For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
DJIA 39170.24 g 396.61 1.00%
What’s
News
Business & Finance
 Tesla reported its first
year-over-year decline in
quarterly deliveries since
2020, badly missing Wall
Street’s expectations and
stoking further concern
about the company’s growth
prospects this year. A1
 U.S. stocks slid, depressed
by investors’ doubts that the
Fed has fully tamed infla-
tion. The S&P 500 fell 0.7%,
while the Dow and Nasdaq
both retreated 1%. A1
 The FDIC is scrutinizing
whether index-fund giants
BlackRock, Vanguard and State
Street are sticking to passive
roles when it comes to their
investments in U.S. banks. B1
 Late-night host Jon
Stewart said Apple asked
him not to interview Fed-
eral Trade Commission
Chair Lina Khan when he
was hosting a show and
podcast on Apple TV+. B1
 Private-equity firm Silver
Lake agreed to take private
Endeavor Group Holdings in
a deal that values the owner
of talent agencies WME and
IMG at $13 billion. B2
 Oil-field services provider
SLB said it agreed to acquire
ChampionX in an all-stock
deal valued at about $7.8
billion that the buyer ex-
pects to close this year. B3
 WeWork said its lease re-
structuring effort so far is ex-
pected to net more than $8
billion in future rent savings
and that it aims to leave bank-
ruptcy by the end of May. B3
 Xiaomi’s shares surged
after the tech company un-
veiled its maiden electric ve-
hicle, a competitively priced
sedan entering China’s
crowded EV market. B4
World-Wide
 Israel struggled to contain
a growing crisis after a strike
by its military killed seven aid
workers in Gaza, drawing con-
demnation from around the
globe and putting more pres-
sure on the country to lower
the civilian toll of its cam-
paign to wipe out Hamas. A1
 The airstrike that killed
top Iranian military officials
in Syria on Monday threat-
ened to put Israel into open
conflict with Iran. A7
 Trump leads Biden in six of
the seven most competitive
states in the election, pro-
pelled by broad voter dissatis-
faction with the national econ-
omy and doubts about the
president’s capabilities, a Wall
Street Journal poll found. A1
 Biden in a call with Chinese
President Xi Jinping raised
mounting concerns over Bei-
jing’s substantial support for
Russia’s defense industry. A9
 Treasury Secretary Yellen
in meetings in China this week
is expected to tell her coun-
terparts to stop relying on ex-
ports and instead boost the
domestic consumer market to
revivify China’s economy. A9
 A quake with a preliminary
magnitude of 7.4 struck east-
ern Taiwan, causing some
buildings to partially collapse
with an unknown number of
people trapped inside. A9
 NATO will mark the alli-
ance’s 75th anniversary on
Thursday with the question
still unresolved of who will
succeed Secretary-General
Jens Stoltenberg when his
term ends on Sept. 30. A8
 The cost of programs to
speed entry into the U.S., such
as Global Entry, will increase
starting in October. A3
CONTENTS
Arts in Review..... A13
Business News....... B3
Crossword................ A14
Equities...................... B10
Heard on Street.. B13
Markets...................... B12
s 2024 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * * WEDNESDAY, APRIL 3, 2024 ~ VOL. CCLXXXIII NO. 78
NASDAQ 16240.45 g 1.0% STOXX 600 508.57 g 0.8%
ISMAEL ABU DAYYAH/ASSOCIATED PRESS
A deadly airstrike by Israeli forces in Deir al-Balah, Gaza Strip, on Monday killed seven World Central Kitchen aid workers.
Backlash Against Israel Mounts
After Deadly Strike on Aid Staff
BY STEPHEN KALIN
Israel struggled to contain
a growing crisis after a strike
al a
by its military killed seven aid
workers in Gaza, drawing con-
demnation from around the
ci on
globe and putting more pres-
sure on the country to lower
the civilian toll of its cam-
paign to wipe out the militant
group Hamas.
er s
The deadly strike late Mon-
day that hit workers with
m er
World Central Kitchen—an aid
group founded by celebrity
chef José Andrés and one of
the most important providers
m rp
WSJ Poll: Trump Leads
Biden in Six Key States
co Fo
BY AARON ZITNER
Donald Trump is leading
President Biden in six of the
seven most competitive states in
the 2024 election, propelled by
broad voter dissatisfaction with
the national economy and deep
doubts about Biden’s capabili-
ties and job performance, a new
n-
Wall Street Journal poll finds.
The poll of the election’s
main battlegrounds shows
Trump holding leads of be-
no
tween 2 and 8 percentage
points in six states—Pennsyl-
vania, Michigan, Arizona, Geor-
gia, Nevada and North Caro-
lina—on a test ballot that
includes third-party and inde-
pendent candidates. Trump
holds similar leads when vot-
ers are asked to choose only
between him and Biden.
Leaders Trade
Barbs in
Latin America
i i i more attuned to the idea that
Diplomacy
devolves into
schoolyard taunts
BY RYAN DUBÉ
Forget black-tie dinners or
summits at picturesque locales.
The irascible leaders of
some of Latin America’s big-
gest countries are instead tak-
ing a decidedly disdainful ap-
proach to diplomatic relations.
Opinion................ A15-17 In a region far from global con-
Personal Journal A11-12
Property Report.... B6
flicts, presidents here are in-
Sports.......................... A14 stead embroiled in the kind of
Technology................ B4 verbal spats commonly found
U.S. News.......... A2-4,6 on schoolyards—a war of
World News......... A7-9
words playing out on television
and via posts on X.
> “Ignoramus,” Argentina’s
president, Javier Milei, said
last week of his Mexican coun-
terpart, Andrés Manuel López
Obrador.
Please turn to page A10
10-YR. TREAS. g 9/32 , yield 4.363%
on
of food assistance in the Gaza
Strip—risks further isolating
us ,
Israel and adds to the friction
l
with the U.S., its chief ally.
e
Concerns had been increas-
ing internationally over the
course of the war, which has
killed around 33,000 people in
Gaza, mostly women and chil-
dren, according to Palestinian
health authorities, whose
numbers don’t distinguish be-
tween militants and civilians.
But the deaths—including
the first known among foreign
aid workers in Gaza since the
start of the war in October—
galvanized pressure on Israel
The outlier is Wisconsin,
where Biden leads by 3 points
on the multiple-candidate bal-
lot, and the two candidates are
tied head-to-head.
Overall, the poll shows sub-
stantial unhappiness with Bi-
den among voters who will
have the most influence in the
outcome of the election, as ex-
panded one-party dominance
in states has left just a few as
politically competitive.
Biden in 2020 won three
states—Pennsylvania, Michigan
and Wisconsin—in the indus-
trial North that had backed
Trump in 2016. He won by
even narrower margins in
Georgia and Arizona, two fast-
diversifying states in the South
and Southwest where Demo-
crats had long-unfulfilled
Please turn to page A4
Inflation, Rate Worries
Propel Market Lower
BY ERIC WALLERSTEIN
The S&P 500 fell for the
second straight day on Tues-
day, weighed down by growing
doubts that the Federal Re-
serve has fully tamed inflation.
Climbing oil prices and
bond yields pressured all three
major U.S. stock indexes lower.
The benchmark S&P 500 slid
0.7%, while the tech-heavy
Nasdaq Composite lost 1%. The
Dow Jones Industrial Average
dropped 397 points, or 1%.
Benchmark Brent crude fu-
tures rose 1.7% to $88.92 a
barrel, after Syria and Iran ac-
cused Israel of a missile strike
on an Iranian diplomatic build-
ing in Damascus, Syria. That
fanned fears of tensions in the
Middle East further spreading
and crimping oil supply.
The Bloomberg Commodity
Index—boosted by oil and
gold’s rise to a record at
$2,261 a troy ounce—closed at
its highest level since Novem-
ber. “Investors are getting
OIL $85.15 À $1.44
to protect people caught up in
the fighting.
President Biden said he was
“outraged and heartbroken” by
the aid workers’ deaths, in a
statement released Tuesday
night by the White House. He
said an Israeli probe into the
deaths must be done quickly
and made public.
“Incidents like yesterday’s
simply should not happen,” he
said. “Israel has also not done
enough to protect civilians.
The United States has repeat-
edly urged Israel to deconflict
their military operations
against Hamas with humani-
INSIDE
PERSONAL JOURNAL
The new magic
number? Americans
say they need $1.46
million to retire. A11
U.S. NEWS
Eclipse viewers brace
for a slow drive as
millions are expected
to turn out. A3
inflation could reheat,” said
Liz Young, head of investment
strategy at SoFi.
Fed policymakers in March
reaffirmed their forecast for
three interest-rate cuts this
year, but resurgent inflation-
ary pressures are casting
doubt on whether that will
come to pass. Futures con-
tracts tied to the fed-funds
rate show a growing probabil-
ity of just two cuts, if not
fewer.
Analysts are beginning to
chatter about the possibility
that the Fed doesn’t cut inter-
est rates at all this year.
“The market is trying to di-
gest if rate cuts will come
later, if we’ll see fewer cuts
and the growing possibility of
no cuts this year,” Young said.
U.S. economic growth has
remained resilient this year.
Please turn to page A2
 Fed official still sees three
rate cuts this year............ A2
WSJ.com
GOLD $2,261.00 À $24.50
ly
tarian operations, in order to
avoid civilian casualties.”
Prime Minister Benjamin
Netanyahu of Israel acknowl-
edged that his country was re-
sponsible for the strike. “Un-
fortunately, in the past day
there was a tragic incident of
an unintentional hit by our
forces on innocent people in
the Gaza Strip. It happens dur-
ing war,” he said in a recorded
Please turn to page A7
 Biden’s Mideast stance
angers both sides............. A6
 Airstrike in Syria raises
regional risk......................... A7
Factory in Disarray
Built Blowout Jet
Boeing production logs for 737 with failed
door plug indicate confusion, delays
BY ANDREW TANGEL
AND SHARON TERLEP
Last year, work inside Boe-
ing’s Renton, Wash., factory
stalled on a future 737 MAX
jet then known as Line No.
8789. Pressure was building.
More than two weeks had
passed since workers on Sept.
1 flagged damaged rivets on a
fuselage that needed fixing.
The section had been assem-
bled by supplier Spirit Aero-
Systems in Wichita, Kan., and
shipped by train to Boeing’s
plant.
Targets for completion
Salesforce.
CRM.
#
2023 H1
22.1%
Source: IDC, Worldwide Semiannual Software Tracker, November 2023.
salesforce.com/number1CRM
CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital Commerce
Applications. © 2024 Salesforce, Inc. All rights reserved. Various trademarks held by their respective owners.
HHHH $5.00
EURO $1.0770 YEN 151.55
Deliveries
Of Teslas
Decline
In Latest
Quarter
Drop from a year
earlier is the first
since 2020; badly
misses expectations
BY REBECCA ELLIOTT
Tesla reported its first
year-over-year decline in
quarterly deliveries since
2020, badly missing Wall
Street’s expectations and stok-
ing further concern about the
company’s growth prospects
this year.
Elon Musk’s electric-vehicle
maker delivered 386,810 vehi-
cles globally in the first three
months of 2024, down 8.5%
from a year earlier. It was the
company’s lowest quarterly
.
total since the third quarter
of 2022.
Enough were delivered for
Tesla to reclaim from China’s
BYD the title of the world’s
top electric-vehicle seller for
the quarter. But the decline is
a troubling sign for the
world’s most valuable auto-
maker and the broader EV
market. Growth is slowing and
automakers are recalibrating
investment plans after finding
consumers less enthusiastic
about going electric than the
companies had expected.
Tesla shares ended Tuesday
down 4.9%. The stock has fallen
33% this year, making Tesla the
second-worst performer in the
S&P 500 index, ahead of only
health insurer Humana.
Analysts have slashed their
expectations for Tesla’s first-
quarter performance over the
Please turn to page A2
came and went before em-
ployees escalated the situation
to “Tier 3” priority, a move
intended to get high-level at-
tention at the factory, accord-
ing to an internal Boeing log
of employees’ push to finish
the jet—the same one that
would later lose its door plug
panel in a near tragedy in
flight just months later.
Punctuating how the situa-
tion was escalating with dol-
lar signs, an internal message
read: “$$TIER-CHG: 2 – 3 $$,”
according to a Sept. 17 entry
in the Shipside Action
Please turn to page A10
Ranked #1 for CRM
Applications based on
IDC 2023H1 Revenue
Market Share Worldwide.
5.7% 4.7% 3.8% 3.5%
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Wednesday, April 3, 2024
Rate Fears
Drive Down
S&P 500
Continued from Page One
A Federal Reserve Bank of
Atlanta model on Monday
raised its estimate for infla-
tion-adjusted growth after
manufacturing data came in
stronger than economists an-
ticipated. The model now
forecasts the economy to have
grown 2.8% in the first quar-
ter, half-a-point higher than
the previous estimate.
Signs that inflation could
remain stickier than the Fed
would like are pushing up
long-term interest rates. Yields
on 10- and 30-year Treasurys
reached their highest levels
After a Rainy Winter, There’s Gold in Them Thar Hills
MIKE BLAKE/REUTERS
EUREKA: People found a scenic spot to take pictures amid fields of wildflowers on Tuesday following a wet winter in Chula Vista in Southern California.
Tesla Posts
A Decline
In Deliveries
Continued from Page One
past several weeks. Those
no
surveyed by FactSet forecast
Tesla would deliver around
457,000 vehicles globally in
the first quarter, though that
reflects some stale estimates.
Others expected results to be
weaker.
Tesla attributed the result
partly to production setbacks
in the first three months of
the year.
First, the company halted
output at its plant in Germany
for two weeks beginning in
late January, citing parts
shortages stemming from at-
tacks on ships in the Red Sea.
Then, in March, the assembly
line ground to a halt once
more after an arson attack on
the grid that supplies power
to the factory.
Meanwhile, Model 3 pro-
duction declined in the U.S. as
the company introduced its
refreshed version of the car
domestically.
Tesla produced 433,371 ve-
hicles in the first quarter,
down from 440,808 in the
first three months of 2023.
Most of them were Model Y
crossovers and Model 3 cars.
The company didn’t disclose
how many Cybertruck pickups
it produced.
The gap between produc-
tion and deliveries suggests
“that beyond the known pro-
duction bottleneck, there may
also be a serious demand is-
sue,” Deutsche Bank analyst
Emmanuel Rosner wrote in a
note to investors.
The company’s first-quarter
performance calls into ques-
tion whether it will be able to
achieve even modest growth
in 2024, Rosner added.
since November. The bench-
mark 10-year yield finished the
day at 4.363%.
Federal Reserve Bank of
Cleveland President Loretta
Mester said Tuesday she isn’t
in a rush to cut interest rates
this year and that she still
sees lowering them too soon
as a bigger risk than waiting
too long.
The prospect of rates re-
maining higher for longer is
sapping Wall Street’s appetite
for risk.
Bitcoin tumbled 5% to
$66,081 on Tuesday. Else-
where, Tesla shares declined
4.9% after the electric-vehicle
maker missed sales expecta-
tions.
Nine of the S&P 500’s 11
sectors finished the day in the
red. Rising oil prices helped
lift the energy sector to a 1.4%
gain.
The healthcare sector suf-
fered its worst day of the year.
al a
ci on
er s
m er
m rp
co Fo
Tesla vehicle deliveries,
quarterly
500,000
400,000
n-
300,000
200,000
100,000
0 –25
2019 ’20 ’21 ’22
Source: the company
New Teslas in the German port of Rostock rolling toward export to Sweden earlier this year.
A number of other major
automakers reported first-
quarter U.S. sales Tuesday,
with investors paying particu-
larly close attention to electric-
vehicle deliveries as growth
decelerates. Toyota paced the
industry with 20% growth,
thanks to gas-electric hybrids.
Wall Street is bracing for
Tesla’s deliveries to grow lit-
tle, if at all, in 2024, given the
company’s aging lineup and
elevated interest rates. As of
* ***** THE WALL STREET JOURNAL.
U.S. NEWS
Index performance on Tuesday
0%
2020. UnitedHealth Group
shares fell 6.4% in their worst
day since 2020.
–0.25
Shares of PVH fell 22% in
its worst day since Black Mon-
day in 1987. The owner of Cal-
–0.50
S&P 500
Nasdaq Composite
Dow Jones Industrial Average
vin Klein and Tommy Hilfiger
warned that it expected an
11% drop in sales for the cur-
–0.75 rent quarter.
Some investors say a pull-
back in the broader market
–1.00
isn’t reason for panic. The S&P
500 is still up 9.1% for the
–1.25 year, after clinching its best
first quarter since 2019.
“Overall, the market is
–1.50
–1.75
heading in the right direction,”
said Zachary Hill, head of port-
folio management at Horizon
Investments.
10 a.m.
Source: FactSet
11 noon 1 p.m. 2 3 4
Overseas, the Stoxx Europe
600 lost 0.8%. At midday
Wednesday, Japan’s Nikkei
The Biden administration an-
nounced Medicare Advantage
rates for 2025 that were lower
weighing on shares of insurers
and drugstore chains. Humana
shares slid 13% to $304.33,
was down 1%, while Hong
Kong’s Hang Seng Index was
down 0.6%. S&P 500 futures
than Wall Street expected, their lowest close since April were down 0.1%.
ly
on
us ,
l
e
Tesla vehicle deliveries, change from a year earlier competitive electric-vehicle
industry, where Tesla is facing
growing pressure from domes-
125%
100
1Q 2024
–8.5%
tic players.
The global electric-vehicle
market expanded around 35%
year-over-year in the first
75
quarter, according to Global-
Data estimates. U.S. sales of
all-electric vehicles were
50
poised to climb about 17% dur-
ing the period.
25
Tesla is facing a drought of
new products, with its highly
anticipated low-cost car not
0
expected until late 2025 at
the earliest.
Meanwhile, Musk, the
’23 ’24 2020 ’21 ’22 ’23 ’24
chief executive, is pushing to
increase use of the com-
pany’s driver-assistance
package, dubbed “Full Self-
Driving Capability.” The tech-
nology, which doesn’t make
cars fully autonomous, could
bring in additional software
revenue, bolstering the com-
pany’s bottom line.
Tesla recently began offer-
ing customers a one-month
free trial of the technology,
which normally costs $12,000
outright or $199 a month as a
subscription.
Tesla is scheduled to report
first-quarter financial results
on April 23. Analysts surveyed
by FactSet expect a quarterly
profit of $1.8 billion, down
JENS BÃTTNERZUMA PRESS
about 27% from the first three
months of 2023 as the com-
pany’s recent price cuts weigh
on profitability. It would be
the company’s lowest quar-
terly profit in more than two
years.
Revenue is expected to be
February, the average annual lower” growth in 2024, and up some 4% from a year ear-
percentage rate on a new-car Chinese rivals are nipping at lier to $24.3 billion, according
loan was around 7.1%, up from its heels. to FactSet.
4.4% two years earlier, accord- BYD, which briefly became Morgan Stanley analyst
ing to Edmunds. the world’s top seller of EVs in Adam Jonas, who has long
Tesla’s slowdown repre- the fourth quarter of 2023, been bullish about Tesla,
sents a sharp change of for- sold 300,114 all-electric vehi- wrote in a recent note to in-
tunes for the carmaker, whose cles globally in the first three vestors that the automaker
success opened the floodgates months of 2024, up 13% from a “may be witnessing price-cut
for investment in battery- year earlier. It offers EVs that fatigue” as profitability nar-
powered vehicles. are less expensive than Tesla’s rows. “Such conditions may
After years of chasing 50% and sells mostly in China. not significantly improve near-
annual growth on average, China, the world’s largest term given the age of Tesla’s
Tesla has warned of “notably car market, has a fiercely product line-up,” he wrote.
LANANH NGUYEN/REUTERS
Loretta Mester
Cleveland
Fed Chief
Still Sees
Three Cuts
In 2024
BY NICK TIMIRAOS
Cleveland Fed President Lo-
retta Mester said Tuesday she
had continued to pencil in three
rate cuts this year as part of the
quarterly economic projections
submitted at the Federal Re-
serve’s meeting last month, the
same as in December.
That put Mester among the
narrow majority of 10 officials
.
who had penciled in at least
three cuts this year, versus the
nine who saw two or fewer cuts
as likely to be appropriate un-
der the most likely forecast for
the economy.
Mester said she was in no
hurry to cut rates and contin-
ued to see lowering them too
soon as a bigger risk than wait-
ing too long. She said she
thought it wasn’t likely officials
would have enough data to sup-
port a rate cut at their next
meeting, April 30-May 1.
Mester told reporters she
had revised higher her projec-
tion for where the Fed’s bench-
mark short-term rate would
settle out over the long run. For
several years, Mester said she
had projected that the federal-
funds rate would run at 2.5%
during periods when inflation
was at the Fed’s target and the
economy required neither stim-
ulus nor restraint.
But Mester said she revised
that projection to 3% in March
after concluding that the inter-
est rate required to balance sav-
ings and investment would be
higher in the years ahead, in
part because of a possible in-
crease in productivity.
Mester is set to retire at the
end of June, meaning she is ex-
pected to serve at only two
more Fed meetings.
CORRECTIONS 
AMPLIFICATIONS
Discord said users will be
able to turn off some person-
alized ads, but they still might
see ads elsewhere on the plat-
form. A Business News article
on Monday about the social-
media company incorrectly
said users could turn off ads,
based on incorrect informa-
tion from the company.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
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THE WALL STREET JOURNAL. Wednesday, April 3, 2024 | A3

U.S. NEWS

Eclipse Viewers Brace for a Slow Drive

With millions living
in or near totality Tips If You’re
zone, traffic should Planning
be heavy next week A Road Trip
• Arrive early, stay
BY ALLISON POHLE late. If you must leave
AND ELIZABETH FINDELL after totality, transpor-
tation officials advise
There’s little precedent for waiting several hours
the car traffic expected before beginning your
around this year’s total solar return journey.
eclipse. • Plan ahead. Make
“Imagine the largest public sure you fill up on gas,
event you’ve ever been to, a and bring water, food
fireworks show or right after and even a paper map.
the Blue Angels fly at an air • Don’t stop on the in-
show and everyone tries to terstate. If you get held
leave at once, but it’s thou- up in traffic on the way
sands of times worse,” says to the eclipse, stopping
Russ Miller, a California store on the highway isn’t a
manager who says he spent safe option.
MARIO ANZUONI/REUTERS (TOP), TONY GUTIERREZ/ASSOCIATED PRESS (BOTTOM LEFT), OREGON STATE POLICE/ASSOCIATED PRESS (BOTTOM RIGHT)

16 hours in traffic from Ore- • Consider spending

gon to northern California af- the night. After he
ter the 2017 total solar spent nine hours making
eclipse. what was typically a
About 32 million people 4½-hour drive in 2017,
live in the roughly 115-mile- Kyle Smith decided to
wide path of totality—when book an Airbnb in Elli-
the moon entirely blocks the cottville, N.Y., this year.
sun. An additional 150 million • Try two wheels. If
people live within 200 miles, you’re near the path of
according to geographer Mi- totality and have a bike,
chael Zeiler of GreatAmeri- consider cycling in.
canEclipse.com, an informa-
tion site.
Government officials and
former eclipse-goers expect plans to drive more than
the most traffic next Monday 2,000 miles to spend this
after totality, when nearly ev- year’s eclipse in Texas’ Hill

.
eryone attempts to leave at Country at the Bluebonnet
the same time. Just how Eclipse Festival. He initially

ly
many visitors each area gets booked a campsite that re-
will depend on the weather quired him to leave Monday
forecast and cloud cover. night, so he moved to an RV
State transportation and
emergency-management offi-
cials have spent more than
two years holding regular
on park that let him reserve a
spot through Tuesday—no
post-totality driving required.
Many Texas counties along
calls to prepare. the path pre-emptively de-
us ,

In Indiana, officials say it’s clared states of emergency for

l

as if the Indy 500, which the eclipse. That allows them

e
al a

draws over 300,000 people, to track big events, imple-

were taking place in three lo- ment burn bans and poten-
cations across the state. In tially receive reimbursement
ci on

Vermont, the only point of should a real crisis arise.

reference is a 2004 Phish con- The 2017 total solar eclipse drew large crowds in places like Los Angeles, top, as did an event two days before the eclipse in Some schools will also close
cert that brought 60,000 peo- Prineville, Ore., above right. Above left, a countdown to the eclipse was seen in Addison, Texas, last month. to allow children to watch
ple to a rural area—and the with their families.
state could get more than cials consulted with agencies An estimated 32 million people live along the path of totality of ing for day-trippers from cit- Hays County, which in-
er s

double that. Some Texas in states where traffic backed
towns expect to see their up after the 2017 event. This
m er
the April 8 eclipse, whose duration will last more than 3 minutes ies like Houston, which is cludes the popular Hill Coun-
in the U.S. Path
ath of total
otal eclipse
ipse
about 150 miles from the to- try tourist towns of Wimberly

population triple. year across Ohio, where the tality zone. and Dripping Springs, has
Dawn DuPriest was still path of totality stretches from “If even 1% of that popula- been meeting with emergency
packing up her family’s Dayton to Cleveland, road CCAN
CAN. tion the weekend before de- management coordinators
camper in 2017 before realiz- crews will carry gas cans to Buffaloo
Buff cides, ‘Hey, let’s go to Austin since last fall. They have cre-
ing they weren’t going any- help anyone out of fuel to 3:18
:18 pp.m.
m. EDT
EDT real quick,’ that could be a ated a website with layered
m rp

where fast. The teacher, from prevent extended delays, says significant amount of people,” maps of roadways, eclipse
Fort Collins, Colo., watched Matt Bruning, an Ohio De- says Hector Nieto, a spokes- viewing areas, RV parks and
Cleveland
the total solar eclipse from partment of Transportation man for Travis County, which urgent-care centers, says
3:14 p.m. EDT
Wyoming’s Glendo State Park spokesman. Indianapolis
IIndia
ndiaa includes Austin. County Judge Ruben Becerra,
with her family and about 30 For Indiana’s state troop- 3:06
3:
:0066 p.m. EDT In Texas, where totality is who oversees the county’s
co Fo

friends. Totality ended around ers, “days off are canceled” set to carve across the center emergency response. The
Little
tle Ro
tl Rock
ock
ckk
noon, and cars immediately next Monday, says Capt. Ron of the state, preparation has county is also uploading that
1:52
1::52
522 p.m.
m. CDT
m CCD
clogged the nearby interstate. Galaviz, a spokesman for the Dallas
Dal
D aallas
la been long under way. information to the transpor-
DuPriest and her family Indiana State Police. Troopers 1:41
1 41
1:4
41 p.m.
p m CDT
DT Much of the impact is ex- tation app Waze, staging tow
had to get back for the start will focus on patrolling inter- MEX.
ME
EX
EX. pected to be felt in central trucks at high-traffic loca-
of school the next day. They states and highways for Austin Texas’ Hill Country, where tions and encouraging gas
finally hit the road at 7 p.m., crashes and stopped cars. Longest 1:36 p.m. CDT eclipse viewing is set to be stations to have extra fuel on
thinking they would let the Vermont interstates don’t duration prime. Its picturesque towns hand, he says.
traffic dissipate. The Google have many exits, says Eric are surrounded by wineries, On top of all those
Maps estimated arrival time Forand, director of Vermont Note: Times for when the city center experiences the start of total eclipse, distilleries and campgrounds, stresses, Becerra has also had
rounded to the nearest minute.
varied greatly and changed Emergency Management. Rest Source: National Aeronautics and Space Administration and the iconic Texas bluebon- to manage warnings from his
repeatedly, unable to give an stops will stay open later Carl Churchill/THE WALL STREET JOURNAL nets are in full bloom. highly superstitious mother,
accurate estimate, she says. than usual to help accommo- Miller, the retail-store who is afraid of the eclipse:
n-

The drive, which would take date drivers from across New In Cleveland, the eclipse Austin, Texas, is hosting the manager who spent hours in a “She says, ‘Don’t go outside!’
just over two hours on a nor- England and Canada. comes just after the city hosts CMT Music Awards the day traffic jam on the West Coast and I say ‘Mom, I’m the direc-
mal day, ended up taking five. Some high-demand spots the NCAA women’s basketball before the eclipse. for the 2017 eclipse, says the tor of emergency manage-
Ohio transportation offi- will already be full of visitors. Final Four starting Friday. The region is also prepar- experience was worth it. He ment. I have to go outside.’”
no

Programs to Speed Florida Abortion Rulings to Play Out in Fall

Entry Into the U.S. BY ELIZA COLLINS
AND LAURA KUSISTO
Matt Grodsky, a Democratic
strategist based in Arizona, a
top political battleground
the campaign manager for Bi-
den’s campaign, said in a memo
that investing in Florida is a
enough to clear the threshold
for amending the state’s consti-
tution. The ballot measure

Are Getting Pricier A pair of decisions by the

BY ALLISON POHLE in recent years. From 2013 to
2023, the number of active
The cost of Global Entry Global Entry members has
and other similar services will grown to 12.3 million from
go up this fall. about 2.2 million, according to
Starting Oct. 1, Global Entry CBP. Some applicants have ex-
fees will increase to $120 from perienced wait times of more
$100. The prices for other pro- than a year for their applica-
grams that allow American tions.
citizens and some others to The cost for TSA PreCheck
take a faster trip into the U.S. won’t be affected by the price
from abroad, Nexus and Sen- increases. New enrollment
tri, will also rise to $120. costs $78 and lets travelers
These are the first fee in- access expedited screening
creases in more than 15 years, lanes on the way to their de-
according to U.S. Customs and parting flights.
Border Protection, which runs Global Entry includes Pre-
the programs. It said the price Check’s benefits.
increase was necessary to bet- A smaller number of travel-
ter reflect the cost of manag- ers will be affected by the ris-
ing and running its trusted- ing cost for Nexus and Sentri
traveler programs. applications, which are also
Global Entry offers travel- good for five years once ap-
ers faster processing through proved.
customs and immigration Nexus allows expedited
when they arrive from inter- processing between the U.S.
national destinations. Once and Canada at airports and
approved, it is good for five border ports of entry. Applica-
years. tions for this program previ-
In exchange for this expe- ously cost $50.
dited entry, applicants agree Sentri allows for expedited
to a background check. clearance at southern land-
A record number of people border ports. The prior pric-
have applied for the program ing structure was a la carte.
Florida Supreme Court are
poised to help Democrats keep
abortion rights top of mind for
voters heading into November,
when the party will try to hold
on to the White House, its nar-
row Senate majority and retake
the House.
On Monday, the state’s high-
est court issued a ruling that
clears the way for a ban on
abortion after six weeks of
pregnancy to take effect next
month. In a separate decision,
the state court approved a bal-
lot measure that, if successful
this fall, would undo that ruling
and restore the broad abortion
access the state had before the
U.S. Supreme Court overturned
Roe v. Wade in June 2022.
Florida isn’t considered one
of the top presidential battle-
ground states this fall, but it
does have a Senate race and a
handful of congressional races
that could become competitive.
And it will give Democrats na-
tionally a chance to elevate an
issue where they have a politi-
cal advantage over Republicans,
who have hoped to keep the
public focused on the economy,
immigration and President Bi-
den’s general fitness for office.
“People see this as a positive
reason to go out and vote, and
it gives energy to people,” said
where abortion is also expected
to be a major issue.
Since Roe fell, abortion-
rights advocates have had
seven straight referendum vic-
tories. And Democratic candi-
dates for governor, Congress
and state legislative contests
have successfully campaigned
in opposition to abortion re-
strictions.
Grodsky said support for
abortion access crosses party
lines, but Democrats would still
need to cam-
paign hard to
convince voters
that Democratic Abortion-rights
candidates advocates have
would be the
ones to protect had seven
abortion access.
Biden has
referendum wins
fallen behind since Roe fell.
former Presi-
dent Donald
Trump in most
polls, including a Wall Street
Journal poll from February, in
their rematch later this year.
But that same poll, in which
voters held a dim view of his
stewardship of the economy
and expressed concerns about
his age, found 60% of voters
said abortion should be legal in
all or most cases.
After the twin rulings Mon-
day, Julie Chavez Rodriguez,
potential pathway to Biden’s
re-election, without detailing
how it would spend there. She
said the GOP “attacks on repro-
ductive freedom will help mobi-
lize and expand the electorate
in the state.”
Trump has urged Republi-
cans to take a less restrictive
approach after abortion bans,
which passed in the aftermath
of the overturning of Roe,
helped field Democratic wins.
He recently said he is nearing a
decision on a
stance on fed-
eral abortion
limits that he
hopes will be
seen as a mid-
dle ground. At
the same time,
he has taken
credit for nomi-
nating the con-
servative Su-
preme Court
justices who eliminated the
constitutional right to abortion.
“President Trump supports
preserving life but has also
made clear that he supports
states’ rights,” Brian Hughes, a
Trump campaign senior ad-
viser, said in a statement after
the ruling.
Early polling has shown that
more than 60% of Floridians
support the amendment—
would render the six-week ban
unconstitutional.
Florida joins a group of at
least half-a-dozen states where
abortion-rights proponents are
trying to get measures on the
ballot that would expand or
protect access to the proce-
dure, including Arizona and
Nevada, which are both major
presidential and Senate battle-
grounds and have competitive
House races.
Once seen as a political bat-
tleground, Florida has moved
away from Democrats. Trump
won the state by 3 percentage
points in 2020. Florida Gov.
Ron DeSantis, a Republican,
won his re-election by 19 per-
centage points in 2022. Demo-
crats see Florida’s Senate seat
as one of their few pickup op-
portunities on a national map
that favors Republicans,
though political observers say
Republican Sen. Rick Scott has
a clear edge.
Some Republicans have ac-
knowledged the issue has bene-
fited Democrats and urged
their party to change the way
they talk about it. They need to
“recognize the political liability
of bans and accept the idea of
abortion limits because people
are going to be much more
open to that,” Republican strat-
egist Alice Stewart said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Wednesday, April 3, 2024
Trump Has
Poll Lead in
Key States
Continued from Page One
hopes of victory.
Two more states are viewed
as in play: Nevada, which Bi-
den won but where Democratic
margins have narrowed, and
North Carolina, the state that
backed Trump by the slimmest
margin in 2020.
Both campaigns will spend
hundreds of millions of dollars
on advertising and turnout ef-
forts in these seven states,
which account for 93 electoral
votes out of the 270 needed to
win. The Journal will focus on
these swing states in articles
over the coming months.
In every state in the survey,
negative views of the presi-
dent’s job performance out-
weigh positive views by 16 per-
centage points or more. By
contrast, Trump earns an un-
favorable job review for his
time in the White House in
only a single state—Arizona—
where negative marks out-
weigh positive ones by 1 per-
centage point.
Negative image
Both candidates carry a tar-
nished image into the race, but
voters view Biden more unfa-
vorably. Asked to choose which
candidate has the better physi-
cal and mental fitness to han-
dle the White House, 48% pick
Trump and 28% say Biden. One
result is that Biden is having a
harder time holding together
his 2020 coalition, with declin-
ing support among Black, His-
panic and young voters.
The survey, conducted
March 17-24, included 4,200
voters reached by phone and
text—600 voters in each of the
seven states. The margin of er-
ror was plus or minus 1.5 per-
centage points for the full sam-
ple and 4 points for results in
individual states.
The poll offers several pos-
sible routes for the president
to regain ground with voters.
Trump holds double-digit
leads in every state when vot-
ers are asked who can best
handle the economy, inflation
and immigration, but Biden is
viewed as the preferable candi-
date on abortion, an issue that
some voters consider make-or-
break in deciding their candi-
date choice. The Biden cam-
paign is expected to stress
Trump’s role in nominating
Supreme Court justices who
ended federal abortion rights
and opened the path to state-
level restrictions.
Another opportunity for Bi-
den is that the electorate is
highly unsettled. About a quar-
ter of voters are either unde-
cided or back third-party and
independent candidates such
as Robert F. Kennedy Jr., the
environmental lawyer and an-
tivaccine activist, a likely sig-
no
Experience a city full of flavors
and cultures. A city where you
can be yourself and belong to
something bigger.
When you’re in Houston,
you’re one of us.
If the 2024 general election
for president were held today,
for whom would you vote?
Arizona +5 Trump
Trump
Biden 42%
47%
Michigan +3 Trump
48
45
Nevada +4 Trump
48
44
Source: Wall Street Journal poll of 600 registered voters in each state conducted March 17-24;
margin of error: +/–4 pct. pts.
The voters most up for grabs view Biden, Trump and the
economy more unfavorably than do voters overall.
Views of the economy…
Excellent/good All voters
Persuadables
Not so good/
poor
Share with unfavorable views of…
Biden
Trump
Note: Persuadable voters are those who are undecided; pick a third-party or independent candidate; or who say their vote for Trump or Biden is likely but not definite.
Source: Wall Street Journal poll of 4,200 registered voters in seven states conducted March 17-24; margin of error: +/–1.5 pct. pts.
nal that many voters haven’t
decided on a candidate and
could ultimately swing behind
the president.
“Don’t look at these people
as excited by third-party candi-
dates.…They are saying, ‘I’m
toying with some other options
because I don’t like the options
I’ve been given,’” said Michael
on
Bocian, a Democratic pollster
us ,
who conducted the survey
l
along with the firm of Tony
e
al a
Fabrizio, a Republican. Past
polling and election results
suggest that most of these vot-
ci on
ers will back a major-party
nominee as they hear more
from the candidates.
Voters could also be influ-
enced by developments such
er s
as the April 15 start of
Trump’s trial in New York on
m er
felony hush-money charges,
the first of what could be mul-
tiple criminal trials that the
former president faces. Previ-
ous Journal polling and sur-
m rp
veys of GOP primary voters
have found some Trump sup-
porters saying they would
change their votes if he were
convicted of a felony. Trump,
co Fo
the presumptive GOP nominee,
has denied wrongdoing.
The latest poll finds that
voters in the swing states are
more focused on the economy
than are voters nationwide.
Some 35% cite the economy
and inflation as the issues most
important to their vote, com-
pared with 19% in the Journal’s
national survey in February.
They are also a bit more pessi-
mistic about it. Only 25% say
n-
the economy has gotten better
P W L C 10 11
Georgia
Trump
Biden
+1 Trump
North Carolina
Pennsylvania +3 Trump
Wisconsin
36%
24%
59%
52
61
Many Voters Are Up for Grabs
Wall Street Journal poll-
sters consider voters who
back third-party and inde-
pendent candidates to be
persuadable and potentially
open to backing either
Donald Trump or President
Biden. When combined
with undecided voters or
those who say they are
likely, but not definitely,
backing Trump or Biden,
they form a substantial
block of up-for-grabs vot-
ers: nearly one-third of the
battleground-state elector-
ate, a larger share than the
28% the Journal found in
its February poll of voters
in the last two years, compared
with 31% in the national poll.
Economic split
But the survey also found
an unusual dynamic: Voters
say the national economy is in
bad shape but that conditions
in their home states are gener-
ally good.
In North Carolina, for exam-
ple, voters describe the na-
tional economy in negative
rather than positive terms by
66% to 33%. Yet those numbers
are reversed when asked to
rate the state’s economy. In
Wisconsin, negative views of
the national economy outweigh
positive ones by 16 points,
12 H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
44
43
Between Trump and Biden, who is best able to handle
each of the following?
+6 Trump
Trump
54%
43
49
Biden
34
47
44
Tied
46
The economy Immigration &
46 border security
Source: Wall Street Journal poll of 2,100 registered voters conducted March 17-24;
margin of error: +/–2.1 pct. pts.
Racial/ethnic composition
All voters
White
Persuadables
14
Black
63
9
74 Hispanic
14
Age
18-39
67%
40 and over
nationwide.
These voters are partic-
ularly unhappy with the
course of the nation and
sour on their political op-
tions. Some 74% rate the
economy as poor or not so
good. Some 67% view Bi-
den unfavorably, and 61%
hold a negative view of
Trump.
The up-for-grabs voters
are also disproportionately
young and from racial and
ethnic minority groups—
one reason that Biden ap-
pears to be underperform-
ing his 2020 support levels
among those groups.
while positive views of the
state economy outweigh nega-
tive ones by 17 points.
Similarly, voters in the sur-
vey view their own finances in
far less dire terms than the
economic prospects of Ameri-
cans more broadly. Some 68%
in the survey said it was be-
coming harder for the average
person to get ahead, compared
with 26% who said it was get-
ting easier—a 42-point gap.
But 46% said their own fi-
nances were moving in the
right direction, just 3 points
fewer than who said their fi-
nances were going in the
wrong direction.
Fabrizio, the Republican
pollster, said a main finding of
7 8 9 O I X X THE WALL STREET JOURNAL.
52%
45%
48%
32 33
28
Abortion Mental & physical
fitness needed to
be president
70%
58%
18
31%
43%
66
53
the poll was that battleground-
state voters feel a pervasive
sense of “economic mal-
ly
aise…like a wet blanket that
sits over everything,” which
has weighed down views of
the president’s performance.
Fabrizio, who worked for a
pro-Trump super PAC at the
time the survey was con-
ducted, has since joined the
Trump campaign.
Bocian said it was a problem
for Biden that he isn’t getting
credit for positive feelings
about battleground-state econ-
omies. “Whether they can take
advantage of that opportu-
nity—not make people feel ev-
erything’s going great, but bet-
ter than they’re currently
feeling—I think is a big chal-
lenge in front of them,” he said.
In another challenge for Bi-
den, the survey found signs
that he has yet to consolidate
the winning coalition that
backed him in 2020. Across the
seven states, Biden is winning
68% of Black voters, as well as
48% of Hispanic voters and
50% voters under age 30 on
the two-candidate ballot.
Those support levels are al-
most identical to the backing
Biden had in the Journal’s Feb-
ruary poll of the national voter
pool and are far weaker than
what he won in 2020. Nation-
wide, Biden that year carried
91% of Black voters, 63% of
Hispanic voters and 61% of vot-
ers under 30, as recorded by
AP VoteCast, a large poll of the
electorate that year.
Corrine Armstrong, 43 years
old, a manager in the health-
VisitHouston.com
care sector from Savannah,
Ga., remains uncommitted to
Biden after backing him in
2020. She has ruled out voting
for Trump. “Being an African
American and a woman, I think
he spews a lot of hatred, and I
don’t see good coming from
him,’’ she said. And she said
her personal finances are fine.
She just feels disappointed in
the president.
By contrast, Mark Erichsen,
67, a retired tax accountant in
Farmington Hills, Mich., has
ruled out backing Biden, saying
the president has failed to stop
illegal immigration and is mis-
guided in pushing for electric
vehicles, among other policies.
“Trump—he’s not somebody
you’re going to point to and
say, ‘That’s how you should live
your life.’ But his policies made
sense,’” said Erichsen, who has
voted for candidates from both
parties. He said he supported
Trump’s efforts to stop illegal
immigration, boost energy ex-
traction and limit China’s role
in the U.S. economy.
While Trump leads in most
swing states, the survey found
that the political terrain varied
among them.
Voters in Nevada were the
least motivated to cast ballots
this year, with 62% rating
themselves as highly moti-
vated, compared with 69%
across the seven states. Michi-
gan voters were the most dis-
satisfied with their state’s
economy. Voters in Arizona
were most worried about im-
migration and border security,
with 80% saying that develop-
.
ments were headed in the
wrong direction.
Kennedy’s pull
Third-party and independent
candidates represent an unpre-
dictable element in the election,
drawing 15% across all of the
swing states. That includes 11%
who back Kennedy, whose sup-
port grows as high as 15% in
Nevada and 13% in Arizona. An
additional 10% are undecided
across all seven states.
Kennedy, the nephew of the
late President John F. Kennedy
and son of the late senator and
attorney general, holds views
that defy easy categorization, a
mix of liberal positions on the
environment and skepticism of
vaccines, including claims, dis-
missed by public health ex-
perts, linking childhood vacci-
nations to autism.
He is viewed favorably by
half of all Republican voters
but only one-quarter of Demo-
crats. The Journal’s pollsters
said test ballots in the survey
show that Kennedy draws
more support from voters who
would otherwise back Trump
than who would support Biden.
The other alternative candi-
dates as a group take more
support from Biden.
Their combined effect on
the outcome is hard to deter-
mine, in part because it is un-
clear whether these candidates
can gather the signatures and
meet other requirements
needed to win a place on every
state’s ballot.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, April 3, 2024 | A5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Wednesday, April 3, 2024
Biden’s Mideast Stance Angers Both Sides
BY SABRINA SIDDIQUI
AND VIVIAN SALAMA
WASHINGTON—The Israeli
strike that killed seven aid
workers in Gaza is the latest
example of a persistent politi-
cal problem for President Bi-
den: His approach to the Is-
rael-Hamas war has left him
squeezed on both sides.
The deadly attack late Mon-
day on the World Central
Kitchen workers, which Israel
called an accident, sparked an
outcry from progressive Demo-
crats in Congress, who have re-
newed calls for a cease-fire
and to suspend U.S. aid to Is-
rael. It also cast a cloud over
Biden’s event at the White
House on Tuesday, when he
commemorated the holy month
of Ramadan with Muslim and
Arab-American leaders.
Dr. Thaer Ahmad told The
Wall Street Journal he spoke
at the event of his experience
volunteering at a Gaza hospital
in January where families and
A containership, with a crew still aboard, remains entangled in the Baltimore bridge wreckage.
no
children were taking shelter.
He said he told the president
how the hospital was evacu-
ated following a raid by Israeli
forces and rendered defunct.
“I basically pleaded that
the United States needs to in-
tervene,” Ahmad said. “And
then I just said: I’m the only
Palestinian-American here,
and I cannot in good con-
science also sit here while all
of this is taking place.”
Ahmad said Biden re-
sponded by saying, “I under-
stand.” Before he left, Ahmad
said he handed Biden a letter
written by an 8-year-old girl
in Gaza who lost her par-
ents in an Israeli airstrike.
A White House official
didn’t comment on Ahmad’s
account of the event but said
Biden “will continue to engage
with Muslim and Arab-Ameri-
can communities and listen to
the voices of all impacted by
this conflict.”
Some Muslim leaders de-
clined invitations to attend,
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
* **** THE WALL STREET JOURNAL.
U.S. NEWS
the White House determining
who it wants to invite.”
On the flip side, Biden in re-
cent months has grown more
publicly critical of Israel’s op-
erations in Gaza. The president
called for a temporary cease-
fire to let more aid into Gaza—
and to free hostages still being
JOSE LUIS MAGANA/ASSOCIATED PRESS
held by Hamas following the
Oct. 7 attacks.
The president’s tougher
rhetoric toward Israel risks
alienating Jewish Americans
who support Israel’s offensive
and believe the president is ac-
quiescing to political pressure
from within his own party.
Pro-Palestinian protesters near the White House on Tuesday. “Polarization on these is-
sues between these communi-
citing their continuing frus- famine in Palestine enabled ties is getting deeper,” said
tration with the Biden admin- with [U.S.] support,” Wa’el Jeremy Ben-Ami, the president
istration’s unconditional aid to Alzayat, the chief executive of of J Street, a liberal Jewish
Israel. Some activists were Emgage, a group that seeks to lobby organization. “Both sides
calling on others to boycott turn out Muslim voters, said of deserve to have their rights
the event, and a protest was his decision to turn down an and security and ultimately
held outside the White House. invite. “While we welcome en- their freedom—that’s what the
“Our organization did not gagement, we need the commu- administration is trying to
feel that it’s appropriate to nity to select its own qualified do—build a path towards that,
break bread while there’s a representatives rather than just and that’s not easy.”
U.S.WATCH
BALTIMORE SEVERE WEATHER
Channels Open to Punishing Storms
Bypass Wreckage Hit Several States
Crews opened a second Thousands of homes and
temporary channel allowing a businesses were without
limited amount of marine power Tuesday as severe
ly
traffic to bypass the wreck- weather roared through sev-
age of Baltimore’s collapsed eral states, causing at least
Francis Scott Key Bridge, one death and spawning pos-
which has blocked the port’s sible tornadoes.
main shipping channel since
its destruction a week ago.
Work is ongoing to open a
third channel that will allow
In West Virginia, about
140,000 customers were with-
out electricity Tuesday after-
noon, or about 14% of all cus-
larger vessels to pass tomers tracked in the state by
through the bottleneck, offi- poweroutage.us.
cials said Tuesday. The chan- Northeastern Oklahoma
CHIP SOMODEVILLA/GETTY IMAGES
nels are open primarily to was hit with a strong weather
vessels that are helping with system containing heavy rains
the cleanup effort after a that produced three suspected
containership lost power and tornadoes. The storms were
crashed into a bridge column. blamed for the death of a 46-
The ship remains station- year-old homeless woman in
ary, and its 21 crew members Tulsa who died inside a drain-
are still on board for now. age pipe, police said.
—Associated Press —Associated Press
#Dadication
fatherhood.gov
Last week, leaders from the
Jewish Federations of North
America voiced concern in a
meeting with White House and
National Security Council offi-
cials that the administration’s
rhetoric criticizing Israel was
endangering Jewish people in
America, according to a person
familiar with the matter. Ad-
ministration officials pushed
back by noting that the level
of civilian casualties in Israel’s
offensive wasn’t helping mat-
ters, the person said. A repre-
sentative for the Jewish Feder-
ations declined to comment.
Some senior aides to the
president have become in-
creasingly worried that his
support for Israel’s war effort
will cost him votes in Novem-
ber. A Wall Street Journal poll
in late February found 60% of
voters disapprove of Biden’s
handling of the war, 8 points
more than in December, with
31% approving of his actions.
—Annie Linskey
contributed to this article.
TEXAS
Uvalde Mayor
Steps Down
Uvalde Mayor Cody Smith
resigned effective immedi-
.
ately, vacating his post the
same week the police chief of
the small Texas city is ex-
pected to depart, two years
after one of deadliest school
shootings in U.S. history.
Smith said he needed to
focus on his health and cited
his recovery from recent “un-
expected health issues.”
The decision comes weeks
after an independent report
commissioned by the city de-
fended the actions of local of-
ficers in the botched response
by nearly 400 local, state and
federal law-enforcement offi-
cials to the May 2022 Robb El-
ementary School shooting that
left 21 people dead.
—Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Wednesday, April 3, 2024 | A7

WORLD NEWS
Airstrike in Syria Raises Regional Risk
Assault, allegedly
carried out by Israel,
killed top Iranian
military officials
FARS NEWS AGENCY/ZUMA PRESS

BY JARED MALSIN
AND BENOIT FAUCON

ISTANBUL—The airstrike
that killed top Iranian military
officials in Syria on Monday
threatened to put Israel into
open conflict with Iran, illus- Gen. Mohammad Reza
trating how the countries’ long- Zahedi was killed on Monday.
simmering shadow war has en-
tered a dangerous new phase. war against Tehran-backed
Iran’s supreme leader, Aya- Hamas in Gaza drags on.
LOUAI BESHARA/AGENCE FRANCE-PRESSE/GETTY IMAGES

tollah Ali Khamenei, and Presi- “We are in a multifront war,

dent Ebrahim Raisi vowed on offensively and defensively,”
Tuesday to respond to the at- Israeli Defense Minister Yoav
tack, which Syria and Iran said Gallant said on Tuesday. “We
hit an Iranian consulate. Israel have evidence of this every
didn’t confirm or deny respon- day, including in recent days,
sibility for a strike that Israeli and are acting everywhere and
analysts said took the coun- every day to prevent the
try’s covert military campaign strengthening of our enemies.”
against Iran and its allies to The United Nations Security
another level, because of the Council decided to hold an
diplomatic target and the Ira- emergency meeting on Tuesday
nian leaders who were killed. to discuss the Damascus attack,
After nearly six months of as governments around the Workers search the rubble of a building connected to the Iranian Embassy a day after Monday’s airstrike in Damascus.
war in Gaza and violent conflict world condemned an attack on
with the Iran-backed Lebanese a diplomatic facility. Diplomatic without engaging in a direct
militia Hezbollah, Israel ap- installations have protected confrontation with either one.
pears determined to roll back status under international law, Tehran Vows to Respond, but Doesn’t Indicate How These militias have taken
Iranian military influence in including the Vienna Conven- an increasingly central role in
neighboring countries despite tion of 1961 that says consular Where the conflict goes ways that could provoke a Iran is wary of going to full- the wider crisis resulting from
the risk that its aggressive new premises are inviolable. from here depends on how direct Israeli strike on its scale war with Israel, which the Gaza war, with militant

