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What’s Trump’s Hush-Money Trial Kicks Off

News Prosecutors say he
led illegal conspiracy;
Business & Finance defense says payout
had no criminal intent
 Major U.S. stock indexes
rallied, with the S&P 500, BY CORINNE RAMEY
Nasdaq and Dow gaining AND ERIN MULVANEY
0.9%, 1.1% and 0.7%, respec-
tively, after a stretch of poor Donald Trump orchestrated
or indifferent performance. B1 a criminal conspiracy to influ-
ence the 2016 election, then
 Earnings this week from
sought to cover up a hush-
several of the biggest tech-
money payment to a porn star
nology companies offer the
by lying in his New York busi-
next opportunity for stocks
ness records over and over
to regain their footing after
again, a prosecutor alleged as
sharp selloffs last week. B1
the former president’s first
 Tesla and Li Auto are in trial began Monday.
an intensifying price war in “It was election fraud, pure
China, undercutting each and simple,” prosecutor Mat-
other as sales of electric and thew Colangelo said in his
hybrid vehicles there sur- opening statement, as the ju-
passed those of traditional rors watched intently.
cars for the first time. B1 Trump’s lawyer painted a
BRENDAN MCDERMID/PRESS POOL

different picture. “I have a

 Sam Altman is betting
spoiler alert,” Todd Blanche
that a new twist on solar
said. “There is nothing wrong
power and energy storage
with trying to influence an
can handle some of the rav-
election. It’s called democracy.”
enous electricity demands of
Please turn to page A4
the artificial-intelligence in-
dustry’s data centers. B1, B5
 Stricter bond terms reached
 GEF Capital raised $325
Former President Donald Trump in court Monday as his criminal trial got under way with both sides’ opening statements. in civil-fraud case ............ A4
million to back midsize com-
panies that help other busi-
nesses consume energy
more efficiently. B11
 Hipgnosis said it received
Universities Inside Nike’s U-Turn to Rebuild Sales
a $1.5 billion approach from
Blackstone that the song-cat-
alog fund would be prepared
Buffeted BY INTI PACHECO Now, as the CEO spoke at the Some colleagues warned oth- concern for its strategy.
to recommend to shareholders
if a formal bid were made. B3 By Protests In late February, Nike boss
John Donahoe led a virtual all-
meeting, critical comments
started to fill the chat window
on the call while more than
ers that their posts weren’t
anonymous and the chat might
be monitored. The attacks went
Since the pandemic, Nike has
lost ground in its critical run-
ning category while it focused
 The FTC sued to block
the merger of two premium
handbag makers, saying the
Try to Curb hands meeting where he deliv-
ered a message to his staff: The
company wasn’t performing at
20,000 employees watched.
“Accountability: I do not
think that word means what you
on for several minutes. “I hope
Phil is watching and reading
this,” an employee wrote, refer-
on pumping out old hits and
preparing for an e-commerce
revolution that never came. The
deal would give the com-
bined firm too much power
in the market for accessible
The Fallout its best and he held himself ac-
countable.
Two weeks earlier, Nike had
think it means,” an employee
wrote. “If this is cost cutting,
how about a CEO salary cut?”
encing the retired Nike co-
founder Phil Knight.
The virtual protest illustrated
moves, current and former em-
ployees say, have eroded a cul-
ture of innovation and edginess
luxury satchels. B5
announced it would lay off more another wrote. Soon there was a the depths of the dissatisfaction that made Nike one of the
Several prominent universi- than 1,600 employees. cascade of laughing emojis. within the sneaker giant and Please turn to page A10
World-Wide ties took steps on Monday to
stem fallout from on-campus

 Trump orchestrated a
criminal conspiracy to influ-
confrontations over the Israel-
Hamas war, as the schools
braced for a graduation sea-
INSIDE Detroit Is Reversing
ence the 2016 election, then son marked by protests and
sought to cover up a hush-
money payment to a porn
escalating security concerns.

By Douglas
Property Doom Loop
ANGUS MORDANT/BLOOMBERG NEWS

star by lying in his New York

business records over and Belkin, Alyssa Lukpat,
JENNY KANE/ASSOCIATED PRESS

over again, a prosecutor al- Erin Ailworth BY KONRAD PUTZIER of home lender Rocket Mort-
leged as the former presi- and Jon Kamp gage, is leading the city’s revi-
dent’s first trial began. A1 Barely a decade after Detroit talization. His new skyscraper,
 Lawyers for Trump In New York City, Columbia declared bankruptcy, the city is still under construction, re-
agreed to put tighter restric- University President Minouche emerging as the U.S.’s most un- cently topped out at 681 feet,
tions on the $175 million Shafik said the school would likely real-estate boomtown. making it the city’s second-
bond he was required to move classes online for the A development frenzy has tallest tower. It sits across the
post in a civil-fraud case. A4 day in an effort to “de-escalate gripped Detroit’s central busi- street from downtown De-
 Israel’s military spy chief
the rancor and give us all a U.S. NEWS PERSONAL JOURNAL ness district. Big companies, troit’s first Gucci store.
chance to consider next steps.” Supreme Court Airline baggage including Ford and developer The city’s residential mar-
resigned, becoming the first
The shift at Columbia fol- Related Cos., are spending bil- ket is also taking off. Home
senior official to step down
lowed the latest wave of pro-
appears sympathetic to fees get more lions of dollars on office build- prices in the area are up 40%
over intelligence failures cities seeking to evict expensive—and more
Palestinian protests there. The ings and other properties. since 2020, and last fall had
that enabled the Hamas-led
attacks on Oct. 7 that
protests, which began Thurs- homeless camps. A3 complicated. A11 Dan Gilbert, a Detroit native the steepest rise among ma-
day, called for the school to and the billionaire co-founder Please turn to page A7
sparked the war in Gaza. A8
divest from financial interests
 Several prominent univer-
in corporations with ties to Is-
sities took steps to stem fur-
ther fallout from on-campus
rael. Police arrested more than
100 protesters on Thursday.
The Masochist’s Guide to Disney:
confrontations over the Israel-
Hamas war, as the schools
On Monday evening, offi-
cials at New York University
Fly There and Back in a Day
braced for more protests and
asked the New York City Po- i i i
escalating security concerns. A1
lice Department to remove
 Biden administration offi- protesters from campus, ac- Die-hard fans try to conquer the parks
cording to NYPD representa-

Turn to
cials have been discussing a
plan to clarify the residency tives. The representatives said in one go. ‘Everybody thinks I’m crazy.’
rights of immigrants living in arrests were in progress, and
the country illegally who are that the NYPD had sent in BY SURYATAPA BHATTACHARYA which passengers straddle
married to U.S. citizens. A2 special teams meant to handle seats like on a motorcycle.
 A new rule from the Bi-
den administration will
strengthen privacy protec-
protests.
Pro-Palestinian protesters
gathered earlier in the day in
Molly Staffordsmith’s day
in the Most Magical Place on
Earth kicked off at 6 a.m. in a
Then they hustled half-a-
mile across the park, grabbed
a breakfast burrito to share,
page A18
Gould Plaza, on NYU’s campus. distinctly less enchanting lo- and lined up for the Pirates of
tions for people who obtain
legal abortions. A3
 Germany detained three
people suspected of spying
Monday afternoon, NYU posted
a message on X from its head
of global campus safety, fol-
lowing what the school de-
cale: the Philadelphia Interna-
tional Airport.
Staffordsmith, a 22-year-
old from New Jersey who
the Caribbean, where they
waited an hour to board a
weathered barge that floats
by Dead Man’s Cove
to pay your
on sensitive military tech-
nology for China. A9

CONTENTS Markets & Finance B11

scribed as a breach in the bar-
riers set up around the plaza
and “disorderly, disruptive,
and antagonizing behavior.”
works at a financial-advi-
sory firm, had a detailed
plan. As she and her
father took off on
and a town ran-
sacked by bucca-
neers.
A whirlwind of
respects.
Arts in Review....... A13 Opinion............. A15-17
Business & Finance... B2,5 Personal Journal A11-12
At Yale University on Mon- Spirit Airlines, her rides later, including
Business News......... B3 Sports....................... A14 day, police arrested more than sister logged into No sleep a sprint to Space
Crossword................... A13 Technology.............. B4 47 student protesters after a her Disney app from ‘til Mountain, it was
Equities........................... B6 U.S. News....... A2-4,7 weeklong demonstration on home and snagged Mickey time for their final
Heard on Street..... B12 World News..... A8-9
Please turn to page A2 them a coveted spot on Tron adventure: the 8
Lightcycle Run at the Walt p.m. flight home.
>  Israel’s military spy chief Disney World Resort in Flor- “It was truly a magical
resigns over Oct. 7........... A8 ida. day,” says Staffordsmith. “Ev-
 U.N. finds refugee agency After landing, Stafford- erything worked out. And it
is biased................................. A8 smith and her dad took an was fantastic.”
s 2024 Dow Jones & Company, Inc.
 Rafah operation looms as Uber straight to Tomorrow- Die-hard Disney fans are ©2024 Embark

All Rights Reserved Iran crisis wanes .............. A8 land to board Tron, a ride in Please turn to page A12
 A2 | Tuesday, April 23, 2024 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
Legal Status Weighed for Citizens’ Spouses
BY MICHELLE HACKMAN Security Department have use of administrative tools to
been studying proposals to offer more immigrants a
Twenty years ago, Allyson provide work permits or de- quasi-legal status.
Batista consulted her priest portation relief for millions of “The Biden administration
with a dilemma. She had fallen undocumented immigrants keeps putting illegal aliens
in love with a man living in who have lived and worked in ahead of American citizens,
the country illegally, who had the U.S. for a long time. They and this decision would be just
no hope of fixing his status. have zeroed in on the popula- another flagrant violation of
“I think if you love some- tion of mixed-status families, immigration law,” said Rep.
body, you marry them, and where typically the children Jim Jordan (R., Ohio), chair-
you figure it out from there,” and one parent are U.S. citi- man of the House Judiciary
she recalls the priest telling zens, because they believe that Committee, which oversees
her. demographic is the most com- immigration policy issues.
So she did. Two decades pelling, according to adminis- In December, mixed-status

MICHELLE GUSTAFSON FOR THE WALL STREET JOURNAL

later, the couple has three chil- tration officials and advocates. families and business leaders
dren and a successful con- An estimated 1.1 million un- met with officials at the White
struction business in Philadel- documented immigrants are House. Advocates have contin-
phia. But they still lack married to U.S. citizens, ac- ued meeting with top White
certainty—about whether Ally- cording to Fwd.us, an immi- House staffers. Homeland Se-
son’s husband will be allowed gration advocacy group. curity Secretary Alejandro
to stay in the U.S. long enough Though immigrants can typi- Mayorkas also has attended
to see his children become cally qualify for green cards meetings on the issue.
adults, or if the government when they marry American The most popular idea in-
will ever do something to help. citizens, these spouses are side the administration is to
Now, families such as Batis- barred under immigration law use an immigration tool
tas are looking to the Biden for any number of reasons, known as “parole in place,”
administration, where officials most commonly if they en- similar to the humanitarian
have been seriously discussing tered the country illegally Allyson Batista, a U.S. citizen, with her husband in the yard of their Philadelphia home. parole the administration has
a plan to help hundreds of more than once or used forged used to admit hundreds of
thousands of immigrants liv- legal documentation. Some of Several advocates who Though voters have grown have been authorized to work thousands of Afghan and
ing in the country illegally these infractions, advocates have spoken with the presi- increasingly concerned about legally through a range of ad- Ukrainian refugees, along with
who are married to U.S. citi- say, happen when immigrants dent believe he supports the unchecked illegal immigration ministration efforts. migrants at the border who
zens. There is a growing rec- are young children but can proposal and views the idea into the U.S., pollsters have A White House spokesman make appointments using a
ognition among President Bi- still result in lifelong bans. as his chance to make an im- found there are two groups said the administration “re- mobile app called CBP One.
den’s top political advisers “These are people who have pact similar to President Ba- that voters feel particularly mains committed to ensuring Granting undocumented
that he could benefit from tak- been here, paying taxes for de- rack Obama’s Deferred Action sympathetic toward—Dream- those who are eligible for re- spouses parole in place would
ing a positive step on immi- cades,” said Rebecca Shi, exec- for Childhood Arrivals pro- ers and mixed-status couples. lief can receive it quickly and make many of them immedi-
gration to contrast with his utive director of the American gram. DACA granted work Officials also view the idea to building an immigration ately eligible for work permits.
tough talk on the issue, and Business Immigration Coali- permits and deportation pro- as a potential antidote to ris- system that is fairer and more Perhaps more significantly, it
with an expected executive or- tion, a group of current and tections to more than ing tensions from within im- humane. As we have said be- would clear the administrative
der aiming to sharply curb il- former CEOs that has been 800,000 young undocu- migrant communities, particu- fore, the Administration is cobwebs preventing spouses
legal crossings at the southern lobbying the Biden administra- mented immigrants known as larly from many Mexicans and constantly evaluating possible from being granted green
border. tion to provide work permits Dreamers, and was launched Central Americans who resent policy options.” cards, meaning the move could
Officials inside the White or other relief for undocu- months before Obama’s 2012 that large populations of Republicans have grown in- ultimately offer them a path to
House and at the Homeland mented spouses. re-election. newly arriving asylum seekers creasingly agitated by Biden’s citizenship.

NED GERARD/HEARST CONNECTICUT MEDIA/ASSOCIATED PRESS

JEENAH MOON FOR THE WALL STREET JOURNAL

FATIH AKTAS/ANADOLU/GETTY IMAGES

Clockwise from left, pro-Israel protesters outside the Columbia University campus, which was closed to the public on Monday; students and pro-Palestinian supporters in front of Woolsey
Hall at Yale University, where police arrested more than 47 protesters on Monday; and police arrested protesters at New York University on Monday evening.

Schools Try the handful of open entrances.

The Yard is closed to the pub-
lic through Friday, the school
strators marched in a circle
around an encampment on a
campus lawn with more than a
federal funding was at risk if
they didn’t rein in the pro-
tests. Foxx heads the congres-
would have discussions with
the student protesters. “I un-
derstand that many are expe-
heart of the school’s upper
Manhattan campus. Campus se-
curity and NYPD officers stood

To Stem said on its website.

Tables and structures such
as tents weren’t permitted in
dozen tents, chanting “From
the river to the sea, Palestine
will be free”—a slogan regarded
sional committee that last
week sharply questioned
Shafik over the school’s han-
riencing deep moral distress
and want Columbia to help al-
leviate this by taking action,”
nearby. Only those who could
present a Columbia ID were al-
lowed to enter. People in the

Fallout the Yard without permission,

the signs said. “Students vio-
lating these policies are sub-
by many as antisemitic—and
“MIT, you can’t hide, we charge
you with genocide.”
dling of the protests.
On Sunday, another mem-
ber of that committee, Rep.
she said. “But we cannot have
one group dictate terms and
attempt to disrupt important
crowd carrying an Israeli and
U.S. flag yelled “Fire Shafik!”
Jewish students at Colum-
ject to disciplinary action.” Last week, officials at the Elise Stefanik (R., N.Y.), called milestones like graduation to bia said harassment has amped
Continued from Page One The schools’ actions came University of Southern Cali- for Shafik’s resignation, claim- advance their point of view.” up on and off campus after the
and around the school’s cam- in the wake of rising tensions fornia canceled a graduation ing Shafik and other officials’ The Jewish holiday of Pass- hearings in Washington.
pus plaza in New Haven, over the war on campuses. speech by the class valedicto- testimony last week “was an over began Monday evening. “It’s terrifying,” said Eden
Conn. Police began arresting Such tensions have flared epi- rian scheduled for next attempt to cover up for their Rabbi Elie Buechler of Colum- Yadegar, a junior who leads a
students after they declined sodically since Hamas at- month, citing security con- abject failure to enforce their bia’s Orthodox Union urged group called Students Support-
the school’s offer to leave the tacked Israel last October. The cerns. The student is Muslim own campus rules and protect Jewish students to return ing Israel. “We’ve never seen
plaza and meet with univer- latest round, centered largely and an advocate for Palestin- Jewish students on campus.” home “as soon as possible and such violent rhetoric and so
sity trustees. Students who at Columbia, was touched off ians. The school later removed A Columbia representative remain until the reality in and many acts of physical violence.”
were arrested will be referred last week after Shafik testified outside speakers and honorees on Monday said: “President around campus has dramati- She recounted one instance
for Yale disciplinary action, before a congressional com- from its commencement. Shafik is focused on de-esca- cally improved.” in which protesters off campus
which includes sanctions such mittee over whether the The protests at Columbia lating the rancor on Colum- “What we are witnessing in cornered Jewish students and
as reprimand, probation, or school has done enough to specifically, along with in- bia’s campus. She is working and around campus is terrible yelled they would repeat the
suspension, according to a protect Jewish students. stances of Jewish students be- across campus with members and tragic,” Buechler wrote. attacks on Oct. 7 one hundred
university representative. Since then, pro-Palestinian ing harassed, stoked the ire of of the faculty, administration, “Columbia University’s Public thousand times. An Arab jour-
And at Harvard University protests have arisen at a some Republican members of and Board of Trustees, and Safety and the NYPD cannot nalist who was a guest of Stu-
on Monday, metal gates closed number of schools, including Congress. On Sunday, Rep. with state, city, and commu- guarantee Jewish students’ dents Supporting Israel was
off access to Harvard Yard, the the University of California, Virginia Foxx (R., N.C.), wrote nity leaders.” safety in the face of extreme punched in the face, she said.
heart of the Cambridge, Mass., Berkeley, Tufts University, in a letter to Shafik that she Shafik said Monday that antisemitism and anarchy.” She said two Barnard Col-
campus. Students had to flash and the Massachusetts Insti- was “gravely concerned by the university officials would Several student protest lege undergraduates who
school identification cards to tute of Technology. ongoing chaos” on campus work to find a resolution to groups, including Columbia draped an Israeli flag from
security guards to get through At MIT on Monday, demon- and warned the school their the crisis on campus and University Apartheid Divest, their window were threatened
said their demonstrations were by protesters who said “we
peaceful and respectful of ev- know where you live, and ‘You
THE WALL STREET JOURNAL
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CORRECTIONS  AMPLIFICATIONS eryone’s religion. Outside agita-
tors were misidentified as part
killed our families.’ ”
New York Gov. Kathy
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of their group, they said. “We Hochul, a Democrat, was on
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THE WALL STREET JOURNAL. * * * * Tuesday, April 23, 2024 | A3

U.S. NEWS

Court Appears
To Back Curbs
On Homeless
BY JESS BRAVIN Justice Amy Coney Barrett
said it isn’t so easy to distin-
WASHINGTON—The Su- guish between the condition

ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL (3)

preme Court seemed ready to of being homeless and the
let cities crack down on home- conduct that therefore be-
less encampments, after Mon- comes unavoidable, such as
day arguments in which con- sleeping in public.
servative justices questioned “How do we draw these dif-
lower-court findings that ordi- ficult lines about public urina-
nances restricting sleeping in tion and that sort of thing?”
public amount to unconstitu- she asked.
tionally cruel and unusual “If you had a law that said
punishment. homeless people cannot uri-
The Oregon city of Grants nate or defecate anywhere
Pass outlaws sleeping in cars within city limits, then it
parked on the street or in pub- starts to look like this case,”
lic parks with a blanket, but Corkran said, but restricting

Fight Against Online Child Exploitation

has no shelter able to accom- the elimination of waste on
modate the hundreds of home- public property would be per-
less people within its limits. missible.
The Ninth U.S. Circuit Court of The Biden administration
Appeals, whose jurisdiction
covers much of the Western
U.S., found such measures ef-
fectively criminalize homeless-
sought a middle path. It said
the Grants Pass ordinance un-
constitutionally criminalized
homelessness but the Ninth
Is Hampered by Technology and Laws
ness, violating Eighth Amend- Circuit rules are too restric-
ment precedent that forbids tive. BY JEFF HORWITZ helped the center build a case-
punishing people for their sta- Deputy Solicitor General AND KATHERINE BLUNT management system.
tus rather than actions. Edwin Kneedler, representing Collaboration with industry
the Justice Department, said ALEXANDRIA, Va.—Every and other nonprofits was es-
that authorities should be able few days, a pile of thumb sential to building the ability to
Local discretion to impose “time, place and drives and compact discs filled cluster duplicate reports, run
But on Monday, members of manner” restrictions on the with videos and pictures of sex image recognition on photos,
the Supreme Court’s conserva- homeless encampments and crimes against children arrives filter cases by geography and
tive majority suggested that that the legality of local mea- at a nondescript office building give priority to images that
the Ninth Circuit’s approach sures should depend on indi- here via the U.S. mail. present a greater chance for
intruded on the discretion lo- vidual circumstances. The evidence goes into a se- law enforcement to effectively
cal officials need to govern “There’s a certain amount cure room full of red folders intervene. But outside help
their communities. of common sense and practi- where it is manually uploaded isn’t a full substitute for inter-
Helping homeless people is cality to this,” Kneedler said. into a database—the nation’s nal capacity. Tech platforms of-
difficult and costly, said Chief The Supreme Court has op- central system for detecting ten poach talent from the non-
Justice John Roberts, and tions between upholding the child sexual exploitation online. profit, Shehan said.
“municipalities have compet- Ninth Circuit and overruling it The use of snail mail means A recently completed tool
ing priorities.” For instance, entirely, such as giving cities that only a fraction of the im- that allows law enforcement to
he said, “Do you build a home- more authority while agreeing ages seized by U.S. law-en- scan seized hard drives for
less shelter or take care of the that homelessness itself can- forcement agencies are pro- known child-abuse images took
lead pipes” contaminating the not be criminalized. cessed. Many agencies simply the center nearly 10 years to
water supply? “What if there After the Ninth Circuit’s de- don’t bother submitting evi- build, Shehan said. Technology
is not enough fire protection? cisions on public camping dence vital to identifying vic- to identify victims by matching
Which one do laws, the Ore- tims, according to the Justice their faces to publicly available
you give prior- gon Legislature Department. images—available to law-en-
ity to?” passed a mea- The National Center for forcement agencies for years—
Liberal jus- The case has sure requiring Missing and Exploited Chil- isn’t yet built into the center’s
tices said, how- allied rural local govern- dren, which maintains the sys- systems.
ever, that ments to pro- tem, tried to update this pro- Though the center continues
Grants Pass had towns and big vide 72 hours cess for the internet age by From top, evidence folders at its collaboration with industry,
singled out notice before creating a secure evidence- the National Center for the nonprofit has become in-
homeless peo-
cities that want removing transfer system for local law Missing and Exploited creasingly vocal in debates
ple when en- to clear camps. homeless en- enforcement. The experiment Children; milk cartons over what responsibility com-
forcing its anti- campments ended in 2018 when the com- bearing photos of missing panies have for crimes against
sleeping or from public pany hosting the transfers shut children, one of the center’s children committed on their
camping laws. property. In it down, citing legal prohibi- best-known initiatives; and platforms. Social-media algo-
Police officers had testified Grants Pass, police employ tions against transmitting child John Shehan, who oversees rithms, notably those under-
that “if a stargazer wants to that law, requiring homeless pornography. For good mea- the center’s work on child pinning Meta’s platforms,
take a blanket or sleeping bag people to relocate from one sure, the company’s lawyers re- exploitation. sometimes amplify the spread
out at night to watch the stars park to another every three ported the center to itself. of sex-abuse images. Meta has
and falls asleep, you don’t ar- days. “We were stuck,” said John Alex Stamos, head of the Stan- arm of the government if it said it works hard to make its
rest them,” said Justice Sonia Shehan, a senior vice president ford center and former chief goes beyond passively receiv- platforms safe for children.
Sotomayor. “You don’t arrest who oversees the nonprofit’s security officer for Meta Plat- ing reports, most of which A central rift between the
babies who have blankets over 1962 precedent work on child exploitation. forms, calling the center by its come from internet platforms. center and industry revolves
their heads. You don’t arrest The Ninth Circuit based its U.S. laws make it criminal initials. “They have some quite The rigid U.S. legal infra- around encrypted messaging.
people who are sleeping on decision on a 1962 Supreme for people to keep or share im- good engineers, just the size of structure around online child- More than three-quarters of
the beach—as I tend to do if Court case, Robinson v. Cali- ages of child sexual exploita- the team is minuscule.” exploitation material has led the 26 million the center re-
I’ve been there a while. You fornia, which struck down a tion. Because such strictures After a multiyear delay, leg- many companies to limit their ports Meta filed in 2022 came
only arrest people who don’t state law making it illegal to apply broadly, they also create islation to help fix some re- efforts to detect the spread of from screening unencrypted
have a home.” be a drug addict. While pos- hurdles for the center, the sole porting-system problems is harmful imagery due to con- communications. When Meta
The lawyer for Grants Pass, sessing or using drugs could interface between major Amer- slated for passage by Congress cerns over breaking the law. announced at the end of 2023
Theane Evangelis, said the be punished, it would be cruel ican tech platforms and law en- as soon as this month. The center’s efforts to im- that it was beginning to en-
laws apply to everyone, but and unusual to penalize an in- forcement worldwide. The nonprofit was created in prove report quality are also crypt direct messages, the cen-
Sotomayor said there was no dividual simply for the condi- As the 40-year-old organiza- 1984 with the complicated by ter lambasted the company.
record of anyone other than a tion of drug addiction, the tion seeks to limit the spread purpose of find- concerns that The disagreement with Meta

36M
homeless person facing en- court said then. of abuse imagery, identify ing missing chil- asking for com- forced a reappraisal of its rela-
forcement. Likewise, the appeals court predators and aid victims, it dren. In 1998, panies to pro- tionship with the company—
reasoned, homelessness is an must contend with a limited when the Cyber- vide more data and the place of Antigone Da-
involuntary condition if no budget and a legal mandate Tipline was cre- might be con- vis, its global head of safety, on
Municipal alliances shelter is available, and fining that hasn’t been updated since ated, the center Number of reports of sidered a viola- the center’s board.
The case has made allies of or jailing people for the un- the days of AOL chat rooms. handled 4,450 tion of the “We basically decided to go
rural towns and big cities that avoidable act of sleeping with The Wall Street Journal reports dealing
online child sexual Fourth Amend- separate ways,” Shehan said.
want more leeway. According a blanket on public property spoke with executives at the with allegations exploitation handled ment. The long-awaited reporting
to the federal government, was similarly unconstitu- nonprofit and identified numer- of online child by NCMEC in 2023 The center legislation would allow the
there are more than 650,000 tional. ous challenges. On Monday, the sexual exploita- began drowning center to store and process
unhoused people across Amer- But some justices suggested Stanford Internet Observatory tion. Within a in tips by the data via commercial cloud-
ica on a given night—the high- that a physical condition such Cyber Policy Center released a decade, it was latter half of the computing services and create
est number since federal offi- as addiction wasn’t wholly report that independently iden- handling more than 100,000 re- past decade, at which point it a legal safe harbor for minors
cials began surveying the comparable to an economic tified many of the problems, in- ports annually. In 2023, the recognized severe shortcom- or their parents to report illicit
unhoused population in 2007. situation such as homeless- cluding a lack of information, number hit 36 million. ings in its technological capa- images of children online,
Kelsi Corkran, representing ness, which can change rap- staff and technology to process The center has only around bilities. among other things.
homeless people who filed idly or be compounded by and catalog the tens of millions $17 million to triage reports of “There was a way to down- But making even basic up-
suit against Grants Pass, said medical or psychological prob- of reports of exploitation it re- child exploitation online, and load the tips, but no way to grades is daunting, Stamos
that cities were exaggerating lems or personal reasons. ceives every year. $12 million more to help law sort, filter or do anything with said. He noted that there are
the impact of court orders “You can remove the home- At a time when the volume enforcement investigate. them,” Shehan said. likely 50 to 100 times as many
limiting vagrancy-type laws. less status in an instant if you of reports is exploding, Stan- The center is the only entity To help break the logjam, tech-industry workers generat-
While sleeping or simply ex- move to a shelter,” Roberts ford says, the center’s CyberTi- outside of law enforcement au- Amazon, Google, Palantir, Mi- ing reports as there are people
isting outside couldn’t be said. “It can be moved the pline is in a poor position to thorized to work with child-ex- crosoft and Meta have donated at the center to process them.
punished when no shelter was other way as well if you’re triage them, even as improve- ploitation content. It isn’t a millions of dollars in services, “The system does not work
available, she said that au- kicked out of the shelter.” ments in artificial intelligence law-enforcement agency, but including cloud-computing and very well in terms of taking the
thorities remained free to en- A decision in the case, could make it easier. isn’t a simple nonprofit, ei- data-sorting capabilities. Meta, information that currently ex-
force other laws to protect Grants Pass v. Johnson, is ex- “Right now NCMEC uses AI ther—federal courts have held which owns Instagram and ists and then turning it into a
public health and safety. pected before July. for effectively nothing,” said that it can be considered an Facebook, also funded and prosecution,” he said.

Biden Administration Rule Bolsters Privacy for Abortion Patients

BY STEPHANIE ARMOUR after patients who obtain abor- country’s largest pharmacy the Department of Health and law based simply on a claimed for the procedure.
tions in states without such lim- chains have provided prescrip- Human Services to withdraw connection to ‘health care.’” The move is an effort to pro-
A new rule from the Biden its or who take abortion pills. tion records to law enforcement the proposal because they as- The HHS rule shores up tect providers, insurers and pa-
administration will strengthen It is the latest front in a fight without a warrant. Some states sert that it unlawfully interferes HIPAA—the federal Health In- tients involved in lawful repro-
privacy protections for people unfolding since the U.S. Su- that ban most abortions except with states’ authority to enforce surance Portability and Ac- ductive healthcare, according to
who obtain legal abortions, ban- preme Court 2022 decision in cases of rape or incest re- their laws. countability Act—a law that HHS. The protections apply to
ning the release of their health withdrawing constitutional pro- quire that law enforcement be “The proposed rule exceeds protects patient information prenatal care, abortion, the
records when they or their doc- tections for abortion. Forty-one notified in cases of sexual as- the department’s statutory au- and establishes standards for its management of miscarriages,
tors are subject to investigation states have imposed some sort sault or child abuse. thority,” the July letter said. disclosure. The update makes it contraception use, infertility
or prosecution. of abortion ban, while President The administration’s push for “HIPAA authorizes HHS to set unlawful to disclose private treatment and other related
The restrictions follow Biden has wielded executive or- stiffer privacy protections has standards for protecting privacy medical data if it is being conditions.
mounting concerns from abor- ders and regulation to try to spurred the threat of lawsuits in ‘health information.’ The stat- sought in connection with an in- “Under federal law, you have
tion-access supporters that law protect access to abortion. and drawn heated criticism ute does not empower HHS to vestigation into a legal abortion rights to your privacy,” HHS
enforcement in states that re- A congressional probe last from Republicans. Nineteen GOP shield from authorities evidence or other reproductive care, even Secretary Xavier Becerra said in
strict or ban abortions will go year found that some of the attorneys general in July asked of legal wrongdoing under state if a patient crosses state lines a Monday news conference.
A4 | Tuesday, April 23, 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
U.S.WATCH
Why Trump Didn’t Sink Ukraine Bill ARIZONA
Mistrial Declared
BY VIVIAN SALAMA and a small but politically sig- years criticized Ukraine as a assistance. Graham pointed to In Migrant Death
nificant change to the package “corrupt” country, and he no- Trump’s past comments about An Arizona judge declared
WASHINGTON—For helped convince Trump of the toriously was impeached by Iraq, when he said the U.S. a mistrial Monday in the case
months, it seemed the road to case for the Ukraine measure, the House for leaning on should “take the oil,” saying of a rancher accused of fa-
unlocking the Ukraine security according to people familiar Ukraine’s President Volodymyr that was never intended liter- tally shooting a Mexican man
funding gridlock in Congress with the former president’s Zelensky to announce an in- ally, but rather, as a form of on his property near the U.S.-
ran through Mar-a-Lago, with thinking. That cleared the way vestigation into the Biden fam- collateral. Mexico border.

TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS

former President Donald for Johnson to move ahead ily. Trump has often com- Graham said he floated the Jurors failed to reach a
Trump long skeptical of more with the bill without sparking plained about U.S. support for loan idea to Zelensky while unanimous decision after
aid for Kyiv. Already about half the powerful former presi- Ukraine, describing the coun- visiting Kyiv last month, say- more than two full days of
of House Republicans had indi- dent’s ire. try to European leaders as ing it is “the most likely path deliberation in the trial of
cated they would oppose more The House voted 311-112 to “your Ukraine” and “part of forward.” Speaking to “PBS George Alan Kelly, 75 years
support, and Speaker Mike approve the Ukraine aid, with Russia,” U.S. and foreign offi- NewsHour” last week, Zel- old, who was charged with
Johnson (R., La.) couldn’t af- one Republican voting present. cials said. ensky said his country would second-degree murder in the
ford a jailbreak. It was backed by all Democrats But those familiar with be open to assistance struc- Jan. 30, 2023, shooting of Ga-
Trump, the presumptive Re- but slightly less than half of Trump’s thinking said he has tured as a loan, though it briel Cuen-Buitimea.
publican presidential nominee, Republicans. The bill contains been open to hearing from wasn’t his preference. The Santa Cruz County At-
had railed on the campaign $60 billion related to Ukraine, Speaker Mike Johnson various officials who have “We wanted another way to torney’s Office can still de-
trail about the billions of dol- with much of the funding go- both warned him of the poten- get this money last year, but, cide whether to retry Kelly, or
lars the U.S. gives to foreign ing to U.S. defense contractors ing Lindsey Graham (R., S.C.), tial consequences of a Russian for today, it doesn’t matter. drop the case all together.
countries while problems con- or the Defense Department to Kevin Cramer (R., N.D.) and victory and the opportunities a We need to survive, and we Kelly was charged with
tinue to mount at home. As he offset weapons and supplies Markwayne Mullin (R., Okla.), second Trump administration need to defend our people, and second-degree murder in kill-
grew more vocal in his opposi- that have already been pro- held joint phone calls, first might have to broker a peace that’s why your decision, the ing of Cuen-Buitimea, 48,
tion to U.S. assistance to Kyiv, vided to Ukraine. among themselves to strate- agreement. Those lobbying ball is on your field. Yes, who lived in Nogales, Mexico.
support was also deteriorating A key change in the House gize, and then with Trump, af- him said it wasn’t so much please, just make [a] decision,” Prosecutors said Kelly
among GOP voters, polls bill was to make $9.5 billion ter he had floated first the that they needed him to agree; he said. recklessly fired nine shots
showed. for economic aid in the form idea of making Ukraine aid they just needed him to accept Johnson, who visited from an AK-47 rifle toward a
Trump’s objections had of forgivable loans, not grants, into a loan. it. Trump’s Mar-a-Lago club this group of men, including Cuen-
helped sink support for a bipar- to align with an idea Trump The lawmakers’ plan, ac- Ukraine, Trump and the month, has called standing up Buitimea, about 100 yards
tisan border deal linked to floated months earlier. cording to people familiar with senators discussed, is rich with for Ukraine and passing aid for away on his cattle ranch.
Ukraine earlier this year, and The Democratic-run Senate the outreach, was to expand minerals and has the potential Israel and Taiwan as part of a Kelly has said he fired warn-
his stance was seen as putting had passed a similar bill in on the idea of the loan and of being a rich country able to broader fight against Russia, ing shots in the air, but didn’t
the new Ukraine-aid effort at February, but it languished in make it Trump’s idea, so that pay its debts back, people fa- Iran and China. His decision shoot directly at anyone.
risk as well. Ukraine proponents the House, where Johnson has he would embrace it. Trump, miliar with the discussions was also driven by his reli- The nearly monthlong trial
on Capitol Hill feared that one a razor-thin majority and a officials said, was open to the said. Payback is contingent on gious convictions, people fa- coincided with a presidential
bad-mouth social-media post large contingent of Ukraine idea—so long as the U.S. is defeating Russia, as most of miliar with his thinking said. election year that has drawn
from the former president could skeptics. With Ukraine running guaranteed something in re- those resources are in occu- Johnson has also played to widespread interest in border
tank the whole thing. short of supplies, some propo- turn. pied territories, they said. Trump’s ambitions, saying a security.
But some strategic outreach nents had seized on the loan Ukraine occupies a compli- Graham, in an interview, stable Ukraine would be criti- —Associated Press
by Republican senators, a idea to get Trump on board. cated position in Trump world. played down any evolution in cal to a successful second
high-profile visit by Johnson A group of senators, includ- The former president has for Trump’s thinking on foreign term. DETROIT
Remains of WWII
Pilot Identified
Stricter Bond Terms Reached in Civil-Fraud Case Military scientists have
identified the remains of an
Army Air Forces pilot from
Michigan eight decades after
BY JACOB GERSHMAN posed a nearly half-billion dol- randum filed Friday, her office that Knight would control the say it is authorized to issue he died during a World War II
lar judgment against Trump said it was concerned with account and promise not to the bond in New York as a bombing mission in South-
Lawyers for Donald Trump after finding the former presi- fine-print terms on what withdraw funds or swap as- participant in a less-regulated east Asia.
agreed Monday to put tighter dent lied to banks about his Trump can do with the $175.7 sets during Trump’s appeal. specialty market for people The Defense POW/MIA
restrictions on the $175 million net worth for years, a penalty million assets in a Charles A lawyer for the state told needing insurance with com- Accounting Agency said Mon-
bond that the former president that sent Trump rushing to Schwab money-market ac- Engoron that the attorney plex, unusual risks that stan- day that the remains of 2nd
obtained to protect his assets guarantee that he could pay count he put up as collateral. general’s office was satisfied dard insurers won’t cover. Lt. John E. McLauchlen Jr. of
while he appeals a New York what he owes if his appeal “There are no games. with the adjustments. Engoron has considerable Detroit were identified in
civil-fraud judgment. challenging the ruling fails. There’s no trap door. It’s $175 Knight’s owner, billionaire leeway to decide what to do January and will be buried
Trump’s bond got a closer The likely 2024 Republican million in a bank account. The auto-lending magnate Don about the bond, said Bruce H. this summer at Fort Leaven-
inspection from Justice Ar- presidential nominee procured money is there. It’s not going Hankey, previously told The Lederman, a Manhattan real- worth in Kansas.
thur Engoron at a hearing the bond from Knight Spe- anywhere,” said Chris Kise, a Wall Street Journal he reached estate litigator. The judge could McLauchlen, 25, was the pi-
Monday morning, in a civil cialty Insurance, a Delaware- lawyer for Trump. out to Trump’s representatives reject it or order stricter provi- lot of a B-24J Liberator bomber
courthouse around the block domiciled company unregu- Engoron dropped his reser- after hearing that the former sions concerning Trump’s con- during a Dec. 1, 1943, bombing
from where Trump is cur- lated and unlicensed in New vations on Monday after president was struggling to trol over the collateral. mission from India targeting a
rently being tried on charges York that lacked the usually Trump’s lawyers agreed to find an insurer to guarantee Knight’s Cayman Islands-do- railroad yard in Myanmar, then
that he falsified business re- required financial credentials. make changes to the bond the bond. Knight isn’t regis- miciled parent company—which known as Burma.
cords to cover up a hush- New York Attorney General agreement that give the attor- tered to issue appeal bonds in reported having $2 billion in as- —Associated Press
money payment to a porn star. Letitia James, a Democrat ney general’s office more as- New York and didn’t obtain a sets and $1 billion in equity—
“It all seems a bit like a who brought the fraud suit in surance that the money in the state-issued certificate indicat- has also agreed to cover Knight LAS VEGAS, LOS ANGELES
house of cards to me,” said 2022, formally challenged account will remain cash and ing that the company is finan- Specialty’s risk through a rein-
Engoron. Trump’s arrangement with won’t be touched. cially solvent and qualified. surance agreement, according
High-Speed Rail
In February, Engoron im- Knight. In a 26-page memo- Trump and Knight agreed Knight’s lawyers, though, to court filings. Construction Begins
A $12 billion high-speed
passenger rail line between

Conspiracy Las Vegas and the Los Ange-

les area has started construc-
tion, officials said Monday,

Alleged as amid predictions that millions

of ticket-buyers will be
boarding trains by 2028.

Trial Begins Brightline West, whose

sister company already oper-
ates a fast train between Mi-
ami and Orlando in Florida,
Continued from Page One aims to lay 218 miles of new
The historic proceeding— track between Las Vegas and
the first ever criminal trial of another new facility in Ran-
a former U.S. president—came cho Cucamonga, Calif. Almost
just over a year after Manhat- the full distance is to be built
tan District Attorney Alvin in the median of Interstate
Bragg, a Democrat, unveiled a 15, with a station stop in San
grand jury indictment charg- Bernardino County’s Victor-
ing Trump with 34 felony ville area.
counts of falsifying business Company CEO Mike Rein-
records. Trump has pleaded inger has said the goal is to
not guilty. have trains operating in time
While the presumptive Re- for the Summer Olympics in
publican presidential nominee Los Angeles in 2028.
has been charged with three The project is touted as
other criminal cases in the in- the first true high-speed pas-
JANE ROSENBERG/REUTERS

terim, the Manhattan case senger rail line in the nation,

might be the only one to be designed to reach speeds of
heard by a jury before voters 186 mph, comparable to
go to the polls in November. Japan’s Shinkansen bullet
The trial, expected to last trains.
six weeks, has relegated —Associated Press
Trump to the defense table of A courtroom sketch of former National Enquirer publisher David Pecker testifying at Donald Trump’s trial on Monday.
a drab Manhattan courtroom TENNESSEE
in the midst of his campaign. three deals in which he said quirer with her story of a sex- former president, the defense to continue his testimony, in-
On Monday, after remaining the co-conspirators bought ual encounter with Trump lawyer said. cluding detailing the 2015
Gov. Lee Concedes
silent throughout the proceed- stories about Trump in order years earlier. He said the “His entire financial liveli- Trump Tower meeting. In Voucher Fight
ing, the former president to bury them. then-candidate agreed to buy hood depends on President Last week, a panel of 12 ju- Tennessee Gov. Bill Lee con-
railed against the case in the In the first, he said, Pecker Daniels’s story, and Cohen Trump’s destruction,” rors and six alternates was ceded defeat Monday in his
courthouse hallway. The case paid $30,000 for the story of a took the necessary steps to Blanche said. sworn in to hear the case. The push to enact universal school
was about bookkeeping, he Trump building doorman who do so. Blanche said that Daniels, five women and seven men vouchers this year, acknowl-
said, and deals with alleged alleged that Trump fathered a After Trump won the elec- who has also benefited finan- are a largely educated, white- edging there was “not a path-
conduct dating back to 2015. child with one of his employ- tion, Colangelo said, Cohen cially from her own books and collar group all residing in way for the bill” after months
“I should be in a lot of dif- ees. In a second, Colangelo and Trump decided to cook documentary, knows nothing deep blue Manhattan. of Republican infighting.
ferent places right now cam- said, Pecker paid $150,000 to their books. about the false business re- Still, a conviction isn’t a “I am extremely disap-
paigning, and I’m sitting buy the story of Playboy play- He said they agreed Trump cords in question. “Her testi- sure bet; Bragg made the un- pointed for the families who
here,” Trump said. “This will mate Karen McDougal, who would reimburse Cohen in in- mony, while salacious, does usual move of bringing felony will have to wait yet another
go on for a long time.” claimed she had a monthslong stallments for the payment, not matter,” he said. falsified record offenses with- year for the freedom to
During his opening state- affair with Trump. and disguise the payments as After opening statements, out charging Trump with choose the right education for
ment, prosecutor Colangelo About a month before the a legal retainer. prosecutors called Pecker, other crimes. their child, especially when
told jurors that the conspiracy 2016 election, Colangelo said, Trump’s lawyer, Blanche, who testified for about 20 Such felony offenses re- there is broad agreement that
in question began at a Trump a recording surfaced of told jurors that prosecutors minutes before court wrapped quire prosecutors to prove now is the time to bring uni-
Tower meeting in August Trump making crude state- couldn’t prove their case be- up for the day because of a that Trump falsified records versal school choice to Tennes-
2015. Then-candidate Trump ments about grabbing cause they couldn’t show the juror’s emergency dental ap- in order to commit or conceal see,” Lee, a Republican, said.
and his lawyer and fixer, Mi- women, throwing his cam- former president had criminal pointment. another crime. While prosecu- For months, Tennessee’s
chael Cohen, met with tabloid paign into a tailspin. intent. Trump sought to pro- The former tabloid pub- tors didn’t detail the legal un- GOP-dominant General As-
king David Pecker, who was “The impact of that tape on tect his brand and family, lisher spoke confidently on derpinnings of the case Mon- sembly has been divided on
then the publisher of the Na- the campaign was immediate Blanche said. “That is not a the stand, and chuckled when day, they will likely be the details surrounding how
tional Enquirer, Colangelo and explosive,” Colangelo said, crime,” Blanche told jurors. he misremembered his work required to do so. such a statewide plan would
said. The three men hatched a pointing to prominent Trump Blanche said two prosecu- phone number. He told jurors The unusual charges also work. Differing versions ad-
plan to buy the rights to sala- allies withdrawing their en- tion witnesses, Cohen and about the tabloid’s practices. put the case in uncharted wa- vanced in the House and Sen-
cious stories about Trump, dorsements and condemning Daniels, were unreliable and “We used checkbook jour- ters in terms of potential pun- ate but ultimately stalled as
but never run them, the pros- his language. flawed. Cohen had pleaded nalism and we pay for sto- ishment, since there are few legislative leaders worked be-
ecutor said, in a tabloid prac- A day later, he said, adult guilty to lying under oath, and ries,” said Pecker, 72 years equivalent cases. The charges hind the scenes to come up
tice known as catch and kill. film actor Stormy Daniels ap- has written books and pod- old. themselves carry no manda- with a deal.
Colangelo told jurors about proached the National En- casts about his work with the He is expected on Tuesday tory prison term. —Associated Press
THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | A5

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A6 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.
THE WALL STREET JOURNAL. * * * * Tuesday, April 23, 2024 | A7

U.S. NEWS

California Uses Panda Diplomacy on China

San Francisco mayor Newsom and Breed’s will- the hundreds of demonstrators
ingness to pursue closer rela- were members of the Chinese
visits Beijing to talk tions is also a reflection of de- diaspora, decrying Beijing’s
up trade ties, hail mographics in California. Some policies toward Hong Kong,
15% of California’s nearly 40 Taiwan, Tibet, Xinjiang and on
cultural connections million people are of Asian other human-rights issues.
heritage, including the descen- “No matter what race, eth-
BY JONATHAN CHENG dants of the earliest Chinese nicity or political beliefs people
immigrants to the U.S. have, I represent all San Fran-
BEIJING—In a contentious San Francisco is home to ciscans. I’m not choosing a
election year, most U.S. politi- the country’s oldest and one of side, I’m choosing to work to
cians are distancing them- its largest Chinatowns, with a promote and to support my
selves from China, an eco- history dating to the gold rush city in a way that respects and
nomic and ideological rival. of the mid-19th century. supports a community that’s a
But not top officials from Breed, who is up for re-elec- part of our city,” Breed said
California, America’s most tion in November, said that her Friday in Beijing.
populous state and its largest trip wasn’t tied to the election, Panda diplomacy is a part of
economy, who have been buck- and if anything, would hurt her that broader effort. Breed said

CFOTO/DDP/ZUMA PRESS
ing the trend by embracing the chances back home because it that negotiations had been go-
nation. takes her away from prospec- ing on for a year in the back-
San Francisco Mayor Lon- tive voters. ground.
don Breed recently wrapped up Breed said she wasn’t con- The signing of the deal is
a nine-day, five-city trip cerned about being perceived set to be followed by an agree-
through the country. She met as too close to Beijing. Given ment on technical details, with
with senior Chinese officials, A giant panda at the Beijing Zoo. A deal was signed in Beijing to bring a pair of giant pandas San Francisco’s large ethnic the goal of seeing the pandas
talking up trade ties and hail- to San Francisco Zoo next year. Mayor Breed called it a ‘big, big deal’ for the city. Chinese population, which ac- arrive at San Francisco Zoo
ing the deep cultural connec- counts for more than one-fifth next year, for a stay of 10
tions between her city and the six months after California cians’ open pursuit of closer pling of tariffs on imports of of its 800,000 residents, it was years. While officials were still
nation. It was the sort of offi- Gov. Gavin Newsom returned ties is striking at a time when steel and aluminum from important that the city serves calculating the economic bene-
cial visit that was de rigueur in from a similarly chummy American leaders from both China. to build bridges between the fits, Breed said, it would be a
the earlier days of bilateral weeklong visit. During his trip, political parties, including In California, by contrast, two countries, she said. “big, big deal” for the city and
rapprochement. the first by a U.S. governor in President Biden, are adopting officials have looked to China, San Francisco was the site the country.
On Friday, Breed signed a more than four years, Newsom an increasingly acerbic tone on the world’s largest carbon of protests against Xi in No- Breed said she is also lobby-
deal in Beijing to bring a pair met with Chinese leader Xi China. emitter and a leader in green- vember, when he and Biden ing for more direct flights be-
of giant pandas, China’s most Jinping and emphasized the Biden recently lashed out at energy equipment, as a partner met for a closely scrutinized tween San Francisco and Chi-
potent soft-power envoys, to importance of improving U.S.- the country as “xenophobic” in in addressing climate change, a summit in the Bay Area on the nese cities, noting that her city
San Francisco Zoo next year. China ties. a campaign speech in Pennsyl- priority in a state dominated sidelines of a gathering of accounts for one-third of all
Breed’s visit comes less than The two California politi- vania, where he called for a tri- by the Democratic Party. Asia-Pacific leaders. Many of U.S. flights from the country.

