cancers. taken into custody, including a
“the role that she plays in the The rule is the first na- 15-year-old boy who sustained
academy as intrinsically linked tional drinking-water limit on leg and shoulder wounds
to broader struggles for the toxic PFAS, or perfluoroalkyl when he was shot by police
liberation of oppressed people.” and polyfluoroalkyl sub- and was taken to the hospital
West made the announce- stances, which are wide- by an officer, authorities said.
ment Wednesday in an inter- spread and long-lasting in the Police said he was carrying a
view with radio host Tavis environment. gun. Additionally, a man was
Smiley. “Both of us want to Health advocates praised shot in the stomach and a ju-
disrupt the narrative that you the Environmental Protection venile victim had a wound to
have only two choices,” Abdul- Agency for not backing away the hand, police said.
lah said during the program. from tough limits the agency Philadelphia Police Commis- ORDER TODAY!
Abdullah said their cam- proposed last year. Water sioner Kevin Bethel said a po-
paign would be able to sway utilities took issue with the lice vehicle responding to 911 To receive this special price and free shipping use offer code: GLOW29
young people unhappy with rule, saying treatment sys- calls for help struck a young 1.800.556.7376 or visit ross-simons.com/glow
the choices of President Bi- tems are expensive to install child who was fleeing the
den and former President and that customers will end park. He said the child suf- Shown larger for detail. Item #946104
Donald Trump. up paying more for water. fered a leg injury.
—Joseph De Avila —Associated Press —Associated Press
 A6 | Thursday, April 11, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS
Airstrikes Kill Three Sons of Hamas Chief
Israel says it targeted and Muhammad Ismail Hani- flict between Israel and Iran
yeh. Hamas officials denied when the U.S. is pushing for
members of military they were members of the de-escalation in the region.
wing, in a possible group. Haniyeh has 10 other Israeli strikes have killed the
children, these officials said. relatives of other senior Hamas
complication for talks The killing of Haniyeh’s sons leaders in this war and in pre-
on a Muslim holiday could in- vious conflicts. In December,
Israeli airstrikes killed three crease diplomatic pressure on an Israeli strike killed the son
adult sons of the head of Israel, which is negotiating the of Marwan Issa, the No. 3 offi-
Hamas’s political leadership on terms of a temporary cease- cial in Gaza. Last month, Israeli
Wednesday, the first day of the fire with Hamas. The group has officials said Issa was killed in
Muslim holiday of Eid al-Fitr, largely rejected the U.S. plan, an airstrike that hit a central
an attack that could complicate mediators said earlier Wednes- Gaza Strip refugee camp in its
a U.S.-led plan for a Gaza truce. day. Hamas said it would offer military campaign to kill any-
its own road map for a perma- one involved in the Oct. 7 at-
By Summer Said, nent end to the war. tack on Israel.
Dov Lieber The dismissal illustrates Some Middle Eastern lead-

AGENCE FRANCE-PRESSE/GETTY IMAGES

and Rory Jones the wide gap between the two ers sent condolences to Hani-
parties on the contours of a yeh, including Turkish Presi-
Israel said its planes hit Is- deal and reflects Hamas’s dent Recep Tayyip Erdogan,
mail Haniyeh’s sons in Gaza growing confidence that diplo- Iranian President Ebrahim
because they were members of matic and domestic pressure Raisi and Mahmoud Abbas,
Hamas’s military wing. Hamas on Israel to end the war gives the leader of the Palestinian
said seven people died in the the U.S.-designated terror Authority and one of Hani-
strike, including four of Hani- group the upper hand in talks. yeh’s political rivals.
yeh’s grandchildren. The Hamas is seeking a perma- A senior Israeli official fa-
group said the strikes hit a car nent cease-fire and the full The Israeli strike killed a total of seven people on the Muslim holiday Eid in Gaza, Hamas said. miliar with the negotiations
making social visits for Eid, withdrawal of Israeli soldiers said Wednesday that Israel was
the holiday marking the end of in return for the release of hos- the war has been more nar- Haniyeh said the deaths of Israel’s modus operandi in this open to using a U.S. plan for a
the holy month of Ramadan. tages held in the Gaza Strip. Is- rowly focused on the Hamas his sons wouldn’t affect the war of killing high-value tar- cease-fire as a basis for talks,
“I thank God for this honor rael has expressed openness to leader in Gaza, Yahya Sinwar, group’s negotiating stance. “The gets at the risk of damaging but that it is seen as favoring
that he bestowed upon us negotiating on the U.S. plan for and the group’s military wing. enemy is delusional if it thinks its other strategic aims. Hamas. Israeli officials view
with the martyrdom of my a temporary truce but wants Haniyeh heads Hamas’s that by killing my sons, we will Iran blamed Israel for an the return of Palestinian civil-
three sons and some grand- the option of continuing its Doha-based political leader- change our positions,” he said airstrike in Damascus, Syria, ians to northern Gaza and the
children,” Haniyeh said in a military campaign afterward. ship, a group that is normally on Hamas’s Telegram account. at the start of the month that ratio of prisoners to hostages
video statement posted on X. It is unclear whether the made up of roughly 15 people The Israeli military’s deci- killed senior Iranian military as big concessions. Hamas offi-
Israel and Hamas named deaths would significantly at any one time and deter- sion to kill Haniyeh’s sons de- officials in what Iran said was cials told mediators their main
the three men as Hazem Ismail change the dynamics of talks mines Hamas’s military and po- spite the possibility of desta- a diplomatic facility. The strike issue is there is no reference to
Haniyeh, Amir Ismail Haniyeh because decision-making over litical direction via consensus. bilizing the talks reflects threatened to spark direct con- ending the war.

U.S. Warns of Iranian Attack on Israeli Assets

WASHINGTON—U.S. intelli- Guard Corps’ elite Quds Force. strike on Israeli targets or use Iran and its proxies is iron- on both sides has raised con- spond, the officials said. Kurilla
gence reports show that an at- Syria and Iran accused Is- one of its Middle East proxies. clad,” Biden said. “Let me say cerns about a wider Middle is expected to meet with Israeli
tack on Israeli assets by Iran rael of carrying out the Da- In the past, Tehran has ap- it again: ironclad. We’re going East war six months after Defense Minister Yoav Gallant.
or its proxies could be immi- mascus attack, which killed peared eager to avoid a direct to do all we can to protect Is- Hamas attacked Israel, While the Pentagon doesn’t
nent, U.S. officials said Gen. Mohammad Reza Zahedi, confrontation with Israel or rael’s security.” prompting an Israeli invasion discuss whether it is currently
Wednesday, as the top Ameri- who managed Iranian paramil- the U.S. and worked via prox- The Biden administration of the Gaza Strip. adjusting forces in response to
can military commander for itary operations in Syria and ies such as Hezbollah in Leba- has passed messages to Iran Gen. Michael Erik Kurilla, potential threats, U.S. military
the Middle East headed to Is- Lebanon, according to Iranian non, the Houthis in Yemen and saying that it wasn’t involved commander of U.S. Central forces in the region had al-
rael to coordinate a response. state media and U.S. officials. Iran-backed groups in Iraq. in the Israeli strike in Damas- Command, which is responsible ready been at a heightened
Zahedi was the highest-rank- But U.S. defense officials cus and would hold Iran ac- for U.S. military operations in state since Hamas’s Oct. 7 at-
By Warren P. Strobel, ing Iranian military official to warned that Iran could use its countable if it attacked U.S. as- the Middle East, had planned tacks on Israel.
Gordon Lubold be killed since the January own military forces this time sets, U.S. officials say. Iran has to travel to Israel before the Iran’s Supreme Leader Aya-
and Nancy A. Youssef 2020 U.S. assassination of to demonstrate a forceful re- sent its own messages to the strike in Damascus, U.S. de- tollah Ali Khamenei said
Gen. Qassem Soleimani in sponse to Zahedi’s death. U.S., Iranian officials have said. fense officials said, primarily Wednesday on X that the
Iran has publicly threatened Baghdad. President Biden said on The U.S. reached out to iron out logistics for a U.S. strikes in Syria constituted an
to retaliate for a strike in Syria The U.S. has said it wasn’t Wednesday that Iran is Wednesday to countries in the temporary pier set to be placed attack on Iranian soil and that
on an Iranian diplomatic build- involved in the strike in Syria “threatening to launch a sig- region to ask them to encour- in Gaza to expand humanitar- Israel “should be punished, and
ing last week, presumed to be and received no previous nificant attack on Israel.” age Iran to avoid escalation, a ian aid deliveries. it will be punished.” Israeli
the work of Israel, that killed warning from Israel that it “As I told [Israeli] Prime U.S. official said. He now is expected to leave Foreign Minister Israel Katz
top Iranian military officials, planned to conduct the attack. Minister Netanyahu, our com- Israeli officials have vowed for Israel this week to also dis- responded that if Iran attacks
including a senior member of It is unclear whether Iran is mitment to Israel’s security to strike back if the country is cuss a possible Iranian attack Israel from Iranian soil, Israel
the Islamic Revolutionary planning to conduct a direct against these threats from attacked by Iran. The rhetoric and how the U.S. could re- would retaliate inside Iran.

Palestinians Return to Find Khan Younis Destroyed

After hearing that Israeli battered Hamas’s four battal- know what we will do when
ground troops were leaving ions there. Israel said its forces the war ends.”
Khan Younis on Sunday, Walid ended their mission and they Staff from the Palestine Red
Abu Amro traveled north from need to recuperate and prepare Crescent Society returned to
the tent in which he was shel- for future operations. Al-Amal Hospital in Khan You-
tering in southern Gaza to As Khan Younis residents nis this week after they said
check his home. He said it was sheltering elsewhere heard they were forced to evacuate in
about the Israeli exit, many re- March. “Even now, with the Is-
By Omar Abdel-Baqui, turned to assess their proper- raeli military withdrawal, we
Fatima AbdulKarim ties and those of their friends still can’t operate the hospital
and Abeer Ayyoub and relatives unable to make because of the scale of dam-
the trip. What they found, they age,” said Nebal Farsakh,
tough to navigate the neigh- said in interviews, was utter spokeswoman for the Red
borhood he once called home destruction: The remains of Crescent, which operates the
because many landmarks were what were once lively, tightknit facility.
obliterated. Crushed, too, were communities marked by flat- The Israeli military didn’t
AGENCE FRANCE-PRESSE/GETTY IMAGES

his hopes that his family could tened buildings, rubble, torn respond to a request for com-
return to their apartment. roads traced with tank marks, ment.
“There’s nothing there, it’s and few signs of life. Israel’s military achieved
all gone,” Abu Amro said. “It’s Khan Younis, with a prewar some of its aims in Khan You-
like a meteor struck it.” population of about 400,000, nis. It dismantled Hamas bat-
Khan Younis is the first ma- was one of the largest cities in talions, but didn’t kill or cap-
jor city to which Palestinians prewar Gaza and known for its ture the senior leadership, said
have returned since the worst once-sprawling Guy Aviad, a
of the fighting subsided, and open-air market Hamas re-
Khan Younis, which had been a Hamas stronghold, was in ruins after Israeli troops pulled out. reflects what likely will lie and a historic searcher and
ahead for the 1.7 million Pales- castle. The city ‘There’s nothing former Israeli
tinians displaced by the war. almost doubled there, it’s all military officer.
Widespread destruction in population as For Khan
throughout northern and cen- Gazans fled gone…It’s like Younis resi-
tral Gaza means those hoping there earlier in dents, the war
a meteor
You didn’t get to go home soon will be re-
turning to unlivable conditions.
It also indicates the chal-
the war to es-
cape fighting in
Gaza City. Many
struck it.’
upended life.
Mohammad
Abu Watfa has

where you are by making

lenges Israel will face in Gaza later fled Khan a home in Ra-
after the war. Israel has said it Younis to Rafah fah, where he
doesn’t intend to govern the as Israel’s operations moved says he has allowed dozens of
enclave—which would involve south. friends and family to shelter.

!"# $%"%&'"( #)&'*'+%*, fixing shattered public ser-

vices, rebuilding vast areas and
restoring order—but it hasn’t
Ami Ayalon, a former naval
chief who also served as head
of Israel’s domestic-intelli-
He traveled north to evaluate
the home of his in-laws in
Khan Younis. He returned with
articulated a plan for making gence agency, said the Gaza bad news: “They lost every-
the strip habitable again. Strip’s density is the main rea- thing.”
Talks continued in Cairo on son for the high levels of de- Instead of moving back into
Tuesday between the warring struction. “We call it a battle- their Khan Younis homes, many
parties’ mediators. The ques- field when in actuality, it’s a Palestinians returned to their
tion of how many Palestinians series of very crowded cities,” tents in Rafah. Even if people
could return north and under she said. found an intact home, seeing
what circumstances was a Thaer Majayda, a Palestin- the wreckage made many real-
point of contention. Hamas ian who is sheltering in the ize there is no point in moving
wants all civilians to be al- nearby town of Al-Mawasi, back, Abu Watfa said. “At least
lowed to go back to their said there is a marked differ- in Rafah there is some water,
homes. Israel has resisted a ence in the level of destruction some services, some electricity
mass return for what it says is in Khan Younis between one with solar panels,” he said.
the potential of Hamas mili- month ago, when he was last “There is none of that in Khan
tants mixing in with civilians there, and on Monday, when he Younis.”
Unity Jets offers trip-by-trip solutions with no and keeping their power in the went back to check on his More than 33,000 Palestin-
membership fees and no upfront capital. Call us enclave. home and clothing shop, both ians have been killed in Gaza
to request an all inclusive quote on a future trip. Khan Younis, a Hamas of which were destroyed. since Oct. 7, mostly women and
!!!"#$!"$%!# &'()*+,)-"./0 stronghold during the war, was “Khan Younis is not a place children, according to health
the site of fierce fighting. Is- to live anymore,” he said. “I authorities, whose numbers
rael’s military pulled out of lost my home, my shop, my don’t distinguish between mili-
Khan Younis after saying it livelihood, everything. I don’t tants and civilians.
THE WALL STREET JOURNAL. Thursday, April 11, 2024 | A7

WORLD NEWS

U.S. Drones policy response to China, ac-

cording to drone executives
and former defense officials.
Russian
Fall Short The Defense Department has
imposed strict requirements
on drone manufacturers, in-
Billionaire
For Ukraine cluding a ban on Chinese com-
ponents, which has made it
more expensive and harder to
Wins Case
Continued from Page One
sian jamming and GPS black-
build small drones, the execu-
tives and former officials said.
A Defense Department
Against EU
out technology. At times, they spokesman said it is para-
couldn’t take off, complete mount to ensure drones have BY LAURENCE NORMAN
missions or return home. U.S. a secure supply chain and AND MAX COLCHESTER
drones often fail to fly at the meet military standards.
distances advertised or carry A Defense Department pro- Russian businessman
substantial payloads. gram launched in 2020 to help Mikhail Fridman won a legal
Small U.S. battlefield drones startup companies sell drones challenge over the European

CLARA MOKRI FOR THE WALL STREET JOURNAL

“have been underdeveloped,” to the U.S. military doesn’t al- Union’s decision to impose
said Mykola Bielieskov, a se- low drone makers to update sanctions on him—the highest-
nior analyst at Ukraine’s Come their software without gov- profile defeat so far for the
Back Alive, a charity that has ernment approval. This re- bloc’s sanctions regime
supplied more than 30,000 quirement can leave the against Russia in response to
drones to the military. drones made according to U.S. its war in Ukraine.
U.S. drone-company execu- regulations vulnerable to The EU’s General Court
tives said they didn’t antici- evolving methods of cyberat- ruled on Wednesday that the
pate the electronic warfare in tacks and electronic warfare. EU had provided insufficient
Ukraine. In Skydio’s case, its The Defense Innovation evidence to show Fridman and
drone was designed in 2019 to Unit, Silicon Valley’s outpost of his business partner, Petr Aven,
meet communications stan- Employees at the Skydio manufacturing plant in Hayward, Calif., work on the X10 drone. the Defense Department, runs provided material support to
dards set by the U.S. military. the drone startup program the Kremlin or supported ac-
Several startup executives U.S. drones. “Nevertheless, we She said Ukrainian forces are ployed for search and rescue that supports Skydio and other tions undermining Ukraine’s
said U.S. restrictions on drone are looking for cost-effective using the V3 and that the com- and scouting for Russians inside startups. A spokeswoman for sovereignty and independence.
parts and testing limit what solutions,” he said. pany hopes to ship more mod- buildings. But the drone startup the unit said software changes The EU can appeal the deci-
they can build and how fast Ukrainian forces are burning els this year if it can get orders isn’t certain it wants to be in on drones must be assessed sion and the two businessmen
they can build it. through about 10,000 drones a from the U.S. government. the business of fighting wars. for security. She said the unit remain under EU sanctions for
Those restrictions have month, which they couldn’t af- Joining AeroVironment as “Is this a huge opportunity is trying to improve the pro- now. They have also had assets
proven a problem in the drone ford if they had to buy expen- one of the few U.S. drone man- for American drone companies cess to provide software ap- frozen in the U.K. and U.S.
battles, said Georgii Dubyn- sive U.S. drones. ufacturers to win a Defense De- in general?” asked Brinc Chief proval within a few days. The ruling, however, could
skyi, Ukraine’s deputy minis- Less than a month after Rus- partment contract for Ukraine Executive Blake Resnick. “I’m Skydio employees went set a precedent for other chal-
ter of digital transformation, sia’s expanded invasion of is Cyberlux, a North Carolina- not sure.” back to Ukraine 17 times to get lenges by Russian oligarchs
the agency that oversees the Ukraine in 2022, the Pentagon based maker of movie-produc- China’s DJI has proven to feedback, Bry said. Its new who have had their compa-
country’s drone program. approved the supply of Switch- tion drones modified to carry be the go-to drone brand for drone is built around Ukraine’s nies, luxury properties and
“What is flying today won’t blade 300 explosives. Ukraine’s military. DJI said it military needs and feedback other assets frozen for being
be able to fly tomorrow,” he drones from the In a briefing tries to restrict the use of its from public-safety agencies part of the Kremlin’s elite.
said. “We have to adapt to the Virginia-based to stakeholders, drones in the war but can’t and other customers, he said, There have been around 90
emerging technologies quickly. defense contrac- China’s DJI has Cyberlux said it control how the drones are rather than U.S. Defense De- appeals against sanctions
The innovation cycle in this tor AeroViron- become the had failed to used after they are purchased. partment requirements that lodged with EU courts by Rus-
war is very short.” ment. The meet produc- “DJI absolutely deplores are sometimes divorced from sian individuals and companies.
Ukraine has found ways to Switchblades go-to drone tion and deliv- and condemns the use of its battlefield realities. Fridman, who has Russian
get tens of thousands of drones faced initial ery goals for the products to cause harm any- Ukraine has requested thou- and Israeli citizenship but
as well as drone parts from challenges with
brand for drones. Chief where in the world,” it said. sands of the new Skydio X10, who resided in London when
China. The military is using off- Russia’s elec- Ukraine. Executive Mark The U.S. has called DJI a which has a radio that can the war started in February
the-shelf Chinese drones, pri- tronic-warfare Schmidt said Chinese military company and switch frequencies on its own 2022, was one of the wealthi-
marily from SZ DJI Technology. systems, a for- the company a surveillance tool for Beijing, as soon as its signal is jammed est and best-known business
Ukraine has also developed mer U.S. soldier hasn’t breached which DJI denies. The Penta- by electronic interference. It executives targeted by EU and
a domestic drone industry that who worked with the drones in its Defense Department con- gon has banned DJI drones in also has better navigation capa- U.K. sanctions. He was the
relies on Chinese components. Ukraine said. An AeroVironment tract, worth up to $79 million. the U.S. military, and congres- bilities so it can fly at high alti- founder and controlling share-
Ukrainian factories are churn- spokeswoman said Russian jam- There have been successes. sional legislation would ban tudes without GPS, Skydio said. holder in Alfa Bank, Russia’s
ing out hundreds of thousands ming has affected everyone and Skydio drone footage has as- new DJI products in the U.S. “It is critical for Skydio, and largest private bank.
of small, cheap drones that the company’s drones are up- sisted the Ukrainian investiga- DJI called the proposed ban I think the U.S. drone industry A spokeswoman for the Eu-
can carry explosives. It also dated to deal with it. tions of alleged Russian war politically motivated and the at large, that we make X10 suc- ropean Commission, the EU’s
produces larger drones that The U.S.-Greek startup Velos crimes, including attacks on product of lobbying by U.S. ceed at scale on the battlefield executive body, said officials
can strike deep into enemy Rotors said its V3 twin-engine civilians and a nuclear facility, drone companies that are try- in Ukraine,” Bry said. “There’s are “carefully analyzing the
territory and reach Russian helicopter drone experienced a according to Ukraine’s Office ing to eliminate competition. no alternative. As a country, judgment and its legal impli-
ships on the Black Sea. test failure in a December of the Prosecutor General. The shortcomings of U.S. we can’t miss on this.” cations.” There isn’t a decision
Dubynskyi said Ukraine demonstration outside Kyiv, a About 60 drones from Seat- drone makers are partly the —Alistair MacDonald yet on whether they will ap-
wants to test and use more company spokeswoman said. tle-based Brinc have been de- result of the U.S. government’s contributed to this article. peal the court decision.

The Wall Street Journal

would like to thank the
sponsors of the 2024
CMO Network April
Summit for their
generous support.
STOCK UP. SAVOR. SHARE.
Founding Sponsor
We craft the most tender, juicy world-class steaks
available anywhere so you can enjoy a superior
steak experience. Guaranteed.

Presenting Sponsor
BUTCHER'S BEST
• 2 Super Trimmed™ Filet Mignon (6 oz)
• 2 Top Sirloin Steaks (6 oz)
• 4 Classic Steakburgers (4.5 oz)
• 4 Boneless Chicken Breasts (7 oz)
• 4 All-Beef Hot Dogs (3.2 oz)
• 1 Bottle Original Steak Seasoning (6.5 oz)
CMO Network is by invitation.
Learn more at CMONetwork.wsj.com
ONLY $ 99.99 SCAN TO BUY
A $344.70 Value | ITEM #V386

FREE SHIPPING
plus
ORDER NOW
KansasCitySteaks.com/B2404WJ or call 800 793 9144
Use Promo Code B2404WJ
Offer expires 5/31/2024. Free shipping applies to standard delivery only. Additional fees will
apply to Overnight, Saturday, Alaska and Hawaii deliveries. Some restrictions may apply. For
full details, please visit KansasCitySteaks.com/B2404WJ
2024 DowJones & Co. Inc. All rights reserved. 6DJ0324
A8 | Thursday, April 11, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS

British Study Opposition Gains in South Korea

Casts Doubt on BY TIMOTHY W. MARTIN
AND DASL YOON

Puberty Blockers
SEOUL—South Korean Pres-
ident Yoon Suk Yeol’s ruling
conservatives stumbled badly
in legislative elections held
Wednesday, an outcome that
Four-year review base on long-term benefits for spawns new foreign-policy
minors is lacking. It’s impor- questions for allies and foes.
finds no good tant to the U.S. because it’s es- All 300 seats of the coun-
evidence for giving sentially the Wild West for try’s unicameral National As-
gender medicine for kids.” sembly were up for grabs. With
transitioning drugs Mermaids, a British charity the vote fully counted, the op-
that advocates for transgender position Democratic Party and
BY MAX COLCHESTER youth, said it welcomed the an affiliated group comfortably
AND STEPHANIE ARMOUR Cass report but added “we are retained their majority control
concerned that some of the of the legislature, picking up
LONDON—The underlying language in the report is open more than 180 seats.
medical evidence for gender to misinterpretation and could Meanwhile, Yoon’s People

SEONGJOON CHO/BLOOMBERG NEWS

treatments for adolescents is be used to justify additional Power Party, plus other con-
“remarkably weak,” according barriers to accessing care for servative coalitions, secured
to a landmark review commis- some trans young people.” just under 110 seats.
sioned by the U.K.’s National The Cass review was com- Not all legislators represent
Health Service that questioned missioned in 2020 after the specific locales. Forty-six are
why drugs suppressing pu- number of adolescents pre- elected as proportional repre-
berty had been allowed to be senting to the NHS Gender sentatives based on the total
prescribed so widely. Identity Development Service vote by party. Turnout had
The findings, released on began to rise fast. The number been the highest in more than Opposition leader Lee Jae-myung and his wife, Kim Hye-kyung, on Thursday in South Korea.
Wednesday, are the latest ex- of patients seeking treatment three decades, with roughly
ample of members of the Eu- was about 50 a year in 2009 two-thirds of South Korea’s some South Koreans like 28- mid-30s over the past year. while he blocked parliamen-
ropean medical community before shooting up to nearly 44.3 million voters casting a year-old Lee Jin-seo, who gen- About a year ago, he traveled tary attempts to investigate
casting doubt on the practice 1,800 in 2016. It also changed ballot. erally doesn’t have much in- to Washington for a state visit his wife, first lady Kim Keon-
of prescribing drugs for trans- during that time from a treat- The outcome hands a major terest in politics, to turn out. at the White House, meeting hee, who had accepted a
gender minors that suppress ment sought by a handful of victory to South Korea’s oppo- “I think more of us need to be President Biden and belting $2,200 Dior bag as a gift.
or alter the physical changes predominantly prepubescent sition party, and its leader Lee at voting booths if we want out parts of Don McLean’s Wednesday’s results sug-
of adolescence. The report, by males who identified as girls Jae-myung, the man who lost politicians to care about us,” “American Pie.” Back home, it gest Yoon—who strengthened
pediatrician Dr. Hilary Cass, to one overwhelmingly ac- by a razor-thin margin to Lee said of younger voters. was a less momentous story: ties with the U.S. and Japan
president of the Royal College cessed by hundreds of pubes- Yoon in the 2022 presidential By law, the South Korea’s and took a tougher line with
of Pediatrics and Child Health cent teenagers born as girls election. 63-year-old economy grew North Korea—will face major
from 2012 to 2015, was com- who identified as boys. Two years ago, Kim Sun- Yoon can’t run last year at a difficulties in his final three
missioned by the NHS after U.K. adolescents can still ac- woo, a 36-year-old office for re-election. The ruling far lower rate years of office. At home, Yoon
demand for treatment for gen- cess the treatment from pri- worker in Seoul, had sup- His five-year conservatives than other faces hurdles to pursue a do-
der dysphoria shot up expo- vate providers. Two new re- ported Yoon, a political out- term ends in wealthy democ- mestic agenda, with the Na-
nentially in the past decade. gional NHS hubs in England sider and career prosecutor, in 2027. face setbacks racies, and in- tional Assembly controlled
“The rationale for early pu- will offer advice to trans chil- a historically close presiden- On Thursday, flation that had again by the opposition Demo-
berty suppression remains un- dren and will undertake further tial race. Now, he is disap- Yoon said he
in legislative been tamed lo- cratic Party.
clear, with weak evidence re- data collection on treatments. pointed that many of Yoon’s would humbly elections. cally over the Outside the country, the
garding the impact on gender The Cass report said the election promises have failed accept the elec- decades began voter rejection of Yoon creates
dysphoria, mental or psycho- boom in adolescents looking to materialize. He backed the tion defeat, to spiral up- questions as to whether South
social health,” said the review. to change sex couldn’t be ex- left-leaning party instead. vowing to re- ward. Korea’s conservatives will be
It recommended that children plained alone by the fact that “Like many people, I voted form state affairs and stabilize As a presidential candidate, able to hold on to power dur-
wanting to transition gender trans identities generally are based on the urge to send a the economy, according to Yoon favored throwing upper- ing the next presidential elec-
should be given a more holistic more accepted by the popula- message to the current admin- South Korea’s presidential of- cuts at rallies and touted jus- tion. If those doubts persist,
treatment including screening tion. It argued that the surge istration,” Kim said. fice. The ruling party chair- tice as a prosecutor who friends—and even foes—of
for autism and a wider mental- must be viewed in the context The race also featured, for man, Han Dong-hoon, said he rooted out corruption. But in Seoul might operate with the
health assessment. of a boom in mental-health the first time, a bigger swath would resign. office, Yoon’s legal scrutiny of assumption that Yoon’s for-
Several European coun- problems among younger Brit- of eligible older voters than Yoon’s approval ratings opposition-party figures came eign-policy direction could
tries—including the U.K., Swe- ish people in the past decade. younger ones, prompting have largely remained in the off as politically motivated, have an expiration date.
den, Finland, Norway and The European Academy of
France—have urged caution in Paediatrics said in a paper
using drugs to help minors
with gender dysphoria, stress-
this year that the use of bio-
medical treatments for dys-
WORLD WATCH
ing a lack of evidence that the phoria is “contested,” and
benefits outweigh risks. The pointed to research showing
U.K.’s NHS, the world’s largest no robust evidence that pu-
state-run health system, said berty blockers reduce suicide
it has stopped offering pu- rates. It added that their use
berty blockers except for pa- could be “ethically justifiable
tients in clinical trials. on compassionate grounds.”
In the U.S., major U.S. med- The American Psychological
ical associations such as the Association last year said it
American Medical Association was reviewing the evidence
back gender-affirming care for for gender-affirming medical
minors, including puberty care and could potentially
blockers. But about two dozen amend its policies that help
states have passed legislation guide doctors and clinicians
or policies that ban access to providing the treatment.
puberty blockers, surgeries States with laws or policies
and other types of gender-af- limiting minor access have risen
firming care for youth. from four in June 2022 to 23 as
“The Cass report was im- of January, said KFF, a health-
portant because it was very policy research provider. Many
slow and very deliberate,” said of the restrictions have faced le-
Jay Richards, a senior re- gal challenges. Transgender ad-
search fellow at the conserva- vocates say the restrictions are
tive Heritage Foundation. “It part of a right-wing attack on
points out that the evidence transgender rights.
MAXIM SHEMETOV/REUTERS

SALVAGE OPERATION: A man pulled his belongings Wednesday in an inflatable dinghy in the settlement of Ivanovskoye, in
the Orenburg region in southwest Russia. A dam collapse on Saturday has forced thousands to evacuate.

CANADA ISLAMIC HOLIDAY EUROPEAN UNION HONG KONG

Central Bank Keeps Muslims Celebrate Parliament Adopts Watchdog Reporter
Key Rate at 5% End of Ramadan Migration Changes Is Denied Entry
The Bank of Canada left Muslims around the world European Union lawmak- Reporters Without Borders
its benchmark interest rate celebrated the Eid al-Fitr holi- ers approved a major revamp said Wednesday that one of
unchanged for a sixth consec- day marking the end of the of the bloc’s migration laws, its representatives was de-
utive time at 5%, and said a holy month of Ramadan. But hoping to end years of divi- nied entry into Hong Kong,
cut in June is possible as long events were overshadowed sion about how to manage calling it a “new decline” in
as incoming data assures offi- by the worsening crisis in the entry of thousands of the city’s press freedoms.
cials that downward momen- Gaza and Israel’s expected people without authorization According to the group, its
tum in inflation is sustainable. military offensive in Rafah and deprive the far right of a Taipei-based staffer Aleksan-
A June rate cut is “within city after six months of war. vote-winning campaign issue dra Bielakowska was stopped
the realm of possibilities,” “We should not forget our ahead of June elections. at the Hong Kong airport by
Gov. Tiff Macklem said brothers and sisters in Pales- In a series of 10 votes, immigration officers. She was
Wednesday following the cen- tine,” one imam said in members of the European detained, questioned and had
tral bank’s decision. He said Kenya’s capital, Nairobi. “They Parliament endorsed the reg- her belongings searched three
senior officials, in delibera- have been subjected to unjus- ulations and policies that times before she was denied
tions ahead of the policy an- tified aggression and a lot of make up the Pact on Migra- entry to Hong Kong, said the
nouncement, discussed the violence [as] the world is tion and Asylum. group, also known by its
timing of rate cuts, although watching in silence.” The changes address the French acronym RSF.
“there was a clear consensus In a holiday message, Turk- thorny issue of who should “This action by the Hong
to hold the policy rate at 5%.” ish President Recep Tayyip take responsibility for mi- Kong authorities, unprece-
Decelerating inflation and Erdogan sent support to grants when they arrive and dented for RSF, marks a new
tepid private-sector activity Gaza, which he called a whether other EU countries decline in the already poor
has put Canada in a position “bleeding wound on the con- should be obliged to help. press freedom climate in the
to cut rates before the U.S., a science of humanity.” The proceedings were territory,” RSF said.
move that underscores the di- In Indonesia, the world’s briefly interrupted by a small Bielakowska was to meet
vergence between the two most populous Muslim na- group of demonstrators who journalists and attend a hear-
trading partners. tion, nearly three-quarters of shouted, “Vote no!” ing at the trial of Jimmy Lai,
Higher rates in Canada the population were traveling The 27 EU member coun- the media tycoon and founder
have squeezed businesses for the annual homecoming tries must endorse the pack- of the now-defunct Apple
and households, as they al- known locally as “mudik.” age before it can take effect. Daily newspaper who is fac-
ready were carrying elevated “This is a right moment to The plan was drawn up af- ing national security charges.
levels of debt before the reconnect, like recharging en- ter 1.3 million people, mostly The Immigration Depart-
Bank of Canada’s rapid-fire ergy that has been drained al- those fleeing war in Syria and ment didn’t immediately com-
rate-rising campaign that most a year away from Iraq, sought refuge in Europe ment. A crackdown on dissent
ended in June of last year. home,” said a civil servant. in 2015. is under way in Hong Kong.
—Paul Vieira —Associated Press —Associated Press —Associated Press
THE WALL STREET JOURNAL. * * * * * * * Thursday, April 11, 2024 | A9

WORLD NEWS

China Faces Deflation Concerns Fitch Cuts

China’s
Weak price growth
shows consumption
cles and green energy equip-
ment. As a result, industrial
production is picking up.
While falling prices for Chi- to absorb this enormous ca-
nese-made products such as pacity,” Yellen said Monday in
cars and electronics are a po- Beijing. “When the global
which strips out more volatile
prices such as food and energy,
slowed to 0.6% from 1.2% pre-
Credit
lags at home amid
manufacturing boom
Economists at Goldman
Sachs, Morgan Stanley and the
Asian Development Bank this
tential boon for consumers af- market is flooded by artifi-
ter years of high inflation, gov- cially cheap Chinese products,
ernments worry that generous the viability of American and
viously.
The world’s second-largest
economy expanded 5.2% last
Outlook
week nudged up their forecasts support from Beijing is allow- other foreign firms is put into year after notching just 3%
BY JASON DOUGLAS for economic growth in China ing Chinese competitors to un- question.” growth in 2022, when activity BY MATTHEW THOMAS
this year in response. All three dercut homegrown rivals, The retreat in consumer- was hit by lockdowns in major
SINGAPORE—Inflation in now expect growth to be close threatening jobs price inflation cities to contain the Covid-19 China’s public finances are
China retreated sharply, reig- to the government’s official and industries. in China con- pandemic. being strained by a shaky econ-

0.1%
niting concerns over deflation target of around 5% for the full Treasury trasts with the Forecasters including the omy, a prolonged property
even as its economy starts to year. Secretary Janet U.S., where International Monetary Fund slump and a rising fiscal deficit.
feel the benefit of a manufac- Still, Thursday’s inflation Yellen, in meet- price growth expect growth in China to That is the verdict of global
turing-led revival that is fuel- data point to the lopsided na- ings with senior last month was hover around 4% in the next credit-rating company Fitch,
ing trade tensions overseas. ture of China’s recovery. While officials in Increase in consumer more than ex- few years, down from 6% to 7% which on Wednesday revised its
Consumer prices rose just Beijing is having some success China this pected, upset- in the years before the pan- outlook for China’s A-plus credit
0.1% in March compared with a in driving growth by support- week, urged
prices in March ting expecta- demic. The economy is grap- rating to negative from stable,
year earlier, according to offi- ing manufacturing, many econ- Beijing to stop compared with a year tions for pling with difficult challenges while also affirming the rating.
cial data released Thursday, a omists say officials need to do relying on ex- earlier i n te re s t - ra te such as a deflating property Fitch said the change to
weaker-than-expected reading more to boost consumer ports and in- cuts from the bubble and an aging and China’s rating outlook reflected
that highlights strains in spending, too. stead take steps Federal Re- shrinking workforce. rising risks to the country’s
China’s economy from a China’s preference for stim- to boost con- serve. U.S. con- “The Chinese economy’s on- public finances, a result of the
drawn-out property crunch ulating the supply side of its sumer spending to achieve sumer prices advanced 3.5% in going flirtation with deflation uncertain economic outlook.
and restrained consumer economy is already causing more balanced economic March from a year earlier, ac- highlights both short-term China’s economy is being
spending. ripples overseas. Thursday’s growth. She warned that plow- cording to figures published weaknesses and structural fra- weighed down by a yearslong
Beijing’s response to the data showed the prices for ing investment into hot sectors Wednesday. gilities,” said Eswar Prasad, a property slump, which has
economy’s weaknesses has goods leaving Chinese factories such electric vehicles, battery Weakness in inflation in professor at Cornell University pushed dozens of companies to
been to double down on its fell for a 18th straight month technology and solar power China was broad based in and former head of the IMF’s the brink of collapse, led to a
strength as the world’s factory in March, tumbling 2.8% in was creating gluts in global March. Price growth for ser- China division. sharp drop in home prices and
floor. Investment is pouring year-over-year terms, as bal- markets. vices, food and consumer —Grace Zhu dealt serious damage to con-
into manufacturing, especially looning capacity outstripped “China is now simply too goods all slowed, data showed. and Xiao Xiao in Beijing sumer confidence.
in sectors such as electric vehi- demand. large for the rest of the world Core consumer-price inflation, contributed to this article. China’s Finance Ministry
said it was “disappointed” by
Fitch’s decision, arguing that

Biden, Japan’s Kishida Push for Closer Ties

it didn’t reflect the fiscal ben-
efits of Beijing’s attempts to
spur economic growth.
The move followed a simi-
lar change by Moody’s Inves-
President Biden huddled tors Service in December. The
with Japanese Prime Minister New York-based firm kept
Fumio Kishida on Wednesday China’s long-term rating of A1
as the two leaders sought to intact but changed the outlook
strengthen their security ties to negative from stable.
in the Pacific as a counter- That led to criticism in China.
weight to China. The decisions by Fitch and
Moody’s are public examples
By Ken Thomas, of a conundrum facing econo-
Peter Landers mists across financial mar-
and Chieko Tsuneoka kets: How to contend with
China’s sputtering economy?
Biden welcomed Kishida to The Chinese economy offi-
the White House as the two cially grew 5.2% last year, beat-
countries outlined plans to ing many economists’ expecta-
upgrade U.S.-Japanese mili- tions and hitting Beijing’s
tary cooperation in the Pacific, target. It has also shown signs
amid concerns about North of improvement this year in
Korea’s nuclear program and manufacturing activity, inflation
China’s effort to extend its in- and exports after a rocky 2023.
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

fluence across the Pacific. But it is also facing deep

In a joint news conference, problems, some of which
Biden said the two nations economists say could require
were “taking significant steps more concerted stimulus ef-
to strengthen defense security forts from Beijing.
cooperation, are modernizing The real-estate slump has
command and control struc- shown few signs of improving
tures and we’re increasing the this year, despite years of de-
interoperability and planning clining sales and falling home
of our militaries so they can prices. New-home sales from
work together in a seamless China’s largest 100 developers
and effective way.” are now around their lowest
Meeting Kishida in the Oval levels on record. The price of
Office earlier, Biden said they President Biden and Japanese Prime Minister Fumio Kishida at a White House state dinner on Wednesday. existing homes in China’s most
would discuss “how we can developed cities fell 6.3% year-
continue to enhance and en- turing a musical performance itary ties—changing the mili- would be a Chinese invasion of and limited circumstances. over-year in February, the worst
sure the Indo-Pacific remains by Paul Simon—in a nod to tary force structure the U.S. Taiwan, the self-governing is- Japan has been a stalwart decline since the government
a free, open and prosperous their burgeoning partnership. has in Japan and working land that Beijing claims as part ally of the U.S., joining with started releasing data in 2011.
region in the world by stand- Guests included former Presi- more closely with a new joint of its territory, or an aggres- Western partners to impose China’s local governments
ing together.” dent Bill Clinton and former Japanese command. The two sive act by North Korea, which tough sanctions on Russia af- are facing a mountain of liabili-
Kishida said the two leaders Secretary of State Hillary Clin- countries also will look for this year declared South Korea ter Russian leader Vladimir ties, with some analysts putting
had “nurtured a friendship ton, actor Robert De Niro, Am- ways in which they can co- its No. 1 enemy and tightened Putin’s invasion of Ukraine. their hidden debt as high as $11
and a trust,” and the nations azon Executive Chairman Jeff produce weapons and tap in relations with Russia. The U.S. maintains about trillion. They were squeezed by
were “at the forefront in main- Bezos, Apple Chief Executive to Japan’s industrial strength. However, any Japanese in- 54,000 troops in Japan from the real-estate slowdown.
taining and strengthening a Tim Cook and JPMorgan The moves are designed to volvement is complicated by all the service branches. U.S. The debt problems in the
free and open international or- Chase CEO Jamie Dimon. provide synergies between the Japan’s constitution, which the Forces Japan, led by a three- country’s local governments
der based on the rule of law.” U.S. officials said ahead of countries’ militaries in the government interprets as re- star general, handles some co- have forced Beijing to take a
Biden ended the day with a the meeting that the U.S. and case of a regional conflict. stricting the country’s ability ordinating tasks. But its oper- bigger role in financing eco-
state dinner for Kishida—fea- Japan would bolster their mil- The most likely scenarios to fight overseas except in rare ational role is limited. nomic growth.

Xi Uses Former Taiwanese President to Send Signal to U.S.

