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      Wall Street strategists’ bull and bear scenarios for 2024.

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      Wall Street’s forecasts mostly missed this year’s bull market rally. Here’s what strategists are saying about 2024.Last November and December, veteran stock market watchers forecast that 2023 would be a year to forget. They saw high inflation, a looming global recession and rising interest rates as sapping households’ buying power and denting corporate profits. For investors, they penciled in paltry gains and one of the worst performances for the S&P 500 in the past 15 years.But the market pros got the story only partly right. While interest rates did climb to a near two-decade peak, the S&P 500 has surprisingly soared to a near record high. Fueled partly by a rally in the so-called Magnificent Seven megacap tech stocks, it’s risen nearly 25 percent this year, as of Thursday’s close, shaking off a banking crisis, wars in the Middle East and Ukraine, and slowing growth in China’s economy.Crypto managed to do even better. Bitcoin bulls have swept aside a legal crackdown against the industry’s biggest players to fuel an impressive rally. The digital token has gained more than 150 percent this year, making it one of the best performing risky assets.“Twenty twenty-three was a great year for the contrarians,” David Bahnsen, the founder and chief investment officer of the Bahnsen Group, a wealth management firm, told DealBook. “You had macroeconomic concerns a year ago that didn’t come to bear, and you had valuation and financial concerns that didn’t come to bear. And it’s particularly ironic that it didn’t, because actually everything investors feared a year ago got worse.”Wall Street’s outlook for 2024 is rosier. Analysts see lower borrowing costs, a soft landing (that is, an economic slowdown that avoids a recession) and a pretty good year for investors.But if 2023 taught the market pros anything, it’s that forecasts can look out of date pretty fast. A slew of things could disrupt the markets in the year ahead — inflation creeping up again, or not, is one big factor to watch. And there are wild cards, too, with voters expected to head to the polls in over 50 countries next year, including the U.S.Here’s how Wall Street sees 2024 playing out:The bull caseThe median year-end 2024 forecast for the S&P 500 is 5,068, according to FactSet. Such a level would imply an annualized gain of roughly 6 percent for 2024.Bank of America’s equity strategists, led by Savita Subramanian, are among those in the bullish camp. In their annual forecast, they said that the S&P 500 would be likely to close out next year at 5,000, helped by a kind of “goldilocks” scenario of falling prices and rising corporate profits.Goldman Sachs is even more upbeat. Its analysts upgraded their year-end 2024 call on the S&P 500 to 5,100. They made the change after the Fed’s surprise statement on Dec. 13 that the equivalent of three interest-rate cuts were on the table for next year. Lower borrowing costs tend to give consumers and businesses more spending power, which could help Corporate America’s bottom line.Another catalyst: Investors this year put far more money into safe interest-rate sensitive assets, like money market funds, than they did into stocks. That logic could be flipped on its head in 2024. “As rates begin to fall, investors may rotate some of their cash holdings toward stocks,” David Kostin, the chief U.S. equity strategist at Goldman Sachs, said in a recent investor note.The bear caseOn the more pessimistic side is JPMorgan Chase, which carries a 2024 year-end target of 4,200. Its analysts team, led by Marko Kolanovic, the bank’s chief global market strategist, sees a struggling consumer with depleted savings, a potential recession and geopolitical uncertainty that could push up commodity prices, like oil, and push down global growth.The year ahead will be “another challenging year for market participants,” Kolanovic said. (Most strategists are even more downbeat on Europe, where recession fears are more acute. On the flip side, equities in Asia could show another year of solid growth, especially in India and Japan, Wall Street analysts say.)Lee Ferridge, the head of multi-asset strategy for North America at State Street Global Markets, is more optimistic about the American consumer, but points to a different challenge for investors. “If I’m right, the economy stays stronger. But then that’s a double-edged sword for equities,” he said. The prospect of robust consumer and business spending poses an inflation risk that could force the Fed to hold rates higher for longer, and even pause cuts, he said. “That’s going to be a headwind for equities.”“I wouldn’t be surprised to see a fairly flat year next year,” he added. “If we are up, it’s going to be the Magnificent Seven that are the drivers again.”The wild card: politics and the electionsPresidential elections are not rally killers, according to market analysis by LPL Financial that looks at the past 71 years. In that period, the S&P has risen, on average, by 7 percent during U.S. presidential election years. (The market tends to do even better in a re-election year, the financial advice firm notes.)Even with some uncommon questions swirling over next year’s contest — Will a mountain of legal troubles derail the Republican front-runner, Donald Trump? Will President Biden’s sagging polling ratings open the door for a strong third-party challenger? Will the election result be disputed, causing a constitutional crisis? — that’s unlikely to add much volatility to the markets, Wall Street pros say.“The election will not be a story in the stock market, up until November 2024, for the simple reason that the stock market will not know who’s going to win the election until November 2024,” Bahnsen said.His advice: Don’t even try to game out the election’s impact on the markets. More

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      Big Donors Rally Around Nikki Haley

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      The former governor of South Carolina is winning support from some Democrats and business-minded conservatives as the G.O.P. candidate who can beat Donald Trump.Nikki Haley is beginning to gain in the polls and has won financial backing from donors such as Reid Hoffman, the LinkedIn co-founder and Democratic donor, and the Koch brothers.Maansi Srivastava/The New York TimesA bipartisan boost for HaleyAs the four remaining prominent Republican presidential contenders not named Donald Trump assemble for the latest G.O.P. primary debate tonight, just one will arrive with any sort of positive momentum.Nikki Haley is gaining traction as the leading anti-Trump Republican, particularly among Democrats and business-minded conservatives alike. But growing support from elites may not be enough to help her catch the former president.Reid Hoffman recently donated $250,000 to a super PAC supporting Haley. The LinkedIn co-founder and a major Democratic donor has funded an array of anti-Trump initiatives. His donation, first reported by The Times, is the latest sign that some Democrats see bolstering Haley as the best way to beat Trump.News of Hoffman’s contribution came after Jamie Dimon, JPMorgan Chase’s C.E.O., urged liberals to back Haley. “Get a choice on the Republican side that might be better than Trump,” he said at the DealBook Summit last week. That’s on top of growing support from business-minded Republicans. The political network founded by Charles and David Koch recently endorsed Haley, and deep-pocketed donors including Stanley Druckenmiller and Andy Sabin have attended fund-raising events for her.A reality check: Despite skipping all of the Republican primary debates and facing a staggering array of criminal and civil trials, Trump still leads Haley and the rest of the G.O.P. field in polls.And support from Democrats and corporate moguls may not endear Haley to the Republican base that will start voting