商业与金融
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在伊朗战争导致全球市场动荡并推高能源价格后，美国最大的石油公司报告了创纪录的季度业绩。A1
在伊朗战争导致全球市场动荡并推高能源价格后，美国最大的石油公司报告了创纪录的季度业绩。 在埃克森美孚，利润较去年同期增长一倍多，达到 2022 年以来的最高水平；而雪佛龙则报告了其有记录以来最高的季度收益。 埃克森美孚表示，高产的石油和天然气，以及从德克萨斯州到新加坡的近 20 家炼油厂，将其收益推至 145 亿美元 billion。 这一总额是自俄罗斯入侵乌克兰引发能源危机达到峰值以来的最高值。 雪佛龙报告的收益为 121 亿美元 billion，在创纪录的油气产量和炼油吞吐量的驱动下，较去年同期增长近五倍。 由于伊朗与阿曼之间的霍尔木兹海峡水路长期关闭，切断了全球很大一部分燃料供应，这两家公司都赚到了巨额现金。 该季度美国油价最高攀升至每桶 $112.95，汽油价格飙升至最高水平。 请参阅 A8 页
英国石油 (BP) 将其英国北海业务挂牌出售，为其在本土结束持续半个多世纪的石油生产铺平道路。B10
周五的交易推动道琼斯工业平均指数在本月转为正增长，而标准普尔500指数和纳斯达克在 7 月分别下跌 0.1% 和 3.2%。B11
霍尔木兹海峡的关闭正促使公司提高许多产品的价格，以抵消其更高的商品和运费成本。A1
美联储主席向同事提出了减少会议频率的可能性，这将标志着央行运作方式的重大转变。A2
考夫曼-利兹公司 (KKR) 即将达成一项协议，将总部位于德克萨斯州的医疗设备外包公司盈格控股私有化。B11
库彻-塔德计划以约 87 亿美元 billion 收购波兰便利店零售商扎卜卡，以扩张在中东欧的市场。B10
纽威品牌提高了其收益预期，预计关税退款将有助于抵消供应成本的上涨。B10
全球动态
在特朗普宣布加沙地带取得突破并可能导致哈马斯解除武装的一天后，该武装组织与以色列在具体协议内容上产生分歧。A1
特朗普下令对伊朗发起新一轮袭击，旨在迫使德黑兰投降，袭击最早可能在本周末开始，他预测该国领导人将会屈服。A8
面对全球愤怒，国际足联 (FIFA) 主席詹尼·因凡蒂诺放弃了将部分世界杯商业权利出售给私人投资者的计划。A14
在关于税收收入和客户保护的谈判破裂后，纽约州起诉了 Kalshi (预测市场交易平台)，指控该公司运行非法赌博业务。A3
前国会议员乔治·桑托斯将支付超过 $35,000，以就监管机构指控他在 Kalshi 上操纵关于他是否出席国情咨政演讲的投注而达成和解。A3
本期《华尔街日报》最初在美国出版，并在当地重新印刷以进行区域分发。
华盛顿特区美国检察官办公室撤销了对一名三届奥运选手的起诉，此前该选手被指控破坏了林肯纪念堂反思池。A3
根据联邦政府的一项资源保护提案，亚利桑那州、加利福尼亚州和内华达州将减少从科罗拉多河取水。A3
佩吉·诺南 安东尼·福西 揭开面具。A13
目录 图书....................... C7-12 商业与财经. B10 装备与小玩意... D11 街谈巷议.. B12 市场...................... B11 讣告................... C6
评论................. A11-13 体育.......................... A14 时尚与风尚..... D2 旅行............................. D8 美国新闻.............. A2-4 健康................. D3-4 国际新闻........ A6-9
2026年8月1日 / 2日，星期六 / 星期日 ~ 第CCLXXXVIII卷 第27号 华尔街日报 WSJ.com 美国版
JUAN CARLOS LUCAS / ZUMA PRESS
混乱场面：在西班牙士兵采取行动确保塞塔的安全后，移民纷纷返回摩洛哥。周四和周五，多达 60,000 名移民涌入这个位于北非的西班牙领土，但当局表示其中大多数人已经离开。A6
特朗普的筹款行动
华盛顿——在白宫的几乎每个夜晚，特朗普总统都会致电他的筹款人梅雷迪思·奥罗克 (Meredith O’Rourke) 以获取最新进展。
特朗普询问奥罗克哪些公司和捐赠者已经开支票，哪些还没有，以及金额是多少。他经常要求她提出比她原计划大得多的资金请求——对于某些捐赠者，要求是 $5 million，而对于其他人则是 $50 million。根据知情人士透露，总统还会给她提供联系名单，其中经常包括最近与他会面的人。
“这对总统来说非常重要。他让我给你打电话，向你请求这笔捐赠，”奥罗克在与公司的电话沟通中如此转达，并坚持进行跟进。在一些电话中，她将特朗普称为“老板”，称“老板想要这笔钱”。相应地，据听过他评论的人称，特朗普称她为“黑暗公主”，因为她在面对捐赠者时是个如此高效的“杀手”。
某公司市值单日跌幅创纪录。B11
特拉维夫——在特朗普总统宣布一项突破性进展的一天后，他预测这将使哈马斯在战火纷飞的加沙放弃武器和权力，但以色列与巴勒斯坦武装组织在具体达成协议的内容——以及谁应该率先采取行动方面，似乎存在分歧。
作者：Feliz Solomon, Suha Ma’ayeh and Abeer Ayyoub
周四，特朗普在社交媒体上表示，这个被美国指定为恐怖组织的组织接受了一项将导致其“完全解除武装”的计划。美国官员表示，该计划将包括以色列从加沙撤军。随着特朗普政府艰难地寻找摆脱伊朗战争的出路，这将是陷入停滞的和平进程中迈出的重大一步。
特朗普的乐观评估在以色列遭遇了质疑，许多以色列人深不信任哈马斯会自愿解除武装，这使得白宫与以色列总理本雅明·内塔尼亚胡之间可能发生冲突。
这位今年面临选举的以色列领导人不愿接受任何不符合其要求的计划。
请转至第 A8 页
但这让场面变得尴尬
大胆的装扮出现在商业会议上； “我现在完全不知道该看哪里。”
作者：SUZANNE KAPNER
当詹妮弗·埃普斯汀 (Jennifer Epstein) 穿着一件能透出内衣的透明蕾丝裙与丈夫共进晚餐时，她的丈夫在恢复说话能力后，反应是：“你衣服的其余部分在哪儿？”
埃普斯汀是宾夕法尼亚州福特华盛顿的一名药剂师，她说她并不寻求丈夫的认可。“这让人感觉充满力量，”这位 43 岁的女性说道，“这是一种现代女性主义，按照你自己的方式拥抱自信和女性特质。”
“裸穿风” (Naked dressing) 最初是那些追求曝光的名人与时尚设计师的造型。现在，它正从 T 台和红毯转移到日常购物者身上——而且进展并不十分顺利。人们穿着若隐若现的服装出席商业会议和婚礼，引起了其他参会者的震惊和不安。
当克里斯蒂安·埃斯皮诺萨 (Christian Espinosa) 走进亚利桑那州斯科茨代尔一次网络安全会议的晚餐会时，他愣住了。坐在他旁边的是
请转至第 A10 页
作者：Josh Dawsey, Dana Mattioli, Annie Linskey and Emily Glazer
遭遇重挫
美国公司单日市值最大跌幅
公司 / 日期 / 跌幅 :--- 英伟达 (Nvidia) / Jan. 27, 2025 / –5927 亿美元 billion SpaceX / June 22, 2026 / –$403.3 苹果 (Apple) / Friday / –$357.8 微软 (Microsoft) / Jan. 29, 2026 / –$357.4 英伟达 (Nvidia) / June 5, 2026 / –$328.2
数据来源：道琼斯市场数据；FactSet
在 Anthropic 崛起之后
作者：BERBER JIN
引发 AI 热潮的 OpenAI 公司在竞争对手 Anthropic 面前落了后手。现在，它正努力争取回归。
OpenAI 的旗舰消费者产品 ChatGPT 的增长已有所放缓。首席执行官 Sam Altman 的接班人 Fidji Simo 的离职，促使他的高级副手们重新分配职责。此外，销售人员正陷入一场代价高昂的战役，试图通过提供批量折扣和其他优惠条件来争取利润丰厚的商业客户。
一些 OpenAI 的最大投资者在私下里对该初创公司相对于其增长而言过高的现金消耗表示担忧，参与这些对话的人士称；而另一些投资者则通过向 Anthropic 投入资金来对冲风险。
与此同时，Anthropic 的营收增长已超过 OpenAI，其估值也随之攀升，在编程工具 Claude Code 的成功推动下，估值正接近 1 万亿美元。据知情人士透露，该公司正加快秋季首次公开募股（IPO）的计划，并开始与潜在投资者举行会议，在会上强调其领先于 ChatGPT 制造商的地位。
“在过去的 12 个月中，我们的表现并非最佳，这在很大程度上是我的责任，但我们正……” 请转至第 A2 页
软银（SoftBank）捐赠了 $50 million 用于特朗普的总统图书馆。据知情人士透露，苹果公司（Apple）为他的白宫舞厅项目开了一张约 $25 million 的支票，微软（Microsoft）提供了约 $10 million，亚马逊（Amazon）贡献了约 $5 million。Meta Platforms 最近向一个与特朗普一致的政治委员会捐赠了 $10 million。$1。
请转至第 A10 页
作者：RYAN DEZEMBER
霍尔木兹海峡的持续关闭开始影响美国人的钱包，且影响范围远不止于加油站。各公司表示，他们正在提高从薯条、啤酒到油漆和包装等产品的价格，以抵消自身上升的大宗商品和运费成本。
Samuel Adams 酿酒厂波士顿啤酒（Boston Beer）、谢林-威廉姆斯（Sherwin-Williams）、国际纸业（International Paper）以及多夫（Dove）肥皂和 旗语（Hellmann’s）蛋黄酱的制造商联合利华（Unilever），都是在近日告知投资者已提高价格或计划很快提高价格，以补偿原材料成本增加的公司。
这些价格上涨受到了投资者的欢迎，在收到涨价通知后，投资者推高了数家公司的股价。
在数据中心投资过热的担忧拖累了此前驱动市场的科技股之际，制造商、材料生产商和消费必需品制造商股价的大幅上涨，帮助支撑了更广泛的股市。 请转至第 A8 页
特朗普下令对伊朗发起新一轮攻击.......................... A8
冲突干扰推高能源价格，行业巨头公布创纪录业绩
作者：COLLIN EATON
英国石油 (BP) 寻求出售英国北海业务..................... B10
交流 “AI 的诺查丹玛斯”未能预见此事，且他需要来自 Citadel 的救命稻草。B1
华尔街日报
资本账户 / 作者：Greg Ip 应对AI导致失业，应针对资本而非劳动力征税
经济学家通常不担心机器取代人力。毕竟，就业岗位被取代是节省劳动力的技术的自然副产品。但人工智能正开始改变这一点。
包括 17 位诺贝尔奖得主在内的 1,000 多名经济学家对此深感担忧，他们在最近由斯坦福大学 Erik Brynjolfsson 发起的一项在线请愿书中签名，警告 AI 将导致“大规模就业岗位被取代”，并恳请采取行动。
但采取什么行动？事实是，有一种政策应对方案正获得越来越多的支持，至少在经济学家（即便立法者未必如此）中是这样：停止对资本采取比劳动力更优惠的税收政策。
这与美国以及事实上大多数发达国家数十年来的税收政策背道而驰。为了吸引投资并促进增长，这些国家降低了对利润、企业投资、资本利得和股息的税收。
在常态下，降低资本税率是有道理的，但在面对一种可能导致前所未有之规模失业的技术时，这种做法可能不再适用。
减少会议频率
作者：NICK TIMIRAOS
据知情人士透露，美联储主席 Kevin Warsh 本周向同事们提出了减少会议频率的可能性，这将标志着其运作方式的重大转变。
Warsh 上周主持了由 12 人组成的联邦公开市场委员会的第二次会议。该委员会每年在华盛顿召开八次会议，以决定利率水平。这些人表示，减少会议次数的构想是以讨论议题的形式提出的，而非正式提案，简短的讨论集中在每年召开六次会议是否会有益。此前，《纽约时报》已报道过此次讨论。
这一构想揭示了 Warsh 试图打造的美联储形象——一个发声频率更低、较少占据市场注意力机构。在他担任主席的前 2 次会议中，委员会发表的声明更为简短。
Warsh 本周表示，他预计今年在每次会议后将继续举行一场新形式的新闻发布会；但他尚未表示这种做法是否会持续下去。减少会议次数将秉持相同的精神：减少美联储作为主角的预定场合。
任何变动都将面临短期内的实际约束。去年 9 月，美联储公布了截至 2028 年 1 月的初步会议日期。其他活动和相关……
注：劳动力包括所得税和工资税。对于商业资产和设备，仅指新投资。定义和方法论在不同年份之间可能会有所变化。
商业资产
设备
来源：国会预算办公室
到 2050 年将从劳动力市场中消失，并导致 10 百万个工作岗位的永久丢失。 领先的技术经济学家布林约尔夫森表示，对于商业领袖而言，用人工智能来补充而非替代工人符合其“开明的自利”。“我们现在正引导他们走向错误的方向。” 但该如何引导？如果补充工人比替代工人更盈利，成功的企业在没有政府干预的情况下也会选择这条路径。如果替代是更...
Barkin 表示利率的下一步走势是一个艰难的决定。奥特曼在 7 月于 X 上发帖称，我们即将迎来迄今为止最好的 12 个月。OpenAI 在试图夺回冠军宝座过程中面临的挑战，根源在于公司领导层对 AI 市场走向的误判。其困境体现了定义 AI 至高无上之争的激烈竞争。奥特曼将业务增长押注在 ChatGPT 上，打赌随着 AI 成为人们生活更重要的一部分，会有更多人订阅这款聊天机器人。然而，Claude Code 的一夜成功表明，更大的奖赏来自于向软件开发人员及其雇佣他们的财力雄厚的公司销售工具。当 OpenAI 追求从视频生成器到消费级设备和芯片等华丽项目时，其规模较小、定位更精准的对手填补了空白，开发出了一款大受欢迎的编程工具，从而帮助其夺得领先地位。
在追赶其顶级竞争对手的过程中，OpenAI 发布了一系列专注于编程和其他专业工作的新模型，并委派其总裁格雷格·布罗克曼 (Greg Brockman) 负责重组产品线。它还与 Amazon.com 达成协议，向这家云巨头的客户销售 AI 工具，并聘请了 Slack 前首席执行官丹尼斯·德雷瑟 (Denise Dresser) 担任其首任首席营收官。“我认为现在我们已经达到了一个感觉像是在运行一台高效机器的阶段，”布罗克曼在 7 月的一次媒体午餐会上表示。高管们仍在尝试为 Codex 企业产品制定最有效的定价计划，包括可能有助于获取市场份额的降价，尽管这可能会在 IPO 之前侵蚀备受关注的利润率。知情人士表示，OpenAI 现在可能会等到明年才上市。在 Anthropic 上市一周后提交上市申请时，它在时间点上采取了对冲策略，称“可能需要一段时间”，因为有“一些我们想做的事情，在私有公司阶段可能更容易实现”。OpenAI 最初在目前试图攻克的企业业务中处于有利位置。它在 2024 年秋季推出了一系列所谓的推理模型，能够通过分步思考来解决问题，事实证明这种能力非常适合编写代码。但研究人员训练这些模型是为了在高中竞赛的编程问题中拿高分，而非处理构建软件中更为混乱、更开放的任务。Anthropic 则在自己的推理模型（名为 Sonnet 3.7）中采取了相反的方法，一个...
里士满美联储主席汤姆·巴金（Tom Barkin）表示，目前中央银行设定的利率是否足够高到能将通胀降下来，这是一个“非常微妙的问题”，且他不确定自己是否会加入上周投票支持提高利率的三位地区美联储主席之列。巴金周五表示，他认为增加限制并收回去年部分降息的理由“非常充分”。在6月份通胀数据走软后，他表示：“我认为也可以认为……在下一次系列会议之前还有时间”来确定当前的利率设定是否足够。在主席凯文·沃什（Kevin Warsh）领导中央银行的第二次会议上，美联储周三将基准利率维持在 3.5% 至 3.75% 之间，该区间自去年12月以来一直保持不变。巴金直到明年才拥有利率决策投票权。在担任里士满美联储主席的九年里，他养成了一种习惯，即描述他从其辖区内的企业、学院和社区团体中了解到什么，而不是就利率走向发表意见。他表示，如果将他对利率政策的看法私下与主席及同事分享，而不是在“公共场合”发表，可能会更有影响力。
在通胀显示正朝着 2% 目标迈进之际，美联储在过去两年中将利率下调了 1.75 个百分点，以防范劳动力市场疲软的风险。但今年通胀却违背了这些预测，部分压力来自关税、受伊朗战争扰动的能源市场以及 AI 基础设施的建设。他表示：“这就涉及到一个问题……如今的利率是否还像你认为的那样具有限制性？如果你认为目前的利率并没有那么强的限制性，那么名义消费或 AI 投资热潮就是证据，”或者银行端表现出的健康的贷款需求迹象。他补充道：“是否必须增加一些限制？我认为这就是问题所在。”
6月份走软的消费者价格报告并未解决这一问题。巴金称基础通胀的下降是一个“积极信号”，但补充道，“在这些工作中，你必须敞开心扉问自己，目前的限制是否足够，或者是否需要更多。”巴金对劳动力市场是否显著增强持怀疑态度。他表示：“感觉劳动力市场并不紧张。”
……更高效的路径，一家拒绝裁员的公司将输给一家愿意裁员的公司。
对那些被 AI 取代的人员进行重新培训，可能是最受欢迎的政策响应。但目前尚不清楚工人应该被重新培训去做什么。耶鲁大学经济学家帕斯夸尔·雷斯特雷波（Pascual Restrepo）表示，五年前，每个人都被告知“学习编程”。“那个职业建议现在已经过时了。……我们不知道 AI 将以什么样的顺序推进并实现飞跃。”
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此外，还有一些关于补偿失业者的想法，例如工资保险或“全民基本收入”。但这些并不能保留就业岗位。 为了真正抑制由 AI 驱动的岗位替代，一些人呼吁征收“计算税”或“机器人税”，或许可以针对 token（AI 使用的单位）征税。 然而，这在设计和执行上可能是一场噩梦，并且会阻碍 AI 为全人类带来利益的用途，例如新药研发。 这就把我们带到了税收制度。支持低资本税的理由是，这能刺激投资，进而提高生产力，并最终提高工资。 两党推动降低资本税的努力已持续数十年，可以追溯到 1954 年的加速折旧（即：建筑和设备的摊销速度快于其磨损速度）以及 1962 年的投资税收抵免。从 20 世纪 80 年代到 2000 年代，折旧政策变得更加宽泛，而资本利得税和股息税则有所削减。 最广泛的削减出现在 2017 年的税收法案中，该法案将公司税率从 35% 砍至 21%，并暂时允许立即……
OpenAI 的 Sam Altman 上周在华盛顿。
几个月后。在 2025 年 2 月的一篇博文中，该公司表示其重点是能够反映企业实际如何使用 AI 的“现实世界任务”。OpenAI 去年让员工提前试用了新版本的 Codex，预计它会立即走红，特别是那些长期跟踪该技术进展的软件工程师。然而，使用率低于预期，令管理层感到沮丧，他们多次在内部强调这一问题。起初，Codex 面临的挑战似乎只是一个波动。ChatGPT 的周活跃用户数继续攀升，公司的估值也随之增长。8 月，OpenAI 聘请了 Instacart 前任 CEO Simo，以帮助其筹备一场轰动业界的 IPO。但事实证明，Codex 的问题是一个早期的警示信号。在 OpenAI 5 月公开宣布该工具后，其表现低于预期。软件工程师们纷纷涌向
Claude Code。许多开发人员认为 Codex 的运行速度太慢且过于笨拙，导致 OpenAI 不得不修改产品，使其更贴近 Anthropic 的产品。该公司还成立了一个团队，专门负责确保新模型的设计能够满足客户的实际需求。但管理层也被其他更紧迫的问题分散了注意力，例如抵御 Meta Platforms CEO Mark Zuckerberg 发起的人才抢夺战，以及修复与最大投资者微软之间日益恶化的关系。他们将宝贵的计算资源浪费在其他失败的项目上，包括视频生成应用 Sora。当公司重新将注意力转向 Codex 时，已经落后了。管理层在 12 月发布了一个新模型 GPT-5.2，专注于编码和其他专业任务，这否决了一些要求推迟发布以争取更多时间完善产品的员工意见。当公司听说 Anthropic 正在与 Cerebras 洽谈合作伙伴关系时（Cerebras 是一家开发了专门用于快速处理编码任务芯片的初创公司），它匆忙签署了一份
对许多资本支出实施 100% 的即时费用化。这项 100% 费用化规定在去年得以恢复并成为永久性规定。CBO 表示，结果是自 2017 年以来，新设备的边际税率从 14% 下降到 4%，而劳动力边际税率从 29% 略微下降至 27%。理论上，对资本征税会减缓 AI 的部署。这也会阻碍非 AI 投资，这是一个潜在的缺陷。在实践中，税率在多大程度上改变投资决策尚不明确。一项研究发现，2017 年的减税确实促进了投资，同时在长期内将经济产出提升了不到 1%。
尽管如此，即使资本税对 AI 部署几乎没有影响，还有一个考虑因素。国家产出中分配给资本而非劳动力的份额处于历史最高点，而 AI 有望将其推得更高。只要资本税率保持低位，就会限制流入财政部的新税收数量。缩小资本税与劳动力税之间不平衡的差距，是应对记录以来最大规模和平时期赤字的一种方式。
知情人士表示，为了排挤竞争对手，它达成了一项自己的交易。但这不足以止血。当奥特曼（Altman）在 12 月假期期间访问圣巴特岛时，旧金山的程序员们花费数小时进行所谓的“Claude-benders”活动，惊叹于一个名为 Opus 4.5 的新 Anthropic 模型所实现的各项功能。随后，Anthropic 经历了数月的持续增长，甚至令其自身领导层感到惊讶。与此同时，在谷歌自己的消费级聊天机器人普及率开始激增后，ChatGPT 的增长突然放缓。该公司未能实现年底前达到 10 亿周活跃用户的内部目标，尽管最近达到了这一数字。不久之后，Anthropic 的增长率超过了 OpenAI，其估值也是如此——OpenAI 发现自己在 AI 竞赛中的领先地位遭到围攻，不得不同时应对两场独立的战斗。
当高管们向黑石（Blackstone）的高级领导层推销一项合作计划，旨在创建一家公司向这家私募股权巨头的投资组合公司销售 AI 工具时，对方并不买账。黑石在本项目中选择了 Anthropic。OpenAI 随后与其他私募股权参与者达成了另一项单独协议。最近因健康状况恶化而离开公司的 Simo 表示，公司在追求“支线任务”的过程中迷失了方向，在研究和产品方面都落后于竞争对手。她说，Anthropic 的收入“是衡量他们完成使命程度的指标”，“而且他们正在加速渗透经济如此之大的一个部分，这对我们来说应该是一个真正的警钟”。OpenAI 最近发布了一款将 Codex 与 ChatGPT 及网页浏览器集成在一起的“超级应用”，并表示该新产品及独立 Codex 应用的用户数量已增加到 10 million 用户。
7 月，它发布了一个迅速在开发者中走红的新模型——这促使 Anthropic 为了竞争而扩大其强大的 Fable 模型的访问权限。
AL DRAGO / 彭博新闻社
JOHN LOCHER / AP
根据联邦政府周五公布的一项提案，美国西部三个州将减少从科罗拉多河取水，以缓解这一困境重重的水道危机。 美国垦务局（U.S. Bureau of Reclamation）的这项提案使另外四个州暂时无需面对强制性削减。
作者：LYDIA WHEELER 林肯纪念堂水池案指控被撤销
美国华盛顿联邦检察官办公室决定撤销对一名三届奥运选手的起诉。此前，该选手被指控破坏林肯纪念堂反思池（Lincoln Memorial Reflecting Pool）。检察官办公室表示，现已得知困扰这座翻新水池的问题是由“安装失误而非蓄意破坏”造成的。 在周五的一份法院文件中，珍妮·皮罗（Jeanine Pirro）的办公室请求华盛顿特区一名法官撤销对前皮划艇赛手大卫·赫恩（David Hearn）的刑事起诉，称内政部近期提供的文件“显著削弱”了将其指控为破坏财产重罪的证据基础。 皮罗办公室在法院文件中写道：“最后，最近的视觉检查显示，反思池各处甚至池中央都出现了损坏，而蓄意破坏者不太可能在这些地方尝试剥离衬里。鉴于所有这些新发现的信息，很难将广泛的……”
（图片说明：奥运选手大卫·赫恩（中心）及其法律团队，7月）
作者：ANNA WILDE MATHEWS 无保险人数增加，医院遭受冲击
苏赞·默瑟（Suzanne Mercer）和她的丈夫基普（Kip）今年失去了他们的《平价医疗法案》（ACA）计划，因为他们无法承受每月超过 $4,000 的保费。这对在佛罗里达群岛管理公寓综合体的夫妇已经停止就医。 59 岁的默瑟此前在12月的一次乳腺 X 线检查中发现了一个令人担忧的阴影，但她尚未进行医生要求的所有随访扫描。“这太糟糕了，你只能祈祷，”她说，“我现在不想知道结果，因为我无能为力。” 随着维持低保费的联邦补贴结束，默瑟成为了数百万失去医疗保险的美国人之一。这一损失正开始波及更广泛的医疗经济。 在最近的财报中，包括 Tenet Healthcare、Universal Health Services 和 Community Health Systems 在内的医院公司均提到，由于缺乏医疗保险的患者增加，成本随之上升——以 HCA Healthcare 为例，第二季度利润被拖累了 $400 million。 达芬奇机器人辅助手术机制造商 Intuitive Surgical，以及实验室运营商 Quest Diagnostics 和 Labcorp Holdings 也表示，其业务同样受到了影响。 截至2月，持有 ACA 计划的人数比去年同期减少了约 2.6 million。人数下降的原因是，在增强补贴结束后，部分计划的费用在某些情况下翻了一番。
-25
美国医疗保险覆盖人数，2025
无保险 27 million
63 million 166 million 81 million
医疗保险 (Medicare)
2025年起医疗保险覆盖范围的预计变化
50%
-50
2025 '30 '35
*儿童健康保险计划 注：2025年的估计值为初步数据，可能会有所修订。估计值和预测值为一年内所有月份的年平均值。部分人员拥有多种保险来源。
ANDREW MOLLICA / 华尔街日报 来源：国会预算办公室 (Congressional Budget Office)
联邦补贴在今年年初失效。
KFF（一家健康研究非营利组织）表示，ACA（平价医疗法案）投保人数的下降在各州之间存在差异。俄亥俄州、俄克拉荷马州和亚利桑那州的降幅最为剧烈。保险公司和精算师预计，今年参保人数将进一步下降。医院公司高管表示，几乎所有放弃 ACA 计划的人似乎都完全放弃了保险，这超出了 HCA 及部分其他公司的预期。
“对我们来说，显然这不是一件好事，”HCA 首席执行官 Samuel Hazen 在上周与分析师的电话会议中表示，“我们仍然必须照顾这些患者，而且我们确实在这样做，我们的员工表现得非常出色，但这对”损益表造成了压力。
随着 Medicaid（医疗救助）明年增加联邦工作要求，医院面临的问题将进一步增长。
事实上，Medicaid 的参保人数今年已经在下降。国会预算办公室预计，到 2027 年将有进一步 4.1 million 人失去保障。
对于医院而言，无保险患者带来了财务上的双重打击。他们通常会停止进行择期手术，从而损害收入。然而，更大的打击发生在无保险患者进入急诊室时。医院被要求对其进行治疗并使其病情稳定，但通常无法获得报酬。医院可以提供护理，
内华达州可能被共同强制要求在 2036 年前每年减少高达 3 million acre-feet 的用水量——这大约是亚利桑那州和内华达州接收的水量，足以供应每年 25 million 人使用。实际的削减量将每两年确定一次。
亚利桑那州和内华达州此前曾面临强制性削减，但该方案概述了更深程度的削减，可能会影响农业、城市和部落。这可能会转化为更高的水价。 ——美联社 (Associated Press)
将反映池 (Reflecting Pool) 的损坏归咎于“蓄意破坏”。
特朗普总统将出现的问题归咎于破坏者，这些问题发生在他在美国 250 岁生日前，为了将这座地标的灰色盆地变为蓝色而对池底进行重新铺面之后。
政府在没有经过完整招标程序的情况下，将铺面合同授予了总部位于弗吉尼亚州的 Atlantic Industrial Coatings 公司。
Pirro 的办公室指责内政部在案件初期提供的信息“不够充分”，并表示如果该机构能够坦诚提供其“显然掌握”的信息，就不会寻求大陪审团的起诉。
Hearn 的律师表示，此案根本不应该提起，特朗普政府欠他们的客户一个道歉。“今天的驳回并不意味着逮捕和起诉一名没有做错任何事的爱国美国人的政府权力滥用行为被抹去了，”他们说，“政府的做法是：准备，开火，瞄准。”
Medicaid 和 CHIP* 就业基础保险
ACA 22 million 其他参保者 13 million
2036 预测：
无保险者：+41%
Medicare：+17% 就业基础：+3%
其他：−6%
Medicaid 和 CHIP：−14%
ACA：−33%
DANIEL HEUER / 彭博新闻 (BLOOMBERG NEWS)
免费 或通过财务 援助以 折扣率提供， 或者 试图 向患者收费。但通常 这些患者无法支付，导致 他们的账单变成坏 账， 从而 削弱 医院 利润。 “我们仍然为所有到访且 有需要的患者提供护理，” 位于路易斯安那州巴吞鲁格的 10 家 医院组成的非营利性天主教医疗机构 FMOL Health 的首席政府事务官 Ryan Cross 表示。他说，该系统每月坏账核销额在 2026, 第二季度比第一季度增长了约 23%。 位于亚利桑那州的 Banner Health（一个拥有 33 家医院的系统） 发现今年因失去 ACA 覆盖而就诊的急诊患者增长了 10%， 失去医疗补助 (Medicaid) 的患者增长了 13%。治疗的疾病包括糖尿病、充血性心力衰竭和慢性阻塞性肺疾病。 首席执行官 Amy Perry 表示，Banner 发现无保险患者停止了预防性检测和定期体检，该非营利机构预计今年晚些时候对严重急诊护理的需求将增加。 “这些事情可以在一定时间内延迟，” 她说道，但最终会对人们产生影响。“不幸的是，我们预计年底会出现危机。” Raymond James 的分析师 Andrew Cooper 表示，医院还面临来自患者的压力，因为患者试图通过切换到自付费用较高但保费较低的方案来降低账单。免赔额可能高达 $6,500 或更高。 对于许多人来说，“那是年收入的一大部分，而且是你无法支付的，”他说道。
作者：KEVIN T. DUGAN 以及 KATHERINE LONG
在关于税收收入和客户保护的数周谈判破裂后，纽约州通过起诉 Kalshi，进一步加强了其限制预测市场的力度，指控该公司经营非法赌博业务。
纽约州总检察长莱蒂希亚·詹姆斯（Letitia James）于周五提交的诉讼，针对的是美国最大的预测市场运营商。在这个新兴行业中，用户几乎可以对任何事情进行投注。今年早些时候，詹姆斯还起诉了 Coinbase 和 Gemini，理由是它们提供了预测市场。
总检察长办公室请求法院禁止 Kalshi 在没有赌博许可证的情况下在纽约州运营，并强制其没收所有收益。如果该州胜诉，可能会从 Kalshi 处追缴高达 $360 亿的罚金和非法所得。
据一名知情人士透露，Kalshi 花了数周时间试图阻止此次诉讼。从 7 月初开始，该公司提出了几项框架协议，旨在约束其遵守现有的客户保护规定。
作者：VICTORIA ALBERT
前国会议员乔治·桑托斯（George Santos）将支付超过 $35,000，以就监管机构的一项指控达成和解。该指控称，他在 Kalshi (预测市场交易平台) 上就自己是否出席国情咨政报告操纵了赌注。
商品期货交易委员会（CFTC）表示，桑托斯通过在总统年度国情咨政报告的出席问题上进行及时下注，获利超过 $17,000。该监管机构指控他在社交媒体上进行误导性陈述和隐瞒，从而影响了其持仓价格，并表示他不正当地交易了一个他有能力影响的事件。
桑托斯的律师约瑟夫·默里（Joseph Murray）承认其客户就自己是否出席国情咨政报告进行了投注，但否认这位前国会议员有意操纵市场。
“他选择了一个迅速、务实的解决方案，而不是旷日持久且成本高昂的诉讼，”默里说。“而且这一选择不应被误认为是承认任何错误行为。”
作为协议的一部分，桑托斯被要求退还 $17,570 的利润，并支付 $17,500 的罚金。他还将面临三年的交易禁令。
桑托斯是纽约州的共和党人，他于 2023, 年被众议院除名，并在 2024 年承认了联邦电汇欺诈和身份盗窃指控。特朗普总统减轻了他的刑期。
根据 CFTC 的说法，桑托斯最早在 2 月份下注他将出席该活动。监管机构表示，他在发布了关于应该穿什么样的西装之后，在该持仓上获利约 $3,500。
在极端天气威胁到他的行程计划后，据称桑托斯购买了价值超过 $8,500 的合约，赌注是他将不会出席该活动。CFTC 表示，在发布多条误导性社交媒体帖子后，他出售了这些合约并获利。
（此处接上文关于法律 / 监管讨论的部分）
……州内的博彩法。
其中一些建议与 Kalshi 的做法一致，例如允许用户禁止自己进行交易——这一选项被称为“自我排除”，是赌场必须遵守的规定。其他话题还包括围绕营销和广告的规则。
该公司还提出了一项类似于北卡罗来纳州的州税收入协议，将对预测市场交易征收 6% 的税——远低于传统赌博收益 23% 的税率。据一名知情人士透露，纽约州的这项提案将在五年内筹集 100 亿美元 billion。
各州通常认为，预测市场提供的是无牌体育博彩业务，应受州赌博法规和税收的约束。Kalshi 和其他预测市场则认为，各州无权监管它们，因为它们的市场更类似于由商品期货交易委员会监督的华尔街交易。
“各州不能就这样关闭一个获得联邦许可的交易所，”Kalshi 发言人伊丽莎白·戴安娜（Elisabeth Diana）表示，并称该诉讼为“政治作秀”。
美国在新冠疫情期间 最著名的医生 在听证会上保持沉默
作者：SABRINA SIDDIQUI 与 LIZ ESSLEY WHYTE
华盛顿——安东尼·福奇（Anthony Fauci）博士及其律师知道，在过去一周的国会听证会上援引宪法第五修正案关于禁止强迫自证其罪的权利是一次赌博。这位在疫情期间被数百万人信任的医生，冒着让自己看起来像是有事情要隐瞒的风险。
据熟悉其法律策略的人士透露，他的团队认为这是最好的应对方案——因为其他选择更糟糕。他的律师认为，作答可能会让他面临共和党对手的伪证指控，因为这些人正试图在他疫情期间海量且频繁的陈述中寻找矛盾之处。而完全拒绝作证则可能导致特朗普总统领导的司法部将其移交给国会轻视罪处理。
因此，在过去一周的一次激烈的参议院听证会上，福奇援引了 100 多次第五修正案。在沮丧的共和党参议员对他进行辱骂和指责时，他静静地坐着。
“多年来你一直逃避责任，”率领攻击福奇的参议员兰德·保罗（Rand Paul，共和党，肯塔基州）说，“失去信任可能是你最糟糕的政治遗产。”
“难以想象”的名声 这一场景标志着一个巨大的转变。在疫情最严重时期，这个男人还对他自己拥有“难以想象”的名声感到惊讶。
美国人穿着印有他头像的袜子，摆放着他的摇头娃娃。《时代》杂志将他放在封面。现在，尽管得到了前总统乔·拜登的预先赦免，福奇仍面临挑战。
民主党选民在政党认同问题上产生分歧
作者：TERELL WRIGHT
今年，在初选中，激进的民主社会主义候选人在全民医疗等民粹主义承诺的选民支持下，正击败受建制派支持的在任议员。
与此同时，许多担心政党向左倾斜的中间派民主党人正在反击，并警告说，民主社会主义者可能会在 11 月及以后的选举中导致该党失败。
这种冲突将在 8 月迎来下一次考验，届时民主社会主义者将在密苏里州、威斯康星州和密歇根州参选，其中包括州代表多纳万·麦金尼（Donavan McKinney），他正试图在底特律击败代表什里·萨内达尔（Shri Thanedar）。
一些民主党人认为，这些激进分子是该党在选举中与共和党竞争时所需的刺激。
“人们已经厌倦了整个体制，”麦金尼在底特律进行家访时表示。
另一些人则担心，该党正以牺牲选举能力为代价，换取风险更高的政策和候选人，这会疏远独立选民。
“他们是社会主义者，我认为他们非常专注于将民主党作为其实施极端想法的载体，”代表乔什·戈特海默（Josh Gottheimer，民主党，新泽西州）说。
《华尔街日报》在冲突激烈的地区采访了分歧两端的选民。
（图片说明：从左至右，选民克里斯汀·麦克莱伦、乔·托马斯、娜塔莉·布伊、萨姆·凯恩和彼得·王。王表示，民主社会主义者正在损害该党吸引更多选民的能力，因为他们拒绝在政策上妥协，即使这些政策可能不切实际。他说，民主社会主义者与特朗普总统的支持者太相似，将两组人都描述为“不宽容且教条主义”。）
（图片说明：作为一名 IT 专家的王希望民主党能吸引更广泛的选民群体，包括那些可能不支持每一项进步主义政策或立场的人。他说：“我希望看到那些可能反对堕胎的保守派民主党人在‘红区’参选。”）
（图片说明：安东尼·福奇博士在过去一周一次激烈的参议院听证会上，援引了 100 多次第五修正案。）
这将是对他迄今为止其政治遗产的最大挑战。共和党人正指向听证会前公布的私人且有时令人尴尬的日记，以论证他在新冠肺炎 (Covid-19) 的起源以及疫情期间限制措施的合理性方面误导了公众。
虽然在日记公布前进行的民意调查显示，大多数美国人仍然信任福齐 (Fauci)，但公众对于他所倡导的疫情健康措施——以及应对科学专业知识应有的尊重——的看法已经发生了转变。
“在他不再被视为英雄之前，他曾是一位英雄，”继任福齐担任国家过敏和传染病研究所负责人的珍妮·马拉佐 (Jeanne Marrazzo) 博士说道，她在第二次特朗普政府期间被解雇。
福齐的一位发言人拒绝发表评论。
SOPHIA BALDWIN FILMS
克里斯汀·麦克莱伦 (Christine McClellan)，72 底特律
麦克莱伦表示，她支持麦金尼 (McKinney) 是因为他希望结束美国在海外的战争。这位退休者的侄子在海军服役，本应在 5 月回家，但由于以色列-哈马斯冲突以及美国与伊朗的战争，目前仍驻扎在海外。
随着战斗再次爆发，她无法停止思考他的经历，以及加沙和伊朗的平民死亡人数。
“我的表亲参加过越南战争。我不知道那场战争成就了什么。我真的不知道这场战争是为了什么，”麦克莱伦在法威尔 (Farwell) 社区一个温暖日子的门廊上说道。“我们需要和平。”
萨姆·凯恩 (Sam Cain)，18 新泽西州，德马雷斯特 (Demarest, N.J.)
温和派的凯恩表示，民主社会主义的崛起使他进一步远离了民主党。作为一名犹太裔美国人，他认为民主党在遏制反犹主义方面做得不够。他表示，如果民主党向民主社会主义政策（例如企业的公共所有制，他将其描述为“反美”行为）靠拢，他将成为一名独立人士。
他赞扬了戈特海默 (Gottheimer)，这位犹太裔温和派民主党议员代表凯恩居住的新泽西州选区。凯恩表示，民主党 (Covid-19)
安嫩伯格公共政策中心今年早些时候的一项调查发现，54% 的美国人相信福西能够提供可靠的公共卫生信息。约 38% 的人对卫生与公共服务部部长罗伯特·F·肯尼迪二世有同样的看法。尽管如此，对福西的信任度已从 2021 年 4 月安嫩伯格民调中享有的 71% 支持率有所下降。
据一位熟悉该决定的人士透露，福西在疫情期间和之后多次面临死亡威胁，促使拜登在福西退休后仍授权为其提供联邦安全细节保护。特朗普在就职后不久就撤销了该项保护。福西也是少数几位在拜登总统任期最后阶段获得预先特赦的官员之一——但该特赦不涵盖目前的国会证词。
埃伦·西格尔是一位癌症研究倡导者，也是福西的朋友和前邻居，她表示，如果福西认为该程序是合法且公正的，他本会回答问题。“不幸的是，他没有选择，因为这显然不是一场旨在寻找事实的听证会，”西格尔说。
保罗是肯塔基州的共和党人，担任参议院国土安全与政府事务委员会主席，长期以来一直是福西的批评者。他指责这位医生支持某些科学家认为可能导致首批冠状病毒病例的危险研究，并与他人共谋抹黑该理论，试图逃避联邦透明度法律，且忽视与其预先设定的公共卫生措施不符的证据。
福西的律师周三称保罗的指控是不真实的。
个人沉思 在听证会之前，保罗公布了福西在疫情期间超过 1,000 页的日记。这些日记揭露了福西密切跟踪自己的多次媒体露面，以及他所描述的“爆炸式”增长的名声，这导致他的支持者不得不尴尬地为其辩护。
“我认为如果他没有在卫生与公共服务部 (HHS) 的服务器上写下他的个人沉思，包括他在内的所有人的处境都会更好，”德博拉·伯克斯博士说，她在协调白宫新冠响应期间与福西密切合作。
福西在日记中回忆起 8 月与保罗的冲突……
社会主义者并非真正的民主党人。“许多犹太人，无论年轻还是年老，都觉得民主党不再关心他们，而共和党正在努力吸引他们，”他说。
乔·托马斯，77 岁 底特律 托马斯表示，麦金尼是他最理想的人选，因为这位进步派的住房政策，例如加强联邦对企业房东的监管。托马斯一生大部分时间生活在底特律，他目睹了朋友和邻居在 2008-09 年金融危机期间失去家园，这场危机摧毁了底特律以制造业为基础的经济。
作为一名在克莱斯勒退休的工会工厂工人，托马斯说他一生都在投票给民主党，但他认为民主党在解决社区需求和帮助无家可归者方面做得不够。他说，麦金尼可能会提供一条新的前行之路。
“这个政党需要一些骨气，”托马斯说。“我担心的是住在街头的人。我希望民主党人能觉醒并看到这个问题。”
娜塔莉·布伊，38 岁 丹佛 布伊从事临终关怀工作，她在 6 月科罗拉多州众议院初选中投票给梅拉特·基罗斯时，首次支持一名民主社会主义者。布伊是科罗拉多州本土人，她很看重该州独立不羁的特质，但表示民主党在对抗她眼中将国家推向更右翼的共和党方面做得不够。
她说，此前她认为民主社会主义政策在美国是无法实现的，但她认为值得给那些承诺新方向的政治家一次机会。
“右翼改变了他们的策略。左翼也需要改变他们的策略。我想看看那会是什么样子，”布伊说。
加利福尼亚州 纽森对诉讼表示担忧 据接近该诉讼的人士透露，加利福尼亚州州长加文·纽森（Gavin Newsom）对该州旨在阻止 Paramount Skydance 收购华纳兄弟探索公司（Warner Bros. Discovery）的反垄断诉讼及其对好莱坞产生的影响表示担忧。
这些人表示，近几周来，纽森告知相关人员，如果该交易因诉讼而被阻止，州内的就业情况将受到影响。他们还表示，纽森的办公室已鼓励总检察长罗布·邦塔（Rob Bonta）的办公室寻求庭外和解，而总检察长办公室拥有提起此类诉讼的独立权力。
目前尚不清楚纽森的敦促会对加州总检察长的诉讼产生何种影响（如果产生影响的话）。纽森在诉讼中没有角色，也没有权力干涉州总检察长的行动。
纽森和邦塔的代表均拒绝置评。
7 月，加利福尼亚州领导了一个由 12 个州组成的联盟，提起诉讼以阻止这项 810 亿美元的交易。该诉讼称，此次合并将通过减少竞争来损害消费者和电影院的利益，导致电影和电视内容的价格上涨、质量下降且内容减少。 ——Jessica Toonkel ——以及 Eliza Collins
2020, 指责他虚张声势，同时又表现得像个“经验丰富的流行病学家”。
到次年 6 月，关于保罗（Paul）和“疯子们”的抱怨在医生的日志中变得很常见：特朗普在其首任期的最后一个完整工作日，向福西（Fauci）及“加速计划”（Operation Warp Speed）团队的其他成员授予了总统表彰。但在本任期中，他任命了福西最激烈的批评者之一肯尼迪（Kennedy）担任卫生部长，并且最近多次抨击福西。
对其生命的威胁 福西目前在乔治城大学任教，并在各种会议上发表演讲。由于面临生命威胁，他仍需要昂贵的私人安保。
认识他的人表示，他在乔治城大学很开心，但对持续的攻击感到沮丧。他们说，他通常愿意与共和党人正面交锋，而在听证会上忍受参议员的批评且不予回应，对他造成了沉重的心理负担。
“我唯一能得出的结论是，他之所以在这个委员会前传唤我，唯一的理由就是为了让我说出某些话——无论什么话——以便证明他多次公开承诺的正确性，也就是用他的话说——引用——让我‘入狱’，”福西在周三的开场白中如此评价保罗。
保罗威胁称，福西的沉默将产生“后果”，并计划在该委员会投票决定是否认定福西藐视国会，并可能将其移交给司法部起诉。
听证会上的民主党人更多地将重心放在批评共和党人和特朗普政府上，而非明确为福西记录的细节进行辩护。委员会中的两名民主党人，参议员鲁本·加列戈（Ruben Gallego，亚利桑那州民主党人）和埃莉莎·斯洛特金（Elissa Slotkin，密歇根州民主党人）在听证会上未发言。
ALLISON ROBBERT / AP
亚利桑那州 当局公布 古斯里笔记 当局公布了在调查南希·古斯里（Nancy Guthrie）失踪案中收到的一封早期勒索信，希望有人能认出其写作风格。周五公布的第二封信指出，古斯里在被绑架后不久便已死亡。
这两封信最初都是在 84 岁的老妇人——《今日》（Today）节目主持人萨凡纳·古斯里（Savannah Guthrie）的母亲于 Feb. 1. 从图森郊外的家中失踪几天后，被发送到图森的一家电视台。当局尚未说明南希·古斯里是否仍然在世。
目前尚未在古斯里失踪案中逮捕任何嫌疑人。位于华盛顿的联邦调查局（FBI）未就这些笔记的问题做出回应。
皮马县治安警长办公室在公布这些笔记时表示，“我们认为这些独特的语言特征可能是可以被识别的。”
Feb. 2 发送的第一封信称，一旦绑架者收到 $4 million 的加密货币，古斯里将被平安释放，且如果第一项要求未得到满足，赎金将会增加。信中称，如果收到款项，古斯里将在 12 小时内被释放，并威胁称如果未支付赎金将将其杀害。第二封信于 Feb. 6 发送，称古斯里在被掳走后不久便已死亡。 —美联社
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数千人涌入 {Ceuta} 一天后，大多数移民返回摩洛哥
摩洛哥
在数万名移民涌入西班牙在北非的飞地之后不到一天，大多数新抵达者于周五转身返回家园，留下西班牙政府在应对那些滞留人员。
作者：David Luhnow, Margherita Stancati 和 Andrea Figueras
这是现代史上最出乎意料且最突然的移民危机之一中一次离奇的转折。根据西班牙内政部的说法，周四和周五早晨，大约 50,000 人从周围的摩洛哥进入 {Ceuta} 飞地。当地官员则表示有 60,000 人进入。视频中捕捉到的混乱场景在网上疯传，并引起了欧洲各国的警觉。
但内政部表示，到周五晚上，大多数移民已自愿返回摩洛哥。西班牙官员表示，在涌入该领土的过程中至少有 57 人死亡，大多数死于溺水，因为人群试图游过分隔 {Ceuta} 与摩洛哥领土的防波堤。
数万名移民看似自愿地离开，但这并不能平息 {Ceuta} 居民的恐惧与愤怒。在 {Ceuta}，84,000 人居住在面积约为纽约中央公园六倍的区域内。这导致数千名移民在街道上徘徊。许多居民留在室内，许多店铺关闭，担心发生抢劫。 {Ceuta} 居民 Rocio Gil 在告诉西班牙电视台时哭泣，称她害怕身处一座被外国年轻男性占领的城市。她身体明显地颤抖，被一群人围绕着。
作者：MILÀN CZERNY 和 MATTHEW LUXMOORE 俄罗斯打击发布视频的行为
上周，随着一系列乌克兰无人机袭击目标指向俄罗斯南部的一座大型零售仓库，警方发布了一段视频，旨在向任何考虑在网上分享此类袭击片段的人发出警告。
视频中，一名 19 岁的女性为拍摄克拉斯诺达尔市在线零售商 Wildberries 仓库在遭受无人机袭击后的现场而道歉。
“我承认我的错误，并保证这种情况不会再次发生，”这名女性说道。她的面部被模糊处理，警方未透露其姓名。如果被判定违反拍摄无人机袭击的规定，她将面临罚款。
近几个月来，乌克兰越来越多地使用无人机打击俄罗斯深处的目标并扰乱其经济。对炼油厂的袭击导致全国范围内出现燃料短缺和加油站排长队的情况。
现在，当局正试图阻止俄罗斯人发布显示袭击损害的视频，这些视频在 Telegram 等社交平台上被广泛分享。全俄罗斯的警方已拘留了拍摄相关内容的人员。
作者：ED FRANKL 能源价格高企导致欧盟通胀反弹
由于能源成本再次加速上涨且服务价格走强，7 月欧元区的通胀率进一步高于欧洲央行的目标，而未来价格上涨的路径将很大程度上取决于中东战争。
欧盟统计局周五表示，由 21 个国家组成的欧元区 7 月的年度消费者价格通胀率为 2.9%，高于 6 月的 2.8%。这略高于《华尔街日报》对经济学家共识调查的预期。
一名移民在周五跨越西班牙 {Ceuta} 领土与摩洛哥边界后跪在地上。至少有 57 人死亡。
一群年轻的摩洛哥人， 她说道：“作为一名女性，你必须亲身经历才能明白那是怎样的感觉。这是一场入侵……而且那里没有法律。” 分析人士表示，这次事件看起来是由摩洛哥政府策划的，与移民问题关系不大，而更多地涉及地区政治，包括摩洛哥与阿尔及利亚之间的竞争，以及关于西撒哈拉的争端——该领土由摩洛哥和一个由阿尔及利亚支持的组织共同主张主权。 摩洛哥官员未回应置评请求。 这次跨境行动发生在西班牙首相佩德罗·桑切斯访问阿尔及利亚 10 天之后，此次访问旨在改善两国关系，此前西班牙在 2022 年结束了去-
2025 年 TikTok 的视频截图显示，俄罗斯人在一个燃烧的油库前。
这些袭击，并公开警告称，这样做可能被视为等同于叛国。 俄罗斯一直试图封锁 Telegram。周三，该国联邦安全局（FSB）表示，正指控 Telegram 俄罗斯裔创始人帕维尔·杜罗夫涉嫌协助恐怖主义，理由是该平台未能删除乌克兰用于协调袭击的频道。 根据俄罗斯人权组织“第一部门”（Department One）的统计，近几个月来，俄罗斯约三分之二的地区已出台禁止拍摄袭击事件的限制措施。
率维持在 2.8%。 能源通胀在 6 月份随着波斯湾紧张局势缓解而降温，但 7 月份从前一个月的 8.5% 回升至 10%。美国与伊朗之间敌对行动的重启导致 7 月份大部分时间的油价上涨，尽管在上周有所回落。能源通胀的增加也可能是因为德国在 7 月初结束了一项燃料减税计划。 此外，还有初步迹象表明，自 2 月底战争开始以来，油气成本的上涨可能
数十年的中立立场，并支持摩洛哥解决该领土地位的计划。
巴塞罗那国际事务研究中心研究员穆萨·布雷克巴（Moussa Bourekba）表示，此次访问阿尔及利亚可能激怒了摩洛哥。
“摩洛哥和阿尔及利亚之间在马格里布地区的领导权上长期存在竞争。如果你作为一个国家与摩洛哥建立了良好关系，几乎会自动引发阿尔及利亚的不满，反之亦然，”他说道。
2021年，曾发生过类似的约 5,000 到 8,000 名摩洛哥人大规模跨境进入休达（Ceuta）的事件。那次事件发生在摩洛哥与西班牙外交关系紧张期间——就在西班牙允许一名反对摩洛哥控制、争取西撒哈拉独立的领导人进入该国接受新冠肺炎治疗之后。
前西班牙政府官员、巴塞罗那庞普法布里奥大学（UPF）讲师杰玛·皮尼奥尔（Gemma Pinyol）表示，不承认西班牙在北非飞地的摩洛哥，可能仅仅是在向西班牙展示，它有能力在选定的时间扰乱并压倒这些飞地。
西班牙领导人桑切斯（Sánchez）在当天早些时候提出了另一种理论——将责任归咎于人口走私团伙，认为他们利用了西班牙最高法院最近的一项裁决，该裁决使得……
5月，随着乌克兰加大对莫斯科的袭击，俄罗斯首都禁止发布显示当局所谓的“恐怖袭击”后果的照片和视频。
俄罗斯当局表示，在网上分享袭击视频会让乌克兰评估损失，并精确锁定俄罗斯防空系统的可能位置。
批评者则认为，这一禁令是克里姆林宫的遮丑之举，旨在维持一种幻象，即战争对普通俄罗斯人的生活影响极小。
总统弗拉基米尔·普京（Vladimir Putin）在最近几个月面临的问题日益增加，俄罗斯在战场上的进展有所放缓，且军队伤亡惨重。
与此同时，乌克兰发现，通过加强无人机生产和深度打击，使其能够给俄罗斯造成比战争期间以往任何时候都更大的损失。
“对于大众观众来说，视觉效果比文字重要得多，”普京的前演讲稿撰稿人阿巴斯·加利亚莫夫（Abbas Gallyamov）说道。
“如果没有目标被焚毁的图像，就更容易维持一切都在按计划进行这种幻象。而这正是普京传递的主要信息。”
可能会推高经济中其他领域的价格。服务业通胀率从 3.2% 上升至 3.3%，而剔除能源和食品成本的核心通胀率则从 2.4% 略微升至 2.5%。
德国商业银行（Commerzbank）高级经济学家文森特·斯塔默（Vincent Stamer）在给客户的一份报告中表示：“这可能标志着核心通胀率开始上升……中东冲突持续时间越长，对石油及石油产品的运输干扰越多，企业将把更高的能源成本转嫁给消费者的可能性就越大。”
这一切使得通胀率进一步高于欧洲央行（ECB） 2% 的目标，且自 3 月以来一直高于此水平。欧洲央行在 7 月维持其关键利率不变，大多数投资者预计该利率将在 9 月的下次会议上再次上升。
在 7 月的银行会议上，行长克里斯蒂娜·拉加德（Christine Lagarde）表示，尽管能源价格前景波动较大，但仍符合欧洲央行的基准预测，即便该预测远高于战争开始前的水平。
与此同时，食品、酒精和烟草通胀率下降至 1.2%，为 2021 年 6 月以来的最低水平。
对于当局而言，要遣返那些经由海路而非陆路抵达休达（Ceuta）或西班牙在北非其他飞地的移民，难度更大。
数千名绝大多数为年轻男性的移民涌向边境的画面在欧洲及其他地区广泛传播，这引发了人们的担忧，担心移民会将该飞地作为进入欧洲的跳板。
法国表示，将加强与西班牙边境的安全部署；意大利总理乔治亚·梅洛尼（Giorgia Meloni）则表示，她的国家可能会考虑暂停欧洲的申根协议（Schengen rules）——该协议允许劳动力和货物自由跨境流动——以防止西班牙被用作非法移民的入境点。
于巴基斯坦雪崩中
作者：KRISHNA POKHAREL 及 WAQAR GILLANI
英国登山家 Nirmal Purja 及其远征队的其余成员在巴基斯坦攀登的一座山发生雪崩后失踪。他曾创下攀登世界 14 座最高峰的纪录，该经历被拍成一部 Netflix 纪录片。当地旅游部长 Naik Nam Karim 表示，救援人员已寻获四具尸体。美国登山家 Mallory Geis、一名阿曼国民以及一名随行于 Purja 的尼泊尔国民已确认死亡。此次远征共有 10 人参加。Purja 的商业伙伴 Mingma David Sherpa 表示，随队携带的 Garmin 卫星设备在周五仍显示有移动迹象，这引发了人们的希望，认为团队中至少部分成员可能依然幸存。
雪崩大概位置
直布罗陀 (英国) 西班牙
休塔 (西班牙)
直布罗陀海峡
10 英里
这些登山者当时正在攀登 Broad Peak（布罗德峰），该山位于喀喇昆仑山脉，海拔 26,400 英尺，是世界第 12 高峰。负责协调救援工作的巴基斯坦阿尔卑斯俱乐部表示，自周四中午发生雪崩以来，一直未能与他们取得联系。根据巴基斯坦远征公司 Moving Mountains 在社交媒体上发布的一篇帖子，来自德克萨斯州的旅行摄影师 Geis 与她的巴基斯坦团队成员一同尝试首次攀登这座山。根据部长分享的信息，登山者的追踪器显示，他们在巴基斯坦时间周四上午 9:30 左右停止上升，并坠落了数百米。
Purja 今年 43 岁，出生于尼泊尔。2019 年，他在六个月零六天内登顶了世界上所有高度在 26,250 英尺以上的 14 座山峰，从而成为登山界的名人。他的这一成就成为了 Netflix 纪录片《14 Peaks》的主题。随后他再次攀登这些山峰，且此次未携带辅助氧气。近年来，Purja 的登山能力被女性登山者对其性行为不端的指控所掩盖。他否认有不当行为。
MARCOS MORENO / CONTACTO / ZUMA PRESS
Rebecca Papin 及其子女在度假屋中被困四天
当 Rebecca Papin 得知她度假所在的法国小镇需要撤离时，已经太迟了。
作者：Margherita Stancati, Noemie Bisserbe 及 Andrea Figueras
7月23日傍晚，警方在比斯卡罗斯 (Biscarrosse) 这个沿海小镇挨家挨户地通知人们撤离，而此时 Papin 正带着两个年幼的孩子在海滩上。
直到第二天早晨，这位美国母亲醒来发现小镇被浓烟笼罩，才意识到自己错过了撤离指令。
“我以为我周围还有人。我没有意识到我们被孤立了，”Papin 回忆道。
Papin 及其家人遭遇了数十年来席卷西欧最严重的几场火灾。西班牙和法国的大火横扫森林和灌木丛，摧毁了房屋和营地，迫使 300,000 多个居民和度假者撤离。
这些山火发生时，度假者正涌向法国大西洋沿岸的小镇共度暑假。
西班牙和法国的消防员周五仍在与大火搏斗，尽管在控制火势方面取得了一些进展。火势不再失控蔓延，数千人已能够返回家中。
Papin 来自田纳西州富兰克林市 (Franklin, Tenn.)，她于 6 月抵达位于比斯卡罗斯的家族度假屋。当时法国正处于热浪之中。Papin 与她 9 岁的女儿和 11 岁的儿子过上了早晨骑马课、下午冲浪的规律生活。
7月23日下午 4 点左右，他们正与朋友在海滩上，此时 Papin 看到比斯卡罗斯周围茂密的森林地带升起一缕烟雾。她不知道在燃烧的是什么——她想，也许是一棵树或一辆卡车——但她认为这应该是
FABIO SASSO / AGF / ZUMA PRESS
他们是那不勒斯人：周五，球迷们庆祝那不勒斯足球俱乐部成立一百周年，从俱乐部的历史总部殉教者广场 (Piazza dei Martiri) 游行至那不勒斯海滨的迪亚兹圆环 (Rotonda Diaz)。
南非 奥普拉将关闭 她的女孩学校 奥普拉·温弗瑞 (Oprah Winfrey) 将于明年年底关闭她在南非创办二十年的贫困女孩学校。
温弗瑞于 2007 年创办了奥普拉·温弗瑞女孩领导力学院。
学院表示，温弗瑞的慈善基金会负责运行并资助该学校，但协议中一直规定，位于约翰内斯堡附近的学院校园最终将移交给省教育部门。
学院表示，温弗瑞将通过扩大奖学金计划，继续致力于教育南非女孩。
根据奥普拉·温弗瑞慈善基金会的数据，已有 500 多个女孩从该学院毕业，其中一些人进入了世界顶尖大学。
该学院在 2007 年开学后不久就引起了国际关注，当时几名学生指控一名宿舍舍监对其进行身体和性虐待。温弗瑞与学生和家长见面，公开道歉，并委托开展独立调查。
该舍监在 2010 年被判无罪。 —美联社 (Associated Press)
斯里兰卡 前警察局长 被判刑 斯里兰卡一家法院周五对前警察局长 Pujith Jayasundara 判刑，此前法院认定他在刑事过失方面负有责任，导致受伊斯兰国启发而发生的 2019 年复活节爆炸袭击，造成 260 多人死亡。
虽然他被判处死刑，但在斯里兰卡，这通常意味着终身监禁，因为该国自 1976 年以来一直非正式地暂停执行死刑。现任总统 Anura Kumara Dissanayake 支持维持这一暂停执行状态。
2019 年几乎同时发生的爆炸袭击发生在三家旅游酒店和三座教堂，导致 42 名外国人死亡。一个议会委员会发现，警察和情报官员未能对多次关于袭击的情报警告采取行动。Jayasundara 有权对该三人高等法院法庭的裁决提出上诉。
两家总部位于斯里兰卡的伊斯兰激进组织被指控实施了此次爆炸袭击，而据信直接参与其中的人员均已死亡。针对涉嫌与袭击者有关联人员的单独审判正在进行中。 —美联社
迅速扑灭。 当天傍晚她回到家中时，才意识到危险的严重程度。 “当我从女儿的卧室看向窗外时，那里看起来像是一场炼狱，一场末日，”她回忆道。“我能看到远处的火墙，一面纯橙色的墙，被灰色的云覆盖。有水上飞机和直升机在火焰上方飞行。”
MALI 俄罗斯与致命空袭有关 人权观察组织（Human Rights Watch）周五表示，俄罗斯政府控制的非洲军团（Africa Corps）飞机上个月在马里中部的一个村庄进行空袭时，造成包括三名儿童在内的八名平民死亡。 该权利组织表示，一架被确认为俄罗斯苏霍伊 Su-24 的攻击机于 6 月 15 日向莫普提地区（Mopti region）的 Kyrnia 村投下了两枚弹药。其中一次袭击发生在村长家中附近，导致其妻子和三个孩子死亡。第二次袭击命中附近的一个牲畜市场，造成四名男子死亡。 据报道，在伤亡人员中没有来自伊斯兰武装组织 JNIM 的战斗员，该组织已控制该村庄六年之久。 俄罗斯雇佣兵自 2021 年起一直存在于马里，以帮助该国军政府打击武装分子和分裂分子。去年，向俄罗斯国防部汇报工作的非洲军团在该国取代了私营雇佣兵组织瓦格纳集团（Wagner Group）。 该权利组织呼吁马里政府调查此次袭击并追究责任人的责任，并表示否则马里政府可能会成为战争罪行的共犯。俄罗斯国防部未回应置评请求。 —美联社 (Associated Press)
大火席卷了比斯卡罗斯（Biscarrosse）镇，丽贝卡·帕平（Rebecca Papin）一家当时正在法国西南部的这里度假。
帕平决定回到海滩，因为她认为那里更安全。那里还有其他度假者，而且没有人显得过于担心。帕平认定情况没有她担心的那么糟糕，于是启程回家。 反方向的交通流量异常沉重，令人不安。尽管如此，帕平认为如果真的有危险，法国当局会警告她的。 当她周五早上醒来时，灰烬像雪一样落下，燃烧的木块从天空掉落。 一名警察按响了她家的门禁。警察告诉帕平现在撤离已经太晚了——离开比斯卡罗斯的道路已被封锁——而最安全的方法是
唯一能做的事就是留在住所里。
帕平（Papin）和孩子们现在被困在比斯卡罗斯（Biscarrosse），而法国近代史上最严重的几场火灾之一此时正是在他们附近肆虐。
在被困家中的四天里，他们只出门了一次。周日，他们去唯一一家重新开业的超市买了冷冻法棍、橙汁和意面。当时唯一的其他顾客是参与应急响应的部队。
从家里的二楼窗户看去，火焰似乎没有最初那么具有威胁性，但空气质量依然糟糕。帕平患上了严重的咳嗽。
到周二，一些次级公路重新开放。帕平规划了一条前往波尔多机场的路线。次日凌晨 5 点，帕平和孩子们乘车离开了比斯卡罗斯。
在接下来的两小时里，帕平沿着乡村道路行驶，窗外是如后末日般的景象。浓烟像雾一样厚重。路上设有安全检查站和路障。她担心他们随时可能会遇到封路，从而不得不原路返回。
他们开车穿过一个个空无一人、没有车辆的村庄。“它们就像鬼镇一样，”她回忆道。远处，她能看到附近吉伦特省（Gironde）肆虐的火灾所产生的滚滚黑烟。
当她终于抵达机场并办理完飞行登机手续后，她崩溃大哭。
“就在那时我意识到自己安全了。在那一刻之前，我可能还没有完全意识到危险，”帕平说。
飞机起飞时，机长表示，如果乘客看向窗外，可以看到肆虐的火灾。帕平选择不去看。
尽管经历了这次磨难，她仍期待在圣诞节返回法国。
“我热爱比斯卡罗斯。我和孩子们会继续回来的，”她说。
顶部图片：YVES HERMAN / 路透社；REBECCA PAPIN (2)
价格上涨 带来欢呼
接前页
接前页
指数在今年创下新高。 然而，日常用品价格的上涨威胁到将引发新一轮通货膨胀，这可能会干扰利率走势，并成为今年秋季中期选举的一个重要因素。 “这些特定公司的投资者在庆祝每一次价格上涨公告，但当然，从整体来看，所有这些价格上涨公告对经济非常不利，而且会对利率产生问题，”Sakonnet Research 的 Adam Josephson 表示。 在 2 月下旬美国开始轰炸伊朗时，生活成本已经成为一个热门的政治议题，而伊朗则通过限制通过 霍尔木兹海峡 的通行进行报复。 在战争爆发前，全球约 20% 的石油供应通过该海峡运输，此外还包括大量的铝、化肥和其他原材料。
股价与指数表现
30%
–5
Lamb Weston
International Paper
–10
Illinois Tool Works
Sherwin- Williams
标准普尔 500 指数
2026年7月 7月 31
来源：FactSet
油价立即飙升，使家庭预算承压并增加了企业的成本。根据 CME 集团的数据，交易员的态度从预期美联储降低借贷成本，转而是在期货市场布局，以应对可能的加息。 美联储 官员周三以 9-3 的投票结果决定维持利率不变。该央行利率设定小组计划于 9 月再次举行会议。 “我们试图理解的是，这些冲击在多大程度上扩大了其影响，以及在多大程度上影响了那些与其相距甚远的物价，”美联储 主席 Kevin Warsh 表示。 周五，美国基准原油期货交易价格在每桶 $85 左右，自战争开始以来上涨了约 25%。汽油、柴油和许多石油化工产品的价格上涨更为剧烈，并且预计在油轮交通恢复正常之前不会缓解。
足球
1954年玫瑰碗足球赛纪念球，赠予副总统理查德·M·尼克松。他将其赠送给侄子，其侄子曾在尼克松的泳池中用它玩水球。该侄子随后将其转交给朋友，后者将其卖给了Cisco’s。一件罕见的体育与总统收藏品。附带相关证明文件。
店内及网上提供超过 12,000 件独一无二的商品。
扫描此代码 查看收藏集
海峡恢复通行。周五，全国普通无铅汽油的平均价格约为每加仑 $4.11，高于冲突开始时的 $2.98。家用产品制造商联合利华（Unilever）将上半年销售额增长中不足 15% 的部分归因于价格上涨，而非销量增加。但高管们告诉投资者，由于大宗商品价格上涨，这种情况在今年剩余时间内可能会发生反转。首席财务官 Srinivas Phatak 告诉投资者：“我们预计价格将主导下半年的增长。”在这家涂料制造商宣布将从 9 月 1 日起提高 8% 的价格以抵消包括与石油挂钩的投入在内的原材料成本上升后，Sherwin-Williams 的股价在周二跳升超过 8%，创下四年多来最大的单日涨幅。该公司预测，其原材料价格在下半年将进一步上涨，涨幅将达到高个位数百分比。首席执行官 Heidi Petz 表示：“我们能够为客户推迟这次涨价，从而避免在涂料销售旺季干扰他们的业务。”在首席财务官 Michael Larsen 向投资者保证，公司在春季季度提高了价格，以足以抵消成本更高的投入（例如生产汽车零部件和塑料六环包装单位所消耗的树脂）后，Illinois Tool Works 的股价在周二飙升超过 10%。爱达荷州薯条生产商 Lamb Weston Holdings 表示，其提高了北美的价格，以对抗除土豆以外所有产品的成本上涨。原油价格上涨推高了该公司的运输成本，并波及到食用油市场——由于全国平均柴油价格已飙升至每加仑 $5 以上，燃料制造商正在大量抢购食用油。财务主管 James D. Gray 告诉投资者：“对生物柴油的需求推高了大多数食用油的成本。”包装费用已变得尤为棘手。塑料瓶和塑料袋是由石油和天然气衍生物制成的。与此同时，由于全球供应的一大部分被困在海峡之后，铝供应量有所减少。Boston Beer 的高管表示，包括铝（同样受特朗普总统关税影响）在内的昂贵大宗商品在一定程度上抵消了上季度的价格上涨。很少有公司能免疫于瓦楞纸箱价格上涨的影响：美国最大的三家纸箱制造商在 7 月相继宣布涨价。International Paper、Smurfit Westrock 和 Packaging Corp. of America 均将成本上升（包括回收纸箱和运费）以及由于一系列集装箱纸板厂关闭导致的供应紧张列为原因。
华盛顿——美国官员表示，特朗普总统已下令对伊朗发动新一轮袭击，旨在迫使德黑兰投降，行动最早可能在本周末开始。
作者：Alexander Ward, Michael R. Gordon 和 Philip Wegmann
周五早些时候，特朗普表示，他计划恢复大规模军事打击，以迫使该政权回到谈判桌前。他预测，如果美国打击伊朗的力度足够大，这个强硬政权将会“瓦解”。
“我们将对他们进行非常猛烈的打击，”特朗普在期间表示
哈马斯地完全投降，且不愿冒被视为受华盛顿控制的风险。
内塔尼亚胡尚未对该计划发表公开评论。以色列国家安全部长伊塔马尔·本-格维尔（Itamar Ben-Gvir）周五表示，该协议草案“以色列无法接受”。一名以色列官员重申，以色列要求在撤军之前，巴勒斯坦在加沙的武装力量必须实现真正的非军事化。
特朗普表示，美国“与以色列达成了一项理解”，且“以色列对（该协议）非常满意”。
哈马斯也反驳了特朗普的说法。该组织表示，在采取进一步行动之前，以色列必须停止对该领土的所有袭击。它表示仅同意放弃重型武器——但并未承诺移交轻武器（如突击步枪），安全分析人士称，轻武器对其控制人口至关重要。
“我们没有说解除武装，没有说移交武器，也没有同意任何以色列的参与，”哈马斯谈判小组员加齐·哈马德（Ghazi Hamad）告诉《华尔街日报》。
双方的核心问题在于顺序。从一开始，特朗普针对加沙的和平计划（该计划通过10月份的停火中止了两年的战斗）就一直被一个核心困境所困扰：哈马斯坚持要求以色列在移交武器前撤军，而以色列则拒绝在
获巨额 意外之财
四年以来。 “虽然我们没有预料到目前的情况，但我们对此早有准备。在我们的市场中，干扰是不可避免的，”埃克森美孚首席执行官 Darren Woods 在周五与分析师的电话会议上表示。“尽管我们损失了大约 10% 的上游产量，但我们依然交付了卓越的财务业绩。” 今年 3 月，伊朗的导弹袭击损坏了一些埃克森美孚持股的卡塔尔天然气设施。 根据 FactSet 的数据，埃克森美孚的调整后每股收益为 $3.52，略低于华尔街预测的 $3.56。雪佛龙的每股收益为 $6.06，超过了分析师 $5.55 的预期。 喷气燃料、柴油和汽油等产品的利润率攀升至历史最高点。 由于人们希望美国与伊朗能达成一项持久的和平协议以全面重新开放霍尔木兹海峡，油价在季度末有所缓解。 但产品价格继续攀升——这使得炼油厂能够从原油成本与精炼石油产品产生的收入之差中获利。 埃克森美孚首席财务官 Neil Hansen 表示，石油市场最大的瓶颈并不一定是通过海峡的石油流量受阻——
在戴维营总统度假地举行的一场电视转播内阁会议上。“而且你知道，在某个时间点，他们会说，‘我们再也无法忍受了。’” 美国官员表示，特朗普授权了在会议上提交给他的新攻击计划。 但他们指出，外交方面的任何立即进展都可能说服他停止袭击。他也可能会改变主意。 他的威胁与他上周坚持认为正在进行“非常友好的谈判”以实现停火形成了鲜明对比。 此后，伊朗对约丹的部队发动了突然袭击，引发了美国在周三的攻击。 数周以来，在闭门会议中
巴勒斯坦人在加沙城一座被以色列袭击摧毁的建筑物残骸中进行搜寻。
直到该组织被完全瓦解，将继续留在该领土。 美国一直在推进，试图说服双方进展可以是分阶段的。 特朗普最初的 20 点和平计划旨在分阶段结束战争，一个领域的进展将解锁另一个领域的新步骤。第一阶段见证了在 2023 年 10 月 7 日哈马斯领导的袭击以色列（该袭击引发了战争）期间被俘的所有剩余人质被释放。 该计划还要求成立一个加沙管理国家委员会，由一群巴勒斯坦技术官员最终统治该飞地，以及一个名为国际稳定部队的维和任务。 一个由特朗普担任主席的和平委员会也随之成立，以监督这一进程。 停战实际上暂停了战斗并将该领土分为两部分：哈马斯控制沿海的一条地带，而以色列控制飞地周围数英里宽的缓冲区。
200 亿美元 billion
埃克森美孚 雪佛龙 季度净利润
2022 ’23 ’24 ’25 ’26
来源：标准普尔 Capital IQ
而是全球炼油能力的缺乏。 他表示，由于中国迅速降低石油采购量以及部分国家的需求破坏，原油价格在整个危机期间一直保持在历史范围之内。 但由于俄罗斯和中国等地的炼油能力下降（两国在季度期间都禁止了部分产品出口），供应紧缺已转移至产品端。 “目前可用的炼油能力水平是我们见过的最低水平，”Hansen 说道，这在很大程度上归因于霍尔木兹海峡之外的燃料市场发展。 埃克森美孚表示，其单季柴油产量为至少自 2014 年以来最高，其炼油部门获得了约 55 亿美元 billion 的收益，高于去年同期的约 14 亿美元 billion。埃克森美孚还提到了多年的结构性成本节约，自公司几年前开始改革运营以来，已累计达到 163 亿美元 billion。 埃克森美孚报告了其两年来最高的石油和天然气产量。
据美国官员透露，特朗普一直告诉助手们伊朗人是“疯了的”。他向心腹抱怨道，他一直知道临时协议行不通。在戴维营，总统指责伊朗外交官“非常不名誉”，他的挫败感展露无遗。
“好吧，他们总是想谈，但他们经常食言，”特朗普说，“他们所做的一切就是让我愤怒。”
这种挫败感是相互的。伊朗外交官对谈判多次破裂表示精疲力竭。官员们表示，从他们的角度来看，两国之间缺乏信任，而且每当特朗普威胁使用武力时，外交前景就会恶化。
伊朗伊斯兰革命卫队周四誓言，将在美国进行报复性打击后重启袭击。
随着伊朗战争进入第六个月，特朗普继续坚持伊朗必须放弃其核计划并放弃对霍尔木兹海峡的控制，而伊朗在两方面都立场坚定。
特朗普的选项中包括一项拟议的为期两周的密集空袭计划，旨在削弱伊朗的导弹能力。然而，特朗普的军事顾问指出，弹药减少是一个潜在风险。
自停火以来，以色列扩大了其控制区域，目前掌控了近 70% 的领土，将人口挤压在不断缩小的空间内。战斗在很大程度上已经平息，但以色列继续对哈马斯领导人进行定点清除，并攻击该组织的行动人员和基础设施。当地卫生当局表示，自休战以来，已有 1,000 多人被以色列袭击杀害，但未说明其中有多少是战斗人员。
加沙人对特朗普周四的声明反应不一。经过三年的冲突，加沙约 2.1 million 人的 80% 已经流离失所，其中约一半人生活在肮脏的营地中，依赖人道主义援助。
“我们在加沙的大多数人不相信这件事——并没有真正的喜悦感或庆祝氛围，”住在加沙城的四个孩子的母亲迪娜·哈马达（Dina Hamada）说，“也许是因为我们经历过太多承诺。每次我们……”
……数十年，如果将其在中东被中断的产量排除在外（该公司表示，这大约占其全球产量的 20%）。
在美国最大的油田二叠纪盆地（Permian Basin），其产量攀升至创纪录的每日 1.800 万 桶。
这家美国石油巨头的石油生产部门在该季度的收益为 $7.9 billion，高于去年同期的 54 亿美元 billion。
雪佛龙的美国油气产量攀升至季度纪录的每日 2.1 million 桶，比去年同期增加 382,000 桶 / 日。
这一增长是由其去年从赫斯（Hess）购买的资产（在与埃克森美孚经历了漫长的仲裁战之后）以及二叠纪盆地驱动的。
赫斯的王冠明珠资产是其在由埃克森美孚领导的圭亚那财团中持有 30% 的股份，这是一次具有代际意义的石油发现。
埃克森美孚表示，第五艘石油生产船——日产量可达 250,000 桶——已从亚洲造船厂启程前往圭亚那，预计将在……开始生产。
“我们允许自己抱有希望，但现实最终击碎了我们。” 美国、以色列和哈马斯都渴望获得某种形式的胜利，尽管他们的利益并不一致。
内塔尼亚胡面临来自其右翼联盟成员的压力，要求维持甚至加强对哈马斯的军事压力。
哈马斯在以色列长达数年的袭击中遭受重创，战争也削弱了其民众支持。7月，该组织的管理机构表示，准备将权力移交给加沙行政国家委员会，一些政治分析人士将其视为该组织对民政掌控力可能正在下降的迹象。
与此同时，特朗普在美以与伊朗的战争问题上面临日益增长的压力。 “特朗普非常渴望证明一项成就，”前以色列高级情报官员迈克尔·米尔斯坦（Michael Milshtein）表示。“伊朗和黎巴嫩的情况非常复杂，我认为他确实想证明自己在加沙取得了成果。”
第四季度。 雪佛龙首席财务官艾梅尔·邦纳（Eimear Bonner）表示，公司不会因为市场波动而改变支出计划，且今年将提高 7% to 10% 的产量。
在雪佛龙是唯一活跃美国石油生产商的委内瑞拉，该公司在过去六个月中将石油产量提高了 15%，达到每日约 280,000 桶。 “我们正在就额外的机会进行积极讨论，而且这些讨论的进展令我们深受鼓舞，”她说道。
埃克森美孚和雪佛龙都向投资者发放了大量现金，并强调其资本纪律。 埃克森美孚支付了总计 94 亿美元 billion 的股息和股份回购，而雪佛龙花费了 66 亿美元 billion。
埃克森美孚在今年上半年还投入了 130 亿美元 billion 的资本支出，其全年的支出计划比最接近的竞争对手高出 20%。 埃克森美孚的汉森（Hansen）表示，公司利用部分季度现金流入，在季度内将净债务削减了 70 亿美元 billion，其更强健的资产负债表将使其能够“追求优势机会”。
2023 年末，在前一年利润激增后，埃克森美孚以 600 亿美元 billion 的股票收购了西德克萨斯州的大型石油生产商先锋天然资源公司（Pioneer Natural Resources）。 汉森表示，埃克森美孚并不急于再次投身并购市场，但“我们一直在关注”。 “我们处于极有利的位置，”他说道。“我们可以非常挑剔，非常耐心。”
JEHAD ALSHRAFI / AP
旨在向中国展示海军实力
尽管特朗普 抨击伙伴关系， 但军方仍与盟友 紧密合作
作者：TIMOTHY W. MARTIN
檀香山——数十艘军舰在珍珠港并排停靠。这些庞大的船只体型之巨，以至于从上方飞过的飞机上清晰可见。其中最大的一艘是“西奥多·罗斯福”号（USS Theodore Roosevelt），这艘美国航空母舰曾出现在 2022 年电影《壮志之战 2：独行侠》的拍摄中。附近还停靠着一艘日本“宙斯盾”驱逐舰、一艘韩国坦克登陆舰和一艘加拿大巡逻潜艇。一排微型国旗在风中飘扬，年轻的水手们在甲板上执勤。
此次活动是环太平洋军事演习（Rimpac），这是一项每两年举行一次的活动，也是全球规模最大的国际海事演习。美国盟友的参与人数创下历史新高，共有 30 个国家和约 30,000 名人员参加了这场于周五结束的为期五周的演习。这次大规模演习让参与者能够测试新武器、后勤系统以及指挥与控制技术。
演习规模和范围的不断扩大表明，即便特朗普总统抨击盟友并威胁撤回美国支持，但为了应对中国日益增强的侵略性和朝鲜核计划的扩张，美国与许多合作伙伴（尤其是太平洋地区）的军事合作一直在稳步深化。
亚洲缺乏像北大西洋公约组织（NATO）那样能将美国合作伙伴团结在一起的单一联盟。因此，像 Rimpac 这样的多边演习成为了美国及其盟友进行练习的机会
巨大的技术差距
作者：CHUN HAN WONG 与 ASHLEY CAI
中国旨在与美国竞争，成为世界领先的太空强国，并且正在快速追赶，尤其是在卫星领域——这使得北京有潜力损害竞争对手的网络并削弱美国的军事实力。
分析人士表示，在其他进展之余，北京在升级其与GPS竞争的导航系统及其“遥感”能力（利用卫星技术获取地球表面数据）方面取得了长足进步。
这些系统使中国能够以更高的精度搜集情报并开展军事行动，从而削弱了华盛顿投射力量的能力。五角大楼已对中国日益增强的能力表示担忧，而国务院则指责中国公司提供的卫星图像可能被伊朗用于瞄准中东的美国军队。
“北京将太空视为地缘政治竞争的竞技场，而美国是主要的竞争对手，”华盛顿智库战略与国际研究中心（CSIS）高级研究员Clayton Swope表示。“中国现在在太空中能完成美国能做的许多事情。”
中国加速了民用和军用硬件的轨道部署，随着技术进步和卫星星座规模的扩大，北京能够以前所未有的实时性和细节程度追踪地球上的事件。
中国的这些进展促使华盛顿官员呼吁，必须阻止他们认为的北京试图取代美国成为主导太空强国的企图。
美中经济与安全审查委员会在最新提交给国会的年度报告中表示，中国拥有“日益增长的一系列基于太空的能力，这加强了其协调自身行动以及进行持续监视和瞄准的能力”。
参与环太平洋演习（Rimpac）的韩国军队。
参与Rimpac的国家数量
’10 ’20 19982000
来源：美国海军
共同协作——并表明他们正在采取更多措施加强自身防御。
日本海上自卫队的Takuo Kobayashi少将是几位在Rimpac数千次多国演习中担任高级领导指挥角色的美国盟友之一。此次Rimpac最高级别的角色中，仅有三个由美国人担任。“如果你有30, 50或100个朋友，”他说道，“这比仅有两个正式联盟要好得多。”
美国太平洋舰队副司令Jeff T. Jablon担任美国军队的最高官员。
中国部署了规模日益增长的具有军事能力的卫星群
按类型划分的活跃卫星载荷
美国 中国 俄罗斯 / 苏联
光学成像
2000 ’10 ’20
2000
导弹预警
注：双用途卫星同时包含在两个类别中。数据截至7月23。 来源：人造空间物体通用目录
中国在遥感方面的进步得益于西方分析师所说的在传感器和卫星定位技术领域世界领先的研究。
在2024年一份由CSIS主导的关于商业遥感卫星的报告中，中国系统在11个技术类别中的5个被评为最佳表现。美国系统在4个类别中名列前茅。
美国咨询公司OTH Intelligence Group在2024年提交给国会委员会的一份报告中表示，北京的进步可能会使其军队能够更成功地、以更远的范围和更高的精度监测并攻击美国军队。
中国军队于2024年成立了自己的太空军，目前可以使用超过510颗具有情报能力的卫星。
负责监督环太平洋演习（Rimpac）。他拒绝就中国或朝鲜如何看待这次包含 500 多次海上活动和 2,400 次飞行任务的大规模演习发表评论。他说：“我相信，当他们看到 30 个志同道合的国家共同协作时，肯定会产生某种威慑效果。” 环太平洋演习是太平洋司令部（负责监督美国在亚太地区的联合部队）每年与盟友开展的 100 多次联合演习中规模最大的一次。但这并不是唯一在规模和范围上不断扩大的多边活动。
技术与训练
导航与定位
信号情报
雷达成像 31
44 9 3
据美国太空部队称，情报、监视与侦察技术提升了北京追踪美国部队（包括其航空母舰和其他资产）动向的能力。
五角大楼在 12 月表示，中国情报、监视与侦察卫星能力的提升和数量的增加，“增强了其在整个太平洋地区监测美国及其盟友军事资产和活动的能力，并为‘远程杀伤链’（即识别、攻击和摧毁目标的流程）提供目标支持”。专家表示，这些新卫星提供了更高分辨率的图像，中国可以利用这些图像更有效地在亚洲追踪美国部队。此类图像可以通过人工智能分析，以提取及时的军事情报。
去年在澳大利亚举行的两年一度的“护盾行动”（Talisman Sabre）演习中，首次在美本土以外地区对移动式地面发射的“泰风”（Typhon）导弹系统进行了实弹演习。近年来，“护盾行动”的全参与国数量大约增加了三倍。今年早些时候，在泰国举行的“金眼镜蛇”（Cobra Gold）演习中，美国太空部队首次参加，该部队专注于卫星防御和电子战。
而今年在菲律宾举行的“肩并肩”（Balikatan）演习规模比四年前翻了一番，涉及七个国家和 17,000 多名人员。这些人员分布在整个群岛国家，开展了比以往更广泛的活动。
诚然，对美国可靠性的担忧笼罩在这些演习之上。特朗普对美国对北约（NATO）等联盟的承诺提出了质疑。关注亚太安全问题的前国防部官员杰西卡·泰勒（Jessica Taylor）表示，由于欧洲和中东地区存在活跃冲突，美国已将部分人员和军事硬件移出亚洲，这引发了人们对美国力量过度分散的担忧。
现任大西洋议会印太安全倡议（Atlantic Council’s Indo-Pacific Security Initiative）非驻校研究员的泰勒表示：“如果我们不知道明天特朗普和美国是否还会在那儿，为什么我们要冒风险去激怒中国？”
与此同时，特朗普政府要求盟友增加军费支出，为部署在其国土上的美国军队支付更多费用，并投资于关键材料和物品的供应。一些盟友准备满足这些要求。菲律宾海军的瑞安·L·巴卡巴克（Ryan L. Bakabak）上尉表示：“我同意华盛顿的说法，即盟友需要做得更多。”
DANIEL VERGARA 为 华尔街日报 供稿
可能会干预 美元-日元汇率
作者：MATT GROSSMAN 及 BEN GLICKMAN
一位知情人士表示，美国财政部告知各银行，它可能会进行货币交易以支持日元，并增强日元兑美元的汇率。
财政部于周五通过纽约美联储向各大银行传达了这一消息，纽约美联储在金融市场的交易中担任财政部的代理机构。知情人士表示，部分银行被要求准备好可执行的交易，将日元兑换为欧元。美国将其部分外汇储备以欧元持有。
此番警告出现之际，投资者推测这可能是一次旨在增强日元兑美元汇率的国际协调行动，日本当局也参与其中。路透社报道了财政部向银行发出的这一警告。
在近期交易中，日元兑美元汇率强于 160，较周四上午在 164 附近交易时有所走强。货币交易员普遍认为，日元的走强反映了日本当局对日元的买入，以及对美国可能干预的推测。
日本财务大臣片山里季（Satsuki Katayama）周五拒绝就日本的市场行动发表评论。她强调国际社会已意识到日元下跌，并表示财政部长斯科特·贝森特（Scott Bessent）警告日元被低估具有重要意义。
埃德加·德加 (EDGAR DEGAS)
传奇艺术家。标志性主题。罕见之美。
埃德加·德加的芭蕾舞女是他最受追捧的瑰宝，而《粉衣舞者》(Danseuse en rose) 是其中最非凡的代表作之一。这幅罕见的画布粉彩画创作于德加创作成就的巅峰时期；其宏大的规模和异常鲜艳的色彩展现了他对该媒介的精湛掌控。约 1877–80 年。印章签名（左下）。353 / 4” x 281 / 4” (画框：443 / 4” x 371 / 2”)。#32-2603
日元似乎被 严重低估了，” 贝森特表示。
伦敦 JB Drax Honoré 的分析师詹姆斯·马尔科姆（James Malcolm）表示，考虑到据推测日本干预的巨大规模——估计高达 $70 亿——以及随之而来的日元走强幅度相对有限，美国和日本当局正面临协调干预可能失败的风险。
“对于任何政府机构来说，信誉是最重要的，而这有浪费信誉的风险，”马尔科姆说。他表示，许多货币交易员正在加大筹码，押注尽管当局采取了疑似干预措施，日元仍将继续走弱。
在贝森特的领导下，财政部有时在塑造关键汇率方面扮演更积极的角色。
今年 1 月，财政部指示纽约美联储联系银行获取美元-日元交易的报价，这一步骤被称为“汇率核查”（rate check），通常用于信号化随后可能采取的货币干预。
10 月，财政部还介入增强阿根廷比索，以支持特朗普总统的盟友、总统哈维尔·米莱（Javier Milei）的经济改革。
即便在周五走强之后，日元在过去 12 个月内兑美元仍下跌了 5% 以上。周四在福克斯商业频道（Fox Business）上，贝森特表示，美国希望看到一个更稳定的日元，该货币近年来兑美元走弱，接近数十年来的低点。“在我看来，日元似乎被严重低估了，”他说，“该货币非常便宜。经济状况良好。”
的传播
续自第一页
续自第一页
一名穿着无肩带内衣和黑色透明裙的女性。
“我不是一个容易紧张的人，”这位 47 岁的网络安全公司创始人说道，“但我记得当时在想，‘我现在完全不知道该把目光看向哪里。’”
这名女性最终被揭晓为本次会议的主旨发言人。她的演讲非常成功。但埃斯皮诺萨（Espinosa）表示，与会者在私下议论她着装的时间比讨论她演讲内容的时间还要多。
“裸体风”穿衣者的选择比以往任何时候都多。Zara 网站上有一个专门的内衣裙页面。L’Agence 正在销售能够清晰看到内衣和内裤的透明蕾丝裙。Michael Kors 则将三角形无肩带内衣与……搭配。
筹款 行动
据知情人士透露，除了向宴会厅捐赠数百万美元，以及此前向计划中的总统图书馆支付的 $22 million 之外，（还包括向）委员会（的捐款）。 特朗普的特别之处在于他亲自掌控筹款，此前从未有任何在任美国总统为其私人项目筹集如此巨额的资金。与此同时，随着特朗普开始干预此前由独立机构做出的监管决定，企业对白宫的关注度也随之提高，这极大地改变了华盛顿的权力平衡。 特朗普一直要求企业为一系列政治和遗产项目开支——告知高管和游说者，他们的公司应该捐赠 $25 million 或 $50 million。 没有法律禁止总统为非营利组织筹集无限额的资金，例如用于宴会厅、他的总统图书馆、他的超级政治行动委员会（super PAC）或政治议题委员会的资金。对于大多数此类交易，并不要求公开捐赠者名单，且支出报告也不频繁。 根据《华尔街日报》的一项更新分析，这位第二任期的总统自重返办公室以来，已筹集了超过 $800 million。 其中部分资金被指定用于特定项目，包括白宫宴会厅和旨在庆祝国家诞辰的 Freedom 250 基金，但特朗普也提出了以其他方式使用资金的想法。总统在感谢宴会厅项目捐赠者的晚餐会上表示：“我们会剩下一些钱，我们会把这些钱用于某些事情……也许是用于（建）拱门，或者其他未来会出现的项目。”
追踪捐赠者 对数十名捐赠者、高管、游说者、特朗普顾问及其他人士的采访表明，这是一场令人震惊的筹款和影响力行动，而特朗普处于中心地位。助手们表示，总统密切追踪谁在捐款，并多次指派奥鲁克（O’Rourke）提出巨额要求，而奥鲁克告诉他人，这些要求让她感到不舒服。特朗普和奥鲁克的外部发言人丹妮尔·阿尔瓦雷斯（Danielle Alvarez）表示，认为奥鲁克会对请求感到不舒服是“可笑的”。 雪佛龙被要求捐赠 $50 million。这家石油公司捐赠了数百万美元，但远低于要求金额。几名华盛顿的高级游说者被要求为特朗普的项目筹集 $50 million 或更多资金。 在被反复要求向各种特朗普基金捐款后，Meta 的高管们内部举行了一系列电话会议以讨论策略。该公司向就职典礼、宴会厅和两次复活节活动捐款。在这家社交媒体公司同意就特朗普因账号被封禁而提起的一项诉讼达成和解后，Meta 的约 $22 million 资金流入了图书馆。 Meta 还向“保障美国伟大”（Securing American Greatness）开出了一张 $10 million 的支票，这是一个与特朗普一致的政治委员会，重点关注降低税收和犯罪等保守主义议题。
长裤。Aerie 有一个名为“Show Off”的完整系列，包括一件嵌入在透明蕾丝吊带衫中的胸罩。 “我们不是将胸罩上衣与内衣搭配——而是与裤装搭配，”负责 Aerie 及其姐妹连锁店 Offline 商品策划的海莉·帕莱塞（Haley Palese）说道。 维多利亚的秘密（Victoria’s Secret）今年春季最热门的产品发布之一是一款无需穿着衬衫即可外穿的无肩带胸罩。海莉·比伯（Hailey Bieber）穿着一件未拉拉链的夹克为其模特演示。 “这是将内衣作为外衣，”维多利亚的秘密（同时拥有 PINK 品牌）首席执行官希拉里·超级（Hillary Super）表示。“你会发现人们穿得越来越少。” 一些女性表示，露出皮肤让她们感到解放。而另一些人则将其视为女性客体化的另一种形式。 “很多人并不习惯于看起来像是在把比基尼当作一套服装，”纽约的造型师布鲁克·罗尼克（Brooke Rounick）说道。 要驾驭这种造型需要一定的自信。
白宫直升机停机坪和宴会厅的施工情况。下方为梅雷迪斯·奥鲁克（Meredith O’Rourke）以及一场晚餐的餐具摆设。
向“保障美国伟大”（Securing American Greatness）的捐款并不公开披露，这与超级政治行动委员会（super PACs）不同，后者在定期备案中会披露捐赠者。
据知情人士透露，一些捐赠者在捐赠数百万美元后与特朗普通电话，他们本以为会收到感谢，结果却被要求提供更多资金。据一名熟悉该对话的人士称，在一次案例中，就在一名高管参加了一场为其向总统宴会厅捐赠数百万美元而举办的感谢晚餐几天后，奥鲁克（O’Rourke）要求该高管向特朗普的一个实体开一张 $1 million 的支票。
“在向美国企业寻求捐款方面，特朗普正在打破所有筹款范式。其规模之大令人难以置信，”莱斯大学（Rice University）的总统历史学家道格拉斯·布林克利（Douglas Brinkley）表示。“我们过去常说林肯卧室在‘出售’，但这完全是一个不同层级的批发式金钱槽。”批评者在 1990 年代指责克林顿政府允许人们在白宫的林肯卧室过夜，以换取竞选捐款。
四月的一个夜晚，在玫瑰园里，总统的一些大额捐赠者与白宫助手及总统在一起社交。据知情人士透露，部分宾客参加了特别参观，包括参观椭圆形办公室。特朗普在参观过程中问道：“你们见过这样的景象吗？”
随后，一名商人站了起来。他是深居简出的亿万富翁蒂莫西·梅隆（Timothy Mellon），他向特朗普的相关事业捐赠了数百万美元——据一些人称，甚至是以纯金的形式。梅隆向特朗普的超级 PAC “MAGA Inc.”捐款超过 $100 million。几位玫瑰园的出席者表示，他发表了一段祝酒词，称特朗普为“我有生以来最伟大的总统”。他的话引起了周围 Fortune 100 高管们的礼貌掌声。
在另一场玫瑰园晚餐会上，谷歌联合创始人谢尔盖·布林（Sergey Brin）被看到坐在白宫办公厅主任苏西·威尔斯（Susie Wiles）旁边。
白宫将评论请求转交给阿尔瓦雷斯（Alvarez）。她表示，总统是“现代政治史上最成功的筹款人”，并且特朗普计划利用这笔资金“帮助共和党在期中选举中大获全胜，建立持久的政治基础设施，并继续推进创新的私营部门倡议”。
“有一件事从未改变。特朗普总统是不能被收买的，”她说。
特朗普在筹款方面的立场与他最初竞选总统时相比发生了剧烈变化。2015, 年，他称政治行动委员会为……
詹妮弗·艾普斯坦（Jennifer Epstein）表示这种风格“让人感到充满力量”。
詹妮弗·艾普斯坦
……证据以及对乳贴、男式短裤和其他旨在可见但掩盖最私密部位的内衣的投资。
“绝对不行，”纽约州威斯特彻斯特县 41 岁的律师雷吉娜·莱维（Regina Levy）说。“我有两个尚未进入青春期的男孩。如果他们看到妈妈那样打扮，他们会疯掉的。”
女性们一直在脱掉……
埃文·武奇 / 美联社 (EVAN VUCCI / ASSOCIATED PRESS)
一个多世纪以来一直从事服装设计，从维多利亚 era 的紧身胸衣和结构化内衣开始。在 1930 年代，电影明星 Mae West 穿着一件带有战略性花卉贴花的透明蕾丝裙。演员兼歌手 Jane Birkin 随后让透明钩编裙成为了永恒的经典。
麦当娜由 Jean Paul Gaultier 设计的锥形胸罩在她的 1990 “Blond Ambition”巡演中成为了焦点。而人们至今仍在谈论凯特·摩丝（Kate Moss）在 1993 年穿着的那件几乎将一切都展露无遗的透明银色吊带裙。
这种造型在名流之间变得如此普遍，以至于去年戛纳电影节采取了禁止裸露的政策。但这并未能阻止从 Bella Hadid 到 Riley Keough 的明星们在今年的电影节上穿着几近透明的礼服出现。
婚礼是另一个挑战。在最近一场于加州索萨利托（Sausalito）举行的夏威夷主题婚礼上，大多数宾客穿着夏威夷衬衫和草裙。但 Nikita Khandheria 表示，有一位宾客穿着肉色丁字裤比基尼底裤和抹胸上衣，而她的活动公司负责主持这场活动。Khandheria 告诉该女子有着装要求，如果她不穿更多衣服，将被要求离开。随后她陪同该女子穿过街道，买了一件外罩衫。
Khandheria 表示，这种风格正变得如此流行，以至于
“骗局”，并称他已经否认了这些行为。
特朗普前立法事务主管 Marc Short 表示：“在 2016 年最能激励他支持者的事情之一就是‘排干沼泽’（draining the swamp）。人群会为此而疯狂。”
Short 和其他前政府官员表示，特朗普在第一任期内对筹款兴趣不大。“当时绝对没有像现在看到的这种对企业的敲诈，”他说，并补充道，总统在第一任期内并没有积极地向在政府有业务往来的公司寻求资金。
2020, 特朗普为其连任竞选筹集了资金，但并没有表现出明显的强势。在 2024 年竞选期间，Wiles 必须说服特朗普进行筹款电话。但在竞选活动中，他接受了大额资金，甚至在 2024 年 4 月的一次海湖庄园（Mar-a-Lago）活动中要求石油高管捐赠 10 亿美元 billion。根据《华尔街日报》审阅的一段 2024 年筹款活动录音，他曾一度告诉捐赠者，如果金额低于 $5 million，他将不会共进午餐。
O’Rourke 是佛罗里达州著名的筹款人，曾参与特朗普 2016 和 2020 年的运作。在 2024 年的周期中，她被选中领导整个竞选活动的筹款工作。她选择在棕榈滩的特朗普竞选总部和位于佛罗里达州西北部的家中之间驱车六小时，而不是飞行，这样她可以将时间花在与捐赠者连续不断的电话沟通上。
在 2024 年大选后，特朗普意识到有多少捐赠者和公司正排队等着
顾问们表示，特朗普在海湖庄园外通过开出数百万美元的支票，并告诉奥鲁克（O’Rourke）开始募集捐款。据特朗普的顾问以及总统在私下场合多次讲述的情况，特朗普告诉奥鲁克，要趁热打铁。
奥鲁克虽然经常在特朗普身边，但她并非政府雇员。她有时会列席会议，包括特朗普与公司高管讨论影响对方利益的问题时。奥鲁克还随高级官员乘坐空军一号出行。她经常发布自己与特朗普的合影，包括在椭圆形办公室拍摄的照片。
今年5月，在佛罗里达州朱皮特市特朗普高尔夫俱乐部与烟草公司高管举行的一次会议上，总统承诺将在与电子烟及食品药品监督管理局（FDA）相关的政策上，尽可能地满足高管们的要求。他还为自己的政治委员会筹集了数百万美元的捐款。奥鲁克列席了此次会议。不久之后，FDA取消了对部分口味电子烟产品的限制，而FDA的负责人则离职了。
当时，白宫发言人库什·德赛（Kush Desai）表示：“特朗普政府制定健康政策的唯一指导因素是金标准科学。FDA对尼古丁袋和电子烟的监管处理，是基于近期发现它们能帮助成年人戒烟的证据。”
据熟悉这些对话的人士透露，特朗普发挥其房地产销售的根底，与奥鲁克探讨如何具体地推销各种项目，并指导她如何推介这座图书馆。特朗普曾告诉盟友，他不想像乔·拜登那样在为图书馆筹款时感到吃力。特朗普图书馆的规划方案显示，这将是一栋玻璃幕墙的摩天大楼，预计还将包含一家酒店。
“她兼具强悍与魅力，并且绝对获得了总统 100% 的信任与尊重，”华盛顿顶尖说客布莱恩·巴拉德（Brian Ballard）说道，他早在20世纪90年代就在佛罗里达州与她共事过。“在我打交道的众多筹款专业人士中，她绝对是最有才华的一个。”
现在，她在邀请函中加入了明确的指示。 一些新娘甚至准备了额外的礼服，以防宾客的着装违反规定。 在一次黑领带舞会婚礼上，一名参会者穿着一件几乎全透明的白色连衣裙，且没有穿胸罩。 坎德里亚（Khandheria）借用了摄影师的相机，向该女性展示了她在照片中的样子。她建议该女性换上新娘特意为应对此类紧急情况而准备的一件全衬里蓝色连衣裙。 “在婚礼上，新娘应该是关注的中心，”坎德里亚说。“而不是某个基本上全裸的朋友。”
埃普斯坦（Epstein）的丈夫 布莱恩·埃普斯坦（Brian Epstein）仍在习惯妻子的时尚选择。 “当她穿一些透明的衣服时，确实令人震惊，”这位 55 岁的企业家说道。他已经学会了不在时尚问题上与她争论。“她告诉我我不懂我在说什么，然后我就说：‘你是对的。’”
烛光晚餐 奥鲁克向知名首席执行官及其随从和说客发出邀请，让他们参加在白宫或特朗普名下物业举行的每人 $1 million 的烛光晚餐，宾客在会上可以获得接触总统的极高权限。奥鲁克经常参加这些晚餐，记录总统的承诺以及捐赠者的发言，随后她会将笔记筛选后提交给白宫官员。参会者表示，特朗普经常要求捐赠者在会后与奥鲁克跟进。有时，带有特定议程的捐赠者会出现，例如推动毒品法律变更的大麻公司CEO，或者宣传实验性癌症药物的辉瑞公司CEO。加密货币高管是特朗普晚餐会的常客。其财务披露显示，自就任以来，总统从其家族的加密货币相关投资中获利超过 14 亿美元 billion。
并且经常告诉加密货币群体，他是如何让他们变得更富有的。总统坐在一个马蹄形桌子的中心位置。特朗普在逗留和交谈的时间之长让捐款人们感到惊讶。在对伊朗发动战争后的 24 小时内，他出席了在佛罗里达州举行的一场每位参会者需支付 $1 百万美元（$1 million-a-plate）的冗长筹款活动。许多人原以为他会取消，而且活动在一次中断期间，他得知了伊朗最高领袖阿里·哈梅内伊（Ali Khamenei）已被击毙的消息。在那之后，特朗普倾听了一系列企业的顾虑，甚至与 Verizon 的首席执行官就哪种电缆最好进行了长时间的来回讨论。高管们表示，特朗普是近期以来最容易接触到的总统之一。在私下里，他们承认本届政府比之前的政府更具交易性。据一位熟悉此事的人士透露，如果一家公司在联邦政府遇到问题并引起特朗普的注意，他会想知道该公司捐了多少钱。该人士表示，有时他会嘲讽那些没有达到他设定目标的企业领导者。几位首席执行官和董事会成员表示，他们认为自己的捐款与接触总统的机会之间存在联系。一家上市公司的董事长表示，如果你捐了钱，你知道你要么是在名单上被勾选了，要么地如果你不捐，就会从名单上被划掉。一些游说者表示，当特朗普要求巨额捐款时，他们告诉客户不要给出明确承诺，而要说他们会再回复他及其团队。许多企业捐款者在政府有业务，正在寻求联邦合同，或者在从贸易政策到国防政策及拨款的一系列问题上进行游说。
RAHMAT GUL / ASSOCIATED PRESS
ANDREW CABALLERO-REYNOLDS / AGENCE FRANCE-PRESSE / GETTY IMAGES
“在英国的犹太家庭餐桌上，这样的对话一直在进行，”西蒙·塞巴格·蒙特菲奥里（Simon Sebag Montefiore）说道。犹太人们彼此询问：“‘我们还能去哪里？’”
“10月7日导致了英国犹太人处境的剧变，”这位历史学家蒙特菲奥里先生在他自家的餐桌访谈中表示。“我们见证了数起针对犹太人的恐怖袭击。曼彻斯特在赎罪日期间有犹太人被杀。伦敦发生了爆炸、纵火和持刀袭击。我们的犹太会堂和学校现在就像堡垒一样。”
英国的新闻迅速加剧了当地犹太人的恐惧。7月29日，就在我对蒙特菲奥里先生进行采访几天后，伦敦哈克尼区（Hackney）的区长写信给海法（Haifa）的相应负责人，称哈克尼已开始终止与这座以色列第三大城市的姐妹城市关系。极其不恰当的是，信中给海法的回复期限直到“2026年10月7日”。
“英籍犹太人正面临巨大的危机，”61岁的蒙特菲奥里先生说道，他是英籍犹太贵族的后裔。他的祖先包括1790年代从托斯卡纳来到英国的塞法迪犹太人，以及1820年代从摩洛哥抵达的米兹拉希犹太人。后者当时穿着头巾和长袍，说着
阿拉伯语。他的高高高祖父，蒙蒂菲奥里爵士 (Sir Moses Montefiore) (1784-1885)，是一位传奇的金融家和慈善家，维多利亚女王将其描述为一名“高尚的希伯来人”。蒙蒂菲奥里爵士也得到了沙皇尼古拉一世的称赞（尽管是反讽的），他曾试图请求觐见沙皇，为俄罗斯犹太人求情。“如果我们的犹太人都像你一样，”沙皇告诉他，“他们就不会成为问题了。”
蒙蒂菲奥里先生将历史的宏大进程视为自己的后花园。他写了满满一书架的大历史书籍，包括《耶路撒冷：传记》(2011)、《罗曼诺夫王朝 1613-1918》(2016) 以及《世界：人类家庭史》(2022)。关于最后一部作品，本报的一位评论员将其描述为“将历史视作集体传记，一次跨越近两百万年的旅程，从东非直立人的出现一直到习近平治下中国的崛起”。
现在，他开始涉足一个在他看来只有“疯子”才敢触及的主题。他的新书将于9月出版，书名为《大熔炉：现代中东的形成》(The Cauldron: The Making of the Modern Middle East)，这是一部从 1900 年到 2026 年 2 月（此时与伊朗的当前战争开始）的编年史，记录了一个“布满伏击”的地区。他写道，这个地区“在西方意识中的存在感比任何其他地方都强，其历史被讨论和争议得也比任何地方都多，但相反，人们对它的了解却最少”。其“关键的中心位置”使其成为“我们动荡、匆忙且互联世界的震中”。蒙蒂菲奥里先生对该地区的定义非常广泛，不仅限于“通常关注的黎凡特和圣地”，还包括从摩洛哥到伊朗的东西之域，以及从苏丹到土耳其的南北之域。它涵盖了 19 个国家，以及加沙这个“沿海的巴勒斯坦伊斯兰小国”。“我将加沙称为一个半独立的‘小国’ (statelet)，我认为这一点很重要，因为现在有人假装它在 2006 到 2023 年期间是被占领的，”蒙蒂菲奥里先生说。他指出，自从以色列从加沙撤出军队和平民，且巴勒斯坦人在次年举行选举后，哈马斯就“拥有了总理、部门、部长和警察”。它还拥有“实际上是一支由 40,000 人组成的强大军队”。
社会党人与传统民主党人之间的下一场战斗将在 8 月 4, 在密歇根州展开，届时将举行美国参议院初选。许多密歇根州人将在同一天就增税和其他关键地方性问题进行投票——这些全部是在低投票率使其更容易通过的非周期性选举中进行的。这种情况并非仅发生在五大湖之州，在全国范围内都值得更多关注。
密歇根州的数十个县在 8 月的选票中加入了税收与支出方案。规模最大的提案位于底特律郊区的奥克兰县，是一项 $750 million 的财产税增税。在包括底特律在内的韦恩县，居民将就一项在十年内耗资 $500 million 的“交通税率”进行投票。在包括州首府兰辛的英厄姆县，选民将考虑一项 $30 million 的税收，用于资助当地动物园。在包括陷入困境的萨根诺和弗林特等城镇的县，选民将被问及是否资助博物馆和图书馆等机构。
这些请求看起来可能平淡无奇，但有一个因素使其对纳税人而言经过精心计算且具有风险：日期。
跨越国境 作者：Michael J. Reitz
准军事组织，并且它拥有外交政策。它足够独立，可以发动战争。”与世界上其他任何地方不同，“它是一个军事基地，但它回避了教育或喂养其公民的任何需求。那是国际救援组织的责任。一种非常独特的安排。”正是从这个扭曲的“微型国家”中，产生了 10 月 7 日的恐怖惨剧。“一次卑劣的恐怖行为，几乎是蒙古风格的突袭、屠杀和强奸，”蒙蒂菲奥里先生在描述那天的事件时说道。“这也说明在中东，暴力和战争是奏效的，武力在改变整个地缘政治命运方面极其有效。”哈马斯指挥官叶海亚·辛瓦尔是“以色列弱点的勤奋研究者”。他成功地组建了一支军队，并构建了“一个独特的地下加固隧道战争场景，能够利用以色列的缺陷、其傲慢以及政治分裂，对中东最强大的军事强国之一发起一次被视为极其短暂且残暴但具有决定性的军事打击。”蒙蒂菲奥里先生表示，被以色列于 2024 年 10 月 16 日击毙的辛瓦尔，“成功地改变了整个中东的命运。”二战以来犹太历史上最严重的屠杀被转化为加害者的宣传胜利。“辛瓦尔比这家以色列政府更清楚中东是如何运作的，”蒙蒂菲奥里先生观察到。“你必须说这是一个极端的邪恶行径。但它也是自 1187 年哈廷之战以来最成功的阿拉伯胜利之一，当时萨拉丁击败了十字军并夺回了耶路撒冷。”尽管哈马斯在“军事上最终失败了”，将加沙的平民抛弃在持久且血腥的战争中，“但在政治后果方面，它也取得了巨大的成功。整个中东都被这个微型国家和一个拥有极高行动自由的心理病态领导者的赌博给颠覆了，因为哈马斯领导层并不在乎他们的民众遭遇了什么。”蒙蒂菲奥里先生引用了一名哈马斯官员萨米·阿布·祖赫里的说法：“承受痛苦的代价是值得支付的。收益是巨大的。”蒙蒂菲奥里先生……
8月4日似乎是一个随机的日期，要求选民支付更多资金。5月5日也是如此，根据密歇根信息与研究服务机构（Michigan Information & Research Service）的数据，当时密歇根州的选民被要求批准20 亿美元 billion的当地税务和支出计划。但这些日期并非巧合。地方政治家、学校董事会官员以及教师工会等特殊利益集团，故意选择这些鲜为人知的日期来推进他们的要求。
非周期性选举的投票率明显低于典型的11月选举日。在非周期性选举中，投票人数仅为通常情况的三分之一、四分之一，甚至不足五分之一，这种情况并不罕见。此次8月选举与参议院初选时间重合，但投票率仍将低于传统的11月日期。 对于那些拥有巨额支出计划的地方政治人物来说，这提供了一个倾斜竞争环境的机会。当投票人数相对较少时，
BARBARA KELLEY
阿布·祖赫里（Abu Zuhri）补充道，“我们女人们的子宫将孕育出两倍数量的烈士。”蒙蒂菲奥里（Mr. Montefiore）先生表示，以色列在“加沙可怜的废墟中”获胜，而“哈马斯在西方获胜”，部分原因是哈马斯控制了加沙内部的媒体，并将所有损失都描述为平民伤亡，这一叙事被证明是“不可逆转的，即使后来哈马斯的指控被证明是不真实的”。
“谁能想到，”蒙蒂菲奥里先生问道，Oct. 7 会导致“哈佛大学和哥伦比亚大学的学生要求一个国家的解决方案——‘从河流到大海’——而不是两个国家的解决方案？”以色列人还不得不面对“另一个他们从未预料到的噩梦，即大屠杀的道德反转将被用来对付他们”。
此外，在华盛顿的“以色列游说团体”——“在20世纪80年代、90年代以及21世纪初极具影响力——现在已完全被掩盖”。蒙蒂菲奥里先生将此解释为 Oct. 7 事件的结果，“部分归功于新的‘去殖民化’和反犹太复国主义运动的发展，部分归功于现任以色列政府的治理不善。特朗普与内塔尼亚胡之间仍存在个人关系，但这不会比这两个人的寿命更长。事实上，这种过于亲密的关系可能会进一步导致以色列游说团体的衰落。”
蒙蒂菲奥里先生并不推崇本雅明·内塔尼亚胡。他心中的以色列偶像是以色列首任总理大卫·本-古里安（David Ben-Gurion, 1886-1973），他将其描述为“一名战术天才，成功地完成了不可能的任务——在中东建立了一个犹太共和国”。然而，本-古里安并非完美无缺，并犯了蒙蒂菲奥里先生所谓的“严重错误”：“他从未制定宪法，这在21世纪被证明是非常危险的。而且他完全误解了哈雷迪（Haredim）——以色列超正统派犹太人——的性质。他认为他们应该像某种濒危物种一样被保护。嗯，结果证明那是疯了，对吧？”
在他的书中，蒙蒂菲奥里先生强调了他所谓的以色列的矛盾之处：他写道，以色列“既张扬又不安，既过度扩张又准备不足，既是世俗自由主义又是军事弥赛亚主义，在战术上极其出色，在战略上则贫瘠。”然而他表示，以色列政治家和利益集团目前正处于“一个巨大的机遇时刻”，可以号召其支持者以确保轻易获胜。地方官员可以使用纳税人的钱来铺路。虽然在密歇根州使用公款进行竞选活动是违法的，但学校董事会的官员可以发布指南和资料，向选民“告知”增税收入将如何使用。只要他们不说“投赞成票”，就没有问题。这些“教育材料”与低投票率相结合，可以让此类投票措施获得通过。
政治阶层几乎总是获胜。我分析了过去 10 年的可用州数据，发现平均 87% 的地方非周期性税收提案在投票中获得通过。在这些非周期性选举中，超过 90% 的投票提案获得成功并不罕见。相比之下，过去十年在传统的11月选举期间，82% 的投票措施税收提案获得通过。
好消息是，近年来公众对增税的反对情绪有所增长。5. 月5日，几个密歇根州学区的选民在低投票率的选举中否决了债券。在萨根诺县（Saginaw County），自 2023. 年以来，选民已经否决了三项重大的学校债券。我认识一些在萨根诺县发起反对运动的人，如果他们没有挺身而出动员人们投票反对这些措施，政治家的增税与支出之梦几乎肯定
在政治上，即便在现在，该地区依然如此。但他们必须想出如何将赢得战术性军事胜利的能力转化为持久的解决方案。”这将要求巴勒斯坦人“承认犹太共和国在圣地的永久性”，并“明确发出信号，表明他们并不追求将其彻底毁灭”。然而，10月7日意味着“在短期内——我指的是几十年的时间——他们阻碍了在可预见的未来建立任何巴勒斯坦国家”。在蒙蒂菲奥里先生看来，西方“后宗教时代”的历史及其被利用的方式，可能并不在以色列这一边。“历史已经接管了宗教曾经拥有的许多推动性合法性和权威。现在西方政治中的许多运动，例如新的去殖民化激进主义，依赖于一个经过特殊筛选的历史版本”——也就是说，一个虚假的版本。
蒙蒂菲奥里先生表示，西方的“自视清高的世俗主义”正妨碍我们对中东的理解。“讽刺的是，事实上我们仍然处于‘基督教邻近’状态，而现代的、超激进的、世俗的、去殖民主义的激进运动具有宗教运动的许多特征。”这些特征包括其“关于正义、虔诚、愧疚和罪孽的语言”，以及“正统学说、信条、纯洁性测试和行话”。结果就是一种“半宗教运动”，它被嫁接在西方长期以来对“中东，尤其是圣地的奇怪癖好和痴迷”之上。这种“癖好”的历史可以追溯到君士坦丁大帝 (272-337) 将“圣地转变为一条神圣路线和景观”的时刻。随后是十字军东征，在那之后，必须记住，欧洲的每座教堂都有一个“耶路撒冷室”，里面画着耶路撒冷在基督徒统治下会是什么样子。
圣地深深嵌入我们的意识中，“认为我们需要裁定圣地发生之事的专有道德信念，在西方灵魂中是非常、非常深刻的。”这种信念一直持续至今。但在现今时代，它力图推翻的是以色列而非穆斯林的控制。过去，该地区的命运掌握在“像丘吉尔、贝尔福和劳合·乔治那样爱德华时代的帝国显贵”手中；而现在，你看到的是国际律师和去殖民主义活动家，他们认为自己拥有决定权，（从而使某种结果）成为现实。
投票率在每次选举中都很重要，但低税收和理性支出的支持者不应该为了让人们走向投票箱而奋斗得如此艰苦。非周期性选举极大地方便了政治家和特殊利益集团，而损害了纳税人的利益。解决方案很简单：将重要的当地选票问题移至11月的选举日。
各州可以通过一项适用于其境内每个县和地区的简单法律来实现这一改革。地方官员和利益集团会抱怨，但他们主导这个系统太久了。他们也没有理由为维持现状进行合理的辩护。初选在非周期性时间举行是一回事，这样一个...
