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"Trump opens the door to new Nippon Steel Deal."

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Good afternoon. Here’s what you should know today, Feb. 7: The U.S. job market chugged along in January—but at a slower pace Airline employees cope after the deadly crash near Washington A wealthy California enclave is so secretive people barely know it exists By Zlati Meyer Thanks for reading What’s News! Look for the  to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!). President Trump and Japanese Prime Minister Shigeru Ishiba speaking at a White House news conference Friday. PHOTO: MANDEL NGAN/AFP/GETTY IMAGES 1. President Trump supports what he described as an emerging agreement that would let Nippon Steel invest in—but not fully own—U.S. Steel. Trump said he’d meet with the Japanese company next week ( read for free). He campaigned on strengthening the domestic steel manufacturing sector and had opposed Nippon Steel’s $14.1 billion acquisition proposal. The company didn’t immediately respond to a request for comment but had said previously it wasn’t interested in a joint venture. President Joe Biden blocked the sale in his final days in office. Separately, Trump delayed his crackdown on a trade loophole for low-value packages from China. Stay on top of the president’s actions with our daily roundup. 2. U.S. hiring slowed last month but remained solid, with the economy adding 143,000 jobs. The gain was a drop from November and December, but the Labor Department revised counts for those two months upward by a combined 100,000 jobs. Unemployment slipped to 4% in January. The jobs report is unlikely to change the Fed’s current wait-and-see approach to interest-rate cuts. Meanwhile, the U.S. consumer’s mood is souring amid inflation jitters. 3. Senate Republicans are trying to leapfrog their House colleagues with a quick border-enforcement win before turning to tax policy later this year. Budget Committee Chairman Lindsey Graham (R., S.C.) called for more border and military spending plus an equal amount of cuts. That puts him at odds with House GOPers. The party’s internal strategy debate over whether the measures should be put in one bill or two remains unresolved, but for now each chamber is moving ahead. Next week could bring dueling Budget Committee votes. 4. In the wake of last week’s fatal plane collision near D.C., pilots and flight attendants are dealing with their own grief while trying to calm the flying public. Yes, crew members know the risks; the bulk of their training focuses on emergency situations. But this was the first time many faced a crash in the U.S. Pilots and flight attendants can access employer-funded mental health programs. Some have started telling loved ones more details about their whereabouts while working, including both their destinations and plane tail numbers. MEMBER MESSAGE: BUY SIDE FROM WSJ Valentine's Day Gift Guides Make this Valentine’s Day unforgettable for that special someone. Our curated gift guides feature timeless picks like luxurious chocolates, elegant jewelry, and personalized keepsakes that are sure to impress. Shop the best of the season with the Buy Side team’s top recommendations. EXPLORE The Number ~30,000 The number of California homeowner-insurance policies State Farm decided to cut last year, adding to the state’s insurance crisis. The company aggressively grew in L.A., despite getting overweight on fire risk. Thousands of homeowners in fire zones were left without traditional policies before January’s devastating wildfires. State Farm said that it has paid more than $1 billion to impacted customers and, over the past decade, has tried in California to “responsibly limit overexposure in high-risk areas,” while allowing for growth elsewhere in the state. Spotlight GRAPHIC: NATE RATTNER/THE WALL STREET JOURNAL Tech titans are turbocharging their massive AI spending. Amazon, Google, Microsoft and Meta have projected combined capital expenditures of at least $215 billion for their current fiscal years, an annual increase of more than 45%. They’re undeterred by DeepSeek’s cheap but sophisticated AI model that was announced last month. The Chinese startup surprised Wall Street, triggering a market selloff. Read More ‏‏‎Quoted “You don’t see any one house putting on a display of excess or of wealth. It’s understood that wealthy people do live there, but the homes are very, very modest.” —Realtor Gary Johns, describing Smoke Tree Ranch in Palm Springs, Calif., one of the most exclusive private real-estate communities in the U.S. With no lawns or mailboxes, the enclave has long drawn some of America’s richest families to its Wild West feel and inconspicuous, ranch-style homes. Catch Up Trump Calls for Rehiring of DOGE Staffer Who Resigned Over Racist Posts (Read) Deal Reached to Protect Names of FBI Agents in Jan. 6 Probes (Read) What You Should Do About the Stock Market’s Giant Problem (Read) It’s Russian Men Against Ukrainian Machines on the Battlefields in Ukraine (Read) How the Head of ‘60 Minutes’ Ended Up at the Center of Trump’s Fight With CBS News (Read) Reporter's Journal The Philadelphia Eagles face off against the Kansas City Chiefs in Super Bowl LIX on Sunday. Regardless of who claims the Lombardi trophy, the game means excitement: a Birds redemption arc versus a third consecutive win for K.C.—including the man who accompanied Taylor Swift to the Super Bowl. Andrew Beaton—who covers the NFL, golf and, um, chess—is in New Orleans waiting for the coin toss. I talked to him about the big game, the GOAT not on the field and why he appreciates folks who tune in for the commercials. Write to him at andrew.beaton@wsj.com. Q:  What would a win mean for the Eagles? The Chiefs? A:  An Eagles victory wouldn’t simply mean they stopped one of the greatest juggernauts in modern NFL history. It would also be their second title in the last eight years and firmly establish them as a top team of the last decade. But a win for Kansas City would be even bigger, cementing the team’s place as one of the greatest dynasties in not just football history, but also American sports. The Chiefs would have won three straight Super Bowls and four in the last six years. It’s been more than two decades since the L.A. Lakers won three straight NBA Championships or the New York Yankees three-peated in the World Series. Q:  Weeks after a New Year’s terror attack shook New Orleans, how is the city managing its hosting duties? A:  There’s no doubt that the security efforts have been beefed up. Plenty of streets have been blocked off, with cops and other armed personnel regularly stationed on corners. Other streets, especially ones in the famous French Quarter where fans might visit, are lit up with bright floodlights. Q:  Any predictions about Tom Brady’s calling the big game? Full disclosure: I was born and raised in Boston. A:  The one guarantee about Brady’s first Super Bowl broadcast is that it will be closely watched. After all, with seven Super Bowl rings, he has won this game more than any NFL franchise has. Also, Brady has come under scrutiny because of how his broadcasting job could conflict with his new role as a minority owner of the Las Vegas Raiders—one of the Chiefs' main rivals. Q:  Do you get annoyed when people watch the Super Bowl for the ads? A:  One of the neat things about the Super Bowl is that in an increasingly fragmented media landscape, it’s the one thing that still feels like it’s watched by everybody at the same time. So whatever reason people have for tuning in is good with me! Take a Break PHOTO ILLUSTRATION: SAM KELLY/THE WALL STREET JOURNAL, ISTOCK (2) Phishing tests—the bane of work life—are getting meaner. IT departments are crafting increasingly sensational ruses to teach employees about these sophisticated scams. Safety is one thing, workers say, but tricking someone into thinking there’s a lost puppy in the parking lot is just cruel. Read More Beyond the Newsroom Buy Side from WSJ: From game-changing toiletry capsules to a packable purse, see our travel editor’s top picks for travel gear. What family trip exceeded your expectations? Why was it so memorable? Email reports@wsj.com, and we might feature you in a future story. Contact Today's newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC. Sign up for WSJ newsletters on markets, tech, careers and more.  Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.   Access WSJ‌.com and our mobile apps. Subscribe

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