US FINANCIAL MARKET

Bond Yields Climb After JOLTS as Stocks Struggle: Markets Wrap – Bloomberg, 1/30/2024

• Just a day before the Federal Reserve decision, a hotter-than-estimated reading on the labor market spurred a slide in bonds, with traders dialing back their projections for interest-rate cuts.
• Treasuries dropped across the US curve after a report known as JOLTS showed US job openings unexpectedly rose to a three-month high.
• Fed swaps trimmed the odds of a March rate reduction to 35%.
• Stocks lost steam after hitting another record as investors awaited results from two tech behemoths that have powered the rally from the bottom amid the artificial intelligence excitement: Microsoft and Alphabet.
• Treasury two-year yields rose six basis points to 4.38%.
• The yield on 10-year Treasuries advanced two basis points to 4.10%.
• The S&P 500 fell 0.1%. The Nasdaq 100 fell 0.4%. The Dow Jones Industrial Average fell 0.1%.
• As the earnings season rolls in, traders are also wading through results from an economic barometer — United Parcel Service — which tumbled on a disappointing guidance.
• The courier also plans to cut 12,000 jobs.
• Besides Microsoft and Alphabet, three other big tech companies with a combined market value of more than $10 trillion reported results this week.
• Stocks and bonds finished higher on Monday, with the Treasury surprising several traders after cutting its quarterly borrowing estimate to $760 billion.
• The move helped ease some of the supply concerns ahead of Wednesday’s quarterly refunding announcement, with traders shifting their attention to the latest economic readings ahead of the Fed decision.
• Whirlpool, the Maytag and KitchenAid brand owner, projects that 2024 sales will be weaker than Wall Street expectations as consumers forgo appliance upgrades.
• Boeing withdrew a request for a critical safety exemption that would have helped speed approval of its coming 737 Max 7 aircraft, bending to rising pressure to prioritize safety in the wake of a near-catastrophe on one of its planes.
• General Motors beat Wall Street expectations for the fourth quarter and expects profits this year to grow on improved sales as the US economy chugs along.
• JetBlue Airways is evaluating deeper cost cuts, delaying aircraft, and reworking its flight network to return to profitability in the wake of the near-collapse of its planned purchase of Spirit Airlines Inc.
• Pfizer reported fourth-quarter profit that beat analysts’ estimates as the US government returned fewer doses of its Covid-19 treatment than predicted.
• Saudi Aramco abandoned a plan to boost its oil output capacity, a considerable reversal that will raise questions about the kingdom’s view on future demand.
• The Stoxx Europe 600 was changed a little.
• West Texas Intermediate crude rose 0.9% to $77.49 a barrel.

Pfizer beats earnings estimates as declining Covid business loses less revenue than expected – CNBC, 1/30/2024

• On Tuesday, Pfizer posted a surprise adjusted fourth-quarter profit, as the company’s declining Covid business performed better than expected.
• Revenue: $14.25 billion vs. $14.42 billion expected.
• Pfizer also said its blood thinner Eliquis, co-marketed by Bristol Myers Squibb, helped drive that growth.
• The drug posted $1.61 billion in revenue for the quarter, up 9% from a year ago.
• Analysts had expected Eliquis to rake in $1.52 billion in sales, according to FactSet.
• The company reversed roughly $3.5 billion in revenue related to the expected return of 6.5 million doses of its Covid drug, Paxlovid, from the US government.
• That hit is less than the $4.2 billion Pfizer initially expected for the return of nearly 8 million doses of Paxlovid.
• Pfizer’s Covid vaccine raked in $5.36 billion in revenue for the quarter, down 53% from last year.
• Analysts had expected the shot to bring in $4.99 billion in sales, according to FactSet estimates.
• A group of shots to protect against pneumococcal pneumonia brought in $1.60 billion in sales for the fourth quarter.
• Earnings per share: 10 cents per share adjusted vs. a loss of 22 cents expected.
• Pfizer expects revenue to come in between $58.5 billion and $61.5 billion this year, including roughly $8 billion in revenue from its Covid products and contributions from its recently closed cancer drug developer Seagen acquisition.
• The company expects to book adjusted earnings of $2.05 to $2.25 per share.