.
approach could trigger a An Israeli military spokes- and whether Iran decides domestic facilities, espe- could draw in the U.S. groups in Iraq and Syria claim-
broader regional escalation. man said that, according to Is- ing attacks on Israel. Yemen’s

ly
to respond. President Ebra- cially its nuclear program, In a letter to the Security
“It’s a very interesting raeli intelligence, the building him Raisi said the attack an Iranian official and an Council late Monday, Iran Houthi rebels, another Iran-
threshold that was crossed,” a hit in Damascus wasn’t a diplo- “will not go unanswered,” Islamic Revolutionary said it would take a “decisive aligned group, have disrupted
senior Israeli military official matic facility, but a building while Iran’s supreme leader, Guard Corps adviser said. response” to the attack but global trade patterns by tar-
said of the Damascus strike.
“It sends a clear message that
we know exactly where you
guys are. Which is good. It
that the Quds Force uses and is
disguised as a civilian site.
Television footage and images
of the aftermath of the attack
on Ayatollah Ali Khamenei,
said Israel would “regret
this crime.”
Iran won’t escalate in
Iran won’t publicly take
responsibility for any violent
retaliation, the adviser said.
Security analysts said
in line with international
laws, according to a copy of
the letter seen by The Wall
Street Journal.
geting ships in the Red Sea in
response to the war in Gaza.
In a separate sign of the
risk of a regional escalation,
will make it harder for them showed heavy damage to a U.S. forces shot down a drone
us ,

to move around.” building labeled as the consular that approached the American
l

Israel has conducted hun- section of the Iranian Embassy. military base at al-Tanf in
e
al a

dreds of airstrikes against Iran The Iranian foreign ministry highest-profile killings of Is- Hezbollah. Iran says it sup- The death toll rose to 13 on eastern Syria, a defense official
and its network of militia al- on Tuesday said the strike hit lamic Revolutionary Guard ports groups like Hezbollah Tuesday, according to Iranian said. The attack, which caused
lies in Syria and throughout a “known diplomatic location” Corps leadership in years, tar- and Hamas that it views as re- state TV, which cited Iran’s no injuries or damage, was the
ci on

the Middle East in recent and killed a number of Iran’s geting Gen. Mohammad Reza sisting Israel and its occupa- ambassador to Syria. first since the U.S. launched
years, a campaign that Israel military advisers it said had Zahedi, a senior leader of the tion over Palestinians. Through the Revolutionary strikes on Iran-backed militias
rarely acknowledges but has diplomatic immunity, while Quds Force in Syria and Leba- The strike also killed sev- Guard and its elite Quds Force, in Syria and Iraq in February.
long been an open secret. Now, they were preparing to break non, who had been under U.S. eral senior members of the Tehran has built up an array of —Aresu Eqbali, Dov Lieber,
Israel and Iran are closer to a the daily fast during the Mus- sanctions for his alleged role IRGC’s leadership responsible militias across the region that Sune Engel Rasmussen
er s

direct clash than they have lim holy month of Ramadan. in supporting terrorism, in- for covert Iranian militant ac- can strike more-powerful ad- and Carrie Keller-Lynn
been in years, even as Israel’s The strike was one of the cluding smuggling weapons to tivity in Syria and Lebanon. versaries like the U.S. and Israel contributed to this article.
m er

Backlash
m rp

Grows After
Gaza Attack
WORLD CENTRAL KITCHEN/REUTERS (2)

co Fo

Continued from Page One

message on X. “We are in
touch with governments and
we’ll do everything so that this
doesn’t happen again.”
Defense Minister Yoav Gal-
lant launched an inquiry into
the killings and said the mili- World Central Kitchen workers Damian Soból and Lalzawmi
tary would set up direct coor- ‘Zomi’ Frankcom were among those killed in Gaza attack.
dination between the Israel
Defense Forces and interna- zones like the Gaza Strip, the humanitarian aid, stop killing
n-

tional aid organizations. United Nations and other aid civilians and aid workers, and
World Central Kitchen iden- groups voluntarily share the stop using food as a weapon.
tified those killed in the attack locations of their offices, ware- No more innocent lives lost.”
as Saifeddin Issam Ayad Abu- houses and other premises Israel denies using food as a
no

taha, 25 years old, from the with the warring parties to weapon and said it is con-
Palestinian territories; La- carve out safe zones and avoid stantly trying to ease the flow
lzawmi “Zomi” Frankcom, 43, getting hit by mistake. of aid into Gaza. The amount
of Australia; Damian Soból, 35, In some cases, they also co- of aid that has been entering
of Poland; Jacob Flickinger, 33, ordinate on their movements, Gaza since Israel launched its
of the U.S. and Canada; and such as on aid-delivery mis- war against Hamas there has
John Chapman, 57, James “Jim” sions, to avoid being caught in been vastly inferior to the ba-
Henderson, 33, and James fighting. In Gaza, this is stan- sic needs of the enclave’s 2.2
Kirby, 47, all from the UK.
Monday’s incident unfolded
after a convoy of ships orga-
dard practice by all humanitar-
ian groups. Missions to north-
ern Gaza, deemed especially
million residents, humanitar-
ian groups said.
More than one million peo-
MARINE MAJESTY
nized by World Central high-risk, require approval from ple are estimated to be starv- NATURAL SPINEL RING
Kitchen that departed from Cogat, the Israeli military body ing in Gaza as a result of the
Cyprus over the weekend had coordinating aid in the terri- war Israel launched against Rare gemstone. Remarkable hue. Nature made.
begun to unload some 400 tory. It denies most requests. Hamas in response to the Oct.
tons of food in Gaza. Even so, humanitarian 7 attacks, which Israeli author- A rich ocean blue spinel weighing an
The aid organization said buildings and convoys have ities say killed 1,200 people, impressive 5.34 carats shines at the center of
its workers—who were travel- been hit multiple times in mostly civilians. this statement ring. Certified by the GIA, the
ing in two armored cars Gaza. It isn’t clear why the so- Competing political agen- gemstone’s vibrant blue hue is completely
branded with the group’s logo, called deconfliction mechanism das and conflicting war aims natural and one of the rarest, most coveted
and a third vehicle—were hit has repeatedly failed to keep have pushed the relationship hue variations. Highly desirable due to
as they left a warehouse in the aid workers safe. The U.N. has between Netanyahu and Biden
central Gaza city of Deir al- largely halted aid missions to toward rupture. Biden has
their incredible brilliance, untreated spinels
Balah, where they had depos- the north since early February, pressed for more humanitar- are exceptional treasures. Set in platinum
ited food from the ships. One after Israeli navy fire struck an ian aid into Gaza, withheld with white diamond accents. #31-7433
of the vehicles had a hole torn aid convoy while it waited to support for a planned Israeli
through its roof; another ap- cross a checkpoint inside Gaza. operation in the southern city
peared entirely burned out. The Israeli military said its of Rafah and left open the Scan to learn more
The Washington-based char- forces were targeting Hamas possibility of withholding about this ring
ity said its staff had coordi- infrastructure and that it would some U.S. weapons deliveries
nated their movements ahead learn lessons from the incident. unless Israel takes further
of time with the Israeli mili- “This is not an isolated inci- steps to protect civilians.
tary, which it said had con- dent,” said Jamie McGoldrick, He has made clear, however,
ducted a “targeted attack.” the U.N. humanitarian coordi- that the U.S. would never aban-
A World Central Kitchen nator for the occupied Palestin- don Israel.
spokeswoman said the ships ian territory, referring to Mon- —David Winning,
were sent back to Cyprus after day’s strike. Since October, at Drew Hinshaw,
the incident, having unloaded least 196 humanitarian workers Margherita Stancati,
a quarter of the food they have been killed in the Palestin- Carrie Keller-Lynn
were meant to deliver. The ian territories, he said, making and Annie Linskey
group said it had paused its them one of the most danger- contributed to this article.
work across the Middle East, ous places in the world to work. 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • msrau.com
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ing civilians and humanitarian “The Israeli government needs the strike that
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Wednesday, April 3, 2024
Ukrainian Village Digs In for a Long War
Scarred by the killing
of its mayor and her
family, Motyzhyn
struggles to rebuild
BY OKSANA GRYTSENKO
AND JAMES MARSON
MOTYZHYN, Ukraine—Two
years ago, Ukrainian soldiers
who retook this village near
Kyiv from Russia found the
bodies of the mayor, her hus-
band and their son buried in a
shallow grave with bullet holes
EMANUELE SATOLLI FOR THE WALL STREET JOURNAL
in their chests and heads.
These days the front line is
hundreds of miles away, to the
east and south, with the war in
a violent deadlock. But the vil-
lage is adapting for a long war.
The library is sending more
than 10,000 Russian-language
books—the majority of its col-
lection—for pulping. Villagers
evicted a priest tied to the
Russian Orthodox Church and
welcomed a successor from
the independent Orthodox
Church of Ukraine. The school
has equipped an underground
bunker with a stove, benches
and games for children to take
shelter when the air-raid siren
sounds.
While the U.S. and its allies
are dithering over providing
more and better weapons to
Ukraine, villages like this one
are going all in. Having expe-
rienced Russian occupation
that left at least 15 people
dead, including civilians who
were gunned down in their
cars as they tried to
flee, Motyzhyn is bracing for
the long term.
“Putin is choking on
Ukraine, he can’t swallow it,
but Ukraine is bleeding,” said
Tetiana Semenova, deputy
head of the Kyiv Regional
Council and a friend of Moty-
zhyn’s late mayor, Olha
Sukhenko. “We can cope, but
we can’t fight against weap-
ons with sticks.”
Motyzhyn was a prosperous
village of 850 residents lo-
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Mayor Olha Sukhenko, her husband and son were killed
during the Russian invasion. At right, Lidiya and Mykola
Lytvynenko’s daughter was fatally shot by Russian troops.
cated among forests and lakes
about 30 miles west of Kyiv
when Russia invaded in Febru-
ary 2022. In the first days of
the war, the population
swelled as people arrived from
Kyiv hoping the village would
prove safer.
Instead, Russian forces oc-
cupied the village and terror-
ized its population. They fired
on civilians in cars who were
fleeing Motyzhyn and nearby
areas, killing dozens.
Ukrainians in the village
fought to survive and resist.
Sukhenko and her family dis-
on Then, the Russians came
tributed medication and food.
us ,
They also were among many
l
villagers who sent information
e
al a
on the locations of Russian
military positions to Ukrainian
forces.
ci on
Natalia Klymenko, 76 years
old, recalls how she would
share candles and matches
with her neighbors. “The war
united us all,” she said.
er s
m er
m rp
co Fo
   /
n-
WORLD NEWS
EMANUELE SATOLLI FOR THE WALL STREET JOURNAL
Klymenko, a former farm-
worker, used to climb on a
small haystack to count Russian
tanks and report their location
to her son, who was living in a
government-controlled area.
After Ukrainian commandos
ambushed a Russian armored
vehicle and a truck in the vil-
lage, Russian soldiers shot sev-
eral civilians on the streets
who raised their suspicion be-
cause they were wearing black. rifice has been widely recog-
for the Sukhenkos. According
to Ukrainian prosecutors, Rus-
sian soldiers detained
nized. President Volodymyr
Zelensky awarded
Sukhenko a posthumous
Olha
medal for bravery. The main
Sukhenko, her husband, Ihor, street in Motyzhyn now bears
and son, Oleksandr, tortured the family name. Villagers or-
them and then killed them. ganized a soccer competition
When Russian troops fled last summer as a tribute to
at the end of March 2022, Oleksandr, a keen player.
Ukrainian soldiers found a Ukraine’s postal service re-
shallow grave with the bodies leased a stamp with a portrait
of the three Sukhenkos and a of the family.
volunteer who had been bring- A court in nearby Makariv
ing supplies to the village. is hearing a war-crimes case
The Sukhenko family’s sac- against a Russian sergeant ac-
As NATO Turns 75, It Faces
Old Foe and New Squabbles
Sweden recently joined NATO as tensions are rising between the alliance and Russia.
BY DANIEL MICHAELS
BRUSSELS—NATO, fresh
from a bruising fight over
Sweden’s accession, turns 75
on Thursday amid a new spat
over who should next lead the
military alliance.
The dispute casts a shadow
over what was meant as a cel-
ebratory gathering of the
North Atlantic Treaty Organi-
zation’s 32 foreign ministers
this week. It pits early mem-
bers against those that joined
after the Cold War, widening a
rift that emerged with Rus-
sia’s 2022 invasion of Ukraine.
To mark NATO’s anniversary,
U.S. Ambassador to NATO Juli-
anne Smith on Wednesday is
hosting all the foreign ministers
and other dignitaries at her offi-
cial residence outside Brussels.
President Biden in July will
host a summit of all NATO
leaders in Washington, where
the founding treaty was
signed. The pact aimed to de-
fend members against hostility
from Moscow—a task the alli-
ance is assuming once again.
NATO leaders had hoped
this week to resolve the ques-
tion of who will succeed Sec-
retary-General Jens Stolten-
berg when his term ends on
Sept. 30. Stoltenberg, a former
Norwegian prime minister, has
led the alliance since 2014 and
has had his initial four-year
term extended four times.
THE WALL STREET JOURNAL.
cused of taking part in the
torture and murder of the
Sukhenkos.
Motyzhyn, meanwhile, is
rebuilding and preparing for
lengthy resistance against the
Russian invasion.
A few weeks after the Rus-
sians fled, villagers gathered
at the church and unani-
mously voted to evict the
priest linked to the Russian
Orthodox Church and invite a
new one from the independent
Orthodox Church of Ukraine.
One recent Sunday morn-
ing, the Rev. Ilariy, the new
priest, held a service attended
by about 30 villagers.
Inside the church, which is
still scarred with small holes
from shrapnel, stands a me-
morial plaque with 15 names
of people killed in Moty-
zhyn during the occupation.
ly
“You are everywhere where
we are,” the plaque reads.
Among the attendees was
66-year-old Mykola
vynenko, whose daughter
Lyt-
Yaroslava was gunned down
by Russian troops during the
occupation. He and his wife
began regularly attending
church after they lost their
daughter. “God saved me.
Why? I don’t know,” he said.
Like many others, the Lyt-
vynenkos got a free green-
house from the government to
plant some vegetables. “There
Arguments about NATO
leadership highlight a charac-
teristic of the group: It has
very few written rules and op-
erates by consensus, usually
meaning unanimous decisions.
That has often provided flexi-
bility, but occasionally allowed
one member to block action.
When NATO was created as
a loose military alliance among
the U.S., Canada and 10 West-
ern European allies still recov-
ering from World War II, con-
sensus usually meant agreeing
with Washington.
Over the past quarter-cen-
tury NATO has grown to in-
clude 15 nations that during
the Cold War opposed it from
across the Iron Curtain. The
diversity of views that expan-
sion brought has complicated
many decisions.
Moreover, NATO’s selection
process has become more pub-
lic than in the past, when the
alliance had fewer members,
drew less attention and didn’t
figure as largely into interna-
tional politics. Greater scru-
tiny has heightened internal
tensions, officials say.
Ambassador Smith said in
February that members aimed
to select a new secretary-gen-
eral “probably in the first quar-
ter of this calendar year, to the
extent that that’s possible.”
The issue is gaining ur-
gency because alliance leaders
want the succession question
is a quiet life here like it was
before. People work, plant
their gardens,” he said.
But differences are every-
where. Villagers rarely visit
the pine forest where the
Sukhenkos’ bodies were found,
which used to be a picnic spot
and mushroom picking.
One wing of the village
school remains heavily dam-
aged by shelling. Several
rooms were ravaged by fire
and are still out of use. Others
have been renovated.
Near the entrance of the
school stands a display dedi-
cated to soldiers from the vil-
lage fighting in the war, who
total about 80. Residents reg-
ularly collect money and food
parcels to send to the front.
In the first months after
Ukraine retook the village,
children were running or hid-
ing under their desks after
hearing any loud sound, but
they have mostly recovered
from stress, said school prin-
cipal Valeria Moskalenko.
“Our teachers can do every-
thing,” she said. “They are
teachers and psychologists.”
Events in the village con-
cert hall and youth club are on
hold because the building
doesn’t have a bomb shelter.
But an amusement park on
the edge of the village is oper-
ating again.
Ivan Rudiak, a local Ukrai-
.
nian soldier who was military
commandant of Motyzhyn af-
ter it was retaken, said he
can’t bring himself to take his
kids to the park. “Some feel
fear,” he said. “I feel anger.”
While the focus is on re-
building, the past is never far
away. Authorities in December
recovered the bodies of three ci-
vilians likely killed by Russians.
Semenova, the friend of the
late mayor, said she is still in-
spired by the words of Olha
Sukhenko when she would
plead with her to leave the vil-
lage to save herself from the
Russians.
“I can’t leave my people,”
she recalled her friend saying.
JOHN THYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
resolved before the European
Union starts choosing its next
leadership team following Eu-
ropean Parliament elections in
early June. NATO’s chief has
traditionally been a European,
and a fear on both sides of the
Atlantic is that if the post
isn’t filled soon, it will become
an unofficial chit in negotia-
tions over EU top jobs.
An unwritten rule of Euro-
pean politics is that when a
country’s national is selected for
a prominent position, that coun-
try is eliminated from the run-
ning for other high-level slots.
Of NATO’s 32 members, 23 are
in the EU, so if the leadership
competitions coincide, they are
likely to influence each other.
Allies in recent years also
hoped to fill the top post—
which always has been held by
a man—with a woman of high
political stature. Names pub-
licly discussed included Euro-
pean Commission President
Ursula von der Leyen, who is a
former German defense minis-
ter, and Estonian Prime Minis-
ter Kaja Kallas.
Central Europeans have ex-
pressed growing resentment
in recent years over having
been largely overlooked for se-
nior NATO positions, despite
spending proportionally more
on defense than most West
European members.
All secretaries-general have
come from Western Europe.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Biden Warns Xi on Military Aid to Russia
BY MICHAEL R. GORDON
AND ANDREW DUEHREN
In his first call with Chinese
President Xi Jinping since
their November summit, Presi-
dent Biden raised mounting
concerns over Beijing’s sub-
stantial support for Russia’s
defense industry, the White
House said on Tuesday.
China has refrained from
sending lethal weapons for
Russia’s war in Ukraine follow-
ing repeated U.S. warnings
that such a move would pres-
ent a major challenge for rela-
tions between Washington and
TVBS/ASSOCIATED PRESS
A building partially collapsed in Hualien, a city on Taiwan’s east coast. The military was being dispatched to the area to assist with disaster relief.
Strong Earthquake Rocks Eastern Taiwan
A strong earthquake hit
eastern Taiwan on Wednes-
day, the U.S. Geological Survey
and Taiwan’s Central Weather
Administration said, causing
severe damage to several
buildings, including some that
partially collapsed.
By Austin Ramzy
in Hong Kong and
Joyu Wang in Taipei
The quake, which struck just
before 8 a.m. local time, had a
preliminary magnitude of 7.4,
according to USGS. The epicen-
ter was about 11 miles south of
Hualien, a city on Taiwan’s
east coast, the USGS said.
Local media reports and
photos from residents showed
partially collapsed buildings in
Hualien. Authorities said more
than two dozen apartment
towers, houses and other
no
CARLOS LOPEZ/EPA/SHUTTERSTOCK
BE HAPPY IN YOUR WORK: Beekeepers collected honey Tuesday on a farm in Tuxtla Gutiérrez, capital of Mexico’s Chiapas state.
TURKEY
Nightclub Fire Kills
Dozens in Istanbul
A fire engulfed a popular
Istanbul nightclub Tuesday,
trapping workers and em-
ployees inside and killing at
least 29 people, said officials
and reports. Eight people, in-
cluding club managers, were
detained for questioning.
One person was being
treated at a hospital with se-
rious injuries, the Istanbul
* * * * * *
Beijing. But China has found
other ways to strengthen Rus-
sia’s defense capability and in-
directly help Moscow’s mili-
tary campaign in Ukraine, U.S.
officials said.
“As time has gone on, we’ve
really seen the PRC start to
help to rebuild Russia’s de-
fense industrial base,” a senior
Biden administration official
said, using the acronym for
the People’s Republic of
China.
China, the official added,
has been helping to “provide
the components that get
slowly towards increasing
on
us ,
l
e
al a
ci on
er s
buildings were severely dam-
aged, most of them in Hualien,
m er
with an unknown number
trapped inside. They also re-
ported burst water pipes and
loss of electricity in some ar-
eas near the epicenter.
m rp
Taiwan’s President Tsai Ing-
wen’s office said she had dis-
patched the military to the area
to help with disaster relief.
The quake was the stron-
co Fo
gest to strike Taiwan since
1999, according to a search of
the USGS database.
The initial earthquake
Wednesday was followed by
powerful aftershocks of mag-
nitude 6.5 and 5.7, the USGS
said.
Images carried by local me-
dia showed the collapse of a
roadway linking Hualien with
cities to the north of Taiwan.
Hualien, a city of about
n-
100,000 people that sits be-
WORLD WATCH
governor’s office said.
The Masquerade nightclub,
which was closed for renova-
tions, was located on the
ground and basement floors of
a 16-story residential building
on the city’s European side.
Gov. Davut Gul said the
cause of the fire was under
investigation and the victims
were believed to be people
involved in the renovation. A
club official couldn’t be
reached for comment.
—Associated Press
WORLD NEWS
Russia’s capabilities in
Ukraine. And that has, of
course, longer term impacts
on European security.”
Biden raised an array of
other issues in the Tuesday
morning call, which lasted an
hour and 45 minutes, includ-
ing stepping up cooperation
on counternarcotics opera-
tions, continuing military-to-
military consultations to re-
duce the risk of inadvertent
confrontation amid deep dif-
ferences over Taiwan, and the
importance of freedom of nav-
igation in the South China Sea
where China has used aggres-
Hangzhou
East China Sea
CHINA
RYUKYU IS.
(JAPAN)
Fuzhou Naha
Taipei
Hualien City April 3 -
Magnitude 7.4
TAIWAN at 7:58 a.m.
Philippine Sea 100 miles
100 km
Note: Local time for earthquake
Source: U.S. Geological Survey
tween the steep mountains of
Taiwan’s east coast and the
sea, experiences frequent
earthquakes. A magnitude-6.4
earthquake centered in Hualien
in 2018 killed at least 17 people
and left some buildings se-
verely tilted. The city is located
just south of Taroko National
Park, a leading destination for
hiking, with a deep gorge along
FINLAND
Student Kills One
In School Shooting
A student opened fire at a
school just outside Helsinki
Tuesday, killing one classmate
instantly and seriously wound-
ing two others, police said. All
four were 12 years old.
The suspect was detained
less than an hour after the
Viertola school shooting with
a handgun in his possession,
police said. He admitted to
sive tactics against Philippine
vessels.
Biden also discussed U.S.
concerns over TikTok. The
House has passed legislation
that would ban TikTok or
force its sale because of alle-
gations that the social-media
app provides its China-based
owner, ByteDance, with a
means of gathering informa-
tion about the U.S. public and
influencing American opinion.
“The president reiterated
our concerns about the owner-
ship of TikTok,” National Se-
curity Council spokesman
John Kirby said. “He made it
the Liwu River where it cuts
into the mountains.
In 1999, a magnitude-7.6
earthquake in central Taiwan
killed more than 2,400 people
and injured more than 11,000.
It was Taiwan’s deadliest since
a quake in 1935.
The Taiwan Railway Corp.
said that the line between Ji-
aoxi and Fenglin in eastern Tai-
wan was halted and that a
large rockfall was discovered
on the line between the Horen
and Chongde stations, near
Hualien. Taiwan’s high-speed
rail system said about 20 of its
trains were affected, but there
were no reports of damage or
injuries.
The metro system in Taipei,
Taiwan’s capital, said it was
halting operations according
to its standard procedure to
carry out checks of its system.
No problems had been found
the shooting in an initial po-
lice hearing but there was no
word of the motive, they said.
The weapon used in the at-
tack was a registered hand-
gun licensed to a relative of
the suspect, police said.
The minimum age of crimi-
nal liability in Finland is 15
years old, which means the
suspect can’t be formally ar-
rested. Suspects younger
than 15 are handed over to
child-welfare authorities.
—Associated Press
Wednesday, April 3, 2024 | A9
clear to President Xi that this
was not about a ban of the ap-
plication, but rather our inter-
est in divestiture so that the
national security interest and
the data security of the Ameri-
can people can be protected.”
A statement on the call
posted by China’s Foreign
Ministry on Tuesday briefly
mentioned that Xi and Biden
exchanged views on the
Ukraine issue. The statement
also said Xi told Biden that the
bottom line of the bilateral re-
lationship this year is peace
without any conflicts and ri-
valry.
ly
so far, it said.
The Japan Meteorological
Agency issued a tsunami
warning for southern Okinawa
prefecture, the part of Japan
that is closest to Taiwan, im-
mediately after the quake hit.
The tsunami warning was
lifted a few hours later.
The agency said a tsunami
of 30 centimeters, or about 1
foot, was recorded at a small
island close to the epicenter at
9:18 a.m. local time.
No damage or injuries were
immediately reported in
Japan, a Japanese government
spokesman said.
Watch a Video
Scan this code
for a video on
the damage
from the quake
in Taiwan.
The call comes ahead of vis-
its by two senior administra-
tion officials to China. Trea-
sury Secretary Janet Yellen is
expected to travel to China in
the next few days and Secre-
tary of State Antony Blinken is
planning to go to Beijing in
coming weeks, the senior ad-
ministration official said.
Chinese officials have em-
braced Yellen as an American
official who appreciates the
deep economic ties between
the two countries; Yellen will
be the first member of Biden’s
cabinet to travel to China
twice.
Yellen
Takes Trade
Concerns
To China
BY ANDREW DUEHREN
The first time Janet Yellen
went to China, she was im-
pressed.
Then the top economist in
Bill Clinton’s White House, she
saw an economy booming with
.
the support of Western-style
market changes. The growth
was lifting millions out of pov-
erty, and Yellen was eager to
nurture closer ties in the run-
up to Clinton’s state visit to
China in 1998.
Now, as Yellen prepares to
travel to China this week as
President Biden’s Treasury sec-
retary, that optimism has given
way to a sense of alarm. A cas-
cade of inexpensive Chinese
clean-energy goods is driving
down prices on global markets,
threatening to snuff out U.S. ef-
forts to nurture a domestic
clean-energy industry.
In meetings in Guangzhou
and Beijing, Yellen is expected
to tell her Chinese counterparts
to stop relying on exports to
prop up their underperforming
economy and boost their own
consumer market.
“We don’t want to be overly
dependent and they want to
dominate the market,” she said
in an interview. “We’re not go-
ing to let that happen.”
The warning from Yellen is a
sign that the Biden administra-
tion is moving toward raising
Trump-era tariffs on some Chi-
nese products, including electric
vehicles.
The message also would
mark an evolution for Yellen.
Yellen, 77 years old, said the
surge in Chinese exports at the
start of the 21st century
seemed like a positive develop-
ment. But the inexpensive ex-
ports left Americans out of
work and fueled a political
backlash globally.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Wednesday, April 3, 2024
Insults Fly
In Latin
America
Continued from Page One
“Fascist,” López Obrador
shot back.
And Venezuela’s govern-
ment—never apprehensive
about issuing put-downs—had
caustic words for those criticiz-
ing strongman Nicolás Maduro,
who last month blocked popu-
lar opposition figures from
running against him in July’s
presidential election.
“Shove your opinions wher-
ever you can fit them,” Foreign
Minister Yván Gil said, direct-
ing his ire at two normally
friendly presidents, Gustavo
Petro of Colombia and Brazil’s
Luiz Inácio Lula da Silva, after
they weighed in gingerly
against the measure.
Argentina’s Milei, a libertar-
ian economist who’s not one for
speaking softly and carrying a
Factory in
Disarray
Built Jet
Continued from Page One
Tracker, or SAT, reviewed by
The Wall Street Journal. The
SAT is like a factory Slack chan-
nel for fixing a production
problem.
The communications of the
Boeing employees working on
the door plug, previously unre-
ported, help illuminate why it
blew off during an Alaska Air-
lines flight on Jan 5.
The factory was in disarray.
Crews were unable to keep a
schedule and apparently didn’t
follow procedures, and produc-
tion pressure mounted as de-
lays piled up, according to en-
tries in the SAT, people who
have reviewed the logs and in-
terviews with Boeing employees
who worked on the plane.
In their logs, workers ex-
tended 50 times the estimated
time for completing work on
the damaged rivets around the
frame of the door plug. The de-
lays ranged from a half-hour to
days. The work was finally
signed off on and officially com-
pleted by the morning shift on
Sept. 20, after a final quality
check was requested the previ-
ous day, the records show.
The production breakdown
had stunning consequences:
The jet’s door plug blew off in
flight, triggering an explosive
loss of cabin pressure that
risked the lives of passengers
who could have been sucked
out midair. It has sparked fed-
eral probes, including a criminal
investigation, and hastened the
exit of senior leaders including
Chief Executive David Calhoun,
who had vowed to improve Boe-
ing’s safety and quality.
A Boeing spokesman said the
company is prohibited by fed-
no
eral rules from discussing the
investigation and referred to re-
cent remarks by executives that
they will slow down the facto-
ries to focus on quality and will
take new steps to prevent prob-
lems from being pushed down
assembly lines. The company is
in talks with Spirit to acquire
the company in an effort to rein
in the supplier’s quality issues
and also recently changed its
bonus plan for 100,000 workers
to emphasize quality and safety
over meeting financial targets.
“For years, we prioritized
the movement of the airplane
through the factory over getting
it done right,” Brian West, Boe-
ing’s finance chief, said at a re-
cent investor conference.
“That’s got to change. The lead-
ership team got it in the imme-
diate aftermath of January 5.”
The SAT logs show that a fix
for the damaged rivets was in
the works for days, and that
workers had to wade through
layers of management to get
the problem addressed. That
task required opening or re-
moving the door plug, which
was installed in place of an un-
used emergency exit.
The workers discussed what
documentation was required if
they opened or removed the
plug. “If removal needed, a re-
moval needs to be written
first,” one staffer wrote on Sept.
17. Altering airplane parts re-
quires documentation in the
heavily regulated and safety-fo-
cused world of aerospace man-
ufacturing.
No such documentation ap-
pears to exist, however, Boeing
has told U.S. lawmakers and ac-
cident investigators who have
big stick, tends to find himself in
the middle of most every melee.
He has lashed out at leftist op-
ponents in Ar-
gentina as “use-
less parasites”
and “human excre-
ment.” During last year’s presi-
dential campaign, he deployed a
chain saw to show how he’d de-
stroy old institutions.
“This is no time for nice
words and good manners,” he
said.
He displayed that conviction
in an interview this past week
on CNN en Español, calling the
authoritarian leaders of Cuba,
Nicaragua and Venezuela—
countries with no free elec-
tions—“truly despicable” and
Latin America’s worst presi-
dents.
“After them, there are other
cases on the same path, like
Colombia, with Mr. Petro,” said
Milei, entering delicate ground
since Petro was elected in 2022
in a free vote. “You can’t ex-
pect much from someone who
had been a murderous terror-
ist, a communist.”
A member of a leftist rebel
group in his youth, Petro, too,
on
us ,
l
e
al a
ci on
er s
The Boeing 737 MAX, above and right, after it lost
m er
its door plug during a flight on Jan. 5. The Boeing
factory logs kept by employees as they built the jet
help illuminate why the panel blew off in the air.
m rp
since been probing why the
door plug blew off. The National
Transportation Safety Board
has said workers appear to have
failed to replace four critical
co Fo
bolts needed to keep the panel
in place.
The SAT records show a
manager communicated that a
mechanic was opening the door
plug, however.
The NTSB has said investiga-
tors haven’t been able to inter-
view the manager who oversees
the team of Renton employees
responsible for door work. The
safety board has said the man-
ager is out on medical leave.
n-
Starts and stops
When Calhoun, a Boeing di-
rector and former GE executive,
took over as Boeing’s CEO in
January 2020, he promised
change by improving safety and
engineering. “It’s going to last
for a long time, and it’s going to
be healthy,” he told reporters at
the time. Two 737 MAX jets had
crashed, taking 346 lives and
grounding hundreds of Boeing
planes for 20 months.
Then the pandemic
grounded flights and halted fac-
tories at Boeing, rival Airbus
and suppliers such as Spirit. By
2022, they were straining to
meet a surge in demand for
new jets as travel boomed. Boe-
ing hired thousands of new
staff and steadily increased 737
MAX production, and Calhoun
issued financial targets that re-
lied on plans for higher output.
Last year, the factories were
still running with stops and
starts as the company worked
to return to production levels
seen before the MAX crashes.
Monthly deliveries of Boeing’s 737 MAX
50 aircraft
40
30
20
10
0 owned and is in talks to ac-
2021
Source: Boeing
FROM PAGE ONE
Cutting to the chase
has rarely held back against
leaders whose policies he
doesn’t like. He accused El Sal-
vador President Nayib Bukele of
running concentration camps by
jailing thousands of suspected
gang members.
Bukele took the bait with
glee, noting El Salvador’s sharp
decline in homicides and Co-
lombia’s trouble with crime.
And when Petro’s son became
enmeshed in a corruption scan-
dal last year, Bukele responded:
“Everything OK at home?”
Petro and Milei clashed last
year when the Colombian
leader compared Milei to Hitler
and backed his opponent. It
seems Milei hasn’t forgotten.
López Obrador—perhaps
still smarting from when Milei
called the Mexican politician’s
Boeing delivered 580
737s in 2018, the year
of the first crash.
Calhoun was prom-
ising to deliver as many
as 450 737s for 2023.
Through August, Boe-
ing had only delivered
271 of the jets. Airlines
were frustrated and
cutting schedules since
they didn’t get ex-
pected planes.
“Is there pressure?
Yes and no. We’re still
there to do a job,” said
one Boeing veteran
who was involved with
work related to the
door plug on Line No.
8789. “I have a dead-
line every day, my team has a
deadline every day, so if it gets
behind schedule you have to get
it on schedule.”
Behind the scenes, regulators
at the Federal Aviation Admin-
istration and leaders of its fac-
tory workers’ union tussled
with Boeing over its practices.
The FAA and union pushed Boe-
ing to add back second-party
quality inspections that had
been cut.
In September, while the Ren-
ton team was working on Line
No. 8789, Boeing’s output of 737
jets had fallen to the lowest lev-
els in two years. Boeing deliv-
ered just 15 new 737s to the
world’s airlines that month. Ex-
ecutives had been telling air-
lines and investors that it
wanted to produce about 38 a
month.
The culprit was a separate
issue from the rivets involved in
the door plug. A defect in the
rear of 737 fuselages supplied
by Spirit had been discovered
Door plug crew works to finish jet for Alaska
’22 ’23
supporters the “small-penises
club”—entered the latest fray
by branding the Argentine “a
conservative fascist.” He also
wrote on X to throw his sup-
port behind Petro in his fight
against Milei.
“Thank you Andrés Manuel,”
Petro wrote back. “I think Milei
is looking to destroy, or at least
delay, Latin American integra-
tion.”
This is hardly the first time
the region has erupted in an in-
sult-fest, although past barbs
tended to be aimed at the U.S.
Fidel Castro, the late Cuban dic-
tator, called President Ronald
Reagan “a madman, an imbecile
and a bum” in the 1980s after
the U.S. leader included Cuba in
a group of outlaw states that
sponsor terrorism. Reagan de-
scribed the leaders of those na-
tions as “the strangest collection
of misfits, Looney Tunes and
squalid criminals since the ad-
vent of the Third Reich.”
Access to social media
seems to be adding fuel to the
flames these days, says Michael
Shifter, a scholar of Latin
America at the Inter-American
Dialogue in Washington.
by Boeing the month before.
Fixing the issue required in-
specting and correcting mis-
drilled fastener holes in a key
structural part. It had snarled
production at Spirit, which in
turn had delayed Boeing’s fac-
tories.
To keep things moving, Boe-
ing kept accepting flawed fuse-
lages from Spirit, including Line
No. 8789. And the plane maker
allowed unfinished tasks to flow
through its factory—knocking
production out of sequence in a
practice called “traveled work,”
which can increase the risk of
slip-ups.
“Years ago, we weren’t going
this fast,” said the Boeing vet-
eran who was involved with
work related to the door plug
on Line No. 8789. “I’m not say-
ing fast caused the problem.
Something happened. I don’t
know what it was.”
A second Boeing employee
who was also involved with the
same Alaska 737 MAX said he
’24
* * THE WALL STREET JOURNAL.
“You have lots of leaders in
Latin America that really love
using Twitter and relish spar-
Venezuela for prohibiting access
to its airspace, Venezuela’s for-
eign minister accused Milei of
ring with other leaders,” he
said. “They are naturally com-
bative and polarizing figures. If
running a “neo-Nazi govern-
ment” that was “submissive and
obedient to its imperial master,”
they control their social-media
accounts, the temptation is irre-
sistible.”
referring to the U.S.
Argentina, which has be-
come a leading critic of Vene-
The concern for some is the zuela’s crackdown on the oppo-
war of words can lead to ac- sition, brushed off the insults.
tions that could seriously dam- “What more can you expect
age relations. Venezuela’s re- from a donkey besides a kick?”
gime turned off water and said Argentina’s presidential
power to the Argentine em- spokesman, Manuel Adorni.
bassy last week after six oppo- Héctor Fernando Córdoba, a
sition activists sought refuge, retired accountant in Buenos
leading Milei’s government to Aires, backs Milei for his free-
call on Maduro officials to re- market economic policies and
spect diplomatic protocols. tough austerity measures, but
Maduro had previously said he’d rather the president
called the Argentine leader “an focus on fixing Argentina’s in-
outlaw” after the Argentine flation-ravaged economy.
government had turned over to But Milei isn’t one to back
the U.S. a Venezuelan aircraft down from a verbal donny-
suspected of carrying crew brook. He had some choice
members tied to Iran’s Islamic words for Mexico’s president.
Revolutionary Guard Corps. “It’s an honor that an igno-
“They stole our plane…Crazy ramus like López Obrador talks
Milei!” said Venezuela’s Maduro badly about me,” Milei said.
in a Feb. 15 speech. “He acts “I’m flattered.”
crazy, or is crazy, or both.” — Silvina Frydlewsky and
After Argentina said it would Jenny Carolina Gonzalez
take diplomatic actions against contributed to this article.
solving the rivet issue.
Six days after workers
flagged the damaged rivets on
Spirit’s fuselage, an entry read:
CONDITION STILL EXIST. RIV-
ETS WERE JUST PAINTED
OVER.
Days went by, with Boeing
workers noting difficulties
spurring the Spirit personnel
into action. “Damaged rivets
.
are not acceptable and need to
be removed and replaced,” read
ly
one Sept. 11 entry.
Two days later: “No Spirit
work in progress,” read another
entry, suggesting another ex-
tension. Then, on Sept. 14, Boe-
ing employees escalated the sit-
uation to a higher level of
attention for greater visibility.
Workers removed the door
plug’s bolts to open it, which al-
lowed access to the rivets. But
there is no entry in the SAT log
calling for the door plug’s rein-
stallation.
The absence of documenta-
tion has shocked current and
former Boeing employees. An
official “removal” process
would have prompted Boeing’s
quality-assurance team to check
that the door plug had been
properly reinstalled—with the
bolts to keep the panel in place,
they said.
“I was, like, ‘What the hell?’
Boeing does a great job espe-
cially on documentation,” said
FROM TOP: NTSB/ASSOCIATED PRESS; PATRICK T. FALLON/AFP/GETTY IMAGES
the Boeing veteran who was in-
volved with work related to the
door plug. “If you take some-
thing out, you’ve got to write a
removal.”
Thousands of people work in
the Renton facility on three pro-
duction lines. Risers lift work-
ers to the body of the 40-foot-
tall planes. Below, workers sit
at computers tracking progress.
Boeing’s plan to add a fourth
line has been put on hold by the
FAA in the wake of the blowout.
The team that works on
doors and door plugs in Renton
fluctuates between 20 and 30
workers. Some have spent de-
cades at Boeing, others just a
has never felt pressured to few months or years. They gen-
move too quickly. The com- erally are split between two 8-
pany’s attention to quality and hour shifts and can work on
safety has improved signifi- several planes a day.
cantly in recent years, and the Factory workers eventually
mishap with Line No. 8789 has secured new rivets for Line No.
been weighing on the Renton 8789, and by Sept. 19 a final tar-
workforce. “It’s a failure on all get arrived. “Per Spirit manage-
of us,” he said. “We all feel it.” ment, this job is committed to
FAA officials have criticized be done today,” a SAT entry
what they have found upon read.
closer inspection of Boeing’s A Boeing quality manager
Renton factory since the blow- was to assign a final inspection.
out. They have described an op- The rivet problem was on track
eration that appears to prize for review, and the issue was
production schedules over closed on Sept. 20. The jet con-
safety and quality. tinued to be worked on and in-
FAA chief Mike Whitaker spected for another month.
was particularly troubled he On Oct. 25, Boeing reported
didn’t receive a safety briefing financial results. It booked a
upon starting a tour of the fac- $1.64 billion third-quarter loss
tory, people familiar with the and lowered its 737 delivery
matter said. Such briefings are goals for the year. It now ex-
typical in manufacturing set- pected to finish 375 to 400 of
tings. the jets, instead of as many as
450. Even that goal required the
Renton factory to significantly
‘Just painted over’ ramp up production in the final
When Boeing’s production weeks of the year.
system works according to plan, Calhoun sent a memo to em-
it typically takes a week or two ployees that day, rebutting criti-
for a 737 to make its way cism of its production numbers.
through final assembly at the He told them that improved
Renton plant. quality procedures and a cul-
The rivet flaw was flagged ture that rewarded speaking up
the day after Line No. 8789 ar- about problems meant the com-
rived at Renton. After that it pany was finding more things
took 18 days, 12 hours and nine in need of repair.
minutes to fix the rivets and of- “I have heard those outside
ficially resolve the issue. our company wondering if
The SAT entries suggest an we’ve lost a step,” Calhoun
at times dysfunctional produc- wrote. “I view it as quite the
tion environment complicated opposite.”
by delays in getting parts and Boeing delivered the jet
red tape with Spirit, the error- known as Line No. 8789 to
prone supplier that Boeing once Alaska on Oct. 31. Eleven days
later, the plane started flying
quire. passengers.
Spirit workers were on site —Jim Oberman
at Renton and tasked with re- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, April 3, 2024 | A11

BY ANNE TERGESEN

T
he stock market gave
401(k)s a 19% boost last
year. Inflation cooled.
Still, lots of people feel
no closer to hitting
their magic number for
retirement.
It would take $1.46 million to
retire comfortably, according to a
recent survey of 4,588 adults re-
leased Tuesday by financial-ser-
vices company Northwestern Mu-
tual. That is up from $1.27 million
a year ago. And over $1 million
more than the average survey par-
ticipant’s nest egg.
The rising magic number re-
veals more about retirement anxi-
ety than retirement planning, said
Teresa Ghilarducci, an economist
at The New School for Social Re-
search in New York City.
People don’t really know how
much money they will need in re-
tirement, and often overestimate
it, Ghilarducci said.
While $1.46 million might make
sense as a savings target for some
higher-income households, most
families with lower incomes likely
need far less, she said.
“Anxiety about retirement is
sky high,” she said, adding that
concerns about the costs of
healthcare and long-term-care
only add to the worry.
Some of this nest egg discon-
nect stems from the shift from
pensions to 401(k)-type plans,

The New Magic Number

which require savers to make in-
vestment and planning decisions

.
on their own.
Retirees with little financial

ly
background have to figure out

For Retirement Is $1.46 Million

how to make their nest eggs last
for as long as several decades, a
task BlackRock Chief Executive
Larry Fink called “an impossible
math problem” in an annual letter
to shareholders last week that
on
But latest figure reveals more about retirement anxiety than retirement planning, experts say
raised alarms about a retirement
us ,

crisis.
l

It is hard for workers to imag- need about $4 million to retire longevity, where you plan to live come of $75,000 would need to Institute surveyed in 2023 said
e
al a

ine what their 401(k) balance ulti- comfortably, up from $2.1 million in retirement, and whether you have $750,000 saved by age 67. they retired sooner than planned
mately buys in retirement. About in 2020. want to leave money to heirs, Rup- A family earning at least because they felt they could afford
2% of Fidelity Investment’s 401(k) precht said. $153,001, the threshold for the top to, down from 41% in 2021.
ci on

participants have a balance of $1
million or more.
Understanding how far retire-
ment savings will go is further
complicated by the uncertain fu-
Retirement math
There is no single magic number
or formula for knowing when it is
financially safe to retire. The ac-
tual size of the nest egg you need
er s
There are rules of thumb to
measure your retirement readiness.
One shortcut devised by Fidelity In-
vestments, calls for saving 10 times
your annual salary by age 67.
20% of earners, according to the
2022 U.S. Census, should save
$1.53 million or more.
To hit those targets, Fidelity
recommends saving about 15% a
Younger workers are getting a
head start on saving for
retirement, compared with older
generations.
Those in Gen Z, born around

ture of Social Security. depends on factors including your Using that guideline, a house- year starting at age 25, including 1997 or later, report starting at
Younger workers, in particular, income, marital status, expected hold with around the median in- any contribution your employer age 22, compared with 27 for
m er

worry about what looming short- makes to a 401(k)-type account. millennials.

falls will mean for benefits, said
Kurt Rupprecht, partner and pri-
vate wealth adviser at K Street Fi-
nancial, a Northwestern Mutual
This approach is designed to
The savings Americans say they would need to retire comfortably replace 45% of your income—or
by generation $45,000 annually for someone
with a $100,000 salary—with So-
m rp
Baby boomers, who began their
careers before employers widely
offered automatic enrollment into
401(k) plans, started at an average

Private Client Group.
The retirement program is pro-
jected to deplete its reserves in a
decade, triggering a 23% reduction
in benefits unless Congress acts.
$1.8 million cial Security providing the rest. age of 37, the survey said.
According to the Federal Re- The early start is putting youn-
1.6 Millennials serve, the average American has ger workers on track to surpass
Gen Z saved $333,940 in 2022, up from their elders in retirement savings,
Gen X $282,100 in 2016. according to data from Vanguard
co Fo

Millennials, those born between
the early 1980s and late 1990s,
sharply raised their estimates com-
pared with before the pandemic.
OZZIE HOPPE FOR THE WALL STREET JOURNAL
1.4 All Households ages 65 to 74 have Group.
average retirement savings of By the time older millennials,
1.2
about $609,000 in 2022, according around 37 to 41, now earning a
to the Fed. median salary reach retirement,

When they retire, millennials now
expect to need $1.65 million.
That is up from just under $1
million in 2020. Baby boomers,
born between 1946 and 1964, said
they would need $990,000, up
from $830,000 in 2020, according
to the poll, the latest installment of
which was conducted in January.
Those polled by Northwestern Vanguard estimates they will be
1.0 say they have saved an average of able to replace almost 60% of their
Boomers* $88,400. income with Social Security and
savings from sources including
0.8
Is it enough? their 401(k)s and individual retire-
People often end up retiring earlier ment accounts.
0.6 than expected, due to job changes Gen Xers and the youngest
2020 ’21 ’22 ’23 ’24
or health issues. Others find they baby boomers with median earn-
already have enough saved. ings are, by contrast, likely to re-
n-

People who have at least $1 *From 2022–24, the Boomers category also includes older Americans About 35% of retirees the non- place about half of their paychecks
million to invest think they will Source: Northwestern Mutual Private Client Group profit Employee Benefit Research in retirement.
no

Ties May Have Worn Out Their Welcome

school uniform—as a rebellious ac-
cessory. Yet, the formal tie has curi-
ously been recontextualized as
something risky.
“We are sons of that generation”
wounded reputation. who rejected ties, said Davide Baron-
ON TREND According to the Obser- cini, 36, the owner of Ghiaia, a Cali-
JACOB vatory of Economic fornia-based menswear brand. “We
GALLAGHER Complexity, a website had to restart it.” He likened the tie’s
tracking international reassessment to pleated pants, an-
trade data, the tie mar- other spurned, even detested, staple

