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.

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What’s Inflation Edges Up, Hits 3.2% Boeing’s

News Latest figures unlikely tion is likely to reinforce the
central bank’s wait-and-see
gradual improvement” in core
inflation, Rosengren said in an
Consumer-price index,
change from a year earlier
Woes Put
Business & Finance
to derail Fed officials’
expectations to cut
posture toward rate reductions
when officials meet next week.
Still, officials are focused on
interview. “As long as wages
and salaries continue to drift
down, I don’t see this report
10% Core
+3.8%
Airlines’
rates later this year
 U.S. inflation was slightly
stronger than anticipated last BY JUSTIN LAHART
when to cut rates—rather than
whether to raise them again.
Inflation has declined notably
really altering the overall view
of probably a June reduction.”
U.S. stocks have made
8
Plans
AND NICK TIMIRAOS
month, accelerating to 3.2%
from February 2023, but did
little to change expectations
that the Fed will begin cut-
U.S. inflation was slightly
stronger than anticipated last
from 40-year highs following
the most rapid rate increases
in four decades.
Eric Rosengren, who
broad gains this year, though
trading has been choppy as
investors speculate on exactly
how the Fed might deliver its
6
In Flux
ting rates later this year. A1 month but did little to change headed the Boston Fed from rate cuts. Stocks rose after 4 Carriers are cutting
 U.S. stocks rose, in a show expectations that the Federal 2007 to 2021, said the Labor the report, a sign that inves-
of investor equanimity in the Reserve will begin cutting Department’s reading tors also think that a June flight schedules as
face of the higher consumer- rates later this year. shouldn’t fundamentally alter rate cut hasn’t been derailed. 2 Overall airplane maker
price data. The S&P 500, Nas- Consumer prices rose 3.2% expectations for three rate The S&P 500 snapped a two- +3.2%
daq and Dow gained 1.1%, 1.5% in February from a year earlier, cuts this year, as officials pen- day losing streak to hit a new delivers fewer jets
and 0.6%, respectively. B11 the Labor Department said ciled in at their December record close.
0
Tuesday, up slightly from econ- meeting. Investors expect the Please turn to page A2 BY ALISON SIDER
 Airlines are cutting flights 2015 ’20
omists’ expectations of 3.1%. first rate cut in June. AND SHARON TERLEP
and tempering hiring plans
The second straight month Tuesday’s report “basically  Stocks rally as tech shares Note: Core excludes food and energy prices.
amid slowing aircraft deliv-
of firmer-than-expected infla- tells the story that there’s a lead march higher........... B11 Source: Labor Department Boeing’s problems are rip-
eries from Boeing, as the
pling across major U.S. airlines.
manufacturer grapples with
Airlines are cutting back on
quality-control issues and
flying and tempering plans to
scrutiny from the FAA and
Justice Department. A1, B2
Ex-Counsel Hur Is Pressed on Biden Probe hire pilots and flight atten-
dants as they prepare to re-
 ADM disclosed that it is un- ceive fewer Boeing planes
der investigation by the Justice than they had planned at the
Department, adding to scru- start of the year.
tiny of the agriculture com- Southwest Airlines said
pany’s accounting practices. B1 Tuesday that it would cut
flight capacity and re-evaluate
 Alcoa agreed to acquire
its financial guidance, citing
Alumina in a deal that values

.
lower-than-expected deliveries
the Australian company’s eq-
of Boeing jets. The carrier’s

ly
uity at roughly $2.2 billion. B2
shares declined nearly 15% to
 Apple said it would allow $28.76, as it also reported
iPhone users in Europe to weaker leisure-travel demand
download apps directly from
a developer’s website as the
company faces new compe-
tition rules in the EU. B5
on early this year.
United Airlines is pausing
pilot hiring for two months
and hunting for new planes
from Boeing rival Airbus to fill
us ,

 Tesla and Ford were

the gap. And Alaska Air said
l

among automakers that re-

its plans for the year are also
e
ceived poor grades in a
al a

in flux as a result of uncer-

study that reviewed driver-
tainty on Boeing deliveries.
assistance systems. B4
Boeing has slowed down
ci on

 Porsche warned that its production of its bestselling

CHIP SOMODEVILLA/GETTY IMAGES

margins will be squeezed by 737 MAX jets as it faces in-

the launch of new electric and creased scrutiny from the Fed-
hybrid models this year. B4 eral Aviation Administration
and the Justice Department.
 A former board member
er s

On Tuesday the airplane

of an energy company ac-
Please turn to page A4
quired by Blackstone in 2019
m er

agreed to pay about

 Latam passengers recount
$900,000 as part of an in-
INQUIRY: Robert Hur, testifying before the House Judiciary Committee about his report on whether President Biden mishandled moment of terror.............. A8
sider-trading settlement. B10
classified documents, said partisan politics had no role in his assessment of Biden as an elderly man with a poor memory. Biden  Alaska Air boosts outlook
and former President Donald Trump won enough delegates Tuesday to become the presumptive nominees of their parties. A4, A5 for first quarter.................. B2
m rp

World-Wide

 Biden and Trump won

enough delegates to become Binance Gets Blamed BYD Misses
Europe Target
TikTok Is Blindsided
co Fo

the presumptive nominees of

their parties in the latest
round of primary voting, more
formally starting the clock on a
For a Currency Crisis Weak demand is hurting the
Chinese EV maker as it
expands into Europe. B1
By Broad Support
bitter and costly eight-month
general election campaign. A5
 Hostilities flared between
Tigran Gambaryan, Bi-
nance’s head of financial-crime
compliance, flew to Nigeria to
regional manager for Africa,
according to the men’s fami-
lies. The Binance employees
Top five countries in Europe
for BYD vehicle registrations
in 2023
For Bill to Ban App
Israel and the Lebanese Hez-
solve a problem: The govern- haven’t been charged with any Germany Executives from TikTok’s paign had just joined the app,
bollah militia, threatening to
ment blamed the world’s larg- crimes. The government, U.S. operations flew two weeks on Super Bowl Sunday.
broaden Israel’s war to its 4,139 vehicles
est crypto exchange for crash- which invited them to Nigeria ago to their company’s interna- Days after returning to the
northern border amid an im-
ing the currency. for meetings, hasn’t publicly tional headquarters in Singa- U.S., they learned they had
passe in negotiations to reach Sweden
The American left his wife discussed the detentions. pore with good news. miscalculated.
a cease-fire in Gaza. A6
n-

Nigeria has faced many 3,450 Behind the scenes in Wash-

 A barge carrying food aid
By Patricia Kowsmann, currency crises. This is the By Stu Woo, ington, a bipartisan group of
set off from Cyprus toward
Caitlin Ostroff and first time crypto played a Norway Georgia Wells and lawmakers and Biden adminis-
Gaza in a test of a maritime
Alexandra Wexler starring role. Raffaele Huang tration officials had been qui-
corridor seen as one way to 1,383
no

Nigerians flocked to cryp- etly planning new legislation to

help counter the hunger cri-
and children at home in Geor- tocurrencies in recent years They told bosses that after ban TikTok or force its sale to a
sis unfolding in Gaza. A6 Netherlands
gia in late February, carrying to shelter their savings from years of battling over its fate in non-Chinese owner. The legisla-
 Ukraine struck oil facilities only a small suitcase for what a soaring inflation rate, which 1,231 the U.S., the popular video app tion was a culmination of a
deep inside Russia, expand- he thought was a quick trip. hit nearly 30% in January, wasn’t in imminent danger of more-than-yearlong effort to
ing a campaign of drone at- He hasn’t come back. and a plunging currency. The U.K. getting banned in its most im- curb TikTok by a coalition of
tacks on refineries and other Nigerian authorities de- country has the second-high- 1,158 portant market, according to Please turn to page A5
petroleum infrastructure. A8 tained Gambaryan and Na- est adoption of crypto in the people familiar with the meet-
deem Anjarwalla, a U.K. and world, after India, according Source: JATO Dynamics ings. Among the positive signs:  Heard on the Street: Ban
 The IRS’s new free online
Kenyan national and Binance’s Please turn to page A7 President Biden’s election cam- is easier in theory........... B12
tax-filing system has been
used by 20,000 taxpayers so

INSIDE The Couples Who Are Now

far, and administration offi-
cials hope that it will reach
100,000 this year. A3
Embracing the DINK Label
Chaos Engulfs College
 Taiwan’s vice president-elect
is visiting Washington this
week, people with knowledge
i i i Admissions Season
of the matter said, maintain- ‘Dual-income, no kids’ moniker is all over
ing a low profile at a delicate
time in the Biden administra- and lexicon has grown; some prefer DINO Federal financial-aid changes among
tion’s dealings with China. A7
 U.S. lawmakers introduced
BY JULIA MUNSLOW just have a lot of freedom, factors turning process into ‘hot mess’
time and money,” says Natalie
a bill to Congress aimed at
Natalie and Keldon Fischer Fischer, 25, a full-time content BY OYIN ADEDOYIN up their team rosters.
stepping up American inter-
U.S. NEWS have no debt other than the creator. She’s open to having AND MELISSA KORN His mother, Heather Zie-
ests in deep-sea mining, po-
Abortion ban in Texas mortgage from their Seattle children, but is first focused linski, said she feels she has
tentially facilitating the sourc-
condo, where they live with on building a net worth of $1 Logan Zielinski, a high- no choice but to go in blind,
ing of minerals for U.S. industry drives women to turn their Pomeranian, Noble. They million by age 30. “I know school senior in Sterling because otherwise he would
without recourse to China. A2 to clinic in New each have six-figure salaries that once I have a kid I will Heights, Mich., spent much run the risk of not being able
 The Supreme Court ex- Mexico. A3 and hefty savings ac- have to assume a lot of the of the fall getting wooed by to play anywhere.
tended a pause on a Texas law counts. Last year, they caregiving responsibility football coaches at small “It’s just the perfect storm
that would allow police to ar- traveled nearly every and work less.” Midwestern colleges. Schol- of life-changing events, big
rest migrants accused of cross- other month, includ- Videos touting the arships were a major part of money and no control,” she
ing into the country illegally. A4 ing to Italy, Mexico, DINK lifestyle now rack their pitches. said.
Thailand and Finland. up millions of views on This week he is commit- This might be the most
CONTENTS Opinion................ A15-17 “I really enjoy be- TikTok and Instagram. ting to enroll and play at one chaotic, frustrating, uncer-
Arts in Review..... A13 Personal Journal A11-12
Crossword................ A14 Property Report.... B6
ing a DINK,” says Kel- Most feature married of those schools, Concordia tain college-admissions cycle
From Page One.. A10 Sports.......................... A14 don, a 30-year-old couples sending the University Ann Arbor, with- in recent history.
Heard on Street.. B12 Technology................ B4 software engineer. message that they out having any idea how Schools opened their ap-
Markets...................... B11 U.S. News.............. A2-5 DINK, of course, Round of dinks don’t have kids yet (so much it will cost. plication seasons while still
Markets Digest..... B8 World News........ A6-8
stands for “dual in- stop asking), possibly The federal government digesting the June Supreme
PERSONAL JOURNAL come, no kids.” It isn’t new never will, and life is fantastic, hasn’t yet sent colleges any Court ruling on affirmative
> slang, but suddenly, vocal thank you very much. information about appli- action, which restricted how
Unexpected add-ons
DINKs are everywhere as more The lexicon has ballooned cants’ family finances, which schools could consider race
can nearly double cost couples like the Fischers not to include DINKWADs (DINKs the schools need to make fi- in admissions and left appli-
of Uber and Lyft only embrace the label but with a dog), SINKs (single-in- nancial-aid offers. Coaches, cants unsure what to dis-
s 2024 Dow Jones & Company, Inc.
airport trips. A11 boldly let their DINK flags fly. come, no kids). Some DINKs though, were pushing Logan close about themselves.
All Rights Reserved “Being DINKs means we Please turn to page A10 to commit so they could firm Please turn to page A10
 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.

A2 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
Low Gravity Improves Structure of Drugs
BY BRIAN GORMLEY at getting pure crystalline ma- mal on Earth, and worsen
terials that have unique prop- when subjected to increasing
Varda Space Industries erties,” Wilson said. gravitational forces, research-
says it has a way to create In drug development, im- ers can be confident the com-
better medicines: use micro- proved crystallization could en- pound is sensitive to changes
gravity. able more potent medicines at in gravity. They also can infer
The startup recently recov- lower doses, reducing treat- that reducing gravitational
ered a capsule it launched into ment costs, said Josh Wolfe, co- forces could improve the
space last year to test its abil- founder and managing partner drug’s properties.
ity to produce crystals in orbit of Varda investor Lux Capital. “If you can observe a trend
used to manufacture medica- “Ideally, it is lowering the it’s much easier to convince a
tions. Now, Varda seeks to cost of very expensive, lifesav- scientific audience,” Radocea
convince more drugmakers ing drugs,” Wolfe said. said.

JOHN KRAUS/VARDA SPACE INDUSTRIES

that sending medicines to Varda formed in 2020 to Corin Wagen, founder and
space on its missions will give create unmanned space cap- chief executive of Rowan Sci-
them an edge. The company sules carrying factories to send entific, a Boston-based devel-
has just published research in into orbit and capitalize on re- oper of computational tools for
the scientific journal Crystal usable rockets, which have cut drug companies, said micro-
Growth & Design to help make the costs of working in space. gravity provides the controlled
its case to prospective clients. The company launched its environment researchers seek
Researchers have long used first capsule last June. It re- for crystallization. Varda’s
microgravity, or near-weight- turned to Earth in February challenge will be to show that
lessness, in space to improve after producing crystals of the A Varda Space Industries capsule landed in the desert of Utah last month. drugmakers gain enough of an
crystal formation. They have HIV medicine ritonavir. Varda advantage to justify the cost
found, for example, crystals is analyzing the results, said man of the company. pany says it can screen small- In the research study for and risks of sending com-
form in space with better Chief Science Officer Adrian Varda has signed contracts molecule drugs to determine the journal, Varda used a pounds into space, he said.
structures, better orientations Radocea. with pharmaceutical compa- which are most likely to benefit room-size centrifuge at its El “You need big results to
of molecules and fewer imper- The mission was a test nies for its flights this year, from crystallization in space. Segundo, Calif., headquarters justify a big extra hassle,” Wa-
fections, according to Anne case. Varda is now preparing next year and beyond, Asp- Research on the process has to subject l-histidine—an gen said.
Wilson, a professor of chemis- for flights it expects will have arouhov said, adding the com- typically compared micrograv- amino acid frequently used to Asparouhov said Varda is
try and biochemistry at Butler drugs from initial clients. pany plans to disclose several ity with gravity on Earth, Rad- study crystallization—to in- finding some drugmakers have
University who has published Varda plans two launches this initial customers ahead of a ocea said. Since gravity isn’t creasing gravitational forces, had trouble crystallizing com-
research on microgravity crys- year, including one in June or planned launch in summer. the only difference between up to 5G, to study their effect pounds and don’t see a path
tallization and who isn’t in- July aboard a SpaceX rocket, Varda last week published a conditions in space and on on crystallization. forward without microgravity.
volved with Varda. and three in 2025, according paper in Crystal Growth & De- Earth, there might be other Varda will argue to pro- In these cases, seed crystals
“The impact of micrograv- to Delian Asparouhov, co- sign that could help it sway ad- factors accounting for observed spective clients that if a made in space could be used
ity seems to be very effective founder, president and chair- ditional customers. The com- differences, Radocea said. drug’s properties are subopti- to produce drugs on Earth.

Inflation Consumer-price index ffor select items in February, change from

f January*
Bill Pushes

.
ly
0 1 2 3 4%

Ticks Up Gasoline (all types)

Mining in
To 3.2% Airfares

Fresh vegetables
on Deep Sea
Continued from Page One
To Blunt
us ,

Motor–vehicle insurance 12-month change in the consumer-price index

Still, the report didn’t make
l

the Fed’s coming deliberations for select metro areas

China
e
al a

easier. Core prices, which ex- Household energy

Miami† Seattle† Houston†
clude food and energy items in
an effort to better track infla- 10% Feb. Feb. Feb.
ci on

Day care and preschool

tion’s underlying trend, rose +4.9% +4.3% +3.5%
more than expected, both BY YUSUF KHAN
Apparel 5
when measured from a year
ago and a month ago. Core in- Lawmakers introduced a
Used cars and trucks +3.2%
flation was 3.8% in February, 0 Overall: new bill to Congress on Tues-
er s

down from 3.9% in January. 2022 ’23 ’24 2022 ’23 ’24 2022 ’23 ’24 day aimed at stepping up
Tuesday’s report “is likely Cereals and bakery products American interests in deep-sea
m er

to instill less confidence at Chicago Los Angeles Atlanta†

mining, specifically pushing for
the Fed that inflation is fast Shelter financial, diplomatic and infra-
approaching its 2% target,” 10% Feb. Feb. Feb. structure support for the in-
All items +3.4% +3.4% +3.3%
said Barclays U.S. economist Eating out dustry.
Pooja Sriram. +0.4% Deep-sea mining, the process
m rp

5
When Fed officials meet of collecting minerals from the
Groceries unchanged
next week, a key focus will be Gasoline, airfares, fresh seafloor, remains controversial
whether most officials will 0 with environmental groups, but
continue to expect three cuts New vehicles vegetables, apparel, has been gaining traction with
2022 ’23 ’24 2022 ’23 ’24 2022 ’23 ’24
this year or whether more offi- shelter and eating out U.S. lawmakers as a way of pro-
co Fo

cials will pencil in just two Medical–care services were some of the items viding alternate sources of min-
New York City San Francisco† Phoenix†
cuts. The Fed has held its that rose in February erals needed for U.S. industry
benchmark short-term interest Furniture 10% Feb. Feb. Feb. needs without having to rely on
rate around 5.3%, a 23-year and bedding from the previous month. +2.9% +2.4% +2.2% China.
high, since last July. Prices for some big-ticket The Responsible Use of Sea-
Coffee 5
While the projections aren’t items such as new floor Resources Act of 2024,
the product of committee de- vehicles, furniture and which is sponsored by Rep.
liberations, they often take on Major appliances
p Carol Miller (R., W.Va.) and Rep.
major appliances fell. 0
importance in shaping public John Joyce (R., Pa.), pushes for
-1% 0 2022 ’23 ’24 2022 ’23 ’24 2022 ’23 ’24
expectations during periods federal agencies to “provide fi-
where the Fed isn’t changing *Seasonally adjusted †CPI data for every other month nancial, diplomatic, or other
rates or significantly altering Source: Labor Department Kurt Wilberding/THE WALL STREET JOURNAL forms of support for seafloor
its policy statement, as is likely nodule collection, processing
n-

to be the case next week. tends to run cooler than the and refining where upstream
The Fed’s goal for 2% infla- Labor Department’s. In Janu- sourcing is compliant with reg-
tion isn’t based on the Labor ary it was up 2.4% from a year ulations,” according to a draft
Department’s report released earlier. The February reading is text seen by The Wall Street
no

Tuesday, which is known as the slated to be released March 29. Journal.

consumer-price index, or CPI. Rosengren said he would “The United States should
Instead, the Fed’s goal is mea- lean toward lowering interest not be beholden to China for
sured against a separate gauge rates at the Fed’s meeting in critical minerals,” Miller said in
maintained by the Commerce early May because of signs the an email. “The Responsible Use
Department. That measure- economy is cooling more than of Seafloor Resources Act will
ment is known as the personal- headline measures have indi- significantly reduce supply
consumption expenditures cated so far. But he said he chain vulnerabilities and bolster
price index, or PCE, and it thought Fed officials would American manufacturing and
wait until June to make their jobs, while combating Chinese
first rate cut to be more confi- production of critical minerals.”
CORRECTIONS  dent that inflation was return-
ing to their 2% goal.
The draft bill highlights
China’s control over critical
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

AMPLIFICATIONS “Would you change your minerals, especially when it

PCE forecast for the end of the comes to refining, noting that
Readers can alert The Wall Street year based on this report? My the country “controls roughly
Journal to any errors in news
articles by emailing answer would be no,” he said. 60% of the global critical min-
[email protected] or by calling The PCE index weighs cer- eral production and over 85% of
888-410-2667. tain items differently from the the world’s refining capacity.”
CPI. Based on how prices for The draft bill also said that
goods and services in the CPI “investing in alternatives serv-
THE WALL STREET JOURNAL translate into the PCE index, ing to diversify supply such as
(USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935)
economists at Citigroup and the collection of seafloor nod-
(Western Edition ISSN 0193-2241) Morgan Stanley said they ex- ules is integral to ensuring the
Editorial and publication headquarters: 1211 pected core PCE prices last Grocery prices were unchanged in February, according to the consumer-price index. United States does not continue
Avenue of the Americas,New York, N.Y. 10036
Published daily except Sundays and general legal
month rose 0.2% and 0.3%, re- its over-dependence on China
holidays. Periodicals postage paid at New York, N.Y., spectively, from a month ear- and other adversarial nations.”
and other mailing offices.
lier. That would be down from Seafloor nodules are small
Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett Rd., the January increase of 0.42%. Two Factors Helped Drive Up Gasoline Prices rocks on the ocean floor that
Chicopee, MA 01020. Inflation has cooled notably contain minerals such as nickel,
All Advertising published in The Wall Street
Journal is subject to the applicable rate card,
over the past year. In February Higher spending on gaso- the 3.8% climb in gas costs dropped 11% from early Janu- manganese and cobalt that can
copies of which are available from the Advertising 2023, inflation as measured by line led the overall uptick in from the previous month. ary to early March, according be used in the production of
Services Department, Dow Jones & Co. Inc., 1211
Avenue of the Americas, New York, N.Y. 10036. the CPI was 6%. But many consumer prices. But the re- Seasonality: Gasoline to the Energy Information Ad- electric-vehicle batteries and
The Journal reserves the right not to accept an Americans are taking little turn of energy inflation in prices tend to rise heading ministration. That pullback, in weaponry.
advertiser’s order. Only publication of an
advertisement shall constitute final acceptance of comfort from milder 12-month February shouldn’t be cause into spring as Americans part because of planned main- Greenpeace and other envi-
the advertiser’s order.
inflation rates because the run- for concern yet. get back on the road and tenance as well as winter ronmental groups oppose deep-
Letters to the Editor:
Fax: 212-416-2891; email: [email protected] up in the price of everything While prices at the pump the summer driving season storms across the Midwest sea mining, arguing it does ir-
Need assistance with your subscription? from cars to restaurant meals play an outsize role in how approaches. and Gulf Coast, put upward reparable harm to a largely
By web: customercenter.wsj.com;
By email: [email protected]
to housing since 2021 has been consumers view the econ- Fuel-making slowdowns: pressure on fuel prices. untouched marine environment.
By phone: 1-800-JOURNAL (1-800-568-7625) abnormally large. omy, two factors help explain U.S. refinery utilization —David Uberti The draft bill calls for the
Reprints & licensing: Fed Chair Jerome Powell Commerce Department to pro-
By email: [email protected];
By phone: 1-800-843-0008 has signaled that inflation duce a report to be submitted
WSJ back issues and framed pages: wsjshop.com readings don’t necessarily need to the president and Congress
Our newspapers are 100% sourced from to be better than the mild ones partment’s core prices this modestly disappointing infla- the first thing we would do is detailing a description of the
sustainably certified mills.
recorded late last year for the year represent setbacks. tion data; instead, officials keep rates where they are for current legislation pertaining to
central bank to begin lowering Powell and other officials would simply hold rates at an extended period of time,” sourcing seafloor products from
GOT A TIP FOR US? rates later this year. A big have suggested the central their current level for longer. said Minneapolis Fed President outside U.S. waters and details
SUBMIT IT AT WSJ.COM/TIPS question will be to what degree bank isn’t likely to raise inter- “If inflation seems more en- Neel Kashkari in an interview on how a tariff system would
the increases in the Labor De- est rates further in response to trenched than we think it is, last week. work.
 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. Wednesday, March 13, 2024 | A3

U.S. NEWS

IRS Weighs
Expansion
Of Its Free
Tax Filing
BY RICHARD RUBIN

WASHINGTON—The Inter-
nal Revenue Service’s new free
online tax-filing system has
already been used by 20,000
taxpayers, and administration
officials hope it will reach

ADRIA MALCOLM FOR THE WALL STREET JOURNAL (2)

100,000 this year as they con-
sider future expansions.
The system—IRS Direct
File—is now open round-the-
clock to all eligible taxpayers
after a narrower pilot phase
that started this year with se-
lected government employees.
It is still available only to
households with relatively
simple tax returns in 12
states; the 20,000 figure in-
cludes people who have

Abortion Bans Drive Women to New Mexico

started returns but not fin-
ished them yet.
Direct File is the IRS’s at-
tempt to create a free online
alternative to the tax-prepara-
tion industry. It has been op- BY JENNIFER CALFAS said Sterling Donner, a com- joined the center’s staff. Wait
posed by Republicans and by missioner for the town of Edge- times fell from up to seven
companies such as Intuit, ALBUQUERQUE, N.M.— wood, just east of Albuquerque, weeks to one week or less, said
maker of TurboTax. Most of the cars parked out- where he introduced an ordi- Dr. Lisa Hofler, who performs
“Direct File will offer mil- side a new abortion clinic here nance last year that would ef- abortions at the center. The
lions of Americans a free and are from Texas. fectively ban the procedure. clinic has treated a steady num-
simple way to file their taxes, Whole Woman’s Health of New Mexico lawmakers ber of women from New Mexico
with no expensive and unnec- New Mexico is one of the clos- passed legislation in 2023 pro- even as more patients have ar-

.
essary filing fees and no up- est places women from Texas hibiting local governments rived from Texas, thanks to the
selling,” said Lael Brainard, can get an abortion since from restricting abortion. At- added capacity and availability

ly
director of President Biden’s Texas banned the procedure in torney General Raúl Torrez, a at other clinics. “We’re not do-
National Economic Council. 2022. The Supreme Court that Democrat, filed a lawsuit ing this alone,” Hofler said.
The Treasury Department June overturned Roe v. Wade, against several communities
estimates that as many as 19
million taxpayers are eligible
for Direct File this year, based
on where they live and how
removing the constitutional
right to abortion and upend-
ing reproductive healthcare
across the country.
on that had done so. The New
Mexico Supreme Court halted
enforcement of the local re-
strictions while litigation con-
‘This ain’t Texas’
Operating an abortion
clinic in Albuquerque is a bit
simple their returns are. Many The clinic, which opened tinues. simpler than it once was in
us ,

have other free-filing options nearly a year ago, is one out- New Mexico Religious Coali- Texas. Protesters in New Mex-
l

or already filed their returns post in what has become a re- tion for Reproductive Choice, ico are a rarer presence out-
e
al a

this year. The IRS began ac- productive healthcare perime- an advocacy group that has side clinics than they were in
cepting 2023 tax returns in ter around Southern states added staff, manages a weekly Texas. Sadler, who worked for
late January, and most people that have restricted abortion. program that flies patients 17 years at Whole Woman’s
ci on

have a mid-April deadline. During a recent week at the from Dallas to Albuquerque Health clinics in Texas before
Expanding Direct File clinic, patients drove from Fort and funds their abortions. moving to Albuquerque, said
would require two types of Worth and flew from Houston. Inside the offices, cots with she doesn’t feel the same fear
changes, and officials will One planned to start her 10- blankets sit available so that that the state might try to
make a decision after this tax- hour drive home just after her patients can rest before return shut it down.
er s

filing season ends. appointment to return in time flights. Patients can take stick- “I tell my patients who
One set of revisions would for her son’s basketball game. ers back to Texas that bear QR come here from Texas that
m er

let the system accept more- “Everything we know about codes and the question “Need this ain’t Texas,” Sadler said.
complex tax returns, such as the world of abortion care has an abortion?” in English or After abortion procedures,
those with business or invest- changed,” said Marva Sadler, In Albuquerque, N.M., Marva Sadler, top, Whole Woman’s Spanish. “We have never had patients sit on leather chairs
ment income or those from Whole Woman’s Health’s senior Health senior director of clinical services, prepared a to turn anyone away,” said in dim lighting. A pot of tea,
taxpayers receiving health in- director of clinical services. procedure room. Above, a patient from Texas in the clinic. Joan Lamunyon Sanford, the brewed to ease cramping, sits
m rp

surance through the Obama- Nearly three-fourths of group’s executive director. by the door.
care marketplace. women who get abortions in treatment. New Mexico Gov. said, “we figure that out and Across town on a recent A patient who drove from
Another change would re- New Mexico come from other Michelle Lujan Grisham, a provide confidential safe, un- morning, three antiabortion Fort Worth clutched a heating
quire coordinating with more states, compared with about Democrat, said she wants more fettered access.” protesters jeered from afar at pad on her abdomen. The 22-
states with broad-based in- one-third in 2020, according to in vitro fertilization providers people walking into the Univer- year-old had arrived in Albu-
co Fo

come taxes. Currently, the the Guttmacher Institute, a re- and obstetrician-gynecologists sity of New Mexico’s Center for querque about nine weeks
only such states whose resi- search group that supports to practice in the state. State-local rifts Reproductive Health. pregnant. Without maternity
dents can use the program are abortion rights. Clinics that Days after the Supreme Abortion opponents in New Doctors at the center were leave as a personal trainer and
Arizona, California, Massachu- closed in Texas and Mississippi Court overturned Roe v. Wade, Mexico resent their leaders’ vi- among the first to experience without her parents in Texas
setts and New York. Taxpayers reopened here, and older clinics Lujan Grisham signed an exec- sion of the state as a destina- how their work would change if to help her, she decided to get
with simple returns in no-in- added appointments and staff. utive order protecting abortion tion for the procedure. “We Roe v. Wade were overturned an abortion and searched for
come-tax states, such as Texas providers. Her administration don’t want to be known for after Texas in 2021 passed a the closest facility. The Albu-
and Florida, can already use hopes this summer to start this,” said Angie Smith, board law allowing its residents to querque clinic was about 600
Direct File. Fertility treatment too building an abortion clinic in president of the Right to Life enforce a ban on abortions af- miles away.
IRS Commissioner Danny The Alabama Supreme southern Doña Ana County and Committee of New Mexico. ter six weeks of pregnancy. After about 20 minutes of
Werfel said on Tuesday that Court’s ruling in February that is widening contraceptive ac- Cities including Hobbs and Women from Texas started recovery, she was ready to
the results of Direct File have embryos are people has pushed cess statewide. Clovis have attempted to effec- traveling to New Mexico abor- leave. She set down her mug
been positive so far, but he women’s healthcare advocates “We want to be a state that tively ban abortion within mu- tion clinics, where providers of tea, grabbed her bag and
n-

stopped short of announcing a in New Mexico and elsewhere no matter where a woman or nicipal limits. “Abortion was struggled to keep up. walked out of the room to be-
future expansion. to protect and expand fertility her family is,” Lujan Grisham being glorified in New Mexico,” More doctors and nurses gin her drive home.
no

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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.

A4 | Wednesday, March 13, 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

CHIP SOMODEVILLA/GETTY IMAGES

Robert Hur, who was appointed special counsel to investigate President Biden’s handling of sensitive documents, getting ready to testify Tuesday before the House Judiciary Committee.

Former Counsel Hur Angers Both Sides

BY ANNIE LINSKEY criminally for his handling of since his blockbuster report rick Garland after classified White House and Biden’s aides that case.
classified information has was made public last month. documents were found at Bi- when he questioned Hur about The bottom line, for Demo-
WASHINGTON—Partway shaken Washington and per- Just hours before the hear- den’s home, dating to the time his characterization of Biden’s crats, was that the investiga-
into Robert Hur’s testimony formed a rare feat: angering ing was set to begin, the Jus- when he was vice president. mental acuity. tion resulted in a recommen-
before lawmakers Tuesday, all sides of the political world. tice Department released to Republicans didn’t fully em- “You understood that you dation that Biden shouldn’t be
Democratic Rep. Henry C. House Republicans on Tuesday Congress a transcript of Bi- brace the idea that Biden would ignite a political charged with a crime. “Would
“Hank” Johnson of Georgia ac- pressed Hur on why Biden den’s interview with Hur that would have presented poorly firestorm with that language,” you agree there is no such
cused the former special coun- hasn’t been charged with a occurred over two days in Oc- to a jury, as Hur detailed in his Schiff said. “You were not thing as being a little bit
sel of making a calculated par- crime, after their party’s stan- tober. The transcript revealed report. At one point Rep. Jim born yesterday.” charged with a crime?” asked
tisan attack on President dard-bearer, former President that the president meandered Jordan (R., Ohio), the chair- Hur pushed back, saying: Rep. Jerrold Nadler (D., N.Y.).

.
Biden when he called him an Donald Trump, was charged and stumbled at times but also man of the Judiciary panel, “Politics played no role” in “Yes, it is binary,” Hur said.
elderly man with a poor mem- with mishandling classified was able to provide full and pushed Hur to offer a motive how he wrote his report. White House spokesman Ian

ly
ory in his report on whether material and for obstructing detailed answers to questions as to why Biden held on to As Republicans claimed that Sams, speaking to reporters
Biden mishandled classified justice after papers marked se- from Hur. Biden’s allies had classified material. Hur’s conclusions illustrated a after the hearing concluded,
documents. cret were found at his Mar-a- pushed for the material to be “Why’d he do it?” Jordan two-tiered system of justice, said, “Two words for the
“You knew that that would
play into the Republicans’ nar-
rative that the president is un-
fit for office because he’s se-
Lago club in Florida.
Democrats—fearful that the
language in the report poses a
threat to the 81-year-old Bi-
on
released, believing the full ex-
change would show the presi-
dent to be present and en-
gaged, even if he made several
thundered. Jordan said that
his reading of the report was
that Biden was motivated by
his desire to write a book after
Democrats sought repeatedly
to drive home one point: Even
if the facts look similar, Bi-
den’s handling of classified
American people: Case closed.”
Sams said Biden plans to ap-
point a task force to examine
retention of documents during
nile,” Johnson said. den’s re-election campaign— slip-ups. leaving the vice presidency material was different from presidential transitions, which
us ,

Hur, a former Trump-ap- gambled that homing in on Bi- Appearing before the House and by holding on to docu- Trump’s because Biden coop- he noted has been a challeng-
l

pointed U.S. attorney, cut in to den’s interview in October Judiciary Committee, Hur re- ments that showed he was on erated with investigators once ing period for both parties.
e
al a

stop him. “Congressman, I re- with Hur would lead voters to mained even-keeled as law- the right side of some de- his team became aware that But Hur also made clear
ject the suggestion that you conclude the special counsel makers questioned him. bates. the material had been found in that his report didn’t com-
have just made,” he said. “I unfairly characterized the Seated alone at the witness ta- To Jordan’s quest for a mo- unsecured locations. pletely clear the president of
ci on

can tell you that partisan poli- president’s memory lapses. ble, Hur kept his hands folded tive, Hur said evenly: “The At times Hur had to remind wrongdoing. At one point, un-
tics had no place whatsoever They pressed Hur to explain on the table in front of him for conclusion as to why the presi- the lawmakers that he isn’t in- der questioning from Rep.
in my work.” why he used what they called much of the testimony and dent did what he did is not volved with Trump’s prosecu- Pramila Jayapal (D., Wash.),
The sharp exchange dis- “gratuitous” language to de- kept his answers short and le- one we explicitly addressed in tion and not in a position to Hur flat-out stated: “I did not
tilled how Hur’s report and his scribe the president in hours galistic. Hur was installed as the report.” answer detailed questions exonerate him.”
er s

detailed explanation for his of testimony that marked special counsel in January Rep. Adam Schiff (D., Calif.) about why the Justice Depart- —Sadie Gurman
decision not to charge Biden Hur’s first public remarks 2023 by Attorney General Mer- channeled the anger from the ment took various steps in contributed to this article.
m er

U.S.WATCH COLORADO
GOP Rep. Buck Will Migrant Arrest Law Two People Dead
TEXAS PENNSYLVANIA
m rp

Resign Next Week Pause Is Extended In House Explosion

Republican Rep. Ken Buck The U.S. Supreme Court ex- Two people were found
said Tuesday that he would tended a pause Tuesday on a dead after an explosion that
resign next week, narrowing Texas law that would allow destroyed a house in the
his party’s razor-thin House police to arrest migrants ac- Pittsburgh area near the Ohio
co Fo

majority and scrambling the cused of crossing into the River, authorities said Tues-
already heated GOP primary country illegally. day.
to fill his Colorado seat. Justice Samuel Alito’s order Allegheny County emer-
Buck, a staunch conserva- extended the hold on the law gency dispatchers said the
tive who already declined to until Monday. It gives the blast in Crescent Township in
run for re-election as he be- court an extra week to con- the northwest Pittsburgh
came increasingly critical of sider what opponents have suburbs was reported shortly
his party’s handling of former called the most extreme at- before 9 a.m. Tuesday.
President Donald Trump, tempt by a state to police im- Aerial images from the
made his surprise announce- migration since an Arizona law scene showed smoking ruins
ment in the midst of the that was partially struck down with the structure reduced to
House Judiciary Committee’s by the Supreme Court in 2012. rubble and some large pieces
hearing on Special Counsel U.S. District Judge David lodged in trees above.
n-

Robert Hur’s investigation Ezra rejected the law last Chief Andrew Tomer of
into President Joe Biden’s month, calling it unconstitu- the Crescent Township fire
handling of classified docu- tional. A federal appeals court department said a man and
ments. stayed that ruling and the woman were found dead at
no

Buck’s March 22 departure Justice Department asked the the scene.

will trigger a special election Supreme Court to intervene. Tomer called the blast “se-
to serve the remainder of his Republican Texas Gov. Greg vere, absolutely extreme,”
term. Several Republicans are Abbott signed the law, known adding “You could feel it in
DANIEL SLIM/AFP/GETTY IMAGES

already running to succeed as Senate Bill 4, in December. your chest.”

him in November, including It is part of his heightened The cause of the explosion
Rep. Lauren Boebert, who measures along the state’s is under investigation by the
moved across the state to boundary with Mexico, testing Allegheny County fire mar-
run for Buck’s more Republi- how far state officials can go shal’s office and the federal
can-friendly seat anchored in to prevent migrants from Bureau of Alcohol, Tobacco,
Colorado’s eastern plains. crossing into the U.S. illegally. Firearms and Explosives.
SPRUNG: Saucer magnolias were in full bloom on Tuesday in Washington, D.C. —Associated Press —Associated Press —Associated Press

hemmed their growth. clear what caused problems that we’re finding.” plane deliveries this year are year but now expects only 46.
Airlines Boeing on Tuesday an-
nounced a series of steps
during the flight. Boeing has
said it stood ready to cooper-
Airlines are also giving up
on receiving the smallest and
likely to be “way behind” what
was expected.
Southwest CEO Bob Jordan
said he has encouraged Boeing
aimed at improving quality, ate with the investigation. largest varieties of MAX jets “As much as I would like to focus on fixing its underly-
Cut Flight including performing compli-
ance checks and quality audits
Boeing expects production
to be below its 38-a-month
this year. Southwest on Tues-
day said it no longer expects to
those deliveries, you know,
this is not a 12-month issue.
ing problems. “We all need
Boeing to be stronger two

Schedules at its 737 factory. It also

vowed to curb a practice
called traveled work, when
target through the first half of
this year, finance chief Brian
West said at an investor con-
receive the 27 MAX 7 jets that
it had hoped would arrive in
2024, while United has pulled
This is a two-decade issue,” he
said at an investor conference.
“I’d rather Boeing do what
years from now, five years
from now, 10 years from now.
And that takes precedence
manufacturing work on planes ference last month. “We have the largest MAX 10 jets from they need to do, and I think over delivery delays,” he said.
Continued from Page One is completed out of sequence. to acknowledge that we have its schedule indefinitely. they are now.” Alaska has said the three-
maker said it shipped 17 nar- Workers have warned that lots of things to focus on in United Chief Executive Kirby said United has been week long grounding of Boe-
row-body MAX jets in Febru- traveled work raises the risk terms of keeping airplanes in Scott Kirby said Tuesday that shopping for Airbus planes to ing MAX 9 jets after the Janu-
ary, eight fewer than it did in of mistakes in production. position longer so we can in- the manufacturer’s slowdown replace the MAX 10s it no lon- ary door-plug blowout has
January and half as many as it “We will not hesitate in corporate all the learnings is necessary, even if it means ger expects to receive soon. It hurt profit by at least $150
delivered in November and stopping a production line or has asked Boeing to focus on million. The carrier said Tues-
December. keeping an airplane in posi- Share-price performance over the past three months building United more of the day that it has received partial
The February tally signals tion,” Boeing commercial chief 20% smaller MAX 9 jets and stop compensation from Boeing.
that the company is well under Stan Deal said in a memo. building MAX 10s. Some carriers remain opti-
its goal of producing 38 MAXs The steps are in response Southwest, which flies only mistic that Boeing will get
a month, a marker set before a to an FAA production audit 10 Boeing planes, is particularly back on track.
door plug blew off a jet mid- and recently released findings exposed to the manufacturer’s American Airlines said its
flight in January, prompting a of an independent panel United struggles. Southwest said its order last week for 85 new
federal safety probe. In the tasked with reviewing the 0 Alaska Air plans to cut flying capacity Boeing MAX 10 planes was a
weeks since, scrutiny from fed- plane maker’s practices fol- Southwest will primarily happen in the vote of confidence in the man-
eral regulators coupled with lowing a pair of 737 MAX second half of the year. The ufacturer. American said it ex-
internal efforts to root out crashes in 2018 and 2019. –10 carrier said it is still in the pects Boeing will be able to
quality problems have slowed Adding to the company’s process of reworking plans deliver the new MAX 10s by
production at Boeing’s Renton, public troubles this week, a but will reduce pilot hiring by 2028, but just in case, it has
Wash., factory. Boeing 787 Dreamliner was in- –20 more than 50% and reduce negotiated protections, includ-
Snags in deliveries of new volved in a midair incident flight-attendant hiring by ing options to take more Air-
planes from both Boeing and that led to about 50 people on Boeing more than 60% this year, look- bus planes and to switch to
–30
European rival Airbus have board a flight from Australia ing to reduce costs. another type of MAX.
been persistent headaches for to New Zealand requiring Jan. 2024 Feb. March The company expected to —Will Feuer
airlines in recent years and medical treatment. It isn’t Source: FactSet receive 79 MAX planes this contributed to this article.
 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. * * * * * Wednesday, March 13, 2024 | A5

U.S. NEWS

Biden, Trump Clinch Party Nominations

Candidates’ march she didn’t immediately en-
dorse him and has argued he
through primaries can’t win in November.
guarantees a Georgia, which Biden won by
less than 12,000 votes in 2020,
rematch of 2020 when he and Trump last com-
peted for the presidency, was
BY CATHERINE LUCEY being watched for the candi-
AND JOHN MCCORMICK dates’ strengths and weaknesses
with suburban, Black, Hispanic
President Biden and former and other demographics.
President Donald Trump won In Georgia’s DeKalb County,
enough delegates to become which includes a portion of At-
the presumptive nominees of lanta but is mostly suburban,
their parties in the latest Haley was getting a substantial
round of primary voting Tues- share of the vote even after ex-
day night, definitively starting iting the race. With 99% of the
the clock on a bitter and costly expected ballots tabulated, she
eight-month general election had 40% of the GOP vote. Early
campaign. voting in the state started on
There has been little uncer- Feb. 19, more than two weeks
tainty about their eventual se- before her departure.
lection—a pairing of elderly The map expected to decide
candidates most Americans the general election is rela-

JENNY KANE/ASSOCIATED PRESS

don’t want—for months. Biden tively small. A northern tier of
pushed beyond the delegates states includes Pennsylvania,
he needed for the Democratic Michigan and Wisconsin, while
nomination after winning the a southern and western one
primary in Georgia, while features Georgia, North Caro-
Trump got there after taking lina, Nevada and Arizona.
the Republican contest in Biden—who has faced little
Washington state, according to Casting a primary ballot by drive-up mailbox in Vancouver, Wash. The presidential race is a rematch for the first time since 1956. serious Democratic competi-
the Associated Press. tion—also has been focused
In addition, Biden won will now establish a joint fund- arrive at this point, and some Republican primaries, while predicted that this general on the general election. In
Washington state, Trump won raising committee, allowing of those doubts linger. Biden is also dealing with the 91 crimi- election would be “unrelent- 2020, Biden won 306 electoral
Georgia, and both candidates the campaign to tap bigger contending with questions nal charges he faces. Those ingly negative.” votes, well above the 270
had victories in Mississippi. contributions as the GOP looks about his age and abilities— cases are related to everything Begala noted that in Biden’s needed for a win and giving
Both parties were holding pri- to erase a fundraising deficit though Democrats were bol- from his handling of classified State of the Union speech, the him a margin for error this
maries in Hawaii, and Demo- with Democrats. Biden and the stered by his vigorous State of documents to efforts to over- president repeatedly went after year. He could lose Georgia,
crats had additional voting in Democratic National Commit- the Union delivery last week— turn the 2020 presidential Trump, referring to him as his Arizona and Nevada and still
the Northern Mariana Islands tee already have that arrange- and must energize liberal and election. predecessor. win re-election by maintain-

.
and among U.S. citizens who ment in place, and Democrats younger voters. Facing off in Georgia over “The president has made the ing the rest of his 2020 map,
live abroad. have gotten a head start in The presi- the weekend, shift away from talking about including the “Blue Wall” of

ly
Biden and Trump clinching funneling money to battle- dent is also Biden and his accomplishments toward Michigan, Wisconsin and
their nominations means it ground states to build cam- dealing with Trump pre- blow-torching the other guy,” Pennsylvania that have typi-
will be the first presidential paign infrastructure. some protest A Biden win in viewed a gen- he said, adding that he thinks cally backed Democrats in re-
election since 1956 to be a re-
match, while ensuring a race
that will offer voters a stark
choice between candidates
In a statement, Biden said
he was “honored that the
broad coalition of voters repre-
senting the rich diversity of the
on
voting for “un-
committed”
among those in
his party who
Georgia and a
Trump victory
eral election
campaign likely
to be marked by
sharp insults. In
the president is focusing more
on policy criticism rather than
personal attacks. “Biden’s at-
tacks are focused on voters and
cent presidential elections.
Polls have shown Biden trail-
ing Trump in many of these
states, although the incum-
with very different demeanors Democratic Party across the are angry with
in Washington Rome, Ga., their lives,” Begala said. bent’s campaign hopes its new
us ,

and agendas on the economy, country have put their faith in his support for state were key. Trump, 77 years Trump’s team has increas- advertising campaign and a
l

foreign policy and hot-button me once again to lead our Israel’s military old, mocked Bi- ingly focused on the general vigorous State of the Union ad-
e
al a

domestic issues such as abor- party—and our country—in a campaign den’s stutter election in recent weeks, after dress will start to turn the tide.
tion and immigration. It also moment when the threat against Hamas and his mental dispatching a field that once Though Republicans have
raises the specter of Trump— Trump poses is greater than and the failure thus far to get a and physical health, calling Bi- totaled more than a dozen can- modestly grown their support
ci on

who continues to make un- ever.” cease-fire deal in Gaza. Some den a “weak, angry, flailing didates. among Latino and, to a lesser de-
founded allegations that the Trump said in a fundraising activists were encouraging president.” Biden, 81, in At- Haley, Trump’s last high- gree, Black voters, Trump has
electoral system is rigged message Tuesday that the such a vote in Washington lanta, accused Trump of posing profile challenger, dropped out driven a realignment of the na-
against him—again denying campaign had entered a new state on Tuesday. a threat to U.S. democracy, say- of the race last week after tion’s voting groups that has
the results should he lose. phase: “Winning the general Trump needs to show he ing, “When he says he wants to managing to win just one of drawn more working-class, white
er s

With Trump the presump- election and firing Joe Biden!” can appeal to the college-edu- be a dictator, I believe him.” the 15 GOP state contests held voters into the GOP, while driv-
tive nominee, he and the Re- Both men have overcome cated and suburban voters who Paul Begala, a strategist for on Super Tuesday. Unlike the ing away many suburban voters
m er

publican National Committee doubts within their parties to opted for Nikki Haley in the Bill Clinton’s 1992 campaign, majority of his previous rivals, and those with college degrees.

TikTok Is said it wouldn’t comply with if

they were made.
doesn’t promote one side of an
issue over another.
m rp

TikTok executives had some Rep. Mike Gallagher (R.,

Blindsided cause for optimism last year.

The company had survived pre-
vious assaults in the U.S., in-
Wis.), who heads a House com-
mittee focused on China, was
spurred to renew attempts to

By Bill cluding then-President Donald force a sale or ban. He and the

co Fo

Trump’s 2020 push to ban the committee’s top Democrat, Rep.

app via an executive order. Raja Krishnamoorthi of Illinois,
After that ban attempt, Tik- worked with Deputy Attorney
Continued from Page One Tok set to work walling off its General Lisa Monaco. She had
China hawks in Washington and U.S. data, in an attempt to as- long been vocal within the Bi-
Silicon Valley, and it had gained suage a government panel that den administration about what
new momentum in part be- TikTok has been negotiating she has said she considers to
cause of anger over TikTok vid- with and let it remain in the be the national-security risk of
eos about the Israel-Hamas war. U.S. TikTok ran television ads TikTok’s Chinese ownership.
When lawmakers went pub- featuring all-American themes, Her presence, as well as input
lic last week with their plans, including veterans and U.S. from the White House’s Na-
the broad support for the bill flags. When the state of Mon- tional Security Council, made it
caught TikTok by surprise. tana tried to ban TikTok, the easier for congressional Demo-
n-

“This process was intention- company won an injunction crats to buy in.
ally conducted in secret be- temporarily blocking the state Monaco and other adminis-
cause the bill authors knew it law, with a federal judge saying tration officials also helped
was the only way they could it likely violates the First with another problem. The
no

move it forward,” a TikTok Amendment. House China committee ex-

spokeswoman said. Still, TikTok’s opponents pected that even if the bill
Now TikTok faces the most hadn’t relented. Jacob Helberg, passed Congress and the presi-
serious threat yet to its exis- a member of a congressional dent signed it, TikTok would
tence in the U.S. The House is research and advisory panel sue, arguing that it violated the
set to vote Wednesday on the called the U.S.-China Economic First Amendment. So the com-
new bill, which could effec- and Security Review Commis- mittee collaborated with the Bi-

DEEP OCEAN BLUE

tively ban one of the world’s sion, has been den administra-
most popular apps in the U.S., working on tion on how it
with more than 170 million us- building a bi- could be written
TikTok today
ers. Approval is expected. The
legislation faces a steeper path
partisan, bi-
coastal alliance faces the most
to best survive a
legal challenge. CEYLON SAPPHIRE RING
in the Senate. Biden, a Demo- of China hawks, The commit-
crat, supports it. united in part serious threat tee and Biden Celebrated jeweler. Coveted gemstone. Regal hue.
Inside TikTok, some leaders by their desire administration
were aware that lawmakers to ban TikTok.
yet to its U.S. officials oper- This elegant ring by the renowned Oscar
were working on legislation, It was slow existence. ated quietly
Heyman centers a breathtaking 7.57-carat
but they didn’t expect it to win going until Oct. enough that
so much support so quickly, 7. The attack TikTok’s large Ceylon sapphire. The octagonal-shaped stone
some of the people familiar that day in Is- lobbying and is certified by C. Dunaigre and displays the
with the matter said. rael by Hamas and ensuing government-relations opera- coveted deep royal blue hue for which the finest
The company has scrambled conflict in Gaza became a tions in Washington didn’t real- Ceylon sapphires are known. The ring’s classic
in response, messaging its us- turning point in the push ize how close the bill was to design and monumental gemstone exemplify
ers to call their representa- against TikTok, Helberg said. reality. the creative ingenuity of the famed American
tives, which angered some law- People who historically hadn’t Last Wednesday, a day after
makers. TikTok executives, taken a position on TikTok the bill was introduced, leaders designer. Set in platinum with two white
though, are considering addi- became concerned with how of TikTok’s U.S. operations de- diamond accents totaling 0.62 carat. #31-7393
tional, similar notifications to Israel was portrayed in the cided to create a notification
users urging them to contact videos and what they saw as that would pop up on the
Congress. TikTok CEO Shou an increase in antisemitic phones of TikTok users who
Scan to see a video
Zi Chew intends to meet content on the app. were in the districts of mem-
of this ring
with lawmakers this week Anthony Goldbloom, a data bers on the Energy and Com-
while he is in Washington for a scientist and tech executive merce committee—the first
preplanned visit, lobbying who has advocated a ban or panel to vote on the bill—as
against a ban. sale of TikTok, started analyz- well as those of House leaders.
This account comes from in- ing data TikTok published in its The notification let users enter
terviews with current and for- dashboard for ad buyers show- their ZIP Codes and call their
mer employees of TikTok and ing the number of times users representatives to complain
its parent company, as well as watched videos with certain about the bill.
government aides, policy advis- hashtags. Goldbloom found far The stunt might have back-
ers and lawmakers. more views for videos with fired: Some lawmakers voiced
U.S. critics of TikTok have pro-Palestinian hashtags than anger that the Chinese-owned 622 Royal Street, New Orleans, LA • 877-677-2801 • [email protected] • msrau.com
long expressed concern that its those with pro-Israel hashtags. app pressured users to over-
Chinese-controlled parent, At times the ratio ran 69-to-1 whelm congressional phone Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
ByteDance, would share data in favor of videos with pro-Pal- lines. The committee advanced Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
about U.S. users with the Chi- estinian hashtags. He posted the bill with a 50-0 vote.
nese government or pressure his findings on X, gaining wide- —Aruna Viswanatha
TikTok to promote Beijing’s spread attention. and Natalie Andrews
views—demands TikTok has TikTok has said its platform contributed to this article.
 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.

