[!WARNING] 翻译质量评估未完全通过 (Quality Audit Failed) 发现以下潜在质量问题： - missing numeric tokens from source: 0099, 01020, 0935, 10.18, 10.35, 10.40, 10.51, 100.11, 100.65, 10036 - Missing proper nouns in translation: Added Husted, Advertising Services Department, Africa Bahrain, After Democrats, After Gaza, Agency Bloomberg Fixed Income Indices, Agriculture Futures Corn, Akero Therapeutics, Alan Greenspan, Aleksandr Naumenko - translated output contains large residual English-looking blocks
新闻
商业与金融
存储芯片制造商 CXMT 在股票市场首次亮相后股价飙升，成为中国大陆上市市值最高的公司。A1
存储芯片制造商 CXMT 在股票市场首次亮相后股价飙升，成为中国大陆上市市值最高的公司。这家新锐企业的崛起达到了顶峰，其产品深受苹果青睐，同时也加剧了美国芯片制造商对竞争的担忧。
CXMT 成立于仅十年前，在上海上市首日交易后，其市值相当于 $4840 亿美元，超过中国工商银行，成为中国大陆市场上市市值最高的公司。CXMT 的市值略低于总部位于中国的互联网公司腾讯，后者在香港上市，是该市场市值最高的公司。
CXMT 是中国在快速增长的存储芯片业务领域的国家冠军企业。此前，该行业由三家公司主导：韩国的 SK海力士和三星，以及美国的美光科技。
CXMT 发行股票之际，美国的芯片股再次下跌，拖累了纳斯达克综合指数。英伟达股价周一下跌 5%，导致其市值跌至苹果之下。除了对 CXMT 亮相的担忧外，《华尔街日报》报道称，英伟达正在洽谈为 OpenAI 一个巨大的数据中心项目提供约 $2500 亿美元的担保，这加剧了投资…… 请翻到 A4 页
美国股市的板块轮动有助于保持主要指数相对平稳，其中纳斯达克下跌 0.2%，道琼斯工业平均指数和标准普尔 500 指数分别上涨 0.5% 和不足 0.1%。B10
在美国暂停对伊朗的军事打击后，油价暴跌 5% 以上，增加了重启外交努力以结束战争的可能性。B10
福特加入了竞标建造美国陆军最新战术卡车的竞争，这是一款在战场上可兼作隐秘移动电源库的皮卡。B1
Cracker Barrel 首席执行官 Julie Masino 将卸任并将职务交给一名 Outback 资深人士。她此前在连锁餐厅提出的改革方案疏远了一些顾客。B1
强生同意支付高达 $55 亿美元以解决剩余的诉讼，这些诉讼指称该公司的滑石产品导致卵巢癌。B1
一名前摩根大通员工在联邦法院提起诉讼，指控该行的杠杆融资团队存在种族歧视和骚扰行为。B1
奥迪下调了全年指引，原因是中国市场恶化和中东紧张局势升级拖累了这家汽车制造商的业绩。B3
保时捷表示，作为与工人代表及其强大工会达成的一项更广泛协议的一部分，将裁员 5,000 人。B3
全球
乌克兰无人机袭击了俄罗斯与伊朗之间通过里海连接的军事供应线，在两场日益交织的战争中开辟了新战线。A1
美国与伊朗之间的战斗陷入低谷，加速了旨在寻找短期方案以重启霍尔木兹海峡航运的外交努力。A6
沙特阿拉伯表示，它拦截了由伊拉克境内受伊朗支持的民兵向该国石油设施发射的多架无人机。A6
特朗普政府请求最高法院允许联邦机构实施一项行政命令，该命令将在中期选举前限制邮寄选票。A3
纽约市因结构性担忧，暂停了曼哈顿另一座正在转化为公寓的办公大楼的施工工作。A3
在西雅图一个美食节上发生了一起当局认为与帮派相关的枪击事件，造成三人死亡，另外四人受伤。A2
本 edition 的《华尔街日报》最初在美国出版，并在当地转载以进行区域分发。
特朗普近几周对乌克兰和弗拉基米尔·泽连斯基表示乐观，这对基辅这位战时领导人来说是一个显著的转机。A7
由参议员兰德·保罗（Rand Paul）公布的安东尼·福西（Anthony Fauci）在新冠疫情时期的日记条目显示，这位医生在关注其媒体形象的同时，努力安抚特朗普。A3
前联邦调查局（FBI）局长詹姆斯·科米（James Comey）敦促法官撤销与其在社交媒体上发布的一张图片相关的联邦指控。A2
目录 艺术评论..... A12 商业与金融 B2-3 填字游戏............ A12 街头传闻 .. B11 市场数据.......... B7 市场 ................ B10
货币与投资 B11 观点............. A13-15 个人日志 A10-11 体育 .................... A16 技术............. B4 美国新闻............ A2-4 国际新闻...... A6-9
2026年7月28日，星期二 ~ 第CCLXXXVIII卷 第23期 WSJ.com 美国版
RAHAT DAR/EPA/SHUTTERSTOCK
被淹没：周一，巴基斯坦拉合尔拉维河（Ravi River）水位上涨，人们在洪水中涉水前行。过去一个月中，由强季风降雨引发的洪水已导致该国 100 多人丧生，且预计将有更多降雨。A8
在利率委员会会议召开之际， 沃什对经济采取的缄默 方式本周面临考验
作者：NICK TIMIRAOS
6月15日晚上，在担任美联储主席后的首次政策会议前夕，凯文·沃什（Kevin Warsh）与与他共同决定利率的 18 位官员共进晚餐。 他们围坐在一个长方形餐桌旁，他宣布了自己的计划：将设立五个由外部专家组成的小组，在接下来的几个月里审查美联储如何解读经济及其解释方式。
理事克里斯托弗·沃勒（Christopher Waller）是一位前经济学教授，以敢于直言著称。据几位熟悉该晚餐情况的人士透露，沃勒让沃什陷入了尴尬境地。他问道，这一切的意义何在。他说，告诉我你打算把谁放入这些小组，我就能告诉你他们会说什么。并没有什么被所有人意外遗漏的绝妙点子。
这次晚餐预示了沃什主席任期内的核心紧张关系。他决心重塑美联储，并坚信不能坐视不理。去年，尽管沃什长期以来一直对通货膨胀感到担忧，但他仍说服了现代记忆中最渴望降息的总统将中央银行交给他管理。现在，他面临另一个艰巨的挑战：说服他的同事们抛弃他认为已经误入歧途的经济学界的知识习惯。
美联储本周将再次开会，结果异常不确定。许多人预计其将维持利率不变，但新近出现的通胀恐慌
在里海交汇
作者：JARED MALSIN
伊斯坦布尔——乌克兰无人机袭击了连接俄罗斯和伊朗且经过里海的军事补给线，在两场日益交织的战争中开辟了新战线。 乌克兰总统泽连斯基在周六的一条推文中对此次袭击表示负责，他写道：“我们在里海的远程打击中也取得了非常显著的成果——包括涉及伊朗的军事货物运输船以及一艘军舰。” 乌克兰国家安全局（一家情报机构）表示，它在里海针对一个俄罗斯油田、一艘俄罗斯导弹艇以及用于向俄罗斯运输伊朗无人机的船只发动了无人机袭击。 这些袭击是远程无人机行动的一部分，该行动还深入俄罗斯境内，使伊朗和乌克兰在直接对抗的边缘又近了一步。 多年来，伊朗一直提供致命无人机供俄罗斯用于打击乌克兰，而克里姆林宫今年则向德黑兰提供情报，以协助其应对美国和以色列的轰炸行动。 伊朗外交部长阿巴斯·阿拉格奇（Abbas Araghchi）指责泽
请参阅 A6 页
体育 高尔夫球的新天才在转专业仅一个月后，便赢得了他的首个 PGA 巡回赛冠军。A16
年轻成年人正通过电子表格为约会对象评分；其中还设有“好友反馈”标签
作者：MOLLY REINMANN
卡罗琳·特拉维斯（Carolyn Travis）被她在创业课程上遇到的一名男子深深吸引。但通过一份电子表格，她才意识到这段关系注定失败。 在几次约会后，这位 27 岁的女性在午餐期间与她的两个好朋友进行了总结。当她去洗手间时，朋友们开始行动。她们将特拉维斯的核心价值观输入到一个由其中一名朋友构建的兼容性评估应用中。然后，她们输入了关于她约会对象（一名比她大十多岁的工程师）的所有已知信息。 电子表格计算了数据。结果是：一个
NICK WOSIKA/ICON SMI/ZUMA PRESS
商业与金融 Cracker Barrel 的首席执行官 在撤回了具有争议的变革后， 现正准备卸任。B1
不兼容的写照。 她的 观点 发生了转变。 在决定结束关系之前， 她又与他见了几次面。 现在她使用一款名为 Spread 的应用程序来追踪她所有的 约会数据。 “与朋友聊天是一回事，但拥有 关于我想要什么与 我容忍什么的 可视化呈现 则是另一回事，”儿童福利 倡导者 Travis 说道。 Travis 属于一个“表格单身人士” 或“恋爱黑客”群体，他们认为 数据可能成为解决他们 约会困扰的良药。他们表示，那些不断输出 无限量信息的约会应用—— 请参阅 A11 页
这使得一次意外的增长 变得具有操作性。之所以如此难以 预测，部分原因是 Warsh 在美联储 改革上的标志性提前布局：他 说的越来越少——关于经济，关于 政策走向，关于他自己的思考—— 而这种沉默本身正在产生紧张感。 上个月晚餐时的争论，从某种意义上说， 正是 Warsh 所希望的：用他经常使用的 词汇来说，是一场关于非预设结果的 “好的家庭争吵”。Waller 顺之而为， 暗示 Warsh 正在引入外部权威以 请参阅 A2 页
儿童数量下降
大都市区面临有孩子家庭 居民人数迅速减少的局面
作者：RACHEL LOUISE ENSIGN 以及 PAUL OVERBERG
25 年前，当 Fernando 和 Patricia Escobedo 搬到德克萨斯州埃尔帕索 (El Paso) 富裕的 Willows 社区时，到处都是孩子。 在他们所在的死胡同里，约有一半的 房屋有孩子。在成长过程中，这对夫妇的 双胞胎女儿经常在户外骑滑板车， 与社区其他孩子一起玩耍。在一年一度的 街区派对上，她们在充气城堡里跳来跳去， 并爬进当地的消防车里。 这对双胞胎现在已上大学——而社区 的感觉大不相同。Escobedo 家中还有一个 12 岁的孩子，Fernando 说她是该街区 少数 18 岁以下的孩子之一。 当地的小学 请参阅 A9 页
为 Walter 在 2012 年与合伙人共同 收购洛杉矶道奇队 (Los Angeles Dodgers) 提供了财务火力。 曼哈顿美国检察官办公室和证券交易委员会 (SEC) 目前正在调查约 $160 亿延伸至与 Walter 或其财团 TWG Global 相关的公司的贷款， 是如何在经过第三方实体后，最终计入 他所拥有的保险公司账目上的。 知情人士表示。其中一名人士表示， 当局正试图确定该活动是否构成欺诈。 此类关联方交易必须向保险监管机构 披露，该规则旨在限制利益冲突并 保护保单持有者。Walter 的保险公司 在近期的申报文件中表示，他们已经审查了 请参阅 A2 页
道奇队老板调查
Mark Walter 庞大的体育与金融帝国的 问题始于一份内部举报信。
作者：Margot Patrick, Justin Baer, Andrew Beaton 以及 Dave Michaels
知情人士表示，该投诉质疑了 Walter 的资产管理公司 Guggenheim Investments 记录与 保险公司交易收入的方式，并在 去年引起了联邦检察官的兴趣。 在几个月内，调查重点演变为 私募信贷投资，这是一种在过去 15 年里在华尔街蓬勃发展的 借贷业务，并为 Walter 提供了 请参阅 A2 页
亮相 推动 中国 芯片公司
长鑫存储 跃升为中国内地上市 公司最高价值；挑战美国地位
作者：RAFFAELE HUANG 以及 SHRADHA DINESH
随着 英伟达 股价下跌，苹果 夺回市值冠军.... B10
华尔街日报
西雅图 节庆枪击案 导致三人死亡 当局认为，在西雅图 一场美食节上发生的一起 与帮派相关的枪击事件 导致三人死亡，另有四人 受伤。 警方表示，他们认为 两组人员在周日晚上于 西雅图中心（Seattle Center） 开火，这里是该市著名的 太空针塔所在地，当时 “西雅图之味”（Bite of Seattle） 美食节正在于此举行。 一名 15 岁的青少年在 周日枪击案后被拘留， 而一名 19 岁的嫌疑人
15%
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证实长期以来持有的观点， 并将其伪装成新发现。 沃什（Warsh）充满信心。 他本月向立法者发表的 初步结论是：“我认为， 在六周内我们引起了 新思维的根本性转变。” 他表示，与他一起组成 利率设定委员会的 18 位 州长和储备银行行长 “对我表现出了极大的 热情”。他想要灌输的文化 “正在产生共鸣。我在 走廊里听到这种声音， 在食堂里也听到。” 这种热情部分源于他的 个人能力。同事们描述他 擅长让人们感到被重视， 即便对方预见到了这一点， 依然有效。 美联储成立的五个工作组—— 涵盖沟通、通胀框架以及 资产持有等领域——旨在 重新审视沃什认为央行 行长和经济学界已经 停止探讨的问题。被选出 领导这些工作组的 15 人 包括一名诺贝尔奖得主、 前央行行长和企业高管， 甚至连质疑者也对此 表示赞赏。 沃什表示，这些审查 并非旨在强加任何东西， 最终决定将交由委员会 做出。美联储传统上 不愿让外部人员开展 此类工作，而且即便 开展，进展也十分缓慢。 曾在 2008 到 2023 年 领导圣路易斯美联储的 詹姆斯·布拉德（James Bullard） 表示，沃什的做法是正确 的。他说，引入可信的 外部人员来收集意见并 汇报，是在任何组织中 建立变革支持的方式： “我认为他完全正确。” 委员会成员对工作组 的反应则由热情与保留 共同组成。人们对重新 审视诸如以下问题表现出 真正的兴趣：
华盛顿 科米请求法官 撤销指控 前联邦调查局（FBI）局长詹姆斯·科米（James Comey）周一敦促一名法官撤销对其提出的联邦指控，理由是他发布在社交媒体上的一张海滩贝壳排列照片并非号召对特朗普总统实施暴力，而是受保护的政治言论。
科米的律师认为，政府无法证明这张在Instagram上发布的、贝壳排列成数字“86 47”的照片构成了对共和党总统的“真实威胁”，而该总统曾在2017年解雇科米，并公开要求对其进行起诉。律师在法庭文件中写道，这个口号长期以来意味着“除掉”或“驱逐”，并出现在数千件在线销售的商品中，且经常在抗议活动中被展示。
这份包含两项罪名的起诉书指控科米“蓄意且故意”发出威胁，企图“夺取特朗普的生命并对其造成身体伤害”，以及在州际贸易中传递威胁信息。 —美联社
[[IMG_XXXX]] JAYNE KAMIN-ONCEA/IMAGN IMAGES/REUTERS 洛杉矶道奇队大股东马克·沃尔特（Mark Walter）。
在1993年逐字公布记录。在立法者面前，他反复提到一个数字——63个月，即通胀率高于美联储2%目标值的时长——以此解释为什么有这么多内容需要重新审视。其含义是：不应有人为现状辩护。
沃什（Warsh）需要说服的官员们在上述63个月的所有或部分时间里都在职。有些人对自己记录的看法更为宽容，并在去年早些时候表示通胀正重新接近目标，直到随后关税以及中东战争引发了新的压力。
沃什上任前两个月最明显的改变——一个不需要特别工作组或投票就能显现的改变——出现在一名参议员利用他的五分钟质询时间试图通过某种方式让沃什对其方法论表态时，但并未成功。
参议员约翰·肯尼迪（John Kennedy，路易斯安那州共和党人）引导沃什分析其政策选项——维持、加息或降息——随后询问他将如何决定当下的通胀是暂时性的还是永久性的。沃什回答道：“你应该利用五个特别工作组来应对重大且困难的问题，而不是试图用那些未经成功验证的政策来掩盖问题。”
关于美联储如何解读目前冲击经济的因素，以及政策应如何应对，他几乎没有地透露任何信息。他在私下场合也没有表现得更加坦率：据与相关人员交谈的人士透露，参加过他首次会议的官员们离开时，仍不清楚他将如何处理未来的权衡问题。而在那些由私募资产公司为其保险部门管理投资的情况下。
沃尔特共同创立了古根海姆合伙公司（Guggenheim Partners），并协助策划了对数家受金融危机影响的保险公司的收购。随着时间的推移，这些保险公司开始提供资金
环法自行车赛冠军 Tadej Pogacar 今年 27 岁。周一部分版本的首页照片说明错误地将其写为 25 岁。
密歇根州 一名男子杀害妻子、 6 名子女及自杀 调查人员周一表示，一名男子枪杀了其妻子和 6 个孩子，随后自杀，上周他们在密歇根州一座起火的家中被发现。 Kristopher 和 Amanda Karolkiewicz 及其 6 个孩子（年龄在 5 到 15 岁之间）周五在密歇根湖东岸的 Grand Haven Township 住宅中死亡。 该家庭的宠物也在大火中丧生。 ——美联社（Associated Press）
他的同事地描述了在对抗通胀和保护就业之间——至少在短期内——存在一种权衡，但 Warsh 否认存在这种情况。最后三任美联储主席的顾问 Jon Faust 表示，任务组可能会引导美联储进行的一些调整（例如适度减少资产持有量，或取消官员的季度利率预测）与采取“更激进”步骤（即拒绝描述美联储如何应对其观察到的情况）相比，“无论怎么做都无关紧要”。对于 Warsh 而言，少说是一种美德，这能保护委员会的判断力。如果决策者发布预测，他们就会开始倾向于认可证实该预测的证据，而忽视不符的证据。他还认为，一个更安静的美联储能更清晰地读取投资者对经济的看法，而不是听到其自身指引的回声。他告诉立法者，投资者“已经对我感到不满，因为我某种程度上没有向他们提供之前能获得的所有信息”；“我给他们的信息是：‘关注球赛本身，不要试图揣摩美联储。’”摩根士丹利首席美国经济学家 Michael Gapen 表示，这一前提并不成立。他说，“认为通过不对数据发表评论，市场就能在不猜测美联储对其解读的情况下‘评估数据’，这种想法太牵强了。”Bullard 表示，Warsh 明智地避免透露底牌。他将“解释美联储将如何应对不同情景”（他认为这很有价值）与“过于强烈地暗示具体动作”区分开来。在晚餐四周后，Waller 公开批评了这种缄默的方式。本月在纽约的一次经济学家集会上，他表示：“在我作为经济学家的所有年岁里，我从未见过任何一种理论说，如果你不告诉人们你在想什么，就能让人们的生活变得更好或让市场运作得更好。”Waller 是特朗普总统的任命者，曾是 Warsh 所获得职位的最终候选人之一。
一系列由 Walter 及其合伙人控制的投资。 随后，Walter 将其在两家保险公司——特拉华生命保险（Delaware Life Insurance）和 Clear Spring Life & Annuity 中的控股权转移到一家名为 TWG Global（The Walter Group 的缩写）的新控股公司中。TWG 还包含 Walter 在体育团队中的持股组合以及其他金融业务。 Walter 的保险公司在 6 月的监管文件中披露了相关调查。他们在声明中写道，通过内部审查，“在某些关联方投资的识别和列报方面发现了错误”。此前报告称关联投资总额约为 $1 billion（或不超过其组合的 3%）的特拉华生命保险表示，它正将 $16 billion 的投资重新分类为关联投资。 结果，关联资产现在占其持有资产的 42%，这一比例高于任何美国大型保险公司。
Sabah，科威特驻美大使。
2025 '26
来源：美国普查局，经由圣路易斯美联储 注：经季节性调整
6 月耐用消费品 订单小幅上涨
根据商务部发布的数据，6月美国耐用消费品的需求增长低于预期。
耐用消费品（指使用寿命为三年或更长产品）的总订单在6月增长了 0.3%，达到 $334.8 十亿，而5月则下降了 4%。
在《华尔街日报》对经济学家的调查中，预期增长率为 2.1%。
计算机和电子产品在过去 10 个月中有 9 个月呈上涨趋势，在本次增长中起到了主导作用，涨幅为 3.1%。商务部表示，剔除交通运输后，新订单增长了 0.6%。剔除国防支出后，新订单增长了 0.3%。 —Jessica Coacci
德州前景 上升
据达拉斯美联储报告，随着产出增长加速以及对整体商业活动的认知改善，德克萨斯州的工厂部门在7月呈现上升趋势。
达拉斯美联储发布的德州制造业前景调查（Texas Manufacturing Outlook Survey）的一般商业活动指数在6月为零（表明与5月持平）后，7月上升至 1.3。
作为州内制造业状况的关键指标，生产指数上升了 6 个点至 10.1, 这一数值表明产出扩张速度高于平均水平。
公司前景指数攀升了 11 个点至 13.4, 信号显示前景显著改善。
新订单指数从 2.3 跳升至 6.4。7月的就业增长以及工作时间均保持稳定。
与此同时，原材料价格指数再次保持相对不变。
成品价格指数下降了 3 个点至 25.6。 —Dean Seal
除伯克希尔·哈撒韦（Berkshire Hathaway）外，根据《华尔街日报》对标准普尔（S&P）数据的分析显示。
评级机构惠誉（Fitch Ratings）高级总监 Jamie Tucker 表示，报告中的增长幅度“简直是天文数字”，“因此这属于治理崩溃”。
保险公司的披露中并未明确指出，他们是否知晓所投资的贷款是发放给与 Walter 相关的实体的。特拉华生命（Delaware Life）的高管随后告诉了至少一家信用评级公司，他们并不知情。
惠誉的 Tucker 表示：“就特拉华生命的理解而言……借款人是互不关联的实体。随后他们意识到——部分是由调查揭露的——这些最终借款人其实是 TWG 的实体。”
知情人士表示，古根海姆（Guggenheim）的高管在去年获悉了联邦调查。据该人士透露，到9月，联邦调查局（FBI）探员已查封了至少一部与调查相关的手机。
2月，特拉华生命和 Clear Spring 收到了与该调查相关的传票。彭博新闻社此前报道了相关调查及手机查封一事。
7月，惠誉将特拉华生命列入负面观察名单，标准普尔将其展望下调至“负面”，这意味着该公司面临两家评级机构同时下调评级的风险。
根据与特拉华州保险监管机构达成的补救计划，特拉华生命在年底前必须剥离大部分投资。
6月 +0.3%
被要求 允许 限制 邮寄 投票
作者：詹姆斯·罗莫瑟 (JAMES ROMOSER) 与路易丝·拉德诺夫斯基 (LOUISE RADNOFSKY)
华盛顿——特朗普政府周一请求最高法院允许联邦机构执行一项行政命令，该命令将限制邮寄选票，并在11月中期选举前创建被视为符合投票资格的人员名单。特朗普总统于3月发布的这项命令，旨在让行政部门介入联邦选举的监督。许多选举法专家对其合法性提出质疑，因为宪法将选举权授予了各州和国会，而非总统。在一项紧急上诉中，总检察长 D. 约翰·索尔 (D. John Sauer) 请求最高法院撤销一项下级法院的禁令，该禁令此前阻止了政府执行该命令。索尔敦促大法官们现在就介入，以便联邦机构在11月 3 日中期选举前有足够的时间将该命令付诸实施。多年来，特朗普一直贬低
邮寄投票，并试图对美国选举的诚信度播撒怀疑。在他 31 日（3月）的行政命令中，特朗普指示国土安全部按州编制具有投票资格的公民名单，并命令美国邮政局不要处理未出现在官方名单上的选民的邮寄选票。 23 个州的民主党官员以及哥伦比亚特区提起诉讼挑战该命令，认为该命令违宪，且其程序可能被滥用，导致许多合格选民被剥夺投票权。美国地区法院法官因迪拉·塔尔瓦尼 (Indira Talwani)（一名由前总统巴拉克·奥巴马任命的驻波士顿法官）阻止了政府在提起诉讼的司法管辖区内执行该命令。塔尔瓦尼写道，该命令的核心条款是“法律上无效的”，因为它们“违宪地违反了权力分立原则”。周六，美国第一巡回上诉法院的一个小组
否决了政府要求撤销塔尔瓦尼禁令的请求。这促使政府向最高法院提交紧急上诉。此次上诉并未集中于行政命令的合法性。相反，政府认为各州尚未拥有在法院挑战该命令的法律权利。索尔写道：“该禁令尤其难以成立，因为各机构仍在审议如何（以及是否）执行该命令，而地区法院却预先决定，无论机构选择怎么做，都必然是非法的。”民主党各州对政府上诉的答复将于下周一提交。
均化能源成本*范围，含与不含联邦税收补贴
不含联邦税收补贴范围 含投资税收抵免范围
含生产税收抵免范围
可再生能源发电
太阳能光伏——社区及 商业与工业
太阳能光伏——公用事业
太阳能光伏及储能——公用事业
地热能
风能——陆上
风能及储能——陆上
风能——海上
常规发电
医生的文字记录 揭示其对媒体关注 及与特朗普之间 紧张的打交道经历
作者：ALYSSA LUKPAT
共和党参议员兰德·保罗（Rand Paul）本周末公布了安东尼·法奥奇（Anthony Fauci）博士在Covid-19大流行期间的私人日记，显示这位医生在关注其媒体形象的同时，努力安抚特朗普总统。
法奥奇曾担任国家过敏和传染病研究所所长，在引导国家的疫情应对措施方面发挥了作用，他通过详细的日记记录了与白宫及总统的私人往来。
在从 2019 到 2022, 年起共计 1,000 多页的记录中，他详细记载了在应对快速传播的病毒时，如何处理总统频繁的电话以及与新闻界的互动。
法奥奇定于周三在保罗领导的参议院委员会就Covid-19发表证词。这位来自肯塔基州的参议员长期以来一直主张，法奥奇压制了关于Covid-19病毒可能来自实验室的断言。法奥奇则表示该病毒起源于自然。科学家们从未就病毒的起源达成定论。Covid-19于 2019 年底在中国武汉出现，导致全球数百万人死亡。
保罗的办公室未说明他们是如何获得法奥奇的文字记录的，也未回应置评请求。白宫未回复置评请求。
现年 85 岁的法奥奇在周日拒绝发表评论。
前总统乔·拜登去年赦免了法奥奇，使其免于联邦起诉。
他并未被指控任何罪行。
这位医生保存了多篇对他赞誉有加的人物报道副本。他记录了自己接受的众多采访和媒体亮相。
他
作者：JAMES FANELLI 以及 REBECCA PICCIOTTO
纽约市建筑官员上周叫停了另一座曼哈顿办公塔楼的施工工作，该塔楼正被改造为公寓。这是本月内第二次因结构性问题而关停此类项目。
周四，位于曼哈顿下城的 222 Broadway 施工停止。该建筑此前是多家金融公司的所在地，开发商正将其改造为一座 32 层的住宅楼，将拥有近 800 套单元、一个屋顶泳池、一个水疗中心以及共享办公空间。
据开发商 GFP Real Estate 的发言人称，此次关停是因为市检查员表示，承包商未能就顶层两根出现裂缝的混凝土梁及时通知市政府。
该发言人表示，这些梁在 3 月份出现裂缝，但很快就得到了修复。承包商和工程师认为这是一个次要问题，并认为无需立即向市政府报告。
该发言人补充道，停工令的原因是“报告时间线的差异”，而非“任何形式的安全问题”。他还表示，检查员已发现该建筑结构稳定。
该项目的承包商 Leeding Builders Group 和工程公司 DeSimone Consulting Engineers 未回应置评请求。
222 Broadway 的施工中断此前经历了建筑局的一次大规模检查，而此次检查是由中城前辉瑞（Pfizer）总部大楼发现结构问题而引发的。
开发商 MetroLoft 正在将前辉瑞大楼改造为 1,600 个住宅单元，该公司本月被要求撤离该物业。
在那处施工现场，两根立柱发生弯曲，导致这座高层建筑面临部分坍塌的风险，并导致周边九栋建筑暂时关闭。
MetroLoft 创始人 Nathan Berman 告诉《华尔街日报》，结构性问题至少部分是因为建筑顶部新增部分的额外重量造成的。
222 Broadway 的裂缝梁同样位于新建的顶层：为了支持……
0 50 100 150 200 250 $/MWh
0 50 100 150 200 250 $/MWh
一名新冠肺炎患者 2021 年 1 月在洛杉矶一家医院接受治疗。下方为该年 11 月的安东尼·法乌奇博士（Dr. Anthony Fauci）。
当他实现了“法乌奇 5”——即出现在所有五大周日早间电视新闻节目中时，他写道：“公众对我的崇拜令人惊叹。”他在 2020 年 3 月写道。
2020 年 5 月，在他未出席一次新闻简报会后，他表示这次缺席在“今晚的电视节目中引发了关于我的惊人风暴”。他经常写道自己度过了“惊叹”的一天。
法乌奇感叹，白宫有时会限制他的媒体露面，以确保关注点集中在特朗普身上。法乌奇说，总统在 2020 年 11 月给他打电话，要求他对疫情表现出更多的乐观。
据法乌奇称，特朗普说：“托尼，我真的很喜欢你，你也知道，但你他妈在干什么？大家都想让我开除你，但我不会开除你，你的职业生涯太辉煌了，但你必须保持积极。”
2020 年 1 月，一名电视记者请他就特朗普关于一切都在掌控之中的说法发表评论。他不得不回答，我们正非常严肃地对待此事，并且……
曼哈顿 222 Broadway 的施工已经停止。
随着电力需求飙升而上升
作者：JENNIFER HILLER
美国正处于记录以来规模最大的发电设施开发期。然而，建设成本正在大幅增加。 人工智能数据中心对电力的需求激增，加上设备积压、许可延迟、关税以及长达数年的电网接入等待时间，正推高各类电厂的建设成本。 根据 Lazard 关于发电成本的年度报告，天然气电厂以及大规模太阳能和风能项目的建设成本自去年以来增加了 10% 以上。 对于已经对电费上涨感到沮丧的消费者来说，这构成了一个日益严重的问题。
【OCR清理说明：此处文本在原文中似乎发生了跳跃/错位，以下内容为关于 Fauci 的叙述】 Fauci 写道，美国人不应该惊恐或担忧，“让我们看看这是否会将我与 POTUS（美国总统）对立起来。” Fauci 经常在总统的新闻发布会上发言。他试图引导特朗普
【OCR清理说明：此处文本在原文中似乎发生了跳跃/错位，以下内容为关于建筑工程的叙述】 支撑屋顶泳池平台。 GFP 拒绝评论这些新增加的重量是否导致了裂缝的产生。 工程师表示，扩建建筑可以安全进行，但如果要在最初设计时并未考虑承载此类重量的结构上增加楼层，则需要复杂的工程计算。如果计算或假设错误，可能会在立柱未得到适当加固之前就增加楼层，从而导致结构失效。 建筑部门正在审查关于裂缝原因的工程报告。 一名发言人表示，在“我们完全确信继续施工操作是安全之前”，不会取消停工令。 位于 222 Broadway 的办公大楼曾是美国银行、WeWork 和其他公司的办公场所。开发商预计项目将在明年内完工，且预计该时间表不会改变。公寓已经开始租赁，
EAGLEVIEW
如今电厂建设成本的提高，最终将随着公司在一段时间内回收这些投资而体现在每月的公用事业账单中。根据劳工统计局的数据， 6 月电价同比上涨 4%，超过了整体通胀率。 Lazard 投资银行副主席兼电力、能源和基础设施全球主管 George Bilicic 表示，需求增长正在“主导能源领域的一切”。 “如果你是一家 [勘探与生产] 公司，你会考虑这一点；如果你是一家管道公司，你也会考虑；还有公用事业公司、电力公司以及某些基础设施服务公司。这确实在推高成本。” 美国正处于一个一代一次的电网构
【OCR清理说明：此处文本在原文中似乎发生了跳跃/错位，接回关于 Fauci 的叙述】 地引导其远离推崇羟氯喹——这是特朗普用来对抗 Covid-19 的一种药物，但并未被证明是有效的治疗方法。两人在通过佩戴口罩来减缓传播的问题上存在分歧。 根据 Fauci 的说法，特朗普在 2020 年 5 月说：“这传递了错误信号。” 到了夏天，特朗普对 Fauci 感到厌倦。 他请来了肿瘤学家兼 Fox News 评论员 Scott Atlas 博士，以就更符合总统信念的疫情政策向他提供建议。Fauci 被边缘化。 Fauci 在 2021 年写到了 Covid-19 的来源。“我一直说，极有可能该病毒自然起源于动物宿主并跳跃至人类，”他写道。“极右翼在扭曲现实方面真是令人惊叹。”
月租金在 $4,000 到 $10,000 之间。
总部位于纽约市的 GFP 是办公楼转住宅改造的资深机构。它过去曾与 MetroLoft 合作。
这两家公司与 Rockwood Capital 共同主导了金融区 25 Water St. 的开发项目，该项目是美国目前已完工的最大规模办公楼转住宅改造工程。
市政府官员已在全市范围内展开调查，检查其他施工现场，包括与 MetroLoft 或 Domani Inspection Services 相关的工地，后者是 MetroLoft 为原辉瑞（Pfizer）大楼聘请的私人建筑检查公司。
Domani 在纽约市的建筑业中扮演着重要角色，作为独立的第三方检查施工现场，以确保建设符合安全规范。
记录显示，Domani 在 2023 年对 222 Broadway 现场的施工进行了检查，但该项工作与转为住宅楼的改造工程是分开的。
建设热潮在很大程度上是由构建 AI 模型训练所需的数据中心竞赛所驱动的。许多地区也正面临工业电力需求增长的问题。
根据消费者教育组织 PowerLines 的数据，51 家投资者持有的公用事业公司的资本支出计划在未来五年内预计将达到 $1.4 万亿，比去年的预测增加了 20% 以上。
预计短期内电网的大部分增量将来自可再生能源和电池储能项目。
根据 Lazard 的数据，大规模太阳能项目的成本增加至平均每兆瓦时 $69，高于去年的 $58。在太阳能项目中增加电池将使成本提高至每兆瓦时约 $109，高于此前的 $91。
FROM TOP: ALLISON ZAUCHA FOR WSJ, AL DRAGO/BLOOMBERG NEWS
+4%
新声明和照片 未能为其资深 参议员的状态 提供多少线索
作者：SIOBHAN HUGHES 与 JACK GILLUM
参议员麦康奈尔（Mitch McConnell，共和党，肯塔基州）及其工作人员于周一发布了一份新声明和一张照片。但这并未能有效解决核心问题：这位资深立法者能否重返工作岗位？
这位 84 岁的参议员目前已因健康原因缺席超过 40 天，且没有迹象表明他会在参议院于不到两周后进入夏季休会前回到国会山。如果他本月未能返回参议院，他可能会错过对新国家情报总监和总检察长任命的投票，并错过关于联邦政府资金拨付以及为五角大楼争取更多资金以支付伊朗战争开支的争论。
他的办公室在最新声明中透露，麦康奈尔“尚未获得医疗许可”离开康复设施并返回工作，这使得关于其健康状况及其缺席时长的疑问进一步延长。
作者：MAGGIE SEVERNS 与 LINDSAY WISE 前参议员面临重返岗位的艰巨挑战
从民主党人谢罗德·布朗（Sherrod Brown）在 2024 年参议院连任竞选中惨败，到他开始给老朋友打电话商讨下一步行动，仅隔了数周时间。
“我应该再次参选吗？”布朗在电话中询问心腹。 “如果参选，我是竞选州长还是参议员？”布朗不喜欢抱怨——他过去常对同行立法者说：“不要在游艇上哭泣。”
因此，他在国会山完成了工作，并在最后一天通过了一项扩大社会保障福利的法案。在参议院议事厅发表告别演说时，他的八个孙辈中有七个在场，他强忍泪水感谢工作人员。他的国会生涯似乎已告一段落。
回到俄亥俄州后，他从克利夫兰搬到了哥伦布市，创办了一家倡导工人阶级的非营利组织，并开始开车接送肩伤初愈的妻子去大学任教。在那里，他会坐在铺有木板的图书馆里，撰写一本关于劳工运动的书，并阅读关于共和党人推动通过特朗普总统税收法案的新闻。就在那时，73 岁的布朗开始意识到，他想要回原来的工作。
“我和妻子认为，五年后，我不希望回头说，‘我本可以击败那个家伙’，”布朗最近在辛辛那提的一家酿酒厂告诉一名支持者。八月，他加入了参议院竞选，他将面对共和党参议员乔恩·哈斯泰德（Jon Husted），竞争由 JD Vance 在就任副总统后留下的最后两年的任期。
党内问题 现在，布朗正同时面对民主党的所有问题。在他的右侧，
受中国 IPO 压力 （接第一页）
对人工智能经济中循环融资的担忧。 周一，苹果打破了英伟达作为市值最大美国公司连续 272 个交易日的纪录。这家 iPhone 制造商从未突破 $5 万亿美元的市值门槛，但目前也正接近这一里程碑。英伟达在去年底达到了 $5 万亿美元的里程碑。 苹果将于周四公布季度财报。
投资者对长鑫存储在上海首次公开募股（IPO）的狂热反应，源于该公司近期几个季度的迅猛增长。 分析师表示，IPO 股票的发行价为每股 8.66 元，相当于 $1.28, 这是一个保守的价格，反映了行业的波动性以及希望确保 IPO 后股价上涨的意愿。 那些幸运地通过抽签以 IPO 价格买入股票的人，在交易首日见证了资金翻了五倍多——涨幅达 466%——收盘价为 49 元。 第一季度，长鑫存储的营收从一年前的不足 $1 亿美元增长至 $7.5 亿美元。利润增长至 $3.66 亿美元，因为内存芯片短缺使该公司能够从客户那里获得大幅的价格上涨。 由于担心失去对价格敏感的消费者而导致销售额下降，苹果首席执行官蒂姆·库克及高管们已向特朗普总统和其他美国官员推销一项计划，旨在利用长鑫存储及其他
“我期待很快能回到参议院和肯塔基州，”麦康奈尔在声明中表示，但并未提供返回的具体时间表。 《华尔街日报》询问麦康奈尔是否能在 8 月休会前或 1 月任期结束前返回，或者记者是否可以与麦康奈尔交谈，一名发言人未提供任何额外信息，并指回参议员的官方声明。 参议院多数党领袖、共和党人约翰·蒂恩（南达科他州）目前在管理该议院中共和党微弱的多数席位，他也没有提供任何指导意见。 “我最近没和他谈过，”他在周一告诉记者。当被问及预计麦康奈尔何时返回时，蒂恩将问题转交给了参议员的办公室。 麦康奈尔于 6 月 14, 住院，其办公室在数周内提供的信息极少，引发了关于他处于昏迷状态或失去能力的猜测。openmhz.com 收集的紧急调度音频也加剧了担忧，音频转述称，在收到一名昏迷人员需要高级生命支持的报告后，华盛顿特区消防与紧急医疗服务部门被派遣至麦康奈尔在国会山的住所。 最终，麦康奈尔重新——
[[IMG_XXXX]] 左侧为丹尼·弗霍夫，与其在俄亥俄州农场在一起的民主党参议员候选人舍罗德·布朗。
民主党在俄亥俄州农村地区难以获客
在最近的一个下午，舍罗德·布朗在利马的一座谷仓旁，坐在一台 20-foot 联合收割机阴影下。这里是俄亥俄州大豆和苜蓿之乡的核心地带。 他正与那些已经背弃民主党的选民面对面地交流。利马周边的县在投票给唐纳德·特朗普与卡玛拉（哈里斯）的选择中，比例几乎达到了 3-to-1。
蓝领工人在过去十年中转向了共和党，少数工会甚至支持布朗的共和党对手。而在他的左侧，选民们渴望出现一种更年轻、更具颠覆性的进步派，能够脱离他们认为已经失败的政党建制派。 这使得回归之路——
肯塔基州共和党参议员米奇·麦康奈尔 5 月 19 在国会大厦。
于7月12日发布的一份声明中称，他长时间缺席参议院并住院是因为一次跌倒及随后引发的肺炎。他的办公室还发布了一张他与妻子赵嘉庆（Elaine Chao）在病房中的照片，他手里拿着一份《华盛顿邮报》。
在那份声明中，他将延迟告知的原因归结为他不愿分享“随着年龄增长而带来的脆弱感。即使在公众关注下，我仍有同样的一种本能——我无法克制，”他说道。他表示自己正在康复并计划返回工作，但未给出具体时间表。他还承诺将提供关于其康复情况的更新。
在2024年支持哈里斯，随后哈里斯成为民主党的总统候选人。 主持人丹尼·维霍夫（Denny Verhoff）表示，如今这里对民主党来说是一个“艰难”的区域。 他的宾客们表示他们喜欢布朗（Brown），但在是否会投票给他的问题上分歧较大。“我对民主党非常失望，”其中一人说道。“每个政客都想听听民众的看法——但他们真的能把事情办成吗？”另一人问道。 布朗表示，无论党派如何，与农村选民会面至关重要。“我能获得一些其他民主党人可能无法获得的选票，因为我倾听，并将此转化为行动，”他说道。
对于这位70多岁的耶鲁大学毕业生而言，这次竞选是一场艰苦的战斗。他于1992年首次当选众议员。俄亥俄州不仅早已不再是摇摆州，而且现在已成为稳固的红州；同时，布朗作为一名资深政治家，正试图说服选民，他是解决华盛顿弊端的合适人选。 首都正是布朗在七届众议员和三届参议员任期内，建立一套为俄亥俄州争取资金的谈判记录的地方。正是在那里，他树立了作为工会盟友的声誉，并结交了强大的朋友。 在竞选活动中，布朗承诺他可以通过打击医疗保险公司并要求数据中心支付费用来解决负担能力问题。
由于没有任何公开露面，持续的猜测愈演愈烈。 “有很多人认为这家伙已经不在了，”保守派广播员迈克·加拉格尔（Mike Gallagher）在上周的一个节目中说道。“拿着一份报纸……上面还印着当天的体育版，就像是一张‘生存证明’照片。噢，是的，看起来很正常，”他在谈到那张医院照片时说道。 周一——在上一份声明发布两周后——他的办公室发布了一次更新和一张新照片，麦康奈尔（McConnell）在其中表示他仍在康复中，但他将缺席在其家乡州举行的 Fancy Farm 政治盛会。
据《华尔街日报》报道，苹果在非美国销售的产品中使用了中国芯片。 苹果正与美光科技发生冲突，美光科技表示，允许长鑫存储向美国科技公司销售将损害美国产业。 研究公司 SemiAnalysis 预测，长鑫存储的全球份额到明年将增长至 12%，高于 2025 年预估的 9%，从而巩固其在三大巨头之后的第 4 位。 尽管长鑫存储在 IPO 招股书中承认，其产品仍落后于行业领先者——部分原因是美国的出口管制使其无法获得顶尖的西方芯片制造设备——但其芯片性能已足够在消费电子产品和 AI 数据中心中得到广泛应用。 长鑫存储在 IPO 中将筹集至少 $8.55 billion。该公司表示，将使用这笔资金升级生产线和技术。
长鑫存储股价，交易首日
60 元
IPO 价格：8.66 元
上午 10 点 11 1 点 2 3
来源：FactSet 注：中国标准时间；10 元 = $1.48
本周末。该声明未提供返回国会的时间表。
根据国会主治医师办公室随附的一份声明，这位肯塔基州参议员自被转移到康复设施以来，“一直坚持高强度的物理治疗和康复训练，包括每天多次旨在增强体能并降低未来跌倒风险的训练”。
麦康奈尔在童年时期患过小儿麻痹症，长期以来走路姿势不平稳，但近年来他看起来更加虚弱。2023年，他在一次私人活动中绊倒，随后住院数日并进入康复阶段，导致他总共离开了参议院40天。
在2025年新一届国会启动时，他卸任党团领导职务，并决定今年不再竞选连任。
在本届任期内，麦康奈尔经常使用轮椅参加投票。他同时还显露出疲态。在一次持续超过19小时、于6月5日结束的通宵投票中，麦康奈尔坐在前排，闭着眼睛，似乎在睡觉，直到一名助手在多次修正案表决期间提醒他投票。
J. SCOTT APPLEWHITE/AP
自行发电。他利用自己的反战背景来反对伊朗战争及其随之而来的高汽油价格。他主张自己有为弱势群体发声的成功记录，而他的对手则认为他过于深陷体制之中，无法改变它。
“没有什么比一个一生都在担任民选官员并在华盛顿特区度过三十年的人更像‘局外人’了，”在2024年击败布朗的俄亥俄州共和党参议员伯尼·莫雷诺（Bernie Moreno）说道。“俄亥俄州的选民刚刚意识到，‘哦，这家伙完全是个骗子’。”赫斯特（Husted）补充道：“认为他是一名参议员的人比认为我是的人更多。”
布朗在辛辛那提一家酿酒厂讲述的故事，反映了参议院少数党领袖查克·舒默（Chuck Schumer）一年前在哥伦布市与布朗及其妻子——记者康妮·舒尔茨（Connie Schultz）共进晚餐时所提出的观点。据一名熟悉两人谈话的人士透露，这位来自纽约的民主党人告诉布朗，如果他不竞选该席位，将永远无法心安。
一个与舒默一致的团体已承诺花费$60 million帮助布朗获胜。
在大多数年份，候选人为获得此类优势将不遗余力，但在2026年，这些优势也伴随着负面影响。一些引人注目的左翼人士，如纽约的达里亚莉莎·阿维拉·切瓦利埃（Darializa Avila Chevalier）——这位民主社会主义者在初选中击败了一名国会党团主席而胜出——通过暗示与一个许多选民并不喜欢的政党决裂而抢走了风头。在最近的一项美联社（Associated Press）民意调查中，当被问及目前的政党时，10名民主党人中仅有2人给出了正面评价，而其他人则使用了“软弱”或“低效”等词汇。
布朗的支持者指出，他是十多年来唯一一名在俄亥俄州全州范围内获胜的民主党人。他在2018年的选举中获胜。
BRIAN KAISER FOR WSJ
最快在今年于上海进行股票发行。据《华尔街日报》报道，该公司正在建设三座新工厂，到2027年底，其产能将增加一倍多。
长鑫存储在招股说明书中表示，其产能仍低于中国国内的需求。今年早些时候，北京方面要求包括长鑫存储在内的中国内存芯片制造商优先供应本地买家。这表明长鑫存储和 YMTC 可能没有多少多余产能可提供给苹果，尽管这两家公司可能会欢迎将苹果列入客户名单，将其视为一种认可。
“考虑到全球内存市场的持续不平衡，即使苹果的游说成功并从长鑫存储购买 DRAM，也不会实质性地降低成本或填补供应缺口，”TF International Securities 分析师郭明錤（Ming-Chi Kuo）在一份报告中写道。不过，他表示，
周一 49元
他的听力已经下降，共和党立法者在私下里描述说，在闭门会议中用名字称呼他时，很难引起他的注意。包括图恩（Thune）在内的一些共和党盟友表示，他们在过去一个月里与麦康奈尔（McConnell）保持着联系，有些人描述在涉及国家安全和中期选举等问题上进行了长时间的交谈。其他参议员则表示，他们是通过第三方听到的消息。
“我昨天和一个人聊过，那个人去看了他，说他神志清醒，只是需要增强体力，”参议员雪莱·摩尔·卡皮托（Shelley Moore Capito，共和党，西弗吉尼亚州）在记者尼古拉斯·巴拉西（Nicholas Ballasy）发布的视频中说道。当参议院拨款委员会主席苏珊·柯林斯（Susan Collins，共和党，缅因州）上周被问及领导一个关键拨款小组委员会的麦康奈尔时，她回答道：“我认为他将在九月回归。”
麦康奈尔的缺席虽不寻常，但并非没有先例。参议员迪安妮·费恩斯坦（Dianne Feinstein，民主党，加利福尼亚州）在 2023 年因患带状疱疹缺勤数月。她回到了国会山，并在同年晚些时候去世。参议员约翰·费特曼（John Fetterman，民主党，宾夕法尼亚州）在 2023 年因中风后患抑郁症住院一个月多。
近 7 个百分点，但在 2024 年输掉了 4. 最近的民调显示，这场竞争非常激烈。
“我很高兴舍罗德·布朗（Sherrod Brown）再次参选——而他竟然是俄亥俄州民主党的唯一选择，这简直是对民主党处境的严厉控诉，”招募年轻候选人的组织 Run for Something 的联合创始人阿曼达·利特曼（Amanda Litman）说道。
选民冷漠 在最近于托莱多（Toledo）和辛辛那提（Cincinnati）举行的活动中，中午有 100 多人出席。许多是退休的自由派，有些人还拿着他的书要求签名。
这些忠实的支持者掩盖了布朗面临的潜伏在表象之下的挑战。城市拥有大量民主党选民，但其中许多人表现冷漠。在一些城市地区，2024 年选举的选民投票率仅略高于 60%——远低于某些亲特朗普地区 80% 或更高的投票率。
俄亥俄州的政治家表示，民主党忽略了对城市选民的组织工作，将其视为理所当然。在极左翼，一些人表示布朗未能处理那些最能激发选民积极性的问题，包括对以色列采取更强硬的立场。
布朗访问的酿酒厂周围社区在上届选举中的投票率较低，一群年轻的民主党人正试图改变这一现状。一名组织者道格·沃尔顿（Doug Walton）正致力于让他的理发师泰德（Ted）去投票。
“我恳求，我哀求，”沃尔顿说。“我给他发短信，告诉他特朗普在做的那些邪恶之事。”在五月的民主党初选中，全州民主党人的投票率有所上升，但沃尔顿没有成功。他希望能在 11 月让泰德去投票。
“苹果有充分的理由寻求一个额外的供应源。” 中国政府希望摆脱对美国及其亚洲盟友技术的依赖，因此利用国家芯片投资基金支持长鑫存储。
北京方面一直推动长鑫存储和其他国内芯片制造商使用国产设备。由于缺乏最先进的国外设备，长鑫存储采用了一种名为“多重掩模”（multi-patterning）的技术，以便在单个晶圆上挤入更多电路。此外，它还投资于先进的封装技术，以非传统方式堆叠电路以提升性能。
分析师表示，这些技术增加了错误风险并降低了良率——即晶圆上可用芯片的百分比。SemiAnalysis 表示，长鑫存储的良率有所提高，但仍低于行业标准。
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失去在美冠军之选
民调显示，以色列 在民主党人和 共和党人中的 地位正在下降
作者：ANAT PELED 以及 DOV LIEBER
特拉维夫——林赛·格雷厄姆（Lindsey Graham）参议员最近的逝世，使以色列失去了一位罕见的友人——他既是一位热烈的支持者，又拥有强大的政治影响力——而共和党和民主党内积极的派系正逐渐转向反对该国。
这位来自南卡罗来纳州的共和党人曾是以色列在华盛顿最有效的倡导者之一。在关于以色列在加沙和伊朗战争的争议中，他留下的双边关系正处于紧张状态，甚至面临断裂。
“这在某种程度上是新旧交替，”以色列中部的巴伊兰大学（Bar-Ilan University）政治科学家乔纳森·林霍尔德（Jonathan Rynhold）表示，“很难想象共和党内部还有谁拥有更强的政治分量。”
格雷厄姆的葬礼将于7月28日在华盛顿国家大教堂举行，届时将对其进行纪念。他曾充当以色列总理本雅明·内塔尼亚胡（Benjamin Netanyahu）与特朗普总统之间的沟通桥梁。
据《华尔街日报》报道，这位参议员曾协助说服特朗普在2月攻击伊朗，其中包括指导以色列领导人如何游说总统采取行动。
预计内塔尼亚胡将出席葬礼并与特朗普会面，在经过数周游说争取白宫会谈后，这对总理来说是一个胜利。
据知情人士透露，当内塔尼亚胡对美以关系有疑问时，该参议员是他首先会致电的人之一。在2023年10月7日哈马斯领导的袭击之后，他至少前往以色列及该地区访问了10次。
格雷厄姆的去世正值以色列与许多民主党人以及越来越多的共和党人关系恶化，而这一切始于加沙
伊朗
作者：SUMMER SAID 沙特指责伊拉克境内亲德黑兰民兵发动石油袭击
沙特阿拉伯周一表示，它拦截了“若干架无人机”，这些无人机是由伊拉克境内受伊朗支持的民兵向该国石油设施发射的。
利雅得在一份声明中要求伊拉克采取“一切必要措施，确保防止其领土被用作”袭击的发射点。
伊拉克民兵尚未承认对此次袭击负责，而另一个亲伊朗的武装组织——也门胡塞武装（Houthis）表示其攻击了沙特石油设施，这使得周一尚不清楚谁应对无人机袭击负责。
伊拉克总理阿里·阿尔-
在 里海 汇聚
里海
接第一页
……周日的一次袭击，他表示此次袭击造成一艘伊朗商船的一名水手死亡。 阿拉格奇在一篇社交媒体帖子中表示，他已致电俄罗斯和欧盟领导人，称基辅的行动不能不给予回应。 伊朗召见了乌克兰驻德黑兰临时代办。 这些袭击发生在伊朗和乌克兰战争这两个关键时刻。 特朗普总统在周末暂停了对伊朗的袭击，同时权衡是否可能升级旨在打破伊朗对霍尔木兹海峡控制的攻击。 里海贸易为伊朗提供了一种绕过美国对其波斯湾沿岸及北阿拉伯海港口军事封锁的方法。 伊朗南部的石油出口港对其经济更为重要，但里海是伊朗前往俄罗斯最直接的路线，而随着两国都深陷战争，俄罗斯已成为一个日益重要的军事合作伙伴。 Nicole表示，该海域为伊朗提供了一条前往俄罗斯并进一步进入中亚的路线，“在某种程度上不受美国或其他合作伙伴任何形式拦截的影响”。
[[IMG_XXXX]] 俄罗斯
AMIR LEVY/GETTY IMAGES
南卡罗来纳州参议员格雷厄姆曾是以色列在华盛顿最有效的倡导者之一。
……战争，这场战争已导致数万名巴勒斯坦人丧生，该飞地的很大一部分地区沦为废墟。这使得以色列国内一些人担心，该国是否正逐渐失去影响特朗普的有效手段。 特朗普政府和以色列总理府表示，他们正在共同努力，包括在军事相关事务上，并否认两国盟友之间存在重大裂痕，但特朗普和内塔尼亚胡已承认存在分歧。 前以色列驻美大使迈克尔·奥伦表示，格雷厄姆作为一名外交政策鹰派，属于一个逐渐淡出舞台的影响力美国立法者世代，他们成长于对大屠杀的社会记忆以及初创时期的以色列与规模更大的阿拉伯邻国作战的影像之中。 如今，美国的年轻人成长并受到截然不同事件的影响：加沙的毁灭、激增的定居者暴力以及对约旦河西岸不断加深的占领，以及以色列在其邻国加沙、黎巴嫩和叙利亚领土内夺取其所谓的缓冲地带。 最近的民调显示……
扎伊迪命令安全部门进行调查，并表示他的国家不会允许其领土被用作攻击友好国家的走廊或发射台。 自美国和以色列在2月联合对伊朗发起战争以来，亲德黑兰的伊拉克民兵已多次对沙特阿拉伯和其他波斯湾国家发动无人机袭击，此举将一些全球最大的石油生产国卷入其中。 这些民兵独立于伊拉克政府运行，且经常与中央当局产生分歧。 一项沙特评估认为……
里海周边关键港口
阿斯特拉罕
库雷克 马哈奇卡拉
格鲁吉亚 阿塞拜疆 亚美尼亚
巴库
土耳其
班达尔安扎利
诺夫沙赫尔
100 英里
许多国家对以色列的看法正在恶化。 4月的一项皮尤研究中心（Pew）民意调查发现，60%的美国成年人对以色列持负面看法，高于2022年的42%。 2月的一项盖洛普（Gallup）民意调查发现，美国人首次在同情巴勒斯坦人的程度上超过了对以色列人的同情。这些趋势在30岁以下人群中尤为明显。 民主党候选人越来越多地通过表达亲巴勒斯坦观点而在初选中获胜。本月早些时候，超过100名民主党议员投票支持削减数十亿美元对以色列的军事援助，但该措施未能通过。即使是党内一些以色列的支持者也在采取更强硬的立场。 前芝加哥市长、潜在的2028年民主党总统候选人拉姆·埃马纽埃尔（Rahm Emanuel）本月在特拉维夫大学的一次演讲中，呼吁停止对以色列的无条件军事援助，并制裁支持在被占领的约旦河西岸建立以色列定居点的公司。 他告诉记者，今年夏天在通过新罕布什尔州骑行期间，他在每次参加的市政会议上，以色列问题都被提及。
据一名熟悉该报告的人士透露，结论认为，针对沙特王国的近1,000次无人机袭击中，有高达一半来自伊拉克境内。 据熟悉此事的人士表示，这些袭击包括针对红海沿岸延布（Yanbu）石油枢纽的一家沙特炼油厂，以及针对该国东部省份油田的袭击，周一的袭击便发生在当地。 沙特阿拉伯已通过实施打击进行报复。
要求伊拉克 采取措施 以阻止 无人机浪潮。
哈萨克斯坦 (KAZAKHSTAN)
阿克套 (Aktau)
KIS 乌兹别克斯坦 (UZBEKISTAN)
土库曼巴希 (Turkmenbashi)
土库曼斯坦 (TURKMENISTAN)
阿米拉巴德 (Amirabad)
内卡 (Neka)
Grajewski，巴黎政治学院 (Sciences Po university) 国际研究中心的助理教授，以及一部关于俄伊伙伴关系书籍的作者。 与此同时，乌克兰在俄罗斯内部发起的无人机袭击，使其在这场已持续四年多（more than four-year-old）的战争中获得了新的优势。近几个月来，乌克兰利用远程无人机袭击来攻击炼油厂。
“在加沙之后，巴以问题在某种程度上成为了衡量民主党人价值观导向的试金石，”前以色列外交官、自由派政策组织 J Street Israel 执行主任 Nadav Tamir 表示，该组织在民主党人中的影响力日益增强。“趋势正朝着我们从拉姆·埃马纽尔 (Rahm Emanuel) 访问此处时所听到方向发展。” 对以色列支持率的下降也延伸到了共和党人之中。从前共和党国会议员 Marjorie Taylor Greene 到 Tucker Carlson 和 Candace Owens 等媒体名人，许多著名的保守派人士都采取了反以色列立场。 一位熟悉此事的人士表示，MAGA 运动中的年轻共和党人对以色列和内塔尼亚胡支持率的下降，是内塔尼亚胡总理办公室在过去一年中的一个担忧。 该人士称，内塔尼亚胡的团队一直在寻找通过数字信息传递和社交媒体内容来赢回该群体支持的方法。 该人士还表示，基督徒支持者的流失也是该办公室的一个担忧。
据熟悉此事的人士称，是伊拉克境内由伊朗支持的民兵组织。 一名波斯湾官员表示，周一的袭击给该王国 Abqaiq 石油加工与稳定设施造成了轻微损坏，该设施是全球最大的此类设施，日处理量约为 7 million 桶。来自欧盟 Sentinel-2 地球观测卫星的图像显示该工厂出现了火光，但沙特方面的官方声明并未点名 Abqaiq。
远至西伯利亚，导致一个全球最大石油生产国之一的国内陷入能源危机。 袭击里海地区（距离乌克兰最近边境 430 英里以上），给了基辅一个干扰莫斯科与德黑兰之间联系的机会。 安全分析师表示，这些袭击还可能帮助乌克兰在特朗普政府内部争取支持。 “对于乌克兰来说，这在欧洲甚至美国的解读中，是将不同战场更紧密地联系在一起，我认为这也是此次行动的一部分意图，”位于加州蒙特雷的詹姆斯·马丁不扩散研究中心 (James Martin Center for Nonproliferation Studies) 欧亚不扩散计划主任 Hanna Notte 表示。“泽连斯基越能向特朗普发出信号，表明他站在特朗普一边反对伊朗，效果就越好。” 俄罗斯利用里海航线进口伊朗的单向攻击无人机（称为 Shaheds）。从 2022, 年秋季开始，在入侵不到 2 年后，俄罗斯就开始向乌克兰发射波次无人机，使基辅的防空系统承受巨大压力，并针对电力设施进行攻击。
寻求达成霍尔木兹协议
作者：SUMMER SAID 及 LARA SELIGMAN
美国与伊朗之间战斗的暂歇，加速了旨在为这场战争中最具争议的问题——恢复霍尔木兹海峡航运——寻求短期解决方案的外交努力。
在过去几天里，伊朗和阿曼闭门磋商，试图就船只安全通过该水域达成一项协议。在战争导致交通陷入停滞之前，该水域曾承载全球 20% 的石油产量。这些目标单一的谈判并非旨在结束美伊冲突，但调解员希望，即使是在一个重要问题上达成临时协议，也能缓和情绪，允许解除海上封锁，并推动落实华盛顿与德黑兰在6月中旬达成的初步和平协议。
一名美国官员和调解员表示，伊朗和阿曼在某些问题上仍存在较大分歧，包括是否收取过路费。但双方均表示已取得进展，这是自特朗普总统在两周多前针对德黑兰向海峡内商船开火而下令新一轮对伊军事打击以来，外交领域出现的首个希望曙光。
美国官员表示，特朗普周五停止了这些打击，部分原因是为谈判留出空间。当晚，阿曼向德黑兰派遣了一个代表团以开始
[[IMG_XXXX]] 周一在霍尔木兹海峡可见的船只。
作为攻击目标。 胡塞武装表示，他们针对沙特石油设施是为了回应该国无人机对也门领空的侵入。
胡塞武装正在提高对一条关键石油出口路线的威胁，沙特阿拉伯一直利用该路线来绕过霍尔木兹海峡——这条连接波斯湾和印度洋的狭窄通道。自伊朗战争开始以来，德黑兰实际上已关闭了该海峡的航运交通。
一条将石油向西跨越沙特阿拉伯运往红海港口的管道，使利雅得在战争期间能够维持出口量。从
以及水利基础设施，试图消磨乌克兰民众的战斗意志。 俄罗斯随后开始在俄罗斯南部的一家工厂制造其自有版本的无人机，称为“天竺葵”（Geran），使其能够生产数千架此类飞行器用于袭击乌克兰。乌克兰军队在去年不久前就曾针对该设施发起攻击。
自美国和以色列在2月份开始对伊战争以来，德黑兰一直利用“见证者”（Shahed）无人机袭击霍尔木兹海峡的商船、民用机场和海港、海湾石油基础设施以及分布在该地区的美国军事基地。由于这些飞行器价格低廉且往往难以击落，它们对美国及其盟友的防空系统构成了挑战。
近年来，俄罗斯利用一个航运公司网络将军事设备和其他货物从伊朗运往俄罗斯本土。一些与俄罗斯政府有关的船只还从里海出发，经河流和运河抵达黑海，随后可继续转运至世界其他地方的港口。
关于海峡的谈判。 伊朗与-阿曼谈判的目标是就船只通过这条 22 英里宽海峡的航线达成一致。本月，在美国开始引导船只紧贴阿曼海岸通过海峡后，冲突爆发。德黑兰希望船只穿过其领土。
周一，特朗普表示“我们现在正在谈”，并补充说“很有可能会有结果”。如果没有，他说“我们就回到两天前那样做”。
熟悉谈判的地区官员表示，美国并非谈判的直接参与方，但阿曼一直向华盛顿通报情况。伊朗外交部周一表示，美国与德黑兰交换了信息，但不会将其称为谈判。除此之外，该外交部对外交努力做出了罕见的正面评估，称周末与阿曼官员取得了进展。
在经历了数周的紧张局势和战斗后，此次谈判为美国和伊朗提供了喘息之机。美国官员表示，由于伊朗显示其仍拥有强大的弹道导弹和无人机军械库，美国正面临战争关键的防空拦截弹库存有限的问题。与此同时，伊朗经济在制裁、管理不善以及美国对其港口封锁的影响下摇摇欲坠。
在那里，油轮通过曼德海峡（Bab al-Mandeb）这一咽喉要道，前往印度洋以及渴望石油的亚洲市场。
上周，胡塞武装表示将对沙特阿拉伯实施海军封锁，并在此前几天对沙特船只发动了多次袭击。此次封锁和袭击迫使更多沙特原油采取更长、成本更高且技术难度更大的航程，即通过埃及的苏伊士运河并绕道非洲。与伊拉克民兵一样，胡塞武装在伊朗战争期间对沙特石油目标发动了袭击。
为了限制俄罗斯和伊朗的武器贸易能力，以色列还在 3 月袭击了伊朗里海沿岸的一个海军前哨。乌克兰在里海地区持续的空袭可能会威胁到这对受制裁经济体的经济生命线。
“伊朗在被南北双重封锁的大背景下看待这一点，”德国国际与安全事务研究所专门研究伊朗的访问研究员 Hamidreza Azizi 表示。
伊朗誓言将对袭击做出回应，但未说明回应形式。在美国和以色列轰炸行动的高峰期，伊朗对该地区约 12 个国家发动了袭击。安全分析师表示，乌克兰在伊朗部分导弹的射程之内。
“乌克兰可能很快也会明白，伊朗不会让任何行动不收到回应，”伊朗议会国家安全委员会主席 Ebrahim Azizi 在社交媒体上表示。
RAZIEH POUDAT/ISNA/AP
炸药生产
美国
北约国家在全球范围内 启动了一系列新项目， 其中三个位于阿肯色州
作者：ALISTAIR MACDONALD
西方政府已投入大量资金，旨在将炸药生产回迁至本土。根据《华尔街日报》汇总的信息，北约国家目前至少有 24 个推进剂或炸药的新项目正在进行中。仅在作为美国武器生产中心的阿肯色州，就计划建立三家新工厂。
四年前俄罗斯入侵乌克兰，暴露了西方在弹药量产方面的困境。尽管炮弹产量有所增加，但生产商仍然依赖于极其有限的危险化学品供应，而这些化学品的生产链分布在全球，存在诸多瓶颈。
在乌克兰战争爆发前，华盛顿及其盟友认为他们拥有充足的储备和可靠的制造来源。数十年来，五角大楼的教条一直集中于使用数量有限但价格昂贵、精度极高且装载了计算机芯片和数字传感器的精确打击弹药。
如今，在“乌克兰和
乌克兰，哈尔科夫——在 2022 年奔赴前线之前，Serhii Boychuk 告诉他的妻子，如果被俘，他不希望活着被带走。几个月后，他被俄罗斯人俘虏。他说，卫兵对他进行了殴打，并在两年多的时间里对他实施了性虐待。
作者：Alistair MacDonald, Serhii Bosak 以及 Ievgeniia Sivorka
他讲述了被瓶子和棍子强奸，以及被刀抵住生殖器的经历。他现在行走依然困难。“他们想在心理上摧毁我，”现年 33 岁的 Boychuk 说道。
其他乌克兰前被拘留者也描述了在俄罗斯战俘营中遭受性虐待的类似经历。他们的叙述与乌克兰检察官、情报部门以及联合国调查员的调查结果一致，后者在这场持续四年多的战争期间，对包括士兵和平民在内的前囚犯进行了广泛采访。
这些日益增多的证词表明，俄罗斯针对战俘和平民囚犯的性暴力是系统性的——并且得到了俄罗斯官员的纵容，甚至鼓励。
男性目标 战争中的性暴力长期被用来征服和恐吓平民。在许多冲突中，女性平民是最常见的目标。俄罗斯军队实施了...
华盛顿——一年多以来，特朗普总统在与顾问的私人对话中一直坚称乌克兰正在输掉这场战争。
作者：Meridith McGraw, Annie Linskey 和 Robbie Gramer
但据与他交谈过的人士透露，总统在近几周内对乌克兰及其领导人弗拉基米尔·泽连斯基（Volodymyr Zelensky）表达了新的乐观态度。这些人表示，随着泽连斯基将战斗深入推进到俄罗斯境内，特朗普对其韧性深感佩服。
这些人表示，这种转变发生在多次全球峰会期间的边会之后。在这些场合中，乌克兰总统试图通过魅力赢得特朗普的好感，这也是欧洲领导人为改善两国关系而采取的一系列协同行动的一部分。
相关人士称，特朗普开始欣赏乌克兰的无人机工业，特别是其抵御美国在伊朗战争中所面临的同类无人机的能力。
一名政府高级官员表示，特朗普喜欢赢家——而在美国总统看来，泽连斯基正日益像一个赢家。
“我们实际上发展出了一段良好的关系。难以置信，对吧？”特朗普在7月与泽连斯基在土耳其会面时表示。
对于泽连斯基来说，这经历了巨大的转折，他与特朗普的关系曾一度显得无法挽回地破裂。去年，特朗普称泽连斯基为独裁者，批评其领导能力，并在一次紧张的椭圆形办公室会谈中责骂他。
“其他地方正在恢复生产的弹药具有截然不同的供应链，”国防制造与物流公司 Regulus Global 的董事长 Will Somerindyke 在谈到如炮弹等武器时表示。他说，美国和欧洲不具备这种供应链，这意味着他们对自己弹药的掌控力不足——而要扭转这一局面绝非易事。
冲突与紧张局势正促使北大西洋公约组织（NATO）国家重启生产并将其供应链迁回国内，尽管进展缓慢且存在缺口。
Somerindyke 表示，Regulus 计划于今年开始建设一个生产三基推进剂（triple-base propellant）的场地，这是一种极强效的推进剂，美国自 1986 年起就再也没有生产过。此前关于该工厂的计划尚未见报道。
美国仅有一家推进剂工厂，是一座位于弗吉尼亚州南部的二战时期工厂，且自 20 世纪 70 年代初以来未新建过任何工厂。
Regulus 将成为在阿肯色州落户的三家公司之一。总部位于美国的弹药部件制造商 D&M Holding 已经在建设一个……
根据联合国的数据以及《华尔街日报》进行的访谈，在 2022 年发起的全面入侵初期，俄军在攻占城镇和村庄时对乌克兰女性实施了大量性侵害。
但随着战争进入缓慢的消耗战，许多已知的受害者是战场上被俘的乌克兰男兵。
联合国表示，它拥有关于俄军在战争期间涉嫌实施性暴力的约 310 起案例的证词。联合国称，所述暴力包括强奸、轮奸、生殖器切割、电击以及对生殖器的殴打。
受害者中包括 280 名男性、26 名女性和四名女孩。
克里姆林宫和俄罗斯联邦监狱管理局拒绝置评。俄罗斯此前否认过性虐待的指控，称其缺乏事实依据。
调查人员警告称，在俄罗斯占领的乌克兰区域内，针对平民持续发生的性虐待及其他虐待行为的程度仅被部分掌握。
该机构秘书长在 4 月的一份报告中表示，俄罗斯一直拒绝让调查冲突相关性暴力的联合国官员进入占领区。对报复的恐惧以及与性暴力相关的污名化，也阻碍了男女受害者举报虐待行为。
“性虐待是成本最低的战争手段，”乌克兰检察官 Anna Sosonska 表示，她曾对缺席的俄罗斯士兵提起指控。国家检察官办公室……
该地的推进剂工厂。一名知情人士表示，D&M 正在与五角大楼洽谈，以寻求为其提供融资。韩国的韩华防卫 (Hanwha Defense) also 计划在阿肯色州建立一座推进剂工厂。
炮弹、攻击型无人机和导弹通常需要两种宽泛类型的剧烈膨胀混合物之一：用于发射弹体的推进剂，以及用于摧毁目标的炸药。这两者统称为“高能材料”(energetics)，通常具有毒性，生产复杂且处理危险。
冷战结束后，国防预算的下降以及对污染和事故的担忧，促使生产转移到海外。
此次生产激增涵盖了所有类型的高能材料，并延伸至北约国家之外。炸药 TNT 将在数十年后首次在美国生产，且有三家公司正在欧洲建设 TNT 工厂。英国计划在 2030 年前完成至少六家新的高能材料工厂。
“所有人都在寻找激增产能，”Kalyani Strategic Systems 的首席执行官 Neelesh Tungar 表示，该公司是一家印—
极其匮乏的 危险 化学品供应。
SASHA MASLOV 为华尔街日报 (2)
在 Sosonska 工作的地方，目前正监管着约 400 起涉及俄罗斯士兵涉嫌对平民实施性暴力的案件。其中约 148 名涉嫌受害者为男性。其他向本报讲述经历的前战俘和平民被拘留者表示，他们被强迫站立、蹲伏或赤裸游行。有些人的生殖器被电击。有些人被强奸——要么是用瓶子或棍子等物品，要么是由俄罗斯卫兵实施。
“相同的证据，相同的对待方式，全部遵循一个模式，”哈尔科夫人权组织（Kharkazi Human Rights Group，一家收集了 11 名前战俘证词的研究与倡导团体）的律师 Mykhailo Romanov 表示。
大卫·施文迪曼（David Schwendiman）曾是一名美国及国际检察官，曾调查 20 世纪 90 年代波斯尼亚战争中的战争罪行，他表示，这种重复出现的模式表明，涉嫌犯罪并非简单的个人行为，而是作为俄罗斯军事行动的一个特征而实施的。
来自被占领地区的平民...
[[IMG_XXXX]] 加拿大 [[IMG_XXXX]] 爱达荷州，锑矿 [[IMG_XXXX]] 阿肯色州，Des Arc
注：部分计划中或扩建的生产地点未显示，因为无法确定其准确位置。 来源：工作人员报告
HANNIBAL HANSCHKE/EPA/SHUTTERSTOCK
北约国家正在重启炸药生产。
...加拿大工业集团。Kalyani 每月生产 60,000 枚炮弹，并希望生产更多用于制造炮弹的化学品。印度向西方供应高能材料，但在一些最基本的化学品（包括 TNT）方面尚未实现自给自足。
“生产是基于一场 40 天的高强度战争，但乌克兰告诉我们，在现代冲突中，战争需要没完没了地进行下去，”Tungar 表示。
制造炸药具有危险性，西方公司面临极高的监管门槛。即便如此，去年田纳西州一家为民用和军用客户制造炸药的厂商 Accurate Energetic Systems 发生的一起爆炸事故仍导致 16 名工人死亡。俄罗斯和中国的高能材料制造商面临的门槛较低。克里姆林宫放宽了规划...
[[IMG_XXXX]] Serhii Boychuk（左图及上图，正在查看失踪乌克兰士兵的照片）表示，他遭受了俄罗斯卫兵的性折磨。
...会面。会面几天后，特朗普暂停了所有对乌克兰的军事援助和情报共享。
关系的下一个考验将在周二到来，届时两位领导人将在华盛顿自 10 月以来首次会面。泽连斯基将前往华盛顿参加共和党参议员林赛·格雷厄姆（Lindsey Graham）的葬礼，并计划访问白宫。
特朗普对泽连斯基产生的新尊重是否能持久仍是一个未知数。接近特朗普的人士指出，他的观点有时变化很快，并补充说俄罗斯总统弗拉基米尔·普京在过去向特朗普及其部分助手陈述自己的观点时非常有效。
一名白宫官员表示，总统及其团队致力于在俄乌战争中发挥建设性作用，并与双方进行沟通。该官员称，特朗普对能够达成和平协议持乐观态度。
特朗普就任之初反对外交纠缠，并对乌克兰持有深沉的怀疑。他曾表示自己能在 24 小时内解决战争，但此后承认由于无法做到这一点而感到沮丧。
顾问们表示，在第二任期开始时，特朗普认为泽连斯基不对美国的援助心存感激，两位领导人之间糟糕的关系在 2025 年 2 月的椭圆形办公室会面期间在电视摄像机前公开化。
这一不光彩的事件引发了欧洲领导人和共和党人长达数月的活动...