W
e’ve been here before.
On Thursday evening,
President Biden was joined
by two former Democratic presi-
dents, Bill Clinton and Barack
Obama, for a megawatt fundraiser
at Radio City Music Hall in New
York. None of them wore neckties.
A tweet merely remarking on the
presidential trio’s tielessness has
been viewed more than 22 million
times on X. Publications ranging
from the predictable (GQ) to the
odd (NPR) covered the tielessness
with fervor. What did it all mean for
the poor, battered necktie, these
pieces wondered? British commen-
tator Piers Morgan summed up the
general doomsaying with a terse
tweet: “RIP ties.”
Oh, brother. The so-called death
of the necktie has become the Yeti
of the fashion world: often reported,
BRENDAN SMIALOWSKI/AFP VIA GETTY IMAGES
ket fell to a modern low of ’80s and ’90s fashion that has
of $335 million in ex- lately waged a comeback.
ports in 2020 before In the coming months, Baroncini
bouncing back to $534 plans to produce ties, citing an up-
million in 2022. That is tick in demand for them. “The cool
still below pre-Covid kids” today, he said, are already
levels. scouring eBay for vintage ties from
“I don’t think we’re stalwart Italian labels like Valentino
going to make the and Giorgio Armani.
same kind of quantity Count Dennis Balmaceda in that
of ties over the next 10 cohort. The 36-year-old content cre-
years that we made in ator in Jersey City, N.J., has a collec-
the 10 years before tion of around 500 ties. “I always
Covid—of course not,” feel more confident dressed up, I’m
said Michael Hill, the just that person,” said Balmaceda,
co-owner and creative whose girlfriend, Briana Williams,
director of Drake’s, a shares his love of the tie. He ap-
nearly 50-year-old Brit- pears younger than he is, he said,
ish menswear institu- so when he wears a tie, he gets
tion that started out treated with more respect, particu-
making accessories but larly by older acquaintances.
has since evolved into a more holis- from languishing, Hill and others  President Biden and former Echoing people like Balmaceda,
tic apparel brand. say interest in ties is actually hav- Presidents Barack Obama and Bill recent runway shows from brands
And yet, even as everyone con- ing a trend-forward turnaround. Clinton showed up without ties at including Saint Laurent and Prada

rarely realized.
This isn’t even the first politically
rooted tie existential crisis in recent
years. At 2022’s G-7 summit in Ger-
many, world leaders including Justin
Trudeau, Emmanuel Macron, Boris
Johnson and Biden all forewent ties.
Then, as now, commentators
clutched their collars and declared it
the final knockout to the necktie.
There is some truth to the tie’s
tinues to put the tie on death
watch, it endures. Go to any mall in
America and you can find stores
selling ties. Open up GQ and you’ll
see tie-wearing models. Or look at
how politicians dress when they’re
not being interviewed by late night
hosts. Biden wears ties the majority
of the time, as does Donald Trump,
who is basically never seen without
his glossy, palm-wide red tie. Far
“I’ve seen a little bit of a fashion
revival with ties of late,” said Hill,
pointing to younger, Instagram-fit-
pic-taking men and women who
wear spicier ties—knit ties, ties with
an off pattern, ties that no politician
would wear—to send a conspicuous
statement against the tie’s main-
stream dismissal.
“I think about the ties as some-
thing rebellious,” said Hill. “And I
a fundraising event on Thursday,
rekindling ardent debates over
whether neckties are dead.
guess it’s kind of easy to think why
people would want to rebel against
politicians.”
It requires some mental gymnas-
tics to think of the necktie—some-
thing staid, something corporate,
something so associated with a
have featured a plethora of neck-
ties. Tellingly, companies like J.Crew
are going heavier on ties in ad cam-
paigns and Instagram posts.
Balmaceda’s current favorite tie
is a punchy pink $230 Louis Vuitton
number that was recently made in
collaboration with rapper/neo-prep
style icon Tyler, the Creator. Today,
Balmaceda said, “there’s hype stuff
even in ties.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Wednesday, April 3, 2024
Yearning for Mom to Know Me
A mother’s dementia leads a daughter to shift roles and become the keeper of memories
BY SHERRY MENDELSON
M
y mother slipped
into dementia in
her early 90s. By
then, I was a wife,
mother and grand-
mother. I had an es-
tablished career. I had, it seemed,
mastered the roles that came with
being an adult.
Or so I thought. As my mother’s
dementia accelerated, my reaction
surprised me. I knew I would be
sad as her disease progressed. But
it was much more than that. Her
dementia sent me on an emotional
journey that was both painful and
revelatory, teaching me much about
myself, my past and my relation-
ship with my mother. It wasn’t
easy, but in the end, through her
transformation, I underwent my
own.
None of that was foreseeable
when, two years after the death of
her second husband, my mother,
at age 90, fell and shattered her
kneecap. After surgery, her mind
deteriorated to the point that she
could no longer live independently.
My younger brother, Carl, and I
transferred her to the dementia
unit of an assisted-living facility
near my home. At first my con-
cerns had to do with the practical-
ities of her new life—making med-
ical decisions for her, selling her
apartment, moving her belongings
and managing her finances.
Gradually, though, my energy
turned to the emotionally difficult
task of adjusting to her dementia.
no
When
Your CD
Rate Takes
A Shocking
Plunge
BY IMANI MOISE
J
ohn Furlong signed up for a
certificate of deposit last year
that paid 3.85%. When he
checked his account in February, he
was surprised to find the bank was
only paying him 0.05%.
The 62-year-old construction
manager thought there was a mis-
take. Then an employee at his
branch in Henderson, Nev., told him
that his $50,000 CD had matured
and automatically rolled into a new
one that was paying a lower rate.
The only way to get out of the low-
rate CD was to pay an early with-
drawal fee. “It’s fool’s gold,” he said.
His money is earning $2.15 a month
until the new CD matures in Octo-
ber, instead of the $160 he had
been collecting.
Americans poured more than $2
trillion into CDs to lock in higher in-
terest rates since the Federal Re-
serve began raising its own rates in
2022. When CDs mature, roughly
half of them are automatically
rolled into new bank-issued CDs
and locked up again, according to
data and consulting firm Curinos.
Customers are finding that
some of those new CDs come with
PERSONAL JOURNAL.
Where’s the worry?
One afternoon when I was visiting
on
Mom, I found her seated in her
wheelchair, asleep in the common
room. She wore a Covid-mandated
surgical mask that covered her
mouth. Whenever I saw her, I was
us ,
struck anew by her frailty, jolted
l
out of my past image of her as an
e
al a
active woman—hiker, teacher and
matriarch.
“Hi, Mom, it’s me,” I said, rous-
ci on
ing her awake.
“Oh. What’s that on your face?”
she asked.
“It’s a mask, Mom.”
She appeared puzzled.
er s
“I had Covid,” I said. “That’s
why I haven’t been here the last
m er
two weeks.”
Before dementia, my mother
would have fussed over me. She
would have said, “Sherry, take
care of yourself. Don’t do too
m rp
much. I know how you are.”
I would have reassured her and
said, “Mom, it’s OK. Don’t worry,
I’m good. I had a mild case.”
What my mother actually said
co Fo
that day was, “Oooooooh,” and her
hazel eyes searched mine.
It was a jarring moment. I real-
ized that I had expected her con-
cern and was unsettled by my
feelings of neediness when it
wasn’t there. Over the years I’d
felt burdened by my mother’s
worry about me, but right then, I
was disappointed by its absence.
Adulthood, marriage, parenthood,
psychoanalytic treatment, my psy-
chiatric profession—none of that
n-
had erased the imprint on my
rates that pay much less than the
old ones.
Cash investments, some of the big-
gest opportunities of the high-rate
era, aren’t always living up to their ad-
vertising. Some banks have also left
customers in savings accounts with
low rates, while advertising high
yields to draw new customers.
CDs can offer some of the high-
est rates on cash because custom-
ers agree to lock up their money for
say, six months or two years. By
contrast, savings and money-market
accounts can change their rates at
any time.
Automatic roll
Roughly half of all new deposits
flowing into banks since the start of
2023 have been CDs, according to
Curinos.
When the account is maturing,
the bank is required to notify cus-
tomers. If the CD will automatically
roll into a new one, the bank must
disclose in writing the date a new
interest rate will be determined. But
under current regulations, they
don’t need to contact customers to
tell them the new rate, only provide
them with a phone number to call
to get the information.
Furlong didn’t call to get his new
rate before his old 11-month CD
with U.S. Bank matured. Before let-
ting the CD renew, he looked online
and saw the bank was advertising
CDs with the same term with a
rate of 4.1%.
“Shame on me for looking at
what’s publicized and making as-
sumptions,” he said.
In response to questions from
The Wall Street Journal, U.S. Bank
said it is changing communications
around CD renewals to make it
psyche of the girl I’d been, so con-
nected to her caring. Now, I
missed her fretting, which had
been stolen away by dementia.
Remember yourself
As a teenager, I tried her patience.
In middle school, after I purposely
tanked my math grades to fit in
with the math-hating popular
girls, my mother said, “Sherry, I
don’t understand this. You’re re-
ally smart. And so good at math
and science. Whatever happened?”
She reminded me of who I was
and in the back of my teenage
mind, I squirreled away her words.
I was good at math and science.
Mom wouldn’t let me off easy.
Though I pretended to forget my
studious self, Mom safeguarded the
true me at a time when I couldn’t.
Because she knew me, Mom
was the person who for years kept
me on my true path.
As she was losing her memory,
I wondered how much she recalled
of who we were. I began to feel
that the part of me connected to
her was fading. Each time I saw
her, not wanting to accept this
new mother, I fished for recollec-
tions, reminding her of our story.
Each time my efforts failed.
One day I was wheeling her
around the grounds. We were
looking out at the grassy hill be-
yond, when she said, “I used to
take you hiking out there.”
I was thrilled that Mom had
some memory of me as her daugh-
ter, even though the hike had
never happened, so I tried to re-
clearer to customers what rate op-
tions are available.
“We work hard to provide a posi-
tive experience for all customers
and regret that this individual’s ex-
perience was not satisfactory,”
spokesman Evan Lapiska said.
Furlong, who taught himself how
to put together a CD ladder last
year, now has a digital calendar to
track important dates for his half-
dozen CDs across different banks.
A forgotten investment
Historically, CDs have represented a
small share of all deposits. Banks
haven’t paid much attention to
them because their customers
didn’t, so the recent surge in de-
mand caught many banks flat-
mind her of one of our actual
times together.
“Mom, remember when Carl
and I got lost at Disneyland?”
“What?” she said, as though I’d
said something completely
ludicrous.
But it had been a true story
that Mom had repeated over the
years. I was 10 and
Mom had put me in
charge of Carl as the
two of us rode the Through my
train around the mother’s
theme park. But we
accidentally exited transformation,
the wrong stop, and
I underwent
my parents were no-
where to be seen. my own.
My mother was be-
side herself with
worry until a guard
finally united us.
I tried to prompt her memory.
“Disneyland, remember? When
Carl and I got lost.”
Nothing. I could feel my rela-
tionship with Mom evaporating as
I spoke.
Emotional roller coaster
Still, I persisted in pressing her
for memories. Sometimes, she
would recall a past event, and I
held on to the possibility that she
would remember something that
connected us. One day, for in-
stance, while I visited, the support
dog that lived on the dementia
unit jumped up on Mom’s lap and
licked her face.
“Oh, Puff,” she said and
laughed. Puff had been our rotund
footed, said Adam Stockton, manag-
ing director at Curinos, which tracks
deposit trends.
The renewal process in particular
has become a pain point across the
industry. “They’re certainly hearing
it from customers,” Stockton said.
Banks could notify customers of
their new interest rates without
regulations requiring them to do so,
but many don’t, said Ken Tumin,
founder of DepositAccounts.com, a
website owned by LendingTree that
tracks banks’ account offerings.
When CDs are renewed at less-
than-competitive rates, banks can
keep the difference between the old
rate and the new one.
Many of the CDs opened over
the past year offered what are con-
THE WALL STREET JOURNAL.
A photo of the author’s mother,
whose dementia sent the author
on an emotional journey to
preserve family memories.
orange cat when Carl and I were
growing up.
“Mom, remember Puff?” I said.
Mom gave me the blank stare I
had grown to expect, and I de-
flated. My emotions had become a
roller-coaster ride between hope
and disappointment. She was
there before me, yet not there, and
I couldn’t let go.
As Mom’s dementia worsened,
she became less aware of her defi-
cits. She no longer complained
about her muddled thinking.
On one visit, Carl showed Mom
pictures of his recent trip. As Carl
scrolled through his pictures from
the Cook Islands, Mom’s expres-
sion never changed.
Suddenly, I saw myself in my
brother—his yearning for his rela-
tionship with our mother, in de-
nial that the bonds of memory
were frayed and breaking. I real-
ized how much I, too, was holding
on to my mother and clinging to
our history together.
I couldn’t sustain this state of
mind much longer.
The hardest moment
The final blow came on the day I
understood that my mother no
longer knew who I was. By then,
Covid restrictions had ended, and
I went, maskless, my full face in
view, to see Mom.
“Hi,” I said.
My mother stared at me. I
wanted to read recognition in her
.
eyes. I wanted to ask her if she
knew me. But I wasn’t ready to
ly
hear the answer.
Finally, I said, “Mom, it’s
Sherry.”
No reaction.
“I’m your daughter.”
Complete silence as she looked
me over. And then, the loss hit me
as it registered that my mother
didn’t know me. I had to let go and
come to terms with the reality that
my mother—the
woman who knew
me longer and better
than anybody—was
no longer there. Her
memory, which held
a unique part of me,
had vanished. I was
becoming a different
person—floating and
undefined, un-
moored, motherless
though she was
there in front of me.
Who was I now?
I thought about this often.
Then one day I found my resolve
as I realized that as my mother’s
daughter, my role had to shift. I
couldn’t rely on her to remind me
of who I had been or who I was.
But I could become the guard-
ian of the memories of our rela-
tionship. They were now my inher-
itance. I would gather them, sift
SIUNG TIJA/THE WALL STREET JOURNAL
through them, and as happens
with cherished recollections, share
and pass them down. Slowly, I be-
gan to accept this new role. As my
mother had preserved my identity
when I had lost it, I made it my
purpose to store the memory of
her and of us. It was my time to
carry us forward.
sidered special or promotional rates,
which are unlikely to be automati-
cally matched at renewal, Tumin
said. CDs with unusual terms, like
seven, 11 or 13 months, are more
likely to fit that category.
“Everyone’s busy, and it’s easy to
forget. And, if you do forget, often
the bank wins,” Tumin said.
CDs have grace periods—usually
between seven and 14 days—that
allow customers to move money
from the account. After that, there
is typically a penalty to withdraw
the money, such as a percentage of
interest earned or a portion of the
original investment.
In addition to selling CDs directly,
banks also offer them through
third-party brokerages, often at
higher rates. Many sold more bro-
kered CDs to shore up their deposit
bases after last year’s banking cri-
sis. The brokerages tend not to
auto-renew customer CDs and in-
stead deposit the money into a
money-market account.
Some customers are finding that
banks can be more lenient about
auto-renewals than they say, espe-
cially for those willing to make a
stink about it.
Michael Cammer threatened to
complain to a state regulator after
his 2.35% five-year CD renewed at
ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK
an interest rate of 0.01% last sum-
mer. He went to his local Webster
Bank branch in the New York City
suburbs and walked out with a
check for his full balance—no fees
subtracted. The money is now earn-
ing 4% elsewhere.
“I don’t know if they would have
done it with a less aggressive per-
son, but I made it clear we weren’t
paying any fees and they didn’t ar-
gue with us,” Cammer said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
W
hat is country
music? Is it an
aesthetic inclina-
tion, a radio for-
mat, an audi-
ence? Where did
it come from and who is allowed
to perform it? These are old ques-
tions, but they’ve been
posed with greater fre-
quency and heightened
emotional intensity
over the past five years.
Into this contentious
debate, in which quint-
essentially American
concerns about race
and the ownership of
history collide with the
practices of the music
industry, steps Beyoncé.
Her previous LP,
2022’s “Renaissance,”
was an exploration of
club music that touched
on the black roots of
house and disco, and it
was billed as “Act I” of
a trilogy. Many specu-
lated that Act II would
involve country. Be-
yoncé is from Houston,
and she grew up listen-
ing to the genre, wear-
ing a cowboy hat, and
attending rodeos.
“Daddy Lessons,” one
of the best songs on
her 2016 album, “Lem-
onade,” was a country
song, and the Chicks—
formerly the Dixie
Chicks—covered it and
accompanied Beyoncé
in a performance at
that year’s Country Mu-
sic Association Awards.
In the rollout for “Cow-
boy Carter” (Parkwood/
Columbia), out now, Be-
yoncé said that the
CMA ceremony—and
feeling unwelcome
there—inspired this re-
lease, her eighth solo
album.
While “Cowboy
Carter” isn’t quite a
country record—there’s
plenty of the genre on
the album, but there’s
also rock, pop, R&B,
dance music and more—
Beyoncé uses the style
as a frame through which to exam-
ine aspects of American culture
and her place in it. “Ameriican Re-
quiem” raises the curtain on the
set and feels like the opening num-
ber of a musical, introducing the
audience to the record’s backstory
and its concerns. It’s a swooning
track with a choir of voices and
deep organ sounds. “Used to say I
spoke too country,” she sings of her
earliest days as a performer, “And
the rejection came, said I wasn’t
country ’nough.” What follows is a
BLAIR CALDWELL/PARKWOOD ENTERTAINMENT LLC. (2)
long and dense record—its 27
tracks run for almost 80 minutes—
studded with musical and lyrical
references.
Take the second song, a faith-
ful cover of the Beatles’ “Black-
bird.” A casual listener might
know it only as a haunting folk
number from the group’s 1968
self-titled record. But Paul McCa-
rtney has said he wrote it in re-
sponse to the unrest sweeping the
U.S. during the civil-rights era. He
no
TELEVISION REVIEW | JOHN ANDERSON
William F. Buckley’s
Wit and Wisdom
I
t isn’t a backhanded compliment
to say that the funniest show on
television this week—or any in re-
cent memory—is “The Incomparable
Mr. Buckley.” The “American Mas-
ters” production does its ostensible
duty, exploring the origins, education
and machinations of William F.
Buckley Jr. as an architect of Ameri-
can conservatism. But his wit is so
sharp, his ripostes so
surgical, and his ex-
temporaneous bons
mots so witheringly Buckley was
droll that the humor, naturally
as well as anything
else, explains not just telegenic, with a
his long and lasting
popularity but his
droll humor and
ability to charm the refined charm.
opposition.
There is an aging
generation of raised-
on-TV children for whom the most
influential figures in life—with the
possible exception of their parents—
were Lucille Ball, Julia Child and
William F. Buckley, as the host of
“Firing Line.” The first two are self-
explanatory, but there was some-
thing oddly yet naturally telegenic
about Buckley, with his ever-arch-
LIBRARY OF CONGRESS
ing, editorializing eyebrows, darting
tongue and mid-Atlantic accent. He
was easily caricatured, but his argu-
ments had to be confronted, and al-
most always at an elevated level.
ARTS IN REVIEW
MUSIC REVIEW | MARK RICHARDSON
Beyoncé’s Rodeo
The singer leans into country music on her new album, ‘Cowboy Carter’
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
thought of the song as words of
encouragement for a black girl
seeing these events unfold, and so
it takes on an extra layer of mean-
ing when Beyoncé sings it. Later
on the record, she covers another
n-
classic, Dolly Parton’s “Jolene,”
Among the rhetorical disasters re-
counted in producer-director Barak
Goodman’s documentary are the fa-
mous 1965 debate with James
Baldwin at Cambridge University
and his heated exchanges with Gore
Vidal on national television during
the 1968 Democratic Convention in
Chicago. (The show implies there
was one “debate,” but the two
made several appear-
ances.) It was consid-
ered a defeat of
Buckley—by Buckley,
because he lost his
temper.
But elsewhere the
subject is presented
as a formidable de-
fender of a way of
life he saw as under
attack and worthy of
preservation. Does he
or it still have cultural relevance?
Where “The Incomparable Mr.
Buckley” fails its subject is in not
defining well enough the Buckley
worldview, or the objectives of the
conservative movement he founded.
We get his belief system, but not
how it is reflected in the conserva-
tism he left behind when he died in
2008. There are some wobbly ex-
planations by learned interviewees
(editor Richard Brookhiser, historian
Beverly Gage) that Buckley wanted
to “conserve” Western civilization,
Beyoncé, above; ‘Cowboy
Carter,’ her eighth solo
record, is out now.
and changes the lyrics
radically. Where Ms.
Parton sang the song
as a desperate plea to
the title character, beg-
ging her not to steal
her man, Beyoncé
phrases it as a warning
and a threat, a shift in
emphasis that drains
the song of its vulnera-
bility and pathos.
Tonally, there’s a
mix of seriousness and
zaniness on “Cowboy
Carter” and the lighter moments
provide many of the highlights.
The eighth track, “Bodyguard,” is
a folk-pop tune that brings to
mind the breeziness and melodic
acumen of Fleetwood Mac. The
lyrics are nothing special—“Honey,
art and music. We
hear him wax ecstatic
about Bach. He was an
ardent Cold Warrior,
less ardent perhaps
about the cultural is-
sue-making that has
come to define Repub-
lican politics. Among
his many accomplish-
ments and titles—
World War II vet, jour-
nalist, yachtsman,
editor, 30-odd-year
host of an intelligent
talk show and antago-
nist of his alma mater
(“God and Man at
Yale”)— he created Na-
tional Review maga-
zine, defined conserva-
tism as a movement,
knew when to culti-
vate (Ronald Reagan)
and when to cull.
(“There is no lunacy of
which Robert Welch is
incapable,” Buckley
said of the John Birch
Society founder.)
Today, he would be
called an influencer. He
distrusted Richard
Nixon, predicted Barry
Goldwater’s loss in the
1964 presidential race
and knew that Reagan was the
face his movement needed. He was
not an unkind, ungenerous or fawn-
ing TV host—he invited Huey New-
ton, Noam Chomsky and Jesse
Jackson on the air; judging by the
look on his face, he regarded both
Rush Limbaugh and Allen Ginsberg
as circus acts. What would he think
about Donald Trump? The subject’s
son, Christopher Buckley, is asked
Wednesday, April 3, 2024 | A13
ly
honey / I could be your bodyguard
/ Oh, honey, honey / I could be
your Kevlar”—but the music is ef-
fortless and lovely. A few tracks
later, the stomping rap number
“Spaghettii” features words from
82-year-old singer Linda Martell,
the first black woman to play the
Grand Ole Opry. “Genres are a
funny little concept, aren’t they?”
she asks in the spoken intro, be-
fore Beyoncé enters spitting fire
over a trunk-rattling bassline. The
song also features young Nigerian-
American vocalist Shaboozey, who
sings with a distinctive drawl that
sounds like a cross between coun-
try twang and the rapper Future.
A few somber songs are techni-
cally impressive but less likely to
inspire repeat plays. One example
is “Daughter,” which follows
“Jolene” and is connected themati-
cally. It explains where the singer
got her vengeful streak—“If you
cross me, I’m just like my father,”
she warns—and has a neoclassical
The founder of National Review
magazine and the longtime host of
‘Firing Line.’
point-blank and answers, more than
diplomatically, that if you look at
his father’s writing and commen-
tary, you can easily draw your own
conclusion.
The Buckley family story is a tale
well told in this almost two-hour
chord progression, with Beyoncé
breaking into the 18th-century aria
“Caro Mio Ben” halfway through
the track. It’s skillful—she can
sing in Italian and handle operatic
flourishes—but it seems a little
like checking a box in order to
show her range. A similarly per-
functory air comes
later on “Flamenco,”
which features a
strummed acoustic
guitar and clipped me-
lodic structures from
the titular form.
The album’s final
stretch has some of the
strongest songs of Be-
yoncé’s career. “Levii’s
Jeans,” a duet with
Post Malone, is a per-
fect pop confection
that will almost cer-
tainly be both a radio
hit and a staple of ka-
raoke rooms for years
to come. “Ya Ya,”
which appears after
another introductory
bit from Ms. Martell, is
a colorful explosion of
ideas, swirling together
Motown, ’70s soul, hip-
hop, and more. Be-
yoncé chants and
howls, growling like El-
vis at one moment and
interpolating the Beach
Boys’ “Good Vibra-
tions” the next. While
the album as a whole
is a critique of genre,
and the way it sepa-
rates artists and listen-
ers into categories,
.
the thrill of “Ya Ya”
comes from how they
are smashed together.
A few tracks later, “Ri-
iverdance,” which
loops a mesmerizing
fragment of acoustic
guitar, and “II Hands II
Heaven” are both ex-
ceptional, melodically
winning as they veer
toward minimalist
dance music.
“Cowboy Carter” is
less enjoyable front to
back than “Renais-
sance” and it lacks the
personal touch of
“Lemonade,” but it’s
hard not to admire the record’s
scope and ambition. That said, its
sheer magnitude is also a poten-
tial obstacle. Beyoncé is an astro-
nomically successful artist who
bends the entertainment industry
to fit her will. This is both a large
part of her appeal—many listen to
feel her power, hoping some of her
strength will rub off—and, from
another angle, a shortcoming. Tak-
ing in the full sweep of this album,
with its array of guests and styles,
its pointed commentary mixed
with Easter-egg references that re-
quire digging, you might find
yourself feeling just a little wistful
for artists, like some of the leg-
ends covered and featured here,
who struggle against their per-
sonal limitations, flirt with embar-
rassment, maybe even fail once in
a while. But that’s not Beyoncé.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on X @MarkRichardson.
production, which can
be seen as a bookend
to last week’s “Moyni-
han,” even though
Daniel Patrick Moyni-
han’s liberalism seems
far closer to Buckley’s
conservatism than do
the left and right of
today. (Both specials
arrive under the PBS
“Thought Leaders”
banner; “Moynihan” is
available online and on
the PBS app.) The
Buckley money came
from William Sr.’s oil
explorations in Mexico
and he established the
family dynasty at
Great Elm, the Con-
necticut estate where
William Jr. and his
nine siblings were not
only raised but edu-
cated. It was an idyllic
upbringing, influenced
by the thinking of ur-
libertarian Albert Jay
Nock, who was a fre-
quent guest at Great
Elm and believed that
“The Remnant,” a
small minority of en-
lightened and educa-
ble individuals, would
be the inheritors and saviors of so-
ciety. That Buckley perceived him-
self as being part of that remnant
was never a question. Call it per-
verse, but it was part of his charm.
The Incomparable Mr. Buckley
Friday, 9 p.m., PBS
Mr. Anderson is the Journal’s TV
critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Wednesday, April 3, 2024 THE WALL STREET JOURNAL.

SPORTS
JASON GAY tled, then LSU started flying, and
it was Iowa looking rattled. The

Caitlin Clark Paints Another Masterpiece lead bounced back and forth. LSU
coach Kim Mulkey and Iowa coach
Lisa Bluder took turns looking op-
timistic and aghast. Clark was
Iowa’s record-setting sensation drops 41 points versus defending champion LSU generally sublime. So was Reese
(17 points, 20 rebounds.) The
to send her Hawkeyes to another Final Four. Next up: UConn and Paige Bueckers. score was 45-45 at the half.
In the third quarter, Clark ele-
If you left me alone in vated it to a personal masterpiece.
a well-lit gym for the She began taking 3-point shots
next 800 years, I from waaaay beyond the arc—the
could not do what type of long bomb attempts that
Caitlin Clark did Mon- look impish when you’re playing
day night versus LSU. Wisconsin in December, but freak
Sure, I could probably score a people out when it’s possibly the
few points, dribbling around by final game of the season.
myself. I could hit a few layups, Except these were Caitlin Clark
maybe nail a jumper or two, throw shots, and so they were going in,
up a 3-pointer and have it plum- one after the other. She rolled off
met like a dead goose through the
net. I’ve been getting into shape—
I’m confident I could run up and
down the court at least four times Clark makes Iowa a
before I stopped to call a doctor nightmare to cover,
and a priest.
But to pull off what Clark because she stretches
pulled off, in the Elite Eight round
of the NCAA women’s tournament,
the floor.
amid absurd hype and crushing
expectations, against a fired-up ri-
val and defending champion, the picks; she created off the dribble.
abrupt end of her historic, record- LSU mixed up its defensive looks;
setting college career looming? it didn’t matter. Last year’s final
Phew. had been stressful for Clark—she
What makes Clark such a sin- got into early foul trouble, sat lon-
gular, superhuman show is that ger than she wanted and couldn’t
there are very few people who can play full tilt.
do what she does, under extreme Not this time.
pressure. Boom. Boom. Boom.
Stephen Curry’s one. That…that After another dramatic 3 went
actually might be the list. down, Clark spun toward the Iowa
Because, like Curry before, crowd and did what’s become her
Clark’s changing the dimensional- signature move, shouting a loud
ity of her game. She’s bent the “Let’s Go!” She is easily the most

.
boundaries and angles of women’s recognizable player in college bas-
basketball, with her extreme ketball, women’s or men’s, and

ly
shooting and peerless vision. She her game has come under a fresh
takes five shots a game that would microscope. She’s been needled
get mortals benched for the rest of for complaining a lot to the refer-
the season, and hits at least three.
She makes Iowa a nightmare to
cover, because she stretches the
floor. Just when you think she’s
on
Caitlin Clark had 41 points, 12 assists and 7 rebounds in Iowa’s 94-87 win over LSU in the Elite Eight.
ees, she still takes a few too many
wild shots too early in the shot
clock, and Monday she had a
handful of sloppy passes.
ready to chuck it—whoop!—Clark That’s really it, though. She’s
us ,

passes like an absolute dream. greatness down to the fine print.

l

I think that’s what I’ve come to every minute), 41 points, 12 as- is how Caitlin Clark’s play made LSU seem to respect each other, Once more, this homegrown sen-
e
al a

appreciate about Clark the most. I sists, 7 rebounds, one block and 9 them feel. as do Clark and her alleged Tiger sation has taken her home state
enjoy the circus shots. But I wor- of 20 from the 3-point line and Like giggling, honestly. Gig- nemesis, Angel Reese, who’ve re- university to the Final Four stage.

HANS PENNINK/ASSOCIATED PRESS

ship the passes—the full-court beyond. gling. peatedly said as much—this The Hawkeyes will face UConn—
ci on

transition bombs; the crisp bounc-
ers to a cutter running at the bas-
ket; the no-look, over-the-shoulder
darts straight out of Larry Joe
Bird’s Terre Haute Manual.
The statistics never tell the
whole story with Clark, though, do
they? What everyone will remem-
ber about Monday night—and it’s
going to be a record television au-
er s
The giggling was a relief. This
Iowa-LSU game was overcooked in
hype: a reprise of last year’s
championship final which grew
testy and taunty at the end and
sucker got built up like a bad-
blooded Main Event, because we
can’t help ourselves in Confronta-
tion Nation.
Finally the game broke out,
led by another sensation, Paige
Bueckers—Friday in Cleveland.
The winner of South Carolina ver-
sus N.C. State looms.
Iowa has a chance. They al-

Let’s review the numbers ver- dience for a women’s quarterfinal, prompted a stampede of hot and it was great. Genuinely. Iowa ways have a chance. They’ve got
sus LSU: 40 minutes (she played I’ll bet you a soda and a nice hat— takes. Never mind that Iowa and came out flying, LSU looked rat- the best Caitlin Clark on Earth.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 26 Like many a English Soccer’s Three-Way Race
m rp

teen
14 15 16 28 Wall in
Manhattan,
Is Headed for a Photo Finish
17 18 19
e.g. BY JOSHUA ROBINSON This time, none of the that the gap was closing,
co Fo

20 21 22 30 On behalf of three contenders looks set to even if neither team was es-
Manchester, England fade away. And what makes pecially thrilled with the
23 24 25 26 31 Flutter IT WAS THE QUESTION this year’s scramble even outcome. Despite having 78%
33 It was Mikel Arteta knew he would more compelling is how dif- of the ball, Man City
27 28 29 dropped in be asked. Moments after his ferently each of the three couldn’t find a way through
the ’60s Arsenal team drew 0-0 on potential champions arrived Arsenal’s deep-lying defense
30 31 32 33 34 35 36 37 the road at Manchester City, at this point. and failed to score in a Pre-
35 2023 film someone would necessarily Manchester City, with its mier League home game for
38 39 40 41 42 in Korean want to know. once-in-a-lifetime manager the first time in nearly three
and English What did this result re- and billion-dollar squad, is years. Asked how to break
43 44 45 46 nominated for ally mean for the English the defining team of the cur- down such a robust and
Best Picture Premier League title race? rent Premier League era. It crowded back line, Guardiola
47 48 49 50 51 Yet, when the question has won the title in five of joked, “Kill someone?”
36 Cassowary’s
n-

came, Arteta had nothing. the past six seasons and is Last April, Arsenal came
52 53 54 55 56 57 58 cousin One of the chattiest, most
37 Cacophony opinionated coaches in the
59 60 61 game was thoroughly
40 Creative
no

stumped. All he could mus-

62 63 64 65 works, in ter was an exhausted, “I
Cremona don’t know.”
66 67 68 Arteta could be forgiven
41 Much of
history for feeling bemused. So
69 70 71 could his Man City counter-
44 Indolence part—and mentor—Pep
48 In need of Guardiola. This season’s
CRITICAL THINKING | By Gary Larson fluid, ever-changing battle
the gym
Across 32 Nonstick 62 Movie 7 Old Cutlass for the championship is a
cookware popcorn buys model 49 Walden with situation that neither coach
1 Delivery the graphic has ever faced in English
brand
person? 63 Make fun of 8 Site for a novel memoir soccer, or for that matter,
34 Exhibited members of merger? “Spinning” anywhere else. For the first
4 Resentment
shock WWII’s time in their careers, Arteta
10 “Chiquitita” 9 Los Angeles 51 Genesis
female naval and Guardiola find them-
38 Lyric poem neighborhood creator
quartet reserves? selves in a genuine three- Arsenal’s Bukayo Saka holds off Man City’s Bernardo Silva.
39 Make fun of north of
14 Burlesque 66 History 52 Trio of myth horse race for the title.
familiar Tarzana and
segments So as they played out a chasing silverware on three to Manchester in a similar
15 Pal of Jerry Encino 53 Integra
sayings? scoreless draw at the Etihad fronts this season: the Pre- position, leading the league,
and George 67 One more 10 Home of the maker Stadium in Manchester on mier League, the Champions yet knowing that it needed
42 Marseille
than an eagle Brave 54 Citified Sunday, the team that bene- League, and the FA Cup. Liv- to make a statement on
16 Like the mate
fited most from the result erpool’s, meanwhile, seemed City’s pitch for its title push
sequoias 68 Business card 11 Bare-bones 55 Closes in on was the one that wasn’t
43 Perez of “Do to be on the decline as it be- to mean anything. Except on
abbr. even in the building. Earlier gan a new cycle based on that night, Arsenal simply
17 Make fun of the Right 12 Cutting edge 57 Amazon
nuns? Thing” 69 Reasonable assistant in the day, Liverpool had younger talent. But the team fell apart. City scored inside
13 Revise come from behind to beat has rallied for Klopp’s final 6 minutes and turned the
19 Hurdle for a 45 “Nerts!” 70 Approvals 58 Settles in Brighton and taken over first season at Anfield and redis- game into a 4-1 humiliation.
future esq. 18 Lushes
46 Symbol on the 71 Carrier to place in the standings with covered the kind of fearless- That Arteta’s team could
61 Impresses
20 Bagel choice Argentine flag Copenhagen 24 Muslim 67 points, putting the club ness that earned a champi- come back to Manchester,
deeply two ahead of Arsenal and onship in 2020. keep a clean sheet, and then
mystic
21 Singer 47 Cleverly Down 64 ’60s radical three ahead of City with As for Arsenal, this cam- leave without feeling terribly
Corinne skillful 25 Quantum nine games remaining. paign is the product of a pleased spoke volumes about
1 Blue-backed grp.
Bailey ___ movement, That makes this the clos- long and deliberate recon- its progress over the past 11
50 Motel sharks at times 65 Draw
22 Glorified gofer meet-up, est championship fight the struction process that began months. Boasting the best
2 Offer one’s Previous Puzzle’s Solution Premier League has seen in when it handed Arteta his defense in the league, Arse-
maybe
23 Split-off group two cents M O I S T A V I V A D A M well over a decade. The last first ever head coaching job nal is slowly shaking its rep-
52 Make fun E N D O R S E L A C O B B time three clubs were so in 2019. To him, the pecking utation as a club that goes
24 Make fun of a 3 Well-
of script S T O L E A K I S S T U B A tightly bunched at the top order in the Premier League to pieces against its tough-
member of a intentioned S O L E M N L A S V E G A S
dialogue? this late in a season was remains clear, no matter est rivals.
sleigh-pulling things? L O G A I D
G Y R O G E A R L O O S E
2009-2010, when Arsenal, what the standings say: Man “We’ll live with one
team? 56 Panache Manchester United, and City is still the team to beat. point,” Arsenal center back
4 Check R B I L OWE E U R O S
DAVID BLUNSDEN/ZUMA PRESS

27 Bone of 59 Plot parcel O R G S A R E S O T A R P Chelsea were all in the hunt “They are the best team William Saliba said. “But we
5 Gore and O I L U P G R OW L E N going into April. Arsenal col- in the world by far,” Arteta are not satisfied.”
contention F O I L O N E S P L A N S
60 Malty brew Sharpton lapsed soon after, but the said. “They have the best Man City also shared a
29 Hot dogs do it T O E E G O
61 Mentally 6 Rebellion T O MA H AWK T H R U M S other two duked it out until manager in the world by far. similar feeling. “We take the
30 Buff quick leader Turner A V O N T H A T S A WR A P the bitter end, until Chelsea And we have to catch up to point,” Guardiola said on
X E N A E O N S S A N K A clinched the championship them. That’s the challenge.” Sunday. “Nine games and we
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. I N K S N A T O T Y S O N on the final day. But Sunday suggested see what happens.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Biden and the Ukraine Standoff
It must con-
fuse the in-
ternational
commentar-
iat.
did
When
Mike
Johnson be-
BUSINESS
come presi-
WORLD
dent? On the
By Holman W.
Jenkins, Jr.
front pages
of our most
important
papers, the House speaker’s
machinations over Ukraine
aid get top billing. Joe Biden
goes unmentioned or barely
mentioned.
In fact, Mr. Johnson is
down to a one-vote majority
in the House. If Democrats sit
on their hands, one or two
GOP defectors are enough to
unseat him no matter how
popular Ukraine aid is with
his membership. Mr. John-
son’s and the bill’s interlocked
fate, the Washington Post cor-
rectly noted last week, “as it
has been for months now . . .
is very much in the hands of
Democrats.”
One answer to the absence
of Mr. Biden from his bully
pulpit while his own nominal
Ukraine policy hangs in the
balance is the one I described
78 weeks ago: GOP opposi-
tion is handy to push Ukraine
toward a cease-fire. This is
the inevitable corollary of
the U.S. administration’s con-
spicuous unwillingness to
seek increased defense bud-
gets. It implies the adminis-
tration intends an ending in
Ukraine on the cheap by forc-
ing negotiation on our Kyiv
partner rather than by using
our resources to force nego-
The Danger of Making a Religion of Politics
The Declara-
tion of Inde-
pendence
summarizes
liberalism—
not as a politi-
POLITICS cal creed op-
posed to
& IDEAS
conservatism,
By William
but as a philo-
A. Galston
sophical ac-
count of gov-
ernment. This theory rests on
truths held to be self-evident:
that all human beings are cre-
ated equal; that they have cer-
tain rights no one can take
from them and which they
can’t surrender; that these
rights include life, liberty, and
the pursuit of happiness; that
legitimate government exists
to secure these rights and is
based on the consent of indi-
viduals who regard themselves
as together forming a distinct
people; that this consent is re-
vocable when the government
undermines its proper ends;
and that the people reserve the
right to reform or replace it
with other institutions better
suited to promoting these
ends.
Liberalism is built on po-
litical and personal liberty:
the freedom we have to au-
no
thorize government and to
pursue the happiness we de-
fine for ourselves.
In modern times, societies
that have embraced liberal
principles have authorized
forms of government in which
political power is exercised
primarily through legislative,
executive and judicial institu-
tions secured by constitutions
that define the limits of this
power. In turn, the right to
Israel Takes Responsibility. Who Else Does?
By Matthew Hennessey
T
he breaking-news alerts
on your smartphone
seldom tell the whole
story. Journalists are masters
of compression, and the alert
is a direct line to readers’
eyeballs. No room for ele-
gance. No space for slant. So
instead of complexity you get
the short version—the conve-
nient take or the capsule
commentary.
Usually that’s enough to
get the gist in a busy world.
But every once in a while you
get more than you bargained
for in a bubble notice. You
get facts that go beyond the
news and reveal a deeper
truth.
“Breaking News,” bleated
my iPhone Tuesday morning
with an alert from the Jour-
nal. “Israel has taken respon-
sibility for a strike that has
killed seven World Central
Kitchen aid workers in Gaza.
Benjamin Netanyahu said it
was unintentional.”
tiation on Vladimir Putin.
The decision not to chal-
lenge Mr. Biden’s domestic con-
stituencies over spending pri-
orities is a signal the world can
see even if Americans don’t.
Actions speak louder than
words. But there are other sig-
nals too. The hurried message
to Mr. Putin last June that the
U.S. didn’t support the Prigo-
zhin mutiny, the current mes-
saging of U.S. disapproval of
Ukrainian attacks on Russia’s
oil infrastructure. The conspic-
uous lack of pushback against
Mr. Putin’s fast-hardening pro-
paganda line on the Islamic
State terrorist attack.
A Moscow-controlled front
page last week featured Mr.
Biden wreathed in flames as a
co-author, along with NATO,
of the Crocus City Hall massa-
cre. Yet only gentle murmurs
of remonstration are heard as
if the U.S. State Department
shares Mr. Putin’s fear that
the nationalist fervor he culti-
vated to fight Ukraine might
now destabilize Russia by
blowing back on its large
Muslim and guest-worker
population.
Mr. Biden still wants things
from Mr. Putin—to avoid esca-
lations, to refrain from trans-
ferring sensitive military tech-
nologies to China, to behave
conveniently amid the fall
campaign (when, say, “collu-
sion” is dusted off and rolled
out against Donald Trump
again).
Make what you want of
the Russian leader’s recent
statement that he prefers a
Biden victory. The signal Mr.
Putin sends is sometimes the
us ,
l
e
al a
exercise political power rests
on the equal votes of all adult
members of the society, exer-
ci on
cised through regular elec-
tions, with peaceful continua-
tion or transfer of power
prompted by the will of the
majority. Liberal principles
er s
have also substantially broad-
ened the range of choices in-
m er
dividuals can make about how
they earn a living and lead
their private lives.
Beginning in the early
1970s, this understanding of
m rp
government and society en-
joyed a surge of support
worldwide. Between 1973 and
2005, according to the Ger-
man think tank Bertelsmann
co Fo
Stiftung, the number of gov-
ernments rated as liberal de-
mocracies more than doubled.
Since then, the number of lib-
eral democracies has fallen,
while attacks on this form of
government have intensified.
Some attacks are external,
from autocratic governments
such as Russia and China,
whose leaders view liberal de-
mocracy as a threat to their
power. Other attacks are in-
n-
ternal, led by those who see
liberalism as a source of polit-
ical and moral decline.
The effort to explain rising
internal opposition to liberal
democracy has become a cot-
tage industry in the past de-
cade. In an op-ed for the
Washington Post last month,
journalist Fareed Zakaria ar-
gued that since the fall of the
Berlin Wall and collapse of the
Soviet Union, rapid economic
and social changes have cor-
roded communal life and em-
powered minority groups in
ways that have “unnerved”
War is hell. Everyone
knows that. Bullets don’t dis-
criminate. No bomb is
smarter than the person who
dispatches it. When the skies
are full of lead, accidents are
bound to happen, and when
they do, political spinmeis-
ters step forward to deny, de-
flect, delay and distract.
All war is hell. Not all
who wage it admit
their mistakes.
Not here. Israel has taken
responsibility. What a con-
cept.
And what a contrast with
its adversary. The only thing
Hamas takes responsibility
for is doing what it loves:
spreading terror and deliver-
ing death. When a bomb goes
off in a marketplace, it claims
responsibility. When a crazed
maniac knifes random people
on a bus, it claims responsi-
signal he means to send.
FDR’s electorate was isola-
tionist too and yet he put the
U.S. on a crash course to rear-
mament. I won’t spell out my
complicated view but closing
the door firmly to Russia in
Europe and Iran in the Middle
East is likely the best way to
The president’s
inability to use the
bully pulpit bodes ill
in a dangerous world.
deter Beijing over Taiwan. It’s
also likely the quickest way to
unravel their rogues alliance,
which won’t last a minute lon-
ger than Moscow and Tehran
discovering it hasn’t delivered
the strategic gains they
hoped.
The U.S. and Joe Biden are
making an important bet
without saying so. The theory
that nuclear weapons kept the
great power peace for the
past 79 years and will con-
tinue to do so is about to get
its ultimate test on the watch
of the next U.S. president or
two.
A war over Taiwan won’t
be easily contained or ended.
Researchers at the Cold War-
born Atlantic Council have
ruffled the serenity of the for-
eign-policy blob by noting, ac-
curately and repeatedly, that
the U.S could rather quickly
find itself choosing between
sacrificing a long-term strate-
on
gic interest and using nuclear
weapons.
longstanding majorities. “Free-
dom and autonomy often come
at the expense of authority
and tradition,” Mr. Zakaria
wrote. “As the binding forces
of religion and custom fade,
the individual gains, but com-
munities often lose.” The re-
sult, he said: We are freer but
lonelier, and we struggle to fill
our sense of emptiness.
New York Times columnist
David Brooks agreed, con-
tending last month that dis-
satisfied Americans are feel-
Perfectionism and
moral zeal conflict
with the pluralism a
free society needs.
ing an absence of “meaning,
belonging, and recognition.”
Like Mr. Zakaria, he suggests
that infusing liberal politics
with moral meaning is the
remedy for the declining
power of religion.
I have two qualms with this
argument. First, it minimizes
simpler explanations for the
declining confidence in liberal
democracy. One is that the
U.S. has been ill-governed for
the past two decades. Con-
sider the record: two costly,
mostly failed wars; a financial
crisis from which it took years
to recover; a pandemic during
which Americans experienced
more restrictions and more
deaths per capita than many
other advanced societies; a
postpandemic inflationary
surge; cultural conflict that
has polarized politics. Against
bility. But when the subject is
its failure to give Gazans a
better life, Hamas throws up
its arms. It didn’t take re-
sponsibility for the lies it told
about the misfired terrorist
rocket that hit Gaza City’s Al-
Shifa hospital in October, or
for that matter for using the
hospital as a command cen-
ter. It doesn’t take responsi-
bility for the human calamity
it has unleashed on its people
with the unspeakable atroci-
ties of Oct. 7.
No. Hamas, in its rhetoric
and propaganda, pushes all
responsibility for the suffer-
ing of Gazans onto Israel—
and not just Israel, onto Jews
and Americans. Hamas is al-
ways innocent, always at the
mercy of perfidious forces.
This performative helpless-
ness allows Hamas to play the
perpetual victim when, in
fact, it is a murderous gang
of dead-end losers. It inten-
tionally killed 1,200 people in
a single day. Hamas lusts for
blood.
In multiple table-top simu-
lations, exactly this situation
tends to arise given the cur-
rent state of U.S. readiness.
In the real world, it may land
on us willy-nilly and quite
suddenly, so it’s better to
have given it some thought
beforehand.
But there’s a cost to a pres-
ident who, even to his well-
wishers, lacks force and pres-
ence to air difficult issues. An
81-year-old Nixon would have
trouble enough without bring-
ing along a reputation as a
voluble gadfly with an unruly
family of grifters. These fac-
tors complicate Mr. Biden’s
ability to commit America to
an even slightly harder road,
say, by sacrificing electric-ve-
hicle handouts and student-
loan forgiveness in favor of
military investments.
And yet if you want peace,
prepare for war, especially
when a conventional buildup
would deprive Xi Jinping of a
highly dangerous incentive
because he thinks the U.S.
would never pull the nuclear
trigger.
Americans will become
reconciled to their choice this
fall. They will engage pas-
sionately and obstreperously
in the Trump vs. Biden de-
bate. But it’s hard not to see
the choice itself as a historic
tragedy in the making. Even
the millions who ardently
support Mr. Biden because
he’s not Mr. Trump don’t par-
ticularly heed his words or
have visceral confidence in
his leadership. This problem
isn’t going to get better in a
second term.
this backdrop, we need not in-
voke religion to explain de-
clining confidence in liberal
institutions, which are, like all
forms of government, judged
mostly by their fruits.
Second, if the decline of re-
ligion is contributing to the
weakening of liberalism, it is
dangerous to look to politics
as the solution. Yes, politics
can be an arena of common
purpose during wartime, eco-
nomic calamity or natural ca-
tastrophe. For those seeking
social change, political move-
ments offer the satisfaction of
collective action guided by
shared moral commitments.
But for most people, a
sense of true purpose and be-
longing won’t come through
politics. This is especially true
in liberal societies without en-
forced religious orthodoxies,
whose denizens pursue their
own conceptions of meaning
and worth mostly in families,
voluntary associations, reli-
gious institutions and work.
When we ask politics to fill
the role vacated by religion,
the consequences are danger-
ous. The natural longing for
perfection shifts from heaven
to a realm that resists it. Doc-
trinal commitment to a set of
secular ideas is pitted against
the diversity of belief inherent
in free societies. A religious-
like fervor for a particular set
of political values undermines
the spirit of conciliation that
makes peaceful common life
possible.
To cure our current ills,
better governance is a safer
bet than a politics of meaning,
even one designed to bolster
liberal principles and hopes.
Not so Israel, a nation that
stands for life, for hope, for
freedom. Israel desires peace
and has offered it to the Pal-
estinians repeatedly, who al-
ways refuse. The offer stands.
Israel is engaged now, as
always, in a fight for sur-
vival. Often lied about, Is-
rael nevertheless respects
the rules of war. It fights
with precision and restrains
its soldiers to protect the
innocent. It provides food
and aid to its enemy. It owns
up to its mistakes.
The author of the news
alert might not have intended
to convey all that. Writing,
like war making, is a business
rife with unintended conse-
quences. The ripples often
outpace the pebble.
Yet here we are: “Israel
takes responsibility.” You’ll
never hear the same said of
Hamas.
Mr. Hennessey is the Jour-
nal’s deputy editorial features
editor.
Wednesday, April 3, 2024 | A15
BOOKSHELF | By Skye C. Cleary
Surprises
For the Soul
Wonderstruck: How Wonder and Awe
Shape the Way We Think
By Helen De Cruz
Princeton, 232 pages, $27.95
E
urasian jays perform a kind of magic trick, a “sleight
of beak.” They pretend to stash food in one spot,
misdirecting other birds while they conceal the real
cache. Jays are not only good deceivers, they are much
better at spotting sleights of hand than humans. One study
found that in the “French drop,” or palm transfer trick,
where it looks as if an item has been passed to another hand
but hasn’t, jays guessed the correct hand over 70% of the
time. Humans managed 25%.
Stage magic dates back at least to the sixth century B.C.
It’s captivating precisely because it inspires a sense of awe:
Magicians do apparently impossible things, and the
onlooker’s astonishment
arises from not knowing
quite how. “Without a little
magic in our lives, without
a place for the unexpected
and the wondrous, life is
dull and drab,” writes Helen
De Cruz in “Wonderstruck:
How Wonder and Awe
Shape the Way We Think.”
In clear, well-argued
prose, Ms. De Cruz, a
professor of philosophy at
Saint Louis University,
makes an excellent case for
intentionally cultivating
.
wonder and awe. We feel
wonder when we glimpse the
ly
unknown. We feel awe when
we encounter vastness, as when we gaze at the night sky,
listen to the music of Bach or contemplate quantum
mechanics, and want to understand. These emotions are not
just for starry-eyed children or, Ms. De Cruz acutely
observes, scientists and philosophers. “The experience of
wonder belongs to all of us,” she writes. It is a vital aspect
of our humanity; it galvanizes new ideas and inventions,
awesome and wonderful themselves, which nourish and
enrich our culture and our lives, individually and
collectively.
Ms. De Cruz considers René Descartes, who proposed, in
“The Passions of the Soul” (1649), that objects of awe and
wonder (admiration) are important because their
extraordinariness surprises our souls. While Descartes
contended that once we’ve encountered and wondered at
something, we should curb our emotional reaction, Ms. De
Cruz thinks that the “firstness,” the freshness, of wonder
should be prized and retained. She is right: It’s easy to
overestimate what we know, and we shouldn’t be
complacent. Knowledge requires wonder to keep thought
fresh and alive.
Awe and wonder are important both philosophically and
psychologically: They motivate us to learn, challenge our
default thinking patterns and shift our attention away
from ourselves. Responding to Jean-Paul Sartre’s
controversial claim that emotions lie within our conscious
control, Ms. De Cruz proposes that we modulate awe and
wonder by harnessing “cognitive technologies”—she
includes magic, science and religion, which she explores in
some depth.
Playing down the fact that organized religions have a
history of persecuting those who wonder in unorthodox
ways, Ms. De Cruz points to religious practices that can help
people become more receptive to easily missed aspects of
experience. Mindfulness practices like raking a karesansui
(Zen garden) are ways of opening up the mental bandwidth
to notice the wonderful and develop a sense of harmony and
balance. Rituals such as the Jewish blessing upon seeing a
rainbow (one of the universal triggers of awe, from Noah
on) serve a similar purpose.
The experience of awe galvanizes new ideas
that nourish and enrich our culture and our
lives, individually and collectively.
Pushing back on the idea that science kills wonder
because its discoveries make mysteries intelligible, Ms. De
Cruz, like Richard Dawkins and Richard Feynman,
emphasizes that “science doesn’t unweave the rainbow. . . .
Our understanding of how rainbows are physically realized
opens new mysteries, such as about the structure of color,
and of reality itself.” Science depends on wonder because
good scientists need to be curious, notice anomalies, and
explore new ideas and information. Precision and rigor are
important in science, but the emotional drive to find out
more motivates discovery and fuels research.
Yet our path to knowledge is filled with obstacles.
Technology strips our lives of magic. Light pollution blocks
the night skies for more than 80% of the world’s population;
we literally can’t see the vastness of the universe. “Wonder
requires attention,” Ms. De Cruz writes, but social media are
like a faulty GPS that sends us the wrong way; they distract
us from what matters.
The continual grind in pursuit of productivity burns
many people out. Moreover, the author points out that for
many people “eco-anxiety”—feeling helpless to stop
climate change—is a real side effect of wonder in the face
of nature. Drawing on the work of black feminist
philosophers such as Myisha Cherry, Ms. De Cruz argues
that awe and wonder can be sources of hope because they
help us to shift our perspective, understand our
interconnectedness and get attuned to the intrinsic value
of our ecosystem.
“Wonderstruck” closes with everyday suggestions for
cultivating awe and wonder: Read literary fiction, such as
Ursula K. Le Guin’s “Earthsea” series, which inspires
wonder through challenging readers to question reality
and the nature of possibility. Study philosophy, which
teaches about the strange and paradoxical nature of
existence and provides the mental space to reflect. Ponder
the wonders of everyday phenomena—watch how a flower
squeezes through a crack in concrete. Contemplate art.
Participate in whale-watching, sporting events, fireworks
displays, festivals of lights such as Dev Deepavali. Join a
group for hanami, the Japanese tradition of marveling at
cherry blossoms.
It remains for each of us to discover the best ways to
bring awe and wonder into our lives, but “Wonderstruck”
offers a persuasive reminder that we really should.
Ms. Cleary’s most recent book is “How to Be Authentic:
Simone de Beauvoir and the Quest for Fulfillment.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Wednesday, April 3, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Will Abortion Make Florida a Swing State? Blinder’s Grade Inflation on Biden’s Economy