Detroit’s
Downtown
Rebounds

CARLOS OSORIO/ASSOCIATED PRESS

Continued from Page One
jor U.S. metropolitan areas.
The number of apartments
downtown has more than dou-
bled to 5,903 since 2010, ac-
cording to the Downtown De-
troit Partnership.
Detroit’s business-district
transformation offers lessons to GM is keeping its headquarters in downtown Detroit as part
other cities that are struggling of a project that also includes luxury condos and a hotel.
to revive their empty down-
towns and avoid being sucked Bedrock is building its 681- The bankruptcy and head-
into a debilitating doom loop. foot skyscraper on the site of lines of Detroit’s decay also
the former Hudson’s depart- created more urgency in the
ment store. It will include lux- city and state to shower de-
GM shrinks space ury condominiums and a ho- velopers with tax breaks.
In Detroit, not everything is tel. And the neighboring office These are often controversial
going right. Office vacancy building that GM is moving but are important because
rates are still high and foot into is part of the project. rents in Detroit are too low
traffic hasn’t fully rebounded For much of the previous for projects to pay off other-
to prepandemic levels. General century and the start of this wise. The Michigan Central
Motors made headlines last one, downtown Detroit was project, for example, is set to
week when it said it is staying more closely associated with receive more than $200 mil-
in downtown Detroit, moving urban decay than renewal. Be- lion in tax incentives.
its headquarters to the Gilbert tween 1950 and 2020, Detroit’s Big developments have
development. But GM will be population shrank by two- drawn small businesses down-
taking up significantly less thirds, from more than 1.8 mil- town. Nathan Hamood,
space, a sign of the challenge lion to around 640,000. Subur- founder of Dessert Oasis Cof-
of filling up offices as more banization and the decline of fee Roasters, opened a cafe on
employees work remotely. car manufacturing left the of- the ground floor of a converted
Even so, Detroit’s downtown fice district with lots of empty apartment building in 2015. At
recovery is already ahead of and abandoned buildings. the time, the area around the
schedule. Its abundance of The hulking ruin of Michi- shop was mostly vacant.
once-empty buildings offered gan Central, Detroit’s former Hamood didn’t have the money
opportunity. Many are nearly a train station, became a symbol to do market research, but fig-
century old, with small floors of urban decay. Dwindling tax ured the real-estate developers
and beautiful architecture, said revenue helped bankrupt the building nearby had done their
Eric Larson, CEO of the Down- city in 2013. homework.
town Detroit Partnership.
These are exactly the types of
buildings that work well as Ford reinvests More work to do
apartment conversions. But spurred by Gilbert’s Downtown still has chal-
In more robust markets, commitment, others began lenges. Foot traffic is down
such as Midtown Manhattan, pouring money into downtown from 2019, largely because of
these buildings would have real-estate projects. Carmaker remote work. That means
been torn down and replaced Ford is spending more than fewer customers for local
by characterless glass office $900 million to redevelop businesses. Rising interest
towers with cavernous floors. Michigan Central and sur- rates and skittish banks have
But in Detroit, they remained rounding properties. made it harder to pay for de-
as ruins, waiting for someone The train-station building velopment. The joint venture
with money and local pride to is scheduled to open in June. between Related and the Ilitch
come and convert them. Related chairman and Detroit family’s Olympia Development
That person turned out to native Stephen Ross is part- was scheduled to start build-
be Gilbert, who moved his nering with the local Ilitch ing the first offices at their
mortgage company’s head- family, owners of Little Cae- $1.5 billion project last year,
quarters downtown from the sars Pizza, on a $1.5 billion but pushed that back.
suburbs in 2010. development at GM’s move
Safety was an initial con- the northern will leave its
cern. The company built its edge of down- old home at the
own security apparatus with town that will Detroit’s southern edge
guards and cameras to make include apart- ‘downtown of downtown,
employees feel safe, but soon ments, a hotel, the Renais-
found that they needed little offices and re- looks more like sance Center,
convincing to go downtown, tail. with an uncer-
Gilbert said. He began buying “One thing
a Miami or Las tain future.
up nearby buildings in part to people forget is Vegas.’ As in other
make sure they wouldn’t fall Detroit has a lot downtowns,
to speculators and decay. of old and new people without
He calls his real-estate de- money,” said housing who
velopment strategy the “big Richard Florida, an urban- have mental-health or addic-
bang approach.” Downtown studies professor at the Uni- tion problems can present a
needed apartments, retail and versity of Toronto. challenge for business owners.
modern office space. “Well, Rock-bottom office rents Dessert Oasis hired a secu-
what do you do first?” he long ago forced developers to rity firm after aggressive indi-
asked. “We thought, you really come up with other things to viduals kept coming into the
have to do it all at the same build. They added casinos and cafe. “My team isn’t trained in
time to make it work.” sports venues and restored social work,” said founder
Gilbert’s companies bought aging theaters. That made Hamood, adding that the situ-
more than 130 properties downtown less office-depen- ation has improved recently.
downtown, spending billions. dent, an advantage in the age Still, there is little doubt
His real-estate venture, Bed- of remote work. that downtown Detroit is
rock Detroit, converted the “An allegedly smart urban- turning around when many
Book Tower, a century-old, 38- ist would have probably said other office districts are head-
story Italian Renaissance Style don’t do that—billions of dol- ing in the opposite direction.
skyscraper, into apartments, a lars on stadiums and casinos,” “If somebody would have
hotel, offices, retail, event Florida said. “It sounds odd to told you there was going to be
space, bars and restaurants. say this, but in a way their a Gucci store in Detroit 10
The $400 million project downtown looks more like a years ago, I mean, I would have
opened last year. Miami or Las Vegas.” laughed at them,” Gilbert said.
A8 | Tuesday, April 23, 2024 * * THE WALL STREET JOURNAL.

WORLD NEWS
Israel’s Military Spy Chief Steps Down
Haliva is first senior military support to its ally.
The U.S. has said it would
official to quit over defend Israel’s security and
intelligence failures helped to fend off a massive
missile-and-drone attack by
that fueled attacks Iran this month. The Biden ad-
ministration is considering
TEL AVIV—Israel’s military more than $1 billion in new
ISRAEL DEFENSE FORCES/ASSOCIATED PRESS

spy chief resigned, becoming weapons deals for its ally. The
the first senior official to step House over the weekend sepa-
down over intelligence failures rately passed a $26 billion
MENAHEM KAHANA/AGENCE FRANCE-PRESSE/GETTY IMAGES
that enabled the Hamas-led funding bill for Israel.
But the U.S. also has be-
By Rory Jones, come more critical of how Ne-
Jared Malsin tanyahu is managing the war
and Carrie Keller-Lynn and how much aid Israel is al-
lowing into Gaza to alleviate a
attacks on Oct. 7 that sparked humanitarian crisis in the Pal-
the war in Gaza. Aharon Haliva said he felt it estinian enclave.
Monday’s resignation of was the right time to retire. Netzah Yehuda is a unit
Maj. Gen. Aharon Haliva, head within the Israeli military, cre-
of the military’s intelligence families of the hostages and ated in 1999 to entice more ul-
directorate and a 38-year vet- survivors of the attack, have tra-Orthodox Jewish Israelis to
eran of the military, illustrates called for more senior Israeli serve. Its soldiers have been
the growing sense among leaders to take responsibility convicted of using electrocution
many Israelis that the coun- for the intelligence failure. The Jewish ultra-Orthodox battalion ‘Netzah Yehuda’ faces potential U.S. sanctions. to torture Palestinian detainees
try’s leaders must be held ac- Within Israel, Haliva is and disciplined for allowing an
countable for the security and broadly considered one of the Hamas’s attack, Haliva said. tack, has promised to look into rights violations, and planned elderly Palestinian-American
intelligence failures that led to top Israeli officials shoulder- Hamas’s attack on Oct. 7 the matter after the war ends. to announce results soon. man to die in their custody. The
the war and the chaotic after- ing blame for the intelligence killed about 1,200 people, Israeli Opposition leader Yair In phone calls over the military in 2022 moved the unit
math of the war in Gaza. Is- and operational failure that officials said. Israel’s subsequent Lapid praised Haliva’s decision weekend, Israeli officials out of the West Bank amid alle-
rael has battered Hamas’s resulted in Hamas’s ability to air-and-ground campaign has as “justified and honorable,” pressed Blinken to advocate gations of abuses.
forces, and much of the en- attack with impunity. Israeli killed 34,000 Palestinians, most and said Netanyahu should against applying the military- Since the war began, how-
clave is in rubble. Many of the security analysts and media of them women and children, lo- have stepped down as well. aid restrictions on Netzah Ye- ever, Netzah Yehuda has oper-
group’s leaders, however, have have alleged that Haliva’s mili- cal health officials said. The The spy chief’s resignation huda, an ultraorthodox Israeli ated in the West Bank, against
held on to power and dozens tary-intelligence directorate numbers don’t distinguish be- came as Israeli officials military unit accused of of- Hezbollah on Israel’s northern
of hostages taken on Oct. 7 re- shifted resources away from tween combatants and civilians. worked over the weekend to fenses against West Bank Pal- border and against Hamas in
main in captivity. Hamas before the attack and Although Israel’s military head off potential U.S. sanc- estinians before the war began. Gaza, Israeli Defense Minister
Israeli observers expected dismissed warning signs of has begun some internal as- tions against an Israeli mili- The intention to potentially Yoav Gallant said Monday.
senior military officials would the impending assault. sessments related to the attack, tary unit accused of human- impose sanctions on an Israeli
remain in their posts while Is- Haliva said he felt it was the country largely has deferred rights abuses. Secretary of military unit was widely con-
rael fought the war, and that a the right time to retire, as in- investigating its top leaders and State Antony Blinken last demned in Israel over the Watch a Video
reckoning would come after- vestigations into the security public institutions. Prime Min- week said the U.S. was delib- weekend, but reflects growing Scan here to
ward. Thousands of protest- breach pick up pace. “The In- ister Benjamin Netanyahu, who erating whether to apply to Is- American pressure on Israel see a video
ers, however, have called on telligence Directorate under hasn’t taken personal responsi- rael a law that prohibits U.S. about how it is prosecuting the about Maj. Gen.
the government to resign. my command did not stand up bility for the intelligence and aid to foreign security forces war in Gaza, while the Biden Aharon Haliva’s
Some Israelis, including to its mission” regarding security failures around the at- that have committed human- administration offers broad resignation.

U.N. Finds Palestinian Refugee Agency Is Biased

BY MICHAEL AMON port said, noting that some clear that there needs to be re- that some Unrwa employees, Since the accusations sur- services for Palestinians in the
AND MARGHERITA STANCATI textbooks included maps that forms at Unrwa, and we would took part in the October at- faced, the agency has warned West Bank, Gaza and else-
didn’t mention Israel and la- welcome the U.N. making the tacks, most of Unrwa’s major it will have to scale back its where in the Levant. In Gaza
The United Nations Pales- beled Jerusalem the capital of reforms that former foreign donor countries halted their humanitarian work in Gaza alone, it has 13,000 employees.
tinian refugee agency must do Palestine, which is unrecog- minister Colonna made in her funding. That included the without more funding. Israel is pushing for Unrwa
more to ensure its employees nized by Israel, the U.S. and report,” said State Department U.S., which last year alone The agency has been the to be phased out of Gaza and
are politically neutral and most of Western Europe. spokesman Matthew Miller. He contributed around $422 mil- main provider of humanitarian replaced with other aid organ-
aren’t teaching biased content The probe was launched af- said the U.S. still considers lion to the agency’s annual aid, supplying the enclave’s pop- izations. Israel tightly controls
in its schools in Gaza and the ter the U.S. and other donors Unrwa “indispensable in pro- budget of $1.4 billion. ulation with food and shelter access to northern Gaza and
West Bank, a U.N.-ordered in- suspended funding to the viding and facilitating the deliv- Unrwa fired the employees and education, as well as logis- recently barred Unrwa from
vestigation found Monday. agency in January in response ery of humanitarian assistance.” suspected of taking part in the tical support to other U.N. and leading aid deliveries there.
Despite “robust” procedures to accusations that at least 12 The Wall Street Journal has Oct. 7 attacks. The U.N. has 50 aid groups there. About 3,000 of An Israeli defense official
at the United Nations Relief and staffers in Gaza took part in reported that Israeli intelli- probes under way of alleged its staff play a key role in deliv- said the government provided
Works Agency, known as the Hamas attacks in Israel on gence found that more than violations of its neutrality poli- ering aid and primary services. the investigating team with
Unrwa, to uphold the U.N. prin- Oct. 7, in which 1,200 people 10% of Unrwa employees had cies by Unrwa, the report said. The vast majority of Unrwa em- evidence that Hamas had infil-
ciple of neutrality, the review were killed and 240 kidnapped. links to Hamas, a U.S. desig- U.N. Secretary-General ployees are Palestinians. trated the agency, including
found antisemitic content in The investigation released nated terror group, including António Guterres said he Initially set up in 1949 to the use of Unrwa facilities to
some textbooks used by Unrwa Monday and headed by Cathe- hundreds in its militant wing. would implement Colonna’s assist Palestinian refugees dis- store weapons. A Hamas mili-
schools and dozens of biased so- rine Colonna, a former French The U.N. probe said Israel didn’t recommendations, which in- placed by the fighting over the tary tunnel complex was
cial-media posts by employees. foreign minister, didn’t address provide supporting evidence of clude strengthening the creation of Israel, Unrwa has found under Unrwa’s head-
“Even if marginal, these is- those accusations, which are those claims, though Israeli se- agency’s internal oversight and functioned like a quasi-gov- quarters in Gaza.
sues constitute a grave viola- being examined in a separate curity officials dispute that. hiring more international staff ernment, running schools, —Carrie Keller-Lynn
tion of neutrality,” the U.N. re- probe. “We have long made Following Israel’s claims in senior managerial positions. healthcare centers and other contributed to this article.

Rafah Ground Operation Looms as Iran Crisis Wanes

BY CARRIE KELLER-LYNN nated terror organization. Is-
rael’s military says it has dis-
TEL AVIV—As tensions mantled 20 of Hamas’s 24
with Iran ease, Israel’s mili- military battalions, and must
tary is gearing up to complete uproot its remaining fighting
what it says is unfinished formations in Rafah.
business: Uprooting Hamas Military action would be
from its last stronghold in the aimed at flushing out top Hamas
Gazan city of Rafah, where military leaders and finding the
more than a million Palestin- remaining 129 hostages held by
ians are taking shelter. the group from its Oct. 7 at-
Israeli leaders say they in- tacks. Israel also has said it
tend to go ahead despite vocal must cut smuggling routes from
opposition from the country’s Egypt into Gaza that provide
most important ally, the U.S., war materiel for militants.
which has warned that a full- An incursion is a strategic
scale move on the enclave gamble, especially if a high ci-
could cause widespread civil- vilian death toll erodes Israel’s
ian casualties and disrupt hu- international standing and
MOHAMMED ABED/AGENCE FRANCE-PRESSE/GETTY IMAGES

manitarian-aid efforts aimed weakens ties with the U.S.

at preventing famine. Trying to reduce the civilian
“In the coming days, we toll could make the battlefield
will increase the military and more risky for Israeli troops.
diplomatic pressure on Hamas The timing of an operation
because it’s the only way to remains uncertain. Israel’s mil-
release our hostages and itary must deploy more forces
achieve our victory,” Israeli into the strip before acting.
Prime Minister Benjamin Ne- Uncertainty about the timing
tanyahu said on Sunday. hangs over Gazans sheltering
Israel’s air force recently in Rafah, who are struggling
has been hitting targets in Ra- with whether to leave the city,
fah. Strikes on Sunday killed at and where they could go.
least 16 Palestinians, most of Hazer Ghanem, who has
them women and children, A Palestinian man waits for news of his daughter as rescue workers search for survivors after an Israeli attack in Rafah. been in Rafah since leaving
Wafa, the official news and in- her partially destroyed Gaza
formation agency of the Pales- the same time,” an Israeli se- fah gradually, targeting areas army moved south in recent ruption could have devastating City home in December, said
tinian Authority, reported. Is- curity official said. where Israel believes Hamas months through the enclave. repercussions. The U.N. and she has packed clothes, docu-
rael’s military said in mid-April Israel is preparing to move leaders and fighters are hiding. “President Biden has been other international-aid agen- ments and some food in case
that it called up two reserve civilians from Rafah to nearby The fighting is expected to last very clear about this: We can- cies have warned Gaza is at she needs to quickly flee.
brigades “for operational activ- Khan Younis and other areas, at least six weeks, they said. not support a major military risk of famine. But the 22-year-old isn’t
ities on the Gazan front.” where it plans to set up shel- Israel has faced mounting operation in Rafah,” Secretary The U.S. has said it would certain where she would go if
Netanyahu has said Israel ters with tents, food-distribu- international pressure to wind of State Antony Blinken said build a temporary floating Israel invades Rafah because
would evacuate civilians ahead tion centers and medical facil- down its six-month military on Friday. Such a move pier along Gaza’s coast that there has been no clear indica-
of operations. The military says ities such as field hospitals, campaign in Gaza sparked by “would have terrible conse- would allow more food, water tion from the Israeli military
it will move Gazans to humani- Egyptian officials briefed on Hamas’s Oct. 7 assault on quences” for civilians. Israel’s and other emergency supplies whether Palestinian civilians
tarian enclaves to be built the Israeli plans said. southern Israel. The U.S. has war goals, he said, could be to reach residents. The pier could return to what is left of
within the Gaza Strip. That evacuation operation pressed Israel to reconsider a achieved by other means. will be operational by the end their homes in northern Gaza.
“One, it’s going to happen. would last two to three weeks large-scale push into Rafah, Most aid enters Gaza of May, defense officials said. “Everyone in Rafah is wor-
Two, we’re going to have a and be done in coordination citing concerns for civilians as through two crossings near Israel has assured the U.S. it ried and all people talk about is
very tight operational plan be- with the U.S., Egypt and other nearly two-thirds of Gazans Rafah. That also is where aid will provide security on land. the ground invasion,” she said.
cause it’s very complex there. Arab countries, the Egyptian are estimated to be temporar- groups are based, along with Israel says it must move on —Abeer Ayyoub
Three, there’s a humanitarian officials said. They said Israel ily sheltering in the city. Many most remaining working hos- Rafah to neutralize the threat and Omar Abdel-Baqui
response that’s happening at plans to move troops into Ra- fled their homes as the Israeli pitals and clinics. An aid dis- posed by Hamas, a U.S.-desig- contributed to this article.
 THE WALL STREET JOURNAL. * * * * * Tuesday, April 23, 2024 | A9

WORLD NEWS

Germany Holds 3 in Spying

JUUSO WESTERLUND/INSTITUTE FOR THE WALL STREET JOURNAL

Suspects allegedly with an MSS handler in China, Herwig F., under instructions cial laser and shipped it to
the prosecutors said. The from Thomas R., had signed a China without the required au-
gave China hardware, other suspects, a married cou- cooperation agreement with a thorization, the prosecutors
information about ple identified as Ina F. and German university commission- said, citing an investigation by
Herwig F., helped obtain the ing a study on the current state Germany’s domestic intelli-
military technology information and equipment of machine parts that, among gence agency. The funds to buy
using a Düsseldorf-based com- other applications, can be used the dual-use laser were pro-
BY BERTRAND BENOIT pany they managed. in the production of powerful vided by the MSS, they added.
The suspects’ engines for mili- Separately, in the U.K., the
Germany has detained lawyers couldn’t tary ships. Crown Prosecution Service
three people suspected of spy- be reached for The study said it had authorized police
ing for China on sensitive mil- comment. The detentions was commis- to charge two men identified Finland has an 830-mile border with Russia.
itary technology, underlining China’s Foreign come as Berlin sioned on behalf as Christopher Berry, 32, and
the limits of Berlin’s efforts to
re-engage with Beijing to
boost its stagnating economy.
The General Federal Prose-
Ministry didn’t
respond to a re-
quest for com-
ment.
attempts to
re-engage with
of a Chinese
contract partner
that acted as a
front for the
Christopher Cash, 29, with
spying for China.
Cash had worked as a par-
liamentary researcher and was
Finland Shifts Policy
cutor’s Office said the two
men and one woman, all Ger-
man nationals, had obtained
The
nouncement of
the
an-

arrests
Beijing. MSS agent, and
it was paid by
the Chinese
a member of the China Re-
search Group, founded by Con-
servative lawmakers wary of
To Counter Moscow
valuable information and dual- comes days af- state, the prose- Beijing’s growing influence.
use hardware on behalf of the ter German Chancellor Olaf cutors said. Shortly before be- Neither of the men could be BY THOMAS GROVE Border crossings between
Ministry of State Security, the Scholz, flanked by a large busi- ing detained, the three suspects reached for comment. Lawyers Finland and Russia
Chinese intelligence agency, ness delegation, returned from were negotiating a new re- who have previously repre- ONTTOLA, Finland—Armed
Barents Sea
since at least June 2022 and a tour of China aimed at re-en- search project that could have sented Cash didn’t comment. Finnish border guards on
transferred it to China. gaging with Chinese leader Xi been of use to China’s navy In a statement released by cross-country skis patrol the
Raja-Jooseppi
The suspected cell was led Jinping and bolstering trade buildup, the prosecutors said. his lawyer in September, Cash country’s eastern flank,
by a man identified as Thomas between the two countries. In addition, the suspects are denied he was a spy and said NATO’s newest and longest
Salla
R., who was in direct contact Prosecutors said Ina F. and alleged to have acquired a spe- he was “completely innocent.” border with its main adver-
SWEDEN
WED Whi
sary, Russia. Helicopters and Kuusamo
te S
ea
drones buzz overhead along
new fences being con- Vartius
structed—13 feet high in Inari
FINLAND (temporary)

a
places—with barbed wire on

hni
Bot
top and 24-hour electronic RUSSIA
Parikkala

Gulf of
surveillance. (temporary) Niirala
The new measures are Nuijamaa
Imatra
meant to protect Finland from Vaalimaa Vainikkala
increasingly aggressive Rus- Helsinki
St. Petersburg
sian operations. Those have ESS T
EST
ESTONIA
TONIA
ONI
ON
O NIA
included waves of migrants, Source: Finnish Border Guard
which Helsinki says have been
sent by Moscow to overwhelm has also prevented Moscow
the country’s remote borders from getting too close.
in recent months. But with its accession to
Finland believes the influx NATO, Finland has radically
of migrants, which has contin- revised its Russia policy, re-
ued even after it closed its framing Moscow as its main
border to Russia late last year, adversary.
is part of the hybrid warfare Since Russia’s invasion of
Moscow is deploying to intim- Ukraine in early 2022, Finland
idate and test Finland’s secu- has ramped up its military
rity services after the Nordic spending, boosting its defense
country’s decision to join the budget to above 2% and snap-
North Atlantic Treaty Organi- ping up U.S. rocket sys-
zation last April. tems, as well as Israeli anti-
Since then, Russia has tank and air-defense systems.
promised to re-establish So- The country is preparing to
DAN KITWOOD/GETTY IMAGES

viet military districts along base F-35 jet fighters it will

the border. Some Finns also receive from the U.S. just over
believe Moscow was behind 100 miles from its border with
the mysterious severing of a Russia.
gas pipeline and a telecommu- The shift in its Russia pol-
nications cable in the Baltic icy was further illustrated in
Sea in October. And Finland is March when President Sauli
Refugees fleeing Sudan’s Darfur region lined up Monday to have their documents processed in the border town of Adré, Chad. fending off cyberattacks and Niinisto stepped down after
disinformation it says are be- two six-year terms. New Presi-

Darfur Violence Fans Wider Concerns

ing cooked up by Russia. dent Alexander Stubb has sig-
“We have thought about naled openness to removing a
peacetime and wartime as longstanding Finnish prohibi-
separate for decades,” said tion on transporting nuclear
Jarno Limnell, a Finnish par- weapons over its territory, as
BY GABRIELE STEINHAUSER ger and disease exacerbated by RSF and the military. U.N., warned during the meet- liamentarian who has long the country fully embraces
AND NICHOLAS BARIYO the violence, during what the Amani Jalia said she discov- ing that an RSF attack against warned about Russia’s threat new NATO membership and
U.S. and others consider the ered the charred bodies of her El Fasher risks “triggering to Finland. “The edges of its nuclear deterrent.
Sudan’s paramilitary Rapid 21st century’s first genocide. elderly parents in their home in more ethnically based atroci- those concepts are slowly be- “Now we have a hostile re-
Support Forces and other al- In its war against the Suda- the village of Sarfaya, about 20 ties and an expansion of con- coming blurred with shades of lationship with Russia, and
lied militias in recent days nese military, the RSF has al- miles west of El Fasher, follow- flict across all of Darfur.” gray between peace and war. that is a big risk, maybe not in
have attacked and torched vil- lied with Arab leaders in Dar- ing an attack by RSF fighters A battle for the West Dar- This is the new normal in liv- the short term but in the long
lages in war-torn Darfur, ac- fur, whose traditionally and Arab militia on March 29. fur city of El Geneina last year ing with Russia.” run,” said Heikki Talvitie, a
cording to satellite images and nomadic herding communities “They were setting fires on claimed the lives of about Finland, which has an 830- longtime diplomat who served
interviews with survivors, have long competed with all houses and firing in all di- 15,000 people, U.N. investiga- mile border with Russia, has as ambassador to Moscow at
stirring fears of more mass Black farmers for land in the rections,” she said. “They were tors said in a recent report. A for decades struck a delicate the time of the fall of the So-
killings in the region. mineral-rich region. The RSF shouting and calling us slaves.” massacre in a displacement balance in its relations with viet Union and was awarded
The surge in violence and Arab militias have taken Amani Jalia and her 4-year- camp in November killed as its much larger neighbor. It an Order of Friendship medal
around El Fasher, the capital advantage of the war to ex- old daughter escaped on a mo- many as 2,000 people, the re- has studiously avoided poli- by Russian President Vladimir
of North Darfur, has prompted pand their hold over Darfur, torbike to El Fasher, a city of port said. cies or actions that Russia Putin in 2014. “Things have
warnings from U.S. officials, often targeting people who around two million people A Wall Street Journal in- could deem threatening, but changed now, it’s existential.”
the United Nations and ana- had already been displaced by that has been one of the last vestigation published in
lysts tracking the fighting violence in the early 2000s. relative havens for civilians in March showed that the RSF
about the risk of fresh atroci- Satellite images analyzed by Darfur. She has been staying and local Arab militias tar-
ties against the region’s Black Yale University’s Humanitar- in a camp of more than geted civilian communities
communities. ian Research Lab show signifi- 100,000 displaced people that across West Darfur. Most of
The predominantly ethni- cant new fire damage in 11 vil- has since found itself in the the victims were ethnic
cally Arab RSF and local mili- lages west of El Fasher since crossfire between the RSF and Masalit, one of the Darfuri
tias have killed thousands of late March. Survivors and lo- the Sudanese military. communities targeted in the
mostly Black Darfuris since a cal activists said the villages The Yale lab documented at early 2000s.
war for control over Sudan were attacked by groups of least one airstrike and several U.S. Secretary of State Ant-
erupted between the paramili- men—some wearing the RSF’s incidents of artillery fire by ony Blinken said in December
tary group and the country’s telltale sand-colored uniforms, the Sudanese military into ci- that both the RSF and the Su-
military a year ago. others dressed in civilian vilian neighborhoods inside El danese military had commit-
The attacks have followed a clothing—who fired guns and Fasher. ted war crimes and that the
similar pattern to the mass vio- artillery into civilian commu- The violence in and around RSF was responsible for
lence perpetrated by the infa- nities and set fire to houses. El Fasher was the subject of a crimes against humanity and
mous Janjaweed fighters—the It is unclear how many ci- meeting of the U.N. Security ethnic cleansing.
predecessor of today’s RSF—in vilians were wounded and Council on Friday. U.N. offi- The RSF and the Sudanese
Darfur between 2003 and 2007 killed in the attacks, said sur- cials said around 36,000 peo- military didn’t respond to re-
as part of a government cam- vivors and activists from the ple have fled to the city from quests for comment. Both par-
paign to quell a rebellion of El Fasher Resistance Commit- surrounding villages in recent ties have previously denied
Black communities in the re- tee, a pro-democracy group days. that their men had been in-
gion. Around 300,000 Darfuris that provides aid to local com- Robert A. Wood, the U.S. volved in systematic abuses of
lost their lives, many from hun- munities and that opposes the deputy ambassador to the civilians.

U.K. to Carry Out Rwanda Migrant Plan

BY MAX COLCHESTER a deal with Rwanda to process man-rights groups have also give permanent residence there
and house thousands of asylum opposed the plan. even to those who lost their
LONDON—The U.K. govern- seekers who entered the U.K. The plan was repeatedly cases and not return them to
ment is set to press ahead illegally, often on small boats buffeted by legal challenges, their home country.
with a controversial policy to from France. Those who are which culminated in the U.K.’s Prime Minister Rishi Sunak
send asylum seekers to flown to Rwanda would never Supreme Court ruling last said on Monday that the first
Rwanda as soon as this sum- return to the U.K. even if they year that Rwanda wasn’t a flights would depart “come
mer. are granted refugee status. safe place for refugees, largely what may” in 10 to 12 weeks
Across the West, including The Associated Press re- because the country lacked and that a drumbeat of other
the U.S., rising numbers of mi- ported that Parliament ap- safeguards to ensure legiti- flights would follow suit.
grants have overwhelmed proved the deportation bill mate asylum seekers wouldn’t The U.K. has paid Rwanda
many asylum systems and cre- early Tuesday, ending weeks have their claims wrongly re- 220 million pounds, equivalent
ated political tensions leading of legislative stalemate. jected and be returned to their to about $275 million, to take
some countries to try sending UNHCR, the United Nations country of origin, where they asylum seekers. So far, no asy-
migrants to other nations. refugee agency, has criticized could face persecution—some- lum seekers have been sent.
Britain is plowing ahead with the Rwanda policy, saying it thing that would run afoul of The opposition Labour
a much delayed but closely “shifts responsibility for iden- international law. Party’s spokeswoman on home
watched policy aimed at deter- tifying and meeting interna- The U.K. government negoti- affairs Yvette Cooper on Mon-
ring migrants from arriving. tional protection needs from ated additional safeguards with day called the project “an ex-
In 2022, Britain announced the U.K. to Rwanda.” Most hu- Rwanda, including a promise to tortionate scheme.”
A10 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

WORLD WATCH
AUSTRALIA GREECE PAKISTAN
X Ordered to Block Police Clamp Down Iran’s Leader Visits
Stabbing Video On Fan Violence To Mend Relations
Social-media platform X Police raided dozens of Iran’s President Ebrahim
must block every user in the homes and arrested 60 peo- Raisi and Pakistani Prime
world from accessing video of ple in a crackdown in Athens Minister Shehbaz Sharif met
a bishop being stabbed in a on soccer violence Sunday on Monday and agreed to
Sydney church on April 15, an and Monday. strengthen economic and se-
Australian judge ruled Mon- Greek police chief Dimitris curity cooperation. Ties were
day. The material was already Mallios said a four-month in- strained in January when the
blocked from Australia but vestigation confirmed links neighbors carried out strikes
remained available elsewhere. between sports violence and in each other’s territory, tar-
Told by Australia’s eSafety organized crime. Violent soc- geting militants accused of

SYED MAHABUBUL KADER/ZUMA PRESS

Commission to take down cer fans in Greece often attacking security forces.
posts relating to the attack choose lightly policed events According to a statement,
on Bishop Mar Mari Emman- in other sports to confront ri- the two vowed to cooperate
uel as a service was being vals, and in December violence to fight terrorism and reiter-
streamed online, X said last following a volleyball game ated their condemnations of
week it would fight the order led to the death of a police of- Israel’s war against Hamas in
in court. But the regulator ficer. Fans were barred from Gaza. Raisi also vowed to
successfully applied to the top-flight soccer games for boost “unacceptably” meager
Federal Court in Sydney for a two months while security trade and called for setting
STRAW POLES: A load of paddy straw, a rice-farming byproduct sold as livestock feed and temporary global ban. measures were overhauled. up more border markets.
bedding, roofing material and biofuel, being readied for transport in Bangladesh on Monday. —Associated Press —Associated Press —Associated Press

FROM PAGE ONE

Nike’s Change in monthly downloads

of Nike shopping apps,
from the previous year
Change in Nike’s sales through
apps and websites,
from the previous year
pany’s Air technology.
In interviews at the event,
executives said the company

Strategy 250 %
Nike
80%
had become somewhat risk-
averse during the pandemic,
when working remotely stifled

U-Turn
60 creativity. Martin Lotti, chief de-
200
sign officer, said the company
SNKRS 40 Feb. 29 had spent too much time look-
-3.23% ing to its past.
150
Continued from Page One 20 Current and former Nike ex-
world’s best-known brands. QUARTERLY ecutives believe the future of
Donahoe had told The Wall 100 0 the company is in its app eco-
Street Journal in 2020 that his 2020 ’21 ’22 ’23 ’24 system, like the Nike Training
No. 1 priority when taking over and Running Club or its SNKRS
50
the company was “don’t screw app, and the data it can harness
it up.” Four years later, the com- from them to help design and
pany is unwinding key elements 0 sell products. Inside the com-
of the CEO’s strategy that have pany, leaders have long tried to
backfired as a growing number draw comparisons to Apple

FROM TOP: AMY LOMBARD FOR WSJ; EMMANUEL DUNAND/AFP/GETTY IMAGES

of upstarts nip at its heels. -50 when talking about Nike’s inno-
Among the reversals: As vation and design culture.
2020 ’21 ’22 ’23 ’24
Covid raged and more shopping One of Nike’s biggest tech in-
moved online, Nike cut ties with Nike’s quarterly reported revenue by sales channel vestments is a multibillion-dol-
longtime retail partners such as lar process to migrate multiple
DSW and Urban Outfitters and $12.5 billion software programs into one sin-
tried selling more merchandise gle system. The new platform,
directly to consumers. It is now Wholesale known as S/4HANA, is still not
10.0
asking some of those stores for operational and is three years
help clearing out its overstuffed behind schedule. The software
shelves and warehouses. 7.5 is designed to help day-to-day
“I would say we got some operations, such as procure-
things right and some things ment and inventory manage-
5.0
wrong,” Donahoe said Thursday, ment, and speed up digital sales.
in an interview at Nike’s Beaver- Direct sales Nike hired about 3,500 peo-
ton, Ore., headquarters. 2.5 ple to join its global technology
group, which includes consumer
insights and data analytics. Ex-
Losing its roots 0
Nike CEO John Donahoe, top, is unwinding strategic missteps ecutives at the time said they
The strategic missteps have 1Q 2019 1Q ’20 1Q ’21 1Q ’22 1Q ’23 1Q ’24 as growth has stalled. Above, a Nike Air Zoom sneaker were investing in “demand
animated a debate inside the Sources: Apptopia (shopping apps downloads); the company (apps sales; revenue) during the company’s Olympics event in Paris this month. sensing,” “insight gathering”
company about its identity. In and a new inventory system.
its zeal to boost digital sales, Nike in early 2020, his marching shifting storage and shipping Nike, rather than make a dra- Nike still dwarfs its competi- Former Nike employees with
some current and former em- orders from Mark Parker, his costs from wholesalers to Nike. matic shift in strategy. Nike de- tion. During Donahoe’s tenure, knowledge of the consumer in-
ployees say, Nike veered from its predecessor and current execu- The company would also absorb prioritized making lower-priced Nike sales have grown 31% to sights strategy said executives
roots as a maker of cutting-edge tive chairman, and Knight were the losses from discounts if the shoes because of supply-chain $51 billion in 2023. That is more misinterpreted the data in ways
footwear for serious athletes. It clear. He was to turn the world’s merchandise didn’t sell quickly disruptions during the pan- than double the results of Adi- that overestimated demand for
has opened itself to competition biggest shoe maker into a tech and inventory piled up. demic, but it is now making das, its closest competitor by retro franchises.
from newcomers such as On and company more directly con- One of the casualties of the more of those products, he said. far. New Balance reported sales During February’s round of
Hoka, which have borrowed nected to consumers through its transformation was a multibil- “I don’t see it as a reversal of reached $6.5 billion last year, layoffs executives trimmed lay-
from the playbook that fueled own apps, which in turn collect lion-dollar operation dedicated the strategy,” Donahoe said of and upstart On almost hit the ers of management across the
Nike’s rise—including focusing valuable data from shoppers. to developing footwear sold for the return to more retail chains. $2 billion mark. company’s insights and analyt-
on sport over lifestyle, and tak- Covid lockdowns fueled a under $100. The company depri- “I see it as an adjustment.” ics teams. A large technology in-
ing risks on innovation. surge in online shopping. Digital oritized more-affordable foot- Competitors have been using novation team, tasked with de-
Nike’s once torrid growth has channels accounted for 30% of wear that usually sold to the the sneaker giant’s playbook at Focus on franchises veloping software to implement
stalled. Sales for the quarter Nike’s sales in May 2020, about sales partners that Nike was its expense. Smaller brands like The race to hit revenue tar- Apple’s new Vision Pro aug-
ended Feb. 29 were flat com- three years ahead of schedule. leaving behind. On, Hoka and New Balance have gets came at a cost for Nike. Ex- mented reality system in day-to-
pared with a year earlier, and Donahoe saw it as an acceler- The first evidence of cracks captured significant pieces of ecutives turned to the brand’s day design tasks, and a separate
shares in the company have de- ation of an inevitable shift and in Nike’s new the market for lucrative franchises, including artificial intelligence team were
clined 24% over the past year. adjusted Nike’s plans. A few approach ap- both hard-core Air Jordan and Dunk, and also eliminated.
Donahoe in the interview ac- months in, he redoubled the peared early last and everyday ramped up the releases. The Executives say the new Air
knowledged the brand lost its company’s bet that it could year when Foot Changes have runners—and strategy diluted the exclusivity line of products enhances ath-
“sharp edge” in sports and make more money by selling Locker Chief Ex- eroded a culture their popularityprized by die-hard Nike sneaker lete performance. At the Olym-
needed to boost its “disruptive products directly to consumers ecutive Mary is spreading to shoppers. pics preview event this month,
innovation pipeline.” The CEO through its stores and digital Dillon said dur- of innovation the mainstream. Donahoe said in the inter- the company took over the his-
said marketing got fragmented channels. He said he believed ing an earnings Often quotingview that Nike ramped up pro- toric Palais Brongniart in cen-
and that with people going back digital sales would reach 50% of call the brand
and edginess, Knight, the Nikeduction to meet demand on its tral Paris with a three-day event
to bricks-and-mortar stores, it the business, and Nike should had reversed some said. co-founder, for-SNKRS app, which fans use to to unveil its new Air line. Guests
was clear Nike needed to invest transform faster to define the course and was mer employees buy the latest limited releases. wandered through a museum-
in its retail partners. marketplace of the future. sending the re- said the princi-In early 2021, Nike was meeting like, conveyor-belt installation
Nike executives said in inter- By late 2020, Nike dropped tailer a wider ple always was less than 5% of the demand for highlighting Nike’s product evo-
views that the company became about a third of its sales part- assortment of Nike products. By to capture the market for hard- some releases on the app and lutions and research and devel-
too cautious after the pandemic ners and sold less merchandise the summer, Macy’s and DSW core athletes with innovative consumers were frustrated, Do- opment programs. Athletes in-
and overly reliant on older prod- to clients such as Foot Locker, were saying the same thing. The performance gear, and the ca- nahoe said, adding the goal is to cluding runners Sha’Carri
ucts that were reliable sellers. DSW and Macy’s. There had message was clear: Nike needed sual consumer would follow. meet something closer to 20% of Richardson and Eliud Kipchoge
They said the company has been a plan to phase out whole- help selling merchandise. In early February, Hoka demand for the exclusive styles. modeled the new gear.
made significant changes in re- sale clients since 2017, but with Nike veterans said cutting off owner Deckers Outdoor tapped Now, sneaker resellers say Donahoe’s relationship with
cent months to refocus on put- digital sales growing quickly, wholesale clients was one of the Nike alums to take over both the they have seen releases of Nike’s Knight goes back to the early
ting out cutting-edge footwear. Donahoe said there was a need biggest mistakes the company parent company and the shoe limited-edition kicks that don’t 1990s, when he was a Bain con-
“We were serving consumers for urgency. has ever made. After digital brand. Hoka had $1.4 billion in sell out on the SNKRS app, and sultant on Nike projects. He
what they know and love,” said Executives were divided over sales hit the 30% of the total sales for the year through that prices are tanking in the joined the Nike board in 2014
John Hoke, Nike’s recently whether Nike’s own stores, mark early in the pandemic, March 2023, compared with secondary market. and is one of the directors of an
named chief innovation officer. which include both factory out- they dropped back, and haven’t about $352 million three years Nike executives in March entity Knight created called
“The job is to of course do that lets and specialty shops selling reached that level since—let earlier. said they would pull back on Swoosh LLC, which holds
but also to show them some- higher-priced new releases, alone the 50% target Donahoe “When you’re the biggest, franchise releases. Donahoe said roughly $22 billion worth of
thing new.” could fill the sales void left by had foreseen. there’s always going to be peo- “franchise management has al- Nike shares and controls a ma-
Donahoe said employees’ re- the retailers the company was Donahoe said in the inter- ple coming after you,” Donahoe ways been…done.” jority of Nike’s board seats.
sponses to the all-hands meet- cutting out. view the goal at the time was to said. Competitors give Nike an Nike’s digital sales, a figure The current CEO said he
ing reflected one of Nike’s big- In meetings, finance chief lean more on specific partners, incentive to try to understand that includes direct and partner meets with his predecessor,
gest strengths: how much its Matt Friend and Nike president such as Dick’s Sporting Goods what consumers want and come e-commerce sales, declined for Parker, every week. Donahoe
staff cares about the company. Heidi O’Neill supported the ag- and JD Sports, which he consid- up with something bold and dif- the quarter ended Feb. 29. said that he and Parker share an
“We welcome and encourage gressive exit from retail, while ers to be more aligned with ferent, he said. Friend, the finance chief, told approach to management he
that,” Donahoe said. others favored a analysts in March calls “servant leadership” that
Knight, who is chairman slower transition, that Nike expects to- was embodied by some of his
emeritus of the board and the people familiar with tal sales to decline sports heroes, including basket-
company’s largest shareholder, the matter said. at least until the end ball coaches Phil Jackson, John
said Donahoe has his “unwaver- Some executives of this year. Thompson, Mike Krzyzewski
ing support.” felt the specialty The pursuit of and Tara VanDerveer.
Donahoe took over Nike just stores in particular sales growth from “It’s never been about me.
JUTHARAT PINYODOONYACHET FOR THE WALL STREET JOURNAL

before the pandemic, at a deli- worked better as limited-edition It’s about your players. And are
cate time. Though he inherited a marketing tools and sneaker releases led you doing everything you can to
market leader and one of the that cutting off so Nike to neglect its allow your players to make the
world’s best-known brands, many retailers so running category, adjustments to win? And when
Nike was seeking a refresh after fast would backfire, long considered the you have a win it’s about the
it dealt with complaints about the people said. Do- core product of the players and when you have a
its workplace culture that led to nahoe and his allies company, former loss you say it’s on me, right?,”
a management shake-up. prevailed. employees said. he said. “And that’s what I’ve al-
The Evanston, Ill., native had Nike teams were This month in ways tried to embody, including
been CEO of eBay, where he tasked to come up Paris, Nike unveiled during this period of time.”
doubled the e-commerce plat- with a new supply- its new product line This week, Donahoe is facing
form’s revenue during a seven- chain process. Sell- for the Olympics, in- another test: Nike is notifying
year stint that ended in 2015. ing directly to con- cluding running several hundred more workers
Donahoe later ran cloud-com- sumers increased shoes with a new whose jobs are being cut.
puting company ServiceNow. the company’s liabil- cushioning system —Nick Kostov
When he took the helm of ities, including by A customer looked at shoes by Hoka, one of the rivals nipping at Nike’s heels. that uses the com- contributed to this article.
 PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | A11

ents on the line could distract stu-

dents from following instructions
from school personnel.
Day to day, parents are mostly
texting kids things that can wait
til the dismissal bell, teachers tell
me—practice reminders, pickup
changes and other such minutiae.
Students comprehend more and
have less anxiety when phones
aren’t present, some studies show.
A Massachusetts boarding school I
wrote about found that students
became more engaged in class af-
ter it banned smartphones.
Even the partial ban at the
Brush School District in Colorado
last year was effective: Visits to
the principal’s office fell sharply
among high-schoolers compared
with the year before, Wilson says.

Normalizing no phones
Mark Daniel, superintendent of
Fort Wayne Community Schools in
Indiana, told parents earlier this
year that the district would test a
cellphone ban, to run through the
end of the school year.
The district began locking up
students’ phones at two middle
schools and two high schools in
mid-March. The exercise would
help determine whether discipline
and classroom engagement im-
proved in the absence of phones.

Schools Want to Ban Phones,

Most parents have been sup-
portive, he says, although outliers
have been vocal. One student’s
parents said they would transfer
their child to another district,

But Parents Are the Obstacle

while others said they wouldn’t
comply, Daniel says.
“It’s about what’s best for kids,”
he says, “and we think there are
strong mental-health ramifications
Restricting cellphones helps students focus, administrators say, but families want to keep connection from this phone dependency.”
The test schools
have students lock
fect, was too much for some par-  A private all-boys phones in pouches
FAMILY ents, says Brush School District su- school near San from a company
& TECH perintendent Bill Wilson. Several Francisco collects called Yondr. Stu-
JULIE parents transferred their students. students’ phones dents can carry their
JARGON Administrators say they are and watches every pouched phones

A
trying to do what’s best for stu- morning. throughout the day,
dents. Experts often blame smart- unlocking the bag
rural school district in phones for fueling the youth men- when they leave.
Colorado tried to ban tal-health crisis, mainly through phones are expected Some students have
smartphones. Parents social media. Teachers say they to be put away dur- tried to rip into the
stood in the way. spend too much time policing ing class. “They of- pouches, but most
Phones were at the phone use. And even school sys- ten sound very sup- have been compliant,
center of more than tems that are so far reluctant to portive of cellphone Daniel says. “We’re
half the schools’ disciplinary is- ban phones know the fights are policies and they now seeing students
sues by 2022—not just kids watch- just beginning. want their kids to having conversations
ing TikTok and YouTube in class, learn, but they also in the hallways and
but cyberbullying, spying in bath- Parental disconnect want access to them at lunch.”
rooms and recording fights. About a quarter of notifications at all times.” The Fort Wayne
Teachers and administrators hitting teens’ phones daily come Dozens of parents told me they such as during lunch and recess. school district is also among the
say gadget bans are the only way during school hours, according to a support school cellphone bans. “Parents want a direct line to nearly 200 districts across the
to regain student focus and tamp recent Common Sense Media re- But in a recent poll from the their kids during the school day,” country suing social-media compa-
down misbehavior. Parents com- port. Teens use smartphones for a nonprofit National Parents Union, says Ariel Taylor Smith, senior di- nies, including Meta Platforms,
FROM TOP: JON KRAUSE; DAMON CASAREZ FOR THE WALL STREET JOURNAL; YONDR

plain they need to be able to reach median of 43 minutes during the most parents who supported ban- rector of policy and action for the Snap and TikTok. The districts al-
their kids at all times, both for school day, said the report, the pri- ning phones in class said they National Parents Union. lege the apps are harmful to kids.
emergencies and routine schedul- mary time-suck being social-media should be allowed at other times, She, too, likes being able to “If we win that suit, we’ll fund
ing issues. Parents are turning out and messaging apps. reach her 8-year-old son by phone these pouches with it,” Daniel says.
to be unexpected but forceful op- Parents are often the during the school day. “We should His district, Indiana’s largest,
ponents of schools’ attempts to ones texting their kids, be teaching students how to use currently uses voter-approved
keep kids off their smartphones. teachers say. cellphones responsibly, not ban- funds to pay for the pouch test. If
In Brush, Colo., teachers and “There seems to be a ning them,” says Taylor Smith, a it proves that stowing phones for
administrators settled on a com- disconnect with parents,” former high-school teacher. the day curbs behavioral problems
promise for the 2022-23 school says Liz Shulman, an School shootings have raised and classroom distractions, the to-
year. Students could keep their English teacher at Evan- parents’ anxiety. As a mother of tal upfront bill for Yondr pouches
phones, provided they were out of ston Township High three, I’m certainly as worried as in Fort Wayne’s five high schools
sight. To reach their parents, they School in Illinois, where any other parent about school vio- and 11 middle schools would be
needed a teacher’s permission and lence. School-safety experts say about $400,000.
had to use the phone in the office. that using phones during an emer- Daniel says his goal is to nor-
If a student was busted, the phone  Many school districts gency can endanger kids. Ringing malize a phone-free school day: “If
was confiscated and a parent are using Yondr pouches, or buzzing phones can give away we create a habit that starts in
needed to pick it up. which lock up students’ the location of a child who is try- sixth grade, maybe in five years
The policy, which is still in ef- phones during the day. ing to hide from an intruder. Par- we won’t even need the pouches.”