on the G.O.P. candidate next month: A recent fund-raising email from Trump argued that “globalist special interest donors from both parties” are forging “an unholy alliance to beat us.”Other Republican contenders are faring even worse. The campaign of Ron DeSantis, Florida’s governor, is in turmoil. Chris Christie, the former New Jersey governor, barely qualified for the debate and faces calls to drop out to avoid fracturing the anti-Trump opposition. And Vivek Ramaswamy, the outspoken “anti-woke” entrepreneur, is fading in the polls.Some donors are just throwing up their hands. Marc Rowan, the C.E.O. of Apollo Global Management, said that the 2024 race would come down to President Biden and Trump. “Personally, I’m disappointed,” he told Bloomberg on Tuesday.In other 2024 news: Liz Cheney, the former Wyoming representative who vehemently opposes Trump, is weighing a third-party presidential run. And Biden said “I’m not sure I’d be running” for re-election were Trump not in the race for the White House.HERE’S WHAT’S HAPPENING The Supreme Court appears wary of broadly disrupting the U.S. tax code. In oral arguments for Moore v. United States, a majority of justices seemed to favor narrowly upholding a Trump-era one-time tax on foreign income. Legal experts warned that a broad ruling could lead to a redefinition of income, potentially requiring major portions of American tax law to be rewritten.CVS will change how its pharmacies are paid for drugs. The nation’s biggest pharmacy chain said it would move to a system based on how much it pays for medicines, rather than the current model that involves complex formulas. CVS said the new arrangement would give more insight into drug pricing, but skeptics argued that it may not lead to lower costs for consumers.The N.C.A.A.’s president proposes uncapped compensation for college athletes. Charlie Baker suggested that top schools set aside educational trust funds of a minimum of $30,000 annually for at least half of their athletes, and raise compensation for women. The plan — which would take a long time to put in effect — is aimed at helping protect the N.C.A.A. from antitrust inquiries.Patrick McHenry, the chair of the House Financial Services Committee, will retire. The North Carolina Republican, the first interim speaker and a champion of the crypto industry, said he wouldn’t seek re-election. Because of term limits, he wouldn’t be able to hold onto his chairmanship anyway, though his district will most likely remain in Republican hands.Bank bosses head to the Hill The heads of America’s biggest banks, including Jamie Dimon of JPMorgan Chase and David Solomon of Goldman Sachs, are expected to go on the offensive on Wednesday at a Senate Banking Committee hearing, arguing that new regulation would help create further instability in the sector and harm borrowers.Capital rules will be in focus. Industry lobbying groups have pushed back in recent months against the so-called Basel III Endgame that would require banks to keep billions on their books as a backstop for potential losses. (Basel refers to the international banking standards committee.) The Fed and the Federal Deposit Insurance Corporation are among the regulators seeking higher capital requirements after the regional banking crisis set off by the collapse of Silicon Valley Bank.The hearing may be the bankers’ last best chance to push their case that the Basel proposal should be watered down or scrapped. In prepared remarks, Dimon said the proposal “would unjustifiably and unnecessarily increase capital requirements by 20-25 percent for the largest banks.” That would force lenders to pull back, creating “a harmful ripple effect on the economy, markets, businesses of all sizes and American households,” he said.The proposal would have an inflationary side effect, driving up the cost of credit for its clients, Solomon warned in his prepared remarks, which in turn “will likely get passed on to consumers.”The pushback comes as America’s lenders contend with a slew of challenges. High interest rates and a slowing economy have put the crimp on their core lending business. Banking watchdogs, meanwhile, remain concerned about lenders’ exposure to the pandemic-hit commercial real estate sector.Don’t expect progressive senators to be swayed. In a statement, the committee wrote that “while Wall Street banks argue that stronger rules to protect the public will be too expensive, they are actually making trillions of dollars in profits every year and paying C.E.O.s several hundred times more than their median workers.”Europe races to regulate A.I. The first big regulatory regime for artificial intelligence could be signed as early as Wednesday, with European Union lawmakers in the final stages of debating the A.I. Act. The rules wouldn’t take effect for 18 months, but they represent an effort by governments to catch up with the development of a transformative technology that has exploded into the public consciousness since the introduction of ChatGPT a year ago.Europe has long been one of the most aggressive tech regulators. From data privacy to tech sector M&A, the E.U. has often been ahead of others. But the fast pace of A.I. development is testing regulators’ ability to keep up. The A.I. Act was introduced in 2021, but the tech has advanced significantly during that time. Other governments are deliberating their own rules. President Biden issued an executive order in October focused on A.I. and national security; Japan is drafting nonbinding guidelines for the technology and China has imposed restrictions on certain types of A.I. Last month, Britain hosted an A.I. safety summit for tech leaders and policymakers that included the U.S. and China.E.U. lawmakers are trying to impose guardrails without killing innovation. Some say the rules need to address the underlying technology, and are pushing to stop the use of A.I. in biometric surveillance.But some member states want opt-out options. Last month, France, Germany and Italy came out against strict regulation of general-purpose A.I. models for fear of hurting domestic start-ups. Some member states also want exceptions for national security, defense and military purposes.The latest draft of the A.I. Act focuses on “high risk” uses, including law enforcement, school admissions and hiring. Some applications, like chatbots and software that creates manipulated images, will have to make clear to people that they are A.I.-generated. Congress takes on campus battles The presidents of Harvard, M.I.T. and the University of Pennsylvania faced a congressional grilling on Tuesday over a growing wave of hate speech and antisemitism on their campuses that has angered some business leaders and prominent donors since the war in Gaza began in October.College leaders admitted to difficulties in confronting hate and preserving free speech. “I know that I have not always gotten it right,” Claudine Gay, Harvard’s president, told the House Committee on Education and the Workforce. She has come under intense pressure from influential professors, graduates and donors, including the former Treasury secretary Larry Summers and Pershing Square Capital Management’s Bill Ackman, to do more to protect students.After the hearing, Ackman called on all three to “resign in disgrace.” Summers said that Gay’s ideals were “just the right ones,” but that “there’s a lot of work to do.”Preserving students’ safety and civil rights has become a national focus. The Education Department’s Office for Civil Rights recently opened an investigation into complaints of antisemitism at Harvard. That came after a series of federal civil rights investigations into complaints of discrimination against students at some of America’s most prestigious universities, including Harvard, Penn and Columbia. Some schools have formed new task forces to address the growing concerns.The financial stakes are high. Schools that run afoul of civil rights laws could risk losing federal funding. Meanwhile, major university donors are using their clout to call attention to the rise of antisemitism on campus, pushing schools to do more to address the matter. These wealthy alumni are urging others to fight back, too.