T
ake a bow, Justice Samuel Alito. On maybe intentionally, and they’ll have a point. Alan Blinder’s op-ed “Biden vs. plenty, but take his list one by one.
Monday the Florida Supreme Court pro- Does a “health” exception cover mental health? Trump: A Choice, Not an Echo, on First, progressives are eager to
Economic Policy” (March 28) deals in change our lifestyles and put Washing-
vided further vindication for his 2022 Who qualifies as a “healthcare provider”? But
fantasies rather than facts. The ton in charge of more resources to
Dobbs opinion overturning these are the arguments Re- Trump economy, pre-Covid, had lower fight climate change. That is a no-
Roe v. Wade and returning Overruling DeSantis’s publicans have been making, inflation as well as higher inflation- brainer for command-and-control
abortion policy to the people six-week restriction is and losing, for two years. adjusted growth in wages, gross do- types, even if it won’t help the climate.
to decide. The Florida court Michigan’s abortion amend- mestic product, and the stock market Second, even Mr. Blinder must ac-
let Gov. Ron DeSantis’s six- coming to the ballot. ment passed 56.7% to 43.3%. than the Biden economy has so far. knowledge that hiking taxes on the
week abortion restriction take Ohio’s 56.8% to 43.2%. The exit On climate, President Biden’s rich and corporations is no free
effect, while also approving a poll in the latter state says Council of Economic Advisers ac- lunch. Much of the cost is passed on
ballot measure that will leave its ultimate fate 18% of Republicans and 64% of independents knowledges that the policy benefits to the rest of us.
up to voters. voted yes. are minuscule. He also has us sidelin- Third, Mr. Trump said he wanted
The fall of Roe unleashed Democratic enthu- Both states had strict abortion laws, and one ing natural gas, a critical element in to cut waste and fraud, not benefits,
real-world emission reductions. in entitlement programs.
siasm to protect abortion rights, including with takeaway is that if voters think they’re being
Innovation that brings green-en- Fourth, the idea that Mr. Biden
state constitutional amendments passed by given an all-or-nothing choice, they might go ergy costs down is the key to a pro- now wants to secure the border—af-
Michigan and Ohio. President Biden hopes it for all. Yet the majority of Americans are in the gressive climate policy. Instead, Mr. ter three years of putting welcome
will propel voters to the polls in November. Mr. middle. Gallup’s latest figures, from 2023, show Biden is enriching special interests by mats out for migrants—is ludicrous.
Biden lost Florida in 2020 to Donald Trump by that 69% think abortion should be “generally le- mandating Americans into more ex- Still, Mr. Blinder hit the nail on the
3.4 points, or 372,000 votes. Democrats are also gal” in the first three months. But in the second pensive green energy—cars, stoves head with two points: The presiden-
trying to get abortion on the ballot in other three months, it flips to 55% illegal, which in- and washing machines. tial nominees have very different
states, including Arizona, which Mr. Biden won cludes 52% of women. ”What about immigration?” asks views and the stakes in this election
by 10,457 votes. When Florida passed a 15-week abortion re- Mr. Blinder. Yet he ignores how Mr. couldn’t be higher. The rest of his re-
Liberals claim Dobbs has backfired on Re- striction in 2022, Republicans were near the Biden’s open-border policy has led to port card was a great example of pro-
publicans, but Justice Alito doesn’t think his job center of public opinion. That law would have unchecked flows of fentanyl and crim- gressive grade inflation.
inal activity, as well as degradation of PHILIP D. GRANT
as a judge is to engage in politics by other been easier to defend at the ballot box against the quality of life in many U.S. cities. Palm Coast, Fla.
means. “We do not pretend to know how our the current progressive position that abortion Mr. Blinder’s alarm bells are remi-
political system or society will respond to to- should be safe, legal, unrestricted, celebrated niscent of 2016, when his fellow econ- Prof. Blinder points out several dif-
day’s decision,” he wrote. “And even if we could and publicly funded. Then last year Mr. DeSan- omists warned of the economic de- ferences between Presidents Biden
foresee what will happen, we would have no au- tis signed a six-week law. If the result is that mise and stock-market crashes that and Trump, but he neglects to men-
thority to let that knowledge influence our deci- Floridians enshrine in the state constitution a President Trump would bring. The tion one major difference: economic
sion.” Just so. right to abortion through “viability,” or about polling of the electorate on economic regulation. Mr. Trump was the most
The political reality since then is that the 24 weeks, that law will have been a strategic policy indicate that Americans have deregulatory president in recent
people reign, as they will in Florida. In one mistake by abortion foes. learned the lesson. times, even surpassing President Rea-
opinion this week, the Tallahassee justices re- One caveat is that constitutional amend- CASEY B. MULLIGAN AND TOMAS J. PHILIPSON gan. This was an underappreciated
Chicago reason for his economic success.
versed a state version of Roe, which had read ments in Florida need 60% to pass. Meantime,
Mr. Mulligan was chief economist of Mr. Biden is a big regulator. He has
abortion protections into a privacy clause GOP candidates on the ballot might be a house the White House Council of Economic appointed agency heads who impose
added to the Florida constitution in 1980. The divided. Sen. Rick Scott has defended the six-

.
Advisers, 2018-19. Mr. Philipson was expensive rules without regard to
persuasive 6-1 ruling says advocates of that week limit and said he’d have signed it. Mr. the Council’s acting chairman, 2019-20. costs at the Environmental Protection

ly
amendment, who included abortion opponents, Trump last year called the law “a terrible mis- Agency, Securities and Exchange
argued it would be protection from newly com- take.” He has teased that he’ll back a 15-week Mr. Blinder gives Mr. Biden sterling Commission, Federal Trade Commis-
puterized government data collection. national standard, and he’ll be pressed to clarify grades for his commitments to fight sion and other agencies. Reversal of
Yet if voters explicitly want to put abortion his position.
in the Florida constitution, they can do it. In a
on
Settling these questions might take a couple
separate 4-3 decision, the state Supreme Court of election cycles, but Justice Alito never said
climate change; boost taxes on the
rich and corporations, protect entitle-
ment programs and preserve the ben-
efits of immigration. That leaves out
these policies would be a real benefit
for the economy.
PAUL RUBIN
Sarasota, Fla.
signed off on a November ballot referendum. otherwise. The Supreme Court gave abortion
us ,

“No law,” the constitutional proposal reads, policy back to the electorate, which is better
l

“shall prohibit, penalize, delay, or restrict abor- than having it dictated by judges. Now the peo-
e
tion before viability or when necessary to pro- ple are deciding. We don’t doubt the sincerity
al a

tect the patient’s health, as determined by the of Republicans who vote for six-week laws like Democracy Has Changed. So Must Its Arsenal
patient’s healthcare provider.” Florida’s. But if they haven’t persuaded the pub- Anders Fogh Rasmussen makes a them in weeks, not years. The two
ci on

Opponents will argue this language is vague, lic, they might be courting political defeat. compelling case about the West’s
need for a rejuvenated defense-indus-
trial base (“The West Needs a War
IRS’s Most Wanted: The $200,000 Man Footing,” op-ed, March 29). He uses
as an example President Franklin D.
Vinson-Trammell naval bills had al-
ready laid the keels for what would
be a 6,000-ship navy.
Regulations were virtually nonexis-
tent. If anyone believes that the Man-

T
er s

he Internal Revenue Service got an au- while 80% of audits covered filers earning less Roosevelt’s mobilizing of William hattan Project could have built the
Knudsen and others to produce the atomic bomb in today’s environment,
dit of its own in time for Tax Day, and than $1 million. Don’t forget to save those char-
m er

needed sinews and weapons of war. he is sadly mistaken. Worse, given

two irregularities jump out. President itable-giving receipts. Sadly, the analogy of eight decades the huge uncontrolled real annual
Biden’s plan to hire a new Sluggish hiring might ex- ago no longer fits today. cost growth for all defense items, the
army of tax collectors is fall- 63% of new audits last plain the slow shift. To its First, the depression left a vast more we spend on our militaries, the
ing flat, and the agents al- year were aimed at credit, the IRS never claimed pool of manpower for this endeavor. more our forces continue to shrink
m rp

ready at work are targeting it would decrease its middle- Second, weapons were far simpler here and in Europe.
the middle class. middle-class filers. class audits, only that audits and cheaper. A typical fighter cost What is needed is a realistic strat-
Those are two findings of on higher-earners would be- about $30,000 at the time, and there egy that takes this into account. Oth-
the IRS’s watchdog, the Trea- come a majority. A fleet of were dozens of small aircraft compa- erwise, the polemics and warnings
sury Inspector General for Tax Administration new agents were supposed to turn their sights nies available to build them. War- will continue and nothing will change.
co Fo

ships weren’t that complex, and the HARLAN ULLMAN

(Tigta). The report examines IRS progress on on rich tax dodgers. But apparently the job is
U.S. had many shipyards to build Washington
mandates from the Biden Administration in scarce demand.
backed by tens of billions in new funding. The Tigta reports that revenue-agent recruit-
first supposed goal was to audit more ultra- ment is “far below” the agency’s target, and it
wealthy and fewer middle-class filers, but it’s hired only 34 in the first six months of its ex-
No Such Thing as a Free Lunch, but Why Not?
not going so well. pansion, according to trade publication Gov- As a kid of the 1960s, I grew up the free bus takes them home at the
By last December the IRS decided that it ernment Executive. That compares with its goal with the adage “There’s no such thing end of the day. It makes sense that
wouldn’t begin tracking its progress until later of 3,700 in the first year. as a free lunch” (“Biden’s Free Lunch we should also be responsible for stu-
this year. That’s because the agency has been The agency faces the same tight labor mar- for Rich Kids” by Sam Adolphsen and dents’ nutrition while they are under
slow to shift its focus to high-income taxpayers, ket as any other employer, but the job specs Paige Terryberry, op-ed, March 27). I our care at school.
who make up a small share of total filings. Its aren’t bad. A typical salary for these agents is also understood the adage’s implica- LONNIE BARHAM
tions: No such thing as a free educa- Warwick, R.I.
April 2023 strategic plan pledged that future about $125,000, plus public-employee perks
n-

tion, rent, transportation and so on.

audits would disproportionately target individ- such as up to $60,000 in student-loan forgive- Contrast that grounding with the
uals making at least $400,000, but “did not in- ness. But for one reason or another, America’s one given to today’s kids, when the What the Consumer Wants
clude specifics on how the IRS was going to en- treasurers and accountants aren’t lining up to Foundation for Government Account-
sure it met this commitment,” says Tigta. become federal tax collectors. Regarding Rep. Jim Banks’s letter
no

ability estimates that 72% of public-

“Will China Dominate the U.S. Auto
The most recent data suggests the IRS is still All of this should encourage the House Re- school children could soon receive
Market?” (March 22): Starting in the
focused on the middle class. As of last summer, publicans working to claw back more of the $80 “free” lunches. No wonder many in
1970s, Japanese auto makers offered
63% of new audits targeted taxpayers with in- billion that Democrats funneled to the IRS. For our younger generation feel entitled to
well-made, lower-cost autos that
come of less than $200,000. Only a small over- all that new money, Congress is so far getting free college educations, guaranteed in-
Americans embraced. Eventually, for-
all share reached the very highest earners, the same old agency. comes and rent-controlled living. We
eign manufacturers built factories in
always get, essentially, what we sow.
the U.S. to produce cars for the
JIM SCHEPKER
American market. Honda, Hyundai,
Biden Builds a Domestic Green Army Niantic, Conn.
Kia, Nissan, Toyota, and BMW all
build hundreds of thousands of cars

W
I find fault with the argument that
ho says Rep. Alexandria Ocasio-Cor- America—paid for by your tax dollars. and employ thousands of Americans.
we shouldn’t be providing universal
tez has no influence? Her vision to A Climate Corps memorandum of under- For decades, the American con-
free lunch for public-school children
sumer has enthusiastically voted with
mobilize a government Climate standing signed in December by six federal because children of those who earn
his dollars for Chinese-made goods, a
Corps to promote green poli- agencies and AmeriCorps six-figure incomes would also get
fact ignored by politicians. If China
tics is becoming a reality. He’s shrinking the real says that, “to the extent per- those lunches. We have long provided
rises to a dominant position in the
President Biden wants to mitted by law,” the program free books and transportation for
shrink the real Army, but his
Army but arming a “will offer a range of compen- schoolchildren, regardless of their
U.S. auto market, it will be fueled by
the wholehearted support of the
parents’ income.
budget includes more than $8 political Climate Corps. sation and benefits such as American consumer.
We are responsible for students’
billion for a domestic green housing, transportation, VERN MASTEL
welfare from the time the free bus
political army. health care, child care, educa- Mandan, N.D.
picks them up in the morning until
The political model is FDR’s Civilian Conser- tional credit, scholarships and student loan
vation Corps, which paid Americans to work forgiveness, stipends, non-financial services
when nearly one in four were jobless. The U.S. and benefits that address barriers to employ- Activity Is Not Achievement Pepper ...
now has a labor shortage, but the Biden Admin- ment and job retention, and other benefits as
istration wants to mobilize more than 20,000 determined by specific program and partici-
The letter “Infrastructure Spending And Salt
Is Up” (April 1) hardly refutes the
initially for the Climate Corps—and some pant needs.” premise of Judge Glock’s “Buy Ameri- THE WALL STREET JOURNAL
50,000 by 2031. Ms. Ocasio-Cortez and Massa- Not a bad gig if you don’t want to contribute can, Build Nothing” (op-ed, March 25).
chusetts Sen. Ed Markey want the Climate Corps to the real economy. This is an income redistri- Instead, it falls into the trap of mis-
to employ 1.5 million over five years. bution program to finance left-wing nonprofits taking activity (increased spending)
“This is not summer camp for climate activ- and bureaucracies to employ and train a cadre with achievement (more structures
ists. It’s a job-training program,” says Trevor of political activists. built). Nobody should argue that the
Dolan of Evergreen Action, a green nonprofit The MOU says the Climate Corps will pro- federal government is good at the ac-
that has lobbied for the Climate Corps. He says mote the Administration’s goal that 40% of tivity of spending other people’s
money, just as nobody should argue
participants will learn to install electric heat overall federal climate-change investments
that such spending achieves anything
pumps, solar panels, EV charger and pollution- should “flow to disadvantaged communities beyond pleasing donors and favored
monitoring equipment, fight forest fires, do that are marginalized, underserved, overbur- constituencies.
wellness checks on the elderly during heat dened by pollution, and experiencing dispro- LLOYD TALBERT
waves and help communities develop disaster portionate impacts of climate change.” Manhattan Beach, Calif.
plans, among other tasks. The perverse priority of this program is
The Sunrise Movement, another far-left out- hard to believe when the President is racking
Letters intended for publication should
fit, says the Climate Corps can “raise the bar up record budget deficits and shrinking the be emailed to wsj.ltrs@wsj.com. Please
for all employment” and “allow us to use the U.S. military despite rising global threats. The include your city, state and telephone
government as a way of designing our own so- Climate Corps plan shows how much Mr. Biden number. All letters are subject to “I like a buttery chardonnay
ciety and setting new norms for the work- remains in thrall to the Democratic left and its editing, and unpublished letters cannot with hints of happier times,
be acknowledged.
place.” Ah, yes, a children’s crusade to remake climate-change obsessions. romance and optimism.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Wednesday, April 3, 2024 | A17

OPINION

Trump Was Good for America’s Alliances

By Alexander B. Gray deter or respond adequately and expecting different re-

F
to Russia’s 2014 aggression sults rightly struck the
oreign-policy experts are against Ukraine, its tolera- president as insane.
predictably fretting over tion of Chinese malign ac- After three years of
Donald Trump’s re-elec- tivity in the South and East press adulation over Amer-
tion campaign. They fear China seas, and its promise ica’s supposed return to the
that the former president of a “new model of great- world stage under Presi-
threatens the alliances and part- power relations” with Bei- dent Biden, one might ask:
nerships that have sustained global jing had brought U.S. rela- What have Americans and
peace since 1945. Should Mr. tions with allies and the world gotten from a
Trump return to the White House, partners like Japan, Taiwan, supposedly more alliance-
the thinking goes, he will be un- Israel, the Gulf Arab states friendly U.S. president? So
constrained by the guardrails that and much of Eastern Europe far, a catastrophic with-
prevented him from torpedoing to a historic low point. drawal from Afghanistan,
America’s alliances in his first Much of Mr. Trump’s tenure the failure of American de-
term and will permanently damage was spent not simply re- terrence in Ukraine, an Ira-
both U.S. security and the interna- pairing those relationships nian nuclear breakout inch-
tional order. but expanding them in in- ing ever closer, and an
novative ways. accelerating Chinese threat

PETER NICHOLLS/AFP VIA GETTY IMAGES

He pushed NATO to spend
more on defense, expanded
the Quad and facilitated
the Abraham Accords.
This narrative concedes a point
that undermines its premise: The
U.S. alliance system didn’t crumble
during Mr. Trump’s first term. On
the contrary, the Trump adminis-
tration strengthened relations with
partners in the Indo-Pacific, Central
and Eastern Europe and the Mid-
east. Anyone who believes that Mr.
Trump was once bound by conven-
tional wisdom but won’t be again—
and will wreak havoc on the global
order he ostensibly detests—hasn’t
been paying attention.
Mr. Trump appalled toward Taiwan. Allies in
many foreign-policy veter- the Mideast, Eastern Eu-
ans, who thought his rheto- rope, and Asia have begun
ric threatened the world or- to chart their own course
der. In one sense, that fear in the face of an uncertain
was absurd: Nearly every U.S. trumpet.
American administration The global foreign-policy
has publicly scolded North elite is sowing needless
Atlantic Treaty Organiza- fear around the world by
tion member countries for President Trump at a December 2019 NATO summit in London. willfully misrepresenting
shirking their defense- Mr. Trump’s first term and
spending commitments. Mr. Trump from legacy bases in Germany to fa- strengthening America’s standing in scare-mongering about a second.
did likewise—and, perhaps unlike cilities in Poland and the Baltic the world bore fruit, including the Should Mr. Trump return to the
his predecessors, was seen as will- states, where they are far better po- Abraham Accords between Israel White House, there will doubtless
ing to take decisive action to se- sitioned to deter Moscow. Along and several Arab states, a signifi- be sighs of relief among officials in
cure change. Through public and with NATO allies, Mr. Trump pro- cant upgrade to the Quad alliance friendly capitals who remember his
private cajoling—also known as di- vided long-sought Javelin antitank among the U.S., India, Australia and time in office. It isn’t difficult to
plomacy—he secured a commit- missiles to Ukraine, imposed sanc- Japan, stronger diplomatic rela- understand why: Mr. Trump’s lan-
ment from NATO members to beef tions against malign Russian actors, tions with Taiwan thanks to un- guage may make diplomats uncom-
up their contributions. From 2017 and worked with partners to stop precedented cabinet-level visits and fortable, but his actions strike fear
through 2021, nearly every signa- the Nord Stream 2 pipeline, which record arms sales, and an unex- among those who matter most to
tory raised defense spending, con- would have increased European al- pected deal between Serbia and Ko- American security: our adversaries.
tributing substantially to the alli- lies’ energy dependence on Russia. sovo.

.
To understand Mr. Trump’s re- ance’s ability to respond to These weren’t the acts of a retro- At each step, Mr. Trump asked Mr. Gray is a senior fellow at the
cord, recall what he inherited. The Russia’s invasion of Ukraine in grade isolationist; they were the his staff to think of creative ways American Foreign Policy Council. He

ly
Obama administration’s disastrous 2022. work of a pragmatist seeking novel to resolve issues that had bedeviled served as chief of staff of the White
“red line” in Syria, its ill-conceived These efforts resulted in a signif- solutions to 21st-century challenges. their predecessors for decades. Do- House National Security Council,
Iranian nuclear deal, its failure to icant redistribution of U.S. forces The administration’s goal of ing the same things over and over 2019-21.

Free Speech Is Alive and Well at Vanderbilt University

on
us ,

By Daniel Diermeier nurture a culture of free expression trality, Vanderbilt doesn’t boycott or those supporting BDS are free to ports, teaches and defends free ex-
l

built on three pillars. The first is a divest from companies doing busi- speak out and demonstrate on our pression—but to do so, we must
e
al a

T
Nashville, Tenn. determination to provide an open ness in or with specific nations, un- campus—subject, like all student safeguard the environment for it.
he purpose of a university is forum: opportunities for dialogue less required by law. groups and as at all universities, to Students can advocate BDS. That is
to assemble a talented group and debate. The second is the prac- Some students supporting BDS reasonable limits on the time, place freedom of expression. But they
ci on

of students from a range of
backgrounds and help them grow
and learn as part of a community.
This includes teaching them how to
appreciate a range of perspectives—
tice of institutional neutrality, by
which university leaders refrain
from publicly taking political posi-
tions to avoid indirectly stifling free
thought and expression among stu-
er s
declared their opposition to Vander-
bilt’s institutional neutrality, calling
it a cop-out, or worse. They advo-
cated for a reversal of course on a
campus referendum that would have
and manner of their protests.
On Tuesday, 27 students trans-
gressed those limits when they
forced their way into a closed ad-
ministrative building, injuring a
can’t disrupt university operations
during classes, in libraries or on
construction sites. The university
won’t adopt BDS principles. That’s
institutional neutrality. As a com-

and to learn how, not what, to think. dents and faculty. Last and most required student government funds community-service officer in the munity, we should always remember
The university remains one of the distinctive is a commitment to civil to follow BDS restrictions, which the process. Students pushed staff to treat each other with respect and
m er

last places in society where people
with diverse viewpoints can engage
in the kind of civil dialogue that al-
lows them to explore complex top-
ics—and find innovative solutions to
discourse, the practice of respectful
argument rooted in facts, which our
undergraduates agree to uphold
when they sign a student-authored
community creed before taking their
m rp
university had disallowed because
Students are free to engage
members and screamed profanities.
Our staff took a graduated ap-
proach to de-escalating the situa-
tion, including several attempts to
discuss the issues with the student
rely on the force of the better argu-
ment. That’s civil discourse.
Teaching students the importance
of upholding rules for free expres-
sion doesn’t squelch their right to

difficult problems—together. To this
end, university students should de-
bate one another respectfully. They
should challenge each other’s ideas,
as well as their own. If part of that
first classes.
These commitments were tested
for about 24 hours starting March
26. Vanderbilt, like many universi-
ties, is home to a group of students
co Fo
in protests and required
to follow the rules and
respect civil discourse.
group and encourage them to take
a different course of action. Over
20 hours, the students were consis-
tently informed that they were vio-
lating university policies and
voice their opinion—it protects it.
In these difficult times, each uni-
versity will be tested. And each uni-
versity will follow its own path. Our
approach is clear: We clearly state

process involves protest, then they
should engage in that, too.
Protesting is something that Van-
derbilt students have been doing
weekly since the start of the war in
Gaza. While protests have turned
disruptive and even violent else-
where, those at Vanderbilt had re-
mained peaceful and resulted in civil
exchange, including counterprotests,
lectures and debates. This commit-
ment to civil discourse is typical for
our students. Last month, our Col-
who support the international boy-
cott, divestment and sanctions
movement. The BDS effort encour-
ages economic and political pres-
sure aimed at ending Israel’s cur-
rent policies toward Palestinians,
which organizers say are oppres-
sive, immoral and in some cases il-
legal. The movement calls for eco-
nomic and cultural boycotts,
financial divestment and govern-
ment sanctions.
Some believe that BDS is antise-
n-
following those restrictions would
put Vanderbilt in violation of Ten-
nessee law. The student government
isn’t legally separate from the uni-
versity, and student-government
funds are university funds. The law
requires the university to certify
each year that it isn’t involved in
any boycotts of Israel, which the
state defines broadly. Failing to
make the certification, or acting
contrary to it, would put large state
warned that they were subject to
suspension for doing so.
Early the next morning, the Met-
ropolitan Nashville and Davidson
County Magistrate’s Office charged
three students with assault. One
student protesting outside the
building was charged with vandal-
ism after cracking a window. The re-
maining 25 students left the build-
ing voluntarily. The administration
suspended all of those students on
an interim basis and will all go
the principles and rules that sup-
port our mission as a university.
Then we enforce them.
Free expression is alive and well
at Vanderbilt. Students who support
the BDS movement, as well as those
who oppose it, are protesting peace-
fully on campus as I write this. And
during the same week when a hand-
ful of students stormed a building,
others held thoughtful, candid and
peaceful in-class discussions with
both Michael Herzog, Israel’s am-

lege Democrats and College Republi-
cans held a joint debate on another
divisive issue: gun control. Despite
the charged subject matter, the stu-
no
mitic. The movement touches a par- contracts for the university at risk. through a rigorous accountability bassador to the U.S., and Salam
ticularly raw nerve since the Holo- Implementing the BDS restrictions process to determine further disci- Fayyad, a former prime minister of
caust in Nazi Germany started with with university funds also poten- plinary action. the Palestinian Authority. Civil dis-
boycotts of Jewish businesses. I tially conflicts with federal laws Critics have claimed that Vander- course in action.

dent-led event was notable for its made clear at the start of the se- governing boycotts of countries bilt has abandoned its long-held
substance and civility. mester that, consistent with our friendly to the U.S. commitment to free expression. Mr. Diermeier is chancellor of
Vanderbilt has worked hard to commitment to institutional neu- Like all Vanderbilt students, They are wrong. Vanderbilt sup- Vanderbilt University.

‘An Officer and a Gentleman’—and a Pioneering Actor

Adolescent boys Zack Mayo, a self-centered loner Zack’s love interest, Paula (Debra group of officer candidates and be- little worried about doing some-
coming of age in who graduates from college and Winger), is employed at a nearby comes a father figure to Zack, yet thing that I felt glorified the mili-
the mid-1980s saw joins the Navy to fly jets. Zack paper mill full of other women in his ethnicity goes unmentioned. tary.” Even Mr. Gere expressed res-
“Top Gun” and left wants to prove to himself that he’s dead-end jobs who see bagging an “I just went up to the producer ervations. “My greatest fear was
the theater with a better man than his petty-officer aspiring naval officer as their ticket and told him this role could be that it would be an enlistment film
dreams of joining father, a woman-chasing drunk who to a better life. Yet the movie still played by a black, white, Chinese— for the Navy, which was not pleas-
the military. For raised him on a naval base in the resonates because of the superior anybody,” Gossett told the Wash- ing me too much.”
UPWARD
MOBILITY me, another film, Philippines after Zack’s mother acting—not only Mr. Gere’s and Ms. ington Post in 1982. “Just consider By the late 1980s, attitudes in
released earlier that committed suicide. The movie Winger’s but, especially for me at me.” The producer obliged, and Hollywood toward military movies
By Jason L.
decade, beat Tom chronicles the efforts of Zack and the time, the standout performance Gossett took home the Oscar for would shift. Apparently, the color
Riley
Cruise’s to the his fellow recruits to survive, both of Louis Gossett Jr., who died last best supporting actor. A DVD re- green trumps disdain for the red,
punch. “An Officer physically and psychologically, the week at 87. white and blue. “Top Gun” and Syl-
and a Gentleman” came out in demanding 13-week Officer Candi- Gossett plays the movie’s bad- vester Stallone’s Rambo films were
1982, when my parents considered date School. ass Marine drill instructor, Gunnery Louis Gossett Jr. inspired so popular that the military began
me too young to view R-rated fare The movie was a critical and Sgt. Emil Foley, and establishes setting up recruitment desks out-
with salty language and raunchy commercial success, but by today’s early on that he is not to be trifled me as a middle-schooler side theaters. Then-Navy Secretary
sex scenes. Luckily, I had friends standards the story and gender with. “You better stop eyeballing with his portrayal of a no- John Lehman told reporters that
with HBO. roles seem dated. The recruits are me,” Foley tells a jittery trainee in 1986’s “Top Gun” had helped re-
The drama stars Richard Gere as mostly working-class strivers. an opening scene. “You’re not wor- nonsense drill sergeant. verse the downward trend in re-
thy enough to look your superiors cruiting high-school graduates. In
in the eye. Use your peripheral vi- 1987, the U.S. Naval Academy in An-
sion.” It’s one of my favorite movie leased in 2007 marked the film’s napolis received a record high num-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY lines, and by the closing credits 25th anniversary, and it included ber of applications.
Lachlan Murdoch this middle-schooler was convinced interviews with the filmmakers and “An Officer and a Gentleman” ar-
Executive Chairman, News Corp that Gossett’s tall, strapping, no- several of the actors who explained guably got this ball rolling. And if
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp nonsense Foley was the coolest why they initially were reluctant to Louis Gossett Jr.’s fellow Tinsel-
Emma Tucker Almar Latour dude in the world. work on the project. town luminaries had any subse-
Editor in Chief Chief Executive Officer and Publisher Although the role hadn’t been The script had been passed quent regrets about the movie’s
Liz Harris, Managing Editor DOW JONES MANAGEMENT: written with a black actor in mind, around from one studio to another legacy, he didn’t seem to share
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer; Gossett was cast anyway, making since the mid-1970s and “nobody them. The role “had an interna-
Elena Cherney, Senior Editor; David Crow, Mae M. Cheng, EVP, General Manager, Leadership;
Executive Editor; Chip Cummins, Newswires; David Cho, Barron’s Editor in Chief; Jason P. Conti, him something of a pioneer. In wanted to touch it,” said the tional impact on my life” and “was
Andrew Dowell, Asia; Taneth Evans, Associate General Counsel, Chief Compliance Officer; later decades, A-list actors such as screenwriter, Douglas Day Stewart, obviously very influential to a lot
Dianne DeSevo, Chief People Officer; Jared DiPalma,
Editor; Brent Jones, Culture, Training & Outreach;
Chief Financial Officer; Frank Filippo, Chief
Denzel Washington and Will Smith whose script drew from his per- of people” in the military, he said
Alex Martin, Print & Writing; Michael W. Miller,
Transformation Officer; Artem Fishman, Chief would alter the practice, but in the sonal experience as a former navy in reference to his later travel ex-
Features & Weekend; Prabha Natarajan,
Professional Products; Bruce Orwall, Enterprise;
Technology Officer; David Martin, Chief Revenue early 1980s big studios rarely cast officer. “From Vietnam there had periences. “I’ve been in Israel when
Officer, Business Intelligence; Dan Shar, EVP,
Philana Patterson, Audio; Amanda Wills, Video General Manager, Wealth & Investing; Ashok Sinha, blacks in major parts initially writ- been a real bad taste in everyone’s there was trouble. I’ve been in
SVP, Head of Communications; Josh Stinchcomb, ten for white actors. “An Officer mouth about the military.” South Africa when there was trou-
Paul A. Gigot EVP & Chief Revenue Officer, WSJ | Barron’s
Editor of the Editorial Page and a Gentleman” had no explicit The director, Taylor Hackford, ble. And the people from the em-
Group; Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
role for a black performer and the was likewise hesitant at first. “I bassies—the Marines—knew I was
1211 Avenue of the Americas, New York, N.Y., 10036 plot has no racial theme. Foley is was in the Peace Corps. I wasn’t in there . . . and they’d take good care
Telephone 1-800-DOWJONES tasked with training a mostly white the military,” he said. “And I was a of me.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Wednesday, April 3, 2024 THE WALL STREET JOURNAL.

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

It has been 371 days since our friend and colleague Evan Gershkovich
n-

was wrongfully detained by Russia during a reporting trip and accused of

espionage. The Wall Street Journal and the U.S. government vehemently
no

deny the allegation and continue to call for his immediate release.

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

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

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

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

©2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0293
 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
© 2024 Dow Jones & Company. All Rights Reserved.
S&P 5205.81 g 0.72%
Fund Giants Eyed Over Bank Stakes Stewart
BlackRock, Vanguard,
State Street get FDIC
scrutiny on adhering
to passive investing
BY ANDREW ACKERMAN
WASHINGTON—Banking
regulators are scrutinizing
whether index-fund giants
BlackRock, Vanguard and
State Street are sticking to
passive roles when it comes
Astronauts Neil
Armstrong and
Buzz Aldrin walked
on the moon
wearing boots
CLOCKWISE FROM TOP: NASA; LUKE SHARRETT/BLOOMBERG NEWS; BETTMANN ARCHIVE/GETTY IMAGES; SEBASTIEN BOZON/AGENCE FRANCE-PRESSE/GETTY IMAGES; U.S. AIR FORCE/ASSOCIATED PRESS; MATTHEW STAVER/BLOOMBERG NEWS
made from a
silicon rubber
developed by GE.
GE’s Final Split,
A Breakup 130 Years
In the Making
It once financed mortgages and sold
lightbulbs. Now, a shrunken General
Electric will focus on jet engines.
GE entered the
wind-energy
business after
buying the wind-
turbine business of
bankrupt Enron.
GE built the first
U.S. jet engine. A
year later, it was
used in the first
U.S. jet for military
use, the Bell P-59
Airacomet. 
Ad Industry Makes AI
Images Less AI-Like
BY KATIE DEIGHTON
Unhappy Lego fans recently
accused the toy maker of us-
ing artificial intelligence to
generate images of Ninjago
characters on its website.
The pictures showed hall-
marks of what has quickly be-
come recognized as the AI
aesthetic, including oversatu-
rated and dramatically lighted
images of characters with im-
MAXIMIZE
WAREHOUSE
PRODUCTIVITY
WITH AUTOMATION
interlakemecalux.com
* * * * * *
S&P FIN g 0.45% S&P IT g 0.97%
Says Apple
to their investments in U.S.
banks.
The three firms manage
more than $23 trillion in total,
with much of it in funds that
passively mimic indexes such
as the S&P 500.
BlackRock and Vanguard
each hold more than 10% of
the shares at many banks, a
threshold that normally deter-
mines whether an investor is
assumed to have a controlling
interest in a lender, while
State Street also holds a num-
us ,
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
possibly shiny faces and hair.
One character even had an ex-
tra finger, turning its C-
shaped grip into a claw. The
AI-generated pictures were
swiftly removed from the
website.
“These images were used in
a test, which happened out-
side of our usual approval pro-
cesses, and we will take all
necessary steps to ensure that
Please turn to page B4
(877) 632-2589
THE WALL STREET JOURNAL.
DJ TRANS g 1.15% WSJ $ IDX g 0.15%
ber of sizable stakes. Regula-
tors have an interest in polic-
ing who owns and controls
banks because of their special
role in the economy.
At present, regulators in
effect exempt the biggest as-
set managers from a host of
onerous banking rules—such
as needing permission when
they acquire shares above the
10% threshold—as long as the
firms remain passive. That
means they shouldn’t exert
influence on management or
GE share price, past 10 years
$250
Immelt Culp
200 as CEO as CEO
150
100
50
0 quest for comment. A spokes-
2015 ’20
Note: Reflects 1-for-8 reverse stock split in 2021.
Monthly data.
Source: FactSet
on
l
At its height, GE touched
nearly every part of life with
its lightbulbs, fridges, jet
engines, MRI machines, and
other things. On April 2, it
finished its breakup by
splitting apart its power and
aerospace divisions. The final
step will result in three public
companies focusing on
aviation, healthcare and
energy. All three get to keep
its famous monogram logo.
INSIDE
BUSINESS NEWS
WeWork says
lease restructuring
will save $8 billion.
B3
2–YR. TREAS. yield 4.699% NIKKEI (Midday) 39428.58 g 1.03% See more at WSJ.com/Markets
boards, including by impos-
ing political views, though
they can vote in shareholder
elections.
The existing approach could
soon change, spurred by mem-
bers of the Federal Deposit In-
surance Corp. One board mem-
ber, Jonathan McKernan, told
The Wall Street Journal he has
developed a plan to enhance
the FDIC’s monitoring of the
firms and hopes it will receive
a vote from the board over the
coming weeks. He is pressing
’24
CEO Larry Culp, who will run GE Aerospace, says paying
down a pile of debt enabled it to improve operations.
Goldman’s Crypto Naysayer
Isn’t Tempted by Bitcoin Rally
BY GREGORY ZUCKERMAN
A crypto enthusiast ap-
proached Sharmin Mossavar-
Rahmani a couple of years ago,
asking why she was so nega-
tive about digital currencies.
Mossavar-Rahmani was ac-
customed to defending her
stance. As the chief investment
officer of Goldman Sachs
Wealth Management for the
past 23 years, she has guided
Wednesday, April 3, 2024 | B1
for an order to pause the
firms’ investments in FDIC-
regulated banks above the 10%
threshold while the agency ex-
amines the matter.
In a sign the issue has bi-
partisan support among the
five-member FDIC board, both
McKernan, a Republican, and
Rohit Chopra, a Democrat,
have jointly held recent meet-
ings with officials from Van-
guard and BlackRock to dis-
cuss their holdings, according
Please turn to page B2
ly
 GE barely
survived the
2008 financial
crisis and pared
GE Capital,
which backed
credit cards, real
estate and
insurance. That
retreat exposed
how little cash
the industrial
operations were
generating.
thousands of wealth advisers,
clients and traders and regu-
larly appears on television.
This time, she was being
questioned by a Goldman
Sachs intern who said she
owned cryptocurrencies. Moss-
avar-Rahmani dismissed in-
vesting in crypto as nothing
more than a means of specula-
tion.
“Have you thought about
what it’s worth?” Mossavar-
Urged Him
Not to Host
FTC Chair
BY JOSEPH DE AVILA
Late-night host Jon Stewart
said Apple asked him not to
interview Federal Trade Com-
mission Chair Lina Khan when
he was hosting a show and
podcast on Apple TV+.
Stewart made the com-
ments about the tech giant
during Monday night’s epi-
sode of “The Daily Show” in
an interview with Khan.
“I’ve got to tell you, I
wanted to have you on a pod-
cast, and Apple asked us not
to do it, to have you,” Stewart
said. “They literally said,
‘Please don’t talk to her.’”
Apple didn’t return a re-
person for Stewart said he
wasn’t available for comment.
.
Stewart returned to “The
Daily Show” in February, serv-
ing as a part-time host on
Monday nights in the run-up
to this year’s presidential
election. He previously hosted
Comedy Central’s satirical ca-
ble news show for 16 years be-
fore leaving in 2015.
Stewart returned to televi-
sion after a six-year hiatus to
host “The Problem With Jon
Stewart” on Apple TV+, but
the show ended last year.
Federal authorities have
stepped up scrutiny of Apple’s
business practices and influence
in the tech industry. The Justice
Department filed an antitrust
lawsuit last month, alleging the
tech company makes it difficult
for competitors to integrate
with the iPhone, ultimately rais-
ing prices for consumers. Apple
said it would vigorously defend
against the suit.
Khan, the FTC chair and
Stewart’s guest on Monday,
has been a strong critic of
tech companies such as Face-
book parent Meta Platforms
and Amazon, and her agency
has attempted to rein them in.
During the interview, Stew-
art said Apple wouldn’t have
approved a bit about artificial
intelligence that aired earlier
on Monday’s “Daily Show.” He
asked Khan “why are they so
afraid” to have those types of
discussions.
“I think it shows one of the
dangers when you concentrate
so much power and so much de-
cision-making in a small num-
ber of companies,” Khan said.
Khan thanked Stewart for
having her on to discuss “the
importance of holding corporate
executives accountable for law-
breaking, and how monopolies
can use their power to bully, co-
erce, and censor speech.”
Rahmani recalled asking in
that summer of 2022. “Have
you thought about at what
point you’ll get out?”
The intern didn’t give much
of an answer. She also didn’t
seem eager to sell her crypto.
So it goes for Mossavar-
Rahmani, a high-profile market
prognosticator who has gotten
a lot right over the past few
years. Since the 2008 global fi-
Please turn to page B4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Wednesday, April 3, 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.

Antin Infrastructure
A EQT..................................................B12
Partners......................................B8
Apple..................................................B1
Austal...............................................B8
Avantus..........................................B8
Avetta............................................B12
B I
BlackRock...............................B1,B4
Boeing...............................................A1
Brookfield......................................B8
BYD.....................................................A1
C may be running out of cata-
Centene.........................................B13
Central China Management
............................................................... B8
ChampionX...................................B3
Country Garden.......................B8
D N
Dollar General...........................B6
Dollar Tree...................................B6
General Motors........................B2
H
Ralph Lauren...........................B13
Schneider Electric..................B8
Silver Lake....................................B2
Japan’s Heady Stock-Market Gains
Are at Risk of Running Out of Gas
SLB......................................................B3
Hanwha..........................................B8
State Street.................................B1
Hanwha Ocean........................B8
Honda Motor.............................B2 T
Humana................................A2,B13 Tapestry.......................................B13
Tesla...................................A1,A2,B4
IPG......................................................B4
TKO.....................................................B2 BY KOSAKU NARIOKA Nikkei Stock Average
Toyota Motor.............................B2
K U 42000
KKR....................................................B8 After a blistering run to
UBS..................................................B12 record highs, Japanese stocks
L UnitedHealth....................A2,B13
Lego....................................................B1 V 40000
Li Auto............................................B4 lysts in the near term.
Ventas..............................................B6
M The benchmark Nikkei
W Stock Average last month
Media.Monks..............................B4 38000
WeWork..........................................B3
Modern Land (China)........B8 climbed above 40000 for the Tuesday
WPP...................................................B4 39838.91
X
first time ever, driven by earn-
+0.1%
NIO......................................................B4 ings growth, a weaker yen and
X............................................................B3 36000
O Xiaomi..............................................B4 improvements in corporate

TAIDGH BARRON/ZUMA PRESS

E-G Okasan Securities..................B2 XPeng...............................................B4 governance, including more
EIG Global Energy Partners P-S Y-Z share buybacks. With a 21%
34000
............................................................... B8 Publicis............................................B4 Yida China....................................B8 gain in the first quarter, the
Endeavor........................................B2 PVH..........................................A2,B13 Zenobē Energy.........................B8 index was the best-performing
major market globally.
32000
Headed into the second
INDEX TO PEOPLE quarter, though, the market
has factored in a great deal of Japan’s stock market has already factored in most good news.
Jan. 2024 Feb.
Source: FactSet
March April

the good news and now ap-

C K S pears more vulnerable to dis- “I’m not saying that there for the first time in a year. stocks may well continue to
Cafaro, Debra.............................B6 Keith, Peter..................................B6 Sadoun, Arthur........................B4 appointments in the near will be an economic shock, The biggest risk to Japa- advance thanks to the return
Callif, Dustin...............................B4 Kocheilas, Antonis.................B4 Schultz, Evan.............................B4
term, some analysts say. but the market has been opti- nese stocks is the deteriora- of modest inflation, analysts
Chung, Jeff..................................B4
Fumio Matsumoto, chief mistic and if things don’t tion of the U.S. economy, said say. Unlike previous false
Kossow, Jon..............................B12 Sigal, Mark...................................B6
strategist at Okasan Securi- turn out to be as expected, Masayuki Kubota, chief strat- dawns, this time the economy
Cohen, Yale..................................B3 Kubota, Masayuki..................B2 Simpson, Matt..........................B2 ties, said investors may have there will be an adjustment,” egist at Rakuten Securities. appears to have left deflation
D Kumar, Arvindh......................B12 Stockton, Adam.....................A12 been overly optimistic about Matsumoto said. “We’d better That would likely lead to behind, they say.
Dreiling, Richard......................B6 L T the outlook for further earn- watch out for the possibility lower interest rates in the Japan’s largest labor union
ings growth, share buybacks of increasing volatility to the U.S., resulting in a stronger said last month that big com-
F Lagarrigue, Emmanuel......B8 Tan, Alvin T.................................B2
and inflation. That is because downside.” yen relative to the green- panies plan to raise pay by an
Fink, Larry...................................A11 M Tao, Wang..................................B12 the recent strength in corpo- Okasan forecasts that the back, as well as weaker Japa- average of 5.28% this year,
G Mackenzie, Ian..........................B4
Tolley, David................................B3 rate results was driven partly Nikkei Stock Average will fin- nese corporate earnings, he the biggest increase since
Tumin, Ken................................A12 by unusual factors like the re- ish the year at 36700. The in- said. 1991. Average land prices in
Greenspan, Peter....................B3 Matsumoto, Fumio...............B2
covery from the pandemic, dex closed 0.1% higher at “The U.S. economy is prob- the country rose 2.3% in
H McCracken, Lisa.......................B6 W
while the rise in buybacks 39838.91 on Tuesday, follow- ably strong this year, but that 2023, the most since 1990,
Hill, Zachary................................A2 McRoberts, Kylie.....................B3 Wagstaff, Robert..................B12 comes after some companies ing a 1.4% drop the previous doesn’t mean it will continue government data showed last
Hipp, Jonathan.........................B6 Musk, Elon............................A1,B3 West, Brian...............................A10 limited repurchases during the day. to be next year and the fol- week.

.
Hooper, Christopher...........B12 P Wiederhorn, Michael.........B13 Covid era. The current re- The market wobbled at the lowing,” Kubota said. The BOJ’s recent exit from
emergence of inflation after start of the week after the A stronger yen makes the its negative interest rate pol-

ly
Hougan, Matt............................B4 Wong, Christopher................B2
Pawlowski, John.....................B6 decades of low or negative Bank of Japan’s quarterly cor- value of Japanese companies’ icy is a sign that the central
Wu, William................................B8
I Peuch, Olivier Le.....................B3 price gains is due in no small porate survey showed that earnings abroad appear bank now believes that “infla-
Ifshin, Adam...............................B6 R Y part to external factors, he sentiment among large Japa- smaller in yen terms. tion is taking root in Japan,”
J
Jaggi, Naveen............................B6
Rabil, Al..........................................B6
Rosner, Emmanuel................A2
on
Young, Liz......................................A1
Z
added. nese manufacturers worsened In the longer run, Japanese Rakuten’s Kubota said.

