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

The Wall Street Journal
Good morning,
Nuclear Showdown
Senate Democrats on Monday assembled enough votes to mount a filibuster that would block consideration of President Trump’s nominee to the Supreme Court, setting up a fight that could reshape the way the chamber considers future nominees to the court. The Senate Judiciary Committee advanced Judge Neil Gorsuch’s nomination on a straight party-line vote, but 41 Senate Democrats said they would vote “no” later this week on a procedural motion to end debate and bring the nomination to a final vote. That is enough to keep Judge Gorsuch from advancing in the 100-member body, where Republicans control 52 seats but need 60 votes to end debate. If that happens, Republicans are expected to hold a vote to eliminate that requirement for Supreme Court nominees—a rule change known as the “nuclear option.”

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The Yuan and Only
As Chinese President Xi Jinping prepares to head to the U.S. this week, there’s a new twist in the persistent argument that Beijing is keeping its currency artificially low against the dollar. The yuan has recently been rising. The gains have been small—the currency is up 1% against the dollar this year—but began shortly before Mr. Trump was inaugurated. The rise could complicate a central criticism that he has leveled against China: that it is manipulating its currency downward at the expense of the U.S. to bolster exports and its economy. Since Mr. Trump took office, Chinese authorities have relied on capital controls and a broadly weakening dollar to keep the yuan in a narrow range against the U.S. currency. Messrs. Trump and Xi are due to meet Thursday.
Electric Shock
Elon Musk has steered past Henry Ford in the minds of investors, the latest sign of a seismic shift in the auto industry. Tesla, the upstart Silicon Valley electric-car maker run by Mr. Musk, has overtaken Ford, the automotive pioneer that is exactly 100 years older, as the second-largest U.S. auto maker by stock-market value. Shares in Tesla were up 7.3% Monday, pushing its market capitalization to $48.7 billion, above Ford’s roughly $45.5 billion. Wall Street has soured on blue-chip auto stocks as discounts to sell vehicles soar and inventories balloon, fearful that established players are headed into another one of the prolonged downturns that have plagued the boom-and-bust car business. We explain why Tesla is among the few companies showing the potential to defy that cycle.
Character Builders
Can your 8-year-old vacuum yet? Assigning new jobs for children as they mature will develop their work ethic, says the chief executive of an app that tracks chores and allowances. But what tasks are appropriate? And should children earn money for completing housework? Some 68% of U.S. parents say they pay an allowance to their children, at an average rate of $67.80 a month. We take a look at chores children should be able to master at various ages. For ages 6 to 9, essential jobs such as taking care of pets and operating household appliances help build maturity, responsibility and motor skills. New and more-challenging tasks help keep teenagers motivated. Adult errands such as taking the car for an oil change help older teenagers gain important skills.
TODAY'S VIDEO
Ride Along
That Was Painless
In China, as millions of cheerfully colored share bikes hit the streets, thieves and pranksters are having a free ride.
TOP STORIES
U.S.

Student Debt May Prevent Some Americans From Buying Homes

A New Tribalism Spreads in Donald Trump’s Washington
WORLD

U.S. to Review U.N.’s Peacekeeping, Human Rights Functions, Haley Says

Colombian School Reels After Landslides
BUSINESS

J. Crew Creative Director Jenna Lyons to Leave Retailer

U.S. Ports Forge Alliances to Keep Their Spots on Trade Map
MARKETS

Most Lucrative Energy Job? Some Say It’s CEO of a Bankrupt Company

Hurrah, Dollars Are Now Flowing (Almost) Normally Again
NUMBER OF THE DAY
15%
Of tech companies that went public in the U.S. between 2012 and 2016, the approximate percentage that did so with at least two classes of stock, up from 8% between 2007 and 2011. In a growing number of stock offerings, insiders are winding up with far more votes than shares. A prime example: Snap.
QUOTE OF THE DAY
Naturally, we always consider all options—both domestic and criminal, and above all actions of a terrorist nature.
Russian President Vladimir Putin on the investigation of a blast that tore through a subway train in St. sburg on Monday, killing 14 people and injuring dozens more.
TODAY'S QUESTION
Going back to our story above, if you are a parent, do you or did you assign chores to your children? 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 yesterday’s question on the Fed’s 2% inflation target, Roy Farrow of Nevada said: “The Fed propped up the economy for the last eight years, allowing Congress and the executive branch to shirk their responsibilities to ensure a healthy economy. Now, to adhere to an out-of-date rubric would return our economy to a snail’s pace.” Jeff Templeton of Pennsylvania wrote: “Even inflation of only 2% per year can hurt those on pensions, the middle class and the poor because their income can be fixed or rise only modestly over a period of years. Also, government costs for social programs increase as well. Thus low inflation targets are good for the masses.” And Paul Dembry of California shared: “I have never understood why 2% annual inflation is a good thing, probably because I am not an economist.”

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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