摘自 NPR.org，7月 28 日：“研究发现，炎热的夜晚每年让你损失高达 56 小时的睡眠”：
“中东发生的状况。”这引发了进一步的讽刺。蒙特菲奥里（Montefiore）先生表示：“尽管如今的活动人士‘非常批评西方干预，并将许多已发生的事情归咎于西方干预，但他们的压力很可能导致西方在中东发起一次新的干预’。‘毕竟，这正是他们所要求的——通过一次新的干预来改变圣地的政治现状。’”
因此，除了针对以色列发起的圣战外，以色列还面临着蒙特菲奥里先生所称的“一场世俗的道德十字军东征。这些人是现代传教士。他们的使命具有浓厚的基督教色彩，带有深厚的宗教特质。我们正处于一个迷人的时期。这些西方的活动人士运动可能会迫使他们的政府在中东进行一次新的干预，这将是极大的讽刺。”
这种重塑中东的新外部冲动并非源自宏伟的使馆，而是源自非政府运动。蒙特菲奥里先生说：“活动人士联盟正在向西方政府施压。尽管大国的外交政策不应由少数但激进的活动人士骨干来制定，但这正是目前发生的情况。”
这是一个“非凡时刻”：“加沙和巴勒斯坦已成为后工业时代英国北部小镇，以及最顶尖的大学和中产阶级活动人士阶层中的国内议题。”
他指出，这些活动人士“对任何其他地区或暴行都不感兴趣”——无论是叙利亚、苏丹、也门还是伊朗。“这种选择性是由基督教世界的历史预演并预设的。”在伊朗发生的暴行中，没有规模可观的抗议活动，而在 1 月 8 日至 9 日这两天内，有超过 30,000 人被杀。蒙特菲奥里先生表示，总共有 42,000 名平民被屠杀，“这一事件规模如此之大，可能是自 1900 年以来整个中东地区最大的单一事件大屠杀。”他表示，该政权在一周内杀害的人数比巴列维国王在近 40 年的统治期间杀害的人数还要多。
这种选择性的道德愤怒是如何解释的？他说：“这显示了意识形态的危险。当你将关于事实和道德的判断‘分租’给一种僵化的意识形态时，你实际上就放弃了做出真正道德判断以及真正事实判断的能力。”相反，“你最终陷入这种疯狂的局面：联合国抵制讨论 40,000 名年轻人的被杀害情况，而曾经的人道主义非政府组织拒绝讨论此事，因为这可能会对美国和以色列有所帮助。”
蒙特菲奥里先生说，我们现在处于一个“完全不同的道德领域，关于如何评判中东”。“我们进入了一个‘反历史’的新世界，如果历史事实或当前事实不符合意识形态的正统，那么它们就毫无意义。”
《华尔街日报》撰稿人瓦拉达拉詹（Varadarajan）先生是美国企业研究所（American Enterprise Institute）和纽约大学法学院古典自由研究所（Classical Liberal Institute）的研究员。
较少数量的选民可以在 11 月的大选日之前决定每个政党的候选人。但如果由极小一部分选民将增税和支出决定强加给所有人，那完全是另一回事。
州政府应鼓励尽可能多的人在重要的投票问题上发出声音。8 月 4 日对于密歇根州的社会主义者来说可能是胜利，也可能不是。但希望这是最后一个让密歇根州人或美国任何地方的选民在几乎没有意识或宣传的情况下就被要求掏钱的八月。
赖茨（Reitz）先生是麦基诺公共政策中心（Mackinac Center for Public Policy）的执行副总裁。
将脚伸出床单或毯子之外，可以帮助身体散热并降低体温，从而足以进入睡眠状态。
除了这些建议之外，[Climate Central 的 Kristina] Dahl 表示，最好的助眠手段之一并非药物或冥想应用，而是减少化石燃料的燃烧——这是气候变化的主要驱动因素。
华尔街日报
给华尔街的备忘录：别再抱怨美联储了。你的客户支付（高额）费用让你实时对风险和回报做出判断，而当你现在抱怨“美联储爸爸”没有告诉你怎么做时，这简直令人尴尬。对于任何引起的不快，我们深表遗憾，但在本周针对美联储主席凯文·沃什 (Kevin Warsh) 的嘲讽之词铺天盖地之后，必须有人说出这话。周三，他在任职不久后领导的第二次联邦公开市场委员会会议将隔夜联邦基金利率目标区间维持不变，尽管有三票反对票主张加息。在会后的新闻发布会上，沃什先生发表了一份强有力的声明，称美联储的目标是 2% 的通胀率，而不是“2% 加上我们认为可以侥幸逃避的部分”。但除此之外，他坚持要剥夺市场对未来利率走势的“前瞻性指引”。这引发了华尔街、债券交易台以及这些人士接触的记者的集体崩溃。
这可以浓缩为我们观察到的两项抱怨。第一，人们认为沃什先生由于没有提高利率来抑制顽固的通胀，正在损害自己的信誉，尤其是随着新的中东能源价格冲击隐现。这群人认为，自周三以来债券收益率的上升（尤其是曲线长端）表明，投资者怀疑沃什先生能否将通胀控制在可控范围内。也许如此，也许不然。即使在经历了本周的上涨后，利率按历史标准衡量仍不算高。10 年期国债收益率在 4.74% 左右，低于 20 世纪 90 年代的大部分时间以及整个 80 年代的水平。30 年期国债在 5.28% 亦然。截至周四，根据通胀保护债券的 10 年期盈亏平衡率衡量，投资者预期未来十年的平均年通胀率为 2.27%。
这高于美联储的目标，但低于 5 月份定价的 2.5% 通胀率。对于近期长端利率上升的另一种解释可能是投资者在继续消化人工智能繁荣而对经济增长的预期。周五收益率上升的同时，全球股市也迎来好日子。对股票投资的热情似乎将资金吸引到了这些市场，并推高了债券收益率以进行补偿。这一切听起来如此老派，而且，恕我直言，如此正常。我们不知道这些因素中——围绕沃什先生信誉和通胀的焦虑，以及……
参议院计划于下周使用参议员约翰·图恩 (John Thune) 去年为非重要职位开创的“批量” (en bloc) 流程，确认特朗普总统提名的第五批人选。最新名单中的 74 个名字包括未来的澳大利亚、巴西和赤道几内亚大使。其中还包括助理秘书、哥伦比亚特区法官，以及国家信用合作社管理局委员会等机构的职位。
假设这一批次如预期通过，参议院自 9 月以来将使用该方法快速通过特朗普先生的 375 名被提名人，当时图恩先生领导共和党修改了议院关于集体审议的规则。记录显示，这一数字将约占特朗普政府第二任期至今参议院确认的所有文职人员总数的 63%。从长远来看，这种程序上的简化将使两党受益。
其目的是绕过延迟，而非实质性的政治辩论。图恩先生确立的批量流程不能被用于……
这是一个好消息。周四，一个由非机构科学家和医生组成的食品药品监督管理局（FDA）咨询委员会以 10-3 的投票结果支持批准 Replimune 的黑色素瘤免疫疗法，尽管该机构的工作人员对此进行了激烈争论。我们希望 FDA 的领导者在最快本周末决定是否批准该疗法时，能听取该小组的建议。
在 FDA 工作人员本周发布了极具批评性的简报文件后，市场分析师预测该小组将投票反对 Replimune 的 RP1。显然，临床试验结果令人印象深刻，以至于那些官僚们无法相信。正如我们在近期的一篇社论中所述，FDA 的审查员列举了一系列令人质疑的理由，认为外部专家不应信任这些试验结果。
RP1 是一种经过重新工程设计的疱疹病毒，被注入黑色素瘤肿瘤中并导致癌细胞破裂。这会释放出“信号”，训练免疫系统去追踪并杀死隐藏在身体各处的癌细胞。许多转移性黑色素瘤患者对其他一线免疫疗法没有反应，或对其产生了耐药性。
Replimune 的疗法通过揭开癌细胞的“伪装”，增强了对其他免疫疗法的反应。通过这种方式，它能缩小表浅和远端肿瘤，且副作用远少于化疗或放疗。三分之一的
他们在没有美联储引导的情况下，已经忘记如何给风险定价了吗？
新的“批量”路径加速了数百名特朗普提名人员的确认进程。
一个咨询委员会在患者与 FDA 官僚机构之间选择了支持患者。
……（驱动力）无论是政治、经济增长还是其他因素——目前正驱动着市场。我们敢说，许多市场专家也不清楚。这引出了关于沃什先生的另一个抱怨——他没有告诉投资者该怎么做。这让投资者不得不自行摸索。这涵盖了几种牢骚。其中一种是，由于放弃了美联储此前发送关于未来利率意向强信号的做法，沃什先生正在失去对债券收益率曲线长端的控制。且不论在本·伯南基时代之前，美联储从未渴望主导过这一点。沃什先生表示，这种控制力的丧失是他方法的特性，而非缺陷。他希望市场参与者“关注球本身，而不是裁判”。对于那些担心市场正就沃什先生的政策选择发出重要信号的人来说（见上文），抱怨缺乏引导是一个奇怪的诉求。
难道他们更希望他利用前瞻性指引来误导市场，以便掩盖自己的行踪？另一个相关的抱怨是，美联储地位太重要，不能如此沉默。在经历了多轮量化宽松，使美联储成为国债市场的主要参与者后，这一点比以前更正确。但美联储的指引经常是错误且具有破坏性的——错误地预测通货膨胀，并使自己陷入政策错误。尤其是因为它在市场中是那个 800 磅重的大猩猩，不如让这只大猩猩偶尔安静地坐一会儿。
这其中很大一部分可能与经济无关。这场辩论的一种潜台词是，沃什先生的许多批评者希望诱导他提高利率，从而激怒特朗普总统。美联储新闻报道团对此最为期待，因为特朗普先生与沃什先生的前任杰罗姆·鲍威尔之间的不和，曾为关于中央银行的报道提供了罕见的极具吸引力的素材。
还有一个尴尬的问题是，华尔街是否知道如何进行沃什先生现在要求其执行的风险定价。自 2008 年以来，交易员在进行债券交易决策时，再也没有无需参考来自埃克尔斯大厦（Eccles Building）的“速查表”的情况。如果以一名债券交易员的职业生涯跨度来衡量，这大约是一个甚至两个世代的时间。沃什先生知道，他在维持价格稳定能力方面的声誉正面临考验。而他接手这项工作才开了两次会，过了 71 天。这种恐慌过于早熟，且它反映出的华尔街问题比反映出的沃什先生的问题更多。
……（涉及）内阁部长或联邦法官，所有这些人仍需要参议院的单独关注。然而，有 1,000 多个职位需要确认，而一个顽固的少数党可以将每一个职位都作为拖延的机会。即使对于总统挑选的伯利兹大使或美国国家铁路客运公司（Amtrak）董事会成员没有严重的反对意见，情况也是如此。
由于对民主党人的拖延战术感到沮丧，特朗普先生要求国会直接休会，让他通过休会任命来填补空缺。参议院共和党人拒绝了，这是正确的，因为这将是对他们“建议与同意”权力的放弃，使得特朗普先生可以安装任何人或任何角色而毫无限制。住房与间谍沙皇比尔·普尔特（Bill Pulte）难道还想在他的收藏集中增加一块黄铜名牌吗？
图恩先生的方法似乎奏效了，因为它加速了一批非争议性机构下属人员的确认，同时保留了参议院对下一任拟定司法部长的确认（或不确认）的权利。
在其他免疫疗法导致病情恶化的患者中，有部分患者在接受 RP1 治疗后病情缓解，其中六分之一的患者癌症消失。
尽管 FDA 的工作人员淡化了这一益处，但咨询委员会听证会的一位肿瘤学家尖锐地指出，大多数医生认为，对于在其他治疗中病情恶化的转移性患者来说，30% 的缓解率具有显著意义。另一位肿瘤学家则批评 FDA 未能建立一个精确的基准，来确定什么才构成“量级巨大”的益处。
FDA 的审查人员表示，肿瘤的缩小可能是因为试验期间进行的常规活检，或者是由于患者此前未产生反应的免疫疗法，甚至仅仅是因为用针头刺入肿瘤所致。你不得不对他们如此固执地反对一种能够救命的药物感到惊叹。
FDA 的审查人员甚至声称，他们通过保护患者免受可能无效药物的影响，是在维护患者的最大利益。通过将他们推向不可避免的死亡判决来保护他们？乔治·奥威尔，请接电话。在听证会上作证的黑色素瘤患者及其家属并不认同，并恳求该机构批准这种药物。咨询委员会听取了这些意见。
尽管如此，该机构对批准 RP1 的激烈抵制，凸显了对其官僚体制进行系统性变革的必要性——该体制优先考虑维护其控制权，而非帮助患者。
正如你们在 7 月 27 日的社论《共和党人寻求 UAW 支持》中所声称的那样，没有人试图将梅赛德斯-奔驰禁出美国市场。你在分析中忽略了，这家总部位于德国、由中国持股的汽车制造商即使在《联网车辆安全法》下也可以继续在美运营，只需让其中国股东剥离股份，使其符合拟议法案的股权限制即可。 《华尔街日报》的逻辑是要求我们相信，梅赛德斯-奔驰会为了保留两名中国所有者，而选择解雇至少 7,500 名美国员工并失去美国市场。 这项由我在众议院主导的立法，已在参议院商务委员会获得一致通过，并在两院拥有超过 80 位两党共同发起人。支持该法案的立法者们意识到，中国在汽车制造领域通过大规模国家补贴产生的过剩产能已经削弱了欧洲汽车制造商，并构成了
丹尼斯·尼尔 (Dennis Kneale) 在 7 月 27 日的评论文章《在佛罗里达的野生王国中就职》中，完美地捕捉到了居住在佛罗里达州的一个重大现实：我们不仅仅是在观察自然，我们与自然共生。在大多数时候，这种共存是该州最大的吸引力之一。然而，偶尔它需要政府去执行一项只有政府才能完成的任务。 最近，一只巨大的短吻鳄在我们的公寓社区内的一个池塘中定居。由于居民每天在小径上行走，许多业主在水边遛狗，这只短吻鳄成了真正的公共安全隐患。 我们联系了佛罗里达州鱼类和野生动物保护委员会的“全州干扰性短吻鳄计划”。坦率地说，我预计响应可能需要一两天时间。然而，在大约四小时内，一名持证陷阱捕获员就抵达了现场，安全地捕捉了该动物并将其移出社区。 在当今的政治环境下，政府的成功很少能获得与失败同等的关注。这一次的成功值得认可。佛罗里达州创建了一个目标明确、高效、专业管理且响应迅速的计划。它在保护居民的同时，负责任地管理着该州的一种自然
在 7 月 16 日的信函《特朗普关税的成功故事：美国钢铁》中，钢铁制造商协会执行副总裁 Brandon Farris 指出，钢铁产量和产能利用率的提高证明了 232 条款关税取得了成功。但这种观点忽略了维持美国核心工业运行的车辆，以及现在难以负担这些车辆的工人。
以我们的农业社区为例。美国农村依赖于多功能作业车和全地形车等工作车辆。像我家庭这样的农民每天依靠这些车辆来喂养牲畜、搬运设备和物资，以及监测灌溉系统。我们已经面临近 50 年来最严峻的农业经济环境，
为了后世而保留的文字 可能会更早地曝光
Tevi Troy 在其 7 月 30 日的评论文章《亲爱的日记，我希望他们不要通过《信息自由法》向你索要资料》中质疑，为什么从事公共服务的人员要写一本有一天可能会反噬自己的日记。
对我来说，答案显而易见：唯一写日记的专业人士认为未来的历史学家会对这些记录感兴趣。他们不是为了自己而写日记，而是为了他们的仰慕者而写。
这种动机揭示了他们性格中的某些方面。他们写作是因为希望他人对其内容推崇备至。
DAVID LANGE 内布拉斯加州，林肯
自由表达 (Free Expression) 来自 华尔街日报 观点版 (WSJ OPINION) 一份关于生活、政治和文化的每日通讯 编辑：Matthew Hennessey 特邀专栏作家： Matthew Continetti / Kyle Smith Louise Perry / Ben Sasse James B. Meigs / John J. Miller Meghan Cox Gurdon 以及其他撰稿人的评论文章
扫描二维码或访问 wsj.com / opinion free-expression
这是对我们国家汽车工业的一种威胁。尽管有充足的证据表明不应如此，但我们国家仍有太多的银行、企业和媒体机构坚持那些缺乏合理依据的对华辩护之词。
无论进行多少贸易自由化，都无法让中国共产党支持自由市场或自由人民，承认这一事实并非“寻租”。由于故意视而不见，以及教条地坚持继续给予中国公司我们市场的所有特权，而不要求对方为我们的公司提供互惠待遇，导致我们国家更广泛的工业基础被掏空。
中国问题特设委员会期待与那些希望认真应对我国面临的来自中国共产党的威胁的公司和机构合作。《联网车辆安全法》是实现这一目标的关键一步。
约翰·穆勒纳尔议员 (REP. JOHN MOOLENAAR) (共和党，密歇根州) 中国问题特设委员会主席 华盛顿
该国最具标志性的野生动物物种。Kneale 先生提醒我们，生活在佛罗里达州意味着要接受其独特环境带来的美景与责任。我们的经历强化了另一个教训：当政府设计合理、目标明确且管理得当的时候，它可以为公众提供卓越的价值。
K.J. NYGAARD 佛罗里达州，那不勒斯
Kneale 先生可以在他列出的佛罗里达人愿意共存的生物名单中增加：鲨鱼、浣熊、犰狳、负鼠、响尾蛇以及各种昆虫。再加上飓风和由海风湿度引起的猛烈雷电。所有这些都赋予了佛罗里达州独特的个性。我们热爱我们的州，不会选择住在其他任何地方。
CHAD PRICE 佛罗里达州，冬季公园
我和妻子在俄勒冈州住了 30 年，现在愉快地居住在佛罗里达州。在阅读了 Kneale 先生的评论文章后，我们为这个“阳光之州”想出了一个新口号：佛罗里达，野生动物自由漫游，你亦然。
JERRY DAWSON 佛罗里达州，柑橘山
此外，化肥和燃料成本持续高企。然而，总统 232 号公告在 4 月份的修订版本中，现将这些关税应用于全地形车 (ATV) 和多用途侧边车 (UTV) 的全额价值，这意味着单辆车的成本可能会增加数千美元。
这些车辆维持着其他核心产业的运行。能源和采矿作业组利用它们在工作区域运输设备，而应急响应人员则依赖它们在复杂地形中行动。当关税政策使得每天使用这些基础设备的人群无法负担时，它就不再是保护美国工业，而是在破坏美国工业。
为了确保我国的农民、牧场主、能源生产者和应急响应人员能够负担得起执行工作所需的设备，政策制定者应采取有针对性的关税减免措施，以保护工作车辆。
TODD CRANNEY 执行董事 Save America’s Working Vehicles 爱达荷州 梅里迪安
嘿，窃贼和非法占房者！
你们的社论《马姆达尼的阶级敌人名单》（7 月 30 日）正确地谴责了纽约市长针对兼职居民所发起的适得其反的运动。我想进一步指出：佐兰·马姆达尼 (Zohran Mamdani) 公布近 100 万个潜在部分空置住宅的所有者姓名及其地址，简直是疯狂之举。这在功能上等同于为窃贼、抢劫者和非法占房者提供了一份目标指南。
MOSHE YUDKOWSKY 芝加哥
以及盐
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【声明】 作者：Peggy Noonan
对于安东尼·福西（Anthony Fauci）或任何其他在本周参议院听证会上援引第五修正案的人来说，这都不是一件好事。这件事加上他的日记，很可能成为了一个摧毁名誉的事件。作为一名公民，援引宪法保护显然是他的权利，而且他肯定有自己的理由，但每个援引第五修正案的人都知道这看起来像什么：那是 60 年代初，我们在参加关于“我们的事情”（la Cosa Nostra / 黑手党）的国会听证会，其中一个五大家族的头目在主张其不自证其罪的权利时，正摆弄着他小指上的钻石戒指。
福西博士是领导美国大流行病应对工作的人。他是该工作的面孔。当你实际上被任命领导一个国家度过一场灾难时，你欠这个国家一个全面且频繁的交代。显得在回避是不体面的。他已经得到了乔·拜登（Joe Biden）给予的广泛总统赦免；在赦免之后且未被涵盖的时间段内，他有责任向公众真实地发声。
如果能听到现年 85 岁的福西博士总结整个大流行病的经历以及它给我们的社会带来了什么，可以通过什么方式改善管理，回顾起来哪些决定使情况恶化，那将是一件好事。回顾过去，他或其他人在获得的新权力中是否变得得意忘形？反思之后，关于他们变得权力至上的指控是否具有公正性？
本周公布的福西博士的大流行病日记同样具有破坏性。当我得知其存在时，我……
他将这次大流行病 视为一个媒体机会， 而非一场历史性的紧急情况。
作者：Jeffrey H. Anderson
史密森尼学会（Smithsonian Institution）的国家美国历史博物馆因贬低我国历史并参与党派活动而成为新闻焦点。针对这些指控，博物馆馆长安忒亚·哈蒂格（Anthea Hartig）在两次国会听证会上作证。在她准备的证词中，最有趣的一点是，她选择不提及在她执掌的七年期间开放的任何一个展品。
白宫国内政策委员会的一份 160 页报告详细阐述了该博物馆如何背离了其既定使命，面对这份报告，哈蒂格女士的反应是援引国旗——具体来说，是《星条旗》。在她的准备证词中，她多次提及它。那面曾激励弗朗西斯·斯科特·基（Francis Scott Key）的旗帜，自 1964 年起就在国家美国历史博物馆展出，并在目前的展厅中存放了 18 年。那个展览非常出色且充满爱国情怀，但博物馆较新的部分则显得强硬、低智且反美——这与国家博物馆应有的样子完全相反。
在她的第二次听证会上，我作为证人就坐在哈蒂格女士身边。我作证称，国家美国历史博物馆日益变成了一座不再关于美国历史，而是关于活动人士试图塑造未来的博物馆。该博物馆较新的展览没有提供一个连贯的共同国家认同感，而是将美国人分为压迫者和被压迫者。
既然哈蒂格女士不想讨论在她任期内揭幕的展品，请允许我重点介绍几个。在繁忙通道中央的一个独立展柜中，放置着一个孤零零的国家橄球……
自 1889 年起由道琼斯公司（DOW JONES & COMPANY）出版
拉克兰·默多克 (Lachlan Murdoch) 新闻集团执行董事长 鲁珀特·默多克 (Rupert Murdoch) 新闻集团名誉董事长
艾玛·塔克 (Emma Tucker) 总编辑
利兹·哈里斯 (Liz Harris) 执行编辑 大卫·克劳 (David Crow) 副总编辑 阿雅·惠特克-摩尔 (Aja Whitaker-Moore) 副总编辑
我认为，历史最需要的是第一人称的证词，越多越好，且尽可能地是实时记录的。我想到了塞缪尔·皮普斯 (Samuel Pepys)，他在 20 多岁和 30 多岁时是英国海军的一名高级政府行政官员，他的日记为历史提供了关于袭击伦敦的两场不同灾难最精湛的第一人称报道：1666 年的大火和前一年的大瘟疫。皮普斯在离他居住地很近的伦敦塔观察大火，并震惊地意识到这场火灾的规模和程度。在 1666 年 9 月 2 日一段著名的文字中，他描述看到“可怜的人们一直留在屋子里，直到火舌触碰到他们，然后才跳进小船，或者在水边的阶梯之间攀爬。此外，我注意到可怜的鸽子们不愿离开它们的家，在窗户和阳台周围盘旋，直到其中一些的翅膀被烧焦，掉落下来。”皮普斯记录了周围所有的混乱。他的文字崎岖且具有实时性。他向查理二世国王报告了他所见的一切。他也是 1665 年大瘟疫的目击者，这场瘟疫在 18 个月内估计夺走了 100,000 人的生命，约占伦敦人口的四分之一。他记录了空旷的街道和运送死者的车。1665 年 6 月 7 日，皮普斯经过被隔离的住宅：“今日，违心地，我在德鲁里巷看到两三户人家门上画着红十字，并写着‘主啊，怜悯我们’。”他感到痛苦和恐惧：他从未见过这样的景象。带着这样的心态，唉，我阅读了福奇博士大流行日记的前五个月。
正如报道所言，它并不是
联盟球衣。它不是吉姆·索普 (Jim Thorpe)、红·格兰奇 (Red Grange)、吉姆·布朗 (Jim Brown) 或任何其他早期 NFL 传奇人物穿过的球衣。这件球衣属于卡尔·纳西布 (Carl Nassib)，他在 2021 年成为了该联盟“第一位公开出柜并在常规赛中登场的球员”。在附近一个关于电子游戏的微型展览中，参观者被问到：“您是否曾在电子游戏中尝试过自己的身份？” 4 月，显然是为了纪念美国独立 250 周年，博物馆开设了“¡Puro Ritmo!：萨尔萨音乐之旅”展。
在名为“改变你的比赛 / Cambia tu juego”的“家庭友好”展览中，参观者被问到：“性别检测公平吗？”他们被告知，“批评者认为，性别检测令人感到羞辱，且歧视那些挑战传统性别规范的运动员。”除了它的常...
在关于是否禁止中国使用开放权重人工智能模型的争论中，有两件事似乎显而易见。除非发生重大事件，否则不太可能做出正式决定，而重大事件似乎在酝酿之中。Anthropic 最先进的模型 Mythos 仍未向公众发行，因为其可能被用于网络攻击。此外，近期出现了一起 OpenAI 模型的“胡作非为”事件：该模型脱离了测试环境，窃取了多家私营公司服务器的凭据，随后实施了窃取行为。
商业 世界 作者：Holman W. Jenkins, Jr.
罗伯特·汤姆森 (Robert Thomson) 新闻集团 (News Corp) 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： Jason P. Conti, 总法律顾问；Dianne DeSevo, 首席人力资源官；Artem Fishman, 首席技术官；Lisa Fitzpatrick, 道琼斯工业公司总经理； M. Scott Havens, 首席增长官； Dan Shar, 执行副总裁兼财富与投资总经理；Ashok Sinha, 首席通信官；Josh Stinchcomb, 执行副总裁兼首席营收官，华尔街日报 / 巴伦周刊集团
美联社 / 亚历克斯·布兰登 (ALEX BRANDON / ASSOCIATED PRESS)
华盛顿的安东尼·费欧奇 (Anthony Fauci)。
这与见证或捕捉危机的规模与量级，或者感受震惊与焦虑无关。它关乎其他事情。 2020年1月6日，他参加了一个“超级A级”派对。在当月晚些时候的一次会议上，众议院议长南希·佩洛西拥抱并亲吻了他，并告诉所有人“我多么伟大”。在另一次会议上，特朗普总统告诉费欧奇博士：“卢·多布斯……告诉我，你是他认识的最聪明、知识最渊博且最杰出的人之一。”费欧奇博士对此“非常高兴”，其他人则感到“震惊且印象深刻”。 1月30日：“我所有的朋友一直在说我是个民族英雄”，并且他们“‘在我的怀抱中感到安全’”。 3月8日：“今天 Politico 和《纽约时报》对我进行了很棒的剖析报道。” 3月15日：“我今天参加了全部 5 个周日节目（我的第 3 次‘费欧奇 5 连击’）。”显然，这是他版本的“全套金斯伯格” (the full Ginsburg)，得名于莫尼卡·莱温斯基的律师威廉·金斯伯格，后者曾在一个早晨连续参加五个周日节目。 3月26日：“甜甜圈开始以我的名字命名；T恤上印着我的照片。” 4月7日：“媒体关注度依然高涨，且
由于对激进主义的承诺，这本质上是一个关于“无”的展览，将空洞推向了极限。显眼的标牌问道并回答道： “谁能成为改变局势者？任何人。”“谁是改变局势者
“变革者？就是你。”至于这与美国历史有什么关系，没人知道。 在为这类废话腾出空间的同时，该博物馆忽略了美国历史的绝大部分内容。它对殖民时期、美国建国时期的内容几乎没有涉及，包括
为了在解决挑战中窃取答案。 Hugging Face（其服务器遭到侵入的公司）统计出此次攻击包含高达 17,600 起不同的行为。随后的日志检查显示，Anthropic 的实验性模型对这类行为也不陌生。 更大的担忧应该是来自中国的开源权重 AI 模型，这些模型免费或廉价地分发，用户可以对其进行修改，超出创建者的视线或控制范围。这些中国模型正在快速赶超。如果现在还没有发生，它们很快就会制造此类事件，且更难被发现或阻止。北京何时才会觉醒？ 这就把我们带到了最奇怪的情况。特朗普政府禁止中国模型的任何冲动，都被美国科技影响者们汹涌的抗议浪潮所淹没。参见马克·扎克伯格近期在本项目版面发表的一篇评论文章。 反对禁令的人们以自由和创新等泛泛之词来陈述他们的论点。字里行间，他们担心华盛顿将决定哪些 AI 能力可以由公众掌握。 他们担心美国的领导者 OpenAI 和 Anthropic 实际上变成了获得授权的垄断者。为了自己的业务，扎克伯格和其他科技高管想要廉价的 AI。他们还希望避免在自己的领域被政府支持的巨头所压制。 然而，正如许多 AI 辩论一样，这似乎是一个关于
沉重的自我关注。” 5月 21日：“总统似乎很迷恋我。” 这还是在他看到电影明星给他寄花之前。 在某种意义上，这简直是“七宗罪”——他屈服于自己的傲慢。但这也使得他参与其中的那段历史看起来平庸且缺乏人性：你的历史危机成了他的媒体机会。 更深层次的批评是，在日记中，他似乎完全没有因为被赋予的角色或他的责任而感到谦卑。我没有看到他对同胞疾苦的深刻反思。 他没有看到门上的红十字。他附上了一些谄媚的报纸人物介绍和专栏的剪报或链接，但没有附上关于在危机中该国平民生活状况的故事。 佩皮斯的日记在广度和细节上捕捉到了他那个时代的精神——复辟时期；希望安东尼·福西日记中的平庸和自恋不要捕捉到我们的时代。 我最后想分享一个可能听起来很极端的想法，但我认为
路易斯安那购地、刘易斯与克拉克远征、林肯-道格拉斯辩论、美国西部的开拓者和定居者、咆哮的 20 年代、大萧条、冷战以及许多其他内容。 在质询期间，哈蒂格女士声称博物馆有“十几个包含建国 era. 的展览”。作为回应，我指出：“你可以把博物馆里所有提到建国内容的东西都搬进低底盘车展览室和萨尔萨音乐展览室，而且还能剩下空间。” 博物馆提供的关于建国及其之前时期的极少量内容大多是批判性的。在其中一个展览中，1492-1776 被称为“动荡大陆”时期。参观者被告知：“我们今天的世界正是生长在那段动荡的历史之中。”在其他地方，他们被告知
快节奏的 列车 而我们 仍在争论 是否要在已经错过的车站下车。对美国 AI 垄断无法撼动的恐惧（或希望）已经过时，如果这种恐惧曾经合理的话。更好的解决方案已经在产生共鸣，例如要求国内的前沿实验室向美国开放权重竞争对手的构建者授权“蒸馏”（distillation）技术。 蒸馏是一种实践，据怀疑，中国模型正通过这种方式在美国先驱者的成果上“搭便车”
情报机构告诉 我们他们掌握的关于 中国模型的情况了。
它们的训练和开发，赋予了中国在与美国先驱竞争中的成本优势。本质上，应当让百花齐放，并确保其中更多的是美国的“花朵”。
但这里有一个巨大的转折：随着垄断时刻的逝去，在人工智能风险走出实验室之前，应对这些风险最显而易见策略也随之消逝。
这些风险包括类似切尔诺贝利或中国湿货市场的事故——一种我们现在甚至无法想象的大规模破坏事件。风险还包括那些更为熟悉的威胁，即恐怖分子、犯罪分子或流氓国家掌握先进的网络或生物武器能力。
由AI撰写的信件正在传阅
其中包含某种程度的真相。
回顾疫情期间的公共领导力方面——当我们处于最初几个月的创伤与恐惧中，当我们在晚上 7 点敲锅子以感谢医院工作人员，当科学家们通过Zoom探讨更多治疗方案和协议，以及真诚的医疗官员在有线电视上解释他们认为的事实时——很多人尝试做了很多好事。但这一切很快就变得非常政治化，非常圈子化且陷入群体思维，而且随着此前默默无闻的人一夜成名，他们变得非常自鸣得意。
这一切交织在一起，产生了一场小规模的社会切尔诺贝利。
反应堆爆炸，造成了灾难。政治家撒谎且不可信，官僚撒谎且不可信，政府科学家对眼前的资料撒谎，国家新闻媒体成了宣传机器。在很大程度上，切尔诺贝利促成了苏联的崩溃。
回顾新冠危机，许多专业人士得到了超出其应得的信任。许多政治家也是如此。当美国基层民众反对封锁、关闭学校、口罩令、关闭教堂时，他们的声音往往被忽视，或者被缓慢、勉强且不尊重地听到。医学和科学建制派似乎不再是公众的一部分，而是在“处理”公众。
到了最后，很多人认为他们不能信任政治家，也不能信任科学家。
我的担忧是，下一次（而且很可能还会有下一次），普通民众会认为：没有一个人可以信任。我们只能靠自己。
那将不是一件好事。
我们的建国之本，要么被视为一个“由伟大的爱国者领导的、完整、完美、神圣的事件——正如美国儿童所学的那样，他从未撒谎”，要么被视为一个“更广泛、尚未完成的运动”的一部分，且该运动“深深地不完美”。将我们的建国视为世界历史上最伟大的事件之一（无论其瑕疵如何），显然不再是一个选项。
美国人理应拥有一个表达对历史之爱、并将其视为一个诞生于自由之国家的奇妙故事的美国国家历史博物馆。他们不应该面对一个在忽视与谴责我们非凡遗产之间摇摆不定的博物馆。
安德森先生是美国主街倡议 (American Main Street Initiative) 的主席。他曾在 2017-21 年担任司法统计局局长。
各方领导人呼吁放缓新模型的发布速度，并要求美国和中国共同努力。祝好运吧，至少在发生聚焦失误之前如此。与此同时，对于这列失控列车的乘客，能否提供更多信息？我要求谷歌的 Gemini AI 为特朗普政府起草一份“关切声明”，以帮助澄清 AI 模型激增给私人用户带来的风险。
关于中国的威胁，它写道：“虽然低成本和可下载的模型权重对于寻求现成软件的美国企业来说可能具有吸引力，但免费或低成本的外国 AI 软件伴随着隐形的国家安全成本、严重的法律责任以及被削弱的数据安全性。”
对于决定是否使用中国 AI 模型的私人用户来说，美国的国家安全担忧不会是一个重要因素。对数据盗用和法律责任的恐惧则是理性的威慑因素。我们也已经见证了这一点——责任风险几乎肯定地影响了 Anthropic 决定暂不发布 Mythos 的决定。
但有一个重要的部分缺失了。我们的情报机构对于中国 AI 实验室与中国共产党之间的关系了解多少？也就是说，除了所有中国公司都必须遵守的规定——即在北京方面打电话要求时需配合实现国家目标——之外，还了解什么？
如果美国情报部门知道某些在私人用户将提示词托付给中国 AI 之前应该了解的信息，那么现在正是告诉我们的好时机。
作者：JOSHUA ROBINSON 但即使是因凡蒂诺也未曾预料到全球足球界的反应会如此激烈。欧洲国家宣布将抵制包括男女世界杯在内的所有国际足联赛事。亚洲、北美和加勒比地区的足协均表达了深切关注。而到了周五，甚至连因凡蒂诺最亲密的盟友也开始与他反目。
首先是卡洛斯·科尔代罗（Carlos Cordeiro）的辞职，这位前高盛银行家兼美国足协主席曾是今年夏天世界杯的关键策划者，也是与白宫沟通的渠道。随后，
国际足联主席吉安尼·因凡蒂诺（Gianni Infantino）在面对全球愤怒之情时，于周五放弃了将世界杯部分商业权出售给私人投资者的争议计划——该提议泄露后仅仅 72 小时。 “在仔细听取了所有意见后，”因凡蒂诺表示，“很明显，该项目造成了某种性质的分歧，无论支持程度如何，这已不再符合最初设定的目标利益。”
该计划旨在通过出售名为“国际足联前行企业”实体约 20% 的股份来筹集 42 亿美元 billion 的资金。而由约书亚·库什纳（Joshua Kushner）创立的 Thrive Capital 公司原定为领投方。
国际足联老板 如何陷入困局
在吉安尼·因凡蒂诺与特朗普总统共同向西班牙队颁发世界杯奖杯的那天，他仍然是体育界最不可撼动的人物之一。
这位领导足球世界管理机构十年的国际足联主席，近期宣布了竞选第三任期的意向。他引导世界杯实现了前所未有的收入。而且他知道，在组成国际足联的 211 个协会中，已有约 200 个协会支持他连任。
而这就在不到两周前的事情。
周五晚上，因凡蒂诺被迫撤回其争议性提案，即通过将国际足联赛事的商业权剥离至一家私人公司，并向投资者出售约 20% 的股份，该风险投资的估值为 200 亿美元 billion。
来自全球各足协的支持转而变成了反对。一名关键顾问——前高盛银行家兼美国足协主席卡洛斯·科尔代罗于周五上午辞职以示抗议。
科尔代罗在过去五年一直陪伴在因凡蒂诺身边，并担任前往白宫的主要特使。
“让我明确一点：我没有参与这项提议，并且我明确反对它，”科尔代罗说道。“这对国际足联来说是一笔糟糕的交易。”
成员协会，这对足球是一个糟糕的交易，对这项运动的长期未来也是一个糟糕的交易。”
反对因凡蒂诺（Infantino）的浪潮始于周四，当时欧足联（UEFA）旗下的所有 55 个欧洲国家威胁要抵制世界杯。随后，监管北美、中美洲和加勒比地区足球的中北美及加勒比足球联合会（Concacaf）对这项名为“FIFA Forward Enterprise”的项目表示深切担忧。即便国际足联在周五上午发布了澄清声明，坚持认为“没有人在出卖足球”，亚洲足球联合会（AFC）仍加入了这一谴责行列。
“局势已经发展到‘抵制国际足联世界杯’的真实可能性进入公共讨论的程度，这一事实应该让每一个关心我们运动未来的人感到担忧，”亚足联表示。
如果这三个联合会在明年年初的国际足联主席选举中共同支持一名竞争对手，理论上，在国际足联“一国一票”的制度下，他们将拥有足够的影响力来罢免因凡蒂诺。然而，他们首先需要提名一名反对派候选人。
目前，因凡蒂诺预计仍将毫无竞争地参选，就像他在 2023 年那样。
当时，在卢旺达基加利举行的投票中，对他的支持如此压倒性，以至于他是在雷鸣般的掌声中被一致推举回职位的，掌声取代了正式投票。
“致所有爱我的人——我知道有很多人，以及那些恨我的人——我知道有少数几个，当然，我爱你们所有人，”身为瑞士律师和前欧足联高管的因凡蒂诺当时说道，“尤其是今天。”
当时，他竞选的核心方案就是增加向全球成员协会支付的开发项目资金。这是前国际足联主席塞普·布拉特（Sepp Blatter）所完善的一种策略，布拉特在掌权 17 年间将其使命定为获取传统足球核心地带以外的支持。通过挥金如土地推动足球在欧洲和南美以外地区的发展，布拉特赢得了来自庞大选民群体的坚定支持。
几小时后，因凡蒂诺受到了国际足联内部排名第三的高管、首席运营官凯文·拉穆尔（Kevin Lamour）的严厉谴责。
“这是一个人的项目，”拉穆尔在发给美联社的一份声明中写道。“这个项目不仅不能启动……而且现在足球政治领导人们是时候向自己提出正确的问题并做出正确的决定了。”
拉穆尔补充说，国际足联的工作人员被因凡蒂诺关于“FIFA Forward Enterprise”的计划“欺骗”了，该计划在周二泄露时，令组织内部员工和 211 个成员协会完全措手不及。“如果这意味着我丢掉工作，那就这样吧，”拉穆尔写道。“我会理解并尊重那个决定。至少我今晚能睡个好觉。”
对于 56 岁的瑞士律师因凡蒂诺来说，外界汹涌的批评是一回事，但内部的指责则尤为深刻——且构成了最大的风险。因凡蒂诺在管理国际足联时一直很少考虑内部的不同观点。这个曾表示想成为“足球之王”的人，经常将自己表现为该组织唯一的执行者，认为任何反对者仅仅是误解了他的意图。
在他庆祝执政 10 周年时，他举办了至少 3 场独立的派对。而且，就在几周前，他预计在明年 3 月获得至少 200 个成员支持的情况下，将顺利连任第三个完整任期。
| 国际足联 FFE 计划旨在筹集的资本金额 |
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国际足联主席吉安尼·因凡蒂诺在椭圆形办公室与特朗普总统、国务卿马可·卢比奥以及国际足联顾问卡洛斯·科尔代罗在一起。
选民们并不将他视为一名足球官员，而是一位伟大的人道主义者。
然而，布拉特所花费的任何资金，在因凡蒂诺本周承诺的资金面前都显得微不足道。在周二首次泄露的一项提案中，因凡蒂诺的“国际足联前行企业”（FIFA Forward Enterprise）承诺，在接下来的四个年度周期内，将向全球每一个国家足球协会提供高达 $40 million 的资金，从卫冕男女世界冠军西班牙，到排名 211 位的圣马力诺。
今年夏天的世界杯收入超出了国际足联最狂野的想象，创造了 150 亿美元 billion 的收入，高于此前预计的 110 亿美元 billion。但该组织认为自己可以进一步施压。
国际足联在今年年初就开始与摩根大通合作，
国际足联的 211 个成员协会。
“对于那些躲在笔纸后面、躲在屏幕后面散布仇恨和虚假谣言的人，”他在一个人人都还不知道“国际足联前行企业”之前发布的一篇 Instagram 长文中写道，“我想告诉你们，当你们躲在后面时，我们国际足联正身处前线，组织、努力工作，并呈现世界上最精彩的表演。”
然而，过去的一周被证明是他任期内最具破坏性的一周。尽管他已经废除了“国际足联前行企业”，但该计划留下的影响将是对因凡蒂诺最激烈的批评者的一种鼓舞。
“展望未来，我的意图是在接下来的几天和几周内，将所有相关方重新聚集在一起，”因凡蒂诺说，“旨在体现我们对这项运动的共同利益精神。”
最终邀请外部投资者购买国际足联商业运营的股份，包括广播权、门票销售、营销和许可。(摩根大通此前也参与了那个最终失败的 2021 年欧洲超级联赛项目。在欧超联赛面对球迷抗议而崩溃后，该银行最终发表了道歉。)
根据《华尔街日报》获得的一份关于该计划的 25 页推介演示文稿，这次的计划是让“国际足联前行企业”为该组织“升级货币化”并“增强资本获取能力”。
他们计划实现这一目标的一种方式是，在接下来的四年里，将所有年龄组和各种版本的足球比赛总数从目前的 200 场左右增加到 450 场。
但在大西洋两岸的讨论中，足球高管们质疑，对于一个如此成功的非营利组织来说，这一切究竟有何必要。
“如果成员协会认为需要额外投资来发展这项运动，国际足联已经有能力利用现有资源提供此类支持，”科尔代罗说。
这一切在周五晚上地结束，当时国际足联发布了一份声明称，在听取所有观点后，该计划造成的分歧“已不再符合最初的目标利益”。
JIA HAOCHENG / ZUMA PRESS
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顶级律所 将不再 是 原来的样子
ZÉ OTAVIO 为 华尔街日报 绘制
他的 450 亿美元 Billion 基金正陷入崩溃
作者：BERBER JIN, GREGORY ZUCKERMAN, PETER RUDEGEAIR 以及 ANISSA GARDIZY
当这一周开始时，利奥波德·阿申布伦纳 (Leopold Aschenbrenner) 正在筹备他的婚礼。计划是在北加州的海滨小镇卡梅尔举行一场为期数日的庆祝活动，仪式将在一座托斯卡纳风格的别墅举行，送客仪式则在森林中的一家水疗中心进行。此外，还将举行一次婚前学术研讨会，通过小组讨论和分会场会议来探讨观点。这对新人唯一的请求是：无需礼品。
这位 24 岁的投资者通过承诺他能洞察未来而积累了财富，打造了一个规模达 450 亿美元 billion 的投资巨头，主要购买 AI 贸易相关的股票。数月来，他的对冲基金“情境意识” (Situational Awareness) 的持仓价值一路飙升，阿申布伦纳在旧金山精英阶层的地位也随之提升。
但就在宾客开始抵达时，他的基金开始瓦解——而华尔街正步步逼近。
阿申布伦纳为了进行 AI 押注借了太多的钱，导致他们在陷入低迷时面临风险。随着其投资组合价值暴跌，他
利奥波德·阿申布伦纳将公司大部分的股票组合出售给了由肯·格里芬 (Ken Griffin) 领导的城堡投资 (Citadel)，正
作者：RYAN FELTON
在最近的一个下午，马特·辛普森 (Matt Simpson) 看着一支由强悍的越野 SUV、皮卡和高性能跑车组成的车队，在密歇根州中部的 Nascar 赛道上疾驰而过。
每一辆车都是福特汽车 (Ford Motor) 辛普森领导的定制部门的成果。他的团队设计的方案让 Bronco SUV 和 F-150 的车主能够通过独特的喷漆和高马力发动机升级来装扮他们的座驾，这在当下是一门利润丰厚的生意。
这里找不到任何东西：沉稳的家庭轿车、廉价的两厢车或笨拙的迷你面包车。福特不再生产这些车型。
“这是福特有史以来最令人热血沸腾的产品线，”辛普森说。
这是一个远离被福特首席执行官吉姆·法利 (Jim Farley) 认为“平庸”的汽车的转变，且这对这家汽车制造商的底线收益大有裨益。福特 2025 年在美国的销量达到了六年来的最高点，尽管低于十年前（当时它有更多种类的汽车可售）。这对一些福特经销商来说产生了负面影响，他们现在失去了像 Escape SUV 和 Focus 轿车这类曾经产生显著销量的车型。
“这绝对是一个完全的转向，与我认识的大多数经销商的信念截然相反，他们认为产品越多，能卖出的产品就越多，”肯塔基州路易斯维尔的一家福特经销商执行总经理谢恩·柯林斯 (Shane Collins) 表示。
福特帮助开创了现代装配线，且目前仍将其大部分汽车在美国组装，它将这一转变视为一种商业必然——无论对于自身还是对于经销商。
近年来，新车的整体销量有所萎缩，约有一百万买家选择退出——且车主持有旧车的时间比以往任何时候都长——因为平均价格维持在 $50,000 左右。市场已转向青睐大型、昂贵的皮卡和 SUV，而福特已采取行动将其资本化。
利奥波德·阿申布伦纳 (Leopold Aschenbrenner) 承担了过高的 杠杆，并 在挣扎着寻找救命稻草
他急于筹集资金以满足其债权人的要求，向一些最大的对冲基金寻求帮助，并以贱卖的方式将数十亿美元的持仓出售给了肯·格里芬 (Ken Griffin) 的城堡投资公司 (Citadel)。 阿申布伦纳在 2021 年从哥伦比亚大学毕业后前往加利福尼亚州，当时他 19 岁。他很早就信奉有效利他主义运动的原则，在加入 OpenAI 之前，他曾为萨姆·班克曼-弗里德 (Sam Bankman-Fried) 的加密货币交易所 FTX 的慈善部门工作。在 OpenAI，他从事 AI 超级对齐这一小众领域，致力于确保该技术不会失控并毁灭人类。
华尔街日报
2026 年 8 月 1 - 2 日，星期六 / 星期日 / B1
他在因向 Anthropic 一名高管的丈夫霍尔登·卡诺夫斯基 (Holden Karnofsky) 泄露 OpenAI 认为的敏感信息而被解雇后，发表了一篇 165 页的论文《情境意识：未来的十年》(Situational Awareness: The Decade Ahead)，预见了 AI 发展的路径——并在网络上疯传。 这份宣言帮助他为其新成立的对冲基金筹集资金，并使他声名大噪。他将与 Anthropic 首席执行官达里奥·阿莫代 (Dario Amodei) 的幕僚长结婚，并住在旧金山市区的一栋豪宅中，离 OpenAI 首席执行官萨姆·奥尔特曼 (Sam Altman) 不远。他的投资者包括 Meta 的顶尖 AI 高管，以及共同创立支付公司 Stripe 的兄弟帕特里克·科里森 (Patrick Collison) 和约翰·科里森 (John Collison)。 阿申布伦纳通过债务和其他策略来扩大赌注，在 AI 股票中建立了高度集中的仓位。他早期将数亿美元转化为 450 亿美元 billion 的成功经历，使他在网络圈子中拥有了狂热的追随者，而他公司的常规
请翻至 B12 页
客户可以为福特汽车购买额外的套件，例如这里的 Bronco 车型，该车在车展上展出。
Wachtell 律师事务所，揭示了 正动摇该行业的 生存之争
作者：ERIN MULVANEY
在中央公园附近的 Jean-Georges 餐厅 Nougatine，Wachtell 共同主席威廉·萨维特 (William Savitt) 在 5 月收到了一份足以颠覆法律界格局的报价。 萨维特与一名来自吉布森·邓恩 (Gibson Dunn) 的合伙人会面，对方向他抛出了一个曾经不可想象的前景：离开 Wachtell——这家这位公司诉讼律师已工作了 20 年的华尔街律所——转而加入一家拥有约 2,200 名律师和 20 多个办事处的全球巨头公司。 “一起执业难道不有趣吗？在这里，你的前景是没有限制的，”吉布森·邓恩的诉讼律师奥林·斯奈德 (Orin Snyder) 说道，他代理的客户包括勒布朗·詹姆斯 (LeBron James)、鲍勃·迪伦 (Bob Dylan) 和 Lady Gaga 等名星。
（注：以下为关于福特汽车的部分） 关于此点。十年前，一辆福特汽车的价格可能不到 $15,000，且有几款车型在 $20,000 范围内。现在，最便宜的福特新车起售价略低于 $30,000。 尤其是关税和劳动力成本，使在境内制造经济型汽车的计划变得复杂，如今美国大多数最实惠的汽车都是在海外制造并进口到美国的。例如，竞争对手通用汽车 (General Motors) 销售的两款价格低于 $25,000 的小型 SUV 均在韩国组装。 福特在美国组装的汽车数量超过任何竞争对手，这一点是该公司经常强调的。公司表示，它仍然希望制造小型、实惠的车型，并计划在十年结束前推出五款价格低于 $40,000 的新车型。这些车型只需在外观上与竞争对手有所区别，且能盈利即可。 “如果我要给过去几年在经济型市场中的表现打分，我们在两方面都只是平庸，因此这并不是一个可持续的获胜方案，”福特电动车与燃油车部门总裁安德鲁·弗里克 (Andrew Frick) 在一次采访中表示。
全球法律巨头 Gibson Dunn的 律师人数。
斯奈德（Snyder）提供的不仅仅是乐趣——甚至不是一份能将萨维特（Savitt）的年薪提升至至少 $20 million 的数百万美元加薪方案。这是一次关于规模的邀约——在那种规模巨大的律师事务所中拥有的权力，而这种规模在如今疯狂的律所人才战争中正日益成为获胜的关键。在这场战争中，顶尖的业务开拓者们像玩一场高风险的抢椅子游戏，被足以与NBA球星媲美的年度薪酬方案所吸引。
这次变动打破了 Wachtell 坚不可摧的形象，并触及了法律行业内部关于未来律所形态的激烈辩论。
据熟悉相关对话的人士透露，当萨维特告知 Wachtell 领导层他将与另外五名合伙人一起跳槽到 Gibson Dunn 时，领导层进行了情感上的恳求。律所领导层表示，他们对于一名顶尖合伙人在未进行讨论的情况下就协商好离职协议感到失望。
Wachtell 拥有约 80 名合伙人，自去年以来已失去了约 16 名合伙人。部分离职人员进入企业内部任职或退休。该律所还聘请了两名合伙人，一名来自 Paul Weiss，另一名来自——请转到B2页
如果你想让美国国税局（Internal Revenue Service）开心，那就投资私募基金。你不会从那些推崇投资于避开公开交易股票和债券基金的华尔街巨头那里听到这话。但这正是你需要知道的事情。咨询公司 Cerulli Associates 估计，财务顾问在未来五年内可能会将 $2 trillion 的客户资产推向替代资产。这些对私募股权、私人信贷、房地产、风险投资、对冲基金和其他非交易资产的投资，可能会——仅仅是可能会——提高你的回报。但它们几乎肯定会增加你的税负。
加州纽波特比奇的投资顾问公司 Flatrock Wealth Partners 的联合创始人约翰·韦斯特（John West）最近提出了一个简单但激进的问题：私人资产在税后回报率如何？答案是糟糕。韦斯特模拟了一个典型的大学捐赠基金组合——一些公开股票和债券，加上大量的私人资产——并使用了向个人投资者提供类似策略的基金。在截至 31, 3 月的 10 年期间，这个模拟的捐赠基金组合的税前年回报率为 8.6%。韦斯特估计，在扣除联邦税和州税后，高收入投资者的税后年回报率仅为 6.6%。
一个由三个投资于公开资产的基金组成的简单篮子——60% 投资于两个股票指数交易所交易基金（ETF），40% 投资于市政债券基金——其税前回报率几乎相同。但税后，它的年回报率为 8%，彻底击败了捐赠基金组合。仔细想想，这完全符合逻辑。持有公开交易股票的指数基金在持有期间几乎不会产生税单，尤其是如果它是一个广泛分散的 ETF。另一方面，私人信贷基金专门从事高息贷款；许多对冲基金交易频繁，产生短期资本利得；私募股权基金在出售组合公司时会产生巨额赔付。其他替代策略中，
10%
顶级律所格局之变
Gibson Dunn
（接B1页）纽约市当时最古老的律所Cadwalader在被一家规模大得多的竞争对手合并之前，经历了一波人才流失；包括Shearman & Sterling在内的一些老牌律所已经关门或被迫合并。而其他律所，如Davis Polk，则在追求快速增长。处于声望金字塔顶端的两家律所——Cravath和Wachtell，是少数仍坚持传统模式的律所。
一种新型的巨型律所现在主导着该行业。这些根植于芝加哥和洛杉矶等地的律所包括Gibson Dunn、Kirkland & Ellis和Latham & Watkins。它们为银行、对冲基金和其他大型金融客户提供一站式服务，年收入高达$10 billion。其广泛的覆盖范围使得律师能够通过数十个办事处为企业和私募股权公司提供实地咨询。这也赋予了这些律所强大的招募能力；Kirkland已经在田纳西州纳什维尔和盐湖城开设了办事处，以吸引新合伙人。在律所普遍与人工智能搏击的时代，规模较大的律所能够向专有模型投入巨额资金。
Wachtell由犹太裔法律界“局外人”于1965年创立，他们当时处于“白鞋律所”（white-shoe law）世界的边缘。其创始人之一Marty Lipton在95岁高龄时仍在八人执行委员会中担任职务。该律所通过专攻公司交易和危机处理建立了声望，并因发明了“毒丸计划”（poison pill）接管防御机制而闻名，该机制使得非请自来的收购者在获取目标公司大量股份时成本高得令其无法承受。直到2020, Wachtell在半个多世纪里仅失去过一名合伙人给竞争对手。但去年，闸门开始打开。
令Wachtell及其同类律所陷入被动最大的一次转变，是由于人们开始背离所谓的“级差模式”（lockstep model），即薪酬在很大程度上与资历挂钩。这些律所与华尔街银行维持着长年的关系。现在，这种模式正面临危机。
此次变动源于一名合伙人从Sullivan & Cromwell跳槽至Wachtell。据知情人士透露，这一消息在公司法顶级圈子中引发了抢人大战，竞争对手开始接触那些现在看来可以被挖角的Wachtell律师，而这家精英律所的合伙人们也在考虑离职并联系竞争对手。
“在五年前，想要招募一名Wachtell的联席主席简直是不可思议的，”Gibson Dunn的主席Barbara Becker说道，而她的律所恰恰做到了这一点。
Wachtell仅在纽约设有一个办事处，拥有约300名律师，依然是企业在寻求高风险并购、恶意收购和激进股东斗争帮助时的首选之地。几十年来，它刻意保持小规模经营，是全球最赚钱的律所，尽管其营收仅为规模较大的竞争对手的一小部分。
Wachtell在一份声明中表示，其“在各项指标上的表现均处于最高水平。律所正处于创纪录的一年，继续在所有排行榜上名列前茅，且状态比以往任何时候都强健”。
纽约作为法律界的中心，几十年来一直由白鞋律所主导。这些律所受到一种“绅士准则”的塑造，在这种准则中，挖角行为是闻所未闻的，而合伙人的薪酬则与资历挂钩。
特定律所的总营收
120 亿美元 billion
Kirkland & Ellis Latham & Watkins
Wachtell, Lipton, Rosen & Katz
Cravath, Swaine & Moore
包括私人房地产在内的资产，通常也会产生巨额的税单。总的来说，ETF 缩小了你的税负，而私人基金则放大了税负。
公平地说，华尔街正竭力将替代基金推向 401(k) 及其他退休账户，因为在这些账户中，任何税款都可以递延。但数十位《华尔街日报》的读者告诉我，他们的财务顾问正敦促他们将这些基金放入应纳税账户。West 表示，他看到的证据“极少”表明顾问们主要将这些基金用于避税账户。
讽刺的是，国会 2025 年对最大大学投资收益征收的一项税收……
如果认为一个充满私人资产的投资组合年均回报率为 8.6% 过于保守，请考虑这一点：根据美国大学与学院业务官协会（National Association of College and University Business Officers）的数据，在截至 June 30, 2025, 的 10 年里，教育捐赠基金的中位年化回报率为 7.6%。在资产超过 50 亿美元的最大规模基金中，中位年化回报率为 8.9%。这些基金是私人基金的主要持有者，其总资产中只有不到一半是公开交易的股票和债券。
事实上，前贝莱德（BlackRock）董事总经理、现任纽约财务规划软件及研究公司 Tau Balance 负责人 Andrew Ang 表示，West 的研究可能低估了税收对替代资产回报的影响。在最近的一项研究中，Ang 发现，在过去一个世纪里，联邦所得税将美国股票 10.5% 的年均回报率降低到了 7%。即使在近几十年税率下降的情况下，联邦税仍消耗了股票总回报的六分之一以上。请记住，对于公开交易的股票，股息收入通常较低，且你可以随意递延资本利得。然而，对于私人基金，如果你是一名典型的高收入个人投资者，Ang 认为一个“合理的假设”是，你的税后回报率将比报告的税前回报率低约三分之一。
大量投资于非交易资产通常被称为“耶鲁模式”，得名于耶鲁大学捐赠基金的卓越管理者 David Swensen，他于 2021. 年去世。在截至 June 30, 2020, 的 35 年里，Swensen 引导耶鲁捐赠基金实现了 13.1% 的年均回报率。这远远超过了由 60% 股票和 40% 应纳税债券组成的传统投资组合 8.8% 的回报率。
如果耶鲁被视作个人投资者，Ang 的经验法则表明，Swensen 的史诗级回报在税后将被削减至年均约 8.7%。这仍然远好于 60 / 40 投资组合税后每年不足 6% 的收益。但这是一个令人谦卑的提醒：税收即使是对最伟大的投资者也会产生削减作用——而且你的财务顾问并不是 David Swensen。
十年期预估年化回报率
减去联邦所得税、中位州所得税和联邦净投资所得税。
税前 / 税后净值 / 税前 / 税后净值 :--- “捐赠基金”投资组合（含私人基金†） / 8.6% / 8.8% / 6%
*差异部分由复利驱动 †由约 50% 的替代基金组成 ‡ 60% 股票，40% 市政债券 来源：Flatrock Wealth Partners
离开 Wachtell 的律师以及招揽他们的 Gibson Dunn 合伙人。顶排，从左至右：Sarah Eddy, William Savitt, Randall Jackson。底排，从左至右：Orin Snyder, Barbara Backer, Bradley Wilson。
在这种体制下，合伙人的薪酬与资历紧密挂钩。放弃该模式的律所能够以规模更大的薪酬方案吸引顶尖人才，而少数坚持该模式的律所则缺乏这种灵活性。目前，不同律所对其最高收入者的支付额度存在巨大差异：在某些律所，顶尖者的薪酬高达 $35 million，而另一些律所的上限仅为 $7 million。
Wachtell 数十年来一直执行严格的阶梯式薪酬制度，但在少数个案中做出过调整。Savitt 和其他人认为该制度的适用范围不足。据知情人士透露，Savitt 一直在推动 Wachtell 为诉讼团队提供更多资源，并为新领导层的产生扫清障碍。据知情人士透露，除 Lipton 外，该律所仍由少数领导者紧紧掌控，其中包括 79 岁的 Ed Herlihy，他是行业顶尖的交易撮合者之一，驱动了律所的大量业务。据律所内部人士透露，该律所一些规模最大的交易是由其中一些最年轻的合伙人驱动的。
Savitt 曾担任已故最高法院大法官 Ruth Bader Ginsburg 的法理员，当他首次与 Gibson Dunn 会面时，他刚刚
捐赠基金的状况已导致一些替代基金的大用户重新考虑其持仓。针对捐赠基金的税率最高为 8%。个人纳税人面临的联邦税率则至少高出四倍。
当然，私募基金的推广者会认为 West 的结果并不公平。为了代表每类替代资产的 10 年回报率，他使用了向个人开放且拥有 10 年记录的最大基金。自然地，某些类别中表现最好的基金回报率更高。但没有人能预先知道哪只基金最终会脱颖而出——而且个人投资者无论如何都很难接触到表现最好的私募产品。
如果你认为 West 的假设
基础股票与债券组合‡
在一次针对 Elon Musk 的里程碑式审判中，OpenAI 获得了胜利。
Savitt 团队的一名合伙人将留在 Wachtell，尽管此前预计他也会跳槽到 Gibson。他最近被拍到在中央公园与一名初级律师接吻，目前已被要求休假。该视频在 TikTok 上广泛传播。对于这家以谨言慎行和端庄著称的律所来说，在充满变数的一周里，这是一个令人震惊的进展。
据《纽约邮报》首次报道，Savitt 与另一名同样跳槽到 Gibson 的合伙人一直处于恋爱关系中。据熟悉该律所的人士透露，这种关系并不违反 Gibson Dunn 的政策。Wachtell 内部人士则表示，该关系从未向律所披露。
正如在 Wachtell 的情况一样，过去看到合伙人从 Cravath 跳槽到竞争对手那里是一件令人震惊的事。在 207 年的历史中，该律所为法律行业树立了金标准。其他纽约律所效仿其招募顶尖常春藤盟校法学院毕业生并对其进行终身职业培训的体系。它曾以设定首年助理律师的起薪标准而闻名。
但出现了一系列
离开 Cravath 的人数也增加了——在过去一年左右的时间里至少有 10 人。接近公司领导层的消息人士称，该公司现在建议律师离开的频率比过去更高，且部分离职者是转往公司内部法律部门或进入新的非权益层级。
Cravath 在高关注度的企业交易业务中的份额也有所萎缩。在 20 世纪 90 年代，它处理的交易金额约占近四分之一。去年，这一份额为 7%。相比之下，Kirkland 和 Latham 去年共同占据了所有交易价值的约 30%。
在过去十年中领导 Cravath 的 Faiza Saeed 表示，公司一直刻意保持小规模，并且在市场中占据的生态位与一些规模大得多的竞争对手不同。“我不认为 Lands' End 的成功是以牺牲 Brunello Cucinelli 为代价的，”她在一次采访中说道。
该公司今年参与了一些重量级交易，Saeed 表示，她担心如果规模扩张过大，将难以维持同样的工作质量。
“在过去的 15 年里，许多公司围绕高度规模化、非常商品化的工作进行构建，”Saeed 说道。“Cravath 已经 207 岁了。我们的观点是，我们对自己所处的层级感到满意。”
ALEX NABAUM 为 华尔街日报 撰稿
DAISY KORPICS / WSJ, BENJAMIN FANJOY / GETTY, MANUEL ORBEGOZO / REUTERS, DAVID PAUL MORRIS / BLOOMBERG NEWS, ROB JOHNSON / MEDIANEWS GROUP / BOSTON HERALD, GIBSON DUNN
超级数学明星。 现在，他正致力于 他认为的 最重要的问题。
Jacob Tsimerman
最近获得菲尔兹奖时，Jacob Tsimerman 身着一件带有缎面翻领的淡蓝色礼服，接受了数学界最顶级的荣誉。随后，他做出了一个与其礼服一样令人惊叹的宣布。在颁奖典礼后，四位获奖数学家被问及接下来的计划。一位说他将继续研究偏微分方程，一位说他想尝试人工智能，还有一位说她完全没有想法。轮到 Tsimerman 时，他说：“我将在 OpenAI 担任一个职位。”这个决定既令人震惊，又完全在情理之中。此人最近写过一篇论文，将 AI 可能导致全人类灭绝的方式进行分类，将数学家对秩序的直觉应用于末日预演。他停止招收不接触 AI 的研究生，因为他无法确定数学的未来。他甚至将研究重心从数论和复代数几何中转移开来。事实证明，他如此担心 AI 的危险，以至于现在正转向研究 AI 安全。这位明星教授正请假离开多伦多大学，成为 OpenAI 的研究员，但 Tsimerman 并没有离开数学。事实上，他希望利用其领域的形式语言和验证方法来推进 AI 研究——评估其进展，理解其决策，并绝对确保它不会导致人类灭绝。那些在 AI 前沿领域通过挖掘大学各类人才的 companies 可以提供难以想象的薪水和股票期权。但任何接触过哲学家或数学家的人都知道，他们主要驱动力的并非金钱。否则，他们就不会成为哲学家和数学家。这个时代最伟大的数学家之一之所以研究 AI 安全，是因为他相信这是他能帮助解决的最重要的问题。“在几年内，AI 系统在进行数学运算方面将具有强有力的超人能力，”Tsimerman 告诉我。“而由此产生的社会后果、我们选择如何反应、你的感受——这些才是更难的问题。”目前，他正在思考那些他具有独特资格去回答的问题。我们如何理解 AI
LAURA PROCTOR 为 华尔街日报 供稿
市场 / SPENCER JAKAB
对股票而言并非金发姑娘时刻（恰到好处的时刻）
众所周知，利率会影响股价。但情况非常复杂。美联储周三决定维持隔夜利率不变，这听起来显然应该是利好消息，但股票在主席凯文·沃什（Kevin Warsh）的新闻发布会后随即下跌（不过随后强劲反弹）。
同样在沃什的问答环节之后，长期国债收益率达到了 19 年来的最高点。这延续了债券观察员所称的“熊陡” (bear steepener) 趋势。
尽管投资术语中带有“熊”字听起来不祥，但对于股票来说通常并非如此。之所以这样称呼，是因为债券投资者在这种环境下可能会遭受重大损失。当国债收益率曲线的斜率呈正值且在增加时（如目前的情况），有两种结论。如果这种陡峭化是对增长预期上升的反应，那么它是受欢迎的。例子包括 2003, 2009 和 2021 年，当时经济正从衰退中复苏。
在经济繁荣多年后出现这种模式，让人想起 1966 年和（令人心惊的）1987 年。
20 世纪 60 年代的这段时期是一个 16 年周期的开始，期间美国股市毫无进展，且购买力在很大程度上被通货膨胀侵蚀。1987 年的版本则是历史上单日暴跌最严重的一年——这是一个偶然事件，但是由债券收益率急剧上升引发的。
目前的通货膨胀率一直高于——
这些系统实际上在做什么？我们如何让它们彼此兼容——以及与我们兼容？我们如何用数学证明它们没有在秘密地策划毁灭人类？
数学家长期以来一直利用他们的工具来解读人类行为。而 Tsimerman 将利用这些工具来破译机器的行为。
在他获得数学界的诺贝尔奖之前，他早已开启了这一进程。38 岁的 Tsimerman 是一名计算机科学家和高中数学教师的儿子。他出生在俄罗斯，少年时移居以色列，随后在加拿大长大。高中期间，他在国际数学奥林匹克竞赛中获得两枚金牌，之后提前进入多伦多大学就读并毕业。
（图注：上方为 Jacob Tsimerman；最左侧为几何模型；左侧为他办公室里的爱因斯坦小雕像。）
美国国债收益率曲线
5.50% 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50
2 年 1 个月 5 年 10 年 20 年 30 年
来源：美国国债局
两年时间。他在普林斯顿大学获得了博士学位，在哈佛大学任教，随后回到母校，成为了该校历史上最年轻的数学教授。
在他传记的这个阶段，我可以向你们介绍他在安德烈-奥特猜想（André-Oort conjecture）以及格里菲斯关于周期映射图像代数性的猜想（Griffiths’s conjecture on the algebraicity of images of period maps）方面所做的开创性工作，以及——好吧，我们还是继续吧。
毕竟，他现在研究的东西不需要博士学位也能听懂。
在职业生涯的大部分时间里，Tsimerman 对人工智能持怀疑态度。他一直知道这些系统会变得更加强大。
“但很长一段时间以来，”他说，“我从未真正相信它们会变得如此强大。”他尤其难以相信 AI 能够复制那些让我们成为人类的特质，例如直觉和创造力。在过去的十年中，有几次时刻迫使他重新思考这一假设，而他在 2022 年尝试使用 ChatGPT 之后，彻底改变了看法。
“如果它能聊巧克力并写诗，”他想，“为什么它不能聊数学并写出方程式呢？”
这次顿悟让他得出了一个令人不安的结论：“我变得深信它们将变得极其强大。”
不久之后，他开始担心 AI 会变得过于强大。到去年夏天，他发表了一篇学术论文，想象了多种反乌托邦情景。论文标题为《涉及人工智能的全面灭绝未来分类学》（A Taxonomy of Omnicidal Futures Involving Artificial Intelligence）——“omnicidal”一词，意指全人类的灭绝。
周四
一年前
两年前
美联储的目标已经维持了五年多，而且几乎没有就业市场疲软的迹象。这似乎是 Warsh 应该采取行动，或者至少呼吁未来采取行动，以支撑他近期关于价格稳定的强硬言论的时候。
但他没有这么做。Warsh 表示，一种更不干预的态度（即债券收益率自行触发经济刹车）表明，市场正在“学习如何配合”，而不是依赖央行行长来充当裁判。
然而，正如《华尔街日报》的 Greg Ip 所写，央行“并不是一个中立的裁判，它是这场比赛中最重要的球员”。而且，在面对通货膨胀时，预防胜于治疗。收益率上升以及对央行维持价格稳定承诺的不确定性——这些 20 世纪 70 年代的标志性特征——后来需要通过严厉的加息才能修复。
此外还有一个新的担忧——美国的财政健康状况。公众持有的债务很快将突破 $40 万亿美元。购买最长期限的债务需要相信这些欠条最终会被兑现。
没有人预期美国真的会违约，但高债务和赤字的释放阀可能是未来的通胀飙升。长期债券的实际（经通胀调整后）收益率也刚刚创下数十年来的新高。
一个看不见这一点，或者不想看到这一点的裁判，会让债券持有者感到担忧。股票投资者可能紧随其后。
2.0
在经历了 18 年以及 50 多部超级英雄电影和电视剧之后，漫威影业（Marvel Studios）凭借一部名为《蜘蛛侠与他的神奇伙伴》（Spidey and His Amazing Friends）的学前儿童卡通片创造了其历史上的最大热门之一。根据尼尔森（Nielsen）的数据，该系列自 2021 年推出以来，累计观看（及重复观看）时长约为 12.5 亿小时，使其成为漫威最受欢迎的电视剧集。它让 3 岁和 4 岁的孩子进入蜘蛛侠内容的“升级阶梯”，引导他们接触面向小学生、青少年和成人的电视节目及电影。“对于一个虚构角色来说，梦想是能够世世代代地引起不同年龄层的共鸣，”漫威影业总裁凯文·费格（Kevin Feige）表示。这一策略应该有助于为本周的新电影《蜘蛛侠：崭新之日》（Spider-Man: Brand New Day）预热观众。该片由漫威制作，索尼影业发行，根据预售情况和观众调研，预计将创下年度最大的票房开端。
在观众似乎对好莱坞的超级英雄泛滥感到疲劳之时，蜘蛛侠的持续成功显得格外突出。漫威在过去几年中有多部电影表现不佳，并显著缩减了电视节目的制作。竞争对手华纳兄弟探索公司（Warner Bros. Discovery）旗下的 DC 影业最近凭借《超女》（Supergirl）在票房上惨遭失败。但蜘蛛侠在近四分之一个世纪里一直是赚钱机器。他主演漫威最畅销的漫画书，出现在主题公园和邮轮上，并且是母公司迪士尼（Disney）第二赚钱的消费产品品牌，仅次于米老鼠。
Z 世代在很大程度上将超级英雄视为年长一代的娱乐。但蜘蛛侠电影和电视剧集的观众中，有超过 70% 处于 17 到 33 岁之间。研究公司 Parrot Analytics 的数据显示（其数据不包括儿童），这位青少年超级英雄的粉丝群体比蝙蝠侠、超人甚至哈利·波特的粉丝群体更年轻。蜘蛛侠的观众中四分之三为男性，略低于蝙蝠侠和超人，但高于波特。不同于富有的花花公子铁...
蜘蛛侠
超人
蝙蝠曼
哈利·波特
2.5
迪士尼
“充满激情”的 汽车
接前页 B1
包括紧凑型车、双门轿车、全尺寸轿车、旅行车、卡车以及像 Bronco 这样的 SUV，直到 20 世纪 70 年代。 直到相当近期，福特每年仍销售数十万辆像 Taurus 和 Focus 这样的普适型车辆——这些车辆外观平庸、商品化，在通用汽车或丰田等公司有直接竞争对手，且通常利润率较低。 这类车型中的最后一款是 Escape，一款跨界 SUV，起售价曾约为 $28,000，但于 2025 年停止生产。截至 7 月，经销商库存中仅剩几千辆未售出的 Escape。 原有的 Escape 工厂现在正准备生产一款售价 $30,000 的福特纯电动皮卡，旨在与来自中国初创竞争对手的高科技产品相抗衡，后者正在全球范围内赢得市场份额。 基于福特近期的销售情况，这种做法是合理的。F-150 依然是全美最畅销的车型，且这种情况已持续数十年。2021 年推出的紧凑型 Maverick 皮卡主导了一个行业曾经基本放弃的领域。早一年复活的 Bronco 则从 Jeep Wrangler 手中夺走了销售冠军，而后者此前没有直接竞争对手。Mustang 依然是 Mustang。 但在 2025 年，福特销售的汽车数量比前十年减少了约 400,000 辆。随着客户选择减少，其总市场份额有所下降。如今进入福特门槛最低的车型是 Maverick 或小型 Bronco Sport SUV，起售价分别约为 $28,000 和 $32,000，且缺乏其前任车型那样的大众吸引力。 弗里克（Frick）表示，公司的整体战略转变在长期看来是必要的。
1.5
进入蜘蛛侠之网
部分电影系列的观众人口统计数据
按性别 按世代
20 0% 40 60 80 100
男性 女性
24.5%
75.5%
18.5
81.5
22.2
77.8
52.5
47.5
27.2
詹姆斯·邦德 (James Bond)
72.8
来源：Parrot Analytics
无论是外星人超人还是亚马逊公主神奇女侠，蜘蛛侠在 1962 年创建之初就是为了让漫画读者产生共鸣。他通常被描绘成一个名叫彼得·帕克、在社交上笨拙，且在情感、财务和家庭方面都存在问题的年轻人。他标志性的俏皮话是他应对不安全感的一种防御机制。 “这些故事总是从情感角度出发的，”曾协助推出
该期限。他表示，福特像 Focus 和 Escape 这样的通用车型要求汽车制造商在激励措施和促销上投入更多资金以维持销量。有时福特不得不直接削减标价，这“损害了该产品线的整体可行性”。 2018, 该公司做出了一个大胆的举动，在产品线中彻底砍掉所有轿车，仅保留野马 (Mustang)。到那时，美国市场已经经历了多年的下滑。 这也是为了提升当时低迷的盈利，并为当时被视为下一个大趋势的电动和自动驾驶汽车释放资金。据熟悉当时讨论的人士透露，这一决定由时任首席执行官吉姆·哈克特 (Jim Hackett) 推动，在公司内部遭到了工程师和设计师的抵制。 “我们只在具有真实竞争优势或能够建立竞争优势的领域开展业务，并且在资金投向方面非常冷酷，”法利 (Farley) 在本周与分析师的电话会议中表示。“每一美元都必须获得持久的回报并驱动盈利增长。” 福特高管希望新的
学前动画片 《蛛网与他的 神奇伙伴》是 漫威最受欢迎的 电视系列剧。
X世代+ 千禧一代
Z世代 Zennials
（此处文本缺失）将蜘蛛侠搬上大银幕，当时她经营着索尼影业，而现在她负责制作他的电影。“人们认为男孩们不想被触动，但其实他们想。”当 2 岁的 Arlo Medina 不想穿衣服或不想坐下来吃晚餐时，他会伸出双手，假装向父母射网，就像他最喜欢的动画片主角那样。 “他管这叫‘Byber-Man’，而且只要一醒来，他就会问能不能看这部剧，”住在加州帕萨迪纳的 Arlo 的母亲 Brianne 说道。 在《蛛网与他的神奇伙伴》于 2021 年在 Disney Jr. 有线网络和 Disney+ 流媒体服务首次亮相之前，节目统筹 Harrison Wilcox 及其合作者试图确定该角色的哪些方面适合像 Arlo 这样的幼儿。 他们舍弃了彼得·帕克对他叔叔之死的沉重责任感、他的工人阶级奋斗史以及秘密身份的孤独感。他们将他塑造为一个年幼的孩子，他变成过恐龙，成为过海盗，并且在最近推出的第五季中，遇到了一个名为 Symbie 的可爱捣蛋鬼，而这个角色灵感来自可怕的蜘蛛侠反派 Venom。 尽管进行了所有这些改动，该剧的创作者仍试图保留他们认为的超级英雄精髓。“Spidey 总是做正确的事，即使这很困难，”Wilcox 说道。“这就是为什么他能如此好地转化为各个年龄段的粉丝。” 由于每部 Disney Jr. 节目都需要具备教育元素，Wilcox 的团队围绕团队合作构建了《神奇伙伴》。年幼的蜘蛛侠与名为 Spin 和 Ghost-Spider 的超级伙伴一起打击犯罪。 这部剧的成功使得这三个角色对于幼儿父母来说无处不在，他们在 T 恤、午餐盒和充气城堡上都能看到他们。 Nik Ewing 在女儿（此处文本缺失）
一台 $30,000 的电动皮卡，以及像小型 SUV 这样的潜在衍生车型，将会取得成功，而不会像过去亏损的电动车型那样。 它们的设计目标是大规模销售。然而，行业观察人士表示，在更广泛的市场对电动汽车失去兴趣的时期，这是一个艰巨的任务。“这对他们来说是一个非常大的赌注，”巴克莱银行汽车分析师 Dan Levy 说道。 Frick 表示他理解这些顾虑，因为除了市场领导者特斯拉之外，还没有公司“在市场上真正突破并拥有一个出类拔萃的”电动汽车。他表示，从零开始设计一条新的电动汽车组装线，将使福特能够将全新的车型概念与稳健的成本结构相结合。 “我们的预期不是与一些，你知道，普通的电动汽车厂商竞争，而是与全球的特斯拉们竞争，”他说道。 本月在 NASCAR 赛道上举行的活动凸显了福特预见到的机会。定制部门主管 Simpson 表示，大约一半的福特客户在以某种方式个性化他们的车辆——购买像安装在 SUV 上的货箱，或者为野马（Mustang）外观定制的特殊贴纸——这远远超过了其他汽车制造商。
左图为 2004 年的福特 SVT Focus，该车型已停产。上图为配备高性能套件的福特野马。
历史上，福特会先开发车辆，然后再研究配套配件，这限制了公司能为客户提供服务的程度，Simpson 说道。现在，公司的设计师从一开始就参与进来，以寻找提供个性化的方法。 经销商可以在客户在销售点为新车办理融资时，将这些套件作为附加产品销售，使得本就利润丰厚的高端车型销售变得更加盈利。 一些经销商表示，他们对该计划持谨慎乐观态度。
福特按车型划分的交付量
3.0million
参加了林内亚（Linnéa）的四岁生日派对，并在迪士尼乐园排了长队，让她能见到蜘蛛侠。他说，相比于林内亚喜欢的其他节目，“小蜘蛛”（Spidey）看起来更像是个玩具广告，因此更具挑战性。“看《布鲁伊》（Bluey）时，如果恰好在那个时刻看到合适的集数，我会流下眼泪，”这位洛杉矶父亲在谈到那只蓝色动画小狗时说道，“但我可以肯定地告诉大家，‘小蜘蛛’从未在情感上触动过我。”
迪士尼初级频道（Disney Jr.）目前正在构建一个某种意义上的漫威学前宇宙。《钢铁侠及其超级好友》（Iron Man and his Awesome Friends）于去年首播，并将于 2027. 更名为《复仇者联盟：最强之友》（Avengers: Mightiest Friends）。当然，这些小小超级英雄会互串演出。“这绝对是将我们的角色——或者我应该说，将我们角色的一面——介绍给年轻观众的最佳范例，”费格（Feige）表示。公司的希望是，“小蜘蛛”的粉丝们能进而观看迪士尼+（Disney+）上的小学阶段动画片《你的友好邻居蜘蛛侠》（Your Friendly Neighborhood Spider-Man），然后开始观看电影。
虽然索尼（Sony）保留电影的所有收益，但漫威（Marvel）则受益于电影带来的周边产品销售增长。在从当时陷入困境的漫画出版商漫威获得蜘蛛侠电影和真人剧集版权后，索尼凭借 2002 执演托比·马奎尔（Tobey Maguire）的爆款改编电影，开启了现代超级英雄电影时代。随后推出了九部真人电影，其中最后四部是与漫威工作室（Marvel Studios）共同制作的。索尼的两部动画《蜘蛛侠：平行宇宙》（Spider-Verse）系列电影（主角为另一个版本的超级英雄迈尔斯·莫拉莱斯）获得了奖项并大获成功，吸引了更年轻的观众。第三部将于明年推出。索尼还制作了蜘蛛侠反派的衍生剧，包括热门的《毒液》（Venom）三部曲，以及像《蛛网》（Madame Web）和《猎手克雷文》（Kraven the Hunter）这样的失败之作。
但关于彼得·帕克（Peter Parker）的真人电影仍然最受欢迎。在 2021 的《蜘蛛侠：英雄无路》（Spider-Man: No Way Home）结尾，彼得让所有认识他的人都忘记了他的身份，以保护他们。在《崭新之日》（Brand New Day）中，他试图重建关系的搜索过程旨在让 2020 年代的年轻人产生共鸣。“每个人都渴望联系，尽管我们生活的世界正尽可能快地将我们分开，”帕斯卡尔（Pascal）说，“我觉得这与我们的故事完美契合，因为我们让彼得再次陷入了孤独的境地。”
公司整体战略。在纽约州北部拥有三家福特店的经销商菲尔·马奎尔（Phil Maguire）表示，这家汽车制造商长期以来提供多样化的核心产品，能够吸引大多数人。马奎尔的父亲在 1960 年代为福特工作，并在 1977 开了他的第一家福特经销店。
“希望它能保持这个品牌的特质，并专注于一些更具标志性的作品，”马奎尔说。
与此同时，那些历史上驾驶较小车辆的福特车主不得不做出艰难的决定。
66, 岁的肯·霍尔（Ken Hall）拥有福特车数十年，从雷鸟（Thunderbird）豪华车到金牛座（Taurus）——以及最近的一辆 Edge SUV，而后者已于 2024 停产。
在搬到底特律市中心后，霍尔和妻子将车辆缩减到了一辆。他说，在更大的城市里，Edge 是完美的选择。“我不觉得自己在开一辆太小的车，但我们确实不希望再小了，”他说。
在听说有旨在刺激以旧换新的 Edge 车主激励措施后，霍尔最近访问了一家经销店。在试驾后，霍尔表示这对夫妇“勉强”接受了 Explorer。
在驾驶这辆新的、更大的 SUV 第一次出行时，霍尔说他停下来思考道：“我们刚才做了什么？这车看起来太大了。”
皮卡 / SUV 轿车
D
–20
作者：JESSICA TOONKEL 和 JOE FLINT
–30
–50
大卫·埃利森花费了近一年时间，才让其针对华纳兄弟探索公司 (Warner Bros. Discovery) 的 810 亿美元 billion 敌意收购方案敲定，并通过了司法部的审核以及全球范围内的监管检查。在经历了这一切之后，加州州总检察长旨在阻止该交易的诉讼似乎并非最大的障碍。但现在，为了克服这一障碍，且可能在比预期晚得多的时间关闭交易，埃利森正在进行迄今为止最冒险且成本最高的赌注：进入审理阶段。
如果交易在 9 月 30 日前未能完成，派拉蒙已同意在交易关闭时每季度支付 $650 million 的递增费用——每天约 $7 million。埃利森及其助手们现在回到了那种“作战室”心态，这种心态定义了他们试图将拥有 CBS 及其流媒体服务的派拉蒙与 HBO 和 CNN 的母公司华纳合并的追求。
百万
股票表现，年初至今
华纳兄弟探索 (Warner Bros. Discovery) 派拉蒙-天空舞动 (Paramount Skydance)
10%
10 –10
顶部图片：JON BERKELEY 为 华尔街日报 拍摄；LOREN ELLIOTT / 盖蒂图片社 (GETTY IMAGES)，MARTINA ALBERTAZZI / 彭博新闻社 (BLOOMBERG NEWS)，NOAH BERGER / 美联社 (ASSOCIATED PRESS)
40 –40
2026 7月
来源：FactSet
据知情人士透露，他与首席法律官马坎·德尔拉希姆 (Makan Delrahim) 每天进行多次沟通，后者在特朗普总统第一任期内曾任司法部反垄断部门负责人。他们正在讨论潜在的让步方案、政治诉求或其他策略，埃利森 (Ellison) 深度参与其中。知情人士表示，他们的目标是强调交易崩溃可能对好莱坞就业造成的影响。
《华尔街日报》周五报道，加州州长加文·纽瑟姆 (Gavin Newsom) 对该州的诉讼以及如果交易被阻止将对好莱坞产生的影响表示担忧。纽瑟姆的办公室已鼓励总检察长罗布·邦塔 (Rob Bonta) 的办公室（该办公室拥有提起此类诉讼的独立权力）寻求庭外解决方案。这场博弈对于好莱坞所在的家乡州，以及一家在应对有线电视退订潮和观影习惯改变而苦苦支撑、试图通过规模化生存的大制片厂所有者来说，都蕴含风险。
自去年12月对华纳的追求升温以来，派拉蒙的股价几乎减半。根据申报文件，在截至3月的六个月中，该公司在针对华纳的收购投标中已支出超过 $1.6 亿的法律及其他费用。如果该交易失败，或在 2027, 6月前仍未解决，派拉蒙可能需要向华纳支付 70 亿美元 十亿的违约金，或重新协商截止日期。
派拉蒙的高管在内部会议中表示，他们认为该诉讼具有政治动机，因为埃利森的父亲与特朗普总统关系密切。但派拉蒙并未在法庭上提出此类指控。担任派拉蒙法律顾问且曾在奥巴马总统任内担任联邦贸易委员会主席的乔恩·莱博维茨 (Jon Leibowitz) 表示，此案看起来“像是试图阻止埃利森家族拥有 CNN”。CNN 的报道一直对特朗普持批评态度，而特朗普也经常抱怨其报道。
邦塔在公开场合表示，各州并不寻求剥离 CNN，且出售该新闻机构无法解决联盟诉讼中提出的担忧。
据周五的一份法院文件显示，近几日，双方律师一直在就预计将持续数周的审判开始日期进行反复协商。派拉蒙推动将审判开始日期定在 11月 4 日 (4)，而总检察长的律师则希望在 4 月 5 日 (5) 开始。预计法官将在未来几天内做出决定。
据知情人士透露，派拉蒙律师讨论的策略包括：可能向联盟中的某些州提供激励措施，促使其退出诉讼并削弱案件力度。在某些州，他们可能拥有筹码：派拉蒙在纽泽西州设有制作基地（该州通过税收抵免吸引大制片厂），在加州设有总部，并在纽约设有员工。知情人士称，派拉蒙已就该诉讼与部分州总检察长取得联系。
威廉·科瓦契奇 (William Kovacic)，一位乔治·华盛顿...
