P2JW067000-5-A00100-16DDF61078D
* * * * * THURSDAY, MARCH 7, 2024 ~ VOL. CCLXXXIII NO. 55
DJIA 38661.05 À 75.86 0.2%
What’s
News
Business & Finance
 The SEC approved new
requirements that public
companies disclose their
greenhouse-gas emissions,
but dropped a key provision
that was fiercely opposed
by business groups. A1
 NYCB is raising more than
$1 billion from a group of inves-
tors including former Treasury
Secretary Steven Mnuchin, in
a bid to shore up confidence
in the regional lender. A1
 Powell said the Fed ex-
pects conditions will be
right to cut interest rates
this year, but wants more
evidence that inflation is
slowing before it acts. A2
 U.S. stocks rallied after
the central bank chairman’s
remarks, with the S&P 500,
Nasdaq and Dow gaining 0.5%,
0.6% and 0.2%, respectively. B11
 Exxon filed for arbitration to
protect what it says is its right
to pre-empt Chevron’s bid for
a stake in an oil project off
Guyana, escalating a dispute
that could torpedo Chevron’s
$53 billion deal for Hess. B1
 Accident investigators
have been frustrated by Boe-
ing’s slow response to their
probe into the Alaska Air-
lines door-plug blowout, the
NTSB’s top official said. B1
 Senior Chinese officials dis-
closed a double-digit percent-
age jump in exports in the first
two months of the year. A16
 TikTok owner ByteDance
embarked on a new share
buyback after its revenue in
the 2023 third quarter out-
paced competitors’. B3
 BYD unveiled an updated
version of its cheapest elec-
tric-car model and further
slashed its starting price, es-
calating a price war. B3
World-Wide
 Nikki Haley suspended
her bid for the Republican
presidential nomination af-
ter losing all but two of this
year’s nominating contests,
further clearing the path for
Trump to become the GOP
standard-bearer. A1, A4
 Departing Senate Minor-
ity Leader Mitch McConnell
endorsed Trump in his run
for the White House, after
efforts were made to close a
rift between the two men. A4
 The House passed six
spending bills to fund a big
swath of the federal govern-
ment and avoid a partial shut-
down this weekend, setting the
stage for final negotiations over
the rest of the year’s budget. A5
 Pressure grew on Haiti’s
prime minister to step down
and call for elections as war-
lords threatened to take
over the Western Hemi-
sphere’s poorest country. A1
 A Russian missile killed five
people in the Ukrainian city of
Odesa during a visit by Zel-
ensky and the Greek prime min-
ister, exploding a few hundred
yards from the delegation. A16
 Law-enforcement officials
and some school districts
are adding new tools to dis-
courage teen vaping, includ-
ing sniffer dogs and school-
bathroom sensors. A3
 At least three people on
board a Barbados-flagged
ship were killed after it was
struck in an attack claimed
by Yemen’s Houthi rebels,
the U.S. military said. A7
 Egypt struck a deal with
the IMF to extend to the
country an $8 billion loan,
hours after it allowed its
currency to float freely and
raised interest rates. A7
CONTENTS
Arts in Review..... A11
Banking & Finance B10
Business News.. B3,6
Capital Account..... A2
Crossword................ A12
Heard on Street.. B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 16031.54 À 0.6% STOXX 600 498.21 À 0.4%
Haley Exits Republican Race
Ex-governor calls on
Trump to appeal to
her voters as she
suspends campaign
BY JOHN MCCORMICK
Nikki Haley was the first ma-
jor candidate to challenge Don-
ald Trump for the 2024 Repub-
lican presidential nomination.
On Wednesday, she became the
last one to stand down.
The former South Carolina
governor said she was sus-
pending her campaign after
losing all but two of this
year’s nominating contests,
Farm Imports, EU Policies Spark Clash in Poland
MICHAL DYJUK/ASSOCIATED PRESS
FO0D FURY: Farmers angry over European Union climate policies and food imports from Ukraine that they say threaten their
livelihoods protested in Warsaw on Wednesday. Police used tear gas and said they detained more than a dozen people. A16
A-List Tech Bromance Turns Toxic
Elon Musk and Sam Altman battle over OpenAI and the future of artificial intelligence
Sam Altman got his first glimpse of
Elon Musk’s boundless ambition more
than a decade ago when he showed up
at SpaceX’s headquarters in Southern
California to meet the man who would
change his life.
By Berber Jin, Keach Hagey
and Deepa Seetharaman
Altman, now chief executive of arti-
ficial-intelligence pioneer OpenAI, was
then in his 20s and had recently sold
his first startup for a disappointing
U.S. Calls
For Haiti
Transition
As Turmoil
Intensifies
BY JOSÉ DE CÓRDOBA
AND KEJAL VYAS
Pressure mounted on Hai-
tian Prime Minister Ariel
Henry to step down and call
for elections as warlords
threatened to take over the
Western Hemisphere’s poor-
est nation.
Henry, who was in Puerto
Rico on Wednesday after an
unsuccessful effort to fly
home a day earlier, has re-
sisted calls to arrange a tran-
sitional government and hold
Markets...................... B11
Opinion................ A13-15
a presidential election, one
Personal Journal A9-10
person familiar with the diplo-
Sports.......................... A12 matic discussions said.
Technology................ B4 The regional efforts show
U.S. News.............. A2-6 rising concerns about security
World News........ A7,16
and mass migration risks as
Haiti plunges into deep social
> turmoil under the de facto
rule of criminal groups. For-
eign governments are increas-
ingly losing patience with
Henry, who took over after the
Please turn to page A6
HHHH $5.00
10-YR. TREAS. À 8/32 , yield 4.104% OIL $79.13 À $0.98 GOLD $2,150.30 À $16.80 EURO $1.0899 YEN 149.41
SEC Sets
further clearing the path for The race between the two cause, not turning them away.” Weakened
Climate
the former president to be the turned especially caustic in re- Her decision arrived the
GOP standard-bearer for the cent weeks, with Haley citing day after Super Tuesday, when
third consecutive presidential Trump’s history of hurting the she won only Vermont among
election and all but setting up party in general elections and 15 states that held GOP con-
a rematch of the 2020 race
against President Biden.
“I said I wanted Americans
his multiple criminal indict-
ments, among other issues,
and Trump calling her “Bird-
tests. She also won Washing-
ton, D.C., on Sunday, marking
the first time a woman won a
Disclosure
to have their voices heard. I
have done that,” Haley said in
a brief speech in Charleston,
S.C. “I have no regrets. And
brain” and raising questions
about the absence of her hus-
band from the campaign trail
even while he is serving in the
Republican presidential nomi-
nating contest.
Writing on his social-media
platform Wednesday before
Criteria
while I will no longer be a military in Africa. Haley made her announce-
Agency drops rule
candidate, I will not stop us- “It is now up to Donald ment, Trump, who could have on reporting indirect
ing my voice for the things I Trump to earn the votes of Please turn to page A4
believe in.” those in our party and beyond
emissions that drew
Haley, who was Trump’s it, who did not support him,  Old rivals now get their business opposition
first ambassador to the United and I hope he does that,” she rematch.................................. A4
Nations, declined to immedi- said. “At its best, politics is  McConnell endorses Trump
BY SCOTT PATTERSON
ately endorse her former boss. about bringing people into your despite rift............................ A4
WASHINGTON—The Securi-
ties and Exchange Commission
approved new requirements
that public companies disclose
their greenhouse-gas emis-
sions, but dropped a key pro-
vision that was fiercely op-
posed by business groups.
The 3-2 vote in favor of the
rule comes after a two-year
process involving intense lob-
bying from some of the
world’s biggest industries and
influential climate groups. It
faced relentless criticism
from corporations and Repub-
lican lawmakers who have
said the agency is reaching
beyond its authority.
“These rules will enhance
the disclosures that investors
have been relying on to make
their investment decisions,”
SEC Chair Gary Gensler said
on Wednesday.
He said they would give in-
vestors consistent and reliable
disclosures about climate risks.
In a backtrack from the
SEC’s original proposal, the
amended rule doesn’t require
companies to report certain
indirect emissions, including
from their supply chains and
customers’ use of their prod-
ucts, such as coal or crude oil.
Companies had opposed the
requirement, saying they
would be overly burdensome
and complex.
Environmental groups said
it is wrong to leave out the in-
direct emissions, which are
classified by the Environmen-
tal Protection Agency as
Scope 3 and account for about
70% of greenhouse gases pro-
duced by many businesses.
Companies will be required to
report Scope 1 emissions,
which come directly from
sum. Musk was 14 years his senior and tificial-intelligence arms race. their operations, and Scope 2
planning to send rockets to Mars. “I The two men co-founded OpenAI as emissions from energy pur-
left thinking, ‘huh, so that’s the bench- a nonprofit research lab in 2015, with chases—but only if they are
mark for what conviction looks like,’” tens of millions of dollars of early considered of material inter-
Altman later wrote. funding coming from Musk himself. est to investors.
Recently, Altman got a far more per- Now, Musk is gone and OpenAI has “Unfortunately, the SEC has
sonal taste of his former mentor’s con- gone commercial, with billions of dol- stripped that key metric from
viction: Musk declared war on Altman lars of funding from Microsoft. OpenAI its final rule, leaving investors
himself. In a lawsuit filed last week, is leading the AI boom, while Musk’s in a really tough spot,” said
Musk accused his former protégé of own artificial-intelligence startup, xAI, Clara Vondrich, senior policy
abandoning OpenAI’s original mission Please turn to page A8 counsel for the consumer
in pursuit of profit, which OpenAI de- group Public Citizen.
nies. Their intensifying feud exposes  Engineer warns of AI tool images....B1 The new rule also will re-
the shifting balance of power in the ar-  Spain bans Altman's Worldcoin......B10 Please turn to page A2
INSIDE Troubled Regional
Lender NYCB Gets
$1 Billion Lifeline
New York Community Ban-
corp is raising more than $1
billion from a group of inves-
head of the Office of the
Comptroller of the Currency,
will become chief executive,
JOANNA STERN BUSINESS & FINANCE tors including former Trea- succeeding Alessandro DiNello,
A chunky adapter lets Startup sells securities sury Secretary Steven who had taken over less than a
Mnuchin in a bid to shore up week ago. Mnuchin, Otting,
competitors’ cars backed by song confidence in the troubled re- Reverence’s Milton Berlinski
charge at Tesla royalties from artists
gional lender. and Hudson Bay’s Allen Puwal-
charging stations. A9 including Beyoncé. B1 ski will join the NYCB board,
By Justin Baer, which will be reduced to nine
Gina Heeb and members and purged of all
Lauren Thomas legacy NYCB directors.
Space Firm Creates a Dust-Up A group led by Mnuchin’s
The shares went on a wild
ride Wednesday.
By Sending Ashes to the Moon Liberty Strategic Capital,
Hudson Bay Capital and Rev-
After The Wall Street Jour-
nal reported on the fundrais-
i i i erence Capital Partners and ing effort, the stock plunged
including Citadel and some of more than 40%, falling below
Navajo Nation objects to human remains the bank’s management $2 before the last of several
agreed to buy common and halts. Once trading resumed
on lunar surface, saying the orb is sacred convertible-preferred stock, following the announced
NYCB said Wednesday. stock sale, the shares roughly
BY AYLIN WOODWARD ashes and DNA—and, occa- The infusion is meant to doubled from their intraday
sionally, those from pets—into steady a bank that has been low, closing at $3.46—well
Three decades ago, self-de- space. buffeted over the past several above the $2 price of the new
scribed space geek Charles “This really isn’t any differ- weeks by fears over potential equity but a far cry from the
Chafer revisited a far-out ent from scattering at sea, or real-estate loan losses, weak- $10-plus at which they traded
thought: You’ve got to be bur- any of the various rituals or nesses in its internal controls in January.
ied somewhere. Why not the memorials that we use,” says and a sharp drop in its stock Before Mnuchin’s stint as
final frontier? Chafer, the company’s co- price. Treasury secretary under
And so began Celestis, a founder and chief executive. NYCB also unveiled a sweep- then-President Donald Trump,
Houston-based company dedi- “This one just appeals to peo- ing overhaul of its management. the former Goldman Sachs
cated to launching human Please turn to page A8 Joseph Otting, the former Please turn to page A6
P2JW067000-0-A00200-1--------XA
A2 | Thursday, March 7, 2024
CAPITAL ACCOUNT | By Greg Ip
China’s Growth Figures Don’t Add Up
O
n Tuesday, China’s
ruling Communist
Party announced
this year’s growth
target would be
around 5%. Achieving that
wouldn’t be easy, Premier Li
Qiang acknowledged. Still, he
boasted the country had faced
“an array of interwoven diffi-
culties” last year and still
posted growth of 5.2%, “rank-
ing China among the fastest-
growing major economies in
the world.”
How does China grow 5%
despite so many headwinds,
from collapsing property in-
vestment to declining popula-
tion? Very likely, it doesn’t.
Actual growth is probably
slower, perhaps a lot slower.
Western analysts and even
some Chinese officials have
long taken Chinese gross do-
mestic product with a grain
of salt. But as discrepancies,
inconsistencies and gaps in
the data have grown, so has
skepticism of its integrity.
Whereas past discrepan-
cies were on balance a wash,
lately they mostly flatter
growth. They thus serve Pres-
ident Xi Jinping’s broader
goal of asserting the superior-
ity of China’s political and
economic model to his people
and the world.
New York-based Rhodium
Group has studied China’s
data and concludes it vastly
overstates recent growth.
Rhodium estimates China’s
output shrank in 2022, when
Covid lockdowns were most
widespread, instead of grow-
ing 3% as official data claim.
It puts growth last year at
around 1.5% instead of the of-
Powell Tells Lawmakers Rate Cuts Are on Track in 2024
CHIP SOMODEVILLA/GETTY IMAGES
Fed Chair Jerome Powell testifying Wednesday on Capitol Hill.
SEC Sets
Climate
Report Rule
Continued from Page One
quire companies to report cli-
mate-related risks—such as
floods and wildfires—that
could have a material impact
on their bottom line. Steps
taken to mitigate or adapt to
climate risks will need to be
disclosed, as well as losses in-
curred as a result of severe
weather, the SEC said.
Both Republican commis-
sioners, Hester Peirce and
Mark Uyeda, voted against the
rule on Wednesday. Peirce
said it “promises to spam in-
vestors with details about the
commission’s pet topic of the
day, climate.”
Uyeda said it would make
U.S. capital markets less at-
tractive to companies.
Companies will need to
start reporting emissions for
fiscal year 2026. Some smaller
companies won’t be required
to disclose emissions.
The Biden administration
has made slashing the coun-
try’s emissions a priority, and
channeled billions of dollars in
loans and grants to clean-en-
ergy companies, including bat-
tery makers and carbon-re-
moval startups.
The U.S. isn’t alone in try-
ficial 5.2%. It sees growth
picking up this year but called
the latest target “unrealistic,”
especially without new fiscal
stimulus.
Other analysts also think
true growth is lower than the
official data, though not by as
much. Alternative estimates
by Finland’s central bank put
growth at 1.3% in 2022 and
4.3% last year.
The skepticism is fueled by
widespread data anomalies.
Retail sales, China’s National
Bureau of Statistics reported,
grew about 7% in real (infla-
tion-adjusted) terms last year.
Yet separate NBS data im-
plies real consumption grew
11%, said Logan Wright, who
leads Rhodium’s China re-
search. That, he said, is
starkly at odds with a wealth
of other evidence, such as Ali-
baba’s falling online sales, ris-
ing household deposits and
local government stress.
C
hina routinely revises
down previous years’ in-
dicators, making cur-
rent-year growth look stron-
ger, without revising down
earlier growth. In December,
the NBS revised down the
level of nominal GDP in 2022
by 0.5%, which served to
boost growth in 2023, yet it
kept growth for 2022 at 3%.
“The NBS loves revisions
that boost current and future
results yet don’t at all change
past results,” Derek Scissors,
chief economist at China
Beige Book, a research group,
wrote in January.
Fixed-asset investment, a
closely watched indicator, is
rife with such revisions. In
ing to decarbonize its econ-
omy as costs from extreme
weather events mount. At the
United Nations climate confer-
ence last year, more than 190
governments approved an
agreement calling for the
world to transition away from
fossil fuels.
The push for change has
been contentious. Gensler is
bracing for potential lawsuits
challenging the new rule from
industry, state attorneys gen-
eral and environmental
groups. Speaking at Yale Law
School last month, he said he
The new rule will require companies to report climate-related risks such as wildfires.
U.S. NEWS
China’s GDP growth
GDP target (inflation-adjusted)
12.5%
10.0
7.5
5.0
2.5
0
2012 ’13 ’14 ’15
Note: China did not set a growth target for 2020.
Source: CEIC Data
separate reports NBS put
fixed-asset investment at 57
trillion yuan, equivalent to
about $7.9 trillion, in 2022
and 50 trillion yuan in 2023.
But instead of saying invest-
ment dropped 12% in 2023,
the NBS said it grew 3%.
How could that be? The
NBS must have revised down
the level of investment in
2022 without saying so, said
Shehzad Qazi of China Beige
Book, something it has done
repeatedly in recent years.
In a footnote, the bureau
says yearly levels should not
be used to calculate growth
because, for example, differ-
ent projects may be sampled
from year to year. Other sta-
tistical agencies make their
data comparable over time.
Another anomaly: The NBS
says real-estate investment
contracted 10% in 2023 but
BY NICK TIMIRAOS
AND ANDREW ACKERMAN
Brisk inflation and hiring
data in January haven’t altered
the Federal Reserve’s expecta-
tion that it will be appropriate
to cut interest rates later this
year, but Chair Jerome Powell
said officials want more evi-
dence that inflation is slowing.
Rate cuts won’t be war-
ranted until officials have
“gained greater confidence
that inflation is moving sus-
tainably” toward the central
bank’s 2% goal, Powell told the
House Financial Services Com-
mittee on Wednesday during
the start of two days of testi-
mony on Capitol Hill.
“We want to see a little bit
more data so that we can be-
come confident,” Powell said.
“We’re not looking for better
inflation readings than we’ve
had. We’re just looking for
more of them.”
The recent strength of the
economy and labor market
“means that we can approach
thought the regulations would
stand up to legal challenges
because the SEC’s mandate is
to ensure investors get the in-
formation they need.
West Virginia Attorney
General Patrick Morrisey, a
Republican, said on Wednes-
day that a coalition of states,
including Georgia, Virginia
and Alaska, was filing a legal
challenge to the rule, which
he said was “illegal and un-
constitutional.” An SEC
spokeswoman said the com-
mission will “vigorously de-
fend” the rule in court.
Inflation-adjusted GDP
(as reported)
’16 ’17 ’18 ’19
also that overall investment—
including construction—con-
tributed significantly to eco-
nomic growth.
Rhodium’s Wright said for
both statements to be true,
investment excluding prop-
erty must have grown at
spectacular rates. Yet profits
were under pressure, foreign
investment was retreating,
and bank credit was drying
up. “So if there’s a surge in
private investment, where is
it coming from?” he said.
Historically, China’s nomi-
nal GDP (before inflation ad-
justment) is more volatile
than real GDP, suggesting in-
flation is engineered so as to
smooth growth. Last year
China forecast nominal
growth of about 7% in 2023
and real growth of about 5%.
Instead, nominal growth was
about 4% while real growth
rate cuts carefully and
thoughtfully,” he said. His com-
ments did little to change ex-
pectations in interest-rate fu-
tures markets that the central
bank will lower interest rates
in June.
Fed officials are trying to
balance two risks: One is that
they move too slowly to ease
policy and the economy crum-
ples. The other is that they
ease prematurely, allowing in-
flation to become entrenched
at well above their 2% goal.
“Reducing policy restraint
too soon or too much
could…ultimately require even
tighter policy to get inflation
back to 2%,” Powell said. “At
the same time, reducing policy
restraint too late or too little
could unduly weaken economic
activity and employment.”
Over the past two years, the
Fed raised rates at the most
rapid pace in four decades to
combat inflation that also
jumped to 40-year highs. Since
last July, officials have held
their benchmark federal-funds
Gensler said Wednesday
the commission reviewed
thousands of comments in
completing its rule. One letter
from a group including former
SEC officials and academics
said the commission “has
clear statutory authority to
mandate additional climate-
related disclosures.”
The American Securities
Association, which represents
small and midsize financial
firms, said in a statement
that the rule exceeds the
SEC’s authority and “does
nothing but force companies
THE WALL STREET JOURNAL.
Nominal GDP (as reported)
’20 ’21 ’22 ’23 ’24
still hit 5.2%. Those can only
be reconciled if prices were
supposed to rise 2% and in-
stead fell 1%. More likely,
prices were higher, and
growth lower, than China
claims, Wright said.
A
representative for the
Chinese Embassy in
Washington defended
last year’s data, citing physi-
cal indicators including a 6.9%
increase in electricity genera-
tion, a 5.7% increase in energy
consumption and an 8.1% rise
in cargo transport. Consumers
are driving China’s recovery,
with retail sales of services up
20%, while the rate of decline
in real estate has slowed, the
representative added.
Doubts about Chinese data
go back decades. For a time,
GDP reported by the prov-
inces didn’t add up to na-
rate at a range between 5.25%
and 5.5% as inflation has eased.
Powell told lawmakers the
central bank was focused on
supporting economic condi-
tions that would keep bringing
inflation down while maintain-
ing solid growth and a healthy
labor market, achieving what
is called a soft landing.
“We are on a good path so
far to be able to get there,” he
said. Powell also said he saw
“no reason to think” that the
U.S. economy faces an immedi-
ate risk of falling into a reces-
sion.
Despite shifting the Fed’s
focus toward when to cut
rates, Powell at a news confer-
ence on Jan. 31 poured cold
water on some investors’ ex-
pectations that officials might
consider lowering rates at
their next meeting, March
19-20. Since then, economic
data has further reinforced
that skepticism.
Separately, Powell said the
central bank would make sig-
nificant changes to a plan,
to disclose information that is
not material.”
Some environmental groups
said the rule was a step in the
right direction despite the ex-
clusion of Scope 3 emissions.
“Climate risk is financial risk,”
said Elizabeth Derbes, director
of financial regulation and cli-
mate risk for the Natural Re-
sources Defense Council, in a
statement.
ING, the Dutch financial gi-
ant, said adoption of the rule
would “greatly enhance the
transparency and comparabil-
ity” of climate data across
companies in the U.S.
Companies are facing simi-
lar rules elsewhere. A coali-
tion of business groups re-
cently sued California over a
state law passed in October
requiring businesses to report
their emissions. A recent Eu-
ropean Union law would re-
quire such disclosures from
thousands of U.S. companies
with operations in the re-
gion.
Many public companies al-
ready report emissions and
potential risks from climate-
related disasters.
But the disclosures vary
and can be difficult for inves-
tors to understand, said Asaf
Bernstein, associate professor
of finance at the University of
Colorado at Boulder, who con-
LEAH MILLIS/REUTERS
sulted with the SEC on the
rules. “Voluntary reporting is
all over the map,” he said.
“Standardization is something
you can use as a decision tool
as an investor.”
tional GDP. That has largely
receded.
Yet China’s data quality is
still subpar. GDP comes out
uncommonly fast yet is hardly
ever revised and lacks basic
information such as quarterly
consumer, business and gov-
ernment expenditure, said
Gian Maria Milesi-Ferretti,
who oversaw the Interna-
tional Monetary Fund’s World
Economic Outlook and is now
at the Brookings Institution.
“The statistical standards are
not up to the level they ought
to be,” he said.
China’s regulations guaran-
tee the independence of staff
statisticians and prohibit fabri-
cating or falsifying data. Still,
where other statistical agencies
strive for political neutrality,
China’s routinely praises the
Communist Party “with Com-
rade Xi Jinping at its core.”
Not all analysts attribute
China’s data anomalies to pol-
itics, in part because histori-
cally they cut in both direc-
tions. But increasingly, these
anomalies may be key to how
Beijing plugs the gap between
the growth it needs politically
and what can realistically be
achieved.
“The growth target they
set in the past several years
have been too high to achieve
organically,” said Riikka Nuu-
tilainen, an economist at the
Bank of Finland. This year’s
target, she added, “is quite
ambitious, and may require
some smoothing of the data
as we’ve seen in the past cou-
ple of years.”
 Chinese officials say
exports are strong.......... A16
known as the Basel Endgame,
to make big banks raise more
capital. Regulators’ initial pro-
posal received pushback from
lawmakers of both parties and
large lenders.
“I do expect that there will
be broad and material changes
to the proposal,” Powell said.
He said it was plausible regula-
tors could decide to issue a
new proposal altogether, effec-
tively restarting the clock on
when it would take effect.
Powell pledged the final
plan would have “broad sup-
port” from the Fed board.
The rules in question imple-
ment the last in a series of
steps global policymakers
agreed on after the 2008-09 fi-
nancial crisis. The latest pro-
posal, floated in July, aims to
more explicitly and consis-
tently guard against an array
of risks including potential
losses of money due to cyber-
attacks.
 Stocks rise on higher
hopes for rate cuts......... B11
CORRECTIONS 
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P2JW067000-5-A00300-1--------XA
THE WALL STREET JOURNAL.
Chinese
National
Indicted
In Theft of
AI Secrets
BY DUSTIN VOLZ
AND ROBERT MCMILLAN
A Chinese national who
worked at Google was indicted
on charges he stole the com-
pany’s artificial-intelligence
trade secrets as part of a mul-
tiyear scheme to compromise
sensitive American technology
and boost Beijing in the high-
stakes global race to dominate
the booming industry.
The Justice Department al-
leged Linwei Ding, also known
as Leon Ding, sent sensitive
Google trade secrets and other
confidential information from
the company’s network to his
personal Google account, while
secretly being affiliated with
Chinese AI companies. Prose-
cutors allege he started a com-
pany based in China while con-
tinuing to work at Google.
Ding, 38 years old, was ar-
rested Wednesday morning in
Newark, Calif., the Justice De-
partment said. He faces four
counts of trade-secrets theft.
Prosecutors allege he stole
more than 500 files containing
AI trade secrets. Each count
comes with a maximum pen-
alty of 10 years in prison if he
is convicted.
“The Justice Department
will not tolerate the theft of ar-
tificial intelligence and other
advanced technologies that
could put our national security
at risk,” Attorney General Mer-
rick Garland said.
Some of the secrets Ding al-
legedly stole had to do with the
microchips that form the back-
bone of artificial-intelligence
systems and are considered to
be a competitive advantage to
the companies that develop
them. Google develops chips,
known as tensor processing
units, or TPUs, for these tasks.
A Google spokesman said
the company has “strict safe-
guards to prevent the theft of
our confidential commercial
information and trade secrets.”
The Wall Street Journal re-
ported in December that U.S.
intelligence officials have
grown alarmed about Beijing’s
efforts to steal American AI se-
crets and believe the technol-
ogy is being used to turbo-
charge China’s broader spying
ambitions.
Ding had worked at Google
as an engineer starting in 2019
and was focused on the soft-
ware used to manage the serv-
ers that powered Google’s AI
technologies, which he at-
tempted to steal, according to
the indictment. The alleged
thefts began in May 2022,
prosecutors alleged.
Schools Try New Tactics to Fight Vaping
BY TALAL ANSARI
A Florida county has found a
new way to fight teen vaping: A
nearly 2-year-old yellow Labra-
dor named Samba.
Samba underwent 160 hours
of training to learn to detect
nicotine and THC, the main psy-
choactive component in mari-
juana. The sheriff’s office in
Lake County, about 30 miles
northwest of Orlando, got the
dog late last year to combat a
rise in vaping at nearby
schools.
Samba began working in
county schools this week. On
her first deployment, Samba
found two vape devices, one
with THC and the other with
nicotine, according to Erica
Stamborski, the dog’s handler.
Some school districts are
getting creative in fighting teen
vaping, employing tactics such
as school-bathroom sensors and
stiff one-strike penalties.
Though federal data show e-cig-
arette use dropped slightly
among high-schoolers last year,
teen vaping remains a serious
concern among public-health
official.
Mesa Public Schools, the
largest school district in Ari-
zona, decided to go high-tech,
installing vape sensors that
work with cameras outside
bathrooms to identify students
who were vaping. When the
school installed sensors in two
high-school bathrooms last Sep-
tember as a pilot, they went off
approximately 15 times each
day, according to Allen Moore,
* * * * *
IVF Pioneer
Embraces Role
As Advocate
Alabama court ruling
shines new light on
techniques that raise
sensitive questions
BY AMY DOCKSER MARCUS
Elizabeth Carr has been a
living symbol of fertility tech-
nology’s possibilities. Now she
is the face of its challenges.
Carr, 42 years old, is the
first baby born by in vitro fer-
tilization in the U.S. Over the
years she has told countless
audiences how the technology
made it possible for her
mother to have a baby.
In the weeks since Ala-
bama’s Supreme Court ruled
that frozen embryos should be
considered children, Carr has
called for protections around
IVF procedures—extracting
eggs, fertilizing them in a lab
and transferring an embryo
into a uterus—that now ac-
count for some 2% of U.S.
births annually.
Sen. Tim Kaine (D., Va.) said
federal legislation backing IVF
access would “enable the Eliza-
beth Carrs of the world to con-
tinue to be born.” Kaine invited
Carr to accompany him on
Thursday to President Biden’s
State of the Union address.
“My life gives people hope,”
Judith and Roger Carr, with Elizabeth, celebrated her one-
year birthday at Norfolk General Hospital.
the district’s safety and security
director.
Moore said about five stu-
dents were caught a day, and
about half were using vaping
devices that contained THC.
“It is definitely a growing
trend that is quite concerning,”
Moore said. He added: “The kids
are telling us, along with the ad-
ministrators, that the vaping in
the bathrooms is getting out of
control, and we need to do
something.” The district plans
to install the sensors in all of its
middle and high schools.
Youth use of nicotine vaping
products became a public-
health crisis in the U.S. in 2018,
when Juul e-cigarettes were a
teen status symbol. Since then,
nicotine vaping has dropped
sharply among young people: In
a federal survey last year, 10% of
Samba the yellow Labrador had 160 hours of training to
learn to detect nicotine and THC.
Thursday, March 7, 2024 | A3
U.S. NEWS
SOPHIE PARK FOR THE WALL STREET JOURNAL; BETTMANN ARCHIVE/GETTY IMAGES (2)
Carr said.
The Alabama ruling is galva-
nizing Carr’s work in another
way. Carr leads public relations
and patient advocacy at Ge-
nomic Prediction, which sells
genetic tests to screen em-
bryos. Doctors can order tests
for patients who want to screen
for diseases and abnormalities
or get an overall
embryo health
score. Patients
and doctors can
use the results to Elizabeth Carr and her mother, Judith Carr,
decide which em- above and at left in early 1982, after Elizabeth
bryos to transfer. became the first baby born by IVF in the U.S.
Unused embryos
can be stored for people surveyed Elizabeth’s birth attracted
years. Some get for a paper pub- so much attention that armed
discarded. lished in Science guards were posted outside Ju-
The tests are last year said they dith’s room and near the nurs-
c o n t ro v e r s i a l . didn’t object to us- ery. For years, Elizabeth and
Carr’s work, like ing genetic tests her parents flew to the fertility
her life story, are to screen embryos clinic every Mother’s Day for a
reminders that for medical and reunion of all the IVF babies
technology has nonmedical issues. created there.
already advanced Carr says pa- Carr received extensive med-
beyond the cre- tients should ical testing including brain-
ation of embryos know what the wave measurements through
outside the body latest tests can do her 20s. When she got pregnant
to techniques that raise deeply carried genes for lethal diseases and decide for themselves. “If naturally and had her now-13-
personal questions. The tests to choose embryos that didn’t my mother had not been told year-old son, the IVF pioneers
can reveal information that have them. Scientists checked by her doctor about IVF, I kept tabs on her pregnancy.
obliges potential parents to whether embryos contained a would not be here,” Carr said. “People wanted to make
choose among embryos and gene that caused serious ge- Judith Carr, now 70, was a sure everything was normal,”
envision what constitutes a netic conditions such as cystic teacher in Westminster, Mass., Carr said.
good life. fibrosis or Duchenne muscular when her doctor told her she The trajectory of Carr’s life
For years, genetic tests al- dystrophy. Other tests of couldn’t have biological chil- illustrates how science can ad-
lowed people who knew they whether embryos have too dren. Carr had suffered her vance faster than ethical rules
many or too few chromosomes, third ectopic pregnancy, when to address it. Screening em-
a main cause of miscarriage, a fertilized egg develops out- bryos for more complex condi-
are increasingly common. Ge- side the uterus. tions could eventually lead to
nomic Prediction also sells a The doctor handed her a scientists providing estimates
test to predict a future child’s pamphlet about a novel proce- about the likelihood of embryos
risk of heart disease, schizo- dure called IVF. He recom- having blue eyes, excelling in
phrenia, cancers and diabetes. mended she contact doctors at school or playing sports.
These are all complex condi- a new clinic in Norfolk, Va. “We are being asked to de-
tions that can involve interac- She and her husband, Roger, cide these deeply difficult and
tions among hundreds of genes. an engineer, flew to Norfolk and complicated moral and ethical
Many aren’t fully understood. were accepted into a program issues that come up in the con-
IVF doctors disagree over that had made 41 unsuccessful text of making new people out-
whether the tests’ benefit has IVF attempts up to then. The side of bodies,” said Kimberly
been proven. “What causes a doctor asked Roger if he played Mutcherson, professor of law
pregnancy to fail or to succeed craps. “IVF is a crapshoot,” the at Rutgers Law School.
is still a black box,” said Dr. Eli doctor said. For Carr, the lines between
Adashi, former dean of medi- They transferred the em- the personal and the political of-
cine and biological sciences at bryo on Judith Carr’s 28th ten blur. “How do we explain
Brown University. birthday. A few weeks later, our product to people?” Carr
More than half of some 6,800 she learned she was pregnant. said. “How do I explain my life?”
Alabama Shields Fertility Procedure With New Law
In vitro fertilization ser- after a court ruling that em- Democratic lawmakers say
vices at major Alabama bryos qualify as children up- the law is too narrow to put
clinics could soon restart ended services in the state. IVF providers at ease. They
thanks to a new law, even The law, passed by the Leg- say the law doesn’t resolve a
as questions about the islature earlier in the night, question raised by the court—
treatment’s future in the shields providers from any whether an embryo in cold
state linger. “action, suit, or criminal storage is legally a child—
Gov. Kay Ivey on prosecution” if embryos are leaving open the possibility
Wednesday signed into law destroyed or damaged dur- for more legal challenges.
a bill granting IVF providers ing treatments. —Talal Ansari
civil and criminal immunity Some legal experts and and Joseph De Avila
high-school students said they crease the risk of addiction to
had used an e-cigarette in the other drugs.
past 30 days, compared with Ashley Merianos, an associ-
20.8% in 2018. ate professor at the University
Brian King, director of the of Cincinnati who studies addic-
Food and Drug Administration’s tion and tobacco, said there are
Center for Tobacco Products, significant risks with teens us-
has said there is still more work ing e-cigarette products.
to be done despite recent de- “There is mounting evidence
clines. that vaping among teens can
Meanwhile, marijuana vap- lead to nicotine addiction dur-
ing has climbed among teens. ing this critical developmental
According to a different feder- period and follow them into
ally funded survey, 19.6% of adulthood,” Merianos said.
12th-graders in 2023 said they Texas lawmakers took a
had vaped marijuana in the past strict approach to teen vaping,
year, compared with 13.1% in passing a law last September
2018. that temporarily places any stu-
Federal and public-health of- dent found vaping or using mar-
ficials have warned that teen ijuana in an alternative disci-
nicotine exposure can harm plinary education program.
brain development and affect Some school officials said it
learning, memory and attention. was too harsh a punishment for
They also say vaping can in- students who otherwise obeyed
the rules.
Katherine Lyssy, a director of
student advocacy at the North-
side Independent School Dis-
trict in San Antonio, worried the
alternative school program Bombom
would be overloaded because so Sofa, designed by Joana Vasconcelos
many students were vaping.
“A lot of these kids were re-
ally good kids who had never
BRITTNEY ROACH/LAKE COUNTY SHERIFF’S OFFICE
been in trouble, who were genu-
inely pretty ignorant about it or
just kind of following the crowd
and were trying to be cool,”
Lyssy said.
She created Second Chance
Academy, a shorter program de-
signed for students who commit
an offense for the first time.
About 300 middle-schoolers
and 150 high-schoolers are in
the program, Lyssy said.
P2JW067000-2-A00400-26DDF61078D

A4 | Thursday, March 7, 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

Old Rivals Now Get Their Rematch McConnell

Endorses
Biden, Trump face off
Trump
ality, his eagerness to chal-
lenge norms and his
again as norms shift iconoclastic policy preferences.
and U.S. electorate He has changed almost every

grows more polarized

expectation of how campaigns
are run, including by finding
ways to communicate directly
Despite
BY AARON ZITNER
AND ANNIE LINSKEY

WASHINGTON—With the
with his supporters through
his own social-media platform.
last embers of the Republican Rivals demonized
primary extinguished after In one break from tradition,
Super Tuesday, the country is Trump has spent more time
lurching into a new phase in lately cementing the loyalty of
the 2024 presidential election: his supporters—and demoniz-
a one-on-one matchup be- ing opponents even within his
tween President Biden and own party—than making the
former President Donald moves a candidate would nor-
Trump that is unlike any other mally make at this point to try
Their Rift
BY LINDSAY WISE
WASHINGTON—Outgoing
Senate Minority Leader Mitch
McConnell (R., Ky.) endorsed
former President Donald
Trump in his run for the
White House, the product of
weeks of negotiations aiming

EVAN VUCCI/ASSOCIATED PRESS

contest in modern history. to unify his party and draw in to repair an acrimonious rift
The last Republican chal- the voters who had backed between the two leading Re-
lenger, former South Carolina other candidates in the prima- publicans heading into No-
Gov. Nikki Haley, said Wednes- ries. vember’s elections.
day that she was suspending He has warned donors to The move came a day after
her campaign after Trump Haley that they will be ban- Trump swept almost every
trounced her in states across ished from the party. “We’re race on Super Tuesday, defeat-
the country. The former presi- Former President Donald Trump at his Super Tuesday election night party in Florida. getting rid of the Romneys of ing former United Nations am-
dent is on track to clinch the the world,” he said this week, bassador and South Carolina
GOP nomination as soon as outlets with a more diffuse set referring to retiring Utah Sen. Gov. Nikki Haley in more than
next week, while Biden is sail- of standards and norms dictat- Mitt Romney, a fellow Repub- a dozen states, putting him
ing toward the Democratic ing coverage. Phillips Out After Poor Showing lican and former party stan- just shy of clinching the GOP
nomination again. Tentpole events are less dard-bearer. nomination. Haley dropped
Never has America had to sturdy: National party conven- Rep. Dean Phillips said he years old an issue in his Both candidates arrive at out of the race Wednesday,
choose between two candi- tions have attracted less atten- is ending his long-shot pri- campaign, pointing to him- the moment with a deep un- leaving Trump the last person
dates so old, and never in tion from voters and television mary challenge to President self as a next-generation derstanding of what a national in the GOP contest and clear-
modern times has the choice networks, and it is unclear if Biden, writing in a social- leader. But he wrote in the campaign typically entails. For ing the way for a rematch with
been between two so strongly there will be the typical ca- media post that “it is clear post on social media that Trump, it will be his third President Biden in the fall.
disliked hopefuls who both dence of three pre-election that alternative is not me.” “it is clear that Joe Biden is time on the presidential ballot “It is abundantly clear that
have established White House presidential debates and a Phillips struggled to gain OUR candidate and OUR in November. For Biden, it will former President Trump has
track records. vice-presidential exchange. significant traction in pri- opportunity to demonstrate be his fifth campaign as a can- earned the requisite support
Never has a campaign Beyond framing the election mary races, garnering only what type of country Amer- didate for president or vice of Republican voters to be our
played out in split-screen as a choice between competing single-digit percentages and ica is and intends to be.” president. nominee for President of the
fashion on the trail and in the visions for the country, both trailing “uncommitted” in In running for president Because the two candidates United States,” McConnell said
courtroom, with a set of crim- candidates will have unique several states. In his home against his party’s leader, are both universally known in a statement Wednesday
inal cases that could land one challenges in persuading state of Minnesota, Phillips Phillips left his position in and already have records as morning. “It should come as
of the candidates, Trump, in Americans that they are capa- received about 8% in Tues- Democratic congressional president, “there is very little no surprise that as nominee,
jail and facing adverse civil ble of doing the job. day’s contest, far behind Bi- leadership and said he that you are going to tell a he will have my support.”
judgments that could cripple Biden will have to convince den, who received 70%, and wouldn’t run for re-election voter in the future, over the In a social-media post,
his family business. large shares of Americans that uncommitted, 19%. in the suburban Minneapo- next six months, that they Trump said: “Thank you,
Biden, meanwhile, faces he has the mental acuity to Phillips had sought to lis district he won in 2018. don’t already know or suspect Mitch. I look forward to work-
skepticism about his age and handle a position considered make Biden’s age of 81 —Ken Thomas about Joe Biden and Donald ing with you and a Republican
fitness to continue serving the most difficult in the world, Trump,” said pollster Tony Senate MAJORITY to MAKE
and will need to overcome dis- as nearly three-quarters of Fabrizio, who works for a su- AMERICA GREAT AGAIN!”
mal approval ratings to win a voters say he is too old to run per PAC backing Trump. McConnell, 82, said last
second term. again, Wall Street Journal this is the cycle,” said Elaine against someone who success- That suggests the campaign week he planned to step down
polling finds. Kamarck, a senior fellow in fully operates so outside could be influenced as much by as minority leader at the end
Trump will have to per- Governance Studies at Brook- American norms? “I don’t external events as by the can- of this Congress, touching off
Changing times suade the country that his ings and a member of the quite know,” Kamarck said. “I didates’ images or policies. a race to succeed him and
The candidates will make stream of criminal charges and Democratic National Commit- don’t think the Biden cam- “Right now, we’re focused on sparking new questions about
their pitch to an electorate adverse civil judgments won’t tee. paign does either.” immigration and the economy,” the direction of the Republican
that is more polarized and follow him into the White Kamarck pointed to Trump stands as a unique two issues on which voters give Party increasingly dominated
fractured than ever in modern House and hamper his effec- Trump’s unique baggage, not- figure in American politics— Biden low marks, said Fabrizio, by Trump. It also put new fo-
politics. Traditional media tiveness, as Journal polling ing that traditionally a candi- less the leader of a political who also helps conduct Journal cus on the question of whether
gatekeepers have less influ- shows that a conviction would date weighed down with so party united by a consistent polls. “If the focus shifts onto or not McConnell would en-
ence than in the past, with a hurt his political standing. much controversy wouldn’t governing philosophy than as issues that Biden tends to do dorse Trump, as other Repub-
public that is consuming news “If you’re ever going to use clear a presidential nomina- the commander of a move- better on…that would give Bi- lican members of leadership
from an ever-expanding set of the word ‘unprecedented’— tion process. But how to run ment built around his person- den an advantage.’’ vying to succeed him, includ-
ing Sens. John Thune of South
Dakota and John Cornyn of

Haley Exits Texas, lined up behind the for-

mer president.
When Trump was in the

Republican White House, McConnell

played a major role in install-
ing conservatives on the Su-

2024 Race preme Court and passing tax

cuts in 2017. But later McCon-
nell openly broke with Trump
over his efforts to overturn
Continued from Page One the result of the 2020 election,
enough convention delegates and the men have gone years
to clinch the nomination this without speaking.
month, boasted that he had Trump has repeatedly
“trounced” her the night be- called for McConnell to be
fore. “At this point, I hope she ousted as leader, and used in-
stays in the ‘race’ and fights it sulting nicknames for both
out until the end!” he wrote. McConnell and McConnell’s
He also invited Haley’s sup- wife, Elaine Chao, who served
porters to switch to support- in Trump’s cabinet as secre-
ing him, after earlier this year tary of transportation.
ANNA MONEYMAKER/GETTY IMAGES

threatening that anyone who McConnell didn’t vote to

contributed to Haley’s cam- convict Trump in his 2021 im-
paign would be “permanently peachment trial related to the
barred” from his movement. Jan. 6, 2021, Capitol riot, ar-
In a statement Wednesday guing that the Senate didn’t
from his campaign, Biden have jurisdiction to try a for-
praised Haley’s courage: “Don- mer official. Trump was ac-
ald Trump made it clear he quitted by the Senate in a
doesn’t want Nikki Haley’s Nikki Haley announcing the suspension of her presidential campaign Wednesday in Daniel Island, S.C. 57-43 vote—10 votes shy of
supporters. I want to be clear: the two-thirds majority
There is a place for them in Republican primary election delegate count, by candidate in her home state’s Feb. 24 following GOP failures in the needed for conviction.
my campaign.” primary dropped to 39.5%. 2022 midterm elections. The Rep. Jamie Raskin of Mary-
1,132
Haley gave voice to a sig- D. Trump of 2,429 delegates awarded N. Haley Until the final months of indictments—the first of land, who served as Demo-
nificant segment of the GOP her campaign, when she re- which came the month after crats’ lead impeachment man-
that is wary of Trump’s candi- peatedly called Trump a liar Haley launched her cam- ager, said Wednesday that
dacy, while also revealing
1,031 89 and suggested he was in men- paign—ended up helping McConnell might have
some of his vulnerabilities 1,215 to secure tal decline because of his age, Trump more than hurting him changed the course of history
among moderate and subur- Super nomination Previous Haley mostly tiptoed in her at- with the GOP base, especially had he been willing to support
ban voters. Tuesday primaries/caucuses tacks on the former president as Haley and most of the other conviction. He said McCon-
Her decision to suspend her by suggesting more generi- GOP candidates rallied around nell’s statements at the time
Note: As of 7.45 p.m. ET Wednesday. Excludes 12 delegates awarded to Ron DeSantis
campaign technically leaves and Vivek Ramaswamy, who both dropped out of the race in January. cally that he brought “chaos” him following each new court show he believed Trump was
open the possibility of resum- Source: Associated Press wherever he went. development. culpable for inciting insurrec-
ing it if circumstances change. Haley sounded like a pre- Trump focused most of his tion. “Mitch McConnell’s en-
Her success in tapping into in winning general elections. She cited the 91 criminal Trump Republican when she attacks on Florida Gov. Ron dorsement today just seals the
the anti-Trump sentiment That is a key reason she often charges Trump faces for mat- spoke her “hard truths” on DeSantis during the initial deal on his ultimate legacy of
within the GOP and elsewhere outpaced Trump significantly ters including his handling of fiscal discipline and entitle- months of the primary cam- surrender to the forces of au-
boosted her fundraising in re- in hypothetical matchups classified documents and his ment overhauls, as well as paign. As Haley gained in thoritarianism, which he can
cent months, and money against Biden. efforts to remain in power de- when she called for support polls, especially in New Hamp- recognize perfectly well,”
wasn’t an issue for continuing Her campaign used such spite losing in 2020. for Ukraine and Israel. More shire, he directed more criti- Raskin said.
her bid. polling to argue she was the Haley often said on the Trump-like tones emerged cism her way. At his weekly news confer-
While some have encour- safer bet for the party than campaign trail that she had when she talked about immi- Trump has said he wouldn’t ence Wednesday, reporters
aged her to consider a third- Trump to take on Biden in No- reached a two-person race gration and China. want her as a vice-presidential pressed McConnell about how
party bid, Haley has been ada- vember. As her campaign drew with Trump, after starting at The place where she won running mate, and she has he could reconcile his en-
mant she has no plans to do to a close, Haley argued that single-digits in the polls and the most praise was on the also said that she wouldn’t dorsement with Trump’s per-
so. “I’m a Republican,” Haley the former president wouldn’t being underestimated. debate stage, where her per- want the job. sonal insults and the fact that
told The Wall Street Journal win the general election. “We had 14 people in the formances drew strong re- “I don’t want to be any- McConnell had called Trump
in February. “A Republican Haley pledged earlier in the race,” she said Monday in views from political analysts. body’s vice president,” Haley responsible for the riot.
primary is where Republicans campaign to endorse the Texas. “I defeated a dozen of Trump never joined her for an said shortly before the New McConnell pointed to re-
run.” party’s eventual nominee but the fellas. I just have one more in-person face-off, and the Hampshire primary. “That is marks he made in February
It is hard to know whether since refused to reaffirm that fella I gotta catch up to.” closest the two came during off the table.” 2021, shortly after the attack
Haley, 52 years old, is part of commitment when asked Other than her wins this the primary was when they on the Capitol, when he was
her party’s future or represen- about Trump. week in Vermont and Wash- both happened to stay at the asked a similar question. “I
tative of a last gasp of more- “What I will tell you is that ington, D.C., her high point same downtown Des Moines, Watch a Video said I would support the nom-
traditional Republicanism. I have serious concerns about was in New Hampshire’s Iowa, hotel. Scan this code inee for president even if it
Polls show Haley had Donald Trump. I have more Jan. 23 primary, where she When Haley entered the for a look at the was the former president,”
strength among suburban serious concerns about Joe Bi- scored 43.2% of the vote. Ha- race in February 2023, Trump all-but-certain McConnell said. “And he obvi-
women and independents, den,” she said in a Journal in- ley lost any bit of momentum looked more vulnerable amid general-election ously is going to be the nomi-
both important demographics terview in late February. she had when her vote share criminal investigations and matchup. nee of our party.”
P2JW067000-4-A00500-1--------XA

THE WALL STREET JOURNAL. * * * * Thursday, March 7, 2024 | A5

U.S. NEWS

House Passes Several

Bills to Avert Shutdown
BY KATY STECH FEREK The package of bills needed eral key agencies.”
at least two-thirds of lawmak- Both Democrats and Repub-
WASHINGTON—House law- ers’ support to pass, under licans claimed they came out
makers voted Wednesday to special provisions that allowed victorious in this latest stage

MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

pass a package of six spending House Speaker Mike Johnson of drawn-out budget negotia-
bills to fund a major swath of (R., La.) to bypass internal Re- tions.
the federal government and publican Party disagreements Senate Majority Leader
avoid a partial shutdown this that have dogged GOP leaders Chuck Schumer (D., N.Y.) said
weekend, setting the stage for for months. Democrats scored a major win
final negotiations over the Negotiators are still arguing in securing more than $7 bil-
rest of the year’s budget after over provisions of the six re- lion for Agriculture Depart-
months of political wrangling. maining bills, which include ment-administered grocery-
The vote, 339-85, completes splitting up what is likely to be store assistance from the
the budget process for a series more than $800 billion in de- Special Supplemental Nutrition
of federal agencies including fense spending. Funding for Program for Women, Infants
the Agriculture, agencies cov- and Children, or WIC, pro-
Justice, Trans- ered by those gram. House Republicans had
portation and bills runs out proposed keeping the pro- Senate Majority Leader Chuck Schumer highlighted provisions in the funding package.
Interior depart- Negotiators are after March 22. gram’s funding flat at $6 bil-
ments, which still arguing Those bills are lion, the same amount as the House Republicans said they cleanup sites, bringing its “The fiscal situation facing
have been oper- considered prior year, in their version of played a valuable role in keep- funding amount down to about the nation requires Congress
ating on tempo- over the harder to final- the agency’s funding bill that ing federal spending in check, $9.2 billion. The agency has to make significant spending
rary funding
extensions
provisions of six ize
they
because
touch
failed to pass last fall.
Senate Democrats also said
including at agencies that they
have criticized for imposing
been a target for Republicans
who say its regulations on de-
reductions while maintaining
strong commitments to the
since the previ- remaining bills. highly charged they successfully fought for harsh regulations on guns, the velopers near smaller streams safety, security and wellbeing
ous fiscal year issues such as money for critical safety mea- auto industry and polluting and other drinking water of the American people,” said
ended on Sept. immigration. sures such as new air-traffic factories. sources, restrictions on vehicle Rep. Hal Rogers (R., Ky.) in de-
30. The Senate Congressio- controllers and rail safety in- Johnson highlighted a 7% exhaust and limits on pollution bate on the House floor before
is expected to vote by the end nal leaders have spent months spectors, while preserving reduction of $122 million for from factories are overly bur- the vote.
of the week and send it to trying to complete the 12 an- funding for rental assistance the Justice Department’s Bu- densome. Republicans in both cham-
President Biden’s desk. nual bills that fund the U.S. for financially struggling peo- reau of Alcohol, Tobacco, Fire- Some of those cuts could bers pointed to a policy win
The bills authorize about government. Under the most ple. arms and Explosives division have a smaller practical effect that they said protects Second
$460 billion in federal agency recent stopgap deal, lawmak- Rep. Rosa DeLauro (D., and a 6% reduction of $654 on the agencies’ operations. Amendment rights: a provision
spending through the end of ers face a deadline of Friday to Conn.), the top Democrat on million for the Federal Bureau Last year’s ATF budget, for ex- to block Veterans Affairs offi-
the current fiscal year. The fund part of the government, the House Appropriations of Investigation when com- ample, contained a $75 million cials from reporting the names
overall spending for the year and March 22 for the rest. Committee, said at a news con- pared with the prior fiscal one-time construction project of some veterans with mental-
is set at $1.6 trillion, an The White House had urged ference Wednesday that party year’s allocated amount. expense. Additionally, the Su- health issues to a national gun-
amount set last year as part of lawmakers to vote in favor of leaders “defeated the vast ma- He also touted a 10% reduc- perfund program could receive purchase background-check
a debt limit deal made be- the measure, saying that “nei- jority of the extreme cuts and tion to the Environmental Pro- more than $1 billion in new tax system without a judge’s find-
tween President Biden and ther side got everything it hundreds of harmful policy tection Agency, mostly attrib- revenue in 2024, softening the ing that the person is a danger.
then-House Speaker Kevin wanted, but it would prevent riders” proposed by GOP law- utable to a $745 million drop blow of an appropriations re- —Natalie Andrews
McCarthy (R., Calif.). a damaging shutdown of sev- makers. in money for its Superfund duction. contributed to this article.

