Tech Stocks Shine in Bumpy Quarter
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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. Lessons From WSJ Strange Brains TheSmarterBoat REVIEW THE WALL STREET JOURNAL WEEKEND OFF DUTY ******** SATURDAY/SUNDAY, JUNE 30 - JULY 1, 2018 ~ VOL. CCLXXI NO. 152 WSJ.com HHHH $5.00 What’s 40% Trump Tech Stocks Shine Narrows News 35 World-Wide In Bumpy Quarter Court List Netflix s32.53% BY AKANE OTANI an early slump in the second 30 To Five rump said he has nar- AND MICHAEL WURSTHORN Inflation Redux quarter to book its eighth Trowed the field of can- straight gain. didates for Justice Ken- Stocks were all over the map Prices heat up after six The S&P 500 and the Dow BY LOUISE RADNOFSKY nedy’s seat on the Supreme in a jittery quarter as investors years of falling short............. A2 Jones Industrial Average rose AND PETER NICHOLAS Court to about five and dumped industrial stalwarts on 2.9% and 0.7%, respectively, for 25 plans to announce his fi- fears of a trade war stifling the quarter, trailing the Nas- WASHINGTON—President nal pick on July 9. A1, A5 global growth and increased trade tensions and political daq’s 6.3% advance. The first Donald Trump said on Friday their bets on shares of large uncertainty in the eurozone, as two indexes remain well below that he planned to interview Europe’s leaders agreed Facebook technology companies. well as signs of slowing mo- their January records, while one or two candidates this to start holding some mi- 20 s21.61% Indexes finished the tumul- mentum in the global econ- the Nasdaq notched a series of weekend at his Bedminster, grants in detention camps, tuous three months mostly omy. But the real standout was Please see page A4 N.J., resort to fill Supreme as politicians face a backlash higher, even as investors were the tech-heavy Nasdaq Com- Court Justice Anthony Ken- to a 2015 decision to open Amazon.com buffeted by worries about posite Index, which overcame nedy’s seat, and plans to an- the continent’s doors. A1, A6 s17.44% 15 nounce his final pick on July 9. General Motors warned The Nasdaq Composite ...fueled by some “I’ve got it narrowed to the administration that outperformed other of the biggest about five,” he said, including tariffs on vehicle imports two women. would hurt its competitive- indexes in the quarter... tech stocks. The president also said he ness, cost U.S. jobs and re- 10% 10 Apple wouldn’t specifically ask candi- sult “in a smaller GM.” A3 s10.33% dates about Roe v. Wade, the Nasdaq landmark ruling making abor- A federal judge struck Composite Alphabet tion legal. However, a potential down the Trump adminis- s 7510.30 8.88% nominee’s approach to the is- tration’s approval of a s 5 6.33% sue has been a factor in creat- Kentucky plan to impose ing Mr. Trump’s list of 25 con- work requirements on many servative candidates. Medicaid recipients. A3 S&P 500 2718.37 The president didn’t say if Authorities charged the all of his five finalists were 0 s2.93% 0 suspect in the deadly at- from that list, but he had ear- tack at an Annapolis, Md., Dow Jones lier pledged to pick exclusively newspaper with five counts Industrial Average from it. of first-degree murder. A3 24271.41 Late Thursday, the president s0.70% met with a bipartisan group of Mnuchin, facing calls –5 –5 six senators who will play a piv- for Treasury to adjust capi- April May June April May June otal role in selecting Mr. Ken- tal-gains taxes for inflation, nedy’s successor because they said he would rather Congress have deviated from their party consider the matter first. A4 The tech-heavy Nasdaq Composite has outperformed the S&P 500 every quarter since the beginning of 2017. on key votes in the past. The California banned all lo- Quarterly performance Nasdaq Composite S&P 500 lawmakers signaled they want cal taxes on groceries for 10% an ideological centrist, compli- 12 years, a major victory cating Mr. Trump’s decision. for the soda industry. A5 5 Among them were Republi- 0 can Sens. Susan Collins of Business&Finance Maine and Lisa Murkowski of –5 Alaska, both of whom back –10 PleaseturntopageA5 The Nasdaq booked its 3Q 2015 ’16 ’17 ’18 eighth straight quarter of Democrats face process gains as investors dumped Sources: SIX (stocks); FactSet (quarterly performance) Nigel Chiwaya/THE WALL STREET JOURNAL. without filibuster option..... A5 industrial stalwarts and increased bets on large technology companies. A1 U.S. stocks edged higher Victims of Newspaper Shooting Are Mourned Friday on a pause in trade Europe Toughens tensions. The Dow added 55.36 points to 24271.41. B13 Stance on Migrants An inflation