BY JOYU WANG the two men is being watched came on the 45th anniversary of
more closely as a symbolic ma- the U.S.’s enactment of the Tai-
TAIPEI—Xi Jinping wel- neuver by Xi in the run-up to wan Relations Act, which has
comed former Taiwanese the inauguration in May of a governed ties between Wash-
President Ma Ying-jeou to Bei- new administration in Taipei ington and Taipei since the U.S.
jing on Wednesday, under- that is inimical to Beijing. formally switched its diplomatic
scoring the Chinese leader’s Remarks that Ma made in recognition to Beijing in 1979.
preoccupation with Taiwan as the lead-up to Taiwan’s presi- Ma’s visit marked the only
Washington hosts a summit dential election in January, in time that a former Taiwanese
with the two Asian allies most which he argued that Taiwan leader has met a current Chi-
likely to be pulled into a con- should trust Xi to maintain nese leader on Chinese soil.
flict around the island. peace, caused an uproar on the Wednesday’s handshake with Xi
Reports and images of the democratically self-governed is- marked the high point of an 11-
meeting in Beijing were carried land, and was regarded as hav- day journey that included stops
by state broadcaster China Cen- ing helped his Nationalist Party, in the southern Chinese me-
tral Television and by Taiwan- or Kuomintang, lose its third tropolis of Shenzhen; the home-
ese media on Wednesday, show- straight presidential election. town of party founder Sun Yat-
ing Xi and Ma shaking hands Geopolitical analysts don’t sen in Zhongshan; and the
XIE HUANCHI/XINHUA/ZUMA PRESS

and exchanging remarks touting think Wednesday’s meeting historic Chinese capital of Xi’an.
the prospects for improved rela- between Xi and Ma will do Although Ma is seen as a
tions across the 100-mile-wide much to alter the trajectory of marginal figure in Taiwanese
Taiwan Strait that separates cross-strait relations, citing politics as his calls for closer ties
Taiwan from mainland China. Ma’s diminished influence in with China fall on deaf ears, he
“Both sides of the Taiwan Taiwanese politics. Still, they is still seen by many as Beijing’s
Strait are Chinese people,” Xi said Beijing could use the visit best bet for peaceful unification.
noted, according to the footage, to signal to its people that its “Ma Ying-jeou has estab-
saying he “highly appraises” Taiwan policy is working. Ex-Taiwan President Ma Ying-jeou, left, met Chinese leader Xi Jinping in Beijing on Wednesday. lished a certain degree of mu-
Ma’s efforts in promoting “What they’re saying is, tual trust with mainland
cross-strait ties. “There is no ‘We have not lost the hearts the heart of growing tensions to shake its Covid hangover, its to democracy despite increas- China,” said Chang Wu-ueh,
force that can separate us.” and minds of the Taiwanese between Beijing and Washing- leadership is pulling back from ing Chinese pressure. who teaches international rela-
In 2015, a historic meeting people. There remains cultural ton. Communist Party leaders diplomatic conflicts as it fo- The Xi-Ma meeting comes a tions at Taiwan’s Tamkang Uni-
between Xi and then-Presi- and historical connections in Beijing view Taiwan as part cuses on reviving growth. day before President Biden versity. “Beijing still regards
dent Ma in Singapore—the that bind us,’ ” said Amanda of its own, despite having On Wednesday, Taiwan’s hosts a trilateral meeting with him as a so-called leading fig-
first between leaders of the Hsiao, a Taipei-based analyst never ruled there, and have Mainland Affairs Office, which Japanese Prime Minister Fumio ure who can express Beijing’s
two rival regimes since the at International Crisis Group. vowed to take control of it, by handles relations with Beijing, Kishida and Philippine Presi- policy toward Taiwan.”
Communist victory in the Chi- “This is Beijing telling its peo- force if necessary. objected to Xi’s remarks to dent Ferdinand Marcos Jr. at “Beijing is trying to show for
nese Civil War in 1949— ple, ‘We remain in control of Beijing has increased its Ma, saying: “The difference the White House, a first of its an international audience that
marked a high point in cross- the Taiwan situation, and uni- threats around Taiwan, part of across the strait does not lie kind involving the U.S. and two they are open to dialogue with
strait relations. fication is still possible.’ ” a more aggressive foreign pol- in language or culture, but in key strategic partners in China’s Taiwan—open to peaceful unifi-
This time, with Ma out of Taiwan occupies a crucial icy that has rankled abroad political system and ways of immediate neighborhood. The cation,” said Hsiao of Interna-
office for eight years and his place in Xi’s vision for what while feeding a nationalist fer- life.” The statement called it Taiwan issue is expected to be tional Crisis Group. “All of which
party in the political wilder- he calls the rejuvenation of vor at home. But lately, with “regrettable” that Ma didn’t high on the agenda. is an attempt to try to make
ness, the handshake between the Chinese nation, and sits at China’s economy still struggling convey Taiwan’s commitment The Xi-Ma meeting also China appear more reasonable.”
A10 | Thursday, April 11, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Brazil Judge Taking On Musk Has a Reputation

BY SAMANTHA PEARSON Now the court’s order to quired in 2022. ferring to the judge as “Bra- no signs of backing down. “We crimes of obstruction of jus-
block a swath of X accounts “We were being given de- zil’s Darth Vader.” Supreme Court judges are not tice, being a member of a
SÃO PAULO—Before his has sparked fresh debate, with mands to suspend sitting mem- Supporters of former right- cowards,” the 55-year-old jus- criminal organization and in-
weekend showdown with tech critics on the right, including bers of the parliament and ma- wing President Jair Bolsonaro, tice said recently. citement—crimes that can
billionaire Elon Musk, Brazil’s many legal experts, saying de jor journalists, and moreover who gave Musk a medal during Members of President Luiz carry jail sentences of more
Supreme Court judge Alexan- Moraes has gone too far. They we could not tell them that this his visit in 2022 to announce Inácio Lula da Silva’s leftist than 10 years in Brazil, ac-
dre de Moraes had already argue his crusade to clean up was at the behest of Alexandre plans to install satellites over Workers’ Party jumped to his cording to a court document.
earned a reputation as a light- the internet in the name of de Moraes and we had to pre- the Amazon rainforest, have defense over recent days, call- Recent probes by de Mo-
ning rod in Brazil’s battles safeguarding democracy is ar- tend that it was due to our reveled in Musk’s defiance, de- ing Musk’s failure to comply raes into Bolsonaro and his
over free speech. bitrary and repressive, and rules of service,” said Musk claring him a “hero,” as the di- with the court order an attack role in the storming of Con-
In recent years, de Moraes that the biggest risk to de- during a podcast. “That was viding lines in Brazil’s culture on Brazilian sovereignty. gress by his supporters in
has slapped fines and bans on mocracy in Brazil could be the the final straw and we said wars deepen. “Social media is not a no January 2023 have concluded
social-media companies and or- Supreme Court. no,” he said, describing the or- Brazil’s Supreme Court, man’s land!” de Moraes wrote that he not only plotted a mil-
dered police to investigate—and Musk appears to think so. der in another post as “the which hasn’t made the origi- in a follow-up decision Sunday itary takeover before the 2022
even arrest—some of the coun- On Monday, he said de Moraes most draconian demands of nal court order public, didn’t to include Musk in his sweep- presidential elections but also
try’s most powerful conserva- had given X two hours to sus- any country on Earth.” respond to requests for com- ing investigation into disinfor- encouraged his supporters to
tive bloggers, businessmen and pend a series of high-profile Musk has called for de Mo- ment, either on behalf of the mation campaigns online. unseat da Silva.
politicians over what he accounts from the platform, raes’s removal and has goaded court or de Moraes himself. He also ordered an investi- Bolsonaro has denied
deemed offensive online posts. which the tech magnate ac- him online in recent days, re- But de Moraes has shown gation into Musk for the wrongdoing in all the cases.

FROM PAGE ONE

St. Louis’s missing office workers.

“It’s a classic chicken and
egg kind of deal,” said Glenn
Decay in the Heart of Downtown
Fifteen blocks in downtown St. Louis sit largely quiet as office buildings have emptied out in recent
years and nearby retail stores have closed.*
mortgage. The city condemned
the building last year.
A decade of rot has also

Real Estate MacDonald, a professor of eco-

nomics at Washington Univer-
sity in St. Louis’s Olin Business
Vacant buildings Vacant or boarded up storefronts Occupied retail space Hotels
made a conversion harder. Few
shops and restaurants are left
to attract future tenants. A 2016

Nightmare School. “People don’t go there

because there’s nothing to do.
There’s nothing to do because
water leak flooded the build-
ing’s basement. The mortgage
lender still wants to get paid.
people don’t go there.” “It’s a mess. They’ve ripped
Continued from Page One The St. Louis office district’s through the walls trying to find
people commute downtown. downward spiral picked up Locus Railway copper,” said developer Amos
St.

t St.
Exchange
N. 9th

This self-reinforcing cycle steam when the department Harris, who is eyeing a conver-
Building
St.

accelerated in recent years as store—by then a Macy’s—shut sion of the property and was re-
N. 8th

the pandemic emptied offices. down at the Railway Exchange cently inside. The building is
St.

St. Louis’s central business dis- Building in 2013 amid a wave of much too big, the downtown
N. 7th

trict had the steepest drop in department-store closures in apartment market too weak and
h St.

Olive
foot traffic of 66 major North downtowns across the country. St. construction too expensive to
N. 10t

American cities between the Not long after, offices in the convert it without subsidies, he
start of the pandemic and last building—the city’s second big- said.
summer, according to the Uni- gest after the AT&T Tower— Harris is now considering a
versity of Toronto’s School of emptied out. plan to redevelop the ground-
Cities. Traffic has improved Four years later, AT&T Pine S floor retail space and turn only
some in the past 12 months, but moved out of the building that t. half the building above into
at a slower rate than many carried its name. apartments, leaving the other
Midwestern cities. half vacant. But even that
Now, it stands as a warning would cost more than $200 mil-
y
adwa

to others: This is the future for Losing a Panera AT&T lion, he estimated. “We’re beat-
Tower
N. Bro

America’s downtowns if they Nearby shops and restau- Chest

nut S ing our heads against the wall,”
t.
can’t reinvent themselves and rants suddenly had fewer cus- he said.
halt the downward spiral. tomers, so they closed or
On a recent Tuesday morn- moved. Next came the parking Mark
ing, few people are on the garage across the street from
et St. New soccer stadium
streets on a 15-block stretch the Railway Exchange. Some cause for hope is a
that makes up much of the “That building fell apart,” short walk away. To the office
southern portion of the St. said Syeeda Aziz-Morris, owner St. Louis had the biggest drop in foot traffic among 66 cities in recent years. As recoveries picked up district’s immediate west, the
Louis office district. Two empty of Pharaoh’s Donuts on the ga- in the past 12 months, St. Louis has been middling. Downtown West neighborhood
storefronts exist for each open rage’s ground floor. boasts loft apartments, a new
one. The office district’s north- With the garage’s ceilings Downtown visits, relative to 2019 traffic† Change in downtown visits from March 2023‡ soccer stadium and a train sta-
ern half is a bit more lively, but crumbling and propped up by tion-turned-amusement park.
200% 200%
not by much. Good luck finding makeshift poles, Pharaoh’s St. Louis These developments have re-
a clothing store. There isn’t moved out and into a new space Midwestern cities vived a once-abandoned indus-
even a McDonald’s. Violent two blocks away in late 2019. trial area, proving that people
Other cities
crime is rare, but car break-ins An Indian restaurant, a conve- 150 150 want to be in downtown St.
are common. nience store, a Quiznos and a Louis if it’s pleasant.
The price for the AT&T karaoke bar closed. The city To the south, a cluster of
Tower, three condemned the 100 100 bars and restaurants around
blocks from the garage building. the Cardinals’ ballpark is often
Railway Ex- From there, crowded, especially on game
change, was a Reversing a desolation 50 50 days. Visits to the Gateway
sliver of the city’s doom loop spread south. Arch east of downtown are up.
$205 million it Across the These neighborhoods show
sold for in 2006. spiral isn’t easy street from the 0 0 how big developments and
Its value has garage, a St. apartment conversions can at-
been falling for
once decay has Louis Bread
2021 ’22 ’23
tract residents, which in turn
years. In 2022, it set in. sandwich *As of March 12 †Compares each season to the same season before
the pandemic ‡Weekly average of daily traffic –50
attract bars and restaurants,
changed hands shop—part of Sources: WSJ reporting (locations); Google Earth (satellite images); slowing or even reversing the
for just $4 mil- the Panera University of Toronto School of Cities (downtown visits) March 2023 ’24 doom loop.
lion. chain—shut- “Outside of that office zone,
Jack O’Connor, who tends tered. That left the attorneys at at Chili Mac’s Diner next door broken twice, Aziz-Morris said. to help pay for construction it’s never been better,” said
bar downtown at Hayden’s Irish law firm Brown & Crouppen to the shuttered Panera, Char- Standing in her shop in early work. The program also plans Denis Beganovic, a military
Pub, looks out on the Railway without a lunch spot. lotte Herling rattles through the March, she pointed outside at to hand out cash for sidewalk planner who lives in Downtown
Exchange Building across the “It’s pathetic that a Panera names of five departed restau- her graffiti-covered delivery cafes and pop-up shops. West.
street. Last year the city demol- was the thing holding this area rants within a two-block radius. truck. “Last week somebody Discounted rents and other The reinvention of Down-
ished a bridge connecting the together, but it really did,” said “A lot of them couldn’t hang drew on the window itself,” she incentives have helped fill some town West, full of beautiful old
building to the parking garage the firm’s managing partner on,” she said. The only saving said. empty storefronts and boosted buildings, was made possible in
across the road because people Andy Crouppen. “It brought grace is that less competition foot traffic in cities including part by massive investments by
kept using it to break in to the people from five, six blocks means the diner does fine. Minneapolis, but aren’t seen to the Taylor family—owners of
Exchange building. After in- away, it created a little bit of “We’re blessed only because Cash for pop-ups be enough to offer true revital- Enterprise Rent-A-Car—which
truders kicked and sawed activity.” there’s no businesses left,” Her- In a campaign to revive its ization. spent big to build the soccer
through the plywood covering “When that left, it created a ling said. office district, the city is trying Reversing the doom loop spi- stadium and bring a Major
ground-floor windows, a secu- noticeable void in the area,” Empty streets have made the to get more people on the ral isn’t easy once decay has set League Soccer team to the
rity firm recently installed steel Crouppen said. “People started office district more dangerous. streets. It is adding landscap- in. To boost local businesses, area.
plates. But people keep break- walking in another direction.” Drivers speeding on wide, ing, bike lanes and traffic barri- the city wants to encourage de- “That is becoming a huge
ing in. Brown & Crouppen closed its mostly empty roads are a men- ers. Greater St. Louis Inc., a velopers to add hundreds of anchor,” said Weigle, of Greater
“I once saw like six teenag- downtown office during the ace. In early 2023, a 17-year-old business and civic organization, apartments by converting St. Louis. State and federal tax
ers with skateboards and Go- pandemic and never reopened volleyball player from Tennes- pays buskers to play on street empty office buildings. But credits helped pay for the rede-
Pros get in there,” O’Connor it. The firm is now headquar- see lost both her legs after a car corners. these projects are expensive. velopment of the former train
said. A police officer showed up tered in a converted factory in a smashed into her. A barbecue The goal “is to put more peo- Rents in St. Louis are low, and station and adjacent land,
and berated the kids. “They just residential neighborhood in joint’s smoker has a bullet hole. ple on the street doing positive high interest rates haven’t which now includes a Ferris
kind of sauntered off,” he said. western St. Louis. Several other Local shops and restaurants pay things,” said Kurt Weigle, the made things any easier. wheel and an aquarium, among
“But they’ve been back.” firms also left, and those that for private security guards to group’s chief downtown officer. When investors can’t make a other attractions. As more fans
When the pandemic broke stayed behind now often let walk the streets and some have His organization and the St. residential conversion work, and visitors came to Downtown
out in 2020 and millions of em- employees work remotely. That installed security cameras Louis Development Corporation they often choose to wait for West, the area became more
ployees got used to working kicked off another wave of res- flashing warning lights. this month launched a program years until funding or a buyer appealing to developers. Last
from home, pundits predicted taurant closures. Pharaoh’s Donuts, now in its that hands out up to $50,000 to materializes—a pitfall of relying year, a high-end hotel opened
the demise of big coastal cities. Standing behind the counter new space, had its windows retailers that move downtown on private developers to revive in a former YMCA and an old
But office districts in New York, an office district. industrial building reopened as
Miami and Boston have Take the Chemical Building, apartments.
bounced back better than skep- a 128-year-old redbrick former Even within the business
tics feared. The nascent boom office building a block from the district, the central location
in the artificial intelligence in- Railway Exchange. Three times has attracted a few newcomers.
dustry is even starting to at- between 2006 and 2017 inves- Quentin Eddings, a 26-year-old
tract some businesses back to tors bought the building with architectural designer, moved
San Francisco. plans to turn it into apart- into a converted apartment in
It’s the cities far from the ments. Each failed. One of the the office district last year. His
coasts that are suffering most. buyers put up a banner adver- upper-floor unit has views, the
Six of the 10 U.S. office districts tising “perfectly centered living rent is reasonable, hotel bars
with the steepest drop in foot with 1,2,3 & 4 bedroom resi- and a sculpture garden are
traffic between 2019 and dences starting at $170,000.” nearby and his office is a five-
mid-2023 are in the Midwest, That’s about all they did. The minute walk away.
according to the University of banner is still there today. The “It’s a nice area to be in,” he
Toronto. windows above the banner are said.
As in other Midwestern cit- boarded up. Others are broken Yet that’s still a distinctly
ies, the St. Louis office district or covered in graffiti. The build- minority view. O’Connor, the
ERIC LEE FOR THE WALL STREET JOURNAL

has suffered a slow demise for ing now has a new owner who bartender, said his establish-
decades. Population loss, com- wants to turn it into a hotel. ment has devoted happy-hour
petition from newer offices in The Railway Exchange build- patrons but tends to empty out
the suburbs and failed urban ing’s owner, a Florida invest- by 7 p.m.
planning left behind a glut of ment firm, bought the building “It’s awkward pointing peo-
dreary, empty buildings and in 2017 and announced grand ple to bars from here,” he said.
wide, dangerous roads. The plans to redevelop it into apart- “Like, yeah, you’re in the heart
business district has few apart- ments and retail. The firm of downtown. You got six
ments. There are some tourists, eventually stopped paying for blocks to get to the next open
but not enough to make up for A parking garage across from the Railway Exchange is one of many empty buildings in the area. security and defaulted on the establishment.”
 © 2024 Dow Jones & Company. All Rights Reserved.
PERSONAL JOURNAL. THE WALL STREET JOURNAL. Thursday, April 11, 2024 | A11

tia later in life.

Women in midlife are grappling
with the added complications of
the menopause transition, during
which abrupt changes in hormone
levels can affect the brain, says
Jessica Caldwell, director of the
Cleveland Clinic’s Women’s Alzhei-
mer’s Movement Prevention Cen-
ter in Las Vegas. A woman’s brain
can adapt to these changes by re-
organizing itself, but scientists are
still studying how that happens
and what the ultimate impact is.
Not everyone believes midlife
is a sharp turning point in brain
health. Processing speed is the
cognitive function that declines
most as people age, but that slide
happens gradually and varies
from person to person, says Dr.
David Knopman, a professor of
neurology at Mayo Clinic in Roch-
ester, Minn.

So what can you do?

Keeping your heart healthy in
midlife is the best way to stave off
cognitive decline, says Knopman.
Brain and heart health are closely
connected.
The same things that can lead
to a blockage of arteries to the
heart can affect arteries to the
brain, impeding blood flow and
oxygen delivery.
There are no guaranteed ways
to prevent dementia. But steps that
help both your brain and your heart
include exercising regularly, eating
a healthy diet, and not smoking, as

Start in Middle Age to Help

well as trying to avoid getting or
managing conditions such as diabe-
tes, high blood pressure and choles-
terol, and obesity, and treating ob-
structive sleep apnea.

Prevent Elderly Dementia

For middle-aged patients, doc-
tors often focus on emphasizing
lifestyle changes such as diet and
exercise to manage blood pressure
and diabetes risk, says Caldwell.
Intervening earlier to improve brain health might help you stay sharper as you get older But those steps are equally
important for brain health down
the line.
BY SUMATHI REDDY an enormous return on invest- us are worried about our risks up in your blood, resulting in low- “Eating a more nutritious diet,

T
ment in old age,” says Terrie Mof- later in life. Doctors and scientists grade inflammation that can affect getting exercise, and sleeping suf-
he fight against demen- fitt, a professor of psychology and are closely focusing on it too. the hippocampus’s ability to en- ficiently are all associated with
tia actually starts in neuroscience at Duke University. code and store new information, better brain health outcomes,”
your 40s. More scientists are looking for Brain changes he says. says Caldwell.
Midlife, not your 70s clues in the midlife brain because Parts of the brain start to change People keep their verbal lan- Also important is staying so-
or 80s, is when brain efforts to target dementia in faster during middle age, espe- guage-based skills their whole life, cially and mentally active and en-
changes start to occur older people have largely failed, cially the hippocampus, which is says Moffitt. But the speed at gaged, Knopman says.
that can pave the way toward de- says Ahmad Hariri, a professor of important for remembering every- which you process information “There are benefits of working
mentia, Alzheimer’s disease and psychology and neuroscience also day events, says Sebastian Dohm- and your capacity to solve new in a challenging environment—it
cognitive decline later, according at Duke. Hansen, a doctoral student at Uni- problems of logic and reasoning stimulates the brain—and it
to a growing body of research. Nearly seven million Ameri- versity College Cork in Ireland gradually diminishes with age. seems to be associated with better
Intervening earlier to improve cans have Alzheimer’s disease, and first author of a March re- Her research has found that outcomes,” he says.
brain health—and studying the the most common type of demen- view study on brain aging pub- certain groups of people lose cog- There’s no reason to wait till
midlife brain more closely—might tia, according to the Alzheimer’s lished in the journal Trends in nitive function faster during mid- midlife to start making these
help people stay sharper in their Association. The figure is ex- Neurosciences. life. That includes people who be- health improvements, either, notes
later years, researchers say. Regu- pected to rise to nearly 13 million In your 40s and 50s, the white gan using cannabis or tobacco as Kristine Beate Walhovd, a psychol-
lar exercise, getting enough sleep by 2050. matter in your brain—the con- teenagers and continued to use in ogy researcher in the Center for
and doing activities that keep “A very reasonable interpreta- nections between brain areas— their 40s, and people with high Lifespan Changes in Brain and
your brain stimulated are all tion of those failures is that inter- decreases in volume, says Dohm- levels of toxic lead in their blood Cognition at the University of Oslo
steps that can help you combat ventions were attempted too late Hansen. That likely results in from childhood. But even outside in Norway.
dementia later in life. after too much damage had ac- slower processing speed, which of those groups, some people are Many of the lifestyle changes
GETTY IMAGES

“Middle age is an opportune crued in the brains,” Hariri says. could have further effects on cog- aging faster in their 40s and 50s, that will set you on a better path
time to make lifestyle choices and As the number of people projected nition, he says. which research has suggested can in old age can begin before mid-
obtain treatment that will bring to get dementia increases, many of In addition, proteins can build be linked with developing demen- life, she notes.

BY ASHLEA EBELING
What Happens if You Miss Tax Deadline
M
ore than 20 million Ameri-
cans are likely hitting the
tax snooze button this year, “They’re delaying something Advantages of extensions
with most asking the government that’s eventually inevitable,” said Taxpayers with self-employment in-
for at least six more months to file Richard Pon, a certified public ac- come who file an extension request
their returns. countant in San Francisco. get extra time to make contribu-
This isn’t just procrastination. There are ways to minimize cost tions to special retirement accounts
People living in areas affected by and manage the deadlines, tax ad- known as SEP-IRAs, up until the
natural disasters were granted ex- visers say. Oct. 15 extension deadline, said
tra time. Taxpayers also tend to ask Pon.
for more time when they have a The penalty for not filing Contributions to traditional IRAs
bigger balance due than expected, Those who miss the tax-filing and Roth IRAs typically must be
or if records and documentation deadline without requesting an ex- made by the April deadline.
aren’t ready. tension face a failure-to-file penalty Also, you will have more time to
An estimated 19.4 million out of and a failure-to-pay penalty. There get everything right on your return,
146 million taxpayers are expected is also interest, compounded daily, reporting all your income, including
to request an extension by the on the tax and the penalties. The items you might miss, such as in-
deadline—nearly a record, according current interest rate is 8%. terest from I bond redemptions,
to the Internal Revenue Service. A The failure-to-file penalty is stiff and claiming all the tax deductions
decade ago, 12.5 million requested and adds up quickly. For individual and credits you are entitled to, such
extensions. taxpayers, the IRS typically as- as those for electric-vehicle and
But even with more time to get sesses a failure-to-file penalty at EV-charger purchases.
forms sent to the IRS, most tax- 5% of the unpaid taxes for each A bulletproof return can keep
payers who owe money are still ex- month or partial month, capped at the IRS at bay.
pected to make a payment by April 25% of the total.
15. The consequences of not doing That could be a $2,500 penalty If you are due a refund
so are high, as taxpayers owe inter- on top of a $10,000 tax bill, assum- There is no penalty for failing to
est on their unpaid balance even if ing four months and a day have file if you are due a refund. But
they get an extension. Those who gone by without filing and paying, you can’t get the refund until you
blow off the deadline completely said Jim Buttonow, a CPA in Sum- file. Taxpayers have three years to
face the biggest penalties, because merfield, N.C. One day is considered file before losing out on the money.
interest and late fees can add up. a month. If you are one day late The IRS recently said taxpayers
and owe $10,000, the late-filing have until May 17 to claim nearly
penalty would be $500. nine months after fil- quest, do this with $1 billion in tax refunds for tax
Number of taxpayers requesting The failure-to-file penalty can be ing, Pon said. their tax software, or year 2020.
an extension with the IRS even harsher for taxpayers with The best way to Those failing use Form 4868, at
20 million lower balances due. If your return is avoid that is to es- to file for an IRS Free File online. Disaster delays
more than 60 days late, there is a tablish a payment This provides an au- Those who live in portions of 10
minimum penalty for late filing: the plan with the IRS, extension face tomatic extension states were given automatic
15
lesser of $485 or 100% of the taxes
owed. A taxpayer who owes $1,000
Buttonow said.
Taxpayers can try
penalties and an until Oct. 15 to file.
Alternatively, your
extensions because of natural
disasters. The deadline is now June
and files late on June 16 would face to get penalties 8% interest rate. payment can count 17 for parts of California,
a failure-to-file penalty of $485. waived by calling the as the extension, Pon Connecticut, Michigan, Tennessee,
10 The penalty for failure to pay also IRS to ask for a first- said. You can skip Washington and West Virginia. It is
maxes out at 25% but kicks in much time penalty abate- the form, and pay July 15 for parts of Alaska, Maine
more gradually at 0.5% of the unpaid ment or by sending in Form 843 part or all of what you owe, even and Rhode Island and Aug. 7 for
balance each month or 6% a year. For and a letter citing reasonable just a dollar, using an online pay- parts of Hawaii.
WALL STREET JOURNAL, ISTOCK

5
taxpayers who enter into an IRS pay- cause, according to the IRS. ment option. Make sure to check There is one catch. If you live in
ment plan, the penalty gets reduced the box that you are paying as part one of these areas and need until
to 0.25% a month or 3% a year. Request for an extension of filing for an extension. Oct. 15, the deadline for e-filing an
0 The consequences can become The simple way to avoid a drastic Because of holidays, taxpayers in extension request is still the usual
2010 ’15 ’20 more severe with time. The IRS can late filing penalty is to file a request Maine and Massachusetts have an April date, the IRS said.
Note: 2023 is preliminary. 2024 is a projection. garnish your wages or levy one of for an extension. Taxpayers can ask April 17 due date to file and pay, or Otherwise, the extension request
Source: Internal Revenue Service your bank accounts in as little as their tax preparer to put in the re- to request an extension. must be made on paper.
A12 | Thursday, April 11, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Invisibility Appears
BY KAREN KREIDER YODER out, and by evening I mean 5:30
AND STEPHEN KREIDER YODER p.m. There were still many empty
tables, yet we were having a heck
The first couple of years of a time getting our server’s at-

To Cloak Retirees
in retirement are often the most tention—to order drinks, to order
difficult. But they also can set the food, to request water refills.
stage for how you’ll fill the years We could see him over there,
ahead—both financially and tarrying cheerfully among young
psychologically. Stephen Kreider diners at other tables. But my
Yoder, 66, a longtime Wall Street hand gestures had no effect.
Journal editor, joined his wife,
It seems that young people don’t even see us. Are we imagining this? “How can he not see us?” I
Karen Kreider Yoder, 67, in said. Karen grinned and uttered
retirement in late 2022. In this the code: “We’re invisible.”
essay, they chronicle some of the We later couldn’t flag our
issues they are dealing with early server down for even the bill, so
in retirement. we vowed to enjoy the restau-
rant’s ambience until he saw fit to
KAREN: It was a June afternoon free up our table for prime time.
in the Rockies just after I retired It took him about a half-hour.
when we agreed that we must be That was plenty of time for us
turning into ghosts. to debate the invisibility theory.
We had been cycling in the Perhaps our server was busy with
mountains since breaking camp be- tables we couldn’t see or had du-
fore dawn, and we decided to ties other than waiting tables?
splurge on a private room in a hos- Maybe the younger tables had
tel. We checked in and headed tipped him ahead? Had he pegged
through to the bike-storage area, us as cheapskates when we didn’t
walking our rig by young hostelers order an entire bottle of wine?
congregated in the common spaces. We’ve added such debates to
We must have been a sight: our protocol. After invoking the
two bedraggled 60-somethings invisibility code, we ask: Are we
pushing a tandem bicycle laden imagining it? Is this, in fact, hap-
like a pack mule. pening to everyone here and not
Except no one seemed to see just us? Have we been experienc-
us. ing this kind of unseen-ness all
We crossed the living room, our lives and are just now discov-
where 20-something hikers with ering it?
ruddy faces studied their com- And the hardest thing to ad-
puter screens. No one looked up. mit: Maybe not everything is
We inched through the kitchen, about us.
where others were sautéing on- “OK, boomer,” I can just hear it
ions for a group meal. when we lament our newfound in-
“Excuse us. Sorry to inter- visibility. We’ve gone through life
rupt,” one of us said as we thinking we’re special, and are
squeezed through. “That sure only now discovering we’re not so
smells good.” different after all.
They turned a bit, giving us We may be oversensitive be-
space. But not a word. Not a cause our visibility is part of our
“How’s it going?” nor “Where’d continuing quest to find a new
you come from?” nor “Cool rig.” post-workplace identity, an exis-
Nor eye contact. tential task many retirees wrestle
“We’re invisible,” Steve whis- with after leaving the work world.
pered in the hallway. In our room, If we’re only imagining invisi-
we plopped on the bed and bility, we’re in good company. We
laughed. “Nobody even acknowl- polled some retired friends our
edged our existence,” I said. age and they quickly vouched for
“We’re too old to see.” the sense of often being unseen.
We had noticed a growing feel- One observed that the panhan-
ing of being unseen before, but old people doing here?” old to be relevant. Unseen. over at our house nearly every dlers downtown often don’t seem
nothing like this. The episode in- At an open meeting at a local I’m thinking more often of how week. A group in their early 20s to bother approaching seniors.
spired our secret code words for nonprofit to which we contribute, my 90-year-old mother must have had us over for their Super Bowl And it isn’t just us baby boom-
similar incidents. “We’re invisible,” we got the same feeling. The felt when I pushed her wheelchair party this year. ers who feel an encroaching irrele-
one of us whispers, staff’s youthful en- into a restaurant. She was sharp Maybe we’re at a stage where vance. A long-retired minister I
and we smile wryly ergy was inspiring, mentally but had suffered a bad we need to take more initiative know talks sadly of how church
as we recall our hos- but no one ap- fall. A restaurant employee turned with people much younger than leaders no longer listen to his
tel encounter. The hardest proached us. to me and asked. “Where would we. When I do reach out to youn- ideas about the ministry. Several
It’s a code we’re thing to admit: Sometimes the she like to sit?” ger people and pick their brains, I professors emeritus have lamented
using more often feeling isn’t so I turned to my mom, asking find they have so much to offer. to me that their college successors
these days as we Maybe much invisibility as her, “Where would you like to sit, How about asking their opinions didn’t seek their advice. Retired
move deeper into re- irrelevance. I was Mother?” She wasn’t invisible to and seeking their advice instead editors know very well that
tirement and more
not everything with some younger me. of waiting for them? they’re yesterday’s news, but that
often sense that is about us. gal pals recently, To be fair to young people ev- We’re certainly going to need doesn’t stop them from bemoaning
younger people in standing in a tight erywhere, not all of them ignore younger people more as we navi- their untapped expertise.
the same room are circle drinking cof- us. At a Montana hostel last year, gate retirement. My dad, who I heard the no-one-listens-any-
looking right fee at an event. My several geology students about to lived to nearly 97, increasingly more refrain so often in the past
through us. friends chattered about their in- head into the mountains saw us made friends with younger people few decades that I began calling it
We stepped into a bustling re- sanely busy workweeks, asking and eagerly chatted us up in the as he aged. “My friends die off,” “The Old Man’s Lament.”
ception at an art gallery a few each other how they balance their common room. We asked about he would say, “so I need to make That would never be my lam-
months ago and instantly saw we professional lives with raising their studies and they grilled us new, younger friends.” entation, I vowed at the time.
were the oldest by decades. The children and volunteer work. on how we managed logistics dur-
chatting, laughing young crowd Nobody turned to me. I had de- ing the bike trip we were on. STEVE: It happened again at an The Yoders live in San Francisco.
parted for us as we headed for the cades of that frenetic pace. I did it; Back in San Francisco, we seem upscale restaurant near our house They can be reached at
wine table—averting their eyes, it I survived. Perhaps I might have quite visible to many good friends recently. “Are we just imagining [email protected]. You can read
PAUL BLOW

seemed, after giving that quick had a few tips to share? Nope, I young enough to be our children this?” I asked Karen. previous columns at wsj.com/
look that says, “What are these thought silently. I’m retired. Too or grandchildren. We have some It was a rare evening of dining retirementrookies.

The Topic messes of nightmares,

such as scorched-on
mac and cheese.

That Has Us (Sometimes, kitchen

items themselves are
considered hard-to-

All Dishing clean because of the

size, shape or nooks-
and-crannies. “The
Stanley cups of the
world would fall into
Continued from Page One this category,” says
University, has a plan. Eberhard.)
“I make a mental map of how the Eberhard says she
water moves around the dishwasher never pre-rinses. Dishes
before I put the dishes in,” he ex- that are too clean will
plains. “If we’re going to wash it, we confuse the dish-
should make sure it’s as clean as it washer’s sensors, which
can be.” are trained to detect
It’s the household conundrum From top, clockwise: Britain’s ting water drives him food remnants, and make them work
that keeps giving us loads of head- Prime Minister Rishi Sunak and his crazy. He might offer his less efficiently.
aches. wife, Akshata Murty; Stephen and wife what he imagines are Other tips: Put burnt-on pans and
To pre-rinse or not to pre-rinse? Nina Edwards; Brian Louie and Erin helpful comments when pots on the bottom shelf. Plastic
Is playing Tetris with your dishes Bailey. it’s her turn to load. items such as baby bottles go on the
the superior loading technique? Bailey, a photo pro- top shelf, where the temperature is
Which side should the cutlery face? In New York, Stephen Edwards ducer, mostly entertains slightly cooler, helping to prevent
The global debate recently says he “accidentally” conducted an his tips, but sometimes melting. Don’t let the spoons spoon.
swirled anew after remarks from experiment when Nina was out-of- rolls her eyes: How much do we care about dish-
British Prime Minister Rishi Sunak. town: He used only bowls and plates “I think I have a great washing methods? Texas-based cou-
In an interview with fashion maga- of the same size. method, and don’t really ple Megan Ewoldsen and Joel Free-
zine Grazia, he and his wife, Akshata “I am a big fan of dish unifor- need the feedback.” man made a clip that was viewed
Murty, were asked who was better mity,” he says. “It was so easy to When Brian isn’t more than 21 million times last year.
at loading the dishwasher. empty, I didn’t have to make so around, she can go wild— It’s about loading the dishwasher.
“Definitely Rishi, but I am ‘A’ for many decisions.” That changed as even unloading from the It shows Freeman, a fitness
enthusiasm,” Murty replied quickly. soon as she was back. top to the bottom, and trainer, loading the dishwasher to
CLOCKWISE FROM TOP LEFT: REUTERS; EDWARDS FAMILY; BRIAN LOUIE/ERIN BAILEY

“But then it requires redoing af- “She has a collection of 100 who cares if the water classical waltz music, using a tape
ter you’ve been very enthusiastic,” spoons, no two are the same,” he drips down? measure to perfectly space items.
Sunak quipped. sighs. “When there are 15 sizes of Is there a right way? Then comes Ewoldsen, a fitness in-
Their exchange lit up social me- bowls, none of which stack in the The conundrum is on fluencer, tossing things in with
dia and the growing world of dish- dishwasher, that drives me nuts.” minds at Procter & Gam- abandon—to AC/DC’s “Highway to
washer-technique aficionados (yes For Nina’s part, as an artist, she ble, the maker of products Hell.” In “every partnership, there
there is one). says, “I use my right brain. I am such as Cascade pods. is a person who stacks the dish-
The Facebook group “Extreme very casual.” She points to Stephen’s “Washing dishes is the washer like a Scandinavian architect
Dishwasher Loading” saw a jump in socks collection— “black or white so most hated chore after and a person who stacks the dish-
interest, topping 31,000 members. he never has to think about it…for dishwashing tussles than ever in cleaning the toilet, so we think a lot washer like a raccoon on meth,” says
A majority of Americans (65%) me, it’s the opposite, all the same- their 20 years together. about how to make that task less Ewoldsen. “Well, I’m the raccoon.”
agree there’s a “right and a wrong ness is so boring.” (Stephen’s view: “I have always been a control painful,” says Morgan Eberhard, a Since the two moved in together
way” to load a dishwasher, accord- “they are all the same brand so I freak in the kitchen,” admits Louie, dish scientist at the consumer-prod- about a year ago, she’s ceded dish-
ing to data from YouGov Omnibus. never have to look for pairs. Life is a marketing executive. “I have my ucts giant. washer control to Freeman.
Another poll said the average Amer- too short.”) way of doing it right, so sometimes At P & G’s dish-science center on “I have zero preferred methods
ican household has 18 arguments a For Brian Louie and Erin Bailey, I can be a kitchen general.” the outskirts of Cincinnati, the work and he very much has his preferred
month over dishes, from leaving moving from California to New York Putting a mixing bowl in the bot- begins at the facility’s spa, or “soil method, so it’s just better if he does
them in the sink to who should and into a smaller apartment with tom rack and therefore blocking preparation area,” where scientists it,” she says. “Also, there is a sweet-
empty the dishwasher. an open kitchen has sparked more anything above the bowl from get- attempt to recreate and banish the ness to it. He’s taking care of us.”
 THE WALL STREET JOURNAL. Thursday, April 11, 2024 | A13

ARTS IN REVIEW

ART REVIEW

Currents of Inspiration Mr. Kelly makes a persuasive

case for the long-lasting artistic
repercussions of Matisse’s stay in
the South Seas, where, according
Henri Matisse’s ‘Bathers With a
Turtle’ (1907-08), above left, and
‘Blue Nude I’ (1952), above.

to an amusingly illustrated letter,

BY KAREN WILKIN (1907-08), the haunting image of caught between tawny hills and he swam happily in a tropical la- oquent as—or more eloquent
three voluptuously modeled nude slices of sea and sky. goon. The tapestry versions of than—the inventive references to
St. Louis women—standing, crouching and Matisse’s move to the South of “Oceania, the Sea” and “Oceania, anatomy. The fragmented “Blue
“I HAVE ALWAYS adored the sea,” seated—against bands of intense France is documented by views of the Sky” (designed 1946) combine Nude I” crouches. The seductive
Henri Matisse (1869-1954) wrote. green and blue suggesting grass, the sunlit Mediterranean through shapes evocative of undersea “Venus” is a gap between two
Born in a charmless, inland town sea and sky, their attention fo- the windows of Nice hotel rooms, creatures, birds, sinuous foliage planes of blue paper, sliced to im-
in Northern France, he sojourned cused on a brown turtle, at their framed by rosy tile floors and tall and seaweed. Pages titled “La- ply a swelling hip and slender
in seaside locations from the be- feet, in the center of the canvas. shutters. A downright eccentric goon” (designed 1944), from the torso. “Blue Nude, the Frog” con-
ginning of his life as a painter, be- The evolution of this enig- composition of a pile of (identifi- album “Jazz,” are filled with fronts us against her yellow back-
coming, along the way, an enthu- matic, unforgettable work is sug- able) fish on a pebble-strewn At- fronds of algae, which reappear at ground, open legs angled, a de-
siastic swimmer and oarsman. He gested by the small Paul Cézanne, lantic beach speaks various scales even clarative arrangement of floating
made extended trips to Belle-Île, “Three Bathers” (1879-82), that to visits to the in plates based on shapes that reassembles itself to
in Brittany; to Corsica, early in his Matisse owned and described as North. nonaquatic motifs. allow reading as an unabashedly
marriage; to Collioure, the fishing having “sustained me morally in Matisse’s trip to Seaweed domi- full-frontal female body. The satu-
port near the Spanish border, the critical moments of my ven- Tahiti, in 1930, pro- nates large, verti- rated, dusty blue of the series
where Fauvism was born; to Nice, ture as an artist.” A smaller, more vokes an inevitable cal gouaches dé- makes us think about “Bathers
on the French Riviera, where he anecdotal version of SLAM’s discussion of coupées, floating With a Turtle.” Have the bathers
settled after about 1918; and to painting reveals the setting as French colonialism, against back- become the sea itself?
French Polynesia. The effect of once being identifiable as Col- soon—fortunately— grounds of radiant A copiously illustrated, illumi-
these encounters with large bod- lioure, simplified and abstracted overwhelmed by green and red. A nating catalog accompanies the
ies of water on the artist is traced in the large version. African works made in re- film clip allows us show. The rich context for “Bath-
by “Matisse and the Sea,” a wide- sculptures, some owned by Ma- sponse to the visit, to watch Matisse ers With a Turtle” provided by the
ranging, informative exhibition at tisse, hint at the origins of the including two small “carve”—his exhibition is enlarged by technical
the Saint Louis Art Museum that formal characteristics of “Bathers bronze versions of word—these cur- studies that reveal the history of
takes into account, as well, the With a Turtle,” while related “Venus in a Shell” vaceous shapes, that work, making it plain that the
other influences reflected in the paintings and sculptures of bath- (both 1932), tautly deftly manipulat- painting’s aura of inevitability,
resulting work. ers attest to the artist’s fascina- upright, legs ing an enormous spontaneity and unexpectedness
Organized by Simon Kelly, cu- tion with this time-honored Arca- tightly folded, arms pair of shears. was the hard-won result of careful
rator and head of the museum’s dian theme. tucked behind her “Matisse and adjustment. It’s fascinating infor-
Department of Modern and Con- Paintings done in Belle-Île and head, as well as el- the Sea” ends with mation, but it doesn’t make “Bath-
temporary Art, the show assem- Corsica in the 1890s, plus others egant linocuts of some of the cutout ers With a Turtle” seem less inevi-
bles Matisse’s paintings, sculp- made in Collioure in 1905, reveal swimmers pared nudes made in table, spontaneous or unexpected.
SUCCESSION H. MATISSE/ARS, N.Y. (3)

tures, works on paper, and Matisse translating seaside land- down to sweeping 1952: large, auda- Or any less wonderful.
gouaches découpées—cutouts— scapes into zones of increasingly arabesques amid cious images that
along with instructive compara- intense color. “The Red Beach” shorthand waves. dissect the body Matisse and the Sea
tive material, sometimes by his (1905) is constructed with trian- into emblematic Saint Louis Art Museum, through
colleagues, sometimes from other gles of bright sand, dazzling sea blue shapes and May 12
cultures. The centerpiece is and mountains. A slightly later ‘Composition Green then reassemble it
SLAM’s masterwork, Matisse’s large canvas reduces Collioure to Background’ (1947), so that the spaces Ms. Wilkin is an independent cu-
“Bathers With a Turtle” staccato patches of red tile roofs, by Matisse. between are as el- rator and critic.

CULTURAL COMMENTARY moved from an ad-

Derailing a Station’s
joining waiting room
and placed between
the train platforms,
where they look as if

Grandeur and Grace

they had always been
there.
Those benches are
now being relocated,
in part to make room
BY MICHAEL J. LEWIS quality of 30th Street Station. It was for the new restau-
designed by Graham, Anderson, rant, which will decid-

I
t would be strange if the medieval Probst and White—the successors to edly not look as if it
stonemasons who created Notre- Daniel Burnham, the principal archi- was always there. It
Dame had set down their tools at tect of the City Beautiful Movement. was to prevent such
its completion to declare that there In good City Beautiful fashion, the disfigurement of sig-
would be no more Gothic cathe- station had a monumental urban nificant monuments
drals. Yet that is more or less what presence, forming an ensemble with that the National His-
happened to the great American rail- Philadelphia’s main post office, its toric Preservation Act
road terminal. The Depression put an tracks running underground to serve was passed in 1966. It
abrupt end to a century-long process both buildings. prescribes a lengthy
of development during which the As in all well-designed public review process to de-
building type had buildings, everything termine if a desig-
grown in comfort, effi- is subordinated to the nated historic prop-
ciency and place where the peo- fronts that projected into the main A rendering of 30th Street Station erty would be compromised by
beauty. Philadelphia’s The plan will ple gather. This is the space, so that “the mighty piers will (c. 1933), where a $550 million changes. As it happens, the plans for
30th Street Station is create clutter in main concourse, have their full sculptural force and redevelopment is now under way. 30th Street Station passed this re-
at once a model of which is entered the concourse can be experienced as view. Amtrak’s representative in-
the type and the end the concourse, through a tall colon- a single room.” And a room that puter renderings it looks marvelously formed me that the Pennsylvania
of the line.
The station, which
Philadelphia’s naded portico at ei-
ther side and is ex-
needed no makeup, for, as the reno-
vation revealed, the coffered ceiling
convivial. Yet that the most moving
of war memorials anywhere should
State Historic Preservation Office,
the Philadelphia Historic Commission
opened in 1933 and is best big room. pressed on the already had its own gorgeous colors, be enlisted as background décor for and numerous other bodies deter-
listed on the National exterior by its taller a vibrant Art Deco palette of tan, dining shows an almost depraved in- mined that the renovations “would
Register of Historic volume. Measuring red and orange. difference to the nature of great art have no adverse effect” on the
Places, suffered the 290 by 135 feet, the Only one addition was not re- and great spaces. building.
usual indignities of unsympathetic lofty space surpasses even the moved, Walker Hancock’s sub- The greatness of the space is In a literal sense, this is true. The
alterations. These were removed in square footage of New York’s late la- lime “Pennsylvania Railroad War that it expresses one single thought architects will leave the marble floors
the course of a bold restoration cam- mented Penn Station. It is easily the Memorial” (1952), a bronze of a in monumental terms—that a con- and travertine walls, the bronze fix-
paign in the late 1980s that gave the best big room in Philadelphia. fallen soldier cradled in the arms of course ought to be a grand court of tures and pendant ceiling lamps un-
building back its original personality, By the 1980s the concourse had an angel with upswept wings. human movement and nothing else. touched. But such is the materialist
its blend of neoclassical dignity and become disgracefully dingy. When lo- Public spaces acquire clutter over To achieve that, the original archi- approach of institutional historic pres-
Art Deco vibrancy. That good work is cal architect Dan Peter Kopple was time: That is where the people are, tects pushed the shops and services ervation as it is practiced today, when
now being undone, spectacularly, as commissioned to renovate the sta- and where those who sell to them to the periphery, opening up the every physical item is duly inventoried
Skidmore, Owings & Merrill under- tion, there was a general consensus want to be. Where you might see a space as one vast passageway. And and properly cared for, even as the
takes a $550 million redevelopment, that it needed spicing up, hopefully grand and noble sweep of space, so they depicted it in their spectacu- character of the space they create is
FREE LIBRARY OF PHILADELPHIA

the most visible element of which with colorful, contemporary addi- someone else will see so much un- lar rendering, its moody shadows re- transformed beyond recognition, and
will be the insertion of a fashionable tions. He disagreed, telling Amtrak exploited real estate. The most egre- minding us that the ancients revered yet another grand public space—digni-
restaurant in the station’s concourse. “that the building has its own grand gious of the changes now occurring the gate to a city as a mysterious fied, humane—is turned into a mall.
That this could happen sheds re- design and that you don’t help it by is the annexation of part of the con- and sacred thing. The 1980s cam-
vealing light on the world of historic trying to tuck a lot of stuff inside it.” course for a restaurant in the north- paign restored that quality, and even Mr. Lewis teaches architectural his-
preservation today. Having convinced them, Kopple west corner, right at the foot of enhanced it—especially when 20 tory at Williams and reviews archi-
There is no disputing the superb set about removing the glitzy shop- Hancock’s bronze angel. In the com- comfortable walnut benches were tecture for the Journal.
A14 | Thursday, April 11, 2024 THE WALL STREET JOURNAL.