Bag Fees Are Getting than half of those who

do actually pay for it,
said Scott Chandler,

More Costly, Complex

American’s senior vice
president of loyalty and
revenue management.
Passengers with elite
status and those booking
BY ALISON SIDER AND ALLISON POHLE There are a few workarounds. Pay some premium cabins are

T
for bags as early as possible. Fliers eligible for at least one
ravelers should take the same on American, United and JetBlue will free bag. At American
care in planning how they will pay more if they wait too long. and other airlines, carry-
bring their bag as they do in Passengers can also save by read- ing a co-branded credit
booking their flight. ing the fine print. Airline credit cards card can often get you
Baggage fees are changing and and having status often waive bag- out of baggage fees.
rising across the industry. Today, gage fees for the first checked bag. “We have so many dif-
checking one bag on United Airlines, ferent ways that you can
American Airlines, Delta Air Lines Why do airlines love be exempted from bag
and Alaska Air will cost you at least charging for bags? fees,” Chandler said ear-
$35. A second bag is another $45, at Checked bags used to be included lier this year.
minimum. Some budget airlines also in the cost of tickets. Budget carri- Southwest Airlines
charge for carry-ons. ers such as Spirit and Allegiant led offers two free checked
Spirit Airlines and Frontier have the way in charging for checked bags. The carrier has said
long used dynamic pricing for their bags. Spirit introduced a fee for that gives it an edge over
checked-bag fees, where the cost them in 2007, and major carriers  Spirit is among the airlines that three to five years,” said Jay So- rivals, and executives have repeated
can vary widely depending on the couldn’t resist following suit. apply dynamic pricing to their rensen, president of IdeaWorks- over the years that they have no
route and when you book. JetBlue Bag fees are lucrative: They gen- checked-bag fees. Company, a consulting firm. plans to change the policy.
Airways recently moved in this di- erated almost $7 billion in revenue
rection, too. Airline analysts and for U.S. airlines in 2022, the most re- the third time this year, trying out a What does your bag fee The carry-on crunch
consultants say more airlines are cent year of federal data. Last year’s strategy that budget rivals have get you? One side effect of bag fees has
likely to join them. figure was on track to outpace that. embraced: surge pricing. Airlines have in many cases added been a heightened love affair with
The rising complexity and cost Some airlines attributed the Now, JetBlue fliers will pay a tracking capabilities allowing pas- carry-ons.
come as more airlines unbundle most recent increases to their own higher price during high-demand pe- sengers to follow their bag’s prog- Some budget airlines, however,
their prices for different elements rising costs. Carriers are having to riods such as spring break, summer ress for peace of mind. charge as much or more to bring a
of the flight. Meals are long gone. shell out for costlier fuel and higher and winter holidays. During those And most airlines are less likely bag aboard the plane than they do
You might have to pay extra for salaries. And it is tough for airlines busy times, checking a bag at the to lose or mishandle your bag than to check it. There was blowback
your seat of choice. Airlines say it to raise fares without a rival swoop- airport for a domestic flight will they used to be. Out of every 1,000 when Spirit first announced that
allows travelers to pick what they ing in to undercut them, said Engel. cost as much as $50, which is $5 bags checked last year about 5.8 policy in 2010. Ben Baldanza, who
want to spend on. But it also There is also some tax advan- more than the off-peak price. Pay- were mishandled by major U.S. car- was Spirit’s chief executive at the
BRANDON BELL/GETTY IMAGES

means travelers who hyperfocus on tage to the bag fees. Unlike fares, ing in advance saves $10. riers, according to Transportation time, defended the policy and said it
airfare can lose out by not consider- those fees aren’t subject to a 7.5% So far, other big airlines haven’t Department data. That is compared worked to speed up the process of
ing the total cost. federal ticket tax. followed, but some analysts predict with 6.4 bags per 1,000 in 2022. getting on and off the plane.
“We hunt for the lowest airfare, JetBlue is tinkering with luggage dynamic pricing will become the American, United and others are
and then we take a $50 taxi to the fees as part of its efforts to be- norm for bags fees. The fee dodge now supersizing overhead bins to fit
airport,” said Samuel Engel, senior come profitable again. Last month, “It will be standard practice for Less than half of American Airlines more carry-ons, though more spa-
vice president at consulting firm ICF. it changed its baggage pricing for the vast majority of airlines within passengers check bags, and less cious storage isn’t yet universal.
A12 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
BY VERONICA DAGHER

What It’s Like Selling Today

N
ot everyone can wait
out the toughest hous-
ing market in years.
Sellers are listing People need to upsize or downsize their homes and can’t wait for mortgage rates to come down
homes because they
need to relocate, even
if it means giving up superlow
mortgage rates. Empty-nesters
need to move to places without
stairs and with walk-in showers.
Growing families that are spilling
out of starter homes need to
upsize.
In year three of the Federal Re-
serve’s high-rate policies, some
home sellers and buyers are giv-
ing up waiting for the central
bank to change course. With infla-
tion still elevated, the Fed is in no
rush to cut its own rates. Mort-
gage rates once again rose above
7% this week.
“We can’t just let our kids
grow up while the Fed figures out
what they think about inflation,”
said Luke Bolton, who listed his
home in March and expects to
close soon on a purchase.
The housing market needs
more sellers like these to bounce
back. Existing-home sales fell in
March, marking a sluggish start to
spring home-buying. Sales in 2023
dropped to the lowest level since
1995.
Still, new listings during the
past four weeks are up 11% from a
year earlier, according to real-es-
tate brokerage Redfin. Today’s
sellers typically say they are en-
countering a cooler market. They
have been getting three offers per No buyers had made offers by in cash. But they are counting on
listing in recent months on aver- Thanksgiving, so they took the the sale of the house to cover
age, down from five offers when house off. They relisted the house some improvements to the unit,
mortgage rates were notably lower in February, cutting the price by such as remodeling the two bath-
a few years ago, according to the about $150,000. After 25 individ- rooms and kitchen.
National Association of Realtors. ual showings, there were still no They hope rates will come
Homes spent a median of 48 serious offers, Carol said. Reluc- down and bring out serious buy-
days on the market in February, tantly, they reduced the price ers. “Hopefully buyers won’t keep
compared with 26 days two years again to $797,900. waiting on the Fed,” Carol said.
earlier, according to Redfin. Prospective buyers tell them
But many have owned their that borrowing money is too ex- The Boltons
homes long enough to accrue sig- pensive right now. The Bhargavas Minneapolis
nificant equity. A sale could give remember the feeling from when Original Listing Price: $199,000
them cash to put in the bank or they had an 11.75% mortgage rate Number of Offers: 1
toward a new house. more than four decades ago. They Luke Bolton, 43, has been itching
Here is a look at how three bought the roughly 1,800-square- to sell his two-bedroom 1,200-
home sellers are approaching this foot home for around $125,000. square-foot Minneapolis condo
moment. While waiting for a buyer, the since spring of 2023. He waited a
Bhargavas bought a two-bedroom year partly because he was hoping
The Bhargavas condo in a 55-plus community in rates were going to fall. He listed
Denver Denver. There are no stairs, and it in March for $199,000.
Original Listing Price: $1,050,000 someone else does the yard work. Luke, his wife, Lisa, and their
Number of Offers: 0 The couple paid for the condo sons, who are 12 and 15, had out-
Carol Bhargava, 70 years grown the space. They  The buyers of Luke Bolton’s Staging and showing the house
old, never planned to sell also wanted to move two-bedroom condo are renting it has been especially tough because
the dream house she had closer to family. Luke’s back to the Boltons until their two they have two cats and two dogs,
been improving for more remote work for a finan- boys finish the school year. she said. Jill would learn a pro-
than 40 years. She rel- cial adviser professional spective buyer was coming by in
ished the granite flooring association gave them the about an hour, then race to load
at the entry and the win- flexibility to relocate. three-bedroom, 1,600-square-foot up the dogs, hide the litter box,
dows with retractable Selling the condo townhouse near Des Moines, Iowa, sweep the porch and make sure
screens. where the boys grew up that has more space to host book the floors were polished.
Then, about four years and recently helped him reading groups and church Jill, a retiree, went through
ago, her husband, Girish, refurbish the kitchen cab- friends. They are predicting a this drill for about a dozen show-
now 78, mentioned he inets is bittersweet, Luke lower cost of living in Des Moines. ings. They got one offer in about
FROM TOP: DAISY KORPICS/WSJ, ISTOCK (2); LUKE BOLTON; CAROL BHARGAVA

had trouble making it up said. He will also miss They recently locked a 6.75% 60 days, and the house sold last
and down the 12 steps to their 3.25% mortgage mortgage on their new home that month for around $647,000.
the basement. They rate. But the family they are buying for about They weren’t thrilled about
hoped he would improve, couldn’t wait any longer $252,000. They hope to refinance parting ways with their 3.75%
but last September they to make a move. in two to three years if interest mortgage. The couple bought a
put the three-bedroom They accepted an offer rates come down, Luke said. 4,700-square-foot home about two
ranch on the market for for $189,000 in late blocks away for about $935,000
about $1.05 million. March. It was the first The Graces and a 7.5% mortgage rate.
“Downsizing was the they received after two Lubbock, Texas “I’m anxious about the higher
toughest decision of my weeks and seven individ- Original Listing Price: $650,000 rate and hoping we can refinance
life,” Carol said. “You ual showings. The buyers Number of Offers: 1 soon,” she said.
never think you’re going agreed to let the Boltons Jill Grace, 60, and her husband, Their new home is also bigger
to get to that point.” rent back the unit for a John, 61, wanted to move to a than they initially wanted. Still,
few weeks so the boys home that would allow them to the Graces say their house is bet-
could finish their school age in place. ter for the coming decades. The
 Carol and Girish year in Minnesota. They listed their four-bedroom, living space is all on one level.
Bhargava are downsizing The Boltons are ex- 3,750-square-foot West Texas “God willing, this will be our
reluctantly. pecting to soon close on a home in December for $650,000. last house,” Jill said.

“The 24-hour thing can be chal- friendly choice for her second anni- $189 per park, depending on the ring to go with the flow.
Fans Fly to lenging but it’s totally doable,” says
Magda Santiago, a 52-year-old fit-
versary with her boyfriend.
“Well, it’s cheaper than a hotel,”
time of the year and the park. Park-
hopping and line-skipping perks
She started taking one-day
trips as a way to decompress, get
ness-retreat planner from New the recent college graduate remem- cost extra. Then there’s food (a some alone time, and reconnect
Disney World Jersey, who has conquered all four
Walt Disney World theme parks
bers thinking. Mickey pretzel with cheese sauce:
$7.79), merch and transport to and
with her inner child.
“Everybody thinks I’m crazy. My

For One Day in one go.

She goes to Disney World at least
twice a year, usually flying Frontier
Homemade sandwiches
Airline points slashed their Spirit
from the airport.
Skipping overnight stays saves
big. At one of Disney’s cheapest
kids are like, ‘don’t you get tired of
it?’ Absolutely not!”

Airlines out of New Jersey’s Tren- Airlines flights to $11 each. Flights spots, All-Star Sports Resort, the
ton-Mercer Airport at 5 a.m., and from Chicago’s O’Hare International median price for a standard room ‘Save your feet’
Continued from Page One getting home between 9 p.m. and 11 Airport on a Tuesday, weekday Dis- over the past five years was $210 a Veronica Diaz, a 41-year-old pho-
taking their love for the parks to an- p.m. that day. She carries a small ney passes, homemade sandwiches night, according to Len Testa, presi- tographer from Houston, rose at 2
other level: Partaking of the whole backpack with a sweater and a and minimal extras kept the total to dent of Touring Plans, which helps a.m. to do her hair and makeup be-
Disney travel and park experience in change of clothes. around $240 per person. visitors navigate the parks. The fore her 5:30 a.m. Disney-bound
a single day. Her pro-tips: Avoid Magic King- “I would totally do it again,” says Grand Floridian Hotel & Spa hits Southwest flight. She maps rides in
Whether to save money, accom- dom on Mondays (Wednesday Tremaine. “It is a huge money saver, nearly $1,000 a night. advance, hitting only those on the
modate tight schedules, or simply rocks). Start with Animal King- especially if you’re on a budget.” With her $1,450 annual pass and same side of the park.
test one’s limits, the endeavor re- dom’s less-crowded rides, then Tremaine’s boyfriend, Jakob airline points, Santiago, the fitness- “You want to save your feet and
quires meticulous planning, com- hit Hollywood Studios. Cap off at Coker, 22, advises—book a later retreat planner, keeps trips under that is where experience comes into
fortable footwear, and an encyclope- Epcot, margarita in hand. flight. Their 8:30 p.m. departure $150. She skips line-jumping extras, play,” says Diaz.
dic knowledge of Disney’s sprawling For Audrey Tremaine, 22, Dis- meant rushing out by 6:20 p.m. even for her beloved Guardians of Jennifer Abbey, a 32-year-old
park system. ney-in-a-day was the budget- Disney Tickets? Typically $109- the Galaxy: Cosmic Rewind, prefer- marketing executive, tackled Disney
with her sister in 12 hours. Using
airline miles, they booked a pre-
Audrey Tremaine’s Disney-in-a-Day Itinerary Thanksgiving trip for minimal
crowds.
l 3:15 A.M. Cheshire Cat Tail and Cherry Queen She left her Brooklyn apartment
Tremaine and her boyfriend Jakob Coker of Hearts Slushy: $12.55 including tax at 4:45 a.m. for a 6 a.m. JFK flight.
take a Lyft ride to Chicago O’Hare Loaded Chicken Strips: $12.02 including tax The sisters used the airline’s free
International Airport: $40.11 Wi-Fi to book the rides they
l 6:20 P.M. wanted.
l 6:00 A.M. Uber from Magic Kingdom Prioritizing favorites and short
Spirit Airlines flight to Orlando, Fla.: to Orlando airport: $22.40 lines, they hit Magic Kingdom, Hol-
$11 round trip, booked with miles and points lywood Studios and Epcot before
l8:30 P.M. their 8 p.m. flight. Total cost? About
l10:00 A.M. Return flight from Orlando to Chicago
Uber from Orlando airport to $225 each.
Magic Kingdom: $23.77 l10:45 - 11:00 P.M. Abbey says the trip was mostly
about the adrenaline rush.
AUDREY TREMAINE

Arrival at Chicago O’Hare

l10:30 A.M.—6:00 P.M. and Uber home: $23.74 “It was a fun experience, but it
A day in Magic Kingdom: was exhausting. I’m not quite sure I
Park Admission: $154 per person l 11:45 P.M. would do it again,” Abbey said. “But
Dole Whip: $8.28 including tax Tremaine and Coker arrive home I can check that off my bucket list.”
 THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | A13

ARTS IN REVIEW
BY WILLIAM MEYERS ART REVIEW announcements for this exhibition.

Pictures for Profit

The shoe, shot from above, is seen
New York twice in the show—once as a print
‘THE REAL THING: Unpackaging in which it is monumental, sensual
Product Photography” at the Met- and serene, and again, its gran-
ropolitan Museum of Art through deur somewhat diminished, in a
Aug. 4 is not so much about the An exhibition explores photography’s essential role in advertising tearsheet from the Washington
real real thing as it is about using Post where it shares space with
photographic techniques to gussy some copy and the pic-
up an object and create what the ture of a man (presum-
wall text calls “an aura of truth.” ably an executive)
All in a good cause: profit—profit wearing a pair. The
being the reward an entrepreneur price 67 years ago for
earns for providing goods or ser- this handsome leather
vices at a price customers are will- shoe was $8.99.
ing to pay. Virginia McBride, re- Furthest from usual
search associate in the Department museum fare are four
of Photographs, organized 64 ob- pictures from the Ed-
jects from the museum’s collection ward G. Budd Manu-
thematically to explain how prod- facturing Co. of “Auto-
uct photography came about; 43 of motive Components”
the objects have never before been (1925-28). Nonetheless,
shown at the museum. The reason the photographs of
the 43 had never been shown is these industrial bits
that they do not qualify as works and pieces, taken in
of art in the ordinary sense and, the factory and proba-
out of context, would not be very bly intended only for
interesting; it is Ms. McBride’s internal use, evince the
achievement to justify having same professionalism
taken them out of storage. as the other work here.
Photography and the mechani- A thread running
cal production of mass-market through “The Real
goods both came about in the Thing” is the way
mid-19th century, as did depart- avant-garde and mod-
ment stores and plate-glass win- tled “The Array” with ernist styles, many
dows that facilitated the sale of “RCA Speakers” (1933), hatched with accompa-
the pictured goods. The first sec- the image entirely taken nying idealistic politi-
tion of “The Real Thing” is titled up with the identical de- cal or social philoso-
“The Inventory” and consists of 19 vices rhythmically over- phies, were quickly
pictures illustrating how objects lapping each other. James Clockwise from left: ‘Osram Light adopted for commercial use: Sur-
can be displayed; it includes “Arti- Van Der Zee, whose pho- Bulbs’ (c. 1930), by August Sander; realism, photomontage, the Bau-
cles of Glass” (before June 1844) tographs documenting ‘Panama Hats, From a Sloan-Force haus innovations, Germany’s Neue
by William Henry Fox Talbot. This the people and events of Co. Catalogue’ (c. 1916), by F.D. Sachlichkeit (New Objectivity) and
salted paper print from a paper the Harlem Renaissance Hampson; and ‘Komol’ (1931), by Aleksandr Rodchenko’s radical
negative shows three shelves of are featured elsewhere in ringl + pit. points of view all ended up being
bottles, goblets and glasses and the museum, also shot used to hawk goods. Paradoxically,
was meant to tout the new me- advertisements; “Wigs” having first been exposed to these
dium’s veristic capabilities. (1940s), two simple but “Ide Collar” (1922), a superb and techniques in advertisements
Charles Nègre’s “Plaster Casts of carefully lighted pictures, surreal platinum print; “Pattern made it easier for people to accept
Bishops’ Miters and Papal Tiara, are in “The Isolated Ob- No. 342” (c. 1931), a pack of Ches- them when they were later en-
South Porch, Chartres” (c. 1855) ject” section. August terfield cigarettes emerging from countered in museums.
was part of a commissioned proj- Sander, renowned for the a flower; and “The Coffee Drink- The exhibition wall texts, infor-
ect to valorize France’s cultural portraits in his “People of ers” (1940), four men around a mative and occasionally witty,
history. With F.D. Hampson’s “Pan- the 20th Century” series, kitchen table, one wearing a ging- were written by Ms. McBride, and
ama Hats, From a Sloan-Force Co. is in the section titled ham apron, enjoying cups of Eight help to make this unusual exhibi-
METROPOLITAN MUSEUM OF ART, NEW YORK (3)

Catalogue” (c. 1916) we are in the “The Unfamiliar Thing” O’Clock Coffee. This last is from tion comprehensible.
commercial realm, five gleaming with “Osram Light Bulbs” “The Ideal User,” a section that
white straw hats with black bands (c. 1930), an ascending shows consumer products being The Real Thing: Unpackaging
floating in an inky black void in- swirl of points of light used by attractive people in at- Product Photography
viting prospective customers to created by shooting up into a spi- The latter are represented by tractive settings, the situations The Met Fifth Avenue, through
choose among them. ral staircase. “Dents” (c. 1934) and “Komol” into which advertisers want pro- Aug. 4
Hampson, like most of the On the other hand, Paul Outer- (1931), ads for a glovemaker and spective customers to fantasize
photographers here, is pretty bridge Jr. and the team of ringl + hair dye, respectively, that are themselves. Mr. Meyers writes on photography
much unknown, but a few are fa- pit (Grete Stern and Ellen Auer- composed of montage materials Murray Duitz’s “A.S. Beck ‘Ex- for the Journal. See his photo-
mous. Photojournalist Margaret bach) are photographers famous assembled with their characteris- ecutive’ Shoe” (1957) serves as the graphs at www.williammeyerspho-
Bourke-White is in a section ti- just for their commercial work. tic wit. From Outerbridge there is logo in the Met’s online and print tography.com.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 28 Camera type,
briefly
HAPPENINGS FOR THE WEEK OF APRIL 23 15 16
30 French article
17 18 31 See 61-Down
BY WSJ ARTS IN REVIEW STAFF After two sold-out runs, features Tame Impala,
this show, with music and Thundercat, Miguel and 19 20 32 “Much to my
Film lyrics by Sufjan Stevens, Connan Mockasin. surprise...”
“Challengers” (April 26) moves to Broadway. Ac- 21 22 23 24 25 26 27 28
35 Bolt
Zendaya, Josh O’Connor claimed dancer Justin Peck Dance
and Mike Faist star as the directed and choreographed, Ballet Hispanico (New York 29 30 31 32 33 36 Cause of
love-crossed tennis figures in and co-wrote the book with City Center, April 25-28) inflation?
Luca Guadagnino’s film about Pulitzer winner Jackie Sib- The new season of this 34 35 36
a coach and her losing stu- blies Drury. troupe, which bills itself as 38 Face-to-face
dent/husband who faces off the largest Hispanic cultural 37 38 39 40 exam
against her former boyfriend. “The Great Gatsby” organization in the U.S., in- 39 Junior’s junior
(Broadway Theatre, New cludes the world premiere of 41 42 43 44
TV York, opens April 25) artistic director and CEO Ed- 40 Delivery
“Dead Boy Detectives” F. Scott Fitzgerald’s time- uardo Vilaro’s “Buscando a 45 46 47 48 vehicle
(Netflix, April 25) less American tale gets its Juan,” a family-friendly inter-
Two ghosts team up to in- latest of many stage adapta- active matinee and a gala 49 50 51 41 Took a load off
vestigate supernatural crimes tions, this one a musical performance. 44 Breaking
in this series based on char- with score by Jason How- 52 53 54 55 capacity,
acters created by Neil land, book by Kait Kerrigan Opera briefly
“El Niño” 56 57 58 59 60 61 62 63
(The Metropolitan Opera, 46 “___voyage!”
New York, April 23-May 17) 64 65
47 Hardly hip
Something from com-
poser John Adams is staged 66 67 48 Clara of the
by the Met for the first time Red Cross
in nearly a decade—the com-
pany premiere of this opera- RECONSTRUCTION | By Tim Schenck 50 Stocking
oratorio that melds the sa- Across 33 1977 Scott 64 Red carpet 12 Victorian, for stuffer?
cred and the secular and Turow celebs example 51 Peaks, in Pisa
draws from English, Spanish 1 Church with memoir
and Latin texts. Marin Alsop roots in the 65 Tool 13 Free (of) 53 Port in
conducts. Church of 34 Always, sharpeners 14 1960s radical Pennsylvania
England poetically grp.
Art 66 Barista’s 54 Bank deposit?
“Large Restored Decora- 10 Aspire 35 Clarinet piece concoction 20 Lawn material 55 Midterm, say
tions of Notre-Dame” laptops, e.g.
36 Birch relative 67 Admitting 21 Be in arrears 56 Woolly male
Zendaya in ‘Challengers,’ Luca Guadagnino’s new film. (Mobilier National, Paris, 15 Person who’s
April 24-July 21) 37 Lincoln topic, Down 22 Venue for a
really on her 57 “Telephone
Paintings and tapestries and the theme West End
toes 1 Flow out Line” group
Gaiman and Matt Wagner. and lyrics by Nathan Tysen. rescued from the devastat- of this puzzle show
George Rexstrew and Jayden Jeremy Jordan and Eva No- ing 2019 fire at Notre-Dame 16 Sensational 2 When it’s 58 Item dropped
Revri play the sleuths. blezada star as the striving go on view after a thorough 41 Back at sea? 23 Chapel Hill
broken, that’s on stage
Jay Gatsby and his pined-for restoration alongside such 17 Show on 42 Duplicitous good athlete
“Knuckles” Daisy Buchanan. other works as a 14-piece television 59 Fire remnant
sort 25 Auctioneer’s
(Paramount+, April 26) hanging that follows the life 3 U.N. workers’ 61 With
18 Detectives closing word
The “Sonic the Hedgehog” “Mother Play” of the Virgin Mary and is 43 Notes after grp. 31-Down,
film franchise gets a minise- (Hayes Theater, New York, usually preserved at the follow them res 26 Native to a
4 Zigzagging “Life of Pi”
ries spinoff with Idris Elba April 25-June 16) Strasbourg Cathedral. 19 Featuring the particular director
again voicing the titular Paula Vogel, who won a 45 Quarter race region
most foliage
friend and former rival of Ben Pulitzer for “How I Learned to Last Call 46 Pay to play, at 5 Hands over 62 “Fantasy
Schwartz’s spiky speedster. Drive,” returns with the tale “Kimberly Akimbo” 21 Nobel- 27 Demanding
a poker table Island” prop
of a family in a Washington (Booth Theatre, New York, winning 6 Two-tone more
Theater suburb moving into a new through April 28) scientists 48 Bavarian brew whale attention, say 63 Tax ID
“Mary Jane” apartment and the tightly Victoria Clark stars as a Hahn, Previous Puzzle’s Solution
(Samuel J. Friedman wound matriarch overseeing teenage girl with a genetic 49 Reports to 7 “La Vie en
Warburg and S L A W J O K E E P C O T
Theatre, New York, April 23- the proceedings. Jessica disorder that causes her to Mom or Dad Rose” singer
Meyerhof T U S H A S A P M A R O N
June 2) Lange, Celia Keenan-Bolger age rapidly in the wondrous 51 Introduction 8 U.S. member E R I E K I T E A L O F T
Rachel McAdams and Jim Parsons star. musical by David Lindsay- 24 Doesn’t P E A R V A R I E T I E S
to economics? of ISO E E R I E I L O S T
portrays a single mother of Abaire and Jeanine Tesori quite open,
METRO GOLDWYN MAYER PICTURES

A C
C E N T S G E M C O O
a chronically ill child in this Music that won five Tonys. Our as a pickle jar 52 Forebear 9 In the past D A
H L I A P A R E D O W N
play by Amy Herzog, which Justice, “Hyperdrama” critic called it “a musical that few days E V
E S B A G R U N G
is directed by Anne (April 26) is as full-hearted as any to 29 “Kapow!” 56 Provide with P E
R E N O E L T H E R I O
Kauffman. The French electronic duo be seen in recent years.” a new staff 10 ___the good T A
R O D D R O A S T E D
30 Silent movie (beneficial) T
Y C H O A E O N S
returns with its first studio comedian 60 Some hand- P A I R O F G L A S S E S
“Illinoise” LP in more than seven For additional Arts Calendar Harold woven rugs 11 Pool tool R A I N N A R A B H A V E
(St. James Theatre, New years, a record that incorpo- listings visit wsj.com. Write A S C O T H O L A O V E N
York, April 24-Aug. 10) rates disco and funk and to brian.kelly@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. WA K E S U S E R P E N D
A14 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

SPORTS
The Golfer Who Can’t Stop Winning
BY ANDREW BEATON

S
cottie Scheffler is on an epic
tear through the golf world.
He just won the Masters and
then won his very next tourna-
Nelly Korda won her fifth consecutive LPGA event after claiming the Chevron Championship
ment, giving him four wins in his
last five events. In the only one he
didn’t win, he finished second.
Nobody on the PGA Tour has
been hotter since prime Tiger
Woods. But somehow, Scheffler
isn’t the most unstoppable golfer
on the planet these days.
That would be Nelly Korda.
On Sunday, Korda won the
Chevron Championship, the first
major of the LPGA Tour season
and the second of her career, giv-
ing the 25-year-old American wins
in five consecutive starts and put-
ting her in rarefied company. The
run matches the LPGA record held
by all-time great Annika Soren-
stam (2004-05) and Nancy Lopez,
who became a national sensation
when she first accomplished the
feat as a rookie in 1978.
Now it’s Korda’s time, and this
isn’t just any hot streak. Finally
healthy again after injury, Korda is
capitalizing on her potential to
completely dominate the sport.
After her round on Sunday, the
only way for Korda to cool down
was with the tournament’s tradi-
tional celebration: jumping into a
pond.
“It’s just been a crazy, crazy,
crazy couple of weeks,” she said.
“I can finally breathe.”
Korda, whose swing is so
smooth and technically
sound that it makes Nelly Korda celebrates after winning the Chevron Championship. It is the
players in both the 25-year-old’s second major title and fifth consecutive LPGA Tour win.
men’s and women’s
games swoon, was
born into athletic roy- blood clot required surgery. And in par-3 17th. And she added one fi-
alty. She’s the daugh- 2023, she didn’t post a single vic- nal birdie on the par-5 18th to
ter of former Czech tory while hampered by a back in- cushion her lead.
tennis players Regina jury. The victory, which came with a
Rajchrtová and one- “In 2022 and 2023, golf really $1.2 million payday that nearly
time Australian Open humbled me,” Korda said. doubled her earnings for the sea-
winner Petr Korda— Once the calendar flipped to son, also fuels the surging mo-
and the pair clearly 2024, though, her form came roar- mentum for women’s sports across
knew a thing or two ing back. She finished tied for 16th the country. Basketball star Caitlin
about passing on ath- at her first tournament. And she Clark generated unprecedented
letic gifts. Nelly’s older hasn’t lost since. television ratings for the NCAA
sister Jessica also Throughout Korda’s winning tournament and a flood of atten-

FROM TOP: ANDY LYONS/GETTY IMAGES; GREGORY SHAMUS/GETTY IMAGES

starred on the LPGA streak, she has withstood every tion for her upcoming WNBA de-
Tour while her youn- test. After the first of her victo- but. Now Korda hopes to use her
ger brother Sebastian ries, a nearly two-month layoff growing platform to turn up the
is the world’s 26th- didn’t cool her down. Her most re- spotlight on golf.
ranked tennis player. cent victory before the Chevron “We need a stage,” Korda said.
Nelly’s own phe- Championship was at a match play “We need to be on prime-time TV,
nomenal talent became event where she dominated the fi- and we need to showcase the tal-
clear during her teen- nal, winning by four holes with ent we have out here.”
age years. In 2016, she turned pro three left to play. Korda will do that the best way
as a 17-year-old, and it didn’t take would be a few more years until Barely a month after that, Korda Then on Sunday at the Chev- she knows how—just not immedi-
long for Korda to prove her chops she established herself as the class won a gold medal for the U.S. at ron, held at the Club at Carlton ately. She plans to sit out the next
on the LPGA’s developmental cir- of the game. That came in 2021, the Tokyo Olympics. Woods in The Woodlands, Texas, stop on the LPGA calendar in Los
cuit: she finished high enough on when she rose to No. 1 in the By then, it looked as though no Korda showed her killer instincts Angeles, citing exhaustion, before
the money list to earn her tour world rankings during a season one could catch her. But her ca- to seal a two-stroke win at 13-un- returning at a tournament in New
card in her first year. that featured four wins on Tour, reer suddenly went off track with der-par. She chipped in for birdie Jersey on May 9. That’s where
Korda was just 20 when she including her first major at the a string of health issues. She on the 10th hole. She hit the flag- she’ll have her sights set on a re-
clinched her first LPGA win, but it Women’s PGA Championship. missed months in 2022 after a stick with her tee-shot on the cord-breaking sixth win in a row.

Major League Baseball’s Most Notorious Umpire Is Back

BY JARED DIAMOND been promoted to crew chief since
2018. Hernández hasn’t been one
ÁNGEL HERNÁNDEZ HAS BECOME of them.
one of baseball’s most talked- In 2017, Hernández, who was
about figures over the past three born in Cuba, filed a federal law-
decades—for all the wrong rea- suit accusing MLB of unlawful dis-
sons. A major-league umpire since crimination in passing him over
1991, the 62-year-old Hernández is for World Series games and crew
infamous among fans for his low- chief promotions.
light reel of spectacularly blown MLB contended that Hernández
calls and propensity for getting not being chosen had nothing to
himself into bizarre situations do with his ethnicity—and every-
with alarming frequency. thing to do with his poor perfor-
After missing much of 2023 mance. In a 2020 court filing, law-
with an injury, Hernández has re- yers for MLB argued that
turned and has wasted no time Hernández’s career had been
making his presence felt. Less plagued by a number of incidents
than a month into this season, that “made him unsuitable to
several of his perplexing rulings serve in a permanent leadership
have already gone viral. The situa- role and umpire in MLB’s highest-
tion reached a nadir recently when profile games.”
Hernández punched out Texas A judge ruled in MLB’s favor in
Rangers rookie Wyatt Langford on 2021, writing that the evidence
three consecutive pitches out of showed that “an umpire’s leader-
the strike zone, each one farther ship and situation management
SARAH STIER/GETTY IMAGES

off the plate than the last. carried the day in MLB’s promo-
Umpire Auditor, a social-media tion decisions.” Last August, a fed-
account that tracks umpire perfor- eral appeals court upheld the
mance, posted that the final ball judge’s decision.
was outside by 6.8 inches, the big- Before long, MLB could have a
gest miss on a called strike three solution for Hernández and its
since the account started in 2014. After missing most of the 2023 season, Ángel Hernández has returned to being MLB’s most controversial ump. other umpiring problems. In some
Langford later described Hernán- minor leagues, baseball is testing
dez’s ruling as “comical.” an automated system to call balls
Hernández’s recent showing— worked the plate in at least 85 Though Hernández might not “needs to find another job.” A year and strike—technology known as
not to mention his extensive his- games over that span, seven have be objectively the worst umpire in later, New York Yankees pitcher the “robo-ump”—to determine
tory of dubious calls—has renewed fared worse than Hernández in baseball, there’s little doubt he’s CC Sabathia blasted MLB for giv- whether the concept is ready for
questions about potential disci- that department. His 92.3% accu- the most controversial—and, fairly ing Hernández a playoff assign- prime time.
pline for MLB’s most notorious racy since the start of last season or not, the most scrutinized. Ac- ment, describing him as “abso- Some days, this involves having
umpire and why the league hasn’t is second-worst among umpires cording to data from Close Call lutely terrible.” In Game 3 of that the computer call every pitch. On
taken action against him. with at least 10 games. His accu- Sports, Hernández performs series between the Yankees and others, MLB uses a challenge sys-
The simplest answer involves racy rate of 83.9% in a matchup around league average when it Boston Red Sox, Hernández had tem, where teams can dispute a
the strong protections afforded to last September between the Pitts- comes to having calls overturned three of his calls at first base preset number of pitches, similar
umpires in their union’s labor con- burgh Pirates and Washington Na- by replay. His ejection totals also overturned by replay. to the system once used in tennis.
tract, making it difficult to remove tionals is the lowest on record for rank below league average. Those Just last September, Philadel- In this format, challenges can only
them without significant cause. a single game since 2019. ejections “just tend to be higher- phia Phillies superstar Bryce come from the pitcher, catcher or
When umpires do face conse- Meanwhile, on MLB’s internal profile,” said Lindsay Imber, the Harper lashed out, exploding at hitter and must be asked for in-
quences, it’s usually for unprofes- ranking system, Hernández isn’t founder of Close Call Sports. Hernández after he was called out stantaneously, offering an element
sional conduct rather than simple rock bottom, either. MLB’s evalua- A search of Hernández’s name on an iffy check swing. of strategy. Last season, 47% of
mistakes on the field. tions consider many more factors on YouTube yields an unending “Ángel in the middle of some- challenges were successful.
The other reason, despite his beyond balls and strikes, such as stream of montages of his most thing again. Every year it’s the It’s unclear when—or even if—
dismal reputation, is that Hernán- game management, overall tem- puzzling decisions. Umpire Audi- same story, same thing,” Harper the robo-ump will come to MLB,
dez isn’t definitively the worst perament and knowledge of the tor has an entire TikTok playlist said. “I’m going to get fined for though it seems likely the first
umpire working, at least according rules. devoted to Hernández’s follies, being right again. It’s the same foray would use challenges rather
to the available data. Hernández Through his attorney, Kevin highlighting the general percep- thing over and over and over and than turning the entire job over to
has accurately called 93% of Murphy, Hernández declined to tion about his abilities. over again.” (Harper was, in fact, a computer.
pitches since 2020, according to comment. Players have long voiced their fined.) At the very least, it would give
Umpire Scorecard, a website dedi- “Ángel is a very good umpire, displeasure about Hernández too. MLB isn’t blind to Hernández’s players some recourse the next
cated to measuring the accuracy and in spite of what the media In 2017, MLB fined Detroit Tigers shortcomings, either. He hasn’t time they fall victim to Ángel
and consistency of MLB umpires. says, baseball has recognized it as infielder Ian Kinsler $10,000 for been tapped for the World Series Hernández and his sometimes baf-
Of the 64 umpires who have well,” Murphy said. telling reporters that Hernández since 2005. Nineteen umpires have fling version of reality.
THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | A15

OPINION
Four Historic Votes for Action BOOKSHELF | By James Grant

Last week-
end’s House
votes on aid
foreign-policy consensus.
Many Biden allies see the
world struggle in ideological
more $60 billion Ukraine bills
this or any future Congress
will pass. And as far as one
tionist measures across the
board that hurt our allies and
neutral powers? Will pressur-
Governed
for Ukraine,
Israel
Taiwan and a
set of hawk-
and
and partisan terms. They rec-
ognize that dictators bent on
lawlessness threaten the lib-
eral international order and
can tell, Team Biden’s goal re-
mains to escape responsibility
for a Ukrainian defeat the ad-
ministration has no strategy
ing our allies over human
rights weaken our fragile co-
alition at a critical moment, or
is it vital to remain committed
By Banks
GLOBAL
VIEW ish foreign-
policy mea-
imagine that Donald Trump
has formed an unholy alliance
or will to prevent.
Similarly, the aid will help
to our core values no matter
the cost? What’s the right
Balance of Power
By Walter
sures were with Vladimir Putin to de- Israel deal with Hamas, but level of defense spending, and By Éric Monnet, translated by Steven Rendall
Russell Mead
dramatic and stroy democracy at home and the real threat to Israel’s se- how do we reconcile that with Chicago, 264 pages, $25

B
decisive. They peace abroad. curity lies elsewhere. Unless other national priorities at a
may even prove historic. In a Other Americans see the time when the bond markets ring back the gold standard? Not on your life,
time of bitter polarization, the danger in less ideological look restless? economists reply with nearly one voice. Nor is the
two parties managed to get terms. For them, Russia Congress sends a President Biden must an- Paris-based Éric Monnet a dissenter from the
four consequential foreign- seems less worrying than ei- swer these questions, and not academic consensus. His “Balance of Power: Central Banks
policy bills over the finish line ther China or Iran. Who signal that America only because the House- and the Fate of Democracies” is a resounding defense of the
in a closely divided chamber. makes the fentanyl and other needs to be stronger passed Ukraine bill mandates Ph.D. standard of monetary organization.
Friends and foes who thought synthetic opioids that flood a written statement on The Ph.D. standard, successor to the gold standard and
America was paralyzed by in- over the border, killing more and do better. Ukraine strategy within 45 its variants, is the rule of doctors of economics over
ternal dissension are taking Americans each year than the days. The do-something con- interest rates and paper money. It’s today’s Federal Reserve
another look. total number of U.S. military sensus is real, but it is vulner- in action.
The politics of American deaths in the Vietnam War? the United States gets serious able. Another round of expen- While the original gold standard, 1880-1914, was
foreign policy today reflect a Whose abuse of the interna- about helping Israel and its sive foreign-policy failures essentially self-regulating, the Ph.D. standard, 1971 to date,
race between failure and fear. tional trading system “stole” Arab neighbors address Iran’s could put the stay-home lobby is the opposite. More than 400 doctors of economics toil at
On the one hand, the serial millions of American jobs and drive for regional supremacy, in the driver’s seat. the Washington home office,
failures and strategic incoher- threatens more jobs today? the security situation in the Paradoxically, Mr. Biden’s according to the Fed’s
ence of the conventional for- Whose military buildup im- Middle East will continue to foreign-policy failures are re- website, not counting scores
eign-policy establishment lead perils America’s access to the worsen. The billions appropri- sponsible for the fear that of others at the dozen
many voters to oppose expen- vital semiconductors pro- ated for the Indo-Pacific are now hands him political victo- regional Reserve banks.
sive foreign-policy initiatives duced in Taiwan? also insufficient to reverse ries in Congress. The horrify- “Follow the science,” entreat
they suspect will do little As for Iran, many American the growing insecurity affect- ing consequences of his ad- the physicians. “Follow the
good. On the other hand, the voters are far more concerned ing the most vital theater in ministration’s failures to social science,” or words to
visibly worsening state of the about Tehran’s nuclear pro- world politics. deter Russia in Ukraine and that effect, enjoin the
world and the growing power gram and the terrorism it Should Americans prioritize Iran in the Middle East, and economists.
of countries that don’t dis- supports than about Russia’s Russia, China, the Middle East, fears of what a similar failure The difference between
guise their hostile intentions designs on Moldova. Taiwan or the border in our of deterrence could mean in science and social science boils
are driving Americans to look And fear leads Americans quest for security? Does sup- the Indo-Pacific, have created down to prediction. On Sept.
to our defenses and allies. to focus, quite properly, on porting Ukraine send a mes- bipartisan majorities for a 26, 2022, a NASA rocket hit the
What the four House votes the shambolic state of our sage to Xi Jinping about more activist, better-armed target at which it was aiming, a
show is that fear is winning border security. American will, or does it di- American presence on the 560-foot diameter asteroid some
the race against skepticism in Fear is a good motivator vert badly needed resources world scene. 6.8 million miles from Earth. In
America these days. The do- but a bad strategist. The from the Indo-Pacific to the America needs to be stron- the same month, the Fed missed its target for the
something coalition is out- emerging do-something con- secondary European theater of ger and do better. That is the consumer-price index; inflation registered 8.2%, some six
pacing the stay-home lobby, sensus lacks direction. The the emerging global conflict? message Congress is sending percentage points higher than the 2% reading at which the
but Americans’ growing aid to Ukraine will, one hopes, Should we respond to China’s the White House by passing central bank was taking aim. Behold physics—and behold
sense of unease hasn’t yet stave off defeat and buy time, abuse of the world trading these bills. One can only hope economics.
brought us into an effective but one wonders how many system by imposing protec- Team Biden is listening. No intelligent economist would claim for macroeconomic
forecasting the accuracy of which it is inherently incapable,
and Mr. Monnet, named France’s best young economist by

An ‘Iron Dome’ Against U.S. Antisemitism Le Monde in 2022, chooses not to dwell on the monetary
bureaucrats’ blindness to the onrushing financial crisis of
2007-09 or to their belated comprehension of today’s non-
Passover FBI data. That’s why we are gets the intelligence out and of the Tree of Life synagogue transitory inflation problem.
marks the de- here.” coordinates with local law en- in Pittsburgh, where a Neither does he harp on the central bank’s dozen-year
liverance of Though other faith groups forcement as needed. The shooter took 11 innocent lives experiment, 2010-22, in interest-rate suppression and so-
the Jewish have suffered attacks, the ag- name of the game is preven- in 2018, all but one of those called quantitative easing. It has left its mark in, among
people from gression against Jews stands tion, because it’s often too late at the service who’d attended other things, the immense run-up in public debt and the
slavery. On out. On April 16, the Anti- when you call the cops. security training (by another wholesale misdirection of private capital. When money
M o n d a y Defamation League released “The lesson is that you organization) were able to es- grows on trees, people will pick it.
MAIN
American its report on antisemitic inci- build the ark before it rains,” cape. The exception was The author’s principal theme is the “insufficient
STREET
Jews began dents in the U.S. for 2023. Mr. Masters says. It pays off. Jerry Rabinowitz, a doctor democratic accountability of central banks,” and he is of
By William
holiday cele- The ADL puts the total at Before an armed intruder who made it out but went two minds about it. Yes, he allows, the overbearing central-
McGurn
brations in 8,873, more than double the took a rabbi and three men back in to help the wounded, bank money managers “seem to have become omnipotent.”
arguably the previous year’s number and hostage at the Congregation then was himself gunned Something must be done; they must bend to the will of the
freest and most welcoming the highest number on record Beth Israel synagogue in down. people’s elected officials. But—simultaneously—they must
society for Jews ever. Yet few since the group began keep- Texas in 2022, SCN had held Mr. Masters says SCN has relinquish none of their frequently abused powers.
Americans have any idea of ing track in 1979. a training session there. At always monitored Islamist On the contrary, Mr. Monnet calls on the central banks of
the effort it takes to ensure Worse, the majority of groups for threats, and after Europe and the U.S. to continue in their buttinsky ways: to
Jews can practice their faith these incidents—5,204—were Tehran’s missile and drone guard their respective sovereign bond markets against
even in a place where it is reported in the three months Your synagogue may strike on Israel this month, confidence-sapping price depreciation, to lend a hand with
their constitutional right. following the Hamas savage- Iran and its proxies are a the management of climate change, and to keep the welfare
That’s where Michael Mas- ries of Oct. 7. In fact, there be protected by the heightened concern. In 1994 state in funds.
ters comes in. A Harvard were more incidents from Oct. efforts of the Secure Iran and Hezbollah, its proxy To dial back the omnipotence, Mr. Monnet proposes the
Law School graduate who 7 through the end of 2023 in Lebanon, killed 85 people creation of a new bureaucracy. Experts on money and
has served in the U.S. Ma- than for any full calendar year Community Network. when they bombed a Buenos interest rates would complement the fiscal-affairs
rines and as a Chicago police before. These occur as the in- Aires Jewish center. That authorities at the Congressional Budget Office. Together
official, Mr. Masters is na- ternet and social media have was in retaliation for Argen- they would promote “a greater balance of opinion when the
tional director and chief ex- created more opportunities the session, someone asked tina’s backtracking on a nu- Fed’s representatives testify before Congress.” He
ecutive of the nonprofit Se- for young people to be radi- how to defend yourself if you clear cooperation deal with approvingly quotes a suggestion to start a National
cure Community Network. calized. This Passover, Ameri- have nothing but a chair. Tehran. Investment Authority to “mobilize private and public funds
SCN is the official homeland cans are watching the ugliness “Throw the chair,” the SCN Not every college campus to make long-term loans at below-market rates while
security and safety initiative at Columbia on their smart- trainer said. is Columbia, and not every accounting for the priorities determined by the legislators.”
of the organized Jewish com- phones, with Jewish students That’s exactly what Rabbi synagogue in America is feel- Yet what is this but more omnipotence?
munity in North America. Its and faculty begging the uni- Charlie Cytron-Walker did, ing vulnerable. But once
mandate is simple: keep versity to protect them. distracting the gunman so upon a time, American syna-
Jews safe whether at a syna- What all this means, says the hostages could all run to gogues hired cops to direct Should central banks lend a hand with the
gogue, a Jewish community Mr. Masters, is that security safety outside. As one con- traffic. Now they need a management of climate change and aim to
center or any other Jewish today has to be much more gregant said when it was all whole security and intelli-
institution. than posting a guard. SCN’s over (and the gunman had gence apparatus to live keep the welfare state fully financed?
“Just as Israel has the Iron 100-plus employees cover all been killed by the FBI), he freely as Jews.
Dome,” Mr. Masters says, “we 50 states and are deployed to and his fellow hostages “Passover is the story of
want to build a proactive 33 communities. Most are ex- weren’t rescued. They es- exodus, and that’s our story Money often pits man against the state, and Mr. Monnet
protective security shield FBI agents or policemen. caped—thanks in part to SCN whether it’s from ancient makes no bones about where his loyalties lie. He welcomes
over the entirety of the Jew- The beating heart of SCN is training. Egypt or medieval Spain or the idea of a central-bank-issued digital currency, a kind of
ish community in North a state-of-the-art 24/7 situa- “You can’t imagine the im- the Russian empire,” Mr. fun-free bitcoin. Such a token, he says, could “provide new
America.” tion room. The Jewish Secu- pact—to be able to sit across Masters says. tools for monetary policy, since the state would have direct
The SCN website sums up rity Operations Command the table from someone who “But there will be no exo- control over the money held by individuals—a tool that
the challenge this way: “Just Center in Chicago features says, ‘I am alive today be- dus from the American exper- could be used to steer and monitor the economy.”
2% of the U.S. population, what is effectively a digital cause of your work,’ ” Mr. iment. We will make it safe to As for privately issued crypto, the author sees no point.
Jews are the targets of more map outlining every Jewish fa- Masters says. live proud and public Jewish It is for our own good that the government must quash the
than 60% of religiously moti- cility in America. When some- There are similar stories lives.” $2.6 trillion market in crypto currencies, Mr. Monnet
vated hate crimes according to thing happens nearby SCN elsewhere. Amid the horror Write to mcgurn@wsj.com. contends. “For the state, accepting the emergence of a
private currency is tantamount to abandoning its role as
protector of the value of the money held by citizens—that

Gid and Man on My iPhone is, letting citizens suffer potentially significant losses when
the value of private currencies fluctuates or crashes.”
It is at this point in the book that the buyers of eggs at
By Jim Towey what Microsoft did when it ruler of hell in Dante’s “In- Islamic misbaha or Buddhist $3 a dozen may begin to roll their eyes. The “role as

I
gilded its list with God. ferno”? I typed “Lucifar” and mala. protector of the value of the money held by citizens” is one
was finishing a text This experience piqued my my phone instantly corrected My Jewish friends looking that the Federal Reserve has objectively botched. In 1913,
message when I acciden- interest. When I mistyped the spelling, no questions for emoji love don’t fare any the central bank’s founding year, the dollar was convertible
tally typed “Gid bless another deity, “Talor Swift,” asked. Can’t blame Apple for better. “Rabbi” and “yar- into gold at the citizen’s request at the statutory rate of
you.” Rather than fix the my phone offered the correct not wanting to play with fire. mulke” are ignored. Credit $20.67 an ounce. Today the same ounce costs you $2,300 in
typo by inserting “God,” my spelling of her proper name. I then did what anyone Apple for its chutzpah. the open market.
iPhone underlined the errant Yet when I spelled it cor- proficient in 21st-century Search “hijab,” however, and Where would we be without central banks? Mr. Monnet
word in red and offered me rectly and recast her 2019 hit tech would do in time of you get a woman wearing invites us to imagine “what the economy would be today
three corrections: “Giddy,” trouble: I checked out the one. Enter “turban” and you had the central banks not assumed the role they did.” What
“Did,” and “Kid.” You know, emojis. If you search for get three options. if, he asks, they had responded in 2008 as they did to the
“Giddy bless you!” Or: “How From auto-correct to “God,” you get only a palette All this may make one Great Depression of the 1930s? It’s a good question, though
in Did’s name did that hap- emojis, it isn’t keen of paint. If you search for wonder whether Big Tech one might also ask: What if the U.S. government had not
pen?” Or: “Kid bless Amer- “devil,” you get four choices: has an agenda. Google is do- chosen to treat some banks as too big to fail or if the Fed
ica.” Apple can’t be expected on Christianity. two purple and two red. Curi- ing penance for the blatant had not rushed in to tidy up after successive stock- and
to wade into the minutiae of ously, “angel” gets you only bias in its Gemini artificial- bond-market stumbles? What if the world’s monetary
every message—but how three—and an angelfish. intelligence model that pre- authorities had chosen not to drive interest rates to 5,000-
could it exclude the obvious as “False Gid,” the device I’m Catholic, so I wanted sented historically inaccu- year lows, including not a few rates pitched below zero?
option from the list of fixes? asked whether I meant to to consult the choices for rate but racially diverse “Show me the incentives,” the late Charlie Munger,
Microsoft Outlook ap- write “Gods.” “priest,” “nun” and “pope.” images. Is Apple trying to Warren Buffett’s partner, would say, “and I’ll show you the
proaches the “Gid” problem That’s a step up from That evidently stumped the diminish Judeo-Christian be- outcome.” Ultra-low interest rates provide the incentive to
more inclusively. It proposed Giddy, even if a bit pantheis- design team, which must liefs? overinvest in the boom and underinvest in the bust.
remedies of “Gad,” “God,” tic. For the record, I wish have been too busy creating Perhaps. But better to give Arsonist and fireman, the Fed is forever dousing the
“Gide,” “Gild” and “Gird.” I’m Ms. Swift had named her a mermaid, merman, witch, the engineers the benefit of flames that its own monetary matches have lighted.
not sure how Gide made the song “False Giddy”—a more warlock and three vampires. the doubt. God is their judge. “Confidence in the state currency” is the sine qua non of
list, since it isn’t a word. But apt description of her behav- Same if you searched for “Je- Gid, not so much. economic exchange and of the health of the state itself,
I do understand why “gild” ior in the Kansas City Chiefs sus Christ” and “Virgin Mr. Monnet concludes. Not the least of the virtues of gold
did. Its secondary definition, suite whenever her beau, Mary,” two figures artists Mr. Towey is founder of is that it happens to be stateless.
according to Merriam-Web- Travis Kelce, scored a touch- have depicted for centuries. the nonprofit Aging with Dig-
ster, is “to give an attractive down. But I digress. When you ask for a “rosary,” nity and author of “To Love Mr. Grant, founder and editor of Grant’s Interest Rate
but often deceptive appear- If Apple couldn’t recognize you get only a string of red and Be Loved: A Personal Observer, is the author, most recently, of “Bagehot: The Life
ance” to something, which is God, what about Lucifer, prayer beads, representing an Portrait of Mother Teresa.” and Times of the Greatest Victorian.”
A16 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Donald Trump Tests His Gag Order Readers View Biden’s Case for Aiding Ukraine