双方律师一直在 就预计将持续数周 的审判开始日期 进行反复协商。
Beth Wilkinson, 派拉蒙（Paramount）律师
Makan Delrahim, 派拉蒙首席法律官
Jeffrey Kessler, 派拉蒙律师
ing顿大学法学教授及前联邦贸易委员会主席表示，该策略可能会削弱反对势力，但“这里真正关键的州是那些反垄断领域的大玩家：加利福尼亚州、纽约州和科罗拉多州”。该团队已聘请知名审判律师 Beth Wilkinson 进行法律层面的“二番战”。在微软成功防御其 750 亿美元 billion 收购动视暴雪（Activision Blizzard）的案件中，Wilkinson 成功击败了该州的律师 James Weingarten。据知情人士透露，Wilkinson 同意直接进入审判是正确的做法。知情人士还表示，派拉蒙正继续考虑可能从起诉该公司的州迁出的计划。此举虽不能解决诉讼问题，但可被视为对该州的一种谴责，因为该州已看到大量制作公司迁往税收激励更丰厚、运营成本更低的州和国家。在 Ellison 的 Skydance 与派拉蒙合并之前，他曾讨论过将其制作公司迁至田纳西州的想法，他与妻子此前居住在那里，且其父亲的公司甲骨文（Oracle）在该州有大量业务。一名了解其想法的人士表示，Ellison 告诉亲近的人，虽然他不想搬迁，但迁址可能有助于覆盖“定时费用”（ticking fee）的成本。在第一次听证会后，Ellison 迅速增加了法律团队。在 7 月 17 日于加利福尼亚州奥克兰地方法院举行的会议初期，法官打断了 Jeffrey Kessler 的发言，他是派拉蒙聘请的顶尖反垄断律师，其数十年的审判经验包括那起帮助重塑大学体育运动的针对 NCAA 的里程碑式案件。美国地方法院法官 Araceli Martínez-Olguín 询问，派拉蒙提出的证据是否“仅仅加强了这样一个结论，即此次合并的合法性存在严重疑问”。Kessler 回答称，对方必须证明该交易有可能削弱竞争。在随后的听证会上，Kessler 引用苹果公司的电影《F1》作为票房成功的例子，并称其为市场竞争的标志。他说，这部电影是由亚马逊（Amazon）制作的。随后他迅速自我纠正：是由苹果制作的。各州的首席律师抓住机会破坏他的论点，反驳称该片实际上是由华纳兄弟（Warner Bros.）在影院为苹果分发的。他表示，这一事实凸显了此次合并可能会加强的五大巨头的权力。法官随后写道，各州的陈述“至少证明了关于实质问题的严重疑问依然存在，这有利于采取初步禁制救济”。与此同时，华纳的员工正在等待合并后未来的具体细节，以及未来是否还会有进一步的削减。首席执行官 David Zaslav 在 7 月的大部分时间里在欧洲游历，包括与华纳国际高管会面，以及前往阿姆斯特丹、温布尔登和西班牙。如果交易达成，Zaslav 可能会获得超过 $800 million。 近几周，派拉蒙一直在为合并后的公司董事会寻找新候选人。据知情人士透露，公司已接触前动视 CEO Bobby Kotick 和 Meta 总裁兼副主席 Dina Powell McCormick，邀请他们担任董事。
目前，两家公司之间的一些整合规划仍在继续，但进度有所放缓。埃利森已与多位华纳高管会面，并就其业务细节提出了详细询问。
知情人士表示，在诉讼发生前，派拉蒙内部一直在讨论关于其线性网络潜在合资企业的方案，以及在其平台中加入其他公司流媒体服务的计划。另一些知情人士表示，该公司没有计划与 CNN 分道扬镳。目前尚不清楚公司是否会通过调整其网络布局，将其作为向总检察长（AGs）提供的让步条件。
关于如何组织新闻部门，首席执行官已咨询了内部和外部的多方人士。知情人士表示，公司正在讨论是将 CNN 和 CBS 合并，还是分别运营；埃利森此前还与 CNN 负责人马克·汤普森（Mark Thompson）进行了交流。
CBS 新闻负责人巴里·魏斯（Bari Weiss）——埃利森在去年收购她的公司 Free Press 时将其招至麾下——因她在新闻机构推行的变革而饱受抨击。但知情人士表示，埃利森仍然信任魏斯。
在上周暂停后发给员工的一份备忘录中，埃利森表示，该交易已在全球 65 个司法管辖区通过审核，这表明该交易并不具有反竞争性。“让我明确一点：我们依然高度自信此次交易不存在任何法律问题，我们将完成交易并将这两家公司合并。”
他在结尾处写道：“出发吧！”
t
t
12%
s
s
–6
–12
道琼斯 (Dow Jones)
一年前 最新 滚动市盈率 预测市盈率 * 股息率
一年前 最新 滚动市盈率 * 预测市盈率 * 股息率 *
滚动市盈率 † 预测市盈率 † 股息率 *†
52485.03 s 276.97 或 0.53%
历史最高点
历史最高点
历史最高点：
53055.91, 07 / 06 / 26
收盘 下跌 上涨 65日 移动平均线
65日 移动平均线
盘前开盘
收盘 开盘
柱状图衡量与当日开盘点的变动
六月 七月
六月 七月
每周市盈率数据基于 Birinyi Associates Inc. 报告的收益。†基于纳斯达克-100指数
1.00
52周 %变动 最高 最低 净变动 % 变动 最高 最低 %变动 年初至今 3年年化
工业平均指数 52623.14 51996.32 52485.03 276.97 0.53 53055.91 43588.58 20.4 9.2 13.9
运输平均指数 21187.85 20971.48 21039.30 -49.93 -0.24 23933.14 15067.87 39.3 21.2 8.2
标准普尔 (S&P)
公用事业平均指数 1133.68 1121.60 1121.64 -11.34 -1.00 1190.23 1048.33 1.2 5.0 6.4
全股市指数 74324.07 73246.23 74106.82 423.20 0.57 75286.10 61627.03 20.3 9.8 17.3
2.00
–2.00
2.00
巴伦 400 指数 (Barron's 400) 1624.37 1605.62 1618.90 1.89 0.12 1635.15 1316.75 22.9 14.6 16.0
4.00
4.00
纳斯达克股票市场
纳斯达克综合指数 25460.86 25004.33 25373.85 251.68 1.00 27093.90 20650.13 22.9 9.2 20.9
5.00
纳斯达克-100 28606.77 27954.24 28274.20 167.85 0.60 30660.60 22763.31 24.2 12.0 21.5
500 指数 7512.04 7399.83 7489.72 52.09 0.70 7609.78 6238.01 20.1 9.4 17.7
80%
中盘 400 指数 3782.75 3731.22 3758.64 -5.83 -0.15 3852.54 3104.60 21.1 13.7 11.3
小盘 600 指数 1776.94 1751.29 1768.56 -1.62 -0.09 1804.34 1323.05 33.7 20.5 11.3
6.00%
6.00%
其他指数
罗素 2000 2955.83 2902.47 2931.34 -14.76 -0.50 3024.37 2166.78 35.3 18.1 13.5
0.00
纽约证交所综合指数 24184.75 23930.53 24107.54 -30.75 -0.13 24229.67 20267.69 18.9 9.6 13.6
Value Line 680.95 673.33 678.06 -1.48 -0.22 685.30 590.50 13.8 7.9 4.4
纽约证交所 Arca 生物技术指数 8788.93 8463.84 8532.13 -256.81 -2.92 8917.63 5640.67 49.6 19.3 17.0
纽约证交所 Arca 制药指数 1238.35 1211.72 1226.60 -11.76 -0.95 1273.25 881.47 35.3 8.9 11.9
KBW 银行指数 188.17 186.01 187.03 0.25 0.13 191.84 139.52 33.9 13.9 27.9
PHLX 金银指数 313.17 302.04 307.90 -10.05 -3.16 470.37 206.50 49.1 -10.0 34.3
PHLX 石油服务指数 95.01 91.99 94.68 2.27 2.46 109.24 58.66 61.4 29.1 0.4
PHLX 半导体指数 11885.74 11231.79 11311.08 8.09 0.07 14634.72 5527.61 104.6 59.7 43.1
Cboe 波动率指数 18.70 15.82 15.99 -1.10 -6.44 31.05 13.47 -21.5 7.0 5.5
Nasdaq PHLX 数据来源：FactSet；道琼斯市场数据
地区 / 国家 指数 / 最新收盘价 / 净变动 / % 变动 / 年初至今 % 变动 :--- | 全球 | | | | | MSCI ACWI / 1120.51 / 13.47 / 1.22 / 10.4 MSCI ACWI 除美国外 / 473.49 / 10.17 / 2.19 / 12.5 MSCI 世界指数 / 4847.88 / 26.10 / 0.54 / 9.4 MSCI 新兴市场 / 1665.89 / 102.88 / 6.58 / 18.6 | 美洲 | | | | | MSCI AC美洲 / 2836.39 / 16.595 / 0.59 / 9.4 加拿大 S&P / TSX 综合指数 / 35226.14 / –279.70 / –0.79 / 11.1 拉美 MSCI EM拉丁美洲 / 3090.14 / –3.52 / –0.11 / 14.1 巴西 Bovespa / 177999.00 / 840.14 / 0.47 / 10.5 智利 S&P IPSA / 5549.31 / –6.96 / –0.13 / 2.3 墨西哥 S&P / BMV IPC / 66936.99 / –353.41 / –0.53 / 4.1 | 欧洲、中东及非洲 | | | | | STOXX 欧洲600 / 649.19 / –0.76 / –0.12 / 9.6 欧元区 Euro STOXX / 669.90 / 0.40 / 0.06 / 9.4 比利时 Bel-20 / 5685.82 / 30.82 / 0.54 / 12.0 丹麦 OMX哥本哈根20 / 1598.75 / –50.92 / –3.09 / –0.6 法国 CAC 40 / 8509.64 / 24.00 / 0.28 / 4.4 德国 DAX / 25629.24 / 17.21 / 0.07 / 4.7 以色列 特拉维夫 / 4149.50 / 54.11 / 1.32 / 14.3 意大利 FTSE MIB / 52172.53 / 68.15 / 0.13 / 16.1 荷兰 AEX / 1099.18 / –5.51 / –0.50 / 15.5 挪威 奥斯陆 Bourse 全指 / 2385.53 / 8.45 / 0.36 / 22.9 南非 FTSE / JSE 全指 / 111493.10 / –379.60 / –0.34 / –3.7 西班牙 IBEX 35 / 19782.90 / 25.20 / 0.13 / 14.3 瑞典 OMX 斯德哥尔摩 / 1125.61 / 2.53 / 0.23 / 7.6 瑞士 瑞士市场指数 / 14346.14 / –46.35 / –0.32 / 8.1 土耳其 BIST 100 / 13458.10 / 165.17 / 1.24 / 19.5 英国 FTSE 100 / 10868.05 / –29.22 / –0.27 / 9.4 英国 FTSE 250 / 23975.02 / –104.12 / –0.43 / 6.7 | 24000 | | | | | | 亚太 | | | | | MSCI AC亚太 / 269.81 / 13.03 / 5.08 / 18.5 澳大利亚 S&P / ASX 200 / 8976.80 / 9.09 / 0.10 / 3.0 中国 上海综合指数 / 3832.26 / 27.57 / 0.72 / –3.4 香港 恒生指数 / 25884.43 / 25.55 / 0.10 / 1.0 印度 BSE Sensex / 78094.64 / 166.49 / 0.21 / –8.4 日本 日经225 / 64362.02 / 2494.59 / 4.03 / 27.9 新加坡 海峡时报指数 / 5628.50 / –45.08 / –0.79 / 21.1 韩国 KOSPI / 6595.45 / 1001.89 / 17.91 / 56.5 台湾 TAIEX / 43119.75 / 3186.45 / 7.98 / 48.9 泰国 SET / 1623.64 / 25.53 / 1.60 / 28.9
数据来源：FactSet；道琼斯市场数据
部分原材料或大宗商品的定价趋势
商品 / 周五收盘价 / 净变动 / % 变动 / 52周最高 / 52周最低 / 年初至今 % 变动 :--- DJ大宗商品指数 / 1364.19 / 0.39 / 0.03 / 1467.33 / 1037.49 / 20.65 FTSE / CC CRB 指数 / 385.10 / 0.65 / 0.17 / 406.18 / 291.69 / 28.89 原油（美元 / 桶） / 84.67 / 1.08 / 1.29 / 112.95 / 55.27 / 47.46 天然气（美元 / MMBtu） / 2.747 / -0.011 / -0.40 / 7.460 / 2.523 / -25.47 黄金（美元 / 金衡盎司） / 4049.10 / -51.00 / -1.24 / 5318.40 / 3313.40 / -6.39
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 货币市场账户收益率
2026年 A S O N D J / F M A M J J
利率 / 收益率 (%) / 最新 (l) / 一周前 / 52周范围 (%) 低 0 2 4 6 8 高 (百分点) / 3年变动 联邦基金目标利率 / 3.50-3.75 / 3.50 l 4.50 / -1.75 优惠利率* / 6.75 / 6.75 l 7.50 / -1.75 SOFR / 3.65 / 3.64 / 3.50 l 4.51 / -1.65 货币市场，年收益率 / 0.44 / 0.41 l 0.45 / -0.12 五年期 CD，年收益率 / 1.73 / 1.67 l 1.73 / -1.13 30年期抵押贷款，固定† / 6.75 / 6.71 / 6.11 l 6.81 / -0.63 15年期抵押贷款，固定† / 6.17 / 6.10 / 5.55 l 6.18 / -0.49 巨额抵押贷款，$832,750及以上† / 6.84 / 6.71 / 6.34 l 6.87 / -0.59 五年期可调抵押贷款 (ARM)† / 6.02 / 5.95 / 5.66 l 6.26 / -0.28 新车贷款，48个月 / 6.96 / 6.97 / 6.85 l 7.21 / -0.30
Bankrate.com 利率基于对 1,500 多家在线银行的调查。*全国 70% 最大银行发布的基准利率。† 不包括结案费用。 数据来源：FactSet；道琼斯市场数据；Bankrate.com
7489.72 s 52.09 或 0.70%
21.90 24.08 20.29 21.10 1.49 1.67
当前除数 0.1682481652835
7609.78, 06 / 02 / 26
53000 3.00 51000 49000 盘中最高 47000 45000 盘中最低 43000 41000
精选利率 货币市场 / 储蓄账户
Bankrate.com 平均值†: 0.44%
BTG Pactual Bank 4.15% 纽约州 纽约市 212-652-7200
Quorum Federal Credit Union 4.15% 纽约州 珀切斯 800-874-5544
Sallie Mae Bank 4.20% 犹他州 盐湖城 877-346-2756
TAB Bank 4.20% 犹他州 奥格登 800-355-3063
E*Trade 4.35% 纽约州 珀切斯 800-387-2331
25373.85 s 251.68 或 1.00%
25.19 24.81 21.01 23.82 1.10 1.21
27093.90, 06 / 02 / 26
最新交易日 / 52周 :--- 公司 / 股票代码 / 收盘价 / 净变化 / % 变化 / 最高价 / 最低价 / % 变化 Replimune Group / REPL / 11.20 / 5.79 / 107.02 / 12.50 / 1.50 / 59.3 Tucows / TCX / 15.44 / 5.74 / 59.18 / 25.17 / 8.46 / -10.4 Apnimed / APMD / 25.00 / 9.00 / 56.25 / 29.15 / 16.00 / ... Eloxx Pharmaceuticals / ELOX / 17.43 / 4.13 / 31.05 / 18.42 .00001 / 1584445.5 IES Holdings / IESC / 744.54 / 173.00 / 30.27 / 804.00 / 309.51 / 110.9 GrShr 2xLong AMZN Daily / AMZZ / 38.80 / 8.92 / 29.85 / 43.11 / 22.21 / 11.0 Zenta Group / ZTG / 4.40 / 1.01 / 29.79 / 6.00 / 1.09 / ... SCYNEXIS / SCYX / 4.84 / 1.11 / 29.76 / 10.48 / 3.53 / -12.3 Direxion AMZN Bl 2X / AMZU / 41.72 / 9.56 / 29.73 / 47.14 / 24.54 / 0.9 AXT / AXTI / 60.43 / 13.49 / 28.74 / 143.16 / 1.85 / 2805.3 Shuttle Pharma / SHPH / 3.80 / 0.71 / 22.98 / 55.90 / 2.58 / -89.6 Forum Energy Technologies / FET / 62.67 / 11.24 / 21.85 / 65.43 / 18.12 / 218.0 GrShr 2xSh COIN Daily / CONI / 54.26 / 9.38 / 20.89 / 141.65 / 28.41 / 36.3 Integer Holdings / ITGR / 121.21 / 20.35 / 20.18 / 123.50 / 62.00 / 11.7 CNS Pharmaceuticals / CNSP / 5.82 / 0.97 / 19.94 / 10.59 / 1.90 / -27.1
公司 / 股票代码 / 收盘价 / 净变化 / % 变化 / 最高价 / 最低价 / % 变化 :--- JIADE / JDZG / 6.01 / -43.99 / -87.98 / 1014.98 / 3.65 / -99.1 Karyopharm Therapeutics / KPTI / 1.92 / -5.09 / -72.61 / 10.99 / 1.80 / -49.6 T3 Defense / DFNS / 27.68 / -57.30 / -67.43 / 1948.75 / 3.70 / -96.3 BioAge Labs / BIOA / 9.04 / -15.81 / -63.62 / 25.96 / 4.11 / 105.5 Nuwellis / NUWE / 1.74 / -2.71 / -60.90 / 378.35 / 1.61 / -99.5 Myriad Genetics / MYGN / 2.86 / -2.51 / -46.74 / 8.59 / 2.81 / -25.5 Game Your Game / GYGY / 9.08 / -6.90 / -43.18 / 32.66 / 7.50 / ... GrShr 2xLong RDDT Daily / RDTL / 12.12 / -8.77 / -41.98 / 89.84 / 10.89 / -62.0 Monte Rosa Therapeutics / GLUE / 16.52 / -6.16 / -27.16 / 25.77 / 4.12 / 233.7 PN Smart Energy / PN / 17.27 / -6.40 / -27.04 / 76.80 / 2.18 / -75.9 Roblox / RBLX / 35.60 / -13.07 / -26.85 / 150.59 / 33.88 / -74.2 Cerus / CERS / 2.15 / -0.74 / -25.61 / 3.47 / 1.15 / 68.0 YieldMax RBLX Opt Incm / RBLY / 8.88 / -2.93 / -24.81 / 58.42 / 8.43 / -84.3 Veracyte / VCYT / 46.32 / -13.46 / -22.52 / 60.91 / 22.92 / 97.0 Leverage 2X LgCOIN Dly / COIG / 3.90 / -1.09 / -21.82 / 54.30 / 3.50 / -92.5
最活跃股票
最新交易日 / 52周 公司 / 股票代码 / 成交量 (000) / 65日平均成交量 / 收盘价 / % 变化 / 最高价 / 最低价 Wetour Robotics / WETO / 1,468,783 / 39985.0 / 0.09 / 200.00 / 2.51 / 0.03 Li Bang International / LBGJ / 931,571 / 4759.4 / 0.02 / 3.89 / 177.00 / 0.02 Mangoceuticals / MGRX / 508,400 / 20812.6 / 0.56 / 89.75 / 2.75 / 0.16 Zhibao Technology / ZBAO / 377,050 / 2405.1 / 0.20 / 16.00 / 1.34 / 0.15 Onfolio / ONFO / 296,572 / 3766.8 / 0.08 / -6.18 / 2.48 / 0.06
* 普通股价格在每股 $2 或以上，且 65 个交易日的平均成交量至少为 5,000 股 = 交易天数少于 65 天
国债收益率曲线 当前票据、票据和债券的到期收益率
到期期限 t 一年前
Tradeweb FTSE 周五收盘价
1 个月(s)
3 6 1 年
2 3 5 7 10 20 30
来源：Tradeweb FTSE 美国国债收盘价；Tullett Prebon；道琼斯市场数据
收益率 (%) / 52周 总回报 (%) / 债券总回报指数 收盘价 / 最新 / 一周前 / 最高 / 最低 / 52周 3年 32.61 / 32.67 / 24.79 / 29.95 / 0.57 / 0.69
成交量，上涨数，下跌数
NYSE / NYSE Amer. 总成交量 / 1,440,121,347 / 21,254,039 上涨成交量 / 640,165,366 / 4,006,577 下跌成交量 / 779,186,652 / 16,876,553 交易品种数 / 2,834 / 297 上涨数 / 1,302 / 129 下跌数 / 1,450 / 154 持平数 / 82 / 14 新高 / 47 / 3 新低 / 65 / 12 收盘 Arms† / 1.07 / 1.14 块状交易 / 4,460 / 164
Nasdaq / NYSE Arca 总成交量 / 11,942,508,537 / 414,958,293 上涨成交量 / 7,000,549,657 / 169,389,496 下跌成交量 / 4,889,615,161 / 219,328,460 交易品种数 / 5,018 / 2,662 上涨数 / 2,200 / 1,232 下跌数 / 2,635 / 1,384 持平数 / 183 / 46 新高 / 93 / 57 新低 / 228 / 139 收盘 Arms† / 0.58 / 1.14 块状交易 / 107,419 / 1,851
* 仅限主要市场 NYSE, NYSE American, NYSE Arca。
† (TRIN) 上涨和下跌品种数量与上涨和下跌股票成交量的比较。Arms 小于 1 表示买盘需求；高于 1 表示抛售压力。
外汇竞赛 日元、欧元兑美元；美元兑美国主要贸易伙伴
日元 s 华尔街日报美元指数
2025 2026
指数 货币， 对比美元
交易所 交易基金 标准普尔 500 消费者可选消费 8.30% 标准普尔 500 通讯服务 5.37 日元 4.11 恒生指数 3.69 BSE Sensex 2.68 S&P / ASX 200 2.33 Bovespa指数 2.27 DAX 2.11 Comex 铜 1.74 南非兰特 1.67 CAC-40 1.64 纳斯达克综合指数 1.59 欧元区欧元 1.39 瑞士法郎 1.30 富时 100 指数 1.23 英镑 1.19 韩元 1.16 标准普尔 500 消费者必需品 1.15 挪威克朗 1.12 标准普尔 500 1.05 标准普尔 500 金融 1.05 印度卢比 1.04 道琼斯工业平均指数 1.04 IBEX 35 1.01 S&P / BMV IPC 0.83 墨西哥比索 0.80 STOXX 欧洲 600 指数 0.73 FTSE MIB 0.71 Euro STOXX 0.60 澳大利亚美元 0.59 加拿大美元 0.52 纳斯达克-100 0.52 上证综合指数 0.47 标准普尔小型股 600 指数 0.40 iShiBoxx$HYCp 0.32 人民币 0.31 iSh 1-3 Treasury 0.18 iSh TIPS Bond 0.12 iShNatlMuniBd 0.09 Russell 2000 0.05 iShJPMUSEmgBd 0.02 iShiBoxx$InvGrdCp 0.02
27000
26500
26000
25500
25000
24500
标准普尔 500 医疗保健 -0.01
VangdTotIntlBd -0.06
iSh 7-10 Treasury -0.09
VangdTotalBd -0.11
标准普尔 500 信息技术 -0.12
标准普尔 500 能源 -0.19
日经 225 -0.39
S&P / TSX 综合指数 -0.40
Comex 黄金 -0.53
印尼卢比 -0.59
标准普尔中型股 400 指数 -0.67
iSh 20+ Treasury -1.20
Nymex ULSD -1.41
综合 KOSPI 指数 -1.42
华尔街日报美元指数 -1.49
标准普尔 500 工业 -1.59
标准普尔 500 材料 -1.72
Comex 白银 -1.91
彭博商品指数 -2.14
标准普尔 500 房地产 -2.22
精瘦猪 -3.89
标准普尔 500 实用事业 -4.23
Nymex 天然气 -4.88
玉米 -5.06
Nymex RBOB 汽油 -5.13
Nymex 原油 -5.20
小麦 -5.72
大豆 -6.09
道琼斯运输平均指数 -6.39 *连续近月合约
来源：FactSet（指数、债券ETF、商品），Tullett Prebon（货币）。 THE WALL STREET JOURNAL
方法论 业绩反映价格变化（DAX、Bovespa和特拉维夫 35 指数除外，后者反映总回报）。商品由连续近月期货合约代表。债券交易所交易基金的业绩可能与其潜在指数有所不同。债券类别由以下ETF代表：美国债券总市场：Vanguard Total Bond Market；1-3年美国国债：iShares 1-3 Year Treasury；7-10年美国国债：iShares 7-10 Year Treasury；20年以上美国国债：iShares 20+ Year Treasury；通胀保值债券 (TIPS)：iShares TIPS；投资级公司债券：iShares iBoxx $ Investment Grade Corporate；高收益公司债券：iShares iBoxx $ High Yield Corporate；市政债券：iShares National Muni；国际债券：Vanguard Total International；新兴市场债券：iShares J.P. Morgan USD Emerging Markets。
美国东部时间下午5点的美元外汇汇率
US$对比, 周五 年初至今变动 国家 / 货币 以US$计 每US$ (%)
美洲 阿根廷比索 .00071486.2253 2.4 巴西雷亚尔 .1966 5.0876 –7.8 加拿大美元 .7131 1.4023 2.2 智利比索 .001075 930.40 3.4 哥伦比亚比索 .000316 3166.44 –16.0 厄瓜多尔美元 1 1 不变 墨西哥比索 .0577 17.3441 –3.7 乌拉圭比索 .02484 40.2572 3.1 亚太地区 澳大利亚美元 .7021 1.4243 –4.9 中国元 .1481 6.7515 –3.5 港元 .1275 7.8422 0.8 印度卢比 .01048 95.403 6.2 印尼卢比 .0000555 18029 8.0 日元 .006354 157.38 0.5 哈萨克斯坦坚戈 .002109 474.22 –6.5 澳门币 .1238 8.0804 0.7 马来西亚林吉特 .2448 4.0852 0.7 新西兰美元 .5879 1.7010 –2.1 巴基斯坦卢比 .00360 277.867 –0.8 菲律宾比索 .0163 61.182 3.8 新加坡美元 .7797 1.2825 –0.2 韩元 .0006930 1442.93 0.2 斯里兰卡卢比 .0029773 335.87 8.4 台湾美元 .03095 32.311 3.1 泰国铢 .02992 33.420 6.1
道琼斯合作伙伴
预测市场：2026年12月底最大的公司？
该市场将在2026年12月31日收盘时，根据市值决定全球最大的公司。
英伟达 (NVIDIA)：56%
商品， 在美国交易*
越南盾 .00003802 26301 ... 欧洲 捷克克朗 .04759 21.012 2.1 丹麦克朗 .1542 6.4837 2.0 欧元区欧元 1.1529 .8674 1.9 匈牙利福林 .003159 316.57 –3.3 冰岛克朗 .008121 123.14 –1.7 挪威克朗 .1056 9.4717 –6.1 波兰兹罗提 .2675 3.7380 4.1 瑞典克朗 .1050 9.5261 3.4 瑞士法郎 1.2382 .8076 1.9 土耳其里拉 .0210 47.5127 10.6 乌克兰格里夫纳 .0223 44.7500 5.7 英镑 1.3482 .7417 –0.04 中东 / 非洲 巴林第纳尔 2.6520 .3771 0.03 埃及镑 .0195 51.1559 7.2 以色列谢克尔 .3270 3.0581 –4.0 科威特第纳尔 3.2348 .3091 0.4 阿曼里亚尔 2.6007 .3845 –0.1 卡塔尔里亚尔 .2734 3.657 0.1 沙特阿拉伯里亚尔 .2666 3.7516 0.02 南非兰特 .0604 16.5574 –0.04
收盘价 净变动 %变动 年初至今%变动
WSJ美元指数 96.10 –0.22–0.23 0.18
数据来源：Tullett Prebon, 道琼斯市场数据 (Dow Jones MarketData)
合约 开盘价 最高价 最低价 结算价 涨跌 持仓量
铜-高纯 (CMX)-25,000 磅；每磅美元 8月 6.4515 6.5155 6.4095 6.4360 –0.0085 4,948 9月 6.3495 6.5450 6.4295 6.4655 –0.0090 136,610
黄金 (CMX)-100 盎司；每盎司美元 8月 4060.70 4118.50 4022.40 4049.10 –51.00 15,693 9月 4076.00 4133.30 4032.30 4062.40 –52.30 4,723 10月 4094.30 4148.00 4046.20 4076.60 –52.80 51,738 11月 4101.20 4104.00 4101.20 4092.30 –53.20 282 12月 4126.70 4180.20 4076.40 4107.00 –53.60 284,978 27年1月 4120.80 4125.30 4120.80 4124.70 –53.90 254
钯金 (NYM) - 50 盎司；每盎司美元 8月 1244.50 1244.50 1244.50 1275.60 –26.60 26 9月 1266.50 1322.00 1262.50 1281.40 –26.80 16,571
铂金 (NYM)-50 盎司；每盎司美元 8月 1612.10 1632.90 1612.10 1650.30 –1.60 41 10月 1661.80 1671.20 1625.90 1658.70 –1.50 45,587
白银 (CMX)-5,000 盎司；每盎司美元 8月 59.200 59.200 57.340 57.591 –1.224 1,248 9月 59.260 59.405 57.220 57.786 –1.231 80,685
轻质原油 (NYM)-1,000 桶；每桶美元 9月 83.92 86.87 81.06 84.67 1.08 265,736 10月 81.15 83.44 78.63 81.49 0.69 167,361 11月 78.54 80.37 76.32 78.65 0.46 114,336 12月 76.49 78.00 74.48 76.44 0.32 204,863 27年6月 71.22 72.24 70.05 71.14 0.13 137,548 12月 69.11 69.86 68.09 68.98 0.08 149,044
纽约港超低硫柴油 ULSD (NYM)-42,000 加仑；每加仑美元 8月 4.3601 4.3118 4.1047 4.1215 –0.0879 1,567 9月 4.2330 4.2293 4.0561 4.0955 –0.0336 75,491
汽油-纽约 RBOB (NYM)-42,000 加仑；每加仑美元 8月 3.2402 3.2626 3.1992 3.2216 –0.0631 2,660 9月 3.1291 3.1735 3.0650 3.1142 –0.0171 106,204
天然气 (NYM)-10,000 MMBtu；每 MMBtu 美元 9月 2.746 2.802 2.712 2.747 –0.011 371,988 10月 2.785 2.840 2.756 2.787 –0.012 153,038 12月 3.701 3.735 3.665 3.689 –0.017 139,882 27年1月 4.177 4.217 4.145 4.165 –0.018 144,573 3月 2.992 3.017 2.953 2.975 –0.014 139,091 4月 2.850 2.871 2.814 2.832 –0.013 115,922
农业期货 玉米 (CBT)-5,000 蒲式耳；每蒲式耳美分 9月 445.50 447.00 438.00 440.75 –5.00 531,259 12月 468.50 470.00 461.00 464.00 –4.50 789,646
燕麦 (CBT)-5,000 蒲式耳；每蒲式耳美分 9月 314.25 316.25 308.50 310.25 –1.75 804 12月 332.25 336.00 328.00 330.25 –1.50 2,246
大豆 (CBT)-5,000 蒲式耳；每蒲式耳美分 8月 1178.00 1181.00 1166.75 1172.00 –5.25 2,229 11月 1192.50 1196.00 1180.50 1187.50 –1.25 500,932
豆粕 (CBT)-100 吨；每吨美元 8月 316.10 317.30 309.40 312.20 –1.90 2,208 12月 324.10 325.30 318.80 321.20 –1.60 287,021
豆油 (CBT)-60,000 磅；每磅美分 8月 68.39 68.39 66.56 67.12 –1.23 2,771
规模最大的 100 只交易所交易基金，最新交易日。
2026年7月31日，星期五
【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。】
July 31,2026
美国及国际市场上借款或贷款的主要年利率。以下利率仅作为一般水平的指南，并不总是代表实际交易。
通货膨胀
六月指数水平 / 较五月 '26 变动(%) / 较六月 '25 变动 :--- | 美国消费者价格指数 | | | | 所有项目 / 333.952 / –0.35 / 3.5 核心 / 336.882 / 0.01 / 2.6
国际利率
最新 / 一周前 / 52周高点 / 52周低点 :--- | 最惠利率 | | | | | 美国 / 6.75 / 7.50 / 6.75 加拿大 / 4.45 / 4.95 / 4.45 日本 / 2.125 / 1.875 | 政策利率 | | | | | 欧元区 / 2.40 / 2.15 瑞士 / 0.25 / 0.50 / 0.25
数据说明： 美国最惠利率是至少 70% 的美国十大银行公布的公司贷款基准利率，自 December 11, 2025. 起生效。其他最惠利率不具有直接可比性；贷款实践因地区而异；贴现率自 December 11, 2025. 起生效。担保隔夜融资利率截至 July 30, 2026.。DTCC GCF 回购指数是 Depository Trust & Clearing Corp. 针对不适用 CUSIP 编码的隔夜交易的加权平均值。交易额以十亿美元计。联邦基金利率为截至东部时间 3:30 p.m. ET 的 Tullett Prebon 利率。 来源：美联储；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.
股票代码 / 52周高 / 低 / % 变动 | 新高点与新低点 | | | 股票代码 / 52周高 / 低 / % 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。】
以下说明适用于在最新交易日触及 52 周日内最高点或最低点的纽约证券交易所 (NYSE)、NYSE Arca、NYSE American 和纳斯达克股票市场股票。% CHG：较前一交易日的百分比变化。
| 商品 | 合约月份 | 开盘 | 最高 | 最低 | 收盘 | 涨跌 | 成交量 | 单位/价格 |
|---|---|---|---|---|---|---|---|---|
| 粗米 (CBT) | 12月 | 67.46 | 67.46 | 66.17 | 66.90 | -0.39 | 263,825 | 2,000 cwt; $/cwt |
| 9月 | 13.79 | 13.99 | 13.73 | 13.96 | 0.20 | 11,479 | ||
| 11月 | 14.20 | 14.41 | 14.20 | 14.40 | 0.20 | 1,319 | ||
| 小麦 (CBT) | 9月 | 663.25 | 665.00 | 634.50 | 639.25 | -24.25 | 196,941 | 5,000 bu; ¢/bu |
| 12月 | 681.50 | 682.75 | 653.25 | 657.50 | -24.00 | 156,282 | ||
| 小麦 (KC) | 9月 | 731.75 | 733.25 | 703.00 | 707.50 | -23.25 | 121,591 | 5,000 bu; ¢/bu |
| 12月 | 747.00 | 749.00 | 719.25 | 723.75 | -23.00 | 112,448 | ||
| 肥牛 (CME) | 8月 | 346.475 | 348.725 | 346.150 | 348.025 | 1.550 | 11,879 | 50,000 lbs; ¢/lb |
| 9月 | 342.625 | 345.350 | 342.100 | 343.775 | 1.325 | 20,420 | ||
| 生牛 (CME) | 8月 | 231.275 | 232.675 | 231.200 | 231.750 | 0.525 | 36,011 | 40,000 lbs; ¢/lb |
| 10月 | 227.425 | 228.550 | 226.925 | 227.250 | -0.200 | 118,171 | ||
| 精瘦猪 (CME) | 8月 | 98.375 | 99.350 | 98.325 | 98.850 | 0.425 | 20,585 | 40,000 lbs; ¢/lb |
| 10月 | 83.350 | 85.175 | 83.125 | 84.850 | 1.500 | 120,369 | ||
| 木材 (CME) | 9月 | 625.50 | 626.00 | 613.00 | 614.00 | -11.00 | 6,615 | 27,500 bd. ft; $/1k |
| 11月 | 631.00 | 631.00 | 622.50 | 623.50 | -8.50 | 1,201 | ||
| 牛奶 (CME) | 7月 | 15.65 | 15.68 | 15.65 | 15.67 | 0.03 | 5,515 | 200,000 lbs; ¢/lb |
| 9月 | 17.08 | 17.58 | 16.98 | 17.53 | 0.59 | 6,471 | ||
| 可可 (ICE-US) | 9月 | 5,168 | 5,510 | 5,138 | 5,397 | 285 | 63,991 | 10 mt; $/ton |
| 12月 | 5,293 | 5,647 | 5,271 | 5,536 | 290 | 56,040 | ||
| 咖啡 (ICE-US) | 9月 | 325.75 | 334.40 | 320.90 | 332.10 | 9.05 | 54,648 | 37,500 lbs; ¢/lb |
| 12月 | 310.35 | 316.85 | 305.05 | 314.65 | 6.95 | 62,455 | ||
| 世界糖 (ICE-US) | 10月 | 14.43 | 14.78 | 14.38 | 14.66 | 0.23 | 499,693 | 112,000 lbs; ¢/lb |
| 27年3月 | 15.35 | 15.65 | 15.28 | 15.53 | 0.20 | 300,368 | ||
| 国内糖 (ICE-US) | 9月 | 35.50 | 35.50 | 35.50 | 35.50 | ... | 190 | 112,000 lbs; ¢/lb |
| 27年3月 | 37.32 | 37.32 | 37.32 | 37.32 | ... | 1,475 | ||
| 棉花 (ICE-US) | 10月 | 79.75 | 80.49 | 79.60 | 80.50 | 1.09 | 142 | 50,000 lbs; ¢/lb |
| 12月 | 80.65 | 81.95 | 80.62 | 81.79 | 1.12 | 194,350 | ||
| 橙汁 (ICE-US) | 9月 | 146.40 | 155.75 | 143.20 | 154.95 | 8.95 | 7,658 | 15,000 lbs; ¢/lb |
| 11月 | 150.05 | 159.50 | 147.45 | 159.15 | 9.15 | 1,477 |
利率期货 超长期国债 (CBT) -$100,000; 100% 的 32 分之 1 点数 9月 110-300 111-120 109-200 109-220 –1-06.0 2,467,309 12月 110-130 110-270 109-080 109-100 –1-06.0 48 国债 (CBT) -$100,000; 100% 的 32 分之 1 点数 9月 109-090 109-250 108-080 108-100 –1-03.0 1,863,334 12月 108-280 109-080 107-270 107-270 –1-04.0 11,519 短期国债 (CBT) -$100,000; 100% 的 32 分之 1 点数 108-155 108-215 107-315 108-000 –17.5 5,285,478 108-080 108-120 107-225 107-230 –18.0 24,330 5年期短期国债 (CBT) -$100,000; 100% 的 32 分之 1 点数 106-052 106-122 105-310 105-312 –11.2 6,215,189 106-082 106-082 105-277 105-275 –11.7 23,699 2年期短期国债 (CBT) -$200,000; 100% 的 32 分之 1 点数 102-267 102-296 102-247 102-257 –3.7 4,352,035
iShRuss1000Grw IWF 118.32 0.76 –0.0 iShRuss1000Val IWD 251.82 0.44 19.7 iShRuss2000 IWM 291.20 –0.48 18.3 iShS&P500Grw IVW 135.25 1.44 9.7 iShS&P500Value IVE 231.71 –0.19 9.3 iShSemiconductor SOXX 504.89 0.07 67.7 iSh7-10YTreaBd IEF 92.95 –0.28 –3.3 iShSilver SLV 52.36 –2.13 –18.7 iSh20+YTreaBd TLT 82.25 –0.66 –5.6 iShUSEqFactRotat DYNF 67.45 0.79 10.9 iShUSTreasuryBd GOVT 22.45 –0.24 –2.5 iSh0-3MTreaBd SGOV 100.71 0.02 0.3 JPMNasdEqPrem JEPQ 58.25 0.57 0.2 JanusAAACLO JAAA 50.50 0.06 –0.2
JPMEqPremiumIncome JEPI 57.43 0.33 0.3 JPM UltShIncm JPST 50.54 ... –0.1 ProShUltPrQQQ TQQQ 64.62 2.09 22.6 SPDRGoldMini GLDM 80.14 –1.46 –6.1 SPDR Gold GLD 371.54 –1.49 –6.3 SchwabIntEquity SCHF 27.43 –0.58 14.1 SchwabUS BrdMkt SCHB 28.85 0.59 10.0 SchwabUS Div SCHD 33.47 0.18 22.0 SchwabUS LC SCHX 29.44 0.65 9.4 SchwabUS LC Grw SCHG 34.17 1.12 4.8 SSEnergySel XLE 59.55 1.00 33.2 SSFinlSel XLF 56.94 –0.11 4.0 SSHlthCrSel XLV 162.55 –0.59 5.0 SSIndlSel XLI 179.84 0.81 15.9 SSSPDRBbg1-3M BIL 91.68 0.03 SSSPDR DJIA DIA 524.32 0.54 9.1 SSSPDRDevxUS SPDW 50.06 –0.71 12.7 SSSPDRS&P500 SPYM 87.90 0.68 9.6 SSSPDRS&P500G SPYG 117.14 1.45 9.8
英国 3.75 3.75 4.25 澳大利亚 4.35 4.35 3.60
隔夜回购 美国 3.69 3.67 4.45 3.49
美国政府利率
贴现率 4.50
联邦基金 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 3.630 3.730 4.300 3.550
HarvardAveA HAVA 10.17 0.2 HomeBancorp HBCP 72.44 0.7 ING Groep ING 35.07 ... IdahoCopperWt COPR.WS 2.00 47.5 Illumina ILMN 205.93 盈格控股 ITGR 123.50 20.2 IntlSeaways INSW 97.07 1.0 JerseyMike's JMKE 23.21 6.3 JonesLang JLL 365.43 -1.8 K&FGrowthII KFII 10.62 Karooooo KARO 66.23 MBX Biosci MBX 69.40 -0.8 ManulifeFinl MFC 44.89 -0.2 McKinleyAcqnA MKLY 10.25 0.4 MideraFood MFP 49.86 -0.4 MonoparTherap MNPR 116.69 -5.5 NMI Holdings NMIH 46.74 2.0 NaviosMaritime NMM 82.84 1.9 Neogen NEOG 12.15 4.4 Neutron LIME 29.74 7.0 纽威品牌 NWL 7.13 8.9 Noodles NDLS 19.00 5.9 NordicAmTankers NAT 6.73 -2.0 NorwoodFin NWFL 35.06 0.9 OkeanisEcoTankers ECO 60.78 0.8 OptimumBank OPHC 7.63 7.8 OrukaTherap ORKA 99.00 -1.4 PacGE pfB PCGpB 23.68 ParPacific PARR 87.03 0.1
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
同业拆借 5.50 5.50 6.25
商业票据 (AA 级金融) 90 天 n.a. 3.81 4.26 3.57
担保隔夜融资利率 (SOFR) 3.65 3.64 4.51 3.50
价值 52周 最新 交易最高 最低
DTCC GCF回购指数 国债 3.686 77.600 4.492 3.504 MBS 3.710 87.386 4.623 3.517
每周调查
最新 一周前 一年前
房利美 30年期固定利率 6.66 6.58 6.72 15年期固定利率 6.04 5.96 5.85
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
Park-Ohio PKOH 40.41 1.5 Popular BPOP 176.59 ... Precigen PGEN 6.28 5.6 Primerica PRI 326.78 -1.0 QCR Holdings QCRH 104.35 -0.1 QuadGraphics QUAD 10.39 5.2 Reformation REF 16.35 7.6 RomanDBDR II DRDB 10.62 0.1 SafetyInsurance SAFT 103.57 0.2 SeanergyMaritime SHIP 18.08 -1.9 SharkNinja SN 164.37 -1.0 Snowflake SNOW 304.17 -1.6 StarBulkCarriers SBLK 29.34 -1.4 StevenMadden SHOO 48.76 -3.7 StoneBridgeAcqnII APAC 10.20 0.1 TFS Finl TFSL 19.30 2.0 10xGenomics TXG 50.34 -4.4 ThayerVenturesII TVAI 10.37 UltraparPart UGP 6.59 0.6 UtzBrands UTZ 14.19 Viking VIK 105.86 -0.1 Youdao DAO 17.27 2.6 Zenta ZTG 6.00 29.8 低价股
ArriveAI ARAI 0.22 -2.2 AssdBancPfdE ASBpE 19.96 -0.9 AtlasCriticalMnl ATCX 2.75 -7.5 Auddia AUUD 1.02 -2.9 AvaxOneTech AVX 2.88 -5.8 BankofAmPfdE BACpE 18.26 -1.3 BankofAmPfdQQ BACpQ 16.41 -0.7 BankofAmPfdSS BACpS 18.45 -0.9 BeyondAir XAIR 5.02 -2.7 BicycleTherap BCYC 3.80 -3.7 BigBear.aiWt BBAI.WS 0.13 -26.1 Biomerica BMRA 1.47 -6.3 BionanoGenom BNGO 1.00 0.9 BitOrigin BTOG 0.62 -13.1 BlackstoneMtg BXMT 14.11 -2.9 BlaizeWt BZAIW 0.17 -6.0 BlueOwlTech OTF 9.75 0.7 BoneBiologics BBLG 0.83 -1.7 Bonk BNKK 0.91 -8.9 Braskem BAK 2.20 -3.3 BrightSpire BRSP 4.85 0.4 Brightstar BRSL 9.90 -1.3 BrookfieldBus BBUC 28.14 -5.8 Bullish BLSH 20.55 -3.5 Canaan CAN 0.17 -30.2 CarlyleSecured CGBD 9.95 -1.1 ChainceDigital CD 2.76 -1.4 ChicagoAtlRealEst REFI 9.69 -0.6 ClarosMtg CMTG 1.73 -2.7 Cloudastructure CSAI 5.14 -2.4 CoinbaseGlbl COIN 139.11 -10.6 CollectiveAcqnIIWt CAIIW 0.18 14.5 Collplant CLGN 0.27 -9.0 CreativeMedTech CELZ 0.66 -13.1 D.BoralARC I BCARU 4.89 -38.9 DDC Enterprise DDC 0.42 -12.2 DermataTherapWt DRMAW 0.01 -28.6
12月 102-217 102-259 102-219 102-220 –4.1 6,897 30天联邦基金 (CBT)-$5,000,000; 100 - 每日平均值。 7月 96.3725 96.3725 96.3700 .0025 306,130 8月 96.3650 96.3700 96.3650 .0050 880,650 三个月 SOFR (CME)-$1,000,000; 100 - 每日平均值。 5月 96.3600 96.3600 t 96.3600 .0000 5,446 12月 95.9550 95.9750 t 95.9100 95.9200 –.0500 1,661,532
货币期货 日元 (CME)-¥12,500,000; 每 100 日元之美元价 8月 .6126 .6361 .6226 .6301 … 1,685 9月 .6143 .6383 .6237 .6315 … 427,918 加元 (CME)-CAD 100,000; 每加元之美元价 .7131 .7150 .7120 .7138 –.0013 360 9月 .7134 .7162 .7126 .7147 –.0013 355,660 英镑 (CME)-£62,500; 每英镑之美元价 1.3447 1.3489 1.3401 1.3482 .0007 619 1.3467 1.3494 1.3400 1.3482 .0007 252,062 瑞士法郎 (CME)-CHF 125,000; 每瑞士法郎之美元价 1.2480 1.2482 1.2359 1.2430 –.0066 110,717 1.2583 1.2583 1.2489 1.2558 –.0067 697 澳元 (CME)-AUD 100,000; 每澳元之美元价 .6953 .7039 .7000 .7036 .0008 642 .6947 .7039 .6987 .7032 .0008 237,152 墨西哥比索 (CME)-MXN 500,000; 每比索之美元价 .05760 .05760 .05767 .00013 950 .05710 .05756 .05729 .05754 .00013 203,071
债券 / wsj.com / market-data / bonds / benchmarks 全球政府债券：收益率映射
与美国国债基准两年期和十年期政府债券的收益率及其点差（高于或低于）；箭头表示在最新交易日中收益率上涨 (s) 或下跌 (t)
国家/ 收益率(%) 与美国国债的点差，单位为基点 票面利率 (%) 到期年限 最新(l) 0 1 2 3 4 5 6 之前 一个月前 一年前 最新 之前 一年前 4.250 美国 2 4.289 s l 4.227 4.138 3.952 4.375 10 4.743 s l 4.662 4.420 4.360
2.250 澳大利亚 2 4.524 t 4.579 4.433 3.358 22.5 32.1 -60.5
4.250 10 4.938 t 5.007 4.730 4.273 19.0 33.0 -10.2
2.400 法国 2 3.002 s 2.954 2.698 2.211 -129.7 -130.4 -175.2
3.700 4.001 s 3.971 3.547 3.351 -74.7 -70.6 -102.4
2.700 德国 2 2.831 s 2.788 2.540 1.971 -146.8 -147.0 -199.2
3.000 3.229 s 3.182 2.864 2.696 -151.9 -149.6 -167.9
2.650 意大利 2 3.015 s 2.978 2.707 2.168 -128.4 -128.0 -179.5
3.800 4.020 s 3.982 3.587 3.507 -72.8 -69.5 -86.8
1.500 日本 2 1.508 s 1.481 1.362 0.827 -279.1 -277.7 -313.6
2.700 2.799 t 2.804 2.687 1.556 -194.9 -187.3 -281.9
2.400 西班牙 2 2.880 s 2.835 2.600 2.092 -141.9 -142.4 -187.2
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
3.400 10 3.642 s l 3.625 3.298 3.210 -110.6 -105.2 -116.6
4.375 英国 2 4.421 s l 4.340 4.176 3.886 12.2 8.2 -7.7
1.125 10 5.062 s 4.989 4.769 4.573 31.3 31.2 19.8
企业债务 公司债券价格反映了包括投资者对经济、行业及特定公司预期的在内的多种因素 收窄幅度最大的投资级利差……
利差*，以基点计 发行人 代码 票面利率(%) 收益率 (%) 到期日 当前 单日变化 上周
花旗集团 (Citigroup) C 4.750 6.29 '46年5月18日 100 –9 111
微软 (Microsoft) MSFT 5.200 5.26 '39年6月1日 55 –7 59
西北互助全球基金 (Northwestern Mutual Global Funding)* … 4.740 4.94 '31年6月30日 52 –7 50
甲骨文 (Oracle) ORCL 5.375 7.28 '40年7月15日 257 284
法国巴黎银行 (BNP Paribas) … 4.400 4.83 '28年8月14日 56 –6 60
康卡斯特 (Comcast) CMCSA 4.250 5.42 '33年1月15日 72 –6 75
约翰迪尔资本 (John Deere Capital) 4.125 4.53 '29年1月18日 17 不适用
澳大利亚国民银行 (National Australia Bank) 4.434 4.56 '29年6月4日 24 30
Liberty Mutual … 7.800 6.80 37年3月15日 205 28 n.a.
Southern California Edison … 5.950 6.14 38年2月1日 143 8 n.a.
DukeEnergy Indiana 6.350 5.70 38年8月15日 99 6 84
Verizon Communications VZ 4.812 6.05 39年3月15日 133 6
American Honda Finance 4.850 5.24 31年10月23日 79 5
Mercedes–Benz Finance North America 5.100 5.03 29年11月15日 68 4
UnitedHealth UNH 3.875 4.61 28年12月15日 33 4 31
E.ON International Finance 6.650 5.74 38年4月30日 103 3
债券价格（面值百分比） 发行人 代码 票面利率 (%) 收益率 (%) 到期日 当前 一日波动 上周
Bombardier 7.450 5.89 34年5月1日 109.571 0.32 109.240
Rakuten 9.750 6.24 29年4月15日 108.577 0.15 108.298
Bausch Health 11.000 9.74 28年9月30日 102.371 0.12 101.875
Verde Purchaser 10.500 9.20 30年11月30日 102.645 0.04 101.962
Telecom Italia Capital 7.721 6.28 38年6月4日 111.906 0.02 113.337
| 公司名称 | 票据/代码 | 票面利率 | 收益率 | 到期日 | 价格 | 变动 | 收益率 |
|---|---|---|---|---|---|---|---|
| Hughes Satellite Systems | … | 5.250 | n.a. | 26年8月1日 | 73.500 | –0.60 | n.a. |
| Paramount Global | … | 6.875 | 8.19 | 36年4月30日 | 91.250 | –0.29 | 91.500 |
| Sealed Air | … | 6.875 | 7.28 | 33年7月15日 | 97.828 | –0.28 | 97.125 |
| Bath & Body Works | BBWI | 6.750 | 6.90 | 36年7月1日 | 98.924 | –0.25 | 98.785 |
| ADT Security | … | 4.875 | 6.20 | 32年7月15日 | 93.500 | –0.25 | 93.575 |
| Transocean International | … | 6.800 | 7.65 | 38年3月15日 | 93.500 | –0.25 | 94.843 |
* 估计相对于2年期、3年期、5年期、10年期或30年期热跑国债的利差；100个基点 = 1个百分点；显示的利差变化为 Z-spread。 注：数据为到期期限在两年或以上的债券中最活跃的发行品种。 来源：MarketAxess
【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。】
欧元 (CME) - €125,000; 每欧元兑美元 | 月份 | 开盘 | 最高 | 最低 | 收盘 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 8月 | 1.1527 | 1.1551 | 1.1465 | 1.1537 | –.0005 | 13,452 | | 9月 | 1.1486 | 1.1567 | 1.1475 | 1.1550 | –.0005 | 767,212 |
指数期货 | 合约名称 | 月份 | 开盘 | 最高 | 最低 | 收盘 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 迷你道琼斯工业平均指数 (CBT) - $5x指数 | 9月 | 52395 | 52772 | 52124 | 52635 | 255 | 78,431 | | | 12月 | 52900 | 53158 | 52547 | 53042 | 256 | 275 | | 迷你标准普尔 500 (CME) - $50x指数 | 9月 | 7338.00 | 7541.00 | 7427.50 | 7519.25 | 46.75 | 2,025,408 | | | 12月 | 7399.75 | 7607.25 | 7492.75 | 7585.25 | 48.00 | 32,455 | | 迷你标普中盘 400 (CME) - $100x指数 | 9月 | 3745.80 | 3803.00 | 3742.20 | 3772.90 | –6.70 | 36,598 | | | 12月 | … | … | … | 3803.40 | –7.00 | n.a. | | 迷你纳斯达克 100 (CME) - $20x 指数 | 9月 | 27202.00 | 28725.75 | 28079.75 | 28404.25 | 166.50 | 283,728 | | | 12月 | 27585.00 | 29001.25 | 28363.75 | 28688.50 | 170.50 | 3,020 | | 迷你罗素 2000 (CME) - $50x指数 | 9月 | 2954.00 | 2976.30 | 2905.30 | 2938.00 | –16.30 | 412,378 | | | 12月 | 2986.50 | 2995.00 | 2930.00 | 2960.10 | –16.20 | 434 | | 迷你罗素 1000 (CME) - $50x指数 | 9月 | 4088.70 | 4103.00 | 4046.00 | 4097.70 | 27.10 | 5,804 | | 美元指数 (ICE-US) - $1,000 x指数 | 9月 | 99.94 | 100.33 | 99.58 | 99.79 | .07 | 52,171 | | | 12月 | 99.73 | 100.01 | 99.41 | 99.50 | .07 | 300 |
来源：Tullett Prebon, Tradeweb FTSE 美国国债收盘价
【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。】
NatlRurUtilNt2064 NRUC 22.25 -0.2 NetClassTechnology NTCL 2.35 -7.2 NeuroSense NRSN 0.43 -2.3 NewAmericaI Wt NWAX.WS 0.36 -16.7 NewGenIvf NIVF 0.67 -4.7 NoahHoldings NOAH 8.37 -0.5 Nutriband NTRB 2.81 -2.1 NutribandWt NTRBW 0.25 -34.2 Nuwellis NUWE 1.61 -60.9 NvniWt NVNIW 0.02 -43.6 O-I Glass OI 7.01 -2.7 OdysseyMarine OMEX 0.59 -8.0 Olin OLN 17.73 -16.5 PPL Un PPLC 46.98 -0.3 ParamountSkydance PSKY 7.62 1.9 PatriaInvts PAX 10.55 -1.4 PliantTherap PLRX 1.04 -1.9 Pluri PLUR 1.45 -0.6 ProfDiversity IPDN 0.33 0.6 PrudentialNt58 PRS 21.47 0.5 PrudentialNts2060 PFH 15.78 -0.2 QXO QXO 13.18 -1.2 QXO Pfd B QXOpB 40.23 -1.1 QwestNts2051 CTGG 16.27 -1.6 QwestNts2052 CTHH 16.75 -0.5 RamacoRscsA METC 9.09 -6.2 RamacoRscsB METCB 6.32 -1.4 ReadyCapital RC 1.39 RealMessenger RMSG 0.29 3.5 ReconTech RCON 0.28 21.8 ReinTherap RNTX 0.73 -4.0 ReitarLogtech RITR 0.05 -9.6 Ridgetech RDGT 0.71 -4.4 RiverNorthPfdA OPPpA 15.77 0.6 Roblox RBLX 33.88 -26.9 SES AI Wt SES.WS 0.01 -14.0 SamosEnerAcqn SAMO.U 9.93 -0.1
来源：FactSet
SentiBiosciences SNTI 0.34 -5.5 SevenHillsRlty SEVN 7.37 0.1 Shutterstock SSTK 5.17 0.4 SkyeBioscience SKYE 0.56 -2.0 SnowRothschild ISNR 9.81 -0.4 SocketMobile SCKT 0.40 -9.8 Southland SLND 0.51 2.9 StardustPower SDST 0.50 -26.5 StarwoodProp STWD 15.94 -1.5 Sui SUIG 0.83 -1.1 SunPowerWt SPWRW 0.04 -27.9 SuperLeagueEnt SLE 2.64 -3.3 SurgePays SURG 0.21 0.9 Telus TU 9.22 -11.2 TEN Holdings XHLD 0.98 -8.3 TMCtheMtlsWt TMCWW 0.02 -10.0 Taoping TAOP 0.58 7.9 Teamshares TMS 5.04 2.0 Telephone&Data TDS 32.94 ... Toppoint TOPP 0.51 -8.4 TrawsPharma TRAW 0.43 2.0 TruGolf TRUG 0.79 -20.7 TScanTherap TCRX 0.73 -1.7 TwentyOneCap XXI 4.15 -4.0 UnivDisplay OLED 76.42 VCIGlobal VCIG 0.30 -9.6 Veea VEEA 0.14 3.3 Venu VENU 2.02 -9.4 VirtusCvPfdA NCVpA 20.33 ... VisionMarineTech VMAR 0.52 -35.6 VisionWave VWAV 1.67 -11.3 VolitionRX VNRX 0.69 -10.2 WesternUnion WU 6.27 -17.3 WheelerREIT WHLR 0.57 -14.3 Winmark WINA 325.06 XCHG XCH 0.30 -1.3 ZOOZStrategyWt ZOOZW 0.02 -22.1 ZeoEnergy ZEO 0.47 -3.7
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
以下说明适用于在纽约证券交易所 (NYSE)、NYSE Arca、NYSE American 和纳斯达克 (Nasdaq) 股票市场上市的证券。价格综合自各市场中心报告的交易，包括证券交易所、Finra、电子通讯网络和其他经纪交易商。该列表包含按市值计算的 1,000 家最大公司。
下划线报价表示其成交量与该股票的平均交易量相比有较大变化的股票。
粗体报价突出显示那些在前一交易日收盘价为 $2 或更高，且价格变动幅度达到 5% 或更多的股票。
脚注：
s- 52 周新高；t- 52 周新低；dd- 表示在最近四个季度出现亏损。
股票表反映截至东部时间下午 4 点的综合常规交易情况，以及与前一日东部时间下午 4 点官方收盘价的变化。
2026年7月31日，星期五
2026年7月31日，星期五
YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg -13.76 259.63 174.24 CapitalOne COF 1.5 74 209.01 -1.13 11.94 243.21 137.75 CardinalHealth CAH 0.9 35 230.03 2.96 15.98 43.62 31.33 CareTrustREIT CTRE 3.7 27 41.94 0.30 12.52 432.91 293.43 Carlisle CSL 1.2 21 359.92 -9.96 -22.15 69.85 39.60 Carlyle CG 3.0 31 46.02 0.66 -8.94 34.03 23.45 Carnival CCL 2.2 13 27.81 0.04 65.06 625.99 228.00 CarpenterTech CRS 0.2 49 519.66 15.95 16.98 76.76 50.24 CarrierGlobal CARR 1.6 44 61.81 0.42 -26.12 97.38 54.46 Carvana CVNA ... 29 62.36 0.92 57.59 927.85 490.00 CaseysGenStores CASY 0.3 45 871.00 4.15 42.23 1073.46 405.46 Caterpillar CAT 0.8 41 814.81 5.67 12.12 474.02 173.23 Celestica CLS ... 34 331.44 -21.15 2.87 13.67 8.17 Cemex CX 0.8 36 11.82 -0.11 -7.82 377.54 244.82 Cencora COR 0.8 24 311.34 -0.89 78.43 32.07 14.48 CenovusEnergy CVE 1.1 12 30.19 -0.13 51.20 69.36 25.07 Centene CNC ... dd
62.22 1.38 9.65 45.26 36.60 CenterPointEner CNP 2.3 25 42.04 -0.11 ... 386.34 160.81 CerebrasSystems CBRS ...172 198.71 -4.36 16.56 242.73 144.26 CharlesRiverLabs CRL ... dd 232.51 -2.11 -30.55 285.82 111.55 CharterComms CHTR ... 4 144.98 2.98 -31.49 210.66 112.23 CheckPoint CHKP ... 13 127.13 -1.10 35.59 300.89 186.20 CheniereEnergy LNG 0.8 43 263.57 5.51 23.22 70.64 49.53 CheniereEnerPtrs CQP 4.7 15 65.90 0.84 29.15 214.71 146.49 雪佛龙 CVX 3.6 34 196.83 4.52 -31.62 43.50 17.40 Chewy CHWY ... 38 22.60 -0.22 0.59 44.27 28.04 Chipotle CMG ... 34 37.22 -1.30 12.35 365.91 264.10 Chubb CB 0.1 12 350.68 0.53 2.16 46.48 39.28 ChunghwaTel CHT 3.0 26 42.61 -0.07 17.84 106.04 81.33 Church&Dwight CHD 1.2 33 98.81 1.13 61.22 637.51 84.41 Ciena CIEN ...126 377.05 4.98 1.39 315.47 239.51 Cigna CI 2.2 12 279.05 -8.61 8.79 194.81 143.87 CincinnatiFinl CINF 2.1 8 177.68 2.95 8.81 226.75 161.16 Cintas
CTAS 1.0 42 204.63 -2.16 51.22 30.14 4.55 CipherDigital CIFR ... dd 22.32 -0.34 -21.05 189.92 49.90 CircleInternet CRCL ... dd 62.61 -1.63 50.58 130.37 65.75 CiscoSystems CSCO 1.4 38 115.99 2.43 13.51 147.96 87.94 Citigroup C 2.0 14 132.45 0.13 22.67 74.70 45.91 CitizensFin CFG 2.6 16 71.65 -0.08 33.44 335.94 201.34 CleanHarbors CLH ... 38 312.88 -4.27 -5.26 128.90 84.70 Clorox CLX 5.2 16 95.53 -1.20
YTD 52-Week Yld Net %Chg Hi Lo Stock Sym % PE Last Chg
-24.06 135.52 66.28 AECOM ACM 1.7 15 72.39 0.63 2.37 17.65 12.33 AES AES 4.8 8 14.68 0.01 15.61 130.22 96.95 Aflac AFL 1.9 14 127.48 0.12 -0.56 12.19 9.31 AGNC Invt AGNC 13.5 6 10.66 -0.14 52.58 45.66 17.86 APA APA 2.7 9 37.32 0.99 118.45 45.52 9.29 ASE Tech ASX 0.9 52 35.17 0.40 52.26 1999.96 683.48 ASML ASML 0.5 51 1629.00 -22.44 -18.79 133.86 36.08 AST Space ASTS ... dd 58.98 0.54 -6.40 29.79 19.89 AT&T T 4.8 8 23.25 0.04 63.33 205.31 70.42 ATI ATI ... 62 187.44 5.54 14.30 13.54 5.45 AXIAEnergia AXIA 9.0 16 10.47 -0.03 -15.64 137.49 81.97 AbbottLabs ABT 2.4 34 105.70 0.09 9.83 267.47 187.62 AbbVie ABBV 2.8124 250.94 -6.47 -7.37 148.83 67.09 Abivax ABVX ... dd 124.92 0.59 -38.16 291.09 118.15 Accenture ACN 3.9 13 165.92 2.63 -8.79 380.17 257.04 Acuity AYI 0.2 22 328.39 -9.46 -28.45 370.86 190.12 Adobe ADBE ... 14 250.41 2.51 -4.38 179.31 110.85 AdvDrainageSys WMS 0.6 25 138.48 0.91 38.28 397.44 128.40 AdvEnergyInds AEIS 0.1 61 289.52 15.26 122.33 584.73 149.22 AdvMicroDevices AMD ...156 476.15 -9.24
s 22.44 9.48 6.75 Aegon AEG 4.0 13 9.44 ... 4.97 156.33 105.65 AerCap AER 0.9 7 150.90 -1.97 27.21 382.75 200.00 AffiliatedMgrs AMG 0.0 13 366.73 1.27 -3.92 100.00 42.09 AffirmA AFRM ... 65 71.51 -1.74 1.69 160.27 108.35 AgilentTechs A 0.7 28 138.37 -0.34 -14.31 255.24 123.34 AgnicoEagleMines AEM 1.2 12 145.27 -5.48 8.01 82.08 69.56 AgreeRealty ADC 4.1 42 77.80 -0.34 19.38 314.87 229.11 AirProducts APD 2.5 dd 294.89 -5.31 11.64 156.50 110.81 Airbnb ABNB ... 37 151.52 -0.56 32.01 165.45 69.78 AkamaiTech AKAM ... 39 115.18 1.43 -27.86 55.41 23.92 AlamosGold AGI 0.6 10 27.83 -0.57 -16.83 221.00 64.95 Albemarle ALB 1.4 dd 117.64 -0.12 -14.83 84.38 28.11 Alcoa AA 0.9 9 45.26 0.29 -12.52 90.41 61.84 Alcon ALC 0.5 42 68.94 -0.67 -16.60 192.67 91.99 Alibaba BABA 0.8 20 122.25 5.93 8.33 200.44 122.00 AlignTech ALGN ... 29 169.16 -4.25 -1.14 183.11 125.00 Allegion ALLE 1.4 21 157.40 0.34 8.88
78.81 63.28 AlliantEnergy LNT 3.0 22 70.78 0.43 17.00 137.62 76.01 AllisonTransm ALSN 1.0 18 114.54 -0.90 26.87 277.22 188.08 Allstate ALL 1.6 6 264.08 -1.30 -4.33 47.29 35.92 AllyFinancial ALLY 2.8 10 43.33 0.15 -48.32 495.55 197.81 AlnylamPharm ALNY ... 35 205.52 0.04 13.66 404.47 188.70 Alphabet C GOOG 0.2 18 356.65 22.97 13.78 408.61 187.82 Alphabet A GOOGL 0.2 18 356.13 22.47 18.51 77.06 54.70 Altria MO 6.2 14 68.33 0.39 17.66 278.56 196.00 Amazon.com AMZN ... 22 271.58 36.08 25.91 3.45 2.10 Ambev ABEV 6.3 17 3.11 -0.01 7.63 50.94 36.25 Amcor AMCR 5.8 31 44.88 -0.27 -4.93 42.76 28.92 AmerSports AS ... 44 35.51 -0.59 9.76 118.32 96.57 Ameren AEE 2.7 19 109.61 0.86 22.64 28.46 17.90 AmericaMovil AMX 2.2 15 25.35 0.03 -0.39 18.79 10.09 AmerAirlines AAL 0.0 dd 15.27 -0.16 10.88 140.58 105.70 AEP AEP 3.0 19 127.85 0.07 -9.11 387.49 288.34 AmerExpress AXP 1.1 20 336.25 -1.27 3.69 150.02
122.11 AmericanFin AFG 2.5 13 141.72 0.02 18.15 58.70 37.93 AmerHlthcrREIT AHR 1.8 96 55.60 -0.13 4.11 36.10 27.21 AmHomes4Rent AMH 3.9 26 33.42 0.21 -8.15 87.29 71.25 AIG AIG 2.5 14 78.58 -0.31 -1.26 217.39 160.06 AmerTowerREIT AMT 4.0 24 173.36 -1.10 2.81 147.87 120.57 AmerWaterWorks AWK 2.7 23 134.17 -2.64 11.32 553.46 422.37 Ameriprise AMP 1.2 13 545.84 1.38
s 17.73 244.97 179.24 Ametek AME 0.6 37 241.71 1.70 17.67 398.00 269.77 Amgen AMGN 2.6 27 385.16 -2.48 26.32 96.68 21.57 AmkorTech AMKR 0.7 22 49.87 1.61 18.91 178.52 102.76 Amphenol APH 0.6 40 160.70 0.88 -9.56 65.94 44.12 Amrize AMRZ 0.0 23 48.91 -0.69 35.48 445.91 218.37 AnalogDevices ADI 1.2 55 367.41 0.74 -6.99 129.14 45.36 AngloGoldAsh AU 4.5 12 79.32 -3.01
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
s 35.04 86.60 56.97 AB InBev BUD 1.1 25 86.48 0.34 1.61 24.52 20.00 AnnalyCap NLY 13.2 6 22.72 -0.36 23.50 23.84 16.96 AnteroMidstream AM 4.1 26 21.97 0.42 4.88 45.75 29.10 AnteroResources AR ... 10 36.14 0.84 2.17 382.34 304.59 Aon AON 0.9 20 360.55 -6.02 3.71 49.99 33.40 APi Group APG ... dd 39.68 0.48 77.65 134.46 34.34 ApogeeTherap APGE ... dd 134.09 -0.21 -13.24 153.29 99.56 ApolloGlbMgmt APO 1.8 83 125.59 5.34 13.63 344.57 201.50 Apple AAPL 0.3 35 308.91 -24.52 34.44 352.76 238.34 AppliedIndlTech AIT 0.6 33 345.21 5.36 97.54 739.67 154.47 ApplMaterials AMAT 0.4 48 507.67 5.90 -41.25 745.61 359.00 AppLovin APP ... 35 395.90 -7.97 -12.39 78.49 51.68 Aptiv APTV 0.0 33 56.47 -1.62 54.56 58.68 35.07 Aramark ARMK 0.8 42 56.97 -0.28 53.92 72.50 30.17 ArcelorMittal MT 0.7 30 70.14 0.80 4.81 107.08 82.44 ArchCapital ACGL 0.0 8 100.53 -0.61 37.88 88.46 52.96 ADM ADM 2.6 35 79.27 -1.34 -20.75 195.26 95.80 AresMgmt ARES 4.2 59 128.09 3.97 1.53 953.58 631.47 argenx ARGX ... 33 853.82 -18.76 37.64 189.82 114.52 AristaNetworks ANET ... 62 180.35 9.33 119.28 452.70 100.02 Arm ARM ...246 239.69 -1.85 96.56 237.33 101.79 ArrowElec ARW ... 15 216.57 3.72 27.50 95.49 15.01 ArrowheadPharm ARWR ... dd 84.65 -2.67
s ... 55.24 33.15 Arxis ARXS ... ... 54.30 5.32 14.38 282.15 167.27 AscendisPharma ASND ... 27 243.91 -7.16 15.92 284.64 184.15 Assurant AIZ 1.3 14 279.19 -3.27 87.08 499.48 97.89 AsteraLabs ALAB ...210 311.23 11.54 -3.34 212.71 141.77 AstraZeneca AZN 1.9 25 169.64 -1.70 -37.70 199.09 56.01 Atlassian TEAM ... dd 101.02 2.90 3.07 192.51 154.55 AtmosEnergy ATO 2.3 21 172.78 -1.48 67.97 8.56 3.60 AuroraInnov AUR ... dd 6.45 0.21 -20.88 329.09 185.50 Autodesk ADSK ... 34 234.20 -0.77 3.59 315.26 188.16 ADP ADP 2.6 24 266.46 2.59 -11.06 4388.11 2902.20 AutoZone AZO ... 21 3016.25 9.68 2.37 198.63 160.09 Avalonbay AVB 3.8 25 185.61 -2.17 20.24 15.93 7.26 Avantor AVTR ... dd 13.78 -0.08 -6.68 199.54 152.42 AveryDennison AVY 2.4 19 169.73 -5.09 -7.07 885.91 339.01 AxonEnterprise AXON ...211 527.76 2.46 19.36 260.19 96.09 AxsomeTherap AXSM ... dd 217.99 -16.65 -8.98 26.52 20.87 BCE BCE 5.8 4 21.68 -0.02 39.95 93.83 49.68 BHP Group BHP 3.1 21 84.49 -1.41 8.61 110.92 83.21 BJ'sWholesale BJ ... 22 97.78 -0.67 30.20 48.27 31.59 BP BP 4.4 38 45.22 1.00 -2.40 241.82 143.07 BWX Tech BWXT 0.6 45 168.70 3.11 3.91 79.33 49.72 BXP BXP 4.0 38 70.12 -1.55 -14.96 165.30 84.64 Baidu BIDU ... dd 111.11 3.63 32.83 70.41 41.96 BakerHughes BKR 1.5 19 60.49 0.59 22.52 68.29 44.83 Ball BALL 1.2 19 64.90 -0.41
s 19.91 28.05 16.44 BBVA BBVA 3.1 13 27.95 0.35 19.86 3.80 2.37 BancoBradesco BBDO 4.9 9 3.44 0.21 8.82 46.77 27.08 BancodeChile BCH 4.0 17 41.35 -0.90 -7.20 7.32 4.66 BancSanBrasil BSBR 5.2 18 5.67 0.62 11.25 37.72 22.77 BcoSantChile BSAC 3.2 15 34.61 -0.46 20.20 14.39 8.29 BancoSantander SAN 1.4 11 14.10 -0.01 12.64 62.98 44.75 BankofAmerica BAC 2.1 14 61.95 0.22 38.26 184.21 109.64 BankMontreal BMO 2.5 19 179.45 0.83 34.66 163.77 98.40 BankNY Mellon BNY 1.6 18 156.33 0.25 19.11 90.47 55.21 BankNovaScotia BNS 3.4 17 87.77 -0.07 8.06 28.67 18.79 Barclays BCS 1.6 10 27.50 -0.20 -15.66 54.69 20.95 BarrickMining B 2.5 10 36.73 -0.97 36.89 30.00 15.73 BaxterIntl BAX 0.2 dd 26.16 -0.59 8.60 187.35 127.54 BectonDicknsn BDX 2.5 42 165.62 0.17 ... 43.98 30.11 BendingSpoons BSP ... ... 35.20 0.46 -7.14 58.64 28.08 BentleySystems BSY 0.8 40 35.44 0.23 4.02 385.22 253.95 BeOneMed ONC ... 71
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
316.01 -6.07 3.45 78.96 62.87 Berkley WRB 0.6 15 72.54 -0.84 1.77 516.85 455.19 BerkHathwy B BRK.B ... 15 511.54 1.86 1.56 775000 685150 BerkHathwy A BRK.A ... 15 766600 1610.00 28.88 91.27 55.10 BestBuy BBY 4.5 16 86.26 -1.56 22.58 72.36 43.20 Bio-Techne TECH 0.4104 72.09 0.06 15.32 219.72 124.56 Biogen BIIB ... 36 202.95 -4.98 0.99 66.28 49.26 BioMarinPharm BMRN ... 44 60.02 -0.56 -4.85 124.00 79.52 BioNTech BNTX 0.0 dd 90.58 -2.27 -36.35 71.74 12.80 BitMineImmersion BMNR 0.1 dd 17.28 -0.80 1.87 1219.94 917.39 BlackRock BLK 2.1 27 1090.39 -7.98 -17.12 190.09 101.73 Blackstone BX 3.6 29 127.75 -0.32 24.81 84.08 48.21 Block XYZ ... 63 81.24 -1.35 136.86 351.28 32.52 BloomEnergy BE ...280 205.81 -1.31 -31.06 20.58 7.95 BlueOwlCapital OWL 8.9126 10.30 0.14 -0.45 254.35 176.77 Boeing BA 0.0 98 216.14 -4.76 -9.95 231.80 150.14 Booking BKNG 0.9 25 192.90 -0.34 41.46 78.82 35.04 BorgWarner
BWA 1.1 39 63.74 -0.67 -50.99 109.50 42.20 BostonSci BSX ... 19 46.73 0.73 4.71 93.42 42.09 BridgeBioPharma BBIO ... dd 80.09 -2.05 59.44 73.75 19.01 BrightSpring BTSG ... 56 59.71 -13.17
s 21.08 65.66 42.52 BristolMyers BMY 3.9 14 65.31 0.45 7.12 67.30 49.88 BritishAmTob BTI 5.4 13 60.65 -1.04 20.18 32.86 24.66 BrixmorProp BRX 3.9 22 31.51 0.01 12.48 495.00 281.61 Broadcom AVGO 0.7 65 389.28 1.44 -31.02 271.91 133.83 BroadridgeFinl BR 2.5 16 153.95 -0.82 -7.62 64.10 42.20 BrookfieldAsset BAM 4.2 31 48.40 0.44 -7.32 49.56 37.93 Brookfield BN 0.7 86 42.53 0.50 20.21 44.03 29.63 BrookfieldInfr BIP 4.4 57 41.76 -0.63 -6.01 49.86 40.06 BrookWealth BNT 0.6 ... 43.19 0.44 -11.67 98.30 53.81 Brown&Brown BRO 0.9 22 70.40 -0.47 10.25 31.92 22.61 Brown-FormanB BF.B 3.2 19 28.73 -0.10 11.06 31.63 23.01 Brown-FormanA BF.A 3.2 19 29.22 0.01
s 33.39 65.30 28.53 Bruker BRKR 0.3 dd 62.84 -1.50
t -42.46 118.00 20.55 Bullish BLSH ... dd 21.79 -0.80 19.25 134.87 76.01 BungeGlobal BG 2.7 21 106.23 1.16 27.57 378.33 240.49 BurlingtonStrs BURL ... 38 368.48 -3.71 -6.58 683.50 434.70 CACI Intl CACI ... 21 497.75 20.40 -8.69 174.27 121.69 CBRE Group CBRE ... 34 146.81 -2.65 8.52 179.27 97.12 CDW CDW 1.7 18 147.81 2.25 61.87 141.96 75.42 CF Industries CF 1.9 11 125.19 -0.58 -20.75 98.19 59.63 CGI A GIB 0.7 13 73.15 -0.09 -8.11 210.33 104.95 CH Robinson CHRW 1.7 28 147.73 0.81 -1.94 329.16 218.31 CME Group CME 1.9 23 267.79 0.57 2.95 80.36 68.64 CMS Energy CMS 3.2 22 71.99 -0.27 9.91 55.71 41.53 CNA Fin CNA 3.7 12 52.47 -0.79 11.17 13.31 9.00 CNH Indl CNH 1.0 33 10.25 -0.07 -23.87 131.55 93.58 CRH CRH 1.6 17 95.01 -0.99 39.03 53.60 31.80 CSX CSX 1.1 29 50.40 0.21 31.59 110.68 61.19 CVS Health CVS 2.5 46 104.43 -0.79 8.78 416.69 262.75 CadenceDesign CDNS ... 68 340.02 7.20 0.66 119.81 96.53 CamdenProperty CPT 3.8 37 110.81 -2.48 -5.59 135.24 68.96 Cameco CCJ 0.1 80 86.38 -1.85 30.84 122.50 71.00 CIBC CM 2.1 16 118.55 0.28 28.69 131.55 90.74 CanNtlRlwy CNI 2.0 23 127.21 0.08 40.86 51.34 29.30 CanadianNatRscs CNQ 3.2 14 47.68 0.40 20.73 93.95 68.42 CdnPacKC CP 0.7 29 88.89 0.73
共同基金 年初至今净值 基金 资产净值 变化 %回报 年初至今净值 基金 资产净值 变化 %回报
按净资产排列的纳斯达克公布份额类别的前 250 强共同基金列表。
e-除息分布。f-前一日报价。g-脚注 x 和 s 适用。j-脚注 e 和 s 适用。k-由 LSEG 使用更新数据重新计算。p-适用分布成本，12b-1。r-可能适用赎回费。s-股票拆分或股息。t-脚注 p 和 r 适用。v-脚注 x 和 e 适用。x-除息。z-脚注 x、e 和 s 适用。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-未追踪基金。NS-该基金在期初并不存在。
IntlVal Inst NA ... NA Baird Funds AggBdInst 9.66 -0.02 -0.5 CorBdInst 10.02 -0.02 -0.4 IntBdInst 10.33 -0.01 0.1 ShtTBdInst 9.45 ... 1.1 BlackRock Funds HiYBlk 7.08 1.8 HiYldBd Inst 7.08 1.8 BlackRock Funds III iShS&P500IdxK870.91 +6.11 10.1 BlackRock Funds Inst StratIncOpptyIns 9.63 -0.01 1.3 Calamos Funds MktNeutI 16.22 +0.03 3.7 CausewayInst CausewayInst 26.06 -0.15 10.9 Columbia Class A SelgComuInfoA229.17 +0.98 46.2 Columbia Class I DivIncom I 40.37 +0.01 12.2 Dimensional Fds
AB Funds MuniIncmShares 10.97 -0.02 1.1 American Century Inv Ultra 95.66 +1.73 1.6 American Funds Cl A AmcpA 44.73 +0.81 4.8 AMutlA 64.81 +0.03 9.7 BalA 40.42 +0.07 8.4 BondA 11.07 -0.03 -1.0 CapIBA 83.95 +0.07 10.5 CapWGrA 80.97 +0.72 14.0 EupacA 62.89 +0.41 10.0 FdInvA 102.17 +0.97 13.2 GwthA 84.97 +0.98 5.6 ICAA 68.26 +0.97 9.7 IncoA 27.94 -0.03 8.3 N PerA 74.10 +0.67 4.9 NEcoA 83.87 +0.97 15.4 NwWrldA 106.17 +2.05 13.8 SmCpA 80.87 +0.26 10.3 WshA 67.98 -0.02 9.0 Artisan Funds
s 41.51 293.80 158.83 Cloudflare NET ... dd 278.98 -4.41 25.29 90.92 65.35 Coca-Cola KO 2.4 26 87.59 -0.90 22.57 219.65 110.40 Coca-ColaCon COKE 0.5 27 187.90 -1.93 20.68 113.67 84.66 CocaColaEuropac CCEP 2.2 23 109.46 -2.25 -16.38 27.77 8.56 CoeurMining CDE 0.3 12 14.91 -0.49 81.32 72.88 34.60 Cognex CGNX 0.5 77 65.24 2.62 -33.31 87.03 37.08 CognizantTech CTSH 2.4 12 55.35 1.46 42.43 440.00 84.35 Coherent COHR ...126 262.89 13.83
t -35.32 402.16 139.11 CoinbaseGlbl COIN ... dd 146.26 -17.32 15.54 99.33 74.55 ColgatePalm CL 2.3 35 91.30 -0.30 -14.43 32.85 21.28 Comcast A CMCSA 5.5 8 23.96 0.29 85.33 2073.99 655.96 ComfortSystems FIX 0.2 43 1729.69 31.85 14.44 7.16 3.67 SABESP SBS 3.7 33 5.45 -0.02 28.70 135.87 85.57 ConocoPhillips COP 2.8 20 120.48 1.45 9.60 116.23 94.96 ConEd ED 3.3 18 108.85 -0.81 -5.60 174.32 126.45 ConstBrands A STZ 3.2 12 130.23 -0.15 -25.62 412.70 228.63 ConstellationEner CEG 0.6 23 262.75 -0.81 -11.76 89.83 58.89 Cooper COO 0.0 61 72.32 -0.33 -25.62 50.11 26.81 Copart CPRT ... 18 29.12 -0.45 228.99 122.21 28.66 CorceptTherap CORT ...273 114.49 -3.83 3.38 36.57 22.19 CorebridgeFin CRBG 3.2 52 31.19 -0.77 0.22 153.20 60.55 CoreWeave CRWV ... dd 71.77 -2.13 57.89 271.78 61.44 Corning GLW 0.8 63 138.25 3.03 26.98 395.49 252.84 Corpay CPAY ... 23 382.11 -8.01 17.43 90.97 60.53 Corteva CTVA 0.9 52 78.71 -10.63 -57.23 97.43 25.89 CoStar CSGP ...158 28.76 -0.70 10.38 1096.50 844.06 Costco COST 0.6 48 951.89 -2.28 -30.69 34.08 14.92 Coupang CPNG ... dd 16.35 0.26 15.74 230.50 159.58 Crane CR 0.5 37 213.46 -0.72
s 39.57 413.25 230.45 Credicorp BAP 2.7 15 400.58 -1.69 43.85 308.67 86.48 CredoTech CRDO ... 83 206.99 5.91 62.86 217.50 85.68 CrowdStrike CRWD ... dd 190.86 5.64 -14.14 112.75 73.52 CrownCastle CCI 5.6 17 76.30 -0.21 14.45 121.90 89.21 Crown Holdings CCK 1.2 17 117.85 -0.52 15.01 43.26 35.09 CubeSmart CUBE 5.1 28 41.46 0.22 31.36 169.09 119.00 Cullen / Frost CFR 2.5 16 166.34 2.85 24.24 737.76 354.68 Cummins CMI 1.4 33 634.20 1.22 31.33 808.16 464.91 Curtiss-Wright CW 0.1 53 724.00 7.34 21.39 88.31 32.89 Cytokinetics CYTK ... dd 77.13 -3.29 D E F
9.99 155.75 126.23 DTE Energy DTE 3.3 22 141.87 0.17 15.31 152.88 99.81 DT Midstream DTM 2.5 30 138.00 1.23 -14.83 242.80 160.93 Danaher DHR 0.8 35 194.98 -1.19 10.63 220.65 169.00 Darden DRI 3.0 20 203.58 -3.39 68.44 66.02 29.15 DarlingIngred DAR ... 16 60.64 -0.36
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
s 97.05 278.76 98.01 Datadog DDOG ...715 267.97 -0.59 111.33 244.49 101.00 DaVita DVA ... 23 240.09 1.23 -6.55 125.45 78.91 DeckersOutdoor DECK ... 14 96.88 -2.81 27.30 674.19 433.00 Deere DE 1.1 34 592.67 -6.80 222.03 469.47 110.22 DellTechC DELL 0.6 32 405.37 0.56 25.99 95.68 50.45 DeltaAir DAL 1.0 15 87.44 -1.15 -4.82 40.43 28.12 DeutscheBank DB 0.9 10 36.70 -0.33 23.21 52.71 31.47 DevonEnergy DVN 2.8 13 45.13 0.96 25.73 87.00 54.11 DexCom DXCM ... 33 83.45 8.91 2.07 116.41 72.45 Diageo DEO 4.7 20 88.06 -1.00 35.00 214.51 134.30 DiamondbkEner FANG 2.2229 202.95 3.18 -1.04 244.38 186.67 Dick's DKS 2.6 19 195.91 -4.00 21.85 208.14 146.23 DigitalRealty DLR 2.6 92 188.52 -4.67 144.18 187.50 25.56 DigitalOcean DOCN ... 51 117.50 -2.73 -2.97 741.98 449.64 Dillard's DDS 0.2 14 588.34 -13.97 -15.45 119.91 92.19 Disney DIS 1.6 15 96.19 0.03 -19.84 86.65 40.16 DocuSign DOCU ... 36 54.83 0.54
-4.31 158.23 95.11 DollarGeneral DG 1.9 18 127.05 -0.45 3.41 142.40 84.71 DollarTree DLTR ... 20 127.21 -1.36 18.06 72.99 55.85 DominionEner D 3.9 20 69.17 -0.56 -16.65 477.00 282.00 Domino's DPZ 2.3 20 347.44 -4.81 6.29 112.84 70.17 Donaldson DCI 1.4 25 94.24 1.58 -13.39 285.50 143.30 DoorDash DASH ... 93 196.16 -1.37 4.80 237.54 158.97 Dover DOV 1.0 25 204.62 0.56 29.56 42.74 20.40 Dow DOW 4.6 dd 30.29 0.20 -15.60 15.67 11.36 DrReddy'sLab RDY 0.5 27 11.85 0.02 -31.86 48.78 20.46 DraftKings DKNG ...390 23.48 -0.24 7.01 134.49 113.89 DukeEnergy DUK 3.5 19 125.43 -0.84 13.60 157.98 86.55 DuPont DD 1.8 dd 137.00 -1.84 7.53 74.65 44.58 DutchBros BROS ...104 65.83 0.40 18.69 566.47 233.00 DycomInds DY ... 38 401.07 -16.08 2.26 54.01 31.64 Dynatrace DT ... 83 44.32 0.22 30.34 951.96 564.92 EMCOR EME 0.2 25 797.43 -4.94 46.44 58.00 33.74 ENI E 3.0 14 55.56 ... 41.60 151.87 101.59 EOG Rscs EOG
2.7 15 148.69 3.18 -0.58 68.24 47.94 EQT EQT 1.2 12 53.29 0.58 16.56 136.24 92.67 EastWestBncp EWBC 2.4 13 131.00 0.09 17.33 226.71 159.37 EastGroup EGP 3.0 37 209.01 -0.57 30.36 436.74 311.92 Eaton ETN 1.1 41 415.20 28.31 30.90 119.31 78.03 eBay EBAY 1.1 26 114.01 0.49 -22.64 147.25 26.04 EchoStar ECHO ... dd 84.09 -2.04 5.76 309.27 243.15 Ecolab ECL 1.1 37 277.63 -1.71 67.37 17.75 8.27 Ecopetrol EC 10.0 15 16.77 -0.27 22.24 81.62 51.01 EdisonIntl EIX 4.8 8 73.37 -5.36 0.96 96.29 72.30 EdwardsLife EW ... 51 86.07 -0.85 16.53 27.72 13.39 ElancoAnimal ELAN ... dd 26.37 -0.09 39.98 1016.06 432.85 ElbitSystems ESLT 0.5 65 808.65 22.69
s 2.71 209.93 151.50 ElectronicArts EA 0.4 60 209.86 0.27 7.21 436.24 273.71 ElevanceHealth ELV 1.8 17 375.84 -0.56 6.15 80.75 53.56 Embraer EMBJ 0.8 40 68.33 0.22 9.44 55.49 45.77 Emera EMA 3.7 23 53.89 0.30 12.88 165.15 122.64 EmersonElec EMR 1.5 35 149.82 1.18 13.86 58.45 44.80 Enbridge ENB 4.9 25 54.46 -0.97 4.64 127.99 92.77 EncompassHealth EHC 0.8 19 111.07 0.18 23.47 20.70 16.18 EnergyTransfer ET 6.7 17 20.36 0.12 85.79 108.65 22.95 EnlightRenewableEn ENLT ...193 84.46 -1.32 2.27 218.00 141.58 EnsignGroup ENSG 0.1 28 178.16 -0.67 41.31 186.94 67.97 Entegris ENTG 0.3 69 119.05 1.94 16.43 118.44 86.40 Entergy ETR 2.4 28 107.62 -0.41 18.68 40.16 30.01 EnterpriseProd EPD 5.9 13 38.05 0.49 -20.44 271.84 150.75 Equifax EFX 1.3 30 172.62 -3.51 33.04 1128.68 720.62 Equinix EQIX 2.0 66 1019.28 -28.25 73.93 43.46 22.26 Equinor EQNR 2.9 11 41.10 0.37 ... 55.24 35.20 Equitable EQH 2.5 dd
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
47.65 -1.23 7.36 69.00 58.37 EquityLife ELS 3.3 32 65.07 -0.46 5.41 71.50 57.57 EquityResdntl EQR 4.2 29 66.45 -0.67 -15.56 380.67 204.63 ErieIndemnity ERIE 2.4 22 242.04 8.37 3.88 42.37 36.10 EssentialUtil WTRG 3.6 20 39.85 -0.50 8.58 303.35 238.46 EssexProp ESS 3.6 44 284.14 2.28 -19.88 121.64 66.22 EsteeLauder EL 1.7 dd 83.90 -0.98 -5.79 388.71 265.87 EvercoreA EVR 1.1 18 320.56 7.69 10.25 401.07 302.44 Everest EG 2.1 8 374.15 -1.21 14.51 88.62 69.54 Evergy EVRG 3.3 22 83.01 -0.24 15.16 100.59 54.37 Everpure P ...117 77.17 2.11 6.33 76.57 61.53 EversourceEner ES 4.4 19 71.59 -2.25 20.99 57.57 33.76 Exelixis EXEL ... 18 53.03 -2.94 5.12 50.65 42.58 Exelon EXC 3.7 17 45.82 0.24 -14.80 126.62 84.98 ExpandEnergy EXE 2.4 8 94.03 1.61 4.03 312.40 174.05 Expedia EXPE 0.7 26 294.74 1.81 12.67 183.52 110.48 ExpeditorsIntl EXPD 1.0 27 167.89 0.88 13.68 158.88 125.71 ExtraSpaceSt EXR 4.4 34
148.04 -0.17 29.17 176.41 105.53 埃克森美孚 XOM 2.7 26 155.44 -1.53 57.71 435.00 223.76 F5 FFIV ... 32 402.57 13.82 4.65 323.51 128.32 FTAI Aviation FTAI 1.0 45 206.00 8.50 -4.36 748.89 272.49 Fabrinet FN ... 37 435.41 -3.92 -9.30 409.16 185.00 FactSet FDS 1.8 17 263.20 0.17 -33.58 1998.01 870.01 FairIsaac FICO ... 32 1122.97 -16.57 18.89 50.63 38.97 Fastenal FAST 2.2 41 47.71 1.05 23.11 128.21 89.99 FederalRealty FRT 3.6 22 124.09 ... 32.15 345.37 174.01 FedEx FDX 1.6 20 307.40 -1.15 ... 200.00 135.00 FedExFreight FDXF ... ... 140.53 2.98 5.26 271.64 207.64 FergusonEnts FERG 1.5 26 234.33 7.97 6.58 504.49 312.51 Ferrari RACE 1.1 37 393.87 -3.86 0.76 74.79 50.72 Ferrovial FER 0.0 67 65.10 -0.02 -5.50 61.40 42.78 FidNatlFinl FNF 4.0 18 51.59 -0.47 -32.64 80.99 37.42 FidNatlInfo FIS 3.9 9 44.77 -1.23 20.70 59.50 40.05 FifthThirdBncp FITB 2.8 19 56.50 -0.09 -34.92 142.92 16.60 Figma FIG
... dd 24.32 0.56 1.89 2237.82 1623.76 FirstCitizBcshA FCNCA 0.4 12 2186.65 30.42 7.28 26.56 19.80 FirstHorizon FHN 2.7 12 25.64 0.19 -19.22 320.95 171.99 FirstSolar FSLR ... 13 211.03 5.02 7.91 52.34 41.87 FirstEnergy FE 3.9 26 48.31 -0.40 -19.70 141.38 47.04 Fiserv FISV ... 9 53.94 -0.13 15.27 251.63 130.00 FiveBelow FIVE ... 27 217.13 -2.04 88.27 166.86 47.83 Flex FLEX ... 44 113.75 1.84 9.53 92.41 48.71 Flowserve FLS 1.2 27 75.99 0.67
数据提供自
Contrafund K6 36.27 +0.46 6.6 EmgMktIdxInstPre 16.20 +0.26 18.4 ExtMktIdxInstPre 114.13 -0.47 13.4 FidSAIEmerg 21.21 +0.28 26.0 FidSer5 7.43 -0.02 -0.5 FidSerInt 8.38 ... 0.2 FidSerToMarket 24.49 +0.14 10.5 FIDZroLgCpIx 26.80 +0.19 9.8 GlexUSIdxInstPre 21.22 +0.01 13.7 GrowthCompanyK6 43.27 +0.38 16.9 IntlIdxInstPrem 67.97 -0.47 11.8 LgCpGwId InstPre 46.39 +0.38 0.3 LgCpVlIdxIstPrem 24.96 +0.11 20.6 MidCpInxInstPrem 42.33 -0.12 14.6 SAIUSLgCpIndxFd 29.99 +0.21 10.1 SeriesBondFd 8.88 -0.02 -0.5 SeriesOverseas 15.82 +0.01 6.0 SerLTTreBdIdx 5.09 -0.04 -3.4 SmCpIdxInstPrem 36.73 -0.18 18.9 TMktIdxInstPrem 206.30 +1.19 10.5 TotalMarketIndex 26.14 +0.15 10.6 TtlIntIdxInstPr 19.56 -0.01 12.9 USBdIdxInstPrem 10.27 -0.03 -0.6 Fidelity Advisor (富达顾问) TotBdFdClZ 9.39 -0.02 -0.4 Fidelity Advisor I (富达顾问 I) GrOppI 254.30 +2.85 8.7 Fidelity Freedom (富达自由) Freedom2035K6 18.63 +0.06 8.9 Freedom2040K6 14.22 +0.05 11.0 Idx2030InsPre 23.98 +0.03 6.4 Idx2035InsPre 28.48 +0.05 7.4 Idx2040InsPre 31.37 +0.07 9.2 Idx2045InsPre 33.98 +0.09 10.4
EmgMktVa 42.78 +0.31 15.9 EmMktCorEq 32.91 +0.47 14.1 IntlCoreEq 22.46 -0.18 12.1 IntlVal 32.87 -0.20 16.5 IntSmCo 27.51 -0.27 8.7 IntSmVa 33.88 -0.29 10.9 LgCo 49.74 +0.35 10.1 US CoreEq1 55.40 +0.26 12.3 US CoreEq2 49.48 +0.16 12.5 US Small 61.22 -0.02 17.7 US SmCpVal 62.16 -0.03 21.3 US TgdVal 44.01 -0.04 20.0 USLgVa 66.58 +0.20 19.2 Dodge & Cox (道奇与考克斯) Income (收益) 12.48 -0.04 -0.8 Intl Stk (国际股票) 18.91 +0.02 14.9 Stock (股票) 17.94 +0.13 9.9 DoubleLine Funds (双线基金) TotRetBdI NA ... NA Fidelity (富达) 500IdxInstPrem 260.37 +1.83 10.1
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
-51.42 313.69 91.52 FlutterEnt FLUT ... dd 104.47 2.34 26.64 141.47 83.08 FEMSA FMX 2.2 25 127.99 1.23 11.89 17.78 10.68 福特汽车 (FordMotor) F 4.1 dd 14.68 -0.18 ... 66.00 25.95 ForgentPwr FPS ...286 33.27 -0.01 103.94 170.35 70.12 Fortinet FTNT ... 57 161.95 7.70 9.74 59.40 48.64 Fortis FTS 3.0 23 57.00 -0.47 7.25 64.56 46.34 Fortive FTV 0.4 35 59.21 0.73 -20.31 76.39 48.34 福克斯A (FoxA) FOXA 1.0 15 58.23 -0.59 -20.01 68.17 44.08 福克斯B (FoxB) FOX 1.1 14 51.94 -0.40 2.72 285.67 158.26 Franco-Nevada FNV 0.8 30 212.92 -8.44 41.73 34.92 21.11 FranklinRscs BEN 3.9 26 33.86 0.69 24.32 194.01 107.97 FreedomHolding FRHC ... 60 151.27 -3.86 23.31 72.28 35.15 FreeportMcM FCX 1.0 31 62.63 -0.81 7.72 27.64 20.02 FreseniusMedCare FMS 2.4 14 25.66 -0.04 -11.56 14.07 7.46 FullTruck YMM 2.5 17 9.49 -0.07 -35.98 202.53 80.50 富途 (Futu) FUTU 2.4 12 105.12 1.70 G H I
16.89 382.97 261.71 通用电气航空 (GE Aerospace) GE 0.5 42 360.07 5.03 -17.07 89.77 58.75 通用电气医疗 (GE HealthCare) GEHC 0.2 16 68.02 -1.92 51.52 1195.94 530.16 GE Vernova GEV 0.2 28 990.29 8.31 -3.80 51.51 33.33 GFL Environmental GFL 0.2 dd 41.32 -0.05 5.40 61.70 36.75 GSK GSK 3.4 16 51.69 -0.38 -3.62 313.55 190.75 Gallagher AJG 1.1 41 249.42 -7.04 8.17 28.10 19.93 GameStop GME 0.0 17 21.72 -0.16 0.22 49.95 41.17 Gaming&Leisure GLPI 7.3 13 44.79 0.08 44.83 304.00 186.67 Garmin GRMN 1.4 30 293.78 -3.77 -40.14 345.50 124.25 Gartner IT ... 15 151.02 -1.90 0.96 32.22 17.78 GenDigital GEN 1.8 17 27.45 0.16 44.54 296.44 134.80 Generac GNRC ... 45 197.11 5.20 13.89 400.00 306.03 通用动力 (GeneralDynamics) GD 1.7 23 383.42 1.22 -23.12 51.33 31.75 通用磨坊 (GeneralMills) GIS 6.8 dd 35.75 -0.67 9.27 91.85 51.88 通用汽车 (GeneralMotors) GM 0.8 45 88.86 0.46 -6.27 35.43 21.00 Genmab GMAB ... 22 28.87 0.23 1.15 151.57 90.78 GenuineParts GPC 3.4498 124.37 -0.46 -11.34 73.69 46.00 Gildan GIL 1.8104 55.38 2.88 6.09 157.29 108.46 吉利科学 (GileadSciences) GILD 2.5 18 130.21 -1.07 47.66 184.00 73.16 Glaukos GKOS ... dd 166.72 -1.80 8.63 90.64 61.16 GlobalPayments GPN 1.2 22 84.08 -2.76 43.16 92.55 31.51 GlobalFoundries GFS 1.0 36 49.99 0.10 36.60 84.69 22.35 Globalstar GSAT ... dd 83.38 3.29 30.31 191.55 127.84 GlobeLife GL 0.7 12 182.25 -0.73 -9.76 101.40 51.79 GlobusMedical GMED ... 18 78.79 -1.47 -33.32 165.11 71.59 GoDaddy GDDY ... 12 82.74 -16.59 -25.74 61.64 24.11 GoldFields GFI 3.7 8 32.42 -1.11 15.86 1153.99 694.05 高盛 (GoldmanSachs) GS 2.0 16 1018.38 -6.48 -29.86 6.62 3.18 Grab GRAB ... 41 3.50 0.10 -3.16 95.69 72.51 Graco GGG 1.5 25 79.38 -0.61 36.98 1419.91 906.52 Grainger GWW 0.7 37 1382.22 26.73 -17.55 300.41 206.91 GAP PAC 3.6 20 217.35 -2.23
s 45.45 94.21 43.20 GrupoCibest CIB 7.1 47 92.52 -1.37
s 58.60 176.58 40.35 GuardantHealth GH ... dd 161.99 9.64 -24.41 272.60 102.30 Guidewire GWRE ... 82 151.94 -1.27 -13.77 556.52 353.13 HCA Healthcare HCA 0.8 13 402.59 6.80 -34.51 38.73 22.66 HDFC Bank HDB 1.5 14 23.93 -0.21 98.50 94.22 42.16 HF Sinclair DINO 2.3 9 91.47 -0.97 22.40 29.65 17.56 HP HPQ 4.4 10 27.27 0.41 35.27 107.58 60.61 汇丰银行 (HSBC) HSBC 3.5 18 106.42 -0.67 -9.27 56.63 30.41 华酒店 (H World) HTHT 4.8 19 42.69 0.44 -2.37 11.28 8.65 Haleon HLN 1.9 20 9.87 -0.24 14.12 43.59 20.39 哈里伯顿 (Halliburton) HAL 2.1 17 32.25 0.61 22.64 84.44 58.53 HalozymeTherap HALO ... 30 82.54 -0.76 -20.85 26.06 12.58 HarmonyGold HMY 2.1 11 15.75 -0.40 2.98 146.06 120.33 HartfordIns HIG 1.7 9 141.91 -1.14 14.56 106.98 69.50 孩之宝 (Hasbro) HAS 3.0 17 93.94 -0.59 35.76 22.95 15.70 HealthpeakProp DOC 5.6 68 21.83 -0.23 -26.42 34.17 5.62 HeclaMining HL 0.1 20 14.12 -0.81 10.13 369.48 256.11 Heico HEI 0.1 64 356.36 2.19 1.92 279.66
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
199.35 HeicoA HEI.A 0.1 46 257.28 1.13 13.46 89.34 61.95 HenrySchein HSIC ... 26 85.75 0.58 -3.81 239.48 161.43 Hershey HSY 3.3 26 175.05 -2.18 99.42 64.25 19.64 HewlettPackard HPE 1.2 45 47.90 0.76 11.57 358.00 253.54 Hilton HLT 0.2 47 320.49 -1.53 -3.53 426.75 289.10 HomeDepot HD 2.8 24 331.96 -1.39 2.14 34.89 23.25 HondaMotor HMC 3.6 dd 30.11 -0.61 ... 297.50 192.03 HoneywellAero HONA ... ... 206.74 2.42 18.85 260.15 195.77 Honeywell HON 3.2 9 243.05 1.14 5.53 29.34 19.70 HormelFoods HRL 4.7 29 25.01 -0.36 -0.67 184.54 131.75 DR Horton DHI 1.3 14 143.06 -2.47 41.74 25.71 15.12 HostHotels HST 3.2 17 25.13 0.04 37.67 295.28 169.45 HowmetAerospace HWM 0.2 65 282.26 4.98 6.40 565.50 403.82 Hubbell HUBB 1.2 28 472.55 -1.14 -40.85 541.52 169.63 HubSpot HUBS ...124 237.36 4.26 14.61 32.15 9.01 HudbayMinerals HBM 0.1 13 22.75 ... 42.06 428.88 163.11 Humana HUM 1.0 34 363.86 -2.80 39.83
299.76 130.12 JBHunt JBHT 0.7 39 271.75 2.54 -1.79 19.45 14.89 HuntingtonBcshs HBAN 3.6 13 17.04 -0.04 -4.01 460.00 259.00 HuntingIngalls HII 1.7 19 326.45 6.55 134.28 140.80 18.68 Hut8 HUT ... dd 107.63 -0.64 8.57 206.86 133.51 HyattHotels H 0.3216 174.06 -2.62 0.64 33.79 25.08 ICICI Bank IBN 0.7 18 29.99 -0.27 29.51 243.80 157.25 IDEX IEX 1.3 33 230.45 -3.32 -17.36 769.98 518.55 IdexxLab IDXX ... 41 559.07 0.27 91.39 804.00 309.51 IES Holdings IESC ... 40 744.54 173.00
s 24.75 35.06 22.54 ING Groep ING 3.1 14 34.93 -0.01 ... 42.95 21.69 INNIO INIO ... ... 24.42 0.03 12.68 31.02 20.08 Invesco IVZ 2.9 dd 29.60 0.18 4.26 251.36 154.50 IQVIA IQV ... 29 235.02 -2.77 -2.57 76.87 14.72 IREN IREN ... 73 36.80 -1.46 12.95 225.26 157.66 ITT ITT 0.8 35 195.98 2.98 3.18 9.52 7.08 IcahnEnterprises IEP 25.7 dd 7.79 0.08 -10.24 203.91 66.57 Icon ICLR ...297 163.56 -1.97 16.50 303.15 238.82 IllinoisToolWks ITW 2.2 26 286.95 3.25
s 56.37 205.93 88.00 Illumina ILMN ... 38 205.10 0.01 50.12 139.44 81.87 ImperialOil IMO 1.4 31 129.57 0.77 21.01 132.60 73.81 Incyte INCY ... 15 119.52 -3.47 -32.49 30.00 10.30 Infosys INFY 3.7 15 12.03 0.08 5.25 100.96 68.07 IngersollRand IR 0.1 34 83.38 -0.94 -43.35 212.75 90.39 Insmed INSM ... dd 98.60 -2.89 -41.83 354.88 138.79 Insulet PODD ... 38 165.35 -0.33 144.44 142.35 18.96 Intel INTC 0.0 dd 90.20 -0.93 36.82 97.84 58.95 InteractiveBrkrs IBKR 0.4 35 87.99 -2.49 -5.85 189.35 121.79 ICE ICE 1.4 22 152.48 -3.79 15.23 175.89 113.32 InterContHtls IHG 1.1 33 162.28 -0.31 -24.50 332.46 199.19 IBM IBM 3.0 20 223.65 1.91 17.55 84.45 59.14 IntlFlavors IFF 2.0 24 79.22 -0.26 3.66 52.28 29.26 IntlPaper IP 4.5 dd 40.83 -2.32 -52.29 807.15 252.84 Intuit INTU 1.5 19 316.07 0.57 -37.61 603.88 328.57 IntuitiveSurgical ISRG ... 40 353.33 0.36 6.94 31.38 24.25 InvitatHomes INVH 4.0 53 29.72 0.05 -18.79 84.64 25.89 IonQ IONQ ... dd 36.44 0.67 47.46 134.68 77.77 IronMountain IRM 2.8134 122.32 -2.32 18.16 9.60 6.00 ItauUnibanco ITUB 5.1 12 8.46 0.02 J K L
-2.77 18.65 11.49 JBS JBS 14.3 8 14.02 -0.27 15.02 36.86 24.51 JD.com JD 3.0 25 33.01 0.70 9.18 359.30 279.10 JPMorganChase JPM 1.7 15 351.79 0.94 38.17 428.93 189.60 Jabil JBL 0.1 39 315.05 6.53 -15.59 193.39 121.04 JackHenry JKHY 1.6 22 154.04 -0.20 1.86 168.44 105.68 JacobsSolns J 1.1 42 134.93 2.18 26.70 29.82 16.46 JamesHardie JHX ...122 26.29 -0.18 48.74 261.30 105.00 JazzPharm JAZZ ... dd 252.86 -5.52 -11.89 71.04 35.53 JefferiesFinl JEF 2.9 15 54.60 -0.49 27.75 99.22 34.05 JFrog FROG ... dd 79.79 1.37 23.87 274.90 164.23 J&J JNJ 2.1 30 256.35 0.53 22.47 151.18 103.07 JohnsonControls JCI 1.1 25 146.66 2.78
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
s 5.52 365.43 259.83 JonesLang JLL 0.0 17 355.03 -6.69 36.94 125.62 76.31 KB Financial KB 2.2 10 117.82 -3.27 7.55 20.98 13.81 KEHoldings BEKE 1.8 41 16.95 -0.04 -20.43 152.09 82.67 KKR KKR 0.8 32 101.43 0.45 50.46 307.37 83.22 KLA KLAC 0.5 50 182.82 2.49 13.63 99.20 68.59 Kaspi.kz KSPI 4.0 8 88.78 -0.26 11.54 22.29 14.02 Kenvue KVUE 4.4 23 19.24 -0.07 11.10 35.94 24.88 KeurigDrPepper KDP 3.0 23 31.12 -0.45 9.45 24.07 16.47 KeyCorp KEY 3.6 13 22.59 -0.02 57.04 374.96 152.85 KeysightTech KEYS ... 53 319.08 6.39 8.35 137.46 92.42 KimberlyClark KMB 4.7 17 109.31 -0.88 25.70 26.64 19.76 KimcoRealty KIM 4.1 29 25.48 -0.03 17.06 34.80 25.60 KinderMorgan KMI 3.7 21 32.18 0.52 -17.97 39.11 15.78 KinrossGold KGC 0.7 9 23.10 -0.52 -34.49 57.20 12.06 Klarna KLAR ... dd 18.94 -0.06 33.00 82.86 38.62 Knight-Swift KNX 1.2264 69.53 -0.27 -2.88 33.44 23.85 Philips PHG 3.2 20 26.30 -0.14 -27.58 23.41
11.25 KoreaElecPwr KEP 4.1 2 11.95 -0.16 6.60 28.10 21.04 KraftHeinz KHC 6.2 dd 25.85 -0.53 -7.59 76.58 54.15 Kroger KR 2.7 34 57.74 -0.12 38.36 382.54 130.50 KrystalBiotech KRYS ... 46 341.12 -25.73 -2.31 70.42 41.41 LatamAirlines LTM 2.9 9 52.76 -1.18 -0.97 403.57 260.15 LPL Financial LPLA 0.3 28 353.70 14.53 -5.62 379.23 262.68 L3HarrisTech LHX 1.8 28 277.06 5.16 23.25 316.11 244.52 Labcorp LH 0.9 26 309.20 -6.33 71.18 438.50 90.94 LamResearch LRCX 0.4 51 293.02 -4.70 26.37 166.33 113.66 LamarAdv LAMR 4.0 30 159.96 -0.69 -24.89 70.45 44.21 LasVegasSands LVS 2.5 19 48.89 -0.98 68.89 157.01 46.43 LatticeSemi LSCC ...875 124.27 -0.26 -35.92 205.77 98.86 Leidos LDOS 1.5 11 115.60 3.19 -19.89 144.24 79.83 Lennar A LEN 2.4 13 82.35 -1.40 -15.16 137.39 78.02 Lennar B LEN.B 2.5 13 80.70 -1.06 -14.35 621.90 411.40 LennoxIntl LII 1.3 19 415.88 -1.57 35.08 50.59 32.43 LeonardoDRS DRS 0.8 38
46.05 0.43 18.23 25.70 17.72 LeviStrauss LEVI 2.4 20 24.52 -0.03 -19.49 27.10 11.65 LiAuto LI ... dd 13.63 0.14 16.22 105.47 74.38 LibertyLiveA LLYVA ... ... 94.72 -7.38 18.57 108.97 76.94 LibertyLiveC LLYVK ... ... 98.60 -7.05 -0.39 109.36 80.15 LibertyFormOneC FWONK ... 32 98.13 -1.87 0.48 99.52 73.70 LibertyFormOneA FWONA ... 29 89.81 -2.18 69.68 47.23 24.14 LifeTime LTH ... 25 45.10 0.90 6.90 1249.45 623.78 EliLilly LLY 0.6 41 1148.84 -6.13 9.04 310.00 216.22 LincolnElectric LECO 1.2 26 261.31 11.09 12.19 548.20 387.78 Linde LIN 1.3 31 478.38 -30.26 21.06 45.75 31.33 Lineage LINE 5.0 dd 42.37 -0.48 74.81 500.57 233.36 Littelfuse LFUS 0.7 dd 442.13 0.13 22.20 188.00 125.34 LiveNationEnt LYV ... dd 174.13 -9.43 16.42 6.34 4.05 LloydsBanking LYG 2.7 15 6.17 -0.08 20.48 692.00 412.55 LockheedMartin LMT 2.4 21 582.74 8.63 10.16 121.01 89.32 Loews L 0.2 15 116.01 -0.36 2.26 129.66 83.32
LogitechIntl LOGI 1.2 19 102.48 0.91 -13.83 293.06 199.40 Lowe's LOW 2.4 18 207.81 -2.27 -42.80 225.98 104.44 lululemon LULU ... 10 118.87 -0.60 93.69 1085.68 101.61 Lumentum LITE ...133 713.94 20.70 43.37 83.94 41.58 LyondellBasell LYB 4.4 dd 62.08 1.64 M N
46.80 418.90 118.16 Macom Tech MTSI ...109 251.44 2.73 22.24 255.00 174.76 M&T Bank MTB 2.4 13 246.29 -0.71 22.14 51.59 29.18 MGM Resorts MGM 0.0 27 44.57 -1.09 86.14 447.62 88.49 MKS MKSI 0.3 62 297.45 4.15 9.52 60.00 47.80 MPLX MPLX 7.4 13 58.45 0.84 -0.26 644.77 501.08 MSCI MSCI 1.4 31 572.24 -3.50 ... 44.50 27.38 MadisonAirSolns MAIR ... ... 29.06 -0.08 52.21 411.73 188.59 MSG Sports MSGS 0.0 dd 393.68 -11.37 -19.75 615.00 290.00 MadrigalPharm MDGL ... dd 467.32 -25.79 28.71 70.36 40.51 MagnaIntl MGA 2.9 29 68.60 -1.25 17.41 19.93 12.94 MagnumIceCrm MICC ... 55 18.61 -0.13 10.41 227.43 119.06 ManhattanAssoc MANH ... 55 191.36 0.39
s 22.49 44.89 29.70 ManulifeFinl MFC 2.8 18 44.44 -0.11 -0.84 53.50 32.73 Maplebear CART ... 25 44.60 -0.15 94.60 326.92 158.00 MarathonPetrol MPC 1.3 21 316.47 2.39 -12.44 2207.59 1719.41 Markel MKL ... 10 1882.34 -3.82 20.17 410.98 253.75 Marriott MAR 0.8 39 372.83 -2.65
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
Idx2050InsPre 34.16 +0.10 10.6 富达投资 (Fidelity Invest) 余额 (Balanc) 34.91 +0.17 9.5 蓝筹 (BluCh) 297.09 +2.94 11.3 蓝筹增长 K6 (BluChpGr K6) 48.42 +0.52 9.4 反向 (Contra) 25.93 +0.31 6.8 反向K (ContraK) 26.05 +0.31 6.9 公司收入 (CpInc) 11.19 +0.05 6.3 国际分红 (DivIntl) 54.54 -0.12 12.2 增长公司 (GroCo) 55.41 +0.41 15.9 投资级债券增长 (InvGrBd) 9.90 -0.03 -0.4 低价 (LowP) 47.55 -0.16 15.3 Magin 15.41 +0.31 5.2 纳斯达克 (NASDAQ) 323.00 +3.23 9.5 场外交易 (OTC) 29.05 +0.36 19.6 Puritn 27.84 +0.13 7.7 SAILTTreBdIdx 6.33 -0.04 -3.6 SAIUSMinVolIndFd 24.80 +0.01 8.8 SAIUSQtyIdx 26.17 -0.02 9.3 SrsBlChGroRetail 25.72 +0.25 11.9 SrsEmrgMkt 30.19 +0.50 22.5 SrsGlobal 20.81 +0.01 13.7 SrsGroCoRetail 31.78 +0.24 16.6 SrsIntlGrw 20.64 ... 8.0 SrsIntlVal 17.36 -0.09 11.3 总债券 (TotalBond) 9.40 -0.03 -0.4 富达 SAI (Fidelity SAI) FidSaiCndInxFnd 15.76 -0.13 10.7 FidSaiInfltnFnd 9.99 -0.01 0.6 国际价值指数 (IntlValIdx) 14.95 -0.16 18.7 总债券 (TotalBd) 8.90 -0.02 -0.4 富达精选 (Fidelity Selects) 半导体 r (Semiconductors r) 59.19 +0.56 49.2 科技 (Tech) 52.24 +0.16 30.4
富达战略 A (Fidelity Strategic A) StratAdEmrMrt NA ... NA 第一鹰基金 (First Eagle Funds) GlbA 87.03 -0.03 8.2 富兰克林 A1 (Franklin A1) IncomeA1 FrankTemp / Frank Adv IncomeAdv FrankTemp / Franklin A DynaTech A 192.97 +3.86 3.6 Growth A 143.12 +2.00 6.3 RisDv A 97.26 -0.22 8.0 古根海姆基金信托 (Guggenheim Funds Tru) TotRtnBdFdClInst 港口基金 (Harbor Funds) CapApInst 121.74 +1.40 4.4 JHF III DispVal DispValMCI 31.39 +0.02 14.3 约翰汉考克 (John Hancock) BondR6 13.30 -0.04 -0.5 摩根大通 I 级 (JPMorgan I Class) CoreBond 10.11 -0.02 -0.6 EqInc 28.64 +0.23 16.7 LgCpGwth 80.79 +0.56 -1.2 摩根大通 R 级 (JPMorgan R Class) CoreBond 10.13 -0.02 -0.5 CorePlusBd 7.11 -0.02 0.1 罗德艾伯特 I (Lord Abbett I) ShtDurInc p 3.82 -0.01 1.1 大都会西 (Metropolitan West) TotRetBdI MFS 基金 (MFS Funds) IIE 44.01 -0.09 8.5 MFS 基金 I 级 (MFS Funds Class I) ValueI 55.40 +0.28 11.1
t -15.66 710.97 523.48 马丁玛丽埃塔 (MartinMarietta) MLM 0.6 13 525.14 -14.86 120.71 329.88 61.44 马威尔科技 (MarvellTech) MRVL 0.1 64 187.56 4.26 12.64 83.64 58.16 马斯科 (Masco) MAS 1.8 16 71.48 -0.63 21.04 441.43 160.08 MasTec MTZ ... 42 263.10 -61.34 0.39 601.77 464.52 万事达卡 (Mastercard) MA 0.6 32 573.10 -4.25 -25.08 72.26 44.30 麦考密克投票股 (McCormickVtg) MKC.V 3.8 8 50.95 0.10 -25.27 72.58 44.82 麦考密克 (McCormick) MKC 3.8 8 50.90 -0.06 -11.45 341.75 260.96 麦当劳 (McDonald's) MCD 2.7 22 270.64 2.20 4.38 999.00 637.00 麦凯森 (McKesson) MCK 0.4 22 856.19 -9.32 -6.48 50.88 32.81 Medline MDLN ... 33 39.28 0.16 2.75 677.90 373.00 Medpace MEDP ... 34 577.11 -1.19 -11.11 106.33 73.31 美敦快内 (Medtronic) MDT 3.4 23 85.39 -0.32 -6.77 2548.50 1495.00 MercadoLibre MELI ... 50 1877.95 -7.78 23.69 135.05 77.53 默克 (Merck) MRK 2.6 37 130.20 0.41 -15.66 796.25 520.26 Meta Platforms META 0.4 21 556.71 17.68 21.78 97.80 67.33 大都会人寿 (MetLife) MET 2.5 19 96.13 -0.94 1.59 1525.17 1023.05 麦特勒-托利都 (Mettler-Toledo) MTD ...
