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Survey 2023. The now closed above 38,000 for the first time ever and how landlords are inflating

building values during a commercial real estate crisis.

Landlords are trying to buy time.

They're trying to kick the can down the road,

and what they're basically saying is,

we're going to be as creative as we possibly can

to keep valuations from falling.

Plus the Supreme Court allows border patrol to cut razor wire installed by Texas to deter migrants.

It's Monday, January 22nd.

I'm Amari Fertoli for the Wall Street Journal. This is the PM edition of

What's News, the top headlines and 38,000 for the first time.

The S&P's new high comes after the index ended last week at its first record high in more than two years.

Investors will have plenty of economic data and earnings to parse this week, including fourth quarter, and the Federal Reserve's preferred gauge of inflation.

Now, on to a smaller part of the market, specifically smaller cap companies.

At the end of last year, shares of these companies looked like they were finally ready to shine.

Since small caps are especially sensitive to the economy and tend to be hurt more by rising borrowing costs,

...