“We have our own war here in the U.S.,” Marc Rowan, the C.E.O. of Apollo Global Management, said at a recent fund-raiser. Rowan, who has criticized his alma mater, Penn, for its handling of antisemitism, renewed his call to hold the institutions accountable, “financially or otherwise.”THE SPEED READ DealsShares in British American Tobacco tumbled after the company announced a $31.5 billion write-down of its U.S. cigarette brands, six years after buying Reynolds American for $49 billion. (NYT)Elon Musk’s artificial intelligence start-up, xAI, filed to raise up to $1 billion in new capital. (The Verge)How Jeff Ubben’s second act, as an environmentally minded activist investor, fell apart. (FT)PolicyChina’s leader, Xi Jinping, is conducting a purge of the top ranks of the country’s political system, a move that could have implications for the global economy and regional stability. (Politico)A group of nuns that owns a stake in Smith & Wesson sued the gun maker, arguing that its sales and marketing strategy for the AR-15 rifle is putting shareholders’ investments at risk. (WSJ)Best of the restHollywood actors ratified their union’s labor deal with movie and television studios, but some had reservations about its guardrails on the use of artificial intelligence. (NYT)Israeli securities regulators said they found no trading abnormalities ahead of the Oct. 7 Hamas-led attacks, after researchers said they had found a spike in short-selling. (Bloomberg)Is it time to give up vinyl records in the name of climate change? (Guardian)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      How Trump Would Govern

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      Donald Trump’s threats for another presidency are deeply alarming, historians and legal experts say.“2024 is the final battle,” Donald Trump has said.“Either they win or we win. And if they win, we no longer have a country,” he has argued.“Our country,” he has said, “is going to hell.”As he campaigns to reclaim the presidency, Trump has intensified his rhetoric of cataclysm and apocalypse, beyond even the tenor of his previous two campaigns. He has claimed that “the blood-soaked streets of our once great cities are cesspools of violent crimes” and that Americans are living in “the most dangerous time in the history of our country.”More specifically, he has promised to use the powers of the federal government to punish people he perceives to be his critics and opponents, including the Biden family, district attorneys, journalists and “the deep state.” He has suggested that Mark Milley, a retired top general, deserves the death penalty. Trump has called President Biden “an enemy of the state” and Nancy Pelosi “the Wicked Witch.” He has accused former President Barack Obama — “Barack Hussein Obama,” in Trump’s telling — of directing Biden to admit “terrorists and terrorist sympathizers” into the U.S.Trump’s threats, often justified with lies, are deeply alarming, historians and legal experts say. He has repeatedly promised to undermine core parts of American democracy. He has also signaled that, unlike in his first term in the White House, he will avoid appointing aides and cabinet officials who would restrain him.Many Americans have heard only snippets of Trump’s promises. He tends to make them on Truth Social, his niche social media platform, or at campaign events, which have received less media coverage than they did when he first ran for president eight years ago. Yet there is reason to believe that Trump means what he says.“He’s told us what he will do,” Liz Cheney, a member of Congress until her criticism of Trump led to her defeat in a Republican primary, told John Dickerson of CBS News this past weekend. “People who say, ‘Well, if he’s elected, it’s not that dangerous because we have all of these checks and balances’ don’t fully understand the extent to which the Republicans in Congress today have been co-opted.”Not simply policyI understand why many Americans would like to tune out — or deny — the risks facing our democracy. I also understand why many voters are frustrated with the status quo and find Trump’s anti-establishment campaign appealing.Incomes, wealth and life expectancy have been stagnant for decades for millions of people. The Covid pandemic and its aftermath contributed to a rise in both inflation and societal disorder. School absenteeism has risen sharply. The murder rate and homelessness have both increased. Undocumented immigration has soared during Biden’s presidency.But it’s worth being clear about what Trump is promising to do. He isn’t merely calling for policy solutions that some Americans support and others oppose. He is promising to undo foundations of American democracy and to rule as authoritarians in other countries have. He is also leading the race for the Republican nomination by a wide margin, and running even with, or slightly ahead of, Biden in general election polls.Today’s newsletter is the first of several in coming months meant to help you understand what a second Trump presidency would look like. For starters, I recommend that you read what Trump is saying in his own words. My colleagues Ian Prasad Philbrick and Lyna Bentahar have been tracking his campaign appearances and social media posts, and have compiled a list of his most extreme statements.I also recommend an ongoing series of Times stories by Jonathan Swan, Charlie Savage and Maggie Haberman, which previews a potential second Trump presidency. Among the subjects: legal policy, immigration and the firing of career government employees. The most recent story looks at why he is more likely to achieve his aims in a second term than he was in his first.“So many of the guardrails that existed to stop him are gone or severely weakened,” Maggie told me. “That includes everything from internal appointees to a changed Congress, where he has outlasted his few Republican critics there.”What democracy needsThe new issue of The Atlantic magazine is devoted to this subject as well, with 24 writers imagining a second Trump term. “Our concern with Trump is not that he is a Republican, or that he embraces — when convenient — certain conservative ideas,” Jeffrey Goldberg, The Atlantic’s editor in chief, writes. “We believe that a democracy needs, among other things, a strong liberal party and a strong conservative party in order to flourish.” The problem, Goldberg explains, is that Trump is “an antidemocratic demagogue.”Regular readers of this newsletter know that I agree with Goldberg about the value of both conservative and liberal ideas, and that I find it uncomfortable to write about the likely nominee of a major party in such harsh terms. In 2024, we will also cover Biden’s record and campaign with appropriate skepticism.But it would be wishful thinking to portray Trump as anything other than antidemocratic. He keeps telling the country what he intends to do if he returns to the White House in 2025. It’s worth listening.Related: “The United States is heading into its greatest political and constitutional crisis since the Civil War,” Robert Kagan, a conservative who has advised both Republicans and Democrats, warns in The Washington Post.THE LATEST NEWSIsrael-Hamas WarIsrael has started an invasion of southern Gaza, satellite images show. Troops appear to be closing in on its main city, Khan Younis.The Israeli military has bombarded Gaza with airstrikes since the cease-fire ended. The U.N. said civilians had few safe places left to go.Extensive evidence, including videos, indicates that Hamas used sexual violence during its Oct. 7 attacks. Jewish women’s groups say the world has not paid sufficient attention.A rocket launched from Gaza on Oct. 7 hit an Israeli military base believed to house nuclear-capable missiles, a Times investigation found.After Iranian-backed proxy forces appear to have launched attacks in the Red