TikTok Faces New Threat of U.S. Ban in Draft Legislation

BY KIMBERLEY KAO
TikTok, the short-video
platform owned by Chinese in-
ternet company ByteDance, is
facing renewed political pres-
sure in the U.S. from a draft
bill that could lead to a ban of
its popular video-sharing app.
The bill, introduced in Con-
gress on Tuesday, calls for
ByteDance to divest itself of
TikTok or face the platform be-
ing banned from app stores
and web-hosting services in the
U.S. ByteDance, based in Bei-
jing, would have a little more
than five months from the en-
actment of the bill to comply.
The bill, introduced by Re-
publican Rep. Mike Gallagher,
who leads the House Select
Committee on the Chinese
Communist Party, and Demo-
crat Rep. Raja Krishnamoorthi,
addresses “foreign adversary-
controlled applications,” and
flags what it says are national
security risks posed by TikTok
and “any other application or
service developed or provided
by Bytedance.”
“America’s foremost adver-
sary has no business control-
ling a dominant media platform
in the United States,” Gallagher
said, referring to China. Krish-
namoorthi added that the bill
would give the U.S. president
tools to “press dangerous apps
to divest and defend Ameri-
cans’ security and privacy.”
The bill defined control by
a foreign adversary as a busi-
ness with a minimum 20%
stake held directly or indi-
rectly by a foreign adversary,
or with headquarters that are
in or subject to direction by a
foreign adversary.
A TikTok spokesperson de-
scribed the bill as “an outright
ban of TikTok,” adding that it
would “trample” First Amend-
ment rights and affect 170
million American users and
five million small businesses
on the platform in the U.S.
Another bill introduced by
Reps. Frank Pallone Jr. (D.,
N.J.) and Cathy McMorris
Rodgers (R., Wash.) on Tues-
day seeks enforcement action
on data brokers who sell data
to foreign adversaries or their
controlled entities.

What to Watch as Biden Gives

His State of the Union Address
BY KEN THOMAS
AND CATHERINE LUCEY

WASHINGTON—President
Biden’s election-year State of
the Union address is a mo-
ment loaded with potential
risks and rewards.
The speech will give him
what will likely be his largest
televised audience before this
summer’s Democratic conven-
tion. With former President
Donald Trump now unchal-
lenged to win the Republican
presidential nomination, Biden
will have a prime-time plat-
form to contrast his vision
JIM LO SCALZO/PRESS POOL

with his rival’s and appeal to

the diverse coalition of voters
who elected him in 2020.
But it also comes as the 81-
year-old president faces a
public that is skeptical over
his age and ability to handle a When Biden delivers his address Thursday he will likely have
second term, and as he is get- his largest televised audience until the Democratic Convention.
ting criticism from key parts
of his political base over his enemy, he is destroying our he is too old and his advisers
response to Israel’s conflict country!” see the speech as an opportu-
with Hamas. Here’s what to The key for Biden, Demo- nity to showcase vigor.
watch in Thursday’s address cratic allies said, is to present
at 9 p.m. ET: a forward-leaning message.
“There’s always an inclina- The agenda
tion to talk a lot about accom- Biden will seek to use the
The 2024 campaign plishments, but it’s also im- address to point to progress
Biden will be addressing the portant to lay out future goals on the economy, including de-
nation two days after Trump because you have to give peo- clining rates of inflation and
dominated the Super Tuesday ple something to vote for,” improving confidence among
contests and in the aftermath said Celinda Lake, a Demo- the public.
of the Supreme Court’s ruling cratic pollster who worked on His pitch will also include a
that Trump can remain on Biden’s 2020 campaign. consumer focus. Ahead of the
Colorado’s primary ballot in a speech, the White House out-
rejection of an attempt to lined plans to cut credit-card
challenge his eligibility. The age factor late fees from an average of
Biden huddled with top Biden is also going to be $32 down to $8, and target so-
aides to work on the speech judged on style and delivery— called junk fees across a range
over the weekend at Camp Da- and closely watched for any of goods and services.
vid and revisions are expected flubs or missteps. Biden is also expected to
to continue until showtime. Polling shows most voters address immigration. He has
Aides said the address will fo- think Biden is too old to serve blamed Republicans for oppos-
cus on ways “to make life bet- another four years. Those ing a bipartisan border agree-
ter for every American,” in- fears were amplified following ment in the Senate that would
cluding lowering costs, a recent special counsel report have allowed the government
including for prescription that alleged Biden had mem- to expel migrants if crossings
drugs, raising taxes on the ory issues. surpassed a daily threshold of
wealthy and corporations, and “People will be listening to 4,000. Trump has opposed the
protecting the right to an what Biden says, but also measure, calling it a “gift” to
abortion. In short, Biden will watching how he says it,” said Democrats in an election year.
try to draw a direct contrast Michael Waldman, who served Biden is also expected to
with Trump under the mantra, as former President Bill Clin- emphasize abortion rights
“Whose side are you on?” ton’s chief speechwriter. “If he more than he has in past
Trump, for his part, has can show some zest and joie speeches, as the Supreme
painted his contest with Biden de vivre and be a happy war- Court ruling that eliminated
in stark terms, posting on his rior, it will help him a lot.” the right to the procedure has
social-media platform The president has angrily proved a powerful motivator
Wednesday that “Biden is the rejected the suggestion that for Democrats.
P2JW067000-4-A00600-1--------XE
A6 | Thursday, March 7, 2024
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
HONORED: A new stamp featuring the late first lady Betty Ford was unveiled at the White
House on Wednesday by daughter Susan Ford Bales, right, and first lady Jill Biden.
NYCB Gets
$1 Billion
Lifeline
Continued from Page One
partner and Hollywood finan-
cier acquired another troubled
lender in the depths of the
2008 financial crisis. A group
of investors led by Mnuchin
took over IndyMac Bank fol-
lowing its seizure by the Fed-
eral Deposit Insurance Corp.
and eventually made hundreds
of millions when it was sold to
CIT Group.
“In evaluating this invest-
ment, we were mindful of the
bank’s credit risk profile,”
Mnuchin said in a statement
Wednesday. “We believe we
now have sufficient capital
should reserves need to be in-
creased in the future to be
consistent with or above the
coverage ratio of NYCB’s large
U.S. Calls
For Haiti
Transition
Continued from Page One
July 2021 assassination of
President Jovenel Moïse with
promises of holding elections.
Since then, the country has
plunged into gang warfare
while Henry, a 74-year-old neu-
rosurgeon, has argued that the
dire situation makes it impossi-
ble to hold credible elections.
Henry was unable to be
U.S.WATCH
bank peers.”
NYCB has been in crisis
mode since the bank in January
revealed signs of trouble in its
commercial real-estate books,
swung to a fourth-quarter loss
and slashed its dividend.
Then last week, the bank
disclosed that it had found
“material weaknesses” in the
way it assesses and monitors
loans. The disclosures have
triggered several credit
downgrades.
The bank’s woes have
touched off concerns of an-
other banking crisis after
three regional lenders col-
lapsed about a year ago.
Bank stocks declined last
week after a deal to shore up
a smaller Philadelphia-based
bank, Republic First, col-
lapsed. The deal would have
filled only a portion of the
capital hole at that bank,
which has flagged its own in-
ternal-control issues.
NYCB’s pursuit of fresh
capital under duress drew
parallels with the travails of
another regional lender, Sili-
reached for comment. The em-
battled leader was in Kenya last
week trying to secure a deal to
send a U.S.-funded, Kenyan-led
mission to help reinforce Haiti’s
beleaguered police force, but
his return home has been
blocked by prominent leaders
of groups who have said his
rule is illegitimate. Kenya’s
president agreed to work to get
the mission deployed soon but
didn’t give a timetable.
A spokesman for the State
Department said the Biden ad-
ministration is urging Henry to
accelerate the appointment of a
transition council to pave the
way for free and fair elections
to choose a leader and prepare
the country for a multinational
U.S. NEWS
con Valley Bank, almost ex-
actly one year ago.
SVB, which catered to tech
companies and venture-capital
firms, announced a public cap-
ital raise on the same day the
bank revealed it had booked a
loss of nearly $2 billion in a
sale of assets. The company’s
shares declined and an out-
flow of bank deposits acceler-
ated. Within days, it was
taken over by the FDIC.
NYCB has sought to reas-
sure investors over the past
month, overhauling its man-
agement and saying in early
February that its deposits
were stable.
Of particular concern to in-
vestors is NYCB’s concentration
in loans for rent-stabilized
buildings in New York City.
That market has struggled with
rising interest rates and the af-
termath of a 2019 law that
capped how much landlords
can increase rent on some
units. About half of NYCB’s
portfolio of loans on multifam-
ily residential properties is
subject to rent regulations.
FROM PAGE ONE
security deployment to address
the rise in criminal violence.
“We are not calling on him
or pushing for him to resign,
but we are urging him to expe-
dite the transition,” the spokes-
man said Wednesday.
Member states from the Ca-
ribbean Community on Tues-
day held an emergency meeting
to discuss security measures
and evaluate options for a tran-
sitional authority that could
take over if Henry steps aside,
but the situation in Haiti is fast
evolving, a person familiar with
the talks said.
“The last thing in the world
that anyone wants in Haiti is a
power vacuum,” said Roberto
Álvarez, the foreign minister of
the Dominican Republic.
Haiti’s capital, Port-au-
Prince, was calm Wednesday.
Residents in Pétion-Ville, the
suburb where the country’s
wealthy business elite live, said
it was the first time in months
they hadn’t heard a single shot
fired during the night.
The airport remained closed,
guarded by police and Haiti’s
small armed forces. Fighting
had continued through Tues-
day evening but an airport po-
lice administrator said the pe-
rimeter had been secured by 9
p.m. local time.
Opposition members said
they were preparing for what
they believe is the inevitable
resignation of Henry. “We can-
not have a void,” said Jacques
Ted St Dic, a member of the
Montana Accord, a coalition of
groups that oppose Henry. The
group is working with others to
find an interim prime minister
to take Henry’s place, he said.
St Dic said there is no police
presence on the streets, making
the collapse of security an ur-
gent threat.
A resignation by Henry
could, in the short term,
worsen Haiti’s political crisis
and provide an opening for ac-
tors such as Guy Philippe to
step into the country’s power
vacuum. Philippe, a former se-
nior Haitian police official, led
a ragtag army of Haitian exiles
who overthrew President Jean-
Bertrand Aristide in 2004.
He was indicted on drug-
trafficking charges and extra-
dited to the U.S., where he
pleaded guilty to one count of
drug-money laundering in 2017.
After serving six years in an
Atlanta prison, Philippe re-
turned to Haiti in November.
Since arriving in Haiti, Phi-
NEW YORK
National Guard Gets Bill Passes to Curb
Subway Mission Public Encampment
New York Gov. Kathy
Hochul said she plans to send
the National Guard to the
New York City subway sys-
tem to help police search pas-
sengers’ bags for weapons,
following a series of high-pro-
file crimes on city trains.
Hochul, a Democrat, said
she will deploy 750 members
of the National Guard to the
subways to assist the New
York Police Department with
bag searches at entrances to
busy train stations. “For peo-
ple who are thinking about
bringing a gun or knife on the
subway, at least this creates a
deterrent effect.” Hochul said.
The move comes as part
of a larger effort from the
governor’s office to address
crime in the subway, which
includes a legislative proposal
to ban people from trains for
three years if they are con-
victed of assaulting a subway
passenger.
—Associated Press
NYCB share price
$12
10
8 bank could explore to bolster
6 noncore businesses. The bank
4 newfangled financial instru-
2 side investors, people familiar
0 Finding takers for those as-
Jan. 2024 Feb. March
Source: FactSet
NYCB has roughly doubled
in size since it acquired Flag-
star Bank in late 2022 and
parts of Signature Bank a few
months later.
With more than $100 bil-
lion in assets, it was the 28th-
largest bank in the U.S. at the
end of 2023.
DiNello, who previously ran
Flagstar Bank, succeeded
lippe has started a political
movement, leading protests
calling for Henry’s ouster that
have paralyzed some cities. He
has gained support among
groups fed up with Henry’s rule
and growing gang violence.
Some Haitian organizations
have urged that a three-person
transitional council including
Philippe be formed to find a so-
lution to the political crisis.
They say Philippe is best
placed to stabilize Haiti’s dete-
riorating security situation.
“Guy Philippe came back,
talked about a peaceful revolu-
tion and got the people’s sup-
port,” said Ralph Chevry, who is
on the board of Haiti Pathway
Forward, an organization of
Haitians living abroad. Chevry
said Philippe is in a good posi-
tion to talk to Haitians, includ-
ing the groups that control up
to 80% of Port-au-Prince.
But for some U.S. analysts,
the rise of Philippe or Jimmy
“Barbecue” Chérizier, a power-
ful gang leader with political
ambitions, would be a disaster.
“We run the risk of having
Guy Philippe storming into the
* ** * THE WALL STREET JOURNAL.
FLORIDA
Florida will ban thousands
of homeless people from set-
ting up camp or sleeping on
public property under a bill
lawmakers sent to Republi-
can Gov. Ron DeSantis, who
supports the idea.
Counties, with approval
from the state Department
of Children and Families,
would be able to designate
areas for the homeless to
camp for up to a year under
the bill the Senate passed
27-12 late Tuesday.
Supporters say the bill will
help eliminate the nuisance of
homeless people living on
public property and parks.
They also argue it will be eas-
ier to provide local services to
the homeless if they are in
one location. Opponents said
the bill is an effort to gather
up the homeless and get
them out of public view.
The bill will take effect
Oct. 1 if signed by DeSantis.
—Associated Press
Thomas Cangemi as CEO at
the end of February. The bank
named new chief risk and au-
dit officers last Friday.
Last month, DiNello laid
out a series of options the
its balance sheet, including
selling assets from certain
also has considered turning to
ments that would share the
risks of those loans with out-
with the matter said.
sets, at least at prices that
would make a deal worth-
while, has been challenging,
and U.S. officials have ex-
pressed reservations with
banks pursuing credit-risk
transfers that would shift the
burden of potential losses to
entities outside of the regu-
lated banking system.
Moody’s Investors Service
and Fitch Ratings have both
downgraded New York Com-
munity Bancorp’s credit ratings
to below investment grade.
palace and saying he’s in
charge and that he will work
with Barbecue to provide secu-
rity for the region,” said Eddy
Acevedo, a national security
expert at the Wilson Center, a
Washington think tank. “This is
our worst nightmare come
true,” Acevedo said.
Antoine Fernand Saint-Su-
rin, a close aide to Philippe,
said the Haitian people wanted
Henry to quickly step aside.
He blamed government cor-
ruption of the last 20 years for
leaving Haitians in misery and
at the mercy of gangs, which
have colluded with various
presidents. “They did not put
bread, a tool, or work in the
hands of the poor, so the poor
picked up a knife, a gun or a
bomb,” Saint-Surin said.
Philippe’s movement op-
poses any plan for Kenyan
peacekeepers to support Haiti’s
police. “They are not welcome,”
he said.
Another power broker is
Chérizier, a former police offi-
cer who leads an alliance that
includes most of the country’s
gangs. Originally the boss of a
Armorer
For ‘Rust’
Is Found
Guilty
BY SURYATAPA BHATTACHARYA
Hannah Gutierrez-Reed, the
armorer in charge of weapons
on the “Rust” movie set where
a cinematographer was fatally
shot, was found guilty of in-
voluntary manslaughter by a
New Mexico jury.
Gutierrez-Reed was charged
with one count each of involun-
tary manslaughter and evi-
dence tampering in the October
2021 shooting death of cinema-
tographer Halyna Hutchins.
The jury took less than three
hours to return the verdict. It
found Gutierrez-Reed not
guilty of evidence tampering.
Alec Baldwin, the film’s
star and co-producer, was pre-
paring for a scene in the
Western when he held a prop
gun that fired a live round,
killing Hutchins. The director,
Joel Souza, was wounded.
Gutierrez-Reed was taken
into custody soon after the
verdict was read Wednesday.
The manslaughter charge car-
ries a maximum sentence of 18
months. Jason Bowles, Gutier-
rez-Reed’s attorney, said they
planned to appeal the decision.
Authorities haven’t deter-
mined how live rounds, which
are typically forbidden on film
sets, made it onto the “Rust”
set outside Santa Fe. But pros-
ecutors said Gutierrez-Reed’s
negligence was a critical fac-
tor in the shooting, alleging
that she failed to check the
rounds that were loaded into
firearms and didn’t ensure
that Baldwin had proper
safety training.
Lawyers for the gun handler,
who was 24 years old at the
time of the shooting, sought to
dismiss the involuntary-man-
slaughter charges, accusing the
prosecution of misconduct dur-
ing the investigation.
ODELYN JOSEPH/ASSOCIATED PRESS (2)
Soldiers guarded the airport
in Port-au-Prince, Haiti, on
Wednesday. Jimmy ‘Barbecue’
Chérizier, left, is among gang
leaders vying for power.
criminal organization known
as the G-9, Chérizier joined
forces last week with other
leaders to form an alliance
with most of Haiti’s gangs
called Viv Ansamn, which
means “Live Together.”
Chérizier, who human rights
groups said has received weap-
ons and money from successive
Haitian governments, has pre-
sented himself as a revolution-
ary leader defending the poor
against the country’s small
group of wealthy elite. Rights
groups said Moïse, the late
president, paid Chérizier to
pursue political enemies in Cité
Soleil, a slum in Port-au-Prince.
The U.S. Treasury Depart-
ment placed Chérizier under
sanctions for his role in orga-
nizing a 2018 attack on the La
Saline slum that left at least 71
people dead. In 2022, his gun-
men barricaded Haiti’s main
port, blocking food and fuel
supplies from leaving the ter-
minal. The United Nations sanc-
tioned Chérizier later that year.
In a video this week, Chériz-
ier called on Haitians to oust
Henry. “Get rid of the blood-
thirsty dictator,” he said.
Henry signed a deal with
Kenya on Friday for the security
assistance. After landing in New
York this week, the prime min-
ister attempted to fly to Haiti
and then to neighboring Domin-
ican Republic Tuesday before
deciding to go to Puerto Rico.
—Ingrid Arnesen
and Vivian Salama
contributed to this article.
P2JW067000-0-A00700-1--------XA

THE WALL STREET JOURNAL. Thursday, March 7, 2024 | A7

WORLD NEWS
Gaza Negotiations at Perilous Point Houthi
Attack
As Ramadan deadline
approaches, Israel Kills Three
and Hamas are far
apart on major issues On Ship
BY DOV LIEBER BY BENOIT FAUCON
AND SUMMER SAID AND COSTAS PARIS

CAIRO—Cease-fire negotia- Three people on board a Bar-

tions here have entered their bados-flagged ship were killed
most perilous moment in after it was struck in an attack
weeks, all but stalling even as claimed by Yemen’s Houthis on
U.S. and Arab mediators rush Wednesday, according to the
to reach a deal to pause fight- U.S. military, the first known
ing in Gaza and release some loss of life since the rebel group
hostages held there ahead of a began assaulting ships in the
looming Ramadan deadline. Red Sea region in November.
Abbas Kamel, Egypt’s spy The bulk carrier True Con-
chief, stepped in to prevent fidence caught fire after it was
Hamas from walking away hit by a missile as it sailed 50
ALI HAMAD/APA IMAGES/ZUMA PRESS

from negotiations late Tues- nautical miles southwest of

day, according to Egyptian of- Aden, Yemen, forcing the crew
ficials with knowledge of the to abandon the ship, said the
talks, persuading the militant vessel’s managers and owners.
group to stay an extra day Three people were killed in
even though the two sides ap- the attack and at least four were
pear deadlocked. injured, including three who
Hamas said early Wednes- were in critical condition, said
day that it had shown “the U.S. Central Command, which is
necessary flexibility” for a People on Wednesday mourned the death of journalist Mohammed Salamah, who was killed in an Israeli attack in Gaza. responsible for U.S. military op-
deal and would continue to erations in the Middle East.
negotiate “to reach an agree- 40, says it won’t send a negoti- The Iran-backed Yemen-
ment that fulfills the demands ating team to Cairo until it gets based Houthis, who have at-
and interests of our people.” the answers. Hamas says it U.S. Weapon Transfers to Israel Avoid Public Disclosure tacked commercial ships in
Israel and Hamas are at needs a few days without fight- what they say is retaliation for
odds about whether fighting- ing to tally the figure. The U.S. has sent tens to Israel, but it has only of- less-public mechanisms Israel’s war in Gaza, said they
age men would be allowed Israeli officials say Hamas’s of thousands of weapons ficially notified Congress of available to the White targeted the vessel because of
during a cease-fire to return leader in Gaza, Yahya Sinwar, including bombs and preci- two shipments made under House. Those include draw- what the group claimed was its
to the northern part of Gaza, isn’t interested in a deal, and sion guided munitions to the major foreign weapon- ing from U.S. stockpiles, ac- U.S. ownership. Any current
which Israel sealed off as it is hoping that continued fight- Israel since Hamas’s Oct. 7 sales process, which is usu- celerating previously ap- U.S. connection was denied by
pursued Hamas’s fighters, ing will lead to an escalation of attacks using procedures ally submitted to lawmak- proved deliveries, and the ship’s managers, Third
Egyptian officials said. An Is- tensions in the West Bank and that have largely masked ers for review and then sending weapons in smaller January Maritime of Greece
raeli official familiar with the Jerusalem during the Muslim the scale of the administra- publicly disclosed, U.S. offi- batches that fall below a and FML Ship Management of
matter denied this was part of holy month of Ramadan, set to tion’s military support for cials said. In both cases, dollar threshold that requires Cyprus, and its owner, True
negotiations now. begin around Sunday. Israel, current and former the administration used an the administration to notify Confidence Shipping of Liberia.
Israel, which isn’t negotiat- Should the talks collapse, U.S. officials said. emergency rule that avoids Congress, current and former The vessel was transport-
ing directly with Hamas in talks Israel is threatening to move The administration has the review process. U.S. officials said. ing Chinese steel products and
being mediated by the U.S., ahead with a military opera- organized more than 100 The rest of the transfers —Jared Malsin trucks to Saudi Arabia and
Egypt and Qatar, is waiting for tion in the city of Rafah, individual transfers of arms have been approved using and Nancy A. Youssef Jordan, and was manned
answers from the militant where more than a million mostly by Filipinos, with other
group, according to the Israeli Palestinians are sheltering. workers on board from India,
official. The main questions Is- The U.S. has warned against Vietnam, Sri Lanka and Nepal,
rael wants answered are how such a move, which Israel sees The stakes of the precari- Politically, too, the implica- on Israel’s northern border they said. Third January Mari-
many and which Palestinian as critical to eliminating ous negotiations could hardly tions of a deal, or its failure, with Lebanon. Militants from time’s manager, Khaled Sabra,
prisoners Hamas wants re- Hamas from the enclave, with- be higher, with Gazans suffer- are huge. An invasion of Ra- Hezbollah and the Israeli mili- declined to comment.
leased for every hostage freed, out a plan to limit civilian ca- ing without steady access to fah, where Israel had earlier in tary have exchanged fire over The Houthi attacks have up-
and how many of the sick, el- sualties. Israeli leaders say aid, the lives of hostages held the war told Palestinians to the frontier since the Oct. 7 ended the shipping industry’s
derly and female hostages it they wouldn’t carry out such in the enclave in the balance go, could inflame tensions in attacks by Hamas on Israel. ability to travel through one of
holds are still alive. Israel, an operation without moving and the death toll from the the region and potentially — Jared Malsin the world’s busiest commercial
which says the number is about civilians out of harm’s way. war climbing. trigger a larger-scale conflict contributed to this article. waterways.

Egypt, IMF Strike Accord

BY CHAO DENG
AND MICHAEL AMON

CAIRO—Egypt struck a deal

with the International Mone-
tary Fund to extend the coun-
try an $8 billion loan, hours

The Wall Street Journal

after allowing its currency to
float freely and raising inter-
est rates in a surprise bid to
win back foreign investors as

would like to thank the

AMR NABIL/ASSOCIATED PRESS

its economy comes under

pressure from the war in Gaza.
The Egyptian pound lost

sponsors of the 2024

about 38% of its value against
the U.S. dollar after the cur-
rency announcement, despite
the Central Bank of Egypt

CFO Network March

raising key interest rates. The An Egyptian man walks past an exchange office in Cairo.
pound last traded at 49
pounds to one U.S. dollar, from Gaza, many shipping operators much lower in the black mar-
about 30 the previous day. rerouted their vessels, avoiding ket, investors had for months
The agreement marks a sub-
stantial step up from the $3
billion dollar loan the IMF pre-
the Suez Canal and reducing been expecting the central
Egypt’s revenue from transit bank to allow another sharp
fees. Egyptian authorities also devaluation. Still, the an- Summit for their
generous support.
viously had been discussing face a potential influx of tens nouncement of a complete
with Cairo, signaling the or- of thousands of Palestinians free float—and its timing on
ganization’s willingness to help trying to flee fighting between Wednesday—was a surprise.
prop up the country’s economy. Israel and Hamas. In the short term, the sharp
Egypt’s currency announce- President Abdel Fattah Al fall in the pound’s exchange
ment and rate move were part Sisi, who was re-elected for a rate could exacerbate inflation
of a broader effort by authori- third presidential term in De- by making imports more ex-
ties to attract foreign capital cember, resisted letting the pensive, resulting in more
amid waning investor confi- pound drop dra- hardship for
dence and to stabilize a strug- matically as he most Egyptians,

$8B
gling domestic economy as the sought to stabi- although many
war in Gaza poses challenges lize prices and businesses
to the government in Cairo. keep political were factoring Founding Sponsor
Egypt has been playing a dissent in check, in the move. In-
major role in cease-fire negotia- analysts said. International flation eased to
tions between Israel and Hamas Before Wednes-
and has sought to prevent a day’s move, the
Monetary Fund loan 29.8% in Janu-
ary, after reach-
wider spillover of the conflict. pound lost is extended to boost ing about 33.8%
But its ailing economy has about half its ailing economy. in December.
come under renewed pressure. value since Many Egyp- Presenting Sponsor
Weighed down by one of the March 2022, tians have cut
world’s highest levels of foreign pushing infla- back on eating
debt, Egypt faced a potential tion to staggering levels and meat, and some have blamed
default if it didn’t begin making sending many Egyptian families authorities for higher prices.
financial reforms that would at- into poverty. “When the government
tract investors and satisfy its Egyptian authorities, how- floats the pound, it harms us
international benefactors. ever, were under pressure to even more,” said Alaa El-Sabea,
The war has raised diplo- let the currency float freely, as a father of two young children
matic and political tensions a way to restore investor con- in Cairo who has skipped meals
across the Middle East and its fidence. Egypt’s richer Gulf to save money. “The most im-
economic impact has been felt neighbors, which had propped portant thing is to make sure
in Europe and, to a lesser ex- up Egypt’s finances, have been my children eat.” CFO Network is by invitation.
tent, the U.S. and Asia. Israel’s reluctant in the past year to The IMF in October agreed
economy contracted sharply pump more capital into the to lend Egypt $3 billion, but it Learn more at CFONetwork.wsj.com
late last year as consumers country without reassurances delayed incoming tranches
cut spending in reaction to on how the Egyptian pound amid continuing discussions
the uncertainty. The conflict would trade. about reforms.
has disrupted trade flows and IMF discussions with Egypt The Egyptian central bank
briefly shut down production about a loan have lasted for said its sole objective is to
lines as far as Germany. months, with officials pushing rein in inflation, which it will
When Yemen’s Houthi forces for Cairo to let its currency aim to keep within a range be-
began targeting vessels in the float freely in markets. tween 5% and 9%. It raised its
© 2024 DowJones & Co. Inc. All rights reserved. 6DJ0240
Red Sea in what they say is a With the currency still un- overnight deposit rate to
response to Israel’s war in der pressure and trading 27.25% from 21.25%.
P2JW067000-0-A00800-1--------XA
A8 | Thursday, March 7, 2024
Company
Sends Ashes
To Moon
Continued from Page One
ple that love Star Trek, or
worked for NASA, or just went
out on a dark night sky and
said, ‘That’s where I belong.’”
Since its first flight in 1997,
the company has sent the cre-
mated remains of more than
2,000 clients to Earth orbit,
the moon, and, most recently,
into deep space.
A lunar or deep space flight
costs around $13,000. Flights
to the edge of space or into
Earth orbit can run between
$3,000 and $5,000. Orbital
flights come with convenient
tracking through a smart-
phone app so customers know
when their loved one is pass-
ing overhead.
Ferrying human remains to
the moon is legal, according to
existing rules that govern the
cosmos. But as the companies
capable of reaching off-world
destinations proliferate, some
experts say the legislative
framework and regulatory
agencies overseeing payloads
must also adapt.
Flags, golf balls and 96
bags of human waste are
among the items installed,
abandoned or interred on the
lunar surface since Neil Arm-
strong took one giant leap for
mankind. There is also a me-
tallic human sculpture. And,
purportedly, a digitized doodle
of genitalia (by Andy Warhol).
The Navajo Nation, which
considers the moon sacred,
has objected to using the lu-
nar surface as a cemetery.
“Right now these things are
permissible. But does that
mean they’re acceptable?”
says Leslie Tennen, a Phoenix-
based attorney with a spe-
Technology
Bromance
Turns Toxic
Continued from Page One
has been left playing catch-up
with the organization his
money helped get off the
ground.
“On a personal level it’s
sad,” Altman said in a memo
to employees the day the law-
suit was filed. He called Musk
a personal hero. “I like to
think of Elon as a builder and
someone who competes by at-
tempting to build better tech-
nology, and someone who I’d
hope to be on our side,” he
wrote.
In a blog post Tuesday eve-
ning, OpenAI said it intended
to move to dismiss all of
Musk’s legal claims.
For years, Altman relied on
Musk’s fame and fortune to
get OpenAI off the ground.
The two built an alliance to
try to prevent Google, which
had taken the lead in the AI
race, from dominating the in-
dustry. People close to the two
men offered conflicting ac-
counts of how their partner-
ship soured.
Those close to Altman say
Musk is jealous of how his for-
mer mentee upstaged him in
the AI race, and that Musk
cares more about beating Ope-
nAI than AI safety. Those close
to Musk say his concerns
about safety are genuine, and
that he sees xAI as crucial to
developing a better alternative
to OpenAI.
This account is based on
conversations with dozens of
people familiar with Altman,
Musk and OpenAI, and on
court filings and internal doc-
uments.
Altman and Musk were in-
troduced by Geoff Ralston, a
partner at Y Combinator, the
powerful startup accelerator
that had helped fund Altman’s
first company, a location-
based social-networking app
called Loopt.
When Altman first met
Musk, he had just sold Loopt
for only about what earlier in-
vestors had poured into it. He
was somewhat adrift, spend-
ing time at an ashram in India
and mulling whether to start a
new company or devote him-
self fully to investing.
Musk, for his part, had de-
veloped a commercial space-
craft capable of picking up
cargo from a space station and
returning to Earth—which he
viewed as an essential first
step in making humans an in-
terplanetary species.
cialty in space law.
Celestis clients include the
late Star Trek creator Gene
Roddenberry and his wife; sci-
ence-fiction author Arthur C.
Clarke; and dozens of astro-
nauts and engineers, as well
as artists and space enthusi-
asts.
Before her death in 2013,
American artist Luise Kaish
told her family she wanted to
be buried in space.
“It was a profound commu-
nication and a great surprise,
though she had been oriented
to the stars ever since the
first moon landing,” her hus-
band, Morton Kaish, says.
Kaish and his daughter, Me-
lissa, signed Luise up for Ce-
lestis’s first deep space flight,
named Enterprise after the
Star Trek vessel.
That flight took place this
year on Jan. 8 aboard a United
Launch Alliance rocket named
Musk was growing worried
about rapid advances in artifi-
cial intelligence. According to
Musk’s lawsuit, his fears grew
out of a 2012 meeting with
Demis Hassabis, co-founder of
AI company DeepMind, who
“emphasized the potential
dangers that the advancement
of AI presents to society.” Un-
mentioned in the lawsuit was
that Musk invested in Deep-
Mind after that meeting, to
keep better tabs on the tech-
nology.
Later, Musk was alarmed to
hear that Google planned to
buy DeepMind. Together with
Luke Nosek—like Musk, a Pay-
Pal co-founder—he made a
counteroffer, according to the
complaint. Their bid failed,
and Google bought DeepMind.
Altman had been obsessed
with the idea of AI since child-
hood, and at age 18 had placed
it at the top of a list of prob-
lems he wanted to explore.
As Altman’s profile in Sili-
con Valley rose, he tried to fo-
cus tech-industry attention on
AI’s potential. In 2014, on his
personal blog, he referred to
AI as potentially “the biggest
development in technology
ever.” Days later, he was ap-
pointed to lead Y Combinator,
the startup accelerator that
had funded Dropbox and
Airbnb—and later, OpenAI it-
self.
Shared concerns
Like Musk, Altman also
worried about the technol-
ogy’s dangers. In February
2015, he wrote that AI was
“probably the greatest threat
to the continued existence of
humanity.”
Musk and Altman had kept
in touch about such concerns.
That March, Altman reached
out to Musk to gauge his in-
terest in drafting an open let-
ter to the U.S. government
about AI. In May, he emailed
Musk, proposing that Y Com-
binator start a “Manhattan
Project” for artificial intelli-
gence. Musk responded:
“probably worth a conversa-
tion.”
The two men began work-
ing on a new AI lab, which
Musk would name OpenAI.
Altman proposed in an email
that June that the two of them
sit on a five-member board
that would govern the non-
profit. He suggested waiting to
send the open letter calling for
AI regulation until after the
lab was formally launched.
Musk replied: “Agree on all.”
Altman brought in Greg
Brockman, a computer scien-
tist who served as chief tech-
nology officer of payment-pro-
cessing company Stripe. Musk
helped recruit Ilya Sutskever,
a leading AI scientist who was
FROM PAGE ONE
Vulcan Centaur, and included
ashes and DNA from more
than 200 other people, plus
verified hair samples contain-
ing DNA from three U.S. presi-
dents—Washington, Kennedy
and Eisenhower—anony-
mously donated to Celestis.
After the launch, part of
the rocket with a container af-
fixed inside—carrying individ-
ual capsules holding remains
and DNA—blasted away to-
ward an orbit around the sun.
For science teacher Bianca
San Miguel, Celestis’s recent
moon flight, which also
launched aboard Vulcan—af-
fixed to a lunar lander built by
a U.S. company named Astro-
botic Technology—seemed like
the perfect way to honor her
daughter, Audrey Langford.
“With her passing, it felt
like a big black hole, and this
was the way to fill it,” says
San Miguel.
Musk, left, and Altman in 2015, the year they co-founded OpenAI as a nonprofit research lab.
working at Google, according
to the complaint. To make
compensation at the nonprofit
more attractive, OpenAI
planned to offer recruits eq-
uity in Tesla and SpaceX, and
a chance to benefit from Y
Combinator investments.
Musk and Altman became
OpenAI’s first co-chairs. Be-
hind the scenes, it was Musk
who was seen to hold more in-
fluence and control over the
organization, according to for-
mer employees.
At first, Musk was a regular
presence in the office, pitching
far-fetched ideas and conduct-
ing polls on when employees
thought artificial general in-
telligence could be achieved.
OpenAI shared office space
with Neuralink, Musk’s brain
implant startup.
Musk also was OpenAI’s fi-
nancial linchpin. He pushed
the nonprofit to
announce it had
secured $1 bil-
lion in funding At one point
commitments Musk wanted
to “avoid
sounding hope- OpenAI to
less relative to
what Google or
become part of
Facebook are Tesla.
spending” and
promised to
cover any fund-
ing shortfalls, according to an
email from Musk included in
OpenAI’s Tuesday blog post.
Altman and Brockman had
earlier planned to raise $100
million, the post said.
Musk ended up donating
$44 million, according to the
complaint. He gave $15 million
in 2016 and $20 million in
2017, making him the largest
funder for both years. He also
paid OpenAI’s rent for a num-
ber of years, according to the
complaint.
Musk pushed OpenAI re-
searchers to come up with
projects to give it an edge
A propellant leak prevented
the lander from reaching its
final destination on the sur-
face of the moon. It eventually
returned to Earth, burning up
in the atmosphere with nearly
70 Celestis capsules inside.
Celestis has another lunar
flight, Destiny, planned to
launch next year. The com-
pany has offered customers
whose loved ones didn’t make
it to the moon’s surface in
January a complimentary
flight aboard Destiny. “We
definitely want to give it an-
other go,” San Miguel says.
Chafer helps his company
secure payload space on
launches scheduled to Earth
orbit, deep space or the moon.
Celestis has sent remains up
with providers including
SpaceX, Northrop Grumman
and Lockheed Martin.
Weight is at a premium. Ce-
lestis forks over about $80,000
over DeepMind. One research
team set out to beat the
world’s best players at a com-
plex videogame called Dota 2.
By 2017, though, OpenAI
hadn’t achieved any major re-
search breakthroughs. Musk
appeared to be growing rest-
less, former employees said.
He ratcheted up the pressure
on employees, sometimes
threatening to walk away from
the project.
That same year, Google
published a paper about a new
AI model called the Trans-
former, which would pave the
way for the kind of large lan-
guage models that power tools
such as humanlike chatbots.
The paper showed that the
way to achieve that was by
crunching huge data troves,
which required enormous
computing power.
To pay for such computing
power, Brock-
man and others
suggested
changing Ope-
nAI’s structure
to a for-profit,
according to
the complaint.
That would en-
able it to raise
capital from in-
vestors such as
Microsoft.
Musk resisted the idea,
writing to Brockman,
Sutskever and Altman that ei-
ther “go do something on your
own or continue with OpenAI
as a nonprofit. I will no longer
fund OpenAI until you have
made a firm commitment to
stay or I’m just being a fool
who is essentially providing
free funding to a startup. Dis-
cussions are over.”
Altman replied that he re-
mained “enthusiastic about
the non-profit structure!”
In the Tuesday blog post,
OpenAI said Musk recognized
the need for a for-profit entity,
THE WALL STREET JOURNAL.
A Houston company called
Celestis uses tiny capsules to
send cremated remains and
FROM LEFT: ULA; JEFF LAUTENBERGER FOR THE WALL STREET JOURNAL
DNA into space—and
sometimes to the moon.
tics and Space Administration
chief Bill Nelson. The letter
opposed the inclusion of hu-
man remains on Astrobotic’s
lander, requesting a launch
delay until tribes could be
consulted.
NASA officials have under-
scored how the agency had no
oversight over other payloads
aboard the January launch,
part of a program in which
private American companies
design and operate U.S. lunar
to $100,000 per kilogram on landers via multimillion-dollar
board a vessel bound for Earth contracts.
orbit, and around five times Nygren, who met with Nel-
that much for cargo room son in February, said he thinks
heading to the moon or deep the agency still has a say. “All
space, according to company these private launches will not
President Colby Youngblood. happen without NASA flipping
Celestis customers receive the bill,” according to Nygren.
kits with scoops and contain- In a statement provided to
ers that they mail back with The Wall Street Journal, Nel-
some 50 grams of ashes. son said no NASA-owned pay-
About a gram of that—less loads to the moon would in-
than a teaspoon—is trans- clude human remains without
ferred to a watch-battery- the appropriate consultation.
sized titanium capsule with a Astrobotic declined to com-
screw-on bottom, about half ment, but in a press briefing
an inch in diameter. before the launch, company
These capsules can be CEO John Thornton said he
stacked into tubes and nestled was “disappointed this con-
into containers that get at- versation came up so late in
tached to landers, rocket the game.”
stages, satellites and other ve- For Celestis’s part, Chafer
hicles blasting off the planet. says every venture is compli-
In December, Navajo Nation ant with international regula-
President Buu Nygren penned tions, noting, “We don’t sub-
a letter to multiple recipients, ject our space missions to
including National Aeronau- religious tests.”
according to the blog post.
Altman and Musk contin-
ued to discuss AI, and while
Musk had stopped making
cash donations to OpenAI, he
kept paying its rent. Altman
continued to support Musk
publicly after launching Ope-
nAI’s for-profit subsidiary in
March 2019.
When investors began
shorting Tesla’s stock, he
rushed to Musk’s defense. “It’s
MICHAEL KOVAC/GETTY IMAGES FOR VANITY FAIR
gross seeing so many root
against Tesla,” he tweeted in
May. He added that “betting
against Elon is historically a
mistake.”
Their relationship took a hit
in November 2022 when Ope-
nAI released ChatGPT, a chat-
bot that could write poetry
and generate computer code.
To Altman’s irritation,
Musk publicly aired concern
that the chatbot had acceler-
but wanted majority equity, ated a dangerous race to de-
initial board control and to be velop powerful AI. Musk also
CEO. In the middle of the dis- began questioning via tweets
cussions, the post said, he how the nonprofit he co-
withheld funding. OpenAI re- founded had launched a for-
lied on another investor, profit entity that raised bil-
LinkedIn co-founder Reid lions of dollars from
Hoffman, to pay its bills, the Microsoft. Those complaints
post said. Hoffman didn’t re- became the basis of his law-
spond to a request for com- suit.
ment. Shortly after OpenAI re-
leased ChatGPT, Musk an-
nounced he had severed Ope-
Push for control nAI’s access to a pipeline of
Musk pushed for more con- data from Twitter, the social-
trol over OpenAI, at one point media platform he had re-
recommending that OpenAI cently acquired. OpenAI had
become part of his car com- been considering using Twit-
pany, Tesla. In an email at- ter’s data to train its models.
tached to the blog post, Musk Altman invited Musk to
wrote: “Tesla is the only path OpenAI’s headquarters. The
that could even hope to hold a two men held a long, closed-
candle to Google. Even then, door meeting about the Twit-
the probability of being a ter decision and ChatGPT.
counterweight to Google is Around that time, Musk
small. It just isn’t zero.” told Altman about his plans to
Musk began trying to coax start a competing artificial
OpenAI researchers to jump general intelligence company,
ship and join Tesla, irking his xAI. Altman questioned
colleagues. By February 2018, whether adding another en-
OpenAI executives had re- trant into the AI race would
jected his bid to take control, ease Musk’s concerns. In the
and Musk decided to step months after ChatGPT’s re-
down as co-chair. Altman be-
came chief executive.
lease, Musk began trying to
poach OpenAI employees for
Altman called an all-hands xAI. He also threatened to sue
meeting, attended by Musk. Altman and OpenAI.
He thanked Musk for his time In November, Musk an-
at the organization. Musk told nounced his own chatbot,
employees he intended to pur- Grok. He described it as a less
sue his own AI research at “woke” competitor to Chat-
Tesla. After a young re- GPT. Musk gave the new chat-
searcher challenged Musk’s bot access to Twitter’s trove
decision, suggesting it would of online data, as well as space
exacerbate the AI arms race, in its San Francisco office. In
he called the researcher a recent weeks, xAI has begun
“jackass” and stormed out of preparing for a new fundrais-
the building. ing round, a move likely to in-
In late 2018, Musk sent an- tensify its race against Ope-
other email to Altman, Brock- nAI.
man and Sutskever predicting After Musk filed his law-
OpenAI’s eventual failure. “My suit, Altman wrote a memo to
probability assessment of Ope- his staff: “The implication that
nAI being relevant to Deep- benefiting humanity is some-
Mind/Google without a dra- how at odds with building a
matic change in execution and business is confusing,” he
resources is 0%,” Musk wrote, said. “I miss the old Elon.”
P2JW067000-0-A00900-1--------XA
PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved.
PERSONAL
TECHNOLOGY
JOANNA
STERN
L
ast week, I witnessed two
small miracles:
My Ford Mustang Mach-E
charged at 10 Tesla Su-
perchargers with few
technical issues.
Not a single Tesla owner threat-
ened to slash my tires for taking
up a spot. I even made a friend.
It’s a watershed moment in the
EV industry. The Mach-E and Ford
F-150 Lightning are now able to
charge at over 15,000 Tesla Super-
charger spots in the U.S. and Can-
ada. They just need a new charger
attachment and an in-car software
update. This move more than dou-
bles these drivers’ access to public
fast-charging spots. That range
anxiety you hear about? Leave it
at the gas pump.
Ford is first, though General
Motors, Hyundai, Kia, Mercedes,
Volkswagen and others have also
partnered with Tesla. Let’s just
hope Tesla owners are ready for
the company.
For us non-Tesla drivers, DC
fast chargers can mean out-of-or-
der signs, payment troubles and
connection issues, as my extensive
(and exhausting) research has
shown. Now that I’ve tested my
Mach-E at Superchargers in my
home state of New Jersey, I can
report that this partnership is a
remedy to the headaches many of
us recent EV adopters
have felt.
Is it a perfect solu-
tion, lugging around
some chunky dongle
so you can charge
your computer on
wheels at a station
designed for other
people’s vehicles?
Certainly not. And
does this power play
further solidify Tesla
boss Elon Musk’s
dominance over the
U.S. charging infra-
structure? Probably.
“There are certain problems
that are bigger than Ford, and one
of them is charging,” Ford Chief
Executive Jim Farley told me.
Striking a deal with Musk, his
competitor, made sense for Ford
customers, he added.
I can see why he felt that way.
This dongle is a game changer.
The setup
Let’s talk ports. Most non-Tesla
EVs plug in using the Combined
Charging System, known as CCS.
The plug is bigger and bulkier
DAVID HALL, JACOB REYNOLDS/THE WALL STREET JOURNAL
than Tesla’s North American
Charging Standard, aka NACS.
In the coming years, many non-
Tesla EV makers will offer the
NACS port on their newer cars.
Until then we’ve got…dongles.
Yes, Ford’s Fast Charging
Adapter, a 1.6-pound piece of plas-
tic and metal, won’t win any de-
sign awards. But it does work—
even after I accidentally chipped it
by dropping it in the parking lot.
Ford is offering the adapters
free to drivers if they order before
Some Ride Bitcoin’s Roller Coaster to Top
BY JOE PINSKER
AND CAITLIN OSTROFF
J
oe Oathout lost $500,000 on
bitcoin from his peak, but he
didn’t lose faith.
Few would have the stomach to
hold on after watching a $20,000
investment soar halfway to $1 mil-
lion in 2021 only to have nearly all
of it evaporate.
After the price of bitcoin rose
above $69,000 to a record on Tues-
day, the 45-year-old in Palmer,
Alaska, said he feels vindicated. His
crypto holdings are back up to
$150,000, though still short of the
peak he discussed with The Wall
Street Journal last year.
“Rather than being euphoric, it’s
more like, I told you so,” said
Oathout, who owns a small con-
struction company. “I knew there
would be a comeback point.”
Today, those who hold, or once
held, the best-known cryptocurrency
fall into two main groups: FOMO
(fear of missing out), and told ya.
Oathout and other die-hard crypto
investors say their optimism never
waned. Some who sat out this bit-
coin rally, meanwhile, now wonder if
and when they should buy back in.
Bitcoin is one of thousands of
WALL STREET JOURNAL, ISTOCK
cryptocurrencies that have captured
the imagination of investors. It is
the largest token in a universe that
also encompasses pup-inspired
coins such as dogecoin and shiba
inu coin, which all rallied in 2021,
becoming worth billions of dollars.
Tesla Is Powering Up Rival EVs
Chunky adapter is a game changer that lets owners of competitors’ cars charge at Musk’s stations
June 30. After that, they’ll cost
$230. If you’re a new Ford EV
driver, you’ll have to go through the
same online registration process.
Farley said the company has been
overwhelmed with the requests.
The real Tesla-compatibility
magic is in the software. After in-
stalling an over-the-air update to
my Mach-E and entering my pay-
ment info into the FordPass smart-
phone app, it was plug and play. I
show up at a supported Tesla Su-
percharger, plug it in and, 15 sec-
onds later, the car is powering up!
The spots
Not all Tesla Superchargers take
Ford EVs. You’re looking for a V3
or newer Supercharger with up-to-
date software. The most direct
way to locate one on my Mach-E’s
15.5-inch touch screen is to use
Ford’s Charge Assist dashboard
app. Unfortunately, the app is
buggy and slow.
This year, the native navigation
apps within Apple’s CarPlay and
Google’s Android Auto will direct
Some tokens then
crashed and haven’t
come back. Others who sat
Bitcoin has. Its ap- out now wonder
peal is largely because
of its size and status if and when
as the first cryptocur-
rency. It has long been
they should buy
the easiest to buy and back in.
sell. But its volatility is
part of the appeal for
traders, whether they
believe it is the future of money or
just a way to make some.
Crypto investors and analysts at-
tribute the latest surge to the ap-
proval of exchange-traded funds
that hold bitcoin in January. This
made it easy for anyone with a bro-
THE WALL STREET JOURNAL.
The Tesla Supercharger is meant
to charge the car in the left spot,
above left. For the cable to reach
her Mach-E, Joanna Stern had to
park in the spot on the right,
leaving the left spot useless.
drivers to supported Supercharg-
ers. Farley said Ford will improve
its software, too. “We have to do
better,” he told me.
For now, I’m using Tesla’s
smartphone app to locate Ford-
supported Supercharger stations.
Annoyingly, I still have to type the
station’s address into Google Maps.
Now for the Port Parking Prob-
lem: Supercharger lots were de-
signed for Teslas, which have rear
charging ports. Tesla drivers back
in, and grab the cable to the right
of the spot.
kerage account, such
as Fidelity or Charles
Schwab, to plug in a
ticker and invest in
bitcoin. Investors
have piled into these
funds, but that alone
can’t explain the full
extent of the rally.
Much of bitcoin’s
climb started last
week, following a
strong surge of buying on one
crypto exchange, according to data-
analytics firm Kaiko. It is unclear
what drove the rally and whether it
is sustainable.
Oathout has been buying the dip,
scooping up bitcoin when it was as
The Mach-E’s charging port is
on the front left. So whether you
nose in or back in, it’s never in
reach of the not-at-all-stretchy
charging cable to the right. You
have to grab the cable from the
neighboring charger on the left,
effectively taking up two spaces
for one charge.
Ford’s next-generation EVs will
have Tesla’s NACS port built in.
With that shift, Ford might also
rethink its port positioning. “We
really like the Supercharger solu-
tion and Tesla solution techni-
cally,” Farley told me, “and that
would obviously provoke the ques-
tion, where do we physically put
the port on the vehicle?”
The good news is that Tesla’s
V4 charging stations already have
convenient longer cables. A Tesla
spokesman said the company is
low as about $17,000, in addition to
smaller cryptocurrencies. He just
wishes he had put more in when
the market was down.
Missing out
Chad Brewer watched bitcoin’s
surge with a bit of envy.
Brewer, a 34-year-old in Fort
Smith, Ark., who works at a devel-
opmental-disability treatment cen-
ter, has been putting money into a
smaller coin called hbar for the past
year, because he believes in its
technological potential.
His investment in hbar grew
from about $5,000 to $7,000. He
wishes he also put money into bit-
coin, as he considered in late 2022,
when the price was below $20,000.
Brewer said he is channeling his
FOMO into stepping up his invest-
ments in hbar. “It makes me want
to have more money in the game,”
he said. “I don’t have any bitcoin
and I’m sad I’m missing out on that
price action, but I also feel good
about what I’m buying into.”
Anna Naphtali, meanwhile, gave
up bitcoin for fixing up houses to
either resell or rent near where she
lives in Savannah, Ga.
The 42-year-old production de-
signer got burned in the 2022
crypto crash. She said she felt in
2021 that crypto was being over-
hyped but that because the price
was going up and down, she could
make money by buying it and sell-
ing it when it rose.
Naphtali put more money in when
Thursday, March 7, 2024 | A9
also working on a NACS-to-NACS
extension cable.
The speed
Most of the Tesla Superchargers I
visited in New Jersey were located
at a Wawa.
Charging my extended-range
Mach-E from 20% to 80% at a
Tesla Supercharger took about 36
minutes. The cost? $25.20. The
same charge at an EVgo down the
street took just over 43 minutes,
and cost $39.27. I charged at the
same off-peak time of day. Tesla’s
rates were just lower.
You can get even cheaper rates
at Tesla if you pay for a $13-a-
month Supercharger subscription.
That would have lowered my ses-
sion to around $20.
The biggest shocker? Just how
nice Tesla owners were when I
pulled in.
“Nothing should make us feel
like, ‘No, you are a Ford and I am
a Tesla,’” said Shafiq Halim, who
had stopped to charge a Model Y
on his way to Montreal. “We
should work with each other. We
shouldn’t look for reasons to say
you are wrong or I am wrong.”
One not-so-small dongle, one
big dose of optimism for the auto
industry’s next phase. Like I said,
a miracle.
Watch a Video
Scan this code to
watch a video
showing Joanna Stern
testing Tesla
Superchargers.
a friend told her bitcoin was going to
skyrocket. Soon after, the platform
she used went bankrupt. She said
she got paid out the dollar value of
her holdings at the time of the crypto
collapse months later, roughly half of
the $40,000 she had invested.
“I don’t really have a sense of
FOMO,” she said of the current rally.
“Cryptocurrency was hyped so
much. My grandfather was really
good at investing his whole life and
he never believed in trendy items as
having longevity.”
Keep holding?
Financial advisers tend to be pretty
conservative about how much crypto,
if any, should be in one’s portfo-
lio. Those who still want to invest in
it shouldn’t commit more than 3% of
their investible assets, said Joshua
Escalante Troesh, a financial adviser
in Rancho Cucamonga, Calif.
“For clients who like to have fun
with investing or trading, we’ll usu-
ally create a sandbox account that
could go to zero without impacting
their retirement or other goals,” he
said.
Jalen Nelson has put six figures
into crypto investments over seven
years. His plan is to hold on to the
bitcoin he owns and funnel more
money into smaller tokens now that
the cryptocurrency has gotten pricier.
Nelson, a 28-year-old who works
remotely from Medellín, Colombia,
for a tech company, sees bitcoin’s
recent run-up as the beginning of a
bull market.
“After that last bear run, you’re
either on the side of crypto or
you’re not,” he said. “I’m not going
to try to convince you. I’m not going
to talk to you about it.”
P2JW067000-0-A01000-1--------XA
A10 | Thursday, March 7, 2024
Reality Checks Are a Royal Pain
For Bosses of Underperformers
Managers have a tough job giving feedback to employees who think their work is better than it is
ON THE
CLOCK
CALLUM
BORCHERS
T
hey think their most ba-
nal ideas are brilliant, ig-
nore signs that they’re
struggling and treat cor-
rections like suggestions.
They believe they’re
God’s gifts but are actually employ- face, because there is no guaran-
ees from hell, and if you’ve been a
manager at any level then you’ve
probably had one. In fact, the odds
that you’re managing a delusional
worker may be higher than ever.
Lots of companies scrapped or
de-emphasized reviews during the
pandemic, leaving
some employees un-
sure where they
stood, or lulling oth-
ers into a false sense
that they’re crushing
it. Desperate to re-
tain employees, busi-
nesses tolerated me-
diocrity or praised
people simply for
showing up.
Now companies
are ruthlessly fo-
cused on efficiency,
and that means man-
agers are charged
with reinstituting  Jill Snider leads a
more biting formal content-acquisition team
evaluations. Good at a large entertainment
luck getting through company
Want an
Actual
Travel Deal?
Rent a Car.
BY JACOB PASSY
G
one are the days where rent-
ing a car meant spending up-
ward of $80 or even $100 a
day—if you could even find a car.
Nationally, the cost to rent a car
has fallen, online travel agencies and
leisure-industry analysts say. Car-
rental prices are averaging $38 a day
nationwide, according to travel-
search company Hopper. That’s down
8% from last year, or $3. It’s a signifi-
cant turnaround for travelers, who
just a few years ago witnessed
prices soar roughly 80% higher than
prepandemic levels for a car.
Taking a vacation is still more ex-
pensive than it was before the pan-
demic, with hotel prices and many
other parts of the travel experience
rising. But travelers are less likely to
run into the sticker shock that
came with car rentals in recent
years, and don’t need to fear that
the agency will run out of cars.
“It’s one of the few areas in
travel where there’s actually a little
bit of price relief for the consumer,”
says John Healy, an analyst at
Northcoast Research, an equity-re-
search company.
Helping mitigate the rental-car
PERSONAL JOURNAL.
at a time when the very word
“feedback” can be triggering for
some. Nearly four in 10 employees
who received the lowest grades
from managers last year had rated
themselves as highly valued by the
organization, according to data
from BambooHR, which analyzed
almost two million assessments for
The Wall Street Journal.
Delivering a reality check to an
overconfident underperformer is
one of the toughest tasks bosses
tee critiques will click.
“I had somebody who outright
told me, ‘I heard your feedback,
but I disagreed with it,’” says Sara
Censoprano, associate director of
client experience at Movable Ink, a
marketing software company.
She’s decided to
be more explicit
with staff about
what’s a recommen-
dation and what’s
an order. She also
asks new members
of her team how
they want to hear
constructive criti-
cism. Managers who
dread the inevitable
confrontations with
clueless people
would be wise to
ask, up front,
whether employees
prefer bad news
face-to-face, or in
an email, so they
can digest it ahead
issues seen in recent years is a
greater supply of new cars. This has
enabled rental-car agencies to
maintain or expand their fleets to
account for higher demand. And the
expansion of upstart companies like
Sixt and Turo has added competi-
tion in popular markets, offering
travelers more opportunities to
save money.
These improvements are occur-
ring across the country, industry an-
alysts say. Even markets like Hawaii,
where a few years ago travelers re-
ported renting U-Hauls amid a
rental-car shortage, have more cars
to go around and lower prices.
According to Priceline, the na-
tional average daily rate to rent a car
in April is $65, down about 1.5% from
a year ago. Prices have fallen more
steeply in some popular markets.
On average, a rental car costs
around $61 a day in Boston in April,
down nearly 28% from a year ago,
Priceline’s data show. During that
same time frame, daily rental-car
rates dropped about 26% in San
Juan, Puerto Rico, and more than
16% in Orlando, Fla.
Here come reinforcements
The biggest driving force behind the
drop in rental-car prices is the fresh
supply of new vehicles. Clogs in the
supply-chain and a global chip
shortage a few years ago sharply
reduced the number of new vehicles
on the market.
That supply crunch coincided
with a return to robust travel de-
mand. Agencies regularly ran out of
cars to rent, and often kept cars in
their fleet longer than usual.
of a conversation, Censoprano
says. As a boss, it’s a way to C.Y.A.
against future complaints about
your leadership. Botch the delivery
of hard truth, and you or your
company could be in for a one-star
review of your own.
An ex-Cloudflare employee re-
cently went viral for filming her
firing and said she’d received no
indication that she wasn’t measur-
ing up. Cloudflare CEO Matthew
Prince called the video painful to
watch and said managers should
have clearly communicated expec-
tations and whether they were be-
ing met: “No employee should
ever actually be surprised they
weren’t performing.”
The blind side
“I have worked with people who
truly believed that they were do-
ing a good job and were not deliv-
ering at all,” says Jill Snider, who
leads a content-acquisition team
at a large entertainment company.
“I’ve had to sit them down and be
like, ‘This is reality, and we need
you to meet these milestones or
you’re not going to have a future
with this company.’ ”
Selective hearing can be a rea-
son, she says. People cling to small
compliments received for fulfilling
basic duties and block out critical
feedback on bigger tasks—only to
react with surprise when told
they’re doing poorly. Other times,
employees have been clearing low
hurdles without realizing the true
bar for success is much higher.
As of February,
the supply of new ve-
hicles across the auto The biggest
industry had risen to driving force for
the highest level
since June 2020, ac- the price drop is
cording to a report
the fresh supply
from Cox Automo-
tive. And the average of new vehicles.
transaction price of a
new vehicle was
down 4% over the
past year as of January, according
to Kelley Blue Book. Rental agencies
are passing those savings on to
travelers.
With automakers selling more
cars, rental agencies are replenish-
ing their fleets. That’s led to major
 Andrea Taylor consults with
nonprofits on fundraising efforts.
Tim Newhard thought he was
being patient and kind with a low-
performer on his team. Several
years ago, in a previous job, one of
his reports wasn’t cutting it but
reminded him of himself in other
ways. So Newhard avoided tough
conversations, hoping the situation
would fix itself. Then came annual-
review season, his honest assess-
ment, and an ugly interaction.
“It was traumatic,” he says.
“This person reacted in a very un-
professional way, and it became an
ongoing issue for us.” The rela-
improvements in
terms of customer
satisfaction, says Mi-
chael Taylor, practice
lead for travel intelli-
gence at J.D. Power.
The cars being
rented out are gener-
ally cleaner and in
better condition, and
waits to pick up cars
have improved now
that there are more to go around,
he says.
Particularly during off-peak peri-
ods—think Florida in mid-May—dis-
counts are easier to find now com-
pared with a couple of years ago,
says Chris Woronka, lodging and lei-
THE WALL STREET JOURNAL.
tionship never recovered. Newhard
eventually moved on to another
company.
Now a vice president at Rail-
Pros, a civil-engineering and tran-
sit-consulting firm, he aims to
prevent unpleasant surprises and
gives candid, real-time feedback in
weekly or biweekly one-on-ones.
Once they get over the shock of
critiques, some employees appre-
ciate the chance to improve before
negative appraisals go into their
personnel files, he says.
Eric Mariasis, a software engi-
neer, says he wishes managers had
been more direct when he was
struggling to adjust to a new team
at a previous employer. The group
worked differently from others
he’d been in at the same company,
and he sensed that his pace of pro-
duction lagged behind some peers.
Yet supervisors were consistently
encouraging, he says, so he figured
he must have been doing fine.
Until he was called into an im-
promptu meeting and told that he
wasn’t working out for the very
reason he suspected—slow output.
He took the hint and transferred
internally before he could be reas-
signed involuntarily or cut.
His advice to unsatisfied manag-
ers everywhere: “Just be as honest
as you can be without purposely
devastating [someone’s] feelings.”
The playbook
Gymnastics is a complicated
sport, but every maneuver has an
agreed-upon point value. Em-
ployee ratings should work the
same way, says David Fallarme,
vice president of marketing at
Owner.com, a maker of online or-
dering systems for restaurants.
“From somebody’s onboarding,
you should have a framework of
what a gold medal looks like, what
a silver medal looks like, what a
bronze medal looks like,”
he says.
Formulating a rubric
consumes a lot of mental
energy for bosses and can
seem unnecessary at the
time of hiring, when man-
agers are generally opti-
mistic about their new
additions. But bosses
ought to prepare on day
one for the possibility of
disappointment, Fallarme
adds. Setting clear targets
from the get-go makes it
easier to tell people later
that they failed to stick
their landings.
In some cases, no
amount of care and prep-
aration is enough, says
CLOCKWISE FROM TOP: SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (4); KIM KIRKER; JILL SNIDER
Andrea Taylor, who
worked in higher-educa-
tion development for
more than two decades
and now consults with
nonprofits on fundraising efforts.
Her line of work is pretty clear-
cut, she notes. You raise money or
you don’t. Then again, everyone
hits dry spells, and it can be hard
for fundraisers who are coming up
empty to tell whether they should
keep trying or wake up to the real-
ity that they’re not very good.
“I’ve had people in complete
denial, right up to the point of
having to let them go,” she says.
“In those cases, I kind of shift the
conversation into: Is this really
what you want to do?”
Maybe some reflection will pre-
vent the same fate in the next job,
she figures.
Travelers are less likely
to encounter shortages
—and with them higher
prices—at car-rental
centers.
sure analyst at Deutsche
Bank. (You should still
watch out for costly fees.)
More options
for lower prices
The rental-car market is
expanding, reflecting the
growth of newer entrants
to the industry. These
companies are far smaller
than Enterprise, Avis,
Budget and Hertz, Price-
line Chief Executive Brett
Keller says, but could still
benefit anyone planning a
getaway.
“Any cars being added
to the network is a good
thing,” he says.
German rental company Sixt op-
erates 100 rental stations across 22
states. Sixt launched in Pittsburgh
in February and several markets
last year, including Vail, Colo.
Companies like Turo and
Getaround are aiming to upend the
traditional rental-car model by
bringing an Airbnb-style approach
to the market.
Woronka has one caveat for trav-
elers: While the cost to rent a car
LUKE SHARRETT/BLOOMBERG
has improved in recent months, it
remains more expensive than it was
before the pandemic, especially dur-
ing peak travel periods.
“We could see prices firm up
again,” he says.
P2JW067000-0-A010A0-1--------NS

