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

The Wall Street Journal
Good morning,
Shot Across the Aisle
The White House sent a warning shot to congressional Republicans that it may increase its outreach to Democrats if it can’t get the support of hard-line conservatives. Days after the House GOP health bill collapsed owing to a lack of support from Republicans, White House Chief of Staff Reince Priebus brought up the idea of working with Democrats multiple times, leaving little doubt that the White House intended to send a message to the hard-line Republican flank. But House conservatives remained undeterred and sought to deflect blame for the health bill’s stunning collapse, which called into question how easy President Trump’s broader agenda would be to achieve. Following their setback over health care, Republicans are heading for what they see as safer political ground: a major tax bill. But they might be heading right into another minefield.

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Correction Fever
Investors don’t typically root for stocks to fall, but some now think a period of declines might be healthy. Many investors and analysts fear a postelection rally that has driven the S&P 500 up roughly 10% has cleaved share prices from the underlying fundamentals that tend to drive gains over time, such as interest rates and corporate earnings. What is due now, some investors say, is a correction: a 10% pullback from the indexes’ March 1 highs. They contend such a retreat would tamp down speculation, deflate pockets of froth in popular investments and provide buying opportunities for those on the sidelines. There have been four corrections during the eight-year bull market, even as stock prices have tripled. On average, market corrections occur once each year, according to data going back to the late 1980s.
Narrow Window
The next blockbuster film: Coming soon—to your home. We report that Hollywood studios are preparing to upend decades of tradition by releasing movies at home less than 45 days after they debut on the big screen. The studios and theater owners have long been at loggerheads over the issue, which Hollywood executives consider vital to their long-term survival and cinemas consider a threat to theirs. But now, faced with changing consumer habits fueled by proliferating on-demand entertainment options, the two sides are finally discussing a compromise. The question that remains for so-called premium video on demand is when and on what terms it starts, not whether it does. By year-end, it is likely films will start to become available on VOD as soon as a few weeks after their theatrical debut for $30 to $50.
Long Live Rock ‘n’ Roll
For music fans, the recent flood of celebrity deaths has been overwhelming. But with many of rock’s founding fathers and mothers reaching their 70s, the end of the age of rock ’n’ roll is just beginning. While every generation bemoans the passing of its great artists, the outsize influence of rock promises to have a profound impact on popular culture and overall music-industry sales. Of the 25 artists with the highest record sales in the U.S. since 1991, just one—Britney Spears—is under 40. Rock’s demographic crisis has been a concern for some time. But we report that the spate of deaths over the past 18 months highlights the limited time the industry has to buttress its future and figure out how to better attract young audiences and develop young stars.
TODAY'S VIDEO
Message From Above
That Was Painless
English soccer fans, notoriously impatient when it comes to team managers, are hiring planes to tow messages across the skies during matches.
TOP STORIES
U.S.

Sluggish Housing Recovery Took $300 Billion Toll on U.S. Economy, Data Show

Utah Republicans Look to Rescind Status of New National Monument
WORLD

Iran Slaps Sanctions on 15 U.S. Companies as Animosity Grows

Iraq Military Contradicts Claim U.S.-Led Coalition Airstrike Killed Civilians, Blames Islamic State
BUSINESS

The Future of Music: Playing for $30,000 in Tips

The High-Speed Trading Behind Your Amazon Purchase
MARKETS

OPEC Warns Members to Comply With Oil-Production Cuts

In the Era of Cheap Oil, Gulf Producers Are Forced to Borrow
NUMBER OF THE DAY
$4.1 billion
America’s trade deficit in advanced “flexible manufacturing” goods with Japan, the European Union and Switzerland last year, according to Commerce Department data. The U.S. is losing the battle to supply the kind of cutting-edge production machinery that is powering the new automated factory floor, from digital machine tools to complex packaging systems and robotic arms.
QUOTE OF THE DAY
There are things in life worth being detained for.
Alexei Navalny, a leading opposition figure in Russia, on thousands of demonstrators taking to the streets of cities across the country on Sunday to protest official corruption in the most significant challenge to President Vladimir Putin in years. Mr. Navalny was detained during the protest in Moscow.
TODAY'S QUESTION
Going back to our story above, do you think the time is right for a correction? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to Friday’s question on the increasing mortality rate among white Americans, Tim Calvin of California said: “Despite the clamor for universal health-care coverage, good health cannot be given to anyone, nor is it for sale. Good health is mainly a product of individual choices about diet, exercise and behaviors. In a free society, many people have bad habits and make poor decisions leading to early death from illness, accidents and violence.” David Camping of North Carolina wrote: “I think an added reason is the overwhelming amount of negative feedback we receive every day through TV programming, social media, and news (paper, TV or online).” And Augusta Era Golian of Texas commented: “We need to look at our 24/7 high-stress culture, the general loss of economic stability, the breakdown in education, the health-care dilemma and so on. Blaming the victims will eventually explode because the victims can vote and are increasingly upscale. Tech, science, globalization, demographics and the extremes of positive economic feedback loops are creating a perfect storm for American society.”

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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