Traders Watch Out for Yen Intervention,

Jonas, Adam..............................A2 Rupprecht, Kurt......................A11 Zhang, Jeff...................................B8
us ,
l

Silver Lake to Take But Any Effects Could Be Short-Lived

e
al a
ci on

Endeavor Private BY RONNIE HARUI How many Japanese yen

$1 buys
at OCBC, said in an email.
Japanese authorities last
As such, any intervention
could cap dollar-yen gains at

In $13 Billion Deal The yen faces rising risks of

intervention by Japanese au-
¥140 intervened to buy yen three
times in 2022—once in Sep-
best but fail to spark a sus-
tained decline, Simpson said,
er s

thorities as it approaches the tember and twice in October— adding that market partici-
142
psychologically important level Scale inverted to when the dollar was trading pants will likely buy dips fol-
m er

of 152.00 against the U.S. dol- show change in between ¥145 and ¥152, Wong lowing any intervention.
BY ROBB M. STEWART transaction and will remain a lar, but the impact of any ac- 144 strength of the yen said. Afterward, the dollar A report by the Institute for
publicly traded company. tions could be short-lived. peaked at ¥151.95 in October Supply Management released
Private-equity giant Silver Endeavor in late October Traders are increasingly 146 2022 and then fell to a low in Monday indicated that U.S.
Lake agreed to take private said it had launched a formal wary of potential intervention the ¥127s in 2023, he said. manufacturing activity ex-
m rp

Endeavor Group Holdings in a review to consider strategic following recent warnings “So on net, we cannot say panded in March for the first
148
deal that values the owner of alternatives, and Silver Lake from Japanese officials as the JPY intervention is useless,” time since September 2022,
talent agencies WME and IMG in response said it was work- yen weakened to 34-year lows Wong said. “They just have to spurring investors to scale
at $13 billion. ing on a proposal to take En- against the dollar. Finance 150 time it, and it does have its back bets on the Federal Re-
As part of the deal, Silver deavor private. Minister Shunichi Suzuki said merits to smooth excessive serve’s rate cuts this year. Ac-
co Fo

Lake agreed to pay $27.50 in In the years before its 2021 Tuesday that the ministry is 152 volatility.” cording to CME Group, the
cash for each Endeavor share it IPO, Endeavor sought to ex- watching market trends with a The U.S. Commodity Fu- probability of three or more
Jan. 2024 Feb. March April
doesn’t already own. The pri- pand beyond its representation “high sense of urgency” and tures Trading Commission’s Fed rate cuts fell to around
vate-equity firm had a stake of business. that it wants to respond “ap- Source: Tullett Prebon weekly commitment of traders 55% on Monday, from 66% on
more than 30% in Endeavor, The company acquired a propriately” to any “excessive report showed the position of Thursday before the Easter
according to FactSet. number of companies includ- movements” in the local cur- worst performer among major noncommercial participants, holiday weekend.
Endeavor shares rose 2.1% ing UFC, the mixed martial rency, according to a local me- Asian currencies. In Tuesday’s also known as speculators, The rate spread between
Tuesday to close at $25.81. arts league, and the Profes- dia report. Asian session, the dollar was was a net short 129,106 con- Japan and the U.S. remains
The deal builds on a string sional Bull Riders league. Excluding the weekend, “we little changed at ¥151.61 after tracts in yen futures as of wide. At their March meet-
of investments Silver Lake has Those acquisitions were have heard daily intervention touching ¥151.97 last week— March 26, up from 116,012 con- ings, the Fed kept its target
made in Endeavor, from its driven in part out of concerns threats from various Japanese the highest intraday level tracts a week earlier. range for the federal-funds
initial 2012 investment in that the talent representation officials in the past week,” Al- since 1990—even as the Bank This net short position rate at 5.25% to 5.50%, while
WME to Endeavor’s 2021 ini- business was entertaining a vin T. Tan, head of Asia for- of Japan ended its negative-in- warns of a “sentiment extreme the Bank of Japan removed its
n-

tial public offering. phase of slower growth. eign-exchange strategy at RBC terest-rate policy after eight and a higher yen,” Matt Simp- negative policy rate of minus
TKO Group Holdings, the In 2023, Endeavor sold the Capital Markets, said in a com- years and unwound most of its son, market analyst at 0.1% and set a new short-term
sports and entertainment com- for-profit boarding school IMG mentary. “The market is ex- unorthodox monetary easing Forex.com and City Index, said rate target range of 0% to
pany that includes Ultimate Academy that trains promis- tremely focused on the 152 policies. in an email. 0.1%.
no

Fighting Championship and ing adolescent athletes to the level. Given that Tokyo’s credi- Still, while there is a “popu- “Yet the fly in the ointment “If U.S. rates do not retreat
World Wrestling Entertain- private-equity group BPEA bility is on the line, I would lar belief that ¥152 may be the is that U.S. data continues to significantly from current lev-
ment that is majority owned EQT for an enterprise value of suspect that at least some to- line in the sand” for the Japa- outperform and is quickly els, USD/JPY is likely to re-
by Endeavor, isn’t part of the $1.25 billion. ken intervention would occur nese authorities, the magni- evaporating hopes of multiple bound relatively quickly from
if USD/JPY climbs through tude of the dollar-yen’s move Fed cuts this year,” Simpson any intervention now,” Tan of
152,” Tan said. may matter more to them, said. “This, in turn, is support- RBC Capital Markets said. “I

Carmakers’ U.S. Sales Rise Japan’s currency has weak-

ened 7% versus the dollar so
far this year, making it the
Christopher Wong, foreign-ex-
change strategist of Global
Markets Research & Strategy
ing the dollar and causing a
headache” for the Japanese
authorities, he said.
suspect that USD/JPY will re-
main above 145 in an interven-
tion at this time.”
BY MIKE COLIAS electric hybrids fueled the re-
sults, as American car
Automakers generally re-
ported increases in U.S. vehi-
cle sales for March and the
shoppers continue to gravitate
to those fuel-efficient models.
General Motors’ sales
Fund Giants have agreements with the
Federal Reserve to remain
passive with respect to the
first quarter of 2024, as prices
continue to edge off their his-
toric highs of recent years.
slipped 1.5%, hurt by a drop in
electric vehicle sales, mostly
attributable to the phaseout of
Eyed Over banks, while Vanguard has a
similar one with the FDIC.
The companies generally self-
AMANDA ANDRADE-RHOADES/BLOOMBERG NEWS

Toyota Motor paced the in-

dustry with 20% sales growth
in the January-through-March
its Chevrolet Bolt EV.
The average price paid for
a new vehicle in March de-
Bank Stakes certify that they are in com-
pliance.
“Vanguard leaves manage-
period, while Honda Motor clined 3.6% from a year ear- ment decisions to the underly-
posted a 17% gain. Both com- lier, to $44,186, J.D. Power Continued from page B1 ing companies in the index
panies said demand for gas- said. to people familiar with the and policy decisions to policy-
discussions. McKernan has makers,” the firm said in a
also discussed the matter at a statement, adding that it looks
Watch a Video: What You Can Expect high level with other board forward to “constructive dia-
When Switching From Apple to Samsung members. logue with the FDIC.”
“We need to be doing more Officials from BlackRock
to actually confirm that the The Federal Deposit Insurance Corp.’s Jonathan McKernan have privately pushed back on
Big Three are not leveraging wants the agency to monitor the firms’ investments in banks. the FDIC’s concerns, saying
their large stakes to exert in- existing arrangements with
fluence over FDIC-regulated Mobil in 2021 and supported gressive Democrats say just a the Fed are working and no
banks,” he said. the election of dissident direc- few firms hold an unduly large changes are needed to the
Any shift to oversee asset tors backed by a small activist amount of sway over the FDIC’s oversight, according to
managers’ stakes more tightly shareholder concerned with, economy. a person familiar with the
would reflect broader con- among other things, the oil gi- The Big Three control more discussions.
cerns in Washington about ant’s fossil-fuel strategy. The than 20% of the votes of the “We see no reason to insti-
the power and influence of asset managers raised con- companies in the S&P 500, ac- tute duplicative regulations on
RAMI ABUKALAM

the index-fund managers over cerns about Exxon’s financial cording to Harvard University passive investments in bank-
corporate America and their performance and a lack of en- law professor John Coates. ing organizations without far
ability to cast pivotal votes ergy sector expertise in its That is a greater share of U.S. more justification and proof
that determine everything boardroom, and questioned public companies than any that these investments are in
from who sits on a company the board’s independence, the three investors have ever pre- fact harming banks and their
Samsung’s new Galaxy S24 Ultra has AI board to climate change to Journal reported at the time. viously held, he wrote in a depositors,” said Lindsey Keljo
smarts that the iPhone lacks. Scan this code pay equity. Republicans say they fear 2023 book, “The Problem of of the Securities Industry and
to watch a video on how the phones In one notable recent epi- the investment firms leverage 12,” about the growing influ- Financial Markets Association,
compare when an Apple user switches to sode, all three of the big in- their ability to vote on behalf ence of a small number of in- a Wall Street trade group that
the Samsung system for a week. dex-fund managers broke with of index-fund investors to pro- stitutions. includes BlackRock among its
the management of Exxon mote liberal priorities. Pro- Vanguard and BlackRock members.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
SLB Agrees to Buy ChampionX
The all-stock deal in
the oil-field service
sector is valued at
about $7.8 billion
BY WILL FEUER
Oil-field services giant SLB
said it has agreed to buy
ChampionX in an all-stock
WeWork Lease Restructure to Save $8 Billion
BY AKIKO MATSUDA
Co-working space provider
WeWork said its lease restruc-
turing effort so far is expected
to result in more than $8 bil-
lion in future rent savings and
that it aims to emerge from
bankruptcy by the end of May.
WeWork, which has been in
chapter 11 bankruptcy since
November, said in a statement
on Tuesday that it has com-
pleted lease restructuring
talks for 90% of its roughly
500 office locations globally,
which will cut future rent ex-
penses by about 35%.
The company said it has
agreed with landlords to
amend about 150 leases and it
is in the process of rejecting
or having rejected about 150
CFOTO/DDP/ZUMA PRESS
leases, while another 150
leases are set to be assumed
as is.
WeWork also said it
reached an agreement with
holders of 92% of its secured
notes to convert their bonds
into equity, wiping out about
$3 billion in debt. The com-
pany had about $3.6 billion in
secured debt in principal, ac-
cording to one of its court fil-
ings in February.
Chief Executive David Tol-
ley said in the statement that
WeWork is expected to exit
bankruptcy with little to no
debt. “We are well on our way
to building a strong and sus-
tainable WeWork,” Tolley
said.
dog•ged
/'dôg d/
adjective
Despite spending my early life in a shelter, there’s no dog more
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Santa Paula, CA 93060.
* *
deal valued at about $7.8 bil-
lion.
ChampionX shareholders
will receive 0.735 SLB shares
for each share of ChampionX
they already own. Once the
deal is complete, ChampionX
shareholders will own about
9% of the combined company.
SLB shares closed Tuesday
down 1% at $54.68 and Cham-
pionX up 10% at $39.08.
on
The co-working space provider also said that it plans to exit bankruptcy by the end of May. A WeWork location in Shanghai.
WeWork spent a substantial
us ,
amount of time explaining to
l
landlords how they and the
e
al a
company could both succeed,
Peter Greenspan, the com-
pany’s global head of real es-
ci on
tate told The Wall Street Jour-
nal. Many amended leases
include revenue-sharing com-
ponents, he added.
“In many, many cases, land-
er s
lords have agreed that keeping
us operating in the building on
m er
m rp
co Fo
n-
BUSINESS NEWS
SLB Chief Executive Olivier
Le Peuch said the deal will
expand SLB’s presence in the
less cyclical and growing pro-
duction and recovery space.
Still, he said the company
will continue to focus on ac-
celerating decarbonization
and emissions reduction in
SLB’s core oil-and-gas busi-
ness.
“Our customers are seek-
a new structure was going to
be value creating to them, as
opposed to having us leaving
them trying to find long-term,
traditional tenants to replace
WeWork,” Greenspan said.
WeWork began negotiating
with landlords to reduce long-
term lease expenses last Sep-
tember. It had roughly $23 bil-
lion in long-term costs for
leases as of the end of that
month, according to a com-
Victor
Active Search Dog
Rescued from Redding, CA.
Photographed by Shaina Fishman
at SDF’s National Training Center.
ing to maximize their assets
while improving efficiency in
the production and reservoir
recovery phase of their oper-
ations,” he said.
ChampionX provides chem-
istry solutions, artificial lift
systems and other equipment
to help companies drill for
and produce oil and gas.
SLB said it expects to real-
ize annual pretax synergies of
pany financial statement.
Once a venture-capital dar-
ling valued at $47 billion, We-
Work filed for chapter 11 after
laying off thousands of em-
ployees when funding ran dry
following its failed attempt to
go public in 2019.
The company’s effort to ne-
gotiate with its roughly 500
landlords globally continued in
bankruptcy. While bankruptcy
court empowers filers to reject
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explorations
Wednesday, April 3, 2024 | B3
about $400 million within
three years after the deal
closes. The benefit will come
from both revenue growth
and cost savings, the com-
pany said.
SLB said it expects the
deal to close this year. Sepa-
rately, SLB said it plans to re-
turn $7 billion to sharehold-
ers during the next two
years.
ly
unfavorable leases, the negoti-
ating process to amend leases
has dragged on.
The landlords, dealing with
an unprecedented market
downturn, wanted to keep We-
Work as tenants, but some
couldn’t afford to agree to
massive concessions. Others
wanted more clarity on We-
Work’s business plans after
bankruptcy, the Journal has
reported.
Musk’s X
Platform
Names
New Head
Of Safety
BY SURYATAPA BHATTACHARYA
Elon Musk’s social-media
platform X named a new
head of safety as the com-
pany tries to rebuild relation-
ships with advertisers.
Kylie McRoberts, an exist-
ing X employee who has
worked on platform security
and labels for sensitive con-
tent such as violence or nu-
dity, is the new safety head.
McRoberts will oversee the
team responsible for main-
taining X’s policies and devel-
oping new features.
The company also said it
hired Yale Cohen, previously
an executive vice president at
ad-buying agency Publicis
Media, as head of brand
safety and advertiser solu-
tions. At Publicis, he helped
large companies keep their
ads away from what they
considered inappropriate
content, such as racist or vio-
lent videos, on digital plat-
forms.
The changes Musk made to
.
X, the social-media platform
formerly known as Twitter,
since he bought it in 2022,
have caused some big adver-
tisers to pull back from the
platform.
Musk loosened content
rules and slashed content-
moderation jobs. One of the
most influential users on the
platform, Musk often posts
controversial tweets, and
needles brands that have
dropped advertising.
The platform has lost sev-
eral safety executives, includ-
ing A.J. Brown and Ella Irwin,
the former head of trust and
safety, last year. Yoel Roth,
another former head of trust
and safety, left in 2022
shortly after Musk’s purchase.
Maasai Mara, Kenya
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Wednesday, April 3, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Xiaomi Jumps After EV Launch

Xiaomi share price
HK$17

16

Share rose 9% after sedan vying against Tesla launched its SU7 four-door gests orders may take 20 to last year.
15
and others for market share sedan with a lower-than-ex- 23 weeks to arrive. Citi analysts said in the
the debut of a sedan in China’s crowded EV space. pected starting price of Xiaomi is expected to ship same report that they believe
by a company better The stock finished 9% around $30,000. 5,000 to 6,000 of the vehicles Xpeng would be “the biggest 14
higher in Hong Kong on Tues- Deliveries are slated to in April, with full-year sales victim” from the entrance of
know for its phones day, the first trading day af- start this week. at 55,000 to 70,000 units, ac- Xiaomi’s SU7 into the market,
ter the EV was unveiled late Xiaomi received nearly cording to Citi auto analysts given that their average sell- 13
BY TRACY QU last week. Over the past 12 90,000 refundable orders in led by Jeff Chung in a re- ing prices overlap. They kept
months, the shares have the 24 hours after the EV’s search note. a “sell” rating on Xpeng and
Xiaomi’s shares surged af- gained 35%. launch. By comparison, Chinese a “buy” rating on Xiaomi. 12
ter the tech company un- Xiaomi, a Beijing-based A check by Dow Jones startups Li Auto and Nio de- Hong Kong-listed shares of Jan. 2024 Feb. March April
veiled its maiden electric ve- company better known for its Newswires on Xiaomi Car’s livered about 376,000 and Xpeng finished Tuesday’s Note: HK$1 0 =$1.28
hicle, a competitively priced smartphones, last week WeChat mini program sug- 160,000 vehicles, respectively, trading down 5.6%. Source: FactSet

pany Grupo Bimbo, generating

Making AI Images generated by AI
foreground pictures of differ-
ent hamburgers and hot dogs
using one kind of AI model
Images Less and creating backgrounds us-
ing another, while designing

AI-Like poster lettering by hand.

“It’s a back-and-forth con-
versation with technology and
technology experts, but
Continued from page B1 against a unifying and evolv-
it won’t happen again,” a Lego ing creative vision that really
spokesperson said. involves layers,” said Ian
For commercial artists and Mackenzie, McCann World-
advertisers, generative AI has group’s global AI creative lead
the power to massively speed and chief creative officer at its
up the creative process and Canada agency. The company
deliver personalized ads to is experimenting with a new
customers on a large scale— crop of fine-tuning programs,
something of a holy grail in such as Magnific, that “hu-
the marketing world. But manize” some of the perfect
there is a catch: Many images looks generated by AI with de-
AI models generate feature tails like wrinkles and under-
cartoonish smoothness, tell- eye shadows.
tale flaws or both. Most experts predict the
Consumers are already shiny, sometimes odd AI aes-

.
turning against “the AI look,” thetic won’t be a problem for
so much so that an uncanny long as models get better at

ly CLOCKWISE FROM TOP: TYLER COHEN; VAUNN YEVO (2); MCCANN WORLDGROUP FOR BLACK AND ABROAD
and cinematic Super Bowl ad producing more realistic out-
for Christian charity He Gets puts. But until then, some
Us was accused of being born creatives are concentrating
from AI—even though a pho-
tographer created its images.
Creators, production stu-
dios and advertising agencies
on on using the technology to
generate visuals like surreal
imagery and motion graph-
ics, rather than photo-real
as a result are finding work- imagery.
us ,

arounds to make AI imagery “I don’t think generating

l

more palatable to consumers. artificial people is necessarily

e
al a

They are using well-worn the way to go right now,” said

tools such as Adobe’s Photo- Dustin Callif, president of pro-
shop to add, rather than take duction company Tool. Callif
ci on

out, imperfections; learning to also cited ethical concerns

write elaborate AI prompts to over taking jobs from models
achieve the aesthetic they and actors, as well as the po-
want and collaborating with tential for AI to misinterpret
AI artists who have mastered race and gender.
er s

specific styles. Others are leaning into AI’s

idiosyncrasies.
m er

Advertising holding com-

A team effort pany Publicis in January used
Some advertising execu- AI to help create videos of
tives see a time when the Chief Executive Arthur Sa-
monthslong production sched- Top, production studio Tool used AI to make a rendering of animals. A generative AI model used by McCann produced the doun personally thanking
m rp

ules and expensive, labor-in- edited image on the left; center image, artist Vaunn Yevo used Photoshop to edit the result of an edited AI prompt. The some 100,000 employees by
tensive photo and film shoots picture on the right highlights the difficulties generative AI can have in creating a natural-looking human. name for their work. The vid-
currently required to make eos also featured fantastical
some ads get replaced by a animators, colorists, directors, designed systems for turning naturally shiny hair and the imagery. scenes such as the company’s
creative director and a com- photographers and other cre- the brand assets of clients overall jarring AI look is to Prompting some AI models global chief strategy officer
co Fo

puter running generative AI atives who have mastered the
software. Right now, that isn’t art of AI generation and offer
the case. a distinct visual aesthetic. Me-
Creatives are finding cam- dia.Monks maps specifications
paigns built on generative AI of these aesthetics, such as
still require the expertise of the artists’ preferred color
scores of professionals, some- grading, lighting, saturation,
times as many as for a cam- signature camera angle and
paign without AI. And to avoid depth of field in a photo or
that “AI look,” some market- film, as part of long, detailed,
ing companies are working generative prompts, so the fi-
with talent not usually called nal product is highly styl-
upon in advertising circles. ized—and miles from the ge-
n-
such as style guides and prod-
ucts into parameters, and us-
ing them to generate new
work aligning with a brand’s
aesthetic.
This method also generates
imagery that reduces “halluci-
nations” such as extra fingers
and weird-looking teeth that
still haunt AI imagery, al-
though it doesn’t get rid of
them altogether, said Antonis
Kocheilas, Ogilvy’s chief trans-
also use tools developed long
before the AI era.
“You may have to start
with an AI prompt, but then
you need to refine it, and you
might even need to use some
traditional tools like Photo-
shop to make it even better,”
said Vaunn Yevo, a visual
artist and designer who uses
generative AI for commercial
work. Yevo routinely uses
standard editing software to
to make such tweaks doesn’t climbing K2 and Sadoun
always end well, according to sporting an impossibly smooth
Yevo. “Sometimes if you [tell arm tattoo of each employee’s
the AI model to] add freckles name.
the skin just turns so odd,” he “We did a lot of work to try
said. to avoid it but ultimately real-
ized that the look could be
part of the medium,” said
‘Conversing’ Evan Schultz, an executive
McCann Worldgroup, the creative director at Publicis
creative agency network Groupe’s Le Truc creative
owned by IPG, so far has unit. “We could play with it in
blended generative AI with a way that’s fun and interest-

Digital marketing agency neric polish of AI. formation officer. add details like textured fa- other forms of media. Last ing, and you could tell that it’s
Media.Monks in February in- Production studio Tool and For many creatives, the key cial hair and skin pores to year, it created print and digi- AI and we’re not trying to
troduced a roster of AI artists: WPP agency Ogilvy have both to avoiding extra digits, un- otherwise flawless generated tal ads for Mexican food com- hide it.”
no

In Memoriam Crypto
For more information: mocratization of finance, yet
wsj.com/inmemoriam the main decisions end up be-
ing driven by a few controlling

Robert Edmund Fabricant M.D.

POINT PLEASANT, N.J. - Robert Edmund
Fabricant, M.D., age 88, of Point Pleasant,
Fab”) joined a tight fraternity of excep-
tional physicians at Ocean Gynecological
and Obstetrical Associates (OGOA), a
Naysayer people.”
Plenty of people disagree
with her conclusions. Matt
hub for women’s health care on the New
Holds Fast Hougan, chief investment offi-
JUSTIN J WEE FOR THE WALL STREET JOURNAL

New Jersey passed away on March 22,
2024. He was the beloved patriarch
of a close-knit family and a celebrated
community physician, who came from
humble beginnings. Robert was the only
child of Alice Condron Fabricant, an Irish
Catholic nurse who lived together with
her parents in a one-bedroom apartment
on Ocean Avenue in the Flatbush section
of Brooklyn, NY. She was a loving mother
who encouraged her son to pursue his
dreams through education, and she
remained nearby to him for all of her years.
Young Robert (“Bobby”) was shaped by
the Jesuits, first at Xavier High School in
the Chelsea neighborhood of Manhattan
and then at Georgetown University on
the hilltop overlooking the Potomac River
in the northwest corner of Washington,
DC. What the Jesuits offered — rigor-
ous academics, physical discipline and
moral living — he fully embraced. Like his
mother, Robert was called to serve others.
His medical studies were completed at
New York Medical College, located in the
heart of the city, and they were followed
by residency training in Obstetrics and
Gynecology at the same institution. Just
before that training, while completing an
internship at Fitkin Memorial Hospital in
Neptune, NJ, Robert (“Bob”) met his soul
mate, a young woman of devout faith,
Miss Jackquelyn (“Jay”) Hockenbury
from the Town of Millstone, who herself
had just begun studies at the Anne May
School of Nursing. They shared beliefs and
values, common to both her Methodist tra-
ditions and his Catholic upbringing. After
a brief courtship, they were united in mar-
riage and then lived the moral life together
for more than 60 years, mostly in Brick, NJ,
where they raised four children, but later in
Point Pleasant, where they welcomed nine
grandchildren and two great grandchildren.
Following residency training and after a
stint in the Regular Army, Robert (“Dr.
MEMORIAMS
© 2024 Dow Jones & Company, Inc. All Rights Reserved.
Jersey shore, where he remained for 52
years, while delivering more than 5,000
babies. Robert, a recipient of the Kimball
Medical Center Humanitarian Award, was
uniquely suited to his profession, owing to
his natural curiosity, heartfelt compassion,
sound judgement and exceptional manual
skills. Throughout his married life, if not
at home or work, Robert almost certainly
was on his boat, “Red Baron,” plying the
inland waterways or fishing the ocean be-
yond, always with family or friends at his
side. In later years, Robert (“Pops,” “Pop
Pop,” “Poppy Bob”) overcame advanced
melanoma, thanks to the latest immune
therapies, and then held strong until the
very end against the progressive effects of
Parkinsonism and did so with patience and
grace. In every stage of life, Robert’s gift to
those around him was his outward-leaning
joy, combined with an easy manner, ef-
fortless kindness, never-ending optimism
and twinkling good humor. Surviving Dr.
Fabricant are his wife, Jackquelyn, and his
children including Robin McGill and her
husband George McGill, Esq., Robert E.
Fabricant, Jr., Esq. and his wife Emilia Di
Mayorca Fabricant, Christopher J. Fabri-
cant, M.D. and his wife Malika Sahni-Fab-
ricant, Ph.D., and Matthew Fabricant and
Cynthia Lindstrom. Dr. Fabricant also is
survived by nine grandchildren and their
partners — Emma and Mark, Terence and
Samantha, Eddie and Michaela, Kicca,
Bobby and Libby, Ethan, Lila, Thibaut and
Nicolas — and by two great grandchildren,
Madeline and Lily. A viewing for Dr.
Fabricant will be held on April 2, 2024 from
4 pm to 8 pm at Colonial Funeral Home,
2170 Hwy 88, Brick, NJ 08724. A Mass of
Christian Burial will be celebrated on April
3, 2024 at 10 am in St. Catharine Church,
215 Essex Avenue, Spring Lake, NJ 07762.
The committal will follow at Greenwood
Cemetery, 707 Schoolhouse Road, Brielle,
NJ 08730.
WEDNESDAYS AND SATURDAYS
(800) 366-3975
wsj.com/classifieds
Continued from page B1
nancial crisis, she has urged
clients to stay fully invested in
U.S. stocks and minimize their
exposure to China and other
emerging-market countries,
advice that has made investors
money amid the market’s climb
since that perilous period.
When it comes to crypto,
Mossavar-Rahmani remains
skeptical, even as bitcoin has
soared 64% this year to nearly
$70,000. Her position puts her
at risk of costing Goldman cli-
ents potential gains while ap-
pearing out of step with mar-
kets. Wall Street giants
including BlackRock and Fidel-
ity have embraced bitcoin,
launching funds in January
that make it easy for everyday
investors to invest in it.
Some financial advisers also
have begun advising clients to
include crypto in their portfo-
lios.
Mossavar-Rahmani couldn’t
care less what the others do.
“We do not think it is an in-
vestment asset class,” she said
in an interview, comparing the
recent crypto enthusiasm to
the tulip mania of the 1600s.
“We’re not believers in crypto.”
She says clients are well
aware of her team’s crypto
criticisms and haven’t asked
Goldman Sachs Wealth Management Chief Investment Officer
Sharmin Mossavar-Rahmani is used to defending her stance.
about jumping in.
Mossavar-Rahmani’s view is
based on the fact that it is
nearly impossible to accurately
value cryptocurrencies, which
don’t produce earnings, cash
flow or dividends.
“If you cannot assign a
value, then how can you be
bullish or bearish?” she asks,
rhetorically.
In June 2021, Mossavar-
Rahmani and her colleagues
published a critique of crypto
titled, “Digital Assets: Beauty
is Not in the Eye of the Be-
holder.” The 50-page piece ar-
gued that bitcoin is too volatile
to be a reliable medium of ex-
change and that it is “unlikely
that it will be used broadly.”
The observations have held
up—but bitcoin’s price has
more than doubled since then.
Mossavar-Rahmani says she
isn’t feeling pressure to alter
her views. In fact, she is as
cer of crypto asset manager
Bitwise, argues that just be-
cause an investment doesn’t
have cash flow doesn’t mean it
doesn’t have value.
“Bitcoin had no cash flow 10
years ago and yet it’s up
15,000%,” Hougan says, adding
that it has done well in periods
of high and low inflation, as
well as rising and falling inter-
est rates. “The world is full of
things that produce no cash
flow but have value,” he says,
Bitcoin price pointing to gold, art and col-
$80,000 lectibles.
Bitcoin also offers a service,
Hougan says: “The ability to
70,000
securely store wealth without
relying on a centralized institu-
60,000 tion.”
Mossavar-Rahmani and her
50,000 colleagues acknowledge the po-
tential benefits of converting
40,000 assets like real estate into digi-
tal tokens, and say central-
bank digital currencies could
30,000
eventually be useful. Mossavar-
20,000 Rahmani acknowledges that
gold, too, doesn’t produce
earnings and is hard to value,
10,000
yet has been historically popu-
2022 ’23 ’24
lar as an investment and for
Source: CoinDesk jewelry. That isn’t enough of a
reason to own crypto, though,
skeptical as ever on bitcoin, she says.
which she says “creates abso- “At least you can hold onto
lutely no value in any shape or physical gold and store it; you
form.”
What’s more, she says
can’t do that with crypto,” she
says. “And anyway, we don’t
crypto bulls “all proclaim de- encourage people to own gold.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, April 3, 2024 | B5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Wednesday, April 3, 2024
Boomers Give Senior Housing a Boost
Occupancy rates at
many communities,
which fell during the
Covid era, are rising
BY PETER GRANT
The outlook is finally
brightening for investors in
the senior-housing market,
many of whom bet billions of
dollars that the aging of the
baby boom would send rents
and occupancies soaring.
That hope was upended by
the pandemic. Vacancies rose
as deaths mounted at senior
communities. Even after
safety protocols were adopted,
photos of residents cut off
from loved ones with faces
pressed up to windows be-
came some of the lasting im-
ages of Covid-19.
Now occupancy rates at
private-pay senior-housing
communities are closing in on
where they were before the
pandemic. In the fourth quar-
ter of 2023, the average rate
was at 85.1% in the 31 largest
U.S. markets, according to the
National Investment Center
for Seniors Housing & Care, or
NIC, an industry organization.
While that is still 2 per-
centage points below the first
quarter of 2020, it is way up
from its pandemic low point,
77.8% in the first half of 2021.
Rent increases, meanwhile,
have been outpacing inflation,
with independent living cost-
ing an average initial rate of
$4,126 a month in December
and the more intensive as-
sisted-living units costing
$6,422, NIC said.
These improving trends
partly reflect pent-up demand,
particularly among seniors
with the most acute health-
care needs. “People put off
moving in for an extended pe-
riod of time during the pan-
demic,” said Lisa McCracken,
NIC’s head of research. “Now
those needs have been ampli-
fied because of that delay.”
Senior-housing owners still
face a bit of a slog. Many face
staffing shortages because of
the tight labor market. High
interest rates have hurt the
value of senior-housing com-
munities just as they have
with office buildings, apart-
ments and other types of com-
mercial real estate. Higher
borrowing costs in the debt-
intensive business translates
into lower prices that buyers
are willing to pay.
Moreover, demand for inde-
Dollar-Store Fight
Comes Down to
Real-Estate Sites
no
BY KATE KING
America’s two leading dol-
lar-store chains are heading in
opposite directions. One dis-
counter is expanding aggres-
sively while its rival con-
tracts.
The difference comes down
largely to the choice of real
estate.
Dollar General said last
month it plans to add about
800 new stores this year,
bringing its total to nearly
21,000. As the largest dollar-
store operator in the country,
its stores are located predomi-
nantly in rural areas where
they usually face little compe-
tition.
Dollar Tree, by contrast,
recently said it would close
600 of its Family Dollar stores
by early August. That discount
chain, which Dollar Tree ac-
quired in 2015, offers similar
products at roughly similar
prices to its main competitor.
But its stores are concentrated
in more expensive urban and
suburban areas, where a vari-
ety of discounters compete for
market share.
Dollar General’s largely ru-
ral footprint also brings it tre-
mendous property-related
savings.
The company’s real-estate
occupancy cost is nearly a
third lower than at Family
Dollar, said Mark Sigal, chief
executive officer of Datex
Property Solutions, which
tracks rent payments from
shopping centers and retailers
nationwide.
THE PROPERTY REPORT
Ventas, one of the largest senior-housing owners, plans to spend at least $300 million on acquisitions in the year’s first half. A Ventas property in Chicago.
pendent-living units that in-
clude little or no healthcare
continues to show weakness.
Seniors considering such
housing have more discretion
on
than candidates for assisted
us ,
living, and 88% of adults 50 to
l
80 years old want to remain in
e
al a
their homes as long as possi-
ble, according to a 2022 Uni-
versity of Michigan poll.
ci on
Many of these seniors are
able to defer move-in deci-
sions partly because improve-
ments in healthcare and new
technology have made aging
er s
in place easier, less expensive
and less isolating. They are
m er
able to opt to live at home
thanks partly to workplace
changes during the pandemic
that give loved ones more
flexibility to provide senior
m rp
relatives care and company,
said John Pawlowski, an ana-
lyst with Green Street.
Half of seniors are simply
unable to afford private-pay
co Fo
communities. Also, the psy-
chological hangover from the
pandemic continues to weaken
demand in this category, “The
n-
Occupancy cost refers to
how much of a store’s sales is
eaten up by real-estate ex-
penses such as rent, taxes, in-
surance and maintenance. The
lower the occupancy cost, the
higher the store’s profit.
“Family Dollar is losing the
competitive battle,” Sigal
said.
Family Dollar’s 600 clo-
sures are part of a multiyear
turnaround effort that the
parent company embarked on
early last year when it hired
Richard Dreiling, a former
chief executive for Dollar Gen-
eral, as its new CEO. The com-
pany plans to shut an addi-
tional 370 Family Dollar and
30 Dollar Tree stores in the
coming years as leases expire.
Adam Ifshin, CEO of retail
landlord DLC, which has more
than two dozen dollar-store
tenants in its portfolio, said
closing underperforming
stores will strengthen Family
Dollar and its parent chain in
the long run.
“To some degree, I think
they should have done this a
long time ago,” Ifshin said.
A spokeswoman for Family
Dollar said its comparative
sales have been higher than
Dollar General’s for four of the
past five quarters.
Even with Family Dollar’s
shrinking footprint, the dollar-
store sector is expected to add
thousands of stores in the
coming years as demand re-
mains strong for low-price
essentials.
Dollar stores have powered
the U.S.’s recent retail expan-
sensitivity about sickness has
been slower to pass than I
would have expected,” Paw-
lowski said.
But these obstacles in se-
nior housing will likely be
dwarfed by the gigantic demo-
graphic wave heading the sec-
tor’s way. Americans ages 65
and older will make up about
21% of the U.S. population by
2030, up from about 15% in
2016, according to the U.S.
Census Bureau.
For some baby boomers,
aging in place may be trickier
than they thought. The di-
vorce rate is higher among
boomers than other genera-
tions and almost 20% have no
children, said McCracken of
NIC.
Many seniors haven’t added
grab bars, shower benches or
other modifications for aging
in place. About half don’t own
smart devices like doorbell
cameras and fall monitors, ac-
cording to the University of
Michigan study.
“While most older adults
feel it is important to stay in
Dollar General is adding 800 new stores this year while rival Family Dollar says it will close 600 locations by early August.
sion, making up more than a
quarter of the U.S.’s total store
openings in 2022 and last
year, according to Coresight
Research.
Dollar General operates
20,000 stores
in the U.S., up
from 5,000 in
2001. Walmart, Family Dollar
by contrast, has pays far more
just over 4,600
locations. for its locations,
Dollar Gen-
eral and Family
many in cities
Dollar both tar- and suburbs.
get the lower-
income con-
sumer and sell
items such as dish towels,
shampoo, dog food and laun-
dry detergent, said Jonathan
Hipp, principal, U.S. Capital
Markets and head of the U.S.
THE WALL STREET JOURNAL.
ly
Occupancy rates at the pandemic, developers
private-pay senior-housing
communities, quarterly
100% 4Q 2023
overbuilt in anticipation of the
baby boom demand, producing
a glut. But that glut has been
mostly absorbed in more re-
85.1%
cent years as developers have
80 put the brakes on new proj-
ects. Last year, only 10,000
new units were delivered, the
60 lowest level since 2014, ac-
cording to NIC.
40 “The sector is on the cusp
of a significant demand versus
supply imbalance,” Green
20 Street said in a recent report.
The imbalance is attracting
more investors to senior hous-
0
ing as they are shunning other
2020 ’21 ’22 ’23
property types, such as of-
Note: For the 31 largest U.S. markets
fices.
Source: National Investment Center Senior-housing sales activ-
for Seniors Housing & Care ity is still low, because prices
have been dragged down by
their home as long as possible, high interest rates, discourag-
many are not prepared to age ing sellers. Green Street esti-
in place,” said Preeti Malani, a mates values have declined
professor of medicine who 20% to 25% since late 2021.
worked on the study. But some owners of senior
The baby-boom surge also housing are forced sellers be-
will hit the market at a time cause mortgages with low in-
of short supply. terest rates are maturing, re-
In the years leading up to quiring them to sell or
Net Lease Group for real-es- creased investment in store
tate firm Avison Young. standards and renovations.
In addition to opening new For years dollar stores were
stores, Dollar General has located primarily in rural,
spent the past decade remod- suburban or tertiary markets,
eling or relocating existing lo- opening on the edge of town
cations, while where building and labor costs
at Family Dollar were cheap and customers
“the overarch- had few other options for
ing theme has household essentials.
always been But a rapid expansion in
one of underin- the suburbs after the 2008-09
vestment,” said financial crisis created compe-
Peter Keith, a tition both within the dollar-
senior analyst store sector and with other
for financial- discount retailers, putting
services com- more pressure on Family Dol-
pany Piper lar and contributing to store
Sandler. “The closures, according to Naveen
stores were always kind of Jaggi, president of retail advi-
beat up,” he said. sory services in the Americas
Family Dollar’s spokes- for real-estate firm JLL.
woman said that the current Dollar stores operate on
management team has in- thin margins and have been
.
VENTAS
refinance at higher rates.
“There is a fair amount of
pressure to sell,” said Al Rabil,
chief executive of Kayne An-
derson Real Estate, which is
planning senior-housing ac-
quisitions this year. “We ha-
ven’t seen this opportunity set
since the global financial cri-
sis.”
Ventas, one of the largest
senior-housing owners in the
country, said earlier this year
that it plans to spend at least
$300 million on acquisitions
in the first half of this year. At
a presentation at an investor
conference, the company
noted that $18 billion of mort-
gages backed by senior hous-
ing matures this year and
next. Between 2013 and 2022,
maturities averaged less than
$4 billion a year, the company
said.
“We were disciplined wait-
ing for the kinds of opportuni-
ties we’re seeing now in part
because of debt maturities
other owners are facing,” said
Debra Cafaro, Ventas chief ex-
ecutive.
GABBY JONES/BLOOMBERG NEWS
pressured in recent years by
rising inflation and the roll-
back of Supplemental Nutri-
tion Assistance Program
emergency allotments, which
had boosted lower-income
customers’ spending power
during the pandemic.
But Dollar General and Dol-
lar Tree are expected to reach
a combined $83.1 billion in an-
nual revenues by 2027, which
would be a nearly 26% in-
crease from 2022, according
to Coresight Research’s analy-
sis of estimates by S&P Global
Market Intelligence.
Customer appetite remains
strong for dollar stores, Jaggi
said.
“Just because the economy
is getting better doesn’t mean
they’ll want to pay more for
paper towels,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Wednesday, April 3, 2024 | B7

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UCC Public Sale Notice

To Advertise Your Commercial Property call 1-800-366-3975
For more information visit wsj.com/classifieds
© 2024 Dow Jones & Company, Inc. All Rights Reserved.
Please take notice that Jones Lang LaSalle Americas, Inc. (“JLL”), on behalf of SCP JV I Lender LLC, a Delaware limited liability company
(together with any successor or assign, the “Secured Party”), offers for sale at public auction on June 10, 2024, at 10:00 AM (New York
time) conducted both via Zoom (or a similar online platform) and in-person at the offices of Skadden, Arps, Slate, Meagher & Flom LLP,
One Manhattan West, 395 9th Avenue, New York, New York 10001, in connection with a Uniform Commercial Code sale, 100% of the
limited liability company membership interests (the “Interests”) in 9 DeKalb Holdings 1 LLC, a Delaware limited liability company (the
“Senior Mezzanine Borrower”), which is the sole owner of 9 DeKalb Fee Owner LLC (the “Mortgage Borrower”), a Delaware limited liability
company, a subsidiary of the Senior Mezzanine Borrower, and the Mortgage Borrower is the sole owner of the property known as and
located at 354 Flatbush Avenue Extension, Brooklyn, New York 11201, a/k/a 340 Flatbush Avenue Extension, Brooklyn, New York 11201,
a/k/a 9 Dekalb Avenue, Brooklyn, New York 11201, a/k/a 55 Fleet Street, Brooklyn, New York 11201 (the “Property”). The Interests are
owned by 9 DeKalb Holdings 2 LLC, a Delaware limited liability company (the “Junior Mezzanine Borrower”), having its principal place of
business at c/o JDS Development Group, 120 NE 27th Street, Suite 200, Miami, Florida 33137.
The Secured Party, as lender, made a loan (the “Junior Mezzanine Loan”) to the Junior Mezzanine Borrower. In connection with the
Junior Mezzanine Loan, the Junior Mezzanine Borrower has granted to the Secured Party a first priority lien on the Interests pursuant to
that certain Junior Mezzanine Pledge and Security Agreement, dated as of April 22, 2019, made by the Junior Mezzanine Borrower in favor
of the Secured Party. The Secured Party is offering the Interests for sale in connection with the foreclosure on the pledge of such Interests.
The Junior Mezzanine Loan is subordinate to (i) a senior mezzanine loan and other obligations and liabilities of the Senior Mezzanine
Borrower or otherwise affecting the limited liability company membership interests in the Mortgage Borrower (the “Senior Mezzanine
Loan”) and (ii) a mortgage loan and other obligations and liabilities of the Mortgage Borrower or otherwise affecting the Property (the
“Mortgage Loan”). Secured Party may, prior to the sale described herein, assign all of its right, title and interest in and to the Junior
Mezzanine Loan to an affiliate of Secured Party, and in the case of such assignment the assignee shall be deemed to be the “Secured
Party” for all purposes hereunder.
The sale of the Interests will be subject to all applicable third party consents and regulatory approvals, if any, as well as the terms of
sale prepared by the Secured Party (the “Terms of Sale”). Without limitation to the foregoing, please take notice that there are specific
requirements for any potential successful bidder in connection with obtaining information and bidding on the Interests, including, but not
limited to, (1) that each bidder must execute a confidentiality agreement, (2) that each bidder must comply with the restrictions applicable
to the sale of the Interests under the Intercreditor Agreement, dated as of April 22, 2019 (the “Intercreditor Agreement”), including that
such bidder is a “Qualified Transferee” (as defined in the Intercreditor Agreement) and (3) that each bidder must deliver such documents
and pay such amounts as required by the Intercreditor Agreement and the applicable governing documents relating to the Interests.
The Interests are being offered as a single lot, “as-is, where-is”, with no express or implied warranties, representations, statements
or conditions of any kind made by the Secured Party or any person acting for or on behalf of the Secured Party, without any recourse
whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party and each bidder must make its own
inquiry regarding the Interests. The winning bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar
taxes incurred in connection with the purchase of the Interests.
The Secured Party reserves the right to credit bid, set a minimum reserve price, reject any and all bids that, in its commercially
reasonable discretion, are not bona fide or not made in good faith, or that do not comply with the Terms of Sale (or to whom in the Secured
Party’s sole judgment a sale may not lawfully be made), terminate or adjourn the sale to another time, without further notice, and to sell
the Interests at a subsequent sale, and to impose any other commercially reasonable conditions upon the sale of the Interests as Secured
Party may deem proper. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they
are purchasing the Interests for their own account for investment not with a view to the distribution or resale of such Interests, to verify that
each certificate for the Interests to be sold bears a legend substantially to the effect that such interests have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), and may not be disposed of in violation of the provisions of the Securities Act
and to impose such other limitations or conditions in connection with the sale of the Interests as the Secured Party deems necessary or
advisable in order to comply with the Securities Act or any other applicable law.
All bids (other than credit bids of the Secured Party) must be for cash, and the successful bidder must be prepared to deliver
immediately available good funds as required by the Terms of Sale and otherwise comply with the bidding requirements and the Terms of
Sale. Further information concerning the Interests, the requirements for obtaining information and bidding on the interests and the Terms
of Sale can be found at www.9DeKalbAveUCCSale.com or by contacting JLL using the contact information below.
Contact information for JLL:
Brett Rosenberg; +1 (212) 812-5926; Brett.Rosenberg@jll.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Wednesday, April 3, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

KKR Targets
Financing Gap
In Clean Energy
BY LUIS GARCIA
Asset manager KKR & Co.
is honing its young climate
strategy to focus on clean-en-
ergy businesses that have ex-
panded beyond the reach of
growth-stage backers but still
aren’t mature enough to at-
tract traditional infrastructure
investors.
“There’s a huge [financing]
ANDRES MARTINEZ CASARES/EPA/SHUTTERSTOCK
of businesses that KKR’s cli-
mate strategy seeks to back,
Lagarrigue said. The company
generates cash from long-term
supply contracts with custom-
ers in places such as the U.K.,
Australia and New Zealand.
But Zenobē still needs sig-
nificant amounts of capital to
expand, including adding vehi-
cles. Zenobē plans to have
more than 4,000 electric

gap that has been forming— buses on the road by 2026,

call it growth infra if you
want—because it’s not growth
equity anymore but it’s not
yet infrastructure,” Emmanuel
Lagarrigue, the New York
firm’s global co-head of cli-
mate, said at a recent industry
conference, referring to the
clean-energy sector. “We see
that category as our main op-
Developers including Country Garden had until March 31 to report 2023 annual results. Country Garden buildings in Beijing. portunity.”
So far, KKR has disclosed
more than double the roughly
1,500 it runs today, he said.
“If you apply the growth-
equity recipe that you would
normally apply in software, it
won’t work anymore because
you will have to continue pil-
ing up funding rounds, but
this time in the hundreds of
millions of dollars. That’s not
going to be sustainable,”
Lagarrigue said.

China Developers’ Shares

two deals through its climate
strategy, after setting up a
group to lead it starting in
2022. Last year, the firm com-
mitted £600 million, equiva-
At the same time, Zenobē
still has room to expand, he
said, putting it closer to
growth-oriented investment
opportunities in comparison

Suspended in Hong Kong

lent to roughly $757.6 million, with the mature assets typi-
to back Zenobē Energy, a Lon- cally targeted by infrastruc-
don-based operator of electric ture backers.
buses and battery systems. KKR also sees clean-energy

.
In March, KKR agreed to ac- opportunities in businesses
quire a majority stake in solar- such as battery manufacturing

ly
Country Garden, nancial and accounting esti- which has also defaulted on a ing results for Chinese devel- power and energy-storage de- and green-hydrogen produc-
mates or delays in getting U.S. dollar bond, is fighting a opers, especially in looking veloper Avantus. The Los tion, Lagarrigue said. He
others failed to meet their accounts audited. Some liquidation petition in Hong for hidden debts disguised as Angeles company, once known added that his team has been
the stock exchange’s
deadline for results
had auditors being replaced
due to disagreement on fees.
“Due to the continuous vol-
atility of the industry, the op-
on Kong.
“The suspension of trading
for some [Hong Kong-listed
Chinese] property stocks re-
equity investments, private-
equity loans and payables,
Daiwa analyst William Wu
said.
as 8minute Solar Energy, is also
backed by private-equity firm
EIG Global Energy Partners.
Technology improvements
cautious about the wind-
power sector, which has been
hurt by equipment shortages
and project delays.
BY SHERRY QIN erating environment the flect their heightened finan- Two other developers, Yida and declining equipment costs Lagarrigue is no stranger to
us ,

group [is] confronting is be- cial risks, and auditors may China and Modern Land, de- have enabled many clean-en- manufacturing and energy in-
l

Several Chinese developers’ coming increasingly complex,” have proposed more prudent layed their results due to dis- ergy businesses to expand be- dustries. He came to KKR from
e
al a

shares have been suspended Country Garden, one of revenue booking and write-off agreements on fees with their yond startup and growth-in- Schneider Electric, a French
from trading in Hong Kong China’s largest developers, on assets,” Morningstar ana- respective auditors. vestment stages in recent provider of energy-manage-
starting Tuesday due to their said last week while seeking a lyst Jeff Zhang said. Yida China decided not to years, Lagarrigue said. But ment and sustainability ser-
ci on

failure to meet the deadline trading suspension.
for publishing last year’s an- Rising global interest rates,
nual results, another sign of a weak domestic economic re-
the turmoil in the country’s covery and soft consumer
real-estate sector. sentiment have hurt the busi-
er s
Separately, another leading
developer, Central China Man-
agement, said last week that
it was delaying the release of
2023 results after auditor
reappoint Pricewater-
houseCoopers last August and
appointed a new Chinese au-
ditor, RSM Hong Kong, in late
February. Modern Land said it
while software makers can
pursue new customers as soon
as they have developed a new
product, clean-energy busi-
nesses often need to add as-
vices where he was chief
strategy, chief sustainability
and chief innovation officer.
Other infrastructure invest-
ment companies, such as

Well-known names includ- nesses of many property de- KPMG wasn’t able to complete might look for a replacement sets first—and that requires Brookfield in Toronto and An-
ing Country Garden Hold- velopers, leading to defaults its audit on time as it re- for its auditor, KPMG. more upfront capital, he said. tin Infrastructure Partners
m er

ings, Central China Manage- on loan payments and sub-
ment and Modern Land stantial impairments on their
(China) are among the com- income statements.
panies that failed to meet the Last month, Country Gar-
Hong Kong stock exchange’s den defaulted on an interest
m rp
quired certain outstanding in-
formation, including on 750
million yuan, or about $103.7
million, in loans that the com-
pany made.
Taken together, the delays
in reporting annual results
signal that the futures of
these companies “remain
murky, and their accounting
“The difference between
climate and other technology
businesses is that you have to
build a physical asset, be it in-
frastructure or manufacturing
in Paris, also have set up sep-
arate strategies to invest in
relatively new clean-energy
sectors, as they recognize that
both the potential risks and

March 31 deadline due to an payment on a yuan-denomi- Auditors tend to now be integrity may be called into capacity,” he added. returns differ from their tradi-
inability to sort out their fi- nated bond. The company, more stringent when prepar- question,” Zhang said. Zenobē illustrates the type tional investments.

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co Fo

Business Real Estate & Auctions

To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds

AUCTIONS MASSACHUSETTS

MA Lic. #107

RECEIVER ORDERED AUCTION

7– 53’ TRAILERS (Sold Separately)      
n-

ONLINE AUCTION EVENT NEW BEDFORD, MA

APRIL 24 • 9 AM
688,000+ SF MILL &
ANNEX BUILDING
no

6.37± Acres • Zoned Industrial-B

Frontage on King St. & Nash Rd.
JU-MIN PARK/REUTERS

Multiple Loading Docks

Along rail with access to
major highways
1 King Street
Tuesday, April 30 at 11:00 AM
See web for terms of sale and additional info. A model of a Hanwha Ocean submarine shown at an event in South Korea last year.