乌克兰的部分地区也沦为受害者。根据乌克兰法院的文件，在俄罗斯罗斯托夫地区的一个营地中，检察官指控俄罗斯国家卫队的高级官员亚历山大·瑙门科（Aleksandr Naumenko）命令军事人员对 17 名平民囚犯实施性侵。调查人员向前被俘人员出示了瑙门科的照片，他们对此予以确认。未能联系到瑙门科以获取评论。
接受《华尔街日报》采访的俄罗斯战俘表示，他们从未收到过禁止性虐待的明确指示，但他们说，部分军官明确表达了反对态度。相比之下，西方军队则向士兵反复强调此类虐待行为是违法的。
战争初期，一名 63 岁的前市场摊贩哈琳娜·蒂申科（Halyna Tyshchenko）表示，她在自己的休息室里被一名俄罗斯士兵用枪威胁强奸，随后被带到室外，在零下温度中赤裸地在街道上游街。蒂申科说，该士兵的部队就驻扎在 400 码外的房子里。她怀疑该男子的上级军官知道这次虐待。
[[IMG_XXXX]] 本月早些时候，泽连斯基与特朗普在土耳其安卡拉会面。
在 2022 年入侵乌克兰后，针对寻求建立新工厂的炸药制造商的监管条例（此处原文不完整）。
在特朗普总统拟议的 1.45 万亿美元国防预算中，近 500 亿美元将用于开发武器生产至关重要的关键矿产、化学品和高能材料的国内来源。
在其他努力中，美国陆军去年重新开放了爱达荷州的一座金矿，以获取一种至关重要的化学副产品，该产品被用于近三分之一的军事弹药中。目前，美国的三硫化锑供应完全依赖国外。
但美国增加 RDX（一种比 TNT 更稳定的替代品）和 IMX（另一种炸药）产量的尝试被推迟了大约八年。尽管有增加产量的在建项目，但产量仍维持在 2017 年水平。一名陆军发言人表示，提高产量的目标日期已从去年推迟到 2030 年左右。
“给普京打电话”
在入侵的第一年，在俄罗斯军队占领他的家乡赫尔松市后，奥列克西·西瓦克（Oleksiy Sivak）在乌克兰独立日挂起了一面乌克兰国旗。
俄罗斯人将他关进了监狱。他们给他看一部旧的军用野战电话，嘲讽地告诉他可以给时任总统乔·拜登打电话了。他说，随后他们将电话线绑在他的生殖器上并对他进行电击。
乌克兰调查人员表示，这种酷刑在俄罗斯监狱系统中被广泛使用，而这些旧电话的分发表明高级人物对此参与其中。联合国指出，狱警将其称为“给普京打电话”，而在早些时候则被称为“给列宁打电话”。
西瓦克在俄罗斯军队从赫尔松撤退前获释，目前他经营一个支持小组，成员包括约 200 名指控遭受俄罗斯酷刑的乌克兰男子。
这位 42 岁的男子表示，他通过与其他受害者和公众分享自己的故事来应对创伤。他说：“那时，在俄罗斯的地下室里，我尖叫得那么大声，全世界都能听到。”现在，他说，他想告诉世界发生了什么。
SAUL LOEB/AFP/GETTY IMAGES
[[IMG_XXXX]] PEDRO NUNES/REUTERS 一名男子与他的狗周一在西班牙观察一场山火。数千人受到疏散或居家令的影响。
火灾正肆虐法国和西班牙
消防员在疏散行动 及城市受威胁之际， 努力控制火势
由 SAM SCHECHNER 和 MARGHERITA STANCATI 报道
巴黎——山火继续在法国和西班牙的大片地区燃烧，在预计本周将到来的新一波热浪之前威胁到了城市区域。在法国，高温天气和干枯的植被助长了火势，截至周一已波及 285,000 英亩以上——这一面积自周末以来增加了 18%。
在西班牙，马德里地区及其周边已连续数日肆虐的火灾是该地区历史上规模最大的，火势席卷了干枯植被、房屋和露营地。约有 100,000 人受到疏散或居家令的影响。
“我们面临的是一场完全前所未有的火灾，”法国总统埃马纽埃尔·马克龙在访问波尔多的一家消防站时表示。当地官员周一下午表示，周边地区的火势已趋于稳定，但尚未得到控制。
“接下来的几周将很艰难，我们必须坚持住，”马克龙说。
在整个欧洲大陆气温上升的推动下，欧洲的山火季正变得越来越长。今年，火灾始于 4 月下旬，欧洲官员警告称，这种情况可能会持续到 11 月初。
预计从周三开始，新一波热浪将袭击法国、西班牙及南欧其他地区，这将使得控制火势更加困难，并增加新火灾发生的可能性。欧洲官员表示，这给应急响应人员留下的控制火势的时间窗口非常狭小。
“从今天到明天我们所能实现的一切，将是我们减缓并控制这场该死火灾的关键，”参与应急响应的西班牙政府官员弗朗西斯科·马丁表示。他说他对短期内的突破持“适度乐观”态度。
两国消防员的体能和能力都已达到极限，火焰蔓延的速度超过了他们的控制能力。
自春季以来横扫欧洲的热浪为山火创造了有利条件。强风则帮助火焰快速传播。
法国已动员其 Canadair 灭火水上飞机队及其他飞机，以扑灭国内的几起大火。欧盟表示，已向两国派遣灭火飞机以协助应急响应。
法国总理塞巴斯蒂安·勒科尔努周一在 X 上表示，部分火灾是故意纵火引起的，并补充说安全部队正努力抓捕相关责任人。
加拿大 美国领事馆 遭枪击 警方表示，周一清晨一名枪手向美国驻多伦多领事馆开枪，这是今年以来该建筑第二次遭到枪击。此次事件中没有人员受伤，但现场发现了一个弹壳，且建筑外墙受损。 多伦多警察局副局长弗兰克·巴雷多（Frank Barredo）表示，随后发生了一场持续一小时的高速追逐，但未能逮捕任何人。 巴雷多在新闻发布会上表示：“我们将以极其严肃的态度对待此次调查。我们将把责任人绳之以法。” 多伦多市长奥利维亚·乔（Olivia Chow）称此次枪击为一次“大胆的袭击”。 乔表示：“我想对相关责任人说，我们一定会抓到你们。” 尽管安保措施已加强，枪击事件仍发生了。 美国领事馆在 3 月 10 日曾被瞄准，当时两名嫌疑人涉嫌向建筑多次开枪，随后驾驶一辆被盗车辆逃离。上个月，警方逮捕了两名人员，并指控他们涉及 3 月枪击事件的多项罪名。 ——美联社
红色警报：周一，菲律宾抗议者因担心菲律宾建设商业开发区的计划而要求政府对此负责。
巴基斯坦 季风季节 死亡人数突破 100 人 周一，巴基斯坦过去一个月因季风雨和闪电洪水导致的死亡人数已超过 100 人，气象预报员警告称，本周晚些时候该国预计将有更多强降雨。 巴基斯坦国家灾害管理局表示，自 6 月 26 起，全国已有 109 人死亡。许多死亡是由房屋和屋顶坍塌引起的，其中近一半报告发生在西北部的开伯尔-普什图省。 最新的更新是在灾害管理局审查全国洪水准备措施的一天后发布的。官员们讨论了向居住在河流沿岸的社区发出及时预警的计划，以便居民在洪水淹没社区之前搬迁到更安全地带。 上周，强降雨袭击了该国部分地区，包括巴基斯坦的文化之都拉合尔，当地多个街区被淹。 社交媒体上的图像显示，居民在水中艰难行走。居民们对政府的准备情况提出了质疑。 ——美联社
NATHANIEL SORIANO/ZUMA PRESS
Tuesday, July 28, 2026 | A9 WORLD NEWS
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作者：SAMANTHA PEARSON 巴西担心美国试图影响选举
圣保罗——巴西总统路易斯·伊纳西奥·卢拉·达席尔瓦（Luiz Inácio Lula da Silva）正抵制他认为是由特朗普政府与拉丁美洲新兴的右翼领导人联盟共同协调的一项努力，旨在影响 10 月的总统选举并将巴西右翼重新推向权力中心。 周日，随着巴西召回其驻阿根廷大使以抗议总统哈维尔·米莱（Javier Milei）访问圣保罗并为弗拉维奥·博尔索纳罗（Flávio Bolsonaro）背书，僵局进一步升级。弗拉维奥是入狱的前总统雅伊尔·博尔索纳罗（Jair Bolsonaro）之子，也是巴西右翼的总统候选人。
面临 儿童人数下降
接第一页
孩子明显减少了。费尔南多表示，他现在更经常看到退休邻居在园艺，而不是看到骑自行车的孩子。“这和 10 年前这里还有很多孩子时的氛围完全不同，”他说道。随着全国生育率处于历史低点，美国 18 岁以下儿童的数量正在下降。根据《华尔街日报》的一项分析，大城市的下降趋势尤为明显。该报发现，过去十年中，美国大城市中 18 岁以下儿童的数量下降了 6%，而全国范围内的降幅为 1%。在幼儿家庭中，这一跌幅尤之触目惊心：大城市 5 岁以下儿童的数量下降了 15%，而全国范围内的降幅为 7%。即使是人口增长的城市也在失去儿童。在居民人数超过 500,000 人的 38 个美国城市中，大约有三分之二的城市儿童数量有所下降。该报分析了从 2015 年到 2024 年（目前可获取的最新数据）的普查数据。有孩子的家庭在搬离城市时，将其归因于对成本、安全和生活质量的担忧。此外，越来越多不愿生育的居民选择维持现状，担心养育家庭带来的经济影响和生活方式的权衡，这也促成了数量的下降。
这种下降发生在各个经济层级的城市中。在加州圣何塞（San Jose, Calif.），其中位数家庭收入几乎是美国平均水平的两倍，但过去十年中，5 岁以下儿童的数量下降了 34%——在所有大城市中降幅最大。厄尼和萨曼莎·索利斯（Ernie and Samantha Solis）都在圣何塞地区长大，并在两个儿子早年的生活中一直住在该市。由于他们分别从事消防员和教师的工作，仅靠各自的薪水无法买房。每个孩子的日托费用每年约为 $25,000。他们还担心州政府的疫苗强制令。2021, 年 6 月，他们搬到了爱达荷州的斯塔（Star），这是一个距离博伊西（Boise）很近的小镇。“我实在受够了，”厄尼说。他每周一飞回城市上班，周中住在消防员的免费宿舍里，周五返回爱达荷州。他遇到了其他同样在通勤的父亲——电工、暖通空调技术员和汽车修理厂老板。在加州，这家人租的是一栋 1,400 平方英尺的老房子。在爱达荷州，他们拥有一栋 2,300 平方英尺的房子，并且有空间停放他们的房车。搬家后，他们又生了第三个孩子，一个女儿。在相对负担得起的城市中，新墨西哥州阿尔伯克基（Albuquerque, N.M.）的儿童数量下降了 15%，密尔沃基（Milwaukee）下降了 11%。
城市经济开始感受到这种转变。家庭是城市税基的重要贡献者，尤其是中产家庭，他们带动了对廉价杂货等商品的消费，使所有人受益。孩子减少意味着对公立学校的支持减少（公立学校通常是许多城市最大的雇主之一），且随着教室变空，城市将面临艰难的选择。一些市政府正在推出免费的儿童护理服务，但目前尚不清楚这是否足以说服人们生育孩子或让家庭留下来。
圣何塞，加州
阿尔伯克基，新墨西哥州
密尔沃基
−1.0
米莱在周六面对欢呼的支持者时，称达席尔瓦为腐败的“小偷”，敦促该地区所有保守派团结起来反对社会主义，并称领导过对雅伊尔·博索纳罗调查的最高法院法官亚历山大·德莫赖斯（Alexandre de Moraes）是“秃顶的垃圾”。
南美洲这两个最大国家之间的裂痕出现之际，巴西正担心特朗普政府试图影响巴西总统选举，使其向右倾。随着哥伦比亚、智利和秘鲁最近的选举让与特朗普结盟的保守派获胜，巴西可能成为南美洲最后一个大国
[[IMG_XXXX]] Raheim 和 Kierra Bazile 及其儿子在宾夕法尼亚州伊士顿（Easton, Pa.），见左上图。Raheim 此前居住在纽约市。Fernando 和 Patricia Escobedo，见右上图，他们注意到在埃尔帕索（El Paso）的社区中孩子数量在减少。
纽约
（接前文）……推出免费儿童护理，但目前尚不清楚这是否足以说服人们生育孩子或让家庭留下来。
全国趋势 在 2008-09 年金融危机后，人们留在城市是因为那里有更好的工作机会。但智库进步研究所（Institute for Progress）研究员 Connor O’Brien 表示，随着 2010 年代后期经济增长变得更加广泛，家庭开始为了其他地方的机会而搬离。城市儿童数量的下降始于 2017 年，并在疫情期间加速。新冠疫情为远程办公打开了大门，促使许多人重新评估他们的生活方式。有些人搬到了郊区，甚至更远的地方。“家庭有了更多的退出选择，而他们采取了行动，”O’Brien 说道。
出生率下降也是一个主要因素。在过去十年中，美国的出生人数下降了 9%，很大程度上是因为处于青少年时期和 20 多岁的女性生育子女数量减少。在全国范围内，拉丁裔女性的出生率下降更为剧烈，而他们在某些城市中占据了相当大的比例。O’Brien 的一项分析发现，在 2010 和 2024 年之间，大型城市县的出生率下降了 18%，是所有县级类型中降幅最大的。
《华尔街日报》发现，在居民人数超过 500,000 人的 38 个美国城市中，有 13 个城市的儿童数量有所增长。这些城市大多位于阳光地带（Sunbelt），对于中产阶级家庭来说通常相对可负担。在过去十年中，这些城市的儿童数量增长了 7%——而其总人口增长了 12%。另有 17 个大城市的人口在增长，但居住在其中的儿童数量却在下降。
在一些失去儿童的城市中，出生率下降是导致人数减少的主要因素。而在其他城市，则是由于家庭搬离。根据《华尔街日报》的分析，在阿尔伯克基（Albuquerque），儿童数量 15% 的下降中，约有一半是因为搬离的家庭多于迁入的家庭。其余则归因于出生率下降。在城市人口占主导地位的贝尔纳利洛县（Bernalillo County），过去十年的出生人数下降了 20%。
在较为富裕的丹佛（Denver），儿童数量下降了 9%，这是由于有孩子家庭搬出多于搬入导致的小幅损失，以及出生人数下降 7% 共同作用的结果。在十年时间里，这意味着比总数保持稳定时少了近 7,000 次出生。
昂贵的城市 在生活成本高昂的纽约，过去十年中儿童数量下降了 8%。纽约市经济发展公司首席经济学家 Melissa Pumphrey 表示，自 2000 年以来，该市净损失了 80,000 个由 30 至 54 岁且已婚或至少有一名 18 岁以下孩子的家庭，这一下降是由中等收入家庭驱动的。在同一时期，纽约净增加了 670,000 人。
2015 年至 2024 年大型城市儿童人口* 的变化
-20% -15 -10 -5 0 0 5 10 15%
洛杉矶 波特兰，俄勒冈州 圣地亚哥 芝加哥 波士顿 奥斯汀，德克萨斯州 巴尔的摩 底特律 图森，亚利桑那州 埃尔帕索，德克萨斯州 凤凰城 达拉斯 费城 弗雷斯诺，加利福尼亚州 孟菲斯，田纳西州
由左翼统治。根据最新的 Datafolha 民调，达席尔瓦（Da Silva）领先 弗拉维奥·博索纳罗（Flávio Bolsonaro） 5 个百分点。
“巴西的命运只能由巴西人自己决定——无需外国干涉或屈从，”达席尔瓦在周末发表于《华盛顿邮报》的一篇评论文章中写道。达席尔瓦指责美国对“双边伙伴关系施加意识形态限制”，并表示巴西对美国的出口已降至近 30 年的低点，而与巴西最大贸易伙伴中国之间的贸易则大幅增加。
与美国的僵局始于 2025 年 7 月，当时华盛顿
特朗普宣布对其第二任期内对巴西征收部分最高关税，同时呼吁停止对雅伊尔·博索纳罗（Jair Bolsonaro）的刑事诉讼。与特朗普针对的许多国家不同，巴西长期以来在与美国的贸易中处于逆差。巴西最高法院判定博索纳罗策划政变，并判处其 27 年监禁。
达席尔瓦（da Silva）政府的官员认为，博索纳罗的儿子们——包括总统候选人弗拉维奥（Flávio）、在美国的爱德华多（Eduardo）和卡洛斯（Carlos）——正与特朗普政府协调，试图通过攻击巴西的选举系统来推进其父亲的政治计划。他们指出，博索纳罗家族与外国外交官的会面中，据称他们散布了关于该国电子投票机可靠性的虚假信息。
巴西外交部周六表示，出于担心两名美国国务院官员计划本周访问该国，且此行旨在削弱人们对巴西电子投票系统的信心，因此拒绝向其发放签证。巴西官员认为，这次计划中的行程是博索纳罗家族与特朗普政府的一次协同行动，旨在万一弗拉维奥·博索纳罗在 10 月份败选时，通过此举诋毁选举结果。据接近达席尔瓦的人士透露。
美国国务院证实，这些官员原定访问巴西以讨论选举诚信、宗教自由和言论自由，并称任何关于此次行程旨在破坏巴西民主的说法都是“毫无根据的谎言”。
“我们现在看到的是，一种在 90 年代于拉丁美洲非常盛行且完好的外交传统——即不公开干涉彼此内政——已彻底崩溃，”华盛顿卡内基国际和平基金会高级研究员奥利弗·斯图恩克尔（Oliver Stuenkel）表示。
单身人士或没有 18 岁以下子女的家庭。根据该市审计长的分析，父母必须赚取 $334,000 才能舒适地负担一名 2 岁孩子的看护费用。根据 StreetEasy 的数据，全市三个或更多卧室的公寓租金中位数为 $5,495。
几年前，拉海姆·巴齐尔（Raheim Bazile）每月支付 $750 租用皇后区一栋房子里的一个房间。这大约是他作为美国邮政局卡车司机每月实得工资的四分之一。
当巴齐尔在 2023 年订婚时，他和远在他方的未婚妻立即开始计划离开。他早在几年前就考虑搬家，当时他与之前一段感情中生的女儿（现年 12 岁）住在公共住房中。
巴齐尔调查了长岛郊区，但那里太贵了。他和现在的妻子基拉·巴齐尔（Kierra Bazile）最终在去年定居在宾夕法尼亚州的伊斯顿（Easton），那里大约有 30,000 人。他们的儿子于今年早些时候出生。“在这里，我觉得轻松多了，”目前从事房地产工作的巴齐尔说。
纽约市长佐兰·马姆达尼（Zohran Mamdani）正在推出免费儿童看护服务，以帮助家庭留在该市。到目前为止，这一新项目覆盖了一小部分 2 岁儿童。
布鲁克林居民詹娜·爱德华兹（Jenna Edwards）一直认为她和丈夫会有孩子，但他们在受孕方面遇到了困难。他们于 2019 年开始访问一家生育诊所，但得知即使有保险，初始治疗的预计费用也将达到 $4,000 到 $22,000。而且并没有保证一定会成功。
她还担心其他潜在的费用：住院费、日托费、托儿所费用。
德克萨斯州 沃思堡
佛罗里达州 杰克逊维尔
西雅图
俄亥俄州 哥伦布
北卡罗来纳州 夏洛特
密苏里州 堪萨斯城
俄克拉何马城
亚特兰大
田纳西州 纳什维尔
印第安纳波利斯
亚利桑那州 梅萨
拉斯维加斯
2015 年至 2024 年的人口变化
大城市 美国整体
18 岁以下儿童 5 岁以下儿童
学校。这对夫妇目前住在一家低于市场价、租金稳定的公寓里，他们可能不得不搬走。现年 44 岁且是一名自由内容创作者的爱德华兹（Edwards）决定不进行试管婴儿（IVF）手术。“财务状况确实影响了我们愿意尝试的程度，”她说，“很容易因此感到愤怒或不满，因为在每一步中它都产生了如此巨大的影响。”
成本上升 即使在消费较低的城市，养育孩子的前景在财务上也令人畏缩。在费城——那里儿童人数下降了 6%——39 岁的尼贾·里维拉（Nija Rivera）在一家排屋中与兄弟姐妹、母亲、祖母和外曾祖母一起长大，出身工人阶级。她现在经营一家拨款申请咨询公司，与身为海员的丈夫共同拥有一套两居室公寓。里维拉每天练习热瑜伽，并参加舞蹈和表演课程。她的丈夫正在参加一个为期一年的吉他课程。养育孩子可能意味着要牺牲他们在这些活动上花费的时间和金钱。里维拉还希望在未来如果她的母亲和继父需要帮助时能够支持他们。根据 Redfin 的数据，埃尔帕索（El Paso）的房价虽然比其他城市便宜，但在过去五年中仍上涨了 32%。埃尔帕索的总人口在过去十年中持平，但儿童数量下降了 9%。这主要是由于 5 岁以下儿童人数下降了 30% 所致。由于入学人数下降，埃尔帕索独立学区（El Paso Independent School District）正在关闭小学以节省开支。现年 55 岁并在金融领域工作的费尔南多·埃斯科贝多（Fernando Escobedo）表示，他在城中度过童年夏天、与其他孩子自由徜徉的长辈居住区现在也很安静。在他自己居住的死胡同里，一年一度的街区派对在新冠疫情后再也没有恢复。“留下的人都是父母，年纪较大的父母，”埃斯科贝多说。经济学家担心人口老龄化，因为这意味着劳动年龄的纳税人减少。加州大学圣迭戈分校（University of California, San Diego）教授杰夫·克莱门斯（Jeff Clemens）表示，一些面临儿童人数下降的城市能够削减公立学校的开支，但其他一些城市则难以做到，导致人均学生支出水平过高。最大的风险是，家庭数量的减少是更广泛的人口下降和城市税基侵蚀的一部分。那些有效地用富裕的无子女成年人替代家庭的地方，到目前为止避开了这种命运。塔尼尔·乔丹（Taneal Jordan）在当地学院毕业后住在密尔沃基时，很喜欢参加当地的节日和其他活动。现年 38 岁并在企业培训部门工作的乔丹意识到该市犯罪率相对较高，但觉得能保证自己的安全。但现在她和丈夫有一个 3 岁的孩子，她对城市生活感到失望。他们的门铃摄像头拍到了有人在台阶上偷包裹。附近一个操场上的设备已经锈迹斑斑且破损。这对夫妇计划搬到威斯康星州格林湾（Green Bay, Wis.）的郊区，他们希望儿子在那里能上好学校并与邻居一起玩耍。“那里看起来像是一个非常不错的地方，我可以让我的孩子在街上骑自行车而没有任何问题，”乔丹说。
左起：LIAM KENNEDY 为《华尔街日报》拍摄；PAUL RATJE 为《华尔街日报》拍摄
5.8
所有年龄段
O
S
开始“那次谈话”
转折点 (TURNING POINTS)
克莱尔·安斯伯里 (CLARE ANSBERRY)
作为成年子女，我们将面对的最艰难且最重要的对话之一，就是与父母关于衰老的“那次谈话”。 坐下来讨论放弃开车、搬离家庭住宅、规划医疗护理以及遗产如何处理，即便在最好的情况下也是令人不适的。 许多成年子女和年迈父母干脆将其搁置。这是一个巨大的错误。我们最终往往在应对紧急情况时才仓促地决定如何处理，而那时没有人能够清晰地思考。 我最近写过一个故事，关于一名女儿为了让她表现出认知障碍和自我忽视迹象的父母搬出家门而设计的复杂计谋。她曾多次尝试与他们沟通并提前规划，但他们坚称自己很好。 读者在反馈中提到，很多年长者……
阻碍退休时
切丽尔·威诺库尔·蒙克 (CHERYL WINOKUR MUNK) 著
一些年长者不得不重新思考退休计划，原因是由于一项看似不可能的债务负担：学生贷款。 根据联邦学生援助计划 (Federal Student Aid) 的数据，截至 2026, 第一季度，美国 50 岁及以上年龄段中约有 9.5 million 人持有学生贷款债务，债务总额约为 $452 billion。这些债务包括他们为子女办理的贷款、为自己办理的贷款（有时是因为他们在晚年追求学位），或两者兼有。 在许多情况下，这种债务负担不仅影响了人们在退休后如何使用他们的养老金，而且影响了他们最初何时能够退休。
是否可以获得豁免？ 解决这一问题的第一步是查看贷款豁免的选项。 许多借款人没有意识到，他们可能有资格获得至少部分联邦学生贷款债务的豁免。（私人贷款机构通常不提供贷款豁免或更宽松的还款条件。）由于近期学生贷款系统的全面改革，许多 Parent PLUS 借款人失去了获得更可负担的月度还款额的机会。借款人可以在联邦学生援助 (Federal Student) 网站查看其选项。
这些对话虽然困难但至关重要。Mim Senft 写道：“假装我们可能永远不需要护理，往好里说是天真，但如果你没有计划，这可能会让你整个家庭破产。”
另一位，James Hillenmayer 表示，在他父母 80 多岁且他母亲出现痴呆迹象时，他与父母坐下来进行了“那次谈话”。
“我说，我认为真正的问题在于他们没有就想在接下来的岁月里住在哪里进行沟通。我父亲说：‘不，真正的问题是你妈想住在威斯康星州（在我姐姐附近），而我不想住在威斯康星州。’我母亲回应道：‘我也不想住在威斯康星州。’你可以想象那个画面了。”
约有 23.6 million 成年人在照顾年迈的父母，而且许多人尚未就他们最终可能必须面对的实际情况进行沟通。最近的一项调查发现，只有不到 20% 的成年人与亲人就护理偏好进行过详细的谈话。
“这些对话并没有在进行，”社交媒体护理社区 Care With Kip-per 创始人 Kipper Hendrick 表示。
约有 23.6 million 成年人在照顾年迈的父母。
原因很多，其中恐惧是一个主因。关于未来和老龄化的对话不可避免地会导致人们思考等待我们所有人的结局：死亡。
有些父母说他们有充足的时间讨论未来。其他人则认为他们已经准备好了一切——遗产计划、遗嘱和授权书——所以万无一失。这些文件至关重要，但它们可能无法解决住房和护理等根本性问题。
以下是一些启动对话并使其持续进行的方法。
如何开始
Truist Bank 家族传承中心 (Center for Family Legacy) 主任 Heather Winslow-Walker 表示，应从简单、基础的问题开始，这些问题应充满关怀、基于真诚的好奇心且不具有侵入性。
她建议：“你想要什么？什么对你来说很重要？我们如何才能实现这一点？”然后倾听，并保持尊重。
她发现，她的母亲还没有准备好搬家，但一旦准备好，她希望有一个室外的
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【OCR清理说明：此处文本内容与学生贷款相关，可能为页面跨栏或排版错位，原件中此处内容与前文护理话题不连贯，但按要求予以翻译】
...作为教育部的一个部门，负责监督联邦学生贷款计划，并向借款人提供信息和资源。
一个选择是公共服务贷款豁免 (Public Service Loan Forgiveness, PSLF) 计划，该计划面向在政府或非营利机构工作并满足其他要求的借款人，包括在认可的还款计划下已完成了相当于 120 次符合条件的月还款。
对于代表子女借款的父母，必须由父母本人符合条件。但请记住，基于学生贷款系统的近期变更，父母可能会失去参与 PSLF 计划的资格。请查看联邦学生援助 (Federal Student Aid) 了解当前的申请资格。
另一个选择：许多借款人采用标准还款计划，这通常确保其贷款在 10 年内还清。但他们可能有资格切换到基于收入的还款计划，从而降低每月还款额。
印第安那州卡梅尔 (Carmel, Ind.) Solomon Financial 的合伙人兼财务顾问 Bruce Maginn 举了一个例子：一对 60 岁出头的夫妇，为了帮助他们 30 多岁时离婚的女儿获得学士学位，积累了 $100,000 的债务。他们持有利率约为 8% 的联邦 Parent Plus 贷款，每月支付约 $1,300
每月。他们希望退休并将其年度支出（包括贷款还款）控制在 $95,000 以内，以符合其预算。他说，基于标准的学生贷款还款计划，这并不可行。 因此，这对夫妇选择转换为一种基于收入的还款计划，与标准的 10 年期计划相比，这显著降低了他们的每月还款额——尽管这延长了贷款期限数年，并增加了整个贷款生命周期内的利息支出。Maginn 表示，由于特朗普政府对政府贷款进行广泛重组，他们所选择的这种基于收入的计划正在被逐步淘汰，因此他们正在考虑其他选择。
门廊，在那里她可以读书。 Winslow-Walker 说，为了引导客户开展家庭讨论，她会问父母：“如果你们发生了什么意外，家庭成员的准备情况如何？”她会问成年子女：“对于父母年老的问题，你觉得自己准备好地程度如何？” 她建议与父母的谈话应在 65 岁时开始，并使其成为一项持续的活动，因为健康状况和家庭动态会发生变化。有些家庭会在节日晚餐前聚集，进行半小时的年度更新讨论。
设定讨论框架 健康监测技术公司 LogicMark 的首席执行官 Chia-Lin Simmons 表示，不要将讨论集中在衰退或灾难上。她曾建议一位朋友询问住在另一个州的父母，是否愿意搬到她附近，以便更频繁地见到孙辈。 “我知道孩子们很想经常见到你们。”她认为，这是一种更积极的方法，而且事实也确实如此。这比说“为了应对紧急情况，我希望你们在身边”要温和得多。
一旦他们离开职场，收入就会下降。 这时，仔细审查支出并看看哪里可以调整就非常有帮助。 财务顾问 Jenny Daly 正在为一名 60 岁出头的单身母亲提供服务，该女性为了孩子的教育承担了 $120,000 的学生贷款。她们制定了一套预算，使该女性能够在不牺牲所有退休计划的情况下偿还债务。Daly 表示，该女性密切跟踪支出并削减了旅行开支，但预算仍是在可控范围内的。Daly 在总部位于费城的 Janney Montgomery Scott 公司位于新泽西州哈肯萨克的办公室工作。 而且她们每年都会重新审视该预算。 俄亥俄州阿克伦 Sequoia Financial Group 的高级副总裁兼财富规划部门负责人 Heather Welsh 有一位离婚且 60 岁出头的客户。她在退休时背负着近 $50,000 的父母贷款债务，且她不想做出重大
不再开车 最令人不快的话题之一涉及驾驶。父母可能会经历一系列小事故，但他们不提及，因为他们感到尴尬或害怕失去自由。 老人护理顾问兼 LifeCare Concierge 创始人 Netta Levy 在几次轻微碰撞事故后，最近与她的母亲讨论了驾驶问题。她没有直接告诉母亲不要开车，而是诉诸于她的理智和责任感。“妈，您是在等待受伤不得不进入康复中心，还是——上帝保佑——您伤到了别人？您是一个非常聪明的人，请考虑一下这一点。” 提供一个解决方案也很有帮助。Levy 主动提出安排并支付 Uber 和 Lyft 的费用。
应对反对意见 如果父母试图终止对话，称由于身体健康，谈论未来的护理还为时过早，或者当成年子女建议他们需要帮助时他们不再倾听，该怎么办？ Savor.us 的首席执行官 Jennifer Nevins 编写了一本 100 页的指南，旨在帮助家庭开展有关老龄化的对话并收集重要文件。她针对父母推诿的情况提供了应对方案。父母说：“我们时间还充裕。”成年子女可以回答：“也许吧。但重点是在风平浪静的日子里处理这些事，而不是在危机时刻。” 或者，当父母说“别想操纵我的生活”时，成年子女可以回复：“如果您没有把愿望写下来，那么决定权就掌握在别人手中。这恰恰与独立背道而驰。” Nevins 在父亲住院期间经历了一次令人不安的事件后开发了这本指南。当时，医生询问 Nevins 关于喂食管等具体生命维持措施的意见。 “我对父亲的意愿有个大致的了解，但由于我们没有进行过具体的对话，我当时有些不知所措，”她说道。 拥有医疗指令文件可以提供指导，并减少兄弟姐妹之间的内斗。其他需要收集的信息包括：地契、遗嘱、保险单、密码。她为各项内容分配了优先级，以标明哪些是必不可少的。
健康问题 Kin Concierge 的首席执行官 Ryan Van Wert 博士表示，如果成年子女担心父母的健康且觉得了解不足，可以询问：“下次您去看全科医生时，我能陪同前往吗？可以吗？我想确保自己掌握最新情况。” Van Wert 表示，拨打给 Kin Concierge（一家旨在帮助家庭应对医疗体系的服务机构）的电话中，有 80% 来自可能居住在其他地方且需要更多支持的成年子女。他说，通常情况下，他会在几个月内没有收到该成年子女的回信。“与父母进行这类对话需要时间，”他说道。
生活方式的改变，或者找一份兼职。Welsh 建议她在达到法定退休年龄之前就申请领取社会保障金，这样她就有了收入来源，尽管如果等到法定退休年龄，她将获得更高额度的福利。 该女性还更改了还款计划，以降低每月还款额。 这些改变使她能够在不牺牲所有退休计划的情况下，弥补预算缺口。
延长工作年限 在某些情况下，最好的选择是继续工作，尤其是如果您无法——或不愿——在显著程度上削减开支。 威斯康星州太阳草原市 Stockbridge Private Wealth Management 的首席执行官 Eric Ludwig 有一些六十出头的客户，他们为了帮助儿子支付大学学费以及偿还自己的学生贷款，背负了约 $140,000 的学生贷款。 他们决定再工作几年，尽管他们此前希望现在就能退休。这使他们在利用当前收入偿还债务并资助儿子部分学校费用的同时，拥有了灵活性，而无需承担额外的债务。 当然，延长工作年限并非每个人都渴望，甚至并非每个人的选项，特别是如果突然出现健康问题。 “你不能总是依赖于推迟退休，”Welsh 说道。
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作者：SARA ASHLEY O’BRIEN
当莫莉·泰勒（Molly Taylor）在 2024, 年秋天开始服用 Mounjaro 时，她对其见效的速度感到惊叹。她并不超重，但一直对自己的身体状态感到不适。现在，她想吃什么都可以，只需减少分量，人们开始称赞她的外貌。她不再感到自卑。
随后，她的心态开始发生转变。
“我逐渐开始担心自己在吃什么，其中含有多少卡路里，以及这是否会阻碍我进一步减轻体重，”这位 23 岁的保姆说道，她目前在伦敦学习护理学。“我认为那就是我开始出现厌食症的时候。”
GLP-1类药物被誉为奇迹药物，它们的兴起使美国在对抗肥胖症方面取得了关键突破。根据摩根大通 2 月份发布的研究报告，目前约有 13 百万美国人正在使用此类药物。
这些药物通过模拟天然激素来抑制食欲和渴求感，并让人们产生饱腹感。对于那些曾与限制性饮食和厌食症作斗争的人来说，这可能是一个极具诱惑力——且极其危险的方案。
根据非营利组织“国家厌食症及相关障碍协会”（National Association of Anorexia Nervosa and Associated Disorders）汇总的数据，厌食症导致的患者死亡率高于任何其他饮食障碍，且在精神疾病中死亡率排名第 2，仅次于阿片类药物成瘾。
“多年前我自己从厌食症中康复了，如果当时这种药已经在市场上，我想我肯定会尝试获取它，”位于马里兰州罗克维尔（Rockville, Md.）的饮食障碍中心（Eating Disorder Center）创始人及治疗师詹妮弗·罗林（Jennifer Rollin）表示，该中心为患者提供治疗。
“看到红毯上所有的名人以及这么多朋友……”
杰米·泰勒（Jamie Thayer）在开始服用 Wegovy 后被诊断为非典型厌食症。
从上至下：LUCY JONES 为 华尔街日报 拍摄；JAMIE THAYER (2)
电子表格 评分日期
接第一页
有限的潜在伴侣名单 使得人们太容易忽略明显的危险信号。 “因为你实在厌倦了寻找，所以你变得稍微愿意在一些通常不会妥协的事情上做出妥协，”Travis 的亲信之一 Alyssa Tracy 说道。另一位亲信 Sampson Ezieme 是 Spread 的创建者。转换者称，电子表格将他们的愿望转化为打包的数据集，以便他们分析模式——从“我通常在第四次约会后产生好感”到“我最成功的约会对象往往在工程领域工作”的任何内容。
麦吉尔大学（McGill University）社会学助理教授 Skyler Wang 表示，这种方法曾经仅限于专业媒婆的领域，如今则是更广泛的文化痴迷于追踪几乎所有事物的一种延伸。 Wang 曾撰写过一项关于自我数据化和约会的研究，他表示，数据“帮助人们在极其混乱的过程中寻找秩序并将其系统化”。
顺时针从顶部开始：ALYSSA TRACY；DARBY MULLIGAN
以及家人，某种程度上是在炫耀减轻体重——这对许多我合作的客户来说是一个巨大的触发点，”她说道。 Rollin 的业务帮助治疗了那些通过获取 GLP-1 药物来抑制食欲的进食障碍患者，以及那些在因获得批准的适应症而服用该药物时被诱发进食障碍的人。 诺和诺德（Novo Nordisk）的 Ozempic 在 2017 年获批用于治疗 2 型糖尿病，其普及帮助开启了新一波 GLP-1 药物浪潮，这些药物正帮助人们解决慢性体重问题以及相关的睡眠呼吸暂停和不良心血管事件等问题。研究人员正在探索其他应用。
电子表格。它们还填补了约会软件最大的盲点——从实际约会中收集的信息。 但浪漫与睡眠或排气等其他可追踪的行为不同。一些爱情专家表示，在电子表格的单元格中，人性元素可能会丢失。 前媒婆 Lily Womble 表示，她见过约会者过度强调数据，导致他们在面对潜在伴侣时，将自己的感受最小化或使其麻木。“僵化实际上可能是防御脆弱的一种盾牌，”目前经营自己约会教练公司的 Womble 说道。
一些医生表示，这些药物在帮助某些饮食失调患者的同时，也同样有可能伤害患有其他类型饮食失调的人。这些药物一直被用于超说明书治疗，以帮助治疗暴食症和贪食症等极其难以治疗的病症。
48 岁的 Jamie Thayer 开始使用 Wegovy 来减肥。“起初就像奇迹一样，”她说。在 2023 年 3 月开始用药时，她体重 240 磅，随后体重迅速下降。但她同时也经历了精力极低、脱发、严重头晕、低血糖导致的晕厥以及脑雾。她的儿子曾患厌食症并已康复，他在感恩节期间向她表达了担忧。
“在那段时间，我对自己的体重减轻感到非常自豪，”在马里兰州弗雷德里克担任第九条修正案（Title IX）协调员的 Thayer 说道，“我以为自己在做一件非常有意义的事情。”
当她的保险不再涵盖品牌 GLP-1 类药物时，她开始从中国购买复配粉末版本并在家中自行配制。与此同时，她的饮食变得更加紊乱，并受限于严格的规则。“我周一或周二不吃东西，然后周三可以吃一块糕点，”她说，“我的药效大约在周六开始消退，所以我通常在周六和周日摄入一些热量。”
2024 年 7 月，在减轻 100 磅后，她入住了一家位于康涅狄格州的住院治疗中心，在那里被诊断为非典型厌食症，不久之后又被诊断为再喂养综合征（re-feeding syndrome），这种综合征会危及那些进食速度过快的营养不良者。她说这次治疗救了她的命。
Renfrew 中心临床外展与教育主任 Sam DeCaro 描述了一个常见的误区：即认为对于不被视为体重过轻的人来说，进食不足是没有关系的。事实上，这可能是非典型厌食症的征兆，即某人具备厌食症的所有特征，但根据身体质量指数（BMI）标准来看，其体重并不过轻。
“他们的营养不良导致了所有这些医疗问题，包括心脏问题，”DeCaro 说，“它影响身体的每一个系统。”
远程医疗的兴起使得人们获取药物变得前所未有的便捷。在伦敦担任保姆的 Taylor 表示，她提交了一张经过篡改的、让自己看起来更胖的照片，以获得处方。
热门 GLP-1 药物的制造商谴责将这些药物用于美容减肥。这些药物的说明书并未警告有饮食失调史的人禁用。与所有处方药一样，由医疗服务提供者决定某种药物是否适合特定患者。
“我们支持将我们的药物开给那些……”
[[IMG_XXXX]] Alyssa Tracy、Carolyn Travis 和 Sampson Ezieme 对 Travis 的约会数据进行了分析。
对于 Peyton Knight 来说，这种刻板的屏蔽机制正是其核心所在。这位在奥斯汀工作的 27 岁品牌策略师认为，约会必须像公司运作一样才能有效。“随兴和有趣固然很酷，但如果你在基本的价值观上与对方不一致，这段关系必然会停滞不前，”她说。
Knight 创建了一个电子表格，允许她的朋友通过“朋友反馈”标签页发表意见。当她翻阅表格以查看她约过的男性中是否有人值得再次尝试时，这个表格发挥了作用。她曾……
仅次于 阿片类药物成瘾 的第二大 致命精神疾病。
在读到朋友们的提醒——那个男人在 2 次约会期间让她在FaceTime上和他母亲聊天——之前，她差点就联系了对方。Knight表示，这份电子表格提醒了她当时感到多么不舒服。她在社交媒体上分享了这个模板，并以 $9.99 的价格将其售出给超过 10,000 人。
电子表格帮助Vera Vlasova排除了一个看似非常有前景的匹配对象。这位 22 岁的内容创作者在约会应用Hinge上结识了一位身高六英尺三英寸的德国航空航天工程师。该应用有一个订阅层级，允许用户进行超精细的筛选搜索。
在条件指标上，他符合所有要求。但当
满足所示标准，并且仅针对适用患者推广我们药物中经FDA批准的适应症，”诺和诺德（Novo Nordisk）的一位发言人在一份声明中表示。“患者安全是礼来（Lilly）的首要任务，”礼来的一位发言人表示。“作为我们针对肥胖管理和 2 型糖尿病药物常规安全审查流程的一部分，我们正就潜在的安全话题与监管机构密切合作，并将继续审查数据，包括任何关于饮食失调的数据。”
Taylor于 2024 年 10 月开始注射，并在 2025 年 5 月度假归来后不久住院。她大约两周没有进食，体重下降到了 103 磅。 “我必须慢慢地重新进食，并补充所有的电解质和其他所有物质，”她说。她没有告诉医院她使用了GLP-1。“我想继续减轻体重。”
当Mounjaro变得更难获得时，她通过一个朋友的朋友寻找这种药物。 1 月，她停止了注射，并开始每周几次参加饮食失调治疗。 “我仍然在艰苦地挣扎，我的体重一直在下降，”她说。她目前体重 88 磅，并计划在有床位可用时立即寻求住院治疗。
如果您在身体形象或饮食问题上挣扎，可以拨打国家饮食失调联盟（National Alliance for Eating Disorders）热线 866-662-1235。如果您处于危机状态或需要立即帮助，请发送短信 “ALLIANCE” 至 741741。
当她在追踪器中回顾他们的约会时，她的警觉机制被激活了。他从未有过一段认真的关系，且他那种随意的氛围并没有表现出承诺感或情感上的可用性。两人在不久后停止了联系。
她放宽了搜索筛选条件，又进行了 10 次约会，并仔细评估了每一个对象，最后与一名软件工程师建立联系。他会在社交场合喝酒，因此不会出现在她最初在Hinge上的搜索结果中。两人已经在一起近三年。她将这归功于她的电子表格约会实验。
Darby Mulligan 在 21. 岁首次尝试进入约会市场时，刚刚结束一段长期关系。为了更好地了解自己的喜好，她开始记录所有细节，从谁抢着买单到性生活质量不限。
现年 26 岁的Mulligan发现了其中的规律。
受Spotify“年度回顾（wrapped）”功能的启发（该功能向用户提供年度听歌习惯回顾），这位营销专业人士创建了一个“约会回顾”幻灯片集，其中用一系列图表和图形描绘了她的数据。 “然后我想，‘我怎么才能让它更具标志性？’”她说。答案是？一场年度约会回顾派对，数十名朋友聚集在一起查看她的年度统计数据，并品尝装饰有她前任头像剪纸的纸杯蛋糕。
华尔街日报 艺术评论
庆祝两大里程碑
作者：ROBERT GRESKOVIC
马克·莫里斯舞团（Mark Morris Dance Group）在乔伊斯剧院（Joyce Theater）为期近两周的演出季于周六结束，其混合账单由莫里斯先生亲自挑选，旨在庆祝美国的半二百周年（semiquincentennial）并纪念其舞团成立 45 周年。在编舞家 200 多个作品的目录中，此次选用了 12 部作品——时间跨度从 1982 年到去年——这部采样集重点展示了他受美国音乐启发而创作的舞蹈。
莫里斯先生在的一份声明中表示，这类音乐“恰好极其浩瀚、充满矛盾且富有创造力，因此有充足的创作空间”。他为每场演出选择了独立的标题：“美国之魂——爵士与流行”、“美国心跳——乡村与西部”以及“美国特立独行者——西海岸作曲家”。
这位编舞家广泛且有时不落俗套的音乐选择，使得人们习惯于将他视为一名“音乐人”，这一点在他的舞蹈创作生涯中得到了证实。而较少被注意到的是，他始终是一位极其出色的“剧场人”。
在“爵士与流行”节目单中的《舞动蜜月》（Dancing Honeymoon，1998年）采用了音乐剧传奇人物格特鲁德·劳伦斯（Gertrude Lawrence）和杰克·布坎南（Jack Buchanan）数十年前表演的歌曲。这些录音由 MMDG 音乐组合的爵士钢琴手伊桑·艾弗森（Ethan Iverson）转谱并改编，由布莱尔·莱因哈德（Blaire Reinhard）担任主唱，构成了一段包含 15 首歌曲的组曲。轻快且往往古灵精怪的编舞以一种引人入胜的方式展开，其不对称的配置——涉及 4 名男子、3 名女子和 3 把折叠椅——巧妙地让整个剧场活动保持在一种不平衡的状态。《而且她的母亲也来了》（And Her Mother Came Too）是《舞动蜜月》中的一首曲子，它触发了一些情境，一名饰演母亲的舞者不断干扰，强调了该作品中无处不在的奇数动力学。
[[IMG_XXXX]] 上方为《舞动蜜月》（Dancing Honeymoon，1998年）的一个场景，右侧为《Pizzica》（2025年）。两部舞蹈均在该舞团近期在乔伊斯剧院的演出中亮相。
《大二重奏》（Grand Duo，1993年）采用了卢·哈里森（Lou Harrison）的《小提琴与钢琴大二重奏》，以与其标题相称的宏伟感为“美国特立独行者”节目收尾。该剧由 7 名男子和 7 名女子出演，是此次演出规模最大的一部；而哈里森四乐章中的第二乐章名为《奔波》（Stampede），使得《二重奏》成为一部令人兴奋且极具戏剧性的作品。迈克尔·希博夫斯基（Michael Chybowski）大胆的灯光设计凸显了苏珊·鲁迪（Susan Ruddie）服装中浓郁的暗色调，暗示着身着海滩装的南太平洋岛民。哈里森驱动感强烈的音乐由小提琴手艾比·法耶特（Abi Fayette）和钢琴手科林·福勒（Colin Fowler）生动地演绎。孤立的手指动作，有时向上伸展，为莫里斯先生的作品增添了传神的细节。
华尔街日报每日填字游戏 | 编辑：Mike Shenk
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简短交流 | 作者：Mat Holmes
横向
33 高端相机字母
1 坦率地说 (Onthelevel)
6 回文地址
35 支持性姿态
38 “让我们决定是否想要酸菜和芥末”
11 牲畜圈的咩咩声
14 三原子氧
15 独奏
42 普京的缝线
16 帮个忙
43 2025年《Anaconda》的斯凯 (Skye)
17 “是的，长官，遵命！”
19 两者都不是的伙伴
44 钢琴练习曲
20 就在头部
45 被吹走
21 ___ 吐司（2010年代流行的早午餐项目）
纵向
47 逐渐减弱
48 “我需要换一件更舒服的衣服”
22 美国邮政（USPS）印章上的符号
24 “我听说他们完全迷上了 Nutella”
53 撰写《龙纹身的女孩》的拉森 (Larsson)
59 小熊队外野手 Happ
9 圣风 (Santa winds)
10 淋浴用品
60 “我爱垃圾！”
64 尖刻的评论
11 额头遮瑕
65 企业号上的中尉
12 美食酒吧里配薯条的蘸酱
13 可能会让你陷入困境的人
66 发表演说
67 芝加哥火车
18 钻石保护者
68 看到了东西？
69 以萨拉米香肠闻名的城市
23 傲慢的人
25 莎士比亚剧中的精灵
1 西部李 (Prunes)
26 像意式冰激凌一样
2 诗集 (Pound of poems)
27 受信任的教师
3 进入
4 购买股份，例如
上一场谜题的解答
F O R P A S T A J E E R S I R E S L U R P E A S E L L I F E S A V E R W R O T E M O I S T V I P T R U E L L A T O I L E T S E A T D E L U D E S C H U R C H E M C E E E D I T S C O M P A C T D I S C S T O R E R O U E S P I Z Z A S D A T A S E T O N I O N B A G E L T H A I O W E A C L S T O R M F A D E S H O L E I N O N E E R U P T E V E N T E E L R E P A Y D E E D S D R Y
5 Bobaorchai, 例如
编舞的动力， 使其与作曲家坚持不懈的、 强有力的敲击音色保持了 令人亢奋的节奏。 一段不到 3 分钟的、伴随器乐 微笑踏步舞的截取片段——
28 Gamecallers
29 Raisond’___
30 “皮格马利翁” 剧作家
33 电话lash 部分
34 我在IRS 表格
35 十二位 教皇选定的 名字
36 骑马 而来
37 5 分钱的 零钱
39 Carpe___
40 Cassandra, 例如
41 “别动！”
45 收拾
46 怪胎
47 军营 瞄准具
48 罗德·斯图尔特的 “Maggie May”, 例如
49 亚马逊和 Etsy 业务
50 二手车 特点， 通常
51 开球
52 它由 5 部书 组成
56 平均
57 两倍 四分之
58 前大都会队 主场
61 ___/her 代词
62 带有 卡片或棍子的 词
63 Twitch 俚语中的 “优秀”
由 Rob Wasserman 创作的器乐 片段，出自 1993 年的舞蹈作品 《Home》（原作包含歌曲片段）， 这段片段为“乡村与西部”节目中的 一颗明珠做了铺垫： 《Deck of Cards (1983)》，这是一部 3 部分的
7月28日这一周的活动
由《华尔街日报》艺术评论编辑部提供
电影 《蜘蛛侠：崭新之日》 (7月31日) 继《没有路回家》结尾奇异博士的咒语之后，彼得·帕克独自地打击犯罪，在匿名状态下保护纽约。在漫威这部蛛网超级英雄传奇的最新篇章中，汤姆·赫兰德将与赞达亚、赛迪·辛克、马克·鲁法洛、雅各布·巴塔隆和乔恩·伯恩撒尔一起回归主演。
《武士与囚徒》 (7月31日) 黑泽清的最新电影背景设定在16世纪的日本，讲述了一名武士在被他反抗的领主围困期间，向他的一名囚犯寻求建议的故事。
一名英国拳击手在 Starz 频道的《格斗之地》(Fightland) 中寻求复仇。
电视 《泛美航空103号航班爆炸案》 (Netflix, 7月30日) 这部六集的历史剧基于 1988 年发生在苏格兰洛克比上空的飞机惨剧，重点关注袭击后的影响及随后的调查。主演包括康纳·斯温代尔斯、帕特里克·J·亚当斯、梅里特·韦弗和彼得·马兰。
由 50 Cent 担任执行制片人，演员阵容包括霍华德·查尔斯和尼古拉斯·皮诺克。
戏剧 《救世主》 (纽约，林达·格罗斯剧院，至8月15日) 由布巴·韦勒 (Bubba Weiler，曾创作《好吧，我就让你走》) 创作的最新剧作全球首演。故事讲述了两名祭坛童子的生活在一名心怀困惑的年轻人到他们的教堂避难时被扰乱的故事。这部由大西洋剧团 (Atlantic Theater Company) 制作的非百老汇舞台剧由杰克·塞里奥执导。
音乐 {Ariana Grande}，“Petal” (7月31日) 这位流行乐星再次与 Ilya Salmanzadeh (曾合作《Sweetener》,《Thank U, Next》) 联手打造她的第八张录音室专辑。在其中，她将探讨克服消极情绪的含义，并触及更多禁忌的主题。
舞蹈 PHILADANCO! (纽约，乔伊斯剧院，7月29日-8月2日) 费城舞蹈团重返曼哈顿，节目包括编舞家 Rennie Harris 的首演之作，以及 Tommie-Waheed Evans 作品的纽约首演，此外还包括 Christopher Huggins 2001 年为该团创作的一部作品的 25 周年演出。
一组伴随许多录制歌曲的组曲在舞台上最动人地呈现。第一个名为“Deck”的片段由吉米·洛格登 (Jimmy Logsdon) 的《Gear Jammer》开场，舞台上仅有一辆遥控玩具 18 轮大卡车在明亮的小灯光中穿行。接下来是第二部分的《Say It’s Not You》，这是乔治·琼斯 (George Jones) 的一首忧伤且带有乡音的民谣，讲述一个男人担心女友不忠的恐惧。比利·史密斯 (Billy Smith) —— 头发散开，身着裙装，在脱掉低跟鞋后赤脚起舞 —— 演绎了歌曲中提到的女性。史密斯先生表演了一个莫里斯先生为自己量身定制的角色，成功捕捉到了编舞者自身那令人难忘且内省的刻画中所包含的大部分哀愁与模棱两可。由 T. Texas Tyler 演唱的名为“Deck”的主题曲的编舞将歌词具体化，歌词为士兵在教堂中使用扑克牌代替祷告书的行为辩护，让我们想起了扑克牌数字牌和花色牌中回响的基督教信仰教义。达拉斯·麦克马雷 (Dallas McMurray) 巧妙地演绎了贯穿整支舞的孩童般的哑剧手势，偶尔引发观众笑声。但这段诙谐的舞蹈最终确立了一种真挚的诚意。莫里斯先生 2025 年的《Pizzica》是此处的最新作品，在“爵士与流行”节目中进行了纽约首演。四对舞伴使用坦布林来增强民间舞的动态感以及对南意大利塔兰泰拉舞 (tarantella) 的引用；演出开场时，乔斯林·维佐 (Joslin Vezeau) 背对着观众，身体抽搐，暗示此类疯狂的舞蹈据称有助于治疗被地蛛叮咬后的影响。这段节奏快得几乎令人屏息的编舞采用了路易·莫罗·戈特沙尔克 (Louis Moreau Gottschalk) 的《Grande Tarantelle, Op. 67》，由富勒先生以充满活力的风格表演。四名女性和男性之间俏皮的搭档关系
体现了莫里斯先生在赋予旧世界舞蹈及舞步以新鲜感方面的天赋。在埃莉莎·克拉克（Elisa Clark）担任排练导演的协助下，乔伊斯剧院（the Joyce）中经过细致排演和准备的曲目，为未来挖掘马克·莫里斯舞蹈团（Mark Morris Dance Group）丰富曲目的回顾性工作带来了光明的前景。
格雷斯科维奇（Mr. Greskovic）为《华尔街日报》撰写关于舞蹈的报道。
歌剧 《莉莉·埃尔贝》（Lili Elbe）（新墨西哥州，圣菲歌剧院，8月1-27日） 这部歌剧的主角是一位丹麦画家，她在近一个世纪前成为首批接受性别肯定手术的人之一。该剧由托比亚斯·皮克（Tobias Picker）作曲，阿里耶·莱夫·斯托尔曼（Aryeh Lev Stollman）撰写剧本，目前正在美国首演。
展览 “法老宝藏”（Treasures of the Pharaohs）（旧金山，德杨博物馆，8月1日-2027年1月31日） 一个足以匹配国王——或法老——的宝库，包含约130件跨越3,000年的物品，讲述了埃及统治者的故事。在雕像、面具、珠宝等展品中，包括来自近期出土的“黄金城”（卢克索附近的一个工人社区）的文物，这些文物是首次在美国展出。
艺术 “它活了！馆藏百年动画展”（It’s Alive! A Century of Animation From the Collection）（纽约，现代艺术博物馆，8月1日-2027年夏季） 由35位多名电影制作人和艺术家创作的作品，讲述了动画的生动故事，这些作品创作于数字工具成为标准之前的那个世纪。在展厅中，将展出200多件制作艺术品和电影，并配合一场动画短片和长片的剧院回顾展。
最后时刻 “卡罗尔·博夫”（Carol Bove）（纽约，古根海姆博物馆，截至8月2日） 这位雕塑家能让钢材看起来柔软的惊人能力，是她首次博物馆回顾展的核心。我们的评论家赞叹道：“卡罗尔·博夫是一个幻术师。在她的魔法下，钢材变成了柔软的皮革、下垂的乙烯基和褶皱的塑料。”
朱丽叶塔·塞万蒂斯 (JULIETA CERVANTES)
T
可怜的房东。在 1940 年代和 50 年代的共产主义中国，房东成为了“阶级敌人”，并在“诉苦”运动中遭到公开谴责。据估计，其中有 100 万到 200 万人被杀害。如今，毛主席已经演变成了面孔更友好的马姆达尼市长。政府虽然没有杀害房东，但即便佐赫兰·马姆达尼（Zohran Mamdani）否认他所拥护的民主社会主义是共产主义，他却采用了同样的将房东妖魔化并将其作为目标的手段。
I
主街 作者：William McGurn
7 月中旬，纽约市长发布了一份报告，其中包含 23 项政策行动，涵盖从建筑检查到打击霉菌的所有内容。报告的标题就揭示了其意图：“租金敲诈听证报告”。读完之后，你会认为这座城市没有一个房东是体面地对待租客并保持房屋良好维修状态的。
马姆达尼先生的疯狂之中自有其方法。即使是对租金管制以及政府通过补贴租金或人为手段降低住房成本的其他努力之记录仅有最浅层的了解，也会发现……
总统特朗普不仅在自己的第二任期内，据其统计，结束了 8 场战争。在美国针对伊朗的最新一系列军事打击目前的暂停期之后，特朗普先生还可以声称自己至少三次结束了一场战争。确实从未有过如此先例。
在这次断断续续的美国-伊朗战争中，军事行动与反制行动也从未有过如此之举。截至上周五伊朗时间的早晨，在特朗普先生警告情况将进一步恶化之际，美军正在打击该国各地的目标。但当晚没有炸弹落下，周末传出的消息称，进一步的军事打击已不在考虑之列，至少目前如此。
与此同时，正当波斯湾局势趋于平静时，也门的敌对行动却在升级，胡塞武装加强了封锁红海的努力。
美国的中东外交与其军事行动一样模糊不清。美国会向土耳其出售 F-35 吗？有时会，有时不会。我们是否将帮助沙特阿拉伯开发具有铀浓缩能力的民用核计划？上个……
全球观点 作者：Walter Russell Mead
作者：Bob Greene
在深受喜爱的电影《That Thing You Do!》（设定在 1964 年夏天）中，宾夕法尼亚州伊利市中心一家小型家电店的所有者帕特森先生在他几乎空无一人的店里阅读当地报纸，显然变得心烦意乱。
他正盯着一家附近的家电连锁巨头超市的广告。他对同样在店里工作的妻子和孩子们说：“周日 12 点到 6 点营业！你知道，我不认为我想生活在一个必须在周日开店才能做生意国家。你不应该在周日工作来养家糊口，不是吗？”
在 21 世纪长大起来的美国人可能会对他这句话感到困惑，因为除了少数例外，大规模周日停业的观念已经在几十年前消失了。所谓的“蓝色法案”（blue laws）——旨在……
对它们进行上限封顶表明，这些尝试通常以失败告终。市长需要应对即将到来的失败，或者转移人们对其的注意力。这时，索尔·阿林斯基（Saul Alinsky）登场了，这位芝加哥的社区活动家写过《激进分子规则》。对于曼达尼（Mamdani）市长来说，规则 13 提供了一条前进之路：“选择目标，冻结它，个性化它，并将其极化。”
这很简单：选择一个你可以将所有责任推给并进行攻击的对象。在一个大多数人都有房东、且租客与业主比例为 2 比 1 的城市里，房东是一个肥美的目标。如果你像马克思那样认为租金就是抢劫，那就这么说。以此发起一场运动。
曼达尼市长对此留意到了——并且已经将其锁定为目标。他在很大程度上是凭借一项竞选承诺当选的，即“为每位受租金稳定政策保护的租户冻结租金”，正如他去年所言：“这是真的。作为你们的下一任市长，我将冻结你们的租金。”
从经济上看，这简直是灾难性的，但在政治上却是天才之举，很大程度上是因为除了由房东承担的增加成本外，政府无需支出。但其目标不仅仅是将成本转移给私营部门。
“这不仅仅是针对几个状况糟糕的公寓，”《项目：公共住房新史》的作者、美国企业研究所高级研究员霍华德·胡索克（Howard Husock）表示，“曼达尼正在将房东作为一个阶级进行妖魔化——对他而言，问题在于私人所有制本身。”
周三的答案是肯定的。到了周四又回到了“也许”。以色列是一个有价值的伙伴，还是一个令人厌烦的累赘？早晨，伊朗领导人是“人渣”，他们的话不可信。下午，我们可能又回到了谈判桌前。或者没有。
观察人士长期以来一直注意到“战争之雾”，即冲突的混乱使得人们难以确定具体发生了什么。在 2026 年，我们看到了一些不同的东西：“战争之泥”（slop of war），在这种情况下，诱导性外交与军事佯攻相结合，掩盖了实际的博弈状态。
这在一定程度上是刻意为之的。不确定性和戏剧性自 1970 年代起就一直是特朗普先生交易的一部分。在他看来，误导是交易艺术的关键。此外，特朗普先生希望以有限的成本实现宏大的目标，这导致他在向目标推进时，反复采取虚张声势、威胁和战术撤退。
伊朗的外交同样不透明。从 1979-81 年的人质危机到今天，伊朗领导人通过允许所谓的“温和派”提出协议，而国内的“强硬派”则随意否决，从而使接连的美国政府陷入困惑。在这种情况下，人们需要少关注演说和短期
规定休息日（包括礼拜日）曾一度非常普遍。在那些没有通过立法锁定“周日不营业”标准的州和市，这一标准是由当地传统确立的。因此，就出现了帕特森先生（Mr. Patterson）对抗超级市场的局面。
如今，德国正就一项长期存在的国家禁令展开一场备受瞩目的争论。
佐兰·马姆达尼 (Zohran Mamdani) 市长
Husock 先生在呼应中国文化大革命的回响时补充道：“接下来他会要求他们戴上笨蛋帽。”
上月底，当纽约市租金指南委员会 (New York City Rent Guidelines Board) 对房东实施租金冻结时，马姆达尼先生兑现了他的承诺。此举影响了租金稳定公寓的一年期和两年期租赁合同。
据该委员会称，这类公寓大约有 100 万套——略低于该市 2.3 百万租赁单元的一半。大约等量的是“市场价”或不受监管的单元。此外，还有约 177,500 个单元由纽约市房屋管理局 (New York City Housing Authority) 管理。另有 24,000 个单元受租金管制。
租金管制公寓由 1971 年起一直连续居住在那里的租户占用，其租金价格受到更严格的控制。租金稳定适用于 1947 年至 1974, 之间建造的住房，其租金涨幅由租金指南委员会公布的年度百分比上限限制，该委员会成员由市长任命。
在纽约人……
双方的举措，并审视塑造对抗者选择的事实。
对于伊朗政权而言，最好的消息是，至少目前为止，它通过杀戮实现了国内安全。在这种情况下，美国压倒性的空中力量失去了一些威慑力。政权更迭可能需要地面入侵，且
德黑兰方面正在获胜。但不要如此肯定这就是事实。
一支入侵部队将面临来自政权忠实者的激烈抵抗。极有可能，只要其爪牙和暴徒依然坚守，无论多少经济痛苦或孤立都无法推翻该政权。考虑到美国国内对战争的政治支持微弱，特朗普先生似乎不太可能在一次大规模地面入侵上赌注；这对德黑兰来说就像是一场胜利。此外，伊朗已经证明了其挟持周边地区的能力。伊朗的导弹和无人机能做的不仅仅是限制通过霍尔木兹海峡的交通并打击能源基础设施。它们还威胁到该地区各地的美国基地，并能摧毁让海湾国家繁华城市得以生存的海水淡化厂。
《华尔街日报》的 Bertrand Benoit 从柏林报道称，在原本充满活力的商业区，周日时“铁幕落下，将市中心变成了怪异且空旷的荒漠”。在经济充满挑战的背景下，一些德国政治家正试图修改法律，以便商店可以每周 7 天营业。
在一些美国州或地方，旧的“蓝色法律”（blue laws）残余依然存在，相关法规限制周日零售销售酒精类产品，或者——较为特异地——禁止汽车经销商销售汽车。包括新泽西州卑格劳县（Bergen County, N.J.）在内的一些抵制区域，继续禁止大多数零售商销售除必需品以外的任何商品。
但在一个在线零售商每周 7 天、每天 24 小时营业的世界里，如果实体商户不能这样做，他们会发现自己处于明显的劣势。
在被更高成本挤压的情况下，马姆达尼（Mamdani）先生知道房东是一个绝佳的替罪羊——尤其是当制度对他们不利时。这也是一小群房东在寻求推翻马姆达尼租金冻结政策的诉讼中所提出的法律论点的要旨。在这份 128 页的诉状中，大部分论据都致力于证明市长首先确定了他想要的投票结果，然后通过操纵数据来操纵整个过程。
房东们的抱怨是有道理的。但真正的问题不仅仅是租金冻结，而是政府控制租金的整个理念。它始终为一小部分特权纽约人提供了折扣，而让所有未参与其中的人处境更糟。维修和维护速度减慢或停止。更糟糕的是，政府的监管和干预减少了新房供应——而增加新房供应是降低价格的唯一途径。
Eli Steele 是即将上映的纪录片《白人内疚》（White Guilt）的导演，该片挑战了整个关于公开谴责的叙事。“就在昨天，我们还在根据部落特征将人们归类为‘压迫者’，”Steele 先生说。“现在竟然是根据职业？这对我们的社会和文化来说是一个非常危险的飞跃。” 写信至 mcgurn@wsj.com。
纽约市市长办公室 经由 YOUTUBE/资料 经由 路透社
鉴于这一切，许多伊朗人认为他们正在赢得这场战争，且不太可能给特朗普先生提供一个体面的退出机制。但伊朗同样面临问题。它在波斯湾作战，是因为它已经失去了从加沙、黎巴嫩、叙利亚甚至在一定程度上从伊拉克开展战斗的能力。数十年积累的资产和关系已被付之一炬，冲突持续时间越长，伊朗的地区网络可能就越脆弱。尽管该政权的内部反对派似乎不太可能发起抗议，但如果没有经济缓解，伊朗作为一个社会无法无限期地维持运转。
如果说这场战争给特朗普先生带来了一些不愉快的意外，它同时也证明了他的机智。这位总统将非正统外交与战术灵活性相结合，使他能够在不引发全球经济危机的情况下，对伊朗进行一场持久的攻势。他并不是第一个发现关键物资供应有限可以迫使对方在时间和战术上做出尴尬调整的战时领导人，而且他可能并不将暂停对伊朗的进攻视为重大挫折，而将其视为长期战役中的又一次博弈。
伊朗也许是一只刺猬，但唐纳德·特朗普是一只狐狸，在尝试完所有手段之前，他不太可能放弃。
能够周日营业。如果是一家企业选择关门，例如 Chick-fil-A，那是另一回事。据该公司称，创始人 S. Truett Cathy 在 1946 年决定，他及其员工将“留出一天时间休息，与家人和爱人共度时光，或者根据个人选择进行礼拜”——该连锁店至今仍延续这一惯例。
然而，公司选择提供休息日，与政府实体要求企业遵守休息日截然不同。在我们的 24/7 美国，蓝色法律（blue-law）日基本已成为历史，但在德国，一场有趣的争论才刚刚开始，旨在决定周日购物在法律上是否将继续成为那件你不能做的事。
作者：罗伯特·L·奥康奈尔 (Robert L. O’Connell) 西蒙与舒斯特出版公司 (Simon & Schuster)，256 页，$29
《奥德赛》或许是一个关于海上归乡的惊心动魄的希腊故事，但一个关于希腊人陆路归乡的真实故事——即便没有女巫和怪兽——也能给古代历史读者带来另一种乐趣。这段往事在今天被称为“万名士兵的远征”（公元前 401-399 年），是一次由希腊雇佣兵进入现今伊拉克境内的艰苦远征。他们深入敌占区又折返回来的旅程已被许多作家记载。第一位记录者是参与者之一的色诺芬 (Xenophon)，他在经历这场磨难多年后写下了他的记录，并将其命名为《远征记》(Anabasis，大致意为“向内陆的旅程”)。然而，这个故事很少能遇到像罗伯特·奥康奈尔这样睿智且风趣的叙述者。奥康奈尔是一位军事历史学家，他那犀利的风格在书名《逃亡之众》(Band on the Run) 这种俏皮的起法中便可见一斑。
这“万名士兵”在出发时的规模比其名称暗示的要大一些。这支部队由 13,000 多名冒险士兵组成，由波斯王室成员小居鲁斯 (Cyrus the Younger) 以高薪为诱饵，从许多希腊城市招募而来。由于不满其兄 the Artaxerxes II 继承了父亲的王位，且意识到希腊步兵战术优于其他国家，小居鲁斯率领部队深入辽阔的波斯帝国。在公元前 401 年夏末的库纳克萨战役（靠近现代巴格达）中，希腊人证明了他们采用紧密方阵的战斗方式可以击败波斯人部署的任何力量。但在他的部队获得胜利之前，小居鲁斯鲁莽地冲向他的兄弟，在混战中被杀。
希腊军队因此失去了主心骨，没有补给，没有保护，且远离家乡。随后陷入了僵局，正如奥康奈尔先生观察到的，双方都对“局面感到不安”。希腊人在兵力上占优，但波斯人可以封锁他们的通道，骚扰他们，或者让他们陷入饥饿。在一次波斯人的诡计剥夺了希腊人的领导层后，对于许多“万名士兵”来说，情况似乎已毫无希望。但色诺芬——直到那时还是一名普通士兵——被选为部队指挥官。他重新整编部队，然后开始带领希腊人向北行进，沿着他们希望能够通往黑海的路径前行，距离约为 1,000 英里。
色诺芬在数十年后记录这段长途跋涉的回忆时，将这个故事刻画成一部英雄主义的生存史诗（大多数人生存了下来；但由于与追击的波斯人的冲突、与山地部落的战斗以及导致冻伤的寒冷，近四分之一的部队在旅途中丧生）。在奥康奈尔先生看来，这种观点没有错，但明显是不完整的。虽然他钦佩帮助希腊人度过难关的适应能力和创新，但他对这支“海盗军队”在挣扎着寻找补给时所采取的残酷手段，以及色诺芬及其追随者的道德沦丧毫不掩饰。奥康奈尔先生认为，除了向家乡方向移动外，这支希腊军队的主要活动就是“获取人力”。在贪婪以及对女性和男孩的欲望驱动下，希腊人抓捕他们遇到的任何民族作为俘虏，意图在途中将他们奴役，然后或许将其卖给他人。作者沮丧地指出，当将军们决定将数千名非战斗人员留在敌对领土上时，士兵们竟然没有提出任何异议。
“其他军队确实也具有寄生性，”奥康奈尔（Mr. O’Connell）写道，尽管大多数军队都有单独的政治动机。“而这支军队则为自身而活，建立了一套基于人口奴役的经济机制，使其能够维持自给自足。”这样一个力量在远离任何盟友或安全路线的情况下出现，因此是“人类历史上一次不可能的、前所未有的且不可复制的发展”。即便在抛弃依赖者之后，“万名士兵”（the Ten Thousand）仍长期缺乏食物，而他们为填饱肚子所做的努力成为了本书的主导主题之一。该部队的人数远超其沿途村庄的人口；其肆虐行为洗劫了当地人民赖以生存的食物储备。当绝望的当地人试图通过将物资转移到堡垒内部来保护供应时，食物的集中反而吸引了更多残暴的袭击。《亡命之徒》（“Band on the Run”）与其说是一部胜利之作，不如说是一场文明悲剧。那些本可以通过耕种庄稼和放牧畜群过上体面生活的希腊人，却在掠夺他人的资产，最终在整体上成为了奥康奈尔先生所描述的“近乎完美的掠食者”。他们通过将希腊军事才干货币化而树立的榜样，诱使许多其他人投入到这种自由掠夺的生活中，并最终在七十年后导致了亚历山大大帝规模巨大的掠夺袭击。在公元前 400 年的秋天，当他们接近爱琴海并回到大部分是希腊语领土的地区时，该部队发现同胞们如此恐惧其威力，以至于城市的大门都向这支军队紧闭。原班人马中的剩余部分签约帮助一位心怀复仇之心的色雷斯国王摧毁其邻居。色诺芬（Xenophon）实质上变成了一位雇佣兵领主，有点像文艺复兴时期意大利的 condottieri（雇佣队长）。他最终为这伙人找到了新工作，帮助斯巴达在小亚细亚对波斯人发动战争。奥康奈尔先生以充沛的激情且具有令人印象深刻的准确性讲述了这个故事。他的书不仅仅是一个扣人心弦的历史叙事，它还对历史的意义、一个文化在军事上支配其他文化的道德问题，以及在希腊世界及其他地方，金钱诱惑所带来的腐蚀效应提供了独特的洞察。
THE WALL STREET JOURNAL
安东尼·福齐（Anthony Fauci）在 2020 年让自己成为了大流行封锁政策的公众形象，而现在我们得以窥见他内心深处的真实想法。新公开的日记勾勒出一个自我中心且并非完全诚实的官僚形象，这与他在公众面前塑造的严谨科学家形象形成了鲜明对比。这些文件是由肯塔基州的共和党参议员兰德·保罗（Rand Paul）公布的，多年来他一直深入挖掘新冠疫情的故事，以了解政府对此次健康危机的应对为何如此具有破坏性。保罗参议员公布的摘录篇幅超过 1,100 页，涵盖了从 2019 年 12 月（即中国武汉首次报告疫情前夕）到福齐博士 2022. 年 12 月从政府退休的时间段。这本日记读起来就像是福齐博士打算有一天写自传时所准备的备忘录，因此需要仔细阅读。考虑到历史因素，他可能会在某些真相上含糊其辞。但正是这种可能性，使得日记中的内容更具震撼力。
其中一个结论是，在关键问题上，福齐博士既错了又不诚实。例如，他及其在“政府-科学工业复合体”中的盟友仍然坚持认为，新冠病毒在传播给人类之前是在动物群体中自然演化的。然而，在 2020 年 1 月 1 日，他的日记记录了一次与十几位知名病毒学家的会议，其中只有两人认可这种“自然起源”理论。其余的人则怀疑该病毒可能是人工制造的，尤其是因为武汉的一位领先科学家石正礼（Shi Zhengli）已知在从事可能产生此类结果的功能增强研究。日记表明，到 2020 年 1 月 26 日，福齐博士认为该病毒并非起源于武汉海鲜市场（自然起源支持者常将其认定为源头）。但这并未阻止他及其盟友将自然起源理论的怀疑者描绘成政治化的怪胎和阴谋论者。此前公布的文件揭示了福齐博士如何策划发表一篇科学论文，以压制新冠病毒是从武汉病毒研究所泄露的理论。日记中还夸耀了福齐博士的影响力，他如何说服加州州长加文·纽森（Gavin Newsom）和时任纽约市长比尔·德布拉西奥（Bill de Blasio）等人关闭学校并封锁大部分经济活动。然而，他随后在公开场合声称他
本周末发生了一件被严重低估的离奇之事：在与伊朗战争期间，特朗普政府的官员向媒体泄露，美国正面临弹药短缺。这就是官员们向 CNN 和其他新闻机构提供的解释，用以说明特朗普总统为何决定停止针对伊朗关闭霍尔木兹海峡而进行的每夜轰炸。
请仔细思考这一点。特朗普先生上周一直在表示，他已准备好迎接大规模的军事升级。但突然之间，泄密者通过告诉媒体——从而告诉伊朗人——美国无法维持战斗，从而削弱了美国决心的可信度。
泄密者是否认为这种公开承认
B
华盛顿到处都是糟糕的想法，但有一个足以入选“名人堂”：特朗普总统再次敦促共和党人废除参议院 60 票的冗长辩论（filibuster）规则，以通过《拯救美国法案》（SAVE America Act）。换句话说，就是为了换取一项对共和党而言并非绝对政治赢家的投票法案，而将填补最高法院席位和创建新州的工具交给进步派。特朗普先生周一在网上写道：“约翰·图恩（John Thune）不应允许美国参议院在通过《拯救美国法案》之前‘离开城镇’，或者更好的是，终止冗长辩论，这样共和党人就可以迅速通过他们梦寐以求的一切。”他认为，如果共和党不率先采取“核选项”，就相当于放弃了优势：“民主党人在第一天就会这么做。”
他们会吗？这有可能，但在拜登总统任内，尽管左翼也面临类似压力并希望通过其梦寐以求的一切，但他们并未这么做。公开拒绝的民主党人是参议员基尔斯滕·西内玛（Kyrsten Sinema）和乔·曼钦（Joe Manchin）。虽然两人都不再在任，但问题始终在于，有多少民主党人在私下里认同他们，且不想因为公开表态而承受压力。现在敢于站出来的一位是宾夕法尼亚州参议员约翰·费特曼（John Fetterman）。他在 2022 年竞选时主张废除冗长辩论，但他在周一给《华盛顿邮报》的信中写道，随后的事件“证明了”西内玛女士和曼钦先生的正确性。费特曼先生赞扬冗长辩论能强制达成妥协，并敦促那些不喜欢特朗普议程的选民想象一个没有 60 票规则的世界：“共和党人可以通过简单的多数票，从根本上改变整个政府和国家。”
同样的思维练习，反向操作，可能会让沮丧的共和党人受益。如果冗长辩论消失，民主党仅凭 50 票，加上副总统的决胜票，就可以破坏最高法院、增加新州、通过
新披露的日记 揭示了一个 与他告诉你们的截然不同的故事。
60 票规则有助于 保守党， 而《拯救美国法案》（SAVE America Act）并不值得。
从未主张封锁任何地方。自由派现在将法乌奇博士（Dr. Fauci）视为偶像，因为他敌视特朗普总统。但在疫情初期，日记显示这位医生对特朗普先生十分痴迷——看来，主要是因为特朗普先生对他赞誉有加。他同样容易受到名人的奉承影响。相反，法乌奇博士在私下里对他对批评者的刻薄感到得意。2020年7月14日，他试图压制《华尔街日报》撰稿人斯蒂芬·摩尔（Stephen Moore）一篇对其政策持怀疑态度的备忘录。“我告诉（白宫助手艾丽莎·法拉 Alyssa Farah），白宫（无论是梅多斯还是总统）需要让斯蒂芬·摩尔闭嘴，停止发表‘错误博士’论文。否则，整个学术界将把总统骂得体无完肤。”他试图将质疑封锁的人排除在政策制定角色之外。他将质疑封锁的《大巴林顿宣言》（Great Barrington Declaration）作者杰伊·巴塔查里亚（Jay Bhattacharya）、苏内特拉·古普塔（Sunetra Gupta）和马丁·库尔多夫（Martin Kulldorff）称为“那 3 个笨蛋”。最令人尴尬的记录与法乌奇博士对他个人媒体报道的痴迷有关。他记录了自己的多次采访，而一篇积极的报纸人物报道在日记中出现的频率，竟然与当天重要的科学和政策辩论相当。这种对媒体的偶像崇拜令人瞠目结舌——这也可能是大多数媒体将忽略这些日记的原因之一。这些日记揭露了媒体在法乌奇博士谎言中所扮演的角色。“今天《夜线》（Nightline）对我进行了极佳的报道，”他在某处写道。“多篇社论（印刷版新闻《华盛顿邮报》等）和评论文章（《新闻周刊》）在写我。无法跟上进度，甚至没法全部读完。在特朗普总统任期内，国家需要一个可以仰视的人。”
这一切都指向一个在新冠大流行惨剧之后仍未被汲取的更大教训。日记中的这位医生显得过于“人性化”——固执、偏见、虚荣且报复心强。然而，媒体和大多数政治阶层将他视为所罗门般的圣贤，一个能够管理整个社会的完美技术官僚。新冠记录显示，他的建议经常是错误的，在封锁案例中更是灾难性的。这就是为什么选民越来越多地反抗由“专家”统治。在阅读了法乌奇的日记后，真正的问题是，我们怎么可能再次允许这样的人以那种方式统治我们。
弱点是否会让伊朗人更有可能封锁霍尔木兹海峡？他们是否认为，告诉那些试图杀死美国士兵的敌人不必担心美国会采取持续反击是明智的？这是极其令人震惊的无能，或者是背叛，或者两者兼而有之。
如果美国真的在导弹和拦截器方面枯竭，那应该是最高级别的紧急警报。特朗普先生应该要求国会跳过休会期立即采取行动，并号召工业界为此努力。但如果所谓的“导弹差距”是由那些希望特朗普先生退让的官员为了政治目的而散布的，那么总统应该将这些声音从情势室中驱逐出去。无论如何，德黑兰方面都在对此发笑。
全民医疗保险、禁止“以工作换权利”法、将罗诉韦德案合法化、建立全国枪支登记制度、将最低工资提高到每小时 $25，以及更多。共和党可能希望在下次控制国会和白宫时，在废除此类政策的同时通过一份自己的愿望清单。然而，其结果将是高度不稳定的，且进步派将拥有明显优势。如果民主党用四位拥有终身任期的正义法官填满最高法院，共和党以后会将其清空吗？令人怀疑。在民主党年复一年地通过新的福利权益后，共和党能集结起足够的选票来撤销它们吗？他们甚至无法撤销奥巴马医疗法案中的税收。想想共和党去年在通过即使是温和的医疗补助改革时有多么困难。议事妨碍（filibuster）通过确保稳定性来造福国家，从而使国家政策不会在两个极端的两极之间不断翻转。这恰好也帮助了保守党，因为这使得激进的变革难以实施。打破议事妨碍将移除一个结构性制衡，而这个制衡限制了临时多数派从根本上重塑美国社会的能力，而这正是进步派想要做的。即使共和党按照特朗普先生的意愿率先行动，长远来看，结果也将是一个稳步向左点击的棘轮。而用这个去交换《拯救美国法案》（SAVE America Act）？这是一次糟糕的交易。无论特朗普先生是否真正相信大批非法选民是共和党输掉选举的唯一原因，事实并非如此。该法案将导致大多数驾驶执照不足以用于选民登记，而民主党将在第一时间强制执行普遍的选票收集（ballot harvesting）。图恩先生一次又一次地表示，目前没有 50 票来取消议事妨碍，谢天谢地。为了《拯救美国法案》而这样做，就像抢银行为了偷 $15。坚持住，图恩先生。
本·萨斯（Ben Sasse）的评论文章《美国需要议事妨碍》（7月20日）为为什么议事妨碍是我们国家治理的重要组成部分提供了具有说服力的论据。我同意永久性的议事妨碍是有意义的，但那并不是我们所生活的世界。前参议员哈里·里德（Harry Reid）在 2013 年终止了参议院确认程序的议事妨碍，而参议员查克·舒默（Chuck Schumer）本可以在 2022 年终止立法议事妨碍，但由于前参议员乔·曼钦（Joe Manchin）和基尔斯滕·西尼玛（Kyrsten Sinema）的政治勇气——他们在这一过程中实际上结束了自己的职业生涯。民主党在下次有能力时一定会终结议事妨碍。
如果萨斯先生想要保留议事妨碍，他应该提出一项宪法修正案，要求参议院必须有 60 票的超级多数才能通过立法。第 26 条修正案（赋予 18 岁公民投票权）在获得国会批准后约 100 天内就获得了批准——受欢迎的修正案推进速度很快。我敢打赌民主党不会支持它。他们的拒不配合将是一个信号，表明议事妨碍正处于苟延残喘之时的借时间之日。
查德·金（CHAD KING） 伊利诺伊州纳珀维尔
课间休息在心理、社交、学术和身体方面都能让孩子获益（见《美国新闻》7月20日报道，“学校收到扩大课间休息的呼吁”）。最后一点尤其值得强调。慢性病在美国已达到流行水平，且早在成年之前就已经开始。高达 80% 的儿童未能达到建议的每日身体活动水平，这增加了他们日后患上肥胖症、2型糖尿病和其他慢性病的风险。对于许多学生来说，课间休息是通过跑步、攀爬和游戏来抵制这一趋势的每天少数几个保障性机会之一。
对课间休息的支持超越了党派界限和地理区域。无论代表红色（共和党）还是蓝色（民主党）选区的立法者，无论来自密集城市社区、郊区还是农村社区，都意识到虽然户外活动的机遇——
感谢在杰森·赖利（Jason Riley）的《一位英国精神病学家揭穿美国种族神话》（见7月22日“向上流动性”专栏）中，为那些关注我国不平等现象的人提供了如此精彩的信息。他一如既往地触及了当今我国问题的核心。是的，我们的历史中曾出现过可怕的不公正。虽然已经取得了重要进展，但其中一些积极的方向停滞不前。不过，基本的解决方案并没有改变。早先受害者及其后代的发展路径，被一波误导性的政策所干扰，导致了跨代性的预期
国会的金融危机
菲尔·格雷姆（Phil Gramm）和杰布·亨萨林（Jeb Hensarling）在他们的评论文章《艾伦·格林斯潘与金融危机》（7月21日）中正确地指出，艾伦·格林斯潘不应对2008-09年危机负责。然而，讨论中缺失的一点是，人们未能意识到国会决定住房政策。国会决定金融监管政策。国会创建了美联储并确认了格林斯潘的任命。 你可以肯定的是，如果格林斯潘试图干预国会的政策，国会定会予以打击。尽管有些人认为美联储是独立的，但国会最终控制着中央银行。责任在于国会。 大卫·彼得森（DAVID PETERSON） 佛罗里达州 {Orlando}
允许不合格的买家以3%或更低的首付购房，本身就是注定会失败的想法。但问题依然存在。买家的资格审核仍远未达到应有的严格程度——这也是导致我们房价虚高众多原因之一。 吉姆·汤普森（JIM THOMPSON） 加利福尼亚州 {Oakland}
自由表达 来自《华尔街日报》观点版 一份关于生活、政治和文化的每日简报 编辑：马修·亨内西（Matthew Hennessey） 特邀专栏作家： 马修·康蒂内蒂（Matthew Continetti）/ 凯尔·史密斯（Kyle Smith） 路易丝·佩里（Louise Perry）/ 本·萨斯（Ben Sasse）/ 詹姆斯·B·梅格斯（James B. Meigs）/ 约翰·J·米勒（John J. Miller）/ 梅根·考克斯·格登（Meghan Cox Gurdon） 及其他撰稿人的评论文章
扫描二维码或 访问 wsj.com/opinion/ free-expression
萨斯先生的评论文章展示了为什么他是一位优秀的参议员；他拥有领导的勇气，其中包括敢于说“不”。 公众想要他们想要的，而且现在就要，而政治家们则在引导他们，承诺那些他们明知过于昂贵、过于激进或单纯是糟糕公共政策的东西。议事阻碍（filibuster）旨在成为抵御此类事物的防火墙，通常强制要求达成妥协，或者对于像改变最高法院人数这样极糟糕的想法，则完全阻止该提案。 某些参议员并没有重新审视其提案的价值，也没有承担建立共识这种艰苦且漫长的工作，而是对程序本身大加指责；而这一程序在他们当选之前就早已存在，并且起到过阻止他们反对的提案的作用。这与领导力背道而驰，并导致了我们今天看到的痛苦和政治极化。这些领导者心知肚明，但选择了分歧，因为这能推进他们个人的政治议程。 约瑟夫·P·佩蒂托（JOSEPH P. PETITO） 佛罗里达州 {Sarasota}
户外游戏的方式随地点而异，但每天活动的需要却是一样的。 我的组织接触过的一位立法者是纽约州议员钱特尔·杰克逊（Chantel Jackson），她是一位代表布朗克斯区的民主党人。可以说，她的选区将是最难以保障每日课间休息的地方之一。然而，她的主张依然坚定。她明白，密集选区的儿童在接触户外活动方面面临着最严峻的挑战。这绝不是降低预期的理由，而是采取更多行动的理由。课间休息是帮助儿童养成习惯、降低终身患昂贵且致残性慢性病的风险最简单、成本最低的方式之一。预防慢性病就意味着保护儿童活动的时间。 凯利·麦肯纳（KELLY MCKENNA） “终结慢性病”（End Chronic Disease）首席执行官 纽约
的是权利意识。正如里莱先生（Mr. Riley）、托马斯·索维尔（Thomas Sowell）和其他人经常写的那样，这一切的核心在于承担个人责任。无论一个人的祖先根源是奴隶制、宗教迫害、阿巴拉契亚山的贫困、单亲家庭还是纽约的廉租房项目，这都不重要。正如佩吉·努南（Peggy Noonan）最近在《成为你自己并非易事》（“Becoming Who You Are Ain’t for Sissies”，见“宣言”栏目，5月30日）的一篇坦率的个人讯息中所分享的，取决于我们选择想要成为什么样的人，以及我们不愿接受什么。
我那个二战时期的家庭早年生活艰辛。我的父母离婚了，我的母亲靠有限的收入抚养我们。但她和一位特别的继父坚持要求我们尊重传统价值观，接受良好教育，努力工作，永不放弃并履行我们的责任。我们需要更多像里莱先生这样的声音：你的生活掌握在你自己手中。
C. PAUL CORBEIL 俄亥俄州，西湖市
我们可以反对绑架
丹尼尔·毛罗（Daniel Mauro）的评论文章《曼姆达尼挫败绑架内塔尼亚胡的阴谋》（“Mamdani’s Foiled Plot to Kidnap Netanyahu”，7月23日）强调，2002年的《美国军人保护法》（American Servicemembers’ Protection Act of 2002）禁止将身在美国的人员引渡至国际刑事法院。请注意，该法案在两党压倒性的支持下获得通过。它在众议院获得通过时，得到了几乎所有共和党人和约一半民主党人的支持。参议院的投票则更为明确——以 75 比 19 的结果通过，其中 45 名共和党人和 30 名民主党人投了赞成票。这提醒人们，现在由民主党进步派所捍卫的立场，在仅仅一代人之前，还完全处于自由主义主流之外。
PATRICK HENRY 加利福尼亚州，托兰斯
与盐
A
T
作者：Michael Toth
中国最高人民法院的一位资深法官参加了一个由美国环保法律团体赞助的 2023 年 3 月在线研讨会，并利用该平台宣传习金平的应对气候变化政策。
对于一家美国法律非营利组织来说，支持这样的陈述十分奇怪，尤其是这家组织据称在政治上保持中立，且获得了数百万美元的联邦拨款。但这正符合环境法研究所（Environmental Law Institute, ELI）的一贯作风。这家华盛顿团体声称，它已就气候变化问题及相关法律培训了数千名美国法官。
ELI司法教育运动的核心问题已在美国各级司法机构中出现——从加利福尼亚州和夏威夷州的州审判法院，到 Suncor v. Boulder 案中的美国最高法院。
美国能源公司的团体 对北京采取了温和得多的方式。
大法官们将在秋季学期审理该案。目前变得更加清晰的是驱动这场诉讼活动的机制。国家安全组织 State Armor 发布的一份名为《ELI 与共产主义中国》的新报告显示，一个自称中立的环境组织是如何推动一项亲华议程的。
本月早些时候，一名 ELI 发言人告诉《每日信号》（Daily Signal），其与中国的合作于 2024 年结束，且“与我们在美国开展的典型工作没有区别——即分享关于环境监管的基于证据的最佳实践，而非推进中国政府的利益或
这在文化战争中是一个炽热的夏天，人们有更多机会就西方文明的根源、现状和未来展开更加激烈的争论。
在六周的时间里，国际足联世界杯成为了两种截然不同的文化——足球与美国——之间一场经典全球碰撞的舞台。我们面临着关于美国例外论的永恒考验，即美国人是否会爱上这项世界上最受欢迎的运动（他们不会）。但这次比赛也提供了一个机会，让外国人与这个世界上人们最爱憎的国家进行一次异常直接的接触。
来自世界各地的游客前来是想埋葬美国，而非赞美它。但他们离开时似乎更多地感到惊艳而非惊恐。他们发现，这里的主持者大多是友好、正常的人，拥有更高的生活标准，随处可见的空调，以及一种被称为“牧场酱”（ranch dressing）的烹饪奇迹，而非他们在国家媒体中一直听到的由偏执狂和唯物主义庸俗之辈组成的新法西斯文化荒漠。
特约编辑 Gerard Baker 著
Raffi Krikorian 著
商务部在 6 月 12 日禁止任何外国国民在没有许可证的情况下使用 Anthropic 最新的前沿模型。由于 Anthropic 无法实时验证用户的国籍，它为所有人关闭了这些模型。无论身在何处的每个买家都意识到，市场上最强大的人工智能拥有一个关闭开关。
一周前，白宫发布了一份备忘录，要求人工智能公司不允许任何国家对手“阻止使用、禁用或降低，或实质性地
自 1889 年起由道琼斯公司出版
Lachlan Murdoch 新闻集团执行董事长 Rupert Murdoch 新闻集团名誉董事长
Emma Tucker 总编辑
Liz Harris，执行主编 David Crow，副总编辑 Aja Whitaker-Moore，副总编辑
中国共产党。”
然而，该组织与中国的联系依然存在。在过去的两个月里，它举办了一场活动，邀请了一位曾与中国政府官员就环境立法开展合作的中国法律学者；此外，它还发表了一篇由两所中国大学学者撰写的文章，宣扬该国在“环境保护方面取得的进展”。
关于环境法研究所（ELI）在中国和美国采取相同方法的说法，就更难以令人信服。在美国，ELI 推动旨在通过私法诉讼惩罚国内能源生产的法律理论。然而，在中国，ELI 并没有培训诉讼律师和法官去针对这个全球最大的温室气体排放国采取类似的策略。这种不对称性对北京而言是双赢的：当美国能源行业面临由 ELI 支持的法律压力时，中国则可以在不受同类诉讼干扰的情况下扩大其工业基础。
在通过诉讼使美国工业脱碳的努力背后，是 ELI 的“气候司法项目”（Climate Judiciary Project）。该项目就“归因科学”（attribution science）等课题指导美国法官，这是一种试图将特定天气事件与目标公司排放量联系起来的有争议的方法。
更令人不安的是，由联邦司法中心（Federal Judicial Center）出版的一本面向法官的气候手册，在制定过程中吸纳了参与相关案件的活动人士和诉讼律师的意见，而这些法官随后可能会审理这些案件。该手册中包含一个现已撤回的关于气候科学的章节，该章节由 ELI “专家”、哥伦比亚大学萨宾气候变化法中心（Sabin Center for Climate Change Law）高级研究员杰西卡·A·温茨（Jessica A. Wentz）共同撰写。
此类行为已引发了一项由……的调查
随后，就在全球规模最大的体育盛事准备收尾之时，克里斯托弗·诺兰的《奥德赛》在全国各地的影院上映。这不仅仅是一部传统的夏季商业大片，而且取决于你的品味，它要么是一个哀叹现代文化自荷马时代起便急剧衰落的机会，要么是一个庆祝西方艺术与创造力持续天才之作的机会。
这两起事件在夏季的时间点上巧合地交汇，这不仅是因为它们反映了继承共同古典遗产的民族之间在古代与现代文化上的分歧。只要稍加想象，你甚至能看到一些相似之处。
作为西方文学的原始文本，《奥德赛》可以被解读为一种古代版的“世界杯”。奥德修斯作为阿开亚人的明星球员，在刚刚取得对阵对手特洛伊的惊人胜利后，开启了一场面对一系列可怕对手的国际锦标赛。
首先面对独眼巨人波吕斐摩斯时，我们的英雄在早期遭遇了挫折，对方令人畏惧的防守直接“咬掉”了奥德修斯关键前锋的头颅。但这个独眼巨人只有一只眼睛，行动迟缓且在战术上十分天真，就像英格兰国家队一样，最终被坚定的管理领导力与狡诈所击败。接下来，莱斯特律贡人显然是挪威维京继承者的古典前身，他们是恐怖的巨人们，尽管击败了阿开亚队的大部分成员，却无法锁定胜利。
喀耳刻可能是那些不正直的官员之一，她在可憎的巫术技术——即当时的视频助理裁判 (VAR) ——的协助下，将我们英雄的队友变成了……
……修改那些国家作战人员所依赖的系统。这无可厚非。但当 Anthropic 关闭其 Fable 5 和 Mythos 5 模型时，美国公司意识到，他们并非从 AI 供应商那里购买产品。他们购买的是使用该产品的“许可”，而这种许可是可以被撤销的。
这些公司需要稳定且可靠的 AI 使用方式，且这种方式必须遵循准入许可模式无法实现的规则，其中之一便是：AI 产品必须在供应商之后依然能够生存。
买家们不再等待，“开放权重模型”已经开始出现。这些程序允许用户……
罗伯特·汤姆森 (Robert Thomson) 新闻集团首席执行官
阿尔玛·拉图尔 (Almar Latour) 首席执行官兼出版人
道琼斯管理层： 杰森·P·孔蒂 (Jason P. Conti)，总法律顾问；黛安·德塞沃 (Dianne DeSevo)，首席人力资源官；阿尔特姆·费什曼 (Artem Fishman)，首席技术官；丽莎·菲茨帕特里克 (Lisa Fitzpatrick)，道琼斯工业总经理；M·斯科特·海文斯 (M. Scott Havens)，首席增长官；丹·夏 (Dan Shar)，执行副总裁兼财富与投资总经理；阿肖克·辛哈 (Ashok Sinha)，首席传播官；乔什·斯廷奇科姆 (Josh Stinchcomb)，执行副总裁兼首席营收官，WSJ | Barron’s 集团
1月3日，中国西北部辽宁省沈阳市附近的一座发电厂。
众议院司法委员会，该委员会正在调查 ELI 是否在幕后运作以影响主持气候案件的法官。
在针对中国的方案中，ELI 对北京的工业政策采取了更为顺从的态度。根据 State Armor 的报告，ELI 遵守内部指南，禁止其在中国积极参与私人诉讼。该组织并没有向中国法学家提供由气候原告律师编写的法官手册，而是运行了关于利用监管框架解决排放问题的项目。
中国并未采取 ELI 在美国所追求的减排政策。自 ELI 在 20 世纪 90 年代开始与中国法律和环境决策者接触以来，该国的温室气体排放量有所增加——超过了其他发达国家的总和。尽管如此，ELI……
对荷马史诗的重新构思 让我想起了刚刚结束的世界杯。
变成猪，这是一次极其离谱的干预，威胁到比赛将向不利于他的方向倾斜。但在最后时刻的换人后，人们得以及时重返战场，奥德修斯最终胜出。 在小心翼翼地在两个恐怖之间穿行——一个是将一切吞噬至虚无的无底深渊（特朗普政府？），另一个则是足以代表国际足联（FIFA）本身的贪婪怪兽——我们的主角终于进入了
可以下载并在其掌控下运行。Hugging Face 是一个拥有可下载 AI 模型和数据集的开源平台，托管了超过 113,000 个 Qwen 的衍生版本，Qwen 是中国阿里巴巴公司开发的一款 AI。中国的 Moonshot AI 旗下的 Kimi K3 直到本月下旬才完全开放权重，但在使用排行榜上已经领先于除两个闭源模型之外的所有模型。 阿里巴巴和 Moonshot 销售的并非一个更先进的模型，而是一个可掌控的模型。它们的发布版本存在审查和蒸馏问题，而华盛顿的本能反应是禁止它们。但没有人能禁止一个已经产生了十万个衍生版本的想法。此外，禁令也会让美国失去这个由其发明的类别。Meta 的 Llama 是开启现代开放权重热潮的模型，结果现在却由 Qwen 占据领先地位。北京方面可能会自己关闭这个窗口，但目前它是敞开的。 市场正在分化为两部分。极小的一块是前沿领域，而这类美国模型是全球最好的。真正的前沿 AI 所能实现的——最深层的推理、最长的上下文以及最复杂的工作——开源领域没有任何产品能够与之媲美。前沿领域需要蓬勃发展。 但它在 AI 世界中也仅占据很小一部分。更广阔的部分是日常应用：编程、指令遵循以及大部分的实际工作负载。Mozilla 的第一个
对中国当局采取了一种天真地合作的态度，同时却挥舞着法律之剑攻击美国的能源生产商。 State Armor 的报告记录了 ELI 对北京的盲点，详细列举了其与中国机构的合作伙伴关系，包括被美国当局认为与军事和情报活动有关的大学和研究中心。根据中国 2017 年的《国家情报法》，所有此类组织在收到请求时必须“支持、协助和配合”国家情报工作并予以保密。 ELI 旨在向司法机构“提供关于气候变化的公正、客观信息”的努力得到了多家基金会的支持。State Armor 的报告称，休利特基金会（Hewlett Foundation）向“气候司法项目”（Climate Judiciary Project）投入了数十万美元。 报告称，休利特基金会还资助了能源基金会中国（Energy Foundation China），这是一个共产
半决赛。在一次进入深度加时赛和点球大战的漫长比赛中，他起初被对手丝般顺滑的诱惑力所迷住，对方肢体轻盈且优雅。但就像法国足球队一样，卡吕普索（Calypso）并没有神灵的支持，而奥德修斯在多次得分后，最终赢得比赛并逃脱。 决赛是在主场对抗一群求婚者，这是一个由毫无道德、毫无顾虑且血腥之气足以践踏普通凡人的蛮徒组成的丑陋团队：显然是阿根廷队的神话前身，而我们的英雄庆幸地击败了他们。最后，他带着奖杯回到了家人身边，与此同时，他的故事成为了一个延续了近三千年的文明文本，从而永垂不朽。 对于许多批评者来说，诺兰对荷马诗篇的演绎几乎与我将其描述为一场足球赛一样粗俗。 他们反对演员的选角。露皮塔·尼永格（Lupita Nyong’o）是一位黑人女演员，饰演特洛伊的海伦——据称是历史上最美丽的女人，这引起了一些人的愤怒。一名跨性别演员饰演一名欺骗特洛伊人将其认为木马是礼物的希腊士兵，这引发了公愤。对许多人来说，对话过于现代化
《开源人工智能现状》报告发现，开放权重模型的成本已接近持平，且价格在过去三年中大幅下降。这一广泛的日常应用领域是人工智能的关键基础设施，它需要遵循一套不同的规则。基于许可的模型是购买卓越服务的良策，但对于人工智能的普通用途而言，则完全不适用。
大多数公司董事会无法回答基本问题：他们的公司运行着哪些模型，以及谁有权将其关闭。然而，这在财务上至关重要。英国已将亚马逊、谷歌、微软和甲骨文指定为其金融系统的关键第三方，因为集中的供应商构成了系统性风险。为了至少部分应对这一风险，欧盟计划支出 €200 billion。加拿大希望创建由本地所有的人工智能骨干网络，其他数十个国家亦然。这是自互联网以来规模最大的基础设施建设。
问题在于，如果人工智能产品
党派监督的非营利组织。十一月，九名国会议员表示，该组织已准备好接受司法部调查，以确定其是否违反了《外国代理人登记法》。报告称，总部位于瑞士的橡树基金会（Oak Foundation）向 ELI 的司法教育项目提供了 $650,000 资助，同时将至少 $37 million 定向到各种总部位于中国的计划中，其中包括数百万美元用于气候相关项目。Hewlett 资助了 ELI 在 2018 年于天津大学举办的研讨会，而天津大学后来因涉及具有军事应用的商业秘密窃取计划的国家安全担忧，被列入美国商务部的“实体清单”。
在过去的十年里，一场协调一致的气候诉讼运动寻求巨额判决——通常在数百亿美元之巨——其目标是使美国油气公司破产。真正的问题在于，美国是否会允许其能源政策通过与地缘政治对手利益一致的州法院裁决而被改写。宪法的答案很明确：国际排放法规属于联邦政府的外交权力，而不属于地方法院。
最高法院可以通过在 Suncor 案中重新确认排放政策（尤其是涉及国际事务时）属于华盛顿的民选官员，从而恢复这些限制。气候政策应通过民主程序制定，而非通过针对美国能源的诉讼强加。
NG HAN GUAN/美联社
Toth 先生是德克萨斯大学 Civitas 研究所的研究主任。
口味。一个更实质性的批评是，诺兰先生通过强调奥德修斯的愧疚感而非他对神灵的简单忠诚，将一种时代错误（anachronistic）的基督教道德强加于古代世界。
无论人们如何看待这些批评，认为该电影在某种程度上损害了公众对我们文明价值之信念的观点是愚蠢的。今天的西方文化并非是从三千年前爱琴海周围诵读的诗歌开始的一条直线终点。它的根源更为复杂，包括之前的犹太文明和随后的基督教文明，两者对其历史上的霸权地位都至关重要。它并不是某种只能通过忠实重复和模仿来保存的无价古董。它经过艺术家、思想家、政治家、科学家和战士的丰富。
没有人会将诺兰先生误认为是文艺复兴或启蒙运动时期的人物。但他的艺术是对古典遗产的一次有价值的诠释和颂扬。我们的文化肯定足够强大，能够在面对他对他所关注的经典之作的独特解读时幸存下来。
而且，即使我们失去了荷马，我们依然拥有世界杯。
它们带有他人掌控的“关闭开关”。因此，市场对消费者所有 AI 产品的需求正在出现：一种你可以永久保留的智能。
Anthropic 的停机事件清楚地表明，AI 用户不能仅仅听信供应商的承诺。公司需要问自己，如果他们的 AI 供应商消失了，或者被命令切断服务，会发生什么。如果一家公司离开某个供应商，其数据和工作流是否也会随之而去？
这就是连续性、可验证性和互操作性。华盛顿已经为美国作战人员提出了同样的要求。而其他所有人则需要一个民用版本。
我们以前见过这种标准。正是这种标准构建了互联网——那时任何人无需许可即可运行节点、检查协议并路由流量。公共资金为其提供了资金，私人资本将其规模化，而数万亿美元的价值便在这些免费协议之上建立。
这个时代 AI 的定义性问题将不再是谁在用户使用量排行榜上名列前茅，而将是 6 月 12 日的情况是否会发生在其他人身上。Anthropic 的模型虽然重新上线，但疑虑并未消除。我们需要的是一个世界可以永久保留的 AI，这并非因为世界被迫信任其提供商，而是因为世界根本无需信任。这就是最传统的美国式打法：构建那些全世界都已经排队准备购买的产品。
JASON GAY 塔代伊·波加查 (Tadej Pogacar) 再次横扫环法自行车赛
环法自行车赛 已经结束，塔代伊· 波加查第五次夺冠， 横扫全场，并没有 太多意外……
咚，咚。 好吧，这算是个意外。药检人员在深夜、正处于深层REM睡眠时间，敲响了波加查及其对手乔纳斯·温格高 (Jonas Vingegaard) 的酒店房门，据报道，此次行动得到了一名法国法官的许可。
这是一种武力威慑吗？一次嘈杂的震慑行动？还是一份极其深夜的黏稠拉克莱特奶酪 (raclette) 房内送餐订单？或者，这些检测人员掌握了特定的信息，让他们在上午 6 点到晚上 11 点的传统检测窗口之外的时间出现，就像马利的鬼魂一样？
我们目前仍不知道。需要非常明确的是：波加查和温格高并未被指控有任何不当行为。最终，环法自行车赛的其余参赛者——没错，就是那个主车群 (peloton)，就像你把健身单车改成衣帽架一样——也将以类似方式接受检测。
但兴奋剂的阴影再次咆哮着回到了这项最负盛名的自行车赛事中。
“如果为了证明我们是在干净地骑行而必须这样做，那么我完全接受，”作为赛会领先者的波加查在接受多次检测后表示，“我承诺配合。”
当然，这就是代价。自行车运动有着悠久且肮脏的历史，在其中，任何手段的非法性能增强都被允许。
尽管人们普遍认同——
首个PGA巡回赛冠军
作者：ANDREW BEATON
周日PGA巡回赛3M公开赛的最后一洞，杰克逊·科伊文（Jackson Koivun）感到有些紧张，这完全可以理解。
科伊文年仅 21 岁，这仅是他作为职业选手的第 3 次出赛。整个下午，他必须打出近乎完美的表现，才能抵挡住世界排名第 1 的斯科蒂·舍夫勒（Scottie Scheffler）的猛烈追击。而现在，胜利在望，一次糟糕的切球让他面临一个 14 英尺的平杆推球。
但这并没有成为问题。科伊文的天赋得到了充分展现，他依然将球推进洞。在那一刻，高尔夫球界的每个人都知道这意味着什么：那个被炒作多年、被视为高尔夫球下一个巨星的球员终于正式登场了。
“我当时相当紧张，”科伊文事后表示，“然后我知道了自己的处境，以及为了确保获胜需要做些什么。”
科伊文在转为职业选手仅一个月后，就赢得了 160 万美元（$1.6 million）的奖金，而且赢得很干脆。他以低于标准杆 25 杆的成绩，领先舍夫勒三杆，并创下了该赛事的得分纪录。
但对于任何关注过科伊文辉煌业余生涯的人来说，这并不令人惊讶。在奥本大学（Auburn），他打破了由泰格·伍兹（Tiger Woods）等人创立的大学记录。他突破而出只是时间问题，而这正是他在明尼阿波利斯市郊的TPC双子城（TPC Twin Cities）所实现的。
“任何人在尝试第一次获胜时，都会感到极其困难，尤其是对于一个刚从大学出来的年轻人来说，”舍夫勒说道。
对于科伊文而言，击败年龄更大、经验更丰富的对手并非新鲜事。他出生于加州圣何塞，青少年时期移居北卡罗来纳州查佩尔希尔，被美国青少年高尔夫协会（American Junior Golf Association）评为 2023 届招募球员中的第 1 名。进入奥本大学后，他很快就崭露头角。作为一名大一新生，他打出了历史性的一季，带领“老虎队”（Tigers）夺得该项目历史上的首个全国冠军。凭借其卓越的发挥，他成为了首位横扫……
尽管人们认为这项运动已经变得更纯洁，但今天的车手——尤其是顶尖车手——继续承受着前人的后果。
前职业车手、格子图案爱好者、美国EF职业自行车队（EF Pro Cycling）老板乔纳森·沃特斯（Jonathan Vaughters）对这种极不寻常的深夜检测提供了一个合理的理论：检测人员试图发现并/或遏制“微量给药”（microdosing）的行为，即在早晨之前服用违禁药物并迅速将其从体内排出。
沃特斯是凭经验说话的：他曾是兰斯·阿姆斯特朗（Lance Armstrong）那支陷入丑闻的美国邮政（U.S. Postal）车队成员，在退役后的职业生涯中，他一直致力于改善这项运动的声誉，并让车手们能够纯净地骑行。
“如果（自行车管理机构）UCI 在 2001 年凌晨 2 点检测我们？我们全部都会被禁赛，从而让这项运动省掉 25 年的闹剧，”沃特斯在一条在圈内引起轰动的推文中写道。
“遗憾的是，塔代伊（Tadej）和约纳斯（Jonas）必须为我们做的[脏事]赎罪，”沃特斯在第二条推文中继续写道。“不过，为了获得信誉，牺牲一些睡眠是可以接受的。老实说，我对他们两人都感到抱歉。”
沃特斯将自己的言论比作在走廊里“扔手榴弹”，但这次爆炸的影响……
具有解释性和实用价值。尽管在净化这项运动方面取得了显著进展，自行车迷们可能会讨厌这项运动依然被其过去所拖累——正如 Vaughters 正确指出的那样，与大多数主要的职业联赛相比，自行车的检测方案要成熟且公开得多，而他将后者比作一个“笑话”。
为什么我们还在这么做？为什么在总结一届没有一名车手检测呈阳性的环法自行车赛（Tour de France）的专栏中，我们还在谈论药物检测？为什么我们不讨论波加查（Pogacar）令人震惊的表现，或者像理查德·卡拉帕斯（Richard Carapaz）和马兹·佩德森（Mads Pedersen）这些车手出色的午后发挥？为什么我们不讨论波加查在蒙马特（Montmartre）的鹅卵石路上，与荷兰“蒸汽机”马修·范德普尔（Mathieu van der Poel）之间那场精彩的最后一天决战？
我明白。我知道我会收到读者的电子邮件说：你怎么没写塞普·库斯（Sepp Kuss），你这个笨蛋？正是这些精彩的内容才让环法成为了环法。
然而：在那些禁药时代的记录不断被打破的时刻——不仅是被波加查和温格高（Vingegaard）打破，也被赛场上的其他车手打破——严格的检测就像是一种必要的不便。尽管深夜检测带来了干扰（且被可疑地归咎为温格高在环法赛末期——）
再次笼罩在 自行车赛最 顶级的赛事之中。
Jackson Koivun 在他作为职业选手的第三次亮相中，赢得了 3M Open 赛。
Ben Hogan 奖、Jack Nicklaus 奖、Phil Mickelson 奖和 Fred Haskins 奖。 随着大学生涯的推进，他没有放慢脚步。今年 2 月在夏威夷，他在一项赛事的头两轮比赛中打出了 20 杆下限（20-under par），打破了维持了 30 年的 NCAA 记录。之前的纪录是 18 杆下限，由 Woods 在 1996 年的 Pac-10 锦标赛上创下。 到赛季结束时，他在大学水平上几乎没有什么需要证明的了。他决定在参加完美国公开赛后——他在该赛中最终与 23 名并列，成为成绩最好的业余选手——是时候转为职业选手了。 Koivun 进入职业行列时，其统计数据简历在近期内没有可比项。分析网站 Data Golf 拥有追溯至 2010 年的业余球员评级指标，而 Koivun 位列榜首，进入了一个极少数人的顶尖行列。接下来的 2 名球员 Jon Rahm 和 Jordan Spieth 都曾赢得过若干个大满贯冠军。 因此，当 Koivun 在 3M Open 赛的职业首秀中与 Spieth 分在同一组时，显得恰如其分。
Tadej Pogacar 在早期就掌控了局面，并带领大部队在阿尔卑斯山的最后冲刺中奋力前行。
（次日发生了撞车事故），顶尖选手们对此并没有表现出太大的不满。 他们也明白。再次强调：这就是代价。 此外，还有其他合法因素让这项运动变得更快，例如技术的进步、训练，以及虽然不那么光彩但十分关键的赛中营养补充。自行车赛与其他耐力运动一样，在碳水化合物摄入方面经历了一场革命，这一趋势也催生了诸如近期马拉松破 2 小时等令人惊叹的突破。 当然，仍存在更简单、更快速、更肮脏的达成手段。 因此，检测仍在继续。这是好事。 至于今年的环法赛其余部分，很多环节感觉依然是老样子：27 岁的 Pogacar 在早期就掌控了局面，并带领大部队在阿尔卑斯山的最后冲刺中奋力前行。他的标志性胜利是在 Alpe d’Huez 创纪录的疾速登顶，他在前往第五个赛段冠军的途中，在穿着奇装异服、热情高涨的狂欢者中疾驰而过。Pogacar 的标志性举动出现在第二天，当时他陪伴队友 Isaac del Toro，并帮助 del Toro 锁定了作为环法赛最佳年轻骑手的白色骑行服。 （环法赛的山坡观众群体继续让赛事面临严重的灾难风险。这些场景令人兴奋，也是自行车赛区别于任何其他运动的特点，但手机的干扰和“吸引注意力”的社交媒体已将其变成了更大的危险。） 两届冠军 Vingegaard 因锁骨骨折缺阵，扼杀了任何对 Pogacar 获胜黄衫的威胁，但较小的戏剧性事件仍在上演。为 Vaughters 的 EF 车队效力的 Carapaz 再次证明了自己作为资深“山羊”的实力，获得了两场胜利，包括周六再次征服 Alpe d’Huez。遗憾的是，这次胜利得益于 Kuss 遭遇的两次摔车；这位深受喜爱的科罗拉多人运气不错，在一次岩石陡坡下降时被临时围栏救了下来。这是一个可怕的提醒：这些骑手时刻在冒着一切风险。环法赛继续与欧洲夏季的酷暑作斗争，高温影响了一些早期赛段，并再次引发了关于比赛是否应在早晨更早开始的讨论。由于需要派遣法国警员前往该国其他地区的山火现场，周日的最后一个赛段被缩短。对于东道国来说，并非全是糟糕的消息，因为 19 岁的法国
神童保罗·塞克萨斯（Paul Seixas）最终获得总成绩第四名，预示着未来前景光明。美国车手库斯（Kuss）、布兰登·麦克纳尔蒂（Brandon McNulty）、肖恩·奎因（Sean Quinn）、马特奥·乔根森（Matteo Jorgenson）和马修·里奇泰洛（Matthew Riccitello）都表现亮眼。杜兰戈的奎因·西蒙斯（Quinn Simmons）继续像个蓄胡的恶魔一样骑行，令人费解的是，他的Lidl-Trek车队并没有更坚定地放手让他去争取他显然渴望获得的赛段冠军。诚然，Lidl-Trek对其获得最佳车队排名以及佩德森（Pedersen）凭借最佳冲刺手赢得绿衫感到满意，但一名身穿星条旗的美国人在一辆美国制造的自行车上赢得一个赛段冠军？拜托。
周日在游客聚集的蒙马特（Montmartre）曲折路段进行的决赛再次证明了其戏剧性。环法自行车赛在巴黎做对了一件事：将过去在香榭丽舍大街鹅卵石路面上单调的骑行，改为增加一次激烈的重复攀升，从而将顶尖车手与大众区分开来。当然，波加查（Pogacar）对此也起到了一定作用。这位车队的极致之作、人们日益公认的史上最佳（GOAT），这位斯洛文尼亚人再次通过发动猛烈攻击，将一次安静的庆祝骑行变成了辉煌的混乱，点燃了最后一天的比赛。这再次提醒人们波加查卓越的天赋及其风采。
当然，波加查进攻的风险在于他可能会拖带一名强大的对手同行。去年是比利时的沃特·范阿尔特（Wout van Aert），他利用波加查的疲惫夺得了最后一个赛段。今年则是马修·范德普尔（Mathieu van der Poel），这位荷兰强力车手在爬坡赛段时一直待在车队后方吃软糖，而波加查则在前方奋力冲刺。波加查一直紧跟范德普尔的后轮直到最后，随后MVDP发力冲刺，在一群迟到场地的冲刺手面前赢得了一场激动人心的胜利。告诉我你当时没有站在沙发上观看这场美丽的疯狂。告诉我这不值得在半夜被叫醒，或者为了抢一块玛德琳蛋糕而被揍一拳。这是一个来自充满非凡表现的体育运动的正义力量展示，尽管它偶尔仍会遭受打击，且可能永远如此。
本月初的约翰迪尔经典赛（John Deere Classic）。那时他意识到，为了数百万美元而比赛的压力与在东南部联盟（Southeastern Conference）比赛截然不同。科伊文（Koivun）最终未能通过截分，但他的突破是不可避免的，因为他的比赛状态非常完整。即使身高只有 5-10，他的开球距离也足以跟上节奏，且精准度惊人。而在果岭周围，他已被视为顶尖的推杆手。但在科伊文心中，让他脱颖而出的是心理能力而非身体素质。
“有时我看其他人在练习场击球，我不觉得我是那里最有天赋的人，”他说，“但如果我能走出去，坚信自己，并利用我的大脑转化为优势，那么这绝对像是一种超能力。”
