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☆ Slowing Jobs Juggernaut Gives Fed Breathing Room
▼ + stars: | 2023-05-05 | by ( Justin Lahart | ) www.wsj.com time to read: 1 min

WSJ’s Nick Timiraos explains how 2% became the central bank’s sweet spot, and what happens when the U.S. economy strays too far from it. Photo Illustration: Preston JesseeReally, the job market is cooling. Or, rather, getting a little less hot. The Labor Department on Friday reported that the U.S. economy added 253,000 jobs last month—more than the 180,000 economists polled by The Wall Street Journal were looking for—and that the unemployment slid to 3.4% from 3.5%, matching the multidecade low it ticked in January. Average hourly earnings rose more than expected, and were up 4.4% from a year earlier.

☆ Obesity Could Be Pharma’s Biggest Blockbuster Yet
▼ + stars: | 2023-05-05 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Some drugs initially approved to treat Type 2 diabetes are now being used for cosmetic weight loss. WSJ’s Daniela Hernandez explains how they work, their side effects, and concerns over unintended consequences. Illustration: Elizabeth SmelovAs social-media hype around drugs like Ozempic and Mounjaro explodes, patient testimonies have focused not only on the dramatic effect on their waistlines, but also on how quickly many seem to pack the pounds back on if they stop taking the injections. That may not be ideal for patients, but for Wall Street it is a feature rather than a bug. Nothing gets investors more hyped up than a product whose target market is massive—more than 40% of American adults are obese—and that also needs to be taken indefinitely.

☆ Is the Fed Done Raising Rates?
▼ + stars: | 2023-05-05 | by ( Harriet Torry | ) www.wsj.com time to read: 1 min

Inflation is slowly easing, but it is still far from the Fed’s 2% target. WSJ’s Nick Timiraos explains how 2% became the central bank’s sweet spot. Photo illustration: Preston JesseeFederal Reserve officials this past week raised interest rates to a 16-year high and signaled they might be done hiking them for now. But they didn’t say exactly how they will know when they have reached that point. Fed Chair Jerome Powell said at a Wednesday press conference that policy makers will base the decision “on the totality of incoming data and their implications for the outlook for economic activity and inflation.”

☆ PacWest Stock Surges 82%, Regional Banks Recover After Selloff
▼ + stars: | 2023-05-05 | by ( Gina Heeb | Joe Wallace | ) www.wsj.com time to read: 1 min

The FDIC seized First Republic Bank early Monday and struck a deal to sell the bulk of its operations to JPMorgan Chase. WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the industry. Illustration: Preston JesseeShares of under-fire regional banks surged to recover some of their lost ground on Friday, though many still ended the week nursing hefty losses. Bankers and government officials hoped the sale of First Republic Bank to JPMorgan Chase on Monday would draw a line under upheaval from the collapses of Silicon Valley Bank and Signature Bank in March. But investors continued to hunt for weak links for much of the week, dumping shares of midsize and smaller banks.

☆ Ron DeSantis Signs Bill Nullifying Disney Development Agreements
▼ + stars: | 2023-05-05 | by ( Arian Campo-Flores | ) www.wsj.com time to read: 1 min

After a year of trying to outmaneuver each other, Walt Disney Co. is suing Florida Gov. Ron DeSantis. Ron DeSantis signed legislation nullifying agreements Walt Disney Co. struck that allowed the company to retain some control over future development in the district covering its Orlando-area theme parks. The move opens another front in the Republican governor’s yearlong battle with the entertainment giant. It is the second effort aimed at invalidating the agreements, after a board that oversees the district—whose new members were named by the governor—last week declared the accords null and void.

☆ Biden Administration Warns of AI’s Dangers. There’s a Limit to What White House Can Do.
▼ + stars: | 2023-05-05 | by ( Sabrina Siddiqui | John D. Mckinnon | ) www.wsj.com time to read: 1 min

New AI voice and video tools can look and sound like you. But can they fool your family—or bank? WSJ’s Joanna Stern replaced herself with her AI twin for the day to find out. Photo illustration: Elena ScottiWASHINGTON—The Biden administration is confronting the rapidly expanding use of artificial intelligence, warning of the dangers the technology poses to public safety, privacy and democracy while having limited authority to regulate it. Vice President Kamala Harris, who met Thursday with the chief executives of leading AI companies Google, Microsoft , OpenAI and Anthropic, said the technology “has the potential to dramatically increase threats to safety and security, infringe civil rights and privacy, and erode public trust and faith in democracy.”