Korea’s Hanwha Ocean Makes

Sullivan-Auctioneers.com • 617-350-7700

FRANCIS D. SANTOS
FisherAuction.com
NOTABLE
COMMERCIAL
$649 Million Offer for Austal
754.220.4116 PROPERTIES BY MIKE CHERNEY
AND DAVID WINNING
U.S. Defense Counterintelli-
gence and Security Agency.
quickly overhaul its armed
forces and focus more on ca-
FL LIC #AB106, AU93 • 10% BUYER’S PREMIUM • AUCTION SUBJECT TO TERMS OF SALE EVERY WEDNESDAY
That reflects Austal’s role in pabilities such as long-range
SYDNEY—Australia is plan- building vessels for the U.S. missiles.
INVESTMENT PROPERTIES
ning a costly overhaul of its Navy. Australian officials had said
LIST YOUR military to prepare for re- Austal said it wasn’t satis- the previous assumption that
PROPERTY TODAY gional threats including a fied that U.S. and Australian Australia would have 10 years
more assertive China. That is regulators would support a to prepare for a conflict was
attracting overseas interest in deal, putting the onus back on no longer accurate, amid con-
U.S. Department of Housing and Urban Development one of its flagship defense Hanwha to convince it other- cerns that China could seek to
Office of Housing (800) 366-3975 companies. wise. take Taiwan—the self-govern-
Seller sales.realestate@wsj.com On Tuesday, military ship- Western defense officials ing island that Beijing views as
For more information visit: builder Austal said it is a take- recognize that they need to its territory—by force in the
wsj.com/classifieds over target of South Korea’s upgrade their militaries, ex- near future.
HUD-Held Vacant Loan Sale 2024-2 Hanwha Ocean, which has pand munitions output, and Advances in technology also
made a bid valued at some build ships capable of re- had eroded the advantage of
Bid Date May 7, 2024
$649 million. The cash offer of sponding to new threats that Australia’s relatively remote
2.825 Australian dollars, or include a potential conflict be- geography, according to the
Approximately: $338 million in updated loan balance; 1,265 loans $1.83, per Austal share repre- tween China and Taiwan. review.
sents a 28% premium to its In February, Australia said To achieve such goals, Aus-
First Lien, non-recourse mortgages, secured by vacant residential properties share price at the end of last it would spend billions more tralia is working closely with
week, and would put the stock dollars over the next decade to the U.S. and allies such as
Falcon Capital Advisors, Transaction Specialist supported by Mission Capital Advisors at levels last reached more expand its surface fleet to its South Korea, including award-
For further information: www.falconassetsales.com; 1-844-709-0763;
HUDsales@falconassetsales.com Interested participants must execute a Qualification Statement
than three years ago. largest size since World War ing defense contracts to each
and Confidentiality Agreement. But in a sign of how compli- II. The blueprint called for 26 other as part of a strategy to
This is a sale of due and payable notes. cated a deal could become, major surface vessels, includ- broaden weapons-manufactur-
Austal said any takeover ing destroyers and frigates, ing capability.
This announcement is not an offer to sell or a solicitation of an offer to buy mortgage loans. would require approval not plus 25 minor war vessels. Hanwha Corp. is the parent
Information concerning the mortgage loan will be furnished only to, and bids will be accepted only from Australia’s foreign- The navy plan followed a company of Hanwha Ocean,
only from, bidders who certify that they have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks and who certify that they investment watchdog but also wide-ranging review of Aus- and a conglomerate that also
have the resources to bear the risk of a purchase of the mortgage loans. © 2024 Dow Jones & Company, Inc. the Committee on Foreign In- tralia’s military last year that owns businesses ranging from
All Rights Reserved. vestment in the U.S. and the found Canberra needed to insurance to hotels.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * NY Wednesday, April 3, 2024 | B9

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 Donaldson DCI 73.83 -0.13 Gap GPS 26.61 -0.64
KB Financial KB 50.58 -0.14 MitsubishiUFJ MUFG 9.94 -0.04 OnHolding ONON 34.29 -0.93
Stock Market listed securities. Prices are consolidated from trades reported by various DoorDash DASH 137.50 -0.75 Garmin GRMN 145.74 -1.62
KBR KBR 63.03 -0.29 MizuhoFin MFG 3.83 -0.03 OntoInnovation ONTO 184.97 -0.33 R S
market centers, including securities exchanges, Finra, electronic communications Dover DOV 173.73 -1.80 Gartner IT 469.48 -7.96
KE Holdings BEKE 14.24 -0.09 Mobileye MBLY 32.71 0.61 OpenText OTEX 37.97 -0.44
networks and other broker-dealers. The list comprises the 1,000 largest companies s DOW 59.29 1.03 GEN 22.06 -0.25 MRNA 103.61 -1.99 Oracle RBC Bearings RBC 263.46 -6.00
Dow GenDigital KKR KKR 97.90 -2.10 Moderna ORCL 124.34 -1.14
based on market capitalization. DrReddy'sLab RDY 73.83 -0.11 GNRC 128.15 0.74 125.13 -3.34
RB Global RBA 76.12 -0.60
Generac KLA KLAC 693.93 -16.95 MohawkInds MHK Orange ORAN 11.70 -0.01
DKNG 44.71 -0.23 s GeneralDynamics GD 290.54 -1.01 RELX RELX 42.43 -0.35
Underlined quotations are those stocks with large changes in volume compared DraftKings Kanzhun BZ 18.55 0.13 MolinaHealthcare MOH 380.92 -23.28 Orix IX 105.19 0.26
Dropbox DBX 23.90 -0.41 s Kaspi.kz
70.56 0.43 RPM RPM 116.85 -1.44
with the issue’s average trading volume. GeneralMills GIS KSPI 131.84 0.86 MolsonCoorsB TAP 68.19 0.86 Oshkosh OSK 123.30 0.13
DukeEnergy DUK 96.54 0.47 GeneralMotors GM 44.89 -0.51 RTX RTX 98.55 0.79
Kellanova K 57.67 0.61 monday.com MNDY 214.90 -6.10 OtisWorldwide OTIS 97.75 -0.82
Boldfaced quotations highlight those issues whose price changed by 5% or more if RalphLauren RL 176.19 -8.43
Duolingo DUOL 212.50 -5.71 Genmab GMAB 29.96 -0.31
Kenvue KVUE 20.82 -0.41 Mondelez MDLZ 69.26 -0.50 s Ovintiv OVV 52.51 0.41
their previous closing price was $2 or higher. DuPont DD 76.83 -0.37 Gentex GNTX 36.38 0.24 RangeResources RRC 35.00 0.19
KeurigDrPepper KDP 30.92 -0.31 MongoDB MDB 347.82 -8.27 OwensCorning OC 166.82 -1.97
Dynatrace DT 45.45 -0.29 GenuineParts GPC 153.79 -0.49 s RaymondJames RJF 128.71 0.19
Footnotes: KeyCorp KEY 15.26 -0.23 MonolithicPower MPWR 648.97 -19.51 PDD PDD 118.24 -0.92
RealtyIncome O 52.87 -0.59
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four elfBeauty ELF 185.93 -6.04 GileadSciences GILD 72.09 -0.79
KeysightTech KEYS 153.75 -1.25 MonsterBev MNST 56.90 -0.84 PG&E PCG 16.69 0.13
sEMCOR EME 358.24 3.37 GitLab GTLB 55.21 -0.34 RegalRexnord RRX 174.37 -1.64
quarters. KimberlyClark KMB 127.69 -1.11 Moody's MCO 391.20 -2.69 PNC Finl PNC 157.54 -2.40
ENI E 32.50 0.66 GlobalPayments GPN 128.36 -1.79 RegencyCtrs REG 59.67 0.02
Stock tables reflect composite regular trading as of 4 p.m. ET and KimcoRealty KIM 18.89 -0.20 MorganStanley MS 92.71 -0.82 POSCO PKX 75.79 -0.89 RegenPharm REGN 954.68 -14.63
EOG Rscs EOG 132.24 2.48 GlobalFoundries GFS 51.11 -0.68
s KinderMorgan KMI 18.42 0.01 Morningstar MORN 302.34 -3.98 PPG Ind PPG 141.66 -1.72 RegionsFinl RF
changes in the official closing prices from 4 p.m. ET the previous day. 20.36 -0.20
EPAM Systems EPAM 271.43 -0.62 Globant GLOB 197.72 -3.98
KinrossGold KGC 6.27 0.11 Mosaic MOS 32.11 -0.32 PPL PPL 27.48 -0.02 s ReinsGrp
EQT EQT 36.87 -0.24 GlobeLife GL 111.64 -2.49 RGA 193.05 -1.81
KinsaleCapital KNSL 467.85 -44.80 MotorolaSol MSI 352.07 -1.52 PTC PTC 186.61 -1.51 Reliance
EagleMaterials EXP 264.02 -5.80 GoDaddy GDDY 122.23 1.12 s RS 333.08 -0.06
Knight-Swift KNX 53.38 -1.40 MurphyUSA MUSA 419.29 -7.68 PVH PVH 108.68 -31.05 RenaissanceRe RNR 230.99 -3.98
Tuesday, April 2, 2024 Net Net EastWestBncp EWBC 76.10 -1.91 GoldFields GFI 16.16 0.21
Philips PHG 19.92 0.09 NICE NICE 251.58 -3.03 Paccar PCAR 121.60 -1.50 RentokilInit RTO 30.20 0.43
Net Stock Sym Close Chg Stock Sym Close Chg EastGroup EGP 174.04 -2.28 GoldmanSachs GS 410.15 -3.36
KoreaElecPwr KEP 8.09 -0.10 t NIO NIO 4.54 -0.10 PackagingCpAm PKG 187.50 -1.25
sEastmanChem EMN 100.43 0.13 Grab GRAB 3.21 0.02 Repligen RGEN 177.92 -5.03
Stock Sym Close Chg KraftHeinz KHC 37.39 0.33 NNN REIT NNN 41.51 -0.77 PalantirTech PLTR 22.72 -0.14
AxonEnterprise AXON 309.36 -2.01 Cemex CX 9.02 -0.05 Eaton ETN 314.75 2.72 Graco GGG 91.83 -0.40 RepublicSvcs RSG 188.92 -0.91
s Kroger KR 57.82 0.83 NOV NOV 20.02 0.32 PaloAltoNtwks PANW 273.40 -6.02
t BCE BCE 32.94 -0.86 Cencora COR 243.09 0.09 ResMed RMD 184.36 -4.96
A B C BHP Group BHP 59.17 0.82 CenovusEnergy CVE 20.43 0.32
eBay
Ecolab
EBAY 51.86 -0.41
ECL 227.45 -0.48
Grainger GWW 1000.50 -9.14
GraphicPkg GPK 28.39 -0.28
LKQ LKQ 52.75 -0.43 NRG Energy NRG 68.60 -1.55 ParamountA PARAA 21.09 -0.13 RestaurantBrands QSR 77.93 -0.52
LPL Financial LPLA 263.70 -2.66 NVR NVR 7852.90-173.37 ParamountB PARA 11.76 0.01
BJ'sWholesale BJ 74.93 0.29 Centene CNC 72.45 -5.30 Ecopetrol EC 12.70 0.59 GpoAeroportuar PAC 163.87 2.28 Revvity RVTY 102.21 -1.06
AECOM ACM 97.00 -0.74 L3HarrisTech LHX 205.20 -3.36 NXP Semicon NXPI 240.77 -5.51 ParkerHannifin PH 547.44 -3.57 RexfordIndlRealty REXR 48.57 -0.27
AES 17.82 -0.25 BP BP 38.65 0.71 CenterPointEner CNP 28.44 0.02 EdisonIntl EIX 70.13 -0.31 s GpoAeroportSur ASR 322.38 4.52 NDAQ 61.33 -0.96 Parsons
AES LabCorp.ofAmerica LH 211.95 -4.40 Nasdaq PSN 82.59 -0.61 RioTinto RIO 65.09 0.91
Aflac AFL 84.93 -0.26 BWX Tech BWXT 101.56 -0.34 CentraisElBras EBR 8.10 -0.04 EdwardsLife EW 94.31 0.06 Guidewire GWRE 115.65 -0.39 Natera NTRA 91.91 -1.05
LamResearch LRCX 967.33 -14.46 Paychex PAYX 122.08 0.46 Rivian RIVN 10.51 -0.58
Baidu BIDU 108.53 0.09 CerevelTherap CERE 42.35 0.03 ElancoAnimal ELAN 15.58 -0.39 HCA Healthcare HCA 329.35 -0.76
AGCO AGCO 121.51 0.96 LamarAdv LAMR 115.26 -0.83 NationalGrid NGG 68.02 0.19 PaycomSoftware PAYC 197.67 -0.61 RobertHalf RHI 77.03 -1.15
Ansys ANSS 345.78 -1.70 BakerHughes BKR 33.59 0.15 CharlesRiverLabs CRL 261.82 -6.91 Elastic ESTC 97.98 -2.58 HDFC Bank HDB 56.92 0.69 NatWest NWG 6.82 0.10
LambWeston LW 103.81 -1.17 Paylocity PCTY 166.47 -1.23 Robinhood HOOD 19.20 -0.21
APA 35.34 -0.09 Ball BALL 67.42 -0.42 CharterComms CHTR 278.02 -6.13 ElbitSystems ESLT 207.06 -1.59 HF Sinclair DINO 61.18 0.60 NTAP 104.72 -0.32 PayPal
APA LasVegasSands LVS 52.91 -0.27 NetApp PYPL 64.66 -0.37 Roblox RBLX 36.76 -1.08
ASX 10.87 0.05 BBVA BBVA 11.81 0.07 CheckPoint CHKP 164.25 -0.03 ElectronicArts EA 132.15 -1.19 HP HPQ 29.56 -0.82 NTES 96.85 -1.86 Pearson
ASE Tech LatticeSemi LSCC 74.51 -3.45 NetEase PSO 12.86 -0.16 RocketCos. RKT 13.17 -0.69
ASML 966.71 -26.24 BancoBradesco BBDO 2.52 -0.02 Chemed CHE 636.82 -3.81 ElevanceHealth ELV 499.22 -16.78 HSBC HSBC 39.32 0.01 NFLX 614.21 -0.10 PembinaPipeline PBA 35.35 -0.09
ASML Lear LEA 144.27 -0.10 Netflix Rockwell ROK 280.23 -3.14
17.52 0.02 BancodeChile BCH 22.15 0.12 CheniereEnergy LNG 158.60 -0.73 EmersonElec EMR 113.27 -0.27 H World HTHT 40.32 1.22 NBIX 137.74 -3.64 PenskeAuto PAG 155.79 -4.93
AT&T T LegendBiotech LEGN 56.43 -0.79 Neurocrine RogersComm B RCI 39.80 -0.95
AbbottLabs ABT 112.02 -0.07 BancSanBrasil BSBR 5.56 ... CheniereEnerPtrs CQP 49.60 0.20 Enbridge ENB 35.85 0.02 Haleon HLN 8.28 -0.06
Leidos LDOS 128.95 -1.47 NewOrientalEduc EDU 86.18 -1.33 Pentair PNR 83.24 -1.17 RoivantSciences ROIV 10.92 0.49
AbbVie ABBV 180.69 -0.07 BcoSantChile BSAC 20.32 0.59 ChesapeakeEner CHK 88.97 -0.78 EncompassHealth EHC 82.00 -1.23 Halliburton HAL 39.91 -0.02 NEM 36.79 0.36 Penumbra
Lennar B LEN.B 146.29 -5.28 Newmont PEN 211.50 -5.89 Roku ROKU 62.85 -1.34
ACN 336.46 -2.71 BancoSantander SAN 4.82 0.02 Chevron CVX 159.78 0.70 Endeavor EDR 25.81 0.52 HartfordFinl HIG 101.86 -0.63
Accenture Lennar A LEN 162.47 -5.34 NewsCorp B NWS 26.33 -0.35 PepsiCo PEP 171.44 -1.54 Rollins ROL 45.53 -0.19
AcuityBrands AYI 261.83 -3.31 BanColombia CIB 35.12 0.78 Chipotle CMG 2901.94 24.94 sEnergyTransfer ET 15.78 0.09 Hasbro HAS 55.75 -0.51
LennoxIntl LII 478.12 -6.04 NewsCorp A NWSA 25.51 -0.30 PerformanceFood PFGC 73.95 -0.15
Adobe ADBE 499.21 -2.88 BankofAmerica BAC 37.30 -0.22 Chubb CB 256.34 -1.06 EnphaseEnergy ENPH 113.55 -4.74 HealthpeakProp DOC 18.25 -0.29 NextEraEnergy NEE 62.88 -0.50 RoperTech ROP 545.94 -7.68
LeviStrauss LEVI 18.74 -1.56 s PermianRscs PR 17.53 -0.19 RossStores ROST 143.68 -1.41
AdvDrainageSys WMS 167.14 -3.26 BankMontreal BMO 96.44 -1.17 ChunghwaTel CHT 39.57 0.22 Entegris ENTG 138.32 -2.30 Heico HEI 187.69 -0.57
LiAuto LI 31.04 0.42 Nextracker NXT 52.34 -3.86 PetroleoBrasil PBR 15.63 0.41 RoyalBkCanada RY 99.61 -0.69
AdvMicroDevices AMD 178.70 -4.64 BankNY Mellon BK 57.05 0.09 Church&Dwight CHD 104.64 -0.38 Entergy ETR 105.27 0.53 Heico A HEI.A 151.84 -0.65 Nike 90.95 -1.61
t LibertyBroadbandC LBRDK 54.28 -1.47 NKE PetroleoBrasilA PBR.A 15.28 0.39 RoyalCaribbean RCL 137.45 -3.11
Aegon AEG 6.04 0.03 BankNovaScotia BNS 49.86 -0.50 ChurchillDowns CHDN 123.87 -0.04 sEnterpriseProd EPD 29.75 0.38 HenrySchein HSIC 73.07 -1.17 27.50 0.02 Pfizer
t LibertyBroadbandA LBRDA 54.08 -1.39 NiSource NI PFE 27.55 -0.17 RoyalGold RGLD 122.72 0.25
AerCap AER 85.22 -0.46 Barclays BCS 9.42 0.13 Cigna CI 363.09 -0.99 Equifax EFX 255.70 -5.03 Hershey HSY 200.55 2.28 Nokia NOK 3.50 ...
LibertyFormOne A FWONA 59.25 0.65 PhilipMorris PM 91.82 0.38 RoyaltyPharma RPRX 29.44 -0.46
AffirmHldgs AFRM 34.09 -0.74 BarrickGold GOLD 17.18 0.32 CincinnatiFinl CINF 121.65 -0.52 Equinix EQIX 792.67 -7.38 Hess HES 155.51 0.73 NMR 6.14 0.01 s Phillips66
LibertyLiveC LLYVK 42.87 0.12 Nomura PSX 169.49 6.15
AgilentTechs A 144.17 -1.39 Bath&BodyWks BBWI 48.25 -1.96 Cintas CTAS 675.74 -4.80 Equinor EQNR 27.66 0.42 HessMidstream HESM 36.09 0.14
LibertyFormOne C FWONK 66.17 0.63 Nordson NDSN 270.27 -1.42 s Pilgrim'sPride PPC 35.10 0.59 RyanSpecialty RYAN 52.38 -1.84
s AgnicoEagleMines AEM 60.80 -0.50 BaxterIntl BAX 42.91 -0.64 CiscoSystems CSCO 49.36 -0.68 Equitable EQH 37.25 -0.19 HewlettPackard HPE 17.70 -0.24 Ryanair RYAAY 142.69 -3.81
BectonDicknsn BDX 241.02 -3.03 LibertyLiveA LLYVA 41.36 0.19 NorfolkSouthern NSC 250.76 -1.24 PinnacleWest PNW 74.04 -0.01 SAP SAP 192.12 -3.91
AirProducts APD 239.84 -3.58 Citigroup C 62.84 -0.62 EquityLife ELS 63.16 -0.12 Hilton HLT 210.37 -2.33
BeiGene BGNE 153.25 -5.98 LibertySirius B LSXMB 28.43 -1.07 NorthernTrust NTRS 87.57 -0.87 Pinterest PINS 35.13 -0.19 S&P Global SPGI 426.11 -0.98
Airbnb ABNB 160.11 -3.26 CitizensFin CFG 35.04 -0.60 EquityResdntl EQR 60.84 -0.61 Hologic HOLX 76.08 -0.04
BellRing BRBR 58.01 -1.60 LibertySirius A LSXMA 28.49 -0.82 NorthropGrum NOC 466.36 -4.99 s PioneerNatRscs PXD 269.45 5.49 SBA Comm SBAC 212.95 -0.97
AkamaiTech AKAM 107.38 -1.95 CivitasRscs CIVI 75.33 -0.54 ErieIndemnity ERIE 400.94 -0.95 HomeDepot HD 363.00 -5.03
BentleySystems BSY 50.13 -0.24 LibertySirius C LSXMK 28.44 -0.85 NorwegCruise NCLH 19.26 -1.68 s PlainsAllAmPipe PAA 17.81 0.11 SEI Investments SEIC 70.56 -0.22
Albemarle ALB 126.48 -2.70 CleanHarbors CLH 195.45 -1.59 EssentialUtil WTRG 36.33 -0.44 HondaMotor HMC 36.34 -0.49 NVS 94.41 -1.46 s PlainsGP
Berkley WRB 87.26 -0.23 Light&Wonder LNW 100.83 -0.20 Novartis PAGP 18.46 0.07 SK Telecom SKM 20.95 -0.28
Albertsons ACI 21.09 -0.21 Cleveland-Cliffs CLF 22.38 -0.31 EssexProp ESS 235.50 -4.17 Honeywell HON 200.23 -1.78
BerkHathwy B BRK.B 418.92 -1.28 EliLilly LLY 763.96 3.41 NovoNordisk NVO 126.46 -1.09 Pool POOL 391.68 -9.62 SS&C Tech SSNC 62.96 -0.57
Alcon ALC 81.70 -0.32 Clorox CLX 148.71 -2.94 EsteeLauder EL 152.77 0.74 HormelFoods HRL 35.24 0.26 NuHoldings NU 11.86 0.04 Primerica
BerkHathwy A BRK.A 630289-3741.00 LincolnElectric LECO 249.21 -3.43 PRI 248.58 -3.42 SAIA 576.86 -8.91
AlexandriaRlEst ARE 123.97 -1.53 Cloudflare NET 94.97 -0.69 Etsy ETSY 65.18 -0.72 DR Horton DHI 155.65 -6.23
Linde LIN 461.34 -2.06 Nucor NUE 198.37 -1.63 PrincipalFinl PFG 85.34 -0.67 Saia
Alibaba BABA 72.88 -0.49 BestBuy BBY 80.17 -1.47 Coca-Cola KO 60.15 -0.53 Everest EG 391.87 -6.17 HostHotels HST 20.32 -0.39 NTNX 61.13 -1.19 ProcoreTech PCOR 78.61 -1.71 Salesforce CRM 304.00 1.74
Bio-Techne TECH 68.76 -0.65 Evergy EVRG 53.01 0.27 LithiaMotors LAD 284.59 -11.18 Nutanix
HoulihanLokey HLI 128.35 0.19 Samsara IOT 35.52 -0.48
AlignTech ALGN 312.07 -7.58 CocaColaCon COKE 817.40 -18.81 LiveNationEnt LYV 104.88 0.66 Nutrien NTR 54.60 -0.26 Procter&Gamble PG 160.57 -0.01
Allegion ALLE 131.58 -0.74 Bio-RadLab A BIO 328.72 -10.26 Coca-ColaEuro CCEP 68.97 -0.32 EversourceEner ES 59.27 0.39 HowmetAerospace HWM 65.26 -0.85 nVentElectric NVT 75.20 0.04
Sanofi SNY 47.70 -0.59
t Biogen BIIB 207.64 -7.19 LloydsBanking LYG 2.58 0.01 s Progressive PGR 210.03 0.08 SareptaTherap SRPT 127.00 -1.40
AlliantEnergy LNT 49.97 0.29 CognizantTech CTSH 71.68 -0.07 ExactSciences EXAS 73.74 3.33 Hubbell HUBB 415.54 -1.26 NVDA 894.52 -9.11 Prologis
BioMarinPharm BMRN 86.80 -0.30 EXC 37.58 0.35 LockheedMartin LMT 453.24 0.45 NVIDIA
HUBS 609.97 -26.88 PLD 125.58 -2.34 Schlumberger SLB 54.68 -0.54
s Allstate ALL 172.54 -0.03 Coherent COHR 58.90 -1.10 Exelon HubSpot
t Loews L 77.07 -0.41 PrudentialFinl PRU 116.30 0.01 SchwabC
AllyFinancial ALLY 39.02 -0.57 BioNTech BNTX 91.53 -1.59
Birkenstock BIRK 45.19 -1.40
CoinbaseGlbl COIN 245.84 -6.27 Expedia EXPE 131.69 -1.53 Humana HUM 304.33 -47.12
LogitechIntl LOGI 88.70 -0.58 O P Q t Prudential PUK 18.59 -0.40 Sea
SCHW 71.46 -0.91
SE 54.60 1.58
AlnylamPharm ALNY 151.04 -2.29 ColgatePalm CL 89.06 ... ExpeditorsIntl EXPD 117.60 -1.47 JBHunt JBHT 194.96 -1.52
BlackRock BLK 816.59 -10.18 ExtraSpaceSt EXR 145.49 -1.25 Lowe's
HuntingtonBcshs HBAN 13.60 -0.13 LOW 244.45 -4.83 ONEOK OKE 80.00 0.29 s PublicServiceEnt PEG 66.42 -0.22 Seagate STX 90.23 -1.55
Alphabet A GOOGL 154.56 -0.93 Comcast A CMCSA 41.81 -0.16 lululemon LULU 378.06 -7.14 ON Semi
Alphabet C GOOG 155.87 -0.63 Blackstone BX 126.31 -4.72 ComfortSystems FIX 314.02 -5.47 ExxonMobil XOM 119.28 2.29 HuntingIngalls HII 287.47 -0.13 ON 70.48 -3.37 PublicStorage PSA 283.38 -3.12 Sempra SRE 71.80 0.44
Block SQ 79.21 -2.25 F5 FFIV 189.53 -0.31 HyattHotels H Lyft
155.47 -2.64 LYFT 18.58 -0.66 OReillyAuto ORLY 1140.21 9.93 PulteGroup PHM 114.20 -4.23 ServiceIntl SCI 72.55 -0.80
Altria MO 42.93 -0.29 SABESP SBS 16.16 -0.32 s LyondellBasell LYB 104.18 2.11 s OccidentalPetrol OXY 67.26 0.88 PureStorage PSTG 51.66 -0.40 ServiceNow NOW 757.00 -11.37
Amazon.com AMZN 180.69 -0.28 BlueOwlCapital OWL 18.51 -0.06 ConagraBrands CAG 29.55 -0.13 FMC FMC 60.34 -2.42 ICICI Bank IBN 25.75 -0.21
ABEV 2.41 -0.01 Boeing BA 188.04 -1.46 CFLT 29.32 -0.52 FactSet FDS 439.60 -3.28 IdexxLab IDXX 521.67 -10.74 Okta OKTA 102.64 -0.85 Qiagen QGEN 42.21 -0.28 SharkNinja SN 61.22 -0.45
Ambev
Amcor AMCR 9.31 -0.14 Booking BKNG 3566.09 -2.78
Confluent
s ConocoPhillips COP 130.67 1.99 FairIsaac FICO 1247.29 -7.08 s ING Groep ING 16.50 0.06 M N OldDomFreight ODFL 216.57 -1.55 Qorvo QRVO 113.80 -0.35 s Shell SHEL 69.76 1.84
Amdocs DOX 89.43 -0.80 BoozAllen BAH 146.85 -2.21 ConEd ED 90.60 0.27 Fastenal FAST 76.30 -0.29 IQVIA IQV 245.51 -3.36
M&T Bank MTB 140.65 -2.57 s OldRepublic ORI 30.73 -0.07 Qualcomm QCOM 171.04 -0.68 SherwinWilliams SHW 333.96 -4.20
AmerSports AS 15.50 -0.26 BorgWarner BWA 34.74 -0.30 ConstBrands A STZ 267.41 1.41 FederalRealty FRT 99.80 -0.94 ITT MGM Resorts MGM 46.42 -1.36 OmegaHealthcare OHI 31.08 -0.74 QuantaServices PWR 256.10 -3.16 ShinhanFin SHG 33.35 -0.29
ITT 130.18 -3.84
Ameren AEE 73.80 0.56 BostonProps BXP 62.11 -1.18 ConstellationEner CEG 188.13 2.15 FedEx FDX 275.29 -4.84 IcahnEnterprises IEP MKS Instrum MKSI 130.05 -2.52 Omnicom
16.81 -0.16 OMC 95.31 -1.27 QuestDiag DGX 132.29 -2.48 Continued on Page B12
AmericaMovil AMX 18.66 -0.09 BostonSci BSX 67.45 -0.65 Cooper COO 98.06 -1.18 Ferguson FERG 216.89 -0.39 Icon ICLR 322.67 -9.06
s MPLX MPLX 41.92 0.60
AmerAirlines AAL 14.40 -1.01 BristolMyers BMY 52.74 -0.25 Copart CPRT 57.25 -0.82 Ferrari RACE 419.59 -12.16 IDEX IEX 239.58 -1.29
MSCI MSCI 542.29 -12.54
AEP AEP 85.21 0.65 BritishAmTob BTI 30.32 -0.03 Core&Main CNM 57.77 0.49 FidNatlFinl FNF 52.01 -0.90 IllinoisToolWks ITW 263.93 -1.30
MagnaIntl MGA 52.72 -0.61
AVGO 1338.76 -11.50 FidNatlInfo FIS 73.70 0.95 ILMN 128.52 -4.20

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AmerExpress AXP 225.53 -2.08 Broadcom CorebridgeFin CRBG 28.33 0.02 Illumina MakeMyTrip MMYT 70.28 -1.12
AmericanFin AFG 135.33 0.56 BroadridgeFinl BR 202.58 -0.65 Corning GLW 32.51 -0.16 FifthThirdBncp FITB 35.98 -0.72 s ImperialOil IMO 70.97 1.13
ManhattanAssoc MANH 242.76 -4.91
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FirstCitizBcshA FCNCA 1601.04 -5.83

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AmHomes4Rent AMH 36.06 -0.28 BrookfieldAsset BAM 41.03 -0.91 Corpay CPAY 310.37 4.47 Incyte INCY 55.83 -0.81
ManulifeFinl MFC 24.44 -0.16

The Marketplace
AIG AIG 78.02 0.38 Brookfield BN 40.46 -0.73 Corteva CTVA 57.17 -0.51 FirstHorizon FHN 14.80 -0.16 Informatica INFA 34.86 -0.34
Maplebear CART 37.10 0.24
AmerTowerREIT AMT 192.18 -0.83 BrookfieldInfr BIP 29.53 -0.87 CoStar CSGP 93.17 -1.35 FirstSolar FSLR 167.17 -4.70 Infosys INFY 17.58 ...
MarathonOil MRO 28.79 0.22
AmerWaterWorks AWK 119.56 -0.74 BrookfieldRenew BEPC 24.85 0.30 Costco COST 711.30 -9.94 FirstEnergy FE 38.47 0.10 IngersollRand IR 92.55 -1.07
s MarathonPetrol MPC 211.38 6.97
Ameriprise AMP 433.20 -1.63 Brown&Brown BRO 85.51 -0.81 CoterraEnergy CTRA 28.30 0.29 Fiserv FI 158.27 -0.30 Ingredion INGR 116.39 -0.84
Markel MKL 1502.46 -6.32
Ametek AME 180.37 -0.09 Brown-Forman A BF.A 52.20 -0.16 Coty COTY 11.62 -0.27 FiveBelow FIVE 171.13 -7.75 Insulet PODD 164.05 -4.05
MarketAxess MKTX 214.36 -2.20
To advertise: 800-366-3975 or WSJ.com/classifieds
Amgen AMGN 276.21 -6.83
AmkorTech AMKR 30.98 -0.83
Amphenol APH 113.06 -0.99
AnalogDevices ADI 194.88 -1.74
AngloGoldAsh AU
AB InBev
22.82 0.65
BUD 60.71 -0.39
Brown-Forman B BF.B 50.99 -0.03
Bruker BRKR 90.91 -2.02
BuildersFirst BLDR 199.75 -5.66
BungeGlobal BG 103.90 1.61
BurlingtonStrs BURL 221.75 -6.98
CACI Intl CACI 369.25 -5.73
Coupang
Crane
Credicorp
Crocs
on
CPNG 18.23 0.03
CR 135.20 0.22
BAP 170.00 1.73
CROX 141.66 -4.09
CrowdStrike CRWD 319.55 -0.04
CrownCastle CCI 102.85 -1.41
Flex

FlutterEnt
FLEX 28.44
Floor&Decor FND 121.39 -5.30
FLUT 191.97 -4.40
FomentoEconMex FMX 128.32 -1.33
FordMotor
Fortinet
F 13.28 -0.01
FTNT 68.85 1.03
...
s
Intel INTC 43.94 -0.58
Marriott
InteractiveBrkrs IBKR 114.47 2.42
ICE
InterContinentl IHG 103.60 -1.34
IBM
IntlFlavors IFF
MAR 247.74 -3.59
Marsh&McLen MMC 203.08 -0.81
ICE 137.50 0.47
MartinMarietta MLM 602.08 -2.34
MarvellTech MRVL 73.59 0.39
IBM 188.88 -0.95
Masco
84.25 -2.12
Masimo
MAS 77.18 -0.51
MASI 140.44 -4.39
NOTICE OF SALE

AnnalyCap NLY 19.30 -0.14 CAVA CAVA 65.75 -2.65 Crown Holdings CCK 78.15 -1.16 Fortis FTS 39.39 0.08 IntlPaper IP 38.70 -0.33
Mastercard MA 479.43 1.03
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AnteroResources AR 29.51 0.12 CBRE Group CBRE 94.35 -0.63 CubeSmart CUBE 44.55 -0.48 Fortive FTV 84.82 0.20 Interpublic IPG 32.14 -0.36
MatadorRscs MTDR 66.93 -0.55 NOTICE OF SALE
Aon AON 329.64 0.05 CDW CDW 251.63 -1.43 Cummins CMI 295.87 1.34 FortuneBrands FBIN 81.79 -1.27 Intuit INTU 626.59 -13.25
MatchGroup MTCH 35.22 -0.69 PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in
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APi Group APG 38.60 -0.30 CF Industries CF 82.94 -0.39 s Curtiss-Wright CW 254.99 -1.95 FoxA FOXA 31.03 -0.32 IntuitiveSurgical ISRG 382.36 -12.51 New York, by virtue of certain Event(s) of Default under those certain Pledge and Security Agreements dated as of
McCormickVtg MKC.V 78.43 1.01 October 21, 2020 (the “Pledge Agreements”), executed and delivered by DIMITRI VLAHAKIS and ZENOVIA VLAHAKIS
CGI A GIB 109.18 -0.74 FoxB FOX 28.42 -0.17 InvitatHomes INVH 34.79 -0.28
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ApolloGlblMgmt APO 110.56 -1.91 CyberArkSoftware CYBR 263.12 -1.13 McCormick MKC 78.27 1.65
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CH Robinson CHRW 72.22 -1.12 Franco-Nevada FNV 119.81 -1.24 IronMountain IRM 78.75 -0.79 (individually, and collectively, the “Pledgor”), and in accordance with it rights as holder of the security, MAGUIRE
AppFolio APPF 235.74 -5.44 Cytokinetics CYTK 70.97 -2.05 McDonald's MCD 277.74 -2.48 BAY RIDGE LLC (the “Secured Party”), by virtue of possession of those certain Share Certificates held in accordance
Apple AAPL 168.84 -1.19 CME Group CME 214.80 2.78 FranklinRscs BEN 27.28 -0.34 ItauUnibanco ITUB 6.62 -0.01
McKesson MCK 533.27 -3.22 with Article 8 of the Uniform Commercial Code of the State of New York (the “Code”) and by virtue of those certain
AppliedIndlTechs AIT 192.39 -2.99 CMS Energy CMS 60.19 0.21 D E F sFreeportMcM FCX 48.38 1.05
Medpace MEDP 392.51 -5.48 UCC-1 Filing Statement made in favor of Secured Party, all in accordance with Article 9 of the Code, Secured Party
ApplMaterials AMAT 206.11 -2.58 CNA Fin CNA 43.88 -0.88 FreseniusMedCare FMS 18.77 -0.32 J K L MDT 85.20 -1.82 will offer for sale, at public auction, (i) all of Pledgor’s respective right, title, and interest in and to the following:
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Medtronic
AppLovin APP 69.72 0.58 CNH Indl CNHI 12.84 0.12 DTE Energy DTE 111.09 0.36 FullTruck YMM 7.49 ... (i) 1818 79TH REALTY, LLC, a New York limited liability company, 901 73RD STREET LLC, a New York limited liability
FUTU 55.38 -1.32 JD.com JD 27.81 0.05 MercadoLibre MELI 1512.51 -16.44
Aptargroup ATR 140.63 -1.66 CRH CRH 84.39 -0.47 Danaher DHR 245.94 -1.85 Futu company, and 7506 Fifth Avenue LLC, a New York limited liability company (collectively, the “Pledged Entities”), and
JPMorganChase JPM 198.86 -0.08 Merck MRK 130.35 -0.64
Aptiv APTV 77.16 -1.63 CSX CSX 36.51 -0.27 Darden DRI 163.98 -3.26 (ii) certain related rights and property relating thereto (collectively, (i) and (ii) are the “Collateral”). Secured Party’s
DDOG 124.39 1.24 G H I Jabil JBL 134.19 -1.42 MetaPlatforms META 497.37 6.02
Aramark ARMK 31.96 -0.31 CVS Health CVS 73.82 -5.74 Datadog understanding is that the principal asset of the Pledged Entities is that certain fee interest in the premise located
JackHenry JKHY 170.29 -0.17 MetLife MET 73.23 -0.46
ArcelorMittal MT 27.54 -0.01 CadenceDesign CDNS 306.36 -5.77 DaVita DVA 135.04 -2.80 at 1818 79th Street, Brooklyn, NY 11214, 901 73rd Street, Brooklyn, NY 11228 and 7506 Fifth Avenue, Brooklyn, NY
s GE Aerospace GE 136.47 -3.38 JacobsSolns J 149.71 -1.52 Mettler-Toledo MTD 1321.05 -20.15 11209 (collectively, the “Property”).
ArchCapital ACGL 91.49 -0.82 CaesarsEnt CZR 41.84 -1.33 Dayforce DAY 64.68 -0.31
GE HealthCare GEHC 88.11 -1.42 JamesHardie JHX 39.32 -0.78 MicrochipTech MCHP 87.98 -1.76 Mannion Auctions, LLC (“Mannion”), under the direction of Matthew D. Mannion, licensed auctioneer (DCA
ADM ADM 62.70 0.35 CamdenProperty CPT 95.65 -0.77 DeckersOutdoor DECK 903.30 -27.20
s GE Vernova GEV 140.00 -2.02 JefferiesFinl JEF 43.21 -0.34 MicronTech MU 122.75 -1.55 #1434494) (the “Auctioneer”), will conduct a public sale consisting of the Collateral (as set forth in Schedule A below),
AresMgmt ARES 130.80 -1.59 Cameco CCJ 47.68 0.93 Deere DE 404.00 -0.14
GFLEnvironmental GFL 33.62 -0.95 J&J JNJ 157.73 -0.05 Microsoft MSFT 421.44 -3.13 via online bidding, on April 30, 2024 at 2:30pm, in satisfaction of an indebtedness in the approximate amount of
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argenx ARGX 397.11 -0.22 CampbellSoup CPB 44.42 -0.24 DellTechC DELL 118.44 -1.20 $14,685,868.19, including principal, interest on principal, and reasonable fees and costs, plus default interest through
GSK GSK 41.79 -0.63 JohnsonControls JCI 65.50 0.37 MicroStrategy MSTR 1578.83 -57.91
AristaNetworks ANET 290.85 -8.90 CIBC CM 49.82 -0.56 DeltaAir DAL 46.90 -1.32 April 30, 2024, subject to open charges and all additional costs, fees and disbursements permitted by law. The Secured
Gallagher AJG 245.36 -1.82 JonesLang JLL 189.14 -1.17 MidAmApt MAA 127.45 -1.25
Arm ARM 124.28 -2.63 CanNtlRlwy CNI 130.28 -1.24 DescartesSystems DSGX 90.84 -2.18 Party reserves the right to credit bid.
Gaming&Leisure GLPI 45.27 -0.25 JuniperNetworks JNPR 36.91 -0.14 Middleby MIDD 155.09 -3.44
AscendisPharma ASND 146.29 -5.69 s CanadianNatRscs CNQ 78.18 1.08 DeutscheBank DB 15.69 -0.02 Online bidding will be made available via Zoom Meeting:
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AspenTech AZPN 211.10 -4.09 CdnPacKC CP 87.03 -0.86 DevonEnergy DVN 51.62 0.67 Meeting link: https://us06web.zoom.us/j/89833826812?pwd=ejd0bkFNYm9aclo1RWhldlJVaFVvZz09
Assurant AIZ 186.62 -0.60 CapitalOne COF 144.41 -0.89 DexCom DXCM 136.65 -1.29 Meeting ID: 898 3382 6812 Passcode: 485874 One Tap Mobile: +16465588656,,89833826812#,,,,*485874# US (New
AsteraLabs ALAB 72.21 1.09 CardinalHealth CAH 111.25 -0.81 Diageo DEO 149.08 1.26 York) ; +16469313860,,89833826812#,,,,*485874# US. Dial by your location: +1 646 558 8656 US (New York); +1 646
AstraZeneca AZN 67.00 -0.25 Carlisle CSL 391.19 -2.72 s DiamondbkEner FANG 200.37 0.92 BANKRATE.COM® MMA, Savings and CDs 931 3860 US; +1 301 715 8592 US (Washington DC); +1 305 224 1968 US; +1 309 205 3325 US; +1 312 626 6799 US
(Chicago); +1 669 444 9171 US; +1 689 278 1000 US; +1 719 359 4580 US; +1 720 707 2699 US (Denver); +1 253 205
Atlassian TEAM 196.02 2.65 Carlyle CG 46.36 -0.04 Dick's DKS 217.01 -4.84
0468 US; +1 253 215 8782 US (Tacoma); +1 346 248 7799 US (Houston); +1 360 209 5623 US; +1 386 347 5053 US; +1
AtmosEnergy ATO 117.77 -0.08 CarMax KMX 83.81 -2.13 DigitalRealty DLR 139.80 -2.11
Autodesk ADSK 248.71 -10.73 Carnival CCL 15.48 -0.78 Dillard's DDS 448.72 -26.82 Average Yields of Major Banks Tuesday, April 2, 2024
507 473 4847 US; +1 564 217 2000 US.
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Bidder Qualification Deadline: Interested parties who intend to bid on the Collateral must contact DJ Johnston
Autoliv ALV 118.20 -2.37 Carnival CUK 13.94 -0.68 DiscoverFinSvcs DFS 127.81 -1.57 (“Johnston”), at B6 Real Estate Advisors, 355 Lexington Avenue, 3rd Floor, New York, New York 10017, (646)
ADP ADP 247.66 2.35 CarrierGlobal CARR 56.80 -0.60 Disney DIS 122.82 1.29 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR 933-2619, djohnston@b6realestate.com, to receive the Terms and Conditions of Sale and bidding instructions by
AutoZone AZO 3170.04 1.44 Carvana CVNA 82.87 -3.92 DocuSign DOCU 58.59 0.36 National average April 26, 2024 by 4:00 pm. Upon execution of a standard confidentiality and non-disclosure agreement, additional
documentation and information will be available. Interested parties who do not contact Johnston and qualify prior to
Avalonbay AVB 179.85 -1.47 CaseysGenStores CASY 312.50 -2.87 DolbyLab DLB 83.40 -0.16
Avangrid AGR 36.05 0.03 Catalent CTLT 56.45 0.06 DollarGeneral DG 154.89 -2.46 Savings 0.59 0.45 0.51 1.87 1.56 1.56 1.40 1.20 1.20 the sale will not be permitted to enter a bid.
Avantor AVTR 24.98 -0.26 Caterpillar CAT 364.83 1.09 DollarTree DLTR 134.73 -1.18 Jumbos 0.96 0.46 0.51 1.92 1.62 1.72 1.53 1.31 1.32 SCHEDULE A: Pledged Interest in 1818 79th Realty LLC: PLEDGOR: DIMITRI VLAHAKIS, an individual. ISSUER: 1818
AveryDennison AVY 220.37 -3.20 Celanese CE 168.98 -2.16 DominionEner D 48.72 -0.44
79TH REALTY LLC, a New York limited liability company. INTERESTS PLEDGED: 50% membership interest. The UCC1
AxaltaCoating AXTA 33.40 -1.00 CelsiusHldg CELH 78.89 -3.64 s Domino's DPZ 497.26 3.34
Weekly change was filed on November 3, 2020 with the New York Secretary of State under the Filing No. #2020110030424354.
The UCC3 Assignment was filed on March 15, 2023 with the New York Secretary of State under the Filing No.
Savings 0.00 -0.01 -0.01 -0.07 -0.02 -0.01 0.00 -0.01 -0.01
co Fo

#202303158113612. PLEDGOR: ZENOVIA VLAHAKIS, an individual. ISSUER: 1818 79TH REALTY LLC, a New York
Jumbos 0.01 -0.01 0.00 -0.07 -0.02 -0.01 0.00 -0.01 -0.03 limited liability company. INTERESTS PLEDGED: 50% membership interest. The UCC1 was filed on November 3, 2020
with the New York Secretary of State under the Filing No. #2020110030424354. The UCC3 Assignment was filed on
Dividend Changes Consumer Savings Rates
March 15, 2023 with the New York Secretary of State under the Filing No. #202303158113612. Pledged Interest in
901 73ed Street LLC: PLEDGOR: DIMITRI VLAHAKIS, an individual. ISSUER: 901 73RD STREET LLC, a New York limited
liability company. INTERESTS PLEDGED: 99% membership interest. The UCC1 was filed on November 3, 2020 with the
New York Secretary of State under the Filing No. #202011030424342. The UCC3 Assignment was filed on March 15,
Amount Payable / Below are the top federally insured offers available nationwide according to Bankrate.com's 2023 with the New York Secretary of State under the Filing No. # 202303158113559. PLEDGOR: ZENOVIA VLAHAKIS,
Company Symbol Yld % New/Old Frq Record weekly survey of highest yields. For latest offers and reviews of these financial institutions, please an individual. ISSUER: 901 73RD STREET LLC, a New York limited liability company. INTERESTS PLEDGED: 1%
membership interest. The UCC1 was filed on November 3, 2020 with the New York Secretary of State under the Filing
Increased visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. No. #202011030424342. The UCC3 Assignment was filed on March 15, 2023 with the New York Secretary of State
under the Filing No. # 202303158113559. Pledged Interest in 7506 Fifth Avenue LLC: PLEDGOR: DIMITRI VLAHAKIS,
Watsco WSO 2.3 2.70 /2.45 Q Apr30 /Apr15 High yield savings an individual. ISSUER: 7506 Fifth Avenue LLC, a New York limited liability company. INTERESTS PLEDGED: 99%
Watsco B WSOB 2.3 2.70 /2.45 Q Apr30 /Apr15 membership interest. The UCC1 was filed on February 7, 2022 with the New York Secretary of State under the Filing
Bank Yield Bank Yield No. #202202070059554. The UCC3 Assignment was filed on March 15, 2023 with the New York Secretary of State
Reduced Phone number Minimum (%) Phone number Minimum (%) under the Filing No. #202303158113648. PLEDGOR: DIMITRI VLAHAKIS, an individual. ISSUER: 7506 Fifth Avenue LLC,
Global Net Lease GNL 19.4 .275 /.354 Q Apr16 /Apr11 a New York limited liability company. INTERESTS PLEDGED: 1% membership interest. The UCC1 was filed on February
Money market account Six-month CD 7, 2022 with the New York Secretary of State under the Filing No. #202202070059554. The UCC3 Assignment was
filed on March 15, 2023 with the New York Secretary of State under the Filing No. #202303158113648. KRISS &
Stocks MyBankingDirect $500 5.35 Popular Direct $10,000 5.30 FEUERSTEIN LLP, Attn: Jerold C. Feuerstein, Esq., Attorneys for Secured Party, 360 Lexington Avenue, Suite 1200,
Cartesian Therapeutics RNAC 1:30 /Apr05 (516) 683-4100 (800) 274-5696 New York, New York 10017, (212) 661-2900.
Steakholder Foods ADR STKH 1:10 /Apr04 BrioDirect $5,000 5.35 Barclays Bank $0 5.30
n-

(877) 369-2746 (888) 720-8756

Foreign
Vio Bank $100 5.30 TAB Bank $1,000 5.27 ANNOUNCEMENTS CAREERS
Diana Ship 8.875 Pfd B DSXpB 8.4 .55469 Q Apr15 /Apr12
(888) 999-9170 (800) 355-3063
Heartcore Enterprises HTCR ... .02 May03 /Apr26
Special
One-month CD One-year CD
VirtualBank,adivisionofFirstHorizonBank $10,000 2.48 CFG Community Bank $500 5.40
no

Dawson Geophysical DWSN .32 May06 /Apr22

(877) 998-2265 (888) 205-8388 BS in Applied
Note: Dividend yields as of 3:30 p.m. ET Lone Star Bank $1,000 0.20 BrioDirect $500 5.35 Mathematics Dir., Canadian Equity Sales, US
Scotia Capital (USA), Inc. seeks Dir., Canadian
Sources: FactSet; Dow Jones Market Data (713) 358-9400 (877) 369-2746 - Class of 2024 - Equity Sales, US in NY, NY to contribute to
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Presidential Bank, FSB $1,000 0.10 First Internet Bank of Indiana $1,000 5.31 Seeking Employment upon Graduation overall success of GBM Equity Sales & Trading
(800) 799-1424 (888) 873-3424 bus. in US ensuring specific individual goals,
spin-off. from Fordham University in May. plans, initiatives are executed/delivered in sup-
Two-month CD Two-year CD “Passion for AI Platforms & Data Analytics” port of team’s bus. strategies & objectives.
Req’mnts: Bachelor’s or foreign equiv in Bus.
Borrowing Benchmarks VirtualBank,adivisionofFirstHorizonBank $10,000
(877) 998-2265
2.74 First Internet Bank of Indiana $1,000
(888) 873-3424
4.82 Let’s Connect | ryanbruce455@gmail.com Admin, Fin’ce, Econ. or rel. field & 7 yrs of exp
in job offered or rel. occupation: covering insti-
wsj.com/market-data/bonds/benchmarks Lone Star Bank $1,000 0.20 Luana Savings Bank $2,000 4.81 tutional clients for equity products transactions;
(713) 358-9400 (800) 666-2012 leveraging corp. relationships to support ECM
& Investment Banking thru delivery of corp. ac-
Money Rates April 2, 2024 Presidential Bank, FSB
(800) 799-1424
$1,000 0.10 First National Bank of America $1,000
(800) 968-3626
4.80 BUSINESS OPPORTUNITIES cess & non-deal roadshows; leveraging re-
search & building independent & creative in-
vestment ideas for clients in alignment w/their
Key annual interest rates paid to borrow or lend money in U.S. and Three-month CD Five-year CD bus. models; supporting IPOs & new issuance
international markets. Rates below are a guide to general levels but America First FCU $500 5.25 First National Bank of America $1,000 4.55 offerings; constructing daily Canadian-specific
don’t always represent actual transactions. (801) 627-0900 (800) 968-3626 mortgage REIT morning notes for institutional equity clients;

8%-9%
working directly w/other members of equity
Banesco USA $1,500 5.25 First Internet Bank of Indiana $1,000 4.55 sales team that focus on different regions to
Week —52-WEEK—
Inflation Latest ago High Low
(888) 228-1597 (888) 873-3424 Return generate & execute cross-sell opportunities for
Popular Direct $10,000 5.25 Quontic Bank $500 4.30 bank; generating reverse indications of interest
Feb. index
level
Chg From (%)
Jan. '24 Feb. '23 Secondary market (800) 274-5696 (800) 908-6600 TAX EFFICIENT from our US institutional clients to help support
our ECM & banking efforts. Salary offered is be-
REAL ESTATE SECURED tween $300,000 & $300,000/yr, 40 hrs/wk. 20%
U.S. consumer price index Fannie Mae High yield jumbos - Minimum is $100,000 FIXED INCOME trvl req’d, both internationally & domestically
30-year mortgage yields Telecommuting &/or work from home may be
All items 310.326 0.62 3.2 Money market account Six-month CD
Core 315.419 0.57 3.8 30 days 6.419 6.223 7.495 5.496
SEEKING RIA’S & permissible pursuant to company policies.
When not telecommuting, must report to work
60 days 6.434 6.229 7.554 5.500
Vio Bank
(888) 999-9170
5.30 Popular Direct
(800) 274-5696
5.30 ACCREDITED INVESTORS site. In alternative, employer will accept 3 yrs of