GM Provides Bullish Earnings Outlook for 2024 Despite Easing Prices – Wall Street Journal, 1/30/2024

• General Motors is projecting more robust profits this year, as it expects to narrow losses on electric and driverless cars and rebound from a factory strike that marred its bottom line in the fourth quarter.
• Revenue was flat at about $43 billion.
• Its operating income fell 54% over the prior year, hurt primarily by the strike and losses from GM’s budding electric vehicle business.
• A $1.1 billion loss from the United Auto Workers’ six-week strike last fall dragged GM’s full-year operating profit down 14.6% to $12.4 billion.
• A $1.7 billion loss in the EV business and increased spending on its Cruise driverless car program also hurt earnings.
• Pretax earnings per share, adjusted for one-time items, were $1.24, better than the $1.16 average estimated by analysts, according to FactSet.
• GM’s profit from China also declined amid stricter competition from local Chinese brands and pressure on pricing, dropping 34% to $446 million.
• For this year, GM projects operating income of $12 billion to $14 billion.
• About $1 billion will come from reduced spending on Cruise, which has scaled back its plans after a pedestrian crash in San Francisco led it to pull all its driverless cars off the road.
• On Tuesday, the Detroit automaker also warned it could deepen discounts in 2024 now that factory output is normalizing after years of constraints, easing a seller’s market.
• Dealers have been pressing GM to add hybrids, which many observers see as an essential option between gas-powered and fully electric vehicles.
• Barra also said GM will trim losses on its EV business after manufacturing tripped up launch plans for several models last year.

UPS to Cut 12,000 Jobs, Bring Workers in Five Days a Week – Bloomberg, 1/30/2024

• United Parcel Service plans to cut 12,000 management jobs and explore the sale of its Coyote truck brokerage business in moves Chief Executive Officer Carol Tomé is taking to offset soft demand and higher union labor costs.
• The jobs reductions, about 14% of 85,000 full- and part-time managers, will save $1 billion this year and more in subsequent years, Tomé said on Tuesday’s earnings conference call with analysts.
• She also said the company planned to ask workers to return to the office five days a week in 2024.
• Sales were $24.9 billion, while analysts had predicted $25.4 billion.
• After registering a 9.3% drop in annual sales, UPS forecast a 2024 upswing of as little as 1.1%.
• Soft demand in Europe and the US led to an overall decline of 7.5% in fourth-quarter delivery volumes.
• Adjusted fourth-quarter earnings were $2.47 a share, down 32% from a year earlier, the Atlanta-based courier said in a statement.
• Analysts had expected $2.44.
• Sales for 2024 are expected to be between $92 billion and $94.5 billion, UPS said.
• That’s lower than the $95.7 billion midpoint of estimates from 30 analysts surveyed by Bloomberg News.
• The combined effects of the labor deal, which took effect August 1, and the sales outlook will squeeze profit — UPS predicts adjusted operating margin will be 10% to 10.6% for the year, below 2023’s 10.9% and analysts’ views of 11.3% for 2024.
• UPS’s board approved an increase to the quarterly dividend to $1.63 per share.
• Capital spending is forecast at $4.5 billion.

Super Micro shares pop after earnings beat, rosy revenue forecast – CNBC, 1/30/2024

• Shares of Super Micro Computer popped Tuesday, a day after the company exceeded estimates and raised its full-year revenue outlook in its fiscal second-quarter earnings report.
• Super Micro said revenue for the quarter came in at $3.66 billion, up from the $3.06 billion expected by analysts, according to LSEG (formerly known as Refinitiv).
• The company reported adjusted EPS of $5.59, well above the $4.93 analysts anticipated, surpassing Super Micro’s guidance from earlier this month.
• The company expects net sales of $3.7 billion to $4.1 billion in its fiscal third quarter.
• For the full fiscal year, Super Micro raised its revenue guidance from $14.3 billion to $14.7 billion, from $10 billion to $11 billion.

Danaher Posts Lower 4Q Net, Sales, Sees More Sales Decline in 2024 – Market Watch, 1/30/2024

• Danaher posted a decline in fourth-quarter sales and warned that the trend will be repeated in the first quarter and the year as demand for COVID-19 tests and treatments dwindles.
• Fourth-quarter sales fell 10% to $6.41 billion, topping the average analyst estimate of $6.1 billion.
• Excluding certain one-off items, Danaher logged adjusted earnings from continuing operations of $2.09 a share, surpassing the average Wall Street target of $1.91.
• When excluding all revenue from Covid-19 testing, Covid-vaccine, and Covid-therapy support products, Danaher said its core revenue declined 4.5%.
• For the first quarter, Danaher forecast non-GAAP core revenue, which excludes the impact of currency translation and other factors, to be down by high-single percentage digits from the prior year.
• In the first quarter of 2023, Danaher logged revenue of $7.17 billion.
• For 2024, Danaher forecasts non-GAAP core revenue to be down by low-single percentage digits year-over-year.