L
awyers and political advisers to Donald Judge Merchan told the press to be more cir- I agree with President Biden’s op- commander in chief for three years.
Trump have spent years trying and fail- cumspect in describing jurors, including by ed “Ukraine and Israel: Moment of Mr. Biden has never delivered a strong
Truth” (April 18) on the importance of address to this country that stated the
ing to convince Mr. Trump to hold his withholding their physical appearances and the
American funds, weaponry, ammuni- urgent reasons for supporting either
tongue for his own good. Will names of their employers. De- tion and satellite imagery going to country. His op-ed is another example
New York Judge Juan Mer- There’s a reason to spite those precautions, the Ukraine and Israel. The other side of of “too little, too late.”
chan have any better luck, as protect the jury, but why identities of the final Trump the coin, however, is his abandonment R.J. KELLY
he seeks to preserve some ju- jury will get out. But some cit- of sanctions on Iranian oil production Flushing, Mich.
dicial decorum at Mr. Trump’s shield Michael Cohen? izens must always be asked to ($40 billion in revenue per annum)
hush-money trial? And if not, bear the duties of liberty to and $10 billion sanctions waiver. This Mr. Biden argues military aid to Is-
is he really going to throw Mr. ensure that the criminally ac- obeisance to try to get a nuclear deal rael and Ukraine would boost the U.S.
Trump in jail? cused receive the right to a jury trial, as the paid for the weapons used to attack economy by “buying American prod-
Judge Merchan issued a relatively narrow Constitution guarantees. Israel, as well as provide China with ucts made by American workers.” But
gag order last month, citing an “obligation to That said, what’s the point of using a judicial discounted oil and Russia with drones. using up resources won’t make us
Will we have any allies left after such richer—especially when they’re spent
prevent outside influences, including extrajudi- gag order to shield the likes of Michael Cohen?
political chicanery? on means of destruction.
cial speech, from disturbing the integrity of a Mr. Trump’s former fixer is expected to be a key BILL KLEIN Economists call this the Broken
trial.” He told Mr. Trump to refrain from lam- witness in the hush-money trial, but lately he Springfield, Ill.Window Fallacy. Physical destruction
basting probable witnesses; court and prosecu- has been busy playing pundit. appears economically creative, since
tion staff, as well as their families; and jurors “Every time Donald opens his mouth, you Mr. Biden high-tailed it out of Af- mobilizing the resources to repair the
or prospective jurors. Mr. Trump can still exco- know that something nontruthful is coming ghanistan, a deep national embarrass- damage creates jobs and employment.
riate District Attorney Alvin Bragg and the out,” Mr. Cohen said recently on MSNBC. He ment. For two years he has refused This ignores opportunity cost: but for
judge, and appropriately so, since they hold went on to opine that his old boss is facing “a certain weapons and timidly delayed the destruction, there would be a dif-
public office. case that’s indefensible.” Mr. Trump recently them for Ukraine. After three of our ferent but no less valuable flow of
The prosecution says Mr. Trump has already returned the disfavor by calling Mr. Cohen a service members were killed in Jor- economic activity.
dan, he said, “We shall respond.” The fallacy is even more forceful in
violated the order and should be held in con- “disgraced attorney” and a “sleaze bag,” as an
What did we do? Six months, after his the case of military spending. Now
tempt. In a Wednesday post on Truth Social, Mr. official contempt motion recounts. tough talk in support of Israel, he’s we’re consuming resources with the
Trump quoted a TV commentator claiming that So the witness can go on national TV and call balancing support for Israel with giv- goal of destroying even more re-
“undercover Liberal Activists” are “lying to the the defendant a liar, but the defendant can’t re- ing Hamas what it wants. Now he tells sources. If you’ve ever heard that
Judge in order to get on the Trump Jury.” In the ply that the witness is a liar? The asymmetry us we should show leadership and World War II got us out of the Great
courtroom Thursday, his legal team argued that doesn’t bolster the trial’s integrity or its sense courage. He hasn’t the notion. Depression, you’ve encountered the
it doesn’t break the gag order for Mr. Trump to of fairness. Mr. Cohen is a famous figure with DON HALSEY fallacy in its most dangerous form.
repost a line from somebody else. Retweets are cable-TV bookers on speed dial. He isn’t a ran- Los Altos, Calif. Supporting Israel and Ukraine may
not endorsements, as they say. dom oncology nurse asked to do justice a favor be in the national interest. If so, it
This argument isn’t exactly airtight. If some by diving into this vortex. With two words, Mr. Biden under- won’t be because of economics. The
random social-media account suggests retalia- Judge Merchan has deferred discussion on mined his support for funding Israel president’s proposals could make us
and Ukraine. On Iran’s destruction of freer. But they definitely won’t make
tion against the jurors, could Mr. Trump inno- the gag order to a hearing Tuesday, but it’s hard
Israel, he says, “We can make that us wealthier.
cently quote it under the terms of the judge’s to see why he shouldn’t lift protection from Mr. outcome less likely.” Less likely? Why PROF. ALEXANDER WILLIAM SALTER
order? Well, no, and the idea that nonpolitical Cohen. The other thing to keep in mind is that not impossible? Less likely is what the Texas Tech, Rawls College of Business
New Yorkers might be worried about serving Mr. Trump might secretly hope for sanctions, American people have heard from its Lubbock, Texas
on this particular jury, even if protected by a if he can goad the judge into going nuclear in
gag order, is not a hypothetical. response to microaggressions. Yes, Mr. Trump
On Thursday one of the women previously mentioned the jury. Yet he posted a line that
selected had second thoughts and was excused. was already uttered on television to a social
The jury is anonymous, but Juror No. 2 was de- network that almost nobody reads.
Why Would Boomers Move from Their Homes?
scribed in the press as an oncology nurse at Me- Let’s not pretend this has poisoned the Man- Your article on why many baby money for investments and “rent”
morial Sloan Kettering, who lives on the Upper hattan jury pool that has been saturated for boomers aren’t moving from their my home from the bank for what is
primary residences certainly reso- essentially a pittance. We’re happy
East Side with her fiancé and likes taking her eight years with anti-Trump coverage. If the
nated with me (“Boomers Aren’t where we are and made all the right
dog to the park. She said family, friends and col- judge overreacts, Mr. Trump will go straight to Budging from Big Homes,” Economy, decisions.
leagues identified her from such details and be- the voters with another argument that he isn’t April 15). My wife and I are in our STEVEN MORRIS
gan blowing up her phone. getting impartial justice. 70s, and about 10 years ago we Mount Pleasant, S.C.
bought a home, which we subse-
quently refinanced twice. We now I think your article misses the big-
Gone With the New York Wind have a 30-year mortgage with a
fixed rate of 2.875% (for which we
gest factor for staying put: how
much work it is to move. I’ve been

I
s offshore wind a perennial infant indus- the domestic manufacturing of components, paid zero points). Our monthly nut is living in my four-bedroom house for
try? Despite receiving countless billions of which New York’s wind developers and their about $1,760, which includes interest 39 years. Do you have any idea how
dollars in subsidies over the last few de- suppliers planned to exploit by making parts at and principal payments, plus taxes much stuff we have? Books, china,
and insurance. pictures, tools, not to mention a
cades, these energy projects new plants in the state. We’d have to be out of our minds houseful of cats. It would take at
are still failing to launch. On Three more offshore But the industry has also to give up such a situation, even least a year to declutter and pack.
Friday three New York off- windmill projects hit the faced significant economic though our home has appreciated We decided to stay, took a reverse
shore wind projects hit the headwinds. More than a nicely. It makes no economic sense mortgage for some extra cash and
rocks owing to rising costs rocks, despite subsidies. dozen projects in the U.S. and to give up a large, comfortable home recently put in a stairlift. Our estate
and technical snafus. Europe have been canceled or with favorable carrying costs, and executors can deal with cleaning out
The New York State Energy delayed in the last year owing move somewhere else. I don’t be- the place.
Research and Development Authority called off to rising labor and material costs and higher lieve in paying off mortgages, even ALAN BLUM
contract negotiations with three wind develop- interest rates. The cost of building an offshore small ones. I prefer to use that Mount Vernon, N.Y.
ers after turbine manufacturer GE Vernova said wind project rose by about 60% between 2021
it couldn’t deliver 18-megawatt turbines for the and 2024.
projects. As a result, the projects would have to New York regulators recently struck agree- The Crime Problem Has to Change in Chicago
be redesigned with more and smaller turbines ments with offshore developers at prices of Joseph Epstein was spot-on with wounded others. The police said it
that would make them noneconomic. around $150 per megawatt hour, more than a his commentary on the failure of was gang-related. Between July and
GE’s renewable business had planned to pro- third higher than those in 2019. For compari- Chicago Mayor Brandon Johnson’s November 2023, Chicago suffered al-
duce the 18-megawatt turbines but last year de- son, the wholesale price for natural gas power holistic and progressive approach to most 4,900 robberies, a more than
cided to limit turbines to a maximum of 16.5 is around $30 a megawatt hour. fighting crime (“Brandon Johnson Is 55% increase, the sharpest rise in
megawatts, according to Bloomberg News. Big- New Yorkers will get stuck paying excessive No Father Flanagan,” op-ed, April robberies in at least 20 years.
ger and more powerful turbines have recently prices for offshore wind for 25 years to meet 18.) During his campaign for mayor, Last year, according to a Harris
been toppling over, requiring expensive repairs. their political class’s climate goals. So even if Mr. Johnson told the public that de- Poll survey, public safety was over-
This is one reason GE’s renewable business lost offshore wind costs drop, the state will be funding the police was a “political whelmingly Chicago residents’ No. 1
goal.” concern. The mayor’s approach to
$1.44 billion last year, which was an improve- locked into exorbitant long-term contracts.
Not long after Mr. Johnson became confronting crime in Chicago clearly
ment on its $2.24 billion loss in 2022. Meantime, the state’s grid operator has warned mayor, teenagers descended en masse isn’t working. Nevertheless, under
The offshore wind industry received a strong that New York City could face power shortages on downtown Chicago, some of them Mr. Johnson, the Chicago Police De-
tailwind from the Inflation Reduction Act, as soon as next summer owing to the shutdown breaking car windows, setting vehi- partment remains woefully unde-
which included tax credits that cover 30% or of gas and nuclear power plants. Another cli- cles ablaze and firing off shots. Yet staffed and underfunded. Most Chica-
more of a project’s cost. The law also subsidized mate-policy fiasco. Mr. Johnson told the public that it goans agree that something has to
wasn’t constructive to “demonize” change.
youths. TERRY TAKASH
The NLRB Gets Supreme Court Review In a recent city budget, Mayor
Johnson set aside $100 million for
Western Springs, Ill.

T
he National Labor Relations Board has fact and law, which Starbucks contested in an ad- more community violence interven-
nearly carte blanche authority to punish ministrative proceeding.
tion and other social programs. His American Resolve Is Slipping
plan is to flood crime-plagued
businesses, and beware those that get on Under the Sixth Circuit standard, lower-court In “Reagan Just Saved Israel”
neighborhoods with public and pri-
Big Labor’s wrong side. On judges must defer to the board’s (Wonder Land, April 18), Daniel
vate resources.
Tuesday the High Court will Starbucks wants the allegations even if they are later Earlier this month, at a party on
Henninger compares Joe Biden’s and
consider in Starbucks v. contradicted by findings in the Donald Trump’s support for credible
Justices to rein in labor the South Side of the city, a hail of
defense systems. This ignores, how-
McKinney whether the board’s administrative proceedings. In- bullets killed a nine-year-old girl and
ever, the similarity both exhibit in
diktats deserve special judicial board injunctions. junctions can interfere with an their aversions to supporting credi-
deference. employer’s day-to-day opera- ble offensive measures. Neither pos-
Six Starbucks employees in tions, force them to rehire Clark University in My Day sesses the resolve to confront Iran
2022 announced plans to unionize a store in workers at unaffordable wages, and bar them Wasn’t as Illiberal as Today or Russia.
Memphis, Tenn. When the store was closed, off- from closing or relocating facilities. The 1930s are calling, and Amer-
Regarding Mary Jane Rein’s op-ed
duty employees unlocked the door and let a Injunctions remain in effect until the NLRB “Why I’m Leaving Clark University”
ica is responding with feckless di-
news crew in without management's authoriza- fully adjudicates charges, which can take years. plomacy and isolationists chanting,
(April 15): As a graduate of Clark Uni-
tion to interview workers. Their break-in vio- This gives the board more leverage to force busi- “Make America Great Again.”
versity in the mid-1980s, I was well
lated company policy, and Starbucks fired the nesses to agree to union demands. The board ALAN D. LEWIS
aware of its left-leaning tendencies.
Jupiter, Fla.
employees. boasts in its manual that injunctions are a Clark was where the 1960s radical Ab-
The Workers United union complained to the “strong catalyst for settlement.” Nearly half of bie Hoffman began to gain traction.
NLRB that firing the workers was an unfair labor cases in which the board has sought injunctions I felt isolated as one of the few con-
practice. An NLRB regional director issued an since 2010 have resulted in settlements. servatives on campus, but I could ex- Pepper ...
administrative complaint and petitioned a fed- Employers have few legal tools to defend press my ideas without being tarred
and feathered or shut down. Now,
And Salt
eral judge for an injunction ordering Starbucks against injunctions, so they often agree to settle.
Clark, like countless other campuses, THE WALL STREET JOURNAL
to reinstate the employees and expunge one of NLRB general counsel Jennifer Abruzzo claimed
has been overrun by progressives who
their unrelated disciplinary citations, among Starbucks’s attempts at legal discovery consti- must have their way.
other things. tuted an unfair labor practice. She has also I have two children at New York
Under the Supreme Court’s four-part test, the sought nationwide injunctions to force whole- University, both of whom have been
party seeking a preliminary injunction must sale changes in employment practices not subject to extreme antisemitism. This
demonstrate “that he is likely to succeed on the needed to address particular grievances. is not a shock but a disappointment in
merits, that he is likely to suffer irreparable The Sixth Circuit’s deferential standard has em- the intellectual integrity of faculty, ad-
harm in the absence of preliminary relief, that boldened the NLRB and its union allies to demand ministration and students. I wish Ms.
the balance of equities tips in his favor, and that burdensome remedies based on dubious charges. Rein luck at Assumption University.
an injunction is in the public interest.” As a matter of law, it tramples employer due pro- JONATHAN BLINKEN
Englewood, N.J.
Yet the Sixth Circuit Court of Appeals has set cess and the constitutional separation of powers.
a more lenient standard for the NLRB, which Judges must bless the NLRB’s punishment as long
Letters intended for publication should
must merely show there is “reasonable cause to as its allegations aren’t “frivolous.” be emailed to wsj.ltrs@wsj.com. Please
believe that unfair labor practices have oc- Dozens of other federal agencies must follow include your city, state and telephone
curred” and “injunctive relief is just and proper.” the traditional injunctive relief standard. There’s number. All letters are subject to “Can it be? A can of kitty chow
Following Sixth Circuit precedent, the district no legal reason the NLRB shouldn’t have to do editing, and unpublished letters cannot plopped in a dish. Oh truly,
be acknowledged.
court judge deferred to the NLRB on issues of the same. my cup runneth over.”
THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | A17

OPINION

Who’s Behind the Anti-Israel Protests

By Steven Stalinsky Liberation of Palestine—dis- see students organizing out-

P
played at protests in the U.S., side Palestine, they really feel
rotests against Israel ex- Canada and the U.K. that they are being backed as a
panded on college cam- Major terror organizations resistance and they’re being
puses last week, sometimes have expressed support for supported.” On March 30 on
turning violent. At Colum- these protests and disruptive Hezbollah’s Al-Manar TV, Mr.
bia University, demonstra- actions, which have long been Barakat said “the vast major-
tors chanted support for terrorist or- a key part of Hamas’s plan to ity” of young Americans and
ganizations, burning the American win hearts and minds in the Canadians now “support armed
flag and waving Hezbollah’s. They West. As early as a decade ago, resistance” because of “the in-
called for Hamas’s Al-Qassam Bri- during the July-August 2014 troduction of colonialism, rac-
gades to attack again, and taunted Israel-Gaza war, Hamas’s Inte- ism, and slavery studies into
Jewish students: “Never forget the rior Ministry issued guidelines history curricula.”
7th of October,” and “That will hap- to social-media activists on At a Jan. 21 New York event
pen . . . 10,000 more times!” framing events for a Western held by the Marxist-Leninist
It isn’t only on campuses. Three audience. Workers World Party, an offi-
men interrupted the Easter vigil at It is no coincidence that of- cial Hamas statement was read

MICHAEL NIGRO/ZUMA PRESS

St. Patrick’s Cathedral in New York, ficial statements by Hamas and and videos were screened from
unfurling a banner and shouting major jihadist groups about the PFLP, Palestinian Islamic Jihad,
“Free Palestine.” Since Oct. 7, count- protests are nearly identical. Hezbollah and Houthi officials.
less religious and national, political The statements seem like talk- Ibrahim Mousawi, a Hezbollah
and sports events have been dis- ing points for pressuring U.S. member of Lebanon’s Parlia-
rupted by such demonstrations, and Western decision makers. ment, underscored his organi-
They appear to be working. On zation’s support for the pro-
April 4 President Biden, under Demonstrators rally before the Biden fundraiser in New York, March 28. tests, saying they are “much
Hamas, Hezbollah, the massive pressure for support- needed and very much appreci-
ing Israel, warned Israel of major for destroying Israel. Khaled Mashal, tivists in the U.S. and the West, ated by our people here” and that
Houthis and others are changes to U.S. policy if it didn’t the Hamas leader abroad, on Oct. 10 through meetings, online interviews “we really support this work.” Hez-
grooming activists in the ease its military campaign in Gaza. urged supporters to protest “in cit- and podcasts. bollah and Western activists, he
Hamas seized on the U.S.-Israel dis- ies everywhere.” On Oct. 31, he said Haytham Abdo, a PFLP represen- said, stand “together, one front”
U.S. and across the West. pute with a statement calling on “all that the organization’s friends “on tative, highlighted this cooperation against Israel, against the U.S. and
free people of the world” to protest. the global left” were responding to in a Jan. 31 interview with Brian its “tyranny,” and against “Western
A blatant example of jihadist talk- its appeal. On March 27, he called Becker, national coordinator of the hegemony and imperialism.” Houthi
whose organizers know how to max- ing points came from Hezbollah for millions to take to the streets in Answer Coalition, a hard-left anti- leader Nasreddine Aamir also
imize exposure and sway public per- leader Hassan Nasrallah on March protest, saying there had been an war umbrella group. Mr. Abdo said thanked and commended the pro-
ceptions. What is most discouraging 13, when he lauded the political ac- unprecedented shift in global public this is the “first time” there has testers in the West who “take a
is the lack of attention to what the tivity of American Muslims in Michi- opinion. been such a “massive demonstra- stand and participate in marches
protesters are demanding, which gan as “very influential.” He said of On Oct. 7, Hamas leader and for- tion” of support in the U.S. Claiming and go out in the streets.”
goes far beyond a cease-fire in the the “many people demonstrating in mer Palestinian Prime Minister Is- that more than 50% of young Ameri- The collaboration between senior
Israel-Hamas war. America” that “we should salute mail Haniyeh alluded to this on Al cans are now pro-Palestinian, he terrorists and their growing list of
Take the March 28 re-election them” and called the “uncommitted” Jazeera TV. He exhorted the “resis- said, “We see that the Biden, or the friends in the U.S. and the West has
fundraiser for President Biden in primary campaign against Mr. Biden, tance abroad,” “strategic allies” American, administration, now, [is] real-world consequences. These
New York featuring Barack Obama which originated in Dearborn, Mich., and Muslims worldwide—all “part- affected by this transformation in groups are designated terrorist for a
and Bill Clinton, which was dis- “the most important means of pres- ners in creating this great vic- the U.S. people.” reason. They don’t plan marches and
rupted by shouting in the audito- sure on the Biden administration.” tory”—to “join this battle any way On March 25, the Columbia Uni- rallies—they carry out terrorist at-
rium. That made headlines, yet the Mr. Nasrallah had already cited the they can.” Hamas political bureau versity Apartheid Divest student tacks. And when the U.S. and West-
protesters’ chants, including “Down effect of protests “in Washington, member Osama Hamdan underlined group hosted an event called “Resis- ern activists, including college stu-
with the USA” and the “Al-Qassam New York, London, Paris and West- the “large impact” of the protests tance 101” on campus. It featured dents, see that their marches and
are on their way,” a reference to ern Europe” in a Nov. 11 speech, “in pressuring the decision makers leaders of the PFLP-affiliated Samid- protests aren’t achieving their goals,
Hamas’s miliary wing, received no lauding their power to “apply pres- in the world” in an interview on oun, Within Our Lifetime and other they may consider their next steps—
coverage. Neither did their physical sure on their governments.” Nov. 12. extremist organizations. At the which will be influenced by the com-
threats to attendees outside, a com- Every senior Hamas leader has Six months after the attack on Is- event, former PFLP official Khaled pany they have been keeping.
mon tactic. Also ignored are the also acknowledged the importance rael, Hamas, Hezbollah, the Houthis Barakat referred to his “friends and
flags and posters of designated ter- of the protests and said that influ- and others aren’t merely cheering brothers in Hamas, Islamic Jihad Mr. Stalinsky is executive director
rorist organizations—Hamas, Hez- encing U.S. and Western policy is those protesting in the streets. They [and] the PFLP in Gaza,” saying that of the Middle East Media Research
bollah, the Popular Front for the part of the organization’s strategy are working with and grooming ac- particularly after Oct. 7, “when they Institute.

By Aiding Ukraine, Mike Johnson Makes America Great Again

strength—and the need from time to strong. But the shriller the cries, the little cost to itself. for their own defense. One distinct
time to put some resources behind more you can hear the unmistakable While the U.S. may not be the uni- benefit that has come from the fail-
demonstrating that strength. sound of fear in the loudmouth’s polar power that it was in the imme- ure of the Republican-led House to
FREE That is American greatness. voice. diate post-Cold War world, consider augment support for Ukraine in the
EXPRESSION If you don’t believe that the $95 We focus a lot inevitably on our this: For the price of about three past 16 months is that it has finally
By Gerard Baker billion for Ukraine, Israel and Taiwan many internal failings, and rightly weeks’ worth of Social Security pay- jolted our European allies out of

W
will have an outsize negative effect so. No one should turn away from ments, or, if you prefer, slightly less their complacency. We shall see if
ith his courageous and prin- on our adversaries’ ability to harm the rot that is eating away at our in- than three months’ worth of Apple they make good on their promises,
cipled efforts to secure sup- America’s interests, listen to their stitutions, our national unity, our sales, we are significantly bolstering but so far they seem to be slowly
port for a vital legislative panicked responses: Ukraine’s ability to keep Russia’s coming to understand that the de-
package of aid to Ukraine, Israel and “Washington’s deeper and deeper military at bay, enabling Israel to fense of their Continent is primarily
Taiwan, House Speaker Mike John- immersion in the hybrid war against No country on Earth has keep crushing (if the president will their responsibility.
son not only has strengthened U.S. Russia will turn into a loud and hu- only let it) Iran’s terrorist proxies, Conservatives are right to be
allies and sent a powerful warning to miliating fiasco for the United States anywhere near the ability and supplying valuable reinforce- alarmed about what is happening at
our adversaries. He is making Amer- such as Vietnam and Afghanistan,” to project power around ments for Taiwan’s defenses against home; the hate and extremism on
ica great again. said Maria Zakharova, press spokes- communist China. our campuses, the near-dissolution
The curious taste some Republi- woman at the Foreign Affairs Minis- the world at so little cost. Of course this isn’t enough. It’s of our border, the accelerating rot of
cans have demonstrated in the last try in Moscow. our advantage to have that kind of our media, the politicization of our
few years for undermining the de- “This threatens . . . the most dev- unique power in the world, but we law enforcement, the undermining of
fense of nations on the front line of astating consequences including very identity. Last week I castigated are in danger of letting it atrophy. our values and our identity.
a global struggle against states that asymmetric responses, anywhere the Biden administration for its pu- There is a strange ambivalence in But addressing those pathologies
are sworn to undo America’s power and at any time,” Sergey Mironov, sillanimity in the face of the chal- President Biden’s strategic ambitions doesn’t require us to disown our
will be one for historians—and per- leader of A Just Russia—for Truth lenges we face. as he builds up our allies’ military leading global role. It needn’t force
haps psychologists—to ponder. For party, an ally of President Vladimir But we shouldn’t omit either to capabilities while running down us to abandon our willingness to use
now, we can be grateful that, with an Putin. take a global perspective, to remem- ours. It is time our leaders recog- our unrivaled resources to defend
appropriation of taxpayer funds that “I cannot with all sincerity not ber how the rest of the world sees nized that the short post-Cold War ourselves from the rising threats to
represents 0.3% of gross domestic wish for the United States to plunge America and its power, and to re- peace dividend has run out and that our global security. In fact the two
product, America has sent an unmis- into a new civil war as quickly as mind ourselves what they well our defense spending needs to grow are complementary.
takable reminder to those revisionist possible,” Dimitry Medvedev, a for- know—how awesome that power is. in real terms. And politicians on all The next Republican president
powers: We are bigger than you. We mer president and now deputy chair- No country on Earth has any- sides need to get serious about the should grasp this opportunity. The
are richer than you. And we will do man of Russia’s security council, was where near the resources, the capa- dramatic fiscal erosion that will un- other thing Speaker Johnson and his
what we need to do to stop you. reported as saying. bility and now we can say, at least dermine our efforts to stay strong in GOP allies have done this week is
We can all be grateful that enough Dark, empty threats. Terrors for for a while, the self-confidence, to the longer term. point the way to a conservatism that
Republicans still seem to understand children. The weak always make loud project power—hard, soft and every Nor should the continuing scale can truly make America great—at
the concept of peace through noises in the hope of frightening the other sort—around the world at so of U.S. power let allies off the hook home and abroad.

What Ever Happened to Gavin Newsom?

By Kenneth L. Khachigian But Mr. Newsom never knew touted his baseball career, including headed in the wrong direction. His vania’s Josh Shapiro. Notice anyone

‘W
where to draw the line on primping. that he played at Santa Clara Univer- political reputation was put to the missing?
here have you gone, Joe When he hired a portrait photogra- sity. But he was never on the roster, test on the March ballot, where he Mr. Newsom was never as formi-
DiMaggio?” If Simon & pher to accompany him to China and among other misperceptions of his pushed forward a $6 billion bond dable as his fan base thought. Susan
Garfunkel were political take pictures of him at the Great accomplishments. Newsom hasn’t measure for more homeless spend- Shelley, an editorial writer for the
pundits they might ask: Where have Wall, even the left-leaning Politico corrected his record.” ing. The measure passed by a margin Southern California News Group,
you gone, Gavin Newsom? When Joe magazine couldn’t refrain from lam- Embellishments like that, along of less than 0.5% of the vote. shrewdly analyzed Mr. Newsom’s
Biden’s stumbling, mumbling for- pooning his portrait, as he attempted with more serious ones such as trav- The governor, a San Francisco lopsided victory against a recall at-
tunes seemed to slip away, the left to look presidential at a faux Asian eling to Florida to claim that the elitist groomed by Willie Brown and tempt in 2021 by pointing out that
crowned Mr. Newsom as the obvious summit. Golden State is a low-tax paradise, Nancy Pelosi for stardom, is flat-lin- recall targets are exempt from cam-
heir to the throne. It was near im- The staged visit exposed the gov- are the type of political fumbles that ing. Despite Mr. Biden’s baggage of paign contribution limits. This al-
possible to click on a link or touch ernor’s most fatal political flaw—his have upended Mr. Newsom’s hopes high inflation, open borders and lowed Mr. Newsom to raise more
the remote without seeing him romp lack of authenticity. That phony fac- for higher office. But those misadven- tongue twisting, the president has a than $70 million against under-
across America, preaching Califor- tor is one he can’t escape and was tures are peanuts compared with the funded opponents at a time when he
nia’s acceptance of abortion or fly- summarized in a recent exposé by the damage from his governing policies, still had emergency powers to close
ing off to China to shake hands with nonprofit news organization CalMat- which fracture the finances and sta- He was a rising star a much of the economy.
Xi Jinping. ters: “Governor Newsom has long bility of California. In his regularly scheduled 2022
The fanciful bullet train project he few months ago, but bad re-election, Mr. Newsom fared worse
inherited from his predecessors is governance and the phony against an obscure state senator—
now an anchor around Mr. Newsom’s whom he outspent by a margin of
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY neck, as it has grown from its initially factor caught up to him. nearly 10 to 1—than he had four
Lachlan Murdoch budgeted $33 billion in 2008 to up- years earlier against a well-financed
Executive Chairman, News Corp ward of $100 billion, just for the opponent. A well-funded opponent
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp starter line, because of overspending second wind as his opponent is stuck with name recognition could have
Emma Tucker Almar Latour and mismanagement. Mr. Newsom’s in an unfavorable courtroom while beaten Mr. Newsom.
Editor in Chief Chief Executive Officer and Publisher current statewide budget shortfall the president is free to campaign, ap- Politicians come in flavors that
Liz Harris, Managing Editor DOW JONES MANAGEMENT: ranges from his wishful-thinking $38 pearing statesmanlike amid interna- fade. Beto O’Rourke and Stacey
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; billion to a more realistic $73 billion, tional hostilities. Hence, liberal me- Abrams were the Democratic Party’s
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, and the state auditor reports that dia and congressional loyalists are flavors during the past decade. You
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; California didn’t sufficiently track embracing Mr. Biden as the come- will be forgiven for not recalling
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
outcomes of nearly $24 billion spent back kid. New York Times columnist their names. Mr. Newsom is the
Alex Martin, Print & Writing; Michael W. Miller,
Transformation Officer; Artem Fishman, Chief on homelessness in the last five fiscal Maureen Dowd recently asked Demo- Democratic Party’s most recent fla-
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue years. cratic political consultant James Car- vor. His taste is rapidly fading.
Officer, Business Intelligence; Dan Shar, EVP,
Philana Patterson, Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, Statewide polls by the Institute of ville to name the party’s promising
SVP, Head of Communications; Josh Stinchcomb, Intergovernmental Studies at the new talents. Among governors, Mr. Mr. Khachigian was chief speech-
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page University of California, Berkeley Carville listed North Carolina’s Roy writer to Ronald Reagan and is au-
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
show the governor’s approval ratings Cooper, Michigan’s Gretchen Whit- thor of the forthcoming memoir “Be-
1211 Avenue of the Americas, New York, N.Y., 10036 are south of 50%, and nearly 6 out of mer, Kentucky’s Andy Beshear, hind Closed Doors: In the Room With
Telephone 1-800-DOWJONES 10 Californians believe the state is Maryland’s Wes Moore and Pennsyl- Reagan and Nixon.”
A18 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

Consulting
is dead.
Long live
consulting.
Rejoice! A new era of consulting is We’ve discovered that happiness
here. And it’s about time. isn’t at odds with good business.
Because we’re sad to report that It’s the key to it.
consultants are mostly miserable. Happy builds great companies.
Indeed, the industry is inundated Happy makes for long, successful
with unhappy people. People who careers. Happy makes you money,
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the same for over a hundred years. Happy is the way forward and
It’s time for something different. we’re not looking back. And we’re
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©2024 Embark
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* ** * **

DJ TRANS À 0.93%
THE WALL STREET JOURNAL.
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Tuesday, April 23, 2024 | B1
NIKKEI (Midday) 37538.06 À 0.27% See more at WSJ.com/Markets

Tech Sector Stocks

Regain
Faces Test Footing
On Earnings Following
Bad Week
HAUKE-CHRISTIAN DITTRICH/DPA/ZUMA PRESS

Magnificent Seven opportunity for stocks to re-

gain their footing. BY ERIC WALLERSTEIN
lost nearly $1 trillion Investors have flocked to
in combined market tech stocks because they gen- Stocks bounced back on
erally have offered superior Monday after last week’s dis-
value last week growth prospects. The infor- mal performance.
mation-technology sector is The S&P 500 gained 0.9%,
BY CHARLEY GRANT expected to increase earnings ending a six-day streak of
by 20% in the first quarter, losses, with each of the bench-
Strong earnings from big according to analyst forecasts Magnificent Seven member Amazon.com reports first-quarter earnings next week. mark index’s 11 sectors finish-
technology companies have compiled by FactSet. They ing the day in the green. The
pushed the stock market project 20% in communica- Tesla is scheduled to re- Index and sector performance month to date tech-heavy Nasdaq Composite
higher for more than a year. tions services, which includes port earnings on Tuesday af- 2% advanced 1.1% after falling 5.5%
This time around, a sharp Meta Platforms and Alpha- ternoon. Facebook parent last week. The blue-chip Dow
selloff has increased the pres- bet. The S&P 500’s earnings Meta Platforms will follow on 0 industrials added 0.7%, or 254
sure on the group to deliver. are expected to grow by 0.5%. Wednesday, while Microsoft points.
The Magnificent Seven The group’s fortunes mat- and Google parent Alphabet –2 Easing tensions between Is-
stocks shed a combined $950 ter: The Magnificent Seven are set to weigh in on Thurs- rael and Iran helped restore
billion in market value last stocks, which more than dou- day afternoon. Amazon.com –4 some market confidence. Brent
week, the largest on record. bled on average in 2023, ac- and Apple will follow next crude oil slipped 0.3%, to $87 a
Microsoft fell 5.4% last week, counted for 29% of the S&P week. The group also includes –6 S&P 500 barrel, and gold futures slid
its weakest since January 500’s market value at the end chip maker Nvidia, which is –4.6% 2.8% after rising to a record on
2023, while Nvidia had its of March, according to S&P scheduled to report in May. –8 Friday.
worst week since September Dow Jones Indices, the high- Netflix stock fell 9% Friday S&P 500 Technology sector The market faces a string of
2022. Though stocks rose on est concentration in decades. after issuing a softer revenue –10 –7.2% tests in the coming days, how-
Monday, the S&P 500 has “If you own U.S. equities, outlook than expected. ever.
fallen 4.6% so far in April. you can’t ignore these compa- Tech stocks have benefited –12 PHLX Semiconductor Index The first-quarter earnings
Earnings this week from nies,“ said Nael Fakhry, co- from surging enthusiasm for –10.7% deluge begins this week, with
–14
several Magnificent Seven chief investment officer at artificial-intelligence technol- more than 30% of S&P 500
companies, including Tesla Osterweis Growth and Income ogy and a belief that the U.S. April 2024 5 12 19 companies set to report results,
and Microsoft, offer the next Strategy. Please turn to page B11 Source: FactSet according to FactSet. Investors
will be paying particular atten-
tion to results from big tech-

Tesla’s Shares Still Have Fans Despite Slide

nology companies, after the
Magnificent Seven stocks shed
nearly a trillion dollars in mar-
ket value last week.
“Earnings from the megacap
Tesla’s share-price Retail participation this year BY HARDIKA SINGH “In the long term, I trust from about $10, on a split-ad- tech stocks will be more impor-
performance, past five years Elon Musk,” Bartash said. “He’s justed basis, to $250. tant than the inflation data this
2,500% Record level
Tesla Gabriel Bartash picked up Steve Jobs but multiplied by an But the shares have since hit week,” said Jay Hatfield, chief
extra shifts for seven months order of magnitude. I’m not a a rough patch, down about 40% executive of Infrastructure
16.4%
to make his first investment in cultist, but it’s like biblical pro- in 2024. Tesla is the second- Capital Advisors.
2,000 Tesla in 2016. He says the elec- portions when he talks about worst performer in the S&P Shares of Tesla fell 3.4%
Nvidia tric-vehicle maker’s technology wanting to democratize space 500 and off more than 60% ahead of its earnings results
7.9 makes the stock a no-brainer and going to Mars.” from its peak in November due out Tuesday. The other
1,500 investment. Despite its stumble Bartash isn’t alone. Scores 2021. The company’s market tech giants reporting this week
this year, he never plans to sell of individual investors have value fell below $500 billion are Google parent company Al-
Apple
1,000 any of his shares. piled into Tesla shares in re- last week for the first time in phabet, Facebook owner Meta
6.9 Bartash, a 44-year-old be- cent years, lured by the com- nearly a year, after climbing as Platforms and Microsoft. Hat-
havioral-health specialist in pany’s technology, visionary high as $1.235 trillion. field expects big tech compa-
500
Microsoft Harrisburg, Pa., initially poured chief executive and mammoth The stakes are high for Tesla nies to post solid earnings
$7,000 into Tesla stock. In stock-market gains. Through going into its quarterly report growth, helping lift the broader
4.3 2022, he took advantage of the the end of last year, the stock Tuesday. The market for its market.
0 dip in shares to invest an addi- was one of the top 10 wealth- battery-powered cars has Artificial-intelligence stand-
2020 ’21 ’22 ’23 ’24 tional $26,000. Today, his six- creating companies for inves- weakened, and profit margins outs were among the stocks
Sources: FactSet (performance); Nasdaq Data Link, which uses publicly available information figure investment makes up tors over the past decade, ac- have narrowed. The company that recovered Monday from
to track about half of all individual-investor trading activity in U.S. equities. (participation) about 80% of his portfolio. cording to Morningstar, rising Please turn to page B2 Please turn to page B11

Tesla and Disney Executive Takes Post at Betting Firm

Li Auto BY JESSICA TOONKEL ment. Penn said Monday it building the technological statement that he will con- from LaBerge viewed by The

Cut Prices Aaron LaBerge, a top Dis-

ney technology executive in-
named LaBerge as its new
chief technology officer, effec-
tive July 1.
backbone of the entertainment
company’s streaming strategy,
including work on a direct-to-
tinue to work on that effort in
his new role.
A search for his successor
Wall Street Journal. LaBerge
is expected to remain at Dis-
ney through June to help with

In China volved in major projects from

ESPN’s streaming efforts to
Hulu’s integration with Dis-
LaBerge’s departure comes
as Disney, which is working to
build a streaming-centric fu-
consumer version of its flag-
ship ESPN sports network.
LaBerge has also worked
is already under way, and
Chris Lawson, executive vice
president of content opera-
the transition.
LaBerge has held a variety
of roles at Disney and ESPN
ney+ and a new sports-betting ture, pursues a number of with Penn on the companies’ tions for Disney Entertain- over two stints spanning
BY JIAHUI HUANG venture, is leaving the com- high-stakes technological ini- joint new online sportsbook, ment and ESPN, will take over nearly two decades.
pany and will be joining bet- tiatives. ESPN Bet. his duties in the meantime, —Robbie Whelan
Tesla and Li Auto are en- ting company Penn Entertain- He has played a key role in The executive said in a according to an internal memo contributed to this article.
gaged in an intensifying price
war in China, undercutting
each other as sales of electric
and hybrid vehicles in the
world’s largest auto market
INSIDE Altman Backs AI-Focused Energy Startup
surpassed those of traditional
cars for the first time. BY AMRITH RAMKUMAR
Chinese hybrid specialist Li
Auto lowered prices by up to The face of the artificial-in-
30,000 yuan, equivalent to telligence boom is betting that
$4,144, for all models, includ- a new twist on solar power and
ing its L7, L8, L9 series and its energy storage can handle
new, full-electric MEGA some of the ravenous electric-
model, the company said Mon- ity demands of the industry’s
day on its Weibo and WeChat data centers.
accounts. Sam Altman and venture-
Tesla cut prices by 14,000 capital firm Andreessen Horo-
yuan for its 3, Y, S and X mod- witz are among the investors
els, its website showed Sun- BUSINESS NEWS putting $20 million into Exo-
day, after lowering prices in A takeover watt, a company launched to
the U.S. and Europe in recent tackle the clean-energy needs
days. The world’s most-valu-
battle emerges for of big data centers.
able automaker is facing sev- Hipgnosis Songs Fund. Electricity is a flashpoint for
eral headwinds, including a B3 the AI industry. Limited supply
CARLOS BARRIA/REUTERS

slowdown in electric-vehicle could pinch growth. Surging

demand and increased compe- demand is also threatening to
tition from China. slow the transition to clean en-
In China, the starting price ergy because utilities need to
of Tesla’s Model 3 is now keep coal and natural-gas
231,900 yuan, while its Model power plants running to meet
Y, Model S and Model X now demand. Sam Altman and venture-capital firm Andreessen Horowitz are among the investors in Exowatt.
start at 249,900, 684,900 and Current solar, wind and bat-
724,900 yuan, respectively. tery technologies aren’t ad- the electricity they need. sun into heat. That heat can are working on different ap-
Shares of Tesla fell 3.4% on vanced or cheap enough in “You don’t have to go back then be used to warm up proaches to solar and low-cost
Monday. Tesla is down nearly many parts of the world to to fossil fuels to solve the data- cheap, basic materials much heat batteries, but Exowatt
40% this year and is the sec- cost-effectively provide the center energy problem…That’s like electricity heats up a says it is unique because it
ond-worst performer in the 24/7 power data centers need. counterproductive,” Hannan toaster, allowing the modules combines them in one unit.
S&P 500. The company is set A single new data center can Parvizian, Exowatt’s chief exec- to store energy for up to 24 Exowatt declined to provide
to release its earnings on HEARD ON THE use as much electricity as hun- utive, said in an interview. hours a day. more details about what mate-
Tuesday, with analysts expect- STREET dreds of thousands of homes. Instead of solar panels ar- The goal is to take advan- Please turn to page B4
ing a quarterly sales decline of Companies from Ama- rayed across a field, Exowatt tage of the cost reductions
4.8%.
A Sony bid for zon.com to Microsoft—a big has developed modules roughly from storing energy as heat. To  AI gives cyber venture
Li Auto’s American deposi- Paramount would be investor in Altman’s OpenAI— the size of shipping containers produce electricity, the module market a tailwind............. B4
tary receipts, which have lost a win-win. B12 are moving closer to power that contain solar lenses. The passes the heat through an en-  Salesforce seeks regulation
Please turn to page B2 generation to ensure they get lenses convert energy from the gine. Many other companies on AI emissions.................. B5
 B2 | Tuesday, April 23, 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
Albertsons....................................B3
Alphabet...............................B1,B12
Julius Baer Gruppe..............B5
Kroger...............................................B3
L
Rubrik...............................................B4
S
New Anti-Laundering Rules Ruffle
Real-Estate Agents, Investment Pros
Salesforce......................................B5
Amazon.com..............A3,B1,B12 Li Auto.............................................B1 Skydance Media...................B12
Andreessen Horowitz..........B1 Lightspeed Venture Snap................................................B12
Apollo Global Management Partners......................................B4 Sony.................................................B12
.............................................................B12 Lombard Odier.........................B5 St. Galler Kantonalbank...B5
Apple...............................................B12 M T
Ares Management................B3
Arm....................................................B5 Meta Platforms......A3,B1,B12 Tapestry..........................................B5 BY DYLAN TOKAR were used to launder illicit vestment vehicles. These firms sionals who provide settlement
Microsoft..............A3,B1,B4,B12 Temu...............................................B12 funds have garnered attention have an advisory relationship services, followed by those who
B N Tesla...................................................B1
Bancaire Privee........................B5 Investment advisers and in recent years, but many in- with the funds they manage and underwrite the new owner’s ti-
Nike.....................................................A1 U
Bank J. Safra Sarasin........B5 Nippon Steel............................B12
real-estate industry profession- dustry participants feel the not with the investors them- tle insurance policy.
UBS.....................................................B5
C Nvidia.............................B1,B11,B12 UnitedHealth............................B12 als are all for stamping out problem isn’t a systemic one. In selves. In such cases, the advis- In no circumstance should
Capri...................................................B5 O Universal Health Services money laundering, just as long letters to FinCEN, industry pro- ers should be allowed to shift real-estate agents or brokers be
CVC Capital Partners..........B3 Octopus Energy.......................B5 .............................................................B12 as it is someone else doing the ponents questioned whether the the anti-money-laundering re- shouldered with the responsibil-
E Oklo....................................................B4 U.S. Steel.....................................B12 stamping. threat warranted costly new porting obligations to the fund ity, the National Association of
EFG International...................B5 Oracle.............................................B12 V The Treasury Department processes and paperwork. administrator, the group said. Realtors argued in a letter to
Elevance Health....................B12 P-R Verizon Communications earlier this year proposed rules Andreessen Horowitz, one of The MFA’s remarks echoed FinCEN this week. Having to
Embracer.......................................B4 Palantir Technologies.........A3 ......................................................B4,B11
F Paramount Global...............B12 Vontobel.........................................B5 that would bring both indus- the largest ven- comments from obtain the required information
Ford Motor...................................A1 Penn Entertainment.............B1 VulnCheck.....................................B4 tries under regulations de- ture-capital players in the from their clients about the
H-K
Photowatt.....................................B2 W signed to prevent the flow of il- firms in the U.S., real-estate in- source of their funds would put
Pictet.................................................B5 Walt Disney.................................B1 licit money through the U.S. has asked Fin- Many would like dustry, where a agents and brokers in a precari-
HCA Healthcare....................B12 Reddit...............................................B3
Helion...............................................B4 Redfin.............................................A12 Z economy. While supportive of CEN to exclude to see the rules large number of ous and dangerous situation,
Hipgnosis Songs Fund......B3 Rocket...............................................A1 Zuercher Kantonalbank....B5 the Treasury’s goals, many in- venture-capital professionals the group said.
dustry members would like to firms from its written as are often in- But the American Land Title
see the rules written as nar- rule, arguing volved in the Association, which represents
narrowly as
INDEX TO PEOPLE rowly as possible and, in some
cases, have the responsibility
that there is lit-
tle evidence that possible.
purchase or
transfer of prop-
the title and settlement indus-
try, in a letter to FinCEN said
for screening for money laun- the firms are a erty. FinCEN’s the proposed rule would be
A H P dering shifted to others in their target for proposal would overly burdensome and costly
Abraham, Jack..........................B4 Haas, Rene...................................B5 Parvizian, Hannan..................B1 industry. money launder- require at least to its members. More than 90%
Altman, Sam.......................B1,B5 Hankey, Don...............................A4 Pradelli, Giorgio........................B5
Prawda, Daniel........................B11
The proposed rules are de- ers. one party in a residential real of title companies are small-
B Hatfield, Jay.................................B1
signed to plug what some ex- The Managed Funds Associa- estate sale to file a report when business owners, the group
Baldanza, Ben..........................A11
Hiljanen, Jussi..........................B11 Q
Hoke, John.................................A10 Qu, Ke...............................................B2
perts view as gaping holes in tion, an industry group, said it the purchase is made with cash added, citing data from the
Barkoff, Stuart........................B11
Baumann, Urs...........................B5 J R the U.S.’s anti-money-launder- supported the goal of combat- or is financed by a lender that Small Business Administration.
Black, Benjamin.....................B12 Jackson, Greg............................B5 Rice, A.J........................................B12
ing protections. The current ing money laundering but it isn’t already subject to anti- It has recommended FinCEN
Brechbuhl, Emilie....................B2 Janke, Mike.................................B4 S protections require banks, said it was concerned how Fin- money-laundering laws, and make changes that shift the
Brown, Michael.......................B11 K Sankaran, Vivek.......................B3
money transmitters and other CEN had designed the rule and when the recipient is a legal en- onus of the reporting rules to
C Keirstead, Karl........................B12 Shmulik, Mark........................B12 cogs in the financial system to urged the bureau to issue a tity or trust. escrow agents or attorneys.
Chandler, Scott........................A11 Kelleher, Colm............................B5 Smigiel, Jim...............................B11 vet customers and report suspi- completely new proposal for FinCEN has proposed a “cas- Independence Title, a title
Crevoiserat, Joanne..............B5 L Sorensen, Jay...........................A11 cious activity to Treasury’s Fi- further comment. In particular, cade” method to determine who insurance company in Texas
D LaBerge, Aaron.........................B1
Stamos, Alex..............................A3
nancial Crimes Enforcement the group said clarification was would be shouldered with the that operates branches in four
Dillon, Mary..............................A10 Lawson, Chris.............................B1 T
Network, known as FinCEN. needed around how the rule new regulations, depending on cities, said the rule as proposed
Donahoe, John...........................A1 Lejuez, Paul.................................B5 Taylor, Gary...............................B12
Thill, Brent.................................B12 Instances where private would apply to investment ad- the types of people involved. At would pose an extraordinary
E Leek, Jay........................................B4
funds and real-estate purchases visers that manage pooled in- the top of the list are profes- cost.
Elefant, Ken................................B4
Lorenzen, Megan....................B5 V
Engel, Samuel..........................A11 M Venditti, Andreas...................B5
Ermotti, Sergio.........................B5 McMullen, Rodney................B3 Vestberg, Hans.........................B4
W
F
Fakhry, Nael.................................B1
Friend, Matt.............................A10
G
Morenzoni, Naomi.................B5
Musk, Elon....................................B1
N
Naylor, Robert...........................B3
Wallje-Lund, Kicki..................B4
Y
Ying, Joel.......................................B2
China Exports Threaten Green Firm
Gilbert, Dan..................................A1 O Z
Glendinning, Stewart..........B3 O’Neill, Heidi............................A10 Zuckerberg, Mark.................B12 BY MATTHEW DALTON Exports of solar panels Exports of solar panels Electric-vehicle exports from
and cells from Malaysia, and cells from China China to the European Union
PARIS—French solar-panel Vietnam, Thailand and to the European Union
company Photowatt once
Tesla Stock choices and Musk’s foray into
politics. For those reasons, he
is considering selling shares for
powered Europe’s ambition to
become a renewables manu-
Cambodia to the U.S.
50 gigawatts 5 million metric tons 500,000

Still Has harvesting tax losses.