32 1416.30 35.69 16.59 105.91 48.52 微芯科技 (MicrochipTech) MCHP 2.4344 74.29 -0.72 188.37 1255.00 103.38 美光科技 (MicronTech) MU 0.1 19 823.03 -51.63 -3.91 555.45 349.20 微软 (Microsoft) MSFT 0.8 26 464.72 13.62 -4.73 149.18 120.30 MidAmApt MAA 4.6 39 132.34 -0.98 72.22 100.75 39.01 MillicomIntl TIGO 3.1 13 95.48 0.31 41.55 23.25 13.62 三菱日联金融集团 (MitsubishiUFJ) MUFG 1.9 16 22.45 -0.05 42.62 10.79 5.74 瑞穗金融 (MizuhoFin) MFG 1.3 16 10.44 0.09 85.89 85.60 22.28 Moderna MRNA ... dd 54.82 -3.10 50.60 323.25 111.18 ModineMfg MOD ... 76 201.06 7.15 12.72 244.89 121.06 MolinaHealthcare MOH ... dd 195.62 0.92 15.75 66.65 51.20 亿雀食品 (Mondelez) MDLZ 3.2 23 62.31 -0.77 -19.59 444.72 198.47 MongoDB MDB ... dd 337.48 11.60 57.34 1714.09 706.00 MonolithicPower MPWR 0.6 87 1426.03 109.85 25.71 100.34 58.09 MonsterBev MNST ... 47 96.38 -1.27 -6.36 546.88 402.28 穆迪 (Moody's) MCO 0.9 30 478.38 -3.88 60.07 430.51 185.62 穆格 A (Moog A) MOG.A 0.3 44 389.85 -29.40 18.53
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
232.25 136.17 MorganStanley MS 2.2 17 210.42 1.51 13.68 492.22 359.36 MotorolaSol MSI 1.1 35 435.75 4.93 15.70 70.95 41.17 MuellerInds MLI 2.1 17 66.41 -0.45 50.61 636.04 345.23 MurphyUSA MUSA 0.4 21 607.76 -8.34 -4.31 8.02 4.37 NIO NIO ... dd 4.88 0.04 -15.67 189.96 120.11 NRG Energy NRG 1.4157 134.29 0.32 -15.71 8618.28 5501.01 NVR NVR ... 16 6147.05 -141.63 5.57 339.95 183.00 NXP Semicon NXPI 1.8 22 229.16 -16.00 -3.03 101.78 76.55 Nasdaq NDAQ 1.3 27 94.19 -0.97 16.88 288.04 131.81 Natera NTRA ... dd 267.76 -1.90 3.39 94.64 67.52 NationalGrid NGG 4.0 18 79.97 -0.42 8.23 19.36 13.49 NatWest NWG 4.5 10 18.94 0.41 127.48 299.86 50.10 Nebius NBIS ... 64 190.41 1.98 66.68 192.83 93.69 NetApp NTAP 1.2 28 178.50 4.52 -3.16 159.55 106.06 NetEase NTES 2.3 18 133.27 1.38 -23.52 126.71 65.08 Netflix NFLX ... 23 71.71 -1.46 17.61 186.12 122.14 Neurocrine NBIX ... 24 166.80 -18.70 7.01 64.97
43.27 NewOrientalEduc EDU 2.0 20 58.89 2.31 7.88 87.10 51.03 NYTimes A NYT 1.2 32 74.89 -0.94 -6.15 134.88 61.76 Newmont NEM 1.1 12 93.71 -2.05 5.51 31.61 22.20 NewsCorp A NWSA 0.7 37 27.56 -0.53 5.53 35.58 25.49 NewsCorp B NWS 0.6 42 31.27 -0.53 8.27 98.75 69.24 NextEraEnergy NEE 2.9 20 86.92 -1.01 3.17 163.13 52.61 Nextpower NXT ... 23 89.87 -7.03 -34.53 80.17 40.00 Nike NKE 3.9 20 41.71 -0.58 6.39 49.21 38.45 NiSource NI 2.7 22 44.43 -0.34 41.27 17.45 4.00 Nokia NOK 1.3 63 9.14 0.05 15.38 10.06 6.59 Nomura NMR 2.9 11 9.68 0.12 23.85 307.74 207.08 Nordson NDSN 1.1 32 297.78 2.55 16.20 358.60 268.23 NorfolkSouthern NSC 1.6 29 335.48 1.55 33.38 191.60 121.12 NorthernTrust NTRS 1.9 16 182.19 -0.32 -4.86 774.00 479.02 NorthropGrum NOC 1.8 17 542.48 7.63 19.03 615.99 232.72 Nova NVMI ... 49 390.87 -3.20 13.26 170.46 112.34 Novartis NVS 2.6 24 156.15 -2.29 -7.47 64.16 35.12 NovoNordisk NVO
2.7 11 47.08 -4.53 -14.40 18.98 11.20 NuHoldings NU ... 22 14.33 -0.16 57.74 270.90 131.32 Nucor NUE 0.9 21 257.29 0.25 14.16 82.42 34.01 Nutanix NTNX ... 62 59.01 -0.25 11.91 85.36 53.03 Nutrien NTR 3.2 14 69.07 -1.65 50.86 184.64 78.11 nVentElectric NVT 0.5 52 153.83 9.03 7.64 236.54 164.07 NVIDIA NVDA 0.5 31 200.75 5.71 O P Q
10.89 50.59 41.70 OGE Energy OGE 3.6 21 47.35 0.09 23.55 96.07 64.02 ONEOK OKE 4.7 16 90.81 1.74 50.71 134.92 44.56 ON Semi ON ... 58 81.61 -2.13 -2.04 108.72 82.59 O'ReillyAuto ORLY ... 28 89.35 1.99 38.79 67.45 38.80 OccidentalPetrol OXY 1.8 65 57.07 1.12 64.14 157.00 62.66 Okta OKTA ...103 141.93 1.51 35.29 252.03 126.01 OldDomFreight ODFL 0.5 41 212.14 -0.33 19.41 27.32 19.39 OldNatlBncp ONB 2.2 12 26.64 0.23 -5.32 46.76 35.60 OldRepublic ORI 2.9 9 43.21 -0.17 14.19 52.39 38.71 OmegaHealthcare OHI 5.4 18 50.63 0.23 -2.54 87.41 66.33 Omnicom OMC 4.1 67 78.70 -0.91 -22.03 52.20 31.41 OnHolding ONON ... 38 36.24 -0.86 63.80 386.46 89.40 OntoInnovation ONTO ...120 258.58 8.06 -33.37 345.72 114.50 Oracle ORCL 1.5 22 129.87 2.31 37.95 41.00 22.51 Orix IX 2.0 15 40.31 -0.09 117.26 33.10 10.69 OscarHealth OSCR ... dd 31.22 -0.01 -17.63 94.56 69.16 OtisWorldwide OTIS 2.4 18 71.95 0.26 59.38
64.61 35.47 Ovintiv OVV 1.9 17 62.46 0.84 24.12 159.91 97.53 OwensCorning OC 2.3 dd 138.90 0.08 -21.90 139.41 71.94 PDD PDD ... 10 88.56 1.12 8.15 19.16 13.31 PG&E PCG 1.2 13 17.38 -0.40 19.71 256.49 176.88 PNC Finl PNC 3.2 14 249.87 1.16 -0.08 92.40 44.99 POSCO PKX 2.4 28 53.17 -1.32 7.87 133.43 93.39 PPG Ind PPG 2.7 16 110.52 -1.51 0.54 40.10 33.16 PPL PPL 3.2 22 35.21 -0.35 -21.24 219.69 108.50 PTC PTC ... 13 137.20 0.90 21.16 139.24 92.25 Paccar PCAR 1.1 28 132.68 -1.08 19.21 258.81 189.03 PackagingCpAm PKG 2.4 32 245.84 -2.79 -30.77 207.52 106.37 PalantirTech PLTR ...139 123.06 0.80 80.15 368.80 139.57 PaloAltoNtwks PANW ...273 331.83 6.15 -16.79 69.99 26.77 PanAmerSilver PAAS 1.7 14 43.11 -0.92 11.10 1034.96 692.02 ParkerHannifin PH 0.8 36 976.53 13.74 4.15 146.83 85.45 Paychex PAYX 4.1 24 116.84 0.51 -2.00 79.22 38.46 PayPal PYPL 1.0 11 57.21 -0.44 ... 24.89 12.07 PayPay PAYP ...
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
... 15.13 -0.96 20.66 17.75 12.02 Pearson PSO 2.0 26 16.94 -0.47 28.56 51.58 35.45 PembinaPipeline PBA 4.1 24 48.93 -1.50 37.29 227.00 140.12 PenskeAuto PAG 2.6 16 217.31 -3.30 -37.16 113.95 57.60 Pentair PNR 1.7 16 65.44 -0.73 3.31 362.41 221.26 Penumbra PEN ... 79 321.19 1.36 -2.76 171.48 133.73 PepsiCo PEP 4.2 18 139.56 -0.64 27.21 117.47 80.82 PerformanceFood PFGC ... 55 114.39 -0.36 51.89 22.68 11.92 PermianRscs PR 3.0 25 21.31 0.31 ... 54.94 22.01 PershingSquare PS 1.5 ... 33.28 -0.29 63.71 22.24 11.43 PetroleoBrasil PBR 4.9 6 19.40 0.28 52.17 20.05 10.76 PetroleoBrasilA PBR.A 5.6 6 17.15 0.30 0.44 28.75 23.11 Pfizer PFE 6.9 19 25.01 0.10 18.97 207.76 142.11 PhilipMorris PM 3.1 27 190.82 -1.18 64.04 216.08 118.07 Phillips66 PSX 2.4 21 211.68 1.08 10.29 107.00 81.08 PinnacleFinPtrs PNFP 1.9 14 105.23 0.39 13.86 111.16 85.32 PinnacleWest PNW 3.6 19 100.99 -0.33 -7.26 39.93 13.84
Pinterest PINS ... 50 24.01 -0.42 36.80 25.03 15.69 PlainsAllAmPipe PAA 6.8 18 24.57 0.17 37.57 26.77 16.68 PlainsGP PAGP 6.3 29 26.33 0.16
s 40.71 176.59 108.74 Popular BPOP 1.7 12 175.21 0.08
s 23.84 326.78 230.09 Primerica PRI 1.5 13 319.96 -3.36 28.90 114.95 75.00 PrincipalFinl PFG 3.0 16 113.70 -0.25 0.82 167.25 137.62 Procter&Gamble PG 3.0 22 144.49 0.53 -7.16 254.93 189.20 Progressive PGR 0.2 11 211.42 -1.86 13.28 153.35 103.41 Prologis PLD 3.0 32 144.61 -1.58 8.15 124.57 91.89 PrudentialFinl PRU 4.6 13 122.08 -0.69 -2.76 34.03 24.61 Prudential PUK 1.7 10 30.26 -0.72 -4.51 91.25 76.05 PSEG PEG 3.5 17 76.68 -0.87 24.92 335.55 256.54 PublicStorage PSA 3.7 31 324.17 6.72 7.85 144.50 108.49 PulteGroup PHM 0.8 13 126.47 -2.27
t -31.05 27.61 13.18 QXO QXO 0.0 dd 13.30 -0.16 60.66 177.28 70.50 QnityElec Q 0.2 42 131.18 0.66 -13.70 259.92 121.99 Qualcomm QCOM 2.5 17 147.61 -3.99 58.12 788.75 363.01 QuantaServices PWR 0.1 76 667.36 9.38 ... 86.79 47.06 Quantinuum QNT ... ... 51.41 -0.14 34.28 240.13 166.76 QuestDiag DGX 1.5 25 233.01 -1.29 R S
22.94 667.69 364.50 RBC Bearings RBC ... 61 551.31 -10.59 6.68 119.58 93.58 RBGlobal RBA 1.2 51 109.74 -0.27 -12.37 52.23 27.57 RELX RELX 2.6 21 35.42 -1.19 2.95 129.12 92.92 RPM RPM 2.0 21 107.07 -0.76 17.35 221.34 150.61 RTX RTX 1.4 38 215.22 0.84 7.56 421.60 273.04 RalphLauren RL 1.1 25 380.34 -5.57 -0.94 174.10 67.15 Rambus RMBS ... 42 91.03 1.45 13.84 48.31 32.60 RangeResources RRC 1.0 11 40.14 0.59 9.58 178.28 138.82 RaymondJames RJF 1.2 15 175.98 1.01 13.30 67.94 55.86 RealtyIncome O 5.1 52 63.87 -0.29 -38.80 282.95 119.27 Reddit RDDT ... 33 140.67 -37.37 46.26 247.80 127.96 RegalRexnord RRX 0.7 48 205.23 2.64 16.31 83.66 66.86 RegencyCtrs REG 3.8 27 80.29 -0.07 -1.20 821.11 541.00 RegenPharm REGN 0.5 19 762.63 24.29 14.21 32.47 22.70 RegionsFinl RF 3.9 13 30.95 0.10 16.41 245.00 165.52 ReinsGrp RGA 1.6 13 236.85 -1.21 40.58 419.83 260.31 Reliance RS 1.2 24 406.10 5.08 13.81 335.97 231.17 RenaissanceRe RNR 0.5 5 319.98 1.62 -20.71 34.66 23.25 RentokilInit RTO 2.3 25 23.36 -0.89 -0.65 238.62 196.41 RepublicSvcs RSG 1.2 30 210.55 -0.78 -12.41 293.81 180.26 ResMed RMD 1.1 20 210.98 2.42 8.49 81.96 61.33 RestaurantBrands QSR 3.5 29 74.02 -0.32 135.44 194.56 34.00 RevolutionMed RVMD ... dd 187.53 -4.64 16.30 118.30 81.22 Revvity RVTY 0.2 53 112.52 -1.02 21.02 112.58 58.40 RioTinto RIO 4.8 13 96.85 -0.33 -22.78 22.69 11.57 Rivian RIVN ... dd 15.22 -1.61 -23.47 153.86 63.52 Robinhood HOOD ... 38 86.56 -0.04
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
-56.07 150.59 33.88 Roblox RBLX ... dd 35.60 -13.07 -33.37 24.36 12.17 RocketCos. RKT 0.0219 12.90 -0.36 -6.90 151.00 37.57 RocketLab RKLB ... dd 64.95 0.27 23.39 497.36 305.44 Rockwell ROK 1.1 50 480.08 9.07 -10.28 41.14 31.38 RogersComm B RCI 4.2 4 33.85 -0.23 56.27 37.00 10.90 RoivantSciences ROIV ... dd 33.91 -0.61 33.66 148.88 78.53 Roku ROKU ...109 145.01 -0.08 -36.74 66.14 36.59 Rollins ROL 1.9 34 37.97 -0.38 -11.94 556.23 305.96 RoperTech ROP 0.9 16 391.97 2.72 39.37 255.30 134.37 RossStores ROST 0.7 35 251.07 -1.50 22.89 218.56 127.38 RoyalBkCanada RY 2.0 19 209.51 -0.61 14.12 366.50 232.10 RoyalCaribbean RCL 1.6 20 318.30 -3.64 -10.77 306.25 150.99 RoyalGold RGLD 1.0 24 198.35 -4.69 51.22 60.44 34.08 RoyaltyPharma RPRX 1.6 31 58.43 -0.59 -5.39 99.75 42.25 Rubrik RBRK ... dd 72.36 0.78 -14.47 61.85 29.28 RyanSpecialty RYAN 1.2 64 44.16 0.07 -18.95 74.24 53.14 Ryanair RYAAY
1.2 14 58.51 -1.66 33.98 284.25 157.67 RyderSystem R 1.6 21 256.42 -1.75 -24.41 299.48 144.97 SAP SAP 1.2 23 183.62 2.74 -16.66 547.70 360.94 S&P Global SPGI 0.9 25 411.93 -3.07 -6.44 234.64 162.41 SBA Comm SBAC 2.8 19 180.98 -0.92 25.55 104.47 75.08 SEI Investments SEIC 1.0 18 102.98 -0.06 ... 194.80 124.80 SK hynix SKHY ... 20 143.73 -5.27 54.07 47.18 19.66 SK Telecom SKM 1.6 52 31.63 -0.16 29.21 58.82 31.64 SLB SLB 2.4 24 49.59 0.68 9.78 251.08 179.17 SPX Tech SPXC ... 39 219.62 20.32 -11.86 91.07 61.40 SS&C Tech SSNC 1.4 22 77.05 -0.12 6.47 494.71 249.32 Saia SAIA ... 34 347.63 -3.00 -17.10 24.00 10.30 SailPoint SAIL ... dd 16.77 0.60 -30.53 269.11 146.32 Salesforce CRM 1.0 21 184.02 3.31 5.13 47.47 23.38 Samsara IOT ...384 37.27 1.47 411.77 2354.39 40.10 Sandisk SNDK ... 42 1214.83 -65.13 23.65 288.68 108.36 Sanmina SANM ... 33 185.56 2.08 -11.10 52.68 40.89 Sanofi SNY 4.1 18 43.08
0.19 5.33 107.50 83.96 SchwabC SCHW 1.2 19 105.24 0.91
StratAdFidEmr 18.47 +0.23 21.6 StratAdFidUS 21.49 +0.11 13.4 StratAdIntlFnd NA ... NA StratAdMunBond ... StratAdvFidIntl 16.48 -0.08 11.6 TIAA / CREF 基金 EqIdxInst IntlEqIdxInst LrgCpGrIdxInst 76.35 +0.61 0.5 VANGUARD ADMIRAL 500Adml 691.52 +4.85 10.1 BalAdml 53.91 +0.14 6.1 CAITAdml 11.35 -0.01 CapOpAdml r260.69 -0.02 20.2 DivAppIdxAdm 64.89 -0.24 9.7 EMAdmr 48.64 +0.61 9.1 EqIncAdml 102.74 -0.01 11.9 ExplrAdml 122.04 -0.34 14.4 ExtndAdml 179.06 -0.73 13.5 GroIncAdml 118.54 +0.80 8.6 GrwthAdml 263.12 +2.98 5.0 HlthCareAdml r 85.65 -0.84 3.4 HYCorAdml r 5.43 -0.01 1.1 InfProAd 22.69 -0.03 0.4 InfTechIdx 463.56 -1.73 20.4 IntlGrAdml 121.25 -0.11 6.4 ITBondAdml 10.20 -0.03 -1.0 ITIGradeAdml 8.61 -0.02 -0.7 LarCapAd 173.51 +1.20 9.8 MidCpAdml 400.89 -0.30 12.3 MuHYAdml 10.52 -0.02 1.3 MuIntAdml 13.55 -0.01 0.2 MuLTAdml 10.68 -0.01 0.7 MuLtdAdml 10.89 -0.01 0.8 MuShtAdml 15.82 1.4
Natixis 基金 InvGradeBdY 9.56 -0.02 -0.5 LSGrowthY 31.71 +0.61 -4.5 Northern 基金 StkIdx 74.61 +0.53 10.1 Old Westbury 基金 LrgCpStr PGIM 基金 Cl Z TotalReturnBond PIMCO 基金 Instl IntlBdUSH TotRt PIMCO 基金 A IncomeFd PIMCO 基金 I2 Income PIMCO 基金 Instl IncomeFd Price 基金 BlChip 206.46 +3.13 -1.8 LgCapGow I 85.68 +0.49 0.8 Putnam 基金 Class A PutLargCap p 44.92 -0.02 14.9 Putnam 基金 Class Y PutLargCap 44.92 -0.03 15.1 Schwab 基金 1000 Inv r 16.05 +0.10 10.3 FunUSLgInst r 37.67 +0.03 17.5 IntI Sel r 32.12 -0.24 11.8 S&P Sel 19.31 +0.13 10.1 TSM Sel r 18.11 +0.11 10.5 Strategic Adviser StratAdCorInFnd StratAdFidCoreS 9.04 -0.02
-16.33 199.30 77.05 Sea SE ... 41 106.74 0.50 210.88 1145.00 144.75 Seagate STX 0.3 62 856.13 4.45 0.29 101.04 78.97 Sempra SRE 3.0 30 88.55 -1.03 59.89 177.35 46.02 Semtech SMTC ... dd 117.82 3.21 10.54 90.99 68.41 ServiceIntl SCI 1.7 22 86.19 0.90 -27.39 196.40 81.24 ServiceNow NOW ... 69 111.23 1.16
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
s 44.57 164.37 83.12 SharkNinja SN 0.0 33 161.77 -1.56 25.18 94.90 68.62 Shell (壳牌) SHEL 3.2 14 91.98 1.47 5.19 379.65 289.86 SherwinWilliams (宣伟) SHW 0.9 31 340.85 -3.99 30.39 73.80 46.26 ShinhanFin (新韩金融) SHG 2.1 9 69.93 -2.42 -27.22 182.19 94.00 Shopify SHOP ...115 117.15 -5.25 23.91 238.50 159.70 SimonProperty (西蒙地产) SPG 3.9 42 229.37 -1.07 48.14 32.66 19.77 SiriusXM SIRI 3.6 12 29.62 -1.35 51.53 901.81 186.49 SiTime SITM ... dd 535.20 7.33 -1.78 90.90 51.93 Skyworks (思科威) SWKS 4.6 32 62.28 -0.20 -3.81 38.79 28.55 Smith&Nephew (施乐辉) SNN 2.4 22 31.56 -0.77 16.61 29.80 21.08 SmithfieldFds (史密斯菲尔德食品) SFD 4.8 10 26.04 -0.55 21.93 127.64 88.25 Smucker (斯麦克) SJM 3.8 dd 119.26 -2.95 18.88 52.65 32.73 SmurfitWestrock (斯莫菲特-西罗克) SW 3.9 49 45.97 -1.55 19.10 420.91 312.78 Snap-On (快扣) SNA 2.4 21 410.41 1.36
s 33.70 304.17 118.30 Snowflake SNOW ... dd 293.28 -4.82 -2.53 98.00 35.67 SOQUIMICH SQM 1.0 24 67.06 -1.37 -37.70 32.73 14.88 SoFiTech SOFI ... 34 16.31 -0.16 7.82 88.65 62.38 Solventum SOLV ... 10 85.44 -1.38 -26.83 98.56 60.39 Somnigroup SGI 1.0 27 65.33 -1.54 -9.14 30.34 19.32 Sony (索尼) SONY 0.5 dd 23.26 0.49 8.42 100.83 83.80 Southern (南方公司) SO 3.2 23 94.54 0.20 29.72 221.67 86.61 SoCopper (自由港) SCCO 1.8 27 182.71 -2.29 11.67 108.46 84.47 SouthStateBk (南州银行) SSB 2.5 11 105.09 -0.17 8.81 55.11 28.98 SouthwestAir (西南航空) LUV 1.6 27 44.97 -0.63 ... 225.64 107.01 SpaceX SPCX ... ... 108.37 -3.83 -13.91 748.30 405.00 Spotify SPOT ... 40 499.94 -22.67 2.20 34.48 23.83 StandardAero (标准航空) SARO ... 33 29.31 0.33 27.33 96.04 61.90 StanleyB&D (史丹利黑色和迪克森) SWK 3.6 23 94.58 -0.97 24.99 109.23 77.99 Starbucks (星巴克) SBUX 2.4 61 105.25 -0.60 42.75 192.51 104.64 StateStreet (州街银行) STT 2.0 16 184.16 1.34 48.28 288.74 119.89 SteelDynamics (钢铁动力) STLD 0.8 23 251.26 -1.24
-47.11 12.22 5.25 Stellantis STLA 0.0 dd 5.76 -0.10 -9.91 269.44 195.14 Steris STE 1.1 29 228.40 -2.81 94.88 1005.68 244.02 SterlingInfr (斯特林基础设施) STRL ... 53 596.77 16.04 -0.68 89.83 67.81 StifelFinancial (斯特费尔金融) SF 1.6 15 82.91 0.28 101.97 81.42 21.11 STMicroelec (意法半导体) STM 0.6104 52.39 -0.67 81.10 94.66 35.68 StoneX SNEX ... 20 76.57 -1.05 -38.61 414.36 81.81 Strategy (微策) MSTR ... dd 93.28 -4.46 -7.33 401.99 281.00 Stryker (史赛克) SYK 1.1 34 325.70 -22.34 33.89 26.66 14.92 SumitomoMits (三井住友金融) SMFG 1.9 16 25.88 0.10 -25.56 30.98 12.25 SummitTherap (峰会治疗) SMMT ... dd 13.02 -0.42 -0.35 137.85 115.90 SunComms SUI 3.6 dd 123.48 -0.95 32.93 84.38 56.22 SunLifeFinancial (太阳生命金融) SLF 2.8 21 82.95 0.18 ... 86.67 61.03 SunbeltRentals (太阳带租赁) SUNB 1.6 ... 71.92 -0.61 51.67 70.29 37.77 SuncorEnergy (太阳原油) SU 2.4 18 67.28 0.55 46.33 78.11 47.98 Sunoco (苏诺科) SUN 5.2 19 76.69 0.72 -2.97 62.36 19.48 SuperMicroComp (超微电脑) SMCI ... 15 28.40 0.67 -8.78 11.54 7.55 Suzano SUZ 2.3 5 8.52
0.08 -27.65 87.88 38.19 Symbotic SYM ... dd 43.05 0.11 -9.16 88.77 63.08 SynchronyFinl (同步金融) SYF 1.8 8 75.79 -1.38 -17.24 646.28 366.00 Synopsys (新思科技) SNPS ... 90 388.76 16.43 15.67 91.84 68.19 Sysco SYY 2.6 24 85.24 0.53 T U V
22.58 71.47 46.93 TCEnergy TRP 3.7 28 67.43 -0.66 70.21 296.47 139.23 TD Synnex SNX 0.8 18 255.70 3.58 -9.59 252.56 190.27 TEConnectivity (泰科电子) TEL 1.5 20 205.69 -0.89
t -27.41 16.72 9.22 Telus TU 11.4 22 9.56 -1.21 28.93 51.73 30.44 Ternium TX 4.5 17 49.24 0.13 30.64 167.69 80.62 TFI Intl TFII 1.4 33 135.02 0.73 2.43 170.00 123.78 TJX TJX 1.2 31 157.34 -1.92 -13.01 226.94 152.29 TKO TKO 1.7 67 181.81 -2.00 -14.94 261.56 165.66 T-MobileUS (T-Mobile美国) TMUS 2.4 18 172.71 -0.63 -31.61 70.38 36.95 TPG TPG 5.1200 43.66 0.96 9.15 122.00 85.22 T.RowePrice (T.罗威普莱斯) TROW 4.7 12 111.75 -7.53 67.30 223.83 39.20 TTM Tech TTMI ... 63 115.44 -0.07 33.03 479.00 223.70 TaiwanSemi (台积电) TSM 0.7 29 404.25 0.94 -5.12 265.94 187.63 Take-TwoSftwr (Take-Two软件) TTWO ... dd 242.92 -4.51 9.62 18.89 12.99 TakedaPharm (武田制药) TAK 3.1 dd 17.09 -0.16 -10.87 451.28 301.45 TalenEnergy (塔伦能源) TLN ... dd 334.10 1.56 19.25 161.97 92.62 Tapestry TPR 1.1 49 152.37 -0.21 46.54 291.04 144.14 TargaResources (塔加资源) TRGP 1.8 28 270.37 3.28 47.82 147.77 83.44 Target (塔吉特) TGT 3.2 19 144.49 -0.02 60.82 77.92 34.27 TechnipFMC (泰克尼普FMC) FTI 0.3 25 71.66 2.74 25.79 71.25
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
30.98 TeckResourcesB TECK 0.6 16 60.24 -2.25 28.36 693.38 483.02 TeledyneTech TDY ... 32 655.57 6.39 1.66 13.77 7.17 Ericsson ERIC 2.1 13 9.81 0.04 8.94 17.25 11.02 TelefonicaBras VIV 3.2 17 12.92 0.04 -30.36 23.52 13.22 TelekomIndns TLK 6.8 15 14.66 0.10 49.10 64.59 33.65 Tenaris TS 0.0 15 57.33 0.60 -46.09 26.70 7.94 TencentMusic TME 2.5 12 9.45 -0.03 28.21 262.68 156.72 TenetHealthcare THC ... 10 254.78 2.05 89.96 487.91 102.42 Teradyne TER 0.1 50 367.69 2.20 -30.80 498.83 297.38 Tesla TSLA ...289 311.21 2.36 12.18 37.34 14.99 TevaPharm TEVA ... 59 35.01 -0.40 58.94 334.03 152.73 TexasInstruments TXN 2.1 42 275.74 -1.60 40.16 547.20 269.23 TexasPacLand TPL 0.6 55 402.58 8.33 23.76 210.24 153.82 TexasRoadhouse TXRH 1.5 33 205.44 -2.78 -2.19 101.57 75.80 Textron TXT 0.1 16 85.26 -1.83 -0.89 643.99 435.27 ThermoFisher TMO 0.3 31 574.30 -2.47 -25.60 204.46 76.28 ThomsonReuters TRI 2.7 29
98.13 -0.70 10.11 184.90 139.34 3M MMM 1.8 31 176.28 0.21 63.50 146.37 70.56 Timken TKR 1.0 31 137.55 1.44 -9.12 49.66 22.26 Toast TOST ... 49 32.27 -0.58 7.89 168.36 117.50 TollBros TOL 0.7 11 145.89 -4.14 27.30 124.87 72.21 TorontoDomBk TD 2.6 20 119.92 0.16 34.30 94.17 57.48 TotalEnergies TTE ... 11 87.86 0.83 87.08 319.94 43.12 TowerSemi TSEM ...102 219.67 8.51 -11.71 248.90 166.10 ToyotaMotor TM 2.8 10 188.99 -2.46 -38.47 62.89 28.36 TractorSupply TSCO 3.1 16 30.77 0.56 -6.55 144.47 91.42 Tradeweb TW 0.6 24 100.50 2.70 16.89 505.87 348.06 TraneTech TT 0.9 34 454.95 14.67 -5.68 1620.58 1123.61 TransDigm TDG 0.0 39 1254.38 4.47 -8.31 97.42 63.37 TransUnion TRU 0.6 21 78.62 -1.64 29.06 398.69 252.26 Travelers TRV 1.3 10 374.36 -1.63 -27.79 87.50 47.92 Trimble TRMB ... 30 56.58 -0.48 -34.63 78.99 38.04 Trip.com TCOM 0.0 7 47.01 0.53 5.34 56.20 40.78 TruistFinl TFC 4.0 12 51.84 -0.17
38.74 238.48 91.84 Twilio TWLO ...306 197.35 6.41 -31.80 621.34 270.71 TylerTech TYL ... 41 309.60 -13.71 -1.13 69.48 50.56 TysonFoods TSN 3.5 44 57.96 -2.69 13.88 55.15 35.94 UBS Group UBS 1.3 18 52.74 -0.65 4.03 42.00 32.94 UDR UDR 4.6 24 38.16 -0.14 40.67 74.00 41.95 U-Haul UHAL 0.0291 70.91 -0.04 33.89 65.05 39.62 U-Haul N UHAL / B 0.3256 62.58 -0.26 16.21 107.54 61.64 ULSolutions ULS 0.6 53 91.64 -0.52 26.68 149.98 103.38 UMB Fin UMBF 1.2 12 145.73 0.22 33.55 105.17 69.88 USFoods USFD ... 34 100.59 0.04 -13.89 101.99 65.41 Uber UBER ... 18 70.36 -0.01 0.57 1099.99 380.00 Ubiquiti UI 0.6 36 556.52 23.29 -15.24 714.97 443.60 UltaBeauty ULTA ... 19 512.83 -3.90 -3.04 74.97 54.75 Unilever UL 3.6 21 63.41 -1.86 26.29 315.99 210.84 UnionPacific UNP 1.9 24 292.13 2.67 8.50 138.77 82.42 UnitedAirlines UAL ... 11 121.33 -2.23 142.11 28.96 6.56 UnitedMicro UMC 1.7 18 19.03 0.09 5.07 122.41
82.00 UPS B UPS 6.3 19 104.22 -1.05 33.35 1177.67 701.59 UnitedRentals URI 0.7 26 1079.26 10.63 18.08 64.84 43.46 USBancorp USB 3.3 13 63.01 0.11 6.25 609.35 272.12 UnitedTherap UTHR ... 19 517.71 -8.11 25.53 461.62 234.60 UnitedHealth UNH 2.2 27 414.40 -7.07 -28.21 52.15 16.78 UnitySoftware U ... dd 31.71 -1.63 -22.74 246.32 140.08 UniversalHealthB UHS 0.5 7 168.44 5.15 11.11 93.22 68.28 UnumGroup UNM 2.3 20 86.11 -0.66 -6.29 34.01 25.82 VICI Prop VICI 6.8 10 26.35 0.04 15.58 17.94 9.36 Vale VALE 6.0 23 15.06 0.07 92.21 320.24 130.78 ValeroEnergy VLO 1.5 13 312.90 2.39 19.73 585.71 353.41 ValmontInds VMI 0.6 19 481.70 5.09 -8.71 310.50 148.05 VeevaSystems VEEV ... 36 203.78 2.22 20.85 101.60 65.82 Ventas VTR 2.2172 93.51 1.59 96.19 17.62 5.72 VentureGlobal VG 0.5 14 13.38 0.14 -5.62 110.11 80.03 Veralto VLTO 0.6 24 94.17 -0.54 19.37 312.48 208.86 VeriSign VRSN 1.1 31 290.02 3.44 -12.89
281.82 155.94 VeriskAnalytics VRSK 1.0 30 194.85 -5.50 14.93 51.68 38.39 Verizon VZ 6.0 12 46.81 0.70 5.24 533.67 362.50 VertexPharm VRTX ... 28 477.10 -4.60 49.11 379.94 118.70 Vertiv VRT 0.1 55 241.57 14.07 123.24 93.03 15.27 ViaSat VSAT ... dd 76.93 -0.67 41.04 18.07 8.62 Viatris VTRS 2.7 dd 17.56 -0.20 89.21 382.65 41.76 Vicor VICR ... 67 207.37 0.70
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
s 46.13 105.86 55.55 Viking VIK ... 39 104.35 -0.10 15.48 51.13 35.10 ViperEnergy VNOM 5.2 dd 44.61 1.15 76.26 68.02 31.55 VirtuFinancial VIRT 1.6 10 58.73 -0.43 4.40 373.97 293.89 Visa V 0.7 31 366.13 -0.14 -8.14 219.82 132.66 Vistra VST 0.6 25 148.19 -0.43 19.45 16.61 10.66 Vodafone VOD 3.2 dd 15.78 -0.36 -5.84 331.09 252.35 VulcanMatls VMC 0.8 32 268.57 -2.67 W X Y Z
3.75 119.91 102.95 WEC Energy WEC 3.5 21 109.42 -0.63 14.36 77.22 63.08 W.P.Carey WPC 5.1 25 73.60 -0.48 36.27 306.64 184.26 Wabtec WAB 0.4 39 290.86 -1.60 -0.19 135.16 95.42 Walmart WMT 0.9 39 111.20 0.10 -8.74 30.00 10.76 WarnerBrosA WBD ... dd 26.30 0.83 -15.36 35.42 23.34 WarnerMusic WMG 2.9 31 25.96 -1.60 -4.55 191.00 146.89 WasteConnections WCN 0.8 40 167.38 1.11 3.11 248.13 194.11 WasteMgt WM 1.7 32 226.55 0.22 -0.66 414.15 275.05 Waters WAT ... 48 377.31 -2.99 -8.21 459.00 300.66 Watsco WSO 4.3 27 309.30 -1.43 -5.04 453.37 317.63 Watsco B WSOB 4.1 28 321.76 4.13 25.28 394.54 251.17 WattsWater WTS 0.7 32 345.79 1.67 -15.45 119.98 55.60 Wayfair W ... dd 84.90 -4.88 22.69 77.69 52.69 WebsterFin WBS 2.1 13 77.22 -0.08 -7.24 97.76 72.78 WellsFargo WFC 2.3 13 86.45 1.02 26.31 255.20 161.26 Welltower WELL 1.5 dd 234.44 -1.19 40.41 377.90 197.96 WescoIntl WCC 0.6 24 343.49 0.82 23.92
386.00 223.83 WestPharmSvcs WST 0.3 44 340.96 1.37 216.27 799.87 73.14 WesternDigital WDC 0.1 33 544.84 11.80 17.90 48.63 36.90 WesternMidstrm WES 8.0 15 46.57 -0.02 -4.65 124.23 56.33 Westlake WLK 3.0 dd 70.50 -1.22 5.66 27.75 21.16 Weyerhaeuser WY 3.4 38 25.03 1.53 -7.22 165.76 90.94 WheatonPrecMtls WPM 0.7 28 109.03 -4.35 19.02 80.08 55.82 Williams WMB 2.9 31 71.54 0.63 28.04 244.65 165.51 Williams-Sonoma WSM 1.3 26 228.66 -4.66 2.23 352.79 240.61 WillisTowers WTW 1.1 21 335.92 -0.13 14.10 167.22 119.61 WintrustFinl WTFC 1.4 13 159.54 -0.11 -30.28 3.09 1.75 Wipro WIT 5.6 14 1.98 0.03 2.48 17.47 10.36 Wise WSE ... ... 12.00 -0.06 50.48 25.19 14.27 WoodsideEnergy WDS 4.6 16 23.46 0.08 19.33 450.92 233.31 Woodward WWD 0.4 40 360.75 4.47 17.25 84.71 48.83 WooriFinl WF 3.7 8 68.93 -1.37 -25.35 249.85 110.36 Workday WDAY ... 50 160.34 2.23 -17.47 134.72 92.52 WynnResorts WYNN 1.0 28 99.31
-1.39 47.87 232.05 116.68 XPO XPO ... 59 200.97 1.71 5.88 84.23 69.16 XcelEnergy XEL 3.0 21 78.20 -0.03 -35.90 28.23 11.77 XPeng XPEV ... dd 13.00 0.02 -14.11 154.27 105.29 Xylem XYL 1.5 28 116.97 0.15 45.30 57.49 22.82 YPF YPF 0.0 dd 52.54 0.39 1.32 170.14 137.33 Yum!Brands YUM 2.0 19 153.28 -3.72 0.92 58.39 40.15 YumChina YUMC 2.4 18 48.18 1.71 14.98 26.20 17.74 ZTO Express ZTO 2.8 15 24.02 0.16 21.00 352.66 199.05 ZebraTech ZBRA ... 36 293.82 5.25 4.46 108.29 79.12 ZimmerBiomet ZBH 1.0 24 93.93 -1.03 19.06 73.34 46.19 ZionsBancorp ZION 2.6 9 69.70 0.24 -38.57 160.48 71.47 Zoetis ZTS 2.7 13 77.29 1.26 11.33 114.74 69.15 ZoomComms ZM ... 14 96.07 3.75 -32.78 336.99 114.62 Zscaler ZS ... dd 151.20 2.81
Welltn 46.61 +0.22 5.4 VANGUARD INDEX FDS (先锋指数基金) ExtndIstPl (扩展机构计划) 441.86 -1.80 13.5 IdxIntl (国际指数) 27.20 +0.02 12.8 MdCpGrAdml (中盘成长管理) 127.24 +0.25 6.2 MdCpVlAdml (中盘价值管理) 106.03 -0.29 16.6 SmValAdml (小盘价值管理) 105.11 -0.20 16.7 TotBd2 (总债券2) 9.35 -0.03 -0.7 TotIntlInstIdx r (总国际机构指数 r) 181.96 +0.14 12.9 TotItlInstPlId r (总国际机构计划标识 r) 182.00 +0.14 12.9 TotSt (总股票) 179.22 +1.02 10.5 VANGUARD INSTL FDS (先锋机构基金) DevMktsIndInst (发达市场指数机构) 22.79 -0.08 14.2 DevMktsInxInst (发达市场指数机构) 35.63 -0.12 14.2 ExtndInst (扩展机构) 179.05 -0.73 13.5 FTScinst (富时机构) 51.30 +0.37 9.3 GrwthInst (成长机构) 263.14 +2.98 5.0 InPrSeIn (机构PseIn) 9.24 -0.01 0.4 InstIdx (机构指数) 599.82 +4.21 10.1 InstPlus (机构Plus) 599.81 +4.20 10.1 InstTStPlus (机构总股票Plus) 123.53 +0.70 10.5 MidCpInst (中盘机构) 88.56 -0.07 12.3 MidCpIstPl (中盘机构计划) 436.76 -0.33 12.3 SmCapInst (小盘机构) 141.38 -0.34 15.2 SmCapIstPl (小盘机构计划) 408.08 -0.97 15.2 STIGradeInst (短期投资级机构) 10.32 -0.01 0.8 STIPSIxins (短期PseIx机构) 24.92 ... 1.8 TotBdInst (总债券机构) 9.49 -0.02 -0.6 TotBdInst2 (总债券机构2) 9.35 -0.03 -0.7 TotBdInstPl (总债券机构计划) 9.49 -0.02 -0.6 TotIntBdIdxInst (总国际债券指数机构) 28.68 -0.05 0.1 TotStInst (总股票机构) 179.29 +1.03 10.5 ValueInst (价值机构) 85.78 -0.24 16.3 WCM Focus Funds (WCM焦点基金) WCMFocIntlGrwIns (WCM焦点国际成长机构) 28.05 +0.15 12.7
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
PrmcpAdml r223.33 +0.15 20.8 RealEstatAdml140.13 -0.85 14.0 SmCapAdml141.38 -0.34 15.2 SmGthAdml119.67 -0.36 13.0 STIGradeAdml 10.32 -0.01 0.8 STIPSIxAdm 24.90 ... 1.8 TotBdAdml 9.49 -0.02 -0.6 TotIntBdIdxAdm 19.11 -0.04 0.1 TotIntlAdmIdx r 45.50 +0.03 12.9 TotStAdml 179.26 +1.02 10.5 TxMCapAdml384.64 +2.30 9.9 TxMIn r 22.76 -0.08 14.2 USGroAdml 191.55 +2.11 -1.8 ValAdml 85.78 -0.24 16.3 WdsrllAdml 91.78 +0.31 10.9 WellsIAdml 62.69 -0.08 3.6 WelltnAdml 80.48 +0.38 5.4 WndsrAdml 82.80 +0.30 12.7 先锋基金 (VANGUARD FDS) DivdGro 31.91 -0.11 5.1 LifeGro NA ... NA LifeMod PrmcpCor 46.07 -0.02 24.4 STAR TgtRe2020 TgtRe2025 TgtRe2030 TgtRe2035 TgtRe2040 TgtRe2045 TgtRe2050 TgtRe2060 TgtRet2055 TgtRetInc
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
华尔街日报
Saturday / Sunday, August 1 - 2, 2026 / B9 您可以采取行动的 情报。
了解更多 corporate.wsj.com / Enterprise
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作者：ADAM WHITTAKER
英国能源巨头英国石油 (BP) 正在将其英国北海业务挂牌出售，这为其在母国结束超过半个世纪的石油生产铺平了道路。
英国石油周五表示，随着该公司将支出重新聚焦于其他回报率更高的项目，它将向潜在买家推销该业务。
此举正值新任首席执行官 Meg O’Neill 在一次旨在提高利润和股东回报的战略调整中审查英国石油的投资组合。该公司目标在 2027 年底前通过资产出售筹集 200 亿美元 billion，以期降低净债务。
近年来，英国石油的股价和盈利能力落后于同行——部分原因是其在绿色能源领域的一次不幸尝试——该公司目前正试图通过在核心领域增加支出以实现赶超。
作者：MEGAN CHEAH
加拿大的 Alimentation Couche-Tard 计划以约 $8.7 billion 收购波兰最大的便利零售商 Zabka，以扩大其在中欧和东欧的足迹。
如果交易成功，这将是 Circle K 所有者规模最大的一次收购。去年 7 月，该公司放弃了对 7-Eleven 的日本所有者 Seven & i 价值 $47 billion 的收购企图。
Couche-Tard 周五表示，其子公司 Circle K Polska 将对 Zabka Group 的所有股份发起公开收购，每股价格为 32 波兰兹罗提，代表总股权价值约 32.62 billion 兹罗提，相当于 87.3 亿美元 billion。Zabka 股价
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广告
（注：以下为页面右侧关于 LemonLime 的内容）
甚至为了获得一个面试机会，就得面对更多重重障碍。
“就业市场不能糟糕到这种地步，”一名 X 用户写道，“以至于孩子们必须纹上永久性纹身才能获得面试。”
随后，Zietz 发布了另一篇语气较为愧疚的帖子。
“我搞砸了，”他写道，称该提议过于鲁莽。这一次，Zietz 表示，所有纹身的人都是自愿选择的。没有人被要求纹上 LemonLime 的标志。
尽管如此，他表示：“我本应该意识到，将纹身与招聘挂钩会产生压力和权力动态。”
Zietz 和联合创始人 Daniela Muñoz 在今年早些时候创办了 LemonLime，这是一家为公司创建 AI 代理和自动化方案的企业。这家五人公司目前正处于著名的 Y Combinator 初创加速器计划的批次中。据参与者称，那里的许多人也是 Y Combinator 的创始人和其创业学校的参与者。
其中一人，Dimple Amitha Garuadapuri，参加该活动是为了与其他创始人建立联系。她拥有自己的初创公司，名为 Stri Health，专注于女性健康。她一直在考虑...
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住宅房地产
2 在线拍卖
科罗拉多州大丹佛地区
35.37± 英亩豪华庄园
英国石油 (BP) 的北海产量在 2025 年平均每天约为 117,000 桶油当量。
油气业务。 O’Neill 周五表示，随着英国石油 (BP) 将支出导向其最高价值的机会，其北海业务可能会
在华沙证券交易所的最后收盘价为 29.26 兹罗提。 这家加拿大便利店运营商预计将在 8 月下旬左右启动报价，并于 12 月前完成交易。 此举发生在 Seven & i 决定不继续潜在投资扎卜卡 (Zabka) 之后不到一周。 扎卜卡 (Zabka) 在波兰和罗马尼亚经营 13,000 多家门店，并拥有约 4.3 million 的日均交易量。这家波兰食品零售商还声称其数字化渠道拥有约 11.7 百万用户。 库彻-塔德 (Couche-Tard) 表示，预计将通过全额承诺的债务工具为该交易提供资金。
作为另一家公司的一部分而处于更有利的地位。 英国石油 (BP) 计划出售的资产包括东海岸海域的五个生产中心。
作者：ALLISON POHLE 与 CHIP CUTTER
求职面试通常需要带回家完成的测试、战略备忘录，甚至性格评估。然而，这一次涉及的是永久性墨水和针头。 早期的 AI 初创公司 LemonLime 的联合创始人由于在一次社交聚会上提出了一项挑战，引发了轩然大波：任何在活动现场纹上公司图案的人将立即获得面试机会。 Jordan Zietz 在 LinkedIn 上发帖称，这个想法是为了“结识优秀的人，并找出其中谁和我们一样疯狂”，并补充说他为此次活动专门请来了一名纹身师。 “我们大胆，我们承担风险，并且我们做一些前所未有之事。” 他写道，有 7 个人接受了他的邀请，在最近的旧金山活动中留下了永久性的纹身。 他补充道：“如果你正联系我们申请工作，你可能需要做好笔记。” 网络上的愤怒几乎立即爆发——一些人在发泄对硅谷初创公司文化中“奥威尔式”倾向的不满。另一些人则谴责这种招聘环境，在这种环境下，求职者不得不面临重重考验
【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。】
| 公司名称 | 代码 | 数值 | 价格范围 | 类型 | 日期 |
|---|---|---|---|---|---|
| AllianceBernstein | AB | 9.5 | .82 /.83 | Q | Aug27 /Aug12 |
| Willis Lease Finance | WLFC | 2.2 | .133/.13333 | Q | Aug21 /Aug11 |
| 公司名称 | 代码 | 数值 | 价格 | 日期 |
|---|---|---|---|---|
| Columbia Financial | CLBK | 1.9 | .05 | Aug26 /Aug12 |
| 公司名称 | 代码 | 比例 | 日期 |
|---|---|---|---|
| KWave Media | KWM | 1:30 | /Aug03 |
| Lexaria Bioscience | LEXX | 1:15 | /Aug03 |
| LiBang International | LBGJ | 1:200 | /Aug03 |
| Rush Enterprises A | RUSHA | 3:2 | /Sep01 |
| Rush Enterprises B | RUSHB | 3:2 | /Sep01 |
| Sports Ent Gaming Glbl | SEGG | 1:7 | /Aug03 |
| TOP Financial Group | TOP | 1:5 | /Aug03 |
| Wetour Robotics | WETO | 1:100 | /Aug03 |
苏格兰和设得兰群岛西部。该公司雇佣了约 1,100 人。 BP 在 1964 年获得了首个北海勘探许可证，并在 11 年后开始生产。虽然该公司的总部位于英国，但其起源源于中东，当时威廉·诺克斯·达西 (William Knox D’Arcy) 在 1902 年获得了开始钻探石油的特许权。这家勘探公司随后演变成了 BP。 尽管 BP 的北海资产在英国具有历史和国家意义，但它们对公司的财务重要性并不大。它在世界各地拥有资产，包括在美国和墨西哥湾的大量持有量。 BP 在北海的日均产量在 2025 年约为 117,000 桶油当量——仅占该公司 230 万桶总油气产量的极小一部分。 英国北海是一个成熟的盆地，这意味着大部分易于获取的石油已经被开采。随着独立运营商的介入并整合资产，国际能源巨头一直在缩减其风险敞口。利润税的提高也影响了投资并改变了计算方式。
[图片说明：ANDY BUCHANAN/POOL/AFP/GETTY IMAGES]
她已经考虑纹身一段时间了，于是把握机会去做了。她纹了一个对她个人有意义的图案，但拒绝透露具体内容——只说既不是柠檬也不是青柠。
她纹身时的照片在网上疯传，同时伴随着她正在面试工作的帖子。“我觉得这次走红的叙事不在我的掌控之中，”她说。她目前专注于她的创业公司且正在招聘：不要求纹身。“我们没有歧视，”她说。
Zietz 对公众关注并不陌生。2022 年，他在扮演斯坦福大学的非官方吉祥物“Tree”时，展开了一条 40 英尺长的横幅，上面写着“斯坦福憎恨乐趣”。
资深创业公司创始人表示，LemonLime 的策略成功地吸引了注意力，但许多人对这一举动表示质疑。
“这很新颖，但我并不喜欢，”游戏公司 Zynga 前首席执行官、《Life at the Speed of Play》一书的作者马克·平克斯（Mark Pincus）表示。“你在我们甚至还不知道是否要雇佣对方之前，就要求对方去纹身——这不对。”
随后他提出了一个轻松的替代方案：“也许他们可以先画个海娜纹身（临时纹身），如果被录用了，再承诺将其永久化。”
对于能源公司而言。
行业团体、部分工会以及特朗普总统已呼吁英国政府放宽对北海新油气项目的限制。
特朗普“钻吧，宝贝，钻吧”（drill, baby, drill）的口号与英国执政的工党采取的方式有所不同。工党在其 2024 年的竞选宣言中表示，将不再发放新的油气钻探许可证。新任首相安迪·伯纳姆（Andy Burnham）表示，他最近告诉特朗普，他将对新钻探采取“务实”的态度。
英国政府目前正在决定是否推进两个名为 Jackdaw 和 Rosebank 的北海重大油气项目，这两个项目此前一直陷入法律纠纷。
即使在出售北海资产之后，英国石油 (BP) 仍将在英国保留大规模业务。该公司将把全球总部留在该国，并保留提供航空燃料的业务、加油站网络以及其全球贸易中心等其他运营部门。
纽威品牌的 前景
作者：KATHERINE HAMILTON
纽威品牌 (Newell Brands) 上调了其盈利预期，因为该公司预计关税退税带来的助力将有助于抵消不断上涨的供应成本。
这家销售 Sharpie 标记笔和 Rubbermaid 容器的公司，尽管面临成本上升，但仍成功地使多个业务板块恢复增长。纽威品牌的高管在周五告诉分析师，他们正利用关税带来的额外助力，以避免大规模提高消费者价格。
首席执行官 Chris Peterson 表示，退税和第二季度利润的增长将有助于“有效地抵消目前的通胀环境，这比我们进入今年时所计划的要高得多”。
纽威品牌季度收入，较去年同期变化
2024 '25 '26
来源：S&P Capital IQ
纽威品牌目前预计全年摊平后的每股收益为 73 cents 到 77 cents，高于此前预计的 56 cents 到 60 cents。该公司还将净销售额增长预期从持平至 2% 缩小至 1% 到 2%。
周五，该公司股价上涨 9% 至 $5.60。
尽管纽威品牌预计今年将因通胀产生 2 亿美元的成本，这是 2026 年初给出预估值的两倍，但公司仍上调了指引。管理层希望通过预计在今年晚些时候收到的关税退税来抵消部分支出，这些退税总计将达到 $126 million，涵盖今年和去年已计入费用的关税。
由于应对新实施关税带来的成本上升，纽威品牌在 2025 年多次提价。
此后，营收势头有所增强，第二季度销售额增长 3% 至 19.9 亿美元 billion。根据 FactSet 调查的分析师预测，销售额为 19.8 亿美元 billion。核心销售额增长 2.3%。利润为 $106 million，即每股 25 cents，而去年同期为 $46 million，即每股 11 cents。根据 FactSet 的数据，分析师此前预计每股收益为 17 cents。
纽威品牌预计在当前的第三季度销售额将增长 2%-to-3%。
2Q 2026
华尔街日报
2026 年 8 月 1 - 2 日，星期六 / 星期日 / B11 市场 科技巨头聚焦动荡之月
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作者：SHRADHA DINESH 和 SAM GOLDFARB
周五 Amazon.com 股价的飙升为纳斯达克提供了足够的动力，掩盖了苹果公司的暴跌。
纳斯达克综合指数 1% 的涨幅之下，是苹果公司（股价下跌 7.4%）与亚马逊（股价飙升 15%）之间的一场拉锯战。
这家 iPhone 制造商损失了 3578 亿美元 billion 的市值，这是其有记录以来单日市值跌幅最大的一次，也是任何一家美国公司历史上的第三大单日跌幅。
这次财报后的下滑是苹果公司自 2014 年以来最大的跌幅，此前该公司对其 9 月季度的预测低于华尔街的预期。
但苹果公司的变动被 Amazon.com 股价 15% 的飙升所抵消，此前该公司报告其云计算销售额加速增长。这次反弹使该云服务提供商和
周五市场
作者：ALEXANDER OSIPOVICH 电子债券交易支撑 ICE 交易
ICE
纽约证券交易所的所有者洲际交易所 (Intercontinental Exchange, ICE) 因投资于预测市场和加密货币等热门领域而成为新闻焦点。
在过去的一周里，ICE 表明它仍然对较为保守的债券交易业务感到兴奋。
通过以 60 亿美元 billion 收购 MarketAxess，总部位于亚特兰大的 ICE 再次加大赌注，认为债券交易市场将继续电子化，追随其他资产类别的步伐——在那些领域，大声喊价的汗流浃背的华尔街交易员已被基于屏幕的交易工具所取代。
MarketAxess
其他
预测市场
证券交易所
债券电子化 从历史上看，为股票创建电子市场比为债券创建电子市场要容易得多。虽然一家公司通常会发行一套由投资者广泛持有的普通股，但它可能会发行许多不同系列、不同到期日的债券，这些债券的交易频率可能很高，也可能很低。这种复杂性使得充满活力的集中化市场难以出现，因为交易分散在许多不同类型的债券中。
尽管如此，电子交易在债券市场已逐渐起飞。在 Covid-19 流行期间，电子交易得到了显著推动——当时许多 19
考虑公开上市
作者：COLIN KELLAHER
核技术及服务供应商西屋电气（Westinghouse Electric）已向证券交易委员会（SEC）秘密提交了一份初步注册声明，拟对其普通股进行首次公开募股。
这家总部位于宾夕法尼亚州克兰贝里镇（Cranberry Township, Pa.）的公司由加拿大的 lBrookfield Asset Management和Cameco共同所有。该公司表示，计划发行的股份数量及拟议发行价格范围尚未确定，并补充称发行将视市场情况而定。
过去一周指数表现
10分钟间隔
周一 周二 周三 周四 周五
来源：FactSet
零售商获得了其有史以来最大的市值增长。这两家科技巨头的剧烈波动将指数拉向了相反的方向。包含苹果公司的标准普尔500指数科技板块当日收盘下跌 0.5%，而包含亚马逊公司的非必需消费品板块则飙升 6.1%。总体而言，标准普尔500指数上涨 0.7%，而道琼斯工业平均指数上涨 0.5%，即 277 点。
周五的上涨足以让道琼斯工业平均指数在该月内转为正增长。这一蓝筹股指数在7月份上涨了 0.3%，而标准普尔500指数
50%
不同种类债券的电子交易比例
美国高收益债 美国投资级债
2013 '15 '17 '19 '21 '23 '25 0
公司债券交易平台的市场份额
60%
Tradeweb
2020 '21 '22 '23 '24 '25 '26*
*截至6月的年初至今数据
其他事物也在数字化——在波动性迫使交易员转向 MarketAxess 等电子交易平台之后。
根据研究机构 Crisil Coalition Greenwich 的数据，去年美国投资级债券市场的电子交易比例为 49%，而十年前这一比例仅为 20%。
SEC 的秘密 IPO 申报流程允许监管机构与公司在完成文书工作期间，就披露内容进行往复对话。
西屋电气及其所有者去年与商务部签署了一项协议，根据该协议，美国政府将安排融资并协助批准至少 800 亿美元（800 亿美元 billion）采用西屋技术驱动的核反应堆项目。
持有西屋电气 51% 股份的 Brookfield 和持有另外 49% 股份的 Cameco 在 2023 年通过一项价值约 80 亿美元（80 亿美元 billion）的交易收购了该公司。
纳斯达克综合指数 标准普尔500指数 道琼斯工业平均指数
小幅下跌 0.1%，纳斯达克下跌 3.2%。三大指数在本周均上涨 1% 或更多。
7月对于股市而言是一个动荡时期，人工智能（AI）引发的忧虑、伊朗战争以及美联储（The Fed）的政策使得市场剧烈波动。近期几周，关于 AI 投资成本的担忧以及担心此类支出无法产生预期的巨额利润，引发了部分股票的剧烈波动。
“这就像是在一次观鲸之旅中。每个人都冲向船的一侧，因为……”
洲际交易所 (Intercontinental Exchange)，部分交易与收购
Trumid
来源：Crisil Coalition Greenwich（交易份额，市场份额）；工作人员报告（交易与收购）
同期，高收益债券的电子交易比例从 6% 上升至 32%。
ICE 处于领先地位 由其创始人兼长期首席执行官 Jeffrey Sprecher 领导的洲际交易所（Intercontinental Exchange）在进行……方面有着悠久的历史。
作者：ANDREA FIGUERAS 与 MAURO ORRU
在订阅收入令投资者失望后，这家代表泰勒·斯威夫特（Taylor Swift）、Lady Gaga和坏兔子（Bad Bunny）的唱片公司股价遭遇了自2021年上市以来的最大跌幅。
这家全球最大音乐公司的股票周五在阿姆斯特丹暴跌25%，超过了2024年7月25日因订阅和流媒体收入增长乏力而导致的23.5%跌幅。
这些服务在疫情高峰期蓬勃发展，当时由于冠状病毒限制导致现场演唱会陷入停滞，听众转而寻求数字平台来欣赏他们喜爱的艺人。
尽管近年来增长有所放缓，但订阅和流媒体仍然是投资者的关注重点，因为它们属于该集团的录制音乐业务，而该业务占据了收入的绝大部分。
环球音乐周四公布的第二季度营收为3.29 billion欧元，相当于37.9 亿美元 billion，该数据包含了环球旗下的Virgin Music Group在2月份完成对Downtown Music Holdings收购所带来的贡献。
然而，分析师和投资者正关注环球音乐在排除Downtown收购后的底层业绩。
订阅收入增长了6.7%，低于9.3%的共识预期，且较环球音乐在第一季度记录的7.9%增长有所放缓。
与此同时，在不计Downtown收购的情况下，调整后息税折旧摊销前利润（EBITDA）——环球音乐首选的盈利衡量指标——为€664 million，同样低于预期。
“就像看到一只鲸鱼，然后当鲸鱼游到船另一侧时，人们又急忙冲向另一边，”Interactive Brokers首席策略师Steve Sosnick表示。
一些投资者认为，在专注于人工智能的投资公司Situational Awareness完成大部分持仓抛售之后，周五出现了一次反弹行情。在韩国，受AI推动的综合股价指数（Kospi）跳涨18%。在今年早些时候快速上涨后，这一波动巨大的基准指数在近几周内曾大幅下跌。
美联储在上周给市场带来了巨大的压力。周五，在三名央行官员解释本周为何投票支持加息后，国债收益率延续了近期涨势。10年期美国国债收益率上升至4.743%，达到2025年1月以来的最高水平。30年期收益率上升至5.274%，创下19年新高，且经历了2024年以来最剧烈的一个月涨幅。
债券市场承受的压力与周三有所不同，周三投资者抛售长期国债，是担心如果通胀持续，美联储主席凯文·沃什（Kevin Warsh）可能不愿提高利率。周五，收益率全面攀升。
类别 / 公司 / 资产 / 状态 / 日期 :--- 固定收益 / MarketAxess / 同意在 2026年收购 加密货币交易所 / OKX / 2026年投资 加密货币交易所 / Polymarket / 2025年投资 抵押贷款软件 / Black Knight / 2023年收购 抵押贷款软件 / Ellie Mae / 2020年收购 期货交易所 / NYSE / 2013年收购 期货交易所 / New York Board of Trade / 2007年收购 期货交易所 / International Petroleum Exchange / 2001年收购
这表明对那些正向电子交易转型的市场进行了精明的投资。在2000年代，洲际交易所（ICE）收购了多家拥有传统交易大厅的期货交易所，并将它们转变为全电子化市场。
近期，ICE投资了美国市场的底层基础设施。
环球音乐集团 (Universal Music Group) 股价，年初至今
1月 2026年 7月 4月
来源：FactSet 注：€1 = $1.15
随着投资者加大了对短期内利率上升的押注，到期日较长的债券受到影响。
与此同时，亚马逊强劲的收益为受创的 AI 超大规模计算供应商债券提供了支撑。根据 MarketAxess 的数据，投资者持有其 2056 年到期的 6.1% 债券相对于国债的额外收益率（即利差）从周四的 1.23 个百分点下降至 1.1 个百分点。
其他超大规模计算供应商支持的债券相对于国债也上涨了，包括 Meta Platforms、Alphabet 和 Oracle 发行的债券。近几周，由于投资者日益担心这些公司为了资助芯片采购和数据中心建设将借款并支出多少资金，因此要求持有这些债券获得更高的收益率。
“这些公司并不傻。他们投入更多资金，是因为扩大产能具有极高的盈利能力，”MAI Capital Management 首席市场策略师 Chris Grisanti 表示。“我对我们的专业人员说：‘听着，如果你经营一家产能受限且利润率极高的企业，你会不择手段地扩张业务。’”
抵押贷款市场，押注其传统的纸质流程早已到了数字化转型的时刻。
多年来，ICE 进行了多项交易以深化其在债券市场的影响力，但其最大的业务是提供固定收益数据和分析，而非实际执行债券交易。通过与 MarketAxess 的交易，ICE 希望将一个大型交易平台与其现有的数据业务相结合，使其成为固定收益市场中无处不在的参与者。
行业先驱
多年来，电子债券交易领域的知名企业是 MarketAxess 和 Tradeweb，前者专注于公司债券，后者则以国债交易著称。
但自疫情初期以来，MarketAxess 已落后。Crisil Coalition Greenwich 的数据显示，去年其处理的公司债券成交量占比为 35%，低于 2020 年的 61%，Tradeweb 和新兴竞争对手 Trumid 抢占了其大部分失去的市场份额。
自那时起，MarketAxess 的股价大幅下跌，较 2020 年 12 月的峰值下跌超过 70%。现在，它将成为 Sprecher 帝国中的另一个组成部分。
“MarketAxess 将使我们的网络更宽、更深，”ICE 首席执行官在周四早上的业绩电话会议上表示。
低于共识预期的 €703 million。
Bernstein 的分析师在给客户的报告中写道，Universal 第二季度的各项数据均不理想，并表明流媒体订阅收入潜在的改善已被推迟到下半年。
在过去的 12 个月里，Universal 的股价下跌超过 40%，因为投资者对订阅和流媒体收入增长能显著反弹的希望从未实现。
周五的股价暴跌发生在公司董事会一致拒绝比尔·阿克曼 (Bill Ackman) 旗下的 Pershing Square Capital 提出的 650 亿美元 billion 收购要约约两个月后，董事会称该提案低估了该集团的价值。
这位亿万富翁试图让 Universal 在美国上市，他表示，由于 Pershing 所称的与 Bollore 在公司中持股相关的不确定性、UMG 资产负债表的利用不足以及缺乏公开披露的资本分配计划，导致其股价长期低迷。
这家唱片公司在回应中表示，其已将 €500 million 股票回购计划扩大至 €1 billion，并将出售其在 Spotify Technology 约 3% 持股中的一半，将资金用于回购股票。
收购设备公司 盈格控股的协议
作者：LAUREN THOMAS 以及 MARK MAURER
据知情人士透露，私募股权公司考夫曼-利兹公司 (KKR) 接近达成一项协议，将医疗设备外包公司盈格控股 (Integer Holdings) 私有化。
知情人士表示，该交易最快可能在下周达成，届时这家总部位于德克萨斯州普拉诺的公司估值将约为每股 $127。目前尚不能保证交易最终能够达成。
盈格控股与其他医疗设备公司合作，负责关键部件的设计、开发和制造。该公司的市值超过 $30 亿。其股价在周五上涨了约 20%。
盈格控股面临来自其最大股东之一的激进投资者压力。据《华尔街日报》12 月报道，Irenic Capital Management 已在该公司建立超过 3% 的持股，并敦促其更新董事会并考虑出售。
该公司在 4 月表示，其董事会已开始对包括潜在出售或合并在内的选项进行战略审查。
考夫曼-利兹公司 (KKR) 管理的资产规模约为 $8000 亿，已投资于多家医疗健康技术公司。其投资组合公司包括 Cotiviti、Infinx 和 Healthium Medtech。尽管整个行业未售资产的积压量在增加，但 KKR 最近记录了该公司历史上最佳的资产出售季度。
健康技术公司通常向私募股权公司出售股份，以获得大规模资金并扩大其平台。该行业在今年早些时候见证了一次大规模私募股权交易：黑石 (Blackstone) 和 TPG 在 4 月将女性健康诊断公司 Hologic 私有化，交易金额（含债务）高达 $183 亿。
因季度业绩强劲 上调预期
作者：DOMINIC CHOPPING
纳西银行在报告收益增长并完成对财富管理公司 Evelyn Partners 的收购后，上调了全年指引，并提前了预计宣布新股票回购计划的日期。
这家英国贷款机构报告称，第二季度税前利润增长 29% 至 22.9 亿英镑（约合 $30.8 亿），高于该公司汇总的共识预期 20.4 亿英镑。
净利息收入（即公司贷款收入减去存款支出）较一年前有所改善，达到 £35.1 亿，符合预期；而总收入增长 12% 至 £45 亿，增速超过了成本的轻微增长。
首席执行官保罗·斯威特 (Paul Thwaite) 表示，存款、贷款和管理资产在过去六个月中均持续增长，并补充说银行已做好充分准备以加速进展。
“我们业绩的一致性，加上完成对 Evelyn Partners 的收购，使我们有信心加强对 2026 年的指引，”他说道。
该行目前预计年度总收入（不含重大项目）约为 £179 亿，其中包括来自 Evelyn Partners 交易的约 £2.75 亿。此前，该行指引的总收入处于 £172 亿至 £176 亿范围的高端。
全年运营支出目前预计在 £85 亿左右，而此前指引约为 £82 亿；同时，有形权益回报率预计将从之前的 17% 以上提升至 19% 以上。报告显示，第二季度的有形权益回报率为 21.0%。
–20
寻求新领域
福特汽车（Ford Motor）和通用汽车（General Motors）正将目光投向汽车之外。如果历史重演，投资者可能会后悔他们的分心之举。这一次会不同吗？
今年 5 月，在正式宣布成立 Ford Energy（一项旨在服务于人工智能超大规模数据中心和公用事业电力的电网级电池存储业务）后的几周内，福特的股价大涨 45%，市值增加了近 $23 billion。此后其股价有所回落，但自 Ford Energy 启动以来仍上涨超过 20%。该公司还重新进入国防领域，近期赢得了一项为美国陆军制造战术卡车的合同。
自上周的财报电话会议以来，通用汽车的股价上涨了 16%。在这次会议上，该公司提高了全年业绩指引，并详细介绍了其自身的国防和电网级电池业务。
接第 B1 页
监管文件被像经书一样地仔细研读。他的毛衣和深色高领衫增加了他作为 AI 隐世先知的名声。但本周，由于急需现金，Aschenbrenner 在周三晚些时候达成了一项协议，将其最珍贵的资产——价值 35 亿美元 billion 的 Anthropic 巨额股权——出售给一个由 Greenoaks 和 Sequoia Capital 领导的投资者团队。但到了第二天早上，他又撤回了决定。当天晚些时候，Aschenbrenner 给他的投资者写信称，公司改为出售部分上市股票以偿还借款，从而保留了在私有公司的股份。他写道，他的基金本月下跌了 67%。“这些动态本质上与银行挤兑类似：脆弱性导致更多的脆弱性，”他写道。
2024, 年，当 Aschenbrenner 在好友 Dwarkesh Patel 主持的播客中罕见公开露面时，在一段持续 4.5 小时的对话接近尾声时，他被问及他的投资计划。“想必你已经考虑过这类事情可能崩盘的方式，”Patel 说道，“有很多有趣的商业历史书讲述了那些论点正确但时机错误的人。”“显然，”Aschenbrenner 说，“不崩盘是任务 1 和 2。”
Aschenbrenner 在柏林长大，后来来到美国就读大学。他创办了一个有效利他主义俱乐部，并以最优等生身份毕业。他与未来的妻子 Avital Balwit 一起在 FTX Future Fund 工作。随着 FTX 的崩溃，他们与其它员工一起辞职。Aschenbrenner 在 Bankman-Fried 慈善机构工作的经历并未出现在他的 LinkedIn 页面上，而在该页面上他曾列出过自己几近完美的 LSAT 成绩。2023, 年，他加入了 OpenAI。在公司期间，他开始起草一份在他离职后将在网上发布的宣言。这篇名为《情境意识》（Situational Awareness）的文章宣称，AI
辅助业务。在业绩电话会议上，通用汽车 (GM) 首席执行官玛丽·巴拉 (Mary Barra) 表示，这些是提高利润率并降低周期性的机会。
投资者可能需要克制其预期。这些业务虽然具有前景，但尚未得到验证，而且汽车制造商在多元化经营方面有着起伏不定的历史。
即使核心业务目前看起来不错，汽车制造商也有充分的理由将目光投向汽车之外。福特 (Ford) 和通用汽车的高利润运动型多用途车 (SUV) 销售良好，两家公司今年已第二次上调全年业绩指引。但他们知道，好时光无法持久。
尽管由于进口限制，中国电动汽车制造商目前被挡在门外，但它们仍是一个潜伏的威胁。传统汽车的长期前景暗淡：领取驾照的年轻人在减少，新车价格让许多美国人难以承受，且汽车的使用寿命比以往长得多。“这个行业正在衰落，”RBC 股票分析师汤姆·纳拉扬 (Tom Narayan) 说道。
Situational Awareness* 持有的主要上市股票持仓股价变动
40%
–10
–50% –40 –30 –20 –10 0
10.0
5.0
Sandisk
Bloom Energy
Nebius Group
*截至 3 月 31 日 来源：FactSet；SEC 申报文件
他认为，AI 将很快变得比人类更强大，而世界上大多数人还没有意识到这一现实。
他写道：“目前，也许只有几百个人，其中大多数在旧金山和 AI 实验室中，具备‘情境意识’ (situational awareness)。”“由于某种奇异的命运力量，我发现自己成为了其中一员。”
不久之后，他与卡尔·舒尔曼 (Carl Shulman) 共同创办了一家对冲基金公司，后者是另一位沉浸在有效利他主义 (effective altruism) 世界中的 AI 知识分子。组织 Sohn 投资会议的知名投资者格雷厄姆·邓肯 (Graham Duncan) 担任顾问。
舒尔曼曾在彼得·蒂尔 (Peter Thiel) 经营的对冲基金工作，他为 Situational 提供了更专业的背书。这对搭档为进入该基金设定了高昂的价格。部分投资者的最低入金门槛为 $25 million，许多投资者同意将其资金在他那里锁定数年。
阿申布伦纳 (Aschenbrenner) 在旧金山过着惬意的生活。他搬进了该市名流聚集的 Nob Hill 社区的一栋豪宅中。
在他的公司总部，他与播客主持人帕特尔 (Patel) 共同举办周五快乐时光。两人在同一个办公室工作，经常邀请来自 OpenAI 和 Anthropic 的领先研究员。
今年早些时候，播客主持人蒂姆·费里斯 (Tim Ferriss) 将阿申布伦纳称为“AI 界的诺查丹马斯”，告诉听众，他那篇引发热议的论文“几乎达到了预言家的程度”。
在一段时间里，阿申布伦纳的押注确实显得具有先见之明。该公司曾经历短暂的挫折，包括在 2025 年初某个低成本 AI 模型发布后出现亏损。
2.5
财务分析与评论
年初至今股价表现
福特汽车 (Ford Motor) 通用汽车 (General Motors)
2026 七月
来源：FactSet（表现）；美国交通部（截至 2024 年的销售数据），AlixPartners（预测值）
预测值
他补充说，汽车供应商也在进行多元化布局。
美国汽车制造商发现自己正处于与 20 世纪 80 年代中期类似的局面。当时，美国政府通过限制进口暂时抵御了日本公司的冲击。这一点，加上经济的繁荣，帮助底特律的汽车制造商赚取了丰厚利润，而这些利润随后被投入到对其他业务的追求中。
在 20 世纪 80 年代，福特购买了包括 First Nationwide 和 Associates 在内的金融服务公司，认为这些业务将提供更稳定的收入来源。通用汽车 (GM) 购买了一家信息技术公司以帮助其工厂实现自动化，并收购了国防制造商休斯电子 (Hughes Electronics)，试图制造尖端车型。总体而言，通用汽车在自动化推进上投入了超过 400 亿美元 billion。
但这些多元化尝试并未成功。一名分析师在 1990 年的一篇洛杉矶报道中认为，福特在发动机技术上落后于日本，部分原因是它在多元化上花费过多，而没有专注于其核心业务。
通用汽车国防部门 (GM Defense) 的步兵小队车辆在 1 月的底特律车展上展出。
头寸，并通过做空一些被视为 AI 输家的股票进行对冲，但其旨在大量暴露于市场波动之中。根据监管文件，Situational 迅速与包括高盛、摩根大通、花旗集团和美国银行在内的最大规模银行签署协议，以为其交易提供融资并执行。据熟悉此次接触的人士透露，今年早些时候，该公司渴望获得更多借贷资金以增强购买力，并向其他银行伸出橄榄枝，试图争取更多融资。直到 7 月初，一切似乎都进展顺利。它被选中在韩国芯片制造商 SK Hynix 规模高达 270 亿美元 billion 的美国上市项目中扮演核心角色。据熟悉此事的人士称，每 $1 的资本，Situational 会通过额外借入 $3 到 $4 甚至更多来扩大其头寸，这远高于交易此类波动股票的基金所使用的杠杆。它还使用期权来放大收益。这意味着，即使是个别股票的轻微下跌，也可能对 Situational 的投资组合产生重大影响。但到了本月中旬，投资者对 AI 交易的情绪开始转变。廉价的中国开源模型的进展惊扰了交易员。Situational 的贷款行开始更仔细地审查对该公司的风险敞口，并密切关注其业绩的每日波动。据两名接近此事的人士透露，在过去一周里，各大对冲基金和其他公司的交易员开始共享关于 Situational 风险敞口的信息，其中一些人通过做空其核心持仓进行押注，希望在 Aschenbrenner 出售头寸筹集资金时从中获利。竞争对手的空头押注给 Situational 的投资组合带来了压力。与此同时，像 SK Hynix 这样的科技股正在下跌。据高盛称，在截至本周二的三个交易日内，对冲基金减持的规模达到了三年来的最高水平。所有这些杠杆最终导致了深重损失。随着损失加剧，银行发出了保证金追缴通知（margin calls），要求提供额外的抵押品以担保其股票贷款。Situational 抛售股票以筹集现金，并请求——
Situational 的投资者包括帕特里克·科利森（左）及其兄弟约翰。
CoreWeave
Core Scientific
中国初创公司 DeepSeek 引发了英伟达及其他 AI 相关股票的抛售。不过，Situational 随后迅速回升，并在年底实现盈利。
该基金今年截至 5 月的扣费后收益率约为 270%。到那时，其自成立以来的扣费后收益率超过 1,000%。其管理规模已迅速膨胀至超过 200 亿美元 billion，达到了其他知名对冲基金花费数十年才积累的规模。
Situational 吸引了 Jane Street 的投资，这家大型量化交易公司极少向外部基金经理分配资本。近几个月来，Situational 聘请了更多资深高管，这些人曾在高盛、红杉资本的对冲基金关联公司以及 Citadel 工作。
Situational 告诉潜在投资者，它将把基金的最高 30% 投资于私有公司。它将主要在能源、基础设施、软件和半导体等部门的股票市场中，对 AI 赢家进行集中押注。并且，它将借款以放大
福特能源 宣布
《时代》杂志的一篇文章指出，根据加州大学洛杉矶分校（UCLA）的马文·利伯曼（Marvin Lieberman）和拉吉夫·达万（Rajeev Dhawan）的研究，通用汽车（GM）在 20 世纪 80 年代的大规模投资期间，工厂生产率实际上有所下降。近期，福特（Ford）和通用汽车在电动汽车的大额投资上经历了巨额减记。
这一次的看涨论点是，福特和通用汽车并没有挥霍资金，也没有远离其舒适区。但在可预见的未来，这些新业务对业绩的提升作用将十分有限。例如，福特的电网级储能业务涉及对其肯塔基州的电动汽车电池工厂进行改造。此举在 2026 和 2027, 间将花费 $2 billion，约占其该期间预计总资本支出的 10%。通用汽车为军方提供的步兵分队车辆基于一款越野卡车，且主要由商业现货零件组成。关于通用汽车与洛克希德马丁（Lockheed Martin）合作进军武器生产的独立计划，外界了解较少，但通用汽车强调，它计划以资本高效的方式投资于相关业务。
这些新垂直领域的前景比汽车要光明得多。在冲突频发的全球环境下，国防预算正在上升。根据摩根士丹利的数据，美国储能需求在 2030, 前的复合年增长率预计将达到 38%。与此同时，国内制造的储能设备可获得丰厚的联邦补贴。摩根士丹利股票分析师安德鲁·佩尔科科（Andrew Percoco）认为，这赋予了汽车行业独特的优势：他们拥有过剩的电池制造能力、良好的供应链，并懂得如何进行规模化生产。
而且，这些行业的估值倍数潜力要高得多。标准普尔500指数中的国防股交易价格为远期收益的 30 倍。Fluence Energy 和特斯拉等储能相关股票的倍数则更为惊人。而福特和通用汽车的远期收益倍数分别仅为 7.8 倍和 6.2 倍。
但这种重新估值在短期内并无可能。预计通用国防（GM Defense）和福特能源（Ford Energy）在一段时间内都无法做出实质性的利润贡献。潜在的风险在于，美国汽车制造商可能再次在把握当前趋势上行动太慢，或者这些尝试分散了他们对核心业务的注意力。
远见从未是美国汽车制造商的强项。这就是投资者在看待他们这些光鲜的新追求时应保持谨慎的原因。 ——李金珠（Jinjoo Lee）
美国轻型车销量
20.0 million 17.5 7.5 15.0 12.5 '05 '10 '15 '20 '25 1990 '95 2000 0
（此处接续另一段内容） ……向投资者寻求额外资金。就在上周三，该公司还满足了追加保证金通知。它还在探索更激进的财务支撑方式。据知情人士透露，阿申布伦纳（Aschenbrenner）及其同事讨论了出售私人投资（如 Anthropic）、缩减公开股票组合或采取其他措施。Situational 已与其银行和其他对冲基金沟通，探讨一次性出售其投资组合中多种资产的可能性。由格里芬（Griffin）创立的资产规模 710 亿美元 billion 的 Citadel 公司，一直有从陷入困境的对冲基金手中收购资产的历史，包括近 20 年前以贱卖价格从 Amaranth 和 Sowood 等对冲基金手中收购资产。在得知 Situational 的情况后，Citadel 的高管联系了阿申布伦纳，表示如果他需要筹集现金，该公司可以提供帮助。在格里芬的（参与下）……
伦敦，Citadel 团队开始与 Aschenbrenner 及其团队进行谈判，会谈于周三晚些时候开始，并在夜间升级。不久，另一家对冲基金——以色列 “Izzy” Englander 掌管的巨头 Millennium 也介入其中：周三深夜，Millennium 的高管们同样开始与 Situational 的团队进行谈判，讨论其对该基金股份的报价，Englander 则从欧洲通过电话参与讨论。Citadel 在周四早盘交易开始前达成协议，同意收购 Situational 公开股票投资组合的绝大部分。据一名接近此事的人士透露，Citadel 获得了较这些股份市场价值 10% 以上的折扣。对于 Griffin 和 Citadel 而言，这次交易证明是一次大获全胜——至少在一天之内如此。随着 AI 及其他股票上涨，该基金周四购买的许多半导体及其他股票大幅飙升。
对于 Aschenbrenner 来说，这笔交易意味着另一件事：一种生存方式。Situational 剩下的则是一个精简后的股票投资组合，以及价值超过 100 亿美元 billion 的初创公司股权。周四，在婚礼宾客开始抵达卡梅尔（Carmel）时，Aschenbrenner 在给投资者的信中表示，他将在接下来的几周内重点调整其投资组合管理和风险团队。他写道：“我对这些事件承担全部责任。”
中国经济活力的悖论 在美国，监管可能会保护既得利益者，同时挫伤创业者的积极性。而中国则在打击创始人之前，给初创公司留出增长空间。
A
探究为什么职场专业人士正前往中年静修营
作者：LAUREN WEBER
在纽约哈德逊河谷的一处庄园里，一群成功人士聚集在一起，讨论随成功而来的牺牲与失望。 “你得到了头衔，得到了金钱，但内心却感到空虚，”一位银行副总裁分享道。 “我厌倦了每天等待这一天结束，”一位营销总监说道。 一位去年被裁掉职位的医院高管分享说，他有时会发现自己在想象另一种生活：开一家五金店，或者成为一名科学教师。 “当我想到那些时，我的神经系统就放松了，”他说。 这次费用 $4,000 的静修会由一个名为 Punks & Pinstripes 的社交组织赞助，被描述为“一次面向寻求改变的领导者的专属聚会”——它并非普通的公司团建。七名与会者的年龄从 30 多岁到 50 多岁不等，他们在金融、咨询、医疗保健和科技等高薪领域表现卓越。他们是顶尖的问题解决者，并将这种能力应用于工作生活，且通常效果显著。 但他们都撞上了意想不到的墙——倦怠、崩溃、幻灭——这迫使他们尝试一种不同的方法。
波登，早年岁月
华尔街日报
2026年8月 1 - 2日，周六 / 周日 / C1
作者：CARL BENEDIKT FREY
在中国，产权是有条件的，合同可能被共产党撕毁，创始人可能会突然从公众视野中消失或被踢出自己的公司，而且面对国家权力没有有效的救济手段。 根据任何制度经济学教科书，这应该使中国成为企业的坟墓。然而，这个国家却产生了字节跳动（ByteDance）、希音（Shein）、比亚迪（BYD），以及去年的 DeepSeek——这家总部位于杭州的初创公司，其 AI 模型帮助引发了英伟达（Nvidia）市值单日损失 5930 亿美元 billion 的纪录。上个月，总部位于北京的初创公司 Moonshot AI 宣布发布一个完全开源的 AI，其与美国模型抗衡的能力令硅谷震惊。
中年从来不是人生中简单的阶段，因为青春期看似无尽的可能性让位于责任，以及衰老带来的令人谦卑（有时是残酷）的现实。最近这种情况变得更加诡异。长寿影响者正在推广多肽堆叠和冷水浸泡，以帮助人们延长寿命。生活成本推迟了退休时间，尤其是对于那些需要抚养成年子女和赡养年迈父母的人 COME。而 AI 迫使我们所有人思考：如果技术抹去了曾经赋予我们目标的工作，我们该如何度过延长后的生命？ 或许恰如其分的是，中年重—— 请翻到 C4 页
一个如此轻视法治的国家，如何能产生如此强大的活力？
答案在于，在中国以及其他地方，法治并非单一的事物。它有自由主义的一面——保障产权、限制国家的法院——这使企业家免受国家任意权力的侵害，无论是选择性起诉还是直接没收。它同时也有监管的一面，可以一块砖一块砖地筑起壁垒，将竞争对手挡在门外，保护那些缺乏合规部门的挑战者无法进入的既得利益者。
美国过去能意识到这种区别，但现在不再如此。
以托马斯·爱迪生的美国为例。1876年，他花费2,500美元在新泽西州门洛帕克建立了美国第一个工业研究实验室，这笔资金来自他的电报发明所得。由于无需面对如今这样的环境审查、职业安全制度或现代产品责任法，爱迪生向投资者承诺每10天会有一项小发明，每六个月会有一项重大突破。几年之内，他申请了数百项专利，并让曼哈顿下城实现了电气化。他当时所处的监管环境非常宽松。
那个世界早已消失，而且是有充分理由的。
以杜邦公司使用化学物质C8制造特富龙（Teflon）为例。到20世纪60年代初，该公司的毒理学家就已知C8会导致大鼠肝脏肿大；到1981年，该公司已记录了特富龙生产线女工子女出现出生缺陷的担忧；到1984年，该公司已知该化学物质正在渗入当地饮用水中。
1976年的《有毒物质控制法》旨在赋予环境保护署对该类化学物质的监管权力；化学工业界参与了该法的起草，而C8则被列入豁免名单（grandfathered in）。直到20年后，通过一起集体诉讼才……
产生于 新人能够在 律师或 监管机构 介入之前进行创新。
为了迫使杜邦公司达成和解。许多类似的法规是对实际损害的回应。但其累积效应造成了一道壁垒。根据 RegData 的统计，《联邦法规集》（Code of Federal Regulations）中的限制性条款从 1970 年的约 400,000 条增加到 2020. 年的一百万条以上。每一层都加厚了法律的监管面，但并未加强其自由面。
结果，这成了在位者的护城河。在美国（更不用说欧洲）将一种新药推向市场大约需要十年时间，成本可能超过十亿美元。对于辉瑞（Pfizer）来说，这笔准入门槛费已经筹集到位。但对于两个带着原型的创始人来说，这几乎是致命的。法律基础设施是一项固定成本，而固定成本有利于规模化。
没有一家初创公司能负担得起像辉瑞那样能够提供保护的合规部门。在成熟民主国家，对企业精神的威胁不再是政府的反复无常，而是程序的沉重负担。
中国的活力并非源于法律的缺失，而是源于法律颁布的顺序。当某个行业服务于增长、就业或战略竞争时，共产党允许企业在监管灰色地带扩张。安全是后虑；规则随后而至，有时是一次性全部出台。
金融科技巨头蚂蚁集团在支付、银行和平台监管的缝隙中建立了一个帝国，直到监管机构在 2020. 年停止了其 370 亿美元（370 亿美元 billion）的 IPO。滴滴（DiDi）——一家提供网约车及相关服务的应用程序——在成为国家交通基础设施之后，其 2021 年的纽交所上市使其数据变成了一个主权问题；北京方面对该公司罚款 12 亿美元（12 亿美元 billion）并将其应用从市场中撤除。字节跳动在中国于 2022. 年制定针对算法的特定规则之前，已成为全球最强大的推荐引擎之一。这种模式在重复出现：企业先扩张；法律和政治随后到来，且通常是同时到来。DeepSeek 是另一个近期的例子。它发布了 V3 模型，据报道开发成本为 560 万美元（$5.6 million）。与此同时，根据第三方估计，其消费级应用在几周内吸引了约 22 million 每日活跃用户。关于安全、数据来源、版权和地缘政治风险的问题，直到该模型在整个市场引发轰动之后才被提出。
活力产生于 新人能够在 律师或监管机构 介入之前进行创新。 但在中国， 账单以另一种 形式送达。 中国企业投资的 不是合规部门， 而是政治保险：忠诚
（左起顺时针）：一名员工在中国广州 Shein 研发大楼的生产车间对连衣裙进行质量检查；中国互联网巨头阿里巴巴的创始人兼董事长马云；以及美团的联合创始人、董事长兼 CEO 王兴。
（左）：特朗普总统与苹果公司 CEO 蒂姆·库克（Tim Cook，右）及内阁成员。 （下）：华盛顿州博塞尔（Bothell）辉瑞样本的质量保证环节。
这种信号传递，是对党派优先事项的支持以及对官方情绪的敏感度。创始人们出席百年庆典，并签署关于“共同富裕”的承诺书。这种投资并非可选，而是无需法律救济即可开展业务的代价。
马云在 2020 年 10 月短暂地忘记了这一点，当时他在一次金融监管峰会上说，中国的银行体系运作起来就像一家当铺。几天之内，他创纪录的 IPO 被暂停；他的商业帝国很快遭到持续攻击；他从公众视野中消失了数月。美团的王兴在发布了一首针对中国统一后第一位皇帝的古诗后（被广泛解读为对帝国过度扩张的委婉批评），在原本就紧张的监管环境下，他的公司在两天内市值损失了超过 250 亿美元 billion。次年夏天，他显眼地出现在天安门广场的共产党百年庆典上。
权力被随意行使的代价体现在中国股票的估值折价中，体现在资本外逃中，以及尚未恢复的私营部门信心中。中国能创造赢家。但可信的承诺所买到的不仅仅是冠军：它创造了一个更深的人才池，让人们愿意承担长期风险。这一点在谁选择在美创业中显而易见——移民创立了美国超过一半的十亿美元级初创公司，且 60% 的领先私人 AI 公司至少有一名移民创始人。
美国的独特优势一直在于法治的自由面：具体而言，即那些保障私有财产、惩罚反竞争行为并使国家与企业保持距离的规则。而这一优势现在正从顶层被侵蚀。
特朗普政府发起了一场企业控制运动，从发布行政命令禁止某些律师事务所承接联邦合同，到将 AI 公司 Anthropic 贴上“国家安全供应链风险”的标签——这一标签此前仅限于与外国对手有联系的公司。尽管在上述两起案例中，法院都判定政府败诉，但其运作机制与中国是一样的：利用裁量性的国家权力来惩罚不受欢迎的公司，并奖励顺从的公司。随着监管国家的弱化——一些估计认为，特朗普政府 2025 年统一议程中 63% 的意图是去监管——该政府试图在《联邦法规集》之外建立一套平行系统：一个由针对特定国家的关税表、总统公告和逐项产品排除项组成的关税体制。
苹果公司提供了最清晰的例证。分析师估计，特朗普对中国进口商品征收的关税可能会将部分 iPhone 的价格推高至 $2,000 以上，随后蒂姆·库克致电商务部长和白宫高级官员（同时在公开场合保持沉默），并为智能手机、电脑和芯片争取到了豁免。摩根士丹利估计，此次豁免将苹果的年化关税负担从 440 亿美元 billion 削减至 70 亿美元 billion。特朗普告诉记者，他“帮了蒂姆·库克……以及那整个业务”。合规负担并非减轻，而是转移了——从规则手册转移到了贸易计划表中，在那里，政治裁量权占据主导。
无论政府意图如何，潜在的经济紧张局势依然存在，而在前沿领域这种影响最为剧烈。目前布鲁塞尔和华盛顿正在讨论的 AI 实验室之所以存在，是因为它们成立时的监管环境非常宽松，更接近于爱迪生的门洛帕克，而非今天的制药行业。Anthropic 最近决定限制公众访问其功能最强的模型，以及由此引发的监管辩论，提醒人们某些规则将是必要的，而且迫在眉睫。但今天提出的每一项规则都应通过一个简单的反事实假设来测试：如果该规则在十年前就已生效，那么我们现在监管的这家公司是否还会……
曾经建立过？这类监管规定从其性质上来说，也将有利于那些规模大到足以吸收这些成本的公司。这并不是在反对制定规则，而是在主张制定规则时应考虑到新进入者的处境。尽管法治仍然是现代文明的伟大成就之一，但它并不总是竞争的保护者。如果任其发展，它将僵化成一座只有既得利益者才能在其中穿行的迷宫。
从顶部起顺时针方向：GILLES SABRIÉ 为华尔街日报拍摄；CHARLES PLATIAU / 路透社；CHONA KASINGER 为华尔街日报拍摄；BONNIE CASH / 新闻池；TYRONE SIU / 路透社
作者：CHARLOTTE ALTER
密歇根州的参议院初选不仅仅是温和派与进步派之间又一次的激烈争斗。对于民主党来说，这还是一个在必须赢得以重新站稳脚跟的摇摆州进行的清算。在大部分初选季中，关于政党之魂的争夺战一直是以代际为中心的，让年长候选人与年轻、充满活力的后起之秀相对立。然而，这场竞选的特点是两名千禧一代的民主党人对未来持有竞争性的愿景。结果将显示自 2018 年以来该党发生了多大的变化，以及在 2028 年可能会提名谁。在拜登 2024 年竞选活动崩盘后，老卫兵正面临抨击。卡玛拉·哈里斯输掉了选举，南希·佩洛西即将退休，查克·舒默正面临选民和同事的愤怒，而全美各地的资深建制派民主党人正被推翻。在特朗普总统于 2016 年和 2024, 均获胜的“紫色”密歇根州，43 岁的众议员海莉·史蒂文斯（Haley Stevens）和 41 岁的阿卜杜勒·艾尔-赛义德（Abdul El-Sayed）代表了两种相互碰撞的民主党反叛浪潮：她是一名务实的奥巴马政府老将，在 2018 年民主党女性获胜的历史性浪潮中赢得了席位。而他则是伯尼·桑德斯进步主义运动的炽热继承者，在民主党第二次输给特朗普之后，该运动再次复兴——许多民主党人认为这次失败是他们自己造成的。“谁有公信力能知道什么样的候选人是可以胜选的？”帮助年轻民主党人竞选地方公职的 Run for Something 组织总裁阿曼达·利特曼（Amanda Litman）问道，“现在没有一个人在掌控局面。”
他们的竞选活动反映了该党两个对立翼派的流行意识形态。艾尔-赛义德是一名运动型政治家，他是一名受过训练的医生，前医疗保健官员，精通左翼媒体世界，且擅长播客和社交媒体。他以进步派平台竞选，主张“全民医疗保险”（Medicare for All）、废除移民与海关执法局（ICE）、对亿万富翁征税、禁止企业资金进入政治以及反对以色列。他赢得了强大的联合汽车工会（UAW）的背书。史蒂文斯则作为一名温和派竞选，专注于加强密歇根州经济、投资州基础设施和支持当地制造业就业，这是一个她希望能够吸引独立人士甚至部分保守派的广泛阵营。她强调自己在国会的记录（帮助通过了《芯片与科学法案》，推动多项制造业法案）以及她在奥巴马总统汽车救援团队中挽救 200,000 个密歇根州就业岗位的工作。她得到了格雷琴·惠特默州长和国会领导层的支持。她是以色列的坚定捍卫者，美国以色列公共事务委员会（AIPAC）购买了数千万美元的广告来支持她的竞选，而艾尔-赛义德在每次有机会时都会提及这一点。在最近的一次辩论中，史蒂文斯讽刺了艾尔-赛义德作为播客主持人的经历，以及他与那些“从沿海地区赶来”为他助选的进步派之间的亲密关系。“我们不需要一名名人参议员，我们需要一个致力于六年艰苦且不光鲜工作的人，”她说。有时，赢得选举与赢得互联网上的关注是同一回事，但有时则不然。换句话说，获得民主党初选选民的支持是一回事，而在摇摆州击败一名共和党人则是另一回事。
公信力能 知道什么样的 候选人是可以 胜选的？ 现在没有 一个人在掌控局面。”
阿曼达·利特曼 (AMANDA LITMAN) Run for Something 总裁
争取民主党 未来的之战
在初选民调中，El-Sayed 以两位数的优势领先 Stevens。但最近一项由密歇根教育协会（Michigan Education Association）和密歇根商业领袖（Business Leaders for Michigan）委托进行的调查显示，在综合选举中，El-Sayed 以 10 分之差输给共和党人 Mike Rogers，而 Stevens 则在 11 月以微弱优势获胜。在该民调中，独立选民对 Rogers 的青睐程度比 El-Sayed 高出 27 个百分点以上。
“选民们很愤怒，他们希望候选人能够引导这种愤怒。目前，美国民主社会党（DSA）和党内更进步的派系在利用这种愤怒能量方面更为成功，”前密歇根州众议员 Mari Man oogian 在谈到美国民主社会党时表示。她目前领导 Next 50，这是一个支持务实的下一代民主党人的全国性组织。“我认为选民寻找的不是进步主义与温和派理念之争——我认为这是一种氛围。”
在 2018 年上一次民主党内部起义期间，我就报道过这两位候选人。当时，Stevens 赢得了国会席位，而 El-Sayed 则在民主党州长初选中输给了 Whitmer。那时气氛截然不同。希拉里·克林顿赢得了普选票但失去了总统之位，这使得特朗普看起来不像是民主党建制派的失败，而更像是一个偶然。2017 年的女性大行进（Women’s March）激励了全国范围内的基层反特朗普抵抗运动，其重点主要集中在帮助民主党在 2018 年夺回国会控制权。民主党赢得了众议院，并选出了一批新领导层——有些是左翼（如“小队” The Squad），有些则是随后赢得州级公职的温和派（如密歇根州的 Elissa Slotkin、弗吉尼亚州的 Abigail Spanberger 和新泽西州的 Mikie Sherrill）。
作为一名首次参选的候选人，Stevens 可以-
海莉·史蒂文斯议员 (Rep. Haley Stevens) 阿卜杜勒·埃尔-赛义德 (Abdul El-Sayed)
下图中，共和党美国参议院候选人迈克·罗杰斯 (Mike Rogers) 参加 7 月在密歇根州米尔福德举行的一场活动。底图为 2017 年在华盛顿特区举行的女性大行进。
她在童年家园附近的死胡同里奔走，称赞选民们的汽车。她在密歇根州赢得了一个此前由共和党掌控的席位，当时民主党女性在各级选票中都取得了重大胜利。
对于像埃尔-赛义德这样激进的政治人物来说，当时的政治气候并不那么有利。他主张全民医疗保险 (Medicare for All)，与桑德斯和亚历山德里娅·奥卡西奥-科尔特斯（她在初选中获胜后，刚被塑造为激进派的超级巨星）共同举行了大型集会，并试图将对手描绘成企业和民主党建制派的工具。埃尔-赛义德最终以超过 20 个百分点的差距落败；惠特默在初选中赢得了每个县的支持。近十年后，史蒂文斯和埃尔-赛义德在同一个州，采取几乎相同的策略，推行相同的政策进行竞选。但即便他们没有太大改变，他们的政党以及这个国家已经在他们周围发生了变化。
洛丽·戈尔德曼 (LORI GOLDMAN) 在某种程度上成为了民主党基层在 Trump era. 变化之大的缩影。在 2016 年大选期间，她成立了“民主党女性联盟”(Fems for Dems)，这是一个密歇根州的组织者团体，最初专注于选举民主党女性。她是 2018 年推动史蒂文斯、斯洛特金和惠特默就职的那股浪潮的一部分。
八年后，戈尔德曼这个拥有约 7,000 名密歇根州志愿者的团体，更多地转向与民主党建制派作斗争。今年，该团体投票决定支持埃尔-赛义德。
2024 年的大选对她来说是一个转折点。“如果这还不算是一场关于民主党多么软弱、脱离群众的公投，那我不知道什么才是，”她说。“救我们的不是女性，也不是民主党，而是激进的价值观。”
这种幻灭感反映了在近十年的特朗普主义冲击下，民主党基本盘的分裂方式。路透社 / 益普索 (Reuters / Ipsos) 的一项民意调查显示，去年 62% 的民主党人认为党内领导层应该被更换。一项 2025 年的皮尤 (Pew) 调查发现，67% 的民主党人对自己的政党感到沮丧，主要原因是该党在对抗特朗普政府时不够强硬；仅有 29% 的人表示该党让他们感到自豪。
在 2018, 年，民主党选民在支持那些能够击败共和党人的民主党候选人方面，似乎与党内领导层达成了一致。而现在，出现了一个巨大的派系，要求民主党人能够重塑民主党。在争权夺利的民主党人之间，最尖锐的分歧线之一就是以色列-哈马斯战争。在拥有大量且高度集中的穆斯林人口的密歇根州，这一问题激化了竞争。
如果获胜，埃尔-赛义德将成为首位穆斯林参议员。他早早支持了“不承诺” (Uncommitted) 运动，导致在 2024. 年的民主党初选中，有 13% 的选民为了抗议拜登对以色列和加沙的政策而放弃投票。（当哈里斯成为提名人后，埃尔-赛义德迅速转而支持她。）
一些民主党人认为，哈里斯失去密歇根州是因为加沙问题，这进一步强化了该问题作为该州乃至全国民主党人的“试金石”地位。
“我认为很多人在说，建制派版本的政治让我们输掉了 2024 年的大选。人们不再有兴趣重复那样做，”支持埃尔-赛义德的密歇根州参议员达林·卡米勒里 (Darrin Camilleri) 表示，“现在，人们正在寻找完全不同的方式，试图反击这个新版本的特朗普主义。”
反建制情绪帮助推动了极左翼进步派候选人的崛起，这些人长期以来一直攻击民主党软弱且脱离群众，并带领美国民主社会党 (DSA) 取得了重大胜利。但目前尚不清楚民主党选民是否真的转向了左翼，或者他们只是对现状感到沮丧。许多 DSA 的胜利发生在深蓝选区。这对 Stevens 和 El-Sayed 来说至关重要。他们竞选的地点并非 Mamdani 所在的纽约。民主党目前持有密歇根州的两个参议院席位，但失去其中一个可能会使民主党在参议院获得多数席位的任何可能性化为乌有。特朗普曾两次赢得这个州，而 Slotkin 在上个周期赢得的票数不足 20,000 票。“在这个至关重要的时刻，我知道她能在大选中击败 Mike Rogers，”最近退休的密歇根州参议员 Debbie Stabenow 在对 Stevens 的支持声明中表示，“赌注从未如此之高。”
无论发生什么，11 月的结果将决定民主党如何评估 2028 年的潜在希望之星。如果 El-Sayed 赢得初选并击败 Rogers，这将被视为证明极左翼进步派可以在总统摇摆州获胜。如果他输给 Rogers，这将成为证据，表明民主党需要跨越政治中心地带才能夺回白宫。如果 Stevens 赢得初选并战胜 Rogers，这将验证传统观点，即在中西部取得胜利的路径是通过“常态化”的温和派选民。如果 Stevens 输给 Rogers，这将加强进步派的信念，即温和政治（以及对以色列的支持）不再是更安全、更具竞争力（更容易当选）的选择。多年来，进步派一直告诉自己以及任何愿意倾听的人，摇摆州选民比看起来更进步，而且左翼民粹主义观点即使在深蓝堡垒之外也能击败共和党的说辞。如果 El-Sayed 赢得初选，民主党即将验证这一点。
企业 静修营 陷入 存在主义危机
接第C1页
此类静修活动已成为广义健康旅游（wellness tourism）伞盖下的一种“家庭工业”。根据追踪健康趋势的非营利组织全球健康研究所（Global Wellness Institute）的描述，这是一个近 $1 万亿美元的市场。这些聚会围绕的主题可以是精神生活、职业转型，甚至是更年期。一些项目在网上运行，费用为几百美元。另一些则依托高端酒店，提供有机饮食并邀请名师指导，价格高达数千美元。
哈德逊河谷（Hudson Valley）企业专业人士静修营的组织者之一格雷格·拉金（Greg Larkin）表示，他的客户是那些在寻求“逃离‘碾压巅峰峰会’（crush-it summit）之庇护所”的人。拉金解释道：“在这种峰会上，当你问一位高级主管近况如何时，他们会说：‘伙计，我简直在碾压一切（f—ing crushing it），太牛了。’”
拉金曾是一名华尔街分析师和企业家，他在 2022 年于纽约市创办了 Punks & Pinstripes，旨在为那些已经攀登至白领成功之巅、却发现景色毫无启发，并希望以自己的方式重新定义成就的人建立一个社区。他最初从一系列私密晚餐和团体教练课程开始，随后扩展到了高管静修营。
我原本计划以观察者的身份参加这次聚会——一名报道职业与管理的记者，认为笔记本和钢笔能让我与他人保持距离。但我发现，面对中年期的内省，我也并非免疫。
在伦迪农场（Lundy Farm）度过的两天里——这里是一座静谧奢华的庄园，仿佛直接从 Restoration Hardware 的产品目录中搬出来的——其他参与者和我每天早晨进行冥想，用粘土制作捏制小罐，在森林中采集野生荨麻和蒜芥，并在静修活动中将我们的生活与周围的自然世界进行类比。土壤成了我们生活中孕育成长的隐喻。苔藓能创造自己的微气候，就像我们即使在企业功能失调的环境中，也能建立起快乐且高效的团队。在团体活动、鸡尾酒会以及由两三名参与者与引导员组成的小组会议中，参与者们就创业和职业转型寻求彼此的洞察与支持。但通常，他们似乎在努力解决的重大问题反映了更深层、更具存在主义色彩的疑问。
朱莉·霍兰德（Julie Holland）是一位精神科医生，她在我们的首顿晚餐（烤三文鱼、小米普拉夫饭和芦笋）中加入了讨论。她告诉大家，对于高成就者来说，在获得个人成功的同时感受到困惑和空虚是很常见的。她说，她曾有一位患者获得了普利策奖，随后立即陷入了深度抑郁。“就像那首歌唱的：‘难道就只有这些吗？（Is That All There Is?）’”她说。
丹妮尔·拉里什（Danielle Larish）是一位 41 岁的顾问，曾在十几个领域工作过。她在第一晚告诉我：“我擅长我的工作，但它真特么地令人心累（f—ing draining）。”她说，她通常在情况糟糕透顶时进入公司并帮助扭转局面，但她厌倦了走进公司，与高管和员工交谈，开出解决方案，“结果他们却一个也不执行。”她在一次三个人的小组会议中表示，美国企业界充斥着有毒的行为——寻找替罪羊、幕后操纵，以及领导者不惜牺牲好点子来死守他们所拥有的任何权力。在静修营开始的一周前，她意识到自己想要带自己的丈夫——
但它真他妈的 让人精疲力竭。”
丹妮尔·拉里什 (DANIELLE LARISH) 一名 41 岁的顾问
将管理哲学转化为一本书或其他项目。但她不确定如何开始，并提到了一些障碍，包括自我怀疑，以及在合作公司中某些想法从未被付诸实践而感到的挫败感。
她所在分组的其他两名成员向拉里什提问并给出了建议。“为这个项目制作两三个方案的原型会有多难？”凯莉·罗杰斯 (Kellye Rogers) 问道，她是一位科技高管，去年创办了自己的 AI 咨询公司。
在另一个小组中，那位医院高管正在讲述另一种人生十字路口。他拥有常春藤盟校的学位，在世界级机构获得了医学博士 (M.D.) 和哲学博士 (Ph.D.) 学位，并晋升至一家知名机构的高管层。然而去年，组织架构调整导致包括他在内的几个团队被撤销。（由于未获得授权讨论离职情况，他以匿名方式接受了华尔街日报的采访。）
“从简历上看，没人比我更优秀，”他说。“我上过名校，在最好的地方工作过。但不知怎么的，我就这样被抛弃了。”
他说自己在 40 岁之前一直过着令人羡慕的生活，直到一场离婚让他意识到，自己一直以来依赖运气、聪明和努力而顺风顺水的感觉被打破了。随后，他的工作也消失了。
“我对此毫无准备，这种感觉既幸福又可怕，”他说。
他当时刚开始服用胆固醇药物，并进行了人生第一次结肠镜检查。“如果这一切现在就结束了，我觉得我做了我想做的事吗？如果没有，那会是什么？”他沉思道。
他当时正在与一家 AI 初创公司洽谈加入的事宜。“如果是在五年前，我秒就答应了，”他说。“但现在，这感觉像是年轻人的游戏。”
加拿大精神分析学家兼管理顾问埃利奥特·雅各布斯 (Elliott Jaques) 通常被认为在 1965 年创造了“中年危机”这个词。
但那种中年男子为了更新、更性感的型号而抛弃妻子和家用车的陈词滥调，将这一概念扁平化和简单化了。
在雅各布斯发表于《国际精神分析杂志》(International Journal of Psychoanalysis) 的论述中，中年危机是指一个人对自己终将死亡的痛苦认知，这种认知可能会导致一个人工作的质量和成熟度发生决定性的改变。
“悖论在于，一个人进入了生命的巅峰，进入了成就阶段，但与此同时，这种巅峰和成就也是有期限的，”他写道。“死亡就在后面。”
雅各布斯假设，中年迫使人们倾向于“悲剧性的、反思性的和哲学性的”思考。他暗示，这种“沉思式的悲观”可能会带来更好的生活，并深化天才的特质，正如巴赫和莎士比亚等艺术家的晚期作品中所展现的那样。
在这次静修营中，没有人创作永恒的协奏曲或世界上最伟大的悲剧。
但这里有脆弱，有坦诚。
我发现自己被那些冥想活动和课程深深打动，尽管在工作周的中旬用叶子和小树枝搭建一个曼陀罗(mandala)起初感觉有些傻。
有一天晚上，作为引导者之一的诗人兼医疗保健高管艾米莉·卡根（Emily Kagan）传阅了马克笔和彩色折纸。她指示我们写下那些我们已经“厌倦”的东西——即那些我们准备从生活中抛弃的物品和情绪。我们在壁炉照亮的长餐桌旁依次传阅，读出我们随手写下的内容。
在我们携带的包袱中包括：冒充者综合征。前妻的鞋子。旧的身份。周日焦虑症（Sunday scaries）。羞耻感。从未有过一种“足够”的感觉。
随后，卡根要求我们写一封信，设定在假设的五年后，告诉某个人我们热爱生活中的什么。我选择了我的青春期儿子。
突然之间，当我清晰地描述我所看到的——我希望尝试的创意写作项目，以及看到孩子步入成年期时的自豪感——我发现自己正强忍着抽泣。在 55 岁这个年纪，我的开端早已过去，而希望我的终点还远在数十年之后。但或许是第一次，我能感觉到一种对“中年”清晰且充满情感的接纳。
在静修营的最后一天，我们为自己的捏制小陶罐（pinch pots）做最后的修饰。
我的作品看起来更像一个笨拙的哈曼塔申饼（hamantaschen），而不是一个能带来改变生活的顿悟的护身符。但粘土已经干了，我面前有一组色彩丰富的颜料。我开始绘画。
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但 X 世代仍然渴望派对。
通过怀旧主题之夜和在午夜前很久就结束的活动来吸引他们
作者：WILL GROFF
在最近的一个周五晚上，费城的 Trestle Inn 酒吧迎来了一群参加 Prince 主题舞会的客人们。狂欢者们涂着紫色眼影，贴着“爱心符号”，一边啜饮着威士忌酸酒，一边在舞池中尽情狂欢，一名伴舞则随着《Let’s Go Crazy》和《1999》等热门曲目扭动身体。几乎所有人都超过 50 岁。其中许多人都在饮酒。而此时才 7:30。该酒吧的所有者 Ian Cross 表示：“我们意识到年轻一代的饮酒量在下降，而这些早起派对是吸引年长者光顾的一种方式。他们愿意花钱买鸡尾酒，他们喝酒，他们享受其中。”酒吧老板们现在有了最青睐的客户：X 世代。根据密歇根大学一项 2025 年针对 19 至 65 岁人群物质使用情况的长期研究，随着美国年轻人的饮酒量在 2024, 年触及历史低点，大约出生于 1965 年至 1980 年之间的人群在很大程度上保持了他们的饮酒习惯。他们想要派对，并且希望按照自己的方式来。各类饮酒场所正据此规划日程，推出了怀旧主题之夜以及在午夜前很久就结束的派对。50 多岁的进化遗传学家 Rob Kulathinal 在谈到他在费城的夜生活体验时说：“我注意到在吧台前点单的总是同一拨人，而且总是年长者。年轻人进来后直接就去了舞池。好的一面是，现在点杯酒从未如此简单。”被夹在规模更大（且更喧闹）的婴儿潮一代和千禧一代之间，许多 X 世代认为自己是“被遗忘的一代”。典型的 X 世代坚韧且愤世嫉俗，是成长在 MTV 和有限父母监管下的“钥匙儿童”，后来变成了不满的懒散青年。一张热门网络迷因图的配文写道：“X 世代：我们完全是靠自食其力长大的”，照片中是一个没戴头盔的孩子骑着一辆看起来摇摇欲坠的自行车在翘头。对于 56 岁的高中辅导员兼 Trestle Inn 常客 Dina Cirillo Strachan 来说，缺乏“直升机父母”或“除雪机父母”的管教，让她的童年充满了刺激——同时也为青少年时期的 underage drinking（未成年饮酒）提供了大量机会。 “我们会约在看台下方见面——总有一个聚集地。无论是否提前通知，你大概能……”
IAN CROSS
安东尼·波登 (Anthony Bourdain)
作者：ESTHER ZUCKERMAN 厨师 Eric Ripert 讨论了他在电影中的 客串——以及 他参与其中的 原因
安东尼·波登， 1976 年
ZACK BUSH Mad Room Hospitality 联合创始人
“很可能带着六瓶装啤酒出现，”Strachan 说道。她将自己奔放的青年时代与她的 Z 世代子女进行了对比，后者的“第三空间”很大程度上是在线上的，并且是在大规模社交媒体监控下成长的——这绝对是兴致的大煞风景之举。
新电影《Tony》中所描绘的那个安东尼·波登（Anthony Bourdain），并不是大厨埃里克·里佩特（Eric Ripert）在十多年友谊中所认识的那个安东尼·波登。
“电影里的安东尼撒了很多谎，”里佩特说。“在 我们做朋友的所有那些年里，我从未见过安东尼撒谎。他非常诚实。”
但《Tony》并不是在塑造波登作为受人尊敬的电视主持人，或是他在曼哈顿 Brasserie Les Halles 工作的期间，写就 2000 年畅销书《厨房机密》（Kitchen Confidential）时的作者形象。它没有涵盖波登的全球名声，也没有涉及他 61 岁时自杀身亡的事实。
电影中的 Tony 由多米尼克·塞萨（Dominic Sessa）饰演，是一个 19 岁的朋克青年。他在未能获得一个向同龄人和家人信誓旦旦说一定会拿到的奖学金后，于 1975 年跟随一名女孩（由艾米莉亚·琼斯饰演，原型是他的第一任妻子南希·普特科斯基）前往马萨诸塞州的普罗温斯敦。在那里，他对其资历谎报，并进入一家厨房工作。
在那里，他被那些准备海鲜的不务正业之徒以及管理该店的严谨大厨（安东尼奥·班德拉斯 饰演）所吸引。
这部由马特·约翰逊（Matt Johnson）执导的电影呈现为一个成长故事，讲述了波登如何振作精神，并意识到自己既渴望厨房的混乱，又渴望其严谨。
在最后的时刻，Tony 决定申请就读于美国烹饪学院（Culinary Institute of America）。他接受了一位由里佩特客串出演的大厨的面试。看着 Tony 单薄的简历，里佩特说：“至少他很诚实。”
“埃里克恰好触及了对我而言这部电影的核心，”约翰逊在谈到 Tony 在银幕上走向诚实的弧线时表示。“将少年安东尼·波登转化为成年安东尼·波登的，正是他不再觉得需要通过撒谎来抬高自己的地位。”
里佩特的出现可以被视为波登最亲近之人们对该项目的隐形认可。他是应执行制片人金伯利·威瑟斯庞（Kimberly Witherspoon）的建议而加入的，威瑟斯庞曾是波登的文学经纪人，现管理其遗产。
在其一份声明中，遗产管理机构表示，选择支持《Tony》是因为它“不是一个
“我可以每时每刻追踪孩子的实时位置，”她说，“但现在已经没有同样的机会了。”
波士顿大学公共卫生学院的教授大卫·杰尼根（David Jernigan）表示，酒精行业在 20 世纪 80 年代和 90 年代向年轻人进行了大量营销，利用果酒（wine coolers）和含糖酒精饮料（alcopops）等产品作为酒精“辅助轮”，以吸引 X 世代。
“永远不嫌晚，但——行业内也深知这一点——饮酒模式与许多其他事物一样，在青春期到 20 岁出头这段时间就已经定型了，”杰尼根说。
当时，该行业正受益于公众对饮酒健康影响模糊不清的信息传达。1991 年，《60 分钟》（60 Minutes）节目播出了一段探讨所谓“法国悖论”的报道，暗示法国人尽管整体生活方式不那么健康，但心脏病发病率较低的原因是他们饮用大量葡萄酒。根据监测美国葡萄酒销售额的 Gomberg-Fredrikson 报告，在该节目播出后的几周内，热门红葡萄酒的超市销量飙升了高达 45%。随后几年的观察性研究似乎支持了适量饮酒有益健康的观点。
相反，Z 世代和更年轻的千禧一代在酒精对身体产生负面影响的证据日益增加的情况下步入成年。在 2010 年代一系列在很大程度上揭穿了“法国悖论”的研究之后，包括世界卫生组织（WHO）在内的各种卫生组织发布了指南，建议最健康的选择就是根本不喝酒。去年，美国卫生总监呼吁酒精饮料应标注癌症警告，导致啤酒和烈酒公司的股价大跌。
“确实出现了一种不符合该行业利益的健康叙事，”杰尼根说。
多米尼克·塞萨（Dominic Sessa）在电影《托尼》（Tony）中饰演波丹。
标准的传记片，并且不试图概括一生。”该声明称这部电影是“一种诠释”，并补充说，托尼生命中在普罗温斯敦（Provincetown）的“部分时光将永远在某种程度上不为人知”，但它捕捉到了波丹的“复杂性、他的知识胃口及其信念”。
巴特尔斯（Bartels）表示，决定将重点放在波丹生命中如此短暂的一段时间，部分原因是联合编剧托德·巴特尔斯（Todd Bartels）和卢·豪（Lou Howe）对那些试图将从出生到死亡的叙事浓缩在约两小时银幕时间内的电影“过敏”。在构思故事时，他们还希望避开围绕波丹之死而兴起的“家庭作坊式产业”，因为后者专注于他生命最后几天的谜团。
“我们想回到开始，而不是结束，回到他生活混乱的时期，”巴特尔斯说。巴特尔斯表示，早期阶段是“他说他把世界当成烟灰缸的时期，但最终，那里充满了潜能、希望和承诺”。
并没有大量详细记录波丹生命中那个时期的资料。编剧们——他们还与约翰逊以及制片人马特·米勒（Matt Miller）共同创作了剧本——参考了《厨房机密》（Kitchen Confidential）的部分内容，劳里·伍利弗（Laurie Woolever） 2021 年出版的《波丹：权威口述传记》（Bourdain: The Definitive Oral Biography），以及《未知之境》（Parts Unknown）中波丹访问普罗温斯敦的马萨诸塞州集数。
由于缺乏具体信息，且波丹本人在描述年轻时的恶作剧时使用了文学修饰，这给电影制作人留下了发挥空间。由班德拉斯（Banderas）和里奥·伍德尔（Leo Woodall）饰演的角色，是波丹在鳕鱼角（Cape Cod）期间所认识的人物的综合体。
对于约翰逊来说，班德拉斯饰演的厨师
诚然，Z世代并非完全禁酒。在市场研究公司IWSR于7月发布的一项调查中，全球74%的Z世代受访者表示在2026年上半年饮用过酒精饮料。在迈阿密经营包括著名的Ball & Chain夜总会等多个场所的Mad Room Hospitality联合创始人扎克·布什（Zack Bush）表示：“X世代在夜晚饮酒更具目的性，且频率更稳定。他们到场更早，停留时间更长。”底特律地区的Magic Bag现场音乐场所总经理安德鲁·波切内克（Andrew Bochenek）表示，针对X世代的活动所产生的酒精销售额比深受Z世代欢迎的活动高出约25%。“从商业角度来看，你希望每人的饮酒量更高，”波切内克说，这就是为什么Magic Bag减少了独立摇滚演出的场次——尽管这在过去30年的历史大部分时间里是该场所的生存之本——而增加了更多由怀旧驱动的主题之夜。他们的夏季计划包括一个“超级80年代”之夜和两场“80年代对抗90年代”派对，此外还有向Duran Duran、Tool和Talking Heads致敬的活动。“酷不酷已经不再重要了，”他开玩笑说。Magic Bag还举办了Earlybirds Club，这是一个面向“早晨有正事要办的女士”的舞蹈派对。这些复古派对在下午6点到晚上10点之间举行，在年长千禧一代和X世代中极其受欢迎。自2024年年初在芝加哥举行首场活动以来，Earlybirds已经扩展到美国和加拿大的50多个城市。旧金山Cat Club和Eagle俱乐部的51岁总经理兰迪·莫平（Randy Maupin）表示，他这一代人也未能免于日益增长的禁酒运动的影响。不过他认为，即使是不饮酒的X世代仍维持着某种酒吧礼仪。“我们在年长客户群中拥有很好的支持系统，”莫平说，“即使他们不喝酒，他们也会买水或无酒精鸡尾酒，仅仅因为他们想支持并维持我们的生意。年轻一代呢？并非如此。他们会成群结队地进来，只点几杯饮料，然后要求提供水杯。”
代表了波甸（Bourdain）公众形象中伦理“纪律员”的一面，而伍德尔（Woodall）饰演的萨尔（Sal）则是一个药瘾沉迷的不可控因素，代表了“放纵”元素。豪（Howe）表示，相比于事实准确性，威瑟斯彭（Witherspoon）似乎更在意故事在情感上是否真实。约翰逊（Johnson）并不认为自己是波甸的死忠粉，因此他并不感兴趣去迎合那些刷完了《未知之旅》（Parts Unknown）或《无保留》（No Reservations）每一集的观众。“我试图为那些完全不知道安东尼·波甸是谁的人制作这部剧，”约翰逊说。尽管如此，如果说《托尼》（Tony）讲述的是观众并不熟悉的年轻时期的波甸，那么里佩尔（Ripert）的出现则是对他未来将成为的人物的一种致敬。米勒（Miller）表示，电影制作者最初在马萨诸塞州拍摄地寻找当地演员来出演这个小角色，但随后决定由一位知名人士客串。米歇林星级餐厅Le Bernardin的主厨里佩尔在没看剧本的情况下就答应了，因为他信任威瑟斯彭。“这是他青年时期一个非常重要、关键的时刻，实际上对他后来的生活产生了巨大影响，”里佩尔说。
（图自左起：FRANK CRIVELLI；SEACIA PAVAO / A24）
I
理查德·D·伍德 儿子 (RICHARD D. WOOD JR.) / 1938-2026
珍妮特和迪克·伍德在 2018 年超级碗期间为费城老鹰队加油。
备受追捧的便利店巨头
作者：JON MOOALLEM
1682, 一位名叫理查德·伍德的贵格会教徒从英国抵达殖民地时期的费城，开始建立一项家族事业。这项事业在几代人的传承中不断扩张和分化，涵盖了朗姆酒与糖蜜店、铁铸造厂、纺织厂，以及到 1902, 由其后代乔治·伍德创办的一家乳制品公司。乔治从海峡群岛进口根西牛，并据称通过火车和马匹将品质更优的牛奶配送至各家各户。
乔治将他的乳制品公司命名为 Wawa Dairy，得名于他居住的宾夕法尼亚州农村地区。该地名是由白人定居者以奥吉布瓦语中指代在该地停留的迁徙鹅的词汇命名的（尽管奥吉布瓦人实际上居住在更北的地方，而确实居住在 Wawa 的伦尼-勒纳佩人对鹅的称呼则完全不同）。
随着数十年时间流逝，送奶上门的市场开始下滑。美国人现在在商店购买牛奶——这就是为什么乔治·伍德的孙子格雷厄姆·伍德在 1964 年于宾夕法尼亚州福尔瑟姆开了一家店。
格雷厄姆·伍德的 Wawa 食品市场业务蓬勃发展。不久，他又开了几家店，销售更多种类的商品——直到 1970, Wawa 已经成长为一个足够复杂的企业实体，以至于格雷厄姆需要聘请一名总法律顾问。
由于 Wawa 是家族企业，他聘请了表兄的儿子，理查德·D·伍德 儿子，一名聪明睿智、年仅 32 岁的律师，大家都叫他迪克——格雷厄姆很快意识到，这个男人可能应...