THE WALL STREET JOURNAL. NY Thursday, March 7, 2024 | A10A

P2JW067000-0-A010B0-1--------NS

A10B | Thursday, March 7, 2024 NY /NE THE WALL STREET JOURNAL.

Allison was bawling, she

turned to me and said, ‘Mom,
I got a D.’ It was the first time
she called me ‘Mom.’
Lisa, adopted 16-year-old Allison

LEARN ABOUT ADOPTING A TEEN

A D O P T U S K I D S .O R G
YO U C A N ’ T I M A G I N E T H E R E WA R D
P2JW067000-0-A01100-1--------XA
THE WALL STREET JOURNAL.
Subtle Cityscapes
An exhibition highlights the urban scenes of painter Fairfield Porter
BY LANCE ESPLUND
I
Water Mill, N.Y.
n a 1969 interview, the Ameri-
can painter, art critic and poet
Fairfield Porter (1907-1975)
called the light in New York
City “far more beautiful than
Paris or Rome.” Porter was re-
portedly “working on what he says
is the hardest painting problem, a
portrait of a Manhattan street.”
His Gotham cityscapes are the sub-
ject of “Across the Avenues: Fair-
field Porter in New York,” a show
of 23 oils, four lithographs and a
sketchbook at the Parrish Art Mu-
seum through June 16.
Organized by the museum’s
Kaitlin Halloran, with supervision
from Corinne Erni, “Across the Av-
enues” is an exhilarating, perfectly
positioned in-house show. The Par-
rish owns 241 works by Porter. In
1980, the artist’s widow, the poet
Anne Porter, donated to the mu-
seum 186 of her husband’s por-
traits, still lifes, interiors, land-
scapes, seascapes and cityscapes
painted primarily in and around
the Porters’ homes in Southamp-
ton, N.Y., Great Spruce Head Island,
Maine, and various Manhattan res-
idences and studios.
Born in an affluent Chicago
suburb, Porter studied at Harvard
University with the Fogg Art Mu-
seum director Arthur Pope. He
first moved to New York in 1928,
where he studied painting at the
Art Students League with the
American Regionalist Thomas Hart
PARRISH ART MUSEUM (3)
Benton. Porter’s father, an archi-
tect, instilled in him a love of art
 ‘Sixth Avenue I’ (1971), one of
the lithographs included in the
Parrish Art Museum exhibition.
CULTURAL COMMENTARY
A Royal Rock Album
Turns 50 Years Old
BY MARC MYERS
S
oon after Queen formed in
London in 1971, the band
played locally for nearly two
years and taped much of its first al-
bum without a record deal. In early
1973, EMI signed the group and re-
leased that initial LP, but the epony-
mous record reached only No. 83 on
the Billboard 200 chart. As the band
worked on songs for its second al-
bum, Queen added heft and drama
in the studio and EMI had the quar-
tet open for Mott the Hoople to
build a following.
After “Queen II”
came out 50 years
ago this month in Queen’s second
the U.S., the LP record has
peaked at No. 49 on
the Billboard chart. glimmers of the
The album combined
glam and progressive
band’s future
rock, complete with extravagance.
classical, Elizabethan
and mystical touches.
Sales were helped by
Queen’s 19 tour stops in the U.S. as
an opening act. What made the re-
cord special was the emergence of
a new thunderous hard-rock sound
accompanied by a sea of multi-
tracked vocals.
At the time, “Queen II” was skew-
REDFERNS/GETTY IMAGES
ered by critics who found the re-
cord’s prog-rock approach a bore.
Robert Christgau summed up that
sentiment in a scathing one-sen-
tence Creem magazine review with-
out punctuation: “Wimpoid royaloid
ARTS IN REVIEW
ART REVIEW
 ‘City Street’ (c. 1970), by
American artist Fairfield Porter.
and architecture. But he was
among numerous painters trans-
fixed by New York’s increasingly
fast pace and inhuman scale; its
paradoxical mix of crowds and iso-
lation; and its dramatic light, illu-
minating an improvisational the-
ater in which everyone is both
actor and audience.
Porter blossomed late, produc-
ing his best paintings after 1950.
Admired and influential as a gifted
painter and critic, he featured
prominently among New York
School artists and poets. He was
equally inspired by the astringent
color of Pierre Bonnard, the inti-
macy of Édouard Vuillard and the
expressionistic abstractions of his
friend Willem de Kooning. A real-
ist who believed that the figure is
heavyoid android void.” But following
the band’s decades of success, critics
now exalt “Queen II” for taking glam
to the next level and for the emo-
tional excess that soon dominated
the group’s high-drama hits.
The album also has been hailed
by metal rockers such as Axl Rose
of Guns N’ Roses, Paul Rodgers of
Bad Company, and Billy Corgan of
the Smashing Pumpkins. All praised
the heavy, churning interactions be-
tween guitarist Brian May and
bassist John Deacon, the pounding
of drummer Roger Taylor, and Fred-
die Mercury’s impas-
sioned vocals and
precise, percussive
piano.
Most important,
on “Queen II” we
start to hear the
band shift to the op-
eratic concept suites
that would populate
future albums and
animate massive sta-
dium audiences. In
support of the group’s audacious
name—there already was a Queen
of England, after all—and hyper-pop
image, “Queen II” fed more deliber-
ately into regal pretension and rock
extravagance.
The quartet’s flamboyance on
“Queen II” extended to the LP’s
packaging. The first side was la-
beled “Side White” and the second
“Side Black”—with White hosting
the record’s more emotional songs
written mostly by Mr. May. Black
an inexhaustible subject, Porter—
in both his painting and writing—
challenged the abstract orthodoxy
of postwar American art. And you
can sense Porter finding his way
in these cityscapes—some of
which are unfinished, and some,
such as “Untitled (East 11th
Street)” (c. 1961) and “City
Street” (c. 1970), nearly ab-
stract—in which he juggles ob-
served details, emotional impres-
sions, pared-down geometry and
invention.
The Parrish exhibition is di-
vided into three sections: oils
from the early 1940s; oils from
the mid-1940s through the early
1970s; and a hallway gallery with
prints and the sketchbook. In that
last space, two almost identical,
pastel-colored lithographs—“Sixth
Avenue I” and “Sixth Avenue II”
(both 1971)—show Porter bathing
summery New York in buttery
grays and ice-cream hues beneath
the distant Empire State Building,
which looms like a ghost.
But most of Porter’s
cityscapes, in oil on canvas or
Masonite, are grimy, gritty, uneasy.
Stained urban-drab (cool, bruised
grays, browns, russets, blacks,
olives, blues and violets), they
shimmer coppery, silvery—
enlivened here and there, like the
city itself, with surprising shots of
bright color. In “Sunset” (c. 1948),
under a pink-and-turquoise-
streaked sky, blackened buildings’
windows pulse, lighted acerbic
blue-green, orange and yellow.
Porter’s “Street Scene” (c. 1943)
is another familiar New York pan-
orama. It depicts a woman, clutch-
ing her handbag to her chest, stand-
ing—like a horse at the starting
gate—behind a “No Parking” sign,
ready to brave a wide avenue. The
street, crossed by long throws of al-
ternating late-afternoon tawny light
and purple shadow, is busy with
the glossy blacks and grays of pass-
showcased darker theatrical tracks
penned by Mercury. Cover photos
by Mick Rock featured the band
dressed dramatically in black
against a black background on the
front, while the reverse side por-
trayed the band in white against a
white backdrop.
Songs on Side White sound like
a lavish metal suite suitable for a
royal ascension. Mr. May’s opening
instrumental, “Procession,” seems to
herald a reborn band while bidding
farewell to the old one. The 72-sec-
ond piece appears to combine the
flavor of Handel’s “Zadok the
Priest,” played at British corona-
tions, and Chopin’s “Funeral March,”
heard at several monarchs’ funerals.
Mr. May created an organ effect by
multitracking his guitar.
“Queen II” then launches into
“Father to Son,” which extends the
 Porter’s ‘Untitled (East 11th
Street)’ (c. 1961).
ing automobiles. But it’s buttressed
by a row of brick townhouses glow-
ing fiery red, mauve, ocher, salmon
and orange. Here, as elsewhere,
anxiousness is tempered by beauty.
In other paintings, Porter, a
master of shorthand and subtle
characterization, gives just the
right agitated lilt to faceless men
in long coats and fedoras, to face-
less women lugging huge bags, and
to big-grilled cars and trucks. He
conveys the specific temperament
of pedestrians, buildings, automo-
biles, trash cans, manhole covers
and signs—as if every element of
the city were alive. Working in
close hues, like Giorgio Morandi,
Porter seemingly molds Manhattan
out of a magical, washy, clay-like
substance, which keeps everything
organic, malleable, connected.
Porter’s eccentricity and
exactitude, however, have made
him a polarizing figure and an art-
world outlier. His painterly realism
has been seen as tame—too old-
fashioned to warrant serious
consideration among the work of
the mid-20th-century avant-garde
abstractionists, Minimalists and
Conceptualists. Conversely, it has
 The British band in performance
circa 1974, the year that ‘Queen II’
was released.
succession motif with a heavy-
metal churn and fierce solo by Mr.
May: “Don’t destroy what you see,
your country to be / Just keep
building on the ground that’s been
won.” On “White Queen (As It Be-
gan),” we’re given a glimpse of Mer-
cury’s power-ballad vocal style and
the band’s knack for choral layering.
Mr. May’s acoustic guitar and
lead vocals give “Some Day One
Day” a troubadour feel: “A misty
castle awaits for you / And you
shall be a Queen.” The White side
closes with Mr. Taylor’s “The Loser
in the End,” a bump-and-grind
rocker.
The Mercury-composed Side
Black springs into “Ogre Battle,” the
Thursday, March 7, 2024 | A11
also been judged, by some
traditionalists, as too gestural and
expressionistic.
To my eye, these New York por-
traits—wedding the quotidian with
the unexpected—are pure Gotham.
Porter is known primarily for his
landscapes. “Across the Avenues”—
whose subject is energy, move-
ment, strangeness, light—features
a little-known aspect of his oeuvre.
In “East 56th Street” (c. 1964),
milky gray sky presses down to the
street. Porter overlays flashes of
rushing, translucent figures. He’s
painting not individuals but every-
man, everywoman, every city
dweller. A tree, gesticulating in the
wind, stirring the sky, peeks wildly
above a marquee canopy. It rises
startlingly among the ordered ge-
ometry, like a monster overtaking
Manhattan. As a New Yorker, I feel
right at home.
Across the Avenues: Fairfield
Porter in New York
Parrish Art Museum, through
June 16
Mr. Esplund, the author of “The
Art of Looking: How to Read
Modern and Contemporary Art”
(Basic Books), writes about art for
the Journal.
album’s heaviest, thrashing piece. It
feeds seamlessly into “The Fairy
Feller’s Master-Stroke,” named for
Richard Dadd’s 1855-64 painting at
London’s Tate Gallery. Here we are
treated to glimmers of Queen’s op-
eratic approach to hard rock.
The ballad “Nevermore” is a
breakup song that showcases Mer-
cury’s classical-inspired piano and
his pleading vocals: “Why did you
have to leave me? (nevermore) /
Why did you deceive me? (never-
more) / You sent me to the path of
nevermore.”
His piano opens “The March of
the Black Queen,” the album’s high
point. The densely layered, 6½-min-
ute track sounds like a prototype
for the band’s 1975 operatic opus,
“Bohemian Rhapsody,” complete
with shifting, complex themes, su-
persized vocal overlays, rabid guitar
solos, a polymeter and odd narra-
tive: “Fie-fo the black queen tattoos
all her pies / She boils and she
bakes and she never dots her i’s /
She’s our leader.”
Pop influences from the early
1960s, such as the Ronettes’ “Baby,
I Love You,” color “Funny How Love
Is.” “Seven Seas of Rhye” closed
Queen’s first album as an instru-
mental. This time, the song features
lyrics and quickly explodes in a
prog-rock firestorm, wrapping up
gently with a madrigal vocal chant.
It’s easy to understand why seri-
ous rock critics found “Queen II”
cheesy and overbearing in 1974.
What they didn’t fully grasp is how
large a canvas the band was aiming
to fill and how well its campy rock
approach would play in Super Bowl-
size settings. “Queen II” provided an
inkling.
Mr. Myers is the author of “Rock
Concert: An Oral History” and
“Anatomy of 55 More Songs”
(Grove Press).
P2JW067000-0-A01200-1--------XA

A12 | Thursday, March 7, 2024 THE WALL STREET JOURNAL.

SPORTS
He’s the Stephen Curry of Getting Run Over
The Golden State Warriors have the greatest shooter in the game. Now they have the best charge-taker, too.
BY ROBERT O’CONNELL

T
he Golden State Warriors
won four championships
over the past decade by
building around the greatest
shooter in the history of basketball.
Now one of Stephen Curry’s team-
mates is another player with a sin-
gular, unmatched skill.
Brandin Podziemski came to the
Warriors this season as a little-
known rookie. He was drafted late
in the first round and looked like a
useful role player—until it emerged
that Podziemski, like Curry, has a
superpower: Nobody in the NBA is
better at getting knocked over.
The rate at which Podziemski
draws offensive fouls is almost as
outrageous as Curry’s 3-point stats.
Podziemski has taken 32 charges
this season. That’s not only the
most of any player in the NBA. It
means Podziemski has drawn more
charges than 20 entire teams.
Although the Warriors have en-
dured a slog of a season, they’ve
heated up lately, winning six of
their last eight games—a run that
coincided with coach Steve Kerr
putting Podziemski in the starting
lineup over legendary shooter Klay
Thompson.
Taking the spot of a future Hall
of Famer is only the latest twist in Brandin Podziemski came to
a basketball life defined by unlikely the Warriors this season as a
opportunities. little-known rookie.
Podziemski started playing bas-
ketball in earnest in a Wisconsin
church league when he was in mid- high school career at St. John’s gins with surveying an offense’s won’t forget in a hurry. “A 270- Portland Trail Blazers. A Blazers
dle school. He realized that he Northwest Military Academy, a play and predicting where the ball pound man falling on you,” Pozi- player had the ball in the closing
could provide value to his team by school outside Milwaukee that is going. emiski said, “is not the most pleas- seconds and drove the length of
getting trampled. “I was on a team honed his willingness to sacrifice Then there’s the task of con- ant feeling.” the floor, sprinting toward what
with a bunch of football guys—big, his body. When his star rose when vincing the official to blow the That hustle has made the player looked like a game-tying bucket.
strong dudes,” Podziemski said. “I he was a sophomore at Santa Clara whistle his way. Podziemski puffs known as “Podz” a fan favorite. Then Podziemski stopped in his
was a skinny, frail kid, so I just University, he still played like a guy his chest out and raises his hands But as the Warriors look to mount tracks and stood up tall in front of
tried to find ways that I could looking for ways to stay on the high as he braces for impact. Any a playoff charge, he’s become the rim: offensive foul, Warriors

TIMMY HUYNH/WSJ|, KELLEY L COX/USA TODAY SPORTS

make an impact defensively.”
Most adolescents might have
idolized LeBron James or Kobe
Bryant. Podziemski, a fan of the
Milwaukee Bucks, had another
hero: Ersan Ilyasova.
That’s because there’s one thing
that Ilyasova did better than Le-
Bron, Kobe, or anyone else in the
NBA back then: He led the NBA in
offensive fouls drawn in three sep-
arate seasons.
Podziemski spent most of his
court. Herb Sendek, Santa Clara’s
coach, remembers a player willing
to crash to the floor—to bang his
chest and bruise his tailbone—even
in scrimmages.
“The ones that stand out to me
are the ones on a Saturday in Octo-
ber,” Sendek said. “It didn’t matter
if it was that or Game 7 of the NBA
Finals.”
So how exactly does he do it?
Podziemski says taking a charge is
as much about art as heart. It be-
shrinking back diminishes the ef-
fect, he said.
“Then once I feel that contact, I
cave my chest and fall backwards,
really land on my butt,” Podziem-
ski said. “I try to look as graceful
as I can.”
All of that is easier said than
done when someone like reigning
MVP Joel Embiid is barreling down
on you, but Podziemski took two
charges from the 7-footer in the
same game. It was an encounter he
something more meaningful. With
him on the floor, the Warriors out-
score their opponents by 6.4 points
per 100 possessions; when he sits
they get outscored by 4.2. That dif-
ference of 10.6 points is bigger
than anyone else on the team—in-
cluding Curry.
One of the highlights of the
Warriors’ season—and one of the
clearest examples of Podziemski’s
value—came in December, when
they held a two-point lead over the
ball.
Only one thing has changed
since Podziemski’s days in the Wis-
consin church league. Veterans like
Curry and Thompson wouldn’t take
kindly to his drawing charges in
practice, he figures, given the in-
jury risk of crashing to the hard-
wood. So Podziemski has modified
his tactics.
“I just kind of catch them in the
air,” he said, “and let them know:
‘That’s a charge in a real game.’”

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 20 Grotta
Azzurra
Although Baseball Hasn’t Started,
13 14 15 setting
26 Studio
The Red Sox Season May Be Over
16 17 18 acquired by
Amazon BY LINDSEY ADLER
19 20 21
27 Michael who AFTER THE BOSTON RED SOX
22 23 24 plays Allan in finished 2023 dead last in
“Barbie” the American League East,
25 26 27 28 When el sol team chairman Tom Werner
shines promised furious fans that
28 29 30 31 32 33 34 35 29 Round one? there would be major
changes. The Red Sox had no
36 37 38 39 40 30 High point other choice.
GERALD HERBERT/ASSOCIATED PRESS

31 1950s GOP “We’re going to have to

41 42 43 44 figure be full-throttle in every pos-
33 It’s sible way,” Werner said.
45 46 47 48 instrumental But in the space of just a
in punch lines few months, the Red Sox’
49 50 51 52 53 54 55 56 plans for 2024 have gone
34 Searing from full-throttle to fully
57 58 59 surface or throttled.
review Despite Werner’s pledge Lucas Giolito has an elbow injury that might require surgery.
60 61 62 35 Shout with a that there would be no
fist pump “built-in restrictions” on the comment. 2019, which netted the team
63 64 65 team’s payroll, the Red Sox Discussing his “full-throt- just a third-place finish in
38 Elizabeth in
six Marvel signed only one major free tle” pledge in a January in- their division and a record
66 67 68 agent before spring train- terview with Mass Live, Wer- just a few games over .500.
movies
ing—and now that free agent ner admitted: “Maybe that The following season, Red
39 HMO is about to miss the entire wasn’t the most artful way of Sox ownership strove to get
NAILED IT! | By Ella Dershowitz alternative season. saying what I wanted to say, under the league’s competi-
Across 24 Co-op 54 Ernie’s bestie 5 T option 42 Flipper’s Lucas Giolito, a 29-year- which is that we’re going to tive balance tax threshold,
1 Hurdle for alternatives 57 B to B, e.g. successes old starting pitcher, signed a be pressing all levers to im- dismantling the remnants of
6 Monopoly set
a future 44 A-maze-ing two-year, $38.5 million con- prove the team.” 2018 in the process.
25 Makeshift 58 Gotham piece
animals tract with the Red Sox in But beyond impacting the The team also fired its
OB-GYN settlement protectors 7 Bother January. On Tuesday, how- team’s rotation, the Giolito top baseball executive, Dave
5 Pretense 27 “Teach Your 46 Goddess, in
60 Mascot 8 People who ever, the Red Sox announced development raises larger Dombrowski, whose long
9 Hefty things Children” Hinduism that Giolito had suffered an questions about the Red Sox track record tended toward
whose official make an
13 “May quartet, name is impression? 47 Music’s Miller, elbow ligament injury that in 2024: Is ownership pre- high-spending, win-now de-
December” initially Bibendum Gould and might require surgery, which pared to invest in this roster cisions. To replace him, the
9 “Undeniable: Frey would end his 2024 cam- now that Giolito is unavail- Red Sox hired Chaim Bloom,
star Julianne 28 Change in a 62 Place of Evolution and
stock rating 49 Stand-up gal paign before it even began. able? an analytical and cost savvy
14 Indian prime honor? the Science of
from buy to The timing couldn’t be Even players are worried executive who had built his
minister since 63 Skye of TV’s Creation” 50 Blessing
worse. A few days before about their bosses’ approach. career with the more frugal
2014 hold, say “La Brea” author prompter signing Giolito, the Red Sox A few weeks ago, star third Tampa Bay Rays.
15 Alabama 32 Glimpse 64 Scrubbed, say 10 Hide from 51 Artery insert had cut ties with their for- baseman Rafael Devers said The message was clear.
governor Kay 36 Rage 65 Less than 11 Insurance 52 Maxim mer ace, Chris Sale, by trad- that the Red Sox brass The roster that Dombrowski
16 App with 53 At this point ing him to Atlanta. To get “needs to make an adjust- assembled didn’t fit with
37 Modern right mascot
a camera the deal done, the Red Sox ment to help us players to be ownership’s budget plans.
“ta-da!” 66 Foldable 12 Political 55 Out of
lens icon, agreed to pay $17 million of in a better position to win.” Bloom’s tenure lasted
depicted four furniture commentator practice his $27.5 million salary for Breslow, a former major- three years. But his replace-
familiarly times in this Charlie of
67 Eject 56 Schlep 2024. Additionally, new chief league pitcher who is tasked ment, Breslow, has been
17 Very precise puzzle The Bulwark baseball officer Craig with revamping the Red Sox’s handed a similar task: creat-
forcefully 59 Lover’s
timekeeper 40 Dumbarton Breslow traded outfielder long-term pitching infra- ing a long-term, cost-con-
68 “Ratatouille” 13 Fermented location?
19 Common denial soybean paste Alex Verdugo—a league-av- structure, said that the team trolled system for the Red
rat 61 Challenge for
kindergarten 41 For short, erage hitter who was the will ask their younger start- Sox, rather than a team that
Down 18 “Doooo itttt!” a stylist centerpiece of the trade that ers to step up this year, but will compete for the most
seating for short
arrangement 1 “Impression, Previous Puzzle’s Solution sent Mookie Betts from Bos- left the door open to other expensive talent—or for a
43 Options for Sunrise” ton to Los Angeles—to the opportunities. World Series.
21 “My college M S D O S L A
W S D R E
painter U T E R U S A C
A I A E R New York Yankees amid a Should the team look out- Meanwhile, the 2024 Red
immediate students G O B A L L I S T
I C I D S deteriorating relationship side, two established starting Sox are spending their
reaction 2 Structure of S I R L O V E I
T E R A
45 Beat barely with Red Sox manager Alex pitching options—Blake Snell spring training being trailed
was...” filaments C A F E T E R I
A S T Y L E
Cora. and Jordan Montgomery—are by Netflix camera people on
22 Main 48 Get high? connecting E N S B E E F E D
P I E A N N I E A R G For all the promises of an still available on the free- Segways for a documentary
character on 49 Vincent of galaxies C E N T E R L E F T P A R T Y exciting offseason, those agent market. But neither series. All they seem to be
Netflix’s “Sex “Black Swan” 3 Crafts fair O T T L A P E L G M S were ultimately the most im- would be cheap. chronicling are the prepara-
Education” exhibitor A P E MA N A S U pactful moves made by the The Red Sox have been in tions for yet another damp
52 Prez on two L E G A L A S S I S T A N T
23 Monopolist’s different units 4 Flower on a E R R R O T A T E O H O Red Sox this winter. a strange state since last squib of a season.
share of currency cheek E V A WA B A S H R I V E R Fenway Sports Group winning the World Series in “Nobody,” Devers said,
M E T A C E R E N C A S E owner John Henry didn’t re- 2018. The team payroll “wants to be on Netflix as a
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. U S E X E R S S Y K E S spond to an email seeking climbed to $243 million in losing team.”
P2JW067000-0-A01300-1--------XA
THE WALL STREET JOURNAL.
OPINION
Joe Biden’s Unhappy Nation
President Bi-
den gives his
State of the
Union speech
Thursday eve-
ning, but here
is the one-
WONDER
LAND word version:
unhappy.
By Daniel
Not only
Henninger
Joe Biden, but
all the archi-
tects of his presidency must be
beyond frustrated. They’ve
done everything right by the
modern Democratic playbook:
Target “needs” throughout the
population and inject billions
of dollars into them. The presi-
dent promoted the massive
spend-and-elect effort by as-
suring audiences: “We hear
you!”
What a cruel cut to have an
opinion poll out the past week
by, of all places, the New York
Times and Siena College, re-
vealing that 43% of respon-
dents say Mr. Biden’s policies
Too many negative
feedback loops have
developed on this
president’s watch.
have “hurt” them. The Biden
presidency has dedicated tril-
lions to infrastructure, climate
projects, schools, welfare, pan-
demic support, student debt—
in short, the second coming of
Franklin D. Roosevelt. It’d be
one thing if people said all this
hasn’t helped much, but
“hurt”?
A basic question: Would the
polling results be better if the
person hawking these policies
the past three years had been
Barack Obama, Bill Clinton or
even born salesman Gavin
Newsom? Mr. Biden’s cognitive
decline, always on view, is a
Tuesday’s Winners Aren’t So Super
By Karl Rove
S
uper Tuesday showed
that Donald Trump will
be the Republican presi-
dential nominee and still dom-
inates the GOP. He won 14 of 15
contests and appears to have
taken at least 731 of the 854
GOP delegates up Tuesday, and
is likely to take most of the re-
maining 77 delegates yet to be
awarded. He’s on track to win
a convention majority of 1,215
by mid-March.
Nikki Haley, Mr. Trump’s
last challenger, carried Ver-
mont with almost 50% and re-
ceived between 23% and 42%
in seven other states. Given
delegate-allocation rules, she’s
only picked up 46 delegates so
far from Tuesday, giving her a
total of 89. She suspended her
campaign Wednesday. But her
performance made clear that a
quarter to a third of Republi-
cans are wary of Mr. Trump.
He will still face challenges in
uniting his party, let alone at-
tracting independents.
Mr. Trump’s meandering
victory speech Tuesday wasn’t
his worst but did little to
bring together the GOP. He
spent a couple of sentences
claiming the party will have
unity “very quickly.” But the
perennially backward-looking
ex-president spent virtually all
his time telling his Mar-a-Lago
audience that he’d closed the
border, created energy inde-
pendence, presided over a
growing economy, and han-
Do-It-Yourself Social-Media Moderation
By Philip Hamburger
W
hat would the world
look like if govern-
ment barred social-
media platforms from moder-
ating posts on the basis of
viewpoint? Would users be
subject to an unmediated hell
of antisemitism, racism, ter-
rorist advocacy and false
medical claims? These cru-
cial questions about public
discourse arose last week
during the U.S. Supreme
Court’s hearing in NetChoice
v. Paxton.
NetChoice, a tech industry
group, is challenging a Texas
statute that leaves platforms
free to suppress content such
as pornography but bars them
from viewpoint discrimina-
tion. One of the curiosities of
the hearing was that all par-
ticipants, justices and lawyers
alike, seemed to assume that if
the court upholds the Texas
contributing factor.
But set that aside.
Mr. Biden has a polit-
ical track record to
consider.
Granted, he was
elected to the Senate
for decades, from
Delaware. He won a
presidential election
in 2020 with a his-
toric popular-vote
turnout. I can’t for-
get, though, that in
his salad days Mr. Bi-
den failed miserably
to mount two presi-
dential runs—in 1988
and 2008. He withdrew in
2008 after the Iowa caucuses,
an ironic precursor of Kamala
Harris’s quick primary flop in
2020.
The reality could be that
Mr. Biden simply doesn’t have
it—the magic that makes a
person presidential in the pub-
lic’s mind. “Inspire confidence”
is a political cliché, but it mat-
ters, and Mr. Biden doesn’t.
Even with Mr. Biden’s liabil-
ities as a compelling presiden-
tial personality, the White
House is entitled to be frus-
trated by the anomaly of a
growing economy and strong
labor market alongside what is
manifestly a very sour public
mood. This isn’t a happy coun-
try at the moment. What’s ail-
ing people?
Especially galling to the
White House has to be the re-
cent polls finding that voters,
notably Hispanics and blacks,
think their lives were “better”
under Donald Trump. What did
the Trump years have that the
Biden era apparently doesn’t?
The one-size-fits-all answer
to this question in our time is,
it’s the economy, stupid. But
with Mr. Biden presiding over
a reviving economy and robust
stock market, albeit with per-
sistent high prices for con-
sumer basics, there is an addi-
dled Covid in his first term.
He didn’t mention Ms. Haley
and missed the best moment
he’ll have until the July con-
vention to convert her sup-
porters. Before she spoke this
morning, he mocked her on
Truth Social for getting
“trounced” and said he hoped
she’d “stay in the ‘race.’ ” He
invited her supporters to “join
the greatest movement in the
history of our nation.”
Earlier, one of his minions
mimicked the candidate’s
usual retributive language.
Saturday, Ohio Sen. J.D. Vance
tweeted “I have a long mem-
ory. If you’re fighting Trump
and his endorsed candidates
politically today, don’t ask for
my help in a year with your
legislation or your pet proj-
ects.” While trading legislative
help for political favors is
what Washington swamp crea-
tures do, most are smart
enough not to say it.
Mr. Vance’s tough-guy af-
fectation is doubly ironic. Dur-
ing the 2016 election, he
wrote on Facebook that Mr.
Trump was either “a cynical
a—h—” or “America’s Hitler.”
Even now, while he says he
won’t work with Republicans
who fail his loyalty test, Mr.
Vance is co-sponsoring rail-
road safety legislation with
Sen. Sherrod Brown (D., Ohio),
one of Mr. Trump’s leading
critics in the Senate, who’s up
for re-election this year.
As for the Democrats, Pres-
ident Biden swept every con-
free-speech law, posts would
be largely unsorted by view-
point. In reality, viewpoints
would be moderated, just not
by the platforms.
If the court allows Texas to
enforce the statute and plat-
forms can no longer suppress
material based on viewpoint,
Anticensorship laws
won’t stop users from
forming and policing
their own groups.
it will still be possible for us-
ers on Facebook, YouTube,
Twitter and elsewhere to cre-
ate groups with their own
moderation policies. Under
the Texas statute, platforms
wouldn’t be able to create
these groups or shape their
policies, lest the groups be
tional explanation for the
national ennui: It’s the culture,
stupid.
The country’s culture, the
stuff of daily life, is negative.
Ask people to look in any di-
rection and what they see, at
best, isn’t the rainbow.
Did anyone ever expect to
live in an America with a na-
tional shoplifting plague,
where all brand-name products
in drugstores are behind lock
and key? That has become a
fact of daily life.
The streets of cities are
filled with the mentally ill
homeless, and there are com-
plex reasons for that. But there
they are, living in the stoned-
out filth of tent compounds.
One consequence of pro-
gressive theories on bail,
prosecutable crimes and po-
lice enforcement is young
men, freed of constraints, ran-
domly shooting or stabbing
other young men or unloading
guns in the middle of a night-
club or a celebrating crowd,
such as the Kansas City Chiefs
parade. New York Gov. Kathy
Hochul just ordered the Na-
tional Guard and state police
into New York City’s subway
system. This is the price of
impunity.
One of the most read arti-
cles in this newspaper recently
test by huge margins, except
for the American Samoa cau-
cus, in which only 91 people
voted. The party’s pro-Hamas
wing failed to muster a signif-
icant “uncommitted” vote, ex-
cept in Minnesota, where it
approached 19%. Neither of
his primary opponents broke
into double digits.
By overwhelming
margins, voters back
the worst candidates
we’ve seen in years.
But dominance in the pri-
mary masks real trouble for
Mr. Biden, and his team must
know it. Polls in the last week
from the Associated Press/Na-
tional Opinion Research Cen-
ter, CBS/YouGov, Fox News, the
New York Times/Siena College
and The Wall Street Journal
are brutal for Mr. Biden on al-
most every measure. He’s in
terrible shape eight months
before the election.
In the four polls that had
head-to-head match-ups, Mr.
Biden trailed Mr. Trump by 2
to 4 points. The president’s fa-
vorable and unfavorable num-
bers are worse than Mr.
Trump’s in four of the five
polls that measured them.
Mr. Biden’s 42% job approval
in the Fox poll is lower by 3
points than Mr. Trump’s was at
this point in 2020.
treated as part of the plat-
forms and barred from view-
point discrimination. The plat-
forms could, however, sell or
give technological tools to
these groups to help them sort
speech.
Political scientist Francis
Fukuyama has proposed a ver-
sion of this approach, which
he calls “middleware,” but
which still seems too top-
down, shaped by academic,
corporate and governmental
preferences. By contrast, un-
der the Texas statute, if plat-
forms wish to keep users, they
will have to permit users to
form groups in which they can
choose the range of views they
wish to hear and see. Plat-
forms will have an incentive to
help groups form and evolve
easily, with minimal friction.
Already, users largely create
their environments on social
media. They can choose to fol-
low or block fellow users, and
described how the
minimum wage, going
up this year in 22
states, is driving small
restaurants out of
business. Family-run
restaurants are Main
Street, and people see
them disappearing.
DREW ANGERER/GETTY IMAGES
Immigration policy
is also complicated,
but what isn’t is the
more than four mil-
lion border encoun-
ters with illegal mi-
grants wading across
the Rio Grande the
past two fiscal years,
while the Biden administration
did next to nothing. You know
what looks sad? Seeing border
patrol officers dutifully strug-
gling with this human catas-
trophe. Now, remarkably, the
nonstop migrant mess has be-
come the No. 1 election issue.
The December testimony
before Congress of three uni-
versity presidents about cam-
pus antisemitism was discon-
certing enough. But for many
families it also brought for-
ward the issue of whether col-
lege is worth it anymore. The
Biden student-debt forgiveness
plan, ironically, makes many
think of avoiding rather than
attending college.
No catalog can leave out
wokeness. Say this: It isn’t
happy stuff. It’s a constant,
widespread source of tension
and conflict.
In sum, the Democrats have
allowed too many negative
feedback loops to develop
across society. There is a per-
vasive sense of being hurt, and
in our politics one person gets
tagged for that: the president.
A similar sense of social hurt-
ing didn’t exist in the Trump
years. It will take more than
one big speech or a different
Democratic candidate to turn
this around by November.
Write henninger@wsj.com.
The numbers only get
worse for Mr. Biden. Just 20%
in the New York Times poll
said his policies have helped
them personally while 42%
said Mr. Trump’s had. A mere
20% in the AP poll had confi-
dence Mr. Biden has the men-
tal capability to serve effec-
tively as president, while 63%
don’t.
Team Biden believes his
comeback starts Thursday
night with his highly hyped
State of the Union address.
But it is hard to remember
when any such election-year
address to Congress moved
the needle in a sustained way.
This one probably won’t ei-
ther. If it’s remembered a
week from now, I’m guessing
it’ll be for something negative
rather than positive.
It is the oddest thing.
We’ve never seen two candi-
dates wrap up their nomina-
tions this early. What could
have been contests have
turned into coronations. Yet
both Messrs. Trump and Biden
aren’t only weak contenders
but massively flawed, old and
declining, despised by much of
America. In my lifetime there
have been lower points in our
nation’s politics, but it is hard
to recall them just now.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
in some cases set up groups.
The Texas law, if enforced,
would encourage greater
choice by taking viewpoint
moderation out of the hands of
platforms and leaving it to us-
ers, who would decide what
groups to join and so would
communicate within group pa-
rameters to which they con-
sent. Users would ultimately
benefit from having more con-
trol over the sorts of view-
points they want to read.
This wouldn’t be a perfect
outcome; it would let many
Americans hide from view-
points from which they might
learn. But a range of moder-
ated groups would be better
than centralized censorship by
government or the platforms.
Mr. Hamburger teaches at
Columbia Law School. He is
CEO of the New Civil Liberties
Alliance and author of “Court-
ing Censorship.”
Thursday, March 7, 2024 | A13
BOOKSHELF | By Dominic Green
The Down
And the Out
Vagabonds
By Oskar Jensen
The Experiment, 336 pages, $18.95
G
reat cities are full of poor people, for great cities
manufacture poverty along with wealth. Victorian
England invented a new, industrial poverty. Its work-
shop was Manchester, the “Cottonopolis” where Friedrich
Engels did the fieldwork for “The Condition of the Working
Class in England” (1845), but nowhere was bigger and dirt-
ier, richer and poorer, than London. The poor are to the lit-
erature of 19th-century London as artists are to 19th-cen-
tury Paris. In Henry Mayhew’s “London Labour and the
London Poor” (begun in the 1840s, finished in 1861), jour-
nalism became sociology. In the novels of Dickens, it be-
came art. In Orwell’s “Down and Out in Paris and London,”
it returns to sociology.
When it comes to the literature of the London poor, the
shelves are only slightly less crowded than the slums. In
“Vagabonds,” the British historian Oskar Jensen returns to
the scene of the grime. Like Sherlock Holmes deploying
some newfangled forensic method, Mr. Jensen approaches
this lost world with a novel technique, the digital archive
search. “Vagabonds” is a jostling chorus of distinct and pre-
viously unheard voices scraped from law courts, obscure
journals and rarely read memoirs. The lost Cockney patois
is preserved in vivid transcript: the drawled diphthong in
“nowheer,” the dropping of the glottal fricative in “the girls
never had a ’ome all their
lives.” Unfortunately this
book also is full of the current
patois of academic moralizing,
which will age less well.
Mr. Jensen sorts his sub-
jects by cohort, covering the
seven ages of misery from
birth in a rented room to death
in the street in old age. Drink,
the period’s reformers de-
claimed, was the curse of the
working classes. Work was the
curse of the drinking classes.
Infants were an economic en-
cumbrance, but they could also
be a commercial opportunity. One
Saturday in 1817, Mary Moseley’s 2-year-old daughter was
kidnapped from her slum in Pimlico by a woman called Ann
Lee, who took her to a pub in Chelsea, about a mile away,
pressed some song sheets into her hand, and, Mr. Jensen
writes, asked drinkers to “give a halfpenny to relieve a
wretched widow.” The child’s parents and neighbors tracked
her down. Four days later, Ann Lee was sentenced at the
Old Bailey to seven years in Botany Bay, Australia.
The poorest children went straight to work. John James
Bezer, the 7-year-old son of an alcoholic sailor, hawked hot
cross buns from a tray in Brick Lane, then became an er-
rand boy for his mother’s employer. He crossed the city on
foot, carrying a sack of goods for 17 hours a day, six days a
week. His feet were bloody, and he returned near midnight,
“foot-sore and ready to faint from low diet and excessive
toil.” But at least he had a home to return to. In the 1860s,
5-year-old Harry slept with other “street Arabs” under the
arches by the Thames Embankment. The girls sold flowers
for an old woman known as “Granny.” The boys sold
matches and newspapers.
Thieves (the “nobility,” as the children called them) tried
to recruit them, Artful Dodger-style. Prostitution, Mr. Jen-
sen writes, was “a genuine and pressing problem,” though
he finds the period’s reformers “culpable” of “sexist as-
sumptions.” They looked at “perfectly happy, self-reliant,
competent young girls” selling watercress or singing bal-
lads and saw “only the problem of sex.” Mr. Jensen wishes
he could “push back” against the resulting “avalanche of
prurient, prostitution-focused literature.” He then invites
the reader to imagine “nosy gentlemen” who “frown and
squint, brows knitted in altruistic concern, as they guess at
the curves beneath the buttoned-up jacket.” He quotes ex-
tensively and gratuitously from an “almost certainly” fic-
tional pornographic memoir.
A jostling chorus of distinct and
previously unheard voices from the
streets of Victorian London.
Jane Austen (not a Londoner) defined the poles of 19th-
century perception as rational “sense” and emotional “sen-
sibility.” Engels approached the poor with “sense” and al-
lowed Marx to make the appeals to “sensibility.” Mayhew
used the means of “sensibility”—the sensationalist report
from the gutter—to write an encyclopedia. Dickens, talented
and shameless, danced between the two and gave the peo-
ple what they wanted.
Mr. Jensen finds the reformers guilty of the wrong kind
of sensibility. Having promised to draw us “into worlds of
tenderness, horror, shame and triumph that we never knew
existed,” the author accuses Thomas Barnardo, the Chris-
tian philanthropist whose children’s homes saved thou-
sands, of “sentimental literary stylings” and “sensational-
ism.” He chastises the “self-appointed do-gooders” of the
past for not attaining his ideal of sense, too, when it comes
to talking about race.
The busker Joseph Johnson, a black, disabled ex-sailor,
stands out from the crowd by donning an “extraordinary
headpiece,” a “fully rigged, two-masted brig, towering
above him, that sails upon the waves of the crowd as he
ducks and bobs and weaves.” Johnson called his hat “the
Nelson,” likely in tribute to Horatio Nelson. Mr. Jensen can-
not let this pass without making sure the reader knows that
the victor of Trafalgar, who spent years on antislavery pa-
trols off the coast of West Africa, was “a white supremacist
and apologist for slavery.”
The truth is that, in 1799, Nelson secured the release of
24 North African slaves from Portuguese ships off Sicily.
The West Indian slaves who escaped to British navy ships
under his command were signed on, paid and discharged as
free men. An 1805 letter that has Nelson defending colonial
slavery as necessary to the defeat of Napoleonic France
may have been altered posthumously during the 1807 de-
bate over antislavery laws. This sort of statue-toppling is
the kind of posturing that E.P. Thompson, another historian
of the English working class, had in mind when he warned
historians against the “condescension of posterity.”
“Vagabonds,” like many an academic monograph, is often
valuable despite its author’s best efforts. If only Mr. Jensen
had considered the little people of the past worthy of
speaking for themselves.
Mr. Green is a Journal contributor and a fellow of the
Royal Historical Society.
P2JW067000-0-A01400-1--------XA