☆ North Carolina Passes 12-Week Abortion Ban
▼ + stars: | 2023-05-05 | by ( Jennifer Calfas | Laura Kusisto | ) www.wsj.com time to read: 1 min

From a high-stakes legal battle over the abortion pill mifepristone, to states debating their own legislation, WSJ’s Laura Kusisto highlights where abortion access stands now and what could come next. Photo Illustration: Preston JesseeNorth Carolina’s Republican-led legislature passed a ban on most abortions after 12 weeks of pregnancy, setting the state on a path to restricting access that could ultimately reverberate across the region. North Carolina has become a crucial access point for patients in the Southeast seeking abortions after the Supreme Court last year overturned Roe v. Wade and many states in the region enacted near-total bans on the procedure.

☆ PacWest and the Bank Confidence Genie
▼ + stars: | 2023-05-04 | by ( Aaron Back | Telis Demos | ) www.wsj.com time to read: 1 min

The FDIC seized First Republic Bank early Monday and struck a deal to sell the bulk of its operations to JPMorgan Chase. WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the industry. Illustration: Preston JesseePacWest Bancorp is the latest lender to face an investor panic. What is becoming clear is that investors aren’t willing to give some banks much credit beyond the bare minimum. The immediate trigger for Thursday’s selloff in PacWest and other regional bank stocks appeared to be a Bloomberg story Wednesday afternoon saying the California lender is looking at “strategic options,” including a sale or breakup.

☆ Regional-Bank Shares Dive as Investors Fret About Contagion
▼ + stars: | 2023-05-04 | by ( Gina Heeb | ) www.wsj.com time to read: 1 min

WSJ’s Ben Eisen explains what led to First Republic Bank’s failure and what it means for customers, investors and the industry. Illustration: Preston JesseeRegional-bank stocks tumbled Thursday morning despite assurances from the Federal Reserve that the banking system is on solid footing. PacWest Bancorp , which has been hit hard since regional banks started wavering in March, fell a record 42% after the market opened. The stock started falling in after-hours trading Wednesday evening, after a report that it was considering selling itself.

☆ Why You Might Not Be Able to Start Taking Wegovy
▼ + stars: | 2023-05-04 | by ( Dominic Chopping | Peter Loftus | ) www.wsj.com time to read: 1 min

Some drugs initially approved to treat Type 2 diabetes are now being used for cosmetic weight loss. WSJ’s Daniela Hernandez explains how they work, their side effects, and concerns over unintended consequences. Illustration: Elizabeth SmelovThe Danish pharmaceutical giant that makes the obesity drug Wegovy said it would temporarily hold back some lower-strength starter doses in the U.S. in an effort to safeguard supplies for current patients amid soaring demand. The Food and Drug Administration cleared Wegovy, made by Novo Nordisk , as a treatment for chronic weight management in 2021. It has since exploded in popularity.

☆ Toronto-Dominion Bank, First Horizon Call Off Merger
▼ + stars: | 2023-05-04 | by ( Vipal Monga | Adriano Marchese | ) www.wsj.com time to read: 1 min

The collapse of Silicon Valley Bank sent shock waves through Wall Street and Main Street. WSJ’s Dion Rabouin explains what this means for investors and everyday Americans. Illustration: Preston JesseeToronto-Dominion Bank and Tennessee-based First Horizon have called off their $13.4 billion merger. TD ran into hurdles getting regulators to sign off on the deal, announced in February 2022. The Canadian lender said it couldn’t be sure when or if it would get the necessary approvals, so the two banks decided to terminate the deal.

☆ How the Studio Behind ‘Super Mario’ and ‘Minions’ Has Become the Animation Leader
▼ + stars: | 2023-05-04 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

Can Nintendo stay competitive in the evolving videogames industry? WSJ’s Sarah E. Needleman and analyst Michael Pachter discuss Nintendo’s game-changing approach to the videogames industry. The founder of the animation studio behind “Super Mario” and the yellow, chattering “minions” cartoon characters says his movies aren’t made specifically for children. “Thematically there’s an underpinning to every one of our films. “When we sit down in our creative process, we’re never intending or focused on, ‘We’re making it for children,’ though it may come out that way.”

☆ The Simple Secret to the ‘Super Mario’ Animation Studio’s Success
▼ + stars: | 2023-05-04 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

☆ Apple, Google, GM and the $1.5 Trillion Battle for the Car Dashboard
▼ + stars: | 2023-05-04 | by ( George Downs | ) www.wsj.com time to read: 1 min

E51In an Era of EVs, Can the Combustion Engine Be Saved? The EU has granted eFuels an exemption in its 2035 ban on sales of new combustion engines. WSJ’s George Downs visits synthetic fuel startup Zero to understand how efuels are made and how they could impact autos. Photo Composite: George Downs

☆ Russian Government Says Kremlin Hit by Ukraine Drones
▼ + stars: | 2023-05-03 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

