Wall Street Journal — 2026-03-13

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🇺🇸WALL STREET JOURNAL March 13, 2026 Friday @newspaper_archive

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**FRIDAY,MARCH13,2026~VOL.CCLXXXVIINO.59WSJ.comHHHH$5.00DJIA46677.85g739.421.56%NASDAQ22311.98g1.8%STOXX600598.86g0.6%10-YR.TREAS.(Reopening)yield4.272%OIL$95.73À$8.48GOLD$5,115.80g$51.60EURO$1.1514YEN159.35Theprivate-creditenginethatpoweredmassivegrowthonWallStreetissputteringasinvestorstrytopullmoneyfrombigfunds,forcingfirmsintounpalat-abledecisionsandjeopardiz-ingtheirfutureprofits.A1MajorU.S.stockindexesre-treatedinthefaceofIran’sde-fiance,withtheS&P500,Nas-daqandDowshedding1.5%,1.8%and1.6%,respectively.B1Analystsforecastlong-lastingupheavalintheoilmarketandhigherpricesasaresultofwar-relateddis-ruptiontoGulfenergysup-plies.A1,A7,B9Awar-fueledsurgeinthepriceoffertilizerboostedproducers’stockpriceswhileforcingtoughchoicesonfarmersaheadofthespringplantingseason.B1Initialjoblessclaimswereslightlylowerlastweek,sig-nalinglayoffsbyemployersremainmodest.A2ByteDanceisassemblingcomputingpowerwithhigh-endNvidiachipsoutsideChinatofuelitsambitionofbecomingaglobalartificial-intelligenceleader.B1TeslasecuredalicensetosupplyelectricitytohouseholdsandbusinessesinBritain,aboostforacompanyseekingtoexpanditsenergybusiness.B2Hondaexpectstobookupto$15.7billioninexpensesandlossesrelatedtothereassess-mentofitsEVstrategyandexpectstoswingtoitsfirstannuallossindecades.B4AdobesaidCEOShantanuNarayen,wholedthesoft-warecompany’stransforma-tionoverthepast18years,willstepdownafteritfindsanewleaderfortheAIera.B3What’sNewsBusiness&FinanceWorldwideWSJ.MAGAZINEcolmandomingoCOTONOU,Benin—PerhapsMaj.Gen.AbouIssashouldhaverealizedhewasfacingacoupd’étatwhenajuniorsol-dierpunchedhiminthemouth.ThesoldierbelongedtoanemergencyunitdispatchedtoIssa’shousetorescuehimfromadark-of-nightattackbymaskedgunmen.Insteadofsavingthegeneral,half-a-dozensoldiersclubbedhimintobloodyunconsciousnesswiththeirriflebutts.ButithadalreadybeenaAwomansurveysdamageThursdaytoaHaniel,Israel,homehitbyarocketbarragefiredfromLebanonbyIran’sHezbollahallies.SHIRTOREM/REUTERSBYREBECCAFENGSiliconValley’sNewObsession:WatchingBotsDoTheirWorkiiiFleetsofAIassistantscheckemails,managecalendarswhiletechiesplayAtaholidaygatheringinSanFrancisco,partygoerssippedCelsiusandkeptsneak-ingglancesattheircracked-openlaptopswithamixofprideandfear.TheywerecheckingontheirfleetsofAIassistantstomakesuretheywerestillla-boringaway.Whatareyourbotsupto?Thetopicisthebiggestflex—andsourceofstress—inSiliconValley,wheretechprosandamateursarecompetingtoseehowmuchoftheirgruntworktheycanoutsourcetoAIwith-outthingsbackfiringspectacu-larly.They’reenlistingagentstocode,managetheircalendarandrespondtoemails.Bots’humanmasterssetthemtoworkwhentheygotosleeportoparties,andcheckonthemregularly.CallthemthemoderndayTamagotchi,thedigitalpetfromthe1990s,butwithalotmorefirepower.NikunjKothari,aventurecapitalistbydaywhobuildsappsbynight,wakesupandcheckshisagentsfirstthinginthemorning,beforecoffee.HesayshebarelywatchesNetflixanymorebecauseplayingwithPleaseturntopageA10BYKATECLARKAirForceRefuelingPlaneCrashesInIraqMidaircollisionissuspectedinlossofU.S.crafttakingpartinIrancampaignTOMORROWconfusingnightofstrangeandviolentevents.SomeonebrokedownthedoorofIssa’shouse.Someoneshotathiswife.Someonestolea24-packofSpritefromhislarder.Soevenwhenthe60-year-oldchiefofstaffofBenin’sarmycametointhebackofanarmoredvehicle,hestillwasn’tsurewhyallthiswashappeningtohim.Hewasconfidentofonething,though:“IthoughtIwasgoingtodiethatday.”Thisistheinsidestoryofacoupd’état—ofgunfightsandPleaseturntopageA10BYMICHAELM.PHILLIPSAnAfricanCoupUnravelsin24HoursScrambleforpowerkickedoffgunbattles,kidnappingandbetrayalWednesdaywhenCliffwaterCapitaltoldclientsthatinves-torsinitslargestfundaskedtocashout14%oftheirmoneythisquarter.The$33billionfundwillpayoutabout50%oftheredemptionre-quests,meaningthattheotherhalfwillneedtowaitatleastanotherquartertoexit.Cliffwatersolditsfundsprimarilytoindividualinves-tors,aplaybookthatlargercompetitorslikeApolloGlobalManagement,BlackRock,BlackstoneandBlueOwlad-opted,makingthemallin-creasinglydependenton“re-tail”moneyforgrowth.Theyharboredhopesofgettinganevenbiggersliceofindivid-ual’smoney,pushingtogetaccessto401(k)s.Thestrategystartedback-firingunexpectedlyinrecentmonths.Somebadloansfrombothprivate-lendersandPleaseturntopageA2Theprivate-creditenginethatpoweredmassivegrowthonWallStreetissputtering,withinvestorstryingtopullmoneyoutofbigfunds,forc-ingfirmsintouncomfortabledecisionsandendangeringtheirfutureprofits.ThelatestexamplecameByMattWirz,PeterRudegeairandGinaHeebBUSINESS&FINANCETesla’sgrandplanforthefutureisacarwithnosteeringwheel.B1MANSIONBig-budgetfishtanksaretakingoverAmerica’smostexpensivehomes.M1Theoilmarketiswakinguptoanewreality:DisruptiontotheGulf’senergysuppliesisn’tendinganytimesoon.WhentheU.S.andIsraelfirstattackedIran,sometrad-ersexpecteddaysofdisorder.Nowtheyareexpectingtheturmoiltolastweeksormonths.OnThursday,BrentJan.2025MarchMarchMayJulyFront-monthcontractSept.Nov.Jan.’265060708090$100abarrelBrentcrude-oilfuturespriceSource:DowJonesMarketDataThursday$100.46LargestonedaydollargainsinceMarch17,2022OilMarketTurmoilExpectedToLingerasPriceTops$100Analystsarenowforecastinglonger-lastingupheaval—andhigherpricescrudeshotbackabove$100abarrelamidgrowingconcernsaboutaprotractedperiodofdisruptiontotheoilmarket.Futuressettledat$100.46,upmorethan9%fortheday.Severaltankerswereat-tackedintheStraitofHormuzonThursday,withIran’snewsupremeleadervowingtokeepthevitalwaterwayclosed.PresidentTrumpsaidstoppingtheIranianregimefromgettingnuclearweaponswasahigherprioritythanoilprices.Severalanalystssaidcrudecouldhitnewmultiyearhighsiftheconflictdragson.PleaseturntopageA7AU.S.refuelingplanecrashedinwesternIraqThursday,astheAmericanmilitarypresseditspunishingaircampaignagainstIran.Rescueoperationswereun-derway,andtheU.S.militarydidn’tsaywhethertheser-vicemembersintheU.S.KC-135Stratotankerwerekilledinthecrash.Anyfatali-tieswouldmarkthefirstAirForcelossesduringthewarwithIran,accordingtothemilitary.Twoaircraftwereinvolvedinwhatinitialreportspointedtoasamidaircolli-sion,saidpeoplefamiliarwiththeepisode.Thesecondaircraft,whichisalsoaKC-135,landedsafely,U.S.of-ficialssaid.CentralCommand,whichoverseesU.S.forcesintheMiddleEast,saidthelossoftheplanewasn’tcausedbyhostileorfriendlyfire.Aerialrefuelingtankersplayanessential,thoughof-tenunheralded,roleinanaircampaign.PleaseturntopageA5ByMichaelR.Gordon,MarcusWeisgerberandShelbyHollidayIranSetsHighBaronTalkstoEndtheConflictIran’sregimeItstillhasastronggriponpower,Israelissay.A5MilitaryDiplomat-warriorleadsU.S.forceinMideast.A8RisingpricesAirfaresclimb,drivenlargelybyfuelcosts.B1StockstumbleEconomicrisksofwarhitstockindexes.B1HeardontheStreetWhyinvestorsaren’tfleeingtohavenstocks.B10ExodusofMoneyEndangersFinance’sPrivate-CreditCrazeINSIDEArabdiplomatstryingtofindadiplomaticpathoutofthewarbeingwagedbytheU.S.andIsraelagainstIransaidTehran,emboldenedbyitsabil-itytorattletheglobaleconomybychokingoilshipments,haslaidoutsteeppreconditionsforanyreturntotalks.Iranisdemandingthattheairstrikesstopbeforeitenter-tainscease-firediscussionsandwantsfirmguaranteesitwon’tbeattackedagainifitagreestostopthefight,Arabdiplomatssaid.ItalsowantsreparationsfordamagesandishopingtogetU.S.forcestodisengagefromtheregion.Thedemandsarepartofabroaderpublicexpressionofconfidenceinrecentdays.AfternearlytwoweeksofintenseU.S.andIsraeliair-strikesthatkilledIranianSu-premeLeaderAliKhamenei,sunkmuchoftheIraniannavyandhititsmissilesites,Iran’sleadershipappearstobefirmlyincontrolandcapa-bleoflandingblowsagainstitsneighbors.Itsmilitarycontinuestoscorehitsontargetsaroundtheregion,includinganum-beroftankersandcargoPleaseturntopageA5BYSUMMERSAIDANDBENOITFAUCONs2026DowJones&Company,Inc.AllRightsReservedCONTENTSArtsinReviewA11-12Business&Finance....B2BusinessNews.B3-4Crossword................A12FromPageOne..A10HeardonStreet..B10Mansion...............M1-16Markets................B9-10MarketsDigest.....B6Opinion................A13-15Sports..........................A16U.S.News..............A2-4WorldNews.....A5,7-9>AU.S.refuelingplanecrashedinwesternIraqandrescueoperationswereun-derway,astheAmericanmilitarypresseditspunishingaircampaignagainstIran.A5ArabdiplomatstryingtofindapathoutofthewarsayTehran,emboldenedbyitsabilitytorattletheglobaleconomy,laidoutsternpre-conditionsfortalks.A1IsraeliofficialsassessthatIran’sregimeisunlikelytofallintheimmediatefutureasitsleadersremainincon-trolandconditionsaren’tripeforapopularuprising.A5AmanpreviouslyconvictedofattemptingtosupportIs-lamicStatecarriedoutashootingatOldDominionUni-versitythatleftonedeadandtwoinjuredbeforestudentssubduedandkilledhim.A3AnarmedmandiedafterramminghisvehicleintoasynagogueoutsideDetroitwhilethesynagogue’spre-schoolwasinsession.A3TheSenatepassedaland-markhousingpackage,movingCongressastepclosertoen-actingabanonlargeinvestorsbuyingsingle-familyhomes.A3TheTrumpadministrationsuedCaliforniainanefforttoshutdownthestate’sinitia-tivetolimitcarbonemissionsfromcarsandtransitiontozero-emissionvehicles.A3Googlesaiditusedartificialintelligencetopooldataonhistoricallydifficult-to-predictflashfloodsinanefforttohelpcommunitiesprepare.A2Asuddenandunusualin-terruptioninfrequentChi-nesemilitaryflightsnearTaiwanstokeduncertaintyaboutBeijing’sintentions.A9A2|Friday,March13,2026***THEWALLSTREETJOURNAL.MortgageRatesRiseTo6.11%’212020’25’26’24’23’22Averagerateona30-yearﬁxedmortgageSource:FreddieMacThursday:6.11%20468%U.S.NEWSTradeGapFallsasGoldExportsSurgeBYROBBM.STEWARTInitialjoblessclaimswereslightlylowerlastweek,sig-nalingthatlayoffsfromem-ployersremainmodest.Thenumberofpeoplewhonewlyfiledforunemploymentbenefitswas213,000intheweekthroughMarch7,justbelowthe214,000reportedaweekearlier,theLaborDepart-mentsaidThursday.Econo-mistssurveyedbyTheWallStreetJournalwereexpectingtosee215,000claims.Continuingclaims,whichscalewiththetotalsizeoftheunemployedpopulation,fellto1.85millionintheweekthroughFeb.28,versus1.87millionaweekearlier.Thedataoncontinuingclaimslagtheinitial-claimsdatabyaweek.Thursday’sjoblessclaimsfigurescomeafteraweaker-than-expectedjobsreportfromtheLaborDepartmentlastweek.—JessicaCoacciNewJoblessClaimsFallaBitInitialclaimsforunemploymentSource:LaborDepartmentviaSt.LouisFedNote:Seasonallyadjusted213,000WeekendedMarch7:June2025’26050100150200250thousandNavyofficialssaidtheyha-ven’tbeentoldtoprovidemil-itaryescortsthroughtheStraitofHormuz.APageOnearticleonThursdayaboutIra-nianattacksinthestraitdidn’tmakethatclear.AcaptionwithaBusiness&FinancearticleonWednes-dayaboutExxonMobilincor-rectlysaidthephotoofanEssostationwastakeninthe1930s.CORRECTIONSAMPLIFICATIONSReaderscanalertTheWallStreetJournaltoanyerrorsinnewsarticlesbyemailingwsjcontact@wsj.comorbycalling888-410-2667.THEWALLSTREETJOURNAL(USPS664-880)(EasternEditionISSN0099-9660)(CentralEditionISSN1092-0935)(WesternEditionISSN0193-2241)Editorialandpublicationheadquarters:1211AvenueoftheAmericas,NewYork,N.Y.10036PublisheddailyexceptSundaysandgenerallegalholidays.PeriodicalspostagepaidatNewYork,N.Y.,andothermailingoffices.Postmaster:SendaddresschangestoTheWallStreetJournal,200BurnettRd.,Chicopee,MA01020.AllAdvertisingpublishedinTheWallStreetJournalissubjecttotheapplicableratecard,copiesofwhichareavailablefromtheAdvertisingServicesDepartment,DowJones&Co.Inc.,1211AvenueoftheAmericas,NewYork,N.Y.10036.TheJournalreservestherightnottoacceptanadvertiser’sorder.Onlypublicationofanadvertisementshallconstitutefinalacceptanceoftheadvertiser’sorder.LetterstotheEditor:Fax:212-416-2891;email:[email protected]?Byweb:customercenter.wsj.com;Byemail:[email protected]:1-800-JOURNAL(1-800-568-7625)Reprints&licensing:Byemail:[email protected];Byphone:1-800-843-0008WSJbackissuesandframedpages:wsjshop.comOurnewspapersare100%sourcedfromsustainablycertifiedmills.GOTATIPFORUS?SUBMITITATWSJ.COM/TIPSinsalesofgoldtooverseasbuyers.Bigswingsininterna-tionalflowsofthepreciousmetalhaveaddedtovolatilityintradedataformonths.ImportsdeclinedprimarilybecausetheU.S.boughtfewerpharmaceuticalsfromabroad.Pharmaceuticalsareanothercategoryinwhichmonth-to-monthswingshavecontrib-utedtothedata’sbumpypat-ternduringthepastyear.ParingbackAmerica’scon-sistenttradedeficitshasbeenacornerstoneofPresidentTrump’seconomicvision.Thatgoalislargelywhatpromptedthebarrageoftar-iffsTrumphasunveiledsincereturningtotheWhiteHouselastyear,abroadsetofleviesthathehasfrequentlyamended.Sofar,thepolicyapproachbringinoverseasgoodsbe-foretariffshit.Thatsurgethenreversedaftersomeofthetariffswererolledbackandbusinessesadjusted.Af-terrunninga$572billiondeficitinthefirstsixmonthsof2025,thesecond-halfdefi-citshrankto$339billion.Still,substantialtradedef-icitshavestabilizedandper-sistedinrecentmonths.Lastyear,onthewhole,theU.S.importedmorefromabroadthaneverbefore.Trump’stradeagendahitasignificantsetbacklastmonthwhentheSupremeCourtoverruledhisinvocationofaspecificfederallaw,theInter-nationalEmergencyEconomicPowersAct,toimposebroaddutiesonmostforeigncoun-tries.Othermore-targetedtariffsremainineffect.TheU.S.tradedeficitde-clinedinJanuary,theCom-merceDepartmentreportedThursday,continuingavola-tilerunforAmerica’stradebalancethathasseenimportsandexportsbuffetedbyrapidchangestotheTrumpadmin-istration’stradepolicy.Inthefirstmonthof2026,U.S.importsdeclinedby0.7%fromthepreviousmonth,whileexportsexpandedby5.5%.Thatyieldedadeficitof$54.5billion,down25%fromalargemonthlydeficitinDe-cember.AnalystspolledbyTheWallStreetJournalwereex-pectinga$67billiondeficit.ThejumpinexportswasledbyasignificantincreaseBYMATTGROSSMANANDANTHONYDEBARROhasn’tconsistentlycurtailedpurchasesofforeignprod-ucts.Tradepatternsfluctuatedrapidlylastyear.AfloodofimportshitU.S.portsshortlyafterTrump’sinauguration,whencompaniesracedto2020’25’24’23’22’21’26$1501251007550250billionJanuary2026$54.5billionU.S.tradedeﬁcitingoodsandservices,monthlySource:CensusBureauNote:SeasonallyadjustedCanada’sSurplusWithU.S.NarrowsFurtherHowredemptioncapsworkManyprivate-creditfundsdeﬁneashareoftheassetseachquarterforinvestorswhowanttocashout.Somefundshavebeenstrainedbyinvestorsrushingtotheexit.Inthisexample,redemptionclaimsare15%,whichcouldforcethefundmanagertobumpupitslimit,orsimplydenyrequeststhatexceedthecap.Inthisexample,5%ofthefundisavailableforredemptions.Claimstotaling15%Private-creditfundvestmentsandthattheindus-tryishealthy.Thebulkofthecorporateloansthefundsin-vestinareperformingwell,unlikethecommercialmort-gagesinreal-estatefunds,whichsankinvaluewhenin-terestratesjumpedfouryearsago.Cliffwater’sfundhasre-turned0.74%thisyearafterfeesandreturnednearly9%lastyearwithminimallosses,ittoldinvestors.Itsaidthehigher-than-usualredemp-tionsaretheresultofun-foundedmediahysteria.Redemptionsaren’ttheonlythreat.Theflowofnewinvestmentsintothefundsisalsoslowing,addingpressuretostocksasanalystscutfore-castsforfuturefeeearnings.Therearealsosignsthattheturmoilinprivate-creditfundsisimpactingotherpartsofthedebtmarkets.Oneofthefewinvestmentsthefundsownthattheycaneasilysellintimesoftroublearebondsofcollateralizedloanobligations,orCLOs,whicharebackedbybundlesofcorporateloans.Thehigher-yieldingCLObondsthatprivate-creditfundspri-marilyholdlost4.1%inFebru-ary,a

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