A6 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

WORLD NEWS
Hezbollah,
Israel Trade
Fire on Border
Latest strikes come The fresh escalation
stretches the unstated rules of
after Biden envoy escalation between the oppos-
visited Lebanon in a ing forces, and is partly a re-

FROM TOP: YIANNIS KOURTOGLOU/REUTERS; JEHAD SHELBAK/REUTERS

sult of political pressure on Is-
bid to ease tensions raeli Prime Minister Benjamin
Netanyahu’s government to
BY SUNE ENGEL RASMUSSEN confront Hezbollah, which is a
AND ADAM CHAMSEDDINE more powerful force than
Hamas, and whose presence
Hostilities flared between on the border has forced
Israel and the Lebanese Hez- 100,000 citizens in northern
bollah militia, threatening to Israel to evacuate their homes.
broaden Israel’s war to its This mass displacement “is
northern border amid an im- unprecedented since the for-
passe in negotiations to reach mation of the country. It’s a
a cease-fire in Gaza. very serious pressure factor
Hezbollah launched about on the Israeli government to
100 Katyusha rockets at north- reshape the security landscape
ern Israel on Tuesday, the along the Lebanon-Israel bor-
heaviest barrage since Israel’s der,” said Daniel Sobelman, an The Open Arms, a rescue vessel owned by a Spanish charity, departs with humanitarian aid for Gaza from Cyprus.
war in Gaza against Hamas— Israel-based research fellow

First Barge Carrying Aid to Gaza

an ally of the Lebanese with the Middle East Initiative
group—began five months ago. at Harvard Kennedy School.
Hezbollah said its rockets A similar number of Leba-
were a response to an Israeli nese citizens have been dis-

Leaves Cyprus to Ease Food Crisis

airstrike Monday night in placed on the Lebanese side of
Baalbek in northeastern Leba- the border. The Israeli military
non. Israel retaliated later said it is working to eliminate
Tuesday with more strikes threats posed by Hezbollah. It
against two Hezbollah military said it also launched a strike
command centers and weap- against Hezbollah military in- BY STEPHEN KALIN

.
ons depots, also in Baalbek, frastructure in Syria, which AND BENOIT FAUCON
which residents of the area say borders Lebanon.

ly
had been used to support its Itamar Ben-Gvir, Israel’s na- A small barge carrying food
war efforts in Syria. Israel said tional-security minister, criti- aid set off from Cyprus toward
the Monday strike in Baalbek cized Defense Minister Yoav the Gaza Strip on Tuesday, the
was retaliation for drones dis-
patched to the Golan Heights.
Two Hezbollah fighters
were killed in the Israeli at-
Gallant on Tuesday for not re-
sponding more forcefully to the
latest Hezbollah rocket barrage.
Israel insists that Hezbollah
on
first test of a new maritime
corridor that aims to ease the
hunger crisis unfolding in the
Palestinian enclave five months
tacks Tuesday, the group said. withdraw all its forces north into the Israel-Hamas war.
us ,

President Biden’s special of Lebanon’s Litani River, 18 The shipment was orga-
l

envoy, Amos Hochstein, vis- miles from the border, as man- nized by aid group World Cen-
e
al a

ited Beirut last week in a bid dated under a United Nations tral Kitchen, with a crew from
to halt the cross-border fire resolution that ended the 2006 Spanish charity Open Arms
between Hezbollah and Israel. war. Yet, in recent weeks, Is- and backing from the United
ci on

Hezbollah has said it would rael has hit Hezbollah targets Arab Emirates. It is separate
stop attacks on Israel if there far from the 18-mile zone. from an initiative announced
is a cease-fire in Gaza. But Baalbek, which Israel last week by President Biden,
Hochstein said a truce in the struck on Monday and Tues- who said he had directed the
enclave didn’t guarantee calm day, is about 60 miles from U.S. military to build a float-
er s

in Lebanon, and that a diplo- the border, and home to a ing pier on the Gaza coast to U.S. military personnel air-dropped aid parcels over the Gaza Strip on Tuesday.
matic solution between the Unesco-listed Roman temple help overcome obstacles to
m er

militia and Israel is necessary. complex that is one of Leba- trucking assistance over land. be distributed safely amid still be a stopgap measure com- fire. Israel said its forces were
Israel and Hezbollah have non’s main tourist attractions. The maritime deliveries growing desperation among pared with supplies before the targeting Hamas infrastructure.
been engaged in tit-for-tat Hezbollah said it would halt won’t come close to meeting the strip’s 2.2 million people. war when Gazans relied on Since then, the World Food Pro-
strikes since Hamas’s Oct. 7 at- attacks when Israel stops its the overwhelming need in Several people were killed about 500 truckloads a day. gram has tried to resume opera-
tack on Israel, calibrated assault on Hamas in Gaza. Gaza, especially in the north, and dozens wounded Tuesday The World Central Kitchen tions, and on Tuesday said it
m rp

around unspoken red lines to “When the Netanyahu gov- where a cycle of Israeli mili- as they waited to receive food operation aims to get food into succeeded in getting a convoy to
avoid escalating the conflict ernment stops the massacre in tary operations, the break- in the north of the enclave, Gaza sooner, but at least ini- deliver enough food for some
into an all-out war. But Israel in Gaza, the rest of the fronts down of order and rising des- the latest such incident in re- tially on a much smaller scale. 25,000 people in Gaza City.
recent weeks has hit targets far stop, including Lebanon,” said peration have throttled cent weeks. The Israeli mili- It said it has another 500 tons The U.N.’s pullback and dip-
inside Lebanese territory, well Hassan Fadlallah, a member of shipments, said aid workers. tary didn’t respond to a re- of food in Cyprus and more lomatic pressure from the U.S.
co Fo

beyond the border region that Parliament for Hezbollah. The Palestinian health min- quest for comment. ships ready to transport it. has forced Israel and its West-
usually is at the center of the —Anat Peled istry says 27 people in Gaza, The vessel will take two to The charity has delivered ern allies, including the U.S., to
conflict between the two sides. contributed to this article. most of them children, have three days to cross the roughly 35 million meals to Gaza over become more deeply involved
died from malnutrition and de- 200 nautical miles between land and through airdrops in getting aid to the north.
hydration in recent days. Hu- Cyprus and northern Gaza. carried out by the Jordanian One of those humanitarian op-
manitarian agencies warn that The group, founded by Span- air force. It has said it is coor- erations turned deadly on Feb.
without more consistent aid de- ish-American celebrity chef dinating the sea operation 29, when more than 110 people
liveries, many more could die. José Andrés, said its aim is to with Israel and unnamed part- were shot or trampled to
The nearly 200 tons of establish “a maritime highway ners in Gaza that are helping death at a roundabout in Gaza
flour, rice, lentils and canned of boats and barges stocked it build a jetty to unload the City when Israeli forces fired
food on the World Central with millions of meals contin- aid. It isn’t clear who the at Palestinians who Israeli of-
Kitchen barge is enough for uously headed towards Gaza.” partners are because Israel ficials said were threatening
AGENCE FRANCE-PRESSE/GETTY IMAGES

nearly half a million meals. U.S. officials have said it hasn’t established an alterna- troops. Palestinians said the
n-

Roughly 250,000 to 500,000 would take about 60 days to tive Palestinian civilian au- people were trying to get food.
Palestinians remain in north- build the pier needed for the thority after breaking Hamas’s The shift to seaborne aid
ern Gaza, where many have larger aid deliveries coordinated control of the north. shipments reflects the ur-
taken to scavenging for food. by Washington. If it works, 200 “We may fail, but the big- gency and scale of Gaza’s need
no

Questions remain about how truckloads worth of aid could gest failure will be not try- for food and the changing cal-
the delivery would be received arrive every day, people familiar ing!” Andrés wrote on X. culations of the Biden admin-
in Gaza, whose only port was with the plan have said. That is U.N. agencies and charities istration and other govern-
knocked out of service by Is- the minimum that the United suspended food-deliveries to the ments that are under growing
An Israeli airstrike destroyed a building, seen on Tuesday, in raeli airstrikes in the early Nations considers necessary to north in February after a con- domestic pressure over Pales-
the city of Baalbek in northeastern Lebanon. days of the war, and how it can feed the population, but would voy was hit by Israeli naval gun- tinian suffering.

THAILAND
Progressive Party
BALKANS CANARY ISLANDS
U.S. Aims to Nudge Seven Migrants Die
WORLD WATCH
Faces Dissolution Kosovo-Serbia Talks In Quest for Spain
Thailand’s Election Com- U.S. Deputy Assistant Sec- Two bodies were found in a
mission on Tuesday said it retary of State Gabriel Esco- migrant boat heading toward
would seek to dissolve the bar on Tuesday said he would Spain’s Canary Islands from
Move Forward party after the be visiting Kosovo in coming West Africa, and survivors
Constitutional Court ruled days to put talks on normal- said five other people had
that the party’s proposal to izing ties between Kosovo died and were put overboard,
amend a royal anti-defama- and Serbia “back on track,” maritime rescuers and the
tion law was unconstitu- after tensions escalated over Red Cross said on Tuesday.
tional. Move Forward won a Kosovo’s decision to ban the The migrants had departed
surprise victory in the 2023 use of the Serbian dinar. Mauritania 10 days earlier, ac-
general election after cam- The government of Kosovo cording to the Red Cross. A
paigning on a democratic banned financial institutions merchant vessel spotted
overhaul, but was blocked in areas dominated by ethnic them on Monday, drifting 87
from taking power by the Serbs from using the dinar in miles south of Gran Canaria.
military-installed Senate. local transactions starting Twelve of the 38 survivors
The commission said it be- Feb. 1, and imposed the euro. were hospitalized, four in criti-
lieves the proposal to amend The dinar was widely used to cal condition, Spain’s Maritime
the law—which imposes up to pay pensions and salaries to Rescue Service and the Red
15 years in jail per offense for staff in Serbian-run institu- Cross said. The 38 came from
criticizing the monarch—was tions, including schools and Mauritania, Mali and Ivory
an attempt to overthrow the hospitals. Coast and included seven
YASUYOSHI CHIBA/AGENCE FRANCE-PRESSE/GETTY IMAGES

constitutional monarchy. It The ban angered both Kos- women, the Red Cross said.
was unclear whether the ovo Serbs and Serbia, and In the first two months of
court would accept the peti- has fueled Western concerns the year, the number of peo-
tion. A party representative about regional tensions. ple landing in the Canaries—
said its legal team would try The European Union has used as a stepping stone to
to prevent dissolution and warned both Serbia and Kos- continental Europe—came to
that proving its innocence ovo that refusal to compro- nearly 12,000, according to
would also help “create a mise jeopardizes their Spain’s Interior Ministry,
proper standard for Thai poli- chances of joining the bloc, more than six times the year-
tics in the future.” The disso- which is mediating a dialogue earlier number. Most leave
lution in 2020 of the Future between the former foes. Mauritania on small fishing
Forward party, a forerunner Serbia doesn’t recognize Kos- boats. Many die or disappear
of Move Forward, by the Con- ovo’s formal declaration of in- along the way, with remains
stitutional Court triggered dependence in 2008, consid- sometimes washing up on
vigorous street protests. ering it a Serbian province. the other side of the Atlantic. NEW YEAR CHEER: Indonesian children tossed water Tuesday during a celebration after
—Associated Press —Associated Press —Associated Press Nyepi, the day of silence that marks the new year in the Balinese Hindu calendar.
 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. Wednesday, March 13, 2024 | A7

WORLD NEWS

Haiti Seeks Way Ahead

As Premier Plans Exit
Council that would leaders and politicians, and Sec- their future,” said Jake Sulli-
retary of State Antony Blinken. van, national-security adviser
oversee elections The proposal allots seven to President Biden. He urged
faces threat from seats on the council to differ- other nations to contribute
ent political groups and a rep- support for the Kenya-led
gangs, other groups resentative from the private force. The U.S. has been push-

JOHNSON SABIN/EPA/SHUTTERSTOCK
sector. Individual representa- ing Henry to step aside to
A proposal for a Haitian tives haven’t been named yet. reach a political agreement.
transitional council to pave the Haiti’s political system fea- Henry’s resignation is likely
way for elections has encoun- tures an elected president who to satisfy gang leaders who
tered resistance from powerful shares executive power with had called his rule illegitimate
gang leaders, a sign of the an appointed prime minister. and vowed to oust him. Henry
challenges the body would face One of the council’s first has led Haiti since the July
in its effort to lead the country moves would be to approve 2021 assassination of President
out of a deepening crisis. the rapid deployment of a pro- Jovenel Moïse under what re- Protesters in Port-au-Prince last Thursday demanded Prime Minister Ariel Henry’s resignation.
posed multinational security main murky circumstances.
By José de Córdoba, force whose job it would be to But the proposal faces Prominent warlords have prison after pleading guilty to port a multinational force.
Juan Forero take control of roads, ports likely opposition from heads pledged to combat any foreign a money-laundering charge. The transitional council
and Kejal Vyas and hospitals from the coun- of gangs and other powerful security mission that is de- “We are going to mobilize,” would inherit problems the
try’s more than 300 gangs. interests who would be ex- ployed to Haiti. said Philippe. “Caricom’s deci- Henry government was inca-
Embattled Prime Minister The force will be funded by cluded from the council. The Haiti’s most powerful gang sion is not our decision,” he pable of addressing in the
Ariel Henry agreed late Monday the U.S. and headed by Kenya, agreement reached in Jamaica boss, Jimmy Cherizier, a for- said, referring to the intergov- nearly three years since the
to resign after a transitional which is expected to provide would bar from the council mer police officer nicknamed ernmental Caribbean Commu- Moïse assassination, said Stan-
presidential council and an in- at least 1,000 police officers, anyone who has been con- Barbecue, has threatened a nity organization, which pro- islas Wojewodzki, a former ad-
terim prime minister are named though it remained unclear victed, charged or indicted in “civil war” if a foreign mission posed the council. viser to Haiti’s government.
to prepare for elections amid when it would arrive in Haiti. any jurisdiction of a crime, is sent to the country. The James Boyard, a national The group would have to
surging gang violence, Carib- “We know there’s a lot of has been targeted with sanc- force also is opposed by Guy police official in Haiti who is decide on the formation of a
bean leaders said. The an- work ahead, but these are tions by the United Nations, Philippe, a former police chief assigned to the Foreign Minis- new government, oversee the
nouncement was made follow- positive steps to pave the way intends to run for president in who has become a potent polit- try, said that while there is military deployment of Ken-
ing a day of meetings in for the Haitian people to elect the next election, or opposes ical force in the three months skepticism about the interna- yan forces and the rules of en-
Jamaica involving heads of state their leaders and stabilize the U.N. resolution approving since his return from serving tional role in deciding the gagement, set up an electoral
from the region, Haitian civic their country and determine the Kenyan-led security force. six years at an Atlanta federal country’s future, Haitians sup- council and organize elections.

Next Taiwan Vice President Takes Quiet Trip to Washington

.
ly
Taiwan’s vice president- new Taipei government’s China. Chinese leader Xi Jin- to avoid sparking conflict U.S. officials privately wor- The broadened support sig-
elect is in Washington this agenda with members of the ping has vowed to eventually across the 100-mile Taiwan ried that Lai is more likely nals that nations beyond the
week for a low-profile visit, ac- administration, and then to take control, by force if neces- Strait. Chinese leaders, mean- than his predecessor to pro- U.S. now see a stake in pre-
cording to people with knowl-
edge of the matter, at a delicate
time in the Biden administra-
tion’s dealings with China.
visit several capitals in Europe,
again in a private capacity.
It couldn’t be determined
with whom Hsiao might meet.
on sary, and spoke at length
about the island’s status with
President Biden in November.
Wary of China’s reaction, of-
while, have sought to keep re-
lations with the U.S. on a rela-
tively even keel as they wrestle
with a slowing economy.
voke Beijing despite his pledge
to maintain the status quo she
established. Hsiao is viewed in
Taipei as someone who can
serving the uneasy Taiwan-
China coexistence. Europe real-
izes war in the Taiwan Strait
could “bring severe conse-
Taiwan’s Foreign Ministry and ficials in Washington and Tai- “Everybody is trying to pre- help Lai manage Taiwan’s re- quences to the EU economy,”
us ,

By Lingling Wei a spokesman for the ruling pei are trying to keep Hsiao’s serve a modicum of stability,” lationship with the U.S. Philippe Le Corre, senior fellow
l

in New York and Democratic Progressive Party visit under wraps, the people said Bonnie Glaser, the manag- In the past, many countries at the Asia Society Policy Insti-
e
al a

Joyu Wang in Taipei said they had no details. The familiar with the matter said. ing director of the Indo-Pacific were reluctant to develop ties tute, wrote in a recent report.
de facto U.S. Embassy in Tai- Since Taiwan’s presidential Program at the German Mar- with Taipei for fear of losing During Tsai’s term, Beijing
Bi-khim Hsiao, who served pei, the American Institute in election in January, both Wash- shall Fund of the United States. access to China’s markets. But has persuaded 10 states to cut
ci on

as Taipei’s representative to Taiwan, didn’t respond to re- ington and Taipei have taken The tour by Hsiao is likely with Beijing’s relations with the diplomatic ties with Taipei.
the U.S. from mid-2020 until quests for comment. care not to antagonize Beijing, still to upset the Chinese lead- West straining and China ramp- But while the number of gov-
late last year, is on a private Contact between Taiwanese which has been sending boats ership, according to Chinese ing up pressure on Taipei, many ernments maintaining official
trip to pack belongings she left and U.S. officials is watched and aircraft near the island. analysts. Beijing is particularly have set aside such fears. Poli- diplomatic relations with Tai-
behind to campaign with Pres- closely by China’s Communist With the war in Ukraine and suspicious of Lai, whom it sees cymakers in Brussels and other pei has fallen to a dozen, Le
er s

ident-elect Lai Ching-te, the leadership, which has long the Israel-Hamas conflict drag- as a more fervent advocate of capitals in Europe and Asia sent Corre wrote in his report, “un-
people said, though they said claimed the self-governed ging on, the Biden administra- independence than departing congratulatory messages fol- official forms of diplomatic
m er

she also plans to discuss the democratic island as part of tion sees it in the U.S. interest President Tsai Ing-wen. lowing the presidential election. ties have increased.”

Currency How many Nigerian firm. Zhao is awaiting sen-

tencing in the U.S.
m rp

naira buys $1
Nigeria blocks crypto Binance’s new CEO, Rich-

Woe Blamed 1,900 naira

exchange websites ard Teng, a former regulator,
vowed when he took over last
year to play by the rules and

On Crypto Handcrafted Beauty

Parallel engage with government au-
co Fo

1,800 (black market) thorities.

rate In Nigeria, the securities
regulator said last year that a
Continued from Page One 1,700 local Binance entity was oper-
to an index compiled by ating illegally and ordered it AN ESSENTIAL STYLE FOR EVERY
Chainalysis, a data provider. to stop offering its services.
1,600 WARDROBE, GLOWING IN 18KT GOLD
Nigerians received about Users continued to have access
$60 billion of crypto transac- to the global site, Binance.com.
tions in the 12 months 1,500 Gambaryan, 39 years old,
through June, according to and Anjarwalla, 37, landed in
Chainalysis. Official rate Abuja, Nigeria’s capital, on
Because the government 1,400 Feb. 25, at the invitation of
rationed who could exchange Feb. 15 March government officials who re-
n-

the local currency for the dol- Sources: Nigerian Autonomous Foreign
quested a series of meetings,
lar and at what exchange rate, Exchange Market (official); abokiFX (parallel) according to their families.
many sought refuge in digital The next day, the two sat
currencies pegged to the U.S. crypto platforms. with officials from Nigeria’s cen-
no

dollar, known as stablecoins. Olayemi Cardoso, the head tral bank, securities regulator,
The stablecoin trade in es- of Nigeria’s central bank, sug- national-security arm and finan-
sence became a black market, gested crypto platforms were cial-intelligence arm. The meet-
displaying an unofficial ex- being used to manipulate the ing left Gambaryan and Anjar-
change rate between the local market. In the case of Binance, walla feeling progress had been
currency, the naira, and the he said, $26 billion passed made, their families said. In-
dollar that was much weaker through its platform in Nigeria stead, the two were escorted to
than the government’s rates. in the past year from sources their hotel, told to pack and
Binance became the go-to and users whom the central were taken to a guarded house.
place to check that black-mar- bank couldn’t adequately iden- No reason was given.
ket rate, according to cur-
rency traders.
tify. He didn’t say where the
figure came from.
A Nigerian court issued an
order on Feb. 28, allowing the
$
695
Compare at $995
Bayo Onanuga, a special ad- A Binance spokesman said country’s Economic and Finan-
viser to the Nigerian presi- the company requires all users cial Crimes Commission to de-
dent, accused Binance of set- to go through rigorous iden- tain the men for two weeks,
ting the exchange rate for tity checks. While he didn’t pending an investigation, ac-
Nigeria and hijacking the role comment on the $26 billion cording to Anjarwalla’s wife,
of the central bank. figure, he said not all trading Elahe Anjarwalla. She said the
“Crypto should be banned is connected to the naira, men and their families haven’t In a classic V-pattern, the meticulously handmade links
in our country or else this given users can trade one been informed what the probe
bleeding of our currency will cryptocurrency for another. is about. At the house, the two of our glorious 18kt gold wheat-link bracelet sit flush
continue unabated,” he wrote Total trading volume men are allowed to use their
in a post on X. shouldn’t be mistaken with phones from time to time un- against the wrist, gleaming from every angle.
A new government that real money flowing through der supervision of guards.
came to power last year tried the exchange, he said. Yuki Gambaryan, the wife
to simplify a complex system Binance allows buyers and of the detained compliance ex- Available in 7" $695 and 8" $795
of several official exchange sellers to trade among them- ecutive, said she speaks with
rates and give market forces selves, so it doesn’t set prices, her husband over text message
more sway over the value of it said in a blog post. When two or three times a day when
the currency. But a persistent there is extreme volatility in he is allowed. He is putting on
gap between what the gov- the naira, the system pauses a brave face for her and their
ernment thought the cur- to prevent manipulation. Mer- children, she said. They have a
rency was worth and the rate chants trying to manipulate 10-year-old and a 4-year-
on Binance’s website proved the market are kicked out, the old. “My youngest asks when
intolerable. company said. daddy is coming home every
Onanuga told The Wall Founded in 2017 in China, day, going into Tigran’s home
Street Journal that Binance Binance has long operated office because it smells like
was cooperating with authori- without a headquarters and daddy,” she said.
ties and compensation to Ni- under the radar of regulators, Anjarwalla video calls Elahe
geria was being discussed. offering unlicensed trading in Nairobi when he is allowed.
Last week, after the deten- through its global website. They try to calm one another. ORDER TODAY!
tions, Binance said it would In November, founder He talks with his 11-month-old
stop any services involving Changpeng Zhao stepped son, who began to whisper To receive this special price and free shipping use offer code: WHEAT12
the naira. down as chief executive and papa. His first birthday is next
The Nigerian Communica- pleaded guilty to violating U.S. week. “I am hoping and pray- 1.800.556.7376 or visit ross-simons.com/wheat
tions Commission ordered anti-money-laundering re- ing they get back in time for
telecommunications compa- quirements. Binance agreed to that,” Elahe said.
Shown larger for detail. Item #879364
nies to restrict access to the pay $4.3 billion in fines, the —Gbenga Akingbule
websites of Binance and other largest ever levied on a crypto contributed to this article.
 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.

A8 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Attacks Disrupt Russia’s Oil Sector U.S. Finds

Spare Cash
Severe damage from
Ukrainian strikes on
in recent weeks, the assaults
have caused damage severe
enough to prompt monthslong
Drone attacks overnight and into Tuesday pated in an attack in the Kursk
region near Russia’s border with
Ukraine. In the Oryol region oil-
To Provide
oil facilities spurs a
ban on gas exports
repairs and required Russia to
ban gas exports to preserve
domestic supply.
Leningrad region
Kirishi
Kirish BEL .
RUSSIA
depot attack, the fire spread
and 17 people were evacuated
from buildings, officials said.
Weaponry
BY GEORGI KANTCHEV
AND JOE WALLACE
Western nations have all but
cut off direct imports of most
energy Russian products, which
UKR .

ROM. Detail
Ukraine’s defense ministry
declined to comment.
A full repair of such facili-
To Ukraine
now mostly end up in places ties usually would take no
Black Sea
Ukraine struck oil facilities such as China, India and Tur- more than a couple of months. BY NANCY A. YOUSSEF
deep inside Russia, expanding key. But because of the global RUSSIA But sanctions have tightened AND MICHAEL R. GORDON
a campaign of drone attacks nature of oil markets, Moscow’s Lukoil facility, Moscow’s access to Western
on refineries and other petro- sway remains formidable over Nizhny Novgorod parts, on which much of Rus- WASHINGTON—The Biden
leum infrastructure that aims prices worldwide. The disrup- Moscow sia’s energy industry has been administration said it is send-
to disrupt fuel supplies to the tion to Russia’s exports of valu- built in the past few decades. ing $300 million more in am-
front line and damage Mos- able fuels has contributed to a Moscow region “With a bit of luck, [Kyiv’s munition and weapons to Kyiv
cow’s most important export recent rise in global diesel and drones] can damage not just in a stopgap move to boost
industry. gas prices, even as crude prices pipelines, but also compressors, Ukraine’s forces while Con-
One of the drone attacks have remained relatively stable. valves, control units, and other gress debates an aid package.
overnight and into Tuesday hit The impact on Russia’s mil- Tula region pieces of equipment that are The Pentagon plans to
a large refinery operated by Lu- itary fuel supply is difficult to Bryansk region tricky to replace because of transfer artillery rounds, rock-
koil, Russia’s second-biggest oil assess. Refineries are crucial sanctions,” Sergey Vakulenko, a ets for Ukraine’s Himars
company, in the Nizhny Novgo- for Russia’s war effort as Oryol region nonresident scholar at the Car- launchers, antiaircraft missile
rod region, about 600 miles tanks, ships and planes need negie Russia Eurasia Center and and antitank weapons, using
from the Ukrainian border. The refined products such as gaso- a former Russian energy execu- funds in the Army budget left
Kursk region
strike caused a fire that spread line, diesel and jet fuel. tive, wrote in a recent analysis. over from weapons contracts
thick black smoke over the In attacking Russia’s energy Voronezh region Domestic-fuel supplies are for replacing arms sent to
morning sky, according to au- heartland, Ukraine must navi- Belgorod region a particularly sensitive issue Kyiv, officials said.
thorities and social media. gate different pressures from for Moscow and oil companies The new assistance package
Another drone hit near the Western allies. Military advis- UKRAINE Kharkiv in the run-up to the presiden- also includes additional
town of Kirishi not far from ers from the West have since tial election this month. Infla- shorter-range ATACMS sur-
St. Petersburg, Russia’s second the early days of the war en- Russian forces as Rostov region tion is running above 7%. face-to-surface missiles, an
largest city, and home to a couraged Kyiv to target the lo- of March 11 Meanwhile, Russian state administration official said.
large refinery. A third attack gistical operations on which news agency TASS reported That version has a range of
struck oil-storage tanks in Russia’s war machine relies. Sources: Institute for the Study of War and AEI’s Critical Threats Project (Russian forces); that an Ilyushin Il-76 military about 100 miles and is armed
Oryol, a region near the Ukrai- Yet, Kyiv has fielded requests staff reports transport plane crashed in with cluster munitions.
nian border, authorities said. not to do anything that could Emma Brown/THE WALL STREET JOURNAL Russia’s Ivanovo region with The U.S. has already pro-
The drone attacks demon- drive up global energy prices. eight crew members and vided a modest number of the
strate Ukraine’s ability to hit “Oil refineries are unbeliev- “Ukrainian drone attacks can about 25 drones in various re- seven passengers aboard. missiles to Kyiv, and the inclu-
critical infrastructure deep in- ably vulnerable,” said Mikhail be very efficient.” gions. Later Tuesday, the minis- —Kate Vtorygina sion of additional ATACMS,

.
side Russia. Along with several Krutikhin, an independent Russia’s Defense Ministry try said it shot down several and Ian Lovett which stands for the Army
similar attacks on oil facilities Russian energy analyst. said Tuesday it intercepted Ukrainian drones that partici- contributed to this article. Tactical Missile System, wasn’t

ly
publicly announced. The mis-
siles can be fired by the Hi-

Russian Soldiers’ Wives Protest Putin’s War

mars, or High Mobility Artil-
on lery Rocket System launchers.
The military assistance is
intended to temporarily ease
some of Ukraine’s equipment
BY ANN M. SIMMONS shortfalls, which have contrib-
us ,

uted to battlefield setbacks.

l

When Maria Andreeva’s “When Russian troops ad-

e
al a

husband, Ivan, received his vance and its guns fire,

draft summons in October Ukraine doesn’t have enough
2022, she said he ammunition to fire back,” said
ci on

wasn’t that worried. Jake Sullivan, President Bi-

Russian Defense Minister den’s national security adviser,
Sergei Shoigu had said pub- at a White House news confer-
licly that draftees would pri- ence. The aid will be rushed to
marily secure areas of eastern Ukraine and might sustain its
er s

Ukraine that Moscow had military for only a couple of

seized during its invasion of weeks, he said, underscoring
m er

its smaller neighbor. the importance of securing

So Ivan, 34 years old, didn’t congressional approval of the
expect to see combat, and the stalled aid package.
couple believed he would soon When the Pentagon pro-
return to their simple life to- vided military aid to Ukraine in
m rp

gether in Moscow, where he December, it said it wouldn’t

enjoyed cooking and caring send more until Congress de-
for their baby daughter. livered additional funding. In
But last September, An- all, the U.S. has said it has sent
dreeva was shocked when se- approximately $44.2 billion in
co Fo

nior military officials an- military aid since Russia in-

nounced that draftees—who vaded in February 2022.
were part of a mobilization of A new $95.3 billion aid
300,000 men—would return package focused on Ukraine
home only with the end of and Israel passed the Demo-
Russia’s war in Ukraine, a con- cratic-run Senate last month,
REUTERS

flict Western governments but hasn’t moved in the House.

now expect to continue for Speaker Mike Johnson (R., La.)
years. Moreover, she had Maria Andreeva and other women lay flowers each Saturday at noon at the Tomb of the Unknown Soldier in Moscow. has said he won’t bring it to
learned to her alarm that her the floor in its current form.
husband could be dispatched paid his duty to his homeland.” Tension has surrounded the “They’re not ready to openly ties have offered extra cash Lacking that money, the
to fight on the front lines. While the Kremlin has latest mobilization since Putin confront us,” she said. “They and benefits for the draftees Pentagon was able to find ad-
That pushed Andreeva to jailed and punished Russians first announced it in Septem- believe that they can fight us and their families. ditional funds for Ukraine after
n-

embark on a campaign that is for expressing dissent, it has ber 2022, sending hundreds of by other means, bad-mouth us, Andreeva said the subsidies contracts to replace U.S. mili-
rare in an increasingly auto- allowed Andreeva’s protests to thousands of Russian men shame us for wanting our men are no substitute for her hus- tary stockpiles with equipment
cratic Russia: She began hold- take place. The inaction re- fleeing the country. Since then, back. And they believe that, lit- band. “I miss him both as a and weapons already provided
ing weekly pickets near the flects the dilemma the Krem- Russia has hired more than tle by little, they will be able loved one and as a friend.” to Kyiv came in under budget,
no

Kremlin, demanding the return lin faces in responding to the 450,000 contract soldiers, lur- to bury this matter. Well, let Whenever he can, Ivan defense officials said.
of her husband from the war. women’s activism ahead of the ing them with salaries of up to them think so.” writes to let her know that he Meanwhile, House Demo-
She has since helped March 15-17 presidential vote. 250,000 rubles a month, or Russia’s Defense Ministry is “alive and…relatively crats moved to force a vote on
to galvanize a movement that Putin’s victory is virtually about $2,755—more than triple didn’t respond to a request for healthy,” she said, adding that the stalled aid bill, seizing on
poses a rare challenge to Rus- assured because any real op- the official monthly wage. comment on the women’s de- he doesn’t dare complain for a rarely used parliamentary
sian President Vladimir Putin, position has been eliminated. The women have inundated mands, including their call for fear of being labeled a traitor. tactic that could allow them to
who has otherwise brooked no But the spectacle of women authorities with letters de- its leaders to meet with the “Naturally I know that my circumvent Republican leader-
opposition to his rule and his demanding the return of their manding the return of their wives and mothers. husband is very tired,” she said. ship.
war in Ukraine. Together with men is troubling because most husbands, sons and brothers. Andreeva has received “He didn’t plan his life this way, Democratic leaders told
the mothers, sisters and wives families are working class Starting this past December, written responses from the and certainly didn’t plan rank-and-file lawmakers that
of drafted men, An- and self-described patri- up to a few dozen women don Defense Ministry, including to be [deployed] for so long.” they would begin accepting
dreeva started petitions and a ots who typically form a core white headscarves and lay one telling her that during a The hardest moment for An- signatures Tuesday morning
letter-writing campaign to of his base. flowers each Saturday at noon period of mobilization “citi- dreeva came on New Year’s Eve on a so-called discharge peti-
parliamentary officials. They It is “frustrating the Krem- at the Tomb of the Unknown zens are obliged to fulfill mili- when her husband wrote that tion, which allows members to
launched a Telegram channel lin’s intended simple pre-elec- Soldier outside the Kremlin. tary duty with dignity.” The he had to remove the SIM card bypass House leaders and put
called Put Domoy, or The Way tion narrative of society unan- Any expression of opposi- period of service for those from his phone because he was legislation directly on the
Home, that has more than imously consolidating around tion to Moscow’s war in drafted would only end once in a sensitive location. He was floor provided they can garner
70,000 subscribers. Putin in support of the war,” Ukraine would normally at- mobilization had officially out of touch for two weeks. 218 signatures—or a majority
“I’m acting in the best in- said Ben Noble, an associate tract fines and possible jail been declared to be over, it She worries about her of the seats in the House.
terests of my family,” said An- professor of Russian politics time. Andreeva and the other said. Putin has never signed a daughter—now 2½ years old— Defense Secretary Lloyd
dreeva, a 34-year-old pediatri- at University College London. women have gone unpunished. decree ending mobilization. who she said regressed in her Austin is expected to meet
cian. “I want a husband, I want The protests touch a partic- Andreeva, who has seen her The Kremlin didn’t respond husband’s absence. She next week in Germany with al-
my daughter to have a father. I ular nerve in Russia, which husband twice since he was to a request for comment. “stopped talking, stopped smil- lies, some of whom have
didn’t marry a military man. I has a long history of female deployed, is taking advantage In various regions across ing…stopped saying the word sought to bolster military aid
believe that he’s more than antiwar activism. of the chance to protest. the country, Russian authori- mom,” Andreeva lamented. to Ukraine as U.S. efforts stall.

Passengers Recount Moment of Terror on Boeing 787 Dreamliner

BY MIKE CHERNEY What caused Monday’s mid- or two, before lighting back up. other headache for Boeing. The were busted open. Ellwood, ments going black and the air-
air incident that led to about “He said, ‘For that split second, company’s reputation has suf- who was strapped in with his line calling it a technical event
SYDNEY—Brian Jokat was 50 people on board the flight there was nothing I could do,’ ” fered from a pair of fatal 737 seat belt, saw his iPad hit the suggest that turbulence might
asleep, buckled into a window from Sydney to Auckland re- “Boeing stands ready to MAX 8 crashes in 2018 and ceiling and hold there. not be the main factor leading
seat on a three-hour Latam quiring medical treatment is support investigation-related 2019, and recently it has been A moment later, everything— to the plane dropping.
Airlines flight to New Zealand the focus of an investigation activities,” the company said. dogged more by issues with and everyone—fell down. Richard de Crespigny, a for-
when the plane suddenly involving air-accident teams Air-safety investigators are various models, including mis- People suffered head wounds mer Qantas pilot, said if the
dropped, jolting him awake. from Chile and New Zealand. likely to focus on the aircraft’s drilled holes, loose rudder bolts and needed neck braces, with screens went black, that could
He looked up and saw a man Chile-based Latam said the software and power issues, and the Jan. 5 Alaska Airlines roughly an hour to go in the indicate a power problem.
to his right pinned to the roof, Boeing 787 Dreamliner suf- said some aviation experts. Be- MAX 9 door-plug blowout. flight, Ellwood said. Passengers
and several other people fered a “technical event during cause the incident occurred in Lucas Ellwood was using were moaning and screaming.
seemingly flying around. the flight which caused strong international airspace, Chile’s his iPad, and fellow passengers “Everything that was just not Watch a Video
“You know in ‘The Exorcist,’ movement.” It didn’t elaborate. accident-investigation author- were finishing lunch when the held down hit the roof,” said Scan this code
when the girl flies from the bed After the incident, Jokat said ity is taking the lead. New Zea- Latam plane lurched down- the 35-year-old New Zealander. for a video of
and hits the ceiling? It’s exactly one of the pilots came to the land authorities have said they ward. People were thrown up- “We suffered essentially like an passengers
that scene,” he said. “I was cabin and said his instrument are gathering evidence. ward and suspended on the earthquake in the plane.” describing the
like, what the heck is this?” panel went black for a second The incident could be an- ceiling. Panels on the roof Some experts said instru- midair turmoil.
 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. Wednesday, March 13, 2024 | A9

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-

It has been 350 days since our friend and colleague Evan Gershkovich
was wrongfully detained by Russia during a reporting trip and accused of
no

espionage. The Wall Street Journal and the U.S. government vehemently
deny the allegation and continue to call for his immediate release.

No journalist should ever be detained for simply doing his job, and the charge
against Evan is an outrage. Journalism is not a crime, and any portrayal to
the contrary is iction.

The stakes are high: Without press freedom, there is no free society.

Every day Evan remains detained is a day too long. We will not rest until
he’s home.

Please continue to share Evan’s reporting and the latest updates on his
situation by visiting WSJ.com/Evan. Use the hashtag #IStandWithEvan
to help keep his story front and center.

©2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0019
 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.

A10 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

things like…they’re self-ab- is also generating backlash. instance, they partied pool- Others in the couples’ orbit floors, an almost new Toyota
They Are sorbed, they have no stake in
the future, they’re too focused
On social media, parents
are arguing that they do much
side, dined at the renowned
Nobu restaurant, visited casi-
are also curious. Mirlanda,
who wants to be a mom one
RAV4 and more.
The couple posted a video
on their career.” of what DINKs do, just with nos, lost track of time and day, but isn’t in a rush, has a on TikTok about the benefits
DINKs But these days, DINKs are
leaning into the label, thanks
kids in tow.
Internet commentators and
went to bed after 5 a.m.
And when Brenton, who is
stock retort. “I’m like, ‘Oh, you
guys ready to babysit for us?
and quirks of being DINKs, in-
cluding tidbits such as, “When

And Proud in part to the snowball effect

of social media, Neal says,
where DINKs are finding
comedians have started using
DINKs as material.
“Childless couples are even
32 and works in property
management, was offered a
new job that started in two
If you can’t answer that ques-
tion, then stop.’ ”
When Norelle Marquez was
we tell people we’re going to
Disneyland on vacation, they
think we’re weirdos.”
safety in numbers. more annoying than the imag- weeks in another city, the cou- younger, she imagined having It drew nearly 4,000 com-
Continued from Page One “As some people start to inary children they complain ple made the move—from Bos- children at around 24 or 25. menters, including some crit-
prefer “DINO,” for dual-in- openly identify as child-free, it about not even having,” said ton to Dallas—happen in just But lately, the 26-year-old ics, but many declaring them-
come, no offspring. creates an environment more Lewis Spears, an Australian one week. hasn’t seen them in her fu- selves DINKs or one of the
There is even DINKY—for open and welcoming.” comedian. “They don’t seem “We go where the wind ture. Norelle, a professional many DINK variations.
dual income, no kids, yet. In a 2021 Pew Research to do anything with their free blows,” says Mirlanda, a 30- photographer, and her hus- “That TikTok has solidified
The public pronouncements Center survey, 44% of non- time except make videos year-old real-estate agent. band Robert Marquez, a 28- my feelings about being a
represent a shift, says Zachary parents ages 18 to 49 said about how much free time “We love that about our rela- year-old Marine Corps service DINK and knowing that it’s
P. Neal, a psychology professor they were not likely to have they have.” tionship,” she adds. member, have no debt, and OK,” says Norelle. “Family
at Michigan State University kids ever, up from 37% in Brenton and Mirlanda In Dallas, they’re closer to stick to a budget for their Dal- doesn’t have to be bloodline,”
who studies child-free adults. 2018. Reasons included eco- Beaufils, both in their 30s, Mirlanda’s sisters, including las household. “It’s fairly easy Robert adds.
Though not all DINKs are nomic obstacles, concerns have been together for over a Preciana Prinstil, 29, who of- being DINKs,” says Robert. Ultimately, whether to have
strictly child-free, as some about the state of the world decade, and say that they’re ten jokingly wonders when Norelle appreciates that children is a decision that can
may have kids later, he says and simply not wanting to. often questioned about Mirlanda will give her chil- DINK life allows her to provide evolve, says Holly Hummer, a
there is overlap in the groups. And many young adults whether they plan to have dren some cousins. “I want for family, including her Harvard University Ph.D. can-
“It has been for a very long who do want children are hav- children. But they are not her to feel the love of kids and mother, who raised her and didate who studies women
time a sort of stigmatized cat- ing them later in life than pre- ready to give up the flexibility how they bring joy,” says Prin- her brother as a single parent. without children.“We’re all
egory,” says Neal. “There are vious generations. of the DINK lifestyle. stil. “Even though they can be She has given her mother a sort of a SINK or a DINK for a
all sorts of stereotypes— The recent vocal DINK-dom On a trip to Las Vegas, for a headache.” new washer and dryer, house portion of our lives,” she says.

Admissions ing on in late April and

through May,” said Scott
Friedhoff, Allegheny’s interim

Season Gets vice president for enrollment.

Some schools, including the
Rochester Institute of Technol-

Chaotic ogy in New York and John

Carroll University in Ohio,
have offered applicants finan-
cial-aid estimates based on in-
Continued from Page One formation provided by families
Uncertainty over test-op- directly. Some of those schools
tional admissions policies has guarantee that their eventual
compounded the stress. Some scholarship offers won’t be
guidance counselors and fami- any lower than the projected
lies have become skeptical amount. Others, though, say
that applicants who opt not to their figures could change.

.
include SAT and ACT scores In recent weeks, the Educa-
won’t be penalized for that. tion Department has been

ly
The worst problem by far, testing the system, including
though, is the trouble with the sending small batches of stu-
new federal financial-aid ap- dent data to a few dozen
plication. For years, college
applicants have provided in-
formation about their family
finances through the Free Ap-
on schools. It said it would “grad-
ually ramp up delivery” of the
records after addressing any
technical issues that come up
plication for Federal Student during initial trials.
us ,

Aid, called Fafsa. The system

l

is the gateway to billions of

e
Aid uncertainty
al a

dollars in federal, state and in-

stitutional loans and scholar- Forecasting enrollment and budgeting has been a challenge at Pennsylvania’s Allegheny College. A tour for admitted The University of California,
ships. It is one of the forms Riverside, has much of its fi-
ci on

students, above, An admitted student and her mother speak with an Allegheny financial-aid staffer in February.
colleges depend on to decide nancial-aid process automated
what kind of financial aid to Allegheny College’s snowy and says it can generally turn
offer applicants—and those Pennsylvania campus last around offers within a day
decisions are a big factor for month to attend an event for once it gets student Fafsa in-
students when picking a col- applicants who had been ad- formation from the federal
er s

lege. mitted, and half asked for one- government. Other institutions
When the Fafsa works as on-one time with the finan- might not be as fast, and stu-
m er

intended, families input details cial-aid office. Three members dents will still need time to
about their earnings and as- of the office tried to help fami- compare financial-aid pack-
sets as early as October, then lies start their federal aid ages.
NATE SMALLWOOD FOR THE WALL STREET JOURNAL (2)

the federal government sends forms, if they hadn’t already Current students renewing
a report to colleges a few days done so, and were prepared to their aid might wind up get-
m rp

later detailing how much the discuss the school’s promise to ting less than they expected.
family should be able to afford cover full tuition for certain The government changed how
and what federal grants and families earning under it considers small businesses
loans it is eligible for. The $50,000. owned by their families, now
schools then package that with Admitted students already factoring such assets into as-
co Fo

their own aid, sharing offers receive details of merit schol- sumptions about how much
alongside acceptance letters arships along with their accep- families can afford. Families
and giving families plenty of tance letters. But beyond that also won’t be awarded dis-
time to weigh their options tuition offer for the lowest-in- counts anymore if multiple
before locking in seats by May come students, Allegheny can’t siblings are enrolled in college
1. calculate need-based aid, on at once.
Bipartisan efforts to which the school spends “What we essentially did
streamline the Fafsa process what to do differently in light athletes at a local football Fafsa in early February, but he nearly five times as much was take every student who
have stretched back more than of the Supreme Court ruling camp. worries his scholarship appli- money, until it sees Fafsa fig- was confident they could af-
a decade, and a revamp was that upended how admissions So far, she has been re- cation won’t be processed in ures. ford college, then destabilize
approved by Congress in 2020. offices can consider appli- jected by two schools, deferred time for him to qualify for the The Education Department their belief in that,” said
It slashed by more than half cants’ race. The court said by one and admitted to one. money because the Education has said it would release stu- Stephanie Tusques, associate
the number of questions asked schools couldn’t favor appli- Reynolds said she can’t help Department has said paper ap- dents’ financial records in director of financial aid at UC
n-

of applicants. But the new sys- cants solely because of their but wonder whether mention- plications will be reviewed af- batches, generally sending no Riverside.
tem wasn’t ready to roll until race, but could consider how ing her race might have ter online submissions. more than 1,500 records to The majority of four-year
late December, and when it race affected an applicant’s worked against her, and ques- The Education Department each school in any single day, colleges stopped requiring test
launched, it was a disaster. life. tions whether she made the detailed a nine-step work- though some larger schools scores at the start of the pan-
no

Outages hit immediately. Colleges have tweaked soft- right call on the essay topics. around for the signature issue, will get more. demic, and have maintained
“The signature page is a hot ware systems to prevent ad- Many students can’t seri- but warned it would override Allegheny, like many small those practices since. Their
mess,” said one college coun- missions officers from seeing ously consider college without paper applications already colleges, derives much of its current policies contain per-
selor, referring to the part that applicants’ race, updated the financial aid, and counselors submitted, meaning students revenue from tuition dollars. plexing new terminology: test
must be signed electronically. language in their policies to worry frustrations with the like Gil Gonzalez would lose Forecasting enrollment and blind, test optional, test rec-
Some parents who signed reflect that they are adhering application could lead to en- the earlier recorded date of budgeting was already a chal- ommended, test flexible and
their portion got messages to the law, and held training rollment declines. submission. Some state aid lenge. Last year, just under test required.
saying they still needed to sessions for admissions staff Twenty-nine percent of programs and private scholar- 10% of those admitted to Al- Louisiana State University
sign it, so they would sign on what to look for—and what high-school seniors submitted ships dole out money on a legheny actually enrolled. This is test-optional, but students
again, only to receive the error to ignore—in applicants’ es- the Fafsa as of March 1, com- first-come, first-served basis, year, the school’s finances may can only qualify for certain
message again, the counselor says. pared with 45% at that time so the workaround could put be even more unpredictable state scholarships if they sub-
said. Parents also got error They have also tried to last year, according to the Na- students at the end of the because of the Fafsa hiccups. mit SAT or ACT scores. Quin-
messages if they tried to com- communicate that they still tional College Attainment Net- line. “I have a feeling what we’ll nipiac University in Connecti-
plete their portion before stu- value a diverse student body, work, an advocate of increased About 70 families visited see is a lot of scrambling go- cut is test-optional, test-
dents did theirs. adding essay questions to ap- college enrollment. The de- recommended or test-
In late January, the Educa- plications to learn more about cline was even steeper among required, depending on an
tion Department announced candidates’ backgrounds and students from low-income applicant’s proposed major.
that during the overhaul it had expanding recruiting activities high schools. Valerie Velhagen, a college
overlooked certain inflation in new parts of the country. Emmanuel Gil Gonzalez, a and career counselor at Eldo-
calculations, and that it 17-year-old from Denver, ran rado High School in Albuquer-
wouldn’t begin releasing stu- into problems trying to fill out que, said she used to provide
dents’ accurate financial de- Essay question the online application. His par- families with lists of tutors to
tails to schools until mid- Johniece Reynolds, who is ents immigrated from Mexico help teens study for the SAT.
March. That compresses the Black and a senior at a per- in the mid-1990s, but he was Now, almost nobody asks for
timeline for schools to send forming-arts high school in born in the U.S., making him them.
students their aid offers and Virginia, said she was initially eligible for federal college aid. “So few people put any ef-
for families to compare prices. hesitant to mention her race Fafsa’s new online system fort into prepping for it any-
“It is the most significant when she applied to a dozen doesn’t accept signatures from more,” Velhagen said. The Uni-
changes to the financial-aid colleges in the fall. Reynolds, parents who don’t have Social versity of New Mexico and
system in decades,” said an 17, is eyeing schools with Security numbers, and Gil New Mexico State University
Education Department spokes- strong engineering programs Gonzalez’s don’t. Such parents are both test-optional. Velha-
person. “It has required us to and lively social scenes. used to have the option to gen said she tries to remind
modernize or retire dozens of In conversations with mail in their signature pages students—especially those
systems, some of which are 50 friends, Reynolds said, “we after completing the rest of looking out of state—about po-
years old.” were all scared to write in our the form online, but not any- tential admissions advantages
Uncertain about how essays if we’re Black or not.” more. Some advocacy groups and scholarships tied to strong
quickly the government will In one college application estimate that a half-million scores.
share student records, and essay, she wrote about the ex- U.S. citizen students with un- Some schools that didn’t re-
how quickly aid packages can perience of being the only documented parents are ap- quire test scores during the
then be sent to families, many Black person in most of her plying for financial aid this pandemic have reversed
colleges have pushed back ballet classes and perfor- year. course, and others have said
their commitment deadlines mances. In another, she com- Two state scholarships for they would do so beginning
SUSAN WEEKS REYNOLDS

from May 1 to mid-May or pared the way ballerinas ma- which Gil Gonzalez is a finalist with next year’s applicant
June, and say they’ll likely re- nipulate their pointe shoes for require that he fill out the pool.
main flexible even after that, comfort to the way engineers Fafsa, and those programs “Every day we go on, it
knowing families need time to make tweaks to improve re- have said they would be flexi- feels like we’re going into a
run the numbers. sults. In yet another, she de- ble with their deadlines in deeper layer of chaos in ad-
At the same time, families scribed her volunteer experi- light of the system delays. Em- missions,” said Jennifer Jessie,
and schools have had to decide ence providing first-aid care to manuel submitted a paper Johniece Reynolds visiting USC’s engineering school. a college counselor in Virginia.
 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.