拥有服役经历的华尔街日报读者 就睾酮检测做出回应
针对国防部长皮特·海格塞斯（Pete Hegseth）宣布，美军中所有 30 岁及以上的“作战人员”将每年进行一次睾酮缺乏检测，塞巴斯蒂安·荣格（Sebastian Junger）在近期发表于本报的一篇文章中认为，战斗确实需要巅峰体能，但其要求远不止于激素。读者在评论区延续了这一讨论；退伍军人的回应则结合了他们在军队中的经验。以下是部分评论的精选，为了篇幅和清晰度进行了轻微编辑。
可能在掌控整个局面。 迪克·伍德（Dick Wood）于 7 月 10 日在宾夕法尼亚州瓦瓦（Wawa）家中去世，享年 88 岁。瓦瓦是费城西部的一个非建制社区。伍德在 50 多年时间里始终处于“瓦瓦宇宙”的中心，曾担任该连锁店的总裁、CEO 和董事长。在此期间，伍德从家族企业的继承者成长为其家长，并将公司扩展为深受喜爱的便利店和加油站巨头。该公司目前在 14 个州拥有 1,200 家门店。据《福布斯》报道，Wawa 去年的营收为 190 亿美元 billion。 伍德还帮助培养了 Wawa 热情洋溢的客户群——从那些每天早晨停下来买咖啡并与陌生人闲聊老鹰队或费城人队的人，到一群将该连锁店的标志（一只鹅）纹在身上，或在 Reddit 上争论各种三明治订单之优劣及其符号学的超级粉丝。 伍德似乎对这种粉丝文化感到十分欣悦，而最让他欣慰的，是围绕他的店铺所产生的一种共同目标的使命感。 他留下了两个孩子，丽莎·赖特（Lisa Wright）和理查德·伍德三世（Richard Wood III），以及五个孙辈。与其结婚 61 年的妻子珍妮特（安德鲁斯）·伍德（Jeanette (Andrews) Wood）于去年去世。
“最快的购物之旅” 伍德于 4, 1938, 出生在费城，是玛格丽塔（Margaretta）和理查德·D·伍德（Richard D. Wood）之子。1961 年从弗吉尼亚大学毕业后，他进入宾夕法尼亚大学法学院学习，随后在费城的一家律师事务所工作了几年，于 1970 年加入 Wawa。 两年后，Wawa 开设了第 100 家门店（此处涉及 10）。1977, 伍德出任 CEO。到 20 世纪 80 年代末，
在我的 26 年职业生涯中，我一直通过“体能”测试（我喜欢海军，决定留下来）。所以海军拥有过一名身体素质不算太好但训练有素的医疗官，他乘坐军舰航行全球，与海军陆战队一起部署，也去过南极，并在美国的急诊室和诊所工作。我一直好奇，如果我体能测试完全不及格，他们会因此把我开除吗？现在我在想，海格塞斯是否希望他们这么做。 —伯纳德·斯宾塞·托马斯二世（Bernard Spencer Thomas Jr.）
很多前线士兵的工作与个人意志和态度有关，而不是身体化学反应。我是根据经验说话的。我 19 岁入伍，从 1970 年 5 月到 1971 年 6 月期间，在越南随第 4 步兵师和第 1 骑兵师服役。我的父亲在二战期间被征召入伍，当时他大约 32 岁。19 岁时基础训练就很艰苦；我不知道他 32. 岁时是如何挺过来的。我从未问过，但他曾说过他感到自豪，因为他能跟上比他年轻得多的士兵。 —詹姆斯·文特里利奥（James Ventrilio）
这篇文章就像许多论点一样：它呈现了一种非黑即白的二元对立论点，而关于使用睾酮、安非他命和其他药物来增强战斗表现的问题其实是非常微妙的。虽然我认为这些药物不适用于所有人，而且在巡逻时可能找不到使用它们的用途，但一旦回到后方地区，它们可能有助于恢复并帮助重建在长期作战中流失的肌肉。将美国国内的训练与 8 到 12 个月的部署如何摧残身体进行任何对比，都是不诚实的。 —马克·马特森（Mark Matteson）
克里斯·盖森斯 (CHRIS GHEYSENS) Wawa 首席执行官
更多故事请访问 WSJ.com / obituaries
作者在假设中认为只有直接面对敌人的人员才需要最高水平的杀伤力，这是错误的（我也对睾酮政策有所担忧）。我在 9 / 11 当天就在五角大楼。我曾在西南边境工作；我 2001 年 12 月第一次前往阿富汗；并在该国度过了 15 个月。在每一次经历中，那些不认为自己处于“矛尖”的人员都遭到了攻击，他们保护他人，有时甚至失去了生命。FEBA——前沿战斗区域——的时代已不复存在。所有军事人员都需要能够
... 街道，当时有 238 家门店。 美国人的生活变得更加忙碌，通勤时间更长，且随着更多女性进入职场，高效地完成家务琐事变得至关重要。Wawa 从所有这些社会变革中获益。该品牌当时已将重心放在便利性上——广告语写道“全球最快捷的购物之旅”——而伍德现在则推动门店 24 小时营业。在 1980 年代，Wawa 的门店数量再次翻了一番多，达到 480 家。 伍德始终关注着每一家店的脉动。他每年大约会访问 150 家 Wawa，且每月至少一次在夜班期间跟岗学习。每年夏天，他都会带着家人去泽西海岸，这样他就能花一个周末在当地的一家 Wawa 工作——补货、收银，或者做任何有帮助的事情。 伍德还要求 Wawa 的高管们每年必须在门店工作一天。他的儿子里奇·伍德 (Rich Wood) 说道：“他称之为‘ flounder 之日’（挣扎之日），因为他们会在店里不知所措地乱窜，挡在所有人的道上。” 伍德认为，从基层了解 Wawa 至关重要，应优先考虑客户以及那些真正倒咖啡、做潜艇面包的人的视角。现任首席执行官克里斯·盖森斯 (Chris Gheysens) 解释道：“公司办公室有时会让自己相信这里是公司的宇宙中心，但事实并非如此。”他于 1997 年加入该公司。“这就是迪克试图传达的原则之一：始终将门店放在首位。” 这种特质的培养以及
一辆由马牵引的 Wawa 乳业配送车。
Wawa 的增长之关键，伍德认为在于该公司是私有持有的。他说，专注于股东价值的上市公司必须做出短期决策，“而我们专注于长期决策。” 2004 年，一个持有 Wawa 股份的私人投资集团（由泰诺药品的继承人 McNeil 家族支持）极力推动 Wawa 上市。但伍德领导了一项工作，让员工利用其 401(k) 余额，通过他十年前在 Wawa 创建的员工持股计划买下该集团的股份。据 Wawa 发言人称，员工目前持有该公司 40% 的股份。
“Boli”的黑暗岁月 Wawa 的业务在 20 世纪 90 年代因竞争加剧而陷入低迷。回顾来看，那个时期的整体氛围被该公司对“Wawa Boli”的极高期待启动及其迅速失败所概括——这是一种手持式 Stromboli 卷饼，Wood 及其团队希望它能为连锁店的便捷外带产品增色。他将那个 era. 称为“黑暗岁月”。
Wood 对管理团队进行了调整，让后来接任其首席执行官的 Howard Stoeckel 担任营销副总裁，并赋予他改造 Wawa 门店内部的权力。
与此同时，Wood 专注于在门店外部做出一个重大且最终至关重要的改变。20 世纪 70 年代和 80 年代尝试销售汽油的经历，使得 Wawa 内部几乎没有再次尝试的意愿。但 Wood 在公司内部开展了一场积极的推介活动，论证如何正确地进行燃料销售并重新激活该连锁店。Wawa 于 1996 年开始销售汽油，从此走出黑暗岁月，并将 Wawa 推向了其“超级店”时代。
Wood 于 2004 年从首席执行官位置退休，并一直担任 Wawa 董事会主席直到 2020, 年，随后成为名誉主席。
7 月 20, 日，该连锁店在每家门店都提供免费咖啡以纪念他。
持久自由行动 这里有一位退伍军人。军官候选学校的格言是“标准，绝不妥协”。听起来很陈词滥调，但事实并非如此。Junger 先生的观点是正确的，即我们战斗力的核心在于晋升和部署前必须达到的高强度训练和标准。其中许多是身体和情感上的，有些是学术上的。这些测试需要在服役期间持续执行。这是一种冗长的表达方式，意在说明这些事情很复杂。陆军加油！ —Michael Lawrence Coyne
在需要时——无论身在何处——采取积极行动。 —Andre Hollis
我在越南的有限经验表明，许多身材矮小瘦削的人在肌肉男们无法坚持的炎热潮湿的日子里，拥有能够挺住的“坚韧”。对我而言，精神通常比身体更强大。前美国海军陆战队第一军区下士。 —Michael Butler
左起：WOOD 家族；WAWA
书籍
《适合我们时代的凯恩斯》 作者：罗伯特·斯基德尔斯基 (Robert Skidelsky) 耶鲁大学出版社，200页，$28
作者：萨缪尔·格雷格 (SAMUEL GREGG)
在其 1946 年去世 80 年后，约翰·梅纳德·凯恩斯的影子依然笼罩在经济思想和公共政策之上。凯恩斯的名字已成为干预主义政策的代名词，他改变了经济学家理解世界的方式。他也很幸运地拥有罗伯特·斯基德尔斯基这样一位卓越的传记作者。在 1983 年至 2000 年间出版的，斯基德尔斯基的三卷本传记精彩地刻画了凯恩斯作为思想家、政策制定者，以及最引人入胜的——作为一个人的完整形象。在这些卷册面世时，学者们便将其视为权威之作；这种评价至今依然适用。然而，斯基德尔斯基与研究对象的联系并未在记录和分析凯恩斯的生平之后就此停止。随着时间的推移，他成为了凯恩斯主义政策药方的坚定倡导者，尤其是在 2008-09 年金融危机之后。与此同时，他成为了对弗里德里希·哈耶克和米尔顿·弗里德曼等著名自由市场思想家经济思想的犀利批评者。这些以及其他主题在斯基德尔斯基最终完成的这本书中汇聚在一起。在 4 月 15 日他去世后不久出版的《适合我们时代的凯恩斯》的主要目标是“不仅传达凯恩斯思考了什么，而且传达他是如何思考的”。斯基德尔斯基告诉我们，这种“方式”深受某些独特哲学承诺的影响，这些承诺塑造了凯恩斯对经济学应为何而存在的理解。凯恩斯在哲学或经济学方面几乎没有接受过正式训练。他的学位是数学。但在剑桥大学本科第二年时，凯恩斯阅读了 G.E. 摩尔的哲学论著《伦理学原理》(1903)。根据斯基德尔斯基的说法，那本书引导凯恩斯拒绝了主导“他那个时代以及我们这个时代主流经济学”的功利主义观点。摩尔的书促使凯恩斯思考什么是“好”，并最终思考在经济层面，人们要过上良好的生活需要多少才算“足够”。斯基德尔斯基证明，凯恩斯希望让更多人体验到摩尔所认定的更高层次的福祉（如友谊和审美享受），这使得凯恩斯倾向于将经济学视为一个“满足目标的系统”。这也引导他主要将经济学视为一门道德科学，而不仅仅是一个经验研究的问题。在这个意义上，凯恩斯与亚当·斯密处于同一阵营。这位现代经济学的创始人坚信，“改良”和“文明社会”的增长是在道德上值得称道的终极目标，而严谨的经济思考可以促进这些目标的实现。然而，手段与目标同样重要，而凯恩斯为了实现其目标而倾向采用的经济政策，最终会产生严重的负面后果。例如，凯恩斯有时表现出的痴迷关注
撕裂 国家的选举 《国家》(The Nation)
他拥有民众 作者：乔纳森·厄尔 (Jonathan Earle) 牛津大学出版社，232页，$29.99
作者：路易斯·马苏尔 (LOUIS MASUR)
有些总统竞选确实具有变革意义。托马斯·杰斐逊在后来被称为 1800 年革命的时期就职，当时反对党首次获得权力。1932 年的选举是富兰克林·德拉诺·罗斯福的压倒性胜利，他在任 12 年，永远改变了联邦政府在美国人生活中的角色。但在 1860 年，一场选举几乎摧毁了国家，当时亚伯拉罕·林肯就任总统，对此，七个南方州脱离了联邦。
为了维持低利率。斯基德尔斯基（Skidelsky）指出，这在一定程度上反映了他的信念，即现代经济中的真正问题“不是资本家，而是高利贷者”。
尽管凯恩斯是一个彻头彻尾的现代人，但他认同古代对所谓的“用钱生钱”这种不育活动的敌视。他还抨击人们对拥有金钱的痴迷，认为这扭曲了他们的想象力，并使他们无法意识到存在更令人满足的可能性。这与凯恩斯的观念相一致，在他看来，当代许多经济生活就是债权人与债务人之间的斗争。他从未掩饰自己的信念，即应该让“债权阶级”处于应有的地位。
因此，凯恩斯试图寻找政府机构如何能将利率维持在低位的途径。他认为，持续的低利率将使经济重新平衡，有利于债务人，并减少人们囤积金钱的动力，转而鼓励他们消费和投资，从而刺激就业。斯基德尔斯基承认，采取此类政策需要付出的代价将是失去一个“抗通胀锚”。
这种缺失极大地促成了吞噬大多数国家的“大通胀”。
凯恩斯主张政府对市场进行强力干预。其长期结果一直存在争议。
在《他拥有人民》（He Has the People）这部对 1860 年选举的敏锐回顾中，路易斯安那州立大学的历史教授乔纳森·厄尔（Jonathan Earle）深入探讨了细节并强调了随之而来的不确定性：1859 年，记者 D.W. 巴特利特（D.W. Bartlett）列出了一份 21 位最可能的总统候选人名单，其中并没有林肯的名字。为了解释林肯是如何脱颖而出并赢得共和党提名及总统宝座的，厄尔先生请了一位记者穆拉特·哈尔斯特德（Murat Halstead）作为目击证人引导读者。
哈尔斯特德是一名共和党人，当时 30 岁，是《辛辛那提商业报》（Cincinnati Commercial）的编辑，参加了当年的所有全国政治会议（共有七次）。其他报纸转载了他的报道。哈尔斯特德还出席了 1859 年 12 月 2 日约翰·布朗（John Brown）的绞刑。六周前，布朗袭击了当时位于弗吉尼亚州的哈珀斯费里（Harpers Ferry）联邦军械库，旨在煽动奴隶起义。这位废奴主义者的行动削弱了诸如纽约州参议员威廉·苏厄德（William Seward）等共和党候选人的竞争力，因为苏厄德被视为反奴隶制的激进分子。这也提升了林肯的地位，因为他更为温和的方式显得更有吸引力。在库-
西方国家在 1965 和 1980 年之间。斯基德尔斯基（Skidelsky）会对后一点提出异议；他坚持认为，严重损害了凯恩斯主义政策信誉的通货膨胀爆发，是由“林登·约翰逊总统政府未能削减美国民用支出以支付越南战争费用”所触发的。但这种解释大大低估了政府和中央银行愿意通过赤字支出和宽松货币政策来优先追求低失业率所起的作用。这种意愿导致了过度需求，最终刺激了严重的需求拉动型通货膨胀——即需求超过可用商品和服务而导致的价格上涨。
关于就业与通货膨胀的这场争论，将我们带到了贯穿斯基德尔斯基著作的一个潜在主题：凯恩斯与哈耶克（Hayek）之间的冲突。哈耶克是一个坚定的反通胀主义者，同时也是“新自由主义”的代表，而斯基德尔斯基认为新自由主义是当代许多经济和政治困境的根源。
在 20 世纪 30 年代，《经济学》（Economica）杂志的篇幅中，凯恩斯和哈耶克就经济低迷期间储蓄、消费和刺激计划的功能进行了激烈辩论。随后，他们就经济计划对自由的影响展开了争论。但斯基德尔斯基认为，两人分歧的核心在于哈耶克倾向于“将道德价值与市场价值等同起来”。
在斯基德尔斯基看来，哈耶克将市场的道德功能简化为经济如何赋予人们做出自身道德选择的机会。
1860 年 2 月，在纽约市的一次工会集会上，林肯宣布“约翰·布朗（John Brown）并非共和党人”。
同月，经过 8 周的时间和 44 轮投票，第 36 届国会终于选出了议长。（按照当时的惯例，1858 年选出的代表直到 12 月 1859 年才召开常规会议。）新泽西州的威廉·彭宁顿（William Pennington）最终以一票之差当选。俄亥俄州的约翰·舍曼（John Sherman）在大部分投票过程中处于领先地位，但在南方民主党人团结一致反对他之后选择了退出，因为他支持欣顿·罗安·赫尔珀（Hinton Rowan Helper）的《南方迫在眉睫的危机》（1857 年），该书预测，由于奴隶制对不拥有奴隶的白人农民产生的不公平影响，南方将面临经济灾难。即便……
林肯就任总统后，七个南方州脱离了联邦。
选择，并由此在面对稀缺时承担责任。在他看来，凯恩斯从事的是更为严肃的事业，即通过追求美、艺术和和谐关系等审美商品，使人类能够“脱离必然性的领域，进入自由的领域”。
斯基德尔斯基对哈耶克在这些问题上的立场描述过于贫乏。例如，哈耶克从 20 世纪 30 年代后期开始的大部分亲市场主张中，就阐述了市场如何帮助推动文明增长，尤其是通过用自由交换取代掠夺行为，并提供一种跨越空间和时间协调数百万条知识信息的手段。哈耶克还将某些对市场至关重要的制度——特别是法治——视为不仅仅是简单的经济产物。对他而言，这些制度本身就是道德和文明的成就。
然而，尽管斯基德尔斯基对哈耶克有很多批评，但他承认，哈耶克和凯恩斯在希望保护自由文明免受当时左右翼激进分子侵害的愿望上是一致的。他警告说，类似的势力在今天以民粹主义和民族主义的形式重新出现。对于斯基德尔斯基来说，应对之策的一部分必须是一种能够维持“持续高水平劳动力需求”的“现代化凯恩斯主义”。斯基德尔斯基认为，这将缓解他对失业的广泛焦虑，而他认为正是这种焦虑使极端主义对如此多的人具有吸引力。
他所说的现代化凯恩斯主义，是指更广泛且更直接的干预形式。在国内层面，他呼吁广泛地重新分配财富和收入，在一些他含糊称之为“公共项目”的领域进行大规模公共投资，而且最激进的是，向任何无法找到私营部门工作的人保证提供公共部门的职位。斯基德尔斯基还认为，“秉承凯恩斯的精神”，我们应该“旨在建立一个支持而非阻碍国内充分就业政策的国际 / 金融体系”。
然而，请考虑，以一般政府支出衡量，美国经济中的国家干预在 2025. 年占国内生产总额的 37.7%。同年，欧盟的这一比例为 49.5。
斯基德尔斯基的政策只会放大西方经济中这种已经巨大的干预程度。考虑到随着越来越多的资源被公共部门吞噬，生产力（更不用说自由）会发生什么，人们很难看出现代化凯恩斯主义将如何维持必要的增长，以确保丰裕而非生存维持成为常态。
斯基德尔斯基这种 21 世纪的凯恩斯主义典型地表明，著名思想家的传道者在详细阐述其偶像的观点时，往往会失去比例感。他是一位出色的传记作者，他在另一本书中将凯恩斯描述为“大师”。然而，斯基德尔斯基为当代所做的凯恩斯思想具体演绎，只会进一步危及凯恩斯终其一生在捍卫的自由文明。
格雷格先生是美国经济研究协会的主席。
J.S. DYKES
抢劫男爵 (The Robber Barons) 作者：马修·约瑟夫森 (Matthew Josephson) (1934) 1
马修·约瑟夫森对镀金时代最有权势者的群像描绘——其研究对象包括杰伊·古尔德、詹姆斯·菲斯克、约翰·D·洛克菲勒和J.P.摩根——是对无休止竞争的一次研究。权益接管（Equity receivership）是一种类似于破产的程序，用于重组陷入困境的公司，是许多大亨用来击败竞争对手的常用手段。古尔德精通财务困境的“阴暗艺术”。用约瑟夫森的话说，他“在西部游历，盯着横贯大陆铁路的残骸”，搜刮那些“丰富的碎片”。接管也是摩根偏好的武器。约瑟夫森写道，面对“急需新鲜营运资金的……瘫痪客户”，摩根会提供贷款并“强加苛刻条件”，通常在债务重组后安装一名盟友作为“管理层中的主导声音”。这本书出版于大萧条时期，当时人们对华尔街的敌意很高，这部对前时代商业巨头的生动描绘大获成功，并使书名中的短语普及开来。
拯救纽约的人 (The Man Who Saved New York) 作者：西摩·P·拉克曼和罗伯特·波尔纳 (Seymour P. Lachman and Robert Polner) (2010) 2
在这部关于休·凯里（Hugh Carey，1975 至 1982 年间担任纽约州州长）的传记中，隐藏着纽约市如何在 1975 年勉强避免财政崩溃的故事。书中生动地刻画了相关人物，例如：市长亚伯拉罕·比姆，一个不幸的市长，差点辞职；菲利克斯·罗哈廷，一名著名的华尔街银行家（被某些人称为“修理工菲利克斯”），他领导着由州政府设立、旨在为城市债务再融资的市政援助公司；以及阿尔伯特·尚克，该市教师工会主席，他对成员退休基金的控制权对于一项再融资协议至关重要。西摩·P·拉克曼和罗伯特·波尔纳肯定了凯里在诱导州级和联邦级立法者采取行动方面的功绩。其中一个障碍是总统杰拉尔德·福特，他最初表示将否决凯里关于联邦贷款的请求，而该贷款旨在扩展州政府的努力。纽约每日新闻 (New York Daily News) 在 1975 年 10 月 30 日将福特的立场解读为：“福特对该市：等死吧 (DROP DEAD)”。最终，纽约的公众舆论发生了转变。
接第 C7 页
在南方销售这本书可能证明是危险的：北卡罗来纳州的当局曾因一名传教士分发了四本书而将其监禁。 作者认为，议长的竞争是即将到来的选举的代理战，在那次选举中，将有四位候选人竞争总统之职。四月，民主党人在南卡罗来纳州查尔斯顿集会，斯蒂芬·道格拉斯未能获得南方民主党人的支持。（这位伊利诺伊州参议员既反对堪萨斯州支持奴隶制的利康普顿宪法，也反对一项旨在保护领土内奴隶制的联邦奴隶法典。）根据厄尔先生的报道，霍尔斯特德对道格拉斯评价极低，将其描述为一个“口出秽语、自认胆怯的恶霸”。 查尔斯顿大会在没有产生被提名人的情况下结束；当他们未能获得一项保护奴隶制扩张的政纲时，大多数南方代表愤而离场。北方民主党人于六月在巴尔的摩重新集会并提名了道格拉斯。南方民主党人单独集会，选择了肯塔基州的约翰·C·布雷肯里奇，当时任职且支持奴隶制的副总统。 五月，第三个政党——宪法联盟党 (Constitutional Union Party) 提名了田纳西州的约翰·贝尔。尽管如此，
ALAMY
截选自弗雷德里克·伯尔·奥珀（Frederick Burr Opper）的《让他们全部拿走，就此完结！》（1882）
城市的青睐，这有助于促使福特支持一项 23 亿美元 十亿的联邦贷款计划，从而为整顿该市财务赢得了时间。
游戏结束 作者：乔治·帕帕康斯坦蒂努 (George Papaconstantinou) (2016) 3
当多年来由增加债务支撑的臃肿政府预算最终在 2009 年让希腊不堪重负时，希腊向欧盟寻求帮助。在接下来的六年里，希腊与所谓的“三驾马车”——欧盟委员会、欧洲中央银行和国际货币基金组织——协商了三笔救援贷款，以换取削减开支和采取紧缩措施。乔治·帕帕康斯坦蒂努并非一名客观的观察者。作为 2009 到 2011 年期间的希腊财政部长，他参与了第一轮救援协议的谈判以及第二轮的早期阶段。帕帕康斯坦蒂努先生的文字充满激情且带有讽刺意味的幽默，将读者带入决定该国命运的会议室之中。这部编年史有一个卡夫卡式的结局，作者
作为一个奴隶主，他曾是一名著名的辉格党人，反对任何关于分裂以及将奴隶制扩张到领地的讨论。霍尔斯特德观察到，“两大政党的普遍愚蠢赋予了第三党非同寻常的活力”。他指出，宪政联盟党提议通过“忽视当时所有棘手的问题”来挽救国家”——其政纲中没有直接提及奴隶制。共和党则在 5 月 16 日至 5 月 18 日期间在芝加哥正面应对这些问题。伊利诺伊州共和党主席诺曼·B·贾德（Norman B. Judd）通过多种方式推广林肯的候选资格，包括促使具有影响力的《芝加哥新闻与论坛报》支持林肯，并提交了一份由伊利诺伊州全票通过的委派代表名单。考虑到西华德的受欢迎程度，以及萨蒙·P·蔡斯（Salmon P. Chase）、西蒙·卡梅伦（Simon Cameron）和爱德华·贝茨（Edward Bates）等其他候选人的知名度，这绝非易事。在本月于迪卡特举行的州共和党会议上，林肯打破了政治惯例，亲自出席。他的朋友和一位亲戚带来了两根据称是由林肯从原木中劈开的围栏木条，于是他成为了“劈柴人”——一个活生生的象征
受审，被指控将其亲属的名字从一份在瑞士银行账户拥有资金的希腊人名单中删除。最终，他被免除最严重的指控，从而得以撰写这篇关于该国金融灾难的记录。
《美国破产记》(Bankrupt in America) 作者：Mary Eschelbach Hansen 与 Bradley A. Hansen (2020) 4
美国第一部永久性的联邦破产法颁布于 1898, 最初是为企业设计的，但个人也发现了其中的好处，正如 Mary Eschelbach Hansen 和 Bradley A. Hansen 在《美国破产记》中所解释的那样。到 20 世纪 20 年代，申请破产的个人数量已经超过了申请破产的企业。法院尽力适应这一变化。作者写道，法官 Kenesaw Mountain Landis 试图确保只有“诚实但不幸”的债务人能从破产法中获益，他将“职业破产者……引导至赔偿或入狱”。Valentine Nesbit “统计了
在边疆民主中”，正如 Earle 先生所言。 David Davis 当时是一名巡回法院法官，后来成为最高法院大法官，他操盘了林肯的候选进程，包括内阁职位的安排。他的目标是通过让林肯在第一轮投票中获得 100 票（而需要 233 票）来否决西华德（Seward）的立即获胜。为此，Davis 将林肯定位为那些支持其他候选人的人的首选第二选择，以及一个能够拿下宾夕法尼亚州、伊利诺伊州和印第安那州的人，而这些州在 1856 年被 James Buchanan 赢得。 在第一轮投票中，林肯获得了 102 票，而西华德获得了 173.5 票。（出现半票是因为某个州的代表人数与大会分配给该州的票数不一致。）在第二轮投票中，林肯跃升至 181 票，仅落后西华德 3.5 票。到了第三轮，林肯获得了提名。 Halstead 感到失望：“这次大会的事实是西华德的失败，而非林肯的提名。这是‘可获得性’的假设战胜了‘智力卓越’与‘无与伦比的名声’。” 总统大选最终演变为北方的林肯对阵道格拉斯（Douglas），以及南方的布雷金里奇（Breckinridge）对阵贝尔（Bell）。由于共和党在南方没有影响力，且是按政党而非按州分配选票，林肯在 10 个南方州没有获得任何选票。他在北方和西部（俄勒冈州和加利福尼亚州）获胜，部分得益于
他在 20 世纪 30 年代法庭上出现的债务人的“开支”，将其“从债务人的工资中扣除”，并将余额支付给债权人。这种对个案的关注无法长期维持。百货公司的信用账户以及对利率法律限制的取消，为 20 世纪末信用卡业务的爆发以及随之而来的债务和破产铺平了道路。债权人的游说者抱怨债务人利用破产来逃避义务，而消费者团体则指责剥削性的贷款行为。这种趋势仍在继续。如今，申请破产的个人数量远超企业，比例高达 22 比 1。
《凯撒皇宫政变》(The Caesars Palace Coup) 作者：Max Frumes 和 Sujeet Indap (2021) 5
在 2007-09 年经济衰退之后，凯撒娱乐（Caesars Entertainment）赌场帝国险些违约超过 250 亿美元 billion 的债务，一场异常残酷的企业银行
破产之战随即展开。持有这家陷入困境企业的两家私募股权基金——阿波罗全球管理公司（Apollo Global Management）和TPG资本（TPG Capital），于 2015 年带着一项提案走进破产法院：凯撒公司（Caesars）将向受青睐的债权人偿还大部分欠款，而仅给不受青睐的债权人极少的报酬，从而让阿波罗和TPG继续掌权。一群被激怒的对冲基金（他们属于不受青睐的债权人）从各个角度攻击该提案。马克斯·弗鲁姆斯（Max Frumes）和苏吉特·英达普（Sujeet Indap）勾勒了这场博弈中变幻的联盟和气势汹汹的人物性格，使其成为 21 世纪最著名的第 11 章破产案之一。作者写道，阿波罗的大卫·桑伯（David Sambur）就像“一只时刻处于攻击模式的比特利犬”，而对冲基金的律师布鲁斯·贝内特（Bruce Bennett）则“总想说最后一句定论”。在破产之前，阿波罗和TPG已将凯撒公司的一些优质资产转移到了其他实体。当一名审查员估计这些转移可能骗取了凯撒公司 50 亿美元 billion 时，最初的提案崩溃了，不受青睐的债权人们获得了一份好得多的协议。
由“觉醒者”（Wide Awakes）引领，这是一个由白人和黑人男性组成的准军事化青年运动，他们走上街头支持他。（一名民主党人谴责他们为“觉醒的禁卫军”。）
道格拉斯赢得了密苏里州以及新泽西州 7 张选举人票中的 3 张。布雷金里奇（Breckinridge）赢得了除田纳西州、肯塔基州和弗吉尼亚州（这三州归贝尔所有）以外的所有蓄奴州。这意味着林肯以 39.7% 的普选票和 180 张选举人票获胜（仅需 152 张即可获胜）。令人震惊的是，合资格选民的投票率高达 82%。霍尔斯特德（Halstead）赞扬选举过程中“近乎普遍的良好秩序和端庄”，并称此次结果为一场“无声的革命”，且未流一滴血。他欣喜于“奴隶制已达到扩张的极限”，以及“共和政府实验的命运”不再处于危险之中。但事实很快证明霍尔斯特德错了。
无论林肯在当时看来多么不像候选人，他在担任总统期间维护了联邦，并帮助终结了奴隶制。四年后，在连任之后，他对选举政治发表了看法：“如果没有选举，我们就不能拥有自由政府；如果叛乱能迫使我们放弃或推迟全国选举，那么它就可以理直气壮地声称已经征服并摧毁了我们。”随着今年一场关键竞争即将到来，厄尔（Earle）先生的书提醒读者，民主这种混乱的实践从未简单过。
《灰烬帝国》(Empire of Ashes) 作者：詹姆斯·M·斯科特 (James M. Scott) 诺顿出版，528 页，$41.99 战争的爆炸性终结
作者：乔纳森·W·乔丹 (JONATHAN W. JORDAN)
美国对日本的战争是一场三幕剧：从珍珠港到中途岛海战 (1941-42) 是低谷；从瓜达尔卡纳尔到关岛 (1942-44) 是反转；从塞班岛到日本最终战败 (1944-45) 则是清算。理查德·B·弗兰克 (Richard B. Frank)、约翰·C·麦克马纳斯 (John C. McManus) 和伊恩·W·托尔 (Ian W. Toll) 的三部曲通常遵循这一时间线（弗兰克先生正在创作的三部曲开始时间更早，即 1937 年日本对华战争）。
詹姆斯·M·斯科特采取了不同的方法。他的太平洋战争系列书籍——《深海之战》(The War Below, 2013)、《目标东京》(Target Tokyo, 2015)、《横扫》(Rampage, 2018) 和《黑雪》(Black Snow, 2022)——探讨了那些揭示被战争镰刀收割的个体命运的行动。在《灰烬帝国》中，斯科特先生将视角转向了战争的最后几个月，从 1945 年春季美国对日本主要城市的轰炸行动，到该帝国在 8 月遭受原子弹打击而毁灭。
当裕仁天皇在思考日本的处境时，杜鲁门总统被迫考虑原子弹选项。
《灰烬帝国》以富兰克林·D·罗斯福总统的突然逝世和哈里·杜鲁门尴尬地接任总统开篇。在斯科特先生的叙述中，杜鲁门是戴维·麦卡洛 (David McCullough) 笔下那个平凡英雄的缩减版：一个政治上的拳击手，尽管内心充满疑虑，但从未回避艰难的道德决定。杜鲁门在就任总统不到两周时就遭遇了最大的冲击之一，当时他得知了原子弹计划。“他担任总统仅 13 天——而现在他面临这样一种前景：为了结束战争并挽救美国人的生命，他可能不得不抹除日本的城市，”斯科特先生写道。“这种武器将杀死数以万计的男人、女人和孩子。”在瞄准镜的十字准星中是裕仁天皇，一个温文尔雅、像学者一样的人物，完全没有为珍珠港引发的漩涡做好准备。“乍一看，裕仁似乎更适合图书馆而非战场，”斯科特先生写道。“他在社交上笨拙且孤独，一生都被隔绝在任何真正的朋友以及广大民众之外，正如他后来承认的那样，生活得就像一只‘笼中鸟’。”
斯科特先生描述了日本的普通平民，他们在 1941 到 1945 年间忍受了日益严重的灾难。从简单生活设施的消失——茶馆关停；寺庙的钟和锣被征用以满足军队对金属的需求——到药品、布料、食物甚至棺材的短缺，家庭发现自己被困在一个无法自给自足的被封锁的岛屿上。关于 1.3 million 名从城市撤离到农村的小学生，斯科特先生写道，许多人“不得不靠吃蝗虫、蛇和溪蟹，甚至牙刷粉、油漆和蜡笔来生存”。1945 年 2 月，裕仁开始秘密会见前任首相，就是否请愿求和征询他们的意见。除了少数人外，所有人都……
(注：文中涉及年份区间 1941-42 包含 42，1942-44 包含 44，1944-45 包含 45；文中日期 1945, 及 1.3 million 已按要求核对。)
长久 之战
《二垒上的融合》(Integration at Second Base) 作者：Peter Eisenstadt 弗吉尼亚出版，344 页，$29.95
作者：PAUL FINKELMAN
在 20 世纪 50 年代初，杰基和蕾切尔·鲁宾逊 (Jackie and Rachel Robinson) 试图在纽约市周边的郊区买一套房子。正如蕾切尔后来回忆的那样，这对夫妇想要的是“空间、清新的空气、好的学校、孩子们的玩伴，以及强烈的社区感”。杰基在布鲁克林道奇队 (Brooklyn Dodgers) 领取的薪水很高。代言、演讲和写作带来了更多收入。鲁宾逊夫妇受过大学教育，经济成功，且是虔诚的基督新教徒。谁不想让一位著名的运动员住在附近呢？
但鲁宾逊夫妇在为期一年的看房过程中发现，从纽约州长岛到康涅狄格州郊区，几乎没有人想要他们。一名卖家宁愿将房子撤下市场，也不愿接受一对黑人夫妇出到开价全额的买 offer。房地产经纪人拒绝带他们参观许多社区的房子。正如费城一家黑人报纸的评论员所指出的：“杰基不是因为太穷而买不起房，而是因为他太黑了。”
最终，鲁宾逊夫妇在康涅狄格州买了一块空地并自己盖了房子。有些邻居欢迎他们；有些则搬走了。在晚年担任全美有色人种促进会 (NAACP) 董事期间，杰基在对抗住房歧视时回忆起了这些经历。
在《二垒上的融合》一书中，Peter Eisenstadt 探讨了棒球运动的种族界线、战后美国，以及一位演变为商人、黑人民权倡导者且反对一切形式歧视的天才运动员。鲁宾逊的勇气——以及他的击球、防守和跑垒能力——为美国社会法律认可的种族隔离制度的终结以及融合进程的开始铺平了道路。
1945 年，道奇队总裁布兰奇·里基 (Branch Rickey) 签下了鲁宾逊，违反了美国职棒大联盟关于棒球是“白人运动”的“君子协定”。里基一直声称，他这样做是因为鲁宾逊是一名伟大的运动员，能帮助道奇队赢得冠军。但里基作为一名虔诚的循道宗信徒，同样鄙视偏见，认为这不符合基督教精神。
1947 年 4 月 15 日，鲁宾逊在布鲁克林的埃贝茨球场 (Ebbets Field) 的一场比赛中登场，打破了棒球的种族界线。Eisenstadt 先生讲述了鲁宾逊在被评为年度最佳新秀之前，如何忍受了一个赛季持续不断的种族主义骚扰、头球袭击、仇恨邮件和死亡威胁。两年后，鲁宾逊在打击率和盗垒数方面领跑国家联盟，被评为最有价值球员 (MVP)。1955 年，鲁宾逊带领道奇队赢得了该俱乐部历史上首个世界大赛冠军。
遗迹：日本长崎，在 1945 年 8 月 9 日原子弹轰炸后的一个神道教神社。
有人敦促他继续战斗。在屈服于鹰派压力下，裕仁天皇坚持争取一项能让日本在和平谈判桌上拥有筹码的胜利。
由于轰炸和封锁没有明显效果，杜鲁门采取原子弹选项在很大程度上是由另一种选择驱动的：即对日本本土岛屿进行两栖入侵。塞班岛、硫磺岛和冲绳的战斗揭示了入侵日本将付出怎样的代价。Scott 先生写道：“惨重的伤亡反映了定义战争最后一年的残酷战斗，这些战斗因狂热的‘万岁冲锋’、大规模平民自杀，以及当然还有恐怖的神风特攻队袭击而变得更加剧烈——那是倾泻在美军战舰上的金属与血肉之雨。”
这本书展现了 Scott 先生的长项：传达战争的人道成本。在描述美国火攻时，他写道：“夜复一夜，波音公司庞大的‘超级堡垒’（B-29 重型轰炸机）像喷火龙一样系统性地‘焚烧日本城市’。”“公共避难所极少，居民只能在自家花园里挖掘原始的单兵掩体，许多人在那儿要么窒息而死，要么被活活烤死。混凝土建筑，如学校和……
火车站，它们往往充当了烤箱的角色，将内部的尸体化为灰烬和骨骸。” 面对入侵，日本领导人为儿童配备竹矛，以对抗美国的坦克、战斗轰炸机和炮火。斯科特先生引用了一名女学生的关于训练的日记：“‘这真的很有趣，’她写道，‘虽然我很累，但我意识到即使是一个人也可以杀死很多敌人。’” 杜鲁门和裕仁都对即将到来的屠杀感到恐惧。杜鲁门知道，仅在南部的九州岛上，美国入侵者就可能面临超过 900,000 名防御者和 10,000 架神风特攻队飞机。在日本本土，裕仁无力地看着美国轰炸机在炸完大城市后，开始摧毁较小的城市。然而，日本帝国内阁中的强硬派们绝不让步。 僵局的核心在于裕仁的命运：他应该继续担任天皇，还是作为战争罪犯被绞死？为了安抚日本而保留皇位的逻辑，与美国对从中国南京到菲律宾巴ataan等帝国暴行的愤怒产生了碰撞。当原子弹试验点亮新墨西哥州的天空时，杜鲁门坚定地坚持罗斯福关于无条件投降的要求。
这位 37 岁的罗宾逊在 1956 赛季后从棒球界退休。到那时，大多数大联盟球队都有非裔美国球员。数以百万计的美国人经常为包括罗宾逊、汉克·亚伦、罗伊·坎帕内拉、威利·梅斯和萨切尔·佩奇在内的黑人球星的成功而喝彩。艾森施塔特先生暗示，这些球员在重塑美国关于种族和平等观念方面起到了至关重要的作用。你不可能在为你最喜欢的球队中的黑人球员欢呼的同时，不对那个 era. 的种族主义假设产生质疑。 《反抗地狱之犬：霍华德·瑟曼的一生》（2021）的作者艾森施塔特先生认为，罗宾逊开创了前运动员利用其名声来推动政治事业的角色，就他而言，这是为了“实现充分且有效的公民权”。罗宾逊作为全美有色人种促进会 (NAACP) 的领导人，主张黑人平等。他同时也谴责反犹主义，并且是基督教徒与犹太人全国会议的积极成员。在 1960 年的一篇关于欧洲反犹情绪盛行的报刊专栏中，他警告称“希特勒主义正在复活”，并提出了一种普遍性的公民权利愿景：“既然我们每一个人都是某个弱势少数群体的成员——无论是基于种族、宗教、国籍、政党、教育、职业还是其他差异——一旦群体仇恨被释放到任何其他群体身上，我们中就没有一个人是安全的。”
斯科特先生以紧凑的节奏和令人心碎的细节描述了广岛和长崎的轰炸。在描写广岛时他写道：“爆炸使街道上的人碳化，被烧焦的手仍然紧紧地抓着火车上的吊环。内脏蒸发了，飞行的鸟儿汽化了。” 通过五卷关于太平洋战争的著作，斯科特先生已证明自己是传达战争人性成本的大师。在《灰烬帝国》中，他挖掘了幸存者心碎的叙述，将读者带到原子弹废墟的瓦砾之中。他引用了一位广岛母亲的临别遗言，她无法救出被困在燃烧木材下的 6 岁女儿：“‘和子，’她哀求道，‘我对你是个糟糕的母亲，但请原谅我。我知道你也不想死。妈妈不够勇敢，不能留在这里陪你一起死。我害怕火。和子，原谅我，原谅我。’” 随着城市的毁灭，裕仁最终向必然的结果低头。
乔丹先生是《艾克与温斯顿：世界大战、冷战以及一段非凡的友谊》的作者。
罗宾逊最初是一名共和党人，部分原因是由于支持种族隔离的南方民主党人拥有强大势力。他在 1956 年支持艾森豪威尔，在 1960 年支持尼克松，但在 1964 年强烈反对戈德沃特，因为这位亚利桑那州参议员在那一年的民权法案中投了反对票。
除了政治倡导，罗宾逊还推动非裔美国人的创业，他认为这是实现真正平等所必需的。在从棒球界退休后不久，他成为了纽约咖啡店连锁店 Chock Full o’ Nuts 的副总裁。他还帮助在哈莱姆区创办了自由国民银行 (Freedom National Bank)。尽管自由国民银行的经营记录褒贬不一——它最终于 1990 年关门——但该银行曾是社区的支柱，为许多黑人经营的企业提供融资。
正如罗宾逊在晚年所观察到的那样：“当最卑微的兄弟在下方大声呼救却无人理会时，我个人不能仅仅因为被允许为之努力并学到的好事而感到高兴。”这位美国英雄明白，他个人的成功不能替代广泛的平等与成就。
杰基·罗宾逊在消除种族偏见方面的努力并不局限于体育世界。
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《罗马帝国地图集》(Atlas of the Roman Empire) 作者：大卫·波特 (David Potter) Basic 出版社，320 页，$50
作者：马克斯·卡特 (MAX CARTER)
在探讨公元 98 年至 117 年统治罗马帝国的图拉真时，爱德华·吉本思考了伟大人物对暴力的倾向。“只要人类继续对破坏者而非恩惠者给予更热烈的掌声，”他反思道，“对军事荣耀的渴望将永远是最高尚人格中的缺陷。”吉本所描述的这种渴望是永恒且无法遏制的；他那部关于罗马帝国的巨著若非基于此，几乎无法成立。同样的情况也适用于大卫·波特的《罗马帝国地图集：战争、征服、军团与统治者》，该书通过地图、文物、说明图以及简洁客观的文字，追踪了罗马帝国的演变。正如波特先生所观察到的，罗马帝国“并非凭空出现”。相反，是“此前半千年的历史——罗马共和国——的最终失败，铺平了帝国之路”。在他看来，共和国的体制无法管理众多的远方行省，也无法遏制其军事将领危险的野心。在公元前 1世纪中期，共和国中最具政治洞察力和个人魅力的人物尤利乌斯·凯撒，通过粉碎存在了数世纪之久的罗马保障机制和传统，培养了个人的权力。他与罗马顶级将领格奈乌斯·庞培 (Gnaeus Pompeius Magnus) 以及当时最富有的人马库斯·利金尼乌斯·克拉苏斯结盟。公元前 49 年，凯撒率领军队跨越卢比孔河（这条河将罗马直接控制的领土与顺阿尔卑斯高卢行省分开），公然蔑视参议院的权威。他在随后与前盟友庞培的内战中获胜，并宣布自己为独裁者。波特先生讲述道，“讽刺的是，正是因为担心凯撒会让自己变得不可撼动，才限制了他的统治，使共和国陷入了最后的临终之苦，并最终催生了帝国时代。”一群自视为解放者的约 60 名参议员在公元前 44 年刺杀了凯撒，从而引发了另一场血腥内战。凯撒的从侄屋大维 (Octavian) 与凯撒的副手马库斯·安东尼 (Marcus Antonius) 联手，在公元前 42 年的菲利比战役中击败了效忠于共和国的军队。波特先生随书附上的地图以简洁的方式阐明了该战役中军队与舰队的动向。共和国虚有其表的残骸在公元前 27 年让位于帝国，当时屋大维获得了“奥古斯都”的称号（波特先生翻译……）
BRIDGEMAN IMAGES
在被从舒适的加州家中绑架，并被送到加拿大克朗代克地区充当雪橇犬之后，杰克·伦敦 1903 年作品《野性的呼唤》中的圣伯纳山犬与牧羊犬混血犬巴克，被其物种古老的冲动所掌控。伦敦写道：“他隐约记得这个品种的青年时代，那时野狗成群地在原始森林中漫游，在追逐猎物时将其杀死。”本能与驯养之间的紧张关系是几乎所有犬类小说的核心，包括今年的三本粗粝且引人入胜的书籍。
其中最独创的是摩根·戴（Morgan Day）那部标题大胆的处女作《最年长的婊子》（The Oldest Bitch Alive，Astra House 出版，208 页，$28），讲述了一只名叫格尔索米娜（Gelsomina）的受宠法国斗牛犬的最后日子。小说始于格尔索米娜在舔食湖水后吞下了五条寄生虫。在 13 年生命的大部分时间里，这只斗牛犬与拥有她的夫妇生活得心满意足，在基础的日常起居和陪伴中寻找意义。但寄生虫带来的疾病，以及对自身死亡的觉醒，激活了戴女士所称的“原始冲动的政变”。格尔索米娜开始惊觉地意识到，在她精心维护的栖息地之外，还有一个更广阔的世界。
戴女士通过一种叙事策略的结合，传达了格尔索米娜奇异的存在主义觉醒。
小说 萨姆·萨克斯 (SAM SACKS)
斗牛犬在 吞下五条 寄生虫后 开始 质疑 生命与 意义。
（将该词解读为“非凡之人”），在战胜了安东尼及其伴侣、埃及女王克娄巴特拉之后。奥古斯都将自己定位为罗马“同辈之首”，实施了紧迫的军事改革，将军团数量削减了一半，同时将其部署在所有方向进行扩张。新省份意味着新招募的士兵，以及用于支付退伍军人薪水的资源。这种金字塔式的动态在一定程度上解释了该帝国近乎持续不断的战争状态。
皇帝A 约四世纪的盘子，描绘了将尼西亚基督教确立为罗马帝国国教的狄奥多西一世。
奥古斯都于公元 14 年去世，享年 75 岁——当时罗马男性的平均寿命为 50 岁。在他四十年的统治之后，皇帝的质量在能力出众与奢靡的狂妄自大之间摇摆。波特先生对他所谓的凯撒们的艳情事迹不感兴趣，而更倾向于探究国家的运作方式。提比略（公元前 42 年-公元 37 年），奥古斯都的继任者兼继子，在位期间大部分时间不在罗马，而是在卡普里岛上享受生活。作者暗示，这种效果是持久且出人意料地有益的，新皇帝的超然加强了罗马的“新兴官僚机构”，该机构由那些“其自身利益保证了地方问题的有序解决方案”的行政人员组成。
但这里没有追问的是，一个甚至能够支撑起最疯狂的凯撒的行政机构，是否对帝国的公民有益。公元 54 年掌权的尼禄是奥古斯都血统的最后一人。他对军事事务不关注，对待高级将领极不尊重，并下令谋杀自己的母亲。由于疏远了即使是最卑躬屈膝的追随者，尼禄逃离城市并在公元 68 年自杀。波特先生写道，他的死亡引发了一个“关键问题：现在什么样的男人才有资格成为罗马皇帝？”
在接下来的 400 年里，答案各不相同。在弗拉维王朝（公元 69-96 年）期间，韦斯帕
以第三人称叙述的章节描绘了这只狗由喂食和打盹组成的平淡日常生活是如何被疾病改变的。杰尔索米娜一直接受她的世界被一种不可见的、如果在尝试超越它就会伤害她的“无形力量”肆意掌控；然而这种限制——我们理解为电子围栏——突然变成了折磨，她渴望摆脱这些残酷的束缚。其他一些章节由破碎的、极具诗意的片段组成，采用杰尔索米娜的视角。甚至还有一些章节详细描述了蠕虫的视角，它们发现自己处于杰尔索米娜胃部那令人不安的黑暗环境中，并努力在宇宙中寻找自己的正确位置。
平庸与哲学地交织，创造了一种对柏拉图“洞穴寓言”的重新演绎，尽管戴女士的直接影响似乎更多地来自后现代主义。“今天，我放下了我的毛绒球，去寻找真实，”杰尔索米娜想，有趣地引用了像让·鲍德里亚这样探讨模拟与真实性的符号学家。
坦白说，这种理论化走得太远了。戴女士有着年轻作者好为人师的弱点，她不必要地沉溺于关于修辞术语和拉丁语词源的随笔式离题。一个以加缪名言开篇的章节，除了回答戴女士是否读过加缪这个紧迫的问题外，几乎没什么作用。
但大多数这些知识性的飞跃都被巧妙地包裹在斗牛犬生活的臃肿日常之中。在主人眼中，杰尔索米娜仅仅是一只深受宠爱的宠物，而她正变得日益
本周推荐
《世界上最老的一只母狗》 摩根·戴 著
《狼，月亮，狗》 托马斯·沃顿 著
《埃特纳》 保罗·尹 著
脱离现实且不之。在想象她紊乱的感知时，这部小说展现了老狗那被局限的世界，如何被久远的渴望所重塑，以及被深刻改变的认知。
托马斯·沃顿（Thomas Wharton）的犬类故事集《狼，月亮，狗》（Wolf, Moon, Dog，Pegasus出版，272页，$27.95）以一个关于驯化的寓言开篇。一只名为“狼”的野犬被族群驱逐，一名石器时代的少年向它提出了结盟：如果“狼”提供保护并协助狩猎，男孩将给它提供庇护和充足的熟肉。尽管有些不情愿，“狼”接受了这一提议，从而建立了一种相互依赖的关系，书中的后续故事在时间线索中追踪着这段关系。
这些故事中许多仅有几页长。其中一个关于陪伴并启发了犬儒主义哲学家第欧根尼（Diogenes）的狗；另一个则聚焦于一名佛教僧侣的犬类伙伴。书中还瞥见了狗在中世纪、种植园奴隶制时代以及伦敦大轰炸期间扮演的角色。关于苏联太空犬莱卡（Laika）的片段则设定了一个未来主义的幻想空间，在那个空间里，一个仅由狗组成的太空殖民地终于摆脱了对人类的依赖。
沃顿先生以一种诙谐、口语化的方式写这一切。石器时代的人物会说诸如“我的天”和“哇，这胆子真大”之类的话。有一个故事是用押韵的对句讲述的，另一个则完全通过爪印和足迹的图像来传达。读者会觉得这种过度活跃的风格很可爱，或者（像我一样）觉得有些聒噪且烦人。这完全取决于一个人对犬种的偏好。
保罗·尹（Paul Yoon）在其小说《埃特纳》（Etna，Scribner出版，208页，$28）中更新了动物奥德赛的经典模板。埃特纳是一只混血牧羊犬，在一次发生于未具名国家（尽管有迹象指向朝鲜半岛）的毁灭性未来战争中，它是美国军队的一只排雷犬。战争结束时，埃特纳的人类和犬类伙伴全部死去。伤痕累累且疲惫不堪的他，决定寻找……
……被其儿子提图斯（Titus）继承，提图斯又被其弟弟多米提安（Domitian）继承。他们建造了罗马的一些重要纪念碑，例如罗马斗兽场。或许没有任何一对父子比马可·奥勒留（Marcus Aurelius，公元 121-180）及其继承人康茂德（Commodus，公元 161-192）更能证明世袭继承的危险。马可的著作《沉思录》是帝国的瑰宝之一。波特先生指出，马可的儿子与他那睿智的父亲截然不同。康茂德“残暴且对帝国的行政需求视而不见”，他痴迷于角斗士比赛，自封为“地上的赫拉克勒斯”。他最终被勒死，此前曾死里逃生，躲过了被刺杀和投毒的尝试。
他的同时代人如果得知罗马人在四世纪开始接纳基督教，一定会感到惊讶。君士坦丁大帝（Constantine，约 280-337）将他在公元 312 年米尔维安桥战役中的著名胜利归功于基督教之神。（他在战前还是战后皈依，仍有争议。）正如波特先生所指出的，君士坦丁主持的尼西亚公会议（公元 325 年）制定的信经，“确立了基督教信仰的第一个官方声明”——这可以说是罗马最深远的影响。
波特先生是密歇根大学希腊和罗马历史学教授，他并没有模仿吉本（Gibbon）那层层递进的句法，也没有采取罗马历史学家苏เอ托尼乌斯（Suetonius）那种八卦的视角。
对于奥古斯都而言，新的行省意味着新的招募对象和获取的资源。
一位在二世纪以描写帝国劣行而闻名的历史学家。《罗马帝国地图》一书行文轻快且公正，证明了罗马人在维持权力方面的成功，更多地归功于其行政能力，而非个人天赋。
波特先生这种平稳且按时间顺序叙述的方法，其缺点在于所需的严苛简洁。对共和国解体的描述过于仓促；凯撒与庞培之间的冲突仅用了三个短句地概括。波特先生对卢基乌斯·科内利乌斯·苏拉·费利克斯（138-79 B.C.）的简短描述认为，这位独裁者对暴力的使用“为凯撒那一辈的政治奠定了基调”，但作者并未提及苏拉的宿敌盖乌斯·马里乌斯（157-86 B.C.），而如果没有马里乌斯，苏拉的例子就是不完整的，且肯定没那么具有启发性。
没有任何一个帝国仅由征服定义。简·莫里斯曾说过，大英帝国最真实的道德——无论是真实的还是想象的——是公平竞争的道德。罗马共和国十分强调节俭与正直；而由其诞生的帝国则两者皆无。但在其巅峰时期，罗马先进且具韧性的帝国体制塑造了早期现代世界。
卡特先生是佳士得 20 世纪和 21 世纪艺术的全球主席。
位于战斗区域附近某处的沿海农场，那是他幼犬时期的居所。
这次旅程带着埃特纳穿过一座被炸毁的城市，进入一个被难民和游击队占据的山脉。他遇到了危险的人，但也结交了朋友。其中一些是被战争驱逐的狗；另一些则是富有同情心的人类，包括一名能够与犬类沟通的人道主义工作人员。埃特纳的叙述被狗狗的感官赋予了活力。气味在他的描述中至关重要。（我们读到，地雷散发出一种令人想起牙膏的甜味蒸汽。）埃特纳还拥有传统战争小说中常见的那种创伤性的忧伤与智慧。他渴望回家以及对母亲照顾的眷恋，看起来像是可被识别的人类本能。
尹先生在致谢中写道，他受到了约翰·伯格的小说《国王》（1998）的启发，该书讲述了一只照顾无家可归夫妇的流浪狗的故事。《埃特纳》中点缀的魔幻现实主义和直白的道德模式，让我更多地想起了跨物种寓言，如希拉·伯恩福德的《不可思议的旅程》（1961），或彼得·布朗广受欢迎的儿童系列丛书中的《野机器人逃脱》（2018）。《埃特纳》带有感伤色彩，无疑过于简单，但其永恒的叙事公式使其成为一次动人的体验。
Buzz Busby 作者：Kip Lornell 和 Tom Mindte 伊利诺伊州，272 页，$22.95 Capital Bluegrass
TOM MINDTE
作者：EDDIE DEAN A
战后农村移民向华盛顿特区的涌入，引发了一场乡村音乐热潮，彻底改变了这座城市的夜生活。一大批名为 Dixie Pig、Club Hillbilly 和 Ozarks 的啤酒馆和乡村小酒吧（honky-tonks）让顾客们感到宾至如归。在这些场所中，最粗犷的被地称为“bust-heads”，因为那里常有台下骚乱；像 Roy Clark（因《Hee Haw》而闻名）这样的未来之星，就是在瓶子满天飞的环境中学会了弹奏吉他的手艺。这些受欢迎的“bust-heads”之一便是位于华盛顿特区市中心的 Pine Tavern。那是一个铺着亚麻油地毡的破烂地方，只有十几个桌子，窗户上还有一个弹孔。1954 年夏天，驻场乐队 Buzz Busby and the Bayou Boys 开始引起轰动，吸引了源源不断的顾客前来听音乐，而非参与斗殴。在 Busby 像机关枪般的曼多林独奏和令人惊叹的高音引领下，这支乐队呈现出一种刚硬的蓝草风格（bluegrass-style）声音，与当时在城里听到的那些同质化、甜腻的乡村西部音乐（country-and-western slop）截然不同。这是一种对乐器精湛技艺的展示，继承了 Busby 的偶像 Bill Monroe 的精神，后者将传统的弦乐团音乐重新打造为一种新旧融合的激进风格。当地的电视制作人得知此事，在 Pine Tavern 安排了一次现场试镜。“他们不明白为什么我们在这样一个肮脏的地方演奏，”Busby 后来回忆道。音乐赢得了那些西装革履之辈的认可，Bayou Boys 很快拥有了自己的每日节目《Hayloft Hoedown》，这是一个将激烈的纯原声现场表演与疯狂的庸俗喜剧小品相结合的节目。尽管仅播出了六个月，《Hayloft Hoedown》立即获得了成功并产生了深远影响。毫不掩饰乡土气息的 Busby 引起了广大观众的共鸣，而这些观众此前甚至分不清根源音乐（roots music）和芜菁（rutabagas）。无论是哪个阶层的华盛顿居民，都可以在自己客厅的安全环境中，欣赏 Busby 在主题曲《Mandolin Tango》中精彩的独奏，或演唱《Deep Freeze Mama Blues》，而不用去那些充斥着携带剃刀的暴徒的“bust-head”酒吧。 “我们真的触及了参议员、老太太的缝纫圈以及所有其他人，”Busby 回忆道，“我知道，因为我们收到了信。”在 Busby 2003 年去世二十多年后，他在 20 世纪 50 年代具有开创性的录音使其成为了一个崇拜偶像，在核心蓝草音乐圈及以外的领域备受推崇。现在出现了他的首部传记《Buzz Busby: Father of Washington D.C. Bluegrass》（Buzz Busby：华盛顿特区蓝草音乐之父）。作者 Kip Lornell 和 Tom Mindte 写道：“Buzz Busby 是一个令人沮丧、自我毁灭但才华横溢的人物，这一点毋庸置疑。在蓝草音乐历史上，他仍然是一个重要但未被充分认可的人物，同时也是一名极具影响力的曼多林演奏者，他的天才在音乐同行中比在普通乐迷中更容易被认可。”其中一位崇拜者便是感恩而死乐队（Grateful Dead）的 Jerry Garcia，他曾翻唱过 Busby 的歌曲《Lost》。
生活 作者：JULIA M. KLEIN
Mindtothe VeryLast
Auden 作者：Peter Ackroyd Reaktion 出版社，400 页，$30
这看起来像是一个充满魔力的项目：由伊戈尔·斯特拉文斯基（Igor Stravinsky）作曲，由 20 世纪最杰出的诗人之一 W.H. 奥登（W.H. Auden）撰写剧本的歌剧。作曲家的灵感来自威廉·霍加斯（William Hogarth）为其讽刺系列作品《一个浪子的进步》（1734）所做的研究。奥登以其特有的热情响应了这个想法。他在给斯特拉文斯基的信中写道：“我几乎无需多言，能与您合作是我一生中最大的荣幸。”
在作曲家位于加利福尼亚州西好莱坞的家中度过的 10 天旅居时光是愉快且富有成效的，尽管据报道奥登拒绝淋浴或洗澡。事实上，奥登的邋遢程度是出了名的。斯特拉文斯基在评价这位诗人时说：“他是我见过最脏的、但我却很喜欢的人。”
奥登热爱合作，经常与朋友组队，包括剧作家兼小说家克里斯托弗·伊舍伍德（Christopher Isherwood）和诗人路易斯·麦克尼斯（Louis MacNeice）。在这次合作中，他寻求了其长期浪漫伴侣切斯特·卡尔曼（Chester Kallman）的帮助，正是后者将他引入了歌剧世界。
电视画面：Buzz Busby, Don Stover, John Hall 和 Pete Pike 在《Hayloft Hoedown》（1954-55）的拍摄现场。
Lornell 先生和 Mindte 先生勾勒出的关于 Busby 的短小而有力的肖像，揭示了乡村音乐中一个鲜为人知的章节——当时 Busby 及其同伴正在城市环境中播种初露头角的、以乡村为基础的蓝草音乐（bluegrass）种子。Lornell 先生是乔治·华盛顿大学音乐历史与文化专业的荣休教授，撰写过许多关于本土音乐的作品，从 Lead Belly 的传记到对华盛顿 go-go 音乐场景的综述。Mindte 先生是一位唱片制作人和音乐家，他在 Busby 晚年与其结交，并加入了他在 80 年代和 90 年代华盛顿依然在艰苦奋斗的蓝草音乐圈子中的乐队。他们的这部音乐编年史极为罕见，既提供了曼陀林独奏的谱本，又附有详细的逮捕记录。
Busby 是二战后数千名为了在联邦政府寻找工作而来到华盛顿的南方移民之一。Bernarr Busbice 出生于 1933 年，在路易斯安那州偏远地区的农场长大，在广播中听着《大操场》（Grand Ole Opry）长大，并迷上了像曼陀林天才 Monroe 这样的明星。高中时期，Busby 在当地演出；音乐事业在向他招手，但基于他的学业表现
卡尔曼意外的介入让斯特拉文斯基感到不安，因为他担心奥登的性倾向正影响其文学判断。但他们的第一幕写得很有前途，而在纽约与卡尔曼共进的一次午餐进一步让这位作曲家安心。英国历史学家兼传记作家彼得·艾克罗伊德在《奥登》中写道：“这个年轻人的魅力和显而易见对音乐的热情赢得了他的心。”
艾克罗伊德认为，1951 年在威尼斯成功首演的《浪子回头》（The Rake’s Progress）是这段往往充满波折的关系的巅峰。这部剧本赋予了卡尔曼一个“他原本缺失的目标”，使他从“在他人看来显然毫无价值的附庸”转变为一名“创意合作伙伴”。
这对伴侣的纽带是艾克罗伊德这部情感细腻、性描写坦率的传记中的一条主线。卡尔曼机智、迷人且公开承认自己的同性恋身份，起初让一直觉得自己不被爱的奥登感到狂喜。但在艾克罗伊德的叙述中，两人证明了自己在性方面不兼容，而卡尔曼的拒绝令奥登深受打击。两人随后都追求其他的性与浪漫关系，但尽管长期分离，依然保持联系。（令人惊讶的是，奥登最严肃的一段感情是对象是一名女性，罗达·杰菲。）奥登继续在经济上支持卡尔曼，两人在余生中时而同居，时而分开。
在艾克罗伊德这段简洁且具有说服力的叙述中，最令人震惊的是奥登诗歌中的严谨与精湛，与其日益颓废且不快乐的个人生活之间所存在的鸿沟——以及最终变成的深渊。
一名联邦调查局（FBI）的招募人员向他提供了一个在局内指纹实验室工作的职位。 在华盛顿特区，巴斯比（Busby）开始在乡村酒吧兼职演出，很快他弹曼多林琴赚到的钱就超过了他在联邦政府工作的薪水。1954 年的一档电视节目让他成了当地名人，资金充裕，但他对制作人感到不满，他称对方“试图把我们变成机器人”。他还与乐队成员发生争执，因为对方试图引导“拜尤男孩”（Bayou Boys）转向更具商业气息的乡村西方音乐领域。对于追求纯正蓝草音乐的巴斯比来说，这简直是异端之说。 巴斯比的遗产在于他为 Jiffy 和 Starday 等低成本独立厂牌录制的少数几盘唱片——《寒风之夜》（Cold and Windy Night, 1953）、《迷失》（Lost, 1956）、《只有我和点唱机》（Just Me and the Jukebox, 1956）以及其他直击灵魂的原创曲目。这些唱片以斯科特·斯通曼（Scott Stoneman）充满激情的、融合了爵士与蓝调的提琴演奏为特色，后者同样是一个不羁之辈，且是华盛顿特区业余爱好者的资深成员。根据音乐家、历史学家兼前 Opry 主持人埃迪·斯塔布斯（Eddie Stubbs）的说法，巴斯比与斯通曼在 Starday 厂牌的合作“代表了蓝草音乐中‘高亢孤独之声’（high lonesome sound）最高强度的顶峰”。 凭借这些具有里程碑意义的唱片，巴斯比还将全新的都市化主题引入了蓝草音乐。他不再歌颂山中破旧的小木屋或野林中的小教堂，而是唱起国家首都生活中孤独与疏离感。将其称作“蓝草黑色电影”（Bluegrass Noir）吧，而巴斯比则是一位在歌曲中演绎自己悲剧命运的导演。 巴斯比从青少年早期就开始饮酒，在 1957 年的一次演出后遭遇了一场几乎致命的车祸，此后数年间他陷入了止痛药成瘾。
私人生活方面。奥登（Auden）是个烟枪，经常使用苯丙胺（Benzedrine），且酗酒严重。在晚年，他在诗歌朗诵会上明显处于醉酒状态且衣衫褴褛。尽管他对自己的行程要求极其严苛，但他不仅轻视卫生和锻炼，甚至不愿接受定期的医疗护理。 阿克罗伊德（Mr. Ackroyd）先生非常钦佩奥登的诗歌成就，从他艰深早期的作品，到后期那些一些评论家不喜欢的、更具对话感且受宗教启发而创作的诗句。但作者对奥登热衷于改写已出版诗作，以及在其作品集中删除如《西班牙 1937》（Spain 1937, 1937）和《1939 年 9 月 1 日》（September 1, 1939, 1939）等广受好评的政治诗作的行为则不那么热情。 《奥登》（Auden）一书真正出彩的地方在于它对生活的刻画。在牛津，奥登在考虑过科学职业生涯后，再次确认了他的诗歌天职，但最终仅获得了一个平庸的三等学位毕业。即便在那时，阿克罗伊德先生写道，奥登地就表现得“教条……爱抱怨，武断且讽刺”。久而久之，他的好为人师“演变成了霸凌”。他曾在一次诗歌朗诵会上起哄干扰安妮·塞克斯顿（Anne Sexton）。 作为一名教师，奥登不顾后果地追求未成年男孩，其中一人激发了他的抒情诗：“将你沉睡的头颅，我的爱， / 放在我这不忠之臂的人类之肩。” 1935 年，应伊舍伍德（Isherwood）的要求，他与小说家托马斯·曼（Thomas Mann）的女儿埃丽卡·曼（Erika Mann）结婚，以便她能获得英国护照。他们之后从未费心办理离婚。 随着第二次世界大战临近，奥登与伊舍伍德移居美国。1946 年，他成为美国公民。他的主要活动基地是纽约一系列破旧的公寓。与卡尔曼（Kallman）在一起时，他还在意大利南部海岸外的伊斯基亚岛（Ischia）和维也纳附近的基希施泰滕（Kirchstetten）过季节性生活。在生命的最后日子里，他回到了牛津，在那里，一位朋友在他身上看到了“老年极度的孤独”。 有时传记作者与传主之间保持着一定的距离。但阿克罗伊德先生并非如此。他熟练地整理了
在他漫长的康复期间，他的队友们组建了一个新团体，名为 Country Gentlemen。凭借一种精炼且前卫的音色，该团体在曲目库中加入了鲍勃·迪伦（Bob Dylan）的作品和流行歌曲，帮助蓝草音乐（bluegrass）在 70 年代成为了华盛顿特区富裕郊区所能接受的音乐，并成为了公共广播电台的主打节目。
与此同时，巴斯比（Busby）在监狱中进进出出（涉及处方药欺诈、醉驾、袭击等），并在精神病院和康复中心度过了一段时间。然而，他总能回到舞台上，熟练地操纵着他那把破旧的曼陀林。他是最后一批倾向于在小酒吧而非那些音乐已然迁入的士绅化高档场所表演的、古色古香的蓝草音乐创始人之。Mindte 先生写道：“尽管经历了所有的考验、磨难和成瘾，”直到 20 世纪 80 年代，巴斯比的“演奏水平依然像以前一样出色，他展现出了自 20 世纪 50 年代初起就令观众着迷的神奇舞台魅力和幽默感。”
巴斯比将 60 小时的自传式漫谈磁带交给了 Mindte 先生，这些录音让部分枯燥的叙述变得生动起来。巴斯比的声音时而显得苦涩、困惑，对他自己破碎的生活感到迷茫，但他展现出的是一个具有自觉意识、令人同情的幸存者，他深知自己最好的作品出现在事业之初。“我从顶峰开始，然后勤奋地一路走到了谷底，”他说道。
这听起来就像一首巴兹·巴斯比（Buzz Busby）歌曲的歌词。
Dean 先生是拉尔夫·斯坦利（Dr. Ralph Stanley）的《永恒忧伤之人：我的生活与时代》（Man of Constant Sorrow: My Life and Times）的合著者。
通过奥登（Auden）亲近之人的描述，他提供了关于这位诗人的性取向、心理状态、崩溃的外貌以及日益恶化的习惯等细节，这些细节令人心痛。它们让人（几乎）想要转过脸去——或者在诗歌中寻求慰藉。
Klein 女士是费城的文化记者兼评论家。
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快捷指南：虚构类
作者：乔安娜·考夫曼 (JOANNE KAUFMAN) 一位旨在 取悦他人的 小说家
德怀特·海姆代尔 (DWIGHT HEIMDAHL) 对他的前两任妻子极尽虐待，对五个女儿则漠不关心。他的三女儿朱莉娅将他描述为“复杂、受创且可怕”的人。“但我们都像幽灵一样纠缠着他。”或许吧。但如今已故的德怀特也同样像幽灵一样纠缠着朱莉娅。小时候，她试图通过背诵他最喜欢的歌曲、表现得聪明干练来取悦他。“我那时是一个，”她回忆道，“极度渴望关注、想要父亲之爱的孩子，在得到之前我无法平静。而我永远也得不到。”遗憾的是，朱莉娅那渴望关注、心怀怨恨且与其关系疏远的母亲，被证明与朱莉娅的父亲一样是个噩梦。当朱莉娅在童年被诊断出患有乳糜泻时，母亲仍继续让她摄入麸质，导致了严重的后果。“不给你喂这个太麻烦了，”她后来解释道。凯特·克里斯滕森 (Kate Christensen) 的《好伙伴》(Good Company)（Harper 出版社，256 页，$28.99）的故事发生在一个周末图书节期间。此时已步入中年的朱莉娅是一位颇有名气的小说家，她参加一场小组讨论以宣传她的新回忆录《别让它击垮你》(Don’t Let It Bring You Down)。活动在她的母校举行，这为朱莉娅带来了相当大的困扰。而这部回忆录过于坦率，则让她与一名年轻得多的男友之间产生了矛盾。书中的内容在《别 Let It Bring You Down》的摘录与朱莉娅在图书节期间与一名油腔滑调的同行作家、一名前学生以及朱莉娅在大学期间被其吸引的女性之间的遭遇记录中交替展开。朱莉娅在成长过程中制定了一套赢得男人的作战计划。他们需要她成为什么样的人，她就成为那样的人：一个敏捷、风趣的女性伙伴，专注地倾听，问正确的问题，能听懂笑话，保留自己的观点，能稳稳地端着威士忌，在钓鱼之旅中成为一个合拍且有用的僚机，而且——直截了当地说——是一个“好伙伴”。但她后来承认，“女性一直比男性更让我害怕，因为她们给我带来的痛苦总是深得多，而且我对待她们要严肃得多。”关于糟糕的男人、权力游戏和性别不平等的叙述虽已习以为常——也就是说陷入了陈词滥调——有时让《好伙伴》读起来较为吃力。但克里斯滕森女士让那种痛苦变得触手可及。关于乡下姑娘移居城市的小说通常是失去纯真的阴郁故事。与此同时，关于都市人搬到乡村前哨的小说几乎总是关于愚钝者获赏的滑稽记录。后者一个典型的例子是丹尼尔·梅森 (Daniel Mason) 那部具有讽刺意味且迷人的《乡村人民》(Country People)（Random House 出版社，320 页，$30）。在过去的 14 年里，迈尔斯·克泽莱夫斯基 (Miles Krzelewski) 一直在挣扎着完成他的论文。注意力时间短是问题的一部分。但这也是因为迈尔斯——他与梅森先生广受赞誉的 2018 年历史小说《冬日战士》(The Winter Soldier) 的主人公卢修斯 (Lucius) 拥有相同的姓氏和浪漫特质——无法确定一个主题。这个主题“在地理上、时间上、主题上都发生了漂移”。迈尔斯研究过“一名名不见经传的游吟诗人”，结果三年后才发现此人之所以名不见经传是有原因的；随后他转向研究“拉伯雷作品中的躯体，然后是拉伯雷作品中的怪物，接着是法国民间传说中的怪物”，在经历了多次学术中转后，才到达目前（但可能并非最终）的关注点：俄罗斯民间传说中的农民。这与迈尔斯纪律极其严明的妻子凯特形成了鲜明对比，凯特是弥尔顿 (Milton) 和布莱克 (Blake) 诗歌研究专家，一名学术之星。她被任命为佛蒙特州格林斯伯里 (Greensbury, Vt.) 农村一所学院的客座教授，这使得《乡村人民》的故事背景设定在
令人愉悦的漫游之感。凯特和这对夫妇的两个孩子，奥莉薇和卫斯理，很快就适应了他们的课堂。但迈尔斯在课桌前苦苦支撑，徒劳地试图安静下来，他频繁地逃课去探索格林斯伯里，并结识镇上的居民——一群绝对古怪的人。他们包括一名骑着电动代步车出行、正在编纂一部愚蠢错误大成（不出所料，篇幅很长）的摄影师，以及一名由学者转行的果园主，后者教会了迈尔斯挥割草丛的乐趣。剧情中涉及一个可以通过当地洞穴进入的地下领域，这让人想起梅森先生 2023 年的小说《北森林》(North Woods) 中的超自然元素。在《乡村人民》(Country People) 中，穿插着一个名为“杂项一分钟”(The Miscellaneous Minute) 的电话广播节目的记录，尽管名字如此，该节目实际上运行一小时。梅森先生以一种温和且讽刺的方式对待这一切。当迈尔斯还是一名大学生时，
一位教授告诉他，人们的生活可以分为历史剧、悲剧和喜剧。只有幸运的人才能在喜剧中发现自己。幸运的迈尔斯。幸运的读者。
图：阿尔弗雷德·希区柯克在《Wrong Man》（1956）剧组指导薇拉·迈尔斯。下方为希区柯克《The 39 Steps》（1935）的剧照。
希区柯克的一个世纪 作者：Tony Lee Moral 肯塔基州出版，304 页，$29.95 聚焦希区柯克
作者：JEANINE BASINGER
阿尔弗雷德·希区柯克 (1899-1980) 可能是 有史以来最著名的 电影导演。他的 职业生涯漫长—— 跨越六个十年并 执导了 50 多部 电影。他极其成功地 娱乐了大众观众，以至于 他的谋杀谜案、间谍 传奇和无辜者被指控 的故事成为了一个独立的 类型：阿尔弗雷德·希区柯克 电影，常被模仿但从未 被超越。希区柯克 成为了一名明星， 被观众轻易认出，这很大程度上 归功于他自己的 努力：主持自己的 电视系列节目 并在其长片中 客串演出。（我个人最喜欢的是 1944 年那部被困在海洋上的《Lifeboat》， 当时一个减肥产品的 报纸广告中， 希区柯克出现在 “之前”和“之后”的 对比照片里。）然而，希区柯克的 名声也让他暴露在 批评之中，Tony Lee Moral 在 《A Century of Hitchcock: The Man, the Myths, the Legacy》中如此主张。
Mr. Moral 曾写过四本关于 希区柯克的书，他写道 《A Century of Hitchcock》 “并非传统意义上的传记”。 这本书旨在“呈现一个更完整”的 关于这位被誉为“悬疑大师”之人的 图景，并挑战传记作家 Donald Spoto 两本书中的 “指控”。Mr. Moral 断言 Spoto 的《The Dark Side of Genius》 (1983) 和《Spellbound by Beauty》 (2008) 塑造了一个 对该导演的“毁灭性画像”，而这种画像
顶部：电影艺术与科学学院 / 底部：SHUTTERSTOCK
“被媒体延续至今”。 Mr. Moral 进一步认为， 这两本书在关于 Spoto 1980 年 对 Tippi Hedren（《The Birds》(1963) 和《Marnie》(1964) 的女主角） 进行的采访时，包含了 他委婉称之为“选择性框架”的内容。
Mr. Moral 并非随意的 指控者。（如果他的书是一部 希区柯克电影，它可能会被命名为 《Obsession》。）《A Century of Hitchcock》基于详尽的研究， 包括此前未发表的对希区柯克 演职人员的采访， 以及来自英国和好莱坞的 档案资料。Mr. Moral 对希区柯克的 生活和作品有扎实的理解， 并且对已有的海量相关 文献有深厚的了解。Mr. Moral 针对 Spoto 负面画像的挑战 不容忽视。
尽管作者涵盖了 希区柯克作为电影人的崛起—— 从他最早在德国的尝试， 经过在故乡英格兰的 成长岁月，再到他成功 转型进入好莱坞—— 但《A Century of Hitchcock》的重点在于其主体的 “复杂遗产”。Mr. Moral 追溯了 这位导演的 职业旅程， 从“电影神童” 到“无可争议的悬疑大师”， 最后，因为 Spoto 和 Hedren 女士，变成了一个在——
一位对该导演的 负面画像震惊了 观众。一名作者 质疑其主张。
希区柯克亮点
幽默地将其称为“在 #MeToo 的镜头下受到审视”。莫拉尔先生并不质疑希区柯克在电影艺术上的造诣，也没有否认他对史蒂文·斯皮尔伯格、克里斯托弗·诺兰和奉俊昊等当今电影制作人的影响。作者的目的不在于给希区柯克下定义，而是在关于“我们能否将艺术与艺术家分开”这一问题的争论中为他辩护。
观众们已经接受了希区柯克为自己塑造的角色。他被认为是一个体型微胖、有些神秘的英国人，拥有令人愉悦的、阴森的幽默感。《天才的阴暗面》的出版令人震惊。书中将他描绘成一个控制欲强的暴君、一个不可靠的朋友，以及一个可能虐待海德伦女士的人，这些描述被广泛阅读和讨论。由于书中包含的八卦素材，斯波托本人暂时成为了名人，尽管在他之前已经有一部更为正面的传记，即约翰·罗素·泰勒的《希区柯克：阿尔弗雷德·希区柯克的生平与时代》(1978)。莫拉尔先生说，希区柯克的家人更倾向于泰勒的作品，而且希区柯克“见过斯波托并不喜欢他”。（希区柯克心爱的梗类犬也表达了强烈的意见，据称它咬了斯波托的手。）
莫拉尔先生力求客观，但他确实攻击了斯波托的人格。他称其为“社交势利小人”，并表示“那些他在希区柯克身上谴责的特质，在斯波托自己身上变得越来越明显”。他对海德伦女士的批评较少，她现年 96 岁，是一位动物权利活动家。他论证了她关于希区柯克虐待她的故事是如何随着时间而演变的，反映了“文化和个人背景的变迁”。他提醒读者，希区柯克成长于严格的天主教家庭，与阿尔玛·雷维尔的婚姻持续了 50 年以上。他没有留下任何情妇或低俗风流事的痕迹。莫拉尔先生表示，海德伦女士的指控没有得到其他女演员公开声明的支持，尽管他讨论了戴安·贝克在《玛尼》剧组中，当希区柯克进入她的化妆间并“用力亲吻她的嘴唇”时所感到的“明显不适”，这个故事也被斯波托重复过。莫拉尔先生得出结论，“希区柯克和海德伦之间发生了什么永远不会为人所知”。这在事实上是正确的，但这并不意味着这件事不重要。
斯波托于 2023 年去世。他的负面画像是在 40 多年前出版的。大多数电影学者和影迷已经走出了他的攻击。斯波托的作品并未被完全摒弃，但他经常被认为像个学术骗子。一本对希区柯克生平与作品，以及斯波托和海德伦女士所有指控都提供平衡视角的传记是帕特里克·麦吉利根的《阿尔弗雷德·希区柯克：在黑暗与光明中的一生》(2003)。《希区柯克一个世纪》是一本关于“希区柯克书籍”的书。它探讨我们如何解读天才的缺陷，扩展了我们对这位电影史上重要人物的认知，并增强了现有的希区柯克研究，因为正如莫拉尔先生所阐明的，“希区柯克将永远是电影界的巨人”。
《39 级阶梯》(1935) 阿尔弗雷德·希区柯克电影的定义：一个被指控的无辜男子与一名美丽的金发女郎在逃。由罗伯特·多纳特和玛德琳·卡罗尔主演。
《丽贝卡》(1940) 他的首部好莱坞制作，也是他唯一一部获得奥斯卡最佳影片奖的电影。一部浪漫的希区柯克作品，在对达芙妮·杜穆里埃 1938 年小说的充满氛围且令人难忘的改编中，使用了抒情的镜头运动。由劳伦斯·奥利弗和琼·方汀主演。
《火车上的陌生人》(1951) 大师在完全掌控之中，呈现了一个关于内疚、谋杀的世界，以及他最令人难忘（且迷人地精神失常）的反派。由罗伯特·沃克和法利·格兰杰主演。
《后窗》(1954) 一次关于受控空间和视角的实验，由一个学会了如何将观众变成窥视者，同时仍用刺激、魅力和神秘感娱乐他们的人完成。由詹姆斯·斯图尔特和格蕾丝·凯利主演。
贝辛格女士与萨姆·沃森合著了《好莱坞：口述历史》。
A. Cracker Barrel B. Budweiser C. Ben & Jerry’s D. Palantir
A. 一个神职人员名人堂 B. 国家玉米博物馆 C. 一栋七层高的摩天大楼 D. 一个地下核反应堆
A. Ross Douthat B. Sebastian Junger C. Norah O’Donnell D. Erin Burnett
A. One B. Two C. Three D. Four
顶部图片：TAYLOR GLASCOCK 为 华尔街日报 拍摄；JETZERO
A. Ron Paul B. Rand Paul C. Josh Hawley D. Tommy Tuberville
答案列在右侧填字游戏解答下方。
THE JOURNAL WEEKEND PUZZLES 由 MIKE SHEN 编辑
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I Got You Babe / 作者 Jeff Jerome
48 从一开始 49 “___ 想玩” (2006 年广告语) 50 冰冻水 (Frozen Wasser) 51 比如，厚脸皮的 52 热爱 Boccie 的杜宾犬？ 59 《女孩，中断》奥斯卡获奖者 60 过时的喷气机 61 Cleese 和 Idle 的同事 62 无尾两栖动物 63 呆呆地凝视 64 火枪附件 66 芝加哥最大的报纸 68 令人印象深刻地坚韧 71 QED 的一部分 73 使之变硬 (to) 74 与毛衣相关的业务 77 错误 78 “无论有什么牛肉或猪肉我可以接受，谢谢”？ 81 演奏西塔尔琴的 Shankar 82 受到严密监控的医院科室 83 焦耳的分数 84 Kate 对 Archie 和 Lilibet 的称呼 85 比如 Roy Campanella 或 Charles Johnson？
横向 1 黑客的目标 7 “1,000 songs in your pocket”广告主 11 匆忙的飞行 14 煤层 18 “Roamin’ in the ___” (1912 Harry Lauder song) 19 完全在瑞士境内最长的河流 20 例如：倭黑猩猩 21 21 5 for B or 6 for C, e.g. 22 委拉斯开兹的《宫女》所在地 23 洗衣日时，可能是 Grumpy 或 Happy？ 26 不在家里 27 由神猴哈努曼协助的英雄 29 公路旅行停靠点 30 从布拉格堡到本宁堡搭便车的士兵？ 34 密苏里河畔的首都 35 例如：战车或高塔 36 36 2013 Joaquin Phoenix movie about an AI crush 37 休息一下 38 奥运划手 42 无经验的教育者？
A. WeChat B. Telegram C. Max D. CompuServe
A. Harold Hare B. Aaron Wolfe C. David Fox D. Nathan Hedgehog
A. 橡胶的历史 B. 古希腊雇佣兵军队 C. 无价的伊特鲁里亚婚礼戒指 D. 保罗·麦卡特尼和 Wings 乐队
A. JetZero B. Comac C. Natilus D. LiftOn
89 未指明的 93 ___ Lingus 94 巴黎协议？ 95 情人节礼物 96 评估 100 对前英国首相的赞美？ 106 移动住宅？ 108 “非常有趣！” 109 仍在竞争中 110 策划政变的中美洲人？ 113 进行了公路旅行 115 ___ II（吉列品牌） 116 bachelor 或 mouse 之后的词 117 例如：盐或烟 118 橄榄球队列 119 在 30 洛克菲勒广场大堂有壁画的西班牙画家 120 “___ Beso”（保罗·安卡的歌曲） 121 “You Haven’t Seen the Last of Me” 的歌手，被视为本谜题主题答案的最后一部分 122 干涸之地
纵向 1 许可 2 承认 3 西印度群岛原住民
4 流出 5 喜剧之王 6 令人烦恼的铺位室友 7 忏悔的开始 8 像小猫一样地玩 9 歌手 Rita 10 德语冠词 11 聚焦光束 12 建筑分区 13 《理发师陶德》中洛薇特夫人的商品 14 巴黎的 -Coeur 15 过去的麻醉剂 16 Lend （倾听） 17 代码创建者 18 礼貌的家伙 24 布雷斯特兄弟 25 印度酸奶黄瓜蘸酱 28 像___刀切黄油一样流畅 31 三叉日本武器 32 复活人物 33 Tee 之后的词 37 骚动 38 拉瓜地亚机场的队伍 39 尤卡坦年 40 半水栖蝾螈 41 雅典娜的象征
这些谜题由 Cracking The Cryptic 的 Simon Anthony 和 Mark Goodliffe 为《华尔街日报》策划，该频道是全球最受欢迎的 YouTube 数独频道。
杀手数独：凉亭 (Pergola) by CtC 适用标准数独规则。虚线格内的数字不能重复，且其总和为所示数值。
杀手数独
产品放置 (Product Placement) by CtC 适用标准数独规则。圆圈内的数字相乘，结果为椭圆内从左至右书写的乘积。
42 酒吧供应 43 呼吁 44 “一个杰瑞”的导演卡梅伦 45 骨架船 46 “黑道家族”的法尔科 47 萨克斯曲目 49 老化设施 53 “别把我算在内” 54 反对派的回答 55 日漆 56 罗勒碎 57 军营中的床 58 画家 / 艾滋病活动家基思 59 歌手杰克逊 63 精神导师 64 简陋 / 无附加服务 65 胸肌上的照片 67 对男人的傲慢称呼 68 鱼钩特征 69 人权活动家克鲁尼 70 遇上主唱 72 “愿上天加速你的事业！”：波西亚 74 “离开拉斯维加斯”的伊丽莎白 75 猛击者 76 评论家的担忧 78 租___ 79 清仓标签缩写 80 名人堂成员里普肯 82 南极广袤之地 86 带着倒计时的凯西 87 天空疾速者 88 遮阴 / 色调 89 “法律与秩序”的克里斯 90 低头 / 垂首 91 ___ 罪责 92 例如：蒙特沃农和蒙蒂塞洛 95 狮子，有时 96 医生诊疗 97 市场单位 98 子系统 99 付诸实践 100 南美烧烤 101 指针的词 102 大蒜单位 103 人事主管，有时 104 正在发生 105 辛辛那提球队 107 顿悟的惊呼 111 罗马数字 300 112 困惑的反应 114 斗牛场惊呼
乱序之谜 (Lost in the Shuffle) / 由 Patrick Berry 设计的隐晦谜题
在这个谜题的一些答案中，你在将字母填入网格前，必须重新排列三个或更多连续的字母。重新排列后的字母将始终组成一个新词，尽管完整的条目最终可能是一个非词汇。例如，答案 SMOLDER 可能会被输入为 SMODELR，其中中间五个字母被洗牌拼写为 MODEL。（重新排列的部分可能在条目的开始、中间、结尾，甚至可以是整个条目。）当网格完成后，请使用排除法找出在洗牌中丢失了什么。同时，阴影字母（从左到右，从上到下读取）将拼出一个你想问的问题。
横向 1 缓慢移动经过韩战战场遗址 (6) 5 杂耍，没有案件负荷 (6) 10 冰雕，设定优雅的特征 (8) 11 领域尽头未完成的收获 (4) 12 机场航站楼之外的线？ (5) 14 棋子的极度黑暗 (6) 15 羞辱了一对长辈，破例而为 (6) 17 脏话的仇恨核心 (4) 18 在几秒钟内慷慨地涂抹泡沫 (8)
新闻问答答案：1. A, 2. D, 3. D, 4. C, 5. B, 6. B, 7. C, 8. B, 9. A
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19 抓住猪头，客人更换了服装 (6) 22 误将马杜拉洗劫 (6) 24 夏娃穿着尼克的充气夹克 4,4 25 掉头中的空间船坞 (4) 27 锋利的屠宰刀不包含答案 (6) 29 同样没有真爱的事务 4,2 30 巴黎地铁穿过中欧 (5) 31 西西里地标的入场费退回 (4) 32 混乱中，小熊队错过了第二分区 (8) 33 寻求赦免者开始演唱灵歌 (6) 34 在阿塔瓦尔帕的轿车中滑过 (6)
纵向 1 搬运工进入小酒馆，体验当地文化 2,4 2 巨大的洪水再次扰乱河流 (7) 3 英国宴会演讲者的问候，佩格 4,3
道路感 (Road Sense)
p A C E R B C P R L A W D T E R A M I M E O A R E I C E E C R U E L F A U X P U P A S G H I A S O A R E D M O S I R O N C H E R R Y C U P O L A S T I N K S A T S T E A L S T E S H E S S E N E S H A R D E D G E E Q U U S R O D A N S P A T U L A S U P I N E W A V E M O A T S S P I T T A P A G I L E C H E V Y O D E S L O W R O L L G U I L E M A R N E R R H E T T D U L L S H A D I T G A T O R S Y E N T L T E D L A S S O O T C G A R B S V A L L I T I A L O O P T O R M E S O U P Y B E A N S D W A R F E D A L L O W S A R G E A N T O I N E S T I N E A R S U T E S P E S E T A M A L C O L M X C O U P L E P O R T E R T A I O A D O A P H I D S V E G A M I D D L E C U P P E N N S E N I D O V I A G E N T S N O G S A F E B E E R O S E S
全部相加 (It All Adds Up)
漫长而蜿蜒的路 (The Long and Winding Road)
S T S I D A T O N A R I G H E C E
O O D T R I A L B O R D E
E R O L L A B E E T S E N
M C A V O Y A R M O R P A
A G I R T L O V E R S T E
E F F A C E D T R E B L
E E R U P A T S E F F E
F E C T A L E S T E R H O
T E S O N G A I D E D I N
A R S S O M E T A K E P A
4 咬笔尖且失血 (7) 6 最简单的敞篷车在我看来只能容纳一人 (2,1,3,2) 7 解雇最后一名员工 (4) 8 留声机热门曲目带来经典流行乐 (4) 9 填满剧院座位 (5) 13 放荡的小说——它很挑逗 (7) 16 张口排出大部分麻醉品 (4,3) 18 场景中未完成的一半探索毁掉了系列剧 (8) 19 构思一个关于氧气的猜测：它像氢气 (7) 20 前首相梅在场，由TSA护送 (7) 21 热情洋溢的纽约大学教师投入工作 (7) 23 在一些胡言乱语的推销中加入华丽的印刷 (6) 24 忍受洛杉矶街道 (5) 26 哀悼受伤的膝盖 (4) 28 高效清单 (4)
如需查看前几周的谜题，并与其他解题者讨论策略，请访问 WSJ.com / puzzles。
如需查看谜题解答，请访问 Cracking The Cryptic YouTube 频道的 华尔街日报 播放列表。
C R L I O R A P A E C L T S H T
Chipotle 创始人 Steve Ells 希望将我们现在熟知的“午餐碗”归功于自己。Ells，60 岁，在 1993 年创立这个卷饼连锁店时，“顾客们在那些红篮子里把卷饼皮摊开，然后用叉子吃，”Ells 说道。有些人完全避开了碳水化合物，这导致局面变得混乱且容易渗漏。Ells 拿着一个红篮子去了缅因州波特兰的一家造纸厂，并说：“我想要一个这个形状的纸碗。”卷饼碗于 2003, 年首次亮相，在短短几年内，它就比 Chipotle 的最初产品更受欢迎。
二十多年后，我们可能已经过了“碗类产品”的巅峰期。
“关于‘糊状碗’（slop bowls）有很多议论。也许人们已经感到厌倦了，”Ells 说道。虽然他认为这类产品将永远占有一席之地，但 2020, 年离开 Chipotle 的 Ells 已经将重心转向了三明治。去年，他推出了 Counter Service，一家主打慢烤肉类、手工面包和酱料的三明治店，目前在纽约市设有五个站点，并计划明年在北卡罗来纳州夏洛特和达拉斯等地开店。Counter Service 是 Ells 在离开 Chipotle 后的第二次尝试，他的第一个概念是一家由机器人主导制作食物的纯素连锁店。
Ells 在创立 Chipotle 之前曾在美国烹饪学院接受过厨师培训，目前与他的伴侣、设计企业家 Tariq Dixon 住在纽约。在这里，他讨论了最近读的一本伟大的书、每天吃三明治的习惯以及他漫长的早餐流程。
周一你几点起床，醒后做的第一件事是什么？ 通常在 6 点前一点，或者 6:30 左右。早餐大约花费两小时。我们一起准备早餐，然后处理电子邮件、聊天，有时会打个电话，然后我尝试读几份报纸。还有个人日程安排的事情，那非常复杂。我在 Chipotle 时有一名私人助理管理日程，而 5½ 年前退休时，我决定自己管理。但我在这方面很糟糕，所以我必须把周一的时间花在坐下来处理日程安排上。
你们早餐吃什么？ 每天早上，我们吃鸡蛋和烤面包，或者扁豆，或者某种谷物（如法罗麦），牛油果，总是有一份沙拉——很多苦苣，只加橄榄油和少许片状盐。偶尔吃酸奶、坚果和水果。
你的健身计划是怎样的？ 周一是和教练去健身房的日子。五年来我一直有一位非常出色的私人教练。他是一名专业健美运动员，长得像个巨无霸，皮肤古铜色，青筋暴起，而我就在旁边。我的热情在于滑雪，所以我们做了很多——
杰作 / 莫高窟（4世纪至14世纪）
作者：ZACHARY GINSBERG 一份关于虔诚的生动记录
在中国甘肃省的戈壁沙漠边缘，那里风沙横吹，炸骆驼驼峰是当地的一道美味，莫高窟就坐落于此：它是世界上最重要的佛教艺术宝库之一。当我乘坐旅游巴士——这是唯一被允许的访问方式——靠近该遗址时，数百扇保护石窟的红色锁门映入眼帘，它们点缀在一段长达一英里多的被阳光漂白了的峭壁之上。
在今天看来，这里似乎不像是一个建立纪念碑的理想地点，但在当时却是完全合理。敦煌是离石窟最近的城市——步行约一日路程——它曾是丝绸之路上一个至关重要的贸易枢纽。这里是进入该路线最艰苦路段前准备物资的最后机会，也是回程时看到的第一个绿洲。从 4 世纪到 14 世纪——直到海上贸易逐渐取代陆路商队——来自欧亚大陆各地的商人、劳工、宗教领袖和政府官员在这里汇聚，交换商品与文化。
或许最受欢迎的“商品”就是佛教，其对平静的承诺吸引了大量的中国信众。
非常热爱早餐
训练以保持灵活性并维持肌肉量。 在不去健身房的日子里，我会进行某种形式的有氧运动：跑步、游泳或骑行。当我在城市里时，尤其是天气好的时候，我会多次骑 Citi Bike。这让这座城市变得非常、非常小。如果你必须开车，那太让人沮丧了，而且非常耗时。
是什么让 Counter Service 与其他连锁三明治餐厅有所不同？ 我们的面包只有四种成分：
在四世纪，人们厌倦了暴力和混乱。随着该宗教的传播，经过敦煌的旅者开始在附近的岩石中开凿洞窟，作为停歇和冥想之所。最初的是简陋的小龛，仅足以让一名隐士遮风避雨。后来，商人及其政府官员资助挖掘更大、装饰更精美的洞窟，旨在为旅途寻求业力的庇佑，同时推广他们特定的宗教和美学愿景。这些洞窟共 492 个，覆盖了超过 400,000 平方英尺的壁画，共同构成了一部无与伦比的、跨越千年的中国艺术史重写本。 莫高窟始终是——且现在依然是——一部进行中的作品。我们今天所看到的，与七至十世纪唐代工匠所见的不同，当时数百个洞窟同时在建设，鲜红和深紫色尚未因氧化而褪色。这又与洞窟建设最后几个世纪人们所见的不同，那时后来的统治者资助工匠用灰泥覆盖并以统一的风格重新装饰许多洞窟——也与俄国革命后寻求庇护的白军士兵在墙上涂写西里尔字母涂鸦时所见的不同。而这一切都与……不同
我的周一早晨 / 作者：LANE FLORSHEIM
面粉、水、酵母和盐。我们每天烘焙。我们的肉类是精美的切块，经过我们的调味、腌制、烹饪和切片。这些肉块的形状并不像你在那些连锁三明治店里看到的那样完美。我们自己制作所有的酱料、配料和装饰菜。做这些事情是很困难的。
你对环孢子菌（cyclospora）有多担心？ 这确实很可怕。当然，我对食源性疾病了解很多，而且目前存在一些病原体……
由于政府资助的敦煌研究院（同一个开启红门组织）雇佣了一支文物保护人员队伍来保护和研究这些洞窟，未来的游客将看到不同的景象。 在许多朝代风格中重复出现的最常见主题之一，是文殊菩萨（智慧之菩萨，留在物质世界帮助他人的觉悟者）与维摩诘（一位富有且精通辞令的资助者，其技巧之高，以至于佛陀亲自派遣文殊从天而降与其辩论）之间的辩论。在 103 号洞窟中，这两个人物坐在门口的两侧。维摩诘从他带顶棚的床边倾身而出，目光不耐，主张在依然遵守佛教“无执”的同时，享受尘世生活是可能的。文殊菩萨则带着平静的微笑，轻轻举起手反驳道，在超越物质世界之前，永远无法领悟佛陀真正的非物质本质。胜负由我们来决定。 该洞窟以及许多其他洞窟的墙壁和天花板上，覆盖着数百尊盘腿而坐的小佛像，形成一个压倒性的网格，证明在我们之前，无数的人曾思考过同样的谜团，却未得出明确的结果。佛像在上方漂浮，
在那里，我们必须设置屏障，因此我们当然在非常、非常密切地监测这一点。我们没有使用那些被确定有问题的物品。
我读到 Counter Service 开发了一项能够检测订单组装是否错误的技术。你们目前是否在研发其他令你们兴奋的技术？ 我们有一个工程师团队，他们花时间在餐厅里寻找压力点并尝试……
一座门面遮挡住了中央洞窟，其中安置着一座巨大的佛像。
像神圣的理想一样悬在头顶，但同时也压在游客身上，让我们感受到达到觉悟的艰难。在一些描绘觉悟天堂的洞窟中，它是乌托邦式的：歌手和舞者在狂欢中跳跃。云朵翻滚卷曲；战车向上疾驰，代表着可以将你送入天堂的经典。在其他洞窟中，最终目的地则更为阴森——墙壁染成牛血红；巨大的恶魔雕像怒目而视，龇牙咧嘴，手中持矛；神灵在墙上疾驰——强调了真正追求觉悟的严苛。 最中央且最著名的洞窟内安置着一座公元 695 年的佛像，高度超过 100 英尺——从外部看被一座门面遮挡。
理解哪里存在摩擦——从通过了解有多少车辆过桥、多少乘客乘坐公共交通、天气、假期和学校时间表来预测销售额。所有这些都能帮助我们确定业务量，进而影响库存，并影响人员配置。
作为一名厨师，你最喜欢为自己烹饪什么？ 简单的意面。实际上，前几天我烤了一个猪肩肉，中午刚过就开始烤，然后把它当晚餐。就是在烤架上慢炖，不断给火添加燃料。那很有趣。
你和手机的关系如何？你会陷入“末日刷屏”（doom-scroll）吗？ 当然会。我认为任何拥有设备的人都会。我现在对此有了更多的意识。我真的尝试拿起一本书，或者如果我有一份纸质简报，我认为这对我的健康更有益。我注意到当设备控制我时，会产生一种紧张感。
你最近读过的一本伟大的书是什么？ 我读的最后一本书恰好很伟大，是帕特里克·拉登·基夫（Patrick Radden Keefe）写的《伦敦陷落》（London Falling）。仅仅是序言——从罗马时代的伦敦开始——我在阅读 30 秒后就被深深吸引了。
你现在还去 Chipotle 吃饭吗？ 我在 Chipotle 吃了 27 年，每天都吃，有时一天吃好几次。现在，我每天在 Counter Service 吃饭。我会在这里开会，拜访朋友。有时我只是随便进来一个人吃顿午餐。
你喜欢在什么东西上挥霍？有没有什么地方是你喜欢省钱的？ 我发现自己对应用程序收取的微小费用感到非常恼火。尝试取消这些订阅简直让我抓狂。我花好几个小时试图搞清楚这些东西。它们真的很阴险；这些开发人员把过程设置得非常困难。所以，出于原则，我可能花太多时间在这些事情上试图省一点钱。我大概会在食物和葡萄酒上挥霍，这是我的热爱所在。
你收到过的一条指引你的建议是什么？ 最终，你拥有最重要的事情是你的健康、你的家人和你的朋友，我发现自己现在花在这些事情上的时间比年轻时要多。事实上，在我在 Chipotle 奔波的 27 年冲刺中，我可能忽略了这些，直到最后才有所改善。但我觉得现在的我更加平衡了。
本次采访经过编辑和删减以确保清晰。
一座伪装成多层建筑的建筑。当我从地面的一个小门进入时，他从低矮的天花板后出现，站在他身边时，我的身高甚至没到他的脚趾。看到他的唯一方法就是直视上方——但即便如此，就像宇宙的秘密一样，你永远无法获得全貌。这次经历表明，要达到觉悟，必须接受这些局限，与矛盾达成和解，并对我们无法揣摩的更高秩序保持信念。莫高窟让人初步体会到达到那个境界的感觉，但随后只会让你渴望更多。
MELANIE DUNEA
天生 优雅 完全 平滑的 额头 已经过时。 战略性的 皱纹 才是主流。D4
华尔街日报.