这一点在3M公开赛上体现得最清楚。他的球道击中率达到 79%，且在推杆得分（strokes gained putting）方面在所有参赛选手中排名第三。在最后两轮比赛中，他没有记录任何一次博基球（bogey），这使他保持了稳定，而谢夫勒（Scheffler）则凭借最后一轮 63 杆的成绩在排行榜上迅速攀升。
尽管PGA巡回赛赛季即将结束，但球迷们将在更大的舞台上看到科伊文。这次胜利将他推向了赛季总积分榜的第70位，而这恰恰是一个关键数字。这是确保进入季后赛的最后一个名额。
JEFF PACHOUD/AFP/GETTY IMAGES
S&P 7413.18 À 0.02% S&PFIN À 1.00% S&P IT g 0.97% DJ TRANS g 1.82% WSJ $ IDX À 0.01% 2–YR. TREAS. yield 4.318% NIKKEI (Midday) 62046.46 g 4.44% SeemoreatWSJ.com/Markets 商业与金融
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标志争议； Outback 资深人士 被任命接任
作者：HEATHER HADDON 与 CONNOR HART
Cracker Barrel 首席执行官 Julie Masino 即将卸任，结束了她为期三年的任期。她在任期间曾承诺对这家家庭餐饮连锁店进行重大变革，但在她撤回部分计划之前，这些举措使公司陷入了一场政治风暴的中心。 Masino 试图更新
JONATHAN SISLER (2)
作者：JOHN KEILMAN 船主挥金如土升级钓鱼游艇
Jonathan Sisler 在佛罗里达海岸线 100 英里外钓金枪鱼和笛鲷，他希望能够快速到达钓点。因此，当发动机制造商 Mercury Marine 向他展示一款马力超过法拉利 Portofino 的舷外发动机时，他想要四台。 这些发动机现在安装在一艘由 Scout Boats 制造的 53 英尺长船的尾部，产生了高达 2,400 hp 的澎湃动力。这艘价值 $2.9 million 的船时速可达 70 mph，对于这种尺寸的船只来说，这曾是难以想象的速度。 “这简直是天差地——
–2.9%
前摩根大通银行家 在诉讼中指控种族歧视
作者：BEN GLICKMAN
一名曾在摩根大通（JPMorgan Chase）工作的银行家在联邦法院指控该行杠杆融资团队存在广泛的种族歧视和骚扰，在这一起细节令人震惊并吸引了华尔街关注的案件中，引入了新的民权指控。
Chirayu Rana 曾在 4 月份针对前同事 Lorna Hajdini 及该银行提起的一起州法院诉讼中，指控对方存在系统性的性侵犯和骚扰，该案迅速在网络上走红。
在周一提交的一份联邦起诉书中，Rana 重申了相关指控，称当他是团队中唯一的非白人成员时，其上司对他使用了种族歧视性的称呼，且他遭到了性侵犯。
Rana 于 2024 年加入该行，并于次年离职。
这起新诉讼将另外三名前摩根大通同事列为被告。
一名摩根大通发言人表示，该行认为 Rana 的指控没有任何根据，而诉讼地的变更并不能改变这一点。该行在进行内部调查后得出了这一结论，并称 Rana 拒绝参与该调查。
Hajdini 的一名律师未就置评请求做出回应。Hajdini 的律师坚决否认之前的指控，称其完全是捏造的，并已通过发言人表示两人从未有过任何性关系。
根据诉讼书，团队成员告诉尼泊尔裔的 Rana，雇佣他是为了满足多样性指标。Rana 重复了之前的指控，暗示 Hajdini 曾告诉他，该行偏好长得像首席执行官 Jamie Dimon 那样的人，并希望保持公司的白人和基督徒色彩。
Rana 的原起诉书指控 Hajdini 对其进行了数月的性侵犯，且充满了耸人听闻的细节，例如指控对方用类似其妻子“没有这些大炮”之类的措辞来嘲讽他。
原起诉书中出现的大多数最令人瞠目结舌的引用内容并未出现在联邦起诉书中。Rana 的首个律师团队已辞职，他现在由就业法律事务所 Jo 聘请的新律师代表。
请参阅 B10 页
该品牌创立于 1969 年，旨在面向年轻一代消费者，相关举措包括重新设计 Cracker Barrel 餐厅顶部的朴实标志、撤掉墙上的古董小摆件以及更改菜单。
但许多变化最终疏远了一些核心顾客和保守派。由此引发的争议在网络机器人的放大下，导致她放弃了大部分策略，并不得不应对销售额和利润的暴跌。公司股价大幅下跌，Masino 削减了员工人数和成本。
请参阅 B2 页
首席执行官 Julie Masino 任期内 Cracker Barrel 股价
$90 （公布新标志） 50%
2024 '25 '26
注：最近一个财政季度于 5 月 1 日结束
（此处接前页内容） ……在推进力和扭矩方面的卓越性能，”街道清洁公司 Sweeping Corporation of America 的首席执行官 Sisler 说道。“我向你保证，只要你推油门，所有人都会被震得坐下来。”
曾经低调的舷外机正迎来其“超级跑车时刻”，飙升的动力性能使其成为许多高端船只的首选推进方案。
最大的发动机通常成对或四台一组安装，为配备舒适设施的大型船只带来“迈阿密风云”风格的速度。
“每个人都拥有大船，或者他们想要更快、更快，”Scout Boats 创始人 Steve Potts 说道。
高马力的舷外机范围从 200 hp 到 600 hp，每台电机的成本在 $20,000 到 $70,000 以上不等。相比于生产房车等昂贵可选消费品的其他行业，它们帮助游艇行业在动荡的经济环境中更好地前行。
Raymond James 分析师 Joe Altobello 表示，船舶公司正专注于高端买家，这些买家飙升的股票投资组合给了他们挥霍的信心。
汽车 保时捷（Porsche）计划在削减 5,000 个工作岗位，因为该汽车制造商在中国的销售额有所下降。B3
RITCHIE B TONGO/EPA/SHUTTERSTOCK
Cracker Barrel 季度营收，与去年同期相比
FY2023 ’24 ’25 ’26
在安装了动力更强劲的发动机后，Jonathan Sisler 那艘 53 英尺长的船可以达到最高 70 英里的时速。
“现在每个人都想要三个 300 马力的发动机或更多，以便更快地抵达钓鱼点，”他说道。“这是一个不错的长期趋势（secular tailwind）。”
Mercury Marine 是船艇公司 Brunswick 的一个部门，是唯一一家生产 600 马力舷外机的制造商。Brunswick 拒绝提供销售数据，但首席执行官 David Foulkes 在一次采访中表示，“提供超出他人能够达到的动力”已帮助该公司提升了其在发动机市场的领先份额。
舷外机马力的爆发式增长始于大约 20
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Brunswick
作者：SHARON TERLEP
福特汽车正在争取其自冷战以来最大的军事合同。
这家底特律汽车制造商周一表示，它已加入竞标美国陆军最新战术卡车的行列。这种皮卡在战场上将兼作一台“移动隐形充电宝”。
此举使福特与同城的竞争对手通用汽车（General Motors）在同一个项目上展开竞争。与此同时，五角大楼正推动工业界将其制造能力用于现代化和补充美国军事硬件。
陆军计划制造约 600 辆此类卡车。周一，陆军确认已授予通用汽车、福特以及越野车制造商 BC Customs 合同，用于制造将于明年交付的原型车。
通用汽车开发其名为 ISV-Heavy 的步兵班车版本已有数年之久。军方官员最近购买了一些基于该汽车制造商 Silverado 重型皮卡版本的通用原型车，用于实地测试。
[[IMG_XXXX]] 2026 财年第三季度 来源：FactSet（股价）；S&P Capital IQ（营收） 过去一年的股价和指数表现 标准普尔500指数 2025 年 8 月 ’26 年 来源：FactSet
福特将基于其 F 系列皮卡开发原型车。
福特与国防部的合同将使该汽车制造商基于其 F 系列超重型皮卡为该卡车项目开发三款原型车。
福特在一份声明中表示，很高兴能参与该项目，并期待“交付几款性能极其卓越的车辆原型，以展示福特能为陆军和士兵提供的价值”。
陆军表示，它需要一种能够为无人机和指挥控制系统等设备充当移动充电单元，并能在潜在的崎岖地形上快速运送部队的卡车。
官员们尚未透露这些卡车的成本；由通用汽车制造的较小型战术卡车单价为 $330,000。
军事领导人一直游说汽车制造商及其供应商，以帮助扩大国防生产，并利用工业制造能力来解决由中东战争和俄罗斯入侵乌克兰所导致的关键军事短缺。
请转至 B2 页
REBECCA COOK/REUTERS
作者：JOE FLINT
派拉蒙（Paramount）和华纳兄弟探索（Warner Bros. Discovery）已走到结婚礼堂前——但暂时还不能结为夫妻。
由于联邦法院正在审理关于其 $81 亿美元交易违反反垄断法的主张，两家公司仍处于相互牵制的状态。该案件可能会一直拖到明年。
上周，派拉蒙表示，在 1, 2027, 之前，或者在由加利福尼亚州领导的 12 个州以及美国编剧工会（Writers Guild of America）发起的法律挑战得到解决之前（以较早者为准），将不会推进合并。
预计各方将在未来几天开始协商审理时间表。派拉蒙一直推动在 11 月进行审理，而加利福尼亚州总检察长 Rob Bonta 告诉《华尔街日报》
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作者：XAVIER MARTINEZ 和 ELIAS SCHISGALL
强生（J&J）同意支付 $5.5 亿美元，以解决指控该公司滑石粉产品导致卵巢癌的剩余诉讼，旨在结束其面临十余年的诉讼纠纷。
该公司周一表示，已与代表未决滑石粉案件原告的律所达成协议。该公司称，该协议的生效条件是 95% 的剩余索赔人参与其中。
如果该协议通过，将为这家全球最大的医疗保健公司之一的强生结束一个长期的麻烦源。
多年来，这些诉讼一直笼罩在公司头上，损害了其在消费者中的声誉，并削弱了
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面临延迟风险
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【注：此处原文重复】报导称，他倾向于将启动日期定在1月。
这一困境使派拉蒙（Paramount）和华纳（Warner）陷入了企业层面的停滞状态。派拉蒙的注意力将不再集中于筹备两家公司的合并，而是被取证、作证以及在法庭上为此次合并辩护所占据，导致整合计划在很大程度上处于停滞状态。与此同时，竞争对手们仍在继续投资、获取版权并扩张业务。
合并条款限制了华纳独立运营的能力。未经派拉蒙同意，该公司不能进行重大收购、资产出售，或达成某些内容与发行协议。甚至创建执行职位也需要派拉蒙的签字批准。
华纳的高管表示，这些限制并未对公司的运营产生实质性影响，并指出 HBO Max 仍在继续增长，且公司的电视和电影工作室依然是行业内最强大的创意目的地之一。
诉讼拖延的时间越长，成本就越高。派拉蒙已经获得了美国司法部、欧盟以及包括中国在内的其他几个关键地区的批准。派拉蒙必须在确保交易融资完备的同时，准备好从10月起可能向华纳股东支付高达数十亿美元的跳票费（ticking-fee）。
派拉蒙同意，如果交易……每季度支付 $650 百万美元
推迟了 承诺的成本 削减及 战略举措。
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS
Palantir .................................... B4 Paramount..............................B1 Pfizer......................................... A3 Philip Morris International ..................................................B6 保时捷.....................................B3
R Rocket Lab.....................B4,B11 Royal Philips........................B11
S Safaricom ...............................B6 Salesforce.............................B10 Shein.........................................B3 SK海力士..................................A1 SpaceX.............................B4,B11 Strategy .................................B11
T 3M ...........................................B10 Truist Financial...................B11
U - V Uber.........................................A10 Vodafone ................................B6 大众集团 (Volkswagen Group).......A8,B3
W - Z Walmart................................B10 华纳兄弟探索 (Warner Bros. Discovery) ...B1 Wells Fargo ..........................B11 Wynnchurch Capital.........B11 Zions Bancorp.....................B11
Nierengarten, David...........B4
Plotkin, Gabe .......................B11
Raas, Jean...............................B2 Rana, Chirayu........................B1 Rittersberger, Juergen ......B3
Sacks, David..........................A4 Saylor, Michael....................B11 Scheuermeyer, Philipp......A8 Simmons, Chia-Lin...........A10 Soriot, Pascal.........................B3 Strazik, Scott........................A3 Sutskever, Ilya......................B4
Van Wert, Ryan.................A10
Walter, Mark..........................A1 Wasserman, Zachary.......B11 Welsh, Heather..................A10 Winslow‑Walker, Heather..A10
（……）被推迟，这一姿态旨在传达其快速完成合并的意愿，以及对其在获得批准之路上比竞争对手 Netflix 可能提供的方案更顺畅的信心。 如果交易失败，华纳还将获得 $7 billion 的分手费。 “随着延迟时间的延长，融资成本、整合风险、交易费用以及失去的战略灵活性正变得日益具体，”亚利桑那大学法学与商业教授 Barak Orbach 表示。 法律僵局还推迟了该交易大部分财务逻辑所基于的承诺成本削减和战略举措。Paramount 告诉投资者，它预计在合并运营后的三年内，每年将产生 $6 billion 的协同效应。在交易完成之前，这些成本削减无法启动。 Paramount 内部笼罩着一种紧迫感：首席执行官 David Ellison 在去年完成 Skydance 对 Paramount 的收购后，便积极推动与华纳合并。 “他们认为这是实现规模化的最快方式。现在他们陷入了一场长达数年的收购混乱中，”LightShed Partners 分析师 Rich Greenfield 表示。 相比之下，华纳内部部分员工普遍感到不安。 “这是一个非常糟糕的处境。没人知道自己能否保住工作，”Greenfield 说道。 竞争对手可能已经察觉到了机会。上周，在亚马逊（Amazon.com）的娱乐部门聘用了一名仍处于合同期内的 HBO Max 高级营销主管后，华纳起诉了亚马逊。华纳指控亚马逊还试图招揽至少一名其他高管。 亚马逊拒绝置评。
试图遏制亏损。尽管去年陷入了巨大的争议，但 Cracker Barrel 的业务近期已显示出改善迹象。在周一的交易中，股价一度下跌 6%。
Masino 将于 8 月 10 日由 David Deno 接任，后者曾任 Outback Steakhouse 所有者 Bloomin’ Brands 的首席执行官。69 岁的 Deno 在零售和餐饮业拥有 40 年的经验，包括在 Best Buy 和 Yum Brands 担任领导职务。公司表示，他是经过搜寻过程后被选出的。
Deno 还将加入董事会。公司表示，55 岁的 Masino 将在顾问角色中留任至 10 月 9 日，以支持过渡。Cracker Barrel 表示将为 Masino 提供离职
船艇公司 Brunswick 的子公司 Mercury Marine 凭借了大约 20 年前开始的舷外马力爆发而获益。它是唯一一家生产 600-hp 舷外机的制造商。
多年前，较大的船只通常将发动机安装在船体内部。这样做的好处是它们比舷外机能产生更强的动力。缺点是难以维护且占用大量内部空间。
当时的娱乐用舷外机最高功率为 300 hp，且大多数功率要小得多。为了与内燃机产品竞争，舷外机必须在不增加过多重量（以免破坏船只平衡）的情况下变得更强大。Foulkes 表示，Mercury 用复合材料或聚合物材料替换了一些金属部件，并研发出在保持相对轻量化的同时实现强度最大化的铝合金。
“我们必须让它们尽可能紧凑，以便人们能在船尾安装尽可能多数量的发动机，”Foulkes 说道。“这是一个真正的工程挑战。”
Mercury 的舷外机在其位于威斯康新州 Fond du Lac 的工厂制造，那里有几台房屋大小的压铸机。熔融铝被强行压入模具并快速冷却，从而形成一个完整的发动机缸体。
随后，工人安装气缸——600-hp 版本拥有 12 个气缸，就像 Aston Martin Vanquish 或 Rolls-Royce Phantom 一样——并组装发动机的其余部分，经过测试后将其包裹在
Julie Masino
款项及相关福利，包括继续为其提供安保服务。 “Cracker Barrel 是一个真正的美国标志性品牌，其定义在于温暖的乡村款待、永恒的吸引力以及与几代顾客的深厚联系，”Deno 在一份书面声明中表示。 Masino 未能就此发表评论。 这家总部位于田纳西州黎巴嫩市的 Cracker Barrel 在去年 8 月反
防水塑料整流罩。 最终产品高度超过 7 英尺，重量为 1,260 磅。 水星（Mercury）的竞争对手也加入了这一趋势。雅马哈（Yamaha）最大的发动机为 450 马力，不过雅马哈美国海洋业务总裁 Ben Speciale 表示，公司更注重可靠性而非绝对动力。 本田海洋（Honda Marine）部门主管 Joshua Matthews
与五角大楼讨论了多个国防相关项目。他表示，预计 福特 将在关键矿物和组件（如半导体）的本土化生产中发挥作用。 福特 在周一表示，其现有的商业可用产品能够满足美国军方的需求。 虽然福特在与五角大论的谈判中重点关注地面运输和
其标志变更——该变更将长期以来一个穿着背带裤靠在桶上的男人标志，替换为一个仅带有连锁店名称的精简版本——在从铁杆顾客到特朗普总统的所有人都介入并指责该公司抛弃传统与遗产后，该公司撤回了这一决定。 在争议中，Cracker Barrel 的股价大跌，损失了超过一半的价值。 激进投资者 Sardar Biglari 去年试图更换 Masino，理由是 Cracker Barrel “糟糕的资本配置记录”，并称其转型计划未能提升投资者信心。 股东在 11 月投票决定留任 Masino，但公司撤换了另一名董事会成员。 在遭到广泛抵制后，Masino 放弃了其战略中的许多元素，而她最近的一份业绩报告带动 Cracker Barrel 的股价大幅上涨。公司在报告季度利润增长后，上调了全年预期。成本削减有助于
TAYLOR GLASCOCK 为 WSJ 拍摄
表示其最大的舷外发动机可产生 350 马力，且强调燃油效率。他说，这赢得了租赁钓鱼船船长的青睐。 “对于这些人来说，如果他们每天带着一群客户往返 100 英里，那么从燃料和成本角度来看，这将节省相当数量的资金，”他说道。 性能的提升使得造船厂能够
在加强供应链的同时，通用汽车（General Motors）正考虑转向更重的军事装备，包括弹药。 通用汽车已与洛克希德·马丁（Lockheed Martin）讨论为该国防承包商的武器制造零部件，并于上月宣布两家公司达成一项通用协议，共同协作加强弹药生产。 通用汽车成立于 2017 年的国防子公司最近
提高连锁店的净利润，且销售额虽然与去年相比仍有下降，但正在改善。 上周，Cracker Barrel 表示将剥离其 Maple Street Biscuit 业务，这是 Biglari 对该公司的激进活动计划的一部分。 Biglari 曾表示，Maple Street 已经成为了 Cracker Barrel 的干扰项，且在销售额上的贡献不足。 Cracker Barrel 表示，公司有望达到或超过全年预期，并称其出售了 26 家公司自营门店并将其回租。华尔街分析师表示，此举有助于减少债务，但增加了公司的长期义务。 一些投资者对公司在势头似乎有所回升后突然转变方向感到不满。截至周五收盘，该股年内价值已翻倍。 “鉴于该品牌似乎在同店销售势头上有所增强，这一举动有些令人意外，”花旗（Citi）分析师在周一的一份报告中表示。
...者正倾向于增加船只尺寸，以提供更多舱室和甲板空间，或者使用更少数量的舷外机来达到同等的动力和扭矩。Aquila Power Catamarans 将部分船只的推进系统从四台发动机改为两台，从而节省了船尾空间。 “我们船上的游泳平台位于发动机之间，”首席执行官 Jean Raas 表示。“与其采用四台发动机，整个游泳平台可以做得更宽。” 马力的提升正引发关于“多少才足够”的讨论。Mercury 已开发出一款功率超过 800 hp 的原型机，量产版本预计将在未来两年内上市。Foulkes 表示，舷外机可能会变得更加强大，但可能会达到收益递减的临界点。 “我们希望确保无论马力提升到多高，产品依然能保持可负担的价格，并拥有足够的销量来驱动一定规模的生产，”他说道。 即便如此，像 Valhalla Boatworks 这样的制造商已经在规划能够承载此类动力的船只。Valhalla 的母公司 Viking Yacht 的首席执行官 Pat Healey 表示，公司正在研发一款 65 英尺的船只——比目前的旗舰型号长 10 英尺。 像 Bob Book 这样的船东正在翘首以待。这位企业家拥有一艘价值 $3.8 million 的 55 英尺 Valhalla 运动游艇，搭载了四台 600-hp 发动机，这使得从佛罗里达州劳德代尔堡到巴哈马比米尼约 60 英里的航程变成了一次午餐时间的短途出行。在他看来，没有理由就此止步。 “玩船是一种病，”他说道。“我等不及 800 那款上市了。”
获得了一项价值 $1 billion 的合同，为美国制造 10,000 辆小型步兵分队车辆。该交易取决于预算审批。 在朝鲜战争和越南战争期间，福特向军方供应类吉普（Jeep-like）的战术卡车。福特在 1990 年出售其子公司福特航空航天（Ford Aerospace）后，基本上退出了国防业务，该公司曾为军事和航天计划提供导弹、无人机及其他产品。
图顶：MERCURY MARINE; CALEB ALVARADO 为 WSJ 拍摄 (2)
该零售商表示，由于美国关税豁免被取消，其业绩受到影响
美国
作者：JASON CHAU
由于销售额增速放缓，快时尚巨头 Shein 在准备计划中的香港上市之际，记录了第一季度的亏损。
这家由中国创立的公司报告称，今年前三个月净亏损 $99 million，而去年同期净利润为 $395 million。
Shein 表示，其季度净营收增长率为 1.1%，而 2025 年的年度增长率为 8%，2023 年为 41%。该公司还表示，该期间的净利率为负 1.1%。相比之下，2025 年为 4.9%，较前一年的 8.7% 大幅下降。
该公司将季度亏损主要归因于可转换可赎回优先股 $328 million 的公允价值计提。这些股份稍后可转换为普通股，且在上市前其价值可能会发生变化。
上述结果于周日在听后信息中披露
中国*
作者：ANDREA FIGUERAS LVMH 报告奢侈品行业出现乐观迹象
法国奢侈品巨头 LVMH 报告称，第二季度营收增长加速，并表示其核心时尚与皮革制品业务恢复增长，这为一直深陷需求长期低迷的欧洲奢侈品行业带来了宽慰之兆。
作为奢侈品行业风向标的 Louis Vuitton 和 Dior 的所有者，其销售额录得 19.52 bil
欧洲
作者：DOMINIC CHOPPING
由于中国市场状况恶化以及中东局势紧张影响了这家德国汽车制造商的业绩，奥迪下调了其全年业绩指引。
首席财务官 Juergen Rittersberger 表示：“充满挑战的地缘政治和经济环境正使包括奥迪在内的整个汽车行业面临日益增加的行动压力。”他补充道：“为了在全球舞台上保持竞争力，我们必须与大众集团共同努力，重新调整我们的业务模式并实施大规模的结构性改进。”
这家作为大众集团成员的公司一直致力于削减成本并提高效率。
作者：STEPHEN WILMOT 保时捷在与工会达成协议后将再削减 5,000 个岗位
保时捷表示将削减 5,000 个岗位，这是德国陷入困境的汽车工业发出的最新警示信号。
这家跑车制造商周一宣布了此次裁员，这是与工人代表及其强大的工会达成的一项更广泛协议的一部分。根据协议，该公司将通过提前退休和其他自愿措施来降低人员编制水平，同时保证其德国核心基地的未来，并在 2035 年前投资相当于 $2.4 billion 的资金。
此次削减成本的举措是新任首席执行官 Michael Leiters 的计划的一部分，旨在挽救这家享有盛誉的汽车制造商的局面。该公司此前一直受到中国市场销量崩盘、美国关税提高以及过早押注电动汽车的影响。
Leiters 表示，与工人的协议“给了我们战略性地重新调整公司并投资于竞争力的机会”。
工人还同意接受更为温和的奖金和加薪方案，以及减少远程工作天数——每月 8 天，而非之前商定的 12 天。
此次裁员是在去年保时捷及其劳动力在前任 CEO Oliver Blume 任期内商定削减 3,900 个岗位之上的进一步举措。截至 2025 年底，该公司约有 42,000 名员工。
在经历了四次盈利预警后，Blume 去年卸任，以便专注于他的另一项工作——
[[IMG_XXXX]] GILLES SABRIE 为 WSJ 绘制
这家中国快时尚巨头在短短几年内就成为了全球强国。
mation pack，这是该公司在香港交易所提交的首批公开文件之一，在投资者评估其即将到来的首次公开募股（IPO）时，为审视其财务状况提供了窗口。
Shein 在短短几年内成为了快时尚强国，其价格具有竞争力的趋势驱动型服装在年轻且注重价格的消费者中极受欢迎。
这家零售商表示，其在截至 6 月的季度内销售额为 1 billion 欧元，相当于 $22.20 billion。
该数字在有机增长 terms 下比去年同期增长了 3%，而其报告的第一季度增长率为 1%。
根据 Visible Alpha 的预测调查，这一结果超过了分析师 €19.45 billion 的预期。
该集团核心的时尚与皮革制品部门记录的季度销售额为 €8.9 billion，同比增长 1%，且较此前 2% 的下降有所改善。
去年，它关闭了布鲁塞尔工厂，并概述了在未来几年削减最多 7,500 个岗位的计划，同时采取措施提高德国基地的生产力、速度和灵活性。它希望在中期内每年节省超过 1 billion 欧元（相当于 $1.14 billion），以应对美国关税和中国激烈竞争带来的不利影响。
此外，它近期还更新了车型阵容以助力增长，推出了中国专属的 AUDI 品牌，并将推出针对其核心市场量身定制的新车。
新款奥迪 Q9 旗舰 SUV 将很快在北美和欧洲发布，入门级电动奥迪 A2 e-tron 将在秋季推出。
奥迪集团——该公司
[[IMG_XXXX]] 保时捷每年前半年的交付量
50,000
150,000 辆
125,000
25,000
100,000
75,000
2025 '26
来源：该公司 *不含德国
最新的裁员计划是在保时捷及其劳动力去年达成协议削减 3,900 个岗位的基础上进一步实施的。
受到 2025 年美国取消低价值商品关税豁免的影响，导致履约费用增加并拖累整体营收。然而，Shein 表示，美国市场的销售趋势近期已逐渐企稳。与此同时，欧洲市场的销售额约占 Shein 营收的三分之一，在欧盟取消类似的低价值商品关税豁免后，预计将面临逆风。
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欧盟在今年早些时候还对该公司启动了调查，理由是对在线销售非法产品的担忧，以及平台设计可能给用户带来的潜在风险。 Shein 表示，为了应对美国和欧盟的贸易壁垒，公司正在采取一系列措施，包括提高产品价格以抵消成本上升。 该零售商还表示，中东冲突推高了物流成本，
这不仅影响了直接受冲突影响的海湾国家，也影响了欧洲市场，因为后者遭受了来自中东和亚洲国家游客减少的挤压。 首席财务官 Cécile Cabanis 在业绩电话会议上表示，欧洲在该季度经历了乏力的游客需求。 在卡地亚（Cartier）所有者 Richemont 报告其财年第一季度销售额显著增长（得益于强劲的需求）之后，LVMH 公布了其业绩。
在上一季度记录的数值。该部门在经历连续几个季度的下滑后恢复增长。 这家由法国亿万富翁 Bernard Arnault 领导的奢侈品巨头表示，地缘政治和经济环境现有的动荡被中东战争进一步放大。如果剔除冲突影响，第二季度的营收增长了 4%。 该行业一直受到美国与以色列对抗伊朗战争余波的影响，因为
1H 2026 1H 2025 上半年奥迪品牌车辆交付量
其他市场
0 100 thousand vehicles 200 300 400
来源：公司 *包含香港
包括奥迪、宾利、兰博基尼和杜卡迪品牌在内的公司——表示目前预计今年的营收将在 €58 billion 和 €63 billion 之间，而早前指引为 63 billion 和 €68 billion 之间。
其他 –18%
欧洲* –14%
中国 –32%
北美 –13%
ANDY WONG/AP
德国 –6%
领导大众集团（Volkswagen Group），大众持有保时捷的控股权。他为 Leiters 腾出了空间，后者曾是保时捷工程师，随后在法拉利工作，并经营英国赛车制造商 McLaren。 Leiters 在上个月的年度股东大会上暗示了他的品牌振兴计划，概述了缩小并简化保时捷产品范围的方案。“我们的产品组合已经变得过于复杂，”他说道。 他还采取行动出售非核心资产，包括公司在赛车品牌布加迪（Bugatti）和电动超跑制造商 Rimac 中的股份。Leiters 将在 10 月初交付完整的战略方案。 保时捷面临的关键问题是中国市场，其去年在中国的销售额下降至 41,938, 不到 2021 年峰值的一半。低迷的房地产市场、新税收和
营业利润率目前预计在 5% 至 7% 之间，而此前为 6% 至 8%。 净现金流仍预计在 €3 billion 至 €4 billion 之间。 对于上半年而言
且抑制了全球需求， 这可能会影响 2026 年的收入， 尽管预计长期内不会产生 实质性影响。 该公司近年来在全球范围内 积极扩张，利用以中国南部 生产和物流枢纽为中心的 广泛供应链。Shein 最近还 致力于将其供应链多样化， 扩展到包括巴西和土耳其在 内的国家。 这家目前总部设在新加坡的 公司在去年夏天秘密申请 香港 IPO 之后，于今年早 些时候获得了中国的上市 批准。 该零售商此前曾寻求在纽 约上市，并考虑在伦敦上市， 但这些努力因华盛顿与北 京之间不断升级的贸易紧张 局势而受挫。 《华尔街日报》本月早些 时候报道，计划中的香港上 市可能会使该公司的估值 超过 $40 billion。 自 2022, 年达到 $100 billion 以来，由于在与 Temu 等 竞争对手的激烈竞争以及 贸易限制升级带来的持续 不确定性中挣扎，Shein 的 估值大幅下降。
对珠宝的需求。 为了激发对高端时尚的新 兴趣，LVMH 重新调整了其 大部分创意团队。该公司 表示，Dior 对 Jonathan Anderson 的首批设计有了“极佳的开 局”，他目前担任该时尚之 家的首席创意官。 上半年，LVMH 录得净利 润 €5.7 billion，与去年同期持 平，而其经常性业务利润 从之前的 €9.01 billion 下降至 €8.69 billion。
该公司表示，其营业利润 为 €1.12 billion，高于去年同 期的 €1.09 billion，而收入 下降 10% 至 €29.18 billion。 该汽车制造商录得 3.8% 的营业利润率，高于之前的 3.3%，净现金流为 €1.89 billion。 今年前六个月，该公司交付 了 727,245 辆奥迪品牌车辆， 同比下降 7.2%，主要由于 在中国面临的持续竞争挑战 以及美国的关税。 中国交付量下降 19%，而 北美（不包括墨西哥）的 交付量同比下降 17%。 在其他地区，德国及其他 主要欧洲市场的需求稳定， 所有驱动类型的交付量均 显著高于去年数据。
本土汽车制造商的崛起阻碍了 中国消费者购买昂贵的进口 车。 目前几乎没有迹象表明市场 正在复苏，保时捷 2026 年 上半年的中国销量与去年 同期相比又下降了 32%。 “我们绝不是在经历短期的 低迷，而是一种结构性转变。 客户的预期正在发生变化，” Leiters 在年度股东大会上 表示。“竞争也变得更加激 烈。” 特朗普总统的关税政策构 成了另一项挑战。保时捷将 在美国销售的所有车辆均 从欧洲进口，且其规模不足 以考虑在当地生产。新的 征税去年给公司造成了约 $800 million 的成本。 雪上加霜的是电动汽车的 普及速度缓慢。2022 年， 当人们对这项新技术的热情 处于高点时，该汽车制造商 上市并预期到 2030. 年，其 销售额的 80% 将是纯电动 汽车。去年，当这种情景显 然极不可能实现时，该公司 核销了数十亿美元的投资。
有望实现 2030年 销售目标
作者：ADRIÀ CALATAYUD
AstraZeneca 表示，公司正处于实现 2030 年营收目标的正轨上，且管线中已有药物可推动此后的持续增长，同时公司报告称，受癌症药物驱动，第二季度销售额有所增长。该英国制药商在周一试图安抚投资者，此前一项关键试验在本月早些时候未能达到预期，导致部分人士怀疑两年前设定的到 2030 年实现 $80 billion 营收的目标是否依然可行，并导致股价下跌。“我从未如此自信地认为我们的管线具有如此强大的实力，”AstraZeneca 首席执行官 Pascal Soriot 在与记者的电话会议中表示。Soriot 称，公司从一开始就假设部分候选药物会在试验中失败，且其目标是基于针对该风险调整后的销售预测。他表示，随着高血压药物 Baxfendy 和乳腺癌治疗药物 Etcamah 的近期推出，AstraZeneca 已完成 2030 年前推出 20 种新药计划的一半以上。AstraZeneca 表示，其针对胃癌的实验性治疗药物 sone- sitatug vedotin 在一项后期研究中有助于提高患者的生存率，但在疾病未恶化的生存期方面未显示出统计学上的显著变化。这些是其全资拥有的抗体-药物偶联物（ADC）组合的首批结果，这是一类快速增长的癌症疗法。Soriot 表示，公司将在未来一年半内提供 20 项高价值研究的更新情况，这些研究有潜力在 2030 年之后加强其产品组合，凸显了其管线的替代能力。他补充道，AstraZeneca 不需要通过合并与收购来实现其目标。AstraZeneca 在伦敦上市的股票周一上涨近 2%。本月由于公司表示其 Wainua 药物未达到一项心脏病后期临床试验的主要目标，该股受到打击，且此后一直未恢复。第二季度，AstraZeneca 报告总营收为 $15.38 billion，而去年同期为 $14.46 billion，在调整货币变动后增长了 5%。根据 Visible Alpha 汇总的共识预测，分析师此前预估 AstraZeneca 的总营收为 $15.42 billion。公司报告称，在汇率不变的情况下，肿瘤产品营收增长 15%，这主要由 Tagrisso 和 Imfinzi 等药物的持续增长所驱动。这抵消了其 Farxiga 药物专利到期后，心血管、肾脏和代谢业务板块的下滑。净利润从 $2.45 billion 增长至 $2.51 billion。在剔除异常项目后，核心每股收益在汇率不变的情况下增长 18%，达到 $2.63。AstraZeneca 重申了全年指引，并表示仍预计营收将增长中高个位数百分比，且在剔除汇率变动后，预计核心每股收益将实现低双位数增长。
作者：KEACH HAGEY
英伟达（Nvidia）正投资于前 OpenAI 首席科学家伊利亚·萨茨克维尔（Ilya Sutskever）名下那家神秘的人工智能实验室。这是一项长期合作伙伴关系的一部分，旨在增强该初创公司获取计算能力的机会，同时帮助这家芯片巨头抵御竞争对手。
这两家公司周一表示，在对该初创公司的研究现状进行一次罕见的深入了解后，这家芯片制造商进行了“实质性”投资。目前尚不清楚该交易的具体财务条款。
作为协议的一部分，萨茨克维尔的公司 Safe Superintelligence 将获得大量英伟达旗舰图形处理单元（GPU）硬件的使用权——两家公司表示，这些硬件足以将其计算资源提高一个“数量级”。据知情人士透露，该公司此前主要依赖 Alphabet 旗下谷歌（Google）制造的芯片，即张量处理单元（TPU）。
这次合作表明，在美国的 AI 热潮中，芯片制造商正采取何种策略来锁定高知名度的客户。
今年 3 月，英伟达与另一位 OpenAI 资深人士、前 OpenAI 首席技术官米拉·穆拉蒂（Mira Murati）达成了一项类似的投资协议，后者于去年共同创办了自己的实验室 Thinking Machines Lab。
Thinking Machines 发布了其首个 AI 模型，该模型在……上进行了训练。
[[IMG_XXXX]] 伊利亚·萨茨克维尔 (Ilya Sutskever)
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破产公告
美国特拉华州地区破产法院 关于： SiFi Networks America, LLC, 债务人。1 第 11 章 案件编号 26-10912 (BLS)
关于进入截止日期令之通知，该命令确定了提交债权证明的截止日期。请注意：2026年6月5日（“申请日期”），上述案件中的债务人兼占有债务人 SiFi Networks America, LLC（“债务人”）向美国特拉华州地区破产法院（“破产法院”）提交了根据《美国破产法》（“破产法”）第 11 章寻求救济的自愿申请。2026年7月24日，破产法院发布了一项命令 [档号 166]（“截止日期令”）2，确定了向债务人法庭指定的债权处理及通知代理机构 Stretto, Inc.（“Stretto”）提交债权证明表（定义见截止日期令）的以下截止日期（“截止日期”）：
一般截止日期。任何持有或主张针对债务人的债权，且该债权在申请日期当日或之前产生（或被视为产生）的个人或实体（包括但不限于每个个人、合伙企业、合资企业、公司、有限责任公司、遗产和信托），（包括根据破产法第 503(b)(9) 条规定，在申请日期前二十 (20) 日内由债务人在正常业务过程中接收货物而产生的任何债权），必须提交债权证明表，使其在 2026年8月28日 东部时间晚上 11:59 或之前实际被 Stretto 收到。
政府截止日期。任何持有或主张针对债务人的债权，且该债权在申请日期当日或之前产生（或被视为产生）的政府部门，必须提交债权证明表，使其在 2026年12月2日 东部时间晚上 11:59 或之前实际被 Stretto 收到。
拒绝履行截止日期。在第 11 章案件期间，任何持有或主张因债务人拒绝履行任何未到期租赁协议或执行合同（“协议”）而产生的拒绝履行损害赔偿的个人或实体（包括但不限于每个个人、合伙企业、合资企业、公司、有限责任公司、遗产和信托），必须提交债权证明表，使其在以下日期中较晚的一天或之前实际被 Stretto 收到：(a) 本法院命令授权拒绝执行合同或未到期租赁协议之令进入后的三十 (30) 日，或根据本法院批准的程序通知；(b) 本法院另一项命令设定的任何日期；或 (c) 适用的“一般截止日期”或“政府截止日期”。
截止日期令及债权证明表的副本可在 Stretto 网站 (https://cases.stretto.com/SiFiNetworks) 免费查看和下载，也可通过书面请求向 Stretto 获取，地址为：SiFi Networks America, LLC Claims Processing, c/o Stretto, 410 Exchange, Suite 100, Irvine, CA 92602.
所有债权证明表必须附有原始签名，用英文书写，并以美国法定货币计价。在完成的债权证明表中，您应随附该债权所依据的任何文件的副本，或说明该等文件不可获得的原因。债权证明表必须交付给 Stretto，使其在适用的截止日期前实际收到，交付地址及方式如下：
若通过一类邮件 (First-Class Mail)、专人递送或隔夜邮件发送：SiFi Networks America, LLC Claims Processing, c/o Stretto, Inc., 410 Exchange, Suite 100, Irvine, CA 92602.
此外，债权人可通过填写 Stretto 网站 https://cases.stretto.com/ S 上的债权证明表以电子方式提交债权证明。
FiNetworks。债权证明表不得通过传真、电传、电子邮件或其他电子方式提交（电子债权证明除外），通过此类方式提交的债权证明表将不被视为及时提交。任何债权证明的邮戳日期均不被认可。任何被要求按照截止日期指令（Bar Date Order）规定的形式和方式提交债权证明表且未能在该适用截止日期当日或之前提交的个人或实体，可能会：(a) 被永久禁止、阻止并禁止针对债务人、其遗产或遗产财产主张该等债权，或此后在第11章案件中就此提交债权证明表；(b) 在本程序中就该等债权在对任何计划进行投票时，不被视为债务人的债权人；且 (c) 不能就该等债权收到或有权收到来自债务人或其继承人或受让人的任何付款或财产分配。关于本通知的问题应向 Stretto 咨询，电话：(855) 611-3927（美国或加拿大境内免费）或 (925) 264-0475（国际），或通过电子邮件发送查询至：TeamSiFi@stretto.com。请注意，Stretto 的工作人员不被允许提供法律建议。
英伟达的硬件，本月早些时候。Sutskever 是一位著名的研究员，其突破性成果帮助开启了 AI 革命，他在 2024. 共同创立了 Safe Superintelligence。这家初创公司表示其有一个单一目标：一次“直线”研究冲刺，旨在实现他所谓的“安全超级智能”——行业术语，指能够完成人类所能完成的任何事情且不会威胁人类的 AI。该公司迅速吸引了来自 Andreessen Horowitz 和 Sequoia Capital 等风险投资巨头约 $2 billion 的资金。到目前为止，它对其研究保密严密。据《华尔街日报》此前报道，基于 Sutskever 在该领域的名望，该公司在去年达到了约 $30 billion 的估值。Sutskever 出生于前苏联，在以色列长大，是一位数学神童，在加拿大担任研究生期间师从诺贝尔奖获得者的 AI 研究员 Geoffrey Hinton，从而成名。2012 年，他与 Hinton 共同撰写了一篇关于计算机视觉的论文，通过证明使用海量数据和计算能力扩展深度神经网络可以产生可衡量的智能提升，从而开启了现代 AI 竞赛。随后，Sutskever 加入了 Google，但于 2015. 离开并成为 OpenAI 的共同创始人之一。在那里，他的洞察力助力创建了 ChatGPT，并因坚信增加训练 AI 模型的数据量和计算能力将实现该公司创建“通用人工智能”或 AGI 的既定目标而闻名。后来，他与公司首席执行官 Sam Altman 发生了激烈的冲突——投票支持将其解雇，在 Altman 复职数月后，他自己也离开了公司。此后，在极少数的公开声明中，Sutskever 公开质疑仅通过扩展当前范式是否足够。
MANUEL ORBEGOZO/REUTERS
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AI网络安全倡议
SpaceX、微软 和Palantir 等公司参与该联盟
作者：JOSEPH DE AVILA 和 SAM SCHECHNER
英伟达（Nvidia）正领导一个由科技公司组成的新联盟，该联盟希望美国政府及其盟友将开源人工智能视为一种网络安全资产，而非威胁。这个由英伟达支持的组织被命名为“开源安全人工智能联盟”（Open Secure AI Alliance），该组织周一表示，其目标是创建并部署一套开源AI工具，任何公司都可以使用这些工具来防御网络攻击。
该组织成员包括SpaceX、微软（Microsoft）、Palantir以及数十家其他公司，其中许多公司公开反对限制对开源AI的访问。
在政府和行业官员日益担心AI系统可能引发网络攻击的背景下，这是关于开源（或开放权重）AI工具未来的又一次激烈交锋。这些担忧已促使白宫加强对AI模型的监管，并推动私营部门部署AI
作者：ADRIANO MARCHESE
Rocket Lab 获得太空部队合同
Rocket Lab 获得了一项价值 $266 百万美元的美国太空部队合同，这是该公司迄今为止最大的一笔协议，将支持多达 18 次亚轨道发射以增强导弹防御能力。
根据合同，这家提供发射服务、航天器、有效载荷和卫星组件的太空公司周一表示，将执行 12 次亚轨道发射，另有最多 6 次额外发射，其中首次发射预计将于 2026 年底前进行。
大多数发射将在位于阿拉斯加州科迪亚克（Kodiak）的太平洋航天港综合体-阿拉斯加（Pacific Spaceport Complex-Alaska）的新公司地点进行。该公司在弗吉尼亚州和新西兰还设有另外两个发射场。
美国太空部队成立于 2019, 12 月，是美国武装部队的太空服务部门。该部门负责开展全球太空行动，并保护美国及其盟友在太空中的利益。
“这份合同的规模反映了太空部队对我们能够快速、灵活且大规模地满足其紧急国家安全需求的信心。我们很自豪能够提供所需的高频发射能力，”该公司表示，将使用其较小的 Electron 火箭来实现。该公司还与国防承包商 RTX 合作，开发美国的“金穹”（Golden Dome）空间导弹防御盾。
上个月，Rocket Lab 同意收购 Iridium Communications，此举将使其控制一个卫星集群并获得无线资源，从而可以与 SpaceX 竞争。
许多生物技术公司选择反向合并
作者：BRIAN GORMLEY
近期融资低迷带来的持续不安，导致越来越多的生物技术初创公司通过与上市公司“反向合并”来上市。
在反向合并中，一家私营公司与一家上市公司合并，初创公司的投资者成为合并后新业务的大股东。通常，上市公司同意这样做是因为其遭受了严重挫折（如临床试验失败），且靠自身恢复的希望渺茫。
如今，生物技术反向合并通常伴随同步融资以支持公司运营。
根据投资银行 William Blair 的数据，今年上半年生物技术公司达成了 11 宗反向合并交易，而 2025, 全年仅为 5 宗。
不久前，反向合并还被贴上“两个弱者互相搀扶”的标签。
在首次公开募股（IPO）市场冻结时，初创公司会诉诸于此。而现在，即便 IPO 正在回暖，反向合并的数量仍在上升。在最初的阶段，有 14 家生物技术公司进行了 IPO。
【针对防御目的。】
在 Moonshot 和 Z.AI 等中国开发者的新模型让开发者惊叹并赢得了越来越多美国用户后，权重开放（Open-weights）模型成为了日益关注的焦点。开放模型可免费下载，并允许用户根据自己的需求进行定制，尽管运行任何模型都需要计算成本。
包括 Anthropic 和 OpenAI 一些高管在内的批评者认为，许多来自中国的开放模型给国家安全带来了潜在风险，特朗普政府官员已在考虑禁止这些模型。
这一新团体表示，开放模型能够“使防御能力民主化”。“当政策制定者和监管机构努力应对 AI 安全问题时，至关重要的是要将开放模型、利用工具和安全工具视为防御资产，而非负债。”
由于权重开放模型可以被其
Rocket Lab 将在这项价值 $266 百万美元（其最大规模合同）的合同下，执行多达 18 次亚轨道发射。
“确保美国在应对全球威胁方面保持领先，”Rocket Lab首席执行官彼得·贝克爵士（Sir Peter Beck）表示。
《华尔街日报》此前报道称，Rocket Lab在二十年前作为一家发射服务供应商起家，但近年来一直在收购与卫星生产和运营相关的业务。
该航天公司是全球仅有的几家能将火箭发射入轨的公司之一，据该报报道，它已发射了88枚小型载荷火箭，主要进入近地轨道。
该报称，Rocket Lab的小型火箭对有时需要快速将间谍卫星送入太空的军队具有吸引力。
今年3月，Rocket Lab获得了$190 million合同，用于帮助测试高超音速飞行条件。
根据William Blair的数据，这增加了一倍，而2025年全年仅为8次。
随着市场动态增强了反向并购的吸引力，企业家和投资者的看法正在发生变化。
一些在疫情期间上市的生物技术公司此后表现不佳，目前正准备考虑这一方案。而对于初创公司而言，它们通常发现通过反向并购可以筹集与通过IPO相同的资金，且来自同样的顶尖投资者。
尽管生物技术融资市场正在回升，但近期的低迷仍让人记忆犹新，初创公司正在探索尽可能多的选择。
“如今的公司正在寻求一切机会为其项目融资，而反向并购就是其工具包中的选项之一，”Wilson Sonsini Goodrich & Rosati律师事务所合伙人詹妮弗·方（Jennifer Fang）表示。
一些同意进行反向并购的高质量初创公司提升了这类交易的知名度。今年3月，Candid Therapeutics——一家由风投支持的、致力于开发针对自身免疫和炎症性疾病的T细胞接合器疗法公司——同意与公开上市的生物技术公司Rallybio合并，该交易包括一项超过$505 million的同期融资。
由于成为热门目标，Candid在5月同意改为被药企UCB以最高$2.2 billion的价格收购。该收购于6月完成。
在Candid退出后，另一家初创公司迅速接手。Avenzo Therapeutics和Rallybio于6月1日披露了一项反向并购协议及同期$215 million的融资。
行业观察人士表示，由于随着交易的增加，愿意接受该方案的公司供应量在减少，生物技术反向并购的竞争正在加剧。
随着生物技术公司走出疫情后低迷期的不确定性，初创公司希望明确能够筹集多少资金以及估值多少。这就是反向并购吸引力的一部分。
在IPO中，售价和出售股份数量可能会波动。相比之下，进行反向并购的生物技术公司在前期就协商好同期融资和估值。
但这也存在潜在的缺点。公司在IPO之前的路演中会接触数十名投资者，通常情况下。
针对部分用户，有可能删除他们防止有害活动的一些防护栏。
英伟达等开源支持者则反驳称，像Anthropic或OpenAI提供的专有工具同样可能被滥用，且其防护栏也可以被规避。他们认为，只有通过开源工具广泛传播AI能力，每个人才能保护自己。
支持这一论点的证据A：本月初，开源AI工具提供商Hugging Face遭到攻击，攻击者使用了OpenAI模型，这些模型设法突破了测试环境并进入互联网。
在试图抵御攻击时，Hugging Face最初尝试使用Anthropic模型分析日志，但该模型以其针对网络攻击的防护栏为由，拒绝进行分析。
随后，Hugging Face转向使用一个来自中国的开放权重模型。在利用该模型分析攻击后，Hugging Face得以将攻击者清除。
攻击 AI、重置其密码并重建网络中受损的部分。 “最近 Hugging Face 的安全事件提供了一个明确的提醒，”该新团体周一表示。“网络防御者需要‘开放’系统。” Anthropic 和 OpenAI 同时也指责中国开发者使用一种名为“蒸馏”（distillation）的工艺来有效地复制其模型。 蒸馏的工作原理是通过重复向模型提问，并利用这些答案来训练一个能够获得相似性能的新模型。 美国官员表示，他们将蒸馏视为盗窃，并可能会采取行动。 风险投资家兼白宫顾问 David Sacks 主张，美国不应限制开源模型，而应接纳它们。他认为美国应该推动出口其 AI 工具，而限制措施可能会迫使其他国家转而使用中国技术。 “我认为，如果政府采取行动打击开源生态系统，那将是一个悲剧性的错误，”他在周五共同主持的 “All-In” 播客中说道。“这除了损害美国在这次 AI 竞赛中的地位外，毫无益处。”
观察人士表示，与反向并购（reverse merger）及同步融资（通常由较小规模的投资者群体提供）相比，IPO 能带来更多的关注。 Wedbush Securities 金融服务公司的医疗保健股票研究主管兼共同负责人 David Nierengarten 表示，IPO 路演能产生一个庞大的潜在支持者池，这些人会对公司有所了解。即便他们没有参与 IPO，以后也可以选择投资。 一些成功的管理人员表示，一旦他们完成反向并购交易，其人脉关系将帮助他们迅速为公司吸引新投资者和股票研究分析师。 初创公司 Avere Therapeutics 本月早些时候同意与上市公司 NextCure 进行反向并购，并获得 $320 million 的同步投资。此前，Avere 的管理团队成员曾就职于 Akero Therapeutics，后者在 12 月被制药商诺和诺德（Novo Nordisk）以最高 $5.2 billion 的价格收购。
ROCKET LAB/ZUMA PRESS
CPO Council
首席人才官（CPO）理事会是《华尔街日报》领导力学院最新的会员社区，旨在为塑造文化、构建韧性团队并推动组织协同的顶级人力资源领导者提供平台。
随着职场环境以前所未有的速度发生变革，该理事会为 CPO 和首席人力资源官（CHRO）提供了一个值得信赖的空间，用于交流人才战略方法、应对领导力挑战并增强绩效。
欲了解更多信息或申请加入，请扫描二维码联系 CPO 理事会团队，或在 cpocouncil.wsj.com/contact 提交表格。
Zyn 尼古丁袋产量
作者：CONNOR HART
菲利普莫里斯国际（Philip Morris International）在科罗拉多州开设了一座耗资 $1.2 billion 的制造园区，这是该烟草公司扩大 Zyn 产品组合并满足尼古丁袋日益增长的需求所采取的努力的一部分。
菲利普莫里斯周一表示，该奥罗拉（Aurora）制造工厂最初在 2024 年宣布为一个 $600 million 项目，它将扩大公司的国内制造能力并增强其供应链韧性。
在经历了大约 19 个月的建设后，该场地于本月早些时候开始商业化生产。这座面积约 780,000 平方英尺的园区生产 Zyn 尼古丁袋，使奥罗拉成为未来增长的战略生产和出口枢纽。
“该设施扩大了我们的生产能力，增强了我们的供应链，并提升了我们服务于美国及全球日益增长需求的能力，”菲利普莫里斯美国公司首席执行官 Stacey Kennedy 表示。“这反映了我们对美国工人、美国制造业以及其股份长期价值的信心。”
$5.5 Billion 滑石粉协议
接第 B1 页
强生（J&J）此前曾提出和解诉讼的报价，但未能完成交易。然而，在最近一名法官的裁决威胁到诉讼的可行性后，原告对这一新报价表示支持。
申请邀请 请于 10 月 7 日加入我们在华盛顿特区举办的《华尔街日报》健康未来 (WSJ Future of Health) 活动。这一顶级的医疗保健盛会将汇集政府、工业界、风险资本和公共卫生领域最具影响力的声音，共同面对我们 era. 的定义性健康挑战。通过由编辑部主导的对话和专属的社交机会，与会者将对塑造医疗保健未来的创新、政策和伙伴关系获得宝贵的见解。
为什么参加？ ■ 聆听塑造医学、护理交付和公共卫生下一个篇章的行业领袖的见解 ■ 探索变革医疗保健的力量——从 AI 驱动的诊断和 GLP-1 类药物到延长寿命和护理成本，我们将探讨推动整个健康生态系统变革的趋势 ■ 通过包含更多演讲者和跨部门对话的扩展计划，接触更广泛的声音和观点
呈现赞助商
BING GUAN/BLOOMBERG NEWS
一座面积约为 780,000 平方英尺的科罗拉多州欧若拉 (Aurora) 工厂将支持 Zyn 市场的增长。
“我们业务未来的增长机会。” 菲利普莫里斯 (Philip Morris) 已向该园区投资约 $1。该公司计划在未来两年内为该设施的下一阶段开发追加投资 $200，以增加生产能力并扩大场地规模。
这次扩建将支持 Zyn 在美国的增长，以及在亚洲、拉丁美洲和加勒比海等国际市场的日益增加的机会，菲利普莫里斯表示。 菲利普莫里斯上周表示，将加大对其美国业务的投资，旨在保持 Zyn 作为美国人首选尼古丁袋的地位。
上周，原告方的两名专家证人无法证明滑石粉具体导致了任何一名女性患癌，而非由其他原因引起，这导致一名联邦法官要求原告解释为什么他们的主张不应被驳回。强生 (J&J) 目前正将此作为其 $5.5 承诺的筹码。强生全球诉讼副总裁 Erik Haas 表示，原告的主张“缺乏科学依据，仅由无法通过严格司法审查的不可靠专家意见支撑”。
同一位法官还取消了 Beasley Allen 的资格。这家阿拉巴马州律师事务所此前反对强生 2024 的破产计划，现被取消在联邦案件中代表约 5,500 名女性的资格。法官发现该律所与一名曾了解公司内部想法的前强生律师进行了不恰当的合作。Beasley Allen 否认有违规行为。
新和解协议中原告律师的谈判委员会表示，在经过多年的诉讼后，他们同意达成协议。原告共同首席律师，来自 Ashcraft & Gerel LLP 的 Michelle Parfitt 赞扬了“这些要求强生为其行为负责的女性及其家人的勇气和决心”。
强生表示，根据协议，将在 2027 年支付高达 $3 的赔偿金，2028. 之前无需进一步付款。它承诺支付 $5.5 的赔偿金。
如果卵巢癌滑石粉诉讼中的首席原告律所同意参与，并且 95% 的索赔申请人同意和解，该交易将最终确定——这一确定过程可能需要数月时间。 强生花费了十多年时间来对抗有关其粉末导致卵巢癌的主张。
交易金额 $2.2 Billion
作者：ADRIÀ CALATAYUD
Argenx 表示，已达成协议将以 $2.2 billion 收购 Forte Biosciences，旨在加强其免疫学产品管线。
这两家公司周一表示，欧洲制药公司 Argenx 将以每股 $77 的现金收购在纳斯达克上市的 Forte。该价格较 Forte 周五的收盘价溢价 41%。
Argenx 表示，此次交易使其能够将 Forte 的实验性药物 FB102 纳入其管线，该公司认为该药具有治疗目前缺乏新药且未被满足需求较高的疾病的潜力。
Forte 最近公布了该药物的一项早期临床试验结果，显示其在治疗皮肤病白癜风方面具有显著的治疗效益，这进一步补充了去年发布的另一项关于乳糜泻研究的数据。Argenx 表示，该药物具有治疗多种自身免疫性疾病的潜力。
两家公司的董事会均已批准此次交易。他们表示，在满足惯例成交条件的前提下，预计交易将于第三季度完成。
将 Safaricom 纳入考量
作者：NAJAT KANTOUAR
沃达丰集团（Vodafone Group）上调了 2027 财年的业绩指引，以将 Safaricom 交易纳入其中，并表示其关键盈利指标应处于新预期的上限。
这家英国电信公司目前预计，扣除利息、税项、折旧、摊销及租赁后的调整后息税折旧摊销前利润（EBITDA）将在 13 billion 欧元至 13.3 billion 欧元之间，相当于 $14.78 billion 至 $15.12 billion。该集团此前指引的范围为 €11.9 billion 至 €12.2 billion。
上调的预期反映了对肯尼亚电信供应商 Safaricom 的合并，此前沃达丰的子公司 Vodacom 将其持股比例从 35% 提高至 55%。
该公司仍预计调整后自由现金流在 €2.6 billion 至 €2.9 billion 之间。
沃达丰表示：“我们现在预计将实现更新后的集团指引范围的上限。”
8月7日前可节省 $100 wsj.com/fohealth
第一季度营收增长。
沃达丰报告称，截至 6 月的财年第一季度营收为 €10.29 billion，高于去年同期的 €9.385 billion。
服务营收——电信行业密切关注的指标——从 €7.86 billion 增长至 €8.63 billion，这主要得益于包括德国和英国在内的集团关键地区的增长。
ADRIAN DENNIS/AFP/GETTY IMAGES
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52210.08 s262.83, 或 0.51% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
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当前除数 0.1682481652835
65日移动平均线
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柱状图衡量从开盘价的点数变化
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*每周市盈率（P/E）数据基于 Birinyi Associates Inc. 报告的收益；†基于纳斯达克100指数
| 指数 | 最新 | 52周最高 | 52周最低 | 收盘价 | 净变动 | % 变动 | 最高 | 最低 | % 变动 | 年初至今 (YTD) | 3年年化 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 道琼斯工业平均指数 | 52607.78 | 51985.38 | 52210.08 | 262.83 | 0.51 | 53055.91 | 43588.58 | 16.4 | 8.6 | 14.0 | |
| 运输平均指数 | 22504.44 | 21914.64 | 22066.31 | -409.85 | -1.82 | 23933.14 | 15067.87 | 34.8 | 27.1 | 10.4 | |
| 实用事业平均指数 | 1174.12 | 1154.07 | 1157.15 | -15.53 | -1.32 | 1190.23 | 1048.33 | 7.8 | 8.3 | 7.4 | |
| 12% | |||||||||||
| –12 | |||||||||||
| 总股市指数 | 74137.85 | 73178.24 | 73489.55 | 64.91 | 0.09 | 75286.10 | 61627.03 | 16.3 | 8.9 | 17.4 | |
| 巴伦400指数 | 1621.71 | 1603.41 | 1612.79 | 11.95 | 0.75 | 1635.15 | 1316.75 | 19.2 | 14.1 | 16.5 | |
| 4.00 | |||||||||||
| 4.00 | |||||||||||
| 纳斯达克股市 | |||||||||||
| 纳斯达克综合指数 | 25261.91 | 24774.87 | 24932.08 | -43.74 | -0.18 | 27093.90 | 20650.13 | 17.7 | 7.3 | 21.1 | |
| 纳斯达克100指数 | 28460.20 | 27786.54 | 28039.21 | -89.13 | -0.32 | 30660.60 | 22763.31 | 20.1 | 11.0 | 21.9 |
标准普尔 500指数 7480.57 7382.74 7413.18 1.20 0.02 7609.78 6238.01 16.0 8.3 17.8
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0.00
–2 00
5.00
2.00
中盘股400 (MidCap 400) 3824.96 3771.73 3795.78 11.92 0.32 3852.54 3104.60 18.2 14.8 12.1
小盘股600 (SmallCap 600) 1783.28 1760.85 1769.17 7.70 0.44 1804.34 1323.05 28.6 20.5 12.0
6.00%
6.00%
其他指数 罗素2000 (Russell 2000) 2972.46 2931.44 2948.03 18.04 0.62 3024.37 2166.78 30.6 18.8 14.7
纽约交易所综合指数 (NYSE Composite) 24193.50 23990.88 24098.82 107.93 0.45 24098.82 20267.69 15.7 9.5 14.0
Value Line 681.63 673.18 679.54 6.36 0.94 682.99 590.50 9.6 8.2 5.0
NYSE Arca 生物技术 (NYSE Arca Biotech) 8726.63 8591.27 8591.27 -24.61 -0.29 8917.63 5640.67 49.3 20.1 17.7
NYSE Arca 制药 (NYSE Arca Pharma) 1263.69 1242.79 1251.88 4.78 0.38 1270.42 881.47 32.2 11.2 12.8
KBW 银行指数 (KBW Bank) 190.98 186.90 188.22 -0.06 -0.03 191.84 139.52 29.5 14.6 28.7
PHLX§金/银 316.81 308.19 314.49 1.60 0.51 470.37 204.07 50.2 -8.1 36.8
PHLX§石油服务 97.13 94.37 94.43 -1.93 -2.01 109.24 58.66 47.4 28.8 1.6
PHLX§半导体 11949.46 11217.35 11554.88 -264.01 -2.23 14634.72 5527.61 101.4 63.1 45.3
Cboe 波动率指数 19.93 17.53 18.67 0.09 0.48 31.05 13.47 24.2 24.9 9.0
纳斯达克 PHLX (Nasdaq PHLX) 来源：FactSet；道琼斯市场数据
跌幅百分比 (PercentageLosers)
最新交易日 52周 公司 代码 收盘价 净变动 %变动 最高价 最低价 % 变动
最新交易日 52周 公司 代码 收盘价 净变动 % 变动 最高价 最低价 % 变动
T3Defense DFNS 13.10 8.75 201.15 1948.75 3.70 -98.7 Entera Bio ENTX 3.92 1.87 91.22 4 20 0.91 110.8 The9 ADR NCTY 4.54 1.33 41.43 11.60 3.14 -50.3 Forte Biosciences FBRX 76.50 21.72 39.65 76.60 9.10 559.5 NIP Group ADR NIPG 19.88 4.38 28.26 68.40 4 20 -69.7
PN Smart Energy PN 10.14 2.16 27.07 87.40 2.18 -84.7 EUDA Health Holdings EUDA 19.00 4.01 26.75 86.00 5 26 -70.1 Leverage 2X LgBMNR Dly BMNG 15 27 3.18 26.26 347.00 8.39 ... Tevogen Bio Holdings TVGN 5.57 1.08 24.05 70.00 3.64 -89.5 Direxion SHOP Bull 2X SHPU 13.33 2.48 22.86 46.43 7.96 ...
Defiance 2XDly LgPure QPUX 15.85 2.88 22.21 268.83 12.18 ... Twin Vee PowerCats VEEE 15.77 2.80 21.59 128.02 4.16 -81.3 NextCure NXTC 5.12 0.88 20.75 15.74 1.55 -17.0 Research Alliance III RACC 13 28 2 25 20.46 13.47 10 21 ... D-Wave Quantum QBTS 19.51 3.30 20.36 46.75 12.75 3.4
按与65日平均值的变动幅度排名* 货币与大宗商品
成交量 与65日均值 %变动 最新交易日 52周 公司 代码 (000) 收盘价 %变动 最高价 最低价
成交量 与65日均值 %变动 最新交易日 52周 公司 代码 (000) 收盘价 %变动 最高价 最低价
AiRWA YYAI 2,246 11606 3.00 -73.51 10576.80 2.64 Sovereign's Cap Flourish SOVF 302 4446 30.60 1.71 31.38 26.51 Forte Biosciences FBRX 17,544 3502 76.50 39.65 76.60 9.10 Capricor Therapeutics CAPR 29,855 2186 7.00 -64.49 40.37 4.30 NMP Acquisition NMP 376 2154 10.30 ... 10.31 9.90
3.00
MapLight Therapeutics MPLT 8,050 1809 9.91 -72.91 40.43 9.91 NIP Group ADR NIPG 225 1721 19.88 28.26 68.40 4.20 Silicon Valley Acqn SVAQ 1,168 1686 10.01 ... 10.16 9.86 Glbl X Pure MSCI IT GXPT 1,601 1531 31.44 -0.95 35.10 23.64 JPM Eq Premium Yield ROCY 1,782 1496 54.01 -0.07 54.88 48.34
最新 年初至今 区域/国家 指数 收盘价 净变动 %变动 % 变动
全球 MSCI ACWI 1108.08 2.60 0.24 9.2 MSCI ACWI 除美国 466.82 2.41 0.52 10.9 MSCI 世界指数 4795.67 6.77 0.14 8.2 MSCI 新兴市场指数 1643.33 15.30 0.94 17.0
美洲 MSCI AC美洲 2811.09 2.586 0.09 8.4 加拿大 S&P/TSX 综合指数 35568.14 199.04 0.56 12.2 拉丁美洲 MSCI新兴市场拉丁美洲 3042.06 13.16 0.43 12.3 巴西 Bovespa 175334.46 1292.51 0.74 8.8 智利 S&P IPSA 5522.00 5.99 0.11 1.8 墨西哥 S&P/BMV IPC 67157.91 774.65 1.17 4.4
欧洲、中东及非洲 欧洲斯托克600指数 644.62 0.11 0.02 8.9 欧元区 Euro STOXX 664.18 –1.75 –0.26 8.5 比利时 Bel-20 5707.41 –27.37 –0.48 12.4 丹麦 OMX哥本哈根20 1621.91 9.01 0.56 0.9 法国 CAC 40 8406.06 33.78 0.40 3.1 德国 DAX 25361.03 262.03 1.04 3.6 以色列 特拉维夫指数 4161.81 –91.27 –2.15 14.6 意大利 FTSE MIB 52054.95 252.72 0.49 15.8 荷兰 AEX 1081.13 –8.91 –0.82 13.6 挪威 奥斯陆交易所综合指数 2350.58 –26.91 –1.13 21.1 南非 FTSE/JSE 综合指数 110109.60 711.55 0.65 –4.9 西班牙 IBEX 35 19741.30 155.90 0.80 14.1 瑞典 OMX 斯德哥尔摩 1116.28 7.55 0.68 6.8 瑞士 瑞士市场指数 14421.97 94.77 0.66 8.7 土耳其 BIST 100 13774.77 –169.10 –1.21 22.3 英国 FTSE 100 10781.75 45.52 0.42 8.6 英国 FTSE 250 23898.10 96.61 0.41 6.4
欧元
亚太地区 MSCI AC亚太地区 266.02 2.77 1.05 16.8 澳大利亚 S&P/ASX 200 8894.00 121.69 1.39 2.1 中国 上证综合指数 3858.25 44.05 1.15 –2.8 香港 恒生指数 25207.18 243.95 0.98 –1.7 印度 BSE Sensex 76835.78 776.01 1.02 –9.8 日本 日经225 64931.19 320.04 0.50 29.0 新加坡 海峡时报指数 5588.34 … 休市 20.3 韩国 KOSPI 6755.75 65.13 0.97 60.3 台湾 TAIEX 43634.19 –20.65 –0.05 50.7 泰国 SET 1624.47 –19.92 –1.21 29.0
一年前 最新 滚动市盈率 预计市盈率 * 股息率 历史最高点
一年前 最新 滚动市盈率 † 预计市盈率 † 股息率 *† 历史最高点：
7413.18 s1.20, 或 0.02% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
22.15 24.94 20.23 21.34 1.51 1.62 53055.91, 07/06/26
55000
53000
51000
当日最高
49000
收盘 下跌 上涨
当日开盘
47000
收盘 开盘
当日最低
45000
43000
25000
Instinct Bio TechnclCo BIOT 2.74 -12.76 -82.32 50.00 2.00 -77.7 AiRWA YYAI 3.00 -8.33 -73.51 10576.80 2.64 -100.0 MapLight Therapeutics MPLT 9.91 -26.66 -72.91 40.43 9.91 ... STAK STAK 2.52 -6.75 -72.82 12.00 0.29 40.8 Capricor Therapeutics CAPR 7.00 -12.71 -64.49 40.37 4.30 -0.9
Enigmatig EGG 2.05 -3.05 -59.80 13.07 2.05 -63.8 Defiance Tgt 2xShrt QBTS QBTZ 4.18 -2.83 -40.36 96.84 2.72 ... Fundrise Innovation Fund VCX 38.35 -17.27 -31.05 575.00 31.21 ... Vivakor VIVK 2.10 -0.81 -27.84 5028.61 1.45 -99.9 Defiance Tgt 2X Shrt BMNR BMNZ 13.90 -5.00 -26.46 47.99 11.32 ...
Decoy Therapeutics DCOY 3.74 -1.30 -25.79 415.80 3.71 -97.2 D. Boral ARC Acqn I Cl A BCAR 7.79 -2.56 -24.73 11.17 7.51 ... Advanced Biomed ADVB 14.36 -4.62 -24.34 24 23 3.61 43.7 Indaptus Therapeutics INDP 2.04 -0.57 -21.84 10.57 0.92 -79.4 Faraday Future FFAI 5.12 -1.37 -21.11 496.50 4.84 -98.8
美东时间下午5点美元外汇汇率
US$ vs. 周一 年初至今变化 国家/货币 以美元计 每美元兑换 (%)
美洲 阿根廷比索 .00071496.9909 3.2 巴西雷亚尔 .1949 5.1299 –7.0 加拿大元 .7080 1.4124 2.9 智利比索 .001063 940.44 4.5 哥伦比亚比索 .000312 3203.76 –15.0 厄瓜多尔美元 1 1 持平 墨西哥比索 .0573 17.4570 –3.1 乌拉圭比索 .02490 40.1673 2.8 亚太地区 澳大利亚元 .6988 1.4310 –4.5 中国元 .1478 6.7661 –3.3 港元 .1275 7.8422 0.8 印度卢比 .01044 95.768 6.6 印尼卢比 .0000554 18062 8.2 日元 .006107 163.75 4.5 哈萨克斯坦坚戈 .002107 474.66 –6.5 澳门币 .1238 8.0802 0.7 马来西亚林吉特 .2446 4.0877 0.7 新西兰元 .5773 1.7322 –0.3 巴基斯坦卢比 .00360 277.850 –0.9 菲律宾比索 .0162 61.695 4.7 新加坡元 .7744 1.2913 0.4 韩国 won .0006826 1465.03 1.7 斯里兰卡卢比 .0029743 336.21 8.5 台湾元 .03096 32.300 3.0 泰国铢 .02973 33.640 6.8
日元
道琼斯商品指数 (DJ Commodity) 1360.09 -36.85 -2.64 1467.33 1037.49 27.77 20.29 富时/CME CRB 指数 383.49 -12.18 -3.08 406.18 291.69 26.37 28.35 原油，美元/桶 82.61 -6.70 -7.50 112.95 55 27 23.83 43.87 天然气，美元/MMBtu 2.767 -0.104 -3.62 7.460 2.523 -7.40 -24.93 黄金，美元/金衡盎司 4074.50 6.90 0.17 5318.40 3293 20 23.13 -5.80
预测市场：2026年比特币 vs. 黄金 vs. 标准普尔500指数
该市场将根据比特币、黄金和标准普尔500指数这三种资产中在 2026 年表现最佳的一项来结算，表现以每项资产在年度内的价格百分比变化来衡量。
黄金：20% t 标准普尔500指数：64%
25.17 24.85 21.10 24.03 1.11 1.20 7609.78, 06/02/26
盘后交易 纽约证券交易所（NYSE）、NYSE Arca、NYSE Amer 及纳斯达克（Nasdaq）发行股票中交易最活跃且波动最大的股票，统计时间为东部时间下午 4 点至 6 点，数据由电子交易服务、证券交易商和区域交易所提供。最低股价为 $2，最低盘后成交量为 50,000 股。
盘后交易最活跃股票
| 公司 | 代码 | 成交量 (000) | 最新价 | 净变动 | %变动 | 最高价 | 最低价 |
|---|---|---|---|---|---|---|---|
| Grab Holdings | GRAB | 21,413.4 | 3.36 | 0.01 | 0.27 | 3.37 | 3.34 |
| T3Defense | DFNS | 8,705.6 | 20.00 | 6.90 | 52.67 | 21.20 | 12.68 |
| Netflix | NFLX | 8,026.7 | 70.59 | 0.19 | 0.27 | 74.41 | 70.40 |
| 英伟达 | NVDA | 7,491.9 | 197.02 | 0.51 | 0.26 | 206.01 | 185.68 |
| VanEck Semiconductor SMH | 7,451.6 | 550.00 | 1.45 | 0.26 | 550.79 | 546.80 | |
| Intel | INTC | 6,251.5 | 91.31 | -0.36 | -0.39 | 91.71 | 91.02 |
| 苹果 | AAPL | 4,425.7 | 336.52 | -0.39 | -0.12 | 337.19 | 336.23 |
| Energy Transfer | ET | 4,164.9 | 19.96 | 0.05 | 0.23 | 19.98 | 19.85 |
最大涨幅股票…
| 公司 | 代码 | 成交量 (000) | 最新价 | 净变动 | %变动 | 最高价 | 最低价 |
|---|---|---|---|---|---|---|---|
| Celestica | CLS | 784.2 | 343.98 | 25.74 | 8.09 | 351.20 | 307.49 |
| LiveWire Group | LVWR | 1,187.3 | 2.62 | 0.19 | 7.81 | 2.84 | 2.40 |
| Applied Digital | APLD | 3,968.4 | 27.73 | 1.36 | 5.14 | 29.00 | 26.08 |
| Cadence Design Systems | CDNS | 402.8 | 353.20 | 14.59 | 4.31 | 364.17 | 329.00 |
...以及最大跌幅股票
| 公司 | 代码 | 成交量 (000) | 最新价 | 净变动 | %变动 | 最高价 | 最低价 |
|---|---|---|---|---|---|---|---|
| Noble | NE | 78.2 | 40.02 | -3.09 | -7.17 | 43.11 | 39.50 |
| Universal Health ClB | UHS | 53.8 | 151.56 | -7.75 | -4.86 | 162.66 | 142.40 |
| Entegris | ENTG | 117.0 | 120.88 | -5.49 | -4.34 | 126.66 | 120.88 |
| Virtuix Holdings | VTIX | 117.3 | 2.09 | -0.09 | -4.13 | 2.18 | 2.02 |
| Brown & Brown | BRO | 52.2 | 67.50 | -2.20 | -3.16 | 71.20 | 65.58 |
| 货币 | 美元价格 (US$) | 汇率 (每美元) | 年初至今变动 (%) | 国家/货币 | 地区/货币 (以美元计) | 每美元 (汇率) | (%) |
|---|---|---|---|---|---|---|---|
| 越南盾 | .00003800 | 26315 | 0.1 | 欧洲 | 捷克克朗 | .04705 | 21.255 |
| 丹麦克朗 | .1521 | 6.5756 | 3.4 | 欧元区欧元 | 1.1368 | .8797 | 3.4 |
| 匈牙利福林 | .003157 | 316.73 | –3.2 | 冰岛克朗 | .007971 | 125.45 | 0.1 |
| 挪威克朗 | .1035 | 9.6649 | –4.2 | 波兰兹罗提 | .2632 | 3.7999 | 5.8 |
| 瑞典克朗 | .1028 | 9.7275 | 5.6 | 瑞士法郎 | 1.2207 | .8192 | 3.4 |
| 土耳其里拉 | .0211 | 47.3476 | 10.2 | 乌克兰格里夫纳 | .0222 | 44.9500 | 6.1 |
| 英国镑 | 1.3287 | .7526 | 1.4 | 中东/非洲 | 巴林第纳尔 | 2.6520 | .3771 |
| 埃及镑 | .0197 | 50.7110 | 6.3 | 以色列谢克尔 | .3272 | 3.0559 | –4.1 |
| 科威特第纳尔 | 3.2216 | .3104 | 0.8 | 阿曼里亚尔 | 2.5992 | .3847 | –0.01 |
| 卡塔尔里亚尔 | .2744 | 3.644 | –0.3 | 沙特阿拉伯里亚尔 | .2665 | 3.7520 | 0.03 |
| 南非兰特 | .0597 | 16.7631 | 1.2 |
| 收盘价 | 净变动 | %变动 | 年初至今 %变动 |
|---|---|---|---|
| WSJ美元指数 97.56 | 0.01 | 0.01 | 1.71 |
WSJ美元指数
数据来源：Tullett Prebon, Dow Jones Market Data
| 周一 | 52周最高 | 年初至今 | 收盘价 | 净变动 | %变动 | 最高价 | 最低价 | %变动 |
|---|---|---|---|---|---|---|---|---|
道琼斯合作伙伴
24932.08 t 43.74, 或 0.18% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
| 公司 | 代码 | 成交量 | 收盘价 | 净变动 | %变动 | 52周最高 | 52周最低 | 年初至今 %变动 |
|---|---|---|---|---|---|---|---|---|
| China SXT Pharm | SXTC | 334,537 | 5092.9 | 0.07 | 9.40 | 1046.99 | 0.05 | |
| Gossamer Bio | GOSS | 297,651 | 1938.1 | 0.20 | 46.62 | 3.87 0.11 | ||
| KIDZ AI | KIDZ | 248,286 | 2698.3 | 0.60 | 43.64 | 1460.00 | 0.40 | |
| Matinas BioPharma Hldgs | MTNB | 198,746 | 18879.3 | 0.33 | 37.53 | 3.09 0 23 | ||
| 英伟达 | NVDA | 153,331 | -0.8 | 196.51 | -4.99 | 236.54 | 164.07 | |
| Intel | INTC | 132,204 | -1.6 | 91.67 | -0.70 | 142.35 | 18.97 | |
| ProShares Bitcoin ETF | BITO | 130,117 | -41.8 | 8.78 | 0.92 | 22.90 | 7.87 | |
| GrShr 2xSh NVDA Daily | NVD | 98,653 | 39 2 | 5.25 | 10.06 | 11.41 | 3.93 | |
| Nokia ADR | NOK | 96,901 | -15.6 | 9.28 | 1.98 | 17.45 | 4.00 | |
| American Airlines Group | AAL | 93,548 | -11.5 | 14.95 | 3.28 | 18.79 | 10.09 |
消费者利率与投资者回报 美国消费者利率 过去一年消费者利率与其基准的对比
联邦基金 目标利率
五年期 CD 收益率
J 2025
A S O N D J 2026
F M A M J J
收益率/利率(%) 52周范围(%) 3年变化 利率 最新 (l)一周前 最低 0 2 4 6 8 最高 (百分点)
联邦基金目标利率 3 50-3.75 3.50-3 75 3.50 l 4.50 -1.75 最优惠利率* 6.75 6.75 6.75 l 7.50 -1.75 SOFR 3.64 3.59 3.50 l 4.51 -1.41 货币市场，年化收益率 0.44 0.44 0.41 l 0.45 -0.11 五年期 CD，年化收益率 1.73 1.73 1.67 l 1.73 -1.13 30年期抵押贷款，固定† 6.75 6.61 6.11 l 6.81 -0.60 15年期抵押贷款，固定† 6.13 6.06 5.55 l 6.13 -0.52 巨额抵押贷款，$832,750及以上† 6.73 6.72 6.34 l 6.95 -0.66 五年期可调利率抵押贷款 (ARM)† 5.95 5.98 5.66 l 6 26 -0.31 新车贷款，48个月 6.97 6.97 6.85 l 7 21 -0.29
Bankrate.com 利率基于对 1,500 多家在线银行的调查。*由全国 70% 的大型银行公布的基准利率。†不包括结清成本。 来源：FactSet; 道琼斯市场数据; Bankrate.com 国债收益率曲线 当前短期国债、中期国债和长期债券的到期收益率
期限
一年前
Tradeweb FTSE 周一收盘
1 个月(s)
3 6 1 年
2 3 5 7 10 20 30
来源：Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; 道琼斯市场数据
收益率 (%) 52周 总回报 (%) 债券总回报指数 收盘 最新 一周前 最高 最低 52周 3年
33.05 32.72 25.12 30.01 0.58 0.67 27093.90, 06/02/26
成交量，上涨数，下跌数
NYSE (纽交所) NYSE Amer. (美交所)
总成交量 1,199,505,171 17,607,648 上涨成交量 829,128,349 10,006,604 下跌成交量 365,470,199 4,418,735 交易品种 2,833 295 上涨 1,729 156 下跌 1,022 122 持平 82 17 新高 109 5 新低 52 15 收盘 Arms† 0.65 0.26 大宗交易 3,917 143
Nasdaq (纳斯达克) NYSE Arca
总成交量 7,797,895,697 303,560,450 上涨成交量 4,728,081,218 195,060,701 下跌成交量 3,014,413,218 103,445,894 交易品种 5,035 2,641 上涨 2,982 1,876 下跌 1,858 727 持平 195 38 新高 151 119 新低 230 52 收盘 Arms† 1.02 1.05 大宗交易 45,960 1,455
*仅限主市场 NYSE, NYSE American, NYSE Arca。 †(TRIN) 上涨和下跌品种数量与相应股价上涨和下跌成交量的比较。Arm 值低于 1 表示买入需求；高于 1 表示卖盘压力。
精选利率 5年期 CD
Bankrate.com 平均值†: 1.73%
BTG Pactual Bank 4.15% 纽约, NY 212-652-7200
Quorum Federal Credit Union 4.15% Purchase, NY 800-874-5544
Sallie Mae Bank 4.20% 盐湖城, UT 877-346-2756
TAB Bank 4.20% 奥格登, UT 800-355-3063
E*Trade 4.35% Purchase, NY 800-387-2331
外汇赛跑 日元、欧元兑美元；美元兑主要美国贸易伙伴
2025 2026
28000
27000
26000
24000
23000
22000
| 合约 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 持仓量 |
|---|---|---|---|---|---|---|
| 铜-高纯度 (CMX)-25,000 磅；美元/磅 | ||||||
| 7月 | 6.3400 | 6.3645 | 6.3370 | 6.3390 | 0.0190 | 2,478 |
| 9月 | 6.3620 | 6.4115 | 6.3400 | 6.3790 | 0.0215 | 138,577 |
| 黄金 (CMX)-100 特洛伊盎司；美元/特洛伊盎司 | ||||||
| 7月 | 4090.10 | 4107.90 | 4072.70 | 4074.50 | 6.90 | 11 |
| 8月 | 4097.50 | 4119.30 | 4067.10 | 4077.00 | 6.20 | 139,192 |
| 9月 | 4102.30 | 4132.50 | 4084.50 | 4090.90 | 6.40 | 2,645 |
| 10月 | 4122.00 | 4147.10 | 4096.10 | 4105.30 | 6.40 | 34,279 |
| 11月 | 4126.70 | 4126.70 | 4126.30 | 4121.40 | 6.60 | 280 |
| 12月 | 4151.10 | 4178.50 | 4126.50 | 4136.40 | 6.70 | 176,377 |
| 钯金 (NYM)-50 特洛伊盎司；美元/特洛伊盎司 | ||||||
| 7月 | 1202.00 | 1202.50 | 1200.00 | 1289.60 | 42.90 | |
| 9月 | 1261.00 | 1303.00 | 1259.50 | 1296.80 | 43.20 | 17,316 |
| 铂金 (NYM)-50 特洛伊盎司；美元/特洛伊盎司 | ||||||
| 7月 | 1610.20 | 1610.20 | 1593.80 | 1620.60 | 27.20 | 1 |
| 10月 | 1605.30 | 1655.00 | 1605.30 | 1632.20 | 28.10 | 44,868 |
| 白银 (CMX)-5,000 特洛伊盎司；美元/特洛伊盎司 | ||||||
| 7月 | 58.660 | 58.660 | 58.660 | 58.472 | –0.184 | 29 |
| 9月 | 59.810 | 60.395 | 58.430 | 58.712 | –0.194 | 81,791 |
| 轻质甜原油 (NYM)-1,000 桶；美元/桶 | ||||||
| 9月 | 86.12 | 86.20 | 81.63 | 82.61 | –6.70 | 293,930 |
| 10月 | 82.60 | 82.63 | 79.43 | 80.25 | –4.90 | 153,220 |
| 11月 | 79.60 | 79.60 | 77.25 | 78.17 | –3.56 | 103,697 |
| 12月 | 78.00 | 78.01 | 75.60 | 76.53 | –2.80 | 215,168 |
| 27年6月 | 73.28 | 73.28 | 71.24 | 71.86 | –1.62 | 136,262 |
| 12月 | 70.60 | 70.70 | 69.38 | 69.91 | –1.35 | 149,404 |
| 纽约港超低硫柴油 (NYM)-42,000 加仑；美元/加仑 | ||||||
| 8月 | 4.1200 | 4.1985 | 4.0170 | 4.1116 | –.0690 | 18,273 |
| 9月 | 4.0234 | 4.0983 | 3.9254 | 4.0060 | –.0894 | 75,886 |
| 汽油-纽约 RBOB (NYM)-42,000 加仑；美元/加仑 | ||||||
| 8月 | 3.3500 | 3.3607 | 3.2416 | 3.3273 | –.0686 | 28,541 |
| 9月 | 3.1925 | 3.2118 | 3.1016 | 3.1696 | –.0820 | 101,932 |
| 天然气 (NYM)-10,000 MMBtu；美元/MMBtu | ||||||
| 8月 | 2.820 | 2.836 | 2.734 | 2.767 | –.104 | 22,996 |
| 9月 | 2.850 | 2.870 | 2.768 | 2.788 | –.100 | 358,559 |
| 10月 | 2.897 | 2.898 | 2.804 | 2.823 | –.096 | 150,844 |
| 12月 | 3.865 | 3.866 | 3.729 | 3.752 | –.100 | 124,760 |
| 27年1月 | 4.302 | 4.313 | 4.184 | 4.208 | –.102 | 150,709 |
| 3月 | 3.010 | 3.019 | 2.950 | 3.003 | –.033 | 136,616 |
农业期货 | 品项 | 合约 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 持仓量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 玉米 (CBT)-5,000 蒲式耳；美分/蒲式耳 | 9月 | 459.25 | 461.25 | 448.75 | 451.75 | –12.50 | 553,191 | | | 12月 | 482.00 | 485.00 | 471.25 | 474.00 | –13.50 | 784,598 | | 燕麦 (CBT)-5,000 蒲式耳；美分/蒲式耳 | 9月 | 326.50 | 327.50 | 312.75 | 314.75 | –13.50 | 832 | | | 12月 | 339.00 | 340.50 | 327.25 | 328.75 | –13.75 | 1,733 | | 大豆 (CBT)-5,000 蒲式耳；美分/蒲式耳 | 8月 | 1240.50 | 1244.75 | 1205.50 | 1208.50 | –39.50 | 48,470 | | | 5, | | | | | | |
| 公司 | 代码 | 收益率 % | 新/旧金额 | 频率 | 记录日 / 支付日 |
|---|---|---|---|---|---|
| 增加 | |||||
| 美国银行 | BAC | 2.1 | .32 /.28 | Q | Sep25 /Sep04 |
| 中央太平洋金融 | CPF | 3.1 | .30/.29 | Q | Sep15 /Aug31 |
| Sierra Bancorp | BSRR | 2.6 | .27 /.26 | Q | Aug10 /Aug03 |
| Tompkins Financial | TMP | 2.7 | .70 /.67 | Q | Aug14 /Aug07 |
| 减少 | |||||
| 霍尼韦尔国际 | HON | 1.9 | .70/238001 | Q | Sep04 /Aug14 |
| 股票 | |||||
| Nexera Technologies | NEXR | 1:11 | /Jul31 | ||
| 国外 | |||||
| 加拿大国家铁路 | CNI | 2.0 | .64979 64979 | Q | Sep29 /Sep08 |
| CapCleanEnergyCarriers | CCEC | 2.5 | .15 15 | Q | Aug13 /Aug04 |
能源
2026年7月27日，星期一
星期一
星期一
星期一
wsj.com/market-data/commodities
这些价格反映了市场上各种实际或“实物”商品的买卖价格——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能具有的价值。
煤炭，C.Aplc.，12500Btu，1.2SO2-r,w 82.000 煤炭，PwdrRvrBsn，8800Btu，0.8SO2-r,w 14.650 金属
黄金，每金衡盎司 Engelhard 工业级 4088.00 克鲁格金币，批发-e 4241.05 枫叶金币-e 4281.83 美国鹰金币-e 4281.83 墨西哥比索-e 4924.76 奥地利克朗-e 4000.19 奥地利爱乐-e 4281.83 白银，金衡盎司 Engelhard 工业级 59.2000 Handy & Harman 基础级 58.6450 Handy & Harman 加工级 73.3060 硬币，批发面值 $1,000-a 41819 其他金属 铂金，Engelhard 工业级 1638.0 钯金，Engelhard 工业级 1292.0 铝，LME，每公吨美元 3175.0 铜，Comex 现货 6.3390 铁矿石，62% Fe CFR 中国-s 97.5 钢材，HRC 美国，FOB 中西部钢厂-s *1170.0 电池/电动汽车金属
代码说明：A=卖出价；B=买入价；BP=国家升降机对生产者的买入价；C=已修正；D=CME；E=Manfra, Tordella & Brookes；H=American Commodities Brokerage Co；K=每两周；M=每月；N=名义；n.a.=未报价或不可用；P=Sosland Publishing；R=SNL Energy；S=Platts-TSI；T=Cotlook Limited；U=USDA；V=Benchmark Mineral Intelligence；W=每周；Y=国际咖啡组织；Z=未报价。*数据截至 7/24 来源：道琼斯市场数据
资金利率 2026年7月27日
在美国和国际市场借贷资金所支付的关键年利率。以下利率仅作为通用水平的指南，并不总是代表实际交易。
通货膨胀
| 6月指数水平 | 较5月 26 变动(%) | 较6月 25 变动(%) | |
|---|---|---|---|
| 美国消费者价格指数 (CPI) | |||
| 所有项目 | 333.952 | –0.35 | 3.5 |
| 核心 | 336.882 | 0.01 | 2.6 |
国际利率
| 优惠利率 | 一周前 | 52周最高 | 52周最低 | 最新 |
|---|---|---|---|---|
| 美国 | 6.75 | 6.75 | 7.50 | 6.75 |
| 加拿大 | 4.45 | 4.45 | 4.95 | 4.45 |
关键利率 数据按360天年化计算。国债收益率为年率，基于积极交易的非通胀及通胀挂钩债券，并经过恒定到期时间调整。数据来自美联储每周发布的 H.15 报告。
| 周末 | 52周最高 | 52周最低 | 7月 24 日 | 7月 17 日 | |
|---|---|---|---|---|---|
| 6 个月 | 4.05 | 4.31 | 3.56 | 3.96 | 4.05 |
| 1 年 | 4.10 | 4.10 | 3.43 | 4.02 | 4.10 |
| 2 年 | 4.30 | 4.30 | 3.42 | 4.18 | 4.30 |
| 3 年 | 4.33 | 4.33 | 3.45 | 4.22 | 4.33 |
| 5 年 | 4.40 | 4.40 | 3.58 | 4.30 | 4.40 |
| 7 年 | 4.52 | 4.52 | 3.77 | 4.42 | 4.52 |
| 10 年 | 4.66 | 4.57 | 4.66 | 4.00 | 4.66 |
| 20 年 | 5.16 | 5.09 | 5.16 | 4.54 | 5.16 |
| 周末 | 52周最高 | 52周最低 | 7月 24 日 | 7月 17 日 | |
|---|---|---|---|---|---|
| 联邦基金利率 (有效) | 3.63 | 3.62 | 4.33 | 3.62 | 3.63 |
联邦基金
商业票据 非金融类 1 个月 | 3.68 | 3.68 | 4.31 | 3.61 | 3.68 2 个月 | 3.72 | 3.69 | 4.30 | 3.58 | 3.72 3 个月 | 3.68 | n.a. | 4.31 | 3.62 | 3.68 金融类 1 个月 | n.a. | 3.67 | 4.32 | 3.60 | n.a. 2 个月 | 3.74 | 3.69 | 4.29 | 3.62 | 3.74 3 个月 | 3.79 | 3.85 | 4.28 | 3.62 | 3.79 贴现窗口初级信贷 | 3.75 | 3.75 | 4.50 | 3.75 | 3.75
恒定到期时间国债收益率 1 个月 | 3.77 | 3.74 | 4.48 | 3.67 | 3.77 3 个月 | 3.91 | 3.85 | 4.41 | 3.63 | 3.91
Nov 1246.00 1250.00 1211.00 1213.75 –39.75 520,521 豆粕 (CBT)-100 吨；每吨美元。Aug 331.60 332.40 318.50 320.80 –10.50 44,912 Dec 334.40 335.60 322.30 324.10 –11.10 283,684 大豆油 (CBT)-60,000 磅；每磅美分。Aug 73.58 73.64 71.31 71.46 –2.87 51,839 Dec 71.23 71.30 69.47 69.58 –2.43 267,291 粗米 (CBT)-2,000 担；每担美元。Sept 13.99 14.06 13.58 13.65 –.33 11,710 Nov 14.47 14.47 14.01 14.05 –.35 976 小麦 (CBT)-5,000 蒲式；每蒲式美分。Sept 680.75 682.00 658.00 660.00 –18.00 213,250 Dec 698.00 699.25 675.75 677.50 –18.00 153,203 小麦 (KC)-5,000 蒲式；每蒲式美分。Sept 747.50 752.50 728.00 729.00 –16.25 129,647 Dec 764.00 768.75 744.25 745.50 –16.00 105,034 肥育牛 (CME)-50,000 磅；每磅美分。Aug 338.650 343.675 337.000 338.250 –7.075 14,766 Sept 334.250 337.900 t 330.700 331.925 –9.525 19,252 生牛 (CME)-40,000 磅；每磅美分。Aug 223.800
226.650 222.750 225.225 –1.850 48,889 Oct 218.725 221.900 t 216.950 218.775 –3.725 118,907 精瘦猪 (CME)-40,000 磅；每磅美分。Aug 102.475 103.025 102.100 102.975 .125 34,529 Oct 88.550 88.800 87.300 87.800 –1.225 121,600 木材 (CME)-27,500 板英尺；每 1,000 板英尺美元。Sept 652.00 652.00 637.50 647.50 –7.00 6,974 Nov 643.00 643.00 637.00 642.00 –8.00 999 牛奶 (CME)-200,000 磅；每磅美分。July 15.80 15.80 15.76 15.76 –.03 5,446 Aug 17.19 17.27 16.74 16.80 –.41 6,060 可可 (ICE-US)-10 公吨；每吨美元。Sept 5,332 5,561 5,080 5,100 –276 65,875 Dec 5,502 5,692 5,223 5,243 –267 52,159 咖啡 (ICE-US)-37,500 磅；每磅美分。Sept 314.00 333.45 313.90 324.55 10.75 60,313 Dec 298.00 311.10 297.80 305.90 7.85 58,079 全球糖 (ICE-US)-112,000 磅；每磅美分。Oct 14.74 14.75 14.54 14.58 –.19 500,970 March'27 15.60 15.60 15.41 15.47 –.16 300,721 国内糖
(ICE-US)-112,000 磅；每磅美分。Sept 36.25 36.25 36.25 36.25 … 190 棉花 (ICE-US)-50,000 磅；每磅美分。Oct 78.63 79.52 78.21 79.34 .79 137 Dec 79.80 81.12 79.51 80.88 .90 197,903 橙汁 (ICE-US)-15,000 磅；每磅美分。Sept 141.40 145.50 141.25 141.45 –.30 7,908 Nov 147.35 148.60 145.00 145.30 –.35 1,114
利率期货 超长期国债 (CBT) - $100,000; 100% 的 32 分之一点数 Sept 111-280 112-140 111-280 112-090 22.0 2,441,370
Dynagas LNG 9%Pfd. A DLNGpA 8.5 .5625 Q Aug12 /Aug05 GasLog Ptrs Pfd. A GLOPpA 8.4 .5391 Q Sep15 /Sep08 GasLog Ptrs Pfd. B GLOPpB 11.2 .6243 Q Sep15 /Sep08 RB Global RBA 1.1 .33 Q Sep17 /Aug25 RELX ADR RELX 2.5 .27851 SA Sep15 /Aug07 Ryanair Holdings ADR RYAAY 1.2 .45448 SA Sep28 /Aug07
Special AmericanResources AREC . . .0431 Aug25 /Aug15 Note: Dividend yields as of 3:30 p.m. ET Sources: FactSet; Dow Jones Market Data
KEY: A:annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1:stock split and ratio; SO: spin-off.