First Republic Seized and Sold: Why It Happened and What Comes Next The FDIC seized First Republic Bank early Monday and struck a deal to sell the bulk of its operations to JPMorgan Chase. WSJ’s Ben Eisen explains what led to the bank’s failure and what it means for customers, investors and the industry. Illustration: Preston Jessee

☆ Hollywood Writers Strike May Give Studios Chance to Slash Costs
▼ + stars: | 2023-05-03 | by ( Joe Flint | ) www.wsj.com time to read: 1 min

The union representing movie and television writers went on strike after union’s talks with major networks, streamers and studios ended without a deal. WSJ’s Joe Flint explains what’s at stake. Photo: Aude Guerrucci/ReutersThe Hollywood writers’ strike could give studios and streamers an opportunity to slash costs by exiting undesirable talent contracts if the work stoppage drags on for an extended period, some entertainment executives said. Members of the Writers Guild of America, which represents some 11,500 writers, went on strike this week after failing to reach a new deal Monday with the Alliance of Motion Picture and Television Producers, whose members include Netflix , Disney, Warner Bros. Discovery and Paramount.

☆ From WGA Strike’s Front Line, Late-Night Writers Speak Out
▼ + stars: | 2023-05-03 | by ( John Jurgensen | ) www.wsj.com time to read: 1 min

The union representing movie and television writers said Monday they are going on strike, after talks with major networks, streamers and studios ended without a deal. WSJ’s Joe Flint explains what’s at stake. Photo: J. David Ake/Associated PressDevin Delliquanti had jokes at the ready about the King of England’s fingers. But instead of working on those punchlines for a Tuesday-night edition of “The Daily Show,” the staff writer spent the afternoon on a picket line in Midtown Manhattan with colleagues, chanting slogans and hoisting signs with messages such as “Do the write thing!” and “Miss your show, let them know!”“We’re on strike, so I’m not allowed to tell you what [‘The Daily Show’] would have said about the coronation of a man with sausage fingers,” Mr. Delliquanti said. “I wish we were doing a normal Tuesday but we need a fair contract to get the show on the air.”

☆ Writers Strike in Hollywood and New York: Here’s What to Know
▼ + stars: | 2023-05-03 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

☆ Hunter Biden’s Legal Issues Shadow Launch of President’s Re-Election Campaign
▼ + stars: | 2023-05-03 | by ( C. Ryan Barber | ) www.wsj.com time to read: 1 min

WSJ’s Ken Thomas breaks down how the political landscape has changed since 2020 and what challenges President Biden will face in 2024. Photo Illustration: Ryan TrefesWASHINGTON—In the week since President Biden announced his re-election bid, legal developments in Washington and Arkansas have underscored the potential liabilities his son, Hunter Biden , could present for the campaign. The day after the president’s campaign launch, lawyers for Hunter Biden met with Justice Department officials about the continuing criminal inquiry focused on his taxes and whether he made false statements in connection with a gun purchase, according to people familiar with the gathering.

☆ Watch: Federal Reserve Raises Interest Rate by Quarter-Point
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: 1 min

Why This Rolex Is Worth More Used Than NewWhy are some consumers willing to spend more for a used watch than for a new version of the same model? WSJ’s Jacob Gallagher explains why the secondary market for watches has exploded in recent years and how Rolex is trying to get in on the action. Photo illustration: Xingpei Shen

☆ Powell: Will Take Time for Interest-Rate Effects to Be Realized
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: 1 min

☆ Texas Mass Shooting Suspect, Others Arrested After Manhunt
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: 1 min

☆ Texas Mass Shooting Suspect Arrested After Sprawling Manhunt
▼ + stars: | 2023-05-03 | by ( ) www.wsj.com time to read: 1 min

☆ Chegg Stock Nearly Cut in Half After Warning That ChatGPT Is Hurting Growth
▼ + stars: | 2023-05-02 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

New AI voice and video tools can look and sound like you. WSJ’s Joanna Stern replaced herself with her AI twin for the day to find out. Photo illustration: Elena ScottiShares of Chegg were cut nearly in half after the company, which offers tools to help students with homework, said ChatGPT is eating into its growth. The stock fell almost 46% to $9.54 a share in morning trading, on pace for its lowest close since 2017. Shares of virtual language-learning company Duolingo fell 9% while American depositary receipts tied to shares of London-based Pearson fell 12.5%.

☆ First Republic Seized and Sold: Why It Happened and What Comes Next
▼ + stars: | 2023-05-02 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Hollywood Writers Strike: What It Could Mean for Your Favorite Shows The union representing movie and television writers said Monday they are going on strike, after talks with major networks, streamers and studios ended without a deal. WSJ’s Joe Flint explains what’s at stake. Photo: J. David Ake/Associated Press

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