SPORTS
Banker Has a Shot at the Masters
BY ANDREW BEATON

Augusta, Ga.

S
tewart Hagestad had a com-
pelling reason to ask the mer- Stewart Hagestad will compete at Augusta and then head back to his day job on Wall Street.
chant bank where he works
for some time off this week: He
was going to the Masters. path.”
What separates him from every- Hagestad moved to New York,
one else on Wall Street jetting where he confronted a phenome-
down to Augusta National is that non he’d never experienced in his
he’s not there to take in the action native California. For long
at the first major of the season. stretches, playing golf wasn’t viable
Hagestad is actually playing in because of the weather.
it. If he couldn’t always be on the
In the 89-man field at golf’s course, Hagestad did find he had
most prestigious tournament, Hag- time to work out and access to a
estad is a player unlike any other. launch monitor. He got stronger
He has a business degree and and smashed balls into a screen
works a full-time job as an associ- over and over.
ate at BDT & MSD Partners, an in- During the warmer months, Fer-
vestment and advisory firm that raro remembers times they’d head
has more than $60 billion of assets out to golf courses on weekends.
under management. But once he He would play as many as 36 holes,
shuts down his computer at the but Hagestad trained the entire
end of the day, he finds time to time. While his buddies were on
play golf. the course, Hagestad would do a
And the 33-year-old defies every morning on the driving range and
shred of conventional thinking an afternoon around the green. He
about athletic achievement because simply loved to practice.
he’s playing perhaps the best he “He’s found a way to get the
ever has even as he spends just a most out of every second he spends
fraction of the time his competitors practicing,” Ferraro says. “An hour
do on sharpening his game. or two a day for Stew might be a
As it turns out, that’s exactly few days or a week’s worth of prac-
how he likes it. Unlike almost every tice for the next person.”
other amateur who finds his way His breakthrough came in 2016,
into the Masters, Hagestad has no In the 89-man field at this year’s Masters at Augusta National, Stewart Hagestad is a player unlike any other. when he was competing in the Mid-
ambition to play the game profes- Am for the first time. Hagestad left
sionally. He has known for over a with a victory—and a berth into the
decade that the life of a pro golfer week’s Masters. The first time he erything he does—whether that’s ters, he began training more in- next Masters. When he arrived at
wasn’t for him. competed here in 2017, he finished personally, professionally or his ob- tensely around January. Since Augusta National, he didn’t show
Instead, he has reverse-engi- tied for 36th as the low amateur. sessive pursuit to hone his golf March, he’s asked the teams he up merely to savor the experience.
neered the system. There are ath- Hagestad has also competed skills during his off-hours. works on to let him sneak out He walked away with the silver cup
letes who dream of making it in the four times in the Walker Cup, the “I think him doing this while closer to 5:30 p.m. given to the lowest-scoring ama-
business world. Then there’s Hag- biennial amateur team competition he’s working is part of his super- “They’ve been incredibly sup- teur who makes the cut.
estad, who has managed to do the that pits the U.S. against Great power,” says his friend AJ Ferraro, portive,” Hagestad says. “Obviously, That award reflects how golf’s
opposite. He has a career outside of Britain and Ireland. He’s won all who’s caddying for him this week. it’s a unique situation.” celebration of amateurs is unlike
the sport but still gets to play in four times, including last year at “There’s something beneficial Unlike other golfers who estab- that of any other major sport. It’s
the biggest events and on the most the Old Course at St Andrews. But about having a fulfilling workday lished themselves as surefire pros also why Hagestad feels no need to
hallowed courses on the planet. that’s not what makes Hagestad and being excited to hit golf balls in college, a future in golf looked go pro. If he were obsessed with
“Part of the reason I love ama- such an outlier. All nine of his U.S. when you get out of the office at far beyond Hagestad when he football, he couldn’t play in the Su-
teur golf is simply because it gives teammates from the 2017 match night—he’s forced to be more fo- played at Southern California. As a per Bowl. But as a golf nut, he
you the opportunity to miss it,” have turned pro. Two of them— cused in both arenas.” senior, he finished tied for 116th in plays in the U.S. Open, the Masters
Hagestad says. “If you don’t play world No. 1 Scottie Scheffler and On a typical day, Hagestad the NCAAs, 18 strokes behind win- and other events that lovers of the
for a while, after a couple of Collin Morikawa—have won ma- wakes up and gets in a 40-minute ner and current world No. 11 Max game fantasize about.
months, you begin to kind of get jors. putting session, often inside his liv- Homa. (A Spanish kid who finished There are still occasions when
the itch.” Hagestad, meanwhile, has built ing room where he rearranges mats third will also be at the Masters Hagestad has to pinch himself. He
Hagestad, who recently moved a career in finance. At the same to practice on. After he leaves the this week. His name is Jon Rahm, was at the Masters a couple of
to his firm’s Florida office, got here time, he’s the 11th-ranked amateur office around 6:30 p.m., he’ll hit and he’s the defending champion.) years ago when he found himself

ANDREW REDINGTON/GETTY IMAGES

by winning last year’s U.S. Mid-Am- in the world. Everyone else in the balls, often on a simulator. Then he Once Hagestad left school, he hitting putts next to another player.
ateur, a competition for players 25 top-15 is at least a decade younger gets ready to do the same thing the was the rare graduate who knew When he looked up, it was none
or older where he has established than him. next day. exactly what he wanted to do for other than Tiger Woods.
himself as the dominant performer Those close to Hagestad say his His relationship with golf also work. And it wasn’t golf. That’s when he truly felt like an
of his generation. That was the game hasn’t improved despite fluctuates with the calendar. He “I wasn’t good enough,” he says. amateur.
third time he has won the event, a working a day job. It’s improved throws himself into his work even “Coming out of school, I had very “He said my name,” Hagestad
feat that has helped him rack up because of it. He has an uncanny more when there isn’t a big tourna- much reached the conclusion that I says, “and I was kind of like, ‘Oh
six major appearances before this capacity to be intentional about ev- ment coming up. But for the Mas- was going to go on a different my gosh, how do I talk?’”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 31 “___I doin’?”
(slogan for
After Early NCAA Exit, Calipari
14 15 16 Mayor Koch)
32 Spaghetti
Leaves Kentucky for Arkansas
17 18 19 aglio e ___
BY LAINE HIGGINS to adjust to the larger trends 2012 season, which ended
20 21 33 Member of AND ROBERT O’CONNELL reshaping college basketball, with the Wildcats beating
the common in which rosters are older Kansas to win his only na-
22 23 people NOT LONG AGO, John Cali- and more experienced than tional title. That champion-
35 Where pari was so beloved by the ever and the DNA of champi- ship roster was proof of con-
24 25 26 27 28 29 30 Simone Biles University of Kentucky that onship-caliber teams no lon- cept for the Calipari
won four the athletic department ex- ger resembles the freshmen- philosophy of recruiting. The
31 32 33 34 35 36 gold medals tended him a de facto life- lead squads upon which he starting lineup featured
time contract. Now, after a staked much of his career. three freshmen—including
37 38 39 40 41 36 Pushing the
run of promising seasons It’s a shift that even Cali- future NBA All-Star Anthony
envelope ended in early flameouts in pari couldn’t deny. Following Davis. Shortly thereafter, in
42 43 44 45 38 Darth the NCAA tournament—and his latest NCAA tournament 2015, Calipari was inducted
Vader’s mounting pressure from a loss, he bemoaned the fact to the Naismith Memorial
46 47 48 49 childhood fan base with astronomic ex- that college hoops in 2024 is Basketball Hall of Fame.
nickname pectations—Calipari is leav- “a different animal” than it In recent seasons, how-
50 51 52 53 54 ing the Wildcats.
39 Altruistic
“The last few weeks,
55 56 57 58 59 43 Don’t discard, we’ve come to realize that
perhaps this program probably needs
60 61 62 44 Reacts to to hear another voice,” Cali-
with audible pari said Tuesday of a deci-
63 64 65 sion made with his wife.
boredom
“We’ve loved it here, but we
66 67 68 48 “The Oval
think it’s time to step away.”
Portrait”
Calipari is not stepping
author
away from coaching alto-
PASS THE DINNER ROLLS | By Geoffrey Schorkopf & 49 Vehicle gether, however. Instead,
Jeff Chen famous for he’s taking over fellow
Across 34 Mexican treat 61 “State Fair” 10 2023 Google its around- Southeastern Conference
small enough setting AI chatbot the-world team Arkansas.
1 “Let’s shake journey “As I visited with Coach
on it!” to eat while 63 Two-tone 11 Wound
51 “Jealous” Calipari during this process,
walking treats soother
5 Alternatives singer Nick he acknowledged the tre-
to zins...or 37 Pamplona 64 Met delivery 12 Tie up mendous opportunity we
Ubers pots 52 First class, have at the University of Ar- John Calipari will be the men’s basketball coach at Arkansas.
65 Reunion 13 Shot site perhaps
9 His Secret 40 Vicious with a kansas to attract and retain
attendee
Service code bass 19 Beatrice, to 54 Botanist’s top players and compete for was in the 2010s, when the ever, Calipari has had diffi-
66 Fig Leonato, in expertise championships,” Arkansas Wildcats dominated March culty adapting to college
name is 41 Axle unit on a pollinators “Much Ado athletic director Hunter Yu- Madness. basketball’s new reality,
Renegade skateboard 55 Sorvino of
67 Kind About rachek said in a statement “We’ve been able to help where loosened transfer
14 French twist, 42 Short-but- Hollywood
Nothing” on Wednesday. so many kids and win so rules and name, image and
e.g. 68 Deli stock 56 Serial dater’s
long canines, Calipari’s new contract many games and Final Fours, likeness branding opportuni-
Down 21 Style for Colin many runs through the 2028-29 national titles and all this ties have kept some players
15 Pop song cutesily Kaepernick
feature 1 “So silly of 57 Sitting on season with two years of stuff, win league champion- in college longer, meaning
45 Spike with an 25 Common VA possible extensions. He will ships with young guys,” he that the top teams skew
16 Knight’s Oscar me!” 58 Machinery
diagnosis receive a $1 million signing said. “It’s changed on us.” older and more experienced.
quality 46 Home of the 2 “So dope!” sound
27 Orch. section bonus on top of his base sal- For much of his coaching It might seem like mad-
17 Slangy USS Alabama 3 Created for a 59 Moved at a ary that starts at $7 million. career, Calipari has been syn- ness for anyone to leave a
greeting museum ship specific 28 Heist take crawl? The new deal also incentiv- onymous with the so-called program as rich in tradition
18 Scotty’s 47 Putt-ruining purpose 29 “Behold!” of 60 Plant izes him to stay with the Ra- “one-and-done” rule. The and resources as Kentucky
workplace 4 Tropical fruit old zorbacks: He gets $500,000 NBA doesn’t allow American for a place like Arkansas.
nerves 62 Spotify Free
found in a every season he returns to players to enter the draft un- The Wildcats have claimed
20 Conversation 50 Apple variety 30 What a drag! interruptions
shower the program. til a year after their high- eight NCAA Tournament ti-
interrupter at For Arkansas, that marks school graduation, which di- tles; Arkansas just one.
Starbucks 53 Letter after Previous Puzzle’s Solution
5 Snack in a high-priced bet that Cali- verts a number of promising But Calipari has a long-
Foxtrot P A S T A A F R O P E S T
22 Schlep 2023’s A C M E S P L E A R A T E pari can return to the serial prospects to a season of col- standing friendship with
(around) 55 Program for “Flamin’ Hot” C H E A P T R U C K I R A N winner he was when he ar- lege basketball. Calipari re- John Tyson, heir to Tyson
homebound T O L L O O N A I N T R O rived in Lexington in 2009 cruited those players enthusi- Foods and an avid Arkansas
23 Bouquet bit 6 Prime
seniors, found S O L P U N K P A N T H E R
and turned Kentucky into a astically, promising to refine supporter, and is inheriting a
24 Prop for a literally three 7 Wade in AMO R C D S
perennial fixture in the Final their games for a few months program that has increas-
JAMES CRISP/ASSOCIATED PRESS

Cooperstown A P R I L S A D L Y S P A
magic act times in this B O A C O N S T R U C T O R S Four. For all that early suc- and send them on their way. ingly embraced the sort of
26 Like some puzzle 8 Go around S E T B O N E S A U T O S cess, Calipari’s tenure ended “I want it, some day, that one-and-done players he has
LGBTQ allies 60 Many notes in 9 Helping I A N E R G O not with a bang, but a whim- we get 8, 9, 10, 11, 12 guys in always coveted. No Razor-
J U N G L E B E L L S MA C
31 Sack race “Flight of the hand in the U H A U L E R O S F A L L per—his final game was a the [NBA] All-Star game,” back freshman had been se-
move Bumblebee” kitchen? L U G E I F I WE R E Y O U loss to Oakland, a No. 14 Caliapri said last year. lected in the NBA draft until
E R A S D I C E A T O N E seed, in the Round of 64. Calipari’s Kentucky tenure 2021; three freshmen were
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. P A T S S T A R D A R E S That will require Calipari reached its pinnacle in the drafted in 2023.
THE WALL STREET JOURNAL. Thursday, April 11, 2024 | A15

OPINION
The Tax Revolt Returns BOOKSHELF | By Brandy Schillace

One state that

Joe Biden can
current governor, Democrat
Gavin Newsom, is appalled.
Notwithstanding the property-
tax measure, California’s Dem-
men, teachers, taxi drivers,
plumbers, electricians.
Shared
Traumas
put under the Along with state political offi- ocrats for the past four de- One reason New York re-
heading of cials and union leaders, he has cades have taxed and sorted to congestion pricing is
“lock and for- taken out newspaper ads call- regulated the state into unaf- it had squeezed the tax turnip
get” is Califor- ing the two-thirds tax hurdle fordability for much of the dry. All in—federal, state, city,
nia. It’s been “dangerous, an overreach and state’s population. They’ve payroll-tax surcharges—New
WONDER
sky blue polit- irresponsible.” Opponents also blown through the roof on York City’s top marginal rate
LAND
ically for filed a lawsuit to remove the costs for housing, healthcare, exceeds 50%. The unfazed pro-
My Beloved Monster
By Daniel
years and measure from the ballot. utilities and insurance. gressive New York Legisla- By Caleb Carr
Henninger
would go all Call me irresponsible, but Unstoppable, California just ture’s current budget proposes Little, Brown, 352 pages, $32
in if the Dem- this sounds like the best thing raised the minimum wage to raising taxes on the “wealthi-

T
ocrats nominated the bluebird since political activists Howard $20 at fast-food restaurants, est,” but Democratic Gov. he demon struck at night. Long, thin and low to the
of happiness (and they have). Jarvis and Paul Gann kick- though its legislators did back Kathy Hochul is resisting in ground, it lurked with unsheathed claws and fur that
Still, California has its uses as started California’s tax revolt off a plan to link utility bills to the face of flight from the dissolved easily into the night. A carnivore. A preda-
a harbinger of things to come, in the 1970s. The Howard individual income. They’ll be state, as in California. tor. A fisher—large and carnivorous mammals resembling
and a big one has surfaced— Jarvis Taxpayers Association back. Across the Hudson River in oversize badgers or martens, stalking North American for-
another tax revolt. is a co-sponsor of the new bal- New Jersey, Democratic Gov. ests from Alaska to Nova Scotia, eating hares and porcu-
A large group of California’s lot measure. Phil Murphy’s solution to the pines . . . and cats. This one sought its prey at the foot of
businesses and taxpayer asso- To the extent the Demo- From California to state’s crumbling transporta- Misery Mountain, in upstate New York. Its razor teeth
ciations has assembled enough cratic Party has its own politi- tion system is a proposed Cor- clamped down upon soft flesh and ripped backward. Its
signatures to put a significant cal gospel, one of its evange- New York, people who porate Transit Fee on big victim, a gold-blond Siberian forest cat, escaped—but her
antitax measure on the No- lists was FDR adviser Harry pay for government companies. flayed tail hung lifeless.
vember ballot. Forget the Bi- Hopkins. Hopkins is credited There was a time, long ago, “I looked into her eternal kitten face,” writes the author,
den California vote. This is the with summarizing the party’s are pushing back. when the proud party of historian and journalist Caleb Carr, “as ageless, wide-eyed,
one that will count. reason for being: “We will Franklin D. Roosevelt did de- and imploring as it’d been the day we’d met.” He whis-
Called the Taxpayer Protec- spend and spend, and tax and liver basic local services. To- pered to her: “The doctor will make the hurt stop.” But
tion and Government Account- tax, and elect and elect.” In short, the politics and day, it has become the party of within 24 hours, necrosis set in and was spreading. There
ability Act, the measure would Proposition 13 was primar- compulsions of social welfare nickel and dime. were no guarantees that Masha would make it. And Mr.
define all levies, charges and ily about property taxes. In the and climate control have si- Some in the current genera- Carr needed her to make it.
fees as taxes and require a years since, California’s Demo- phoned revenue away from ba- tion of congressional Republi- Mr. Carr, famous for his
two-thirds public vote to raise crats have raised personal and sic services. cans think the tax-cut issue is bestseller “The Alienist,” has
local taxes. It would even nul- business taxes, imposed fees, Shift cross country to New a Reagan-era relic, preferring spent most of his life largely
lify some post-2022 tax in- spent lavishly, and gained York, which is bumping into instead, like Arizona Senate alone—in spirit if not in fact.
creases that didn’t meet the overwhelming control of the the same limits to government candidate Kari Lake, to relieve After years of difficult human
new two-thirds threshold. Legislature. The Golden State growth. Other than crime, New the burden on middle incomes interactions, in 2006 he
Sound familiar? This is the is home to Hopkins’s truest York City’s most contentious with tax credits, meaning pub- retreated at last to the wilder-
second coming of Proposition believers. issue is so-called congestion lic payouts. But that effectively ness of Cherry Plain, N.Y.
13, the California antitax initia- The original Proposition 13 pricing. The city desperately abandons the potent issue of Longing for companionship in
tive that passed in 1978 and came to life not because its ad- needs money to rebuild its who gets taxed and how to Joe that solitude, he visited a shel-
became the basis of the na- vocates opposed taxes for pub- subways and other disintegrat- Biden and the insatiable Dem- ter where he meant to choose
tional Republican Party’s com- lic services but because the ing transportation infrastruc- ocratic left. a feline friend. Instead, with
mitment to lower taxes—or state’s liberal political class, ture. Solution: Charge drivers To nationalize the tax revolt palpable charisma and earnest
“antitax gospel” in the media’s including public unions, was entering Midtown Manhattan a emerging from California: We intent, a supposedly half-wild
derisive phrase. Two years incapable of restraint. $15 fee, which the transporta- all need ways to make sense of stray chose him. She seemed to
later, former Gov. Ronald Rea- Liberals and progressives of tion authority would use to le- the November election. Mon- sense what it would take years
gan, a proponent of Proposi- the sort populating blue states verage billions in new borrow- day is Tax Day. Whose tax ad- for Mr. Carr to understand: that they were meant for each
tion 13, became president. Rea- purport that their purpose is ing. visers would you rather have other. In time they would be diagnosed with the same ill-
gan cut taxes in 1981 and 1986, merely to support obvious so- There is overwhelming op- shaping the next four Tax ness, share the same pains, the same joy and the same des-
and Republican governors have cial needs. But today that big position to congestion pricing, Days—Joe Biden’s or Donald perate desire never to leave the other alone.
done so ever since. heart looks like an infinitely most from working-class com- Trump’s? The night of the fisher attack, Mr. Carr was driven to his
Needless to say, California’s expandable hot-air balloon. muters—truckers, cops, fire- Write [email protected]. knees. He knelt and prayed that some power—any power—
would save Masha. He had been pleading to the god of
mercy, he tells us; he now appealed to the god of wrath. He

GOP May Not Manage to Lose the House offered “whatever chance at success” his next work might
have. “Go ahead, take the book,” he prayed. “Just let her
live and be all right.” Masha survived. Mr. Carr’s book,
By Karl Rove California using “space solar 22 toss-up seats, half of which a new 2024 map that’s likely upon which future paychecks depended, did not. (It was
generators” so she can con- are currently represented by to add three GOP seats. published, had some good reviews, then was panned and

C
onventional wisdom is centrate on removing Mr. members of each party. But Republican chances to hold largely forgotten.) As a writer myself, I cannot underesti-
that Republicans will Johnson from office if he al- Cook rates more Democrat- the House will depend on its mate the gravity of such a trade: Long nights of toil turned
lose the U.S. House this lows a Ukrainian aid vote. Re- held seats at risk today than Republican seats in New York to naught; a blow like that can wreck a career. But as a
fall. That may be right. publicans look even nuttier. Republican ones: There are 12 and California. Although these human loved by formerly feral cats, I would have made the
Republicans captured a Yet the conventional wis- “lean” and 16 “likely” Demo- states vote reliably blue in same bargain.
222-213 majority in 2022, then dom that Republicans will lose cratic seats, for a total of 28. presidential elections, their Mr. Carr’s “My Beloved Monster” has a bargain for the
took 15 ballots to elect Kevin the House may be wrong. By contrast, there are eight purple pockets might vote for reader, too. Devastating and beautiful, by turns a fascinat-
McCarthy as speaker in Janu- One reason is retirements. Republican “lean” and nine Republican representatives if ing book of animal psychology and a personal memoir of
ary. Nine months later, eight Re- Much has been made of how “likely” seats, for a total of GOP candidates are ade- unrelenting trauma, it dares us to take a journey into love
publicans joined 208 Democrats many Republicans are leaving, 17—although Republican seats quately financed and run and pain. “My sense of time became her sense of time,”
to oust him. Three weeks of including talented members in Alabama and Louisiana strong campaigns. Mr. Carr explains, “governed by sunlight and darkness, the
chaos followed as 14 hopefuls such as Wisconsin’s Mike Gal- may turn Democratic due to The key may be the GOP’s sounds of the prevailing winds shifting from mild to roar-
jockeyed for the office. Republi- lagher, North Carolina’s Pat- redistricting. down-ballot strength. Pennsyl- ing over the chimney, and the changing shape of the glow-
cans finally elected a virtually rick McHenry and Washing- vania Republican congressio- ing, arcing disc in the night sky.” This is a tale of time and
unknown, four-term Louisiana ton’s Cathy McMorris Rodgers. nal candidates combined got mortality and the link we share with the constant flux of
Rep. Mike Johnson. But more Democrats (24) than They’ve done a lot more than 54,000 more votes the natural world. We see it through the eyes of Masha, a
Republicans have some Republicans (19) have an- in 2020 than Mr. Trump did cat, and Mr. Carr, who—tantalized by the possibility of past
things going for them. Major- nounced their retirements. to put voters off, but statewide, though nearly lives, has always considered himself part feline, even in
ity Leader Steve Scalise (R., Moreover, all the Republican they also have some 146,000 fewer people voted in childhood when he drew pictures of himself as a “cat boy.”
La.) says they passed signifi- retirements are in overwhelm- House races. Wisconsin Re- Perhaps, he suggests, we retain something of each incarna-
cant legislation to “confront ingly red districts. The only advantages this year. publican congressional candi- tion in the next.
rising crime, unleash Ameri- open GOP seat considered dates received over 51,000 Masha’s past trauma is revealed bit by bit, like a paw
can energy, lower costs for competitive—the Cook Politi- more votes in 2020 than Mr. uncurling. Her damaged pelvic bone offered silent testi-
families, secure President Bi- cal Report calls it “lean Repub- Republicans will also bene- Trump, though about 62,000 mony of past abuse, her claustrophobia stood as evidence
den’s wide-open border, com- lican”—is Colorado’s Third fit from improved candidate fewer people voted in House of her time locked in an apartment without food or water.
bat executive overreach and District. Cook’s partisan vote recruitment this year. The GOP races. The situation is similar She did not trust easy. When she chose Mr. Carr, she
burdensome agency rules, and index—which estimates a dis- has fielded better candidates in Arizona, Georgia, Michigan offered herself as a guide. Through her, he navigates his
refocus our military on its trict’s leaning relative to the in two Ohio districts—which and North Carolina. own troubled past.
core mission of national secu- country based on the two most Mr. Trump carried in 2020— This all suggests it’s too
rity.” But the Democratic Sen- recent presidential elections— than it did in the 2022 elec- early to conclude that Demo-
ate ignored most of these bills, labels it an R+7 seat. tion, when Democrats won crats will flip the House. When the predator tore at Masha, leaving her
and their value as GOP talking Retiring Democrats repre- both seats. Recent Republican Money will matter (an advan- mangled and maimed, it added to her many scars
points gets lost in the circus sent more-competitive seats. redistricting successes have tage for Democrats), as will in-
Republicans have created. Cook rates the open Michigan also helped. In New York, GOP cumbency (a slight advantage accumulated from a life of damage and abuse.
It became easier for jour- Seventh and Eighth districts legal efforts forced Democrats for the GOP). The quality of
nalists to cover the latest an- as “toss-ups.” They are R+2 to minimize legislative candidates, messages and
tics of Rep. Matt Gaetz (R., and R+1 respectively. Cook changes to the state’s congres- campaigns will decide the out- Mr. Carr grew up in a household ruled by alcoholism
Fla.) or to highlight demands classifies the California 47th sional map. The redistricting come this fall. Both parties and turmoil, where an inquisitive child would not be toler-
from Rep. Chip Roy (R., Texas) (D+3) and Virginia Seventh put only one Republican seat should be ready to govern ated. He was thrown down stairs, knocked about, forced to
that his Republican colleagues (D+1) as “lean Democrat.” The at marginally greater risk with a narrow majority. collide with sharp edges. “I began to understand that he
give him “one thing” to “cam- Maryland Sixth and New while strengthening others. was trying to kill me,” he writes of his father. Abuse dam-
paign on” than to report on Hampshire Second (both D+2) The newly liberal Wisconsin Mr. Rove helped organize aged his spine, leading in adulthood to debilitating neurop-
the substance of GOP mea- are “likely Democrat.” Supreme Court rejected a the political-action committee athy—a chronically painful, degenerative nerve disease
sures. Now Rep. Marjorie Tay- The Cook Report says there Democratic attempt to put American Crossroads and is without cure. Mr. Carr carries these childhood “secrets” in
lor Greene (R., Ga.) has paused are 193 “solid Republican” two GOP districts at risk. The author of “The Triumph of his body, just as Masha does. Man and cat learn to trust
her crusade to stop the Roth- seats and only 173 “solid Republican-dominated North William McKinley” (Simon & each other after the world has failed them. They help each
schilds from setting fires in Democratic” ones. There are Carolina Legislature approved Schuster, 2015). other to heal.
Despite their reputation for being distant and unfriendly,
cats are animals of deep intelligence and fellow-feeling.

The Forgotten ‘I Beat Ben Hogan’ Medals Here is a creature, less than domesticated, that chooses to
spend its hours with us—even when it has little reason to
trust our kindness. We “rescue” them in name only; it is
By Bob Greene America, in conjunction with turned out to be 71—they petitors had reason to hope they who rescue us.
Life magazine, approached Ben would soon receive their that in his weakened state Masha patrols Mr. Carr’s property, taking it as her duty

Y
ou can’t blame children Hogan, the greatest, most cele- medal in the mail. “I Beat Ben their already-carded scores to protect and guard her companion, while her love and
in the 21st century for brated golfer of his era. Hogan.” Magical words. would easily beat his. trust serve as solace for old griefs and new ones. Masha’s
being puzzled when the Here was the pitch: Life and The country was full of Fat chance. Hogan fired a “generosity made the house not only her indoor empire but
bronze medals pop up unex- the PGA would advertise that at World War II veterans raising sizzling 64. That year only a living, breathing space for me,” Mr. Carr writes, “in a
pectedly—maybe in a box in a 4,970 public courses and coun- families and looking for some- 2,500 or so golfers, even with way that I simply hadn’t yet been willing or able to make
family attic, or on a cluttered try clubs any recreational golfer, thing to do on the weekends. handicaps applied, did better. happen for myself.” Her needs and hurts wrestled Mr. Carr
shelf in a seldom-opened closet. regardless of skill, was invited The promotion was a sensa- Five hundred pounds of med- from his own darkness. “I won’t die if you won’t,” became
On the front of the medals is to shoot a round. The entry fee tion and a boon for the sport. als that had been manufac- both pact and bond. Even if neither could ultimately
a likeness of a handsome man was $1, to go to charity. The 14,667 golfers whose ad- tured in advance went to uphold it.
in a golf cap, swinging a club. justed scores were better than waste. Hogan never partici- “Since falling onto this Earth, it seems, I have proved as
On the back are the baffling Hogan’s were the envy of their pated in the event again. difficult for my fellow human beings . . . as they have often
words: “I Beat Ben Hogan.” The golf competition neighborhoods. Children His future fill-ins couldn’t proved for me,” Mr. Carr reflects. But for Masha, “I was
More than 15,000 of those was one of the best proudly showed friends their match his allure. Dow Finster- enough.” Two travelers on the same journey, even if—ever
medals were given out in 1952 fathers’ medals. wald, Ed Furgol and Bob Ros- the swiftest of the pair—Masha arrived at the destination
and 1954, in one of the clever- marketing ploys ever. The next year the PGA and burg were fine golfers, but first. “The day will come: I have not so many months left
est marketing ploys any sport Life tried it again, with an- without Hogan the fantasy de- that it will seem long to her.”
ever dreamed up. Those prizes other talented golfer. But “I flated and the promotion pe- Written in poetic, mournful, and delicate prose, “My
were excitedly talked about, On the same day, Hogan Beat Julius Boros” didn’t have tered out. Beloved Monster” is a love story and a requiem. Masha—
even lusted after, across the would shoot a round at the quite the same ring. There was But to all those children queen of domains, survivor of monsters and always herself
U.S. But today, whenever one Northwood Club in Dallas. The only one Hogan. In ’54 he was who may come across a certain a wild-yearning enigma—lived as only few can hope or
of them is found, it is destined amateurs around the country back, and so were his medals. finely crafted circle of bronze: dare. She knew her time was short, knew better than we
to draw perplexed stares. What would turn in their scorecards Hogan was ill on the given It’s really true. Great-grandpa who take it so much for granted, and made the most of
the heck is this thing? to a course pro, and their day, so 147,000 golfers teed off beat Ben Hogan. Fair and everything—inviting us to do the same.
In 1952 golf was still consid- handicaps would be subtracted knowing he was absent. The square.
ered a mainly elitist game. To from their actual scores. If the next week Hogan showed up at Ms. Schillace, the editor in chief of the journal Medical
widen its appeal, the Profes- adjusted score was better than Baltusrol Golf Club in Spring- Mr. Greene’s books include Humanities, is the host of the online “Peculiar Book Club” and
sional Golfers’ Association of what Hogan shot—which field, N.J. His far-flung com- “American Beat.” the author of “Mr. Humble and Dr. Butcher.”
A16 | Thursday, April 11, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Inflation Thief Rises Again American Voters Want a Truly Centrist Party
With all due respect for Sen. Mitt Pick a team? Oh the irony of that

S
o much for the triumph over inflation. of dismissing inflation as “transitory.”
The consumer-price index came in hot The return of the inflation thief is bad news Romney (“No Labels Should Pick a statement by Sen. Romney.
Team,” op-ed, April 6), No Labels MICHAEL O’BRIEN
for the third straight month in March, for workers who have only recently been getting
picked a side a long time ago. If Leland, N.C.
confirming what most Ameri- a real raise. Average real hourly President Biden represented a sure
cans understand even if Wash- The real average hourly earnings were flat in March af- win against the prospect of a Mr. Biden won the nomination
ington and the press prefer to wage has risen seven ter falling 0.3% in February. second Trump term, No Labels and the presidency in 2020 on the
obsess over abortion law in This has political implications, would never have contemplated backs of voters who wanted a cen-
Arizona. lousy cents in a year. as the White House was quick running an opposing ticket. trist candidate removed from the
The CPI rose 0.4% in March to recognize. I never heard any serious concern extreme of the party. How did that
for the second month in a row President Biden claimed in that No Labels would be a spoiler work out for them?
after a 0.3% increase in January. Three months a statement that “wages are rising faster than that helps Mr. Biden defeat Donald NICK IVES
is more than a blip in the data, and the price in- prices,” which is barely true over the last year Trump. No Labels came about be- Chesapeake, Va.
dex for the last 12 months has now climbed back though not over the last two months. The real cause Washington insiders looked at
the acrid, billowing dumpster fire Mr. Romney is a breath of fresh
to 3.5%. Shelter and gasoline contributed more average hourly wage in constant 1982-1984 dol-
that is the Biden administration and air in a political world that has
than half of the increase in March, which causes lars was $11.11 in March, up from $11.04 a year realized that President Obama’s cau- seemingly forgotten the terms “com-
some analysts to dismiss the CPI rebound. But earlier. Seven lousy cents. Since Mr. Biden took tion—“Never underestimate Joe’s promise” or “middle ground.” The
rent increases and gas prices are costs that con- office in January 2021, average hourly earnings ability to f— things up”—should be only way to make America great
sumers feel acutely. after inflation are down 2.54% taken seriously. Mr. Romney is asking again or build it back better is to
There was also no relief in the “core” CPI, “Fighting inflation remains my top economic No Labels to admit publicly to its start making Congress effective in
sans food and energy, which rose 0.4% in March priority,” Mr. Biden declared. Who is he kid- original purpose, which it should do. passing legislation.
for the third consecutive month. Core inflation ding? His real priority is to keep the govern- I doubt, however, such a confession Instead, we have extremists on
for the last 12 months was 3.8% and has re- ment and consumer spending spigot wide open will constitute front-page news. both sides insisting on the “my way
mained stubbornly persistent for several with subsidies galore for electronic vehicles, JAMES KIRK or the highway” approach, resulting
Bonny Doon, Calif. in nothing getting done. The future
months. This is still well above the Federal Re- student-loan write-offs and social welfare. His
of our country depends on both
serve’s 2% inflation target. other main priority is using regulation to put Mr. Romney’s article is the best sides being able to work together.
Yes, we know. A separate inflation measure government in control of more of the economy. idea I’ve heard in a long time: A We can’t build walls between diver-
favored by the Fed—“core” personal consump- None of this restrains prices. plan to get to governing from the gent opinions.
tion expenditures—has been coming in lower Mr. Biden also took his usual turn blaming center rather than from the extreme Perhaps any kind of unity is only
than the CPI at 2.8% recently. But the Fed can’t inflation on companies for raising prices, as if left or right. This is what the major- a dream, but for the sake of our
ignore that the CPI numbers suggest its infla- they don’t have to cover their own rising costs ity of Americans want. Please, No country, it’s one that I hope comes
tion fight is far from over. to stay in business. And he blamed Republicans Labels, make this happen. true.
Fed Chairman Jerome Powell has warned re- in Congress for wanting to “slash taxes,” as if STEVE STILLMAN GARY FRANCIS
peatedly that the central bank doesn’t want to that has anything to do with the price increases Redondo Beach, Calif. Boynton Beach, Fla.
make the same mistake it did in the 1970s and of the last four years.
let inflation rebound in a way that would re- i i i
quire even tighter monetary policy to defeat. The White House has persuaded some in the
That’s the right instinct. media to buy its line that the only problem in Maybe Phones in Schools Aren’t a Good Idea
The CPI rebound is one more data point that the economy is consumer psychology. Like re- Peggy Noonan suggests that Jona- Ms. Noonan says the smartphone
the Fed’s monetary policy isn’t as tight as it verse George Costanzas from “Seinfeld,” they than Haidt’s most recent book clears problem is one we have understood
claims. It certainly hasn’t restrained the job write that the problem isn’t the result of White the way for parents and others to for a long time but haven’t wanted
market or consumer spending, which remain House policies, it’s you. address the rampant cellphone use to face. In truth, we haven’t had the
strong. Financial conditions are loose, as stock But if voters are downbeat about the econ- by our nation’s children, especially courage to upset our kids or go
and commodity prices show. Gold has hit new omy, persistent inflation is a good reason. Price concerning nefarious aspects of the against the grain of popular culture.
recent heights and the dollar has been weaker. increases across the Biden Presidency are un- internet and social media. (“Can We We parents need to grow a back-
Oil is north of $85 a barrel. like anything Americans have seen in recent de- Save Our Children From Smart- bone, remember what our job is,
phones?” Declarations, April 6). and accept responsibility for it. We
Markets no longer expect the Fed to cut in- cades. They have been a particular shock for
One of Mr. Haidt’s suggested have 18 years during which we have
terest rates in June, and Mr. Powell would be low-income and younger workers who haven’t reforms is that K-12 schools be unparalleled influence on our chil-
wise at his next press conference on May 1 to accumulated a wealth cushion in the stock mar- phone free. Listen for the collective dren’s lives. The strategy should be-
signal caution about future rate cuts. The Fed’s ket or housing values. “duh” emitted by teachers across gin long before our kids are asking
inflation-fighting credibility is on the line as it Mr. Biden is the main architect of his infla- the nation. We knew this to be for phones.
works to recover from its pandemic-era mistake tion problem—and ours. critical for classroom management, We can’t determine the future for
teaching and learning years ago, our children, but we can use that
but administrators, principals and time to prepare them for it: culti-
California’s Homeless Folly unions failed to listen.
Teachers remained deaf to our
vating habits of responsibility and
respect, even in the face of resis-
pleadings as cellphones became tance, rather than letting technol-

C
alifornia has spent $24 billion to combat pear” to be “cost-effective.” Emphasize “ap-
ubiquitous among children. But in ogy shape them into self-focused,
homelessness over the last five years— pear.” One program converted existing build- recent years, as the furor for equity emotionally fragile adults who have
and what did it get for its money? More ings such as hotels into homeless housing at a in education reached a crescendo, trouble functioning. Parents won’t
homelessness, according to a $144,000 cost per unit. This teachers realized that allowing dis- regret it, and someday those chil-
new state audit that should An auditor finds the was less expensive than the tracting cellphones in schools was dren will thank us.
embarrass Sacramento and in- state’s programs failed $380,000 to $570,000 per unit the most inequitable thing we do. KAYE WILSON
furiate taxpayers. it cost to build new affordable Shame on those in education Bethany, Okla.
The Legislature charged to reduce homelessness. housing in 2019. But there’s whose cowardice allowed such
state auditor Grant Parks with little evidence that the pro- damage to our children. Thank you, When Ms. Noonan writes about
reviewing the state’s homeless gram kept people off the Mr. Haidt. I hope your book clears anything other than politics, she’s
spending as the numbers camping on streets streets. the way for future generations. as good as it gets.
MARIE ZANGS GERALD JUDE
rise. Alas, his report this week concludes that Another program provided financial assis-
St. Paul, Minn. Pacific Palisades, Calif.
the state “lacks current information on the on- tance to people who were deemed at risk of
going costs and outcomes of its homelessness homelessness, which cost about $12,000 to
programs.” $20,000 per household. The auditor found this
The agency in charge “has not consistently was less expensive than the $30,000 to $50,000
There Is No Democratic Collusion on Trump
tracked and evaluated the State’s efforts to pre- a year that each homeless person costs taxpayers, It may be that what Gerard Baker less, prosecutorial discretion may
vent and end homelessness,” he adds. Transla- including public safety and healthcare. describes as a “lawfare campaign” have kept some from coming to trial
tion: California has been wasting billions of dol- But getting the mentally ill and drug-addicted is “unprecedented,” but it is also with a less prominent and political
lars to no good effect. homeless into treatment and jobs is surely the unprecedented for a former U.S. defendant. There are fair arguments
According to the audit, 181,399 people were most cost-effective solution. Progressives op- president and current presidential that the New York state civil judg-
homeless at some point in 2023, up from pose the tough love required of both. They prefer candidate to be suspected of so many ment against President Trump is
legal transgressions in his political, excessive and without precedent.
118,552 in 2013 and 151,278 in 2019. “To address pushing more money into housing that doesn’t
professional and personal life Many, myself included, would have
this ongoing crisis, nine state agencies have col- address the dysfunction of the homeless. (“Trump’s Trials Are a Political Gift preferred legal attention to focus on
lectively spent billions of dollars in state fund- Progressives always measure success by how to His Campaign,” Free Expression, cases relevant to allegations that
ing over the past five years administering at much they spend, never by results. Don’t expect March 26). To say this is a “lawfare Mr. Trump interfered in the
least 30 programs dedicated to preventing and Gov. Gavin Newsom’s $6.4 billion bond for campaign” could imply that there electoral process and the
ending homelessness,” Mr. Parks writes. homelessness that voters barely approved last are some Democratic Party actors postelection transfer of power.
Yet he found that only two programs “ap- month to change anything. coordinating or overtly influencing ERIC D. TUCKER
these prosecutions. I haven’t seen Bethel, Conn.
any evidence of this. It appears
Trump Blows Up Anti-Terror Surveillance these cases have been brought by
independent prosecutors. Which Israelis Are Happy?
There is hardly unanimity among

D
onald Trump has a special talent for Mr. Trump misses the main point of the FISA Democrats about the wisdom and
According to Gil Troy’s “Why
creating chaos that benefits no one reform bill, which is to add new protections so timing of these multiple cases.
Israelis Are So Happy” (op-ed, April
except Donald Trump, and doesn’t surveillance can’t target Americans for political 8), Israelis “feel part of a bigger
While none of the cases seem merit-
even do that in the end. reasons. The bill includes stiff story, Jews’ historical saga reaching
That’s the only way to under- Republicans defect from new criminal penalties for back 3,500 years.” This overlooks
that over one-fifth of Israelis are
stand his destructive inter- a key national security abuses by law enforcement U.S.-Japan Relations Will Arabs. How happy can they be in
vention Wednesday on the re- agents and prohibits political Only Go So Far With Biden a nation that leaves them out from
authorization of the Foreign vote at his command. appointees from approving its “bigger story” and “historical
Intelligence Surveillance Act FBI queries of the 702 data- Kudos to President Biden for inject-
saga”? If I were an Israeli Arab,
in Congress. “Kill FISA,” he base. It requires agents to get ing “new energy” into our relation-
I’d be happiest in a country that
ships with our Pacific Rim allies (“A
wrote on Truth Social, and the House Republi- prior approval from the deputy FBI director to neither excluded me from its bigger
New Era of U.S.-Japan Relations” by
can dunce caucus obliged. query for U.S. government officials or political Rahm Emanuel, op-ed, April 4). If only
story nor was as repressive as
On Tuesday evening the House Rules Com- or media organizations. Israel’s Arab neighbors—a country
he had injected the same energy into
mittee voted out a rule that would have allowed Mr. Trump’s claim that the FBI spied on his like America.
the defense budget. If China moves to
lawmakers to vote on renewing FISA along with campaign refers to the bureau’s improper sur- PROF. FELICIA NIMUE ACKERMAN
seize Taiwan or block sea lanes, the
Brown University
substantive reforms. The proposed bill, a con- veillance of 2016 adviser Carter Page, but that U.S. is unprepared to respond.
Providence, R.I.
sensus project between the House Intelligence had nothing to do with Section 702 surveillance, CAPT. DAVID LARSON, USN (RET.)
and Judiciary committees, was written to im- which is a critical tool to protect U.S. national Gettysburg, Pa.
prove safeguards for Americans in Section 702’s security from terrorists as threats are rising.
surveillance database, which lets intelligence The Page episode involved lying to the FISA Ambassador Emanuel hails “a pro- Pepper ...
found transformation in U.S.-Japan
agencies eavesdrop on the communications of court, and the current bill includes penalties for
relations.” That profundity only goes
And Salt
foreigners overseas. such false declarations.
so far. Nippon Steel made an offer to THE WALL STREET JOURNAL
The bill was headed for a vote on the House Mr. Trump wants to “kill FISA,” and what acquire U.S. Steel, a deal many
floor where members would have voted up or does he think a second Trump Administration thought would modernize our steel-
down on amendments, including the require- would do without it? Will it Make America Great making capacity. Despite assurances
ment for a warrant for queries of American Again if the country no longer has the ability to that worker agreements would be
names within the FISA database. Instead, the surveil terrorist communications in Yemen or honored, Mr. Biden spoke against this
rule lost, 193-228, with 19 Republicans voting Pakistan? A FISA failure would let President Bi- deal, presumably at the behest of the
no. The minority party typically doesn’t support den blame Mr. Trump if there’s a terror attack, United Steelworkers. I guess they
the majority’s procedural votes, so Democrats and it would leave a Trump Administration less trump fair treatment of a strong ally.
also voted no. able to protect Americans. ISAAC SECEMSKI
Teaneck, N.J.
Mr. Trump instructed Republicans to kill House Republicans were meeting Wednesday
FISA because “IT WAS ILLEGALLY USED evening to find a way forward to renew some
Letters intended for publication should
AGAINST ME, AND MANY OTHERS. THEY SPIED version of Section 702, which expires on April be emailed to [email protected]. Please
ON MY CAMPAIGN!!!” Nice to know that the man 19. But meantime the former President is re- include your city, state and telephone
who wants to become Commander in Chief again minding the country, in case anyone forgot, that number. All letters are subject to “Last night I had an awful dream
has his eye on his own revenge, rather than pub- on every policy decision his priority is always editing, and unpublished letters cannot that we were lying on a secluded
be acknowledged.
lic safety. to put Donald J. Trump first. beach under a cloudless sky.”
THE WALL STREET JOURNAL. Thursday, April 11, 2024 | A17

OPINION

Joe Lieberman Lived Life 110% to the End

By Matthew Lieberman had was the kind of thing you died bly. In any event, he lived as he had al-

M
with, not from. ways lived right to the end. He fell
y dad, Joe Lieberman, But in late February of this year, that night in the den, hit his head, re-
died two weeks ago. He we clearly came to understand that in gained consciousness, got a glass of
fell and hit his head on January 2018, when he was almost water and Tylenol for what he de-
March 26 and left us 76, his diagnosis had officially scribed as a normal headache, sat back
the following evening. changed to myelofibrosis. His life ex- down with his love, Hadassah, and
The past two weeks have been a blur pectancy with myelofibrosis was shortly thereafter slumped in his seat.
to me, like one long day, and I feel probably not more than five years. If he had any pain, it lasted no longer
flattened. Still, he never mentioned anything than a couple of minutes. It has helped
Like everyone else, we in his im- like cancer or a shorter life expec- us to hold on to this information, and

OLIVIER DOULIERY/AFP VIA GETTY IMAGES

mediate family have experienced tancy. He continued to live with his perhaps it will comfort others who
his loss as sudden. But for us, it characteristic energy and positivity, cared about him as well.
was a little less sudden than it was so our concerns remained mild. Do I wish that we had understood
to so many who have shared this Things didn’t change until his final his condition better and longer? In
time of grief. We had recently six weeks. The medicine he had been retrospect, not really. My dad wasn’t
learned that my dad had been diag- taking to manage the disease stopped about death; he was about life—and
nosed more than six years ago with working, and he became . . . sick. living it. If I had to guess, he knew he
a form of bone marrow cancer Why do I pause? Because he was still had a serious illness and may not
called myelofibrosis. as productive and optimistic as ever. have wanted to know more than that.
In late February, at a dinner for his Joe Lieberman at the White House in Washington, May 17, 2017. If he’d known his life expectancy in
82nd birthday, he said he was feeling 2018 and shared it with us, to a sig-
He learned in 2018 that he “really bad.” My dad wasn’t one to numbers. When I asked for a progno- to have a month or so to wrap our nificant extent these past six-plus
admit that he felt even a little bad. sis, he told me he wouldn’t answer minds around the idea that he years would have been counted
had a serious disease. Even His words were alarming but belied directly because my dad himself wouldn’t be around forever. We had down. He would have been counting
when he started feeling it, by his upbeat demeanor. He was com- hadn’t asked for a prognosis. He did been told that things could happen them down, and we would have been
ing off a marathon of travel: a family say that he had seen patients at this quickly, but none of us expected the counting them down. That’s not how
he kept working full tilt. celebration in Israel, the annual secu- stage live as much as a few years. At end this soon. Nonetheless, we had a my dad lived, and that’s not how he
rity conference in Munich, a business the same time, the doctor warned month to brace ourselves, and I’m would have wanted people to see
trip to Washington. He felt sick but that if something went wrong, things grateful for that. him. Consequently, he lived life at
Two years before that, he’d been sounded happy and was working full could happen fast. Second, it isn’t clear my dad ever 110% until the end.
diagnosed with a more chronic but tilt. He agreed that at least until he It seems likely that my dad’s fall knew his life expectancy during his fi- As was the case all through his
generally not terminal condition felt better, he would travel less. and death stemmed from his ad- nal six years. The same specialist blessed 82 years, he did it his way.
called a myeloproliferative disorder. He went to the doctor at the end vanced myelofibrosis. How or why treated him all that time, and my dad There’s nothing about Joe Lieber-
This is what we thought he still had. of February, when it was clear the doesn’t really matter. The basic facts had never asked how long he had left. man’s life to mourn except that it’s
He would go to the doctor every year, myelofibrosis was taking a heavy toll. are that he was well cared for, and Instead, he kept moving forward, opti- over.
hear that his blood tests were still He let me talk to his doctor and re- that he’s now gone. mistic and strong. Did he have the
good, and carry on. A friend reas- port back to our immediate family. I share all of this for two reasons. willpower not to Google his condition Mr. Lieberman is publisher of The
sured me that the sickness my dad The doctor shared some troubling First, we in the family were fortunate and gauge his prognosis? Quite possi- Lieberman Files on Substack.