Sea, the U.S. and its allies are discussing how to guard ships traveling there.A White House spokesman said a protest outside an Israeli restaurant in Philadelphia was antisemitic.Chinese EconomyUnfinished construction by China Evergrande.Gilles Sabrié for The New York TimesWhen China’s housing bubble burst, the property giant Evergrande defaulted on its debt. Its collapse was accelerated by questionable accounting.China’s credit outlook was dropped to negative by Moody’s, the ratings agency, which cited concern over rising debt and the cost of possible bailouts.War in UkraineUkrainian soldiers.Tyler Hicks/The New York TimesThe U.S. will run out of money for Ukraine by the end of the year if Congress does not approve more aid, the White House said.Evan Gershkovich, a journalist for The Wall Street Journal, has been in Russian jail for more than 250 days and is still awaiting trial.2024 ElectionTomorrow’s Republican presidential primary debate will feature only four candidates: Nikki Haley, Ron DeSantis, Vivek Ramaswamy and Chris Christie.Some anti-Trump Republicans want Christie to drop out and back Haley as an alternative to Trump.Doug Burgum, the Republican governor of North Dakota, ended his presidential campaign.A super PAC backing Robert F. Kennedy Jr.’s independent bid for president plans to spend millions to get him on the ballot in several battleground states.Talk more about abortion and less about Trump: Democratic governors — almost all of them more popular in their states than Biden — have advice for the president’s campaign.BusinessChatGPT’s release in 2022 prompted a desperate scramble among tech firms, and alarm from some people who helped invent it.23andMe, the genetic testing company, said hackers obtained the personal data of nearly seven million profiles.Other Big StoriesThe 2023 hurricane seasons in the Atlantic and Eastern Pacific ended. The season had an above average number of storms, fueled by extremely warm ocean temperatures.A former U.S. ambassador is accused of working for years as a secret agent for Cuba as he rose up the ranks at the State Department.The U.N. said that hundreds of people were believed to be stranded on boats in the Andaman Sea, and that most were believed to be Rohingya.Brain implants helped five people in their recovery after trauma. This may be the first effective therapy for chronic brain injuries.OpinionsThis conservative wonk is happy when J.D. Vance and Elizabeth Warren work together, Jane Coaston explains.Americans trust police officers who solve crime. To do that, departments need more investigators, Jeff Asher argues.The bigger airlines get, the worse they become, Tim Wu writes.Here is a column by Michelle Goldberg on antisemitism.MORNING READSThe Albuquerque International Balloon Fiesta.Andrew Jogi for The New York TimesTaking flight: Behind the scenes at the world’s largest hot-air balloon festival.Food fraud: European officials seized nearly 70,000 gallons of “unfit” olive oil.That “meh” feeling: Persistent depressive disorder is underdiagnosed.Hormone difference: Women get more headaches than men.First cruise? Here’s how to prepare for smooth sailing.Lives Lived: For more than a decade, Robert H. Precht produced “The Ed Sullivan Show,” the Sunday night variety extravaganza that brought singers, comedians, bands, jugglers and more into millions of living rooms. He died at 93.SPORTSN.F.L.: Cincinnati backup quarterback Jake Browning led the 6-6 Bengals to an improbable overtime win against the 8-4 Jacksonville Jaguars.New York Jets: Zach Wilson is reluctant to return to a starting role as quarterback, and the Jets are considering a change.College football: This end of this four-team playoff can’t come soon enough, Stewart Mandel writes — not just because of snubs like Florida State, but because so many other great teams have nothing to play for.Transfer portal: More than 1,000 college football players entered the portal yesterday, the highest one-day total since its inception.ARTS AND IDEASBest of 2023: Reggie Ugwu advises that you read his list of the best podcasts of the year not as an objective ranking — tastes vary too much for that — but as a Michelin Guide to podcasts, leading you to some great new shows. Among of his favorites:Say More With Dr? Sheila, Amy Poehler’s hilarious, unscripted riff on couples therapy podcasts and the modern relationship guru.The Sound, a twisty investigation into the phenomenon known as Havana Syndrome, and the sound heard by diplomats who later reported cognitive injuries.The Turning: Room of Mirrors, a 10-part series on the elite, high-pressure world of the New York City Ballet.More on cultureThe assault case against Jonathan Majors, the actor, began with a debate: Was he an abuser or a victim? The Cut explains what you need to know about the trial.Tyler Goodson, a key figure in the popular “S-Town” podcast series, was shot and killed during a standoff with the police in Alabama, the authorities said.THE MORNING RECOMMENDS …Linda Xiao for The New York TimesSimmer meatballs in a lemony, spinach-filled broth.Weatherize your home.Get a flu shot. (It’s not too late.)Start new holiday traditions.GAMESHere is today’s Spelling Bee. Yesterday’s pangrams were inaptly and pliantly.And here are today’s Mini Crossword, Wordle, Sudoku and Connections.Thanks for spending part of your morning with The Times. See you tomorrow. — DavidSign up here to get this newsletter in your inbox. Reach our team at themorning@nytimes.com. More

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      Global Markets Cheer on Better Than Expected Inflation Data

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      A better-than-expected Consumer Price Index report triggered a big surge in stocks and bonds, as investors bet that interest rates will begin to fall.Upbeat investors see Tuesday’s inflation data as a possible turning point in the Fed’s battle against soaring prices.Michael M. Santiago/Getty ImagesGood news for global markets Yesterday’s impressive rally in U.S. stocks and bonds has gone worldwide this morning, as investors see central banks making gains in their fight against inflation. Adding to the good news was a breakthrough in the House last night that could avert a government shutdown.S&P 500 futures signal further gains at the opening bell. The question now is whether this represents a false dawn on inflation, or the start of a durable decline in rising costs — and interest rates.Here’s what’s exciting investors: Yesterday’s cooler-than-expected Consumer Price Index data has shifted discussion in the markets from potential interest rate hikes to cuts, and what that might mean for stocks. President Biden, whose poll ratings have been hurt by inflation, also cheered the numbers.Other promising data points came out this morning. Inflation in Britain fell to its lowest level in two years. And consumer spending and industrial output in China rebounded last month, a hopeful sign for the world’s No. 2 economy.Market optimists have moved up their bets on rate cuts. Futures markets this morning pointed to the Fed starting to lower borrowing costs by May, sooner than previous estimates of closer to the end of 2024.Less aggressive is Mohit Kumar, the chief financial economist at Jefferies, who wrote today that big rate cuts would begin after the presidential election next year. Jefferies predicts the Fed’s prime lending rate going to 3 percent by the end of 2025 from its current level of 5.25 to 5.5 percent.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.We are confirming your access to this article, this will take just a moment. However, if you are using Reader mode please log in, subscribe, or exit Reader mode since we are unable to verify access in that state.Confirming article access.If you are a subscriber, please  More

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      Matt Damon Joins Fight Over Upper West Side Church