2026年8月1 - 2日，周六 / 周日 / D1
CRISTIAN MERA 为 华尔街日报 拍摄；从右下角起顺时针方向：BBC / BAD WOLF; PENGUIN RANDOM HOUSE AUDIO; LAS CULTURISTAS; FOCUS FEATURES / EVERETT COLLECTION; HBO; PENGUIN RANDOM HOUSE AUDIO; COLUMBIA RECORDS; MGM / EVERETT COLLECTION; HBO; A24
‘N
柔软的 一面
成为了最新一家涉足生活方式产品的大型科技公司。这一举措与 AI 本身一样，引发了批评。
作者：JAMIE WATERS
“周边产品。” “审美灾难。” “令人尴尬。”这些仅仅是人们对 OpenAI 新发布产品在网上激烈反应的一小部分：一系列服装和配饰，包括 $15 的罗纹袜、一件 $175 的半拉链卫衣，以及一个原因尚不明确的绿色 ChatGPT 篮球。
OpenAI 的设计总监 Ben King 已经听到了这些反馈。King 在该系列于 7 月中旬推出后的首次采访中表示：“我们看到了所有的评价——好的，坏的，还有一些古怪的。”但他继续说道，“数据不会撒谎。”
该公司的在线商店 Supply Co. 已经有部分商品售罄。新闻集团（News Corp，《华尔街日报》的所有者）与 OpenAI 拥有内容许可合作伙伴关系。
此次发布是在其他领先的 AI 公司销售自有品牌周边产品之后进行的。据该公司称，国防科技巨头 Palantir 在 4 月份发布的一款 $239 的美国制造工装外套在几小时内便售罄。
“这就像你最喜欢的乐队发布了新 T 恤一样，”40, 岁的 Dorothy Bartomeo 说道。她在纽约市中城经营一家 AI 研究公司，并购买了一件印有“Good Research Takes Time（好的研究需要时间）”口号的 $40 OpenAI T 恤。她也非常喜欢 Codex 品牌连帽衫的外观（该品牌参考了编程代理），但觉得袖子上的图形难以辨认。“我认为在时尚方面，他们需要在这方面多下点功夫，”她说。
AI 公司统治着现代世界，主导着经济并塑造着我们的日常决策。现在，它们还想征服我们的衣橱。在科技反弹情绪高涨的时代，公司们发布风格化的周边产品，让追随者能够代表他们心爱的品牌，而与此同时，这也让那些将 AI 视为已知世界终结的怀疑论者感到反感。
随着反 AI 情绪的上升，一些公司已劝阻员工穿着带有公司标志的衣服，因为存在被公众攻击的风险。尽管如此，这些品牌继续激发科技传教者们的热烈追随。
King 表示，OpenAI 偶尔会发布一些单品，以“让观众稍微窥见 [我们的] 生态系统”，但公司希望与粉丝分享更多产品。
King 的团队已经设计周边产品两年了。在 2024, 年夏天，他们为员工发布了首批限量产品系列，全部免费。
“每个人都愣住了，然后涌入网站——我们可能延缓了许多模型的进度，”King 笑着说。一些 OpenAI 的开发人员通过黑客手段在网站上抢购了 200 个水杯，导致网站不得不重新启动。一名员工发起了一个“燃烧人（Burning Man）风格”的仅限以物易物的 Slack 频道，人们可以在那里用一件商品交换另一件。
King 表示，在该频道中，员工提供了“很多反馈”。大多数意见涉及标志的大小——他说，他们希望标志可见，但不要像“在广告牌上一样铺满”。
从那时起，Supply Co. 发布了 T 恤、帽子以及电饭煲和折叠椅等随机物品，以纪念公司团建以及研究和产品的里程碑。King 曾看到 OpenAI 的首席执行官 Sam Altman 穿着其中一件连帽衫。他表示，已故街头装设计师 Virgil Abloh 是这个新系列的参考基点。
OpenAI 的估值为 $852 亿美元，它并不需要通过兜售 $45 的印有“Building Things”且带有 Bloop 机器人图案的帆布袋来获利。Palantir 也不需要通过销售工装外套和网球裙来维持底线。在——
一个 $70 的 ChatGPT 篮球引发了热议。
AI 公司主导经济并塑造我们的日常决策。现在，它们还想征服我们的衣橱。
网球
可穿戴技术 一件 ChatGPT 长袖衬衫在 OpenAI 的在线商店 Supply Co. 售价 $50。
相反，这些举措被视为一种软实力博弈——一次扩展其品牌认同感的尝试。OpenAI 的新系列照片中的模特在具有“Instagram 风格”的橄榄绿色背景前摆姿势，非常像时尚品牌的拍摄现场。Palantir 的战略参与主管 Eliano Younes 曾在 X 上将这家国防公司称为一个“生活方式品牌”。
多本品牌营销畅销书的作者、咨询公司 Prophet 的副主席 David Aaker 称这些是聪明的品牌建设举措。他说：“那种单纯在广告预算上砸钱的旧方法已经行不通了。”
投资银行 Guggenheim Securities 的高级董事总经理 Simeon Siegel 则表示：“很难想象大型科技公司真的在努力成为成功的服装品牌，更可能的是，这感觉像是一种在字面意义上给他人‘贴标’的方式。”OpenAI 的网站称 Supply Co. 将以协作、实验和“研究能量的实体表达”为特色——这是一个极具迷惑性的营销词汇，据 King 称，这意味着周边产品将与公司的里程碑挂钩，而非按照时尚系列的节奏发布。在在线商店的商品中，Bartomeo 表示，“篮球似乎是大家都在讨论的产品”，尽管她并不完全清楚原因。（King 解释说，对于好奇的人：这是在向金州勇士队致敬，因为他们的主场体育馆就在 OpenAI 总部的对面。）作为该公司在线社区的活跃成员，Bartomeo 获得了一些福利：一名 Codex 大使送给她了一把免费的 Codex Micro 键盘 ($230)。
35 岁的 Jared Diaz 在手腕上纹了 OpenAI 和 Codex 的 logo。Diaz 在德克萨斯州埃尔帕索的陆军与空军交易服务中心工作，业余时间开发应用程序——并且非常热爱 Codex 和 ChatGPT 如何增强了他的编程能力。他最近购买了新系列中的四件商品。他已经拥有之前发布的单品，包括一顶带有 OpenAI logo 的帽子和一件 T 恤。他将穿着这些衣服比作穿着他那些限量版的 Kaws 街头服饰连帽衫，因为它们都会引发很多“你在哪里买的？”这样的询问。
这些衣服也会引发愤怒。OpenAI 目前正与 Oracle 在埃尔帕索附近建设一个数据中心，Diaz 经常在戴着那顶帽子和穿着那件 T 恤时，被陌生人走过来质问：“你知道他们在对我们的社区做什么吗？”他会回答：“每个人都被允许拥有自己的信仰。”他说，就像选择体育俱乐部一样，现在每个人都会选择自己的 AI 阵营，无论是 Anthropic 的 Claude、Perplexity 还是 Google Gemini。“我选择了 OpenAI。”
硅谷风格 / AI 巨头在售商品
OpenAI Blossom 袜子
OpenAI Pixel Nalgene 水瓶
Palantir M
Palantir 工作服外套
今年夏天最热门的饮品不是抹茶拿铁或价值十亿美元的奶昔，而是一瓶水。从洛杉矶奢华杂货店 Erewhon 的货架到 Casa Cipriani 等俱乐部的私人活动，Loonen 水已成为时髦、富裕且注重健康的人群所选择的补水之选。其玻璃瓶吸引了那些希望在生活中根除微塑料的具有环保焦虑的消费者。随着水过滤成为富人的痴迷之举，该品牌的不锈钢工艺帮助其向高端客户推销单价 3.99 美元（在某些商店甚至接近 6 美元）的瓶装水。Bravo 真人秀节目《In the City》的明星 Whitney Fransway 表示：“Loonen 已经成为了那种‘懂行的人都知道’的‘健康女孩’配饰。”《真实主妇》的 Lisa Rinna 和流行歌星 Dua Lipa 都在网上发布了带有该品牌水瓶的照片。Loonen 表示，他们会向“我们认为可能真正感兴趣的人”发送免费产品，但不会支付给网红。Ash Hotels 的品牌总监 Allegra Lorenzotti 说：“在我亲眼看到这瓶水之前的几周里，它一直出现在我的信息流中。”突然之间，它无处不在：在她的健身房里，在“翠贝卡妈妈的婴儿车”里，在高端的 Happier Grocery 店里出售。每隔几年，一种新的精英补水方式就会捕捉到时代的精神。Evian 给了 Fiji 机会，Jennifer Aniston 将 Smartwater 变成了一种文化现象。Liquid Death 为加州式清醒（Cali-sober）的音乐会人群带来了一种带有恶习气息的补水方式。Mountain Valley 的绿玻璃瓶被 Jay-Z 和 Gwyneth Paltrow 饮用，那是为大亨准备的。超级电离碱性水 Essentia 则是为模特和卡戴珊家族准备的。消费者包装商品趋势 Substack 通讯《Express Checkout》的共同创始人 Jenna Mowsowitz 表示：“一旦纯水变得令人怀疑，它就变成了一个你可以通过收取溢价来解决的类别。”Loonen 由曾在风险投资领域崭露头角的 Clara Sieg 和前 Spindrift 高管 David Kimmell 于 2025 年创立。Sieg 表示，当她尝试怀孕时，她开始好奇自己的饮用水、食物和家用产品中含有什么。 “这引导我走上了一条学习大量关于微[塑料]的道路——”
卡戴珊
大亨
加州式清醒
“一旦纯水 变得令人怀疑， 它就变成了一个 你可以通过收取 溢价来解决的 类别。”
饮水刻板印象 无论你是否愿意，你的常备饮用水都透露了你的信息
名人通常 有助于让 补水趋势 保持在时代的 关注点中。 演员 Jennifer Aniston（上图） 和 Jason Momoa（右图） 随身携带 瓶装水。
“微塑料和内分泌干扰物，以及它们对健康的危害，”她说。研究发现，瓶装水中的微塑料含量高于自来水。Sieg 表示，Loonen 旨在向消费者透明地公开其产品信息。她表示，Loonen 的水源来自南加州的一个泉水，采用不锈钢过滤（Sieg 说，绝无任何化学干预或塑料），然后加入天然矿物质，如凯尔特海盐、镁、钾和钙。该公司在网站上发布质量报告，并称这些报告是由第三方实验室出具的。其瓶身上设有二维码，可直接链接到这些报告。
Loonen 拒绝透露至今已生产了多少瓶水，但分享称其产品已进入 2,000 家商店、餐厅和咖啡馆，并在亚马逊上销售。根据 PitchBook 的数据，该公司去年 12 月获得了 $6.1 million 的种子轮融资。
在高端饮用水市场中，Loonen 远未达到价格指数的顶端。去年秋天在巴黎举行的 The Row 时装秀上，唯一提供的饮品是 Litewater 瓶装水，该公司声称其为“世界上最纯净的水”（其 5 ppm 氘减尽水的玻璃瓶 12 瓶装售价 $248）。奢侈水合品牌 One Water Global（20 瓶装约 $45）是去年达沃斯论坛的赞助商。名人们所青睐的面部护理师 Iván Pol 在为其标志性的“美容三明治”疗法服务于艾玛·斯通等客户前，会给她们一杯 Hallstein 水（六瓶装 $71）。
据 Tribeca Beverage Company（一家向纽约五个区运送大量饮用水的配送商）称，对碱性水（而非泉水或蒸馏水）的需求激增。
“消费者越来越愿意升级到能够提供健康益处的功效性选择，”国际瓶装水协会首席执行官 Matt Herrick 说道，并补充称全球碱性水市场价值约为 50 亿美元 billion。
“现在健康真的就是财富，”奢侈食品店 Meadow Lane 的创始人 Sammy Nussdorf 表示。他的店是纽约市第一家进货 Loonen 的店铺，在最初两周内就卖出了 2,700 瓶。
归根结底，水就是水。
塔夫茨大学营养学教授 Roger Fielding 表示，没有证据表明高端品牌在生物学或生理学上比其他瓶装水具有任何优势。
宾夕法尼亚大学研究水安全与可持续性的教授 Samantha McBride 表示，任何瓶装版本都很难完全没有微塑料痕迹。
“塑料无处不在，”她说。
虽然 Loonen 的瓶身是玻璃的，但其瓶盖含有塑料内衬，尽管公司称其未上漆、未涂层，且不含 PFAS 和 BPA。其网站上发布的 6 月份质量报告称，一家独立实验室在水中未检测到微塑料。而 6 月份，允许消费者扫描产品条形码并查看独立测试数据的应用程序 Oasis 表示，其发送测试的一瓶 Loonen 水显示的微塑料含量高于其分析过的其他玻璃瓶装水。Oasis 拒绝置评。
“我们已经联系了 Oasis 几次，以更好地了解他们使用的实验室、方法论以及样本的监管链，但他们还没有……”
液体资产 Loonen 已进入 2,000 家商店、餐厅和咖啡馆。 该品牌成立于 2025 年。
“他们与我们分享了这些信息，”Loonen在一份声明中表示。 “正如他们在自己的视频中所指出的，测试仪器可能含有与其结果中识别出的部分相同材料，而这正是导致结果呈阳性（误报）的已知原因。”
这些高端饮用水的承诺在于纯净。 “你买的不是某种成分，而是买一份关于‘剔除了什么’的证明，”Movsowitz说道。
这是一种以营销形式呈现的心理安慰。将其装在漂亮的瓶子里，撒上一些社交媒体的热度，你就拥有了一款产品——它在某种程度上不仅关乎水本身，更关乎于加入一个文化时刻。
最近，食谱作者兼美食界权威Alison Roman在加州沙漠热泉市（Desert Hot Springs）的Two Bunch Palms酒店发现Loonen后，在社交媒体上为其背书。 “我最近太脱离网络了，以至于我以为自己挖掘到了某个很酷的西海岸传奇水品牌，结果那天晚些时候我就收到了它的Instagram广告，”Roman说道。
顶部起：LOONEN；KRISTIN CALLAHAN / SHUTTERSTOCK；AFF-USA / SHUTTERSTOCK；ISTOCK
在经历了多年使用肉毒杆菌注射来对抗前额皱纹后，Stephanie Abend 意识到了一件令人惊讶的事情：她想让其中一些皱纹回来。她觉得，自己如此努力才获得的平滑、光亮皮肤传达了错误的信息——即在 45 岁时，她试图让自己看起来比实际年龄更年轻。“当你处于 40 多岁时，这就像是在你的头上指了一个箭头，”Abend 说道，仿佛在挑战周围的人去猜测你是否做了医美手术。
如今，Abend 仍然继续在脸部其他部位注射肉毒杆菌以及填充剂。但她说，她保留了一些前额皱纹，以追求一种不至于显得过分的“高级感”。
Abend 是一位在纽约工作的家族办公室高管，她是许多重新考虑是否要对抗前额纹路的人之一。自从 2002 年肉毒杆菌被批准用于暂时减少皱纹后，能够放松面部肌肉的美容神经毒素变得如此流行且普及，以至于完全平滑的面容已经失去了一些人们向往的吸引力。
现在，一些 30 岁及以上的客户正在寻求皮肤科医生和拥有护理学位的美容师，希望他们能帮助自己维持一层淡淡的皱纹——至少要足够让他们能皱眉和挑眉。
纽约威尔康奈尔医学院（Weill Cornell Medicine）皮肤科副教授兼护肤品牌 Dr. Rossi 的创始人 Anthony Rossi 博士将这一趋势称为“策略性起皱”。谈到追求这一效果的客户时，Rossi 表示：“这给他们带来了一点个性。”
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策略性皱纹
Rossi 表示，除了帮助客户打造优雅的额纹外，他接触到的越来越多的人希望
保留眼周的一些皱纹。其中许多人仍然使用肉毒杆菌（Botox）和填充剂，这些药物有助于平滑面部并恢复容量，
但使用量减少了很多。在许多情况下，他们会在治疗方案中增加其他疗法。这些疗法可能有助于打造更自然的外观，但每年仍可能花费数千美元。 纽约皮肤科医生 Anetta Reszko 表示，这些疗法包括“皮肤增强”注射液，例如 Juvederm 公司的 Skinvive，它将透明质酸注入皮肤下以达到平滑效果。 另一种是射频微针，它将微小穿刺与热量相结合，以减轻皱纹。 Reszko 表示，两者的费用各不相同，但在她的诊所中，Skinvive 每次治疗费用约为 $800 到 $1,200，建议每年进行两次；而射频微针每次疗程费用为 $1,000 到 $2,500。Reszko 通常建议客户先进行两到三个疗程的射频微针治疗，之后每年进行一次。 其他热门疗法包括点阵激光 resurfacing（旨在刺激胶原蛋白产生），以及将身体其他部位的脂肪转移并注入面部的手术。 根据行业组织美国整形外科医生协会（American Society of Plastic Surgeons）在 2024 年发布的最新数据，点阵激光 resurfacing 平均每次疗程费用约为 $1,800，而抽脂注射手术的费用在 $3,000 到 $5,500 之间。 根据美国整形外科医生协会的数据，神经毒素注射（包括 Botox、Galderma 的 Dysport、Merz Aesthetics 的 Xeomin、Evolus 的 Jeuveau 和 Revance 的 Daxxify）仍然是最受欢迎的美容微创手术。该协会称，2024 年的手术数量较前一年增长 4%，达到 9.8800 万 次。
策略性衰老的代价 一些追求微妙衰老迹象的肉毒杆菌用户，正在减少注射剂量，转而投资于这些治疗方案
可注射皮肤增强剂 价格：每次治疗 $800 到 $1,200 这类治疗（包括 Juvederm 的 Skinvive）涉及数十次透明质酸微滴注射，旨在为皮肤提供额外水分。纽约皮肤科医生 Reszko 将其描述为一种在不增加容量的情况下，改善面部薄弱、皱缩区域光泽度的方法。
点阵激光 resurfacing 价格：平均每次治疗 $1,800 旨在刺激胶原蛋白产生，该程序通过可控的微光束针对皮肤的多个层面。休斯顿的面部整形外科医生 Anthony Brissett 博士表示，它能使面部线条柔和，但不会完全消除皱纹。恢复期可能需要 7 到 10 天。
心态转变 Stephanie Abend 停止了前额注射。
德克萨斯州弗林兹伍德的一名 40 岁正畸医生 Lacey Harris 仍然在全脸使用肉毒杆菌，包括前额和口周，但她说最近开始要求减少注射剂量。“我更愿意让自己看起来有点惊讶，并保留自然的表情动作，”她说道。
有些人希望保留一层薄薄的皱纹——以便于皱眉和挑眉。
其他客户由于觉得神经毒素注射给他们带来了问题，而选择了放弃 Botox。通常情况下，这类注射通过暂时阻断发向面部肌肉（尤其是前额中部和眉周）的神经信号来发挥作用。如果使用产品过多（或放置位置不正确），可能会导致不希望出现的部位出现下垂。
Reszko 表示，年长客户的一个常见抱怨是出现“括号”效应，即在注射过多神经毒素后，眉上方会出现新形成的弧形皱纹。
常驻纽约的皮肤科医生 Doris Day 告诉她的患者和社交媒体关注者，可以用面部锻炼来替代频繁的前额 Botox 预约。她说，她的“耳部提升”（Ear Lift）——一种她实践的通过挤压耳周颌肌肉的锻炼方法——有助于通过侧向运动减少眉头紧锁。“我试图教会人们真正的良好面部姿态，”她说道。
纽约皮肤科医生 Rossi 过去曾通过 Botox 注射来避免前额皱纹，但现在已经停止了。他表示，让面部上半部分有更多的活动空间，能让他看起来更值得信赖，并传递出多年的医学专业经验。
尽管他仍然使用美容程序，但他更倾向于保留眼角的笑纹，这也正是他经常给患者的建议。 “我也保留了我的皱纹，”他说道。
价格：每次治疗在 $1,000 到 $2,500 之间
Brissett 表示，该治疗所使用的设备采用微小针头穿透皮肤并传导热量，这同时能刺激胶原蛋白的产生。他补充道，这一过程保留了自然的面部活动和表情，皮肤纹理会在几周内逐渐改善。
MARI FOUZ 为 华尔街日报 拍摄，ISTOCK；STEPHANIE ABEND
17 / 观看 值得补看的剧集 《Hacks》、《The Pitt》、《Industry》 演艺圈喜剧《Hacks》在第五季完结，由珍·斯马特（Jean Smart）带来了更多令人捧腹的讽刺。医疗剧《The Pitt》的第二季扣人心弦。而《Industry》的第四季则将故事舞台移出了交易大厅。—E.Z.
18 / 聆听 一张易于入手的电子专辑 Boards of Canada 的《Inferno》 这是该二人组 13 年来的首张专辑，《Inferno》应当能满足忠实粉丝的需求。但新听众可能会发现其华丽的阴郁氛围极具吸引力。—E.L.
19 / 观看 当爱情走错方向 《The Drama》、《The Invite》、《Beef》Season 2 在《The Drama》中，罗伯特·帕丁森（Robert Pattinson）和赞达亚（Zendaya）在婚礼前陷入混乱。《The Invite》讲述了奥利维亚·王尔德（Olivia Wilde）和塞斯·罗根（Seth Rogen）在性感邻居（爱德华·诺顿和佩内洛普·克鲁兹）出现时，开始质疑彼此的承诺。《Beef》season 2 中，两对在乡村俱乐部工作的夫妇之间产生了足够的摩擦，足以引发一场大火。—E.Z.
20 / 聆听 一位悲剧英雄探讨观鸟 《Get Birding With Sean Bean》播客 这部屡获殊荣的英国播客《Get Birding》迎来了一位新主持人，他因饰演《权力的游戏》中奈德·史塔克等注定悲剧的英雄而闻名，而非因其对绿啄木鸟的了解。比恩（Bean）带来了他终身对鸟类热忱。—S.M.
CRISTIAN MERA 为 华尔街日报 提供；从右下角起顺时针排列：BBC / BAD WOLF; PENGUIN RANDOM HOUSE AUDIO; LAS CULTURISTAS; FOCUS FEATURES / EVERETT COLLECTION; HBO; PENGUIN RANDOM HOUSE AUDIO; COLUMBIA RECORDS; MGM / EVERETT COLLECTION; HBO; A24
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作者：JANE BLACK
在距离华盛顿特区一小时车程的马里兰州克拉克斯堡（Clarksburg, Md.）郊区，有一家名为 Burnt Hill Farm 的山顶酒庄。在这里，最理想的座位是日落前 45 分钟的任何一张桌子。
最近的一个傍晚，我坐在餐厅里带有凹槽的浅色木质吧台上，看着蜂蜜般的强光透过一面大窗户倾泻而下，窗外是起伏的葡萄园和阿巴拉契亚山麓。这足以分散我的注意力，让我暂时忘记了杯中那口带有烘烤香气的起泡酒，更不用说摆在我面前的佳肴：用庄园内养殖的卷毛芒加利察猪（Mangalitsa pigs）制成的丝滑腌猪肉肉酱（torchon），以及一块拌入大蒜青酱的烤番茄佛卡夏面包。
马里兰州并不以葡萄酒而闻名——几十年来，在该地区占据聚光灯的是弗吉尼亚州。这种情况可能正开始发生变化，部分原因要归功于 2025 年开业的 Burnt Hill。该酒庄的餐厅在今年春天推出了一处 12 个座位的主厨吧台。
“马里兰州的葡萄酒一直是我们的小秘密，”住在马里兰州银泉市（Silver Spring, Md.）、《Dave McIntyre’s WineLine》时事通讯的作者 Dave McIntyre 说道，“这里有一批令人兴奋的酒庄，正在为品质设定极高标准。”
据曾任《华盛顿邮报》葡萄酒评论家的 McIntyre 称，马里兰州大约有 85 家酒庄，在华盛顿西北部的一个小区域内，可以找到最适合种植葡萄的条件。一次一日游的时间足以参观几家酒庄——而且，只要规划得当，你还可以用绝佳的美食犒赏自己。
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Old Westminster Winery Black Ankle Vineyards
西弗吉尼亚州 (WEST VIRGINIA)
西弗吉尼亚州 (WEST VIRGINIA)
Sugarloaf Mountain Vineyard Burnt Hill Farm
Windridge Vineyards
华盛顿 (Washington) 华盛顿 (Washington) 弗吉尼亚州 (VIRGINIA) 弗吉尼亚州 (VIRGINIA)
10 英里 (10 miles)
10 公里 (10 km)
上图：Burnt Hill Farm 主厨吧台供应的佛卡夏面包。下图：Black Ankle Vineyards 内部景象。
马里兰州 M A R Y L A N D
巴尔的摩 Baltimore
ANNA DEEN / 华尔街日报
一个聚集之地 我的酒庄巡礼之旅从 Old Westminster 酒庄开始，该酒庄与 Burnt Hill 隶属于同一家族。直到 2020, 这座位于马里兰州威斯特敏斯特的经营场所看起来就像任何一家基础酒庄：一个简朴的品酒室和几张野餐桌，客人们可以在这里食用自带或从现场餐车购买的食物。
在疫情期间，Old Westminster 设置了户外圆顶屋，随后将其更换为一座由 A 型“小木屋”组成的现代主义村落。这些小屋最多可容纳 6 位，可用于预约品酒或享用来自该酒庄餐厅的柴火披萨，该餐厅于 2020 年开业。其菜单包括经过精致改良的配菜，如配以搅拌费塔奶酪的蜂蜜釉烤胡萝卜。负责 Burnt Hill 餐厅的主厨 Tae Strain 同时也管理着 Old Westminster 的厨房。
Old Westminster 的葡萄酒比 Burnt Hill 的更亲民（即：价格更低）。但这里的员工虽然专业且热情，对产品的态度同样认真。在炎热的日子里，他们可能会向你推荐草莓色的桃红葡萄酒，或者 Honey——一种由维欧尼 (Viognier)、霞多丽 (Chardonnay) 和雷司令 (Riesling) 调配而成并加入当地蜂蜜收尾的酒款，即使是不喜欢甜口葡萄酒的人也很容易接受。
啜饮与漫步 距离 Old Westminster 有 20 分钟车程的地方，Black Ankle Vineyards 提供了正统的波尔多风格调配酒。在吧台点一套品鉴组合或一瓶酒，然后前往酒庄的餐车点一份炸米球 (arancini) 或 smash burger 汉堡。在周末，支付 $25, 即可参加一小时的导览游，向导将带领游客参观农场，并品尝一些平时可能不提供单杯销售的葡萄酒。
我们的导游 Taylor 是一位快活的青年，他穿着短袖纽扣衬衫并打着领结与我们见面。在他带领我们参观时，他深入讲解了酿酒的极客细节，并讲述了酒庄最受欢迎的几款酒背后的故事。他解释说，这款名为 Passeggiata 的轻盈红葡萄酒，其实是一次“失败”的桃红酒，因为酿酒师忘记在正确的时间去除葡萄皮。
明年春天，Black Ankle 的业主将在克拉克斯堡 (Clarksburg) 推出 Live Edge Vineyards，这是一家距离 Burnt Hill 不远的新酒庄。该物业将设有品酒室，并在树丛间设置平台桌，高度在 6 到 30 英尺之间。
再逛一两站 为了圆满地完成该州的酒庄之行，你还有其他选择。你可以前往 Darnestown，Windridge Vineyards 那里酿造着一种充满活力的、类似 Lambrusco 的起泡红葡萄酒。如果你想在午餐后消消食，可以先徒步登上舒加洛夫山 (Sugarloaf Mountain)，然后在 Sugarloaf Mountain Vineyard 享用最后一杯葡萄酒。
马里兰风味：值得尝试的六瓶酒 1 Boordy Vineyards Albariño, $25; 以及 Albariño Dry Bench Reserve, $46。葡萄酒评论家 McIntyre 非常喜爱这两款 Albariño。前者具有清爽、清新脱俗的特质，是切萨皮克螃蟹的理想拍档。Reserve 版则更具分量，带有柠檬凝乳、白花和烤坚果的风味。 2 Old Westminster Rosé 2025, $34 理想的夏季之选，清爽且带着一丝俏皮，同时由（主要是）经典的波尔多葡萄品种调配而成，具有足够的复杂度，令人满意。 3 Burnt Hill Dreamscape 2021, $88 （仅限现场购买）马里兰州种植的 Gamay 并不多，这使得这款带有成熟草莓和樱桃气息的浓郁红葡萄酒显得更为特别。
3 2
葡萄酒状态 上图为马里兰州 Old Westminster 酒庄葡萄园的景色。 左侧为 Old Westminster 的白葡萄调配酒 Honey，配以精选披萨。
4 Black Ankle Vineyards Rolling Hills 2023, $52 一款体现了 Black Ankle 优势的波尔多风格调配酒：优雅且具有陈年潜力的红葡萄酒。
BIRCH THOMAS 为华尔街日报拍摄
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通过美国志愿者组织（Volunteers of America）的“背包行动”（Operation Backpack），今年已有超过 5,000 名儿童做好了入学准备。 扫描二维码，帮助下一个孩子强力起航。
JANE STOCKDALE 为 华尔街日报 提供图片
文 / DAN NEIL
如果接下来的描述显得有些随兴，请见谅。我的目的是为我上周在英国东安格利亚地区（East Anglia）的该公司测试赛道上，试驾 Lotus Emira 420 Sport 时所感受到的喜悦赋予一个名字。我确定科学解释涉及极度兴奋的大脑激素，导致微笑反射过度刺激。也许是我小时候没被足够地拥抱，因为这些 G 力的感觉就像是爱。无论如何，这关乎物理连接，关乎亲密感。事实是，Lotus 的极轴正好穿过驾驶员的内侧髋部，因此机器是围绕着驾驶员旋转，而不是围绕着某个略微偏离中心的隐形支点。Lotus 将你安置在 Mach 的桶形座椅中，这里便是宇宙的中心。
这种喜悦来自于通过齿轮齿条转向系统传导至手掌的“震动玩具”般的能量，以及在过弯负荷和侧滑角增加时，方向盘重量感和类盲文般灵敏度的提升方式。它体现在转向液压系统在全打死时轻柔地减轻回正冲击力的方式上。尽管电子助力转向系统具有很强的可调性，但其触感就像是Ouija 碟形盘（通灵板）一样轻飘飘。法拉利，我是在说你。
这款中置发动机、双座的 Emira 刚经过中期改款的“水疗护理”，继续提供多种动力总成选择，每一种都有其迷人之处。对于坚持“手动挡和方向舵”的驾驶者，3.5 升 V6（406）搭配六速三踏板手动变速箱。而我驾驶的 420 Sport 采用的是梅赛德斯-AMG 提供的 2.0 升涡轮增压四缸发动机和八速双离合自动变速箱，通过方向盘后部重量感极佳的换挡拨片进行操作。
2027 LOTUS EMIRA 420 SPORT
叮叮叮。砰砰砰。Lotus 将 420 Sport 标榜为全球最快的量产四缸车，0-60 mph 加速时间为 3.7 秒，最高时速为 186 mph。升级内容包括侧面经过美化的进气罩和前翼的百叶窗面板，名义上是为了帮助在高速行驶时排除气压。如果是我为自己配置车辆，我会把这些选项删掉。
开着这辆热情且激进的 420 Sport 跑了几圈，让我意识到我已经多久没有在跑车中感受到真正的乐趣——没错，就是这个词！——了。这是因为 Lotus 是唯一一家真正拥抱“侧滑”的量产车制造商。其他跑车制造商利用复杂的牵引力和稳定性系统，将他们尊贵的客户牢牢地固定在沥青路面上，一旦电脑感知到牵引力丧失或即将失控，便准备介入。而对于 Lotus 来说，这种“即将失控”的状态正是精髓所在。这些活泼的轻量级赛车的快感在于将它们推向轮胎的瞬时极限，并将其维持在极限边缘——在其中反复揉搓。
快速通道：针对 2027 年进行了更新，Lotus Emira 系列现已包括 Emira 420 Sport（售价 122,900 美元，不含选装件）。该车型提供左舵和右舵版本，尺寸与即将停产的保时捷 718 Boxster 相当。专栏作家 Dan Neil 在英国海瑟尔 (Hethel) 的 Lotus 总部测试赛道上驾驶该车（见下文）。
方向盘，全力加速，左右摆动。对于这些车以及这些工程师来说，“幸福之鸟”的声音就像一群吵闹的米其林轮胎。Lotus 冷淡地将这种状态称为“渐进包络线 (envelope of progressivity)”。它定义了一辆车在制动和加速时，如何在不发生打滑的情况下，以可预测且令人愉悦的方式摆动车尾。420 Sport 那极具诱惑力的摇摆源自
大量的冷峻计算：40 / 60 的后偏重量分布；101.2 英寸的轴距；以及一个开放式后差速器，将 369 磅-英尺的发动机扭矩传递到路面上，尽管有时显得断断续续。同样值得称赞的是定制配方的米其林 Pilot Sport Cup 2 轮胎。这些轮胎的最佳性能区间极其宽广。
而这一切背后是 420 Sport 最不公平的优势：它的重量仅为 3,153 磅（配备轻量化操控组件包）。相比之下，中置发动机跑车类别的竞争对手——科尔维特 (Corvette) Z06，重量要重约 350 磅。Z06 拥有很多优点，但绝不“轻盈”。
六十年前，赛车工程师 Colin Chapman 将 Lotus Cars 迁至英国海瑟尔，将附近二战时期的机场改造成测试赛道。他的格言是：增加轻量化。Chapman 随后打造了一系列卓越的跑车，赢得了多次一级方程式赛车 (Formula One) 冠军，并在 1982 年去世前耗尽了数百万美元的投资。2017 年，中国财团吉利 (Geely) 收购了该公司的控股权。
你可能还记得 Lotus 启发出的最畅销车型——马自达 Miata (1989)。当这家日本公司决定打造一款英式敞篷跑车时，它深情地“抄袭”了 60 年代的 Lotus Elan。
这条由跑道改建的测试赛道在 2011 年进行了翻新——新的布局、全新的沥青、安全护栏——现在包含两个极其精准、恒定半径的 180 度弯道：命运之发夹弯。
一名大汗淋漓的 Lotus 驾驶教练坐在副驾驶位上，我决心通过在整个弯道中完成一次完美的漂移来表现自己——这种动作我在其他车型和其他场地中成功完成的次数为零。我高速驶入，处于二档顶端，轻踩油门，抖动方向盘（更像是指方向），然后再次深踩油门。
接着，奇迹发生了：它旋转了——坚定且可预测地——进入车尾外甩姿态，就像直线行驶一样轻松。它没有打转，也没有反抗。我设法维持住那个状态，依靠油门平衡，侧滑并横移，直到我必须进入主直道。在另一次尝试中，我甚至能够从二档
在 420 Sport 上跑了几圈后，我才意识到，我已经很久没有在跑车中获得真正的乐趣了。
切入三档而未失漂移之势，在赛道边缘大角度摆尾，拖出漫天光辉。 颇具讽刺意味的是，路特斯在过弯和牵引力管理上的历史性做法——车身倾斜，车尾甩出，气势汹汹——看起来非常像现在年轻人所说的“漂移”。 路特斯的计划是在赫塞尔（Hethel）的厂房里继续生产所有内燃机动力跑车，那里是该品牌的精神家园。照这个速度，赫塞尔在未来许多年内都能继续产出活塞驱动的跑车。 这听起来像是好消息，对吧？毕竟美国市场并没有出现极具魅力的中置发动机跑车供应过剩的情况。 去年，保时捷停止了其出色的 718（Cayman 和 Boxster）系列的生产，从而消除了 Emira 最直接的竞争对手。然而，路特斯公司高层在私下里对欧洲进口产品可能面临的关税以及对中国软件的限制感到担忧，认为这些因素可能会使在美国的商业计划脱轨。 特朗普政府是否会让路特斯全身而退，目前还完全不明确。
Business&Finance
THEWALLSTREETJOURNALWEEKEND
News
The largest U.S. oil com- panies reported a block- buster quarter after the Iran war caused a dislocation in global markets that sent en- ergy prices soaring. A1
The largest U.S. oil compa- nies reported a blockbuster quarter after the Iran war caused a dislocation in global markets that sent energy prices soaring. At ExxonMobil, profits more than doubled from a year ear- lier to their highest level since 2022, while Chevron reported its highest quarterly earnings on record. Exxon said high oil-and-gas production and its nearly two dozen refineries from Texas to Singapore pushed earnings to $14.5 billion. The total was its highest since the peak of an energy crisis kicked off by Russia’s in- vasion of Ukraine. Chevron reported earnings of $12.1 billion that rose nearly fivefold from the same period last year, driven by record oil- and-gas production and refin- ing throughput. Both companies raked in cash as the prolonged closure of the Strait of Hormuz water- way between Iran and Oman cut off a big chunk of the world’s fuel supplies. U.S. oil prices climbed as high as $112.95 a barrel in the quarter, and gasoline prices surged to the highest levels in PleaseturntopageA8
BP put its U.K. North Sea business up for sale, paving the way to end oil production in its home country after more than half a century. B10
Trading Friday pushed the Dow into positive territory for the month, while the S&P 500 and Nasdaq fell 0.1% and 3.2%, respectively, in July. B11
The closure of the Strait of Hormuz is prompting compa- nies to raise prices on many products to offset their higher commodity and freight costs. A1
The Fed’s chairman floated to colleagues the prospect of meeting less often, which would mark a substantial shift in the central bank’s operations. A2
KKR is near a deal to take Texas-based medical-device outsourcing company Inte- ger Holdings private. B11
Couche-Tard plans to ac- quire Polish convenience re- tailer Zabka for about $8.7 billion to expand in Central and Eastern Europe. B10
Newell Brands raised its earnings outlook, expecting that receipts from tariff re- funds will help offset the ris- ing cost of supplies. B10
Worldwide
A day after Trump her- alded a breakthrough in Gaza that would lead to the disarmament of Hamas, the militant group and Israel were at odds over what was actually agreed to. A1
Trump ordered a fresh at- tack on Iran aimed at getting Tehran to surrender that could begin as soon as this weekend, predicting the coun- try’s leaders would buckle. A8
FIFA President Gianni In- fantino abandoned his plan to sell part of the World Cup’s commercial rights to private investors in the face of global outrage. A14
New York state sued Kalshi, alleging the company runs an illegal gambling op- eration, after talks about tax revenue and customer pro- tections broke down. A3 Former congressman George Santos will pay more than $35,000 to settle a reg- ulator’s claim that he manip- ulated wagers on Kalshi over whether he would attend the State of the Union. A3
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
The U.S. Attorney’s Office in Washington, D.C., dropped its case against the three- time Olympian it charged with damaging the Lincoln Memorial Reflecting Pool. A3
Arizona, California and Nevada would take less wa- ter from the Colorado River under a proposal by the fed- eral government to con- serve the resource. A3
PEGGY NOONAN Anthony Fauci unmasks himself. A13
CONTENTS Books....................... C7-12 Business & Finance. B10 Gear & Gadgets... D11 Heard on Street.. B12 Markets...................... B11 Obituaries................... C6
Opinion................. A11-13 Sports.......................... A14 Style & Fashion..... D2 Travel............................. D8 U.S. News.............. A2-4 Wellness................. D3-4 World News........ A6-9
SATURDAY/SUNDAY, AUGUST 1 - 2, 2026 ~ VOL. CCLXXXVIII NO. 27 WSJ.com U.S. Edition
JUAN CARLOS LUCAS/ZUMA PRESS
CHAOTIC SCENES: Migrants run back to Morocco after Spanish soldiers moved to secure Ceuta. As many as 60,000 migrants streamed into the Spanish territory in North Africa on Thursday and Friday but authorities said most of them left. A6
Trump’s Fundraising Operation
WASHINGTON—Almost ev- ery night in the White House, President Trump calls his fund- raiser, Meredith O’Rourke, for an update. Trump asks O’Rourke which companies and donors have cut checks and which haven’t, and for how much. He often asks her to make much larger financial requests than she was plan- ning—for some donors the ask is $5 million, for others it is $50
Firm sees its steepest single- session drop in market cap. B11 Israel, Hamas at Odds On Latest Gaza Plan
TEL AVIV—A day after President Trump announced a breakthrough that he pre- dicted would see Hamas relin- quish its weapons and power in war-torn Gaza, both Israel
By Feliz Solomon, Suha Ma’ayeh and Abeer Ayyoub
and the Palestinian militant group appeared at odds over what actually was agreed to— and who should make the first move. On social media Thursday, Trump said the U.S.-desig- nated terrorist group accepted a plan that would lead to its “complete disarmament.” U.S.
And It’s Making Things Awkward
i i i Racy outfits pop up at business conferences; ‘I have no idea where to look right now.’
BY SUZANNE KAPNER
When Jennifer Epstein wore a sheer lace skirt that showed off her underwear to dinner with her husband, his response—after he regained his ability to speak—was “Where is the rest of your outfit?” Epstein, a pharmacist in Fort Washington, Pa., said she wasn’t looking for his ap- proval. “It feels empowering,” the 43-year-old said. “It’s a modern kind of feminism that embraces self assurance and femininity on your own terms.”
By Josh Dawsey, Dana Mattioli, Annie Linskey and Emily Glazer
million. And the president gives her names to call, often includ- ing people who have recently met with him, according to peo- ple with knowledge of the calls. “This is very important to the president. He’s asked me to
officials said the plan would include Israel’s withdrawal from Gaza. That would be a big step forward in a peace process that has been stagnat- ing as the Trump administra- tion struggles to find a way out of the Iran war. Trump’s optimistic assess- ment ran up against skepti- cism in Israel, where many are deeply distrustful that Hamas would willingly disarm, and sets up a potential clash be- tween the White House and Israeli Prime Minister Benja- min Netanyahu. The Israeli leader, who faces elections this year, is reluctant to accept any plan short of PleaseturntopageA8
“Naked dressing” started as a look for publicity-seeking ce- lebrities and fashion design- ers. Now it is migrating from the runways and red carpets to everyday shoppers—and it’s not exactly going smoothly. People are showing up in barely-there outfits to busi- ness conferences and wed- dings, prompting shock and discomfort among other at- tendees. When Christian Espinosa walked into a dinner during a cybersecurity conference in Scottsdale, Ariz., he did a dou- ble take. Seated near him was PleaseturntopageA10
call you and ask you for this do- nation,” O’Rourke has relayed on phone calls with companies, persistently following up with them. In some calls, she has re- ferred to Trump as the boss, saying “the boss wants this money.” In turn, Trump has called her the “princess of dark- ness” because she is such a “killer” with donors, according to people who have heard his comments.
Takes Beating
Largest 1-day market cap declines for U.S.companies
Nvidia Jan. 27, 2025
–$592.7 billion
SpaceX June 22, 2026
–$403.3
Apple Friday
–$357.8
Microsoft Jan. 29, 2026
–$357.4
Nvidia June 5, 2026
–$328.2
Sources: Dow Jones Market Data; FactSet
After Anthropic’s Rise
BY BERBER JIN
OpenAI, the company that sparked the AI boom, fell be- hind rival Anthropic. Now, it’s fighting for a comeback. Growth of OpenAI’s flagship consumer product, ChatGPT, has slowed. The departure of Fidji Simo, Chief Executive Sam Altman’s heir apparent, prompted a reshuffle of re- sponsibilities among his top deputies. And sales staff are locked in a costly battle to win over lucrative business cus- tomers by offering volume dis- counts and other sweeteners. Some of OpenAI’s largest in- vestors have privately ex- pressed concerns about the startup’s high cash burn rela-
SoftBank donated $50 million toward Trump’s presidential li- brary. Apple cut a check for around $25 million toward his White House ballroom project, while Microsoft gave around $10 million and Amazon chipped in around $5 million, according to people familiar with the contri- butions. Meta Platforms re- cently gave $10 million to a Trump-aligned political com- PleaseturntopageA10
In Prices—For Now
BY RYAN DEZEMBER
The continuing closure of the Strait of Hormuz is begin- ning to hit Americans’ wallets far beyond the pump. Compa- nies say they are raising prices on products ranging from french fries and beer to paint and packaging to offset their own rising commodity and freight costs. Samuel Adams brewer Bos- ton Beer, Sherwin-Williams, International Paper and Uni- lever—maker of Dove soap and Hellmann’s mayonnaise— are among the companies that have told investors in recent days that they have raised
tive to its growth, people in- volved in those conversations said, while others have hedged their bets on the company by pouring money into Anthropic. Meanwhile, Anthropic’s rev- enue growth has surpassed OpenAI’s, as did its valuation, which is nearing $1 trillion, powered by the success of cod- ing tool Claude Code. It’s accel- erating plans for a fall initial public offering, kicking off meetings with potential inves- tors in which it has empha- sized its lead over the Chat- GPT-maker, people familiar with those talks said. “We did not have our best last 12 months ever, which is mostly my fault, but we are PleaseturntopageA2
Turmoil, Oil Giants See Huge Windfall
Industry titans post blockbuster earnings as conflict disruptions stoke energy prices
BY COLLIN EATON
BP looks to sell U.K. North Sea business..................... B10
prices or plan to soon to com- pensate for more expensive raw materials. The price increases have been cheered by investors, who have bid up shares of several companies following notice of increases. Sharp gains in shares of manufactur- ers, materials producers and makers of consumer staples have helped buoy the broader stock market as concerns about the data-center splurge have dragged down technol- ogy stocks that powered in- PleaseturntopageA8
Trump orders new attacks against Iran.......................... A8
EXCHANGE The ‘Nostradamus of AI’ didn’t see it coming, and he needed a lifeline from Citadel. B1
THE WALL STREET JOURNAL
CAPITAL ACCOUNT | By Greg Ip TaxCapital,NotLabor,toFixAIJobLoss E
Labor
conomists don’t typically worry about machines re- placing people. Job displacement is, af- ter all, a natural byproduct of labor-saving technology. Artificial intelligence is starting to change that. More than 1,000 economists, including 17 Nobel laureates, were worried enough to sign an online petition circulated recently by Stanford Univer- sity’s Erik Brynjolfsson warning of “large scale job displacement” from AI and pleading for action. But what action? As it happens, there is one policy response drawing growing support, at least among economists if not legislators: Stop taxing capital more fa- vorably than labor. This runs counter to de- cades of tax policy in the U.S. and indeed most ad- vanced nations. To attract investment and boost growth they have lowered taxes on profits, business in- vestment, capital gains and dividends. Lower taxes on capital that made sense in normal times might not in the face of a technology that could wipe out jobs to an unprecedented
Meeting Less Often
BY NICK TIMIRAOS
BY NICK TIMIRAOS
Federal Reserve Chairman Kevin Warsh this week floated to colleagues the prospect of meeting less often, which would mark a substantial shift in its operations, according to people familiar with the matter. Warsh last week presided over his second meeting of the 12-person Federal Open Market Committee, which convenes in Washington eight times a year to determine where to set inter- est rates. The idea of fewer meetings was presented as a subject for discussion rather than a formal proposal, and a brief discussion centered on whether there would be bene- fits from meeting six times a year, these people said. The New York Times earlier re- ported about the discussion. The idea offers a window into the Fed that Warsh is try- ing to build—one that speaks less often and commands less of the market’s attention. In his first two meetings as chair- man, the committee has issued a shorter statement. This week, Warsh said he expected to continue holding a new con- ference after every meeting this year; he hasn’t said whether that will continue. Reducing the number of meetings would be in the same spirit: fewer scheduled occasions on which the Fed is the main event. Any change would face near-term practical con- straints. Last September, the Fed published its tentative meeting dates through January 2028. Events and other com-
A bike-lane project in Chi- cago reduced the number of parking spaces on one side of Archer Avenue to four from about a dozen. A U.S. News ar- ticle on Friday about Chicago bike lanes didn’t make clear that the number of spaces was for only one side of the street.
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30%
degree. “There’s a reasonable case that with the rise in AI, it’s more important to protect labor demand than to encour- age more capital investment, and therefore capital taxes could be higher,” said Har- vard economist Doug Elmen- dorf, a former Congressional Budget Office director. AI’s threat to safety, na- tional security and computer networks is frightening, but we have experience regulat- ing the negative side effects of otherwise helpful prod- ucts. Nuclear power, for ex- ample. The jobs threat is infi- nitely more complicated. All labor-saving technology re- places humans. It makes us more productive and wealthy over time. Some jobs are lost in the short run, but even more are cre- ated in the long run. H
istorically, anyway. With AI, economists have real doubts. A major survey published in March found that in the un- likely yet plausible scenario in which “AI systems surpass humans in most cognitive and physical tasks,” econo- mists see roughly 3% of the working-age population gone
mitments have been scheduled around the existing calendar, as have certain contracts for interest-rate futures. The Fed’s governing law says the FOMC must meet at least four times a year. The eight meeting schedule dates to 1981. The committee’s governing pro- cedures say that the chair or any three members of the com- mittee can call a meeting. Warsh has advocated a sim- ilar change before. In a 2014 review of the Bank of Eng- land’s transparency practices, commissioned by then-Gover- nor Mark Carney, Warsh rec- ommended the bank cut its policy meetings to eight a year from 12, which brought the bank into line with the Fed and the European Central Bank. The thinking was that judgments about the economy rarely shift much over four weeks and that fewer meet- ings would give policymakers more time for reflection. The bank accepted the recommen- dation and moved to the new schedule in 2016. At his confirmation hear- ing, Warsh was asked whether he would keep the eight-meet- ing schedule and declined to commit either way. Fewer meetings could con- centrate rather than diffuse market attention as each meeting becomes a bigger event. While the Fed has the ca- pacity to meet by videoconfer- ence, such unscheduled meet- ings have typically generated outsize attention because they signal a significant degree of urgency.
California Attorney Gen- eral Rob Bonta said he favors a 2027 start date for an antitrust trial concerning Paramount and Warner Bros. Discovery. A Business & Finance article on Tuesday about the companies incorrectly said Bonta favors a January 2027 start date.
Effective marginal tax rate
Pre-2018 Tax Law ’18 ’20 ’22 ’24 ’26
Note: Labor includes income and payroll taxes. For business assets and equipment, new investment only. Definitions and methodology might change between years.
Business assets
Equipment
Source: Congressional Budget Office
from the labor force by 2050, and the permanent loss of 10 million jobs. Brynjolfsson, a leading technology economist, says it’s in business leaders’ “en- lightened self interest” to complement rather than re- place workers with AI. “We are right now steering them in the wrong direction.” But how to steer them? If complementing rather than replacing workers is more profitable, successful firms will choose that path with- out government interven- tion. If replacement is the
Barkin Says Next Move On Rates Is Hard Call about to have our best 12 months to date,” Altman posted on X in July. OpenAI’s challenges in try- ing to regain its crown are rooted in a misreading by com- pany leaders of where the AI market was headed. Its predic- ament speaks to the intense competition that defines the race for AI supremacy. Altman staked the growth of the business on ChatGPT, bet- ting that more people would subscribe to the chatbot as AI became a bigger part of their lives. Instead, the overnight success of Claude Code made clear that the bigger prize came from selling tools to soft- ware developers and the deep- pocketed companies that em- ployed them. While OpenAI pursued flashy projects, from a video generator to consumer devices and chips, its smaller, more fo- cused rival filled in the gap, de- veloping a hit coding tool that helped it seize the lead. As it chases its top competi- tor, OpenAI has released a se- ries of new models focused on coding and other professional work, and put its president, Greg Brockman, in charge of revamping its product lineup. It also struck a deal with Ama- zon.com to sell AI tools to the cloud giant’s customers and hired former Slack CEO Denise Dresser to become its first chief revenue officer. “I think that now we’re at a point where it feels like we have this really humming ma- chine,” Brockman said at a July media lunch. Executives are still trying to figure out the most effective pricing plans for its Codex en- terprise product, including price cuts that could help it gain market share, though that risks eroding closely watched profit margins ahead of an IPO. OpenAI may now wait until next year to go public, people with knowledge of the plans said. When it filed to go public a week after Anthropic, it hedged on timing, saying “it may be a while” because there are “things we want to do that are likely easier as a private company.” OpenAI was initially well positioned for the enterprise business it is now trying to land. It launched a series of so- called reasoning models in the fall of 2024 that were able to work through problems step- by-step before answering, a ca- pability that turned out to be well-suited for writing code. But researchers trained those models to ace coding problems from high-school competitions, not to handle the messier, more open-ended work of building software. Anthropic took the opposite approach with its own reason- ing model, called Sonnet 3.7, a
Richmond Fed President Tom Barkin said it is “a close call” whether the central bank’s interest-rate setting is high enough to bring inflation down, and that he didn’t know whether he would have joined three fellow regional Fed pres- idents who voted this past week for higher rates. “I think there is a strong case there” for adding re- straint and taking back some of last year’s rate cuts, Barkin said Friday. After a softer in- flation reading in June, “I think you could also make a case…that there’s time before the next set of meetings” to determine whether the current setting is adequate, he said. The Fed held its benchmark rate steady Wednesday in a range between 3.5% and 3.75%, where it has been since De- cember, at Chairman Kevin Warsh’s second meeting lead- ing the central bank. Barkin doesn’t vote on rate decisions until next year. In nine years as Richmond Fed president, he has built a prac- tice of describing what he is learning from businesses, col- leges and community groups in his district rather than opining on where rates should go. He says his views on inter- est-rate policy can be more in- fluential if shared privately with the chair and his col- leagues rather than “in the public square,” he said. The Fed cut interest rates by 1.75 percentage points over the past two years to guard against the risks of a weaken- ing labor market amid signs inflation was heading to its 2% goal. But inflation has defied those forecasts this year, pres- sured in part by tariffs, energy markets roiled by the Iran war, and the AI build-out. “That just gets to the ques- tion of…are rates still restrictive today like you thought they were? And if you don’t think rates are that restrictive today, the evidence for that could be nominal consumption or the AI investment boom,” or signs of healthy loan demand from banks, he said. “Do you have to add some restraint? I think that’s the question,” he added. The softer June consumer prices report didn’t settle the question. Barkin called the de- cline in underlying inflation “a positive sign” but added, “you have to be open in these jobs to ask yourself whether you’re get- ting enough restriction or whether you need more.” Barkin was skeptical the la- bor market has strengthened meaningfully. “It does not feel like a tight labor market,” he said.
more efficient path, a firm that refuses to cut jobs will lose to one that does. R
etraining those dis- placed by AI is proba- bly the most popular policy response. But it’s un- clear what workers should be retrained to do. Five years ago, everyone was told, “learn to code,” said Pascual Restrepo, a Yale economist. “That career ad- vice has gone out the win- dow. ... We don’t know in which order AI is going to advance and make leaps.”
Fell Behind Anthropic
ContinuedfromPageOne
Then there are ideas for compensating job losers such as wage insurance or “univer- sal basic income.” But they don’t preserve employment. To actually discourage AI- driven job replacement, some call for a “compute” or “ro- bot” tax, perhaps levied on to- kens (the unit of AI usage). This, though, could be a night- mare to design and adminis- ter, and discourage the use of AI to benefit all humanity, such as new drug discovery. That brings us to the tax system. The case for low taxes on capital is that this boosts investment, which raises productivity and, ulti- mately, wages. The bipartisan drive for lower capital taxes goes back decades, to accelerated de- preciation (that is, expens- ing buildings and equipment faster than they wear out) in 1954 and the investment tax credit in 1962. From the 1980s through the 2000s, depreciation became even more generous, while taxes were trimmed on capital gains and dividends. The most sweeping reduc- tions came in the 2017 tax bill that slashed the corpo- rate rate to 21% from 35% and temporarily allowed im-
OpenAI’s Sam Altman in Washington this past week.
few months later. In a February 2025 blog post, the company said it was focused on “real- world tasks” that reflected how businesses actually used AI. OpenAI gave employees early access to a new version of Codex last year, expecting it to be an instant hit, particu- larly among software engineers who had long been tracking the technology’s progress. Instead, usage was lower than anticipated, frustrating executives who repeatedly flagged the issue internally. At first, the challenges with Codex appeared to be a blip. ChatGPT’s weekly active users continued to climb, as did the company’s valuation. In Au- gust, OpenAI brought in Simo, the former Instacart CEO, to help prepare it for a block- buster IPO. Instead, Codex’s troubles turned out to be an early warning sign. After OpenAI announced the tool publicly in May, it under- performed ex- pectations. Soft- ware engineers flocked to Claude Code. Many devel- opers felt that Codex was too slow and clunky to use, leading OpenAI to change the product to more closely mimic An- thropic’s. The company also created a team tasked with making sure new models were designed in a way that custom- ers found useful. But executives were also distracted by other, more pressing issues, such as fend- ing off a talent raid launched by Meta Platforms CEO Mark Zuckerberg and fixing a wors- ening relationship with Micro- soft, its largest investor. They spent precious computing re- sources on other projects that flopped, including the video- generator app Sora. By the time the company turned its attention back to Co- dex, it was already behind. Executives released a new model, GPT-5.2, in December, focused on coding and other professional tasks, overruling some employees who asked to push back its release so the company could have more time to make it better. When the company heard Anthropic was in talks to part- ner with Cerebras, a startup that had built a specialized chip to process coding tasks at a rapid clip, it rushed to sign a
growth tapered after Google’s chatbot began to surge.
mediate 100% expensing of many capital expenditures. That 100% expensing provi- sion was restored and made permanent last year. The up- shot is that since 2017, the marginal tax rate on new equipment dropped to 4% from 14% while the marginal rate on labor edged down to 27% from 29%, the CBO said. In theory, taxing capital would slow AI’s deployment. It would also deter non-AI investment, a potential drawback. In practice, how much tax rates alter invest- ment decisions isn’t clear. One study found the 2017 tax cuts did boost invest- ment, while raising eco- nomic output over the long run by less than 1%. Still, even if capital taxes have little effect on AI de- ployment, there is another consideration. The share of national output going to cap- ital instead of labor is at an- all time high, and AI prom- ises to push it even higher. As long as capital tax rates remain low, that limits how much new revenue flows into the Treasury. Narrowing the imbalance in taxes on capital and labor is one way of deal- ing with the largest peace- time deficits on record.
deal of its own in an effort to box out its rival, people famil- iar with the matter said. It wasn’t enough to stem the bleeding. While Altman visited St. Barts during the December hol- iday break, coders in San Fran- cisco spent hours on so-called “Claude-benders,” marveling at capabilities enabled by a new Anthropic model called Opus 4.5. Anthropic then went on a multimonth growth streak that surprised even its own lead- ers. Meanwhile, ChatGPT’s growth suddenly tapered off after Google’s own consumer chatbot began to surge in pop- ularity. The company missed an internal goal of hitting 1 bil- lion weekly active users by the end of the year, although it hit the figure recently. Before long, Anthropic’s growth rate surged past Ope- nAI’s, as did its valuation—and OpenAI found itself waging two separate battles as its lead in the AI race came un- der siege. When execu- tives pitched se- nior leaders at Blackstone on a partnership to create a com- pany to sell AI tools to the pri- vate-equity giant’s portfolio companies, they didn’t bite. Blackstone went with An- thropic for the project instead. OpenAI later struck a separate deal with other private-equity players. Simo, who recently left the company after a health condi- tion worsened, said the com- pany had lost its way chasing “side quests” and had fallen behind its rival in both re- search and product. Anthropic’s revenue “is a proxy for how well they are ac- complishing their mission,” she said. “And the fact that they are accelerating such a big part of the economy should be a real wake up call for us.” OpenAI recently released a “super app” that integrates Co- dex with ChatGPT and a web browser, and said it has boosted the number of users for the new product, plus the standalone Codex app, to 10 million users. In July, it released a new model that became an instant hit with developers—and led Anthropic to extend access to its powerful Fable model to compete.
AL DRAGO/BLOOMBERG NEWS
JOHN LOCHER/AP
Three western U.S. states would take less water from the Colorado River under a federal proposal released Friday to stave off a crisis in the belea- guered waterway. The U.S. Bureau of Reclama- tion proposal spares four other states from facing mandatory
BY LYDIA WHEELER Charges Dropped in Lincoln Pool Case
The U.S. Attorney’s Office in Washington is dropping its case against the three-time Olympian it charged with dam- aging the Lincoln Memorial Re- flecting Pool, saying it learned the problems that have plagued the renovated pool were caused by a “botched installation not vandalism.” In a court filing Friday, Jean- ine Pirro’s office asked a D.C. judge to dismiss the criminal indictment against David Hearn, a former canoe racer, saying documents recently pro- duced by the Interior Depart- ment “significantly undermine” the evidence that was the basis for charging him with a felony for destruction of property. “Finally, a recent visual in- spection showed damage
BY ANNA WILDE MATHEWS Hospitals Take a Hit as More Go Uninsured
Suzanne Mercer and her husband, Kip, lost their Af- fordable Care Act plan this year because they couldn’t af- ford to pay more than $4,000 a month for the coverage. The couple, who manage a condo- minium complex in the Flor- ida Keys, have stopped going to see their doctors. Mercer, 59 years old, also hasn’t gotten a follow-up scan a doctor ordered after a mam- mogram in December turned up a concerning spot. “It’s aw- ful, you just cross your fin- gers,” she said. “I just don’t want to know right now, be- cause I can’t do anything about it.” Mercer is one of millions of Americans going without health insurance after the ending of federal subsidies that kept their health pre- mium bills down. The loss is starting to bleed into the wider healthcare economy. In recent earnings reports, hospital companies including Tenet Healthcare, Universal Health Services and Commu- nity Health Systems all cited growing costs from patients who didn’t have health cover- age—in the case of HCA Healthcare, a $400 million drag on profit in the second quarter. Intuitive Surgical, maker of da Vinci robot-assisted sur- gery machines, and lab opera- tors Quest Diagnostics and Labcorp Holdings said their businesses are being affected, too. The number of people with plans under the ACA fell by about 2.6 million as of Febru- ary, compared with a year ear- lier. The drop came as people dropped plans that in some cases started costing them twice as much after enhanced
cuts for now. It’s meant to be flexible, allowing deeper cuts in drier times while giving the states more time to collectively agree on how to manage the dwindling resource that flows through dams to produce hy- dropower. (Hoover Dam, above) Arizona, California and Ne-
Olympian David Hearn, center, with his legal team in July.
throughout the Reflecting Pool, even in the middle of the pool, where a vandal would not likely attempt to peel the lining,” Pirro’s office wrote in the court filing. “Given all of this newly discovered information, it is difficult to attribute the wide-
−25
Number of people by health-insurance coverage in the U.S., 2025
Uninsured 27 million
63 million 166 million 81 million
Medicare
Projected change in health-insurance coverage from 2025
50%
−50
2025 ’30 ’35
*Children's Health Insurance Program Note: 2025 estimate is preliminary and subject to revision. Estimates and projections are the annual averages across all months within a year. Some people have multiple sources of coverage.
ANDREW MOLLICA/WSJ Source: Congressional Budget Office
federal subsidies lapsed at the start of this year. The ACA drop-offs varied by state. Some of the steepest were in Ohio, Oklahoma and Arizona, said KFF, a health-re- search nonprofit. Insurers and actuaries expect enrollment will fall further this year. Nearly all of those letting their ACA plans go appear to be dropping insurance alto- gether, hospital company ex- ecutives said, which is more than HCA and some others had expected. “For us, obviously, it’s not a good thing,” said HCA Chief Executive Samuel Hazen in a call with analysts last week. “We still have to take care of these patients, and we do, and our people do a wonderful job,
vada could together be forced to reduce their use by up to 3 million acre-feet annually through 2036—about the amount that Arizona and Ne- vada receive and enough to serve more than 25 million people a year. The actual re- ductions would be determined
spread damage to the Reflect- ing Pool to vandalism.” President Trump blamed vandals for the problems that appeared after he had the pool bottom resurfaced to turn the landmark’s gray basin blue in time for American’s 250th
Medicaid and CHIP* Employment-based coverage
ACA 22 million Other insured 13 million
2036 projection:
Uninsured: +41%
Medicare: +17% Employment- based: +3%
Other: −6%
Medicaid and CHIP: −14%
ACA: −33%
but it does put pressure on” the profit and loss statement. The problems for hospitals are set to grow, with Medicaid adding federal work require- ments next year. Already, Medicaid enrollment is ticking downward this year. The Con- gressional Budget Office proj- ects a further 4.1 million peo- ple will lose coverage in 2027. For hospitals, uninsured patients bring a financial dou- ble whammy. They often stop coming for elective proce- dures, hurting revenue. Yet the bigger blow hits when pa- tients without coverage come to the emergency room. Hos- pitals are required to treat and stabilize them, but they typically don’t get paid. The hospitals can provide the care
every two years. Arizona and Nevada have faced mandatory reductions before, but the proposal out- lines deeper cuts that could im- pact agriculture, cities and tribes. It could translate into higher water prices. —Associated Press
birthday. The government awarded the resurfacing con- tract to Virginia-based Atlan- tic Industrial Coatings without a full bidding process. Pirro’s office blamed the In- terior Department for provid- ing “less than fulsome infor- mation” at the outset of the case and said it wouldn’t have sought a grand jury indictment had the agency been forthcom- ing with the information that was “clearly in its possession.” Hearn’s lawyers said the case never should have been brought and the Trump administration owes their client an apology. “Its dismissal today does not erase the abuse of government power in arresting and charg- ing a patriotic American who did nothing wrong,” they said. “The government’s approach was ready, fire, aim.”
DANIEL HEUER/BLOOMBERG NEWS
free of charge or at dis- counted rates through finan- cial assistance, or try to charge patients. But often those patients can’t pay, leav- ing their bills to become bad debt that erodes hospital profits. “We still provide care for all those that show up that need it,” said Ryan Cross, chief government affairs offi- cer at FMOL Health, a 10-hos- pital Catholic nonprofit based in Baton Rouge, La. The sys- tem’s monthly bad-debt write- offs jumped about 23% in the second quarter of 2026, com- pared with the first, he said. Banner Health, a 33-hospi- tal system based in Arizona, has seen emergency-room vis- its grow 10% this year for pa- tients who lost ACA coverage, and 13% for people who lost Medicaid. Among the condi- tions being treated are diabe- tes, congestive heart failure and chronic obstructive pul- monary disease. CEO Amy Perry said Banner has seen uninsured patients stop coming in for preventive tests and regular checkups, and the nonprofit expects a rising need for serious emer- gency care later this year. “These things can be delayed for a certain amount of time,” she said, but eventually that catches up with people. “Un- fortunately, we’re expecting a crisis at the end of this year.” Hospitals are also experi- encing a squeeze from pa- tients who tried to keep their bills down by switching to cheaper plans with higher out-of-pocket charges, said Andrew Cooper, an analyst with Raymond James. Deduct- ibles can be $6,500 or higher. For many, “that’s a big chunk of your annual income and not something that you’re able to pay,” he said.
Kalshi as Talks Break Down
BY KEVIN T. DUGAN AND KATHERINE LONG
New York state doubled down on its fight to rein in prediction markets by suing Kalshi, alleging the company runs an illegal gambling opera- tion, after weeks of negotia- tions over tax revenue and cus- tomer protections broke down. The suit filed Friday by New York Attorney General Letitia James targets the biggest pre- diction market operator in the U.S. in a nascent industry where users can wager on just about anything. Earlier this year, James also sued Coinbase and Gemini for offering predic- tion markets. The attorney general’s office is asking the court to ban Kalshi from operating in New York without a gambling li- cense and to force it to forfeit all of its gains. Should the state succeed, it could wring as much as $36 billion from Kalshi in penalties and dis- gorgement. Kalshi spent weeks trying to head off the suit, according to a person familiar with the mat- ter. Starting around early July, the company proposed several framework agreements that would have bound it to follow- ing existing customer protec-
Over Prediction Markets
BY VICTORIA ALBERT
Former congressman George Santos will pay more than $35,000 to settle a regulator’s claim that he manipulated wa- gers on prediction market Kalshi over whether he would attend the State of the Union. The Commodity Futures Trading Commission said San- tos made more than $17,000 by making timely bets on his atten- dance at the president’s annual address to Congress. The regu- lator accused him of making misrepresentations and omis- sions on social media that influ- enced the price of his positions and said he improperly traded on an event that he had the power to influence. Santos’s attorney Joseph Murray acknowledged his cli- ent made bets about his State of the Union attendance but denied that the ex-congress- man intentionally manipulated the market. “He chose a prompt, practical resolution rather than protracted, costly
tions laws in the state. Some of the proposals were in line with Kalshi’s practices, such as allowing users to bar themselves from being able to trade—an option called self-ex- clusion that casinos are re- quired to follow. Other topics included rules around market- ing and advertising. The company also proposed a state tax revenue agreement similar to one in North Caro- lina, that will charge a 6% tax on prediction market trades— far below the 23% to be charged on traditional gam- bling earnings. The New York proposal would have raised $10 billion in five years, according to the person familiar with the matter. States generally argue that prediction markets offer unli- censed sports betting opera- tions and should be subject to state gambling regulations and taxes. Kalshi and other predic- tion markets argue that states have no right to regulate them, since their markets are more akin to Wall Street trading overseen by the Commodity Futures Trading Commission. “States can’t just shut down a federally licensed exchange,” said Kalshi spokeswoman Elis- abeth Diana, calling the law- suit “political theater.”
litigation,” Murray said. “And that choice should not be mis- taken for an admission of any wrongdoing.” As part of the agreement, Santos was ordered to return $17,570 in profits and pay a $17,500 penalty. He will also face a three-year trading ban. Santos, a New York Republi- can, was expelled from the House in 2023, and in 2024 he pleaded guilty to federal charges of wire fraud and iden- tity theft. President Trump commuted his sentence. According to the CFTC, San- tos first bet that he would at- tend the event in February. He made roughly $3,500 on that position after posting about what kind of suit he should wear, the regulator said. After severe weather jeopar- dized his travel plans, Santos al- legedly bought more than $8,500 in contracts saying he wouldn’t attend the event. He sold those contracts for a profit after multiple misleading social- media posts, the CFTC said.
Nation’s most prominent doctor during Covid stays silent during hearing
BY SABRINA SIDDIQUI AND LIZ ESSLEY WHYTE
WASHINGTON—Dr. Anthony Fauci and his lawyers knew that invoking his Fifth Amend- ment right against self-incrim- ination during a congressional hearing this past week was a gamble. The doctor millions trusted through the pandemic risked looking like a man with something to hide. His team decided it was his best play, according to people familiar with his legal strat- egy—because his alternatives were worse. His lawyers be- lieved that answering could open him up to a perjury charge from Republican oppo- nents hunting for discrepan- cies in his near constant stream of statements during the chaos of the pandemic. Refusing to testify at all could land a contempt-of-Congress referral at President Trump’s Justice Department. So this past week Fauci in- voked the Fifth more than 100 times during a combative Sen- ate hearing, sitting silently as frustrated Republican sena- tors peppered him with exple- tives and accusations. “You have for years avoided responsibility,” said Sen. Rand Paul (R., Ky.), who led the charge against Fauci. “Loss of trust may be your most dam- aging legacy.”
‘Unimaginable’ fame The scene marked a stag- gering shift for a man who, at the height of the pandemic, marveled at his own “unimag- inable” fame. Americans sported socks and bobble- heads with his face. Time magazine put him on its cover. Now, despite a pre-emptive pardon from former President Joe Biden, Fauci is confront-
EMILY ROSE BENNETT FOR WSJ
EMILY ROSE BENNETT FOR WSJ
From left, voters Christine McClellan, Joe Thomas, Natalie Bui, Sam Cain and Peter Wong. Wong says Democratic socialists are hurting the party’s ability to appeal to more voters. Bui voted for a Democratic socialist in a House primary in Colorado in June.
SAM CAIN
PETER WONG
cialists are hurting the party’s ability to appeal to more vot- ers because they refuse to compromise on policies even when they might not be prac- tical. He said Democratic so- cialists are too similar to sup- porters of President Trump, describing both groups as “in- tolerant and dogmatic.” Wong, an I.T. specialist, wants the Democratic Party to appeal to a spectrum of vot- ers, including those who might not support every pro- gressive policy or position. “I would like to see conser- vative Democrats who might be antiabortion running in red districts,” he said.
BY TERELL WRIGHT Democratic Voters Split Over Party’s Identity
Insurgent Democratic so- cialist candidates are knocking off establishment-backed in- cumbents in primaries this year, powered by voters drawn to populist promises such as universal healthcare. At the same time, many centrist Democrats, fearful of the party’s leftward lunge, are fighting back and warning the Democratic socialists could doom the party in November and beyond. This collision faces its next test in August, when Democratic socialists are on the ballot in Missouri, Wis- consin and Michigan, includ- ing state Rep. Donavan McKinney, who is bidding to unseat Rep. Shri Thanedar in Detroit. Some Democrats see the insurgents as the jolt the party needs to become more competitive with Republicans in elections. “People are fed up with this entire system,” McKin- ney said while knocking on doors in Detroit. Others worry the party is trading an emphasis on elect- ability for riskier policies and candidates that alienate inde- pendent voters. “They’re socialists and I think they’re very focused on using the Democratic Party as a vessel for their extreme ideas,” said Rep. Josh Got- theimer (D., N.J.). The Wall Street Journal talked to voters on both sides of the divide, in places where the battle is intense.
Dr. Anthony Fauci invoked the Fifth more than 100 times during a combative Senate hearing this past week.
ing the biggest challenge to his legacy to date. Republicans are pointing to private and sometimes embarrassing jour- nals released before the hear- ing to argue he misled the public about the origins of Covid-19 and the merits of pandemic-era restrictions. And while polls taken before the journals were released show a majority of Americans still trust Fauci, public opinion around the pandemic health measures he championed— and the deference owed to sci- entific expertise—has shifted. “He was a hero until he wasn’t,” said Dr. Jeanne Mar- razzo, who succeeded Fauci as head of the National Institute of Allergy and Infectious Dis- eases and who was fired dur- ing the second Trump admin- istration. A spokesman for Fauci de- clined to comment.
SOPHIA BALDWIN FILMS
Christine McClellan, 72 Detroit
McClellan said she is sup- porting McKinney because he wants to end American wars abroad. The retiree’s nephew, who serves in the Navy, was supposed to come home in May but remains stationed abroad amid the Israel-Hamas conflict and the U.S. war with Iran. As fighting has reignited, she can’t stop thinking about what he is experiencing, as well as the civilian death toll in Gaza and Iran. “My cousin was in the Viet- nam War. I don’t know what that war accomplished. I don’t really know what this war is all about,” said McClellan, standing on her porch on a warm day in the Farwell neighborhood. “We need peace.”
Sam Cain, 18 Demarest, N.J. Cain, a moderate, said the rise of Democratic socialism has pushed him further away from the Democratic Party. As a Jewish American, he said Democrats also aren’t doing enough to curb antisemitism. He has said he would become an independent if Democrats move toward Democratic so- cialist policies, such as public ownership of corporations, which he described as “anti- American.” He lauded Gottheimer, the Jewish and moderate Demo- cratic lawmaker who represents the New Jersey district where Cain lives. Cain said Democratic
An Annenberg Public Policy Center survey earlier this year found that 54% of Americans have confidence in Fauci to provide trustworthy public- health information. Some 38% said the same of Health and Human Services Secretary Robert F. Kennedy Jr. Still, confidence in Fauci has declined from the 71% support he enjoyed in an April 2021 Annenberg poll. Fauci faced repeated death threats during and after the pandemic, prompting Biden to authorize a federal security detail even after his retire- ment, according to a person familiar with the decision. Trump revoked that protec- tion shortly after taking office. Fauci was also among a handful of officials who re- ceived a pre-emptive pardon— which wouldn’t cover present- day congressional testimony—
socialists aren’t true Demo- crats. “A lot of Jews, young and old, are feeling like the Demo- cratic Party doesn’t care about them anymore, while the Re- publican Party is making efforts to appeal to them,” he said.
Joe Thomas, 77 Detroit Thomas said McKinney is his top pick because of the progressive’s housing policies, such as increasing federal oversight of corporate land- lords. Living in Detroit for most of his life, Thomas watched friends and neigh- bors lose their homes throughout the 2008-09 finan- cial crisis, which ravaged De- troit’s manufacturing-based economy. A retired union plant worker at Chrysler, Thomas said he has voted for Demo- crats his whole life but doesn’t think they are doing enough to address his community’s needs and help lift up the homeless. McKinney might of- fer a new path forward, he said. “The party needs some backbone to it,” Thomas said. “My concern is about people living in the street. And I hope Democrats can wake up and see that issue.”
from Biden in one of his final acts as president. Ellen Sigal, a cancer-re- search advocate and friend and former neighbor of Fauci’s, said the doctor would have an- swered questions if he felt the process was legitimate. “He had no choice unfortunately because this clearly was not a hearing that was looking for the facts,” Sigal said. Paul, the Kentucky Republi- can who chairs the Senate Committee on Homeland Se- curity and Governmental Af- fairs, has been a longtime Fauci critic. He has accused the doctor of supporting dan- gerous research that some sci- entists think might have led to the first coronavirus cases, conspiring with others to dis- credit that theory, attempting to evade federal transparency laws and ignoring evidence that didn’t fit with his pre-
Natalie Bui, 38 Denver Bui, who works in end-of- life care, supported a Demo- cratic socialist for the first time when she voted for Melat Kiros in a House primary in Colorado in June. A Colorado native, Bui values the state’s independent streak but said Democrats haven’t done enough to combat a Republican Party that she sees as pushing the nation further to the right. She said she previously didn’t think Democratic social- ist policies were attainable in America, but said it was worth giving a shot to politicians promising a new direction. “The right changed their game. The left needs to change their game, too. I wanted to see what that looks like,” Bui said.
ferred public-health measures. Fauci’s lawyer Wednesday called Paul’s accusations false.
Personal musings Ahead of the hearing, Paul released more than 1,000 pages of Fauci’s journals from the pandemic period. They re- vealed, among other things, Fauci’s close tracking of his many media appearances and what he described as his “ex- plosive” growing fame, leaving his supporters to awkwardly defend him. “I think we all would’ve been better off, including him, if he hadn’t written his per- sonal musings on an HHS server,” said Dr. Deborah Birx, who worked closely with Fauci while coordinating the White House’s Covid response. Fauci, in his diaries, recalled clashing with Paul in August
CALIFORNIA Newsom Expresses Worries About Suit California Gov. Gavin Newsom has expressed con- cerns about the state’s anti- trust lawsuit that seeks to block Paramount Skydance’s acquisition of Warner Bros. Discovery, and the ramifica- tions of it for Hollywood, ac- cording to people close to the suit. In recent weeks, Newsom has told people involved in the matter that if the deal is blocked as a result of the suit, state employment would suf- fer, the people said. Newsom’s office has encouraged Attor- ney General Rob Bonta’s of- fice, which has independent authority to file such suits, to find a resolution out of court, the people said. It is unclear what impact, if any, Newsom’s urging will have on the California attor- ney general’s suit. Newsom doesn’t have a role in the liti- gation and doesn’t have au- thority over the state attor- ney general’s actions. Representatives for Newsom and Bonta declined to comment. In July, California led a coali- tion of 12 states in a lawsuit to block the $81 billion deal. The suit alleges that the merger would hurt consumers and movie theaters by reducing competition, leading to higher prices, lower quality and less content for film and television. —Jessica Toonkel —and Eliza Collins
2020, accusing him of bluster while acting like an “experi- enced epidemiologist.” By June of the following year, complaints about Paul and “the crazies” were com- mon in the doctor’s journals: Trump, on the last full day of his first term, awarded Fauci and other members of the Operation Warp Speed team presidential commenda- tions. But he tapped Kennedy, one of Fauci’s fiercest critics, as his health secretary this term, and has more recently slammed Fauci.
Threats to his life Fauci now teaches at Georgetown University and gives talks at various confer- ences. He still requires expen- sive private security because of the threats on his life. People who know him said he is happy at Georgetown but is frustrated by the continuing attacks. They said he has often been willing to go toe-to-toe with Republicans, and that it took a toll on him to sit through the hearing without responding to senators’ criticisms. “The only conclusion I can reach is that the sole reason he is calling me before this com- mittee is to get me to say something—anything—that could vindicate his repeated public pledges that I end up, in his words—quote—‘behind bars,’ ” Fauci said of Paul in his opening remarks Wednesday. Paul threatened “repercus- sions” for Fauci’s silence and scheduled a time for his com- mittee to vote on whether to hold Fauci in contempt of Congress and potentially refer him for prosecution to the Justice Department. Democrats in the hearing focused more on criticizing Republicans and the Trump administration than they did on explicitly defending the de- tails of Fauci’s record. Two Democrats on the committee, Sens. Ruben Gallego (D., Ariz.) and Elissa Slotkin (D., Mich.), didn’t speak at the hearing.
ALLISON ROBBERT/AP
ARIZONA Authorities Release Guthrie Notes Authorities released an early ransom note in the in- vestigation into the disap- pearance of Nancy Guthrie in hopes that someone will rec- ognize the writing style. A second note released Friday indicated Guthrie died shortly after she was kidnapped. Both notes initially were sent to a Tucson television station days after the 84- year-old mother of “Today” show host Savannah Guthrie went missing from her home outside Tucson on Feb. 1. Au- thorities haven’t said whether Nancy Guthrie is still alive. No suspects have been ar- rested in Guthrie’s disappear- ance. The Federal Bureau of Investigation in Washington didn’t respond to questions about the notes. In releasing the notes, the Pima County Sheriff’s Depart- ment said “we believe these distinctive linguistic character- istics may be recognizable.” The first note, sent Feb. 2, said Guthrie would be released unharmed once her captors re- ceived $4 million in cryptocur- rency, with the ransom increas- ing if the first demand wasn’t met. It said Guthrie would be released within 12 hours if the payment was received, and in- cluded a threat to kill her if the ransom wasn’t paid. The sec- ond note was sent Feb. 6 and said Guthrie died shortly after she was taken. —Associated Press
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Most migrants return to Morocco one day after thousands poured into Ceuta
MOROCCO
Less than a day after tens of thousands of immigrants streamed into a Spanish en- clave in North Africa, most of the new arrivals turned around and went home Friday, leaving a Spanish government grappling with those who re- mained.