Biden’s View of NATO Is as Outdated as Trump’s

By Shay Khatiri come friendlier with this line of ar- Poland, despite having a smaller record of underinvesting in his coun- less in their defenses, relying on
gument. Sens. Josh Hawley (R., Mo.) economy, spends more on military try’s military. He favored the Nord Eastern Europe as a buffer zone.

D
onald Trump and Joe Biden and J.D. Vance (R., Ohio) are both equipment than either Germany or Stream 2 pipeline, which angered Eastern Europeans provide non-
are old, and so are their ideas. advocates of America pulling back France. As a percentage of gross do- Eastern Europeans. His justification military advantages, too. Many of
Their approaches to the North from Europe. mestic product, most Eastern Euro- was both comical and alarming: the their citizens speak Russian. After
Atlantic Treaty Organization are As Democrats become a coastal pean states spend more than their fight against climate change. experiencing centuries of Russian
wrongheaded and outdated. Mr. party, they are becoming more Eu- Western counterparts. This influence of Western Europe- aggression and tyranny, they inti-
Trump is reaching back to the old- rophilic. American prosperity is Washington’s favoritism helps ans isn’t warranted given their mea- mately know Russian history and
right view that it is unfairly burden- tied with European security. But Western Europeans dominate NATO ger contributions: Of NATO’s 32 culture, giving them better intelli-
some, while Mr. Biden treats it as if NATO’s center of gravity has shifted decades after formerly communist members, 11 meet the alliance’s goal gence footprints. Being the first vic-
it were the Cold War’s NATO. eastward, and Democrats haven’t countries began joining the alliance. of spending 2% of GDP on their mili- tims of Russian cyber and disinfor-
There’s a better way to approach kept up. taries. Among the 11, only the U.S., mation attacks led them to become
NATO. The alliance has changed a lot That is illustrated by the race for the U.K. and Greece joined before the more resilient against such aggres-
this century, and those changes pro- secretary general of NATO. It tight- The alliance’s center of end of the Cold War. Of the remain- sions. They can bring this knowledge
vide an opportunity to strengthen it ened when Prime Minister Kaja Kallas ing eight, only Finland isn’t a former to NATO with them.
by elevating its new members from of Estonia withdrew. Challenging the gravity has shifted east, communist state. Eastern Europeans Choosing Mr. Rutte for secretary
Eastern Europe over the Western Western European conventional wis- but Western Europe still have been more generous in aiding general would signal to the Kremlin
European states. dom worked against her, and she was Ukraine. Estonia leads the world, that NATO wishes to return to the
Americans have long complained dismissed as too hawkish on Russia. holds undue influence. having given 3.55% of one year’s GDP status quo ante once the war in
that Europeans don’t spend enough This leaves a two-man race between to Ukraine—10 times U.S. aid in rela- Ukraine is over. Americans will also
on defense. Mr. Trump is airing his Dutch Prime Minister Mark Rutte and tive terms—and Poland accepts the get the message: Despite all the ad-
predecessors’ grievances with less Romanian President Klaus Iohannis. It has been a quarter-century since bulk of war refugees. ministration’s rhetoric about greater
tact, harming the alliance in doing Mr. Rutte’s stock rose when Western NATO began to enlarge eastward, This is expected. The Suwalki Cor- reliance on allies, Mr. Biden will
so. Anti-NATO sentiments have al- European members convinced Mr. Bi- but no secretary general and only ridor separates mainland Russia nonetheless overlook NATO mem-
ways been strongest in flyover den to support him. one deputy has been the citizen of a from its Kaliningrad territory. Esto- bers in good standing in favor of the
states, where the interest in Asia is Mr. Biden’s endorsement contra- new member. None of NATO’s eight nia, Finland, Latvia, Lithuania and more difficult allies in Western Eu-
greater. In the postwar decades, dicts his administration’s National current assistant secretaries general Poland share borders with Russia, rope. By doing so, Mr. Biden feeds
Sen. Robert Taft (R., Ohio) and Mike Defense Strategy, which leaves no are from Eastern Europe. and the Russian navy threatens East- into Mr. Trump’s anti-NATO rhetoric.
Mansfield (D., Mont.) drove this ten- doubt that realizing the president’s Mr. Rutte embodies Western Eu- ern Europe through the Black Sea.
dency in their respective parties. As vision relies on allies’ upgrading rope’s strategic folly. He is the lon- As the border with the Russian mili- Mr. Khatiri is a vice president and
the GOP becomes increasingly a their capabilities—while he refuses gest-serving head of government in tary has moved eastward, Western senior fellow of the Yorktown Insti-
heartland party, its members be- to build up U.S. military strength. Europe, meaning he has the longest Europeans understandably invest tute.

Meet the New Taliban, Same as the Old Taliban

Nearly three years Except for reluctantly accepting tele- The Taliban’s 2021 victory—com- migration. But for now, the destabi- Pakistan’s own stability. The Teh-
after the Taliban re- vision and the internet as unavoid- pounded by the Biden administra- lizing effect of Taliban rule in Af- reek-e-Taliban Pakistan, or TTP,
took Kabul, they able aspects of 21st-century life, tion’s ignominious withdrawal from ghanistan poses a more immediate which aims to bring the Afghan Tali-
plan to resume the they appear as committed as ever to Kabul—has already given them danger to Pakistan, Afghanistan’s ban’s version of God’s law to Paki-
brutal practice of instituting its archaic and bleak vi- street credibility among Islamist ter- southern neighbor and a nuclear- stan too, has stepped up attacks on
stoning women for sion of Allah’s law on earth. rorist groups. Hamas leader Ismail armed Muslim nation of more than the Pakistani army in the restive
adultery. “You say In a phone interview from Lon- Haniyeh has likened his organiza- 240 million people. Khyber-Pakhtunkhwa province. The
EAST IS
it’s a violation of don, Tamim Asey, a former Afghan tion’s campaign against Israel to the For decades, Pakistan’s army, Center for Research and Security
EAST
women’s rights deputy defense minister who now Taliban’s successful insurgency along with its spy agency, Inter-Ser- Studies, an Islamabad-based think
By Sadanand
when we stone them heads the Afghanistan-focused Insti- against the U.S. and its allies. vices Intelligence, backed the Tali- tank, estimates that last year Paki-
Dhume
to death,” Taliban tute of War and Peace Studies, says Taliban rule also highlights the Is- ban as part of a “strategic depth” stan lost more than 500 police, army
supreme leader Hi- the Taliban are “involved in a state- lamist inability to govern effectively. policy whereby Pakistan tried to use and other security personnel to ter-
batullah Akhundzada said in a March building exercise, the likes of which The nonprofit World Vision esti- Afghanistan as a political pawn and rorism, the most in a decade. The
audio message aired on state televi- mates that two-thirds of Afghani- strategic hedge against its rival In- Taliban show no interest in reining
sion, apparently directed at Western stan’s 41 million people need human- dia. Pakistan also sought to weaken in the TTP. Mr. Khan’s party controls
critics. “But we will soon implement They’re stoning Afghan itarian assistance. According to the left-wing Pashtun separatism, a the provincial government in Khy-
the punishment for adultery. . . . We United Nations World Food Program, movement for independence by the ber-Pakhtunkhwa even as the still-
both say we defend human rights— women for adultery and 1 in 3 Afghans don’t know where ethnic group that straddles southern popular former prime minister re-
we do it as God’s representative and threatening the security their next meal will come from. Of Afghanistan and northwestern Paki- mains in jail for a slew of alleged
you as the devil’s.” the more than 15 million Afghans stan and has long provided the Tali- crimes, including corruption, all of
The return of barbarism to Af- of neighboring states. who will face food insecurity at cri- ban with both foot soldiers and lead- which he denies.
ghanistan shouldn’t surprise anyone sis levels this year, 2.8 million are in ership. Lt. Gen. Faiz Hameed, then Afghanistan’s return to barbarism
familiar with the Taliban’s strict in- the “emergency” category—one step chief of Pakistan’s Inter-Services In- also reveals the inability or unwill-
terpretation of Shariah. Since re- you have never seen in the Islamic from famine. Tens of thousands of telligence, was among the first inter- ingness of rising Asian powers like
turning to power, the Taliban have world. They say they are going to es- Afghans have fled Taliban rule, and national visitors to Taliban-ruled Ka- China and India to fill the vacuum
brought back public executions, tablish the purest Islamic system. the outflow is likely to continue. bul in 2021. Then-Prime Minister left behind by a receding U.S. De-
banned girls from attending school They view all other Islamic countries In the long term, European na- Imran Khan applauded the Taliban spite what many leftists believe, a
beyond sixth grade, and carried out as under the influence of infidels.” tions—already dealing with the for “breaking the shackles of slav- diminished U.S. would be a disaster
hundreds of public floggings. None- Unlike the Islamic State at its threat of terrorism and militant ery.” for many nations of the so-called
theless, the Taliban 2.0—like the Tal- peak, the Taliban have failed so far Muslim protesters in major cities— Islamabad’s support for the Tali- Global South. Ask the women of Af-
iban 1.0, which ruled Afghanistan be- to draw large numbers of Arab and will bear the brunt of Afghan mass ban has backfired and now threatens ghanistan.
tween 1996 and 2001—offer lessons European Muslims to their cause.
to the West. But as long as a corner of our planet
First, their actions expose the
naiveté of Western analysts who ar-
gued that the Taliban would be more
remains home to a radical jihadist
experiment, the potential for attract-
ing adherents in other countries re-
Parents, Embrace the Merry Mess
moderate the second time around. mains. By Danny Heitman their children. Social media, founded it as part of the room’s geography.
on the idea that we can act as cura- Only now, in reviewing snapshots

I
n one of my first attempts at tor of every shot, makes many of us and family movies, do my wife and I
home movies, I filmed our tod- eager to show our best selves to the grasp how overwhelmed we were. In
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY dler in 1997 as she modeled her lens. pictures of our young daughter and
Lachlan Murdoch new bonnet. It resembled the canopy But here’s what I would say to son, that heap of freshly washed pa-
Executive Chairman, News Corp of a covered wagon as it rested on young parents: Don’t worry too much jamas and underwear looms in the
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp her tiny head. about seeking some elusive standard background, a Kilimanjaro of clothes.
Emma Tucker Almar Latour Our little girl was having none of of how your family life should look. What we remember, thanks to our
Editor in Chief Chief Executive Officer and Publisher it, casually tossing the bonnet to the After half a lifetime of parenthood, impromptu scrapbook, is the reck-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: ground each time I trained the cam- I’ve learned that the happy accidents less plenitude of our lives. We were
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; corder in her direction. The result of child-rearing make some of the happily harried, our days overstuffed
Elena Cherney, Senior Editor; David Crow, Mae M. Cheng, EVP, General Manager, Leadership;
Executive Editor; Chip Cummins, Newswires; David Cho, Barron’s Editor in Chief; Jason P. Conti, wasn’t the flawless moment I sought best memories. precisely because we’d been gifted
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; as an amateur videographer; it was Beyond the bonnet escapade, our with children who filled them.
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
an unintended piece of domestic archive of household images holds Our mound of laundry has finally
Alex Martin, Print & Writing; Michael W. Miller,
Transformation Officer; Artem Fishman, Chief comedy we treasure nearly 30 years many unscripted gags. In the frantic subsided. Our kids are grown, the
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue later. multitasking that marked our early days quieter. But I have lots of pic-
Officer, Business Intelligence; Dan Shar, EVP,
Philana Patterson, Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, I often think about our cinematic seasons as parents, my wife and I tures, many cherished precisely be-
SVP, Head of Communications; Josh Stinchcomb, mishap on walks through my neigh- would often fold clothes as we cause they’re a merry mess.
Paul A. Gigot
Editor of the Editorial Page
EVP & Chief Revenue Officer, WSJ | Barron’s borhood park. It’s a place of oaks watched television. The pile of laun-
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
and pines, a picturesque backdrop dry in our armchair seldom shrank, Mr. Heitman is a columnist for the
1211 Avenue of the Americas, New York, N.Y., 10036 for mothers and fathers keen to cap- becoming such a fixture of our bleary- Baton Rouge Advocate and editor of
Telephone 1-800-DOWJONES ture exquisitely crafted images of eyed existence that we came to accept Phi Kappa Phi’s Forum magazine.
 BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.

S&P 5160.64 g 0.95% S&P FIN g 1.50%

* ** * **

S&P IT g 0.74% DJ TRANS g 2.29%

THE WALL STREET JOURNAL.
WSJ $ IDX À 0.92% 2–YR. TREAS. yield 4.969%
Thursday, April 11, 2024 | B1
NIKKEI (Midday) 39383.73 g 0.50% See more at WSJ.com/Markets

Macy’s Avoids Board Proxy Fight KPMG

Will Pay
Retail chain adds two
of investor’s picks as Record
members, will weigh
offer for buyout Fine Over
BY SUZANNE KAPNER
AND DENNY JACOB
Cheating
Macy’s averted a fight for BY MARK MAURER
control of its board, adding
new directors who will help KPMG’s Netherlands unit
decide whether to accept a agreed to pay a $25 million
takeover bid it had previously fine over claims of exam
resisted. cheating and misinforming in-
Macy’s appointed two new vestigators, the largest mone-
independent directors, a move tary penalty imposed on an
that ended a proxy fight with auditing firm by the Public
Arkhouse Management that Company Accounting Over-
was seeking to oust most of sight Board.
the 15-person board and to KPMG Accountants NV
buy the company. failed to take adequate steps to
The directors had previ- identify and investigate mis-
ously been nominated by conduct in which employees
Arkhouse, which had provided answers or access to
launched a campaign for nine questions on exams, in viola-
board seats earlier this year tion of the PCAOB’s quality-
after the department-store control rules, the U.S. audit
chain rejected its takeover of- regulator said Wednesday. The
RICHARD B. LEVINE/ZUMA PRESS

fer. Arkhouse along with its tests for the firm’s mandatory
partner Brigade Capital Man- training courses, which cover
agement later raised their bid topics such as U.S. audit stan-
to $24 a share, or $6.6 bil- dards, professional ethics and
lion. independence, are aimed at
Shares of Macy’s closed up helping auditors maintain their
2.5% on Wednesday to professional certifications to
around $20.19. The stock is The store chain said it was engaging with Arkhouse Management on a buyout proposal. Dior scents at Macy’s New York flagship. perform certain types of audits.
trading at a discount to the The answer-sharing oc-
proposed takeover but is vided them with confidential ard Clark, co-founder and at the Vitamin Shoppe and ners Gavriel Kahane and Jona- curred from 2017 to 2022 and
nearly double where it was in information so that they could managing partner of Water- Toys “R” Us. thon Blackwell said that the involved hundreds of profes-
November. conduct due diligence. Macy’s manClark, a real-estate invest- Clark and Markee will join appointments will ensure that sionals, including partners
On Wednesday, Macy’s said said its board is open-minded ment and operating company, the board’s finance committee, discussions continue to be and senior leaders such as the
its board was engaging with about creating shareholder and Richard Markee, who is which will evaluate the buyout constructive and that the pro- now former head of assurance,
Arkhouse and Brigade on their value. on the board of Five Below proposal. posal is treated seriously. Marc Hogeboom, the PCAOB
buyout proposal and had pro- The new directors are Rich- and previously held positions Arkhouse Managing Part- Please turn to page B2 said. The firm repeatedly mis-
represented its knowledge of
the misconduct to the PCAOB,

Roblox Ramps Up Push to Attract Ad Dollars

the regulator said.
Hogeboom agreed to pay
$150,000 and is permanently
barred from associating with a
registered accounting firm.
BY SUZANNE VRANICA U.S. videogame ad revenue Roblox daily active users* Roblox quarterly results gagement. The company, Neither KPMG nor Hogeboom
AND SARAH E. NEEDLEMAN which isn’t profitable, mone- admitted to or denied the
$12 billion 70 million 4Q 2023 $800 million
tizes mainly from sales of vir- PCAOB’s claims, the regulator
Roblox users are accus- Forecasts 71.5M tual currency that players use said. KPMG declined to com-
10 60
tomed to seeing games and Revenue to buy outfits for their ava- ment on the circumstances of
concerts while roaming the 50 tars, vehicles and other perks. Hogeboom’s exit from the firm
platform, but not ads. That is 8 600 The push into video ads in July.
about to change. 40 signals that San Mateo, Calif.- “The PCAOB will not toler-
The online-entertainment 6 based Roblox wants a bigger ate exam cheating nor any
company is ramping up its 30 slice of spending on U.S. game other unethical behavior, pe-
push to attract ad dollars, a 4 400 advertising, which is expected riod,” Erica Williams, chair of
move that comes as many of 20 to rise 13.4% to $8.5 billion the audit overseer, said. “Im-
its tech-industry peers are 2 this year, or 2.8% of overall paired ethics erode trust and
leaning more on Madison Av- 10 digital ad sales, according to threaten the investor confi-
enue to generate revenue. It 200 Emarketer. dence our system relies on.”
0 0
has tapped ad-technology “Advertisers, in general, The regulator said that,
firm PubMatic to help juice 2023 ’24 ’25 ’26 ’27 2020 '21 '22 '23 are still far behind in under- during the probe, the firm
sales of video ads on its plat- Share-price and index performance over the past year standing the gaming space submitted inaccurate repre-
form, which averages more S&P 500 0 and engaging with this audi- sentations of its awareness of
25%
than 71 million daily users. ence,” said Dario Raciti, man- the issue to investigators and
Roblox comprises millions aging director of gaming and failed to correct them.
of animated, three-dimen- 0 esports for ad giant Omnicom The firm claimed it had no
sional realms that its own us- –200 Media Group. knowledge of answer-sharing
ers create and hang out in. So far, Roblox has taken an before a 2022 whistleblower
Most feature games. The com- –25 Net losses atypical approach to advertis- report, even though members
Roblox
pany last year began testing a ing by encouraging brands to of the firm’s management and
small number of video ads, build their own realms on the supervisory boards who
–50 –400
which appear on virtual bill- platform; make and sell their signed off on that submission
boards only for certain users. May 2023 ’24 2020 ’21 ’22 ’23 own virtual goods on it; and to the PCAOB cheated them-
Soon, PubMatic will enable *Average Sources: Emarketer (ad revenue); the company (users); S&P Capital IQ (results); FactSet (performance) host special events, such as selves, the regulator said.
brands to purchase video-ad scavenger hunts, inside exist- KPMG Netherlands’ CEO,
inventory through a tradi- will get a cut of the ad reve- Stephanie Latham, vice presi- fully to all brands.” ing realms. Stephanie Hottenhuis, learned
tional online-bidding process, nue that Roblox makes. dent of global partnerships at Launched in 2006, Roblox Hundreds of brands, in- the submissions were inaccu-
to be seen by users who are The goal is to “remove fric- Roblox. “We are very inten- went public in 2021 after un- cluding Nike, Gucci, Chipotle rate but didn’t inform anyone
13 years or older. Realm cre- tion and make it seamless to tionally looking for ways to dergoing a pandemic-fueled and the National Football until months later, when a
ators that opt to show the ads buy Roblox ads at scale,” said bring our audience thought- growth spurt in users and en- Please turn to page B2 Please turn to page B9

Four Directors Plan INSIDE Musk, Dimon Are Hyped on AI,

To Leave Paramount But Not Everyone Is On Board
BY JESSICA TOONKEL Eight of the company’s 11 di- BY JOSEPH DE AVILA
rectors are on that committee.
Four Paramount Global di- At least one of the directors Elon Musk and Jamie Dimon
rectors are expected to leave who is leaving the board ex- say artificial intelligence will
the board soon, as the Shari pressed concerns about the be smarter than humans and
Redstone-controlled entertain- potential Skydance deal, some transform society.
ment company discusses a of the people familiar with the TECHNOLOGY The question now is
merger with Skydance Media. situation said. Blizzard videogames whether the prognostications
Dawn Ostroff, a former The planned departures of one of the world’s richest
Spotify executive; Nicole Se- could be disclosed in a Para-
are set to return people and the head of the na-
GRAHAM HUGHES/BLOOMBERG NEWS

ligman, an attorney and for- mount securities filing as soon to China in new deal tion’s largest bank will come to
mer president of Sony Enter- as this week. with NetEase. B2 fruition, or turn out to be over-
tainment; Frederick Terrell, a Skydance Media, the pro- stated.
veteran investment banking duction company that has In remarks this week, Musk
executive; and Rob Klieger, partnered with Paramount on and Dimon joined a chorus of
Redstone’s longtime attorney, such movies as Tom Cruise’s business executives making
are expected to step down “Top Gun: Maverick” and bold predictions about AI’s po-
from the board in coming “Mission: Impossible—Dead tential for dramatic change.
weeks, according to people fa- Reckoning Part One,” has “My guess is that we’ll have AI’s transformative potential has brought bold predictions.
ANDREW KELLY/REUTERS

miliar with the situation. agreed in principle to acquire AI that is smarter than any one
The directors’ expected de- Redstone’s National Amuse- human probably around the AI company, said AI was the hundred years.
partures come at a sensitive ments, the privately held com- end of next year,” Musk said in fastest-advancing technology “Think the printing press,
time for Paramount Global, as pany that owns almost 80% of an interview Monday with Ni- he’s ever seen. He predicted it the steam engine, electricity,
the company is in exclusive the voting shares of Para- colai Tangen, CEO of Norges will probably surpass the col- computing and the Internet,
talks to merge with Skydance. mount Global, for around $2 Bank Investment Management, lective intelligence of humans among others,” Dimon wrote in
Seligman, Ostroff and Terrell billion in cash, The Wall Street TRANSPORTATION Norway’s $1.6 trillion sovereign in five years. his annual letter to sharehold-
are on a special committee of Journal reported last week. Delta Air Lines fund and one of the largest in- Dimon, chief executive of ers Monday. Dimon’s letter to
independent board directors In a second step of that vestors in Tesla. The interview JPMorgan Chase, told inves- shareholders is highly antici-
that is tasked with pursuing proposed deal, Paramount
anticipates was broadcast on Musk’s so- tors Monday that AI could be pated every year and read
the best possible deal for the Global—owner of broadcaster strong demand cial-media platform X. as transformative as some of widely in the financial-service
company, whether that is with CBS, cable brands like Nickel- this summer. B5 Musk, who is chief executive the major technological inven- industry. He has said AI might
Skydance or another suitor. Please turn to page B2 of Tesla and also runs his own tions over the past several Please turn to page B4
 B2 | Thursday, April 11, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A G PubMatic........................................B1
Airbus...............................................B5 Goldman Sachs.....................B10 R
Alibaba............................................B4 Great Wall Motor..................B4 Reddit...............................................B2
Alphabet.........................................B2 H Rheinmetall..............................B10
Alpine Immune Sciences.B5 Roblox...............................................B1
Home Depot.......................A2,B5
Alstom...........................................B10
Amazon.com...............................B2 J S
American Airlines..................B5 JPMorgan Chase...A2,B1,B10 SAIC Motor.................................B4
American Tower.....................A2 K Siemens.......................................B10
Apollo Global Management Sime Darby.................................B4
Kinder Morgan.......................B10 Skydance Media.......................B1
.....................................................B2,B10
KPMG................................................B1 Spirit Airlines............................A2
Arm....................................................B4
B L SRS Distribution.....................B5
Leonard Green & Partners Super Micro Computer...B10
Bank of America..................B10
Binance............................................B9
............................................................... B5 T
Blackstone.................................B10 M Tesla...........................................B1,B4
Blizzard Entertainment.....B2 Macy’s...............................................B1 U
BMW..............................................B10 Meta Platforms.......................B2 Uber Technologies.................B2
Boeing..............................................B5 Microsoft...............................A2,B2 UBS....................................................B9
Bosch..............................................B10 Morgan Stanley....................B10 United Airlines..........................B5
BYD....................................................B4 N UnitedHealth..............................A2
C NetEase..........................................B2 V
Chevron...........................................A2 Netflix...............................................B2 Vertex Pharmaceuticals...B5
Chipotle Mexican Grill........B1 Nike.....................................................B1
Citigroup..............................A2,B10 Nvidia.............................................B10 W
Coinbase Global.......................B9 O-P Wells Fargo......................A2,B10
D-E Williams Companies.........B10
Omnicom Media......................B1

ACTIVISION BLIZZARD
Delta Air Lines.........................B5 Oneok.............................................B10 X
DT Midstream........................B10 Paramount Global..................B1 Xin Kang Heng........................B4
Exxon Mobil................................A2 Philips...............................................B3 XPeng...............................................B4

INDEX TO PEOPLE The partnership ended in 2023 and NetEase rejected a six-month extension. A scene from Blizzard’s ‘World of Warcraft.’

A
Aven, Petr.....................................A7
B
J
Jaber, Valerie-Leila................B9
Jakobs, Roy.................................B3
R
Raciti, Dario.................................B1
Ragan, James............................A2
Rensburg, Fraser van.........B5
Blizzard Videogames Set to Return
To China in New Deal With NetEase
Baca, Steve C de....................B3 K
Resnick, Blake...........................A7
Bastian, Ed...................................B5 Kahane, Gavriel.........................B1 Rinaldi, CJ.....................................B9
Blackwell, Jonathon..............B1 Kewalramani, Reshma.......B5
Blake, Frank.................................B2 S
Khosla, Vinod.............................B4
Bry, Adam......................................A1 Saperstein, Richard...............A1
Kim, Eugene.............................B10
C Schmidt, Mark..........................A7
Klieger, Rob..................................B1
Seligman, Nicole......................B1
Clark, Richard.............................B1 L Sesler, Douglas.........................B2 BY JIAHUI HUANG statement by Microsoft Gam- endary games to players in ported game titles so far for
Clarke, Tim...................................B5 Latham, Stephanie.................B1 Simon, Hermann..................B10 ing and NetEase on Wednesday. China while exploring ways to this year, compared with 98 in
D Lau, Kelvin....................................B4 Spencer, Phil...............................B2 Blizzard Entertainment will The detailed relaunch plans bring more new titles to Xbox 2023.
Dimon, Jamie..............................B1 M Spring, Tony................................B2 collaborate with China’s will be shared at a later date, demonstrates our commitment Separately, Microsoft Gam-
Dounis, Spiro...........................B10
Ma, Jack.........................................B4
T NetEase to bring its block- the companies said. to bringing more games to ing and NetEase also have
E Marcus, Gary.............................B4 Tangen, Nicolai..........................B1 buster game titles back to the Blizzard has been collaborat- more players around the agreed to look into putting
Ellison, David.............................B2 Markee, Richard.......................B1 Terrell, Frederick......................B1 mainland Chinese market this ing with NetEase since 2009, world,” said Phil Spencer, chief NetEase’s game titles on Xbox
Tsai, Joe.........................................B4
Ellison, Larry...............................B2 McCracken, Bernie.................B3 summer, renewing a partner- bringing its blockbuster titles executive of Microsoft Gaming. consoles and other platforms.
F McLean, Andrew.....................B3 U ship that ended more than a to the world’s largest videog- Chinese regulators have in- The Chinese videogame pub-
Fridman, Mikhail.....................A7 Mollenkopf, Steve..................B5 Uruçi, Blerina.............................A2 year ago. aming market by revenue. The creased scrutiny of the domes- lisher has developed some flag-
G Musk, Elon..........................A10,B1 V The renewed deal includes 14-year partnership ended in tic gaming sector and have re- ship titles such as the “Justice”
Gennette, Jeff...........................B2 O Vossough, Angel.....................B4 Blizzard games “World of War- January 2023 and NetEase re- quired foreign titles to only be mobile game and “Eggy Party”
H Ostroff, Dawn.............................B1 W craft,” “Heathstone,” and other jected a proposed extension of published via local distributors. in recent years.
Hickey, Mike................................B2 P Wu, Eddie.....................................B4 titles in the “Warcraft,” “Over- six months, calling the terms The National Press and Publica- Blizzard is a division of Ac-
Hogeboom, Marc.....................B1 Perlman, Noah..........................B9 Y watch,” “Diablo” and “Star- unequal and unfair. tion Administration said Mon- tivision Blizzard, which was ac-
Hottenhuis, Stephanie........B1 Pichai, Sundar...........................B4 Ying, Joel.......................................B4 Craft” universes, according to a “Returning Blizzard’s leg- day that it has approved 46 im- quired by Microsoft.

Roblox which launched last year. Por-

tals are glowing virtual gates
that instantly transport users
PubMatic also will create
so-called private exchanges to
pool Roblox’s ad inventory,
faced some blowback from its forms such as Instagram and
work with brands. Last year, YouTube have succeeded in
an ad-industry watchdog said part by streamlining the buy-
Tech companies from Uber
Technologies and Instacart to
Netflix and Reddit have also

Targets from one Roblox experience

to another.
Now, Roblox is pushing
giving the company more con-
trol over ad prices and which
brands are allowed to buy
Roblox violated its guidelines ing and targeting of ads with
for marketing to children the help of sophisticated
younger than technology that
been putting a greater em-
phasis on growing revenue
through ad sales in recent

Ad Dollars video ads, ripping a page ads. At some point in the fu- 13. At the time, largely auto- years. Still, introducing ads or

$8.5B
from other digital-ad sellers ture, Roblox said it plans to a Roblox mates the pro- showing more of them poses
by making advertising on the move to open exchanges. spokeswoman cess. risks, as they can turn off us-
platform easier and poten- The video ads are due to said that Fu r t h e r, ers, raise privacy concerns
Continued from page B1 tially less expensive. It also launch fully later this year. branded virtual supporting and draw regulatory scrutiny.
League, have invested in one has hired ad-industry veter- Brands can use their existing worlds on its Emarketer projects video ads in Amazon.com’s recent
or more of these options, in ans from companies including video-ad inventory rather platform don’t particular—as move to bring ads to its
most cases by hiring a devel- Meta Platforms, X, Alphabet than having to create new ads constitute ad-
spending on U.S. opposed to just Prime Video service drew a
oper studio. Building a brand- and Yahoo to help grow its ad that mirror the platform’s an- vertising and game advertising will sticking with harsh reaction from subscrib-
specific realm is typically the business. imated aesthetic. that it doesn’t hit this level in 2024 the static ers, some of whom canceled
most expensive, costing any- With PubMatic’s auto- Last year, Roblox started let users under kind—is essen- their memberships.
where from $100,000 to sev- mated ad-buying tools, brands giving advertisers the ability 13 see ads it tial for Roblox “You don’t want to pull
eral million dollars, according will be able to purchase video to target users who are ages serves directly. to have a suc- back from the enjoyment of
to ad buyers. ads that promote their prod- 18 and up, which some ad Bringing easy-to-use video cessful ad business, ad buyers the experience, and ads have
Brands can draw attention ucts and services, and not buyers said could help attract advertising to Roblox is criti- say. Brands are drawn to how a way of doing that,” said
to their creations by purchas- necessarily a Roblox-specific brands that have avoided the cal if the company wants a video ads use sight, sound Benchmark entertainment
ing static billboard ads from experience. Roblox said it platform because its user shot at competing against and motion, plus they com- and digital-media analyst
Roblox and what the company would review the ads before base skews young. other digital-ad players, ac- mand higher ad rates than Mike Hickey. “They can be a
calls Portal Ads, both of they post in its platform. The company has already cording to ad buyers. Plat- static ads. distraction.”

The India Fund, Inc.

Transferable Rights Offering for Common Shares of Beneficial Interest
CHRISTIAN BLACK/PARAMOUNT/EVERETT COLLECTION

NYSE Symbol “IFN”

NYSE Rights Symbol “IFN RT”
Ex-date is April 17, 2024
Record date is April 18, 2024
Last trading day for rights is May 13, 2024*
Offer expires May 14, 2024*
*Unless the offering is extended

F!r "!re inf!r"a#i!n !r a c!py !f #he pr!spec#us

supp$e"en# and pr!spec#us, c!n#ac#%

The studio parent behind the ‘Mission: Impossible’ movies is expected to part with Dawn Ostroff, below, and three others.

Four to Exit letters to the board that the

deal would be good for Red-
stone but would dilute Para-
gan. Paramount directors de-
cided not to engage with the
offer because it wasn’t clear
Call Toll-Free: +1 &'(() *21+442,

Board of mount’s nonvoting shares,

people familiar with the situ-
ation said.
that Apollo had financing
lined up and the company had
not yet done due diligence,

Paramount Skydance Media is a pro- the people said. Dealer Manager

JAMIE MCCARTHY/GETTY IMAGES FOR TRIBECA FESTIVAL

duction company run by David Any deal is subject to ap-

Ellison and backed by his fa- proval by Paramount’s indepen- -pri$ 11, 2024
ther, Oracle co-founder Larry dent committee of directors. An investment in The India Fund, Inc. (the “Fund”), a non-diversified, closed-
Continued from page B1 Ellison, as well as investors Ostroff, who most recently end management investment company, is subject to investment risk, including
the possible loss of the entire principal amount invested. Investment return and
odeon and MTV, and the Par- such as Red Bird Capital Part- ran content and advertising at the value of shares will fluctuate. The rights offering involves certain risks,
amount film studio—would ners, KKR and Chinese tech- Spotify, is leaving Paramount’s including economic dilution and voting dilution.

acquire Skydance in an all- investment giant Tencent. board after a year. Seligman, All of the costs of the rights offering, including offering expenses and sales
stock deal valued at around Private-equity firm Apollo who is also on the board of load, will be borne by the Fund and thus indirectly by all of its common
$5 billion. Global Management submit- OpenAI, is departing the board shareholders, including those who do not exercise their rights. The rights are
transferable and are expected to be admitted for trading on the NYSE during
The structure of that pro- ted a competing offer to buy after eight years. Klieger the course of the offer; however, there can be no assurance that a market for
posed deal has faced criti- Paramount for $26 billion just joined the CBS board in 2017 the rights will develop.

cism from some investors, before the company’s exclu- and stayed on following the Investors should carefully consider the Fund’s investment objective, policies,
who have voiced concerns in sive talks with Skydance be- merger with Viacom. risks, charges and expenses before investing. The Fund’s prospectus
supplement and prospectus, which contain this and other information about
the Fund and the rights offering, can be obtained, when available, by calling
the phone number listed above. An investor should carefully read the Fund’s

Macy’s
prospectus supplement and prospectus before investing. The information in
its board. Its new chief execu- Blake, the former chief of buyout succeed. Arkhouse this communication is not complete and may be changed. This communication
tive, Tony Spring, assumed Home Depot. typically focuses on real-es- is not an offer to sell these securities and is not soliciting an offer to buy these
the chairman role and Douglas The addition of Clark and tate investments, having bid securities, nor shall there be any sale of these securities in any state where the
offer, solicitation or sale is not permitted.

Avoids Sesler was appointed an inde-

pendent director. Sesler is
currently president of Fair
Sesler adds two directors
with deep real-estate experi-
ence. Macy’s has been criti-
in the past for Columbia
Property Trust, a developer
of office space, and Preferred
UBS Securities LLC is acting as dealer manager for the rights offering. In the
U.S., securities underwriting, trading, and brokerage activities and M&A
advisory activities are provided by UBS Securities LLC, a registered broker/dealer

Proxy Fight Street Partners, a real-estate cized by activist investors in Apartment Communities, that is a wholly owned subsidiary of UBS AG, a member of the New York Stock
Exchange and other principal exchanges, and a member of Securities Investor
investment and development the past for not doing more to which manages multifamily Protection Corporation.
company that he founded. unlock the value of its vast housing. Brigade is more re-
© UBS 2024. All rights reserved.
The moves follow the real-estate holdings. tail-focused, with invest-
Continued from page B1 planned retirements from the Arkhouse and Brigade ha- ments that have included J.C.
Macy’s also made previ- board of Macy’s former CEO ven’t publicly disclosed their Penney, Sears and Neiman
ously announced changes to Jeff Gennette and Frank plans for Macy’s should their Marcus.
THE WALL STREET JOURNAL. Thursday, April 11, 2024 | B3

BUSINESS NEWS

Philips Reaches Deal Over Ventilator Issue

The machines were and backed its medium-term cilities in Murrysville and New single-digit comparable sales related to the Respironics con- world,” Chief Executive Roy
guidance. Kensington, its service center growth and low-teens adjusted sent decree. For 2024, costs Jakobs said.
recalled in 2021 on The Dutch health-technol- in Mount Pleasant and its Re- earnings before interest, taxes from this are expected to rep- Philips chief patient safety
concerns they could ogy group said Wednesday spironics headquarters in Pitts- and amortization margin is un- resent 1% of total sales, which and quality officer Steve C de
that under the consent decree, burgh in Pennsylvania. changed, while its forecast of is estimated to amount to be- Baca added that Philips Re-
be harmful to users Philips Respironics will con- In 2021, Philips issued a re- 1.4 billion to 1.6 billion euros tween €180 million and €200 spironics has been working
tinue to prioritize completing call of its breathing-aid ma- ($1.52 billion to $1.74 billion) in million from remediation work with the FDA, and is already
BY IAN WALKER the remediation of the sleep chines following reports that free cash flow takes the con- and disgorgement payments, it making significant changes in
and respiratory care devices an internal sound-dampening sent decree into account. added at the time. its organization, quality man-
Philips said it reached a fi- under Respironics’ voluntary foam could degrade, spurring The company had said in “With the agreement on a agement systems and opera-
nal agreement with the U.S. June 2021 recall. concerns that it could release January that it booked a €363 consent decree for Philips Re- tions. “This includes strength-
Justice Department and Food It said the agreement mainly harmful gases or particles into million provision in the fourth spironics in place, we now ening the quality management
and Drug Administration on focuses on Philips Respironics’ the lungs of users. quarter of 2023 for remedia- have a clear path forward to processes and deepening the
terms of a settlement related business operations in the U.S., Philips on Wednesday said tion activities, inventory write- gradually restore the business, competencies of the relevant
its Respironics ventilators, including its manufacturing fa- its 2023-25 guidance for mid- downs and contract provisions serving patients around the teams,” he said.

Lands’ End Fashions a Plan

To Get Back in the Black
BY KRISTIN BROUGHTON the beginning of a season, was president of the interna-
charging full price initially tional division at American
Lands’ End is on track to and discounting items later Eagle Outfitters before taking
swing to an annual profit for on that didn’t sell. The com- over as CEO.
the first time in three years, pany sells most of its goods “New management came in,
following a pandemic slump, online, though it also operates and basically they changed the
by nudging customers who 26 stores. business model,” said Eric
love a good discount to pay But customers can no lon- Beder, chief executive at the
full price. ger assume that the items investment research firm
The casual clothing retailer, they want will be available if Small Cap Consumer Re-
known for items such as quar- they wait for a better price, search. Lands’ End’s previous
ter-zip sweaters and khaki said Bernie McCracken, the approach to pricing and mer-
pants, benefited from a pan- company’s chief financial offi- chandising reflected its roots
demic surge in spending on cer. “We’ve increased the as a traditional catalog com-

LANDS’ END
comfortable clothing—and profitability of everything we pany, Beder said. Its new ap-
then took a hit when con- sell,” he said. Lands’ End ex- proach is more in line with
sumer preferences quickly pects to earn between $1 mil- online retailers, giving cus- The company sells most of its goods online but operates 26 stores.
changed. The company re- lion and $10 million during tomers a reason to buy early
ported net losses for two con- the current fiscal year. or pay a higher price, he said. generate net revenue of be- Share-price and index Lands’ End annual profit/loss
secutive years, following Lands’ End has had a tu- The retailer’s plan to swing tween $1.33 billion and $1.45 performance, past five years
strong profit in 2021. During multuous run since its spinoff to a profit comes with a nota- billion; that figure stood at 150% $25 million
the fiscal year ended Feb. 2, from Sears a decade ago. The ble wrinkle: It is projecting $1.47 billion during the most
its net loss widened to $130.7 company in 2016 tried unsuc- lower revenue for the coming recent fiscal year.
0
million, mostly from a one- cessfully to move into high year. That is due in part to During the fiscal year 100
time charge, compared with fashion to attract new cus- agreements reached last year ended Feb. 2, Lands’ End’s S&P 500
$12.5 million a year earlier. tomers. To win back its core to produce shoes, children’s gross margin expanded by 4.3 –25
Lands’ End, established 61 customers—who tend to be a clothing and items sold at club percentage points from a year 50
years ago as a catalog com- little older and more afflu- stores such as Costco under a earlier, to 42.5%. The company –50
pany, expects to get back into ent—the company relied on licensed model, meaning a had $301.7 million in inven-
the black this year. A key rea- discounts, McCracken said. third party will manufacture tory on its balance sheet, 0 –75
son why: It is carrying less McCracken and Chief Exec- the goods. The move also down 29% from the prior year.
stock and updating its offer- utive Andrew McLean both shifts less profitable inventory Lands’ End is leaning more –100
ings frequently with new fab- stepped into their roles in off of the company’s books, re- heavily on what it calls dy- –50
rics and fits. That means it 2023. McCracken, who took ducing clearance sales. Lands’ namic promotions, meaning it –125
can charge full price, or close over last September, previ- End this year expects to begin adjusts discounts based on Lands’ End
to it, for popular items such as ously served as Lands’ End’s generating royalty fees on how items are selling. It’s also
–100 –150
tummy-shaping swimwear or controller and chief account- sales of its licensed goods. selling more goods through
lightweight jackets. It previ- ing officer, while McLean, During the current fiscal third parties, such as Target 2020 ’21 ’22 ’23 ’24 FY2017 ’20 ’23
ously introduced new items at who took over last January, year, Lands’ End expects to and Macy’s. Note: Fiscal years end late Jan./early Feb. Sources: FactSet (performance); S&P Capital IQ

The Leader in Guided Travel Since 1918.