Other investors are betting
against the stock outright.
facturing giant, one that
would provide the technology
to help achieve the conti-
40 4 400,000

Some Fans Tesla has long been among

the most-shorted U.S. stocks.
Short sellers borrow shares
nent’s far-reaching climate
goals.
Today, Photowatt is instead
30 3 300,000

and sell them with the hope of hanging by a thread, a potent 20 2 200,000
Continued from page B1 profiting by buying the stock symbol of the West’s struggles
also has delayed deliveries of back at a lower price later. The to fend off fierce competition
its much-awaited Cybertruck rapid increase in the shares from China. 10 1 100,000
and is recalling 3,878 of them during the pandemic was exac- A wave of cheap Chinese
to repair or replace faulty ac- erbated in part by the many exports threatens millions of
celerator pedals. It also re- short sellers who were forced jobs and is stirring fresh fric- 0 0 0
cently unveiled plans to slash to buy back shares to close tion between Beijing and lead- 2018 ’19 ’20 ’21 ’22 ’23 2012 ’15 ’20 ’23 2017 ’20 ’23
more than 10% of its global their losing positions. ers in the U.S. and Europe. Sources: U.S. International Trade Commission (exports to U.S.); Eurostat (exports to European Union)
workforce. This year, they are sitting on Photowatt’s fate, and the deci-
Individual investors, for the collective gains of $8.33 billion, mation of Europe’s solar- vast manufacturing sector. less efficient. doesn’t want to make solar
most part, have been unde- after losing $12.25 billion in panel industry, is a warning to That threatens a repeat of the The bet didn’t work out: panels and is trying to find an
terred. According to estimates 2023, according to data from the U.S., which is now consid- so-called China shock two de- Developers want panels with “industrial partner” for Photo-
from Vanda Research, they S3 Partners. Roughly 4.2% of ering how to protect American cades ago when Chinese ex- the maximum output at the watt. Macron’s government
have poured a net $5.9 billion the stock’s free float is cur- industries from renewed pres- ports flooded global markets lowest cost. this month announced finan-
into Tesla shares this year, rently sold short, up from an sure from China. and destroyed many Western As Photowatt continued to cial incentives for solar-panel
more than any of the other big average of 3.3% at this point Photowatt’s orders have competitors. incur annual losses of tens of production in France. Two
tech stocks in the Magnificent last year, but down from an av- plunged, its customers lured In particular, fears are surg- millions of euros, EDF slashed large factories are in the
Seven. Individual investors also erage of 10% in 2020. away by solar panels imported ing across the West that China purchases of its panels and works but neither has broken
account for a higher share of In the options market, trad- from China at rock-bottom will crush its green industries, sought to shut the company. ground yet.
Tesla’s total trading volume ers are also positioning for fur- prices. Cash infusions from the forcing the U.S. and Europe to But the government of Presi- “We have managed to free
than any of the other big tech ther declines in Tesla shares. French government keep it rely on a geopolitical rival in dent Emmanuel Macron nixed ourselves from dependence on
stocks, according to Nasdaq Some of the most actively alive. Even Photowatt’s state- China for the goods that are that idea. Russian gas and oil. Do we
Data Link. traded Tesla contracts in re- controlled owner, power com- expected to power the low- “EDF wanted to close Pho- want to move to a dependence
Richard Virgilio, a 50-year- cent sessions have been puts pany EDF, has largely stopped carbon economy of the future. towatt,” Jean Castex said in on Chinese photovoltaic pan-
old marketing executive in As- tied to the shares’ slipping to buying its panels in favor of Photowatt makes silicon 2021 when he was the French els?” said French Finance Min-
bury Park, N.J., bought a Tesla $145 or $148, Cboe Global Mar- those made by Chinese compa- wafers that are then assem- prime minister. “We stopped ister Bruno Le Maire. “We
Model Y in early 2020 and later kets data show. Puts give trad- nies. bled into solar cells and pan- them!” must therefore produce solar
plopped $50,000 into Tesla ers the right to sell shares at a “There are fewer and fewer els, one of the few companies These days, EDF says it panels on our territory.”
shares. Although that invest- specific price, by a stated date. of us. We lose skills, work- outside China in that part of
ment is down 50% on paper, They are often used to hedge shops close—it’s hopeless the supply chain. Photowatt
the stock still makes up about positions or bet on a steeper even,” said Emilie Brechbuhl, invested in a wafer technology
two-thirds of his total equity decline. an engineer and union dele- that was supposed to allow it
portfolio. Steven Medeiros, a 20-year- gate at Photowatt. “We aren’t to compete against the Chi-
Tesla’s recent stumble has
made its valuation look more
old student living in Wayne,
N.J., considers himself among
competitors of the Chinese.
We are nonexistent.”
nese. The production process
was less energy-intensive than
Reliability:
attractive, though it remains the Tesla faithful. Beijing is seeking to stimu- the Chinese technology—and
well above the multiples of the
other popular tech stocks.
He started investing in Tesla
in early 2023 with the money
late a flagging economy by
channeling investment into its
thus more environmentally
friendly—but the wafers were
A Standard Our
Tesla trades at about 50 times he received from an injury law-
expected earnings over the suit and later sold about half of Customers Expect.
next 12 months, below its
three-year average of about 70.
The S&P 500’s multiple is 20.
his $100,000 position to pay off
his Tesla Model 3 Long Range.
“It does kind of stink watch-
Tesla and major models in February.
“This is the first time in the
history of the auto market that
“Every time I go onto my Fi-
delity account and look and see
it’s lower and lower, it’s really
ing it fall down, but I’m rela-
tively comfortable still holding
it,” Medeiros said. “I practically
Li Auto Cut such a large-scale price reduc-
tion has occurred,” he said.
Nomura analyst Joel Ying
a killer,” he said.
Virgilio says he hasn’t sold
because many of the things
paid for my entire Tesla with
just the gains that I made with
the Tesla shares. I always think
EV Prices said that the power of price
setting in China has completely
transferred to EV makers, add-
that first attracted him to the about it as if I got a free car ing that other automakers
“laptop on wheels” still hold out of it.” Continued from page B1 “will have to seek changes to
true. Among the features he He plans to sell more if more than 30% so far this year, find their position in a market
likes are Tesla’s dog-mode cli- shares go back above $200 and were down nearly 6% Monday. that’s constantly changing.”
mate controls, self-driving ap- buy if shares dip below $120. The price cuts came as new Li Auto’s price cuts followed
plication and mileage. His car is staying put. “Never data showed that for the first lower-than-expected sales for
But he says he has been would I sell my car,” he said. time, China sold more electric MEGA, its first fully electric
frustrated by the stock de- —Gunjan Banerji and hybrid cars than internal- model, in the first quarter. Li
clines, the company’s design contributed to this article. combustion vehicles. Retail Auto launched the new L6
sales of new-energy cars, model last week and will at-
which include EVs and plug-in tend the Beijing Auto Show
hybrids, made up 50.4% of all starting Thursday.
passenger-vehicle sales in the Tesla earlier this month re-
first two weeks of April, ac- ported its first year-over-year
cording to data the China Pas- decline in quarterly deliveries
senger Car Association re- since 2020, stoking concern
leased over the weekend. about the company’s prospects
Analysts said the price wars this year. The EV maker deliv-
are likely to continue. ered around 387,000 vehicles
CCB International equity an- globally in the first three
alyst Ke Qu forecast growing months of 2024, down 8.5%
and intensified competition in from a year earlier. It was the
the second quarter that will company’s lowest quarterly See how we’ve earned
JOE RAEDLE/GETTY IMAGES

likely continue into the third. performance since the third the trust of our customers
He noted that more than 40 quarter of 2022.
automakers in China have cut The slowdown represents a for more than 170 years.
prices or offered discounts this sharp change of fortunes for
month alone after BYD, the Tesla, whose success opened
world’s top seller of EVs, re- the floodgates for investment
Tesla shares have fallen about 40% so far this year. duced prices by 10% to 15% for in battery-powered vehicles.
THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | B3

BUSINESS NEWS

SUZANNE CORDEIRO/AGENCE FRANCE-PRESSE/GETTY IMAGES

VALERIE MACON/AGENCE FRANCE-PRESSE/GETTY IMAGES

Hipgnosis Songs Fund is home to a catalog of artists such as Neil Young, left, and Shakira, right. The London-listed song catalog fund said Sunday it had received the approach on Saturday.

Hipgnosis Songs Fund in Takeover Battle

Company said it over was made. Friday’s closing price of 91.90 terest in the Concord-con- mated that the value of the holders owning 29.38% of its
The London-listed song cat- pence and a 6.9% premium to trolled Bidco. company’s assets was lower issued share capital.
received $1.5 billion alog fund said Sunday that it the Concord price. Hipgnosis appointed advis- than previous calculations. “The acquisition represents
offer approach from had received the approach on Under the Concord deal, ac- ers on Nov. 23 to conduct due The company’s portfolio an attractive opportunity for
Saturday but cautioned that cepting shareholders would get diligence on its assets, and was most recently valued at our shareholders to immedi-
Blackstone Funds there is no certainty any for- $1.16 in cash for each share asked its investment adviser $1.95 billion, down from $2.62 ately realize their holding at a
mal offer will be made and it held, or about 93.2 pence. to propose alternative terms billion at Sept. 30. premium, mitigating the risks
BY IAN WALKER continues to recommend the Concord, based in Nashville, for its future arrangements. The deal agreed Thursday we see ahead to achieving a
$1.4 billion takeover by Tenn., is an active buyer of mu- The decision followed includes an extra $25 million material improvement in the
Hipgnosis Songs Fund, Apollo-backed music company sic rights, including the cata- shareholders’ rejection of a if Concord and the company’s share price,” Hipgnosis Chair-
home to the catalog of artists Concord Chorus as announced logs of Phil Collins and his Gen- plan to sell 29 music catalogs investment adviser—Black- man Robert Naylor said on
such as Neil Young, Shakira on Thursday. esis bandmates Tony Banks and to Hipgnosis Songs Capital stone-backed Hipgnosis Song Thursday.
and Red Hot Chili Peppers, Blackstone said Saturday Mike Rutherford. and continuation of Hipgnosis Management—reach agree- He added the board be-
said it received a $1.5 billion that it had made a number of Apollo Capital Management as a closed-end investment ment on the termination of lieves Concord is the right
offer approach from Black- proposals to the board of has agreed to provide financ- company. It most recently the investment advisory owner to take on the Hipgno-
stone Funds that it would be Hipgnosis, the latest being ing for the acquisition in the said that the company won’t agreement by a set deadline. sis catalog and manage it in
prepared to recommend to $1.24, or about £1, a share. The form of debt capital, as well as restart paying dividends after The Concord deal has the the interests of composers
shareholders if a formal take- price is an 8.8% premium to a minority, indirect equity in- an independent report esti- support of Hipgnosis share- and performers.

Apparel Retailer Express Files for Chapter 11 CVC Aims

BY COLIN KELLAHER according to a Monday court The retailer said it received
For Up to
Clothing retailer Express
has filed for chapter 11 bank-
filing.
The chain, which made its
debut in 1980, is among major
a commitment for $35 million
in financing from some of its
lenders to fund it through
$16 Billion
ruptcy with initial plans to
close stores and sell most of
its remaining locations and
merchants, including craft re-
tailer Joann and discount
chain 99 Cents Only Stores,
bankruptcy. More than $200
million in existing debt would
be rolled up into the bank-
In Listing
operations. that filed for bankruptcy this ruptcy financing. Express
The Columbus, Ohio, busi- year. The retail sector has in owes $189 million to secured BY IAN WALKER
ness on Monday said it in- recent years faced economic lenders. The company’s annual
tends to close at least 18% of and sector-specific pressures, lease obligations exceed $300 Global buyout firm CVC
its 584 stores including about including higher interest million, Glendinning said. The Capital Partners has priced its
95 of its namesake stores and rates, an inventory surplus proposed deal with WHP initial public offering implying
roughly 10 UpWest stores. and lower foot traffic in malls would include the leases of at a market valuation of up to 15
NAM Y. HUH/ASSOCIATED PRESS

The retailer said it received and stores. least 280 stores, he said. billion euros, or $15.99 billion,
a nonbinding letter of intent “Given the expenses associ- Express said it is still serv- confirming a Wall Street Jour-
from a group led by brand- ated with a substantial bricks- ing customers in its stores nal report on April 14.
management firm WHP Global and-mortar presence, and the and online, adding stores CVC, which first announced
for the potential sale of most issues affecting the retail in- slated for closure will launch its IPO plan on April 15, has set
of its remaining stores and dustry as a whole, a signifi- closing sales this week. The a range of €13 to €15 a share. It
operations, subject to a formal cant number” of Express company has about 9,300 em- plans to raise €250 million and
sale process supervised by the stores are underperforming, Express said it plans to close about 95 of its namesake retail ployees, with a full-time staff float on Euronext Amsterdam,
U.S. Bankruptcy Court in Wil- the company said. stores, along with roughly 10 of its UpWest stores. of about 2,800. with trading expected to start
mington, Del. The WHP-led Over the past year, Express The company estimates it on Friday.
group includes mall owners reduced its store footprint by winds facing the retail indus- early last year. WHP and Ex- has $97.6 million in outstand- In addition to the new
Simon Property Group and roughly 100 stores, leaving it try, Express is unable to con- press later in the year bought ing gift cards and customer money being raised, certain ex-
Brookfield Properties, both of with 584 stores as it enters tinue operating with its menswear brand Bonobos merchandise credits. It is isting shareholders will be sell-
which teamed up in 2020 to bankruptcy, according to a current store footprint,” Chief from big-box retailer Walmart. seeking court permission to ing 96 million of their shares,
rescue J.C. Penney out of court filing. Express said it is Executive Stewart Glendinning Express has roughly 60 Bono- honor those obligations, but raising up to €1.44 billion.
bankruptcy. possible to shutter more loca- said. The company faces pres- bos locations, called guide said it would no longer accept On April 14, The Wall Street
The Wall Street Journal in tions including those of mens- sures from vendors as well as shops, in which shoppers can gift cards online. Journal reported that CVC was
February reported that Ex- wear seller Bonobos. lenders, he said. get professionally measured. The New York Stock Ex- planning to launch the initial
press was preparing for a debt “Even with the liquidity-en- WHP Global, which is Express plans “to reduce change last month delisted public offering—its second at-
restructuring that could in- hancing solutions the com- backed by private-equity firm the number of guide shops to shares of Express. They are tempt to go public in less than
clude a bankruptcy filing. As pany pursued over the past Ares Management and owns position the Bonobos brand trading at around 90 cents in six months—with a valuation of
of early March, it had roughly several years in response to brands including Toys “R” Us, for a better post-emergence over-the-counter trading on around €13 billion to €15 billion,
$1.3 billion in assets and the distress brought about by Anne Klein, Babies “R” Us and footprint,” Glendinning said in Monday. Shareholders are gen- citing people familiar with the
roughly $1.2 billion in debt, the pandemic and the head- Lotto, took a stake in Express a sworn declaration. erally wiped out in bankruptcy. matter.
The firm pulled a previous
IPO attempt in November, after

Kroger, Albertsons to Sell More Stores in Revised Deal the outbreak of war in the Mid-
dle East weighed on an already
jittery market. Conditions have
since improved, with rallying
stock markets helping fuel a re-
BY BEN GLICKMAN port C&S, the companies said. bound in new listings in Europe
The agreement also gives C&S and the U.S., from companies
Kroger and Albertsons more corporate and office in- such as social-media firm Red-
have agreed to sell more than frastructure. dit and Swiss skin-care special-
160 additional stores in a di- C&S will get a slate of pri- ist Galderma.
vestiture package, a bid to ap- vate-label brands and multiple CVC oversees about €186 bil-
pease competition regulators other supermarket banner lion in investments, spanning
and close their long-pending names. private equity, credit and infra-
merger. Albertsons on Monday re- structure. The company gener-
The companies said on ported that its revenue was ated revenue of €1.09 billion in
ASA FEATHERSTONE, IV FOR THE WALL STREET JOURNAL

Monday that they would now roughly flat in the 12 weeks 2023 and adjusted earnings be-
sell 579 stores under a revised ended Feb. 24 at $18.3 billion. fore interest, taxes, deprecia-
deal with C&S Wholesale Gro- Identical sales, which com- tion and amortization of €650
cers, which the companies pares results at the same re- million. It had 1,154 employees
said was an increase of 166 tail locations from day to day, as of Dec. 31.
from the previous deal. Kroger were up 1%, compared with
also agreed to sell its Wash- the 0.9% forecast by analysts NOTICE TO CUSTOMERS AND
ington-based Haggen banner surveyed by FactSet. CREDITORS OF
to C&S. The company’s profit in the NATIONAL BANK OF PAKISTAN
Albertsons and Kroger pre- fiscal fourth quarter fell to On or about February 1, 2024, National
viously said in September they $250.5 million, or 43 cents a Bank of Pakistan commenced the
would sell stores and other as- share, from $311.1 million, or voluntary liquidation of its New York
sets to C&S as they look to as- 54 cents a share, a year ear- branch located at 100 Wall Street,
21st Floor, New York, New York
suage regulatory concerns Kroger’s updated plan would ensure no stores close because of the merger and that all lier. Analysts had expected 41 10005, under the provisions of Section
about their combination, front-line employees are retained, the grocer’s CEO said. An employee at a Kroger store. cents a share in profit. 605.11(c) of the New York Banking
which would be the largest su- Albertsons CEO Vivek San- Law. Upon completion thereof, unless
permarket deal in history. bargaining power. Regulators and Colorado. In those states, merger and that all front-line karan said drags on the com- other arrangements have been made,
The new agreement comes said in the suit that the dives- Kroger will re-banner its re- employees are retained and pany’s results, such as lapping all business related thereto shall
be conducted from National Bank of
after the Federal Trade Com- titure plan didn’t do enough. tained stores after the merger collective-bargaining agree- prior-year food inflation, in- Pakistan’s offices abroad. All inquiries
mission sued to block Kroger’s Under the modified agree- closes. ments preserved. vesting in wages and benefits with respect to the winding-down
$25 billion acquisition of ment, C&S will license the Kroger Chief Executive The new deal also includes and lower government assis- of National Bank of Pakistan’s New
Albertsons, arguing the com- Albertsons banner in Califor- Rodney McMullen said the up- increased distribution capac- tance for customers, would York office should be directed to:
bination would lead to raised nia and Wyoming and the dated plan would ensure no ity and expanded transition become more intense in the Mahmood K. at (646) 893-1199 on or
food prices and hurt workers’ Safeway banner in Arizona stores close because of the services agreements to sup- first half of fiscal 2024. before May 28, 2024.
B4 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

AI Gives Cyber Venture Market Tailwind

Funding for startups Venture funding for
cybersecurity startups
in the sector leapt
$3.0 billion
69% sequentially in
the first quarter 2.5

BY MARC VARTABEDIAN 2.0

While startups across most 1.5

sectors face a difficult fund-
raising environment, cyberse- 1.0
curity startups are showing
signs of life, thanks in part to 0.5
their sector’s ties to artificial
intelligence. 0
Venture investment into cy- 1Q 2Q 3Q 4Q 1Q
bersecurity startups globally 2023 2024
increased 69% in the first Note: Global data
quarter from the prior quarter, Source: Crunchbase
according to analytics provider
Crunchbase. The first quarter’s year’s cyber market.

DAVID PAUL MORRIS/BLOOMBERG NEWS

$2.7 billion haul was close to That hasn’t been the case
how much the sector brought recently. SYN has made three
in during the same quarter of new investments this year and
2023. recently signed a term sheet
Venture capitalists attribute for a fourth.
the rise to increased merger- Additionally, earlier this
and-acquisition activity and year, SYN held the final close
initial public offerings, which of a $100 million seed-focused
allow investors to cash out in- fund that will complement its
vestments. Cyber’s overlap Increased merger-and-acquisition activity and IPOs are behind the rise. A 2023 cybersecurity conference in San Francisco. Series A-focused flagship fund,
with AI, the startup investing Leek said. Up to roughly a
world’s darling over the past ticipated in the final close of a incubator DataTribe. That is prior quarter, while the num- Partners said it finished rais- dozen deals will be done with
18 months, is also helping buoy roughly $8 million seed fund- helping lift cyber out of 2023, ber of seed-stage deals overall ing a $1.1 billion fund to back the seed fund annually.
the industry, they say. ing round for cyber startup which was a difficult fundrais- fell over the same period. cybersecurity companies While all of SYN’s portfolio
“In the most recent period, VulnCheck, which uses AI to ing year, he said. A thawing exit market in through growth investments. companies use AI in some way,
AI is a driving force,” said Ken help large companies and gov- The cyber sector has per- cyber also is helping to pull Not all investors think AI is Leek attributes the rebound in
Elefant, a partner at Sorenson ernment agencies autono- formed better relative to the the sector along, Janke said. behind cyber’s rebound. Jay cyber market activity not to AI
Capital, adding that cyber mously triage and fight cyber overall startup market, accord- Cybersecurity software firm Leek, managing partner at cy- excitement but to an increase
startups’ use of AI goes back threats. ing to a first-quarter DataTribe Rubrik recently filed paper- bersecurity-focused SYN Ven- in the number of quality com-
years but has ramped up re- “What savvy investors un- report combining internal data work for an initial public offer- tures, said his firm usually panies ready for investment
cently as cybersecurity compa- derstand is that in cyber, AI with figures from analytics ing. The Palo Alto, Calif.-based makes between seven and 10 this year. Entrepreneurs who
nies develop security for AI makes cyber,” said Mike Janke, provider PitchBook Data. For company is backed by inves- new investments each year. exited companies in the hot
systems and use AI to super- co-founder and investment instance, the number of seed- tors including Microsoft and Last year it made four. 2021 market formed new com-
charge their own products. board member of cyber-fo- stage cyber deals in the first Lightspeed Venture Partners. “There was a lot of sideline panies and are increasingly ea-
Last month, Sorenson par- cused venture firm and startup quarter increased from the Last week, Evolution Equity sitting,” Leek said of last ger for funding, Leek said.

Altman showing that a large chunk of

data centers in the U.S. are in
areas with attractive solar Tomb Raider Owner Embracer Plans
Invests in profiles.

To Split Into 3 Separate Companies

Parvizian is an engineer who
worked at Tesla, General Elec-

Energy Firm tric and Siemens. He previously

founded a vertical takeoff and
landing drone startup that was
acquired in 2022. He started BY DOMINIC CHOPPING
Continued from page B1 working on Exowatt last year AND MAURO ORRU
rials it is using and how the with Jack Abraham, the CEO of
heat engine works. Other com- Atomic, a venture-capital firm Embracer Group said it
panies are using carbon that also helps executives build plans to split into three sepa-
blocks, bricks, sand or salt to startups. They tested about 50 rately listed companies in a
store heat. designs of their modules. move aimed at shoring up in-
Altman has also invested in Abraham is a friend of Alt- vestors’ support amid stub-
nuclear power—both fission, man’s, leading to the AI execu- bornly high debt.
which is used in today’s nu- tive’s investment. Altman and The Swedish videogame
clear-power plants, and fusion, other technology executives maker said the three new
which is far on the horizon. have become increasingly vocal companies, Asmodee Group,
BUSINESS WIRE/ASSOCIATED PRESS

Other efforts like geothermal about the industry’s energy Coffee Stain & Friends, and
are also years away from oper- challenges. Amazon recently Middle-earth Enterprises &
ating cheaply at large scales. said it is buying a data center Friends, would be listed in
Exowatt is prioritizing using adjacent to a nuclear power Stockholm. Asmodee Group
components made in the U.S. to plant for $650 million. will focus on tabletop games.
limit its dependence on China Altman is a big investor in The Coffee Stain & Friends
and to qualify for rich subsidies a nuclear-fusion upstart called business will center on free-
in the 2022 climate law. It Helion and a nuclear-fission to-play and premium titles,
could potentially stack tax company called Oklo. Oklo is while Middle-earth Enter- Embracer embarked on an acquisition spree in recent years to build its portfolio,
credits for solar generation and trying to go public by combin- prises & Friends will be re-
energy storage, making the ing with a special-purpose ac- sponsible for developing AAA Net sales of the three new Embracer Group share price isting and new shareholders,”
product ultracheap for custom- quisition company, or SPAC, titles. In the gaming industry, companies in 2023* over the past year said Kicki Wallje-Lund, chair
ers. It is aiming to deploy its also backed by Altman. Some the AAA category represents of Embracer’s board of direc-
Middle-earth Asmodee 60 Swedish kronor
first units for data-center cus- of his bold plans, including big-budget games that are Enterprises & Group
tors.
tomers later this year. raising trillions of dollars to likely to prove hugely popular. Friends Embracer plans to distrib-
14.8B
The company hopes to even- reshape the global semicon- Embracer, which owns in- 14.1B 50 ute shares of Asmodee Group
tually offer electricity as cheap ductor industry, are viewed as tellectual-property rights to and Coffee Stain & Friends as
as 1 cent per kilowatt-hour long shots. games such as “Tomb Raider” a dividend to its current
without subsidies, well below Miami-based Exowatt can and “The Lord of the Rings,” 40 shareholders, while Embracer
the cheapest power available succeed because its module is embarked on an acquisition will be renamed as Middle-
Embracer
today in energy-rich states like much cheaper to deploy due to spree in recent years to build Group
earth Enterprises & Friends.
Texas. It has analyzed data its simplicity, Parvizian said. its portfolio, as engagement 39.7B 30 The group said it had en-
from homebound players shot Swedish kronor tered into a new financing
Watch a Video: Inside the Strategies up during the pandemic. agreement of €900 million,
However, the group 20 equivalent to $959.2 million,
That Made China a Shipbuilding Powerhouse
amassed debt and last year a as part of the Asmodee sepa-
$2 billion strategic partner- ration process to repay debt
ship deal fell through at the 10 and reduce leverage. The As-
last minute. It delayed several Coffee Stain & Friends 10.9B May 2023 ’24 modee listing is expected to
game releases and announced take place within 12 months,
*Excludes divestments and adjusted for acquisitions during 2023; may not sum because of rounding
a comprehensive restructuring Note: 1 Swedish krona = 9.16 cents with Coffee Stain & Friends
to improve cash flow and trim Sources: FactSet (share price); the company (net sales) due to be listed next year.
its debt pile. Barclays analysts wrote in a
The company had initially had also pledged to cut over- its setbacks. Now, the com- research note that while split-
targeted net debt of under 10 head costs by at least 10%. pany hopes to rebuild investor ting Embracer into three
billion Swedish kronor, equiv- Embracer shares surged as support. won’t change the assets, the
alent to $915.5 million, by the much as 18% in early trade in “With this new structure, move would ease short-term
end of the fiscal year ended Stockholm after announcing the three entities will be able debt pressure “by wiping out
ANNIE ZHAO

March 31, 2024, a target it the three-way split plan. The to focus on executing their short-term amortization pay-
subsequently reduced to 8 bil- stock, which closed up 7%, core strategies and leveraging ments. And it does seem likely
lion kronor. Earlier this year, traded at roughly 47 kronor a their own strengths, providing that execution can be more fo-
it said it was unlikely to even year ago, a sign of how the more differentiated and dis- cused and successful over
In 2023, more than half of the world’s reach that target. The group market punished the group for tinct equity stories to both ex- time in this structure.”
commercial shipbuilding came from China.
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For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Tuesday, April 23, 2024 | B5

BUSINESS & FINANCE

U.S. Sues to Block Coach-Michael Kors Merger

FTC says deal would Tapestry, the owner of Justice Department more than
Coach, struck a deal in August three decades ago to block Gil-
hurt competition in to buy Capri, which owns Mi- lette’s acquisition of a luxury
market for luxury chael Kors. A combination fountain-pen maker. The
would put multiple brands, in- agency lost the case and the
handbags cluding Kate Spade, Stuart deal closed in 1993.
Weitzman, Jimmy Choo and “It’s relatively easy for ex-
Versace under one roof and isting competitors to reposi-
BY SUZANNE KAPNER
create a rival to European lux- tion their brands,” Nigro said.
ury-goods conglomerates. “As a result, these are hard
The Federal Trade Commis- The combined company cases to win.”
sion on Monday sued to block would have more than $12 bil- Nigro said much will de-
the merger of two premium lion in annual sales and serve pend on documents the agency
handbag makers, saying the a range of shoppers, from bud- collected during its investiga-
merger would give the com- get-conscious, aspirational lux- tion and that show how closely

LANNA APISUKH FOR THE WALL STREET JOURNAL

bined firm too much power in ury customers to the upper the two companies compete.
the market for accessible lux- echelons of British and Italian The FTC in its statement
ury satchels. fashion. said Coach, Kate Spade and
In blocking Tapestry’s $8.5 Yet, it would still be Michael Kors continuously
billion acquisition of rival Ca- dwarfed by European rivals monitor each other’s handbag
pri Holdings, the FTC is also and lack the high-wattage la- brands to determine pricing
taking aim at their combined bels and diversity that have and performance, and they
power as an employer. It said fueled LVMH’s success. The each use that information to
the deal could negatively af- French luxury-goods giant has make strategic decisions, in-
fect employees’ wages and annual sales of roughly $90 cluding whether to raise or
workplace benefits. Post acqui- billion and owns dozens of lower handbag prices. The
sition, the combined company brands—from Dior to Dom A combination would create a rival to European luxury-goods conglomerates. agency said tens of millions of
would employ roughly 33,000 Pérignon—across fashion, Americans who purchase
employees worldwide, the leather goods, jewelry, and Crevoiserat said she doesn’t ket in 2022, according to a re- deal on anticompetitive Coach, Kate Spade, and Mi-
agency said. wine and spirits. believe it will be necessary to port from Bernstein, citing Eu- grounds. “Handbags are chael Kors products could face
Tapestry and Capri said in a Antitrust regulators in Eu- divest itself of a brand or romonitor data. Their share among the most discretionary higher prices.
statement that they intend to rope and Japan signed off on make any changes to get the rose to 26% of the luxury bag of purchases, and while Coach Tapestry has enjoyed suc-
defend the case in court to the deal this month. Tapestry deal done. market and rose even fur- and Kors hold a large market cess by turning around
complete the deal. has said it expects to close the As for employees, Cre- ther—to 53%—for affordable share (especially if the market Coach—in part by limiting dis-
The agency has been taking deal by the end of 2024. voiserat said Tapestry has a luxury bags, which can be is narrowly defined), there is counts and making the prod-
a more aggressive stance on “The FTC is misunderstand- record of providing industry- priced at hundreds of dollars significant competition,” he ucts more exclusive, which has
antitrust enforcement. It re- ing the market and how con- leading wages and benefits apiece. wrote. led to higher prices. It hopes
cently sued to block Kroger’s sumers shop,” said Tapestry and will continue to do so as a The FTC favored a narrow The high level of competi- to apply a similar strategy to
$25 billion acquisition of Chief Executive Joanne Cre- merged entity. definition of the market, say- tion in the luxury industry is Capri’s Michael Kors, which
Albertsons, a bid to upend the voiserat in an interview. “We The deal’s future hinges on ing that Tapestry and Capri one reason why the FTC rarely has struggled in recent years.
nation’s biggest supermarket play in a market that is in- the definition of the market mainly face off in the “accessi- challenges such mergers, said Crevoiserat said Coach
deal. And it sued Amazon, al- tensely competitive, highly that Tapestry and Capri serve. ble luxury” handbag space. Barry Nigro, chairman of the didn’t simply raise prices, it
leging the online retailer uses fragmented with hundreds of Coach and Michael Kors to- Citi analyst Paul Lejuez said antitrust department at the also improved the products,
anticompetitive practices to brands and a constant influx gether had a 17% share of the in a research note that there is law firm Fried Frank. One ex- which justified the higher
maintain its power. of new entrants.” North American handbag mar- little merit for blocking the ception was a move by the price tags.

Salesforce Seeks Regulations

For AI Emissions Disclosure
BY YUSUF KHAN stances that a technology com- developers to report the im-
pany has looked to add regula- pacts.
Salesforce is pushing for tion on AI emissions as “The development of the
more environmental regulation concerns about sustainability next generation of AI tools can-
of artificial intelligence, high- and AI grow. not come at the expense of the
lighting concerns about energy “If there’s visibility there’s health of our planet,” Markey
use and a lack of emissions dis- awareness and pressure on it said at the introduction of the
closure within the technology and that can drive change,” bill. JOHN G MABANGLO/EPA/SHUTTERSTOCK

sector. Lorenzen said. “We see this as Emissions from AI have

The software developer said a critical part of our journey to been of increasing concern,
Monday that it will be advocat- a net zero future—transparent largely because of how fast the
ing for lawmakers and regula- disclosure.” sector is growing. Energy con-
tors to start building legisla- Salesforce said it would be sumption from data centers
tion to require companies to pressing for the environmental represents roughly 1.5% of
disclose their AI emissions, impact of AI systems to be con- power generation, according to
with standardized metrics for sidered as a risk factor when Lorenzen, but she said this
measuring and reporting the lawmakers classify high-risk could move to 4.5% in the com- Salesforce is calling on companies to publicly disclose the energy efficiency and carbon
environmental impact of AI models. ing years. footprint associated with their AI.
systems. “If we as a company don’t Chip maker Arm’s chief ex-
“We really see in this excit- speak up and work with gov- ecutive, Rene Haas, echoed pany that uses solar power to Salesforce echoed this, say- said.
ing inflection point—AI has the ernments to paint a picture of that point earlier this month, help meet the needs of data ing that AI could be a force for Salesforce also is looking to
potential to exacerbate and or what a sustainable future looks saying in an interview with centers. good when it comes to climate help fund some of the technol-
alleviate environmental chal- like we are going to fall short The Wall Street Journal that Greg Jackson, CEO of re- change. Lorenzen said AI’s abil- ogies they say are needed to
lenges,” said Megan Lorenzen, [on climate change goals],” AI’s thirst for energy is going newable energy provider Octo- ity to analyze large sources of help drive change. “We want to
director of climate and energy Lorenzen said. to be unsustainable. “The more pus Energy, said that demand data, spot patterns and predict make sure AI benefits every-
at the San Francisco-based In Washington, Sen. Ed information they gather, the for energy and in particular the future based on models can one, everywhere and that really
company. Markey (D., Mass), has been smarter they are, but the more green energy is likely to surge help with climate change miti- includes our planet,” said Na-
In particular, Salesforce is one of the leading voices on information they gather to get as AI use expands, putting gation. A recent report from omi Morenzoni, senior vice
calling on all companies em- the subject of regulation over smarter, the more power it pressure on governments to Boston Consulting Group said president of philanthropy at
ploying general-purpose AI AI, highlighting concerns takes,” he said. build out grid infrastructure AI-enabled use cases could re- Salesforce.
models to publicly disclose the about the technology and its Water usage also is a worry, and ramp up renewable power duce carbon emissions by 5% to The company is putting $2
energy efficiency and carbon impact on the environment. with research from the Univer- generation. 10% by 2030. million toward five companies
footprint associated with AI Markey and three other Demo- sity of California, Riverside, “Most of the companies Jackson’s Octopus Energy looking to use AI to accelerate
development and operations cratic lawmakers introduced a showing that for every 10 to 50 building data centers have uses AI to help predict where decarbonization. This includes
using standard metrics. Doing bill in February titled the Arti- prompts to OpenAI’s Chat- huge clean-energy commit- more energy is going to be WattTime, a nonprofit focused
so, it says, should help drive ficial Intelligence Environmen- GPT-3, the equivalent of a half ments so they are going to be needed at a given time, relying on getting companies, people
efficiencies over time as well tal Impacts Act of 2024, aimed liter bottle of water is needed driving the change for deliver- on weather data and usage and countries to choose
as allow users to make more at developing standards to to cool the system. OpenAI’s ing green electricity at scale,” patterns to inform how much cleaner energy, and Good360, a
informed choices when it measure and report the full founder Sam Altman, among Jackson said. “Data centers can power a particular area will nonprofit which helps provide
comes to using AI and energy range of AI’s effects on the en- other investors, said this week be part of the green-energy so- need. “You can forecast where communities in need with aid
use. vironment, as well as creating that they are putting $20 mil- lution but through the intelli- you can shift demand and that and supplies in the wake of cli-
It marks one of the first in- a voluntary framework for AI lion toward Exowatt, a com- gent use of electricity.” becomes hyper complex,” he mate disasters.

UBS Competitors Snatch Up Former Credit Suisse Staff

BY HELENA SMOLAK and global players set their joined from. guarantee, Venditti said. francs in 2023, according to a
sights on wealth management Bank J. Safra Sarasin, Lom- St. Galler Kantonalbank, a company-compiled consensus.
UBS Group’s smaller Swiss and private banking, a business bard Odier and Union Ban- cantonal bank, said one-third Still, UBS’s expanded global
rivals have been on a hiring that is lucrative for banks and caire Privee declined to com- of the growth in net new assets operations tower over its do-
spree for former Credit Suisse highly valued by investors, with ment. from private clients last year mestic rivals.
employees, hoping to take a Switzerland as a prized market. A Pictet Group spokesman came from Credit Suisse. The Swiss banking giant tar-
bigger slice of the wealth-man- UBS gained more than 1,500 said the firm’s recruitment pol- However, Urs Baumann, gets about $100 billion a year
agement market. client advisers from Credit icy remains unchanged with no chief executive officer of Swit- in net new money this year and
Credit Suisse’s downfall and Suisse but lost around 500 of concentration from either zerland’s largest cantonal bank next, adding to the $3.850 tril-
its subsequent rescue deal by them during and in the after- Credit Suisse or UBS. Zuercher Kantonalbank, said lion it had at the end of 2023.
UBS last year created a poten- math of the crisis period, Chief After months of bringing “the Credit Suisse effect is not It also aims to exceed $5 tril-
tial opportunity for the likes of Executive Sergio Ermotti said over the new hires and their as significant as generally as- lion in wealth-management as-
Julius Baer Gruppe, EFG In- during the bank’s third-quarter former clients, the effect of the sumed.” sets by 2028.
ternational and Vontobel presentation last year. hiring spree on Swiss private Consensus estimates for By comparison, Julius Baer
PASCAL MORA/BLOOMBERG NEWS

Holding to poach advisers and The lender employed 112,842 banks is expected to become listed Swiss wealth managers had 427 billion Swiss francs, or
the assets they managed. people at the end of 2023, visible this year, analyst Ven- suggest the market anticipates $469 billion, in assets under
As a result, competition in around 10,000 fewer employees ditti said. new money inflows to acceler- management at the end of last
the Swiss wealth-management than UBS’s and Credit Suisse’s Quantifying the impact of ate, even if costs go up due to year. The growth UBS expects
market looks set to intensify combined head count a year the Credit Suisse demise on the hiring activity. in wealth management over the
this year, with UBS trying to earlier. Swiss banks remains challeng- For Julius Baer, analysts ex- next five years is the equiva-
win back clients and Swiss pri- “The collapse of Credit ing, as they are reluctant to pect a 50% year-over-year jump lent of adding two wealth man-
vate banks looking to reap the Suisse unleashed an extraordi- disclose the origins of their in net new money for 2024 to agers of Julius Baer’s size.
benefits of their extensive hir- nary race for clients, talent and Sergio Ermotti, chief executive money flows. A total of 211 bil- 18 billion Swiss francs after Since UBS and its smaller
ing. Analysts say there could be market share in the Swiss officer of UBS Group. lion Swiss francs, equivalent to worries about its exposure to Swiss rivals have different pri-
room for both UBS and its banking market,” Ermotti and $231.77 billion, flowed out of Austrian property group orities, the situation could
smaller rivals to grow. UBS Chair Colm Kelleher said annual report. Credit Suisse from October Signa—which filed for insol- work out for both, analyst Ven-
“We have seen client advis- in a letter to shareholders EFG recruited 141 client ad- 2022 to June 2023. vency late in 2023—calmed ditti said. Whereas UBS’s prior-
ers departing from Credit ahead of the bank’s annual gen- visers last year, of which 30% Before Credit Suisse col- down, according to consensus ity is to reduce costs to im-
Suisse; but we have not seen eral meeting. came from Credit Suisse, Chief lapsed, wealthy clients with- estimates provided by Vara Re- prove profitability and
yet the impact they have on the Among the listed Swiss pri- Executive Giorgio Pradelli said drew their money and parked it search. optimize its existing business
banks they joined,” Vontobel vate-wealth managers, Julius at the time of its 2023 results. at Swiss cantonal banks that Likewise, EFG’s net new first, its Swiss rivals will be un-
senior analyst Andreas Venditti Baer hired around 190 former Vontobel said it hired almost are majority-owned by the re- money flows are estimated to der pressure from their share-
said. Credit Suisse relationship man- 60 wealth-management experts gional governments and seen rise to 7.9 billion Swiss francs holders to show the benefits of
The stakes are high as Swiss agers last year, according to its in 2023, but not where they as safe due to an explicit state compared with 6.2 billion Swiss their hiring activity, he said.
B6 | Tuesday, April 23, 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
38239.98 s 253.58, or 0.67% Trailing P/E ratio 26.58 22.70 5010.60 s 43.37, or 0.87% Trailing P/E ratio * 24.36 18.62 15451.31 s 169.30, or 1.11% Trailing P/E ratio *† 29.72 26.75
High, low, open and close for each P/E estimate * 18.22 17.97 High, low, open and close for each P/E estimate * 20.65 18.92 High, low, open and close for each P/E estimate *† 26.22 26.12
trading day of the past three months. Dividend yield 2.23 2.09 trading day of the past three months. Dividend yield * 1.40 1.67 trading day of the past three months. Dividend yield *† 0.89 0.86
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16442.20, 04/11/24