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, March 13, 2024 | A11

And it’s working, he said in a

presentation last week. Now 20%
of its airport pickups are from re-
served rides. But Uber has also
seen strong demand outside
travel, especially in the suburbs,
he said. “We’re very, very happy
with the product,” he said.

Uber’s fee expansion

Uber introduced booking fees in
2016 and until recently capped
them at $10.
The company’s app calls it a
“variable fee that helps support
Uber’s regulatory, safety and oper-
ational costs, such as the govern-
ment mandated commercial auto
insurance we maintain on behalf
of…drivers, and payment card fees.
The fee is based on various factors
including the trip’s origin city and
distance.” The money goes to the
company, not drivers. Uber says
drivers keep the majority of the
reservation fee.
The charges are all over the
board and rising.
On a quick February trip to
Bethesda, Md., my Uber booking
fee was $1.68 on the way to a
nearby restaurant and $1 on the
way home from the same restau-
rant. The booking fee to Washing-
ton Dulles International Airport
the next day was $4.37, compared
with $4.74 from Reagan Washing-
ton National Airport to Bethesda.
The booking fee from an airport
hotel to the cruise port in Miami
was $8.53, while I paid $8.91 from

Add-Ons Can Nearly Double the same hotel to South Beach.

Sergio Avedian drives for Uber

.
and Lyft in Los Angeles and ana-
lyzes the industry for the popular

ly
Your Uber or Lyft Airport Trip
The Rideshare Guy blog and pod-
cast for drivers. He says the Uber
booking fees in California top $15
on
Airlines, hotels and rental cars aren’t the only places travelers get hit with unexpected high costs
even on short routes. Uber says its
insurance costs are up 65% per trip
in California in the past two years.
He says he can’t
understand why
us ,

Airlines and hotels get plenty Some of the travelers opt for
l

CARRY ON of grief for extra charges. The ma- ride-sharing fees, reservation fees.
e
al a

DAWN jor ride-hailing companies are in like government- He can see the ap-
GILBERTSON on the game, too. They have a mandated airport, peal in rural areas
lineup of fees and upsells galore— venue and conges- without a plethora
ci on

S
extra comfort and XXL cars and tion surcharges, are of ride-share driv-
priority pickup among them—that outside the compa- ers, but says there
ometimes, being the air- are pushing up trip prices. nies’ control. are plenty of driv-
port dad can cost you These add-ons are helping But Lyft and ers in the 20 larg-
more money. boost the companies’ financial for- Uber set others, est U.S. cities.
er s

Uber and Lyft pro- tunes: Uber just reported its first and they vary “You are going
mote advance reserva- annual profit and Lyft has widely by trip. to get an Uber or
m er

tions that encourage trimmed its losses. They also now Riders get few, if Lyft,” he says. “You
type-A travelers like airport dads have some travelers seeking other any, details up are not going to
to schedule a ride for smoother options when available. front. Both apps miss your flight.”
travels to and from the airport display only the Marc Boor-
and other destinations. Sounds Surprise on the receipt total price when shtein, a software-
m rp

like a win-win, right? Frequent flier Tim Cappalli, a 34- booking or reserv- business owner in
Turns out that punctuality has year-old standards architect in ing a ride. Both Virginia, says he’s
a steep price. Last summer, I Boston, said he only learned of the say what’s most stopped taking
FROM TOP: ERRATA CARMONA; ERIN HOOLEY/ASSOCIATED PRESS

booked a $55.06 early-morning fee when Uber sent the itemized important is that passengers Uber says 20% of its airport Uber and Lyft to Dulles and Reagan
ride to the airport in Phoenix. I receipt after an airport ride in No- know the final price up front. pickups come from reserved rides. airports from home because they
co Fo

didn’t discover that $19.31 of that vember. (He says he pays closer Uber’s app says the reservation got too pricey. He prefers to park
was a reservation fee until I attention to expenses on personal fee “may vary depending on the at the airport, especially when
checked my receipt. I was also trips.) The reservation fee was $8 location of the pickup address accept your ride in advance and get traveling with his kids.
charged a $7.61 booking fee, an for the 2½-mile ride. and/or the day and time of your to your pickup location on time, Plus, there’s no hunting for the
$4.75 airport surcharge and, oh, “I work in tech. I can’t fathom trip. This fee is paid by riders for while also locking in the price in pickup spot, which some airports
the $23.39 fare. All before tip. Lyft what cost $8,’’ he says. “It’s not their driver’s additional wait time case, for example, it’s raining and have in increasingly remote loca-
doesn’t break out charges for its like someone is sitting there man- and time/distance spend traveling there is a surge in demand.” tions. On a business trip to Austin,
scheduled rides, but I paid $53 to ually dispatching cars.’’ to the pickup location.” A spokes- Uber CEO Dara Khosrowshahi Texas in February, he took an Uber
reserve a predawn ride earlier this On shorter business trips, I’ve man says the option gives travel- is more transparent about the from the airport ($54 one way, in-
year. found even the pricey terminal ga- ers “peace of mind.” push for pricey reserved rides. He cluding tip) and got lost looking for
The typical price for similar rages in Phoenix can be cheaper A Lyft spokeswoman says of its has said Uber Reserve is aimed at the pickup spot. He ran into an-
rides booked without a reserva- than taking an Uber and Lyft each scheduled ride option: “Travelers high-income consumers who can other lost traveler and jokingly said
tion: $35 to $40. way. And there’s no waiting. pay a little extra to have a driver pay more for “higher reliability.” to him, “I’m still in Texas, right?”
n-
no

Royal ‘Fauxtography’
“Did Kate Middleton
have the right to edit
this photo? Yes, she

Raises Ethics Issues

had the right to,” said
Nicole Dahmen, profes-
sor of journalism at
University of Oregon.
“The problem is that it
has only gotten easier as our was released as an offi-
PERSONAL phones automatically improve every cial photo by the royal
TECHNOLOGY photo, face-enhancement apps are a family,” she said.
NICOLE dime a dozen—and tools using arti- For news outlets,
NGUYEN ficial intelligence can generate or making overall changes
manipulate images on the spot. to photos—for instance,

I
So where is the line between bumping up the bright-
recently took a photo of my hus- photo editing and “fauxtography,” ness or contrast, or cor-
band at home. He looked nice, where beautification becomes mis- recting colors—can be
but the apartment was a mess. information? The answer lies in OK, she said. But mak-
So I used an app to remove a pile where that photo ends up, and ing changes to individual
of laundry. Then I applied portrait- what it’s trying to show, or hide. pixels of the image can
style blur to the background. affect the photo’s integ-
The photo was suitable for fram- The new normal rity. And when it comes
ing, but was it a lie? The desire to show a perfect family to images generated or
Similar questions have arisen af- isn’t unique to royals. Many of us manipulated by AI, she’s
ter a family photo featuring the feel pressure to produce the most firm: They “absolutely
Princess of Wales was published to radiant holiday card we can. But the need to be labeled.”
her social-media accounts over the difference is, our cards don’t get portraits, turn gray skies blue and  Kensington Palace released a It’s the context that really mat-
weekend. Because Catherine, for- plastered all over the tabloids. Cath- dramatically blur and shade other- photo featuring the Princess of ters, Dahmen said. How is the im-
merly Kate Middle- erine and her family wise blah snapshots. Wales and her three children on age going to be used? Where is it
ton, has been out of were reminded of this Social-media apps made everyday March 10. The princess later going to appear? An image distrib-
the public eye recov- in early December, image editing commonplace. Insta- admitted to editing the image, uted as an authentic photo for pub-
ering from abdominal After a princess when they distributed gram has allowed the masses to ap- which made global news. lic-relations purposes should be held
surgery, the image apologizes for a Christmas photo in ply its gauzy, retro filters on photos to stricter standards than a family
made global news. which their youngest, for over a decade. rely on machine learning to deter- portrait for personal use, she said.
It made even more edits, what to Prince Louis, appears Google has automated once- mine the background for its artfully Perhaps even we non-royals
news when experts to be missing a mid- complex photo-editing tasks. Google blurred portrait mode. Samsung’s should think before applying face-
pointed out inconsis-
consider before dle finger—among Photos subscribers can use Magic Galaxy phones can make wrinkles slimming, skin-smoothing, eyelash-
tencies in the shot, altering photos. other apparent digital Eraser to remove undesired people disappear and add detail to super extending effects, even if it’s just
leading major news manipulations. and objects from backgrounds. Last zoomed-in photos. for sharing among friends. We
agencies to pull the In her statement year, the company introduced Pixel AI-powered tools take image might be contributing to a culture
image. The princess Monday, the princess phones with a feature called Best trickery to a whole new level. of unrealistic standards.
DAN KITWOOD/GETTY IMAGES

released an apology saying she ed- said, “Like many amateur photogra- Take that lets you choose different Our tech tells us that the perfect
ited the photo. phers I occasionally experiment with faces from a series of group shots. Ethical editing shot is one where everyone is look-
Photo manipulation is hardly editing.” We don’t know what soft- Most people manipulate photos Most people will agree that light ing at the camera, smiling with per-
new. A portrait of Abraham Lincoln ware was used, but Adobe’s flagship without realizing it. Our smartphone touch-ups don’t equal full-blown fectly well-lit faces. Maybe the best
from 1852 was actually the 16th Photoshop software has long helped cameras apply algorithms to tweak digital deception, although the line picture is the one that evokes a
president’s head superimposed on professionals and enthusiasts to the color, contrast and lighting of between acceptable alteration and memory—a real one—that no amount
someone else’s body. Image editing take zits out of high-school senior every photo taken. Apple’s iPhones trickery is a fine one. of Photoshop magic can conjure.
 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.

A12 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

French Fashion, German Rule

BY ELIZA BROOKE

I
n February 1947, after years
spent working for other fash-
ion houses, 42-year-old Chris-
tian Dior presented his first ‘The New Look’ on Apple TV+ depicts Dior and Chanel’s lives in Nazi-occupied Paris
collection for his own label.
Featuring cinched waists,
padded hips and full skirts, the
collection was anointed “The New
Look.” It offered a vision of luxury
and optimism to a nation still re-
covering from the horror and aus-
terity of World War II.
“The New Look,” an Apple TV+
series that debuted in February, is
a fictionalized telling of the events
that gave rise to that now-legend-
ary collection. The series follows
Christian Dior (Ben Mendelsohn)
as well as Coco Chanel (Juliette
Binoche)—a counterpoint to Dior
in both design sensibility and per-
sonality—during the Nazi occupa-
tion of Paris and after the city’s
liberation in 1944. “The New Look”
is the latest in a recent wave of
movies and television shows fo-
cused on the tragedy and wrong-
doing that has shaped the luxury
world we know today, a list that
also includes “The Assassination
of Gianni Versace: American Crime
Story” (2018), “House of Gucci”
(2021) and “Ferrari” (2023).
Early episodes of “The New
Look” center on its characters’
choices to collaborate and cooper-
ate with, or resist, the Nazis dur-
ing the occupation; the later part
of the season deals with the reper-
cussions of those actions and the
emotional fallout of the war. De-
spite the weighty moral questions
that the show poses, creator Todd
A. Kessler said that he didn’t in-

.
tend to paint black and white por-  In ‘The New Look,’ Ben  Dior said it gave the show
traits of Dior and Chanel. The

ly
Mendelsohn plays Christian Dior, access to its archives. This helped
show instead lives in shades of who reluctantly accepts work costume designer Karen Muller
gray. “It’s constantly shifting and creating gowns for the wives and Serreau recreate specific looks
changing, especially in the cruci- girlfriends of Nazi officers. from Dior’s collections.
ble of one’s life being threatened
during the occupation, during the
war,” he said.
Binoche’s Chanel is a particu-
on
Wertheimers own Chanel today.)
Binoche said that she had read
the Dior team, helped inform the
costumes’ construction.
larly complicated figure. Born into multiple books about Chanel be- Because Chanel had shut down
us ,

poverty and raised in an orphan- fore shooting began. Learning production at her fashion house at
l

age, the real-life Chanel revolution- about Chanel’s traumatic experi- the start of the war, Muller Ser-
e
al a

ized women’s fashion in the early ences earlier in life gave Binoche reau did not go through the same
20th century, with a sporty style an understanding of the designer process of replicating looks from
that offered greater freedom of as someone with a survival in- Chanel collections. Neither Dior
ci on

movement. She has also long been stinct so deep that she didn’t care nor Chanel commented on their
accused of collaborating with the who she allied herself with. “It leadership teams’ reactions to
Nazis. The show explores her Nazi was about being alive and being “The New Look.”
ties, with plot lines involving a ro- loved, so there was not a real Kessler, who read dozens of
mantic relationship with a German moral sensibility,” said Binoche. books on Dior and Chanel during
er s

officer and her use of those con- Kessler said that he aimed to with the 1995 murder of Maurizio ment. When she is arrested and his research for the show, said
nections to free her nephew from a humanize Chanel without prescrib- Gucci, Kering-owned Gucci sent to a concentration camp, Dior that he had not sought out brand
m er

prisoner-of-war camp and to try to ing how viewers should feel about granted access to its archives. devotes himself to freeing her. As access from Chanel because of the
wrest control of her company from the character, and that he wasn’t (Salma Hayek Pinault, the wife of he prepares his debut collection, abundance of books written about
her Jewish business partners, the sure what he would have done in Kering chief executive François- Dior embodies a melancholy but its founder. He found fewer biogra-
Wertheimer family. (The the designers’ positions. “The Nazi Henri Pinault, also appears in the hopeful message: Creation can be phies of Dior but read the de-
occupation of Paris movie.) But when a means of psycho- signer’s autobiography, “Christian
m rp

lasted four years,” he the film was re- logical survival. Dior & I,” and Marie-France
said. “But it wasn’t as if leased in November Dior said it gave Pochna’s “Christian Dior: Destiny.”
two years into the occu- 2021, the Gucci fam- Early episodes “The New Look” ac- Binoche said that she had spo-
pation, the French knew, ily, which is no lon- focus on choices cess to its archives, ken with Chanel creative director
‘Oh, we only have an- ger involved with which enabled Kes- Virginie Viard and told her she
to cooperate
co Fo

other two years, so we the brand, issued a sler to research the was aiming to portray the designer
can get through this.’ ” statement condemn- designer’s relation- with as much humanity as possi-
For projects based ing their portrayal.
or resist under ships. It also helped ble. She looked at early Chanel ar-
on real-life companies, While the show occupation. costume designer tifacts, including lipsticks and per-
the level of brand in- depicts Chanel as a Karen Muller Ser- fumes, as part of her research.
volvement—and the re- self-preservationist reau recreate spe- An increasingly high level of
sponse to the finished in the extreme, Dior, cific looks from consumer brand awareness may
product—varies. For as portrayed by Mendelsohn, is Dior’s collections. (Kessler said that explain why, in recent years, the
APPLE TV+ (3); ASSOCIATED PRESS (DIOR)

“House of Gucci,” sensitive and uncertain, muddling Dior had no financial stake in or entertainment world has produced
which concerns itself through moral gray areas. Em- creative approval over the show.) so many movies and television
ployed by the couturier Lucien Le- Muller Serreau’s team used pe- shows about real-life companies.
long (John Malkovich), he reluc- riod-appropriate undergarments in Executive producer Lorenzo di
 Juliette Binoche tantly accepts work creating order to capture the correct struc- Bonaventura said that he was
n-

understood Coco Chanel gowns for the wives and girl- ture of Dior’s 1947 pieces, with drawn to “The New Look” in part
as someone with a friends of Nazi officers, while his their dramatic curves. When the because of the deep brand knowl-
survival instinct so deep sister Catherine (Maisie Williams), original garments were not avail- edge he sees in his sons, who are
that she didn’t care who a member of the French resis- able to study, archival photos and in their early 20s. “At that age,” he
no

she allied herself with. tance, holds meetings in his apart- drawings, as well as insights from said. “I wouldn’t have had a clue.”

The snacks study

What Ultra their products, and note
that there isn’t a consis-
tent, universally accepted
In a recent study pub-
lished in the journal
Scientists were surprised to find
that people who had been eating the
high-fat, high-sugar snack also had
Processed definition of ultra-pro-
cessed food.
Cell Metabolism, re-
searchers primed par-
changes in how their brains learned.
While participants were having

Food Does “The makers of Amer-

ica’s trusted household
brands are committed to
ticipants with two dif-
ferent kinds of snacks
and saw how their
their brains scanned, the research-
ers had them do a basic learning
task, requiring them to push a but-
To Brains protecting access to nu-
tritious, affordable, con-
brains later responded
to a cue for a high-fat,
ton associated with a picture when
they heard certain tones. When peo-
venient and safe food,” high-sugar food, which ple who had been eating the high-
BY ANDREA PETERSEN said a spokesperson for many ultra-processed fat, high-sugar snack didn’t get the

U
the Consumer Brands foods are. picture they expected, their brains
ltra-processed foods may not Association, an industry Scans of their brains showed greater activity in parts in-
only affect our bodies, but our trade group. showed that the partic- volved in evaluating situations.
brains too. ipants who ate a high- This high-sugar, high-fat diet “is
New research suggests links be- Cravings fat, high-sugar snack changing something really basic
tween ultra-processed foods—such Many ultra-processed for eight weeks had about how we learn,” DiFeliceanto-
as chips, many cereals and most foods hit the brain rap- much higher activity in nio said.
packaged snacks at the grocery idly when we eat them parts of the brain that
store—and changes in the way we and have a strong effect create dopamine, a Mental-health effects
learn, remember and feel. These on its reward system, neurotransmitter in- Several recent studies have found a
foods can act like addictive sub- which is involved in pleasure, moti- The components hit our brains fast, volved in motivation, learning and link between diets high in ultra-pro-
stances, researchers say, and some vation and learning. which makes the foods more addic- expecting and experiencing rewards, cessed foods and an increased risk
scientists are proposing a new men- Those effects are similar to ones tive, Gearhardt says. when they saw a cue telling them of depression. A large review of re-
tal-health condition called “ultra-pro- when people use nicotine, alcohol The combination of high levels of to expect another high-sugar, high- search published last month in the
cessed food use disorder.” Diets filled and other addictive drugs, said Ash- both fat and carbs in many ultra- fat food. journal BMJ found an increased risk
with such foods may raise the risk ley Gearhardt, a professor of psy- processed foods is likely another People who frequently eat high- of depression, anxiety and sleep
of mental health and sleep problems. chology at the University of Michi- reason why we crave them and fat, high-sugar foods and then see problems with diets high in ultra-
The science is still early and re- gan who is a co-creator of a have a tough time stopping when signals of them in the real world processed foods.
searchers say there is a lot they measure of food addiction. we eat them. likely have a similar response, re- Gearhardt and colleagues are
don’t know. Not all ultra-processed “People intensely crave ultra-pro- Chocolate, ice cream, french fries, searchers believe. proposing a new mental-health dis-
foods are equal, some scientists say, cessed foods and consume them pizza and chips are among the top “When they see the sign of their order that they plan to call “ultra-
ELENA SCOTTI/THE WALL STREET JOURNAL

adding that some might be good for compulsively and find they can’t foods that people report eating in favorite fast food place or the pack- processed food use disorder” or
you. A diet high in ultra-processed stop eating them,” she said. an addictive way, according to Gear- aging of their favorite snack, they “highly-processed food use disorder”
foods has been linked with obesity, The way foods are produced hardt’s studies. Many of these are have more brain activity and are po- for inclusion in the official guide
Type 2 diabetes, cancer and cardio- might partly explain why. To make high in both refined carbohydrates tentially feeling more craving activ- that psychiatrists and psychologists
vascular disease, but researchers items such as chips, breakfast cere- and fat, a combination that isn’t ity that could make them more use to diagnose patients.
are still figuring out exactly why, als and snack bars, manufacturers typically found in nature. Foods in likely to consume that food,” said Symptoms include intense crav-
beyond calorie counts and nutrient often break down the cellular struc- nature are often high in fat or Alexandra DiFeliceantonio, associate ings, difficulty cutting down con-
composition. ture of ingredients, stripping them carbs, but not both. “Bananas are director of the Center for Health sumption and withdrawal symptoms
Makers of foods such as pro- of water and fiber, making them naturally high in sugar but you eat Behaviors Research at Virginia Tech, like irritability and agitation when
cessed meats and muffins defend easy to chew, eat and digest quickly. one and you’re good,” she says. who was a co-author of the study. people try to reduce their intake.
 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. NY Wednesday, March 13, 2024 | A12A

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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.

A12B | Wednesday, March 13, 2024 NY / NE THE WALL STREET JOURNAL.

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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. Wednesday, March 13, 2024 | A13

ARTS IN REVIEW

‘Deeper Well,’ the country

singer-songwriter’s
new record, is out Friday.

.
ly
MUSIC REVIEW | MARK RICHARDSON
down to the idea that a particular

A Quiet Conversation in Song

bracelet makes her think of her
on lover, and it’s hard to build a
memorable chorus out of the ti-
tle’s single-syllable words. She
tries, hitting multiple notes with
Kacey Musgraves delivers a new album that often feels too hushed and spare to leave an impression each vowel, but it doesn’t quite
us ,

O
work.
l

Late in the record, Ms. Mus-

e
al a

n her first two al- home meditations on love and con- locybin-assisted therapy. On the wishes for the knowing humor graves offers back-to-back songs
bums, 2013’s “Same nection. Ms. Musgraves followed song “Deeper Well,” she’s found a and off-kilter sensibility of her about how material riches aren’t
Trailer Different Park” that record with “Star-Crossed,” an new clarity without the aid of earlier records. everything. “Lonely Millionaire”
ci on

and 2015’s “Pageant album about the dissolution of her drugs. She doesn’t want to be “Moving Out,” for example, is a has lines like “The money and the
Material,” singer- marriage with a rich electronic around people who waste her somber number that muses on an diamonds / And the things that
songwriter Kacey sound palette. After these adven- time, and she now has the tools instance of cohabitation coming to shine / Can’t buy you true happi-
Musgraves wrote songs drawing turous strides forward, her sixth she needs to make good decisions an end, and one can’t help but ness,” while on the following
on her own life that listeners studio album, “Deeper Well” (MCA and look out for herself. “You’ve think of her 2018 hit “Space Cow- “Heaven Is” she sings “I don’t care
er s

could easily connect to theirs. Nashville/Interscope), out Friday, got dark energy / Something I boy,” which exam- for money or fame /
While she was establishing herself is an intentional step to the side: can’t unsee / And I’ve got to take ined the same sub- All for you I’d give
m er

as a solo artist in country music, It’s hushed, intimate and diaristic, care of myself,” goes one repre- ject but added a few it away.” It’s a well-
she was also a songwriter for a quiet conversation about where sentative line. The song’s bassline laughs and musical The set is worn subject, and
hire—she co-wrote hits for artists Ms. Musgraves is now. is a distant, buried echo of Lou surprises. Now it’s almost entirely she brings nothing
like Miranda Lambert and collabo- The enjoyable opener, “Cardi- Reed’s “Walk on the Wild Side,” almost as if she new to it, which is
rated on a song for the ABC drama nal,” has the feel of ’60s folk-pop, perhaps suggesting that her reck- thinks wisecracks acoustic, with true of too much of
m rp

“Nashville”—and as such, she had a mellow mix of “A Hazy Shade of less times are so far in the past might trivialize her “Deeper Well.”
to think about how to make her Winter” swirled with “California they are barely remembered. songs about personal
few sonic These songs of love,
observations resonate with a Dreamin’.” It’s one of the album’s On this record, Ms. Musgraves growth. embellishments. heartbreak and
broader public. rare tonal experiments and it once again works with co-writers Ms. Musgraves emotional maturity
But her 2018 breakthrough al- mostly works, evoking a dreamy and co-producers Daniel Tashian occasionally lands on have no real stakes.
co Fo

bum, “Golden Hour,” marked a state where objects that appear and Ian Fitchuk, who collaborated a memorable image. They take place in
shift in her approach to songwrit- randomly in view, like the epony- on her two previous albums. But The sixth track, “Sway,” is a com- the present, without a before or
ing: Since she was by then a highly mous bird, are portents of unset- they have dialed back the studio pact haiku of a song, so direct and an after, and don’t do enough to
visible celebrity, she could mine tling change. The title track, which experimentation considerably. simple it works. The metaphor draw us in. It’s ultimately a pleas-
her own experiences for her mate- follows, establishes the more se- This is an almost entirely acoustic isn’t revelatory—she wants to ant and intermittently enjoyable
rial, knowing her fans wanted to date tone for the rest of the record set with little percussion and few sway in the wind like a tree, bend- album that was doubtless mean-
KELLY CHRISTINE SUTTON

hear about her personal drama. in terms of tempo, arrangement sonic embellishments. Tempos are ing but not breaking—but the lyr- ingful for its maker, but doesn’t
This shift in perspective corre- and subject matter. slow, arrangements are minimal, ics are so economical that the sen- have enough to offer us.
sponded with a pop turn in her One of the autobiographical as- putting attention squarely on the timent comes alive. Other songs
production. On the LP, the thump pects of “Star-Crossed” stemmed singer’s words and melodies. Too are so straightforward they float Mr. Richardson is the Journal’s
of house music and glittery psy- from Ms. Musgraves’s learning often, they aren’t strong enough into space and leave no impres- rock and pop music critic. Follow
chedelia sat easily alongside down- about herself after undergoing psi- to sustain interest, and one sion. “Jade Green” basically boils him on X @MarkRichardson.
n-

T
TELEVISION REVIEW | JOHN ANDERSON
no

he Abraham Lincoln-Civil War

Avenging Abraham Lincoln on Apple TV+

fanatic that many of us har-
bor in our hearts will be tick-
led by “Manhunt,” a true-crime dra-
matization that lays down a trail of
historical-ephemeral
breadcrumbs as it re- bits of factual detail with
counts the pursuit of which is adorned—will
John Wilkes Booth. With- likely keep one watching.
out being told anything, Murder aside, Booth
we know we are in Mary has always been a prob-
Surratt’s boarding house, lematic figure: Was he
shifty men skulking about; really so devoted to the
lingering looks are cast at South? Or did he just
the cigar-colored, single- want to be more famous
shot pistol about to do its than his fellow actor
dirty work. “Why am I kill- brothers, Edwin (Nick
ing this guy again?” won- Westrate) and Junius?
ders one Booth conspira- As portrayed by Anthony
tor, who is told that his Boyle (“Masters of the
personal target is the sec- Air”), John Wilkes is
retary of state. “Which both, as well as insecure,
state?” he asks. These are venomous and a bit
not geniuses. emasculated when he
They were, arguably, has to shave off his
the most influential crimi- trademark mustache to
nal gang in American his- facilitate his escape
tory: Booth’s shooting of through Maryland. Mr.
Lincoln, on April 14, 1865, Boyle makes him a hate-
not only deprived the watch. Mr. Menzies is
country of its president, it more of the conventional
ushered in Andrew Johnson and de- hunt: The 12-Day Chase for Lincoln’s  Anthony Boyle (center) as (“One False Move,” “Devil in a Blue magnet here, creating an Edwin
railed Reconstruction, consequences Killer.” But choices had to be made: assassin John Wilkes Booth in this Dress”) and John Dahl (“Red Rock Stanton who is impassioned, ag-
we still live with today. But the Did Secretary of War Edwin Stan- seven-part series. West,” “The Last Seduction”), but grieved and feeling a little murder-
search for Booth post-assassination ton (Tobias Menzies, Prince Philip in this series is not theirs. With the ous himself when it comes to
isn’t something that has been given “The Crown”) say, moments after of his own? exception of Mr. Menzies and Lili George Sanders (Anthony Marble),
a lot of attention on screen, and as Lincoln expired, “Now he belongs to That is the basic theme of “Man- Taylor as Mary Todd Lincoln—their the well-connected Confederate
imagined by series creator Monica the ages?” Or “Now he belongs to hunt”: Edwin Stanton, Superhero. acting being the best arguments for sympathizer whom several histori-
Beletsky (“Fargo,” “Friday Night the angels”? The angels take the An asthmatic lawyer bent on bring- sticking with the show—the actors ans have pegged as a mastermind
Lights”), the narrative opens up the win here. Was Dr. Samuel Mudd un- ing to justice not just Booth but the give broad performances; the racists of the assassination plot. He makes
entire conspiracy by skipping aware that the man whose broken Wall Street-based conspiracy he be- are vicious cartoons and the ex- a good villain, just as Stanton
around in time, not always grace- leg he treated was the fugitive lieves is underlying the crime, Stan- slaves are all cherubic. Hamish Link- makes a good hero. And an angry
fully but with what seems to be Booth? As portrayed by Matt ton is intent on preventing insurrec- later’s Lincoln is hardly the haggard spearhead of the manhunt.
historical fidelity. Walsh (“Veep”), he’s a fully commit- tionists from resuscitating the figure the president was at war’s
Given the passion of Civil War ted accomplice. Was Stanton really Confederacy and slavery, Johnson end; he is distractingly young and Manhunt
buffs, they are bound to take excep- the engine of the investigation into (Glenn Morshower) being a major vigorous, recalling a young, bump- Friday, Apple TV+
tion to some of the assertions in his beloved Abe’s murder, defying obstacle. There are several top- tious James Stewart rather than
APPLE TV+

this seven-part series, which is his doctor’s orders and getting in flight directors involved in “Man- the shawl-hugging Daniel Day- Mr. Anderson is the Journal’s TV
based on James L. Swanson’s “Man- fistfights with would-be assassins hunt,” most notably Carl Franklin Lewis. And yet, the story—and the critic.
 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.

A14 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

SPORTS
JASON GAY occasionally thrilling quarterback,
and yet also…Kirk Cousins. He’s

The Hardest-to-Fill Job: NFL QB

off to Atlanta, after a six-year stop
in Minnesota, a place which really
looked like home, but…this is the
NFL.
Free agents are signing, the draft is coming, and yet the quarterback is never a sure thing As the Journal’s Andrew
Beaton wryly noted, Cousins has
hacked pro football by being a
very good, but not great, QB—tal-
ented enough to win plenty of
games, but not generational
enough to get locked into a long-
term, team-friendly deal. Instead
Cousins bets on himself, signing
briefer, high-value deals (the Fal-
cons are in for four years, $180
million), accruing a generational
wealth you wouldn’t associate
with an NFL QB who has won one
career playoff game and is return-
ing from Achilles surgery.
Good for Kirk, I say! That’s
striving to aspire to.
As for the draft…chaos remains
on the menu in Chicago, which has
a gifted if imperfect young quar-
terback in Justin Fields, but also
owns the No. 1 pick. Wisdom says
the Bears should use that pick to
take USC’s mostly-celebrated quar-
terback Caleb Williams, dealing
away Fields to clear room, or even
keeping Fields as insurance,
but…these are the Bears, cosmi-
cally bound to make it hard on
themselves.
Next in the draft order is
Washington, once a hostile landing
spot, lately improved under new

FROM LEFT: ADAM BETTCHER/GETTY IMAGES; BRIAN FLUHARTY/USA TODAY SPORTS; MATTHEW STOCKMAN/GETTY IMAGES
ownership. Should Chicago turn as
expected to Williams, the Com-
manders will likely take Jayden
Kirk Cousins, left, agreed to a deal with Atlanta, Russell Wilson, center, is headed to Pittsburgh, while Mac Jones, right, was traded to Jacksonville. Daniels, the Heisman-winning
quarterback out of LSU, or Drake
Maye, the behemoth QB from

.
Do you love your lo- outright despair. For every fran- ing into the annual NFL quarter- will now back up Trevor Law- North Carolina. New England,
cal NFL quarterback? chise with a rock solid superstar back panic. rence, the first pick in Jones’s drafting next, will take whomever

ly
I don’t mean love under center, there are a half It’s a highly predictable freak- 2021 draft class, and yet a work in Washington doesn’t. There will be
in the way you love a dozen that would prefer to host an out, partly triggered by trades and progress himself. noisy calls for proven winners like
new toaster, or 7- open audition as quickly as possi- free agency, but also the entry Other familiar names are get- Michigan’s J.J. McCarthy and
iron. I mean authen-
tic, human love. I mean you know
your NFL quarterback’s middle
name; his college major; his high
ble.

ously volatile job.

on
Quarterback remains a mysteri-

Everyone knows it’s the most

draft, which starts this year on
April 25 in Detroit, and involves a
selection of elite college quarter-
backs who could alter the course
ting recycled.
The Pittsburgh Steelers just
signed Russell Wilson to a one-
year contract—yes, that Russell
Washington’s Michael Penix. There
will be skeptics who remind us
that Super Bowl runner-up Brock
Purdy was taken with the very last
school team’s mascot; and what essential position in the game, the of a team’s history. Or not at all! Wilson, the one who won a Super pick in the 2022 draft, that none
us ,

both of his parents do for a living. successful casting of which can Nobody knows, which is part of Bowl more than a decade ago with other than Tom Brady was a sixth
l

You’ve named at least one pet af- pivot a franchise from train wreck the anxious fun. Seattle, only to become a rounder, and nobody knows any-
e
al a

ter him. If you had a chance, you’d to glory, but it remains deeply dif- Now is the season when fan punchline following a post-prime thing, and honestly…they’re right.
invite your NFL quarterback over ficult to obtain and develop a bases behold the man in the job payday from the Denver Broncos. It’s the nature of the quarter-
for your birthday, or, more hum- choice which sticks. If you watch a and wonder if he’s up to the task. For Pittsburgh, this is a low-risk back—a relationship that can
ci on

bly, for a bowl of homemade soup. lot of NFL football, you know the Now is when teams make moves— acquisition, as the Steelers already change your team and improve
Most people don’t love their not-so-secret truth: you watch a look at New England, choosing to have an incumbent on the roster your life, but a recipe for disillu-
NFL quarterbacks this way. The lot of crummy quarterbacking. jettison Mac Jones to Jacksonville, in Kenny Pickett, and the 35-year- sionment and heartbreak. I’m not
relationship between the average Few crack the ceiling between am- the former ‘Bama star sinking old Wilson signed for cheap, as telling you anything you don’t al-
fan base and the average starting bivalence and civic adoration. from draft day darling to following the Broncos remain on the hook ready know, but if you really want
er s

signal caller rests somewhere be- Which is why we are here Grumpy Lobster Boat Captain Bill for much of his ridiculous salary. to love something, I’d say get a
tween grudging acceptance and again, at the edge of spring, rag- Belichick out of Foxborough. Jones Meanwhile: Kirk Cousins! An toaster. Or that 7-iron.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 33 Snap
m rp

35 Yawn inducer
13 14 15
38 Sibilant
16 17 sibling
nickname
co Fo

18 19 20
40 Liquor unit
21 22 23 24 25 26 consumed
while
27 28 29 30 31 watching TV?
32 33 34 35 41 Refiner’s
intake
36 37 38 39 40 41 42
42 Something
43 44 45 46
you might trip
on
47 48 49 50 51 52 44 “You ___
n-

here” A view of the 17th hole at TPC Sawgrass during the 2023 Players Championship.
53 54 55 56
46 Like many
57 58 59 60 61 62 common vbs. The Tournament That Became
no

63 64 65 66 67 47 Uses a spoon

68 69
48 Neighbor city Biggest Loser in Golf’s Civil War
of Champaign,
Illinois BY ANDREW BEATON ously, it has to be the right years ago, the Players invited
70 71 AND LOUISE RADNOFSKY deal for both sides.” all of the top 46.
49 Unit of As for the Players Champi- The difference can also be
exposed leg EVER SINCE THE PLAYERS onship, Monahan added: clearly seen in next month’s
CUT DOWN TO SIZE | By David Alfred Bywaters in an old Championship first teed off “There is no doubt we will Masters, where 29 of Data
Across 32 Blunt 66 Immediately 12 Yawn inducer pinup? half a century ago, it has crown a most deserving Golf’s top-30 players are
instrument been unofficially regarded as champion on Sunday, one among the invitees. Most of
1 Enviably 68 Whines 15 Cost as much 51 Sail golf’s fifth major. The PGA who faces not only the chal- the LIV members missing
slim 34 Fingerboard as alternative Tour’s flagship event boasts a lenge of the Stadium Course, from the Players, such as Nie-
69 Mower
ridges 54 Aquatic famous course with an iconic but a field whose hallmark is mann, Rahm, Brooks Koepka
7 Unexpectedly owner’s need 17 Units of
curt threshing mammals hole, exorbitant prize money its strength and depth.” and Dustin Johnson, have ex-
36 Roughly
70 Relaxed and the promise that it But for now, that strength emptions that allow them to
waste? 56 Refiner’s
13 Digital image 37 Like most boasts the strongest field in is significantly weaker than it appear in the year’s first ma-
71 Beginnings discard all of golf. was just a couple of years ago jor.
parts people 19 Up to, briefly
Down Except that last part is no because the sport remains as How exactly this can be
14 Cheek 39 Revered one 22 Be in debt to 59 Workshop longer quite accurate. divided as it has been since resolved remains one of the
application 1 Reach across holder Among golf’s showcase LIV launched in 2022—and most divisive issues in golf.
43 County south 23 Very far north
16 Vicuña’s 2 Disgusting or south 61 “Shoo-be- events, no tournament has this tournament is bearing Even if the PGA Tour and PIF
of Sonoma
cousin doo,” or just been hit harder by the split the brunt. Because LIV golf- can reach a final agreement,
45 Levi’s 3 Weight-loss 25 USMC “Shoo!” that is currently dividing the ers are still barred from play- Tour players remain split on
17 Treatment Stadium units? enlistee sport. Most of the top golfers ing in Tour events, many of whether there should be a
for red wine gridders 62 Coop group who defected from the PGA the game’s elite players are pathway back for those who
stains 4 Had a bias 26 Frankincense Tour to join LIV Golf are still absent from the field that will bolted to LIV. Whether or not
47 Cane contents or myrrh 64 Planning making their way into the vie for their share of a $25 a deal even happens, the PGA
18 Really bright 5 Affectionate time
attention, 27 Beginning for major championships. But the million purse. Tour has also steeled itself fi-
50 Clean with
19 You, in the briefly system or 65 Meadow Players Championship, which According to the rankings nancially by receiving an in-
effort begins Thursday at TPC from the analytics provider jection from a group of U.S.-
past tourism
52 Homer’s 6 ___chica 66 In the past Sawgrass in Florida, is now Data Golf, 41 of the world’s based investors.
20 It’s above neighbor (that girl, in 28 Your and my missing many of the best top-50 rated golfers will com- Monahan said the invest-
lead in the Mexico) 67 Retired M&M players in the world. pete in the Players this year. ment from the consortium
periodic table 53 Carpentry and 30 Stat for an ace color Speaking at the tourna- All nine of the missing play- called the Strategic Sports
bricklaying, 7 Fit for duty ment on Tuesday, PGA Tour ers joined LIV. In 2022, before Group not only boosts the
21 Idyllic spot Previous Puzzle’s Solution
e.g. 8 Ma Rainey M A T T E S C A B I T M E commissioner Jay Monahan LIV launched, 49 of the Tour, but also enhances the
24 Start to grow specialty O T O WN P A I R S A I L gave the latest update on ef- top-50 players at the time likelihood of a deal with the
55 Bob, e.g. S I P O N E N D O F T I M E forts toward unifying the were eligible to play in the Saudis.
27 Long, long 9 Polish, e.g. A S S I M E T A B I P O C game—an effort that’s hang- tournament. At the same time, LIV has
57 Hard drive I S H S I D F I N E S T
time inventor ing in the balance and is al- Notably, this year’s Players remained on offense by con-
10 Constitution C U E S A D A G E K I A
S E L L S A P O L O ready months past its due field is missing two of Data tinuing to poach players and,
29 “The Right 58 At any point preface?
F R U I T R O L L U P date—by saying that “negoti- Golf’s top-10 players: Chile’s most recently, by withdraw-
JOE ROBBINS/ZUMA PRESS

Stuff” writer E P E E S EW E R S ations are accelerating” with Joaquín Niemann and Spain’s ing its efforts to seek Official
60 Hurry 11 Extra-extra-
E A T A S S E T E R I E LIV’s backer, Saudi Arabia’s Jon Rahm, the reigning Mas- World Golf Ranking points for
31 Mobile large unit of B Y R O A D F O E U T E
payment 63 Gargantua Vietnamese L E G O S P O L E D V E T Public Investment Fund. ters champion, who became its events. LIV says that with-
service creator soup? I F Y O U L I K E I S I A H “I do believe negotiating a the latest high-profile defec- out recognizing the results of
M U L L A P R S F L A I R deal with PIF is the best out- tion when he signed on with its stars, OWGR is no longer
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. P L E D Y E A H Y O N D U come,” Monahan said. “Obvi- LIV ahead of this season. Two credible.
 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. Wednesday, March 13, 2024 | A15

OPINION
Trump and Ukraine BOOKSHELF | By Edward Chancellor

What sur-
vives of the
mainstream
By any realistic political
logic, either would welcome a
settlement to stop the fighting
competition with the New
York Times, as the voice of
anti-Trumpism.
a Biden presidency, but it’s ac-
tually hard in advance to know
how.
The Wheat King’s
press prides
itself on de-
livering the
anti-Trump
that Ukraine would agree to.
Mr. Trump has said little (and
Mr. Biden less) except that he
would end the war “in 24
Nothing else is going on—
no real curiosity, no wonder at
our complex world, its ironies
and contradictions.
Everything you hear—every
single word—is mostly an at-
tempt to mislead you about
this.
Lost Harvest
BUSINESS
WORLD message. If
you listen to
hours,” using U.S. military
supplies as leverage—lever-
For Ukraine’s friends, the
real worry should be U.S. drift,
The really glaring signal on
Ukraine is that neither party’s
To Make a Killing
By Holman W.
former CIA age, he specified, on Russia, already seen under Mr. Biden, coalition is all that committed By Robert Stephens
Jenkins, Jr.
analyst Mar- not on Ukraine. as the war outruns a limited to its cause. Mr. Trump, typi- McGill-Queen’s, 270 pages, $34.95

T
tin Gurri or Mr. Trump likes a star turn. bipartisan appetite to invest cally, says nothing intelligible
media scholar Andrey Mir, On no occasion in his long life, or court risk. Consider the about the $60 billion hung up he Roaring Twenties was the age of the great
these outlets are making a vir- as far as I can tell, has he ap- global fainting after France’s in Congress, not that Mr. Putin speculator. Journalists turned market traders into
tue of necessity. Anti-Trump- proached such a moment in a Emmanuel Macron mentioned was ever going to give us a household names, celebrating their coups and
ism is the gift that briefly ar- spirit of supplication and ap- cheap win. sometimes lending their columns for outright stock promo-
rested their decline, though peasement. So having his un- The $1 trillion-plus Mr. Bi- tion in exchange for payment. Two of the most successful
the holiday may be running derlings threaten the Putin re- Ignore the press. They den wants to spend forgiving speculators were market professionals. The exploits of
out for the Washington Post. gime with a big increase in student loans and subsidizing Jesse Livermore are immortalized in the 1923 investment
This leaves a problem. Don- U.S. military aid would at least don’t know what he’d electric vehicles, if budgeted classic “Reminiscences of a Stock Operator,” while those of
ald Trump, like most challeng- be the in-character gambit. do because they forget for Ukraine, really might end his rival, Arthur Cutten, have until now rested in obscurity.
ers to a vulnerable sitting The constantly repeated the war in 24 hours. Mr. Putin Cutten, whose triumphs at the Chicago Board of Trade
president, relies on hyperbolic refrain that he would sell out how politics works. would cut the best deal he earned him the title of Wheat King, is the subject of “To
criticism and changing the Ukraine is reflected in noth- could, seeing himself outbid. Make a Killing,” a revealing biography by Robert Stephens, a
subject rather than commit- ing he ever said or did, in- But notice only one candidate Canadian writer. Cutten was once described by his mentor,
ting himself on difficult policy cluding his famous 2019 the possibility of NATO has even breathed a word sug- the commodity trader James
choices that might displease phone call to President Vo- troops. How can anyone have gesting he might consider up- Patten, as “not only the most
some set of voters. lodymyr Zelensky. paid attention and not recog- ping the stakes, and it’s Mr. daring, but the most unerring
The media, however, can no The Washington Post re- nized that such an upping of Trump. speculator the world has ever
longer be trusted to give a cently had Mr. Trump “prais- the ante might be needed be- Mr. Biden omitted a key known.” Mr. Stephens’s chroni-
skeptical, realistic account of ing” the Russian “war ma- fore Mr. Putin calls it quits? variable last week in invoking cle is a valiant attempt to shed
what he might do as presi- chine.” Anyone who examines Mr. Biden seeks a “limited” FDR’s January 1941 State of light on his life. This is no easy
dent, preferring to put words the transcript will be hard war, understandably. His team the Union address. In 1939, task, as Mr. Stephens admits:
in his mouth to suit its own pressed to see his words as always said negotiations were FDR raised defense spending “Cutten, ever secretive, covered
narratives. anything but descriptive, by the expected outcome. In fail- 10%, in 1940 31%, and in his tracks well.” Adding to the
In Ukraine, the American way of calling for more NATO ing to nail his colors to any 1941—11 months before Pearl challenge, contemporary
people don’t want Russia to spending to counter Russia. declared terms, though, he Harbor—259%. journalists often reported wild
win, don’t want to see the war Ditto his tasteless likening seems to have convinced Mr. Military spending went rumors about both Livermore
expanded, and don’t want it to of Alexei Navalny’s legal per- Putin—and not a few Republi- from 1.2% of GDP to 5.1%, and Cutten as fact. The task of
drag on. secution to his own, which the can backbenchers—the U.S. whereas defense spending separating fact from fiction is
Close elections, like those Post fails to mention came af- would fold. has shrunk in real terms dur- nigh impossible, though Mr.
in the U.S. in recent decades, ter he described Mr. Navalny’s In nonelection years, even ing Mr. Biden’s three years in Stephens does what he can.