A14 | Thursday, March 7, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The GOP’s Third Gamble on Trump Will You ‘Bring Your Whole Self to Work’?

D
onald Trump’s dominance of the prima- cans are nominating a candidate the public My generation, the baby boomers, boring work is satisfying once you
ries on Super Tuesday means the die is knows well—and who most Americans say they is to blame for the “work as personal get right down to doing it. Maybe
passion” trope (“Profit Can Be Your that is what the Muse that Mr. Kes-
cast for a rerun of his 2020 match with don’t like. Mr. Trump never reached 50% ap-
Purpose” by Andy Kessler, Inside sler mentions means when it says to
President Biden. Hard to be- proval in the Gallup survey
lieve: The two major parties Republicans are across his Presidency. His un-
View, March 4). We came of age in the
1970s, when protesting was a way of
“dial up the texture of experience” to
make a job more palatable. Proofread
are marching to nominate per-
haps the only candidates who
elevating the one man ceeded favorable ratings today are ex-
only by Mr. Bi-
life. Out of that general dissatisfaction as if your life depends on it. At least
with life as it was grew the notion the spelling will be correct.
could lose to the other. It’s who could lose to Biden. den’s—57% to 59% in the that one’s work should be in tune with MARGARET MCGIRR
America’s great presidential recent Fox News survey. one’s deepest needs for fulfillment. Greenwich, Conn.
unpopularity contest. The reason is that Mr. A romantic view, it sounds like it
This isn’t to gainsay Mr. Trump’s triumph in Trump brings his own negative baggage that ought to be true and there is nothing Mr. Kessler is spot on in recogniz-
the GOP primaries. He lost only two contests—in Democrats will reprise over the next eight wrong with aspiring to it. It is insist- ing that you shouldn’t demand a pay-
Vermont and the District of Columbia to Nikki months. Mr. Trump has benefited from being ing on it uniformly that is the prob- check for fulfilling yourself. But his
lem. It doesn’t account for the tasks column overlooks how the “bring
Haley. He underperformed his polling in most less in the news than Mr. Biden, but the Repub-
in any job, even a dream one, that are your whole self to work” mentality is
states, but his strength among Republicans lican will be front-and-center every day as the boring or unpleasant, unrewarding in a license for demanding too much of
makes us wonder in retrospect if anyone could campaign fires up. themselves but nevertheless essential employees as well as employers.
have beaten him this year as he ran almost as an Mr. Biden will poke at him like a dancing to the overall effort. Making your “whole self” part of
incumbent seeking a second term. Like or loathe bear, hoping he’ll act up and remind voters why In looking for work that is our pas- your job suggests that no aspect of
Mr. Trump, this is an unprecedented modern they ousted him four years ago. His Covid and sion, we risk the concomitant view your life is outside your employer’s
achievement. Richard Nixon was nominated other first-term outbursts will return in TV ads, that boring work has no value. That purview. This can include your
three times but not in a row. as will his disgraceful post-election behavior has never been true. Ask any aspiring weight, personal-health habits and
i i i leading to and including Jan. 6. GOP voters may pianist who has toiled over scales at political or other convictions that you
Yet this result wasn’t always certain. Fifteen have come to discount the events of that day, the keyboard or the baseball player would rather not disclose at work.
months ago, in the wake of the GOP’s disap- but we’ll find out if that’s true about swing vot- who spends hours in a batting cage. PROF. FELICIA NIMUE ACKERMAN
Thomas Merton, the monk, theolo- Brown University
pointing midterm showing for Mr. Trump’s can- ers in the swing states that have turned against gian and writer, believed that even Providence, R.I.
didates, the former President looked like a the GOP in the Trump era.
weakening political force. Florida Gov. Ron De- Mr. Trump has been the greatest Democratic
Santis was on the rise. turnout machine since FDR, and that includes
Mr. Trump then charged into the race and Barack Obama. Every time voters have gone to
spent months trashing Mr. DeSantis before the the polls since Mr. Trump’s first victory in 2016,
Let Kroger Compete Better With Walmart
Governor formally entered the contest. The for- Republicans have lost or underperformed: 2018, The decision by the Federal point out Walmart isn’t unionized.
mer President ducked the GOP debates, betting 2020, 2021 in Georgia Senate races, 2022, and Trade Commission to sue to block The merger of Kroger and Albertsons
that his standing as a quasi-incumbent would 2023 in special elections. the proposed merger between will produce one of the largest, if
carry the day. He was Then there are the Kroger and Albertsons (“The FTC’s not the largest, union employers in
Gift to Walmart,” Review & Outlook, the country.
also helped by fond Timeline of GOP primary polling averages for court cases. The Bragg
Feb. 27) is, at best, specious. Both Industry experts predict the gro-
voter recollection of Trump and DeSantis with Trump indictments, indictment goes to companies have made it clear the cery industry will see more change
the Trump economy, July 2022-Jan. 2024 trial this month, and a primary reason for the merger is to in the next five years than it has in
especially after the Bi- Trump DeSantis conviction in New York compete better with the likes of the past 50. Most of that is due to
den inflation. Classified documents Jan. 6 is possible. The other Walmart, which has double the gro- technology. The grocery industry is
It’s possible the three criminal trials cery sales of Kroger, its nearest no longer simply a bricks-and-mortar
N.Y. Superseding Ga.
race was over once 70 may be pushed beyond competitor, and captures 1 in 4 U.S. business. It has become an e-com-
Manhattan District At- Election Day, though grocery dollars. merce giant with tremendous oppor-
torney Alvin Bragg in- 60 it’s not impossible that Is it not counterintuitive for the tunities for the future.
dicted him for hush- 50 either the documents merged enterprise to raise prices as Earlier this year Walmart laid out
money payments on case or the Jan. 6 con- the FTC alleges? This would simply its aggressive growth plans. I have
bolster Walmart’s and Amazon’s take nothing against Walmart. It has built
jerry-rigged felony 40 spiracy case could go
of grocery dollars, as customers will a great mousetrap. But fair play be-
charges that should be to trial in the late sum- take their shopping dollars to a ing what it is, or what it is supposed
no more than a misde- 30 mer or fall. A third or lower-priced competitor. to be, the FTC should let this merger
meanor. Mr. Trump 20 so of GOP voters in Su- Is it not counterintuitive for the move forward and give Kroger and
jumped in the primary per Tuesday exit polls merged enterprise to disrespect their Albertsons the opportunity to build
polls and kept rising 10 said they’d find a con- employees with dwindling wages, a better mousetrap for the benefit of
despite the successive viction disqualifying. benefits and working conditions as those millions of us who are their
indictments. (See the 0 We think the Demo- the FTC alleges? The retail market- shoppers.
nearby polling time- Jul. 2022 '23 '24 cratic alarms about a place is one of the most competitive JAMES J. HYLAND
line.) Source: Real Clear Politics Trump coup against in America. It’s also important to Milwaukee
The Democratic democracy are over-
lawfare strategy worked in reverse on Republi- wrought. There’s no doubt the Trump Presi-
cans, though we suspect this was the White dency was a stress test for U.S. institutions, but The GOP, Not Trump, Should Pick Its VP
House hope all along. Mr. Biden, his party and the checks and balances held. It’s more likely Regarding Karl Rove’s op-ed “Battle bosses. Historian Ronald Feinman
the press all want Mr. Trump as the GOP nomi- that Republicans who think a Trump restora- of the Weak Incumbents” (Feb. 29): To counted 19 times in American history
nee because they think he’s the easiest to beat. tion will usher in some new political realign- defeat President Biden, former Presi- when there have been “difficult rela-
The public mood is nonetheless setting up ment will be disappointed. A second Trump dent Donald Trump will probably need tionships between the top two office-
what should be a GOP triumph in November. Mr. term would check the left, for a time, but it the votes of those who are offended holders.” Many of these disagree-
Biden’s approval ratings are in Jimmy Carter would also likely be four long years of political by his personal flaws. They account ments generated public disputes.
territory, and three quarters of the country trench warfare. for many of those who voted for Nikki While Mr. Trump was president, he
thinks he is too old to run for a second term. i i i Haley in the Michigan and South Car- was quick to fire cabinet officials,
olina primaries. such as his secretary of state and
Most voters don’t like the results of his policies These columns haven’t endorsed a presiden-
Most recent vice presidents have Justice Department chief. But he
on the economy, foreign policy, immigration, tial candidate since 1928, and we aren’t about been personally chosen by the party couldn’t constitutionally fire his vice
and nearly everything else. to do it with these two nominees. Our job is to nominees for president, and recent president, Mike Pence. The same
Mr. Biden’s electoral bargain in 2020 with inform readers about the candidates, their poli- vice presidents have been cheerlead- would be true if he were elected to a
Bernie Sanders hasn’t paid off as his leftward cies and the campaigns they run so you can ing advocates for their presidents. second term.
policy lurch has produced a popular backlash. make up your own mind. No doubt that will up- But it wasn’t always that way. There To ensure a win against Mr. Biden,
The 2020 coalition that elected him is fraying, set partisans on either side, depending on the have been vice presidents who have the Republican Party should overrule
as Hispanics, black men, young voters and inde- day or the issue, since so many view a victory differed publicly with their nominal Mr. Trump’s choice and nominate a
pendents turn away. Yet the polls show Mr. Bi- by the other side as the end of America as we vice president who could rein in Mr.
den is only down from two to five points in know it. Trump by threatening and, if neces-
head-to-head polling despite all of his political We think the U.S. is sturdier than that. But Trump Built Up the Navy, sary, expressing opposition to objec-
infirmities. the parties are leaving Americans with an un- Even if He Didn’t Reach 350 tionable presidential policy decisions.
Ms. Haley would qualify for such a
And that’s the gamble the GOP is taking by happy presidential choice, and we have to report The Trump administration fell vice-presidential slot, and if she were
elevating Mr. Trump one more time. Republi- on the world as it is, not as we’d wish it to be. short of its goal to build a 350-ship VP, she would be the leading Republi-
Navy, but it’s unfair to act like the ad- can presidential candidate in 2028.

What Nikki Haley Accomplished ministration didn’t make serious

progress (“Trump Didn’t Rebuild the
Military,” Review & Outlook, Feb. 23).
NATHAN LEWIN
Potomac, Md.

T
hese columns were skeptical of Nikki Trump on Wednesday, though she seemed open During its four years in power, the
Haley’s rationale when she announced to doing so if Mr. Trump makes an attempt to Trump administration grew the Navy The Pluralism That Wasn’t
her candidacy for President last year. appeal to her voters. “It is now up to Donald from about 272 ships to 297, and
It is ironic that Britain is now real-
But she found one along the Trump to earn the votes of even commissioned the 11th aircraft
izing the damage it has wreaked upon
way, and her campaign did a Trump needs her voters those in our party and beyond carrier: the USS Gerald R. Ford, a
first-in-class CVN-78.
its society by years of confusing plu-
public service by reminding
voters that the Republican
to win, but unifying it, who did not support him,
and I hope he does that,” she
By contrast, the fleet has shrunk by
ralism with appeasement in the delu-
sional expectation that the unruly
five ships under President Biden, los-
Party isn’t a MAGA monolith. gestures aren’t his style. said. “At its best, politics is ing a submarine and two amphibious
and the belligerent could be coaxed
Ms. Haley suspended her about bringing people into into civilized behavior (“Britain, Isla-
warfare ships, among others.
mism and the Forgotten Lessons of
campaign on Wednesday after your cause, not turning them JOHN SHELTON
Appeasement” by Dominic Green, op-
losing in every Super Tuesday primary state away. And our conservative cause badly needs Advancing American Freedom
ed, March 2). India has faced this
other than Vermont. Yet she lasted longer in the more people.” Washington
problem for a lot longer, but when it
race than the other candidates, including Flor- She’s right, if Mr. Trump has the wit to see started to recognize its folly of ap-
ida Gov. Ron DeSantis, who started with far it, but he isn’t famous for his party-unifying
more money and publicity. gestures. He needlessly attacked her again Each Era’s ‘Easy Listening’ peasement and began enforcing law
and order, it was accused of being an-
Ms. Haley ran an impressive campaign and Wednesday morning. It isn’t clear Ms. Haley As a one-time disc jockey who tidemocratic and anti-civil rights.
far exceeded most expectations. She has genu- would want to join the ticket if asked, after played easy-listening music, I appreci- It is easy to pass judgment until
ine charisma, and she showed she could more watching how Mr. Trump betrayed the stalwart ate Mike Kerrigan’s “Easy Listening = the problem arrives at your own
than hold her own on the debate stage. She loyalty of Mike Pence by making him a target Alternative Music + Time” (op-ed, doorstep.
demonstrated more tenacity than her competi- of the Jan. 6 rioters. Most second terms aren’t Feb. 29). He is right: The definition of ANIL BHALLA
easy listening has changed radically New York
tors in being willing to criticize Mr. Trump’s successful, and a VP Haley would be hostage in over the years; e.g., from big band
flaws as President and the political risks of 2028 to Mr. Trump’s results. music to certain rock recordings.
nominating him a third time. If Ms. Haley isn’t on the ticket, she would
She made a particular contribution on for- have an opening in 2028 if Mr. Trump loses
Mr. Kerrigan even states that the
music of my era (earlier than his)
Pepper ...
eign policy, refusing to bend to Mr. Trump’s again in November, especially with President “has been stripped of vocals and ban- And Salt
flattery for dictators and desire to leave Ukraine Biden so unpopular and trailing now in nearly ished to elevators.” We look at instru-
THE WALL STREET JOURNAL
to Vladimir Putin’s mercies. A debate on the is- every poll. Given the sour mood of the country mentals differently. There were times
sue would have been instructive, pinning down and worries about Mr. Biden’s age, the stage in the 1940s and ’50s when half the
how Mr. Trump plans to solve that war in 24 this year should be set for a GOP sweep. Top 10 lacked any words at all.
hours as he vows. But the former President was It’s worth noting that two weekend polls The author says he finds joy in
hearing “Fall on Me” by R.E.M. God
afraid to take her on. show Ms. Haley winning in November by far
bless him. I still find joy in “Manhat-
Her missed opportunity was not having a more than Mr. Trump does in a head-to-head tan Spiritual” by Reg Owen. It never
cause, or a vision, that was able to rally more match with Mr. Biden. She leads Mr. Biden did have lyrics.
Americans away from Mr. Trump. There wasn’t 45%-35% compared with Mr. Trump’s 48%-43% E. DENNIS HINDE
an issue she could call her own. No other chal- in the Siena-New York Times poll, and 50%-42% Las Vegas
lenger had one either. But not being Donald to Mr. Trump’s 49%-47% lead in the latest Fox
Trump wasn’t enough by itself to defeat him. News poll.
Letters intended for publication should
That’s a lesson for the next time Ms. Haley runs The polls suggest Ms. Haley would give GOP be emailed to wsj.ltrs@wsj.com. Please
for President, if she does. voters the potential for a 2024 landslide, but include your city, state and telephone
Mr. Trump could do worse than choose Ms. they have decided to gamble on a third Trump number. All letters are subject to
Haley for Vice President, and he will need her nomination. They can’t say Ms. Haley didn’t editing, and unpublished letters cannot “As you can see, we’ve added
be acknowledged.
voters to win. Ms. Haley didn’t endorse Mr. warn them. some new squares to the grid.”
P2JW067000-0-A01500-1--------XA
THE WALL STREET JOURNAL.
Why Scientists Love Chasing Bats
By Matt Ridley
T
he World Health Assembly
in May is poised to divert
$10.5 billion of aid away
from tackling diseases
such as malaria and tu-
berculosis. Instead, that money will
go toward combating the threat of
viruses newly caught from wildlife.
The assumption behind this initia-
tive, endorsed by the Group of 20
summit in Bali in 2022, is that the
threat of pandemics from spillovers
of animal viruses is dramatically in-
creasing.
That assumption is almost cer-
tainly false. A new report from the
University of Leeds, prepared in
part by former World Health Organ-
ization executives, finds that the
claims made by the G-20 in support
of this agenda either are unsup-
ported by evidence, contradict their
own cited sources, or fail to correct
for improved detection of patho-
gens. Over the past decade the bur-
den and risk of spillover has been
relatively small and probably de-
creasing. The Leeds authors con-
clude: “The implication is that the
largest investment in international
public health in history is based on
misinterpretations of key evidence
as well as a failure to thoroughly
analyze existing data.”
The threat to humans from
animal viruses is small.
The financial incentive to
pretend otherwise is large.
The Covid-19 pandemic, far from
justifying the diversion of funds into
tackling spillovers, may undermine
this narrative. If Sars-CoV-2 entered
the human species through a labora-
tory accident, as the WHO, parts of
the U.S. intelligence community and
many scientists agree is possible,
then it wouldn’t count as a natural
spillover. Worse, it would be more
than a case of research gone wrong.
It would be pandemic-prevention re-
search gone wrong. The search for
spillover risk may have caused a
dangerous spillover.
The Leeds team examined eight
reports commissioned by the G-20,
the WHO and the World Bank that
all claim spillovers of dangerous vi-
Oregon Makes a U-Turn on Drug Decriminalization
By Kevin Sabet
W
hen Gil Kerlikowske, my
then-boss and the Obama
administration’s drug czar,
announced an end to the war on
drugs in May 2009, U.S. drug policy
took a more humanitarian, public
health-centered approach. Stigma-
tizing drug users was counterpro-
ductive and blocked paths to recov-
ery, we reasoned. At the same time,
we were careful not to normalize or
legalize drugs. We recognized that
making drugs more accessible
would be a disaster. It was a balanc-
ing act.
Voters decided to tolerate
possession of hard drugs
in 2020. Lawmakers are
about to reverse the error.
Oregon threw that out the win-
dow in 2020 when, encouraged by
deep-pocketed interest groups, vot-
ers approved a ballot measure that
decriminalized the possession of
small amounts of hard drugs includ-
ing heroin, fentanyl and cocaine,
and removed any incentive for
treatment. Now the state is poised
to reverse this policy with a ven-
geance. Oregon’s liberal governor,
Tina Kotek, is expected to sign bi-
partisan legislation repealing Mea-
sure 110, the ill-conceived ballot ini-
tiative.
Oregon’s experiment was a disas-
ter. The state gave people found in
possession of illegal drugs a few
choices: appear in court and plead
not guilty, pay a fine of $100, ask
the court to reduce your fine, or
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch
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ruses from wildlife are increasing. A
June 2021 report prepared by the
WHO and World Bank predicts that
“outbreaks of pathogens of pan-
demic potential are set to continue
to increase in frequency for the
foreseeable future.” A March 2022
G-20 report states that “even as we
fight this pandemic, we must face
the reality of a world at risk of more
frequent pandemics.” A 2022 World
Bank report talks of “an accelerating
trend of pandemics.” A November
2023 WHO report claims that “pan-
demics of infectious diseases are oc-
curring more often, and spreading
faster and further than ever.”
The Leeds team found the reports
“significantly mischaracterized”
their own sources. The common
claim in all the reports that climate
change and deforestation increase
the risk of virus spillover is poorly
supported by the evidence. One of
the studies cited by the World Bank
found the opposite: “More intact
ecosystems may be associated with
a higher rate of zoonotic spillover
events” because there is more wild-
life in them.
In any case, many regions are
now seeing net reforestation, rather
than deforestation. The rate of for-
est regrowth is especially rapid in
southern China, where SARS and
Covid emerged, because of migra-
tion to urban areas.
New techniques have improved
detection of viruses in recent de-
cades. HIV probably spilled over de-
cades before it was detected. Nipah,
simply call a health-assessment
hotline to have the penalty waived.
But if someone took none of these
actions, there was no consequence.
Measure 110 essentially made drug
use penalty-free. Open-air drug
dealing and use became the norm,
frustrating local officials including
Portland’s mayor, as there was little
anyone could do. Oregon in 2021-22
had the highest rate of residents re-
porting past-month use of illicit
drugs—not including marijuana—of
any state in the U.S., behind the Dis-
trict of Columbia.
Though law-enforcement officers
have issued more than 6,000 tickets
in Oregon since decriminalization
took effect in February 2021, drug
users have ignored most of the cita-
tions. Police say they have largely
stopped handing out citations be-
cause it is a waste of time. “There
are no consequences if you don’t do
anything about the ticket,” Dwight
Holton told me in an interview. Mr.
Holton, a former U.S. attorney for
Oregon, is CEO of Lines for Life, a
nonprofit that housed the hotline
until last year.
Mr. Holton said the tickets don’t
even include a phone number to call
for help. No wonder that only 1% of
people who received citations for
possessing illegal drugs sought help
via the hotline—only 600 people
since its inception. Instead, addic-
tion has persisted. More than
700,000 people in Oregon who
needed treatment for substance use
disorders in 2022 didn’t receive it,
according to the National Survey on
Drug Use and Health.
Instead of reducing overdose
deaths, Measure 110 appears to have
made the crisis worse. Between
2020 and 2022, overdose deaths in
Oregon increased 75%, from 797 to
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Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
MARTIN KOZLOWSKI
a virus transmitted to humans and
pigs by fruit bats in south Asia,
probably spilled over many times
before it was identified in the 1990s.
(It had previously been misdiag-
nosed as Japanese encephalitis.) The
largest Nipah outbreak killed only
110 people. Yellow fever and plague,
also cited as examples of spillover
by WHO, have infected human be-
ings for centuries with outbreaks far
more severe than today.
Even viruses that are new to the
human species kill few people com-
pared with the vast annual toll of
malaria and tuberculosis. Ebola
killed some 12,000 in the worst out-
break. MERS and SARS killed fewer
than 900 each, and Zika fewer than
400. Avian flu kills fewer than 80 a
year. These numbers are falling, not
rising. A database on which the
World Bank relied shows, according
to a summary by the Leeds authors,
a “major reduction in reported me-
dium (>100 cases) and large (>1000
cases) outbreaks over the period
2009 to 2017.”
It is a misconception that popula-
tion growth or prosperity leads hu-
manity to encroach on wildlife habi-
tats. The poorest people in Africa
encroach on forest wildlife by hunt-
ing for bush meat; when they grow
richer, they shop for chicken or pork
instead. Humans visited bat caves
more frequently in the distant past.
The exception is scientists, who
have only recently begun rooting
around in bat caves. As for climate
change, wildlife responds by mov-
1,392, compared with an 18% in-
crease nationally, according to the
Centers for Disease Control and Pre-
vention.
This critique of Oregon’s policy
isn’t a call to criminalize addiction.
It’s inappropriate to treat addiction
as a moral failing or to view it
solely through the prism of enforce-
ment. Addiction is a complex biobe-
havioral disorder that responds to
carrots and sticks. That is why
drug-treatment courts—a bipartisan
model offering structured treatment
with incentives—work. Drug-treat-
ment courts bring in both the pub-
lic-safety system and public-health
system to hold people with sub-
stance use disorders accountable,
School Choice Can Save
Biden’s Presidency
By Tressa Pankovits
J
oe Biden needs a winning issue
to save his struggling campaign.
He has one in public school
choice and would benefit from spot-
lighting it in his State of the Union
address Thursday evening.
The president hasn’t spoken much
on the issue since 2020, when he
disparaged charter schools. That was
a mistake then, as it would be today.
Talking positively about the issue
would attract working-class and low-
income voters who can’t afford to
leave their poorly performing public
schools.
Charter schools are free, public
and open to all. They have a track re-
cord of success. I’ve visited charters
in every region of the country, and
each has rendered the same com-
plaint: No one outside their small
community listens to them. From
Rhode Island and Illinois to Califor-
nia and New York, lawmakers often
attempt to block new charters or
otherwise hamstring existing ones.
A survey from the Current Proj-
ect found that 87% of low- and mid-
dle-income black women believe the
“one-size-fits-all school system of
the past often doesn’t meet stu-
dents’ needs.” Six in 10 black moth-
ers strongly agreed that they were
more likely to vote for a candidate
who supported giving parents more
choice over where to send their kids
to school. Those findings are consis-
tent with a 2023 study by Demo-
crats for Education Reform, which
found that 77% of parents viewed
public charters favorably, including
ing, adapting or dying out, not by
taking refuge in cities, as is some-
times claimed. Nor does the growth
of cities necessarily represent a
greater risk of transmission of new
viruses. As the Leeds team put it,
while “urbanization accelerates
speed of inflection by placing a
greater number of human bodies in
proximity, it can also facilitate a
more targeted response.”
The Leeds team concludes that
“the world is getting better at de-
tecting outbreaks, and identifying
and distinguishing pathogens, whilst
also improving capacity to address
these challenges.” As for Covid-19,
the authors say it looks like “an out-
lier in the context of recent out-
break trajectory, rather than indica-
tive of a trend.” The prospect of
spending $31 billion a year on pan-
demic prevention, a third of which
would be new money and a third di-
verted from other programs, pro-
vides an incentive for international
bureaucrats to ignore or misrepre-
sent evidence that the problem is
small.
But a dollar spent on spillover
can’t be spent on something else,
and the evidence is clear that sani-
tation, nutrition and vitamins are
more cost-effective ways to save
lives in poor countries—from infec-
tious diseases as well as other
causes. In an illustration of the op-
portunity cost, Vanuatu was on the
brink of eradicating malaria before
its public-health staff were diverted
toward Covid. Malaria has erupted
again in the 80-island archipelago.
While the diversion of funds to
prevent natural virus spillover turns
out to be based on flawed data, the
need for regulation of scientific re-
search aimed at finding and manipu-
lating potential pandemic viruses is
based on real data. Whether Covid
began in a laboratory or not, risky
gain-of-function research with
SARS-like viruses did happen at the
Wuhan Institute of Virology, some
of it at low biosafety levels. A report
released Feb. 28 by the Pathogens
Project, part of the Bulletin of the
Atomic Scientists, draws up detailed
recommendations for how to pre-
vent scientists taking unacceptable
risks on behalf of humanity. That is
the greater threat.
Mr. Ridley is a co-author of “Vi-
ral: The Search for the Origin of
Covid-19.”
something Measure 110 never did.
The state provided no structure or
incentive for people to get help.
The bill repealing Measure 110
would recriminalize drugs and cre-
ate off-ramps from the criminal-jus-
tice system, letting people get help
to recover from addiction. Measure
110 promised to meet people where
they were, but it left them there.
We now have the chance to take
them to a better place—and we
shouldn’t squander it.
Mr. Sabet is president of the
Foundation for Drug Policy Solu-
tions and author of “One Nation Un-
der the Influence,” forthcoming from
Polity in 2025.
80% of black and 71% of Latino par-
ents.
The president is reluctant to sell
the idea, and it isn’t hard to under-
stand why. Teachers unions detest
charters because most aren’t union-
ized and many outperform tradi-
tional schools. They’re threatened by
the competition and hostile to any
politician that disagrees.
Mr. Biden has benefited from
teachers unions’ support, and he’s
rewarded them for it. In 2022 the
Education Department approved a
rule change under the Charter
School Program, initially founded in
1994, that requires charter-school
operators to jump through onerous
hoops to get funding.
Mr. Biden has a chance to turn
things around. Down in the polls, he
could use his biggest platform to re-
assure the nation’s millions of char-
ter-school parents that he hears
them and understands their con-
cerns. That would doubtless irritate
teachers unions, but where are they
going to go? The stakes are too high
for them even to consider pulling
their support for Mr. Biden.
Black women, however, are a cru-
cial voting bloc. In 2020, some 90%
supported Mr. Biden. He shouldn’t
take that support for granted and
should assuage their worries: The
president should say, publicly, that
public charter schools are vital to
American children’s future.
Ms. Pankovits is a co-director of
the Reinventing America’s Schools
project at the Progressive Policy In-
stitute.
Thursday, March 7, 2024 | A15
Why Samuel
Alito Shuns
The State
Of the Union
By James Taranto
And David B. Rivkin Jr.
J
ustice Samuel Alito’s first State
of the Union address was a
happy occasion, but things went
downhill after that. “The Supreme
Court now has two superb new mem-
bers,” President George W. Bush told
the nation on Jan. 31, 2006. Justice
Alito had been confirmed that same
day, Chief Justice John Roberts four
months earlier. Both were in the au-
dience—justices get front-row
seats—and both eventually came to
regard the annual ritual as a burden.
Justice Alito hasn’t attended one
since 2010.
“Unless you’re there on the floor,
you don’t really appreciate what’s
going on,” Justice Alito told the
Journal in an interview last spring.
“The members [of Congress] are ex-
tremely vocal. . . . I remember during
one where President Bush was
speaking, and the leaders behind us
were saying, ‘Bulls—! That’s bulls—!’
They’re always making these com-
ments, and loud enough so you could
hear it two or three rows away.”
He found the partisan
spectacle distasteful even
before Obama’s inaccurate
declamation in 2010.
That’s awkward for members of
the court, whose official role re-
quires them to rise above partisan-
ship. Applause lines are even trickier,
since silence can seem like dissent.
“We sit there like potted plants, and
then we look out of the corner of our
eye to see whether any of our col-
leagues are going to stand up, or the
Joint Chiefs are,” Justice Alito said.
“There are some times when you
have to stand up. Like, ‘Don’t we
honor the brave men and women
who are fighting and dying for this
country?’—you can’t not stand up for
that. But then you say, ‘Isn’t the
United States a great country’—you
stand up—‘because we are going to
enact this legislation’—maybe you
have to sit down.”
In January 2010, the court itself
became the target of a presidential
declamation. “With all due deference
to separation of powers,” President
Barack Obama said, “last week the
Supreme Court reversed a century of
law that I believe will open the
floodgates for special interests—in-
cluding foreign corporations—to
spend without limit in our elections.”
As Democratic lawmakers arose
behind the justices and clapped, TV
cameras caught Justice Alito shaking
his head and mouthing the words
“not true.” He was right, as even the
New York Times’s Linda Greenhouse
acknowledged. Citizens United v. FEC
didn’t touch the Tillman Act of 1907,
which to this day prohibits corporate
campaign contributions. It struck
down provisions of a different law,
enacted in 2002, and overturned
precedents dating only to 1990 and
2003.
Justice Alito was surprised by Mr.
Obama’s error. “I imagine the State
of the Union speech is vetted inside
out and backwards,” he told us.
“Somebody should have seen that
this statement was inaccurate.” He
also failed to realize he was on cam-
era: “My mistake was that I didn’t
think about the fact that the text is
distributed to the media ahead of
time. They knew that the president
was going to talk about the Supreme
Court, so they had their cameras on
us. . . . That’s why it’s a sore point.”
Justice Alito isn’t the first mem-
ber of the court to shun the State of
the Union. John Paul Stevens never
attended. Antonin Scalia last went in
1997, Clarence Thomas in 2006. “It
has turned into a childish spectacle,”
Scalia said in 2013. “I don’t want to
be there to lend dignity to it.”
Chief Justice Roberts was only a
little less pointed in March 2010, six
weeks after the Obama-Alito kerfuf-
fle. “The image of having the mem-
bers of one branch of government
standing up, literally surrounding the
Supreme Court, cheering and holler-
ing, while the court, according to the
requirements of protocol, has to sit
there expressionless, I think is very
troubling,” he told students at the
University of Alabama Law School.
“To the extent the State of the Union
has degenerated into a political pep
rally, I’m not sure why we’re there.”
The chief justice has nonetheless
continued to attend and is expected
to do so again on Thursday night. As
with those applause lines, you can’t
even abstain without making a state-
ment.
Mr. Taranto is the Journal’s edito-
rial features editor. Mr. Rivkin prac-
tices appellate and constitutional
law in Washington.
P2JW067000-0-A01600-1--------XA
A16 | Thursday, March 7, 2024
Russia Strikes Odesa
During Zelensky Tour
Deadly missile hits
near delegation that
also included visiting
Greek prime minister
BY IAN LOVETT
AND LAURENCE NORMAN
KYIV, Ukraine—A deadly
Russian missile strike hit the
Ukrainian city of Odesa during
a visit by President Volodymyr
Zelensky and Greek Prime
Minister Kyriakos Mitsotakis,
exploding a few hundred
yards from the delegation, an
official who was there said.
Five people were killed in
the strike, the Ukrainian navy
said. No one from the delega-
tion was injured.
The missile landed as the
two leaders were ending a
tour of Odesa’s Black Sea port.
“Shortly afterwards, as we
were getting into our cars, we
heard a big explosion,” Mitso-
China Tussles With Philippine Ships Chinese Officials Say
ADRIAN PORTUGAL/REUTERS
Chinese coast guard ships deployed water cannons against a Philippine supply boat in the South China Sea on Tuesday.
BY FELIZ SOLOMON
ABOARD THE BRP CABRA—
A large fleet of Chinese ships
surrounded the Philippine
convoy, drawing so close at
times that the crew could see
each other’s faces.
They wove between the
four Philippine vessels, trying
to force them apart. At one
point, two Chinese coast
guard ships flanked one of the
small Philippine boats and
blasted it with water cannons
from both sides, shattering
three panes of its windshield
and injuring personnel on
board. In the hourslong en-
counter, two small collisions
occurred between the Chinese
and Philippine vessels.
The Wall Street Journal
witnessed much of the con-
frontation from the deck of
the BRP Cabra, one of two
Philippine coast guard ships
present. Their mission was to
escort two small wooden
boats laden with supplies that
needed to be delivered to Sec-
ond Thomas Shoal, a reef
where Manila maintains a
small military outpost.
Since last year, these resup-
ply missions have become in-
creasingly dangerous for the
Philippines. Vessels from
CANADA
Central Bank
Keeps Rate at 5%
The Bank of Canada left
its main interest rate un-
changed at 5%, saying it re-
mained premature to con-
sider rate cuts despite
encouraging signs on infla-
tion and wage growth.
Bank of Canada Gov. Tiff
Macklem said the target for
the overnight rate was at an
appropriate level to push in-
flation down from its current
2.9%. The central bank sets in-
terest rates in a bid to achieve
and maintain 2% inflation.
Rate-cut chatter perked up
last month after data indi-
cated inflation slowed to 2.9%
in January, from 3.4% in the
previous month. Key mea-
sures of the core consumer-
price index—which strips out
volatile items such as food
and energy—also eased for
the month, although they re-
mained above 3%.
Macklem said rate cuts
aren’t in the immediate offing.
—Paul Vieira
takis said.
“For us this is the best,
most vivid reminder that
there is a real war going on
here. Every day there is a war,
which not only affects the
front, the soldiers, it affects
our innocent fellow citizens,”
he said during a news confer-
ence at the city’s cathedral,
which was damaged in a pre-
vious Russian strike.
The delegation heard si-
rens signal an incoming at-
tack and the sound of the ex-
plosion, and they could see
the smoke rising from the
blast site, the official who
was present said.
“You see who we are deal-
ing with,” Zelensky said at the
news conference. “It doesn’t
matter to them whether [the
victims of the strikes] are mil-
itary, whether they are civil-
ians, whoever they are, even
international guests.…They are
either out of their minds or
completely out of control of
China—which also claims Sec-
ond Thomas Shoal, as it does
much of the South China
Sea—routinely shadow, intimi-
date and try to block Philip-
pine ships with ever more ag-
gressive tactics.
“It’s really unpredictable
what they will do, but what we
know is 100% of the time, they
are always there,” Coast Guard
Ensign Bernadette Soriano Ad-
dun, the Cabra’s deck and gun-
nery officer, said of the Chi-
nese boats. “So yes, it’s scary.”
On the March 5 mission,
five of the 23 Chinese vessels
present belonged to China’s
coast guard; the rest were
China-flagged fishing boats
that act as a maritime militia.
All the Chinese boats were
many times the size of the
two Philippine supply boats.
Only one of the supply
boats could deliver its cargo.
The other, hit by high-pres-
sure water cannons, had to
turn around.
China’s coast guard said it
took action to curtail what it
called the Philippine vessels’
intrusion into the waters
around Second Thomas Shoal.
It said that despite warnings,
one of the Philippine coast
guard vessels made an “unpro-
fessional and hazardous ap-
MEXICO
Protesters Storm
National Palace
Protesters commandeered
a pickup truck and used it to
ram down the doors of Mex-
ico City’s National Palace.
They battered down the
wooden doors and entered
the colonial-era palace, where
the president lives and holds
his daily news briefings, be-
fore they were driven off by
security agents. The palace
dates back to the 1700s and
was built on the site of the
Aztec emperors’ palace.
The demonstration was
called to protest the abduc-
tion and murder of 43 stu-
dents a decade ago.
President Andrés Manuel
López Obrador called the pro-
test a provocation, saying
the demonstrators had
sledgehammers and blow-
torches. But he also at-
tempted to play down the se-
riousness of the protest,
saying, “The door will be
fixed, it’s nothing.”
—Associated Press
WORLD NEWS
how their terrorist army oper-
ates.”
Russia’s Defense Ministry
said on Telegram that the
strike had targeted a hangar
at the port “where prepara-
tions were being made for the
combat use of naval drones by
Ukraine’s Armed Forces.”
Kyiv said on Tuesday that it
had used drones to sink a Rus-
sian patrol ship near the
Kerch Bridge, which connects
mainland Russia with the oc-
cupied Crimean Peninsula—
the latest Ukrainian strike on
a Russian vessel in the Black
Sea. Russian missile attacks
have often closely followed
Ukrainian strikes on high-pro-
file targets.
Odesa and its port—
Ukraine’s largest, and essen-
tial to grain exports—have
been under attack by Russian
forces since the early days of
the war.
The city has had a thriving
ethnic Greek community for
proach, and purposefully en-
gaged in a mild collision” with
a Chinese coast guard ship.
This was the first time the
Philippines had invited foreign
journalists to join one of these
missions, which take place
about twice a month.
Manila has assumed a more
assertive posture against Bei-
jing’s claims since President
Ferdinand Marcos Jr. took of-
fice in 2022, making a point of
publicizing China’s actions. He
has also strengthened security
ties with the U.S., a treaty ally,
as well as with the European
Union, Japan and Australia.
Washington says its mutual
defense treaty with Manila
would cover an armed attack
on Philippine public vessels or
armed forces anywhere in the
South China Sea.
After Tuesday’s incident, a
State Department spokesman
said the U.S. stands with its
ally and condemned what he
called China’s “repeated ob-
struction of Philippine vessels’
exercise of high seas freedom
of navigation and its disrup-
tion of supply lines to this
longstanding outpost.”
During the past decade,
China has expanded its control
over the South China Sea. It
built up artificial islands atop
POLAND
Farmers Riot
Outside Parliament
Poland saw its most vio-
lent protest by farmers yet
as some participants threw
stones at police and tried to
push through barriers around
parliament, injuring several
officers, police said.
Police used tear gas and
said they detained more than
a dozen people and pre-
vented the protesters from
getting through to the Sejm,
the Polish parliament.
Farmers are angry over
European Union climate poli-
cies and food imports from
Ukraine that they say
threaten their livelihoods.
Such protests have occurred
across the 27-member EU in
recent weeks.
Farmers on tractors also
blocked highways leading into
Warsaw, while thousands of
their supporters gathered in
front of the prime minister’s
office before marching to the
parliament.
—Associated Press
Ukrainian President Volodymyr Zelensky and Greek Prime Minister Kyriakos Mitsotakis were
ending a visit to Odesa’s Black Sea port when a Russian missile exploded nearby, killing five.
centuries, and the Greek War
of Independence was planned
from there in the early 19th
century.
Since the Ukraine war
started two years ago, some of
the most high-profile visits by
Western leaders, including
President Biden’s last year
and trips to Ukraine by top
European Union officials, have
been communicated in ad-
remote reefs and atolls, trans-
forming them into military
bases with missiles and air-
strips. It deploys navy, coast
guard and militia fleets to push
back against smaller neighbors
who contest its claims.
An international tribunal in
The Hague ruled in 2016 that
China’s claims have no legal ba-
sis, but China rejects the ruling.
Second Thomas Shoal is the
linchpin in Manila’s effort to
hold the line on its claims in
the South China Sea. In 1999,
the Philippines deliberately
ran aground a WWII-era war-
ship, the BRP Sierra Madre,
there to stake its claim, and
ever since it has kept a unit of
marines garrisoned there to
protect it. Resupply missions
like the one on Tuesday bring
them essentials and occasion-
ally rotate the crew.
But now, the Sierra Madre
is rusty and falling apart.
China has accused the Philip-
pines of using these missions
to ferry construction materi-
als to the Sierra Madre, claim-
ing the marines are building a
more permanent base. China
has said it allows delivery of
things like food and fuel on
humanitarian grounds, but
won’t accept any Filipino ac-
tivities beyond that.
THOUSANDS MARCH: Demonstrators in Bogotá demanded on Wednesday that Colombian
President Gustavo Petro roll back health and pension overhauls.
THE WALL STREET JOURNAL.
vance to Moscow to avoid an
incident that could escalate
the conflict. It couldn’t be de-
termined if Russia was given
advance notice about the
Greek prime minister’s visit.
The attack on Odesa was
condemned by European Com-
mission President Ursula von
der Leyen, who was in Ukraine
two weeks ago to mark the
second anniversary of Russia’s
Exports Are Strong
BY BRIAN SPEGELE
BEIJING—Senior Chinese of-
ficials disclosed a double-digit
percentage jump in exports in
the first two months of the
year while signaling further
monetary easing was likely re-
quired to inject fresh life into
China’s downtrodden economy.
A day after China laid out a
5% growth target for 2024,
supported by plans to sell 1
trillion yuan, equivalent to
$139 billion, of special treasury
bonds, a top economic official
said China had started off 2024
on a strong note, with exports
growing around 10% year-over-
year in January and February.
Beijing has made efforts to
promote a positive narrative
about the economy. The release
of the export figure was unex-
pected; official trade data for
the two months aren’t set to be
published until Thursday.
At the same time, China’s
central-bank governor, Pan
Gongsheng, telegraphed po-
tential plans to inject fresh li-
quidity into the financial sys-
tem by cutting
banks’ reserve
requirements.
“China has a The 10% rise in
plentiful mone- exports comes
tary-policy tool-
box,” Pan said ahead of official
alongside other
senior officials
trade-data
on Wednesday. release.
“And its mone-
tary policy still
has ample
space,” pledging to prop up
prices and keep the yuan stable.
The rise in exports offers a
glimmer of hope for the
world’s second-largest econ-
omy, where officials acknowl-
edge growth remains beset by
challenges including weak
consumer confidence, rising
debt levels and turbulence in
the property market. The
growth in exports this year
also marks a turnaround from
the same period in 2023, when
they fell 6.8% in dollar terms.
Combined imports and ex-
WORLD WATCH
UKRAINE PRESIDENCY/PLANET PIX/ZUMA PRESS
invasion of Ukraine.
“I strongly condemn the
vile attack on Odesa by Rus-
sia during @ZelenskyyU and
@kmitsotakis’s visit,” she
said on X. “No one is intimi-
dated by this new attempt at
terror—certainly not the two
leaders on the ground nor the
brave people of Ukraine.”
—Nikita Nikolaienko
contributed to this article.
ports for the period rose 8.2%,
Commerce Minister Wang
Wentao said, implying that im-
ports fell. Wang also cautioned
that exports might fall in
March, given a high basis of
comparison from a year earlier.
The officials didn’t say if
the percentage jump in trade
was in yuan or dollar terms.
Two transcripts of the news
conference on state-media
websites omitted the trade-
figure disclosures. China typi-
cally combines economic data
for January and February to
account for effects of Lunar
New Year, a weeklong holiday.
The jump in exports is a re-
minder of the central role for-
eign trade plays in the Chinese
economy. Exports proved cru-
cial to carrying China’s economy
through the pandemic years,
when shoppers in the West
couldn’t get enough of made-in-
China goods. As growth flags
again today, the government is
again likely to lean on trade to
keep the economy ticking.
The unexpected release of
trade figures marked the sec-
ond time leaders
have front-run
economic-data
disclosures this
year. Premier Li
Qiang gave
global business
elites a big hint
about China’s
2023 gross-do-
mestic-product
growth rate in
January when
he dropped the figure into an
address at the World Economic
Forum in Davos, Switzerland.
Despite the robust start to
the year for Chinese exports,
officials were quick to note
that trade conditions globally
remained difficult.
“This year, the situation for
foreign trade is still extremely
severe,” Wang said, noting that
global growth is expected to re-
main suppressed in 2024 while
protectionism is on the rise.
—Xiao Xiao
contributed to this article.
RAUL ARBOLEDA/AGENCE FRANCE-PRESSE/GETTY IMAGES
P2JW067000-4-B00100-1--------XA
BUSINESS & FINANCE
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5104.76 À 0.51% S&P FIN À 0.41%
KRISZTIAN BOCSI/BLOOMBERG NEWS
The part is inside a control system of vehicles being shipped by Volkswagen to the U.S. from Europe and Mexico.
Blacklisted Chinese Component
Disrupts the Luxury-Car Market
BY YOKO KUBOTA
BEIJING—A commonly used
magnetic component made by
a blacklisted Chinese company
is behind the holdup of thou-
sands of luxury-car shipments
to the U.S., illustrating how
American trade policy is up-
ending global supply chains.
The part, a LAN trans-
former used to connect cars
and computers to networks,
was inside a control system of
vehicles being shipped by
Microsoft
AI Worker
Warns of
Harmful
Images
BY STEVEN RUSSOLILLO
AND GARETH VIPERS
An artificial-intelligence
engineer at Microsoft said the
company’s AI image tool gen-
erated violent and sexual im-
ages that could pose a danger
to society.
In letters to the Federal
Trade Commission and to Mi-
crosoft’s board on Wednesday,
Shane Jones, a principal soft-
ware engineering manager,
addressed concerns he said he
has about the tech giant’s “ap-
proach to responsible AI.”
Jones raised concerns that
the company’s Copilot De-
signer tool could be used to
create unsafe images, includ-
ing depictions of sexualiza-
tion, conspiracy theories and
drug use.
“Copilot Designer creates
harmful content in a variety of
other categories including: po-
litical bias, underaged drink-
ing and drug use, misuse of
corporate trademarks and
copyrights, conspiracy theo-
ries, and religion to name a
few,” Jones said in his letter
to the FTC, which he posted to
LinkedIn. “I have repeatedly
urged Microsoft to remove Co-
pilot Designer from public use
until better safeguards could
be put in place.”
He said Microsoft’s envi-
ronmental, social and public
policy committee should con-
duct an independent investi-
gation to help Microsoft “lead
the industry with the highest
standards of responsible AI.”
“We need robust collabora-
tion across industry and with
governments and civil society
and to build public awareness
and education on the risks of
AI as well as the benefits,”
Please turn to page B2
* * * *
S&P IT À 0.91% DJ TRANS À 0.30%
Volkswagen to the U.S. from
Europe and Mexico.
The tiny part was made by
a company called Sichuan Jin-
gweida Technology, a person
familiar with the matter said,
which in December was added
by the Department of Home-
land Security to the U.S. entity
list over its alleged use of
forced labor in China.
The Chinese company sup-
plied the small part to another
supplier and didn’t directly
provide the LAN transformer
Exxon Move Threatens Chevron-Hess Deal
BY BENOÎT MORENNE
Exxon Mobil has filed for
arbitration to protect what it
says is its right to pre-empt
Chevron’s bid for a stake in a
prolific oil project off Guyana,
escalating a dispute that
could torpedo Chevron’s $53
billion deal for Hess.
INSIDE
CYBERSECURITY
‘Hacktivists’ target
banks and other
financial-services
companies. B4
HEARD ON THE
STREET
WeightWatchers
faces tough road after
Oprah Winfrey exit. B12
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.37%
to Volkswagen. Its blacklisting
caused the carmaker to hold
back imports of Porsche, Audi
and Bentley cars into the U.S.,
with delays expected to last
through March while Volks-
wagen replaces the part.
The Chinese manufacturer,
also known as JWD Technol-
ogy, declined to comment.
Volkswagen confirmed that
the problematic part was a
LAN transformer and that the
subsupplier was added to the
entity list in December. Volks-
Chevron last week warned
investors that Exxon and
China’s Cnooc say they have
the right to counter Chev-
ron’s offer for Hess’s stake in
the Guyana project, which
Exxon operates and is one of
the largest oil finds in years.
Chevron said arbitration
could be pursued in the event
Investors can buy slices of the income generated by dozens of songs by artists like Beyoncé and Adele.
Startup Sells Shares Backed by Song Royalties
BY ALEXANDER OSIPOVICH
It’s the latest musical
mashup: Top 40 hits meet fi-
nancial engineering.
A startup is offering securi-
ties backed by the royalty
streams from songs recorded
by such artists as Beyoncé,
Taylor Swift and the pop-rock
band OneRepublic. Its goal is
to bring music investing to
the masses.
JKBX, pronounced “juke-
box,” opened its new market-
place after the Securities and
Exchange Commission signed
off on its first offering last
2–YR. TREAS. yield 4.560%
wagen also said it is working
to ensure its supply chain com-
plies with standards and that
it is using existing procedures
and looking for new solutions
to prevent forced labor in its
supply chain.
The Financial Times re-
ported earlier that Volkswagen
group cars were held up at U.S.
ports after the carmaker found
that an unspecified subcompo-
nent breached the forced-la-
bor-prevention law. The cause
Please turn to page B2
that talks between the com-
panies fell apart.
Exxon senior vice presi-
dent Neil Chapman said
Wednesday that Exxon had
filed that day for arbitration
in the International Chamber
of Commerce in Paris.
He said Exxon had taken
tremendous exploration, fi-
week. Individual investors can
visit its website to buy slices
of the income generated by
dozens of songs—effectively,
bonds backed by beats.
Among those songs are the
2009 Beyoncé hit “Halo” and
“Rumour Has It” by Adele.
Others whose songs are listed
on JKBX include U2, Stevie
Wonder and the electronic
dance music act Major Lazer.
Many of the songs in
JKBX’s initial offering came
from a catalog of hits sold in
2021 by the pop producer
Ryan Tedder. In some cases,
as with Swift’s “Welcome to
Thursday, March 7, 2024 | B1
NIKKEI (Midday) 39731.17 g 0.90% See more at WSJ.com/Markets
Boeing Faulted
On Response
To NTSB Probe
Head of air-safety
regulator notes lack
of information on
door-plug blowout
BY ANDREW TANGEL
AND SHARON TERLEP
Federal accident investiga-
tors have been frustrated by
Boeing’s slow response in
their probe into the Alaska
Airlines midair blowout, ac-
cording to the top official at
the National Transportation
Safety Board.
The airplane maker hadn’t
provided the names of 25 em-
ployees the NTSB believes may
have information about work
on a door plug that later flew
off a plane during a Jan. 5
flight, Jennifer Homendy, the
safety board’s chair, told U.S.
lawmakers at a Wednesday
hearing.
Boeing also hasn’t provided
investigators with documents
about factory work related to
the door plug’s removal and
reinstallation in mid-Septem-
ber, she said, adding that cer-
tain documents might not ex-
ist. “We don’t have the
records,” Homendy said during
testimony to the Senate Com-
merce Committee. “It’s absurd
that two months later we don’t
have that.”
Boeing said it has cooper-
ated fully with the NTSB and
has shared available informa-
tion with investigators. The
company said it sent addi-
tional names to the safety
board after Homendy’s com-
ments, which an NTSB official
confirmed.
The safety board recently
asked for the names of the 25
nancial and commercial risks
developing the South Ameri-
can oil project, and that it
had a responsibility to share-
holders to ensure it realizes
the value that it had created
in Guyana.
“It would be incomprehen-
sible for us to say, ‘Well,
we’re not going to look at
New York,” written by Tedder
and Swift, the producer sold
the rights to his royalties
while the performer didn’t sell
hers. The 2014 track is Swift’s
only song listed on JKBX.
Wall Street has been turn-
ing music rights into financial
products for decades, with the
rock star David Bowie striking
his famed Bowie Bonds deal in
1997. Big institutional inves-
tors such as Apollo Global
Management and KKR have
poured hundreds of millions of
dollars into music royalties.
JKBX is now aiming to
bring such deals to the little
employees on a team that gen-
erally works on door plugs, ac-
cording to the NTSB official.
That request was made after
Boeing hadn’t turned over
names of specific crew who
worked on the particular
Alaska jet, which the official
said the NTSB requested
shortly after the accident. Boe-
ing also hasn’t provided infor-
mation about the date and
shift on which the plug door
was installed, the NTSB official
said.
The safety board has said
four critical bolts were appar-
ently missing when the 737
MAX 9 left Boeing’s Renton,
Wash., factory.
Homendy said that the
NTSB also is missing relevant
information from Spirit Aero-
Systems, Boeing’s supplier
that initially installed the door
plug. Spirit said it is coordinat-
ing with the NTSB to address
the chair’s comments on the
matter.
NTSB investigators have
been reviewing emails, text
messages and photos as part of
their probe, she said. The Ren-
ton plant has security cameras,
but footage is automatically
erased after 30 days, she said.
Homendy said Boeing has
told the NTSB that it hasn’t
been able to find relevant doc-
uments in some cases. She said
the safety board has been told
Boeing has a process for re-
moving, opening and reinstall-
ing door plugs, but that the
company hasn’t yet provided
the written procedures.
“Without that information
that raises concerns about
quality assurance, quality man-
agement, safety management
systems within Boeing,” Ho-
Please turn to page B2
that value. We’re just going
to let the transaction pro-
ceed,’” he said during a chat
at Morgan Stanley’s Energy &
Power Conference in New
York, according to a tran-
script of his comments.
Much of the value in Chev-
ron’s $53 billion all-stock ac-
Please turn to page B10
FROM LEFT: KEVIN MAZUR/WIREIMAGE FOR PARKWOOD/GETTY IMAGES; TOLGA AKMEN/AFP/GETTY IMAGES
guy. Founded in 2022, the
company plans to keep listing
more investments and build
music royalties into a new as-
set class, according to Chief
Executive Officer Scott Cohen.
He expects JKBX to appeal to
investors who are seeking to
diversify their portfolios, as
well as to music fans who like
the idea of buying a piece of
their favorite songs.
“It is both a financial prod-
uct and a fan product,” Cohen
said.
JKBX operates a platform
that allows holders of music
Please turn to page B10
P2JW067000-4-B00200-1--------XA