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      The actor will appear in performances meant to benefit a group that wants to save West Park Presbyterian Church on the Upper West Side from demolition.Good morning. It’s Wednesday. Today we’ll look at how a campaign to save a church from demolition — despite church leaders wanting the building torn down — lined up the actor Matt Damon for a fund-raiser.Julia Nikhinson/Associated PressHow do you get a star like Matt Damon to appear in a benefit performance of a play in a church on the Upper West Side?“You ask him,” said Kenneth Lonergan, who wrote the play in question, “This Is Our Youth.”Damon will appear in a performance of “This Is Our Youth” on Nov. 16. The show is a fund-raiser for the Center at West Park, which leases the West Park Presbyterian Church, on West 86th Street at Amsterdam Avenue. Tickets start at $500. The top price for a second performance, on Nov. 17, will be $250, and there will be no fixed admission for some seats; those who attend can pay what they wish.Damon is the latest celebrity to support the center and its campaign, against the congregation’s wishes, to prevent the demolition of the Romanesque Revival-style church. The actors Mark Ruffalo and Wendell Pierce; the comedian Amy Schumer; and the rapper and actor Common have also gotten involved in the cause.Together, they are lending their boldface names to an effort to raise money for the center, including to make repairs to the building that are necessary so that the scaffolding and sidewalk shed that have long covered the property can be removed.Debby Hirshman, the center’s executive director, said the goal was to bring in more than $300,000 from the “This Is Our Youth” performances. That would be in addition to a new capital campaign meant to raise $2 million for repairs to the building — a sum that opponents of demolition say would cover the cost of work outlined in a recent report by an engineering consultant for the city’s Landmarks Preservation Commission.A spokeswoman for the church challenged that analysis, calling it “a Band-Aid solution” that would not pay for interior work that is needed to satisfy fire safety rules and accessibility regulations, just as a lawyer for the center disputed a financial analysis done for the landmarks commission.That document said the building, in the hands of an owner other than the congregation, could not earn a reasonable return. Hirshman said she had met with church officials last summer and had offered to make the church “financially whole” if it withdrew a hardship application it filed with the landmarks commission last year.The application was a first step toward demolishing the building as part of a real estate deal that would give the congregation space in what would be a new apartment building on the site. The church — which was designated a city landmark, over the congregation’s objections, in 2010 — stands to receive $30 million from a developer it signed a binding contract with in 2022.Hirshman said church leaders had rejected her proposal.The center had offered earlier to buy the building; a spokesman for the church said that “none of the offers have been feasible or realistic, given the cost of repairs.” The spokeswoman also questioned the center’s “ongoing inability to raise sufficient funds” to pay for repairs.The landmarks commission has not scheduled a vote on the church’s application.As for Damon’s appearances in “This Is Our Youth” next week, Lonergan turned to him because Josh Hamilton, who had appeared in the original Off Broadway production, was unavailable. The rest of the cast was already set — Ruffalo, reprising his breakout role from 1996, and Missy Yager, along with the director Mark Brokaw. Ruffalo became involved with the center last year and even buttonholed Mayor Eric Adams at the Tribeca Film Festival to argue for saving the building.It helped that Damon and Lonergan knew each other, and that Damon knew the play: He appeared in a London production of it for two months in 2002.“I explained the situation to him and immediately he said, ‘I’m in,’ which is what I thought he would say if he was available,” Lonergan said, “and as a matter of fact, he had an apartment one block away from the church for a year or two, maybe. This is going back a ways.” He said Damon wanted to “keep what’s special about the neighborhood special.”WeatherEnjoy a mostly sunny sky today with high temperatures around the low 50s. In the evening, prepare for a chance of rain and temps near the high 40s.ALTERNATE-SIDE PARKINGIn effect until Friday (Veterans Day).The latest New York newsFlaco perching inside an East Village sculpture garden on Monday. His life on the loose could be entering a dangerous new phase.Jacqueline EmeryLocal newsFeathered fugitive: Flaco the Eurasian eagle-owl, whose escape from the Central Park Zoo captured the public’s attention, turned up in Manhattan’s East Village, about five miles from the wooded park area he had settled into since flying free nine months ago.Code of conduct: New Yorkers are reacquainting themselves with the unofficial subway rules — no eye contact; no stinky food — as the city rebounds from the Covid-19 pandemic.Sunny-day flooding: As high tide floods increase in some parts of the city, residents are asking themselves: When does a place become unlivable?ICYMI: Trump’s testimonyTakeaways: Former President Donald J. Trump took the witness stand in a Manhattan courtroom on Monday as he tried to preserve the business empire that made him famous. Here’s what we learned.Understanding Trump’s defense: Christopher M. Kise and Alina Habba, the two lawyers who joined the former president at the defense table, represent different aspects of what their client seeks in a defender.In South Brooklyn, a Democrat defeats an ex-DemocratAnna Watts for The New York TimesDemocrats held onto a City Council seat in Brooklyn that had shown signs of drifting away. Justin Brannan, a Democrat who is the Council’s powerful finance chairman, defeated his Republican opponent, Ari Kagan, according to The Associated Press.Both are sitting Council members who found themselves facing off in the same district because of redistricting. Kagan, a former radio and television host from Belarus who was elected as a Democrat in 2021, switched parties last year.On Tuesday, Brannan called his victory a triumph over “toxic tribalism” and promised to serve all constituents, regardless of their political affiliations.In another Brooklyn district, created to amplify the voices of Asian voters, the Democrat, Susan Zhuang, defeated Ying Tan, the Republican. Both candidates built their campaigns around the issues of crime, education and the quality of New York City life.Elsewhere in the city, many Democrats ran unopposed, including Yusef Salaam, one of the so-called Central Park Five defendants, Black and Latino men who were exonerated in 2002 in the rape and assault of a female jogger in Central Park 13 years earlier. He won a contested primary in Harlem this past summer.As Salaam prepared to give his victory speech on Tuesday, my colleague Jeffery C. Mays noted, it was not lost on him that former President Trump was facing multiple criminal trials. Trump had called for the reinstatement of the death penalty after Salaam’s arrest.“Karma is real, and we have to remember that,” Salaam said.METROPOLITAN diaryJob at Macy’sDear Diary:One thing I always wanted to do was work at Macy’s in New York City. I got the opportunity when things slowed down at my actual job and management asked for volunteers to take unpaid time off.I took a month, and my husband and I went to New York City. We found a short-term apartment and I applied for a job at Macy’s during the Christmas season. I did not say I only planned to work there a month.I was in my 50s at the time and I started working with a group of men and women who were much younger.I spent my first day learning how to operate the cash register and where everything in the store was. It was so exciting.When it was time for lunch, some of the younger women asked me to go to lunch with them at McDonald’s. Wow. Of course I went. They mostly spoke Spanish. I didn’t understand them, but I didn’t care.I couldn’t have been any more excited when the day was over and I clocked out and headed to the door. Outside, the young women yelled out to me: Come on, Alice. It’s this way to the subway.They wanted me to come with them, but I just said no, thank you. I lived right across the street.— Alice RedmondIllustrated by Agnes Lee. Send submissions here and read more Metropolitan Diary here.Glad we could get together here. See you tomorrow. — J.B.P.S. Here’s today’s Mini Crossword and Spelling Bee. You can find all our puzzles here.Kellina Moore and Ed Shanahan contributed to New York Today. You can reach the team at nytoday@nytimes.com.Sign up here to get this newsletter in your inbox. More