.
favor small policy differences courage in returning to Russia pundits recognize that events office. The two men provide sharply contrasting characters.
grossly exaggerated—5 points to confront the regime that dominate presidents rather Who wins in November Livermore was flamboyant, hard-drinking and articulate. He

ly
up or down on the corporate would murder him. than the other way around. may matter less than how sported a huge sapphire ring on his pinky, drove a yellow Rolls-
income-tax rate. Now that You don’t have to be a The big imperatives—like the much mandate he brings with Royce and owned several yachts, one of which was named the
Messrs. Biden and Trump have Trump admirer or think he Cold War—are imperatives for him. Resources available, Gadfly. His “Reminiscences”—officially the work of a novelist
the same position on the bor-
der, what’s left? Electric cars?
One of those nondifferences
is Ukraine.
should be president to notice
the Post’s increasing despera-
tion to maintain its place in
the national conversation, in
on
both parties. A Trump presi-
dency would undoubtedly be a
different experience and have
some different outcomes than
rather than who’s president,
will define the options and
drive U.S. policy in Ukraine af-
ter 2024, as it does now.
and reporter named Edwin Lefèvre, who interviewed Liver-
more for a series of magazine articles—reveal a deep under-
standing of the markets and the psychology of speculation.
Cutten, by contrast, was secretive, abstemious and plain-
speaking. While Livermore couldn’t resist a pretty flapper,
us ,

Cutten remained faithful to his wife, Maud, a former sales-

l

The Dire Cost of ‘Peace’ in Ukraine lady. A contemporary magazine claimed that Cutten seldom
e
al a

took in any amusements and was shy in company. His nature

was avaricious. As he said: “I like to make money. There is a
Hungarian under 27 from the draft, in ammunition shortage is the migration provisions. Speaker thrill in the actual process unequalled by any emotion.” His
ci on

Prime Minis- part to help meet the labor- third major problem. Accord- Mike Johnson’s refusal to few comments on speculation are unoriginal and forgettable.
ter Viktor Or- force needs of the civilian ing to numerous reports, in- bring this bill to the floor pro- Livermore, the “Boy Plunger,” started trading in bucket
bán met Don- economy. Although the precise cluding from front-line com- duced the current impasse. shops in Boston at the age of 14. Cutten’s career was slow to
ald Trump level of the staffing shortfall manders, Russian forces have As I’ve written, House take off. He was born in 1870 in the town of Guelph, Ontario.
Friday at is one of Ukraine’s carefully enjoyed a 5-to-1 advantage in backers of aid for Ukraine are After his father, a local lawyer, was ruined by the failure of
er s

POLITICS Mar-a-Lago, guarded military secrets, it’s these essential supplies for working on parliamentary his private banking business, the 20-year-old Cutten left for
and told Hun- clear that it’s substantial and several months, and the im- procedures that could get a Chicago to make his fortune. He soon landed a job as a book-
& IDEAS
m er

garian state growing. balance may be growing. Rus- bill to the floor over the keeper at the commodities brokerage house of A. Stamford
By William
media on At bottom this is a politi- sia also enjoys air superiority speaker’s objections. In mid- White & Co., where his work involved obtaining commodity
A. Galston
Sunday that cal issue. An expanded draft because Ukraine lacks ade- February, a bipartisan group prices from the exchange floor of the Chicago Board of Trade.
Mr. Trump is unpopular, and almost no quate supplies of antiaircraft led by Reps. Brian Fitzpatrick After a few years Cutten persuaded his boss to send him
“will not give a penny in the Ukrainian official wants to missiles. Our allies are helping (R., Pa.) and Jared Golden (D., to the pits as a full-time broker, where he was allowed to
m rp

Ukraine-Russia war. Therefore, take the lead in proposing to fill these gaps, but without Maine) introduced a compro- “scalp”—that is, to make small trades for personal profit.
the war will end, because it is one. Last month, Gen. Valerii the U.S. in the lead, the short- mise proposal to strengthen Later he set up on his own. Cutten gradually acquired a
obvious that Ukraine cannot Zaluzhny was replaced as fall will continue. border security and provide great fortune in the grain markets. In 1924 he was listed as
stand on its own feet.” commander in chief of defense funding for Ukraine, one of the largest payers of income taxes in the country.
Mr. Orbán is probably Ukraine’s armed forces, in with no aid for Kyiv’s govern- The following year, Cutten and Livermore clashed.
co Fo

right. Mr. Trump’s antipathy part because President Volod- Kyiv can’t stand on its ment operations. Over the Having acquired a large long position in wheat futures,
toward Ukraine is no secret, ymyr Zelensky reportedly was weekend, Sen. Lindsey Gra- Cutten took off for a vacation in Florida. According to Mr.
and our European allies will unhappy about Gen. Zalu- own, but a Russian ham suggested that Mr. Stephens, “Livermore knew Cutten was travelling, was out
find it difficult to sustain zhny’s support of the Defense victory would leave Trump might if re-elected be of touch with his brokers, and was unable to mount much
Ukraine’s struggle against Ministry’s request for an- willing to aid Ukraine with of a counteroffensive; therefore, it was an opportune time
Vladimir Putin without the other 500,000 troops. A pro- the U.S. far worse off. loans rather than grants. to hammer prices with massive short selling.” As the wheat
U.S., linchpin of the pro- posal to lower the draft age No one knows which of price fell sharply Cutten faced hefty margin calls but
Ukraine coalition. to 25 is tied up in Ukraine’s these strategies, if any, has managed to hold on. The Chicagoan was furious at
As Washington delays aid Parliament and may remain This is why Kyiv and all of the best chance of succeeding. Livermore and his “clique of bear traders.”
to Kyiv, the situation on the so until Mr. Zelensky signals Europe are anxiously watching What we know is that if the
ground is deteriorating. Al- his backing. Washington, where additional U.S. fails to act, Ukraine’s re-
though Ukraine’s recent re- Ukraine’s second problem is aid for Ukraine has become sistance to Russian aggression In the bullish 1920s, Arthur Cutten made a
verses in Avdiivka haven’t its lack of strong fortifications entangled with other issues, will weaken and ultimately fortune in the grain markets, but he failed to
n-

produced an all-out Russian where it most needs them. In including immigration policy, fail. This would bring Mr. Pu-
surge, Russia’s forces are part this is an issue of re- some Democrats’ objection to tin closer to his long-term see the storm clouds gathering at decade’s end.
slowly advancing along sev- sources. With Ukraine’s forces unrestricted aid for Israel, and goals—obliterating Ukraine’s
eral fronts. Ukrainian forces holding the line along an ex- Republican fiscal hawks’ de- sovereignty, weakening the
no

can bend only so much before tended front and Ukrainians sire to slash the so-called dis- North Atlantic Treaty Organi- Cutten now turned his attention to Wall Street. He joined
they break. working continuously to keep cretionary budget, the portion zation, and restoring Russian a syndicate to push up the stock price of Sinclair
I recently participated in a the country’s infrastructure of federal spending subject to control over the peoples and Consolidated Oil and speculated on insider information in
background briefing on the functioning, building strong annual appropriations. territories of the former So- the stock of Montgomery Ward, the mail-order business.
situation from some leading defensive positions behind the Last month, Mr. Trump’s viet bloc. The normally secretive Cutten started giving press
politico-military experts, who front line hasn’t been the disapproval of a Senate com- After his Mar-a-Lago visit, interviews to promote his favored stocks. In December 1928
agreed that Ukraine faces highest priority. The govern- promise on border security to Mr. Orbán called Donald he appeared on the cover of Time, pictured at his estate
three principal problems. ment’s strategy of defending accompany a Ukraine aid Trump a “man of peace.” So, I outside Chicago with his prize bull. “Bull Cutten ranks king
First, it is running short on current positions at all costs package led Minority Leader suppose, was Neville Cham- of the herd,” the magazine enthused; “any stock that he
manpower, not because it has while preparing to retake the Mitch McConnell to block a berlain. The problem, as buys is automatically skyrocketed by his buying it.”
reached the bottom of the de- offensive has also contributed bill he supported, forcing the Chamberlain discovered, is Cutten was undoubtedly a skilled commodity trader. But
mographic barrel but because to the inadequacy of its rear- Senate to send the House an that your own pacific inten- he had no special understanding of the stock market. In a
its mobilization policy is too guard defenses. aid bill for Ukraine, Israel and tions don’t matter much if the bull market, as Livermore noted, “a man could no more
narrow. Ukraine excludes men Ukraine’s much-discussed Asia-Pacific allies with no im- other side doesn’t share them. help making money than he could help getting wet if he
went out in a rainstorm without an umbrella.” Cutten failed
to see the storm clouds gathering in 1929 and lost much of

Crime and Punishment, Not in That Order his fortune in the October crash. On this occasion,
Livermore’s bear trades proved extremely profitable.
Several years after the crash, many of the leading
By Michael Taube ditions, including house ar- plaints designed to harass The Online Harms Act speculators, including Cutten, were hauled in front of the
rest and electronic monitor- conservative commentators would introduce not one but Pecora Commission in Washington, where their

T
Toronto ing, on the defendant merely Mark Steyn and Ezra Levant. three new bureaucracies—a unscrupulous trading practices were exposed. Cutten “went
he 2002 film “Minority because it’s feared he could Bill C-63 would effectively Digital Safety Commission of from icon to infamy as the public learned how he had
Report” depicts a spe- commit a hate crime. bring back Section 13, giving Canada to “ensure that opera- amassed his fortune,” Mr. Stephens writes. He spent his
cialized law-enforce- The bill would also expand anyone the ability to file a tors of social media services last years inveighing against new regulations that required
ment unit called Precrime that the power of the Canadian complaint with the CHRC al- . . . are transparent and ac- commodity traders to report their positions.
relies on information from Human Rights Commission, leging online hate speech. The countable” and “contribute to Cutten complained that speculators were blamed both
psychics to apprehend would- which was founded in 1977 to commission would have the the development of standards for hurting consumers when wheat prices rose and hurting
be offenders before they can address workplace discrimina- power to levy finds of up to with respect to online safety”; farmers when prices fell. No trader, he argued, could profit
commit crimes. Prime Minis- tion. A law known as Section 20,000 Canadian dollars a Digital Safety Ombudsper- from a position if the market fundamentals didn’t support
ter Justin Trudeau seems to (around US $15,000), payable son of Canada to “provide it. Commodity speculation, he maintained, actually lowered
have taken this as a sugges- to the complainant, not the support to users . . . and ad- market volatility. This is a fair point, although the same
tion rather than a warning. Canada considers treasury. That would “open vocate for the public interest cannot be said of the extravagant speculation in the
On Feb. 26 Mr. Trudeau’s the door to this massive influx in relation to online safety”; unregulated stock markets of the 1920s.
Liberal government intro- legislation to allow of complaints,” Michael Geist, and a Digital Safety Office of “The speculator is not an investor,” Livermore opined.
duced Bill C-63, the Online house arrest for a University of Ottawa legal Canada, which would support “His object is . . . to profit by either a rise or a fall in the
Harms Act, which targets so- scholar, told Toronto’s Globe the commission and the price of whatever he may be speculating in.” This has always
called hate speech on the in- prospective offenses. and Mail. And the standard of ombudsperson “in the fulfill- been a dangerous game. The Depression wiped out most of
ternet. One of its provisions proof would be the “balance ment of their mandates.” the celebrity speculators of the 1920s. By the time of his
would enable anyone, with of probabilities,” not guilt be- That almost sounds like a death in 1936, at age 65, Cutten’s wealth had evaporated.
the consent of the federal at- 13 widened the CHRC’s portfo- yond a reasonable doubt. joke, but giving those bureau- The U.S. tax authorities spent years trying to track the
torney general, to “lay an in- lio in 2001 to include policing The bill would subject non- crats something to do would missing money, but it had been lost. Livermore went bank-
formation before a provincial the “discriminatory practice” compliant social-media com- entail shutting a lot of Cana- rupt for a third time in 1934. In November 1940 he put a
court judge if the person of engaging in online commu- panies to draconian fines, up dians up. gun to his head in the cloak room of the Sherry-Netherland
fears on reasonable grounds nications that were “likely to to 6% of global gross revenue. Hotel in Manhattan. In a note to his third wife, Livermore
that another person will expose a person or persons to It would establish a new Mr. Taube, a Canadian col- wrote: “I am tired of fighting. . . . I am a failure.”
commit” an offense. The hatred or contempt.” Parlia- speech crime of “advocating umnist, was a speechwriter
judge could then issue a ment repealed Section 13 in genocide,” which could lead to for former Prime Minister Ste- Mr. Chancellor is the author, most recently, of “The Price
“peace bond” imposing con- 2014 after high-profile com- life imprisonment. phen Harper. of Time: The Real Story of Interest.”
 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.

A16 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden Shrinks the U.S. Military Saints and the Bible Tell the Truth About Hell

P
resident Biden opened his State of the tage over a rapidly expanding Chinese naval In his search for information on will penetrate the soul without de-
Union address last week invoking fleet. The industrial base is struggling to pro- hell, it appears that Lance Morrow stroying it—a terrible suffering,
has looked everywhere except in the since it is a purely spiritual fire, lit
Franklin D. Roosevelt in 1941. This week duce two boats a year, and the Administration
book that introduces the subject, by God’s anger; the fifth torture is
he rolled out a military budget fit for 1991, the presents its decision as a concession to this in- describes it in graphic detail, and conditional darkness and a terrible
twilight of the Cold War. Will Congress step up capacity. even relays an eyewitness account: suffocating smell, and despite the
to defend the country amid compounding Yet buying only one boat is a terrible signal the Bible (“How We Think About darkness, the devils and the souls of
threats? for capital investment, and it tells adversaries Hell,” Houses of Worship,” March 8). the damned see each other and all
The President’s $850 billion request for the that the U.S. isn’t serious about rearming. The It’s wishful thinking to hope no the evil, both of others and their
Pentagon in 2025 is a mere 1% increase over U.S. needs to build 2.3 subs a year to meet the one is there given that the Gospel of own; the sixth torture is the con-
2024. That’s a cut after inflation, the fourth in Navy’s needs while also supplying subs to Aus- Matthew says that “the gate is wide stant company of Satan, the seventh
a row Mr. Biden has proposed. What’s happened tralia under the Aukus pact. A serious Com- and the way is easy that leads to torture is horrible despair, hatred of
in the past year? Israel was brutally attacked mander in Chief would seek to expand that in- destruction, and those who enter by God, vile words, curses and blasphe-
and is now fighting a war for survival. Iranian dustrial base, not meekly succumb to it. it are many.” Hell is real, and it’s mies . . . Each soul undergoes terri-
eternal. It is described as a place of ble and indescribable sufferings, re-
proxies have fired drones and rockets at U.S. Remember the news only weeks ago that
darkness, “a bottomless pit” where lated to the manner in which it has
troops in the region more than 100 times, and Russia is fielding anti-satellite weapons that “the fire is not quenched.” It’s a sinned.”
its terrorists in Yemen have taken a global ship- threaten the U.S. homeland? The U.S. needs to place where there is “weeping and The children of Fatima, Saints Ja-
ping lane hostage. diversify and harden its satellites in space, yet gnashing of teeth.“ The rich man in cinta and Francisco Marto and Ven-
Vladimir Putin’s war in Ukraine is a bloody the Biden budget would cut the Space Force by hell asked Lazarus to “dip the tip of erable Sister Lúcia, also saw the
slog that he could still win. North Korea is $600 million over last year’s request. That is his finger in water, and cool my horrors of hell. In her memoirs Lú-
ratcheting up its bel- 2% of the force’s bud- tongue; for I am tormented in this cia described the July 13, 1917, appa-
ligerence toward South get, even as the ser- flame.” rition: “Plunged in this fire were de-
Korea, which the U.S. vices will have to fi- And it isn’t that “God’s verdict mons and souls in human form, like
is bound to defend. nance a proposed 4.5% goes against you” as Mr. Morrow transparent burning embers, all
suggests. You go against God by re- blackened or burnished bronze,
China announced re- pay increase for
jecting his offer of forgiveness. floating about in the conflagration.”
cently a 7.2% increase troops. TIMOTHY WIESNER SUSAN GRANT
in defense spending. The larger picture Wichita, Kan. Mount Laurel, N.J.
One recent think-tank presented by this bud-
report estimates Bei- get is that the U.S. mil- Mr. Morrow seems not to take a C.S. Lewis also had something to
jing is fielding high- itary is in a state of side either for or against the exis- say about hell: “The doors of hell
end equipment five to managed decline. U.S. tence of hell, but he need only look are locked on the inside.” But more
six times faster than defense spending falls to the Catholic saints who had vi- important is his thought that hell is
the U.S. to a projected 2.4% of sions of hell for proof. a “serious thing.”
Mr. Biden thinks this the economy in 2034, St. Faustina’s diary calls hell “a RUSS BREDHOLT JR.
is an acceptable mo- down from an esti- place of great torture; how awe- Winter Springs, Fla.
somely large and extensive it is! The
ment to put American mated 3.1% this year,
kinds of tortures I saw: The first A vision of hell is actually quite
defenses on a diet, and which is half the torture that constitutes hell is the simple. It’s a campaign season be-
the Administration says it’s merely complying nearly 6% spent during the 1980s when the U.S.

.
loss of God; the second is perpetual tween Donald Trump and Joe Biden
with budget caps negotiated last year with Con- was rearming to win the Cold War. remorse of conscience; the third is that never ends.

ly
gress. Yet few priorities escaped the axe. Interest on the national debt will cost more that one’s condition will never BRUCE VAHJEN
The U.S. Army will contract, and not because than the U.S. spends on defense this year, and change; the fourth is the fire that Scottsdale, Ariz.
America is relying less on land forces, which the gap will continue to widen. The federal gov-
are in high demand in Europe and the Middle
East. The Army is asking for 442,300 troops,
though the Biden Administration requested
on
ernment gives more cash to state and local gov-
ernments (e.g., Medicaid money) than it spends
on its own defense. These are the priorities of Targeting Tariffs on Chinese Cars Isn’t Easy
485,000 as recently as 2022. The healthier a peacetime welfare state, not a nation serious
In “Will China Drive Its Electric The 2.5% tariff rate Mr. Pfeiffer re-
us ,

number for the missions required is 500,000. about defending itself in a world of determined
Cars In From Mexico?” (op-ed, Mar. fers to is the U.S. “general” rate for
l

Shrinking the force is no substitute for fixing enemies and new technology that will put the 6), Connor Pfeiffer notes that Chinese cars, not a rate unique to non-USMCA-
e
the underlying problem, which is a struggle to U.S. at increasing risk.
al a

producers, particularly those subsi- compliant exports from Mexico or

find recruits. Congress will have to deal with the budget dized by the Chinese state, could ex- Canada. This rate applies to any cars
The U.S. Navy will purchase only six ships and deficiencies, perhaps in a supplemental bill port cheap cars to the U.S. from Mex- exported to the U.S. from non-free-
ci on

retire 10 early, which would shrink the fleet to later this year. Yet Congress has been mired in ico at only a 2.5% tariff rate by trade-agreement countries. Since the
287 ships in 2025 from 296 today. Perhaps the so much dysfunction that both chambers ha- exploiting “gaps” in the rules of the U.S. established permanent normal
most egregious choice is the Administration’s de- ven’t been able to pass an appropriation even U.S.-Mexico-Canada Agreement. Yet trade relations with China in 2000,
cision to purchase only one Virginia-class attack for fiscal 2024 for the Pentagon. The political Mr. Pfeiffer errs because this is simply this rate also applies to cars exported
submarine, instead of a planned two. class in Washington is failing at its most impor- a feature of U.S. tariff code. from China. Yet Chinese cars are sub-
er s

U.S. submarine technology is a crown jewel The U.S. code prescribes three tariff ject to an additional 25% tariff as part
tant obligation, which is providing for the na-
rates for most imports—a “general” of the tariffs imposed by the Trump
of American military power and a true advan- tion’s defense.
m er

most-favored-nation rate, a “special” administration.

rate, and a “column 2” rate. The gen- Mr. Pfeiffer suggests that U.S. offi-

Hold the Inflation Champagne eral rate applies to every country with
which the U.S. maintains permanent
cials should take the advice of Mexi-
can business leaders and raise the tar-

W
normal trade relations. This includes iff on non-USMCA-compliant car
m rp

all Street and Washington are so ea- We hope that’s right, but putting the cham- most members of the World Trade Or- exports. But there is no straightfor-
ger to claim victory over inflation pagne back on ice may be the wiser course. The ganization. The special rate, which is ward way of doing so without also
that even an acceleration in prices price acceleration coincides with evidence that lower than the general rate and is of- raising tariffs on exports from other
these days is deemed to be another step toward monetary conditions aren’t as tight as Fed ten zero, applies to countries with countries or violating the most-fa-
stable prices. Or so it seemed Tuesday, as Wall Chairman Jerome Powell has said. which the U.S. has an active free-trade vored-nation principle under WTO
co Fo

agreement. The column 2 rate applies rules.

Street and various market sages shrugged off Equities have been rising almost without a
to countries with which the U.S. does ALFREDO CARRILLO OBREGON
news that the consumer-price index for Febru- break since late October. Speculative bets like not have permanent normal trade re- CLARK PACKARD
ary rose at a faster pace for the second month Bitcoin are back in vogue. Gold prices spiked lations, including North Korea, Cuba Cato Institute
in a row. until a recent correction. And junk bond and Russia. Washington
The CPI for all prices rose 0.4% in the month, spreads over Treasurys are signaling that risk
up from 0.3% in January after months of slower is back on, baby. There’s some evidence that the
increases. This means the inflation pace for the
last three months at an annual rate is faster
strong economic growth of 2023 has slowed,
but there are no signs of recession.
Lower Barriers for Weight-Loss Drug Coverage
than for the last 12 months. Yet as recently as last week, Mr. Powell made As part of the discussion around range of obesity-care options, particu-
The core inflation rate, sans food and energy, clear that he expects to cut interest rates more some employers’ decisions to restrict larly medications. But some employers
rose at 0.4% for the second month in a row, or than once in 2024. The question is whether that coverage for antiobesity medications, are adding coverage of obesity medi-
we must recognize that obesity is a cations, and policy makers are consid-
3.8% for the last 12 months. That’s in the oppo- guidance looks wise amid these hardly strin-
n-

chronic disease with serious health ering bills to expand coverage for
site direction of where the Federal Reserve gent financial conditions. consequences (“Employers Cut Access Medicare and Medicaid. Comprehen-
wants prices to go as it attempts to return to In this kind of market run in the 1990s, for- to Weight-Loss Drugs,” Page One, sive obesity care should be covered,
its 2% annual inflation target. mer Fed Chair Alan Greenspan counseled March 6). It’s only fair that it be just as care for other chronic diseases
Investors shrugged off the report, as if they against “irrational exuberance.” There’s no
no

treated and covered like any other is covered.

continue to expect the Fed to cut interest rates such caution at the central bank now, as the chronic disease. MILLICENT GORHAM
as early as June. Stock indexes rose, and former Fed is eager to declare that inflation victory The consequences of this disease CEO, Alliance for Women’s Health and
Boston Fed president Eric Rosengren reinforced is at hand. Maybe wait until prices aren’t re- are serious, particularly for women. Prevention
the optimism that disinflation continues. accelerating. Obesity is associated with more than Washington
200 other conditions, including many
that disproportionately affect women,
Robert Hur and the Hacks such as breast cancer, polycystic ovary
syndrome and fertility challenges. Col-
Who Really Grew the Navy?
In a March 7 letter, John Shelton

R
lectively, high body mass indexes and
obert Hur was roundly denounced by the why he decided not to prosecute. That had to in- claims that the Trump administration
obesity cost our nation’s healthcare
White House and its media allies for an clude why he thought a jury would make judg- grew the Navy fleet by about 25 ships.
system $1.72 trillion every year.
election-year hit job when he released his ments about the President’s memory. The ships may have been commis-
Unfortunately, insurance barriers
sioned during his term, but funding
345-page report on President Biden’s handling of The President and his allies focused on men- limit people’s ability to receive the full
and construction started years before.
classified material in February. But the special tal acuity because it speaks to Mr. Biden’s great- The highlighted ship, the USS Gerald
counsel’s testimony Tuesday before the House Ju- est weakness as he runs for re-election and trails R. Ford, was funded during the George
diciary Committee suggests his critics now realize in the polls. Before Mr. Hur released his report, Evangelicals and Trump W. Bush administration. Construction
those attacks brought more unwanted attention the White House sent a letter asking that he re- Share the Same Concerns started in 2009. President Trump
to the President’s mental fitness. visit this language. Mr. Hur refused, as did merely happened to be in office when
Thanks to Barton Swaim for exam-
Normally the Hur report would have been em- higher ups at Justice, including Attorney Gen- ining evangelical support of Donald
the ship was ready for service.
braced by a White House because of its conclu- eral Merrick Garland. JOHN LANIGAN
Trump (“Biden Backers Sound Like
sion that no criminal charges were warranted. Mr. Mr. Hur’s observations didn’t invent the con- Commander, U.S. Coast Guard Reserve
Trump Evangelicals,” op-ed, March
Hur included another sweetener for Democrats cerns about Mr. Biden’s mental ability. The rea- (Ret.)
6). I am an evangelical protestant
Isle of Palms, S.C.
by distinguishing between Mr. Biden’s classified son Team Biden reacted so furiously is that Mr. minister who has voted for Mr.
documents case and Donald Trump’s. But instead Hur confirmed what ordinary Americans have Trump and plans to again in 2024.
of accentuating the positive, Mr. Biden slammed seen for three years. I believe that more than 80% of
Mr. Hur for describing him as a “well-meaning, Democrats on the Judiciary Committee white evangelicals voted for him in Pepper ...
elderly man with a poor memory” and had “di- played the role of defense counsel for Mr. Biden, 2016 and 2020 because they believed
he would stand for life, make tradi-
And Salt
minished faculties in advancing age.” claiming Mr. Hur is politically motivated. The
tionalist appointments to the Su- THE WALL STREET JOURNAL
Mr. Biden denounced the idea that he had cheapest shot came from Georgia Rep. Hank
preme Court and support religious
trouble recollecting past events. In a press con- Johnson, who said Mr. Hur wrote what he did in liberty. They also believed he would
ference the night the report was made public, hopes that Mr. Trump would nominate him for stand against the imposition of LG-
the President waxed indignant that Mr. Hur said a judgeship if elected in November. BTQ ideology on the nation, against a
that he couldn’t name within several years when But mostly they focused on the report’s lan- tsunami of illegal aliens flooding our
his son Beau had died. “How in the hell dare he guage about Mr. Trump’s documents case and southern border and against woke-
raise that?” Mr. Biden said. tried to turn the hearing into a trial of the 45th ness in the U.S. military.
But the transcript of Mr. Hur’s interview with president. On the other side, some Republicans These are issues of vital concern to
Mr. Biden, which was released Tuesday, reveals tried to make the case that Mr. Hur was applying America’s evangelical voters.
several memory lapses by the President. It also a double standard by letting Mr. Biden off while JAMES V. HEIDINGER II
Wilmore, Ky.
confirms that Mr. Biden—not Mr. Hur—brought Mr. Trump faces a trial on 40 felony counts for
up Beau. This and the other presidential confu- his handling of classified info. But the facts are
Letters intended for publication should
sions the report highlights confirm Mr. Hur’s clearly different. be emailed to [email protected]. Please
conclusion. Throughout it all, the special counsel hewed include your city, state and telephone
Once Mr. Hur concluded that Mr. Biden had closely to his report. But the contrast between number. All letters are subject to “How about three magic beans
“willfully” retained classified documents prohib- Mr. Hur and his critics showed who the politi- editing, and unpublished letters cannot and I throw in a couple
be acknowledged.
ited by law, the special counsel had to explain cally motivated hacks really are. of non-fungible tokens.”
 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. Wednesday, March 13, 2024 | A17

OPINION

Mansour Abbas Is an Arab and a Proud Israeli

By Tunku Varadarajan tion. After an indeterminate election To his admirers, Mr. Abbas is the
left Prime Minister Benjamin Netan- most gutsy, pragmatic and stable

M
Jerusalem yahu unable to form a government, home-grown Arab politician in Is-
any Arab politicians in the United Arab List’s support en- raeli history. A prominent professor
the Middle East and abled the conservative Naftali Ben- who has served as a back-room ad-
beyond were equivocal net and liberal Yair Lapid to estab- viser to several Israeli prime minis-
in criticizing Hamas’s lish a coalition, which governed ters says: “Abbas is the genuine arti-
Oct. 7 attack on Israel. until December 2022. cle. Arab politicians usually speak
Not Mansour Abbas. “The massa- Mr. Abbas had earlier discussed with seven corners of their
cre,” Mr. Abbas said on Nov. 6, “is joining a coalition with Mr. Netan- mouth”—a local idiom for untrust-
against everything we believe in, yahu, but the Religious Zionist Party worthiness—“but with him, what
our religion, our Islam, our national- of Bezalel Smotrich balked at joining you see is what you get.”
ity, our humanity.” He has also re- a partnership with Arabs, and Ita- On Gaza, he sounds like a main-
jected the idea that Israel practices mar Ben-Gvir called Mr. Abbas a stream Western politician: “We want
“apartheid” and has declared that “mechabel,” a terrorist. Messrs. to see the war stopped, a prisoner
“the state of Israel was born as a Smotrich and Ben-Gvir are now fi- exchange deal completed, and the
Jewish state, and it will remain nance minister and national security kidnapped persons returned to their
one.” minister, respectively. Mr. Abbas has families.” There must be “interna-
soured on Mr. Netanyahu and wants tional recognition” for an “indepen-
him to resign. dent, sovereign Palestinian state
The Knesset member’s “I’m trying to be part of the po- that gives hope to the Palestinians
litical system in Israel as a represen- and works to rebuild the Gaza Strip
conciliatory attitude has

BARBARA KELLEY
tative of the Arabic citizens,” Mr. and address the phenomenon of the
earned him admirers—and Abbas says in an interview in his spread of weapons among Palestin-
Knesset office. He describes himself ian factions.” He would entrust se-
enemies on both sides. as having a “national identity” as an curity in the strip to Arab countries.
“Arabic Palestinian” and a “civil Israeli Arabs, for their part, “have
identity as a citizen in Israel.” He itant anti-Zionism. Darwish, who of Israel, and we’re working in Israel to be careful in choosing our
Mr. Abbas, 49, heads the United says fellow Israeli Arabs should “ac- once sought to establish an Islamic between two systems of rules—the words,” Mr. Abbas says. “You have
Arab List, a political party that tively implement their Israeli citi- state in Israel, spent time in prison rules of Islam, and the rules and to be careful not to make a link be-
holds five seats in the Israeli Knes- zenship” and become “part of the for acts of terrorism in the early laws of Israel, as a country and as a tween the events of Oct. 7 and the
set. Mr. Abbas is a retail politician. solution of the problems they face, 1980s. After his release in 1985, his state.” (Fidelity to Islam can be seen historical conflict itself. . . . If you
What he wants most is a better life and not just be the opposition.” politics evolved rapidly toward non- in the list’s fierce opposition to gay say the word ‘but’—‘but there is a
for Israel’s 1.9 million Arab citizens. Mr. Abbas, a chubby former den- violence, culminating in an accep- rights.) conflict and the Palestinians are un-
He wants Bedouin villages in the Ne- tist, is an unlikely game-changer. “I tance of the Oslo Accords. His party is “committed to Is- der occupation, et cetera, et cet-
gev “regularized,” their houses fit- used to do crowns, fillings, and root Mr. Abbas’s conciliatory attitude rael’s Knesset,” and he says, “At era’—this will be understood as a
ted with “Israeli levels” of electric- canals,” he says almost sheepishly. has earned him enemies on both least 2,000 Jewish citizens voted for justification for the criminal actions
ity and sanitation. He wants money Making him yet more improbable as sides. The Palestinian Authority’s me in the last election. I hope there of killing people, of kidnapping peo-
for Arab schools and hospitals and, a catalyst for reconciliation, his poli- ruling Fatah faction accuses him of will be more in the coming elec- ple.”
most of all, for measures that would tics are Islamist. His party repre- “throwing himself into the arms of tions.” In November Mr. Abbas “This is not just a tactical posi-
reduce crime. In 241 of the 299 non- sents the moderate and democratic Zionism.” The Jewish hard right called on one of his own legisla- tion,” he says. “When we talk of Oct.
terrorist murders committed in Is- “southern branch” of the Islamic views him as an Islamist Trojan tors—Iman Khatib-Yassin, the first 7, ‘but’ is not an ethical word.”

.
rael in 2023, both victim and perpe- Movement in Israel. The movement, Horse intent on subverting Israel hijab-wearing woman in the Knes-
trator were Arab. founded by his mentor, Sheikh Ab- from within the Knesset. Mr. Abbas set—to resign after she denied that Mr. Varadarajan, a Journal con-

ly
Mr. Abbas made history in June dullah Nimar Darwish (1948-2017), says that’s bunk. “We are a local Hamas raped women and murdered tributor, is a fellow at the American
2021, when he became the first Arab split in two in 1996, the “northern movement,” he says, “based in Is- babies on Oct. 7. She apologized and Enterprise Institute and at NYU Law
to join an Israeli governing coali- branch” continuing on a path of mil- rael. We consider ourselves citizens kept her seat. School’s Classical Liberal Institute.

The SAT’s Comeback Is Good News for Minority Students

on
us ,

The University of exclude their bodies from presti- parents on average have half as black, Hispanics and low-income stu- fornia, Santa Cruz, argues in a new
l

Texas at Austin’s gious schools,” Ibram X. Kendi, au- many books in their home as white dents are among those who have the paper that the opposite is true, and
e
al a

decision this week thor of “How to Be an Antiracist,” parents. Nor is this simply a matter most to gain by keeping the require- more than 50 years of testing and
to follow Brown, wrote in October 2020. of resources. Even wealthier black ment in place. hundreds of peer-reviewed scientific
Dartmouth, George- Progressives reason that because families tend to have fewer books Opponents argue that the tests articles back him up. If the SAT and
ci on

town and several black and Hispanic test-takers have than working-class whites. The SAT underestimate the academic abili- ACT were biased against low-in-
other top schools in tended to underperform relative to is revealing differences in current ties of underrepresented racial and come students, the score would un-
UPWARD
MOBILITY reinstating stan- their white and Asian peers, the ability, not creating those differ- ethnic minorities and that high- derpredict their later performance
dardized tests as an tests themselves must be biased. ences. And scrapping the tests school grades are a better predictor in college. Instead, the tests tend to
By Jason L.
admission require- But whatever learning disparities wouldn’t make those differences of college performance. Among underpredict the college grades of
Riley
er s

ment is worth ap- are exposed when a 17-year-old sits disappear. black students, however, SAT scores wealthier test takers, suggesting
plauding. It’s also a down to take the SAT almost cer- have proved the better predictor, that the bias runs the other way—
m er

reminder of the absurdity of expect- tainly developed much earlier in and those scores haven’t underesti- against the affluent.
ing racial balance in outcomes this that student’s life. Standardized tests have mated how black applicants later Because all of this has been well
far down the academic stream. As Harvard’s Robert Putnam has performed in college. known for so long, I asked Jay
For decades colleges and univer- reported, before they even enter proved especially good If anything, the test has tended Greene, an education scholar at the
sities have relied on SAT and ACT kindergarten, children from profes- at predicting performance to overestimate black performance. Heritage Foundation, why elite
m rp

scores to guide admissions deci- sional families hear some 19 million Critics who want to move away schools had dropped the standard-
sions. When testing centers closed more words than children from of black college applicants. from objective tests and toward ized test requirement in the first
during the pandemic, however, lower-class backgrounds. The up- more subjective measures of stu- place. Mr. Greene warned against
many of the most selective schools shot is that, over time, the fifth- dent capability—personality tests, overestimating the intelligence of
decided to make the exams optional. grader raised in a family on public Exams aren’t a perfect tool for for example—have yet to show that the decision makers at these insti-
co Fo

Opposition to standardized testing assistance will have heard fewer vetting applicants, but they are supe- using more subjective criteria to tutions. “The fact that dropping the
isn’t new, but detractors received a words than the preschool child of rior to known alternatives. “Our anal- evaluate applicants has the same SAT would actually hinder their
big boost following the murder of an architect or dentist. ysis made clear that SAT and ACT predictive validity as the SAT. ability to identify and admit high-
George Floyd and the blossoming of Mr. Kendi and other skeptics of scores are among the key indicators When the Board of Regents of potential students from disadvan-
trendy “antiracist” initiatives. They standardized testing want to blame that help predict a student’s ability the University of California voted in taged backgrounds should have
added the exams to an endless list racial learning gaps on the SAT, but to succeed and thrive in Brown’s de- 2021 to end the SAT and ACT re- been obvious to them at the time,”
of major barriers to racial equity. in many cases those gaps were manding academic environment,” the quirement, it said the tests were bi- he said. “The most parsimonious ex-
“Standardized tests have become present before the child even en- Ivy League school’s provost said in a ased against students from disad- planation is that they made a rash
the most effective racist weapon tered school and may have wors- statement last week. One irony of vantaged backgrounds. But Donald and dumb decision, realized their
ever devised to objectively degrade ened over time. A U.S. Department nixing the testing requirement to Wittman, an emeritus professor of mistake, and are now starting to re-
Black and brown minds and legally of Education study found that black achieve greater diversity is that economics at the University of Cali- verse it.”

The NIH Sacrifices Scientific Rigor for DEI

n-

By John Sailer related to the program—grant pro- ticism about the practice of divid- bling given what DEI programs typ- third of the points on its applicant
no

T
posals, emails, hiring rubrics and ing students and faculty into ra- ically entail. The University of screening rubric to criteria such as
hanks to a grant from the Na- more. The information reveals how cially segregated “affinity groups.” South Carolina promises to inte- “DEI Knowledge” and “DEI Track
tional Institutes of Health, the NIH enforces an ideological These responses aren’t merely grate critical race theory into its Record.” Florida State University’s
Cornell University is able to agenda, prompting universities and administrative; the requirements program’s design and to emulate program, which has hired faculty in
support several professors in fields medical schools to vet potential carry serious weight throughout activist public-health scholars in psychology and nursing, devotes
including genetics, computational biomedical scientists for wrong- the NIH First programs, often val- their “efforts to bring critical race 28% of its rubric to DEI.
biology and neurobiology. In its think regarding diversity. ued on par with conventional theory to the forefront of society.” The latter example raises ques-
funding proposal, the university The First program requires all measures of academic excellence. tions about compliance with anti-
emphasizes a strange metric for grant recipients to use “diversity The University of Alabama at Bir- DEI laws. In June 2023, Texas Gov.
evaluating hard scientists: Each ap- statements” for their newly funded mingham and Tuskegee University Its First program pushes Greg Abbott signed legislation ban-
plicant’s “statement on contribution hires. Northwestern University sug- jointly received an NIH grant in ning both diversity statements and
to diversity” was to “receive signif- gests it will adapt a diversity-state- 2021 to hire researchers studying institutions to hire medical DEI offices at state universities.
icant weight in the evaluation.” ment rubric created by the Univer- cancer, diabetes and cardiovascu- researchers based on their That month the University of Texas
It might seem counterintuitive to sity of California, Berkeley. It isn’t lar disease. The institutions noted at Dallas and the University of
prioritize “diversity statements” alone. A year ago I acquired the ru- in their proposal that “the state- ideological commitment. Texas Southwestern Medical Center
while hiring neurobiologists—but brics used by the NIH First pro- ment of diversity will be heavily received NIH First grants after de-
not at the NIH. The agency for sev- grams at the University of South weighted during the selection claring in their joint proposal: “Our
eral years has pushed this practice Carolina and the University of New process.” Others, like Drexel University goal is to become the public face of
across the country through its Fac- Mexico, which I discussed in these Other programs have sought to and Vanderbilt University Medical DEI for the Dallas metro area, and
ulty Institutional Recruitment for pages. Both used Berkeley’s rubric redefine excellence with an ideolog- Center, fully embrace the language as a model for the nation.”
Sustainable Transformation pro- almost verbatim. ical gloss. As a part of its First pro- of left-wing identity politics. “Our The agency’s program wields in-
gram—First for short—which funds That rubric penalizes job candi- gram, San Diego State University culture and climate,” Northwest- fluence even beyond the institu-
diversity-focused faculty hiring in dates for espousing colorblind required search committee mem- ern’s proposal confesses, “was tions it funds. Tufts University’s
the biomedical sciences. equality and gives low scores to bers to attend an “equity-minded founded on values and ideas of Provost Caroline Genco spear-
Through dozens of public-re- those who say they intend to “treat hiring” seminar. A handout for the White, Eurocentric males and per- headed an application for the NIH
cords requests, I have acquired everyone the same.” It likewise program discusses redefining the petuated by structures that enable First program in 2021. Tufts evi-
thousands of pages of documents docks candidates who express skep- concept of “merit” by incorporating continued marginalization of dently didn’t get the funding but
such “equity-minded” indicators as URG”—underrepresented group— has nevertheless announced a uni-
an education in social justice and “faculty.” The program promises to versitywide DEI-themed cluster
“experience acting as an equity ad- create “Safe Space Ambassadors” to hire, led in part by Ms. Genco. Ohio
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY vocate.” Another handout, an appli- host discussions on topics like State University, the University of
Lachlan Murdoch cant screening tool, prompts hiring “navigating intersectional work- Massachusetts Chan Medical School
Executive Chairman, News Corp committees to assess whether sci- place oppressions.” and the University of Cincinnati
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp entists are “critically conscious,” Lawmakers have begun to push likewise applied for the program,
Emma Tucker Almar Latour that is, whether they have “the back against DEI in general and di- didn’t receive funding, but pursued
Editor in Chief Chief Executive Officer and Publisher ability to speak with complexity” versity statements in particular. DEI-focused cohort hires anyway.
Liz Harris, Managing Editor DOW JONES MANAGEMENT: on DEI. The University of North Carolina The NIH First program matters
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; The records underscore that sci- Board of Governors has effectively because it supports biomedical re-
Elena Cherney, News; David Crow, Executive Editor; Mae M. Cheng, EVP, General Manager, Leadership;
Chip Cummins, Newswires; Andrew Dowell, Asia; David Cho, Barron’s Editor in Chief; Jason P. Conti, entists simply can’t get hired in the banned the use of such statements, searchers and thus biomedical sci-
Taneth Evans, Associate Editor; Brent Jones, General Counsel, Chief Compliance Officer; program without an outstanding as have legislators in Texas, Florida ence. In medical research, lives de-
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Culture, Training & Outreach; Alex Martin, Print
Chief Financial Officer; Frank Filippo, Chief
DEI score. Northwestern’s grant and Utah. Even liberal professors pend on putting excellence first.
& Writing; Michael W. Miller, Features &
Transformation Officer; Artem Fishman, Chief progress report describes an evalu- have argued that diversity state- The NIH distorts that value, subor-
Weekend; Prabha Natarajan, Professional Products;
Bruce Orwall, Enterprise; Philana Patterson,
Technology Officer; David Martin, Chief Revenue ation rubric that equally weighs a ments amount to unconstitutional dinating it to political ideology and
Officer, Business Intelligence; Dan Shar, EVP,
Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, “commitment to diversity” and re- viewpoint discrimination. endangering those it’s supposed to
SVP, Head of Communications; Josh Stinchcomb, search potential—a remarkable Yet with the NIH’s help, the pol- serve.
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page value judgment for a program fo- icy persists in red and blue states.
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
cused on cancer, cardiovascular The University of New Mexico’s Mr. Sailer is a senior fellow at
1211 Avenue of the Americas, New York, N.Y., 10036 health and neuroscience. program, which focuses on neuro- the National Association of Schol-
Telephone 1-800-DOWJONES The priority is especially trou- science and data science, devotes a ars.
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© 2024 Dow Jones & Company. All Rights Reserved. * * * * * THE WALL STREET JOURNAL. Wednesday, March 13, 2024 | B1
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EV Maker BYD Stumbles Overseas ADM’s

Accounting
Chinese company is
hurt by weak
Executives at BYD, which
overtook Tesla late last year
as the top global seller of EVs,
become the No. 1 carmaker by
overall sales.
Executives said the com-
The Wall Street Journal’s re-
porting was “inconsistent
with facts.” The company
The Warren Buffett-backed
company is building from a
strong foundation, having
Practices
demand, high prices,
quality issues
said the issues included weak
market demand, too-high
pricing, quality control and
pany was unlikely to achieve
the leadership’s internal tar-
get of selling 400,000 cars
didn’t provide details about
the discrepancies.
“BYD is very satisfied with
earned the equivalent of
about $4 billion in 2023,
nearly double the previous
Are Probed
Chinese electric-vehicle
maker BYD is running into
internal tension over how
quickly BYD should seek to
grab market share.
outside China this year, com-
pared with 242,765 sold last
year. The shortfall is partly
the achievements made by
our overseas teams, including
the one in Europe,” the repre-
year’s figure. Its market capi-
talization has fallen by more
than a fifth since last summer
By DOJ
challenges in its overseas ex- They said the company’s because of a global slowdown sentative said, adding that because of concerns about the
pansion, finding that its rapid inexperience showed in some in EV sales growth as well as the company has been export- slowing EV growth rate but BY PATRICK THOMAS
problems that have arisen, issues specific to BYD. ing EVs for just two years and remains above $70 billion,
By Selina Cheng, such as the handling of mold In Europe, BYD sold is confident about its over- more than either Ford Motor Archer Daniels Midland
River Davis in cars and the piling up of around 16,000 vehicles in seas business. or General Motors. said it is under investigation
and Raffaele Huang thousands of vehicles in Euro- 2023, according to registra- Under Chairman Wang Ch- Please turn to page B4 by the Justice Department,
pean warehouses. tion data compiled by Jato uanfu, BYD hopes to follow in adding to scrutiny over the
growth at home doesn’t nec- BYD has taken the EV in- Dynamics, below an internal the footsteps of Japanese and  Tesla, Ford fall short in agriculture company’s ac-
essarily translate into quick dustry by storm with break- target set the previous year South Korean automakers driver-assist test ............. B4 counting practices.
success in big foreign markets neck growth, mostly in its for the continent. that built themselves into  Xiaomi is set to launch its ADM said Tuesday that
such as Europe. home market, where it has A BYD representative said global brands. first electric vehicle......... B4 current and former employees
have received subpoenas from
the Justice Department. In

Greening Concrete Is a Booming Business

January ADM placed Chief Fi-
nancial Officer Vikram Luthar
on administrative leave after
the company said it was con-
ducting an internal probe of
BY KONRAD PUTZIER whole process is often pow- accounting practices, which
ered by fossil fuels such as ADM said followed a docu-
Bill Gates, Jeff Bezos and coal or gas. ment request by the Securities
former Los Angeles Laker Big cement producers and and Exchange Commission.
Rick Fox are part of a new startups including Brimstone The company corrected
wave of investors and entre- and Partanna, a startup some past financial results over

.
preneurs looking to make one based in the Bahamas and the years while reporting lower
of the world’s worst pollut- headed by three-time NBA quarterly sales and a more than

ly
ants greener. champion Fox, are developing 40% drop in earnings compared
Concrete accounts for new technologies to produce with a year ago.
more than 7% of global car- cement while producing less On Tuesday, the Chicago-
bon emissions, according to
some estimates. That is
roughly the same as the CO2
produced by all of India and
on CO2. Breakthrough Energy
Ventures, which was founded
by Gates and is backed by Be-
zos, Jack Ma and Michael
based company said its ac-
counting review found that
some products sold internally
between business divisions
more than double the amount Bloomberg among others, were priced at a discount com-
us ,

produced by the global avia- Fifth Wall and other venture pared with their market rate.
l

tion industry. firms have poured tens of “We have developed a re-
e
al a

Most of those emissions are millions of dollars into these mediation plan with respect to
JOSE ROMERO/BRIMSTONE

caused by cement, the glue companies. the identified material weak-

that binds together sand and These companies are being ness to enhance the reliability
ci on

gravel to make the concrete motivated in part by the fed- of our financial statements
used to build roads, bridges eral government, which is with respect to the pricing
and tall buildings. dishing out grants and setting and reporting of such sales,”
Concrete, the second-most- aside billions to decarbonize said ADM Chief Executive
used material in the world af- A Brimstone lab. The company has developed a way to make cement from carbonless rocks. materials such as cement. Lo- Juan Luciano.
er s

ter water, is popular because cal regulators are also encour- The company said its re-
it is cheap, relatively easy to an associate professor of civil Cement is made by heating called clinker, which are then aging these new technologies. view covered the years 2018
m er

produce, fire-resistant and ex- and environmental engineer- limestone and clay at around turned into a powder and California in 2021 passed a through 2023. In its annual
tremely strong. ing at the Massachusetts In- 2,700 degrees Fahrenheit in mixed with other materials. law to cut emissions from ce- filing with the SEC, the com-
“It’s the most democratic stitute of Technology. giant kilns and turning them As it heats up, the limestone ment and New York in 2023 pany lowered some past oper-
material,” said Admir Masic, It is also very, very dirty. into marble-sized granules releases a lot of CO2, and the Please turn to page B6 Please turn to page B2
m rp

INSIDE China Tried to Fix Its Stock Market—

And Ended Up Breaking Its Quants
co Fo
BRENDAN MCDERMID/REUTERS

BY WEILUN SOON Index performance over the past three years state-linked firms told to buy
AND REBECCA FENG 10% stocks created moral hazard
and led to allegations of in-
China’s biggest quant funds 0
Shanghai Composite sider trading.
beat the market for years by The introduction of a cir-
applying complicated statisti- cuit-breaker mechanism in
BUSINESS NEWS REAL ESTATE cal models to stock picking. –10 January 2016 was designed to
3M picks an outsider The tallest planned But they didn’t model a key stem volatility but made it
factor—the government. –20 even worse when investors
for its next CEO as it tower in Miami’s office
n-

Quantitative funds, which rushed to sell after it was in-

faces litigation and market struggles to use algorithms to chew –30 troduced. Last August, a ban
other woes. B3 fill its space. B6 masses of data and make on selling by many companies’
trading decisions, have be- –40 CSI 300 largest shareholders didn’t
no

come a powerful force in the 2022 ’23 ’24

stop the benchmark CSI 300
U.S., where funds such as index from sliding for a fur-

Election ‘Bus’ Tale Takes AQR Capital Management, Re-

naissance Technologies and
Millennium Management
Performance since the start of 2023
60%
National team
ramps up support
ther five months in a row.
The turmoil in China’s
quant-fund sector last month

A Winding Road to TV manage huge portfolios and

provide an important source
of liquidity for small inves- 40
Wind Micro-Cap Index
offered just the latest example
of how Beijing’s attempts to
fight the market can back-
tors. But the industry has at fire—with dramatic results.
BY JOE FLINT pitch. Writers were hired, times been controversial, be- The launch of China’s quant
scripts written and production ing accused of herd behavior 20 industry goes back to around
It seemed as certain as a budgets set. that exacerbates periods of 2010, when a generation of
Hillary Clinton presidency did “Making TV is so easy,” volatility. Chinese-born traders returned
in 2015. Amy Chozick, author of “Chas- China’s $200 billion quant 0 home after working for some
When Warner Bros. Televi- ing Hillary: Ten Years, Two fund industry is facing simi- of the biggest U.S. hedge
sion bought the rights to turn Presidential Campaigns, and lar accusations, and the rami- CSI 300 funds. In the wake of the
–20
a then-New York Times re- One Intact Glass Ceiling,” re- fications for the sector could global financial crisis, when
porter’s bestselling political membered thinking at the be huge. 2023 ’24 China’s economy boomed
memoir about covering Hillary time. Chozick previously cov- These funds lost billions of Sources: FactSet (performance, past three years); Wind (performance since start of 2023) while the Western world suf-
Clinton’s presidential bids into ered politics for the Times and dollars last month when their fered, setting up a fund in
a series, the streaming wars The Wall Street Journal. bets on small companies’ stock exchanges and its secu- analysts say the chaos in the mainland China was a natural
were raging. It was 2018, and Nearly six years later, the shares went wrong. They have rities regulator launched a quant market has its roots in choice for these traders.
seemingly countless scripted show based on Chozick’s found themselves in the widespread clampdown on the government itself. Millennium, a New York-
shows were being made. memoir—now called “The crosshairs of Chinese regula- quants in late February, tight- China has a record of at- based fund, was a particularly
Streaming suitors lined up Girls on the Bus”—is sched- tors, which are increasingly de- ening the rules governing the tempting to control the stock strong breeding ground for
to buy the project, including uled to premiere on Thursday, termined to end the stock mar- sector and temporarily ban- market and it doesn’t always talent. Wang Chen and Yao Qi-
Apple and Hulu. Netflix won but on Warner Bros. Discov- ket’s slide—whatever the cost. ning two funds from trading go well. In 2015, the interven- cong, who had both worked
after hearing a 20-minute Please turn to page B2 The country’s two biggest altogether. But investors and tion of a national team of Please turn to page B10

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WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
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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.