B2 | Thursday, March 7, 2024 * ** * THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Dassault Aviation...................B2
Adobe.............................................B12
Akamai Technologies.........B4
Alaska Airlines..........................B1
Alphabet.........................................B2
Amazon.com...............................B2
Amer Sports...............................B6
Apple.................................................B4
N
DexCom.........................................B11 New York Community
E Bancorp........................................A1
Nordstrom...................................B11
Eli Lilly...........................................B12
Nvidia..............................................B11
Epic Games.................................B4
P
Exxon Mobil.................................B1
F Porsche............................................B1

AstraZeneca................................B6 Foot Locker........................B6,B11 S

B Ford Motor..................................A9 SecureWorks..............................B4
Bayerische Motoren Werke G Shell................................................B10
............................................................... B2 Galderma.......................................B6 Sichuan Jingweida
Boeing...............................................B1 Technology................................B1
H
Box....................................................B11 SoftBank......................................B12
Hess....................................................B1
BYD.....................................................B3 Spirit AeroSystems...............B1
HP........................................................B2

DANIEL MIHAILESCU/AGENCE FRANCE-PRESSE/GETTY IMAGES

ByteDance............................A5,B3 T
Hyundai..........................................A9
C Tesla...................................A9,B2,B3
K
Campbell Soup.......................B12 Thor Industries.......................B11
Chevron............................................B1 Kia.......................................................A9
Tullow Oil......................................B3
Cisco Systems...........................B2 Kuaishou Technology..........B3
V
Claroty.............................................B4 M
Cnooc.................................................B1 Volkswagen..........................A9,B1
Mercedes.......................................A9
Coupang.......................................B12 Meta Platforms.......................B3 W
CrowdStrike...............................B11 Winnebago Industries......B11
Microsoft......................A8,B1,B12
D Moderna.........................................B6 WW International...............B12

INDEX TO PEOPLE The French aircraft manufacturer said Wednesday that it is targeting 20 deliveries of its Rafale fighter jets in 2024.

Dassault Anticipates Higher Sales

A J S
Altman, Sam.....................A1,B10 Jones, Shane...............................B1 Scissors, Derek.........................A2
Andersen, Karen.....................B6 K Smith, Brad.................................B2
B Soriot, Pascal.............................B6

Even as Supply-Chain Snags Persist

Keirstead, Karl........................B12
Sweeney, Tim............................B4
Baughn, Mike............................B6 M
Berlinski, Milton.......................A1 T
Mock, Jamey..............................B6
Brockman, Greg.......................A8 Montique, Oliver.....................B2 Thornton, John........................A8
C Musk, Elon............................A1,A9 Tunkel, Irene.............................B11
Cangemi, Thomas..................A6 N V
Casanova, Carlos...................B11 Vardi, Yaniv.................................B4 BY MAURO ORRU Dassault said the hurdles defense unit reported €2.98 60 Rafale orders—comprising
Nuutilainen, Riikka................A2
Chapman, Neil............................B1 that arose during the pan- billion in adjusted sales, with 42 from France and 18 from
P W
Clouse, Mark............................B12 Dassault Aviation posted demic are still harming sub- the Falcon business contribut- Indonesia—compared with 92
Pichai, Sundar...........................B2 Wadhwani, David.................B12 revenue and earnings below contractors and will continue ing €1.82 billion. the year before.
Cohen, Scott................................B1
Pike, Scott...................................B11 Williams, Dan............................B4
D analysts’ forecasts, but said it to weigh on its own business The group is forecasting The company reported 23
Preiwisch, Jannick...............B10 Winfrey, Oprah.......................B12
expects higher sales this year this year. sales of about €6 billion this Falcon orders compared with
Davis, Stephanie...................B12 Puwalski, Allen..........................A1 Winterfeld, Steve...................B4
DiNello, Alessandro...............A1 Wright, Logan...........................A2
as it aims to deliver more jets “Certain supplier weak- year. 64 in 2022.
Q despite supply-chain hurdles nesses, coupled D a s s a u l t ’s Net profit for 2023 slipped
F Qazi, Shehzad...........................A2 Y
that will continue to weigh on with capacity order intake to €693 million from €716 mil-
Farley, Jim....................................A9 Ylhäisi, Teemu..........................B4

13
R aircraft production. shortages, plunged to lion. Adjusted operating
H Ralston, Geoff...........................A8 Z The French aircraft manu- mainly in aero- €8.25 billion profit—another closely
Hoffman, Reid..........................A8 Rangan, Kash..........................B12 Zukin, Alex.................................B12 facturer said Wednesday that structure, re- from €20.95 watched metric—fell to €349
it is targeting 20 deliveries of sulted…in de- billion. million from €572 million.
its Rafale fighter jets and 35 lays in Number of Rafale Its backlog The company plans to pro-

Microsoft after inputting a combination

of words or descriptions.
The company is hoping for
of its Falcon business jets in
2024.
The group said in January
production
start-ups,” the
company said.
jets Dassault at the end of
the year stood
reported delivering at €38.51 bil-
pose a dividend of €3.37 a
share dividend for 2023 com-
pared with €3 a share a year

AI Tool one of its biggest hits in de-

cades with Copilot for Microsoft
365, an AI upgrade that plugs
that it had delivered 13 Ra-
fales and 26 Falcons last year,
below guidance of 15 and 35,
Net
slumped
sales
to
€4.81 billion, or
last year lion, with 211
Rafale and 84
Falcon jets.
earlier.
Analysts had forecast net
sales of €4.90 billion, adjusted

Criticized into Word, Outlook and Teams.

Jones’s letters come after
rival Google’s AI push has
respectively.
Aircraft makers have been
grappling for years with sup-
about $5.22 bil- The group’s
lion, last year from €6.95 bil- defense unit accounted for the
lion in 2022. lion’s share of orders at €6.52
net sales of €4.97 billion and
an order intake of €8.41 billion
on a net profit of €752.2 mil-
been mired in controversy. ply-chain challenges that have Adjusted net sales, more billion. The Falcon business lion and adjusted operating
Continued from page B1 Google last month suspended made it harder to procure closely watched by analysts reported €1.73 billion in or- profit of €372 million, accord-
Jones wrote in a post. the ability to generate images some spare parts and raw ma- and investors, fell to €4.8 bil- ders. ing to consensus estimates by
Jones, who has worked at of people in its flagship Gem- terials. lion from €6.93 billion. The In 2023, the group booked Visible Alpha.
Microsoft for six years, said ini chatbot after online back-
he has been testing the AI im- lash around the tool’s treat-
age generator since December
and has found flaws and secu-
rity vulnerabilities that could
ment of race and ethnicity.
Jones acknowledged other
companies with AI products
NTSB
allow users to generate harm-
ful images that could be offen-
sive and inappropriate for
had their own issues, and
credited Alphabet Chief Exec-
utive Sundar Pichai for ad-
Assails
consumers.
Jones declined to comment
further beyond his letters and
dressing the Gemini problem
directly in an internal memo
to employees.
Boeing
LinkedIn post. Microsoft invested billions
“We are committed to ad- of dollars in OpenAI. Jones Continued from page B1
dressing any and all concerns said in December he discov- mendy said.
employees have in accordance ered a security vulnerability Sen. Ted Cruz (R., Texas),
with our company policies and with OpenAI’s DALL-E 3 model the committee’s ranking mem-
appreciate the employee’s ef- that allowed him to bypass ber, called Boeing’s response to
fort in studying and testing some of the safety protocols the NTSB “utterly unaccept-
our latest technology to fur- that prevent the generation of able,” adding: “Parties who are
KEVIN DIETSCH/GETTY IMAGES

ther enhance its safety,” a Mi- harmful images. After discov- being investigated by NTSB
crosoft spokesperson said. ering additional systemic need to cooperate fully.”
In a blog post last month, problems with DALL-E 3, he “It’s beyond disappointing,”
Microsoft President Brad posted in December a separate said Sen. Maria Cantwell (D.,
Smith discussed the com- LinkedIn letter to OpenAI’s Wash.), who chairs the com-
pany’s commitment to making board urging them to suspend mittee.
AI safe for users. “As these the availability of the software The NTSB, which is leading
new tools come to market until the issues could be re- the U.S. government’s probe NTSB chief Jennifer Homendy says Boeing didn’t provide essential information to the probe.
from Microsoft and across the solved. Jones said he was told into the Alaska Airlines inci-
tech sector, we must take new to remove the December letter dent, plans to hold a rare pub- board may take legal action. killing 346 people. sending the jets into fatal
steps to ensure these new by his manager. OpenAI didn’t lic investigative hearing into “We certainly have sub- The Federal Aviation Ad- nosedives.
technologies are resistant to respond to a request for com- the event later this year, a poena authority and we’re not ministration criticized the Later, a criminal settlement
abuse,” Smith said. ment on Wednesday. safety board spokesman said. afraid to use it,” she said. company for a monthslong de- with the Justice Department
Microsoft launched Copilot “Over the last three Homendy said the NTSB is Boeing previously came un- lay in turning over internal said that Boeing didn’t initially
Designer, which uses the same months, I have repeatedly concerned about Boeing’s der fire for what federal offi- chat records. cooperate fully with its prose-
technology as OpenAI’s Chat- urged Microsoft to remove Co- safety culture and would delve cials said was its belated will- In those documents, a then- cutors’ probe into the crashes,
GPT, last year. The system in- pilot Designer from public use into broader issues at the com- ingness to provide information Boeing pilot had suggested he frustrating their investigation
corporates OpenAI’s DALL-E 3 until better safeguards could pany. She said that if investi- to government investigators inadvertently misled air-safety for six months.
text-to-image generator, and be put in place,” he said in his gators can’t get information in after two 737 MAX jets regulators about a flight-con- —Dave Michaels contributed
allows users to create images letter to FTC Chair Lina Khan. the Alaska accident, the safety crashed about five years ago, trol system later blamed for to this article.

Banned Part to the Uyghur Forced Labor

Prevention Act entity list led
one of Volkswagen’s suppliers
respond to requests for com-
ment.
China’s exports of automo-
more than 1,500 miles from
Ürümqi, the capital of Xinjiang.
The U.S. accuses the company

Disrupts to alert the carmaker that its

subsupplier has been black-
listed. That alert led Volks-
tive components tripled in the
10 years to 2023 to around $79
billion, Chinese customs data
of participating in govern-
ment-sponsored labor-transfer
programs of persecuted ethnic

Luxury Cars wagen to notify the U.S. au- show. Many are destined for minorities to the company.
THOMAS KIENZLE/AGENCE FRANCE-PRESSE/GETTY IMAGES

thorities and hold the imports the U.S., Mexico, Germany and Founded in 2002, JWD
at the border. Japan. Technology produces network
JWD Technology had listed A car typically consists of and power transformers, RF
Continued from page B1 Tesla, BMW, HP, Cisco, Al- tens of thousands of compo- radio-frequency filters and
of the Volkswagen delay illus- phabet’s Google and Amazon, nents: around 30,000 for an in- other products used in net-
trates the complexities busi- among others as its partners ternal-combustion-engine car, work communication, con-
nesses face complying with a on an undated company-profile and some 20,000 for an elec- sumer electronics and automo-
two-year-old U.S. law that video and a 2021 post on its tric vehicle, according to some tive communication, its
blocks the imports of goods Chinese social-media account. estimates. A single component website shows.
tied to Xinjiang. The region in The video and post were re- could have multiple tiers of More than 130 types of LAN
far western China is home to moved after The Wall Street suppliers, at times going five transformers are listed on the
millions of Uyghur Muslims, Journal inquired about them. or six companies up the chain. company’s website.
and the government is carry- BMW said JWD Technology Automakers often have a Many of Volkswagen’s U.S.
ing out a forced assimilation The part’s blacklisting caused VW to hold back imports of isn’t listed as a supplier ac- good grip on their top suppli- car imports come from Europe
campaign that the U.S. has de- Porsche, Audi and Bentley cars into the U.S. cording to its supply-chain ers, but it is hard to know de- and Mexico, according to S&P
nounced as genocide. Beijing mapping, and U.S. Customs tails of where subcomponents Global Market Intelligence. The
denies the accusations. supply chains, has likely said—similar to the items hasn’t objected to the import or raw materials come from German carmaker imported
The law is hitting the auto- spooked the automotive indus- identified in some research re- of its products because of the further upstream. $199 million of auto parts to
motive industry after already try and industrial manufactur- ports. forced-labor act. U.S. officials have expanded Mexico from China in 2023,
affecting apparel makers and ers with ties to the region, said “Even as automakers seek HP said it found no evidence the forced-labor entity list four which included wheels, engine
solar-energy manufacturers Oliver Montique, an analyst at to improve visibility in [the in- of a direct relationship be- times, and it now has more parts, drive axles and electrical
that have had shipments to the Eurasia Group. Automotive dustry’s] supply chain, it will tween it and JWD Technology. than 30 companies. switches, S&P Global Market
U.S. detained or sent back. components vulnerable to alle- take a long time, and we could Cisco said it conducts due dili- JWD Technology was Intelligence said. Data on
This case, coupled with re- gations of links to forced labor see more incidents like this,” gence consistent with relevant among three added most re- Volkswagen’s imports of China-
cent reports from researchers include electronics, aluminum, Montique said. United Nations principles. Am- cently. It is based in Mianyang, made parts to Europe wasn’t
linking forced labor to auto tires, steel and batteries, he JWD Technology’s addition azon, Google and Tesla didn’t a city in Sichuan province available.
P2JW067000-2-B00300-1--------XA

THE WALL STREET JOURNAL. * * Thursday, March 7, 2024 | B3

BUSINESS NEWS

TikTok Parent Starts New Share Buyback

ByteDance saw 43%
revenue surge in
recent quarter,
outpacing rivals
BY TRACY QU
AND RAFFAELE HUANG
TikTok owner ByteDance
has embarked on a new share
buyback, coming after revenue
in the third quarter of 2023
outpaced competitors, includ-
ing Meta Platforms and
Kuaishou Technology.
The Chinese company’s
revenue in the quarter rose
43% from the year-ago period
to just under $4 billion. people familiar with the mat-
ByteDance’s revenue in the ter said at that time.
first nine months of the year Before that, The Wall Street
reached $84.4 billion, just Journal reported in September
short of the $85.2 billion for 2022 that the company had
all of 2022. The rise was embarked on a $3 billion buy-
mainly driven by ByteDance’s back, offering almost $177 a
advertising and e-commerce share to existing shareholders.
businesses, the people said. Founded in 2012, ByteDance
As a private company based emerged as a major social-me-
in Beijing, ByteDance has dia company, with 170 million
closely guarded its finances people in the U.S. using its
and doesn’t publicly disclose short video app, TikTok, every
results. Its third-quarter earn- month and hundreds of mil-
ings were first reported by lions of people using a similar
The Information, a technol- app known as Douyin in China,
ogy-focused news outlet. according to company data.
Separately, ByteDance also ByteDance has been strug-
kicked off a new round of gling on the political front in
share buybacks, offering recent years amid questions in

to $30.9 billion, people famil-
iar with the matter said
Wednesday.
In comparison, Meta’s reve-
nue in same quarter rose 23%
on year to more than $34 bil-
lion, while Kuaishou, which
operates China’s second larg-
est short-video platform,
posted a 21% revenue increase
$170.81 a share to current em-
ployees, two people with
knowledge of the matter said.
That marks an increase
from when ByteDance late last
year offered to buy back
shares from investors and em-
ployees at $160 each, which
put the company’s valuation
at more than $200 billion,
KIMIMASA MAYAMA/EPA/SHUTTERSTOCK
Washington about how the
company handles TikTok’s U.S.
user data and how its link
with Beijing could affect con-
tent on the short-video app.
A group of U.S. lawmakers
this week introduced legisla-
tion that would give Byte-
Dance about six months to di-
vest TikTok or face a U.S. ban. About 170 million people in the U.S. use the TikTok app. A ByteDance virtual-reality headset.

BYD Cuts Price of Its Cheapest EV,

Stepping Up Competition in China
BY SHERRY QIN
BYD unveiled an updated
version of its cheapest electric
car model, Seagull, and fur-
ther slashed its starting price,
deepening a price war amid
rising competition in China,
the world’s largest car market.
RICHARD B. LEVINE/ZUMA PRESS
Similarly, rival Tesla rolled BYD’s monthly vehicle shipments February
out more incentives in China 121,748*
last week, including insurance 350,000 vehicles
subsidies, after the U.S. car-
maker cut the starting price of 300,000
its entry-level Model 3 by 5.9%
and the price of its Model Y 250,000
by 2.8% in January.
EV makers have faced

The Chinese electric-vehicle greater pressure amid slowing 200,000

company lowered the starting
price of its updated version of
Seagull by around 5% to
69,800 yuan, the equivalent of
$9,698, on Wednesday.
The price cut came two
Critics of the original ruling pointed to another Calvin Klein days after BYD set the start-
ad featuring actor Jeremy Allen White, seen in New York. ing price for its new Yuan Plus
crossover at 119,800 yuan,
sales and overcapacity in the
world’s second-largest economy. 150,000
BYD’s shipments tumbled
to 121,748 vehicles in February 100,000
from 201,493 a month earlier,
while Tesla shipped 60,365
China-made vehicles during 50,000
February, its lowest monthly
reading since late 2022, pre- 0

U.K. Regulators Do around 12% lower than the

previous version. BYD stock
rose 0.4% in Shenzhen.
liminary data from the China
Passenger Car Association
showed Monday.
2022

*Preliminary
’23 ’24

Sources: Wind; China Passenger Car Association (Feb.)

Reversal on Banned Tullow Oil annual pre-tax

Ad for Calvin Klein

BY MEGAN GRAHAM
U.K. advertising regulators
reversed an earlier decision
banning a Calvin Klein ad that
they had found presented
singer FKA Twigs as “a stereo-
typical sexual object.”
The new ruling Wednesday
from the U.K.’s Advertising
Standards Authority said the
image in the ad, which fea-
tured the singer wearing an
unbuttoned denim shirt worn
loosely over one shoulder and
drawn halfway across her oth-
erwise naked body, was in fact
“not sexually explicit.” Rather
than objectifying FKA Twigs
as the earlier ruling found, the
ad “presented a woman who
appeared to be confident and
in control,” the authority said.
The FKA Twigs ad was part
of a campaign for Calvin
Klein’s 2023 spring collection
that also featured other fe-
male and male models. Calvin
Klein declined to comment.
“The decision to revisit our
original ruling took place in
the context of the significant
strength of public feeling, in-
cluding views expressed by
FKA Twigs, in response to our
findings, but was driven by
our concern that our rationale
for banning the ad was sub-
stantially flawed,” a spokes-
man for the agency said in an
email.
The agency stood by an-
Watch a Video: How AI Is Transforming
Air-Traffic-Control Towers
profit/loss
2023
$0.50 billion $95.9M
0.25
0
other part of its earlier deci-
sion, however, that deemed –0.25
the image overtly sexual and
–0.50
therefore not suitable for dis-
play in an untargeted medium –0.75
such as outdoor posters.
–1.00
Some critics of the initial
ruling had accused the agency –1.25
of perpetuating a double stan-
dard, asking whether it would –1.50
also ban a more recent Calvin –1.75
Klein campaign featuring “The 2018 ’20 ’23
Bear” actor Jeremy Allen
White posing in tight boxer Source: S&P Capital IQ
briefs.
The spokesman said the
complaints the agency re-
ceived about that campaign
Tullow Oil
appeared to be based on me-
dia coverage or ads appearing
outside the U.K., so it hadn’t
Earnings
formally investigated.
“The media reaction to our
January ruling included accu-
Fall With
sations of double standards
given other Calvin Klein ad-
vertising, featuring the actor
Crude and
[Jeremy] Allen White, which
broke at around the time we
published the ruling,” the
Write-Offs
agency said in a blog post.
“The challenge was that if BY CHRISTIAN MOESS LAURSEN
FKA Twigs was objectified
then surely Jeremy Allen Tullow Oil said its pretax
White was too?” profit slumped on lower oil
The agency said that it con- prices and impairments, while
sidered White’s ads when re- it backed its guidance for the
assessing the FKA Twigs im- year ahead.
age. “Our view is that the The London-listed oil-and-
Jeremy Allen White ads would gas explorer said Wednesday
be unlikely to break our rules,” that pretax profit dropped 78%
the spokesman said. to $95.9 million, dragged down
by impairments and write-offs
totaling $435 million.
Analysts had forecast pre-
tax profit of $531 million,
based on a FactSet poll.
Adjusted earnings before
interest, taxes, depreciation,
amortization and exploration
costs fell to $1.15 billion from
$1.47 billion a year prior,
while revenue slipped 8.4% to
$1.63 billion as lower oil
prices offset slightly higher
PETER NICHOLLS/REUTERS

sales volumes.
Its net debt reduced to
$1.61 billion from $1.86 billion.
For 2024, the Africa-fo-
cused company still expects to
produce 62,000 to 68,000 oil-
equivalent barrels, while tar-
Scan this code to watch a video on the use geting around $250 million in
of high-definition cameras and machine- capital expenditure. Free cash
learning algorithms to redefine how air- flow guidance is between
traffic controllers operate—and whether $200 million and $300 million.
there needs to be a tower at all. Tullow stock rose 2.7% in
London.
P2JW067000-0-B00400-1--------NS
B4 | Thursday, March 7, 2024
Banks Face ‘Hacktivist’ Cyberattacks
Politically motivated
groups target
financial-services
firms worldwide
BY CATHERINE STUPP
Banks and other financial
firms are facing a barrage of
cyberattacks that aim to tem-
porarily disrupt their websites
and apps, primarily driven by
a surge in so-called hacktivists
who target companies in geo-
political hot spots.
Hackers are using new and
more-aggressive tactics to
take down
CYBERSECURITY or slow ac-
cess to com-
panies’ websites and online
services. The hacks, typically
considered a low-level nui-
sance, can be damaging for
banks that need to be accessi-
ble all the time, said Teresa
Walsh, global head of intelli-
gence for the Financial Ser-
vices Information Sharing and
Analysis Center, a nonprofit
that facilitates the sharing of
information about cyber
threats among financial firms.
“Even just being offline for
a minute can cause huge repu-
tational risks,” she said.
Denial-of-service attacks
targeting financial services
companies grew by 154% in
2023 compared with the year
before, according to a new re-
port Wednesday from FS-ISAC
and cybersecurity company
Akamai Technologies. The
data reflects attacks against
225 financial-services compa-
nies located in 39 countries,
all of which are Akamai cus-
tomers.
Hacktivist groups have be-
come more prolific since Rus-
sia invaded Ukraine in 2022.
Hacktivists use DDoS attacks
to target companies because
of their statements or because
they are located in countries
whose politics the hackers op-
pose.
Hackers have targeted gov-
ernment offices and busi-
nesses in Ukraine and coun-
Denial-of-service attacks targeting financial-services companies grew by 154% in 2023. A cybersecurity conference in San Francisco last year.
tries that are members of the
North Atlantic Treaty Organi-
zation or have pledged sup-
port to Ukraine. The European
Parliament’s website was
knocked offline for a few
hours in 2022 after lawmakers
passed a resolution calling
Russia a state that supports
terrorism.
Similar attacks have in-
creased during the war that
began in October between
Hamas and Israel. Humanitar-
ian and human rights groups
said they were pummeled with
DDoS attacks shortly after
Hamas attacked Israel in Octo-
ber, resulting in the websites
for emergency-relief organiza-
tions temporarily going off-
line.
NY
TECHNOLOGY
“We’re seeing more politi-
cal overlays and a shift in the
motivation,” said Steve Win-
terfeld, advisory chief infor-
mation security officer at
Cambridge, Mass-based Aka-
mai. Plus, DDoS attacks are
becoming a bigger challenge
for companies, he said. “The
speed, the scope, the complex-
ity—all of that really contin-
ues to grow at what I would
call an aggressive rate,” he
said.
In 2023, more financial
companies said they faced
DDoS attacks that targeted
multiple online websites or
services at the same time,
heightening the impact and
making it harder to respond,
according to the report.
Financial services in Eu-
rope bore the brunt of last
year’s jump. Between June
and December, European fi-
nancial companies made up
66% of all DDoS attacks facing
Akamai customers across dif-
ferent industries in the region,
the report said. In the Ameri-
cas, 28% of all DDoS attacks
recorded against Akamai cus-
tomers targeted financial ser-
vices companies during the
same period. In both regions,
the financial-services busi-
nesses faced more DDoS at-
tacks than any other industry.
“DDoS attacks are mostly
demonstrations in the digital
world. Different groups are
using them to make a point or
stand up for something, then
Cybersecurity Firm Claroty
Gets $100 Million Funding
BY JAMES RUNDLE
Industrial cybersecurity
company Claroty has raised
$100 million in financing and
will consider a public offering
when market conditions are
right, its chief executive said.
Claroty, based in New York,
specializes in cyber defense
tools for organizations with
heavy operational technology
environments. These include
the control systems for me-
chanical processes such as
manufacturing lines or water
pumps, and are considered
separate from information
technology such as accounting
software or sales-management
systems. Claroty competes
with companies such as Dra-
gos, Tenable and Secure-
works.
Yaniv Vardi, Claroty’s chief
executive, said the funding
will allow the company to fo-
cus on expanding its client
base into more geographies
and sectors, and continue its
strategy of pursuing a plat-
form product.
Platform products bundle
suites of tools for different
functions, such as network de-
fense, threat detection and
Epic Says Apple Canceled Account
BY BEN GLICKMAN
“Fortnite” developer Epic
Games alleged Wednesday that
Apple had terminated its de-
veloper account, preventing
the videogame company from
bringing its game store to iOS
devices.
Epic Games said in a post on
its website that Apple had ter-
minated its developer account
for Epic Games Sweden. Epic
alleged one of the reasons was
the company’s criticism of Ap-
ple’s compliance plan with the
European Digital Markets Act.
The new European Union
law, which takes effect this
week, is meant to allow greater
competition with large tech
companies. The regulations re-
THE WALL STREET JOURNAL.
cause problems,” said Teemu
Ylhäisi, CISO of the OP Finan-
cial Group, one of Finland’s
largest banks.
There was a 200% increase
in attempted DDoS attacks
against OP Financial in 2023
compared with 2022, Ylhäisi
said. Much of that was tied to
hacktivists who sometimes an-
nounced in online posts that
they planned to attack partic-
ular companies and industries
in countries that were allied
with Ukraine, including OP, he
said.
While many large banks
typically have the resources to
fend off the constant surge of
attempted DDoS attacks, they
can sometimes be part of
broader attacks that could be
other areas, and are a popular
strategy for vendors. Many
corporate security chiefs are
looking to trim the number of
vendors they use and make it
easier for products from com-
peting suppliers to talk to
each other.
“The trend that we see
from our customers is that
they’ve had
enough with all
the niche play-
ers and the The new
point solutions funding brings
and all that.
They’re really investment in
pushing for a
one-stop shop
Claroty to above
that can ad- $700 million.
dress their
needs,” Vardi
said.
Growth equity firm Delta-v
Capital led the funding, and
the investment arms of Alli-
anceBernstein, Toshiba, Rock-
well Automation and Silicon
Valley Bank, now a unit of
First Citizens Bank, partici-
pated. Venture-capital firms
Standard Investments and SE
Ventures also provided fund-
ing.
The security of OT systems
is an increasing focus for the
quire Apple to allow other app
stores to work on its operating
system.
Epic Games said Wednesday
that Apple’s removal of its de-
veloper account, which was
meant to help the company
bring the Epic Games Store
and Fortnite to European Ap-
ple devices, was “a serious vio-
lation of the DMA and shows
Apple has no intention of al-
lowing true competition on iOS
devices.”
Apple said that the company
was given the right to termi-
nate Epic’s accounts at any
time by a September 2021
court decision. The company
said Epic has previously broken
agreements and it doesn’t be-
lieve the videogame maker will
WSJ.com/Tech
DAVID PAUL MORRIS/BLOOMBERG NEWS
more damaging, Walsh said.
Ransomware groups some-
times use DDoS as one compo-
nent of an attack, or use DDoS
to get a company’s attention
while demanding a ransom to
retrieve stolen data, she said.
“The instant reaction is
we’re thinking about what
else might be happening. Is
this a smokescreen for some-
thing, is this related to some-
thing else?” she said.
WSJ PRO
CYBERSECURITY
wsj.com/pro/cybersecurity
U.S. government, with federal
officials warning recently of
Chinese hackers pre-position-
ing malware inside U.S. en-
ergy, water and other sys-
tems.
“These attacks have an im-
pact on humanity, they’re not
just some dollars and cents
being stolen off the balance
sheet some-
where,” said
Dan Williams, a
partner at
Delta-v Capital.
The new
funding brings
investment in
Claroty to more
than $700 mil-
lion, with a
portion of the
new money in
the form of a credit line. Vardi
said the company will “defi-
nitely” pursue an initial public
offering, but noted IPO market
conditions and the company’s
objectives, such as expanding
into new territories, must
match up for that to happen.
“It’s important to look at it
as a milestone in our journey
to be a market leader, but it’s
not necessarily the target,” he
said.
follow the rules.
“In light of Epic’s past and
ongoing behavior, Apple chose
to exercise that right,” a
spokesperson said.
Epic Games announced in
mid-February that its devel-
oper account, requested
through Apple’s official pro-
cess, had been approved.
The videogame maker said
that a post on X from Chief Ex-
ecutive Tim Sweeney criticiz-
ing Apple’s compliance plan
with the new regulations was
one reason for its developer
account being terminated.
Apple and Epic Games have
previously tussled in court
over how much control Apple
should have on third-party de-
velopers.
P2JW067000-0-B00500-1--------XA

THE WALL STREET JOURNAL. Thursday, March 7, 2024 | B5

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B6 | Thursday, March 7, 2024 * ** * THE WALL STREET JOURNAL.

BUSINESS NEWS

Moderna Looks to Cut R&D Spending Galderma

Eyes Year’s
BY MARK MAURER

Moderna is working to cut

Biggest
costs as its Covid-19 vaccine
sales fade after years of
beefed-up research-and-devel-
Listing
opment spending during the
pandemic, but still wants to BY BEN DUMMETT
come out of the spending cuts
with more drugs on offer. Swiss skincare retailer Gal-
The biotech company is in derma Group plans to raise
the process of diversifying its about $2.3 billion in what
commercial-drug sales, in would be this year’s largest
part, to reduce its reliance on initial public offering so far,
Covid vaccines, even as it and another key test of public
plans to include R&D in the investors’ appetite for private
cost-cutting. equity-backed companies.
“We are trying to balance Galderma, which is backed
speed and cost a little bit by European buyout firm EQT
more as we look forward into among other investors,
the next three years,” said launched the IPO Wednesday
Jamey Mock, Moderna’s chief and aims to list on the SIX
MADDIE MALHOTRA FOR THE WALL STREET JOURNAL

financial officer, adding that is Swiss Exchange. The company’s

in contrast to when the com- products include Cetaphil, a
pany moved “extremely fast” dermatology cream for sensi-
in the pandemic. Mock joined tive skin, and wrinkle-filler Re-
Moderna from life-sciences stylane. It didn’t disclose the
testing company PerkinElmer expected timing of the listing,
in September 2022. but institutional investors said
The Cambridge, Mass., they anticipate it happening by
company last month said it the end of the month. Stock-
expects to reduce its R&D ex- holm-listed shares of EQT rose
penses by 7% to $4.5 billion 8.3% on Wednesday.
this year, after a recent surge The IPO would be the larg-
in these costs. In 2023, Mod- The Cambridge, Mass., company last month said it expects to reduce its R&D expenses by 7% to $4.5 billion this year. est in 2024 so far, surpassing
erna booked higher R&D ex- the $1.6 billion U.S. issue from
penses, at $4.8 billion, and a has said it expects to return to reduction in the company’s last year,” Mock said. “We at financial-services firm Amer Sports, the Chinese-
large net loss, at $4.7 billion. sales growth in 2025 and manufacturing-related costs have not said how long we’ll Morningstar’s research arm. backed owner of Wilson and
Revenue plummeted 64% to break even in 2026. despite its investments in hold off, but we did say for “It’s a lot of juggling differ- Salomon sporting brands, ac-
$6.8 billion last year, com- Moderna is making cuts to building new facilities in the the foreseeable future, we will ent kinds of trials and trying cording to Dealogic. It would
pared with the previous year, its manufacturing costs, hold- U.K., Canada and Australia, he not be buying back any to figure out when the com- also eclipse the planned IPO
as sales of the Covid-19 vac- ing off on share buybacks and said. shares.” pany has flexibility to make announced Monday by Doug-
cine declined because of lower eyeing trims to its research Moderna is always looking Like other makers of Covid some decisions on adding las Group, a German cosmetics
demand. The declines are a re- spending. If Moderna needed to improve its productivity vaccines, Moderna benefited some more trials,” she said. retailer backed by EQT-rival
versal of the hefty Covid-19 to reduce R&D spend to break across the business, including from a major cash infusion Part of Mock’s role has in- CVC Capital Partners.
vaccine sales it raked in in even, it would consider delay- its clinical trial designs, for from sales. The company had volved helping make sure Most of Galderma’s IPO pro-
2021 and 2022, totaling nearly ing programs or seeking proj- example, by extending the pe- $2.91 billion in cash and cash Moderna’s employees under- ceeds will come from the issue
$38 billion in that period. ect financing over the next riod to enroll patients, Mock equivalents as of Dec. 31, stand its shift in pace and of new shares, as well as from a
The diversification effort few years depending on its said. “There is a little bit of down 9% from a year earlier. needs to address lower reve- smaller secondary share sale by
includes the expansion of its revenue, Mock said. “You sell pruning around the edges of Delays in getting new medi- nue. Full-time head count rose EQT and other existing inves-
respiratory business and de- some of the risk of those programs as well as trying to cines and treatments out to to 5,600 at the end of 2023 tors. The deal could value the
velopments in oncology and products to others and inves- make ourselves more produc- the market could also put from 1,300 three years earlier, company at more than $15 bil-
latent diseases. In building out tors,” he said. tive,” he said. pressure on Moderna’s cash regulatory filings show. lion, according to people famil-
those revenue streams, its Moderna is focused on Moderna hasn’t bought balance. The Food and Drug “The challenge is really a iar with the matter, and exist-
bottom line has taken a hit, boosting efficiency in its man- back shares since the first half Administration could ask cultural one,” Mock said. “We ing shareholders will retain a
prompting a closer look at ufacturing facilities, including of 2023. Its board authorized a Moderna for more data before need to slow down. We need majority stake. Galderma was
spending while still pursuing relying more on automation, $3 billion program in 2022, approving its combination to understand which programs founded in 1981 as a joint ven-
growth. Mock said. Last year, the com- but $1.7 billion has gone un- vaccine against flu and are the most important right ture between L’Oréal and
The company has 45 pro- pany downsized areas of its used and has no expiration Covid-19 and vaccine for mela- now, which dollars to spend Nestlé. A 2019 takeover by an
grams in its pipeline, includ- manufacturing network, in- date. “As our financial profile noma, potentially delaying are the most important right EQT-led group valued Galderma
ing nine in late-stage studies, cluding ending contracts it changed, we did make a con- when those products would now versus during that time at 10.2 billion Swiss francs,
Mock said. As some of those made to purchase inventory. scious decision to stop share hit the market, said Karen An- period we had to grow as fast then equivalent to roughly $10
medicines advance, Moderna The moves allowed for a net buybacks in the second half of dersen, a healthcare strategist as we could.” billion, including debt.
NATHAN HOWARD/BLOOMBERG NEWS

Millions to The retailer posted a loss of $289 million, compared with a profit of $19 million last year.