866-700-0600
International rates study toward Bachelor’s in one of above-listed
Other short-term rates UFB Direct 5.25 Barclays Bank 5.30 fields & 2 yrs of rel. exp in above listed skills to
(877) 472-9200 (888) 720-8756 satisfy educational req’mnt. Pls apply thru
Week 52-Week https://www.scotiabank.com/careers by search-
Latest ago High Low Week 52-Week Western State Bank 5.15 TAB Bank 5.27 ALLIANCE MORTGAGE FUND ing for Director, Canadian Equity Sales, U.S. &
Latest ago high low 120 Vantis Dr., Ste. 515 • Aliso Viejo, CA 92656
(701) 277-5003 (800) 355-3063 indicate job code BP02162024LA.
www.AlliancePortfolio.com
Prime rates RE Broker • CA DRE • 02066955 Broker License ID
Call money One-month CD One-year CD
U.S. 8.50 8.50 8.50 8.00
Canada 7.20 7.20 7.20 6.70 7.25 7.25 7.25 6.75 VirtualBank,adivisionofFirstHorizonBank 2.48 CFG Community Bank 5.40
Japan 1.475 1.475 1.475 1.475 (877) 998-2265 (888) 205-8388
Commercial paper (AA financial) Lone Star Bank 0.20 GTE Financial Credit Union (U) 5.38 CAREERS Associate, Latin America
Policy Rates 90 days n.a. n.a. 5.54 4.87 (713) 358-9400 (888) 871-2690
Euro zone 4.50 4.50 4.50 3.50 Presidential Bank, FSB 0.10 Credit One Bank, NA 5.35 Investment Banking
Switzerland 2.00 2.00 2.25 2.00
Secured Overnight Financing Rate (800) 799-1424 (877) 825-3242 Scotia Capital (USA) Inc. seeks Assoc., Latin
5.35 5.31 5.40 4.80 America Investment Banking in NY, NY to eval
Britain 5.25 5.25 5.25 4.25 Two-month CD Two-year CD Creative Fragrances Manager & anlyz fin’l needs of corp. clients, incl dvlpmnt
Australia 4.35 4.35 4.35 3.60 Value 52-Week of fin’l models. Req’mnts: Bachelor’s or foreign
VirtualBank,adivisionofFirstHorizonBank 2.74 Luana Savings Bank 4.96 Givaudan Fragrances Corporation is
equiv in Econ., Fin’ce or rel. field & 3 yrs of exp
Latest Traded High Low seeking a Creative Fragrances
Overnight repurchase (877) 998-2265 (800) 666-2012 in job offered or rel. occupation: utilizing Excel
DTCC GCF Repo Index Lone Star Bank 0.20 First Internet Bank of Indiana 4.82 Manager to actively collab w/ to build 3-statement fin’l models; utilizing Excel
U.S. 5.41 5.41 5.48 4.82
(713) 358-9400 (888) 873-3424 prfumers & creative centers, as wll as to integrate operating fin’l models w/tax, debt,
Treasury 5.416 30.090 5.504 4.806 intrpret mrketing knwledge & tchnical working capital & capital expenditure sched-
U.S. government rates MBS 5.443 52.160 5.689 4.829 Presidential Bank, FSB 0.10 TAB Bank 4.80
exprtise, in order to assist custmers ules; utilizing exp w/tax systs of Chile, Colom-
(800) 799-1424 (800) 355-3063 bia, Mexico or Peru & impact on cross-border
Discount Notes on data: in dvloping succssful olfctory
Mergers & Acquisitions (M&A) situations incl
U.S. prime rate is the base rate on corporate Three-month CD Five-year CD strtegies, accrding to bus prnciples & withholding taxes; preparing client presenta-
5.50 5.50 5.50 5.00 best prctices. Reqs: Bachs dgre in
loans posted by at least 70% of the 10 largest America First FCU 5.25 First Internet Bank of Indiana 4.55 tions summarizing country & industry trends,
Federal funds U.S. banks, and is effective July 27, 2023. Other (801) 627-0900 (888) 873-3424 Mrketing, or a rltd fld, or the frgn dgre key value drivers of client’s bus. & valuation &
prime rates aren’t directly comparable; lending eqvlnt, & 2 yrs of rlvnt exp. Wrk loc: process recommendations; executing live man-
Effective rate 5.3300 5.3300 5.3500 4.8400 practices vary widely by location; Discount rate
Merrick Bank 5.25 Popular Direct 4.30
717 Ridgedale Ave., East Hanover, dates & pitches. Telecommuting &/or work from
High 5.6500 5.6500 5.6500 5.1500 is effective July 27, 2023. Secured Overnight (866) 638-6851 (800) 274-5696 home may be permissible pursuant to company
Financing Rate is as of April 1, 2024. DTCC GCF Popular Direct 5.25 Quontic Bank 4.30 NJ 07936. 10% trvl acrss the U.S.
Low 5.3100 5.3100 5.3300 4.8000 policies. When not telecommuting, must report
Repo Index is Depository Trust & Clearing (800) 274-5696 (800) 908-6600 Submit resumes for Creative to work site. 25% trvl req’d internationally. Flu-
Bid 5.3100 5.3300 5.3300 4.8100 Corp.'s weighted average for overnight trades in Fragrances Manager to Sarah ency in Spanish req’d. Offered salary is be-
Offer 5.3300 5.3500 5.3700 4.8300 applicable CUSIPs. Value traded is in billions of Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Johnson tween $175,000 to $225,000.00/yr/40 hrs/wk.
U.S. dollars. Federal-funds rates are Tullett compounding and rate stated for the lowest required opening deposit to earn interest. CD (sarah.johnson@givaudan.com) or Pls apply thru https://www.scotiabank.com/ca-
Treasury bill auction Prebon rates as of 5:30 p.m. ET. figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of reers by searching for Associate, Latin America
Thakurdai Naraine
4 weeks 5.285 5.270 5.840 3.190 Sources: Federal Reserve; Bureau of Labor which may be checks. Rates are subject to change. (thakurdai.naraine@givaudan.com), Investment Banking & indicate job code
13 weeks 5.230 5.230 5.345 4.780 KMV2024LA.
Statistics; DTCC; FactSet; Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 referencing job title in subject line.
26 weeks 5.125 5.105 5.350 4.705 Tullett Prebon Information, Ltd. Internet: www.bankrate.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Wednesday, April 3, 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
39170.24 t 396.61, or 1.00% Trailing P/E ratio 27.18 22.20 5205.81 t 37.96, or 0.72% Trailing P/E ratio * 24.36 18.06 16240.45 t 156.38, or 0.95% Trailing P/E ratio *† 31.15 26.15
High, low, open and close for each P/E estimate * 19.16 17.35 High, low, open and close for each P/E estimate * 21.58 18.15 High, low, open and close for each P/E estimate *† 27.98 25.37
trading day of the past three months. Dividend yield 2.14 2.10 trading day of the past three months. Dividend yield * 1.40 1.70 trading day of the past three months. Dividend yield *† 0.81 0.85
All-time high 39807.37, 03/28/24 All-time high 5254.35, 03/28/24 All-time high: 16428.82, 03/22/24

Current divisor 0.15221633137872

39800 5400 16500

38800 5200 16000

37800 5000 15500

Session high 36800 4800 15000

DOWN UP
65-day moving average
t

Session open Close

65-day moving average 14500
35800 4600
Close Open
t

65-day moving average Session low 34800 4400 14000

Bars measure the point change from session's open

33800 4200 13500
Dec. Jan. Feb. Mar. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,016,361,084 22,892,920
Industrial Average 39256.27 39051.70 39170.24 -396.61 -1.00 39807.37 32417.59 17.3 3.9 5.7 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 289,381,178 16,797,768
Transportation Avg 15931.93 15780.02 15846.85 -184.72 -1.15 16695.32 13444.01 13.0 -0.3 2.4 Most-active issues in late trading Decl. volume* 714,262,585 5,501,689
Utility Average 883.07 873.76 875.70 0.65 0.07 975.39 783.08 -6.7 -0.7 -0.1 Volume After Hours Issues traded 2,901 317
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 51840.15 51617.84 51821.04 -430.85 -0.82 52402.86 40414.80 26.5 8.4 7.1 Advances 704 144
VF Corp VFC 23,776.0 14.25 -0.03 -0.20 14.55 14.18
Barron's 400 1160.01 1142.42 1147.05 -12.96 -1.12 1166.53 881.58 24.6 7.0 5.5 Declines 2,128 157
Dentsply Sirona XRAY 22,007.8 32.39 0.56 1.76 33.20 31.83
Unchanged 69 16
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 8,170.4 519.13 0.29 0.05 524.15 518.17 New highs 103 9
Nasdaq Composite 16251.41 16137.24 16240.45 -156.38 -0.95 16428.82 11799.16 33.9 8.2 6.4 AT&T T 7,457.9 17.53 0.01 0.06 17.60 17.48 New lows 38 5
Nasdaq-100 18135.57 18002.27 18121.78 -171.42 -0.94 18339.44 12725.11 38.3 7.7 10.8 Apple AAPL 4,842.2 168.98 0.14 0.08 171.32 158.22 Closing Arms† 0.70 0.17
Fidelity Enh LC Value FELV 4,531.2 28.92 -0.02 -0.06 28.92 28.92 Block trades* 4,335 239
S&P

.
-0.72
Fidelity Enhanced Mid Cap FMDE 4,148.5 30.07 -0.01 -0.02 33.07 30.07
500 Index 5208.34 5184.05 5205.81 -37.96 5254.35 4055.99 27.0 9.1 9.0 Nasdaq NYSE Arca

ly
Fox Factory Holding FOXF 3,688.7 50.34 0.27 0.54 50.40 50.07
MidCap 400 3013.93 2973.95 2986.19 -38.62 -1.28 3046.36 2326.82 21.0 7.4 4.1 Total volume*4,710,287,588 317,216,110
SmallCap 600 1323.73 1299.73 1307.85 -22.95 -1.72 1344.66 1068.80 12.8 -0.8 -0.8 Percentage gainers… Adv. volume*1,340,122,611 143,459,769
Sight Sciences SGHT 655.5 6.58 1.14 20.96 8.58 5.44 Decl. volume*3,324,729,277 172,253,841
Other Indexes
Russell 2000
NYSE Composite
Value Line
2087.42 2054.34 2065.04 -37.80
18216.19 18056.07 18107.53 -108.67
611.45 601.46 603.40 -8.05
-1.80
-0.60
-1.32
on 2124.55 1636.94
18312.67 14675.78
615.81 498.09
16.7
17.8
9.5
1.9
7.4
1.6
-2.9
4.8
-2.4
Zapata Computing Holdings ZPTA
Cal-Maine Foods
Dave & Buster's
CALM
PLAY
607.3
325.1
1,262.0
5.51
62.42
64.56
0.78
3.51
2.65
16.49
5.96
4.28
6.00
67.69
67.25
4.80
57.00
55.26
Issues traded
Advances
Declines
Unchanged
4,420
1,177
3,096
147
1,935
481
1,432
22
NYSE Arca Biotech 5295.91 5206.56 5217.11 -78.80 -1.49 5511.46 4544.40 -1.4 -3.7 -2.2
EW Scripps Co SSP 577.6 3.41 0.13 3.96 3.45 3.28
New highs 76 76
us ,

NYSE Arca Pharma 1015.35 1003.04 1011.39 -3.97 -0.39 1029.37 837.32 18.8 11.1 13.5 ...And losers New lows 137 31
l

KBW Bank 103.36 102.49 102.67 -0.97 -0.94 104.85 71.71 28.4 6.9 -5.4 67.3 122.05 -6.42 -5.00 133.70 122.05 Closing Arms† 0.94 0.42
e
Zimmer Biomet Holdings ZBH
al a

PHLX§ Gold/Silver 130.78 129.01 130.58 1.78 1.38 144.37 102.94 -5.4 3.9 -2.3 CNH Industrial CNHI 144.8 12.30 -0.54 -4.21 12.84 12.30 Block trades* 30,575 1,800
PHLX§ Oil Service 93.77 91.68 93.77 1.97 2.15 98.76 69.29 15.5 11.8 19.4 Intel INTC 3,468.6 42.34 -1.60 -3.64 44.06 41.95 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 4898.12 4834.22 4886.94 -75.16 -1.51 5165.83 2906.29 55.5 17.0 14.7 Harmonic HLIT 111.0 12.50 -0.41 -3.19 13.39 12.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 15.43 13.68 14.61 0.96 7.03 21.71 12.07 -23.1 17.3 -5.5 Payoneer Global PAYO 115.1 4.76 -0.12 -2.46 4.88 4.76 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 777.04 –3.79 –0.48 6.9 Ashford AINC 4.75 2.53 113.96 12.70 1.91 -61.4 Acorda Therapeutics ACOR 2.50 -10.97 -81.44 24.20 1.65 -77.5
MSCI ACWI ex-USA 327.34 –0.13 –0.04 3.4 XTI Aerospace XTIA 3.50 1.44 69.90 165.46 1.71 -90.4 Gritstone bio GRTS 1.20 -1.15 -48.94 3.33 1.14 -52.6
MSCI World 3403.40 –21.33 –0.62 7.4 Keyarch Acquisition KYCH 13.47 4.67 53.07 17.50 6.67 30.4 Verve Therapeutics VERV 8.32 -4.47 -34.95 21.42 7.36 -37.8
MSCI Emerging Markets 1049.93 7.86 0.75 2.6 StoneBridge Acqn Cl A APAC 11.70 3.52 43.03 13.99 4.76 10.8 Massimo Group MAMO 3.01 -1.49 -33.11 4.50 2.90 ...
m rp

Americas MSCI AC Americas 1967.60 –14.12 –0.71 8.5 VirTra VTSI 13.14 3.60 37.74 13.80 4.20 150.3 Canoo GOEV 2.80 -1.07 -27.65 19.50 1.22 -79.5
Canada S&P/TSX Comp 22075.10 –110.15 –0.50 5.3 GSI Technology GSIT 4.62 1.20 35.09 9.80 1.47 151.1 Binah Capital Group BCG 7.48 -2.85 -27.59 13.50 6.98 -28.4
Latin Amer. MSCI EM Latin America 2522.31 12.63 0.50 –5.3 Intrusion INTZ 3.79 0.88 30.24 39.60 2.68 -85.4 CXApp CXAI 4.48 -1.67 -27.15 21.00 1.03 143.5
Brazil Bovespa 127548.52 558.07 0.44 –4.9 Studio City Intl ADR MSC 8.86 1.89 27.12 9.57 4.22 34.3 AST SpaceMobile ASTS 2.01 -0.62 -23.57 7.10 1.97 -55.2
Chile S&P IPSA 3670.63 –2.06 –0.06 5.9 LOBO EV TECHNOLOGIES LOBO 3.67 0.69 23.15 5.79 2.43 ... TFF Pharmaceuticals TFFP 4.93 -1.48 -23.09 21.25 4.55 -69.8
co Fo

Mexico S&P/BMV IPC 57581.81 –71.42 –0.12 0.3 Treasure Global TGL 5.24 0.97 22.72 161.00 3.11 -95.6 Pioneer Power Solutions PPSI 4.58 -1.36 -22.90 9.84 3.59 18.7
EMEA STOXX Europe 600 508.57 –4.10 –0.80 6.2 Hycroft Mining Holding HYMC 3.37 0.62 22.55 5.78 1.63 -26.5 PVH Corp. PVH 108.68 -31.05 -22.22 141.15 69.27 23.8
Eurozone Euro STOXX 516.12 –4.09 –0.79 8.9 Q32 Bio QTTB 21.98 3.98 22.11 26.64 8.24 20.9 Tritium DCFC DCFC 7.85 -2.22 -22.02 304.00 7.56 -96.7
Belgium Bel-20 3829.98 –15.65 –0.41 3.3 Evaxion Biotech ADR EVAX 3.88 0.65 20.12 18.50 2.82 -67.1 Pixie Dust Techs ADR PXDT 2.60 -0.71 -21.45 10.51 2.30 ...
Denmark OMX Copenhagen 20 2632.86 –36.63 –1.37 15.3 CVD Equipment CVV 5.84 0.92 18.70 11.70 3.93 -40.2 CERo Therapeutics CERO 2.21 -0.56 -20.22 12.80 1.55 -79.3
8130.05 –0.92 7.8 Drilling Tools Intl DTI 3.77 0.57 17.81 10.58 2.43 -63.9 Next Technology Holding NXTT 4.07 -0.98 -19.41 47.73 2.11 -90.8
France CAC 40 –75.76
Germany DAX 18283.13 –209.36 –1.13 9.1
Israel Tel Aviv 1972.17 –33.93 –1.69 5.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34325.23 –425.12 –1.22 13.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 881.42 –0.36 –0.04 12.0
Norway Oslo Bors All-Share 1563.16 21.63 1.40 2.9 Trio Petroleum TPET 204,601 7794.5 0.15 43.76 3.00 0.08 Inspire Global Hope ETF BLES 1,622 8599 37.11 -0.91 37.67 30.08
South Africa FTSE/JSE All-Share 74429.48 –106.51 –0.14 –3.2 Nikola NKLA 188,001 100.1 0.97 -5.48 3.71 0.52 Fidelity Enhanced Mid Cap FMDE 4,331 5178 30.08 -1.10 30.63 24.82
n-

Spain IBEX 35 10975.60 –99.00 –0.89 8.6 C3is CISS 137,407 371.9 0.04 13.30 20.00 0.02 Fidelity Enhanced SC FESM 1,813 3980 29.26 -1.58 30.20 24.58
VivoPower International VVPR 120,325 257404.3 5.90 306.90 8.90 1.02 Fidelity Enh LC Value FELV 4,591 3829 28.94 -0.48 29.27 24.85
Sweden OMX Stockholm 958.26 –5.09 –0.53 6.1
Direxion Dly Semi 3 Bear SOXS 117,504 -13.7 3.25 4.50 23.22 2.76 Inspire International ETF WWJD 1,006 3218 29.90 -0.17 30.30 25.10
Switzerland Swiss Market 11595.00 –135.43 –1.15 4.1
Turkey BIST 100 9040.87 –116.67 –1.27 21.0 Tesla TSLA 115,429 12.5 166.63 -4.90 299.29 152.37 Amer Century Sust Equity ESGA 205 2883 65.23 -0.74 65.91 50.38
no

U.K. FTSE 100 7935.09 –17.53 –0.22 2.6 ProSh UltraPro Shrt QQQ SQQQ 112,044 -14.1 10.68 2.59 32.73 10.05 Direxion Dly MSFT Bear 1X MSFD 1,585 2462 13.90 0.58 21.73 13.60
19713.89 –0.86 0.1 KULR Technology Group KULR 104,696 1390.4 0.70 71.71 1.10 0.10 Touchstone Secur Incm TSEC 387 2320 25.83 -0.08 26.01 24.97
U.K. FTSE 250 –170.84
Gamida Cell GMDA 96,158 1265.7 0.04 17.96 2.51 0.03 Cartica Acquisition Cl A CITE 401 2252 11.06 -0.45 12.67 10.34
Asia-Pacific MSCI AC Asia Pacific 176.55 0.90 0.51 4.2
VF Corp VFC 81,198 888.6 14.28 -6.67 23.58 12.85 Endeavor Group Holdings EDR 48,907 1657 25.81 2.06 26.26 17.65
Australia S&P/ASX 200 7887.90 –8.96 –0.11 3.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3074.96 –2.42 –0.08 3.4 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 16931.52 390.10 2.36 –0.7
73903.91 –0.15 2.3
Scan this code
India S&P BSE Sensex –110.64
Japan NIKKEI 225 39838.91 35.82 0.09 19.0 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3247.72 12.83 0.40 0.2 track most-active stocks,
South Korea KOSPI 2753.16 5.30 0.19 3.7 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 20466.57 244.24 1.21 14.1 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1379.46 –0.02 –0.001 –2.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004014 24915 2.7
CREDIT MARKETS Argentina peso .0012857.5687 6.1 Europe
Brazil real .1977 5.0583 4.2 Czech Rep. koruna .04256 23.498 5.0
Canada dollar .7371 1.3568 2.4 Denmark krone .1444 6.9252 2.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001024 976.13 11.6 Euro area euro 1.0770 .9285 2.5
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000261 3833.44 –1.1 Hungary forint .002728 366.55 5.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007165 139.57 2.6
A consumer rate against its Five-year ARM, Rate Mexico peso .0604 16.5547 –2.5 Norway krone .0922 10.8402 6.5
benchmark over the past year 6.00% Uruguay peso .02640 37.8750 –3.0 Poland zloty .2510 3.9837 1.2
Bankrate.com avg†: 6.51% Tradeweb ICE 16% Asia-Pacific Sweden krona .0931 10.7380 6.3
5-year adjustable-rate Florence Savings Bank 5.38% Tuesday Close 5.00 Switzerland franc 1.1014 .9079 7.9
Australiadollar .6518 1.5342 4.6
mortgage (ARM) 7.00% Florence, MA t 8 WSJ Dollar Index Turkey lira .0312 32.0501 8.7
800-644-8261 t China yuan .1382 7.2334 1.7
t 4.00
s
Ukraine hryvnia .0254 39.3500 3.1
Grow Financial FCU 5.63% Hong Kong dollar .1277 7.8293 0.2
6.00 One year ago UK pound 1.2577 .7951 1.2
5-year Treasury 0 India rupee .01200 83.352 0.2
Hillsborough, FL 800-839-6328 3.00 Middle East/Africa
note yield s Indonesia rupiah .0000627 15942 3.6
t 5.00 Rockland Federal Credit Union 6.00% 2.00 –8 s Euro Japan yen .006598 151.55 7.5 Bahrain dinar 2.6525 .3770 0.01
Rockland, MA 800-562-7328 Yen Kazakhstan tenge .002235 447.39 –1.8 Egypt pound .0212 47.1552 52.5
4.00 Somerset Savings Bank, SLA 6.13% 1.00 –16 Macau pataca .1239 8.0680 0.2 Israel shekel .2692 3.7152 3.1
Malaysia ringgit .2103 4.7545 3.5 Kuwait dinar 3.2497 .3077 0.2
Bound Brook, NJ 732-560-1700 1 3 6 1 2 3 5 7 10 20 30 2023 2024
3.00 New Zealand dollar .5972 1.6745 5.8 Oman sul rial 2.5978 .3849 –0.01
Citizens Equity First Credit Union 6.38% month(s) years
AM J J A S ON D J FM Pakistan rupee .00360 277.833 –1.2 Qatar rial .2746 3.641 –0.1
Peoria, IL 309-633-3603 maturity Philippines peso .0178 56.290 1.6 Saudi Arabia riyal .2666 3.7509 0.02
2023 2024
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7401 1.3511 2.4 South Africa rand .0533 18.7749 2.6
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007398 1351.65 4.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033401 299.39 –7.6 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 99.25 –0.15–0.15 3.57
Federal-funds rate target 5.25-5.50 5.25-5.50 4.75 l 5.50 5.25 Taiwan dollar .03119 32.061 4.4
Yield (%) 52-Week Total Return (%) Thailand baht .02730 36.630 6.5 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.00 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.35 5.31 4.80 l 5.40 5.34
Money market, annual yield 0.48 0.48 0.46 l 0.64 0.38
U.S. Treasury, Bloomberg 2136.130 4.540 4.440 5.120 3.610 –0.799 –3.025 Commodities
Tuesday 52-Week YTD
Five-year CD, annual yield 2.84 2.83 2.76 l 2.87 2.37 U.S. Treasury Long, Bloomberg 3066.590 4.580 4.480 5.280 3.630 –8.355 –9.018 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.45 7.31 6.75 l 8.28 4.19 Aggregate, Bloomberg 2027.020 4.960 4.860 5.740 4.200 0.835 –2.764
15-year mortgage, fixed† 6.73 6.61 6.00 l 7.42 4.20
DJ Commodity 1000.33 7.50 0.76 1035.63 930.59 -1.40 4.44
Fixed-Rate MBS, Bloomberg 1998.120 5.160 5.030 6.050 4.290 0.575 –3.075
Jumbo mortgages, $766,550-plus† 7.55 7.37 6.79 l 8.33 4.27 Refinitiv/CC CRB Index 294.23 1.90 0.65 294.23 253.85 8.51 11.53
High Yield 100, ICE BofA 3568.214 7.400 7.173 9.101 7.030 9.797 2.171
Five-year adj mortgage (ARM)† 6.51 6.46 5.65 l 7.16 3.39 Crude oil, $ per barrel 85.15 1.44 1.72 93.68 67.12 5.50 18.84
Muni Master, ICE BofA 581.316 3.464 3.331 4.311 2.801 1.467 –0.651
New-car loan, 48-month 7.84 7.87 6.92 l 7.88 3.79 Natural gas, $/MMBtu 1.862 0.025 1.36 3.575 1.575 -11.59 -25.93
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 854.025 7.327 7.255 8.842 7.205 7.980 –1.469
banks.† Excludes closing costs. Gold, $ per troy oz. 2261.00 24.50 1.10 2261.00 1816.60 11.81 9.63
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Wednesday, April 3, 2024 | B11

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures July 449.50 450.25 439.25 441.00 –8.25 408,750 Cotton (ICE-US)-50,000 lbs.; cents per lb. June .7376 .7384 .7370 .7376 .0006 192,322
Oats (CBT)-5,000 bu.; cents per bu. May 92.76 92.90 90.70 90.81 –1.95 110,523 British Pound (CME)-£62,500; $ per £
Contract Open April 1.2547 1.2578 1.2541 1.2570 .0028 1,760
May 355.75 359.25 351.00 352.75 –3.00 2,736 Dec 84.35 84.48 84.05 84.30 –.05 81,982
Open High hi lo Low Settle Chg interest June 1.2556 1.2584 1.2543 1.2574 .0028 211,280
July 353.00 354.00 t 346.50 349.00 –3.25 814 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. Soybeans (CBT)-5,000 bu.; cents per bu. May 375.00 375.00 367.35 368.75 –4.50 5,476 Swiss Franc (CME)-CHF 125,000; $ per CHF
April 4.0540 4.0865 4.0540 4.0700 0.0240 1,406 May 1185.50 1199.75 1171.00 1174.00 –11.75 320,353 July 369.45 369.85 362.60 364.30 –4.30 1,794
June 1.1153 t 1.1090
1.1153 1.1105 –.0036 86,749
May 4.0565 4.0965 4.0420 4.0705 0.0220 161,205 Sept 1.1230 t 1.1210
1.1261 1.1218 –.0035 395
July 1199.50 1212.50 1184.75 1187.75 –11.75 230,158
Gold (CMX)-100 troy oz.; $ per troy oz. Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Interest Rate Futures April .6486 .6526 .6486 .6513 .0027 735
April 2252.00 s 2247.60 2261.00 24.50
2279.20 3,623 May 333.30 334.50 327.00 328.30 –5.10 194,592
May 2260.20 s 2256.10 2270.30 24.40
2290.10 1,596 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June .6504 .6538 .6497 .6525 .0027 223,090
July 337.00 338.00 331.10 332.10 –5.20 138,442 Mexican Peso (CME)-MXN 500,000; $ per MXN
June 2272.70 s 2267.10 2281.80 24.70
2301.90 424,842 June 126-170 126-210 124-160 125-110 –27.0 1,585,179
Soybean Oil (CBT)-60,000 lbs.; cents per lb. April .06015 .06030 .05994 .06024 .00031 166
Aug 2292.60 s 2288.00 2302.40 24.90
2322.10 38,297 Sept 126-310 126-310 126-290 126-170 –27.0 11
May 48.24 49.77 48.20 48.60 .36 202,987 June .05945 .05971 .05934 .05964 .00030 308,891
Oct 2311.50 s 2309.40 2323.20 25.10
2342.20 8,871 July 48.85 50.27 48.75 49.15 .39 170,825 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Dec 2331.60 s 2329.20 2344.10 25.60
2363.90 16,239 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 118-230 118-260 117-050 117-230 –25.0 1,526,732 April 1.0748 1.0784 1.0731 1.0769 .0027 1,523
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 16.37 16.37 t 16.06 16.08 –.22 6,290 Sept 118-260 118-260 117-080 117-240 –26.0 264 June 1.0777 1.0813 1.0758 1.0797 .0027 672,599
April 992.30 0.30 3 Sept 14.58 14.59 14.53 14.56 –.04 2,244 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
June 1010.50 1035.50 1001.00 1004.30 0.30 19,215 Wheat (CBT)-5,000 bu.; cents per bu. June 110-015 110-030 109-145 109-230 –6.5 4,373,840 Index Futures
Platinum (NYM)-50 troy oz.; $ per troy oz. May 557.50 562.75 543.50 545.25 –11.75 192,898 Sept 110-105 110-135 109-270 110-020 –7.0 586
April 910.90 924.70 910.90 922.20 21.30 187 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index
July 572.75 577.75 560.50 561.75 –11.00 119,291 June 39789 39805 39368 39508 –386 94,889
July 914.40 942.20 912.80 934.30 22.90 72,503 Wheat (KC)-5,000 bu.; cents per bu. June 106-175 106-187 106-080 106-135 –1.2 6,003,608
Sept 40140 40182 39763 39898 –384 212
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 575.75 580.50 563.00 563.25 –12.25 111,909 Sept 106-267 –3.0 1 Mini S&P 500 (CME)-$50 x index
April 25.300 25.855 s 25.270 25.804 0.850 182 July 572.25 573.75 556.75 557.50 –13.50 94,991 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 5294.50 5296.00 5235.00 5260.50 –34.75 2,101,903
May 25.235 26.295 s 25.195 25.923 0.850 117,708 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 102-022 102-033 102-007 102-026 1.0 3,782,294 Sept 5348.75 5354.00 5293.50 5318.50 –35.25 14,721
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. April 241.150 243.625 239.800 243.500 3.075 6,635 Sept 102-152 1.0 14 Mini S&P Midcap 400 (CME)-$100 x index
May 84.04 85.50 s 83.85 85.15 1.44 335,482 May 242.950 246.200 241.400 244.850 2.175 21,192 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 3056.50 3060.80 3001.90 3013.40 –41.00 37,046
June 83.14 84.56 s 82.96 84.22 1.40 246,278 Cattle-Live (CME)-40,000 lbs.; cents per lb. April 94.6700 t 94.6700 94.6725 .0025 484,862
94.6725 Mini Nasdaq 100 (CME)-$20 x index
July 82.30 83.63 s 82.11 83.29 1.31 165,699 April 180.600 183.025 180.350 181.775 1.700 34,256 May 94.6900 t 94.6850 94.6900 .0050 523,173
94.6900 June 18497.25 18511.00 18201.50 18330.00 –167.25 259,286
Sept 80.45 81.72 s 80.36 81.38 1.12 109,938 June 175.000 177.500 174.450 176.375 1.050 127,611 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Sept 18720.00 18739.25 18428.25 18555.75 –170.50 1,428
Dec 78.01 79.10 s 77.97 78.77 0.88 185,155 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Jan 94.6525 .0025 10,469
Mini Russell 2000 (CME)-$50 x index
June'25 74.73 75.46 s 74.61 75.16 0.55 96,565 April 87.225 87.350 86.425 86.550 –.400 23,335 June 2126.00 2129.50 2072.10 2082.70 –40.30 482,501
June 94.8350 94.8500 94.8300 94.8500 .0250 1,212,803
Sept 2147.00 2151.00 2094.70 2104.70 –40.90 166
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 103.450 104.800 s 102.900 103.725 .225 97,505
2.6461 2.7257 2.6356 2.7119 .0848 91,064 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (CME)-$50 x index
May Currency Futures June 2870.50 2882.80 2869.80 2882.20 –22.40 6,157
June 2.6420 2.7186 2.6334 2.7050 .0792 56,915 May 591.00 591.00 584.00 584.00 –10.50 7,249
Japanese Yen (CME)-¥12,500,000; $ per 100¥ U.S. Dollar Index (ICE-US)-$1,000 x index
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. July 610.00 610.00 605.50 608.50 –4.50 1,629 June 104.74 104.84 s 104.42 104.56 –.20 35,195
Milk (CME)-200,000 lbs., cents per lb. April .6608 .6615 .6601 .6610 .0002 2,469
May 2.7211 2.7743 s 2.7083 2.7589 .0489 138,762 Sept 104.43 104.44 s 104.04 104.18 –.20 443
June .6672 .6680 .6665 .6674 .0001 313,982
June 2.6912 2.7411 s 2.6795 2.7263 .0453 72,740 March 16.34 16.34 16.33 16.33 –.01 4,096
15.82 15.85 t 15.65 15.69 –.17 6,447
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May
April .7367 .7378 .7364 .7369 .0005 418 Source: FactSet
May 1.837 1.881 1.778 1.862 .025 412,072 Cocoa (ICE-US)-10 metric tons; $ per ton.
June 2.075 2.115 2.018 2.105 .031 113,919 May 10,186 10,324 s 9,808 9,949 –171 52,292
July 2.400 2.435 2.351 2.430 .025 170,454 July 9,661 9,801 9,326 9,466 –148 46,936
Sept 2.507 2.534 2.454 2.532 .025 133,007 Coffee (ICE-US)-37,500 lbs.; cents per lb.
May 190.95 198.40 s 190.75 197.75 5.95 87,011
Bonds | wsj.com/market-data/bonds/benchmarks
Oct 2.599 2.621 2.544 2.619 .020 108,323
Jan'25 3.782 3.804 3.741 3.787 –.003 78,922 July 190.30 197.65 s 190.10 197.10 6.00 79,836
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Tracking Bond Benchmarks
Agriculture Futures May 22.65 22.91 22.27 22.32 –.40 262,279
July 22.31 22.49 21.96 22.00 –.35 205,765
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Corn (CBT)-5,000 bu.; cents per bu. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. highs and lows for different types of bonds
May 435.75 436.75 424.50 426.50 –9.00 593,347 May 40.55 40.55 40.55 40.55 … 1,350 Total Total
return YTD total Yield (%) return YTD total Yield (%)
close return (%) Index Latest Low High close return (%) Index Latest Low High

Cash Prices | wsj.com/market-data/commodities Tuesday, April 2, 2024 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate 2027.02 -1.6 U.S. Aggregate 4.960 4.200 5.740 1998.12 -1.8 Mortgage-Backed 5.160 4.290 6.050
from the futures price on an exchange, which reflects what the commodity might be worth in future months. U.S. Corporate Indexes Bloomberg Fixed Income Indices 1974.53 -1.8 Ginnie Mae (GNMA) 5.170 4.350 6.020
Tuesday Tuesday Tuesday
3077.42 -1.4 U.S. Corporate 5.420 4.990 6.430 1174.82 -1.9 Fannie mae (FNMA) 5.160 4.280 6.050
Copper,Comex spot 4.0700 Wheat,No.2 soft red,St.Louis-u 5.3875
Energy *102.5 6.0225 1816.59 -1.4 Freddie Mac (FHLMC) 5.090 4.240 6.190
Iron Ore, 62% Fe CFR China-s Wheat - Hard - KC (USDA) $ per bu-u 2985.73 -0.2 Intermediate 5.320 4.890 6.350
75.500 Steel, HRC USA, FOB Midwest Mill-s *825.0 Wheat,No.1soft white,Portld,OR-u 5.7000

.
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.650 Battery/EV metals 4064.89 -3.6 Long term 5.610 5.160 6.600 581.32 -1.2 Muni Master 3.464 2.801 4.311
Food

ly
BMI Lithium Carbonate, EXW China, =99.2%-v,w 15175 586.42 -2.1 Double-A-rated 4.990 4.320 5.760 414.25 -1.0 7-12 year 3.100 2.404 4.097
Metals BMI Lithium Hydroxide, EXW China, =56.5% -v,w 13950 Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 4485 choice 1-3,600-900 lbs.-u 287.52 830.07 -1.1 Triple-B-rated 5.620 5.250 6.700 469.76 -1.3 12-22 year 3.769 3.294 4.742
Engelhard industrial 2266.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4192 select 1-3,600-900 lbs.-u 279.15
BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Broilers, National comp wtd. avg.-u,w 1.3282 High Yield Bonds ICE BofA 442.14 -1.5 22-plus year 4.351 4.020 5.274
Handy & Harman base 2264.50
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
2513.60
*n.a.
*n.a.
2352.01
2374.63
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
on 0.8000
0.8731
*n.a.
Butter,AA Chicago-d
Cheddar cheese,bbl,Chicago-d
Cheddar cheese,blk,Chicago-d
Milk,Nonfat dry,Chicago lb.-d
Coffee,Brazilian,Comp-y
2.9200
145.25
144.50
113.00
1.9216
530.62
519.03
3568.21
0.9
2.4
0.7
High Yield Constrained 7.926 7.620 9.560
Triple-C-rated
High Yield 100
13.111 12.616 15.455
7.400 7.030 9.101
Global Government J.P. Morgan†
535.49
786.64
-1.5
-2.0
Global Government 3.370 2.740 3.810
Canada 3.630 2.940 4.260
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.1876 1.5 351.45 -1.4 EMU§ 3.114 2.669 3.790
2374.63 463.35 Global High Yield Constrained 7.758 7.552 9.440
us ,

American Eagle-e
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.4150
Mexican peso-e 2734.75
Flour,hard winter KC-p 17.10 351.51 1.6 Europe High Yield Constrained 6.426 6.207 8.022 646.59 -2.1 France 3.060 2.540 3.630
l

Austria crown-e 2219.77 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a.
e
Austria phil-e 2374.63 U.S Agency Bloomberg Fixed Income Indices 457.97 -2.1 Germany 2.510 2.020 3.030
al a

Bran,wheat middlings, KC-u,w 80 Hogs,Iowa-So. Minnesota-u 85.26

Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.5013
Corn,No. 2 yellow,Cent IL-bp,u 3.9900 1775.18 -0.3 U.S Agency 4.880 4.130 5.390 276.61 -0.9 Japan 1.160 0.710 1.300
Engelhard industrial 25.8000 Pork loins,13-19 lb MidUS-u 1.2200
Corn gluten feed,Midwest-u,w 99.8
Handy & Harman base 25.8230 n.a. 1572.56 -0.1 4.870 4.120 5.370
ci on

Corn gluten meal,Midwest-u,w 404.3 Steers,Tex.-Okla. Choice-u 10-20 years 497.92 -2.2 Netherlands 2.720 2.260 3.320
Handy & Harman fabricated 32.2790 Cottonseed meal-u,w 338 Steers,feeder,Okla. City-u,w 308.63
LBMA spot price *n.a. Hominy feed,Cent IL-u,w 115 3336.89 -3.2 20-plus years 4.980 4.300 5.740 787.84 -3.0 U.K. 4.330 3.590 4.880
(U.S.$ equivalent) *n.a. Fats and Oils
Meat-bonemeal,50% pro Mnpls-u,w 330 2701.59 -0.8 Yankee 5.260 4.720 6.110 854.02 0.6 Emerging Markets ** 7.327 7.205 8.842
Coins,wholesale $1,000 face-a 20516 Oats,No.2 milling,Mnpls-u 4.1275 Degummed corn oil, crude wtd. avg.-u,w n.a.
Other metals Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Grease,choice white,Chicago-h 0.4100 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
LBMA Platinum Price PM *n.a. Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Platinum,Engelhard industrial 930.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 357.70 Soybean oil,crude;Centl IL-u,w 0.4720
er s

Palladium,Engelhard industrial 1026.0 Soybeans,No.1 yllw IL-bp,u 11.4900 Tallow,bleach;Chicago-h 0.4350

Aluminum, LME, $ per metric ton *n.a. Wheat,Spring14%-pro Mnpls-u 7.7500 Tallow,edible,Chicago-u n.a. Global Government Bonds: Mapping Yields
m er

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; Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/1 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Source: Dow Jones Market Data Country/ Spread Under/Over U.S. Treasurys, in basis points
Yield (%)
Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
m rp

4.500 U.S. 2 4.699 t l 4.716 4.531 4.060

Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 4.000 10 4.363 s l 4.329 4.180 3.491
Closing Chg YTD 0.250 Australia 2 3.814 s l 3.771 3.820 2.966 -89.6 -94.0 -106.1
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
3.000 10 4.072 s l 3.976 4.152 3.309 -29.6 -34.4 -16.2
SPDR S&PMdCpTr MDY 545.31 –1.28 7.5
Tuesday, April 2, 2024 Closing Chg YTD 2.500 France 2 2.845 t l 2.845 2.887 2.806 -186.6 -122.1
ETF Symbol Price (%) (%) SPDR S&P Div SDY 129.90 –0.57 3.9 -186.5
co Fo

Closing Chg YTD TechSelectSector XLK 206.84 –0.96 7.5

ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 51.00 0.02 –0.5 VanEckSemicon SMH 225.01 –1.29 28.7
3.500 10 2.933 s l 2.807 2.907 2.804 -143.5 -151.3 -66.8
iSh1-3YTreaBd SHY 81.38 0.05 –0.8 187.60 –1.34 4.2
CommSvsSPDR XLC 82.16 –0.16 13.1 VangdSC Val VBR 2.500 Germany 2 2.851 t l 2.859 2.891 2.688 -185.9 -185.2 -134.0
CnsmrDiscSel XLY 179.83 –1.47 0.6 iShRussMC IWR 82.69 –1.02 6.4 VangdExtMkt VXF 171.21 –1.44 4.1
DimenUSCoreEq2 DFAC 31.57 –0.79 8.0 iShRuss1000 IWB 285.38 –0.70 8.8 VangdSC Grwth VBK 254.05 –1.65 5.1 2.200 10 2.403 s l 2.304 2.421 2.294 -196.5 -201.6 -117.8
EnSelSectorSPDR XLE 96.44 1.40 15.0 iShRuss1000Grw IWF 333.91 –0.87 10.1 VangdDivApp VIG 180.18 –0.74 5.7
FinSelSectorSPDR XLF 41.67 –0.53 10.8
iShRuss1000Val IWD 177.12 –0.63 7.2 VangdFTSEAWxUS VEU 58.28 –0.34 3.8 3.600 Italy 2 3.430 s l 3.428 3.470 3.179 -128.0 -128.3 -84.9
iShRuss2000 IWM 204.49 –1.84 1.9 VangdFTSEDevMk VEA 49.66 –0.62 3.7
GrayscaleBitcoin GBTC 58.70 –5.60 69.6
iShS&P500Grw IVW 84.01 –0.66 11.9 VangdFTSE EM VWO 42.08 0.33 2.4
4.200 10 3.798 s l 3.668 3.880 4.107 -57.0 -65.2 63.6
HealthCrSelSect XLV 144.19 –1.56 5.7
iShS&P500Value IVE 184.48 –0.64 6.1 VangdFTSE Europe VGK 66.64 –0.86 3.3
IndSelSectorSPDR XLI 124.41 –0.46 9.1
iShSelectDiv DVY 121.70 –0.50 3.8 VangdGrowth VUG 341.86 –0.70 10.0
0.200 Japan 2 0.201 s l 0.195 0.181 -0.049 -450.9 -451.6 -407.6
InvscNasd100 QQQM 181.50 –0.88 7.7
InvscQQQI QQQ 441.11 –0.86 7.7
iSh7-10YTreaBd IEF 93.33 –0.21 –3.2 VangdHlthCr VHT 263.75 –1.65 5.2 0.600 10 0.752 s l 0.742 0.720 0.330 -361.6 -357.8 -314.2
iShShortTreaBd SHV 110.08 0.01 –0.0 VangdHiDiv VYM 120.06 –0.39 7.6
InvscS&P500EW RSP 166.92 –0.86 5.8
iShBitcoin IBIT 37.60 –5.41 ...
iShTIPSBond TIP 106.68 0.03 –0.8 VangdInfoTech VGT 519.49 –1.13 7.3 2.800 Spain 2 3.019 s l 3.017 3.079 2.937 -169.2 -169.4 -109.1
iSh20+YTreaBd TLT 92.04 –0.55 –6.9 VangdIntrCorpBd VCIT 79.59 –0.09 –2.1
iShCoreDivGrowth DGRO 57.44 –0.52 6.7
iShUSTreasuryBd GOVT 22.48 –0.13 –2.4 VangdIntermTrea VGIT 58.01 –0.05 –2.2 3.250 10 3.263 s l 3.155 3.300 3.332 -110.5 -116.5 -14.0
iShCoreMSCIEAFE IEFA 73.37 –0.70 4.3 100.31 0.0
iSh0-3MTreaBd SGOV 0.02 VangdLC VV 238.16 –0.58 9.2
iShCoreMSCIEM IEMG 51.84 0.29 2.5 JPM EqPrem JEPI 57.15 –0.21 3.9 VangdMegaGrwth MGK 284.85 –0.59 9.8
0.125 U.K. 2 4.251 s l 4.181 4.559 3.444 -45.9 -53.0 -58.3
iShCoreMSCITotInt IXUS 67.42 –0.41 3.8
iShCoreS&P500 IVV 521.45 –0.65 9.2
JPM UltShIncm JPST 50.25 0.04 0.0 VangdMC VO 245.85 –0.96 5.7 4.250 10 4.085 s l 3.941 4.214 3.492 -28.3 -37.9 2.0
PacerUSCashCows COWZ 57.73 –0.62 11.0 VangdRealEst VNQ 83.96 –1.26 –5.0
n-

iShCoreS&P MC IJH 59.57 –1.33 7.5 ProShUltPrQQQ TQQQ 60.28 –2.68 18.9 VangdRuss1000Grw VONG 85.95 –0.78 10.2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShCoreS&P SC IJR 107.48 –1.75 –0.7 SPDRBbg1-3MTB BIL 91.44 0.02 0.1 VangdS&P500ETF VOO 476.93 –0.65 9.2
iShCoreS&PTotUS ITOT 114.16 –0.75 8.5 SPDR DJIA Tr DIA 391.63 –0.94 3.9 VangdST Bond BSV 76.34 0.04 –0.9
iShCoreTotUSDBd
iShCoreUSAggBd
IUSB
AGG
45.10
96.87
–0.09
–0.07
–2.1
–2.4
SPDR Gold
SPDRPtfDevxUS
GLD
SPDW
210.89
35.47
1.48
–0.59
10.3
4.3
VangdSTCpBd
VangdShortTrea
VCSH
VGSH
76.92
57.81
0.03
0.05
–0.6
–0.9
Corporate Debt
iShEdgeMSCIMinUSA USMV 82.85 –0.52 6.2 SPDRS&P500Value SPYV 49.47 –0.64 6.1 VangdSC VB 223.21 –1.51 4.6 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
no