B2 | Wednesday, March 13, 2024 NY * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Alaska Air Boosts Outlook for First Quarter

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Huawei Technologies.......B12 R
Alaska Air..............................A1,B2 I Reddit.............................................B12
Alcoa..................................................B2 Instacart.......................................B12 Related............................................B6
Alibaba.............................................B5 Intuit.................................................A3 Rowan Scientific.....................A2
Alumina..........................................B2 S
L
Apple.................................................B5
Latam Airlines..........................A8 Snap................................................B12
American Airlines.................B11
Lego...................................................B3 Southwest Airlines.......A1,B11
Archer Daniels Midland
.......................................................B1,B11 Lyft....................................................A11 Spirit AeroSystems.............B11

B M Swire Properties.....................B6
Mattel...............................................B3 T
BMW.................................................B4
Meta Platforms.....................B12 Tallgrass Energy...................B10
Boeing.....................A1,A8,B2,B11
Mintz.................................................B6 Tesla..................................................B4
BYD.....................................................B1
Mohalla Tech...........................B12 Toyota Motor............................B4
ByteDance..................................B12
Monmouth...................................B6
D U
N
Dollar General..........................B11 Uber Technologies...............A11
Netflix................................................B1 United Airlines.................A1,B11
Dollar Tree..................................B11
Newmont.......................................B2 United States Steel.............B2
E Newcrest Mining....................B2
Epic Games.................................B5 V
NIO......................................................B4
Equity Commonwealth.....B6 Nippon Steel...............................B2 Varda Space Industries....A2
F Nissan Motor............................B4 Vestas..............................................B6
Ford Motor..................................B4
Nvidia..............................................B11 W
G-H O Warner Bros. Discovery....B1
General Motors.......................B4
Oracle..............................................B11 X
Genesis...........................................B4 P Xiaomi..............................................B4
Hasbro..............................................B3 Porsche.................................B4,B12 XPeng...............................................B4

INDEX TO PEOPLE

DAVID RYDER/BLOOMBERG NEWS

A Gambaryan, Tigran................A1 Q
Alnaim, Abdulaziz..................B3 Gates, Bill.......................................B1 Qicong, Yao...................................B1
Altman, Sam..............................B5 Griffin, Ken...................................B6 Quasha, Grant...........................B6
Arias, Juan...................................B6 H R
Ashley, Charlie.........................B11 Helfand, David..........................B6 Radocea, Adrian......................A2
Asparouhov, Delian..............A2 Hong, Hao..................................B10 Roig, Ismael................................B2
B Huang, Leping...........................B4 Roman, Mike..............................B3
Baker, Dan....................................B4 Hurwitz, Steven.......................B6 Ross, Stephen...........................B6
J Alaska Air Group expects The company previously over the grounding, which cents a share for the quarter.
Bezos, Jeff.....................................B1 S
Blume, Oliver.............................B4 to top previous first-quarter warned that the Boeing fleet will be factored into first- Analysts polled by FactSet
Jordan, Bob.................................A4 Salmon, Dan.............................B12
Brockman, Greg.......................B5 Jun, Lei............................................B4 performance targets despite grounding could dent earn- quarter results. had been projecting an ad-
Schechter, Sarah.....................B2
Brown, Bill....................................B3 K Sriram, Pooja.............................A2 having to ground its Boeing ings by at least $150 million, The company said it now justed loss of $1.16 a share.
Buffett, Warren........................B1
T planes over an in-flight inci- offering an early hint of the expects a greater year-over- The company is also guid-
Khosrowshahi, Dara...........A11
C Kirby, Scott..................................A4 Teng, Richard.............................A7
dent from January. fallout after a door plug year improvement in profit- ing for flying capacity to be
Chen, Wang..................................B1 L Toone, Eric...................................B6 The airline said on Tues- blew off a Boeing-made ability during the quarter down 2.5% during the quarter

.
Christiansen, Niels.................B3 W day that it returned its fleet plane on an Alaska Airlines than it had before the and said its full-year capacity
Liang, Colin...............................B10

ly
Chuanfu, Wang.........................B1
Litt, Jonathan............................B6
to service and has restored flight, prompting the mass grounding, citing strength in expectations are still in flux
Cook, Roy....................................B10 Wagen, Corin.............................A2
Luciano, Juan..............................B1 West, Brian.................................A4 its schedule. It is now fore- grounding and concerns demand for spring-break because of uncertainty
D Luthar, Vikram...........................B1 Wieser, Brian...........................B12 casting better first-quarter about the safety of Boeing’s travel and the continued re- around the timing of some
Day, Peter.....................................B2 M-P Wolfe, Josh..................................A2 results than it did at the be- 737 MAX 9 planes. covery of West Coast busi- aircraft deliveries while fed-
Deal, Stan.....................................A4
F-G
Finke, Cody..................................B6
Ma, Jack..........................................B1
Musk, Elon.........................B5,B12
Patolawala, Monish..............B3
Z
on
Wool, Phillip.............................B10

Zhao, Changpeng...................A7
ginning of the year, driven by
strategic network adjust-
ments and strong demand.
Alaska said on Tuesday
that it has received partial
compensation from Boeing
ness travel.
Alaska is targeting an ad-
justed loss of 45 cents to 55
eral regulators scrutinize
Boeing and its operations.
—Dean Seal
us ,

Alcoa Agrees to $2.2 Billion Deal Accounting ADM’s quarterly revenue, Under Luciano, the com-
l

change from a year earlier pany has spent billions of dol-

e
al a

lars over the past decade to

To Acquire Australia’s Alumina At ADM

40% expand its more specialized
food-ingredients business and
ci on

30 help insulate its business from

BY RHIANNON HOYLE Faces Probe persuading its directors to

support a deal. Alumina said
terests in bauxite mining, alu-
mina refining and aluminum 20
the boom-and-bust nature of
commodity markets. Those ef-
forts have included acquiring
Alcoa said it has agreed to its independent nonexecutive smelting operations in coun- European ingredient compa-
er s

acquire Alumina in a deal that directors and chief executive tries from Australia to Brazil Continued from page B1 4Q 2023 nies and makers of pet food.
10
$22.98B
values the Australian com- recommend shareholders and Guinea. ating profits from its nutri- –11%
ADM’s nutrition business,
m er

pany’s equity at roughly $2.2 vote in favor of the proposed In February, it said a take- tion business by tens of which develops and sells in-
0
billion, concluding weeks of takeover. over of Alumina would signifi- millions of dollars while gredients for products such as
talks over an offer that will Global mining has experi- cantly increase its ownership slightly raising profits in its protein drinks, plant-based
help to cement the U.S. com- enced a recent flurry of deals of five of the world’s 20 larg- other two main units. The –10 meat alternatives and animal
pany as one of the world’s despite concerns about the est bauxite mines and five of company said the revisions feed, made $427 million in op-
m rp

largest bauxite and alumina economic outlook for China, the 20 largest alumina refin- didn’t impact overall earnings –20 erating profit in 2023, down
producers. the world’s top buyer of many eries outside of China. since they were made be- 2021 ’22 ’23 36% from the prior year. Profit
Pittsburgh-based Alcoa’s metals, and a slowdown in It would also make the tween business segments. for the business has lagged
pursuit of joint-venture part- electric-vehicle sales growth company less reliant on others ADM is one of the biggest Sources: S&P Capital IQ; the company behind Wall Street analysts’
ner Alumina represents a bet in the U.S. for supply to its refineries and players in the food supply chain expectations, partly because
co Fo

on commodities expected to United States Steel agreed better able to withstand with about $94 billion in sales than what analysts expected. of a decline in demand for
play an essential role in the in December to be acquired swings in commodity prices. in its 2023 fiscal year. The com- Profit fell to $565 million from plant-based food products.
energy transition, with alumi- by Nippon Steel in a $14.1 “We believe the time is pany buys crops and sells them $1.02 billion a year earlier. ADM had named Ismael
num used in large quantities billion deal. Newmont’s $15 right to combine our two com- to food companies, govern- Adjusted earnings, which Roig interim CFO in January.
to manufacture electric vehi- billion acquisition of New- panies,” Alumina Chairman ments and other buyers globally strip out one-time items, to- Roig has most recently been
cles and renewable-power in- crest Mining in November Peter Day said Tuesday. while running processing plants taled $1.36 a share. That missed ADM’s president of Europe,
frastructure. was the largest-ever mergers- The combined group will that turn oilseeds and grain analyst forecasts by 7 cents, ac- the Middle East and Africa,
Alcoa and Alumina said and-acquisitions deal in the have a larger and stronger into vegetable oil, fuel, livestock cording to FactSet. and the company’s animal nu-
they entered into a binding- gold-mining sector. balance sheet, and will be bet- feed and other products. The company forecast ad- trition unit. He has worked in
scheme implementation deed Alcoa has long been famil- ter able to fund restructuring Shares of ADM closed up justed earnings to be between a variety of operational and fi-
after Alcoa in February said it iar with Alumina’s business. and growth plans, he said. 3.9%. The stock is down about $5.25 and $6.25 a share for nancial leadership roles since
would offer 0.02854 of its own Alumina owns a 40% stake in Alumina expects sharehold- 25% over the past 12 months. 2024, down 18% at the midpoint joining the company two de-
stock for each Alumina share. Alcoa World Alumina & Chem- ers to vote on the deal at a For the quarter that ended compared with 2023, generally cades ago.
n-

Alcoa made a number of icals, or AWAC, a joint venture meeting in the third quarter Dec. 31, ADM said its revenue in line with consensus fore- —Dean Seal contributed to
offers for Alumina before with Alcoa that runs or has in- of 2024, the company said. fell 11% to $22.98 billion, lower casts. this article.
no

‘Bus’ Tale’s much as $1.2 million an episode

to the show’s budget, according
to one producer.

Winding Netflix executives worried

that the theme was too heavy
at a time when the service was

Road to TV having success with lighter

fare including “Emily in Paris.”
After trying unsuccessfully
to find the right tone for Net-
Continued from page B1 flix, both sides agreed to move
NICOLE RIVELLI/MAX

ery’s Max, not Netflix. on, with the streamer ending

The long trip “The Girls on its deal to make the show.
the Bus” took from Netflix to Berlanti’s company had
orphaned concept, to the CW made many successful shows
Network, and finally Max is em- for the CW Network, which
blematic of a fast-changing Melissa Benoist, Carla Gugino, Christina Elmore and Natasha seemed like a natural new
streaming industry. High-pro- Behnam in Max’s long-in-development ‘The Girls on the Bus.’ home. The network struck a
file projects can move quickly deal to license the show from
as creative executives shuffle that one shouldn’t buy a project Annual scripted TV series Warner in September 2021.
around and entertainment com- someone else has discarded. development orders CW’s focus on younger au-
panies turn off the financial “There is a second wave of diences meant more creative
spigot with little notice amid opportunity in television,” 400 retooling for Chozick and Plec.
growing pressure to cut costs. said Julie Plec, co-creator of As they were writing, news
“The factors are so beyond “The Girls on the Bus,” adding broke that the parent compa-
creative,” said Sarah Schech- there is “no stink brand” any- 300 nies of the CW—Paramount
ter, chairwoman and partner more when a platform passes Global and at that time AT&T’s
of Berlanti Productions, which on something. Warner Media—were looking
is producing the series. Netflix When Warner Bros. pitched 200 to sell. Nexstar Media Group
executives, for example, began “The Girls on the Bus” to net- agreed to buy a majority stake
to worry that “The Girls on works and streamers in 2019, in CW in August 2022.
the Bus” wouldn’t do well out- high-profile producer Greg 100 Even before the sales talk,
side the U.S. with its subplots Berlanti (“Riverdale,” “You”) the CW was cutting shows and
about caucuses and primaries. was attached. “Chasing Hil- costs. Warner Bros. was con-
For decades, once a project lary” became “The Girls on the 0 cerned that the show wouldn’t
was dead at one outlet, it was Bus,” a play off “The Boys on 2019 ’20 ’21 ’22 ’23
get the resources from the
rarely revitalized somewhere the Bus” the Timothy Crouse network it needed and looked
Note: First-run scripted TV development
else. In recent years, thanks to book about reporters on the orders for U.S.-produced streaming, broadcast
to find yet another new home.
a thirst for content and a new 1972 presidential campaign. and cable shows. Max signed a deal for a 10-
generation of entertainment Politics would be a compo- Source: Ampere Analysis episode order without asking
industry leadership, shows de- nent of the dramedy, but it for a pilot or trial episode
veloped at one shop regularly would be fictional with a focus and made preproduction plans. first. Along with other Max
end up somewhere else. primarily on the relationships Then Covid hit and every- shows such as the “Sex and
Other examples include “Un- among four female reporters. thing came to an abrupt stop. the City” sequel “And Just
breakable Kimmy Schmidt,” After Netflix bought the When production in the indus- Like That…” and “Hacks,”
which was made for NBC but show, Chozick and Plec began try started up again, the cost of “The Girls on the Bus” is seen
moved to Netflix, where it be- assembling a team and map- the show grew because of the as a potential hit with the fe-
came a hit. The need for con- ping out the season. They expenses associated with Covid male demographic the service
tent has removed the stigma hired about a dozen writers protocols, which added as puts a premium on reaching.
 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. Wednesday, March 13, 2024 | B3

BUSINESS & FINANCE

New 3M CEO
Is Tapped
Amid Turmoil
BY JOHN KEILMAN sults.
Brown worked as CEO and
3M Chief Executive Mike chairman, and then executive

LEGO/WARNER BROS. DISCOVER/COVER IMAGES/ZUMA PRESS

Roman will hand off his role chair, of L3Harris from June
to an outsider as the manufac- 2019 to June 2022.
turer grapples with costly liti- 3M said it waived the man-
gation and weak consumer datory retirement age of 65
spending. years for Roman and Brown.
The company said it hired Roman will turn 65 later this
as its next chief executive Bill year and Brown is 61. Deane
Brown, who previously led Dray of RBC Capital Markets
Florida defense contractor wrote in a research note that
L3Harris Technologies. Ro- the waiver could be a sign
man, who served as CEO since that 3M expects Brown to last
2018, will become 3M’s execu- more than four years as CEO.
tive chairman. Brown will inherit an unre-
3M stock gained 5% on solved pile of legal claims re-
Tuesday. lated to PFAS, including per- Lego’s Harry Potter-themed toy sets, like the one above, have helped it outperform the toy market.
Brown takes over May 1 as sonal-injury cases and
the Minnesota materials com- litigation related to wastewa-
pany prepares for the April 1
spinoff of its healthcare divi-
sion, which accounts for a
ter plants. At the same time,
Dray wrote, Brown will have
to address the company’s op-
Lego Defies Drop in Global Toy Demand
quarter of the company’s net erations and try to restore
sales. 3M continues to battle consistent revenue growth. BY DOMINIC CHOPPING Annual revenue equivalent to $9.66 billion, last
litigation over so-called for- Brown earned a reputation $10 billion
year. But investments in grow-
ever chemicals, known as as a big research and develop- Lego sales increased last ing global manufacturing ca-
PFAS, which the company has ment spender during his time year as the toy-brick maker’s Hasbro Mattel Lego pacity, sustainability and ex-
manufactured for decades, at Harris, investing more than Harry Potter play sets and 8 panding into digital toys saw
and must make a tough deci- 5% of sales—well above the Fortnite video game boosted expenses rise, sending net
sion on whether it can con- defense-industry average. its popularity, helping it out- profit down 4.9% to 13.11 bil-
tinue to offer a per-share divi- 3M dedicates about the perform and take market 6 lion kroner.
dend of about $6 annually. same percentage to R&D, share from its rivals despite a It has also been accelerat-

.
Roman has been under fire though investors such as Ab- slump in global demand. ing spending on its retail
from investors for much of his dulaziz Alnaim, whose Lon- The Danish toy maker saw 4 stores, opening 147 new

ly
tenure as the company’s share don-based Mayar Capital owns strong growth in the U.S. and branded stores last year and
price tumbled under mounting about 53,000 shares of the central and eastern Europe, bringing the total number of
litigation, though he gained company, questioned the re- buoyed by its Harry Potter- 2 stores globally to over 1,000,
credit for leading 3M through
the Covid-19 pandemic. The
company was a key manufac-
turer of N95 respirators and
sults of that spending given
the company’s slow growth.
“Frankly this is a turn-
around which has always
on
themed toys and a Fortnite
video game that recently
launched based on the popular
franchise from Epic Games.
0
2017 ’18 ’19 ’20 ’21 ’22 ’23
with the expansion continuing
this year.
A further 100 stores are ex-
pected to open in 2024, with
doubled its mask output soon needed external management, This came despite a slump around 40 of those in China, as
us ,

Note: Data for Lego are converted from Danish kroner at the current rate
after the crisis began. and if Brown puts R&D back in global toy demand as con- Sources: S&P Capital IQ (Mattel, Hasbro); Lego the company slows the pace of
l

Some employees and inves- on its pedestal, he could well sumers held off purchases opening in the country slightly
e
al a

tors said the company’s once put a Bunsen burner under amid inflation-fueled price runaway box-office hit that the market, growing share and as macroeconomic conditions
formidable innovation engine the share price,” he said. hikes, while retailers took a boosted its sales of dolls and proving the appeal of our weigh on the market.
has stalled. Some analysts expected the cautious approach to shelf accessories, while Hasbro, the strong, diverse portfolio.” In 2024, Lego expects sin-
ci on

After the separation of the company’s chief financial offi- stocking. owner of brands such as Play- The company expects the gle-digit revenue growth
high-performing healthcare cer, Monish Patolawala, who Lego reported a 4% rise in Doh and Monopoly, reported toy market to stabilize during ahead of the global toy mar-
division, 3M’s remaining busi- gained broader duties last consumer sales in 2023, out- revenue that fell 15%. 2024 and growth rates to nor- ket, with net profit expected
ness groups, which make year and often speaks for 3M performing both a 7% drop in “2023 was the most nega- malize, with shopper behavior to decline slightly due to in-
things including sandpaper, at investor conferences, would the global toy market and the tive toy market in more than returning to pre-Covid buying creased spending on strategic
er s

Post-it Notes and electric-ve- succeed Roman. sales performance of it rivals. 15 years,” Lego Chief Execu- patterns. initiatives, such as sustain-
hicle components, will face ex- A company spokesman de- Mattel’s sales were flat on tive Niels B. Christiansen said. Lego’s overall revenue grew ability, retail platforms, and
m er

tra pressure to produce re- clined to comment. the year despite the Barbie “We significantly outpaced 2% to 65.91 billion kroner, digitalization, it said.
m rp
co Fo
n-
no
 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.

B4 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Tesla, Ford Fall Short in Driver-Assist Test

Study finds little Tesla didn’t respond to a
request for comment. Several
evidence technology of the automakers that re-
provides safety ceived poor ratings said they
were committed to safety and
benefits to motorists would take IIHS’s feedback
into consideration as they fur-
BY RYAN FELTON ther develop their systems.
Late last year, Tesla issued
Tesla and Ford Motor were a recall to modify its Autopilot
among several automakers to system in response to an in-
receive poor grades in a study vestigation conducted by the
that reviewed driver-assistance National Highway Traffic
systems, finding little evidence Safety Administration.
the technology provides safety The automaker issued a
benefits to motorists. software update to more than
Car companies have been two million vehicles to add
introducing more so-called more alerts and controls aimed
partially automated driving at keeping drivers attentive, af-
systems, which control the ve- ter NHTSA said that Autopilot
hicle’s steering and speed in can be misused. Tesla has
certain situations, and some- added new driver-assistance
FORD MOTOR/ASSOCIATED PRESS

times allow hands-free driv- features and capabilities, in-

ing. The study, released Tues- cluding an upgrade it calls
day by the Insurance Institute “Full Self-Driving Capability,”
for Highway Safety, gave a which is sold for $12,000 up-
“poor” rating to 11 of 14 sys- front or $199 a month as a sub-
tems it tested, concluding that scription service.
most lack adequate measures Tesla tells drivers using
to prevent drivers from losing Autopilot and Full Self-Driving
focus on the road. A photo provided by Ford shows its BlueCruise driver system, which allows for hands-free driving in some situations. Capability to pay attention to
“Some drivers may feel that the road and to keep their
partial automation makes long Teammate feature on the LS Vehicles equipped with the road when relying on par- prevent drivers from misusing hands on the wheel.
drives easier, but there is little sedan, the industry-funded driver-assistance features aren’t tially automated features. the technology and to keep NHTSA has been investigat-
evidence it makes driving nonprofit group said. Two fully autonomous, and therefore IIHS looked at how the sys- them alert behind the wheel. ing potential safety problems
safer,” said David Harkey, IIHS models received “marginal” require drivers to pay attention. tems monitor drivers’ head or Ford said its system, called associated with driver-assis-
president. “As many high-pro- ratings: General Motors’ GMC Many use inward-facing cam- eyes, and how they issue atten- BlueCruise, which allows for tance technology sold by sev-
file crashes have illustrated, it Sierra pickup truck, and Nis- eras to monitor the driver and tion reminders and emergency hands-free driving in some eral automakers. The agency
can introduce new risks when san Motor’s Ariya electric issue audible warnings if they interventions if a driver doesn’t situations, includes many has no formal standards for
systems lack the appropriate sport-utility vehicle. Driver- become inattentive. respond to those prompts. safeguards. The company said advanced driver-assistance
safeguards.” assistance features on models Regulators and safety advo- The safety group said its it disagreed with IIHS’s find- systems, but last year it pro-

.
Only Toyota Motor’s Lexus from Tesla, Ford, Volvo, Gene- cates in recent years have new ratings are aimed at en- ings but would take them into posed mandating automatic
brand earned an “acceptable” sis, Mercedes-Benz and BMW raised alarms about drivers couraging automakers to in- account as it evaluates poten- emergency braking on nearly

ly
rating in the study, for its were given poor grades. becoming too complacent on troduce more safeguards to tial updates. all future cars and trucks.

Xiaomi to Launch Its First EV Porsche Warns on

Of Lower Margins
us ,

BY JIAHUI HUANG
l
e
al a

Chinese mobile-phone
maker Xiaomi will launch its
first electric vehicle this BY DAVID SACHS lization and electrification, Citi
ci on

month, a four-door tech-laden analysts said in a note.

sedan that it hopes will cap- Porsche’s margins will be “The Porsche transformation
ture interest at a time when squeezed by the launch of new will take time,” the analysts
EV sales in China are slowing electric and hybrid models this said. “Porsche will focus on
and a host of competitors are year. brand and pricing in future, but
er s

cutting prices. The German premium to do this, the product range

The company, best known sports-car maker will roll out needed to be renewed.”
m er

for its smartphones and home the fully electric Macan this However, the company’s
appliances, will launch its SU7 year, as well as the next genera- share of fully electric vehicles is
model on March 28 in China, tion of its all-electric Taycan. It expected to grow to just be-
Chief Executive Lei Jun said in will also roll out hybrid versions tween 13% and 15% from 12.8%,
a post on his Weibo account of the 911 and Panamera. suggesting limited sales growth
m rp

Tuesday. “This will put the wind at for the electric Macan, Citi said.
Xiaomi Motor, the con- our back for years to come,” Porsche’s sales rose 7.7%
sumer-electronics giant’s auto Porsche Chief Executive Oliver from 2022 to 40.53 billion euros
DAVID ZORRAKINO/CONTACTO/ZUMA PRESS

unit, said in a post on Weibo Blume said. ($44.29 billion), said the com-
that the car will be available Manufacturers of high-end pany, which is majority-owned
co Fo

for delivery at the same time. sports cars by Volkswagen.

Xiaomi didn’t specify a known for rum- Analysts had ex-
price for the car. Its shares bling gas-burn- pected sales of
closed up 11% in Hong Kong, ing engines The German €40.29 billion,
their largest percentage jump aren’t immune sports-car according to
since January 2023. from electrifica- Visible Alpha
The launch of the SU7 tion. Ferrari’s maker is rolling consensus esti-
comes three years after Xi- first fully-elec- mates. Vehicle
aomi said it would enter the The SU7’s release comes as EV makers battle for sales in the world’s largest auto market. tric model, the
out new EVs deliveries rose
car-making business, which Vigna, is ex- and hybrids. 3.3% to 320,221.
Lei said at the time would be ters per hour in 2.78 seconds. to 388,000 units, according to The key thing to watch for pected to hit the The company
“the last big startup project of One version has a driving data from the China Passenger the launch will be the price, streets in late expects sales of
my life.” range of up to 800 kilometers, Car Association. Chinese EV specifically if it’s below or 2025. Chinese between €40
n-

“This is to fulfill our agree- it added. startups including NIO and above 200,000 yuan, Huatai Se- electric-car maker BYD—which billion and €42 billion this year.
ment made three years ago,” The SU7’s release comes as XPeng, which have been sell- curities equity analyst Leping recently passed Tesla as the Operating profit jumped 7.6%
he wrote Tuesday. EV makers battle for sales in ing EVs for more than five Huang said. The level serves as world’s best-selling EV car com- to €7.28 billion last year,
In a separate post, Lei the world’s largest auto mar- years, are still posting operat- a sort benchmark for EVs in pany—launched the U9 in Feb- Porsche said, finishing slightly
no

added that he’s confident ket. Xiaomi will enter the fray ing losses. the same class as the SU7. ruary, a $233,000 luxury sports- ahead of the Visible Alpha con-
about entering the EV market, as leading brands like BYD Analysts said the SU7’s re- Xiaomi may have some ad- car under the Yangwang brand. sensus of €7.23 billion. Porsche
despite intensifying competi- and Tesla are cutting prices lease will likely cut into Xi- vantages over competitors Atop the new launches, proposed a dividend of €2.30 an
tion. aggressively to entice consum- aomi’s bottom line as market- since it is “already a very Porsche expects global eco- ordinary share compared with
Xiaomi unveiled the SU7 at ers to buy their EVs in an ing and other expenses for the well-known brand and may be nomic conditions and deprecia- €1.00 in 2022. The company
its technology conference in oversupplied market, as eco- venture rise. Xiaomi posted a able to leverage on existing tion as well. This will pressure aims to distribute 50% of its af-
December, saying it was capa- nomic pressures weigh on de- net profit of 4.87 billion yuan, distribution channels,” Morn- margins, which Porsche pegs at ter-tax net income to share-
ble of acceleration speeds mand. equivalent to $677.9 million, in ingstar equity analyst Dan 15% to 17% after a return on holders in the midterm, it said.
faster than Tesla cars and February retail sales of the third quarter, up 52% from Baker said. But “near-term sales of 18% in 2023, it said.
Porsche EVs, with one version electric vehicles and plug-in the preceding quarter on the profit forecasts could well be The guidance speaks to a  Heard on the Street: Car
capable of hitting 100 kilome- hybrids dropped 12% on year back of improved margins. negative.” company in the midst of digita- maker stuck in traffic..... B12

BYD heating, ventilation and air-

conditioning system that
could result in fires when
spores fully.
A smattering of BYD qual-
ity issues have become public,
catch EV sales before they fell
off in countries including Ger-
many late last year when sub-

Struggles they were left unattended.

One internal concern in-
volves the number of fixes or
including complaints about
paint and plastics peeling in
Thailand and vehicles warp-
sidies for EV buyers were
phased out, said analysts and
dealers.

Abroad repairs that passenger-car

models exported from China
require before they can be
ing under the weight of roof
racks in Israel, where its EV
sales have been strong. One
BYD has begun chartering
ocean carriers to ship its cars
to Europe and elsewhere. Af-
AGENCE FRANCE-PRESSE/GETTY IMAGES

sold to consumers. BYD executive described over- ter an initial ship with capac-
Continued from page B1 Post-import touch-ups are seas customers’ reception of ity of up to 7,000 vehicles was
BYD’s Asian forerunners common in the auto industry, BYD vehicles as similar to dispatched in January, Wang
had overseas learning curves. but BYD models often require “going to a decent restaurant said in February that the
In 1991, South Korea’s Hyun- more extensive fixes than but finding the plate is company planned to use an
dai had to recall almost all of most, executives and people chipped.” additional seven ocean carri-
its 1986-89 Excel models sold handling the cars said, re- Executives have flagged ers over the next two years.
in the U.S., its most popular flecting in part what they see concerns internally that the Meanwhile, as of the end of
car among Americans at the as the company’s inexperience system of ad-hoc fixes to im- last year, more than 10,000
time, owing to an engine in handling long-distance lo- ported vehicles, while perhaps BYD had hoped to sell 400,000 cars outside China this year. BYD passenger cars were
problem that could lead to gistics. manageable for a small num- waiting in warehouses in Eu-
fires. It took an outsize war- Recently, vehicles have ar- ber, wouldn’t work for the couldn’t be met because of better-known brands on price. rope, people at the company
ranty offer by Hyundai to win rived in Japan with surface kind of large-scale business problems such as weak de- BYD’s flagship export model, said, and the certificates au-
over consumers, and later its imperfections such as dings, BYD hopes to build. mand and the need for quality the Atto 3, costs more than thorizing them to be sold in
quality ratings improved. scratches and parts that need People at the company said fixes, said people at BYD who $41,000 in Germany, its big- the European Union are set to
BYD has avoided major replacing to meet local stan- global sales targets issued by attended the meeting or were gest European market, as the expire soon, meaning it may
quality issues affecting a large dards, while in Europe, some top leaders in China are bro- briefed on it. company seeks to widen not be possible to sell them in
number of consumers. Still, vehicles have arrived from ken down by region and re- BYD’s Wang questioned the profit margins. That price is Europe.
incidents have occurred af- China containing mold, they layed to local business heads, drive of the Europe leader- 5% lower than Volkswagen’s For now, the Chinese car-
fecting both passenger and said. The issue wasn’t so and they often don’t factor in ship, they said, and he and comparable ID.3 compact maker’s biggest export desti-
commercial vehicles. much the existence of mold, each market’s situation. other executives have stepped crossover EV after price cuts nations are Thailand and Bra-
In January, a BYD bus in which is known to grow in The company’s sales tar- in to oversee operations in from both brands. zil, where it is the bestselling
London caught fire, prompt- cars shipped over long dis- gets resulted in friction at a Europe more directly. The same BYD car sells for brand and driving EV growth
ing U.K. authorities to recall tances, but concern that the meeting late last year. A BYD BYD vehicles cost a lot less than $20,000 in China. in a nascent market. BYD is
nearly 2,000 buses. No one vehicles didn’t receive profes- executive in Europe ques- more overseas than in China, BYD rolled out dealer net- opening new factories in both
was hurt. Authorities cited a sional treatment with an ion- tioned their feasibility and which diminishes the com- works, new models and prod- of these countries, as well as
problem with the vehicles’ ization process to remove said the European goals pany’s ability to compete with uct promotions too late to in Uzbekistan and Hungary.
 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. Wednesday, March 13, 2024 | B5

BUSINESS & FINANCE

Apple Makes OpenAI

Responds
More Concessions To Musk’s
After EU Rule Lawsuit
BY KIM MACKRAEL to pay Apple a fee for each BY AMANDA LEE
download above a set thresh-
Apple says it will allow old, the company said, unless OpenAI hit back at Elon
iPhone users in Europe to they qualify for a waiver. Musk’s lawsuit against it, say-
download apps directly from a Apple has previously said its ing in a legal filing that it
developer’s website, marking integrated app ecosystem en- never had a founding agree-
another concession to regula- sures users’ security and pri- ment with the technology bil-
tors as the company faces new vacy, and the EU legislation is lionaire and describing his con-
competition rules in the Euro- forcing it to change those pro- tentions as “often incoherent.”
pean Union. tections. It said the new fees OpenAI said in a recent fil-
The EU’s Digital Markets for developers under the new ing to California’s superior
Act, which took effect last EU program reflects the value court for San Francisco
week, is pushing Apple and Apple offers to developers. County that “[t]here is no
several other large tech com- Apple also said on Tuesday Founding Agreement, or any
panies to change elements of that it will allow developers to agreement at all with Musk,
their business models in the set up alternative market- as the complaint itself makes
EU in a bid to make it easier places that focus exclusively on clear.” Musk’s claims “rest on

CFOTO/DDP/ZUMA PRESS
for smaller rivals to compete. that developer’s apps, and convoluted—often incoher-
Apple’s initial plan for comply- would give developers more ent—factual premises,” the fil-
ing with the law opened parts flexibility when designing pro- ing said.
of its closely guarded app eco- motions that direct users to an The filing also said Musk
system but faced sharp criti- external webpage. had once supported a for-profit
cism from some developers Tuesday’s announcement structure for the artificial-intel-
who said the terms were too was the second time Apple has The entertainment unit will invest $639.2 million to revitalize Hong Kong’s creative industries. ligence company behind chat-
restrictive. tweaked its plans for comply- bot ChatGPT and that Musk

Alibaba Targets Millions

Apple said on Tuesday that ing with the new EU law. “dropped the project when his
it would allow users to down- The move comes several wishes were not followed.”
load an app directly from a de- days after Apple reversed OpenAI and Musk didn’t re-
veloper’s website beginning course on a decision to prevent ply to requests for comment

For Shows in Hong Kong

later this spring, after previ- Fortnite-maker Epic Games by Dow Jones Newswires.
ously saying that app down- from building its own app The OpenAI filing comes af-
loads could only take place in store in Europe amid pressure ter Musk sued the company
Europe through the company’s from EU officials. Apple said it and co-founders Sam Altman
App Store or an approved changed its position after Epic and Greg Brockman in Febru-

.
third-party marketplace. committed to following the BY KIMBERLEY KAO cluding Alibaba Pictures and of the e-commerce giant’s ary, claiming they had gone
Developers would still need company’s rules. long-video platform Youku, consolidated revenue in the back on a commitment to

ly
Alibaba Group’s media and adding that both signed deals nine months ended December. make the company open-
entertainment arm will spend on Monday with Hong Kong- In the October-December sourced and not-for-profit.
about US$640 million to pro- based production studios. quarter, the unit’s revenue Musk was OpenAI’s pri-
on mote movies, television dra-
mas and creative events in
Hong Kong over the next five
years, coming after the unit of
Some of the
funding has al-
ready been ear-
marked for a The digital-
rose 18% from a
year earlier to
about $710 mil-
lion on gains by
mary benefactor at its outset
in 2015, but he resigned from
the board in 2018 and slowed
his financial contributions.
the Chinese technology titan host of TV dra- media business Alibaba Pic- Microsoft began investing
us ,

posted a jump in sales on the mas and films, tures, which it in OpenAI a year later, then
l

strength of China’s box office. it said. is one of said produced, ramped up its partnership in
e
al a

Alibaba Digital Media and Alibaba Pic- promoted and 2023.

Entertainment Group will in- tures, a Beijing-
Alibaba’s distributed Musk on Monday said his AI
MARC ASENSIO CLUPES/ZUMA PRESS

vest 5 billion Hong Kong dol- based subsid- smallest units. more than half startup xAI will open-source
ci on

lars, equivalent to $639.2 mil- iary listed in of China’s total Grok, the company’s chatbot
lion, to revitalize Hong Kong’s Hong Kong, box office dur- rival to ChatGPT, this week.
creative industries, including also said it will ing the period. A separate recent filing to
funding talent development in establish a second headquar- It said that ticketing plat- the California court also
the Asian financial hub, it ters in the city. form Damai, a subsidiary of showed that OpenAI has hired
er s

said on Monday. The digital-media arm is Alibaba Pictures, serviced “al- legal representation in the case,
It said the funding will be one of Alibaba’s smallest most all the major concerts in including a law firm that Musk
m er

Apple will let users download apps from developers’ websites. shepherded by businesses in- units, contributing about 2.3% China.” once sued for $90 million.
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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.

B6 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

THE PROPERTY REPORT

Miami’s Office Boom Starts to Slow Down
City’s 1,000-foot vices firm JLL. Sublease va-
cancy increased by 66%
planned tower is still through the end of the year, a
searching for an sign that existing tenants
want to cut back on space.
anchor tenant “There’s a slowdown of
new-to-market activity,” said
BY DEBORAH ACOSTA Steven Hurwitz of JLL. “We’re
sort of at a new inflection
MIAMI—The challenges point.”
swirling around a skyscraper Miami office-construction
known as One Brickell City starts have slowed down after
Centre, which at around a recent peak in the second
1,000-feet high would be Mi- quarter of 2023, according to
ami’s tallest corporate tower, Juan Arias, director of market
show how the city’s once-siz- analytics for CoStar in South
zling office market is starting Florida. He said that new con-
to cool. struction was being affected
New York developer Re- by higher interest rates, ele-
lated Cos. and Swire Proper- vated costs for construction
ties, an international develop- material and labor, and a

EVA MARIE UZCATEGUI/BLOOMBERG NEWS

ment firm founded by the slowdown in leasing activity
British Swire family, are amid a softer economic envi-
struggling to find an anchor ronment.
tenant roughly a year after “The office boom is slowing
the groundbreaking. Related is down, and new company relo-
restructuring its agreement cations are also slowing,”
with Swire, which owns the Arias said.
land, according to people fa- Miami is trying to pivot
miliar with the matter. from an economy long geared
Swire even has considered toward leisure and tourism
selling the 1.55-acre site in Mi- into a new business and finan- The construction site for One Brickell City Centre, which at around 1,000-feet high would be Miami’s tallest corporate tower.
ami’s downtown, according to cial capital. The city can claim
a document viewed by The many successes, attracting fi- Office-building supply and demand in Miami-Dade County Brickell City Centre, the 1.5 which Ross is the majority
Wall Street Journal. nancial and tech firms from million-square-foot tower with owner, according to people fa-
New supply Net absorption
Swire said it “continuously the Northeast and other parts 68 floors, is one of his more miliar with the matter.
evaluates different options for of the country. 800,000 square feet ambitious efforts. At the Now the Citadel chief exec-
its development sites” and But Miami is also suffering groundbreaking, Ross called it utive is no longer in discus-
that the one for One Brickell its most acute case of growing 600,000 “the most important project sions for a Dolphins stake. His
City Centre “is currently not pains since the pandemic ac- in Miami,” while Swire presi- company also passed on be-
400,000

.
for sale.” Related said it was celerated the business boom. dent Henry Bott said the coming the anchor tenant at
continuing to work with Single-family home and rental building would be “a beacon” One Brickell City Centre in fa-

ly
200,000
Swire. prices have risen in Miami for the city, with outdoor ter- vor of developing the water-
Rising interest rates and more than most anywhere 0 races on almost every floor. front site Griffin bought in
hybrid work have punished else, and property-insurance Ross had pledged to bring 2022, where his plans include
–200,000
the U.S. office market. Miami
for years weathered such
headwinds better than most
cities, thanks in part to a
costs are soaring. Those
trends make it harder for em-
ployees to move to the city.
Executives who do relocate to
on–400,000

–600,000
in big-name tenants to the
tower, which is scheduled for
completion in 2028. He spoke
with Ken Griffin about moving
a luxury hotel for the top of
the office tower.
“I’m not doing anything
with Ken Griffin,” Ross told
steady stream of corporate re- Miami find that the top pri- 2018 ’19 ’20 ’21 ’22 ’23 his hedge-fund firm Citadel to the Journal last month.
us ,

locations and limited supply vate schools are at capacity. Source: JLL the site, according to people Still, the two billionaires in-
l

of office buildings. Even with the recent chop- familiar with the matter. dicated they could work to-
e
al a

Now, Miami’s exceptional- piness, Miami’s office market absorption, which looks at vacancy rate of 8.4% is among In November, the two mo- gether in the future. In a joint
ism appears to be fading. remains one of the country’s how many tenants moved in the lowest in the U.S. guls seemed to deepen their re- statement, Griffin and Ross
Leasing activity in the Miami strongest. It finished last year versus moved out, was the na- Related chairman Stephen lationship over a mutual inter- said they “look forward to
ci on

office market was down 25% with the highest annual office tion’s third highest, netting Ross is among those whose in- est in football. Griffin was in partnering together on initia-
last year from 2022, according rent growth of all major U.S. more than 500,000 square feet terest in new South Florida negotiations to buy a minority tives that will benefit the
to commercial real-estate ser- markets. The city’s annual net of occupied space. The office projects has intensified. One stake in the Miami Dolphins, in community.”

Greening
er s

Cost is another issue. Eco

Material’s most environmen- Activist
m er

tally friendly cement alterna-

Concrete tive, for example, costs around

twice as much as standard ce-
Investor Litt
ment, according to Quasha.
Calls Upon
Is Booming CEO Cody Finke said Brim-
m rp

stone’s cement will be as

cheap or cheaper than the
common sort, but the com-
Office Owner
Continued from page B1
issued rules that limit emis-
pany has yet to build a fac-
tory. To Liquidate
co Fo

sions on concrete used in “If I go to the developing

state-funded construction world and tell them you’re go-
KENT NISHIMURA FOR THE WALL STREET JOURNAL

projects. ing to have to pay 20% more BY LAUREN THOMAS

Some companies are trying for your cement, they won’t
to make cement from different do it,” said Eric Toone, a man- Activist investor Jonathan
materials that are less pollut- aging partner at Breakthrough Litt has a 3% stake in Equity
ing. Brimstone said it devel- Energy Ventures. Commonwealth and is threat-
oped a way to make cement Even if some of these new ening to take matters directly to
from rocks that contain no technologies succeed, the shareholders if the office-build-
carbon. The company said it startups have yet to prove ing owner doesn’t liquidate and
has raised around $60 million that they can produce green return cash to investors.
in venture funding to date. cement at the vast quantities Litt’s Land & Buildings In-
Others are selling substi- needed to make a dent in vestment Management said
n-

tutes for cement so that con- global warming. the company has materially
crete mixers need less of it. Sand, gravel and stone used for making concrete sit at Vulcan Materials in Arlington, Va. Still, Toone said cement underperformed other real-es-
Eco Material Technologies, for makers have no choice but to tate investment trusts in re-
example, harvests coal ash use the last several genera- with a process to pump CO2 carbon out of the air. find cheap ways to cut emis- cent years, according to a let-
no

from landfills and volcanic ash tions of trash as the next sev- into concrete as it is being It is unclear if the greener sions because ditching the ter it sent to the company’s
from mines and sells it to con- eral generations of greener made and raised $80 million concrete alternatives will ever material isn’t an option. board that was seen by The
crete mixers. These substi- concrete,” said CEO Grant in venture funding this past catch on broadly. Building “Cement is sort of this Wall Street Journal.
tutes aren’t new, but the com- Quasha. year. codes have rigid rules on what wonder material,” he said. Equity Commonwealth has
pany says it has worked out Still others are removing Partanna, which uses brine concrete must contain, and “It’s so cheap, it’s so valuable, a market value of about $2
ways to increase its share in pollutants from the air. The from saltwater desalination to many builders don’t like to try it’s so good for what we need billion, which Litt pointed out
concrete. Halifax, Nova Scotia-based make concrete, said homes out new materials, Masic that it’s really hard to think of is less than the $2.2 billion of
“Our goal is to be able to startup CarbonCure came up made from its material suck said. ways around it.” cash the company holds.
The Chicago-based com-
pany’s portfolio consists of four

China Raises Fines on Due-Diligence Firm Mintz

office properties: one in Denver,
one in Washington, D.C., and
two in Austin, Texas. The com-
pany tried in 2021 to buy Mon-
mouth, an industrial real-estate
BY CHUN HAN WONG Mintz’s failure to comply with hadn’t been able to reach employees detained last year and “foreign-related investiga- investment trust, but its bid
or appeal the existing penalties Mintz’s legal representative nor couldn’t be determined. tions” respectively. These provi- was rejected. It has since been
China imposed more fines on that were issued in July. deliver the ruling to the com- Mintz didn’t respond to a sions require any foreign searching for more deals but
the Beijing arm of Mintz Group, While Beijing has in the past pany in person or through the request for comment. groups and individuals that has yet to settle on a target.
saying the New York-based due- tolerated the corporate-investi- mail. The company previously wish to conduct statistical in- Shareholders voted roughly
diligence firm failed to respond gations business, authorities In the notice last month, said it is licensed to do busi- vestigations in China to engage a decade ago to oust the com-
to earlier penalties meted out have put the industry under dated Feb. 22, the bureau said it ness in China and operates organizations with the neces- pany’s entire board, and storied
over allegedly unapproved sta- greater scrutiny in the decade is doubling the 5.34 million transparently and within the sary qualifications to carry out real-estate investor Sam Zell
tistical work. since Chinese leader Xi Jinping yuan fine on Mintz—the maxi- law. such “foreign-related” investi- and his deputy David Helfand
The increased fines came took power. Authorities have in- mum increase permitted under The latest notice was posted gative work. took over the company. Zell
about a year after authorities creasingly limited access to a Chinese law on the bureau’s China has ratcheted up regu- served as chairman from 2014
raided Mintz’s Beijing office business data in recent years, that allows au- website on Feb. latory scrutiny on foreign busi- until he died last year. Helfand
and detained all five Chinese often invoking concerns over thorities to pun- 28. Mintz hasn’t nesses over the past year, remains chief executive today.
nationals working there—a threats to national security. ish unpaid fines The new fines publicized any launching raids and legal re- Litt argues that office asset
move that fueled international Weeks after the March 2023 with additional come about a of the financial views against a number of com- values have no imminent re-
concern over a broadening se- raid against Mintz, Beijing’s penalties, penalties that it panies. Authorities have also covery in sight. He says it
curity crackdown on companies statistics bureau issued a notice capped at the year after raids has received. detained some executives at would be better for the com-
that collect and manage data in in late April saying the com- value of the In disclosures foreign companies or in some pany to sell its properties now.
China and the heightened risks pany allegedly conducted “for- original fine.
on Mintz’s last year, the cases blocked them from leav- If Land & Buildings were to
of doing business in the world’s eign-related statistical investi- The bureau Beijing office. Beijing statistics ing mainland China—fueling launch a proxy fight at Equity
second-largest economy. gations” without seeking and said Mintz had bureau alleged worries about business travel to Commonwealth, it could take
As a due-diligence firm, obtaining approvals for such the right to pro- that Mintz had the country. the form of a so-called with-
Mintz offers services such as work. It said Mintz was facing vide statements engaged in un- Business executives who hold campaign, which urges
background checks and investi- financial penalties worth about and argue its case within three approved foreign-related statis- have consulted with Chinese shareholders not to cast their
gations on potential business 10.7 million yuan, or about $1.5 days of receiving the notice. If tical investigations across 37 authorities say Beijing is seek- votes for some or all nomi-
partners, rivals and new hires. million, half in confiscated ille- the company failed to do so, the projects conducted from March ing to more tightly control the nees. It is a tactic Litt has
In a notice issued last gal proceeds and the other half bureau would seek a court or- 2019 to July 2022. The bureau narrative about China’s gover- pursued at other targets.
month, the Beijing Municipal in fines—pending an appeal der to enforce the financial pen- didn’t give details on the nature nance and development, and Land & Buildings had re-
Bureau of Statistics ordered from the company. alties, according to the notice. of such investigations. limit the information collected cent success at Ventas, an
Mintz’s Beijing office to pay the Then in July, the bureau or- It wasn’t clear if Mintz had According to the bureau, by foreign companies such as owner of senior-housing com-
equivalent of about $744,000 in dered Mintz to pay the financial received the Feb. 22 notice or Mintz was deemed to have vio- auditors, management consul- munities, when one of its
additional fines, raising the to- penalties. That order was later whether it intended to appeal lated provisions in two sets of tants and law firms that could nominees was added to the
tal penalties by 50% to roughly posted on the bureau’s website the additional fines. The cur- Chinese government regula- influence how the outside world board along with a mutually
$2.2 million. The bureau cited with a notice saying authorities rent status of the five Mintz tions, related to statistical work views China. agreed upon candidate.
 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. NY Wednesday, March 13, 2024 | B7