JetBlue Stock Falls After Airline Forecasts Higher Costs, Flat Revenue – Wall Street Journal, 1/30/2024

• JetBlue Airways shares dropped after the airline forecast higher costs and flat revenue this year.
• Operating revenue fell nearly 4% to $2.33 billion, topping the $2.29 billion analysts surveyed by FactSet expected.
• Adjusted loss was 19 cents a share, narrower than the 27 cents-a-share loss that analysts expected.
• For 2024, JetBlue targets flat revenue and plans $1.6 billion in capital expenditures.
• The company expects available seat miles, a measure of how much the airline plans to fly, to fall by a low-single-digit percentage.
• Non-fuel costs are expected to rise by a mid-to-high single-digit percentage.
• The company also said it has reached a deal to defer about $2.5 billion in planned aircraft capex to 2028 and later.

Whirlpool shares slip after weaker-than-expected annual forecasts – Reuters, 1/30/2024

• Whirlpool forecast full-year sales and profit below analysts’ estimates on Monday, as the home appliance maker navigates pricing pressure from rivals and higher expenses, sending its shares down about 4% in extended trading.
• The white goods maker said it eliminated about $800 million in costs in 2023 and expects to cut up to $400 million more this year.
• Last year, the company said it would sell up to 24% of its stake in its India business to reduce debt.
• The Michigan-based company expects sales in 2024 to be $16.9 billion, compared with LSEG estimates of $17.68 billion.
• Whirlpool also expects its annual adjusted profit to be between $13 and $15 per share, compared with analysts’ average estimate of $15.48 per share.

Cleveland-Cliffs 4Q Loss Narrows, Revenue Gains – Market Watch, 1/30/2024

• Cleveland-Cliffs narrowed its loss as revenue grew in the fourth quarter.
• Revenue rose to $5.11 billion from $5.04 billion.
• Analysts polled by FactSet expected $5.16 billion.
• Adjusted losses were 5 cents a share, matching analysts’ estimates.
• Cleveland-Cliffs forecasts its adjusted earnings before interest, taxes, depreciation, and amortization in the first quarter to exceed its adjusted EBITDA in the fourth quarter.
• For 2024, it forecast capital expenditures between $675 million and $725 million.

HCA Healthcare Stock Pops After Strong Demand Drives Upbeat Outlook – Market Watch, 1/30/2024

• Shares of HCA Healthcare rose after the hospital owner reported strong demand for medical services and issued an upbeat sales and earnings outlook for the current year.
• HCA’s fourth-quarter results also topped analysts’ expectations.
• Chief Executive Sam Hazen said the company benefited from strong market demand and improved cost trends.
• The Nashville, Tenn.-based company is targeting 2024 revenue of $67.75 billion to $70.25 billion, above the $67.55 billion analysts surveyed by FactSet expect.
• HCA expects earnings to be $19.70 to $21.20, above the $19.51 a share analysts forecast.

F5’s stock rises 7% on solid sales forecast; earnings beat – Market Watch, 1/30/2024

• Shares of F5 jumped in after-hours trading Monday after the cloud company reported quarterly results.
• Revenue declined to $693 million from $700 million in the year-ago quarter.
• Adjusted earnings were $3.43 a share.
• Analysts surveyed by FactSet had expected an average net income of $3.04 a share on revenue of $685 million.
• F5 provided second-quarter sales guidance of $675 million to $695 million, while FactSet analysts forecast $673 million.

Marathon Petroleum Sees 4Q Revenue, Profit Decline – Market Watch, 1/30/2024

• Price fluctuations weighed on Marathon Petroleum’s top and bottom lines in the fourth quarter.
• Revenue declined to $36.82 billion from $40.09 billion. Analysts polled by FactSet had expected $34.9 billion.
• The oil company posted a net income of $1.5 billion, or $3.84 a share, for the quarter ending December 31, from $3.3 billion, or $7.09 a share, in the year-ago quarter.
• Analysts polled by FactSet expected $2.21 a share.
• In the fourth quarter, the company returned about $2.8 billion of capital to shareholders through share repurchases and dividends.
• Marathon said its capital spending outlook for 2024 is $1.25 billion.

Boeing Withdraws Safety Exemption Request for MAX 7 – Wall Street Journal, 1/30/2024

• Boeing is withdrawing a request for a safety exemption for a new MAX series jet that would have allowed US regulators to speed up its approval. This decision comes as the plane maker faces heightened scrutiny after a midair accident earlier this month.
• Boeing confirmed Tuesday that it would withdraw last year’s request to the Federal Aviation Administration related to the new 737 MAX 7 jet’s de-icing system.
• “While we are confident that the proposed time-limited exemption for that system follows established FAA processes to ensure safe operation, we will incorporate an engineering solution that will be completed during the certification process,” Boeing said in a statement to Dow Jones Newswires.

Elon Musk Says Neuralink Has Implanted Brain Chip in Human – Wall Street Journal, 1/30/2024

• Elon Musk said that the first human received a Neuralink brain implant, a potential milestone in the development of “brain-computer interface” technology that could one day help those suffering from debilitating conditions such as paralysis to interact with their surroundings.
• Musk tweeted late Monday that the patient had received the implant the prior day and was “recovering well,” suggesting that the surgery was completed successfully and that there were no serious technical problems.
• Musk didn’t disclose details about the patient. When Neuralink said last September that it was recruiting a trial participant, it said it was looking for someone suffering from quadriplegia.
• Musk added that initial results show promising “neuron spike detection,” suggesting further that the Neuralink device detects signals from individual neurons inside the brain. This potential advance could decode higher-quality brain signals.

New Drug Shown to Relieve Pain Without Getting Patients Addicted – Wall Street Journal, 1/30/2024

• People who are suffering from severe pain but don’t want to risk addiction to an opioid are closer to a new option for treatment.
• On Tuesday, Vertex Pharmaceuticals reported positive study results for its closely watched non-opioid painkiller.
• The drug lowered the moderate-to-severe acute pain reported by study volunteers, a sign it could be the first in a new class of painkillers to be approved for use.
• But experimental medicine is more likely to provide an alternative to opioids, rather than supplant them, because it didn’t work better than a widely used opioid drug sold under the brand name Vicodin.
• Vertex said it would file for approval from the US Food and Drug Administration by mid-year.

US ECONOMY & POLITICS

US Job Openings Rise to Three-Month High But Fewer Workers Quit – Bloomberg, 1/30/2024

• US job openings unexpectedly rose in December to the highest level in three months while fewer Americans quit their jobs, indicating workers are growing more cautious even as labor demand remains strong.
• Vacancies increased to 9 million from an upwardly revised 8.9 million reading in the prior month, the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, known as JOLTS, showed Tuesday.
• The December figure exceeded all estimates in a Bloomberg survey of economists.
• At the same time, the number of people who voluntarily quit their jobs fell to 3.4 million, the lowest in nearly three years.
• The metric has been largely declining in recent months, which may imply Americans are feeling less confident in their ability to find other jobs in the current market or to get new jobs that are better paid.
• The advance in openings was mainly concentrated in professional and business services, which registered the most significant increase in four months.
• Education, health services, and manufacturing also saw a pickup in postings.

US Home-Price Growth Slows as High Rates Squeeze Demand – Bloomberg, 1/30/2024

• Home price growth in the US decelerated in November as high mortgage rates weighed on potential buyers.
• A national gauge of prices climbed 0.2% in November from October, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.
• That’s slower than the 0.6% monthly gain in October.
• On a year-over-year basis, price gains accelerated with a 5.1% increase in November, up from 4.7% a month earlier.
• The national index is about 69% higher than a July 2006 peak.
• A measure of 20 cities rose 5.4%, with Detroit posting the most significant gains, followed by San Diego. Portland, Oregon, was the only city reporting lower prices from a year ago.