Sale valid April 8-15

Explore the world with North America’s longest running tour

operator. Journey to the edge of the world in Patagonia.
Stay in an igloo and search for the northern lights in Finland.
And venture out in search of wildlife on the African plains.

Book now & save up to 20%* on your next adventure.

Use the code HELLOSPRING24 • Visit collette.com for details.

For reservations, see your travel

professional and ask for Collette,
or call us at 844-217-9717.

*Restrictions apply. CST No. 2006766-20, UBI No. 60

6 1-220-855, Fla. Seller of Travel Reg
Re . No. ST35613
B4 | Thursday, April 11, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Ma Praises Alibaba’s Leadership, Restructuring

BY TRACY QU courage to admit and correct Tsai and Chief Executive Eddie ing that would split the group Alibaba has stepped back are the bad habits we love the
yesterday’s mistakes in a Wu for their leadership and into six independently run some of its restructuring most and what we are reform-
Alibaba co-founder Jack Ma timely manner, but we must said in the letter posted companies, effectively disman- plans, including abandoning ing is our vested interest,” ac-
praised the company’s top also reform for future. This is Wednesday morning that this tling a business empire built plans in March to list logistics cording to Ma’s post.
leadership and the ongoing re- why we keep moving forward,” year’s core focus wasn’t to by Ma over two decades. arm Cainiao. The company Once a darling of Wall
structuring exercise in a according to a copy of the in- chase performance indicators The businesses were split also shelved a cloud-comput- Street, Alibaba has been grap-
memo to employees, a rare ternal letter seen by The Wall but to “know ourselves and go into cloud computing; Chinese ing spinoff. pling with sluggish growth as
move for the billionaire since Street Journal and verified by back to the track focusing on e-commerce; global e-com- “This path of reform and it faces a cooling Chinese
stepping away from the spot- two sources who viewed it on consumers.” merce; digital mapping and innovation has never been ac- economy and rising competi-
light in recent years. Alibaba’s internal portal. In March of last year, Ali- food delivery; logistics; and companied by applause, be- tion from homegrown up-
“Not only must we have the Ma praised Chairman Joe baba announced a restructur- media and entertainment. cause what we are changing starts.

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

CLASS ACTION

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF PENNSYLVANIA
DELAWARE COUNTY EMPLOYEES RETIREMENT ) Civ. Action No. 2:21-cv-03382-HB
SYSTEM and BUCKS COUNTY EMPLOYEES’ )
RETIREMENT SYSTEM, Individually and on Behalf of All ) CLASS ACTION
Others Similarly Situated, )
) SUMMARY NOTICE OF PROPOSED SETTLEMENT OF
Plaintiffs, ) CLASS ACTION
)
vs. )
)
ADAPTHEALTH CORP. f/k/a DFB HEALTHCARE )
ACQUISITIONS CORP., LUKE MCGEE, STEPHEN )

QILAI SHEN/BLOOMBERG NEWS

P. GRIGGS, JASON CLEMENS, FRANK J. MULLEN, )
RICHARD BARASCH, JOSHUA PARNES, ALAN )
QUASHA, TERENCE CONNORS, DR. SUSAN WEAVER, )
DALE WOLF, BRADLEY COPPENS, and DAVID S. )
WILLIAMS III, )
)
Defendants. )
)
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED ADAPTHEALTH CORP. (“ADAPTHEALTH”
OR THE “COMPANY”) COMMON STOCK OR CALL OPTIONS ON ADAPTHEALTH COMMON STOCK
OR SOLD PUT OPTIONS ON ADAPTHEALTH COMMON STOCK (“ADAPTHEALTH SECURITIES”) XPeng’s latest electric SUV, the G6, will be among the models offered in Hong Kong and Macau
BETWEEN NOVEMBER 8, 2019 AND JULY 16, 2021, INCLUSIVE (“SETTLEMENT CLASS” OR “SETTLEMENT

China EV Maker XPeng Makes

CLASS MEMBERS”)
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS
NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED that a hearing will be held on June 20, 2024, at 1:30 p.m., before the Honorable Harvey

Inroads in Hong Kong, Macau

Bartle III at the United States District Court, Eastern District of Pennsylvania, James A. Byrne U.S. Courthouse, 601 Market Street,
Philadelphia, PA 19106 to determine whether: (1) the proposed settlement (the “Settlement”) of the above-captioned Action as set
forth in the Stipulation and Agreement of Settlement (“Stipulation”)1 for $51,000,000 in cash, one million shares of AdaptHealth
common stock, and corporate governance reforms to be adopted by AdaptHealth, should be approved by the Court as fair, reasonable
and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Action with prejudice; (3) to
award Lead Plaintiffs’ Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and
Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amounts; (4) to award Lead Plaintiffs
for their costs and expenses in representing the Settlement Class pursuant to 15 U.S.C. §78u-4(a)(4) out of the Settlement Fund and, BY JIAHUI HUANG vehicle, the G6, and its flag- analyst Joel Ying told Dow
if so, in what amount; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.
ship seven-seater, the X9 mul- Jones Newswires, adding that
The Court may decide to conduct the Final Approval Hearing by video or telephonic conference, or otherwise allow
Settlement Class Members to appear at the hearing by phone, without further written notice to the Settlement Class. In order Chinese electric-vehicle tipurpose vehicle. Delivery of the company’s business in
to determine whether the date and time of the Final Approval Hearing have changed, or whether Settlement Class Members maker XPeng is gearing up to both models is due to start mainland China could get a
must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website,
www.AdaptHealthSecuritiesSettlement.com, before making any plans to attend the Final Approval Hearing. Any updates regarding sell its cars in Hong Kong and from the third quarter. boost from recognition in the
the Final Approval Hearing, including any changes to the date or time of the hearing or updates regarding in-person or telephonic Macau, part of efforts to ex- The company also is part- global market.
appearances at the hearing, will also be posted to the Settlement website, www.AdaptHealthSecuritiesSettlement.com. Also, if the pand beyond the overcrowded nering with motor group Xin The Chinese EV maker
Court requires or allows Settlement Class Members to participate in the Final Approval Hearing by telephone, the phone number for
accessing the telephonic conference will be posted to the Settlement website, www.AdaptHealthSecuritiesSettlement.com. market in mainland China. Kang Heng Holding to enter didn’t provide a price tag for
IF YOU PURCHASED OR ACQUIRED ADAPTHEALTH SECURITIES BETWEEN NOVEMBER 8, 2019 AND The Guangzhou-based com- Macau, preparing to offer four the G6 and X9 in Hong Kong.
JULY 16, 2021, INCLUSIVE, YOUR RIGHTS ARE AFFECTED BY THE SETTLEMENT OF THIS ACTION. pany, which competes with of its models—the G9, X9, G6 Daiwa equity analyst Kelvin
To share in the distribution of the Net Settlement Fund, you must establish your rights by submitting a Proof of Claim and heavyweights such as BYD and P7i—there. Delivery of Lau says XPeng’s ability to get
Release form (“Proof of Claim”) by mail (postmarked no later than July 15, 2024) or electronically (no later than July 15, 2024).
Your failure to submit your Proof of Claim by July 15, 2024, will subject your claim to rejection and preclude your receiving any and Tesla, said in a statement left-hand-drive models will a slice of the market in Hong
of the recovery in connection with the Settlement of this Action. If you purchased or acquired AdaptHealth Securities between Wednesday that it is entering start in May, XPeng said. Kong and Macau would de-
November 8, 2019 and July 16, 2021, inclusive, and do not request exclusion from the Settlement Class, you will be bound by the
Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you the Hong Kong market via a Xin Kang Heng distributes pend on pricing.
submit a Proof of Claim. dealer partnership with Ma- Honda, Nissan, Infiniti and Other Chinese EV makers
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder laysia’s Sime Darby Motors. other brands in Macau, with a that are already in Hong Kong
(including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the XPeng’s shares closed 7.7% share of over 22% of the local include BYD, Great Wall Mo-
Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other settlement
documents, online at www.AdaptHealthSecuritiesSettlement.com, or by writing to: higher at 32.15 Hong Kong automotive market, according tor and state-owned SAIC
AdaptHealth Securities Settlement dollars, or $4.11, after the an- to the statement. Sime Darby Motor, among others.
Claims Administrator nouncement. Motors is the automotive arm XPeng’s G6 competes
c/o Gilardi & Co. LLC
P.O. Box 301135 “Entry into Hong Kong is a of conglomerate Sime Darby against Tesla’s Model Y in
Los Angeles, CA 90030-1135 strategic next step for XPeng’s Bhd. China’s EV market. The G6 is
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court. business expansion,” the com- “Due to competition dy- priced between 209,900 yuan
Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel: pany said. namics in China, trying to go and 276,900 yuan, or about
ROBBINS GELLER RUDMAN & DOWD LLP XPeng will make its Hong overseas is always a good $29,000 to $38,300, while the
Greg Wood
Shareholder Relations Kong debut in mid-May with choice for” original equipment Model Y has a price tag of
655 West Broadway, Suite 1900 its latest electric sport-utility manufacturers, Nomura equity 263,900 yuan to 368,900 yuan.
San Diego, CA 92101
Telephone: 1-800-449-4900
[email protected]
IF YOU DESIRE TO BE EXCLUDED FROM THE SETTLEMENT CLASS, YOU MUST SUBMIT A REQUEST FOR
EXCLUSION SUCH THAT IT IS POSTMARKED BY MAY 29, 2024, IN THE MANNER AND FORM EXPLAINED IN THE
NOTICE. ALL SETTLEMENT CLASS MEMBERS WILL BE BOUND BY THE SETTLEMENT EVEN IF THEY DO NOT
SUBMIT A TIMELY PROOF OF CLAIM.
AI Draws
IF YOU ARE A SETTLEMENT CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT,
THE PLAN OF ALLOCATION, THE REQUEST BY LEAD PLAINTIFFS’ COUNSEL FOR AN AWARD OF ATTORNEYS’
FEES NOT TO EXCEED 25% OF THE SETTLEMENT AMOUNT, WHICH IS COMPRISED OF $51,000,000 IN CASH AND
ONE MILLION SHARES OF ADAPTHEALTH COMMON STOCK, AND EXPENSES NOT TO EXCEED $800,000, PLUS
Some Bold
INTEREST, AND/OR THE AWARD TO LEAD PLAINTIFFS PURSUANT TO 15 U.S.C. §78u-4(a)(4) FOR THEIR COSTS AND
EXPENSES NOT TO EXCEED $60,000 IN THE AGGREGATE. ANY OBJECTIONS MUST BE FILED WITH THE COURT
AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY MAY 29, 2024, IN THE MANNER AND FORM
EXPLAINED IN THE NOTICE.
Predictions
DATED: March 5, 2024 BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT Continued from page B1
EASTERN DISTRICT OF PENNSYLVANIA
lead future generations to
JEFF CHIU/ASSOCIATED PRESS

1
The Stipulation can be viewed and/or obtained at www.AdaptHealthSecuritiesSettlement.com. work only 3½ days a week.

BANKRUPTCIES A talent war

The AI race to build the
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
barred; (x) t!e Obligations s!all #onstitute allowed #laims, not
subje#t to #ounter#laim, setoff, re#ou"ment, redu#tion, subordi- next big thing has sparked a
talent war in Silicon Valley.
MARKETPLACE

In re: BYJU’S ALphA, INc.,1 ) case No. nation, re#!ara#terization, defense, or avoidan#e for all "ur"oses Google Chief Executive Sundar Pichai has said AI could be
in t!e c!a"ter 11 case and any Su##essor case;(y) t!e pre"etition
Debtor. ) 24-10140 (JTD)
NOTICE OF FINAL ORDER (I) AUTHORIZING THE Liens s!all be deemed to !ave been,as of t!e petition Date,legal, Tech companies have poured more profound than the invention of fire or electricity.
USE OF CASH COLLATERAL, (II) AUTHORIZING THE valid,binding,and "erfe#ted liens and se#urity interests,not sub-
je#t to re#!ara#terization, subordination, or avoidan#e; and (z)
cash into AI at a breakneck
DEBTOR TO OBTAIN POSTPETITION FINANCING,
(III) GRANTING SENIOR POSTPETITION SECURITY all of t!e Debtor’s sti"ulations and admissions #ontained in t!e pace, with investors and ana- ministration last year invoked he said.
INTERESTS, AND ACCORDING SUPERPRIORITY
ADMINISTRATIVE EXPENSE STATUS PURSUANT
Final DIp Order, in#luding t!e Debtor’s Sti"ulations, and all ot!er
waivers, releases, affirmations, and ot!er sti"ulations as to t!e lysts increasingly believing the emergency federal powers to Marcus offered to wager $1
TO SECTIONS 364(C) AND 364(D) OF THE "riority,extent,and validity as to t!e pre"etition Se#ured parties’ boom is sustainable. And the compel major AI companies to million with Musk that his pre-
#laims, liens, and interests #ontained in t!e Final DIp Order s!all
BANKRUPTCY CODE, (IV) GRANTING ADEQUATE
PROTECTION, (V) MODIFYING THE AUTOMATIC be of full for#e and effe#t and forever binding u"on t!e Debtor, technology has supercharged notify the government when diction of AI becoming smarter
STAY, AND (VI) GRANTING RELATED RELIEF
PLEASE TAKE NOTICE t!at, on A"ril 8, 2024, t!e United
t!e Debtor’s estate, and all #reditors, interest !olders, and ot!er
"arties in interest in t!e c!a"ter 11 case and any Su##essor case.
the stock performances of developing systems that pose a than a human by next year
Furt!ermore, if any su#! c!allenge is timely and "ro"erly filed many tech and chip companies serious risk to national secu- turns out to be wrong. A repre-
ADVERTISE TODAY

States Bankru"t#y court for t!e Distri#t of Delaware (t!e“court”)

aiming to cash in on it. rity. sentative for Musk didn’t re-
entered its Final Order (i) Authorizing the Use of Cash Collateral, under t!e Bankru"t#y Rules t!en (a) any #laim or a#tion t!at
(ii) Authorizing the Debtor to Obtain Postpetition Financing, (iii) is not broug!t s!all forever be barred and (b) t!e sti"ulations
Granting Senior Postpetition Security Interests, and According and admissions #ontained in t!e Final DIp Order, in#luding t!e
Debtor’s Sti"ulations, s!all nonet!eless remain binding and "re-
Google Chief Executive Sun- spond to a request for a com-
Superpriority Administrative Expense Status Pursuant to Sections
dar Pichai has said AI could be ment about the wager.
Is it all overblown?
364(c) and 364(d) of the Bankruptcy Code, (iv) Granting Adequate #lusive on any committee and any ot!er"erson or entity ex#e"t to
(800) 366-3975

Protection, (v) Modifying the Automatic Stay, and (vi) Granting

RelatedRelief[Do#ketNo.160](t!e“FinalDIpOrder”).2
t!e extent t!at su#! sti"ulations and admissions were ex"ressly
#!allenged in su#! c!allenge "rior to t!e c!allenge period more profound than the inven-
PLEASE TAKE FURTHER NOTICE, t!at t!e Final DIp Order Termination Dates (and solely as to t!e "laintiff "arty t!at timely tion of fire or electricity. Vinod Still, some experts say pre-
‘A lot of hype’
THE

filed su#! c!allenge and not,for t!e avoidan#e of doubt,any ot!er

#ontains #ertain sti"ulations, admissions, waivers, and releases
t!at were binding on t!e Debtor, its estate, and any of its res"e#- "arty in interest). Not!ing in t!e Final DIp Order vests or #onfers Khosla, founder of venture- dictions of AI’s transformative
tive su##essors in all #ir#umstan#es and for all "ur"oses, and t!e on any "erson (as defined in se#tion 101 of t!e Bankru"t#y code),
in#luding any committee a""ointed in t!e c!a"ter 11 case,
capital firm Khosla Ventures, powers have been overblown. “There’s a lot of hype in AI
Debtor was deemed to !ave irrevo#ably waived and relinquis!ed
all c!allenges (as defined below) as of t!e petition Date;provided, standing or aut!ority to "ursue any #ause of a#tion belonging declared last year that within Gary Marcus, a cognitive right now,” says Angel
however, t!at t!e Debtor’s sti"ulations, admissions, agreements,
releases, and waivers #ontained in t!e Final DIp Order s!all not
to t!e Debtor or its estates, in#luding any #!allenges (in#lud-
ing a c!allenge) wit! res"e#t to t!e pre"etition Liens and t!e 10 years, AI will take on “80% scientist who sold an AI Vossough, the co-founder and
a""ly to a #!a"ter 7 or #!a"ter 11 trustee until t!e Known creditor Obligations, and a se"arate order of t!e court #onferring su#!
standing on any committee or ot!er "arty in interest s!all be a
of 80% of the jobs that exist startup to Uber in 2016, said chief executive of BetterAI,
c!allenge period Termination Date (defined below). T!e sti"ula-
tions, admissions, and waivers #ontained in t!e Final DIp Order, "rerequisitefort!e"rose#utionofac!allengebysu#!committee today.” generative AI may one day ap- which is working on an AI
in#luding t!e Debtor’s Sti"ulations, s!all be binding u"on all
ot!er "arties in interest, in#luding any committee and any ot!er
or su#! ot!er "arty in interest; provided, however, t!at not!ing
!erein "ro!ibits t!e pre"etition Se#ured parties from #ontesting “The need to work in soci- proach a level that it can wine-recommendation tool.
"erson a#ting on be!alf of t!e Debtor’s estate, unless and to t!e any request to obtain standing on any ot!er grounds "ermitted For more information visit: ety will disappear within 25 transform society. But there She says AI systems are
wsj.com/classifieds
by a""li#able law. For t!e avoidan#e of doubt, t!e roll u" under
extent t!at a "arty in interest wit! "ro"er standing granted by
order of t!e court,!as timely and "ro"erly filed an adversary "ro- t!eDIpcreditAgreementissubje#tinitsentiretytot!ec!allenge. years for those countries that has to be vast improvements to good at analyzing large data
#eeding or #ontested matter under t!e Bankru"t#y Rules (a) seek- A #o"y of t!e Final DIp Order is may be downloaded from t!e
court’s website at !tt"://www.deb.us#ourts.gov/. A login and
adapt these technologies,” approach the level of change sets, and can make predictions
ing to avoid,obje#t to,or ot!erwise #!allenge t!e findings or t!e
Debtor’sSti"ulations,in#ludingregarding: (i)t!evalidity,enfor#e- "assword to t!e Bankru"t#y court’s publi# A##ess to Ele#troni# Khosla said in an interview produced by the internet or or speed up productivity. But
ability, extent, "riority, or "erfe#tion of t!e mortgages, se#urity
interests, and liens of any of t!e pre"etition Se#ured parties; (ii)
Re#ords (“pAcER”) are required to a##ess t!is information and #an
be obtained t!roug! t!e pAcER Servi#e center at !tt"://www. with The Wall Street Journal. even smartphones, he said. they are nowhere near being as
t!e validity, enfor#eability, allowability, "riority, se#ured status, "a#er.gov. And yet, the technology also “It’s possible as we make intelligent as humans, she said,
Dated: A"ril 9, 2024, Wilmington, Delaware, YOUNG CONAWAY
has led to stark warnings new discoveries and build bet- as a big part of human intelli-
or amount of t!e Obligations; (iii) asserting or "rose#uting any
so-#alled“lender liability”#laims,avoidan#e a#tions,or any ot!er STARGATT & TAYLOR, LLP, /s/ Kenneth J.Enos ,Robert S.Brady
#laim,#ounter #laim,#ause of a#tion,obje#tion,#ontest or defense,
of any kind or nature w!atsoever, w!et!er arising under t!e
(Del.No.2847),Kennet!J.Enos(Del.No.4544),JaredW.Ko#!enas!
(Del. No. 6557), Timot!y R. powell (Del. No. 6894), 1000 Nort!
about the future of humanity. ter AI, much better than we gence is emotional intelli-
Bankru"t#y code,a""li#able law,or ot!erwise,against any of t!e King Street,Wilmington, Delaware 19801,Tele"!one: (302) 571- Earlier this week, Japan’s larg- have right now, that eventually gence.
pre"etition Se#ured parties or t!eir res"e#tive re"resentatives
(any su#! #laim,a“c!allenge”) and (b) in w!i#! t!e court enters a
6600, Fa#simile: (302) 571-1253, rbrady@y#st.#om, kenos@y#st.
#om, jko#!enas!@y#st.#om, t"owell@y#st.#om -and- QUINN est telecommunications com- AI could be transformative for “It needs to connect, under-
final non-a""ealable order in favor of t!e "laintiff sustaining any EMANUEL URQUHART & SULLIVAN, LLP, Sus!eel Kir"alani pany and the country’s biggest the good,” Marcus said in an stand and respond to human
su#!c!allengeinanysu#!timelyfiledc!allenge. (admitted pro hac vice), Benjamin Finestone (admitted pro
Wit! res"e#t to "arties t!at were "reviously served wit! a hac vice), Daniel holzman (admitted pro hac vice), Jianjian Ye newspaper cautioned in a man- interview. emotions in a way that actually
#o"y of t!e Final DIp Order,and any committee,a c!allenge must
be filed on or "rior to 75 days following entry of t!e Interim Order
(admitted pro hac vice), 51 Madison Avenue, 22nd Floor, New
York, New York 10010, Tel.: (212) 849 7000, sus!eelkir"alani@ ifesto that unless AI is re- Generative AI programs cur- feels authentic and meaning-
(t!e“Known creditor c!allenge period”and t!e date of ex"iration quinnemanuel.#om, benjaminfinestone@quinnemanuel. strained, “in the worst-case rently make too many mis- ful,” she said. “I don’t think
#om, daniel!olzman@quinnemanuel.#om, jianjianye@
of t!e Known creditor c!allenge period, t!e “Known creditor
c!allenge periodTermination Date”). Wit! res"e#t to "arties t!at quinnemanuel.#om, CounselfortheDebtor scenario, democracy and social takes, are unreliable and have we’re anywhere close.”
were not served wit! a #o"y of t!e Final DIp Order, a c!allenge 1
T!e Debtor in t!is #!a"ter 11 #ase, along wit! t!e last four
digits of t!e Debtor’s federal tax identifi#ation number, is:BYJU’s
order could collapse, resulting a superficial understanding of Another issue with the AI
must be filed on or "rior to June 7, 2024 (t!e“Unknown creditor
c!allenge period” and t!e date of ex"iration of t!e Unknown Al"!a,In#.(4260). T!e lo#ation of t!e Debtor’s servi#e address for in wars.” the world, Marcus said. boom: It is straining resources
creditor c!allenge period, t!e “Unknown creditor c!allenge
periodTerminationDate”).3
"ur"oses of t!is #!a"ter 11 #ase is:1007 N.Market St.Ste.G20 452,
Wilmington,DE19801. They called on Japanese In the short term, he said it like electricity. Chip-design
U"on t!e o##urren#e of t!e c!allenge period Termination 2
ca"italized terms not ot!erwise defined !erein s!all be given lawmakers to pass legislation is implausible that AI will ap- company Arm is funding ef-
Dates wit!out t!e filing of a c!allenge (or if any su#! c!allenge t!emeaningsas#ribedtot!emint!eFinalDIpOrder.
is wit!drawn or filed and overruled): (w) any and all su#! 3
T!e Known creditor c!allenge period, toget!er wit! t!e to restrain AI, pointing to ris- proach human intelligence by forts studying how to make AI
c!allenges by any "arty (in#luding t!e committee, any #!a"-
ter 11 trustee,and/or any examiner or ot!er estate re"resentative
Unknown creditor c!allenge period,s!all #olle#tively be referred
to as t!e “c!allenge periods.” T!e Known creditor c!allenge
ing concern about the AI pro- the end of next year, like Musk applications more energy effi-
a""ointed or ele#ted in t!e c!a"ter 11 case, and any #!a"ter 7 period Termination Date, toget!er wit! t!e Unknown creditor grams U.S.-based companies predicted. Surpassing all of hu- cient.
© 2024 Dow Jones & Company, Inc.
trustee and/or examiner or ot!er estate re"resentative a""ointed
or ele#ted in any Su##essor case) s!all be deemed to be forever
c!allenge period Termination Date, s!all #olle#tively be referred
toast!e“c!allengeperiodTerminationDates.” All Rights Reserved.
have been developing. man intelligence in the next —Joseph Pisani
In the U.S., the Biden ad- five years is also far-fetched, contributed to this article.
THE WALL STREET JOURNAL. * * * * NY Thursday, April 11, 2024 | B5

BUSINESS & FINANCE

Delta Expects Strong Summer Demand

Airline posts better- off after hotter-than-expected month, an unusual move that On an adjusted basis, Delta’s travel demand also gained Delta Air Lines, adjusted
inflation data. expressed their dissatisfaction profit of 45 cents per share steam with a 14% on-the-year revenue*
than-expected profit, While other airlines are be- with the company and its CEO. beat the 36 cents per share boost in sales, led by big cor- $15 billion
First quarter of
each year
says Boeing delays ing stymied by delayed deliv- Bastian hadn’t attended a analysts were anticipating. porate accounts. Those big
eries from Boeing, Delta trade group meeting where it The airline reported record businesses in finance and
aren’t affecting it yet hadn’t been planning to re- was discussed, he said. revenue for the first quarter, technology had been slower to 12
ceive any of the manufac- “We’re not sitting waiting typically a slower time for resume trips. Bastian said cor-
BY ALISON SIDER turer’s jets this year. for Boeing. I think the other travel. Revenue excluding sales porate travel revenue is back
Delta Chief Executive Ed airlines are without a doubt a from the company’s refinery to prepandemic levels. 9
Delta Air Lines said it ex- Bastian said that while the ar- lot more impacted by the is- was about $12.6 billion, 6% Delta reaffirmed its full-
pects strong summer travel rival of new 737 MAX 10 jets sues Boeing has had,” he said. above the same period a year year earnings guidance of $6
demand as the carrier posted that the airline ordered in Bastian praised Steve Mol- earlier. The carrier expects ad- to $7 a share. Its shares tum- 6
a better-than-expected profit 2022 is likely “shifting,” deliv- lenkopf, who became Boeing’s justed revenue to be up 5% to bled in January when the air-
for the first three months of eries from rival plane maker chairman in the company’s re- 7% in the second quarter. line set that profit target,
the year. Airbus have been reliable— cent leadership shake-up and Domestic travel demand was which was lower than the $7 3
Delta shares initially rose something Bastian said has will lead the search for its robust after hiccups last year. it had previously anticipated.
nearly 3% following the re- given Delta an advantage. next chief. “He’ll bring a fresh Delta said domestic unit reve- At the time, Bastian said Delta
sults, while stock in United Bastian said he wasn’t set of eyes,” Bastian said. nue—the price per seat flown a was still aiming for the higher 0
Airlines and American Air- among the cadre of airline Delta reported profits of mile—hit a first-quarter record figure but felt it was “pru- 2017 ’20 ’24
lines also rose. All three later CEOs who sought to meet $37 million, compared with a as planes were fuller. dent” to adjust given factors *Excludes sales from the company’s refinery
fell during a marketwide sell- with Boeing’s board last $363 million loss a year ago. The carrier said corporate like supply-chain constraints. Sources: FactSet, the company

PE Fundraising Is Showing Signs of a Small Rebound

BY CHRIS CUMMING Private-equity buyout and 2025, he said. billion ninth flagship vehicle,
growth funds raised globally PitchBook estimates that and TJC’s Resolute Fund VI,
The pace of private-equity $600 billion the distribution rate, or the which raised nearly $7 billion,
fundraising picked up slightly annual cash return from a pri- PitchBook data show. More
as the year began, though 500
vate-equity investment, de- than 82% of funds closed
people in the market cau- clined to about 15% last year— through March saw a step-up
tioned that it is still too early the lowest level since 2009— in size from the firm’s prior
400
to declare a recovery after two from about 17% in 2022 and fund, the data show.
difficult years. 34% in 2021. This decline A closer look at the data,
300
Globally, private-equity “threatens to undermine the however, reveals signs of a
buyout and growth funds recycling of capital,” or inves- lukewarm market. It still takes
raised $155.7 billion in the 200 tors putting profits from past firms longer to close their
three months through March, investments into new funds, funds, reflecting the difficulty
while U.S.-based funds gath- 100 said Tim Clarke, PitchBook’s of securing investors. The me-
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK

ered $76.8 billion, research lead private-equity analyst. dian time it takes to close a
firm PitchBook Data said in a 0 There was one bright spot fund increased from 11 months
report released Wednesday. 2019 ’20 ’21 ’22 ’23 ’24* for exits last quarter: Home in 2022 to 14.5 months in
The global total is modestly *Through March 31 Depot’s planned acquisition of 2023 and 16.8 months through
ahead of the fundraising pace Source: PitchBook Data building materials company the first three months of this
of the past two years. Capital SRS Distribution from Leon- year, PitchBook data show.
raising has been sluggish called the denominator effect. ard Green & Partners in a Investors also are turning
since the Federal Reserve be- The term describes a situation deal valued at $18.25 billion, away from growth-equity
gan increasing interest rates in which falling public-asset which would be the fourth- funds, which tend to thrive in
in early 2022, which crimped values curtail institutional in- Home Depot plans to acquire SRS Distribution. largest private-equity exit of a hot economy, and turning
dealmaking and left investors vestors from putting more all time, PitchBook said. Still, toward buyout funds, which
with less cash on hand to put money into private markets. private-equity shops raise can finance deals, and infla- it is too early to tell whether are seen as a better fit for
into new funds. While investors have more money. Exit deal value for tion has stabilized.” the sale is a sign markets are challenging times. Buyout
People involved in private- cash on hand than they did 2022 and 2023 combined was But for fundraising to fully opening up, Clarke said. funds represented about 90%
equity fundraising say inves- last year, they are still ham- about $992 billion, about 34% get back on track, “exits must The largest private-equity of all private-equity money
tor sentiment seems better strung by a lack of investment less than the sum for 2021 pick up—that’s the one re- funds continued to gather raised in the first quarter, a
than last year. The S&P 500 exits, which limits what they alone, PitchBook data show. maining variable,” he said. capital at a good rate in the record proportion, up from
stock index has risen more can commit to new funds, said “Most indicators have im- This year should be margin- first quarter. The biggest 76% in 2022, PitchBook said,
than 25% over the past year, Fraser van Rensburg, manag- proved,” van Rensburg said. ally better than last year for pools to wrap up during the while growth funds’ share fell
freeing many institutional in- ing partner of Asante Capital, “Public markets and fixed-in- fundraising, though he doesn’t quarter were BDT & Co.’s $14 from almost 25% to less than
vestors from a phenomenon an advisory firm that helps come have stabilized. People expect a full recovery until billion fourth fund, TPG’s $12 10% over the same period.

Deal for Alpine Increases Vertex’s

Portfolio of Kidney-Disease Drugs
BY BEN GLICKMAN
AND JENNIFER CALFAS
mium of about 67% on Al-
pine’s Tuesday closing price.
Shares gained 21% on Wednes-
Vertex, said the acquisition
aligns with the company’s
goal of developing treatments
dog•ged
Vertex Pharmaceuticals
has agreed to acquire Alpine
day after earlier reports of the
deal and a further 36% in af-
for serious diseases without
many treatments. She also /'dôg d/
Immune Sciences for $4.9 bil- ter-hours trading. said Vertex would benefit
lion, bolstering its portfolio on Vertex is a Boston-based from “adding Alpine’s protein adjective
kidney diseases as deals in biotechnology company best engineering and immunother-
biotechnology continue to known for its blockbuster cys- apy capabilities to Vertex’s
heat up. tic-fibrosis drugs. The com- toolbox.”
Despite spending my early life in a shelter, there’s no dog more
The companies said pany reported $9.87 billion in The Boston-based com- determined than me. Thanks to the National Disaster Search Dog
Wednesday that Vertex would product revenue last year, pany’s drug Casgevy, a treat-
pay $65 a share for Alpine. fueled largely by its cystic-fi- ment for sickle-cell disease,
Foundation, if you’re ever trapped under rubble after a disaster,
Alpine’s lead candidate is brosis treatments. was approved by regulators in I’ll find you. That’s my job, and what I was born to do. You’ll never find
being evaluated as a potential An acquisition of Alpine December. Casgevy is the first
treatment for IgA nephropa- would further Vertex’s push medicine using Crispr gene-
a dog more dogged.
thy, a chronic kidney condition into kidney-disease treat- editing technology to receive
that can lead to end-stage re- ments. approval and could drive a THE NATIONAL DISASTER SEARCH DOG FOUNDATION
nal disease, and affects about In March, the company re- boom in sales for Vertex as it Strengthening disaster response in America by rescuing dogs and partnering them
130,000 people in the U.S., the ceived clearance from the is approved in new areas. with first responders to save lives. Be Part of the Search™ today. Call (888) 4K9-HERO,
companies said. The molecule, Food and Drug Administration The company also is devel- visit SearchDogFoundation.org, or write to SDF, 6800 Wheeler Canyon Road,
called povetacicept, is ex- to study its VX-407 drug can- oping a nonopioid painkiller. Santa Paula, CA 93060.
pected to enter Phase 3 devel- didate in certain patients with Vertex plans to file for ap-
opment in the second half of the most commonly inherited proval with the FDA during
this year. kidney disease, called auto- the first half of the year.
The acquisition is expected somal dominant polycystic Vertex’s acquisition of Al-
to close in the second quarter kidney disease. pine is the latest sign that
of 2024, the companies said. Reshma Kewalramani, chief deals for biotechnology com-
The deal represents a pre- executive and president of panies are heating up.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Cato CATO 5.08 -2.3 InteractStrength TRNR 0.20 -1.6
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Cerence CRNC 12.99 -8.8 IspireTechnology ISPR 5.43 -4.6
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CharterComms CHTR 258.56 -3.2 J&JSnackFoods JJSF 133.73 -2.5
in the latest session. % CHG-Daily percentage change from the previous trading session. ChimeraInvt CIM 4.06 -6.2 J-Long JL 0.80 -2.0
ChromocellTherap CHRO 1.83 -5.8 Jiuzi JZXN 0.46 -5.0
Wednesday, April 10, 2024 Chuy's CHUY 31.01 -2.3 KearnyFinancial KRNY 5.44 -7.7
ClarosMtg CMTG 8.37 -10.6 Kineta KA 0.35 -14.0
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CollectiveAudience CAUD 0.48 -5.5 LeadRealEstate LRE 3.33 -10.0
Comstock LODE 0.31 -2.7 LibertyBroadbandA LBRDA 49.35 -5.1
NeoGames NGMS 29.31 1.0 AllarityTherap ALLR 3.22 -10.0 ComtechTel CMTL 2.56 -8.2 LibertyBroadbandC LBRDK 49.16 -5.3
Highs OCA Acqn A OCAX 10.94 0.1 Allbirds BIRD 0.60 ... CrackerBarrel CBRL 61.79 -4.4 LiqTechIntl LIQT 2.72 -3.5
OCA Acqn Wt OCAXW 0.10 3.0 AltaGlobal MMA 2.95 -7.7 DigitalTurbine APPS 2.01 -5.5 LivePerson LPSN 0.71 -7.8
AP Acqn A APCA 11.35 ...
Ovintiv OVV 55.95 -0.1 AltisourcePortf ASPS 1.38 3.3 EzgoTech EZGO 0.04 -27.8 Lulu'sFashion LVLU 1.25 -7.2
Agric&NatSolnsA ANSC 10.20 ...
PermianRscs PR 18.27 -0.2 AmericanLithium AMLI 0.66 -2.9 Embecta EMBC 11.19 -3.6 LunaInnov LUNA 2.70 -2.1
AlpineImmune ALPN 47.84 20.8
PioneerNatRscs PXD 275.83 1.1 AmerStWater AWR 68.08 -2.5 Emcore EMKR 2.80 -7.7 LuxUrban LUXH 1.16 -7.8
AudioEye AEYE 13.34 8.2
PriceSmart PSMT 86.90 -3.1 AmericanWell AMWL 0.65 -7.7 Endava DAVA 31.82 -2.9 MainStreetBcshs MNSB 17.06 -2.4
BJ'sWholesale BJ 79.60 2.9
PyrophyteAcqn PHYT 11.25 1.0 AmeriServFin ASRV 2.25 0.9 EnergyVault NRGV 1.27 -14.6 MammothEnergy TUSK 3.14 -5.3
BayviewAcqnA BAYA 10.17 ...
QifuTechnology QFIN 20.44 -0.5 AmpriusTech AMPX 1.79 -9.4 EnterpriseBncp EBTC 23.31 -6.3 MartenTransport MRTN 17.08 -3.8
BlockchainCoinWt BCSAW 0.25 5.4
RevolutionMed RVMD 37.50 10.6 AmylyxPharm AMLX 2.45 -7.9 EuropeanWax EWCZ 11.60 -5.1 MatthewsIntl MATW 27.15 -3.6
BlueWorldA BWAQ 11.25 0.2
RigelResourceWt RRAC.WS 0.35 28.0 AnavexLifeSci AVXL 4.17 -2.3 Expensify EXFY 1.49 -9.1 MaxeonSolar MAXN 2.33 -9.2
BrookfldBRP7.25Nt BEPJ 25.14 0.4
SpringValleyII A SVII 11.01 ... AppliedDigital APLD 2.71 4.9 Expion360 XPON 2.00 -4.7 MDxHealth MDXH 2.32 -3.6
CNX Resources CNX 24.74 0.3
SuncorEnergy SU 39.32 1.5 AppliedUV AUVI 0.72 -5.2 ExtremeNetworks EXTR 10.85 -4.8 Medifast MED 31.61 -6.3
Caesarstone CSTE 6.36 8.5
CanadianNatRscs CNQ
CenovusEnergy CVE
82.51
21.88
0.6
1.1
TechnipFMC FTI
TeckResourcesB TECK
27.26
50.30
2.9
0.5
AptevoTherap APVO
AresCommRealEst ACRE
2.21 -26.4
6.81 -4.1
Eyenovia
FLJ
EYEN
FLJ
0.50 -11.6
0.51 -11.2
Metagenomi
MicroAlgo
MGX
MLGO
9.28 -9.8
2.93 -3.4
Victor
Tecnoglass TGLS 59.03 1.0 Asana ASAN 14.37 -3.7 FNCB Bancorp FNCB 5.26 -3.6 Microvast MVST 0.45 2.5
CenovusEnergyWt CVE.WS 17.00 0.7
AscentSolar ASTI 0.13 -51.2 FSD Pharma HUGE 0.56 ... MicroVision MVIS 1.60 -4.7
Active Search Dog
CheetahMobile CMCM 4.04 9.1 TencentMusic TME 11.99 0.1
ChordEnergy CHRD 187.71 1.4 ThirdHarmonic THRD 12.04 7.8 Atlanticus ATLC 26.26 -1.9 Fanhua FANH 4.12 -1.4 MiddlesexWater MSEX 47.60 -4.3 Rescued from Redding, CA.
CuriosityStream CURI 1.53 10.7 TrailblazerI A TBMC 10.67 0.4 AtriCure ATRC 25.76 -6.2 FirstBancorp FNLC 22.07 -3.7 MustangBio MBIO 0.51 -23.1 Photographed by Shaina Fishman
DianaShippingPfd DSXpB 26.99 1.4 Trip.com TCOM 49.92 -0.5 AuburnNatlBncp AUBN 18.20 -3.2 FiverrIntl FVRR 18.83 -4.1 NatlResearch NRC 35.04 -4.1 at SDF’s National Training Center.
EOG Rscs EOG 138.41 0.6 TsakosEnergyPfdF TNPpF 27.25 0.1 Auna AUNA 7.13 6.9 FoxFactory FOXF 42.69 -8.6 Neogen NEOG 12.18 -4.1
EcoWavePower WAVE 4.94 21.6 USComdtyIndxFd USCI 63.33 0.9 BarkWt BARK.WS 0.03 10.0 GD Culture GDC 0.75 -3.2 NetScout NTCT 19.73 -3.4
ElementSolns ESI 25.81 -1.6 ViperEnergy VNOM 40.81 0.3 BeamGlobalWt BEEMW 0.05 -56.3 Galapagos GLPG 30.93 -1.7 NY Mortgage NYMT 6.86 -5.2
Enerplus ERF 20.72 1.5 WKKellogg KLG 21.13 1.0 BigCommerce BIGC 6.16 -4.8 Gaming&Leisure GLPI 43.23 -5.9 Noodles NDLS 1.50 -3.2
EnteraBio ENTX 2.69 -0.9 XBiotech XBIT 9.96 6.7 BinahCapital BCG 7.50 -1.1 Genelux GNLX 4.13 -5.4 NorthfieldBanc NFBK 8.24 -8.9
EquitransMdstm ETRN 12.98 -0.7 ZalatorisAcqn TCOA 10.95 0.1 Bio-Path BPTH 3.40 -9.4 GileadSciences GILD 68.06 -2.6 NutexHealth NUTX 0.93 -16.6
ExxonMobil XOM 122.47 0.8 Biogen BIIB 200.65 -2.4 GladstoneLand LAND 12.72 -4.4 NuvveHolding NVVE 0.69 -1.4
FinnovateAcqn FNVTU
FirstHorizonPfdD FHNpD
12.80
25.70
7.8
...
Lows BioLineRX
Boeing
BLRX
BA
0.66 4.0
172.44 -2.0
GlobalNetLease GNL
GoPro GPRO
6.74 -6.7
1.91 -5.4
Nxu
OceanPwrTech OPTT
NXU 0.58 -1.6
0.24 -1.6
FirstCash FCFS 130.66 2.8 AcadiaPharm ACAD 17.55 -2.3 BoneBiologics BBLG 1.63 -3.5 Graphex GRFX 0.23 -3.2 OneConnectFin OCFT 2.05 -0.9
GalectinTherap GALT 4.10 -3.0 ACELYRIN SLRN 5.61 -4.2 BoundlessBio BOLD 11.72 -1.1 Gritstone GRTS 0.93 -3.3 Ooma OOMA 7.42 -3.3
ICZOOMA IZM 40.97 17.2 Adtran ADTN 4.86 -3.7 Brightcove BCOV 1.78 -2.7 HainCelestial HAIN 6.22 -7.1 OportunFin OPRT 2.09 7.5
IXAcqnWt IXAQW 0.10 50.0 AMC Ent AMC 2.77 -4.7 BroadwayFin BYFC 4.91 -4.7 HamiltonIns HG 12.44 -4.1 OrionOffice ONL 3.12 -7.1
ImperialOil IMO 74.28 1.8 Arko ARKO 4.80 -5.3 BroogeEnergy BROG 1.12 -0.8 HanoverBancorp HNVR 14.10 -1.7 PAM Transport PTSI 14.76 -2.1
Innovid CTV 2.55 -2.8 ArkoWt ARKOW 0.28 -13.6 Brown-Forman B BF.B 49.72 -1.8 HealthCatalyst HCAT 6.06 -6.7 PDS Biotech PDSB 3.07 -3.7
InsightAcqnA INAQ 10.93 0.3 ATI PhysTherapy ATIP 4.45 -4.3 Brown-Forman A BF.A 51.19 -1.7 HealthcrTriangle HCTI 1.38 -9.7 P3HealthPartners PIII 0.58 -10.9
IronHorseAcqnsRt IROHR 0.24 14.2 ATN Intl ATNI 26.68 -4.1 BukitJalilGlb1Wt BUJAW 0.03 -21.1 HeartlandExp HTLD 10.47 -0.9 PainReform PRFX 1.13 -3.3
JVSPAC Acqn A JVSA 10.07 0.1 ATS ATS 31.43 -4.0 C&F Fin CFFI 42.18 -7.4 Hempacco HPCO 1.12 -15.2 PalisadeBio PALI 4.07 -24.9
Karooooo KARO 26.85 1.2 Ayro AYRO 1.30 -4.9 CBD Pao CBD 0.50 -1.5 HowardHughes HHH 64.13 -6.2 ParamountB PARA 10.12 -4.3
LegatoMergerIII LEGT.U 10.19 -0.1 Accuray ARAY 2.33 -1.7 CableOne CABO 376.20 -5.0 InfoSvcs III 3.85 -2.5 ParanovusEntTech PAVS 1.39 -9.7
Lipocine LPCN 6.70 12.8 AcordaTherap ACOR 0.81 -13.8 CadrenalTherap CVKD 0.36 8.2 InfuSystems INFU 7.91 -0.4 Peloton PTON 3.56 -7.6
MachNaturalRscs MNR 20.41 2.8 Adient ADNT 29.30 -4.8 CaliberCos CWD 0.77 -3.3 InglesMarkets IMKTA 72.77 ... PennsWoodsBncp PWOD 17.95 -2.2
MainStreetCap MAIN 47.82 -0.2 AgapeATP ATPC 0.26 -1.1 CapitalCityBank CCBG 25.90 -2.8 InMode INMD 17.74 2.5 Perficient PRFT 50.97 -5.2
Mobile-health MNDR 8.79 67.5 Agrify AGFY 0.34 -1.6 CareMax CMAX 3.09 -15.8 InnovAge INNV 3.88 -2.7 PetcoHealth WOOF 1.73 -2.1
NL Industries NL 8.43 0.6 AkariTherap AKTX 1.19 -1.1 CarParts.com PRTS 1.49 -5.0 InnovativeEyewr LUCY 0.25 -8.2 Continued on Page B8
B6 | Thursday, April 11, 2024 * ** THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
38461.51 t 422.16, or 1.09% Trailing P/E ratio 26.69 22.36 5160.64 t 49.27, or 0.95% Trailing P/E ratio * 24.36 18.12 16170.36 t 136.28, or 0.84% Trailing P/E ratio *† 30.15 26.34
High, low, open and close for each P/E estimate * 18.73 17.81 High, low, open and close for each P/E estimate * 21.10 18.54 High, low, open and close for each P/E estimate *† 26.81 25.72
trading day of the past three months. Dividend yield 2.18 2.08 trading day of the past three months. Dividend yield * 1.40 1.69 trading day of the past three months. Dividend yield *† 0.85 0.85
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16428.82, 03/22/24