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      The Streak Continues

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      A look at last night’s election results. Yesterday’s elections went well for the Democratic Party.Gov. Andy Beshear won re-election in normally red Kentucky, 53 percent to 48 percent, by emphasizing his support for abortion rights and the economic benefits of Biden administration policies.In increasingly red Ohio, voters overwhelmingly passed a constitutional amendment that keeps abortion legal until roughly 23 weeks of pregnancy. The vote was 57 percent to 43 percent. Since the Supreme Court overturned Roe v. Wade, all seven states to have voted on abortion rights have chosen to protect or expand them.In Virginia, Democrats flipped the House of Delegates and kept control of the State Senate, albeit narrowly. That will likely doom Gov. Glenn Youngkin’s hopes of passing a 15-week abortion ban. It may also quiet some Republicans’ calls for Youngkin to run for president, given that he had trumpeted his approach to abortion as a sensible middle ground for his party.“Democrats, to their credit, made this their signature issue of this campaign,” J. Miles Coleman, an election analyst at the University of Virginia, said of abortion. “It’s still a very potent energizer.”In New Jersey, Democrats are expected to keep their comfortable majorities in the state legislature, with Republican candidates losing even in more conservative parts of the state.In Pennsylvania, Democrats won a seat on the state Supreme Court, padding their majority. The court would have jurisdiction over lawsuits related to the 2024 election in a key swing state.It wasn’t a perfect night for Democrats. In Mississippi, Brandon Presley, a state official who ran for governor on a platform of expanding Medicaid, lost to Tate Reeves, the Republican incumbent. In New York, a Republican flipped the Suffolk County executive’s office for the first time in two decades. A Republican-backed candidate also flipped the mayor’s office in Manchester, N.H.Nationwide, though, Democrats continued a strong recent electoral run that dates to last year’s midterms and has continued through most special elections (which are held to fill unexpectedly vacant posts) this year. Democrats have done well despite President Biden’s low approval ratings for several reasons.One, Donald Trump and the so-called MAGA movement are also unpopular, and candidates aligned with him have fared poorly. Two, the Supreme Court’s 2022 decision overturning Roe — and subsequent Republican-passed abortion bans — have upset many voters. Three, college graduates and affluent professionals increasingly vote Democratic and also have higher turnout in off-year elections. Four, many Democratic politicians — like Beshear in Kentucky — have managed to remain more popular than Biden.In the rest of today’s newsletter, we’ll walk through other results from last night.Notable racesMarijuana: Ohio became the 24th state to legalize recreational marijuana. Voters approved the initiative 57 percent to 43 percent.Mayoral races: Cody Smith, a former mayor of Uvalde, Texas, won the office again, defeating the mother of a girl killed in last year’s school shooting there. Philadelphia and Des Moines elected their first female mayors. And two Democrats — a liberal and a moderate — will compete in a runoff next month for Houston mayor.Affordable housing and homelessness: Voters in Seattle and Santa Fe, N.M., passed initiatives to fund affordable housing. In Spokane, Wash., voters approved a measure to let the police issue tickets to people who camp near schools, parks and playgrounds.Education: Liberals led school board races in suburban Philadelphia and Northern Virginia, where gender issues have been central. In Pella, Iowa, voters narrowly rejected a measure that would have given the City Council more control over the public library, which had resisted efforts to ban an L.G.B.T.Q. memoir.Criminal justice: In Allegheny County, Pa., Stephen Zappala, a Democrat-turned-Republican, defeated a progressive candidate in the district attorney race.Democracy: Kentucky’s Republican secretary of state easily won re-election; he previously rejected Trump’s false claims of voter fraud. And in Derby, Conn., a Republican charged with trespassing at the U.S. Capitol on Jan. 6 lost his race for mayor.For more“The night’s results showed the durability of Democrats’ political momentum,” our colleagues Jonathan Weisman and Reid Epstein write. Read their other takeaways.Politico described the results as a “banner year” for Democrats. “They really needed it,” The Washington Post wrote.Republican attacks on transgender rights appeared to fizzle. In Virginia, voters elected the South’s first transgender state senator.Ohio’s referendum on abortion won outright in 18 counties Trump won in 2020. Democrats hope abortion will energize their base in 2024.Republican donors hoped Glenn Youngkin would enter the presidential race, taking control of the party from Trump. Virginia’s elections were a dose of reality.THE LATEST NEWSIsrael-Hamas WarA month into the fighting, Israel said its ground forces have reached deep into Gaza City.Northern Gaza, including the city, still contains hundreds of thousands of people.Hamas’s leaders said the group attacked on Oct. 7 because they believed the Palestinian cause was slipping away. “We succeeded in putting the Palestinian issue back on the table,” one told The Times.Response to the WarForeign ministers from G7 countries, including the U.S., called for “humanitarian pauses” in the fighting.Leaders from Saudi Arabia, Jordan and Egypt have asked the U.S. to help broker a cease-fire. They fear the war could destabilize their countries.The White House cautioned Israel against reoccupying the Gaza Strip.The House of Representatives censured Representative Rashida Tlaib, a Michigan Democrat, for comments that seemed to call for the eradication of Israel. More than 20 Democrats voted against Tlaib.South Africa has recalled all its diplomats from Israel.PoliticsQuestions asked by Supreme Court justices suggested that they are likely to uphold a federal law meant to stop domestic abusers from getting guns, despite the conservative majority’s friendliness to gun rights.The Senate confirmed Dr. Monica Bertagnolli, a cancer surgeon, to lead the National Institutes of Health.ClimateWildfires are burning across the South, caused by drought, warmer-than-normal temperatures and possibly arson.Nations that have promised to address climate change are expanding fossil fuel drilling.Other Big StoriesLessie Benningfield RandleMichael Noble Jr. for The New York TimesLessie Benningfield Randle survived the Tulsa race massacre of 1921. At nearly 109, she’s still waiting for her day in court.The prime minister of Portugal resigned unexpectedly after police officers on a corruption inquiry put out an arrest warrant for his chief of staff.The number of infants born with syphilis is growing, the C.D.C. says.The journal Nature retracted a high-profile paper claiming to have found a superconductor that worked at room temperature.A pod of orcas sank a boat for the fourth time in two years, this one near Morocco. Sailors are worried.OpinionsThe American left’s celebration of Hamas’s atrocities has shown Jewish people who their friends are not, Bret Stephens writes.Here is a column by Thomas Edsall on the Democratic Party and Israel.MORNING READSGalaxies belonging to the Perseus Cluster.European Space Agency/Euclid Consortium/NASA; image processing by J.