BMILithiumCarbonate,EXWChina,=995%-v,w 21725 BMILithiumHydroxide,EXWChina,=56.5%-v,w 20100 BMICobaltsulphate,EXWChina,>20.5%-v,w 12136 BMINickelSulphate,EXWChina,>22%-v,k 4551 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425
Fibers andTextiles (纤维与纺织品)
Burlap,10-oz,40-inch NY yd-n,w 1.2400 Cotton,1 1/16 std lw-mdMphs-u 0.7559 Cotlook 'A' Index-t *90.35 Hides,hvy nativesteers piece fob-u n.a. Wool,64s,staple,Terr del-u,w n.a.
Grains andFeeds (谷物与饲料)
Bran,wheat middlings, KC-u,w 80 Corn,No. 2 yellow,Cent IL-bp,u 4.3600 Cottonseed meal-u,w 320 Hominyfeed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 355 Oats,No.2 milling,Mnpls-u 3.4975 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 349.90 Soybeans,No 1 yllwIL-bp,u 12.0100 Wheat,Spring14%-pro Mnpls-u 8.4625 Wheat,No 2 soft red,St.Louis-u 6.2950 Wheat-Hard-KC(USDA)$perbu-u n.a. Wheat,No 1soft white,Portld,OR-u 6.6250
Japan (日本) 2.125 2.125 2.125 1.875
Policy Rates (政策利率) Euro zone (欧元区) 2.40 2.40 2.40 2.15 Switzerland (瑞士) 0.25 0.25 0.50 0.25 Britain (英国) 3.75 3.75 4.25 3.75 Australia (澳大利亚) 4.35 4.35 4.35 3.60
Overnight repurchase (隔夜回购) U.S. (美国) 3.67 3.61 4.45 3.49
U.S. government rates (美国政府利率)
Discount (贴现率) 3.75 3.75 4.50 3.75
Treasury yields(secondary market) (国债收益率（二级市场）) 1-month (1个月) 3.67 3.65 4.29 3.55 3-month (3个月) 3.77 3.72 4.25 3.53 6-month (6个月) 3.88 3.80 4.13 3.48 TIPS 5-year (5年) 2.12 2.03 2.12 1.17 7-year (7年) 2.25 2.17 2.25 1.43 10-year (10年) 2.39 2.33 2.39 1.70 20-year (20年) 2.73 2.68 2.73 2.14 Long-term avg (长期平均值) 2.91 2.85 2.91 2.28
wsj.com/market-data/commodities
食品
牛肉，胴体等值指数 choice 1-3,600-900 lbs.-u 348.28 select 1-3,600-900 lbs.-u 331.04 肉鸡，全美加权平均-u,w 1.1777 黄油，AA 芝加哥-d 1.4700 切达干酪，桶装，芝加哥-d 163.00 切达干酪，块装，芝加哥-d 159.50 牛奶，脱脂奶粉，芝加哥磅-d 140.00 咖啡，巴西，综合-y 3.0233 咖啡，哥伦比亚，纽约-y 3.6397 鸡蛋，大号白色，芝加哥-u,w 1.2150 面粉，硬冬麦 KC-p 19.55 火腿，17-20 磅，美国中西部 fob-u n.a. 生猪，艾奥瓦-南明尼苏达-u 95.35 猪腩，12-14 磅，美国中西部-u 1.9716 猪里脊，13-19 磅，美国中西部-u 1.1196 小牛，德州-俄克拉荷马 精选级-u n.a. 小牛，育肥，俄克拉荷马城-u,w 407.50 油脂
脱胶玉米油，原油加权平均-u,w n.a. 油脂，精选白色，芝加哥-h 0.7100 猪油，芝加哥-u n.a. 大豆油，原油；伊利诺伊中部-u,w 0.7559 牛脂，漂白；芝加哥-h 0.7450 牛脂，食用，芝加哥-u n.a.
有效利率 3.6400 3.6400 4.3300 3.6300 最高 3.7000 3.7000 4.5500 3.7000 最低 3.5500 3.5500 4.3200 3.5500 买入价 3.6200 3.6200 4.3200 3.6100 卖出价 3.6400 3.6400 4.3300 3.6300
国库券拍卖 4 周 3.730 3.660 4.300 3.550 13 周 3.815 3.730 4.235 3.540 26 周 3.945 3.835 4.120 3.475
其他短期利率
拆借资金 (Call money)
5.50 5.50 6.25 5.50
商业票据 (AA 级金融) 90 天 n.a. 3.77 4.32 3.57
担保隔夜融资利率 (SOFR)
3.64 3.59 4.51 3.50
价值 52周 最新 交易最高 最低
DTCC GCFRepo 指数 国债 3.665 60.386 4.492 3.504 MBS 3.682 113.852 4.623 3.517
每周调查
最新 一周前 一年前
房地美 (Freddie Mac) 30年固定 6.58 6.55 6.74 15年固定 5.96 5.93 5.87
数据说明： 美国基准利率 (U.S. prime rate) 是至少 70% 的 10 家最大美国银行公布的企业贷款基础利率，自 2025年11月11日起生效。其他基准利率不具有直接可比性；贷款实践因地区而异；贴现率自 2025年11月11日起生效。担保隔夜融资利率 (SOFR) 截至 2026年7月24日。DTCC GCF Repo 指数是 Depository Trust & Clearing Corp. 对适用 CUSIPs 的隔夜交易加权平均值。交易价值以十亿美国美元为单位。联邦资金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。 来源：美联储；劳工统计局；DTCC；FactSet； Tullett Prebon Information, Ltd.
12月 112-010 112-010 111-260 111-300 22.0 22 国债 (CBT)-$100,000; 点数 1/32 的 100% 9月 110-020 110-150 109-310 110-090 18.0 1,849,834 12月 109-270 110-010 109-200 109-280 18.0 8,497 国库票据 (CBT)-$100,000; 点数 1/32 的 100% 9月 108-160 108-220 108-125 108-185 8.0 5,249,136 12月 108-100 108-145 108-065 108-115 8.5 18,706 5年期国库票据 (CBT)-$100,000; 点数 1/32 的 100% 9月 106-067 106-102 106-032 106-065 4.0 6,147,422 12月 106-070 106-070 106-030 106-042 4.2 18,501 2年期国库票据 (CBT)-$200,000; 点数 1/32 的 100% 9月 102-256 102-269 102-236 102-245 .9 4,362,316 12月 102-231 102-232 102-215 102-217 1.1 5,868 30天联邦资金 (CBT)-$5,000,000; 100 -日平均值 7月 96.3675 96.3675 96.3650 96.3650 –.0025 321,369 8月 96.2950 96.3000 96.2700 96.2800 .0000 909,714 三个月 SOFR (CME)-$1,000,000; 100 -日平均值 6月 96.3025 96.3075 t 96.2925 96.2950 –.0050 1,276,108 12月 95.8950 95.9100 t 95.8400 95.8550 .0000 1,731,035
货币期货
日元 (CME)-¥12,500,000; 每 100¥ 的美元价 8月 .6121 .6133 .6117 .6116 .0001 1,492 9月 .6132 .6147 .6128 .6130 .0001 426,983 加元 (CME)-CAD 100,000; 每 CAD 的美元价 8月 .7111 .7111 .7090 .7087 –.0014 439 9月 .7111 .7123 .7095 .7096 –.0014 365,667 英镑 (CME)-£62,500; 每 £ 的美元价 8月 1.3357 1.3359 1.3287 1.3288 –.0037 586 9月 1.3328 1.3364 1.3285 1.3288 –.0037 253,026 瑞士法郎 (CME)-CHF 125,000; 每 CHF 的美元价 9月 1.2311 1.2353 t 1.2269 1.2276 –.0014 109,825
债券 | wsj.com/market-data/bonds/benchmarks
跟踪债券基准 投资回报率、相对于国债的利差和/或支付给投资者的收益率，并与不同类型债券的 52 周最高价和最低价进行比较
总 回报 年初至今总 收益率(%) 收盘 回报 (%) 指数 最新 最低 最高
| 指数 | 最新 | 低点 | 高点 | 今年以来总回报 | 总回报 | 收益率 (%) |
|---|---|---|---|---|---|---|
| 宽基市场 彭博固定收益指数 | ||||||
| 美国综合指数 (U.S. Aggregate) | 2240.77 | -0.3 | 4.940 4.160 5.000 | |||
| 美国公司债指数 彭博固定收益指数 | ||||||
| 美国公司债 (U.S. Corporate) | 3425.35 | -0.6 | 5.450 4.680 5.470 | |||
| 中期 (Intermediate) | 3384 27 | 0.1 | 5.150 4.330 5.180 | |||
| 长期 (Long term) | 4356.50 | -2.0 | 6.100 5.370 6.130 | |||
| AA级 (Double-A-rated) | 635.46 | -1.8 | 5.340 4.410 5.350 | |||
| BBB级 (Triple-B-rated) | 942.33 | -0.2 | 5.610 4.860 5.640 | |||
| 高收益债券 ICE BofA | ||||||
| 高收益限制指数 (HighYieldConstrained) | 626.68 | 1.5 | 7.324 6.489 7.668 | |||
| CCC级 (Triple-C-rated) | 628.17 | -0.03 | 13.749 11.438 14 020 | |||
| 高收益100 (High Yield 100) | 4162.96 | 1.0 | 6.675 5.828 7.136 | |||
| 全球高收益限制指数 (GlobalHighYieldConstrained) | 547.09 | 1.9 | 7.022 6.317 7.438 | |||
| 欧洲高收益限制指数 (EuropeHighYieldConstrained) | 401.62 | 1.6 | 5.505 4.820 6.198 | |||
| 美国政府机构债 彭博固定收益指数 | ||||||
| 美国政府机构债 (U.S Agency) | 1964.31 | 0.3 | 4.610 3.830 4.650 | |||
| 10-20年期 (10-20 years) | 1742.74 | 0.4 | 4.550 3.750 4.590 | |||
| 20年以上期 (20-plus years) | 3684.86 | -0.8 | 5.270 4.580 5.300 | |||
| 洋基债 (Yankee) | 3037.08 | -0.03 | 5.090 4.320 5.130 |
*限制指数将单个发行人的集中度限制在 2%；高收益100 (High Yield 100) 为规模最大的100只债券 †以当地货币计算 §欧元区债券
** EMBI 全球指数 数据来源：ICEData Services；彭博固定收益指数；摩根大通 (J.P.Morgan)
选定国家的基准两年期和十年期政府债券的收益率以及与美国国债的利差；箭头表示在最新交易日中收益率上升(s)或下降(t)
| 国家/收益率(%) | 利差（低于/高于美国国债，以基点计） | 票面利率 (%) | 到期年限 | 最新(l) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 前值 | 一个月前 | 一年前 | 最新 | 前值 | 一年前 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 美国 2 | 4.125 | 4.318 t | l | 4.328 | 4.087 | 3.916 | 4. | ||||||||||
| 美国 10 | 4.375 | 4.640t | l | 4.678 | 4.372 | 4.385 | |||||||||||
| 澳大利亚 2 | 31.5 | 2.250 | 4.644 t | l | 4.728 | 4.426 | 3.407 | 37.6 | -53.3 | ||||||||
| 澳大利亚 10 | 36.4 | 4.250 | 5.008 t | l | 5.092 | 4.732 | 4.356 | 40.5 | -3.6 | ||||||||
| 法国 2 | -136.9 | 2.400 | 2.960 t | l | 3.007 | 2.670 | 2.200 | -134.6 | -174.0 | ||||||||
| 法国 10 | -72.9 | 3.700 | 3.916 t | l | 3.977 | 3.520 | 3.389 | -71.0 | -100.3 | ||||||||
| 德国 2 | -152.9 | 2.500 | 2.800 t | l | 2.835 | 2.526 | 1.942 | -151.7 | -199.8 | ||||||||
| 德国 10 | -148.6 | 3.000 | 3.158 t | l | 3.204 | 2.856 | 2.722 | -148.3 | -167.0 | ||||||||
| 意大利 2 | -133.8 | 2.650 | 2.991 t | l | 3.042 | 2.685 | 2.142 | -131.0 | -179.8 | ||||||||
| 意大利 10 | -70.9 | 3.800 | 3.935 t | l | 3.998 | 3.585 | 3.566 | -68.9 | -82.6 | ||||||||
| 日本 2 | -282.8 | 1.400 | 1.501 t | l | 1.520 | 1.409 | 0.859 | -283.3 | -308.2 | ||||||||
| 日本 10 | -187.3 | 2.700 | 2.771 t | l | 2.816 | 2.602 | 1.605 | -187.1 | -278.7 | ||||||||
| 西班牙 2 | -150.6 | 2.400 | 2.823 t | l | 2.891 | 2.589 | 2.073 | -146.1 | -186.7 | ||||||||
| 西班牙 10 | -106 | 3.400 | 3.584 t | l | 3.646 | 3.292 | 3.257 | -104.1 | -113.5 | ||||||||
| 英国 2 | 5.1 | 4.375 | 4.380 t | l | 4.415 | 4.139 | 3.881 | 6.3 | -5.9 | ||||||||
| 英国 10 | 35.5 | 1.125 | 4.999 t | l | 5.033 | 4.738 | 4.632 | 34.6 | 24.0 |
企业债券的价格反映了包括投资者对经济、行业和公司的具体预期在内的多种因素 利差收窄最明显的投资级债券……
| 发行方 | 代码 | 票面利率 (%) | 收益率(%) | 到期日 | 利差* (基点) - 当前 | 单日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| State Street Bank and Trust | … | 4.701 | 4.59 | 2029年7月23日 (23, 29) | 25 | –11 (11) | n.a. |
| Amgen | AMGN | 4.950 | 5.80 | 2041年10月1日 (41) | 116 | –4 | n.a. |
| BNP Paribas | … | 4.400 | 4.88 | 2028年8月14日 (14, 28) | 56 | –4 | 55 |
| Nomura Holdings | … | 5.166 | 5.31 | 2031年7月14日 (31) | 91 | –4 | 91 |
| Verizon Communications | VZ | 4.862 | 6.31 | 2046年8月21日 (21, 46) | 116 | –3 | 113 |
| Athene Global Funding | … | 5.526 | 5.55 | 2031年7月11日 (31) | 115 | –2 | 110 |
| Citigroup | C | 8.125 | 5.62 | 2039年7月15日 (15, 39) | 98 | –2 | 99 |
| Hess | … | 7.300 | 4.98 | 2031年8月15日 (31) | 59 | –2 | 60 |
| 发行方 | 代码 | 票面利率 (%) | 收益率(%) | 到期日 | 利差* (基点) - 当前 | 单日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| Lockheed Martin | LMT | 8.500 | 4.69 | 2029年12月1日 (29) | 34 | 7 | n.a. |
| AT&T | T | 5.350 | 6.04 | 2040年9月1日 (40) | 138 | 7 | n.a. |
| Toyota Motor Credit | … | 4.500 | 4.72 | 2029年7月9日 (29) | 37 | 7 | 38 |
| Lincoln Financial Global Funding | … | 5.300 | 5.17 | 2030年1月13日 (13, 30) | 77 | 6 | n.a. |
| Morgan Stanley | MS | 6.375 | 5.90 | 2042年7月24日 (24, 42) | 74 | 3 | 73 |
| GA Global Funding Trust | … | 4.500 | 5.55 | 2030年9月18日 (18, 30) | 115 | 2 | n.a. |
| Mizuho Bank | … | 4.395 | 4.70 | 2029年4月16日 (16, 29) | 36 | 2 | 37 |
| Netflix | NFLX | 6.375 | 4.73 | 2029年5月15日 (29) | 38 | 2 | 37 |
| 发行方 | 代码 | 票面利率 (%) | 收益率(%) | 到期日 | 债券价格 (面值的%) - 当前 | 单日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| Paramount Global | … | 6.875 | 8.07 | 2036年4月30日 (36) | 92.000 | 0.50 | 91.360 |
| Teva Pharmaceutical Finance Netherlands III | … | 4.100 | 6.34 | 2046年10月1日 (46) | 74.660 | 0.41 | 75.348 |
| Bath & Body Works | BBWI | 6.875 | 6.71 | 2035年11月1日 (35) | 101.120 | 0.31 | 102.200 |
| Occidental Petroleum | OXY | 6.450 | 5.74 | 2036年9月15日 (36) | 105.404 | 0.10 | 106.087 |
| Verde Purchaser | … | 10.500 | 9.52 | 2030年11月30日 (30) | 101.990 | 0.03 | 103.000 |
12月 1.2461 1.2463 1.2461 1.2406 –0013 606 澳大利亚美元 (CME)-AUD 100,000; 每AUD美元价 8月 .7003 .7003 .6988 .6986 0006 676 9月 .6990 .7006 .6980 .6983 0006 225,995 墨西哥比索 (CME)-MXN 500,000; 每MXN美元价 8月 .05694 .05712 .05694 .05719 00010 938 9月 .05697 .05719 .05694 .05706 00010 198,956 欧元 (CME)-€125,000; 每€美元价 8月 1.1408 1.1424 1.1378 1.1378 –0002 13,606 9月 1.1410 1.1442 1.1391 1.1392 –0002 767,187
指数期货 小型道琼斯工业平均指数 (CBT)-$5x指数 9月 52299 52790 52173 52382 258 81,279 12月 52850 53188 52598 52792 261 246 小型标准普尔500指数 (CME)-$50x指数 9月 7490.00 7524.75 7416.25 7448.25 0.75 1,901,727 12月 7544.00 7589.75 7483.50 7515.00 0.75 31,888 小型标准普尔中盘400指数 (CME)-$100x指数 9月 3832.00 3847.20 3786.60 3811.90 11.60 36,379 12月 … … … 3840.40 12.20 n.a. 小型纳斯达克100指数 (CME)-$20x 指数 9月 28500.00 28763.25 27939.00 28190.00 –92.25 288,907 12月 28715.25 29040.25 28233.75 28476.75 –96.50 1,998 小型罗素2000指数 (CME)-$50x指数 9月 2955.50 2985.90 2941.20 2960.00 18.70 418,503 12月 2990.00 3008.60 2965.00 2982.60 19.00 442 小型罗素1000指数 (CME)-$50x指数 9月 4087.30 4087.30 4056.90 4058.40 2.10 5,707 美元指数 (ICE-US)-$1,000 x指数 9月 101.19 101.39 100.95 101.38 .08 56,278 12月 100.71 101.05 100.67 101.08 .08 284
抵押贷款支持 Bloomberg 固定收益指数
2250.68 0.1 抵押贷款支持 5.200 4.380 5.290
2213.83 0.4 政府国民抵押贷款担保公司 (GNMA) 5.250 4.420 5.330
1330.36 0.01 房地美 (FNMA) 5.190 4.370 5.270
2040.53 0.4 房地美 (FHLMC) 5.030 4.160 5.130
620.17 0.3 市政债券综合指数 3.621 3.037 3 716
438.49 0.9 7-12 年期 3.391 2.596 3.453
503.39 0.7 12-22 年期 4.148 3.608 4.566
474.29 1.6 22年以上期 4.710 4.432 5.100
全球政府 J.P. Morgan†
554.65 0.8 全球政府 4.218 3.500 4.270
850.17 1.0 加拿大 3.543 3.070 3.676
364.79 -0.1 欧洲经济区 (EMU)§ 3.637 3.117 3 728
657.47 -0.1 法国 3.930 3.330 4.023
463.34 0.2 德国 3.238 2.650 3.317
244.91 3.3 日本 3.035 2.000 3.090
506.91 0.04 荷兰 3.357 2.860 3.434
811.24 1.2 英国 5.232 4.560 5.381
1034.66 1.6 新兴市场 ** 7.033 6.403 7.240
来源：Tullett Prebon, TradewebFTSE 美国国债收盘价
来源：FactSet
以下说明适用于在纽约证券交易所 (NYSE)、纽约证券交易所 Arca (NYSE Arca)、纽约证券交易所 American (NYSE American) 和纳斯达克 (Nasdaq) 股票市场上市的证券。价格汇总自各个市场中心报告的交易，包括证券交易所、Finra、电子通信网络和其他经纪交易商。该列表包含基于市值最大的 1,000 家公司。 下划线报价表示该股票的成交量与该发行人的平均交易量相比有较大变化。 粗体报价突出显示那些价格变动在 5% 或以上且前一交易日收盘价在 $2 或更高的发行人。 脚注：
s- 52周新高；t- 52周新低；dd- 表示最近四个季度出现亏损。 股票列表反映截至东部时间下午 4 点的综合常规交易，以及与前一天东部时间下午 4 点官方收盘价相比的变化。
2026年7月27日，星期一
2026年7月27日，星期一
2026年7月27日，星期一
净值 股票 代码 收盘价 变动
股票 代码 收盘价 涨跌 A B C
净值 股票 代码 收盘价 涨跌
AES AES 14.83 -0.01
s Aflac AFL 126.56 0.96 AGNC Invt AGNC 10.64 0.05 APA APA 34.74 -1.41 ASE Tech ASX 36.55 -0.29 ASML ASML 1655.26-101.83 AST Space ASTS 58.29 2.09 AT&T T 24.42 0.29 ATI ATI 192.64 -5.16 AXIAEnergia AXIA 10.06 0.15 AbbottLabs ABT 104.49 1.43
s AbbVie ABBV 256.91 -2.45 Abivax ABVX 128.00 2.30 Accenture ACN 154.06 7.07 Acuity AYI 335.97 5.83 Adobe ADBE 237.75 12.64 AdvDrainageSys WMS 143.19 1.35 AdvEnergyInds AEIS 291.95 -12.04
AdvMicroDevices AMD 494.95 -27.00 Aegon AEG 9.16 0.03 AerCap AER 151.40 0.10 AffiliatedMgrs AMG 363.80 5.51 AffirmA AFRM 73.05 2.82 AgilentTechs A 137.89 -0.68 AgnicoEagleMines AEM 145.96 0.83 AgreeRealty ADC 80.45 -0.18 AirProducts APD 292.58 -5.29 Airbnb ABNB 146.86 5.76 AkamaiTech AKAM 112.85 -2.52 AlamosGold AGI 29.72 0.14 Albemarle ALB 116.18 1.33 Alcoa AA 44.08 -0.16 Alcon ALC 67.28 -0.63 Alibaba BABA 115.00 2.86 AlignTech ALGN 168.05 1.04 Allegion ALLE 158.14 4.78 AlliantEnergy LNT 73.93 -1.01 AllisonTransm ALSN 121.91 -0.43
s Allstate ALL 261.27 1.30 AllyFinancial ALLY 43.68 0.76 AlnylamPharm ALNY 278.40 6.63 Alphabet A GOOGL 326.56 6.82 Alphabet C GOOG 326.57 7.48 Altria MO 72.89 -0.10 Amazon.com AMZN 231.39 -0.72 Ambev ABEV 3.07 0.01 Amcor AMCR 45.24 0.70 AmerSports AS 35.18 1.26 Ameren AEE 112.11 -1.67 AmericaMovil AMX 25.70 -0.31 AmerAirlines AAL 14.95 0.48 AEP AEP 133.59 -1.95 AmerExpress AXP 335.39 9.22 AmericanFin AFG 143.88 0.12 AmerHlthcrREIT AHR 57.45 0.01 AmHomes4Rent AMH 33.45 0.08 AIG AIG 79.16 0.10 AmerTowerREIT AMT 166.74 0.07 AmerWaterWorks AWK 134.56 -0.10 Ameriprise AMP 538.01 9.11 Ametek AME 243.12 1.15 Amgen AMGN 376.26 0.22 AmkorTech AMKR 60.71 -4.25 Amphenol APH 149.28 -3.39 Amrize AMRZ 49.96 0.71 AnalogDevices ADI 371.89 0.03 Ang oGoldAsh AU 80.48 0.81 AB InBev BUD 80.87 -0.79 AnnalyCap NLY 22.57 0.12 AnteroMidstream AM 21.97 -0.78 AnteroResources AR 33.85 -1.43 Aon AON 367.17 5.47 APi Group APG 39.93 0.36
s ApogeeTherap APGE 134.28 ... Apol oGlbMgmt APO 124.24 1.63
s Apple AAPL 336.91 3.89
s AppliedIndlTech AIT 349.31 2.25 App Materials AMAT 516.89 -19.36 AppLovin APP 412.73 20.75 Aptiv APTV 57.45 0.90 Aramark ARMK 57.92 0.74 ArcelorMittal MT 67.53 0.65 ArchCapital ACGL 103.88 0.52 ADM ADM 83.19 -2.73
拍卖结果 以下为周一国债拍卖结果。所有投标均以市场清算收益率的单一价格授予。利率由该价格与面值的差额决定。
13-周 26-周 申请额 $288,246,049,300 $252,050,356,800 接受投标额 $98,464,640,400 $84,551,548,800 “非竞争性 $1,859,536,400 $2,143,756,400 “外国非竞争性 $350,000,000 $150,000,000 拍卖价格（利率） 99.035653 98.005583 (3.815%) (3.945%) 3.906% 4.081% 清算收益率接受投标占比 83.44% 36.13% 912797SK4 912797VU8
两期债券日期均为 2026年7月30日。13周期国库券于 2026年10月29日 到期；26周期国库券于 2027年1月28日 到期。
两年期票据 申请额 $191,306,231,700 接受投标额 $76,628,842,100 “非竞争性 $919,081,500 “外国非竞争性 $305,000,000 拍卖价格（利率） 99.876720 (4.315%) 利率 4.250% 清算收益率接受投标占比 69.04% Cusip编号 91282CRB9
该票据日期为 2026年7月31日，于 2028年7月31日 到期。
该票据日期为 2026年7月31日，于 2031年7月31日 到期。
五年期票据 申请额 $167,491,570,900 接受投标额 $77,739,280,900 “非竞争性 $144,786,500 “外国非竞争性 $50,000,000 拍卖价格（利率） 99.853357 (4.408%) 利率 4.375% 清算收益率接受投标占比 51.71% Cusip编号 91282CRA1
52-周 % 股票 代码 最高/最低 涨跌 新高与新低
52-周 % 股票 代码 最高/最低 涨跌
52-周 % 股票 代码 最高/最低 涨跌
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
以下解释适用于在最新交易日触及 52 周盘中新高或新低的纽约证券交易所 (NYSE)、NYSE Arca、NYSE American 和纳斯达克股票市场 (Nasdaq Stock Market) 的股票。% CHG —— 较前一交易日的百分比变动。
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
DTE Energy DTE 147.23 -2.23 DT Midstream DTM 140.40 -5.29 Danaher DHR 196.50 5.00 Darden DRI 204.10 7.79 DarlingIngred DAR 60.53 -1.97 Datadog DDOG 251.86 5.00 DaVita DVA 236.31 0.87 DeckersOutdoor DECK 97.73 1.69 Deere DE 625.02 -3.14 DellTechC DELL 426.91 -10.59 DeltaAir DAL 86.67 1.61 DeutscheBank DB 35.50 0.84 DevonEnergy DVN 43.16 -1.88 DexCom DXCM 73.37 1.83 Diageo DEO 85.16 2.08 DiamondbkEner FANG 195.80 -8.88 Dick's DKS 205.60 -0.44 DigitalRealty DLR 195.76 -3.32 DigitalOcean DOCN 120.20 -3.34 Disney DIS 96.65 1.80 DocuSign DOCU 52.91 2.47 DollarGeneral DG 123.22 5.99 DollarTree DLTR 125.54 5.09 DominionEner D 70.27 -0.83 Domino's DPZ 343.53 10.56 Donaldson DCI 93.19 0.40 DoorDash DASH 184.37 11 46 Dover DOV 205.85 3.65 Dow DOW 28.75 -1.09 DrReddy'sLab RDY 11.77 -0.02 DraftKings DKNG 24.11 1.10 DukeEnergy DUK 128.83 -1.69 DuPont DD 139.96 2.26
FutureVisionII FVN 12 70 3 2 GeneralDynamics GD 392 57 0 6 Greif B GEF.B 100 93 4 2 Greif A GEF 80 77 2 2 GrupoCibest CIB 88 36 2 2 HBT Finl HBT 35 03 3 9 HSBC HSBC 104 33 0 6 HalozymeTherap HALO 83 50 0 5 HamiltonIns HG 36 48 0 3 HealthcareRealty HR 21 71 0 6 Hexcel HXL 111 74 0 5 HighwoodsProp HIW 34 00 0 6 HomeBancShares HOMB 31 34 HowmetAerospace HWM 295 28 0 5 ING Groep ING 33 60 2 0 Immersion IMMR 7 75 18 6 Incyte INCY 120 71 1 0 InflectionPtA IPCX 11 50 0 8 IntegraLifeSci IART 20 40 1 3 IntlGeneralIns IGIC 29 01 0 4 JABAcqnI JABRU 10 09 0 1 JakksPacific JAKK 26 32 5 8 Joyy JOYY 75 55 1 1 摩根大通 JPM 359 05 0 8 JanusLiving JAN 32 10 0 6 JazzPharm JAZZ 257 00 0 6 KaratPkg KRT 41 38 3 6 KemperDeb2062 KMPB 24 64 0 9 KimcoRealty KIM 26 55 1 1 KornFerry KFY 81 62 3 7 Labcorp LH 301 79 1 5 LongTableGrowth LTGRU 10 07 0 2 MEvoGlblAcqnII MEVO 9 96 0 1 MGIC Investment MTG 30 22 1 2 Macerich MAC 26 40 1 2 ManulifeFinl MFC 44 13 0 9 Merck MRK 132 53 0 2 MetLife MET 96 00 0 4 MidPennBancorp MPB 38 32 1 6 MidlandStBncp MSBI 33 11 1 8 MitsubishiUFJ MUFG 23 25 0 9 MountainCrestAcqn6 MCAH 9 96 0 1
DutchBros BROS 65.70 1.70 DycomInds DY 424.21 -5.60 Dynatrace DT 43.72 2.10 EMCOR EME 742.75 -2.10 ENI E 50.63 -1.77 EOG Rscs EOG 140.31 -6.08 EQT EQT 52.00 -1.03 EastWestBncp EWBC 129.89 -1.11 EastGroup EGP 210.84 -2.26 Eaton ETN 398.64 -5.43 eBay EBAY 113.21 3.82 EchoStar ECHO 86.69 -1.19 Ecolab ECL 271.38 2.63 Ecopetrol EC 15.80 -0.21 EdisonIntl EIX 78.64 -1.11 EdwardsLife EW 83.04 0.41 ElancoAnimal ELAN 25.41 0.50 ElbitSystems ESLT 812.86 -7.35 ElectronicArts EA 209.07 0.01 ElementSolns ESI 37.84 0.40 ElevanceHealth ELV 378.36 0.68 Embraer EMBJ 67.99 3.06 Emera EMA 54.33 -0.62 EmersonElec EMR 149.30 1.36 Enbridge ENB 55.35 -1.51 EncompassHealth EHC 113.88 0.99 EnergyTransfer ET 19.91 -0.45
EnlightRenewableEn ENLT 91.33 4.33 EnsignGroup ENSG 178.07 5.08 Entegris ENTG 126.37 -2.78 Entergy ETR 113.76 -2.19 EnterpriseProd EPD 38.12 -0.61 Equifax EFX 177.31 4.77 Equinix EQIX 1046 79 -37.45 Equinor EQNR 38.48 -1.87 Equitable EQH 48.59 0.59 EquityLife ELS 65.05 -1.00 EquityResdntl EQR 67.24 -0.62 ErieIndemnity ERIE 228.26 4.71 EssentialUtil WTRG 39.54 -0.07 EssexProp ESS 290.68 -2.78 EsteeLauder EL 83.20 2.91 EvercoreA EVR 340.11 0.48
s Everest EG 389.34 4.22 Evergy EVRG 85.84 -1.34 Everpure P 74.21 -0.35 EversourceEner ES 74.69 -0.22 Exelixis EXEL 55.81 0.44 Exelon EXC 47.15 -0.38 ExpandEnergy EXE 90.51 -1.01 Expedia EXPE 278 37 18 43 ExpeditorsIntl EXPD 171.34 -3.96 ExtraSpaceSt EXR 148.29 0.58 ExxonMobil XOM 154.77 -2.17 F5 FFIV 407.96 15.75 FTAI Aviation FTAI 214.15 -1.83 Fabrinet FN 470.82 -5.22 FairIsaac FICO 1280.57 43.20 Fastenal FAST 47.64 0.62
s FederalRealty FRT 127.13 1.05 FedEx FDX 310.79 -4.17 FedExFreight FDXF 150.30 -7.70 FergusonEnts FERG 234.10 3.43 Ferrari RACE 380 01 19.87 Ferrovial FER 62.86 -0.39 FidNatlFinl FNF 52.02 0.40 FidNatlInfo FIS 43.16 1.65 FifthThirdBncp FITB 57.00 -0.41 Figma FIG 22.94 1.82 FirstCitizBcshA FCNCA 2137 36 -23.29 FirstHorizon FHN 25.48 -0.05 FirstIndRlty FR 66.46 -0.53 FirstSolar FSLR 205.83 3.01 FirstEnergy FE 49.32 -0.60 Fiserv FISV 52.31 1.29 FiveBelow FIVE 207.14 3.95 Flex FLEX 116.07 -2.44 Flowserve FLS 72.68 0.28 FlutterEnt FLUT 105.84 4.59 FEMSA FMX 132.15 5.03 FordMotor F 14.68 0.31 ForgentPwr FPS 36.22 0.33 Fortinet FTNT 152.38 0.01 Fortis FTS 58.31 -0.53 Fortive FTV 62.92 0.61 FoxA FOXA 56.64 1.33 FoxB FOX 50.81 1.40 Franco-Nevada FNV 214.43 -0.25 FranklinRscs BEN 33.22 0.73 FreedomHolding FRHC 156.21 5.19 FreeportMcM FCX 62.72 0.12 FreseniusMedCare FMS 24.87 0.28 Fu lTruck YMM 9.31 0.10 Futu FUTU 104.27 4.91 G H I
GE Aerospace GE 361.61 7.88 GE HealthCare GEHC 61.12 0.54 GE Vernova GEV 996.57 -18.18 GFLEnvironmental GFL 38.99 -0.69 GSK GSK 51.98 0.63 Gallagher AJG 253.36 5.59 GameStop GME 21.52 0.35 Gaming&Leisure GLPI 45.04 -0.13 Garmin GRMN 242.47 -0.56 Gartner IT 147.45 6.95 GenDigital GEN 26.74 0.90 Generac GNRC 197.54 -4.47
s Genera Dynamics GD 389.14 2.39 GeneralMills GIS 36.61 0.58 GeneralMotors GM 87.04 4 40 Genmab GMAB 28.80 -0.07 GenuineParts GPC 127.70 3.49 Gildan GIL 50.68 0.73 GileadSciences GILD 130.52 1.21 G obalPayments GPN 84.06 3.14 G obalFoundries GFS 53.18 -0.35 Globalstar GSAT 79.03 0.10 GlobeLife GL 174.37 0.89 GlobusMedical GMED 78.25 1.76 GoDaddy GDDY 96.41 3.25 GoldFields GFI 32.91 0.21 GoldmanSachs GS 1048 23 -13.00 Grab GRAB 3.35 0.04 Graco GGG 80.44 0.94 Grainger GWW 1398.95 16.35 GAP PAC 216.27 -0.01
s GrupoC best CIB 87.93 1.92 GuardantHealth GH 145.47 -1.86 Guidewire GWRE 149 28 11.05 HCA Healthcare HCA 389.62 7.43 HDFC Bank HDB 23.22 -0.01 HF Sinclair DINO 90.78 2.48 HP HPQ 26.55 0.80
s HSBC HSBC 103.97 0.57 H World HTHT 41.83 1.36 Haleon HLN 9.94 0.16 Halliburton HAL 32.13 -1.23
s HalozymeTherap HALO 81.48 -0.45 HarmonyGold HMY 15.87 ... HartfordIns HIG 140.14 -0.39 Hasbro HAS 90.61 1.82 HealthpeakProp DOC 22.52 0.25 HeclaMining HL 15.19 0.05 Heico HEI 357.15 7.54 HeicoA HEI.A 259.42 6.02 HenrySchein HSIC 84.61 -0.86 Hershey HSY 180.19 5.89
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
s Labcorp LH 301.17 4.40 LamResearch LRCX 291.61 13.60 LamarAdv LAMR 160.99 1.53 LasVegasSands LVS 47.76 1.68 LatticeSemi LSCC 122.91 5.51 Leidos LDOS 114.95 2.81 Lennar B LEN B 83.30 0.38 Lennar A LEN 85.04 0.40 LennoxIntl LII 547.35 6.22 LeonardoDRS DRS 48.45 0.35 LeviStrauss LEVI 25.53 0.99 LiAuto LI 12.62 0.50 LibertyFormOne A FWONA 90.25 1.18 LibertyFormOne C FWONK 98.33 1.28 LifeTime LTH 43.76 1.43 EliLilly LLY 1197.53 1.50 LincolnElectric LECO 256.85 5.38 Linde LIN 507.02 5.26 Lineage LINE 42.55 1.13 Littelfuse LFUS 402.99 1.87 LiveNationEnt LYV 179.40 2.16 L oydsBanking LYG 6.13 0.11 LockheedMartin LMT 580.00 2.60 Loews L 118.54 0.64 LogitechIntl LOGI 107.82 2.04 Lowe's LOW 211.55 3.91 lululemon LULU 117.83 3.55 Lumentum LITE 711.96 51.03 LyondellBasell LYB 58.62 1.70 M N
Macom Tech MTSI 263.08 3.91 M&T Bank MTB 248.28 1.32 MGM Resorts MGM 46.30 0.76 MKS MKSI 315.70 13.48 MPLX MPLX 58.36 0.29 MSCI MSCI 571.03 20.24 MadisonAirSo ns MAIR 34.55 0.18 MSG Sports MSGS 397.29 0.89 MadrigalPharm MDGL 551.25 6.74 MagnaIntl MGA 67.16 1.50 MagnumIceCrm MICC 18.04 0.20
s ManulifeFinl MFC 44.06 0.39 Maplebear CART 44.06 1.85 MarathonPetrol MPC 312.35 3.11 Markel MKL 2014.95 20.25 Marriott MAR 383.06 8.63 Marsh MRSH 183.31 2.57 MartinMarietta MLM 572.03 12.43 MarvellTech MRVL 189.17 5.06 Masco MAS 81.16 1.89 MasTec MTZ 336.79 1.05 Mastercard MA 551.71 12.05 McCormickVtg MKC.V 50.78 0.17
StrawberryFldREIT STRW 14 66 2 2 SunLifeFinancial SLF 83 05 0 8 Tanger SKT 42 08 0 3 TenetHealthcare THC 248 82 4 4 TexasRoadhouse TXRH 201 69 4 0 3M MMM 179 29 3 2 TompkinsFin TMP 102 02 1 4 TowneBank TOWN 37 90 3 1 Travelers TRV 391 99 0 8 U-Haul UHAL 73 38 2 1 U-Haul N UHAL/B 64 35 2 6 USCB Financial USCB 22 85 4 6 Unifirst UNF 298 31 1 1 UnitedBkshrsWV UBSI 48 37 0 3 UnivInsurance UVE 44 36 4 2 Ventas VTR 100 98 0 4 Viatris VTRS 17 75 2 3 W.P.Carey WPC 77 12 0 6 WesBanco WSBC 41 71 0 7 WestBancorp WTBA 27 91 1 6 XeniaHotels XHR 21 79 0 7 YorkvilleIntlCapA YICC 9 95 0 3 Youdao DAO 16 00 3 3 Lows
AeonBiopharma AEON 0 22 3 7 AIAI AIAI 5 21 10 9 AIFinancial AIFC 0 39 8 3 AMASSBrands AMSS 0 83 19 1 AMTD IDEA AMTD 0 75 3 8 ARS Pharm SPRY 5 62 3 0 Accuray ARAY 0 22 5 6 Aclarion ACON 2 13 8 3 ActiniumPharm ATNM 0 81 0 7 ActuateTherap ACTU 1 11 2 5 AegonNts2049 AEFC 18 18 0 1 AethlonMedical AEMD 0 55 3 7 AEye LIDR 1 08 2 7 AirshipAI AISP 1 91 2 0 AiRWA YYAI 2 64 73 5 AlarumTech ALAR 1 82 AlgomaSteelWt ASTLW 0 00 58 8 AligosTherap ALGS 3 98 AlphaModusA AMOD 3 40 4 0 Alset AEI 1 05 3 7 Amaze AMZE 0 27 58 5 AntalphaPlatfm ANTA 3 35 0 3 Armlogi BTOC 0 23 2 2 ArriveAI ARAI 0 28 2 7 Aterian ATER 0 35 10 1 Austra ianOilseeds COOT 0 35 8 9
McCormick MKC 50.61 0.65 McDonald's MCD 270.67 5.91 McKesson MCK 850.06 9.16 Medline MDLN 39.70 0.95 Medpace MEDP 589.37 12.01 Medtronic MDT 84.22 1.01 MercadoL bre MELI 1819.74 18.30
s Merck MRK 130.76 0.31 MetaPlatforms META 593.87 1.32
s MetLife MET 95.19 0.36 Mettler-Toledo MTD 1336.29 9.11 MicrochipTech MCHP 77.90 0.96 美光科技 MU 900.20 20.75 Microsoft MSFT 389.10 7.40 MidAmApt MAA 133.46 0.42 MillicomIntl TIGO 95.38 0.84
三菱日联金融集团 (MitsubishiUFJ MUFG) 23.10 0.21 瑞穗金融集团 (MizuhoFin MFG) 10.57 -0.06 Moderna (MRNA) 55.63 1.56 ModineMfg (MOD) 230.40 -11.39 MolinaHealthcare (MOH) 199.48 1.93 亿滋 (Mondelez MDLZ) 60.67 0.15 MongoDB (MDB) 309.71 11.49 Monolithic Power (MPWR) 1339.08 5.27 MonsterBev (MNST) 95.33 1.84 穆迪 (Moody's MCO) 485.96 14.46 Moog A (MOG.A) 417.42 7.29 Moog B (MOG.B) 428.13 24.81 摩根士丹利 (Morgan Stanley MS) 214.56 0.08 摩托罗拉方案 (Motorola Sol MSI) 423.80 5.97 MuellerInds (MLI) 64.17 0.26 Murphy USA (MUSA) 610.44 -2.71 蔚来 (NIO NIO) 4.62 0.13 NNN REIT (NNN) 49.21 -0.17 NRG Energy (NRG) 136.50 -4.53 NVR (NVR) 6311.54 -103.13 NXP半导体 (NXP Semicon NXPI) 267.67 -1.57 纳斯达克 (Nasdaq NDAQ) 93.94 1.85 Natera (NTRA) 258.03 -3.96 国家电网 (National Grid NGG) 81.21 -1.09 国民西敏银行 (NatWest NWG) 18.31 0.34 Nebius (NBIS) 187.88 0.11 NetApp (NTAP) 169.80 2.06 网易 (NetEase NTES) 123.77 4.22 Netflix (NFLX) 70.40 0.31 Neurocrine (NBIX) 176.41 0.64 纽约时报 A (NYTimes A NYT) 72.37 0.72 纽蒙特矿业 (Newmont NEM) 93.47 0.28 新闻公司 A (NewsCorp A NWSA) 27.29 0.53 新闻公司 B (NewsCorp B NWS) 30.92 0.73 NextEra Energy (NEE) 88.83 -0.95 Nextpower (NXT) 103.73 3.70 耐克 (Nike NKE) 42.14 0.44 NiSource (NI) 45.81 -0.87 诺基亚 (Nokia NOK) 9.28 0.18 野村证券 (Nomura NMR) 9.79 -0.02 Nordson (NDSN) 297.39 1.62 诺福克南方铁路 (Norfolk Southern NSC) 343.35 -7.31 北方信托 (Northern Trust NTRS) 182.52 2.00 诺斯罗普格鲁曼 (Northrop Grumman NOC) 547.58 5.34 Nova (NVMI) 428.88 -9.10 诺华 (Novartis NVS) 156.11 1.10 诺和诺德 (Novo Nordisk NVO) 49.67 0.90 Nu Holdings (NU) 14.53 0.44 纽柯 (Nucor NUE) 247.86 0.30 Nutanix (NTNX) 56.85 1.81 Nutrien (NTR) 67.40 -0.70 nVent Electric (NVT) 149.29 -2.50 英伟达 (NVIDIA NVDA) 196.51 -10.33
O P Q
OGE Energy (OGE) 49.28 -0.67 ONEOK (OKE) 89.46 -3.70 安森美半导体 (ON Semi ON) 89.04 2.23 O'Reilly Auto (ORLY) 90.59 3.19 西方石油 (Occidental Petrol OXY) 54.93 -2.37 Okta (OKTA) 137.43 -1.07 Old Dominion Freight (ODFL) 226.77 -6.22 Old National Bancorp (ONB) 26.41 -0.08 Old Republic (ORI) 43.07 0.78 Omega Healthcare (OHI) 51.40 -0.32 宏盟 (Omnicom OMC) 82.41 2.75 On Holding (ONON) 37.06 1.24 Onto Innovation (ONTO) 262.33 -10.29 甲骨文 (Oracle ORCL) 119.90 4.91
欧力士 (Orix IX) 40.22 -0.09 Oshkosh (OSK) 154.95 -0.19 奥的斯 (Otis Worldwide OTIS) 73.19 1.26 Ovintiv (OVV) 60.08 -3.05 欧文斯科宁 (Owens Corning OC) 143.45 1.11 拼多多 (PDD PDD) 84.85 2.19 太平洋燃气电力 (PG&E PCG) 17.60 -0.25 PNC金融 (PNC Finl PNC) 249.64 -1.35 浦项 (POSCO PKX) 53.10 0.76 PPG工业 (PPG Ind PPG) 118.47 2.47 PPL (PPL) 36.01 -0.21 PTC (PTC) 125.21 6.69
Paccar (PCAR) 133.44 1.20 Packaging Corp of America (PKG) 252.37 -2.02 Palantir Tech (PLTR) 131.53 8.61 Palo Alto Networks (PANW) 317.32 -6.47 泛美白银 (Pan American Silver PAAS) 44.13 0.10 Paramount Skydance (PSKY) 8.03 -0.18 帕克汉尼汾 (Parker Hannifin PH) 987.31 -0.23 Paychex (PAYX) 115.48 1.93 PayPal (PYPL) 56.07 -0.08 PayPay (PAYP) 16.02 0.51 培生 (Pearson PSO) 16.74 0.45 Pembina Pipeline (PBA) 49.91 -1.46
Penske Auto (PAG) 215.70 -1.65 Pentair (PNR) 63.18 0.30 Penumbra (PEN) 319.49 0.76 百事公司 (PepsiCo PEP) 139.79 3.15 Performance Food (PFGC) 114.30 2.81 Permian Resources (PR) 20.25 -1.10 Pershing Square (PS) 34.08 0.11 巴西石油 (Petroleo Brasil PBR) 18.00 -0.77 巴西石油 A (Petroleo Brasil A PBR.A) 16.04 -0.58 辉瑞 (Pfizer PFE) 24.67 0.13 菲力森莫 (Philip Morris PM) 195.66 2.66 Phillips 66 (PSX) 207.82 1.05 Pinnacle Financial Partners (PNFP) 103.06 0.46 Pinnacle West (PNW) 105.38 -0.68 Pinterest (PINS) 23.50 1.37 Plains All American Pipeline (PAA) 24.29 -0.31 Plains GP (PAGP) 26.09 -0.36 Popular (BPOP) 171.41 -0.32
Primerica (PRI) 314.71 0.12 Principal Financial (PFG) 111.29 1.89 宝洁 (Procter & Gamble PG) 148.63 1.22 Progressive (PGR) 215.76 1.93 Prologis (PLD) 147.26 -0.37
Prudential Financial (PRU) 121.89 1.93 保诚 (Prudential PUK) 29.39 0.05 PSEG (PEG) 79.21 -0.60 Public Storage (PSA) 324.02 1.54 PulteGroup (PHM) 130.59 1.84 QXO (QXO) 14.13 0.46 Qnity Electric (Q) 132.97 -2.09 高通 (Qualcomm QCOM) 170.04 3.07 Quanta Services (PWR) 620.28 -5.56 Quantinuum (QNT) 52.83 0.54 Quest Diagnostics (DGX) 231.84 3.98
R S
RBC Bearings (RBC) 584.97 -10.10 RB Global (RBA) 116.35 4.76
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
前 100 大交易所交易基金，最新交易日。
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 实体 | 符号 | 价格 | 涨跌 |
|---|---|---|---|
| Standard Aero | SARO | 29.53 | 0.83 |
| Stanley B&D | SWK | 94.17 | 2.91 |
| Starbucks | SBUX | 103.65 | 0.40 |
| State Street | STT | 184.66 | -0.74 |
| Steel Dynamics | STLD | 250.27 | 3.16 |
| Stellantis | STLA | 5.70 | 0.01 |
| Steris | STE | 218.40 | 4.33 |
| Sterling Infrastructure | STRL | 634.63 | -26.31 |
| Stifel Financial | SF | 82.37 | 1.55 |
| STMicroelectronics | STM | 53.45 | 1.91 |
| Strategy | MSTR | 98.65 | 6.98 |
| Stryker | SYK | 336.74 | 6.49 |
| Sumitomo Mitsui | SMFG | 26.34 | 0.16 |
| Summit Therapeutics | SMMT | 13.11 | -0.56 |
| Sun Communications | SUI | 121.44 | -0.39 |
| UMB Financial | UMBF | 140.97 | -0.23 |
| US Foods | USFD | 99.29 | 2.12 |
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
T U V
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
W X Y Z
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 股票名称 | 代码 | 价格 | 涨跌 |
|---|---|---|---|
| 3M | MMM | 178.23 | 5.61 |
| 廷肯 (Timken) | TKR | 141.10 | -0.20 |
| Toast | TOST | 30.84 | 1.80 |
| Toll Brothers | TOL | 151.01 | 1.14 |
| 多伦多道明银行 (Toronto Dom Bk) | TD | 119.65 | -0.13 |
| 道达尔能源 (TotalEnergies) | TTE | 84.16 | -2.64 |
| Tower Semi | TSEM | 224.21 | -9.16 |
| 丰田汽车 (Toyota Motor) | TM | 182.15 | 4.73 |
| 拖拉机供应公司 (Tractor Supply) | TSCO | 31.80 | 0.78 |
| Tradeweb | TW | 102.02 | 2.19 |
| 特雷恩技术 (Trane Tech) | TT | 483.34 | 2.35 |
| TransDigm | TDG | 1286.27 | 49.56 |
| TransUnion | TRU | 77.24 | 0.73 |
| 旅联 (Travelers) | TRV | 390.35 | 3.09 |
| Trimble | TRMB | 55.77 | 2.86 |
| 携程 (Trip.com) | TCOM | 44.77 | 1.13 |
| Truist 金融 | TFC | 52.12 | 0.36 |
| Twilio | TWLO | 194.47 | 3.01 |
| Tyler Tech | TYL | 315.88 | 18.73 |
| 泰森食品 (Tyson Foods) | TSN | 60.71 | 3.26 |
| 瑞银集团 (UBS Group) | UBS | 52.54 | 0.80 |
| UDR | UDR | 39.27 | -0.32 |
| U-Haul | UHAL | 72.96 | 1.53 |
| U-Haul N | UHAL/B | 64.16 | 1.61 |
| UL Solutions | ULS | 90.06 | 4.60 |
| 基金名称 | 代码 | 价格 | 涨跌 | 收益率 |
|---|---|---|---|---|
| SPDR 黄金迷你 | GLDM | 80.78 | 0.74 | –5.4 |
| SPDR 黄金信托 | GLD | 374.63 | 0.73 | –5.5 |
| 嘉信理财国际股票 | SCHF | 27.13 | 0.33 | 12.9 |
| 嘉信理财美国宽基市场 | SCHB | 28.59 | 0.11 | 9.0 |
| 嘉信理财美国高股息 | SCHD | 33.43 | 0.42 | 21.9 |
| 嘉信理财美国大盘股 | SCHX | 29.16 | 0.14 | 8.4 |
| 嘉信理财美国大盘成长 | SCHG | 33.58 | 0.36 | 2.9 |
| 标普能源精选板块 | XLE | 58.36 | –2.11 | 30.5 |
| 标普金融精选板块 | XLF | 56.88 | 1.01 | 3.9 |
| 标普医疗保健精选板块 | XLV | 163.40 | 0.51 | 5.6 |
| 标普工业精选板块 | XLI | 183.20 | 0.30 | 18.1 |
| 标普 1-3月短期国债 | BIL | 91.62 | 0.01 | 0.3 |
| 标普道琼斯工业平均指数 | DIA | 521.26 | 0.48 | 8.5 |
| 标普除美国发达市场 | SPDW | 49.59 | 0.40 | 11.7 |
| 标普 500 指数 | SPYM | 86.99 | 0.03 | 8.4 |
| 标普 500 成长股 | SPYG | 114.55 | –0.36 | 7.4 |
| 标普 500 价值股 | SPYV | 62.24 | 0.48 | 9.6 |
| iShares 标普 500 | SPY | 739.09 | 0.02 | 8.4 |
| 标普 400 指数 | MDY | 692.85 | 0.31 | 14.8 |
| 标普科技精选板块 | XLK | 174.30 | –0.90 | 21.1 |
| VanEck 半导体 | SMH | 548.55 | –2.25 | 52.3 |
| 先锋小盘价值股 | VBR | 245.69 | 0.59 | 16.0 |
| 先锋扩展市场 | VXF | 237.62 | 0.63 | 13.6 |
| 先锋股息增长 | VIG | 239.89 | 0.52 | 9.2 |
| 先锋富时除美国全球股 | VEU | 82.01 | 0.48 | 11.5 |
| 先锋富时发达市场 | VEA | 70.00 | 0.42 | 12.1 |
| 先锋富时新兴市场 | VWO | 58.23 | 0.74 | 8.3 |
| 先锋富时欧洲 | VGK | 88.84 | 0.49 | 6.3 |
| 先锋成长股 | VUG | 83.38 | –0.12 | 2.5 |
| 先锋高股息 | VYM | 162.73 | 0.31 | 13.4 |
| 先锋信息技术 | VGT | 112.42 | –0.78 | 19.3 |
| 先锋中短期债券 | BIV | 75.67 | 0.21 | –2.8 |
| 先锋中短期公司债 | VCIT | 81.32 | 0.16 | –2.9 |
| 先锋中短期国债 | VGIT | 58.40 | 0.14 | –2.6 |
| 先锋大盘股 | VV | 339.96 | 0.03 | 8.0 |
| 先锋巨型成长股 | MGK | 84.55 | –0.31 | 2.4 |
| 先锋中盘股 | VO | 81.01 | 0.57 | 11.7 |
| 先锋房地产 | VNQ | 100.54 | –0.27 | 13.6 |
| 先锋罗素 1000 成长股 | VONG | 120.57 | –0.49 | –1.0 |
| 先锋标普 500 ETF | VOO | 679.31 | 0.03 | 8.3 |
| 先锋短期债券 | BSV | 77.50 | 0.04 | –1.7 |
| 先锋短期公司债 | VCSH | 78.50 | 0.04 | –1.5 |
| 先锋短期国债 | VGSH | 58.02 | ... | –1.2 |
| 先锋小盘股 | VB | 296.88 | 0.53 | 15.1 |
| 先锋免税债券 | VTEB | 49.69 | 0.16 | –1.2 |
| 先锋综合债券 | BND | 72.46 | 0.21 | –2.2 |
| 先锋综合国际债券 | BNDX | 47.92 | 0.25 | –0.8 |
| 先锋综合国际股票 | VXUS | 83.79 | 0.47 | 11.1 |
| 先锋综合股票 | VTI | 365.18 | 0.10 | 8.9 |
| 先锋全球股票 | VT | 154.45 | 0.16 | 9.5 |
| 先锋价值股 | VTV | 221.72 | 0.32 | 16.1 |
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
1.0
–1.0
英伟达股价遭受打击
作者：HEATHER GILLERS
周一对于AI芯片股来说又是糟糕的一天。中国存储芯片制造商长鑫存储在股市的破纪录亮相，引发了市场对美国公司竞争压力增加的担忧，尤其是此前有消息称，苹果一直在游说特朗普政府，允许在其部分产品中使用中国芯片。
与此同时，关于AI基础设施建设——芯片制造商好运之源——的近期担忧也加剧了这些焦虑。《华尔街日报》的一篇报道称，英伟达可能会为OpenAI一个巨大的数据中心项目提供约 $250 billion 的担保，这导致该芯片制造商的股价下跌 5%，投资者担心英伟达在多大程度上是在投资自己的客户。
随着股价下跌，英伟达将美国市值最大公司的地位重新交还给了苹果，苹果自去年5月以来一直持有该头衔。与此同时，谷歌母公司Alphabet的股价在周一上涨约 2%，但自该公司在7月 22 日公布财报以来已下跌 4.5%。
MONDAY’S MARKETS
签署 $16 Billion 科威特石油协议
作者：KATHERINE HAMILTON
管理科威特石油部门的公司与一个由黑石（Blackstone）、布鲁克菲尔德（Brookfield）和KKR领导的投资者团体签署了一份 $16 billion 的租赁协议。
此次交易是在特朗普总统本月早些时候表示，在与中东国家讨论增加对美投资后，他撤回了关于霍尔木兹海峡的关税计划之后达成的。
负责监管该部门的国有企业科威特石油公司（Kuwait Petroleum Corp.）及其代表国家勘探和生产石油的子公司科威特油业公司（Kuwait Oil Co.）均签署了该协议。科威特石油公司表示，该协议涵盖了该国所有的国内及出口管道，代表了科威特历史上规模最大的外国直接投资。
7月中旬，特朗普表示，他与几个中东国家进行了谈判，以换取他取消对通过霍尔木兹海峡的船舶征收 20% 的费用，要求这些国家在美投资。他点名科威特为参与谈判的国家之一。
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周一指数表现
1.5%
0.5
–0.5
上午 10 点 11 正午 下午 1 点 2 3 4
来源：FactSet
报告披露了在大规模 AI 支出背景下的负现金流。PHLX 半导体指数中的每只股票在周一均收于其各自 50 日移动平均线下方，这是自 2025 年 4 月以来首次出现这种情况。该指数当日收盘下跌 2.2%。 “市场在传递这样一个信号：只要资本支出有任何负面消息，对芯片股就是利空，”D.A. Davidson 技术研究主管 Gil Luria 表示。 与此同时，Neuberger Berman 财富管理首席投资官 Shannon Saccocia 表示，
在对话中，他称这些对话“高效益”，他在 Truth Social 的一篇帖子中这样写道。 “沙特阿拉伯、阿联酋、卡塔尔、科威特以及其他国家……我都与他们进行了交流，他们非常愿意在美国投资更多资金，”特朗普当时告诉记者。 科威特石油公司（Kuwait Oil Co.）和投资者财团将成立这家新的合资企业，其中 KOC 持有 51% 的多数股权，财团共同持有剩余 49% 的股权，各方持股均等且条款一致。 该合资企业将从 KOC 租赁其全部 13 条管道的使用权，这些管道总长约为 200 英里。作为以量计价关税的交换，该企业将赋予 KOC 为期 20.5 年的独家使用权和运营权。 预计该项目在关闭时将为 KOC 带来 $7.85 亿美元的收益。该公司表示，这笔资金将有助于支持 KPC 的资本支出计划，包括其到 2035, 实现每日 4 million 桶原油生产能力的目标。
道琼斯工业平均指数
五分钟间隔
纳斯达克综合指数
……与中国芯片公司的竞争是“一个外部担忧，正开始从次要问题变为首要问题”。 投资者的反应是转向市场的其他领域。Salesforce 股价上涨 6.1%，带动了软件股的强劲表现。3M、沃尔玛、麦当劳和美国运通均上涨 2% 或更多，支撑了道琼斯工业平均指数。 因此，主要指数波动不大。纳斯达克综合指数下跌 0.2%，
胡塞武装在曼德海峡对沙特船只的袭击引发了人们对该王国原油出口的担忧。
重启外交希望
作者：GIULIA PETRONI
周一，在美国暂停对伊朗的军事打击后，油价大跌 5% 以上，这增加了重启外交努力以结束这场持续五个月冲突的前景。 本月到期的近月布伦特原油合约大跌 8.7%，至每桶 $88.36。 美国基准西德克萨斯中级原油（West Texas Intermediate）
按净资产排列的纳斯达克公布份额类别的前 250 个共同基金列表。
e-除息日。f-前一日报价。g-适用脚注 x 和 s。j-适用脚注 e 和 s。k-由 LSEG 使用更新数据重新计算。p-适用分销成本，12b-1。r-可能适用赎回费。s-股票拆分或分红。t-适用脚注 p 和 r。v-适用脚注 x 和 e。x-除息。z-适用脚注 x, e 和 s。NA-由于价格、业绩或成本数据不完整而不可用。NE-LSEG 未发布；数据审核中。NN-未跟踪基金。NS-期初该基金不存在。
| 基金 | 净值 (NAV) | 变动 | 年初至今 (YTD) 回报率 | 基金 | 净值 (NAV) | 变动 | 年初至今 (YTD) 回报率 | 基金 | 净值 (NAV) | 变动 | 年初至今 (YTD) 回报率 | 基金 | 净值 (NAV) | 变动 | 年初至今 (YTD) 回报率 | 基金 | 净值 (NAV) | 变动 | 年初至今 (YTD) 回报率 | 基金 | 净值 (NAV) | 变动 | 年初至今 (YTD) 回报率 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| S&P 500 | |||||||||||||||||||||||
| AB Funds | |||||||||||||||||||||||
| Mun IncmShares | 11.02 | +0.03 | 1.5 | ||||||||||||||||||||
| American Century Inv | |||||||||||||||||||||||
| Ultra | 93.64 | -0.33 | -0.5 | ||||||||||||||||||||
| American Funds Cl A | |||||||||||||||||||||||
| AmcpA | 43.94 | +0.21 | 2.9 | ||||||||||||||||||||
| AMutlA | 64.85 | +0.14 | 9.8 | ||||||||||||||||||||
| BalA | 40.23 | +0.04 | 7.9 | ||||||||||||||||||||
| BondA | 11.11 | +0.02 | -0.7 | ||||||||||||||||||||
| CapIBA | 83.44 | +0.19 | 9.8 | ||||||||||||||||||||
| CapWGrA | 79.93 | +0.10 | 12.6 | ||||||||||||||||||||
| EupacA | 61.79 | +0.25 | 8.0 | ||||||||||||||||||||
| FdInvA | 100.89 | +0.32 | 11.8 | ||||||||||||||||||||
| GwthA | 83.91 | +0.39 | 4.3 | ||||||||||||||||||||
| ICAA | 66.93 | +0.15 | 7.6 | ||||||||||||||||||||
| IncoA | 27.85 | 0.03 | 8.0 | ||||||||||||||||||||
| N PerA | 73.06 | +0.26 | 3.5 | ||||||||||||||||||||
| NEcoA | 82.93 | +0.22 | 14.2 | ||||||||||||||||||||
| NwWrldA | 103.85 | +0.53 | 11.3 | ||||||||||||||||||||
| SmCpA | 81.42 | +0.40 | 11.1 | ||||||||||||||||||||
| WshA | 67.78 | 0.22 | 8.7 | ||||||||||||||||||||
| Artisan Funds | |||||||||||||||||||||||
| IntlVal Inst | 60.06 | +0.43 | 12.6 | ||||||||||||||||||||
| Baird Funds | |||||||||||||||||||||||
| AggBdInst | NA | ... | NA | ||||||||||||||||||||
| CorBdInst | NA | ... | NA | ||||||||||||||||||||
| IntBdInst | NA | ... | NA | ||||||||||||||||||||
| ShtTBdInst | NA | ... | NA | ||||||||||||||||||||
| BlackRock Funds | |||||||||||||||||||||||
| HiYBlk | 7.08 | ... | 1.7 | ||||||||||||||||||||
| HiYldBd Inst | 7.07 | ... | 1.6 | ||||||||||||||||||||
| BlackRock Funds III | |||||||||||||||||||||||
| iShS&P500IdxK | 861.94 | 0.14 | 9.0 | ||||||||||||||||||||
| BlackRock Funds Inst | |||||||||||||||||||||||
| StratIncOpptyIns | 9.64 | 0.01 | 1.4 | ||||||||||||||||||||
| Calamos Funds | |||||||||||||||||||||||
| MktNeutI | 16.18 | -0.01 | 3.5 | ||||||||||||||||||||
| CausewayInst | |||||||||||||||||||||||
| CausewayInst | 25.22 | +0.24 | 7.3 | ||||||||||||||||||||
| Columbia Class A | |||||||||||||||||||||||
| SelgComuInfoA | 224.76 | +1.63 | 43.4 | ||||||||||||||||||||
| Columbia Class I | |||||||||||||||||||||||
| DivIncom I | 40.55 | +0.09 | 12.7 | ||||||||||||||||||||
| Dimensional Fds |
标准普尔 500 指数上涨不足 0.1%，道琼斯工业平均指数上涨 0.5%，即 263 点。与此同时，在近月布伦特原油期货下跌 8.7% 后，全球油价回落至每桶 $89 以下。此次下跌是因为特朗普政府暂停了升级对伊朗战争的计划。虽然全球能源供应压力依然存在，但旅游类股票在周一上涨，而标准普尔能源板块则下跌 2%。
10 年期国债收益率从周五的 4.678% 降至 4.640%。美联储周三的利率决议（是多年来最不可预测的决议之一）也成为关注焦点。根据 CME 数据，利率期货显示，投资者在周一认为美联储在本周会议上加息的可能性为 38%。
Baird 市场策略师 Michael Antonelli 表示，加息的可能性增加了投资者对股价处于高位以及人工智能建设雄心的不安。“每天我们走进办公室都会问，人工智能值多少钱，”他说。“而这个答案会随着头条新闻而改变，随风向而变。”
Intermediate 下跌 8.3% 至每桶 $81.91。 ING 的分析师表示：“今天早晨原油的价格走势显然反映了市场对正面消息的渴求。” 由于冲突蔓延至红海，且胡塞武装袭击沙特船只引发了人们对该王国通过出口至亚洲的担忧，布伦特原油上周曾攀升至每桶 $100 以上。
数据提供方
2026年7月27日，星期一
EmgMktVa 42.76 +0.13 15.9 EmMktCorEq 32.82 +0.14 13.8 IntlCoreEq 22.13 +0.08 10.4 IntlVal 32.20 +0.06 14.1 IntSmCo 27.20 +0.16 7.5 IntSmVa 33.54 +0.13 9.8 LgCo 49.22 ... 9.0 US CoreEq1 55.10 +0.06 11.7 US CoreEq2 49.29 +0.04 12.0 US Small 61.25 +0.33 17.8 US SmCpVal 62.04 +0.13 21.1 US TgdVal 44.03 +0.12 20.0 USLgVa 66.58 +0.11 19.2 Dodge & Cox Income 12.54 +0.03 -0.3 Intl Stk 18.57 +0.15 12.8 Stock 17.58 +0.14 7.7 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem 257.69 +0.04 9.0 Contrafund K6 35.83 -0.11 5.3 EmgMktIdxInstPre 16.04 +0.06 17.3 ExtMktIdxInstPre 114.89 +0.75 14.1 FidSAIEmerg 20.96 +0.06 24.5 FidSer5 7.43 ... -0.5 FidSerInt 8.40 +0.03 0.4 FidSerToMarket 24.28 +0.02 9.6 FIDZroLgCpIx 26.53 ... 8.7 GlexUSIdxInstPre 20.93 +0.07 12.2 GrowthCompanyK6 42.65 -0.30 15.3 IntlIdxInstPrem 66.80 +0.22 9.9 LgCpGwId InstPre 45.92 -0.20 -0.7 LgCpVlIdxIstPrem 24.76 +0.14 19.6 MidCpInxInstPrem 42.46 +0.27 15.0 SA USLgCpIndxFd 29.68 ... 9.0 SeriesBondFd 8.91 +0.02 -0.2 SeriesOverseas 15.59 -0.02 4.4 SerLTTreBdIdx 5.18 +0.03 -1.7 SmCpIdxInstPrem 36.94 +0.23 19.6 TMktIdxInstPrem 204.57 +0.18 9.6 TotalMarketIndex 25.92 +0.02 9.6 TtlIntIdxInstPr 19.34 +0.08 11.7 USBdIdxInstPrem 10.31 +0.02 -0.3 Fidelity Advisor
TotBdFdClZ 9.42 +0.01 -0.1 Fidelity Advisor I GrOppI 250.80 -1.65 7.2 Fidelity Freedom Freedom2035K6 18.50 +0.02 8.2 Freedom2040K6 14.10 +0.02 10.1 Idx2030InsPre 23.87 +0.05 6.0 Idx2035InsPre 28.32 +0.06 6.8 Idx2040InsPre 31.15 +0.07 8.4 Idx2045InsPre 33.69 +0.07 9.5 Idx2050InsPre 33.87 +0.08 9.7 Fidelity Invest Balanc 34.68 ... 8.8 BluCh 292.65 -1.76 9.6 BluChpGr K6 47.72 -0.35 7.9 Contra 25.65 -0.08 5.7 ContraK 25.77 -0.08 5.7 CpInc 11.20 ... 6.3 DivIntl 53.82 -0.04 10.7 GroCo 54.71 -0.39 14.4 InvGrBd 9.94 +0.02 -0.1 LowP 47.23 +0.27 14.6 Magin 15.10 -0.04 3.1 纳斯达克 (NASDAQ) 317.37 -0.55 7.6 OTC 28.62 -0.16 17.9 Puritn 27.77 -0.09 7.5 SAILTTreBdIdx 6.45 +0.04 -1.8 SAIUSMinVo IndFd 24.66 +0.11 8.2 SAIUSQtyIdx 26.02 +0.14 8.6 SrsBlChGroRetail 25.34 -0.17 10.3 SrsEmrgMkt 29.87 +0.10 21.2 SrsGlobal 20.53 +0.08 12.2 SrsGroCoRetail 31.37 -0.22 15.1 SrsIntlGrw 20.29 -0.04 6.2 SrsIntlVal 17.09 +0.06 9.6 TotalBond 9.44 +0.02 ... Fidelity SAI FidSaiCndInxFnd 15.78 +0.08 10.8 FidSaiInfltnFnd 9.97 -0.01 0.4 IntlValIdx 14.64 +0.12 16.3 TotalBd 8.93 +0.01 -0.1 Fidelity Selects Semiconductors r 59.53 -1.45 50.1 Tech 51.95 -0.58 29.7
Chirayu Rana 于 2024 年加入摩根大通 (JPMorgan)，并在次年离开。
接第 B1 页
Joseph & Norinsberg 请求将本案从州法院移交至联邦法院。其律师认为，最初的投诉遗漏了基于联邦法律的新主张，例如违反民权法，并且这些主张应在联邦法院审理。
Rana 最近的一任雇主，私募股权公司 Bregal Sagemount，在 4 月初终止了他的雇佣关系，该公司发言人此前告诉《华尔街日报》。
在 Rana 提起之前的诉讼几周前，摩根大通曾提供 100 万美元以解决性侵犯和骚扰指控，该报在 5 月份报道了此事。摩根大通发言人周一表示，该行无意就此诉讼达成和解。
最新的局势缓和尚未触发通过霍尔木兹海峡和曼德海峡（全球石油贸易的两条关键大动脉）航运的实质性复苏。分析师表示，除非市场确信紧张局势的缓解能够持续且船舶能够安全航行，否则船舶流量不太可能恢复正常，这意味着如果敌对行动再次爆发，油价将容易出现新的波动。
曼德海峡。周一的剧烈抛售反映出，在经历了两周的袭击后，人们对冲突扩大的担忧有所缓解，但市场观察人士认为，关键风险依然存在。
对胡塞武装在红海袭击的担忧依然持续，而关于美国和伊朗将如何解决围绕霍尔木兹海峡及德黑兰核计划的争端，不确定性依然存在。
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
Putnam Funds Class Y PutLargCap 44.49 +0.18 14.0 Schwab Funds 1000 Inv r 15.91 +0.02 9.3 FunUSLgInst r 37.58 +0.14 17.2 IntI Sel r 31.56 +0.12 9.9 S&P Sel 19.11 ... 9.0 TSM Sel r 17.95 +0.01 9.5 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.07 +0.02 0.2 StratAdFidEmr 18.32 +0.06 20.6 StratAdFidUS 21.28 +0.01 12.3 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.22 +0.04 9.8 TIAA/CREF Funds EqIdxInst 51.29 +0.06 9.4 IntlEqIdxInst 30.61 +0.12 9.9 LrgCpGrIdxInst 75.58 -0.34 -0.5 VANGUARD ADMIRAL 500Adml 684.41 +0.12 9.0 BalAdml 53.69 +0.07 5.7 CAITAdml 11.38 +0.03 0.2 CapOpAdml r 259.96 +0.02 19.9 DivAppIdxAdm 65.09 +0.32 10.0 EMAdmr 48.28 +0.44 8.3 EqIncAdml 102.53 +0.23 11.6 ExplrAdml 123.25 +0.64 15.5 ExtndAdml 180.23 +1.17 14.2 GroIncAdml 117.24 -0.10 7.4 GrwthAdml 257.52 -0.36 2.8 HlthCareAdml r 86.69 +0.47 4.7 HYCorAdml r 5.43 ... 1.1 InfProAd 22.66 ... 0.3 InfTechIdx 460.59 -3.40 19.6 IntlGrAdml 118.61 +1.15 4.1 ITBondAdml 10.22 +0.01 -0.8 ITIGradeAdml 8.63 +0.02 -0.5 LarCapAd 171.69 +0.05 8.6 MidCpAdml 401.31 +2.29 12.4 MuHYAdml 10.56 +0.02 1.6 MuIntAdml 13.58 +0.03 0.4 MuLTAdml 10.71 +0.03 1.0 MuLtdAdml 10.90 +0.01 0.9 MuShtAdml 15.82 +0.01 1.4 PrmcpAdml r 223.21 +0.15 20.7 RealEstatAdml 142.42 -0.46 15.8 SmCapAdml 142.29 +0.84 15.9 SmGthAdml 120.84 +0.76 14.1 STIGradeAdml 10.32 +0.01 0.8 STIPSIxAdm 24.84 -0.02 1.6 TotBdAdml 9.52 +0.01 -0.3 TotIntBdIdxAdm 19.16 +0.05 0.3 TotIntlAdmIdx r 44.96 +0.23 11.5 TotStAdml 177.75 +0.18 9.6 TxMCapAdml 381.04 +0.31 8.9
TxMIn r 22.45 +0.07 12.6 USGroAdml 189.45 +0.14 -2.9 ValAdml 86.48 +0.25 17.3 WdsrllAdml 90.26 +0.83 9.1 WellsIAdml 62.74 +0.11 3.7 WelltnAdml 79.71 -0.07 4.4 WndsrAdml 81.51 +0.52 10.9 VANGUARD FDS DivdGro 31.85 +0.20 4.9 LifeGro 54.56 +0.15 8.4 LifeMod 36.38 +0.10 6.2 PrmcpCor 46.16 +0.04 24.7 STAR 30.41 +0.13 5.2 TgtRe2020 28.48 +0.06 3.8 TgtRe2025 20.97 +0.04 5.1 TgtRe2030 44.92 +0.12 6.1 TgtRe2035 29.29 +0.08 7.0 TgtRe2040 53.83 +0.15 7.8 TgtRe2045 37.71 +0.10 8.5 TgtRe2050 64.81 +0.17 9.3 TgtRe2060 66.72 +0.18 9.4 TgtRet2055 72.39 +0.20 9.4 TgtRetInc 14.18 +0.03 3.4 Welltn 46.17 -0.04 4.4 VANGUARD INDEX FDS ExtndIstPl 444.76 +2.90 14.3 IdxIntl 26.88 +0.14 11.5 MdCpGrAdml 126.87 +1.11 5.9 MdCpVlAdml 106.46 +0.38 17.1 SmValAdml 105.54 +0.61 17.1 TotBd2 9.39 +0.02 -0.4 TotIntlInstIdx r 179.78 +0.90 11.5 TotItlInstPlId r 179.83 +0.91 11.5 TotSt 177.72 +0.18 9.6 VANGUARD INSTL FDS DevMktsIndInst 22.49 +0.08 12.7 DevMktsInxInst 35.14 +0.12 12.7 ExtndInst 180.22 +1.17 14.3 FTScinst 50.59 +0.03 7.8 GrwthInst 257.54 -0.35 2.8 InPrSeIn 9.23 ... 0.3 InstIdx 593.65 +0.10 9.0 InstPlus 593.64 +0.10 9.0 InstTStPlus 122.50 +0.13 9.6 MidCpInst 88.65 +0.50 12.5 MidCpIstPl 437.22 +2.50 12.5 SmCapInst 142.29 +0.85 15.9 SmCapIstPl 410.70 +2.45 15.9 STIGradeInst 10.32 +0.01 0.8 STIPSIxins 24.86 -0.01 1.6 TotBdInst 9.52 +0.01 -0.3 TotBdInst2 9.39 +0.02 -0.3 TotBdInstPl 9.52 +0.01 -0.3 TotIntBdIdxInst 28.76 +0.09 0.4 TotStInst 177.78 +0.18 9.6 ValueInst 86.48 +0.25 17.3 WCM Focus Funds WCMFocIntlGrwIns 27.70 +0.02 11.3
MICHAELA BUBLIKOVA/@DUDESINSUITS
KHALED ZIAD/AFP/GETTY IMAGES
2.0
收益率上升可能会导致贷款环境恶化。但地区性银行正在演变为更像其华尔街同行。
上周国债收益率的跳升令投资者担心贷款银行将受到冲击。甚至在这一剧烈波动之前，投资者就对第二季度报告中提及的银行数量感到担忧，这些银行指出，一方面存款人要求更高的利率，另一方面借款人转向低收益贷款，两者之间形成了挤压。
随着 2 年期国债收益率触及一年多以来的最高水平，客户将极具诱惑力地将资金从银行账户中移出。对于缺乏巨大华尔街交易台的地区性贷款机构来说，这种担忧尤为剧烈。
由于市场在应对快速变化的利率预期，这些交易台已经并且可能将继续经历活动量和费用的激增。上周，美国银行、花旗集团和摩根大通的股价上涨，而 KBW 纳斯达克银行指数中的大多数大型地区性银行则下跌。
但这种“华尔街”与“主流街”对立的银行业观念正在改变，地区性银行的股票可能会带来积极的惊喜。
尽管许多银行的净利息之差可能会收窄，但地区性银行一直受益于提升巨型银行的某些相同力量。
例如，各种规模的公司都在争先恐后地适应人工智能热潮。因此，市场可能忽视了主流街贷款机构跟上其更光鲜同行潜力的可能性。
许多地区性银行报告称，其投资银行及相关服务的费用有所增加。此外，最大的地区性银行已经很好地……
交易所交易基金（ETF）的买家正处于投机心态。ETF 发行商也是如此。
该类别在全球范围内正蓬勃发展，在美国尤为明显。根据 CFRA Research 的数据，2026 年上半年共有 728 支基金发行。
这有望打破 2025 年的全年记录。
这次热潮中有很多因素在起作用——税务、技术、监管，以及最关键的，投资者对下一个大热门的渴望。但结果往往是出现了一些可疑的产品，这些产品之所以存在，是因为投资者不再费心去计算。
不过，基金公司在计算，即使看起来并非如此。有些公司注册了数十个甚至数百个几乎没有任何持仓的 ETF。他们知道，其中大多数的发行成本将高于……
2.5
股票 聚焦
英伟达 这家 AI 芯片公司正就向 OpenAI 提供 $250 billion 担保以资助一个庞大的数据中心项目进行洽谈。股价收盘下跌 5%。
长鑫存储 这家内存芯片制造商在股市首秀中飙升五倍以上，成为中国大陆市值最高的公司。
Cracker Barrel 该餐厅连锁店在宣布其深陷困境的首席执行官将卸任后，股价下跌超过 2%。
Strategy 迈克尔·塞勒（Michael Saylor）的加密货币囤积公司表示，上周未出售任何比特币。股价跳涨超过 7%。
(HEARD ON THE STREET)
通过例如收购中型投资银行等方式，为在业务中增加更多华尔街类型的活动铺路。
根据 Visible Alpha 的数据，KBW 指数中区域银行的非利息收入（包括上述银行手续费）在第二季度较第一季度增长了 12%。这与大型银行 13% 的增长基本持平。
总体而言，这些区域银行在第二季度产生的非利息收入大约为其净利息收入的一半。这一比例在 2023 年初更接近 40%。
尽管如此，与最大的银行竞争绝非易事。说服预算意识更强的中型客户为更多服务付费也可能是一项挑战。为了加强这些努力，许多区域银行也在调整其贷款结构。
它们正在退出一些收益高但风险较大且期限较长，且通常无法产生太多后续业务的消费贷款。相反，它们正转向收益率较低的商业客户贷款。其希望是：借此获取与这些客户相关的其他业务，如资本筹集、并购咨询、支付和财富管理。
在贷款产生的利息收入之上叠加手续费，是银行提高支持该贷款所需权益资本回报率的一种方式。由于商业贷款通常由金融抵押品担保，监管机构通常允许银行为这类贷款准备较少的资本。
在第二季度，许多区域银行报告了净利息之差（net interest margins）收窄但回报率提高的动态。在第二季度，总部位于北卡罗来纳州夏洛特的 Truist Financial 的净利息之差比一年前压缩了 0.04 个百分点。但其有形普通权益回报率从 12.3% 上升至 15.4%。助力
1.5
$40
美国 ETF 资产
$7 trillion
基金 前 20 接下来的 80 接下来的 4,773* 0
3.0
*截至五月 来源：ETF Database; Investment Company Institute
他们能赚到的所有钱。 但少数人可能会中大奖， 例如专注于计算机内存的基金 DRAM。该基金于 4 月推出，成为史上增长最快的基金。彭博 ETF 分析师 Eric Balchunas 将基金发起人的策略比作“走向轮盘赌桌，在每一个数字上都押上筹码”。 投资者想要参与其中。 主题和朗朗上口的股票代码是经过验证的方程式，一个完全新基金重启了早已失效的代码 MEME 便是证明。太空领域很火，涉及 NASA、UFO 和 WARP。机器人领域同样如此——BOTZ, ROBO, ROBT, IBOT 和 UBOT。 最活跃的类别是反向和杠杆产品，现在已允许针对个股。在上个月首次公开募股后的几天内，就出现了几个跟踪 SpaceX 的产品。具有极高“分配率”的期权销售 ETF 实际上
据报道，一家总部位于中国的公司正准备制造 ASML 芯片制造设备的国产版本。
AstraZeneca 在报告第二季度营收增长（由肿瘤学销售额增长驱动）后，该药企在伦敦上市的股票上涨了近 2%。
Rocket Lab 这家太空公司获得了来自美国太空军的一份 2.66 亿美元（$266 million）的合同，用于支持高达 18 次亚轨道发射以增强导弹防御能力。股价收盘上涨 4.7%。
Argenx, Forte Biosciences Argenx 表示，已达成协议以 22 亿美元（$2.2 billion）收购 Forte Biosciences，旨在加强其肿瘤学管线。Forte Biosciences 股票在周一交易结束时上涨约 40%，而欧洲制药公司 Argenx 在美国上市的股票则下跌 3.2%。
财务分析与评论
RICHARD DREW/AP
KeyCorp 首席执行官 Christopher Gorman 去年 4 月主持了纽约证券交易所的收盘交易。
部分银行的市净率，过去三年
3.5 倍
JPMorgan Chase Goldman Sachs
KeyCorp Truist Financial
1.0
0.5
2023 年 8 月 ’24 ’25 ’26 0
来源：FactSet
来源：FactSet
这在投资银行和交易收入方面实现了 72% 的跃升。 “我们将资本从高收益的消费贷款重新分配到高质量但低收益的商业贷款中，我们预计随着时间的推移，这将带来极具吸引力的关系回报，”Truist 的首席财务官 Michael Maguire 本月告诉分析师。
Royal Philips 这家荷兰健康技术公司报告第二季度销售额增长。其股价在欧洲交易时段收盘上涨近 2%。
周二事件： 经济数据：消费者信心指数、Johnson Redbook 零售销售指数、5月美国房价指数、ADP 周度就业变化、批发库存
预计公布财报： 可口可乐、UPS、波音、Visa、福特汽车、亿滋国际 (Mondelez International)、废物管理公司 (Waste Management)、PPG 工业、Bloom Energy、Avis Budget、舍夫得-威廉姆斯 (Sherwin-Williams)、联合利华、巴克莱银行、希尔顿、Centene、希捷科技 (Seagate Technology)、PayPal、标准普尔全球 (S&P Global)
Legend Biotech ADRs，过去三个月
May 2026 6月 7月
CEO离职导致 Legend Biotech股价大跌
在公司宣布 CEO 黄盈 (Ying Huang) 卸任并退出董事会后，Legend Biotech 的股价在周一下跌 14%。Legend 在一份监管文件中表示，黄盈的辞职并非由于与公司产生分歧，但未作进一步详细说明。——Xavier Martinez
许多其他银行也报告了类似的动态。总部位于俄亥俄州哥伦布市的 Huntington Bancshares 首席财务官 Zachary Wasserman 上周告诉分析师：“我们在净利息收入的预期方面可能处于低端，或者可能略低于预期”，但“我们预计在手续费方面将处于高端或高于预期。”总部位于克利夫兰的 KeyCorp 首席
回报率低于其追踪的底层股票的产品依然在吸引买家。并非所有投资者都处于冒险情绪中：缓冲 ETF（又称“婴儿潮老人糖果”）继续通过出售昂贵的心理安慰获利。ETF 还能满足其他需求，包括避税。富裕投资者正采用 351 交换，将集中的持股转换为多样化基金，而无需缴纳资本利得税。在 GameStop 热潮期间导致投资者损失数十亿美元的对冲基金经理 Gabe Plotkin 已经申请了此类交换。其他如 BOXX 等基金则在提供国债回报的同时，避免了烦人的应税利息。 该行业的顶层公司凭借大多枯燥且低费率的产品表现良好。 一只 Vanguard S&P 500 跟踪基金最近资产规模突破了 $1 trillion。
Luxfer 同意被收购
Luxfer 已同意被 Wynnchurch Capital 收购，交易价值为 $462.7 million。 Luxfer 在周一表示，在这笔全现金交易中，这家材料制造商的股东将获得每股 $17.37。根据其年度报告，截至 2025, 年底，该公司约有 26.6 million 股股份。 出售完成后，Luxfer 将继续作为一家私营公司运营其业务。 Luxfer 表示，此次交易价格较 April 28,（其首次……前最后一个交易日）$13.29 的收盘价溢价 31%。
市场历史上的今天
执行官 Christopher Gorman 最近表示，最大规模银行与像 Key 这样专注于中端市场的银行在投资银行收入趋势上存在“分叉”，这是因为大银行的大客户动作更快。他表示，Key 的并购交易管线处于历史最高水平。
这并不是说区域性银行将成为 摩根大通 的克隆版。更高的利率可能会抑制资本市场活动。而且客户可能会接受其融资，但最终在其他服务方面选择其他机构。
华尔街的巨头银行本身一直在增强服务小型客户的能力。这意味着竞争将更加激烈。但这也表明这些客户的业务值得争取。
到目前为止，市场并没有给区域性银行在进化努力方面给予足够的认可。银行的市净率在一定程度上反映了投资者对未来股东权益回报的预期。
许多大型区域性银行的比率低于高盛或摩根士丹利等华尔街银行的水平。后者的交易价格约为账面价值的 3 倍，而 摩根大通 超过账面价值的 2.5 倍。这些价格意味着巨头银行的大客户未来将迎来许多好时光。
如果押注中型银行的客户（通常处于建筑等较低调的行业）也将成为 AI 热潮的受益者并需要自己的投资银行服务，那么这种投资要便宜得多。Truist、Key、Huntington、M&T Bank 和 Zions Bancorp 等区域性银行的交易价格均低于账面价值的 1.5 倍。
为了争夺这些客户的业务而通过交易收益来博弈，对于这些主街银行来说无疑是一场赌博。但回报可能非常丰厚。只需看看街对面的情况即可。 —Telis Demos
前 100 强 ETF 控制着 $10 万亿美元。 规模极小的基金往往无法长期维持，因此今年和明年的发行潮几乎肯定会导致数百家基金关闭，这可能会让毫无防备的所有者面临意外的税单。如果美国财政部调查旨在规避税收的基金，有些人可能会遇到更糟糕的惊喜。
结果可能会更糟。市场波动以令人心惊的速度抹去了一些基金的价值——最著名的例子是 2018 年的“波动率末日”（Volmageddon）。
监管机构目前处于宽松阶段，这对于那些构思越来越狂野方案的基金公司来说可能是一次盛宴。对他们来说，投机博弈在财务上是有意义的，但对你来说通常并非如此。 —Spencer Jakab
季度盈余发布，当时该公司宣布了战略评估。 周一股价收于 $17.12。 4 月，该公司表示在 2024. 的战略评估之后，将继续评估战略替代方案。高管们当时表示，该公司正与第三方合作，包括投资银行和战略增长顾问。
该交易预计将在 2026 年底完成，尚需经过 Luxfer 股东及监管机构的批准。 Luxfer 计划在周二收盘后公布其第二季度财务业绩。 —Katherine Hamilton
DJIA 52210.08 À 262.83 0.51% NASDAQ 24932.08 g 0.2% STOXX600 644.62 À 0.02% 10-YR.TREAS. À 9/32, yield 4.640% OIL $82.61 g $6.70 GOLD $4,074.50 À $6.90 EURO $1.1368 YEN 163.75
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J&J agreed to pay up to $5.5 billion to resolve remain- ing lawsuits that alleged the company’s talc products caused ovarian cancer. B1
A former JPMorgan Chase employee accused the bank’s leveraged finance team of racial discrimination and harassment in a lawsuit brought in federal court. B1
Audi cut its full-year guidance as a worsening market in China and escalat- ing tensions in the Middle East weigh on the auto- maker’s performance. B3 Porsche said that it would cut 5,000 jobs as part of a broader agreement with worker representatives and their powerful union. B3
Worldwide
Ukrainian drones have hit military-supply lines connect- ing Russia and Iran through the Caspian Sea, exploiting a new front in two increas- ingly intertwined wars. A1 A lull in fighting between the U.S. and Iran has acceler- ated diplomacy aimed at finding a short-term fix to restart shipping through the Strait of Hormuz. A6 Saudi Arabia said it inter- cepted a number of drones that Iran-backed militias in Iraq had launched at the kingdom’s oil facilities. A6
The Trump administration asked the Supreme Court to al- low federal agencies to imple- ment an executive order that would curb mail-in ballots ahead of the midterm elections. A3
New York City halted con- struction work at another Man- hattan office tower that is be- ing converted into apartments over structural concerns. A3
Three people were killed and four others wounded in what authorities believe was a gang-related shooting at a Seattle food festival. A2
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
Trump in recent weeks expressed optimism about Ukraine and Volodymyr Zel- ensky in a remarkable change of fortune for Kyiv’s wartime leader. A7
Entries from Anthony Fauci’s’ Covid-era journals released by Sen. Rand Paul reveal the doctor’s efforts to placate Trump while focus- ing on his media image. A3
Former FBI Director James Comey urged a judge to throw out federal charges against him in connection with an image he posted on social media. A2
CONTENTS Arts in Review..... A12 Business & Finance B2-3 Crossword............ A12 Heard on Street .. B11 Market Data.......... B7 Markets ................ B10
Money & Investing B11 Opinion............. A13-15 Personal Journal A10-11 Sports .................... A16 Technology............. B4 U.S. News............ A2-4 World News...... A6-9
TUESDAY, JULY 28, 2026 ~ VOL. CCLXXXVIII NO. 23 WSJ.com U.S. Edition
RAHAT DAR/EPA/SHUTTERSTOCK
SWAMPED: People wade through floodwaters Monday after the Ravi River overflowed in Lahore, Pakistan. Flooding triggered by heavy monsoon rains has claimed more than 100 lives in the nation in the past month, and more rain is forecast. A8
HisWish:A‘GoodFamilyFight’
Warsh’s tight-lipped approach to economy faces test this week as rate panel meets
BY NICK TIMIRAOS
On the evening of June 15, before the first day of his first policy meeting as Federal Re- serve chairman, Kevin Warsh sat down to dinner with the 18 officials who set interest rates alongside him. Gathered around a rectangular table, he announced his plan: five pan- els of outside experts would
Iran Wars Converge In Caspian
BY JARED MALSIN
ISTANBUL—Ukrainian drones have hit military-sup- ply lines connecting Russia and Iran through the Caspian Sea, exploiting a new front in two increasingly intertwined wars. Ukraine’s President Volod- ymyr Zelensky claimed re- sponsibility for the strikes, saying in a tweet Saturday: “We also achieved very strong results with long‑range strikes in the Caspian Sea—including vessels used in military cargo shipments involving Iran, as well as a warship.” The Security Service of Ukraine, an intelligence agency, said that it launched drone strikes in the Caspian against a Russian oil field, a Russian missile boat and ships used to transport Iranian drones to Russia. The strikes, part of a long- range drone campaign that also has reached deep into Russia, have brought Iran and Ukraine one step closer to a direct confrontation. For years, Iran has supplied lethal drones that Russia has used against Ukraine, while the Kremlin has helped Tehran this year with intelligence to assist in its response to the U.S. and Israeli bombing cam- paigns. Iran’s foreign minister, Ab- bas Araghchi, blamed Zel- PleaseturntopageA6
spend the next few months ex- amining how the Fed reads the economy and explains itself. Governor Christopher Wal- ler, a former economics pro- fessor with a reputation for saying what others won’t, put Warsh on the spot, according to several people familiar with the dinner. What’s the point of all this, he asked. Tell me who you’re putting on these groups, he said, and I’ll tell you what they’ll say. There were no brilliant ideas out there that everyone had some- how missed. The dinner was an early sign of the central tension of
SPORTS Golf’s next prodigy, barely a month after turning pro, wins his first PGA Tour title. A16
Then You Crunch the Numbers.
i i i Young adults are consulting spreadsheets to grade their dates; ‘friends feedback’ tab
BY MOLLY REINMANN
Carolyn Travis was smitten by a man she met in an entre- preneurship course. It took a spreadsheet to realize the re- lationship was doomed. After a few dates, the 27- year-old debriefed her two best friends over lunch. When she went to the bathroom, they got to work. They plugged Travis’s core values into an app one of the friends built to assess compatibility. Then they en- tered everything they knew about her date, an engineer more than a decade her senior. The spreadsheet crunched the numbers. The result? A
Warsh’s chairmanship. He is determined to remake the Fed and convinced it can’t afford to wait. Last year, Warsh per- suaded the most rate-cut-hun- gry president in modern mem- ory to hand the central bank to him despite his long record of worrying about inflation. Now he faces another tricky sale: convincing his colleagues to abandon the intellectual habits of an economics profes- sion he thinks led it astray. The Fed meets again this week with an outcome that is unusually uncertain. Many ex- pect it to hold rates steady, but a renewed inflation scare
NICK WOSIKA/ICON SMI/ZUMA PRESS
BUSINESS & FINANCE Cracker Barrel’s CEO, who walked back controversial changes, is stepping down. B1
portrait of incompatibility. Her perspective shifted. She saw him a few more times before breaking things off. Now she uses the app, called Spread, to track all of her dat- ing data. “Talking with friends is one thing, but having that vi- sual representation of what I want versus what I’m allowing is another,” said Tra- vis, a child-welfare advocate. Travis is among a cohort of spreadsheet singles, or “love hackers,” who believe data could hold the cure to their dating woes. They say dating apps that spit out an unlim- PleaseturntopageA11
has put a surprise increase in play. Part of why it is so hard to call is Warsh’s signature early move on Fed reform: He is saying less—about the econ- omy, about where policy is headed, about his own think- ing—and that silence is gener- ating its own tension. Last month’s dinnertime exchange was, in one sense, exactly what Warsh says he wants: a “good family fight,” in the phrase he uses often, over outcomes not settled in advance. Waller had obliged, insinuating Warsh was im- porting outside authority to PleaseturntopageA2
Drop in Children
Big metro areas confront rapid decline of resident families with kids
BY RACHEL LOUISE ENSIGN AND PAUL OVERBERG
When Fernando and Patri- cia Escobedo moved to the Willows, an affluent neigh- borhood in El Paso, Texas, 25 years ago, kids were ev- erywhere. About half of the homes on their cul-de-sac had chil- dren. Growing up, the cou- ple’s twin daughters used to ride their scooters outside
Probe of Dodgers Owner
The problems for Mark Wal- ter’s sprawling sports and fi- nance empire began with an in- ternal whistleblower complaint.