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 Amgen AMGN 276.54 1.18 BCE BCE 36.19 -0.26 Booking BKNG 3500.00 -2.74 CdnPacKC CP 90.60 0.95 CitizensFin CFG 34.02 -0.22 ENI E 32.15 0.02
Nasdaq Stock Market listed securities. Prices are consolidated from trades AmkorTech AMKR 34.03 0.48 BHP Group BHP 56.00 -0.13 BoozAllen BAH 145.64 1.06 CapitalOne COF 140.27 1.81 CleanHarbors CLH 187.37 0.73 D E F EOG Rscs EOG 120.84 0.02
reported by various market centers, including securities exchanges, Finra, Amphenol APH 110.60 0.72 BJ'sWholesale BJ 73.07 -1.20 BorgWarner BWA 32.54 0.41 s CardinalHealth CAH 115.62 0.14 Cleveland-Cliffs CLF 20.47 -0.06 EPAM Systems EPAM 309.01 3.93
electronic communications networks and other broker-dealers. The list AnalogDevices ADI 199.20 0.99 BP BP 36.65 0.16 BostonProps BXP 63.59 -0.24 Carlisle CSL 361.56 4.56 Clorox CLX 157.03 1.49 DTE Energy DTE 110.88 -2.07 EQT EQT 34.52 -0.09
comprises the 1,000 largest companies based on market capitalization. AngloGoldAsh AU 22.17 -0.68 BWX Tech BWXT 101.29 -0.57 BostonSci BSX 67.49 1.37 Carlyle CG 47.02 0.19 Cloudflare NET 96.75 -0.31 Danaher DHR 253.10 0.30 EagleMaterials EXP 254.46 2.85
AB InBev BUD 63.29 0.20 Baidu BIDU 105.27 3.98 BristolMyers BMY 54.40 0.04 CarMax KMX 82.01 0.88 Coca-Cola KO 60.50 0.26 Darden DRI 172.32 0.51 EastWestBncp EWBC 76.38 0.01
Underlined quotations are those stocks with large changes in volume AnnalyCap NLY 19.77 -0.04 BakerHughes BKR 31.49 0.19 BritishAmTob BTI 30.50 0.46 Carnival CCL 16.24 0.01 CocaColaCon COKE 820.86 -5.09 Datadog DDOG 122.99 1.54 EastGroup EGP 180.94 0.73
compared with the issue’s average trading volume. AnteroResources AR 26.18 -0.14 Ball BALL 65.50 -0.43 Broadcom AVGO 1291.88 -1.24 Carnival CUK 14.70 -0.01 s Coca-ColaEuro CCEP 71.48 -0.04 s DaVita DVA 139.21 3.39 s EastmanChem EMN 92.04 0.37
Aon AON 320.59 2.62 s BBVA BBVA 11.18 0.32 BroadridgeFinl BR 204.01 1.65 CarrierGlobal CARR 57.90 0.76 CognizantTech CTSH 77.09 0.13 Dayforce DAY 68.21 0.58 Eaton ETN 297.74 5.04
Boldfaced quotations highlight those issues whose price changed by 5% or
more if their previous closing price was $2 or higher. ApellisPharm APLS 58.50 -2.19 BancoBradesco BBDO 2.54 0.03 BrookfieldAsset BAM 42.19 0.30 Carvana CVNA 76.28 -1.82 Coherent COHR 62.86 1.37 DeckersOutdoor DECK 915.05 13.39 eBay EBAY 50.91 -0.64
APi Group APG 38.69 0.10 BancodeChile BCH 23.37 0.16 Brookfield BN 42.09 0.10 CaseysGenStores CASY294.03 -4.73 CoinbaseGlbl COIN 256.14 1.97 Deere DE 372.65 -2.40 Ecolab ECL 223.56 -0.34
Footnotes: ApolloGlblMgmt APO 109.94 1.18 BancSanBrasil BSBR 5.73 0.01 BrookfieldInfr BIP 29.78 -0.30 Catalent CTLT 56.50 -0.31 s ColgatePalm CL 88.76 0.63 DellTechC DELL 113.55 -2.31 Ecopetrol EC 10.59 0.06
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most AppFolio APPF 224.27 -3.49 BcoSantChile BSAC 20.14 0.59 BrookfieldRenew BEPC 24.55 -0.69 Caterpillar CAT 337.24 2.27 Comcast A CMCSA 43.19 -0.35 DeltaAir DAL 42.76 0.08 EdisonIntl EIX 69.46 0.07
recent four quarters. Apple AAPL 173.23 0.48 s BancoSantander SAN 4.40 0.09 Brown&Brown BRO 85.90 1.02 Celanese CE 156.56 -0.87 ComfortSystems FIX 302.03 5.26 s DescartesSystems DSGX 94.22 2.09 EdwardsLife EW 90.91 0.08
Stock tables reflect preliminary closing values as of 4 p.m. ET and ApplMaterials AMAT 204.94 3.57 BanColombia CIB 32.33 -0.30 Brown-Forman A BF.A 55.70 -0.47 s CelsiusHldg CELH 91.07 5.76 SABESP SBS 15.45 -0.20 s DeutscheBank DB 14.88 0.59 ElancoAnimal ELAN 15.77 -0.25
changes in the official closing prices from 4 p.m. ET the previous day. AppLovin APP 61.11 1.08 s BankofAmerica BAC 35.96 0.07 Brown-Forman B BF.B 54.33 -0.83 Cemex CX 8.08 -0.04 ConagraBrands CAG 28.44 -0.09 DevonEnergy DVN 46.58 -0.09 Elastic ESTC 105.91 2.05
Aptargroup ATR 142.41 -0.33 BankMontreal BMO 94.53 0.10 s Bruker BRKR 92.72 1.16 Cencora COR 237.44 -0.24 Confluent CFLT 31.94 0.34 DexCom DXCM 135.38 2.34 ElbitSystems ESLT201.63 -4.75
Aptiv APTV 78.71 0.20 BankNY Mellon BK 55.12 -0.49 BuildersFirst BLDR 199.66 6.96 CenovusEnergy CVE 17.93 0.12 ConocoPhillips COP 115.02 -0.23 Diageo DEO 149.58 -0.79 ElectronicArts EA 136.02 -0.71
s Aramark ARMK 32.62 0.83 BankNovaScotia BNS 49.99 0.06 BungeGlobal BG 93.67 -0.14 Centene CNC 76.75 -1.28 ConEd ED 89.93 -0.87 s DiamondbkEner FANG 184.52 0.02 ElevanceHealth ELV 505.57 -1.22
Tuesday, March 12, 2024 Net Net ArcelorMittal MT 27.05 0.90 s Barclays BCS 9.22 0.11 BurlingtonStrs BURL 219.52 4.98 CenterPointEner CNP 28.13 -0.39 ConstBrands A STZ 261.86 -0.12 Dick's DKS 182.25 1.77 EmersonElec EMR 110.60 0.95
Net Stock Sym Close Chg Stock Sym Close Chg s ArchCapital ACGL 90.92 0.61 BarrickGold GOLD 15.64 -0.23 CACI Intl CACI 373.52 1.46 CentraisElBras EBR 8.77 0.13 ConstellationEner CEG 168.37 0.46 DigitalRealty DLR 146.23 0.73 Enbridge ENB 36.09 0.07
Stock Sym Close Chg ADM ADM 57.07 2.16 Bath&BodyWks BBWI 45.59 0.24 CBRE Group CBRE 93.74 0.29 CerevelTherap CERE 41.88 0.45 Cooper COO 101.54 0.10 DiscoverFinSvcs DFS 124.75 2.83 EncompassHealth EHC 76.95 1.18
Aegon AEG 5.81 0.01 Alphabet C GOOG 139.62 0.68
CPRT 55.19 0.66 Disney DIS 112.46 0.15 Endeavor EDR 24.73 -0.19
AresMgmt ARES 134.04 1.45 BaxterIntl BAX 42.89 -0.59 CCC Intelligent CCCS 12.39 -0.01 CharlesRiverLabs CRL 264.12 1.03 Copart
AerCap AER 82.84 1.39 Altria MO 43.05 0.37 BectonDicknsn BDX 237.82 -1.68 s CDW CDW 249.87 1.93 CharterComms CHTR 294.70 -3.55 Core&Main CNM 49.35 1.06 DocuSign DOCU 58.48 0.50 EnergyTransfer ET 15.01
A B C AffirmHldgs AFRM 37.52 0.31 Amazon.com AMZN 175.39 3.43
argenx ARGX 387.94 2.94
AristaNetworks ANET 281.86 10.84 BeiGene BGNE 163.75 -0.78 CF Industries CF 85.41 0.34 CheckPoint CHKP 164.56 1.09 CorebridgeFin CRBG 25.02 0.35 DolbyLab DLB 83.88 0.05 EnphaseEnergy ENPH 121.00 -7.69
...
AgilentTechs A 147.84 0.55 Ambev ABEV 2.56 0.01 Arm ARM 129.50 2.76 BellRing BRBR 59.41 1.55 CGI A GIB 117.93 0.80 Chemed CHE 643.83 -3.97 Corning GLW 32.89 -0.01 DollarGeneral DG 161.22 1.89 Entegris ENTG 142.03 2.66
AECOM ACM 91.89 0.54 AgnicoEagleMines AEM 55.33 -0.31 Amcor AMCR 9.49 0.02
AES AES 15.94 -0.45 AscendisPharma ASND 153.80 5.63 BentleySystems BSY 48.89 0.15 CH Robinson CHRW 75.68 0.68 CheniereEnergy LNG 156.41 -0.02 Corteva CTVA 55.11 0.02 DollarTree DLTR 149.69 0.69 Entergy ETR 102.77 -0.59
AirProducts APD 244.87 -3.07 Amdocs DOX 93.29 0.45 AspenTech AZPN 199.82 -4.48 Berkley WRB 85.63 0.69 CME Group CME 217.75 0.98 CheniereEnerPtrs CQP 48.55 -0.41 CoStar CSGP 87.13 0.32 DominionEner D 46.98 -0.66 s EnterpriseProd EPD 28.47 0.31
Aflac AFL 82.94 -0.23
Airbnb ABNB 166.67 3.68 AmerSports AS 15.96 -0.20 Assurant AIZ 181.12 2.77 BerkHathwy B BRK.B 404.98 0.22 CMS Energy CMS 59.42 -1.05 ChesapeakeEner CHK 83.74 0.39 Costco COST 736.88 22.80 Domino's DPZ 452.58 8.68 Equifax EFX 268.19 5.04
AGCO AGCO 113.44 -1.24
Ansys ANSS 337.73 4.16 AkamaiTech AKAM 109.78 -0.25 Ameren AEE 72.32 -0.66 AstraZeneca AZN 67.40 -0.27 BerkHathwy A BRK.A 6097101953.95 CNA Fin CNA 44.37 0.53 Chevron CVX 151.89 -0.11 CoterraEnergy CTRA 26.51 0.05 Donaldson DCI 71.98 0.28 Equinix EQIX 892.81 -0.75
APA APA 31.44 0.24 Albemarle ALB 123.93 -0.82 AmericaMovil AMX 19.10 0.14 Atlassian TEAM 217.36 1.73 BestBuy BBY 77.34 0.94 CNH Indl CNHI 11.99 -0.11 Chewy CHWY 17.98 -0.27 Coty COTY 12.61 -0.07 DoorDash DASH 130.45 1.68 Equinor EQNR 25.71 -0.17
ASE Tech ASX 11.36 0.37 Albertsons ACI 20.94 0.09 AmerAirlines AAL 13.96 -0.69 AtmosEnergy ATO 116.52 -0.48 Bio-Techne TECH 74.12 -1.01 CRH CRH 83.88 1.59 Chipotle CMG 2719.82 57.23 Coupang CPNG 19.38 0.85 s Dover DOV 175.27 4.33 Equitable EQH 34.65 0.72
ASML ASML 984.29 21.62 Alcon ALC 88.13 -0.02 AEP AEP 83.39 -0.34 Autodesk ADSK 262.78 4.52 Bio-RadLab A BIO 337.22 -7.03 CSX CSX 37.82 -0.22 s Chubb CB 257.75 2.75 Crane CR 131.29 1.69 Dow DOW 57.68 0.25 EquityLife ELS 66.32 -0.36
AT&T T 17.20 -0.13 AlexandriaRlEst ARE 125.95 -0.92 AmerExpress AXP 222.65 2.46 Autoliv ALV 120.02 1.30 Biogen BIIB 227.36 -2.71 CVS Health CVS 75.21 -0.73 ChunghwaTel CHT 38.59 0.09 Credicorp BAP 172.70 -0.42 DrReddy'sLab RDY 76.32 -0.94 EquityResdntl EQR 62.33 -0.53
AbbottLabs ABT 120.76 0.57 Alibaba BABA 76.06 1.20 s AmericanFin AFG 129.87 0.40 ADP ADP 244.67 0.58 BioMarinPharm BMRN 85.18 -0.82 CadenceDesign CDNS 311.28 5.54 Church&Dwight CHD 104.50 0.65 Crocs CROX 125.59 -1.11 DraftKings DKNG 42.34 0.72 ErieIndemnity ERIE 408.42 5.69
s AbbVie ABBV 180.92 1.29 AlignTech ALGN 310.68 2.59 AmHomes4Rent AMH 36.85 0.20 AutoZone AZO 3059.51 -0.77 BioNTech BNTX 95.73 -0.57 CaesarsEnt CZR 42.24 -0.39 ChurchillDowns CHDN 113.91 0.99 CrowdStrike CRWD 329.27 11.90 Dropbox DBX 23.84 0.34 EssentialUtil WTRG 35.82 -0.18
AcadiaHealthcare ACHC 80.31 -0.22 Allegion ALLE 133.08 2.04 s AIG AIG 75.89 0.98 Avalonbay AVB 183.83 -0.86 Birkenstock BIRK 47.03 -0.40 CamdenProperty CPT 98.19 -1.79 Ciena CIEN 51.51 -0.03 CrownCastle CCI 110.97 -1.29 DukeEnergy DUK 95.01 -0.83 EssexProp ESS 240.63 -2.34
Accenture ACN 380.48 7.26 AlliantEnergy LNT 48.77 -0.82 AmerTowerREIT AMT 204.18 -2.57 Avangrid AGR 35.84 0.33 BlackRock BLK 829.59 4.43 Cameco CCJ 41.96 1.19 Cigna CI 343.94 1.67 Crown Holdings CCK 78.00 -0.24 Duolingo DUOL 229.64 7.00 EsteeLauder EL 152.08 -1.84
AcuityBrands AYI 258.51 3.88 Allstate ALL 159.60 -0.34 AmerWaterWorks AWK 119.18 -1.15 Avantor AVTR 25.56 0.29 Blackstone BX 123.68 -0.89 CampbellSoup CPB 43.01 ... CincinnatiFinl CINF 118.34 0.96 CubeSmart CUBE 45.51 -0.07 DuPont DD 72.04 -0.11 Etsy ETSY 71.42 -1.50
Adobe ADBE 579.14 18.72 s AllyFinancial ALLY 38.12 0.65 AmericoldRealty COLD 25.92 -0.39 AveryDennison AVY 216.79 0.82 Block SQ 81.71 0.18 CIBC CM 49.60 0.01 Cintas CTAS 626.70 2.25 Cummins CMI 269.77 -0.38 Dynatrace DT 46.97 0.75 EvercoreA EVR 190.73 -2.82
AdvDrainageSys WMS 161.46 0.97 AlnylamPharm ALNY 146.65 -2.45 Ameriprise AMP 412.99 1.30 AxaltaCoating AXTA 33.73 0.44 BlueOwlCapital OWL 17.49 0.10 CanNtlRlwy CNI 129.96 1.19 CiscoSystems CSCO 50.07 -0.15 Curtiss-Wright CW 239.89 2.30 elfBeauty ELF 205.31 11.33 Everest EG 383.57 3.90
AdvMicroDevices AMD 202.76 4.37 Alphabet A GOOGL 138.50 0.83 Ametek AME 181.83 0.97 AxonEnterprise AXON 311.37 0.44 Boeing BA 184.24 -8.25 CanadianNatRscs CNQ 72.06 -0.08 Citigroup C 57.45 0.04 CyberArkSoftware CYBR 264.74 1.60 EMCOR EME 323.23 6.82 Continued on Page B10

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
GoDaddy GDDY 118.30 2.6 Marriott MAR 252.33 0.9 RestaurantBrands QSR 82.10 1.9 TourmalineBio TRML AMTD Digital HKD
46.76 9.3 3.62 -1.6 CarParts.com PRTS 1.73 -6.8 MonogramOrtho MGRM 2.32 0.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE GraphicPkg GPK 27.90 1.6 Marsh&McLen MMC 207.74 0.7 Rollins ROL 46.13 0.1 Trimble TRMB Arko
63.93 0.9 ARKO 6.08 -2.7 CartesianTherap RNAC 0.57 -8.0 MontaukRenew MNTK 4.36 -4.8
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low GreenBrickPfdA GRBKpA 23.23 -1.4 MauiLand MLP 21.50 2.0 RydeGroup RYDE 8.12 -0.9 TristarAcqnI TRIS.U 10.93
ArkoWt 0.1 ARKOW 0.49 -25.0 CitizensFinlSvc CZFS 42.68 -2.8 Movano MOVE 0.51 -3.5
in the latest session. % CHG-Daily percentage change from the previous trading session. GreenwichLife GLSI 20.75 8.2 MiX Telematics MIXT 9.94 6.5 SCE III Pfd SCEpH 25.64 0.2 UBS Group UBS A2Z SmartTech AZ
31.66 2.0 0.82 -13.5 CleanEnerFuels CLNE 2.55 -4.1 MustangBio MBIO 1.06 -8.6
GrindrWt GRND.WS 2.29 7.7 MontereyCapA MCAC 11.02 0.2 SEI Investments SEIC 69.87 0.5 USA Compression USAC AdventTechWt ADNWW 0.02 ... CompleteSolaria CSLR
27.66 -0.4 0.65 -18.4 Nature'sMiracle NMHI 2.01 1.0
Tuesday, March 12, 2024 Grindr GRND 10.12 5.5 MorphoSys MOR 18.31 1.6 SLGreenRealtyPfd SLGpI 23.23 0.8 US Lime&Min USLM 294.98
AerSale 1.3 ASLE 6.59 4.1 ComtechTel CMTL 5.46 0.5 NauticusRobot KITT 0.18 -21.4
HUYA HUYA 4.90 4.0 MotorolaSol MSI 340.80 0.7 SM Energy SM 45.90 0.8 UnivInsurance UVE 21.75
Agriforce 6.6 AGRI 0.15 -3.8 Concentrix CNXC 62.87 -2.5 NeoVoltaWt NEOVW 0.06 -15.4
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HamiltonBeach HBB 21.00 -0.2 MountainI A MCAA 11.48 0.1 SachemCapital SACH 4.05 1.8 ValeroEnergy VLO 152.35
Agrify 0.1 AGFY 0.37 -4.9 CrownElectrokin CRKN 0.06 -16.6 Netcapital NCPL 0.13 -7.0
HarleyDavidson HOG 40.85 2.6 NRG Energy NRG 62.33 3.1 SachemNts2027 SCCE 22.89 -0.1 VeevaSystems VEEV 233.55
Akanda 1.4 AKAN 0.16 -11.7 DermTech DMTK 0.63 2.4 OfficePropIncm OPI 2.00 -1.4
BlackLine BL 68.75 2.2 EastmanChem EMN 92.56 0.4 HartfordFinl HIG 99.03 0.9 NatlHealthInv NHI 59.87 0.9 SafeBulkers SB 5.07 1.6 VictoryCapital VCTR 40.90
Allego 0.9 ALLG 0.81 -6.6 DonegalGroup A DGICA 13.40 -0.5 OutsetMedical OM 2.38 -8.6
Highs BowenAcqn BOWN 10.46 0.1 Enact ACT 29.87 1.4 HessMidstream HESM 35.94 0.6 NaturalGrocers NGVC 18.07 2.2 SeanergyMaritime SHIP 8.58 4.0 VillageSuper A VLGEA AmericanWell AMWL 0.90 -9.0 E-HomeHousehold EJH
27.90 0.7 1.30 -0.7 PalisadeBio PALI 0.36 -4.8
BowmanConsult BWMN 40.61 19.1 EnergemA ENCP 13.50 2.0 Hilton HLT 207.94 1.4 Nature'sMiracleWt NMHIW 0.10 67.1 SharkNinja SN 57.64 2.5 Vimeo VMEO 5.53 2.4
Ampco-PittsWt AP.WS 0.06 -8.2 EsgenAcqn ESACU 7.34 -9.7 PetMedExpress PETS 4.81 -5.1
AeonBioWt AEON.WS 0.89 2.4
BrookfieldReinsA1 BNRE.A 42.27 ... enGeneWt ENGNW 4.74 0.2 Hubbell HUBB 397.32 2.5 NaviosMaritime NMM 45.88 1.6 Silynxcom SYNX 4.10 -7.3 VistaEnergy VIST 38.84 5.1
AptevoTherap APVO 4.05 -7.5 EdibleGarden EDBL 0.34 -11.7 PineappleEner PEGY 0.06 -4.3
AbbVie ABBV 182.89 0.7
Bruker BRKR 93.08 1.3 EnlivexTherap ENLV 4.37 12.7 ING Groep ING 15.44 2.5 NewGold NGD 1.70 -3.0 SolarmaxTech SMXT 13.49 -12.0 WEX WEX 234.07 0.9
AptoseBiosci APTO 1.48 -5.1 Entravision EVC 1.43 -2.0 PlaystudiosWt MYPSW 0.05 -16.5
AirLease AL 45.77 2.9
CAVA CAVA 66.22 4.9 EntergyMS Bds EMP 24.10 0.6 IDEX IEX 240.98 0.7 NorfolkSouthern NSC 261.46 1.0 SonidaSrLiving SNDA 28.73 8.0 BerkleyDeb58 WRBpE 25.46
ArrayTech 0.5 ARRY 11.98 -3.8 EtaoInternational ETAO 0.13 2.9 Pulmatrix PULM 1.57 -3.8
AllyFinancial ALLY 38.31 1.7
CDW CDW 250.63 0.8 EnterpriseProd EPD 28.50 1.1 ImperialOil IMO 66.66 0.8 Oracle ORCL 129.37 11.7 SouthportAcqn PORT.U 12.90 1.4 Wabtec WAB 143.51
ArtWayMfg 1.5 ARTW 1.88 -2.6 Everi EVRI 9.15 -1.6 QuoinPharm QNRX 1.08 4.4
AlphaTimeRt ATMCR 0.30 -22.0
CardiffOncology CRDF 4.59 10.9 EuroDry EDRY 23.96 2.4 IBM IBM 199.18 3.2 OsirisAcqn OSI.U 11.85 -5.3 SouthportAcqnA PORT 11.87 2.1 Walmart WMT 61.57
AscentSolar1.2 ASTI 0.31 -11.1 FaradayFuture FFIE 0.10 -21.7 RedRobin RRGB 6.73 -4.9
AmericanFin AFG 129.96 0.3
CardinalHealth CAH 115.96 0.1 EVeMobilityAcqnUn EVE.U 11.20 2.7 JVSPACAcqn JVSAU 10.28 0.3 PartnerRePfdJ PREpJ 21.24 0.7 SpyreTherapeutics SYRE 42.45 3.5 WasteMgt WM 210.61
Auddia 0.2 AUUD 2.71 -7.6 Farmmi FAMI 0.87 -6.6 ReNewEnergyWt RNWWW 0.39 -12.3
AIG AIG 76.04 1.3
CelsiusHldg CELH 91.36 6.8 FTAI Infra FIP 5.89 5.6 JacksonFinl JXN 62.13 3.1 Paymentus PAY 24.00 14.9 Stellantis STLA 28.22 2.2
WeatherfordIntl WFRD 112.04 -1.4
AuriniaPharm AUPH 5.19 -3.2 Fisker FSR 0.29 -8.9 RevivaPharmWt RVPHW 0.41 21.1
APxAcqnI A APXI 11.38 0.1
CementosPacasm CPAC 6.56 0.9 Fenbo FEBO 10.41 2.1 JefferiesFinl JEF PegasusDigWt PGSS.WS WellsFargoPfdAA WFCpA 21.50 0.2 ForwardAir FWRD 29.17 -1.8 RevivaPharm RVPH 3.06 -6.3
Aramark ARMK 32.65 2.6 44.04 ... 0.27 8.0 Suzano SUZ 11.99 1.2 ByndCannasoft BCAN 0.02 -70.5
WellsFargoPfdACC WFCpC 20.22 0.3 FRZA RockyMtnChoc RMCF
ArchCapital ACGL 90.97 0.7 ChromaDex CDXC 1.98 11.4 FidelisInsurance FIHL 18.67 3.1 KB Financial KB 55.39 3.4 PennyMacNts28 PMTU 25.55 0.4 Sweetgreen SG 20.10 4.5 BallardPower BLDP 2.82 -4.2 ForzaX1 0.43 -15.1 3.62 -7.2
Chubb CB 258.15 1.1 FifthThirdBncp FITB 37.03 -0.1 Kanzhun BZ Pentair PNR
WellsFargoPfdADD WFCpD 19.56 0.1 Fossil FOSL 0.85 -5.8 SIMPPLE SPPL 1.05 -78.1
ArchCapitalPfdG ACGLN 21.21 ... 21.32 18.8 82.57 0.8 SynchronyFinl SYF 43.41 1.4 BannixAcqnRt BNIXR 0.10 -53.0
WellsFargo WFC 58.11 0.9
AresCapital ARCC 20.74 0.9 ChurchillCapVII CVIIU 10.66 11.9 Fitell FTEL 7.50 1.5 KarunaTherap KRTX 322.32 1.0 Phillips66 PSX 151.42 0.6 TPG Nts 2064 TPGXL 27.00 2.1 Barnes&NobleEduc BNED 0.60 -18.6 FossilNts2026 FOSLL 9.70 -1.7 SMX SMX 0.13 -13.5
Civeo CVEO 25.20 0.5 Flowserve FLS 44.29 ... WestRock WRK 47.23 1.2 FractylHealth GUTS 6.59 -10.3 Sabre SABR 1.95 -3.0
ArisWater ARIS 13.38 0.4 KewauneeSci KEQU 31.74 3.6 Pilgrim'sPride PPC 33.62 1.6 Talkspace TALK 3.33 12.3 Beneficient BENF 0.07 -8.8
ClearsideBiomed CLSD 2.12 -18.8 FlutterEnt FLUT 222.90 1.3 WisdomTree WT 8.57 0.2 GigaMedia GIGM 1.24 -1.2 Safe&Green SGBX 0.23 7.5
AtlanticusPfdB ATLCP 23.72 3.0 KronosWorldwide KRO 11.50 2.7 PrimoWater PRMW 17.14 3.2 TargaResources TRGP 105.71 0.9 Big5SportingGds BGFV 3.65 -3.8
CloverLeafA CLOE 12.50 0.5 Forian FORA 4.15 3.6 XtrkRreefGlbNat NRES 25.95 0.2 Gogoro GGR 1.29 -3.0 ScilexWt SCLXW 0.23 -14.7
AvidityBio RNA 22.87 7.9 LeviStrauss LEVI 18.73 1.5 Progressive PGR 199.07 1.1 TasekoMines TGB 1.82 -4.4 BitFuFu FUFU 4.60 -16.6
Hanryu HRYU 0.30 -3.7 SciSparc SPRC 2.77 -8.8

.
Coca-ColaEuro CCEP 72.05 -0.1 Gallagher AJG 255.52 0.8 LifeMD PfdA LFMDP PrudentialFinl PRU
BIPBermudaNts BIPI
BRF BRFS
19.38 0.1
3.43 1.8 ColgatePalm CL 89.19 0.7 Gap GPS 23.11 4.9 LiveNationEnt LYV
22.59
102.55
5.3
1.8 PubMatic PUBM
112.27
21.91
0.2
7.0
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19.08 1.0
38.40 0.4
Lows BridgeInvt
CISO Global
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6.58 1.7
1.03 -9.7
HudsonGlobal HSON 13.38 -1.5 SequansComms SQNS 0.53 -2.4
IHS Holding IHS 2.18 0.4 SeresTherap MCRB 0.76 -10.1

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BBVA BBVA 11.21 2.9 ColombierAcqnIIWt CLBR.WS 0.54 15.5 Garmin GRMN 148.89 1.7 LloydsBanking LYG 2.53 0.4 Puyi PUYI 9.69 0.8 TollBros TOL AIM Immuno AIM
122.86 2.4 0.36 -1.4 Canoo GOEV 1.28 -24.2
DataStorage DTST Gartner IT INNOVATE Rt VATEr 0.01 -63.1 ServiceProperties SVC 6.33 -0.6
BancoSantander SAN 4.40 2.1 5.90 3.3 476.99 2.4 Loews L 76.24 0.3 Q2 QTWO 50.12 2.3
DaVita DVA GasLogPtrsPfdC GLOPpC IndonesiaEnergy INDO 2.03 -0.9 ShoalsTech SHLS 12.02 -6.4
BkofAmericaPfdNN BACpO 20.55 ... 139.72 2.5 25.30 0.4 LyraTherap LYRA 6.51 9.4 RadianGroup RDN 31.74 0.5
DescartesSystems DSGX GatesIndustrial GTES InnovAge INNV 4.65 -3.5 SiNtxTech SINT 0.12 -1.4
BankofAmPfdSS BACpS 21.98 0.2 94.54 2.3 17.12 3.8 MDU Rscs MDU 22.98 2.2 Ranpak PACK 7.23 51.7
DeutscheBank DB GencoShipping GNK InspireVeterinary IVP 0.04 -20.0 60DegreesPharm SXTP 0.25 -3.6
BankofAmPfd2 BMLpH 14.95 4.1 21.22 1.9 MGIC Investment MTG RedwoodsAcqnRt RWODR
BankofAmerica BAC
21.77 0.1
36.15 0.2 DiamondbkEner FANG 185.87 ... GeneDxWt WGSWW 0.10 -2.5 MPLX MPLX
21.09
40.93
0.2
0.2 RegalRexnord RRX
0.28
176.15
12.0
2.3 Dividend Changes Instructure INST
InteractStrength TRNR
20.84 2.1
0.30 -7.2
Spectaire
Stem
SPEC
STEM
1.08 -12.1
1.96 2.0
BankofAmPfdE BACpE
Barclays
Bioventus
BCS
BVS
23.52 0.7
9.25 1.2
6.08 5.5
DigitalHlthWt DHACW
DigitalRealtyPfJ DLRpJ
Dover DOV
0.15 15.5
23.15 0.3
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GlobalLightsAcqnRt GLACR
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0.42 117.6
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M-tronInds
MakeMyTrip
MPTI
MMYT
MarathonPetrol MPC
44.80
64.45
182.95
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3.9
-0.1
RegulusTherap RGLS
RenaissanceRe RNR
Repay RPAY
3.79
237.15
10.95
71.0
0.4
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Company
Increased
Symbol Yld %
Amount
New/Old Frq
InvestcorpEur I Wt IVCBW
Payable / iRobot
Record IssuerDirect
JamesRiver
Jeffs'Brands
KLX Energy
IRBT
ISDR
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JFBR
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9.86 -7.9
12.94 -3.1
7.21 -6.7
0.40 -31.7
7.08 -1.5
StitchFix
StoneBridgeA APAC
SunnovaEnergy NOVA
SunPower
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2.30 -1.7
7.00 5.4
4.81 -4.3
2.74 -6.8
TMT Acqn Rt TMTCR 0.14 -9.1
TopFinancial TOP 2.55 -4.4
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Applied Materials AMAT 0.6 .40 /.32 Q Jun13 /May23 KaixinAuto KXIN 0.21 -4.6 TTEC TTEC 11.01 0.7
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Espey Mfg & Elec ESP 2.3 .175 /.15 Q Mar28 /Mar22 Kennedy-Wilson KW 8.09 -0.7 Traeger COOK 1.97 7.4
Kineta KA 0.60 -9.3 Transalta TAC 6.45 -5.8
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Stocks
Money Rates March 12, 2024 KintaraTherap KTRA 0.08 -1.2 22ndCentury XXII 0.13 -4.4
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Better Choice BTTR 1:44 /Mar21 Leafly LFLY 2.20 -6.8 U Power UCAR 0.05 -13.4
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FRP Holdings FRPH 2:1 /Apr15 Leggett&Platt LEG 19.12 -6.3 uniQure QURE 4.90 0.2
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Hempacco HPCO 1:10
LionElectricWt LEV.WS
/Mar13 LionGroup
0.03 -10.0 UnusualMachines UMAC 1.95 -11.2
LGHL 0.83 -6.7 UrbanOneA UONE 2.23 -7.3
guide to general levels but don’t always represent actual transactions. Inpixon INPX 1:100 /Mar13 LuminarTech LAZR 1.87 -0.5 Vacasa VCSA 6.21 -8.5
ci on

Week —52-WEEK— Week —52-WEEK— Powerbridge Technologies XTKG 6.00% Apr27 /Apr26 LuxUrban LUXH 2.08 ... Vale VALE 12.18 -0.6
Inflation Latest ago High Low Latest ago High Low MagicEmpire MEGL 0.67 -2.2 VisionMarineTech VMAR 0.69 -5.5
Feb. index Chg From (%)
Special MalibuBoats MBUU 40.24 -0.2 Vuzix VUZI 1.42 -3.4
Graphite Bio GRPH ... 1.03 Mar21 /Mar18 ManchesterUnited MANU 14.00 1.1 W&T Offshore WTI 2.47 -3.5
level Jan. '24 Feb. '23 Federal funds Other short-term rates MaxeonSolar MAXN 3.18 -7.6 WW Intl WW 2.66 -7.0
Effective rate 5.3300 5.3300 5.3500 4.6000 Note: Dividend yields as of 3:30 p.m. ET Medifast MED 35.86 -2.8 WestwaterRscs WWR 0.47 -3.2
U.S. consumer price index Week 52-Week Sources: FactSet; Dow Jones Market Data MetaData AIU 0.74 7.4 WiSA Tech WISA 0.03 -7.3
High 5.6500 5.6500 5.6500 4.9000 Latest high low MetaMaterials MMAT 2.04 -6.2 Worksport WKSP 0.82 -8.6
All items 310.326 0.62 3.2 ago KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Microvast
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Low 5.3100 5.3100 5.3300 4.5800 MVST 0.63 -6.6 ZeviaPBC ZVIA 1.34 -1.5
Core 315.419 0.57 3.8 ratio; SO: spin-off. MolecularTemp MTEM 2.81 -10.2 Zoomcar ZCAR 1.19 ...
Bid 5.3100 5.3100 5.3300 4.5800 Call money
Offer 5.3300 5.3300 5.3700 4.6000 7.25 7.25 7.25 6.50
International rates
m er

ADVERTISEMENT
Treasury bill auction Commercial paper (AA financial)
Week 52-Week

Prime rates
Latest ago High Low 4 weeks
13 weeks
26 weeks
5.280
5.250
5.100
5.285 5.840 3.190
5.240 5.345 4.675
5.105 5.350 4.620
90 days n.a.

Secured Overnight Financing Rate

n.a. 5.54 4.74
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U.S. 8.50 8.50 8.50 7.75 5.31 5.31 5.40 4.55

Canada 7.20 7.20 7.20 6.70 Secondary market Value 52-Week
Japan 1.475 1.475 1.475 1.475 Latest Traded High Low
Fannie Mae AUCTIONS BUSINESS OPPORTUNITIES CAREERS
Policy Rates 30-year mortgage yields DTCC GCF Repo Index
Euro zone 4.50 4.50 4.50 3.00 Treasury 5.361 14.340 5.504 4.585
30 days 6.157 6.296 7.495 5.496
Switzerland 2.25 2.25 2.25 1.50 5.378
60 days 6.161 6.302 7.554 5.500 MBS 52.750 5.689 4.624
co Fo

Britain 5.25 5.25 5.25 4.00 AUCTION OF FOOD PROCESSING, CANNING AND
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be available. For all others, a listen only link will be sis incl assessing historical & projected cash
provided. flows & capital structure; performing credit un-
INVEST WITH A More information regarding the Auction, including
Terms of Sale, Qualified Bidder Requirements and
derwriting & structuring incl complex loan solu-

BANKER BANKRUPTCY SALE description of item to be sold, can be found at the Braun
International Auction URL weblink address:
tions; supporting loan transaction negotiation &
syndication; & supporting structure & review of COMMERCIAL REAL ESTATE
legal documentation. Salary offered is between
https://www.braunco.com/CanopyFoods $250,000 & $250,000/yr, 40 hrs/wk. 35% trvl
BID DEADLINE APR. 8 More information about Canopy Foods, Inc. is available req’d. Telecommuting &/or work from home
Invest with former bank at Canopy’s website: may be permissible pursuant to company poli- FORECLOSURE NOTICE OF SALE OF REAL PROPERTY

owner in quality 900,000± SF https://canopyfoods.com/

IMPORTANT NOTICE: In order to access the On-Line
cies. When not telecommuting, must report to
work site. Please apply thru https://www.scotia-
SUPREME COURT - COUNTY OF NEW YORK
WELLS FARGO BANK, NATIONAL ASSOCIATION, AS

MIXED-USE
Web Based Data Room with details of the virtual public bank.com/careers by searching for Director, TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF
auction to take place via ZOOM, including the access to Corporate Banking, U.S. Power & Utilities & in- COMM 2014-CCRE16 MORTGAGE TRUST COMMERCIAL
apartment properties the ZOOM site place of sale, you must first download/
DEVELOPMENT
dicate job code SR02162024LA. MORTGAGE PASS-THROUGH CERTIFICATES, by and
print the Confidentiality Agreement from the above through its Special Servicer, LNR Partners, LLC, Plaintiff
30+ YEAR TRACK RENDERING Braun International Auction URL weblink address and -against- 555 RETAIL OWNER LLC, et al., Defendant(s).

RECORD SITE thereafter fill in the prospective bidder company name,

name and title of the person signing, date, sign, scan
and return the completed Confidentiality Agreement to
Engagement Manager - Implementation
Pursuant to a certain Judgment of Foreclosure and Sale
entered and dated November 20, 2023, and a certain
• Fully approved plans in place to positions avail w/ McKinsey & Co, Inc. US in Decision + Order On Motion entered and dated November
good yields and passive LUXURY PLANS & develop up to 42 stories
Braun International.
Once you have returned the completed Confidentiality New York, NY, Summit, NJ, & Stamford, CT.
20, 2023, and a certain Judgment of Foreclosure and Sale
entered and dated January 25, 2024, I, the undersigned

income. FREE INFO for MANHATTAN VIEWS • Flexible zoning allows for Agreement, you will be given access to the On Line Web
Based Data Room.
Dvlp relationships w/ clients; be expert in
impl & delivering results. Req’s Master’s in
Referee will sell at public auction in Room 130 of the
New York County Supreme Court, located at 60 Centre
residential, retail, office or hotel You must comply with the instructions to become a Street, New York, New York on April 3rd, 2024 at 2:15
Bus Admin, Fin, Econ, or non-bus adv degree,
accredited investors. 500 SUMMIT AVE. & includes parking Qualified Bidder in order to bid at the Auction via ZOOM.
Only Qualified Bidders will be given access information & 2 yrs of exp w/ a major top-tier int’l mgmt
p.m. (ET) the premises situate, lying and being in the
Borough of Manhattan, County of New York, City and
JERSEY CITY, NJ • Can be 100% free market units to participate in or view the Auction Sale via ZOOM. Your consulting firm as Assoc-Implementation or State of New York, known as the Condominium Units
Regular, IRA/401(k) • Adjacent to Journal Square PATH failure to timely satisfy all the conditions to become a
Consultant. Domestic & int’l travel typically being designated and described as Commercial Units
Qualified Bidder means you will not be able to bid at No. 1, 2 and 4 in the building known as “The Element
the virtual Auction to be conducted via ZOOM. CONTACT required. Dest & freq impossible to predict. Condominium” and by the Street Number 543-555 West
investing. $500K Min. 855.755.2300 BRAUN INTERNATIONAL AT 310 798 3123 X 100.bond Salary Range: $225,000 - $246,800 /yr. 59th Street a/k/a 236-254 West 60th Street, County
LPM7664049 of New York, State of New York. Together with an
800-471-0856 (24 hrs.) Sales HilcoRealEstateSales.com Email resume to [email protected] and refer
undivided 3.1764% interest (as to Commercial Unit 1,
to NYT0229. Multiple positions. Lot 1301) and with an undivided 5.2604% interest (as
formeriowabanker.com U.S. Bankruptcy Court Southern District of New York (Manhattan).
Petition No. 1:23-bk-11831 | In re: 500 SUMMIT AVENUE MAZAL LLC.
to Commercial Unit 2, Lot 1302) and with an undivided
0.8242% interest (as to Commercial Unit 4, Lot 1304) in
BUSINESS OPPORTUNITIES the Common Elements (as defined in the Declaration
Software Developer dated 12/5/07 made by Element-West 59th Street LLC,
Orangenius Inc. DBA Artrepreneur is hiring for pursuant to Article 9-B of the Real Property Law of the
TEXAS following role in NY, NY: Software Developer to State of New York establishing a Plan for condominium
Work as full stack Javascript dvlpr for Artrepre- ownership of the building and the land upon which the
building is situate and recorded in the Office of the City
1st Trust Deed neur.com platform (sal range $115,918-
$115,918). Position req’s Master's in IT, CS, or
rel field of study & 2 yrs exp in position offered
Register of the City of New York, County of New York, on
1/8/08 as CRFN 2008000009029, as amended by First

NOTABLE
Amendment to Declaration dated 1/24/08 and recorded

COmmErCiAL
10.75% Return or 2 yrs as Prog’r, Softw Dvlpmt Intern, or
closely rel occupation. Req’s 2 yrs exp w/: Ja-
vascript; HTML; SCSS; Mysql; PHP; Git. Req’s
1/29/08 as CRFN 2008000039832 and further amended
by Second Amendment to Declaration dated 7/30/09
and recorded 8/25/09 as CRFN 2009000272546). These

prOpErTiEs 48% L.T.V. • 2 YEARS 1 yr exp w/: Visual Studio Code; Node; Word-
press. Req’s any amount of exp w/: React.js;
Units are also designated as Tax Lots 1301, 1302, and
1304 in Block 1151.
Said premises is known as and located at 555 WEST
LONG BEACH
Meteor.js; MongoDb. To apply, email resume to
[email protected]. No calls please. EOE 59TH STREET, COMMERCIAL UNIT 1, COMMERCIAL
UNIT 2 & COMMERCIAL UNIT 4, NEW YORK, NEW YORK
EVERy WEdNESdAy 10019.
BIDS DUE APR. 30 COMMERCIAL/RETAIL The approximate amount of the lien, as of February 6,
2023, as reflected in the Judgment of Foreclosure and

TWO
Sale dated January 25, 2024, without any representation
LIST yOUR
PROPERTy TOdAy OPERATING
2601 TANDY AVE., FORT WORTH, TX
• Fully staffed turnkey facility licensed for 866-700-0600 Data Engineer – USDS
TikTok U.S. Data Security Inc,
or warranty, was $23,404,677.60 plus interest & costs.
The aforementioned premises will be sold subject to
provisions of the filed Judgment of Foreclosure and Sale,
160 beds in a densely-populated area ALLIANCE PORTFOLIO Data Engineer - USDS the Decision + Order On Motion, and the Terms of Sale.
ASSISTED • 3.6± AC lot spanning an entire city block
120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
www.AlliancePortfolio.com
(Mult.Pos.), New York, NY.
Design, construct, test, & maintain
Deposit Instructions: All potential bidders, other than
Plaintiff or its successors or assigns, must place a bid
LIVING 4607 EAST CALIFORNIA PKWY.
RE Broker • CA DRE • 02066955 Broker License ID
robust, reliable, & scalable data
deposit in the amount of $100,000, cash or certified
bank check, with the Referee at or before the start of

FACILITIES
(800) 366-3975 pipeline & services. Investigate & the sale. After Referee accepts the high bid offered by
FOREST HILL, TX a bidder, the high bidder must immediately execute
[email protected] integrate up-&-coming big data
• Fully staffed with licensed capacity BRANDED RESTAURANT the Terms of Sale for the purchase of the property
For more information visit:
wsj.com/classifieds
STRONG UPSIDE of 80 beds CHAIN FOR SALE
technologies into existing
requirements. Salary Range:
and subsequently increase his/her deposit by the
appropriate amount to equal at least ten percent (10%)
POTENTIAL • Prime I-20/I-820 location on 2± AC
2 Restaurants, Plus Franchise Sales
Scottsdale — Phoenix
$145000 to $250000 per year. To of the sum bid, unless the successful bidder is Plaintiff,
in which case no deposit against the purchase price shall
apply & info. on benefits offered be required.
Regional and National Growth Opportunity
855.755.2300 Asian Fusion | Sushi | Music | Bar | Branded Nights
visit: careers.tiktok.com & type Job
ID A259423 in search bar. Contact
Index Number 850277/2021
MATTHEW D. MANNION, Referee
Sales HilcoRealEstateSales.com 6 Years & Growing, Boom During Covid [email protected] if you
VENABLE LLP
Attorney(s) for Plaintiff
© 2024 Dow Jones & Company, Inc. have difficulty applying.
[email protected] 750 E. Pratt Street, Suite 900, Baltimore, MD 21202
All Rights Reserved. Hilco Real Estate, LLC in cooperation with Broker Paul A. Lynn & Assoc., LLC TREC #9000489, Paul A. Lynn, TX Broker, Lic. #0244902.
 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.

B8 | Wednesday, March 13, 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
39005.49 s 235.83, or 0.61% Trailing P/E ratio 27.14 21.34 5175.27 s 57.33, or 1.12% Trailing P/E ratio * 23.83 17.85 16265.64 s 246.36, or 1.54% Trailing P/E ratio *† 32.89 25.04
High, low, open and close for each P/E estimate * 18.68 17.10 High, low, open and close for each P/E estimate * 21.10 18.12 High, low, open and close for each P/E estimate *† 31.32 24.25
trading day of the past three months. Dividend yield 1.84 2.18 trading day of the past three months. Dividend yield * 1.44 1.76 trading day of the past three months. Dividend yield *† 0.80 0.92
All-time high 39131.53, 02/23/24 All-time high 5175.27, 03/12/24 All-time high: 16274.94, 03/01/24

Current divisor 0.15265312230608

39000 5300 16400

38000 5100 15900

37000 4900 15400

Session high 36000 4700 14900

DOWN UP
65-day moving average
t

Session open Close

35000 4500 14400
Close Open
t

65-day moving average Session low 34000 4300 65-day moving average 13900

Bars measure the point change from session's open

33000 4100 13400
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*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* 924,319,279 13,138,225
Industrial Average 39071.56 38711.39 39005.49 235.83 0.61 39131.53 31861.98 21.3 3.5 6.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 482,832,621 5,316,178
Transportation Avg 15907.67 15732.57 15882.29 95.99 0.61 16695.32 13444.01 14.1 -0.1 3.9 Most-active issues in late trading Decl. volume* 426,466,665 7,362,897
Utility Average 863.66 851.28 855.47 -8.53 -0.99 975.39 783.08 -6.3 -3.0 0.4 Volume After Hours Issues traded 2,918 309
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51589.78 50972.10 51544.11 513.49 1.01 51544.11 39010.95 31.0 7.9 7.3 Advances 1,553 133
SPDR S&P 500 ETF Trust SPY 6,279.3 516.70 -0.08 -0.02 517.12 515.35
Barron's 400 1136.26 1126.45 1134.67 5.32 0.47 1141.48 881.58 23.4 5.8 5.3 Declines 1,260 161
AT&T T 5,431.8 17.17 -0.03 -0.17 17.26 17.16
Unchanged 105 15
Nasdaq Stock Market SoFi Technologies SOFI 3,932.5 7.44 -0.04 -0.53 7.50 7.36 New highs 181 12
Nasdaq Composite 16275.45 15992.98 16265.64 246.36 1.54 16274.94 11428.15 42.3 8.4 6.9 Apple AAPL 3,490.5 173.06 -0.17 -0.10 176.49 165.08 New lows 25 6
Nasdaq-100 18228.37 17919.33 18219.11 267.42 1.49 18302.91 12199.79 49.3 8.3 12.1 iShares US Med Devices IHI 3,392.8 58.56 0.17 0.29 58.56 58.56 Closing Arms† 1.09 1.60
Amazon.com AMZN 3,298.5 175.36 -0.04 -0.02 184.73 167.77 Block trades* 4,250 145
S&P

.
1.12
Cisco Systems CSCO 3,222.0 50.10 0.03 0.06 50.20 49.90
500 Index 5179.87 5114.48 5175.27 57.33 5175.27 3891.93 32.0 8.5 9.5 Nasdaq NYSE Arca

ly
iSh MSCI Emerging Mkts EEM 3,138.8 41.50 0.14 0.34 41.50 41.34
MidCap 400 2959.92 2932.71 2953.64 14.65 0.50 2968.54 2326.82 20.5 6.2 3.7 Total volume*5,100,337,203 371,273,189
SmallCap 600 1306.24 1294.15 1300.92 -3.60 -0.28 1339.63 1068.80 11.5 -1.3 -2.4 Percentage gainers… Adv. volume*2,329,478,445 191,787,375
Educational Dev EDUC 128.0 2.30 0.54 30.68 2.93 1.80 Decl. volume*2,713,939,896 177,956,278
Other Indexes
Russell 2000
NYSE Composite
Value Line
2072.95 2052.93 2065.48
17994.28 17857.67 17974.06 110.37
602.14 597.53 600.29
-0.40

0.05
-0.02 on
0.62
0.01
2084.74 1636.94
17974.06 14599.05
602.24 498.09
16.2
20.3
10.4
1.9
6.7
1.1
-4.2
4.6
-3.0
SIGA Technologies
Castle Biosciences
Alkermes
SIGA
CSTL
ALKS
172.5
59.4
77.8
5.80
21.27
29.97
0.48
1.31
1.50
9.02
6.56
5.27
6.09
21.27
29.97
5.30
19.95
28.20
Issues traded
Advances
Declines
Unchanged
4,423
1,921
2,305
197
1,892
1,240
618
34
NYSE Arca Biotech 5350.89 5292.02 5317.88 -33.02 -0.62 5511.46 4544.40 2.1 -1.9 -1.4
Freshpet FRPT 53.9 113.33 3.38 3.07 113.33 109.87
New highs 144 317
us ,

NYSE Arca Pharma 1027.45 1015.91 1026.42 9.63 0.95 1029.37 800.13 27.6 12.8 14.3 ...And losers New lows 126 10
l

KBW Bank 99.92 98.91 99.27 -0.08 -0.08 99.48 71.71 18.1 3.4 -7.0 340.2 2.10 -0.11 -4.98 2.32 1.94 Closing Arms† 0.97 2.08
e
Rackspace Technology RXT
al a

PHLX§ Gold/Silver 118.24 116.51 118.08 -1.91 -1.59 144.37 102.94 -0.9 -6.1 -5.5 GrShr 2x Long COIN Daily CONL 85.8 70.53 -3.63 -4.89 74.40 66.51 Block trades* 30,808 2,527
PHLX§ Oil Service 85.20 84.13 84.80 0.09 0.11 98.76 69.29 7.1 1.1 10.6 Arcturus Therapeutics ARCT 114.6 37.09 -1.60 -4.14 38.69 37.09 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 4993.00 4868.42 4992.51 102.31 2.09 5165.83 2906.29 65.9 19.6 19.0 loanDepot LDI 71.2 2.45 -0.09 -3.54 2.54 2.32 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.20 13.81 13.84 -1.38 -9.07 26.14 12.07 -41.7 11.2 -12.5 Eldorado Gold EGO 61.0 12.00 -0.42 -3.38 12.50 12.00 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

er s

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
m er

World MSCI ACWI 775.71 6.94 0.90 6.7 HNR Acquisition HNRA 4.47 2.45 121.21 13.93 1.36 -57.3 SIMPPLE SPPL 1.24 -4.43 -78.13 9.68 1.05 ...
MSCI ACWI ex-USA 328.86 1.74 0.53 3.9 Ranpak Holdings PACK 6.63 2.26 51.72 7.23 2.63 41.1 Lexaria Bioscience LEXX 4.18 -2.07 -33.12 6.85 0.65 49.8
MSCI World 3397.25 30.17 0.90 7.2 Singularity Future Tech SGLY 4.16 1.06 34.19 8.00 2.00 -28.9 NKGen Biotech NKGN 1.73 -0.83 -32.42 12.88 0.78 -82.9
MSCI Emerging Markets 1049.07 10.00 0.96 2.5 Heritage Insurance HRTG 8.95 1.80 25.17 9.79 2.76 167.2 Caribou Biosciences CRBU 5.02 -2.20 -30.47 8.59 3.44 -3.5
m rp

Americas MSCI AC Americas 1957.12 20.77 1.07 7.9 FibroBiologics FBLG 12.53 2.29 22.36 55.00 6.53 ... Blade Air Mobility BLDE 2.78 -1.21 -30.33 4.54 2.06 -21.0
Canada S&P/TSX Comp 21831.02 61.80 0.28 4.2 Lantern Pharma LTRN 7.70 1.38 21.84 9.59 2.38 69.2 Power & Digital II Cl A XPDB 21.00 -8.27 -28.25 49.11 9.02 105.3
Latin Amer. MSCI EM Latin America 2491.00 7.23 0.29 –6.5 Novonix ADR NVX 2.85 0.48 20.00 4.19 1.40 -28.4 MultiSensor AI Holdings MSAI 2.69 -0.79 -22.70 14.00 1.89 -74.0
Brazil Bovespa 127667.84 1544.28 1.22 –4.9 GigaCloud Technology GCT 36.84 6.00 19.46 43.56 4.93 622.4 Finch Therapeutics Group FNCH 2.69 -0.73 -21.31 16.74 2.19 -76.1
Chile S&P IPSA 3628.84 47.84 1.34 4.7 Bowman Consulting BWMN 40.03 6.41 19.07 40.61 25.52 34.4 Lytus Technologies LYT 5.03 -1.35 -21.16 57.60 2.22 -87.1
co Fo

Mexico S&P/BMV IPC 54898.95 –177.17 –0.32 –4.3 Kanzhun ADR BZ 20.79 3.29 18.80 21.32 12.57 15.6 FiscalNote NOTE 1.61 -0.42 -20.69 4.51 0.65 -6.9
EMEA STOXX Europe 600 506.52 5.03 1.00 5.7 Lucas GC LGCL 3.54 0.55 18.39 5.00 2.72 ... Vincerx Pharma VINC 6.45 -1.61 -19.98 9.37 0.61 578.9
Eurozone Euro STOXX 508.78 4.92 0.98 7.3 Rumble RUM 7.90 1.22 18.26 11.25 3.33 -14.9 Clearside Biomedical CLSD 1.64 -0.38 -18.81 2.12 0.65 59.2
Belgium Bel-20 3749.94 8.23 0.22 1.1 Corbus Pharmaceuticals CRBP 44.58 6.30 16.46 46.19 2.25 1352.1 Virpax Pharmaceuticals VRPX 4.02 -0.93 -18.79 11.77 2.40 -48.9
Denmark OMX Copenhagen 20 2739.60 42.76 1.59 20.0 SoundHound AI SOUN 6.93 0.95 15.89 7.91 1.49 262.8 ShiftPixy PIXY 3.14 -0.72 -18.57 115.09 3.05 -97.0
8087.48 0.84 7.2 Paymentus Holdings PAY 23.93 3.11 14.94 24.00 7.26 211.6 Concord Acqn III Cl A CNDB 10.94 -2.40 -17.99 17.61 9.80 5.6
France CAC 40 67.75
Germany DAX 17965.11 218.84 1.23 7.2
Israel Tel Aviv 1903.45 –10.33 –0.54 2.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33753.12 438.05 1.31 11.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 860.97 8.65 1.01 9.4
Norway Oslo Bors All-Share 1480.80 11.69 0.80 –2.5 Direxion Dly Semi 3 Bear SOXS 225,268 86.2 3.10 -6.34 23.22 2.76 SIMPPLE SPPL 8,595 20485 1.24 -78.13 9.68 1.05
South Africa FTSE/JSE All-Share 73484.56 2.82 0.004 –4.4 Regulus Therapeutics RGLS 167,315 441468.3 2.36 71.01 3.79 0.76 Bio-Path Holdings BPTH 400 4041 5.61 6.86 44.80 4.60
n-