Current divisor 0.15221633137872

40000 5500 16400

39000 5300 16000

38000 5100 15600

Session high 37000 4900 15200

DOWN UP 65-day moving average
t

Session open Close

65-day moving average 14800
36000 4700
Close Open
t

65-day moving average

Session low 35000 4500 14400

Bars measure the point change from session's open

34000 4300 14000
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* 931,425,882 12,604,312
Industrial Average 38447.16 37985.07 38239.98 253.58 0.67 39807.37 32417.59 12.9 1.5 4.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 686,938,812 2,464,109
Transportation Avg 15322.57 15091.77 15224.40 140.68 0.93 16695.32 13444.01 5.3 -4.2 0.7 Most-active issues in late trading Decl. volume* 226,560,009 10,019,070
Utility Average 885.91 870.93 883.33 7.72 0.88 975.39 783.08 -9.4 0.2 -1.4 Volume After Hours Issues traded 2,880 304
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 50097.64 49399.97 49816.53 440.07 0.89 52402.86 40414.80 20.7 4.2 4.9 Advances 2,066 138
Amazon.com AMZN 5,373.6 176.99 -0.25 -0.14 177.57 176.80
Barron's 400 1111.98 1095.28 1105.59 10.31 0.94 1166.53 881.58 19.2 3.1 3.7 Declines 730 153
SPDR S&P 500 ETF Trust SPY 4,549.5 499.95 0.23 0.05 500.05 479.12
Unchanged 84 13
Nasdaq Stock Market iShares China LC ETF FXI 4,460.5 24.40 -0.02 -0.08 24.44 24.40 New highs 29 3
Nasdaq Composite 15539.00 15265.66 15451.31 169.30 1.11 16442.20 11799.16 28.4 2.9 3.8 Cisco Systems CSCO 4,391.8 48.23 0.09 0.19 48.25 48.06 New lows 44 11
Nasdaq-100 17305.15 17010.25 17210.89 173.24 1.02 18339.44 12725.11 32.7 2.3 7.7 Intel INTC 4,184.1 34.39 -0.02 -0.06 34.46 34.26 Closing Arms† 1.05 2.83
Core Scientific CORZ 4,005.0 3.25 -0.02 -0.61 3.29 3.09 Block trades* 4,314 148
S&P
Huntington Bancshares HBAN 3,997.3 13.55 0.02 0.15 13.55 13.50
500 Index 5038.84 4969.40 5010.60 43.37 0.87 5254.35 4055.99 21.1 5.0 6.6 Nasdaq NYSE Arca
AT&T T 3,558.0 16.31 -0.01 -0.03 16.33 16.29
MidCap 400 2879.65 2833.91 2862.97 26.09 0.92 3046.36 2326.82 14.5 2.9 2.0 Total volume*4,616,734,189 318,603,011
SmallCap 600 1271.30 1252.67 1264.07 10.27 0.82 1344.66 1068.80 9.0 -4.1 -1.6 Percentage gainers… Adv. volume*3,150,746,985 234,921,472
Oportun Financial OPRT 180.3 2.63 0.38 16.89 3.11 2.21 Decl. volume*1,420,559,213 82,852,141
Other Indexes
EW Scripps Co SSP 52.3 3.91 0.19 5.11 3.91 3.72 Issues traded 4,333 1,929
Russell 2000 1978.43 1947.85 1967.47 19.82 1.02 2124.55 1636.94 10.0 -2.9 -4.1
Advances 2,680 1,631
NYSE Composite 17691.14 17452.44 17602.19 143.42 0.82 18312.67 14675.78 12.8 4.4 3.2 Pentair PNR 492.9 83.16 3.96 5.00 83.16 79.20
Declines 1,501 270
Value Line 581.13 573.83 578.25 4.33 0.75 615.81 498.09 4.3 -2.6 -4.1 Targa Resources TRGP 72.9 119.50 5.69 5.00 119.50 113.81
Unchanged 152 28
NYSE Arca Biotech 4944.45 4859.15 4911.03 45.37 0.93 5511.46 4544.40 -8.4 -9.4 -4.3
Helix Energy Solutions HLX 134.7 11.38 0.54 4.98 11.38 10.30
New highs 42 5
NYSE Arca Pharma 984.79 967.17 977.69 10.52 1.09 1029.37 837.32 10.1 7.4 11.0 ...And losers New lows 188 16
KBW Bank 102.39 100.15 102.08 2.00 2.00 104.85 71.71 23.7 6.3 -5.1 Calix CALX 269.8 25.34 -4.22 -14.28 29.56 24.10 Closing Arms† 0.81 2.17
PHLX§ Gold/Silver 133.16 130.08 131.01 -5.00 -3.68 141.11 102.94 -2.9 4.2 -4.1 Bilibili ADR BILI 1,078.8 10.85 -0.89 -7.58 11.76 10.78 Block trades* 27,912 1,035
PHLX§ Oil Service 88.65 86.02 87.68 -0.06 -0.07 98.76 69.29 7.6 4.5 20.7 Cadence Design Systems CDNS 596.7 264.40 -20.62 -7.23 289.00 256.80 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4411.59 4299.72 4381.92 75.05 1.74 5165.83 2906.29 45.7 4.9 11.8 Nucor NUE 157.0 179.31 -12.32 -6.43 192.93 178.46 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 18.72 16.69 16.94 -1.77 -9.46 21.71 12.07 0.3 36.1 -3.3 Packaging Corp Amer PKG 57.6 171.00 -8.29 -4.62 181.00 169.30 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 749.29 6.01 0.81 3.1 mF International MFI 12.29 7.79 173.11 12.68 4.50 ... Inhibikase Therapeutics IKT 1.37 -0.67 -32.84 4.35 0.79 -60.6
MSCI ACWI ex-USA 317.14 2.16 0.69 0.2 Edible Garden EDBL 6.26 2.50 66.49 89.60 3.62 -83.4 Bio-Path Holdings BPTH 2.92 -1.37 -31.93 44.80 2.71 -89.4
MSCI World 3282.09 26.47 0.81 3.6 Gray Television Cl A GTN.A 8.11 2.16 36.21 11.00 5.90 -10.4 Top Wealth Group Holding TWG 2.60 -1.13 -30.29 5.50 1.55 ...
MSCI Emerging Markets 1011.84 7.67 0.76 –1.2 Stronghold Dig Mining SDIG 3.64 0.95 35.32 11.60 1.65 -61.7 Hepion Pharmaceuticals HEPA 1.41 -0.60 -29.85 20.66 1.22 -89.9
Americas MSCI AC Americas 1893.78 16.17 0.86 4.4 ProKidney PROK 2.72 0.68 33.33 13.51 1.12 -76.2 Telomir Pharmaceuticals TELO 5.61 -2.38 -29.81 20.72 4.76 ...
Canada S&P/TSX Comp 21871.96 64.59 0.30 4.4 Smart for Life SMFL 4.35 0.98 29.20 478.17 2.28 -98.4 WiSA Technologies WISA 4.32 -1.74 -28.71 402.00 1.66 -97.7
Latin Amer. MSCI EM Latin America 2423.77 24.39 1.02 –9.0 Captivision CAPT 5.95 1.31 28.23 12.00 1.15 -43.1 YY Group Holding YYGH 2.90 -1.10 -27.50 4.70 2.58 ...
Brazil Bovespa 125573.16 448.86 0.36 –6.4 INmune Bio INMB 10.63 2.26 26.94 14.74 6.50 40.0 Shimmick SHIM 2.25 -0.70 -23.73 7.99 2.15 ...
Chile S&P IPSA 3510.29 5.42 0.15 1.2 Prenetics Global PRE 3.68 0.78 26.90 15.90 2.85 -70.2 Marin Software MRIN 2.30 -0.64 -21.77 5.45 1.44 -50.2
Mexico S&P/BMV IPC 56551.90 689.05 1.23 –1.5 CareMax CMAX 3.21 0.64 24.90 126.00 2.24 -95.5 Mediaco Holding MDIA 1.82 -0.46 -20.18 6.86 0.40 44.4
EMEA STOXX Europe 600 502.31 3.02 0.61 4.9 Solarmax Technology SMXT 8.00 1.58 24.61 15.88 3.50 ... ChromaDex CDXC 2.95 -0.74 -20.05 4.65 1.25 115.3
Eurozone Euro STOXX 507.18 2.55 0.51 7.0 Tungray Technologies TRSG 7.40 1.45 24.37 11.78 4.55 ... ICZOOM Group Cl A IZM 3.17 -0.78 -19.75 52.21 2.05 10.1
Belgium Bel-20 3863.26 35.51 0.93 4.2 Riot Platforms RIOT 11.24 2.11 23.11 20.65 7.80 8.2 Genelux GNLX 3.35 -0.78 -18.89 40.98 3.33 -88.6
Denmark OMX Copenhagen 20 2635.67 27.75 1.0615.4 ToughBuilt Industries TBLT 2.75 0.51 22.77 70.85 2.12 -95.8 TFF Pharmaceuticals TFFP 2.58 -0.53 -17.04 21.25 2.51 -82.9
0.22 6.6 Beneficient BENF 4.80 0.88 22.45 1320.00 3.76 -99.4 Indonesia Energy INDO 4.19 -0.84 -16.70 6.65 2.03 -13.8
France CAC 40 8040.36 17.95
Germany DAX 17860.80 123.44 0.70 6.6
Israel Tel Aviv 1933.92 … Closed 3.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33724.82 –197.34 –0.58 11.1 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 866.51 6.50 0.76 10.1
Norway Oslo Bors All-Share 1561.41 –2.27 –0.15 2.8 AGBA Group Holding AGBA 203,835 4883.0 2.50 100.00 5.37 0.32 AllianzIM US Eq 6M A/O FLAO 2,044 4231 24.36 0.19 25.02 24.28
0.26 ProSh UltraPro Shrt QQQ SQQQ 155,789 11.6 12.47 -2.88 32.73 10.05 ActivePassive Interm Mun APMU 1,080 3383 24.62 ... 25.11 23.75
South Africa FTSE/JSE All-Share 73551.12 187.56 –4.3
1.50 Tesla TSLA 106,568 5.2 142.05 -3.40 299.29 138.80 Cohen & Steers CNS 6,195 3307 69.34 -4.21 78.58 50.05
Spain IBEX 35 10890.20 160.70 7.8
0.28 4.0 Jaguar Health JAGX 97,188 69.1 0.18 14.66 1.22 0.05 Parametric Hedged Equity PHEQ 280 2597 26.58 -0.08 28.76 24.07
Sweden OMX Stockholm 939.37 2.62
0.28 1.7
Ford Motor F 86,192 60.7 12.88 6.10 15.42 9.63 Allspring Utilities & Hi ERH 544 2282 9.00 -0.88 10.82 7.97
Switzerland Swiss Market 11327.77 31.37
Turkey BIST 100 9645.02 –48.44 –0.50 29.1 NewGenIvf Group NIVF 79,950 51791.1 1.28 66.23 17.24 0.64 Eaton Vance TR Bd EVTR 937 2220 48.77 0.25 50.14 48.43
U.K. FTSE 100 8023.87 128.02 1.62 3.8 Moolec Science MLEC 78,278 111326.4 2.47 76.43 4.40 1.15 SilverBox III Cl A SBXC 794 2219 10.56 0.28 11.32 9.95
U.K. FTSE 250 19599.39 208.09 1.07 –0.5 Matterport MTTR 71,970 2655.2 4.80 175.86 4.99 1.73 Fidelity Small-Mid Multi FSMD 1,537 2181 36.61 0.91 39.02 30.30
ProShares UltraPro QQQ TQQQ 70,400 -4.3 50.92 2.91 64.13 25.17 Harbor Sci Alpha HY SIHY 114 1876 44.48 0.20 45.93 41.95
Asia-Pacific MSCI AC Asia Pacific 169.23 1.82 1.09 –0.1
SuperCom SPCB 70,073 891.7 0.29 31.68 1.38 0.15 Parametric Eq Prem Incm PAPI 310 1775 26.35 0.52 28.23 24.03
Australia S&P/ASX 200 7649.20 81.92 1.08 0.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3044.60 –20.67 –0.67 2.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16511.69 287.55 1.77 –3.1
0.77 1.9
Scan this code
India S&P BSE Sensex 73648.62 560.28
Japan NIKKEI 225 37438.61 370.26 1.00 11.9 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3225.17 48.66 1.53 –0.5 track most-active stocks,
South Korea KOSPI 2629.44 37.58 1.45 –1.0 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 19411.22 –115.90 –0.59 8.3 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1349.52 17.44 1.31 –4.7
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003928 25460 4.9
CREDIT MARKETS Argentina peso .0011872.0414 7.9 Europe
Brazil real .1935 5.1676 6.5 Czech Rep. koruna .04215 23.725 6.0
Canada dollar .7298 1.3702 3.4 Denmark krone .1428 7.0032 3.4
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001050 952.63 8.9 Euro area euro 1.0655 .9386 3.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000256 3911.70 0.9 Hungary forint .002702 370.10 6.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007088 141.08 3.7
A consumer rate against its 5-year CDs Mexico peso .0583 17.1391 1.0 Norway krone .0910 10.9896 8.0
benchmark over the past year 6.00% Uruguay peso .02594 38.5568 –1.3 Poland zloty .2467 4.0530 3.0
Bankrate.com avg†: 2.84% Tradeweb ICE 16% Asia-Pacific Sweden krona .0918 10.8893 7.8
America First FCU 4.20% Monday Close 5.00 Switzerland franc 1.0965 .9120 8.4
Federal-funds t Australiadollar .6450 1.5504 5.7
7.00% Riverdale, UT 801-627-0900 8 WSJ Dollar Index Turkey lira .0308 32.5163 10.3
target rate t s China yuan .1381 7.2436 1.8
4.00 Ukraine hryvnia .0251 39.8500 4.5
t Popular Direct 4.30% Hong Kong dollar .1276 7.8358 0.3
5.00 One year ago UK pound 1.2349 .8098 3.1
0 India rupee .01199 83.378 0.2
Miami Lakes, FL 800-274-5696 3.00 Middle East/Africa
Indonesia rupiah .0000616 16235 5.5
s
3.00 Quontic Bank 4.30% 2.00 –8 s Euro Japan yen .006458 154.84 9.8 Bahrain dinar 2.6529 .3770 unch
t
New York, NY 800-908-6600 Yen Kazakhstan tenge .002243 445.79 –2.1 Egypt pound .0208 48.1701 55.7
Five-year CD yields 1.00 First Internet Bank of Indiana 4.55% 1.00 –16 Macau pataca .1238 8.0750 0.3 Israel shekel .2650 3.7731 4.7
Malaysia ringgit .2093 4.7780 4.0 Kuwait dinar 3.2444 .3082 0.3
Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2023 2024
–1.00 New Zealand dollar .5918 1.6898 6.8 Oman sul rial 2.5975 .3850 unch
First National Bank of America 4.55% month(s) years
M J J A S O ND J FMA Pakistan rupee .00359 278.550 –0.9 Qatar rial .2747 3.640 –0.1
East Lansing, MI 800-968-3626 maturity Philippines peso .0174 57.500 3.8 Saudi Arabia riyal .2666 3.7510 0.02
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7342 1.3620 3.2 South Africa rand .0521 19.1948 4.9
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007250 1379.35 6.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033256 300.70 –7.2
WSJ Dollar Index 100.51
Close Net Chg % Chg YTD%Chg
0.01 0.01
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03066 32.614 6.2 4.88
Yield (%) 52-Week Total Return (%) Thailand baht .02698 37.060 7.8 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 5.31 4.80 l 5.40 5.30
Money market, annual yield 0.48 0.48 0.46 l 0.64 0.40
U.S. Treasury, Bloomberg 2108.090 4.810 4.800 5.120 3.610 –1.712 –3.760 Commodities
Monday 52-Week YTD
Five-year CD, annual yield 2.84 2.83 2.76 l 2.87 2.37 U.S. Treasury Long, Bloomberg 2968.130 4.810 4.810 5.280 3.720 –10.037–10.759 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.55 7.48 6.85 l 8.28 4.41 Aggregate, Bloomberg 1995.860 5.250 5.240 5.740 4.240 –0.419 –3.537
15-year mortgage, fixed† 6.95 6.80 6.16 l 7.42 4.54
DJ Commodity 1029.23 -0.49 -0.05 1030.92 930.59 2.22 7.46
Fixed-Rate MBS, Bloomberg 1958.360 5.500 5.480 6.050 4.350 –1.122 –3.905
Jumbo mortgages, $766,550-plus† 7.60 7.55 6.89 l 8.33 4.46 Refinitiv/CC CRB Index 298.11 -0.04 -0.01 298.18 253.85 9.36 12.99
High Yield 100, ICE BofA 3537.376 7.733 7.704 9.101 7.030 8.536 1.681
Five-year adj mortgage (ARM)† 6.67 6.57 5.70 l 7.16 3.52 Crude oil, $ per barrel 82.85 -0.29 -0.35 93.68 67.12 5.19 15.63
Muni Master, ICE BofA 579.807 3.556 3.521 4.311 3.038 1.917 –1.032
New-car loan, 48-month 7.83 7.83 6.93 l 7.88 3.79 Natural gas, $/MMBtu 1.791 0.039 2.23 3.575 1.575 -21.21 -28.76
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 844.609 7.567 7.597 8.842 7.205 7.837 –2.413
banks.† Excludes closing costs. Gold, $ per troy oz. 2332.20 -66.20 -2.76 2398.40 1816.60 17.25 13.08
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
THE WALL STREET JOURNAL. Tuesday, April 23, 2024 | B7


   
     

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%  
B8 | Tuesday, April 23, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
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interest

Metal & Petroleum Futures Aug 256.000 259.500 255.675 258.475 4.975 20,854 June .05788 .05821 .05747 .05781 .00002 265,961 Sept 3013.60 2915.80 2878.00 2902.50 27.20 2
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Mini Nasdaq 100 (CME)-$20 x index
Contract Open
April 181.900 184.000 181.900 183.825 2.350 4,802 May 1.0667 1.0680 1.0633 1.0668 .0008 2,960 June 17228.25 17448.00 17148.50 17350.00 169.25 264,890
Open High hi lo Low Settle Chg interest
June 176.700 178.800 176.675 178.050 2.375 113,025 June 1.0678 1.0695 1.0649 1.0684 .0008 661,202 Sept 17420.25 17667.25 17367.50 17569.00 170.75 3,042
Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index
April 4.4785 4.4995 4.4720 4.5005 –0.0015 605 May 96.100 97.000 96.000 96.700 .475 6,034 Index Futures June 1966.40 1993.20 1958.70 1982.60 21.40 484,368
July 4.5145 4.5750 s 4.4890 4.5060 –0.0200 135,498 June 104.850 105.925 104.400 105.500 .675 101,551
Mini DJ Industrial Average (CBT)-$5 x index Sept 1988.00 2013.10 1980.10 2003.50 22.30 849
Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft.
April 2383.30 2383.30 2326.90 2332.20 –66.20 171 June 38271 38682 38208 38468 260 95,089 Mini Russell 1000 (CME)-$50 x index
May 511.50 t 502.50
519.50 514.50 7.50 5,241 June 2754.50 2780.30 2741.10 2763.90 22.90 6,073
May 2391.50 2391.50 2327.30 2334.60 –66.80 2,120 Sept 38684 39052 38580 38848 269 330
July 525.00 t 512.00
531.00 527.50 5.50 3,438 U.S. Dollar Index (ICE-US)-$1,000 x index
June 2403.70 2404.30 2338.20 2346.40 –67.40 416,254 Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index
June 5014.25 5076.75 5006.00 5047.50 43.75 2,080,120 June 105.89 106.24 105.83 105.91 –.07 45,233
Aug 2425.40 2428.90 2359.90 2368.10 –68.00 59,707 April 15.57 15.58 15.55 15.58 .01 5,106
Sept 5073.00 5133.25 5062.50 5104.00 44.25 17,781 Sept 105.46 105.76 105.45 105.53 –.08 506
Oct 2448.50 2448.50 2382.40 2389.70 –68.60 12,743 May 17.86 18.39 s 17.75 18.38 .58 5,199
Dec 2466.00 2474.40 2403.70 2411.60 –69.30 21,703 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P Midcap 400 (CME)-$100 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 11,967 12,136 10,929 11,166 –712 4,789 June 2865.30 2899.40 2852.00 2883.10 27.20 35,430 Source: FactSet
April 995.00 999.00 990.00 1014.70 –10.80 3 July 11,500 11,657 10,889 11,064 –397 54,380
June 1034.00 1035.50 1006.00 1015.60 –10.80 19,820 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz.
922.20 –11.90
May 240.95 240.95 229.80 231.65 –9.75 2,333 Bonds | wsj.com/market-data/bonds/benchmarks
April 944.10 944.10 943.30 3 July 231.50 234.50 223.50 227.65 –4.20 123,250
July 944.00 946.90 925.60 931.30 –12.50 72,095 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 19.88 20.15 19.71 19.80 .07 87,727 Tracking Bond Benchmarks
April 28.505 28.510 28.215 27.213 –1.595 12 July 19.68 19.92 19.53 19.61 .11 323,877
July 29.060 29.070 27.430 27.521 –1.607 89,624 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 38.95 38.95 38.95 38.95 … 1,558 highs and lows for different types of bonds
May 83.05 83.49 81.85 82.85 –0.29 23,454 Sept 38.50 38.50 38.50 38.49 –.46 2,130 Total Total
June 81.84 82.29 80.70 81.90 –0.32 401,736 Cotton (ICE-US)-50,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%)
July 81.00 81.57 80.09 81.21 –0.37 214,121 May 78.80 80.36 78.78 80.04 1.35 3,197 close return (%) Index Latest Low High close return (%) Index Latest Low High
Aug 80.49 80.80 79.42 80.49 –0.39 108,284 July 81.12 82.58 81.06 82.42 1.40 99,907
Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 79.65 79.98 78.68 79.73 –0.40 125,552 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Dec 77.55 77.75 76.59 77.58 –0.38 185,985 May 359.65 367.70 359.05 367.75 10.00 2,281 1958.36 -3.7 Mortgage-Backed 5.500 4.350 6.050
July 363.75 370.00 362.25 369.70 8.30 5,469
1995.86 -3.1 U.S. Aggregate 5.250 4.240 5.740
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
May 2.5369 2.5705 2.5034 2.5604 .0191 35,704 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1938.93 -3.5 Ginnie Mae (GNMA) 5.480 4.390 6.020
June 2.5498 2.5770 2.5123 2.5679 .0173 87,412 Interest Rate Futures -3.8 Fannie mae (FNMA) 5.500 4.340 6.050
3029.74 -2.8 U.S. Corporate 5.700 5.020 6.430 1149.83
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
May 2.7089 2.7150 2.6649 2.6854 –.0249 64,854 June 120-270 121-040 120-060 120-280 –5.0 1,616,583 2958.41 -1.1 Intermediate 5.620 4.920 6.350 1787.66 -2.9 Freddie Mac (FHLMC) 5.440 4.320 6.190
June 2.6828 2.6877 2.6407 2.6630 –.0204 118,625 Sept 120-280 121-100 120-190 120-260 –16.0 43
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 3950.46 -6.2 Long term 5.860 5.160 6.600 579.81 -1.4 Muni Master 3.556 3.038 4.311
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
May 1.765 1.800 1.721 1.791 .039 66,032 June 114-120 114-220 113-310 114-170 –3.0 1,551,228 -3.8 412.02 -1.6 7-12 year 3.217 2.709 4.097
574.51 Double-A-rated 5.270 4.380 5.760
June 1.988 2.072 1.961 2.065 .077 268,328 Sept 114-180 114-220 114-010 114-190 –3.0 1,026
July 2.309 2.388 2.290 2.378 .063 258,519 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 816.49 -2.5 Triple-B-rated 5.900 5.250 6.700 468.28 -1.6 12-22 year 3.823 3.388 4.742
Sept 2.427 2.488 2.401 2.480 .054 143,711 June 107-220 107-310 107-175 107-275 –1.5 4,467,915
Sept 107-310 108-065 107-265 108-035 –1.5 2,471 High Yield Bonds ICE BofA 441.86 -1.6 22-plus year 4.398 4.070 5.274
Oct 2.532 2.588 2.508 2.581 .050 105,462
Jan'25 3.735 3.793 3.728 3.788 .037 84,831 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 526.16 0.1 High Yield Constrained 8.210 7.620 9.560 Global Government J.P. Morgan†
June 104-290 105-040 104-270 105-015 –.5 5,942,650
Sept 105-080 105-137 105-062 105-117 –.7 8,855 511.57 0.9 Triple-C-rated 13.472 12.616 15.455 530.83 -2.4 Global Government 3.520 2.790 3.810
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Corn (CBT)-5,000 bu.; cents per bu. June 101-150 101-179 101-141 101-167 … 4,011,527 3537.38 -0.1 High Yield 100 7.733 7.030 9.101 781.44 -2.6 Canada 3.770 2.940 4.260
May 432.25 441.00 431.00 439.60 6.25 259,237 Sept 101-250 101-265 101-239 101-261 … 519
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 460.26 0.9 Global High Yield Constrained 8.021 7.552 9.440 350.90 -1.5 EMU§ 3.162 2.669 3.790
July 441.50 451.25 439.75 449.60 6.75 601,214
Oats (CBT)-5,000 bu.; cents per bu. April 94.6700 94.6725 t 94.6700 94.6700 490,566 -2.3 France 3.120 2.540 3.630
351.39 1.5 Europe High Yield Constrained 6.617 6.207 8.022 645.03
May 357.00 365.25 353.50 362.40 3.75 1,321 May 94.6800 94.6800 94.6750 94.6750 –.0050 463,307
July 348.75 355.00 346.50 352.60 3.75 2,283
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. U.S Agency Bloomberg Fixed Income Indices 456.30 -2.4 Germany 2.580 2.020 3.030
Feb 94.6575 94.6575 94.6575 94.6525 –.0050 4,952
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 95.0450 95.0800 95.0200 95.0650 1,218,447 1764.75 -0.9 U.S Agency 5.140 4.150 5.390 273.97 -1.8 Japan 1.270 0.710 1.300
May 1147.75 1167.00 1144.50 1161.00 10.50 164,514
July 1162.50 1182.25 1159.75 1176.40 10.75 366,200 1565.24 -0.5 10-20 years 5.130 4.130 5.370 496.04 -2.6 Netherlands 2.790 2.260 3.320
Soybean Meal (CBT)-100 tons; $ per ton. Currency Futures
May 342.50 346.70 338.90 344.30 .60 83,922 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3263.79 -5.3 20-plus years 5.200 4.390 5.740 782.36 -3.7 U.K. 4.440 3.790 4.880
July 341.90 346.70 338.30 344.80 1.60 232,585 May .6489 t .6493
.6479 .6480 –.0011 3,163 2668.73 -2.0 Yankee 5.540 4.720 6.110 844.61 -0.5 Emerging Markets ** 7.567 7.205 8.842
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .6527 t .6529
.6514 .6516 –.0011 329,687
May 44.47 45.50 44.36 45.04 .66 88,243 Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
July 45.00 46.12 44.91 45.66 .72 250,154 May .7276 .7308 .7274 .7305 .0031 348 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June .7282 .7313 .7278 .7309 .0031 224,613
May 18.89 19.21 18.50 18.97 –.04 1,400 British Pound (CME)-£62,500; $ per £
July 19.04 19.40 18.69 19.20 .06 4,148
May
June
1.2369
1.2375
1.2392
1.2396
t 1.2301
t 1.2303
1.2360
1.2363
–.0009 736
–.0009 232,888
Global Government Bonds: Mapping Yields
Wheat (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
May 549.00 579.50 548.75 570.20 20.00 52,795 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
June 1.1059 1.1061 1.1030 1.1048 –.0013 92,837
July 565.75 595.75 565.50 587.50 20.75 212,355
Sept 1.1219 1.1177 1.1148 1.1164 –.0013 399 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Wheat (KC)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD
May 580.75 606.75 580.25 597.50 16.00 27,858 May .6428 .6459 .6419 .6456 .0035 1,066 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
July 583.00 609.25 581.75 602.50 19.50 140,133 June .6430 .6467 .6425 .6463 .0035 238,743 Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN 4.500 U.S. 2 4.969 l 4.969 4.598 4.188
April 242.000 242.975 241.725 242.900 1.575 2,072 May .05819 .05854 .05784 .05814 .00002 10 4.000 10 4.622 s l 4.613 4.217 3.570
4.250 Australia 2 3.943 s l 3.886 3.828 3.163 -103.7 -111.3 -101.3
3.750 10 4.330 s l 4.267 4.047 3.469 -29.5 -35.9 -10.8
Cash Prices | wsj.com/market-data/commodities Monday, April 22, 2024 2.500 France 2 2.982 t l 3.036 2.804 3.055 -199.9 -196.3 -112.0
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 3.500 10 2.991 t l 3.018 2.795 3.050 -163.5 -160.8 -52.7
from the futures price on an exchange, which reflects what the commodity might be worth in future months. 2.500 Germany 2 2.969 t l 3.013 2.821 2.927 -201.1 -198.6 -124.8
Monday Monday Monday 2.200 10 2.489 t l 2.506 2.325 2.484 -213.6 -212.0 -109.3
Copper,Comex spot 4.5005 Wheat,No.2 soft red,St.Louis-u 5.6275
Energy Iron Ore, 62% Fe CFR China-s *117.5 Wheat - Hard - KC (USDA) $ per bu-u 6.3650
3.600 Italy 2 3.494 t l 3.567 3.387 3.494 -148.6 -143.2 -68.2
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 72.500 Steel, HRC USA, FOB Midwest Mill-s *830.0 Wheat,No.1soft white,Portld,OR-u 5.8000 4.200 10 3.820 t l 3.897 3.635 4.364 -80.5 -72.9 78.7
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.750 Battery/EV metals Food
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15250 0.200 Japan 2 0.286 s l 0.263 0.206 -0.039 -469.4 -473.6 -421.4
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13650 Beef,carcass equiv. index 0.800 10 0.886 s l 0.837 0.744 0.462 -378.9 -311.4
-373.9
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485 choice 1-3,600-900 lbs.-u 280.39
BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 274.14 2.800 Spain 2 3.139 t l 3.203 2.989 3.174 -184.1 -179.6 -100.1
Engelhard industrial 2340.00
Handy & Harman base 2334.95 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3208 3.250 10 3.267 t l 3.319 3.159 3.524 -135.8 -130.7 -5.2
2591.80 Butter,AA Chicago-d 3.0000
Handy & Harman fabricated Fibers and Textiles Cheddar cheese,bbl,Chicago-d 177.00 0.125 U.K. 2 4.336 t l 4.367 4.144 3.747 -64.4 -63.2 -42.9
LBMA Gold Price AM *2381.80
*2379.70 Burlap,10-oz,40-inch NY yd-n,w 0.8000 Cheddar cheese,blk,Chicago-d 176.00 4.250 10 4.204 t l 4.230 4.037 3.759 -39.6 18.2
LBMA Gold Price PM
Milk,Nonfat dry,Chicago lb.-d 112.00
-42.1
Krugerrand,wholesale-e 2441.81 Cotton,1 1/16 std lw-mdMphs-u 0.7817
Cotlook 'A' Index-t *86.55 Coffee,Brazilian,Comp-y 2.3086 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Maple Leaf-e 2465.28
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.5542
American Eagle-e 2465.28
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4150
2838.85
Mexican peso-e
Austria crown-e 2304.40 Grains and Feeds
Flour,hard winter KC-p 17.30 Corporate Debt
Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2465.28
Hogs,Iowa-So. Minnesota-u 88.66 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Silver, troy oz. Bran,wheat middlings, KC-u,w 75
Corn,No. 2 yellow,Cent IL-bp,u 4.1500 Pork bellies,12-14 lb MidUS-u n.a. expectations
Engelhard industrial 27.4000 Pork loins,13-19 lb MidUS-u 1.2714
Corn gluten feed,Midwest-u,w 89.7 Investment-grade spreads that tightened the most…
Handy & Harman base 27.2200 Corn gluten meal,Midwest-u,w 398.9 Steers,Tex.-Okla. Choice-u 182.00
Handy & Harman fabricated 34.0250 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 290.75 Spread*, in basis points
LBMA spot price *£22.7100 Hominy feed,Cent IL-u,w 115
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
(U.S.$ equivalent) *28.2400 Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 320 –61
Coins,wholesale $1,000 face-a 21552 n.a.
Toronto–Dominion Bank TD 4.994 5.43 April 5, ’29 78 81
Oats,No.2 milling,Mnpls-u 4.3250 Degummed corn oil, crude wtd. avg.-u,w
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4100 Ares Capital ARCC 7.000 6.19 Jan. 15, ’27 139 –56 n.a.
LBMA Platinum Price PM *930.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Platinum,Engelhard industrial 932.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 357.70 Soybean oil,crude;Centl IL-u,w 0.4438 Morgan Stanley MS 3.950 5.55 April 23, ’27 74 –44 73
Palladium,Engelhard industrial 1025.0 Soybeans,No.1 yllw IL-bp,u 11.4000 Tallow,bleach;Chicago-h 0.4350 Toyota Motor Credit … 5.000 5.21 March 19, ’27 41 –44 46
Aluminum, LME, $ per metric ton *2645.5 Wheat,Spring14%-pro Mnpls-u 8.2575 Tallow,edible,Chicago-u n.a.
UnitedHealth UNH 3.850 5.20 June 15, ’28 53 –35 51
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;
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 Royal Bank of Canada RY 5.000 5.42 May 2, ’33 80 –34 n.a.
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/19
Source: Dow Jones Market Data Astrazeneca AZN 4.000 5.59 Sept. 18, ’42 75 –32 n.a.

…And spreads that widened the most

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Pfizer PFE 4.300 5.64 June 15, ’43 79 60 n.a.
Lloyds Banking … 5.300 6.22 Dec. 1, ’45 137 59 n.a.
Money Rates April 22, 2024
Coca–Cola KO 2.500 5.42 June 1, ’40 56 45 60
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Westpac Banking … 3.133 6.09 Nov. 18, ’41 123 41 124
guide to general levels but don’t always represent actual transactions. Bank of America BAC 6.000 5.69 Oct. 15, ’36 107 29 100
Week —52-WEEK— Week —52-WEEK— Berkshire Hathaway Energy … 6.125 5.80 April 1, ’36 118 21 114
Inflation Latest ago High Low Latest ago High Low
KeyCorp* KEY 4.100 6.17 April 30, ’28 151 20 153
March index Chg From (%)
Canada 7.20 7.20 7.20 6.70 Federal funds 19
March Kinder Morgan Energy Partners … 6.950 6.23 Jan. 15, ’38 160 164
level Feb. '24 Japan 1.475 1.475 1.475 1.475
'23 Effective rate 5.3300 5.3300 5.3500 4.8400
Policy Rates High 5.6500 5.6500 5.6500 5.1500 High-yield issues with the biggest price increases…
U.S. consumer price index Euro zone 4.50 4.50 4.50 3.50 Low 5.3100 5.3100 5.3300 4.8000 Bond Price as % of face value
All items 312.332 0.65 3.5 Switzerland 2.00 2.00 2.25 2.00 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Bid 5.3100 5.3100 5.3300 4.8200
Core 317.088 0.53 3.8 Britain 5.25 5.25 5.25 4.25
Offer 5.3300 5.3300 5.3700 4.8400 1.48
Australia 4.35 4.35 4.35 3.60 Embarq … 7.995 21.71 June 1, ’36 42.010 49.000
International rates Overnight repurchase Treasury bill auction Bausch Health … 11.000 19.08 Sept. 30, ’28 76.500 1.00 78.000
U.S. 5.33 5.37 5.48 4.82 4 weeks 5.280 5.270 5.840 3.190 0.50
Week 52-Week Transocean RIG 6.800 9.26 March 15, ’38 81.000 83.000
Latest High Low 13 weeks 5.255 5.250 5.345 5.060
ago U.S. government rates Bath & Body Works BBWI 6.875 6.95 Nov. 1, ’35 99.375 0.38 100.250
26 weeks 5.160 5.155 5.350 4.840
Prime rates Discount Global Marine … 7.000 9.27 June 1, ’28 92.375 0.38 93.500
U.S. 8.50 8.50 8.50 8.00 5.50 5.50 5.50 5.00 Secondary market Nordstrom JWN 6.950 7.21 March 15, ’28 99.125 0.37 n.a.
Fannie Mae Navient NAVI 6.750 6.89 June 15, ’26 99.722 0.34 99.579
30-year mortgage yields
Key Interest Rates 30 days 6.826 6.710 7.495 5.739
United States Cellular USM 6.700 7.06 Dec. 15, ’33 97.500 0.31 97.750
Data are annualized on a 360-day basis. Treasury yields are per annum, 60 days 6.842 6.719 7.554 5.739
…And with the biggest price decreases
on actively traded noninflation and inflation-indexed issues that are
adjusted to constant maturities. Data are from weekly Federal Reserve Other short-term rates Telecom Italia Capital … 6.375 7.70 Nov. 15, ’33 91.125 –1.13 93.272
release H.15. Apache … 6.000 6.33 Jan. 15, ’37 97.134 –0.41 n.a.
Week 52-Week
Week Ended 52-Week Week Ended 52-Week Latest high low –0.36
ago Occidental Petroleum OXY 7.500 5.90 May 1, ’31 109.098 108.831
Apr 19 Apr 12 High Low Apr 19 Apr 12 High Low
6-month 5.39 5.37 5.58 5.03 Call money Rakuten … 9.750 10.14 April 15, ’29 98.488 –0.13 99.750
Federal funds (effective) 1-year 5.17 5.12 5.46 4.72
5.33 7.25 7.25 7.25 6.75 American Airlines AAL 3.750 6.97 March 1, ’25 97.375 –0.13 97.250
5.33 5.33 4.83 2-year 4.96 4.86 5.14 3.93
Commercial paper 3-year 4.80 4.67 4.97 3.63 Commercial paper (AA financial) OneMain Finance … 6.875 6.13 March 15, ’25 100.625 –0.08 101.050
5-year 4.66 4.51 4.86 3.43 90 days n.a. n.a. 5.54 5.02
Nonfinancial 7-year 4.65 4.51 4.90 3.43 Nissan Motor Acceptance … 1.125 6.45 Sept. 16, ’24 97.950 –0.04 n.a.
1-month 5.33 5.31 5.34 4.82 10-year 4.63 4.48 4.87 3.44 Secured Overnight Financing Rate
2-month 5.32 5.35 5.37 4.81 20-year 4.84 4.70 5.20 3.82 *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.
3-month 5.34 5.34 5.40 4.85 5.31 5.31 5.40 4.80 Note: Data are for the most active issue of bonds with maturities of two years or more
Financial Source: MarketAxess
Treasury yields (secondary market) Value 52-Week
1-month 5.32 n.a. 5.43 4.88 Latest Traded High Low
5.30
1-month 5.29 5.28 5.62 3.59
2-month
3-month n.a.
n.a.
5.34
5.51
5.53
4.95
5.01 3-month 5.25 5.24 5.35 5.00 DTCC GCF Repo Index Dividend Changes
6-month 5.16 5.14 5.34 4.83
Discount window primary credit Treasury 5.324 19.750 5.504 4.823
TIPS MBS 5.336 31.950 5.689 4.838 Amount Payable / Amount Payable /
5.50 5.50 5.50 5.00 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
5-year 2.18 2.04 2.55 1.25
Notes on data: Western Midstream Ptrs 9.8 .875 /.575 Q May15 /May01
Treasury yields at constant 7-year 2.20 2.06 2.47 1.23 Increased WES
maturities 10-year 2.22 2.09 2.45 1.22 U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest Bar Harbor Bankshares BHB 4.6 .30 /.28 Q Jun14 /May16 Reduced
1-month 5.49 5.48 5.81 3.74 20-year 2.31 2.19 2.49 1.35
U.S. banks, and is effective July 27, 2023. Other Cross Timbers Royalty Tr CRT 9.9 .1359 /.01939 M May14 /Apr30 Dorchester Minerals DMLP 10.2 .7818 /1.00787 Q May09 /Apr29
3-month 5.45 5.44 5.62 5.15 Long-term avg 2.41 2.29 2.59 1.52 prime rates aren’t directly comparable; lending Donegal Group Cl A DGICA 5.0 .1725 /.17 Q May22 /May08 San Juan Basin Royalty SJT 23.2 .0229 /.04128 M May14 /Apr30
practices vary widely by location; Discount rate
Notes on data: Donegal Group Cl B DGICB 4.8 .155 /.1525 Q May22 /May08
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
is effective July 27, 2023. Secured Overnight Stocks
Financing Rate is as of April 19, 2024. DTCC Permian Basin Royalty Tr PBT 5.1 .0882 /.04134 M May14 /Apr30 Pieris Pharmaceuticals PIRS 1:80 /Apr23
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
PermRock Royalty Trust PRT 11.8 .0307 /.02297 M May14 /Apr30
Corp.'s weighted average for overnight trades in
South Plains Financial SPFI 2.1 .14 /.13 Q May13 /Apr29
Foreign
primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Banco Latinamer BLX 6.8 .50 Q May15 /Apr29
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett United Bancorp UBCP 5.0 .175 /.1725 Q Jun20 /Jun10 Nokia ADR NOK 3.5 .04265 Q May08 /Apr23
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET. Value Line VALU 3.0 .30 /.28 Q May10 /Apr29 Silicon Motion Tech ADR SIMO 2.0 .50 Q May23 /May09
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Note: Dividend yields as of 3:30 p.m. ET
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. S2:1: stock split and ratio; SO: spin-off. Sources: FactSet; Dow Jones Market Data
THE WALL STREET JOURNAL. * * * Tuesday, April 23, 2024 | B9