Current divisor 0.15221633137872

39800 5500 16500

38800 5300 16000

37800 5100 15500

Session high 36800 4900 15000

DOWN UP 65-day moving average
Session open Close
t

65-day moving average 14500

35800 4700
Close Open
t

65-day moving average Session low 34800 4500 14000

Bars measure the point change from session's open

33800 4300 13500
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 919,410,852 17,724,693
Industrial Average 38662.28 38304.66 38461.51 -422.16 -1.09 39807.37 32417.59 14.3 2.0 4.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 158,712,307 6,086,625
Transportation Avg 15846.85 15555.68 15603.86 -366.40 -2.29 16695.32 13444.01 9.7 -1.9 1.5 Most-active issues in late trading Decl. volume* 755,717,079 11,159,166
Utility Average 869.47 857.01 864.42 -17.45 -1.98 975.39 783.08 -10.8 -2.0 -1.0 Volume After Hours Issues traded 2,894 309
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51563.32 51146.51 51360.56 -560.55 -1.08 52402.86 40414.80 25.7 7.5 6.0 Advances 414 89
Alpine Immune Sciences ALPN 4,434.5 64.25 17.21 36.59 64.35 47.04
Barron's 400 1149.61 1126.55 1129.96 -19.65 -1.71 1166.53 881.58 22.6 5.4 4.5 Declines 2,433 207
SPDR S&P 500 ETF Trust SPY 3,993.7 513.83 -0.29 -0.06 514.30 513.16
Unchanged 47 13
Nasdaq Stock Market Endeavor Group Holdings EDR 2,910.3 26.39 … unch. 26.45 26.37 New highs 36 2
Nasdaq Composite 16200.10 16092.02 16170.36 -136.28 -0.84 16428.82 11799.16 35.6 7.7 5.2 Intel INTC 2,698.0 37.20 … unch. 37.22 37.13 New lows 46 12
Nasdaq-100 18040.83 17932.42 18011.65 -158.25 -0.87 18339.44 12725.11 40.2 7.0 9.2 Direxion Dly Semi 3 Bear SOXS 2,096.5 3.44 0.01 0.29 3.46 3.42 Closing Arms† 0.79 0.50
Hewlett Packard Ent HPE 2,084.1 17.97 -0.03 -0.17 18.22 17.90 Block trades* 4,392 202
S&P
-0.95
ProSh UltraPro Shrt QQQ SQQQ 2,080.2 10.92 0.02 0.18 10.98 10.90
500 Index 5178.43 5138.70 5160.64 -49.27 5254.35 4055.99 26.1 8.2 7.7 Nasdaq NYSE Arca
Invesco QQQ Trust I QQQ 2,057.8 438.06 -0.32 -0.07 438.45 424.92
MidCap 400 2971.17 2935.04 2945.15 -59.97 -2.00 3046.36 2326.82 18.5 5.9 3.3 Total volume*5,308,257,498 473,933,521
SmallCap 600 1304.43 1277.61 1284.79 -38.91 -2.94 1344.66 1068.80 10.4 -2.5 -1.3 Percentage gainers… Adv. volume*1,520,228,944 122,931,501
Rallybio Holdings RLYB 1,496.8 2.26 0.63 38.65 2.40 1.63 Decl. volume*3,773,895,843 350,896,838
Other Indexes
Alpine Immune Sciences ALPN 4,434.5 64.25 17.21 36.59 64.35 47.04 Issues traded 4,372 1,927
Russell 2000 2044.27 2016.55 2028.39 -52.41 -2.52 2124.55 1636.94 14.4 0.1 -3.3
Advances 928 188
NYSE Composite 18171.20 17878.38 17947.30 -223.90 -1.23 18312.67 14675.78 15.8 6.5 4.0 Vera Therapeutics VERA 307.7 45.00 3.38 8.12 51.00 40.99
Declines 3,314 1,733
Value Line 608.34 593.25 595.82 -12.52 -2.06 615.81 498.09 7.7 0.3 -3.0 Easterly Govt Properties DEA 53.8 11.88 0.56 4.95 11.88 11.32
Unchanged 130 6
NYSE Arca Biotech 5267.78 5154.50 5183.56 -84.22 -1.60 5511.46 4544.40 -2.9 -4.3 -1.5
Caribou Biosciences CRBU 64.9 4.56 0.21 4.83 4.56 4.35
New highs 41 16
NYSE Arca Pharma 995.05 984.33 990.06 -4.99 -0.50 1029.37 837.32 12.9 8.8 12.6 ...And losers New lows 187 38
KBW Bank 101.78 99.80 100.30 -3.11 -3.01 104.85 71.71 23.1 4.5 -6.6 Topgolf Callaway Brands MODG 60.8 15.45 -0.78 -4.81 16.23 15.45 Closing Arms† 0.70 0.29
PHLX§ Gold/Silver 138.10 134.46 136.79 -1.83 -1.32 144.37 102.94 -2.5 8.8 -1.6 Patterson-UTI Energy PTEN 87.0 11.66 -0.45 -3.72 12.13 11.66 Block trades* 38,306 2,220
PHLX§ Oil Service 94.28 92.69 93.80 0.20 0.21 98.76 69.29 13.4 11.8 21.9 Melco Resorts & Ent ADR MLCO 461.1 7.00 -0.23 -3.18 7.23 7.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4847.52 4761.11 4790.35 -80.46 -1.65 5165.83 2906.29 56.9 14.7 13.3 LifeStance Health Group LFST 53.5 5.95 -0.19 -3.09 6.14 5.95 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.62 14.59 15.80 0.82 5.47 21.71 12.07 -17.2 26.9 -1.8 CytomX Therapeutics CTMX 115.8 2.04 -0.06 -2.86 2.10 1.95 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 772.78 –6.45 –0.83 6.3 Mobile-health Ntwk Solns MNDR 6.70 2.70 67.50 8.79 4.00 ... Processa Pharmaceuticals PCSA 1.84 -1.07 -36.77 18.00 1.45 -79.1
MSCI ACWI ex-USA 327.14 –2.06 –0.63 3.3 Rent the Runway RENT 7.40 1.97 36.28 69.20 4.46 -88.3 Aptevo Therapeutics APVO 2.40 -0.86 -26.38 91.96 2.21 -97.0
MSCI World 3379.72 –32.37 –0.95 6.6 Infobird IFBD 5.45 1.32 31.96 516.32 3.44 -98.7 Palisade Bio PALI 4.07 -1.35 -24.91 36.60 4.07 -86.4
MSCI Emerging Markets 1057.89 2.52 0.24 3.3 Eco Wave Power Global ADR WAVE 3.66 0.65 21.59 4.94 1.01 33.1 SMART Global Holdings SGH 19.68 -6.24 -24.07 29.99 12.66 25.7
Americas MSCI AC Americas 1952.10 –19.28 –0.98 7.6 Alpine Immune Sciences ALPN 47.04 8.10 20.80 47.84 6.71 548.8 Ryde Group Cl A RYDE 2.15 -0.59 -21.53 8.12 2.02 ...
Canada S&P/TSX Comp 22199.13 –162.65 –0.73 5.9 Kuke Music Holding ADR KUKE 2.50 0.42 20.19 2.79 0.42 129.4 Gyre Therapeutics GYRE 13.88 -3.12 -18.35 30.40 3.00 333.8
Latin Amer. MSCI EM Latin America 2526.31 –59.09 –2.29 –5.1 DigiAsia FAAS 8.73 1.45 19.92 13.99 4.76 -17.3 Veritone VERI 5.24 -1.15 -18.00 7.76 1.48 5.9
Brazil Bovespa 128053.74 –1836.63 –1.41 –4.6 ICZOOM Group Cl A IZM 39.01 5.73 17.22 40.97 1.90 1596.1 CareMax CMAX 3.19 -0.60 -15.83 126.00 3.09 -96.2
Chile S&P IPSA 3693.35 10.76 0.29 6.5 Cartesian Therapeutics RNAC 16.32 2.33 16.65 42.60 11.67 -53.1 Aterian ATER 2.58 -0.47 -15.41 11.40 1.94 -73.1
Mexico S&P/BMV IPC 56636.54 –934.61 –1.62 –1.3 GCT Semiconductor Holding GCTS 7.40 1.03 16.17 56.00 5.00 -28.9 Direxion Rg Banks Bl 3X DPST 63.91 -10.74 -14.39 107.86 34.60 -8.7
EMEA STOXX Europe 600 506.59 0.77 0.15 5.8 Etao International ETAO 4.35 0.53 13.87 24.80 2.40 -73.2 Direxion Homebldr Bl 3X NAIL 116.02 -18.74 -13.91 153.40 40.04 162.9
Eurozone Euro STOXX 513.15 0.54 0.11 8.2 Lipocine LPCN 6.51 0.74 12.82 6.70 2.31 25.3 Golden Matrix Group GMGI 2.48 -0.38 -13.29 3.75 1.95 14.8
Belgium Bel-20 3831.77 –13.65 –0.36 3.3 Prairie Operating PROP 12.82 1.43 12.55 18.50 2.00 482.0 Tourmaline Bio TRML 19.91 -2.98 -13.02 48.31 9.18 9.4
Denmark OMX Copenhagen 20 2622.45 11.51 0.44 14.8 NioCorp Developments NB 3.62 0.40 12.42 7.18 2.22 -47.5 DocGo DCGO 3.35 -0.50 -12.99 10.82 2.78 -58.9
France CAC 40 8045.38 –0.05 6.7 Telomir Pharmaceuticals TELO 7.69 0.84 12.26 20.72 4.76 ... Leslie's LESL 4.72 -0.70 -12.92 11.68 4.39 -55.7
–3.79
Germany DAX 18097.30 0.11 8.0
Israel Tel Aviv 1965.37
20.61
–14.41 –0.73 5.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34039.63 93.34 0.27 12.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 886.67 5.64 0.64 12.7
Norway Oslo Bors All-Share 1577.60 4.96 0.32 3.8 Marin Software MRIN 229,368 70003.5 0.65 126.30 0.94 0.24 Rent the Runway RENT 3,339 7176 7.40 36.28 69.20 4.46
0.04 ProSh UltraPro Shrt QQQ SQQQ 177,840 34.0 10.90 2.73 32.73 10.05 BlackRock AAA CLO ETF CLOA 1,790 5911 51.60 0.06 51.79 50.31
South Africa FTSE/JSE All-Share 75520.37 33.45 –1.8
Direxion Dly Semi 3 Bear SOXS 173,425 23.8 3.43 4.89 23.22 2.76 NeoGames NGMS 1,665 2803 29.29 0.97 29.31 12.51
Spain IBEX 35 10775.00 –41.00 –0.38 6.7
Sweden OMX Stockholm 955.15 –0.13 5.8 Jaguar Health JAGX 172,343 324.0 0.12 28.89 1.22 0.05 Invesco HY Bd Factor IHYF 482 2664 22.11 -0.58 22.42 20.78
–1.21
Nikola NKLA 129,633 39.0 0.98 -2.14 3.71 0.52 Enerflex EFXT 4,692 2576 6.10 0.66 8.36 3.94
Switzerland Swiss Market 11495.21 –10.83 –0.09 3.2
Turkey BIST 100 9814.19 … Closed 31.4 Selina Hospitality SLNA 127,740 1211.0 0.08 -2.93 1.65 0.04 TortoiseEcofin III Cl A TRTL 1,568 2183 10.77 ... 11.21 10.21
U.K. FTSE 100 7961.21 26.42 0.33 2.9 Adial Pharmaceuticals ADIL 105,034 2645.0 2.33 106.19 14.00 0.77 WT US AI Enh Value Fd AIVL 108 1843 99.60 -1.35 101.81 83.41
U.K. FTSE 250 19801.75 0.19 0.6 ProShares UltraPro QQQ TQQQ 100,521 40.3 58.93 -2.63 64.13 25.17 First Trust TCW EM Debt EFIX 98 1808 16.25 -0.32 16.92 14.35
38.40
C3is CISS 100,065 175.2 0.03 -21.67 20.00 0.02 USCB Financial Holdings USCB 283 1602 10.86 -2.95 12.97 8.56
Asia-Pacific MSCI AC Asia Pacific 176.99 –0.44 –0.25 4.5
Tesla TSLA 84,056 -18.3 171.76 -2.89 299.29 152.37 ZEGA Buy & Hedge ETF ZHDG 180 1393 18.52 -0.68 18.91 16.25
Australia S&P/ASX 200 7848.50 24.26 0.31 3.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3027.33 –21.20 –0.70 1.8 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17139.17 311.10 1.85 0.5
India S&P BSE Sensex 75038.15 0.47 3.9
Scan this code
354.45
Japan NIKKEI 225 39581.81 –191.32 –0.48 18.3 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3237.52 … Closed –0.1 track most-active stocks,
South Korea KOSPI 2705.16 … Closed 1.9 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20763.53 –32.67 –0.16 15.8 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1408.17 7.06 0.50 –0.5
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004009 24945 2.8
CREDIT MARKETS Argentina peso .0012865.1898 7.0 Europe
Brazil real .1971 5.0743 4.6 Czech Rep. koruna .04223 23.678 5.8
3.3 2.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.7308 1.3684
.001055 948.00 8.3
Denmark krone
Euro area euro
.1440 6.9443
1.0745 .9307 2.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000263 3807.35 –1.8 Hungary forint .002746 364.21 4.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007147 139.91 2.9
A consumer rate against its 5-year CDs Mexico peso .0608 16.4412 –3.1 Norway krone .0923 10.8354 6.5
benchmark over the past year 6.00% Uruguay peso .02597 38.5100 –1.4 Poland zloty .2518 3.9711 0.9
Bankrate.com avg†: 2.83% Tradeweb ICE 16% Asia-Pacific Sweden krona .0933 10.7190 6.1
America First FCU 4.20% Wednesday Close 5.00 Switzerland franc 1.0953 .9130 8.5
t Australiadollar .6513 1.5354 4.6
Federal-funds 6.00% Riverdale, UT 801-627-0900 8 WSJ Dollar Index Turkey lira .0310 32.3051 9.6
t China yuan .1382 7.2339 1.7
target rate 4.00
s
Ukraine hryvnia .0257 38.9500 2.1
t Popular Direct 4.30% One year ago Hong Kong dollar .1276 7.8367 0.3
5.00 0 UK pound 1.2540 .7974 1.5
3.00 India rupee .01199 83.402 0.3
Miami Lakes, FL 800-274-5696 Middle East/Africa
s Indonesia rupiah .0000626 15980 3.8
4.00 Quontic Bank 4.30% 2.00 –8 s Euro Japan yen .006529 153.17 8.6 Bahrain dinar 2.6532 .3769 –0.01
Five-year CD yields New York, NY 800-908-6600 Yen Kazakhstan tenge .002232 447.96 –1.6 Egypt pound .0210 47.5388 53.7
t 3.00 1.00 Macau pataca .1238 8.0750 0.3 Israel shekel .2673 3.7413 3.8
First Internet Bank of Indiana 4.55% –16
Malaysia ringgit .2106 4.7480 3.3 Kuwait dinar 3.2520 .3075 0.1
Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2023 2024
2.00 New Zealand dollar .5975 1.6736 5.8 Oman sul rial 2.5978 .3849 –0.01
First National Bank of America 4.55% month(s) years
M J J A S ON D J FMA Pakistan rupee .00360 277.950 –1.1 Qatar rial .2746 3.641 –0.1
East Lansing, MI 800-968-3626 maturity Philippines peso .0177 56.552 2.1 Saudi Arabia riyal .2666 3.7513 0.03
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7387 1.3538 2.6 South Africa rand .0533 18.7764 2.6
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007331 1364.04 5.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033506 298.45 –7.9
WSJ Dollar Index 99.65
Close Net Chg % Chg YTD%Chg
0.90 0.92 3.98
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03106 32.196 4.9
Yield (%) 52-Week Total Return (%) Thailand baht .02728 36.660 6.6 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.34 4.80 5.40 5.30
Money market, annual yield 0.48 0.48 0.46 l
l
0.64 0.40
U.S. Treasury, Bloomberg 2113.090 4.780 4.530 5.120 3.610 –2.245 –3.486 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.83 2.84 2.76 l 2.87 2.36 U.S. Treasury Long, Bloomberg 3005.750 4.720 4.590 5.280 3.720 –10.916 –9.807 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.42 7.44 6.85 l 8.28 4.23 Aggregate, Bloomberg 2003.540 5.190 4.950 5.740 4.240 –0.635 –3.250
15-year mortgage, fixed† 6.78 6.74 6.16 l 7.42 4.32
DJ Commodity 1027.25 3.03 0.30 1035.63 930.59 0.24 7.25
Fixed-Rate MBS, Bloomberg 1966.600 5.410 5.150 6.050 4.350 –1.122 –3.680
Jumbo mortgages, $766,550-plus† 7.50 7.52 6.89 l 8.33 4.31 Refinitiv/CC CRB Index 297.86 1.13 0.38 297.86 253.85 8.02 12.90
High Yield 100, ICE BofA 3556.162 7.562 7.377 9.101 7.030 9.062 1.911
Five-year adj mortgage (ARM)† 6.52 6.45 5.65 l 7.16 3.38 Crude oil, $ per barrel 86.21 0.98 1.15 93.68 67.12 3.54 20.32
Muni Master, ICE BofA 579.534 3.551 3.492 4.311 2.801 0.456 –0.880
New-car loan, 48-month 7.83 7.84 6.92 l 7.88 3.79 Natural gas, $/MMBtu 1.885 0.013 0.69 3.575 1.575 -9.94 -25.02
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 853.894 7.359 7.317 8.842 7.205 8.099 –1.655
banks.† Excludes closing costs. Gold, $ per troy oz. 2329.60 -13.90 -0.59 2343.50 1816.60 15.85 12.96
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. * * * Thursday, April 11, 2024 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, April 10, 2024
Metal & Petroleum Futures July 9,652 10,057 s 9,514 9,871 277 52,993 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Open High hi lo Low Settle Chg interest May 213.85 215.90 211.55 214.65 1.10 47,802 Wednesday Wednesday Wednesday
July 211.85 213.90 s 209.70 212.65 .80 106,559 Copper,Comex spot 4.2820 Wheat,No.2 soft red,St.Louis-u 5.5100
Copper-High (CMX)-25,000 lbs.; $ per lb. Energy
April 4.2745 4.2745 4.2645 4.2820 –0.0040 1,108
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Iron Ore, 62% Fe CFR China-s *107.6 Wheat - Hard - KC (USDA) $ per bu-u 6.3350
May 21.69 21.83 21.40 21.46 –.03 204,593 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.350 Steel, HRC USA, FOB Midwest Mill-s *835.0 Wheat,No.1soft white,Portld,OR-u 5.7500
May 4.3000 4.3350 s 4.2410 4.2820 –0.0035 139,379
July 21.32 21.44 21.03 21.09 –.04 245,733 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 Battery/EV metals
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15175
April 2346.60 2358.10 2327.70 2329.60 –13.90 441
July 40.50 40.50 40.50 40.50 … 1,869 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13800 Beef,carcass equiv. index
May 2358.90 2365.90 2325.60 2336.60 –14.00 1,728
Cotton (ICE-US)-50,000 lbs.; cents per lb. Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485 choice 1-3,600-900 lbs.-u 285.86
June 2372.40 2378.10 2337.10 2348.40 –14.00 424,133 May 86.11 86.69 85.25 85.31 –.73 61,239
Engelhard industrial 2331.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 279.77
Aug 2393.00 2399.30 2359.20 2370.10 –13.80 41,835 July 87.89 88.52 87.03 87.07 –.77 89,970
Handy & Harman base 2333.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3301
Oct 2415.30 2421.00 2382.40 2392.10 –13.30 10,441 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Butter,AA Chicago-d 2.9300
Dec 2436.30 2442.40 2403.40 2414.60 –12.30 20,426 May 368.00 380.25 364.25 374.70 8.90 4,850
Handy & Harman fabricated 2589.63 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 156.00
Palladium (NYM) - 50 troy oz.; $ per troy oz. LBMA Gold Price AM *2364.20
July 366.10 376.35 363.65 371.00 7.50 2,402
LBMA Gold Price PM *2356.10 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 157.00
April 1051.70 –22.40 3 Milk,Nonfat dry,Chicago lb.-d 114.50
Krugerrand,wholesale-e 2438.33 Cotton,1 1/16 std lw-mdMphs-u 0.8181
June 1101.50 1110.00 1046.00 1058.40 –27.70 20,095 Interest Rate Futures Cotlook 'A' Index-t *92.65 Coffee,Brazilian,Comp-y 2.1535
Platinum (NYM)-50 troy oz.; $ per troy oz. Maple Leaf-e 2461.78
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.2974
April 966.00 966.00 958.70 964.60 –7.80 7 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% American Eagle-e 2461.78
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4150
June 125-160 125-300 122-150 122-200 –2-30.0 1,602,711 Mexican peso-e 2834.82
July 991.90 997.40 971.30 976.40 –7.70 72,151 Flour,hard winter KC-p 17.50
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 124-080 125-310 123-010 122-310 –2-29.0 15 Austria crown-e 2301.13 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Austria phil-e 2461.78
April 27.765 27.995 27.765 27.961 0.070 228 Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 88.57
May 28.270 28.655 s 27.640 28.052 0.068 102,256 June 118-000 118-100 115-130 115-180 –2-13.0 1,526,617 Silver, troy oz. Pork bellies,12-14 lb MidUS-u n.a.
Corn,No. 2 yellow,Cent IL-bp,u 4.0900
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 118-000 118-090 115-150 115-190 –2-13.0 516 Engelhard industrial 27.9500 Pork loins,13-19 lb MidUS-u 1.2103
Corn gluten feed,Midwest-u,w 93.8
May 85.34 86.38 84.55 86.21 0.98 224,922 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 28.0090 Corn gluten meal,Midwest-u,w 401.7 Steers,Tex.-Okla. Choice-u n.a.
June 109-205 109-265 108-055 108-065 –1-14.0 4,360,627 Handy & Harman fabricated 35.0110 Cottonseed meal-u,w 338 Steers,feeder,Okla. City-u,w 303.75
June 84.57 85.60 83.86 85.44 0.98 297,635
Sept 109-305 110-035 108-160 108-165 –1-14.5 886 LBMA spot price *£22.0400 Hominy feed,Cent IL-u,w 112
July 83.79 84.80 83.16 84.63 0.95 173,102
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% (U.S.$ equivalent) *27.9650 Fats and Oils
Sept 82.11 83.04 81.61 82.87 0.85 115,612 Meat-bonemeal,50% pro Mnpls-u,w 330
June 106-082 106-125 105-060 105-072 –1-01.2 6,070,377 Coins,wholesale $1,000 face-a 21930 Oats,No.2 milling,Mnpls-u 4.1975 Degummed corn oil, crude wtd. avg.-u,w n.a.
Dec 79.62 80.48 79.19 80.28 0.75 183,365
June'25 75.64 76.49 75.43 76.27 0.64 97,461 Sept 106-000 106-030 105-190 105-192 –31.5 13 Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4100
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA Platinum Price PM *982.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
June 101-315 102-011 101-160 101-170 –14.5 3,859,526 Platinum,Engelhard industrial 974.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 358.10 Soybean oil,crude;Centl IL-u,w 0.4814
May 2.6743 2.7179 2.6555 2.7076 .0306 68,897
Sept 102-050 102-050 101-280 101-275 –14.9 16 Palladium,Engelhard industrial 1067.0 Soybeans,No.1 yllw IL-bp,u 11.4300 Tallow,bleach;Chicago-h 0.4350
June 2.6748 2.7135 2.6542 2.7038 .0279 72,812
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Aluminum, LME, $ per metric ton *2402.5 Wheat,Spring14%-pro Mnpls-u 8.2175 Tallow,edible,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
May 2.7538 2.7902 2.7276 2.7816 .0260 117,186 April 94.6725t 94.6700 94.6700
94.6750 505,920
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
June 2.7257 2.7655 2.7073 2.7569 .0267 93,773 May 94.6850t 94.6700 94.6750 –.0100 561,414
94.6900
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/9
May 1.888 1.943 1.867 1.885 .013 250,048 Jan 94.6525 94.6525 94.6525 94.6500 –.0025 10,426 Source: Dow Jones Market Data
June 2.085 2.118 2.054 2.074 .010 170,042 Dec 95.3350 95.3550 t 95.0400 95.0700 –.2600 1,251,100
July 2.397 2.416 2.355 2.376 .001 206,610
Currency Futures
Sept
Oct
2.487
2.576
2.509
2.600
2.457
2.549
2.475
2.566
.006
.007
142,283
105,404 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Bonds | wsj.com/market-data/bonds/benchmarks
March'25 3.223 3.246 3.206 3.227 .020 79,814 April
June
.6595
.6656
t
t
.6597
.6531
.6662
.6594
.6542 –.0054
.6606 –.0055
2,290
318,271
Tracking Bond Benchmarks
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Corn (CBT)-5,000 bu.; cents per bu. April .7372 .7377 t .7299 .7304 –.0059 470
highs and lows for different types of bonds
May 431.00 435.75 430.75 434.25 3.00 448,890 June .7377 .7385 t .7305 .7311 –.0060 186,731
British Pound (CME)-£62,500; $ per £ Total Total
July 442.00 446.75 442.00 445.75 3.25 470,248 return YTD total return YTD total
April 1.2677 1.2707 t 1.2522 1.2527 –.0144 1,460 Yield (%) Yield (%)
Oats (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High
May 330.00 340.25 328.50 337.75 8.00 3,143 June 1.2684 1.2714 t 1.2524 1.2531 –.0145 204,634
July 325.00 337.75 325.00 335.50 11.25 1,652 Swiss Franc (CME)-CHF 125,000; $ per CHF Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Soybeans (CBT)-5,000 bu.; cents per bu. June 1.1153 1.1166 t 1.1016 1.1030 –.0123 90,237
Sept 1.1262 1.1272 t 1.1133 1.1146 –.0121 425 2003.54 -2.7 U.S. Aggregate 5.190 4.240 5.740 1966.60 -3.3 Mortgage-Backed 5.410 4.350 6.050
May 1174.75 1180.75 1163.00 1164.75 –9.75 272,287
July 1186.75 1193.25 1176.25 1178.00 –9.75 277,453 Australian Dollar (CME)-AUD 100,000; $ per AUD U.S. Corporate Indexes Bloomberg Fixed Income Indices 1944.78 -3.2 Ginnie Mae (GNMA) 5.420 4.390 6.020
Soybean Meal (CBT)-100 tons; $ per ton. April .6629 .6632 .6500 .6503 –.0120 421
May 335.60 336.90 330.60 330.90 –4.70 154,064 June .6642 .6645 .6512 .6515 –.0120 206,694 3048.24 -2.3 U.S. Corporate 5.610 5.020 6.430 1155.31 -3.4 Fannie mae (FNMA) 5.410 4.340 6.050
July 338.50 339.70 334.10 334.50 –4.10 169,690 Mexican Peso (CME)-MXN 500,000; $ per MXN
April .06059 .06120 .06050 .06073 –.00015 156 2963.59 -0.9 Intermediate 5.550 4.920 6.350 1792.60 -2.7 Freddie Mac (FHLMC) 5.340 4.320 6.190
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
June .06035 .06068 .05986 .06013 –.00015 309,406 579.53 -1.5 Muni Master 3.551 2.801 4.311
May 47.61 48.03 46.92 47.60 .08 159,315 4009.67 -4.8 Long term 5.730 5.160 6.600
July 48.11 48.55 47.47 48.12 .08 191,198 Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt. April 1.0861 1.0868 1.0731 1.0738 –.0117 1,384 579.11 -3.1 Double-A-rated 5.190 4.380 5.760 412.34 -1.5 7-12 year 3.209 2.404 4.097
May 16.68 17.48 16.62 17.15 .54 4,982 June 1.0886 1.0897 1.0759 1.0766 –.0117 634,692
821.98 -1.9 Triple-B-rated 5.800 5.250 6.700 468.02 -1.7 12-22 year 3.840 3.294 4.742
Sept 14.79 14.85 14.75 14.81 .19 2,326
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures High Yield Bonds ICE BofA 440.82 -1.8 22-plus year 4.403 4.020 5.274
May 558.50 567.25 555.75 558.50 .75 131,608 Mini DJ Industrial Average (CBT)-$5 x index Global Government J.P. Morgan†
529.26 0.7 High Yield Constrained 8.040 7.620 9.560
July 572.50 581.50 570.50 573.50 1.50 151,309 June 39220 39345 38590 38757 –439 92,223
Wheat (KC)-5,000 bu.; cents per bu. Sept 39607 39716 38989 39152 –437 256 517.74 2.1 Triple-C-rated 13.240 12.616 15.455 532.67 -2.0 Global Government 3.460 2.790 3.810
May 577.00 596.75 576.25 594.50 17.25 73,000 Mini S&P 500 (CME)-$50 x index
July 573.25 589.75 573.25 587.75 13.50 112,623 3556.16 0.4 High Yield 100 7.562 7.030 9.101 783.30 -2.4 Canada 3.710 2.940 4.260
June 5264.25 5285.00 5176.50 5207.75 –52.50 2,071,194
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 5320.25 5340.25 5236.00 5266.75 –51.50 16,108 462.84 1.4 Global High Yield Constrained 7.844 7.552 9.440 352.01 -1.2 EMU§ 3.102 2.669 3.790
April 240.300 240.750 237.100 238.275 –2.425 4,213 Mini S&P Midcap 400 (CME)-$100 x index
Aug 249.700 250.775 t 246.350 247.600 –2.500 16,354 June 3037.80 3044.40 2958.80 2970.40 –61.80 35,431 352.68 1.9 Europe High Yield Constrained 6.452 6.207 8.022 647.61 -1.9 France 3.050 2.540 3.630
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 3013.60 3053.00 2994.20 2988.50 –61.80 10 U.S Agency Bloomberg Fixed Income Indices 457.95 -2.1 Germany 2.510 2.020 3.030
April 180.450 180.950 178.525 179.075 –1.625 16,124 Mini Nasdaq 100 (CME)-$20 x index
June 174.675 175.275 172.175 172.850 –2.000 120,647 June 18381.00 18474.25 18053.50 18196.75 –163.00 258,636 1764.38 -0.9 U.S Agency 5.100 4.150 5.390 275.84 -1.1 Japan 1.190 0.710 1.300
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 18598.00 18684.75 18280.00 18425.25 –159.00 1,641
April 91.425 91.800 s 91.150 91.750 1.150 18,191 Mini Russell 2000 (CME)-$50 x index 1563.99 -0.6 10-20 years 5.100 4.130 5.370 498.28 -2.1 Netherlands 2.720 2.260 3.320
June 109.150 109.650 s 104.825 105.550 –3.025 110,197 June 2102.40 2114.00 2027.90 2043.20 –57.10 468,323 3288.06 -4.6 20-plus years 5.130 4.390 5.740 785.73 -3.2 U.K. 4.370 3.710 4.880
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 2128.00 2134.90 2050.90 2064.80 –57.60 526
May 555.50 557.50 t 551.00 552.50 –3.00 5,952 Mini Russell 1000 (CME)-$50 x index 2681.09 -1.6 Yankee 5.460 4.720 6.110 853.89 0.6 Emerging Markets ** 7.359 7.205 8.842
July 578.00 579.00 574.00 578.50 … 1,975 June 2852.00 2880.30 2843.30 2856.60 –27.50 5,924
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
April 15.53 15.59 15.46 15.56 … 4,974 June 103.89 105.09 s 103.80 105.03 1.11 39,949 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 16.69 16.93 16.59 16.66 –.04 7,149 Sept 103.53 104.72 s 103.50 104.65 1.10 494
Cocoa (ICE-US)-10 metric tons; $ per ton.
May 10,300 10,629 s 10,148 10,411 207 23,807 Source: FactSet
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Macro & Market Economics
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Watching the Gauges: U.S. Supply and Demand Coupon (%) Maturity, in years
4.500 U.S. 2 4.969 s
Latest(l)-1 0 1 2 3 4 5 Previous
l 4.747
Month ago
4.484
Year ago
4.004
Latest Prev Year ago

Inventories, imports and demand for the week ended April 5. Current figures are in thousands of barrels or 4.000 10 4.559 s l 4.365 4.088 3.414
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 4.250 Australia 2 3.770 t 3.795 3.741 2.845 -95.8 -117.1
l -120.7
and demand data are available monthly only.
3.750 10 4.128 t l 4.185 3.989 3.194 -43.3 -18.4 -22.3
Inventories, 000s barrels Imports, 000s barrels per day 2.500 France 2 2.944 s l 2.881 2.756 2.669 -203.3 -187.2 -134.7
3.500 10 2.929 s l 2.858 2.718 2.703 -163.2 -151.1 -71.4
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 2.500 Germany 2 2.975 s l 2.900 2.760 2.552 -200.2 -185.3 -146.4
Crude oil and 2.200 10 2.435 s l 2.373 2.266 2.186 -212.6 -199.7 -123.1
petroleum prod 1,227,499 ... 1,215 1,235 1,218 1,254 8,801 ... 8,283 8,468 8,292 8,111 3.600 Italy 2 3.487 s l 3.411 3.314 3.082 -149.0 -134.2 -93.4
Crude oil
4.200 10 3.770 s l 3.718 3.570 4.027 -79.1 -65.1 61.0
excluding SPR 457,258 800 451 471 450 470 6,434 ... 6,618 6,193 6,508 5,924
Gasoline 228,531 ... 228 222 230 236 730 ... 488 813 559 738 0.200 Japan 2 0.233 s l 0.223 0.198 -0.040 -474.4 -453.0 -405.6
Finished gasoline 13,774 -1,400 13 16 14 20 221 ... 109 149 114 180 0.800 10 0.799 s l 0.785 0.735 0.469 -376.3 -358.5 -294.8
Reformulated 22 ... 0 0 0 0 0 ... 0 0 0 0 2.800 Spain 2 3.138 s 3.057 2.925 2.798 -169.6 -121.8
l -183.9
Conventional 13,752 ... 13 16 14 20 221 ... 109 149 114 180
Blend. components 214,756 ... 215 207 216 216 509 ... 379 664 445 558 3.250 10 3.242 s l 3.186 3.076 3.219 -131.9 -118.3 -19.8

Natural gas (bcf) 2,259 ... 2 2 2 2 ... ... ... ... ... … 0.125 U.K. 2 4.354 s l 4.196 4.244 3.363 -62.3 -55.7 -65.3
4.250 10 4.154 s l 4.033 4.060 3.433 -40.8 -33.6 1.7
Kerosene-type
jet fuel 41,189 ... 41 39 41 39 135 ... 137 137 133 179 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Distillates 117,728 -600 116 112 117 125 163 ... 104 233 151 146
Heating oil
Diesel
7,027
110,701
...
...
7
110
7
105
7
110
9
58
2
161
...
...
1
103
0
233
1
150
0
145
Corporate Debt
Residual fuel oil 29,360 ... 30 31 30 32 161 ... 157 90 118 198 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Other oils 275,521 ... 271 278 271 279 1,070 ... 656 897 706 804 expectations
Net crude, petroleum Investment-grade spreads that tightened the most…
products, incl. SPR 1,591,735 ... 1,579 1,604 1,581 1,823 -760 ... -1,677 -203 -2,240 -1,081 Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Weekly Demand, 000s barrels per day Natural gas storage Pfizer PFE 4.125 5.41 Dec. 15, ’46 70 –190 71
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Morgan Stanley MS 4.300 5.52 Jan. 27, ’45 77 –182 79
Current change week ago avg avg
Altria MO 5.375 5.70 Jan. 31, ’44 101 –178 96
Total petroleum –175
4250 BHP Billiton Finance … 5.000 5.55 Sept. 30, ’43 80 80
product 19,236 ... 21,292 19,055 19,950 18,327 Natural gas,
NGPL PipeCo … 7.768 6.56 Dec. 15, ’37 205 –153 n.a.
Finished lower 48 states 3250
t Kroger KR 6.900 5.70 April 15, ’38 130 –135 n.a.
motor gasoline 8,612 ... 9,236 8,936 8,843 8,242
–64
t
2250 Nomura Holdings … 2.329 5.47 Jan. 22, ’27 93 96
Kerosene-type
Five-year average –62
Verizon Communications VZ 4.329 5.03 Sept. 21, ’28 67 64
jet fuel 1,608 ... 1,735 1,524 1,622 1,351 for each week
1250
Distillates 2,985 ... 3,495 3,763 3,574 3,673 …And spreads that widened the most
Residual fuel oil 551 ... 517 87 341 183 250 Westpac Banking … 1.150 5.03 June 3, ’26 29 86 n.a.
Propane/propylene 1,305 ... 1,429 975 1,099 ... A M J J A S O N D J F M
Other oils 4,176 ... 4,882 3,770 4,473 ... KeyBank … 4.900 7.02 Aug. 8, ’32 247 15 234
2023 2024
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. John Deere Capital … 4.850 5.14 Oct. 11, ’29 53 6 51
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
UBS* … 4.550 5.66 April 17, ’26 71 6 74