0.61 ProSh UltraPro Shrt QQQ SQQQ 156,506 23.9 10.61 -4.33 39.08 10.28 SPDR S&P Emerg Asia Pac GMF 252 2100 105.90 1.19 105.90 93.51
Spain IBEX 35 10388.90 63.20 2.8
1.47 ClearOne CLRO 142,986 96881.7 2.06 127.55 2.65 0.64 WT Interest Rt Hdg HY Bd HYZD 857 1915 21.94 0.13 22.09 20.01
Sweden OMX Stockholm 950.32 13.80 5.3
BYND Cannasoft Ents BCAN 129,162 19251.0 0.03 -70.50 3.85 0.02 PGIM TR Bond ETF PTRB 764 1584 41.54 -0.24 42.31 38.54
Switzerland Swiss Market 11762.05 76.86 0.66 5.6
Turkey BIST 100 9069.03 –62.79 –0.69 21.4 SoundHound AI SOUN 90,863 133.9 6.93 15.89 7.91 1.49 Range Cancer Therapeutics CNCR 226 1413 16.75 0.36 17.96 9.22
no

U.K. FTSE 100 7747.81 78.58 1.02 0.2 iShares Bitcoin Trust IBIT 90,510 204.3 40.73 -0.95 41.80 22.02 Alpha Architect Hi Infltn HIDE 92 1262 23.11 -0.09 24.32 22.55
U.K. FTSE 250 19565.21 35.12 0.18 –0.6 Fisker FSR 89,805 77.7 0.31 -8.92 7.22 0.29 PLDT ADR PHI 555 1230 25.73 -4.67 30.39 19.02
Direxion Dly SCOND 3 BL SOXL 88,619 27.5 49.58 6.01 56.99 12.52 Lexaria Bioscience LEXX 3,624 1036 4.18 -33.12 6.85 0.65
Asia-Pacific MSCI AC Asia Pacific 176.71 0.45 0.26 4.3
Tesla TSLA 87,083 -19.3 177.54 -0.13 299.29 152.37 ETRACS Alerian MLP Infr MLPB 77 1026 23.67 0.40 23.91 17.73
Australia S&P/ASX 200 7712.50 8.28 0.11 1.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3055.94 –12.52 –0.41 2.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17093.50 505.93 3.05 0.3
73667.96 0.22 2.0
Scan this code
India S&P BSE Sensex 165.32
Japan NIKKEI 225 38797.51 –22.98 –0.06 15.9 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3141.47 3.05 0.10 –3.0 track most-active stocks,
South Korea KOSPI 2681.81 21.97 0.83 1.0 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 19914.55 188.47 0.96 11.1 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1379.63 –0.60 –0.04 –2.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004056 24653 1.6
CREDIT MARKETS Argentina peso .0012822.4881 1.7 Europe
Brazil real .2011 4.9725 2.5 Czech Rep. koruna .04321 23.145 3.4
Canada dollar .7412 1.3493 1.9 Denmark krone .1465 6.8243 0.7
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001042 959.66 9.7 Euro area euro 1.0930 .9150 1.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000255 3919.50 1.1 Hungary forint .002739 365.12 5.2
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007358 135.90 –0.1
A consumer rate against its 5-year CDs Mexico peso .0595 16.7981 –1.0 Norway krone .0951 10.5206 3.4
benchmark over the past year 6.00% Uruguay peso .02576 38.8250 –0.6 Poland zloty .2548 3.9245 –0.3
Bankrate.com avg†: 2.83% 14% Sweden krona .0977 10.2381 1.3
Tradeweb ICE Asia-Pacific
America First FCU 4.20% Tuesday Close 5.00 Switzerland franc 1.1397 .8774 4.2
Australiadollar .6607 1.5135 3.1
Federal-funds 6.00% Riverdale, UT 801-627-0900 t 7 WSJ Dollar Index Turkey lira .0312 32.0681 8.8
t s China yuan .1392 7.1821 1.0
target rate 4.00 Ukraine hryvnia .0259 38.5500 1.0
Quontic Bank 4.30% Hong Kong dollar .1278 7.8243 0.2
t One year ago UK pound 1.2792 .7817 –0.5
5.00 0 India rupee .01208 82.786 –0.5
New York, NY 800-908-6600 3.00 Middle East/Africa
s Indonesia rupiah .0000643 15551 1.1
4.00 Popular Direct 4.45% 2.00 –7 s Euro Japan yen .006773 147.65 4.7 Bahrain dinar 2.6599 .3760 –0.3
Five-year CD yields Miami Lakes, FL 800-274-5696 Yen Kazakhstan tenge .002229 448.70 –1.5 Egypt pound .0205 48.7980 57.8
t 3.00 1.00 Macau pataca .1240 8.0620 0.1 Israel shekel .2733 3.6595 1.6
First National Bank of America 4.55% –14
Malaysia ringgit .2138 4.6777 1.8 Kuwait dinar 3.2557 .3072 –0.02
East Lansing, MI 800-968-3626 1 3 6 1 2 3 5 7 10 20 30 2023 2024
2.00 New Zealand dollar .6152 1.6255 2.7 Oman sul rial 2.5977 .3850 –0.01
First Internet Bank of Indiana 4.61% month(s) years
AM J J A S ON D J FM Pakistan rupee .00358 279.140 –0.7 Qatar rial .2714 3.684 1.1
Indianapolis, IN 888-873-3424 maturity Philippines peso .0181 55.320 –0.1 Saudi Arabia riyal .2666 3.7506 0.01
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7506 1.3323 1.0 South Africa rand .0536 18.6695 2.0
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007619 1312.45 1.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032618 306.58 –5.4
WSJ Dollar Index 97.58
Close Net Chg % Chg YTD%Chg
0.12 0.12 1.82
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Taiwan dollar .03185 31.398 2.3
Yield (%) 52-Week Total Return (%) Thailand baht .02796 35.760 4.0 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 7.75 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.31 5.31 4.55 l 5.40 5.30
Money market, annual yield 0.49 0.48 0.46 l 0.64 0.39
U.S. Treasury, Bloomberg 2154.080 4.390 4.350 5.120 3.610 1.411 –2.814 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.83 2.83 2.76 l 2.87 2.38 U.S. Treasury Long, Bloomberg 3143.870 4.410 4.380 5.280 3.630 –5.251 –8.120 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.11 7.40 6.75 l 8.28 3.87 Aggregate, Bloomberg 2042.760 4.820 4.810 5.740 4.200 3.090 –2.502
15-year mortgage, fixed† 6.58 6.76 6.00 l 7.42 4.11
DJ Commodity 967.99 0.37 0.04 1035.63 930.59 -2.19 1.06
Fixed-Rate MBS, Bloomberg 2014.800 5.000 5.010 6.050 4.290 2.863 –2.922
Jumbo mortgages, $766,550-plus† 7.18 7.46 6.79 l 8.33 3.91 Refinitiv/CC CRB Index 278.32 0.33 0.12 290.29 253.85 6.60 5.49
High Yield 100, ICE BofA 3574.684 7.217 7.314 9.101 7.030 12.642 2.464
Five-year adj mortgage (ARM)† 6.44 6.50 5.64 l 7.16 3.25 Crude oil, $ per barrel 77.56 -0.37 -0.47 93.68 66.74 8.73 8.25
Muni Master, ICE BofA 588.614 3.186 3.220 4.311 2.801 4.287 –0.263
New-car loan, 48-month 7.86 7.86 6.75 l 7.88 3.83 Natural gas, $/MMBtu 1.714 -0.045 -2.56 3.575 1.576 -33.39 -31.82
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 852.739 7.322 7.369 8.842 7.206 9.833 –1.432
banks.† Excludes closing costs. Gold, $ per troy oz. 2160.40 -22.10 -1.01 2182.50 1816.60 13.34 4.75
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
 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. Wednesday, March 13, 2024 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Tuesday, March 12, 2024
Metal & Petroleum Futures May 6,765 7,096 s 6,663 7,049 321 80,300
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
March 196.70 197.90 195.35 195.40 1.05 262 months.
Open High hi lo Low Settle Chg interest
May 185.10 187.90 184.30 185.90 .90 100,830
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Tuesday Tuesday Tuesday
March 3.9300 3.9400 3.8965 3.9250 0.0025 2,753 May 21.90 22.10 21.77 21.89 –.06 289,234 Copper,Comex spot 3.9250 Wheat,No.2 soft red,St.Louis-u 5.5350
May 3.9315 3.9520 3.9020 3.9320 0.0035 127,133 Energy Iron Ore, 62% Fe CFR China-s *108.4 Wheat - Hard - KC (USDA) $ per bu-u 6.3625
July 21.67 21.82 21.52 21.63 –.06 198,565
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 77.800 Steel, HRC USA, FOB Midwest Mill-s *800.0 Wheat,No.1soft white,Portld,OR-u 5.6000
March 2182.50 2182.70 2160.40 2160.40 –22.10 950 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.850 Battery/EV metals
May 40.25 1.25 2,188 Food
April 2189.10 2190.80 2156.20 2166.10 –22.50 298,803 BMI Lithium Carbonate, EXW China, =99.2%-v,w 14275
Cotton (ICE-US)-50,000 lbs.; cents per lb. Metals
May 2198.70 2199.30 s 2167.30 2176.50 –22.30 544 May 95.06 95.77 94.05 95.23 .17 127,334 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 12300 Beef,carcass equiv. index
June 2209.60 2211.90 2177.90 2187.70 –22.30 175,456 BMI Cobalt sulphate, EXW China, >20.5% -v,m 4413 choice 1-3,600-900 lbs.-u 289.97
July 94.34 95.00 93.47 94.59 .25 69,893 Gold, per troy oz
Aug 2229.20 2229.60 2198.80 2207.00 –22.30 28,165 BMI Nickel Sulphate, EXW China, >22%-v,m 3920 select 1-3,600-900 lbs.-u 277.86
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Engelhard industrial 2164.00
Oct 2242.20 2248.20 2217.30 2225.80 –22.30 7,359 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.2588
May 358.25 359.95 349.00 354.75 .85 6,382 Handy & Harman base 2161.25
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 350.60 351.95 346.35 351.50 .15 1,087 Butter,AA Chicago-d 2.8325
March 1041.10 8.50 11
Handy & Harman fabricated 2398.99 Fibers and Textiles
LBMA Gold Price AM *2178.45 Cheddar cheese,bbl,Chicago-d 142.00
June 1041.00 1054.50 1009.50 1050.60 8.60 19,967 Cheddar cheese,blk,Chicago-d 143.50
Interest Rate Futures LBMA Gold Price PM *2180.45 Burlap,10-oz,40-inch NY yd-n,w 0.7800
Platinum (NYM)-50 troy oz.; $ per troy oz. Cotton,1 1/16 std lw-mdMphs-u 0.9248 Milk,Nonfat dry,Chicago lb.-d 117.00
March 925.40 –12.30 9 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Krugerrand,wholesale-e 2246.97
Maple Leaf-e 2268.58 Cotlook 'A' Index-t *101.60 Coffee,Brazilian,Comp-y 1.8550
April 942.10 943.20 915.40 928.20 –12.30 58,922 March 128-290 129-030 127-120 127-190 –25.0 10,414 Coffee,Colombian, NY-y 2.0890
American Eagle-e 2268.58 Hides,hvy native steers piece fob-u n.a.
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 130-150 130-300 129-010 129-110 –26.0 1,578,502
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.1450
March 24.465 24.505 24.385 24.194 –0.318 371 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2612.98
Flour,hard winter KC-p 18.10
May 24.675 24.900 s 24.220 24.394 –0.321 114,567 March 121-180 121-260 120-170 120-240 –21.0 18,727 Austria crown-e 2120.77 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 0.85
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 121-190 121-270 120-160 120-240 –21.0 1,476,248 Austria phil-e 2268.58
Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 84.19
April 78.09 78.73 77.34 77.56 –0.37 194,591 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.4860
Corn,No. 2 yellow,Cent IL-bp,u 4.1100
May 77.71 78.31 77.01 77.25 –0.28 260,903 March 111-025 111-045 110-175 110-195 –13.0 2,132 Engelhard industrial 24.2500 Pork loins,13-19 lb MidUS-u 1.1596
Corn gluten feed,Midwest-u,w 125.8
June 77.34 77.90 76.67 76.90 –0.24 193,699 June 111-195 111-240 111-025 111-055 –13.5 4,293,478 Handy & Harman base 24.2380 Corn gluten meal,Midwest-u,w 407.9 Steers,Tex.-Okla. Choice-u n.a.
July 76.90 77.40 76.23 76.46 –0.23 134,974 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 30.2980 Cottonseed meal-u,w n.a. Steers,feeder,Okla. City-u,w 300.75
Sept 75.73 76.13 75.08 75.33 –0.22 108,195 March 107-085 107-105 106-300 106-310 –9.7 4,567 LBMA spot price *£18.9600 Hominy feed,Cent IL-u,w 120 Fats and Oils
Dec 73.96 74.37 73.40 73.64 –0.21 184,382 June 107-195 107-232 107-082 107-102 –9.7 5,838,562 (U.S.$ equivalent) *24.3550 Meat-bonemeal,50% pro Mnpls-u,w 305
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 19266 n.a.
102-070 102-093 102-022 102-026 –3.7 531
Oats,No.2 milling,Mnpls-u 4.3775 Degummed corn oil, crude wtd. avg.-u,w
April 2.6535 2.6769 2.6081 2.6165 –.0353 72,242 March Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.75 Grease,choice white,Chicago-h 0.3750
May 2.6069 2.6300 2.5717 2.5845 –.0216 61,709 June 102-177 102-192 102-120 102-135 –4.5 3,617,382
LBMA Platinum Price PM *932.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 925.0
Platinum,Engelhard industrial SoybeanMeal,Cent IL,rail,ton48%-u,w 367.35 Soybean oil,crude;Centl IL-u,w 0.4567
April 2.5817 2.6028 2.5495 2.5864 .0059 82,448 March 94.6725 t 94.6700 94.6700 –.0025
94.6725 229,938
Palladium,Engelhard industrial 1030.0 Soybeans,No.1 yllw IL-bp,u 11.6400 Tallow,bleach;Chicago-h 0.4275
May 2.5724 2.5934 2.5443 2.5779 .0055 83,370 April 94.6750 t 94.6700 94.6750
94.6800 503,699
Aluminum, LME, $ per metric ton *2202.0 Wheat,Spring14%-pro Mnpls-u 8.4700 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
April 1.758 1.823 1.691 1.714 –.045 192,286 Dec 94.6475 94.6475 94.6450 94.6450 1,223,054
May 1.855 1.921 1.800 1.823 –.039 326,834 Dec'24 95.5950 95.6250 95.5000 95.5300 –.0750 1,113,694 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
June 2.113 2.166 2.063 2.083 –.034 90,786 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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/11
July 2.410 2.461 2.375 2.391 –.032 131,050 Currency Futures Source: Dow Jones Market Data
Sept 2.493 2.539 2.465 2.478 –.023 115,227
Oct 2.548 2.611 2.542 2.557 –.014 115,249
Japanese Yen (CME)-¥12,500,000; $ per 100¥
March .6812 .6828 .6755 .6778 –.0036 231,273
.6909 .6923 .6850 .6874 –.0036 82,277
Agriculture Futures
June
Canadian Dollar (CME)-CAD 100,000; $ per CAD Bonds | wsj.com/market-data/bonds/benchmarks
Corn (CBT)-5,000 bu.; cents per bu. March .7418 .7427 .7394 .7411 –.0006 152,663
March 425.00 435.00 424.75 429.00 .75 444 June .7428 .7437
British Pound (CME)-£62,500; $ per £
.7404 .7420 –.0006 31,208 Tracking Bond Benchmarks
May 441.00 445.00 438.00 441.75 … 627,055
Oats (CBT)-5,000 bu.; cents per bu. March 1.2812 1.2824 1.2743 1.2792 –.0015 196,457 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
June 1.2821 1.2830 1.2750 1.2798 –.0015 58,442 highs and lows for different types of bonds
March 384.75 385.00 384.75 379.75 2.00 2
Swiss Franc (CME)-CHF 125,000; $ per CHF
May 371.25 374.00 367.50 372.75 2.00 2,451 Total Total
March 1.1402 1.1439 1.1377 1.1396 … 64,156
Soybeans (CBT)-5,000 bu.; cents per bu. June 1.1513 1.1551 1.1489 1.1508 … 10,485 return YTD total Yield (%) return YTD total Yield (%)
March 1167.00 1176.00 1167.00 1182.00 17.00 67 Australian Dollar (CME)-AUD 100,000; $ per AUD close return (%) Index Latest Low High close return (%) Index Latest Low High
May 1179.00 1196.50 1175.75 1196.00 16.75 344,224 March .6615 .6640 .6586 .6605 –.0007 181,433
Soybean Meal (CBT)-100 tons; $ per ton. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
June .6630 .6658 .6604 .6623 –.0008 45,013
March 333.30 333.30 333.30 333.80 –3.30 150 Mexican Peso (CME)-MXN 500,000; $ per MXN 2014.80 -1.1 Mortgage-Backed 5.000 4.290 6.050
2042.76 -0.9 U.S. Aggregate 4.820 4.200 5.740
May 337.40 340.70 335.20 339.20 2.00 228,067 March .05947 .05956 .05926 .05946 .00003 206,042
Soybean Oil (CBT)-60,000 lbs.; cents per lb. June .05865 .05873 .05845 .05864 .00004 103,355 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1987.75 -1.1 Ginnie Mae (GNMA) 5.040 4.350 6.020
March 46.00 46.09 46.00 47.23 1.18 95 Euro (CME)-€125,000; $ per €
3098.48 -0.7 U.S. Corporate 5.300 4.990 6.430 1185.59 -1.0 Fannie mae (FNMA) 4.990 4.280 6.050

.
May 46.71 47.95 46.22 47.82 1.18 237,209 March 1.0928 1.0947 1.0905 1.0927 –.0001 575,631
Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 1.0969 1.0988 1.0946 1.0969 … 142,459 1830.89 -0.7 Freddie Mac (FHLMC) 4.900 4.240 6.190
2992.73 -0.004 Intermediate 5.220 4.890 6.350

ly
March 17.53 17.53 17.53 17.50 .05 36
May 17.92 17.92 17.83 17.86 .03 8,954 Index Futures 4129.31 -2.1 Long term 5.460 5.160 6.600 588.61 0.1 Muni Master 3.186 2.801 4.311
Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index 0.1
March 541.00 544.75 538.00 535.50 –2.00 25 592.43 -1.2 Double-A-rated 4.870 4.320 5.760 418.78 7-12 year 2.839 2.404 4.097
March 38821 39095 38653 39032 235 44,062
May 547.00 556.00 541.25 547.50 .25 198,205 39253 39546 39093 39480 246 57,116 835.10 -0.5 Triple-B-rated 5.510 5.250 6.700 476.66 0.2 12-22 year 3.510 3.294 4.742
Wheat (KC)-5,000 bu.; cents per bu.
March
May
618.50
595.50
626.00
605.25
618.50
590.00
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March 248.350 249.900 248.300
623.25
597.25

248.975
4.75

.725
19
–1.50 117,850

5,287
June

March
June
on
Mini S&P 500 (CME)-$50 x index
5129.00
5191.75
5183.00
5246.75
Mini S&P Midcap 400 (CME)-$100 x index
March 2940.50 2961.30
5112.75
5176.25

2923.50
5177.25
5241.25

2954.30
54.25 1,103,673
55.50 1,453,111

14.40 7,432
High Yield Bonds ICE BofA
531.39
522.24
1.1 High Yield Constrained 7.735 7.620 9.560
3.0 Triple-C-rated 12.686 12.686 15.457
450.58 0.4
Global Government J.P. Morgan†
538.91 -0.9
22-plus year 4.125 4.020 5.274

Global Government 3.250 2.740 3.810

255.250 257.400 254.975 256.700 1.325 15,746 June 2975.20 2994.80 2955.80 2988.00 13.80 30,315
us ,

May
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index 3574.68 0.9 High Yield 100 7.217 7.030 9.101 794.11 -1.1 Canada 3.440 2.880 4.260
l

April 187.625 188.975 187.300 188.250 .650 103,230 March 18010.50 18241.75 17930.00 18227.75 256.75 176,589
463.53 1.6 Global High Yield Constrained 7.592 7.582 9.440 353.98 -0.7 EMU§ 2.992 2.669 3.790
June 18253.00 18491.00 18174.00 18477.25 261.00 152,423
e
June 182.900 184.625 182.750 183.950 .925 90,988
al a

Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index 352.46 1.8 Europe High Yield Constrained 6.240 6.222 8.022 652.14 -1.2 France 2.920 2.540 3.630
April 83.525 85.575 83.275 85.350 2.075 56,870 March 2070.90 2085.00 2048.70 2065.30 –3.30 225,906
June 101.000 102.325 100.200 102.200 1.150 71,284
June 2095.20 2109.30 2073.20 2089.20 –3.50 327,511 U.S Agency Bloomberg Fixed Income Indices 460.00 -1.6 Germany 2.430 2.020 3.030
ci on

Sept 2113.00 2126.40 2096.90 2108.50 –3.30 21

Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index 1779.89 -0.05 U.S Agency 4.750 4.130 5.390 276.57 -0.9 Japan 1.160 0.710 1.300
March 578.50 583.50 575.00 575.00 –3.50 1,172
March 2811.80 2839.60 2805.70 2837.00 27.90 2,253
May 617.00 624.00 612.50 613.50 –3.50 6,447 1574.98 0.1 10-20 years 4.750 4.120 5.370 500.76 -1.6 Netherlands 2.640 2.260 3.320
June 2855.70 2874.90 2840.80 2872.60 28.80 4,734
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
March 16.47 16.48 16.39 16.44 –.03 4,149
3394.01 -1.6 20-plus years 4.820 4.300 5.740 796.49 -1.9 U.K. 4.190 3.510 4.880
March 102.77 103.32 102.70 102.93 .08 17,895
April 15.92 15.95 t 15.76 15.77 –.15 6,406 June 102.39 102.78 102.33 102.55 .09 8,099 2714.06 -0.4 Yankee 5.140 4.720 6.110 852.74 0.5 Emerging Markets ** 7.322 7.206 8.842
Cocoa (ICE-US)-10 metric tons; $ per ton.
er s

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
March 7,890 7,974 s 7,890 8,048 719 8 Source: FactSet
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
m er

Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Global Government Bonds: Mapping Yields
Portfolios Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Average Yields of Major Banks Tuesday, March 12, 2024
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
m rp

Type
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Largest 100 exchange-traded funds, National average
latest session Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Savings 0.59 0.48 0.55 1.91 1.49 1.59 1.41 1.23 1.22 4.625 U.S. 2 4.597 s l 4.532 4.467 4.586
Tuesday, March 12, 2024 Jumbos 0.98 0.49 0.55 1.96 1.53 1.76 1.54 1.34 1.36
4.000 10 4.154 s l 4.103 4.170 3.694
Closing Chg YTD Weekly change
ETF Symbol Price (%) (%) 0.250 Australia 2 3.716 t l 3.716 3.860 3.378 -89.1 -84.5 -121.7
Savings 0.00 0.02 0.03 -0.03 0.06 0.05 0.03 0.06 0.05
CommSvsSPDR XLC 80.14 0.88 10.3 Jumbos 0.01 0.02 0.00 -0.03 0.07 0.05 0.03 0.05 0.05 3.000 10 3.955 t l 3.962 4.171 3.595 -20.3 -14.0 -11.1
co Fo

CnsmrDiscSel XLY 181.37 0.86 1.4

DimenUSCoreEq2 DFAC 31.26 0.74 6.9 2.500 France 2 2.823 s l 2.775 2.767 3.189 -178.4 -178.6 -140.6
EnSelSectorSPDR
FinSelSectorSPDR
XLE
XLF
88.94
40.86
–0.16
0.42
6.1
8.7 Consumer Savings Rates 3.500 10 2.779 s l 2.755 2.869 3.003 -137.9 -134.7 -70.3
GrayscaleBitcoin GBTC 63.67 –1.01 83.9
HealthCrSelSect XLV 147.03 0.46 7.8
Below are the top federally insured offers available nationwide according to Bankrate.com's 2.500 Germany 2 2.853 s l 2.801 2.704 3.087 -175.5 -176.0 -150.7
InvscNasd100 182.63 1.42 8.4 weekly survey of highest yields. For latest offers and reviews of these financial institutions, please 2.200 10 2.333 s l 2.306 2.366 2.504 -179.6 -120.1
QQQM -182.5
InvscQQQI QQQ 443.66 1.43 8.3 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.
InvscS&P500EW RSP 166.15 0.26 5.3 3.600 Italy 2 3.351 t l 3.351 3.339 3.571 -125.6 -121.0 -102.3
iShCoreDivGrowth DGRO 57.14 0.42 6.2 High yield savings
iShCoreMSCIEAFE IEFA 73.81 0.79 4.9 4.200 10 3.596 t l 3.620 3.916 4.317 -56.2 -48.2 61.2
Bank Yield Bank Yield
iShCoreMSCIEM IEMG 51.96 0.99 2.7
iShCoreMSCITotInt IXUS 67.68 0.77 4.2
Phone number Minimum (%) Phone number Minimum (%) 0.200 Japan 2 0.199 t l 0.205 0.116 -0.034 -440.8 -435.6 -462.9
iShCoreS&P500 IVV 519.40 1.04 8.7 Money market account Six-month CD 0.600 10 0.768 s l 0.767 0.724 0.393 -339.0 -333.5 -331.2
iShCoreS&P MC IJH 59.04 0.54 6.5
iShCoreS&P SC IJR 107.23 –0.27 –0.9 MyBankingDirect $500 5.35 America First FCU $500 5.30 2.800 Spain 2 3.011 s l 2.981 2.953 3.260 -159.6 -158.0 -133.4
iShCoreS&PTotUS ITOT 113.72 0.94 8.1 (516) 683-4100 (801) 627-0900
iShCoreTotUSDBd IUSB 45.53 –0.26 –1.2 BrioDirect $5,000 5.35 Popular Direct $10,000 5.30
3.250 10 3.149 s l 3.133 3.283 3.495 -100.9 -96.9 -21.1
iShCoreUSAggBd AGG 97.91 –0.25 –1.4
iShEdgeMSCIMinUSA USMV 82.76 0.41 6.1
(877) 369-2746 (800) 274-5696 0.125 U.K. 2 4.208 t l 4.252 4.549 3.637 -39.9 -31.0 -95.8
n-

iShEdgeMSCIUSAQual QUAL 163.51 1.46 11.1 Vio Bank $100 5.30 Barclays Bank $0 5.30 4.250 10 4.046 t l 4.065 4.059 3.639 -3.7 -6.7
-11.2
iShGoldTr IAU 40.81 –1.07 4.6 (888) 999-9170 (888) 720-8756
iShiBoxx$IGCpBd LQD 108.69 –0.32 –1.8 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShMBS MBB 92.56 –0.31 –1.6 One-month CD One-year CD
iShMSCIACWI ACWI 108.94 1.01 7.0 VirtualBank,adivisionofFirstHorizonBank $10,000 2.48 CFG Community Bank $500 5.40
iShMSCI EAFE EFA 79.43 0.80 5.4
(877) 998-2265 (888) 205-8388 Corporate Debt
no

iSh MSCI EM EEM 41.36 1.10 2.9

iShMSCIEAFEValue EFV 53.54 0.49 2.8 Lone Star Bank $1,000 0.20 First Internet Bank of Indiana $1,000 5.36 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
iShNatlMuniBd MUB 108.08 –0.06 –0.3 (713) 358-9400 (888) 873-3424
iSh1-5YIGCpBd IGSB 51.15 –0.12 –0.2 Presidential Bank, FSB $1,000 0.10 BrioDirect $500 5.35
expectations
iSh1-3YTreaBd SHY 81.65 –0.10 –0.5
iShRussMC IWR 82.23 0.30 5.8
(800) 799-1424 (877) 369-2746 Investment-grade spreads that tightened the most…
iShRuss1000 IWB 284.29 1.03 8.4 Two-month CD Two-year CD Spread*, in basis points
iShRuss1000Grw IWF 334.99 1.69 10.5 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShRuss1000Val IWD 175.01 0.24 5.9 VirtualBank,adivisionofFirstHorizonBank $10,000 2.74 Luana Savings Bank $2,000 4.91
iShRuss2000 IWM 204.91 –0.14 2.1 (877) 998-2265 (800) 666-2012 National Bank of Canada … 5.600 5.23 Dec. 18, ’28 107 –167 109
iShS&P500Grw IVW 83.97 1.91 11.8 Lone Star Bank $1,000 0.20 First Internet Bank of Indiana $1,000 4.86
iShS&P500Value IVE 183.02 0.17 5.3 Morgan Stanley MS 4.375 5.27 Jan. 22, ’47 85 –144 93
iShSelectDiv DVY 119.80 –0.38 2.2
(713) 358-9400 (888) 873-3424
iSh7-10YTreaBd IEF 94.72 –0.41 –1.7 Presidential Bank, FSB $1,000 0.10 First National Bank of America $1,000 4.80 Wells Fargo WFC 3.900 5.35 May 1, ’45 94 –141 101
iShShortTreaBd SHV 110.24 0.02 0.1 (800) 799-1424 (800) 968-3626 –115
iShTIPSBond TIP 107.19 –0.20 –0.3 Cooperatieve Rabobank … 5.041 4.83 March 5, ’27 47 62
iSh20+YTreaBd TLT 94.88 –0.84 –4.0 Three-month CD Five-year CD
iShUSTreasuryBd GOVT 22.72 –0.35 –1.4 Apple AAPL 3.450 4.95 Feb. 9, ’45 54 –85 59
America First FCU $500 5.50 First Internet Bank of Indiana $1,000 4.61
iSh0-3MTreaBd SGOV 100.45 0.01 0.2
JPM EqPrem JEPI 57.29 0.35 4.2
(801) 627-0900 (888) 873-3424 Commonwealth Bank of Australia … 5.316 4.83 March 13, ’26 23 –68 n.a.
JPM UltShIncm JPST 50.31 ... 0.2 Banesco USA $1,500 5.25 First National Bank of America $1,000 4.55
Paramount Global PARA 4.375 7.73 March 15, ’43 332 –67 335
PacerUSCashCows COWZ 55.56 0.45 6.9 (888) 228-1597 (800) 968-3626
ProShUltPrQQQ TQQQ 61.88 4.25 22.1 Popular Direct $10,000 5.25 Popular Direct $10,000 4.45 Bank of America BAC 3.500 5.00 April 19, ’26 42 –63 38
SPDRBbg1-3MTB BIL 91.57 0.03 0.2
SPDR DJIA Tr DIA 390.79 0.61 3.7 (800) 274-5696 (800) 274-5696
SPDR Gold GLD 199.79 –1.09 4.5 …And spreads that widened the most
SPDRPtfDevxUS SPDW 35.60 0.76 4.7 High yield jumbos - Minimum is $100,000
SPDRS&P500Value SPYV 49.12 0.18 5.3 Coca–Cola KO 2.250 4.51 Jan. 5, ’32 35 192 n.a.
SPDRPtfS&P500 SPLG 60.79 1.06 8.7 Money market account Six-month CD
SPDRS&P500Growth SPYG 72.74 1.92 11.8 John Deere Capital … 4.750 4.65 Jan. 20, ’28 49 115 52
SPDR S&P 500 SPY 516.78 1.08 8.7 Vio Bank 5.30 America First FCU 5.30
SchwabIntEquity SCHF 38.79 0.78 5.0 (888) 999-9170 (801) 627-0900 Paramount Global PARA 6.875 7.93 April 30, ’36 378 81 377
SchwabUS BrdMkt SCHB 60.19 0.96 8.1 UFB Direct 5.25 Popular Direct 5.30
SchwabUS Div SCHD 79.02 0.18 3.8 Waste Management Holdings WM 7.100 5.11 Aug. 1, ’26 51 81 n.a.
SchwabUS LC SCHX 61.33 1.07 8.7
(877) 472-9200 (800) 274-5696
SchwabUS LC Grw SCHG 92.26 1.76 11.2 Western State Bank 5.15 Barclays Bank 5.30 Toronto–Dominion Bank* TD 4.108 4.99 June 8, ’27 62 65 69
SPDR S&PMdCpTr MDY 539.80 0.50 6.4 (701) 277-5003 (888) 720-8756 44
SPDR S&P Div SDY 128.80 0.15 3.1 Nestle Holdings … 5.250 4.86 March 13, ’26 28 31
TechSelectSector XLK 211.02 2.05 9.6 One-month CD One-year CD 34
VangdSC Val VBR 185.57 0.13 3.1
Royal Bank of Canada RY 4.875 4.93 Jan. 19, ’27 56 67
Lone Star Bank 5.15 CFG Community Bank 5.40
VangdExtMkt VXF 171.21 0.28 4.1
(713) 358-9400 (888) 205-8388
VangdSC Grwth VBK 255.91 0.40 5.8
VirtualBank,adivisionofFirstHorizonBank 2.48 GTE Financial Credit Union (U) 5.38
High-yield issues with the biggest price increases…
VangdDivApp VIG 180.53 0.65 5.9
VangdFTSEAWxUS VEU 58.69 0.82 4.5 (877) 998-2265 (888) 871-2690 Bond Price as % of face value
VangdFTSEDevMk VEA 50.10 0.76 4.6 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Presidential Bank, FSB 0.10 First Internet Bank of Indiana 5.36
VangdFTSE EM VWO 42.23 0.86 2.7
VangdFTSE Europe VGK 67.50 0.97 4.7
(800) 799-1424 (888) 873-3424 Macy's Retail Holdings ... 6.375 7.15 March 15, ’37 93.500 1.50 91.000
VangdGrowth VUG 343.59 1.78 10.5 Two-month CD Two-year CD
VangdHlthCr VHT 269.00 0.38 7.3 Transocean RIG 6.800 9.12 March 15, ’38 81.843 1.07 79.750
VangdHiDiv VYM 118.12 0.20 5.8 Lone Star Bank 5.15 Luana Savings Bank 5.06
Global Marine … 7.000 9.88 June 1, ’28 90.250 0.75 88.000
VangdInfoTech VGT 530.00 2.07 9.5 (713) 358-9400 (800) 666-2012
VangdIntermBd BIV 75.39 –0.32 –1.3 VirtualBank,adivisionofFirstHorizonBank 2.74 First Internet Bank of Indiana 4.86 Bath & Body Works BBWI 6.750 6.72 July 1, ’36 100.250 0.56 98.750
VangdIntrCorpBd VCIT 80.35 –0.24 –1.1
VangdIntermTrea VGIT 58.59 –0.29 –1.2
(877) 998-2265 (888) 873-3424
Presidential Bank, FSB 0.10 TAB Bank 4.80 Telecom Italia Capital … 6.375 7.17 Nov. 15, ’33 94.500 0.49 95.875
VangdLC VV 237.37 1.12 8.8
VangdMegaGrwth MGK 286.59 1.83 10.4 (800) 799-1424 (800) 355-3063 Teva Pharmaceutical Finance … 6.150 6.50 Feb. 1, ’36 97.125 0.34 95.261
VangdMC VO 245.24 0.26 5.4
VangdMBS VMBS 45.64 –0.24 –1.6 Three-month CD Five-year CD Navient NAVI 5.625 8.31 Aug. 1, ’33 82.750 0.25 81.669
VangdRealEst VNQ 87.12 –0.22 –1.4 America First FCU 5.50 First Internet Bank of Indiana 4.61
VangdRuss1000Grw VONG 86.24 1.71 10.5
VangdS&P500ETF VOO 475.03 1.07 8.8
(801) 627-0900 (888) 873-3424 …And with the biggest price decreases
VangdST Bond BSV 76.61 –0.14 –0.5 Merrick Bank 5.25 Popular Direct 4.45
VangdSTCpBd VCSH 77.16 –0.11 –0.3 (866) 638-6851 (800) 274-5696 Teva Pharmaceutical Finance Netherlands III* … 4.100 6.84 Oct. 1, ’46 68.750 –0.38 67.500
VangdShortTrea VGSH 57.99 –0.12 –0.6 Popular Direct 5.25 Quontic Bank 4.30
VangdSC VB 222.44 0.27 4.3 FirstEnergy FE 7.375 4.77 Nov. 15, ’31 116.594 –0.37 116.994
VangdTaxExemptBd VTEB 50.79 0.02 –0.5 (800) 274-5696 (800) 908-6600
VangdTotalBd BND 72.61 –0.30 –1.3 Occidental Petroleum OXY 7.500 5.60 May 1, ’31 111.035 –0.30 110.989
Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of
VangdTotIntlBd BNDX 49.03 ... –0.7 –0.29
VangdTotIntlStk VXUS 60.34 0.81 4.1
compounding and rate stated for the lowest required opening deposit to earn interest. CD Telecom Italia Capital … 7.721 7.63 June 4, ’38 100.788 102.100
VangdTotalStk VTI 256.53 0.99 8.1 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of
VangdTotWrldStk VT 109.71 0.97 6.6 which may be checks. Rates are subject to change. *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.
VangdValue VTV 159.20 0.26 6.5 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more
WT FRTrea USFR 50.38 0.02 0.3 Internet: www.bankrate.com Source: MarketAxess
 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.

B10 | Wednesday, March 13, 2024 * **** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

U.S. Propane Exports Hit Record Energy Company’s

Amid Booming Demand in Asia Ex-Director Settles
BY RYAN DEZEMBER natural gas and produced in
crude-oil refining.
U.S. propane exports, monthly Insider Trading Case
Record domestic propane Last year, U.S. propane pro- 2.0 million barrels a day
production last year and boom- duction climbed to new highs BY DAVE MICHAELS company private.
ing demand in Asia pushed U.S. while demand rose in Asia, The SEC said Cook chaired a
exports of the heating fuel and where petrochemical plants 1.5 A former board member of Tallgrass committee that nego-
chemical feedstock to a new turn it into polypropylene used an energy company acquired by tiated the deal with Blackstone.
high in December, according to to make plastics, packaging and Blackstone in 2019 agreed to Cook tipped nonpublic aspects
the Energy Information Admin- synthetic textiles. pay about $900,000 as part of of the deal to four friends, who
istration. Consecutive mild winters 1.0 an insider-trading settlement. traded on the information ille-
The U.S. emerged as the limited domestic demand for Roy Cook also agreed to a gally, the agency said. Including
world’s largest propane ex- propane to heat rural homes. ban from serving as an officer Cook, the five defendants
porter last decade when shale Low demand pushed down local 0.5 or director of a public company, agreed to pay a total of $2.2
drilling took off. The liquid fuel prices and made U.S. exports the Securities and Exchange million in fines and forfeiture of
can be bottled and shipped even more attractive to buyers Commission said on Tuesday. illegal profits, the SEC said.
abroad much easier than natu- in East Asia, where prices rose 0 Cook was a board member of They didn’t admit or deny
ral gas, which requires an ex- to their highest levels relative Tallgrass Energy when a Black- wrongdoing.
2005 ’10 ’15 ’20 ’24
pensive liquefaction process. to U.S. benchmarks in nearly a stone infrastructure fund ac- An attorney for Cook de-
Propane is extracted alongside decade, according to the EIA. Source: Energy Department quired its shares and took the clined to comment.

How China nomic powerhouse meant

these funds didn’t have de-
cades of data to fall back on, a
kets. China’s securities regula-
tor changed the rules to make
it tougher for shareholders to
Quant funds, rushing to sell
their holdings of small-cap
stocks, had to accept heavy
Minghong Stock Selection
Fund I, a flagship strategy
launched by Minghong Invest-
selling,” said Colin Liang, head
of China research at Red-
wheel, a global asset manager.

Crushed major failing for firms that

rely on data mining to identify
trades. The even bigger prob-
sell. Yi Huiman, the head of
the regulator, was replaced.
Beijing turned once again
losses. Their need to sell had
greater urgency because some
of the quant strategies had
ment, is down 8.8% so far this
year, according to fund dis-
tributor Simuwang. It made a
“That was against the broader
market and national interests.
That was the red line.”

Its Quants lem was China’s great intangi-

ble: the whims of the govern-
ment.
to the national team, which
this time concentrated on
buying exchange-traded funds
taken on leverage, borrowing
from brokers to increase the
amount they could invest.
double-digit return last year.
High-Flyer Quant, another
firm, has lost an average of
The next day the two stock
exchanges said they would
more closely scrutinize
The algorithms used by that invest in the stock mar- “Everyone was trying to 9.5% across its funds in 2024. quants’ trades, particularly
Continued from page B1 quant funds digest large ket. Five major Chinese ex- sell at the same time,” said Since it was established in those using leverage. They
there, moved to China to help amounts of historical data and change-traded funds tracking Hao Hong, chief economist at 2016, it has returned an annu- also tightened reporting rules
set up Ubiquant Investment in take advantage of repeatable large-cap indexes received Grow Investment Group. “The alized 13%. for foreign funds that apply
2012. Ma Zhiyu left to set up patterns. While China’s stock- $34.8 billion of inflows in the exit door was too small, there The rapid change of for- quant strategies through a
Ningbo Lingjun Investment market interventions have be- first two months of this year, was a stampede going on, and tunes for China’s quant funds trading link with Hong Kong’s
Management Partnership in come more frequent in recent eclipsing their inflows the market just collapsed.” led to criticism about their stock exchange.
2014. The two funds are now months, they are still not reg- throughout Some quant strategies and use of leverage. China’s securities regulator

.
among the biggest quants in ular occurrences. 2023, data from funds caught in But the bigger problem for the later warned quants that it
China, with Ubiquant manag- research firm the meltdown industry was still to come. would tighten supervision of

ly
ing more than $7 billion. Z-Ben Advisors ‘Quants are…bad saw their year- direct-market access and
Since early 2023, many of Adapt or die show. That is a at coping when to-date returns other over-the-counter deriva-
the computer programs de- “Quants are just really bad sign of na- plunge by 30 Frozen out tives, and vowed to crack
ployed by Chinese quant funds at coping when something on tional-team something percentage On Feb. 19, the Shanghai down on lawbreakers. It has
identified a relatively simple suddenly changes,” said Phil- buying, say an- points, accord- and Shenzhen exchanges also pledged to tighten over-
strategy: buying small and mi- lip Wool, head of research at alysts.
suddenly ing to Rayliant. froze the accounts of Ningbo sight of high-speed trading.
crocap stocks and short sell- money manager Rayliant But the na- changes.’ Some smaller Lingjun for three days. The These moves have ramped
ing futures linked to indexes Global Advisors. “If you have a tional team ini- funds have reason: The quant fund sold up the pressure on China’s
us ,

of midcaps and large compa- policy intervention that tially focused closed. around $360 million of shares fledgling quant fund sector.
l

nies. It was a big earner: A changes the rules of the game, on funds that Mingxi Capi- in less than a minute, at a They have also raised ques-
e
al a

popular index of microcap these models just aren’t that invest in the shares of some of tal, a Shanghai-based quant time when Beijing expected tions about how these funds
stocks jumped 50% in 2023, adaptable.” China’s biggest companies. fund, issued a statement on market participants to play can prosper in a stock market
while futures tied to the blue- That became evident earlier Micro- and small-caps stocks Feb. 8 telling investors that their part in boosting the that is increasingly subject to
ci on

chip CSI 300 index fell 12%, this year when Beijing finally were left out of the buying the market data and the pat- stock market. The exchanges government interventions, fol-
according to financial data lost patience with a prolonged spree, leading to a selloff in terns it had previously used to said they had initiated “pub- lowing years of poor perfor-
provider Wind. slide in stock prices. these stocks and immediately trade were no longer a good lic condemnation” of the mance.
But China’s quants had a In January, Chinese Pre- causing pain for quants. guide. As a result, many quant fund. “Will there be more bans,
few problems not shared by mier Li Qiang became an un- In the first week of Febru- funds’ algorithms—including “The central government more controls? So long as the
er s

their U.S. counterparts. usually senior voice calling for ary, the CSI 300 gained 5.8% its own—went from “getting it could not tolerate having the quants’ activities go against
For one thing, the country’s more to be done to boost the while a popular index of mi- right to being repeatedly national team buying only to national interest, sure,” said
m er

rapid emergence as an eco- country’s flagging capital mar- crocap stocks plummeted 17%. wrong.” find that the quant funds were Liang.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
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Net
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Net
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m rp

Continued From Page B7 Net Net Lennar A LEN 165.97 1.85 Mobileye MBLY 28.43 0.71 s Oracle ORCL 127.54 13.41
RB Global RBA 75.67 0.26 SimpsonMfg SSD 201.82 -3.59 Telefonica TEF 4.23 ... Veralto VLTO 88.43 -0.33
Net Stock Sym Close Chg Stock Sym Close Chg LennoxIntl LII 469.27 6.58 Moderna MRNA 110.43 -1.55 Orange RELX
ORAN 11.43 -0.17 RELX 43.71 0.47 SiriusXM SIRI 4.11 -0.06 TelekmIndonesia TLK 24.97 -0.08 VeriSign VRSN 191.98 -0.85
s LeviStrauss LEVI 18.54 0.28 MohawkInds MHK 119.65 -0.69 Orix IX 107.10 1.46RPM RPM 118.26 0.69 SiteOneLandscape SITE 176.84 -2.52 TempurSealy TPX 54.60 0.65 VeriskAnalytics VRSK 238.08 0.60
Stock Sym Close Chg GenuineParts GPC 154.01 1.56 Infosys INFY 19.42 0.20 LiAuto LI 39.72 3.25 MolinaHealthcare MOH 402.55 0.28 Oshkosh RTX
OSK 114.61 -0.74 RTX 89.95 -1.45 SkechersUSA SKX 61.25 0.99 s Tenaris TS 38.18 0.15 Verizon VZ 40.13 ...
Evergy EVRG 51.27 -0.36 GileadSciences GILD 75.08 -0.24 IngersollRand IR 90.86 1.34 LibertyBroadbandC LBRDK 58.28 -0.95 MolsonCoorsB TAP 65.57 -0.38 OtisWorldwide OTIS 97.45 1.14 RalphLauren RL 180.45 2.06 Skyworks SWKS 109.32 1.67 TencentMusic TME 10.65 0.30 VertexPharm VRTX 412.45 -2.02
EversourceEner ES 59.81 -0.84 GitLab GTLB 57.24 0.80 Ingredion INGR 117.93 0.31 LibertyBroadbandA LBRDA 58.06 -0.90 monday.com MNDY 224.74 7.64 Ovintiv OVV 50.88 0.26RangeResources RRC 32.55 -0.13 SmithAO AOS 85.93 0.62 TenetHealthcare THC 99.96 2.89 Vertiv VRT 72.32 5.32
ExactSciences EXAS 60.70 ... GlobalPayments GPN 133.11 2.85 Insulet PODD 181.83 0.69 LibertyLiveA LLYVA 39.63 0.75 Mondelez MDLZ 71.74 -0.66 OwensCorning OC 159.51 3.51 RaymondJames RJF 118.94 0.12 Smith&Nephew SNN 28.00 0.06 Teradyne TER 108.20 1.85 Viatris VTRS 12.06 0.09
Exelon EXC 37.01 -0.18 GlobalFoundries GFS 54.00 0.54 Intel INTC 45.24 0.38 LibertyLiveC LLYVK 41.00 0.76 MongoDB MDB 368.64 1.65 PDD RealtyIncome O
PDD 118.16 6.27 52.88 -0.21 Smucker SJM 122.72 1.14 Tesla TSLA 177.54 -0.23 VinFastAuto VFS 5.06 -0.15
Expedia EXPE 136.62 -0.31 Globant GLOB 217.21 0.64 InteractiveBrkrs IBKR 109.10 1.37 LibertyFormOne A FWONA 63.61 -0.42 MonolithicPower MPWR 736.55 17.38 PG&E s RegalRexnord RRX 175.45 3.88
PCG 16.32 -0.13 Snap SNAP 11.77 -0.10 TetraTech TTEK 183.61 0.26 Vipshop VIPS 17.60 0.74
GlobeLife GL 124.35 0.46 ICE ICE 136.99 0.02
co Fo