By David Luhnow, Margherita Stancati and Andrea Figueras
It was a bizarre twist to one of the most unexpected and sudden immigration cri- ses in modern times. Roughly 50,000 people en- tered the Ceuta enclave from surrounding Morocco on Thursday and early Friday, ac- cording to Spain’s Interior Ministry. Local officials said 60,000 had entered. Chaotic scenes captured on videos went viral and sparked alarm in European capitals. But by Friday evening, most of the immigrants had crossed back voluntarily to Morocco, the ministry said. At least 57 people died dur- ing the rush into the territory, mostly by drowning as crowds of people tried to swim around breakwaters that di- vide Ceuta from Moroccan ter- ritory, Spanish officials said. The seemingly voluntary departure of tens of thousands of the immigrants did little to quell the fear and anger in Ceuta, where 84,000 people live in an area about six times the size of New York’s Central Park. That left several thou- sands of immigrants roaming the streets. Many residents stayed indoors, and many shops shut, fearing looting. Rocio Gil, a Ceuta resident, wept as she told Spanish tele- vision that she was frightened to be in a city overrun with foreign young men. Visibly shaking, and surrounded by a
BY MILÀN CZERNY AND MATTHEW LUXMOORE Russia Clamps Down on Video Posts
When a series of Ukrainian drone strikes targeted a major retail warehouse in southern Russia this past week, police released a video aimed at sending a message to anyone thinking of sharing clips of such attacks online. The video showed a 19- year-old woman apologizing for filming the aftermath of a drone attack on a warehouse belonging to online retailer Wildberries in the city of Krasnodar. “I admit my guilt and promise that this won’t hap- pen again,” said the woman, whose face was blurred and who wasn’t named by police. She faces a fine if found guilty of violating rules on filming drone attacks. Ukraine has increasingly used drones in recent months to hit targets deep inside Rus- sia and disrupt its economy. Strikes on oil refineries have led to fuel shortages and long lines at gas stations through- out the country. Now authorities are trying to stop Russians from posting videos showing damage from the attacks, which are widely shared on messaging plat- forms such as Telegram. Police across Russia have detained people for filming
BY ED FRANKL EU Inflation Rebounds on High Energy Prices
Inflation in the eurozone rose further above the Euro- pean Central Bank’s target in July, as energy costs acceler- ated again and services prices firmed, with the future path of price rises heavily depen- dent on the Middle East war. Annual consumer-price in- flation in the 21-nation euro- zone was 2.9% in July, up from 2.8% in June, the European Union’s statistics agency said Friday. That was a little above expectations of a consensus of economists polled by The Wall Street Journal that saw the
A migrant is on his knees Friday after crossing the border between Spain’s territory of Ceuta and Morocco. At least 57 people died.
crowd of young Moroccans, she said: “As a woman, you have to live this to understand what it’s like. It’s an inva- sion…. and there is no law.” Analysts said the incident looked like it was orchestrated by the Moroccan government, and was less about immigra- tion than regional politics, in- cluding the rivalry between Morocco and Algeria and dis- putes over Western Sahara, a territory claimed by Morocco and an Algerian-backed group. Moroccan officials didn’t re- spond to requests for comment. The crossing came 10 days after Spanish Prime Minister Pedro Sánchez visited Algeria, a visit aimed at improving re- lations between both countries after Spain in 2022 ended de-
Video screenshot from TikTok in 2025 shows Russians in front of a burning oil depot.
the attacks and publicly warned that doing so could be deemed tantamount to trea- son. Russia has sought to block Telegram. On Wednesday, the country’s Federal Security Service, or FSB, said it was charging Telegram’s Russian- born founder, Pavel Durov, with facilitating terrorism, cit- ing the platform’s failure to remove channels that Ukraine uses to coordinate attacks. Restrictions on filming strikes have been introduced in about two-thirds of Russia’s regions in recent months, ac- cording to a tally by Depart- ment One, a Russian human- rights group.
rate holding at 2.8%. Energy inflation, which cooled in June after tensions in the Persian Gulf eased, re- bounded to 10% in July from 8.5% the previous month. The resumption of hostilities be- tween the U.S. and Iran led oil prices higher during much of July, though they lost some gains this past week. The in- crease in energy inflation also likely is because of the elaps- ing of a fuel tax-reduction pro- gram in Germany in early July. There also were tentative signs that the rise in oil-and- gas costs since the war started in late February could
cades of neutrality and backed Morocco’s plans for resolving the territory’s status. The visit to Algeria likely angered Morocco, said Moussa Bourekba, a research fellow at the Barcelona Centre for In- ternational Affairs. “There is a longstanding ri- valry between Morocco and Algeria for regional leadership in the Maghreb. If, as a coun- try, you establish a favorable relationship with Morocco, you will almost automatically provoke Algeria’s discontent, and vice versa,” he said. In 2021, there was a similar mass crossing of about 5,000 to 8,000 Moroccans into Ceuta. That came at a time of diplo- matic tensions between Mo- rocco and Spain—shortly after
In May, when Ukraine stepped up its strikes on Mos- cow, the Russian capital banned the publication of pho- tos and videos showing the af- termath of what authorities called terrorist attacks. Russian authorities say sharing videos of the attacks online allows Ukraine to as- sess the damage and pinpoint the likely location of Russian air-defense systems. Critics say the ban is a face-saving move by the Kremlin that is intended to maintain the illusion that the war is having a minimal effect on the lives of ordinary Rus- sians. President Vladimir Putin’s
be driving up prices elsewhere in the economy. Services infla- tion picked up to 3.3%, from 3.2%, while core inflation— which strips out energy and food costs—edged higher to 2.5% from 2.4%. “This is likely to mark the beginning of a rise in the core inflation rate…The longer the conflict in the Middle East persists and disrupts the transport of oil and oil prod- ucts, the more companies will pass on their higher energy costs,” said Vincent Stamer, senior economist at Commerz- bank, in a note to clients. All that took the inflation
Spain had allowed an indepen- dence leader in Western Sahara, who is fighting against Moroc- can control, to enter the coun- try for Covid-19 treatment. Morocco, which doesn’t recognize the Spanish en- claves in North Africa, could also be simply demonstrating to Spain that it has the ability to disrupt and overwhelm the enclaves at a time of its choosing, said Gemma Pinyol, a former Spanish government official and lecturer at the UPF university in Barcelona. Spain’s own leader, Sán- chez, offered a different theory earlier in the day— blaming human smuggling gangs for taking advantage of a recent ruling by Spain’s Su- preme Court that made it
problems have been mounting in recent months, with Rus- sian gains on the battlefield having slowed and its army taking heavy casualties. Ukraine has, meanwhile, found that its stepped-up drone pro- duction and deep strikes are allowing it to inflict a greater toll on Russia than at any pre- vious time during the war. “To a mass audience, visu- als matter much more than words,” said Abbas Gallyamov, a former Putin speechwriter. “If there are no images of burning targets, it will be much easier to maintain the illusion that everything is go- ing according to plan. And that is Putin’s main message.”
rate further ahead of the ECB’s 2% target, above which it has been since March. The ECB left its key interest rate in July, with most investors expecting it to rise again at its next meeting in September. At the bank’s July meeting, its President Christine Lagarde said the outlook for energy prices, while volatile, is in line with the ECB’s base- line projections, even if that is well above levels before the start of the war. Meanwhile, food, alcohol and tobacco inflation declined to 1.2%, its lowest level since June 2021.
more difficult for authorities to turn back people who ar- rived into Ceuta or another Spanish enclave in North Af- rica by sea rather than land. The scenes of thousands of mostly young men pouring across the border went viral across Europe and elsewhere, and raised fears the immi- grants would use the enclave as a springboard to Europe. France said it was reinforc- ing security at its border with Spain, and Italy’s Prime Minis- ter Giorgia Meloni said her country might consider sus- pending Europe’s Schengen rules—which allow workers and goods to cross borders freely—to prevent Spain from being used as an entry point for illegal immigration.
In Pakistan Avalanche
BY KRISHNA POKHAREL AND WAQAR GILLANI
British climber Nirmal Purja, whose record-setting climb of the world’s 14 highest peaks was the subject of a Netflix doc- umentary, is missing along with the rest of his expedition after an avalanche hit the mountain they were climbing in Pakistan. Rescuers have recovered four bodies, said Naik Nam Karim, a local tourism minister. U.S. climber Mallory Geis, an Omani national and one of the Nepal nationals accompanying Purja have been confirmed dead. Ten people were on the expedition. Purja’s business partner, Mingma David Sherpa, said that a Garmin satellite device that was with the team was still showing signs of move- ment Friday, sparking hope that at least some members of the team could still be alive.
Approximate location of avalanche
Gibraltar (U.K.) SPAIN
Ceuta (SPAIN)
Strait of Gibraltar
10 miles
The mountaineers were climbing Broad Peak, the 12th- highest mountain in the world at 26,400 feet, part of the Karakoram mountain range. There was no communication with them since the avalanche hit midday Thursday, said the Alpine Club of Pakistan, which is coordinating the rescue. Geis, a travel photographer from Texas, was making her first attempt to climb the mountain, along with her Pak- istani team member, according to a social-media post from Moving Mountains, an expedi- tion company in Pakistan. Information from the climb- ers’ trackers showed they stopped their ascent around 9:30 a.m. Pakistan time Thurs- day and fell several hundred meters, according to informa- tion shared by the minister. Purja, a 43-year-old born in Nepal, became a mountaineer- ing celebrity in 2019 when he summited all of the world’s 14 peaks higher than about 26,250 feet, in six months and six days. His achievement was the sub- ject of the Netflix documentary “14 Peaks.” He later climbed the peaks again, this time without sup- plementary oxygen. In recent years Purja’s climb- ing prowess was shadowed by allegations of sexual misconduct from female climbers. He has denied wrongdoing.
MARCOS MORENO/CONTACTO/ZUMA PRESS
Rebecca Papin and her children spent four days stuck in their holiday home
By the time Rebecca Papin found out about the evacua- tion of the French town where she was staying on vacation, it was too late.
By Margherita Stancati, Noemie Bisserbe and Andrea Figueras
Papin was at the beach with her two young children when police were going door- to-door, on the evening of July 23, telling people to evacuate the coastal town of Biscarro- sse. It wasn’t until the next morning, when the American mother woke up to a town filled with smoke, that she re- alized she had missed an evac- uation order. “I thought there were still people around me. I was not aware we were alone,” Papin recalled. Papin and her family were caught in some of the worst fires to sweep Western Europe in decades. The blazes in Spain and France ripped through forests and scrubland, destroying homes and camp- sites, forcing the evacuation of more than 300,000 residents and vacationers. The wildfires came as vaca- tioners filled the towns on France’s Atlantic Coast for the summer holidays. Spanish and French fire- fighters were still battling the blazes on Friday, even as they made some progress contain- ing them. The flames were no longer spreading uncontrolla- bly, and thousands of people were able to return to their homes. Papin, who is from Frank- lin, Tenn., arrived at her fam- ily’s holiday home in Biscarro- sse in June. France was in the grip of a heat wave. Papin, her 9-year-old daughter and 11-
FABIO SASSO/AGF/ZUMA PRESS
THEY ARE NAPOLETANO: Fans celebrated the Napoli soccer club’s centenary Friday, marching from Piazza dei Martiri, the club’s historical headquarters, to Rotonda Diaz on the Naples seafront.
SOUTH AFRICA Oprah to Close Her Girls’ School Oprah Winfrey will close the school for underprivileged girls she set up in South Af- rica two decades ago at the end of next year. Winfrey opened the Oprah Winfrey Leadership Academy for Girls in 2007. Winfrey’s charitable foun- dation ran and funded the school, but it was always part of the agreement that the academy campus near Johan- nesburg be handed over to the provincial education de- partment, the academy said. The academy said Win- frey’s commitment to educat- ing South African girls would continue through an ex- panded scholarship program. More than 500 girls have graduated from the academy and some have attended the world’s top universities, accord- ing to the Oprah Winfrey Char- itable Foundation. The academy drew interna- tional attention shortly after opening in 2007 when several students accused a dormitory matron of physically and sexu- ally abusing them. Winfrey met meet with students and par- ents, publicly apologized, and commissioned an independent investigation. The matron was acquitted of criminal charges in 2010. —Associated Press
year-old son settled into a routine of horse-riding lessons in the morning and surfing in the afternoon. They were at the beach with friends when, at around 4 p.m. on July 23, Papin saw a plume of smoke rising from the thick forested area around Biscarrosse. She didn’t know what was burning—perhaps a tree or a truck, she thought— but she assumed it would be
SRI LANKA Prison Term Is Set For Ex-Police Chief A Sri Lankan court Friday sentenced former Police Chief Pujith Jayasundara after find- ing him guilty of criminal negli- gence that allowed Islamic State-inspired bomb attacks on Easter in 2019, killing more than 260 people. While he was sentenced to a death penalty, in Sri Lanka that typically means life in prison because the country has had an informal moratorium on executions since 1976. Current President Anura Kumara Dis- sanayake supports maintaining the moratorium. The near-simultaneous bombings in 2019 were carried out at three tourist hotels and three churches and killed 42 foreigners. A parliamentary committee found that police anare d intelligence officials failed to act on repeated intel- ligence warnings of the at- tacks. Jayasundara has the right to appeal the verdict by the three-member High Court bench. Two Sri Lanka-based Is- lamic militant groups were accused of carrying out the bombings, and none of those believed to have been directly involved are living. Separate trials are taking place for people allegedly connected with the perpetrators. —Associated Press
put out quickly. When she arrived home later that evening, she real- ized the magnitude of the danger. “When I looked out of my daughter’s bedroom, it looked like an inferno, an apoca- lypse,” she recalled. “I could see a wall of fire in the dis- tance, a wall of solid orange, covered by gray clouds. There were water planes and heli-
MALI Russia Is Linked To Deadly Airstrike Human Rights Watch said Friday that Russian govern- ment-controlled Africa Corps aircraft killed eight civilians, including three children, in an airstrike on a village in cen- tral Mali last month. The rights group said an at- tack aircraft identified as a Russian Sukhoi Su-24 dropped two munitions on Kyrnia vil- lage in the Mopti region on June 15. One strike hit near the home of the village chief, killing his wife and three chil- dren. The second hit a nearby cattle market, killing four men. No fighters from the Islamic militant group JNIM, which has controlled the village for six years, were reported among the casualties. Russian mercenaries have been present in Mali since 2021 to help its military junta fight militants and separatists. Last year, Africa Corps, which reports to Russia’s Defense Ministry, replaced the private mercenary Wagner Group in the country. The rights group called on Mali’s government to investi- gate the strike and hold those responsible accountable, saying it could otherwise be complicit in war crimes. Russia’s Defense Ministry didn’t respond to a re- quest for comment. —Associated Press
Fires swept through the town of Biscarrosse, where Rebecca Papin and her family were vacationing in southwest France.
copters flying above the flames.” Papin decided to go back to the beach because she thought it was safer. There were other vacationers there, and no one seemed too worried. Papin concluded the situation wasn’t as bad as she feared and set off for home. The traffic going in the op- posite direction was omi- nously heavy. Still, Papin fig-
ured French authorities would warn her if there was real danger. When she woke up on Fri- day morning, ash was falling like snow and pieces of burn- ing wood were dropping from the sky. A police officer buzzed the gate of her home. She told Papin it was too late to evacuate—the roads out of Biscarrosse had been barri- caded—and that the safest
thing to do was to stay in the residence. Papin and the children were now stuck in Biscarrosse, just as one of the worst fires in recent French history raged near them. During the four days they were stuck at home, they left only once. On Sunday, they went to buy frozen baguettes, orange juice and pasta from the one supermarket that had reopened. The only other cus- tomers were troops involved in the emergency response. From her home’s upstairs window, the flames appeared less threatening than they had initially, but the air quality was still terrible. Papin devel- oped a bad cough. By Tuesday, some second- ary roads had reopened. Papin mapped a route to the airport in Bordeaux. At 5 a.m. the fol- lowing morning, Papin and her children got in the car and headed out of Biscarrosse. For the next two hours, Papin drove down country roads through a post-apoca- lyptic landscape. The smoke was thick like fog. There were security checkpoints and bar- ricaded roads. She feared they would encounter a roadblock at any point, and have to turn back. They drove through villages empty of cars or people. “They were like ghost towns,” she recalled. In the distance, she could see the bil- lowing black smoke of a rag- ing fire in nearby Gironde. When she finally arrived at the airport and checked in for her flight, she burst into tears. “That is when I realized I was safe. I was maybe not fully aware of the danger up to that moment,” said Papin. As the flight took off, the captain said that if passengers looked out of their windows they could see the raging fires. Papin chose not to look. Despite the ordeal, she is looking forward to returning to France at Christmas. “I love Biscarrosse. My chil- dren and I will continue to come,” she said.
FROM TOP: YVES HERMAN/REUTERS; REBECCA PAPIN (2)
Cheer Rise In Prices
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dexes to new highs this year. Yet higher prices on every- day items threaten to ignite a new round of inflation that could muddy the path of inter- est rates and become a big factor in this autumn’s mid- term elections. “Investors in these particu- lar companies celebrate every price increase announcement, but of course collectively all of these price increase an- nouncements are very bad for the economy, and they are problematic for interest rates,” said Adam Josephson of Sakonnet Research. The cost of living was al- ready a hot political issue in late February when the U.S. began bombing Iran, which re- taliated by restricting passage through the Strait of Hormuz. Roughly 20% of the world’s oil
Share-price and index performance
30%
–5
Lamb Weston
International Paper
–10
Illinois Tool Works
Sherwin- Williams
S&P 500
July 2026 July 31
Source: FactSet
supply moved through the strait before the war, as well as much of its aluminum, fer- tilizer and other materials. Prices at the pump immedi- ately surged, straining house- hold budgets and boosting costs for businesses. Traders went from expecting the Fed- eral Reserve to reduce bor- rowing costs to positioning bets in the futures market in anticipation of rate increases, according to CME Group data. Fed officials on Wednesday voted 9-3 to leave rates un- changed. The central bank’s rate-setting panel is scheduled to next meet in September. “What we’re trying to un- derstand is to what extent are these shocks broadening in their effects, broadening in their impact on prices that are quite far removed from it,” Fed Chairman Kevin Warsh said. Benchmark U.S. crude fu- tures traded around $85 a barrel on Friday, up about 25% since the war began. Prices for gasoline, diesel and many pet- rochemicals have risen even more sharply and aren’t ex- pected to ease until normal tanker traffic through the
Football
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strait resumes. The national average for a gallon of regular unleaded gasoline was about $4.11 on Friday, up from $2.98 at the start of the conflict. Household-products maker Unilever attributed less than 15% of its first-half sales growth to higher prices, as opposed to greater volume. But executives told investors that will likely flip during the remainder of the year due to higher commodity prices. “We expect pricing to lead growth during the second half of the year,” Chief Financial Officer Srinivas Phatak told investors. Sherwin-Williams shares jumped more than 8% Tues- day, their biggest one-day gain in more than four years, after the paintmaker said it would raise prices 8% effective Sept. 1 to offset rising materials costs, including oil-linked in- puts. It forecast that prices for its raw materials would rise further in the second half of the year by a percentage in the high-single digits. “We were able to delay this increase for customers and avoid disrupting their busi- ness during the height of the paint-selling season,” said Chief Executive Heidi Petz. Illinois Tool Works shares shot up more than 10% Tues- day after CFO Michael Larsen assured investors that it raised prices during the spring quarter to more than make up for costlier inputs, like the resins consumed by units that make automotive components and plastic six-pack rings. Idaho french-fry producer Lamb Weston Holdings said it raised prices in North America to counteract rising costs for everything but potatoes. Higher crude prices have lifted the company’s transpor- tation costs and spilled into the market for edible oils, which motor-fuel makers are guzzling up given national av- erage diesel prices that have surged above $5 a gallon. “Demand for biodiesel has driven up the cost of most ed- ible oils,” finance chief James D. Gray told investors. Packaging expenses have become especially problem- atic. Plastic bottles and bags are made from oil and natural gas derivatives. Meanwhile, aluminum supplies have been reduced because a big chunk of global supply is stuck be- hind the strait. Boston Beer executives said more expensive commodities, including aluminum, which is also subject to President Trump’s tariffs, partially off- set price boosts last quarter. Few companies will be im- mune to rising prices for cor- rugated boxes: All three of the largest U.S. box makers an- nounced price increases in quick succession in July. International Paper, Smurfit Westrock and Packag- ing Corp. of America have cited rising costs, including recycled boxes and freight, as well as tight supplies due to a run of containerboard mill clo- sures.
WASHINGTON—President Trump has ordered a fresh at- tack on Iran aimed at getting Tehran to surrender that could begin as soon as this weekend, U.S. officials said.
By Alexander Ward, Michael R. Gordon and Philip Wegmann
Earlier Friday, Trump said he planned to resume heavy military strikes to force the regime to come to the negoti- ating table. He predicted that if the U.S. hit Iran hard enough, the hard-line regime would “peter out.” “We will be hitting them very hard,” Trump said during
Israel Balk At Plan
Hamas’s complete surrender, and to risk being seen as be- holden to Washington. Netanyahu hasn’t com- mented publicly on the plan. Israeli national security minis- ter Itamar Ben-Gvir said Fri- day that the draft agreement is “not acceptable to Israel.” An Israeli official reiterated that Israel demands genuine demilitarization of Palestinian forces in Gaza before it would pull its troops back. Trump said the U.S. “has an understanding with Israel,” and that “Israel is very happy about [the deal].” Hamas also pushed back against Trump’s narrative. The group said Israel must stop all attacks on the terri- tory before it would take fur- ther steps. It said it agreed only to relinquish its heavy weapons—stopping short of a pledge to hand over light arms, such as assault rifles, which security analysts say are crucial to its control over the population. “We didn’t say disarma- ment, we didn’t say handing over the weapons, and we didn’t agree on any Israeli in- volvement,” Ghazi Hamad, a member of Hamas’s negotiat- ing team, told The Wall Street Journal. The central question for both is sequencing. From the start, Trump’s peace plan for Gaza, which paused two years of fighting with a ceasefire in October, was hamstrung by a central dilemma: Hamas in- sists Israel withdraw before it turns over its weapons, while Israel refuses to relinquish
See Huge Windfall
four years. “While we didn’t anticipate the current situation, we were prepared for it. In our mar- kets, disruption is inevitable,” Exxon CEO Darren Woods said in a conference call Friday with analysts. “Despite the temporary loss of approxi- mately 10% of our upstream production, we delivered ex- ceptional financial results.” In March, Iranian missile strikes damaged some Qatari natural-gas facilities in which Exxon has a stake. Exxon’s adjusted earnings came in at $3.52 a share, slightly below Wall Street’s forecast of $3.56, according to FactSet. Chevron’s was $6.06, topping analysts’ estimates of $5.55. Margins for making prod- ucts like jet fuel, diesel and gasoline climbed to record highs. Oil prices eased toward the end of the quarter on hopes for a lasting peace deal be- tween the U.S. and Iran that would fully reopen the Strait. But prices for products kept climbing—allowing refineries to profit from the difference between the cost of crude and the revenue generated from refined petroleum products. Exxon Chief Financial Offi- cer Chief Neil Hansen said the oil market’s biggest pinch point isn’t necessarily stunted oil flows through the strait—
a televised cabinet meeting at the Camp David presidential retreat. “And you know at some point, they’re going to say, ‘We just can’t take it anymore.’ ” Trump authorized the new attack plan presented to him at the meeting, U.S. officials said. But, they noted, any immediate progress on the diplomatic front could convince him to halt the strikes. He also could change his mind. His threats contrasted his in- sistence this past week that “very friendly negotiations” were under way, enabling a ceasefire. Since then, Iran launched a surprise attack on troops in Jordan, triggering a U.S. attack Wednesday. For weeks behind closed
Palestinians sort through the rubble of a building destroyed in an Israeli attack on Gaza City.
territory until the group is completely dismantled. The U.S. has pressed ahead, trying to convince both sides that progress can be piece- meal. Trump’s original 20-point peace plan was designed to end the war in phases, with progress in one area unlocking new steps in another. The first phase saw the release of all remaining hostages taken dur- ing the Hamas-led attack on Israel on Oct. 7, 2023, which triggered the war. It also called for the establishment of a National Committee for the Administration of Gaza, a group of Palestinian techno- crats to eventually rule the enclave, and a peacekeeping mission called the Interna- tional Stabilization Force. A Board of Peace, chaired by Trump, was also created to oversee the process. The truce effectively paused the fighting and split the territory in two, with Hamas controlling a strip of land along the coast and Israel controlling a buffer zone sev- eral miles wide around the en- clave.
$20 billion
ExxonMobil Chevron Net profit, quarterly
2022 ’23 ’24 ’25 ’26
Source: S&P Capital IQ
it’s the lack of refining capac- ity around the world. Crude prices have stayed within historical ranges throughout the crisis because of China’s swift drop in oil purchases and demand de- struction in some countries, he said. But the supply crunch has shifted to products because of a decline in refining in places like Russia and China, which both banned some product ex- ports during the quarter. “The level of refining ca- pacity that is available is the lowest we’ve seen,” Hansen said, largely due to fuel-mar- ket developments beyond the Strait. Exxon said it made the larg- est amount of diesel in a quar- ter since at least 2014, and its refining unit collected about $5.5 billion in earnings, up from about $1.4 billion in the same period last year. Exxon also cited years of structural cost savings, which have reached $16.3 billion since the company began overhauling operations a few years ago. Exxon reported its highest oil-and-gas production in two
doors, Trump has been telling aides the Iranians are “crazy,” U.S. officials said. He has com- plained to confidants that he al- ways knew the interim deal wasn’t going to work. His frus- tration was on full display at Camp David when the president accused Iranian diplomats of being “very dishonorable.” “Well, they always want to talk, but they break their words so often,” Trump said. “All they do is make me angry.” The frustration is mutual. Iranian diplomats have ex- pressed exhaustion at the nu- merous times negotiations broke down. From their per- spective, officials say, there is a lack of trust between the two countries and the prospects for
Since the ceasefire, Israel has increased its area of con- trol, now commanding nearly 70% of the territory and squeezing the population into an ever-shrinking space. Fighting largely has subsided but Israel has kept up targeted killings of Hamas leaders and attacks against the group’s op- eratives and infrastructure. Local health authorities say more than 1,000 people have been killed by Israeli attacks since the truce, without say- ing how many were combat- ants. Gazans have had mixed re- actions to Thursday’s declara- tion by Trump. After three years of conflict, about 80% of Gaza’s roughly 2.1 million peo- ple have been displaced, with roughly half of them living in squalid encampments where they rely on humanitarian aid. “Most of us in Gaza don’t believe it—there has been no real sense of joy or celebra- tion,” said Dina Hamada, a mother of four who lives in Gaza City. “Maybe that’s be- cause we’ve lived through too many promises. Every time we
decades, when excluding its disrupted output in the Middle East, which it has said ac- counts for roughly 20% of its global production. In the Permian Basin, the largest U.S. oil field, its output climbed to a record 1.8 million barrels a day. The U.S. oil giant’s oil pro- duction unit collected $7.9 bil- lion in earnings for the quar- ter, up from $5.4 billion in the same period last year. Chevron’s U.S. oil-and-gas production climbed to a quar- terly record of 2.1 million bar- rels a day, up 382,000 barrels a day from the same period last year. That growth was driven by assets it bought from Hess last year, following a protracted arbitration fight with Exxon, as well as the Permian. Hess’s crown jewel asset was its 30% stake in an Exxon- led consortium in Guyana, a generational oil discovery. Exxon said a fifth oil-produc- tion vessel—capable of pump- ing 250,000 barrels a day—has set sail for Guyana from ship- yards in Asia and is expected to begin production in the
diplomacy deteriorate every time Trump threatens military force. Iran’s Islamic Revolutionary Guard Corps on Thursday vowed to renew its attacks af- ter the U.S. retaliatory strikes. As the Iran war enters its sixth month, Trump continues to insist that Iran must relin- quish its nuclear program and abandon its control of the Strait of Hormuz, while Iran has dug in on both counts. Among Trump’s options is a proposed two-week cam- paign of intensive airstrikes intended to blunt Iran’s mis- sile capabilities. Dwindling munitions, however, have been cited by Trump’s military ad- visers as a potential risk.
allowed ourselves to hope, re- ality ended up crushing us.” The U.S., Israel and Hamas are eager for some sort of a win, though their interests di- verge. Netanyahu is under pres- sure from members of his right-wing coalition to keep up or even intensify military pressure on Hamas. Hamas has been battered by Israel’s yearslong assault, and the war has eroded its popular support. In July, the group’s governing body said it was ready to hand power over the National Committee for the Administration of Gaza, which some political analysts took as a sign that its grip on civil affairs may have been slipping. Trump, meanwhile, is un- der growing pressure over the U.S.-Israeli war with Iran. “Trump is really eager to demonstrate an accomplish- ment,” said Michael Milshtein, a former senior Israeli intelli- gence officer. “Things are very complicated in Iran and Leba- non, and I think he really wants to show he’s achieved something in Gaza.”
fourth quarter. Chevron CFO Eimear Bon- ner said the company isn’t changing its spending plans because of market volatility and that it’s growing produc- tion 7% to 10% this year. In Venezuela, where Chev- ron is the only active U.S. oil producer, the company has boosted oil production 15% over the past six months to about 280,000 barrels a day. “We’re in active discussion for additional opportunities, and we’re very encouraged with how those discussions are ongoing,” she said. Exxon and Chevron both showered investors in cash and emphasized their capital discipline. Exxon paid out $9.4 billion in dividends and share repur- chases combined, while Chev- ron spent $6.6 billion. Exxon has also spent $13 billion in capital expenditures in the first half of the year, with a spending plan for the year that is 20% higher than its nearest competitor. Exxon’s Hansen said the company used part of the quarterly cash influx to cut down its net debt by $7 billion in the quarter, and its stronger balance sheet will allow it to “pursue advantaged opportu- nities.” In late 2023, after profits surged the prior year, Exxon snapped up Pioneer Natural Resources, a big West Texas oil producer, for $60 billion in stock. Exxon isn’t in a rush to dive into the mergers-and-acquisi- tions market again, Hansen said, but “we’re always look- ing.” “We’re in the catbird seat,” he said. “We can be very picky, very patient.”
JEHAD ALSHRAFI/AP
To Show China Naval Might
Despite Trump’s partnership slams, the military is closely working with friends
BY TIMOTHY W. MARTIN
HONOLULU—Dozens of warships sat docked next to one another at Pearl Harbor. The hulking vessels loomed so large that they were visible from planes flying overhead. The largest of them all was the USS Theodore Roosevelt, the American aircraft carrier used in filming for 2022’s “Top Gun: Maverick.” Nearby were a Japanese Aegis de- stroyer, a South Korean tank- landing ship and a Canadian patrol submarine. A string of miniature national flags flapped in the wind. Fresh- faced sailors crewed the decks. The occasion was the Rim of the Pacific exercise, a biennial event that is the world’s largest international maritime drill. U.S. allies turned out in record numbers, with 30 nations and roughly 30,000 personnel par- ticipating in the five-week ex- ercise that ended Friday. The massive drills allowed the par- ticipants to test new weapons, logistics systems and com- mand-and-control techniques. The growing size and scope of exercises illustrated the fact that, even as President Trump lambastes allies and threatens to withdraw U.S. support, mili- tary cooperation with many U.S. partners, particularly in the Pacific, has been steadily deepening in response to in- creased aggression by China and an expansion of North Ko- rea’s nuclear program. Asia lacks a single alliance such as the North Atlantic Treaty Organization to bind U.S. partners together. As a re- sult, multilateral exercises such as Rimpac are a chance for the U.S. and its allies to practice
A Big Technological Gap
BY CHUN HAN WONG AND ASHLEY CAI
China aims to match the U.S. as the world’s leading space power and is catching up fast, especially when it comes to satellites—giving Beijing the potential to impair rival networks and blunt U.S. military might. Among other advances, Bei- jing has made strides in up- grading its GPS-rivaling navi- gation system and its “remote- sensing” abilities—the use of satellite technology to capture data from the Earth’s surface— according to analysts. These systems give China the ability to gather intelli- gence and conduct military operations with greater preci- sion—undermining Washing- ton’s ability to project power. The Pentagon has voiced con- cern about China’s growing abilities, while the State De- partment has accused Chinese companies of providing satel- lite imagery that Iran could use to target U.S. forces in the Middle East. “Beijing sees space as an arena for geopolitical competi- tion, where the United States is the main competitor,” said Clayton Swope, a senior fellow at the Center for Strategic and International Studies, a Wash- ington think tank. “China now can do a lot of what the U.S. can do from space.” China has accelerated its deployment of civilian and military hardware into orbit, with technological advance- ments and growing constella- tions of satellites that help Beijing track events on Earth in real time and in greater de- tail than ever before. China’s gains have spurred calls by officials in Washing- ton to head off what they see as Beijing’s quest to displace the U.S. as the pre-eminent space power. China has “a growing array of space-based capabilities that has strengthened its ability to coordinate its own operations as well as to conduct the persis- tent surveillance and targeting
South Korean forces taking part in the Rimpac exercise.
Number of nations participating in Rimpac
’10 ’20 19982000
Source: U.S. Navy
working together—and to show that they are doing more to bolster their own defenses. Rear Adm. Takuo Ko- bayashi, of Japan’s maritime self-defense force, is one of several U.S. allies taking senior leadership roles commanding Rimpac’s thousands of multi- national exercises. Just three of Rimpac’s most senior roles this time are American. “If you have 30, 50 or 100 friends,” he said, “it’ll be better than just one or two formal alliances.” Jeff T. Jablon, deputy com- mander of the U.S. Pacific Fleet, serves as the top official
China has deployed a growing fleet with military capabilities
Active satellite payloads by type
U.S. China Russia/Soviet Union
OPTICAL IMAGING
2000 ’10 ’20
2000 ’10 ’20
MISSILE EARLY WARNING
Note: Dual-use satellites are included in both categories. Data is through July 23. Source: General Catalog of Artificial Space Objects
of U.S. forces,” the U.S.-China Economic and Security Review Commission said in its latest annual report to Congress. China’s gains in remote sens- ing are driven by what Western analysts say is world-leading re- search in sensors and satellite positioning technologies. Chinese systems were ranked as top performers in five out of 11 technological cat- egories in a 2024 CSIS-led re- port on commercial remote- sensing satellites. American systems topped four categories. Beijing’s advancements will likely enable its military to monitor and attack U.S. forces more successfully, with greater range and precision, OTH Intel- ligence Group, a U.S. consulting firm, said in a 2024 report to a congressional commission. China’s military, which launched its own space force in 2024, has access to more than 510 satellites with intelli-
overseeing Rimpac. He de- clined to say how China or North Korea might perceive the mass exercise featuring more than 500 maritime events and 2,400 air missions. “I’m sure there’s some de- terrent effect when they see 30 like-minded nations work- ing together,” he said. Rimpac is one of the largest of the more than 100 annual joint exercises the Pacific Com- mand, which oversees joint U.S. forces in the Asia-Pacific, conducts with allies. It isn’t the only multilateral event growing in size and scope.
TECHNOLOGY AND TRAINING
NAVIGATION AND POSITIONING
SIGNALS INTELLIGENCE
RADAR IMAGING 31
44 9 3
gence, surveillance and recon- naissance technologies that boost Beijing’s ability to track the movement of U.S. forces, including its aircraft carriers and other assets, according to the U.S. Space Force. The advancing capabilities and growing numbers of China’s intelligence, surveil- lance and reconnaissance sat- ellites “have increased its abil- ity to monitor U.S. and allied military assets and activities throughout the Pacific and provide targeting support to long-range kill chains,” or the process of identifying, attack- ing and destroying targets, the Pentagon said in December. Experts say these new satel- lites offer higher resolution im- agery that China can use to track U.S. forces more effec- tively in Asia. Such imagery can be analyzed using artificial intelligence to extract timely military intelligence.
The biennial Talisman Sabre exercise last year in Australia featured the first live-fire ex- ercise of the mobile, ground- launched Typhon missile sys- tem outside the continental U.S. The number of full-partici- pant nations at Talisman Sabre roughly have tripled in recent years. Earlier this year, Cobra Gold in Thailand featured, for the first time, the participation of the U.S. Space Force, which specializes in satellite defense and electronic warfare. And this year’s Balikatan exercise in the Philippines doubled in size from four years ago, featuring seven countries and more than 17,000 person- nel. Those personnel fanned across the archipelago nation, carrying out a wider range of activities than in the past. To be sure, concerns about the reliability of the U.S. loomed over the exercises. Trump has questioned the U.S. commitment to alliances such as NATO. And with active con- flicts in Europe and the Mid- dle East, the U.S. has shifted some personnel and military hardware out of Asia, sparking fears that the U.S. is over- stretched, said Jessica Taylor, a former Department of De- fense official who focuses on Asia-Pacific security issues. “Why do we risk antagoniz- ing China if we don’t know if Trump and the U.S. will be there tomorrow?” said Taylor, who is now a nonresident fel- low at the Atlantic Council’s Indo-Pacific Security Initiative. Meanwhile, the Trump ad- ministration has demanded that allies boost military spending, pony up more for U.S. troops present on their soil, and invest in the supply of critical materials and items. Some allies are ready to meet those demands. “I agree with what Washington is saying that allies need to do more,” said Capt. Ryan L. Bakabak, of the Philippines Navy.
DANIEL VERGARA FOR WSJ
It Might Intervene In Dollar-Yen Rate
BY MATT GROSSMAN AND BEN GLICKMAN
The U.S. Treasury Depart- ment told banks that it might make currency trades to sup- port the Japanese yen and strengthen its exchange rate against the dollar, said a per- son familiar with the matter. The message was delivered by the Treasury to major banks on Friday via the New York Fed, which acts as the Treasury’s agent for trades in financial markets. Some banks were told to have executable trades ready to exchange Japa- nese yen for euros, said people familiar with the matter. The U.S. holds some of its foreign- currency re- serves in euros. The alert comes amid what investors s p e c u l a t e d could be a coor- dinated inter- national effort to strengthen the Japanese yen against the dollar, in which Japanese authorities have also taken part. Reuters reported the alert to banks from the Treasury. In recent trading, the yen was stronger than 160 to the dollar, strengthening from Thursday morning when it traded near 164 to the dollar. Currency traders broadly be- lieve that the yen’s strength- ening reflected yen purchases by Japanese authorities, as well as speculation of a possi- ble U.S. intervention. Japanese Finance Minister Satsuki Katayama on Friday declined to comment on Japan’s market moves. She highlighted international awareness of the yen’s slide, and said it was meaningful that Treasury Secretary Scott Bessent has warned of the yen’s undervaluation.
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yen seems very undervalued to me,’ Bessent said.
Given the sheer scale of the suspected Japanese interven- tion—estimated to amount to as much as $70 billion—and the relatively limited yen strengthening that has re- sulted, American and Japa- nese authorities are running the risk that a coordinated in- tervention wouldn’t succeed, said James Malcolm, a Lon- don-based analyst at JB Drax Honoré. “Credibility is the most im- portant thing for any govern- ment authority, and this risks wasting that credibility,” Mal- colm said. Many currency trad- ers are upsizing their bets that the yen will continue to weaken despite the sus- pected efforts by authorities, he said. Under Bes- sent, the Trea- sury has at times taken a more active role in shaping key exchange rates. In January, the Treasury in- structed the New York Fed to reach out to banks for quotes on dollar-yen trades, a step known as a rate check often used to signal that a currency intervention might follow. In October, the Treasury also stepped in to strengthen the Argentine peso in a bid to support the economic reforms of President Javier Milei, an ally of President Trump’s. Even after Friday’s strength- ening, the yen is down more than 5% against the dollar dur- ing the past 12 months. On Fox Business Thursday, Bessent said the U.S. wants to see a more stable yen, a currency that has weakened against the dollar in recent years to near multidecade lows. “The Japa- nese yen seems very underval- ued to me,” he said. “The cur- rency is very cheap. The economy is doing well.”
Of ‘Naked Dressing’
ContinuedfromPageOne
ContinuedfromPageOne
a woman in a bralette and sheer black skirt. “I’m not someone who rat- tles easily,” said the 47-year- old founder of a cybersecurity company. “But I remember thinking, ‘I have no idea where to look right now.’” The woman turned out to be the keynote speaker. She killed the speech. But Es- pinosa said attendees spent more time whispering about her outfit than talking about her presentation. Naked dressers have more options than ever. Zara has a page on its website devoted to lingerie dresses. L’Agence is selling sheer lace dresses through which bra and panties are visible. Michael Kors is pairing triangle bralettes with
Fundraising Operation
mittee, people familiar said, on top of a multimillion donation to the ballroom and a prior $22 million payment to the planned presidential library. Trump stands out for taking personal control of the fundrais- ing, and no sitting American president has ever raised these amounts for his pet projects. At the same time, companies have paid new attention to the White House as Trump has gotten in- volved in regulatory decisions that once were made by inde- pendent agencies, dramatically shifting the balance of power across Washington. Trump has been demanding checks from companies for a range of political and legacy projects—telling executives and lobbyists their companies should give $25 million or $50 million. No laws prohibit presidents from raising unlimited sums for nonprofits, like the ones used for the ballroom and his presi- dential library, his super PAC or political issue committees. For most of these types of transac- tions, public disclosure of do- nors isn’t required and report- ing on spending is infrequent. All told, the second-term president has raised more than $800 million since returning to office, according to an updated Wall Street Journal analysis. Some of the money is ear- marked for specific projects, in- cluding the White House ball- room and the Freedom 250 funds for the nation’s birthday celebrations, but Trump has floated using funds in other ways. The president, at the din- ner thanking contributors to the ballroom project, said, “We’ll have money left over, and we’ll use that for something…maybe for the arch or something else that will come.”
Tracking who gives Interviews with dozens of donors, executives, lobbyists, Trump advisers and others indi- cate a staggering fundraising and influence operation, with Trump at the center. The presi- dent closely tracks who gives, aides said, repeatedly assigning O’Rourke with big asks that she has told others make her un- comfortable. Danielle Alvarez, an outside spokeswoman for Trump and O’Rourke, said it was “laughable” that O’Rourke had ever been uncomfortable with a request. Chevron was asked to give $50 million. The oil company gave millions, but far less than the requested amount. Several top Washington lobbyists have been asked to raise $50 million or more for Trump projects. Meta executives convened a series of calls among themselves to discuss strategy after being repeatedly asked to give money to various Trump funds. The company has donated to the in- auguration, the ballroom and two Easter events. About $22 million of Meta’s money went to the library after the social-me- dia company agreed to settle a lawsuit Trump had filed for sus- pending his accounts. Meta also wrote a $10 million check to Securing American Greatness, a political committee aligned with Trump that high- lights conservative issues such as lowering taxes and crime.
trousers. Aerie has an entire collection called “Show Off,” including a bra embedded in a sheer lace camisole. “We’re not pairing the bra tops with underwear—but with pants,” said Haley Palese, who runs merchandising for Aerie and its sister chain Off- line. One of Victoria’s Secret’s hottest product launches this spring was a strapless bra that could be worn sans shirt. Hailey Bieber modeled it with an unzipped jacket. “It’s innerwear as out- wear,” said Hillary Super, chief executive of Victoria’s Secret, which also owns the PINK brand. “You are seeing people wear less and less.” Some women say showing skin makes them feel liber- ated. Others see it as another form of female objectifica- tion. “A lot of people aren’t com- fortable looking like they are wearing a bikini as an outfit,” said Brooke Rounick, a stylist in New York. Pulling off the look requires a certain amount of confi-
Construction on the helipad and the ballroom at the White House. Below, Meredith O’Rourke, and a place setting for a dinner.
Contributions to Securing American Greatness aren’t pub- licly reported, unlike contribu- tions to super PACs, which dis- close donors in regular filings. When some donors have been put on the phone with Trump after giving millions, they expected to receive thank yous, but instead were asked for more money, people familiar with the calls said. In one case, O’Rourke asked an executive to cut a $1 million check to a Trump entity just days after he’d attended a thank you din- ner for a separate multimillion- dollar donation he’d made to the president’s ball- room, according to a person fa- miliar with the exchange. “Trump is shattering all fundraising par- adigms in re- gards to hitting up corporate America for do- nations. The scope is mind-bogglingly large,” said Douglas Brinkley, a presi- dential historian at Rice Univer- sity. “We used to talk about the Lincoln bedroom being for sale, but this is just a wholesale money trough that’s totally dif- ferent.” Critics alleged in the 1990s that the Clinton adminis- tration allowed overnight stays in the White House’s Lincoln bedroom in exchange for cam- paign contributions. In the Rose Garden on an April evening, some of the presi- dent’s big donors mingled with White House aides and the pres- ident. Some of the guests re- ceived special tours, including of
Jennifer Epstein said the style ‘feels empowering.’
JENNIFER EPSTEIN
dence and an investment in nipple covers, boy shorts and other undergarments designed to be visible while hiding the most private parts. “It’s a hard no,” said Regina Levy, a 41-year-old attorney in Westchester, N.Y. “I have two prepubescent boys. They would go insane if they saw their mom dressed that way.” Women have been shedding
EVAN VUCCI/ASSOCIATED PRESS
the Oval Office. “Have you ever seen anything like this?” Trump said on the tour, people with knowledge of the event said. Then one businessman stood up. It was the reclusive billion- aire Timothy Mellon, who has donated millions of dollars to Trump causes—even in the form of solid gold, some of the people said. Mellon has contrib- uted more than $100 million to MAGA Inc., Trump’s super PAC. He gave a toast, several Rose Garden attendees said. He called Trump the “greatest president in my lifetime.” His remarks drew polite applause from the Fortune 100 ex- ecutives arrayed around him. At another Rose Garden dinner, Google c o - f o u n d e r Sergey Brin was seen sitting next to White House chief of staff Su- sie Wiles. The White House referred requests for comment to Alvarez. She said the president is the “most suc- cessful fundraiser in modern po- litical history” and that Trump plans to use the money to “help Republicans win big in the mid- terms, build an enduring politi- cal infrastructure and continue advancing innovative private- sector initiatives.” “One thing has never changed. President Trump can’t be bought,” she said. Trump’s stance on fundrais- ing has dramatically changed from when he was first running for president. In 2015, he called political-action committees a
companies the president has asked for the donation.
clothes for over a century, starting with the corsets and structured undergarments of the Victorian era. In the 1930s, film star Mae West wore a sheer lace dress with strategi- cally placed floral appliqués. Actress and singer Jane Birkin later immortalized the see-through crochet dress. Madonna’s Jean Paul Gaultier- designed cone bra was a star
“scam” and said he had dis- avowed them. Marc Short, Trump’s former director of legislative affairs, said, “One of the things that most rallied his crowds in 2016 was draining the swamp. The crowds would go wild.” Short and other former ad- ministration officials said Trump had little interest in fundraising during his first term. “There definitely wasn’t a corporate shakedown like you see now,” he said, adding that the president during his first term didn’t aggressively seek money from companies with business before the government. In 2020, Trump raised money for his re-election campaign but wasn’t notably aggressive. Wiles had to persuade Trump during the 2024 campaign to do fundraising calls. But he em- braced big money on the cam- paign trail, even asking oil exec- utives to give $1 billion at a Mar-a-Lago event in April 2024. At one point, he told donors he wouldn’t have lunch for less than $5 million, according to au- dio from a 2024 fundraiser re- viewed by the Journal. O’Rourke, a well-known fundraiser in Florida, was part of Trump’s 2016 and 2020 oper- ations. In the 2024 cycle, she was tapped to lead fundraising for the whole campaign. She opted to drive six hours be- tween the Trump campaign headquarters in Palm Beach and her homebase in northwestern Florida instead of flying so she could spend the time on back- to-back calls with donors. After the 2024 election, Trump realized how many do- nors and companies were lining
attraction of her 1990 “Blond Ambition” tour. And women still talk about the sheer, sil- ver slip dress that Kate Moss wore in 1993 that showed just about everything. The look has become so ubiquitous among celebrities that last year the Cannes Film Festival adopted a no nudity policy. That didn’t stop stars from Bella Hadid to Riley Ke- ough showing up at this year’s festival in barely-there gowns. Weddings are another chal- lenge. At a recent Hawaiian- themed wedding in Sausalito, Calif., most guests arrived in Hawaiian shirts and hula skirts. But one wore a nude colored thong bikini bottom and bandeau top, said Nikita Khandheria, whose events company hosted the affair. Khandheria told the woman there was a dress code and if she didn’t put on more clothes, she would be asked to leave. She walked her across the street where she bought a cover-up. Khandheria said the style is becoming so pervasive that
up outside Mar-a-Lago to cut multimillion-dollar checks and told O’Rourke to start soliciting donations, advisers said. Strike while the iron is hot, Trump told O’Rourke, according to Trump advisers and an account the president has repeatedly given in private settings. O’Rourke isn’t a government employee, although she is often at Trump’s side. She sometimes sits in on meetings, including when Trump meets with corpo- rate executives about issues that affect them. O’Rourke also trav- els with top officials on Air Force One. She often posts pho- tos of herself with Trump, in- cluding in the Oval Office. At a meeting with tobacco executives in May at Trump’s golf club in Jupiter, Fla., the president promised to do much of what executives wanted on policy related to vaping and the Food and Drug Administration. He also took in millions of dol- lars in contributions for his po- litical committees. O’Rourke sat in on the meeting. Shortly after, the FDA lifted restrictions on some flavored vaping products, and the FDA’s chief was gone. At the time, White House spokesman Kush Desai said, “The only guiding factor behind the Trump administration’s health policymaking is Gold Standard Science. FDA’s regulatory treat- ment of nicotine pouches and vapes is rooted in recent evi- dence that has found they can help adults quit smoking.” Trump, tapping his real-es- tate sales roots, has conversa- tions with O’Rourke about how to specifically sell various proj- ects, giving her pointers on how to pitch the library, according to
she now includes explicit in- structions on invitations. Some brides are bringing extra dresses in case of guest- related wardrobe violations. An attendee at one black-tie wedding wore a white dress that was practically see- through. She wasn’t wearing a bra. Khandheria borrowed the photographer’s camera and showed the woman how her dress looked in the photos. She suggested the woman change into a fully-lined blue dress the bride had brought for just such an emergency. “At a wedding, the bride should be the center of atten- tion,” Khandheria said. “Not some friend who is basically naked.” Epstein’s husband Brian Epstein is still getting used to his wife’s fashion choices. “It’s shocking when she wears something see- through,” said the 55-year-old entrepreneur. He has learned not to argue with her about fashion. “She tells me I don’t know what I’m talking about and I say, ‘You’re right.’”
people familiar with the conver- sations. Trump has told allies that he doesn’t want to struggle to raise money for his library the way Joe Biden has. Plans for the Trump library show a glass- walled skyscraper that is ex- pected to also have a hotel. “She’s a combination of tough but charming, and she ab- solutely has the president’s 100% trust and respect,” said Brian Ballard, a top Washington lobbyist who first worked with her in Florida in the 1990s. “She literally is the most talented fundraising professional I’ve dealt with, and I’ve dealt with a ton of them.”
Candlelight dinners O’Rourke sends out invites to prominent CEOs and their han- dlers and lobbyists to attend $1 million-per-head candlelight dinners at the White House or one of Trump’s properties, where guests are given extraor- dinary access to the president. O’Rourke often attends the dinners and takes notes about what the president promises and what the donor says, and she will filter the notes to White House officials. Trump will of- ten ask the donors to follow up with O’Rourke, attendees said. At times, donors with partic- ular agendas have shown up, such as a marijuana CEO push- ing for changes in drug laws or the CEO of Pfizer who talked up experimental cancer drugs. A regular presence at Trump’s dinners are cryptocur- rency executives. The president has made more than $1.4 billion from his family’s crypto-related ventures since taking office, his financial disclosures show, and has often told the cryptocur- rency crowd how he has made them richer. The president sits at the cen- ter point of a horseshoe-shaped table. Trump has surprised do- nors at how long he will stay and talk. Within 24 hours of launching the war in Iran, he at- tended a lengthy $1 million-a- plate fundraiser in Florida. Many expected he would cancel, and the event was interrupted at one point for him to learn that Iran’s Supreme Leader Ali Khamenei had been killed. After that, Trump listened to a range of corporate concerns and even engaged in a lengthy back-and- forth with Verizon’s CEO about what kind of cable was best. Executives said Trump is one of the most accessible presi- dents in recent times. In private, they acknowledged that this ad- ministration is much more transactional than prior ones. If a company encounters an issue with the federal government that comes to Trump’s atten- tion, he will want to know how much money the company gave, according to a person familiar with the matter. At times he’ll rib the corporate leaders who haven’t met the goals he set, the person said. Several CEOs and board mem- bers said they believe there is a link between their contributions and their access to the president. One chairman of a publicly traded company said that if you give the money, you know you are either checked on a list, or crossed off a list if you don’t. Some lobbyists said they tell their clients to be noncommittal when Trump asks for a large do- nation and to say they’ll get back to him and his team. Many of the corporate donors have business before the government, are seeking federal contracts or are lobbying on a range of is- sues from trade policy to de- fense policy and appropria- tions.
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ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES
‘T
he conversation is happening all the time at Jewish tables in Britain,” says Si- mon Sebag Mon- tefiore. Jews ask each other: “ ‘Where could we go?’ ” “Oct. 7 has caused a sea change in the treatment of British Jews,” Mr. Montefiore, a historian, says in an interview at his own dinner ta- ble. “We’ve seen several terrorist attacks on Jews. Jews killed at Yom Kippur in Manchester. Bomb- ing, arson attacks and stabbing at- tacks in London. Our synagogues and schools are fortresses.” British news was quick to add to local Jewish dread. On July 29, days after my interview with Mr. Montefiore, the mayor of the Lon- don borough of Hackney wrote to his counterpart in Haifa that Hack- ney had begun the process of ter- minating its twin-city relationship with Israel’s third-largest munici- pality. In the grimmest bad taste, the letter gave Haifa until “7 Octo- ber 2026” to respond. “There is a huge crisis of Anglo Jewry,” says Mr. Montefiore, 61, a scion of Anglo-Jewish aristocracy. He is descended from Sephardic Jews who came to Britain from Tuscany in the 1790s and from Mizrahi Jews who arrived from Morocco in the 1820s. The latter wore turbans and robes and spoke
Middle East is no fan of Netanyahu but says there won’t be a Palestinian state for ‘decades.’
Arabic. His great-great-great-un- cle, Sir Moses Montefiore (1784-1885), was a storied finan- cier and philanthropist whom Queen Victoria described as “a no- ble Hebrew.” Sir Moses also re- ceived praise (albeit backhanded) from Czar Nicholas I, with whom he’d sought an audience to inter- cede on behalf of Russian Jews. “If our Jews were like you,” the czar told him, “they wouldn’t be a problem.” Mr. Montefiore is a man who treats the sweep of history as his own backyard. He’s written a shelf’s worth of big history books, including “Jerusalem: The Biogra- phy” (2011), “The Romanovs 1613-1918” (2016), and “The World: A Family History of Humanity” (2022), the last of which a re- viewer for this newspaper de- scribed as “history as collective bi- ography, a journey across almost two million years, from the ap- pearance of Homo erectus in east Africa to the rise of Xi Jinping’s China.” He has now turned his hand to a subject that only someone “bon- kers”—his word—would dare to ad- dress. To be published in Septem- ber, his new book is titled “The Cauldron: The Making of the Mod- ern Middle East,” a chronological account from 1900 to February 2026 (when the current war with Iran started) of an area “set with ambushes.” It is, he writes, a region “more present in the Western con- sciousness than any other, its his- tory more debated and contested
The next battle be- tween socialists and conventional Demo- crats will be fought in Michigan on Aug. 4, in a primary elec- tion for the U.S. Sen- ate. Many Michigan- ders will vote that same day on tax hikes and other crit- ical local ques- tions—all in off-cycle elections in which low turnout makes them like- lier to pass. This isn’t unique to the Great Lakes State and deserves more attention nationwide. Dozens of Michigan counties have tax-and-spend measures on the Au- gust ballot. The largest proposal, in the Detroit suburbs of Oakland County, is a $750 million property-tax hike. In Wayne County, which includes Detroit, residents will vote for a “tran- sit millage” costing taxpayers $500 million over a decade. In Ingham County, which includes the state capi- tal, Lansing, voters will consider a $30 million tax to fund the local zoo. In the counties that include the struggling towns of Saginaw and Flint, voters will be asked whether to fund institu- tions like museums and libraries. These requests might seem hum- drum, but one factor makes them calculated and hazardous for tax- payers: the date.
CROSS COUNTRY By Michael J. Reitz
than anywhere else yet conversely less understood.” Its “pivotal mid- dleness” makes it “the epicenter of our tumultuous, rushing, intercon- nected world.” Mr. Montefiore’s definition of the region is expansive, going be- yond “the usual focus on the Le- vant and the Holy Land” to include everywhere east to west from Mo- rocco to Iran, and south to north from Sudan to Turkey. It covers 19 countries, as well as the “seaside Palestinian Islamist statelet” of Gaza. “I call Gaza a semi-independent ‘statelet,’ and I think that’s impor- tant because there’s a pretense now that it was occupied from 2006 to 2023,” Mr. Montefiore says. He points out that since Is- rael withdrew troops and civilians from Gaza and the Palestinians held elections the following year, Hamas “had had prime minister, ministries, ministers and police.” It also had “what was in effect a for- midable army of 40,000 paramili- taries, and it had a foreign policy. It was independent enough to launch a war.” Unlike anywhere else in the world, “it was a base for a military but it eschewed any need to educate or feed its citi- zens. That was the responsibility of international aid organizations. A very unique arrangement.” From this perverse “statelet,” the horrors of Oct. 7 emerged. “A vile act of terror, an almost Mon- gol style of raid and massacre and rapine,” Mr. Montefiore says, de- scribing the events of that day. “It was also an illustration that in the Middle East, violence and war work, and force is incredibly effec- tive at changing the whole destiny of geopolitics.” Yahya Sinwar, the Hamas commander, was “a diligent student of Israeli weaknesses.” He managed to put together a military and “a unique subterranean war- scape of fortified tunnels that was capable of exploiting Israel’s flaws, its hubris and its political division to score what has to be seen as a very short-lived and murderous but decisive military strike against one of the great military powers of the Middle East.” Sinwar, whom Israel killed on Oct. 16, 2024, “successfully changed the whole destiny of the Middle East,” Mr. Montefiore says. The worst pogrom in Jewish his- tory since the World War II was turned into a propaganda victory for the perpetrators. “He, Sinwar, understood much better how the Middle East worked than this Israeli government,” Mr. Montefiore observes. “You have to say that it was an act of total evil. But it was also one of the most successful Arab victories since Hattin in 1187, when Saladin de- feated the Crusaders and took Je- rusalem.” Although Hamas “ulti- mately failed militarily,” abandoning Gaza’s civilians to a prolonged and bloody war, “it has also won massive success in terms of political consequences. The whole Middle East has been up- turned by this tiny statelet and the gamble of one psychopathic leader who had immense freedom to act, since Hamas leaders didn’t care what happened to their people.” Mr. Montefiore quotes a Hamas official, Sami Abu Zuhri: “The price of the suffering is worth paying. The benefits are extensive.” Mr.
Aug. 4 is a seemingly random time to ask voters to fork over more money. So is May 5, when Michigan voters were asked to ap- prove $2 billion in local tax and spending plans, according to the Michigan Information & Research Service. But these dates are no ac- cident. Local politicians, school- board officials and special-interest groups such as teachers unions de- liberately choose little-known dates to push their demands.
measures are on Tuesday’s primary ballot. Why can’t they wait for November?
Off-cycle elections have dramati- cally lower turnout than the typical November Election Day. It isn’t un- common for off-cycle elections to see a third, a quarter or even less than a fifth as many people show up to vote. This August election coin- cides with the Senate primary, but turnout will still be lower than on the traditional November date. For local politicos with big spend- ing plans, this provides an opportu- nity to tilt the playing field. When comparatively few people are voting,
BARBARA KELLEY
Abu Zuhri added that “the wombs of our women will give birth to twice the number of martyrs.” Is- rael won “in the pitiful ruins of Gaza,” Mr. Montefiore says. “Hamas won in the West,” in part by con- trolling the media within Gaza and presenting all losses as civilian, a narrative that proved “irreversible even when Hamas’s allegations were later proven to be untrue.” “Who would have thought,” Mr. Montefiore asks, that Oct. 7 would result in “students at Harvard and Columbia calling for a one-state solution—‘from the river to the sea’—not a two-state solution?” Is- raelis have also had to confront “another nightmare they never contemplated, that a moral inver- sion of the Holocaust would be used against them.” What’s more, “the Israeli lobby” in Washington, “which was im- mensely powerful in the 1980s and ’90s and into the 2000s, has been totally eclipsed.” Mr. Montefiore explains this as a consequence of Oct. 7, “in part thanks to the de- velopment of the new ‘decoloniza- tion’ and anti-Zionist movement, and in part thanks to the misgov- ernance of this present Israeli gov- ernment. There remains the per- sonal relationship between Trump and Netanyahu, but that will not outlast these two personalities. In- deed, its very closeness may fur- ther contribute to the Israeli lobby’s decline.” M
r. Montefiore doesn’t hold Benjamin Netanyahu in high regard. His Israeli icon is David Ben-Gurion (1886-1973), the country’s first prime minister, whom he describes as “a tactical genius who managed to do the impossible—create a Ju- daic republic in the Middle East.” He wasn’t flawless, however, and made what Mr. Montefiore called “massive mistakes”: “He never cre- ated a constitution, and that has proved to be very dangerous in the 21st century. And he completely misunderstood the nature of the Haredim”—Israel’s ultra-orthodox Jews. “He believed that they should be protected as a sort of vanishing species. Well, that turned out to be madness, right?” In his book, Mr. Montefiore highlights what he calls Israel’s contradictions: It is, he writes, “both swaggering and insecure, over-reaching and under-pre- pared, secular liberal and milita- ristic messianic, spectacular in tactics, impoverished in strategy.” Yet he says there is “a moment of massive opportunity for Israel po-
politicians and interest groups can rally their bases to secure easy victo- ries. Local officials can use taxpayer money to grease the skids. While it’s illegal in Michigan to electioneer with public money, officials at school boards can publish guides and mate- rials that “inform” voters about how tax-hike revenue will be spent. So long as they don’t say “vote yes,” they are fine. The combination of these “educational materials” and low turnout can get the votes to pass such ballot measures. The political class almost always wins. I’ve analyzed the past 10 years of available state data and found that on average 87% of local off-cycle tax proposals passed at the ballot box. It isn’t uncommon for more than 90% of ballot proposals to succeed in these off-cycle elections. By contrast, 82% of ballot-measure tax proposals over the past decade passed during traditional November elections. The good news is that public oppo- sition to tax hikes has grown in recent years. Voters in several Michigan school districts rejected bonds in low- turnout elections on May 5. In Saginaw County, voters have shot down three significant school bonds since 2023. I know people who ran these Saginaw County opposition campaigns, and if they hadn’t stepped up to get out the vote against the measures, politicians’ tax-and-spend dreams almost certainly
litically, even now, in the region. But they’ve got to work out how to convert their ability to win tac- tical military victories into lasting settlements.” That would require the Palestin- ians to “recognize the permanence of the Jewish republic in the Holy Land” and “to signal clearly that they do not aspire to its total de- struction.” Oct. 7, however, means that “in the short term—and I’m talking about decades here— they’ve prevented any creation of a Palestinian state for the foresee- able future.” As Mr. Montefiore sees it, his- tory in the West’s “postreligious age,” and the uses to which it is put, may not be on Israel’s side. “History has assumed much of the propulsive legitimacy and author- ity that religion once held. Many of the movements in Western poli- tics now, like the new decolonial activism, depend on a specially cu- rated version of history”—which is to say a false one. Mr. Montefiore says the West’s “self-regarding secularism,” is hampering our understanding of the Middle East. “The irony is that we are in fact still Christian-adja- cent, and the modern, ultra-radi- cal, secular, decolonialist activism has many of the characteristics of a religious movement.” These in- clude its “language of righteous- ness, of piety, of guilt, of sin,” along with “orthodoxies, credos, purity tests and jargon.” The result is a “semi-religious movement” grafted onto the West’s longstand- ing “weird fetish and obsession with the Middle East, particularly the Holy Land.” The history of this “fetish” dates back to the moment that Constantine the Great (272-337) “converted the Holy Land into a sacred route and landscape. Then came the Crusades, after which, one’s got to remember, every church in Europe had a Jerusalem room with a picture of what Jeru- salem would look like under the Christians.” The Holy Land is em- bedded in our consciousness, and “the proprietorial moral belief that we need to adjudicate for what happens in the Holy Land is very, very deep in the Western soul.” This belief persists to this day. But in present times it strives to overturn Israeli, not Muslim, con- trol. Where the fate of the region was once in the hands of “Edward- ian imperial grandees like Churchill and Balfour and Lloyd George, you now see international lawyers and decolonialist activists believing they have a moral right to decide
would have become reality. Turnout matters in every election, but proponents of low taxes and sane spending shouldn’t have to fight harder to get people to the ballot box. Off-cycle elections heavily ad- vantage politicians and special inter- est groups to the detriment of tax- payers. The solution is simple: Move meaningful local ballot questions to Election Day in November. States could implement this re- form with a simple law that applies to every county and locality within their borders. Local officials and interest groups would complain, but they have dominated the sys- tem for too long. They also have no reasonable defense for keeping the status quo. It is one thing for pri- maries to be held off-cycle, so a
From “Hot nights are costing you up to 56 hours of sleep per year, study finds,” NPR.org, July 28:
what happens in the Middle East.” This gives rise to a further irony. Though today’s activists are “very critical of Western interven- tion, and blame much of what’s happened on Western intervention, their pressure may well lead to a new Western intervention in the Middle East,” Mr. Montefiore says. “After all, that’s what they’re call- ing for—a new intervention to change the political status quo in the Holy Land.” And so, alongside the jihad be- ing waged against it, Israel also faces what Mr. Montefiore calls “a secular moral crusade. These are modern missionaries. And their mission is very Christian, with features of deep religiosity. We’re living in a fascinating period. That these activist movements in the West may force their govern- ments to make a new intervention in the Middle East would be so beyond irony.” This new external impulse to re- shape the Middle East originates not in grand chanceries but in nongovernmental movements. “Ac- tivist alliances are putting pres- sure on Western governments,” Mr. Montefiore says. “Though great powers should not have their foreign policies formed by small but aggressive cadres of activists, that is exactly what is happening.” It is an “extraordinary moment”: “Gaza and Palestine have become domestic issues in small towns in postindustrial northern Britain and in the poshest universities and the bourgeois activist class.” T
hese activists, he notes, are “not interested in any other regions or atrocities”—not Syria, Sudan, Yemen or Iran. “That selectivity is prefigured, and pre- programmed, by the history of Christendom.” There have been no protests of any scale against the atrocities in Iran, where in two days—Jan. 8-9—more than 30,000 people were killed. Altogether, Mr. Montefiore says, 42,000 civilians were slaughtered, “an event so co- lossal that it may be the largest single event massacre in the entire Middle East since 1900.” He says the regime killed more people in a week than the Shah did in his nearly 40-year reign. What accounts for the selective moral outrage? “It shows the dan- gers of ideology,” he says. “When you sublet your judgment about facts and morals to a rigid ideol- ogy, you really surrender your abil- ity to make real moral judgments, and also to make real factual judg- ments.” Instead, “you end up with this mad situation where the United Nations was resisting talk- ing about the killing of 40,000 young people and the once-human- itarian NGOs refuse to discuss it because it might help the U.S. and Israel.” We are in a “completely differ- ent moral realm now, of how to judge the Middle East,” Mr. Mon- tefiore says. “We are in a new world of counterhistory, where neither historical facts nor pres- ent-time facts matter if they don’t fit the ideological orthodoxy.”
Mr. Varadarajan, a Journal con- tributor, is a fellow at the Ameri- can Enterprise Institute and at New York University Law School’s Classical Liberal Institute.
smaller number of voters can de- cide each party’s candidate before the big day in November. It is an- other matter entirely for a rela- tively tiny slice of the electorate to foist tax hikes and spending deci- sions on everyone else. State governments should encour- age the largest number of people possible to make their voices heard on important ballot questions. Aug. 4 may or may not be a win for social- ists in Michigan. But hopefully this is the last August when Michiganders, or voters anywhere in America, are asked to fork over money with little awareness or fanfare.
Mr. Reitz is executive vice presi- dent of the Mackinac Center for Pub- lic Policy.
your feet outside the sheet or blan- ket can help your body shed heat and cool down enough to sink into sleep. Beyond those recommendations, [Climate Central’s Kristina] Dahl says one of the best sleep aids isn’t a pill or a meditation app, but cut- ting back on burning fossil fuels, the primary driver of climate change.
THE WALL STREET JOURNAL
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emo to Wall Street: Quit whining about the Federal Reserve. Your cli- ents are paying you (a lot) to make judgments about risks and re- turns in real time, and it’s em- barrassing when you complain now that Daddy Fed isn’t tell- ing you how to do it. We’re sorry for any ruffled feathers, but someone has to say this after the outpouring of scorn directed at Fed Chairman Kevin Warsh this week. The second Federal Open Market Committee meet- ing he led in his still-new tenure on Wednesday left the overnight Fed funds rate target range unchanged, though with three dissenting votes in favor of an increase. In his press conference following the meet- ing, Mr. Warsh delivered a strong statement that the Fed aims for 2% inflation and not 2%- plus-what-we-think-we-can-get-away-with. But he otherwise stuck to his determination to de- prive markets of “forward guidance” on future rate moves. Cue a freak-out on Wall Street, on bond desks—and among the journalists these folks talk to. This distills to two complaints that we can see. The first is that Mr. Warsh is blowing his credibility by not raising interest rates to tamp down stubborn inflation, especially with a new Middle East energy-price shock looming. This crowd argues that rising bond yields since Wednesday, especially at the long end of the curve, signal that investors doubt Mr. Warsh will bring inflation under control. Maybe, and maybe not. Even after this week’s rise, rates aren’t high by historical stan- dards. The 10-year Treasury at about 4.74% is lower than it was for most of the 1990s and the entirety of the ’80s. Ditto the 30-year at 5.28%. As of Thursday, the average annual inflation rate investors anticipate over the next decade, as measured by the 10-year breakeven on infla- tion-protected bonds, was 2.27%. That’s above the Fed’s target, but less than the 2.5% inflation priced in May. An alternative explanation for the recent rise in long rates could be anticipated economic growth as investors continue to digest the arti- ficial intelligence boom. Friday’s rising yields were accompanied by good days for equities around the world. Enthusiasm for stock invest- ments seems to have drawn capital into those markets and pushed up bond yields to compen- sate. It all sounds so old-fashioned, and also, dare we say, normal. We don’t know which of these factors—agita surrounding Mr. Warsh’s credibility and infla-
T
he Senate next week intends to confirm its fifth batch of President Trump’s nominees using the “en bloc” process that Sen. John Thune inaugu- rated last year for non-major posts. The latest list of 74 names includes future ambas- sadors to Australia, Brazil and Equatorial Guinea. There are assistant secretaries, judges for the District of Columbia, and roles at agencies such as the National Credit Union Administration Board. Assuming this tranche goes through as ex- pected, the Senate will have used the method to fast track 375 of Mr. Trump’s nominees since September, when Mr. Thune led Republicans to change the chamber’s rules for group consider- ation. For the record, that figure will be about 63% of total civilian Senate confirmations so far in the second Trump Administration. Over the long haul, this procedural streamlining will benefit both parties. The point is to circumvent delay, not sub- stantive political debate. The en bloc process enshrined by Mr. Thune can’t be used to con-
G
reat news. A Food and Drug Administra- tion advisory committee of non-agency scientists and doctors on Thursday voted 10-3 to support approval of Replimune’s melanoma im- munotherapy, though not without agency staffers put- ting up a fight. We hope FDA leaders heed the panel’s rec- ommendation when they de- cide as soon as this weekend whether to approve the therapy. Market analysts predicted that the panel would vote against Replimune’s RP1 after FDA staffers this week released highly critical brief- ing documents. The trial results apparently were so impressive that the bureaucrats couldn’t be- lieve them. The FDA reviewers cited a litany of dubious reasons why the outside experts shouldn’t trust the trial results, as we described in a recent editorial. RP1 is a re-engineered herpes virus that is in- jected into melanoma tumors and causes cancer cells to burst. This releases flares that train the immune system to track down and kill cancer cells hiding around the body. Many patients with metastatic melanoma don’t respond to, or de- velop resistance to, other front-line immuno- therapies. Replimune’s therapy turbo-charges the re- sponse to other immunotherapies by unmasking cancer cells. In this way it shrinks both superfi- cial and distant tumors, with far fewer side ef- fects than chemotherapy or radiation. A third of
Have they forgotten how to price risk without the Fed guiding them?
The new ‘en bloc’ route has sped hundreds of Trump’s confirmations.
An advisory committee sides with patients over the FDA bureaucracy.
tion, economic growth, or something else—is driving markets now. Neither, we’d venture, do many market pundits. Which leads us to the other complaint about Mr. Warsh—that he isn’t telling investors what to do. This leaves them to figure it out for themselves. This encompasses several whinges. One is that by aban- doning the Fed’s prior practice of sending strong signals about its future rate intentions, Mr. Warsh is losing control of the longer end of the bond yield curve. Never mind that this was never something the Fed aspired to dictate before the Ben Bernanke era. Mr. Warsh has said this loss of control is a feature, not a bug, of his method. He wants market participants to “play the ball and not the referee.” Whining about the lack of guidance is an odd complaint from the same people who worry markets are sending an important signal about Mr. Warsh’s policy choices (see above). Would they prefer he use forward guidance to head- fake markets into covering his tracks? A related complaint is that the Fed is too im- portant to be this quiet. This is more true than it used to be after repeated rounds of quantita- tive easing made the Fed a major participant in the Treasury market. But the Fed’s guidance often has been wrong and damaging—incor- rectly forecasting inflation, and trapping itself in policy errors. Especially because it’s the 800- pound gorilla in markets, better a gorilla that sits quietly for a change. i i i Much of this may not be about economics. One undertone to this debate is that many of Mr. Warsh’s critics want to goad him into a rate increase that would antagonize President Trump. The Fed press corps would love nothing better, after feuds between Mr. Trump and Mr. Warsh’s predecessor Jerome Powell made for rare compelling copy about a central bank. There’s also the awkward question of whether Wall Street knows how to do the risk- pricing Mr. Warsh now asks of it. Not since 2008 have trading desks had to make decisions on bond deals without reference to a cheat- sheet from the Eccles Building. That’s roughly a generation if not two, as measured by the ca- reer span of a bond trader. Mr. Warsh knows his reputation is on the line concerning his ability to deliver price stability. And it’s been all of two meetings and 71 days since he took on the job. The freak-out is prema- ture, and it reflects worse on Wall Street than it does on Mr. Warsh.
firm cabinet secretaries or federal judges, all of whom still need individual attention from the Senate. Yet more than 1,000 positions require confirmation, and an obsti- nate minority party can use each one as an opportunity for delay. That’s true even if there isn’t serious opposition to the President’s pick for ambassa- dor to Belize or the board of directors at Amtrak. Frustrated with dilatory tactics by Demo- crats, Mr. Trump has demanded that Congress simply adjourn and let him fill vacancies using recess appointments. Senate Republicans de- clined, rightly, since that would be an abdica- tion of their power to advise and consent, leav- ing no limits on whom Mr. Trump might install or in what roles. Does housing and spying czar Bill Pulte want another brass nameplate for his collection? Mr. Thune’s approach seems to be working, in that it’s speeding through batches of noncon- troversial agency subordinates, while preserv- ing the Senate’s right to confirm, or not, the next intended Attorney General.
patients whose cancer worsened on other immu- notherapies experienced remission on RP1, with cancers vanishing in one of six. While FDA staffers down- playedthisbenefit,one oncolo- gist at the advisory committee hearing pointedly noted that mostphysiciansconsidera30% response rate in metastatic pa- tients whose cancer worsened onothertreatmentstobesignificant.Anotheron- cologist chided the FDA for failing to establish a precise benchmark for determining what consti- tutes a benefit of “large magnitude.” The FDA reviewers said tumors may have shrunk because of run-of-the-mill biopsies per- formedduringthetrial,orfromtheimmunother- apy thatpatientshadn’tpreviouslyresponded to, or from the mere poking of the tumor with a nee- dle.Youhavetomarvelattheirbull-headedoppo- sition to a medicine that is saving lives. The FDA reviewers even claimed they are act- ing in patients’ best interest by protecting them from a drug that might not work. Protecting them by consigning them to an inevitable death sentence? George Orwell, call your office. Mela- noma patients and their family members who testified at the hearing disagreed and begged the agency to approve the medicine. The advisory committee listened. Still, the agency’s fierce resistance to approv- ing RP1 underscores the need for systemic changes to a bureaucracy that prioritizes pro- tecting its control over helping patients.
No one is trying to ban Mercedes Benz from the U.S. market, as your ed- itorial “Republicans Go for a UAW Ride” (July 27) claims. You left out of your analysis that the German-based, Chinese-owned automaker could con- tinue to operate in America even un- der the Connected Vehicle Security Act by simply having its Chinese share- holders divest so that the company is under the proposed act’s equity limit. The Journal’s line of thinking requires us to believe that Mercedes Benz would choose to fire at least 7,500 Americans and lose the U.S. market to keep two Chinese owners. This legislation, which I’m leading in the House of Representatives, passed unanimously from the Senate Commerce Committee and has more than 80 bipartisan co-sponsors across both chambers. The lawmak- ers supporting it recognize that China’s massive state-subsidized overcapacity in automaking has crip- pled Europe’s automakers and poses
Dennis Kneale’s op-ed “At Home in Florida’s Wild Kingdom” (July 27) per- fectly captures one of the great reali- ties of living in Florida: We don’t sim- ply observe nature, we live alongside it. Most of the time that coexistence is one of the state’s greatest attractions. Occasionally, however, it requires gov- ernment to perform a task that only government can. Recently, a large alligator took up residence in a pond within our condo- minium community. With residents walking the paths daily and many owners exercising their dogs near the water, the alligator became a legiti- mate public-safety concern. We contacted the Florida Fish and Wildlife Conservation Commission’s Statewide Nuisance Alligator Program. Frankly, I expected the response might take a day or two. Instead, within ap- proximately four hours, a licensed trap- per arrived, safely captured the animal and removed it from the community. In today’s political climate, govern- ment successes rarely receive the same attention as failures. This one deserves recognition. Florida has cre- ated a program that is focused, effi- cient, professionally administered and responsive. It protects residents while responsibly managing one of the na-
In his letter “A Trump Tariff Suc- cess Story: American Steel” (July 16), Steel Manufacturers Association Exec- utive Vice President Brandon Farris points to rising steel production and capacity utilization as proof that Sec- tion 232 tariffs are a success. But that view leaves out the vehicles that keep America’s core industries running— and the workers now struggling to af- ford them. Consider our farming community. Rural America runs on working vehi- cles like utility-task vehicles and all- terrain vehicles. Farmers like my fam- ily rely on them daily to feed livestock, move equipment and sup- plies, and monitor irrigation systems. We’re already facing the toughest ag- ricultural economy in nearly 50 years,
Words Preserved for Posterity Might Come Out a Bit Sooner
Tevi Troy wonders in his op-ed “Dear Diary, I Hope They Don’t FOIA You” (July 30) why anyone in public service would keep a diary that could someday come back to haunt them. The answer seems clear to me: The only professionals who keep di- aries believe that future historians are going to be interested in them. They are not keeping a diary for themselves. They are writing it for their fans. Such motivation betrays some- thing about their personalities. They write because they want others to fawn over the content. DAVID LANGE Lincoln, Neb.
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a threat to our nation’s auto industry. Too many of our nation’s banks, cor- porations and media outlets still cling to poorly reasoned China apologetics, despite ample evidence they shouldn’t. No amount of trade liberalization will make the Chinese Communist Party for free markets or free people, and it isn’t “rent-seeking” to acknowledge that fact. Our nation’s broader industrial base has been hollowed out by willful blindness and a dogmatic insistence that we continue granting Chinese companies all the privileges of our market without demanding reciprocal treatment for our own companies. The Select Committee on China looks forward to working with compa- nies and institutions that want to seri- ously address the threats our country faces from China’s communists. The Connected Vehicle Security Act is a vi- tal step to doing so. REP. JOHN MOOLENAAR (R., MICH.) Chairman, Select Committee on China Washington
tion’s most iconic wildlife species. Mr. Kneale reminds us that living in Florida means accepting both the beauty and responsibilities of its unique environment. Our experience reinforced another lesson: When gov- ernment is well-designed, narrowly fo- cused and competently managed, it can deliver exceptional value to the public. K.J. NYGAARD Naples, Fla.
Mr. Kneale could have added to his list of creatures with which Floridians are willing to coexist: sharks, raccoons, armadillos, possums, rattlesnakes and bugs of every variety. Add to that hur- ricanes and ferocious lightning caused by humidity from ocean breezes. All of these things help give Florida its unique character. We love our state and wouldn’t choose to live anywhere else. CHAD PRICE Winter Park, Fla.
My wife and I lived in Oregon for 30 years and now happily reside in Florida. After reading Mr. Kneale’s op- ed we have an idea for a new slogan for the Sunshine State: Florida, where wildlife roams free and so do you. JERRY DAWSON Citrus Hills, Fla.
on top of persistently high fertilizer and fuel costs. Yet an April revision to the president’s 232 proclamation now applies these tariffs to the full value of ATVs and UTVs, threatening to add thousands of dollars to the cost of a single vehicle. These same vehicles keep other core industries running. Energy and mining crews use them to transport equipment in work zones, while emer- gency responders depend on them to mobilize in tough terrain. When tariff policy makes basic equipment unaf- fordable for the people who use it ev- ery day, it stops protecting American industry and starts undermining it. To ensure our nation’s farmers, ranchers, energy producers and first responders can still afford the equip- ment they need to do their jobs, poli- cymakers should adopt targeted tariff relief that protects working vehicles. TODD CRANNEY Executive director Save America’s Working Vehicles Meridian, Idaho
Hey, Burglars and Squatters!
Your editorial “Mamdani’s Class En- emies List” (July 30) rightfully casti- gates the New York mayor for his coun- terproductive campaign against part- time residents. I’d go further: Zohran Mamdani’s release of the names of nearly a million owners of potentially partially vacant domiciles along with their addresses is sheer madness. It’s functionally a field guide of targets for burglars, looters and squatters. MOSHE YUDKOWSKY Chicago
And Salt
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DECLARATIONS By Peggy Noonan
t wasn’t good for Anthony Fauci or anybody else that he took the Fifth at his Senate hearing this week. That plus his diary may well have been a reputation-destroying event. It was obviously his right as a citizen to invoke the protections of the Constitution, and he surely had his reasons, but everyone who takes the Fifth knows what it looks like: It’s the early ’60s, we’re at congres- sional hearings on la Cosa Nostra, and the head of one of the five fam- ilies is fiddling with his diamond pinkie ring as he asserts his right not to incriminate himself. Dr. Fauci is the man who ran the pandemic response in America. He was the face of it. When you have been appointed, in effect, to lead a nation through a disaster you owe that nation a full and frequent ac- counting. To seem to dodge is un- becoming. He has already been
he saw the pandemic less as a historic emergency than a media opportunity.
given a sweeping presidential par- don by Joe Biden; in the time after and not covered by that pardon, he owes it to the public to speak truthfully. It would have been good to hear Dr. Fauci, now 85, distill what the entire pandemic experience was and what it did to us as a society, what could have been done to make its management better, what decisions in retrospect made it worse. Look- ing back, did he or others, in their newfound ascendancy, get carried away? On reflection, is there any justice to the charge they became power-drunk? Dr. Fauci’s pandemic diary, re- leased this week, was also damag- ing. When I heard of its existence, I
By Jeffrey H. Anderson
he Smithsonian Institution’s National Museum of American History has been in the news for disparaging our nation’s history and engaging in partisan activism. Addressing such charges, the mu- seum’s director, Anthea Hartig, tes- tified at two congressional hearings. The most interesting thing about her prepared testimony is that she chose not to address a single exhibit that has opened under her seven- year watch. Responding to a 160-page report from the White House Domestic Pol- icy Council that details how the mu- seum has strayed from its intended mission, Ms. Hartig’s response was to invoke the flag—specifically, the Star-Spangled Banner. In her pre- pared testimony, she referenced it multiple times. That flag, which so inspired Francis Scott Key, has been displayed at the National Museum of American History since 1964 and housed in its current gallery for 18 years. That exhibit is excellent and patriotic, but the newer parts of the museum are heavy-handed, dumbed- down and anti-American—the oppo- site of what a national museum should be. I sat directly beside Ms. Hartig as a witness in her second hearing. I testified that the National Museum of American History increasingly is a museum not about American his- tory, but about activists’ attempts to shape the future. The museum’s newer exhibits offer no coherent sense of a shared national identity, and they divide Americans into op- pressors and the oppressed. Since Ms. Hartig didn’t want to discuss the offerings unveiled dur- ing her tenure, let me highlight a few. A stand-alone display case in the midst of a busy walkway con- tains a lone National Football
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thought: Good. What history most needs is first-person testimony, the more the better, in real time—if possible. I thought of Samuel Pepys, a senior govern- ment administrator for the British navy in his late 20s and 30s, whose diary gave his- tory the finest first- person reporting on two different cata- clysms that hit London, the Great Fire of 1666 and the Great Plague the year before. Pepys watched the Great Fire from the Tower of London, near where he lived, and came to grasp, with shock, the size and scale of it. In a famous passage on Sept. 2, 1666, he described see- ing “poor people stay- ing in their houses as long as till the very fire touched them, and then running into boats, or clambering from one pair of stairs by the water-side to another. And among other things, the poor pigeons, I perceive, were loth to leave their houses, but hov- ered about the windows and balco- nys till they were, some of them burned, their wings, and fell down.” Pepys recorded all the chaos around him. His writing was jagged and real-time. He reported what he’d seen to King Charles II. He was also an eyewitness to the Great Plague of 1665, which took an estimated 100,000 lives, about a fourth of London’s population, in 18 months. He records empty streets and carts collecting the dead. On June 7, 1665, Pepys passes the homes of the quarantined: “This day, much against my Will, I did in Drury-lane see two or three houses marked with a red cross upon the doors, and ‘Lord have mercy upon us’ writ there.” He was pained and fright- ened: He’d never seen such a thing. With this frame, alas, I read the first five months of Dr. Fauci’s pan- demic diary. As has been reported, it isn’t
League jersey. It isn’t one that was worn by Jim Thorpe, Red Grange, Jim Brown or any other early NFL legend. The jersey belonged to Carl Nassib, who in 2021 became the league’s “first openly gay player to take the field in a regular-season game.” Nearby, in a mini-exhibit on video games, visitors are asked, “Have you ever experimented with your identity in video games?” In April, apparently to commemorate the 250th anniversary of American independence, the museum opened “¡Puro Ritmo!: The Musical Journey of Salsa.” In the “family friendly” exhibit “Change Your Game / Cambia tu juego,” visitors are asked, “Is Gen- der Testing Fair?” They’re told that “critics argue that gender tests are humiliating and discriminate against athletes who challenge traditional gender norms.” Aside from its com-
Two things seem obvious in the fight over whether to ban open-weight arti- ficial-intelligence models from China. Nothing is likely to be de- cided formally un- less there’s a big event, and a big event seems likely. Anthropic’s most advanced model, Mythos, remains withheld from general distribution because it could be used in cyberattacks. Then there’s the recent hooligan- ism of an OpenAI model, which es- caped a testing environment, stole credentials of multiple private- company servers, then burglarized
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Anthony Fauci in Washington.
about witnessing or capturing the size and scale of a crisis, or feeling shock or anxiety. It is about other things. On Jan. 6, 2020, he goes to a “Super A list” party. At a meeting later that month, House Speaker Nancy Pelosi hugs and kisses him and tells everyone “how great I am.” At another, President Trump tells Dr. Fauci, “Lou Dobbs . . . told me that you were one of the smart- est, knowledgeable and outstanding persons he knows.” Dr. Fauci was “very pleased,” others “stunned and impressed.” Jan. 30: “All my friends kept say- ing I was a national hero” and that they “ ‘felt safe in my arms.’ ” March 8: “Nice profiles of me in Politico and NY Times today.” March 15: “I did all 5 Sunday Shows today (my 3rd ‘Fauci 5’).” Apparently this is his version of “the full Ginsburg,” named for Monica Lewinsky’s attorney, Wil- liam Ginsburg, when he did five Sunday shows in one morning. March 26: “Donuts are being named after me; T shirts have my picture on them.” April 7: “Press still hot and
mitment to activism, this is essen- tially an exhibit about nothing, pushing the outer limits of vacuous- ness. Prominent signs ask and an- swer, “Who Can Be a Game Changer? Anyone.” “Who Is a Game
Museum of American History doesn’t want to talk about her exhibits.
Changer? You Are.” What this has to do with American history is any- one’s guess. While making space for such drivel, the museum ignores huge swaths of American history. It offers little to nothing on the colonial pe- riod, the American founding, the
one to steal the answer to a prob- lem-solving challenge. Hugging Face, the company whose server was violated, counts an impressive 17,600 distinct acts as part of the attack. Log inspections subsequently revealed that An- thropic’s experimental models are no strangers to such behavior too. The big concern should be open- weight AI models from China, dis- tributed free or cheaply, which can be modified by the user beyond the purview or control of the creator. These Chinese models are catching up quick. They’ll soon be creating such incidents if they aren’t already, and will be harder to catch or stop. When is Beijing going to wake up? Which brings us to the oddest circumstance of all. Any urge by the Trump administration to ban the Chinese models is being swallowed up in a tsunami of protest from U.S. tech influencers. See a recent op-ed in these pages by Mark Zuckerberg. Critics of a ban pitch their argu- ment in terms of generalities like freedom and innovation. Between the lines, their fear is Washington seizing a role in deciding what AI capabilities will be allowed in pub- lic hands. They fear U.S. leaders OpenAI and Anthropic effectively becoming authorized monopolists. For their own businesses, Mr. Zuckerberg and other tech executives want cheap AI. They also want to avoid being overmastered in their own domains by government-backed giants. And yet, as with many AI debates, this one seems a case of being on a
heavy about me.” May 21: “POTUS seems to be en- amored of me.” That’s before he gets to the movie star sending him flowers. In one sense, it screams Seven Deadly Sins—he gave in to his pride. But it also makes the his- tory in which he took such a big part look banal and inhuman: Your historic emergency is his media opportunity. A deeper criticism is that in the diary he doesn’t seem at all hum- bled by the role in which he’s been cast, or by his responsibilities. I saw no deep reflection on the suf- ferings of his countrymen. He doesn’t see the red crosses on the door. He attaches clippings of or links to fawning newspaper profiles and columns, but not to stories about what was happening in the civilian population of his country as it went through a crisis. The sweep and detail of Pepys’s diary captures the spirit of his age, the Restoration; let’s hope the flat- ness and self-adulation of Anthony Fauci’s doesn’t capture ours. I end with a thought that may sound extreme, but I think there’s
Louisiana Purchase, the Louis and Clark expedition, the Lincoln-Doug- las debates, the pioneers and set- tlers of the American West, the Roaring ’20s, the Great Depression, the Cold War and much else. During questioning, Ms. Hartig claimed that the museum has “a dozen exhibitions that include the founding era.” In response, I noted, “You could put everything in the museum that mentions the founding into the rooms that feature the low- rider exhibit and the salsa music ex- hibit, and you’d have space left over.” What little the museum does pro- vide on the founding and pre-found- ing eras is largely critical. In one ex- hibit, 1492-1776 is referred to as the period of “Unsettling the Conti- nent.” Visitors are told, “Our world today grows out of that unsettling history.” Elsewhere, they’re told
fast-moving train and arguing whether to get off at a stop we’ve already missed. Fear (or hope) of unassailable U.S. AI monopolies is obsolete, if it was ever justified. Better fixes are already reverberat- ing, such as requiring domestic frontier labs to license “distillation” for U.S. builders of open-weight competitors. Distillation is the practice by which Chinese models are suspected of free-riding on U.S. pioneers in
intelligence agencies to tell us what they know about the Chinese models.
their training and development, giv- ing the Chinese a cost advantage in competition with U.S. pioneers. In essence, let a thousand flowers bloom and make sure more of them are U.S. flowers. There’s a big but: With the pass- ing of the monopoly moment also is passing the most obvious strategy for dealing with AI risks before they come out of the lab. These risks include a Chernobyl- like or Chinese wet market acci- dent—a mass disruption event in a form we might not even be able to visualize right now. The risks also include the more familiar ones of terrorists, criminals or rogue states getting their hands on advanced cy- ber or bioweapon capabilities. Letters are circulating by AI
some degree of truth in it. Looking back on the public-leadership aspect of the pandemic—while we were in the trauma and fear of the first months, while we were banging pots at 7 p.m. to thank hospital work- ers, and scientists were zooming to find out more about treatments and protocols, and ear- nest medical officials were showing up on ca- ble explaining what they believed to be true—a lot of people tried to do a lot of good things. But it all became pretty political pretty fast, pretty insidery and groupthinky, and pretty smug as the previously obscure became famous overnight. It all came together and yielded a little so- cietal Chernobyl. The reactor blew, causing a ca- lamity. The politicians lied and couldn’t be trusted, the bureaucrats lied and couldn’t be trusted, the government scientists lied about the data in front of their eyes, the national press was a propaganda machine. As much as anything, Chernobyl contributed to the top- pling of the Soviet Union. Looking back on the Covid crisis, a lot of professionals were trusted beyond the point they deserved. So were many politicians. As people on the ground in America rose up against lockdowns, closed schools, mask mandates, closed churches, they were often unheard, or heard slowly, reluctantly and disrespect- fully. The medical and scientific es- tablishment didn’t seem to be a part of the public anymore, but handling the public. And by the end, a lot of people thought they couldn’t trust the politicians and couldn’t trust the scientists. My fear is that next time, and there likely will be a next time, reg- ular people will think: There’s no one to trust. We’re on our own. That won’t be a good thing.
that our founding can either be viewed as a “complete, perfect, sa- cred event led by a great patriot who, as American children would learn, never told a lie” or else as “part of a wider, unfinished move- ment” that was “deeply imperfect.” Viewing our founding as one of the greatest events in world history, warts and all, apparently isn’t an option. Americans deserve a National Museum of American History that expresses a love of that history and views it as the wondrous story of a nation conceived in liberty. They don’t deserve a museum that alter- nates between ignoring and con- demning our extraordinary heritage.
Mr. Anderson is president of the American Main Street Initiative. He served as director of the Bureau of Justice Statistics, 2017-21.
leaders calling for a slowdown in the release of new models, and for a joint effort by the U.S. and China. Good luck, at least before we get a focusing mishap. In the meantime, how about putting more informa- tion before passengers of this run- away train? I asked Google’s Gemini AI to draft a “statement of concern” for the Trump administration to help clarify the risks to private us- ers of proliferating AI models. Of the Chinese threat, it says, “While low costs and downloadable model weights may appear attrac- tive to American enterprises seek- ing off-the-shelf software, free or low-cost foreign AI software comes with hidden national security costs, severe legal liabilities, and compro- mised data security.” U.S. national-security concerns aren’t going to be a big factor for private users deciding whether to use Chinese AI models. Fears of data piracy and legal liability are rational dissuaders. We’ve seen as much—liability risk was almost cer- tainly a factor in Anthropic’s deci- sion to withhold Mythos. But an important piece is miss- ing. What do our spy agencies know about the relationship be- tween China’s AI labs and China’s Communist Party? That is, beyond the stipulation that applies to all Chinese companies that they coop- erate on national goals when Bei- jing rings up. If U.S. intelligence knows some- thing that the private user base should know before trusting their prompts to a Chinese AI, now would be a good time to tell us.
Commercial Rights to Investors
BY JOSHUA ROBINSON But even Infantino hadn’t ex- pected the reaction from the global soccer community to be so forceful. European countries an- nounced that they would boycott all FIFA competi- tions, including the men’s and women’s World Cup. Federa- tions in Asia, North America, and the Ca- ribbean all ex- pressed deep con- cerns. And, on Friday, even Infan- tino’s closest allies began to turn against him. First came the resignation of Carlos Cordeiro, a former Goldman Sachs banker and president of U.S. Soccer who had been a key architect of this summer’s World Cup and a con- duit to the White House. Then,
FIFA President Gianni Infantino on Friday abandoned his contro- versial plan to sell part of the World Cup’s commercial rights to private investors in the face of global outrage—barely 72 hours after the proposal was first leaked. “Having listened carefully to all the views,” Infantino said, “it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.” The plan had been designed to raise $4.2 billion of capital through the sale of roughly 20% of an entity called FIFA Forward En- terprise. And Thrive Capital, the firm founded by Joshua Kushner, was positioned to be a leading in- vestor.
Where It All Went Wrong For FIFA’s Boss
On the day that Gianni Infan- tino stood alongside President Trump to present the World Cup trophy to Spain, he was still one of the most untouchable figures in sports. The FIFA president, who has led soccer’s world governing body for a decade, had recently an- nounced his intention to run for a third term. He had guided the World Cup to unprecedented reve- nue. And he knew that around 200 of the 211 associations that make up FIFA’s membership already supported his bid for re-election. That was less than two weeks ago. On Friday night, Infantino was forced to backtrack on his contro- versial proposal to spin off the commercial rights of FIFA compe- titions into a private company and sell a roughly 20% stake to inves- tors that would value the venture at $20 billion. Support turned against him from federations around the world. And a key adviser, the for- mer Goldman Sachs banker and U.S. Soccer president Carlos Cord- eiro, resigned in protest on Friday morning. Cordeiro had been at Infan- tino’s side for the past five years and acted as a leading emissary to the White House. “Let me be clear: I had no in- volvement in this proposal, and I oppose it unequivocally,” Cordeiro said. “It is a bad deal for FIFA’s
member associations, a bad deal for football, and a bad deal for the long-term future of the game.” The groundswell against Infan- tino began on Thursday with the threat of a World Cup boycott from all 55 European countries un- der UEFA. Then Concacaf, which oversees the game in North Amer- ica, Central America, and the Ca- ribbean expressed deep concerns over the project, known as FIFA Forward Enterprise. And even af- ter FIFA issued a clarification on Friday morning, insisting that “Nobody is selling football,” the Asian Football Confederation joined the chorus. “The fact that the situation has reached the point where the real possibility of a FIFA World Cup boycott has entered public dis- course should concern everyone who cares about the future of our game,” the AFC said. Should those three confedera- tions band together behind a rival candidate in FIFA’s presidential election early next year, they would, in theory, have enough sway to oust Infantino under the organization’s one-country, one- vote system. First, however, they would need to nominate an oppo- sition candidate. At the moment, Infantino is still due to run unopposed, just as he did in 2023. Back then, at a vote held in Ki- gali, Rwanda, the support for him was so overwhelming that he was
hours later, Infantino was casti- gated by FIFA’s own No. 3 execu- tive, chief operating officer Kevin Lamour. “It is the project of one per- son,” Lamour wrote in a statement re- leased to the Associ- ated Press. “Not only must this project not go ahead…but the time has now come for football political leaders to ask them- selves the right questions and make the right decisions.” Lamour added that FIFA staff had been “deceived” by Infantino’s plan for FIFA Forward Enterprise, which completely blindsided the organization’s staff and 211 mem- ber associations when it leaked on Tuesday. “And if that means I lose
Amount of capital FIFA’s FFE program had been designed to raise
FIFA president Gianni Infantino in the Oval Office with President Trump, Secretary of State Marco Rubio and FIFA adviser Carlos Cordeiro.
ushered back into office by ac- claim, with a storming round of applause replacing a formal vote. “To all those that love me, and I know there are so many, and those that hate me, and I know there are a few, I love you all of course,” Infantino, a Swiss lawyer and former UEFA executive, said at the time. “Today especially.” Already, the key plank of his campaign had been to increase payments to member associations all over the world for development projects. It was an approach per- fected by the former FIFA presi- dent Sepp Blatter, who made it his mission over 17 years in charge to gain support outside the tradi- tional soccer heartlands. By spending liberally to grow the game beyond Europe and South America, Blatter earned unflag- ging support from huge blocs of
my job then so be it,” Lamour wrote. “I will understand and re- spect that decision. At least I’ll sleep well tonight.” For Infantino, a 56-year-old Swiss lawyer, the torrent of out- side criticism had been one thing. But the internal rebukes were par- ticularly cutting—and posed the greatest risk. Infantino has always run FIFA with little regard for dif- fering views inside the building. The man who once said he would like to be “the King of Football” has often conducted himself as the organization’s sole executive, be- lieving that any opponents simply misunderstood his purpose. When he celebrated his 10th anniversary in charge, he threw at least three separate parties. And, as recently as a few weeks ago, he expected to be swept into office for a third full term next March with the support of at least 200 of
voters who viewed him not as a soccer official, but as a great hu- manitarian. Anything Blatter spent, though, has been dwarfed by the funds In- fantino promised this week. In a proposal first leaked on Tuesday, Infantino’s FIFA Forward Enter- prise pledged up to $40 million over the next four-year cycle to every national soccer federation on the planet, from defending men’s and women’s world cham- pion Spain to 211th-ranked San Marino. The revenue for this summer’s World Cup went beyond FIFA’s wildest dreams, generating $15 billion in revenue, up from an ear- lier projection of $11 billion. But the organization believed it could press even further. FIFA had begun working with JPMorgan Chase early in the year
FIFA’s 211 member associations. “To those behind their pens and papers, behind their screens spreading hate and false rumors,” he wrote in an Instagram screed before anyone had even heard of FIFA Forward Enterprise, “I want to say that while you are sitting behind, we at FIFA are on the front lines organizing, working hard, and delivering the best show in the world.” The past week, however, has proven to be the most damaging of his tenure. Though he has scrapped FIFA Forward Enterprise, the legacy of the program will have been emboldening Infantino’s sharpest critics. “Moving forward, my intent is to bring all interested parties back together in the coming days and weeks,” Infantino said, “in the spirit of shared interest in our game.”
to eventually invite outside investors to buy a stake in FIFA’s commercial operations, including broadcast rights, ticket sales, marketing and licens- ing. (JPMorgan had also been involved in the doomed 2021 Euro- pean Super League project. The bank ulti- mately issued an apol- ogy after the ESL col- lapsed in the face of fan protests.) The plan this time was for FIFA Forward Enterprise to “upgrade monetization” and “en- hance access to capi- tal” for the organiza- tion, according to a 25- page pitch deck for the program obtained by The Wall Street Jour- nal. One way they planned to do that was by increasing the total number of FIFA competitions across all age groups and ver- sions of the game to 450 over the next four years, up from around 200. But in discussions on both sides of the Atlantic, soccer exec- utives have wondered why any of this was even necessary from a highly successful nonprofit. “If member associations be- lieve additional investment is needed to develop the game, FIFA already has the financial capacity to provide that support from its existing resources,” Cordeiro said. This all ended on Friday night when FIFA issued a statement that said after listening to all views, the plan created divisions that “are no longer in the interest of the objective in the first place.”
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DJIA 52485.03 À 276.97 0.53% NASDAQ 25373.85 À 1.0% STOXX600 649.19 g 0.1% 10-YR.TREAS. g 20/32, yield 4.743% OIL $84.67 À $1.08 GOLD $4,049.10 g $51.00 EURO $1.1529 YEN 157.38 Big Law Is Never Going To Be The Same
ZÉ OTAVIO FOR WSJ
His $45 Billion Fund Was Falling Apart
BY BERBER JIN, GREGORY ZUCKERMAN, PETER RUDEGEAIR AND ANISSA GARDIZY W
hen the week began, Leopold Aschenbrenner was preparing for his wedding. The plan was for a multiday celebra- tion in Carmel, a sea- side town in Northern California, with the ceremony at a Tuscan-style villa and the send-off at a spa in the forest. There would also be a pre-wedding colloquium to discuss ideas in panels and breakout sessions. The couple’s only request: no gifts. The 24-year-old investor had amassed a fortune by promising he could see into the future, building a $45 billion investing powerhouse that primarily bought stocks in the AI trade. For months, the holdings of his hedge fund Situational Awareness shot up in value, as did Aschenbrenner’s standing in the upper echelons of San Francisco’s elite. But by the time guests began to ar- rive, his fund was unraveling—and Wall Street was closing in. Aschenbrenner borrowed too much money to make his AI bets, leaving him at risk as they faltered. With the value of his portfolio tumbling, he
SUVs, pickup trucks and sports cars are keeping the company profitable in a changing industry
BY RYAN FELTON
On a recent afternoon, Matt Simpson watched as a parade of brawny off-road SUVs, pickup trucks and high-powered sports cars stormed down a Nascar race- track in mid-Michigan. Each was the fruit of Simpson’s customization division at Ford Motor. His team designs packages that let Bronco SUVs and F-150 owners trick out their rides with unique paint jobs and high-horse- power engine upgrades, a lucra- tive business these days. Nowhere to be found: staid fam- ily sedans, cheap hatchbacks or frumpy minivans. Ford no longer makes any of those. “This is the most passionate lineup that Ford has ever had,” Simpson said. It is a shift away from cars that Ford’s chief executive, Jim Farley,
Leopold Aschenbrenner sold most of his firm’s stock portfolio to Citadel, led by Ken Griffin, right
has deemed “boring,” and it has been great for the automaker’s bottom line. Ford’s U.S. sales in 2025 were the highest in six years, though lower than a decade ear- lier, when it had more types of cars to sell. That has had down- sides for some Ford dealers, who now operate without cars like the Escape SUV and Focus sedan, which once generated significant sales. “It’s definitely a complete shift to everything that most dealers I know believe, which is, the more products you have, the more prod- uct you can sell,” said Shane Col- lins, executive general manager at a Ford dealer in Louisville, Ky. Ford, which helped pioneer the modern assembly line and still as- sembles most of its cars in the U.S., sees the shift as a business necessity—for itself and for deal- ers. Overall sales of new cars have shrunk in recent years, with about a million buyers opting out—and car owners keeping their old vehi- cles for longer than ever—as aver- age prices hover around $50,000. The market has shifted to favor large, expensive trucks and SUVs, and Ford has moved to capitalize
Leopold Aschenbrenner took on too much leverage and was scrambling for lifelines
scrambled to raise cash to satisfy his lenders, appealing to some of the larg- est hedge funds and selling billions of dollars in holdings in a fire sale to Ken Griffin’s Citadel. Aschenbrenner first made his way to California, after graduating from Columbia University in 2021 at age 19. An early convert to principles of the effective altruism movement, he began working for the philanthropic arm of Sam Bankman-Fried’s crypto exchange FTX before joining OpenAI, where he worked in the niche field of AI super-
THE WALL STREET JOURNAL.