-C. Cuillandre, G. AnselmiStarry skies: The first images from Euclid, the European Space Agency’s new telescope, offer ethereal views of the cosmos.Health: Many popular nicotine vapes look like toys. Experts worry that could entice young users.Eruption: An undersea volcano is building a new island in Japan.Lives Lived: Mortimer Downey helped revive New York City’s subway, bolstered Amtrak and secured federal funds for public transit. He died at 87.SPORTSN.F.L.: The Dallas Cowboys signed the receiver Martavis Bryant, recently reinstated after serving a five-year suspension for substance abuse issues.Michigan: The Wolverines told the Big Ten yesterday that they had evidence of other teams sharing information on their own signs.ARTS AND IDEASThis was in 2018.Evan Agostini/Invision, via Associated Press21st-century Springfield: Over its three decades on the air, “The Simpsons” has changed to meet evolving sensibilities. The show stopped making fun of gay characters, for instance, and stopped using a white actor to voice Black and Indian characters. Now, it is abandoning the long-running joke in which Homer Simpson strangles his son, Bart. “I don’t do that anymore,” Homer said on a recent episode. “Times have changed.”A recent article in Vulture — titled “The Simpsons” Is Good Again — argues that such willingness to change has made the show fresh and funny for the first time in years.More on cultureClimate protesters took hammers to the glass covering an 18th-century painting by Diego Velázquez at the National Gallery in London, causing “minimal damage” to the canvas.Jimmy Fallon mocked tonight’s Republican debate.THE MORNING RECOMMENDS …Ryan Liebe for The New York TimesBrowse the best Thanksgiving recipes.Set a beautiful table.Secure early Black Friday deals on Wirecutter-approved items.GAMESHere is today’s Spelling Bee. Yesterday’s pangrams were hometown and townhome.And here are today’s Mini Crossword, Wordle, Sudoku and Connections.Thanks for spending part of your morning with The Times. See you tomorrow. — David and IanCorrection: Monday’s newsletter misstated the Ukrainian president’s response to a Russian attack on a military ceremony. He called it a crime, not a war crime.P.S. Erica Green, who has covered education and domestic policy for The Times, is now a White House reporter.Sign up here to get this newsletter in your inbox. Reach our team at themorning@nytimes.com. More

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      A Guide to Election Day

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      Can a Democrat win the Deep South? And other questions to help you make sense of the results. Today is Election Day, and we are using this newsletter to give you a guide. One theme is that Democrats are hoping to continue their strong recent electoral performance despite President Biden’s low approval rating.Why have Democrats done so well in elections since 2022? In part, it’s because voter turnout is modest in off-year elections like today’s. The people who vote tend to be engaged in politics. They are older, more affluent and more highly educated than people who vote only in presidential elections.As the Democratic Party becomes more upscale — the class inversion of American politics that this newsletter often discusses — the party will naturally do better in lower-turnout elections than it once did. But these victories do not necessarily foreshadow presidential elections. The other side of the class inversion is that Democrats are increasingly struggling with lower-income and nonwhite voters, many of whom vote only in presidential elections.Today’s elections still matter for their own sake, of course. Below, we list the questions that can help you make sense of the results.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.We are confirming your access to this article, this will take just a moment. However, if you are using Reader mode please log in, subscribe, or exit Reader mode since we are unable to verify access in that state.Confirming article access.If you are a subscriber, please  More

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      A Report Card for Bidenomics

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      Voters’ negative perceptions about the economy are weighing on President Biden’s poll numbers. Here’s what his economic policies have, and haven’t, accomplished.President Biden is finding it hard to sell Americans on his economic track record.Kent Nishimura for The New York TimesWhere the economy is working (and where it isn’t) With a year to go before Election Day, polls increasingly show that American voters believe next year will be a rematch between President Biden and Donald Trump — with the former president in the lead in key battleground states despite his legal troubles (more on that below).Biden’s troubles stem in large part from negative perceptions about the economy, even as several indications show that it is performing strongly. Here’s a deeper look at what “Bidenomics” has, and hasn’t, accomplished.On the positive side: jobs. Since Biden took office, employers have created 14 million jobs, and the unemployment rate has been hovering around a 50-year-low for months.The president has also been talking up signature economic accomplishments like the Infrastructure Investment and Jobs Act, which he argues have helped rebuild rural America and invigorated the economy. “Bidenomics is just another way of saying the American dream,” he said in a speech. It’s not a stretch. The economy grew last quarter at nearly 5 percent, belying a global slowdown.On the negative side: inflation. Wages have been growing slowly, but they’ve been offset by rising prices, Biden’s Achilles’ heel. Republicans have blamed the White House’s economic policies for soaring consumer prices, which hit a 40-year high in the summer of 2022.Many economists say global factors are probably more to blame. But the perception of Biden’s culpability here is hurting him.A partial win: the markets. Investors tend to give high marks to presidents whose tenures coincide with strong investment returns. The S&P 500 has gained nearly 15 percent since Biden’s inauguration, weathering much of the slump set off by the Fed’s historic rates-tightening policy. (The bond market has gone in the opposite direction.)That’s decent, but pales in comparison with the Trump years, when the benchmark index climbed more than 65 percent.Biden has been touring the country — on Monday, he was in Delaware to promote federal money flowing to Amtrak, the rail operator — to refocus the public’s perceptions of his economic achievements. Meanwhile, questions swirl over whether Biden can eventually overtake Trump.A reminder: The DealBook Summit is on Nov. 29. Among the guests are Bob Iger of Disney; Lina Khan of the F.T.C.; and David Zaslav of Warner Bros. Discovery. You can apply to attend here.HERE’S WHAT’S HAPPENING Uber’s latest earnings miss expectations. The ride-hailing giant said on Tuesday that it had earned 10 cents per share in the third quarter, below the 12 cents that analysts had forecast. But the company argued that its business showed strong growth in its core mobility division.OpenAI seeks to build on its runaway success. The Microsoft-backed A.I. start-up said that its chatbot, ChatGPT, now had over 100 million weekly active users, giving it a formidable lead in the race to capture artificial intelligence customers. The company also introduced an online store that will let users build customized chatbots.Striking Hollywood actors push back on studios’ latest contract offer. The SAG-AFTRA union said that the “last, best and final” bid still fell short on key issues like the use of A.I., making it unclear when