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Crown Holdings CCK 79.43 1.76 FifthThirdBncp FITB 36.55 0.30 Informatica INFA 31.49 -3.70 Markel MKL 1471.41 14.72 POSCO PKX 71.60 1.01 SareptaTherap SRPT 116.96 1.34 TradeDesk TTD 77.84 0.54
Nasdaq Stock Market listed securities. Prices are consolidated from trades CubeSmart CUBE 42.16 0.11 FirstCitizBcshA FCNCA 1622.75 55.39 Infosys INFY 17.30 0.49 MarketAxess MKTX 204.43 0.42 PPG Ind PPG 131.16 0.26 Schlumberger SLB 49.51 -0.34 Tradeweb TW 101.62 0.57
reported by various market centers, including securities exchanges, Finra, Cullen/Frost CFR 113.27 1.72 FirstHorizon FHN 14.91 0.28 IngersollRand IR 88.63 0.23 Marriott MAR 237.41 1.41 PPL PPL 27.37 0.35 s SchwabC SCHW 74.26 0.84 TraneTech TT 291.15 2.88
electronic communications networks and other broker-dealers. The list Cummins CMI 290.40 2.84 FirstSolar FSLR 176.28 1.24 Ingredion INGR 114.31 0.69 Marsh&McLen MMC 201.43 -0.98 PTC PTC 178.55 2.18 Sea SE 59.43 4.37 TransDigm TDG 1200.93 13.23
comprises the 1,000 largest companies based on market capitalization. Curtiss-Wright CW 250.95 0.71 FirstEnergy FE 38.21 0.04 Insulet PODD 164.42 -1.83 MartinMarietta MLM 584.32 8.43 Paccar PCAR 112.58 1.39 Seagate STX 85.18 2.72 TransUnion TRU 67.59 0.89
Underlined quotations are those stocks with large changes in volume CyberArkSoftware CYBR 234.66 0.95 Fiserv FI 148.80 0.18 Intel INTC 34.41 0.21 MarvellTech MRVL 62.88 0.75 PackagingCpAm PKG 179.29 -0.60 Sempra SRE 71.13 1.05 Travelers TRV 214.27 0.20
compared with the issue’s average trading volume. Cytokinetics CYTK 66.29 -1.26 FiveBelow FIVE 148.61 -1.68 InteractiveBrkrs IBKR 113.12 1.57 Masco MAS 72.02 0.11 PalantirTech PLTR 20.97 0.50 ServiceIntl SCI 69.55 0.76 Trex TREX 87.82 0.37
Boldfaced quotations highlight those issues whose price changed by 5% or Flex FLEX 27.63 0.56 ICE ICE 131.65 0.44 Masimo MASI 134.32 -0.45 PaloAltoNtwks PANW 281.68 3.97 ServiceNow NOW 721.95 8.04 Trimble TRMB 58.94 0.97
more if their previous closing price was $2 or higher.
D E F Floor&Decor FND 108.51 0.41 InterContinentl IHG 98.27 0.88 Mastercard MA 456.75 1.36 PanAmerSilver PAAS 18.24 -0.83 SharkNinja SN 61.84 -0.02 Trip.com TCOM 49.35 1.35
FlutterEnt FLUT 184.86 1.31 IBM IBM 181.90 0.32 MatadorRscs MTDR 64.68 0.07 ParamountA PARAA 22.59 -0.23 Shell SHEL 72.39 0.32 TruistFinl TFC 38.06 1.26
Footnotes: DTE Energy DTE 110.12 1.55
FomentoEconMex FMX 118.51 -1.18 IntlFlavors IFF 84.89 0.92 MatchGroup MTCH 31.96 -0.22 ParamountB PARA 12.38 -0.06 SherwinWilliams SHW 309.26 3.30 Twilio TWLO 58.61 1.06
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most Danaher DHR 236.08 0.57
FordMotor F 12.88 0.74 IntlPaper IP 34.76 -0.61 McCormickVtg MKC.V 75.10 1.85 ParkerHannifin PH 539.72 5.07 ShinhanFin SHG 32.22 1.73 TylerTech TYL 411.41 8.06
recent four quarters. Darden DRI 154.55 2.05
Fortinet FTNT 63.69 0.29 Interpublic IPG 31.03 0.31 McCormick MKC 74.69 0.77 Parsons PSN 77.88 0.39 ShockwaveMed SWAV 328.60 -0.40 TysonFoods TSN 60.61 0.66
Datadog DDOG 122.07 1.98
Stock tables reflect composite regular trading as of 4 p.m. ET and DaVita DVA 132.52 4.70
Fortis FTS 39.01 0.54 Intra-Cellular ITCI 74.54 2.17 McDonald's MCD 275.58 3.59 Paychex PAYX 121.23 1.71 Shopify SHOP 70.55 0.88 UBS Group UBS 27.97 -0.09
changes in the official closing prices from 4 p.m. ET the previous day.
Dayforce DAY 58.95 0.20
Fortive FTV 80.36 0.87 Intuit INTU 609.77 4.60 McKesson MCK 527.32 2.49 PaycomSoftware PAYC 186.71 3.46 SimonProperty SPG 142.41 1.97 UDR UDR 37.01 0.61
FortuneBrands FBIN 72.90 -0.61 IntuitiveSurgical ISRG 368.93 2.59 Medpace MEDP 376.26 4.26 Paylocity PCTY 159.55 2.33 SimpsonMfg SSD 185.12 0.74 U-Haul UHAL 63.71 0.51
DeckersOutdoor DECK 810.22 9.84
Deere DE 399.61 -0.71
FoxA FOXA 31.40 0.01 InvitatHomes INVH 33.78 0.21 Medtronic MDT 80.57 1.09 PayPal PYPL 63.19 0.88 SiriusXM SIRI 3.13 0.04 U-Haul N UHAL/B 62.87 0.56
Monday, April 22, 2024 Net Net FoxB FOX 28.97 0.10 IronMountain IRM 75.85 0.75 MercadoLibre MELI 1368.23 11.80 Pearson PSO 12.52 0.22 SiteOneLandscape SITE 157.00 1.06 US Foods USFD 50.44 0.40
DellTechC DELL 115.54 1.12
Net Stock Sym Close Chg Stock Sym Close Chg Franco-Nevada FNV 118.22 -3.25 ItauUnibanco ITUB 6.10 0.05 Merck MRK 126.94 1.16 PembinaPipeline PBA 35.10 0.22 SkechersUSA SKX 58.01 1.60 UWM UWMC 6.25 0.10
DeltaAir DAL 49.02 1.45
Stock Sym Close Chg AstraZeneca AZN 70.13 1.58 t CaesarsEnt CZR 38.42 0.22 DescartesSystems DSGX 91.64 1.32
FranklinRscs BEN 25.58 0.43 MetaPlatforms META 481.73 0.66 PenskeAuto PAG 149.02 1.08 Skyworks SWKS 98.11 2.00 Uber UBER 68.98 -0.22
Atlassian TEAM 194.27 2.72 CamdenProperty CPT 98.07 1.78 DeutscheBank DB 16.24 0.33
FreeportMcM FCX 48.95 -0.66 J K L MetLife MET 71.96 0.85 Pentair PNR 79.20 0.67 SmithAO AOS 86.90 0.83 UiPath PATH 18.89 0.14
A B C AtmosEnergy ATO 118.08 0.88 Cameco CCJ 47.29 -0.81 DevonEnergy DVN 52.13 0.30 FreseniusMedCare FMS 20.55 1.01
JD.com JD 26.99 1.48
Mettler-Toledo MTD 1199.46 10.92 Penumbra PEN 203.00 0.28 Smith&Nephew SNN 24.36 0.52 UltaBeauty ULTA 417.98 4.48
FullTruck YMM 7.92 0.15 MicrochipTech MCHP 83.53 1.85 PepsiCo PEP 176.46 2.33 Smucker SJM 117.46 2.70 Unilever UL 48.06 0.75
Autodesk ADSK 217.13 0.63 CampbellSoup CPB 45.12 0.92 DexCom DXCM 131.52 0.81 JPMorganChase JPM 189.41 3.61
AAON AAON 86.73 1.32 Futu FUTU 55.55 0.78 MicronTech MU 109.12 2.35 PerformanceFood PFGC 69.01 0.53 Snap SNAP 11.14 -0.02 UnionPacific UNP 234.47 2.39
Autoliv ALV 117.28 2.45 CIBC CM 47.69 0.12 Diageo DEO 142.11 1.35 Jabil JBL 119.13 0.38
AECOM ACM 92.65 -0.70 Microsoft MSFT 400.96 1.84 PermianRscs PR 17.17 0.09 Snap-On SNA 268.56 -0.24 UnitedAirlines UAL 53.94 2.56
ADP ADP 246.31 3.00 CanNtlRlwy CNI 129.32 1.67 DiamondbkEner FANG 202.58 1.84
AES AES 16.70 0.30
AutoZone AZO 2961.66-23.88 CanadianNatRscs CNQ 76.77 0.22 Dick's DKS 198.67 3.59
G H I JackHenry JKHY 164.84 -0.76
MicroStrategy MSTR 1324.01149.90 PetroleoBrasil PBR 16.94 0.47 Snowflake SNOW 147.21 1.76 UnitedMicro UMC 7.48 0.08
Aflac AFL 83.52 0.29 JacobsSolns J 144.11 0.28
Avalonbay AVB 186.87 2.74 CdnPacKC CP 86.42 1.74 DigitalRealty DLR 135.86 -0.97 GE Aerospace GE 150.19 2.13 JamesHardie JHX 34.43 0.19 MidAmApt MAA 127.47 1.39 PetroleoBrasilA PBR.A 16.06 0.47 SOQUIMICH SQM 43.99 -1.00 UPS B UPS 145.36 2.59
AGCO AGCO 119.17 0.42 Middleby MIDD 141.93 -0.67 Pfizer PFE 26.26 0.26 SoFiTech SOFI 7.25 0.14 UnitedRentals URI 629.30 0.96
Avangrid AGR 37.05 0.18 CapitalOne COF 147.25 4.34 DiscoverFinSvcs DFS 126.68 1.33 GE HealthCare GEHC 84.31 -0.18 JefferiesFinl JEF 43.53 1.36
Ansys ANSS 324.81 2.70 MitsubishiUFJ MUFG 10.04 0.23 PhilipMorris PM 94.06 0.29 Solventum SOLV 62.07 -0.13 US Bancorp USB 41.05 0.60
Avantor AVTR 24.41 0.31 CardinalHealth CAH 102.83 -5.36 Disney DIS 111.99 -0.62 GE Vernova GEV 136.69 1.59 J&J JNJ 149.12 1.21
APA APA 32.47 0.11 MizuhoFin MFG 3.92 0.07 Phillips66 PSX 157.05 2.34 Sony SONY 81.56 0.26 US Steel X 38.84 0.25
AveryDennison AVY 211.77 0.20 Carlisle CSL 370.29 2.88 DocuSign DOCU 55.84 0.14 GFLEnvironmental GFL 33.10 -0.05 JohnsonControls JCI 64.64 0.98
ASE Tech ASX 10.18 0.13
AxonEnterprise AXON 293.80 0.19 Carlyle CG 45.20 1.12 DolbyLab DLB 78.81 0.63 GSK GSK 40.59 0.84 JonesLang JLL 179.02 3.91 Mobileye MBLY 30.12 -0.11 s Pilgrim'sPride PPC 35.99 0.22 Southern SO 72.98 0.83 UnitedTherap UTHR 234.06 -3.87
ASML ASML 872.05 12.51
BCE BCE 32.90 0.31 CarMax KMX 67.88 -0.46 DollarGeneral DG 142.85 -1.97 Gallagher AJG 237.52 0.95 JuniperNetworks JNPR 36.11 0.05 Moderna MRNA 104.46 3.05 PinnacleWest PNW 74.70 0.30 SoCopper SCCO 111.58 -1.85 UnitedHealth UNH 491.23 -9.90
AT&T T 16.31 -0.20 MolinaHealthcare MOH 361.87 -5.65 Pinterest PINS 32.73 0.33 SouthwestAir LUV 29.73 0.35 UnitySoftware U 22.89 ...
BHP Group BHP 58.51 0.39 Carnival CCL 14.28 0.16 DollarTree DLTR 121.69 -0.34 Gaming&Leisure GLPI 42.98 0.18 KB Financial KB 49.91 3.67
AbbottLabs ABT 107.07 -0.21
BJ'sWholesale BJ 74.02 0.28 Carnival CUK 12.94 0.21 DominionEner D 50.63 0.79 Gap GPS 20.75 -0.01 KBR KBR 63.12 0.45 MolsonCoorsB TAP 64.52 0.29 PioneerNatRscs PXD 273.51 3.20 SouthwesternEner SWN 7.40 0.11 UnivDisplay OLED 152.22 2.41
AbbVie ABBV 167.89 1.48
BP BP 38.91 0.39 CarrierGlobal CARR 53.62 0.09 Domino's DPZ 471.28 -2.27 Garmin GRMN 141.02 1.50 KE Holdings BEKE 13.07 0.49 monday.com MNDY 181.89 3.82 PlainsAllAmPipe PAA 17.90 -0.04 Spotify SPOT272.24 -3.59 UniversalHealthB UHS 161.13 3.66
Accenture ACN 317.42 0.54 Mondelez MDLZ 69.41 1.30 PlainsGP PAGP 18.69 -0.07 StanleyBlackDck SWK 89.35 0.03 UnumGroup UNM 51.80 0.44
BWX Tech BWXT 92.31 0.71 Carvana CVNA 71.44 0.08 Donaldson DCI 72.05 0.14 Gartner IT 443.06 2.68 KKR KKR 94.47 1.85
AcuityBrands AYI 249.60 2.54 MongoDB MDB 340.16 12.69 Pool POOL 365.88 4.75 Stantec VICI Prop VICI 28.04 0.15
Baidu BIDU 97.24 2.19 CaseysGenStores CASY 313.48 3.07 DoorDash DASH 127.27 0.09 GenDigital GEN 20.49 -0.01 KLA KLAC 633.64 5.48 STN 78.98 0.06
t VailResorts MTN 202.65 -0.29
Adobe ADBE 466.89 1.87
BakerHughes BKR 32.46 -0.14 Catalent CTLT 56.05 0.57 Dover DOV 170.28 0.44 Generac GNRC 134.12 -1.03 Kanzhun BZ 18.28 0.44 MonolithicPower MPWR 600.63 9.11 Primerica PRI 217.51 2.47
Starbucks SBUX 88.18 0.57
AdvDrainageSys WMS 156.53 0.96 MonsterBev MNST 53.60 0.46 PrincipalFinl PFG 81.35 0.91 Vale VALE 12.20 0.02
Ball BALL 65.43 0.48 Caterpillar CAT 357.61 2.95 Dow DOW 56.99 0.33 GeneralDynamics GD 291.31 2.69 Kaspi.kz KSPI 115.18 -0.54 StateStreet STT 74.51 1.14
AdvMicroDevices AMD 148.64 2.00
BBVA BBVA 11.07 0.28 Celanese CE 154.94 0.49 DrReddy'sLab RDY 72.15 1.01 GeneralMills GIS 71.17 0.75 Kellanova K 57.98 0.60 Moody's MCO 379.26 4.59 ProcoreTech PCOR 70.58 0.29 SteelDynamics STLD 137.30 0.40 ValeroEnergy VLO 165.90 2.01
Aegon AEG 6.06 0.20 MorganStanley MS 92.09 1.43 Procter&Gamble PG 160.54 2.40 VeevaSystems VEEV 199.06 0.68
BancoBradesco BBDO 2.30 -0.03 CelsiusHldg CELH 69.79 0.95 DraftKings DKNG 40.55 -0.13 GeneralMotors GM 43.21 0.84 Kenvue KVUE 19.58 ... Stellantis STLA 24.58 0.46
s Ventas VTR 43.13 ...
AerCap AER 84.41 1.20
BancodeChile BCH 22.10 0.14 Cemex CX 8.18 0.19 Dropbox DBX 23.31 0.33 Genmab GMAB 28.97 0.27 KeurigDrPepper KDP 31.76 0.26 Morningstar MORN 303.01 5.05 Progressive PGR 213.00 -1.69 Steris STE 200.90 1.39
AffirmHldgs AFRM 31.97 0.95 Prologis PLD 104.08 0.59 Veralto VLTO 91.23 2.34
BancSanBrasil BSBR 5.18 0.01 Cencora COR 236.85 -2.28 DukeEnergy DUK 98.12 -0.12 Gentex GNTX 34.25 0.34 KeyCorp KEY 14.64 0.01 Mosaic MOS 30.74 -0.26 Stevanato STVN 26.54 -0.19
AgilentTechs A 133.91 1.18 PrudentialFinl PRU 111.47 0.86 VeriSign VRSN 184.74 0.62
BcoSantChile BSAC 18.12 0.08 CenovusEnergy CVE 21.10 0.25 Duolingo DUOL 205.57 5.42 GenuineParts GPC 163.09 0.70 KeysightTech KEYS 144.74 -0.38 MotorolaSol MSI 345.23 5.58 StifelFinancial SF 77.25 1.94
VeriskAnalytics VRSK 223.17 0.65
AgnicoEagleMines AEM 62.26 -1.58
BancoSantander SAN 4.86 0.11 Centene CNC 75.58 0.43 DuPont DD 73.91 0.02 Gerdau GGB 3.80 0.14 KimberlyClark KMB 128.93 2.10 MurphyOil MUR 46.05 0.06 Prudential PUK 18.45 0.32 STMicroelec STM 39.25 0.65
Verizon VZ 38.60 -1.89
AirProducts APD 234.36 2.72
BanColombia CIB 32.71 0.06 CenterPointEner CNP 28.78 0.25 Dynatrace DT 45.54 0.14 GileadSciences GILD 66.95 0.19 KimcoRealty KIM 18.60 0.40 MurphyUSA MUSA 418.07 0.84 PublicServiceEnt PEG 66.71 0.97 Stryker SYK 327.68 2.25
VertexPharm VRTX 399.92 5.64
Airbnb ABNB 156.61 1.60
BankofAmerica BAC 37.73 0.76 CentraisElBras EBR 7.34 ... elfBeauty ELF 161.46 4.73 GitLab GTLB 52.52 1.03 s KinderMorgan KMI 18.82 -0.02 NICE NICE 224.42 0.23 PublicStorage PSA 261.44 1.06 SumitomoMits SMFG 11.31 0.14
AkamaiTech AKAM 100.88 -0.62 PulteGroup PHM 107.83 2.40 Vertiv VRT 76.07 1.06
BankMontreal BMO 92.99 0.85 CerevelTherap CERE 42.10 -0.11 EMCOR EME 332.59 3.96 GlobalPayments GPN 124.23 2.13 KinrossGold KGC 6.47 -0.30 NNN REIT NNN 40.61 0.61 SunComms SUI 118.29 0.60
Albemarle ALB 112.29 0.14 PureStorage PSTG 50.51 1.05 Viatris VTRS 11.25 ...
BankNY Mellon BK 57.16 0.87 CharlesRiverLabs CRL 232.56 5.78 ENI E 32.81 0.30 t GlobalFoundries GFS 46.37 0.11 KinsaleCapital KNSL 463.23 11.42 NOV NOV 18.59 -0.16 SunLifeFinancial SLF 51.57 0.46
Albertsons ACI 20.23 -0.12 Qiagen QGEN 41.22 1.22 Vipshop VIPS 15.60 0.44
BankNovaScotia BNS 47.09 0.35 CharterComms CHTR 265.08 -0.13 EOG Rscs EOG 133.90 0.73 Globant GLOB 180.10 0.81 Knight-Swift KNX 48.15 0.01 NRG Energy NRG 70.39 0.42 s SuncorEnergy SU 39.08 0.54
Alcon ALC 80.61 1.06 Qorvo QRVO 107.12 2.24 Visa V 272.33 2.55
Barclays BCS 9.52 0.17 CheckPoint CHKP 158.79 0.84 EPAM Systems EPAM 246.95 0.99 GoDaddy GDDY 121.41 1.29 Philips PHG 20.61 0.63 NVR NVR 7806.79121.79 SuperMicroComp SMCI 717.02 3.37 Vistra
AlexandriaRlEst ARE 118.57 2.88 Qualcomm QCOM 160.18 2.55 VST 66.72 1.06
BarrickGold GOLD 16.42 -0.68 Chemed CHE 604.42 4.01 EQT EQT 37.97 1.32 GoldFields GFI 16.66 -0.99 KoreaElecPwr KEP 7.62 0.26 NXP Semicon NXPI 218.66 3.54 Suzano SUZ 11.73 -0.06 Vodafone VOD 8.62 0.28
Alibaba BABA 70.68 1.61 QuantaServices PWR 245.56 2.30
Bath&BodyWks BBWI 43.94 -0.05 CheniereEnergy LNG 160.46 -1.51 EagleMaterials EXP 244.90 6.71 GoldmanSachs GS 417.35 13.35 KraftHeinz KHC 38.15 0.37 Nasdaq NDAQ 61.20 0.85 SynchronyFinl SYF 42.15 0.58 VoyaFinancial VOYA 68.99 0.06
AlignTech ALGN 300.82 1.84 QuestDiag DGX 130.09 1.65
BaxterIntl BAX 40.40 0.93 CheniereEnerPtrs CQP 48.66 -0.67 EastWestBncp EWBC 74.47 1.59 Grab GRAB 3.35 -0.02 Kroger KR 56.93 0.36 Natera NTRA 88.61 3.33 Synopsys SNPS 515.49 4.78 VulcanMatls VMC 254.48 2.42
Allegion ALLE 125.42 0.21
AlliantEnergy LNT 49.89 0.07
BectonDicknsn BDX 233.88 -0.24 ChesapeakeEner CHK 88.41 0.90 EastGroup EGP 163.34 4.07 Graco GGG 88.20 -0.18 LKQ LKQ 48.93 -0.19 NationalGrid NGG 65.85 0.47 R S Sysco SYY 77.32 0.59
s Allstate ALL 175.41 2.45
BeiGene
BellRing
BGNE 130.94 1.42 Chevron
BRBR 55.08 1.10 Chewy
CVX 161.92 1.92
CHWY 15.70 -0.45
EastmanChem EMN 97.06 0.64 Grainger
Eaton
GWW 942.07 -0.58 LPL Financial LPLA 264.29 1.70
ETN 308.09 5.07 GraphicPkg GPK 27.39 0.04 L3HarrisTech LHX 208.14 2.69
NatWest
NetApp
NWG 7.09 0.10
NTAP 97.91 -0.04 RBC Bearings RBC 244.32 -0.54 T U V W X Y Z
AllyFinancial ALLY 39.74 0.69 BentleySystems BSY 53.20 0.74 Chipotle CMG 2884.25 15.14 eBay EBAY 50.94 0.55 GpoAeroportuar PAC 160.43 4.28 LabCorp.ofAmerica LH 203.07 1.59 NetEase NTES 94.88 1.37 RB Global RBA 72.82 0.21 WEC Energy WEC 81.97 0.41
AlnylamPharm ALNY 145.79 1.38 Berkley WRB 83.43 1.03 ChordEnergy CHRD 182.10 2.10 Ecolab ECL 219.31 1.15 GpoAeroportSur ASR 315.26 7.05 LamResearch LRCX 868.07 -2.18 Netflix NFLX 554.60 -0.44 RELX RELX 41.79 0.72 TAL Education TAL 11.95 0.52 WEX WEX 230.64 0.16
Alphabet A GOOGL 156.28 2.19 BerkHathwy B BRK.B 408.78 3.70 Chubb CB 251.50 1.29 Ecopetrol EC 11.57 0.06 Guidewire GWRE 109.79 2.15 LamarAdv LAMR 113.71 2.27 Neurocrine NBIX 133.66 1.66 RPM RPM 107.88 1.31 TC Energy TRP 35.91 0.21 W.P.Carey WPC 56.22 0.01
Alphabet C GOOG 157.95 2.23 BerkHathwy A BRK.A 6172836039.99 ChunghwaTel CHT 38.54 0.69 EdisonIntl EIX 70.66 0.73 HCA Healthcare HCA 310.31 5.20 LambWeston LW 82.12 1.12 NewOrientalEduc EDU 87.90 2.91 RTX RTX 101.56 ... TD Synnex SNX 114.87 1.55 WPP WPP 49.13 0.95
Altria MO 42.57 0.48 BestBuy BBY 75.12 -1.03 s Church&Dwight CHD 105.95 1.60 EdwardsLife EW 86.96 1.02 HDFC Bank HDB 58.30 -0.75 LasVegasSands LVS 46.56 1.10 TE Connectivity TEL 143.77 3.22 Wabtec WAB 145.69 1.52
NYTimes A NYT 43.15 0.55 RalphLauren RL 161.97 3.51
Amazon.com AMZN 177.23 2.60 Bio-Techne TECH 62.80 0.68 ChurchillDowns CHDN 120.74 1.78 Elastic Telus TU 16.07 0.15 WalgreensBoots WBA 18.22 -0.02
ESTC 98.36 2.17 HF Sinclair DINO 57.17 0.32 LatticeSemi LSCC 66.08 -0.43 Newmont NEM 37.46 -1.56 RangeResources RRC 36.11 0.84
Ambev ABEV 2.30 0.01 Bio-RadLab A BIO 280.13 0.40 Cigna CI 353.18 0.79 ElbitSystems ESLT 202.57 1.08 HP Ternium TX 42.67 -0.52 Walmart WMT 60.14 0.61
HPQ 27.70 -0.11 Lear LEA 134.12 1.26 NewsCorp B NWS 25.19 0.41 RaymondJames RJF 125.48 1.88
Amcor AMCR 9.03 0.06 Biogen BIIB 194.11 -0.27 CincinnatiFinl CINF 120.96 1.01 ElectronicArts EA 127.12 -0.15 HSBC HSBC 41.62 1.10 t LegendBiotech LEGN 47.06 0.87 NewsCorp A NWSA 24.43 0.41 RealtyIncome O 53.33 0.29 TFI Intl TFII 145.15 2.19 WarnerBrosA WBD 8.47 0.07
Amdocs DOX 86.31 0.18 BioMarinPharm BMRN 89.49 0.86 Cintas CTAS 665.00 3.71 ElevanceHealth ELV 532.22 0.80 H World TIM TIMB 16.79 0.12 WarnerMusic WMG 33.06 0.09
HTHT 37.75 0.86 Leidos LDOS 126.03 1.12 NextEraEnergy NEE 65.31 1.01 RegalRexnord RRX 163.73 4.02
Ameren AEE 74.38 0.50 BioNTech BNTX 88.01 1.20 CiscoSystems CSCO 48.14 -0.18 EmersonElec EMR 108.63 0.05 Haleon TJX TJX 94.08 0.72 WasteConnections WCN 166.27 1.25
HLN 8.36 0.14 Lennar B LEN.B 139.47 2.41 Nike NKE 94.19 -0.34 RegencyCtrs REG 59.21 0.84
AmericaMovil AMX 18.46 0.20 Birkenstock BIRK 43.90 1.23 Citigroup C Enbridge TKO TKO 95.50 -0.02 WasteMgt WM 207.53 0.46
60.95 1.81 ENB 35.35 0.49 Halliburton HAL 38.72 -0.36 Lennar A LEN 151.57 1.38 NiSource NI 27.91 0.33 RegenPharm REGN 900.16 3.34
AmerAirlines AAL 14.53 0.42 BlackRock BLK 760.11 10.13 CitizensFin CFG 34.55 0.56 T-MobileUS TMUS 162.36 0.03 Waters WAT 299.23 3.13
EncompassHealth EHC 80.33 1.11 HartfordFinl HIG 99.82 0.87 LennoxIntl LII 459.29 2.14 Nokia NOK 3.69 0.21 RegionsFinl RF 19.18 0.28
AEP AEP 84.90 0.70 Blackstone BX 122.09 3.69 CivitasRscs CIVI 72.95 0.32 Endeavor EDR 26.42 -0.08 Hasbro HAS 55.90 0.63 LeviStrauss LEVI 21.30 0.75 ReinsGrp RGA 188.78 2.26 TPG TPG 43.20 0.72 Watsco WSO 406.50 9.58
Nomura NMR 5.88 0.11
s AmerExpress AXP 233.00 1.96 Block SQ 71.60 1.18 CleanHarbors CLH 195.45 1.74 RS 319.54 0.05 T.RowePrice TROW 111.50 2.77 WeatherfordIntl WFRD 115.10 2.31
EnergyTransfer ET 15.83 0.06 HealthEquity HQY 81.19 0.30 LiAuto LI 24.91 -1.47 Nordson NDSN 260.52 0.93 Reliance
AmericanFin AFG 128.85 0.99 BlueOwlCapital OWL 18.45 0.19 Cleveland-Cliffs CLF 20.85 0.04 TaiwanSemi TSM 129.75 2.05 WebsterFin WBS 47.17 0.78
EnphaseEnergy ENPH 110.51 4.03 HealthpeakProp DOC 18.23 0.25 LibertyBroadbandC LBRDK 49.86 -0.02 NorfolkSouthern NSC 244.61 3.33 RenaissanceRe RNR 226.82 2.08
AmHomes4Rent AMH 35.51 0.24 Boeing BA 170.48 0.66 Clorox CLX 145.14 1.59 TakeTwoSoftware TTWO 139.96 -0.64 s WellsFargo WFC 61.10 0.75
Entegris ENTG 124.04 1.84 Heico HEI 199.41 2.31 LibertyBroadbandA LBRDA 50.12 0.02 NorthernTrust NTRS 83.54 2.09 RentokilInit RTO 26.80 0.35
AIG AIG 74.96 0.73 Booking BKNG 3463.00 48.18 Cloudflare NET 84.69 0.59 ETR 107.45 0.68 s Heico A RGEN 157.48 0.34 TakedaPharm TAK 13.36 0.12 Welltower WELL 91.61 0.29
Entergy HEI.A 161.87 2.10 LibertyFormOne A FWONA 61.13 0.60 NorthropGrum NOC 470.98 8.40 Repligen
AmerTowerREIT AMT 172.30 1.00 Tapestry TPR 40.31 -0.31 WescoIntl WCC 155.99 1.98
BoozAllen BAH 143.01 0.87 Coca-Cola KO 60.55 0.38 EnterpriseProd EPD 29.00 0.16 HenrySchein HSIC 72.04 1.18 LibertyFormOne C FWONK 68.87 0.77 NorwegCruise NCLH 18.54 0.25 s RepublicSvcs RSG 191.76 2.00
AmerWaterWorks AWK 119.26 0.74 BorgWarner BWA 33.09 0.29 CocaColaCon COKE 830.65 13.47 RMD 180.35 1.50 TargaResources TRGP 113.81 0.89 WestPharmSvcs WST 375.35 3.31
Equifax EFX 218.93 2.73 Hershey HSY 186.33 1.31 LibertyLiveA LLYVA 35.78 -0.03 Novartis NVS 95.12 0.76 ResMed
Ameriprise AMP 421.38 4.37 BostonProps BXP 61.34 1.14 Coca-ColaEuro CCEP 69.10 1.52 Target TGT 167.11 -1.19 WesternDigital WDC 67.05 1.00
Equinix EQIX 754.74 6.74 Hess HES 156.23 1.88 LibertyLiveC LLYVK 37.18 -0.09 NovoNordisk NVO 125.26 2.55 RestaurantBrands QSR 73.30 1.88
Ametek AME 177.86 0.16 BostonSci BSX 68.02 0.69 CognizantTech CTSH 68.20 0.76 RVTY 100.77 -0.09 TechnipFMC FTI 25.38 0.16 WesternMidstrm WES 35.71 0.33
Equinor EQNR 27.13 -0.18 HessMidstream HESM 35.61 0.28 LibertySirius A LSXMA 24.82 0.31 NuHoldings NU 10.61 0.13 Revvity
Amgen AMGN 271.91 2.98 BristolMyers BMY 49.14 0.21 Coherent COHR 51.51 2.25 TeckResourcesB TECK 45.86 -1.27 Westlake WLK 149.68 -1.08
Equitable EQH 37.01 0.45 HewlettPackard HPE 16.83 0.04 LibertySirius B LSXMB 25.69 -0.76 Nucor NUE 191.63 0.27 RexfordIndlRealty REXR 43.01 0.27
AmkorTech AMKR 28.96 0.46 BritishAmTob BTI 29.41 0.36 CoinbaseGlbl COIN 225.86 14.85 RIO 67.20 0.23 TeledyneTech TDY 404.08 2.72 WestRock WRK 48.07 0.08
EquityLife ELS 62.70 -0.03 Hilton HLT 195.14 0.67 LibertySirius C LSXMK 24.70 0.36 Nutanix NTNX 59.86 1.11 RioTinto
Amphenol APH 111.86 1.69 RIVN 8.79 0.16 Teleflex TFX 207.27 0.71 Weyerhaeuser WY 31.47 ...
Broadcom AVGO 1224.46 19.75 ColgatePalm CL 88.33 1.20 EquityResdntl EQR 62.54 1.00 Hologic HOLX 76.22 0.84 Light&Wonder LNW 90.37 3.18 Nutrien NTR 52.30 -0.48 Rivian
AnalogDevices ADI 186.31 2.95 Ericsson ERIC 5.26 0.16 WheatonPrecMtls WPM 51.52 -1.13
BroadridgeFinl BR 194.23 0.85 Comcast A CMCSA 40.57 0.33 ErieIndemnity ERIE 382.21 0.65 HomeDepot HD 336.11 0.75 EliLilly LLY 731.33 5.02 nVentElectric NVT 71.17 -0.46 RobertHalf RHI 71.50 1.27
AngloGoldAsh AU 22.03 -1.81 BrookfieldAsset BAM 39.05 0.73 ComfortSystems FIX 295.23 4.50 EssentialUtil WTRG 35.90 0.46 HondaMotor HMC 34.55 0.41 LincolnElectric LECO 235.16 -3.20 Robinhood HOOD 17.19 0.56 TelefonicaBras VIV 9.41 0.06 Williams WMB 38.66 0.15
NVIDIA NVDA 795.18 33.18
AB InBev BUD 59.49 0.75 Brookfield BN 39.61 0.62 CommerceBcshrs CBSH 54.92 1.07 EssexProp ESS 239.89 4.72 Honeywell HON 195.58 1.32 Linde Roblox RBLX 34.96 -0.38 Telefonica TEF 4.36 0.09 Williams-Sonoma WSM 280.22 1.02
LIN 446.97 0.67
AnnalyCap NLY 18.33 0.10 BrookfieldInfr BIP 27.76 0.60 SABESP SBS 16.01 0.52 EsteeLauder EL 147.42 3.01 HormelFoods HRL 35.14 0.40 LithiaMotors LAD 260.87 -0.13 O P Q RocketCos. RKT 11.97 0.29 TelekmIndonesia TLK 19.65 -0.01 WillisTowers WTW 265.17 0.65
AnteroResources AR 30.37 1.08 BrookfieldRenew BEPC 22.89 0.55 ConagraBrands CAG 31.10 0.48 Etsy ETSY 66.45 -0.31 DR Horton DHI 143.07 0.88 LiveNationEnt LYV 88.45 -1.51 Rockwell ROK 273.47 3.51 TempurSealy TPX 49.13 0.37 WillScotMobile WSC 38.01 -0.45
Aon AON 311.02 0.83 Brown&Brown BRO 82.50 0.33 Confluent CFLT 27.35 0.46 EvercoreA EVR 192.08 5.72 HostHotels HST 19.00 0.29 LloydsBanking LYG 2.53 0.01 s ONEOK OKE 79.91 0.28 RogersComm B RCI 39.09 0.55 Tenaris TS 37.76 -0.14 Wingstop WING 354.75 7.38
APi Group APG 37.21 0.23 Brown-Forman A BF.A 50.51 0.08 ConocoPhillips COP 129.33 -0.05 Everest EG 372.84 2.58 HoulihanLokey HLI 127.97 4.20 t ON Semi ON 60.65 -0.06 RoivantSciences ROIV 10.60 0.14 TencentMusic TME 11.76 0.40 Wipro WIT 5.52 0.27
LockheedMartin LMT 461.33 -2.54
ApolloGlblMgmt APO 110.60 2.97 Brown-Forman B BF.B 49.15 0.09 ConEd ED 92.73 0.96 Evergy EVRG 52.26 0.50 HowmetAerospace HWM 62.93 -0.48 OReillyAuto ORLY 1091.46 0.52 Roku ROKU 58.57 1.67 TenetHealthcare THC 94.85 1.66 t WoodsideEnergy WDS 18.42 -0.34
Loews L 76.48 0.84 OccidentalPetrol OXY 67.00 0.37 Rollins
AppFolio APPF 214.79 6.29 Bruker BRKR 78.05 0.29 ConstBrands A STZ 259.74 -0.96 EversourceEner ES 60.30 0.61 Hubbell HUBB 390.56 2.53 LogitechIntl LOGI 78.23 0.92 ROL 42.46 -0.05 Teradyne TER 97.76 1.79 Woodward WWD 148.24 0.75
Apple AAPL 165.84 0.84 BuildersFirst BLDR 178.21 1.18 ConstellationEner CEG 183.22 2.32 ExactSciences EXAS 62.41 1.45 HubSpot HUBS 633.04 1.80 Lowe's Okta OKTA 93.24 1.21 RoperTech ROP 539.11 4.73 t Tesla TSLA 142.05 -5.00 WooriFinl WF 30.85 1.16
AppliedIndlTechs AIT 183.60 0.15 LOW 231.23 0.99 OldDomFreight ODFL 211.59 -0.23 RossStores ROST 133.77 0.43 TetraTech TTEK 184.08 -0.59 Workday
BungeGlobal BG 109.75 0.23 Cooper COO 90.04 -0.38 Exelon EXC 37.67 0.12 Humana HUM 325.30 -3.03 lululemon LULU 361.79 9.32 WDAY 253.53 1.31
ApplMaterials AMAT 189.46 -0.31 BurlingtonStrs BURL 177.64 -0.93 Copart CPRT 53.30 0.42 Expedia EXPE 131.59 2.59 JBHunt JBHT 167.38 0.08 LyondellBasell LYB OldRepublic ORI 30.21 0.45 RoyalBkCanada RY 99.20 1.34 TevaPharm TEVA 12.88 0.02 WynnResorts WYNN 97.48 2.49
100.59 -0.15 OmegaHealthcare OHI 30.26 -0.16 RoyalCaribbean RCL 131.99 2.78 TexasInstruments TXN 163.43 3.75 XP
AppLovin APP 67.85 1.05 CACI Intl CACI 376.08 6.70 Core&Main CNM 54.61 0.44 ExpeditorsIntl EXPD 114.09 -0.52 HuntingtonBcshs HBAN 13.53 0.25 XP 21.11 0.09
Aptargroup ATR 140.32 0.98 Omnicom OMC 93.77 1.15 RoyalGold RGLD 118.82 -3.91 TexasPacLand TPL 585.81 3.21 XPO
Aptiv APTV 70.10 0.47
CBRE Group CBRE 86.04 1.14 CorebridgeFin CRBG 27.08 0.10
CCC Intelligent CCCS 11.40 -0.04 Corning GLW 31.55 0.28
ExtraSpaceSt EXR 132.74 0.28 HuntingIngalls HII 274.49 2.83
ExxonMobil XOM 120.56 0.68 HyattHotels H 146.58 0.21
M N OnHolding ONON 31.93 0.35 RoyaltyPharma RPRX 27.82 -0.34 TexasRoadhouse TXRH 153.06 2.33 XcelEnergy XEL 54.96 0.24
XPO 116.10 1.61

Aramark ARMK 32.25 0.38 CDW CDW 237.64 1.86 Corpay CPAY 300.90 6.61 F5 FFIV 179.55 2.22 ICICI Bank IBN 26.11 0.43 M&T Bank MTB 145.68 2.30 OntoInnovation ONTO 170.77 1.38 RyanSpecialty RYAN 51.52 0.30 Textron TXT 93.77 0.47 Xylem XYL 128.98 1.14
ArcelorMittal MT 25.81 0.42 CF Industries CF 78.80 -0.67 Corteva CTVA 55.20 0.40 FMC FMC 58.25 0.43 IdexxLab IDXX 479.57 3.22 MGM Resorts MGM 42.43 0.01 OpenText OTEX 35.45 0.40 Ryanair RYAAY 140.78 1.90 ThermoFisher TMO 548.38 3.60 YPF YPF 20.79 1.45
ArchCapital ACGL 93.85 0.92 CGI A GIB 105.89 1.88 CoStar CSGP 85.31 1.05 FTI Consulting FCN 211.73 0.48 ING Groep ING 16.41 0.21 MKS Instrum MKSI 109.72 1.55 Oracle ORCL 114.53 -0.35 SAP SAP 178.18 2.41 ThomsonReuters TRI 152.99 2.77 Yum!Brands YUM 139.06 0.56
ADM ADM 62.50 -0.10 CH Robinson CHRW 70.76 -0.46 Costco COST 715.46 5.95 FactSet FDS 438.43 4.41 IQVIA IQV 231.34 3.25 MPLX MPLX 41.19 0.51 Orange ORAN 11.78 0.27 S&P Global SPGI 416.93 4.37 3M MMM 92.62 0.35 YumChina YUMC 37.23 0.13
AresMgmt ARES 132.01 2.48 CME Group CME 215.48 2.44 CoterraEnergy CTRA 27.94 0.19 FairIsaac FICO 1150.66 20.60 ITT ITT 125.75 0.79 MSA Safety MSA 187.72 2.34 Orix IX 103.76 2.32 SBA Comm SBAC 196.80 0.74 Toast TOST 22.15 0.53 ZTO Express ZTO 20.10 0.16
argenx ARGX 368.75 8.52 CMS Energy CMS 60.00 0.45 Coty COTY 11.28 0.13 Fastenal FAST 67.45 -0.12 IcahnEnterprises IEP 16.67 -0.33 MSCI MSCI 515.17 5.10 Oshkosh OSK 119.59 1.87 SEI Investments SEIC 66.95 0.82 TollBros TOL 113.81 1.60 ZebraTech ZBRA 271.63 3.56
AristaNetworks ANET 245.47 -0.62 CNA Fin CNA 44.56 0.12 Coupang CPNG 22.46 0.45 FederalRealty FRT 101.14 1.37 Icon ICLR 297.93 9.70 MagnaIntl MGA 49.31 0.97 OtisWorldwide OTIS 96.29 1.18 SK Telecom SKM 20.49 0.37 TopBuild BLD 384.66 0.34 Zillow C Z 42.24 0.42
Arm ARM 93.11 5.92 CNH Indl CNHI 11.50 -0.81 Crane CR 130.73 1.25 FedEx FDX 270.15 3.16 IDEX IEX 229.89 2.85 ManhattanAssoc MANH 228.32 1.98 Ovintiv OVV 52.18 0.20 SS&C Tech SSNC 61.23 0.41 Toro TTC 86.28 1.17 Zillow A ZG 41.51 0.47
AscendisPharma ASND 142.10 1.93 CRH CRH 77.60 0.55 Credicorp BAP 167.24 2.22 Ferguson FERG 208.19 -0.61 IllinoisToolWks ITW 249.96 -0.50 ManulifeFinl MFC 23.46 0.39 OwensCorning OC 164.44 4.33 Saia SAIA 522.62 5.11 TorontoDomBk TD 58.56 0.47 ZimmerBiomet ZBH 120.78 1.35
AspenTech AZPN 197.08 -1.39 CSX CSX 34.62 0.28 Crocs CROX 125.38 4.84 Ferrari RACE 410.27 4.22 Illumina ILMN 120.25 2.82 Maplebear CART 36.09 0.86 PDD PDD 124.14 10.65 Salesforce CRM 273.81 3.44 TotalEnergies TTE 72.59 0.54 t Zoetis ZTS 145.54 -0.96
Assurant AIZ 174.60 0.77 CVS Health CVS 69.63 -0.12 CrowdStrike CRWD 289.15 6.51 FidNatlFinl FNF 49.44 0.67 ImperialOil IMO 70.44 1.00 MarathonOil MRO 27.65 0.15 PG&E PCG 16.95 0.10 Samsara IOT 31.35 1.20 ToyotaMotor TM 230.30 1.58 ZoomVideo ZM 59.54 0.09
AsteraLabs ALAB 65.79 1.30 CadenceDesign CDNS 285.02 4.77 CrownCastle CCI 95.08 -0.12 FidNatlInfo FIS 71.30 0.57 Incyte INCY 51.92 -0.43 MarathonPetrol MPC 198.25 1.87 PNC Finl PNC 155.93 3.63 Sanofi SNY 47.15 0.85 TractorSupply TSCO 253.38 0.59 Zscaler ZS 170.97 1.76

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)

Closing Chg YTD iSh MSCI EM EEM 40.14 1.08 –0.2 JPM EqPrem JEPI 55.92 0.85 1.7 SPDR S&P Div SDY 127.72 0.73 2.2 VangdLC VV 229.33 0.91 5.1
Monday, April 22, 2024
ETF Symbol Price (%) (%) iShNatlMuniBd MUB 106.57 0.09 –1.7 JPM UltShIncm JPST 50.36 0.04 0.3 TechSelectSector XLK 194.25 0.89 0.9 VangdMegaGrwth MGK 270.48 0.99 4.2
Closing Chg YTD iSh1-5YIGCpBd IGSB 50.77 0.14 –1.0 PacerUSCashCows COWZ 55.37 0.38 6.5 VangdMC VO 236.89 0.81 1.8
VanEckSemicon SMH 203.02 1.91 16.1
ETF Symbol Price (%) (%) iShCoreMSCIEM IEMG 50.53 1.00 –0.1 iSh1-3YTreaBd SHY 81.21 0.05 –1.0 ProShUltPrQQQ TQQQ 50.92 2.91 0.4 VangdRealEst VNQ 79.70 0.89 –9.8
VangdSC Val VBR 180.91 0.93 0.5
CommSvsSPDR XLC 79.58 0.14 9.5 iShCoreMSCITotInt IXUS 65.80 1.08 1.3 iShRussMC IWR 79.38 0.92 2.1 SPDRBbg1-3MTB BIL 91.70 0.02 0.3 VangdRuss1000Grw VONG 82.15 0.95 5.3
VangdExtMkt VXF 163.53 1.06 –0.5
CnsmrDiscSel XLY 170.51 0.44 –4.6 iShCoreS&P500 IVV 502.12 0.92 5.1 iShRuss1000 IWB 274.74 0.93 4.8 SPDR DJIA Tr DIA 382.37 0.68 1.5 VangdS&P500ETF VOO 459.05 0.87 5.1
VangdSC Grwth VBK 240.40 1.17 –0.6
DimenUSCoreEq2 DFAC 30.37 0.93 3.9 iShCoreS&P MC IJH 57.16 1.03 3.1 iShRuss1000Grw IWF 319.30 1.00 5.3 SPDR Gold GLD 215.57 –2.47 12.8 VangdST Bond BSV 75.93 0.07 –1.4
VangdDivApp VIG 175.50 0.78 3.0
EnSelSectorSPDR XLE 95.59 0.65 14.0 iShCoreS&P SC IJR 104.11 0.86 –3.8 iShRuss1000Val IWD 171.98 0.84 4.1 SPDRPtfDevxUS SPDW 34.59 1.14 1.7 VangdSTCpBd VCSH 76.53 0.13 –1.1
VangdFTSEAWxUS VEU 56.84 1.10 1.2
FinSelSectorSPDR XLF 40.87 1.21 8.7 iShCoreS&PTotUS ITOT 109.82 0.96 4.4 iShRuss2000 IWM 195.30 1.12 –2.7 SPDRS&P500Value SPYV 48.21 0.77 3.4 VangdShortTrea VGSH 57.68 0.03 –1.1
iShCoreTotUSDBd IUSB 44.50 0.14 –3.4 VangdFTSEDevMk VEA 48.38 1.09 1.0
GrayscaleBitcoin GBTC 59.26 3.40 71.2 iShS&P500Grw IVW 80.12 1.02 6.7 SPDRPtfS&P500 SPLG 58.78 0.93 5.2 VangdSC VB 213.54 1.03 0.1
iShCoreUSAggBd AGG 95.44 0.06 –3.8 VangdFTSE EM VWO 41.24 0.86 0.3
HealthCrSelSect XLV 139.48 0.38 2.3 iShS&P500Value IVE 179.71 0.74 3.3 SPDRS&P500Growth SPYG 69.39 0.99 6.7 VangdTaxExemptBd VTEB 49.97 ... –2.1
0.76 iShEdgeMSCIMinUSA USMV 80.87 0.46 3.6 VangdFTSE Europe VGK 65.40 1.11 1.4
IndSelSectorSPDR XLI 121.38 6.5 iShSelectDiv DVY 119.67 0.82 2.1 SPDR S&P 500 SPY 499.72 0.92 5.1 VangdTotalBd BND 70.82 0.04 –3.7
InvscNasd100 QQQM 172.35 1.01 2.3 iShEdgeMSCIUSAQual QUAL 155.88 0.85 5.9 iSh7-10YTreaBd IEF 91.75 0.01 –4.8 SchwabIntEquity SCHF 37.63 1.13 1.8 VangdGrowth VUG 325.61 0.98 4.7 VangdTotIntlBd BNDX 48.65 0.12 –1.4
InvscQQQI QQQ 418.82 1.01 2.3 iShGoldTr IAU 44.04 –2.44 12.8 iShShortTreaBd SHV 110.36 0.01 0.2 SchwabUS BrdMkt SCHB 58.13 0.97 4.4 VangdHlthCr VHT 254.53 0.47 1.5 VangdTotIntlStk VXUS 58.49 1.04 0.9
InvscS&P500EW RSP 161.03 0.76 2.0 iShiBoxx$IGCpBd LQD 105.27 0.25 –4.9 iShTIPSBond TIP 105.79 0.01 –1.6 SchwabUS Div SCHD 77.24 0.77 1.5 VangdHiDiv VYM 116.95 0.87 4.8 VangdTotalStk VTI 247.64 0.98 4.4
iShBitcoin IBIT 37.93 3.44 ... iShMBS MBB 89.79 0.07 –4.6 iSh20+YTreaBd TLT 89.00 –0.17 –10.0 SchwabUS LC SCHX 59.16 0.78 4.9 VangdInfoTech VGT 486.46 1.37 0.5 VangdTotWrldStk VT 105.92 0.93 3.0
iShCoreDivGrowth DGRO 56.17 0.83 4.4 iShMSCIACWI ACWI 105.60 1.01 3.8 iShUSTreasuryBd GOVT 22.21 ... –3.6 SchwabUS LC Grw SCHG 87.87 0.95 5.9 VangdIntrCorpBd VCIT 78.41 0.22 –3.5 VangdValue VTV 157.07 0.71 5.1
iShCoreMSCIEAFE IEFA 71.57 1.12 1.7 iShMSCI EAFE EFA 77.01 1.17 2.2 iSh0-3MTreaBd SGOV 100.60 0.01 0.3 SPDR S&PMdCpTr MDY 523.50 1.01 3.2 VangdIntermTrea VGIT 57.30 0.03 –3.4 WT FRTrea USFR 50.50 0.04 0.5

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
Arko ARKO 4.36 0.7 BinahCapital BCG 6.24 -2.3 Enovix ENVX 5.80 -4.5 Inno INHD 0.55 -0.1 NLS Pharm NLSP 0.11 -2.1 RichtechRobotics RR 1.16 -6.1 TevogenBio TVGN 1.65 -9.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ArkoWt ARKOW 0.16 -16.3 BioCardia BCDA 0.32 2.2 EosEnergy EOSE 0.70 4.2 Innodata INOD 5.46 -1.9 NavitasSemi NVTS 3.54 0.8 SES AI SES 1.15 -9.4 TransCodeTherap RNAZ 0.42 -5.4
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low AbleViewGlobal ABLV 1.60 ... Biomerica BMRA 0.70 -0.8 EpicQuestEduc EEIQ 0.76 0.6 InnovativeEyewr LUCY 0.23 -2.5 Neogen NEOG 11.46 1.5 SPI Energy SPI 0.47 -0.7 TwinVee VEEE 0.71 -15.0
in the latest session. % CHG-Daily percentage change from the previous trading session. Aditxt ADTX 2.14 -5.5 Biophytis BPTS 0.22 -15.4 EVgo EVGO 1.66 0.6 InnovizTech INVZ 0.95 -5.9 Nevro NVRO 11.98 1.7 SylaTech SYT 2.25 -13.2 2U TWOU 0.24 0.5
AehrTestSys AEHR 10.19 2.2 BorealisFoods BRLS 3.86 ... FGI Industries FGI 0.95 1.0 Intapp INTA 30.36 -0.5 NovaBayPharm NBY 0.07 -12.0 SacksParenteGolf SPGC 0.36 -15.2 UnitedNatFoods UNFI 9.09 -1.8
AerSale ASLE 6.57 0.6 BoundlessBio BOLD 9.83 -0.8 FaradayFuture FFIE 0.05 -5.5 Intrusion INTZ 1.52 -5.9 Nxu NXU 0.34 3.5 SanJuanBasin SJT 4.28 -4.6 UnityBiotech UBX 1.47 -1.3
Monday, April 22, 2024 AEye LIDR 0.92 -3.0 BurgerFiIntl BFI 0.39 -4.4 FinanceofAm FOA 0.54 -9.7 OLB Group OLB 0.30 -5.7 Uxin UXIN 1.50 -8.4
iRobot IRBT 6.71 -6.9 SciSparc SPRC 1.15 -0.8
52-Wk % 52-Wk % 52-Wk % Akanda AKAN 0.09 -3.3 ButterflyNtwk BFLY 0.72 -5.7 FirstWaveBio FWBI 2.42 11.9 JackintheBox JACK 57.66 -0.2 ON Semi ON 59.34 -0.1 Senseonics SENS 0.38 -0.1 VOXX Intl VOXX 6.82 -0.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AllarityTherap ALLR 1.27 2.2 C3is CISS 1.11 11.1 ForzaX1 FRZA 0.39 4.1 Jeffs'Brands JFBR 0.27 -4.2 OcuphirePharma OCUP 1.50 -8.8 SerinaTherap SER 9.81 -7.8 Vacasa VCSA 5.62 -1.5
AlphaTauMed DRTS 2.41 -4.7 CaesarsEnt CZR 37.71 0.6 FoxFactory FOXF 40.15 0.4 Jiuzi JZXN 0.36 1.2 Olaplex OLPX 1.26 -4.4 ShenandoahTel SHEN 13.91 -4.8 VailResorts MTN 200.51 -0.1
GolubCapital GBDC 17.16 1.8 Progressive PGR 216.21 -0.8
Alset AEI 0.59 -2.0 CambiumNtwks CMBM 2.93 2.8 FreedomHolding FRHC 64.25 -0.4 Onconetix ONCO 0.12 -4.9 Vaxxinity VAXX 0.19 -43.4
Highs GpoFinGalicia GGAL
Heico A HEI.A
31.22 9.0
162.83 1.3
PyrophyteAcqn PHYT
RepublicSvcs RSG
11.35 0.3
192.75 1.1
AltamiraTherap CYTO 1.38 -1.0 Cerence CRNC 9.55 -7.1 FuelCell FCEL 0.79 -8.0
JobyAviationWt JOBY.WS
KioraPharm KPRX
0.37 0.2
0.45 -1.1 Ooma OOMA 6.79 0.4
ShiftPixy
Shimmick
PIXY
SHIM
1.54 28.7
2.15 -23.7 VinFastAuto VFS 2.26 -3.6
AGBA Wt AGBAW 0.21 115.9 AltusPower AMPS 3.61 -4.2 CERoTherap CERO 1.40 -5.3 GEE Group JOB 0.30 -3.0 Klaviyo KVYO 22.37 1.1 Optinose OPTN 0.86 15.2 SiTime SITM 72.39 0.4 VinFastAutoWt VFSWW 0.38 -4.7
IdahoStratRscs IDR 9.71 2.0 Rezolute RZLT 3.69 3.2
Allstate ALL 176.12 1.4 Ambarella AMBA 40.31 0.1 ChargePoint CHPT 1.21 ... GRI Bio GRI 0.42 -12.9 PAM Transport PTSI 13.56 -2.9 ViomiTech VIOT 0.50 -1.8
JanOne JAN 4.50 9.1 RothCHAcqnA USCT 11.38 0.1 LL Flooring LL 1.46 -1.3 Skillsoft SKIL 5.09 4.3
AlpineImmune ALPN 64.58 ... AmericanLithium AMLI 0.49 -7.9 CidaraTherap CDTX 0.50 -24.5 Genelux GNLX 3.33 -18.9 PSQ PSQH 3.66 -1.8 VirginGalactic SPCE 0.70 -12.2
KinderMorgan KMI 18.92 -0.1 SchwabC SCHW 74.98 1.1 LeadRealEstate LRE 2.87 -12.0 SolarEdgeTech SEDG 53.59 -2.3
AmerExpress AXP 235.37 0.8 AmpriusTech AMPX 1.58 -4.0 Cineverse CNVS 0.94 -16.7 GinkgoBioworks DNA 0.81 -2.6 PaciraBioSci PCRX 25.74 -0.6 Volato SOAR 1.85 -6.9
Kirby KEX 101.30 3.5 SilverSpikeInvt SSIC 11.19 1.0 LegendBiotech LEGN 45.52 1.9 SonimTech SONM 0.47 1.1
AmSharedHosp AMS 3.08 0.7 ApollomicsA APLM 0.45 0.6 CleanEnerFuels CLNE 2.17 -0.5 GlobalGas HGAS 1.19 -1.5 PagayaTech PGY 8.56 -4.7 W&T Offshore WTI 2.32 -1.7
LandosBio LABP 22.10 0.6 SkyWest SKYW 71.80 3.3 LionElectricWt LEV.WS.A 0.18 -25.0 SotherlyHotels SOHO 1.13 5.1
Andersons ANDE 60.18 1.2 AppliedUV AUVI 0.57 -9.4 CloverHealth CLOV 0.61 -2.1 GlobalFoundries GFS 45.52 0.2 PegasusDigA PGSS 10.06 -0.7 Warrantee WRNT 0.25 -29.4
Lands'End LE 13.35 3.1 SproutsFarmers SFM 66.18 0.4 LionGroup LGHL 0.56 1.4 SoundThinking SSTI 12.98 0.8
AngelOakMtgREIT AOMR 11.78 -0.2 AppTech APCX 0.80 -5.8 CompassMinerals CMP 13.03 -1.6 GoldenHeaven GDHG 0.20 -3.3 Peloton PTON 2.92 0.7 WestwaterRscs WWR 0.40 -9.2
Macatawa MCBC 14.35 0.9 SuncorEnergy SU 39.34 1.4 LivePerson LPSN 0.46 -9.0 Spectaire SPEC 0.53 -10.0
Argan AGX 62.27 -0.5 AptevoTherap APVO 0.67 -2.4 Comstock LODE 0.28 -1.6 GoPro GPRO 1.67 -0.6 PerionNetwork PERI 10.77 -1.0 Wolfspeed WOLF 21.85 7.9
MainStreetCap MAIN 48.22 1.1 ADS-TEC Wt ADSEW 2.39 3.9 LucidDiag LUCD 0.74 -5.7 SpiritAirlines SAVE 3.74 -3.2
BadgerMeter BMI 182.80 2.5 Asana ASAN 13.34 2.3 ComtechTel CMTL 1.75 -4.9 GrayTelevision A GTN.A 5.90 36.2 PetrosPharm PTPI 0.63 -3.0 WoodsideEnergy WDS 18.19 -1.8
Matterport MTTR 4.99 175.9 TurkcellIletism TKC 5.88 1.7 Lucid LCID 2.31 -2.9 SpruceBio SPRB 0.67 -1.2
BlackHawkAcqn BKHAU 10.23 ... Atlanticus ATLC 23.21 -3.7 Concentrix CNXC 54.16 ... GreenwaveTech GWAV 0.12 8.2 PiedmontLith PLL 10.92 -3.2 XBPEurope XBP 1.14 -13.5
MercuryGeneral MCY 55.62 3.2 VictoryCapital VCTR 49.16 3.1 LunaInnov LUNA 2.27 -11.7 Stem STEM 1.46 4.5
CKX Lands CKX 14.34 4.2 VistaOutdoor VSTO 34.57 6.5 AtlasClear ATCH 0.89 -17.6 CorceptTherap CORT 20.84 -2.8 HF Foods HFFG 3.00 -6.4 Pinstripes PNST 2.71 -5.8 XIAO-I AIXI 1.28 -6.3
16.86 0.5 mF Intl MFI 12.68 173.1 AtriCure ATRC 22.27 -2.1 CorsairGaming CRSR 10.59 2.1 HarvardBioSci HBIO 3.60 ... Magnachip MX 4.72 1.5 PredictiveOncology POAI 1.12 0.9 StitchFix SFIX 2.06 -0.9 XPeng XPEV 6.55 0.7
CarlyleSecured CGBD VitalFarms VITL 26.43 0.4
Centuri CTRI 25.17 1.5 MidCapFin MFIC 15.38 -0.3 Auna AUNA 6.17 -7.4 CosmosHealth COSM 0.47 1.5 HealthCatalyst HCAT 5.49 -0.4 MainStreetBcshs MNSB 15.21 -9.5 QuoinPharm QNRX 0.63 -7.0 SunPower SPWR 2.14 -3.2 YY Group YYGH 2.58 -27.5
Vivakor VIVK 1.50 33.6 MalibuBoats MBUU 33.77 -1.2 SunshineBio SBFM 1.42 -18.4
Church&Dwight CHD 106.62 1.5 MirionTechWt MIR.WS 2.47 1.5 AvisBudget CAR 98.84 0.4 CueHealth HLTH 0.13 -2.8 HepionPharm HEPA 1.22 -29.9 RadiantLogistics RLGT 4.88 -0.4 YatraOnline YTRA 1.29 -7.5
WellsFargo WFC 61.49 1.2
Comstock CHCI 8.00 10.6 MoolecScienceWt MLECW 0.17 68.3 AvitaMedical RCEL 8.46 -1.0 Domo DOMO 7.38 -3.0 HertzGlobal HTZ 5.82 -1.2 MethodeElec MEI 11.09 -2.8 RailVision RVSN 0.98 3.8 SurgePays SURG 3.30 -7.8 ZKH ZKH 11.25 3.4
YY Group YYGH 4.70 -27.5
Criteo CRTO 36.75 0.3 MrCooper COOP 78.62 0.7 AxcelisTechs ACLS 93.77 2.3 DouglasElliman DOUG 1.17 3.3 HertzGlobalWt HTZWW 3.51 1.4 MicroAlgo MLGO 2.17 1.5 reAlphaTech AIRE 0.57 -14.7 TFF Pharm TFFP 2.51 -17.0 ZapataComputing ZPTA 1.70 -0.6
ZalatorisAcqn TCOA 11.02 0.3
DynagasLNG DLNG 3.57 8.8 NiSunIntlEntDevt NISN 6.45 20.6 BakktWt BKKT.WS 0.05 -21.4 DuluthHoldings DLTH 4.20 -1.6 Hurco HURC 18.85 -1.0 MicroVision MVIS 1.34 ... RedwoodsAcqn RWODU 8.24 -11.3 TROOPS TROO 1.06 -2.7 ZeviaPBC ZVIA 0.89 -8.5
FintechEcoA
Gaia
FEXD
GAIA
11.05 0.1
4.05 -2.0
ONEOK
Pennant
OKE
PNTG
80.84 0.4
21.08 2.7 Lows Bakkt BKKT
BallardPower BLDP
0.39 3.1
2.53 -1.9
EdibleGarden EDBL
EffectorWt EFTRW
3.62 66.5
0.02 ...
Ibotta IBTA
iLearningEngines AILE
93.15 3.5
6.55 0.9
MolecularTemp MTEM
MullenAuto MULN
1.40 2.0
2.36 -1.9
RedwoodsAcqn RWOD
Regis RGS
7.76 -12.3
5.36 0.7
T Stamp
TelesisBio
IDAI
TBIO
0.75 -4.9
0.30 2.0
Zhihu
ZiffDavis
ZH
ZD
0.61 -2.0
50.13 -1.6
GlobalShipLease GSL 21.95 2.7 Pilgrim'sPride PPC 36.47 0.6 AGM AGMH 0.92 -1.9 Beneficient BENF 3.76 22.4 Emcore EMKR 2.44 -1.9 InariMedical NARI 36.73 -1.7 MultiPlan MPLN 0.55 -14.9 RelayTherap RLAY 5.78 -0.2 TerraIncm6 Nts TFSA 21.60 0.9 Zoetis ZTS 144.80 -0.7
GlobalinkInvt GLLI 12.10 4.1 PrimoWater PRMW 18.64 1.0 Amcon DIT 135.70 -4.5 BigCommerce BIGC 5.72 -2.2 Energous WATT 1.31 -1.5 InfuSystems INFU 7.70 -5.6 NIO NIO 3.61 5.3 RevanceTherap RVNC 3.61 -3.7 Tesla TSLA 138.80 -3.4 Zoomcar ZCAR 0.30 34.0