iShEdgeMSCIUSAQual QUAL 162.85 –0.62 10.7 61.03 –0.63 9.2 50.12 –0.44 –1.8
iShGoldTr IAU 43.09 1.48 10.4
SPDRPtfS&P500 SPLG
72.76 11.8
VangdTaxExemptBd VTEB expectations
SPDRS&P500Growth SPYG –0.70 VangdTotalBd BND 71.84 –0.11 –2.3
iShiBoxx$IGCpBd
iShMBS
LQD
MBB
107.31
91.51
–0.15
–0.07
–3.0
–2.7
SPDR S&P 500
SchwabIntEquity
SPY
SCHF
518.84
38.62
–0.64
–0.62
9.2
4.5
VangdTotIntlBd
VangdTotIntlStk
BNDX
VXUS
48.84
59.94
–0.08
–0.42
–1.1
3.4
Investment-grade spreads that tightened the most…
iShMSCIACWI ACWI 109.22 –0.59 7.3 SchwabUS BrdMkt SCHB 60.42 –0.77 8.5 VangdTotalStk VTI 257.30 –0.92 8.5
Spread*, in basis points
iShMSCI EAFE EFA 78.96 –0.70 4.8 SchwabUS Div SCHD 79.73 –0.51 4.7 VangdTotWrldStk VT 109.57 –0.58 6.5
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iSh MSCI EM EEM 41.28 0.32 2.7 SchwabUS LC SCHX 61.54 –0.71 9.1 VangdValue VTV 161.18 –0.64 7.8
iShNatlMuniBd MUB 106.79 –0.21 –1.5 SchwabUS LC Grw SCHG 91.98 –0.88 10.9 WT FRTrea USFR 50.31 ... 0.1 Shell International Finance* … 6.375 5.24 Dec. 15, ’38 88 –152 83
Credit Agricole … 5.365 5.46 March 11, ’34 110 –112 109
Philip Morris International PM 4.250 5.76 Nov. 10, ’44 112 –81 114
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Anheuser–Busch InBev Worldwide … 4.950 5.34 Jan. 15, ’42 72 –68 n.a.
ArenaGroup AREN 0.76 -8.8 MetaData AIU 0.50 -22.1 Glencore Funding … 5.338 5.41 April 4, ’27 90 –63 n.a.
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE AresCommRealEst ACRE 7.09 -1.4 MicrovastWt MVSTW 0.03 -57.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low Asana ASAN 14.71 -2.5 Moatable MTBL 0.63 -0.2 Toyota Motor Credit … 4.450 4.97 May 18, ’26 28 –52 24
Aterian ATER 2.40 -2.4 ModivCare MODV 20.30 -4.4
in the latest session. % CHG-Daily percentage change from the previous trading session. –51
AtheneDeb2064 ATHS 25.07 -0.6 MyMD Pharm MYMD 2.20 -2.2 Hyundai Capital America* … 5.300 5.37 March 19, ’27 86 86
AtriCure ATRC 26.92 -6.5 NIO NIO 4.38 -2.2
Tuesday, April 2, 2024 Auddia AUUD 1.75 -8.3 NaaSTechnology NAAS 1.05 ... Coca–Cola KO 2.250 4.71 Jan. 5, ’32 34 –51 30
AustralianOilseeds COOT 1.27 -13.2 Neogen NEOG 14.31 -3.9
52-Wk % 52-Wk % 52-Wk % BCE BCE 32.38 -2.5 Nevro NVRO 12.34 -4.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg BanzaiIntl
Beneficient
BNZI
BENF
0.46 -6.3
0.05 -8.1
Next.e.GO EGOX
NocturneAcqnRt MBTCR
0.03 -15.0
0.00 -93.7
…And spreads that widened the most
HudbayMinerals HBM 7.17 2.6 SM Energy SM 51.36 0.5
Highs IGCPharma
ING Groep
IGC
ING
0.65 12.5
16.53 0.4
SeabridgeGold SA
SeaDrill SDRL
16.22
51.30
2.3
1.7
Big5SportingGds BGFV
BigCommerce BIGC
3.27 -5.2
6.64 -2.3
NuCana
NutexHealth
NCNA
NUTX
0.22 -3.0
0.09 -1.5 Societe Generale … 3.625 6.89 March 1, ’41 227 118 n.a.
AP Acqn A APCA 11.29 0.1 BinahCapital BCG 6.98 -27.6 NuvveHolding NVVE 0.70 -5.6
AgnicoEagleMines AEM 61.79 -0.8
IamGold IAG 3.71 -0.8
71.15 1.6
SelectWater
Shell
WTTR
SHEL
9.41
69.78
0.6
2.7 BioCryst BCRX 4.68 -7.1 OMNIQ OMQS 0.29 -37.5 John Deere Capital … 4.850 4.91 March 5, ’27 40 80 37
ImperialOil IMO
AimeiHlthTech AFJK 10.30 0.4 SPNT 13.03 -2.1 Biogen BIIB 207.58 -3.3 OfficePropIncm OPI 1.89 -2.0
AlarumTech ALAR 26.22 15.3
InteractiveBrkrs IBKR
InvestcorpEur I A IVCB
114.80 2.2
11.32 0.4
SiriusPoint
SkywardSpecIns SKWD 38.10 1.8 BioLineRX BLRX 0.82 -3.6 Onfolio ONFO 0.41 -2.4 American Honda Finance … 4.900 5.04 March 12, ’27 53 79 54
Allstate ALL 173.77 ... JVSPACAcqn JVSAU 10.31 0.1 SoCopper SCCO 108.66 0.7 BionanoGenom BNGO 0.96 -6.8 OutsetMedical OM 1.95 -3.4
AltC Acqn ALCC 12.69 3.4 KaiserAlum KALU 91.47 2.5 SuncorEnergy SU 38.02 1.8 BitcoinDepot BTM 1.58 -2.9 PacBiosciCA PACB 3.37 -6.6 Toyota Motor Credit … 5.400 5.02 Nov. 20, ’26 31 78 24
AnteroMidstream AM 14.31 1.1 Suzano SUZ 12.98 0.5 BluejayDiag BJDX 0.72 -1.9 PagayaTech PGY 8.90 0.2
Kaspi.kz KSPI 131.99 0.7
Archrock AROC 20.63 3.9 KinderMorgan KMI 18.52 0.1 Swvl SWVL 15.65 10.1 BoneBiologics BBLG 1.96 -6.1 PerfectMoment PMNT
PetcoHealth WOOF
3.39 -3.3
1.86 -6.7
International Business Machines IBM 3.500 4.96 May 15, ’29 61 62 59
ArisWater ARIS 14.42 1.4 Kingstone KINS 4.75 1.1 TD Synnex SNX 116.83 3.3 BorealisFoods BRLS 4.85 -11.6
AtlasNts2027 ATCOL 24.73 1.4 Kroger KR 57.83 1.5 TMT Acqn TMTC 10.84 0.4 BoundlessBio BOLD 12.10 0.6 PetMedExpress PETS
PrecisionOptics POCI
4.56 1.7
5.12 ... Sumitomo Mitsui Financial … 5.800 5.11 July 13, ’28 77 60 76
AtmusFiltration ATMU 33.42 2.5 Lands'End LE 12.18 5.9 TargaResources TRGP 113.33 0.9 Boxlight BOXL 0.60 -5.8
PredictiveOncology POAI 1.95 -9.7
AvidityBio RNA
B.RileyNts2024 RILYO
26.98 1.8
25.29 -0.4
CBTCS 04-6 JBK 26.94 -1.8 TasekoMines TGB 2.33 6.4 CalidiBiotherap CLDI 0.46 -9.8
Primech PMEC 0.83 -16.4 Caterpillar Financial Services … 4.350 5.02 May 15, ’26 30 57 22
LifetimeBrands LCUT 11.08 -2.3 TechnipFMC FTI 26.49 3.4 Calix CALX 31.31 -1.2
PriviaHealth PRVA 17.54 -4.8
bioAffinityTechWt BIAFW
BlueWorldA BWAQ
0.89 2.2
11.20 0.1
LyondellBasell LYB 104.35 2.1 Tidewater TDW 95.34 1.0 CarParts.com PRTS 1.56 -1.2
Prothena PRTA 23.89 -8.4 Morgan Stanley MS 7.250 5.18 April 1, ’32 83 44 83
MDU Rscs MDU 25.53 -0.6 TotalEnergies TTE 71.70 2.8 Chegg CHGG 7.06 -1.2
BreezeHldgsRt BREZR 0.25 9.5 TrailblazerI A TBMC 10.62 0.1 CollectiveAudience CAUD 0.56 -0.2 Prudential PUK 18.52 -2.1
MPLX MPLX 41.94 1.5
RDDT 44.00 9.7
CNX Resources CNX
Cabot CBT
24.19 -0.3
93.09 0.2
MagnoliaOil
MarathonPetrol MPC
MGY 26.47 0.2
211.54 3.4
Trip.com TCOM
TsakosEnergyPfdF TNPpF
49.22
26.88
4.2
0.3
COPEL ELPC
CrownElectrokin CRKN
6.58 1.5
0.05 -14.8
Reddit
RevanceTherap RVNC 4.45 -4.7 High-yield issues with the biggest price increases…
CactusAcqn1 Wt CCTSW 0.13 158.8 USComdtyIndxFd USCI 61.94 0.6 1.28 3.6 RydeGroup RYDE 3.11 -9.0
McEwenMining MUX 10.83 1.9 Cutera CUTR
SKYX Platforms SKYX 1.01 -6.3
Bond Price as % of face value
CanadianNatRscs CNQ 78.42 1.4 UnumGroup UNM 54.56 0.4 DigitalTurbine APPS 2.29 -2.5
MexcoEnergy MXC 14.47 11.4 Safe&Green SGBX 0.16 -7.3 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Cannae CNNE 22.99 -0.3 VaalcoEnergy EGY 7.42 1.9 DouglasElliman DOUG 1.40 -1.4
MurphyUSA MUSA 430.83 -1.8 SalariusPharm SLRX 0.43 -8.5
CenturyAluminum CENX 16.61 4.5 ValeroEnergy VLO 177.32 2.7 Dynatronics DYNT 0.41 8.6
NL Industries NL 8.40 -0.5
ChampionX CHX 39.28 10.4
NRX PharmWt NRXPW 0.37 -16.9 VillageFarms VFF 1.45 2.2 ENDRA LifeSci NDRA 0.36 -9.3
ScrippsEW SSP 3.21 -11.8 Transocean RIG 7.500 8.93 April 15, ’31 92.640 0.42 93.063
CheetahMobile CMCM 3.43 10.5 VirTra VTSI 13.80 37.7 SelinaHosp SLNA 0.11 -21.4
NatlWesternLife NWLI 493.00 0.1 Expion360 XPON 2.33 -3.5
ChordEnergy CHRD 180.50 1.1
NaturalGasSvcs NGS 22.84 12.4 VirtuFinancial VIRT 21.20 0.2 ExtremeNetworks EXTR 11.11 -2.7
SenstarTech SNT 1.08 -2.9 American Airlines AAL 3.750 6.63 March 1, ’25 97.500 0.25 97.250
CitigrpCapXIIIPf CpN 29.58 ... Wabtec WAB 146.43 0.7 ShenandoahTel SHEN 16.14 -2.3
NaturalHlthTrends NHTC 7.00 4.3 Figs FIGS 4.43 -7.4
ConnectOnePfdA CNOBP 20.27 0.6
NexalinTechnology NXL 3.40 51.1 WeatherfordIntl WFRD 125.15 4.2 FangddNetwork DUO 0.41 -2.9
Shineco SISI 0.61 1.5
Bath & Body Works BBWI 6.950 6.99 March 1, ’33 99.727 0.23 99.500
ConocoPhillips COP 130.84 1.5 WesternMidstrm WES 36.11 1.0 ShoalsTech SHLS 10.59 -5.5
NexalinTechWt NXLIW 0.45 558.7 FiverrIntl FVRR 19.85 -0.4
Constellium CSTM 22.54 0.9
NexGenEnergy NXE 8.55 1.4 WilhelminaIntl WHLM 5.05 -0.9 FulgentGenetics FLGT 21.15 -2.5
SiNtxTech
SoloBrands
SINT
DTC
0.03 5.4
1.96 -1.5
Advance Auto Parts AAP 5.900 5.97 March 9, ’26 99.875 0.13 100.188
Curtiss-Wright CW 257.91 -0.8 Williams WMB 39.30 1.1
NextCure NXTC 2.57 7.8 GD Culture GDC 0.95 -3.7 Solventum SOLV 64.47 -3.2
DT Midstream DTM 62.97 2.7 WinVestAcqn WINV 16.74 -0.1
DelekUS DK 31.69 2.9 NextNavWt NNAVW 2.83 6.5
XOMA XOMA 27.00 4.4
GRI Bio GRI 0.54 -26.3 Staffing360 STAF 0.27 3.6 Telecom Italia Capital … 6.375 7.31 Nov. 15, ’33 93.625 0.13 93.900
99Acqn NNAGU 11.54 2.4 Galapagos GLPG 31.69 -2.2 StryveFoods SNAX 1.04 -17.0
DiamondbkEner FANG 200.66 0.5 XBiotech XBIT 8.50 7.9
Domino's DPZ 498.21 0.7 NorthViewRt NVACR 0.19 -15.2
XtrkRreefGlbNat NRES 27.65 0.8
GameStop GME 11.26 -5.9 SynchronyFinlPfdB SYFpB 24.36 -1.5 SpiritAirlinesClassAPassThroughCertificatesSeries2015–1 … 4.100 7.10 April 1, ’28 91.250 0.10 n.a.
DorchesterMnls DMLP 35.13 2.1 NorthwestPipe NWPX 35.32 -0.7 Genelux GNLX 4.89 0.2 TH Intl THCH 1.01 -7.1
ZalatorisAcqn TCOA 10.91 0.4 Graphex GRFX 0.30 -10.6
Dow DOW 59.38 1.8 OccidentalPetrol OXY 68.18 1.3 TROOPS TROO 1.19 -9.0
EMCOR
EastmanChem EMN
EME 358.99 0.9
100.75 0.1
OccidentalPetrolWt OXY.WS
OldRepublic ORI
46.25 2.0
31.03 -0.2 Lows GreenPowerMotor GP
GryphonDig GRYP
1.81 -3.1
1.22 -15.1
TejonRanch
TeladocHealth TDOC
TRC 15.06 -1.2
14.22 -3.5
…And with the biggest price decreases
OptexSystems OPXS 7.79 -1.7 HWH Intl HWH 0.75 71.1
EldoradoGold EGO
EnergyTransfer ET
14.89 2.7
15.85 0.6 Ouster OUST 10.06 1.1
AMC Ent
AMTD Digital HKD
AMC 3.06 -1.3
3.20 -3.3 HainCelestial HAIN 7.22 -3.1
TelekmIndonesia TLK
TevogenBio TVGN
21.59 -1.0
2.94 -8.5 DISH DBS … 7.750 29.89 July 1, ’26 65.500 –1.00 68.250
19.93 1.1 Ovintiv OVV 52.51 0.8 1.97 -23.6 HanoverBancorp HNVR 14.56 0.6 TransActTechs TACT 4.80 -1.2
Enerplus
EnteraBio
ERF
ENTX 1.97 -0.5 PBF Energy PBF 59.98 1.6
AST Space ASTS
AST Space Wt ASTSW 0.33 -31.0 Hanryu HRYU 0.25 -4.0 Trevena TRVN 0.30 -7.2 Liberty Interactive … 8.250 20.55 Feb. 1, ’30 59.250 –1.00 60.438
EnterpriseProd EPD 29.84 1.3 ParamountGoldNV PZG 0.48 -0.7 Accuray ARAY 2.33 0.8 HeartlandExp HTLD 10.83 -2.1 TritiumDCFC DCFC 7.56 -22.0
EquinoxGold EQX 6.36 2.9 PegasusDigA PGSS 11.32 0.6 AcordaTherap ACOR 1.65 -81.4 HeartSciences HSCS 0.10 -6.1 UnitedNatFoods UNFI 10.87 -2.1 Navient NAVI 5.625 8.54 Aug. 1, ’33 81.500 –0.99 82.500
FTAI Infra FIP 6.57 -0.2 PerellaWeinberg PWP 14.63 2.9 AfricanAgriculture AAGR 0.29 -4.6 Hempacco HPCO 1.47 -2.6 UniversalHealth UHT 34.80 -1.4
FirstInternetNt29 INBKZ 24.00 0.3 PermianRscs PR 17.83 -1.1 AgapeATP ATPC 0.31 1.5 HubCyberSecurity HUBC 0.75 -6.9 Urgent.ly ULY 1.64 -9.1 Bath & Body Works BBWI 6.750 6.69 July 1, ’36 100.500 –0.78 101.040
Flexsteel FLXS 41.64 6.8 PerspectiveTherap CATX 1.47 14.1 Agrify AGFY 0.34 -1.4 Humana HUM 299.23 -13.4 Vaccinex VCNX 6.68 -3.5
Flowserve FLS 46.31 0.7 Phillips66 PSX 169.70 3.8 AllarityTherap ALLR 0.24 -8.2 Inno INHD 0.65 -12.1 VersusSystems VS 1.66 -4.5 Bausch Health … 11.000 23.58 Sept. 30, ’28 66.250 –0.75 68.250
FreeportMcM FCX 48.84 2.2 Pilgrim'sPride PPC 35.40 1.7 Allbirds BIRD 0.61 -0.7 InnovizTechWt INVZW 0.21 13.3 VerveTherap VERV 7.36 -34.9
FreightCarAmer RAIL 4.00 3.8 PioneerNatRscs PXD 269.89 2.1 AmerBatteryTech ABAT 1.56 -6.3 IntelligentGrp INTJ 1.61 -11.4 VintageWineEstates VWE 0.34 -1.9 Rakuten … 11.250 9.06 Feb. 15, ’27 105.375 –0.63 106.250
GE Aerospace GE 144.51 -2.4 PlainsAllAmPipe PAA 17.85 0.6 AmerStWater AWR 69.85 -2.3 IridiumComm IRDM 25.15 -2.9 VirginGalactic SPCE 1.31 -8.4
GE Vernova GEV 152.48 -1.4 PlainsGP PAGP 18.52 0.4 AmericanWell AMWL 0.73 -1.7 J&JSnackFoods JJSF
LibertyBroadbandA LBRDA
138.44 -2.0
53.94 -2.5
Volcon VLCN 0.42 -28.4 Hughes Satellite Systems … 5.250 13.77 Aug. 1, ’26 83.500 –0.50 84.040
Gaia GAIA 3.65 8.7 PowerFleet PWFL 5.67 4.1 AmericoldRealty COLD 23.78 -2.7 Vuzix VUZI 1.12 4.1
GalectinTherap GALT 2.60 2.9 Progressive PGR
PublicServiceEnt PEG
210.71 ...
67.51 -0.3
AmeriServFin ASRV 2.27 2.6 LibertyBroadbandC LBRDK
LightInTheBox LITB
54.09 -2.6
0.65 -13.2
WNS WNS 49.06 -2.2
Prime Security Services Borrower … 5.750 6.18 April 15, ’26 99.191 –0.35 99.510
GeneralDynamics GD 292.50 -0.3 AmpriusTech AMPX 2.29 -8.1 WalgreensBoots WBA 18.67 -4.2
Graham GHM 31.75 0.4 REV REVG 22.54 2.1 AmylyxPharm AMLX 2.52 -3.3 LivePerson LPSN 0.91 -4.6 Workiva WK 80.20 -2.7
GpoAeroportSur ASR 323.28 1.4 RaymondJames RJF 129.43 0.1 AppliedUV AUVI 0.97 -17.7 Longeveron LGVN 2.70 -3.5 XPeng XPEV 7.31 -2.2 *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.
HarmonyGold HMY 8.61 4.0 ReinsGrp RGA 195.88 -0.9 AppTech APCX 0.90 -1.1 LucasGC LGCL 2.70 -5.1 ZapataComputing ZPTA 4.40 -17.0
HaynesIntl HAYN 60.32 ... RexAmerRscs REX 60.79 1.7 AptevoTherap APVO 3.80 -6.4 LunaInnov LUNA 2.97 ... ZhibaoTech ZBAO 3.00 -7.5 Note: Data are for the most active issue of bonds with maturities of two years or more
HorizonSpaceI HSPO 10.90 ... SIGA Tech SIGA 10.00 9.8 ArcadiaBiosci RKDA 2.00 -2.4 Massimo MAMO 2.90 -33.1 Zoomcar ZCAR 0.50 -8.5 Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Wednesday, April 3, 2024 * ** THE WALL STREET JOURNAL.

MARKETS

Chilean
Telecom
EQT Buys Software Maker Avetta
Provider The deal values the
U.S. company at
PICS Auditing, in 2012. Welsh
Carson acquired a majority
stake in 2018 through a

WOM Files more than $3 billion

including debt
roughly $500 million deal, in-
vesting alongside minority
backer TCV.

Chapter 11 BY MARIA ARMENTAL

AND DOMINIC CHOPPING
Welsh Carson brought in
new managers and helped
Avetta expand, including
through acquisitions such as a
BY BECKY YERAK European buyout shop EQT 2019 deal to add peer com-
AB is buying risk-manage- pany Browz.

SUEZ CANAL AUTHORITY OFFICE/EPA/SHUTTERSTOCK

Chilean telecommunications ment software provider
provider WOM filed for bank- Avetta from private-equity
ruptcy, blaming a delayed 5G firm Welsh, Carson, Anderson,
network rollout, aggressive ven- & Stowe.
dor actions and credit down- The transaction values sup-
grades that spooked a lender. ply-chain-focused Avetta at
Private equity-backed WOM, more than $3 billion, includ-
a provider of wireless broad- ing debt, according to several
band and other services to people familiar with the mat-
consumers and businesses, ter. The deal, which comes at
filed for chapter 11 on Monday a time when two of the
in the U.S. Bankruptcy Court in world’s crucial trade corridors
Wilmington, Del. WOM listed have been roiled by disrup-
more than $1 billion in debt. tions, also marks an exit for
The company, formerly Avetta investors Norwest Ven-
known as Nextel Chile, said it ture Partners and TCV, which
arranged up to $210 million in backed the U.S. company with
financing, subject to court ap- venture and growth invest-
proval, from lenders led by JP- ments at different times.
Morgan Chase to fund it “Supply-chain issues are
through bankruptcy. pronounced,” said EQT Part-
British private-equity firm ner Arvindh Kumar, citing
Novator Partners created disruptions that have in-
WOM, which stands for “Word cluded long delays that hit
of Mouth,” in 2015 after ac- customers particularly hard
quiring assets of Nextel Chile. during the Covid-19 pandemic.
The company based in Santi- “There’s a lot of everyday
ago, Chile, has expanded from examples,” said Kumar, who
having virtually no market co-heads technology invest-
“So now was the right
time” to sell, Hooper said.
“The company’s been hitting
its stride very nicely for a
number of years, and we felt
like, where it is now, it would
really benefit from a firm like
EQT.”
The European firm’s reach
can help Avetta’s global ex-
pansion, he said.
EQT sees plenty of growth
EQT is investing in a risk-managing software provider when supply-chain disruptions are drivers for the business, Ku-
pronounced. Above, a Greek vessel that was damaged while sailing through the Red Sea. mar said. The company still
generates most of its revenue
visibility and automation” firm said. ing and telecommunications, in the U.S. and is just begin-
when it comes to managing Avetta’s software helps as Jon Kossow, a Norwest ning to capitalize on artificial
their supply chains, he said. customers manage and miti- managing partner, described intelligence technology, hav-
Stockholm-listed EQT, gate risk, including health and it when Welsh Carson in- ing set up a generative AI risk
which is investing through safety, sustainability, and fi- vested in the company. assistance system.
its 10th main buyout fund, nancial and cybersecurity Since then, the software “There’s a lot more to be
clinched the deal after a risks, working with both cli- provider’s customer base has done in terms of automation
sales process that drew ents and their suppliers. The diversified significantly as and optimization of supplier
“broad interest” from private company operates from 12 of- managing supply-chain risk onboarding and auditing and
equity and other investors, fices worldwide, serving more evolved from primarily focus- risk assessment,” Kumar said.
according to Christopher than 500 clients and their ing on safety, said Welsh Car- Further, the risk-manage-
Hooper, a Welsh Carson gen- 130,000 contractors, accord- son’s Hooper, who led the ment industry focusing on
eral partner. With the Avetta ing to EQT. firm’s initial investment in supply chains remains based
transaction, EQT’s €22 bil- The company initially fo- Avetta as well as the sale pro- on paper and manually com-

.
share to becoming a major ments as part of the firm’s lion, or roughly $23.64 bil- cused on clients in “dirty and cess for the company. posed spreadsheets, he said.
mobile-network operator, said private-equity advisory team. lion, vehicle is expected to be dangerous” industries such as Norwest first invested $35 “So there’s a lot of growth to

ly
Robert Wagstaff, chief re- “Companies need a lot more as much as 40% invested, the oil and gas, construction, min- million in Avetta, then called be had.”
structuring officer.
The most pressing reason for
seeking protection from credi-
tors, he said, is to pay trade and
other creditors so WOM can
conduct day-to-day business.
Xi’s Comments on
On Bonds Hint at
Many are non-U.S. vendors that
us ,

might attempt the equivalent of

l

involuntary bankruptcy pro-

e
al a

ceedings in Chile to get paid, or

might refuse to provide goods
or services, or insist on cash
New PBOC Tools
ci on

payments, Wagstaff said.

“The number of such ac-
tions against the company may
grow in the near term if the A months-old speech by tively ample room to ease
company’s liquidity position is China’s top leader has stoked monetary policy with tradi-
er s

not immediately stabilized,” he speculation around aggressive tional measures, as interest

said. WOM’s unsecured debts liquidity boosts from Beijing. rates in China are still well
m er

include $337 million owed to While economists have gener- above zero. ANDY WONG/ASSOCIATED PRESS

vendors, taxing authorities and
others, he said.
Also, “faced with a tight
credit market and an uncertain
ally shrugged off such a possi-
bility, some say more trading
of treasury bonds could bring
the country’s central bank
m rp
Also, any further monetary
easing would be constrained
by factors including tepid bor-
rowing demand, softer profit

path to refinancing the 2024
notes with a maturity in No-
vember, the company has had
to resort to expensive, short-
term local financing to finance
more in line with practices ad-
opted by peers in developed
markets.
In remarks made in October
but published only recently,
co Fo
margins at banks, a weak cur-
rency and the uncertain tim-
ing around any future Federal
Reserve rate cuts, economists China’s president called for the central bank to supplement its monetary policy toolbox.
say.

its operations,” Wagstaff said.
Problems began surfacing
early last year, when credit
rating companies began down-
grading its debt, including
2024 and 2028 bonds totaling
$649 million, Wagstaff said.
The downgrade also caused
the Inter-American Investment
Corp., an affiliate of Inter-
American Development Bank,
to reduce its credit facility to
the company, Wagstaff said. A
Chinese President Xi Jinping
called for the People’s Bank of
China to supplement its mone-
tary policy toolbox and gradu-
ally step up trading of trea-
sury bonds in its open-market
operations, a policy tool the
bank has rarely used in the
past two decades.
Economists say U.S.-style
“quantitative easing,” in
which a central bank loads up
on government bonds and
n-
Still, Xi’s comments repre- of cuts to the reserve require- and feasible than before, she trillion yuan ($138.30 billion)
sent a potential policy pivot ment ratio in the past year, said. of special treasury bonds in
that could further enrich the economists say authorities Under Chinese law, the cen- 2024 via indirect purchases.
central bank’s toolbox, some may only have limited room tral bank is prohibited from The economists said that
economists say, considering for further cuts in the future. directly purchasing govern- would be similar to when the
the shortcomings of existing The PBOC now needs more ment bonds in primary mar- PBOC bought 1.35 trillion yuan
tools at a time of a nascent flexibility in managing liquid- kets, and it has generally re- of special treasury bonds from
yet fragile economic recovery. ity and more tools to expand frained from such purchases Agricultural Bank of China to
Apart from regular open- its balance sheet, while the in secondary markets in the help establish the country’s
market operations, China’s government bond market is past 20 years. sovereign-wealth fund in 2007.
central bank can inject liquid- deeper than before, said UBS Goldman Sachs economists “That said, the PBOC also
ity through various lending fa- economist Wang Tao. This said last week that the central has alternative options to ac-
cilities to commercial banks as makes the central bank’s trad- bank is likely to alleviate any commodate the supply shock,

delayed build-out of the com- other assets to push down well as cut the amount of cash ing of central-government coming treasury bond supply such as RRR cuts and MLF op-
pany’s 5G network also hurt li- yields, is unlikely in China, banks need to keep in reserve. bonds and even local-govern- shock that may stem from Bei- erations,” the Goldman Sachs
quidity last year, he said. since Beijing still has rela- However, after several rounds ment bonds more necessary jing’s planned issuance of 1 economists added.
no

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

Net
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Continued From Page B9 Net Net s TechnipFMC FTI 26.36 0.87 TollBros TOL 124.19 -3.85 US Foods USFD 53.62 -0.56 Ventas VTR 42.75 -0.11 Walmart WMT 59.16 -0.84 Wingstop WING 359.88 -7.92
Net Stock Sym Close Chg Stock Sym Close Chg TeckResourcesB TECK 46.33 0.07 TopBuild BLD 433.16 -5.19 UWM UWMC 6.00 -0.56 Veralto VLTO 86.58 -0.96 WarnerBrosA WBD 8.48 -0.31 Wipro WIT 5.61 -0.05
Stock Sym Close Chg SouthwesternEner SWN 7.55 -0.06 Sysco SYY 80.43 -0.14 TeledyneTech TDY 422.47 -2.46 Toro TTC 86.83 -1.94 Uber UBER 76.98 0.58 VeriSign VRSN 191.42 2.08 WarnerMusic WMG 32.71 -0.37 Wix.com WIX 137.56 0.15
Teleflex TFX 217.39 -5.49 TorontoDomBk TD 59.38 -0.86 UiPath PATH 21.57 -0.62 VeriskAnalytics VRSK 231.99 -0.79 WasteConnections WCN 169.44 -0.94 WoodsideEnergy WDS 19.89 -0.10
ShockwaveMed SWAV 319.93 -0.58 Spotify SPOT 269.58 3.15
T U V Ericsson ERIC 5.35 -0.15 s TotalEnergies TTE 71.70 1.96 UltaBeauty ULTA 519.68 -9.33 Verizon VZ 42.54 0.26 WasteMgt WM 211.11 -1.80 Woodward WWD 155.09 2.06
Shopify SHOP 78.12 -0.07 StanleyBlackDck SWK 94.49 -0.97
Stantec STN 80.98 -1.19 TelefonicaBras VIV 9.97 -0.05 ToyotaMotor TM 239.89 -2.26 Unilever UL 49.35 -0.50 VertexPharm VRTX 409.42 -11.06 Waters WAT 339.73 -4.78 WooriFinl WF 31.40 0.17
SimonProperty SPG 150.04 -3.44 TC Energy TRP 39.99 -0.28 Telefonica TEF 4.38 -0.01 TractorSupply TSCO 256.89 -1.35 UnionPacific UNP 242.53 -0.77 Vertiv VRT 80.77 0.37 Watsco WSO 427.36 -6.81 Workday WDAY 271.66 -0.78
SimpsonMfg SSD 196.37 -4.98 Starbucks SBUX 89.30 -2.23
s TD Synnex SNX 116.43 3.69 t TelekmIndonesia TLK 21.68
StateStreet STT 77.00 -0.25 -0.21 TradeDesk TTD 87.09 -0.22 UnitedAirlines UAL 45.65 -1.70 Viatris VTRS 11.94 ... Wayfair W 63.69 -2.16 WynnResorts WYNN 105.26 -1.30
SiriusXM SIRI 3.69 -0.14 TE Connectivity TEL 142.69 -1.27 TempurSealy TPX 53.94 -1.57 Tradeweb TW 101.31 -2.23 UnitedMicro UMC 8.11 -0.02 VikingTherap VKTX 77.35 -2.15 s WeatherfordIntl WFRD 123.27 4.94 XP XP 25.11 -0.11
SiteOneLandscape SITE 165.45 -8.35 SteelDynamics STLD 147.90 -1.36 Telus TU 15.94 0.05 Tenaris TS 39.47 -0.02 TraneTech TT 297.51 0.78 UPS B UPS 149.15 1.53 VinFastAuto VFS 4.84 0.01 WebsterFin WBS 48.47 -1.07 XPO XPO 121.17 -0.68
SkechersUSA SKX 58.87 -2.45 Stellantis STLA 27.51 -0.73
Skyworks SWKS 106.63 -0.41 Steris STE 216.27 -4.76 Ternium TX 41.22 -0.46 TencentMusic TME 11.28 0.16 TransDigm TDG 1203.82 -10.12 UnitedRentals URI 691.79 -18.36 Vipshop VIPS 17.51 0.03 WellsFargo WFC 57.35 -0.26 XcelEnergy XEL 54.08 0.80
Stevanato STVN 30.76 -0.57 TFI Intl TFII 158.13 -0.78 TenetHealthcare THC 102.84 -1.55 TransUnion TRU 77.82 -1.28 US Bancorp USB 43.23 -0.72 Visa V 278.44 0.16 Welltower WELL 90.98 -1.01 t XPeng XPEV 7.59 -0.17
SmithAO AOS 88.55 -0.53
StifelFinancial SF 76.59 -0.70 TIM TIMB 17.61 0.02 Teradyne TER 110.14 -2.81 Travelers TRV 227.85 -0.31 US Steel X 41.40 -0.43 Vistra VST 71.15 -0.38 WescoIntl WCC 171.44 -4.15 Xylem XYL 128.12 -0.52
Smith&Nephew SNN 24.27 -0.27
STMicroelec STM 41.95 -1.38 TJX TJX 99.47 -0.23 Tesla TSLA 166.63 -8.59 Trex TREX 94.99 -2.98 UnitedTherap UTHR 228.58 0.32 Vodafone VOD 8.88 0.09 WestPharmSvcs WST 387.90 -8.04 YPF YPF 19.91 0.28
Smucker SJM 123.06 -1.67 Stryker SYK 349.38 -5.29 TKO TKO 90.63 4.45 TetraTech TTEK 188.97 0.06 Trimble TRMB 62.83 -0.34 UnitedHealth UNH 458.14 -31.56 VulcanMatls VMC 266.25 -3.44 WesternDigital WDC 68.83 -2.02 Yum!Brands YUM 140.71 0.24
Snap SNAP 11.08 -0.17 SumitomoMits SMFG 11.36 -0.07 T-MobileUS TMUS 162.08 -0.59 TevaPharm TEVA 13.86 -0.05 s Trip.com TCOM 48.91 1.95 UnitySoftware U 26.25 -0.36 s WesternMidstrm WES 35.95 0.37 YumChina YUMC 39.89 -0.30
Snap-On
Snowflake
SNA 292.09 -2.54 SummitMaterials SUM 42.41 -0.70 TPG TPG 44.14 -0.61 TexasInstruments TXN 170.36
SNOW 156.19 -4.33 SunComms SUI 123.30 -2.14 T.RowePrice TROW 118.55 -1.75 TexasPacLand TPL 575.66
-2.81 TruistFinl TFC 37.89 -0.48 UnivDisplay OLED 164.49 -1.94 W X Y Z Westlake WLK 153.48 -0.78 ZTO Express ZTO 22.04 0.59
4.57 Twilio TWLO 60.89 -1.56 UniversalHealthB UHS 172.42 -2.79 WestRock WRK 49.27 -0.07 ZebraTech ZBRA 296.50 -4.50
SOQUIMICH SQM 48.12 -0.87 SunLifeFinancial SLF 53.35 -0.61 TaiwanSemi TSM 140.22 -1.27 TexasRoadhouse TXRH 152.27 -2.89 TylerTech TYL 413.87 -2.82 s UnumGroup UNM 54.10 0.23 WEC Energy WEC 81.89 0.33 Weyerhaeuser WY 35.43 -0.13 Zillow C Z 46.86 -1.36
t Solventum SOLV 66.90 -2.20 s SuncorEnergy SU 37.97 0.66 TakeTwoSoftware TTWO 149.57 -0.43 Textron TXT 94.13 -1.20 TysonFoods TSN 57.60 -0.25 VICI Prop VICI 29.47 -0.13 WEX WEX 238.46 1.15 WheatonPrecMtls WPM 49.18 1.55 Zillow A ZG 45.75 -1.65
Sony SONY 85.33 -0.84 SuperMicroComp SMCI 1009.91 -27.24 TakedaPharm TAK 13.55 -0.12 ThermoFisher TMO 571.56 -5.89 UBS Group UBS 30.50 0.02 VailResorts MTN 221.23 -0.87 W.P.Carey WPC 55.15 -0.92 s Williams WMB 39.30 0.43 ZimmerBiomet ZBH 128.47 -1.28
Southern SO 71.34 0.24 s Suzano SUZ 12.88 0.06 Tapestry TPR 46.10 -2.00 ThomsonReuters TRI 152.73 -2.57 UDR UDR 36.18 -0.46 Vale VALE 12.27 0.16 WPP WPP 46.37 -0.77 Williams-Sonoma WSM 310.30 -4.63 Zoetis ZTS 165.01 -2.01
s SoCopper SCCO 107.77 0.73 SynchronyFinl SYF 41.00 -0.75 s TargaResources TRGP 113.29 1.06 3M MMM 92.84 -1.18 U-Haul UHAL 67.04 -1.02 s ValeroEnergy VLO 177.22 4.58 s Wabtec WAB 145.93 1.07 WillisTowers WTW 267.81 -5.63 ZoomVideo ZM 63.78 -0.95
SouthwestAir LUV 28.33 -0.85 Synopsys SNPS 569.82 -7.07 Target TGT 176.24 -1.58 Toast TOST 23.40 -0.93 U-Haul N UHAL/B 65.80 -1.17 VeevaSystems VEEV 216.41 -13.98 t WalgreensBoots WBA 18.72 -0.82 WillScotMobile WSC 44.48 0.33 Zscaler ZS 188.74 -3.39

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
SeriesBondFd 8.85 -0.01 -1.6 SrsBlChGroRetail 17.93 -0.17 14.8 LgCpGwth 69.52 -0.44 15.6 MidCap 106.86 -1.12 6.8 MuShtAdml 15.71 -0.01 0.4 Welltn 43.08 -0.19 4.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. SeriesOverseas 13.89 -0.09 7.1 SrsEmrgMkt 18.05 +0.11 4.2 JPMorgan R Class NHoriz 58.12 -0.98 3.4 PrmcpAdml r 168.73 -1.62 7.9 WndsrII 46.25 -0.35 7.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SerLTTreBdIdx 5.51 -0.03 -5.2 SrsGlobal 14.43 -0.02 4.2 CoreBond 10.11 -0.01 -1.0 R2030 25.13 -0.11 5.0 RealEstatAdml 118.95 -1.52 -4.1 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SmCpIdxInstPrem 25.61 -0.47 2.3 SrsGroCoRetail 22.29 -0.24 14.5 CorePlusBd 7.12 -0.01 -0.8 Putnam Funds Class A SmCapAdml 106.98 -1.60 5.0 ExtndIstPl 320.68 -4.79 4.5
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes TMktIdxInstPrem 143.38 -1.19 8.8 SrsIntlGrw 18.39 -0.17 7.4 Lord Abbett I PutLargCap p 34.32 -0.21 11.5 SmGthAdml 89.32 -1.48 5.3 IdxIntl 19.24 -0.05 3.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete TotalMarketIndex 18.10 -0.15 8.9 SrsIntlVal 12.51 +0.03 7.2 ShtDurInc p 3.84 ... 1.0 Schwab Funds STBondAdml 10.01 ... -0.1 MdCpGrAdml 99.86 -1.05 5.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not TtlIntIdxInstPr 13.65 -0.02 3.8 TotalBond 9.40 -0.01 -0.9 Metropolitan West 1000 Inv r 111.89 -0.87 NA STIGradeAdml 10.17 ... 0.4 MdCpVlAdml 79.50 -0.69 6.4
tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 10.18 -0.01 -1.6 Fidelity SAI TotRetBdI 8.93 -0.02 NA S&P Sel 80.06 -0.58 NA STIPSIxAdm 23.98 +0.02 0.8 SmValAdml 80.62 -1.11 4.8
Fidelity Advisor I TotalBd 8.90 -0.01 -0.8 TRBdPlan 8.38 -0.01 NA TSM Sel r 88.12 -0.73 NA TotBdAdml 9.47 -0.01 -1.6 TotBd2 9.36 -0.01 -1.5
Total Bd 9.38 -0.02 -1.1 U.S.TreBdIdx 8.62 -0.01 -1.7 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.53 -0.08 -0.5 TotIntlInstIdx r 128.66 -0.34 3.7
Tuesday, April 2, 2024 Fidelity Selects EqIdxInst 36.63 -0.30 NA TotIntlAdmIdx r 32.17 TotItlInstPlId r 128.69 -0.34 3.7
Fidelity Freedom IIE 34.09 -0.30 3.5 -0.09 3.7
Net YTD Net YTD Net YTD Semiconductors r 30.65 -0.50 26.4 MFS Funds Class I IntlEqIdxInst 22.88 -0.11 4.7 TotStAdml TotSt 125.19 -1.03 8.8
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2030 17.27 -0.07 4.2
Softwr
125.20 -1.04 8.8
FF2035 15.32 -0.06 5.4 28.39 -0.28 2.6 GrowthI 199.03 -1.28 15.7 LrgCpGrIdxInst 57.22 -0.50 10.4 TxMCapAdml 269.06 -2.14 9.2 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq2 35.16 -0.31 8.6 FF2040 11.20 -0.06 6.8
Tech 32.06 -0.30 12.5 ValueI 51.05 -0.26 7.7 VANGUARD ADMIRAL TxMIn r 15.94 -0.07 4.1 BalInst 46.24 -0.25 4.7
MuniIncmShares 11.03 -0.06 0.2 IntlVal Inst 47.63 -0.24 NA US Small 45.35 -0.71 2.5 Freedom2030 K 17.26 First Eagle Funds Natixis Funds 500Adml 480.37 -3.49 9.5 DevMktsIndInst 15.96 -0.07 4.0
-0.06 4.3 USGroAdml 163.25 -1.39 11.3
AB Funds - ADV Baird Funds US SmCpVal 45.91 -0.69 2.5 Freedom2035 K 15.30 GlbA 66.97 -0.10 6.1 LSGrowthY 25.90 -0.22 11.5 BalAdml 46.23 -0.25 4.7 DevMktsInxInst 24.94 -0.11 4.0
-0.06 5.4 ValAdml 62.86 -0.43 8.5
LgCpGrAdv 103.91 -1.21 12.0 AggBdInst 9.64 -0.01 -1.4 US TgdVal 32.48 -0.48 2.2 Freedom2040 K 11.21 Franklin A1 Northern Funds CAITAdml 11.33 -0.05 -0.5 ExtndInst 129.95 -1.94 4.5
-0.05 6.9 WdsrllAdml 82.05 -0.62 7.9
American Century Inv CorBdInst 9.97 -0.01 -1.1 USLgVa 48.85 -0.29 10.2 Idx2030InsPre 19.54 IncomeA1 2.32 -0.01 1.5 StkIdx 53.48 -0.39 9.5 CapOpAdml r 193.27 -2.02 7.8 GrwthInst 175.91 -1.32 10.1
-0.08 3.3 WellsIAdml 60.60 -0.12 1.1
Ultra 81.91 -0.73 9.9 BlackRock Funds Dodge & Cox FrankTemp/Frank Adv Old Westbury Fds DivAppIdxAdm 48.88 -0.40 6.2 InPrSeIn 9.30 ... -0.7
Idx2035InsPre 22.42 -0.11 4.3 IncomeAdv 2.30 ... 1.5 EMAdmr 35.10 +0.09 2.8
WelltnAdml 74.38 -0.33 4.7
American Funds Cl A HiYldBd Inst 7.02 -0.02 1.5 Balanced 103.28 -0.44 3.8 Idx2040InsPre 23.42 LrgCpStr 18.97 -0.11 9.3 InstIdx 428.38 -3.11 9.5
-0.11 5.5 FrankTemp/Franklin A EqIncAdml 89.65 -0.35 7.0 WndsrAdml 75.73 -0.79 4.6
AmcpA 41.77 -0.39 9.6 BlackRock Funds III GblStock 15.63 -0.08 4.8 Idx2045InsPre 24.53 Parnassus Fds InstPlus 428.37 -3.11 9.5
-0.13 5.9 DynaTech A 151.92 -1.68 13.6 ExplrAdml 108.23 -1.67 4.8 VANGUARD FDS
AMutlA 53.79 -0.34 5.9 iShS&P500IdxK 609.94 -4.42 9.5 Income 12.35 -0.02 -1.1 Idx2050InsPre 24.57 ParnEqFd 60.11 -0.37 9.2 InstTStPlus 89.15 -0.73 8.8
-0.13 5.9 Growth A 134.05 -1.32 9.3 ExtndAdml 129.96 -1.94 4.5 DivdGro 38.42 -0.28 4.4 MidCpInst 67.27 -0.65 6.1
BalA 33.61 -0.18 5.4 BlackRock Funds Inst Intl Stk 50.35 -0.15 2.4 Fidelity Invest PGIM Funds Cl Z
RisDv A 93.84 -0.77 6.1 GroIncAdml 100.53 -0.83 11.4 IntlVal 41.81 -0.05 3.6 MidCpIstPl 331.78 -3.17 6.1
BondA 11.19 -0.01 -1.6 EqtyDivd 20.51 -0.09 6.9 Stock 254.96 -2.03 7.2 Balanc 28.59 -0.15 6.2 TotalReturnBond NA ... NA LifeCon 20.66 -0.07 2.0
Guggenheim Funds Tru GrwthAdml 175.90 -1.32 10.1 RealEstaInstl 18.41 -0.23 -4.1
CapIBA 67.80 -0.15 3.1 StratIncOpptyIns 9.38 -0.01 0.6 DoubleLine Funds BluCh PIMCO Fds Instl
199.82 -1.85 15.3 TotRtnBdFdClInst 23.36 -0.03 -0.8 HlthCareAdml r 87.61 -1.67 2.2 LifeGro 43.58 -0.23 5.2 SmCapInst 106.97 -1.60 5.0
CapWGrA 64.41 -0.30 7.5 TotRet 9.81 -0.01 NA TotRetBdI NA ... NA BluChpGr K6 30.66 AllAsset 11.05 -0.02 NA
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EupacA 58.37 -0.16 6.7 Calamos Funds Edgewood Growth Instituti Contra 18.91 -0.09 17.6 CapApInst 108.87 -0.92 12.8
TotRt 8.50 ... NA PrmcpCor 34.44 -0.31 8.5
InfProAd 22.83 ... -0.7 STIGradeInst 10.17 ... 0.4
FdInvA 78.97 -0.62 10.7 MktNeutI 14.42 -0.01 1.9 EdgewoodGrInst 48.75 -0.53 11.5 ContraK 18.97 -0.10 17.6 Harding Loevner PIMCO Funds A
InfTechIdx 265.91 -2.88 7.6 STAR 27.83 -0.14 3.6 STIPSIxins 24.00 +0.02 0.8
GwthA 70.47 -0.62 11.6 Columbia Class I Fidelity CpInc 9.88 -0.03 3.7 IntlEq 26.23 -0.08 NA IncomeFd 10.56 +0.01 NA
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HI TrA 9.52 -0.03 1.8 DivIncom I 32.47 -0.16 7.3 500IdxInstPrem 181.26 -1.32 9.5 GroCo PIMCO Funds I2
36.42 -0.39 14.1 Invesco Funds Y ITBondAdml 10.10 -0.02 -1.6 TgtRe2025 18.94 -0.08 3.0 TotBdInst2 9.36 -0.01 -1.5
ICAA 55.10 -0.38 9.6 Dimensional Fds Contrafund K6 27.01 -0.14 17.3 InvGrBd 9.87 -0.01 -1.2 DevMktY 39.64 +0.14 2.6 Income 10.56 +0.01 NA ITIGradeAdml 8.50 -0.01 -1.0 TgtRe2030 36.80 -0.16 3.7 TotBdInstPl 9.47 -0.01 -1.6
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N PerA 60.21 -0.31 7.7 EmMktCorEq 23.09 +0.06 3.2 FidSerToMarket 17.08 -0.14 8.9 Magin 14.16 -0.11 15.0 DispValMCI 29.38 -0.25 7.3 IncomeFd 10.56 +0.01 NA LTGradeAdml 7.75 -0.03 -3.5 TgtRe2040 41.25 -0.21 5.0 TotStInst 125.22 -1.04 8.8
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Data showed China’s official factory purchasing managers index in March moving back above the 50-point level separating expansion from contraction for the first time since September.
Is China’s Economy Bottoming Out?
Recent data contains clear hints of improvement, but the Federal Reserve could play spoiler
Better late than never: After a
rough 2023 and early 2024, the
first read on China’s economy in
March points to a tentative re-
bound heading into the second
quarter.
Data released over the weekend
showed China’s official factory
purchasing managers index in
March moving back above the 50-
point level separating expansion
from contraction for the first time
since September. The services sec-
tor index notched its strongest
reading since June, and a separate
factory gauge from Caixin and S&P
Global hit a 13-month high.
The good news is the improve-
ment is probably real: Exports and
the global electronics sector seem
to be on the mend again, and
looser Chinese credit markets are
helping support investment. The
bad news is that Beijing still
seems very nervous about letting
the yuan fall too far, and U.S. rates
are rebounding again.
That could make further signifi-
cant monetary stimulus much
Medicare Gets Tougher for Health Insurers
Medicare Advantage plans had
already been facing an unusual
rise in medical costs. Now, the
payments they get from the gov-
ernment also are squeezing them
from the other side.
Late Monday, the Centers for
no
Medicare and Medicaid Services
said it would leave an earlier pay-
ment proposal unchanged, which
came as a big disappointment to in-
vestors who had expected an in-
crease. On Tuesday, insurance gi-
ants declined, with Humana falling
13%. Centene and UnitedHealth
were down by less.
The sharp declines highlighted
growing concern among investors
that Medicare plans will continue
to face earnings pressure going
forward. In recent months, insur-
ance giants had been warning that
the proposed rates released by
Calvin Klein Owner PVH Confronts Harsh Reality
Calvin Klein owner PVH’s dim
outlook for 2024 sent its shares
down 22% on Tuesday, its biggest
percentage decline since 1987.
PVH, which also owns Tommy
Hilfiger, last Monday reported a
better-than-expected holiday quar-
ter. The company said revenue
was flat in the quarter ended Feb.
4 compared with a year earlier,
better than the 2.8% decline that
analysts polled by Visible Alpha
expected.
Adjusted earnings per share of
$3.72 also beat Wall Street expec-
tations.
But the apparel company’s out-
look looked much worse than in-
dustry analysts’ expectations.
For the current quarter, PVH
said it expects revenue to fall 11%
year over year, less than the 3.7%
decline that analysts forecast. For
the full fiscal year, the company
expects sales to contract 6% to 7%.
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
on
trickier. And China’s job market
and property sector still look
weak. Growth of around 5% for
2024, the official target, still looks
like a big reach.
us ,
Even so, there is no denying
l
China’s recent monetary easing—
e
al a
especially the big cut to banks’
reserve requirement ratios effec-
tive in early February—seems to
ci on
be working. After a long period in
which borrowing costs looked
much too high for the economy’s
health as a whole, credit markets
have begun to noticeably improve
er s
in recent weeks, particularly for
lower-rated borrowers. Yields on
m er
three-month, AA-minus-rated cor-
porate debt have fallen by 0.6
percentage point since mid-Febru-
ary, according to figures from
data provider CEIC. Chinese gov-
m rp
ernment-bond yields are down
significantly, too, although by
much less.
At the same time, exports have
begun looking healthier. China’s
co Fo
official export orders PMI subin-
dex jumped to a 13-month high of
CMS in January were too low
given a spike in medical costs.
Medicare Advantage comprises
n-
private plans that are typically
more profitable than other seg-
ments of the health-insurance mar-
ket. They have grown in popularity
in recent years, and large insurers
have rushed into the market to take
advantage of the growing opportu-
nity.
But investors have cooled some-
what on it as the Biden administra-
tion has cracked down on what
critics refer to as upcoding, a prac-
tice through which insurers are ac-
cused of obtaining higher payments
by recording more medical condi-
tions for patients.
Typically, CMS releases a rate
proposal in January and revises it
upward in April after lobbying
from insurance giants and mem-
PVH's outlook for the current quarter was much worse than analyst views.
Analysts expected a 1% decline.
This looks notably weaker than
Ralph Lauren, which said in Feb-
ruary that it expects revenue to
increase by a low-single-digit per-
ON
THE
Chinese and U.S. rates and bond yields
7%
6
5 AA-rated one-year
Chinese corporate debt
4
U.S. 10-year
Treasury
3 Treasury yields and inflation data,
2 Chinese 7-day
interbank repo
1
0 vestment might lose steam. Just
2019 ’20 ’21 ’22 ’23 ’24
Source: CEIC
51.3 in March—a rise that was index hit its highest level since
echoed in the privately compiled mid-2021 in March.
Caixin survey. Seasonal factors in- No surprise then to see China’s
cluding the end of the Lunar New manufacturing investment begin-
Year may be one reason. But the ning to bounce back a bit more
global electronics sector also has convincingly. Overall factory in-
been recovering of late, and U.S. vestment rose nearly 10% year
consumers have been feeling less over year in January and Febru-
grumpy, at least according to ary. Investment in computer and
some measures. The University of communication-equipment manu-
Michigan’s consumer sentiment facturing was up nearly 15%. For
bers of Congress. So when insurers The decision could lead some
were disappointed after the gov- Medicare Plans to prioritize mar-
ernment released a rate proposal in gins over growth and cut back on
January that implied an average some benefits.
decline of 0.16% in 2025, Wall “This could put further incre-
Street assumed they would get a mental pressure on the multiyear
bump when the final notice came effort to return to normalized
around in April. The industry had margins that most plans are ex-
plenty of backing in Washington. pecting,” wrote Michael Wieder-
Rep. Vern Buchanan (R., Fla.) was horn, an analyst at Oppenheimer.
just one of many who complained For Humana, which is purely fo-
that the rates would negatively af- cused on Medicare Advantage, the
fect seniors in his district. announcement was especially con-
“Payment stability will ensure cerning. Even before the an-
that premiums remain affordable, nouncement, the stock was down
popular supplemental benefits re- 25% this year after the company
main intact, and provider reim- disclosed higher-than-expected
bursements remain competitive,” medical costs.
he wrote in a letter with 18 other Medicare Advantage is still a
House members. highly attractive business over the
But on Monday, the agency re- long run. The federal government
vealed it hadn’t budged from its said in its announcement on Mon-
January announcement. day it is projected to pay between
On a Tuesday morning earnings
call, PVH said consumer demand
has weakened considerably in Eu-
rope—especially in Germany and
the U.K., its two biggest European
markets.
Wholesale partners in Europe
such as department stores are
placing fewer forward orders with
PVH and the company expects the
fall season’s order books to be
RICHARD B. LEVINE/ZUMA PRESS
down by a high-single-digit per-
centage compared with last year.
The company said retailers are
especially cautious because last
year’s fall was unusually warm,
which led to weak seasonal sales
and a lot of clearance and promo-
tional events in the market.
PVH’s shares were probably due
centage for its fiscal year. PVH’s for a correction.
cautious commentary dragged Before Tuesday’s decline, they
down Ralph Lauren and Tapestry, had appreciated 73% since it set
the owner of Coach, which both out a strategic plan in April 2022
shed more than 4%. that set an operating margin goal
Wednesday, April 3, 2024 | B13
AGENCE FRANCE-PRESSE/GETTY IMAGES
.
ly
2023 as a whole, those figures
were 6.5% and 9.3% respectively.
There also are some reasons to
doubt that momentum will be sus-
tained. Short-term interbank rates
have jumped again noticeably
since late March, a period that
also saw a renewed rise in U.S.
and a selloff in the yuan. If China’s
central bank starts tightening li-
quidity again at the margins to de-
fend the yuan, factory sector in-
as important, the improvement in
the headline official PMI readings
last month wasn’t mirrored in the
employment subindexes, and the
housing sector data for January
and February still looked weak.
With the job and property mar-
kets still in the doldrums, China’s
economy needs all the help it can
get from a supportive central bank
and exports. If the Federal Reserve
delays rate cuts, at least one of
those props might not stick
around.
—Nathaniel Taplin
Stock-price performance,
year to date
20%
Centene
CVS
UnitedHealth
10 Humana
0
–10
–20
–30
Jan. 2024 Feb. March April
Source: FactSet
$500 billion and $600 billion in
Medicare Advantage payments to
private health plans in 2025.
For now, though, betting on a
turnaround for stocks facing both
revenue and cost pressures might
be a bit risky. —David Wainer
of 15% and an annual revenue tar-
get of $12.5 billion by 2025.
Tuesday’s outlook puts the
company’s 2024 revenue at less
than $9 billion and operating mar-
gins at around 10%, making those
2025 targets look much more dis-
tant. But PVH is also using this
year as a spring cleaning of sorts.
It is starting off the year with 21%
less inventory so that it can sell
through more full-priced, season-
ally relevant products and mini-
mize deep discounts. In Europe,
the company said it will become
more selective about where its
brands are sold. By midyear, it will
stop allowing third parties there
to sell PVH’s brands on digital
platforms.
Those actions should be good
for the brand’s cachet in the long
term, but getting there will come
with some pain.
—Jinjoo Lee
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B14 | Wednesday, April 3, 2024 THE WALL STREET JOURNAL.

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