By Margot Patrick, Justin Baer, Andrew Beaton and Dave Michaels
The complaint questioned how Walter’s asset-manage- ment firm, Guggenheim Invest- ments, booked revenue from dealings with insurance compa- nies and had drawn interest from federal prosecutors by last year, people familiar with the matter said. Within months, the investi- gation evolved to focus on in- vestments in private credit, a lending business that has boomed on Wall Street in the past decade and a half and which supplied the financial
Debut Propels Chinese Chip Firm
CXMT vaults to top value of a firm listed in mainland China; competition for U.S.
BY RAFFAELE HUANG AND SHRADHA DINESH
Apple reclaims market-cap crown as Nvidia slips.... B10
with other neighborhood kids. At an annual block party, they jumped around in a bouncy house and climbed into the local firetruck. The twins are now in col- lege—and the neighborhood feels a lot different. The Es- cobedos also have a 12-year- old at home, and Fernando said she is one of a few chil- dren under 18 on the block. The local elementary school PleaseturntopageA9
firepower for Walter’s 2012 ac- quisition of the Los Angeles Dodgers alongside partners. The U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission are now examining how around $16 billion in loans extended to companies tied to Walter or his conglomerate, TWG Global, wound up on the books of insur- ance companies he owns after passing through a third entity, the people familiar with the mat- ter said. The authorities are try- ing to determine whether the ac- tivity constituted fraud, one of the people said. Such related-party transac- tions must be disclosed to in- surance regulators, a rule meant to limit conflicts of interest and protect policyholders. Walter’s insurance firms said in recent filings that they had reviewed PleaseturntopageA2
THE WALL STREET JOURNAL
SEATTLE Festival Shooting Leaves Three Dead Three people were killed and four others wounded in what authorities believe was a gang-related shooting at a Seattle food festival. Police said they believe two groups opened fire Sun- day night at the Seattle Cen- ter, home to the city’s fa- mous Space Needle, where the Bite of Seattle food festi- val was being held. A 15-year-old was detained following Sunday’s shooting, while a 19-year-old suspect
15%
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Gets Wish For a Fight
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ratify long-held views and dressing them up as discovery. Warsh brims with confi- dence. His early verdict, deliv- ered to lawmakers this month: “In six weeks we have caused, I think, a sea change in new thinking.” The 18 governors and reserve bank presidents who, with Warsh, make up the interest rate-setting commit- tee “have received me incredi- bly warmly,” he said. The cul- ture he wants to instill “is resonating. I hear it back in the hallways. I hear it at the cafeteria.” Some of that warmth is his doing. Colleagues describe a talent for making people feel valued that succeeds even when they see it coming. The five Fed task forces—on communications, its inflation framework, and its asset hold- ings, among others—are meant to reopen questions Warsh be- lieves central bankers and the economics profession had stopped asking. The 15 people chosen to lead them include a Nobel laureate, former central bankers and business execu- tives, and have drawn praise even from skeptics. Warsh says the reviews aren’t designed to impose anything, and that decisions will be left to the committee. The Fed has traditionally been reluctant to have outsiders do this work, and it moves slowly when it does. James Bullard, who ran the St. Louis Fed from 2008 to 2023, said Warsh has it right. Bringing in credible outsiders to gather input and report back, he said, is how you build sup- port for change in any organi- zation: “I think he’s spot on.” Committee members have received the task forces with a mix of enthusiasm and reser- vation. There is genuine inter- est in revisiting issues like the
Owner Faces Probe
their transactions after receiv- ing subpoenas and had identi- fied problems with how certain transactions were presented. The probe marks a serious threat to the complex business empire assembled by Walter. The 66-year-old’s profile has risen from his ownership stakes in the Dodgers and other marquee sports fran- chises such as the Los Angeles Lakers and Chelsea Football Club, but his businesses oper- ate under the radar, and their inner workings aren’t widely understood. Last Thursday, he appeared with his Dodgers on the lawn of the White House to cele- brate their 2025 champion- ship.
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was killed and authorities were searching for a third possible suspect, according to Seattle Mayor Katie Wilson and Seat- tle Police Chief Shon Barnes. The detained teen was be- lieved to be associated with the 19-year-old man who died at the scene. A 44-year-old man also died at the scene, police said. A 56-year-old woman was taken to a hospi- tal but didn’t survive. A 2-year- old boy was in the hospital in a “satisfactory condition,” po- lice said. Three other survivors have been discharged. —Jack Morphet and Ginger Adams Otis
ERIC LEE/GETTY IMAGES
Fed chief Kevin Warsh on Capitol Hill earlier this month. The Fed board is meeting this week.
balance sheet and communica- tions that the Fed has de- ferred. There is also skepti- cism over whether Warsh’s ambitious timeline and range of subjects will permit the kind of deliberation a commit- tee this size needs to reach consensus. Warsh, a Fed governor from 2006 to 2011, has argued for more than a decade that the Fed’s forecasts breed confor- mity and its data are stale by the time policymakers see them. In a 2016 speech to economists, he questioned the precision the Fed claims in measuring inflation. After an external review he led of the Bank of England’s operations in 2014, Warsh la- mented how the Fed’s deci- sion-day discussions had be- come stilted recitations of prepared remarks—a shift that followed the Fed’s agree-
A TWG Global spokesperson said in a statement, “Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward. Nothing about these transactions was any dif- ferent.” The company said it is cooperating with authorities, adding, “we are confident these matters will be resolved favorably.” The investigation comes as regulators are starting to take more interest in the opaque world of private credit, which took off after the financial cri- sis of 2008-09 and has become a rival to banks in extending loans to businesses. A big chunk of the money fueling that industry is coming from life insurers such as the ones Walter owns. Other big private-credit companies like Apollo Global Management and KKR have snapped up insurers to but- tress their businesses. Regula- tors are wrestling with the ar- rangements, which have led to a surge in “affiliated” transac-
WASHINGTON Comey Asks Judge To Toss Charges Former FBI Director James Comey urged a judge Monday to throw out federal charges against him, arguing that a photo of seashells arranged on a beach he posted on social media wasn’t a call to violence against President Trump but protected political speech. Comey’s lawyers argue the government can’t prove the Instagram photo of seashells in the numerical arrangement of “86 47” constituted a “true threat” against the Republi-
ment to publish verbatim transcripts in 1993. Before lawmakers, he re- turned again and again to one number—63 months, the length of time inflation has run above the Fed’s 2% tar- get—to explain why so much needs re-examining. The im- plication: no one should de- fend the status quo. The officials Warsh needs to persuade were in the room for all or some of those 63 months. Some view their re- cord more charitably, and early last year said inflation was returning closer to target, before tariffs and then war in the Middle East stoked new pressures. The most noticeable change of Warsh’s first two months— one that required no task force or vote—surfaced when a senator used his five min- utes of questioning to try, un-
JAYNE KAMIN-ONCEA/IMAGN IMAGES/REUTERS
Los Angeles Dodgers majority owner Mark Walter.
tions where the private-asset firms are managing the invest- ments for their insurance units. Walter co-founded Guggen-
can president, who fired Comey in 2017 and has pub- licly called for his prosecu- tion. The slogan—which has long meant to “get rid of” or “eject”—has been featured on thousands of items sold on- line and regularly displayed at protests, defense lawyers wrote in court papers. The two-count indictment charges Comey with “know- ingly and willfully” making a threat to “take the life of, and to inflict bodily harm upon” Trump and with transmitting a threat in interstate com- merce. —Associated Press
successfully, to pin Warsh down about his approach. Sen. John Kennedy (R., La.) walked Warsh through his pol- icy options—hold, hike or cut—before asking how he would decide whether today’s inflation was temporary or permanent. Warsh answered, “You use five task forces to get to the big and hard ques- tions instead of trying to pa- per it over with policies that have not been proven as suc- cessful.” He has said almost nothing about how the Fed reads the shocks now hitting the econ- omy, or how policy should re- spond. Nor has he been more forthcoming in private: offi- cials who sat through his first meetings came away without a clear sense of how he would approach the trade-offs ahead, according to people who have spoken with them. And where
heim Partners and helped engi- neer the purchase of several insurance companies hobbled by the financial crisis. In time, those insurers began to finance
Tadej Pogacar, the winner of the Tour de France, is 27 years old. A photo caption on Page One in some editions Mon- day incorrectly said he was 25.
MICHIGAN Man Kills His Wife, 6 Children, Himself A man fatally shot his wife and their six children, then himself, before they all were found in their burning Michi- gan home last week, investi- gators said Monday. Kristopher and Amanda Karolkiewicz and their six children, ages 5 to 15, died Friday in their home in Grand Haven Township, on the east- ern shore of Lake Michigan. The family’s pets also per- ished in the blaze. —Associated Press
his colleagues describe a trade-off, at least in the short run, between fighting inflation and protecting jobs, Warsh de- nies there is one. Several changes the task forces might steer the Fed to- ward—a modest reduction in its asset holdings, or retiring officials’ quarterly interest- rate projections—are “not a big deal either way” compared with the “more radical” step of declining to describe how the Fed responds to what it sees, said Jon Faust, an adviser to the last three Fed chairs. For Warsh, saying less is a virtue. It protects the commit- tee’s judgment. If policymak- ers issue a forecast, they start crediting evidence that con- firms it and discounting evi- dence that doesn’t. He also be- lieves a quieter Fed gets a cleaner read on what inves- tors think about the economy, rather than hearing an echo of its own guidance. Investors “are upset with me already that I’m somehow not feeding them all the information they’d gotten before,” he told lawmakers. “My message to them is, ‘Play the ball, don’t play the Fed.’” The premise doesn’t hold, said Michael Gapen, chief U.S. economist at Morgan Stanley. “It’s a stretch to think that by not commenting on the data, the market will assess the data” with no guess at the Fed’s interpretation of it, he said. Bullard said Warsh is wise to avoid tipping his hand. He drew a distinction between explaining how the Fed would respond to different scenarios, which he thinks is valuable, and hinting too strongly at a specific move. Four weeks after the din- ner, Waller publicly criticized a tight-lipped approach. “In all my years as an economist, I’ve never seen a single theory that says you make people’s lives better or markets work better if you don’t tell people what you’re thinking,” he told an audience of economists in New York this month. Waller, an appointee of President Trump, was a finalist for the job Warsh won.
a series of investments con- trolled by Walter and his part- ners. Later, Walter transferred his controlling stakes in two of those insurers, Delaware Life Insurance and Clear Spring Life & Annuity, into a new holding company called TWG Global, short for The Walter Group. TWG also houses Wal- ter’s portfolio of stakes in sports teams, along with other financial businesses. Walter’s insurers disclosed the investigations in June reg- ulatory filings. Through their internal reviews, they wrote in statements, “errors were iden- tified related to the identifica- tion and presentation of cer- tain related-party investments.” Delaware Life, which had earlier reported that affiliated investments totaled about $1 billion, or no more than 3% of its portfolio, said it was reclassifying $16 billion in investments as affiliated. As a result, affiliated assets now account for 42% of its holdings, a greater share than any large U.S. insurer with the
Sabah, Kuwait’s ambassador to the U.S.
2025 ’26
Source: U.S. Census Bureau via St. Louis Fed Note: Seasonally adjusted
Durable-Goods Orders Rose Modestly in June
Demand for U.S. durable goods rose less than ex- pected in June, according to data published by the Com- merce Department. Total orders for durable goods—meant to last three years or more—increased in June by 0.3% to $334.8 bil- lion, compared with a 4% de- crease in May. Economists polled by The Wall Street Journal had ex- pected an increase of 2.1%. Computers and electronic products, up nine of the last 10 months, led the increase, rising 3.1%. Excluding trans- portation, new orders in- creased 0.6%. Excluding de- fense, new orders increased 0.3%, the Commerce Depart- ment said. —Jessica Coacci
Texas Outlook Rises
Texas’ factory sector showed upward trends in July as output growth accel- erated and perceptions of broader business activity im- proved, according to the Fed- eral Reserve Bank of Dallas. The Texas Manufacturing Outlook Survey’s index for general business activity, re- leased by the Dallas Fed, was 1.3 in July following a zero reading in June, which sug- gested no change from May. The production index, a key measure of state manu- facturing conditions, rose six points to 10.1, a reading sug- gestive of an above-average pace of output expansion. The company outlook index climbed 11 points to 13.4, sig- naling a notable improvement in outlooks. The new orders index jumped to 6.4 from 2.3. Em- ployment growth was stable in July, as were work hours. Meanwhile, the raw mate- rials prices index remained relatively unchanged again. The finished goods prices in- dex fell three points to 25.6. —Dean Seal
exception of Berkshire Hatha- way, according to a Wall Street Journal analysis of S&P data. The increase in what was reported is “just astronomical,” said Jamie Tucker, a senior di- rector at Fitch Ratings. “So it’s a governance breakdown.” What the insurers’ disclo- sures didn’t specify was whether they knew the loans they had invested in were made to Walter-related enti- ties. Delaware Life executives have since told at least one credit-rating firm they didn t. “In terms of Delaware Life’s understanding…the borrowers were unaffiliated entities,” Fitch’s Tucker said. “And then they came to the realization, in part the investigation revealed, that these were TWG entities that were the ultimate bor- rowers.” Guggenheim executives learned of the federal investi- gation last year, the people fa- miliar with the matter said. By September, FBI agents had seized at least one mobile phone related to the probe, the people said. In February, Delaware Life and Clear Spring received sub- poenas tied to the probe. The investigations and the phone seizure were reported earlier by Bloomberg News. In July, Fitch placed Dela- ware Life on negative watch and S&P revised its outlook to negative, meaning the com- pany is in danger of a down- grade from both ratings firms. Delaware Life has until the end of year to divest itselt of most of the investments, under a remediation plan with the state insurance regulator in Delaware.
June +0.3%
Is Asked To Allow Mail-in Vote Limits
BY JAMES ROMOSER AND LOUISE RADNOFSKY
WASHINGTON—The Trump administration on Monday asked the Supreme Court to allow federal agencies to im- plement an executive order that would restrict mail-in bal- lots and create lists of people deemed eligible to vote ahead of the November midterms. The order, which President Trump issued in March, seeks to insert the executive branch into the supervision of federal elections. Many experts on election law have questioned its legality because the Consti- tution gives power over elec- tions to states and Congress, not the president. In an emergency appeal, Solicitor General D. John Sauer asked the high court to lift a lower court injunction that has blocked the adminis- tration from enforcing the or- der. Sauer urged the justices to intervene now so that fed- eral agencies would have enough time to put the order into effect before the Nov. 3 midterms. Trump has for years deni- grated mail voting and sought to sow doubts about U.S. elec- tion integrity. In his March 31 executive order, Trump directed the De- partment of Homeland Secu- rity to compile state-by-state lists of citizens who are eligible to vote, and he ordered the U.S. Postal Service not to handle mail ballots from voters who don’t appear on official lists. Democratic officials in 23 states and the District of Co- lumbia sued to challenge the order, arguing that it was un- constitutional, and that its procedures could be abused and disenfranchise many eligi- ble voters. U.S. District Judge Indira Talwani, a Boston-based ap- pointee of former President Barack Obama, blocked the administration from enforcing the order in the jurisdictions that sued. The order’s central provisions are “legally void” because they “unconstitution- ally violate the separation of powers,” Talwani wrote. On Saturday, a panel of the First U.S. Circuit Court of Ap- peals denied the administra- tion’s request to set aside Tal- wani’s injunction. That prompted the administration to file its emergency appeal with the Supreme Court. The appeal didn’t focus on the legality of the executive order. Instead, the administra- tion argued that the states didn t yet have a legal right to challenge it in court. “The injunction is espe- cially indefensible because the agencies are still deliberating over how (if at all) to imple- ment the order, yet the dis- trict court preemptively de- cided that whatever the agencies may choose to do will necessarily be unlawful,” Sauer wrote. The Democratic states’ re- sponse to the administration’s appeal is due next Monday.
Levelized cost of energy* ranges, with and without federal tax subsidies
Range without federal tax subsidies Range with the Investment Tax Credit
Range with the Production Tax Credit
RENEWABLE GENERATION
Solar PV—community and commercial & industrial
Solar PV—utility
Solar PV and storage—utility
Geothermal
Wind—onshore
Wind and storage—onshore
Wind—offshore
CONVENTIONAL GENERATION
Doctor’s writings reveal his focus on media and fraught dealings with Trump
BY ALYSSA LUKPAT
Republican Sen. Rand Paul this weekend released writings from Dr. Anthony Fauci’s pri- vate journals during the Covid-19 pandemic, showing the doctor’s efforts to placate President Trump while focus- ing on his media image. Fauci, who helped guide the country’s pandemic response as director of the National In- stitute of Allergy and Infectious Diseases, kept detailed journal entries recording his private dealings with the White House and the president. In more than 1,000 pages of entries from 2019 to 2022, he chronicled efforts to address the fast-spreading virus while fielding regular calls from the president and interacting with the press. Fauci is scheduled to testify about Covid-19 on Wednesday before Paul’s Senate committee. The Kentucky senator has long maintained that Fauci tamped down assertions that the Covid-19 virus could have come from a lab. Fauci has said the vi- rus originated from natural means. Scientists have never concluded where the virus origi- nated. Covid-19 emerged in Wu- han, China, in late 2019 and killed millions around the world. Paul’s office didn’t say how they obtained Fauci’s writing or respond to requests for com- ment. The White House didn’t return a request for comment. Fauci, 85 years old, declined to comment Sunday. Former President Joe Biden pardoned Fauci last year and shielded him from federal pros- ecution. He hasn’t been charged with a crime. The doctor saved copies of glowing profiles. He noted nu- merous interviews and media appearances he made. He
BY JAMES FANELLI AND REBECCA PICCIOTTO
New York City building offi- cials last week halted con- struction work at another Manhattan office tower that is being converted into apart- ments, marking the second time such a project was shut down this month over struc- tural concerns. Construction stopped Thursday at 222 Broadway in lower Manhattan, a building formerly home to a number of financial firms that the devel- oper is turning into a 32-story residential building with nearly 800 units, a rooftop pool, a spa and co-working spaces. The shutdown came after city inspectors said the con- tractor failed to notify the city about two concrete beams on the top floor that had devel- oped cracks, according to a spokesman for the developer, GFP Real Estate. The beams cracked in March but were repaired quickly, the spokesman said. The contractor and engineers
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A Covid patient is treated at a Los Angeles hospital in January 2021. Below, Dr. Anthony Fauci in November of that year.
wrote when he achieved the “Fauci 5”: appearing on all five major Sunday morning TV news shows. “The public adu- lation of me has been amaz- ing,” he wrote in March 2020. In May 2020, after he didn’t appear at a news brief- ing, he said the absence cre- ated an “amazing firestorm about me on TV tonight.” He frequently wrote that he had “amazing” days. Fauci lamented that the White House would sometimes limit his media appearances to keep the attention on Trump. The president called him in No- vember 2020 and told him to project more optimism about the pandemic, Fauci said. “Tony, I really like you, and you know that, but what the f— are you doing?” Trump said, according to Fauci. “Everybody wants me to fire you, but I am not going to fire you, you have too illustrious a career, but you
considered it a minor issue, he added, and thought they weren’t required to immedi- ately report it to the city. The cause of the stop-work order was a “reporting time- line discrepancy,” not “safety issues of any kind,” the spokesman said. Inspectors have found that the building is stable, he added. The contractor on the proj- ect, Leeding Builders Group, and the engineering firm, DeSimone Consulting Engi- neers, didn’t respond to re- quests for comment. The construction halt at 222 Broadway followed an in- spection blitz from the De- partment of Buildings, which was prompted by the discov- ery of structural issues at the former Pfizer headquarters building in Midtown. MetroLoft, the developer that was in the process of con- verting the former Pfizer building into 1,600 residential units, was ordered to evacuate the property this month. At that construction site, two columns buckled, placing the high rise at risk of partial
have to be positive.” In January 2020, a TV re- porter asked him to comment on Trump’s assertion that ev- erything was under control. “I had to answer that we are tak- ing this very seriously and
Construction has stopped at 222 Broadway in Manhattan.
collapse and causing nine neighboring buildings to shut down temporarily. The structural problems were at least partly because of the extra weight of new addi- tions on top of the building, MetroLoft founder Nathan Berman told The Wall Street Journal. The cracked beams at 222 Broadway were also on a newly built top floor: The 32nd story was added to sup-
Rise as Electricity Demand Soars
BY JENNIFER HILLER
America has a record amount of electricity genera- tion under development. Building it is becoming far more expensive. Surging demand for elec- tricity from artificial-intelli- gence data centers—combined with equipment backlogs, per- mitting delays, tariffs and yearslong waits to connect to the grid—are pushing up con- struction costs for every type of power plant. Costs for building natural- gas plants and large-scale so- lar and wind projects have in- creased more than 10% since last year, according to La- zard’s annual report on elec- tricity-generation costs. That poses a growing prob- lem for consumers already frus- trated by rising electricity bills.
that Americans should not be frightened or worry,” Fauci wrote. “Let us see if this pits me against the POTUS.” Fauci regularly spoke at news briefings with the presi- dent. He tried to steer Trump
port the rooftop pool deck. GFP declined to comment on whether the weight of those new additions contributed to the cracking. Engineers say building ex- pansions can be done safely but adding floors to a struc- ture that wasn’t originally built to hold such weight re- quires complex engineering. If calculations or assumptions are wrong, floors might be added before columns are properly reinforced and struc- tures could fail. The Buildings Department is reviewing the engineering reports on the cause of the cracks. It won’t lift the halt “until we are fully confident that it is safe to continue construc- tion operations,” a spokesman said. The office tower at 222 Broadway was a workplace for Bank of America, WeWork and other companies. The devel- oper expects the project to be finished within the next year, and doesn’t expect that timing to change. The apartments have already started leasing,
EAGLEVIEW
The higher cost of building power plants today will even- tually work its way into monthly utility bills as compa- nies recover those invest- ments over time. Electricity prices rose 4% in June from a year earlier, according to the Bureau of Labor Statistics, outpacing overall inflation. Demand growth is “dominat- ing everything in energy,” said George Bilicic, Lazard’s vice chairman of investment bank- ing and global head of power, energy and infrastructure. “If you’re an [exploration and production] company, you’re thinking about it, a pipe- line company, you’re thinking about it, utilities, power com- panies, certain infrastructure- services companies. It is really pushing costs up.” The U.S. is in a once-in-a- generation power-grid con-
away from touting hydroxy- chloroquine, a drug Trump promoted to fight Covid-19 that wasn’t proved an effec- tive treatment. The two were at odds over wearing masks to slow transmission. “It sends the wrong signal,” Trump said in May 2020, ac- cording to Fauci. By the summer, Trump had grown tired of Fauci. He brought in Dr. Scott Atlas, an oncologist and Fox News commentator, to advise him on pandemic policies that were closer in line with the president’s beliefs. Fauci was sidelined. Fauci wrote in 2021 about where Covid-19 came from. “I had always said that the very highly likelihood is that the vi- rus originated naturally from an animal reservoir jumping to a human,” he wrote. “The far right is really amazing in their distortion of reality.”
with rents ranging from $4,000 to $10,000 a month. GFP, based in New York City, is a veteran of office-to- residential conversions. It has worked with MetroLoft in the past. The two firms, along with Rockwood Capital, led the de- velopment at 25 Water St. in the Financial District, the larg- est completed office-to-resi- dential conversion in the U.S. City officials have fanned out across the city to probe other work sites, including ones connected to MetroLoft or Domani Inspection Services, the private building inspector that MetroLoft hired for the old Pfizer building. Domani plays a prominent role in New York City’s con- struction industry, acting as an independent third party to inspect work sites to ensure construction complies with safety codes. Records show Domani in- spected construction at the 222 Broadway site in 2023, but the work was separate from the conversion to residential buildings.
struction spree, driven in large part by the race to build data centers for training AI models. Many regions are also experiencing rising industrial power demand. Capital-spending plans for 51 investor-owned utilities have reached an estimated $1.4 trillion for the next five years, up more than 20% from last year’s projections, accord- ing to PowerLines, a con- sumer-education group. Most of the near-term addi- tions to the grid are expected to stem from renewable-energy and battery-storage projects. Costs for large-scale solar projects increased to an aver- age of $69 per megawatt hour, up from $58 last year, accord- ing to Lazard. Adding batter- ies to a solar project increased costs to about $109 per mega- watt hour, up from $91.
FROM TOP: ALLISON ZAUCHA FOR WSJ, AL DRAGO/BLOOMBERG NEWS
+4%
New statement and photo provide few clues to the status of longtime senator
BY SIOBHAN HUGHES AND JACK GILLUM
Sen. Mitch McConnell (R., Ky.) and his staff released a new statement and photo Monday. But they did little to resolve the central question: Will the longtime lawmaker be able to return to work? The 84-year-old senator has now been absent due to health reasons for more than 40 days, with no sign that he will get back to Capitol Hill before the Senate goes on summer recess in less than two weeks. If he doesn’t return to the Senate this month, he will likely miss votes on confirm- ing the new Director of Na- tional Intelligence and attor- ney general—and miss out on fights over funding the federal government and securing more funding for the Pentagon to pay for the Iran war. His office disclosed in its new statement that McConnell was “not yet medically cleared” to leave a rehabilita- tion facility and return to work, prolonging questions about his health and the dura- tion of his absence.
BY MAGGIE SEVERNS AND LINDSAY WISE Ex-Senator Faces Steep Climb to Win Back His Job
It was a matter of weeks from when Democrat Sherrod Brown brutally lost his 2024 Senate re-election campaign to when he started calling old friends to workshop his next move. Should I run again? Brown would ask confidants on the phone. If I do, do I run for gov- ernor or the Senate? Brown doesn’t like complaining—“No crying on the yacht,” he used to tell fellow lawmakers. So he finished his work on Capitol Hill and passed a bill to expand Social Security benefits on his last day. With seven of his eight grandchildren nearby, he choked back tears as he thanked his staff in a farewell address on the Senate floor. His days in Congress seemed done. Back in Ohio, he relocated from Cleveland to Columbus, started a nonprofit to advocate for the working class and started driving his wife, who was nursing a broken shoulder, to her university teaching job. There he would sit in its wood- paneled library, working on a book about the labor movement and reading the news about Re- publicans’ work to pass Presi- dent Trump’s tax bill. That is when Brown, 73, began to real- ize he wanted his old job back. “My wife and I thought that, in five years, I didn’t want to look back and say, ‘I could’ve beaten that guy,’ ” Brown told a supporter recently at a Cincin- nati brewery. In August he en- tered the Senate race, where he faces Republican Sen. Jon Hus- ted to fill out the last two years of the term JD Vance vacated when he became vice president.
Party problems Now Brown is staring down all of the Democratic Party’s problems at once. To his right,
Pressured by China IPO
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tor concerns about circular fi- nancing in the artificial intelligence economy. Apple on Monday snapped Nvidia’s 272-trading-day streak as the largest U.S. company by market cap. The iPhone maker, which has never cracked the $5 trillion market cap threshold, is also closing in on that mile- stone. Nvidia hit the $5 trillion milestone late last year. Apple reports quarterly earnings on Thursday. The exuberant investor re- sponse to CXMT’s initial public offering in Shanghai followed the company’s torrid growth in
“I’m looking forward to getting back to the Senate and to Kentucky soon,” McConnell said in the statement, which didn’t provide a time frame for his return. Asked by The Wall Street Journal if McConnell would make it back in time before the August recess or by the end of his term in January, or if a re- porter could speak to McCon- nell, a spokesman didn’t pro- vide any additional information and pointed back to the sena- tor’s official statement. Senate Majority Leader John Thune (R., S.D.), who is managing the GOP’s thin ma- jority in the chamber, didn’t offer any guidance either. “I haven’t talked to him re- cently,” he told reporters on Monday. Asked when he ex- pected McConnell to return, Thune directed questions to the senator’s office. McConnell was hospitalized June 14, and his office pro- vided little information for weeks, fueling speculation that he was in a coma or oth- erwise incapacitated. Emer- gency-dispatch audio collected by openmhz.com also fueled concerns, relaying that D.C. Fire and EMS was dispatched to McConnell’s home on Capi- tol Hill following a report of an unconscious person need- ing advanced life support. Ultimately, McConnell re-
Denny Verhoff, left, at his Ohio farm with Democratic Senate candidate Sherrod Brown.
Democrats Are a Tough Sell in Rural Ohio
On a recent afternoon, Sherrod Brown sat in the shadow of a 20-foot com- bine harvester at a barn in Lima, the heart of Ohio’s soybean-and-alfalfa country. He was face-to-face with voters who have turned away from Democrats. The county surrounding Lima voted nearly 3-to-1 for Don- ald Trump over Kamala
blue-collar workers have de- fected over the last decade to Republicans, and a handful of unions have even endorsed Brown’s GOP opponent. To his left, voters are thirsty for a younger and more disruptive type of progressive who will break from a party establish- ment they think failed them. That’s making the comeback
recent quarters. Shares in the IPO were sold at 8.66 yuan a share, equiva- lent to $1.28, a conservative price that reflected industry uncertainty and a desire to en- sure a pop following the IPO, analysts said. Those lucky enough to win a lottery to buy shares at the IPO price saw their money more than quintu- ple—increasing 466%—on the first day of trading, with the stock closing at 49 yuan. In the first quarter, CXMT’s revenue rose to $7.5 billion from less than $1 billion a year earlier. Profit rose to $3.66 bil- lion as the memory-chip short- age allowed the company to secure generous price in- creases from customers. Concerned about losing sales to price-conscious con- sumers, Apple Chief Executive Tim Cook and top executives have pitched President Trump and other U.S. officials on a plan to use CXMT and other
Kentucky GOP Sen. Mitch McConnell at the Capitol May 19.
leased a statement on July 12 that his lengthy Senate ab- sence and hospitalization had been due to a fall and a subse- quent bout of pneumonia. His office also posted a photo of him with his wife, Elaine Chao, in a hospital room, with a copy of the Washington Post in his hand. In that statement, he attri- buted the delay to his reluc- tance to share the “vulnerabil- ity that comes with growing older. Even in the public eye, I feel that same instinct—I can’t help it,” he said. He said he was recovering and planned to re- turn to work, but gave no time- frame. He also promised to pro- vide updates on his recovery.
Harris in 2024, then the Democratic presidential nominee. Denny Verhoff, the host, said it was a “tough” area for Democrats these days. His guests said they liked Brown but were divided on whether they would vote for him. “I’m very disap- pointed in the Democratic Party,” said one. “Every pol-
bid for the septuagenarian Yale graduate, who was first elected to the House in 1992, an uphill battle. Not only has Ohio long ceased being a swing state and is now solidly red, Brown is also a veteran politician trying to persuade voters he is the one to take on Washington’s ills. The capital is where Brown
Chinese chips in Apple prod- ucts sold outside the U.S., The Wall Street Journal reported. Apple is clashing with Micron, which says letting CXMT sell to U.S. tech companies would hurt U.S. industry. Research firm SemiAnalysis predicts that CXMT’s global share will grow to 12% by next year, up from an estimated 9% in 2025, cementing its No. 4 position behind the big three. While CXMT acknowledged in its IPO prospectus that its products still trailed those of industry leaders—in part be- cause U.S. export controls pre- vent it from acquiring top-of- the-line Western chip-making equipment—its chips are good enough to have achieved wide use in consumer electronics and AI data centers. CXMT is raising at least $8.55 billion in its IPO. It said it would use the money to up- grade production lines and technology.
The lack of any public ap- pearances has fueled contin- ued speculation. “There’s a whole lot of peo- ple who think this guy is al- ready gone,” said conservative broadcaster Mike Gallagher on a show last week. “Holding a newspaper with … that day’s sports section on it, like a proof of life picture. Oh, yeah, that looked normal,” he said of the hospital photo. On Monday—two weeks af- ter the previous statement— his office put out an update and a fresh photo, with McConnell saying his recovery was continuing but that he would miss the Fancy Farm political fest in his home state
itician wants to hear what people have to say—but can they actually get anything done?” asked another. Brown said it was impor- tant to meet with rural vot- ers regardless of party. “I get votes that maybe some other Democrats don’t get because I listen, and I trans- late that into action,” he said.
over seven House terms and three Senate terms built a re- cord of negotiating money for Ohio. It is where he burnished his reputation as a union ally and made powerful friends. At campaign stops, Brown promises he can tackle afford- ability problems by going after health-insurance companies and making data centers pay
CXMT share price, first day of trading
60 yuan
IPO price: 8.66 yuan
10 a.m. 11 1 p.m. 2 3
Source: FactSet Note: China Standard Time; 10 yuan = $1.48
this weekend. The statement didn’t provide a time frame to get back to the Capitol. The Kentucky senator “has maintained a strenuous course of physical therapy and reha- bilitation, including multiple sessions a day designed to re- build strength and reduce the risk of future falls” since he was transferred to a rehabili- tation facility, according to an accompanying statement from the Capitol’s Office of the At- tending Physician. McConnell suffered polio as a child and had long walked with an uneven gait, but he has looked more frail in recent years. In 2023, after he tripped at a private event, McConnell was hospitalized for several days before entering rehab, leaving him away from the Senate for 40 days in all. He stepped down as party leader when the new Congress started in 2025 and decided he wouldn’t stand for re-elec- tion this year. This term, McConnell was regularly using a wheelchair to make it to votes. He also was flashing signs of fatigue. During an overnight vote that lasted more than 19 hours that concluded on June 5, McCon- nell sat in a front-row seat with his eyes closed, appear- ing to be asleep until an aide nudged him to vote during multiple amendments.
J. SCOTT APPLEWHITE/AP
for their own electricity. He taps his antiwar roots to argue against the war in Iran, and high gas prices that followed it. He argues he has a record of success standing up for the lit- tle guy, while his opponents say he is too embedded in the system to change it. “Nothing says ‘outsider’ more than a guy who’s only been in elected office his whole life and spent three de- cades in Washington, D.C.,” said Ohio Republican Sen. Ber- nie Moreno, who defeated Brown in 2024. “The voters of Ohio just realized, ‘Oh, this guy’s a total phony.’ ” Added Husted: “More people think he’s a senator than me.” The story Brown told at the Cincinnati brewery reflects the argument that Senate Minority Leader Chuck Schumer made to Brown and his wife, the jour- nalist Connie Schultz, over din- ner in Columbus a year ago. The New York Democrat told Brown he would never feel at peace if he didn’t run for the seat, according to a person fa- miliar with their conversations. A group aligned with Schumer has pledged to spend $60 mil- lion helping Brown win. Most years a candidate would kill for such advantages, but in 2026, they come with downsides. Attention-grabbing leftists such as New York’s Dar- ializa Avila Chevalier, the Dem- ocratic Socialist who unseated a congressional-caucus chair to win her primary, have stolen the spotlight by signaling a break from a party that many of its own voters dislike. In one recent Associated Press poll, when asked about their current party, 2 in 10 Democrats gave a positive response while others used words like “weak” or “in- effective.” Brown’s supporters note he is the only Democrat to win statewide in Ohio in more than a decade. He won his 2018 race
BRIAN KAISER FOR WSJ
share offering in Shanghai as soon as this year. It is building three new factories that would more than double its current capacity by the end of 2027, the Journal has reported. CXMT said in its prospectus that its production capacity still fell short of demand within China. Earlier this year, Beijing told Chinese memory- chip makers including CXMT to give priority to local buyers. That suggests CXMT and YMTC might not have much capacity available for Apple, although the two companies would likely welcome adding Apple to their customer lists as an endorsement. “Given the persistent global memory imbalance, even if Ap- ple’s lobbying succeeds and it buys DRAM from CXMT, that would not materially lower costs or fill the supply gap,” Ming-Chi Kuo, an analyst with TF International Securities, wrote in a note. Still, he said,
Monday 49 yuan
His hearing has become poor, and Republican lawmak- ers have privately described struggling to get his attention during closed-door meetings when addressing him by name. Some Republican allies in- cluding Thune have said they were in contact with McCon- nell over the past month, with some describing lengthy con- versations on matters includ- ing national security and mid- term elections. Other senators said they had heard things second hand. “I talked to somebody yes- terday who visited him and said that he’s clear-minded and he just needs to get stron- ger,” said Sen. Shelley Moore Capito (R., W.Va.) in video posted by journalist Nicholas Ballasy. When Senate Appro- priations Committee Chair Su- san Collins (R., Maine) was asked last week about McCon- nell, who leads a key appropri- ations subcommittee, she re- sponded: “I think he will be back in September.” McConnell’s absence is un- usual but not unprecedented. Sen. Dianne Feinstein (D., Calif.) missed several months of work in 2023 due to a case of shin- gles. She returned to Capitol Hill and died later that year. Sen. John Fetterman (D., Pa.) was hospitalized for more than a month in 2023 for de- pression following a stroke.
by nearly 7 percentage points but in 2024 lost by 4. Recent polling shows the contest to be close. “I’m so glad that Sherrod Brown is running again—and what a damning indictment of the situation Democrats are in that he’s the only option in Ohio,” said Amanda Litman, co-founder of Run for Some- thing, which recruits young candidates.
Voter apathy At recent events in Toledo and Cincinnati, more than a hundred people showed up mid- day. Many were retired l berals, and some came clutching copies of his books to have signed. The devoted supporters mask a challenge lurking be- neath the surface for Brown. Cities hold troves of Demo- cratic voters but many are apa- thetic. In some urban areas, voter turnout in the 2024 elec- tion hovered just above 60%— far lower than the 80% or more who voted in some Trump-lov- ing regions. Ohio politicians said the Democratic Party neglected or- ganizing urban voters and took them for granted. On the far left, some said Brown failed to take on issues that animate the electorate most, including a harder line against Israel. The neighborhood sur- rounding the brewery Brown visited had low turnout last election, which a group of young Democrats is trying to change. One organizer, Doug Walton, is on a quest to get his barber, Ted, to vote. “I begged and I pleaded,” Walton said. “I text him stuff about the evil things Trump is doing.” During May’s Demo- cratic Primary, statewide turn- out among Democrats was up, but Walton had no luck. He is hoping he can get Ted to vote in November.
“Apple has every reason to se- cure an additional source.” China’s government, hoping to free the country from de- pendence on technology from the U.S. and American allies in Asia, has backed CXMT with money from a national chip-in- vestment fund. Beijing has pushed CXMT and other domestic chip mak- ers to use domestic equipment. Lacking state-of-the-art for- eign machinery, CXMT has ad- opted a technique called multi- patterning to squeeze more circuitry onto a single wafer. And it invested in advanced packaging technology, stacking circuitry in unconventional ways to boost performance. Analysts said the techniques increased the risk of errors and reduced the yield—the percentage of usable chips on a wafer. SemiAnalysis says CXMT’s yields have improved but remain below industry standards.
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Loses a Champion in U.S.
Polls show Israel’s standing is declining among Democrats and Republicans
BY ANAT PELED AND DOV LIEBER
TEL AVIV—The recent pass- ing of Sen. Lindsey Graham has deprived Israel of a rare friend—one who was both an ardent supporter and politically powerful—as energetic factions in the Republican and Demo- cratic parties are turning against the country. The South Carolina Republi- can was one of Israel’s most ef- fective advocates in Washing- ton, and he leaves behind bilateral ties that are stretch- ing, if not snapping, amid the controversy over Israel’s wars in Gaza and Iran. “This is in a way the chang- ing of the guard,” said Jona- than Rynhold, a political scien- tist at Bar-Ilan University in central Israel. “It is hard to imagine anyone on the Republi- can side with more political heft.” Graham, who will be hon- ored at a funeral at Washing- ton’s National Cathedral July 28, served as a conduit be- tween Israeli Prime Minister Benjamin Netanyahu and Presi- dent Trump. The senator helped persuade Trump to at- tack Iran in February, including by coaching the Israeli leader on how to lobby the president for action, The Wall Street Journal has reported. Netanyahu is expected to at- tend the funeral and meet with Trump, a win for the prime minister after weeks of lobby- ing for a White House sit-down. The senator was among the first people Netanyahu would call when he had questions about the U.S.-Israel relation- ship, said people familiar with the matter. He made at least 10 trips to Israel and the region after the Hamas-led Oct. 7, 2023, attack. Graham’s death comes as Is- rael has fallen out with many Democrats and increasingly with Republicans after the Gaza
IRAN
BY SUMMER SAID Saudis Blame Pro-Tehran Militias in Iraq for Oil Attacks
Saudi Arabia said Monday it had intercepted a “number of drones” that Iran-backed militias in Iraq had launched at the kingdom’s oil facilities. Riyadh demanded in a statement that Iraq take “all necessary measures to ensure the prevention of the use of its territory as a launching point” for attacks. Iraqi militias haven’t claimed responsibility for the attacks, and another pro-Iran militant group, Yemen’s Houthis, said it had attacked Saudi oil facilities, making it unclear Monday who was re- sponsible for the drone strikes. Iraqi Prime Minister Ali al-
Converge in Caspian Sea
Caspian Sea
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ensky on Sunday for a strike that he said killed a sailor on an Iranian commercial vessel. Araghchi said in a social- media post that he phoned Russian and European Union leaders to say that Kyiv’s ac- tions couldn’t go unanswered. Iran summoned the Ukrainian chargé d’affaires in Tehran. The strikes come at a criti- cal time in both the Iran and Ukraine wars. President Trump paused strikes on Iran over the week- end while weighing a possible escalation in attacks intended to break Iran’s grip on the Strait of Hormuz. The Caspian trade offers Iran one way to circumvent a U.S. military blockade of its ports along the Persian Gulf and the northern Arabian Sea. Iran’s southern, oil-export- ing ports are more important
RUSSIA
AMIR LEVY/GETTY IMAGES
Sen. Graham of South Carolina was one of Israel’s most effective advocates in Washington.
war, which has seen tens of thousands of Palestinians killed and large parts of the enclave in ruins. This has left some in Israel worrying whether the country is running out of effec- tive ways to influence Trump. The Trump administration and the Israeli prime minister’s office say they are working to- gether, including on military- related matters, and deny there is a major rift between the two allies, but Trump and Netan- yahu have admitted to dis- agreements. Graham, a foreign-policy hawk, was part of a fading gen- eration of influential U.S. law- makers who grew up amid so- cietal memories of the Holocaust and images of a na- scent Israel fighting against larger Arab neighbors, said Mi- chael Oren, a former Israeli ambassador to the U.S. Today, young people in the U.S. have grown up and been shaped by very different events: the devastation of Gaza, surging settler violence and the deepening occupation of the West Bank, and Israel’s capture of what it calls buffer zones in- side the territory of its neigh- bors in Gaza, Lebanon and Syria. Recent polling has shown
Zaidi ordered security au- thorities to investigate and said his country wouldn’t al- low its territory to be used as a corridor or launchpad for any attack against friendly countries. Pro-Tehran Iraqi militias have conducted repeated drone attacks against Saudi Arabia and other Persian Gulf states since the U.S. and Israel jointly launched a war against Iran in February, drawing in some of the world’s largest oil producers. The militias operate inde- pendently of the Iraqi gov- ernment and are often at odds with the central au- thorities. A Saudi assessment con-
Key ports around the Caspian Sea
Astrakhan
Kuryk Makhachkala
OR GEORGIA
ZER AIJAN AZERBAIJAN AR ENIA ARMENIA
Baku
TURKEY
Bandar Anzali
Nowshahr
100 miles
for Iran’s economy, but the Caspian Sea is Iran’s most di- rect route to Russia, which has become an increasingly important military partner as both countries remain en- trenched in war. The sea allows Iran a route to Russia and onward to Cen- tral Asia “that is somewhat unfettered by any kind of in- terdiction by the United States or other partners,” said Nicole
deteriorating views of Israel in numerous countries worldwide. In April, a Pew poll found 60% of U.S. adults viewed Israel un- favorably, up from 42% in 2022. A February Gallup poll found that more Americans, for the first time, now sympathize with Palestinians more than with Israelis. Those trends are especially pronounced among people under 30. Democratic candidates are increasingly winning primaries by voicing pro-Palestinian views. More than 100 Demo- crats voted to cut billions of dollars of military aid to Israel earlier this month, in a mea- sure that failed. Even some in the party considered support- ers of Israel are adopting a harder line. Rahm Emanuel, a former mayor of Chicago and a poten- tial 2028 Democratic presiden- tial candidate, called to end un- conditional military aid to Israel and to sanction compa- nies that support building in Is- raeli settlements in the occu- pied West Bank in a speech at Tel Aviv University this month. He told reporters that Israel came up in every town hall he addressed during a bike trip through New Hampshire this summer.
cluded that up to half of the nearly 1,000 drone attacks on the Saudi kingdom have come from in- side Iraq, ac- cording to a person famil- iar with the report. They included strikes on a Saudi refinery in the Yanbu oil hub on the Red Sea and on oil fields in the kingdom’s eastern province where Mon- day’s attacks took place, people familiar with the matter said. Saudi Arabia has retaliated by carrying out strikes on
demanded Iraq take measures to stop the drone waves.
KAZAKHSTAN
Aktau
KIS UZBEKISTAN
Turkmenbashi
TURKMENISTAN
Amirabad
Neka
Grajewski, assistant professor at the Center for International Research at Sciences Po uni- versity in Paris and the author of a book on the Russia-Iran partnership. Meanwhile, Ukraine’s drone strikes inside Russia have given it a new advantage in the more than four-year-old war. Ukraine has used long- range drone strikes in recent months to attack oil refineries
“After Gaza, Israel-Palestine became kind of a litmus test to how value-driven you are for Democrats,” said Nadav Tamir, a former Israeli diplomat and the executive director of J Street Israel, a liberal policy group that has come to hold more sway among Democrats. “The trend is going in the di- rection of what we heard from Rahm Emanuel on his visit here.” Declining support for Israel has extended to Republicans as well. Prominent conservative voices from former Republican congresswoman Marjorie Tay- lor Greene to media personali- ties such as Tucker Carlson and Candace Owens have adopted anti-Israel stances. The loss of support for Israel and Netanyahu among young Republicans from the MAGA movement has been a concern for the Israeli prime minister’s office in the past year, said a person familiar with the matter. People working for Netanyahu searched for ways to win this group over through digital mes- saging and social media con- tent, this person said. The loss of support among Christians also has been a worry for the office, this person said.
I ra n - b a c k e d militias in Iraq, people familiar with the mat- ter said. One Persian Gulf official said the attack on Monday caused minor damage to the k i n g d o m ’ s Abqaiq oil-processing and stabilization facility, the world’s largest, handling roughly 7 million barrels a day. Images from the Euro- pean Union’s Sentinel-2 Earth observation satellite showed flaring at the plant, but the official statement from the Saudis didn’t identify Abqaiq
as far away as Siberia, con- tributing to an energy crisis inside a country that is one of the world’s largest petroleum producers. Targeting the Caspian, more than 430 miles from Ukraine’s nearest border, gives Kyiv an opportunity to disrupt Moscow’s links with Tehran. The attacks also could help Ukraine generate support within the Trump administra- tion, security analysts said. “For Ukraine, it is linking the theaters more closely in the European and perhaps American reading, and I think this is part of the intention here,” said Hanna Notte, the director of the Eurasia Non- proliferation Program at the James Martin Center for Non- proliferation Studies in Mon- terey, Calif. “The more that Zelensky can signal to Trump that he’s on Trump’s side against Iran, the better.” Russia has used the Cas- pian route to import Iran’s one-way attack drones, called Shaheds. Starting in the fall of 2022, less than a year into its invasion, Russia has been fir- ing waves of the drones into Ukraine, straining Kyiv’s air defenses and targeting power
Seek Hormuz Pact
BY SUMMER SAID AND LARA SELIGMAN
A lull in fighting between the U.S. and Iran has acceler- ated diplomacy aimed at a short-term fix for the most contentious issue of the war— restarting shipping through the Strait of Hormuz. Iran and Oman huddled in the past few days to hammer out an arrangement for ships to safely pass through a wa- terway that once carried 20% of the world’s oil production before the war slowed traffic to a crawl. The narrowly fo- cused talks aren’t meant to end the U.S.-Iran conflict, but mediators hope even a tempo- rary accord on an important issue would cool tempers, al- low a lifting of maritime blockades and juice talks on implementing a preliminary peace deal Washington and Tehran reached in mid-June. A U.S. official and mediators said Iran and Oman were still far apart on some issues, in- cluding whether to charge fees for transit. But both sides said there was progress, marking the first glimmer of hope for diplomacy since President Trump ordered a new round of military strikes on Iran more than two weeks ago in response to Tehran firing on commercial vessels in the strait. Trump halted those strikes Friday, in part to give space to negotiations, U.S. officials said. That night, Oman sent a delegation to Tehran to begin
Vessels seen in the Strait of Hormuz on Monday.
as a target of the attack. The Houthis said they had targeted Saudi oil facilities in response to incursions into Yemeni airspace by the king- dom’s drones. The Houthis are raising the threat to a crucial oil-ex- port route that Saudi Arabia has been using to work around the Strait of Hormuz, a narrow passage between the Persian Gulf and the In- dian Ocean. Tehran has effec- tively closed off the strait to shipping traffic since the Iran war began. A pipeline routing oil west across Saudi Arabia to a port on the Red Sea has allowed Riyadh to keep up export vol- umes during the war. From
and water infrastructure to try to wear down the Ukrai- nian public’s will to fight. Russia later began manu- facturing its own version of the drones, called the Geran, at a factory in southern Rus- sia, enabling it to produce thousands of the aircraft for its assault on Ukraine. Ukrai- nian forces targeted the facil- ity as recently as last year. Since the U.S. and Israeli war on Iran began in Febru- ary, Tehran has used Shahed drones to attack commercial ships in the Strait of Hormuz, civilian airports and seaports, Gulf oil infrastructure and U.S. military bases throughout the region. Because they are cheap and often difficult to shoot down, the aircraft have challenged American and al- lied air defenses. Russia in recent years has used a network of shipping companies to move military equipment and other goods from Iran to the Russian mainland. Some ships linked to the Russian government also sail from the Caspian via rivers and canals to the Black Sea where they can transit on- ward to other ports elsewhere in the world.
talks on the strait. The goal of the Iran-Oman talks is to agree on which route vessels can take through the 22-mile wide strait. Con- flict erupted this month after the U.S. began guiding ships through the strait by hugging the Omani coast. Tehran wants vessels to cross through its territory. On Monday, Trump said “we are talking right now,” adding “there’s a good chance that something could happen.” If not, he said “we go back to doing what we were doing two days ago.” The U.S. isn’t directly part of the negotiations, though Oman is keeping Washington informed, said regional offi- cials familiar with the talks. Iran’s foreign ministry said Monday the U.S. exchanged messages with Tehran but wouldn’t call it negotiations. The foreign ministry other- wise gave a rare positive as- sessment of diplomatic ef- forts, saying there was progress over the weekend with Omani officials. After weeks of tensions and fighting, the talks give the U.S. and Iran a breather. The U.S. is wrestling with limited stockpiles of air-defense interceptors critical to the war effort, as Iran shows it still has a formidable arsenal of ballistic missiles and drones, U.S. offi- cials said. Meanwhile, Iran’s economy is reeling under sanc- tions, mismanagement and a U.S. blockade of its ports.
there, tankers sail through the chokepoint at Bab al- Mandeb and out to the Indian Ocean and oil-hungry Asian markets. Last week the Houthis said they would impose a naval blockade on Saudi Arabia, and they carried out several attacks against Saudi vessels in recent days. The blockade and the at- tacks forced more Saudi bar- rels onto a longer, costlier and technically challenging journey that goes through Egypt’s Suez Canal and around Africa. Like the Iraqi militias, the Houthis have conducted strikes on Saudi oil targets during the Iran war.
Israel also targeted a naval outpost on Iran’s Caspian coastline in March in an effort to limit Russia and Iran’s abil- ity to trade in weapons. Continued Ukrainian air- strikes in the Caspian could threaten an economic lifeline for a pair of economies tar- geted by sanctions. “Iran sees this in the con- text of this bigger picture of being under blockades from both the south and the north,” said Hamidreza Azizi, a visit- ing fellow specializing in Iran at the German Institute for In- ternational and Security Af- fairs. Iran has vowed to respond to the attacks but didn’t say what form its response would take. Iran launched attacks on roughly a dozen countries across the region during the height of the U.S. and Israeli bombing campaign. Security analysts say that Ukraine is within range of some of Iran’s missiles. “Ukraine, too, may soon come to understand that Iran doesn’t let actions go unan- swered,” Ebrahim Azizi, head of the national-security com- mission of the Iranian parlia- ment, said on social media.
RAZIEH POUDAT/ISNA/AP
Making of Explosives
U.S.
NATO countries set raft of new projects worldwide with three in Arkansas
BY ALISTAIR MACDONALD
Western governments have unleashed spending to bring production of explosives home. At least 24 new projects are under way for propellants or explosives across NATO coun- tries, according to information assembled by The Wall Street Journal. Three new factories are set for just Arkansas, a center of U.S. weapons pro- duction. Russia’s invasion of Ukraine four years ago exposed the West’s struggle to churn out ammunition. Although artil- lery-shell output has increased, producers still rely on con- stricted supplies of dangerous chemicals made in a globe- spanning supply chain with lots of chokepoints. Before the war in Ukraine, Washington and its allies be- lieved they had ample stock- piles and reliable manufactur- ing sources. Pentagon dogma for decades centered on surgi- cal strikes using a limited number of expensive and ul- traprecise munitions packed with computer chips and digi- tal sensors. Now, war in “Ukraine and
KHARKIV, Ukraine—Before he left for the front line in 2022, Serhii Boychuk told his wife that if captured, he didn’t want to be taken alive. A few months later, the Russians took him prisoner. Guards beat and tortured him sexually for more than two years, he said.
By Alistair MacDonald, Serhii Bosak and Ievgeniia Sivorka
He recounted being raped with bottles and sticks, and having a knife pressed against his genitals. He still finds it dif- ficult to walk. “They wanted to psychologically break me,” said Boychuk, now 33. Other Ukrainian former de- tainees described similar ex- periences of sexualized tor- ture while in Russian prisoner-of-war camps. Their accounts match the findings of Ukrainian prosecutors and intelligence services and United Nations investigators, who have conducted extensive interviews with former pris- oners—both soldiers and civil- ians—throughout the more than four-year war. This growing body of testi- mony suggests Russian sexual violence against POWs and ci- vilian prisoners has been sys- tematic—and condoned, even encouraged, by Russian offi- cials.
Male targets Sexual violence in war has long been used to subjugate and terrorize civilian populations. In many conflicts, female civilians are the most common targets. Russian forces committed a
WASHINGTON—For more than a year, President Trump insisted in private conversa- tions with advisers that Ukraine was losing the war.
By Meridith McGraw, Annie Linskey and Robbie Gramer
But in recent weeks, the president has expressed fresh optimism about Ukraine and its leader, Volodymyr Zelensky, ac- cording to people who have spoken to him. Trump, the peo- ple said, has been impressed with Zelensky’s resilience as he takes the fight deep into Rus- sian territory. The shift comes after multi- ple meetings on the sidelines of global summits where the Ukrainian president has tried to charm Trump, the people said, part of a concerted cam-
elsewhere is bringing back mu- nitions that have a very differ- ent supply chain,” like artillery shells, said Will Somerindyke, the chairman of Regulus Global, a defense manufactur- ing and logistics company. The U.S. and Europe don’t have that supply chain, meaning they don’t have sovereignty over their own ammunition—and re- versing that won’t be easy, he said. Conflicts and tensions are p r o m p t i n g countries in the North Atlantic Treaty Organi- zation to restart production and reshore supply chains, though slowly and with gaps. Regulus aims this year to start work on a site to produce triple-base propellant, a partic- ularly powerful variant that the U.S. hasn’t produced since 1986, Somerindyke said. Plans for the factory haven’t previ- ously been reported. The U.S. has only one pro- pellant factory, a World War II- era plant in southern Virginia, and none has been built since the early 1970s. Regulus will be one of three companies setting up in Arkan- sas. U.S.-based ammunition- component maker D&M Hold- ing is already building a
large number of sexual assaults against Ukrainian women when they overran towns and vil- lages early in Moscow’s full- scale invasion, launched in 2022, according to the U.N. and interviews conducted by The Wall Street Journal. But since the war settled into a slow, attritional contest, many of the known victims have been male Ukrainian soldiers cap- tured on the battlefield. The U.N. says it has testi- mony in about 310 cases of al- leged sexual violence by Russian forces during the war. The vio- lence described includes rape, gang rape, genital mutilation, electric shocks and beatings to the genitals, the U.N. said. Among the victims were 280 men, 26 women and four girls. The Kremlin and Russia’s Federal Prison Service de- clined to comment. Russia has previously denied accusations of sexual abuse, saying they are unsubstantiated. Investigators caution that the extent of continuing sex- ual and other abuses against civilians in the Russian-occu- pied zones of Ukraine is only partially understood. Russia has persistently de- nied access to occupied areas to U.N. officials investigating con- flict-related sexual violence, the body’s secretary-general said in a report in April. Fear of retalia- tion and stigma related to sex- ual violence have also prevented male and female victims from reporting abuse. “Sexual abuse is the cheap- est method of waging war,” said Anna Sosonska, a Ukrai- nian prosecutor who has brought charges against Rus- sian soldiers in absentia. The national prosecutor’s office,
paign by European leaders to improve the relationship. Trump has come to admire Ukraine’s drone industry, espe- cially its ability to defend against the same drones the U.S. faces in the Iran war, the people said. Trump, a senior adminis- tration official said, likes win- ners—and Zelensky, in the U.S. president’s estimation, is in- creasingly looking like one. “We’ve actually developed a good relationship. It’s hard to believe, right?” Trump said during a July meeting with Zelensky in Turkey. It is a remarkable change of fortunes for Zelensky, whose relationship with Trump once seemed irredeemably dam- aged. Last year, Trump called Zelensky a dictator, criticized his leadership and berated him during a tense Oval Office
propellant factory there. D&M is in talks with the Pentagon to help finance it, said a person familiar with the matter. South Korea’s Hanwha Defense also plans to build a propellant fac- tory in Arkansas. Artillery shells, attack drones and missiles generally require at least one of two broad types of concoctions that expand violently: propellants to launch a projec- tile and explo- sives to destroy the target. To- gether known as “energetics,” they are usually toxic, complex to produce and dangerous to handle. After the Cold War, falling defense budgets and fear of pollution and accidents pushed produc- tion offshore. The production surge covers all types of energetics and ex- tends beyond NATO countries. TNT, an explosive, will soon be produced in the U.S. for the first time in decades, and three companies are building TNT plants in Europe. The U.K. plans to complete at least six new energetics factories by 2030. “Everyone is looking for surge capacity,” said Neelesh Tungar, chief executive of Kaly- ani Strategic Systems, an In-
on constricted supplies of dangerous chemicals.
SASHA MASLOV FOR WSJ (2)
where Sosonska works, is overseeing around 400 cases involving alleged sexual vio- lence by Russian soldiers against civilians. Some 148 of the alleged victims were men. Other former POWs and ci- vilian detainees who spoke to the Journal said they were
meeting. Days after the meet- ing, Trump paused all military aid and intelligence sharing with Ukraine. The next test of the rela- tionship comes Tuesday, when the two leaders will meet in Washington for the first time since October. Zelensky, who will be in Washington for the funeral for Republican Sen. Lindsey Graham, is scheduled to visit the White House. Whether Trump’s newfound esteem for Zelensky will en- dure is an open question. Peo- ple close to Trump noted that his views sometimes change quickly, adding that Russian President Vladimir Putin has in the past proved effective at pressing his case with Trump and some of his aides. A White House official said the president and his team were committed to playing a
CANADA
t n Id o i i Stibnite, Idaho Antimony mine
. Des Arc, Ark.
Note: Some planned or expanding production sites are not shown because their exact locations could not be determined. Source: staff reports
HANNIBAL HANSCHKE/EPA/SHUTTERSTOCK
NATO countries are restarting production of explosives.
dian industrial conglomerate. Kalyani produces 60,000 shells monthly and wants to produce more of the chemicals that go into them. India supplies energetics to the West, but isn’t self-suffi- cient in some of the most es- sential chemicals, including TNT. “Production was based around a 40-day intense war, but what Ukraine tells us is you
Serhii Boychuk, left and above looking at photos of Ukrainian soldiers missing in action, said he suffered sexual torture at the hands of his Russian guards.
forced to stand, crouch or pa- rade naked. Some had their genitals electrocuted. Some were raped—either with ob- jects such as bottles or sticks, or by Russian guards. “It is the same evidence, the same way of treatment, it all follows a pattern,” said Mykhailo Romanov, a lawyer with the Kharkiv Human Rights Group, a research and advocacy group that has collected testi- mony from 11 former POWs. Such repetitive patterns suggest the alleged crimes weren’t simply the acts of indi- viduals, but were committed as a feature of Russia’s military campaign, said David Schwen- diman, a former U.S. and inter- national prosecutor who inves- tigated war crimes perpetrated in the 1990s war in Bosnia. Civilians from occupied
constructive role in ending the war between Russia and Ukraine and speaking to both sides. Trump is optimistic that a peace deal can be reached, the official said. Trump came into office as an opponent of foreign entan- glements and harboring deep skepticism of Ukraine. He said that he would be able to settle the war in 24 hours, but since has acknowledged his frustra- tion over his inability to do so. At the start of his second term, Trump felt Zelensky wasn’t appreciative of U.S. as- sistance, advisers said, and the poor relationship between the two leaders spilled into public view in front of television cameras during the February 2025 Oval Office meeting. The ugly incident prompted a monthslong campaign by European leaders and Republi-
need to go on and on” in mod- ern conflict, said Tungar. Making explosives is dan- gerous and Western companies face high regulatory hurdles. Even so, a blast at Accurate En- ergetic Systems, a Tennessee manufacturer of explosives for civilian and military customers, killed 16 workers last year. Energetics makers in Russia and China face fewer hurdles. The Kremlin relaxed planning
parts of Ukraine have also fallen victim. At one camp in Russia’s Rostov region, prose- cutors allege that Aleksandr Naumenko, a senior official in Russia’s national guard, or- dered military personnel to sexually assault 17 civilian pris- oners, according to Ukrainian court documents. Investigators showed former captives Nau- menko’s photo, which they rec- ognized. Naumenko couldn t be reached to comment. Russian POWs who spoke to the Journal said they were never given clear instructions against sexual abuse, but they said some individual officers made their disapproval clear. In contrast, Western militaries drill into their soldiers that such abuse is illegal. Early in the war, Halyna Ty- shchenko, a 63-year-old former
Zelensky with Trump in Ankara, Turkey, earlier this month.
regulations for explosive-mak- ers looking to establish new plants after its invasion of Ukraine in 2022. Almost $50 billion of U.S. President Trump’s proposed $1.45 trillion defense budget is for developing domestic sources of critical minerals, chemicals and energetics es- sential for weapons produc- tion. Among other efforts, last year the U.S. Army reopened a gold mine in Idaho to access a vital chemical byproduct used in nearly a third of all military ammunition. America’s supply of antimony sulfide currently comes entirely from abroad. But a U.S. attempt to in- crease production of RDX—a more stable replacement for TNT—and IMX, another explo- sive, is delayed by roughly eight years. Production re- mains at 2017 levels despite ongoing projects to increase output. The target date for boosting production has slipped from last year to around 2030, an Army spokes- man said.
market-stall trader, says she was raped by a Russian soldier at gunpoint in her lounge and then brought outside and pa- raded naked along the street in below-freezing temperatures. The soldier’s unit was sta- tioned in a house 400 yards away, Tyshchenko said. She suspected the man’s officers were aware of the abuse.
A ‘call to Putin’ In the first year of the inva- sion, after Russian forces overran his home city of Kher- son, Oleksiy Sivak hung up a Ukrainian flag on the coun- try’s independence day. The Russians threw him in jail. They showed him an old army field telephone and mock- ingly told him it was time to call then-President Joe Biden. Then, he said, they attached the phone’s wires to his genitals and gave him electric shocks. It is a torture used widely in the Russian prison system, and the distribution of these old phones shows complicity from senior figures, Ukrainian inves- tigators say. Prison guards re- fer to it as a “call to Putin,” or in earlier times a “call to Lenin,” the U.N. has noted. Sivak, who was freed before Russian forces retreated from Kherson, now runs a support group for around 200 Ukrai- nian men who allege torture at Russia’s hands. The 42-year-old says he copes with his trauma by shar- ing his story with other victims and the public. “Back then, in the Russian basement, I was screaming so hard that the whole world could hear,” he said. Now, he says, he wants to tell the world what happened.
SAUL LOEB/AFP/GETTY IMAGES
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A man and his dog watched a wildfire Monday in Spain. Thousands have been affected by evacuation or stay-at-home orders.
Fires Are Ravaging France, Spain
Firefighters struggle to contain blazes amid evacuations and threats to cities
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BY SAM SCHECHNER AND MARGHERITA STANCATI
PARIS—Wildfires continue to blaze across swaths of France and Spain, threatening urban areas ahead of a new heat wave expected this week. In France, hot weather and dried out vegetation have fueled fires that by Monday hit more than 285,000 acres— an area that has increased 18% since the weekend. The fires in Spain that have been raging for days in and around the Madrid region are the biggest in the area’s his-
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tory, ripping through dry veg- etation, homes and campsites. About 100,000 people have been affected by evacuation or stay-at-home orders. “We are confronted with a completely unprecedented fire,” said French President Emmanuel Macron, as he vis- ited a fire station in Bor- deaux, where officials said Monday afternoon that the blaze in surrounding areas has stabilized, but isn’t yet contained. “The coming weeks will be hard, and we must hold on,” Macron said. Europe’s wildfire season is becoming longer, fueled by rising temperatures across the continent. This year, it started in late April, and European officials are warning it could continue
until early November. A new heat wave is ex- pected to hit France, Spain and other parts of southern Europe starting on Wednes- day, making it harder to con- tain the fire and increasing the likelihood of new blazes. European officials said that leaves emergency responders a small window of opportu- nity to contain the fires. “Everything we can achieve between today and tomorrow will be key to our effort to slow down and contain this damned fire,” said Francisco Martin, a Spanish government official who is part of the emergency response. He said he was “moderately optimis- tic” of a short-term break- through. Firefighters in both coun- tries are stretched to the lim-
its of their capacity, with the flames spreading faster than they are able to contain them. The heat waves that have swept Europe since the spring created favorable conditions for wildfires. The strong winds helped the flames travel quickly. France has mobilized its fleet of Canadair water bomb- ers along with other aircraft to combat several blazes in the country. The European Union says it has deployed water-bombing aircraft to both countries to assist in the emergency re- sponse. French Prime Minister Sé- bastien Lecornu said on X on Monday that some of the fires were set deliberately, adding that security forces are work- ing to catch those responsible.
CANADA Shots Are Fired At U.S. Consulate A shooter fired at the U.S. Consulate in Toronto early Monday morning, police said, the second time this year someone shot at the building. No one was injured in the inci- dent, but a single shell casing was found and there was dam- age to the building’s facade. Frank Barredo, Toronto’s deputy police chief, said a high-speed chase ensued that lasted an hour, but no arrest was made. “We will approach this in- vestigation with great seri- ousness,” Barredo said at a news conference. “We will bring the people responsible for this to justice.” Toronto Mayor Olivia Chow called the shooting a “brazen attack.” “I want to say to the per- son or persons responsible, we will get you,” said Chow. The shooting occurred de- spite heightened security The U.S. Consulate was targeted March 10, when two suspects allegedly fired mul- tiple shots at the building be- fore driving away in a stolen vehicle. Last month, police ar- rested two people and charged them with multiple offenses related to the March shooting. —Associated Press
RED ALERT: Filipino protesters called for government accountability Monday over concerns about the Philippines’ plans to build a business-development sector.
PAKISTAN Death Toll Tops 100 Amid Monsoons The death toll from mon- soon rains and flash flooding in Pakistan over the past month surpassed 100 on Monday as weather forecast- ers warned that more heavy rain is expected across the country later this week. Pakistan’s National Disas- ter Management Authority said 109 people have died na- tionwide since June 26. Many of the deaths were caused by collapsing houses and roofs, with nearly half reported in the northwestern Khyber Pakhtunkhwa province. The latest update came a day after the disaster man- agement authority reviewed flood preparedness measures across the country. Officials discussed plans to issue timely warnings to communi- ties living along rivers so res- idents can move to safer ar- eas before floodwaters inundate their communities. Last week, heavy rain lashed parts of the country, including Lahore, Pakistan’s cultural capital, where several neighborhoods were flooded. Images on social media showed residents wading through water. Residents questioned the government’s preparedness. —Associated Press
NATHANIEL SORIANO/ZUMA PRESS
Tuesday, July 28, 2026 | A9 WORLD NEWS
2.6%
BY SAMANTHA PEARSON Brazil Fears U.S. Is Trying to Influence Election
SÃO PAULO—Brazilian Pres- ident Luiz Inácio Lula da Silva is pushing back against what he sees as a coordinated effort by the Trump administration and an emerging alliance of right-wing leaders across Latin America to shape October’s presidential election and return the Brazilian right to power. The standoff intensified Sunday when Brazil recalled its ambassador to Argentina in protest of President Javier Milei’s visit to São Paulo to en- dorse Flávio Bolsonaro, the son of jailed former President Jair Bolsonaro and the Brazilian right’s presidential candidate.
Face Drop In Kids
ContinuedfromPageOne
has noticeably fewer kids. Fer- nando said he’s more likely to see a retired neighbor garden- ing than a child on a bicycle. “It’s not the vibe it was 10 years ago when there were still kids here,” he said. With the nation’s fertility rate at record lows, the num- ber of children under 18 is falling across the U.S. The de- cline is especially pronounced in big cities, according to a Wall Street Journal analysis. The number of children un- der 18 living in big U.S. cities is down 6% in the past decade, the Journal found, compared with a 1% decline nationwide. The drop is especially stark among families with little kids: The number of children under age 5 in big cities fell 15%, compared with a drop of 7% nationwide. Even cities that are gaining population are losing children. In all, the number of chil- dren declined in about two- thirds of the 38 U.S. cities with more than 500,000 resi- dents. The Journal analyzed census data from 2015 through 2024, the most recent data available. Families with children cite concerns about costs, safety and quality of life in their move away from cities. Also contributing to the drop is a growing number of childless residents opting to stay that way, worried about the finan- cial implications and lifestyle trade-offs of having a family. The drop is happening in cities across the economic spectrum. In San Jose, Calif., where median household in- come is nearly twice the U.S. level, the number of kids un- der age 5 has dropped 34% in the past decade—more than any other large city. Ernie and Samantha Solis both grew up in the San Jose area and lived in the city for the early years of their two sons’ lives. Buying a home was out of reach on their respec- tive salaries as a firefighter and teacher. Daycare cost about $25,000 a year for each child. They worried about state vaccine mandates. In June 2021, they moved to Star, Idaho, a small town a short drive from Boise. “I was just over it,” said Er- nie. He flies into the city every Monday for his job, stays in free dorms for firefighters during the week, and returns to Idaho every Friday. He’s met other dads—electricians, HVAC technicians and auto body shop owners—doing the same commute. In California, the family rented an older 1,400-square- foot home. In Idaho, they own a 2,300-square-foot house with space to park their RV. They had a third child, a daughter, after moving. Among relatively affordable cities, the number of children has fallen 15% in Albuquerque, N.M., and 11% in Milwaukee. City economies are starting to feel the shift. Families are important contributors to a city’s tax base, and middle- class families in particular drive demand for goods, such as affordable groceries, that benefit everyone. Fewer kids means less support for public schools, often one of the larg- est employers in many cities, and tough choices as class- rooms empty out. Some municipalities are roll-
San Jose, Calif.
Albuquerque, N.M.
Milwaukee
−1.0
Speaking to cheering sup- porters Saturday, Milei called da Silva a corrupt “thief,” urged conservatives across the region to unite against socialism and called Supreme Court Judge Al- exandre de Moraes, who led in- vestigations into Jair Bolsonaro, a “bald piece of garbage.” The rift between South America’s two largest countries comes as Brazil fears the Trump administration is trying to sway Brazil’s presidential election in favor of the right. With recent elections in Co- lombia, Chile and Peru deliv- ering victories to conserva- tives aligned with Trump, Brazil is poised to be South America’s last large country
Raheim and Kierra Bazile with their son in Easton, Pa., above left. Raheim previously lived in New York City. Fernando and Patricia Escobedo, above right, have noticed the number of kids dwindle in their El Paso neighborhood.
New York
ing out free child care, but it isn’t clear if it will be enough to convince people to have chil- dren or families to stay.
National trends After the 2008-09 financial crisis, people stayed in cities because that’s where good jobs were. But as economic growth became more widespread later in the 2010s, families started leaving for opportunities else- where, said Connor O’Brien, a fellow at think tank the Insti- tute for Progress. The decline in city kids started in 2017 and picked up with the pandemic. Covid opened the door for remote work, leading many to re-eval- uate their lifestyles. Some moved to the suburbs—or even farther. “Families had more exit options and they took them,” O’Brien said. The falling birthrate is also a major factor. The number of births in the U.S. has fallen 9% in the past decade, largely due to fewer women having chil- dren in their teens and 20s. Nationwide, the birthrate is falling even more dramatically for Hispanic women, who make up a sizable share of the population in some cities. An analysis by O’Brien found that birthrates in large urban counties fell 18% be- tween 2010 and 2024, the big- gest drop of any county type. Of the 38 U.S. cities with over 500,000 residents, the Journal found, 13 saw the number of kids grow. Those cities, many in the Sunbelt, are often relatively affordable for middle-class families. They saw the number of children increase 7% over the past de- cade—while their overall pop- ulation grew 12%. Seventeen other large cities saw their populations grow while the number of children living there dropped. In some cities that are los- ing kids, the falling birthrate is a bigger factor in the drop. In others, it’s families moving away. In Albuquerque, about half of the 15% decline in children is from more families leaving than arriving, according to the Journal’s analysis. The rest is from the falling birthrate. Births in Bernalillo County, where the city dominates the population, have dropped 20%
governed by the left. Da Silva leads Flávio Bolsonaro by 5 percentage points, according to the latest Datafolha poll. “Brazil’s destiny is for Bra- zilians alone to determine— without foreign interference or subservience,” da Silva wrote in an opinion article published in the Washington Post during the weekend. Ac- cusing the U.S. of imposing “ideological constraints on the bilateral partnership,” da Silva said Brazilian exports to the U.S. have fallen to a near-30- year low, while commerce with China—Brazil’s biggest trading partner—has surged. The standoff with the U.S. began in July 2025, when
Washington
in the past decade. In more affluent Denver, the number of children has dropped 9%, a combination of a small loss due to more fami- lies with children moving out than in and a drop of 7% in the number of births. Across a decade, that translates to al- most 7,000 fewer births than if totals had remained steady.
Denver
Expensive cities In New York, where the cost of living is high, the num- ber of children is down 8% over the past decade. Since 2000, the city has lost a net 80,000 households with people aged 30 to 54 who are married or have at least one child under 18, a decline driven by middle-income fami- lies, said Melissa Pumphrey, chief economist of the city’s Economic Development Corpo- ration. Over that period, New York gained a net 670,000
Change in child population* from 2015 to 2024, in large cities
–20% –10 10 15% 0 0 –5 5 –15
Los Angeles
Portland, Ore.
San Diego
Chicago
Boston
Austin, Texas
Baltimore
Detroit
Tucson, Ariz.
El Paso, Texas
Phoenix
Dallas
Philadelphia
Fresno, Calif.
Memphis, Tenn.
Trump announced some of the highest tariffs of his second term on Brazil, while calling for an end to criminal proceedings against Jair Bolsonaro. Unlike many countries targeted by Trump, Brazil has long run a trade deficit with the U.S. Brazil’s Supreme Court con- victed Bolsonaro of plotting a coup and sentenced him to 27 years in prison. Officials in da Silva’s admin- istration believe Bolsonaro’s sons—including presidential candidate Flávio, Eduardo in the U.S., and Carlos—are coor- dinating with the Trump ad- ministration to advance their father’s political project by at- tacking Brazil’s electoral sys-
households of single people or families without kids under 18. Parents have to earn $334,000 to be able to com- fortably afford child care for a 2-year-old, according to an analysis from the city’s comp- troller. The median rent for apartments with three or more bedrooms is $5,495 city- wide, according to StreetEasy. A couple of years ago, Ra- heim Bazile was paying $750 a month to rent a room in a home in Queens. That was about a quarter of the monthly take-home pay he earned work- ing as a truck driver for the U.S. Postal Service. When Bazile got engaged in 2023, he and his long-distance fiancée immediately started making plans to leave. He had started considering a move years earlier, when he was liv- ing in public housing with a daughter he had from a prior relationship, who is now 12. Bazile looked into the Long
tem. They have pointed to meetings between the Bolson- aros and foreign diplomats in which they allegedly spread false information about the re- liability of the country’s elec- tronic voting machines. Brazil’s Foreign Ministry said Saturday it denied visas to two U.S. State Department officials because of concerns that they planned to visit the country this week as part of an effort to un- dermine confidence in Brazil’s electronic-voting system. Brazil- ian officials believe the planned trip was part of a concerted campaign by the Bolsonaro fam- ily and the Trump administra- tion to discredit the election should Flávio Bolsonaro lose in
Island suburbs, but they were too expensive. He and his now-wife, Kierra Bazile, even- tually settled in Easton, Pa., which has about 30,000 peo- ple, last year. Their son was born earlier this year. “Here, I feel much lighter,” said Bazile, who now works in real estate. New York Mayor Zohran Mamdani is rolling out free child care to help families stay in the city. So far, the new program covers a small group of 2-year-olds. Brooklyn resident Jenna Ed- wards always assumed she and her husband would have chil- dren, but they had trouble con- ceiving. They started visiting a fertility clinic in 2019 but learned the projected bill for the initial treatments would be $4,000 to $22,000, even with insurance. There was no guar- antee it would work. She worried about other potential costs, too: the hospi- tal bill, daycare, nursery
Fort Worth, Texas
Jacksonville, Fla.
Seattle
Columbus, Ohio
Charlotte, N.C.
Kansas City, Mo.
Oklahoma City
Atlanta
Nashville, Tenn.
Indianapolis
Mesa, Ariz.
Las Vegas
Change in population from 2015 to 2024
Large cities U.S. overall
Children under 18 Children under 5
October, according to people close to da Silva. The U.S. State Department confirmed the officials were scheduled to visit Brazil to discuss election integrity, reli- gious freedom and freedom of expression, calling any sug- gestion the trip was intended to undermine Brazil’s democ- racy “a baseless lie.” “What we’re seeing right now is a complete breakdown of a diplomatic tradition that was alive and well in the ’90s in Latin America about just not openly meddling in each other’s domestic affairs,” said Oliver Stuenkel, senior fellow at the Carnegie Endowment for Inter- national Peace in Washington.
school. The couple, who live in a below-market-rate, rent-sta- bilized apartment, would probably have to move. Ed- wards, now 44 and a freelance content creator, decided against doing IVF. “Finances definitely influ- enced just how hard we were willing to try,” she said. “It’s easy to get almost angry or resentful that it influenced so much every step of the way.”
Rising costs Even in less expensive cit- ies, the prospect of having a child can be financially daunt- ing. In Philadelphia—where kids are down 6%—Nija Ri- vera, 39, grew up working class in a row house with her siblings, mother, grandmother and great-grandmother. She now runs a grant-writing con- sulting firm and lives in a two-bedroom condo that she owns with her husband, who works as a mariner. Rivera does hot yoga daily and takes dance and acting classes. Her husband is taking a yearlong guitar program. Having a child would likely mean sacrificing the time and money they spend on those activities. Rivera also wants to be able to support her own mother and stepfather if they need help in the future. Homes in El Paso are less expensive than in other cities, but they’re still up 32% over the past five years, according to Redfin. El Paso’s total popu- lation is flat over the past de- cade, but the number of kids has dropped 9%. That was driven by a 30% drop in chil- dren under 5. With enrollment down, the El Paso Independent School District is closing ele- mentary schools to save money. Fernando Escobedo, who is 55 and works in finance, said his elderly parents’ block in the city, where he spent his child- hood summers roaming freely with other kids, is also quiet. The annual block party on his own cul-de-sac never came back after Covid. “The people who are left are the parents, older parents,” said Escobedo. Economists worry about an aging population because it means fewer working-age tax- payers. Some cities that have faced a drop in kids have been able to pare spending on public schools, but others have strug- gled to do so, leaving a bloated level of per-student spending, said Jeff Clemens, a professor at the University of California, San Diego. The big risk is that a de- cline in families is a part of a broader population decline and erosion of a city’s tax base. The places that are ef- fectively replacing families with affluent childless adults are so far avoiding this fate. Taneal Jordan enjoyed at- tending local festivals and other events when she lived in Milwaukee after graduating from a local college. Jordan, who is 38 and works in corpo- rate training, was aware of the city’s relatively high crime rate but felt she could keep herself safe. She’s soured on city living now that she and her husband have a 3-year-old. Their door- bell camera has captured peo- ple stealing packages from their stoop. A nearby play- ground has rusty and broken equipment. The couple is planning a move to the suburbs of Green Bay, Wis., where they hope their son will be able to attend good schools and play with neighbors. “It just seemed l ke a very nice place where I would have no problem letting my kid ride a bike down the street,” Jordan said.
FROM LEFT: LIAM KENNEDY FOR WSJ; PAUL RATJE FOR WSJ
5.8
All ages
O
S
With Your Aging Parents
TURNING POINTS
CLARE ANSBERRY
ne of the hardest and most important con- versations we will have as adult children is “the talk” with par- ents about aging. Sitting down to discuss giving up the car, moving out of the family home, planning for medical care and how an estate is going to be handled is uncomfortable at best. Many adult children and older parents simply put it off. That’s a huge mistake. We end up scram- bling, often in response to an emergency, to figure out what to do at a time when no one is think- ing clearly. I recently wrote about the elabo- rate ruse one daughter created to get her parents, who showed signs of dementia and self-neglect, out of their home. She had tried repeat- edly to work with them and plan ahead. They insisted they were fine. Readers responded, saying how
ThwartRetirement
affecting how or when you plan to retire
BY CHERYL WINOKUR MUNK
ome older adults are having to rethink retirement plans be- cause of a debt burden that might seem unlikely: student loans. Some 9.5 million people in the U.S. age 50 and older held student- loan debt as of the first quarter of 2026, with debt totaling about $452 billion, according to Federal Student Aid. That debt is for loans they took for their children, themselves— sometimes because they sought a degree later in life—or both. In many cases, that debt burden affects not only how people can spend their nest eggs in retirement, but when they can retire in the first place.
Can it be forgiven? A first step toward working this all out is to look at the options for loan forgiveness. Many borrowers don’t realize they could qualify for forgiveness for at least some of their federal student-loan debt. (Private lenders generally don’t offer loan forgive- ness or more-forgiving repayment terms.) Many Parent PLUS borrow- ers have lost access to more afford- able monthly payments as a result of a recent overhaul of the student- loan system. Borrowers can see their options at Federal Student
difficult but important these con- versations are. “Pretending we may never need care is naive at best and can bankrupt your entire family if you don’t have a plan,” wrote Mim Senft. Another, James Hillenmayer, said he sat down with his parents for “the talk” when they were in their 80s and his mom was show- ing signs of dementia. “I said that I thought the real problem was that they were not talking to each other about where they wanted to spend their re- maining years. My dad said, ‘No, the real problem is that your mom wants to live in Wisconsin (near my older sister), and I don’t want to live in Wisconsin.’ My mom re- sponds, ‘I don’t want to live in Wisconsin.’ You get the picture.” About 23.6 million adults care for older parents, and many ha- ven’t talked about the practical re- alities they might eventually have to manage. One recent survey found that less than 20% of adults have detailed conversations with loved ones about care preferences. “These conversations aren’t taking place,” says Kipper Hen- drick, founder of Care With Kip-
About 23.6 million adults care for older parents.
Aid, a part of the Education Depart- ment that oversees the federal stu- dent-loan program and offers infor- mation and resources to borrowers. One option is the Public Service Loan Forgiveness program, which is for borrowers who are employed by a government or a nonprofit and meet other requirements, including having made the equivalent of 120 qualifying monthly payments under an accepted repayment plan. For parents who borrowed on be- half of their children, it’s the parent who has to qualify. However, keep in mind that parents may have lost access to the PSLF program based on recent changes to the student- loan system. Check Federal Student Aid for current eligibility. Another option: Many borrowers are on a standard repayment plan, which generally ensures their loans are paid off within 10 years. But they may be eligible to switch to a repayment plan based on their in- come, with lower monthly payments. Bruce Maginn, partner and finan- cial adviser at Solomon Financial in Carmel, Ind., offers the example of a couple in their early 60s who had amassed $100,000 in debt to help their divorced daughter get an un- dergraduate degree while in her 30s. They had federal Parent Plus loans at an interest rate of about 8% and were paying about $1,300
per, a social-media caregiving community. Reasons abound, fear being a big one. Conversations about the future and aging invariably lead to thoughts about what is in store for all of us: death. Some parents say they have plenty of time to talk about the fu- ture. Others think they have ev- erything in place—estate plans, wills, and powers of attorney—so they’re all set. Those documents are critical, but they might not ad- dress fundamental issues like housing and caregiving. Here are some ways to get talking and keep the conversation going.
How to get started Begin with simple, basic questions that are caring, genuinely curious and not intrusive, says Heather Winslow‑Walker, director of Truist Bank’s Center for Family Legacy. “What do you want? What is important to you? How can we make that happen?” she suggests. Then listen, and be respectful. Her mother, she discovered, isn’t ready to move, but when she is, she would like an outdoor
monthly. They wanted to retire and keep their expenses to $95,000 a year, including loan payments, to fit within their budget. That wasn’t fea- sible based on their standard stu- dent-loan repayment plan, he says. So the couple chose to convert to an income-driven repayment plan, which significantly lowered their monthly payments compared with the standard 10-year plan— even though it extended the loan by several years and increased their in- terest payments over the life of the loan. The income-driven plan they chose is being phased out as part of a broad restructuring of govern- ment lending under the Trump ad- ministration, so they’re considering their options, Maginn says.
porch where she can read. To get family discussions going with clients, Winslow-Walker says, she will ask parents, “How pre- pared would a family member be if something were to happen to you?” She will ask adult children, “How prepared do you feel with your parents’ aging?” She suggests conversations with parents start by age 65 and that they be continuing affairs, since health and family dynamics change. Some families gather for half-hour annual updates before holiday meals.
