Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Tuesday, March 31. In today's briefing, we look at how private-markets firms got what they wanted out of a new Trump administration rule opening up American's retirement accounts to alternative assets. 

Trump administration rules makes way for private credit in 401(k)s. It is a victory for the Wall Street firms that have lobbied to get these higher-cost alternative investments into the $14.2 trillion 401(k) market. Private-market fund managers argue that regular investors should have access to assets that have long been restricted to pensions, endowments and the wealthy, especially in an era in which there are fewer publicly traded companies to invest in.

• Industry insiders had been speculating how far the Labor Department would go. The agency in the end gave the private-equity industry—which has long wanted access to the more than $14 trillion in American defined-contribution plans—pretty much everything it hoped for, WSJ Pro's Chris Cumming reports.

Wall Street is finishing the worst quarter for stocks in four years. It was supposed to be a banner year for Wall Street. Now investors are just hoping to avoid a global recession triggered by a historic run-up in energy prices.

• U.S. stocks are set to deliver their worst quarter in nearly four years. The tech-heavy Nasdaq composite lurched into correction territory on March 26, meaning it had fallen 10% below its recent high. A day later, the Dow Jones Industrial Average (a benchmark for the real economy) joined it.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alicia McElhaney; Andrew Scurria; Becky Yerak. 

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