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

The Wall Street Journal
Good morning,
Goldman Stumbles
Goldman Sachs’s strengths became weaknesses in the first quarter. A rare trading stumble from the Wall Street powerhouse ended a streak of strong earnings for big U.S. banks and set Goldman, fresh off a leadership transition, on its heels early in the year. The firm’s 2.4% decline from a year earlier in all-important trading revenue was well behind results reported by rivals. The lackluster result shows that for all of its postcrisis changes—dialing down risk, adding consumer-facing businesses and embracing lending—the unpredictable and unforgiving business of swapping stocks, bonds and commodities remains critical to Goldman’s fortunes. One quarter of weakness is far from a trend, but the rare misstep comes after Gary Cohn, the former No. 2 to Chief Executive Lloyd Blankfein, departed for a job in the White House in December.

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Sterling Performance
The pound had its second-best day against the dollar since last summer’s vote to leave the EU, after British Prime Minister Theresa May on Tuesday went back on repeated promises not to call a sudden election. Mrs. May’s surprise call for an early general election on June 8 aims at strengthening her hand in her country’s critical divorce negotiations with the EU. She is betting the election will deliver her a big increase in her slim majority in the House of Commons, reducing her dependence on the few-dozen lawmakers who want a sharp and rapid break from the EU and improving the prospect for a smoother exit with less economic disruption. The election will be dominated by Brexit, but the complication is that attitudes on Brexit aren’t divided along conventional party lines.
Off Course
The U.S. Navy confirmed Tuesday that it didn’t send one of its aircraft carriers directly toward North Korea amid growing tensions with Pyongyang, despite representations by President Trump and his top defense advisers that it was on its way. In fact, the Nimitz-class aircraft carrier USS Carl Vinson was thousands of miles away on exercises off the northwest coast of Australia and likely won’t arrive near the Korean Peninsula until sometime next week. How Mr. Trump’s muscular response to North Korea morphed into a false narrative about a naval armada sailing in a show of force toward waters off the coast of North Korea seems to be a story of mixed and contradictory messages that the Navy appeared to notice in the past week, but made no strenuous moves to correct.
Second Chair
Great bosses get applauded, but an able No. 2 doesn’t get much attention. When done right, though, the deputy’s job can be a rich and rewarding role. It takes finesse to make it a winning hand. The role offers access without having to take the spotlight or the main blame when things go wrong. The most-fulfilled deputies, however, also challenge the boss, call out mistakes, and still carry out the leader’s plan. We spoke to several seasoned deputies and offer advice for success, such as taking satisfaction in behind-the-scenes wins. It is also important to figure out how serving as No. 2 fits into your career plans. For some, it is a launchpad. For others, it is a lifestyle.
TODAY'S VIDEO
Nearly All Screen
That Was Painless
Your hands will thank you for this slender smartphone that’s almost entirely screen. But Samsung’s Galaxy S8 isn’t ready for the future until the company delivers its next-gen voice assistant Bixby—and reassures us its phones won’t combust, writes our Personal Technology columnist Geoffrey A. Fowler.
TOP STORIES
U.S.

Man Suspected of Killing Three in Fresno, Calif., Expressed Dislike of White People, Police Say

Old Steel Town Looks to Past and Future to Chart a New Course
WORLD

Pentagon Chief Arrives in Middle East to Talk Yemen, Counterterrorism

Turkey Opposition Party Seeks to Annul Referendum Vote
BUSINESS

Fox Is Preparing to Cut Ties With Bill O’Reilly

New CSX CEO Shakes Up the Railroad, Starting With ‘Hump Yards’
MARKETS

Banks Rack Up Advisory Fees as Fiduciary Rule’s Future Hangs

Bank of America Reports Jump in Earnings
NUMBER OF THE DAY
$8.3 million
The amount of money Democratic candidate Jon Ossoff’s campaign raised in the first quarter from donors across the country. Democrats fell short Tuesday in their bid for a knockout victory in the race for a House seat from Georgia that was widely seen as a referendum on President Donald Trump. Mr. Ossoff was on track to finish ahead of 17 other candidates, but was shy of the 50% threshold that would have given him the House seat and avoided a difficult runoff election.
QUOTE OF THE DAY
We never thought of China 10 years ago. Now, we’re at a point where Hollywood can’t exist without China.
Adam Goodman, a former production chief at Paramount Pictures who now runs a film-production company backed by LeEco, a Beijing-based technology company, on the U.S. movie industry’s new reliance on China’s investors and the country’s more than a billion potential moviegoers.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on the maritime mix-up involving the USS Carl Vinson? 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 Facebook reviewing how it handles objectionable content, Curt Schmidt of Nebraska said: “Why is only Facebook held to the fire on this tragedy and how its products are used? What about the cell phone manufacturer that captured the video? The cell phone service that transmitted it? The gun manufacturer? The car that brought the murderer to the scene? One can go on ad infinitum. Instead, how about putting 100% of the blame and justifiable anger on the individual responsible?” Rachel Ma of California wrote: “Facebook should not be held responsible for monitoring and censoring content users post. This would defeat its purpose as an open platform.” And Stevan Porter of Virginia weighed in: “The online video of a murder and similar content is disgusting and horrible. Realistically, however, I am not sure how much Facebook and other social media companies can do proactively to prevent it. Facebook is a huge community and like all large communities they have to rely on their good citizens to report problems and they have limited resources to respond. Not that different from calling 9-1-1. Trying to moderate all live streams, shared videos, photos, and comments in real time is simply not possible.”

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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