Frame the discussion Don’t make discussions about de- cline or catastrophes, says Chia- Lin Simmons, CEO of LogicMark, a health-monitoring technology company. She suggested that a friend ask her parents, who live in another state, if they would move close to her to see their grandchil- dren more frequently. “I know the kids would love to see you more often.” That, she be- lieves, is a more positive approach, which also happens to be true. It’s less jarring than “I want you close in case of an emergency.”
drops once they leave the workforce. That’s when it’s helpful to look carefully at expenses and see where adjustments can be made. Financial adviser Jenny Daly works with a single mother in her early 60s who carries student loans of $120,000 for her child’s education. They worked out a budget that would allow the woman to pay down the debt without sacrificing all of her retirement plans. She tracks spending closely and cut down on travel, but the budget is manageable, says Daly, who works in the Hacken- sack, N.J., office of Philadelphia- based Janney Montgomery Scott. And they revisit the budget annually. Heather Welsh, senior vice presi- dent and wealth-planning depart- ment leader at Sequoia Financial Group in Akron, Ohio, has a client who is divorced and in her early 60s. She retired with nearly $50,000 in debt from parent loans, and she didn’t want to make major
No longer driving One of the most uncomfortable conversations involves driving. A parent might have a series of small accidents, but they don’t mention them, because they’re embarrassed or afraid of losing their freedom. Netta Levy, an eldercare ad- viser and founder of LifeCare Con- cierge, recently had a driving dis- cussion with her mom, after a few fender-benders. Rather than tell- ing her mother not to drive, she appealed to her intelligence and sense of responsibility. “Mom, are you waiting to get hurt and have to go into rehab, or God forbid you hurt someone else? You are a very smart woman. Think about that.” It also helps to have a solution. Levy offered to arrange and pay for Uber and Lyft.
Addressing objections What if parents try to shut down conversations, saying anything about future care is premature be- cause they are in good health, or they stop listening when adult children suggest they need help? Jennifer Nevins, CEO of Sa- vor.us, created a 100-page guide- book to help families work through aging-related conversations and gather important documents. She provides responses for when par- ents put them off. Parent: “We have time.” Adult child: “Maybe. But the whole point is to do this on a calm day, not in a crisis.” Or when a parent says, “Stop managing my life,” an adult child can reply, “If your wishes aren’t written down, someone else makes those decisions. That’s the oppo- site of independence.” Nevins developed the guide- book after an unsettling experi- ence when her dad was hospital- ized. The doctor asked Nevins about specific life-sustaining mea- sures like feeding tubes. “I had a general idea of what my dad wanted, but I was sort of fro- zen because we had not had that specific conversation,” she says. Having medical-directive docu- ments can provide guidance and curtail infighting between siblings. Other information to assemble: deeds, wills, insurance policies, passwords. She assigns priority levels to indicate what’s essential.
Health issues Dr. Ryan Van Wert, CEO of Kin Concierge, says if adult children are concerned about their parents’ health and feel they don’t know enough, they can ask, “Do you mind if I come to your next pri- mary-care visit? Is that OK? I want to make sure I’m up to speed.” Van Wert says that 80% of calls to Kin Concierge, which helps fami- lies navigate the healthcare sys- tem, are from adult children who might live elsewhere and need more support. Often, he says, he doesn’t hear back from the adult child for a few months. “It takes time to work through these conver- sations with the parents,” he says.
lifestyle changes or take a part-time job. Welsh recommended that she claim her Social Security benefits before her full retirement age, so she’d have income coming in, even though she would have received a higher benefit by waiting. The woman also changed repayment plans to lower her monthly payment. These changes allowed her to shore up her bud- get without sacrificing all her retirement plans.
Working longer In some cases, the best option is to keep working, especially if you are unable—or unwilling—to reduce expenses by a meaningful amount. Eric Ludwig, chief executive of Stockbridge Private Wealth Management in Sun Prairie, Wis., has clients in their early 60s with about $140,000 in student loans they took out to help their son pay for college and their own student debt. They decided to continue working for several more years, even though they had hoped to retire by now. This allowed them flexibility to pay down their debt and to help pay for some of their son’s school expenses from their current income, rather than taking on additional debt. Of course, working longer might not be desirable or even an option for everyone, especially if health issues crop up unexpectedly. “You can’t always rely on retiring later,” Welsh says.
GETTY IMAGES
W
BY SARA ASHLEY O’BRIEN
hen Molly Taylor started taking Mounjaro in the fall of 2024, she marveled at the speed of results. She wasn’t overweight, but she hadn’t been comfortable in her body. Now, she could eat whatever she wanted, just in smaller portions, and people were complimenting her looks. She no longer felt self-conscious. Then her mindset began to shift. “I gradually started to worry about what I was eating, how many calories were in it, if it was going to stop me from losing more weight,” said the 23-year-old nanny, who is studying nursing in London. “I think that’s when I was starting to develop anorexia.” GLP-1s have been hailed as mir- acle drugs, their rise leading to critical breakthroughs in America’s fight against obesity. Roughly 13 million Americans are now on them, according to research from JPMorgan published in February. The drugs mimic naturally occur- ring hormones to suppress appe- tite and cravings and make people feel full. For those who’ve strug- gled with restrictive eating and an- orexia, that can be a tantalizing proposition—and a dangerous one. Anorexia kills a higher percent- age of patients than any other eat- ing disorder, and it is the second most deadly mental illness after opioid addiction, according to data compiled by the nonprofit Na- tional Association of Anorexia Nervosa and Associated Disorders. “I recovered from anorexia my- self many years ago, and had this been on the market, I think I cer- tainly would have tried to access it,” said Jennifer Rollin, therapist and founder of the Eating Disorder Center, in Rockville, Md., which provides therapy for patients. “Seeing all of the celebrities on the red carpet and so many friends
Jamie Thayer was diagnosed with atypical anorexia after she started taking Wegovy.
FROM TOP: LUCY JONES FOR WSJ; JAMIE THAYER (2)
Spreadsheets Grade Dates
ContinuedfromPageOne
ited menu of potential partners make it too easy to miss obvious red flags. “You become a little more willing to make compromises on things that you might not usually compromise on, just because you’re so tired of searching,” said Alyssa Tracy, one of Travis’ confidants. The other, Samp- son Ezieme, is the creator of Spread. Converts say spreadsheets turn their desires into packaged datasets that they can analyze for patterns— anything from “I typically catch feel- ings after the fourth date” to “my best dates tend to work in engi- neering.” The approach, once just the realm of professional matchmakers, is an offshoot of a broader cultural obses- sion with tracking just about every- thing, says Skyler Wang, an assis- tant sociology professor at McGill University. Data “help people find order and systemize an incredibly chaotic pro- cess,” said Wang, who authored a study on self-datafication and dating
CLOCKWISE FROM TOP: ALYSSA TRACY; DARBY MULLIGAN
and family members, kind of, brag- ging about weight loss—that has been a huge trigger for many of the clients I work with,” she said. Rollin’s business has helped treat people with eating disorders who’ve obtained GLP-1 medications to suppress their appetites, as well as those who were triggered into disordered eating while taking the drugs for approved conditions. The popularity of Novo Nor- disk’s Ozempic, approved for use in 2017 to treat Type 2 diabetes, helped usher in a new wave of GLP-1 drugs that are helping peo- ple address chronic weight issues and related problems like sleep apnea and adverse cardiovascular events. Researchers are probing for other applications.
spreadsheets. They also fill dating apps’ biggest blind spot—informa- tion gleaned from an actual date. But romance is different from other trackable behaviors like sleep or flatulence. Some love gurus say there is an element of humanity that can get lost in the spreadsheet cells. Former matchmaker Lily Womble says she has seen daters over-em- phasize the data, causing them to minimize or numb the feelings they get in the presence of a potential partner. “Rigidity can actually be a shield against vulnerability,” said Womble, who now runs her own dating coaching company.
Some doctors say the drugs have as much potential to hurt people with certain eating disor- ders as to help people with others. The drugs have been used off-label to help with conditions like binge eating and bulimia, which are no- toriously difficult to treat. Jamie Thayer, 48, started on Wegovy for weight loss. “It was like a miracle at first,” she said. She weighed 240 pounds when she started taking the drug in March 2023, and she rapidly started to shed pounds. She also experienced very low energy, hair loss, severe dizziness, fainting spells from low blood sugar and brain fog. Her son, who had recovered from anorexia, shared his concern with her that Thanksgiving. “I was really proud of my weight loss at that point,” said Thayer, a Title IX coordinator in Frederick, Md. “I thought I was doing a really good thing.” When her insurance stopped covering brand-name GLP-1s, she started buying a compounded powder version from China and re- constituting it at home. Mean- while, her eating became more dis- ordered, governed by strict rules. “I wouldn’t eat Monday or Tuesday, then on Wednesday I could get a pastry,” she said. “My shot would start to wear off around Saturday, so I usually got some cal- ories on Saturday and Sunday.” In July 2024, after losing 100 pounds, she checked into a resi-
Alyssa Tracy, Carolyn Travis and Sampson Ezieme crunched the numbers on Travis’s date.
For Peyton Knight, a 27-year-old brand strate- gist in Austin, the rigid- ity shield is the whole point. She thinks dating has to feel corporate to be effective. “Spontene- ity and fun is cool, but if you don’t align with someone on basic core values that relationship is inevitably going to come to a halt,” she said. Knight created a spreadsheet that lets her friends weigh in via a “friends feedback” tab. It came in handy when she combed through it to see if any of the men she dated deserved another shot. She was
dential treatment center in Con- necticut, where she was diagnosed with atypical anorexia and, soon after, re-feeding syndrome, which endangers malnourished people who take on food too fast. She said it saved her life. Sam DeCaro, director of clinical outreach and education at the Renfrew Center, described a com- mon misconception: that under- eating is fine for people who are not considered underweight. In fact, it can be a sign of atypical anorexia, where someone has all the hallmarks of anorexia but is not underweight by body-mass index standards. “Their under- nourishment is causing them all these medical is- sues, heart issues,” DeCaro said. “It af- fects every system in the body.” The rise of tele- health has made it easier than ever for people to ob- tain pharmaceuticals. Taylor, the nanny in London, said she submit- ted a doctored photograph of her- self that made her look heavier to obtain her prescription. The makers of popular GLP-1 drugs have condemned the use of their medications for cosmetic weight loss. The medications don’t warn against using the drugs if you have a history of eating disor- ders. As with all prescriptions, it is up to care providers to deter- mine whether a medication is right for a particular patient. “We support our medicines be- ing prescribed to patients who
the second most deadly mental illness after opioid addiction.
tempted to reach out to one until she read her friends’ reminders that the guy made her talk to his mom on FaceTime during their second date. Knight said the spreadsheet re- minded her how uncomfortable she felt in the moment. She shared the template on social media and has sold it, for $9.99, to more than 10,000 people. Spreadsheets helped Vera Vlasova eliminate a deceptively promising match. The 22-year-old content creator met a six-foot-three German aerospace engineer on the dating app Hinge, which has a subscription tier that lets users hy- per-filter searches. On paper he checked all the boxes. But when
meet the indicated criteria and only promote the FDA-approved in- dications of our medicines for ap- propriate patients,” a Novo Nordisk spokesperson said in a statement. “Patient safety is Lilly’s top priority,” an Eli Lilly spokesperson said. “As part of our routine safety review process for obesity man- agement and Type 2 diabetes med- ications, we are working closely with regulators regarding poten- tial safety topics, and we will con- tinue to review data, including any data regarding eating disorders.” Taylor, who began injecting in October 2024, was hospitalized in May 2025, soon after returning from a vacation. She’d gone about two weeks without eating, and her weight had dropped to 103 pounds. “I had to slowly re-feed myself and also get all my electrolytes and everything replenished,” she said. She didn’t tell the hospital about her GLP-1 use. “I wanted to carry on losing weight.” When Mounjaro became harder to get, she sought out the drug through a friend of a friend. In January, she stopped the injections and began going to eating disorder treatment several times a week. “I still struggle massively, and my weight has continued to go down,” she said. She currently weighs 88 pounds and plans to seek inpatient treatment, as soon as a room becomes available.
If you are struggling with body- image or eating concerns, you can call the National Alliance for Eating Disorders helpline at 866- 662-1235. If you are in crisis or need immediate help, text “ALLIANCE” to 741741.
she recapped their dates in her tracker, her radar went off. He had never been in a serious rela- tionship and his laid- back vibe didn’t scream committed or emotion- ally available. The two stopped speaking shortly after. She widened her search filters and went on 10 more dates, metic- ulously evaluating each, before connecting with a software engineer. He drinks socially so he wouldn’t have shown up in her original search on Hinge. The pair have been together for almost three years. She credits her spreadsheet dating experiment. Darby Mulligan was fresh out of a long-term relationship when she first dipped her toes in the dating pool at age 21. To better learn what she liked, she began tracking every- thing from who reached for the bill to how good the sex was. Mulligan, now 26, saw patterns emerging. Inspired by Spotify’s “wrapped” feature, which gives us- ers a yearly review of their listening habits, the marketing professional created a “dating wrapped” slide deck in which she depicted her data in a collection of charts and graphs. “Then I was like, ‘How do I make this more iconic?’” she said. The an- swer? An annual dating wrapped party, where dozens of friends gather to see her yearly stats and snack on cupcakes adorned with cut- outs of her exes’ faces.
THE WALL STREET JOURNAL. ARTS IN REVIEW
Celebrating Two Milestones
BY ROBERT GRESKOVIC
T
he mixed bills of the Mark Morris Dance Group’s nearly two-week season at the Joyce The- ater that concluded on Saturday were chosen by Mr. Morris both to celebrate the na- tion’s semiquincentennial and to close his group’s 45th anniversary year. With 12 works out of the cho- reographer’s catalog of more than 200 creations—and dating from 1982 to last year—the sampler fo- cused on his dances inspired by American music. Mr. Morris said in a statement that such music “happens to be vast, contradictory, and full of in- vention, so there’s plenty to work with.” And he chose individual ti- tles for each of his programs: “Soul of America—Jazz and Pop,” “Ameri- can Heartbeat—Country and West- ern,” and “American Mavericks— West Coast Composers.” The choreographer’s wide-rang- ing and sometimes offbeat musical choices have regularly led to our seeing him as a music man, which has been borne out during his dancemaking career. What is less noted is what a marvelous theater man he consistently remains. “Dancing Honeymoon” (1998), on his “Jazz and Pop” bill, is set to songs performed decades ago by musical-theater legends Gertrude Lawrence and Jack Buchanan. Their recordings were transcribed and arranged by jazz pianist Ethan Iverson of the MMDG Music En- semble into a 15-song medley with Blaire Reinhard as vocalist. The blithe and often zany choreogra- phy unfolded intriguingly as its asymmetrical configurations—in- volving four men, three women and three folding chairs—kept the whole theatrical affair deftly off balance. “And Her Mother Came Too,” a song in “Dancing Honey- moon,” prompted incidents where a dancer as mother kept interlop- ing and stressed the work’s perva- sive dynamics of odd numbers.
The WSJ Daily Crossword | Edited by Mike Shenk
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BRIEF EXCHANGE | By Mat Holmes
Across
33 High-end camera letters
1 Onthelevel
6 Palindromic address
35 Supporting stance
11 Barnyard bleat
38 “Let’sdecide ifwewant sauerkraut andmustard”
14 Triatomic oxygen
15 Solo
42 Putin stitches
16 Lendahand
43 Skyeof 2025’s “Anaconda”
17 “Sir,yessir!”
19 Neither’s partner
44 Pianopractice piece
20 Rightinthe head
45 Blownaway
21 ___toast (trendy brunchitem ofthe2010s)
Down
47 Windsdown
48 “Ineedto slipinto something more comfortable”
22 Symbolon USPStrucks
24 “Ihearthey’re totallyinto Nutella”
53 Larsson whowrote “TheGirlWith theDragon Tattoo”
A scene from ‘Dancing Honeymoon’ (1998), above, and ‘Pizzica’ (2025), right. Both dances were featured in the company’s recent run at the Joyce Theater.
“Grand Duo” (1993), to Lou Har- rison’s “Grand Duo for Violin and Piano,” closed the “American Mav- ericks” program with grandeur be- fitting its title. With a cast of seven men and seven women, the largest of the run, and “Stampede” the name of the second of Harrison’s four movements, “Duo” proved a thrillingly dramatic piece. Michael Chybowski’s bold lighting brought out the rich, dusky hues of Susan Ruddie’s costuming, which sug- gested South Sea islanders clad in beachwear. Harrison’s driving mu- sic was vividly rendered by violinist Abi Fayette and pianist Colin Fowler. Isolated finger gestures, sometimes reaching upward, added telling small details to Mr. Morris’s
59 Cubs outielder Happ
9 Santa___ winds
10 Itemina shower
60 “Ilovetrash!”
64 Cutting comment
11 Forehead concealer
65 Lieutenant onthe Enterprise
12 Dipforfriesin agastropub
13 Personwho mightputyou inaspot
66 Makean address
67 Chicagotrains
18 Diamond protector
68 Sawthings?
69 Cityknown foritssalami
23 Pompous person
25 Shakespeare sprite
1 Prunes
26 Likegelato
2 Poundof poems
27 Trusted teacher
3 Enter
4 Buyshares of,say
Previous Puzzle’s Solution
F O R P A S T A J E E R S I R E S L U R P E A S E L L I F E S A V E R W R O T E M O I S T V I P T R U E L L A T O I L E T S E A T D E L U D E S C H U R C H E M C E E E D I T S C O M P A C T D I S C S T O R E R O U E S P I Z Z A S D A T A S E T O N I O N B A G E L T H A I O W E A C L S T O R M F A D E S H O L E I N O N E E R U P T E V E N T E E L R E P A Y D E E D S D R Y
5 Bobaorchai, e.g.
choreographic momentum, which kept a heady pace with the com- poser’s insistently pounding, punchy sonorities. A less than three-minute excerpt of smiling step-dancing to instru-
28 Gamecallers
29 Raisond’___
30 “Pygmalion” playwright
33 Phonelash part
34 IDonIRS forms
35 Namechosen bytwelve popes
36 Cameby horse
37 Changefora ive
39 Carpe___
40 Cassandra, e.g.
41 “Don’tmove!”
45 Putaway
46 Freak
47 Barracks sights
48 RodStewart’s “MaggieMay,” e.g.
49 Amazonand Etsybiz
50 Usedcar features, often
51 Kickoff
52 Itconsistsof ivebooks
56 Average
57 Twice quadri-
58 Formerhome oftheMets
61 ___/her pronouns
62 Wordwith cardorstick
63 Excellent,in Twitchslang
mental music by Rob Wasserman from “Home,” a 1993 dance that originally included song segments, served as a lead-in to a gem on the “Country and Western” program: “Deck of Cards (1983), a 3-part
HAPPENINGS FOR THE WEEK OF JULY 28
BY WSJ ARTS IN REVIEW STAFF
Film “Spider-Man: Brand New Day” (July 31) Following Dr. Strange’s spell at the end of “No Way Home,” Peter Parker fights crime alone, anonymously protecting New York. The latest installment of Mar- vel’s arachnid superhero saga sees Tom Holland re- turn as the central character alongside Zendaya, Sadie Sink, Mark Ruffalo, Jacob Batalon and Jon Bernthal.
“The Samurai and the Prisoner” (July 31) Kiyoshi Kurosawa’s latest film, set in 16th-century Japan, follows a warrior who—besieged by the lord he has rebelled against— turns to one of his own pris- oners for counsel.
A British boxer is out for revenge in ‘Fightland’ on Starz.
TV “The Bombing of Pan Am 103” (Netflix, July 30) A six-part historical drama based on the 1988 airplane tragedy over Lock- erbie, Scotland, focuses on the fallout of the attack and the ensuing investigation. It stars Connor Swindells, Pat- rick J. Adams, Merritt Wever and Peter Mullan.
executive produced by 50 Cent and the cast includes Howard Charles and Nicho- las Pinnock.
Theater “The Saviors” (Linda Gross Theater, New York, through Aug. 15) The world premiere of the latest play by Bubba Weiler (“Well, I’ll Let You Go”) tells the story of two altar boys whose lives are disrupted when a troubled young man takes refuge in their church. Jack Serio directs this off- Broadway staging, produced by Atlantic Theater Company.
Music Ariana Grande, “Petal” (July 31) The pop star again joins forces with Ilya Salmanza- deh (“Sweetener,” “Thank U, Next”) on her eighth studio
album, in which she will consider what it means to overcome negativity and moves into more taboo subject matter.
Dance PHILADANCO! (The Joyce Theater, New York, July 29-Aug. 2) The Philadelphia dance group returns to Manhattan with a program that includes a debut from choreographer Rennie Harris, as well as the New York premiere of a dance by Tommie-Waheed Evans and a 25th-anniversary performance of a work that Christopher Huggins created for the company in 2001.
suite to as many recorded songs that held its stage most affectingly. The first “Deck” segment opened with Jimmy Logsdon’s “Gear Jammer” accompanying only a remote-control, toy 18-wheeler truck circuiting the stage with beady, bright lights. Next up came the second part’s “Say It’s Not You,” George Jones’s plaintive, twangy ballad about a man’s fears that his gal is being unfaithful. Billy Smith—his hair loose, wearing a dress, and barefoot after discarding his low-heel pumps—danced the woman invoked in the song. Per- forming a role Mr. Morris made for himself, Mr. Smith managed to catch much of the pathos and ambi- guity of the choreographer’s own memorable, introspective portrayal. The choreography for the “Deck” title song sung by T. Texas Tyler enacted its lyrics that defend a soldier’s use of playing cards in church as a substitute prayer book, reminding us of the tenets of the Christian faith echoed in its num- bered and face cards. Dallas Mc- Murray’s artfully animated per- forming of the childlike pantomimic gestures that thread through the dance occasionally prompted audience laughter. But the witty dance concluded by es- tablishing a genuine sincerity. Mr. Morris’s 2025 “Pizzica,” the newest of the works here, had its New York premiere on the “Jazz and Pop” program. Its four couples worked with tambourines to en- hance the folk-dance dynamics and references to the tarantella of southern Italy; it opened with Jos- lin Vezeau on her back, in spasms, an allusion to the fact that such frenzied dances were said to help cure the effects of a tarantula bite. The almost breathlessly paced choreography is set to Louis Moreau Gottschalk’s “Grande Tar- antelle, Op. 67,” performed here with verve by Mr. Fowler. The play- ful partnering among its four women and men exemplified Mr. Morris’s gift for making old world dances and dancing feel fresh. The scrupulously staged and re- hearsed repertory at the Joyce, with Elisa Clark assisting as re- hearsal director, holds bright prom- ise for future retrospective efforts mining the Mark Morris Dance Group’s rich repertory.
Mr. Greskovic writes about dance for the Journal.
Opera “Lili Elbe” (Santa Fe Opera, New Mexico, Aug. 1-27) The titular Danish painter, who nearly a century ago became one of the first peo- ple to undergo gender-affir- mation surgery, is the sub- ject of this opera, with music by Tobias Picker and libretto by Aryeh Lev Stoll- man, that is receiving its American premiere.
Exhibitions “Treasures of the Pharaohs” (De Young Museum, San Francisco, Aug. 1-Jan. 31, 2027) A trove fit for a king—or pharaoh—of some 130 ob- jects spanning 3,000 years tells the story of the Egyp- tian rulers. Among the stat- ues, masks, jewelry and more are artifacts from the recently unearthed “Golden City,” a workers’ community near Luxor, which are being presented in the U.S. for the first time.
Art “It’s Alive! A Century of Animation From the Collection” (Museum of Modern Art, New York, Aug. 1-Summer 2027) Works by more than 35 filmmakers and artists, cre- ated in the century before digital tools became de ri- gueur, tell the lively story of animation. In the galleries, more than 200 pieces of pro- duction art and films will be presented in conjunction with a theatrical retrospective of animated shorts and features.
Last Call “Carol Bove” (Guggenheim Museum, New York, through Aug. 2) The sculptor’s stunning ability to make steel look soft is the centerpiece of her first museum survey. Our critic raved that “Carol Bove is an illusionist. Under her spell, steel is transformed into supple leather, sagging vinyl, crinkled plastic.”
JULIETA CERVANTES
T
Pity the land- lord. In com- munist China in the 1940s and ’50s, landlords be- came “class enemies” and were publicly denounced in “speak bitter- ness” cam- paigns. An estimated one mil- lion to two million of them were murdered. Today Chairman Mao has morphed into the friendlier face of Mayor Mamdani. Gov- ernment isn’t murdering land- lords, but even as Zohran Mamdani denies that the dem- ocratic socialism he champi- ons is communism, he has em- braced the same vilification and targeting of landlords.
I
MAIN STREET By William McGurn
vilifies landlords in the manner of the Cultural Revolution.
In mid-July, the New York mayor released a report with 23 policy actions on every- thing from building inspec- tions to combating mold. The report’s title gives away the game: the “Rental Ripoff Hear- ing Report.” Reading it, you would think there isn’t a single landlord in the city who treats his tenants decently and keeps his buildings in good repair. There’s a method to Mr. Mamdani’s madness. Even the barest acquaintance with the record of rent control and other government efforts to keep housing costs down by subsidizing rents or artificially
P r e s i d e n t Trump has not only ended, by his own count, eight wars in his second term. After the current pause in the latest series of American military strikes against Iran, Mr. Trump can also claim to have ended one war at least three times. There has truly never been anything like it. Nor has there been any- thing like the military moves and countermoves in the on- again, off-again U.S.-Iran war. As of last Friday morning in Iran, American forces were hitting targets across the country as Mr. Trump warned that worse was to come. But that night no bombs fell, and news broke over the weekend that further military strikes were off the table, at least for the moment. Meanwhile, even as things were calming down in the Per- sian Gulf, hostilities flared in Yemen as the Houthis stepped up efforts to close the Red Sea. America’s Middle East di- plomacy is as murky as its military campaign. Will the U.S. sell F-35s to Turkey? Sometimes yes, sometimes no. Are we going to help Saudi Arabia develop a civilian nu- clear program with uranium enrichment capabilities? Last
GLOBAL VIEW By Walter Russell Mead
By Bob Greene
n the much-loved movie “That Thing You Do!,” set in the summer of 1964, Mr. Patterson, owner of a small appliance store in downtown Erie, Pa., reads the local news- paper in his almost-empty store and grows visibly upset. He is looking at an adver- tisement for a nearby appli- ance-chain megastore. He says to his wife and children, who also work in his store: “Open on Sunday from 12 to 6! You know, I don’t believe I want to live in a country where you have to stay open on Sunday to do business. You shouldn’t have to work on Sunday to support a family, should you?” Americans growing up in the 21st century might be puz- zled by his words, because the idea of widespread Sunday business closings has, with notable exceptions, been dis- appearing for decades. So- called blue laws—intended to
capping them shows they usually end in failure. The mayor will need to deal with the coming failure or distract attention from it. Enter Saul Alin- sky, the community activist in Chicago who wrote “Rules for Radicals.” For Mayor Mamdani, rule 13 offers a path forward: “Pick the target, freeze it, personalize it, and polarize it.” It’s simple: Pick someone you can blame everything on and attack. In a city where most people have a landlord and renters outnumber owners 2 to 1, landlords are a fat tar- get. If, like Marx, you believe rent is robbery, say so. Make a campaign of it. Mayor Mamdani took note—and has taken aim. He was elected in good part on a campaign promise “to freeze the rent for every rent-stabi- lized tenant,” as he put it last year: “It’s true. As your next mayor, I will freeze your rent.” Economically it’s disas- trous, but politically it’s bril- liant, largely because there’s no expenditure, except for the increased costs borne by the landlords. But the goal isn’t merely to shift costs to the private sector. “It’s much more than tar- geting a few apartments in bad shape,” says Howard Hu- sock, author of “The Projects: A New History of Public Hous- ing” and a senior fellow at the American Enterprise Institute. “Mamdani is villainizing land- lords as a class—for him, the problem is private ownership itself.”
Wednesday the answer was yes. By Thursday it was back to maybe. Is Israel a valued partner or an annoying en- cumbrance? In the morning, the Iranian leaders are “scum,” whose word can’t be trusted. By afternoon we could be back at the bargain- ing table. Or not. Observers have long noted the fog of war, in which the chaos of conflict makes it dif- ficult to determine exactly what is going on. In 2026 we are seeing something differ- ent: the slop of war, in which decoy diplomacy combines with military head-fakes to obscure the actual state of play. Part of this is by design. Uncertainty and drama have been part of Mr. Trump’s deal making since the 1970s. In his view, misdirection is key to the art of the deal. On top of that, Mr. Trump hopes to achieve ambitious objectives with limited costs, leading him to repeated bluffs, threats and tactical retreats as he ma- neuvers toward his goals. Iranian diplomacy is equally opaque. From the 1979-81 hostage crisis to the present day, Iran’s leaders be- fuddled successive American administrations by allowing supposed “moderates” to pro- pose agreements that “hard- liners” at home veto at will. In situations like this, one needs to pay less attention to the speeches and short-term
mandate a day of rest, includ- ing worship—were once quite common. In states and munici- palities where the no-sales-on- Sunday standard wasn’t locked in by legislation, it was established by local tradition. Hence, Mr. Patterson vs. the superstore. Today there is a high-pro- file battle in Germany over a longstanding national ban that
to the digital world and let stores open seven days a week?
Mayor Zohran Mamdani
Picking up on echoes of the Chinese Cultural Revolution, Mr. Husock adds, “Next he’ll require them to wear dunce caps.” Late last month Mr. Mam- dani made good on his prom- ise when the New York City Rent Guidelines Board hit landlords with a rent freeze. The move affects one- and two-year leases on rent-stabi- lized apartments. According to the board, there are about one million such apartments—a bit less than half of the city’s 2.3 mil- lion rental units. A roughly equal number are “market rate” or unregulated. There are also about 177,500 units man- aged by New York City Hous- ing Authority. Another 24,000 units are rent-controlled. Rent-controlled apartments are occupied by tenants who have continuously lived there since 1971 and have stricter controls on rent prices. Rent stabilization applies to hous- ing built between 1947 and 1974, with rent increases lim- ited by annual percentage caps announced by the Rent Guide- lines Board, whose members are appointed by the mayor. At a time when New Yorkers
moves by both sides and look at the facts shaping the antag- onists’ options. For the Iranian regime, the best news is that, at least for now, it has murdered its way to domestic security. Under these circumstances, Amer- ica’s overwhelming air power loses some of its punch. Re- gime change would likely re- quire a ground invasion, and
holds that Tehran is winning. Don’t be so sure that’s the case.
an invading force would face bitter resistance from regime loyalists. Quite possibly no amount of economic suffering or isolation can overthrow the regime while its goons and thugs stand fast. Given the weak political support for the war in the U.S., Mr. Trump seems unlikely to gamble on a major ground invasion; that feels like a win in Tehran. Additionally, Iran has dem- onstrated its ability to hold the neighborhood hostage. Ira- nian missiles and drones can do more than restrict traffic through the Strait of Hormuz and hit energy infrastructure. They threaten American bases across the region and can de- stroy the desalination plants that make life in the Gulf states’ bustling cities possible.
Journal’s Bertrand Benoit re- ports from Berlin that in oth- erwise vibrant business dis- tricts, on Sundays “iron curtains roll shut, turning city centers into eerie, echoey des- erts.” Amid a challenging economy, some German politi- cians are trying to change the law so stores can operate seven days a week. Remnants of the old blue laws remain in some Ameri- can states or localities where regulations place restrictions on the retail sale of alcohol on Sundays or—idiosyncrati- cally—prohibit auto dealers from selling cars. Pockets of resistance, including Bergen County, N.J., continue to pro- hibit most retailers from selling anything other than necessities. But in a world where online retailers are open seven days a week, 24 hours a day, brick- and-mortar merchants can find themselves at a distinct disadvantage if they aren’t
are squeezed by higher costs, Mr. Mamdani knows that landlords make a great scapegoat— especially when the system is stacked against them. That’s also the gist of the legal ar- gument a small group of landlords are making in a lawsuit seeking to overturn the Mam- dani rent freeze. Most of the argu- ments raised in the 128-page suit are devoted to showing that the mayor determined the outcome of the vote he wanted first and then rigged the process by manipulating the data. The landlords are right to complain. But the real prob- lem isn’t just the rent freeze. It’s the whole idea of govern- ment-controlled rent. It has consistently delivered a dis- count for a privileged slice of New Yorkers while making it worse for everyone not in on the game. Repairs and upkeep slow down or cease. Even worse, government regulation and in- tervention reduces the supply of new housing—and new housing is the only way to bring down prices. Eli Steele is the filmmaker behind the upcoming docu- mentary “White Guilt,” which challenges the whole narrative of public vilification. “Just yesterday, we were putting people into the oppressor box based on tribal characteris- tics,” says Mr. Steele. “Now it’s by profession? That’s a very dangerous leap in our society and culture.” Write to mcgurn@wsj.com.
NYC MAYOR’S OFFICE VIA YOUTUBE/HANDOUT VIA REUTERS
Given all this, many Irani- ans believe they are winning the war and are unlikely to of- fer Mr. Trump a dignified off- ramp. But Iran has problems too. It is fighting in the Gulf because it has lost the ability to fight from Gaza, Lebanon, Syria and even to some de- gree from Iraq. Assets and re- lationships cultivated over decades have been torched, and the longer the conflict lasts, the weaker Iran’s re- gional networks are likely to become. And while the re- gime’s internal opponents seem unlikely to rise up in protest, Iran can’t indefinitely function as a society without economic relief. If the war has brought Mr. Trump some unpleasant sur- prises, it has also demon- strated his resourcefulness. The president’s mix of unorth- odox diplomacy and tactical flexibility has let him conduct an extended campaign against Iran without precipitating a global economic crisis. He isn’t the first wartime leader to discover that limited sup- plies of critical materials can force awkward changes in tim- ing and tactics, and he proba- bly views his decision to sus- pend the offensive against Iran less as a major setback than as one more move in a long campaign. Iran may be a hedgehog, but Donald Trump is a fox, and he’s unlikely to give up until he’s tried every trick in the book.
able to sell on Sundays. It’s one thing when a business elects to lock its doors, as Chick-fil-A does. Founder S. Truett Cathy decided in 1946 that he and his employees would “set aside one day to rest, enjoy time with their families and loved ones or worship if they choose,” ac- cording to the company—a practice the chain continues. A company choosing to provide a day of rest, however, is different from government entities demanding that busi- nesses observe a day of rest. In our 24/7 America the blue- law days are largely consigned to history, but in Germany the intriguing fight is just begin- ning to determine whether Sunday shopping will con- tinue, by law, to be that thing you don’t.
From Home
By Robert L. O’Connell Simon & Schuster, 256 pages, $29
he “Odyssey” may be a thrilling Greek tale of homecoming by sea, but the true story of a Greek homecoming by land—even without witches and monsters—offers other delights to readers of ancient his- tory. The episode is known today as the March of the Ten Thousand (401-399 B.C.), a grueling expedition by Greek mercenaries into what is now Iraq. Their journey deep into hostile territory and back has been recounted by many writers. The first was Xenophon, one of the participants, who wrote years after the ordeal and titled his account “Anabasis” (roughly, “The Journey Inland”). Seldom, though, has this story had as wise and witty a narrator as Robert O’Connell, a military historian whose sharp-edged style is evident right from the cheeky title of his book “Band on the Run.” The Ten Thousand started out as a body somewhat larger than its name implies. It was made up of more than 13,000 soldiers of for- tune, recruited from many Greek cities by Cyrus the Younger, a Per- sian royal, with promises of high pay. Resentful that his older brother, Artax- erxes II, had inherited their father’s throne, and recognizing that Greek infantry tactics were superior to the methods used by other nations, Cyrus led his force deep into the vast Persian Empire. At the Battle of Cunaxa (near modern-day Baghdad), in the late summer of 401 B.C., the Greeks proved that their style of combat, arrayed in the close-knit phalanx forma- tion, could best anything the Persians could field. But before his forces could secure a victory, Cyrus charged his brother recklessly and was killed in the scuffle. The Greek army was orphaned, without provisions or protection, a very long way from home. A standoff ensued in which, as Mr. O’Connell observes, both sides were “spooked by the situation.” The Greeks had the advantage in force but the Persians could block their passage, harass them or leave them bereft of food. After a Persian subterfuge stripped the Greeks of their leadership, it seemed to many of the Ten Thousand that the situation was hopeless. But Xenophon, up to that moment a common soldier, was chosen as corps com- mander. He reorganized his force, then began to lead the Greeks northward following paths they hoped would lead toward the Black Sea, nearly 1,000 miles distant. Xenophon, setting down his memories of the long march decades later, cast the tale as a heroic saga of sur- vival (survival for most; nearly a quarter of the corps was lost on the journey due to skirmishes with pursuing Per- sians, battles with mountain tribes and frostbite-inducing cold). For Mr. O’Connell, that view is not wrong but is glaringly incomplete. While he admires the adaptations and innovations that helped the Greeks get through, he is unsparing about the brutal tactics the “pirate army” adopted as it struggled to provision itself, and on the moral deterioration of Xenophon and his followers. Mr. O’Connell argues that, besides moving in the direc- tion of home, the chief activity of the Greek army was “the acquisition of humans.” Driven by greed and by lust for both women and boys, the Greeks took captives from whatever people they met, intending to enslave them en route and then, perhaps, sell them to others. At a point when the generals decreed that thousands of noncombat- ants should be left behind in hostile territory, the author notes with dismay that the soldiery raised no objection.
without provisions or protection. The man who led them back cast the ordeal as a heroic saga.
“Other armies have certainly been parasitic,” Mr. O’Con- nell writes, though most have had a separate political moti- vation. “This one lived for itself, developing an economic mechanism based on human enslavement, which allowed it to become self-sustaining.” The emergence of such a force, cut off so far from any allies or routes to safety, was thus “an unlikely, unprecedented, and unrepeated development in human history.” Even after leaving dependents behind, the Ten Thou- sand were chronically short of food, and their efforts to feed themselves becomes one of this book’s driving themes. The corps was far more numerous than the popu- lations of the villages on its route; its ravages cleaned out food stores that local peoples counted on for survival. When desperate locals tried to protect their supplies by moving them inside strongholds, the concentration of foodstuffs only drew more vicious attacks. “Band on the Run” is less a triumphal tale than a civili- zational tragedy. Greeks who might have led decent lives tending their own crops and flocks were pillaging those of others, becoming in aggregate what Mr. O’Connell describes as “a near-perfect predator.” The example they set by monetizing Greek military talent would lure many others into the freebooting life and ultimately lead, seven decades later, to the enormous plundering raids of Alex- ander the Great. Returned to largely Greek terrain as they neared the Aegean in the autumn of 400 B.C., the corps found that fellow Greeks were so afraid of its might that the gates of cities were barred against the army. The remainder of the original crew contracted to help a vengeful Thracian king destroy his neighbors. Xenophon became in essence a mercenary lord, somewhat like the condottieri of Renais- sance Italy. He ultimately found a new job for the band, helping Sparta prosecute a campaign against the Persians in Asia Minor. Mr. O’Connell relates this tale with verve, but also with impressive accuracy. His book is more than a gripping his- torical narrative. It gives unique insight into the meaning of history, the moral problem of military dominance by one culture over others and the corrosive effect—in the Hellenic world as elsewhere—of the allure of money.
THE WALL STREET JOURNAL
A
nthony Fauci made himself the public face of pandemic lockdowns in 2020, and now we have a glimpse of what was go- ing on behind his eyes. Newly released diaries paint an un- flattering portrait of a self-ob- sessed and not entirely honest bureaucrat, in contrast to the image of the careful scientist he cultivated in public. The documents were released by Republican Sen. Rand Paul of Kentucky, who for years has dug into the Covid story to understand why the government response to the health crisis was so destructive. The excerpts Sen. Paul has pub- lished, which run to more than 1,100 pages, cover December 2019 just before the first re- ports of an outbreak in Wuhan, China, through Dr. Fauci’s retirement from government in De- cember 2022. The diary reads as if it was intended to be an aide-mémoire for an autobiography Dr. Fauci might write one day, so it pays to read with care. He might have shaded the truth with an eye (or two) on history. Yet that possibility makes what’s in it all the more remarkable. One conclusion is that on important points Dr. Fauci was both wrong and dishonest. For in- stance, he and allies in the government-science industrial complex still cling to the theory that Covid-19 evolved naturally in animal popula- tions before spreading to humans. Yet on Feb. 1, 2020, his diary records a meet- ing with a dozen prominent virologists in which only two credited this “natural origins” theory. The rest suspected the virus might have been created artificially, not least because a leading scientist in Wuhan, Shi Zhengli, was known to engage in the sort of gain-of-function research that could produce such a result. The diary suggests that by Jan. 26, 2020, Dr. Fauci believed the virus hadn’t originated in the Wuhan wet market, often identified as the source by natural-origin advocates. This didn’t stop him and allies from painting skeptics of the natural-origin theory as politicized cranks and conspiracy theorists. Previously released docu- ments shed light on how Dr. Fauci orchestrated publication of a scientific paper to suppress the theory that Covid leaked from the Wuhan Insti- tute of Virology. The diary also brags on Dr. Fauci’s influence persuading the likes of California Gov. Gavin Newsom and then-New York Mayor Bill de Blasio to shut schools and lock down large parts of the economy. Yet he later claimed in public that he
A
remarkable thing happened this week- end with too little attention: In the mid- dle of a war with Iran, officials in the Trump Administration leaked to the press that the U.S. is running out of ammunition. That was the explanation officials offered CNN and other news outlets for President Trump’s decision to stop his nightly bombing of Iran over its closure of the Strait of Hormuz. Mull over that one. Mr. Trump was saying all last week he is prepared for a major military es- calation. But, suddenly, the leakers undermine the credibility of that U.S. resolve by telling the press—and thus the Iranians—that the U.S. can’t sustain the fight. Do the leakers think this public admission of
B
ad ideas are everywhere in Washington, but here’s one that belongs in a hall of fame: President Trump is again pressing Republicans to nuke the Sen- ate’s 60-vote filibuster rule to pass the SAVE America Act. Or in other words, hand progres- sives the tools to pack the Su- preme Court and create new states, in exchange for a vot- ing bill that isn’t a clear politi- cal winner for the GOP. “John Thune should not allow the United States Senate to ‘leave town’ until it passes The Save America Act or, far better still, TERMI- NATES THE FILIBUSTER, where Republicans can then quickly pass everything they ever dreamed of,” Mr. Trump wrote Monday online. He argued the GOP is ceding the advantage if it doesn’t use the nuclear option first: “The Du- mocrats will do it on day one.” Will they? It’s possible, but they didn’t under President Biden, despite similar pressure from the left, which also wanted to pass everything it ever dreamed of. The Democrats who publicly refused were Sens. Kyrsten Sinema and Joe Manchin. While neither remains in office, the question was always how many Democrats qui- etly agreed with them and didn’t want to take the heat for saying so. One now daring to step up is Pennsylvania Sen. John Fetterman. He campaigned on killing the filibuster in 2022, but subsequent events have “vindicated” Ms. Sinema and Mr. Manchin, he wrote Monday in the Washington Post. Mr. Fetterman praised the filibuster for forcing compromise and urged voters who dislike Mr. Trump’s agenda to imagine a world without the 60-vote rule: “Republicans could fundamentally change the entire government and country with a simple majority vote.” The same mental exercise, in the other direc- tion, could benefit frustrated Republicans. If the filibuster went away, Democrats with a mere 50 votes, plus a Vice Presidential tie breaker, could wreck the Supreme Court, add new states, pass
Newly released diaries tell a different story from what he told you.
The 60-vote rule helps the conservative party, and the SAVE America Act isn’t worth it.
never argued for locking anything down. Liberals lionize Dr. Fauci now for his antago- nism toward President Trump. But early in the pandemic the diary suggests the doctor was besotted with Mr. Trump—mainly, it ap- pears, because Mr. Trump said nice things about him. He’s similarly susceptible to the flattery of celebrities. Conversely, Dr. Fauci gloated to himself about his viciousness toward critics. July 14, 2020, saw him trying to quash a skeptical memo about his policies by Journal contributor Ste- phen Moore. “I told [White House aide Alyssa Farah] that the White House (either Meadows or the POTUS) need to shut up Stephen Moore and stop his publication of ‘Dr. Wrong’ paper. If he does not the entire academic community will dump all over the POTUS.” He attempted to freeze lockdown skeptics out of policy-making roles. He refers to Jay Bhattacharya, Sunetra Gupta and Martin Kull- dorff, authors of the lockdown-critical Great Barrington Declaration, as “the 3 stooges.” The most embarrassing entries relate Dr. Fauci’s fixation with his own press coverage. He makes a note of his many interviews, and a posi- tive newspaper profile can garner as much men- tion in the diary as the important scientific and policy debates of that day. The media idolatry is something to behold— and may be one reason that most of the press will ignore the diaries. They incriminate the press in Dr. Fauci’s deceptions. “Amazing profile of me today on Nightline,” he writes at one point. “Multiple editorials (print news Washing- ton Post, etc.) and opinion pieces (Newsweek) written about me. Cannot keep up or even read all of them. Country needs someone to look up in the face of Trump presidency.” i i i All of which points to a larger lesson still un- learned from the Covid debacle. The doctor of the diaries comes across as all too human— stubborn, biased, vain and vindictive. Yet the media and most of the political class treated him as a Solomonic sage, the perfect technocrat capable of managing all of society. The Covid record shows that his advice was often wrong, and in the case of the lockdowns catastrophically so. This is why voters increas- ingly rebel against rule by “experts.” After read- ing the Fauci diaries, the real question is why we’d ever allow such a person to rule over us in that way again.
weakness will make the Iranians more likely to open the Strait? Do they think it’s wise to tell enemies trying to kill U.S. soldiers not to worry about a sustained American response? This is an astonishing display of incompetence, or dis- loyalty, or both. If the U.S. really is running out of missiles and interceptors, that should be a five-alarm fire. Mr. Trump should be calling on Congress to skip its recess and do something about it im- mediately, and rallying industry for the effort. But if the missile gap is being floated for politi- cal purposes by officials who want Mr. Trump to stand down, then the President should banish those voices from the Situation Room. Either way, they’re laughing in Tehran.
Medicare for All, prohibit right-to-work laws, codify Roe v. Wade, create a national gun regis- try, raise the minimum wage to $25 an hour, and so much more. The GOP might hope to undo such policies while pass- ing a wish list of its own when it next controls Congress and the White House. Yet the ef- fect would be highly destabi- lizing, and progressives would have the clear advantage. If Democrats packed the Supreme Court with four new Justices who have life tenure, would Re- publicans unpack it later? Doubtful. After Democrats passed new entitlements, year after year, would Republicans marshal the votes for repeal? They can’t even repeal the taxes in ObamaCare. Think how hard it was for Republicans to pass even modest Medicaid re- form last year. The filibuster benefits the country by ensur- ing stability, so national policy isn’t constantly flipping between polar extremes. This also hap- pens to help the conservative party, because it makes radical change hard to enact. Breaking the filibuster would remove a structural check on the ability of temporary majorities to funda- mentally reshape American society, which is what progressives want to do. Even if Republi- cans moved first, as Mr. Trump wants, the re- sult in the long run would be a ratchet clicking steadily to the left. And in exchange for the SAVE America Act? A terrible trade. Whether or not Mr. Trump truly believes that hordes of illegal voters are the only reason Republicans ever lose, it isn’t true. That bill would make most driver’s li- censes insufficient to register to vote, and Dem- ocrats would mandate universal ballot harvest- ing at their first chance. Mr. Thune has said, over and over, that there aren’t 50 votes to kill the filibuster, and thank goodness. Doing it for the SAVE America Act would be like robbing a bank to steal $15. Hang tough, Mr. Thune.
Ben Sasse’s op-ed “America Needs the Filibuster” (July 20) makes a per- suasive case for why the filibuster is an important part of our country’s governance. I agree that a permanent filibuster makes sense, but that isn’t the world we live in. Former Sen. Harry Reid ended the filibuster for Senate confirmations in 2013 and Sen. Chuck Schumer would have ended the legislative filibuster in 2022, but for the political courage of former Sens. Joe Manchin and Kyrsten Sinema—who effectively ended their careers in the process. The Democrats will end the filibuster the next time they have the ability. If Mr. Sasse wants to keep the fili- buster, he should propose a constitu- tional amendment that requires a 60 vote super-majority in the Senate to enact legislation. The 26th Amend- ment (giving the vote to 18-year-olds) was ratified in about 100 days after it was approved by Congress—popular amendments move quickly. My bet is that Democrats won’t support it. Their recalcitrance will be a signal that the filibuster is living on borrowed time. CHAD KING Naperville, Ill.
Recess benefits children mentally, socially, academically and physically (“Schools Hear Calls to Expand Re- cess,” U.S. News, July 20). That final point deserves particular emphasis. Chronic disease is at epidemic levels in America and begins long before adulthood. Up to 80% of children don’t meet recommended daily physi- cal-activity levels, increasing their risk of obesity, Type 2 diabetes and other chronic diseases later in life. And for many students, recess is one of the few guaranteed opportunities each day to resist that trend, through running, climbing and playing. Support for recess transcends party lines and geography. Legislators rep- resenting red and blue districts alike and from dense urban neighborhoods, suburbs and rural communities recog- nize that while opportunities for out-
Thank you for the excellent message in Jason Riley’s “A British Psychiatrist Debunks an American Racial Myth” (Upward Mobility, July 22) for those concerned about inequities in our coun- try. He, as usual, gets to the core of what is wrong in our country today. Yes, there have been terrible injustices in our history. And while there has been important progress, some of those positive directions have been stalled. But the basic solution hasn’t changed. The paths of earlier victims and their descendants have been derailed by a wave of misguided policy result- ing in a multi-generational expectation
Congress’s Financial Crisis
Phil Gramm and Jeb Hensarling are right in their op-ed “Alan Greenspan and the Financial Crisis” (July 21) that Alan Greenspan isn’t to blame for the 2008-09 crisis. What’s missing from the discussion, however, is a rec- ognition that Congress sets housing policy. Congress sets financial regula- tory policy. Congress created the Fed- eral Reserve and confirmed Green- span’s appointment. You can be certain that if Greenspan had tried to interfere with Congress’s policy, Congress would have lowered the boom. Congress ultimately con- trols the central bank, despite the be- lief of some that the Fed is indepen- dent. The blame lies with Congress. DAVID PETERSON Orlando, Fla.
Allowing unqualified buyers to pur- chase homes with 3% down or less was an idea begging for failure. But the problem still persists. Qualifications for buyers still aren’t nearly as stringent as they should be—one of the many reasons for our inflated housing prices. JIM THOMPSON Oakland, Calif.
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Mr. Sasse’s op-ed shows why he was a great senator; he had the strength to lead, which includes say- ing no. The public wants what it wants and wants it now, led on by politi- cians promising what they know to be too expensive, too radical or sim- ply bad public policy. The filibuster is intended as a firewall against such things, often forcing compro- mise or, for especially bad ideas such as altering the Supreme Court’s number, stopping the pro- posal completely. Rather than reexamine the merits of their proposals or undertake the hard and lengthy work of building consensus, certain senators rail at the process itself; one that existed well before they were elected and has served to block proposals they opposed. This is the opposite of leadership and results in the bitter- ness and political polarization we see today. These leaders know better but choose divisiveness because it advances their personal political agendas. JOSEPH P. PETITO Sarasota, Fla.
door play differ by location, the need for daily movement doesn’t. One lawmaker my organization met is New York Assemblywoman Chantel Jackson, a Democrat representing the Bronx. Her district, arguably, would be one of the hardest places to pro- tect daily recess. Yet her advocacy re- mains steadfast. She understands that children in dense districts face some of the steepest challenges to accessing outdoor play. That isn’t a reason to expect less, but a reason to do more. Recess is one of the simplest, lowest- cost ways to help children build hab- its that reduce lifelong risk of expen- sive, debilitating chronic illness. Preventing chronic disease means protecting time for children to move. KELLY MCKENNA CEO, End Chronic Disease New York
of entitlement. As Mr. Riley, Thomas Sowell and others often write, it is all about assuming personal responsibil- ity. It doesn’t matter if one’s ancesto- rial roots are in slavery, religious per- secution, Appalachian poverty, a single parent family or New York projects. As Peggy Noonan recently shared in a candid, personal message in “Becom- ing Who You Are Ain’t for Sissies” (Declarations, May 30), it is our choice of what we want to become, of what we are unwilling to accept. My World War II-era family had rough early years. My parents were di- vorced, and my mother took care of us on a limited income. But she and a special stepfather insisted we respect traditional values, get a good educa- tion, work hard, never quit and fulfill our responsibilities. We need more voices like Mr. Riley’s: Your life is in our own hands. C. PAUL CORBEIL Westlake, Ohio
We Can Oppose Kidnapping
Daniel Mauro’s op-ed “Mamdani’s Foiled Plot to Kidnap Netanyahu” (July 23), highlights that the Ameri- can Servicemembers’ Protection Act of 2002 prohibits extraditing a person in the U.S. to the International Crimi- nal Court. Note that the act was passed with overwhelming bipartisan support. It passed the House with support from nearly all Republicans and about half of Democrats. The Sen- ate was even more unequivocal—pass- ing it 75 to 19, with the votes of 45 Republicans and 30 Democrats. This is a reminder that positions now cham- pioned by the Democratic Party’s pro- gressive wing would have been well outside the liberal mainstream only a generation ago. PATRICK HENRY Torrance, Calif.
And Salt
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By Michael Toth
senior judge of China’s Supreme People’s Court participated in an March 2023 online seminar sponsored by a U.S. envi- ronmental-law group and used the platform to talk up Xi Jinping’s cli- mate-change policies. It was a strange presentation for an Ameri- can legal nonprofit to support, es- pecially one that is supposedly po- litically neutral and has received millions of dollars in federal grants. But it was on brand for the Environ- mental Law Institute, a Washington group that says it has trained thou- sands of American judges on cli- mate-change issues and the law. Issues central to ELI’s judicial-ed- ucation campaign have come before the American judiciary at many lev- els—from state trial courts in Cali- fornia and Hawaii to the U.S. Su- preme Court in Suncor v. Boulder,
American energy firms with litigation takes a far softer approach to Beijing.
which the justices will hear in their fall term. What’s become clearer is the machinery driving this litigation campaign. A new report, “ELI and Communist China,” from the na- tional-security organization State Armor shows how a group that presents itself as a neutral environ- mental organization has promoted a pro-China agenda. Earlier this month, an ELI spokesman told the Daily Signal that its work with China concluded in 2024 and “was no different than our typical work in the United States—sharing evidence-based best practices on environmental regulation, not advancing the inter- ests of the Chinese government or
It has been a hot summer in the cul- ture wars, with ex- tended opportuni- ties for more rancorous dispute over the roots, con- dition and future of Western civilization. For six weeks, the FIFA World Cup was the scene of a classic global clash between two di- vergent cultures: soccer and Amer- ica. We had the perennial test of U.S. exceptionalism with the ques- tion of whether Americans will ever come to love the world’s most pop- ular sport (they won’t). But the competition also provided the occa- sion for an unusually direct encoun- ter between foreigners and the country the world loves to hate. Visitors from all over came to bury America, not to praise it. But they seemed to go away more im- pressed than appalled. In place of the neofascist cultural desert of big- ots and materialistic philistines they keep hearing about in their national media, they found their hosts mostly friendly, normal people with a supe- rior standard of living, ubiquitous air conditioning and a culinary sen- sation known as ranch dressing.
EDITOR AT LARGE By Gerard Baker
By Raffi Krikorian
he Commerce Department on June 12 barred any foreign national from using An- thropic’s latest frontier models without a license. Since Anthropic couldn’t verify users’ nationalities in real time, it turned the models off for everyone. Every buyer every- where learned that the most capable artificial intelligence on the market has a shutdown switch. One week earlier, the White House issued a memo demanding that AI companies allow no na- tional adversaries to “prevent use of, disable or degrade, or materially
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the Chinese Communist Party.” Yet the organization’s Chinese ties persist. In the past two months, it hosted an event featuring a Chi- nese legal scholar who has worked with government officials there on environ- mental legislation, and it published an article by ac- ademics from two Chinese universities touting the country’s “progress in en- vironmental protection.” The claim that ELI has taken the same approach in China and the U.S. is even harder to credit. In the U.S., ELI advances le- gal theories aimed at pun- ishing domestic energy production through private lawsuits. In China, how- ever, ELI hasn’t been train- ing litigators and judges to pursue comparable strate- gies against the world’s largest emitter of green- house gases. The asymme- try is a win-win for Beijing: While the U.S. energy industry faces legal pressure supported by ELI, China expands its industrial base unen- cumbered by comparable litigation. Behind the litigation effort to de- carbonize U.S. industry is ELI’s Cli- mate Judiciary Project, which in- structs American judges on topics such as “attribution science,” a con- troversial methodology that tries to link specific weather events to emissions from targeted companies. More troubling, a climate manual for judges published by the Federal Judicial Center was developed with input from activists and litigators involved in cases those judges may later hear. It was contained in a since-withdrawn chapter on climate science co-written by ELI “expert” Jessica A. Wentz, a senior fellow at Columbia’s Sabin Center for Climate Change Law. Such efforts have drawn an investigation by the
Then literally, as the world’s big- gest sporting spectacle was packing up, Christopher Nolan’s “The Odys- sey” arrived in theaters across the country. This wasn’t merely a tradi- tional summer blockbuster but, de- pending on your taste, an opportu- nity to bewail the steep decline of modern culture from its Homeric beginnings or a chance to celebrate the continuing genius of Western art and creativity. The two events converged in a coincidence of summer timing, and not only because they reflect an- cient and modern cultural diver- gences among the peoples who are the heirs to a common classical her- itage. With a bit of imagination, you can even see some similarities. Befitting its role as the ur-text of Western letters, “The Odyssey” can be read as a sort of ancient World Cup. Odysseus, a star player for the Achaeans, fresh off a stunning vic- tory over rival Troy, embarks on an international tournament against a series of forbidding opponents. Facing first the Cyclops Polyphe- mus, our hero suffers early setbacks when the opponent’s intimidating defense bites the heads off Odys- seus’ key strikers. But the Cyclops is one-eyed, slow-moving and tacti- cally naive, like the English national
modify” the systems on which the nation’s war fighters depend. Fair enough. But when Anthropic shut down its Fable 5 and Mythos 5 models, American companies real- ized that they hadn’t been buying a product from AI providers. They had been buying permission to use that product, and this permission could be revoked. Those companies need stable and reliable AI usage that follows rules a permission-style model can’t, one of which is that the AI product must survive its supplier. Buyers aren’t waiting, and “open- weight models” have begun to ap- pear. These are programs that users
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A power plant near Shenyang in northwestern China’s Liaoning province, Jan. 3.
House Judiciary Committee, which is examining whether ELI has worked behind the scenes to sway judges presiding over climate cases. In its Chinese programming, ELI has adopted a more deferential ap- proach to Beijing’s industrial poli- cies. According to the State Armor report, ELI has adhered to internal guidelines that prohibit it from ac- tively engaging in private litigation in China. Rather than feed Chinese jurists bench books written by the climate plaintiffs’ bar, the group has run programs on using regulatory frameworks to address emissions. China hasn’t adopted the emis- sions-reducing policies ELI pursues in the U.S. Since ELI began engag- ing with Chinese legal and environ- mental decision makers in the 1990s, the country’s greenhouse-gas emissions have increased—exceed- ing the rest of the developed world’s combined. Despite this, ELI
team, and is eventually defeated by firm managerial leadership and guile. Next, the Laestrygonians are clearly classical precursors of Nor- way’s Viking heirs, terrifying giants who, despite knocking out most of the Achaean team, are unable to se- cure victory. Circe could be one of those crooked officials, who, assisted by hateful witchcraft technology—the Video Assistant Referee of the time—turns our hero’s teammates
reimagination of Homer’s tale puts me in mind of the just-completed World Cup.
into swine, an outrageous interven- tion that threatens to swing the contest against him. But after late substitutions, the men are able to return to the fray just in time, and Odysseus prevails. After steering a careful path be- tween the twin terrors of a bottom- less whirlpool to oblivion (the Trump administration?) and a vora- cious monster that could pass for FIFA itself, our man gets to the
can download and run under their own control. Hugging Face, an open- source platform with downloadable AI models and data sets, hosts more than 113,000 derivatives of Qwen, an AI from the Chinese company Ali- baba. China’s Moonshot AI, Kimi K3, wasn’t fully open-weight until late this month but is already ahead of all but two closed models on the us- age leader boards. What Alibaba and Moonshot sell isn’t a better model but a keepable one. Their releases have censorship and distillation problems, and Washington’s instinct is to ban them. But no one can ban an idea that has already produced a hun- dred thousand derivatives. Besides, a ban would also cost America the category it invented. Meta’s Llama was the model that kicked off the modern open-weight boom, only for Qwen to take the lead. Beijing may close this window itself, but for now it’s open. The market is splitting in two. The narrow slice is the frontier, and the American models of this kind are the best in the world. What true frontier AI can do—the deepest rea- soning, the longest context and the most complex work—nothing in open source can match. The frontier needs to thrive. But it also is a narrow slice of the AI world. The broader slice is the everyday: the coding, the in- struction-following and the bulk of real workloads. Mozilla’s first
adopts a naively cooperative atti- tude toward Chinese authorities while brandishing a legal sword against American energy producers. The State Armor report docu- ments ELI’s blind spot for Beijing, detailing partnerships with Chinese institutions, including universities and research centers linked by U.S. authorities to military and intelli- gence activity. Under China’s 2017 National Intelligence Law, all such organizations must “support, assist and cooperate” with state intelli- gence on request and keep it secret. ELI’s efforts to “provide neutral, objective information to the judi- ciary” about climate change have been supported by foundations. The State Armor report says the Hewlett Foundation has poured hundreds of thousands of dollars into the Cli- mate Judiciary Project. It says Hewlett has also funded Energy Foundation China, a Communist
semifinal. In a lengthy contest that goes deep into extra time and pen- alties, he is initially mesmerized by the silky seductiveness of his coun- terpart, all lithe limbs and grace. But like the French soccer team, Ca- lypso doesn’t have the gods on her side, and Odysseus, having scored multiple times, escapes with a win. The final is on home turf against a host of suitors, an ugly team of brutes with no morals, no compunc- tion and a bloodlust that has tram- pled lesser mortals: clearly the mythical forbears of Argentina, whom our hero thankfully routs. At last he gets home to his family with the trophy and, as he does, his story passes into immortality as the text of a civilization that endures for al- most three millennia. To his many critics, Mr. Nolan’s realization of Homer’s poem is al- most as crass as my depiction of it as a soccer contest. They object to the casting. Lu- pita Nyong’o, a black actress play- ing Helen of Troy, famously the most beautiful woman who ever lived, has raised some hackles. A transgender actor playing a Greek soldier who tricks the Trojans into thinking the wooden horse is really a gift has sparked outrage. The di- alogue is too modern for many
“State of Open Source AI” report found open-weight models near parity in cost, with prices mas- sively down over the past three years. That broad everyday slice is the critical infrastructure for AI, and it needs to work by a different set of rules. A permission-based model is a fine way to buy excel- lence. But it is wildly inappropriate for the ordinary uses of AI.
rising for users who can’t afford to be surprised by a governmental ‘off’ switch.
Most corporate boards can’t an- swer the basic questions of which models their companies run and who has the power to turn them off. Yet it is financially important. Brit- ain has designated Amazon, Google, Microsoft and Oracle critical third parties for its financial system, since concentrated suppliers pose systemic risk. At least partially in response to this risk, the European Union is planning to spend €200 bil- lion. Canada wants to create a lo- cally owned AI backbone, as do doz- ens of other countries. This is the largest infrastructure build-out since the internet. The trouble is that none of these are trustworthy if the AI products
Party-supervised nonprofit that nine members of Con- gress said in November is ripe for investigation by the Department of Justice for possible Foreign Agents Registration Act violations. The report says the Switzerland-based Oak Foundation gave ELI $650,000 for its judicial education project while di- recting at least $37 million to a variety of China-based initiatives, including mil- lions to climate-related projects. Hewlett bank- rolled ELI’s 2018 work- shops at Tianjin University, which was later placed on the U.S. Commerce Depart- ment’s “Entity List” over national-security concerns related to a trade-secret theft scheme with military applications. Over the past decade, a coordinated climate litiga- tion campaign has sought massive judgments—often in the tens of billions of dollars— with the goal of bankrupting U.S. oil and gas companies. The real ques- tion is whether the U.S. will let its energy policy be rewritten through state court rulings that align with a geopolitical rival’s interests. The Constitution’s answer is clear: In- ternational emissions regulations belong to the federal government’s foreign-affairs power, not to local courts. The Supreme Court can restore those limits in Suncor by reaffirm- ing that emissions policy, especially when it implicates international af- fairs, belongs to elected officials in Washington. Climate policy should be made through the democratic process, not imposed by lawsuits targeting American energy.
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Mr. Toth is director of research at the University of Texas’ Civitas Institute.
tastes. A more substantive critique is that by emphasizing Odysseus’ feelings of guilt rather than his simple fealty to the gods, Mr. No- lan imposes an anachronistic Christian morality on the ancient world. Whatever one makes of the criti- cisms, the idea that the film some- how undermines public faith in the values of our civilization is silly. Today’s Western culture isn’t the endpoint of a straight line from the poetry spoken around the Aegean three millennia ago. Its roots are more complex, including the Jewish civilization that preceded it and the Christian one that succeeded it, both critical to its historic suprem- acy. It isn’t some priceless antiq- uity that needs to be preserved only by faithful repetition and emu- lation. It has been enriched by art- ists, thinkers, statesmen, scientists, warriors. No one would mistake Mr. Nolan for a figure from the Renaissance or the Enlightenment. But his art is a worthy interpretation and celebra- tion of the classical inheritance. Our culture is surely strong enough to survive his distinctive take on one of its canons. And if we do lose Homer, we’ll still have the World Cup.
they use come with someone else’s off switch. So demand is emerging for consumer-owned AI products: intelligence you can keep. An- thropic’s shutdown made it clear that AI users can’t take their sup- plier’s word for it. Companies need to ask themselves what happens if their AI supplier vanishes or is or- dered to cut off service. If a com- pany leaves a supplier, do its data and workflow go with it? That’s continuity, verifiability and interoperability. Washington has de- manded exactly this for American war fighters. Everyone else needs the civilian version. We’ve seen this standard before. It built the internet when anyone could run a node without permis- sion, inspect the protocols and route traffic. Public money funded it, pri- vate capital scaled it, and trillions in value got built on free protocols. The defining question for AI in this era won’t be who tops the leader board for usage. It will be whether June 12 can happen to someone else. Anthropic’s models came back online, but the doubt didn’t go away. We need AI the world gets to keep, not because it’s forced to trust its providers but be- cause it never has to. That’s the old- est American play there is: building what the world is already lining up to buy.
JASON GAY Tadej Pogacar Devastates Tour de France Once Again
The Tour de France is done, Tadej Pogacar won for a fifth time, devastat- ing the field, there weren’t a lot of sur- prises… KNOCK. KNOCK. OK, that was a surprise. Drug testing officials, rapping on the hotel doors of Pogacar and rival Jonas Vingegaard, in the middle of the night, deep REM time, report- edly with permission from a French judge. Was it a show of force? A noisy act of deterrence? A very late room service order of gooey ra- clette? Or did these testers have specific information that made them appear like Marley’s ghost at an hour outside the traditional testing window of 6 a.m. to 11 p.m.? We still don’t know. To be very clear: Pogacar and Vingegaard ha- ven’t been accused of any wrong- doing. Eventually the rest of the Tour de France’s field—yes, the peloton, like the exercise bike you converted into a coat rack—would be tested in similar fashion. But the specter of doping had roared back into cycling’s most prestigious race. “If this is necessary to prove that we are riding clean, then I to- tally accept it,” said Pogacar, who was tested repeatedly as the race leader. “I commit to it.” This is the price, of course. Cy- cling is a sport with a long, sordid history of anything-goes illegal performance enhancement. Though there’s a general agree-
His First PGA Tour Title
BY ANDREW BEATON
IT WAS PERFECTLY understand- able when Jackson Koivun felt a bit jittery on the final hole of the PGA Tour’s 3M Open on Sunday. Koivun, a 21-year-old making just his third start as a profes- sional, had spent his afternoon having to play near perfect golf to withstand a charge from none other than world No. 1 Scottie Scheffler. And now, with victory in sight, a poor chip had left him with a 14-footer for par. But that didn’t turn out to be a problem. Koivun’s talent shone through and he sank the putt any- way. At that moment, everyone in the golf world knew what it meant. The player hyped up as golf’s next big thing for years had fully arrived. “I had quite a few nerves,” Koi- vun said afterward. “Then I knew where I stood and what I had to do to secure the win.” Koivun went from turning pro barely a month ago to winning a $1.6 million payday, and he did it in emphatic fashion. At 25-under par, he bested Scheffler by three
ment that the sport is cleaner, to- day’s riders—especially the best ones—continue to endure conse- quences from their predecessors. The former pro and argyle en- thusiast Jonathan Vaughters, boss of the American team EF Pro Cy- cling, offered a plausible theory for the out-of-the-ordinary late- night tests: that testers are trying to find and/or discourage the practice of “microdosing,” in which illegal substances are taken and quickly flushed from the body before the morning. Vaughters spoke from experience: He’s a former mem- ber of Lance Arm- strong’s scandalized U.S. Postal outfit who has spent his apres-racing career trying to improve the sport’s reputa- tion and make it possible for racers to ride clean. “If (cycling governing body) UCI tested us in 2001 at 2 a.m.? We’d all have been suspended and saved the sport 25 years of drama,” Vaughters wrote in a tweet heard ‘round the sport. “It’s unfortunate that Tadej and Jonas have to atone for the [expletive] we did,” Vaughters continued in a second tweet. “However, I’d take some lost sleep for some gained credibility. I should apologize to both of them, honestly.” Vaughters likened his com- ments to rolling “a grenade down the aisle,” but the blast was both
strokes and set the tournament scoring record. But for anyone who had fol- lowed Koivun’s decorated amateur career, it was hardly surprising. At Auburn, he had smashed college records set by the likes of Tiger Woods. It was only a matter of time until he broke through, which is precisely what he did at TPC Twin Cities outside of Minneapo- lis. “Anytime you’re trying to win for the first time, it’s awfully diffi- cult, especially for a young guy coming out of college,” Scheffler said. For Koivun, beating older and more seasoned competition is nothing new. Born in San Jose, Ca- lif., before moving to Chapel Hill, N.C as a teen, he was tabbed as the No. 1 recruit in the class of 2023 by the American Junior Golf Association. It didn’t take him long after enrolling at Auburn to make his mark. As a freshman, he turned in a historic season that saw him lead the Tigers to the first national championship in pro- gram history. For his brilliant play, he became the first man to sweep
explanatory and useful. Cycling fans may hate that the sport con- tinues to be trailed by its past, de- spite significant progress in clean- ing up—as Vaughters would correctly point out, cycling has a far more robust and public testing protocol compared to most major professional leagues, the latter of which he likened to a “joke.” Why are we still doing this? Why are we talking about drug testing in the wrap-up column about a Tour de France in which not a single rider has tested positive? Why aren’t we talk- ing about Pogacar’s staggering perfor- mance, or great af- ternoons from riders like Richard Carapaz and Mads Pedersen? Why aren’t we talk- ing about Pogacar’s brilliant final day battle up the cobbles of Montmartre against the Dutch steam engine Mathieu van der Poel? I get it. I know I’ll get emails from readers saying HOW COME YOU DIDN’T WRITE ABOUT SEPP KUSS YOU DUMMY? That’s the great stuff that makes the Tour the Tour. Still: Rigorous testing feels like a necessary inconvenience at a time when records set in doping eras continue to be shattered—not just by Pogacar and Vingegaard, but by other riders in the field. And while the late-night testing was disruptive (and dubiously blamed for Vingegaard’s Tour-end-
doping roared back into cycling’s most prestigious race.
Jackson Koivun, in his third start as a professional, won the 3M Open.
the Ben Hogan, Jack Nicklaus, Phil Mickelson and Fred Haskins awards. As his collegiate career pro- gressed, he didn’t slow down. This past February, in Hawaii, he went 20-under par in the first two rounds of a tournament, breaking the NCAA record that had stood for 30 years. The previous mark of 18-under was set by Woods at the 1996 Pac-10 Championship. By the end of the season, he had little else to prove at the col- lege level. He decided that after the U.S. Open, where he wound up
ing crash the next day), none of the top players are squawking too hard about it. They get it, too. Again: This is the price. There are other, legal factors making the sport faster, advance- ments in technology, training and, notably but unglamorously, in- competition nutrition. Cycling, like other endurance sports, has un- dergone a revolution in carb-tak- ing, a trend that also goosed mind-bending breakthroughs like the recent sub 2-hour marathons. Surely there remain easier, quicker, dirtier ways to get there. So the testing continues. Good. As for the rest of this year’s Tour, a lot of it felt like more of the same, the 27-year-old Pogacar asserting control early and drag- ging the field through a final charge in the Alps. His signature victory was a record-setting blis- ter up Alpe d’Huez in which he roared through costumed, enthusi- astic revelers on his way to a fifth stage win. Pogacar’s signature gesture came the next day when he served as a companion to teammate Isaac del Toro, and helped del Toro secure the white jersey as the Tour’s best young rider. (The Tour continues to court a serious disaster with its moun- tainside crowds. These scenes are thrilling, something that distin- guishes cycling from any other sport, but the pollution of phones and look-at-me social media have turned them into an even greater hazard.) Losing two-time winner Vinge-
finishing tied for 23rd as the low amateur, it was time to go pro. Koivun entered the professional ranks with a statistical resume that doesn’t have a recent compar- ison. The analytics website Data Golf has metrics that rate amateur players going back to 2010—and Koivun tops a list that puts him in rarefied company. The next two players, Jon Rahm and Jordan Spieth, have both won several ma- jors. So it was only fitting when Koi- vun played in a group with Spieth for his professional debut at the
Tadej Pogacar asserted control early and dragged the field through a final charge in the Alps.
gaard to a broken collarbone sti- fled any threat to Pogacar’s win- ning yellow jersey, but smaller dramas unfolded. Carapaz, who rides for Vaughters’s EF team, again proved his mettle as a vet- eran mountain goat, taking a pair of wins including a reprise of Alpe d’Huez on Saturday. Alas, that vic- tory was aided by a pair of crashes suffered by Kuss, the be- loved Coloradan who was lucky to be saved by temporary fencing as he curled around a rocky descent. A frightening reminder: These riders risk everything, all the time. The Tour continues to wrestle with the heat of the European summer, which cooked some early stages and reignited discussions over whether races should start earlier in the morning. Sunday’s final stage was shortened in order to divert French officers to the wildfires elsewhere in the coun- try. It wasn’t all dire news for the host country, as 19-year-old French wunderkind Paul Seixas finished fourth overall, and sig- naled better days ahead. American riders Kuss, Brandon McNulty, Sean Quinn, Matteo Jor- genson, Matthew Riccitello all had moments. Durango’s Quinn Sim- mons continues to race like a mustached demon, and it’s a little baffling his Lidl-Trek team isn’t more committed to setting him loose to get the stage win he’s clearly eager to take. Surely Lidl- Trek is happy with its best team classification and Pedersen’s green jersey as best sprinter, but an American wearing stars and stripes winning a stage on an American-made bike? Come on. Sunday’s finale through the twists of touristy Montmartre proved to be fantastic drama again. The Tour has fixed some- thing in Paris: taking what used to be a mostly-dull pedal around the cobbles of the Champs-Élysées and adding a riotous, repeat as- cent which separates the best rid- ers from the crowd. Of course, Pogacar has some- thing to do with that, too. The peloton’s ne plus ultra, the in- creasingly-presumed GOAT, the Slovenian once more ignited the last day by launching ferocious at- tacks and turning a quiet celebra- tory ride into glorious mayhem. It was another reminder of Pogacar’s sublime talent but also his panache. Of course, the hazard of Pogacar’s attacking is that he can drag along a strong nemesis. Last year it was Belgium’s Wout van Aert, who capitalized on Pogacar’s weariness to take the last stage. This year it was Ma- thieu van der Poel, the power- house Dutchie who spent climbing stages eating gummi bears in the back of the race while Pogacar smashed away at the front. Pogacar would hold van der Poel’s wheel until the very end, when MVDP charged to win a thrilling victory over a late-arriv- ing collection of sprinters. Tell me you weren’t standing on your couch watching that beautiful madness. Tell me it wasn’t worth getting woken in the middle of the night or punched for a madeleine. It was a righteous display of power from a sport that’s rich with extraordinary performances, still gets an occasional knock, and likely will forever.
John Deere Classic earlier this month. That’s when he learned that the pressure of playing for millions of dollars is a bit different than the Southeastern Conference. Koivun wound up missing the cut, but it was inevitable that he would break out, because his game is so complete. Even at 5-foot-10, he drives the ball far enough to keep up and does so with startling accuracy. And around the greens, he’s already viewed as an elite put- ter. But in Koivun’s mind, it’s his mental abilities and not his physi- cal ones that set him apart. “Sometimes I watch guys hit on the range and I don t feel like I’m the most talented out there,” he said. “But if I can go out there and believe and use my brain to my ad- vantage, then that’s definitely kind of like a superpower.” Nowhere was it clearer than at the 3M. He hit 79% of fairways and was third in the field in strokes gained putting. And he didn’t card a single bogey in the final two rounds, which kept him safe while Scheffler shot up the leaderboard with a final round 63. And even though the PGA Tour season is nearly over, fans will get to watch Koivun on an even bigger stage. The victory vaulted him into 70th in the season-long points standings, which happens to be a crucial number. It’s the final place that secures a spot in the play- offs.
JEFF PACHOUD/AFP/GETTY IMAGES
S&P 7413.18 À 0.02% S&PFIN À 1.00% S&P IT g 0.97% DJ TRANS g 1.82% WSJ $ IDX À 0.01% 2–YR. TREAS. yield 4.318% NIKKEI (Midday) 62046.46 g 4.44% SeemoreatWSJ.com/Markets BUSINESS&FINANCE
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by logo controversy; Outback veteran named to take over
BY HEATHER HADDON AND CONNOR HART
Cracker Barrel Chief Exec- utive Julie Masino is stepping down, ending a three-year tenure that promised signifi- cant changes to the family dining chain but put it at the center of a political firestorm before she walked back some of her plans. Masino sought to update
JONATHAN SISLER (2)
BY JOHN KEILMAN Boaters Splurge to Soup Up Fishing Yachts
Jonathan Sisler fishes for tuna and snapper 100 miles off the coast of Florida, and he wants to get to his spots in a hurry. So when engine maker Mercury Marine showed him an outboard motor that gener- ates more horsepower than a Ferrari Portofino, he wanted four. They are now affixed to the back of a 53-foot-long vessel made by Scout Boats, generat- ing a sea-boiling 2,400 hp. The $2.9 million boat can hit 70 mph, a once-unimaginable speed for a craft of that size. “It’s a night-and-day differ-
–2.9%
Ex-JPMorgan Banker Alleges Racism in Suit
BY BEN GLICKMAN
A former JPMorgan Chase banker alleged widespread ra- cial discrimination and ha- rassment on the bank’s lever- aged-finance team in federal court, introducing new civil- rights charges in a case whose lurid details have captivated Wall Street. Chirayu Rana had alleged a pattern of sexual assault and harassment by a former co- worker, Lorna Hajdini, in a state lawsuit filed against her and the bank in April that quickly went viral. In a federal complaint filed Monday, Rana reiterated alle- gations that his superiors called him racist names while he was the only nonwhite member of the team and that he was sexually assaulted. Rana joined the bank in 2024 and left the following year. The new lawsuit names three additional former JP- Morgan colleagues as defen- dants. A JPMorgan spokesman said that the bank doesn’t be- lieve there is any merit to Rana’s claims and that the new venue doesn’t change that. The bank came to its conclusion after conducting
the brand founded in 1969 for a younger generation of con- sumers, with initiatives that included remaking the folksy logo atop Cracker Barrel res- taurants, pulling antique knickknacks off the walls and changing the menu. But many of the changes ended up alienating some core diners and conservatives. The resulting controversy, magnified on social media by online bots, led her to scrap much of her strategy and con- tend with plummeting sales and profit. The company’s stock price fell sharply, and Masino cut staff and costs to PleaseturntopageB2
ence in propulsion and torque,” said Sisler, chief exec- utive of street-cleaning com- pany Sweeping Corporation of America. “You push the throt- tle and everyone will be sit- ting down, I promise you that.” The once-humble outboard motor is having a supercar moment, with surging power capabilities making it the pro- pulsion of choice for many high-end boats. The biggest engines are of- ten installed in pairs or quads, bestowing “Miami Vice”-style speed on large vessels packed with creature comforts. “Everybody has big boat-
an internal investigation, which it said Rana refused to participate in. A lawyer for Hajdini didn’t respond to a request for com- ment. Hajdini’s lawyers cate- gorically denied the previous allegations, which they say are entirely made up, and had said through a spokesman that the two never had any sexual rela- tions. According to the lawsuit, team members told Rana, who is Nepalese, that he had been hired to meet diversity met- rics. Rana repeated previous accusations suggesting that Hajdini told him the bank fa- vored people who look like its chief executive, Jamie Dimon, and wanted to keep the firm white and Christian. Rana’s original suit alleged Hajdini sexually assaulted him for months and was filled with sensational details such as ac- cusations that he was taunted with phrases like his wife “doesn’t have these cannons.” Many of the most eye-pop- ping quotations featured in the original lawsuit didn t ap- pear in the federal complaint. Rana’s first legal team re- signed, and his new attorneys from employment law firm Jo- PleaseturntopageB10
Cracker Barrel share price under CEO Julie Masino
$90
New logo announced
50%
2024 ’25 ’26
Note: Latest fiscal quarter ended May 1
itis, or they want to go faster and faster,” said Scout Boats founder Steve Potts. High-horsepower outboards range from 200 hp to 600 hp, and cost anywhere from $20,000 to $70,000-plus per motor. They have helped the boating industry navigate the choppy economy better than others that make pricey dis- cretionary goods, such as RVs. Raymond James analyst Joe Altobello said marine companies are focusing on up- scale buyers, whose soaring stock portfolios have given them the confidence to splurge.
AUTOS Porsche is planning to cut 5,000 more jobs as the car maker’s sales in China drop. B3
RITCHIE B TONGO/EPA/SHUTTERSTOCK
Cracker Barrel quarterly revenue, change from a year earlier
FY2023 ’24 ’25 ’26
After adding engines with more muscle, Jonathan Sisler’s 53- foot-long vessel can hit speeds as high as 70 mph.
“Now everyone wants three 300-hp engines or more to get out to fishing holes faster,” he said. “It’s been a nice secular tailwind.” Mercury Marine, a division of the boating company Brunswick, is the only manu- facturer to make 600-hp out- boards. Brunswick declined to offer sales figures, but CEO David Foulkes said in an inter- view that “increasing power beyond where other people can go” has helped the com- pany boost its leading share of the engine market. The outboard horsepower explosion started about 20 PleaseturntopageB2
Brunswick
Tactical Truck for Pentagon
BY SHARON TERLEP
Ford Motor is chasing its biggest military contract since the Cold War. The Detroit automaker said Monday that it has joined the race to build the U.S. Army’s newest tactical truck, a pickup that would double on the bat- tlefield as a stealthy power bank on wheels. The move, which has Ford competing for the project with crosstown rival General Mo- tors, comes as the Pentagon pushes the industry to put its manufacturing power toward modernizing and replenishing U.S. military hardware. The Army is looking to build about 600 of the trucks. On Monday, the Army con- firmed that it awarded con- tracts to GM, Ford and BC Customs, an off-road vehicle manufacturer, to build proto- types to be delivered next year. GM is years into developing its own version of the infantry squad vehicle, dubbed the ISV- Heavy. Military officials re- cently purchased some of the GM prototypes, built off the heavy-duty version of the au- tomaker’s Silverado pickup, for field testing.
FY 3Q 2026
Sources: FactSet (share price); S&P Capital IQ (revenue)
Share-price and index performance, past year
S&P 500
Aug. 2025 ’26
Source: FactSet
Ford will develop prototypes based on its F-Series pickups.
Ford’s contract with the Defense Department will see the automaker develop a trio of prototypes for the truck project based on its F-Series super-duty pickups. Ford, in a statement, said it is excited to work on the proj- ect and looks forward to “de- livering several incredibly ca- pable vehicle prototypes that demonstrate the value Ford can provide to the Army and soldiers.” The Army has said it needs a truck that can operate as a mobile charging unit for equipment such as drones and
Warner Face Risks From Delay Of Merger
BY JOE FLINT
Paramount and Warner Bros. Discovery are at the al- tar—but can’t tie the knot quite yet. The two companies remain tethered to one another as a federal court considers claims that their $81 billion deal violates antitrust law. The case could stretch well into next year. Last week, Paramount said it wouldn’t proceed with the merger until June 1, 2027, or until legal challenges from 12 states, led by California, and from the Writers Guild of America, are resolved, which- ever comes first. The parties are expected to begin negotiating a trial schedule in the coming days. Paramount has pushed for a November trial, while Califor- nia Attorney General Rob Bonta told The Wall Street PleaseturntopageB2
$5.5 Billion Deal on Talc Suits
BY XAVIER MARTINEZ AND ELIAS SCHISGALL
Johnson & Johnson agreed to pay $5.5 billion to resolve remaining lawsuits that alleged the company’s talc products caused ovarian cancer, with the goal of put- ting an end to litigation it has faced for more than a decade. The company said Monday that it had reached the deal with firms representing plain- tiffs in the outstanding talc cases. The agreement is condi- tioned on 95% of remaining claimants participating, the drugmaker said. If it goes through, the deal would put an end to a long- running source of trouble for J&J, one of the biggest health- care companies in the world. For years, the litigation has hung over the company, dam- aging its reputation with con- sumers and dimming the PleaseturntopageB6
command-and-control sys- tems, in addition to moving troops quickly over potentially rough terrain. Officials haven’t said how much the trucks will cost; the smaller, GM-made tactical trucks cost $330,000 apiece. Military leaders have been lobbying automakers and their suppliers to help scale up de- fense production and leverage the industry’s manufacturing capacity to meet crucial mili- tary shortages brought on by wars in the Middle East and Russia’s invasion of Ukraine. PleaseturntopageB2
REBECCA COOK/REUTERS
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A Alphabet .........................B4,B10 Amazon.com ..........................B2 American Express.............B10 Apollo Global Management.A2 Apple.................................A1,B10 Argenx ..............................B6,B11 ASML......................................B11 AstraZeneca...................B3,B11 Audi............................................B3
H Hanwha Defense.................A7 Hyundai Heavy Industries .................................................A3
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I Industrial & Commercial Bank of China....................A1 Iridium Communications.B4
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J Johnson & Johnson ...........B1 JPMorgan Chase...........B1,B11
B Bank of America.................B11 Berkshire Hathaway ..........A2 Blackstone ...........................B10 Brookfield.............................B10
K KeyCorp..................................B11 KKR....................................A2,B10
L Legend Biotech................... B11 Luxfer......................................B11 LVMH.........................................B3
C Citigroup................................B11 Cracker Barrel ................B1,B11 CXMT..........................................A1
M M&T Bank.............................B11 McDonald’s ..........................B10 Micron Technology.............A1 Microsoft................................B4 Morgan Stanley .................B11
E Eli Lilly....................................A11
F Ford Motor.............................B1 Forte Biosciences ........B6,B11
N Novo Nordisk....................... A11 Nvidia................A4,B4,B10,B11
G GameStop.............................B11 GE Vernova............................A3 General Motors....................B1 Goldman Sachs..................B11
O - P Outback Steakhouse..........B2
Farley, Jim...............................B2 Foulkes, David.......................B1
Altman, Sam..........................B4 Altobello, Joe.........................B1 Anderson, Jonathan...........B3 Arnault, Bernard..................B3
Gorman, Christopher .......B11
Haas, Erik................................B6 Healey, Pat..............................B2 Hendrick, Kipper................A10 Huang, Ying..........................B11
Balchunas, Eric...................B11 Beck, Peter............................B4 Berman, Nathan...................A3 Biglari, Sardar........................B2 Bilicic, George........................A3 Blume, Oliver.........................B3 Brzeski, Carsten..................A8
Kennedy, Stacey...................B6
Leiters, Michael....................B3 Levy, Netta ..........................A10 Ludwig, Eric......................... A10
Cabanis, Cecile......................B3 Cook, Tim ................................A4
Maginn, Bruce....................A10 Maguire, Michael...............B11 Masino, Julie..........................B1 Murati, Mira..........................B4
Deno, David............................B2 Dimon, Jamie..........................B1
Ellison, David.........................B2 Fang, Jennifer......................B4
Nevins, Jennifer ................A10
Warner Face Delay Risks
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Journal he favors a January start date. The predicament has put Paramount and Warner in cor- porate limbo. Rather than pre- paring to combine the compa- nies, Paramount’s attention will be dominated by discov- ery, depositions and defending the merger in court, leaving integration plans largely on hold. Meanwhile, competitors continue investing, acquiring rights and expanding their businesses. The merger terms restrict Warner’s ability to operate inde- pendently. The company can’t pursue signifi- cant acquisi- tions, asset sales or certain content and distribution deals without Paramount’s consent. Even creating executive positions requires signoff from Para- mount. Warner executives say the restrictions haven’t materially affected the company’s opera- tions, noting HBO Max contin- ues to grow and the com- pany’s television and movie studios remain among the in- dustry’s strongest creative destinations. The longer the litigation drags on, the more expensive it becomes. Paramount has al- ready received approvals from the Justice Department, the Eu- ropean Union and several other key territories, including China. Paramount must keep the deal’s financing intact while preparing for potentially bil- lions of dollars in ticking-fee payments to Warner share- holders beginning in October. Paramount agreed to pay $650 million per quarter if the deal
postpones the promised cost savings and strategic moves.
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS
Palantir .................................... B4 Paramount..............................B1 Pfizer......................................... A3 Philip Morris International ..................................................B6 Porsche.....................................B3
R Rocket Lab.....................B4,B11 Royal Philips........................B11
S Safaricom ...............................B6 Salesforce.............................B10 Shein.........................................B3 SK Hynix..................................A1 SpaceX.............................B4,B11 Strategy .................................B11
T 3M ...........................................B10 Truist Financial...................B11
U - V Uber.........................................A10 Vodafone ................................B6 Volkswagen Group.......A8,B3
W - Z Walmart................................B10 Warner Bros. Discovery ...B1 Wells Fargo ..........................B11 Wynnchurch Capital.........B11 Zions Bancorp.....................B11
Nierengarten, David...........B4
Plotkin, Gabe .......................B11
Raas, Jean...............................B2 Rana, Chirayu........................B1 Rittersberger, Juergen ......B3
Sacks, David..........................A4 Saylor, Michael....................B11 Scheuermeyer, Philipp......A8 Simmons, Chia-Lin...........A10 Soriot, Pascal.........................B3 Strazik, Scott........................A3 Sutskever, Ilya......................B4
Van Wert, Ryan.................A10
Walter, Mark..........................A1 Wasserman, Zachary.......B11 Welsh, Heather..................A10 Winslow‑Walker, Heather..A10
is delayed, a gesture meant to convey its interest in closing the merger quickly and its confidence in a smoother path to approval than rival bidder Netflix might have been able to offer. If the deal falls through, Warner would also receive a $7 billion breakup fee. “As the delay lengthens, fi- nancing costs, integration risk, transaction expenses and lost strategic flexibility be- come increasingly tangible,” said Barak Orbach, a law and business professor at the Uni- versity of Arizona. The legal holdup also post- pones the promised cost sav- ings and strategic moves that formed much of the financial rationale for the deal. Para- mount has told investors it ex- pects $6 billion in annual syn- ergies within three years of combining op- erations. Those savings can’t begin until the t r a n s a c t i o n closes. The mood inside Para- mount is one of urgency: Chief Executive David Ellison pushed aggressively to merge with Warner soon after his Skydance acquisition of Paramount closed last year. “They had a belief this was the fastest way to get to scale. Now they are in a multiyear acquisition mess,” said Light- Shed Partners analyst Rich Greenfield. At Warner, by contrast, the prevailing sentiment among some employees is unease. “This is a horrible situation to be in. Nobody knows whether they are keeping their job,” Greenfield said. Rival companies already might sense an opportunity. Last week, Warner sued Ama- zon.com after the company’s entertainment division hired a senior HBO Max marketing ex- ecutive who was still under con- tract. Warner alleged Amazon attempted to recruit at least one other executive as well. Amazon declined to com- ment.
Barrel CEO Steps Down
try to stem the losses. Despite the firestorm last year, Cracker Barrel’s business had recently shown signs of im- provement. Shares slumped as much as 6% in Monday trading. Masino will be succeeded on Aug. 10 by David Deno, the for- mer chief executive of Outback Steakhouse owner Bloomin’ Brands. Deno, 69 years old, has 40 years of experience in retail and restaurants, including leadership positions at Best Buy and Yum Brands. The com- pany said he was selected after a search process. Deno will also join the board of directors. Masino, 55, will stay on in an advisory role until Oct. 9 to support a transition, the company said. Cracker Barrel said it would provide Masino separation
Mercury Marine, a division of boating company Brunswick, has ridden the outboard horsepower explosion that started about 20 years ago. It is the only manufacturer to produce 600-hp outboards.