Foot Locker Stock Sinks

get there
minutes faster? On Disappointing Forecast
BY DEAN SEAL
Go inside the supercharged race between
Amazon, Target and Walmart to see how Foot Locker shares dropped
each retail giant is competing to shave after the retailer delivered dis-
hours — even minutes — off deliveries. appointing earnings guidance
With these companies investing in fast and for the current year and said it
would take longer to reach
free shipping, we’ll unpack the different long-term margin targets.
strategies — and the challenges they will The stock closed down
face along the way. more than 29% at $24.24, fall-
ing into negative territory
WAT C H year-to-date. The shares have
had a volatile run in the past
SHIPPING WARS NOW
12 months, jumping as high as
$47 and falling below $15.
Foot Locker reported
fourth-quarter results that
topped Wall Street expecta-
tions, despite markdowns
dragging on margins. Sales fell
slightly, which Foot Locker at-
tributed to repositioning of its
Champs Sports banner, con-
sumer softness and changes in
its vendor mix.
Chief Financial Officer Mike
Baughn said Foot Locker is
still going after a previously
set target for 8.5% to 9% oper-
ating margin, but now expects
to reach that target in 2028
instead of 2026.
Sales rose 2% to $2.38 bil-
lion, above analyst forecasts
for $2.28 billion, according to
FactSet. Comparable sales,
which adjust for store open-
ings and closings, fell 0.7%.
The retailer posted a loss of
$289 million, compared with a
profit of $19 million last year.
The results were dragged
down in part by a $478 million
impairment-related charge.
Adjusted earnings, which
strip out one-time items, of 38
cents a share topped analyst
projections by 6 cents, accord-
ing to FactSet.
For 2024, Foot Locker ex-
pects sales to be down 1% to up
1%; comparable sales are ex-
pected to rise between 1% and
3%. The company forecast ad-
justed earnings of $1.50 to $1.70
a share for the year, below the
$1.91 expected by analysts.

AstraZeneca Sets U.K. Expansion

BY STEPHEN NAKROSIS
AstraZeneca plans to
spend £650 million, or about
$828.8 million, on vaccine pro-
grams and various other ini-
tiatives in the U.K.
The pharmaceutical com-
pany said Wednesday it in-
tends to invest £450 million at
its manufacturing facility in
©2024 Dow Jones & Co. Inc. All rights reserved. 3DJ8870
the Liverpool suburb of Speke
to research, develop and make
vaccines, according to an an-
nouncement from the U.K.
government. “The new facility
will be designed and built to
be operationally net zero with
power supplied from renew-
able energy sources,” accord-
ing to the announcement.
The government said Astra-
Zeneca and the U.K. Health
Security Agency plan to part-
ner “to advance science for
developing and evaluating
vaccines.”
A further £200 million will
be invested in a facility in Cam-
bridge, which will be adjacent
to AstraZeneca’s £1.1 billion
global R&D Discovery Centre
and house about 1,000 employ-
ees, the announcement said.
Pascal Soriot, the com-
pany’s chief executive, said,
“AstraZeneca’s planned invest-
ment would enhance the U.K.’s
pandemic preparedness and
demonstrates our ongoing
confidence in U.K. life sci-
ences.”
P2JW067000-0-B00700-1--------XA

THE WALL STREET JOURNAL. Thursday, March 7, 2024 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Globant GLOB 209.81 -1.19 KinderMorgan KMI 17.82 0.10 MurphyUSA MUSA 411.26 5.84 PublicStorage PSA 283.73 4.22 SouthwesternEner SWN 6.94 -0.06 UWM UWMC 6.49 0.13
Stock Market listed securities. Prices are consolidated from trades reported by various GlobeLife GL 128.10 1.79 s KinsaleCapital KNSL 547.98 19.12 NICE NICE 237.05 -1.96 PulteGroup PHM 111.44 0.99 s Splunk SPLK 156.21 -0.23 Uber UBER 78.64 -0.45
market centers, including securities exchanges, Finra, electronic communications GlobusMedical GMED 54.49 Knight-Swift KNX 55.27 s PureStorage PSTG 56.93 2.01 s Spotify SPOT 268.03 UiPath PATH 23.19
0.81 -0.28 NIO NIO 5.77 0.29 1.03 0.77
networks and other broker-dealers. The list comprises the 1,000 largest companies
based on market capitalization. GoDaddy GDDY 109.57 0.61 Philips PHG 20.41 0.18 NNN REIT NNN 41.50 -0.26 Qiagen QGEN 43.99 0.04 StanleyBlackDck SWK 90.09 1.13 UltaBeauty ULTA 548.30 -1.16
GoldFields GFI 15.08 0.34 KoreaElecPwr KEP 9.33 0.15 s NRG Energy NRG 61.46 1.45 Qorvo QRVO 115.89 2.60 Stantec STN 82.55 0.85 Unilever UL 49.02 -0.02
Underlined quotations are those stocks with large changes in volume compared GoldmanSachs GS 389.57 -1.34 KraftHeinz KHC 35.35 0.22 NVR NVR 7709.27114.17 s Qualcomm QCOM 167.89 6.44 Starbucks SBUX 91.65 0.43 UnionPacific UNP 251.00 -2.70
with the issue’s average trading volume. Grab GRAB 3.10 0.01 s Kroger KR 50.49 1.01 NXP Semicon NXPI 251.25 2.79 QuantaServices PWR 241.80 2.09 StateStreet STT 71.84 -1.47 UnitedAirlines UAL 44.07 0.33
Boldfaced quotations highlight those issues whose price changed by 5% or more if Graco GGG 92.21 1.28 LKQ LKQ 51.51 -0.31 Nasdaq NDAQ 57.89 0.96 QuestDiag DGX 126.92 2.41 SteelDynamics STLD 129.96 1.46 UnitedMicro UMC 7.91 0.27
their previous closing price was $2 or higher. Grainger GWW 982.60 -3.16 LPL Financial LPLA 266.70 2.35 s Natera NTRA 90.22 2.60 s Stellantis STLA 27.17 0.38 UPS B UPS 152.55 2.89
Footnotes: GraphicPkg GPK 26.05 0.05 L3HarrisTech LHX 215.60 1.77 NationalGrid NGG 68.42 0.67 R S Steris STE 229.08 0.70 UnitedRentals URI 676.81 -2.56
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four GpoAeroportuar PAC 141.51 0.97 LabCorp.ofAmerica LH 217.80 1.65 NatWest NWG 6.57 0.11 Stevanato STVN 33.10 1.06 US Bancorp USB 43.09 -0.16
RBC Bearings RBC 270.71 8.11
quarters. GpoAeroportSur ASR 294.03 4.02 LamResearch LRCX 981.86 18.76 NetApp NTAP 104.80 2.12 StifelFinancial SF 74.92 -0.57 US Steel X 47.20 -0.56
RB Global RBA 74.90 -1.01
Guidewire GWRE 115.26 0.96 s LamarAdv LAMR 117.55 0.42 NetEase NTES 103.58 -2.36 UnitedTherap UTHR 236.97 7.16
Stock tables reflect preliminary closing values as of 4 p.m. ET and RELX RELX 43.53 -0.22 STMicroelec STM 46.86 1.01
s HCA Healthcare HCA 323.40 7.86 LambWeston LW 102.44 -0.71 Netflix NFLX 597.69 -0.81 Stryker SYK 355.00 2.61 UnitedHealth UNH 472.60 -0.55
changes in the official closing prices from 4 p.m. ET the previous day. RPM RPM 116.91 0.86
HDFC Bank HDB 55.79 0.86 LasVegasSands LVS 50.58 -0.33 Neurocrine NBIX 132.25 -1.42 UnitySoftware U 27.06 0.17
RTX RTX 90.26 0.20 s SumitomoMits SMFG 11.76 0.29
HF Sinclair DINO 55.59 -0.23 LatticeSemi LSCC 80.76 3.47 NewOrientalEduc EDU 95.13 0.36 UnivDisplay OLED 169.07 -0.85
RalphLauren RL 179.22 -1.10 SummitMaterials SUM 43.43 0.28
HP HPQ 30.23 1.10 Lear LEA 139.88 0.62 Newmont NEM 33.62 0.28 UniversalHealthB UHS 175.95 0.45
Wednesday, March 6, 2024 Net Net RangeResources RRC 32.77 -0.06 SunComms SUI 131.46 ...
HSBC HSBC 39.23 0.30 LegendBiotech LEGN 63.78 0.12 NewsCorp B NWS 27.09 0.17 UnumGroup UNM 50.60 0.12
Stock Sym Close Chg Stock Sym Close Chg RaymondJames RJF 121.18 -0.31 SunLifeFinancial SLF 54.25 0.58
Net H World HTHT 34.33 -0.10 Leidos LDOS 129.83 0.53 NewsCorp A NWSA 26.03 0.16 VICI Prop VICI 28.94 0.02
RealtyIncome O 52.16 -0.09 SuncorEnergy SU 34.91 0.38
Stock Sym Close Chg Haleon HLN 8.33 ... Lennar B LEN.B 147.84 1.19 NextEraEnergy NEE 55.53 0.13 s SuperMicroComp SMCI 1124.70 33.87 VailResorts MTN 228.71 9.65
Block SQ 75.53 1.10 DescartesSystems DSGX 87.32 2.42 RegalRexnord RRX 167.18 0.64
Halliburton HAL 35.35 0.17 Lennar A LEN 161.04 1.48 Nextracker NXT 58.48 1.57 Vale VALE 13.47 0.24
A B C BlueOwlCapital OWL 17.81 -0.09 DeutscheBank DB 13.68 0.01 RegencyCtrs REG 61.38 -0.56 s Suzano SUZ 11.80 -0.03
s HartfordFinl HIG 97.47 1.63 LennoxIntl LII 475.11 2.73 Nike NKE 97.63 -0.68 ValeroEnergy VLO 144.44 0.13
Boeing BA 201.00 -0.14 DevonEnergy DVN 45.45 0.37 RegenPharm REGN 972.10 6.89 SynchronyFinl SYF 41.26 0.41
HealthpeakProp DOC 17.57 0.53 LeviStrauss LEVI 18.29 -0.01 NiSource NI 26.87 0.28 Vaxcyte PCVX 71.20 -0.25
AECOM ACM 89.44 0.87 Booking BKNG 3428.03 -2.22 DexCom DXCM 133.72 11.94 RegionsFinl RF 19.32 -0.17 Synopsys SNPS 575.97 10.71
Heico HEI 189.38 0.47 LiAuto LI 37.87 0.11 Nokia NOK 3.67 0.15 VeevaSystems VEEV 224.56 2.92
AES AES 16.22 0.07 BoozAllen BAH 148.90 -0.29 Diageo DEO 147.39 -1.65 s ReinsGrp RGA 182.88 4.51 Sysco SYY 79.17 -0.41
BorgWarner BWA 31.94 0.62 DiamondbkEner FANG 181.18 1.12 Heico A HEI.A 153.13 ... t LibertyBroadbandC LBRDK 56.20 -1.00 s Nomura NMR 6.17 0.12 Ventas VTR 43.44 0.47
Aflac AFL 82.16 1.33 Reliance RS 322.27 2.01
AGCO AGCO 110.93 1.32 BostonProps BXP 63.12 -1.48 s Dick's DKS 180.58 -0.31 HenrySchein HSIC 75.33 -0.08 t LibertyBroadbandA LBRDA 56.16 -0.92 Nordson NDSN 265.18 3.39 RenaissanceRe RNR 228.16 4.64 T U V s Veralto VLTO 88.87 0.37
BostonSci BSX 67.42 0.40 DigitalRealty DLR 149.81 -0.44 Hershey HSY 192.83 5.27 LibertyFormOne A FWONA 63.44 -1.80 NorfolkSouthern NSC 254.39 -2.96 VeriSign VRSN 191.34 -0.03
Ansys ANSS 335.86 7.07 RentokilInit RTO 27.64 0.74 TAL Education TAL 12.00 -1.19 VeriskAnalytics VRSK 235.57
BristolMyers BMY 53.38 1.56 DiscoverFinSvcs DFS 119.40 -1.87 Hess HES 143.02 -3.34 LibertyLiveA LLYVA 38.88 0.10 NorthernTrust NTRS 81.28 -3.88 Repligen RGEN 195.13 3.06
-2.17
APA APA 30.63 0.17 TC Energy TRP 40.04 0.12 Verizon VZ
BritishAmTob BTI 29.55 0.13 Disney DIS 110.06 -2.81 s HessMidstream HESM 35.15 0.08 LibertyFormOne C FWONK 70.16 -1.89 NorthropGrum NOC 461.07 2.81 39.93 -0.42
s ASE Tech ASX 10.61 0.53 RepublicSvcs RSG 183.80 0.04 TD Synnex SNX 105.61 1.28 VertexPharm VRTX 411.85
Broadcom AVGO 1350.00 7.25 DocuSign DOCU 52.47 0.69 s HewlettPackard HPE 18.77 0.67 LibertyLiveC LLYVK 40.25 0.21 NorwegCruise NCLH 20.03 0.37 -3.59
s ASML ASML 1003.93 35.09 ResMed RMD 184.28 6.65 TE Connectivity TEL 141.41 1.17 s Vertiv
BroadridgeFinl BR 203.02 1.82 DolbyLab DLB 81.54 0.35 s Hilton HLT 203.61 -0.20 LibertySirius C LSXMK 29.25 -0.06 Novartis NVS 102.64 0.54 s VRT 71.99 1.97
AT&T T 17.18 0.01 RestaurantBrands QSR 81.24 2.11 Telus TU 17.50 0.33 Viatris
s BrookfieldAsset BAM 42.19 0.61 DollarGeneral DG 156.00 1.15 Hologic HOLX 75.20 1.44 LibertySirius A LSXMA 29.38 -0.03 NovoNordisk NVO 124.75 0.10 VTRS 12.20 -0.08
AbbottLabs ABT 119.34 0.86 Revvity RVTY 107.31 0.30 Ternium TX 39.35 0.93 VikingTherap VKTX 91.18
s Brookfield BN HomeDepot HD 377.44 1.24 Light&Wonder LNW 100.78 1.62 NuHoldings NU 11.25 0.15 3.28
s AbbVie ABBV 181.06 1.90 41.61 0.36 DollarTree DLTR 149.14 0.06 RexfordIndlRealty REXR 52.20 0.44 s
HondaMotor HMC 36.24 0.46 EliLilly LLY 779.77 2.18 Nucor NUE 184.65 -0.15 TFI Intl TFII 150.52 2.60 VinFastAuto VFS 5.20 -0.12
AcadiaHealthcare ACHC 84.72 -0.01 BrookfieldInfr BIP 28.80 0.17 DominionEner D 47.10 1.00 RioTinto RIO 64.85 1.05
Honeywell HON 200.50 3.15 LincolnElectric LECO 254.34 1.46 Nutanix NTNX 64.51 1.08 TIM TIMB 18.33 0.24 Vipshop VIPS 17.75 -0.02
Accenture ACN 380.83 3.95 BrookfieldRenew BEPC 24.21 0.27 Domino's DPZ 447.24 -2.35 Rivian RIVN 11.03 0.10
HormelFoods HRL 34.19 0.17 s Linde LIN 463.61 2.65 Nutrien NTR 52.46 1.57 TJX TJX 96.40 -0.99 Visa V 280.43 1.05
s AcuityBrands AYI 260.30 3.77 s Brown&Brown BRO 85.11 1.01 Donaldson DCI 73.43 1.14 RobertHalf RHI 79.64 1.15
DR Horton DHI 151.88 0.76 LithiaMotors LAD 294.28 -1.29 nVentElectric NVT 69.33 1.04 TKO TKO 79.29 -1.29 s Vistra VST 60.90 2.01
Adobe ADBE 543.09 -1.75 Brown-Forman A BF.A 56.68 -4.42 DoorDash DASH 132.13 1.23 Robinhood HOOD 16.40 0.47
HostHotels HST 20.92 0.13 LiveNationEnt LYV 99.19 0.99 s NVIDIA NVDA 887.00 27.36 s T-MobileUS TMUS 167.42 1.52 Vodafone VOD 8.94 -0.10
AdvDrainageSys WMS 163.37 1.46 Brown-Forman B BF.B 56.33 -4.45 s Dover DOV 170.92 3.65 Roblox RBLX 39.87 1.00
HoulihanLokey HLI 124.49 -0.32 LloydsBanking LYG 2.45 0.05 s TPG TPG 45.38 -0.02 VulcanMatls VMC 267.34 2.36
s Bruker BRKR 90.53 0.36 s Dow DOW 56.86 -0.12 RocketCos. RKT 12.59
s AdvMicroDevices AMD 210.63 5.50
s HowmetAerospace HWM 68.78 0.82 LockheedMartin LMT 433.48 1.50 O P Q 0.30
T.RowePrice TROW 117.00 0.74
Aegon AEG 5.78 0.11 BuildersFirst BLDR 200.26 1.96
BungeGlobal BG 91.88 0.44
DrReddy'sLab RDY 75.62 -0.19
DraftKings DKNG 41.63 -0.99 Hubbell HUBB 387.92 7.27 s Loews L 75.47 0.89
Rockwell
RogersComm B RCI
ROK 291.18
44.15
3.50
0.34
s TaiwanSemi TSM 141.57 6.60 W X Y Z
AerCap AER 79.82 0.45 ONEOK OKE 77.59 0.07 TakeTwoSoftware TTWO 143.90 -0.04
BurlingtonStrs BURL 205.86 -6.25 Dropbox DBX 23.80 -0.10 HubSpot HUBS 610.59 4.71 LogitechIntl LOGI 88.26 3.48 RoivantSciences ROIV 11.57 -0.03 WEC Energy WEC 81.22 1.49
AffirmHldgs AFRM 36.87 0.85 ON Semi ON 77.62 0.63 TakedaPharm TAK 14.69 0.29
CACI Intl CACI 376.82 -0.19 DukeEnergy DUK 94.07 1.38 t Humana HUM 339.08 1.16 Lowe's LOW 241.12 0.30 Roku ROKU 62.67 -0.12 s WEX WEX 225.65 1.71
s AgilentTechs A 146.22 1.87 OReillyAuto ORLY 1081.65 1.98 Tapestry TPR 46.99 -0.79
CBRE Group CBRE 92.30 0.42 Duolingo DUOL 212.26 1.25 JBHunt JBHT 199.82 -0.27 Lucid LCID 3.19 0.01 Rollins ROL 44.81 0.53 W.P.Carey WPC 57.36 0.58
AgnicoEagleMines AEM 53.66 0.89 OccidentalPetrol OXY 61.09 0.51 s TargaResources TRGP 104.29 1.77
s CDW CDW 247.19 2.22 DuPont DD 70.28 1.28 HuntingtonBcshs HBAN 13.55 -0.11 lululemon LULU 448.54 2.48 RoperTech ROP 540.21 3.20 WPP WPP 45.26 0.16
AirProducts APD 243.10 3.52 Okta OKTA 108.90 1.91 s Target TGT 173.54 4.96
CF Industries CF 81.58 2.06 Dynatrace DT 46.32 -0.87 HuntingIngalls HII 293.99 2.66 LyondellBasell LYB 99.91 -1.57 RossStores ROST 148.12 -1.05 Wabtec WAB 141.38 0.08
s Airbnb ABNB 163.87 4.54 OldDomFreight ODFL 435.46 5.38 TechnipFMC FTI 21.59 -0.23
CGI A GIB 115.23 0.50 elfBeauty ELF 207.01 5.39 s HyattHotels H 157.34 -0.49 RoyalBkCanada RY
AkamaiTech AKAM 110.16 0.78
CH Robinson CHRW 71.96 2.31 s EMCOR EME 325.73 1.07 s ICICI Bank IBN 26.37 0.10 M N OldRepublic ORI 29.29 0.33
OmegaHealthcare OHI 30.93 0.03 RoyalCaribbean RCL 127.00
98.23 0.27
0.90
TeckResourcesB TECK 39.54 0.84
WalgreensBoots WBA 20.89
s Walmart WMT 60.57
-0.12
0.53
Albemarle ALB 119.59 10.19 TeledyneTech TDY 425.41 2.20
CME Group CME 219.69 -0.21 ENI E 31.77 0.35 IdexxLab IDXX 557.46 -0.86 RoyalGold RGLD 110.74 0.31 WarnerBrosA WBD 8.41 0.27
Albertsons ACI 20.45 0.19 M&T Bank MTB 141.64 -2.22 Omnicom OMC 90.60 1.54
CMS Energy CMS 60.30 1.00 EOG Rscs EOG 116.49 0.29 ING Groep ING 14.36 0.14 Teleflex TFX 224.51 1.23
Alcon ALC 85.75 0.75 MGM Resorts MGM 42.03 0.04 OnHolding ONON 32.64 -0.39 RoyaltyPharma RPRX 29.74 0.31 WarnerMusic WMG 35.30 -0.32
CNA Fin CNA 44.26 0.42 EPAM Systems EPAM 310.01 3.51 s IQVIA IQV 252.97 2.77 s Ericsson ERIC 5.57 0.18
AlexandriaRlEst ARE 123.60 -0.52 s MKS Instrum MKSI 128.47 4.29 OntoInnovation ONTO 190.30 2.47 RyanSpecialty RYAN 54.16 0.61 WasteConnections WCN 168.04 0.56
CNH Indl CNHI 11.70 -0.08 EQT EQT 37.59 -0.40 ITT ITT 127.28 0.95 Ryanair RYAAY 139.71 TelefonicaBras VIV 10.51 0.06
Alibaba BABA 73.71 1.64 s MPLX MPLX 40.60 0.60 OpenText OTEX 37.58 -0.31 2.16 WasteMgt WM 207.92 1.05
CRH CRH 82.55 0.93 EagleMaterials EXP 256.22 1.23 IcahnEnterprises IEP 19.67 0.35 s SAP SAP 190.68 Telefonica TEF 4.19 0.03
AlignTech ALGN 303.79 4.30 MSA Safety MSA 186.12 2.15 Oracle ORCL 112.27 1.33 3.22 Waters WAT 349.00 5.59
CSX CSX 38.09 -0.16 s EastWestBncp EWBC 77.13 0.44 s Icon ICLR 335.62 0.13 S&P Global SPGI 426.14 3.83
TelekmIndonesia TLK 24.73 0.27 Watsco WSO 394.25 1.52
Allegion ALLE 128.41 0.88 MSCI MSCI 549.53 -0.82 Orange ORAN 11.52 ...
CVS Health CVS 74.34 0.63 EastGroup EGP 180.57 1.15 IDEX IEX 237.09 1.75 SBA Comm SBAC 216.97 0.47 TempurSealy TPX 54.87 1.01 Wayfair W 59.84 -0.48
AlliantEnergy LNT 48.98 0.47 MagnaIntl MGA 54.22 0.15 s Orix IX 109.46 3.19
CadenceDesign CDNS 312.65 4.95 EastmanChem EMN 87.09 -0.21 IllinoisToolWks ITW 260.26 2.38 SEI Investments SEIC 68.50 s Tenaris TS 37.38 0.58
Allstate ALL 157.04 0.27 ManhattanAssoc MANH 254.76 2.43 OtisWorldwide OTIS 95.19 0.65 0.23 WeatherfordIntl WFRD 105.34 -0.10
CaesarsEnt CZR 40.99 -0.09 s Eaton ETN 296.74 4.81 Illumina ILMN 135.13 0.45 SK Telecom SKM 21.78 0.13 TencentMusic TME 9.62 0.16 WebsterFin WBS 48.96 -0.17
AllyFinancial ALLY 36.06 -0.44 ManulifeFinl MFC 23.95 -0.10 Ovintiv OVV 49.49 0.74
CamdenProperty CPT 98.27 1.58 s eBay EBAY 50.54 0.45 s ImperialOil IMO 63.86 0.61 SS&C Tech SSNC 62.62 0.30
s TenetHealthcare THC 97.34 1.78 s WellsFargo WFC 57.11
AlnylamPharm ALNY 149.66 -0.02 Maplebear CART 33.62 0.81 OwensCorning OC 150.90 1.65 0.51
Cameco CCJ 41.63 0.77 Ecolab ECL 223.54 0.13 Incyte INCY 59.26 0.36 s Saia SAIA 605.92 1.15 Teradyne TER 106.75 2.99 Welltower WELL 92.07 0.52
Alphabet A GOOGL 131.40 -1.27 MarathonOil MRO 24.52 0.28 PDD PDD 116.64 -4.69
CampbellSoup CPB 43.30 0.35 Ecopetrol EC 10.61 0.01 Informatica INFA 31.88 0.18 Salesforce CRM 303.77 5.02 Tesla TSLA 176.54 -4.20 WescoIntl WCC 154.87 0.26
Alphabet C GOOG 132.56 -1.22 MarathonPetrol MPC 175.18 0.01 PG&E PCG 16.49 0.06
s CIBC CM 49.06 0.29 EdisonIntl EIX 68.25 1.14 Infosys INFY 19.33 0.04 Samsara IOT 33.35 0.55 s TetraTech TTEK 184.01 2.16 WestPharmSvcs WST 354.31 2.36
Altria MO 41.45 1.51 Markel MKL 1506.26 30.31 PNC Finl PNC 150.38 -4.74
CanNtlRlwy CNI 126.95 -2.02 EdwardsLife EW 88.33 2.23 IngersollRand IR 90.24 0.29 Sanofi SNY 47.68 0.18 TevaPharm TEVA 13.53 -0.01 s WesternDigital WDC 64.70 1.21
Amazon.com AMZN 173.51 -0.61 MarketAxess MKTX 207.77 -3.52 POSCO PKX 83.24 -0.23
CanadianNatRscs CNQ 71.88 0.57 ElancoAnimal ELAN 16.05 0.06 Ingredion INGR 116.33 -0.38 SareptaTherap SRPT 120.31 -2.54 TexasInstruments TXN 171.87 1.23 WesternMidstrm WES 34.73 0.40
Ambev ABEV 2.54 -0.01 Marriott MAR 247.10 -0.78 PPG Ind PPG 140.12 1.33
s CdnPacKC CP 87.62 1.29 Elastic ESTC 108.35 -0.05 Insulet PODD 165.70 1.77 Schlumberger SLB 50.03 0.37 TexasPacLand TPL 1485.44 -30.26 Westlake WLK 141.17 1.21
Amcor AMCR 9.20 0.03 Marsh&McLen MMC 203.64 1.74 PPL PPL 26.85 0.09
CapitalOne COF 135.74 -1.82 ElbitSystems ESLT 214.58 -0.86 Intel INTC 44.51 1.35 s MartinMarietta MLM 607.35 4.45 SchwabC SCHW 68.10 ... TexasRoadhouse TXRH 151.42 -0.13 WestRock WRK 44.24 -0.84
Amdocs DOX 91.60 0.83 PTC PTC 182.86 3.67
CardinalHealth CAH 110.62 -2.30 ElectronicArts EA 135.52 -0.76 InteractiveBrkrs IBKR 110.00 0.39 s s ScienceApplicat SAIC 143.36 0.20 s Textron TXT 90.58 1.24 Weyerhaeuser WY 34.56 0.12
AmerSports AS 15.16 -1.29 MarvellTech MRVL 81.37 2.64 PVH PVH 135.42 -2.59
s Carlisle CSL 360.64 5.17 ElevanceHealth ELV 504.77 6.42 ICE ICE 139.43 0.01 Sea SE 59.22 3.47 s ThermoFisher TMO 591.50 6.89 WheatonPrecMtls WPM 43.84 1.12
Ameren AEE 73.12 1.00 Masco MAS 76.42 -0.18 s Paccar PCAR 115.47 1.39
s Carlyle CG 46.67 0.59 s EmersonElec EMR 109.80 0.78 InterContinentl IHG 106.88 -0.10 s Seagate STX 94.14 -4.49 ThomsonReuters TRI 157.48 0.54 Williams WMB 36.53 -0.16
AmericaMovil AMX 19.17 0.13 Mastercard MA 471.60 4.08 PackagingCpAm PKG 183.34 -1.14
CarMax KMX 80.58 0.46 Enbridge ENB 35.05 0.27 s IBM IBM 196.16 4.21 Sempra SRE 70.64 0.43 3M MMM 92.52 -0.17 Williams-Sonoma WSM 239.71 -0.62
AmerAirlines AAL 14.88 0.21 MatadorRscs MTDR 63.60 0.74 s PalantirTech PLTR 26.16 2.35
Carnival CCL 16.01 0.12 EncompassHealth EHC 76.60 1.80 IntlFlavors IFF 77.10 0.38 SentinelOne S 26.76 1.26 Toast TOST 24.88 1.10 WillisTowers WTW 274.87 3.14
AEP AEP 83.92 -0.13 MatchGroup MTCH 33.84 -0.74 PaloAltoNtwks PANW 278.86 -12.27
Carnival CUK 14.54 0.11 Endeavor EDR 24.23 -0.26 IntlPaper IP 35.71 -0.14 s ServiceIntl SCI 75.55 1.69 TollBros TOL 118.17 2.30 WillScotMobile WSC 46.84 0.12
AmerExpress AXP 218.45 1.25 McCormickVtg MKC.V 67.84 -0.53 ParkerHannifin PH 531.23 3.23
CarrierGlobal CARR 57.72 1.13 s EnergyTransfer ET 15.15 0.13 Interpublic IPG 31.85 0.05 ServiceNow NOW 741.06 0.91 TopBuild BLD 411.73 9.90 Wingstop WING 369.39 4.45
AmericanFin AFG 128.53 1.22 McCormick MKC 68.31 -0.59 Parsons PSN 83.39 0.28
Carvana CVNA 77.81 0.48 EnphaseEnergy ENPH 125.36 0.27 Intuit INTU 650.28 10.55 SharkNinja SN 55.38 -0.87 Toro TTC 93.73 0.95 Wipro WIT 6.10 -0.01
AmHomes4Rent AMH 36.53 -0.07 McDonald's MCD 292.93 0.39 Paychex PAYX 120.73 0.50
CaseysGenStores CASY 300.91 9.63 Entegris ENTG 139.20 3.57 IntuitiveSurgical ISRG 388.16 0.84 Shell SHEL 63.85 0.98 TorontoDomBk TD 60.40 1.16 Wix.com WIX 139.34 2.81
s AIG AIG 74.85 0.93 McKesson MCK 525.05 -3.78 PaycomSoftware PAYC 175.88 1.99
Catalent CTLT 56.65 -0.31 Entergy ETR 102.70 0.66 InvitatHomes INVH 34.92 0.05 s SherwinWilliams SHW 336.49 3.21 TotalEnergies TTE 65.24 1.08 WoodsideEnergy WDS 20.06 0.41
AmerTowerREIT AMT 206.01 0.59 Medpace MEDP 410.15 7.01 Paylocity PCTY 166.35 1.54
Caterpillar CAT 335.63 2.10 s EnterpriseProd EPD 28.00 0.15 IronMountain IRM 80.44 1.87 s ShinhanFin SHG 34.00 0.52 s ToyotaMotor TM 252.40 4.21 Woodward WWD 148.37 4.94
AmerWaterWorks AWK 120.31 1.05 Medtronic MDT 85.55 0.95 PayPal PYPL 58.12 -0.15
Celanese CE 151.49 -0.12 Equifax EFX 264.50 3.81 ItauUnibanco ITUB 6.90 0.10 ShockwaveMed SWAV 254.76 2.95 TractorSupply TSCO 250.66 2.80 WooriFinl WF 33.15 0.15
AmericoldRealty COLD 25.92 -0.08 MercadoLibre MELI 1525.59 -1.70 Pearson PSO 12.81 -0.15
s CelsiusHldg CELH 87.49 0.76 Equinix EQIX 906.64 11.09 Shopify SHOP 74.01 TradeDesk TTD 82.18 0.73 Workday WDAY 266.93 0.19
Ameriprise AMP 415.47 2.88
Ametek AME 180.36 0.91 Cemex CX 7.86 0.17 Equinor EQNR 25.76 0.37 J K L Merck MRK 123.75 0.92
MetaPlatforms META 496.09 5.87
PembinaPipeline PBA 35.17 0.50
PenskeAuto PAG 152.51 -0.64 SimonProperty SPG 152.32
0.54
2.46 Tradeweb TW 104.10 -0.61 WynnResorts WYNN 99.14 -0.63
Amgen AMGN 276.59 -0.06 Cencora COR 234.68 -0.63 Equitable EQH 33.20 -0.56 JD.com JD 24.91 3.47 s MetLife MET 71.04 0.57 s Pentair PNR 79.17 1.72 SimpsonMfg SSD 212.26 3.16 TraneTech TT 286.34 2.28 XP XP 24.78 1.01
s CenovusEnergy CVE 17.86 0.32 EquityLife ELS 66.23 -0.66 s JPMorganChase JPM 189.53 0.98 Mettler-Toledo MTD 1311.65 24.75 Penumbra PEN 249.45 -7.04 SiriusXM SIRI 4.19 0.02 TransDigm TDG 1168.68 8.68 s XPO XPO 125.31 1.99
AmkorTech AMKR 35.16 2.37
Centene CNC 77.59 0.19 EquityResdntl EQR 62.61 0.33 s Jabil JBL 153.19 2.09 MicrochipTech MCHP 87.81 2.17 PepsiCo PEP 163.00 0.96 SiteOneLandscape SITE 175.00 4.30 TransUnion TRU 79.10 3.32 t XcelEnergy XEL 48.44 -0.21
Amphenol APH 110.51 0.87
CenterPointEner CNP 28.30 0.41 ErieIndemnity ERIE 411.71 3.29 JackHenry JKHY 174.32 1.80 MicronTech MU 95.56 1.09 PerformanceFood PFGC 76.61 -0.07 SkechersUSA SKX 60.81 0.17 Travelers TRV 220.62 1.49 XPeng XPEV 9.60 0.45
AnalogDevices ADI 191.70 1.90
AngloGoldAsh AU CentraisElBras EBR 8.81 0.01 EssentialUtil WTRG 34.93 0.38 JacobsSolns J 146.92 -0.20 Microsoft MSFT 402.09 -0.56 PermianRscs PR 15.63 0.06 Skyworks SWKS 104.50 4.17 Trex TREX 94.51 0.60 Xylem XYL 126.35 0.16
21.97 0.34
AB InBev BUD 60.61 0.47 CerevelTherap CERE 41.27 0.05 EssexProp ESS 242.70 -0.10 s JamesHardie JHX 41.01 1.03 MicroStrategy MSTR 1246.21195.20 PetroleoBrasil PBR 16.69 0.32 SmithAO AOS 84.50 0.81 Trimble TRMB 62.43 0.64 YPF YPF 18.67 0.47
s CharlesRiverLabs CRL 263.44 2.17 EsteeLauder EL 145.41 -1.91 JazzPharm JAZZ 117.19 -1.23 MidAmApt MAA 129.95 1.04 PetroleoBrasilA PBR.A 16.37 0.29 Smith&Nephew SNN 27.43 0.81 Trip.com TCOM 43.12 0.84 Yum!Brands YUM 139.55 0.85
AnnalyCap NLY 19.42 0.21
t CharterComms CHTR 276.33 -4.52 Etsy ETSY 68.61 0.06 JefferiesFinl JEF 42.15 -0.43 Middleby MIDD 153.51 2.64 Pfizer PFE 27.19 1.11 Smucker SJM 120.26 -0.74 TruistFinl TFC 37.27 0.20 YumChina YUMC 41.72 0.61
AnteroResources AR 26.87 -0.08
CheckPoint CHKP 157.75 -0.09 s EvercoreA EVR 194.02 -0.15 J&J JNJ 159.34 -0.63 s MitsubishiUFJ MUFG 10.79 0.22 PhilipMorris PM 91.09 0.52 Snap SNAP 11.16 -0.27 Twilio TWLO 58.56 1.90 ZTO Express ZTO 20.44 0.39
Aon AON 317.09 1.89
ApellisPharm APLS 60.94 -1.53 Chemed CHE 636.24 -0.48 Everest EG 370.18 3.25 JohnsonControls JCI 60.51 0.16 s MizuhoFin MFG 3.96 0.10 Phillips66 PSX 146.77 0.67 Snap-On SNA 285.66 2.62 TylerTech TYL 419.86 2.68 ZebraTech ZBRA 287.27 2.73
APi Group APG 38.38 0.18 CheniereEnergy LNG 153.70 0.19 Evergy EVRG 50.68 0.33 JonesLang JLL 187.16 -1.36 Mobileye MBLY 27.81 2.85 Pilgrim'sPride PPC 31.97 -0.33 Snowflake SNOW 167.00 -0.75 TysonFoods TSN 53.40 -0.31 Zillow C Z 56.21 1.72
ApolloGlblMgmt APO 108.80 -0.61 CheniereEnerPtrs CQP 49.44 0.70 EversourceEner ES 58.50 0.36 JuniperNetworks JNPR 37.44 -0.01 Moderna MRNA 98.10 2.54 PinnacleWest PNW 69.76 1.15 SOQUIMICH SQM 46.43 1.86 UBS Group UBS 29.14 0.32 Zillow A ZG 54.03 1.63
ChesapeakeEner CHK 81.92 -0.43 ExactSciences EXAS 56.27 -2.23 s KB Financial KB 51.68 -0.08 MohawkInds MHK 119.97 1.06 Pinterest PINS 34.62 -1.07 Sony SONY 86.77 1.11 UDR UDR 37.25 0.09 ZimmerBiomet ZBH 125.83 1.05
AppFolio APPF 225.11 -4.48
Chevron CVX 148.33 -1.26 Exelon EXC 36.67 0.40 KBR KBR 61.72 ... MolinaHealthcare MOH 388.69 3.11 PioneerNatRscs PXD 240.06 2.81 Southern SO 68.58 0.60 U-Haul UHAL 64.98 -0.13 Zoetis ZTS 183.53 -1.70
Apple AAPL 169.12 -1.00
s Chewy CHWY 17.26 -0.11 Expedia EXPE 132.50 -1.53 KE Holdings BEKE 12.75 0.24 MolsonCoorsA TAP.A 62.74 -0.46 s PlainsAllAmPipe PAA 16.79 0.14 SoCopper SCCO 81.39 1.36 U-Haul N UHAL/B 63.49 -0.52 ZoomVideo ZM 66.42 -0.07
ApplMaterials AMAT 212.17 4.78
s Chipotle CMG 2690.14 -21.19 ExpeditorsIntl EXPD 121.01 1.87 KKR KKR 97.00 0.39 MolsonCoorsB TAP 62.77 -0.24 s PlainsGP PAGP 17.41 0.10 SouthwestAir LUV 34.56 0.15 s US Foods USFD 52.60 0.78 Zscaler ZS 202.42 -3.94
AppLovin APP 62.62 1.66
s Chubb CB 250.55 1.19 ExtraSpaceSt EXR 144.03 1.45 KLA KLAC 715.46 9.59 monday.com MNDY 224.47 6.20 s Pool POOL 406.51 -2.49
Aptargroup ATR 143.07 0.55
ChunghwaTel CHT 38.25 0.17 ExxonMobil XOM 106.77 1.13 KarunaTherap KRTX 318.41 -0.42 Mondelez MDLZ 71.62 0.78 Primerica PRI 251.74 3.41
Aptiv APTV 78.13 -1.30
Borrowing Benchmarks
Church&Dwight CHD 102.44 0.53 F5 FFIV 190.60 3.14 s Kaspi.kz KSPI 109.12 4.82 MongoDB MDB 409.50 4.50 PrincipalFinl PFG 80.73 -0.26
Aramark ARMK 31.08 0.05
ChurchillDowns CHDN 111.98 -0.09 FMC FMC 61.52 1.81 Kellanova K 53.86 0.44 MonolithicPower MPWR 731.37 13.73 ProcoreTech PCOR 77.49 2.24
ArcelorMittal MT 25.38 0.24
Ciena CIEN 61.96 0.85 FTI Consulting FCN 206.50 -1.46
ArchCapital ACGL 88.82 1.43
Cigna CI 339.82 7.09 Fabrinet FN 225.01 4.39
Kenvue KVUE 19.58 0.57 MonsterBev MNST 58.31 0.42 Procter&Gamble PG 159.57 0.25 wsj.com/market-data/bonds/benchmarks
ADM ADM 54.15 0.69 KeurigDrPepper KDP 29.20 0.11 Moody's MCO 389.03 6.53 s Progressive PGR 196.01 6.20
s CincinnatiFinl CINF 117.79 5.83 FactSet FDS 464.95 0.62 KeyCorp KEY 14.99 -0.03 MorganStanley MS 85.66 -3.47 Prologis PLD 133.08 0.64
AresMgmt ARES 135.72 0.20
Cintas CTAS 625.80 0.41 FairIsaac FICO 1288.11 24.46 s
Money Rates
argenx ARGX 390.66 1.97 KeysightTech KEYS 157.15 1.38 Morningstar MORN 310.22 5.19 PrudentialFinl PRU 109.61 0.68
AristaNetworks ANET 284.50 4.03 CiscoSystems CSCO 49.17 0.22 Fastenal FAST 74.32 -0.02 KimberlyClark KMB 124.81 1.19 Mosaic MOS 31.45 0.42 Prudential PUK 19.67 0.19 March 6, 2024
Arm ARM 136.99 2.92 Citigroup C 57.29 1.03 FederalRealty FRT 101.81 0.13 KimcoRealty KIM 19.30 -0.14 s MotorolaSol MSI 337.53 5.72 PublicServiceEnt PEG 64.89 0.68
CitizensFin CFG 33.56 -0.04 FedEx FDX 248.40 -0.32
AscendisPharma ASND 146.02 -4.53
s CleanHarbors CLH 190.01 0.21 Ferguson FERG 201.50 0.43 Key annual interest rates paid to borrow or lend money in U.S. and
AspenTech AZPN 195.74 3.38
Assurant AIZ 179.84 1.23 Cleveland-Cliffs CLF 20.09 -0.19 Ferrari RACE 416.63 5.17
IPO Scorecard international markets. Rates below are a guide to general levels but
Clorox CLX 150.53 0.63 FidNatlFinl FNF 51.99 0.58
AstraZeneca AZN 65.27 0.46 don’t always represent actual transactions.
Atlassian TEAM 198.14 1.81 Cloudflare NET 97.49 1.52 FidNatlInfo FIS 69.83 0.08 Performance of IPOs, most-recent listed first
Coca-Cola KO 59.55 0.03 FifthThirdBncp FITB 36.04 -0.31 Week —52-WEEK—
AtmosEnergy ATO 115.20 0.74
CocaColaCon COKE 810.22 -13.77 FirstCitizBcshA FCNCA 1572.06 -29.09
% Chg From % Chg From Inflation Latest ago High Low
Autodesk ADSK 251.10 3.81 Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
s Autoliv ALV 117.98 0.98
Coca-ColaEuro CCEP 69.60 0.11 FirstHorizon FHN 14.90 -0.04 Jan. Index Chg From (%)
CognizantTech CTSH 76.69 -1.09 FirstIndRlty FR 53.30 0.45 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close level Dec. '23 Jan. '23 Secondary market
ADP ADP 243.76 -0.24
s Coherent COHR 64.72 -1.22 FirstSolar FSLR 158.42 -0.64 Ryde Group 4.00 ... ... Unusual Machines 2.61 –34.8 –13.9
AutoZone AZO 3104.20 1.34
Avalonbay AVB 184.24 0.50 CoinbaseGlbl COIN 238.55 21.78 FirstEnergy FE 37.46 0.45 RYDE March 6/$4.00 UMAC Feb. 14/$4.00 U.S. consumer price index Fannie Mae
s ColgatePalm CL 87.18 0.45 FirstService FSV 163.50 0.96
Avangrid AGR 32.08 0.31 Lucas GC 3.83 –4.3 6.1 BBB Foods 21.78 24.5 14.3 All items 308.417 0.54 3.1 30-year mortgage yields
s Avantor AVTR 25.35 0.35 Comcast A CMCSA 42.15 0.09 Fiserv FI 150.64 0.69
ComfortSystems FIX 313.51 -1.42 FiveBelow FIVE 208.18 3.26 LGCL March 5/$4.00 TBBB Feb. 9/$17.50 Core 313.623 0.55 3.9 30 days 6.280 6.513 7.495 5.496
AveryDennison AVY 214.02 -2.15
AxonEnterprise AXON 314.97 -0.13 SABESP SBS 16.08 0.13 FleetCorTech FLT 285.24 4.63 SolarMax Technology 7.18 79.5 –10.3 Helix Acquisition II 10.35 3.5 1.6 60 days 6.287 6.524 7.554 5.500
BCE BCE 36.34 0.44 ConagraBrands CAG 27.95 0.25 s Flex FLEX 30.64 0.59
SMXT Feb. 27/$4.00 HLXB Feb. 9/$10.00
International rates
BHP Group BHP 58.56 1.07 Confluent CFLT 33.76 1.31 s Floor&Decor FND 125.47 4.69 Other short-term rates
ConocoPhillips COP 111.99 0.77 s FlutterEnt FLUT 220.12 6.13 DT Cloud Acquisition 10.16 1.6 0.4 Metagenomi 12.00 –20.0 16.4 Week 52-Week
BJ'sWholesale BJ 72.15 -1.07
BP BP 36.42 0.62
ConEd ED 89.85 0.86 FomentoEconMex FMX 121.47 -0.59 DYCQU Feb. 21/$10.00 MGX Feb. 9/$15.00 Latest ago High Low Week 52-Week
ConstBrands A STZ 248.40 0.26 FordMotor F 12.38 -0.20 Latest ago high low
BWX Tech BWXT 105.60 0.76 Chromocell Therapeutics 3.38 –43.7 –29.6 Telomir Pharmaceuticals 8.76 25.1 75.2
Baidu BIDU 99.38 1.13
ConstellationEner CEG 179.98 3.21 Fortinet FTNT 71.32 2.28
CHRO Feb. 16/$6.00 TELO Feb. 9/$7.00 Prime rates
Cooper COO 101.87 0.45 Fortis FTS 39.44 0.42
BakerHughes BKR 30.56 0.39
s Copart CPRT 54.62 0.76 Fortive FTV 84.23 0.09 U.S. 8.50 8.50 8.50 7.75 Call money
Ball BALL 64.06 0.22 Sources: Dow Jones Market Data; FactSet Canada 7.20 7.20 7.20 6.70
s Core&Main CNM 49.37 0.85 FortuneBrands FBIN 80.31 -0.72 7.25 7.25 7.25 6.50
BBVA BBVA 10.55 0.31
BancoBradesco BBDO 2.51 ...
CorebridgeFin CRBG 23.78 -0.82 t FoxA FOXA 28.42 -0.40 Japan 1.475 1.475 1.475 1.475
BancodeChile BCH 22.87 0.60
Corning GLW 32.81 0.31 t FoxB FOX 25.90 -0.43 Commercial paper (AA financial)
Corteva CTVA 54.03 0.09 Franco-Nevada FNV 109.51 -3.01 Policy Rates 90 days n.a. n.a. 5.54 4.74
BancSanBrasil BSBR 5.70 0.01
BcoSantChile BSAC 19.22 0.16
s
CoStar CSGP 87.68 0.33 FranklinRscs BEN 27.85 0.20
FreeportMcM FCX 38.14 1.02
Dividend Changes Euro zone 4.50 4.50 4.50 3.00
BancoSantander SAN 4.20 0.06
Costco COST 773.24 13.29
Switzerland 2.25 2.25 2.25 1.50 Secured Overnight Financing Rate
CoterraEnergy CTRA 26.28 -0.41 FreseniusMedCare FMS 20.05 -0.71
BanColombia CIB 33.48 0.52 Amount Payable / Britain 5.25 5.25 5.25 4.00 5.31 5.31 5.40 4.55
s Coty COTY 12.75 0.17 Futu FUTU 56.62 1.30
BankofAmerica BAC 35.42 0.03 Company Symbol Yld % New/Old Frq Record Australia 4.35 4.35 4.35 3.60
Coupang CPNG 18.96 0.17
BankMontreal BMO 92.47 1.00
s Credicorp BAP 173.88 -0.10 G H I Value 52-Week
BankNY Mellon BK 55.78 -0.11
Crocs CROX 120.39 -1.63 Increased Overnight repurchase Latest Traded High Low
BankNovaScotia BNS 49.70 0.24 s GE HealthCare GEHC 93.10 1.29 Whitestone REIT WSR 4.1 .0413 /.04 M Apr11 /Apr02
s CrowdStrike CRWD 329.57 32.01 U.S.
s Barclays BCS 8.86 0.14 GFLEnvironmental GFL 34.92 0.04 5.33 5.36 5.48 4.55 DTCC GCF Repo Index
CrownCastle CCI 112.07 0.50
BarrickGold GOLD 15.71 0.18 GSK GSK 42.62 0.02 Reduced Treasury 5.337 19.040 5.504 4.566
Bath&BodyWks BBWI 44.78 -0.32
Crown Holdings CCK 76.00 1.35
CubeSmart CUBE 44.11 0.36
Gallagher AJG 248.62 3.27
Sabine Royalty Tr UBI SBR 10.3 .4114 /.41946 M Mar28 /Mar15
U.S. government rates MBS 5.348 40.502 5.689 4.579
BaxterIntl BAX 42.99 0.58 Gaming&Leisure GLPI 45.48 0.02
BectonDicknsn BDX 235.60 2.15
Cullen/Frost CFR 110.73 -3.30
Gap GPS 19.06 -0.94 Synovus Finl Pfd. D SNVpD 8.3 .568 /.56942 Q Mar21 /Mar15 Discount Notes on data:
Cummins CMI 273.44 2.09 s Garmin
BeiGene BGNE 159.52 -0.90 GRMN 139.95 -0.14 5.50 5.50 5.50 4.75
BellRing BRBR 60.31 -0.05
Curtiss-Wright CW 241.63 2.69
Gartner IT 468.97 8.74
Stocks U.S. prime rate is the base rate on corporate
CyberArkSoftware CYBR 258.51 5.41 loans posted by at least 70% of the 10 largest
BentleySystems BSY 49.84 1.76 GenDigital GEN 21.47 0.29 Kidpik PIK 1:5 /Mar07 Federal funds U.S. banks, and is effective July 27, 2023. Other
Pagaya Technologies PGY 1:12 /Mar08
Berkley WRB 84.74 0.69
BerkHathwy B BRK.B 403.96 3.22
D E F GeneralDynamics GD 273.70
GeneralElec GE 159.50
0.10
1.64
Effective rate 5.3300 5.3300 5.3500 4.5800 prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate
BerkHathwy A BRK.A 6074522833.74 DTE Energy DTE 111.76 1.77 GeneralMills GIS 65.24 0.77 Foreign High 5.6500 5.5500 5.6500 4.9000 is effective July 27, 2023. Secured Overnight
BestBuy BBY 78.21 2.25 Danaher DHR 252.90 -1.49 GeneralMotors GM 40.15 -0.50 Banco Bradesco Ord ADR BBDO 6.1 .00348 M May09 /Apr03 Low 5.3100 5.3200 5.3300 4.5500 Financing Rate is as of March 5, 2024. DTCC
Bio-Techne TECH 74.68 1.28 Darden DRI 175.89 1.48 Genmab GMAB 28.86 0.11 Banco Bradesco Pref ADR BBD 5.9 .00383 M May09 /Apr03 Bid 5.3100 5.3200 5.3300 4.5700 GCF Repo Index is Depository Trust & Clearing
Bio-RadLab A BIO 333.25 2.31 Datadog DDOG 124.59 1.06 Gentex GNTX 36.94 -0.16 Offer 5.3300 5.3300 5.3700 4.5900 Corp.'s weighted average for overnight trades in
Ferguson FERG 1.6 .79 Q May07 /Mar15
Biogen BIIB 217.56 0.33 DaVita DVA 131.98 -2.67 GenuineParts GPC 149.83 -0.11 applicable CUSIPs. Value traded is in billions of
BioMarinPharm BMRN 86.77 0.75 Dayforce DAY 64.36 0.03 Gerdau GGB 4.30 -0.03 Note: Dividend yields as of 3:45 p.m. ET Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
BioNTech BNTX 91.39 0.87 DeckersOutdoor DECK 911.99 5.13 GileadSciences GILD 72.63 -0.36 Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
Birkenstock BIRK 48.19 -0.17 Deere DE 366.63 -0.10 GitLab GTLB 61.42 2.58
4 weeks 5.285 5.285 5.840 3.190
Sources: Federal Reserve; Bureau of Labor
BlackRock BLK 830.40 8.56 DellTechC DELL 118.50 0.75 GlobalPayments GPN 128.26 -0.57 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.240 5.255 5.345 4.675 Statistics; DTCC; FactSet;
Blackstone BX 123.30 -1.52 DeltaAir DAL 42.02 0.22 GlobalFoundries GFS 52.57 0.04 spin-off. 26 weeks 5.105 5.130 5.350 4.620 Tullett Prebon Information, Ltd.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FirstBanCorp FBP 17.70 -0.7 KernelA KRNL 11.07 2.5 NurixTherap NRIX 15.93 17.4 ServiceIntl SCI 75.69 2.3 TFI Intl TFII 151.42 1.8 USA Compression USAC 26.94 4.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Flex FLEX 30.92 2.0 KewauneeSci KEQU 31.20 3.1 NuSTAREnergy NS 24.50 1.8 ShattuckLabs STTK 11.11 -0.9 T-MobileUS TMUS 168.13 0.9 US BancorpPfdK USBpP 24.92 -0.1
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest Flexsteel FLXS 37.98 1.7 KeyarchAcqnRt KYCHR 0.30 -14.4 NuvationBio NUVB 2.39 9.6 ShinhanFin SHG 34.13 1.6 TPG TPG 46.35 ... US BancorpPfdB USBpH 21.49 0.2
session. % CHG-Daily percentage change from the previous trading session. Floor&Decor FND 125.75 3.9 KinsaleCapital KNSL 548.37 3.6 NVIDIA NVDA 897.24 3.2 Similarweb SMWB 9.34 6.4 TPG Nts 2064 TPGXL 25.69 0.6 US Foods USFD 52.75 1.5
FlutterEnt FLUT 221.80 2.9 KodiakGasSvcs KGS 29.00 -0.3 OcularTherapeutix OCUL 11.31 -0.9 SkyWest SKYW 68.34 1.7 TaiwanSemi TSM 144.00 4.9 Uniti UNIT 6.66 2.7
Wednesday, March 6, 2024 flyExclusiveWt FLYX.WS 0.64 11.4 KornFerry KFY 69.69 1.3 Oil-Dri ODC 74.05 -0.2 Solowin SWIN 65.94 135.0 Talkspace TALK 3.09 1.0 UnivLogistics ULH 35.47 2.1
flyExclusive FLYX 20.30 2.0 Kroger KR 50.65 2.0 OptexSystems OPXS 7.68 -0.1 SonidaSrLiving SNDA 18.00 21.5 TargaResources TRGP 105.58 1.7 VTEX VTEX 9.01 6.6
52-Wk % 52-Wk % 52-Wk % FormFactor FORM 45.90 1.0 KuraOncology KURA 23.13 7.9 OricPharm ORIC 16.65 3.5 SouthwestGas SWX 72.66 2.1 Target TGT 175.53 2.9 Veralto VLTO 89.62 0.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FulcrumTherap FULC 13.70 9.5 LamarAdv LAMR 119.57 0.4 OrionGroup ORN 7.45 4.0 Splunk SPLK 156.48 -0.1 TaylorDevices TAYD 38.90 11.0 Vertiv VRT 73.58 2.8
BJsRestaurants BJRI 38.35 3.1 CelsiusHldg CELH 88.74 0.9 GE HealthCare GEHC 94.08 1.4 LandosBio LABP 6.73 1.6 Orix IX 109.98 3.0 Spotify SPOT 272.08 0.4 Tenaris TS 37.52 1.6 VictoryCapital VCTR 39.35 0.2
Highs BRF
BRP Group
BRFS
BRP
3.30 1.2 CharlesRiverLabs CRL
30.53 -0.2 SchwabPfdJ SCHWpJ
269.10
21.39
0.8
0.9
Garmin GRMN
GasLogPtrsPfdA GLOPpA
141.78
25.15
-0.1
-0.1
LanternPharma LTRN
LexariaBioscience LEXX
6.19
4.50
14.1
32.5
OxfordLanePfd2027 OXLCP
Paccar PCAR
23.77
116.15
0.3
1.2
SpyreTherapeutics SYRE
StandexIntl SXI
40.81 6.9
180.07 2.0
TenetHealthcare
TetraTech
THC
TTEK
98.22 1.9
185.75 1.2
VincerxPharma VINC
VirtusInvtPtrs VRTS
7.84 27.1
252.50 8.1
ACV Auctions ACVA 19.06 -2.8
B.RileyNts2024 RILYO 25.20 0.2 CherryHillPfdB CHMIpB 24.40 0.3 GasLogPtrsPfdB GLOPpB 25.75 0.3 LianBio LIAN 4.95 0.4 PalantirTech PLTR 26.75 9.9 Stellantis STLA 27.36 1.4 Textron TXT 90.84 1.4 Vistra VST 61.36 3.4
ADMA Biologics ADMA 6.19 5.5 GasLogPtrsPfdC GLOPpC 25.28 0.3 Linde LIN 465.11 0.6 ParkHotels PK 17.78 ... SumitomoMits SMFG 11.79 2.5 ThermoFisher TMO 598.35 1.2 VitalFarms VITL 19.17 1.4
Backblaze BLZE 11.96 5.2 CincinnatiFinl CINF 119.38 5.2
AeonBioWt AEON.WS 0.64 30.9 GatesIndustrial GTES 15.41 4.6 Loews L 75.54 1.2 PassageBio PASG 1.79 1.8 SunlandsTech STG 12.00 1.2 TidewaterWt TDW.WS 7.80 -16.6 VoyaFinlPfdB VOYApB 25.31 0.7
BancoBBVA BBAR 7.38 13.1 CitizensFinPfdE CFGpE 21.52 0.4
AI Transportation AITR 10.30 0.1 GladstonePfdE GOODN 24.20 0.2 MKS Instrum MKSI 129.72 3.5 PebblebrookPfdG PEBpG 21.94 0.2 Sunoco SUN 64.89 2.8 Tidewater TDW 86.99 -3.6 WEX WEX 228.79 0.8
BBVA BBVA 10.60 3.0 CleanHarbors CLH 193.03 0.1
ASE Tech ASX 10.75 5.3 SunstoneHotel SHO 11.59 0.4 ToyotaMotor TM 253.43 1.7 Walmart WMT 60.62 0.9
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B8 | Thursday, March 7, 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
38661.05 s 75.86, or 0.20% Trailing P/E ratio 26.90 21.77 5104.76 s 26.11, or 0.51% Trailing P/E ratio * 23.83 17.80 16031.54 s 91.95, or 0.58% Trailing P/E ratio *† 33.02 24.51
High, low, open and close for each P/E estimate * 18.74 17.32 High, low, open and close for each P/E estimate * 20.98 18.01 High, low, open and close for each P/E estimate *† 30.35 23.96
trading day of the past three months. Dividend yield 1.85 2.13 trading day of the past three months. Dividend yield * 1.44 1.73 trading day of the past three months. Dividend yield *† 0.82 0.93
All-time high 39131.53, 02/23/24 All-time high 5137.08, 03/01/24 All-time high: 16274.94, 03/01/24