EUROPE & WORLD

Toyota Remains World’s Top-Selling Carmaker – Wall Street Journal, 1/30/2024

• Toyota Motor set a new record high for group sales globally as it recovered from a pandemic-driven slump and a global chip shortage, cementing its position as the world’s biggest carmaker.
• The Japanese automaker said Tuesday that global sales, including those of subsidiaries Daihatsu Motor and Hino Motors, rose 7.2% to 11.2 million vehicles last year, surpassing the previous high of 10.7 million units in 2019.
• Japan, North America, and Europe led the growth in sales despite a decline in China.
• Also on Tuesday, Japanese rival Nissan Motor said global sales climbed 4.6% to 3.4 million vehicles in 2023.
• Volkswagen, the world’s second-biggest automaker, said earlier this month that it sold about 9.2 million vehicles worldwide last year, 12% more than in 2022.
• Toyota said worldwide production climbed 8.6% to 11.5 million vehicles last year.

CATL Says 2023 Profit as High as $6.3 Billion on Strong Battery Sales – Bloomberg, 1/30/2024

• Contemporary Amperex Technology, the world’s biggest maker of electric vehicle batteries, said preliminary net income for 2023 would be as high as 45.5 billion yuan ($6.3 billion) thanks to robust sales.
• Net income was between 42.5 billion and 45.5 billion yuan, the company CATL said in a Tuesday filing to the Shenzhen Stock Exchange.
• The high-end beat analyst estimates 43.9 billion yuan, representing a 48% increase from 2022.
• Its share of the global EV battery market rose to 37.4% in November from 36.9% in October, according to the latest data from SNE Research released this month.
• BYD ranked second with 15.7%.

IMF Lifts World GDP Outlook on US Strength, China Fiscal Support – Bloomberg, 1/30/2024

• The International Monetary Fund raised its forecast for global growth this year on better-than-expected expansion in the US and fiscal stimulus in China while warning of risks from wars and inflation.
• The world economy will grow 3.1% this year, up from 2.9% in October, the Washington-based institution said in its quarterly World Economic Outlook on Tuesday.
• The fund kept its 2025 forecast unchanged at 3.2%.
• Among the downside risks cited by the IMF are new commodity-price spikes caused by geopolitical shocks and global supply disruptions — such as attacks by Houthis in the Red Sea or a widening conflict in the Middle East — or more tenacious inflation that might force central banks to keep interest rates higher for longer.
• The IMF’s forecasts assume commodities prices, including fuel, will drop this year and next and that interest rates will ease in significant economies.
• The fund’s economists factored in, for instance, that the Federal Reserve, European Central Bank, and Bank of England will hold interest rates in the first half of this year before gradually reducing them as inflation slows.
• The fund repeated its warning about the possible fragmentation of global trade into rival blocs, forecasting world trade growth of 3.3% in 2024 and 3.6% in 2025, below the historical average rate of 4.9%.
• For the US, the IMF raised its growth expectation to 2.1% from a forecast of 1.5%, based on higher-than-estimated consumer spending at the end of last year.
• That is still a slowdown from 2.5% growth in 2023 due to the delayed impact from the highest Fed rates in two decades, gradual fiscal tightening, and a weakening labor market holding back demand.
• The euro area’s growth forecast was cut to 0.9% from 1.2%, reflecting a weaker-than-expected outcome in 2023, mainly due to the impact of the Ukraine war.
• China’s growth projection for this year was revised to 4.6% from 4.2%, reflecting more robust growth last year and higher government spending to guard against natural disasters.
• India’s economy is expected to be among the fastest-growing in the world at 6.5%, up from a prior 6.3% forecast.

Euro Zone Unexpectedly Avoids Downturn, But Struggles Persist – Bloomberg, 1/30/2024

• The eurozone unexpectedly avoided a first recession since the pandemic in the latter half of 2023 as firmer growth in Italy and Spain offset the malaise in Germany.
• Gross domestic product stagnated in the last three months of the year — dodging a two-quarter downturn again by the slimmest of margins following the 0.1% decline between July and September.
• Economists had anticipated another drop of that size as the 20-nation bloc navigates elevated interest rates, flimsy foreign demand, and heightened geopolitical tensions.
• Survey data suggest the start of 2024 was still relatively weak, especially as Germany — the region’s biggest economy — succumbs to a recession.
• France’s reading matched the estimate from analysts surveyed by Bloomberg.
• For 2023, GDP expanded 0.9%, according to statistics agency Insee, which previously revised the third-quarter number to zero from a 0.1% contraction.