A Supercar Moment
years ago, when bigger boats typically had engines set within the hull. The upside was that they could generate more power than an outboard. The down- side was that they were hard to service and took up a lot of interior space. Recreational outboard mo- tors back then maxed out at 300 hp, and most were much smaller. To compete with their inboard cousins, outboards had to become more powerful without adding so much weight that they threw off the boat’s balance. Foulkes said Mercury replaced some metal components with composite or polymer materials, and came up with aluminum alloys that maximized strength while re- maining relatively light- weight. “We have to keep them as compact as possible so that we can fit as many as people want on the back of a boat,” Foulkes said. “It’s a real engi- neering challenge.” Mercury’s outboards are made at its factory in Fond du Lac, Wis., which has several die-casting machines that are the size of a house. Molten aluminum is forced into a mold and rapidly cooled, emerging as a fully formed en- gine block. From there, workers add the cylinders—the 600-hp ver- sion has 12, just like an Aston Martin Vanquish or a Rolls- Royce Phantom—and assemble the rest of the motor before testing it and wrapping it in a
Race for U.S. Deals
Julie Masino
payments and related benefits, including continuing to pro- vide her protection services. “Cracker Barrel is a truly iconic American brand, de- fined by its unique combina- tion of warm country hospital- ity, timeless appeal, and deep connection with guests across generations,” Deno said in a written statement. Masino wasn’t available to comment. The Lebanon, Tenn.-based Cracker Barrel last August re-
waterproof plastic cowling. The end product stands more than 7 feet tall and weighs 1,260 pounds. Mercury’s competitors have joined the trend. Yamaha’s biggest engine is 450 hp, though Ben Speciale, presi- dent of Yamaha’s U.S. marine business, said the company fo- cuses on reliability over raw power. Joshua Matthews, division director for Honda Marine,
tagon about multiple defense- related projects. He said he expects Ford will have a role in onshoring production of critical minerals and compo- nents, such as semiconduc- tors. Ford on Monday said that its ready-made, commercially available products are capable of meeting the U.S. military’s needs. While Ford has focused its Pentagon talks on supplying ground transportation and
versed its logo change—which replaced its longtime logo that features a man in overalls leaning against a barrel, with a streamlined version bearing just the chain’s name—after everyone from die-hard cus- tomers to President Trump weighed in, accusing the com- pany of abandoning its heri- tage and tradition. Shares of Cracker Barrel plunged amid the controversy, losing more than half their value. Activist investor Sardar Biglari sought to replace Ma- sino last year, citing Cracker Barrel’s “poor capital alloca- tion record” and saying that its transformation plan didn’t boost investor confidence. Shareholders voted to retain Masino in November, but the company removed another board member. Masino abandoned many elements of her strategy after the widespread backlash, and her last earnings report sent Cracker Barrel’s shares up sharply. The company lifted its full-year outlook after re- porting a higher quarterly profit. Cost cuts had helped
TAYLOR GLASCOCK FOR WSJ
said its biggest outboard, which generates 350 hp, em- phasizes fuel efficiency. That has won over charter fishing boat captains, he said. “With these guys, if they’re running 100 miles out and back each day with a group of customers, that’s a consider- able amount of savings from a fuel perspective and a cost perspective,” he said. The surge in performance has allowed boat manufactur-
shoring up the supply chain, General Motors is eyeing a pivot into heavier military hardware, including muni- tions. GM has talked with Lock- heed Martin about making parts for the defense contrac- tor’s weapons and, last month, announced a general agree- ment between the companies to work together to bolster munitions production. GM’s defense subsidiary, formed in 2017, also recently
the chain’s bottom line, and sales remained down com- pared with last year but were improving. Last week, Cracker Barrel said it would divest itself from its Maple Street Biscuit busi- ness, a plank of Biglari’s activ- ist campaign with the com- pany. Maple Street had become a distraction for Cracker Barrel and wasn’t contributing enough in sales, Biglari had said. Cracker Barrel said it was also on track to meet or ex- ceed its full-year outlook, and said it sold 26 of its company- owned locations and would lease them back. The move helped it to reduce debt but contributed to the company’s long-term obligations, Wall Street analysts said. Some investors weren’t happy with the abrupt switch after the company’s momen- tum seemed to be returning. As of Friday’s close, shares had doubled in value year to date. “This is a bit of a surprising move given the brand appeared to be gaining some same-store sale momentum,” Citi analysts said in a note Monday.
ers to increase the size of their vessels to offer more cabin and deck space, or use fewer outboards to achieve an equivalent amount of power and torque. Aquila Power Cat- amarans switched from four motors to two to propel some of its boats, saving space on the back end. “The swim platform on our boats goes between the en- gines,” said CEO Jean Raas. “Instead of having to go with quads, the whole swim plat- form gets wider.” The horsepower advances are leading to discussions about how much is enough. Mercury has developed a pro- totype that generates more than 800 hp, and a production version should reach the mar- ket within the next two years. Foulkes said outboards could get even more powerful, though they could reach a point of diminishing returns. “We want to make sure that however high in horse- power we go, we still make the product affordable, with enough volume to drive some level of scale,” he said. Even so, manufacturers such as Valhalla Boatworks are already drawing up plans for vessels that will accommo- date such power. Pat Healey, CEO of Valhalla’s parent com- pany, Viking Yacht, said it is working on a 65-foot boat—10 feet longer than its current flagship. Boaters like Bob Book are counting the days. The entre- preneur has a $3.8 million 55- foot Valhalla sport yacht pow- ered by four 600-hp engines, which have turned the roughly 60-mile trip between Fort Lauderdale, Fla., and Bimini in the Bahamas into a lunchtime jaunt. He sees no reason to stop there. “Boating is a sickness,” he said. “I can’t wait until the 800 comes out.”
secured a $1 billion deal to build 10,000 smaller infantry squad vehicles for the U.S. The deal is contingent on budget- ary approval. During the wars in Korea and Vietnam, Ford supplied Jeep-l ke tactical trucks to the military. Ford essentially ex- ited the defense business with the 1990 sale of its Ford Aero- space subsidiary, which equipped military and space programs with missiles, drones and other products.
FROM TOP: MERCURY MARINE; CALEB ALVARADO FOR WSJ (2)
Retailer said its results were hurt by the scrapping of a U.S. tariff exemption
U.S.
BY JASON CHAU
Shein recorded a loss for its first quarter on slowing sales, as the fast-fashion giant gears up for a planned Hong Kong listing. The China-founded com- pany reported a net loss of $99 million for the first three months of the year, compared with net profit of $395 million for the year-ago period. Shein said its quarterly growth in net revenue was 1.1%, compared with annual growth of 8% for 2025 and 41% in 2023. It also said net margin for the period was negative 1.1%. That compares with 4.9% in 2025, a sharp de- cline from 8.7% for the previ- ous year. The company primarily at- tributed the quarterly loss to a $328 million fair-value charge on convertible redeem- able preferred shares. These shares can be converted into ordinary shares later, and their value can change before a listing. The results were disclosed Sunday in a posthearing infor-
China*
BY ANDREA FIGUERAS LVMH Reports Hopeful Signs for Luxury Sector
French luxury-goods con- glomerate LVMH reported an acceleration in revenue growth for the second quarter and said that its core fashion and leather-goods business re- turned to growth, offering signs of relief for a European luxury sector that has been grappling with a prolonged slump in demand. The owner of Louis Vuitton and Dior, regarded as a bell- wether for the luxury indus- try, booked sales of 19.52 bil-
Europe
BY DOMINIC CHOPPING
Audi cut its full-year guid- ance as a worsening market in China and escalating tensions in the Middle East weigh on the German automaker’s per- formance. “Challenging geopolitical and economic conditions are putting the entire automotive industry, including Audi, under increased pressure to act,” said Chief Financial Officer Juergen Rittersberger. “To re- main competitive on the global stage, we must work together with the Volkswagen Group to realign our business model and implement large-scale structural improvements,” he added. The company, which is part of Volkswagen Group, has been working to cut costs and be- come more efficient.
BY STEPHEN WILMOT Porsche to Cut 5,000 More Jobs in Deal With Union
Porsche said it would cut 5,000 jobs, the latest warning sign from Germany’s troubled car industry. The sports-car maker an- nounced the cuts Monday as part of a broader agreement with worker representatives and their powerful union. Under the deal, the company will re- duce staffing levels through early retirement and other vol- untary measures while guaran- teeing the future of its core Ger- man sites and investing the equivalent of $2.4 billion through 2035. The move to reduce costs is part of new Chief Executive Mi- chael Leiters’ plan to revive the fortunes of the storied auto- maker, which has been hit by a collapse in sales in China, U.S. tariff increases and a premature bet on electric vehicles. The pact with workers “gives us the opportunity to strategi- cally realign our company and invest in our competitiveness,” Leiters said. Workers also agreed to more modest bonuses and pay in- creases as well as less remote
GILLES SABRIE FOR WSJ
The Chinese fast-fashion giant became a global powerhouse in only a few years.
mation pack, among the com- pany’s first public filings with the Hong Kong stock ex- change, and offer a window into its finances as investors assess its coming initial public offering. Shein became a fast-fashion powerhouse in just a few short years, propelled by its competitively priced, trend- driven clothing that has been hugely popular among youn- ger, price-conscious consum- ers. The retailer said it has been
lion euros, equivalent to $22.20 billion, for the quarter through June. The figure marked a 3% increase in or- ganic terms from a year ear- lier and compares with the 1% rise it reported in the first three months. The result surpassed ana- lysts’ expectations of €19.45 billion, according to a Visible Alpha poll of estimates. The group’s key fashion and leather goods division re- corded quarterly sales of €8.9 billion, up 1% on year, also im- proving from the 2% decline it
Last year it closed its Brus- sels plant and outlined plans to cut up to 7,500 jobs over the next few years while also tak- ing measures to increase pro- ductivity, speed and flexibility at its German sites. It hopes to save more than 1 billion euros, equivalent to $1.14 billion, a year in the medium term to counter headwinds from U.S. tariffs and intense competition in China. It has also recently under- taken a refresh of its model lineup to help spur growth, launched its China-exclusive AUDI brand, and will unveil new cars tailored to its core markets. A new Audi Q9 flagship SUV will soon be released in North America and Europe and the entry-level electric Audi A2 e- tron will launch in the fall. Audi group—which com-
Porsche deliveries in the first half of each year
50,000
150,000 vehicles
125,000
25,000
100,000
75,000
2025 ’26
Source: the company *Excludes Germany
working—eight days a month rather than the previously agreed 12. The latest cuts come on top of the elimination of 3,900 posi- tions agreed by Porsche and its labor force last year under for- mer CEO Oliver Blume. The company had roughly 42,000 employees at the end of 2025. After four profit warnings, Blume stepped down last year to focus on his other job run-
The latest cuts come on top of the elimination of 3,900 positions agreed by Porsche and its labor force last year.
adversely affected by the scrapping in 2025 of a tariff exemption for low-value goods entering the U.S., leading to an increase in fulfillment ex- penses and weighing on over- all revenues. However, Shein said U.S. sales trends have gradually stabilized recently. Meanwhile, sales in Europe, which account for about one- third of Shein’s revenue, are expected to face headwinds after the European Union eliminated a similar duty ex- emption for low-value goods.
logged in the preceding quar- ter. The segment returned to growth after several quarters of declines. The luxury titan, led by French billionaire Bernard Ar- nault, said that existing dis- ruption in the geopolitical and economic environments has been amplified by the war in the Middle East. Excluding the impact of the conflict, revenue was up 4% in the second quar- ter. The industry has been buf- feted by the fallout from the U.S.-Israeli war against Iran as
1H 2026 1H 2025 Audi brand vehicle deliveries in the first half
Other markets
0 100 thousand vehicles 200 300 400
Source: the company *Includes Hong Kong
prises the Audi, Bentley, Lam- borghini and Ducati brands— said it now expects revenue this year to land between €58 billion and €63 billion, from earlier guidance of between 63 billion and €68 billion.
Other –18%
Europe* –14%
China –32%
North America –13%
ANDY WONG/AP
Germany –6%
ning Volkswagen Group, which owns a controlling stake in Porsche. He made way for Leit- ers, a former Porsche engineer who went on to work at Ferrari and run British racing-car maker McLaren. Leiters gave hints of his plan to revive the brand at last month’s annual general meet- ing, outlining plans to narrow and simplify Porsche’s product range. “Our portfolio has be-
The EU also launched an in- vestigation into the company earlier this year, citing con- cerns about illegal products sold online and potential risks to users from the platform’s design. Shein said it is pursuing a range of measures in response to trade barriers in the U.S. and the EU, including raising product prices to offset higher costs. The retailer also said the Middle East conflict has pushed logistics costs higher
it weighs on sales both in the Gulf countries directly im- pacted by the conflict and in European markets that have suffered from a squeeze on visitors from the Middle East- ern and Asian countries. Europe experienced lacklus- ter demand from tourists dur- ing the quarter, Chief Finan- cial Officer Cécile Cabanis said in an earnings call. LVMH’s results come after Cartier owner Richemont re- ported a significant rise in sales for its fiscal first quar- ter, boosted by resilient de-
The operating margin is now seen at between 5% and 7%, from 6% to 8% previously. Net cash flow is still pro- jected at €3 billion to €4 bil- lion. For the first half of the year
come too complex,” he said. He has also moved to sell off noncore assets, including the company’s stakes in racing-car brand Bugatti and electric su- percar maker Rimac. Leiters is set to deliver a full strategy in early October. Porsche’s key problem has been China, where its sales last year fell to 41,938, less than half the 2021 peak. A damp real-es- tate market, new taxes and the
and damped global demand, and may weigh on 2026 reve- nue, though it isn’t expected to have a material impact over the long term. The company has expanded aggressively around the world in recent years, leveraging an extensive supply chain cen- tered on a production and lo- gistics hub in southern China. Shein also has recently under- taken a push to diversify its supply chain to countries in- cluding Brazil and Turkey. The company, now based in Singapore, secured China’s ap- proval for a listing earlier this year after confidentially filing for a Hong Kong IPO last sum- mer. The retailer had previously sought to go public in New York and considered a listing in London, but those efforts were derailed by escalating trade tensions between Wash- ington and Beijing. The planned Hong Kong listing could value the com- pany at more than $40 billion, The Wall Street Journal re- ported earlier this month. Shein’s valuation has de- clined sharply since hitting $100 billion in 2022, as it wrangles with increasing com- petition from rivals such as Temu and persistent uncer- tainty from escalating trade restrictions.
mand for jewelry. In an effort to excite new interest in high-end fashion, LVMH has overhauled much of its creative team. The com- pany said Dior saw an “excel- lent start” for the first de- signs of Jonathan Anderson, who now holds the top cre- ative job at the fashion house. For the first half, LVMH posted a net profit of €5.7 bil- lion, flat from the prior-year period, while its profit from recurring operations fell to €8.69 billion from €9.01 billion previously.
it said it registered operating profit of €1.12 billion, up from €1.09 billion in the same pe- riod a year prior, as revenue fell 10% to €29.18 billion. The automaker logged an operating margin of 3.8%, up from 3.3%, and net cash flow of €1.89 billion. It delivered 727,245 Audi- branded vehicles in the first six months of the year, down 7.2% on year, mainly due to continuing competitive chal- lenges in China and U.S. tar- iffs. China deliveries fell 19%, while deliveries in North America, excluding Mexico, were 17% lower on year. Elsewhere, demand was sta- ble in Germany and other ma- jor European markets where deliveries were significantly higher than the previous year’s figure across all drive types.
rise of local carmakers have de- terred Chinese consumers from buying expensive imported cars. There is little sign that the market is recovering, with Porsche sales in China down an- other 32% in the first half of 2026 compared with the prior- year period. “We are by no means experi- encing a short-term downturn, but rather a structural shift. Customer expectations are changing,” said Leiters at the AGM. “Competition has also be- come much more dynamic.” President Trump’s tariff poli- cies pose another challenge. Porsche imports all the cars it sells in the U.S. from Europe and it isn’t big enough to con- template local production. The new levies cost the company around $800 million last year. Adding to Porsche’s woes is the slow adoption of electric ve- hicles. In 2022, when enthusi- asm for the new technology was at a high, the automaker went public with expectations that 80% of its sales would be full EVs in 2030. It wrote off billions of dollars of investments last year when it became clear that scenario was extremely unlikely.
On Track to Meet 2030 Sales Target
BY ADRIÀ CALATAYUD
AstraZeneca said it is on track to hit its revenue target for 2030 and has drugs in the pipeline to fuel growth be- yond, as the company re- ported higher second-quarter sales driven by its cancer medicines. The U.K. drugmaker on Monday sought to reassure investors after a pivotal trial missed the mark earlier this month, leading some to doubt whether the goal to reach $80 billion in revenue by 2030 set two years ago was still within reach, and knocking shares down. “I have never been more confident in the strength of our pipeline,” AstraZeneca Chief Executive Pascal Soriot said on a call with reporters. Soriot said the company had assumed from the outset that some of its drug candi- dates would fail in trials, and that its target was based on sales forecasts adjusted for that risk. With the recent launches of hypertension drug Baxfendy and breast-cancer treatment Etcamah, AstraZeneca is more than halfway through its plan to launch 20 new medicines by 2030, he said. AstraZeneca said its sone- sitatug vedotin experimental treatment for gastric cancers helped improve patients’ sur- vival rates, but didn’t show a statistically significant change on survival without the disease getting worse in a late-stage study. These were the first results of its portfolio of wholly owned an- tibody-drug conjugates, a rapidly growing class of can- cer therapies. The company is due to pro- vide updates on 20 high-value studies over the next year and a half with potential to strengthen its portfolio be- yond 2030, highlighting the replacement power of its pipeline, Soriot said. Astra- Zeneca doesn’t need mergers and acquisitions to achieve its targets, he added. London-listed shares of As- traZeneca climbed nearly 2% Monday. The stock took a hit this month when the company said its Wainua drug didn’t meet the main objective of a late-stage clinical trial for a heart disease, and hasn’t re- covered since. For the second quarter, As- traZeneca reported total reve- nue of $15.38 billion, com- pared with $14.46 billion for the same period last year, with a 5% increase when ad- justed for currency changes. Analysts had estimated As- traZeneca’s total revenue at $15.42 billion, according to consensus estimates compiled by Visible Alpha. The company reported a 15% increase in revenue from oncology products at constant currency, driven by continued growth of drugs like Tagrisso and Imfinzi. This offset a de- cline in its cardiovascular, re- nal and metabolism franchise after its Farxiga drug went off-patent. Net profit rose to $2.51 bil- lion from $2.45 billion. Ex- cluding exceptional items, core earnings per share were up 18% at constant currency at $2.63. AstraZeneca reiterated its full-year guidance and said it still expects revenue to in- crease by a figure in the mid- to-high single-digit percent- age range, and forecasts core earnings per share to grow by a low double-digit figure, ex- cluding currency movements.
Of OpenAI Veteran
BY KEACH HAGEY
Nvidia is investing in for- mer OpenAI Chief Scientist Ilya Sutskever’s secretive arti- ficial-intelligence lab, part of a long-term partnership that could boost the startup’s ac- cess to computing power while helping the chip giant fend off a rival. The chip maker made a “substantial” investment after getting a rare glimpse into the state of the startup’s research, the companies said Monday. Financial terms of the deal couldn’t be learned. As part of the pact, Sutskever’s company, Safe Su- perintelligence, will receive
Ilya Sutskever
access to large amounts of Nvidia’s flagship graphics-pro- cessing unit, or GPU, hard- ware—enough to increase its computing resources by an “order of magnitude,” the companies said. It had previ- ously been relying primarily on chips made by Alphabet’s Google, known as tensor-pro- cessing units, or TPUs, accord- ing to people familiar with the matter. The partnership illustrates the strategies chip makers are deploying to secure high-pro- file customers during Amer- ica’s AI boom. Nvidia forged a similar in- vestment deal in March with another OpenAI veteran, for- mer OpenAI Chief Technology Officer Mira Murati, who co- founded her own lab, Thinking Machines Lab, last year. Thinking Machines released its first AI model, trained on
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BANKRUPTCIES
IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: SiFi Networks America,LLC, Debtor.1 Chapter 11 Case No.26-10912 (BLS)
NOTICE OF ENTRY OF BAR DATE ORDER ESTABLISHING DEADLINES FOR FILING OF PROOFS OF CLAIM PLEASE TAKE NOTICE THAT: On June 5,2026 (the“Petition Date”),S Fi Networks America, LLC,the debtor and debtor in possession in the above-captioned case (the “Debtor”), filed a voluntary petition for relief under chapter11oftheUnitedStatesBankruptcyCode(the“Bankruptcy Code”) w th the United States Bankruptcy Court for the District of Delaware (the“Bankruptcy Court”). On July 24, 2026, the Bankruptcy Court entered an order [Docket No.166] (the“Bar Date Order”)2 establishing the follow- ing deadlines (the“Bar Dates ) for filing Proof of Claim Forms (as defined in the Bar Date Order) with Stretto, Inc. (“Stretto”), the Debtor’s court-appointed claims and noticing agent. General Bar Date. Each person or entity (including,w thout limitation eachindividual,partnership,jointventure,corporation, limited liabil ty company,estate,and trust) holding or asserting a claim against the Debtor that arose (or is deemed to have arisen) onorpriortothePetitionDate(includinganyclaimsarisingunder section 503(b)(9) of the Bankruptcy Code for goods received by the Debtor in the ordinary course of business within twenty (20) days of the Petition Date) must file a Proof of Claim Form so that it is actually rec ived by Stretto on or before August 28, 2026 at 11:59 p.m.(EasternTime). Governmental Bar Date. Each governmental unit holding or asserting a claim against the Debtor that arose (or is deemed to havearisen)on or priortothe PetitionDate mustfile a Proof of Claim Form so that it is actually rec ived by Stretto on or before December 2,2026 at 11:59 p.m. (EasternTime). Rejection Bar Date. Each person or entity (including, w thout limitation, each individual, partnership, joint venture, corporation, limited liability company, estate, and trust) holding or asserting a claim for any rejection damages arising from the rejection of any unexpired lease or executory contract of the Debtor (an“Agreement”) during the Chapter 11 Case must file a Proof of Claim Form so that it is actua ly received by Stretto on or before the later of (a) thirty (30) days after entry of any order authorizing the rejection of an executory contract orunexpiredleaseasprovidedbyanorderofthisCourtor pursuant to a notice under procedures approved by this Court, (b) any date set by another order of this Court, or (c) the General Bar Date or the Governmental Bar Date, whichever is applicable. Copies of the Bar Date Order and the Proof of Claim Form may be viewed and downloaded free of charge at Stretto’s webs te (https://cases.stretto.com/SiFiNetworks) and also may be obtained by wr tten request to Stretto at S Fi Networks America, LLCClaimsProcessing,c/oStretto,410Exchange,Su te100,Irvine, CA 92602. AllProofofClaimFormsmustbefiledwithoriginalsignatures, be written in English,and be denominated in lawful currency of the Un ted States.You should attach to your completed Proof of Claim Form copies of any documents on which the claim is based or an explanation as to why such documents are not available. Proof of Claim Forms must be delivered to Stretto, so that such forms are actually received by Stretto by the applicable BarDate,atthefollowingaddress nthemannerindicatedbelow: If by First-Class Mail,Hand Delivery or Overnight Mail: SiFi Networks America, LLC Cla ms Processing, c/o Stretto, Inc., 410 Exchange,Suite 100,Irvine,CA 92602. Alternatively, claimants may submit a Proof of Claim electronically by completing the Proof of Claim Form that can be accessed at Stretto’s website, https://cases.stretto.com/ S FiNetworks. Proof of Claim Forms shall not be submitted by facsimile, telecopy, e-mail, or other electronic means (except for the Electronic Proof of Claim) and Proof of Claim Forms submitted by such means shall not be deemed timely filed. The postmarked date of any Proof of Claim is not acceptable. Any person or entity that is required to file a Proof of Claim Form in the form and manner specified in the Bar Date Order and that fails to do so on or before the applicable Bar Date,may:(a) be forever barred,estopped, andenjoinedfromassertingsuchclaimagainsttheDebtor, itsestate,orthepropertyoftheestate,orthereafterfiling a Proof of Claim Form with respect thereto in the Chapter 11Case;(b)not,withrespecttosuchclaim,betreatedasa creditor of the Debtor for the purpose of voting upon any plan in this proceeding; and (c) not receive or be entitled to receive any payment or distribution of property from the Debtor or its successors or assigns with respect to such claim. QuestionsconcerningthisNoticeshouldbedirectedto Strettoat(855)611-3927(tollfreefromtheU.S.orCanada) or (925) 264-0475 (international) or by submitting an email inquiry to:TeamSiFi@stretto.com.Please note that Stretto’s staff is not permitted to give legal advice.
Nvidia’s hardware, earlier this month. Sutskever, a famed re- searcher whose breakthroughs helped usher in the AI revolu- tion, co-founded Safe Superin- telligence in 2024. The startup has said it has a single goal: a “straight-shot” research sprint to what he dubbed “safe superintelligence”—in- dustry speak for AI that can do whatever humans can do, without threatening humanity. The company quickly at- tracted some $2 billion in funding from venture capital heavyweights such as An- dreessen Horowitz and Se- quoia Capital. It has so far kept its research closely held. It achieved a roughly $30 bil- lion valuation as of last year, based on the strength of Sutskever’s reputation in the field, The Wall Street Journal previously reported. Born in the former Soviet Union and raised in Israel, Sutskever was a math prodigy who made his name as a grad- uate student in Canada study- ing under the Nobel Prize- winning AI researcher Geoffrey Hinton. He co-wrote a paper with Hinton in 2012 on computer vision that kicked off the modern AI race by showing that scaling deep neural networks with huge amounts of data and comput- ing power produced measur- able gains in intelligence. Sutskever then joined Google, but left to become one of the co-founders of OpenAI in 2015. There, his insights helped lead to the creation of Chat- GPT, and he became famous for his conviction that scaling up the amount of data and computing power used to train AI models would lead to the company’s stated goal of creating “artificial general in- telligence,” or AGI. He later had a painful rup- ture with the company’s chief executive, Sam Altman—vot- ing to fire him before himself leaving the company months after Altman’s reinstatement. Since then, in rare public statements, Sutskever has publicly doubted whether sim- ply scaling up current para- digms is sufficient.
MANUEL ORBEGOZO/REUTERS
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AI Cybersecurity Initiative
SpaceX, Microsoft and Palantir are among those taking part in the alliance
BY JOSEPH DE AVILA AND SAM SCHECHNER
Nvidia is leading a new co- alition of tech companies that want the U.S. government and its allies to see open-source artificial intelligence as a cy- bersecurity asset, not a threat. Dubbed the Open Secure AI Alliance, the Nvidia-backed group said Monday it aims to create and deploy a suite of open-source AI tools that any company can use to defend against cyberattacks. The group includes SpaceX, Mi- crosoft, Palantir and dozens of other companies, many of which publicly oppose re- stricting access to open- source AI. It is the latest salvo in a battle over the future of open- source, or open-weights, AI tools amid growing concern from government and industry officials about AI systems causing cyberattacks. Those fears have prompted the White House to increase over- sight of AI models and push the private sector to deploy AI
salvo in a battle over the future of open-source AI tools.
BY ADRIANO MARCHESE Rocket Lab Gets Space Force Contract
Rocket Lab received a $266 million U.S. Space Force con- tract, its largest agreement to date, for up to 18 suborbital launches that will support missile defense capabilities. Under the contract, the space company, which pro- vides launch services, space- craft, payloads and satellite components, on Monday said it will perform 12 suborbital launches, with up to six addi- tional launches, the first of which is set to take place by the end of 2026. Most of the launches will take place from a new com- pany location at the Pacific Spaceport Complex-Alaska in Kodiak, Alaska. It also has two other launch sites in Virginia and New Zealand. Established in December 2019, the U.S. Space Force is the space service branch of the U.S. Armed Forces. The branch is responsible for con- ducting global space opera- tions and protecting U.S. and allied interests in space. “The size and scale of this contract reflects the Space Force’s confidence in our abil- ity to meet their urgent na- tional security demands with speed, responsiveness, and scale, and we’re proud to pro- vide the high-frequency launch capacity required to
using its smaller Electron rockets. The company is also working with defense contrac- tor RTX on the U.S.’s Golden Dome, a space-based missile- defense shield. Last month, Rocket Lab agreed to buy Iridium Com- munications, a move that would give it control over a satellite fleet and access to wireless resources it could use to compete with SpaceX. Many Biotechs Choose Reverse Mergers
BY BRIAN GORMLEY
Lingering unease from the recent financing downturn is leading more biotechnology startups to go public by “re- verse merging” with a public company. In a reverse merger, a pri- vate company combines with a public one and the startup’s in- vestors become the majority shareholders of the new, com- bined business. Usually, a pub- lic company agrees to it be- cause it has suffered a severe setback, such as a failed clini- cal trial, and has little hope of recovery on its own. These days, biotech reverse mergers usually involve a con- current financing to support the company. Biotechs struck 11 reverse- merger deals in the year’s first half, compared with five in all of 2025, according to invest- ment bank William Blair. Not long ago, reverse merg- ers were stigmatized as two weak players leaning on each other. Startups resorted to them when the initial public offering market was frozen. Now, re- verse mergers are rising even as IPOs rev up. Fourteen bio- techs staged IPOs in the first
for defensive purposes. Open-weights models have been the focus of growing scrutiny after new models from Chinese developers like Moonshot and Z.AI wowed de- velopers and won a growing number of U.S. users. Open models are free to download and allow users to customize them for their own needs, al- though operating any model comes with computing costs. Critics, including some top executives at Anthropic and OpenAI, have argued that open models, many of which come from China, present potential risks to national se- curity, and Trump admin- istration offi- cials have weighed a ban on them. Open models “democratize defensive capabilities,” the new group said. “As policy- makers and regulators grapple with AI safety, it will be cru- cial to recognize open models, harnesses and security tooling as defensive assets, not liabili- ties.” Because open-weights mod- els can be modified by their
Rocket Lab will perform up to 18 suborbital launches under the $266 million contract, its largest.
keep the U.S. ahead of global threats,” Rocket Lab Chief Ex- ecutive Sir Peter Beck said. Rocket Lab got its start as a launch provider two decades ago but has been acquiring businesses tied to satellite production and operations in recent years, The Wall Street Journal previously reported. The space firm is one of only a handful in the world that can launch rockets into
half, up from eight in all of 2025, according to William Blair. Entrepreneurs and investors are changing their view of re- verse mergers as market dy- namics burnish their appeal. Several biotechs that went public during the pandemic have since flopped and are ready to consider them. Start- ups, for their part, often find they can raise as much through a reverse merger as they could through an IPO, and from the same marquee investors. And while the biotech fi- nancing market is rallying, the recent downturn remains fresh in mind and startups are ex- ploring as many options as they can. “Companies these days are pursuing all opportunities to fund their programs, and re- verse mergers are one of the options in their tool kit,” said Jennifer Fang, a partner with law firm Wilson Sonsini Good- rich & Rosati. The high caliber of some startups agreeing to reverse mergers has raised these deals’ profile. In March, Candid Ther- apeutics, a venture-backed de- veloper of T-cell-engager treat- ments for autoimmune and inflammatory diseases, agreed
users, it is possible to remove some of their guardrails against harmful activity. Open-source defenders like Nvidia counter that proprie- tary tools like models from Anthropic or OpenAI also can be misused and have their guardrails circumvented. They say that only by spreading AI capabilities widely with open- source tools will everyone be able to defend themselves. Exhibit A for their argu- ment: the hack- ing earlier this month of Hug- ging Face, a provider of open-source AI tools, by Ope- nAI models that managed to break out of their test envi- ronment and onto the inter- net. As it tried to parry the at- tack, Hugging Face initially at- tempted to use Anthropic models to analyze its logs, but the models refused to do the analysis, citing its guardrails against cyberattacks. Hugging Face then turned to an open-weight model from China. After analyzing the at- tack with that model, Hugging Face was able to expel the
orbit and has launched 88 small-payload rockets mostly into low-Earth orbit, the Jour- nal said. Rocket Lab’s small-sized rockets is appealing to militar- ies that sometimes need to get spy satellites into space quickly, The Journal said. In March, Rocket Lab se- cured a $190 million contract from the Pentagon to help test hypersonic flight conditions
to combine with publicly traded biotech Rallybio, a deal that included a more than $505 million concurrent financing. A hot target, Candid in May agreed to instead be acquired by drugmaker UCB for up to $2.2 billion. The acquisition closed in June. As Candid walked away, an- other startup pounced. Avenzo Therapeutics and Rallybio dis- closed a reverse-merger agree- ment and concurrent $215 mil- lion financing on June 1. Competition for biotech re- verse mergers is intensifying because the supply of compa- nies amenable to them is di- minishing as more deals get done, industry observers said. As biotech emerges from the uncertainty of the postpan- demic slump, startups seek clarity about the amount they can raise and at what valua- tion. That is part of reverse mergers’ appeal. In an IPO, the price and number of shares sold can shift. Biotechs conducting re- verse mergers, by contrast, ne- gotiate the concurrent financ- ing and valuation up front. There are potential draw- backs. Companies meet dozens of investors through the road- show before an IPO, generally
hacking AIs, reset its pass- words and rebuild the com- promised parts of its network. “The recent Hugging Face security incident delivered a clear reminder,” the new group said Monday. “Cyber defenders need open” systems. Anthropic and OpenAI also have accused Chinese develop- ers of using a process called distillation to effectively copy their models. Distillation works by asking a model ques- tions repeatedly and using those answers to train a new model that can have similar performance. U.S. officials have said they regard distilla- tion as theft and may take ac- tion. David Sacks, a venture cap- italist and White House ad- viser, has argued that the U.S. shouldn’t restrict open-source models but rather embrace them. He argues that the U.S. should push to export its AI tools and that restrictions risk pushing other countries to use Chinese technology instead. “I think it would be a tragic mistake if the government were to take action against the open-source ecosystem,” he said Friday on the “All-In” podcast he co-hosts. “That would do nothing but hurt America’s position in this AI race.”
more than they would through a reverse merger and concur- rent financing, which is typi- cally raised from a smaller group of investors, observers said. The IPO roadshow generates a large pool of potential back- ers who are educated about the company. Even if they don t join the IPO, they could choose to invest later, said Da- vid Nierengarten, managing di- rector and co-head of health- care equity research for financial-services firm Wed- bush Securities. Some successful executives say their relationships will help them rapidly draw new investors and equity research analysts to their company once they complete their reverse- merger deal. Startup Avere Therapeutics earlier this month agreed to a reverse merger with publicly traded NextCure and a concur- rent $320 million investment. Previously, members of Avere’s executive team worked for Akero Therapeutics, which drugmaker Novo Nordisk ac- quired in December for up to $5.2 billion.
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Output of Zyn Nicotine Pouch
BY CONNOR HART
Philip Morris International opened a $1.2 billion manufac- turing campus in Colorado, part of the tobacco company’s efforts to expand its Zyn port- folio and meet rising demand for nicotine pouches. Originally announced in 2024 as a $600 million project, the Aurora manufacturing plant will expand the com- pany’s domestic manufactur- ing capabilities and strengthen its supply-chain resilience, Philip Morris said Monday. The site began commercial production earlier this month, after approximately 19 months of construction. The roughly 780,000-square-foot campus manufactures Zyn nicotine pouches, positioning Aurora as a strategic production and ex- port hub for future growth. “This facility expands our production capacity, strength- ens our supply chain, and en- hances our ability to serve growing demand in the United States and around the world,” said Stacey Kennedy, chief ex- ecutive of Philip Morris U.S. “It reflects our confidence in American workers, U.S. manu- facturing, and the long-term
$5.5 Billion Talc Deal
ContinuedfrompageB1
value of its shares. J&J has made offers to set- tle the lawsuits before but they haven’t been able to com- plete a deal. Plaintiffs ex- pressed support for this new offer, however, after a recent judge’s rulings threatened the viability of the lawsuits.
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A roughly 780,000-square-foot Aurora, Colo., plant will support the growth of the Zyn market.
growth opportunities ahead for our business.” Philip Morris has invested about $1 billion in the campus. The company plans to in- vest an additional $200 mil- lion over the next two years in the facility’s next phase of de-
Last week, two of the plain- tiffs’ expert witnesses couldn’t say that talc specifically caused any individual woman’s cancer as opposed to some other cause, causing a federal judge to order plaintiffs to ex- plain why their claims shouldn’t be thrown out. J&J is now using that as leverage for the $5.5 billion commitment. The plaintiffs’ claims “lack scientific merit and were sus- tained only by unreliable expert opinions that could not survive rigorous judicial review,” J&J’s global vice president of litiga- tion, Erik Haas, said. The same judge also dis- qualified Beasley Allen, the Al-
velopment, which will add production capacity and ex- pand the site. The expansion will support the growth of Zyn in the U.S., as well as increasing opportu- nities in international mar- kets across Asia, Latin Amer-
abama law firm that voted against Johnson & Johnson’s 2024 bankruptcy plan, from representing roughly 5,500 women in the federal cases. The judge found the firm had improperly worked with a for- mer J&J lawyer who had in- side knowledge of the com- pany’s thinking. Beasley Allen has denied wrongdoing. A negotiating committee for the plaintiffs attorneys in the new settlement said they agreed to the deals after years of litigation. The plaintiffs’ co- lead counsel, Michelle Parfitt of Ashcraft & Gerel LLP, praised “the courage and de- termination of these women
ica and the Caribbean, Philip Morris said. Philip Morris said last week that it would ramp up investments in its U.S. busi- ness, aiming to keep Zyn’s spot as the go-to nicotine pouch for Americans.
and their families who de- manded accountability for the conduct of J&J.” J&J said it would pay up to $3 billion in claim payments in 2027 under the agreement, with no further payments due before 2028. It committed $5.5 billion to claim payments. The deal will become final if the lead plaintiff firms in the ovarian-cancer talc litiga- tion agree to participate, and if 95% of those who filed claims agree to the settle- ment—a process which could take months to determine. J&J has spent more than a decade fighting claims that its powder caused ovarian cancer.
In $2.2 Billion Deal
BY ADRIÀ CALATAYUD
Argenx said it reached an agreement to buy Forte Bio- sciences for $2.2 billion, moving to strengthen its im- munology pipeline. European pharmaceutical company Argenx is acquiring Nasdaq-listed Forte for $77 a share in cash, the companies said Monday. The price repre- sents a 41% premium to Forte’s closing price on Friday. Argenx said the deal al- lows it to add to its pipeline Forte’s experimental drug FB102, for which it sees po- tential to address diseases
To Include Safaricom
BY NAJAT KANTOUAR
Vodafone Group raised its fiscal 2027 guidance to include its Safaricom deal, saying its key earnings metric should come in at the upper end of the new outlook. The U.K. telecommunica- tions company now expects adjusted earnings before inter- est, taxes, depreciation, amor- tization after leases of between 13 billion euros and 13.3 billion euros, equivalent to between $14.78 billion and $15.12 billion. The group previously guided for €11.9 billion to €12.2 billion. The increased outlook re- flects the consolidation of Sa- faricom, a Kenyan telecommu- nications provider, after Vodafone’s Vodacom subsid- iary raised its stake to 55% from 35%. The company still antici- pates adjusted free cash flow between €2.6 billion and €2.9 billion. “We now expect to deliver the upper end of our updated group guidance ranges,” Voda- fone said.
Save $100 until August 7 wsj.com/fohealth
with high unmet need that have lacked new treatments. Forte recently reported re- sults of an early-stage clini- cal trial for the drug that showed a significant treat- ment benefit in skin condi- tion vitiligo, building on data released last year for another study in celiac disease. Ar- genx said the drug has poten- tial to address multiple auto- immune diseases. The boards of both compa- nies have approved the trans- action, which is expected to close in the third quarter subject to customary closing conditions, they said.
First-quarter revenue rose.
For its fiscal first quarter through June, Vodafone re- ported revenue of €10.29 bil- lion, up from €9.385 billion for the same period a year earlier. Service revenue—a closely watched metric in the telecom sector—climbed to €8.63 bil- lion from €7.86 billion euros, driven by growth across the group’s key regions including Germany and the U.K.
ADRIAN DENNIS/AFP/GETTY IMAGES
t
t
s
t
s
s
–6
52210.08 s262.83, or 0.51% High, low, open and close for each trading day of the past three months.
t t
1.00
100%
Current divisor 0.1682481652835
65-day moving average
65-day moving average
65-day moving average
Bars measure the point change from session's open
Apr. May June July
Apr. May June July
Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index
Latest 52-Week % chg High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. Dow Jones
Industrial Average 52607.78 51985.38 52210.08 262.83 0.51 53055.91 43588.58 16.4 8.6 14.0
Transportation Avg 22504.44 21914.64 22066.31 -409.85 -1.82 23933.14 15067.87 34.8 27.1 10.4
Utility Average 1174.12 1154.07 1157.15 -15.53 -1.32 1190.23 1048.33 7.8 8.3 7.4
12%
–12
Total Stock Market 74137.85 73178.24 73489.55 64.91 0.09 75286.10 61627.03 16.3 8.9 17.4
Barron's 400 1621.71 1603.41 1612.79 11.95 0.75 1635.15 1316.75 19.2 14.1 16.5
4.00
4.00
Nasdaq Stock Market Nasdaq Composite 25261.91 24774.87 24932.08 -43.74 -0.18 27093.90 20650.13 17.7 7.3 21.1
Nasdaq-100 28460.20 27786.54 28039.21 -89.13 -0.32 30660.60 22763.31 20.1 11.0 21.9
S&P 500 Index 7480.57 7382.74 7413.18 1.20 0.02 7609.78 6238.01 16.0 8.3 17.8
2.00
0.00
–2 00
5.00
2.00
MidCap 400 3824.96 3771.73 3795.78 11.92 0.32 3852.54 3104.60 18.2 14.8 12.1
SmallCap 600 1783.28 1760.85 1769.17 7.70 0.44 1804.34 1323.05 28.6 20.5 12.0
6.00%
6.00%
Other Indexes Russell 2000 2972.46 2931.44 2948.03 18.04 0.62 3024.37 2166.78 30.6 18.8 14.7
NYSE Composite 24193.50 23990.88 24098.82 107.93 0.45 24098.82 20267.69 15.7 9.5 14.0
Value Line 681.63 673.18 679.54 6.36 0.94 682.99 590.50 9.6 8.2 5.0
NYSE Arca Biotech 8726.63 8591.27 8591.27 -24.61 -0.29 8917.63 5640.67 49.3 20.1 17.7
NYSE Arca Pharma 1263.69 1242.79 1251.88 4.78 0.38 1270.42 881.47 32.2 11.2 12.8
KBW Bank 190.98 186.90 188.22 -0.06 -0.03 191.84 139.52 29.5 14.6 28.7
PHLX§Gold/Silver 316.81 308.19 314.49 1.60 0.51 470.37 204.07 50.2 -8.1 36.8
PHLX§Oil Service 97.13 94.37 94.43 -1.93 -2.01 109.24 58.66 47.4 28.8 1.6
PHLX§Semiconductor 11949.46 11217.35 11554.88 -264.01 -2.23 14634.72 5527.61 101.4 63.1 45.3
Cboe Volatility 19.93 17.53 18.67 0.09 0.48 31.05 13.47 24.2 24.9 9.0
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
PercentageLosers
Latest Session 52-Week Company Symbol Close Net chg %chg High Low % chg
Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg
T3Defense DFNS 13.10 8.75 201.15 1948.75 3.70 -98.7 Entera Bio ENTX 3.92 1.87 91.22 4 20 0.91 110.8 The9 ADR NCTY 4.54 1.33 41.43 11.60 3.14 -50.3 Forte Biosciences FBRX 76.50 21.72 39.65 76.60 9.10 559.5 NIP Group ADR NIPG 19.88 4.38 28.26 68.40 4 20 -69.7
PN Smart Energy PN 10.14 2.16 27.07 87.40 2.18 -84.7 EUDA Health Holdings EUDA 19.00 4.01 26.75 86.00 5 26 -70.1 Leverage 2X LgBMNR Dly BMNG 15 27 3.18 26.26 347.00 8.39 ... Tevogen Bio Holdings TVGN 5.57 1.08 24.05 70.00 3.64 -89.5 Direxion SHOP Bull 2X SHPU 13.33 2.48 22.86 46.43 7.96 ...
Defiance 2XDly LgPure QPUX 15.85 2.88 22.21 268.83 12.18 ... Twin Vee PowerCats VEEE 15.77 2.80 21.59 128.02 4.16 -81.3 NextCure NXTC 5.12 0.88 20.75 15.74 1.55 -17.0 Research Alliance III RACC 13 28 2 25 20.46 13.47 10 21 ... D-Wave Quantum QBTS 19.51 3.30 20.36 46.75 12.75 3.4
Ranked bychange from65-day average* CURRENCIES & COMMODITIES
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-day avg Close %chg High Low
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-dayavg Close %chg High Low
AiRWA YYAI 2,246 11606 3.00 -73.51 10576.80 2.64 Sovereign's Cap Flourish SOVF 302 4446 30.60 1.71 31.38 26.51 Forte Biosciences FBRX 17,544 3502 76.50 39.65 76.60 9.10 Capricor Therapeutics CAPR 29,855 2186 7.00 -64.49 40.37 4.30 NMP Acquisition NMP 376 2154 10.30 ... 10.31 9.90
3.00
MapLight Therapeutics MPLT 8,050 1809 9.91 -72.91 40.43 9.91 NIP Group ADR NIPG 225 1721 19.88 28.26 68.40 4.20 Silicon Valley Acqn SVAQ 1,168 1686 10.01 ... 10.16 9.86 Glbl X Pure MSCI IT GXPT 1,601 1531 31.44 -0.95 35.10 23.64 JPM Eq Premium Yield ROCY 1,782 1496 54.01 -0.07 54.88 48.34
Latest YTD Region/Country Index Close Net chg %chg % chg
World MSCI ACWI 1108.08 2.60 0.24 9.2 MSCI ACWI ex-USA 466.82 2.41 0.52 10.9 MSCI World 4795.67 6.77 0.14 8.2 MSCIEmergingMarkets 1643.33 15.30 0.94 17.0
Americas MSCI ACAmericas 2811.09 2.586 0.09 8.4 Canada S&P/TSX Comp 35568.14 199.04 0.56 12.2 Latin Amer. MSCIEMLatinAmerica 3042.06 13.16 0.43 12.3 Brazil Bovespa 175334.46 1292.51 0.74 8.8 Chile S&P IPSA 5522.00 5.99 0.11 1.8 Mexico S&P/BMV IPC 67157.91 774.65 1.17 4.4
EMEA STOXX Europe600 644.62 0.11 0.02 8.9 Eurozone Euro STOXX 664.18 –1.75 –0.26 8.5 Belgium Bel-20 5707.41 –27.37 –0.48 12.4 Denmark OMXCopenhagen20 1621.91 9.01 0.56 0.9 France CAC 40 8406.06 33.78 0.40 3.1 Germany DAX 25361.03 262.03 1.04 3.6 Israel Tel Aviv 4161.81 –91.27 –2.15 14.6 Italy FTSE MIB 52054.95 252.72 0.49 15.8 Netherlands AEX 1081.13 –8.91 –0.82 13.6 Norway Oslo Bors All-Share 2350.58 –26.91 –1.13 21.1 South Africa FTSE/JSE All-Share 110109.60 711.55 0.65 –4.9 Spain IBEX 35 19741.30 155.90 0.80 14.1 Sweden OMX Stockholm 1116.28 7.55 0.68 6.8 Switzerland Swiss Market 14421.97 94.77 0.66 8.7 Turkey BIST 100 13774.77 –169.10 –1.21 22.3 U.K. FTSE 100 10781.75 45.52 0.42 8.6 U.K. FTSE 250 23898.10 96.61 0.41 6.4
Euro
Asia-Pacific MSCI ACAsia Pacific 266.02 2.77 1.05 16.8 Australia S&P/ASX 200 8894.00 121.69 1.39 2.1 China ShanghaiComposite 3858.25 44.05 1.15 –2.8 Hong Kong Hang Seng 25207.18 243.95 0.98 –1.7 India BSE Sensex 76835.78 776.01 1.02 –9.8 Japan NIKKEI 225 64931.19 320.04 0.50 29.0 Singapore Straits Times 5588.34 … Closed 20.3 South Korea KOSPI 6755.75 65.13 0.97 60.3 Taiwan TAIEX 43634.19 –20.65 –0.05 50.7 Thailand SET 1624.47 –19.92 –1.21 29.0
Year ago Last Trailing P/E ratio P/E estimate * Dividend yield All-time high
Year ago Last Trailing P/E ratio * P/E estimate * Dividend yield * All-time high
Year ago Last Trailing P/E ratio † P/E estimate † Dividend yield *† All-time high:
7413.18 s1.20, or 0.02% High, low, open and close for each trading day of the past three months.
22.15 24.94 20.23 21.34 1.51 1.62 53055.91, 07/06/26
55000
53000
51000
Session high
49000
Close DOWN UP
Session open
47000
Close Open
Session low
45000
43000
25000
Instinct Bio TechnclCo BIOT 2.74 -12.76 -82.32 50.00 2.00 -77.7 AiRWA YYAI 3.00 -8.33 -73.51 10576.80 2.64 -100.0 MapLight Therapeutics MPLT 9.91 -26.66 -72.91 40.43 9.91 ... STAK STAK 2.52 -6.75 -72.82 12.00 0.29 40.8 Capricor Therapeutics CAPR 7.00 -12.71 -64.49 40.37 4.30 -0.9
Enigmatig EGG 2.05 -3.05 -59.80 13.07 2.05 -63.8 Defiance Tgt 2xShrt QBTS QBTZ 4.18 -2.83 -40.36 96.84 2.72 ... Fundrise Innovation Fund VCX 38.35 -17.27 -31.05 575.00 31.21 ... Vivakor VIVK 2.10 -0.81 -27.84 5028.61 1.45 -99.9 Defiance Tgt 2X Shrt BMNR BMNZ 13.90 -5.00 -26.46 47.99 11.32 ...
Decoy Therapeutics DCOY 3.74 -1.30 -25.79 415.80 3.71 -97.2 D. Boral ARC Acqn I Cl A BCAR 7.79 -2.56 -24.73 11.17 7.51 ... Advanced Biomed ADVB 14.36 -4.62 -24.34 24 23 3.61 43.7 Indaptus Therapeutics INDP 2.04 -0.57 -21.84 10.57 0.92 -79.4 Faraday Future FFAI 5.12 -1.37 -21.11 496.50 4.84 -98.8
U.S.-dollar foreign-exchange rates at5 p.m. ET
US$vs, Mon YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071496.9909 3.2 Brazil real .1949 5.1299 –7.0 Canada dollar .7080 1.4124 2.9 Chile peso .001063 940.44 4.5 Colombiapeso .000312 3203.76 –15.0 Ecuador US dollar 1 1 unch Mexico peso .0573 17.4570 –3.1 Uruguay peso .02490 40.1673 2.8 Asia-Pacific Australiadollar .6988 1.4310 –4.5 China yuan .1478 6.7661 –3.3 Hong Kongdollar .1275 7.8422 0.8 India rupee .01044 95.768 6.6 Indonesia rupiah .0000554 18062 8.2 Japan yen .006107 163.75 4.5 Kazakhstan tenge .002107 474.66 –6.5 Macau pataca .1238 8.0802 0.7 Malaysia ringgit .2446 4.0877 0.7 New Zealand dollar .5773 1.7322 –0.3 Pakistan rupee .00360 277.850 –0.9 Philippines peso .0162 61.695 4.7 Singapore dollar .7744 1.2913 0.4 South Korea won .0006826 1465.03 1.7 Sri Lanka rupee .0029743 336.21 8.5 Taiwan dollar .03096 32.300 3.0 Thailand baht .02973 33.640 6.8
Yen
DJ Commodity 1360.09 -36.85 -2.64 1467.33 1037.49 27.77 20.29 FTSE/CC CRB Index 383.49 -12.18 -3.08 406.18 291.69 26.37 28.35 Crude oil, $ per barrel 82.61 -6.70 -7.50 112.95 55 27 23.83 43.87 Natural gas, $/MMBtu 2.767 -0.104 -3.62 7.460 2.523 -7.40 -24.93 Gold, $ per troy oz. 4074.50 6.90 0.17 5318.40 3293 20 23.13 -5.80
Prediction Market: Bitcoin vs. Gold vs. S&P 500 in 2026
This market will resolve according to the asset which has the best performance in 2026 among Bitcoin, Gold, and the S&P 500 with performance measured as the percentage change in price during the year for each asset.
Gold: 20% t S&P 500: 64%
25.17 24.85 21.10 24.03 1.11 1.20 7609.78, 06/02/26
Late Trading Most-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer. andNasdaqissuesfrom4p.m.to6p.m.ETasreportedbyelectronic tradingservices,securitiesdealersandregionalexchanges.Minimum sharepriceof$2andminimumafter-hoursvolumeof50,000shares. Most-active issues in latetrading
Volume After Hours Company Symbol (000) Last Netchg %chg High Low
Grab Holdings GRAB 21,413.4 3.36 0.01 0.27 3.37 3.34
T3Defense DFNS 8,705.6 20.00 6.90 52.67 21.20 12.68
T3Defense DFNS 8,705.6 20.00 6.90 52.67 21.20 12.68
Netflix NFLX 8,026.7 70.59 0.19 0.27 74.41 70.40
NVIDIA NVDA 7,491.9 197.02 0.51 0.26 206.01 185.68
VanEck Semiconductor SMH 7,451.6 550.00 1.45 0.26 550.79 546.80
Intel INTC 6,251.5 91.31 -0.36 -0.39 91.71 91.02
Apple AAPL 4,425.7 336.52 -0.39 -0.12 337.19 336.23
Energy Transfer ET 4,164.9 19.96 0.05 0.23 19.98 19.85 Percentage gainers…
Celestica CLS 784.2 343.98 25.74 8.09 351.20 307.49
LiveWire Group LVWR 1,187.3 2.62 0.19 7.81 2.84 2.40
Applied Digital APLD 3,968.4 27.73 1.36 5.14 29.00 26.08
CadenceDesignSystems CDNS 402.8 353.20 14.59 4.31 364.17 329.00 ...And losers
Noble NE 78.2 40.02 -3.09 -7.17 43.11 39.50
Universal Health ClB UHS 53.8 151.56 -7.75 -4.86 162.66 142.40
Entegris ENTG 117.0 120.88 -5.49 -4.34 126.66 120.88
VirtuixHoldings VTIX 117.3 2.09 -0.09 -4.13 2.18 2.02
Brown & Brown BRO 52.2 67.50 -2.20 -3.16 71.20 65.58
US$ s, Mon YTDchg Country/currency inUS$ perUS$ (%)
Vietnam dong .00003800 26315 0.1 Europe Czech Rep. koruna .04705 21.255 3.3 Denmark krone .1521 6.5756 3.4 Euro area euro 1.1368 .8797 3.4 Hungary forint .003157 316.73 –3.2 Iceland krona .007971 125.45 0.1 Norway krone .1035 9.6649 –4.2 Poland zloty .2632 3.7999 5.8 Sweden krona .1028 9.7275 5.6 Switzerland franc 1.2207 .8192 3.4 Turkey lira .0211 47.3476 10.2 Ukraine hryvnia .0222 44.9500 6.1 UK pound 1.3287 .7526 1.4 Middle East/Africa Bahrain dinar 2.6520 .3771 0.03 Egypt pound .0197 50.7110 6.3 Israel shekel .3272 3.0559 –4.1 Kuwait dinar 3.2216 .3104 0.8 Oman sul rial 2.5992 .3847 –0.01 Qatar rial .2744 3.644 –0.3 Saudi Arabia riyal .2665 3.7520 0.03 South Africa rand .0597 16.7631 1.2
Close NetChg %Chg YTD%Chg
WSJDollarIndex 97.56 0.01 0.01 1.71
WSJ Dollar Index
Sources: Tullett Prebon, DowJones Market Data
Monday 52-Week YTD Close Net chg % Chg High Low % Chg % chg
A Dow Jones partner
24932.08 t 43.74, or 0.18% High, low, open and close for each trading day of the past three months.
China SXT Pharm SXTC 334,537 5092.9 0.07 9.40 1046.99 0.05 Gossamer Bio GOSS 297,651 1938.1 0.20 46.62 3.87 0.11 KIDZ AI KIDZ 248,286 2698.3 0.60 43.64 1460.00 0.40 Matinas BioPharma Hldgs MTNB 198,746 18879.3 0.33 37.53 3.09 0 23 NVIDIA NVDA 153,331 -0.8 196.51 -4.99 236.54 164.07
Intel INTC 132,204 -1.6 91.67 -0.70 142.35 18.97 ProShares Bitcoin ETF BITO 130,117 -41.8 8.78 0.92 22.90 7.87 GrShr 2xSh NVDA Daily NVD 98,653 39 2 5.25 10.06 11.41 3.93 Nokia ADR NOK 96,901 -15.6 9.28 1.98 17.45 4.00 American Airlines Group AAL 93,548 -11.5 14.95 3.28 18.79 10.09
Consumer Ratesand Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
Federal-funds target rate
Five-year CD yields
J 2025
A S O N D J 2026
F M A M J J
Yield/Rate(%) 52-Week Range(%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 3 50-3.75 3.50-3 75 3.50 l 4.50 -1.75 Prime rate* 6.75 6.75 6.75 l 7.50 -1.75 SOFR 3.64 3.59 3.50 l 4.51 -1.41 Money market, annual yield 0.44 0.44 0.41 l 0.45 -0.11 Five-year CD, annualyield 1.73 1.73 1.67 l 1.73 -1.13 30-year mortgage, fixed† 6.75 6.61 6.11 l 6.81 -0.60 15-year mortgage, fixed† 6.13 6.06 5.55 l 6.13 -0.52 Jumbomortgages, $832,750-plus† 6.73 6.72 6.34 l 6.95 -0.66 Five-year adj mortgage (ARM)† 5.95 5.98 5.66 l 6 26 -0.31 New-car loan, 48-month 6.97 6.97 6.85 l 7 21 -0.29
Bankrate.com ratesbased onsurveyof over1,500 online banks. *Baserate posted by70%ofthe nation'slargest banks.† Excludes closingcosts. Sources: FactSet;Dow JonesMarketData; Bankrate.com Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Monday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSEU.S.Treasury Close; TullettPrebon; DowJones Market Data
Yield (%) 52-Week Total Return (%) Bond totalreturnindex Close Last Weekago High Low 52-wk 3-yr
33.05 32.72 25.12 30.01 0.58 0.67 27093.90, 06/02/26
Volume, Advancers, Decliners
NYSE NYSE Amer.
Totalvolume1,199,505,171 17,607,648 Adv. volume 829,128,349 10,006,604 Decl. volume 365,470,199 4,418,735 Issues traded 2,833 295 Advances 1,729 156 Declines 1,022 122 Unchanged 82 17 Newhighs 109 5 Newlows 52 15 Closing Arms† 0.65 0.26 Block trades 3,917 143
Nasdaq NYSE Arca
Totalvolume7,797,895,697 303,560,450 Adv.volume4,728,081,218 195,060,701 Decl.volume3,014,413,218 103,445,894 Issues traded 5,035 2,641 Advances 2,982 1,876 Declines 1,858 727 Unchanged 195 38 Newhighs 151 119 Newlows 230 52 Closing Arms† 1.02 1.05 Block trades 45,960 1,455
*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly. †(TRIN)Acomparisonofthenumberofadvancinganddec ining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.
Selectedrates 5-yearCDs
Bankrate.com avg†: 1.73%
BTG Pactual Bank 4.15% New York, NY 212-652-7200
QuorumFederalCreditUnion 4.15% Purchase, NY 800-874-5544
Sallie Mae Bank 4.20% Salt Lake City, UT 877-346-2756
TAB Bank 4.20% Ogden, UT 800-355-3063
E*Trade 4.35% Purchase, NY 800-387-2331
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
2025 2026
28000
27000
26000
24000
23000
22000
Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $per lb. July 6.3400 6.3645 6.3370 6.3390 0.0190 2,478 Sept 6.3620 6.4115 6.3400 6.3790 0.0215 138,577 Gold (CMX)-100 troyoz.; $ per troy oz. July 4090.10 4107.90 4072.70 4074.50 6.90 11 Aug 4097.50 4119.30 4067.10 4077.00 6.20 139,192 Sept 4102.30 4132.50 4084.50 4090.90 6.40 2,645 Oct 4122.00 4147.10 4096.10 4105.30 6.40 34,279 Nov 4126.70 4126.70 4126.30 4121.40 6.60 280 Dec 4151.10 4178.50 4126.50 4136.40 6.70 176,377 Palladium (NYM) -50 troy oz.; $ per troy oz. July 1202.00 1202.50 1200.00 1289.60 42.90 Sept 1261.00 1303.00 1259.50 1296.80 43.20 17,316 Platinum (NYM)-50 troy oz.; $ per troy oz. July 1610.20 1610.20 1593.80 1620.60 27.20 1 Oct 1605.30 1655.00 1605.30 1632.20 28.10 44,868 Silver (CMX)-5,000 troyoz.; $ per troy oz. July 58.660 58.660 58.660 58.472 –0.184 29 Sept 59.810 60.395 58.430 58.712 –0.194 81,791 Crude Oil, LightSweet (NYM)-1,000 bbls.; $per bbl. Sept 86.12 86.20 81.63 82.61 –6.70 293,930 Oct 82.60 82.63 79.43 80.25 –4.90 153,220 Nov 79.60 79.60 77.25 78.17 –3.56 103,697 Dec 78.00 78.01 75.60 76.53 –2.80 215,168 June'27 73.28 73.28 71.24 71.86 –1.62 136,262 Dec 70.60 70.70 69.38 69.91 –1.35 149,404 NY Harbor ULSD (NYM)-42,000gal.; $per gal. Aug 4.1200 4.1985 4.0170 4.1116 –.0690 18,273 Sept 4.0234 4.0983 3.9254 4.0060 –.0894 75,886 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Aug 3.3500 3.3607 3.2416 3.3273 –.0686 28,541 Sept 3.1925 3.2118 3.1016 3.1696 –.0820 101,932 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Aug 2.820 2.836 t 2.734 2.767 –.104 22,996 Sept 2.850 2.870 t 2.768 2.788 –.100 358,559 Oct 2.897 2.898 t 2.804 2.823 –.096 150,844 Dec 3.865 3.866 3.729 3.752 –.100 124,760 Jan'27 4.302 4.313 4.184 4.208 –.102 150,709 March 3.010 3.019 2.950 3.003 –.033 136,616
Agriculture Futures Corn (CBT)-5,000 bu ; centsper bu. Sept 459.25 461.25 448.75 451.75 –12.50 553,191 Dec 482.00 485.00 471.25 474.00 –13.50 784,598 Oats (CBT)-5,000 bu.; cents per bu. Sept 326.50 327.50 312.75 314.75 –13.50 832 Dec 339.00 340.50 327.25 328.75 –13.75 1,733 Soybeans (CBT)-5,000bu.; cents per bu. Aug 1240.50 1244.75 1205.50 1208.50 –39.50 48,470
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record
Increased Bank ofAmerica BAC 2.1 .32 /.28 Q Sep25 /Sep04 Central Pacific Finl CPF 3.1 .30/.29 Q Sep15 /Aug31 Sierra Bancorp BSRR 2.6 .27 /.26 Q Aug10 /Aug03 Tompkins Financial TMP 2.7 .70 /.67 Q Aug14 /Aug07
Reduced Honeywell International HON 1.9 .70/238001 Q Sep04 /Aug14
Stocks Nexera Technologies NEXR 1:11 /Jul31
Foreign CanadianNationalRailway CNI 2.0 .64979 Q Sep29 /Sep08 CapCleanEnergyCarriers CCEC 2.5 .15 Q Aug13 /Aug04
Energy
Monday,July27,2026
Monday
Monday
Monday
wsj.com/market-data/commodities
Thesepricesreflectbuyingandselling of a variety of actualor “physical” commoditiesin the marketplace—separate fromthefuturespriceon an exchange, whichreflects whatthe commoditymightbe worth in futuremonths.
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 82.000 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.650 Metals
Gold, per troy oz Engelhard industrial 4088.00 Krugerrand,wholesale-e 4241.05 Maple Leaf-e 4281.83 American Eagle-e 4281.83 Mexican peso-e 4924.76 Austria crown-e 4000.19 Austria phil-e 4281.83 Silver, troy oz. Engelhard industrial 59.2000 Handy &Harman base 58.6450 Handy &Harman fabricated 73.3060 Coins,wholesale $1,000 face-a 41819 Other metals Platinum,Engelhard industrial 1638.0 Palladium,Engelhard industrial 1292.0 Aluminum, LME, $per metric ton 3175.0 Copper,Comex spot 6.3390 Iron Ore, 62% Fe CFR China-s 97.5 Steel,HRCUSA,FOBMidwestMill-s *1170.0 Battery/EV metals
KEY TOCODES: A=ask; B=bid; BP=country elevator bids to producers;C=corrected; D=CME; E=Manfra,Tordella &Brookes;H=American CommoditiesBrokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quotedor not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International CoffeeOrganization; Z=notquoted. *Dataasof 7/24 Source: Dow JonesMarket Data
Money Rates July 27,2026
Keyannualinterestratespaidto borrow or lendmoney in U.S. and internationalmarkets.Ratesbelowarea guide togeneral levels but don’talwaysrepresentactualtransactions.
Inflation
June index Chg From (%) level May 26 June 25
U.S.consumer priceindex All items 333.952 –0.35 3.5 Core 336.882 0.01 2.6
Internationalrates
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago high low
Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45
Key Interest Rates Data are annualizedona360-day basis. Treasury yieldsareper annum, on actively tradednoninflation and inflation-indexedissues that are adjusted toconstant maturities. Data arefromweekly Federal Reserve release H.15.
WeekEnded 52-Week Jul 24 Jul 17 High Low
WeekEnded 52-Week Jul 24 Jul 17 High Low 6-month 4.05 3.96 4.31 3.56 1-year 4.10 4.02 4.10 3.43 2-year 4.30 4.18 4.30 3.42 3-year 4.33 4.22 4.33 3.45 5-year 4.40 4.30 4.40 3.58 7-year 4.52 4.42 4.52 3.77 10-year 4.66 4.57 4.66 4.00 20-year 5.16 5.09 5.16 4.54
Federal funds(effective) 3.63 3.62 4.33 3.62
Federal funds
Commercialpaper Nonfinancial 1-month 3.68 3.68 4.31 3.61 2-month 3.72 3.69 4.30 3.58 3-month 3.68 n.a. 4.31 3.62 Financial 1-month n.a. 3.67 4.32 3.60 2-month 3.74 3.69 4.29 3.62 3-month 3.79 3.85 4.28 3.62 Discount window primary credit 3.75 3.75 4.50 3.75
Treasury yields atconstant maturities 1-month 3.77 3.74 4.48 3.67 3-month 3.91 3.85 4.41 3.63
Nov 1246.00 1250.00 1211.00 1213.75 –39.75 520,521 SoybeanMeal (CBT)-100 tons; $per ton. Aug 331.60 332.40 318.50 320.80 –10.50 44,912 Dec 334.40 335.60 322.30 324.10 –11.10 283,684 SoybeanOil (CBT)-60,000 lbs.; cents per lb. Aug 73.58 73.64 71.31 71.46 –2.87 51,839 Dec 71.23 71.30 69.47 69.58 –2.43 267,291 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 13.99 14.06 13.58 13.65 –.33 11,710 Nov 14.47 14.47 14.01 14.05 –.35 976 Wheat (CBT)-5,000 bu.; cents per bu. Sept 680.75 682.00 658.00 660.00 –18.00 213,250 Dec 698.00 699.25 675.75 677.50 –18.00 153,203 Wheat (KC)-5,000 bu.; cents per bu. Sept 747.50 752.50 728.00 729.00 –16.25 129,647 Dec 764.00 768.75 744.25 745.50 –16.00 105,034 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 338.650 343.675 337.000 338.250 –7.075 14,766 Sept 334.250 337.900 t 330.700 331.925 –9.525 19,252 Cattle-Live (CME)-40,000 lbs.;cents per lb. Aug 223.800 226.650 222.750 225.225 –1.850 48,889 Oct 218.725 221.900 t 216.950 218.775 –3.725 118,907 Hogs-Lean (CME)-40,000 lbs ; centsper lb. Aug 102.475 103.025 102.100 102.975 .125 34,529 Oct 88.550 88.800 87.300 87.800 –1.225 121,600 Lumber (CME)-27,500 bd. ft., $per 1,000 bd. ft. Sept 652.00 652.00 637.50 647.50 –7.00 6,974 Nov 643.00 643.00 637.00 642.00 –8.00 999 Milk (CME)-200,000 lbs.,cents per lb. July 15.80 15.80 15.76 15.76 –.03 5,446 Aug 17.19 17.27 16.74 16.80 –.41 6,060 Cocoa (ICE-US)-10 metric tons; $per ton. Sept 5,332 5,561 5,080 5,100 –276 65,875 Dec 5,502 5,692 5,223 5,243 –267 52,159 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 314.00 333.45 313.90 324.55 10.75 60,313 Dec 298.00 311.10 297.80 305.90 7.85 58,079 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 14.74 14.75 14.54 14.58 –.19 500,970 March'27 15.60 15.60 15.41 15.47 –.16 300,721 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 36.25 36.25 36.25 36.25 … 190 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 78.63 79.52 78.21 79.34 .79 137 Dec 79.80 81.12 79.51 80.88 .90 197,903 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 141.40 145.50 141.25 141.45 –.30 7,908 Nov 147.35 148.60 145.00 145.30 –.35 1,114
Interest Rate Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept 111-280 112-140 111-280 112-090 22.0 2,441,370
Dynagas LNG 9%Pfd. A DLNGpA 8.5 .5625 Q Aug12 /Aug05 GasLog Ptrs Pfd. A GLOPpA 8.4 .5391 Q Sep15 /Sep08 GasLog Ptrs Pfd. B GLOPpB 11.2 .6243 Q Sep15 /Sep08 RB Global RBA 1.1 .33 Q Sep17 /Aug25 RELX ADR RELX 2.5 .27851 SA Sep15 /Aug07 Ryanair Holdings ADR RYAAY 1.2 .45448 SA Sep28 /Aug07
Special AmericanResources AREC . . .0431 Aug25 /Aug15 Note: Dividend yields as of3:30 p.m. ET Sources: FactSet; Dow Jones Market Data
KEY: A:annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1:stock split and ratio; SO: spin-off.
BMILithiumCarbonate,EXWChina,=995%-v,w 21725 BMILithiumHydroxide,EXWChina,=56.5%-v,w 20100 BMICobaltsulphate,EXWChina,>20.5%-v,w 12136 BMINickelSulphate,EXWChina,>22%-v,k 4551 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425
Fibers andTextiles
Burlap,10-oz,40-inch NY yd-n,w 1.2400 Cotton,1 1/16 std lw-mdMphs-u 0.7559 Cotlook 'A' Index-t *90.35 Hides,hvy nativesteers piece fob-u n.a. Wool,64s,staple,Terr del-u,w n.a.
Grains andFeeds
Bran,wheat middlings, KC-u,w 80 Corn,No. 2 yellow,Cent IL-bp,u 4.3600 Cottonseed meal-u,w 320 Hominyfeed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 355 Oats,No.2 milling,Mnpls-u 3.4975 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 349.90 Soybeans,No 1 yllwIL-bp,u 12.0100 Wheat,Spring14%-pro Mnpls-u 8.4625 Wheat,No 2 soft red,St.Louis-u 6.2950 Wheat-Hard-KC(USDA)$perbu-u n.a. Wheat,No 1soft white,Portld,OR-u 6.6250
Japan 2.125 2.125 2.125 1.875
Policy Rates Euro zone 2.40 2.40 2.40 2.15 Switzerland 0.25 0.25 0.50 0.25 Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60
Overnight repurchase U.S. 3.67 3.61 4.45 3.49
U.S. government rates
Discount 3.75 3.75 4.50 3.75
Treasury yields(secondary market) 1-month 3.67 3.65 4.29 3.55 3-month 3.77 3.72 4.25 3.53 6-month 3.88 3.80 4.13 3.48 TIPS 5-year 2.12 2.03 2.12 1.17 7-year 2.25 2.17 2.25 1.43 10-year 2.39 2.33 2.39 1.70 20-year 2.73 2.68 2.73 2.14 Long-term avg 2.91 2.85 2.91 2.28
wsj.com/market-data/commodities
Food
Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 348.28 select 1-3,600-900 lbs.-u 331.04 Broilers,Nationalcompwtd.avg.-u,w 1.1777 Butter,AA Chicago-d 1.4700 Cheddar cheese,bbl,Chicago-d 163.00 Cheddar cheese,blk,Chicago-d 159.50 Milk,Nonfat dry,Chicago lb.-d 140.00 Coffee,Brazilian,Comp-y 3.0233 Coffee,Colombian,NY-y 3.6397 Eggs,large white,Chicago-u,w 1.2150 Flour,hard winter KC-p 19.55 Hams,17-20 lbs,Mid-US fob-u n.a. Hogs,Iowa-So. Minnesota-u 95.35 Pork bellies,12-14 lbMidUS-u 1.9716 Pork loins,13-19 lbMidUS-u 1.1196 Steers,Tex.-Okla. Choice-u n.a. Steers,feeder,Okla. City-u,w 407.50 Fatsand Oils
Degummedcornoil,crudewtd.avg.-u,w n.a. Grease,choice white,Chicago-h 0.7100 Lard,Chicago-u n.a. Soybean oil,crude;CentlIL-u,w 0.7559 Tallow,bleach;Chicago-h 0.7450 Tallow,edible,Chicago-u n.a.
Effectiverate 3.6400 3.6400 4.3300 3.6300 High 3.7000 3.7000 4.5500 3.7000 Low 3.5500 3.5500 4.3200 3.5500 Bid 3.6200 3.6200 4.3200 3.6100 Offer 3.6400 3.6400 4.3300 3.6300
Treasury bill auction 4 weeks 3.730 3.660 4.300 3.550 13 weeks 3.815 3.730 4.235 3.540 26 weeks 3.945 3.835 4.120 3.475
Other short-term rates
Call money
5.50 5.50 6.25 5.50
Commercial paper (AA financial) 90 days n.a. 3.77 4.32 3.57
Secured Overnight Financing Rate
3.64 3.59 4.51 3.50
Value 52-Week Latest Traded High Low
DTCC GCFRepo Index Treasury 3.665 60.386 4.492 3.504 MBS 3.682 113.852 4.623 3.517
Weekly survey
Latest Week ago Year ago
Freddie Mac 30-year fixed 6.58 6.55 6.74 15-year fixed 5.96 5.93 5.87
Notes ondata: U.S. prime rate is the base rateon corporate loans posted by atleast 70% of the 10largest U.S. banks, and iseffective December 11, 2025. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rateiseffective December 11, 2025. Secured Overnight Financing Rate isas of July 24, 2026. DTCC GCF Repo Index isDepository Trust & Clearing Corp.'s weighted average for overnight tradesin applicable CUSIPs. Value traded isin billionsof U.S. dollars.Federal-funds rates are Tullett Prebon rates as of 3:30p.m. ET. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd.
Dec 112-010 112-010 111-260 111-300 22.0 22 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 110-020 110-150 109-310 110-090 18.0 1,849,834 Dec 109-270 110-010 109-200 109-280 18.0 8,497 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 108-160 108-220 108-125 108-185 8.0 5,249,136 Dec 108-100 108-145 108-065 108-115 8.5 18,706 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 106-067 106-102 106-032 106-065 4.0 6,147,422 Dec 106-070 106-070 106-030 106-042 4.2 18,501 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-256 102-269 102-236 102-245 .9 4,362,316 Dec 102-231 102-232 102-215 102-217 1.1 5,868 30Day Federal Funds (CBT)-$5,000,000; 100 -daily avg. July 96.3675 96.3675 96.3650 96.3650 –.0025 321,369 Aug 96.2950 96.3000 96.2700 96.2800 .0000 909,714 Three-Month SOFR (CME)-$1,000,000; 100 -daily avg. June 96.3025 96.3075 t 96.2925 96.2950 –.0050 1,276,108 Dec 95.8950 95.9100 t 95.8400 95.8550 .0000 1,731,035
Currency Futures
Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6121 .6133 .6117 .6116 .0001 1,492 Sept .6132 .6147 .6128 .6130 .0001 426,983 Canadian Dollar (CME)-CAD 100,000; $per CAD Aug .7111 .7111 .7090 .7087 –.0014 439 Sept .7111 .7123 .7095 .7096 –.0014 365,667 British Pound (CME)-£62,500; $ per £ Aug 1.3357 1.3359 1.3287 1.3288 –.0037 586 Sept 1.3328 1.3364 1.3285 1.3288 –.0037 253,026 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1.2311 1.2353 t 1.2269 1.2276 –.0014 109,825
Bonds | wsj.com/market-data/bonds/benchmarks
Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yieldspaid to investors comparedwith 52-week highs and lows for different types of bonds
Total return YTD total Yield(%) close return (%) Index Latest Low High
Total return YTDtotal Yield (%) close return(%) Index Latest Low High
Broad Market Bloomberg Fixed Income Indices
2240.77 -0.3 U.S. Aggregate 4.940 4.160 5.000
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3425.35 -0.6 U.S. Corporate 5.450 4.680 5.470
3384 27 0.1 Intermediate 5.150 4.330 5.180
4356.50 -2.0 Long term 6.100 5.370 6.130
635.46 -1.8 Double-A-rated 5.340 4.410 5.350
942.33 -0.2 Triple-B-rated 5.610 4.860 5.640
High Yield Bonds ICE BofA
626.68 1.5 HighYieldConstrained 7.324 6.489 7.668
628.17 -0.03 Triple-C-rated 13.749 11.438 14 020
4162.96 1.0 High Yield 100 6.675 5.828 7.136
547.09 1.9 GlobalHighYieldConstrained 7.022 6.317 7.438
401.62 1.6 EuropeHighYieldConstrained 5.505 4.820 6.198
U.S Agency Bloomberg Fixed Income Indices
1964.31 0.3 U.S Agency 4.610 3.830 4.650
1742.74 0.4 10-20 years 4.550 3.750 4.590
3684.86 -0.8 20-plus years 5.270 4.580 5.300
3037.08 -0.03 Yankee 5.090 4.320 5.130
*Constrained indexes limit individual issuer concentrations to 2%; theHigh Yield 100arethe100 largest bonds †In local currency §Euro-zone bonds
** EMBI Global Index Sources: ICEData Services; Bloomberg Fixed IncomeIndices;J.P.Morgan
Yields and spreads over or under U.S. Treasurysonbenchmark two-year and 10-year government bonds in selected other countries;arrows indicatewhether the yield rose(s)or fell (t) in thelatest session
Country/ Yield(%) SpreadUnder/OverU.S. Treasurys, inbasispoints Coupon (%) Maturity, in years Latest(l)0 1 2 3 4 5 6 Previous Monthago Year ago Latest Prev Yearago 4.125 U.S. 2 4.318 t l 4.328 4.087 3.916 4.375 10 4.640t l 4.678 4.372 4.385
2.250 Australia 2 4.644 t l 4.728 4.426 3.407 31.5 37.6 -53.3
4.250 10 5.008 t l 5.092 4.732 4.356 36.4 40.5 -3.6
2.400 France 2 2.960 t l 3.007 2.670 2.200 -136.9 -134.6 -174.0
3.700 10 3.916 t l 3.977 3.520 3.389 -72.9 -71.0 -100.3
2.500 Germany 2 2.800 t l 2.835 2.526 1.942 -152.9 -151.7 -199.8
3.000 10 3.158 t l 3.204 2.856 2.722 -148.6 -148.3 -167.0
2.650 Italy 2 2.991 t l 3.042 2.685 2.142 -133.8 -131.0 -179.8
3.800 10 3.935 t l 3.998 3.585 3.566 -70.9 -68.9 -82.6
1.400 Japan 2 1.501 t l 1.520 1.409 0.859 -282.8 -283.3 -308.2
2.700 10 2.771 t l 2.816 2.602 1.605 -187.3 -187.1 -278.7
2.400 Spain 2 2.823 t l 2.891 2.589 2.073 -150.6 -146.1 -186.7
3.400 10 3.584 t l 3.646 3.292 3.257 -106 -104.1 -113.5
4.375 U.K. 2 4.380 t l 4.415 4.139 3.881 5.1 6.3 -5.9
1.125 10 4.999 t l 5.033 4.738 4.632 35.5 34.6 24.0
Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreadsthat tightened the most…
Spread*, in basispoints Issuer Symbol Coupon (%) Yield(%) Maturity Current One-daychange Lastweek
State Street Bankand Trust … 4.701 4.59 July 23, ’29 25 –11 n.a.
Amgen AMGN 4.950 5.80 Oct. 1, ’41 116 –4 n.a.
BNP Paribas … 4.400 4.88 Aug. 14, ’28 56 –4 55
NomuraHoldings … 5.166 5.31 July 14, ’31 91 –4 91
Verizon Communications VZ 4.862 6.31 Aug. 21, ’46 116 –3 113
Athene Global Funding … 5.526 5.55 July 11, ’31 115 –2 110
Citigroup C 8.125 5.62 July 15, ’39 98 –2 99
Hess … 7.300 4.98 Aug. 15, ’31 59 –2 60
Lockheed Martin LMT 8.500 4.69 Dec. 1, ’29 34 7 n.a.
AT&T T 5.350 6.04 Sept. 1, ’40 138 7 n.a.
Toyota Motor Credit … 4.500 4.72 July9, ’29 37 7 38
Lincoln Financial Global Funding … 5.300 5.17 Jan. 13, ’30 77 6 n.a.
Morgan Stanley MS 6.375 5.90 July 24, ’42 74 3 73
GAGlobal Funding Trust … 4.500 5.55 Sept. 18, ’30 115 2 n.a.
MizuhoBank … 4.395 4.70 April 16, ’29 36 2 37
Netflix NFLX 6.375 4.73 May 15, ’29 38 2 37
BondPrice as %of facevalue Issuer Symbol Coupon (%) Yield(%) Maturity Current One-daychange Lastweek
ParamountGlobal … 6.875 8.07 April 30, ’36 92.000 0.50 91.360
TevaPharmaceuticalFinanceNetherlandsIII … 4.100 6.34 Oct. 1, ’46 74.660 0.41 75.348
Bath & Body Works BBWI 6.875 6.71 Nov. 1, ’35 101.120 0.31 102.200
Occidental Petroleum OXY 6.450 5.74 Sept. 15, ’36 105.404 0.10 106.087
Verde Purchaser … 10.500 9.52 Nov. 30, ’30 101.990 0.03 103.000
Dec 1.2461 1.2463 1.2461 1.2406 –.0013 606 Australian Dollar (CME)-AUD 100,000; $ perAUD Aug .7003 .7003 .6988 .6986 .0006 676 Sept .6990 .7006 .6980 .6983 .0006 225,995 Mexican Peso (CME)-MXN 500,000; $ perMXN Aug .05694 .05712 .05694 .05719 .00010 938 Sept .05697 .05719 .05694 .05706 .00010 198,956 Euro (CME)-€125,000; $ per€ Aug 1.1408 1.1424 1.1378 1.1378 –.0002 13,606 Sept 1.1410 1.1442 1.1391 1.1392 –.0002 767,187
Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 52299 52790 52173 52382 258 81,279 Dec 52850 53188 52598 52792 261 246 Mini S&P 500 (CME)-$50xindex Sept 7490.00 7524.75 7416.25 7448.25 0.75 1,901,727 Dec 7544.00 7589.75 7483.50 7515.00 0.75 31,888 Mini S&P Midcap 400 (CME)-$100xindex Sept 3832.00 3847.20 3786.60 3811.90 11.60 36,379 Dec … … … 3840.40 12.20 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 28500.00 28763.25 27939.00 28190.00 –92.25 288,907 Dec 28715.25 29040.25 28233.75 28476.75 –96.50 1,998 Mini Russell 2000 (CME)-$50xindex Sept 2955.50 2985.90 2941.20 2960.00 18.70 418,503 Dec 2990.00 3008.60 2965.00 2982.60 19.00 442 Mini Russell 1000 (CME)-$50xindex Sept 4087.30 4087.30 4056.90 4058.40 2.10 5,707 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 101.19 101.39 100.95 101.38 .08 56,278 Dec 100.71 101.05 100.67 101.08 .08 284
Mortgage-Backed Bloomberg Fixed Income Indices
2250.68 0.1 Mortgage-Backed 5.200 4.380 5.290
2213.83 0.4 Ginnie Mae (GNMA) 5.250 4.420 5.330
1330.36 -0.01 Fannie mae (FNMA) 5.190 4.370 5.270
2040.53 -0.4 FreddieMac(FHLMC) 5.030 4.160 5.130
620.17 0.3 Muni Master 3.621 3.037 3 716
438.49 -0.9 7-12 year 3.391 2.596 3.453
503.39 0.7 12-22 year 4.148 3.608 4.566
474.29 1.6 22-plus year 4.710 4.432 5.100
Global Government J.P. Morgan†
554.65 -0.8 Global Government 4.218 3.500 4.270
850.17 1.0 Canada 3.543 3.070 3.676
364.79 -0.1 EMU§ 3.637 3.117 3 728
657.47 -0.1 France 3.930 3.330 4.023
463.34 -0.2 Germany 3.238 2.650 3.317
244.91 -3.3 Japan 3.035 2.000 3.090
506.91 0.04 Netherlands 3.357 2.860 3.434
811.24 -1.2 U K. 5.232 4.560 5.381
1034.66 1.6 Emerging Markets ** 7.033 6.403 7.240
Source: Tullett Prebon, TradewebFTSE U.S.TreasuryClose
Source: FactSet
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.
Monday, July 27, 2026
Monday, July 27, 2026
Monday, July 27, 2026
Net Stock Sym Close Chg
Stock Sym Close Chg A B C
Net Stock Sym Close Chg
AES AES 14.83 -0.01
s Aflac AFL 126.56 0.96 AGNC Invt AGNC 10.64 0.05 APA APA 34.74 -1.41 ASE Tech ASX 36.55 -0.29 ASML ASML 1655.26-101.83 AST Space ASTS 58.29 2.09 AT&T T 24.42 0.29 ATI ATI 192.64 -5.16 AXIAEnergia AXIA 10.06 0.15 AbbottLabs ABT 104.49 1.43
s AbbVie ABBV 256.91 -2.45 Abivax ABVX 128.00 2.30 Accenture ACN 154.06 7.07 Acuity AYI 335.97 5.83 Adobe ADBE 237.75 12.64 AdvDrainageSys WMS 143.19 1.35 AdvEnergyInds AEIS 291.95 -12.04
AdvMicroDevices AMD 494.95 -27.00 Aegon AEG 9.16 0.03 AerCap AER 151.40 0.10 AffiliatedMgrs AMG 363.80 5.51 AffirmA AFRM 73.05 2.82 AgilentTechs A 137.89 -0.68 AgnicoEagleMines AEM 145.96 0.83 AgreeRealty ADC 80.45 -0.18 AirProducts APD 292.58 -5.29 Airbnb ABNB 146.86 5.76 AkamaiTech AKAM 112.85 -2.52 AlamosGold AGI 29.72 0.14 Albemarle ALB 116.18 1.33 Alcoa AA 44.08 -0.16 Alcon ALC 67.28 -0.63 Alibaba BABA 115.00 2.86 AlignTech ALGN 168.05 1.04 Allegion ALLE 158.14 4.78 AlliantEnergy LNT 73.93 -1.01 AllisonTransm ALSN 121.91 -0.43
s Allstate ALL 261.27 1.30 AllyFinancial ALLY 43.68 0.76 AlnylamPharm ALNY 278.40 6.63 Alphabet A GOOGL 326.56 6.82 Alphabet C GOOG 326.57 7.48 Altria MO 72.89 -0.10 Amazon.com AMZN 231.39 -0.72 Ambev ABEV 3.07 0.01 Amcor AMCR 45.24 0.70 AmerSports AS 35.18 1.26 Ameren AEE 112.11 -1.67 AmericaMovil AMX 25.70 -0.31 AmerAirlines AAL 14.95 0.48 AEP AEP 133.59 -1.95 AmerExpress AXP 335.39 9.22 AmericanFin AFG 143.88 0.12 AmerHlthcrREIT AHR 57.45 0.01 AmHomes4Rent AMH 33.45 0.08 AIG AIG 79.16 0.10 AmerTowerREIT AMT 166.74 0.07 AmerWaterWorks AWK 134.56 -0.10 Ameriprise AMP 538.01 9.11 Ametek AME 243.12 1.15 Amgen AMGN 376.26 0.22 AmkorTech AMKR 60.71 -4.25 Amphenol APH 149.28 -3.39 Amrize AMRZ 49.96 0.71 AnalogDevices ADI 371.89 0.03 Ang oGoldAsh AU 80.48 0.81 AB InBev BUD 80.87 -0.79 AnnalyCap NLY 22.57 0.12 AnteroMidstream AM 21.97 -0.78 AnteroResources AR 33.85 -1.43 Aon AON 367.17 5.47 APi Group APG 39.93 0.36
s ApogeeTherap APGE 134.28 ... Apol oGlbMgmt APO 124.24 1.63
s Apple AAPL 336.91 3.89
s AppliedIndlTech AIT 349.31 2.25 App Materials AMAT 516.89 -19.36 AppLovin APP 412.73 20.75 Aptiv APTV 57.45 0.90 Aramark ARMK 57.92 0.74 ArcelorMittal MT 67.53 0.65 ArchCapital ACGL 103.88 0.52 ADM ADM 83.19 -2.73
AUCTION RESULTS Hereare theresults ofMonday's Treasury auctions. A l bids areawarded at asingle priceat themarket-clearing yield.Rates are determined bythe difference between that priceand theface value.
13-Week 26-Week Applications $288,246,049,300 $252,050,356,800 Accepted bids $98,464,640,400 $84,551,548,800 "noncomp $1,859,536,400 $2,143,756,400 "foreign noncomp $350,000,000 $150,000,000 Auction price (rate) 99.035653 98.005583 (3.815%) (3.945%) 3.906% 4.081% Bidsat clearing yie d accepted 83.44% 36.13% 912797SK4 912797VU8
Both issues aredated July 30, 2026. The 13-week bills mature onOct. 29, 2026; the 26-week billsmature onJan. 28, 2027.
TWO-YEAR NOTES Applications $191,306,231,700 Accepted bids $76,628,842,100 "noncompetitively $919,081,500 "foreign noncompetitively $305,000,000 Auction price (rate) 99.876720 (4.315%) Interestrate 4.250% Bidsat clearing yie d accepted 69.04% Cusipnumber 91282CRB9
The notes, dated July 31, 2026, mature onJuly 31, 2028.
The notes, dated July 31, 2026, mature onJuly 31, 2031.
FIVE-YEAR NOTES Applications $167,491,570,900 Accepted bids $77,739,280,900 "noncompetitively $144,786,500 "foreign noncompetitively $50,000,000 Auction price (rate) 99.853357 (4.408%) Interestrate 4.375% Bidsat clearing yie d accepted 51.71% Cusipnumber 91282CRA1
52-Wk % Stock Sym Hi/Lo Chg New Highs and Lows
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.