Current divisor 0.15265312230608

39000 5300 16200

38000 5100 15700

37000 4900 15200

Session high 36000 4700 14700

DOWN UP
Session open Close
t

65-day moving average

35000 4500 14200
Close Open
t

65-day moving average Session low 34000 4300 65-day moving average 13700

Bars measure the point change from session's open

33000 4100 13200
Dec. Jan. Feb. Dec. Jan. Feb. Dec. Jan. Feb.
* 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*1,020,300,439 16,518,511
Industrial Average 38858.13 38570.80 38661.05 75.86 0.20 39131.53 31819.14 17.9 2.6 7.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 730,197,049 11,492,384
Transportation Avg 15817.18 15653.17 15673.52 47.28 0.30 16695.32 13444.01 5.4 -1.4 4.8 Most-active issues in late trading Decl. volume* 279,901,200 3,579,923
Utility Average 853.84 845.31 849.16 7.17 0.85 975.39 783.08 -6.9 -3.7 1.4 Volume After Hours Issues traded 2,920 301
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51148.79 50788.67 50925.39 284.40 0.56 51229.08 38697.55 26.4 6.6 8.1 Advances 1,992 174
Grab Holdings GRAB 10,151.6 3.10 -0.0002 -0.01 3.10 3.09
Barron's 400 1135.49 1126.49 1132.67 6.18 0.55 1132.67 881.58 15.7 5.6 6.9 Declines 826 113
iSh MSCI Emerging Mkts EEM 9,002.6 40.61 ... unch. 40.61 40.28
Unchanged 102 14
Nasdaq Stock Market iShares MSCI EAFE ETF EFA 6,653.0 78.58 ... unch. 78.60 78.33 New highs 217 12
Nasdaq Composite 16128.56 15956.66 16031.54 91.95 0.58 16274.94 11138.89 38.5 6.8 7.5 iSh Core S&P Mid-Cap IJH 6,066.3 58.46 -0.29 -0.49 58.87 58.46 New lows 31 7
Nasdaq-100 18142.88 17941.64 18017.57 119.70 0.67 18302.91 11830.28 47.5 7.1 12.5 Victoria's Secret VSCO 6,032.3 19.04 -6.58 -25.68 30.96 18.68 Closing Arms† 0.88 0.28
SPDR S&P 500 ETF Trust SPY 5,964.4 510.02 0.27 0.05 510.18 480.27 Block trades* 4,705 167
S&P
Transocean RIG 5,784.5 5.14 ... unch. 5.15 5.10 Nasdaq NYSE Arca
500 Index 5127.97 5092.22 5104.76 26.11 0.51 5137.08 3855.76 27.9 7.0 9.9
Vanguard Total Intl Stock VXUS 5,755.0 59.60 -0.06 -0.10 59.73 58.80
MidCap 400 2950.53 2929.81 2940.49 19.09 0.65 2940.49 2326.82 13.7 5.7 5.4 Total volume*5,511,376,142 386,999,866
SmallCap 600 1307.92 1296.66 1301.73 3.83 0.30 1339.63 1068.80 5.7 -1.3 -0.01 Percentage gainers… Adv. volume*3,450,828,553 271,247,556
Honest HNST 1,265.5 3.90 0.75 23.81 4.25 2.86 Decl. volume*2,005,433,380 114,855,247
Other Indexes
Yext YEXT 359.4 7.13 1.17 19.63 7.54 5.88 Issues traded 4,439 1,894
Russell 2000 2075.65 2059.86 2068.09 14.38 0.70 2076.40 1636.94 10.0 2.0 -1.9
Rush Street Interactive RSI Advances 2,562 1,638
NYSE Composite 17865.99 17669.49 17801.04 131.56 0.74 17801.04 14599.05 15.3 5.6 5.3 302.6 6.38 0.99 18.37 6.65 5.39
Declines 1,687 229
Value Line 598.56 593.20 596.51 3.31 0.56 598.74 498.09 4.5 0.4 -1.7 Enhabit EHAB 87.4 8.33 0.47 5.98 8.42 7.86
Unchanged 190 27
NYSE Arca Biotech 0.28 Allient ALNT 84.1 37.74 1.56 4.31 37.98 36.18
5284.27 5237.06 5259.37 14.60 5511.46 4544.40 1.0 -2.9 -1.7 New highs 233 414
NYSE Arca Pharma 1022.95 1012.73 1018.60 5.87 0.58 1023.94 791.91 27.5 11.9 14.6 ...And losers New lows 120 20
KBW Bank 99.33 97.65 98.82 -0.66 -0.66 103.98 71.71 -5.0 2.9 -5.8 Victoria's Secret VSCO 6,032.3 19.04 -6.58 -25.68 30.96 18.68 Closing Arms† 0.88 3.75
PHLX§ Gold/Silver 116.57 113.95 115.28 2.27 2.01 144.37 102.94 3.6 -8.3 -4.8 Airship AI Holdings AISP 623.2 6.12 -0.80 -11.56 6.94 5.88 Block trades* 34,487 2,439
PHLX§ Oil Service 82.96 81.51 81.95 0.56 0.69 98.76 69.29 -6.9 -2.3 9.8 Emergent Biosoltns EBS 154.5 2.93 -0.33 -10.12 3.81 2.88 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5051.99 4947.05 4997.93 118.10 2.42 4997.93 2906.29 64.3 19.7 19.6 ADT ADT 242.1 6.74 -0.73 -9.77 7.56 6.54 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.93 13.89 14.50 0.04 0.28 26.52 12.07 -24.1 16.5 -16.2 Infinera INFN 662.9 5.00 -0.51 -9.26 6.60 4.90 Arms of less than 1 indicates buying demand; above 1
§ Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 765.88 4.54 0.60 5.3 Solowin Holdings bioAffinity Technologies
SWIN 47.00 27.00 135.00 65.94 1.84 ... BIAF 1.50 -1.50 -50.00 3.62 0.95 -13.3
MSCI ACWI ex-USA 325.10 2.17 0.67 2.7 TRxADE HEALTH MEDS 17.26 8.93 107.21 21.22 3.69 211.0 Entravision Comms EVC 1.79 -1.78 -49.86 6.77 1.66 -72.9
MSCI World 3357.03 19.83 0.59 5.9 HCM Acquisition Cl A HCMA 7.49 2.49 49.80 11.50 3.60 -28.0 Phunware PHUN 10.27 -4.45 -30.23 45.25 3.50 -76.3
MSCI Emerging Markets 1027.95 6.21 0.61 0.4 Infobird IFBD 7.63 2.40 45.89 568.00 3.44 -98.5 VanEck Egypt EGPT 21.45 -9.25 -30.13 31.95 15.73 21.9
Americas MSCI AC Americas 1931.63 10.69 0.56 6.5 Airship AI Holdings AISP 6.92 1.97 39.80 13.36 1.34 -32.0 Foot Locker FL 24.24 -10.07 -29.35 47.00 14.84 -45.3
Canada S&P/TSX Comp 21593.96 68.03 0.32 3.0 American Public Education APEI 15.57 4.20 36.94 16.39 3.76 41.0 Urban One Cl A UONE 2.44 -0.77 -23.99 8.04 2.44 -64.6
Latin Amer. MSCI EM Latin America 2530.47 14.91 0.59 –5.0 Solarmax Technology SMXT 7.18 1.92 36.50 9.35 3.50 ... Cazoo Group CZOO 3.21 -1.00 -23.75 314.00 3.21 -98.5
Brazil Bovespa 128890.23 792.12 0.62 –3.9 Cemtrex CETX 4.70 1.20 34.29 11.45 2.91 -50.1 Adial Pharmaceuticals ADIL 2.13 -0.66 -23.66 14.25 0.77 -82.8
Chile S&P IPSA 3542.81 49.76 1.42 2.2 Hippo Holdings HIPO 19.39 4.93 34.09 20.39 6.65 36.1 Ocean Biomedical OCEA 4.04 -1.22 -23.19 12.08 0.52 -13.9
Mexico S&P/BMV IPC 55284.51 –191.74 –0.35 –3.7 Lexaria Bioscience LEXX 4.48 1.10 32.54 4.50 0.65 36.2 Zhongchao ZCMD 2.11 -0.52 -19.75 14.00 2.01 -80.4
EMEA STOXX Europe 600 498.21 1.94 0.39 4.0 Carbon Revolution CREV 13.88 3.36 31.90 197.99 6.30 35.8 Xeris Biopharma XERS 2.48 -0.60 -19.48 3.26 1.13 83.7
Eurozone Euro STOXX 502.54 2.25 0.45 6.0 WAVE Life Sciences WVE 6.29 1.50 31.32 6.94 3.15 48.3 United Natural Foods UNFI 12.13 -2.74 -18.43 30.77 11.98 -58.8
Belgium Bel-20 3695.03 31.43 0.86 –0.3 XORTX Therapeutics XRTX 6.25 1.45 30.21 8.01 1.98 25.1 J-Long Group JL 2.21 -0.45 -16.92 29.95 1.72 ...
Denmark OMX Copenhagen 20 2591.15 –0.35 13.5 Cipher Mining CIFR 3.63 0.78 27.37 5.60 1.26 142.0 Semler Scientific SMLR 32.87 -6.68 -16.89 53.38 19.12 47.4
–9.12
France CAC 40 7954.74 0.28 5.5 Treasure Global TGL 4.45 0.95 27.14 168.00 3.11 -95.7 SOS ADR SOS 2.54 -0.51 -16.72 9.50 2.37 -38.6
21.92
Germany DAX 17716.71 0.10 5.8
Israel Tel Aviv 1954.66
18.31
7.44 0.38 4.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33363.84 217.68 0.66 9.9 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 857.02 5.86 0.69 8.9
Norway Oslo Bors All-Share 1477.02 –0.06 –0.004 –2.8 Direxion Dly Semi 3 Bear SOXS 215,246 97.9 3.17 -6.76 23.98 3.05 AXS Green Alpha ETF NXTE 996 16214 33.74 1.35 34.34 24.93
South Africa FTSE/JSE All-Share 73578.18 1336.46 1.85 –4.3 Palantir Technologies PLTR 205,508 199.4 26.16 9.87 26.75 7.19 CF Acqn VII Cl A CFFS 1,543 5651 10.85 0.18 11.52 10.29
Spain IBEX 35 10197.20 0.79 0.9 ProSh UltraPro Shrt QQQ SQQQ 190,266 54.7 10.98 -1.88 42.57 10.43 TRxADE HEALTH MEDS 9,210 4055 17.26 107.21 21.22 3.69
80.10
Sweden OMX Stockholm 0.78 2.6 WiSA Technologies WISA 175,765 1890.0 0.04 -13.27 5.19 0.04 Nuveen ESG Hi Yd Corp Bd NUHY 635 3364 20.94 -0.03 21.17 19.51
925.98 7.18
0.72 NY Community Bancorp NYCB 140,878 396.2 3.46 7.45 14.22 1.70 SIMPPLE SPPL 610 3075 5.52 7.95 9.68 3.38
Switzerland Swiss Market 11546.47 82.73 3.7
Turkey BIST 100 8744.58 –115.94 –1.31 17.1 BiomX PHGE 140,042 80434.3 0.69 197.66 0.86 0.19 New Providence II Cl A NPAB 300 2792 10.77 -0.17 11.67 10.33
U.K. FTSE 100 7679.31 33.15 0.43 –0.7 SoFi Technologies SOFI 130,202 144.1 7.40 1.79 11.70 4.45 Infobird IFBD 9,383 2728 7.63 45.89 568.00 3.44
U.K. FTSE 250 19473.22 202.19 1.05 –1.1 Tesla TSLA 106,761 -2.7 176.54 -2.32 299.29 152.37 Perception Capital III PFTA 158 2433 10.65 ... 10.95 10.15
NKGen Biotech NKGN 106,478 119121.1 1.83 112.30 12.88 0.78 Siren Nasdaq NexGen Econ BLCN 309 1797 27.59 3.96 27.60 18.24
Asia-Pacific MSCI AC Asia Pacific 175.39 1.18 0.68 3.5
Canoo GOEV 104,607 67.9 0.09 -8.63 0.85 0.08 Invsc Biotech & Genome PBE 200 1700 66.23 -0.14 67.68 52.47
Australia S&P/ASX 200 7733.50 9.30 0.12 1.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3039.93 –7.86 –0.26 2.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16438.09 275.45 1.70 –3.6
India S&P BSE Sensex 74085.99 0.55 2.6
Scan this code
408.86
Japan NIKKEI 225 40090.78 –6.85 –0.02 19.8 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3136.14 29.04 0.93 –3.2 track most-active stocks,
South Korea KOSPI 2641.49 –7.91 –0.30 –0.5 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 19499.45 112.53 0.58 8.7 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1370.55 11.29 0.83 –3.2
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Thailand baht .02807 35.620 3.6
CREDIT MARKETS Argentina peso .0012845.8276 4.6
Vietnam dong .00004052 24680 1.7
Brazil real .2022 4.9453 1.9 Europe

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Canada dollar .7399 1.3515 2.0 Czech Rep. koruna
Denmark krone
.04296 23.280 4.0
.1462 6.8397 0.9
U.S. consumer rates Selected rates and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
Chile peso
Colombiapeso
.001015 985.65
.000255 3924.00
12.6
1.3 Euro area euro 1.0899 .9176 1.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch
Hungary forint .002766 361.49 4.1
A consumer rate against its 5-year CDs Mexico peso
Iceland krona .007320 136.62 0.5
.0592 16.8805 –0.5
benchmark over the past year 6.00% Norway krone .0952 10.5041 3.2
Bankrate.com avg†: 2.83% Uruguay peso .02560 39.0650 0.01
14% Poland zloty .2534 3.9464 0.3
America First FCU One year ago Asia-Pacific Sweden krona .0972 10.2918 1.9
4.20% 5.00
Federal-funds 6.00% Riverdale, UT 801-627-0900 t t 7 WSJ Dollar Index Australiadollar .6564 1.5235 3.8 Switzerland franc 1.1337 .8821 4.8
target rate 4.00 s
China yuan .1389 7.1979 1.2 Turkey lira .0315 31.7616 7.8
t Quontic Bank 4.30% Tradeweb ICE Hong Kong dollar .1278 7.8252 0.2 Ukraine hryvnia .0261 38.3500 0.5
5.00 0
New York, NY 800-908-6600 Wednesday Close 3.00 India rupee .01207 82.826 –0.4 UK pound 1.2732 .7854 0.01
s
4.00 Popular Direct 4.45% s Indonesia rupiah .0000639 15655 1.7 Middle East/Africa
2.00 –7 Euro
Miami Lakes, FL 800-274-5696 Yen Japan yen .006693 149.41 5.9 Bahrain dinar 2.6543 .3768 –0.1
Five-year CD yields
t 3.00 1.00 Kazakhstan tenge .002233 447.81 –1.7 Egypt pound .0202 49.5473 60.2
First National Bank of America 4.55% –14 Macau pataca .1240 8.0640 0.1 Israel shekel .2789 3.5850 –0.5
East Lansing, MI 800-968-3626 1 3 6 1 2 3 5 7 10 20 30 2023 2024 Malaysia ringgit
2.00 .2113 4.7320 3.0 Kuwait dinar 3.2504 .3077 0.1
First Internet Bank of Indiana 4.61% month(s) years New Zealand dollar .6130 1.6313 3.1
MAM J J A S O N D J F M Oman sul rial 2.5977 .3850 –0.01
Indianapolis, IN 888-873-3424 maturity Pakistan rupee .00358 279.500 –0.6 Qatar rial .2746 3.641 –0.1
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0179 55.850 0.8 Saudi Arabia riyal .2666 3.7506 0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7468 1.3390 1.5 South Africa rand .0531 18.8275 2.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0007518 1330.13 2.8
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 4.50 l 5.50 5.25 Sri Lanka rupee .0032476 307.92 –4.9
Yield (%) 52-Week Total Return (%) Taiwan dollar .03174 31.510 2.6 WSJ Dollar Index 98.08 –0.36–0.37 2.34
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 5.29 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2160.040 4.340 4.480 5.120 3.610 3.497 –2.894
Money market, annual yield 0.49 0.51 0.46 l 0.64 0.39
Five-year CD, annual yield 2.83 2.86 2.76 l 2.87 2.38 U.S. Treasury Long, Bloomberg 3175.340 4.340 4.520 5.280 3.630 –0.283 –8.432 Commodities Wednesday 52-Week YTD
30-year mortgage, fixed† 7.35 7.54 6.75 l 8.28 4.08 Aggregate, Bloomberg 2045.510 4.790 4.930 5.740 4.200 4.584 –2.599 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.66 6.80 6.00 l 7.42 4.12 Fixed-Rate MBS, Bloomberg 2015.810 4.980 5.140 6.050 4.290 3.983 –2.968
Jumbo mortgages, $766,550-plus† 7.42 7.62 6.79 l 8.33 4.10 DJ Commodity 960.63 5.80 0.61 1035.63 930.59 -3.83 0.30
High Yield 100, ICE BofA 3565.155 7.205 7.315 9.101 7.030 11.886 2.383 Refinitiv/CC CRB Index 278.12 2.30 0.83 290.29 253.85 4.16 5.42
Five-year adj mortgage (ARM)† 6.48 6.51 5.64 l 7.16 3.30
Muni Master, ICE BofA 587.303 3.212 3.213 4.311 2.801 5.109 –0.216 Crude oil, $ per barrel 79.13 0.98 1.25 93.68 66.74 3.22 10.44
New-car loan, 48-month 7.86 7.88 6.75 l 7.88 3.83
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 851.232 7.333 7.482 8.842 7.206 10.219 –1.511 Natural gas, $/MMBtu 1.929 -0.028 -1.43 3.575 1.576 -24.38 -23.27
banks.† Excludes closing costs. Gold, $ per troy oz. 2150.30 16.80 0.79 2150.30 1812.70 18.62 4.26
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
P2JW067000-0-B00900-1--------XA

THE WALL STREET JOURNAL. Thursday, March 7, 2024 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, March 6, 2024
Metal & Petroleum Futures May 6,450 6,660 6,306 6,549 99 79,634
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
Open High hi lo Low Settle Chg interest March 194.80 194.90 190.00 194.45 –.55 446 months.
May 183.90 187.20 182.70 186.30 2.95 108,699
Copper-High (CMX)-25,000 lbs.; $ per lb. Wednesday Wednesday Wednesday
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 3.8400 3.8915 3.8375 3.8705 0.0265 3,351 Copper,Comex spot 3.8705 Wheat,No.2 soft red,St.Louis-u 5.4650
May 3.8435 3.8970 3.8370 3.8750 0.0280 119,442
May 20.87 21.68 20.72 21.45 .58 304,125 Energy Iron Ore, 62% Fe CFR China-s *117.3 Wheat - Hard - KC (USDA) $ per bu-u 5.9525
July 20.64 21.35 20.49 21.14 .50 194,886
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 75.500 Steel, HRC USA, FOB Midwest Mill-s *800.0 Wheat,No.1soft white,Portld,OR-u 5.7500
March 2125.50 2149.90 s 2125.50 2150.30 16.80 1,814
May 39.00 39.50 39.00 39.00 –.51 2,168 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Battery/EV metals Food
April 2136.40 2160.70 s 2131.90 2158.20 16.30 330,461 BMI Lithium Carbonate, EXW China, =99.2%-v,w 14275
May 2145.30 2170.30 s 2142.70 2168.00 16.20 188
Sept 39.00 39.25 39.00 39.05 .04 2,299 Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 12300 Beef,carcass equiv. index
Cotton (ICE-US)-50,000 lbs.; cents per lb.
June 2157.00 2181.10 s 2152.70 2178.80 16.30 88,157 March 99.14 1.04 3 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4413 choice 1-3,600-900 lbs.-u 285.66
Aug 2175.10 2200.00 s 2172.40 2197.60 16.20 26,323 May 94.40 97.70 94.40 95.28 1.04 131,201 Engelhard industrial 2138.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3920 select 1-3,600-900 lbs.-u 273.97
Oct 2193.90 2217.20 s 2191.00 2216.20 16.10 6,622 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman base 2142.85 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 538 Broilers, National comp wtd. avg.-u,w 1.2607
Palladium (NYM) - 50 troy oz.; $ per troy oz. Butter,AA Chicago-d 2.8500
March 956.50 974.50 956.50 1037.90 99.30 21
March 393.10 393.10 385.00 383.00 20.20 297 Handy & Harman fabricated 2378.56 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 162.50
May 363.60 375.80 363.50 372.40 6.60 6,452 LBMA Gold Price AM *2126.25
June 953.50 1074.00 950.50 1048.90 102.00 21,119 LBMA Gold Price PM *2134.40 Burlap,10-oz,40-inch NY yd-n,w 0.7800 Cheddar cheese,blk,Chicago-d 149.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Krugerrand,wholesale-e 2236.36 Cotton,1 1/16 std lw-mdMphs-u 0.9253 Milk,Nonfat dry,Chicago lb.-d 115.00
March 910.70 27.40 9 Maple Leaf-e Cotlook 'A' Index-t *101.35 Coffee,Brazilian,Comp-y 1.8335
2257.87
April 886.30 916.80 884.50 914.40 27.20 73,948 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.0581
American Eagle-e 2257.87
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 127-190 129-070 127-140 129-020 26.0 14,880 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.2550
Mexican peso-e 2600.68
March 23.635 24.230 23.575 24.272 0.509 817 June 129-120 131-050 129-070 130-300 27.0 1,588,232 Flour,hard winter KC-p 17.50
May 23.895 24.535 23.785 24.493 0.509 113,226 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Austria crown-e 2110.77 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
Austria phil-e 2257.87
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 120-170 121-220 120-110 121-190 24.0 35,278 Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 81.16
June 120-200 121-230 120-090 121-190 24.0 1,456,997 Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u Pork bellies,12-14 lb MidUS-u n.a.
April 78.15 80.67 77.99 79.13 0.98 263,409 3.9700
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 23.9000 Pork loins,13-19 lb MidUS-u 1.0667
May 77.44 79.69 77.25 78.41 1.00 188,855 Corn gluten feed,Midwest-u,w 131.2
March 110-200 111-045 110-170 110-295 5.5 5,658 Handy & Harman base 24.2110 Corn gluten meal,Midwest-u,w Steers,Tex.-Okla. Choice-u n.a.
June 76.83 78.90 76.64 77.78 0.96 180,759 416.3
June 111-070 111-230 111-025 111-155 6.0 4,271,775 Handy & Harman fabricated 30.2640 Cottonseed meal-u,w Steers,feeder,Okla. City-u,w 305.00
July 76.22 78.12 76.06 77.14 0.92 108,857 355
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% LBMA spot price *£18.8800 Hominy feed,Cent IL-u,w 125
Sept 75.00 76.59 74.87 75.79 0.79 103,860
(U.S.$ equivalent) *23.9300 Fats and Oils
Dec 73.26 74.65 73.13 73.92 0.64 182,109 March 107-010 107-097 106-310 107-030 1.2 11,168 Meat-bonemeal,50% pro Mnpls-u,w 305
June Coins,wholesale $1,000 face-a 19245 Oats,No.2 milling,Mnpls-u 4.1650 Degummed corn oil, crude wtd. avg.-u,w n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 107-127 107-227 107-102 107-157 1.7 5,804,034
April 2.6004 2.6810 2.5912 2.6633 .0568 90,217 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.75 Grease,choice white,Chicago-h 0.3650
May 2.5578 2.6300 2.5515 2.6115 .0494 51,815 March 102-037 102-065 102-028 102-033 … 2,289 LBMA Platinum Price PM *885.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 102-168 102-200 102-160 102-166 –.6 3,605,332 Platinum,Engelhard industrial 900.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 355.50 Soybean oil,crude;Centl IL-u,w 0.4489
April 2.5359 2.5891 2.5303 2.5539 .0211 96,770 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Palladium,Engelhard industrial 1020.0 Soybeans,No.1 yllw IL-bp,u 11.1800 Tallow,bleach;Chicago-h 0.4213
May 2.5231 2.5778 2.5211 2.5446 .0219 73,326 March 94.6750 94.6775 94.6725 94.6750 .0025 210,778 Aluminum, LME, $ per metric ton *2191.5 Wheat,Spring14%-pro Mnpls-u 8.3525 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 94.6800 94.6850 94.6750 94.6800 509,332
April 1.950 1.983 1.921 1.929 –.028 261,074 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 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;
May 2.088 2.115 2.061 2.072 –.023 288,960 Dec 94.6475 94.6475 94.6450 94.6450 –.0025 1,227,283 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
Dec'24 95.5700 95.6150 95.5500 95.5650 –.0150 1,098,709 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 3/5
June 2.326 2.348 2.289 2.301 –.031 76,451 Source: Dow Jones Market Data
July 2.571 2.592 2.518 2.533 –.047 114,975
Sept 2.625 2.643 2.573 2.587 –.047 102,384 Currency Futures
Oct 2.674 2.710 2.641 2.656 –.043 111,063 Japanese Yen (CME)-¥12,500,000; $ per 100¥
March .6680 .6721 .6676 .6710 .0026 289,481 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures June .6775 .6815 .6770 .6804 .0026 23,644
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD Tracking Bond Benchmarks
March 413.25 418.25 412.00 418.00 4.50 3,174 March .7357 .7410 .7354 .7400 .0042 170,974
May 426.25 429.50 423.25 428.75 2.50 643,051 June .7369 .7419 .7365 .7410 .0042 9,417 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds
March 384.75 385.00 384.75 363.50 –5.00 2 March 1.2710 1.2763 1.2691 1.2742 .0039 195,263 Total Total
May 362.00 362.50 356.00 356.50 –5.50 2,447 June 1.2720 1.2768 1.2698 1.2748 .0039 22,509 return YTD total Yield (%) return YTD total Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF close return (%) Index Latest Low High close return (%) Index Latest Low High
March 1138.50 1140.00 1132.25 1140.25 –.50 781 March 1.1335 1.1372 1.1306 1.1349 .0015 74,766
June 1.1446 1.1483 1.1419 1.1460 .0014 1,127 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
May 1149.25 1153.50 1140.25 1148.25 –.75 344,165
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD 2015.81 -1.0 Mortgage-Backed 4.980 4.290 6.050
2045.51 -0.8 U.S. Aggregate 4.790 4.200 5.740
March 328.20 335.30 327.90 334.90 3.70 720 March .6506 .6585 .6495 .6569 .0063 218,050
May 330.00 331.10 325.40 330.40 .50 234,246 June .6522 .6601 .6513 .6587 .0063 15,206 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1987.66 -1.2 Ginnie Mae (GNMA) 5.020 4.350 6.020
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Fannie mae (FNMA) 4.970 4.280 6.050
March .05890 .05925 s .05888 .05911 .00020 265,184 3098.60 -0.7 U.S. Corporate 5.290 4.990 6.430 1186.42 -1.0
March 45.00 45.00 45.00 44.78 .27 401
May 45.04 45.78 44.95 45.32 .28 248,514 June .05807 .05841 s .05805 .05828 .00020 29,458 2990.19 -0.1 Intermediate 5.210 4.890 6.350 1831.35 -0.7 Freddie Mac (FHLMC) 4.880 4.240 6.190
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per €
March 1.0862 1.0921 1.0847 1.0902 .0044 678,029 4136.70 -1.9 Long term 5.440 5.160 6.600 587.30 -0.2 Muni Master 3.212 2.801 4.311
March 17.70 17.70 17.64 17.55 –.17 29
June 1.0903 1.0962 1.0889 1.0943 .0044 22,304
May 18.20 18.21 17.91 17.93 –.18 9,655 593.01 -1.1 Double-A-rated 4.850 4.320 5.760 417.86 -0.2 7-12 year 2.870 2.404 4.097
Wheat (CBT)-5,000 bu.; cents per bu.
March 519.75 519.75 t 519.75 521.25 –24.50 75 Index Futures 834.85 -0.6 Triple-B-rated 5.510 5.250 6.700 475.33 -0.1 12-22 year 3.539 3.294 4.742
May 551.50 551.50 t 529.50 531.00 –20.00 205,140 Mini DJ Industrial Average (CBT)-$5 x index High Yield Bonds ICE BofA 448.90 -0.02 22-plus year 4.156 4.020 5.274
Wheat (KC)-5,000 bu.; cents per bu. March 38617 38901 38584 38706 99 96,734
March 576.25 –15.25 25 June 39048 39326 39021 39135 97 2,407 529.93 0.8 High Yield Constrained 7.780 7.620 9.560 Global Government J.P. Morgan†
May 568.00 568.75 t 551.50 556.25 –13.00 119,233 Mini S&P 500 (CME)-$50 x index Global Government 3.230 2.740 3.810
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 5091.00 5134.50 5083.75 5111.75 26.00 2,246,594 519.35 2.5 Triple-C-rated 12.768 12.768 15.457 539.57 -0.8
March 252.900 252.975 249.925 251.025 –1.275 6,355 June 5153.00 5196.75 5145.00 5173.75 26.50 122,665 High Yield 100 795.97 -0.8 Canada 3.390 2.880 4.260
3565.16 0.7 7.205 7.030 9.101
April 257.075 258.050 254.950 255.875 –1.300 18,150 Mini S&P Midcap 400 (CME)-$100 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 2922.70 2953.70 s 2921.50 2941.30 18.00 38,276 462.09 1.3 Global High Yield Constrained 7.657 7.648 9.440 353.16 -0.9 EMU§ 3.017 2.669 3.790
April 187.500 187.900 186.800 187.250 –.750 125,374 June 2970.00 2986.90 s 2957.50 2974.90 19.80 37
Mini Nasdaq 100 (CME)-$20 x index 350.68 1.3 Europe High Yield Constrained 6.367 6.222 8.022 650.98 -1.4 France 2.930 2.540 3.630
June 182.950 183.500 182.475 183.275 –.250 80,728
March 17981.00 18174.25 17942.50 18044.25 114.00 280,487
Hogs-Lean (CME)-40,000 lbs.; cents per lb. U.S Agency Bloomberg Fixed Income Indices 459.54 -1.7 Germany 2.440 2.020 3.030
June 18220.00 18418.00 18185.00 18288.25 116.75 8,213
April 84.850 85.200 83.875 85.000 –.175 83,346
Mini Russell 2000 (CME)-$50 x index 1781.42 0.03 U.S Agency 4.710 4.130 5.390 277.91 -0.4 Japan 1.110 0.710 1.300
June 101.450 101.625 99.700 100.500 –1.100 58,260 March 2054.70 2079.30 2052.10 2069.70 14.40 512,809
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 2077.90 2103.00 2076.40 2093.70 14.50 4,315 1575.53 0.1 10-20 years 4.710 4.120 5.370 499.69 -1.8 Netherlands 2.660 2.260 3.320
March 575.00 576.00 573.00 574.50 … 1,967 Mini Russell 1000 (CME)-$50 x index
May 607.00 608.00 605.50 606.50 1.00 5,365 March 2804.80 2815.40 2790.20 2802.70 14.40 6,254 3418.29 -1.0 20-plus years 4.750 4.300 5.740 792.33 -2.4 U.K. 4.240 3.510 4.880
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
March 2713.53 -0.4 Yankee 5.120 4.720 6.110 851.23 0.3 Emerging Markets ** 7.333 7.206 8.842
16.54 16.62 16.51 16.53 .01 3,872 March 103.79 103.85 103.15 103.32 –.43 24,968
April 16.25 16.28 t 15.91 16.00 –.25 5,754 June 103.44 103.49 102.78 102.96 –.45 3,467 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cocoa (ICE-US)-10 metric tons; $ per ton. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
March 7,170 200 22 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Inventories, imports and demand for the week ended March 1. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 4.625 U.S. 2 4.560 s l 4.550 4.406 4.892
and demand data are available monthly only. 4.000 10 4.104 t l 4.136 4.091 3.981
0.250 Australia 2 3.742 t l 3.793 3.814 3.587 -82.6 -77.0 -131.3
Inventories, 000s barrels Imports, 000s barrels per day
3.000 10 4.020 t l 4.102 4.144 3.778 -8.9 -5.3 -18.7
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 2.500 France 2 2.847 t l 2.848 2.642 3.392 -172.1 -171.4 -150.8
3.500 10 2.780 t l 2.793 2.812 3.217 -132.9 -136.2 -74.7
Crude oil and
petroleum prod 1,222,823 ... 1,228 1,260 1,229 1,232 9,062 ... 7,751 8,377 8,430 8,484 2.500 Germany 2 2.870 s l 2.863 2.596 3.308 -169.8 -169.9 -159.3
Crude oil 2.200 10 2.326 s l 2.322 2.297 2.746 -178.3 -183.3 -121.8
excluding SPR 448,530 1,300 447 479 445 458 7,222 ... 6,385 6,271 6,683 6,281
3.600 Italy 2 3.403 t l 3.414 3.240 3.741 -116.5 -114.9 -116.0
Gasoline 239,745 ... 244 238 245 238 588 ... 384 446 536 674
Finished gasoline 16,260 -1,400 17 18 16 20 55 ... 36 114 31 103 4.200 10 3.654 t l 3.710 3.857 4.548 -45.5 -44.5 58.3
Reformulated 18 ... 0 0 0 0 0 ... 0 0 0 0 0.200 Japan 2 0.189 s l 0.183 0.115 -0.043 -437.9 -437.9 -494.4
Conventional 16,242 ... 17 18 16 20 55 ... 36 114 31 103 0.600 10 0.718 s l 0.708 0.723 0.504 -339.2 -344.8 -346.1
Blend. components 223,486 ... 227 220 228 218 533 ... 349 332 506 572
2.800 Spain 2 3.033 s l 3.023 2.852 3.460 -153.5 -153.9 -144.1
Natural gas (bcf) 2,374 ... 2 2 2 2 ... ... ... ... ... …
3.250 10 3.158 t l 3.169 3.211 3.665 -95.1 -98.6 -30.0
Kerosene-type
3.500 U.K. 2 4.567 t l 4.585 4.452 3.772 -0.1 2.3 -112.9
jet fuel 40,090 ... 40 37 41 39 86 ... 115 293 101 145
Distillates 117,010 -400 121 122 121 126 195 ... 112 141 172 253 4.250 10 4.082 t l 4.106 3.954 3.872 -2.7 -4.9 -9.3
Heating oil 6,418 ... 7 7 7 8 1 ... 1 0 1 7 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 110,591 ... 114 115 114 59 194 ... 110 141 171 247
Residual fuel oil
Other oils
29,576
270,644
...
...
29
269
31
268
29
269
30
268
79
711
...
...
72
559
143
963
118
677
170
799
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,583,783 ... 1,589 1,632 1,589 1,806 -1,935 ... -2,989 -995 -2,640 -480
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Issuer Symbol Coupon (%) Yield (%) Maturity
Spread*, in basis points
Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Westpac Banking WSTP 6.820 5.67 Nov. 17, ’33 157 –16 155
New York Life Global Funding NYLIFE 4.700 4.72 Jan. 29, ’29 60 –14 n.a.
Total petroleum
4250 Shell International Finance –10
product 20,294 ... 19,529 19,049 19,499 20,325 RDSALN 6.375 5.09 Dec. 15, ’38 98 95
Natural gas, –9
Intesa Sanpaolo ISPIM 7.200 6.28 Nov. 28, ’33 218 225
Finished lower 48 states 3250
t Sumitomo Mitsui Financial SUMIBK 5.716 4.97 Sept. 14, ’28 87 –8 90
motor gasoline 9,013 ... 8,467 8,562 8,462 9,017 t
Kerosene-type 2250 AT&T T 7.120 6.62 July 15, ’97 235 –8 n.a.
Five-year average
jet fuel 1,639 ... 1,604 1,651 1,506 1,525 for each week Walt Disney DIS 8.150 5.22 Oct. 17, ’36 111 –7 n.a.
1250 –7
Distillates 4,074 ... 3,536 3,514 3,766 4,037 American Honda Finance HNDA 5.650 4.76 Nov. 15, ’28 66 69
Residual fuel oil 342 ... 76 122 261 274
Propane/propylene
250 …And spreads that widened the most
839 ... 1,436 1,234 1,160 ... M A M J J A S O N D J F
Other oils 4,388 ... 4,411 3,967 4,346 ... Tapestry TPR 7.000 5.74 Nov. 27, ’26 121 109 118
2023 2024
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Metropolitan Life Global Funding I … 1.875 4.97 Jan. 11, ’27 67 103 n.a.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires 60
Morgan Stanley MS 6.375 5.21 July 24, ’42 85 82
NatWest NWG 4.800 5.31 April 5, ’26 77 25 73
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Coca–Cola KO 3.000 4.92 March 5, ’51 68 19 61
Closing Chg YTD 17
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Royal Bank of Canada RY 1.200 5.06 April 27, ’26 50 36
SPDR S&P Div SDY 127.12 0.69 1.7 Apple AAPL 3.850 4.89 May 4, ’43 53 11 47
Wednesday, March 6, 2024 Closing Chg YTD
ETF Symbol Price (%) (%) TechSelectSector XLK 207.21 0.79 7.7
11
Closing Chg YTD VangdSC Val VBR 184.37 0.34 2.4 Ares Capital ARCC 7.000 6.12 Jan. 15, ’27 180 178
ETF Symbol Price (%) (%) iSh1-3YTreaBd SHY 81.66 0.02 –0.5 VangdExtMkt VXF 171.04 1.00 4.0
CommSvsSPDR XLC 78.44 0.14 8.0 iShRussMC
iShRuss1000
IWR
IWB
81.65
280.67
0.84
0.58
5.0
7.0
VangdSC Grwth
VangdDivApp
VBK
VIG
255.56
178.77
0.97
0.59
5.7
4.9
High-yield issues with the biggest price increases…
CnsmrDiscSel XLY 179.61 –0.36 0.4 Bond Price as % of face value
DimenUSCoreEq2 DFAC 30.92 0.49 5.8 iShRuss1000Grw IWF 330.24 0.54 8.9 VangdFTSEAWxUS VEU 57.94 1.24 3.2
iShRuss1000Val IWD 173.14 0.58 4.8 VangdFTSEDevMk VEA 49.54 1.21 3.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
EnSelSectorSPDR XLE 87.12 0.31 3.9
FinSelSectorSPDR XLF 40.61 0.52 8.0
iShRuss2000 IWM 205.25 0.75 2.3 VangdFTSE EM VWO 41.63 1.24 1.3
iShS&P500Grw IVW 82.51 0.46 9.9 VangdFTSE Europe VGK 66.11 1.07 2.5 Transocean RIG 6.800 9.24 March 15, ’38 81.030 1.28 77.750
GrayscaleBitcoin GBTC 59.80 8.27 72.7
iShS&P500Value IVE 181.27 0.62 4.2 VangdGrowth VUG 338.11 0.46 8.8
HealthCrSelSect XLV 146.02 0.68 7.1
iShSelectDiv DVY 118.74 0.51 1.3 VangdHlthCr VHT 267.59 0.69 6.7 Dish DBS … 7.750 26.48 July 1, ’26 69.000 1.00 62.250
InvscNasd100 QQQM 180.67 0.65 7.2
iSh7-10YTreaBd IEF 95.00 0.24 –1.4 VangdHiDiv VYM 117.09 0.62 4.9 0.86
InvscQQQI QQQ 438.79 0.63 7.1
iShShortTreaBd SHV 110.16 0.02 0.0 VangdInfoTech VGT 521.40 1.11 7.7
Teva Pharmaceutical Finance … 6.150 6.63 Feb. 1, ’36 96.125 95.000
InvscS&P500EW RSP 164.41 0.57 4.2
iShTIPSBond TIP 107.56 0.04 0.1 VangdIntermBd BIV 75.43 0.21 –1.2 Bath & Body Works 6.950 7.18 March 1, ’33 98.500 0.63
iShCoreDivGrowth DGRO 56.63 0.53 5.2 BBWI 97.831
iSh20+YTreaBd TLT 95.99 0.59 –2.9 VangdIntrCorpBd VCIT 80.23 0.20 –1.3
iShCoreMSCIEAFE IEFA 73.07 1.26 3.9
iShUSTreasuryBd GOVT 22.79 0.18 –1.1 VangdIntermTrea VGIT 58.66 0.12 –1.1 0.43
iShCoreMSCIEM IEMG 51.12 1.41 1.1 iSh0-3MTreaBd SGOV 100.36 0.02 0.1 VangdLC VV 234.20 0.56 7.4
Occidental Petroleum OXY 6.450 5.71 Sept. 15, ’36 106.600 105.502
iShCoreMSCITotInt IXUS 66.86 1.26 3.0
iShCoreS&P500 IVV 512.34 0.54 7.3
JPM EqPrem JEPI 56.99 0.39 3.7 VangdMegaGrwth MGK 281.91 0.33 8.6 American Airlines AAL 3.750 6.42 March 1, ’25 97.500 0.38 97.727
JPM UltShIncm JPST 50.27 0.02 0.1 VangdMC VO 243.07 0.84 4.5
iShCoreS&P MC IJH 58.75 0.70 6.0 PacerUSCashCows COWZ 54.64 0.59 5.1 VangdMBS VMBS 45.62 0.09 –1.6
iShCoreS&P SC
iShCoreS&PTotUS
IJR
ITOT
107.26
112.39
0.36
0.62
–0.9
6.8
ProShUltPrQQQ TQQQ 60.13 1.85 18.6 VangdRealEst VNQ 86.75 0.50 –1.8 …And with the biggest price decreases
SPDRBbg1-3MTB BIL 91.48 0.02 0.1 VangdRuss1000Grw VONG 84.96 0.51 8.9
iShCoreTotUSDBd IUSB 45.56 0.11 –1.1 SPDR DJIA Tr DIA 387.18 0.26 2.7 VangdS&P500ETF VOO 468.62 0.53 7.3 Dish DBS … 5.875 15.29 Nov. 15, ’24 94.055 –0.57 93.500
iShCoreUSAggBd AGG 97.97 0.15 –1.3 SPDR Gold GLD 198.81 0.82 4.0 VangdST Bond BSV 76.61 0.04 –0.5
iShEdgeMSCIMinUSA USMV 81.94 0.70 5.0 SPDRPtfDevxUS SPDW 35.22 1.24 3.6 VangdSTCpBd VCSH 77.08 0.04 –0.4 Xerox XRXCRP 4.800 8.41 March 1, ’35 74.450 –0.55 75.907
iShEdgeMSCIUSAQual QUAL 161.67 0.73 9.9 SPDRS&P500Value SPYV 48.62 0.56 4.3 VangdShortTrea VGSH 58.00 ... –0.6
iShGoldTr IAU 40.61 0.79 4.0 SPDRPtfS&P500 SPLG 59.95 0.47 7.2 VangdSC VB 221.52 0.68 3.8 Rakuten RAKUTN 11.250 8.58 Feb. 15, ’27 106.775 –0.10 106.275
iShiBoxx$IGCpBd LQD 108.60 0.27 –1.9 SPDRS&P500Growth SPYG 71.50 0.46 9.9 VangdTaxExemptBd VTEB
iShMBS MBB
50.71 –0.02 –0.7
OneMain Finance OMF 7.125 6.18 March 15, ’26 101.760 –0.07 101.625
92.60 0.16 –1.6 SPDR S&P 500 SPY 509.75 0.51 7.2 VangdTotalBd BND 72.67 0.18 –1.2
iShMSCIACWI ACWI 107.48 0.78 5.6 SchwabIntEquity SCHF 38.35 1.16 3.8 VangdTotIntlBd BNDX 48.99 0.08 –0.8
iShMSCI EAFE EFA 78.58 1.18 4.3 Navient NAVI 6.750 6.13 June 25, ’25 100.750 –0.05 100.772
SchwabUS BrdMkt SCHB 59.45 0.49 6.8 VangdTotIntlStk VXUS 59.66 1.29 2.9
iSh MSCI EM EEM 40.61 1.45 1.0 SchwabUS Div SCHD 78.38 0.33 3.0 VangdTotalStk VTI 253.44 0.59 6.8
iShMSCIEAFEValue EFV 53.07 1.10 1.9 SchwabUS LC SCHX 60.53 0.55 7.3 VangdTotWrldStk VT 108.32 0.80 5.3 *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.
iShNatlMuniBd MUB 107.98 –0.03 –0.4 SchwabUS LC Grw SCHG 90.80 0.58 9.5 VangdValue VTV 157.53 0.63 5.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iSh1-5YIGCpBd IGSB 51.11 0.07 –0.3 SPDR S&PMdCpTr MDY 537.49 0.65 5.9 WT FRTrea USFR 50.33 ... 0.2 Source: MarketAxess
P2JW067000-1-B01000-1--------XA

B10 | Thursday, March 7, 2024 * THE WALL STREET JOURNAL.