its nearly four-month strike will end. In other labor news, Starbucks will raise the average salary of hourly workers by at least 3 percent.Trump puts his legal liabilities on displayDonald Trump may be handily leading the 2024 election polls. But his appearance in court on Monday, testifying in a civil fraud lawsuit filed by New York State, appeared to do him no favors in efforts to hold onto his business empire.It was a reminder that, while he’s riding high in the presidential race, the former president still faces a thicket of legal battles that could cost him financially and, perhaps, politically.Here are some notable moments from Trump’s testimony:Trump conceded that he had played a role in valuing his company’s properties, an issue at the heart of the case. (New York prosecutors argue that Trump illicitly inflated his net worth to defraud banks and insurers.) Of the company’s financial statements, he said, “I would look at them, I would see them, and I would maybe on occasion have some suggestions.”But Trump also sought to underplay the importance of those statements, saying they were so riddled with disclaimers that they were “worthless.” He promised, unprompted, that some of his bankers would testify in his defense.Trump also assailed the presiding judge, Arthur Engoron, for having decided before the trial that fraud was committed. Engoron appeared exasperated, telling the former president to answer questions and stop delivering speeches.The testimony was a reminder of his political baggage, which was also an undercurrent of the endorsement of Ron DeSantis on Monday by Kim Reynolds, Iowa’s popular governor. Reynolds, whose state’s caucuses could be crucial in bolstering a Trump rival, said that the U.S. needed a president “who puts this country first and not himself” — a thinly veiled rebuke of Trump.His legal issues don’t appear to have dented his popularity. He has contended that he is being politically persecuted — “People like you go around and try to demean me and try to hurt me,” he told a state lawyer on Monday — an argument that some of his supporters have embraced.In a sign of his enduring political strength, the betting site PredictIt puts Trump’s odds of winning the nomination on Monday at more than four times that of his nearest competitor in its market, Nikki Haley.Dina Powell McCormick, in 2017, when she was a deputy national security adviser during the Trump presidency.Al Drago for The New York TimesExxon Mobil taps a Wall Street and D.C. power player Dina Powell McCormick, a former Goldman Sachs executive and onetime Trump administration official, is joining the board of Exxon Mobil effective Jan. 1. Her appointment comes as energy groups have embarked on a series of big deals on the back of soaring oil prices and bumper profits.Powell McCormick has long been one of the most senior women on Wall Street. Before joining BDT & MSD partners, an investment and advisory firm, earlier this year, she spent 16 years at Goldman Sachs. Powell McCormick led the Wall Street giant’s global sovereign business and sustainability, and she was a member of its management committee, among other roles.Powell McCormick has also been a Washington power player. She has spent more than a dozen years working in government. From 2017 to 2018, she was a deputy national security adviser to Trump and played a significant role on Middle East policy, including efforts to broker a peace deal between Israel and the Palestinians. (Her husband, David McCormick, is a former C.E.O. of the hedge fund Bridgewater and was a Treasury Department official under Hank Paulson. He is running for Senate in Pennsylvania as a Republican.)Powell McCormick’s appointment even won backing from Mike Bloomberg, who is spending billions to fight climate change — a sign of how wide-ranging her political and business relationships are.“Dina has been a close partner for years through her role as global head of sustainability at Goldman Sachs,” Bloomberg said, “and we have teamed up to create new partnerships that invest in market-driven ways to create clean energy and advance climate transition goals.”Energy giants are on a deal spree. Exxon reported quarterly profits of $9.1 billion last month, as oil prices have surged and demand has skyrocketed after Russia’s invasion of Ukraine. In October, Exxon agreed to acquire the shale oil specialist Pioneer Natural Resources for around $60 billion and Chevron struck a $53 billion deal to buy Hess. Exxon’s board had been in the spotlight over the energy transition. Engine No. 1, an activist investor, won three seats after targeting the company over its governance and environmental track record. But two years later, the firm changed course, saying that Exxon had made big changes. Exxon, however, has resisted calls to pour more money into renewable energy, arguing that its money is better on low-carbon investments.Tracing WeWork’s rise and spectacular fallWeWork finally filed for bankruptcy protection on Monday, after years of struggling with crushing debt and the coronavirus pandemic’s emptying out of office spaces — and that’s even after it had abandoned the runaway growth it pursued under its co-founder, Adam Neumann.The company that sought Chapter 11 is a shell of the real estate juggernaut that first sought to go public at a $47 billion valuation. (Its stock is down 98 percent this year.) Here’s how the business once lauded by the Japanese tech investor SoftBank as a revolution went astray.WeWork has been on its heels since it scrapped its I.P.O. plans in 2019. The company had been riding high, buoyed by Neumann’s promises that the start-up — whose business involved leasing out office space for co-working — would “elevate the world’s consciousness.” But then:Prospective investors blanched at the company’s steep losses, lax corporate governance and the controversies that dogged Neumann. (Activities on private jets were among them.) And the S.E.C. criticized the company’s disclosure involving mismatches between long-term financial obligations and its short-term assets. Neumann stepped down after WeWork shelved its I.P.O., and SoftBank provided it with a multibillion-dollar lifeline.Under a new C.E.O., Sandeep Mathrani, WeWork confronted the devastating effect of pandemic lockdowns and the rise of remote working. The company went public — via a blank-check vehicle — in 2021, while it started closing locations and renegotiating leases.Mathrani left in May, reportedly after clashing with SoftBank. His replacement, David Tolley, has kept trying to right the ship, but WeWork warned in August that there was “substantial doubt” about its future. Last month, it said it would miss interest payments on its debt.WeWork’s filing raises questions about the fate of commercial real estate. The company noted on Monday that it had reached agreements with about 92 percent of creditors holding secured debt. Its restructuring involves reducing its real estate portfolio.The company is one of the largest corporate tenants in New York and London, and any move to shed more of its leases would hurt commercial landlords that are themselves struggling to pay their debts.THE SPEED READ DealsResearch analysts at some of the banks that took Birkenstock public wrote in their initial reports on the sandal maker that its I.P.O. was valued too high. (Bloomberg)“Warring Billionaires, a Rogue Employee, a Divorce: One Hedge Fund’s Tale of Woe” (NYT)PolicyIntel is reportedly the leading candidate to land billions of dollars in federal funding to build secure plants to make chips for use by the U.S. military and intelligence agencies. (WSJ)A man who posed as a billionaire rabbi and made a $290 million takeover bid for the retailer Lord & Taylor was sentenced to more than eight years in prison. (Bloomberg)Best of the restDisney hired Hugh Johnston, the longtime finance chief at PepsiCo, as its new C.F.O. (CNBC)The founder of the dating app Bumble, Whitney Wolfe Herd, is stepping down as C.E.O. (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More