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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Welcome to America
President Trump on Sunday defended his executive order restricting immigration from seven Muslim-majority countries, which had set off legal challenges, congressional criticism, widespread protests and confusion at airports around the world. The order suspends the U.S. refugee program for four months and bans for 90 days the U.S. entry of nationals of Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen. In the first 23 hours after it took effect Friday, 375 people were detained on arrival in the U.S., prevented from boarding flights at their point of departure or intercepted while en route to the U.S., a senior Department of Homeland Security official said. Late Saturday, a federal judge in Brooklyn, N.Y., issued a temporary injunction that blocked deportation of those detained, but stopped short of allowing them into the country and didn’t address the constitutionality of Mr. Trump’s measures. Clearing up one point of confusion, the new DHS chief said late Sunday that the order wouldn’t affect legal permanent residents—holders of so-called green cards. We report that the Trump team kept the ban quiet as the order was prepared: Many U.S. immigration officials saw it only after the signing. By Sunday, at least a dozen GOP senators raised some measure of concern.

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Market Movers
Earnings reports from more than 100 of America’s biggest companies, a statement from the Federal Reserve and a jobs report this week will help determine whether U.S. stock markets can sustain a rally that has pushed them into record territory. Among the companies are tech giants Facebook, forecast to be the sector’s largest earnings-growth contributor, and Apple, forecast to be the largest drag. The Fed, meeting midweek, is expected to keep short-term interest rates steady, but investors will be watching for signals on the timing and pace of future increases—signals that in the past have rattled stock, bond and currency markets. Friday comes the jobs report; the labor market has been a bright spot in the U.S. economy.
Oil Split
Big oil companies and smaller U.S. upstarts are plotting divergent spending paths for 2017 after a modest recovery in crude prices. While shale-oil drillers are boldly raising annual budgets to revive drilling in Texas, New Mexico and North Dakota, the likes of Exxon Mobil, Chevron, Royal Dutch Shell and BP plan to hold back spending. One reason for their caution is a concern that the recent oil-price rebound has run out of steam—and could even reverse if members of OPEC fail to follow through on promised output cuts. The giants are catering to a largely conservative investor base, while shale-company investors are focused mainly on production growth.
Cash or Credit
More businesses are ditching cash—and finding that their sales aren’t going down. The U.S. has been slowly moving toward being a cashless society since the introduction of the first general-purpose credit cards in the 1950s, but only now has it reached the point that many people can stop using cash in their daily lives, writes our Keywords columnist, Christopher Mims—and a host of technologies deserve credit. Mobile devices, in combination with payment apps such as Square and its many imitators, have made credit-card transactions possible for small businesses from farmers-market vendors to home inspectors and other service-industry solopreneurs. The shift will eliminate some of the costs associated with cash—though cashlessness carries a price of its own.
Confusion Over Immigration Ban
That Was Painless
Mr. Trump’s executive order temporarily barring some immigrants and refugees from entering the U.S. generated mixed messages from government officials and confusion among green-card holders unsure whether the policy applies to them.

Donald Trump Shuffles National Security Council

States’ Revenue Shortfalls Exacerbate Budget Crunch

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For Apple’s iPhone Sales, Size Matters

Citigroup, European Banks Stick With Mexico as Trade War Looms

Trump’s Tax Plan Could Preserve Millions in Savings for His Businesses
$5.6 million
The sum of wages, bonus and incentive compensation that Treasury Secretary-nominee Steven Mnuchin earned during his final 15 months as a banker, according to pay disclosures related to his confirmation process.
It’s shocking, especially in Quebec City, where everything is so calm.
Ikbel Jourchi, the wife of the president of the Quebec City mosque where a shooting Sunday night claimed multiple lives and sent other victims to the hospital, said the attack took place during the evening prayer, when between 50 and 100 worshipers were in the building.
Going back to our story above, what are your thoughts on Mr. Trump’s executive order restricting immigration from seven Muslim-majority countries? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
Responding to Friday’s question on Mr. Trump’s rift with Mexico, Mike Schiller of Arizona wrote: “As an Arizona resident involved in the business community for 40 years, I can only say there is no upside and only downside for us. A trade war with Mexico will destroy our economy.” Mary Thompson of New Mexico weighed in: “We have tried for years to bolster Mexico without a positive response. Perhaps cutting them free from our coddling would be more constructive for their future. When Nafta was enacted I supported it, thinking that with the trade agreement their government would be less corrupt and their citizens would benefit. I’m not at all sure my hopes have materialized. Perhaps a dose of ‘tough love’ is needed at this point.” And Mike DeMott of Texas commented: “I voted for Mr. Trump. I am bitterly disappointed in his continued demonstration of his obviously massive insecurities, and his lack of sophistication with Mexico is the tip of the iceberg for what we can expect from him.”

This daily briefing is named “The 10-Point” after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary “What’s News” digest of top stories. Technically, “10-point” referred to the size of the typeface. The type is smaller now but the name lives on.

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