BANKING & FINANCE

Altman’s Worldcoin Is Blocked in Spain

Concerns about the measure effectively called on tionate to safeguard the right
Tools for Humanity—the com- to the protection of personal
venture’s collection pany of which OpenAI Chief data and prevent possible data
and processing of Executive Altman is a co- transfers to third parties. The
founder—to cease the collec- European Union, of which
biometric data cited tion and processing of users’ Spain is a member, has some
personal data through its of the toughest data-privacy
BY MAURO ORRU Worldcoin project in Spain laws in the world.
and stop using the data it had Worldcoin’s Data Protection
Spain banned Sam Altman’s gathered so far. Officer Jannick Preiwisch said
Worldcoin from scanning peo- Worldcoin works as an in a statement that World ID
ple’s eyes in exchange for open-source protocol, accord- is the most privacy-preserving
cryptocurrency tokens, citing ing to its website. Users and safest solution for “as-
concerns over the collection download a wallet app that serting humanness” in the age
and processing of biometric supports the creation of a dig- of artificial intelligence, and
data. ital identity known as World that the agency was spreading
The Spanish Data Protec- ID. To get their identity veri- inaccurate and misleading
tion Agency, or AEPD, said fied, users visit a physical im- claims about its technology.
Wednesday that it had or- aging device known as the orb “Our efforts to engage with

EMILIO MORENATTI/ASSOCIATED PRESS

dered a precautionary mea- that uses sensors “to verify the AEPD and provide them
sure prohibiting Worldcoin’s humanness and uniqueness.” with an accurate view of
activities in the country for up More than four million us- Worldcoin and World ID have
to three months after it re- ers across 120 countries gone unanswered for months.
ceived several complaints on signed up for World ID, with We are grateful to now have
the collection of data from mi- orb verifications taking place the opportunity to help them
nors, a lack of information, in 36 countries, according to better understand the impor-
and what it said were other Worldcoin’s website. tant facts regarding this es-
infringements. The AEPD said the decision sential and lawful technology,”
The watchdog said the was necessary and propor- Preiwisch said. Worldcoin scans peoples’ eyes with ‘the orb’ in exchange for cryptocurrency tokens.

Startup Chevron-
Sells Song Hess Deal
Shares In Jeopardy
Continued from page B1 Continued from page B1
rights to issue securities quisition of Hess proposed
based on their royalties and last year was tied to the
sell those securities to inves- smaller New York oil com-
tors. It makes money from ex- pany’s 30% stake in the drill-
ecuting transactions. ing consortium in Guyanese
Here’s how it works. Sup- waters. The partnership has
pose you buy shares in the expanded oil production far
sound-recording rights to Be- faster than most offshore oil
yoncé’s “Halo,” which are projects and expects to pump
available on JKBX for $6.78 over a million barrels a day in
apiece. Holding those shares coming years.
entitles you to a quarterly dis- Chevron spokesman
tribution of fees paid to the Braden Reddall has said
rights holder. Such fees could Chevron and Hess don’t be-
come from several sources: lieve a right of first refusal
revenue from streaming ser- applies to the Hess deal. He
vices such as Spotify, album said in a statement Wednes-
sales, satellite-radio royalties day that Chevron remains
or fees from use in movies and fully committed to the trans-
TV shows. The size of those action and is confident in its
payments could vary from position.
quarter to quarter. Recently A Hess spokeswoman
they have worked out to an didn’t immediately respond
annual yield of about 3% for to a request for comment.
the “Halo” shares, according Cnooc didn’t immediately re-
to JKBX data. spond to a request for com-
Yields of 3% to 4% are com- ment.
MICHAEL OCHS ARCHIVES/GETTY IMAGES

mon among JKBX’s initial crop The dispute boils down to

of listings. Such yields aren’t the terms of a joint operating
particularly attractive at a agreement, or JOA, signed
time when money-market more than a decade ago,
funds are offering yields of which governs the consor-
about 5%. tium. Hess had entered the
But Cohen pointed out that JOA in 2014 when it pur-
the payments earned by songs chased its stake from Shell.
could jump if an old song is Some JOAs allow existing
used in a popular TV series or Music rights have been turned into financial products for decades, with the David Bowie striking his Bowie Bonds deal in 1997. partners, like Exxon, to par-
goes viral on TikTok, leading ticipate in ownership
to an upsurge in royalty fees sell them. The company says it JKBX will succeed, and it isn’t sic offering. Bertelsmann, owner of the re- changes, and pre-empt an of-
and streams. Essentially, JKBX plans to enable both buying the first company to attempt JKBX says its ties to the cord label BMG. fer for an ownership stake
investors are placing bets that and selling later this year, af- to sell music interests to small music industry will allow it to Cohen, the startup’s CEO, with an offer of their own.
an oldie could enjoy a revival ter clearing additional regula- investors. A number of block- list a steady stream of quality was a co-founder of The Or- “We are confident in our
of listener interest, which is tory hurdles. chain ventures have tried to songs that will attract fans chard, an early digital music- reading of the contract we,
what happened when Kate JKBX has held talks with create token-based markets and investors. The founder distribution company that is with our initial partners,
Bush’s 1985 song “Running Up brokerages including Webull for music royalties, but none and largest shareholder of now part of Sony, and worked helped write and that Hess
That Hill (A Deal With God)” about offering its royalty has had major traction. In Oc- JKBX is Sam Hendel, partner as an executive at Warner Mu- agreed to when they entered
was used in Netflix’s hit series shares on their online plat- tober, the stock-investing plat- at Dundee Partners, a family sic Group before joining JKBX. the JOA,” an Exxon spokes-
“Stranger Things.” forms, so investors could form Public offered its cus- office that has invested in mu- “Every time a song is woman said Wednesday.
One drawback of JKBX is trade them alongside stocks tomers a slice of the rights to sic, movies and Broadway played, somebody’s getting Exxon has a 45% share in
that it doesn’t allow trading and options, people familiar the score of the “Shrek” film shows. Other investors in paid,” Cohen said. “So our the Guyana oil project and
yet. Currently, you can buy with the matter said. franchise. So far Public hasn’t JKBX include the digital-me- thought was, Why can’t it be Cnooc owns the remaining
shares of songs, but you can’t There is no guarantee that followed up with another mu- dia ventures arm of Germany’s you, the retail investor?” 25%.

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
Continued From Page B7 52-Wk % 52-Wk % EnergemUn ENCPU 8.45 -6.1 Humana HUM 336.52 0.3 LivePerson LPSN 0.98 -10.6 NutexHealth NUTX 0.10 -0.6 RichardsonElec RELL 8.30 0.7 Tredegar TG 4.03 ...
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Energizer ENR 27.60 0.4 IHS Holding IHS 2.38 -0.4 LotusTech LOT 5.50 -0.5 NuZee NUZE 1.36 -3.3 RydeGroup RYDE 3.55 ... TrioPetroleum TPET 0.09 12.2
Entravision EVC 1.66 -49.9 iHuman IH 1.95 4.6 LucasGC LGCL 3.37 6.1 OMNIQ OMQS 0.33 5.1 S&W Seed SANW 0.41 3.2 TritiumDCFC DCFC 0.08 -12.7
Stock Sym Hi/Lo Chg AscentSolar ASTI 0.35 -5.7 ChijetMotor CJET 0.32 -9.9
EvaxionBiotech EVAX 2.86 -4.0 InspireVeterinary IVP 0.07 -13.2 LuminarTech LAZR 2.06 -0.9 ONE GroupHosp STKS 3.44 -3.0 SOS SOS 2.37 -16.7 23andMe ME 0.49 5.9
ChinaLiberalEduc CLEU 1.60 -10.6
WisdomTree WT 8.34 3.4 AutonomixMed AMIX 3.20 -7.1 Farmmi FAMI 0.98 -4.7 Instructure INST 21.10 -0.6 MEI Pharma MEIP 3.65 -7.3 Ooma OOMA 8.52 -11.8 SRM Ent SRM 1.01 -3.3 Unifi UFI 5.63 0.9
BP Prudhoe BPT 2.08 -2.8 ChinaPharma CPHI 0.32 3.5
XPO XPO 127.96 1.6 ForresterRes FORR 18.64 2.5 IntegraResources ITRG 0.64 -6.4 ManchesterUnited MANU 14.15 ... OriginMatlsWt ORGNW 0.02 -2.4 Safe&Green SGBX 0.25 -2.6 uniQure QURE 4.98 2.8
CleanEnerFuels CLNE 2.66 -2.9
XeniaHotels XHR 15.84 1.9 ByndCannasoft BCAN 0.14 -4.7
Collplant CLGN 4.22 -5.8
FoxB FOX 25.82 -1.6 IntegralAd IAS 9.21 -5.2 MaxeonSolar MAXN 3.76 5.8 PacBiosciCA PACB 4.00 -4.0 SigningDaySports SGN 0.52 -6.8 UnitedNatFoods UNFI 11.98 -18.4
25.57 0.9 Big5SportingGds BGFV
4.01 -4.0 FoxA FOXA 28.29 -1.4 InteractStrength TRNR 0.35 -7.4 Medifast MED 38.04 -2.0 PennsWoodsBncp PWOD 18.75 -0.7 SiNtxTech UrbanOneA
XtrkRreefGlbNat NRES Concentrix CNXC 67.49 -3.6 SINT 0.13 -0.5 UONE 2.44 -24.0
BioVie BIVI 0.83 -8.0 FreightTech FRGT 1.43 6.8 JohnsonOutdoors JOUT 42.81 -1.5 Medigus MDGS 2.61 7.5 PermianvilleRT PVL 1.33 ... SoloBrands DTC 2.39 -2.7 UrbanOne D UONEK 2.33 -14.1
ConsensusCloud CCSI 13.13 -4.1
Lows BostonBeer SAM
BrenmillerEner BNRG
294.70
3.00
-0.5
-3.8
Cricut CRCT 4.43 -3.3 Gambling.com GAMB
GlblMofyMetaverse GMM
8.39
1.58
-2.0
-10.9
Kaltura
KaziaTherap
KLTR
KZIA
1.17 1.6 MobixLabs
0.19 -1.9 MontaukRenew MNTK
MOBX 1.70
5.14
-6.5
-2.2
PlanetGreen
Playstudios
PLAG
MYPS
0.28
2.10
-6.7
-0.5
Spectaire
StandardMotor SMP
SPEC 1.15
30.09
-3.2
1.0
Valneva
VenusConcept
VALN
VERO
6.58
0.73
-0.4
-0.5
CrownElectrokin CRKN 0.08 -3.9
AIM Immuno AIM 0.36 -1.4 Bumble BMBL 10.52 -2.7 GreatAjax AJX 3.92 -0.5 LL Flooring LL 1.97 -4.4 Movella MVLA 0.23 -10.8 PropertyGuru PGRU 3.15 -5.0 Stem STEM 2.20 0.5 VividSeats SEAT 5.11 -3.6
DermTech DMTK 0.77 -9.1
AN2 Therap ANTX 2.72 1.8 Canoo GOEV 0.08 -8.6 DigitalTurbine 2.93 0.7 Grifols GRFS 5.30 -11.3 LSB Inds LXU 6.74 2.4 MullenAuto MULN 6.20 -3.2 QT Imaging QTI 1.16 -5.2 StitchFix SFIX 2.42 -6.4 voxeljet VJET 0.92 -5.8
APPS
Agrify AGFY 0.41 -7.2 CarParts.com PRTS 2.37 -3.6 DuluthHoldings DLTH 4.24 -0.5 GuardantHealth GH 18.23 -1.7 Lazydays GORV 3.27 0.3 NeoVolta NEOV 0.85 -7.6 QuoinPharm QNRX 1.15 -13.3 SunnovaEnergy NOVA 5.78 2.3 W&T Offshore WTI 2.51 -8.1
Akanda AKAN 0.18 -7.2 Cazoo CZOO 3.21 -23.8 E-HomeHousehold EJH 1.43 -5.1 Gyrodyne GYRO 7.90 -0.5 LibertyBroadbandA LBRDA 55.19 -1.6 NeptuneWellness NEPT 0.19 -45.9 RelianceGlobal RELI 0.33 -13.0 SunriseNewEner EPOW 0.70 -10.7 WhereFoodComes WFCF 11.33 0.8
AptevoTherap APVO 5.35 12.4 CenturyCasinos CNTY 2.49 -4.6 ESH Acqn Rt ESHAR 0.09 -1.2 HanoverBancorp HNVR 16.25 -0.4 LibertyBroadbandC LBRDK 55.19 -1.7 NY CmntyBcp NYCB 1.70 7.5 RenttheRunway RENT 0.31 -1.6 TTEC TTEC 11.06 -8.4 WillametteValley WVVI 4.63 -6.1
AptoseBiosci APTO 1.60 -5.1 Cerence CRNC 13.83 0.1 EdocAcqnA ADOC 6.41 -1.0 HealthcrTriangle HCTI 1.75 1.6 LionElectric LEV 1.31 ... NYComBncpPfdA NYCBpA 8.50 14.2 ReToEcoSol RETO 1.85 -16.0 TargetHosp TH 8.58 -4.4 XcelEnergy XEL 46.79 -0.4
Arcimoto FUV 0.46 2.1 CharterComms CHTR 270.41 -1.6 Endava DAVA 35.75 -3.1 HuizeHolding HUIZ 0.53 -9.4 LipellaPharm LIPO 0.66 -16.6 NY CmtyCap V NYCBpU 16.37 19.9 RevivaPharmWt RVPHW 0.67 -8.6 Thoughtworks TWKS 2.49 -3.5 Zhongchao ZCMD 2.01 -19.7

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 32.13 +0.16 8.9 SrsEmrgMkt 17.67 +0.23 2.0 JPMorgan R Class NHoriz 58.87 +0.65 4.7 MuShtAdml 15.75 ... 0.4 Welltn 42.75 +0.19 3.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 31.46 +0.25 5.0 SrsGlobal 14.27 +0.15 3.0 CoreBond 10.22 +0.02 -0.3 R2030 24.84 +0.15 3.8 PrmcpAdml r 165.89 +1.04 6.1 WndsrII 45.00 +0.19 4.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 21.17 +0.11 7.3 SrsGroCoRetail 22.18 +0.20 13.9 CorePlusBd 7.19 +0.01 -0.2 Putnam Funds Class A RealEstatAdml 122.89 +0.62 -1.8 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd 8.95 +0.01 -0.7 SrsIntlGrw 18.46 +0.20 7.8 Lord Abbett I PutLargCap p 32.98 +0.18 6.9 SmCapAdml 106.12 +0.66 3.8 ExtndIstPl 319.94 +2.76 4.0
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 13.91 +0.15 7.2 SrsIntlVal 12.24 +0.11 4.9 ShtDurInc p 3.84 ... 0.6 Schwab Funds SmGthAdml 89.82 +0.84 5.7 IdxIntl 19.13 +0.22 2.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx 5.71 +0.03 -2.0 TotalBond 9.50 +0.02 -0.2 Metropolitan West 1000 Inv r 109.74 +0.62 7.2 STBondAdml 10.05 ... ... MdCpGrAdml 99.37 +0.97 5.1
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 25.60 +0.17 2.2 Fidelity SAI TotRetBdI 9.06 +0.02 -0.7 S&P Sel 78.43 +0.40 7.3 STIGradeAdml 10.19 ... 0.3 MdCpVlAdml 78.03 +0.49 3.9
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 140.76 +0.79 6.8 TotalBd 8.99 +0.02 -0.1 TRBdPlan 8.49 +0.02 -0.8 TSM Sel r 86.51 +0.49 6.8 STIPSIxAdm 23.96 +0.01 0.6 SmValAdml 79.22 +0.30 2.4
TotalMarketIndex 17.76 +0.10 6.9 U.S.TreBdIdx 8.73 +0.02 -0.6 MFS Funds TIAA/CREF Funds TotBdAdml 9.58 +0.02 -0.7 TotBd2 9.46 +0.02 -0.7
TtlIntIdxInstPr 13.51 +0.15 2.7 Fidelity Selects IIE 34.24 +0.29 3.9 EqIdxInst 35.96 +0.20 6.8 TotIntBdIdxAdm 19.60 +0.01 -0.3 TotIntlInstIdx r 127.95 +1.45 2.8
Wednesday, March 6, 2024 USBdIdxInstPrem 10.30 +0.02 -0.7 Semiconductors r 31.01 +0.69 27.9 MFS Funds Class I IntlEqIdxInst 22.79 +0.26 4.3 TotIntlAdmIdx r 31.99 +0.36 2.7 TotItlInstPlId r 127.98 +1.45 2.8
Net YTD Net YTD Net YTD Fidelity Advisor I Softwr 28.40 +0.17 2.6 GrowthI 195.63 +1.31 13.7 LrgCpGrIdxInst 56.46 +0.28 8.9 TotStAdml 123.34 +0.69 6.8 TotSt 123.30 +0.69 6.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Total Bd 9.48 +0.01 -0.3 Tech 32.06 +0.35 12.5 ValueI 49.97 +0.36 5.0 VANGUARD ADMIRAL TxMCapAdml 264.80 +1.46 7.2 VANGUARD INSTL FDS
Fidelity Freedom First Eagle Funds Natixis Funds 500Adml 472.11 +2.45 7.3 TxMIn r 15.90 +0.18 3.2 BalInst 46.30 +0.19 3.8
AB Funds Artisan Funds US CoreEq2 34.50 +0.18 6.3 FF2030 GlbA
MuniIncmShares 11.15 +0.01 1.0 IntlVal Inst 47.21 +0.30 2.7 US Small 45.00 +0.19 1.4 FF2040
17.19 +0.11 3.7 65.25 +0.47 3.4 LSGrowthY 25.46 +0.12 9.6 BalAdml 46.30 +0.20 3.9 USGroAdml 162.11 +1.15 10.5 DevMktsIndInst 15.92 +0.18 3.2
11.08 +0.08 5.6 Franklin A1 Northern Funds CAITAdml 11.43 ... 0.1
ValAdml 61.44 +0.38 5.4 DevMktsInxInst 24.89 +0.29 3.2
AB Funds - ADV Baird Funds US SmCpVal 44.93 +0.05 ... Freedom2030 K 17.17 +0.10 3.7 IncomeA1 2.31 +0.01 0.6 StkIdx CapOpAdml r 191.11 +1.25 6.6 ExtndInst 129.64 +1.12 4.0
LgCpGrAdv 103.49 +0.80 11.5 AggBdInst 9.76 +0.02 -0.5 US TgdVal 31.76 +0.04 -0.4 Freedom2035 K 15.18 +0.11 4.6 52.55 +0.27 7.3 WdsrllAdml 79.82 +0.33 4.9
FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.49 +0.27 4.9 GrwthInst 174.06 +0.84 8.8
American Century Inv CorBdInst 10.08 +0.02 -0.3 USLgVa 47.10 +0.28 5.7 Freedom2040 K 11.09 +0.09 5.7 WellsIAdml 60.65 +0.20 0.3
IncomeAdv 2.28 ... 0.2 LrgCpStr NA ... NA EMAdmr 34.67 +0.36 1.4 InPrSeIn 9.39 +0.01 0.1
Ultra 80.94 +0.54 8.6 BlackRock Funds Dodge & Cox WelltnAdml 73.83 +0.33 3.4
Idx2030InsPre 19.45 +0.10 2.9 FrankTemp/Franklin A
Parnassus Fds EqIncAdml 87.10 +0.51 3.4 InstIdx 422.21 +2.19 7.3
American Funds Cl A HiYldBd Inst 7.03 +0.01 1.1 Balanced 102.61 +0.27 1.4 Idx2035InsPre 22.25 +0.13 3.5 DynaTech A 151.66 +1.40 13.4 ExplrAdml WndsrAdml 73.57 +0.38 1.6
ParnEqFd 58.70 +0.37 6.5
108.16 +0.54 4.8 InstPlus 422.21 +2.19 7.3
AmcpA 41.20 +0.24 8.1 BlackRock Funds III GblStock 15.12 +0.10 1.3 Idx2040InsPre 23.16 +0.16 4.3 VANGUARD FDS
Growth A 133.06 +0.88 8.5
PGIM Funds Cl Z
ExtndAdml 129.65 +1.12 4.0 InstTStPlus 87.95 +0.49 6.8
AMutlA 53.18 +0.25 4.3 iShS&P500IdxK 599.64 +3.11 7.3 Income 12.58 +0.03 -0.3 Idx2045InsPre 24.23 +0.17 4.6 RisDv A 92.70 +0.46 4.8 GNMAAdml 9.19 +0.02 -1.1 DivdGro 38.89 +0.11 4.5 MidCpInst 66.49 +0.53 4.5
TotalReturnBond 11.94 +0.03 NA
BalA 33.34 +0.15 4.2 BlackRock Funds Inst Intl Stk 49.07 +0.52 -0.2 Idx2050InsPre 24.28 +0.17 4.7 Guggenheim Funds Tru GroIncAdml 98.53 +0.56 9.2 IntlVal 41.41 +0.50 2.6 MidCpIstPl 327.93 +2.62 4.5
PIMCO Fds Instl
BondA 11.32 +0.02 -0.8 EqtyDivd 19.98 +0.09 4.2 Stock 251.71 +0.75 3.4 Fidelity Invest TotRtnBdFdClInst 23.59 +0.04 -0.2 GrwthAdml 174.05 +0.85 8.8 LifeCon 20.72 +0.09 1.7 RealEstaInstl 19.02 +0.10 -1.8
CapIBA 67.49 +0.30 1.9 StratIncOpptyIns 9.39 +0.01 0.4 DoubleLine Funds Harbor Funds AllAsset NA ... NA
HlthCareAdml r 91.78 +0.55 LifeGro 43.11 +0.29 4.0
Balanc 28.29 +0.11 5.1 4.1 SmCapInst 106.12 +0.66 3.8
CapWGrA 63.50 +0.45 5.6 TotRet 9.91 +0.02 -0.4 TotRetBdI 8.76 +0.02 -0.1 BluCh 197.08 +1.45 13.7 CapApInst 109.26 +0.77 13.2 TotRt NA ... NA
HYCorAdml r 5.38 +0.01 0.3 LifeMod 31.32 +0.17 2.9 SmCapIstPl 306.31 +1.92 3.9
PIMCO Funds A
EupacA 57.61 +0.51 5.3 Calamos Funds Edgewood Growth Instituti BluChpGr K6 30.38 +0.24 13.2 Harding Loevner InfProAd 23.04 +0.01 ... PrmcpCor 33.99 +0.23 7.1 STIPSIxins 23.97 ... 0.6
FdInvA 77.23 +0.55 8.0 MktNeutI 14.36 +0.01 1.3 EdgewoodGrInst 49.18 +0.33 12.4 Contra 18.51 +0.12 15.1 IntlEq 26.32 +0.35 1.4 IncomeFd NA ... NA InfTechIdx 266.83 +2.90 7.7 STAR 27.66 +0.16 3.0 TotBdInst 9.58 +0.02 -0.7
GwthA 69.20 +0.45 9.6 Columbia Class I Federated Hermes Int Invesco Funds Y PIMCO Funds I2 IntlGrAdml 106.63 +1.39 4.7 TgtRe2020 27.36 +0.11 1.8
ContraK 18.57 +0.12 15.1 TotBdInst2 9.46 +0.02 -0.7
HI TrA 9.52 ... 1.3 DivIncom I 32.11 +0.15 5.6 TtlRtnBdI 9.45 +0.02 -0.6 CpInc 9.84 +0.03 2.9 DevMktY 38.31 +0.28 -0.8 Income NA ... NA ITBondAdml 10.22 +0.02 -0.7 TgtRe2025 18.84 +0.09 2.5 TotBdInstPl 9.58 +0.02 -0.7
ICAA 53.91 +0.25 7.0 Dimensional Fds Fidelity GroCo 36.23 +0.32 13.5 JHF III DispVal PIMCO Funds Instl ITIGradeAdml 8.57 +0.02 -0.5 TgtRe2030 36.54 +0.20 3.0 TotIntBdIdxInst 29.41 +0.01 -0.3
IncoA 23.89 +0.11 1.9 EmgMktVa 29.93 +0.25 1.7 500IdxInstPrem 177.58 +0.92 7.3 InvGrBd 9.98 +0.02 -0.5 DispValMCI 28.87 +0.14 5.5 IncomeFd NA ... NA LarCapAd 118.23 +0.64 7.2 TgtRe2035 22.89 +0.14 3.5 TotStInst 123.36 +0.69 6.8
N PerA 59.44 +0.40 6.3 EmMktCorEq 22.80 +0.22 1.7 Contrafund K6 26.42 +0.17 14.7 LowP 46.05 +0.19 4.5 John Hancock Price Funds LTGradeAdml 7.93 +0.04 -1.6 TgtRe2040 40.83 +0.26 3.9 ValueInst 61.43 +0.37 5.4
NEcoA 58.50 +0.34 8.4 IntlCoreEq 15.71 +0.19 2.5 ExtMktIdxInstPre 81.18 +0.70 4.0 Magin 13.97 +0.10 13.5 BondR6 13.48 +0.03 -0.2 BlChip 166.15 +0.87 11.3 MidCpAdml 300.99 +2.40 4.5 TgtRe2045 27.81 +0.19 4.3 WCM Focus Funds
NwWrldA 77.75 +0.63 3.6 IntSmCo 19.54 +0.27 1.2 FidSer5 7.65 +0.01 -0.1 NASDAQ 203.33 +1.16 6.9 JPMorgan I Class DivGro 74.88 +0.38 5.7 MuHYAdml 10.71 ... 0.7 TgtRe2050 46.49 +0.34 4.6 WCMFocIntlGrwIns 25.28 +0.26 11.1
SmCpA 67.54 +0.58 1.9 IntSmVa 21.68 +0.32 2.1 FidSerToMarket 16.76 +0.09 6.8 OTC 20.21 +0.17 10.5 CoreBond 10.20 +0.02 -0.4 Growth 95.10 +0.51 9.8 MuIntAdml 13.69 ... 0.1 TgtRe2060 47.79 +0.34 4.6 Western Asset
TxExA 12.42 ... 0.1 LgCo 33.92 +0.17 7.3 GrowthCompanyK6 25.83 +0.26 15.1 Puritn 25.02 +0.13 7.4 EqInc 23.74 +0.11 3.6 LgCapGow I 72.50 +0.38 10.2 MuLTAdml 10.94 ... 0.1 TgtRet2055 51.87 +0.37 4.6 CoreBondI NA ... NA
WshA 60.77 +0.34 6.2 US CoreEq1 38.53 +0.21 6.8 IntlIdxInstPrem 49.33 +0.52 4.2 SAIUSQtyIdx 20.93 +0.08 8.1 LgCpGwth 68.49 +0.37 13.9 MidCap 106.83 +0.92 6.8 MuLtdAdml 10.84 +0.01 0.3 TgtRetInc 13.19 +0.05 1.3 CorePlusBdI NA ... NA
P2JW067000-4-B01100-1--------XA
THE WALL STREET JOURNAL.
Stocks Rise After Powell
Lifts Hopes for Rate Cuts
Most S&P industry
sectors advance, led
by utilities and
technology
BY RYAN DEZEMBER
Stocks bounced back after
Federal Reserve Chairman Je-
rome Powell told lawmakers
that the central bank is still
on track to cut interest rates
this year.
Major in-
WEDNESDAY’S dexes started
MARKETS the day
higher after
Powell’s prepared remarks
were released before the
opening bell. They gained
steam as he testified before
the House Financial Services
Committee but drifted down
into the close.
The tech-heavy Nasdaq
Composite ended 0.6% higher.
The S&P 500 was not far be-
hind, climbing 0.5%. The Dow
Jones Industrial Average
added 0.2%, or 76 points.
Every industry group in the
S&P 500 ended higher, except
communication services and
companies that depend on dis-
cretionary spending. Utility
stocks led the way, followed
by tech stocks, which rose in
aggregate despite declines in
five of the Magnificent Seven
stocks that powered last
year’s rally.
All three indexes remain
down on the week, having
fallen Monday and Tuesday af-
ter last week’s Nvidia-powered
rally.
But investors were reas-
sured Wednesday that hotter-
than-expected inflation and
hiring data in January haven’t
changed the Fed’s expectation
that it will be appropriate to
lower rates later this year.
“We want to see a little bit
more data so that we can be-
come confident,” Powell told
* * * *
Index performance on Wednesday
1.2%
1.0
0.8
0.6
0.4
0.2 Dow Jones Industrial Average
0 Five-minute intervals
10 a.m. 11 noon
Source: FactSet
the House Financial Services
Committee. “We’re not looking
for better inflation readings
than we’ve had. We’re just
looking for more of them.”
Scott Pike, senior portfolio
manager at Income Research +
Management, said Powell’s re-
marks echoed earlier com-
ments from him and other Fed
officials about waiting for
confirmation from inflation
and labor-market data before
cutting rates.
“Market participants are
very eager for any sort of
marginal change from that
message,” Pike said. “It
doesn’t appear that we got
that today.”
Pike said his firm’s clients
and prospects are trying to
figure out when to shift from
short-term Treasurys, which
are yielding more than 5%, to
longer-term bonds, which
should rise in price when
rates decline.
Yields on 10-year Treasury
notes fell to 4.104% from
4.136% on Tuesday, the bench-
mark’s fifth decline in six
days.
Irene Tunkel, chief U.S. eq-
MARKETS
Nasdaq Composite
S&P 500
1 p.m. 2 3 4 Gold futures set a record,
uities strategist at BCA Re-
search, said a fear of missing
out is driving stock-market
gains.
Individual investors “were
really scarred by the down-
turn in equity markets in
2022,” she said. “Now the
scars are healing and what
they’re seeing is a lot of peo-
ple making money.”
Even bearish money man-
agers are pushing cash back
into stocks, Tunkel said. When
her firm polled clients re-
cently, three-quarters said
they have money that they
need to put to work, suggest-
ing they are under pressure to
invest even if they are appre-
hensive about this year’s rally.
“They are pulled into the
market simply because their
benchmarks are running away
from them,” Tunkel said.
In individual stocks
Wednesday, chip maker Nvidia
continued its ascent, gaining
3.2%.
DexCom shares rose 9.8%
to lead the S&P higher after
the Food and Drug Adminis-
tration cleared its latest body-
worn glucose monitor for
over-the-counter sales. Tech-
nology firms CrowdStrike and
Box rose 11% and 8.6%, respec-
tively, after reporting quar-
terly earnings.
Retailers Nordstrom and
Foot Locker tumbled 16% and
29%, respectively, after quar-
terly results topped Wall
Street expectations but out-
looks disappointed investors.
Recreational-vehicle manu-
facturers—economic bellweth-
ers that correlate to discre-
tionary spending— also took a
hit after Airstream maker
Thor Industries cut its sales
and earnings guidance. Thor’s
shares ended down 15%, while
rival Winnebago Industries
lost 6%.
gaining 0.8% to $2,150.30 a
troy ounce. Benchmark U.S. oil
futures added 98 cents a bar-
rel to end at $79.13 after a
weekly government report
showed a larger-than-expected
drawdown of fuel supplies.
Overseas, the Stoxx Europe
600 index climbed 0.4% to a
record, while Germany’s DAX
ticked 0.1% higher. At midday
Thursday, Japan’s Nikkei 225
was down 0.9% and Hong
Kong’s Hang Seng Index was
down 0.2%, but the Shanghai
Composite was up 0.5%. S&P
500 futures were down 0.3%.
Bitcoin rose 8.45% Wednes-
day to $67,139.33, posting its
largest percentage increase
since March 13, 2023, when it
gained 16%.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
difference between that price and the face value.
17-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
The bills, dated March 12, 2024, mature on July 9,
2024.
Thursday, March 7, 2024 | B11
Beijing Is Taking
A Bigger Role in
Funding Growth
BY REBECCA FENG
HONG KONG—China’s cen-
tral government is ready to
load up on debt to help the
economy.
Beijing is planning this year
to issue $139 billion of ultra-
long special treasury bonds, a
crisis-management tool that
will now become a regular
source of funding, at least for
the next few years.
The move will take part of
the burden for funding the
country’s economic growth
away from heavily indebted
local governments, some of
which are fac-
ing severe
strain after
years of heavy The move shifts
borrowing. some burden
That repre-
sents a subtle away from
but significant
shift in how
indebted local
China’s econ- governments.
omy is man-
aged.
The coun-
try’s local governments have
long played a crucial role, al-
locating trillions of dollars of
resources, greenlighting real-
estate projects and new facto-
ries, and having the flexibility
to experiment with policy
changes. But they also have
loaded up on debt—creating a
financial time bomb that
China needs to defuse at the
same time as encouraging
growth.
“The central government is
taking over the role of local
governments as the main body
of fiscal leverage,” wrote ana-
$170,350,349,400 lysts at Fitch Bohua, a credit-
$60,060,669,400
rating company, on Wednes-
$735,842,900
$0 day.
98.279458
Chinese Premier Li Qiang
(5.205%)
5.370% outlined the broad details of
77.00%
the plan during a closely
912797KN6
watched speech on Tuesday,
when he also set an ambitious
economic growth target of
around 5% for 2024.
Li was vague on how Bei-
jing plans to use the proceeds
of the special treasury
bonds—saying only that the
money will be used to imple-
ment national strategies and
build security capacity in key
areas—but several economists
said they expect the money to
be used in part to support the
property sector.
Carlos Casanova, senior
Asia economist at Union Ban-
caire Privée in Hong Kong,
thinks a large part of the pro-
ceeds of the bond will be
transferred di-
rectly to local
governments.
China has
turned to spe-
cial treasury
bonds before,
but only in
times of tur-
moil. It issued
the bonds in
2007, during
the global fi-
nancial crisis, and in 2020,
when Covid-19 was wreaking
havoc on the global economy.
They now look likely to be-
come a regular plank of Bei-
jing’s economic policy.
Chinese local governments
had a total of $5.5 trillion of
interest-bearing debt out-
standing by the end of 2023,
according to financial data
provider Wind. But this num-
ber includes only publicly dis-
closed debt, leaving out the
huge amounts local govern-
ments have kept off their bal-
ance sheets.
Watch a Video
Scan this code
for a video on
why investing in
China is
attractive.
P2JW067000-0-B01200-1--------XA
B12 | Thursday, March 7, 2024
WeightWatchers Has Hard Path Ahead
Oprah’s exit from company signals a pivot in how obesity will be treated going forward—with drugs
When Oprah Winfrey buys or
sells stock, investors tend to pay
attention.
In 2015, Oprah sent Weight-
Watchers shares doubling in a sin-
gle day after she decided to take a
10% stake in the company.
“WeightWatchers has given me
the tools to begin to make the
lasting shift that I and so many of
us who are struggling with weight
have longed for,” she said at the
time.
That was back in a pre-Ozempic
universe where people struggling
with obesity were told that the
only way to lose weight was by ex-
ercising more willpower. Now,
Oprah is parting ways with
WeightWatchers, renamed WW In-
ternational, announcing last week
that she will step down from the
AMY SUSSMAN/GETTY IMAGES
board and donate her remaining
1.4% stake. (She reduced her stake
over the years, netting over $200
million from the partnership.) The
stock tumbled 18% the next trad-
ing day. Oprah says she still uses
the WeightWatchers point system,
but it is hard not to connect her
decision to leave WeightWatchers
with her own shifting approach to
weight loss: In December, she told
People magazine that she was us-
ing a medication. “Obesity is a dis-
ease. It’s not about willpower—it’s
about the brain,” she said.
It isn’t just Oprah with a
change of heart. WeightWatchers
pivoted last year, buying digital
health company Sequence to pre-
scribe weight-loss drugs. For a
company that once preached self-
restraint as the path to shedding
pounds, WeightWatchers is going
all in on the GLP-1 craze, with
some even accusing it of being too
aggressive in how it markets its
new drug business.
If WeightWatchers seems a bit
desperate, that might be because
its financial situation is precari-
ous. Its stock is down over 60%
this year and the company’s dwin-
dling cash position, alongside un-
usually high leverage of nearly 10
Adobe Finds AI Hype Is a Double-Edged Sword
Creating professional-level im-
ages is harder than it looks. Creat-
ing trouble for the maker of Photo-
shop turns out to be a lot easier.
Adobe’s rapid embrace of gener-
ative artificial intelligence made it
one of the hottest stocks among
large-cap software firms last year,
even outperforming AI leader Mi-
crosoft. But that image has taken a
hit of late. The company’s last
earnings report in December in-
cluded a forecast that investors
found disappointing for lack of per-
ceived AI contributions to the com-
pany’s growth prospects. And Ope-
nAI’s announcement last month of
a new text-to-video creation tool
called Sora caused further worry.
Adobe’s shares have tumbled a lit-
tle over 10% since that announce-
ment—the S&P 500 Software &
Services Group has lost less than
2% in that time.
Its comedown has a familiar
ring: Adobe’s stock spent the first
few months of last year in the dog-
house, partly on worries about the
competitive threat of an earlier
generation of AI image-creation
tools such as Dall-E. But Adobe’s
unveiling of its own AI tool called
Firefly in March of that year
quickly touched up that picture.
Adobe’s stock price shot up 77% in
2023.
Asia’s E-Commerce Battlefield Is Expanding Fast
A Seattle-based e-commerce
company is making a splash in
Asia. No, not Amazon. It’s South
Korea’s market leader Coupang.
Rapidly growing scale, ambi-
tious logistics investments and
Korea’s population density are all
big tailwinds for a company that
has ambitions to become Korea’s
Amazon, and perhaps a growth
sensation like Temu. But it will
have to fight off the competition
first—including Temu, which has
begun expanding in Korea.
SoftBank-backed Coupang’s
New York-listed shares jumped
15% since announcing its first an-
nual operating profit last week:
$473 million for 2023. Five years
ago that was a $1 billion loss.
The bigger scale that comes with
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
Oprah Winfrey is stepping down from the company’s board and donating her remaining 1.4% stake.
times net debt to earnings before
interest, taxes, depreciation and
amortization, means it needs to
urgently turn around its business.
The company last week forecast
revenue of $830 million to $860
million this year, below Wall
Street’s $922 million estimate.
The silver lining for Weight-
Watchers is the rapid success of
its prescription business. Clinic
subscribers reached 67,000 in the
fourth quarter, and the company
expects that number to grow to as
much as 160,000 by the end of
this year. That is still a drop in the
bucket relative to the company’s
total subscriber count of 3.8 mil-
lion. But many of the new pre-
scription subscribers were once
WeightWatchers users, auguring
well for its strategy of cross-sell-
ing to an end user whose journey
needs continued maintenance.
Adobe’s revenue*
$20 billion
Actual
Initial projection†
15
10
5 24
0 20
FY2015 ’18 ’21
*Fiscal year ends in January †Midpoint of range
The roller-coaster performance
of Adobe’s stock over the past year
is a good indication of how inves-
tors are trying to grapple with the
potentially disruptive effects of
generative AI—sometimes well be-
fore those effects are even proven.
Free public tools like Dall-E allowed
users to create realistic images of
outlandish concepts. They also
were prone to errors and had few,
if any, controls preventing the use
of copyrighted work.
Such tools, therefore, have lim-
growth probably helped improve
margins: Net revenue for the quar-
ter rose 23% while the number of
active customers increased 16% to
21 million—equal to close to half of
South Korea’s population. Revenue
has doubled in the past three years.
Coupang has in fact taken a page
from Amazon’s playbook: spending
heavily to build up its logistics in-
frastructure and allow faster deliv-
ery. Coupang has the added advan-
tage of Korea’s population density.
The company has a subscription
service like Amazon Prime called
Wow, which offers perks including
free shipping. There were 14 million
Wow members at the end of last
year, up 27% from a year earlier.
But Coupang faces some long-
term challenges. Competition is in-
ON
THE
But WeightWatchers is hardly
alone in the business of prescrib-
ing GLP-1s. It faces competition
from digital health startups such
as Noom, Ro and Calibrate. Even
Eli Lilly is getting in on the tele-
health business to provide its drug
directly to patients.
“This is a very competitive
area, and it’s not like they are the
only game in town,” said Stepha-
nie Davis, an analyst at Barclays
who had an “underweight” rating
on the stock ahead of the decline
last week. “And in the meantime,
you have a transition from a sun-
setting product, as they move
away from workshop revenues.
You’ll probably see more head-
winds than tailwinds this year.”
And right now, there isn’t enough
supply of GLP-1 drugs for everyone
who might want them, nor are
they affordable for many people,
Forward price/earnings multiples
36 times Sora announcement
34 Microsoft
Adobe
32
30
28
26
22
’24 Feb. 2023 Jan. ’24
Source: FactSet
ited appeal for the professional
content creators that make up the
bulk of Adobe’s customer base. In a
report last March addressing the
rise of services like Dall-E and Sta-
ble Diffusion, Wolfe Research ana-
lyst Alex Zukin noted that “current
AI models are far away from pixel
perfect content generation or being
able to do so in ethical and legally
compliant frameworks, so that cre-
ators can be properly compensated
for work.”
Sora has yet to become publicly
tense. And new rivals from China
are elbowing into Korea, including
Alibaba and Temu. The Korean e-
commerce market is fragmented.
While Coupang is the market
leader, it controls about a quarter
of the market, slightly ahead of Ko-
rean internet giant Naver.
And the Chinese players are ex-
panding fast. Temu had 5.7 million
monthly active users in Korea in
January, a 28% increase from the
previous month, according to
Bernstein. The Chinese company
entered the market in July last
year. AliExpress, the international
arm of Alibaba, had 9.5 million
monthly active users in December,
double a year earlier, according to
Citi. AliExpress has been in Korea
since 2018. The two players have
as employers balk at covering
them.
One thing is for certain: Oprah
and WeightWatchers, two of the
most durable brands in recent de-
cades, are signaling that there is
no turning back from the GLP-1
craze.
The next chapter in America’s
struggle with obesity will increas-
ingly rely on drugs as a way of re-
ducing weight, with behavioral ap-
proaches still crucial for those
who want to keep it off. Weight-
Watchers has survived numerous
diet trends and cycles by reinvent-
ing itself, and the company is tak-
ing some difficult but necessary
steps to evolve with the times.
It won’t happen overnight
though. And as Oprah parts with
the stock, investors should proba-
bly be in no rush to buy it.
—David Wainer
available. OpenAI conceded in its
announcement that “the current
model has weaknesses,” where it
may be prone to errors like inaccu-
rately “simulating the physics of a
complex scene.” In a note to clients
on Monday, UBS analyst Karl Kei-
rstead wrote: “While impressed
with OpenAI Sora, there were no
hints from our designer checks that
Sora is likely to replace traditional
video creation or impact Adobe’s
core Premiere Pro video editing
application.”
In his own report last month,
Kash Rangan of Goldman Sachs
noted that simply creating an im-
age or video doesn’t cover the need
for “asset editing, processing, stor-
ing and publishing to a large, pro-
fessional end-market” that Adobe’s
platform provides. “Natural-lan-
guage-processing interfaces lower
the content creation barriers,
thereby increasing the overall de-
mand for high quality, enterprise
grade offerings,” he wrote.
Adobe’s more near-term risk as
it relates to AI is that tools such as
Firefly may be slower to generate
significant revenue than most in-
vestors are expecting. The com-
pany’s projection of only 10% reve-
nue growth for its current fiscal
year was nearly identical to what
the company delivered last year
less than 2% of the market, but
their rapid growth could change
that fast.
Another risk is Coupang’s expan-
sion strategy. The company has set
its sights on Taiwan due to its
proximity and similarity to the Ko-
rean market. But that could involve
heavy investments and an addi-
tional set of competitors, including
Shopee, which is a major presence
in nearby Southeast Asia. Coupang
is trying to broaden its product
portfolio by acquiring U.K. online
luxury platform Farfetch for $500
million. How these new ventures
will fare is uncertain.
Shares are way down since the
company went public during the
2021 tech frenzy, even after the re-
cent jump: 63% below their 2021
THE WALL STREET JOURNAL.
Campbell’s
Story Takes
Patience,
But Not
That Much
Campbell Soup on Wednesday
reported uninspiring results, but
there were some positive signs for
the future beneath the hood.
The company said organic sales,
which strip out merger and cur-
rency impacts, fell 1% from a year
earlier in its fiscal second quarter
ended Jan. 28. It reiterated earlier
guidance that organic sales will be
flat to up 2% for the full fiscal
year, but added that growth is
“tracking to the lower end” of its
expectations. Shares rose slightly
to $43.30 on Wednesday.
The company gave updates on its
margin targets in snacks that were
encouraging for long-term investors.
The division, which includes Gold-
fish crackers and Kettle potato
chips, has long lagged behind peers
in terms of profitability, but that has
been improving: Operating margins
for the business reached 15% in the
quarter from 13% two years prior.
One key to achieving that has
been unifying two separate logis-
tics networks for the Pepperidge
Farm line of snacks, including
Goldfish and the Snyder’s-Lance
snack portfolio, acquired in 2018,
that includes the Kettle brand. On
a conference call with analysts on
Wednesday, Chief Executive Mark
Clouse said the snacks division is
on track to hit 17% operating mar-
gins by the end of fiscal 2026 and
Campbell can keep expanding those
margins further in the future.
Somewhat more immediately,
Campbell said it expects to close
on its acquisition of Sovos Brands,
owner of the rapidly growing Rao’s
tomato-sauce line, next week. That
will give the company an immedi-
ate growth boost to hold investors
over while they wait for snack
margins to rise. —Aaron Back
and thus fell flat with investors
who were looking for a greater AI
uplift.
Adobe’s president of digital me-
dia, David Wadhwani, said during
December’s earnings call that re-
cent pricing changes for the com-
pany’s products—including its AI
tools—will be “more visible” in the
company’s numbers during the
back half of the year and beyond.
Adobe also tends to be conserva-
tive with its projections and has
ended up beating the midpoint of
its initial annual revenue forecast
in seven of the past 10 years, ac-
cording to FactSet data.
That still could leave the ques-
tion of AI’s contributions unclear in
the company’s first-quarter report,
due next week. But the stock’s
weakness over the past few months
offers a better setup, with Adobe
shares now trading at a discount to
Microsoft on a multiple of forward
earnings.
And a major user conference
taking place later this month also
could help Adobe push its new AI
message further to its customer
base, many of whom can’t afford to
take chances on free public tools
that spit out unreliable results.
Sometimes you really do get
what you pay for.
—Dan Gallagher
peak. And SoftBank trimmed its
stake though it owns around a
quarter of the company.
But that means Coupang looks
like a far better deal now, espe-
cially since it has begun to actu-
ally make money. Shares trade at a
more modest multiple of 1.3 times
revenue, compared with around
7.6 times at the peak in 2021, ac-
cording to S&P Global Market In-
telligence.
Seattle-based and SoftBank-
backed e-commerce companies—at
least two big ones anyway—have a
reasonably good record. Coupang
has a decent chance of joining
those ranks, but it will have fight
off Temu and its Chinese peers, and
prove it can move successfully into
new markets first. —Jacky Wong