Iran Urges Diplomacy as US Weighs Response to Deadly Attack – Bloomberg, 1/30/2024

• Iran urged the US to use diplomacy to ease tensions in the Middle East as Tehran braces for a military response to a deadly attack on an American base over the weekend.
• The foreign minister of the Islamic Republic said “active” diplomacy is underway to find a political solution to the war in Gaza and the regional fallout without
• elaborating.
• “The White House knows very well” that the way to end the war “and the current crisis in the region is political,” Hossein Amirabdollahian said in a post on X.
• Iran denied involvement in the strike, which was the first to kill Americans since the outbreak of the Israel-Hamas war in Gaza in October.
• The US and Iran don’t have formal diplomatic ties but have exchanged messages about the crisis since October, sometimes through the Swiss embassy in Tehran.
• Both sides want to de-escalate the situation while blaming others for inflaming it.
• The US says Iran’s support for regional militias is fueling tensions, while Tehran says Washington must put pressure on Israel to end its military offensive in Gaza.

Israel Military Sees It Taking All of 2024 to Eliminate Hamas Threat, Or Longer – Bloomberg, 1/30/2024

• The Israeli military says it is engaged in its fiercest fighting in Gaza yet in the southern city of Khan Younis, where it hopes to kill or capture Hamas leaders presumed to be hiding in tunnels with hostages.
• In a briefing, an Israeli military intelligence officer said that of Hamas’ five fighting brigades, Israeli troops have killed or captured most of the commanders of two of them, both based in the north of Gaza.
• The focus is now on the Khan Younis brigade, where Rear Admiral Daniel Hagari, chief military spokesman, said in a press conference last night that troops have “killed hundreds of terrorists and arrested more than 300 people suspected of terror activities.”
• Hagari also said that for the first time, troops are now fighting in the tunnel network that runs beneath Gaza.
• The intelligence officer said about 9,000 Hamas fighters have been killed out of an estimated army of 35,000.

Saudi Oil Capacity U-Turn Shows Threat From Rival Supply – Bloomberg, 1/30/2024

• Saudi Arabia’s reversal of plans to bolster its oil production capacity has raised questions about the future of demand. Still, it points to another long-running risk to the kingdom’s energy petroleum revenue — rival suppliers.
• State-run Saudi Aramco surprised the oil industry on Tuesday by announcing it won’t proceed with plans to bolster production capacity by about 8% to 13 million barrels a day by 2027.
• The lack of an explanation for the shift from the company has invited a flood of speculation, notably whether Riyadh has grown more pessimistic about oil consumption as the world shifts toward low-carbon energy.
• A wave of rival supply means Riyadh is already keeping about 25% of its total capacity offline as part of an OPEC+ agreement, capping its output at a two-year low of 9 million barrels a day since July.

Disguised Israeli forces kill 3 Palestinian militants in a raid on West Bank hospital – Reuters, 1/30/2024

• Israeli commandos disguised as medical workers and Muslim women burst into a hospital in the occupied West Bank on Tuesday and killed three Palestinian militants, one of them lying paralyzed in bed, witnesses and authorities said.
• The Israeli military said the three militants were killed in a joint undercover operation by the army, Shin Bet security service, and border police in the Ibn Sina hospital in Jenin, one of the most volatile cities in the West Bank.
• It identified one of the men as Mohammad Walid Jalamna, a Hamas member who, it said, was planning an attack inspired by the Hamas-led rampage across Gaza’s border, opened a new tab into Israel on October 7, and said a pistol had been recovered.
• The military said the two others, the brothers Basel Al-Ghazzawi and Mohammad Al-Ghazzawi, belonged to the Jenin Brigade and the armed wing of Islamic Jihad.
• CCTV footage from the hospital showed a group of about ten people, dressed variously in civilian clothes and medical garb, including three in headscarves and women’s clothing, pacing through a corridor, armed with assault rifles, and moving into the hospital.

Factmonster – TODAY in HISTORY

• King Charles I of England was beheaded. – 1649
• Adolf Hitler was named Chancellor of Germany. – 1933
• North Vietnamese forces launched attacks against the South Vietnamese, beginning the Tet Offensive. – 1968
• British troops opened fire on civil rights marchers in Northern Ireland, sparking the “Bloody Sunday” massacre. – 1972

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