measure watched closely by the Fed- BY VALENTINA POP political survival. When the eral Reserve hit the cen- AND BOJAN PANCEVSKI EU’s longest-serving national tral bank’s target in May leader allowed more than one after running below it ev- BRUSSELS—Europe’s lead- million asylum seekers to en- ery month for six years. A2 ers agreed to start holding ter the EU three years ago, she AT&T and Sprint have some migrants in detention unwittingly unleashed broad- raised administrative fees camps, as politicians including based anger toward migrants. for customers, moves that Germany’s once indomitable Since then, backlash against will bring in hundreds of mil- Chancellor Angela Merkel face outsiders helped drive Brit- lions of dollars of revenue. B1 a growing political backlash to ain’s vote to leave the EU and her 2015 decision to open the recently helped win elections The sharp decline in continent’s doors to those for antiestablishment or nativ- Deutsche Bank’s market fleeing conflict and poverty. ist parties in the Czech Repub- value could result in the The heads of European lic, Hungary and Slovenia, as lender’s exit from a major Union governments endorsed well as in Rome and Vienna. European stock index. B1 the idea on Friday, which many Ms. Merkel was handed an China’s ZTE replaced its had recently dismissed as xeno- ultimatum by her conservative board of directors to satisfy phobic and inhumane, after junior coalition partners to U.S. demands, but the nightlong negotiations that en- broker a hardening of Europe’s changes may be less sweep- dorsed a tougher approach pro- porous southern rim or accept ing than they appear. B3 MARK WILSON/GETTY IMAGES moted by anti-immigrant gov- unilateral closure of Ger- PAYING RESPECTS: Mourners attended a vigil in Annapolis, Md., Friday for victims of the Capital Gazette ernments in Italy and Austria. PleaseturntopageA6 Novartis plans to spin attack. Staff had been warned years ago about the suspect, who allegedly killed five people Thursday. A3 For Ms. Merkel, abandoning off its Alcon eye-care unit, her long commitment to more- New barriers to immigration which could be valued at open borders was the price of mark fundamental shift...... A6 more than $20 billion. B3 Xiaomi priced a $4.7 billion IPO at the bottom of the Chinese smartphone Russia’s Biggest Problem? Tycoon’s Death Turns EXCHANGE maker’s target range. B13 Not Enough Boston Sports Gear iii Into Mystery Tale Inside ‘Discount Diplomat’ travels to World OPINION A13 Cup, handing out jerseys to strangers Doubting police, family tries to crack case The Undisputed BY ANDREW BEATON “You see this whole section BY JACQUIE MCNISH questions for hours. He and Champion of the of Iranian-dressed fans,” Mr. AND VIPAL MONGA two of his sisters waited until ST. PETERSBURG, Russia— Conley said. “Then all of a sud- 9 p.m. that night for confir- First Amendment Greg Conley sat down at a re- den, you see a guy wearing a TORONTO—Police found mation that it was true their cent World Cup game here Celtics shirt. It was like a black the bodies seated side by parents were dead. next to a family of spot on a white side near an indoor swim- The terrible news didn’t CONTENTS Sports....................... A14 Iranian fans who re- piece of paper.” ming pool. Two belts were end there for the Sherman Books..................... C7-12 Style & Fashion D2-3 Business News...... B3 Technology............... B4 galed him with sto- This wasn’t an looped around their necks siblings. Police suspected it Food........................... D10 Travel...................... D4-5 ries about the team, isolated event for and fastened to a railing. could be a murder-suicide— Heard on Street...B14 U.S. News............ A2-5 its traditions and Mr. Conley, a 54- Soon after, on that mid- that their 75-year-old father, Obituaries................. A9 Weather..................... A8 players. year-old Boston- December day, Jonathon the founder of Apotex Inc., Opinion............... A11-13 World News....... A6-8 Mr. Conley area native who Sherman spotted a social-me- Canada’s largest generic reached into his bag calls himself “The dia feed that said his father, drugmaker, had strangled > after Iran’s win over Discount Diplomat.” pharmaceutical billionaire their mother, 70, and then THE WELL Morocco. He It’s what he does. A Barry Sherman, and his killed himself. grabbed a Boston hospital project mother, Honey, had been “My reaction was total dis- THAT STARTED Celtics shirt and gave it to the manager by day, Mr. Conley found dead at home. belief,” Jonathon Sherman A REVOLUTION s 2018 Dow Jones & Company, Inc. Iranian man right next to him.