ExpeditorsIntl EXPD 121.52 0.79 LibertyFormOne C FWONK 70.75 -0.52 MonsterBev MNST 59.82 0.66 PNC Finl RegencyCtrs REG 60.71 -0.57
PNC 150.98 -1.86 Snap-On SNA 295.01 2.81 TevaPharm TEVA 13.49 0.14 Visa V 283.92 3.36
ExtraSpaceSt EXR 150.60 1.19 GlobusMedical GMED 55.29 0.19 InterContinentl IHG 108.42 2.28 LibertySirius A LSXMA 30.04 -0.30 Moody's MCO 388.93 4.08 RegenPharm REGN 970.57 6.13 Snowflake SNOW 161.95 -0.34 TexasInstruments TXN 174.80 0.61 Vistra VST 60.20 2.15
s IBM POSCO PKX 85.17 2.26
ExxonMobil XOM 108.32 -0.70 s GoDaddy GDDY 117.54 2.96 IBM 197.78 6.05 LibertySirius C LSXMK 29.94 -0.18 MorganStanley MS 87.05 0.11 RegionsFinl RF 19.35 -0.22 SOQUIMICH SQM 49.92 0.94 TexasPacLand TPL 1575.47 22.45 Vodafone VOD 8.98 -0.09
PPG Ind PPG 141.31 -1.19
F5 FFIV 194.03 0.38 GoldFields GFI 14.97 -0.82 IntlFlavors IFF 81.20 0.14 Light&Wonder LNW 101.83 1.53 Morningstar MORN 309.85 4.05 ReinsGrp RGA 184.60 1.25 SoFiTech SOFI 7.48 -0.20 TexasRoadhouse TXRH 150.68 3.04 VulcanMatls VMC 269.58 4.63
PPL PPL 26.92 -0.33
FMC FMC 63.85 -0.31 GoldmanSachs GS 388.18 2.02 IntlPaper IP 36.13 -0.49 EliLilly LLY 754.95 20.58 Mosaic MOS 31.36 -0.29 Reliance RS 321.18 3.24 Sony SONY 87.75 0.99 Textron TXT 91.73 -0.08
PTC PTC 187.89 1.54
FTI Consulting FCN 205.17 1.06 Grab GRAB 3.22 0.05 Interpublic IPG 32.55 -0.40
Intuit INTU 662.64 11.77
LincolnElectric LECO 252.53 -0.25 s MotorolaSol MSI 340.42 2.39 PVH s RenaissanceRe RNR 236.02 0.92
PVH 132.37 1.81 Southern SO 69.35 -0.43 ThermoFisher TMO 597.25 -2.18 W X Y Z
Fabrinet FN 201.19 -0.60 Graco GGG 92.92 0.34 Linde LIN 471.47 1.99 MurphyUSA MUSA 407.81 2.15 Paccar RentokilInit RTO 32.10 0.11
PCAR 114.78 0.75 SoCopper SCCO 87.50 1.05 ThomsonReuters TRI 158.51 0.21
Grainger GWW 972.43 8.44 IntuitiveSurgical ISRG 389.40 10.50 LithiaMotors LAD 286.02 2.80 NICE Repligen RGEN 192.76 -0.38 SouthwestAir LUV 28.76 -5.02 3M MMM 98.72 4.67 WEC Energy WEC 81.01 -1.09
FactSet FDS 480.20 3.35 NICE 241.04 2.27 PackagingCpAm PKG 186.72 -0.96 s WEX WEX 232.57 2.10
FairIsaac FICO 1328.59 45.91 s GraphicPkg GPK 27.83 0.45 InvitatHomes INVH 35.20 0.09 s LiveNationEnt LYV 101.90 1.84 NIO NIO 6.19 0.09 PalantirTech PLTR 24.70 -0.65 RepublicSvcs RSG 185.44 1.17 SouthwesternEner SWN 7.05 0.04 Toast TOST 25.00 0.35
GpoAeroportSur ASR 296.89 2.78 IronMountain IRM 80.87 0.18 s LloydsBanking LYG 2.51 0.01 NNN REIT NNN 42.58 -0.18 Splunk SPLK 156.60 0.10 s TollBros W.P.Carey WPC 57.12 -1.02
Fastenal FAST 75.26 0.94 PaloAltoNtwks PANW 284.73 1.40 ResMed RMD 193.78 4.03 TOL 122.17 2.87
Guidewire GWRE 114.56 -0.45 ItauUnibanco ITUB 6.93 0.08 LockheedMartin LMT 434.91 0.16 s NRG Energy NRG 62.30 1.85 s RestaurantBrands QSR 81.87 1.55 Spotify SPOT 258.09 3.64 WPP WPP 45.90 0.38
FederalRealty FRT 101.13 -0.54 ParamountA PARAA 21.63 0.07 TopBuild BLD 405.79 6.07 s Wabtec
HCA Healthcare HCA 323.55 2.30 s Loews L 76.21 0.21 NVR StanleyBlackDck SWK 91.39 -0.57 WAB 143.08 2.08
FedEx NVR 7723.00 98.00 Revvity RVTY 108.81 -0.43 Toro TTC 88.20 -0.49
Ferguson
FDX 254.22 1.52
FERG 203.73 4.86 HDFC Bank HDB 57.00 1.10 J K L LogitechIntl LOGI 92.50 1.09 NXP Semicon NXPI 257.46 4.17
ParamountB PARA 11.59 -0.03
ParkerHannifin PH 538.28 2.24 RexfordIndlRealty REXR 53.12 0.16 Stantec STN 85.06 1.37 TorontoDomBk TD 60.42 -0.07
WalgreensBoots WBA 21.28 -0.26
HF Sinclair DINO 56.33 -0.15 Lowe's LOW 243.26 2.30 Nasdaq Starbucks SBUX 92.40 0.33 s Walmart WMT 61.41 0.75
Ferrari RACE 424.00 11.00 JD.com JD 27.37 1.30 NDAQ 59.74 -0.29 Parsons PSN 81.12 0.79RioTinto RIO 62.72 0.72 TotalEnergies TTE 66.27 0.17 WarnerBrosA WBD 8.86 -0.21
FidNatlFinl FNF 50.73 -0.32 HP HPQ 30.50 -0.08 JPMorganChase JPM 189.84 1.55 lululemon LULU 465.28 7.52 Natera NTRA 90.81 1.53 Paychex Rivian
PAYX 122.65 1.01 RIVN 12.37 -0.32 StateStreet STT 72.51 -0.93 ToyotaMotor TM 237.95 2.49
HSBC HSBC 38.01 0.88 LyondellBasell LYB 100.53 -0.13 NationalGrid NGG 67.49 -1.10 SteelDynamics STLD 131.34 1.42 WarnerMusic WMG 33.94 -0.12
FidNatlInfo FIS 69.55 -0.20 Jabil JBL 149.60 1.74 PaycomSoftware PAYC 186.84 2.34RobertHalf RHI 80.38 0.36 TractorSupply TSCO 249.68 0.79 WasteConnections WCN 168.76 0.96
s FifthThirdBncp FITB 36.69 -0.03 H World HTHT 38.02 1.98 NatWest NWG 6.63 0.08 Robinhood HOOD 16.39 -0.47 s Stellantis STLA 28.18 0.60 TradeDesk TTD 80.43 -1.02
JackHenry JKHY 171.82 -1.70 Paylocity PCTY 168.35 -0.65 s WasteMgt WM 209.79 0.51
FirstCitizBcshA FCNCA 1548.86 43.11 Haleon HLN 8.66 0.10 JacobsSolns J 149.18 1.33
M N NetApp NTAP 102.53 -0.24 PayPal Roblox
PYPL 60.03 -0.05 RBLX 40.81 -1.23 Steris STE 233.81 -0.03 Tradeweb TW 104.04 0.86 Waters WAT 353.30 -0.56
Halliburton HAL 36.75 0.09 RocketCos. RKT 12.29 -0.05 Stevanato STVN 28.43 -0.12 TraneTech TT 287.71 4.79
FirstHorizon FHN 14.75 -0.05
s HartfordFinl HIG 98.94 0.84
JamesHardie JHX 40.21 -0.86 M&T Bank MTB 143.24 0.41 NetEase NTES 108.92 1.41 Pearson PSO 13.05 0.20
StifelFinancial SF 74.28 0.02 Watsco WSO 400.40 5.50
FirstSolar FSLR 159.38 -2.78 JazzPharm JAZZ 115.79 -0.84 MGM Resorts MGM 42.80 0.16 Netflix NFLX 611.08 10.15 PembinaPipeline PBA 35.69 -0.02Rockwell ROK 283.88 -0.91 TransDigm TDG 1183.13 31.39 s WeatherfordIntl WFRD 110.07 -1.54
FirstEnergy FE 37.89 -0.64 Hasbro HAS 53.09 0.52 s JefferiesFinl JEF 43.37 Neurocrine NBIX 137.74 -0.87 RogersComm B RCI 43.65 -0.65 STMicroelec STM 48.61 1.11 TransUnion TRU 80.90 1.12
... MKS Instrum MKSI 128.71 1.22 PenskeAuto PAG 153.73 1.43 WebsterFin WBS 48.59 -0.22
HealthpeakProp DOC 17.39 -0.22 s Pentair RoivantSciences ROIV 10.29 -0.15 Stryker SYK 358.39 2.80 Travelers TRV 220.46 1.44
n-

FirstService FSV 166.94 2.03

Heico HEI 184.63 1.35
J&J JNJ 162.74 1.51 s MPLX MPLX 40.70 0.07 NewOrientalEduc EDU 89.44 0.43 PNR 81.94 0.69
SumitomoMits SMFG 11.77 -0.10 s WellsFargo WFC 57.61 0.52
Fiserv FI 150.65 0.91 JohnsonControls JCI 61.99 0.78 MSA Safety MSA 186.92 1.82 Newmont NEM 33.88 -1.36 Penumbra PEN 239.26 -2.36 Roku ROKU 64.13 -0.28 Trex TREX 95.82 1.93 Welltower WELL 92.86 0.16
Heico A HEI.A 149.17 1.32 s Rollins ROL 45.79 0.06 SummitMaterials SUM 42.16 0.01 s Trimble TRMB 63.42 0.58
FiveBelow FIVE 209.34 5.76 JonesLang JLL 186.06 -1.33 MSCI MSCI 565.80 1.50 NewsCorp B NWS 27.27 -0.04 PepsiCo PEP 164.54 -0.19 SunComms SUI 133.90 0.60 WescoIntl WCC 162.02 4.53
FleetCorTech FLT 294.67 1.15 HenrySchein HSIC 74.42 -0.58 JuniperNetworks JNPR 36.85 -0.15 NewsCorp A NWSA 26.33 -0.05 PerformanceFood PFGC 75.32 0.25RoperTech ROP 555.20 1.32 Trip.com TCOM 44.28 0.99
MagnaIntl MGA 53.60 -0.51 SunLifeFinancial SLF 54.83 -0.10 WestPharmSvcs WST 377.99 20.47
Flex FLEX 28.93 0.15 Hershey HSY 196.47 -2.55 s KB Financial KB 54.30 1.77 ManhattanAssoc MANH 256.19 0.69 NextEraEnergy NEE 57.15 -0.72 PermianRscs PR 16.04 0.16 RossStores ROST 146.49 0.62 TruistFinl TFC 36.93 -0.30
SuncorEnergy SU 35.02 0.26 WesternDigital WDC 62.97 0.92
Floor&Decor FND 121.80 0.96 Hess HES 146.63 -0.33 KBR KBR 60.94 -0.19 ManulifeFinl MFC 23.91 0.10 Nextracker NXT 60.15 -0.05 PetroleoBrasil PBR 15.04 0.48 RoyalBkCanada RY 100.60 0.57 Twilio TWLO 62.21 0.29
SuperMicroComp SMCI 1163.00 82.78 WesternMidstrm WES 33.96 -0.03
s FlutterEnt FLUT 221.30 2.80 s HessMidstream HESM 35.72 0.22 KE Holdings BEKE 14.50 1.42 RoyalCaribbean RCL 129.74 1.94 TylerTech TYL 427.96 -0.86
Maplebear CART 35.51 1.01 Nike NKE 100.18 -0.90 PetroleoBrasilA PBR.A 14.80 0.47 s Suzano SUZ 11.91 0.14 Westlake WLK 141.42 -0.38
HewlettPackard HPE 18.05 0.01
no

FomentoEconMex FMX 122.16 0.11 KKR KKR 99.18 1.79 MarathonOil MRO 25.13 0.14 NiSource NI 26.82 -0.26 Pfizer RoyalGold RGLD 112.04 -2.87
PFE 28.01 -0.36 TysonFoods TSN 55.39 -0.34 s WestRock WRK 46.91 0.57
s Hilton HLT 207.03 2.84 RoyaltyPharma RPRX 30.35 0.27 s SynchronyFinl SYF 43.13 0.59 s UBS Group UBS 31.65 0.61
FordMotor F 12.11 ... KLA KLAC 698.40 13.02 s MarathonPetrol MPC 181.20 -0.21 Nokia NOK 3.66 0.03 PhilipMorris PM 94.67 0.26 Synopsys SNPS 576.72 11.40 Weyerhaeuser WY 34.47 -0.60
Fortinet FTNT 71.34 -0.12 Hologic HOLX 75.64 -0.69 s KarunaTherap KRTX 322.32 3.13 Markel MKL 1498.63 -2.19 Nomura NMR 6.09 0.09 s Phillips66 PSX 150.37 0.88 RyanSpecialty RYAN 54.21 0.59 UDR UDR 37.08 -0.76 WheatonPrecMtls WPM 44.64 -0.30
HomeDepot HD 374.54 3.02 Ryanair RYAAY 138.77 -2.61 Sysco SYY 80.13 0.11 U-Haul UHAL 66.46 0.82
Fortis FTS 39.73 -0.32 Kaspi.kz KSPI 109.84 4.68 MarketAxess MKTX 222.68 -0.50 Nordson NDSN 263.87 0.64 s Pilgrim'sPride PPC 33.38 0.52 Williams WMB 36.73 0.09
HondaMotor HMC 35.20 0.52 Kellanova K s Marriott MAR 250.69 2.22 s NorfolkSouthern NSC 260.80 2.54 SAP SAP 193.83 4.00 U-Haul N UHAL/B 65.17 0.94
Fortive FTV 86.20 1.33
FortuneBrands FBIN 81.87 0.52 Honeywell HON 199.13 -1.16 Kenvue
53.85 -0.30
KVUE 20.14 -0.01 s Marsh&McLen MMC 207.35 1.39 NorthernTrust NTRS 80.92 -1.03
PinnacleWest PNW 70.81 -1.49
Pinterest S&P Global SPGI 428.61 1.93
PINS 34.87 0.53
T U V US Foods USFD 53.21 0.64
Williams-Sonoma WSM 241.05 4.70
WillisTowers WTW 274.98 3.01
FoxB FOX 26.83 -0.40 HormelFoods HRL 34.16 -0.03 KeurigDrPepper KDP 29.29 -0.01 MartinMarietta MLM 603.16 7.45 NorthropGrum NOC 458.84 -0.41 PioneerNatRscs PXD 243.39 -1.25SBA Comm SBAC 220.37 -3.38 TAL Education TAL 12.87 0.38 UWM UWMC 6.77 -0.04 WillScotMobile WSC 46.23 0.18
FoxA FOXA 29.46 -0.47 DR Horton DHI 154.62 1.91 KeyCorp KEY 14.81 -0.11 MarvellTech MRVL 71.77 -0.59 NorwegCruise NCLH 19.56 -0.24 s SEI Investments SEIC 69.59 0.33
PlainsAllAmPipe PAA 16.75 0.12 TC Energy TRP 40.70 0.06 Uber UBER 78.32 0.85 Wingstop WING 349.57 15.35
Franco-Nevada FNV 113.39 -0.37 HostHotels HST 20.95 0.07 KeysightTech KEYS 152.08 -0.06 Masco MAS 75.56 0.40 Novartis NVS 99.77 -1.60 PlainsGP SK Telecom SKM 22.25 0.02
PAGP 17.42 0.10 TD Synnex SNX 103.36 -0.98 UiPath PATH 24.64 0.54 Wipro WIT 6.17 0.04
FranklinRscs BEN 27.85 -0.55 HoulihanLokey HLI 122.80 -1.74 KimberlyClark KMB 126.71 -0.07 Mastercard MA 472.87 3.71 NovoNordisk NVO 135.11 3.87 Pool SS&C Tech SSNC 62.62 -0.08
POOL 405.08 2.88 TE Connectivity TEL 140.54 -0.49 UltaBeauty ULTA 555.57 7.01 Wix.com WIX 141.27 2.84
FreeportMcM FCX 40.36 -0.06 HowmetAerospace HWM 66.07 1.07 KimcoRealty KIM 19.35 -0.06 MatadorRscs MTDR 64.92 0.19 NuHoldings NU 11.41 -0.14 Primerica Saia
PRI 246.65 0.38 SAIA 596.11 16.92 Telus TU 17.13 -0.17 Unilever UL 49.65 0.29 WoodsideEnergy WDS 19.15 -0.30
FreseniusMedCare FMS 20.13 0.06 s Hubbell HUBB 396.93 9.50 KinderMorgan KMI 17.94 -0.03 MatchGroup MTCH 33.54 -0.56 Nucor NUE 182.89 -1.93 PrincipalFinl PFG 79.81 -0.25 Salesforce CRM 306.62 0.62 Ternium TX 40.51 0.21 UnionPacific UNP 251.18 1.31 Woodward WWD 145.70 -2.50
Futu FUTU 64.02 4.57 HubSpot HUBS 621.16 8.66 KinsaleCapital KNSL 510.84 4.85 McCormickVtg MKC.V 69.15 -0.75 Nutanix NTNX 63.81 0.45 ProcoreTech PCOR 79.43 -0.35 Samsara IOT 39.07 0.72 TFI Intl TFII 150.50 2.15 UnitedAirlines UAL 42.17 -0.72 WooriFinl WF 33.65 0.12
Humana HUM 345.15 -1.85 Knight-Swift KNX 56.74 0.07 McCormick MKC 68.96 -0.93 Nutrien NTR 52.98 -0.25 Procter&Gamble PG 161.93 0.38 Sanofi SNY 48.46 0.11 TIM TIMB 18.54 0.12 UnitedMicro UMC 8.48 0.30 Workday WDAY 271.21 4.49
G H I JBHunt JBHT 201.27
HuntingtonBcshs HBAN 13.44
0.71
-0.02
Philips PHG 21.35 -0.06 McDonald's MCD 294.31 -0.51 nVentElectric NVT 69.89 1.58 s Progressive PGR 198.94 2.20 SareptaTherap SRPT 122.00 0.42
Schlumberger SLB 51.57 0.04
TJX TJX 97.22 0.75 UPS B UPS 157.38 2.63
UnitedRentals URI 675.49 11.19
WynnResorts WYNN 103.04 -0.19
KoreaElecPwr KEP 9.18 -0.06 McKesson MCK 531.24 4.58 NVIDIA NVDA 919.13 61.39 Prologis PLD 134.57 0.45 TKO TKO 81.28 -0.02 XP XP 25.82 0.42
GE HealthCare GEHC 91.82 -1.18 HuntingIngalls HII 290.16 1.63 KraftHeinz KHC 34.60 -0.38 Medpace MEDP 407.54 4.20 s PrudentialFinl PRU 111.74 0.22 SchwabC SCHW 66.50 -0.45 T-MobileUS TMUS 163.68 -1.08 US Bancorp USB 43.21 -0.31 XPO XPO 124.94 2.97
GFLEnvironmental GFL 34.92 0.07
GSK GSK 43.27 0.35
HyattHotels H
ICICI Bank IBN 26.13
156.51 2.34
0.05
Kroger KR 55.31 0.32 Medtronic MDT 85.74 0.24 O P Q Prudential PUK 20.98 0.45 ScienceApplicat SAIC 141.76 1.03
Sea SE 58.02 -0.39
TPG TPG 44.68 0.60 US Steel X 46.84 -0.26
UnitedTherap UTHR 246.87 -2.64
XcelEnergy XEL 51.90 -1.01
LKQ LKQ 51.90 0.16 MercadoLibre MELI 1545.56 -1.76 PublicServiceEnt PEG 64.01 -0.94 T.RowePrice TROW 117.85 0.21 XPeng XPEV 10.32 0.27
s Gallagher AJG 254.82 2.11 IdexxLab IDXX 546.84 -1.47 LPL Financial LPLA 265.26 1.15 Merck MRK 122.66 -0.11 ONEOK OKE 77.65 0.36 PublicStorage PSA 290.56 1.88 Seagate STX 91.11 -0.63 TaiwanSemi TSM 144.40 5.38 UnitedHealth UNH 489.35 0.20 Xylem XYL 128.46 2.28
Gaming&Leisure GLPI 46.64 0.32 s ING Groep ING 15.43 0.38 L3HarrisTech LHX 213.60 -1.01 MetaPlatforms META 499.75 16.16 ON Semi ON 82.59 0.99 PulteGroup PHM 112.16 1.31 Sempra SRE 70.96 -1.59 TakeTwoSoftware TTWO 144.53 -1.34 UnitySoftware U 25.98 -1.12 YPF YPF 17.64 0.30
s Gap GPS 22.71 1.07 IQVIA IQV 259.10 0.52 LabCorp.ofAmerica LH 216.86 -1.67 MetLife MET 71.69 -0.02 OReillyAuto ORLY 1094.60 8.47 PureStorage PSTG 52.36 -1.70 SentinelOne S 27.95 0.98 TakedaPharm TAK 14.37 -0.20 UnivDisplay OLED 166.67 -1.99 Yum!Brands YUM 140.74 0.66
s Garmin GRMN 148.45 2.46 ITT ITT 127.28 0.79 LamResearch LRCX 950.83 21.63 Mettler-Toledo MTD 1288.31 -9.66 OccidentalPetrol OXY 61.14 -0.38 Qiagen ServiceIntl SCI 75.36 0.25
QGEN 44.64 -0.38 Tapestry TPR 47.23 0.51 UniversalHealthB UHS 174.72 3.43 YumChina YUMC 43.09 1.27
s Gartner IT 476.16 11.16 IcahnEnterprises IEP 17.00 -0.42 LamarAdv LAMR 117.29 0.52 MicrochipTech MCHP 91.97 1.40 Okta OKTA 107.72 -0.59 Qorvo ServiceNow NOW 789.56 32.82
QRVO 120.17 2.68 s TargaResources TRGP 105.55 0.95 UnumGroup UNM 50.89 0.54 ZTO Express ZTO 20.95 0.85
GenDigital GEN 22.16 0.28 Icon ICLR 338.36 5.98 LambWeston LW 103.10 0.90 MicronTech MU 97.42 2.91 OldDomFreight ODFL 441.03 8.15 Qualcomm QCOM 173.08 1.96 s SharkNinja SN 57.29 1.41 Target TGT 167.57 -0.50 VICI Prop VICI 29.55 -0.10 ZebraTech ZBRA 285.44 5.21
GeneralDynamics GD 274.65 1.38 s IDEX IEX 240.76 1.70 LasVegasSands LVS 52.95 0.34 Microsoft MSFT 415.28 10.76 OldRepublic ORI 29.15 -0.04 QuantaServices PWR 241.77 2.63 Shell SHEL 64.51 0.22 TechnipFMC FTI 22.32 0.04 VailResorts MTN226.25 1.62 Zillow C Z 56.55 -0.38
GeneralElec GE 167.46 0.90 IllinoisToolWks ITW 262.88 1.10 LatticeSemi LSCC 81.23 1.15 MicroStrategy MSTR 1593.35109.12 OmegaHealthcare OHI 31.06 0.14 QuestDiag DGX 129.74 0.31 SherwinWilliams SHW 342.70 2.31 TeckResourcesB TECK 42.23 0.72 t Vale VALE 12.21 -0.07 Zillow A ZG 54.84 -0.44
GeneralMills GIS 65.72 0.06 Illumina ILMN 132.71 -6.35 Lear LEA 141.37 0.21 MidAmApt MAA 132.36 -2.61 Omnicom OMC 94.85 0.44 ShinhanFin SHG 34.90 -0.13 TeledyneTech TDY 424.87 -0.03 s ValeroEnergy VLO 150.73 0.19 ZimmerBiomet ZBH 128.21 0.17
GeneralMotors GM 39.21 -0.32 s ImperialOil IMO 66.09 0.53 LegendBiotech LEGN 65.13 -0.06 Middleby MIDD 155.62 1.29 OnHolding ONON 30.64 -2.98 R S ShockwaveMed SWAV 264.70 6.96 Teleflex TFX 226.56 -0.55 Vaxcyte PCVX 71.62 1.37 Zoetis ZTS 181.35 -2.14
Genmab GMAB 31.43 -0.25 Incyte INCY 59.33 -1.46 Leidos LDOS 127.24 -0.01 MitsubishiUFJ MUFG 10.48 -0.05 OntoInnovation ONTO 182.86 2.37 Shopify SHOP 76.36 1.39 Ericsson ERIC 5.69 0.12 s VeevaSystems VEEV 231.05 3.30 ZoomVideo ZM 69.88 0.20
Gentex GNTX 36.09 0.06 Informatica INFA 33.06 1.15 Lennar B LEN.B 150.07 1.10 MizuhoFin MFG 4.02 -0.07 OpenText OTEX 38.32 -0.34 RBC Bearings RBC 265.17 -1.46 SimonProperty SPG 150.60 0.80 TelefonicaBras VIV 10.46 0.03 Ventas VTR 43.63 -0.90 Zscaler ZS 201.24 0.50

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
LgCpGwId InstPre 32.62 +0.55 10.6 SrsEmrgMkt 17.98 +0.24 3.8 JPMorgan R Class NHoriz 59.47 +0.53 5.8 MuShtAdml 15.76 ... 0.5 Welltn 43.08 +0.21 4.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 31.70 +0.11 5.8 SrsGlobal 14.48 +0.13 4.5 CoreBond 10.21 -0.03 -0.4 R2030 25.03 +0.13 4.6 PrmcpAdml r 167.47 +1.84 7.1 WndsrII 45.62 +0.29 6.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 21.47 +0.24 8.8 SrsGroCoRetail 22.49 +0.47 15.5 CorePlusBd 7.19 -0.02 -0.2 Putnam Funds Class A RealEstatAdml 123.42 -0.34 -1.4 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.94 -0.03 -0.8 SrsIntlGrw 18.73 +0.25 9.3 Lord Abbett I PutLargCap p 33.25 +0.19 8.0 SmCapAdml 106.58 +0.32 4.3 ExtndIstPl 320.54 +0.92 4.2
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 14.07 +0.15 8.5 SrsIntlVal 12.31 +0.09 5.5 ShtDurInc p 3.84 -0.01 0.7 Schwab Funds SmGthAdml 89.96 +0.40 5.9 IdxIntl 19.37 +0.16 4.0
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.65 -0.05 -2.9 TotalBond 9.48 -0.03 -0.3 Metropolitan West 1000 Inv r 111.17 +1.17 8.6 STBondAdml 10.04 -0.02 ... MdCpGrAdml 100.25 +0.60 6.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.58 ... 2.2 Fidelity SAI TotRetBdI 9.04 -0.03 NA S&P Sel 79.54 +0.89 8.8 STIGradeAdml 10.19 -0.01 0.4 MdCpVlAdml 78.74 -0.03 4.9
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 142.51 +1.43 8.2 TotalBd 8.97 -0.03 -0.3 TRBdPlan 8.48 -0.03 NA TSM Sel r 87.58 +0.87 8.2 STIPSIxAdm 23.95 -0.01 0.6 SmValAdml 79.72 +0.14 3.1
TotalMarketIndex 17.99 +0.18 8.2 U.S.TreBdIdx 8.70 -0.03 -0.9 MFS Funds TIAA/CREF Funds TotBdAdml 9.56 -0.03 -0.9 TotBd2 9.45 -0.02 -0.8
TtlIntIdxInstPr 13.69 +0.12 4.1 Fidelity Selects IIE 34.76 +0.35 5.5 EqIdxInst 36.40 +0.36 8.1 TotIntBdIdxAdm 19.63 ... -0.2 TotIntlInstIdx r 129.57 +1.09 4.1
Tuesday, March 12, 2024 USBdIdxInstPrem 10.28 -0.03 -0.8 Semiconductors r 31.21 +0.88 28.7 MFS Funds Class I IntlEqIdxInst 23.05 +0.19 5.4 TotIntlAdmIdx r 32.40 +0.27 4.0 TotItlInstPlId r 129.60 +1.09 4.1
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 29.11 +0.43 5.2 GrowthI 198.59 +4.08 15.4 LrgCpGrIdxInst 57.32 +0.97 10.6 TotStAdml 124.85 +1.24 8.1 TotSt 124.81 +1.24 8.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.47 -0.03 -0.3 Tech 32.63 +0.72 14.5 ValueI 50.46 +0.15 6.0 VANGUARD ADMIRAL TxMCapAdml 268.11 +2.81 8.5 VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds Natixis Funds 500Adml 478.74 +5.32 8.8 TxMIn r 16.09 +0.12 4.5 BalInst 46.63 +0.23 4.6
AB Funds Artisan Funds US CoreEq2 34.87 +0.27 7.4 FF2030 GlbA
MuniIncmShares 11.17 ... 1.2 IntlVal Inst 48.03 +0.38 4.5 US Small 44.99 -0.01 1.4 FF2040
17.30 +0.09 4.4 66.30 +0.41 5.1 LSGrowthY 26.00 +0.46 11.9 BalAdml 46.62 +0.23 4.6 USGroAdml 164.33 +2.95 12.0 DevMktsIndInst 16.12 +0.13 4.5
11.19 +0.09 6.7 Franklin A1 Northern Funds CAITAdml 11.46 ... 0.5
ValAdml 62.11 +0.19 6.6 DevMktsInxInst 25.19 +0.20 4.5
AB Funds - ADV Baird Funds US SmCpVal 45.07 -0.04 0.3 Freedom2030 K 17.28 +0.09 4.4 IncomeA1
LgCpGrAdv 105.07 +1.95 13.2 AggBdInst 9.75 -0.03 -0.6 US TgdVal 31.88 -0.03 ... Freedom2035 K 15.30 +0.10 5.4
2.32 ... 1.0 StkIdx 53.29 +0.59 8.8 CapOpAdml r 191.85 +1.57 7.1
WdsrllAdml 80.93 +0.52 6.4
ExtndInst 129.89 +0.38 4.2
FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.99 +0.33 6.0 GrwthInst 176.80 +3.08 10.5
American Century Inv CorBdInst 10.07 -0.03 -0.4 USLgVa 47.65 +0.10 7.0 Freedom2040 K 11.19 +0.09 6.7 WellsIAdml 60.92 -0.07 0.8
IncomeAdv 2.30 ... 1.0 LrgCpStr 18.86 +0.21 NA EMAdmr 35.15 +0.34 2.8 InPrSeIn 9.36 -0.01 -0.2
Ultra 82.24 +1.49 10.4 BlackRock Funds Dodge & Cox WelltnAdml 74.40 +0.37 4.2
Idx2030InsPre 19.58 +0.08 3.5 FrankTemp/Franklin A
Parnassus Fds EqIncAdml 88.17 +0.15 4.6 InstIdx 428.14 +4.75 8.8
American Funds Cl A HiYldBd Inst 7.05 ... 1.5 Balanced 103.67 +0.05 2.4 Idx2035InsPre 22.45 +0.13 4.4 DynaTech A 153.62 +3.34 14.9 ExplrAdml WndsrAdml 74.66 +0.17 3.1
ParnEqFd 59.86 +0.82 8.6
108.38 +0.39 5.0 InstPlus 428.14 +4.75 8.8
AmcpA 41.64 +0.47 9.2 BlackRock Funds III GblStock 15.39 +0.09 3.2 Idx2040InsPre 23.41 +0.17 5.5 VANGUARD FDS
Growth A 134.76 +1.79 9.9
PGIM Funds Cl Z
ExtndAdml 129.89 +0.37 4.2 InstTStPlus 89.03 +0.89 8.1
AMutlA 53.77 +0.20 5.4 iShS&P500IdxK 608.07 +6.75 8.8 Income 12.56 -0.04 -0.5 Idx2045InsPre 24.51 +0.19 5.8 RisDv A 93.95 +0.64 6.2 GNMAAdml 9.19 -0.02 -1.0 DivdGro 39.30 +0.21 5.6 MidCpInst 67.09 +0.18 5.4
TotalReturnBond 11.92 -0.03 NA
BalA 33.43 +0.12 4.8 BlackRock Funds Inst Intl Stk 50.12 +0.45 2.0 Idx2050InsPre 24.56 +0.20 5.9 Guggenheim Funds Tru GroIncAdml 99.85 +1.27 10.7 IntlVal 41.99 +0.43 4.0 MidCpIstPl 330.88 +0.89 5.4
BondA 11.30 -0.04 -0.9 EqtyDivd 20.14 +0.05 5.0 Stock 255.39 +0.40 4.9 Fidelity Invest PIMCO Fds Instl LifeCon 20.82 +0.06 2.2
TotRtnBdFdClInst 23.55 -0.08 -0.3 GrwthAdml 176.79 +3.08 10.5 RealEstaInstl 19.10 -0.06 -1.4
CapIBA 67.53 +0.10 2.7 StratIncOpptyIns 9.41 ... 0.6 DoubleLine Funds AllAsset 11.15 -0.01 NA
HlthCareAdml r 92.61 +0.01 5.0 LifeGro 43.54 +0.31 5.1
Balanc 28.54 +0.20 6.0 Harbor Funds SmCapInst 106.57 +0.31 4.3
CapWGrA 64.08 +0.51 6.9 TotRet 9.90 -0.03 NA TotRetBdI 8.75 -0.03 -0.2 BluCh 199.78 +4.03 15.3 CapApInst 110.26 +2.10 14.3 TotRt 8.57 -0.02 NA
HYCorAdml r 5.38 ... 0.4 LifeMod 31.55 +0.15 3.6 SmCapIstPl 307.62 +0.91 4.3
EupacA 58.58 +0.54 7.1 Calamos Funds Edgewood Growth Instituti PIMCO Funds A PrmcpCor 34.13 +0.24 7.5
BluChpGr K6 30.78 +0.60 14.7 Harding Loevner InfProAd 22.96 -0.05 -0.3 STIPSIxins 23.97 -0.01 0.6
FdInvA 78.18 +0.76 9.4 MktNeutI 14.40 ... 1.6 EdgewoodGrInst 49.97 +0.94 14.2 Contra 18.72 +0.33 16.4 IntlEq 26.82 +0.28 3.4 IncomeFd NA ... NA InfTechIdx 271.32 +5.53 9.5 STAR 27.90 +0.16 3.9 TotBdInst 9.56 -0.03 -0.9
GwthA 69.98 +0.85 10.8 Columbia Class I Federated Hermes Int Invesco Funds Y PIMCO Funds I2 IntlGrAdml 108.74 +1.63 6.8 TgtRe2020 27.49 +0.08 2.3
ContraK 18.78 +0.33 16.4 TotBdInst2 9.45 -0.02 -0.8
HI TrA 9.54 ... 1.6 DivIncom I 32.40 +0.14 6.5 TtlRtnBdI 9.43 -0.04 -0.8 CpInc 9.88 +0.03 3.4 DevMktY 39.24 +0.48 1.6 Income NA ... NA ITBondAdml 10.21 -0.03 -0.8 TgtRe2025 18.96 +0.08 3.2 TotBdInstPl 9.56 -0.03 -0.9
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IncoA 23.91 +0.02 2.7 EmgMktVa 30.24 +0.24 2.8 500IdxInstPrem 180.07 +2.00 8.8 InvGrBd 9.96 -0.03 -0.6 DispValMCI 29.10 +0.12 6.3 IncomeFd NA ... NA LarCapAd 119.84 +1.31 8.7 TgtRe2035 23.09 +0.14 4.4 TotStInst 124.87 +1.24 8.1
N PerA 60.30 +0.67 7.9 EmMktCorEq 23.09 +0.21 3.0 Contrafund K6 26.73 +0.47 16.1 LowP 46.32 +0.21 5.1 John Hancock Price Funds LTGradeAdml 7.90 -0.04 -1.9 TgtRe2040 41.22 +0.28 4.9 ValueInst 62.11 +0.19 6.6
NEcoA 59.25 +0.67 9.8 IntlCoreEq 15.87 +0.11 3.6 ExtMktIdxInstPre 81.33 +0.24 4.2 Magin 14.11 +0.24 14.6 BondR6 13.46 -0.04 -0.3 BlChip 169.18 +3.37 13.3 MidCpAdml 303.70 +0.81 5.4 TgtRe2045 28.10 +0.21 5.4 WCM Focus Funds
NwWrldA 78.97 +0.74 5.3 IntSmCo 19.71 +0.13 2.1 FidSer5 7.60 -0.02 -0.7 NASDAQ 206.34 +3.13 8.5 JPMorgan I Class DivGro 75.59 +0.45 6.8 MuHYAdml 10.74 ... 1.0 TgtRe2050 47.01 +0.39 5.8 WCMFocIntlGrwIns 25.70 +0.33 12.9
SmCpA 67.78 +0.43 2.3 IntSmVa 21.90 +0.14 3.2 FidSerToMarket 16.97 +0.17 8.2 OTC 20.49 +0.40 12.0 CoreBond 10.19 -0.03 -0.5 Growth 96.89 +1.90 11.9 MuIntAdml 13.72 ... 0.4 TgtRe2060 48.32 +0.39 5.8 Western Asset
TxExA 12.45 ... 0.4 LgCo 34.40 +0.38 8.8 GrowthCompanyK6 26.17 +0.58 16.6 Puritn 25.18 +0.23 8.1 EqInc 24.05 +0.06 5.0 LgCapGow I 73.82 +1.40 12.2 MuLTAdml 10.97 ... 0.4 TgtRet2055 52.45 +0.43 5.8 CoreBondI NA ... NA
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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. * * * * * Wednesday, March 13, 2024 | B11

MARKETS

OPEC Maintains Index performance on Tuesday

1.75%
Nasdaq Composite
S&P 500
Dow Jones Industrial Average

Oil-Demand View, 1.50

1.25

Lifts 2024 Outlook 1.00

0.75

NATE RYAN FOR THE WALL STREET JOURNAL

BY GIULIA PETRONI range amid conflicting market
forces, with concerns over 0.50
The Organization of the Pe- slowing Chinese demand and
troleum Exporting Countries the path of U.S. interest-rate 0.25
left its estimates for global oil- cuts capping gains sparked by
demand growth unchanged, signs of tightness in the physi- 0
but raised its economic fore- cal markets, OPEC+’s extensions
cast for this year further amid of output curbs and geopolitical –0.25
falling inflation and antici- risks in the Middle East.
pated interest-rate cuts. Brent crude, the interna- 10 a.m. 11 noon 1 p.m. 2 3 4
In its monthly report, the tional benchmark, currently Source: FactSet 3M shares rose after the manufacturer named a new CEO.

Stocks Rally Despite Hot

Vienna-based cartel said it trades around $82 a barrel,
continues to expect oil demand while WTI, the U.S. oil gauge,
to grow by 2.2 million barrels is at around $78 a barrel.
a day this year and by 1.8 mil- Despite continuing cuts by
lion barrels a day in 2025, un- Saudi Arabia and other mem-

Report on Consumer Prices

changed from prior estimates. bers, OPEC produced more
The group raised its global crude oil in February on
economic-growth forecast for higher output from Libya and
this year to 2.8%, from 2.7% Nigeria. Overall, the cartel’s
previously, supported by strong crude-oil production rose by
growth dynamics in China, In- 203,000 barrels a day to 26.57
dia, and the U.S. million barrels
The economic- a day compared S&P 500 sets record rose 1.5%. benchmark 10-year Treasury Alaska Airlines blowout, also

2.8%
growth forecast with January The gains came despite a yield, which rises when prices slipped.
for next year levels, it said, close above 5175 as Labor Department report fall, edged higher to 4.154%. Later this week, Dollar Tree
was left un- citing second- tech shares lead showing consumer prices rose In the stock market, six and Dollar General will report
changed at 2.9%. ary sources. 3.2% in February from a year members of the Magnificent earnings that could provide
“The antici- Cartel’s estimate of Oil produc- broad march higher earlier, another installment in Seven logged gains, with snapshots of how low-income
pation of a pos- tion from Libya a string of recent data suggest- Nvidia’s 7.2% advance leading Americans have weathered
itive, steady dy-
2024 global economic increased by BY DAVID UBERTI ing inflation remains stub- the pack of tech stalwarts. De- price pressures in recent
namic across growth, up from prior 144,000 barrels bornly high. Even so, many in- mand for artificial intelligence months. The Labor Department
major econo- 2.7% forecast a day to 1.17 Stocks advanced as the lat- vestors continue to believe the helped Oracle’s earnings on Thursday will publish Feb-
mies is sup- million barrels est reading of U.S. inflation Federal Reserve remains on trump expectations, leading to ruary’s producer- price index,
ported by ex- a day, while Ni- was hotter than economists ex- track to cut interest rates later a share-price pop of 12%. an inflation gauge for compa-

.
pectations for a geria’s produc- pected but cooler than many this year, reducing borrowing Shares in Archer Daniels nies that manufacture goods.
continued easing in general tion rose by 47,000 barrels a investors feared. costs for businesses and, po- Midland rose 3.9% after the Overseas, the Stoxx Europe

ly
inflation throughout 2024 and day to 1.48 million barrels a The S&P 500 added 1.1% to tentially, boosting stocks. grain merchant said an inter- 600 rose 1%. At midday
into 2025,” OPEC said on day. Saudi oil production rose 5175.27, marking its 17th record Traders are now assigning a nal accounting investigation Wednesday, Japan’s Nikkei 225
Tuesday. “This is anticipated by 18,000 barrels a day to 8.98 of 2024. Com- roughly 60% chance that the didn’t affect its overall earn- was down 0.4%. S&P 500 fu-
to lead to an increase in real million barrels a day.
income levels and improved
consumer spending ability.”
OPEC and its allies this
month agreed to extend vol-
Meanwhile, central banks untary output cuts of around
on
TUESDAY’S
MARKETS
panies from
chipmakers
and software
providers to big-box retailers
central bank begins cutting
rates in June, according to fu-
tures markets.
“The Fed has already
ings. The manufacturing con-
glomerate 3M rose 5% after it
appointed William Brown, for-
mer leader of L3Harris Tech-
tures were down 0.1%.
—Sam Goldfarb
and Joe Wallace
contributed to this article.
are expected to start cutting 2.2 million barrels a day into and pharmaceutical giants quashed the market’s expecta- nologies, as its next chief exec-
us ,

interest rates from the second the second quarter of the year helped pull all three major in- tion of a March rate cut any- utive.
l

half of the year throughout in an effort to avert global dexes higher. The Dow Jones way,” said Charlie Ashley, a Southwest Airlines said it AUCTION RESULTS
e
al a

Here are the results of Tuesday's Treasury auction.

2025, according to the cartel. surplus and support prices, Industrial Average climbed portfolio manager at Catalyst was re-evaluating its financial All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
OPEC raised U.S. economic- and are expected to decide on 0.6%, or 236 points, while the Funds, referencing next week’s guidance, citing in part de- between that price and the face value.
growth estimates for this year policy for the second half at a tech-heavy Nasdaq Composite policy meeting. “The only way layed aircraft deliveries from
ci on

NINE-YEAR, 11-MONTH NOTES

to 1.9% from 1.6% previously ministerial meeting in June. this [reading] was going to be Boeing. Southwest’s stock slid Applications $97,974,119,200
Accepted bids $39,000,004,400
and kept them at 1.7% for 2025. The group cut its non-OPEC important is if it was scorching 15%, the steepest decline in the " noncompetitively $75,734,200
The eurozone growth forecast supply-growth forecast to 1.1 Watch a Video hot.” S&P 500, while American Air- " foreign noncompetitively $0
Auction price (rate) 98.656761
remains unchanged at 0.5% million barrels a day for 2024 Scan this code Treasury yields rose, eras- lines and United Airlines also (4.166%)
this year and 1.2% the next. from 1.2 million barrels a day for a video on ing last week’s declines, after fell. Interest rate 4.000%
er s

Bids at clearing yield accepted 31.12%

The cartel’s latest report previously, saying the largest what’s behind the government’s latest issu- Boeing shares faded 4.3%. Cusip number 91282CJZ5
comes as crude futures con- declines in supply growth are the latest ance of debt inspired lackluster Spirit AeroSystems, maker of The notes, dated March 15, 2024, mature on Feb. 15,
m er

tinue to trade in a tight trading expected in Russia and Mexico. inflation data. interest from investors. The the fuselage involved in the 2034.
m rp
co Fo
n-
no

Download now
 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.

B12 | Wednesday, March 13, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

A TikTok Ban May Be Easier in Theory

America has squeezed Chinese companies before—but the social-media platform is a thornier issue

The move to ban TikTok or

force a sale is gaining steam in
Congress again. Carrying through
with it would mean opening sev-
eral cans of worms—practical, le-
gal and political.
Discussion of a U.S. ban for Tik-
Tok—owned by China’s Byte-
dance—has dragged on for years.
But a new fast-track House bill,
now set for a vote on Wednesday,
appears to have caught the short-
video platform off guard. The
company has appealed to its users
to contact their congressmen but
that seems to have backfired by
raising hackles on both sides of
the aisle.
The U.S. has targeted plenty of
Chinese companies before, most
notably Huawei and Chinese chip
makers, with significant impact.
Advanced chip-making tools can’t

BO LEE/XINHUA/ZUMA PRESS
be exported to China while compa-
nies like Huawei are restricted
from buying advanced chips based
on American technologies. Given
U.S. dominance in key parts of the
semiconductor supply chain,
Washington’s scope to squeeze

.
downstream companies is sizable. The social-media platform’s digital advertising U.S. market share was only 2% in 2022 but has been growing fast.
But TikTok is a much thornier

ly
issue. First, there are the legal reach—would represent another less than six months, would be a the American social-media land- TikTok’s monthly active users
questions. A federal judge recently level of intrusive regulation. preferable solution for Washing- scape. TikTok’s digital advertising in the U.S.
blocked a Montana state ban, say- The politics of a real ban also ton. But that wouldn’t be easy ei- U.S. market share was only 2% in
120 million
ing it probably violated the First
Amendment and citing a “perva-
sive undertone of anti-Chinese
sentiment.” And the conservative
on
seem likely to be highly toxic for
significant parts of the voter base:
Banning millions of mostly young
users from their favorite app,
ther. There is no doubt there
would be many suitors but Beijing
probably wouldn’t allow it to hap-
pen. In fact, it has long said it
2022 but has been growing fast.
Users flocked to short videos on
Instagram and YouTube in India
after the country banned TikTok
100

majority on the Supreme Court, many of whom are incensed over would oppose any forced sale. Los- in 2020. A bunch of domestic 80
us ,

which is considering separate laws the Biden administration’s han- ing revenue from a shuttered U.S. copycats also popped up but most
l

attempting to restrict social-media dling of the war in Gaza, would be TikTok would be a blow for Byte- withered away quickly. Mohalla
e
60
al a

platforms’ editorial discretion, has a heavy political lift—especially Dance, particularly given the re- Tech-owned Moj is the largest lo-
often been strongly supportive of right before a presidential elec- cent struggles of China’s economy, cal player still around. Google in-
40
First Amendment arguments. tion. but probably not catastrophic. The vested in Mohalla in 2022.
ci on

Then there are the practical is- President Biden has said he company’s finances aren’t public, Banning TikTok would, for bet-
sues. The proposed legislation may would sign a ban if it reaches his but over 80% of its revenue came ter or worse, be a landmark mo- 20
force app stores to remove TikTok. desk. But the fact that the Biden from China in 2022, according to ment for America’s legal frame-
But restricting access through web campaign joined TikTok in recent technology-news outlet the Infor- work—and for U.S.-China relations. 0
browsers or already-installed weeks highlights the dilemma. mation. But it may not be as easy as pro- 2018 ’19 ’20 ’21 ’22 ’23
er s

apps—which would be necessary A forced sale, which the bill Still, a TikTok ban—if it did ma- ponents hope.
to really limit the platform’s stipulates would need to come in terialize—would radically shake up —Jacky Wong Source: Sensor Tower
m er

Reddit Needs to Be OK Being Reddit

m rp

Reddit has curbed its own en- forms, which saw its ad revenue That is a reality few others in its cost structure, including Pinterest shares have sunk 32%
thusiasm. It’s a start. sharply recover in 2023 while it seem to accept. The annual oper- higher gross margins due to rela- and 16% respectively since their
co Fo

The 18-year-old social network was enacting major cost reduc- ating expenses of Snapchat parent tively lower hosting costs that most recent quarterly reports
that is finally preparing to go pub- tions. Meta’s share price has Snap suck up 84% of the com- stem from the fact that much of were deemed disappointing by in-
lic plans to sell, alongside some jumped 27% since its most recent pany’s revenue seven years after it the content its users share is text- vestors. Among recent IPOs, Insta-
existing shareholders, 22 million earnings report six weeks ago and went public. Twitter’s operating based as opposed to pictures and cart shares have jumped since the
shares at a price range of $31 to nearly tripled over the past 12 expenses were 66% of revenue for video. company’s latest report, but re-
$34, according to updated initial months. the 12-month period before Elon It also has a small-but-burgeon- main down 15% from their opening
public offering papers filed Mon- But comparisons to a social Musk took the com- ing business licens- price on the day of its listing
day. That reflects a total proposed platform that has 40% of the pany private in late ing its data to artifi- nearly six months ago, as analysts
market value of up to $6.4 bil- earth’s population checking in 2022 and changed it cial-intelligence have worried about growing com-
lion—about 36% below the $10 bil- daily has drawbacks for Reddit, into X. Reddit is Reddit has firms using it to petition and the sustainability of
lion valuation Reddit landed from which has about 2% of Meta’s daily spending a greater about 2% of train their large lan- its advertising business.
its most recent private funding user base and is losing money and portion of its annual guage models. Ana- A downsized valuation from its
round in August 2021. Reddit re- burning cash annually. And recent revenue—55%—on Meta’s daily lyst Dan Salmon of last private marker at least gives
n-

portedly plans to commence its growth challenges faced by Snap, research and devel- New Street Research Reddit a better starting point. And
IPO roadshow later this week Pinterest and Nextdoor have made opment alone than
user base and is estimates this high- at the high end of its proposed
ahead of a listing on the New York social-media advertising look like Snap and Twitter did losing money. margin stream could IPO price range, the stock would
Stock Exchange next week. a winner-take-all market. in the 12-month pe- account for 32% of trade about 6.7 times trailing
no

The timing is good, given the Advertising analyst Brian Wi- riod before their re- Reddit’s total reve- sales—about half the multiple rep-
dearth of major IPOs and a strong eser disputes that idea, noting spective listings. nue by 2027 in his resented by Pinterest’s listing
market for tech stocks. The Nas- that the industry has long been Hence, other social-network “base case” scenario. price in 2019.
daq Internet Index is up more able to support smaller, focused companies have tended to measure Many pieces still have to fall Reddit has a way to go to show
than 13% over the past three players even when they seemingly poorly against Facebook’s parent, into place for that to happen. And it can build a solidly profitable
months, outperforming the Dow compete against entrenched gi- which has been wildly profitable Reddit in the near term has to business out of its social media
and S&P 500. And much of that ants. “If you work from the prem- since its listing and has remained contend with a temperamental niche. A realistic valuation out of
gain has been driven by social-me- ise that you are a niche player and so even when it was overhiring market that has been rather harsh the gate might help the company
dia titan and Facebook and Insta- do what you do very well, you can and blowing billions on the meta- to tech companies whose numbers garner some needed upvotes.
gram parent company Meta Plat- succeed,” he said. verse. Reddit has some advantages are less than pristine. Snap and —Dan Gallagher

Porsche Is Stuck
In Traffic,
But Investors Know That
Porsche hasn’t given investors that the guidance wasn’t even
a smooth ride lately, but at least worse. Results for 2023 were also
that leaves room for acceleration. slightly better than expected.
The German automaker has an Porsche has had a difficult six
expensive year ahead. months as China, which accounted
Updated versions of the Panam- for almost 1 in 3 deliveries in 2021
era, Taycan, Macan and its signa- and probably a larger share of
ture 911 sports car are all coming profit, has become highly competi-
out—far more launches than tive. The brand’s response has
usual. been to keep its prices high and
RONNY HARTMANN/AGENCE FRANCE-PRESSE/GETTY IMAGES

The midpoint of the guidance redirect inventory elsewhere.

ranges Porsche published along- The strength of the U.S. econ-
side its annual results on Tuesday omy has helped limit the damage.
implied operating profit of 6.6 bil- Porsche sold 27% of its vehicles in
lion euros, equivalent to $7.2 bil- the U.S. and Canada last year, but
lion—a substantial drop from last relative to the number of rich peo-
year and also some way below ple the brand is much smaller
consensus forecasts. Executives there than in Europe or China.
talked of a “transition year” at a Meanwhile, shares in Ferrari,
press conference. the company Porsche wanted to be
Still, Porsche stock rose Tues- compared with in its 2022 initial
day after an initial wobble, sug- public offering, have continued to
gesting investors might already race ever higher, widening the val-
have been more bearish than sell- uation gap between the two.
Porsche sold 27% of its vehicles in the U.S. and Canada last year. The company’s CEO Oliver Blume on Tuesday. side analysts, and were relieved —Stephen Wilmot