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Goldman Sachs GS 6.750 5.94 Oct. 1, ’37 144 5 150
Citigroup C 4.650 5.70 July 30, ’45 94 4 n.a.
Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) RTX RTX 4.500 5.67 June 1, ’42 92 4 92
SPDR S&PMdCpTr MDY 537.60 –2.10 6.0 3
Wednesday, April 10, 2024 Closing Chg YTD
SPDR S&P Div SDY 127.89 –1.55 2.3
Apple AAPL 3.850 5.20 May 4, ’43 46 n.a.
ETF Symbol Price (%) (%)
Closing Chg YTD TechSelectSector XLK 204.71 –1.23 6.4
ETF Symbol Price (%) (%) iSh1-5YIGCpBd
iSh1-3YTreaBd
IGSB
SHY
50.72
81.06
–0.57
–0.41
–1.1
–1.2
VanEckSemicon
VangdSC Val
SMH
VBR
222.15
184.52
–0.87
–2.34
27.0
2.5
High-yield issues with the biggest price increases…
CommSvsSPDR XLC 81.97 –0.79 12.8
iShRussMC IWR 81.91 –1.63 5.4 VangdExtMkt VXF 169.38 –2.04 3.0 Bond Price as % of face value
CnsmrDiscSel XLY 178.59 –1.54 –0.1
DimenUSCoreEq2 DFAC 31.20 –1.33 6.7 iShRuss1000 IWB 283.06 –1.02 7.9 VangdSC Grwth VBK 252.28 –1.94 4.3 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
EnSelSectorSPDR XLE 97.79 0.31 16.6 iShRuss1000Grw IWF 332.64 –0.73 9.7 VangdDivApp VIG 177.58 –1.20 4.2
FinSelSectorSPDR XLF 40.89 –1.49 8.8
iShRuss1000Val IWD 174.77 –1.43 5.8 VangdFTSEAWxUS VEU 57.92 –1.36 3.2 Bausch Health … 11.000 18.44 Sept. 30, ’28 78.000 2.91 68.000
GBTC iShRuss2000 IWM 200.93 –2.64 0.1 VangdFTSEDevMk VEA 49.21 –1.50 2.7
GrayscaleBitcoin 62.47 1.66 80.4
HealthCrSelSect XLV 141.59 –1.17 3.8
iShS&P500Grw IVW 83.69 –0.66 11.4 VangdFTSE EM VWO 42.28 –1.10 2.9 Embarq … 7.995 16.86 June 1, ’36 54.772 1.84 n.a.
iShS&P500Value IVE 181.71 –1.37 4.5 VangdFTSE Europe VGK 66.17 –1.18 2.6
IndSelSectorSPDR XLI 124.09 –0.85 8.9 0.09
InvscNasd100 QQQM 180.38 –0.86 7.0
iShSelectDiv DVY 119.39 –2.33 1.9 VangdGrowth VUG 340.85 –0.58 9.6 Advance Auto Parts AAP 5.900 5.90 March 9, ’26 100.000 99.907
iSh7-10YTreaBd IEF 92.06 –1.33 –4.5 VangdHlthCr VHT 259.74 –1.22 3.6
InvscQQQI QQQ 438.37 –0.87 7.0
InvscS&P500EW RSP 164.71 –1.70 4.4
iShShortTreaBd
iShTIPSBond
SHV
TIP
110.18
105.84
–0.01
–0.96
0.0
–1.5
VangdHiDiv
VangdInfoTech
VYM
VGT
118.05
514.08
–1.26
–0.91
5.8
6.2 …And with the biggest price decreases
iShBitcoin IBIT 40.00 1.70 ...
TLT
iSh20+YTreaBd 90.22 –2.18 –8.8 VangdIntrCorpBd VCIT 78.74 –1.18 –3.1
iShCoreDivGrowth DGRO 56.61 –1.19 5.2 iShUSTreasuryBd GOVT 22.25 –1.07 –3.4 VangdIntermTrea VGIT 57.34 –1.09 –3.3 Paramount Global PARA 4.375 7.97 March 15, ’43 65.177 –2.04 66.353
iShCoreMSCIEAFE IEFA 72.84 –1.33 3.5 iSh0-3MTreaBd SGOV 100.43 0.02 0.2 VangdLC VV 236.02 –0.89 8.2
iShCoreMSCIEM IEMG 51.83 –1.37 2.5 JPM EqPrem JEPI 56.68 –0.93 3.1 VangdMegaGrwth MGK 283.66 –0.56 9.3 Hughes Satellite Systems … 5.250 14.73 Aug. 1, ’26 82.020 –1.25 84.250
iShCoreMSCITotInt IXUS 67.10 –1.40 3.3 JPM UltShIncm JPST 50.27 –0.08 0.1 VangdMC VO 243.71 –1.49 4.8
iShCoreS&P500 IVV 516.72 –0.97 8.2 PacerUSCashCows COWZ 57.03 –1.25 9.7 VangdRealEst VNQ 82.41 –4.14 –6.7 Sealed Air SEE 6.875 6.60 July 15, ’33 101.903 –1.19 103.125
iShCoreS&P MC IJH 58.78 –2.03 6.0 ProShUltPrQQQ TQQQ 58.93 –2.63 16.2 VangdRuss1000Grw VONG 85.61 –0.72 9.7
iShCoreS&P SC IJR 105.66 –2.98 –2.4 SPDRBbg1-3MTB BIL 91.54 0.02 0.2 VangdS&P500ETF VOO 472.65 –0.97 8.2 Bath & Body Works BBWI 5.250 6.34 Feb. 1, ’28 96.375 –1.06 98.125
iShCoreS&PTotUS ITOT 113.14 –1.10 7.5 SPDR DJIA Tr DIA 384.51 –1.11 2.0 VangdST Bond BSV 75.89 –0.56 –1.5
iShCoreTotUSDBd IUSB 44.63 –1.15 –3.1 SPDR Gold GLD 215.61 –0.95 12.8 VangdSTCpBd VCSH 76.51 –0.57 –1.1 DISH DBS … 5.125 27.72 June 1, ’29 39.938 –1.06 n.a.
iShCoreUSAggBd AGG 95.76 –1.20 –3.5 SPDRPtfDevxUS SPDW 35.18 –1.48 3.4 VangdShortTrea VGSH 57.58 –0.42 –1.3
iShEdgeMSCIMinUSA USMV 81.51 –0.97 4.5 SPDRS&P500Value SPYV 48.73 –1.36 4.5 VangdSC VB 220.38 –2.18 3.3 Venture Global Calcasieu Pass … 4.125 6.21 Aug. 15, ’31 87.875 –0.88 88.375
iShEdgeMSCIUSAQual QUAL 160.88 –0.97 9.3 SPDRPtfS&P500 SPLG 60.48 –0.98 8.2 VangdTaxExemptBd VTEB 49.83 –0.62 –2.4
iShGoldTr IAU 44.04 –0.97 12.8 SPDRS&P500Growth SPYG 72.52 –0.66 11.5 VangdTotalBd BND 71.04 –1.17 –3.4 Transocean RIG 7.500 8.83 April 15, ’31 93.167 –0.83 93.750
iShiBoxx$IGCpBd LQD 106.04 –1.42 –4.2 SPDR S&P 500 SPY 514.12 –1.00 8.2 VangdTotIntlBd BNDX 48.73 –0.55 –1.3
iShMBS MBB 90.10 –1.49 –4.2 SchwabIntEquity SCHF 38.27 –1.47 3.5 VangdTotIntlStk VXUS 59.62 –1.41 2.9 Rakuten … 9.750 9.81 April 15, ’29 99.750 –0.75 100.875
iShMSCIACWI ACWI 108.37 –1.14 6.5 SchwabUS BrdMkt SCHB 59.88 –1.12 7.6 VangdTotalStk VTI 254.97 –1.12 7.5
iShMSCI EAFE EFA 78.30 –1.32 3.9 SchwabUS Div SCHD 78.13 –1.79 2.6 VangdTotWrldStk VT 108.76 –1.15 5.7 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iSh MSCI EM EEM 41.23 –1.36 2.5 SchwabUS LC SCHX 61.01 –1.02 8.2 VangdValue VTV 158.77 –1.26 6.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 106.16 –0.68 –2.1 SchwabUS LC Grw SCHG 91.89 –0.64 10.8 WT FRTrea USFR 50.39 0.02 0.3 Source: MarketAxess
B8 | Thursday, April 11, 2024 * ** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq HCA Healthcare HCA 327.76 -1.13 LyondellBasell LYB 103.53 -1.23 PayPal PYPL 65.88 -1.12 SunComms SUI 123.77 -4.43ToyotaMotor TM 244.79 -2.14 VulcanMatls VMC 264.56 -1.06
Stock Market listed securities. Prices are consolidated from trades reported by various HDFC Bank HDB 58.43 -0.59 Pearson PSO 12.57 -0.10 SunLifeFinancial SLF 52.46 -0.72TractorSupply TSCO 253.30 0.11
market centers, including securities exchanges, Finra, electronic communications HF Sinclair DINO 60.81 -0.26 M N PembinaPipeline PBA 35.18 -0.33 s SuncorEnergy SU 39.31 0.58TradeDesk TTD 86.44 -0.40 W X Y Z
networks and other broker-dealers. The list comprises the 1,000 largest companies HP HPQ 28.95 -1.02 PenskeAuto PAG 150.14 -4.28 SuperMicroComp SMCI 908.54 4.34Tradeweb TW 103.18 0.15
based on market capitalization. HSBC HSBC 41.81 0.65 Macom Tech MTSI 99.46 -3.32 Pentair PNR 82.45 -1.27 Suzano SUZ 12.14 -0.21TraneTech TT 298.54 -2.68 WEC Energy WEC 79.72 -2.19
HTHT 39.82 -0.17 M&T Bank MTB 134.86 -5.90 Penumbra SynchronyFinl SYF 41.44 -0.89TransDigm TDG 1219.91 3.98 WEX WEX 240.58 0.71
Underlined quotations are those stocks with large changes in volume compared H World
MGM Resorts MGM
PEN 221.10 -1.81
WPC 55.66 -2.10
with the issue’s average trading volume. Haleon HLN 8.17 -0.12
44.68 -1.73
PepsiCo PEP 168.95 -1.66 Synopsys SNPS 561.23 -7.76TransUnion TRU 76.36 -3.35 W.P.Carey
Halliburton HAL 41.11 0.13 MKS Instrum MKSI 124.34 -5.11 PerformanceFood PFGC 71.21 -0.27 Sysco SYY 76.96 -0.55Travelers TRV 224.38 0.54 WPP WPP 47.53 -0.40
Boldfaced quotations highlight those issues whose price changed by 5% or more if HartfordFinl HIG 99.31 0.44 MPLX MPLX 41.39 -0.36 s
PermianRscs PR 18.04 -0.04 Trex TREX 92.12 -3.90 Wabtec WAB 147.54 -0.32
their previous closing price was $2 or higher. Hasbro HAS 56.78 -0.55 MSA Safety MSA 192.23 -1.34
MSCI 533.05 -21.67
PetroleoBrasil PBR 16.16 0.28 T U V Trimble TRMB 61.52 -1.45 WalgreensBoots WBA 18.02 -1.16
t
Footnotes: HealthpeakProp DOC 18.68 -0.66 MSCI PetroleoBrasilA PBR.A 15.66 0.20 s Trip.com TCOM 48.75 -0.25 Walmart WMT 60.62 0.83
MagnaIntl MGA 50.65 -2.27 TC Energy TRP 37.16 -1.18
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Heico HEI 190.73 2.97 Pfizer PFE 26.32 -0.46 TruistFinl TFC 37.50 -1.47 WarnerBrosA WBD 8.32 -0.37
MakeMyTrip MMYT 70.04 0.43 TD Synnex SNX 114.92 -1.39 WarnerMusic WMG 34.96 -0.24
quarters. Heico A HEI.A 154.65 2.20 PhilipMorris PM 89.72 -1.35 TE Connectivity TEL 144.94 -2.93
Twilio TWLO 61.85 0.24
ManhattanAssoc MANH 238.30 -3.88 TylerTech TYL 411.85 -11.35 WasteConnections WCN 168.41 0.05
HenrySchein HSIC 71.86 -1.31 Phillips66 PSX 165.16 -0.25
Stock tables reflect composite regular trading as of 4 p.m. ET and ManulifeFinl MFC 24.10 -0.56 Telus TU 16.20 -0.22
TysonFoods TSN 58.17 -1.24 WasteMgt WM 208.20 1.72
Hershey HSY 192.03 -2.55 Pilgrim'sPride PPC 35.19 -0.12
changes in the official closing prices from 4 p.m. ET the previous day. Maplebear CART 38.47 -0.04 Ternium TX 44.18 0.18
UBS Group UBS 29.45 -1.35 Waters WAT 337.15 -7.88
Hess HES 157.99 1.65 PinnacleWest PNW 72.20 -2.42 TFI Intl TFII 159.07 -3.02
MarathonOil MRO 29.68 0.40 UDR UDR 37.22 -0.65 Watsco WSO 423.34 -13.75
HessMidstream HESM 35.74 -0.32 Pinterest PINS 33.50 -1.16 TIM TIMB 17.55 -0.61
MarathonPetrol MPC 211.22 -0.90 s U-Haul UHAL 64.82 -3.29 Wayfair W 61.73 -4.59
HewlettPackard HPE 18.00 -0.02 PioneerNatRscs PXD 275.32 3.04 TJX TJX 96.28 -0.82
Wednesday, April 10, 2024 Net Net Hilton Markel MKL 1490.09 -0.16 WeatherfordIntl WFRD 121.83 0.82
HLT 209.59 -0.32
MarketAxess MKTX 222.19 -4.31
PlainsAllAmPipe PAA 18.13 -0.40 TKO TKO 97.55 0.05 U-Haul N UHAL/B 62.69 -3.45
WebsterFin WBS 46.91 -1.70
Net Stock Sym Close Chg Stock Sym Close Chg Hologic HOLX 77.61 -0.80 PlainsGP PAGP 19.10 -0.21 T-MobileUS TMUS 160.38 -0.62 US Foods USFD 51.64 -0.14
Marriott MAR 254.35 -0.59
Stock Sym Close Chg HomeDepot HD 350.56 -10.86 Pool POOL 381.35 -18.73 TPG TPG 44.74 -0.30 UWM UWMC 6.26 -0.50 WellsFargo WFC 56.94 -0.64
BostonProps BXP 61.33 -3.97 Dick's DKS 206.41 -0.48 HondaMotor HMC 36.58 -0.46 Marsh&McLen MMC 201.18 -3.15 Primerica UBER 74.35 -0.79 Welltower WELL 90.20 -1.80
MartinMarietta MLM 606.55 -4.08
PRI 243.23 0.29 T.RowePrice TROW 116.58 -3.07 Uber WCC 167.02 -5.76
A B C BostonSci BSX 68.65 -0.01 DigitalRealty DLR 141.40 -4.48 Honeywell HON 195.65 -2.76 PrincipalFinl PFG 81.27 -1.54 TaiwanSemi TSM 146.22 0.82 UiPath PATH 21.41 -0.39 WescoIntl
BristolMyers BMY 50.29 -1.31 DiscoverFinSvcs DFS 123.29 -2.05 HormelFoods HRL 34.77 -0.54 MarvellTech MRVL 71.43 -1.91 ProcoreTech PCOR 75.52 -3.71 WestPharmSvcs WST 389.77 -2.61
MAS 73.99 -2.74 TakeTwoSoftware TTWO 152.12 -2.58 UltaBeauty ULTA 450.95 -3.85 WesternDigital WDC 72.25 -0.40
BritishAmTob BTI 29.15 -0.70 Disney DIS 117.19 -0.78 DR Horton DHI 148.25 -10.12 Masco UL
AECOM ACM 94.97 -1.17 MASI 142.82 -2.09
Procter&Gamble PG 157.24 0.58 TakedaPharm TAK 13.57 -0.08 Unilever 47.74 -0.66
Broadcom AVGO 1322.37 -11.71 DocuSign DOCU 59.25 -0.89 HostHotels HST 20.14 -0.58 Masimo WesternMidstrm WES 35.47 -0.02
AES AES 17.68 -0.61 Mastercard MA 469.17 -2.99
Progressive PGR 206.15 1.34 Tapestry TPR 41.44 -1.25 UnionPacific UNP 236.85 -3.94 Westlake WLK 157.49 -4.57
BroadridgeFinl BR 203.57 -3.67 DolbyLab DLB 81.36 -2.03 HoulihanLokey HLI 129.21 -1.94
Aflac AFL 82.92 -0.25 Prologis PLD 120.62 -5.64 TargaResources TRGP 114.68 0.27 UnitedAirlines UAL 42.37 -1.07
BrookfieldAsset BAM 40.36 -1.61 DollarGeneral DG 154.63 1.24 HowmetAerospace HWM 65.25 -0.60 MatadorRscs MTDR 70.15 1.42 PrudentialFinl PRU 112.72 -1.58 WestRock WRK 49.10 -0.05
AGCO AGCO 125.37 1.45 MatchGroup MTCH 33.47 -1.64 Target TGT 171.62 -0.01 UnitedMicro UMC 8.18 -0.09
Ansys ANSS 339.49 -5.01 Brookfield BN 39.18 -1.93 DollarTree DLTR 128.73 1.40 Hubbell HUBB 406.91 -2.26 t Prudential PUK 17.96 -0.50 s TechnipFMC FTI 26.95 0.76 UPS B UPS 147.26 -3.31 Weyerhaeuser WY 33.60 -1.43
BrookfieldInfr BIP 27.68 -1.55 DominionEner D 48.80 -0.75 HubSpot McCormickVtg MKC.V 75.65 -0.05 WheatonPrecMtls WPM 51.31 0.31
APA APA 35.05 0.16 HUBS 657.71 -1.42
McCormick MKC 74.78 -0.85
PublicServiceEnt PEG 66.57 -0.63 s TeckResourcesB TECK 49.38 0.24 UnitedRentals URI 682.13 -14.63
BrookfieldRenew BEPC 23.36 -1.14 Domino's DPZ 506.83 8.38 Humana Williams WMB 38.88 -0.36
ASE Tech ASX 10.95 -0.16 HUM 319.17 -0.45
McDonald's MCD 268.67 -0.77 PublicStorage PSA 275.85 -17.49 TeledyneTech TDY 402.48 -13.58 US Bancorp USB 42.03 -1.91
Brown&Brown BRO 83.60 -0.96 Donaldson DCI 74.17 -0.59 JBHunt X Williams-Sonoma WSM 293.24 -15.75
ASML ASML 974.61 -15.22 JBHT 188.19 -6.26
MCK 529.99 2.71 PulteGroup PHM 109.40 -5.99 Teleflex TFX 218.24 -5.55 US Steel 42.61 0.68
DoorDash DASH 137.18 0.41 HuntingtonBcshs HBAN 13.58 -0.46 McKesson
AT&T T 16.73 -0.17 t Brown-Forman A BF.A 51.43 -0.88
MEDP 397.72 -7.05 PureStorage PSTG 53.14 0.41 Ericsson ERIC 5.09 -0.13 UnitedTherap UTHR 237.79 0.75 WillisTowers WTW 263.83 -1.27
Dover DOV 173.83 -3.52 HuntingIngalls HII 275.15 -0.35 Medpace
Brown-Forman B BF.B 50.00 -0.92 9.88 -0.27 UnitedHealth UNH 450.05 -9.67 WillScotMobile WSC 42.10 -1.17
AbbottLabs ABT 111.17 -1.27 t QGEN 41.18 -0.79
Bruker BRKR 88.53 -1.49 Dow DOW 58.85 -1.02 HyattHotels H Medtronic MDT 82.33 -1.47 Qiagen TelefonicaBras VIV
25.92 -1.16 Wingstop WING 360.05 5.73
AbbVie ABBV 169.03 -1.11 155.89 -1.48
MercadoLibre MELI 1478.00 -17.01 Qorvo QRVO 113.38 -3.11 Telefonica TEF 4.27 -0.04 UnitySoftware U
Accenture ACN 324.40 -8.76 BuildersFirst BLDR 187.14 -12.05 DrReddy'sLab RDY 72.60 -1.29 ICICI Bank IBN 26.43 -0.19 Qualcomm QCOM 170.86 -4.71 t TelekmIndonesia TLK 21.09 -0.38 UnivDisplay OLED 163.64 -3.72 Wipro WIT 5.57 -0.11
BungeGlobal BG 107.64 0.58 DraftKings DKNG 44.98 -0.56 IdexxLab Merck MRK 126.75 0.04 UniversalHealthB UHS 170.23 -1.27 Wix.com WIX 131.23 -4.86
AcuityBrands AYI 266.01 -0.24 IDXX 504.14 -15.67 QuantaServices PWR 254.30 -2.10 TempurSealy TPX 52.02 -1.57
Dropbox DBX 23.36 0.04 ING Groep MetaPlatforms META 519.83 2.93
Adobe ADBE 487.22 -5.33 BurlingtonStrs BURL 194.70 -4.75 ING 16.84 -0.19
MetLife MET 71.91 -0.97 QuestDiag DGX 131.62 -1.13 Tenaris TS 39.98 0.40 UnumGroup UNM 51.09 -0.54 WoodsideEnergy WDS 19.48 -0.40
AdvDrainageSys WMS 165.21 -4.34 CACI Intl CACI 367.31 -5.49 DukeEnergy DUK 95.41 -1.91 Invesco IVZ 15.87 -1.07 Mettler-Toledo MTD 1305.44 -31.16 s TencentMusic TME 11.85 0.01 VICI Prop VICI 28.11 -1.69 Woodward WWD 149.93 -2.66
AdvMicroDevices AMD 167.14 -3.64 CBRE Group CBRE 91.33 -4.87 Duolingo
DuPont
DUOL 217.88 -4.20 IQVIA
DD 76.19 -1.09 ITT
IQV 239.41 -5.92 MicrochipTech MCHP 88.09 -3.58 R S TenetHealthcare THC 101.10 -0.71 VailResorts MTN 231.92 -0.33 WooriFinl WF 30.32 -1.15
WDAY 266.86 -4.24
Aegon AEG 6.19 -0.07 CDW CDW 247.28 -6.97 ITT 129.73 -2.32 MicronTech MU 122.20 -0.43 Teradyne TER 106.40 -4.79 Vale VALE 12.15 -0.35 Workday
AerCap AER 85.04 -0.99 CF Industries CF 80.89 -0.23 Dynatrace DT 47.45 -0.28 IcahnEnterprises IEP 17.38 -0.13 Microsoft RBC Bearings RBC 263.42 -3.73 Tesla TSLA 171.76 -5.12 ValeroEnergy VLO 175.70 -0.56 WynnResorts WYNN 104.24 -2.25
elfBeauty ELF 167.18 -2.97 Icon MSFT 423.26 -3.02 RB Global RBA 73.81 -0.49 XP
AffirmHldgs AFRM 33.57 -1.80 CGI A GIB 104.98 -2.17 ICLR 312.51 -6.63 MicroStrategy MSTR TetraTech TTEK 192.11 -2.40 VeevaSystems VEEV 210.92 -5.62 XP 24.19 -1.14
EMCOR EME 350.06 -1.84 IDEX 1566.00124.98 RELX 41.54 -0.69
AgilentTechs A 144.16 -3.24 CH Robinson CHRW 72.01 -0.92 IEX 236.39 -5.19 MidAmApt MAA 132.95 -2.43 RELX TevaPharm TEVA 13.85 -0.12 Ventas VTR 42.40 -1.61 XPO XPO 125.71 -1.63
CME Group CME 212.00 2.22 ENI E 33.21 -0.45 IllinoisToolWks ITW 259.29 -3.29 RPM RPM 110.64 -2.43 TexasInstruments TXN 168.92 -4.54 Veralto VLTO 88.20 -1.00 XcelEnergy XEL 53.75 -0.62
AgnicoEagleMines AEM 61.26 -0.95 Middleby MIDD 147.39 -5.75
CMS Energy CMS 58.14 -1.10 s EOG Rscs EOG 137.95 0.89 Illumina ILMN 131.17 -2.40 MitsubishiUFJ MUFG 10.04 -0.09 RTX RTX 101.36 -0.24 TexasPacLand TPL 594.22 4.81 VeriSign VRSN 188.31 -1.38 Xylem XYL 128.19 -0.74
AirProducts APD 235.91 -3.75
CNA Fin CNA 44.01 -0.09 EPAM Systems EPAM 266.79 -7.38 s ImperialOil IMO 73.88 1.31 MizuhoFin RalphLauren RL 166.47 -3.21 TexasRoadhouse TXRH 149.41 0.15 VeriskAnalytics VRSK 225.92 -3.44 YPF YPF 21.46 -0.29
Airbnb ABNB 160.28 -2.38 MFG 3.89 -0.01 RangeResources RRC 36.33 0.13
CNH Indl CNHI 13.09 -0.04 EQT EQT 37.71 -0.24 Incyte INCY 55.00 -0.30 Textron TXT 95.64 -0.67 Verizon VZ 40.52 -0.32 Yum!Brands YUM 137.95 0.93
AkamaiTech AKAM 104.38 -3.19 MBLY 30.91 -1.12 RaymondJames RJF 127.13 -0.94
CRH CRH 83.45 -0.53 EagleMaterials EXP 253.12 -6.07 Informatica INFA 37.70 -0.45 Mobileye ThermoFisher TMO 573.71 -15.49 VertexPharm VRTX 397.58 -6.90 YumChina YUMC 38.61 -0.53
Albemarle ALB 127.65 -1.51 Moderna MRNA 107.14 -4.46
CSX CSX 35.41 -0.54 EastWestBncp EWBC 73.70 -2.55 Infosys INFY 18.00 -0.19 MohawkInds MHK 119.67 -5.48 RealtyIncome O 52.14 -2.24 ThomsonReuters TRI 153.17 -1.37 Vertiv VRT 84.77 2.97 ZTO Express ZTO 20.42 -0.06
Albertsons ACI 20.86 -0.07
CVS Health CVS 71.15 -2.21 EastGroup EGP 172.57 -5.51 IngersollRand IR 92.99 -0.51 MolinaHealthcare MOH 377.15 -2.82 RegalRexnord RRX 166.99 -4.81 3M MMM 92.63 0.02 Viatris VTRS 11.71 -0.11 ZebraTech ZBRA 299.91 -6.26
Alcon ALC 82.19 -0.49
CadenceDesign CDNS 304.59 -6.82 EastmanChem EMN 100.65 -1.30 Ingredion INGR 112.88 -0.25 MolsonCoorsB TAP 67.46 0.13 RegencyCtrs REG 58.35 -1.85 Toast TOST 22.98 -0.72 VikingTherap VKTX 71.65 -1.18 Zillow C Z 45.13 -2.86
AlexandriaRlEst ARE 122.76 -6.84
Eaton ETN 314.37 0.50
Alibaba BABA 74.59 1.60 CaesarsEnt CZR 41.50 -2.48 Insulet PODD 177.41 -0.60 monday.com MNDY 199.91 -15.84 RegenPharm REGN 936.20 -7.69 TollBros TOL 118.58 -5.74 t VinFastAuto VFS 3.95 -0.15 Zillow A ZG 44.40 -2.79
CamdenProperty CPT 100.80 -2.78 eBay EBAY 52.46 0.50 RegionsFinl RF 19.68 -1.01 TopBuild BLD 419.60 -14.67 Vipshop VIPS 17.04 -0.05 ZimmerBiomet ZBH 127.72 -1.68
AlignTech ALGN 327.82 -2.43 Intel INTC 37.20 -1.13 Mondelez MDLZ 66.68 -1.18 ReinsGrp
Cameco CCJ 49.16 1.26 Ecolab ECL 222.15 -3.64 RGA 189.96 0.68 Toro TTC 85.86 -2.30 Visa V 274.48 -2.24 Zoetis ZTS 163.20 -3.94
Allegion ALLE 129.13 -4.75 InteractiveBrkrs IBKR 113.50 2.40 MongoDB MDB 351.28 -9.66 Reliance
CampbellSoup CPB 43.68 -0.77 Ecopetrol EC 11.84 -0.26 RS 332.01 -3.94 TorontoDomBk TD 57.58 -1.49 Vistra VST 70.76 1.23 ZoomVideo ZM 62.22 -1.63
AlliantEnergy LNT 48.68 -1.31 ICE ICE 132.94 -2.12 MonolithicPower MPWR 666.49 -15.66
EdisonIntl EIX 68.92 -1.97
Allstate ALL 169.75 1.42 CIBC CM 49.07 -1.14 InterContinentl IHG 100.88 -0.37 MonsterBev MNST 54.81 -0.94 RenaissanceRe RNR 222.37 1.91 TotalEnergies TTE 73.36 0.33 Vodafone VOD 8.41 -0.22 Zscaler ZS 183.95 -4.55
CanNtlRlwy CNI 131.26 0.27 EdwardsLife EW 91.51 -1.54 RentokilInit RTO 28.66 -0.62
AllyFinancial ALLY 37.89 -1.26 IBM IBM 186.04 -3.27 Moody's MCO 384.46 -13.43 Repligen
s CanadianNatRscs CNQ 82.32 0.53 ElancoAnimal ELAN 14.75 -0.52 RGEN 176.00 -5.92
AlnylamPharm ALNY 152.41 -3.49 IntlFlavors IFF 86.20 -0.18 MorganStanley MS
91.65 -2.43 RepublicSvcs RSG 189.69 0.89
CdnPacKC CP 88.08 -1.16 Elastic ESTC 98.23 -0.48
Alphabet A GOOGL 156.14 -0.46 IntlPaper IP 38.25 0.11 Morningstar MORN 312.89 -2.17
ElbitSystems ESLT 199.72 -2.94
Alphabet C GOOG 157.66 -0.48
Altria MO 41.68 -0.43
CapitalOne COF 139.94 -3.58
CardinalHealth CAH 107.94 -0.13 ElectronicArts EA 129.30 -1.39
ElevanceHealth ELV 507.74 -6.66
Interpublic
Intuit
IPG 30.68 -1.07 Mosaic MOS 32.68 -0.63
ResMed RMD 193.80 -0.47
INTU 628.36 -15.73 MotorolaSol MSI 347.45 -5.51 RestaurantBrands QSR 72.48 -1.76 Dividend Changes
Amazon.com AMZN 185.95 0.28 Carlisle CSL 382.90 -9.25 IntuitiveSurgical ISRG 388.46 -2.50 MurphyUSA MUSA 412.93 -0.27 Revvity RVTY 107.90 -2.82
Carlyle CG 46.94 -0.91 EmersonElec EMR 114.08 -0.17 RexfordIndlRealty REXR 47.89 -1.48
Ambev ABEV 2.38 -0.07 InvitatHomes INVH 34.87 -0.70 NICE NICE 242.68 -0.91 RioTinto Amount Payable /
CarMax KMX 79.30 -4.09 Enbridge ENB 34.54 -0.78 RIO 66.51 -0.75
Amcor AMCR 9.11 -0.27 IronMountain IRM 75.69 -3.51 NIO NIO 4.59 -0.12 Rivian Company Symbol Yld % New/Old Frq Record
Carnival CCL 14.95 -0.55 EncompassHealth EHC 81.57 -0.38 RIVN 10.27 -0.36
Amdocs DOX 87.21 -1.38 ItauUnibanco ITUB 6.46 -0.28 NNN REIT NNN 40.62 -2.03 RobertHalf RHI 72.97 -2.92
Carnival CUK 13.49 -0.46 Endeavor EDR 26.39 -0.17
Ameren AEE 72.28 -1.71 Increased
AmericaMovil AMX 18.50 -0.44 CarrierGlobal CARR 56.89 -1.22 EnergyTransfer ET 15.78 0.06
EnphaseEnergy ENPH 119.60 -2.38
J K L NOV NOV 20.28 0.03 Robinhood
NRG Energy NRG 73.18 0.41 Roblox
HOOD 18.34 0.04
Procter & Gamble PG 2.4 1.0065 /.9407 Q May15 /Apr19
AmerAirlines AAL 13.41 -0.54 Carvana CVNA 80.52 -3.16 RBLX 39.80 0.71
CaseysGenStores CASY 312.33 0.14 Entegris ENTG 136.05 -3.09 JD.com JD 26.67 -0.03 NVR NVR 7658.13-314.72 RocketCos. RKT 12.30 -1.81
AEP AEP 83.29 -1.79
AmerExpress AXP 217.65 -2.19 Catalent CTLT 57.02 0.01 Entergy ETR 104.56 -1.76 JPMorganChase JPM 195.47 -1.68 NXP Semicon NXPI 241.08 -10.75 Rockwell ROK 282.06 -4.77 Reduced
Caterpillar CAT 372.07 0.17 EnterpriseProd EPD 29.15 -0.11 Jabil JBL 136.36 -0.17 Nasdaq NDAQ 63.01 -0.55 RogersComm B RCI 39.33 -1.02
AmericanFin AFG 129.27 -1.71 Bank of Am Dep ser 4 BMLpJ 7.0 .3968 /.40877 Q May28 /May15
Celanese CE 160.07 -6.21 Equifax EFX 248.49 -14.25 JackHenry JKHY 170.46 -3.71 Natera NTRA 96.50 -0.98 RoivantSciences ROIV 11.20 -0.21
AmHomes4Rent AMH 36.06 -0.50
Equinix EQIX 775.97 -25.27 JacobsSolns J NationalGrid NGG 64.87 -1.90 Roku Bank of America Pfd E BACpE 6.1 .3699 /.38278 Q May15 /Apr30
CelsiusHldg CELH 84.47 -0.17 144.34 -2.38 ROKU 61.14 -1.71
AIG AIG 75.32 -0.20 NWG 7.09 -0.06 Rollins Bank of America Pfd L BMLpL 5.9 .3797 /.39155 Q May21 /May01
Cemex CX 8.58 -0.18 Equinor EQNR 28.08 0.25 JamesHardie JHX 38.27 -0.53 NatWest ROL 45.15 0.14
AmerTowerREIT AMT 181.96 -10.85 NTAP 102.60 -1.55 RoperTech Bank of America Pfd. 2 7.1 .3906 /.40238 Q May28 /May15
Cencora COR 237.80 -0.77 Equitable EQH 37.05 -0.54 JefferiesFinl JEF 43.50 -0.66 NetApp ROP 535.99 -7.49 BMLpH
AmerWaterWorks AWK 118.31 -3.54 NTES 99.50 -1.12 RossStores ROST 138.29 -1.63
s CenovusEnergy CVE 21.80 0.23 EquityLife ELS 61.96 -2.08 J&J JNJ 150.20 -2.09 NetEase Bank of America Pfd. G BMLpG 6.9 .3968 /.39989 Q May28 /May15
Ameriprise AMP 425.98 -3.61 NFLX 618.58 0.38 RoyalBkCanada RY 100.94 -1.84
Centene CNC 72.25 -0.46 EquityResdntl EQR 62.96 -1.51 JohnsonControls JCI 65.41 -0.25 Netflix
Ametek AME 179.75 -1.43
Amgen AMGN 266.45 -3.91 CenterPointEner CNP 27.37 -0.91 ErieIndemnity ERIE 393.36 1.23 JonesLang JLL 183.70 -10.30 Neurocrine NBIX 138.09 -0.85 RoyalCaribbean RCL 130.90 -2.28 Stocks
CentraisElBras EBR 8.03 -0.29 EssentialUtil WTRG 35.03 -1.68 JuniperNetworks JNPR 36.97 -0.21 NewOrientalEduc EDU 86.62 1.82 RoyalGold RGLD 122.99 -1.84 Bakkt Holdings BKKT 1:25 /Apr29
AmkorTech AMKR 32.41 -1.34 NEM 39.06 -0.61 RoyaltyPharma RPRX 29.45 -0.27
CerevelTherap CERE 42.11 -0.02 EssexProp ESS 244.01 -5.58 KB Financial KB 49.01 -2.12 Newmont Bon Natural Life BON 1:10 /Apr11
Amphenol APH 114.76 -0.22
AnalogDevices ADI 196.33 -7.79 CharlesRiverLabs CRL 247.49 -9.66 EsteeLauder EL 144.87 -3.68 KBR KBR 63.92 -0.33 NewsCorp B NWS 25.63 -0.71 RyanSpecialty RYAN 51.37 -0.88
t CharterComms CHTR 262.85 -8.61 Etsy ETSY 67.69 -0.98 KE Holdings BEKE 14.54 0.11 NewsCorp A NWSA 24.83 -0.68 Ryanair RYAAY 145.86 -2.22 Foreign
AngloGoldAsh AU 23.04 -0.43
AB InBev BUD 59.57 -1.03 CheckPoint CHKP 164.65 0.90 EvercoreA EVR 191.40 -2.45 KKR KKR 99.01 -1.26 NextEraEnergy NEE 64.01 -1.37 SAP SAP 184.22 -3.67 Grupo Aval Acciones ADR AVAL 6.0 .0084 M Sep09 /Aug30
Chemed CHE 620.57 -4.54 Everest EG 371.64 0.14 KLA KLAC 687.12 -9.71 Nike NKE 89.00 -2.00 S&P Global SPGI 424.04 -10.96
AnnalyCap NLY 18.59 -0.85 NI Grupo Aval Acciones ADR AVAL 6.0 .0084 M Oct09 /Sep30
CheniereEnergy LNG 158.06 1.02 Evergy EVRG 51.68 -1.29 Kanzhun BZ 19.59 -0.01 NiSource 27.30 -0.34 SBA Comm SBAC 204.38 -14.22
AnteroResources AR 30.49 0.26 NOK
CheniereEnerPtrs CQP 47.09 -0.47 EversourceEner ES 59.07 -0.89 Kaspi.kz KSPI 116.16 -2.00 Nokia 3.42 -0.08 SEI Investments SEIC 69.09 -1.81
Aon AON 316.00 -3.40
ChesapeakeEner CHK 90.00 0.09 ExactSciences EXAS 73.60 -0.66 Kellanova K 57.01 -0.11 Nomura NMR 6.15 -0.05 SK Telecom SKM 20.88 -0.29 Special
APi Group APG 38.89 -0.62 Exelon EXC 36.91 -0.96 Kenvue Nordson NDSN 271.77 -1.99 SS&C Tech OppFi OPFI ... .12 May01 /Apr19
ApolloGlblMgmt APO 114.22 2.35 Chevron CVX 162.67 0.67 KVUE 20.24 -0.11 SSNC 61.81 -1.19
Chewy CHWY 17.40 -0.17 Expedia EXPE 131.40 -1.87 KeurigDrPepper KDP 30.65 -0.36 NorfolkSouthern NSC 249.65 -3.74 Saia SAIA 581.00 -10.72
AppFolio APPF 225.40 -7.09
Chipotle CMG 2965.69 38.73 ExpeditorsIntl EXPD 118.32 -2.68 KeyCorp NorthernTrust NTRS 85.41 -2.71 Salesforce Note: Dividend yields as of 3:30 p.m. ET
Apple AAPL 167.78 -1.89 KEY 14.84 -0.69 CRM 299.62 -2.75
s ChordEnergy CHRD 186.88 2.56 ExtraSpaceSt EXR 142.50 -9.89 KeysightTech KEYS 157.05 -3.00 NorthropGrum NOC 457.91 3.25 Samsara IOT 32.36 -1.08 Sources: FactSet; Dow Jones Market Data
AppliedIndlTechs AIT 192.32 -3.43
Chubb CB 248.00 -0.03 s ExxonMobil XOM 122.20 1.02 KimberlyClark KMB 127.16 -0.78 NorwegCruise NCLH 18.40 -1.01 Sanofi SNY 47.13 -0.40
ApplMaterials AMAT 209.25 -1.16 NVS 94.38 -1.43 SareptaTherap SRPT 126.31 -0.67 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
ChunghwaTel CHT 38.89 -0.36 F5 FFIV 191.13 -4.94 KimcoRealty KIM 17.97 -0.98 Novartis
AppLovin APP 76.34 -0.18 spin-off.
Church&Dwight CHD 102.58 0.69 FMC FMC 62.22 -1.54 KinderMorgan KMI 18.27 -0.21 NovoNordisk NVO 124.93 0.07 Schlumberger SLB 54.20 0.03
Aptargroup ATR 139.40 -0.91
Aptiv APTV 74.95 -3.98
ChurchillDowns CHDN 123.02 -1.83 FactSet FDS 428.67 -11.01 KinrossGold KGC 6.38 -0.08 NuHoldings NU 11.57 -0.25 SchwabC SCHW 71.10 -1.18
Cigna CI 357.84 0.36 FairIsaac FICO 1181.23 -37.85 KinsaleCapital KNSL 447.84 -2.59 Nucor NUE 198.18 -1.70 Sea SE 57.07 0.05
Aramark ARMK 31.90 -0.31 FAST 74.74 -1.16 Knight-Swift KNX 51.54 -2.11 Nutanix NTNX 65.57 1.07 Seagate
Borrowing Benchmarks
CincinnatiFinl CINF 120.84 0.96 Fastenal STX 87.99 -1.54
ArcelorMittal MT 27.62 -0.36 NTR 55.48 -0.76 Sempra
ArchCapital ACGL 92.19 0.97
Cintas CTAS 670.96 -6.76 FederalRealty FRT 99.65 -3.25 Philips PHG 20.43 -0.21 Nutrien SRE 70.18 -1.50
CiscoSystems CSCO 49.21 -0.80 FedEx FDX 270.30 -6.07 KoreaElecPwr KEP 8.05 -0.22 nVentElectric NVT 74.43 -0.57 ServiceIntl SCI 70.26 -1.74
ADM ADM 63.89 -0.01
Citigroup C 60.18 -1.48 Ferguson FERG 220.45 -1.60 KraftHeinz KHC 36.82 -0.34 NVIDIA NVDA 870.39 16.85 ServiceNow NOW 769.19 -13.03 wsj.com/market-data/bonds/benchmarks
AresMgmt ARES 134.04 0.24 Ferrari RACE 419.82 -0.68 Kroger
CitizensFin CFG 33.81 -1.18 KR 56.60 1.18
argenx ARGX 382.78 -1.36 O P Q SharkNinja SN 62.95 -0.61
AristaNetworks ANET 288.22 -6.53
Arm ARM 125.18 -1.63
CivitasRscs CIVI 76.47 0.42
CleanHarbors CLH 200.35 -3.10
FidNatlFinl FNF 48.28 -4.50 LKQ
FidNatlInfo FIS
LKQ 50.52 -1.34
72.63 -1.24 LPL Financial LPLA 259.54 1.33
ONEOK
Shell SHEL 72.65 0.81
OKE 79.06 -0.81 SherwinWilliams SHW 321.16 -13.39
Money Rates April 10, 2024
Cleveland-Cliffs CLF 22.30 0.39 FifthThirdBncp FITB 34.79 -1.60 L3HarrisTech LHX 205.49 -0.66 ON Semi ON 69.23 -1.71 ShinhanFin SHG 31.80 -1.00
AscendisPharma ASND 152.58 -1.09
Clorox CLX 144.37 0.35 FirstCitizBcshA FCNCA 1607.61 1.95 LabCorp.ofAmerica LH 207.17 -2.88 OReillyAuto ORLY 1093.10 -2.64 ShockwaveMed SWAV 329.64 2.29 Key annual interest rates paid to borrow or lend money in U.S. and
AspenTech AZPN 209.97 -3.39
Cloudflare NET 94.83 -2.17 FirstHorizon FHN 14.53 -0.50 LamResearch LRCX 961.64 -11.70 OccidentalPetrol OXY Shopify SHOP 71.98 -2.94
Assurant AIZ 177.49 -1.31 68.94 0.39
AsteraLabs ALAB 71.31 2.94
Coca-Cola KO 58.92 -0.80 FirstSolar FSLR 185.29 0.59 LamarAdv LAMR 112.28 -3.77 Okta OKTA 99.45 -1.78 SimonProperty SPG 145.55 -4.64 international markets. Rates below are a guide to general levels but
CocaColaCon COKE 810.40 -25.19 FirstEnergy FE 37.84 -0.63 LambWeston LW
AstraZeneca AZN 68.11 -0.30
Coca-ColaEuro CCEP 67.42 -1.08 Fiserv FI 153.78 -1.60 LasVegasSands LVS
79.86 -0.58 OldDomFreight ODFL 215.04 -7.48 SimpsonMfg SSD 182.91 -8.07
51.86 -0.59 OldRepublic ORI
don’t always represent actual transactions.
Atlassian TEAM 204.74 1.82 29.62 -0.49 t SiriusXM SIRI 3.34 -0.11
CognizantTech CTSH 69.97 -1.59 FiveBelow FIVE 160.23 0.65 LatticeSemi LSCC 75.74 -1.83
AtmosEnergy ATO 115.08 -1.56 OmegaHealthcare OHI 30.80 -1.06 SiteOneLandscape SITE 171.86 -8.49
Coherent COHR 55.85 -1.63 Flex FLEX 28.45 -0.38 Lear Week —52-WEEK—
Autodesk ADSK 239.01 -8.92
CoinbaseGlbl COIN 250.99 8.04
LEA 136.85 -6.97 Omnicom
Floor&Decor FND 114.08 -8.67 LegendBiotech LEGN 55.49 -0.87 OnHolding
OMC 91.76 -2.18 SkechersUSA SKX 57.20 -0.95 Inflation Latest ago High Low
Autoliv ALV 117.93 -2.63 ONON 32.08 -1.03 Skyworks SWKS 102.77 -4.13
ColgatePalm CL 86.56 -1.09 FlutterEnt FLUT 195.47 -3.70 Leidos LDOS 126.22 -0.88 OntoInnovation ONTO 184.33 -3.47 SmithAO AOS 85.53 -0.94 March index Chg From (%)
ADP ADP 245.79 -4.22
AutoZone AZO 3025.75 -17.87
Comcast A CMCSA 39.72 -0.43 FomentoEconMex FMX 125.74 -3.08 Lennar B LEN.B 142.31 -8.35 OpenText OTEX 36.15 -1.15 Smith&Nephew SNN 24.35 -0.31 March Secondary market
Avalonbay AVB 186.10 -2.76
ComfortSystems FIX 303.76 -2.39 FordMotor F 13.06 -0.48 Lennar A LEN 156.43 -9.56 Oracle ORCL 121.75 -1.48 Smucker SJM 113.54 -3.83 level Feb. '24
SABESP SBS 16.48 -0.46 Fortinet FTNT 68.13 -0.09 LennoxIntl '23
Avangrid AGR 35.91 0.06 LII 467.14 -14.49 Orange ORAN 11.17 -0.31 Snap SNAP 10.88 -0.35 Fannie Mae
ConagraBrands CAG 30.60 -0.68 Fortis FTS 38.20 -1.04 LeviStrauss LEVI 20.09 -0.41 Orix SNA 292.08 -1.91
Avantor AVTR 25.56 -0.30 IX 105.83 -1.38 Snap-On 30-year mortgage yields
AveryDennison AVY 215.52 -4.00
Confluent CFLT 29.60 -0.40 Fortive FTV 83.23 -0.96 LiAuto LI 31.60 -0.19 Oshkosh OSK 124.24 -0.84 Snowflake SNOW 152.97 -2.61 U.S. consumer price index
ConocoPhillips COP 132.82 0.57 FortuneBrands FBIN 77.17 -3.43 t LibertyBroadbandC LBRDK 49.50 -2.77 OtisWorldwide OTIS 97.30 -1.82 SOQUIMICH SQM 51.15 -0.42
AxonEnterprise AXON 318.26 6.99
ConEd ED 88.89 -2.24 FoxA FOXA 30.87 -0.48 t LibertyBroadbandA LBRDA 49.70 -2.69 s Ovintiv
All items 312.332 0.65 3.5 30 days 6.367 6.376 7.495 5.702
BCE BCE 32.77 -0.40 OVV 55.52 -0.04 SoFiTech SOFI 7.56 -0.33
ConstBrands A STZ 264.92 1.95 FoxB FOX 28.37 -0.43 LibertyFormOne A FWONA 59.69 -1.54 OwensCorning OC 165.90 -3.71 Solventum Core 317.088 0.53 3.8 60 days 6.372 6.387 7.554 5.702
BHP Group BHP 59.68 -0.81 SOLV 63.89 -1.63
ConstellationEner CEG 191.08 2.98 Franco-Nevada FNV 121.58 -0.21 LibertyFormOne C FWONK 66.93 -1.22 PDD PDD 119.70 -1.40 Sony SONY 84.13 -0.51
s BJ'sWholesale BJ 79.40 2.21
BP BP 39.42 0.13
Cooper COO 96.50 -2.42 FranklinRscs BEN 26.30 -1.24 LibertyLiveA LLYVA 41.25 -0.45 PG&E PCG 16.72 -0.27 Southern SO 69.77 -0.82 International rates Other short-term rates
Copart CPRT 56.03 -0.66 FreeportMcM FCX 50.92 -0.38 LibertyLiveC LLYVK 42.64 -0.27 PNC Finl SCCO 116.21 -0.25
BWX Tech BWXT 96.50 -0.53 PNC 155.03 -6.37 SoCopper
Core&Main CNM 57.29 0.07 FreseniusMedCare FMS 19.08 -0.16 LibertySirius A LSXMA 26.08 -0.73 POSCO Week 52-Week
Baidu BIDU 101.61 -1.89 PKX 72.90 -2.85 SouthwestAir LUV 27.96 -1.09 Week 52-Week
CorebridgeFin CRBG 27.36 0.15 FullTruck YMM 7.85 0.11 LibertySirius B LSXMB 26.39 0.10 PPG Ind Latest High Low
BakerHughes BKR 34.15 -0.04 PPG 137.73 -4.47 SouthwesternEner SWN 7.52 -0.01 ago Latest ago high low
Corning GLW 31.95 -0.60 Futu FUTU 59.00 -0.44 LibertySirius C LSXMK 26.03 -0.68 PPL SPOT 299.99 -0.74
Ball BALL 66.77 -0.59 PPL 26.92 -0.61 Spotify
Corpay CPAY 303.79 -0.80
BBVA BBVA 11.13 -0.27
BancoBradesco BBDO 2.56 -0.12
Corteva CTVA 57.16 -0.36 G H I Light&Wonder LNW 96.72 -2.62 PTC
EliLilly LLY 761.98 4.74 Paccar
PTC 181.92 -5.22 StanleyBlackDck SWK 92.91 -4.28
PCAR 118.69 -0.49 Stantec STN 80.44 -1.22
Prime rates Call money
CoStar CSGP 90.65 -5.04 U.S. 8.50 8.50 8.50 8.00
BancodeChile BCH 22.80 -0.20
Costco COST 722.58 3.99 GE Aerospace GE 156.61 2.12 LincolnElectric LECO 241.58 -3.17 PackagingCpAm PKG 187.82 -2.04 t Starbucks SBUX 85.95 -1.18 7.25 7.25 7.25 6.75
BancSanBrasil BSBR 5.41 -0.29 CoterraEnergy CTRA 28.18 0.30 GE HealthCare GEHC 85.39 -1.55 Linde LIN 450.49 -7.45 PalantirTech PLTR 22.42 -0.39 StateStreet STT 74.37 -2.27 Canada 7.20 7.20 7.20 6.70
BcoSantChile BSAC 19.68 -0.61 Coty COTY 11.15 -0.18 GE Vernova GEV 138.37 6.20 LithiaMotors LAD 270.25 -8.86 PaloAltoNtwks PANW 281.00 1.87 SteelDynamics STLD 144.65 -2.08 Japan 1.475 1.475 1.475 1.475 Commercial paper (AA financial)
BancoSantander SAN 4.87 -0.05 GFLEnvironmental GFL 35.07 -0.15 LiveNationEnt LYV 101.42 -1.31 ParamountA PARAA 22.86 -0.78 Stellantis STLA 26.95 -0.30
BanColombia CIB 35.81 -0.73
Coupang CPNG 19.12 0.10
GSK GSK 40.69 -0.19 LloydsBanking LYG 2.63 -0.02 t ParamountB PARA 10.50 -0.47 Steris STE 209.21 -5.51 90 days 5.34 5.27 5.54 5.00
Crane CR 135.26 -1.87 STVN 29.00 -0.33
Policy Rates
BankofAmerica BAC 36.65 -1.08 Gallagher AJG 240.02 -4.11 LockheedMartin LMT 451.71 4.14 ParkerHannifin PH 555.37 -5.98 Stevanato
BankMontreal BMO 95.57 -2.79
Credicorp BAP 168.30 -2.88
t Gaming&Leisure GLPI 43.29 -2.70 Loews L 74.82 -0.37 Parsons PSN 80.27 -0.21 StifelFinancial SF 75.97 -1.52 Euro zone 4.50 4.50 4.50 3.50 Secured Overnight Financing Rate
Crocs CROX 128.29 0.07 PAYX 124.52 -2.07 STMicroelec STM 42.29 -1.17
BankNY Mellon BK 55.68 -1.52 CrowdStrike CRWD 312.53 1.76 Gap GPS 23.13 -0.01 LogitechIntl LOGI 85.94 -2.62 Paychex Switzerland 2.00 2.00 2.25 2.00 5.31 5.34 5.40 4.80
BankNovaScotia BNS 49.02 -1.44 Garmin GRMN 145.96 -2.42 Lowe's LOW 237.16 -7.23 PaycomSoftware PAYC 203.31 -4.51 Stryker SYK 347.33 -3.58
CrownCastle CCI 97.70 -4.30
LULU 350.25 -8.55 Paylocity PCTY 169.49 -2.90 SumitomoMits SMFG 11.54 -0.09
Britain 5.25 5.25 5.25 4.25
Barclays BCS 9.59 -0.14 Gartner IT 463.78 -6.11 lululemon Value 52-Week
BarrickGold GOLD 17.90 -0.11
Crown Holdings CCK 79.50 -1.06
GenDigital GEN 22.34 -0.32
Australia 4.35 4.35 4.35 3.60
CubeSmart CUBE 43.94 -2.63 Latest Traded High Low
Bath&BodyWks BBWI 45.37 -0.77 Generac GNRC 136.87 -3.35
Cummins CMI 302.30 0.27 Overnight repurchase
BaxterIntl BAX 42.00 -0.83
BectonDicknsn BDX 240.99 -4.82
Curtiss-Wright CW 252.98 -1.58 GeneralDynamics GD 290.04 1.20
GeneralMills GIS
IPO Scorecard DTCC GCF Repo Index
CyberArkSoftware CYBR 253.28 -6.71 68.85 -1.33 U.S. 5.35 5.38 5.48 4.82
BeiGene BGNE 149.76 -4.26 GeneralMotors GM 43.94 -0.79 Performance of IPOs, most-recent listed first Treasury 5.351 17.240 5.504 4.806
Cytokinetics CYTK 74.36 -0.69
BellRing BRBR 56.22 -1.00 Genmab GMAB 29.95 -0.02 MBS 5.364 41.000 5.689 4.829
% Chg From % Chg From U.S. government rates
BentleySystems BSY 49.83 -0.90
Berkley WRB 83.93 0.19
D E F Gentex GNTX 35.18 -0.97
GenuineParts GPC 148.28 -2.21 Company SYMBOL
Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Notes on data:
BerkHathwy B BRK.B 409.11 -5.58 DTE Energy DTE 106.64 -3.23 Gerdau GGB 4.49 -0.09 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Discount
U.S. prime rate is the base rate on corporate
BerkHathwy A BRK.A 618950-7950.00 Danaher DHR 245.87 -3.93 t GileadSciences GILD 68.12 -1.82 Mobile-health Network Solutions
6.70 67.5 ... Boundless Bio 11.87 –25.8 –16.7 5.50 5.50 5.50 5.00 loans posted by at least 70% of the 10 largest
BestBuy BBY 79.89 -2.66 Darden DRI 155.90 -2.41 GitLab GTLB 57.95 -1.58
Bio-Techne TECH 69.51 -1.72 DarlingIngred DAR 47.59 -0.19 GlobalPayments GPN 125.01 -3.15 MNDR April 10/$4.00 BOLD March 28/$16.00
Federal funds U.S. banks, and is effective July 27, 2023. Other
Bio-RadLab A BIO 331.09 -8.39 Datadog DDOG 125.82 0.38 GlobalFoundries GFS 49.35 -2.34 Contineum Therapeutics 14.75 –7.8 –4.2 U-BX Technology 5.00 ... 22.0 prime rates aren’t directly comparable; lending
t Biogen BIIB 201.55 -4.97 DaVita DVA 132.06 -2.02 Globant GLOB 198.17 -2.85 CTNM April 5/$16.00 Effective rate 5.3300 5.3300 5.3500 4.8400 practices vary widely by location; Discount rate
UBXG March 28/$5.00
BioMarinPharm BMRN 90.21 1.23 Dayforce DAY 62.24 -1.86 GlobeLife GL 104.93 -2.68 High 5.6500 5.6500 5.6500 5.1500 is effective July 27, 2023. Secured Overnight
BioNTech BNTX 88.65 -1.40 DeckersOutdoor DECK 810.13 -57.68 GoDaddy GDDY 125.21 -0.69 Massimo Group 4.25 –5.6 41.2 IB Acquisition 10.01 0.1 0.2 Low 5.3100 5.3100 5.3300 4.8000 Financing Rate is as of April 9, 2024. DTCC GCF
Birkenstock BIRK 43.42 -1.79 Deere DE 411.97 0.49 GoldFields GFI 17.28 -0.78 MAMO April 2/$4.50 IBACU March 26/$10.00 Repo Index is Depository Trust & Clearing
BlackRock BLK 783.65 -20.25 DellTechC DELL 123.37 -0.36 GoldmanSachs GS 400.76 -9.95
Bid 5.3100 5.3100 5.3300 4.8200
3.26 –18.5 –11.9 Auna 7.75 –35.4 –19.3 Corp.'s weighted average for overnight trades in
Blackstone BX 126.08 -5.92 DeltaAir DAL 46.24 -1.08 Grab GRAB 3.33 0.04 Zhibao Technology Offer 5.3300 5.3300 5.3700 4.8400
applicable CUSIPs. Value traded is in billions of
Block SQ 78.51 -1.47 DescartesSystems DSGX 88.93 -1.46 Graco GGG 91.61 -1.25 ZBAO April 2/$4.00 AUNA March 22/$12.00
U.S. dollars. Federal-funds rates are Tullett
BlueOwlCapital OWL 18.93 -0.41 DeutscheBank DB 15.99 0.09 Grainger GWW 1000.85 -6.86 Treasury bill auction
t Boeing BA 174.63 -3.49 DevonEnergy DVN 54.51 0.37 GraphicPkg GPK 28.74 -0.66
Alta Global Group 3.01 –39.8 –28.0 Black Hawk Acquisition 10.16 1.6 0.1 Prebon rates as of 5:30 p.m. ET.
4 weeks 5.265 5.285 5.840 3.190
Booking BKNG 3586.13 4.65 DexCom DXCM 140.32 -0.13 GpoAeroportuar PAC 164.34 -2.50 MMA March 28/$5.00 BKHAU March 21/$10.00 Sources: Federal Reserve; Bureau of Labor
BoozAllen BAH 142.71 -0.79 Diageo DEO 142.30 -1.60 GpoAeroportSur ASR 323.18 -3.59 13 weeks 5.225 5.230 5.345 4.980 Statistics; DTCC; FactSet;
BorgWarner BWA 34.83 -0.78 DiamondbkEner FANG 206.23 0.70 Guidewire GWRE 112.18 -3.20 Sources: Dow Jones Market Data; FactSet 26 weeks 5.120 5.125 5.350 4.795 Tullett Prebon Information, Ltd.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg

Continued From Page B5 52-Wk % 52-Wk % ReadyCapital RC 8.25 -5.7 SylaTech SYT 2.60 2.7 SeresTherap MCRB 0.66 -2.8 Sono-Tek SOTK 4.20 -1.3 TejonRanch TRC 14.90 -2.3 UniversalHealth UHT 33.33 -4.6 WheelerREIT WHLR 0.13 -1.7
WillametteValley WVVI 4.55 -2.0
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Reddit RDDT 41.72 -6.5 Sadot SDOT 0.25 -9.8 SerinaTherap SER 9.85 0.9 SpartanNash SPTN 18.57 -1.3 TelekmIndonesia TLK 21.00 -1.8 ViaOptronics VIAO 0.36 -30.0
Workiva WK 79.16 -5.9
Stock Sym Hi/Lo Chg PlanetGreen RevanceTherap RVNC 4.31 -6.0 SageTherap SAGE 15.88 -0.4 ShenandoahTel SHEN 14.65 -3.0 Starbucks SBUX 85.60 -1.4 Tilly's TLYS 5.90 -4.1 Vaccinex VCNX 6.65 -5.2
PLAG 0.22 -6.2 ProvidentFinSvcs PFS 13.22 -7.5 XBPEurope XBP 1.66 -3.6
RocketLab RKLB 3.66 -2.6 SaverOne2014Wt SVREW 0.03 -54.2 ShoalsTech SHLS 9.91 -4.5 StrongholdDig SDIG 3.41 -2.5 TompkinsFin TMP 43.68 -7.6 VertexEnergy VTNR 1.09 -5.9
YorkWater YORW 34.31 -2.4
PetMedExpress PETS 4.20 -3.8 PredictiveOncology POAI 1.68 -1.7 Prudential PUK 17.82 -2.7 RoyaltyMgmt RMCO 1.04 -2.7 ScinaiImmun SCNI 0.45 1.5 SiriusXM SIRI 3.27 -3.2 SynchronyFinlPfdB SYFpB 24.26 -1.0 Transalta TAC 6.06 -2.8 VinFastAuto VFS 3.91 -3.7 ZaiLab ZLAB 15.09 -3.9
PetrosPharm PTPI 0.81 -2.8 ProcessaPharm PCSA 1.45 -36.8 QuiptHomeMed QIPT 3.89 -1.2 RydeGroup RYDE 2.02 -21.5 SciSparc SPRC 1.64 -2.9 SiTime SITM 80.10 -4.6 TFF Pharm TFFP 3.99 -7.9 TritiumDCFC DCFC 6.20 5.0 VirginGalactic SPCE 1.04 -6.0 ZapataComputing ZPTA 2.32 -9.2
PioneerPwrSols PPSI 4.11 1.9 Prothena PRTA 21.90 -3.1 RadiantLogistics RLGT 5.12 -0.6 SJW Group SJW 52.96 -3.3 Seaboard SEB 3106.92 -0.1 SoloBrands DTC 1.88 -2.0 TTEC TTEC 8.09 -9.2 UnitedNatFoods UNFI 9.98 -2.9 WalgreensBoots WBA 17.86 -6.0 ZiffDavis ZD 53.44 -7.0

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
SeriesBondFd 8.75 -0.10 -2.6 SrsBlChGroRetail 17.82 -0.11 14.1 LgCpGwth 69.54 -0.31 15.6 MidCap 106.04 -1.40 6.0 MuShtAdml 15.69 -0.01 0.3 Welltn 42.73 -0.44 3.8
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.74 -0.17 5.9 SrsEmrgMkt 18.07 -0.16 4.3 JPMorgan R Class NHoriz 57.40 -1.04 2.1 PrmcpAdml r 166.61 -1.63 6.6 WndsrII 45.92 -0.53 7.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.40 -0.11 -7.0 SrsGlobal 14.36 -0.16 3.7 CoreBond 10.01 -0.11 -2.0 R2030 25.01 -0.23 4.5 RealEstatAdml 116.82 -4.98 -5.8 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.16 -0.65 0.5 SrsGroCoRetail 22.10 -0.12 13.5 CorePlusBd 7.05 -0.08 -1.8 Putnam Funds Class A SmCapAdml 105.61 -2.32 3.7 ExtndIstPl 317.44 -6.27 3.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 142.16 -1.55 7.9 SrsIntlGrw 18.14 -0.23 5.9 Lord Abbett I PutLargCap p 34.04 -0.36 10.6 SmGthAdml 88.64 -1.71 4.5 IdxIntl 19.19 -0.21 3.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 17.94 -0.20 7.9 SrsIntlVal 12.47 -0.16 6.9 ShtDurInc p 3.82 -0.02 0.6 Schwab Funds STBondAdml 9.95 -0.06 -0.7 MdCpGrAdml 99.37 -1.24 5.3
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.60 -0.15 3.4 TotalBond 9.29 -0.11 -2.0 Metropolitan West 1000 Inv r 110.97 -1.12 NA STIGradeAdml 10.11 -0.06 -0.1 MdCpVlAdml 78.51 -1.38 5.1
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.07 -0.11 -2.6 Fidelity SAI TotRetBdI 8.80 -0.13 NA S&P Sel 79.39 -0.76 NA STIPSIxAdm 23.93 -0.09 0.6 SmValAdml 79.28 -1.90 3.0
Fidelity Advisor I TotalBd 8.80 -0.10 -1.8 TRBdPlan 8.25 -0.12 NA TSM Sel r 87.36 -0.96 NA TotBdAdml 9.37 -0.10 -2.6 TotBd2 9.25 -0.11 -2.6
Total Bd 9.28 -0.10 -2.0 U.S.TreBdIdx 8.53 -0.09 -2.6 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.50 -0.08 -0.6 TotIntlInstIdx r 128.34 -1.41 3.5
Wednesday, April 10, 2024 Fidelity Freedom Fidelity Selects IIE 33.74 -0.47 2.4 EqIdxInst 36.32 -0.40 7.9 TotIntlAdmIdx r 32.09 -0.36 3.4 TotItlInstPlId r 128.37 -1.41 3.5
Net YTD Net YTD Net YTD FF2030 17.13 -0.19 3.4 Semiconductors r 30.30 -0.32 24.9 MFS Funds Class I IntlEqIdxInst 22.72 -0.31 3.9 TotStAdml 124.13 -1.35 7.9 TotSt 124.11 -1.35 7.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 15.20 -0.16 4.6 Softwr 28.30 -0.38 2.3 GrowthI 198.94 -1.14 15.6 LrgCpGrIdxInst 57.02 -0.38 10.0 TxMCapAdml 266.90 -2.68 8.3 VANGUARD INSTL FDS
Tech 31.75 -0.29 11.4 ValueI 50.27 -0.56 6.1 VANGUARD ADMIRAL BalInst 45.81 -0.50 3.7
AB Funds Artisan Funds US CoreEq2 34.76 -0.44 7.4 FF2040 11.12 -0.12 6.0
First Eagle Funds 500Adml 476.36 -4.54
TxMIn r
8.6 USGroAdml 162.88
15.84 -0.21 3.4
DevMktsIndInst 15.86 -0.21 3.4
MuniIncmShares 10.93 -0.08 -0.6 IntlVal Inst 47.25 -0.49 2.8 US Small 44.60 -1.10 0.8 Freedom2030 K 17.11 -0.20 3.4 Natixis Funds -1.29 11.0
GlbA 66.93 -0.65 6.1 LSGrowthY 25.71 -0.21 10.7 BalAdml 45.80 -0.51 3.7 DevMktsInxInst 24.79 -0.33 3.4
AB Funds - ADV Baird Funds US SmCpVal 45.10 -1.15 0.7 Freedom2035 K 15.18 -0.16 4.6
Franklin A1 CAITAdml 11.29 -0.03 -0.8
ValAdml 61.95 -0.79 6.9
ExtndInst 128.63 -2.54 3.4
LgCpGrAdv 103.39 -0.84 11.4 AggBdInst 9.54 -0.11 -2.4 US TgdVal 31.89 -0.82 0.3 Freedom2040 K 11.13 -0.12 6.1 Northern Funds WdsrllAdml 81.47 -0.93 7.1
IncomeA1 2.30 -0.02 0.6 StkIdx 53.04 -0.50 8.6 CapOpAdml r 191.44 -1.92 6.8 GrwthInst 175.51 -1.09 9.8
American Century Inv CorBdInst 9.88 -0.11 -2.0 USLgVa 48.29 -0.63 8.9 Idx2030InsPre 19.37 -0.22 2.4
FrankTemp/Frank Adv DivAppIdxAdm 48.19 -0.59 4.7
WellsIAdml 59.95 -0.72 ...
InPrSeIn 9.23 -0.09 -1.4
Ultra 81.71 -0.42 9.6 BlackRock Funds Dodge & Cox Idx2035InsPre 22.24 -0.25 3.4 Old Westbury Fds WelltnAdml 73.78 -0.76 3.9
IncomeAdv 2.28 -0.02 0.6
LrgCpStr 18.87 -0.16 8.7
EMAdmr 35.39 -0.13 3.6 InstIdx 424.81 -4.05 8.6
American Funds Cl A HiYldBd Inst 7.00 -0.03 1.4 Balanced 102.50 -1.12 3.0 Idx2040InsPre 23.23 -0.26 4.6 FrankTemp/Franklin A EqIncAdml 88.41 -1.12 5.5
WndsrAdml 74.98 -1.11 3.5
InstPlus 424.80 -4.05 8.6
AmcpA 41.66 -0.43 9.3 BlackRock Funds III GblStock 15.58 -0.17 4.4 Idx2045InsPre 24.34 -0.27 5.1 Parnassus Fds VANGUARD FDS
DynaTech A 151.77 -1.17 13.5 ExplrAdml 107.55 -1.98 4.2 InstTStPlus 88.39 -0.95 7.9
12.22 -0.15 -2.2 Idx2050InsPre 24.38 ParnEqFd 59.15 -0.63 7.4
AMutlA 53.20 -0.63 4.7 iShS&P500IdxK 604.85 -5.78 8.6 Income -0.27 5.1 Growth A 133.32 -1.39 8.7 ExtndAdml 128.64 -2.54 3.5 DivdGro 37.76 -0.46 2.6 MidCpInst 66.67 -1.02 5.2
PGIM Funds Cl Z
BalA 33.36 -0.33 4.6 BlackRock Funds Inst Intl Stk 50.36 -0.49 2.4 Fidelity Invest RisDv A 92.78 -1.11 4.9 GroIncAdml 99.76 -0.79 10.6 IntlVal 41.63 -0.48 3.1 MidCpIstPl 328.80 -5.02 5.2
BondA 11.05 -0.14 -2.7 EqtyDivd 20.16 -0.33 5.1 Stock 253.03 -3.12 6.4 Balanc 28.30 -0.25 5.5 TotalReturnBond 11.69 -0.13 NA LifeCon 20.50 -0.21 1.2
Guggenheim Funds Tru GrwthAdml 175.51 -1.08 9.8 RealEstaInstl 18.08 -0.77 -5.8
BluCh PIMCO Fds Instl
CapIBA 66.90 -0.85 1.7 StratIncOpptyIns 9.32 -0.05 0.6 DoubleLine Funds 198.82 -1.12 14.7 TotRtnBdFdClInst 23.08 -0.27 -1.9 HlthCareAdml r 86.98 -1.00 1.5 LifeGro 43.29 -0.46 4.5 SmCapInst 105.61 -2.32 3.7
CapWGrA 64.34 -0.47 7.4 TotRet 9.68 -0.12 NA TotRetBdI 8.55 -0.11 -2.1 BluChpGr K6 30.47 -0.18 13.5 Harbor Funds AllAsset 10.99 -0.11 NA
HYCorAdml r 5.33 -0.03 ... LifeMod 31.30 -0.33 2.8 SmCapIstPl 304.82 -6.70 3.7
EupacA 58.32 -0.43 6.6 Calamos Funds Edgewood Growth Instituti Contra 18.99 -0.06 18.1 CapApInst 108.21 -0.61 12.1 TotRt 8.38 -0.11 NA InfProAd 22.66 -0.21 -1.5 PrmcpCor 34.02 -0.37 7.2 STIGradeInst 10.11 -0.06 -0.1
FdInvA 78.76 -0.63 10.4 MktNeutI 14.43 +0.01 1.9 EdgewoodGrInst 48.41 -0.53 10.7 ContraK 19.05 -0.06 18.1 Harding Loevner PIMCO Funds A InfTechIdx 263.02 -2.84 6.4 STAR 27.62 -0.33 2.9 STIPSIxins 23.95 -0.09 0.6
GwthA 70.49 -0.57 11.6 Columbia Class I Fidelity CpInc 9.84 -0.05 3.4 IntlEq 25.97 -0.35 0.1 IncomeFd 10.45 -0.11 -0.1 IntlGrAdml 106.57 -1.31 4.7 TgtRe2020 27.26 -0.26 1.5 TotBdInst 9.37 -0.10 -2.6
HI TrA 9.49 -0.05 1.6 DivIncom I 32.05 -0.38 5.9 500IdxInstPrem 179.21 -1.70 8.6 GroCo 36.11 -0.20 13.1 Invesco Funds Y PIMCO Funds I2 ITBondAdml 9.98 -0.12 -2.7 TgtRe2025 18.81 -0.19 2.3 TotBdInst2 9.25 -0.11 -2.6
ICAA 54.91 -0.50 9.3 Dimensional Fds Contrafund K6 27.09 -0.10 17.6 InvGrBd 9.75 -0.12 -2.4 DevMktY 39.70 -0.38 2.8 Income 10.45 -0.11 ... ITIGradeAdml 8.40 -0.10 -2.0 TgtRe2030 36.54 -0.38 3.0 TotBdInstPl 9.37 -0.10 -2.6
IncoA 23.83 -0.29 2.4 EmgMktVa 30.59 -0.14 4.1 ExtMktIdxInstPre 80.77 -1.59 3.5 LowP 46.66 -0.62 5.9 JHF III DispVal PIMCO Funds Instl LarCapAd 119.24 -1.10 8.5 TgtRe2035 22.93 -0.24 3.7 TotIntBdIdxInst 29.27 -0.11 -0.6
N PerA 60.03 -0.52 7.4 EmMktCorEq 23.25 -0.09 3.9 FidSerToMarket 16.93 -0.18 7.9 Magin 14.13 -0.10 14.8 DispValMCI 29.00 -0.52 6.0 IncomeFd 10.45 -0.11 ... LTGradeAdml 7.63 -0.14 -4.9 TgtRe2040 40.97 -0.44 4.2 TotStInst 124.15 -1.35 7.9
NEcoA 59.34 -0.45 9.9 IntlCoreEq 15.87 -0.19 3.8 GrowthCompanyK6 25.64 -0.14 14.2 NASDAQ 205.20 -1.73 7.9 John Hancock Price Funds MidCpAdml 301.80 -4.60 5.2 TgtRe2045 27.95 -0.30 4.8 ValueInst 61.94 -0.80 6.9
NwWrldA 79.13 -0.38 5.5 IntSmCo 19.76 -0.24 2.4 IntlIdxInstPrem 49.21 -0.62 3.9 OTC 20.72 -0.09 13.3 BondR6 13.18 -0.17 -2.0 BlChip 169.26 -0.76 13.3 MuHYAdml 10.55 -0.04 -0.5 TgtRe2050 46.78 -0.51 5.3 WCM Focus Funds
SmCpA 67.05 -1.06 1.2 IntSmVa 22.33 -0.23 5.3 LgCpGwId InstPre 32.45 -0.22 10.0 Puritn 25.04 -0.20 7.9 JPMorgan I Class DivGro 74.81 -0.81 5.9 MuIntAdml 13.52 -0.04 -0.9 TgtRe2060 48.10 -0.51 5.3 WCMFocIntlGrwIns 24.77 -0.25 8.8
TxExA 12.26 -0.04 -0.9 LgCo 34.24 -0.33 8.6 MidCpInxInstPrem 31.66 -0.53 5.7 SAIUSMinVolIndFd 19.66 -0.22 5.3 CoreBond 9.99 -0.11 -2.1 Growth 96.42 -0.52 11.4 MuLTAdml 10.76 -0.04 -1.3 TgtRet2055 52.20 -0.56 5.3 Western Asset
WshA 60.84 -0.61 6.7 US CoreEq1 38.87 -0.45 8.1 SAIUSLgCpIndxFd 21.43 -0.20 8.6 SAIUSQtyIdx 20.99 -0.14 8.4 EqInc 23.94 -0.33 4.7 LgCapGow I 73.74 -0.38 12.1 MuLtdAdml 10.76 -0.02 -0.2 TgtRetInc 13.06 -0.12 0.8 CorePlusBdI 9.13 -0.14 NA
THE WALL STREET JOURNAL. Thursday, April 11, 2024 | B9

BUSINESS & FINANCE

Swiss Increase UBS’s Capital Load KPMG

Fined Over
Government
proposes rules
effects for UBS will be signif-
icant.
The proposals didn’t say
important banks.
In February, the Financial
Stability Board recommended
Cheating
aimed at preventing exactly how much extra capi- ways Switzerland could im-
tal UBS would need. Under ex- prove bank supervision. Other Continued from page B1
another bank crisis isting rules, UBS would al- authorities also weighed in on second whistleblower came
ready have to hold about 10% the faulty capital rules relat- forward, the PCAOB said.
BY MARGOT PATRICK more capital by 2030 if its ing to subsidiaries, which The PCAOB and the Dutch
size stayed the same, the fed- meant Credit Suisse looked Authority for the Financial
Switzerland said UBS will eral council said. safe at the group level while it Markets, the Netherlands’ fi-
have to substantially raise its UBS stock sank more than wasn’t beneath the surface. nancial-markets regulator, con-

DENIS BALIBOUSE/REUTERS
capital levels to comply with 3% in Zurich. A bank spokes- Switzerland and other coun- ducted parallel investigations.
new rules aimed at preventing man declined to comment. tries sought to make banks The AFM said it separately
a repeat of Credit Suisse’s Switzerland risked its haven safer and less likely to harm placed KPMG Netherlands un-
near-collapse last year. status last year when it helped the wider economy should they der enhanced supervision. Both
The country’s federal coun- UBS buy Credit Suisse. Authori- fail following multibillion-dol- regulators ordered the firm to
cil on Wednesday proposed ties wrote off some riskier lar bailouts after the 2008 fi- evaluate and strengthen its
new powers over banks and bonds that Credit Suisse had Switzerland risked its haven status last year when it helped nancial crisis. The country policies around preventing im-
their senior executives, and sold to investors, blasting UBS, above, buy Credit Suisse. hiked capital requirements proper answer-sharing.
better backstop measures for through their own framework then but gave banks years to KPMG Netherlands has re-
banks running low on cash. to deal with failing banks. said. The falling value of build up over years, culminat- meet them and allowed a series viewed its approach to man-
The changes would let supervi- The collapse put a spotlight Credit Suisse’s subsidiaries ing in a botched restructuring of loopholes. It also continued datory testing, made meaning-
sors intervene sooner at trou- on the unusual way that the snowballed in its final years and rich customers pulling supervising banks with a shoe- ful changes to its learning and
bled banks and hold senior ex- country applies international and it couldn’t sell units with- their money. Finma has said it string staff compared with development programs, and
ecutives to account for capital rules. Critics, and a out taking a huge capital hit. tried to stop the rot but other countries. implemented controls to mon-
excessive risk-taking, including government review, said the It said capital requirements lacked sufficient powers. Switzerland reviews the itor whether training tests are
by clawing back compensation. setup exacerbated problems at also could be raised on some The country’s plans for big rules regularly but said Credit being completed appropri-
The council is also examin- Credit Suisse and made it dif- balance sheet assets such as banks are being closely Suisse’s collapse highlighted ately, Hottenhuis said. Senior
ing letting the regulator, ficult for the bank to restruc- software and tax claims. watched since UBS is now weak points and the need for people who participated in an-
Finma, apply fines for the ture. The issue centers on the The proposals are ear- much larger and even more action. It said big banks aren’t swer-sharing have been sanc-
first time. buffers banks hold reflecting marked for implementation intertwined with Switzer- bad per se but must be as- tioned and some of them have
The council, Switzerland’s their ownership of overseas next year. Some measures will land’s comparatively small sessed by the risks they take. left the firm, she added.
cabinet, said UBS and other subsidiaries. require Swiss lawmakers to economy and its global repu- It stopped short of any struc- “The conclusions are damn-
banks should hold bigger buf- The specific rules that pass new legislation. tation. UBS, with assets of tural changes that would limit ing, and the penalty is a re-
fers against their financial caused problems will be re- Credit Suisse’s demise has more than $1.7 trillion as of banks’ activities, saying that flection of that,” she said. “I
stakes in large overseas sub- worked to require far more been blamed on weak gover- year-end, is one of the world’s would interfere too much with deeply regret that this miscon-
sidiaries, and that the capital capital, the federal council nance that allowed risks to largest and most systemically economic freedom. duct happened in our firm.”
The previous largest PCAOB
penalty against an auditing

Crypto Exchanges Look to Move On

AUCTION RESULTS firm was an $8 million levy
Here are the results of Wednesday's Treasury
auctions. All bids are awarded at a single price at the against Deloitte’s Brazil unit
market-clearing yield. Rates are determined by the
difference between that price and the face value. in 2016 for alleged wrongdo-
17-WEEK BILLS
ing, including issuing false au-
Applications $187,383,296,000
dit reports.
Accepted bids $60,235,121,000 BY MENGQI SUN “In a sense, our settlement, ments with U.S. regulators to pay more than $362,000 to Hogeboom didn’t respond
" noncompetitively $603,400,800 with a massive fine and the re- over the past two years. settle allegations it violated to a request for comment.
" foreign noncompetitively $0 Chief compliance officers quirements coming from that, Binance in November U.S. sanctions against Iran. A $25 million fine is too
Auction price (rate) 98.271194
from three top cryptocurrency probably is a model for others pleaded guilty and agreed to Kraken Chief Compliance small for a Big Four account-
(5.230%)
Coupon equivalent 5.396%
exchanges said they continue in the industry and will be an pay record fines totaling $4.3 Officer CJ Rinaldi said that ing firm to serve as a signifi-
Bids at clearing yield accepted 85.94% to make additional invest- opportunity for us to continue billion to settle claims from one lesson his crypto exchange cant deterrent, but the per-
Cusip number 912797KX4 ments in compliance controls to uplift the [compliance] pro- multiple agencies that it vio- has gained from the experi- manent barring of an
The bills, dated April 16, 2024, mature on Aug. 13, and staffing as they look to gram,” Noah Perlman, Bi- lated U.S. anti-money-launder- ence is to build trust with reg- executive is a sign of prog-
move on from settlements nance’s chief compliance offi- ing laws and sanctions rules. ulators by quickly identifying ress, said Roy Van Brunt, a
2024.

NINE-YEAR, 10-MONTH NOTES with U.S. regulators over vari- cer, said during a panel at Coinbase in January 2023 problems and then going di- former assistant chief accoun-
Applications $91,748,378,400 ous compliance failures. blockchain analytics provider agreed to a $100 million set- rectly to them with the issues tant at the Securities and Ex-
$39,643,278,400
Compliance chiefs at Bi- Chainalysis’s annual Links tlement with the New York found. change Commission. KPMG
Accepted bids
" noncompetitively $83,129,500
" foreign noncompetitively $0 nance, Coinbase and Kraken conference in New York. State Department of Financial Coinbase for the past few reported $36 billion in global
Auction price (rate) 95.590932 said at a conference Wednes- The three exchanges, which Services over violations of years has been focusing on revenue for the year ended
(4.560%) day that they also hope les- together process tens of bil- anti-money-laundering law, clearing a substantial amount last September.
Interest rate 4.000%
sons from these settlement lions of dollars in daily trading which included $50 million in- of compliance-related back- “It’s a defect in the execu-
54.10%
agreements could help im- volume, according to crypto tended to improve its compli- logs, according to Valerie-Leila tives who let answer-sharing
Bids at clearing yield accepted
Cusip number 91282CJZ5
The notes, dated April 15, 2024, mature on Feb. 15,
prove compliance programs price-tracking website Coin- ance programs. Jaber, Coinbase’s global head go on that needs to be ad-
2034. within the wider industry. MarketCap, all reached settle- Kraken in late 2022 agreed of financial-crime compliance. dressed,” Van Brunt said.

Buying a
Home Is
Expensive.
So Is
Keeping It.

Home prices are high and interest rates are still elevated, so it’s LISTEN ON APPLE LISTEN ON SPOTIF Y
more important than ever to make sure you’re well informed before
you close. Break it down with our new series from Your Money
Brie!ing, available exclusively for WSJ subscribers.

Listen to the entire series April 7 to learn how to get the best deal on
a mortgage, maintain your investment and handle the unexpected.

© 2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0292
B10 | Thursday, April 11, 2024 * * THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Industrial production, cumulative

change since the end of 2018
Trade balance as a percentage of GDP* Stock-market total return, past five years
Banks Fight
Private Credit
60% 30% 100%

China 25 China S&P 500

40 75
U.S. Germany Euro Stoxx 50
Germany 20 DAX When it comes to financing deals,
20 50 don’t count out the big Wall Street
15 banks quite yet.
A big narrative in recent years
0 25
10 has been that America’s biggest de-
posit-taking investment banks are
–20
5
0 losing ground to their nonbank ri-
vals, the likes of Blackstone and
–40 Seasonally adjusted monthly data 0 Monthly –25 Weekly Apollo Global. One worry for banks
2019 ’20 ’21 ’22 ’23 ’24 2006 ’10 ’15 ’20 ’24 2020 ’21 ’22 ’23 ’24
was that private credit—meaning, in
this context, lending directly to busi-
nesses by alternative-asset fund
China is now competing with German direct investments ...even as most other countries are managers, insurers and others—was
Germany in its key markets in China keep surging... pulling capital away from China going to eat into investment banks’
European Union imports of sophisticated Germany, foreign direct investment into China China, total foreign direct investment liabilities business originating loans and dis-
manufacturing goods, percentage tributing them to investors.
sourced from each country† But so far this year, a lot of financ-
ing deals are coming back to banks
20% €15 billion €400 billion
Germany China New investment from private credit. In the first quar-
Equity reinvestments ter, almost $12 billion of debt previ-
15 10 300 ously from direct lenders was refi-
nanced via the broadly syndicated
10 5 200 loan market, according to PitchBook
LCD, a channel dominated by banks.
This was a sharp reversal of the pat-
5 0 100
tern in the prior two quarters.
So as Bank of America, Citi-
0 –5 0 group, Goldman Sachs, JPMorgan
2000 ’05 ’10 ’15 ’20 ’22 2005 ’10 ’15 ’20 ’23 2005 ’10 ’15 ’20 ’23 Chase and Morgan Stanley report
*Includes goods and services †Includes chemicals, pharmaceutical products, fabricated metal products, computer, electronic and optical products, electrical equipment, machinery, motor vehicles and other transport equipment their results in the coming days, it
Sources: FactSet (industrial production, trade balance, total return); WSJ calculations (Chinese seasonal adjustment); Institut der Deutschen Wirtschaft (EU imports); is worth keeping an eye on the rev-
Deutsche Bundesbank (German direct investments); National Bureau of Statistics of China (China total foreign direct investment) Note: €1=$1.09 enue generated by capital markets
and dealmaking.
Revenue from initial public offer-

Germany Faces Test on China

ings and mergers-and-acquisitions
closings might still be slower than a
year ago. But things are cooking on
the credit side of the house, with big
year-over-year jumps in loan syndica-
tion and debt underwriting fees
across the street, according to figures
Beijing’s drive to flood global markets with exports is the latest threat to the German model compiled by Autonomous Research.
M&A fees might also pick up later
this year, if big deals recently struck
Remember the previous “China croaching on Germany’s core ments: Since 2017, all of it has, in The multinationals that bid for actually make it to the finish line.
shock” when “comparative advan- markets. In January, the industry- fact, been retained earnings by es- the “national champion” label and Trading desks, however, may
tage” was all the rage? This time, it sponsored German Economic Insti- tablished firms, not “new” money. are more aligned with the IW, such continue to see relatively subdued
is all about industrial policy. The tute, or IW, issued a warning: 13% of As Helena Gräf and Salome Topuria as Siemens, have become open to activity. Volatility in the bond mar-
question is whether Europe’s indus- the European Union’s imports of so- at the Institute for International breaking with the past. Meanwhile, ket, as measured by the ICE Bo-
trial powerhouse, Germany, is in phisticated manufactures—including Political Economy Berlin argued in domestically oriented firms and the fAML MOVE index, recently fell to
with the new trend. pharmaceuticals, machinery and au- a recent paper, German officials “hidden champions”—a term coined levels not seen since before the Fed
Germany actually emerged as a tos—came from China in 2022, up embraced industrial policy even be- by businessman Hermann Simon to began raising rates. Morgan Stanley
winner during the initial export from 2.5% in 2000. fore the pandemic—the so-called describe medium-size companies analysts are forecasting a 10% year-
flood in the early 2000s, when cheap The EU has toughened its stance Industrial Strategy 2030, triggered that dominate specialized global over-year decline in fixed income,
Chinese goods decimated manufac- against China and is mobilizing capi- by the megamerger between Sie- markets—mistrust the big players. currency and commodities trading
turing employment in most rich tal into its own green and semicon- mens and Alstom getting blocked They aren’t as fearful of Chinese revenue for the quarter.
countries. China couldn’t compete in ductor sectors. But its efforts pale in in 2019—and took it to the EU level. competition and care less if Ger- Washington could be a swing fac-
advanced manufacturing with comparison with Beijing’s subsidies, Ever since, they have aided specific many loses ground in consumer in- tor this year, too. One of the big driv-
Bosch, BMW and Siemens, which and even the Biden administration’s firms in a more explicit way than dustries. Their interests are a wedge ers of the expected shift toward non-
instead made big inroads there. industrial policies, which could end many of their European counter- issue for the Free Democratic Party, banks has been potentially tighter
Now that economic model is all up costing more than $1 trillion over parts. which has taken a hit in the polls regulation on banks leading to higher
but spent: Whereas China has man- a decade. Crucially, Germany keeps Germany also is overcoming dis- and is trying to distance itself from capital requirements. Anticipating
aged to turn on the export taps lobbying to stop short of “decou- agreements with France about joint its government partners by calling this, banks have amassed capital well
again to escape its woes, Germany’s pling” from the Asian giant. Its for- defense projects, including a next- for an end to state subsidies. beyond their current requirements.
trade surplus has gone from 6% of eign direct investment there hit a generation tank that could give the But deindustrialization would Morgan Stanley analysts say the big
annual output before the pandemic record in 2023, even as other coun- shares of firms like Rheinmet- damage the entire German ecosys- banks they cover have a record $180
to less than 4%. Industrial produc- tries exited. all another boost. tem—even hidden champions. The billion of “excess” key equity capital.
tion is 10% below December 2018 If industrial policy is the new Still, the shift has been inconsis- latter’s ability to meet clear export So if the Federal Reserve does
levels, despite figures published trend, Germany should be in a posi- tent. University of Vienna researcher and investment goals is precisely indeed dial back some of the pro-
Monday showing a big rebound in tion to outpace its peers. It has low Etienne Schneider points out that what makes them ideal recipients of posed new requirements, with offi-
February. debt and a deep industrial base. Its political unity was galvanized by well-designed industrial policies. cials indicating changes are coming,
Even if the cyclical downturn is sway over EU institutions should al- Donald Trump’s presidency but “has Free-market reforms alone can’t off- banks could emerge from the pro-
over, long-term woes remain. Al- low it to waive prohibitions against gone into the background during the set the end of cheap Russian gas, cess with plentiful ammunition.
though it has had a great 2024, the state aid when convenient, Biden administration.” Also, the nor China’s policy of slowly sup- That capital could fund buybacks
DAX stock-market index has severely strengthen trade barriers and, if Bei- “debt brake” that Germany wrote planting Western producers. And, as and expanded dividends—and could
lagged behind broader eurozone eq- jing retaliates, engineer greater de- into its constitution in 2009, while the U.K. example highlights, a shift be deployed to clients.
uities for the past three years. mand for its products in Europe. popular, is a painful straitjacket. toward services comes with big The bottom line is that megabanks
While German automakers were Some of this has played out. For Ultimately, though, the paralysis costs in terms of inequality. with fee streams from investment
late to embrace electrification, Chi- one thing, Germany’s trade surplus in Germany’s corporatist politics is Maybe Germany’s leaders will banking and trading are likely to con-
nese firms learned much from West- with the eurozone has actually wid- explained by differing corporate eventually get there. But the clock is tinue to outperform regional banks,
ern companies and are now en- ened. Or take its Chinese invest- constituencies. ticking. —Jon Sindreu whose interest-income prospects are
uncertain at a time of shifting expec-
tations on rates. Among S&P 500
banks, the top performers this year

Gas Pipelines Are a Safe Bet on Green Shift

are Citigroup, Wells Fargo, JPMor-
gan and Bank of America.
Shares of Goldman Sachs and
Morgan Stanley for now are lagging
behind that quartet. But if dealmak-
Companies in the business of five of its largest pipelines. The according to Spiro Dounis, equity panded at all post-2015, when nat- ing really does have momentum, this
storing and transporting natural company said the scarcity factor is analyst at Citi Research. ural-gas production itself grew an- could be the quarter when they start
gas don’t sound “growth-y” or ex- helping it sign longer contracts The path to growth will likely be other 40%, Kim noted. Companies to catch up. —Telis Demos
citing, but they are businesses with increased rates. volatile for natural-gas prices— that own natural-gas storage ca-
with a deepening competitive In its latest earnings call, something that should make mid- pacity include Kinder Morgan, Loan refinancing volume by market
moat and growing need. Oneok said its natural-gas pipe- stream companies’ storage assets Williams and DT Midstream. Direct lending refinanced by
During the past decade, U.S. dry lines segment “significantly ex- even more valuable. The U.S. en- A basket of midstream compa- broadly syndicated loans
natural gas production has grown ceeded” its 2023 financial guid- ergy system is shifting in ways nies in the S&P 500 has gained Broadly syndicated loans
57% and demand (including for ex- ance due to higher earnings from that can make those swings even about 14% year to date, outpacing refinanced by direct lending
ports) has risen 45%, according to its long-term storage services and bigger. For one, the ability of the the broader index. Even so, their $12 billion
the U.S. Energy Information Admin- higher rates from negotiated fee- electric grid to switch to coal in valuation looks reasonable, with
istration. In that period, interstate based contracts. times of shortage is diminishing as enterprise value at about 10 times 10
pipeline capacity for natural gas The EIA forecasts U.S. natural- coal-fired power capacity shuts forward-12-month earnings before
has expanded just 25%, according gas production and liquefied-natu- down. Secondly, U.S. natural-gas interest, taxes, depreciation and 8
to Williams Cos., citing data from ral-gas exports will likely grow prices are getting more linked to amortization, 28% lower than the
EIA. Meanwhile, natural-gas stor- through 2050. But the pipelines’ international demand as LNG ex- overall index. Historically, mid- 6
age capacity has barely changed. scarcity value seems likely to per- port capacity keeps growing. stream companies had traded at a
The bottleneck is allowing so- sist given the permitting and polit- Natural-gas storage is “severely more modest 5.5% discount to the 4
called midstream companies to ical roadblocks to getting them lacking,” according to Eugene Kim, S&P 500.
charge higher fees when they ne- built. Moreover, like oil-and-gas research director at energy re- Investing in natural-gas infra- 2
gotiate new contracts. Kinder producers, midstream companies search firm Wood Mackenzie. structure could be a relatively
0
Morgan earlier this year said the themselves switched from capital Storage capacity grew about 20% cheap, dividend-rich way to hitch
average utilization rate rose to spending mode to capital returns between 2005 and 2015, during your wagon to the energy transi- 1Q 2023 2Q 3Q 4Q 1Q ’24
87% in 2023 from 73% in 2016 for mode during the past few years, the fracking boom, but hasn’t ex- tion. —Jinjoo Lee Source: PitchBook LCD

Buy the Stock Market’s High-Inflation Freakouts

Inflation failed to come down in pricing in six interest-rate cuts by news. And yet the S&P 500 re- Economic optimism is also re- mally seen when interest-rate ex-
March, dealing a blow to stocks. the Federal Reserve in 2024. mains up 8.2% so far this year, flected in rallying commodities, pectations are being reset higher.
But taking a step back, what is re- Now it is clear that the pace of with the tech-heavy Nasdaq Com- with crude oil and copper prices Super Micro Computer and
markable is actually how resilient disinflation has slowed, with the posite up 7.7%. That is an encour- both up double digits this year. Nvidia top the list with increases
equities have been to a changing core consumer-price index still up aging sign that the market is being Investors are also still betting of 220% and 76%, respectively.
inflation story. 3.8% on-year in March, unchanged driven by strong economic funda- on transformative changes in the Evidently, higher-for-longer
At the start of this year, infla- from February’s pace. Expectations mentals. U.S. economy, most notably the rates aren’t a barrier to these
tion appeared to be fading fast. have moved to perhaps just two Expectations for loosening have rise of artificial intelligence but trends. It is enough to remind one
The core consumer price excluding rate cuts this year. The yield on been dialed back due to warmer- also surging electricity demand of the time before ultralow rates
food and energy was up 3.9% from the 10-year U.S. Treasury note has than-expected inflation readings, and new advances in biotechnol- and quantitative easing, when eco-
a year earlier in December, but risen to 4.56% from 3.86% at the but also by surprisingly strong ogy. Of the 10 biggest gainers in nomic optimism alone was enough
that was down from a 5.7% pace in beginning of February. economic data, including last the S&P 500 this year, five are tech to propel bull markets, even when
December 2022. Markets were Stocks fell on Wednesday’s month’s creation of 303,000 jobs. companies—not something nor- rates were high. —Aaron Back