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 8.71 ... -2.9 SrsEmrgMkt 17.52 +0.19 1.1 JPMorgan R Class R2030 24.51 +0.15 2.4 MuShtAdml 15.69 ... 0.4 WndsrII 45.17 +0.41 5.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.42 +0.12 3.5 SrsGlobal 14.05 +0.16 1.4 CoreBond 9.97 ... -2.4 Putnam Funds Class A PrmcpAdml r 161.83 +1.64 3.5 VANGUARD INDEX FDS
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.32 -0.01 -8.2 SrsGroCoRetail 21.10 +0.31 8.4 CorePlusBd 7.02 ... -2.2 PutLargCap p 33.69 +0.33 9.5 RealEstatAdml 112.94 +0.93 -9.0 ExtndIstPl 305.95+3.07 -0.3
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 24.41 +0.25 -2.5 SrsIntlGrw 17.60 +0.16 2.7 Lord Abbett I Putnam Funds Class Y SmCapAdml 102.26 +0.99 0.4 IdxIntl 18.77+0.23 1.2
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 137.66 +1.21 4.7 SrsIntlVal 12.27 +0.13 5.1 ShtDurInc p 3.82 ... 0.8 PutLargCap 33.70 +0.33 9.6 SmGthAdml 84.44 +0.91 -0.5 MdCpGrAdml 94.98 +0.87 0.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 17.41 +0.15 4.8 TotalBond 9.24 ... -2.4 Metropolitan West Schwab Funds STBondAdml 9.94 ... -0.6 MdCpVlAdml 77.36 +0.50 3.5
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.30 +0.16 1.1 Fidelity SAI TotRetBdI 8.75 ... NA 1000 Inv r 107.66 +0.94 NA STIGradeAdml 10.10 +0.01 -0.1 SmValAdml 77.70+0.68 1.0
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.02 ... -3.0 TotalBd 8.75 +0.01 -2.2 TRBdPlan 8.21 +0.01 NA S&P Sel 77.11 +0.67 NA STIPSIxAdm 23.99 +0.02 0.8 TotBd2 9.21+0.01 -2.9
Fidelity Advisor I U.S.TreBdIdx 8.50 ... -2.9 MFS Funds TSM Sel r 84.76 +0.75 NA TotBdAdml 9.32 ... -3.0 TotIntlInstIdx r 125.54+1.50 1.2
Total Bd 9.23 +0.01 -2.4 Fidelity Selects IIE 33.32 +0.44 1.2 TIAA/CREF Funds TotIntBdIdxAdm 19.45 +0.03 -0.9 TotItlInstPlId r 125.57+1.50 1.2
Monday, April 22, 2024 Fidelity Freedom Semiconductors r 27.51 +0.56 13.4 MFS Funds Class I EqIdxInst NA ... NA TotIntlAdmIdx r 31.39 +0.37 1.2 TotSt 120.43+1.06 4.6
Net YTD Net YTD Net YTD FF2030 16.81 +0.10 1.4 Softwr 26.41 +0.23 -2.7 GrowthI 189.94 +2.07 10.4 IntlEqIdxInst NA ... NA TotStAdml 120.45 +1.06 4.7 VANGUARD INSTL FDS
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2035 14.87 +0.10 2.3 Tech 29.70 +0.42 4.2 ValueI 49.75 +0.40 5.0 LrgCpGrIdxInst 54.69 +0.50 5.5 TxMCapAdml 258.78 +2.22 5.0 BalInst 44.91 +0.25 1.7
FF2040 10.85 +0.09 3.4 First Eagle Funds Natixis Funds VANGUARD ADMIRAL TxMIn r 15.53 +0.20 1.4 DevMktsIndInst 15.56 +0.21 1.4
AB Funds Artisan Funds US CoreEq2 33.87 +0.30 4.6 Freedom2030 K 16.80 +0.11 1.5 GlbA 65.88 +0.21 4.4 LSGrowthY 24.41 +0.18 5.1 500Adml 462.63 +4.00 5.5 USGroAdml 154.56 DevMktsInxInst 24.32 +0.32 1.5
MuniIncmShares 10.92 ... -0.6 IntlVal Inst 46.97 +0.42 2.2 US Small 43.74 +0.37 -1.2 Freedom2035 K 14.85 +1.62 5.4
+0.10 2.3 Franklin A1 Northern Funds BalAdml 44.90 +0.25 1.7
ValAdml 61.28 +0.45 5.8 ExtndInst 123.97 +1.24 -0.3
AB Funds - ADV Baird Funds US SmCpVal 44.42 +0.34 -0.8 Freedom2040 K 10.86 +0.10 3.5 IncomeA1 2.29 +0.01 0.2 StkIdx 51.51 +0.45 NA CAITAdml 11.28 ... -0.8 GrwthInst 167.64 +1.66 4.9
LgCpGrAdv 99.05 +0.95 6.7 AggBdInst 9.51 +0.01 -2.7 US TgdVal 31.35 +0.27 -1.4 Idx2030InsPre 19.03 WdsrllAdml 80.14 +0.73 5.4
+0.11 0.6 FrankTemp/Frank Adv Old Westbury Fds CapOpAdml r 184.75 +1.89 3.1 InPrSeIn 9.22 ... -1.6
American Century Inv CorBdInst 9.84 +0.01 -2.4 USLgVa 47.50 +0.38 7.1 Idx2035InsPre 21.79 WellsIAdml 59.60 +0.23 -0.5
+0.15 1.3 IncomeAdv 2.27 +0.01 0.2 LrgCpStr 18.32 +0.19 NA DivAppIdxAdm 47.61 +0.35 3.4 InstIdx 412.57 +3.57 5.5
Ultra 78.10 +0.78 4.8 BlackRock Funds Dodge & Cox WelltnAdml 72.69 +0.43 2.3
Idx2040InsPre 22.68 +0.18 2.2 FrankTemp/Franklin A Parnassus Fds EMAdmr 34.33 +0.29 0.5 InstPlus 412.56 +3.57 5.5
American Funds Cl A HiYldBd Inst 6.95 +0.02 0.9 Balanced 101.97 +0.70 2.5 Idx2045InsPre 23.73 DynaTech A 143.17 +1.75 7.1 ParnEqFd 57.35 +0.40 4.2 EqIncAdml WndsrAdml 73.81 +0.63 1.9
+0.20 2.5 87.58 +0.74 4.5 InstTStPlus 85.77 +0.76 4.7
AmcpA 39.83 +0.29 4.5 BlackRock Funds III GblStock 15.41 +0.20 3.3 Idx2050InsPre 23.78 VANGUARD FDS
+0.21 2.5 Growth A 128.29 +1.35 4.6 PGIM Funds Cl Z ExplrAdml 103.26 +0.88 ... MidCpInst 64.78 +0.49 2.2
AMutlA 52.48 +0.39 3.3 iShS&P500IdxK 587.42 +5.09 5.5 Income 12.17 +0.02 -2.6 Fidelity Invest RisDv A 91.12 +0.36 3.3 TotalReturnBond 11.61 ... NA ExtndAdml 123.98 +1.24 -0.3 DivdGro 37.65 +0.24 2.3 MidCpIstPl 319.51 +2.46 2.2
BalA 32.72 +0.15 2.6 BlackRock Funds Inst Intl Stk 49.65 +0.71 1.0 Balanc 27.67 +0.16 3.2 Guggenheim Funds Tru PIMCO Fds Instl GroIncAdml 96.82 +0.87 7.3 IntlVal 40.63 +0.59 0.7 SmCapInst 102.25 +0.98 0.4
BondA 11.00 +0.01 -3.0 EqtyDivd 20.00 +0.16 4.8 Stock 251.20 +2.40 5.6 BluCh 189.38 +2.32 9.3 TotRtnBdFdClInst 22.93 +0.01 -2.4 AllAsset 10.86 +0.03 NA GrwthAdml 167.63 +1.66 4.9 LifeGro 42.34 +0.35 2.2 SmCapIstPl 295.14 +2.84 0.4
CapIBA 66.10 +0.46 0.5 StratIncOpptyIns 9.26 ... -0.4 DoubleLine Funds BluChpGr K6 29.06 +0.35 8.3 Harbor Funds TotRt 8.34 +0.01 NA HlthCareAdml r 85.66 +0.61 ... LifeMod 30.77 +0.21 1.1 STIGradeInst 10.10 +0.01 -0.1
CapWGrA 62.37 +0.44 4.1 TotRet NA ... NA TotRetBdI 8.54 +0.01 -2.3 Contra 18.28 +0.16 13.7 CapApInst 102.88 +1.16 6.6 PIMCO Funds A HYCorAdml r 5.30 +0.02 -0.4 PrmcpCor 33.10 +0.31 4.3 STIPSIxins 24.01 +0.02 0.8
EupacA 56.48 +0.44 3.3 Calamos Funds Edgewood Growth Instituti ContraK 18.34 +0.16 13.7 Harding Loevner IncomeFd 10.40 +0.02 NA InfProAd 22.64 +0.01 -1.6 STAR 27.03 +0.19 0.7 TotBdInst 9.32 ... -3.0
FdInvA 76.19 +0.63 6.8 MktNeutI 14.37 +0.02 1.5 EdgewoodGrInst 46.10 +0.52 5.4 CpInc 9.70 +0.04 2.1 IntlEq 25.41 +0.24 -2.1 PIMCO Funds I2 InfTechIdx 248.77 +3.13 0.6 TgtRe2020 26.95 +0.13 0.3 TotBdInst2 9.21 +0.01 -2.9
GwthA 67.55 +0.55 7.0 Columbia Class I Fidelity GroCo 34.48 +0.49 8.0 Invesco Funds Y Income 10.40 +0.02 NA IntlGrAdml 102.58 +1.44 0.8 TgtRe2025 18.53 +0.11 0.8 TotBdInstPl 9.32 ... -3.0
HI TrA 9.42 +0.02 1.0 DivIncom I 31.72 +0.25 4.8 500IdxInstPrem 174.04 +1.50 5.5 InvGrBd 9.70 ... -2.7 DevMktY 38.41 +0.42 -0.5 PIMCO Funds Instl ITBondAdml 9.93 ... -3.1 TgtRe2030 35.90 +0.25 1.2 TotIntBdIdxInst 29.19 +0.05 -0.9
ICAA 53.31 +0.42 6.1 Dimensional Fds Contrafund K6 26.10 +0.23 13.3 LowP 45.96 +0.46 4.3 JHF III DispVal IncomeFd 10.40 +0.02 NA ITIGradeAdml 8.35 +0.01 -2.5 TgtRe2035 22.49 +0.17 1.7 TotStInst 120.47 +1.06 4.7
IncoA 23.59 +0.16 1.4 EmgMktVa 29.93 +0.28 1.9 ExtMktIdxInstPre 77.84 +0.78 -0.3 Magin 13.63 +0.12 10.7 DispValMCI 28.28 +0.21 3.3 Price Funds LarCapAd 115.75 +1.01 5.3 TgtRe2040 40.10 +0.32 2.0 ValueInst 61.27 +0.45 5.8
N PerA 57.93 +0.50 3.6 EmMktCorEq 22.59 +0.20 1.0 FidSerToMarket 16.39 +0.14 4.7 NASDAQ 196.08 +2.15 3.1 John Hancock BlChip 162.23 +1.56 8.6 LTGradeAdml 7.51 ... -6.2 TgtRe2045 27.32 +0.24 2.5 Victory Port
NEcoA 56.59 +0.46 4.9 IntlCoreEq 15.57 +0.18 1.8 GrowthCompanyK6 24.41 +0.34 8.7 OTC 19.70 +0.23 7.7 BondR6 13.10 +0.01 -2.5 DivGro 73.59 +0.47 4.2 MidCpAdml 293.27 +2.26 2.2 TgtRe2050 45.65 +0.42 2.7 VsycamoreFnd 47.98 +0.40 3.7
NwWrldA 76.23 +0.63 1.6 IntSmCo 19.33 +0.21 0.2 IntlIdxInstPrem 48.14 +0.62 2.0 Puritn 24.36 +0.17 4.9 JPMorgan I Class Growth 92.47 +0.84 6.8 MuHYAdml 10.55 ... -0.3 TgtRe2060 46.94 +0.44 2.7 WCM Focus Funds
SmCpA 64.13 +0.38 -3.2 IntSmVa 21.90 +0.25 3.2 LgCpGwId InstPre 31.12 +0.28 5.5 SAIUSMinVolIndFd 19.42 +0.10 4.0 CoreBond 9.96 +0.01 -2.4 LgCapGow I 70.88 +0.62 7.8 MuIntAdml 13.51 ... -0.8 TgtRet2055 50.94 +0.47 2.7 WCMFocIntlGrwIns 24.09 +0.21 5.8
TxExA 12.26 +0.01 -0.8 LgCo 33.25 +0.29 5.5 MidCpInxInstPrem 30.68 +0.26 2.4 SAIUSQtyIdx 20.28 +0.20 4.8 EqInc 23.86 +0.20 4.3 MidCap 101.03 +0.69 1.0 MuLTAdml 10.76 ... -1.2 TgtRetInc 12.94 +0.05 -0.2 Western Asset
WshA 59.71 +0.43 4.7 US CoreEq1 37.80 +0.33 5.1 SAIUSLgCpIndxFd 20.81 +0.18 5.5 SrsBlChGroRetail 16.98 +0.22 8.7 LgCpGwth 65.72 +0.60 9.3 NHoriz 54.55 +0.51 -3.0 MuLtdAdml 10.76 ... -0.1 Welltn 42.10 +0.25 2.3 CorePlusBdI NA ... NA
B10 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

PAID ADVERTISEMENT

So, you’re ready to buy

a home. Here’s your
next 111 to-dos. *

40. Research any environmental factors and risks that that agent is representing their interests, so you may want
Get Informed - Do Your Research could affect your home, such as flooding, wildfire, heat, to participate in those calls to negotiate on your behalf.
1. Research the real estate industry and legal services to air quality, and noise. Some of these factors will affect the
understand what’s available to you, including the entire cost of ownership. For example, if the home you purchase
process and necessity for legal representation. is in a flood zone, you will need to obtain flood insurance. Facilitate Closing
2. Achieve proficiency in federal and state fair housing 41. Narrow down your top home choices for a closer look 74. Coordinate communications effectively among all
laws that protect your rights. You want to be sure that before considering making any offer. parties, including your lender, the seller’s agent, the
you’re not being denied the opportunity to make an closing attorney, and any additional third parties.
offer on a home or secure financing based on your race,
religion, national origin, sex, disability, and/or family Prepare Financing 75. Seek additional guidance for transactions involving
short sales, foreclosures, or bank-owned properties. These
status.
42. Analyze your finances to determine the total down transactions often involve additional title, ownership, and
3. Research local and national down payment assistance payment and closing costs you can afford. financing considerations, and they may be as-is
resources. These programs can help make your home —meaning, the properties may be damaged or require
purchase more affordable. 43. Gather and assess quality lender resources. costs for repairs that the buyer is accepting as a condition
Ask friends and family for recommendations. of purchase.
4. Check your eligibility for down payment assistance
programs. 44. Consider at least three mortgage lenders during 76. Estimate the gross out-of-pocket cost of completing
the pre-approval process. Mortgage rates, terms, and the transaction. This may include, but is not limited to,
5. If you’re a Veteran, research home services and loan eligibility may vary from lender to lender.
programs available to you. closing costs, a title search, financing points (to “pay
45. Familiarize yourself with the mortgage pre-approval down” the mortgage interest rate), and transfer taxes.
6. If you’re a Veteran, determine whether you qualify for process. Pre-approval means that a lender has verified
a zero-down VA home loan. Making a down payment is a 77. Acquaint yourself with flood insurance. If the home
your income, credit background, and other factors and you purchase is in a FEMA-identified flood zone, you must
significant hurdle for many home buyers. Programs like has provided a conditional commitment for an approved
these can open the door to homeownership, for those who obtain flood insurance as a condition of ownership. You
mortgage amount. With pre-approval, your offer will be may also consider adding flood insurance to your regular
know about them and qualify. considered far more seriously. home insurance policy, because most regular policies do
7. Learn about local home prices, inventory levels, and 46. Prepare and collect personal financial information not cover damage from flooding.
market demand in your desired area. If you are in a hotter like pay stubs, credit card statements, and other existing
market, high demand for homes may affect your buying 78. Learn about title insurance, and consult a qualified
loans/debt, and share that information with the lenders insurance broker. Title insurance covers any pre-existing
process and offer strategy. you’re considering. title problems that you may discover after you’ve
8. Ensure that all personal and financial information 47. Collect and compare multiple financing options. purchased the home (e.g., tax liens, unpaid/outstanding
remains confidential to mitigate risk of identity theft. Beyond traditional mortgages, look into lesser-known mortgages, previous ownership claims).
Research the steps that you can take to protect your alternative options like seller financing or rent-to-own
identity when buying a home. 79. Fully investigate your options for a home inspector,
programs. title company, appraiser, and other services. Forgoing
9. Throughout the process, know the risks of posting 48. Explore various financing options to find the best fit a home inspection is not advised as these professional
home search details on social media to avoid being for your needs. Many people use a conventional, fixed-rate inspectors will provide a comprehensive assessment
targeted for fraud. 30-year mortgage, but mortgages with other terms (e.g., of a home’s current condition and risks.
10. Do some research on what home features are 15- and 10-year fixed rate, adjustable rate, and assumable) 80. Create a list of required and optional home
currently popular to help identify your preferences might also be options. inspections, including environmental, roofing, and
and how this may affect the value of the home. 49. Coordinate with your lender to discuss discount mold. This will help you determine what inspection
points, which you can pay to lower the interest rate on contingencies to include in your purchase offer.
your loan. 81. Ensure that necessary property surveys are ordered.
Set Homeownership 50. Analyze loan estimates. Loan duration, size of your A property survey will help you understand where your
Goals and Budget down payment, fees, and other loan terms can affect your property begins and ends, and determine any potential
overall mortgage costs. issues—such as easements or encroachments—before
11. Obtain a copy of your credit report, including your you take ownership of the property.
credit score, to assess where you stand, and ensure you 51. Obtain a pre-approval letter from your lender, which is
have time to dispute errors and improve your score. more comprehensive than pre-qualification. Pre-approval 82. Discuss any concerns arising from the home
The better your credit score, the more likely you are to be is a written commitment from a lender that stipulates the inspection. Use any negative findings from your home
approved for a mortgage and receive a better rate. amount they will lend you for a home purchase. inspection report as leverage for repairs or credits.

12. Consider all your homeownership wants and non- 52. Carefully review the pre-approval letter from your 83. Track and meet all contract deadlines. Depending
negotiable needs. You may need a certain number of lender to understand its contents and ask necessary on the terms of your offer, these may include deadlines
bedrooms based on the size of your family, or a first-floor questions. for inspections, final financing/loan, down payment and
bedroom and bathroom if you plan to age in place. earnest money deposits into escrow, title searches, and
settlement date.
13. Set your budget and be mindful of the complete cost of
homeownership. Consider the purchase cost of the home Making Your Offer 84. Order the appraisal. Confirm whether your lender will
and any ongoing living and maintenance expenses. Those accept an independent appraiser or require an appraisal
53. Review statistics to see what percentage of the list
ongoing expenses may include but are not limited to management company to conduct the appraisal.
price sellers in your area are currently receiving. This will
real estate taxes, heating, AC, water, yard and appliance help you decide whether to offer the asking price, or adjust 85. Question the appraisal report if it affects your

Or, do 1 thing.
maintenance, repairs, homeowners association fees, and your offer below or above the asking price, to make your financing. Check for errors like square footage,
commuting costs. bid more competitive. inadequate home comparisons, or incorrect descriptions
14. Assess your financial ability to purchase a home. of the home or neighborhood.
54. Consider the current, local average days on
The typical rule of thumb is that your total monthly
housing payment (mortgage, taxes, insurance, etc.)
shouldn’t be more than 30% of your gross monthly
the market to gauge property pricing and market
competitiveness. Fewer days on market indicates greater
demand, which means you may need to raise your offer
86. Order the title search. A clean property title means
the buyer and lender agree there are no claims on the
property that could become an issue after ownership
Find a buyer’s
agent.
household income, but individual situations may vary. or offer additional incentives to make your offer more is transferred.
15. Assess your desired market’s compatibility with competitive.
87. Regularly contact your lender to ensure the loan
your budget based on current income and other 55. Pay for a professional comparative market analysis process is on track to meet the closing requirements.
considerations. (CMA) before making an offer to ensure it’s competitive.
A CMA is a report that details recent home sales, local 88. Ensure any necessary funds, like earnest money or
16. Professionally advocate for yourself throughout the down payments, are received by the stated deadlines
market activity, and sales prices to help you craft a
entire process. To do that, you should promote and defend
successful offer. to avoid any risk of the seller terminating your contract. No one is better qualified
your interests while keeping emotions in check to ensure
you get your desired outcome. 56. Research independent home valuation information 89. Ensure all parties have all forms and information to represent your interests
needed to close the sale. Missing or late paperwork can
from online resources like Realtor.com to assess an offer
cause delays. when buying a home than a
price that considers the sale of similar homes in the area.
Start Your Home Search It’s important to make an offer that’s in line with local 90. Check addendums and alterations for agreed-upon professional buyer’s agent.
market conditions. You don’t want to overpay for a home, terms.
17. Establish and adhere to a schedule for house hunting, or make an offer that’s so low it won’t even be considered,
mortgage approval, and closing to meet your desired so it’s good to talk to an independent adviser who has 91. Take note of the location and details of your closing Because they work for you.
timeline. If you miss any milestone deadlines, you could be local market knowledge. meeting.
at risk of losing your down payment or losing the home for They represent your interests
purchase. 57. Consider hiring a real estate lawyer for legal 92. Confirm and communicate the closing date and time

18. Learn how local markets could affect your buying and
representation as you build your offer and for legal due to the seller’s agent, noting any changes. in negotiations with the seller’s
diligence as you review contractual documentation.
owning process. Fewer homes for sale, future development 93. Schedule and conduct a final property walk-through. agent, in probably the biggest
plans, school ratings, access to transportation, and 58. Review a sample sales contract to prepare to make Create a comprehensive checklist of your concerns
community amenities are all elements that may affect an offer. This document outlines every facet of the regarding the home, and then confirm that any agreed- financial decision of your life.
demand in a given market. transaction, but it may not include everything you want upon repairs were addressed or fixed by the seller.
in the transaction or from the seller, so don’t assume
19. Scout listings and online marketplaces for suitable everything is there.
94. Confirm the clear-to-close status, indicating all Is it any surprise that nearly
properties. documents and conditions to approve your loan have
59. Understand common contract contingencies and the been met, with your lender. 9 out of 10** home buyers say
20. Set up real-time alerts on home search marketplaces
to get notifications when matching homes hit the market,
importance of including protective clauses in your offer.
95. Review your closing statement. It explains the terms they’d use a buyer’s agent
These may include but are not limited to your ability to
of the mortgage, the projected monthly payments, and
and for open houses and price reductions. secure financing that covers the appraised home value,
how much your fees and closing costs will be.
when purchasing a home again?
21. Compare properties to your wants and needs list to inspections (home, radon, lead, etc.), closing date, date of
ensure they align with what you’re looking for. possession, and owner lease-back terms. 96. Double-check all taxes, dues, and prorations related
to your purchase.
22. Tap your personal network to uncover additional 60. Learn about any purchasing incentives that you might
properties of interest that are not yet publicly listed and be eligible for. Home sellers may offer concessions like a 97. Request the final closing figures from the closing
may become available for sale soon. pre-paid homeowner warranty, closing costs, or allowance agent. This is the total amount of money that you will have
for home improvements/repairs as indicated by a home to bring to the closing table.
23. Contact homeowners in desired areas to see if they inspection. You will need to negotiate these as your own
are considering selling. representative. 98. Review your title insurance commitment carefully
to ensure all information is accurate.
24. Gather information about any homes that might be 61. Ensure your offer will stand out as the most attractive
for sale but are not actively being marketed. in the current market. Be ready to compete—many homes 99. Be aware of wire fraud risks, and verbally verify
today are receiving multiple offers and bidding wars are all wiring instructions with the seller’s agent before
25. Virtually preview properties that you’re interested in. transferring funds. Get the detailed instructions from
common.
your closing company, and be leery of any messages you
26. Select homes for viewing that align with your specific
62. Craft an offer that is well positioned to be accepted, receive that request changes to the original instructions.
needs.
and submit it to the seller’s agent. An offer typically
includes how much you are willing to pay for the home, 100. Provide receipt of escrow deposit to the seller’s
27. Schedule multiple in-person home viewings by
how much earnest money you can provide, when you want agent/broker to verify this financial step has been
contacting each home’s listing agent. Schedule separate
to close on the home, and the deadline for the seller to completed.
appointments at times that suit the listing agent but may
not always suit you. respond. 101. Gather all required forms and documents for closing.
Typically, you’ll need a photo ID and a cashier’s or certified
28. Periodically reevaluate your needs and refocus your
check (or receipt of a wire transfer).
property search, as necessary.
Negotiations and 102. Perform any remaining closing activities to complete
29. Explore all available resources to learn more about
prospective neighborhoods. Be sure to speak to local Offer Acceptance the transaction.
experts who understand the neighborhood and will give 63. Identify and prioritize your main goals for contract 103. Review all closing documents with the closing agent
you honest feedback. negotiations. or attorney. Be prepared to sign a ton of paperwork.
30. Tour the amenities, schools, and points of interest, and 64. Familiarize yourself with negotiation best practices. 104. Distribute final documents to all involved parties for
test commute times in your chosen search area. Be mindful of how your body language and facial their records. You’ll want to keep this important paperwork
expressions can influence a successful negotiation. safe.
31. Cross-reference local crime registries for the
neighborhoods you are searching. 65. Develop a negotiating strategy to secure the best 105. Verify receipt of all keys, access codes, garage door
terms. In addition to price, consider terms such as repairs, openers, and manuals for all equipment and appliances.
32. Educate yourself on what to look for in property
disclosures of home listings while you search to make closing costs, or the timeline for closing.
informed decisions. Required property disclosures vary 66. Negotiate the best price with the seller’s agent.
by state and may include, but are not limited to rights of The seller’s agent will be negotiating on the homeowner’s Post-Closing Activities
way, upcoming special assessments, whether the home is behalf. You will be negotiating with a professional who 106. Prior to moving, consider rekeying your locks and
in a flood zone, past termite damage, and the presence of likely has extensive experience in this area, and you may changing access codes as an extra precaution to
lead paint. be at a disadvantage. safeguard your home from anyone who may have had
33. Stay current with the listing months of market 67. Be prepared for multiple-offer situations. Don’t get access prior to your ownership.
inventory. As with days on the market, this indicates how discouraged, and have your negotiation strategies ready. 107. Remember to transfer all utilities and services to your
competitive a given market is and should inform your
68. Consider using offer strategies like an escalation new residence so you do not incur costs on your former
offer.
clause, which raises the price you’re offering by a certain residence. This ensures everything is up and running in
34. Consider measures of home value beyond price amount over the price that another buyer is offering; preparation for your move-in date.
per square foot. These include neighborhood, proximity offering flexibility on move-in/possession date; or waiving 108. Turn your home inspection report into a maintenance
to work and community amenities, and community various contingencies. to-do list.
development plans. Be sure to consult with a local expert
to get the most comprehensive information. 69. Explore optional contingencies, and understand their 109. File claims with your homeowner’s warranty company
advantages and disadvantages. If you agree to waive the as needed. A home warranty is a policy that covers the
35. Research municipal services and other relevant inspection contingency, for example, you are accepting cost of major repairs or appliances.
neighborhood information. the risk of purchasing a home that may have myriad
defects or require additional funds to repair or bring up 110. Stay engaged and proactively follow up on any
36. Be informed about potential neighborhood negatives
to code. pending items or concerns post-closing. Keep a running
such as noise levels, venues, or operations that could
checklist handy to ensure you stay on top of any potential
impact your property value. 70. Be aware that all known material defects should warranties, including their expiration dates.
37. Check applicable zoning and building restrictions if always be disclosed to you. Know what questions to ask,
and ensure you receive and comprehend all required 111. Arrange for the move-in day in your new home by
you plan to rent out your home or add a unit to generate
disclosure forms by state and federal laws. These forms contacting movers. Buy yourself a bottle of champagne.
short-term or monthly rental income.
vary by state. Congratulations, you’re a new homeowner now.
38. Understand public property and tax information for
potential homes. It’s important to be informed about 71. Agree to final terms with the seller, and sign the
the possibility of future tax increases and property contract. In some states an attorney may be required.
assessments, which will affect the property taxes you owe 72. Verify the final offer is signed by all parties.
from year to year.
73. Prepare your lender for listing agent calls. The agent
39. Gather and consider important data on utility representing the home seller will contact your lender
availability and costs. For example, you’ll want to confirm to confirm pre-approval and arrange other settlement
if the home has good high-speed internet access. details. These details will likely favor the home seller, since

*Actual services or to-dos will depend on the needs of the buyer and the transaction - not all 111 things will need to be done in every transaction.
**Based on a 2023 proprietary survey among recent home buyers and sellers.
 THE WALL STREET JOURNAL. * * * * * * Tuesday, April 23, 2024 | B11

MARKETS & FINANCE

GEF Capital
Gets $325 Million
For Energy Bets
BY LUIS GARCIA that cater to hotel chains and
office-building operators,
Sustainability specialist which are striving to reduce
GEF Capital Partners has costs to compensate for a
raised $325 million to back drop in occupancy levels fol-
midsize companies that help lowing the pandemic.
other businesses consume en- Stuart Barkoff, a GEF man-
ergy more efficiently, includ- aging partner and founder,
ing property managers striv- cited the firm’s investment in
ing to reduce electricity costs InSite, whose software and
and carbon emissions. engineering professionals help
The Arlington, Va.-based building managers and other
firm recently wrapped up its clients save electricity by opti-
second North America-focused mizing cooling and heating
fund, GEF US Climate Solu- system settings according to
STEVE MARCUS/REUTERS

tions Fund II, to invest in sec- occupancy levels, among other

tors such as clean energy and things. The Washington, D.C.,
energy efficiency as well as company serves hotel chains
waste and water management. such as Four Seasons, Barkoff
GEF makes similar invest- said. GEF backed the business
ments in Brazil and India through the new fund.
Shares of Google parent Alphabet rose 1.4% Monday. The company benefited from a rebound in artificial-intelligence stocks. through separate vehicles. “Commercial real estate is
The amount collected for facing a bit of a crisis right

Stocks Index performance on Monday

2.00%
is forecasting first-quarter
growth at 2.9%. Hotter-than-
expected retail sales for March
the new fund
exceeded the
firm’s initial
now and they
are trying to
figure out ways

Regain suggest a strong reading is in $250 million The amount to reduce their
1.75 Nasdaq Composite the cards. goal, GEF said. collected costs,” he said.
S&P 500 Bitcoin climbed to $66,602, Founded in “We have an

Footing
1.50
Dow Jones Industrial Average according to the CoinDesk Bit- 2018 as a spin- exceeded the opportunity
coin price index, following the out of invest- here with In-
1.25
token’s halving event. ment firm
initial $250 Site to help
1.00 The U.K.’s FTSE 100 rose Global Environ- million goal. them reduce
Continued from page B1 1.6% to a record for the first ment Fund, costs in a
last week’s fallout. Alphabet 0.75 time since Feb. 20, 2023. At GEF Capital stressed envi-
added 1.4%. Chip maker Nvidia midday Tuesday, Japan’s Nikkei now oversees ronment.”
rose 4.4% after its biggest one- 0.50 225 was up 0.3%, Hong Kong’s assets of about $1.5 billion. Another business backed by
day decline on record. Hang Seng Index was up 1.5% Backers of the new fund in- the new fund, Mountain View,
Shares of Verizon Commu- 0.25 but the Shanghai Composite clude European asset manag- Calif.-based Polargy, provides
nications, which helped kick was down 0.6%. S&P 500 fu- ers Blue Earth Capital, HQ products such as aisle con-
off this week’s earnings, fell 0 tures were flat. Capital, Ingka Investments tainment systems, modular
4.7% after revenue missed Wall and Quilvest Capital Partners. walls and structural ceilings
Five-minute intervals
Street’s expec- –0.25 Swedish pension Första AP- used in data centers—a sector
MONDAY’S tations. AUCTION RESULTS fonden, Finnish bank Nordea in which energy efficiency has
10 a.m. 11 noon 1 p.m. 2 3 4 Here are the results of Monday's Treasury auctions.
MARKETS For the year, All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
and Granite Capital Manage- become crucial to offset the
the S&P 500 is Source: FactSet between that price and the face value. ment in New York also backed demand from power-hungry
hanging on to a 5% gain, after the fund, according to GEF. artificial-intelligence com-
13-Week 26-Week
falling 4.6% this month. The yield on benchmark 10- Investors on Thursday will Applications $198,789,034,400 $200,416,563,600
The firm has made six in- puter systems.
Stocks have pulled back and year Treasury note edged get a look at how the U.S. econ- Accepted bids $74,296,934,400 $74,297,231,100 vestments so far through the Rapidly expanding AI tech-
bond yields have climbed in higher to 4.622% on Monday omy fared in the first quarter, " noncomp $2,648,903,500 $2,179,621,600 new fund, accounting for nology is expected to help al-
" foreign noncomp $0 $190,000,000
April after resilient economic from 4.613% on Friday. followed by the latest reading Auction price (rate) 98.671653 97.391333 roughly half of its capital, said leviate the breakneck rise in
growth and firmer-than-ex- New data on the economy on the Fed’s preferred inflation (5.255%) (5.160%) Daniel Prawda, a GEF manag- electricity demand it spurred,
5.400% 5.372%
pected inflation data cast this week could offer more gauge on Friday. Bids at clearing yield accepted 15.40% 45.65% ing partner and founder. He which is attracting investors
doubt on the chances that the clues on whether the central A Federal Reserve Bank of 912797JT5 912797KV8 added that the firm sees par- to developers of AI-powered
Federal Reserve will cut inter- bank cuts rates in coming Atlanta model for inflation-ad- Both issues are dated April 25, 2024. The 13-week bills
mature on July 25, 2024; the 26-week bills mature on
ticular opportunities in energy energy-efficiency software, ac-
est rates this year. months. justed gross domestic product Oct. 24, 2024. efficiency-service providers cording to asset managers.

10-Year Treasury Yield May Hit 5%,

But the Path Toward It Is Narrow
BY EMESE BARTHA 10-year U.S. Treasury yield expects, he said. “For the 10-
4.8% year Treasury yield to move
A recent jump in U.S. gov- higher from here, new triggers
ernment-bond yields has left would be needed.”
investors pondering whether 4.6
Some analysts say a rise to
the 10-year Treasury yield 5% would require rate in-
could reach 5% as expectations creases to become a realistic
for interest-rate cuts continue prospect.
4.4
to be scaled back. “A selloff to that extent
The yield hit a five-month would likely require the FOMC
high of 4.696% last week, ac- not only putting the possibility
4.2
cording to Tradeweb, after of rate hikes back on the table,
strong inflation data for March but actively considering such a
increased the prospect that move, both of which remain

The Gift of Glow

4.0
the Federal Reserve could de- some way off at the moment,”
lay rate cuts until later in the Michael Brown, senior re-
year. search strategist at Pepper-
Reaching 5% will be tricky, 3.8 stone, said.
however. It would require rate- Jan. 2024 April The yield on offer currently LIGHT UP HER MOTHER'S DAY WITH OUR
cut expectations to be scaled Source: Tradeweb ICE Closes is already high enough to en-
back even further, potentially tice buyers, and 5% remains 18KT GOLD CUBANLINK NECKLACE
for no cuts at all this year, or icant drop from 1.5 percentage some way off, Brown said.
even the possibility of a rate points at the beginning of the “Sustaining a move to such
increase as inflation stays high year, according to Refinitiv. a level would likely also mean
and the economy strong, ana- Fed Chair Jerome Powell a significant upward revision
lysts said. poured cold water on rate-cut to neutral rate estimates, and
“We would not be surprised expectations last week by say- a sharp reacceleration in infla-
to see the 10-year Treasury ing the Fed might need longer tion,” he said.
yield retest the 5% level even before it can be confident that The neutral rate is an esti-
with the prospect of rate cuts inflation is returning to its tar- mated interest rate that is nei-
on the horizon,” Jim Smigiel, get. ther restrictive nor accommo-
chief investment officer at SEI, “The sharp repricing of the dative for the economy.
said in a note. Treasury market since the be- “For the 10-year yield to
Treasury yields have scope
to rise further, not only due to
ginning of the year, and espe-
cially in April, has been driven
reach 5.00% it would require
the market removing around
$
1,495
Compare at $2,095
inflation remaining high but by a perfect storm, where [0.4 percentage point] of cur-
also the U.S.’s “substantial stronger U.S. macro indicators rently discounted rate cuts for
budget funding pressures” and and higher inflation have coin- the coming two years,” said
the lack of term premium—the cided with hawkish comments SEB’s Hiljanen.
additional yield investors re- by the Fed,” Jussi Hiljanen, For now, another round of Crafted in Italy, our striking 18kt gold graduated necklace
ceive for buying long-dated chief strategist for U.S. dollar strong U.S. data could lead
bonds compared with their and euro rates at SEB Re- markets to erase another sits stylishly flat and puts high shine on full display
short-dated counterparts, search, told Dow Jones News- quarter of a percentage point
Smigiel said. wires. of rate-cut expectations for with classic Cuban links.
Markets currently price The 10-year yield could the coming two years, likely
only 0.38 percentage point of reach 5%, but the bar is high lifting the 10-year yield above
Fed rate cuts in 2024, a signif- and it isn’t what SEB Research 4.80%. Available in 18" $1,495 and 20" $1,595

prompt the central bank to whose fund owns shares of

cut interest rates, boosting Microsoft, Alphabet and Am-
stocks. azon.
Now, that forecast is in Amazon trades at 38 times
question. Consumer prices, its projected earnings over
which rose at a 3.5% clip over the next four quarters, ac-
the 12 months ended in cording to FactSet, while
March, have run hotter than Tesla trades at 48 times. The
expected for three months in S&P 500 trades at 20 times.
a row. Fed Chair Jerome Pow- More than half of respon-
Continued from page B1 ell said last week that central dents in a BofA Securities FREE EXPRESS SHIPPING — ORDER TODAY!
economy was headed for a bank officials aren’t ready to survey of fund managers last
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B12 | Tuesday, April 23, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Meta AI Push Needs More Ad Growth

Facebook parent’s valuation has surged, creating new pressure to keep revenue growing and costs down

Investors are happy to let Mark its arch-rival over the three-year Meta Platforms’ annual the company delivered last year. ket shifts could affect spending
Zuckerberg have his metaverse— period ahead of its last earnings operating results Operating margins are expected to from China-based advertisers,
as long as he keeps the advertis- report in February, which kicked Projections
keep moving upward, hitting 39% which accounted for 10% of Meta’s
ing dollars rolling in. Hopefully off the stock’s latest upswing. $175 billion this year compared with 35% in revenue last year. In a report
the chief executive of the world’s Several factors drove the recent 2023, according to FactSet data. Thursday, Bernstein analyst Mark
largest social network knows gains. Meta’s ad business re- 150 Advertising revenue All are doable. Meta hasn’t Shmulik noted U.S. digital ad
where to find them. bounded from a slump in 2022, Operating profit missed the midpoint of its own spending from e-commerce up-
Meta Platforms, the parent of while a sharp reduction in costs 125 revenue guidance for the past six start Temu dropped “meaning-
Facebook and Instagram, reports dubbed by Zuckerberg as the “year quarters, and its annual total costs fully” during February and March
first-quarter earnings on Wednes- of efficiency” improved full-year 100 and expenses have come in below as the company “started to focus
day, making it the first of the tech operating margins by 10 percentage its initial guided range for three of efforts elsewhere in face of regula-
75
giants to post results for the pe- points. The company used its last the past four years. Reels in partic- tory uncertainty.”
riod. To say expectations are high report to boost share buybacks and 50
ular is showing strength; the short- Meta has to strike the right bal-
would be an understatement. Even initiate its first-ever dividend. form video service Meta uses to ance between its heavy invest-
with a sharp, sector-wide selloff Meta has been enjoying the 25 compete with TikTok averaged an ments in AI and maintaining its
on Friday, Meta’s share price is up same artificial-intelligence halo ad load of 20% during the first margins. The company projected
36% for the year to date. That is lifting most of its peers. The com- 0 quarter, compared with 16.2% in capital expenditures in the range
well ahead of its peers save for pany released the latest version of 2016 ’20 ’25 the same period last year, accord- of $30 billion to $37 billion for the
Nvidia, and the fifth-best perfor- its large-language model called ing to an analysis by Citigroup. year which, as a percentage of
mance on the S&P 500 in that Llama 3 on Thursday. But while Source: the company (actual); FactSet (projections) Reels stands to benefit if TikTok projected revenue, is the highest
time. Google has been a bit hamstrung ends up being banned in the U.S. such spend of any of the major
Meta’s market cap of a little by investors worried that genAI tools,” Brent Thill of Jefferies But the online ad business can tech companies. And AI requires
over $1.2 trillion is 13% above the chatbots will displace its core wrote earlier this month. swing unpredictably, due to global more than servers and Nvidia’s ex-
peak it saw in late 2021—and business of internet search, Meta Investors are betting on that. events like war, natural disasters pensive chips; Meta told analysts
more than five times the level that has the advantage of being able to Analysts expect Meta’s first-quar- and even tweaks by Apple to its in its last earnings report that it is
it sank to the following year. The integrate AI into its ad business ter revenue to jump 26% year over iOS platform—the latter of which planning to resume hiring in key
stock is trading around 24 times without worries that its base of year to nearly $36.2 billion, which crimped ad growth for Meta and areas, which “will further shift our
forward earnings—a 5% premium nearly 3.2 billion people checking is the high end of the company’s its social-network rivals in 2022 workforce composition toward
to Google parent Alphabet, ac- in daily will somehow disappear. own projected range. Full-year ad by making it harder for advertis- higher-cost technical roles.” The
cording to FactSet data. Meta’s “The Meta moat is likely to con- revenue is expected to rise 17%—a ers to track mobile users. year of efficiency may have an ex-
shares averaged a 13% discount to tinue growing with new Gen AI ad point better than the 16% growth Geopolitical tensions and mar- piration date. —Dan Gallagher

Insurer Results Make Hospital Investors Sweat TikTok Ban:

What is good for hospitals and
healthcare providers can be bad
Performance of provider and
insurer shares, year to date
basis, with the company noting
that overall care patterns in the
sures and pricing should still posi-
tively influence earnings, notes
The Good,
for insurers. When hospitals are
full of patients, insurers aren’t
likely to do well.
Radnet Tenet Healthcare
Elevance Health HCA Healthcare
first quarter were “consistent with
the company’s expectations.”
Nothing to worry about here, ex-
UBS analyst A.J. Rice.
And in any case, stabilization
of healthcare utilization isn’t the
The Bad
Those trends were in stark relief
during the pandemic years, as hos-
pital systems and medical facilities
UnitedHealth Group

40%
Humana ecutives repeatedly told investors,
who promptly sent UnitedHealth’s
stock soaring and hospital shares
same as a sharp drop-off. United-
Health and Elevance earnings
may have signaled to investors
And the OK
struggled to hire staff amid a short- tanking. Then on Thursday, Ele- that their views on providers
age of nurses and doctors. Then, 30 vance offered more relief, saying were perhaps a bit too rosy, but
starting in early 2023, medical that costs were running as ex- they didn’t exactly demonstrate If TikTok gets banned in the U.S.,
20
workers flocked back to hospitals pected while raising its full-year that cost pressures have eased. expect the benefits to mostly accrue
and seniors returned for proce- earnings guidance. UnitedHealth noted that while it to those who need them the least.
10
dures such as knee replacements, Various monthly surveys are was no longer seeing the “aggres- The House passed a measure
filling up facilities while driving up 0
also showing a moderation in hos- sive acceleration” in medical utili- over the weekend that would re-
medical bills for insurers. pital volumes. TD Cowen’s survey, zation the industry experienced quire either the divestiture or ban
Investors had been betting that –10 for instance, found 305 hospitals in 2023, it hasn’t yet seen a major of the Chinese-owned social media
medical utilization would continue reported only 1% year-over-year “step down.” app within a year. The Senate is
to stay elevated in the first quar- –20 revenue growth in March, which That means that a recent pull- widely expected to approve the
ter, supported by reports of strong was far weaker than 11% growth in back for HCA shares could offer a measure and President Biden has
hospital volumes early on this –30 February. buying opportunity. After the re- committed to signing it. Hence,
year and the fact that prior autho- Analysts led by TD Cowen’s cent drop, HCA trades at 13.8 for- TikTok’s fate in the U.S. will likely
rizations were waived as a result –40 Gary Taylor suggested we could be ward earnings according to Fact- be decided in court, where the
of the cyberattack on Change Jan. 2024 Feb. March April at the start of a reversal of hospi- Set, which is above its 12.8 company vowed to press its case.
Healthcare, a major clearinghouse tals’ outperformance over man- average multiple over the past five That outcome is far from cer-
for medical claims. Source: FactSet aged-care companies. years but well below a peak of 16 tain. But the significantly in-
So when two large insurers re- Investors will find out more this reached this past year. creased possibility that the mega-
ported earnings results this past pany of the largest health insurer, week as providers including Uni- The picture for providers isn’t popular app could disappear from
week, investors in healthcare pro- and Elevance Health (formerly versal Health Services and HCA as optimistic as it seemed before U.S. smartphones has Wall Street
viders were watching closely for Anthem) poured some cold water Healthcare, two large hospital insurer earnings started coming in laying bets on who stands to bene-
clues. on that thesis. chains, report earnings. HCA last week. But providers have fit the most from such a sce-
But the messaging from United- UnitedHealth’s results beat Wall might deliver solid results, as im- plenty to be thankful for. nario—and who gets hurt.
Health Group, the parent com- Street expectations on an adjusted provements in labor cost pres- —David Wainer
Winners
The biggest consensus winners
are Instagram and Facebook,
A Sony Bid for Paramount Would Be a Win-Win owned by Meta Platforms, and
YouTube, owned by Google parent
Alphabet. Both companies operate
short-form video platforms—called
A Japanese giant is lining up to Reels and Shorts respectively—
buy an American corporate icon that are TikTok’s biggest competi-
again—and not in the steel busi- tors among the U.S. audience. In a
ness this time. Sony is in talks with note Monday, Bernstein analysts
private-equity firm Apollo to bid estimated Meta would likely draw
for Paramount Global, which owns about 55% to 60% of TikTok’s U.S.
broadcaster CBS and the Hollywood ad revenue. YouTube would draw
studio behind classics such as “The 25% or so of that revenue pie, they
Godfather.” projected.
The news sent Paramount shares That doesn’t leave much for
up 13% Friday; on Monday, they SnapChat’s parent. But a little can
edged down 0.5%. go a long way there, since Snap
CHIABELLA JAMES/PARAMOUNT PICTURES/ASSOCIATED PRESS

The politics of a Japanese enter- generates the equivalent of about

tainment giant bidding for a U.S. 3% of Meta’s annual ad revenue. In
movie studio are likely far less another report Monday, Benjamin
toxic than Nippon Steel’s bid for Black of Deutsche Bank estimated
U.S. Steel, which has run afoul of every 10% of TikTok’s minutes that
presidential politics. A deal could accrue to Snapchat would boost
make good sense for both sides. its parent’s 2025 revenue by 25%.
But there would still be some po- A similar amount shifting to Face-
tentially thorny obstacles, antitrust book or Instagram gives a 2% rev-
regulators and boardroom drama enue lift to Meta, Black estimated.
among them.
Apollo has already tried to bid
$26 billion for the company, includ- Losers
ing its $14 billion of debt. But Para- A definite loser would be Ora-
mount’s board this month chose to Sony is in talks with Apollo to bid for Paramount Global. A scene from Paramount’s ‘Bob Marley: One Love.’ cle, the cloud-software giant that
enter a 30-day exclusive period hosts TikTok’s service in the U.S.
with Skydance Media, the produc- committee to try to ensure that any making it less attractive than the arms dealer, supplying content to In a report on Monday, Karl Kei-
tion company behind “Top Gun: deal is in the best interest of all all-cash acquisition that Apollo pro- other streaming platforms. That rstead of UBS estimated Oracle’s
Maverick.” Uncertainty over shareholders. But any potential sale posed. has proved to be a successful strat- revenue from TikTok in a range of
Apollo’s financing options may would still have to contend with Sony’s potential entry into the egy. Tying up with Paramount $600 million to $650 million a
have been one reason. the differing interests of the Red- fight should therefore give Para- would further enrich Sony’s con- year. That would be a little over
With a backer like Sony, which stone family and the rest of Para- mount shareholders some hope. tent library. 1% of Oracle’s total annual reve-
had $6.3 billion of cash on its bal- mount’s shareholders. There are clear synergies between Antitrust scrutiny is one poten- nue, though Keirstead thinks Tik-
ance sheet as of December, exclud- The company’s shares have lost Sony, which owns a major Holly- tial worry. Another question is how Tok is the largest customer for Or-
ing its financial-services segment, 26% since December, when news of wood studio, and Paramount. There Sony would deal with Paramount’s acle’s OCI cloud service, which
the bid should be harder for Para- a potential Skydance deal surfaced, could be cost savings in production, streaming and cable businesses. competes with Amazon.com, Mi-
mount to brush aside. The two reflecting precisely such worries. distribution and marketing. Bern- But as Bernstein’s analysts pointed crosoft and Google in that space.
firms haven’t formally submitted a Under the proposed merger, Sky- stein also notes that Paramount’s out, having Apollo on board to run “However, our checks suggest
bid as Paramount’s exclusive period dance’s owners would pay more studio real estate in Los Angeles the classic private-equity play—i.e. the downside could be mitigated
with Skydance ends next month. than $2 billion in cash to gain con- could be worth $2 billion to $3 bil- carve up the business and sell off by Oracle’s ability to re-purpose
The trouble is Paramount’s cor- trol of the 77% voting stake in Par- lion. Those potential synergies its parts—could prove to be a the TikTok capacity (and convert
porate structure. The Redstone amount from the Redstone family, could allow Sony and Apollo to strength in this partnership. its material OCI backlog) and by
family controls 77% of Paramount’s and then Paramount would acquire make a higher bid. Sony’s move may seem opportu- the likelihood that the TikTok deal
voting rights even though it owns Skydance in a $5 billion, all-stock Unlike other studios, Sony hasn’t nistic—but it might still end up is at quite low margins,” Keirstead
less than 10% of the firm. Para- deal. That would dilute Para- jumped into the streaming wars. leaving everyone with a better deal. wrote.
mount’s board has set up a special mount’s existing shareholders, Instead it has played the role of an —Jacky Wong —Dan Gallagher