ACNB ACNB 64 29 3 1 Aflac AFL 126 87 0 8 AMRRscsAcqn AMACU 10 02 0 4 AXIS Capital AXS 118 00 0 5 AbbVie ABBV 262 10 0 9 AcmeUnited ACU 57 51 5 4 AffinityBncshs AFBI 22 98 0 1 Agri &NatSolnsA ANSC 11 46 0 1 A banyIntl AIN 77 00 0 9 AldelFinII A ALDF 10 78 AlerusFinancial ALRS 33 27 0 1 A lstate ALL 262 24 0 5 AmalgamFin AMAL 50 92 0 9 AmerantBncp AMTB 30 00 3 6 AmeriServFin ASRV 4 49 3 5 AmylyxPharm AMLX 19 60 5 9 Andersen ANDG 48 32 9 6 ApexTreasuryA APXT 10 19 0 1 ApogeeTherap APGE 134 46 Apple AAPL 339 57 1 2 App iedIndlTech AIT 349 89 0 6 BOK Fin BOKF 143 65 0 8 BBVA BBVA 26 59 2 5 BankofAmerica BAC 62 99 0 1 BankofMarinBncp BMRC 30 92 5 3 BankwellFinl BWFG 64 61 3 5 Barclays BCS 28 67 2 3 BestBuy BBY 89 28 3 5 BluerockAcqnWt BLRKW 0 86 16 7 BrightSpring BTSG 73 75 1 3 BrinkerIntl EAT 197 99 4 5 BristolMyers BMY 63 44 0 8 CBL&Assoc CBL 58 64 1 5 CF Bankshares CFBK 35 50 1 7 CNA Fin CNA 54 60 1 0 COPTDefenseProp CDP 38 54 0 6 CSX CSX 53 60 2 7 CaliforniaBncp BCAL 22 00 0 9 CapitalCityBank CCBG 52 49 0 9 CassInfoSys CASS 55 42 1 0
AresMgmt ARES 127.76 1.25 argenx ARGX 888.82 -29.40 AristaNetworks ANET 170.76 -3.23 Arm ARM 266.33 6.32 ArrowElec ARW 213.23 0.96 ArrowheadPharm ARWR 85.53 -0.07 Arxis ARXS 43.58 1.18 AscendisPharma ASND 253.42 -0.44 Assurant AIZ 276.87 -0.07 AsteraLabs ALAB 282.52 -9.06 AstraZeneca AZN 169.64 0.38 Atlassian TEAM 95.87 8.99 AtmosEnergy ATO 178.22 -1.00 AuroraInnov AUR 6.21 0.26 Autodesk ADSK 225.91 16.16 ADP ADP 254.98 4.89 AutoZone AZO 3075.26117.85 Avalonbay AVB 187.56 -2.05 AveryDennison AVY 163.03 2.13 AxonEnterprise AXON 525.48 23.14 AxsomeTherap AXSM 238.37 -2.63 BCE BCE 21.24 -0.06 BHP Group BHP 83.93 0.21 BJ'sWholesale BJ 94.72 1.78 BP BP 42.31 -1.51 BWX Tech BWXT 176.53 2.01 BXP BXP 69.21 0.10 Baidu BIDU 105.29 -0.05 BakerHughes BKR 60.59 3.34 Ball BALL 64.67 0.83
s BBVA BBVA 26.59 0.64 BancoBradesco BBDO 3.25 0.04 BancodeChile BCH 41.40 0.68 BancSanBrasil BSBR 5.44 0.14 BcoSantChile BSAC 34.46 0.99 BancoSantander SAN 13.99 0.45
s BankofAmerica BAC 62.13 0.08 BankMontreal BMO 178.51 0.74 BankNY Mellon BNY 157.77 -0.51 BankNovaScotia BNS 86.88 -0.12
s Barclays BCS 28.56 0.65 BarrickMining B 37.38 0.27 BaxterIntl BAX 23.34 0.94 BectonDicknsn BDX 158.92 2.56 BendingSpoons BSP 33.26 -0.80 BentleySystems BSY 33.71 2.31 BeOneMed ONC 325.90 ... Berkley WRB 75.70 0.24 BerkHathwy B BRK.B 497.18 2.25 BerkHathwy A BRK A 745840840.01
s BestBuy BBY 88.45 3.02 Bio-Techne TECH 71.62 0.02 Biogen BIIB 200.14 -2.05 BioMarinPharm BMRN 60.27 0.94 BioNTech BNTX 91.09 1.76
B tMineImmersion BMNR 17.92 2.13 BlackRock BLK 1062 14 6.47 Blackstone BX 132.60 2.60 Block XYZ 81.24 4.09 BloomEnergy BE 188.18 3.29 BlueOwlCapital OWL 9.68 0.23 Boeing BA 211.50 1.98 Booking BKNG 186.79 9.33 BorgWarner BWA 63.68 -0.71 BostonSci BSX 45.51 1.26 BridgeBioPharma BBIO 84.12 0.10
s BrightSpring BTSG 71.98 -0.93
s BristolMyers BMY 62.56 0.47 BritishAmTob BTI 60.82 -0.14 BrixmorProp BRX 32.35 -0.09 Broadcom AVGO 383.22 1.30 BroadridgeFinl BR 152.78 3.86 BrookfieldAsset BAM 47.56 1.21 Brookfield BN 42.08 0.41 BrookfieldInfr BIP 40.41 -0.47 BrookWealth BNT 42.85 0.30 Brown&Brown BRO 69.70 2.04 Brown-Forman B BFB 27 40 1.32 Brown-Forman A BFA 27.93 1.22 Bruker BRKR 60.05 -0.40 Bullish BLSH 22.80 -1.16 BungeGlobal BG 117.50 -4.03 BurlingtonStrs BURL 358.01 8.04 CACI Intl CACI 495.89 9.12 CBRE Group CBRE 143.88 4.42 CDW CDW 138.04 4.22 CF Industries CF 119.78 -5.29
Central Banco CBC 32 49 0 1 ChathamLodging CLDT 13 84 2 1 ChemungFinl CHMG 82 86 0 6 Church llCapC.XII CXII 10 90 0 9 CitizensFinlSvc CZFS 76 00 1 5 CityHolding CHCO 144 56 3 1 ConnectOnePfdA CNOBP 25 17 0 1 Corpay CPAY 382 78 2 5 Crane CR 230 50 0 1 Csquare CSQR 23 50 3 6 Cu len/Frost CFR 166 25 0 2 Danaos DAC 141 99 0 1 DieboldNixdorf DBD 92 09 1 6 DivrsHlthcrNts42 DHCNI 18 18 0 9 DyneTherap DYN 26 12 4 9 EPR Prop EPR 64 59 0 2 EPR PropPfdC EPRpC 28 31 0 2 EQVVenturesIIA EVAC 10 24 Enact ACT 47 36 0 7 En ivenTherap ELVN 55 79 0 4 EnovaIntl ENVA 252 71 6 2 EnteraBio ENTX 4 20 91 2 Everest EG 390 53 1 1 FB Bancorp FBLA 15 79 0 7 FGI Industries Wt FGIWW 1 86 404 8 FedAgriMtg C AGM 214 88 0 2 FedAgriMtg A AGM.A 151 07 0 7 FederalRealty FRT 127 72 0 8 FiEE FIEE 10 59 12 7 FinInstitutions FISI 41 45 1 6 FinwardBancorp FNWD 45 00 0 8 FirstAmerFin FAF 76 80 1 5 FirstBanCorp FBP 29 17 0 1 FirstBank FRBA 18 75 3 6 FirstBusFinSvcs FBIZ 69 03 0 4 FirstCommBkshs FCBC 48 89 0 6 FirstComSC FCCO 34 53 0 8 FirstMidBcshs FMBH 51 65 0 3 1stSource SRCE 87 83 1 1 FirstTracksBio TRAX 46 45 18 3 Flexsteel FLXS 77 38 0 9 ForteBiosci FBRX 76 60 39 6 Funko FNKO 6 26 5 7
CGI A GIB 69.47 3.04 CH Robinson CHRW 174.46 -12.05 CME Group CME 255.36 0.05 CMS Energy CMS 74.27 -0.43
s CNA Fin CNA 54.18 0.52 CNH Indl CNH 11.08 -0.07 CRH CRH 102.86 2.99
s CSX CSX 51.80 -1.43 CVS Health CVS 107.07 -0.67 CadenceDesign CDNS 338.61 12.37 CamdenProperty CPT 112.84 -0.89 Cameco CCJ 89.35 1.49 CIBC CM 118.25 0.81 CanNtlRlwy CNI 128.88 -0.60 CanadianNatRscs CNQ 44.79 -1.65 CdnPacKC CP 91.40 -0.96 CapitalOne COF 207.05 4.21 CardinalHealth CAH 229.35 1.32 CareTrustREIT CTRE 42.96 -0.29 Carlisle CSL 340.66 4.62 Carlyle CG 46.28 0.88 Carnival CCL 27.12 0.79 CarpenterTech CRS 580.25 -23.44 CarrierGlobal CARR 69.33 0.45 Carvana CVNA 64.04 3.58 CaseysGenStores CASY 853.38 -8.25 Caterpillar CAT 873.28 -15.45 Celestica CLS 318.24 12.96 Cemex CX 12.20 0.14 Cencora COR 311.15 1.26 CenovusEnergy CVE 28.04 -1.24 Centene CNC 64.08 0.67 CenterPointEner CNP 44.01 -0.55
CerebrasSystems CBRS 188.61 -10.51 CharlesRiverLabs CRL 224.30 -2.28 CharterComms CHTR 131.61 8.30 CheckPoint CHKP 132.75 2.18 CheniereEnergy LNG 255.88 -13.84 CheniereEnerPtrs CQP 62.94 -2.70 Chevron CVX 190.00 -4.79 Chipotle CMG 33.20 1.41 Chubb CB 358.91 -0.84 ChunghwaTel CHT 43.08 0.33 Church&Dwight CHD 98.70 1.06 Ciena CIEN 377.27 -13.69 Cigna CI 291.02 1.45 CincinnatiFinl CINF 184.23 1.42 Cintas CTAS 210.98 5.07 CipherDigital CIFR 21.65 -1.50 CircleInternet CRCL 65.67 3.31 CiscoSystems CSCO 114.57 0.40 Citigroup C 133.10 0.91 CitizensFin CFG 71.10 -0.78 CleanHarbors CLH 301.75 -1.99 Clorox CLX 97.41 1.86 Cloudflare NET 265.61 3.46 Coca-Cola KO 84.07 1.82 Coca-ColaCon COKE 186.28 1.58 CocaColaEuropac CCEP 108.70 3.59 CoeurMining CDE 15.36 0.23 Cognex CGNX 61.29 -0.76 CognizantTech CTSH 47.05 1.60 Coherent COHR 271.31 -11.08 CoinbaseGlbl COIN 167.49 9.20 ColgatePalm CL 91.98 1.23 Comcast A CMCSA 22.80 0.50 ComfortSystems FIX 1730.42 -3.18 SABESP SBS 5.68 0.07 ConocoPhillips COP 115.58 -4.68 ConEd ED 111.50 -1.51 ConstBrands A STZ 129.71 -0.45 ConstellationEner CEG 270.00 -4.35 Cooper COO 70.29 -0.02 Copart CPRT 29.79 1.85 CorceptTherap CORT 91.12 -4.24 CorebridgeFin CRBG 31.73 0.44 CoreWeave CRWV 70.79 -1.09 Corning GLW 143.36 -3.29
s Corpay CPAY 379.71 9.13 Corteva CTVA 87.58 -1.67 CoStar CSGP 29.17 1.51 Costco COST 951.58 16.55 Coupang CPNG 15.93 0.43
s Crane CR 226.44 0.30 Credicorp BAP 390.99 2.57 CredoTech CRDO 208.14 -5.01 CrowdStrike CRWD 180.11 -3.17
t CrownCastle CCI 74.13 -0.77 Crown Holdings CCK 118.45 0.57 CubeSmart CUBE 42.28 0.19
s Cu len/Frost CFR 163.88 -0.35 Cummins CMI 661.84 -2.81 Curtiss-Wright CW 743.83 -6.36 Cytokinetics CYTK 80.62 -0.12 D E F
DTE Energy DTE 147.23 -2.23 DT Midstream DTM 140.40 -5.29 Danaher DHR 196.50 5.00 Darden DRI 204.10 7.79 DarlingIngred DAR 60.53 -1.97 Datadog DDOG 251.86 5.00 DaVita DVA 236.31 0.87 DeckersOutdoor DECK 97.73 1.69 Deere DE 625.02 -3.14 DellTechC DELL 426.91 -10.59 DeltaAir DAL 86.67 1.61 DeutscheBank DB 35.50 0.84 DevonEnergy DVN 43.16 -1.88 DexCom DXCM 73.37 1.83 Diageo DEO 85.16 2.08 DiamondbkEner FANG 195.80 -8.88 Dick's DKS 205.60 -0.44 DigitalRealty DLR 195.76 -3.32 DigitalOcean DOCN 120.20 -3.34 Disney DIS 96.65 1.80 DocuSign DOCU 52.91 2.47 DollarGeneral DG 123.22 5.99 DollarTree DLTR 125.54 5.09 DominionEner D 70.27 -0.83 Domino's DPZ 343.53 10.56 Donaldson DCI 93.19 0.40 DoorDash DASH 184.37 11 46 Dover DOV 205.85 3.65 Dow DOW 28.75 -1.09 DrReddy'sLab RDY 11.77 -0.02 DraftKings DKNG 24.11 1.10 DukeEnergy DUK 128.83 -1.69 DuPont DD 139.96 2.26
FutureVisionII FVN 12 70 3 2 GeneralDynamics GD 392 57 0 6 Greif B GEF.B 100 93 4 2 Greif A GEF 80 77 2 2 GrupoCibest CIB 88 36 2 2 HBT Finl HBT 35 03 3 9 HSBC HSBC 104 33 0 6 HalozymeTherap HALO 83 50 0 5 HamiltonIns HG 36 48 0 3 HealthcareRealty HR 21 71 0 6 Hexcel HXL 111 74 0 5 HighwoodsProp HIW 34 00 0 6 HomeBancShares HOMB 31 34 HowmetAerospace HWM 295 28 0 5 ING Groep ING 33 60 2 0 Immersion IMMR 7 75 18 6 Incyte INCY 120 71 1 0 InflectionPtA IPCX 11 50 0 8 IntegraLifeSci IART 20 40 1 3 IntlGeneralIns IGIC 29 01 0 4 JABAcqnI JABRU 10 09 0 1 JakksPacific JAKK 26 32 5 8 Joyy JOYY 75 55 1 1 JPMorganChase JPM 359 05 0 8 JanusLiving JAN 32 10 0 6 JazzPharm JAZZ 257 00 0 6 KaratPkg KRT 41 38 3 6 KemperDeb2062 KMPB 24 64 0 9 KimcoRealty KIM 26 55 1 1 KornFerry KFY 81 62 3 7 Labcorp LH 301 79 1 5 LongTableGrowth LTGRU 10 07 0 2 MEvoGlblAcqnII MEVO 9 96 0 1 MGIC Investment MTG 30 22 1 2 Macerich MAC 26 40 1 2 ManulifeFinl MFC 44 13 0 9 Merck MRK 132 53 0 2 MetLife MET 96 00 0 4 MidPennBancorp MPB 38 32 1 6 MidlandStBncp MSBI 33 11 1 8 MitsubishiUFJ MUFG 23 25 0 9 MountainCrestAcqn6 MCAH 9 96 0 1
DutchBros BROS 65.70 1.70 DycomInds DY 424.21 -5.60 Dynatrace DT 43.72 2.10 EMCOR EME 742.75 -2.10 ENI E 50.63 -1.77 EOG Rscs EOG 140.31 -6.08 EQT EQT 52.00 -1.03 EastWestBncp EWBC 129.89 -1.11 EastGroup EGP 210.84 -2.26 Eaton ETN 398.64 -5.43 eBay EBAY 113.21 3.82 EchoStar ECHO 86.69 -1.19 Ecolab ECL 271.38 2.63 Ecopetrol EC 15.80 -0.21 EdisonIntl EIX 78.64 -1.11 EdwardsLife EW 83.04 0.41 ElancoAnimal ELAN 25.41 0.50 ElbitSystems ESLT 812.86 -7.35 ElectronicArts EA 209.07 0.01 ElementSolns ESI 37.84 0.40 ElevanceHealth ELV 378.36 0.68 Embraer EMBJ 67.99 3.06 Emera EMA 54.33 -0.62 EmersonElec EMR 149.30 1.36 Enbridge ENB 55.35 -1.51 EncompassHealth EHC 113.88 0.99 EnergyTransfer ET 19.91 -0.45
EnlightRenewableEn ENLT 91.33 4.33 EnsignGroup ENSG 178.07 5.08 Entegris ENTG 126.37 -2.78 Entergy ETR 113.76 -2.19 EnterpriseProd EPD 38.12 -0.61 Equifax EFX 177.31 4.77 Equinix EQIX 1046 79 -37.45 Equinor EQNR 38.48 -1.87 Equitable EQH 48.59 0.59 EquityLife ELS 65.05 -1.00 EquityResdntl EQR 67.24 -0.62 ErieIndemnity ERIE 228.26 4.71 EssentialUtil WTRG 39.54 -0.07 EssexProp ESS 290.68 -2.78 EsteeLauder EL 83.20 2.91 EvercoreA EVR 340.11 0.48
s Everest EG 389.34 4.22 Evergy EVRG 85.84 -1.34 Everpure P 74.21 -0.35 EversourceEner ES 74.69 -0.22 Exelixis EXEL 55.81 0.44 Exelon EXC 47.15 -0.38 ExpandEnergy EXE 90.51 -1.01 Expedia EXPE 278 37 18 43 ExpeditorsIntl EXPD 171.34 -3.96 ExtraSpaceSt EXR 148.29 0.58 ExxonMobil XOM 154.77 -2.17 F5 FFIV 407.96 15.75 FTAI Aviation FTAI 214.15 -1.83 Fabrinet FN 470.82 -5.22 FairIsaac FICO 1280.57 43.20 Fastenal FAST 47.64 0.62
s FederalRealty FRT 127.13 1.05 FedEx FDX 310.79 -4.17 FedExFreight FDXF 150.30 -7.70 FergusonEnts FERG 234.10 3.43 Ferrari RACE 380 01 19.87 Ferrovial FER 62.86 -0.39 FidNatlFinl FNF 52.02 0.40 FidNatlInfo FIS 43.16 1.65 FifthThirdBncp FITB 57.00 -0.41 Figma FIG 22.94 1.82 FirstCitizBcshA FCNCA 2137 36 -23.29 FirstHorizon FHN 25.48 -0.05 FirstIndRlty FR 66.46 -0.53 FirstSolar FSLR 205.83 3.01 FirstEnergy FE 49.32 -0.60 Fiserv FISV 52.31 1.29 FiveBelow FIVE 207.14 3.95 Flex FLEX 116.07 -2.44 Flowserve FLS 72.68 0.28 FlutterEnt FLUT 105.84 4.59 FEMSA FMX 132.15 5.03 FordMotor F 14.68 0.31 ForgentPwr FPS 36.22 0.33 Fortinet FTNT 152.38 0.01 Fortis FTS 58.31 -0.53 Fortive FTV 62.92 0.61 FoxA FOXA 56.64 1.33 FoxB FOX 50.81 1.40 Franco-Nevada FNV 214.43 -0.25 FranklinRscs BEN 33.22 0.73 FreedomHolding FRHC 156.21 5.19 FreeportMcM FCX 62.72 0.12 FreseniusMedCare FMS 24.87 0.28 Fu lTruck YMM 9.31 0.10 Futu FUTU 104.27 4.91 G H I
GE Aerospace GE 361.61 7.88 GE HealthCare GEHC 61.12 0.54 GE Vernova GEV 996.57 -18.18 GFLEnvironmental GFL 38.99 -0.69 GSK GSK 51.98 0.63 Gallagher AJG 253.36 5.59 GameStop GME 21.52 0.35 Gaming&Leisure GLPI 45.04 -0.13 Garmin GRMN 242.47 -0.56 Gartner IT 147.45 6.95 GenDigital GEN 26.74 0.90 Generac GNRC 197.54 -4.47
s Genera Dynamics GD 389.14 2.39 GeneralMills GIS 36.61 0.58 GeneralMotors GM 87.04 4 40 Genmab GMAB 28.80 -0.07 GenuineParts GPC 127.70 3.49 Gildan GIL 50.68 0.73 GileadSciences GILD 130.52 1.21 G obalPayments GPN 84.06 3.14 G obalFoundries GFS 53.18 -0.35 Globalstar GSAT 79.03 0.10 GlobeLife GL 174.37 0.89 GlobusMedical GMED 78.25 1.76 GoDaddy GDDY 96.41 3.25 GoldFields GFI 32.91 0.21 GoldmanSachs GS 1048 23 -13.00 Grab GRAB 3.35 0.04 Graco GGG 80.44 0.94 Grainger GWW 1398.95 16.35 GAP PAC 216.27 -0.01
s GrupoC best CIB 87.93 1.92 GuardantHealth GH 145.47 -1.86 Guidewire GWRE 149 28 11.05 HCA Healthcare HCA 389.62 7.43 HDFC Bank HDB 23.22 -0.01 HF Sinclair DINO 90.78 2.48 HP HPQ 26.55 0.80
s HSBC HSBC 103.97 0.57 H World HTHT 41.83 1.36 Haleon HLN 9.94 0.16 Halliburton HAL 32.13 -1.23
s HalozymeTherap HALO 81.48 -0.45 HarmonyGold HMY 15.87 ... HartfordIns HIG 140.14 -0.39 Hasbro HAS 90.61 1.82 HealthpeakProp DOC 22.52 0.25 HeclaMining HL 15.19 0.05 Heico HEI 357.15 7.54 HeicoA HEI.A 259.42 6.02 HenrySchein HSIC 84.61 -0.86 Hershey HSY 180.19 5.89
NMI Holdings NMIH 43 38 0 7 NMP Acqn NMP 10 31 NatlHlthcrProp NHP 16 44 0 9 NorwoodFin NWFL 33 85 3 3 OceaneeringIntl OII 53 98 1 1 Old2ndBcp OSBC 24 83 2 9 OptimumBank OPHC 6 80 5 9 OriginBancorp OBK 54 23 0 5 Orix IX 41 00 0 2 PACS Group PACS 48 00 0 5 PAMT PAMT 17 18 4 9 PCConnection CNXN 84 19 0 1 Paccar PCAR 134 27 0 9 PackagingCpAm PKG 256 44 0 8 ParkHotels PK 15 28 2 0 PenskeAuto PAG 219 59 0 8 PeoplesBncpOH PEBO 40 85 0 9 Polaris PII 75 92 2 3 Primerica PRI 317 94 PrincetonBncp BPRN 41 96 0 4 Prudentia Finl PRU 122 57 1 6 QCR Holdings QCRH 101 83 RLJ Lodging RLJ 12 56 1 1 RTX RTX 220 39 2 6 RedRiverBcshs RRBI 101 56 0 2 RenaissanceRe RNR 331 45 0 1 RepublicBcpKYA RBCAA 97 30 3 6 RsrchA liance II RACC 13 47 20 5 RevolutionMed RVMD 194 56 0 6 RingCentral RNG 55 30 11 2 RithmCapPfdD RITMpD 25 29 RossStores ROST 244 22 1 9 RyersonHolding RYZ 31 45 0 6 RymanHospitality RHP 135 52 1 4 SAIHEAT SAIH 16 87 14 0 S&T Bancorp STBA 52 78 0 7 SifcoInd SIF 27 40 0 6 SafeBulkers SB 7 80 2 0 SafetyInsurance SAFT 103 50 0 2 ScanSource SCSC 56 02 1 3 SensientTech SXT 131 04 1 5 ShoreBancshares SHBI 24 12 1 2 SilenceTherap SLN 12 19 9 5 SimonProperty SPG 231 73 0 8 SiriusXM SIRI 31 49 4 8 SiriusPoint SPNT 25 83 1 1 SmartFinancial SMBK 51 39 2 6 Smucker SJM 121 67 2 3 SonidaSrLiving SNDA 44 39 2 7 SonocoProducts SON 59 03 0 8 SpectrumBrands SPB 91 42 StellarVCapA SVCC 10 63 0 1
HewlettPackard HPE 48.19 0.50 Hilton HLT 330.85 5.88 HomeDepot HD 336.09 3.11 HondaMotor HMC 29.13 0.97 HoneywellAero HONA 210.83 6.76 Honeywell HON 245.75 2.60 HormelFoods HRL 26.05 0.74 DR Horton DHI 147.65 0.89 HostHotels HST 24.97 0.47 HoulihanLokey HLI 141.25 1.02
s HowmetAerospace HWM 287.94 -1.32 Hubbell HUBB 497.96 11.87 HubSpot HUBS 223.01 18.12 HudbayMinerals HBM 22.43 0.08 Humana HUM 381.15 -8.17 JBHunt JBHT 280.96 -7.34 HuntingtonBcshs HBAN 17.16 -0.20 HuntingIngalls HII 288.25 0.66 Hut8 HUT 104.59 -5.40 HyattHotels H 191.18 4.05 ICICI Bank IBN 29.89 0.38 IDEX IEX 223.83 0.56 IdexxLab IDXX 556.20 11.88 IES Holdings IESC 603.23 -22.84
s ING Groep ING 33.49 0.66 INNIO INIO 26.92 0.64 Invesco IVZ 30.11 0.18 IQVIA IQV 213.22 5.17 IREN IREN 36.29 -0.78 ITT ITT 197.80 1.94 IcahnEnterprises IEP 7.73 0.04 Icon ICLR 168.78 3.02 IllinoisToolWks ITW 284.82 1.80 I lumina ILMN 189.47 -4.62 ImperialOil IMO 125.79 -2.69
s Incyte INCY 118.87 1.20 Infosys INFY 11.70 0.59 IngersollRand IR 84.66 0.26 Insmed INSM 104.73 -2.19 Insulet PODD 165.00 1.74 Intel INTC 91.67 -0.65 InteractiveBrkrs IBKR 92.27 0.53 ICE ICE 148.73 2.94 InterContHtls IHG 159.51 3.33 IBM IBM 216.28 2.09 IntlFlavors IFF 76.40 0.46 IntlPaper IP 42.41 0.25 Intuit INTU 303.91 7.58 IntuitiveSurgical ISRG 356.83 19.33 InvitatHomes INVH 29.63 -0.15 IonisPharm IONS 55.96 -0.59 IonQ IONQ 35.92 3.08 IronMountain IRM 126.99 -1.32 ItauUnibanco ITUB 8.37 0.09 J K L
JBS JBS 13.55 1.27 JD.com JD 30.95 0.76
s JPMorganChase JPM 356.20 2.99 Jabil JBL 311.49 -1.10 JackHenry JKHY 152.98 2.40 JacobsSolns J 135.23 0.67 JamesHardie JHX 26.66 0.12
s JazzPharm JAZZ 255.43 1.56 JefferiesFinl JEF 56.24 0.38 JFrog FROG 81.23 1.07 J&J JNJ 265.95 2.55 JohnsonControls JCI 143.39 0.02 JonesLang JLL 333.15 7.70 KB Financial KB 118.22 0.79 KE Holdings BEKE 16.39 0.50 KKR KKR 101.63 2.27 KLA KLAC 203.36 -7.16 Kaspi.kz KSPI 86.48 0.69 Kenvue KVUE 19.48 0.20 KeurigDrPepper KDP 30.12 0.44 KeyCorp KEY 22.51 -0.14 KeysightTech KEYS 313.68 -4.99 KimberlyClark KMB 111.44 1.74
s KimcoRealty KIM 26.38 0.28 KinderMorgan KMI 31.75 -1.11 KinrossGold KGC 23.92 0.07 Klarna KLAR 18 49 1.13 Knight-Swift KNX 70.73 -1.77
t Philips PHG 25.02 -1.15 KoreaElecPwr KEP 12.21 0.15 KraftHeinz KHC 26.22 0.55 Kroger KR 57.98 1.11 KrystalBiotech KRYS 351.82 16.63 KymeraTherap KYMR 110.05 -0.52 LatamAirlines LTM 52.31 2.16 LPL Financial LPLA 331.72 3.02 L3HarrisTech LHX 303.48 3.27
s Labcorp LH 301.17 4.40 LamResearch LRCX 291.61 -13.60 LamarAdv LAMR 160.99 1.53 LasVegasSands LVS 47.76 1.68 LatticeSemi LSCC 122.91 -5.51 Leidos LDOS 114.95 2.81 Lennar B LEN B 83.30 0.38 Lennar A LEN 85.04 0.40 LennoxIntl LII 547.35 6.22 LeonardoDRS DRS 48.45 0.35 LeviStrauss LEVI 25.53 0.99 LiAuto LI 12.62 0.50 LibertyFormOne A FWONA 90.25 1.18 LibertyFormOne C FWONK 98.33 1.28 LifeTime LTH 43.76 1.43 EliLilly LLY 1197.53 1.50 LincolnElectric LECO 256.85 5.38 Linde LIN 507.02 -5.26 Lineage LINE 42.55 1.13 Littelfuse LFUS 402.99 -1.87 LiveNationEnt LYV 179.40 2.16 L oydsBanking LYG 6.13 0.11 LockheedMartin LMT 580.00 -2.60 Loews L 118.54 0.64 LogitechIntl LOGI 107.82 2.04 Lowe's LOW 211.55 3.91 lululemon LULU 117.83 3.55 Lumentum LITE 711.96 -51.03 LyondellBasell LYB 58.62 -1.70 M N
Macom Tech MTSI 263.08 -3.91 M&T Bank MTB 248.28 -1.32 MGM Resorts MGM 46.30 0.76 MKS MKSI 315.70 -13.48 MPLX MPLX 58.36 -0.29 MSCI MSCI 571.03 20.24 MadisonAirSo ns MAIR 34.55 -0.18 MSG Sports MSGS 397.29 0.89 MadrigalPharm MDGL 551.25 6.74 MagnaIntl MGA 67.16 1.50 MagnumIceCrm MICC 18.04 0.20
s ManulifeFinl MFC 44.06 0.39 Maplebear CART 44.06 1.85 MarathonPetrol MPC 312.35 3.11 Markel MKL 2014.95 20.25 Marriott MAR 383.06 8.63 Marsh MRSH 183.31 2.57 MartinMarietta MLM 572.03 12.43 MarvellTech MRVL 189.17 -5.06 Masco MAS 81.16 1.89 MasTec MTZ 336.79 -1.05 Mastercard MA 551.71 12.05 McCormickVtg MKC.V 50.78 0.17
StrawberryFldREIT STRW 14 66 2 2 SunLifeFinancial SLF 83 05 0 8 Tanger SKT 42 08 0 3 TenetHealthcare THC 248 82 4 4 TexasRoadhouse TXRH 201 69 4 0 3M MMM 179 29 3 2 TompkinsFin TMP 102 02 1 4 TowneBank TOWN 37 90 3 1 Travelers TRV 391 99 0 8 U-Haul UHAL 73 38 2 1 U-Haul N UHAL/B 64 35 2 6 USCB Financial USCB 22 85 4 6 Unifirst UNF 298 31 1 1 UnitedBkshrsWV UBSI 48 37 0 3 UnivInsurance UVE 44 36 4 2 Ventas VTR 100 98 0 4 Viatris VTRS 17 75 2 3 W.P.Carey WPC 77 12 0 6 WesBanco WSBC 41 71 0 7 WestBancorp WTBA 27 91 1 6 XeniaHotels XHR 21 79 0 7 YorkvilleIntlCapA YICC 9 95 0 3 Youdao DAO 16 00 3 3 Lows
AeonBiopharma AEON 0 22 3 7 AIAI AIAI 5 21 10 9 AIFinancial AIFC 0 39 8 3 AMASSBrands AMSS 0 83 19 1 AMTD IDEA AMTD 0 75 3 8 ARS Pharm SPRY 5 62 3 0 Accuray ARAY 0 22 5 6 Aclarion ACON 2 13 8 3 ActiniumPharm ATNM 0 81 0 7 ActuateTherap ACTU 1 11 2 5 AegonNts2049 AEFC 18 18 0 1 AethlonMedical AEMD 0 55 3 7 AEye LIDR 1 08 2 7 AirshipAI AISP 1 91 2 0 AiRWA YYAI 2 64 73 5 AlarumTech ALAR 1 82 AlgomaSteelWt ASTLW 0 00 58 8 AligosTherap ALGS 3 98 AlphaModusA AMOD 3 40 4 0 Alset AEI 1 05 3 7 Amaze AMZE 0 27 58 5 AntalphaPlatfm ANTA 3 35 0 3 Armlogi BTOC 0 23 2 2 ArriveAI ARAI 0 28 2 7 Aterian ATER 0 35 10 1 Austra ianOilseeds COOT 0 35 8 9
McCormick MKC 50.61 0.65 McDonald's MCD 270.67 5.91 McKesson MCK 850.06 9.16 Medline MDLN 39.70 0.95 Medpace MEDP 589.37 -12.01 Medtronic MDT 84.22 1.01 MercadoL bre MELI 1819.74 18.30
s Merck MRK 130.76 -0.31 MetaPlatforms META 593.87 -1.32
s MetLife MET 95.19 0.36 Mettler-Toledo MTD 1336.29 9.11 MicrochipTech MCHP 77.90 -0.96 MicronTech MU 900.20 -20.75 Microsoft MSFT 389.10 7.40 MidAmApt MAA 133.46 -0.42 MillicomIntl TIGO 95.38 0.84
s MitsubishiUFJ MUFG 23.10 0.21 MizuhoFin MFG 10.57 -0.06 Moderna MRNA 55.63 1.56 ModineMfg MOD 230.40 -11.39 Mo inaHealthcare MOH 199.48 1.93 Mondelez MDLZ 60.67 0.15 MongoDB MDB 309.71 11.49 MonolithicPower MPWR 1339.08 5.27 MonsterBev MNST 95.33 1.84 Moody's MCO 485.96 14.46 Moog A MOG.A 417.42 7.29 Moog B MOG.B 428.13 24.81 MorganStanley MS 214.56 0.08 MotorolaSol MSI 423.80 5.97 MuellerInds MLI 64.17 0.26 MurphyUSA MUSA 610.44 -2.71 NIO NIO 4.62 0.13 NNN REIT NNN 49.21 -0.17 NRG Energy NRG 136.50 -4.53 NVR NVR 6311.54-103.13 NXP Semicon NXPI 267.67 -1.57 Nasdaq NDAQ 93.94 1.85 Natera NTRA 258.03 -3.96 NationalGrid NGG 81.21 -1.09 NatWest NWG 18.31 0.34 Nebius NBIS 187.88 0.11 NetApp NTAP 169.80 2.06 NetEase NTES 123.77 4.22 Netflix NFLX 70.40 0.31 Neurocrine NBIX 176.41 0.64 NYTimes A NYT 72.37 0.72 Newmont NEM 93.47 0.28 NewsCorp A NWSA 27.29 0.53 NewsCorp B NWS 30.92 0.73 NextEraEnergy NEE 88.83 -0.95 Nextpower NXT 103.73 3.70 Nike NKE 42.14 0.44 NiSource NI 45.81 -0.87 Nokia NOK 9.28 0.18 Nomura NMR 9.79 -0.02 Nordson NDSN 297.39 1.62 NorfolkSouthern NSC 343.35 -7.31 NorthernTrust NTRS 182.52 2.00 NorthropGrum NOC 547.58 5.34 Nova NVMI 428.88 -9.10 Novartis NVS 156.11 1.10 NovoNordisk NVO 49.67 0.90 NuHoldings NU 14.53 0.44 Nucor NUE 247.86 0.30 Nutanix NTNX 56.85 1.81 Nutrien NTR 67.40 -0.70 nVentElectric NVT 149.29 -2.50 NVIDIA NVDA 196.51 -10.33 O P Q
OGE Energy OGE 49.28 -0.67 ONEOK OKE 89.46 -3.70 ON Semi ON 89.04 2.23 O'ReillyAuto ORLY 90.59 3.19 OccidentalPetrol OXY 54.93 -2.37 Okta OKTA 137.43 -1.07 OldDomFreight ODFL 226.77 -6.22 OldNatlBncp ONB 26.41 -0.08 OldRepublic ORI 43.07 0.78 OmegaHea thcare OHI 51.40 -0.32 Omnicom OMC 82.41 2.75 OnHolding ONON 37.06 1.24 OntoInnovation ONTO 262.33 -10.29 Oracle ORCL 119.90 4.91
s Orix IX 40.22 -0.09 Oshkosh OSK 154.95 -0.19 OtisWorldwide OTIS 73.19 1.26 Ovintiv OVV 60.08 -3.05 OwensCorning OC 143.45 1.11 PDD PDD 84.85 2.19 PG&E PCG 17.60 -0.25 PNC Finl PNC 249.64 -1.35 POSCO PKX 53.10 0.76 PPG Ind PPG 118.47 2.47 PPL PPL 36.01 -0.21 PTC PTC 125.21 6.69
s Paccar PCAR 133.44 1.20
s PackagingCpAm PKG 252.37 -2.02 PalantirTech PLTR 131.53 8.61 PaloAltoNtwks PANW 317.32 -6.47 PanAmerSilver PAAS 44.13 0.10
t ParamountSkydance PSKY 8.03 -0.18 ParkerHannifin PH 987.31 -0.23 Paychex PAYX 115.48 1.93 PayPal PYPL 56.07 -0.08 PayPay PAYP 16.02 0.51 Pearson PSO 16.74 0.45 PembinaPipeline PBA 49.91 -1.46
s PenskeAuto PAG 215.70 -1.65 Pentair PNR 63.18 0.30 Penumbra PEN 319.49 0.76 PepsiCo PEP 139.79 3.15 PerformanceFood PFGC 114.30 2.81 PermianRscs PR 20.25 -1.10 PershingSquare PS 34.08 0.11 PetroleoBrasil PBR 18.00 -0.77 PetroleoBrasilA PBR.A 16.04 -0.58 Pfizer PFE 24.67 0.13 PhilipMorris PM 195.66 2.66 Phillips66 PSX 207.82 1.05 PinnacleFinPtrs PNFP 103.06 0.46 PinnacleWest PNW 105.38 -0.68 Pinterest PINS 23.50 1.37 PlainsAllAmPipe PAA 24.29 -0.31 PlainsGP PAGP 26.09 -0.36 Popular BPOP 171.41 -0.32
s Primerica PRI 314.71 0.12 PrincipalFinl PFG 111.29 1.89 Procter&Gamble PG 148.63 1.22 Progressive PGR 215.76 1.93 Prologis PLD 147.26 -0.37
s PrudentialFinl PRU 121.89 1.93 Prudential PUK 29.39 0.05 PSEG PEG 79.21 -0.60 PublicStorage PSA 324.02 1.54 PulteGroup PHM 130.59 1.84 QXO QXO 14.13 0.46 QnityElec Q 132.97 -2.09 Qualcomm QCOM 170.04 3.07 QuantaServices PWR 620.28 -5.56 Quantinuum QNT 52.83 0.54 QuestDiag DGX 231.84 3.98 R S
RBC Bearings RBC 584.97 -10.10 RB Global RBA 116.35 4.76
AutonomixMed AMIX 2 65 4 5 AvalancheTreasury AVAT 0 31 2 0 AvaxOneTech AVX 3 16 2 3 BTC Digital BTCT 0 60 4 4 BankofAmPfdHH BACpK 23 85 BaoshengMedia BAOS 0 50 39 7 BeyondAir XAIR 5 10 4 0 BigBear.aiWt BBAI WS 0 16 7 7 BiodexaPharm BDRX 1 56 4 8 Birks BGI 0 45 12 2 BlackSkyTechWt BKSY.WS 0 02 16 4 Blaize BZAI 0 83 3 4 BlaizeWt BZAIW 0 20 1 1 BoneBiologics BBLG 1 01 4 2 Bonk BNKK 1 08 0 9 BrenmillerEner BNRG 0 44 16 8 BrighthouseDeb58 BHFAL 15 03 0 7 BurtechAcqnIIWt BRKHW 0 14 3 9 CDT Equity CDT 2 76 7 0 CMSEngyPfdC CMSpC 16 32 0 5 C3is CISS 0 10 80 3 Cal berCos CWD 0 52 5 5 CantorEqPtrsVII CAES 10 05 0 2 Cardlytics CDLX 3 50 3 3 SchwabPfdD SCHWpD 23 88 Children'sPlace PLCE 2 33 1 5 Churchi lCapIXWt CCIXW 0 00 55 0 ClearmindMed CMND 1 58 0 6 Cloudastructure CSAI 0 23 6 8 ColumbusCircleCap CCCTU 9 99 0 1 ConexeuSciences CNXU 7 30 10 4 CreativeMedTech CELZ 0 77 2 1 CrownCastle CCI 73 52 1 0 CuranexPharm CURX 0 18 2 6 Cyabra CYAB 0 26 1 9 Cyngn CYN 1 07 2 8 D.BoralARC I A BCAR 7 51 24 7 DefsecTech DFSC 1 21 13 2 DecoyTherap DCOY 3 71 25 8 DermataTherapWt DRMAW 0 01 5 1 DigitalBrands DBGI 8 37 2 6 DigitalCurrX DCX 0 63 15 4 Dominari DOMH 2 44 6 1 DragonflyEnergy DFLI 1 35 Dreamland TDIC 2 50 4 1 DukeEnerDeb78 DUKB 22 62 0 2 EVI Industries EVI 13 75 1 9 EdibleGarden EDBL 2 80 7 3 EmperyDigital EMPD 3 11 4 8 Enigmatig EGG 2 05 59 8 Enlivex ENLV 4 02 1 4 EosEnergy EOSE 3 36 4 0
RELX RELX 35.65 1.24 RPM RPM 107.77 0.77
s RTX RTX 218.42 5.63 RalphLauren RL 379.94 6.36 Rambus RMBS 96.42 0.41 RangeResources RRC 37.88 -1.09 RaymondJames RJF 173.60 4.30 RealtyIncome O 65.50 -0.10 Reddit RDDT 179.23 10.50 RegalRexnord RRX 210.87 -1.87 RegencyCtrs REG 82.34 0.19 RegenPharm REGN 667.17 11.16 RegionsFinl RF 30.74 -0.12 ReinsGrp RGA 239.00 0.08 Reliance RS 404.35 -3.48
s RenaissanceRe RNR 328.87 -0.23 RentokilInit RTO 28.69 0.32 RepublicSvcs RSG 216.90 -0.01 ResMed RMD 203.08 7.81 RestaurantBrands QSR 74.41 1.94
s RevolutionMed RVMD 188.07 -1.16 Revvity RVTY 108.07 -2.40 RioTinto RIO 91.95 0.73 Rivian RIVN 16.48 0.64 Robinhood HOOD 95.65 0.74 Roblox RBLX 48.42 0.87 RocketCos. RKT 13.49 0.44 RocketLab RKLB 66.94 3.03 Rockwell ROK 466.00 3.84 RogersComm B RCI 32.81 0.08 RoivantSciences ROIV 34.72 -0.29 Roku ROKU 142.92 0.95 Rollins ROL 39.07 0.51 RoperTech ROP 375.02 7.68
s RossStores ROST 243.35 4.46 RoyalBkCanada RY 209.51 1.67 RoyalCar bbean RCL 305.04 11.50 RoyalGold RGLD 201.02 0.06 RoyaltyPharma RPRX 58.73 -0.10 Rubrik RBRK 74.82 1.58 RyanSpecialty RYAN 43.19 1.44 Ryanair RYAAY 57.47 0.62 RyderSystem R 268.68 1.00 SAP SAP 171.01 11.01 S&P Global SPGI 439.83 13.43 SBA Comm SBAC 172.61 -0.96 SEI Investments SEIC 101.52 2.30
t SK hynix SKHY 143.02 -11.55 SK Telecom SKM 35.24 -0.43 SLB SLB 51.53 -0.89 SPX Tech SPXC 219.16 -0.91 SS&C Tech SSNC 75.04 1.16 Saia SAIA 419.92 -3.76 Salesforce CRM 173.60 9.94 Samsara IOT 35.34 2.23 Sandisk SNDK 1278.23-158.33 Sanmina SANM 208.90 0.47 Sanofi SNY 44.00 0.65 SchwabC SCHW 104.18 2.21 Sea SE 104.39 4.39 Seagate STX 816.99 -34.70 Sempra SRE 91.25 -1.73 Semtech SMTC 121.52 -4.40 ServiceIntl SCI 82.73 0.40 ServiceNow NOW 105.56 6.78 SharkNinja SN 153.19 4.59 Shell SHEL 86.37 -2.01 SherwinWil iams SHW 327.27 9.76 ShinhanFin SHG 71.50 0.01 Shopify SHOP 126.88 13.13 SiliconMotion SIMO 244.45 -26 45
s SimonProperty SPG 231.67 1.89
s SiriusXM SIRI 31.22 1.42 SiTime SITM 522.67 -31.79 Smith&Nephew SNN 31.12 0.55 SmithfieldFds SFD 26.58 0.32
s Smucker SJM 121.05 2.73 SmurfitWestrock SW 50.09 1.53 Snap-On SNA 407.42 3.30 Snowflake SNOW 272.92 4.86 SOQUIMICH SQM 68.79 0.06 SoFiTech SOFI 16.88 0.42 SolsticeAdvMatls SOLS 60.59 0.05 Solventum SOLV 80.47 2.46 Somnigroup SGI 72.91 1.35 Sony SONY 22.29 1.31 Southern SO 96.48 -0.77 SoCopper SCCO 179.32 0.03 SouthStateBk SSB 105.16 -0.84 SouthwestAir LUV 45.38 0.30
t SpaceX SPCX 113.50 -1.57 Spotify SPOT 494.72 12.06
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Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
AvantisUSSCValue AVUV 125.43 0.12 23.0 CapGrpDivVal CGDV 48.96 0.23 12.2 DimenUSCoreEq2 DFAC 44.21 0.11 11.7 DirexSemiBl3 SOXL 128.15 –6.33 204.9 InvscNasd100 QQQM 280.86 –0.29 11.0 InvscQQQI QQQ 682.12 –0.31 11.0 InvscS&P500EW RSP 215.18 0.75 12.3 iShBitcoin IBIT 36.77 1.16 –25.9 iShBrdUSDHYCpBd USHY 36.69 0.08 –1.9 iShCoreDivGrowth DGRO 78.20 0 46 12.6 iShCoreMSCIEAFE IEFA 96.83 0.51 8.2 iShCoreMSCIEM IEMG 77.35 0.39 15.1 iShMSCIIntlDev IDEV 89.43 0 49 8.4 iShCoreMSCITotInt IXUS 93.60 0 44 10.6 iShCoreS&P500 IVV 742.55 0.03 8.4 iShCoreS&P MC IJH 76.00 0.30 15.2 iShCoreS&P SC IJR 145.51 0 45 21.1 iShCoreS&PTotUS ITOT 162.10 0.06 9.0 iShCoreS&PUSGrw IUSG 181.20 –0.27 7.9 iShCoreUSAggBd AGG 97.69 0.24 –2.2 iShCoreUnivUSDBd IUSB 45.56 0.23 –2.1 iShEdgeMSCIUSAMom MTUM 302.33 –1.33 20.8 iShEdgeMSCIUSAQual QUAL 217.26 0.21 9.4 iShGoldTr IAU 76.78 0.72 –5.4 iShiBoxx$IGCpBd LQD 106.51 0.26 –3.3 iShMBS MBB 93.37 0.28 –1.9 iShMSCIACWI ACWI 154.61 0.20 9.3 iShMSCI EAFE EFA 103.91 0 48 8.2 iSh MSCI EM EEM 63.62 0 46 16.3 iShNatlMuniBd MUB 105.80 0.24 –1.2 iShRussMC IWR 109.98 0.57 14.2 iShRuss1000 IWB 404.46 0.07 8.3 iShRuss1000Grw IWF 117.13 –0 44 –1.0 iShRuss1000Val IWD 249.74 0.60 18.7 iShRuss2000 IWM 292.91 0.60 19.0 iShS&P500Grw IVW 132.33 –0.38 7.4 iShS&P500Value IVE 232.39 0 45 9.6 iShSemiconductor SOXX 516.23 –2.05 71.4 iSh7-10YTreaBd IEF 93.28 0.27 –3.0 iShSilver SLV 52.93 0.65 –17.8 iSh20+YTreaBd TLT 83.75 0.60 –3.9 iShUSEqFactRotat DYNF 67.01 –0.25 10.2 iShUSTreasuryBd GOVT 22.52 0.18 –2.2 iSh0-3MTreaBd SGOV 100.65 0.01 0.3 JPMNasdEqPrem JEPQ 57.74 –0.38 –0.7 JanusAAACLO JAAA 50.66 0.02 0.2 JPMEqPremiumIncome JEPI 57.09 0.51 –0.3 JPM UltShIncm JPST 50.49 0.02 –0.2 ProShUltPrQQQ TQQQ 63.40 –0.94 20.3
ERock EROC 9 96 2 2 Evotec EVO 1 91 1 0 eXoZymes EXOZ 4 50 3 4 FACT IAcqnWt FACTW 0 15 9 1 FIGXCapitalWt FIGXW 0 15 27 6 FTC Solar FTCI 2 91 8 1 FaradayFuture FFAI 4 84 21 1 Farmmi FAMI 0 14 21 7 FibroBiologics FBLG 0 62 11 9 FirstCarolinaFinSv FCBM 12 37 1 5 FlashSports&Media FLZH 1 33 1 4 FranklinStProp FSP 0 43 2 0 FutureFinTech FTFT 1 08 5 9 GRI Bio GRI 1 39 3 4 GabelliDivPfdH GDVpH 21 10 0 2 GabelliUt lPfdC GUTpC 21 11 0 5 GameStopWt GME.WS 1 52 1 1 GeneralFusion GFUZ 6 08 11 9 GenerationIncm GIPR 0 61 0 5 GeniusGroup GNS 0 16 1 2 GettyImages GETY 0 40 6 3 GlucoTrack GCTK 0 29 4 4 GoldmanSachsPfC GSpC 19 03 0 1 GrayMediaA GTN.A 6 52 2 9 GreenlandEner GLND 1 85 5 5 Greenlane GNLN 1 92 8 5 GreenwaveTech GWAV 2 50 4 6 GuardforceAI GFAI 0 32 7 2 Gyrodyne GYRO 5 60 0 5 HCMIVAcqnWt HACQW 0 40 HadronEnergy HDRN 1 61 3 5 HainCelestial HAIN 0 49 3 8 HalladorEnergy HNRG 14 65 0 2 HealthcrTriangle HCTI 1 46 4 9 Heartbeam BEAT 0 50 2 6 HeartcoreEnts HTCR 2 01 2 6 HubCyberSecurity HUBC 0 98 4 6 Hydrofarm HYFM 0 60 2 2 IM Cannabis IMCC 0 10 11 2 INVO Fertility IVF 0 91 4 1 Imunon IMNN 1 48 1 3 InflectionPtA IPCX 8 58 0 8 InsightDigitalIIWt DYORW 0 25 5 9 iTonic ITOC 0 22 6 2 JaguarHealth JAGX 0 91 3 8 Jet.AI JTAI 1 91 4 4 Jiayin JFIN 2 12 0 5 JinxinTech NAMI 2 80 7 9 JupiterNeurosci JUNS 0 11 6 2 KandalMVenture FMFC 0 23 7 8 Philips PHG 24 82 4 4 LG Display LPL 3 09 0 9
StandardAero SARO 29.53 0.83 StanleyB&D SWK 94.17 2.91 Starbucks SBUX 103.65 0.40 StateStreet STT 184.66 -0.74 SteelDynamics STLD 250.27 3.16 Stellantis STLA 5.70 0.01 Steris STE 218.40 4.33 SterlingInfr STRL 634.63 -26.31 StifelFinancial SF 82.37 1.55 STMicroelec STM 53.45 1.91 Strategy MSTR 98.65 6.98 Stryker SYK 336.74 6.49 SumitomoMits SMFG 26.34 0.16 SummitTherap SMMT 13.11 -0.56 SunComms SUI 121.44 -0.39
UMB Fin UMBF 140.97 -0.23 US Foods USFD 99.29 2.12
t Uber UBER 68.18 2.24 Ubiquiti UI 539.61 13.91 UltaBeauty ULTA 480.51 5.15 Unilever UL 61.37 0.43 UnionPacific UNP 299.30 -8.02 UnitedAirlines UAL 120.57 2.30 UnitedMicro UMC 19.08 -0.40 UPS B UPS 112.95 -1.84 UnitedRentals URI 1127.91 -13.68 US Bancorp USB 63.49 -0.48 UnitedTherap UTHR 527.94 -0.53 UnitedHealth UNH 417.64 -3.10 UnitySoftware U 30 44 1.82 Universa HealthB UHS 159.31 3.56 UnumGroup UNM 86.42 0.20 VICI Prop VICI 26.75 0.02 Vale VALE 14.78 -0.01 ValeroEnergy VLO 304.93 2.43 ValmontInds VMI 494.81 8.65 VeevaSystems VEEV 194.46 8.22
s SunLifeFinancial SLF 82.93 0.68 SunbeltRentals SUNB 75.52 -0.15 SuncorEnergy SU 64.00 -1.81 Sunoco SUN 74.51 -0.70 SuperMicroComp SMCI 29.81 -0.29 Suzano SUZ 8.22 -0.07 Symbotic SYM 41.49 1.34 SynchronyFinl SYF 75.31 2.41 Synopsys SNPS 388.99 15.52 Sysco SYY 84.09 0.98 T U V
s Ventas VTR 100.11 -0.42 VentureGlobal VG 12.82 -1 49 Veralto VLTO 94.28 2.26 VeriSign VRSN 274.82 -5.18 VeriskAnalytics VRSK 206.66 5.32 Verizon VZ 47.32 0.94 VertexPharm VRTX 479.00 1.64 Vertiv VRT 287.60 -2.76 ViaSat VSAT 74.87 3.17
TC Energy TRP 68.34 -2.25 TD Synnex SNX 244.89 1.97 TE Connectivity TEL 207.58 4.64 Telus TU 10.40 0.18 Ternium TX 47.74 0.44 TFI Intl TFII 145.87 -4.56 TIM TIMB 20.88 -0.42 TJX TJX 156.38 2.16 TKO TKO 182.86 2.24 T-MobileUS TMUS 177.21 -2.88 TPG TPG 42.96 0.13 T.RowePrice TROW 119.21 2.71 TTM Tech TTMI 123.71 -7.70 TaiwanSemi TSM 399.09 -4.32 Take-TwoSftwr TTWO 243.95 12.30 TakedaPharm TAK 17.44 0.20 TalenEnergy TLN 347.07 -12.83 Tapestry TPR 147.43 4.83 TargaResources TRGP 267.64 -13.69 Target TGT 140.34 3.56 TechnipFMC FTI 75.04 -1.71 TeckResourcesB TECK 59.75 -0.44 TeledyneTech TDY 651.65 -3.70 Ericsson ERIC 9.67 0.33 TelefonicaBras VIV 14.11 0.06 TelekomIndns TLK 14.45 0.03 Tenaris TS 56.41 -1.26 TencentMusic TME 9.33 0 47
s Viatris VTRS 17.64 0.40 ViaviSolutions VIAV 38.16 -1.36 Vicor VICR 206.44 -4.57 Viking VIK 103.14 2.43 ViperEnergy VNOM 43.04 -2.09 VirtuFinancial VIRT 58.85 -0.89 Visa V 362.53 6.79 Vistra VST 157.08 -6.30 Vodafone VOD 15.80 0.65 VulcanMatls VMC 284.49 4.79 W X Y Z
WEC Energy WEC 113.82 -1.95
s WP.Carey WPC 76.21 -0.48
s Wabtec WAB 300.90 -1.60 Walmart WMT 111.74 2.27 WarnerBrosA WBD 25.28 -0.49 WarnerMusic WMG 27.61 1.06 WasteConnections WCN 169.35 -0.26 WasteMgt WM 237.90 -0.85 Waters WAT 371.20 -3.48 Watsco WSO 364.37 2.36 WattsWater WTS 345.70 1.25 Wayfair W 94.53 10.35 WebsterFin WBS 76.95 0.88 WellsFargo WFC 87.27 0.96 Welltower WELL 248.34 -3.73 WescoIntl WCC 338.13 5.65 WestPharmSvcs WST 331.25 3.05 WestAllianceBcp WAL 82.76 -0.35 WesternDigital WDC 497.92 -21.88 WesternMidstrm WES 46.73 -0.74 Westlake WLK 72.33 -1.49 Weyerhaeuser WY 23.91 -0.03 WheatonPrecMtls WPM 112.01 0.53 Williams WMB 70.79 -3.21 Wil iams-Sonoma WSM 234.39 7.65 WillisTowers WTW 302.64 7.53 WintrustFinl WTFC 158.88 0.22 Wipro WIT 1.91 0.06 Wise WSE 11.91 0.58 WoodsideEnergy WDS 21.80 -0.76 Woodward WWD 419.76 0.76 WooriFinl WF 67.52 2.45 Workday WDAY 147.54 12.20 WynnResorts WYNN 99.70 2.78 XPO XPO 208.20 -4.81 XcelEnergy XEL 80.71 -0.96 XPeng XPEV 12.78 0.45 Xylem XYL 120.16 0.41 YPF YPF 50.90 -0.50 Yum!Brands YUM 147.80 -1.12 YumChina YUMC 44.72 1.32 ZTO Express ZTO 23.86 -0.12 ZebraTech ZBRA 264.59 4.67 ZimmerBiomet ZBH 92.07 0.72 ZionsBancorp ZION 68.52 -0.77 Zoetis ZTS 76.92 1.57 ZoomComms ZM 91.22 3.23 Zscaler ZS 147.30 4.98
s TenetHealthcare THC 243.36 10.16 Teradyne TER 334.77 -15.15 TeraWulf WULF 17.98 -0.48 Tesla TSLA 309.22 -3.81 TevaPharm TEVA 31.08 0.27 TexasInstruments TXN 279.41 -0.17 TexasPacLand TPL 396.62 -22.82
s TexasRoadhouse TXRH 201.04 7.77 Textron TXT 96.13 0.60 ThermoFisher TMO 559.53 -8.73 ThomsonReuters TRI 97.76 7.61
s 3M MMM 178.23 5.61 Timken TKR 141.10 -0.20 Toast TOST 30.84 1.80 TollBros TOL 151.01 1.14 TorontoDomBk TD 119.65 -0.13 TotalEnergies TTE 84.16 -2.64 TowerSemi TSEM 224.21 -9.16 ToyotaMotor TM 182.15 4.73 TractorSupply TSCO 31.80 0.78 Tradeweb TW 102.02 2.19 TraneTech TT 483.34 2.35 TransDigm TDG 1286.27 49.56 TransUnion TRU 77.24 0.73
s Travelers TRV 390.35 3.09 Trimble TRMB 55.77 2.86 Trip.com TCOM 44.77 1.13 TruistFinl TFC 52.12 0.36 Twilio TWLO 194.47 3.01 TylerTech TYL 315.88 18.73 TysonFoods TSN 60.71 3.26 UBS Group UBS 52.54 0.80 UDR UDR 39.27 -0.32
s U-Haul UHAL 72.96 1.53
s U-Haul N UHAL/B 64.16 1.61 UL Solutions ULS 90.06 4.60
SPDRGoldMini GLDM 80.78 0.74 –5.4 SPDR Gold GLD 374.63 0.73 –5.5 SchwabIntEquity SCHF 27.13 0.33 12.9 SchwabUS BrdMkt SCHB 28.59 0.11 9.0 SchwabUS Div SCHD 33.43 0 42 21.9 SchwabUS LC SCHX 29.16 0.14 8.4 SchwabUS LC Grw SCHG 33.58 0.36 2.9 SSEnergySel XLE 58.36 –2.11 30.5 SSFinlSel XLF 56.88 1.01 3.9 SSHlthCrSel XLV 163.40 0.51 5.6 SSIndlSel XLI 183.20 0.30 18.1 SSSPDRBbg1-3M BIL 91.62 0.01 0.3 SS SPDR DJIA DIA 521.26 0 48 8.5 SSSPDRDevxUS SPDW 49.59 0 40 11.7 SSSPDRS&P500 SPYM 86.99 0.03 8.4 SSSPDRS&P500G SPYG 114.55 –0.36 7.4 SSSPDRS&P500V SPYV 62.24 0 48 9.6 SSIMSPDRS&P500 SPY 739.09 0.02 8.4 SSSPDRS&P400 MDY 692.85 0.31 14.8 SSTechSel XLK 174.30 –0.90 21.1 VanEckSemicon SMH 548.55 –2.25 52.3 VangdSC Val VBR 245.69 0.59 16.0 VangdExtMkt VXF 237.62 0.63 13.6 VangdDivApp VIG 239.89 0.52 9.2 VangdFTSEAWxUS VEU 82.01 0 48 11.5 VangdFTSEDevMk VEA 70.00 0 42 12.1 VangdFTSE EM VWO 58.23 0.74 8.3 VangdFTSE Europe VGK 88.84 0 49 6.3 VangdGrowth VUG 83.38 –0.12 2.5 VangdHiDiv VYM 162.73 0.31 13.4 VangdInfoTech VGT 112.42 –0.78 19.3 VangdIntermBd BIV 75.67 0.21 –2.8 VangdIntrCorpBd VCIT 81.32 0.16 –2.9 VangdIntermTrea VGIT 58.40 0.14 –2.6 VangdLC VV 339.96 0.03 8.0 VangdMegaGrwth MGK 84.55 –0.31 2.4 VangdMC VO 81.01 0.57 11.7 VangdRealEst VNQ 100.54 –0.27 13.6 VangdRuss1000Grw VONG 120.57 –0 49 –1.0 VangdS&P500ETF VOO 679.31 0.03 8.3 VangdST Bond BSV 77.50 0.04 –1.7 VangdSTCpBd VCSH 78.50 0.04 –1.5 VangdShortTrea VGSH 58.02 ... –1.2 VangdSC VB 296.88 0.53 15.1 VangdTaxExemptBd VTEB 49.69 0.16 –1.2 VangdTotalBd BND 72.46 0.21 –2.2 VangdTotIntlBd BNDX 47.92 0.25 –0.8 VangdTotIntlStk VXUS 83.79 0 47 11.1 VangdTotalStk VTI 365.18 0.10 8.9 VangdTotWrldStk VT 154.45 0.16 9.5 VangdValue VTV 221.72 0.32 16.1
ReitarLogtech RITR 0 08 15 5 ResearchFrontiers REFR 0 45 0 1 ReservoirMediaWt RSVRW 0 01 50 8 RichtechRobotics RR 1 45 3 2 RobinEnergy RBNE 3 07 3 1 RocketPharmWt RCKTW 0 00 13 3 Rubico RUBI 2 01 5 0 SAB BiotherapWt SABSW 0 00 43 0 SCYNEXIS SCYX 3 53 4 3 SIGA Tech SIGA 3 02 0 3 SK hynix SKHY 139 01 7 5 SLScience SLBT 2 60 11 5 SWK9%Nts2027 SWKHL 24 34 0 4 ScribeTherapInc SCTX 17 31 12 4 SenesTech SNES 1 32 4 3 SentiBiosciences SNTI 0 36 7 5 SeresTherap MCRB 4 85 2 3 ServeRobotics SERV 4 65 0 6 SpaceX SPCX 108 66 1 4 SplashBeverage SBEV 0 25 11 8 StandardNuclear STDN 7 51 7 2 StardustPower SDST 1 43 8 9 StarlinkAIAcqnRt OTAIr 0 19 15 6 Sui SUIG 0 86 9 1 SunPower SPWR 0 47 0 4 SunshineBio SBFM 1 44 7 8 SurgePays SURG 0 23 0 4 TMCtheMtlsWt TMCWW 0 04 2 1 TRGLatAmAcqnRt TRGSR 0 16 5 7 TechTarget TTGT 3 37 11 8 TenonMedical TNON 0 18 3 0 Toppoint TOPP 0 53 0 4 TrinityBiotech TRIB 7 94 8 3 TrioPetroleum TPET 0 26 8 9 TruistFinlPfdO TFCpO 20 25 0 3 TScanTherap TCRX 0 76 3 2 20/20Biolabs AIDX 0 45 8 3 USGoldMining USGO 7 35 0 7 Uber UBER 65 41 3 4 VCIGlobal VCIG 0 38 18 4 VNET VNET 7 06 0 6 Veea VEEA 0 15 1 3 Vertica Aerospace EVTL 1 34 2 9 Virtuix VTIX 1 47 17 4 VisionMarineTech VMAR 0 65 2 6 VivoSimLabs VIVS 0 36 6 9 VolitionRX VNRX 0 87 12 0 WellsFargoPfdAY WFCpY 22 06 WestwaterRscs WWR 0 39 0 3 WetourRobotics WETO 0 04 55 4 XIAO-I AIXI 1 07 3 4 XosWt XOSWW 0 00 11 4 ZeroStack ZSTK 1 35 2 1
LQR House YHC 1 58 8 4 Largo LGO 0 55 1 1 LiBangIntl LBGJ 0 02 10 4 LibertyDefense DETX 3 22 0 2 LisataTherap LSTA 1 43 13 8 LumentFinance LFT 0 78 1 9 MackenzieRealty MKZR 1 00 19 9 MaisonSolutions MSS 1 56 ManhattanBridge LOAN 3 90 1 5 MapLightTherap MPLT 9 90 72 9 MarketTechAcqn MTAKU 9 90 0 2 MesaRoyalty MTR 2 86 Microvast MVST 0 76 0 3 MicroVision MVIS 0 23 0 7 Mobile-health MNDR 1 65 16 5 ModularMed MODD 2 27 8 0 MuranoGlblInvts MRNO 0 18 9 9 NetPower NPWR 1 39 2 8 NauticusRobot KITT 0 75 3 8 NetClassTechnology NTCL 3 02 7 6 NeuroOneMed NMTC 1 71 7 4 NewGenIvf NIVF 1 01 4 5 NexentisTech NXTS 1 60 7 2 NexeraTech NEXR 0 23 25 0 NexGelWt NXGLW 0 01 46 7 NexMetalsMining NEXM 2 09 1 8 Novonix NVX 0 39 2 0 Nuwe lis NUWE 1 85 2 9 OFA Group OFAL 0 08 7 8 OLB Group OLB 0 31 1 3 OceanPwrTech OPTT 0 14 4 0 Ohmyhome OMH 0 14 71 1 OpendoorWtZ OPENZ 0 16 3 4 OpendoorWtK OPENW 0 32 5 7 OrionDigital ORIO 0 61 0 2 PMGC ELAB 0 84 2 2 PRF Tech PRFX 1 08 4 0 ParamountSkydance PSKY 7 86 2 2 PelicanAcqnII PLCIU 9 96 0 1 Peraso PRSO 0 65 2 0 PharmaCyteBiotech PMCB 0 57 2 5 PhoenixNewMedia FENG 1 39 3 6 PolaryxTherap PLYX 1 91 4 4 PowerSolutions PSIX 29 29 0 3 Profusa PFSA 0 94 28 7 PropancBiopharma PPCB 1 20 3 6 Prudentia Nts2060 PFH 15 88 0 3 RamacoRscsA METC 9 67 1 7 RamacoRscsB METCB 7 01 2 8 RareEarthsAmericas REA 9 81 3 9 ReadyCapital RC 1 46 RedCloud RCT 0 19 8 6
1.0
–1.0
As Shares of Nvidia Take a Hit
BY HEATHER GILLERS
Monday was another bad day for AI chip stocks. A strato- spheric stock-market debut by Chinese memory-chip maker CXMT fueled fears of competi- tion for U.S. firms, particu- larly coming on the heels of news that Apple has been lob- bying the Trump administra- tion to use Chinese chips in some of its products. Adding to those worries were some recent concerns about the AI build-out, the source of chip makers’ good fortune. A Wall Street Journal report that Nvidia could pro- vide a roughly $250 billion backstop for a massive OpenAI data-center project helped send the chipmaker’s shares down 5%, with investors fretting about the extent to which Nvidia is investing in its own customers. With the decline, Nvidia ceded back to Apple the posi- tion of largest U.S. company by market cap, a title it has held since May of last year. Mean- while, shares in Google-parent Alphabet rose about 2% Mon- day, but have fallen 4.5% since the firm in its July 22 earnings
MONDAY’S MARKETS
Sign $16 Billion Kuwait Oil Deal
BY KATHERINE HAMILTON
The companies that manage Kuwait’s oil sector signed a $16 billion lease agreement with a group of investors led by Black- stone, Brookfield and KKR. The deal comes after Presi- dent Trump said earlier this month that he reversed his Strait of Hormuz tariff plan fol- lowing talks with Middle East- ern countries to invest more in the U.S. Kuwait Petroleum Corp., the state-owned firm overseeing the sector, and its subsidiary Kuwait Oil Co., which explores and produces oil on behalf of the state, both signed the deal. The deal, which involves all of the country’s domestic and export pipelines, represents the biggest foreign direct invest- ment in Kuwait’s history, Ku- wait Petroleum said. In mid-July, Trump said he negotiated with several Middle Eastern countries to invest in the U.S. in exchange for him canceling the 20% fee on ships transiting the Strait of Hormuz. He named Kuwait as one of the countries that had engaged
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Index performance on Monday
1.5%
0.5
–0.5
10 a.m. 11 noon 1 p.m. 2 3 4
Source: FactSet
report disclosed negative cash flow amid big AI spending. Every stock in the PHLX Semiconductor Index closed below its respective 50-day moving average Monday for the first time since April 2025. The index ended the day down 2.2%. “The market is saying if there’s anything negative about capex, that’s bad for chips,” said Gil Luria, head of technol- ogy research at D.A. Davidson. At the same time, said Shannon Saccocia, chief investment offi- cer of wealth at Neuberger Ber-
in the conversations, which were “highly productive,” he said in a Truth Social post. “Saudi Arabia, U.A.E., Qatar and Kuwait and others…I spoke to all of them and they would love to invest more money in the United States,” Trump told reporters at the time. Kuwait Oil Co. and the con- sortium of investors will estab- lish the new joint venture, with KOC holding a 51% majority stake and the consortium col- lectively holding the remaining 49%, with equal stakes and on equal terms. The joint venture will lease from KOC the usage rights to all of its 13 pipelines, which span roughly 200 miles. The venture will give KOC exclusive use and operational rights for a 20.5-year period, in exchange for a volume-based tariff. The venture is expected to generate proceeds of $7.85 bil- lion for KOC upon closing. This money will help support KPC’s capital-expenditure plans, in- cluding its target of 4 million barrels per day of crude-oil production capacity by 2035, it said.
Dow Jones Industrial Average
Five-minute intervals
Nasdaq composite
man, competition with Chinese chip firms is “an outside con- cern that’s starting to move from the back burner to the front burner.” Investors have responded by rotating into other areas of the market. Salesforce shares rose 6.1%, part of a strong day for software stocks. 3M, Walmart, McDonald’s and American Ex- press were all up 2% or more, aiding the Dow Jones Indus- trial Average. As a result, the major in- dexes were little changed. The Nasdaq composite fell 0.2%, the
Houthi attacks on Saudi vessels in the Bab al-Mandeb Strait have raised concerns about the kingdom’s crude exports.
On Iran, Reviving Diplomacy Hopes
BY GIULIA PETRONI
Oil prices plunged more than 5% on Monday after the U.S. paused military strikes against Iran, raising the pros- pect of renewed diplomatic ef- forts to end the five-month long conflict. The front-month Brent crude contract, which expires at the end of the month, plunged 8.7% to $88.36 a barrel. U.S. benchmark West Texas
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
S&P 500
AB Funds Mun IncmShares 11.02 +0.03 1.5 American Century Inv Ultra 93.64 -0.33 -0.5 American Funds Cl A AmcpA 43.94 +0.21 2.9 AMutlA 64.85 +0.14 9.8 BalA 40.23 +0.04 7.9 BondA 11.11 +0.02 -0.7 CapIBA 83.44 +0.19 9.8 CapWGrA 79.93 +0.10 12.6 EupacA 61.79 +0.25 8.0 FdInvA 100.89 +0.32 11.8 GwthA 83.91 +0.39 4.3 ICAA 66.93 +0.15 7.6 IncoA 27.85 +0.03 8.0 N PerA 73.06 +0.26 3.5 NEcoA 82.93 +0.22 14.2 NwWrldA 103.85 +0.53 11.3 SmCpA 81.42 +0.40 11.1 WshA 67.78 +0.22 8.7 Artisan Funds IntlVal Inst 60.06 +0.43 12.6 Baird Funds AggBdInst NA ... NA CorBdInst NA ... NA IntBdInst NA ... NA ShtTBdInst NA ... NA BlackRock Funds HiYBlk 7.08 ... 1.7 HiYldBd Inst 7.07 ... 1.6 BlackRock Funds III iShS&P500IdxK 861.94 +0.14 9.0 BlackRock Funds Inst StratIncOpptyIns 9.64 +0.01 1.4 Calamos Funds MktNeutI 16.18 -0.01 3.5 CausewayInst CausewayInst 25.22 +0.24 7.3 Columbia Class A SelgComuInfoA 224.76 +1.63 43.4 Columbia Class I DivIncom I 40.55 +0.09 12.7 Dimensional Fds
S&P 500 rose less than 0.1% and the Dow industrials added 0.5%, or 263 points. Global oil prices, meanwhile, retreated below $89 a barrel after an 8.7% drop in front- month Brent crude futures. The decline followed the Trump ad- ministration pausing plans to escalate its war in Iran. While pressures on global energy supplies remain in place, travel stocks advanced Monday, while the S&P energy sector re- treated 2%. The 10-year Treasury yield fell to 4.640% from 4.678% Fri- day. The Federal Reserve’s rate decision Wednesday, one of the least predictable in years, is also in focus. Interest-rate fu- tures show investors Monday saw a 38% chance that the Fed will raise rates at this week’s meeting, according to CME data. The possibility of a rate hike only adds to investors’ jitters about elevated stock prices and the ambition of the artificial- intelligence build-out, said Mi- chael Antonelli, market strate- gist at Baird. “Every day we walk in the door and say what is AI worth,” he said. “And that changes based on the head- lines, that changes based on the wind.”
Intermediate declined 8.3% to $81.91 a barrel. “The price action in oil this morning clearly reflects the market’s desperation for posi- tive news,” analysts at ING said. Brent had climbed above $100 a barrel last week after the conflict spilled into the Red Sea, with Houthi attacks on Saudi vessels raising con- cerns over the kingdom’s crude exports to Asia via the
Data provided by
Monday, July 27, 2026
EmgMktVa 42.76 +0.13 15.9 EmMktCorEq 32.82 +0.14 13.8 IntlCoreEq 22.13 +0.08 10.4 IntlVal 32.20 +0.06 14.1 IntSmCo 27.20 +0.16 7.5 IntSmVa 33.54 +0.13 9.8 LgCo 49.22 ... 9.0 US CoreEq1 55.10 +0.06 11.7 US CoreEq2 49.29 +0.04 12.0 US Small 61.25 +0.33 17.8 US SmCpVal 62.04 +0.13 21.1 US TgdVal 44.03 +0.12 20.0 USLgVa 66.58 +0.11 19.2 Dodge & Cox Income 12.54 +0.03 -0.3 Intl Stk 18.57 +0.15 12.8 Stock 17.58 +0.14 7.7 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem 257.69 +0.04 9.0 Contrafund K6 35.83 -0.11 5.3 EmgMktIdxInstPre 16.04 +0.06 17.3 ExtMktIdxInstPre 114.89 +0.75 14.1 FidSAIEmerg 20.96 +0.06 24.5 FidSer5 7.43 ... -0.5 FidSerInt 8.40 +0.03 0.4 FidSerToMarket 24.28 +0.02 9.6 FIDZroLgCpIx 26.53 ... 8.7 GlexUSIdxInstPre 20.93 +0.07 12.2 GrowthCompanyK6 42.65 -0.30 15.3 IntlIdxInstPrem 66.80 +0.22 9.9 LgCpGwId InstPre 45.92 -0.20 -0.7 LgCpVlIdxIstPrem 24.76 +0.14 19.6 MidCpInxInstPrem 42.46 +0.27 15.0 SA USLgCpIndxFd 29.68 ... 9.0 SeriesBondFd 8.91 +0.02 -0.2 SeriesOverseas 15.59 -0.02 4.4 SerLTTreBdIdx 5.18 +0.03 -1.7 SmCpIdxInstPrem 36.94 +0.23 19.6 TMktIdxInstPrem 204.57 +0.18 9.6 TotalMarketIndex 25.92 +0.02 9.6 TtlIntIdxInstPr 19.34 +0.08 11.7 USBdIdxInstPrem 10.31 +0.02 -0.3 Fidelity Advisor
TotBdFdClZ 9.42 +0.01 -0.1 Fidelity Advisor I GrOppI 250.80 -1.65 7.2 Fidelity Freedom Freedom2035K6 18.50 +0.02 8.2 Freedom2040K6 14.10 +0.02 10.1 Idx2030InsPre 23.87 +0.05 6.0 Idx2035InsPre 28.32 +0.06 6.8 Idx2040InsPre 31.15 +0.07 8.4 Idx2045InsPre 33.69 +0.07 9.5 Idx2050InsPre 33.87 +0.08 9.7 Fidelity Invest Balanc 34.68 ... 8.8 BluCh 292.65 -1.76 9.6 BluChpGr K6 47.72 -0.35 7.9 Contra 25.65 -0.08 5.7 ContraK 25.77 -0.08 5.7 CpInc 11.20 ... 6.3 DivIntl 53.82 -0.04 10.7 GroCo 54.71 -0.39 14.4 InvGrBd 9.94 +0.02 -0.1 LowP 47.23 +0.27 14.6 Magin 15.10 -0.04 3.1 NASDAQ 317.37 -0.55 7.6 OTC 28.62 -0.16 17.9 Puritn 27.77 -0.09 7.5 SAILTTreBdIdx 6.45 +0.04 -1.8 SAIUSMinVo IndFd 24.66 +0.11 8.2 SAIUSQtyIdx 26.02 +0.14 8.6 SrsBlChGroRetail 25.34 -0.17 10.3 SrsEmrgMkt 29.87 +0.10 21.2 SrsGlobal 20.53 +0.08 12.2 SrsGroCoRetail 31.37 -0.22 15.1 SrsIntlGrw 20.29 -0.04 6.2 SrsIntlVal 17.09 +0.06 9.6 TotalBond 9.44 +0.02 ... Fidelity SAI FidSaiCndInxFnd 15.78 +0.08 10.8 FidSaiInfltnFnd 9.97 -0.01 0.4 IntlValIdx 14.64 +0.12 16.3 TotalBd 8.93 +0.01 -0.1 Fidelity Selects Semiconductors r 59.53 -1.45 50.1 Tech 51.95 -0.58 29.7
Chirayu Rana joined JPMorgan in 2024 and left the next year.
Alleges Racism
ContinuedfrompageB1
seph & Norinsberg requested to move the case from state to federal court. His lawyers ar- gued that the initial complaint missed new claims grounded in federal law, such as civil- rights violations, and that
Bab al-Mandeb Strait. Monday’s sharp selloff re- flects an easing fears of a broadening conflict after two weeks of strikes, but key risks remain, according to market watchers. Concerns over Houthi at- tacks in the Red Sea persist, while uncertainty persists over how the U.S. and Iran will resolve disputes over the Strait of Hormuz and Tehran’s nuclear program.
Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 85.62 +0.81 6.4 Franklin A1 IncomeA1 NA ... NA FrankTemp/Frank Adv IncomeAdv NA ... NA FrankTemp/Franklin A DynaTech A 188.42 -1.61 1.1 Growth A 140.16 +0.12 4.1 RisDv A 97.14 +0.62 7.9 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst 119.33 +0.05 2.3 JHF III DispVal DispValMCI 31.41 +0.20 14.3 John Hancock BondR6 13.35 +0.02 -0.2 JPMorgan I Class CoreBond 10.18 +0.02 -0.3 EqInc 28.51 +0.07 16.1 LgCpGwth 80.40 -0.85 -1.7 JPMorgan R Class CoreBond 10.20 +0.03 -0.2 CorePlusBd 7.16 +0.01 0.3 Lord Abbett I ShtDurInc p 3.82 ... 1.0 Metropolitan West TotRetBdI NA ... NA MFS Funds IIE NA ... NA MFS Funds Class I ValueI 55.26 +0.22 10.8 Natixis Funds InvGradeBdY 9.62 +0.02 -0.3 LSGrowthY 30.60 +0.21 -7.9 Northern Funds StkIdx NA ... NA Old Westbury Fds LrgCpStr NA ... NA PGIM Funds Cl Z TotalReturnBond NA ... NA PIMCO Fds Instl IntlBdUSH NA ... NA TotRt NA ... NA PIMCO Funds A IncomeFd NA ... NA PIMCO Funds I2 Income NA ... NA PIMCO Funds Instl IncomeFd NA ... NA Price Funds BlChip 202.51 -0.74 -3.7 LgCapGow I 84.56 -0.06 -0.5 Putnam Funds Class A PutLargCap p 44.49 +0.18 13.8
those claims should be heard in federal court. Rana’s most recent em- ployer, private-equity firm Bregal Sagemount, terminated his employment in the begin- ning of April, a company spokeswoman previously told The Wall Street Journal. JPMorgan had offered Rana $1 million to settle sexual-as- sault and harassment claims weeks before he filed his pre- vious lawsuit, the Journal re- ported in May. The JPMorgan spokesman said Monday that the bank has no intention of settling the suit.
The latest de-escalation has yet to trigger a meaningful re- covery in shipping through the Strait of Hormuz and the Bab al-Mandeb Strait, two critical arteries for global oil trade. Analysts say vessel traf- fic is unlikely to normalize un- til markets are convinced the easing of tensions can last and ships can navigate safely, leav- ing oil prices vulnerable to re- newed swings if hostilities flare up again.
Putnam Funds Class Y PutLargCap 44.49 +0.18 14.0 Schwab Funds 1000 Inv r 15.91 +0.02 9.3 FunUSLgInst r 37.58 +0.14 17.2 IntI Sel r 31.56 +0.12 9.9 S&P Sel 19.11 ... 9.0 TSM Sel r 17.95 +0.01 9.5 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.07 +0.02 0.2 StratAdFidEmr 18.32 +0.06 20.6 StratAdFidUS 21.28 +0.01 12.3 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.22 +0.04 9.8 TIAA/CREF Funds EqIdxInst 51.29 +0.06 9.4 IntlEqIdxInst 30.61 +0.12 9.9 LrgCpGrIdxInst 75.58 -0.34 -0.5 VANGUARD ADMIRAL 500Adml 684.41 +0.12 9.0 BalAdml 53.69 +0.07 5.7 CAITAdml 11.38 +0.03 0.2 CapOpAdml r 259.96 +0.02 19.9 DivAppIdxAdm 65.09 +0.32 10.0 EMAdmr 48.28 +0.44 8.3 EqIncAdml 102.53 +0.23 11.6 ExplrAdml 123.25 +0.64 15.5 ExtndAdml 180.23 +1.17 14.2 GroIncAdml 117.24 -0.10 7.4 GrwthAdml 257.52 -0.36 2.8 HlthCareAdml r 86.69 +0.47 4.7 HYCorAdml r 5.43 ... 1.1 InfProAd 22.66 ... 0.3 InfTechIdx 460.59 -3.40 19.6 IntlGrAdml 118.61 +1.15 4.1 ITBondAdml 10.22 +0.01 -0.8 ITIGradeAdml 8.63 +0.02 -0.5 LarCapAd 171.69 +0.05 8.6 MidCpAdml 401.31 +2.29 12.4 MuHYAdml 10.56 +0.02 1.6 MuIntAdml 13.58 +0.03 0.4 MuLTAdml 10.71 +0.03 1.0 MuLtdAdml 10.90 +0.01 0.9 MuShtAdml 15.82 +0.01 1.4 PrmcpAdml r 223.21 +0.15 20.7 RealEstatAdml 142.42 -0.46 15.8 SmCapAdml 142.29 +0.84 15.9 SmGthAdml 120.84 +0.76 14.1 STIGradeAdml 10.32 +0.01 0.8 STIPSIxAdm 24.84 -0.02 1.6 TotBdAdml 9.52 +0.01 -0.3 TotIntBdIdxAdm 19.16 +0.05 0.3 TotIntlAdmIdx r 44.96 +0.23 11.5 TotStAdml 177.75 +0.18 9.6 TxMCapAdml 381.04 +0.31 8.9
TxMIn r 22.45 +0.07 12.6 USGroAdml 189.45 +0.14 -2.9 ValAdml 86.48 +0.25 17.3 WdsrllAdml 90.26 +0.83 9.1 WellsIAdml 62.74 +0.11 3.7 WelltnAdml 79.71 -0.07 4.4 WndsrAdml 81.51 +0.52 10.9 VANGUARD FDS DivdGro 31.85 +0.20 4.9 LifeGro 54.56 +0.15 8.4 LifeMod 36.38 +0.10 6.2 PrmcpCor 46.16 +0.04 24.7 STAR 30.41 +0.13 5.2 TgtRe2020 28.48 +0.06 3.8 TgtRe2025 20.97 +0.04 5.1 TgtRe2030 44.92 +0.12 6.1 TgtRe2035 29.29 +0.08 7.0 TgtRe2040 53.83 +0.15 7.8 TgtRe2045 37.71 +0.10 8.5 TgtRe2050 64.81 +0.17 9.3 TgtRe2060 66.72 +0.18 9.4 TgtRet2055 72.39 +0.20 9.4 TgtRetInc 14.18 +0.03 3.4 Welltn 46.17 -0.04 4.4 VANGUARD INDEX FDS ExtndIstPl 444.76 +2.90 14.3 IdxIntl 26.88 +0.14 11.5 MdCpGrAdml 126.87 +1.11 5.9 MdCpVlAdml 106.46 +0.38 17.1 SmValAdml 105.54 +0.61 17.1 TotBd2 9.39 +0.02 -0.4 TotIntlInstIdx r 179.78 +0.90 11.5 TotItlInstPlId r 179.83 +0.91 11.5 TotSt 177.72 +0.18 9.6 VANGUARD INSTL FDS DevMktsIndInst 22.49 +0.08 12.7 DevMktsInxInst 35.14 +0.12 12.7 ExtndInst 180.22 +1.17 14.3 FTScinst 50.59 +0.03 7.8 GrwthInst 257.54 -0.35 2.8 InPrSeIn 9.23 ... 0.3 InstIdx 593.65 +0.10 9.0 InstPlus 593.64 +0.10 9.0 InstTStPlus 122.50 +0.13 9.6 MidCpInst 88.65 +0.50 12.5 MidCpIstPl 437.22 +2.50 12.5 SmCapInst 142.29 +0.85 15.9 SmCapIstPl 410.70 +2.45 15.9 STIGradeInst 10.32 +0.01 0.8 STIPSIxins 24.86 -0.01 1.6 TotBdInst 9.52 +0.01 -0.3 TotBdInst2 9.39 +0.02 -0.3 TotBdInstPl 9.52 +0.01 -0.3 TotIntBdIdxInst 28.76 +0.09 0.4 TotStInst 177.78 +0.18 9.6 ValueInst 86.48 +0.25 17.3 WCM Focus Funds WCMFocIntlGrwIns 27.70 +0.02 11.3
MICHAELA BUBLIKOVA/@DUDESINSUITS
KHALED ZIAD/AFP/GETTY IMAGES
2.0
Rising yields can make for a tough lending environment. But regional banks are evolving into something more like their Wall Street peers. Last week’s jump in Treasury yields had investors worried that lending banks would be hit. Even before the sharp move, investors were concerned about the number of banks in second-quarter reports calling out a squeeze between de- positors pressing for higher rates alongside a shift by borrowers to lower-yielding loans. With the yield on 2-year Trea- sury notes hitting its highest level in over a year, clients will be sorely tempted to move cash out of bank accounts. That worry is especially acute for regional lend- ers lacking huge Wall Street trad- ing desks. Those desks have seen, and could continue to see, a surge of activity and fees as markets grap- ple with rapidly shifting expecta- tions for rates. Last week, shares of Bank of America, Citigroup and JPMorgan Chase gained, while most of the KBW Nasdaq Bank Index’s large regional banks declined. But the Wall Street versus Main Street idea of banking is changing, and shares of regional banks might have positive surprises in store. Although net interest margins at many banks might tighten, re- gional banks have been benefiting from some of the same forces lift- ing the megabanks. Companies of all sizes, for in- stance, are scrambling to adapt to the artificial-intelligence boom. As a result, the market could be miss- ing Main Street lenders’ potential to keep up with their glitzier peers. Many regional banks have re- ported increases in their own fees from investment banking and re- lated services. Plus, the largest re- gionals are already well on the
Buyers of exchange-traded funds are in a speculative mood. So are ETF issuers. The category is booming world- wide, and nowhere more than in the U.S. where 728 funds were launched in the first half of 2026, according to CFRA Research. That’s on pace to break 2025’s full-year record. Many factors are at play in the flurry—taxes, technology, regula- tion and, most of all, investors ea- ger for the next big thing. But the result is often fishy products that exist because investors aren’t bothering to do the math. Fund companies are, though, even if it doesn’t seem that way. Some register dozens or even hun- dreds of ETFs with hardly any- thing in them. They know that most will cost more to launch than
2.5
Stock Spotlight
Nvidia The AI chip company is in talks to provide a $250 billion backstop to OpenAI to fund a massive data- center project. Shares finished 5% lower.
CXMT The memory-chip maker soared more than fivefold in its stock-market debut to become mainland China’s most valuable company.
Cracker Barrel The restaurant chain’s stock stumbled more than 2% after it said its embattled CEO is stepping down.
Strategy Michael Saylor’s crypto- hoarding company said it didn’t sell any bitcoin last week. Shares jumped more than 7%.
ON THESTREET
road to adding more Wall Street- type activity to their businesses by acquiring midsize investment banks, for example. Noninterest income, which in- cludes those banking fees, at re- gional banks in the KBW index jumped 12% in the second quarter from the first quarter, according to Visible Alpha figures. That was about on par with megabanks’ 13% jump. Overall, noninterest revenue among those regional banks was roughly half of what they gener- ated in net interest income in the second quarter. That ratio was closer to 40% early in 2023. Still, it is never easy to compete with the largest banks. It can also be a challenge to persuade more budget-conscious, midsize clients to pay for more services. To bol- ster these efforts, many regionals are also shifting their lending. They are moving out of some consumer loans that yield a lot but are risky and longer-term, and don’t often generate much follow- up business. Instead, they are shifting into less-high-yielding loans to commercial clients. Their hope: capturing other business with them such as raising capital, merger advisory, payments and wealth management. Stacking fees on the interest in- come generated by a loan is a way for banks to boost the return earned on the equity needed to back that loan. Regulations often allow banks to reserve less capital for some commercial loans since they are often secured by financial collateral. In the second quarter, many re- gionals reported a dynamic of nar- rowing net interest margins but higher returns. In the second quarter, Charlotte, N.C.-based Tru- ist Financial’s net interest margin compressed by 0.04 percentage points from a year prior. But its return on tangible common equity rose to 15.4% from 12.3%. Aiding
1.5
$40
Assets in U.S. ETFs
$7 trillion
FUNDS Top 20 Next 80 Next 4,773* 0
3.0
*As of May Source: ETF Database; Investment Company Institute
they will ever earn. But a few might hit the jackpot, such as computer-memory-focused
reported that a China-based company was preparing to make a homegrown version of ASML’s chipmaking equipment.
AstraZeneca The drugmaker’s London- listed stock advanced nearly 2% after it reported higher second-quarter revenue, driven by growth in oncology sales.
Rocket Lab The space company received a $266 million contract from the U.S. Space Force for up to 18 suborbital launches that will support missile defense capabilities. Shares finished 4.7% higher.
Argenx, Forte Biosciences Argenx said it reached an agreement to buy Forte Biosciences for $2.2 billion, moving to strengthen its oncology pipeline. Forte Biosciences stock ended Monday’s trading about 40% higher, while U.S.-listed shares of European pharmaceutical company Argenx slid 3.2%.
FINANCIAL ANALYSIS & COMMENTARY
RICHARD DREW/AP
KeyCorp Chief Executive Christopher Gorman gaveled the end of trading at the New York Stock Exchange in April of last year.
Price-to-book ratios of select banks, past three years
3.5 times
JPMorgan Chase Goldman Sachs
KeyCorp Truist Financial
1.0
0.5
Aug. 2023 ’24 ’25 ’26 0
Source: FactSet
Source: FactSet
that was a 72% jump in invest- ment-banking and trading income. “We are reallocating capital from higher-yielding consumer loans into higher-quality but lower-yielding commercial loans, where we expect to drive attrac- tive relationship returns over time,” Michael Maguire, Truist’s chief financial officer, told ana- lysts this month.
fund DRAM. Launched in April, it became the fastest-growing fund ever. Bloomberg ETF analyst Eric Balchunas compared fund spon- sors’ tactics to “walking up to a roulette table and putting chips on every single number.” Investors want to play. Themes and catchy tickers are a proven formula, as the revival of the defunct symbol MEME for a totally new fund shows. Space is hot, featuring NASA, UFO and WARP. Robots are too—BOTZ, ROBO, ROBT, IBOT, and UBOT. The most dynamic category is inverse and leveraged products, now allowed for single stocks. There were several tracking SpaceX within days of last month’s initial public offering. Option-selling ETFs with huge “distribution rates” that actually
Royal Philips The Dutch health- technology company reported increased sales in the second quarter. Its shares finished European trading nearly 2% higher.
TUESDAY'S EVENTS: Economic data: Consumer confidence index, Johnson Redbook retail sales index, U.S. home-price indexes for May, ADP weekly employment change, wholesale inventories
EARNINGS EXPECTED: Coca-Cola, UPS, Boeing, Visa, Ford Motor, Mondelez International, Waste Management, PPG Industries, Bloom Energy, Avis Budget, Sherwin-Williams, Unilever, Barclays, Hilton, Centene, Seagate Technology, PayPal, S&P Global
Legend Biotech ADRs, past three months
May 2026 June July
CEO Exit Tanks Legend Biotech
Shares of Legend Biotech fell 14% Monday after the company announced that CEO Ying Huang stepped down and left the board. Legend said in a regulatory filing that Huang’s resignation wasn’t the result of a disagreement with the company, but didn’t elaborate. —Xavier Martinez
Many other banks reported simi- lar dynamics. Columbus, Ohio- based Huntington Bancshares Chief Financial Officer Zachary Wasser- man told analysts last week, “We might be at the lower end or po- tentially just a touch below” the bank’s outlook on net interest in- come, but “we’re expected to be at the higher end or above on fees.” Cleveland-based KeyCorp Chief
return less than the underlying stock they track keep luring buy- ers, too. Not every investor is in a risk-taking mood: Buffered ETFs— aka “boomer candy”—continue to sell expensive peace of mind. ETFs scratch other itches, too, including tax avoidance. Wealthy investors are embracing 351 ex- changes that convert concentrated stockholdings into diversified funds without capital gains. Gabe Plotkin, the hedge-fund manager who lost investors billions during the GameStop mania, has filed for one. Other funds like BOXX pay T- bill returns without the pesky tax- able interest. The top tier of the industry is doing fine with mostly boring, low-expense offerings. A Vanguard S&P 500 tracker re- cently passed $1 trillion in assets.
Luxfer Agrees To Be Bought
Luxfer has agreed to be acquired by Wynnchurch Capital in a deal valued at $462.7 million. Shareholders of the ma- terials manufacturer will re- ceive $17.37 a share in the all-cash deal, Luxfer said Monday. The company had about 26.6 million shares as of the end of 2025, accord- ing to its annual filing. Luxfer will continue to operate its business as a private company after the sale. Luxfer said the deal rep- resents a 31% premium to its closing share price of $13.29 on April 28, the last trading day before its first-
This Day in Market History
Executive Christopher Gorman said recently a “bifurcation” be- tween investment-banking reve- nue trends at the biggest banks versus middle market focused banks such as Key exists because bigger banks’ bigger clients move first. He said Key’s pipeline of M&A deals was at a record level. None of this is to say that re- gionals are going to become JP- Morgan Chase clones. Higher rates could damp capital markets activ- ity. And clients might take their fi- nancing but ultimately go else- where for other services. The Wall Street megabanks themselves have been building out their own ability to serve smaller customers. That means more com- petition. But it also shows that these clients have business worth chasing. Up to this point, the market hasn’t given regionals nearly as much credit for their evolutionary efforts. Price-to-book ratios for banks in part reflect investors’ ex- pectations of future returns on eq- uity. Ratios of many large regional banks trail the levels of such Wall Street banks as Goldman Sachs or Morgan Stanley. Those trade at around 3 times book, and JPMor- gan is over 2.5 times book. Those prices imply a lot of good times ahead for the megaclients of the megabanks. It is far cheaper to bet that cli- ents of midsize banks, often in less-glitzy industries such as con- struction, will also be among the beneficiaries of the AI boom and need investment-banking services of their own. Regionals such as Truist, Key, Huntington, M&T Bank and Zions Bancorp are all trading below 1.5 times book value. Trading yield to chase those cli- ents’ business is certainly a gam- ble for Main Street banks. But the payoff could be big. Just look across the street. —Telis Demos
The top 100 ETFs control $10 tril- lion. Tiny funds tend not to last long so the wave of launches this year and next is almost guaranteed to bring hundreds of closures that can blindside unsuspecting owners with tax bills. Some could get nas- tier surprises if the U.S. Treasury investigates funds designed to skirt taxes. Even worse outcomes could be in store. Market volatility has erased some funds’ value with sickening speed—most famously 2018’s “Volmageddon.” Regulators are in a permissive phase, and that could be a bo- nanza for fund companies cooking up ever wilder ideas. It makes sense financially for them to roll the dice, but usually not for you. —Spencer Jakab
quarter earnings release, when the company an- nounced a strategic review. Shares closed at $17.12 on Monday. In April, the company said it was continuing to evaluate strategic alterna- tives following its strategic review in 2024. It was work- ing with third parties, in- cluding investment banking and strategic growth advis- ers, executives said at the time. The deal is expected to close at the end of 2026, subject to approval by Luxfer shareholders and regulators. Luxfer is scheduled to re- port its second-quarter fi- nancial results on Tuesday after the closing bell. —Katherine Hamilton
结论： 存在严重缺陷 (Blocking Issues Found)。翻译不仅包含大量残余英文，且在关键数值和专有名词处理上存在低级错误。
market capitalization equivalent to $484 billion $\rightarrow$ 译文 市值相当于 $4840 亿美元 (多出一个 0，数量级错误)。roughly $250 billion backstop $\rightarrow$ 译文 约 $2500 亿美元的担保 (多出一个 0，数量级错误)。"本 edition 的《华尔街日报》"、"Suncor" (在原文中提到但在译文样本中缺失或未处理)、以及部分页眉/页脚标签。[!WARNING] 块，详细列出了缺失的 Token 和专有名词。根据审计要求，将内部清理/质量警告标签作为交付结果属于严重缺陷。Kevin Warsh, Christopher Waller, Rahat Dar）和事件。请参阅 A6 页 等引导语，但正文内容在关键处被切断。| 缺陷类型 | 状态 | 示例/备注 |
|---|---|---|
| 数值错误 | 🔴 严重 | $484B $\rightarrow$ $4840B; $250B $\rightarrow$ $2500B |
| 残余英文 | 🟡 存在 | "本 edition" |
| 内容缺失/错位 | 🔴 严重 | AI 报告、电影评论等关键章节全部丢失 |
| 幻觉内容 | 🔴 严重 | 出现了源文没有的巴基斯坦洪水、美联储内部争论 |
| 交付缺陷 | 🔴 严重 | 包含未删除的 QA 警告报告块 |