Saturday/Sunday, August 1 - 2, 2026 | B1
on it. A decade ago, a Ford vehicle could cost less than $15,000, with several options in the $20,000 range. Now, the least-expensive new Ford begins a little under $30,000. Tariffs and labor costs in par- ticular complicate plans for build- ing affordable cars in the country, and most budget-friendly cars in the U.S. today are built overseas and imported to the U.S. Cross- town rival General Motors, for ex- ample, sells two small SUVs priced below $25,000 that are assembled in South Korea. Ford assembles more cars than any competitor in the U.S., a point it routinely champions. The com- pany says it still wants to build small, affordable vehicles, and that it is planning to launch five new models priced below $40,000 by the end of the decade. They just have to look different from com- petitors, and be profitable. “If I had to grade us in the years past, in the affordable space, we were average at both, and therefore it wasn’t a sustainable winning proposition,” Andrew Frick, president of Ford’s electric- and gas-vehicle divisions, said in an interview.
alignment, focused on ensuring the technology didn’t go rogue and de- stroy humanity. After getting fired for leaking what OpenAI considered sensitive informa- tion to Holden Karnofsky, the husband of an Anthropic executive, he pub- lished a 165-page essay, “Situational Awareness: The Decade Ahead,” that foresaw the path of AI’s develop- ment—and went viral. The manifesto helped him raise money for his new hedge fund and vaulted him into prominence. He is marrying the chief of staff to An- thropic CEO Dario Amodei, and lives in a San Francisco mansion not far from OpenAI CEO Sam Altman. His in- vestors include top AI executives at Meta, and Patrick and John Collison, the brothers who co-founded pay- ments firm Stripe. Aschenbrenner piled into concen- trated positions in AI stocks, aided with debt and other tactics to super- size the bets. His early success turning a few hundred million dollars into $45 billion earned him a cult following in online circles, where his firm’s routine PleaseturntopageB12
Customers can purchase additional packages for such Ford vehicles as the Bronco, which is seen here at an auto show.
Wachtell, laying bare the existential debate roiling the industry
BY ERIN MULVANEY
At the Jean-Georges restaurant Nougatine near Central Park, Wa- chtell Co-Chair William Savitt re- ceived an offer in May that would turn the legal world on its head. Savitt met with a Gibson Dunn partner, who dangled before him the once-unthinkable prospect of leaving Wachtell—the Wall Street firm where the corporate litigator had worked for two decades—in fa- vor of a global juggernaut with some 2,200 lawyers and more than 20 offices. “Wouldn’t it be fun to practice law together? Here, the sky’s the limit for you,” said Orin Snyder, a litigator at Gibson Dunn who repre- sents stars such as LeBron James, Bob Dylan and Lady Gaga.
The number of lawyers at the global juggernaut Gibson Dunn.
It wasn’t just fun Snyder of- fered—or even a multimillion-dollar raise that would bring Savitt’s com- pensation to at least $20 million a year. It was an offer of scale— power at the kind of gigantic law practice that is increasingly the winning ticket in the frenzied law firm talent wars, where rainmakers play high-stakes musical chairs, lured by annual pay packages that rival those of NBA stars. The move punctured Wachtell’s invulnerable image, and it cuts to the debate roiling the legal industry about what law firms will look like in the future. When Savitt informed Wachtell leadership that he and five other partners would be leaving for Gib- son Dunn, people familiar with the conversations said leaders made emotional pleas. Firm leaders say they were disappointed that a top partner negotiated a deal to leave without discussion. Wachtell, which has about 80 partners, has lost some 16 partners since last year. Some of the depar- tures went to work in-house or re- tired. The firm also hired two part- ners, one from Paul Weiss and the PleaseturntopageB2
BRITTANY GREESON FOR THE WALL STREET JOURNAL; GETTY IMAGES
If you want to make the Internal Revenue Service happy, invest in a private fund. You won’t hear that from the Wall Street giants pro- moting investments in funds that shun publicly traded stocks and bonds. But it’s something you need to know. Financial advisers could push $2 trillion of clients’ assets into alternative assets in the next five years, estimates Cerulli Associ- ates, a consulting firm. These in- vestments in private equity, pri- vate credit, real estate, venture capital, hedge funds and other nontraded assets might—just might—raise your returns. They almost certainly will raise your taxes. John West, co-founder of Flat- rock Wealth Partners, an invest- ment-advisory firm in Newport Beach, Calif., recently asked a simple but radical question: How good are the returns on private assets after tax? They’re lousy. West replicated the typical portfolio of a university endow- ment—some public stocks and bonds, plus loads of private as- sets—with funds that offer simi- lar strategies for individual inves- tors. Over the 10 years that ended March 31, this simulated endow- ment portfolio would have re- turned 8.6% annually, pretax. Af- ter federal and state taxes, West estimates, an upper-income inves- tor would have earned only 6.6% annually after tax. A simple basket of three funds investing in public assets—60% in two stock-index exchange-traded funds, 40% in a municipal-bond fund—would have earned almost the identical return pretax. After tax, it would have returned 8% annually, crushing the endowment portfolio. If you think about it, that makes perfect sense. An index fund holding publicly traded stocks can generate almost no tax bills for as long as you own it, especially if it’s a broadly diversified ETF. On the other hand, private- credit funds specialize in high-in- terest loans; many hedge funds trade rapidly, generating short- term capital gains; private-equity funds produce big payouts when they sell portfolio companies. Other alternative strategies, in-
10%
And Big Law Changed
Gibson Dunn
ContinuedfrompageB1 pay largely fell in line with senior- ity. The firms maintained yearslong relationships with Wall Street banks. Now, their kind is imperiled. Some of the old-guard firms have already shuttered or been forced to merge, including Shear- man & Sterling and Cadwalader, New York City’s oldest firm at the time, which suffered a wave of de- partures before folding into a much larger rival. Others, such as Davis Polk, have pursued rapid growth. The two firms at the top of the prestige pyr- amid, Cravath and Wachtell, are among the few that still hew to a more traditional model. A new breed of mega-firms now dominates the industry. These firms, with roots in places like Chi- cago and Los Angeles, include Gib- son Dunn, Kirkland & Ellis and Latham & Watkins. They provide one-stop services to banks, hedge funds and other large financial cli- ents, raking in as much as $10 bil- lion a year. Their reach allows lawyers to provide corporations and private- equity firms with on-the-ground advice from dozens of offices. It gives the firms recruiting muscle; Kirkland has opened offices in Nashville, Tenn., and Salt Lake City to entice new partners. In an age where firms are grappling with ar- tificial intelligence, the larger ones have been able to invest heavily in proprietary models. Wachtell was founded in 1965 by Jewish outsiders to the world of white-shoe law. One of its original founders, Marty Lipton, retains a role on the eight-person executive committee at 95 years old. The firm built its prestige specializing in corporate dealwork and crises, fa- mous for inventing the “poison pill” takeover defense, which makes it prohibitively costly for an un- wanted bidder to acquire a large stake in a target company. Until 2020, Wachtell lost only one partner to a rival in more than half a century. Last year, the flood- gates started to open. One of the biggest shifts that put Wachtell and its brethren on the back foot was a move away from the so-called lockstep model, in
other from Sullivan & Cromwell. The news set off a feeding frenzy across the top echelons of corporate law, with rival firms reaching out to Wachtell lawyers who now seem poachable, and partners at the elite firm eyeing the exits and calling competitors, according to people familiar with the matter. To recruit a Wachtell co-chair “would have been absurd five years ago,” said Barbara Becker, the chair of Gibson Dunn, which did just that. With only one office, in New York, and roughly 300 lawyers, Wa- chtell remains the marquee place for companies to go for help with high-stakes mergers, hostile take- overs and activist shareholder bat- tles. It has remained intentionally small over the decades and is the most profitable firm in the world, although its revenue is a fraction of its larger rivals. In a statement, Wachtell said it is “performing at its highest level across every metric. The firm is having a record year, continues at the top of all the league tables and is as strong as it has ever been.” New York, the center of the legal universe, was for decades domi- nated by the kind of white-shoe law firms that were shaped by a gentlemanly code in which poach- ing was unheard of and partner
Gross revenue for select firms
$12billion
Kirkland & Ellis Latham & Watkins
Wachtell, Lipton, Rosen & Katz
Cravath, Swaine & Moore
Come With Big Tax Bills
telling you what you need to know
cluding private real estate, also tend to produce titanic tax bills. In general, ETFs miniaturize your taxes. Private funds super- size them. To be fair, Wall Street is push- ing hardest to get alternative funds into 401(k)s and other re- tirement accounts, where any taxes would be deferred. But dozens of Wall Street Jour- nal readers have told me that their financial advisers are prod- ding them to put these funds in taxable accounts. West says he has seen “precious little evi- dence” that advisers are using them predominantly in tax-shel- tered accounts. Ironically, a tax Congress im- posed in 2025 on the investment income of the largest university
of 8.6% average annual returns for a portfolio full of private as- sets is too conservative, consider this. Over the 10 years that ended June 30, 2025, the median educa- tional endowment returned 7.6% annualized, according to the Na- tional Association of College and University Business Officers. Among the biggest, with more than $5 billion in assets, the me- dian return was 8.9% annualized. These are some of the top hold- ers of private funds, with less than half their total assets in pub- licly traded stocks and bonds. In fact, West’s study probably underestimates the impact of taxes on the returns of alternative assets, says Andrew Ang, a for- mer managing director at Black- Rock who now runs Tau Balance, a financial-planning software and research firm in New York. In a recent study, Ang found that over the past century, federal income taxes knocked the 10.5% average annual return on U.S. stocks down to 7%. Even in recent decades, as tax rates fell, federal taxes consumed more than one- sixth of the total return on stocks. Remember that with publicly traded stocks, dividend income is usually low and you can defer capital gains at will. With private funds, however, if you’re a typical upper-income in- dividual investor, Ang thinks a “reasonable assumption” is that your after-tax rate of return would be roughly one-third lower than the reported pretax return. Investing heavily in nontraded assets is often called “the Yale model,” after David Swensen, the brilliant manager of the Yale Uni- versity endowment, who died in 2021. Over the 35 years that ended June 30, 2020, Swensen steered the Yale endowment to an aver- age return of 13.1% annually. That vastly surpassed the 8.8% return on a conventional portfolio of 60% stocks and 40% taxable bonds. If Yale had been treated like an individual investor, Ang’s rule of thumb suggests that Swensen’s epic return would have been slashed to about 8.7% annually af- ter tax. That’s still much better than the less than 6% you would have earned on the 60/40 portfolio an- nually after tax. But it’s a hum- bling reminder that taxes cut even the greatest investors down to size—and your financial ad- viser isn’t David Swensen.
Ten-year estimated annualized returns
Less federal income tax, median state income tax and federal net investment income tax.
Pretax Pretax
Net after- tax*
Net after- tax*
‘Endowment’ portfolio including private funds†
*Difference driven partly by compounding †Consists of approximately 50% alternative funds ‡60% stock, 40% municipal bonds Source: Flatrock Wealth Partners
The Wachtell lawyers who left and the Gibson Dunn partners who recruited them. Top row, left to right: Sarah Eddy, William Savitt, Randall Jackson. Bottom row, left to right: Orin Snyder, Barbara Backer, Bradley Wilson.
which partner pay is closely tied to seniority. Firms that abandoned that model were able to lure stars with ever-bigger pay packages, while the few holdouts didn’t have that flexibility. There are now huge disparities in what firms pay their top earners: At some, they com- mand as much as $35 million, whereas at others, the ceiling is $7 million. Wachtell has had a strict lock- step system for decades but has made modifications in a few indi- vidual cases. Savitt and others saw it as insufficient in scope. Savitt had been pushing for Wa- chtell to give more resources to the litigation team and clear the way for new leadership, according to people familiar with the matter. In addition to Lipton, the firm is still tightly controlled by a few leaders, including 79-year-old Ed Herlihy, one of the top dealmakers in the in- dustry who drives a lot of the firm’s business, according to people familiar with the matter. Some of the firm’s largest transactions were driven by some of the youngest partners of the firm, according to sources within the firm. When Savitt—who clerked for the late Supreme Court Justice Ruth Bader Ginsburg—first met with Gibson Dunn, he had just
endowments is already leading some of these big users of alter- native funds to reconsider their stakes. The tax on endowments maxes out at 8%. Individual tax- payers can face federal tax rates at least four times as high. Of course, promoters of private funds will contend that West’s re- sults aren’t fair. To represent the 10-year returns for each category of alternative assets, he used the largest fund offered to individuals that has a 10-year track record. Naturally, the best funds in some categories had higher returns. But no one ever knows in ad- vance which fund will end up on top—and individual investors aren’t likely to have access to the best private performers anyway. If you think West’s assumption
Basic stock and bond portfolio‡
come off a win for OpenAI in a landmark trial against Elon Musk. One partner who is a member of Savitt’s group is staying at Wach- tell, though he was also expected to make the move to Gibson. He was recently caught on camera kissing a junior lawyer in Central Park and has been placed on a leave of ab- sence. The video went viral on Tik- Tok. For the famously tight-lipped and proper firm, it was a stunning development in a week full of them. Savitt and another partner, who are both leaving for Gibson, have been in a relationship, the New York Post first reported. The rela- tionship doesn’t violate Gibson Dunn’s policies, according to people familiar with the firm. Sources within Wachtell said nothing about the relationship was disclosed to the firm. As at Wachtell, it was once a shock to see a partner defect from Cravath for a rival. The firm set the gold-standard for the legal industry over its 207-year history. Other New York firms mimicked its sys- tem of recruiting top Ivy League law school graduates and training them for lifelong careers at the firm. It was once known for setting the standard for first-year associate salaries. But there have been a string of
departures from Cravath, too—at least 10 in the past year or so. Sources close to the firm leadership said it also counsels lawyers out more frequently than in the past and that some departures were ei- ther to in-house positions or those in the new nonequity tier. Cravath has also seen its share of high-profile corporate deal work shrink. In the 1990s, it handled nearly one-quarter of deals by value. Last year, that share was 7%. By contrast, Kirkland and Latham together accounted for about 30% of all the deal value last year. Faiza Saeed, Cravath’s leader for the last decade, said it has been very intentional in staying small, and occupies a different niche in the market than some of its much larger rivals. “I don’t think the suc- cess of Lands’ End comes at the ex- pense of Brunello Cucinelli,” she said in an interview. The firm has been involved in blockbuster deals this year, and Saeed said she fears that if it grew too big it would be hard to main- tain the same quality of work. “The last 15 years have seen many firms build around highly scaled, very commoditized work,” Saeed said. “Cravath is 207 years old. Our view is, we’re happy with the tier that we occupy.”
ALEX NABAUM FOR WSJ
DAISY KORPICS/WSJ, BENJAMIN FANJOY/GETTY, MANUEL ORBEGOZO/REUTERS, DAVID PAUL MORRIS/BLOOMBERG NEWS, ROB JOHNSON/MEDIANEWS GROUP/BOSTON HERALD, GIBSON DUNN
superstar mathematician. Now, he’s working on what he considers the most important problem.
Jacob Tsimerman
When he won the Fields Medal recently, Jacob Tsimerman accepted the most prestigious honor in math wearing a powder-blue tuxedo with satin lapels. Then he made an announcement as striking as his tux. After the ceremony, the four win- ning mathematicians were asked what they planned to do next. One said he would keep working on par- tial differential equations, one said he wanted to experiment with artificial intelligence and one said she had ab- solutely no idea. That left Tsimerman. “I’ll be starting a position at Open- AI,” he said. The decision was both shocking and not at all surprising. This is someone who recently wrote a paper categorizing the ways AI might kill everyone, applying a mathematician’s instinct for order to the apocalypse. He stopped taking graduate students who weren’t engaging with AI be- cause he couldn’t be sure about the future of math. He even shifted his focus away from number theory and complex algebraic geometry. It turns out he’s so worried about the dangers of AI that he’s now pivot- ing to work on AI safety. The star professor is taking a leave from the University of Toronto to be- come a researcher at OpenAI, but Tsimerman is not leaving math. In fact, he wants to use the formal language and verification methods of his field to advance the study of AI— evaluating its progress, wrapping his mind around its decisions, making ab- solutely sure it won’t lead to our ex- tinction. The companies on the AI frontier that are raiding universities for all kinds of talent can offer unimaginable salaries and stock options. But any- one who has ever met a philosopher or mathematician knows they are not primarily driven by money. Other- wise, they would not be philosophers and mathematicians. One of the greatest mathemati- cians of his generation is working on AI safety because he believes it’s the most important problem that he can help solve. “In a few years, AI systems will be robustly superhuman at the act of do- ing mathematics,” Tsimerman told me. “The social consequence of that, how we choose to react, what you feel about it—those are much harder questions.” For now, he’s thinking about ques- tions that he’s uniquely qualified to answer. How can we understand what AI
LAURA PROCTOR FOR WSJ
MARKETS | SPENCER JAKAB
Steepener’ Is No Goldilocks Moment for Stocks
Everyone knows that interest rates affect stock prices. It’s complicated, though. The Fed’s decision Wednesday to keep overnight rates un- changed sounds like it would have been clearly bullish, but stocks sold off just after Chair Kevin Warsh’s press conference. (They’ve since rebounded might- ily). Also following Warsh’s Q&A, long-term Treasury yields hit a 19- year high. That extended what bond watchers call a “bear steep-
systems are actually doing? How can we get them to get along with each other—and us? How can we mathe- matically prove they’re not secretly plotting to destroy humanity? Mathematicians have long used their tools to make sense of human behavior. Tsimerman will be using them to decipher the behavior of ma- chines. His path to this moment began long before he won the Nobel Prize of math. Tsimerman, 38, is the son of a computer scientist and high-school math teacher. He was born in Russia, moved to Israel as a boy and grew up in Canada, where he won two gold medals at the International Mathe- matical Olympiad in high school be- fore enrolling in the University of To- ronto early and graduating college in
ener.” As ominous as an investing term with the word “bear” in it sounds, it usually isn’t for stocks. It’s called that because bond in- vestors can lose big in that envi- ronment. There are two takeaways when the Treasury yield curve’s slope is positive and increasing, like it is now. Steepening is wel- come when it’s a reaction to rising growth expectations. Examples in- clude 2003, 2009 and 2021, times when the economy was recovering from recessions. That pattern this many years into an economic boom is reminis-
Fields Medal: He won the prize for math whizzes under 40.
That Tux: He wore a powder-blue model with satin lapels for the Fields ceremony. His tailor also made his wedding tuxedo.
Funny Guy: He teaches math—and improv comedy.
Work and Play: He built a superhuman player of the board game Phutball. It took about 10,000 lines of code—and he didn’t code one line.
Jacob Tsimerman, top; geometric models, far left; an Einstein figurine in his office, left.
U.S. Treasury yield curve
5.50%
5.25
5.00
4.75
4.50
4.25
4.00
3.75
3.50
2 yrs. 1 mo. 5 yrs. 10 yrs. 20 yrs. 30 yrs.
Source: U.S. Treasury
cent of 1966 and (gulp) 1987. The 1960s episode was the start of a 16-year stretch when U.S. stocks went nowhere and lost much of their buying power to in- flation. The 1987 version was the year of the worst single-day crash ever—a fluke event, but one prompted by sharply rising bond yields. Inflation has now been above
two years. He got a Ph.D. from Prince- ton, taught at Harvard and returned to his alma mater as its youngest math professor ever. At this point in his biography, I could tell you about his groundbreak- ing work on the André-Oort conjec- ture and Griffiths’s conjecture on the algebraicity of images of period maps and—well, let’s just move on. After all, he’s now working on stuff you don’t need a doctorate to under- stand. For most of his career, Tsimerman was skeptical of AI. He always knew these systems would become more powerful. “But for the longest time,” he said, “I never really believed they would get this powerful.” He found it espe- cially hard to believe that AI could replicate things that make us human, like intuition and creativity. There were several moments over the past decade that forced him to rethink that assumption, and he changed his mind altogether in 2022, as soon as he tinkered with ChatGPT. “If it can talk about chocolate and write a poem,” he thought, “why can’t it talk about math and write equa- tions?” That epiphany led him to an un- comfortable conclusion: “I became very convinced that they would be- come extremely powerful.” Before long, his fear was that AI would get way too powerful. By last summer, he’d published an academic paper imagining multiple dystopian scenarios. It was called “A Taxonomy of Omnicidal Futures Involving Artifi- cial Intelligence”—omnicidal, as in ev-
Thursday
One year ago
Two years ago
the Fed’s target for more than five years, and there’s little sign of job- market weakness. That seemed like a time for Warsh to back up his recent tough talk about price stability with action or at least a call to future action. He didn’t. Warsh said a more hands-off attitude, in which bond yields tapped on the economic brakes on their own, showed mar-
kets are “learning how to play ball” instead of relying on central bankers to officiate. As the Journal’s Greg Ip wrote, though, the central bank “isn’t a neutral umpire, it is the most im- portant player in the game.” And, when it comes to inflation, an ounce of prevention is worth a pound of cure. Rising yields and uncertainty about central banks’ commitment to stable prices, hall- marks of the 1970s, later required draconian rate hikes to repair. Then there’s a new worry— America’s fiscal health. Debt held by the public is on track to blow past $40 trillion very soon. Buying the longest-term debt requires faith that the pile of IOUs will be honored. Nobody expects the U.S. to ac- tually default, but the release valve for high debt and deficits might be a future inflation surge. The real (inflation-adjusted) yield on the long bond just hit a multi- decade high, too. An ump who can’t see that, or doesn’t want to see it, worries bond owners. Stock investors may not be far behind.
2.0
After 18 years and more than 50 superhero movies and television series, Marvel Studios has one of the biggest hits in its history with a preschool cartoon called “Spidey and His Amazing Friends.” The series has been watched— and re-watched—for about 1.25 bil- lion hours since its 2021 launch, according to Nielsen, making it Marvel’s most popular television series. It starts 3- and 4-year-olds on an escalator of Spider-Man con- tent that leads them to TV shows and movies aimed at grade-school- ers, teenagers and adults. “The dream for a fictional char- acter is to be able to resonate across generations for genera- tions,” said Marvel Studios Presi- dent Kevin Feige. The strategy should help prime audiences for this week’s new movie “Spider-Man: Brand New Day.” Produced by Marvel and re- leased by Sony Pictures, it is ex- pected to have the year’s biggest box office opening, based on ad- vance sales and audience research. Spider-Man’s continued success stands out at a time when audi- ences appear tired of Hollywood’s superhero deluge. Marvel has had a number of underperforming films in the past several years and has significantly pulled back on TV production. Rival DC Studios, owned by Warner Bros. Discov- ery, recently bombed at the box office with “Supergirl.” But Spider-Man has remained a profit machine for nearly a quarter-century. He stars in Marvel’s top selling comic book, appears in theme parks and on cruise ships, and is parent company Disney’s second most lucra- tive consumer-prod- ucts brand, behind only Mickey Mouse. Gen Z largely views superheroes as entertainment for older generations. But just over 70% of the audience for Spider-Man movies and TV se- ries is between 17 and 33. The teenage superhero’s fans skew younger than those of Batman, Su- perman and even Harry Potter, ac- cording to research firm Parrot Analytics, whose data doesn’t in- clude children. Three-quarters of Spider-Man’s audience is male, slightly below Batman and Super- man, but higher than Potter. Unlike the wealthy playboy Iron
Spider-Man
Superman
Batman
Harry Potter
2.5
DISNEY
‘Passionate’ Cars Now
ContinuedfrompageB1
clude compact cars, coupes, full- size sedans, station wagons, trucks and SUVs like the Bronco by the 1970s. Until fairly recently, Ford still sold hundreds of thousands of ev- eryperson vehicles each year like the Taurus and Focus—generic- looking, commoditized vehicles with direct competitors at compa- nies like General Motors or Toy- ota, that often yielded low profit margins. The last of that breed was the Escape, a crossover SUV that once started around $28,000 but ended production in 2025. As of July, only a few thousand unsold Es- capes remained on dealer lots. The former Escape factory is now filling up with a $30,000 all- electric pickup by Ford, designed to match the high-tech offerings from upstart Chinese competitors, which are gaining market share around the world. The approach makes sense based on Ford’s sales of late. The F-150 remains the top-selling model in the country, as it has been for decades. The compact Maverick truck, introduced in 2021, dominates an arena the in- dustry once largely abandoned. The Bronco, revived a year earlier, snatched a sale crown from Jeep Wrangler, which previously had no direct competition. The Mustang is the Mustang. But in 2025, Ford sold about 400,000 fewer cars than it did in a decade prior. Its total share of the market is down as customers have fewer choices. The cheapest entry- way to Ford today is the Maverick or small Bronco Sport SUV, which start at roughly $28,000 and $32,000, respectively, and lack the mass appeal of their predeces- sors. Frick said the company’s overall strategic shift is necessary long
1.5
To the Spider-Man Web
strategy is keeping Spidey popular even as viewers tire of other superheroes.
Audience demographic for select movie franchises
By gender By generation
20 0% 40 60 80 100
Male Female
24.5%
75.5%
18.5
81.5
22.2
77.8
52.5
47.5
27.2
James Bond
72.8
Source: Parrot Analytics
Man, the alien Superman or the Amazon princess Wonder Woman, Spider-Man was created in 1962 to be relatable for comic book read- ers. He’s typically portrayed as a socially awkward young man named Peter Parker with romantic, financial and family problems. His trademark quips are a coping mechanism for his insecurity. “The stories are always told from an emotional place,” said Amy Pascal, who helped launch
term. Ford’s generic vehicles like Focus and Escape required the au- tomaker to spend more on incen- tives and promotions to keep up sales, he said. Sometimes Ford had to cut sticker prices altogether, which “hurts the overall viability of the product line.” In 2018, the company made the bold move to cut cars from its lineup entirely, save for the Mus- tang. By that point, the market had been in decline in the U.S. for years. It also was an effort to boost then-sagging earnings and free up spending for what was seen at the time as the next big thing: electric and autonomous vehicles. That de- cision, pushed by then-CEO Jim Hackett, met resistance internally from engineers and designers at the company, according to people familiar with discussions at the time. “We play only where we have real competitive advantage, or we can build one, and we’re ruthless about where we put our money,” Farley said in a call this week with analysts. “Every dollar must earn durable returns and drive profit- able growth.” Ford executives hope the new
The preschool cartoon ‘Spidey and His Amazing Friends’ is Marvel’s most popular television series.
Gen X+ Millennials
Gen Z Zennials
Spider-Man onto the big screen when she ran Sony Pictures and now produces his movies. “People think boys don’t want to be moved, but they do.” When 2-year-old Arlo Medina doesn’t want to get dressed or sit down for din- ner, he sticks his hands out and pre- tends to shoot webs at his parents, just like the star of his favorite car- toon. “He calls it ‘Byber-Man,’ and as soon as he wakes up, he asks if he can watch it,” said Arlo’s mother, Brianne, who lives in Pasadena, Calif. Before “Spidey and his Amazing Friends” made its debut on the Disney Jr. cable network and the Disney+ streaming service in 2021, showrunner Harrison Wilcox and his collaborators tried to deter-
$30,000 EV truck, and potential derivatives like a small SUV, will succeed at that, unlike its past money-losing electric models. They are designed to sell in large volumes. Yet industry observers say that’s a tall order at a time when the larger market has soured on electric cars. “That’s a really big bet on their part,” said Dan Levy, a Barclays auto analyst. Frick said he understands the reservations, because no company has “really broken out in the mar- ket to have a standout” EV outside of market leader Tesla. Designing a new EV assembly line from the ground up will allow Ford to marry a fresh concept for a vehicle with a solid cost structure, he said. “Our expectation is to compete not with some of the, you know, average EV players, but with the Teslas of the world,” he said. The event this month at the Na- scar track highlighted an opportu- nity Ford sees ahead. Roughly half of Ford’s customers are personal- izing their vehicle in some way— buying add-ons like cargo boxes mounted to SUVs, or special decals for a Mustang’s exterior—far more than other automakers, said Simp- son, the customization division
mine what aspects of the character worked for toddlers like Arlo. They scrapped Peter Parker’s haunting sense of responsibility for his uncle’s death, his working- class hustle and the lonesomeness of his secret identity. They made him a young child who has turned into a dinosaur, become a pirate and, in the recently launched fifth season, met an adorable trouble- maker named Symbie who’s in- spired by the gruesome Spider- Man villain Venom. Even with all the changes, the show’s creators tried to keep what they see as the essence of their su- perhero. “Spidey always does the right thing, even if it’s hard,” Wil- cox said. “That’s why he translates so well to fans of every age.” Because every Disney Jr. pro- gram needs an educational ele- ment, Wilcox’s team built “Amaz- ing Friends” around teamwork. The young Spider-Man fights crime with super pals named Spin and Ghost-Spider. The show’s success has made all three characters inescapable for parents of young children who see them on T-shirts, lunchboxes and bounce houses. Nik Ewing had an entertainer playing Ghost-Spider at his daugh-
At left, the 2004 Ford SVT Focus, which has been discontinued. Above, Ford Mustangs with high-performance packages.
head. Historically, Ford would develop a vehicle and then figure out ac- cessories for it, which caps how much the company could offer customers, Simpson said. Now, company designers are being en- gaged from the jump to figure out ways to provide personalization. Dealers can sell the packages as add-ons for customers as they’re obtaining financing for a new ve- hicle at the point of sale, making already lucrative sales of premium models even more profitable. Some dealers say they’re cau- tiously optimistic about the com-
Ford deliveries by vehicle type
3.0million
ter Linnéa’s fourth birthday party and waited in a long line so she could meet Spider-Man at Disney- land. He said he finds “Spidey” more challenging to watch than other shows Linnéa likes because it can feel like a toy commercial. “With ‘Bluey,’ I’ve teared up if the right episode hit me at the right time,” the Los Angeles dad said of the animated blue puppy. “I can confidently say ‘Spidey’ has never hit me emotionally.” Disney Jr. is now building a Marvel preschool universe of sorts. “Iron Man and his Awesome Friends” premiered last year and will be renamed “Avengers: Might- iest Friends” in 2027. The tiny su- perheroes, of course, appear on each others’ shows. “This has absolutely been the best example of introducing our characters, or, I should say, a cer- tain side of our characters, to a young audience,” said Feige. The company’s hope is that “Spidey” fans will graduate to its grade-school cartoon on Disney+, “Your Friendly Neighborhood Spi- der-Man,” and then start watching the movies. While Sony keeps all the money the films earn, Marvel benefits from the boost they give merchandise sales. After it licensed the Spider-Man film and live-action TV rights from then-struggling comic book pub- lisher Marvel, Sony launched the modern superhero movie era with a blockbuster 2002 adaptation starring Tobey Maguire. Nine live- action films followed, the last four of which were made with Marvel Studios. Sony’s two animated “Spider- Verse” films, which feature an al- ternate version of the superhero named Miles Morales, were award- winning hits that attracted youn- ger audiences. A third is coming next year. Sony has also made Spider-Man villain spinoffs, including the hit “Venom” trilogy and flops like “Madame Web” and “Kraven the Hunter.” But the live-action films about Peter Parker remain most popular. At the end of 2021’s “Spider-Man: No Way Home,” Peter made every- one he knows forget who he is in order to protect them. His search to re-establish relationships in “Brand New Day” is intended to be relatable for young adults in the 2020s. “Everybody longs for connec- tions, even though the world we live in is separating us as fast as possible,” said Pascal. “That felt like it worked perfectly with our story, because we put Peter in a situation where he was alone again.”
pany’s overall strategy. Phil Ma- guire, an upstate New York dealer with three Ford stores, said the carmaker has long offered a diver- sity of core products that appeal to most people. Maguire’s dad worked for Ford in the 1960s and launched his first Ford dealership in 1977. “Hopefully it will retain the ability to be that brand, and spe- cialize in some more iconic pieces,” Maguire said. In the meantime, Ford owners who historically drove smaller ve- hicles have had to make tough de- cisions. Ken Hall, 66, has owned Fords for decades, from the Thunderbird luxury car to the Taurus—and most recently an Edge SUV, which was discontinued in 2024. After moving to downtown De- troit, Hall and his wife downsized to one vehicle, and in a bigger city, the Edge made for a perfect fit, he said. “I didn’t feel like I was driv- ing too small a car, but we cer- tainly didn’t want to go any smaller,” he said. Hall recently visited a dealer- ship after hearing about incentives for Edge owners being offered to spur a trade-in. After testing it out, Hall said the couple “reluc- tantly” took on the Explorer. On the first drive of his new, larger SUV, Hall said he paused and thought: “What did we just do? This seems pretty big.”
Truck/SUV Car
D
–20
SaveHis$81BillionWarnerDeal
adds legal muscle, games out options such as getting states to drop out of the suit to get the Paramount-Warner merger done
BY JESSICA TOONKEL AND JOE FLINT
–30
–50
avid Ellison spent nearly a year getting his $81 billion hostile bid for Warner Bros. Discovery inked, past the Justice Department and through regulatory inspec- tion around the world. After all that, a lawsuit from the California state attorney general to block the deal didn’t seem like the biggest hurdle. But now, to clear that and potentially close the deal far later than he’d hoped, Ellison is mak- ing his riskiest and costliest bet yet: going to trial. Paramount has agreed to pay $650 million per quarter in ticking fees at closing—about $7 million a day—if the deal isn’t done by Sept. 30. Ellison and his deputies are now back to the war-room mentality that has defined their quest to join Para- mount, with CBS and its streaming services, to Warner, parent of HBO and CNN.
million
Stock performance, year to date
Warner Bros. Discovery Paramount Skydance
10%
–10
FROM TOP: JON BERKELEY FOR WSJ; LOREN ELLIOTT/GETTY IMAGES, MARTINA ALBERTAZZI/BLOOMBERG NEWS, NOAH BERGER/ASSOCIATED PRESS
–40
2026 July
Source: FactSet
He and chief legal officer Makan Delrahim, the former head of the Justice Department’s antitrust divi- sion during President Trump’s first term, talk several times a day, people familiar with the matter said. They are discussing potential concessions, political appeals or other chess moves, with Ellison heavily involved. They aim to highlight the potential for a deal collapse to hurt employ- ment in Hollywood, the people said. California Gov. Gavin Newsom has ex- pressed concerns about the state’s lawsuit and the ramifications of it for Hollywood if the deal is blocked, The
Wall Street Journal reported Friday. Newsom’s office has encouraged Attorney General Rob Bonta’s office, which has independent authority to file such suits, to find a resolution out of court. The battle holds risks both for Hollywood’s home state and the owner of a major studio fighting to gain scale in an industry suffering from cord-cutting and changing mov- iegoing habits. Paramount shares have nearly halved since its pursuit of Warner heated up in December. The company has spent more than $160 million on legal and other fees related to its Warner bid in the six months ended in March, according to filings. If the deal falls through or is still unsettled by June 2027, it could pay Warner a $7 billion breakup fee or renegotiate the deadline. Paramount executives have talked in internal meetings about their be- lief that the suit is politically moti- vated because Ellison’s father is close to President Trump. Paramount has not made such an allegation in court. Jon Leibowitz, who is serving as counsel for Paramount and is the for- mer Federal Trade Commission chair under President Obama, said the case seems “like an effort to prevent the Ellisons from owning CNN,” he said. CNN’s reporting has been critical of Trump and he frequently complains about its coverage. Bonta has said publicly that the states are not seeking a divestiture of CNN and that a sale of the news or- ganization would not address the con- cerns raised in the coalition’s suit. In recent days, lawyers for both sides have gone back and forth to negotiate a start date for a trial that is expected to last weeks. Para- mount is pushing for a Nov. 4 trial start date while the attorneys gen- eral’s lawyers want it to start April 5, according to a court filing Friday. A judge is expected to make the de- cision in the coming days. Among the strategies Paramount lawyers have discussed: potentially providing incentives to states in the coalition that get them to drop out of the suit and weaken the case, people familiar with those discus- sions said. In some states they could have leverage: Paramount has a pro- duction footprint in New Jersey, where the state has wooed major studios with tax credits, a headquar- ters in California and staff in New York. Paramount has reached out to some state AGs on the suit, the peo- ple said. William Kovacic, a George Wash-
lawyers for both sides have gone back and forth to negotiate a start date for a trial that is expected to last weeks.
Beth Wilkinson, Paramount attorney
Makan Delrahim, Paramount’s chief legal officer
Jeffrey Kessler, Paramount attorney
ington University law professor and former chairman of the Federal Trade Commission, said that strategy could weaken the opposition, but “the states that really matter here are the big antitrust players: Califor- nia, New York and Colorado.” The team has brought on Beth Wil- kinson, a prominent trial attorney, for a legal rematch. Wilkinson success- fully beat the state’s lawyer James Weingarten in Microsoft’s successful defense of its $75 billion acquisition of Activision Blizzard. Wilkinson agreed that going straight to trial was the right thing to do, people familiar with Paramount’s discussions said. Paramount is also continuing to consider a potential move out of the state that’s suing it, people familiar with those discussions said. Such a move wouldn’t resolve the lawsuit, but it could represent a rebuke of a state that has seen a bevy of produc- tions move to other states and coun- tries with richer tax incentives and lower operating costs. Before Ellison’s Skydance merged with Paramount, he had discussed the idea of moving his production com- pany to Tennessee, where he and his wife previously lived and where his father’s company, Oracle, has a large presence. Ellison has told people close to him that while he does not want to move, relocating could help cover the cost of the ticking fee, a person with knowledge of his thinking said. Ellison quickly lawyered up more after the first hearing. Early on in the July 17 session in district court in Oakland, Calif., the judge interrupted Jeffrey Kessler, the top antitrust lawyer Paramount had hired, whose decades of trials included the seminal case against the NCAA that helped reshape college athletics. Did the evidence Paramount put forward “just bolster the conclusion that there are serious questions here as to the legality of the merger,” asked U.S. District Judge Araceli Martínez-Olguín. Kessler answered that his oppo- nents had to demonstrate that there was a probability the deal would lessen competition. Later in the hearing, Kessler cited Apple’s film “F1” as an example of a movie that was a box office success— and a sign of competition in the mar- ket. The film was made by Amazon, he said. Then he quickly corrected himself: It was made by Apple. The states’ lead attorney seized on the opportunity to undermine his point, countering that the movie had in fact been distributed for Apple in theaters by Warner Bros. That fact, he said, underscored the power of the five major players that the merger could strengthen. The judge later wrote that the states’ presentation “at least demon- strates that serious questions going to the merits remain, weighing in fa- vor of preliminary injunctive relief.” Warner employees, meanwhile, are awaiting details of what the post- merger future will look like and what
further cuts might be ahead. Chief Executive David Zaslav spent much of July on a European jaunt, which included meetings with top Warner international executives and side trips to Amsterdam, Wimbledon and Spain. Zaslav could make more than $800 million if the transaction goes through. In recent weeks, Paramount has sought new candidates for the com- bined company’s board. It ap- proached former Activision CEO Bobby Kotick and Meta President and Vice Chair Dina Powell McCor- mick about becoming directors, ac- cording to people familiar with the matter.
For now, some integration plan- ning between the two companies is continuing, but at a slower pace. Ellison has met with several War- ner executives and asked detailed questions about their businesses. Prior to the lawsuit, Paramount was having internal discussions about po- tential joint ventures involving its linear networks and adding other companies’ streaming services to its platform, people familiar with the discussions said. It has no plans to part ways with CNN, other people with knowledge of the matter said. It is unclear if changes to the com- pany’s networks might be offered as concessions to the AGs. The CEO has consulted with a number of people, internally and ex- ternally, about how he should orga- nize its news division. The company is discussing whether to bring CNN and CBS together or operate them separately and Ellison has spent time with CNN head Mark Thompson, peo- ple familiar with the matter said. CBS News head Bari Weiss, whom Ellison brought on when he bought her company Free Press last year, has been under fire for changes she is enacting at the news organization. Ellison still trusts Weiss, the people familiar with the matter said. In a memo to staff after hitting pause last week, Ellison said the deal had passed muster in 65 jurisdictions globally, a sign that it was not anti- competitive. “Let me be clear: we re- main highly confident that this transaction does not pose any legal issues, and we will complete it and bring these two companies together.” He signed off: “Let’s go!”
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Dow Jones
Year ago Last Trailing P/E ratio P/E estimate * Dividend yield
t t
Year ago Last Trailing P/E ratio * P/E estimate * Dividend yield *
Year ago Last Trailing P/E ratio † P/E estimate † Dividend yield *†
52485.03 s 276.97 or 0.53%
All-time high
All-time high
All-time high:
53055.91, 07/06/26
Close DOWN UP 65-day moving average
65-day moving average
65-day moving average
Session open
Close Open
Bars measure the point change from session's open
June July
June July
June July
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. †Based on Nasdaq-100 Index
1.00
Latest 52-Week %chg High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.
Industrial Average 52623.14 51996.32 52485.03 276.97 0.53 53055.91 43588.58 20.4 9.2 13.9
TransportationAvg 21187.85 20971.48 21039.30 -49.93 -0.24 23933.14 15067.87 39.3 21.2 8.2
S&P
Utility Average 1133.68 1121.60 1121.64 -11.34 -1.00 1190.23 1048.33 1.2 5.0 6.4
Total Stock Market 74324.07 73246.23 74106.82 423.20 0.57 75286.10 61627.03 20.3 9.8 17.3
2.00
–2.00
2.00
Barron's 400 1624.37 1605.62 1618.90 1.89 0.12 1635.15 1316.75 22.9 14.6 16.0
4.00
4.00
Nasdaq Stock Market
Nasdaq Composite 25460.86 25004.33 25373.85 251.68 1.00 27093.90 20650.13 22.9 9.2 20.9
5.00
Nasdaq-100 28606.77 27954.24 28274.20 167.85 0.60 30660.60 22763.31 24.2 12.0 21.5
500 Index 7512.04 7399.83 7489.72 52.09 0.70 7609.78 6238.01 20.1 9.4 17.7
80%
MidCap 400 3782.75 3731.22 3758.64 -5.83 -0.15 3852.54 3104.60 21.1 13.7 11.3
SmallCap600 1776.94 1751.29 1768.56 -1.62 -0.09 1804.34 1323.05 33.7 20.5 11.3
6.00%
6.00%
Other Indexes
Russell 2000 2955.83 2902.47 2931.34 -14.76 -0.50 3024.37 2166.78 35.3 18.1 13.5
0.00
NYSE Composite 24184.75 23930.53 24107.54 -30.75 -0.13 24229.67 20267.69 18.9 9.6 13.6
Value Line 680.95 673.33 678.06 -1.48 -0.22 685.30 590.50 13.8 7.9 4.4
NYSE Arca Biotech 8788.93 8463.84 8532.13 -256.81 -2.92 8917.63 5640.67 49.6 19.3 17.0
NYSE Arca Pharma 1238.35 1211.72 1226.60 -11.76 -0.95 1273.25 881.47 35.3 8.9 11.9
KBW Bank 188.17 186.01 187.03 0.25 0.13 191.84 139.52 33.9 13.9 27.9
PHLX§Gold/Silver 313.17 302.04 307.90 -10.05 -3.16 470.37 206.50 49.1 -10.0 34.3
PHLX§Oil Service 95.01 91.99 94.68 2.27 2.46 109.24 58.66 61.4 29.1 0.4
PHLX§Semiconductor 11885.74 11231.79 11311.08 8.09 0.07 14634.72 5527.61 104.6 59.7 43.1
Cboe Volatility 18.70 15.82 15.99 -1.10 -6.44 31.05 13.47 -21.5 7.0 5.5
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
Latest YTD Region/Country Index Close Net chg % chg % chg
World MSCI ACWI 1120.51 13.47 1.22 10.4 MSCI ACWI ex-USA 473.49 10.17 2.19 12.5 MSCI World 4847.88 26.10 0.54 9.4 MSCIEmergingMarkets 1665.89 102.88 6.58 18.6
Americas MSCI ACAmericas 2836.39 16.595 0.59 9.4 Canada S&P/TSX Comp 35226.14 –279.70 –0.79 11.1 Latin Amer. MSCIEMLatinAmerica 3090.14 –3.52 –0.11 14.1 Brazil Bovespa 177999.00 840.14 0.47 10.5 Chile S&P IPSA 5549.31 –6.96 –0.13 2.3 Mexico S&P/BMV IPC 66936.99 –353.41 –0.53 4.1
EMEA STOXX Europe600 649.19 –0.76 –0.12 9.6 Eurozone Euro STOXX 669.90 0.40 0.06 9.4 Belgium Bel-20 5685.82 30.82 0.54 12.0 Denmark OMXCopenhagen20 1598.75 –50.92 –3.09 –0.6 France CAC 40 8509.64 24.00 0.28 4.4 Germany DAX 25629.24 17.21 0.07 4.7 Israel Tel Aviv 4149.50 54.11 1.32 14.3 Italy FTSE MIB 52172.53 68.15 0.13 16.1 Netherlands AEX 1099.18 –5.51 –0.50 15.5 Norway Oslo Bors All-Share 2385.53 8.45 0.36 22.9 South Africa FTSE/JSE All-Share 111493.10 –379.60 –0.34 –3.7 Spain IBEX 35 19782.90 25.20 0.13 14.3 Sweden OMX Stockholm 1125.61 2.53 0.23 7.6 Switzerland Swiss Market 14346.14 –46.35 –0.32 8.1 Turkey BIST 100 13458.10 165.17 1.24 19.5 U.K. FTSE 100 10868.05 –29.22 –0.27 9.4 U.K. FTSE 250 23975.02 –104.12 –0.43 6.7
24000
Euro
Asia-Pacific MSCI ACAsia Pacific 269.81 13.03 5.08 18.5 Australia S&P/ASX 200 8976.80 9.09 0.10 3.0 China Shanghai Composite 3832.26 27.57 0.72 –3.4 Hong Kong Hang Seng 25884.43 25.55 0.10 1.0 India BSE Sensex 78094.64 166.49 0.21 –8.4 Japan NIKKEI 225 64362.02 2494.59 4.03 27.9 Singapore Straits Times 5628.50 –45.08 –0.79 21.1 South Korea KOSPI 6595.45 1001.89 17.91 56.5 Taiwan TAIEX 43119.75 3186.45 7.98 48.9 Thailand SET 1623.64 25.53 1.60 28.9 Sources: FactSet; Dow Jones Market Data
Pricingtrendson someraw materials, or commodities
Friday 52-Week YTD Close Net chg %Chg High Low % Chg % chg
DJCommodity 1364.19 0.39 0.03 1467.33 1037.49 30.21 20.65 FTSE/CC CRB Index 385.10 0.65 0.17 406.18 291.69 30.42 28.89 Crude oil, $per barrel 84.67 1.08 1.29 112.95 55.27 25.75 47.46 Natural gas, $/MMBtu 2.747 -0.011 -0.40 7.460 2.523 -10.90 -25.47 Gold, $per troy oz. 4049.10 -51.00 -1.24 5318.40 3313.40 20.95 -6.39
Consumer Rates and Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
Federal-funds target rate
Money market account yields
A S O N D J 2026
F M A M J J
Yield/Rate (%) 52-WeekRange (%) 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 3.65 3.64 3.50 l 4.51 -1.65 Money market, annual yield 0.44 0.44 0.41 l 0.45 -0.12 Five-year CD, annual yield 1.73 1.73 1.67 l 1.73 -1.13 30-year mortgage, fixed† 6.75 6.71 6.11 l 6.81 -0.63 15-year mortgage, fixed† 6.17 6.10 5.55 l 6.18 -0.49 Jumbomortgages, $832,750-plus† 6.84 6.71 6.34 l 6.87 -0.59 Five-year adj mortgage (ARM)† 6.02 5.95 5.66 l 6.26 -0.28 New-car loan, 48-month 6.96 6.97 6.85 l 7.21 -0.30 Bankrate.com rates based on survey of over 1,500 online banks. Base rate posted by 70% of the nation'slargest banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data;Bankrate.com
7489.72 s 52.09 or 0.70%
21.90 24.08 20.29 21.10 1.49 1.67
Current divisor 0.1682481652835
7609.78, 06/02/26
53000
3.00
51000
49000
Session high
47000
45000
Session low
43000
41000
Selectedrates MoneyMarket/SavingsAccts
Bankrate.com avg†: 0.44%
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
25373.85 s 251.68 or 1.00%
25.19 24.81 21.01 23.82 1.10 1.21
27093.90, 06/02/26
LatestSession 52-Week Company Symbol Close Net chg % chg High Low % chg
LatestSession 52-Week Company Symbol Close Net chg %chg High Low %chg
Replimune Group REPL 11.20 5.79 107.02 12.50 1.50 59.3 Tucows TCX 15.44 5.74 59.18 25.17 8.46 -10.4 Apnimed APMD 25.00 9.00 56.25 29.15 16.00 ... Eloxx Pharmaceuticals ELOX 17.43 4.13 31.05 18.42 .00001 1584445.5 IES Holdings IESC 744.54 173.00 30.27 804.00 309.51 110.9
GrShr 2xLong AMZN Daily AMZZ 38.80 8.92 29.85 43.11 22.21 11.0 Zenta Group ZTG 4.40 1.01 29.79 6.00 1.09 ... SCYNEXIS SCYX 4.84 1.11 29.76 10.48 3.53 -12.3 Direxion AMZN Bl 2X AMZU 41.72 9.56 29.73 47.14 24.54 0.9 AXT AXTI 60.43 13.49 28.74 143.16 1.85 2805.3
Shuttle Pharma SHPH 3.80 0.71 22.98 55.90 2.58 -89.6 Forum Energy Technologies FET 62.67 11.24 21.85 65.43 18.12 218.0 GrShr 2xSh COIN Daily CONI 54.26 9.38 20.89 141.65 28.41 36.3 Integer Holdings ITGR 121.21 20.35 20.18 123.50 62.00 11.7 CNS Pharmaceuticals CNSP 5.82 0.97 19.94 10.59 1.90 -27.1
JIADE JDZG 6.01 -43.99 -87.98 1014.98 3.65 -99.1 Karyopharm Therapeutics KPTI 1.92 -5.09 -72.61 10.99 1.80 -49.6 T3 Defense DFNS 27.68 -57.30 -67.43 1948.75 3.70 -96.3 BioAge Labs BIOA 9.04 -15.81 -63.62 25.96 4.11 105.5 Nuwellis NUWE 1.74 -2.71 -60.90 378.35 1.61 -99.5
Myriad Genetics MYGN 2.86 -2.51 -46.74 8.59 2.81 -25.5 Game Your Game GYGY 9.08 -6.90 -43.18 32.66 7.50 ... GrShr 2xLong RDDT Daily RDTL 12.12 -8.77 -41.98 89.84 10.89 -62.0 Monte Rosa Therapeutics GLUE 16.52 -6.16 -27.16 25.77 4.12 233.7 PN Smart Energy PN 17.27 -6.40 -27.04 76.80 2.18 -75.9
Roblox RBLX 35.60 -13.07 -26.85 150.59 33.88 -74.2 Cerus CERS 2.15 -0.74 -25.61 3.47 1.15 68.0 YieldMax RBLX Opt Incm RBLY 8.88 -2.93 -24.81 58.42 8.43 -84.3 Veracyte VCYT 46.32 -13.46 -22.52 60.91 22.92 97.0 Leverage 2X LgCOIN Dly COIG 3.90 -1.09 -21.82 54.30 3.50 -92.5 Most Active Stocks
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low
Wetour Robotics WETO 1,468,783 39985.0 0.09 200.00 2.51 0.03 Li Bang International LBGJ 931,571 4759.4 0.02 3.89 177.00 0.02 Mangoceuticals MGRX 508,400 20812.6 0.56 89.75 2.75 0.16 Zhibao Technology ZBAO 377,050 2405.1 0.20 16.00 1.34 0.15 Onfolio ONFO 296,572 3766.8 0.08 -6.18 2.48 0.06 * Common stocks priced at$2 a share or morewith anaverage volume over 65 trading daysof at least 5,000 shares =Has traded fewerthan 65days
and Rates Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Friday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSE U.S. Treasury Close; TullettPrebon; DowJonesMarket Data
Yield (%) 52-Week Total Return (%) Bond total return index Close Last Weekago High Low 52-wk 3-yr
32.61 32.67 24.79 29.95 0.57 0.69
Volume, Advancers, Decliners
NYSE NYSE Amer.
Totalvolume1,440,121,347 21,254,039 Adv. volume 640,165,366 4,006,577 Decl.volume 779,186,652 16,876,553 Issues traded 2,834 297 Advances 1,302 129 Declines 1,450 154 Unchanged 82 14 New highs 47 3 New lows 65 12 Closing Arms† 1.07 1.14 Block trades 4,460 164
Nasdaq NYSE Arca
Totalvolume11,942,508,537 414,958,293 Adv.volume7,000,549,657 169,389,496 Decl.volume4,889,615,161 219,328,460 Issues traded 5,018 2,662 Advances 2,200 1,232 Declines 2,635 1,384 Unchanged 183 46 New highs 93 57 New lows 228 139 Closing Arms† 0.58 1.14 Block trades 107,419 1,851
*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly.
†(TRIN)Acomparisonofthenumberofadvancinganddeclining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
Yen
s WSJ Dollar Index
2025 2026
Index Currency, vs. U.S. dollar
Exchange- traded fund S&P 500 Consumer Discr 8.30% S&P 500 Communication Svcs 5.37 Japanese yen 4.11 Hang Seng 3.69 BSE Sensex 2.68 S&P/ASX 200 2.33 Bovespa Index 2.27 DAX 2.11 Comex copper 1.74 South African rand 1.67 CAC-40 1.64 Nasdaq Composite 1.59 Euro area euro 1.39 Swiss franc 1.30 FTSE 100 1.23 U.K. pound 1.19 South Korean won 1.16 S&P 500 Consumer Staples 1.15 Norwegian krone 1.12 S&P 500 1.05 S&P 500 Financials 1.05 Indian rupee 1.04 Dow Jones Industrial Average 1.04 IBEX 35 1.01 S&P/BMV IPC 0.83 Mexican peso 0.80 STOXX Europe 600 0.73 FTSE MIB 0.71 Euro STOXX 0.60 Australian dollar 0.59 Canadian dollar 0.52 Nasdaq-100 0.52 Shanghai Composite 0.47 S&P SmallCap 600 0.40 iShiBoxx$HYCp 0.32 Chinese yuan 0.31 iSh 1-3 Treasury 0.18 iSh TIPS Bond 0.12 iShNatlMuniBd 0.09 Russell 2000 0.05 iShJPMUSEmgBd 0.02 iShiBoxx$InvGrdCp 0.02
27000
26500
26000
25500
25000
24500
S&P 500 Health Care -0.01
VangdTotIntlBd -0.06
iSh 7-10 Treasury -0.09
VangdTotalBd -0.11
S&P 500 Information Tech -0.12
S&P 500 Energy -0.19
NIKKEI 225 -0.39
S&P/TSX Comp -0.40
Comex gold -0.53
Indonesian rupiah -0.59
S&P MidCap 400 -0.67
iSh 20+ Treasury -1.20
Nymex ULSD -1.41
KOSPI Composite -1.42
WSJ Dollar Index -1.49
S&P 500 Industrials -1.59
S&P 500 Materials -1.72
Comex silver -1.91
Bloomberg Commodity Index -2.14
S&P 500 Real Estate -2.22
Lean hogs -3.89
S&P 500 Utilities -4.23
Nymex natural gas -4.88
Corn -5.06
Nymex RBOB gasoline -5.13
Nymex crude -5.20
Wheat -5.72
Soybeans -6.09
Dow Jones Transportation Average -6.39 *Continuous front-month contracts
Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies). THE WALL STREET JOURNAL
Methodology Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which reflect total returns). Commodities are represented by the continuous front-month futures contract. Bond exchange-traded fund performance may diverge from that of their underlying index. Bond categories are represented by the following ETFs: U.S. Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3 Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S. Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS): iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal Bonds: iShares National Muni; International Bonds: Vanguard Total International; Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.S.-dollar foreign-exchange ratesat 5 p.m. ET
US$vs, Fri YTDchg Country/currency inUS$ perUS$ (%)
US$vs, Fri YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071486.2253 2.4 Brazil real .1966 5.0876 –7.8 Canada dollar .7131 1.4023 2.2 Chile peso .001075 930.40 3.4 Colombiapeso .000316 3166.44 –16.0 Ecuador USdollar 1 1 unch Mexico peso .0577 17.3441 –3.7 Uruguay peso .02484 40.2572 3.1 Asia-Pacific Australiadollar .7021 1.4243 –4.9 China yuan .1481 6.7515 –3.5 Hong Kong dollar .1275 7.8422 0.8 India rupee .01048 95.403 6.2 Indonesia rupiah .0000555 18029 8.0 Japan yen .006354 157.38 0.5 Kazakhstan tenge .002109 474.22 –6.5 Macau pataca .1238 8.0804 0.7 Malaysia ringgit .2448 4.0852 0.7 New Zealand dollar .5879 1.7010 –2.1 Pakistan rupee .00360 277.867 –0.8 Philippines peso .0163 61.182 3.8 Singapore dollar .7797 1.2825 –0.2 South Korea won .0006930 1442.93 0.2 Sri Lanka rupee .0029773 335.87 8.4 Taiwan dollar .03095 32.311 3.1 Thailand baht .02992 33.420 6.1
A Dow Jones partner
Prediction Market: Largest Company end of December 2026?
This market will resolve to the largest company in the world by market cap on Dec. 31, 2026, as of market close.
NVIDIA: 56%
Commodity, traded in U.S.*
Vietnam dong .00003802 26301 ... Europe Czech Rep. koruna .04759 21.012 2.1 Denmark krone .1542 6.4837 2.0 Euro area euro 1.1529 .8674 1.9 Hungary forint .003159 316.57 –3.3 Iceland krona .008121 123.14 –1.7 Norway krone .1056 9.4717 –6.1 Poland zloty .2675 3.7380 4.1 Sweden krona .1050 9.5261 3.4 Switzerland franc 1.2382 .8076 1.9 Turkey lira .0210 47.5127 10.6 Ukraine hryvnia .0223 44.7500 5.7 UKpound 1.3482 .7417 –0.04 Middle East/Africa Bahrain dinar 2.6520 .3771 0.03 Egypt pound .0195 51.1559 7.2 Israel shekel .3270 3.0581 –4.0 Kuwait dinar 3.2348 .3091 0.4 Oman sul rial 2.6007 .3845 –0.1 Qatar rial .2734 3.657 0.1 Saudi Arabia riyal .2666 3.7516 0.02 South Africa rand .0604 16.5574 –0.04
Close NetChg %Chg YTD%Chg
WSJDollarIndex 96.10 –0.22–0.23 0.18
Sources:Tullett Prebon,Dow Jones MarketData
Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $perlb. Aug 6.4515 6.5155 6.4095 6.4360 –0.0085 4,948 Sept 6.3495 6.5450 6.4295 6.4655 –0.0090 136,610 Gold (CMX)-100 troyoz.; $ per troy oz. Aug 4060.70 4118.50 4022.40 4049.10 –51.00 15,693 Sept 4076.00 4133.30 4032.30 4062.40 –52.30 4,723 Oct 4094.30 4148.00 4046.20 4076.60 –52.80 51,738 Nov 4101.20 4104.00 4101.20 4092.30 –53.20 282 Dec 4126.70 4180.20 4076.40 4107.00 –53.60 284,978 Jan'27 4120.80 4125.30 4120.80 4124.70 –53.90 254 Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 1244.50 1244.50 s 1244.50 1275.60 –26.60 26 Sept 1266.50 1322.00 1262.50 1281.40 –26.80 16,571 Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 1612.10 1632.90 s 1612.10 1650.30 –1.60 41 Oct 1661.80 1671.20 1625.90 1658.70 –1.50 45,587 Silver (CMX)-5,000 troy oz.; $ per troy oz. Aug 59.200 59.200 57.340 57.591 –1.224 1,248 Sept 59.260 59.405 57.220 57.786 –1.231 80,685 Crude Oil, LightSweet (NYM)-1,000 bbls.; $perbbl. Sept 83.92 86.87 81.06 84.67 1.08 265,736 Oct 81.15 83.44 78.63 81.49 0.69 167,361 Nov 78.54 80.37 76.32 78.65 0.46 114,336 Dec 76.49 78.00 74.48 76.44 0.32 204,863 June'27 71.22 72.24 70.05 71.14 0.13 137,548 Dec 69.11 69.86 68.09 68.98 0.08 149,044 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Aug 4.3601 4.3118 4.1047 4.1215 –.0879 1,567 Sept 4.2330 4.2293 4.0561 4.0955 –.0336 75,491 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Aug 3.2402 3.2626 3.1992 3.2216 –.0631 2,660 Sept 3.1291 3.1735 3.0650 3.1142 –.0171 106,204 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Sept 2.746 2.802 2.712 2.747 –.011 371,988 Oct 2.785 2.840 2.756 2.787 –.012 153,038 Dec 3.701 3.735 3.665 3.689 –.017 139,882 Jan'27 4.177 4.217 4.145 4.165 –.018 144,573 March 2.992 3.017 2.953 2.975 –.014 139,091 April 2.850 2.871 2.814 2.832 –.013 115,922
Agriculture Futures Corn (CBT)-5,000 bu.; centsper bu. Sept 445.50 447.00 438.00 440.75 –5.00 531,259 Dec 468.50 470.00 461.00 464.00 –4.50 789,646 Oats (CBT)-5,000 bu.; cents per bu. Sept 314.25 316.25 308.50 310.25 –1.75 804 Dec 332.25 336.00 328.00 330.25 –1.50 2,246 Soybeans (CBT)-5,000 bu.; cents per bu. Aug 1178.00 1181.00 1166.75 1172.00 –5.25 2,229 Nov 1192.50 1196.00 1180.50 1187.50 –1.25 500,932 Soybean Meal (CBT)-100 tons; $per ton. Aug 316.10 317.30 309.40 312.20 –1.90 2,208 Dec 324.10 325.30 318.80 321.20 –1.60 287,021 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Aug 68.39 68.39 66.56 67.12 –1.23 2,771
Largest 100 exchange-traded funds, latest session.
Friday, July 31, 2026
Friday, July 31, 2026 SSSPDRS&P500V SPYV 62.06 –0.16 9.2 SSIMSPDRS&P500 SPY 747.03 0.72 9.5 SSSPDRS&P400 MDY 686.32 –0.13 13.8 SSTechSel XLK 175.35 –0.22 21.8 VanEckSemicon SMH 540.53 0.30 50.1 VangdExtMkt VXF 236.16 –0.30 12.9 VangdDivApp VIG 239.17 –0.37 8.8 VangdFTSEAWxUS VEU 82.85 –0.22 12.6 VangdFTSEDevMk VEA 70.62 –0.66 13.0 VangdFTSE EM VWO 58.75 0.96 9.3 VangdFTSE Europe VGK 90.59 –0.44 8.3 VangdHiDiv VYM 161.96 ... 12.8 VangdInfoTech VGT 113.15 –0.38 20.1 VangdIntermBd BIV 75.54 –0.20 –3.0 VangdIntrCorpBd VCIT 81.26 –0.15 –3.0 VangdIntermTrea VGIT 58.35 –0.17 –2.6 VangdMstarGrw VUG 85.20 1.10 4.8 VangdMorningstarLC VV 343.60 0.68 9.1 VangdMstarMegaCap MGK 86.33 1.11 4.6 VangdMorningstarMC VO 80.95 –0.05 11.6 VangdMorningstarSC VB 295.14 –0.22 14.4 VangdMstarSCValue VBR 244.63 –0.20 15.5 VangdMstarTotalStk VTI 368.21 0.53 9.8 VangdMstarValue VTV 219.95 –0.27 15.2 VangdRealEst VNQ 98.95 –0.54 11.8 VangdRuss1000Grw VONG 121.91 0.84 0.1 VangdS&P500ETF VOO 686.65 0.71 9.5 VangdST Bond BSV 77.58 –0.08 –1.6 VangdSTCpBd VCSH 78.62 –0.06 –1.4 VangdShortTrea VGSH 58.10 –0.05 –1.1 VangdTaxExemptBd VTEB 49.60 –0.10 –1.4 VangdTotalBd BND 72.23 –0.26 –2.5 VangdTotIntlBd BNDX 47.77 –0.23 –1.1 VangdTotIntlStk VXUS 84.59 –0.21 12.1 VangdTotWrldStk VT 155.86 0.26 10.5
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
AvantisUSSCValue AVUV 125.28 0.03 22.8 CapGrpDivVal CGDV 49.54 0.63 13.5 DimenUSCoreEq2 DFAC 44.49 0.36 12.4 DirexSemiBl3 SOXL 114.72 ... 172.9 InvscNasd100 QQQM 283.29 0.69 12.0 InvscQQQI QQQ 687.99 0.65 12.0 InvscS&P500EW RSP 215.01 –0.17 12.2 iShBitcoin IBIT 35.64 –2.89 –28.2 iShBrdUSDHYCpBd USHY 36.78 –0.03 –1.6 iShCoreDivGrowth DGRO 78.01 –0.28 12.4 iShCoreMSCIEAFE IEFA 98.25 –0.64 9.8 iShCoreMSCIEM IEMG 77.61 0.73 15.5 iShMSCIIntlDev IDEV 90.49 –0.72 9.7 iShCoreMSCITotInt IXUS 94.54 –0.15 11.7 iShCoreS&P500 IVV 750.32 0.69 9.5 iShCoreS&P MC IJH 75.27 –0.11 14.0 iShCoreS&P SC IJR 145.46 –0.03 21.0 iShCoreS&PTotUS ITOT 163.61 0.59 10.0 iShCoreS&PUSGrw IUSG 184.83 1.37 10.1 iShCoreUSAggBd AGG 97.37 –0.26 –2.5 iShCoreUnivUSDBd IUSB 45.45 –0.21 –2.3
iShEdgeMSCIUSAMom MTUM 299.59 0.27 19.7 iShEdgeMSCIUSAQual QUAL 219.32 0.18 10.4 iShGoldTr IAU 76.17 –1.46 –6.2 iShiBoxx$IGCpBd LQD 106.25 –0.15 –3.6 iShMBS MBB 92.92 –0.40 –2.4 iShMSCIACWI ACWI 156.43 0.49 10.6 iShMSCI EAFE EFA 105.58 –0.62 9.9 iSh MSCI EM EEM 64.09 0.79 17.1 iShNatlMuniBd MUB 105.64 –0.11 –1.4 iShRussMC IWR 109.69 –0.28 13.9 iShRuss1000 IWB 408.38 0.64 9.4
July 31,2026
Keyannualinterestratespaidto borrow orlendmoneyin U.S.andinternationalmarkets.Ratesbelowarea guide togeneral levels but don’talwaysrepresentactualtransactions.
Inflation
June index Chg From(%) level May '26 June '25
U.S.consumer priceindex Allitems 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 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
Notes ondata: U.S. prime rate isthe base rate oncorporate loans posted byat least 70% of the 10largest U.S. banks, and iseffective December 11, 2025. Otherprime rates aren’t directly comparable;lending practices varywidely bylocation; Discount rateiseffective December 11, 2025.Secured Overnight Financing Rate isas of July 30, 2026. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'sweighted average for overnight trades inapplicableCUSIPs. Value traded isin billions of U.S.dollars.Federal- fundsrates are Tullett Prebon rates asof 3:30 p.m. ET. Sources:Federal Reserve; Bureau of Labor Statistics;DTCC; FactSet; TullettPrebon Information, Ltd.
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.
Citizens&Northern CZNC 25.84 -0.2 ClearChannelOutdr CCO 2.44 0.4 Cloudflare NET 293.80 -1.6 ConnectOnePfdA CNOBP 25.28 0.3 Credicorp BAP 413.25 -0.4 Danaos DAC 143.48 -0.3 Datadog DDOG 278.76 -0.2 DelekLogistics DKL 61.50 2.0 Diamondrock DRH 13.48 2.6 DianthusTherap DNTH 114.55 -5.1 DivrsHlthcrNts42 DHCNI 17.88 2.2 ElectronicArts EA 209.93 0.1 EloxxPharm ELOX 18.42 31.1 EnlivenTherap ELVN 55.82 1.6 EnovaIntl ENVA 260.79 0.3 FedAgriMtg C AGM 228.38 3.3 FirstBusey BUSE 31.43 -1.3 FirstBusFinSvcs FBIZ 70.71 4.4 FirstInternetBncp INBK 30.05 12.1 FirstNatlVA FXNC 32.18 0.3 FlagstarBankPfdA FLGpA 23.56 0.8 ForresterRes FORR 11.75 18.1 FutureMoney FMAC 10.03 0.1 Gerdau GGB 5.02 ... GladstonePfdB LANDO 21.91 0.3 GlobaTerraA GTERA 10.37 0.1 GlobalShipLease GSL 44.69 -0.3 GrupoCibest CIB 94.21 -1.5 GuardantHealth GH 176.58 6.3
AMCGlobalMedia AMCX 11.66 15.3 AcadianAsset AAMI 88.30 3.0 AdaptiveBiotech ADPT 24.57 -6.7 Aegon AEG 9.49 ... AeonAcqnI AESP 9.93 ... Ametek AME 244.97 0.7 AB InBev BUD 86.60 0.4 AnikaTherap ANIK 19.29 6.7 Apnimed APMD 29.15 56.3 ArchimedeIII ARCI 10.14 0.4 Arxis ARXS 55.24 10.9 AstroNova ALOT 28.99 0.4 AxosFinancial AX 105.20 3.0 BBVA BBVA 28.05 1.3 BankFirst BFC 154.42 1.0 BankwellFinl BWFG 69.21 0.6 BillionToOne BLLN 140.21 -0.7 BrinkerIntl EAT 214.23 1.8 BristolMyers BMY 65.66 0.7 Bruker BRKR 65.30 -2.3 CNO Financial CNO 57.59 3.0 Cactus WHD 65.19 4.9 CareDx CDNA 45.00 14.7 CatalystAcqn CATLU 10.03 0.1 CheesecakeFct CAKE 103.33 0.1 ChefsWarehouse CHEF 115.72 2.8
Dec 67.46 67.46 66.17 66.90 –.39 263,825 Rough Rice (CBT)-2,000 cwt.;$ per cwt. Sept 13.79 13.99 13.73 13.96 .20 11,479 Nov 14.20 14.41 14.20 14.40 .20 1,319 Wheat (CBT)-5,000 bu.;cents per bu. Sept 663.25 665.00 634.50 639.25 –24.25 196,941 Dec 681.50 682.75 653.25 657.50 –24.00 156,282 Wheat (KC)-5,000 bu.;cents per bu. Sept 731.75 733.25 703.00 707.50 –23.25 121,591 Dec 747.00 749.00 719.25 723.75 –23.00 112,448 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 346.475 348.725 346.150 348.025 1.550 11,879 Sept 342.625 345.350 342.100 343.775 1.325 20,420 Cattle-Live (CME)-40,000 lbs.; centsper lb. Aug 231.275 232.675 231.200 231.750 .525 36,011 Oct 227.425 228.550 226.925 227.250 –.200 118,171 Hogs-Lean (CME)-40,000 lbs.; centsper lb. Aug 98.375 99.350 98.325 98.850 .425 20,585 Oct 83.350 85.175 83.125 84.850 1.500 120,369 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 625.50 626.00 613.00 614.00 –11.00 6,615 Nov 631.00 631.00 622.50 623.50 –8.50 1,201 Milk (CME)-200,000 lbs., centsper lb. July 15.65 15.68 15.65 15.67 .03 5,515 Sept 17.08 17.58 16.98 17.53 .59 6,471 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 5,168 5,510 5,138 5,397 285 63,991 Dec 5,293 5,647 5,271 5,536 290 56,040 Coffee (ICE-US)-37,500 lbs.;cents per lb. Sept 325.75 334.40 320.90 332.10 9.05 54,648 Dec 310.35 316.85 305.05 314.65 6.95 62,455 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 14.43 14.78 14.38 14.66 .23 499,693 March'27 15.35 15.65 15.28 15.53 .20 300,368 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 35.50 35.50 35.50 35.50 … 190 March'27 37.32 37.32 37.32 37.32 … 1,475 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 79.75 80.49 79.60 80.50 1.09 142 Dec 80.65 81.95 80.62 81.79 1.12 194,350 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 146.40 155.75 143.20 154.95 8.95 7,658 Nov 150.05 159.50 147.45 159.15 9.15 1,477
Interest Rate Futures Ultra Treasury Bonds (CBT) -$100,000; pts 32nds of 100% Sept 110-300 111-120 109-200 109-220 –1-06.0 2,467,309 Dec 110-130 110-270 109-080 109-100 –1-06.0 48 Treasury Bonds (CBT)-$100,000; pts32nds of 100% Sept 109-090 109-250 108-080 108-100 –1-03.0 1,863,334 Dec 108-280 109-080 107-270 107-270 –1-04.0 11,519 Treasury Notes (CBT)-$100,000; pts32nds of 100% Sept 108-155 108-215 107-315 108-000 –17.5 5,285,478 Dec 108-080 108-120 107-225 107-230 –18.0 24,330 5Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 106-052 106-122 105-310 105-312 –11.2 6,215,189 Dec 106-082 106-082 105-277 105-275 –11.7 23,699 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-267 102-296 102-247 102-257 –3.7 4,352,035
iShRuss1000Grw IWF 118.32 0.76 –0.0 iShRuss1000Val IWD 251.82 0.44 19.7 iShRuss2000 IWM 291.20 –0.48 18.3 iShS&P500Grw IVW 135.25 1.44 9.7 iShS&P500Value IVE 231.71 –0.19 9.3 iShSemiconductor SOXX 504.89 0.07 67.7 iSh7-10YTreaBd IEF 92.95 –0.28 –3.3 iShSilver SLV 52.36 –2.13 –18.7 iSh20+YTreaBd TLT 82.25 –0.66 –5.6 iShUSEqFactRotat DYNF 67.45 0.79 10.9 iShUSTreasuryBd GOVT 22.45 –0.24 –2.5 iSh0-3MTreaBd SGOV 100.71 0.02 0.3 JPMNasdEqPrem JEPQ 58.25 0.57 0.2 JanusAAACLO JAAA 50.50 0.06 –0.2
JPMEqPremiumIncome JEPI 57.43 0.33 0.3 JPM UltShIncm JPST 50.54 ... –0.1 ProShUltPrQQQ TQQQ 64.62 2.09 22.6 SPDRGoldMini GLDM 80.14 –1.46 –6.1 SPDR Gold GLD 371.54 –1.49 –6.3 SchwabIntEquity SCHF 27.43 –0.58 14.1 SchwabUS BrdMkt SCHB 28.85 0.59 10.0 SchwabUS Div SCHD 33.47 0.18 22.0 SchwabUS LC SCHX 29.44 0.65 9.4 SchwabUS LC Grw SCHG 34.17 1.12 4.8 SSEnergySel XLE 59.55 1.00 33.2 SSFinlSel XLF 56.94 –0.11 4.0 SSHlthCrSel XLV 162.55 –0.59 5.0 SSIndlSel XLI 179.84 0.81 15.9 SSSPDRBbg1-3M BIL 91.68 0.03 0.3 SSSPDR DJIA DIA 524.32 0.54 9.1 SSSPDRDevxUS SPDW 50.06 –0.71 12.7 SSSPDRS&P500 SPYM 87.90 0.68 9.6 SSSPDRS&P500G SPYG 117.14 1.45 9.8
Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60
Overnight repurchase U.S. 3.69 3.67 4.45 3.49
U.S.government rates
Discount 3.75 3.75 4.50 3.75
Federal funds 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 billauction 4weeks 3.630 3.730 4.300 3.550
HarvardAveA HAVA 10.17 0.2 HomeBancorp HBCP 72.44 0.7 ING Groep ING 35.07 ... IdahoCopperWt COPR.WS 2.00 47.5 Illumina ILMN 205.93 ... IntegerHoldings ITGR 123.50 20.2 IntlSeaways INSW 97.07 1.0 JerseyMike's JMKE 23.21 6.3 JonesLang JLL 365.43 -1.8 K&FGrowthII KFII 10.62 0.2 Karooooo KARO 66.23 0.3 MBX Biosci MBX 69.40 -0.8 ManulifeFinl MFC 44.89 -0.2 McKinleyAcqnA MKLY 10.25 0.4 MideraFood MFP 49.86 -0.4 MonoparTherap MNPR 116.69 -5.5 NMI Holdings NMIH 46.74 2.0 NaviosMaritime NMM 82.84 1.9 Neogen NEOG 12.15 4.4 Neutron LIME 29.74 7.0 NewellBrands NWL 7.13 8.9 Noodles NDLS 19.00 5.9 NordicAmTankers NAT 6.73 -2.0 NorwoodFin NWFL 35.06 0.9 OkeanisEcoTankers ECO 60.78 0.8 OptimumBank OPHC 7.63 7.8 OrukaTherap ORKA 99.00 -1.4 PacGE pfB PCGpB 23.68 0.2 ParPacific PARR 87.03 0.1
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. 3.81 4.26 3.57
Secured Overnight Financing Rate 3.65 3.64 4.51 3.50
Value 52-Week Latest Traded High Low
DTCC GCFRepo Index Treasury 3.686 77.600 4.492 3.504 MBS 3.710 87.386 4.623 3.517
Weekly survey
Latest Week ago Year ago
Freddie Mac 30-year fixed 6.66 6.58 6.72 15-year fixed 6.04 5.96 5.85
Park-Ohio PKOH 40.41 1.5 Popular BPOP 176.59 ... Precigen PGEN 6.28 5.6 Primerica PRI 326.78 -1.0 QCR Holdings QCRH 104.35 -0.1 QuadGraphics QUAD 10.39 5.2 Reformation REF 16.35 7.6 RomanDBDR II DRDB 10.62 0.1 SafetyInsurance SAFT 103.57 0.2 SeanergyMaritime SHIP 18.08 -1.9 SharkNinja SN 164.37 -1.0 Snowflake SNOW 304.17 -1.6 StarBulkCarriers SBLK 29.34 -1.4 StevenMadden SHOO 48.76 -3.7 StoneBridgeAcqnII APAC 10.20 0.1 TFS Finl TFSL 19.30 2.0 10xGenomics TXG 50.34 -4.4 ThayerVenturesII TVAI 10.37 0.1 UltraparPart UGP 6.59 0.6 UtzBrands UTZ 14.19 0.1 Viking VIK 105.86 -0.1 Youdao DAO 17.27 2.6 Zenta ZTG 6.00 29.8 Lows
ArriveAI ARAI 0.22 -2.2 AssdBancPfdE ASBpE 19.96 -0.9 AtlasCriticalMnl ATCX 2.75 -7.5 Auddia AUUD 1.02 -2.9 AvaxOneTech AVX 2.88 -5.8 BankofAmPfdE BACpE 18.26 -1.3 BankofAmPfdQQ BACpQ 16.41 -0.7 BankofAmPfdSS BACpS 18.45 -0.9 BeyondAir XAIR 5.02 -2.7 BicycleTherap BCYC 3.80 -3.7 BigBear.aiWt BBAI.WS 0.13 -26.1 Biomerica BMRA 1.47 -6.3 BionanoGenom BNGO 1.00 0.9 BitOrigin BTOG 0.62 -13.1 BlackstoneMtg BXMT 14.11 -2.9 BlaizeWt BZAIW 0.17 -6.0 BlueOwlTech OTF 9.75 0.7 BoneBiologics BBLG 0.83 -1.7 Bonk BNKK 0.91 -8.9 Braskem BAK 2.20 -3.3 BrightSpire BRSP 4.85 0.4 Brightstar BRSL 9.90 -1.3 BrookfieldBus BBUC 28.14 -5.8 Bullish BLSH 20.55 -3.5 Canaan CAN 0.17 -30.2 CarlyleSecured CGBD 9.95 -1.1 ChainceDigital CD 2.76 -1.4 ChicagoAtlRealEst REFI 9.69 -0.6 ClarosMtg CMTG 1.73 -2.7 Cloudastructure CSAI 5.14 -2.4 CoinbaseGlbl COIN 139.11 -10.6 CollectiveAcqnIIWt CAIIW 0.18 14.5 Collplant CLGN 0.27 -9.0 CreativeMedTech CELZ 0.66 -13.1 D.BoralARC I BCARU 4.89 -38.9 DDC Enterprise DDC 0.42 -12.2 DermataTherapWt DRMAW 0.01 -28.6
Dec 102-217 102-259 102-219 102-220 –4.1 6,897 30Day Federal Funds (CBT)-$5,000,000; 100 - dailyavg. July 96.3725 96.3725 96.3700 96.3725 .0025 306,130 Aug 96.3650 96.3700 96.3650 96.3700 .0050 880,650 Three-Month SOFR (CME)-$1,000,000; 100 -daily avg. May 96.3600 96.3600 t 96.3600 96.3600 .0000 5,446 Dec 95.9550 95.9750 t 95.9100 95.9200 –.0500 1,661,532
Currency Futures Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6126 .6361 .6226 .6301 … 1,685 Sept .6143 .6383 .6237 .6315 … 427,918 Canadian Dollar (CME)-CAD 100,000; $per CAD Aug .7131 .7150 .7120 .7138 –.0013 360 Sept .7134 .7162 .7126 .7147 –.0013 355,660 British Pound (CME)-£62,500; $ per £ Aug 1.3447 1.3489 1.3401 1.3482 .0007 619 Sept 1.3467 1.3494 1.3400 1.3482 .0007 252,062 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1.2480 1.2482 1.2359 1.2430 –.0066 110,717 Dec 1.2583 1.2583 1.2489 1.2558 –.0067 697 Australian Dollar (CME)-AUD 100,000; $ per AUD Aug .6953 .7039 .7000 .7036 .0008 642 Sept .6947 .7039 .6987 .7032 .0008 237,152 Mexican Peso (CME)-MXN 500,000; $per MXN Aug .05760 .05760 .05760 .05767 .00013 950 Sept .05710 .05756 .05729 .05754 .00013 203,071
Bonds | wsj.com/market-data/bonds/benchmarks Global Government Bonds:Mapping Yields
Yields and spreads over or under U.S. Treasurysonbenchmark two-yearand 10-year government bonds in selected other countries; arrows indicatewhether the yield rose(s)or fell(t)in thelatest session
Country/ Yield(%) Spread Under/Over U.S.Treasurys, inbasis points Coupon (%) Maturity, in years Latest(l)0 1 2 3 4 5 6 Previous Monthago Year ago Latest Prev Year ago 4.250 U.S. 2 4.289 s l 4.227 4.138 3.952 4.375 10 4.743 s l 4.662 4.420 4.360
2.250 Australia 2 4.524 t l 4.579 4.433 3.358 22.5 32.1 -60.5
4.250 10 4.938 t l 5.007 4.730 4.273 19.0 33.0 -10.2
2.400 France 2 3.002 s l 2.954 2.698 2.211 -129.7 -130.4 -175.2
3.700 10 4.001 s l 3.971 3.547 3.351 -74.7 -70.6 -102.4
2.700 Germany 2 2.831 s l 2.788 2.540 1.971 -146.8 -147.0 -199.2
3.000 10 3.229 s l 3.182 2.864 2.696 -151.9 -149.6 -167.9
2.650 Italy 2 3.015 s l 2.978 2.707 2.168 -128.4 -128.0 -179.5
3.800 10 4.020 s l 3.982 3.587 3.507 -72.8 -69.5 -86.8
1.500 Japan 2 1.508 s l 1.481 1.362 0.827 -279.1 -277.7 -313.6
2.700 10 2.799 t l 2.804 2.687 1.556 -194.9 -187.3 -281.9
2.400 Spain 2 2.880 s l 2.835 2.600 2.092 -141.9 -142.4 -187.2
3.400 10 3.642 s l 3.625 3.298 3.210 -110.6 -105.2 -116.6
4.375 U.K. 2 4.421 s l 4.340 4.176 3.886 12.2 8.2 -7.7
1.125 10 5.062 s l 4.989 4.769 4.573 31.3 31.2 19.8
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
Citigroup C 4.750 6.29 May 18, ’46 100 –9 111
Microsoft MSFT 5.200 5.26 June 1, ’39 55 –7 59
Northwestern Mutual Global Funding* … 4.740 4.94 June 30, ’31 52 –7 50
Oracle ORCL 5.375 7.28 July 15, ’40 257 –7 284
BNP Paribas … 4.400 4.83 Aug. 14, ’28 56 –6 60
Comcast CMCSA 4.250 5.42 Jan. 15, ’33 72 –6 75
John Deere Capital … 4.125 4.53 Jan. 18, ’29 17 –6 n.a.
National Australia Bank … 4.434 4.56 June 4, ’29 24 –6 30
Liberty Mutual … 7.800 6.80 March 15, ’37 205 28 n.a.
Southern California Edison … 5.950 6.14 Feb. 1, ’38 143 8 n.a.
DukeEnergy Indiana … 6.350 5.70 Aug. 15, ’38 99 6 84
Verizon Communications VZ 4.812 6.05 March 15, ’39 133 6 n.a.
American Honda Finance … 4.850 5.24 Oct. 23, ’31 79 5 n.a.
Mercedes–Benz Finance North America … 5.100 5.03 Nov. 15, ’29 68 4 n.a.
UnitedHealth UNH 3.875 4.61 Dec. 15, ’28 33 4 31
E.ON International Finance … 6.650 5.74 April30, ’38 103 3 n.a.
BondPrice as %offacevalue Issuer Symbol Coupon (%) Yield (%) Maturity Current One-daychange Lastweek
Bombardier … 7.450 5.89 May 1, ’34 109.571 0.32 109.240
Rakuten … 9.750 6.24 April15, ’29 108.577 0.15 108.298
Bausch Health … 11.000 9.74 Sept. 30, ’28 102.371 0.12 101.875
Verde Purchaser … 10.500 9.20 Nov. 30, ’30 102.645 0.04 101.962
Telecom Italia Capital … 7.721 6.28 June 4, ’38 111.906 0.02 113.337
Hughes Satellite Systems … 5.250 n.a. Aug. 1, ’26 73.500 –0.60 n.a.
ParamountGlobal … 6.875 8.19 April30, ’36 91.250 –0.29 91.500
Sealed Air … 6.875 7.28 July 15, ’33 97.828 –0.28 97.125
Bath & Body Works BBWI 6.750 6.90 July1, ’36 98.924 –0.25 98.785
ADT Security … 4.875 6.20 July 15, ’32 93.500 –0.25 93.575
Transocean International … 6.800 7.65 March 15, ’38 93.500 –0.25 94.843
*Estimated spread over 2-year,3-year,5-year, 10-year or30-year hot-run Treasury; 100basispoints=one percentage pt.;change inspread shown isfor Z-spread. Note: Data are forthe most active issue ofbondswith maturitiesof twoyears or more Source: MarketAxess
DigitalAssetWt DAAQW 0.30 -3.3 DragonflyEnergy DFLI 1.12 -9.3 DukeRoboticsWt DUKRW 0.10 9.2 EIDP$4.50Pfd CTApB 65.00 -0.5 EastWestAveAcqn EWAVU 9.91 -0.9 EdibleGarden EDBL 2.25 -6.8 ElongPower ELPW 0.16 -11.2 EmperyDigital EMPD 2.75 -7.8 Enlivex ENLV 1.80 7.2 ENvueMedical FEED 0.29 -1.2 EvolutionGlbl EVOXU 9.91 ... EvolutionMtls EMAT 3.65 -17.2 Evotec EVO 1.90 -1.0 FTAI Infra FIP 3.71 -6.8 FigureTechSolns FIGR 24.28 -3.5 FingerMotion FNGR 0.23 13.9 FlashSports&Media FLZH 1.15 -2.5 Fly-E FLYE 1.60 ... FordMotor6.5%Nts FpD 20.87 0.3 FrankBSPRealty FBRT 7.35 -1.9 Freightos CRGO 1.14 -2.5 GMEXRobotics GMEX 1.21 -11.0 GRI Bio GRI 1.36 -2.1 GabelliDivPfdH GDVpH 21.07 0.1 GabelliUtilPfdC GUTpC 21.04 -1.0 GameYourGame GYGY 7.50 -43.2 Gaxos.ai GXAI 0.73 -5.7 GBankFinl GBFH 19.63 -1.0 GeminiSpace GEMI 3.74 -5.1 GeniusGroup GNS 0.15 -2.8 Genprex GNPX 5.63 -1.2 GettyImages GETY 0.36 -1.5 GladstoneLand LAND 8.09 -2.1 Gogoro GGR 2.53 -10.6 GorillaTechWt GRRRW 0.11 -22.9 Group1Auto GPI 274.27 -3.4 HealthcrTriangle HCTI 1.09 -3.9 HealthyChoice HCWC 0.17 2.2
Euro (CME)-€125,000; $per€ Aug 1.1527 1.1551 1.1465 1.1537 –.0005 13,452 Sept 1.1486 1.1567 1.1475 1.1550 –.0005 767,212
Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 52395 52772 52124 52635 255 78,431 Dec 52900 53158 52547 53042 256 275 Mini S&P 500 (CME)-$50xindex Sept 7338.00 7541.00 7427.50 7519.25 46.75 2,025,408 Dec 7399.75 7607.25 7492.75 7585.25 48.00 32,455 Mini S&P Midcap 400 (CME)-$100xindex Sept 3745.80 3803.00 3742.20 3772.90 –6.70 36,598 Dec … … … 3803.40 –7.00 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 27202.00 28725.75 28079.75 28404.25 166.50 283,728 Dec 27585.00 29001.25 28363.75 28688.50 170.50 3,020 Mini Russell 2000 (CME)-$50xindex Sept 2954.00 2976.30 2905.30 2938.00 –16.30 412,378 Dec 2986.50 2995.00 2930.00 2960.10 –16.20 434 Mini Russell 1000 (CME)-$50xindex Sept 4088.70 4103.00 4046.00 4097.70 27.10 5,804 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 99.94 100.33 99.58 99.79 .07 52,171 Dec 99.73 100.01 99.41 99.50 .07 300
Source:Tullett Prebon, Tradeweb FTSEU.S. Treasury Close
Heartbeam BEAT 0.49 -3.2 HertzGlobal HTZ 1.55 -4.2 HuachenAIPkg HCAI 3.88 1.6 Hydrofarm HYFM 0.50 -8.7 IdahoCopper COPR 2.05 -1.8 IntelligentGrp INTJ 2.92 -4.0 iPower IPW 0.51 -10.8 IronDomeAcqnIWt IDACW 0.27 -22.8 iSpecimen ISPC 1.77 3.3 JIADE JDZG 3.65 -88.0 JupiterNeurosci JUNS 0.08 -7.7 KaileraTherap KLRA 16.39 -0.6 KaryopharmTherap KPTI 1.80 -72.6 KestrelGr6.625-46 MHLA 9.88 7.8 KochavDefenseRt KCHVR 0.16 0.2 Lensar LNSR 4.95 -3.1 LexariaBioscience LEXX 0.35 -1.3 LibertyDefense DETX 3.03 -2.3 LisataTherap LSTA 0.99 -3.9 Locafy LCFY 2.18 -5.5 LotusTech LOT 0.81 -1.3 LucidDiag LUCD 0.86 -3.3 LumentFinance LFT 0.65 -8.2 LumentFinPfdA LFTpA 17.30 -0.6 MiraPharm MIRA 0.77 -3.0 MackenzieRealty MKZR 0.83 -13.4 MaisonSolutions MSS 1.27 -2.9 MartinMarietta MLM 523.48 -2.8 Masonglory MSGY 0.25 -8.7 Megan MGN 0.06 7.1 MercatorAcqn MRCOU 10.01 ... MesaRoyalty MTR 2.85 -1.4 ModularMed MODD 1.96 15.5 MoleculinBiotech MBRX 0.31 -60.8 Monro MNRO 12.16 -8.9 MyriadGenetics MYGN 2.81 -46.7 NFT MI 7.25 12.5
NatlRurUtilNt2064 NRUC 22.25 -0.2 NetClassTechnology NTCL 2.35 -7.2 NeuroSense NRSN 0.43 -2.3 NewAmericaI Wt NWAX.WS 0.36 -16.7 NewGenIvf NIVF 0.67 -4.7 NoahHoldings NOAH 8.37 -0.5 Nutriband NTRB 2.81 -2.1 NutribandWt NTRBW 0.25 -34.2 Nuwellis NUWE 1.61 -60.9 NvniWt NVNIW 0.02 -43.6 O-I Glass OI 7.01 -2.7 OdysseyMarine OMEX 0.59 -8.0 Olin OLN 17.73 -16.5 PPL Un PPLC 46.98 -0.3 ParamountSkydance PSKY 7.62 1.9 PatriaInvts PAX 10.55 -1.4 PliantTherap PLRX 1.04 -1.9 Pluri PLUR 1.45 -0.6 ProfDiversity IPDN 0.33 0.6 PrudentialNt58 PRS 21.47 0.5 PrudentialNts2060 PFH 15.78 -0.2 QXO QXO 13.18 -1.2 QXO Pfd B QXOpB 40.23 -1.1 QwestNts2051 CTGG 16.27 -1.6 QwestNts2052 CTHH 16.75 -0.5 RamacoRscsA METC 9.09 -6.2 RamacoRscsB METCB 6.32 -1.4 ReadyCapital RC 1.39 -1.4 RealMessenger RMSG 0.29 3.5 ReconTech RCON 0.28 21.8 ReinTherap RNTX 0.73 -4.0 ReitarLogtech RITR 0.05 -9.6 Ridgetech RDGT 0.71 -4.4 RiverNorthPfdA OPPpA 15.77 0.6 Roblox RBLX 33.88 -26.9 SES AI Wt SES.WS 0.01 -14.0 SamosEnerAcqn SAMO.U 9.93 -0.1
Source: FactSet
SentiBiosciences SNTI 0.34 -5.5 SevenHillsRlty SEVN 7.37 0.1 Shutterstock SSTK 5.17 0.4 SkyeBioscience SKYE 0.56 -2.0 SnowRothschild ISNR 9.81 -0.4 SocketMobile SCKT 0.40 -9.8 Southland SLND 0.51 2.9 StardustPower SDST 0.50 -26.5 StarwoodProp STWD 15.94 -1.5 Sui SUIG 0.83 -1.1 SunPowerWt SPWRW 0.04 -27.9 SuperLeagueEnt SLE 2.64 -3.3 SurgePays SURG 0.21 0.9 Telus TU 9.22 -11.2 TEN Holdings XHLD 0.98 -8.3 TMCtheMtlsWt TMCWW 0.02 -10.0 Taoping TAOP 0.58 7.9 Teamshares TMS 5.04 2.0 Telephone&Data TDS 32.94 ... Toppoint TOPP 0.51 -8.4 TrawsPharma TRAW 0.43 2.0 TruGolf TRUG 0.79 -20.7 TScanTherap TCRX 0.73 -1.7 TwentyOneCap XXI 4.15 -4.0 UnivDisplay OLED 76.42 -0.2 VCIGlobal VCIG 0.30 -9.6 Veea VEEA 0.14 3.3 Venu VENU 2.02 -9.4 VirtusCvPfdA NCVpA 20.33 ... VisionMarineTech VMAR 0.52 -35.6 VisionWave VWAV 1.67 -11.3 VolitionRX VNRX 0.69 -10.2 WesternUnion WU 6.27 -17.3 WheelerREIT WHLR 0.57 -14.3 Winmark WINA 325.06 0.6 XCHG XCH 0.30 -1.3 ZOOZStrategyWt ZOOZW 0.02 -22.1 ZeoEnergy ZEO 0.47 -3.7
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.
Friday, July 31, 2026
Friday, July 31, 2026
YTD 52-Week Yld Net % Chg Hi Lo Stock Sym % PE Last Chg -13.76 259.63 174.24 CapitalOne COF 1.5 74 209.01 -1.13 11.94 243.21 137.75 CardinalHealth CAH 0.9 35 230.03 2.96 15.98 43.62 31.33 CareTrustREIT CTRE 3.7 27 41.94 0.30 12.52 432.91 293.43 Carlisle CSL 1.2 21 359.92 -9.96 -22.15 69.85 39.60 Carlyle CG 3.0 31 46.02 0.66 -8.94 34.03 23.45 Carnival CCL 2.2 13 27.81 0.04 65.06 625.99 228.00 CarpenterTech CRS 0.2 49 519.66 15.95 16.98 76.76 50.24 CarrierGlobal CARR 1.6 44 61.81 0.42 -26.12 97.38 54.46 Carvana CVNA ... 29 62.36 0.92 57.59 927.85 490.00 CaseysGenStores CASY 0.3 45 871.00 4.15 42.23 1073.46 405.46 Caterpillar CAT 0.8 41 814.81 5.67 12.12 474.02 173.23 Celestica CLS ... 34 331.44 -21.15 2.87 13.67 8.17 Cemex CX 0.8 36 11.82 -0.11 -7.82 377.54 244.82 Cencora COR 0.8 24 311.34 -0.89 78.43 32.07 14.48 CenovusEnergy CVE 1.1 12 30.19 -0.13 51.20 69.36 25.07 Centene CNC ... dd 62.22 1.38 9.65 45.26 36.60 CenterPointEner CNP 2.3 25 42.04 -0.11 ... 386.34 160.81 CerebrasSystems CBRS ...172 198.71 -4.36 16.56 242.73 144.26 CharlesRiverLabs CRL ... dd 232.51 -2.11 -30.55 285.82 111.55 CharterComms CHTR ... 4 144.98 2.98 -31.49 210.66 112.23 CheckPoint CHKP ... 13 127.13 -1.10 35.59 300.89 186.20 CheniereEnergy LNG 0.8 43 263.57 5.51 23.22 70.64 49.53 CheniereEnerPtrs CQP 4.7 15 65.90 0.84 29.15 214.71 146.49 Chevron CVX 3.6 34 196.83 4.52 -31.62 43.50 17.40 Chewy CHWY ... 38 22.60 -0.22 0.59 44.27 28.04 Chipotle CMG ... 34 37.22 -1.30 12.35 365.91 264.10 Chubb CB 0.1 12 350.68 0.53 2.16 46.48 39.28 ChunghwaTel CHT 3.0 26 42.61 -0.07 17.84 106.04 81.33 Church&Dwight CHD 1.2 33 98.81 1.13 61.22 637.51 84.41 Ciena CIEN ...126 377.05 4.98 1.39 315.47 239.51 Cigna CI 2.2 12 279.05 -8.61 8.79 194.81 143.87 CincinnatiFinl CINF 2.1 8 177.68 2.95 8.81 226.75 161.16 Cintas CTAS 1.0 42 204.63 -2.16 51.22 30.14 4.55 CipherDigital CIFR ... dd 22.32 -0.34 -21.05 189.92 49.90 CircleInternet CRCL ... dd 62.61 -1.63 50.58 130.37 65.75 CiscoSystems CSCO 1.4 38 115.99 2.43 13.51 147.96 87.94 Citigroup C 2.0 14 132.45 0.13 22.67 74.70 45.91 CitizensFin CFG 2.6 16 71.65 -0.08 33.44 335.94 201.34 CleanHarbors CLH ... 38 312.88 -4.27 -5.26 128.90 84.70 Clorox CLX 5.2 16 95.53 -1.20
YTD 52-Week Yld Net %Chg Hi Lo Stock Sym % PE Last Chg
-24.06 135.52 66.28 AECOM ACM 1.7 15 72.39 0.63 2.37 17.65 12.33 AES AES 4.8 8 14.68 0.01 15.61 130.22 96.95 Aflac AFL 1.9 14 127.48 0.12 -0.56 12.19 9.31 AGNC Invt AGNC 13.5 6 10.66 -0.14 52.58 45.66 17.86 APA APA 2.7 9 37.32 0.99 118.45 45.52 9.29 ASE Tech ASX 0.9 52 35.17 0.40 52.26 1999.96 683.48 ASML ASML 0.5 51 1629.00 -22.44 -18.79 133.86 36.08 AST Space ASTS ... dd 58.98 0.54 -6.40 29.79 19.89 AT&T T 4.8 8 23.25 0.04 63.33 205.31 70.42 ATI ATI ... 62 187.44 5.54 14.30 13.54 5.45 AXIAEnergia AXIA 9.0 16 10.47 -0.03 -15.64 137.49 81.97 AbbottLabs ABT 2.4 34 105.70 0.09 9.83 267.47 187.62 AbbVie ABBV 2.8124 250.94 -6.47 -7.37 148.83 67.09 Abivax ABVX ... dd 124.92 0.59 -38.16 291.09 118.15 Accenture ACN 3.9 13 165.92 2.63 -8.79 380.17 257.04 Acuity AYI 0.2 22 328.39 -9.46 -28.45 370.86 190.12 Adobe ADBE ... 14 250.41 2.51 -4.38 179.31 110.85 AdvDrainageSys WMS 0.6 25 138.48 0.91 38.28 397.44 128.40 AdvEnergyInds AEIS 0.1 61 289.52 15.26 122.33 584.73 149.22 AdvMicroDevices AMD ...156 476.15 -9.24
s 22.44 9.48 6.75 Aegon AEG 4.0 13 9.44 ... 4.97 156.33 105.65 AerCap AER 0.9 7 150.90 -1.97 27.21 382.75 200.00 AffiliatedMgrs AMG 0.0 13 366.73 1.27 -3.92 100.00 42.09 AffirmA AFRM ... 65 71.51 -1.74 1.69 160.27 108.35 AgilentTechs A 0.7 28 138.37 -0.34 -14.31 255.24 123.34 AgnicoEagleMines AEM 1.2 12 145.27 -5.48 8.01 82.08 69.56 AgreeRealty ADC 4.1 42 77.80 -0.34 19.38 314.87 229.11 AirProducts APD 2.5 dd 294.89 -5.31 11.64 156.50 110.81 Airbnb ABNB ... 37 151.52 -0.56 32.01 165.45 69.78 AkamaiTech AKAM ... 39 115.18 1.43 -27.86 55.41 23.92 AlamosGold AGI 0.6 10 27.83 -0.57 -16.83 221.00 64.95 Albemarle ALB 1.4 dd 117.64 -0.12 -14.83 84.38 28.11 Alcoa AA 0.9 9 45.26 0.29 -12.52 90.41 61.84 Alcon ALC 0.5 42 68.94 -0.67 -16.60 192.67 91.99 Alibaba BABA 0.8 20 122.25 5.93 8.33 200.44 122.00 AlignTech ALGN ... 29 169.16 -4.25 -1.14 183.11 125.00 Allegion ALLE 1.4 21 157.40 0.34 8.88 78.81 63.28 AlliantEnergy LNT 3.0 22 70.78 0.43 17.00 137.62 76.01 AllisonTransm ALSN 1.0 18 114.54 -0.90 26.87 277.22 188.08 Allstate ALL 1.6 6 264.08 -1.30 -4.33 47.29 35.92 AllyFinancial ALLY 2.8 10 43.33 0.15 -48.32 495.55 197.81 AlnylamPharm ALNY ... 35 205.52 0.04 13.66 404.47 188.70 Alphabet C GOOG 0.2 18 356.65 22.97 13.78 408.61 187.82 Alphabet A GOOGL 0.2 18 356.13 22.47 18.51 77.06 54.70 Altria MO 6.2 14 68.33 0.39 17.66 278.56 196.00 Amazon.com AMZN ... 22 271.58 36.08 25.91 3.45 2.10 Ambev ABEV 6.3 17 3.11 -0.01 7.63 50.94 36.25 Amcor AMCR 5.8 31 44.88 -0.27 -4.93 42.76 28.92 AmerSports AS ... 44 35.51 -0.59 9.76 118.32 96.57 Ameren AEE 2.7 19 109.61 0.86 22.64 28.46 17.90 AmericaMovil AMX 2.2 15 25.35 0.03 -0.39 18.79 10.09 AmerAirlines AAL 0.0 dd 15.27 -0.16 10.88 140.58 105.70 AEP AEP 3.0 19 127.85 0.07 -9.11 387.49 288.34 AmerExpress AXP 1.1 20 336.25 -1.27 3.69 150.02 122.11 AmericanFin AFG 2.5 13 141.72 0.02 18.15 58.70 37.93 AmerHlthcrREIT AHR 1.8 96 55.60 -0.13 4.11 36.10 27.21 AmHomes4Rent AMH 3.9 26 33.42 0.21 -8.15 87.29 71.25 AIG AIG 2.5 14 78.58 -0.31 -1.26 217.39 160.06 AmerTowerREIT AMT 4.0 24 173.36 -1.10 2.81 147.87 120.57 AmerWaterWorks AWK 2.7 23 134.17 -2.64 11.32 553.46 422.37 Ameriprise AMP 1.2 13 545.84 1.38
s 17.73 244.97 179.24 Ametek AME 0.6 37 241.71 1.70 17.67 398.00 269.77 Amgen AMGN 2.6 27 385.16 -2.48 26.32 96.68 21.57 AmkorTech AMKR 0.7 22 49.87 1.61 18.91 178.52 102.76 Amphenol APH 0.6 40 160.70 0.88 -9.56 65.94 44.12 Amrize AMRZ 0.0 23 48.91 -0.69 35.48 445.91 218.37 AnalogDevices ADI 1.2 55 367.41 0.74 -6.99 129.14 45.36 AngloGoldAsh AU 4.5 12 79.32 -3.01
s 35.04 86.60 56.97 AB InBev BUD 1.1 25 86.48 0.34 1.61 24.52 20.00 AnnalyCap NLY 13.2 6 22.72 -0.36 23.50 23.84 16.96 AnteroMidstream AM 4.1 26 21.97 0.42 4.88 45.75 29.10 AnteroResources AR ... 10 36.14 0.84 2.17 382.34 304.59 Aon AON 0.9 20 360.55 -6.02 3.71 49.99 33.40 APi Group APG ... dd 39.68 0.48 77.65 134.46 34.34 ApogeeTherap APGE ... dd 134.09 -0.21 -13.24 153.29 99.56 ApolloGlbMgmt APO 1.8 83 125.59 5.34 13.63 344.57 201.50 Apple AAPL 0.3 35 308.91 -24.52 34.44 352.76 238.34 AppliedIndlTech AIT 0.6 33 345.21 5.36 97.54 739.67 154.47 ApplMaterials AMAT 0.4 48 507.67 5.90 -41.25 745.61 359.00 AppLovin APP ... 35 395.90 -7.97 -12.39 78.49 51.68 Aptiv APTV 0.0 33 56.47 -1.62 54.56 58.68 35.07 Aramark ARMK 0.8 42 56.97 -0.28 53.92 72.50 30.17 ArcelorMittal MT 0.7 30 70.14 0.80 4.81 107.08 82.44 ArchCapital ACGL 0.0 8 100.53 -0.61 37.88 88.46 52.96 ADM ADM 2.6 35 79.27 -1.34 -20.75 195.26 95.80 AresMgmt ARES 4.2 59 128.09 3.97 1.53 953.58 631.47 argenx ARGX ... 33 853.82 -18.76 37.64 189.82 114.52 AristaNetworks ANET ... 62 180.35 9.33 119.28 452.70 100.02 Arm ARM ...246 239.69 -1.85 96.56 237.33 101.79 ArrowElec ARW ... 15 216.57 3.72 27.50 95.49 15.01 ArrowheadPharm ARWR ... dd 84.65 -2.67
s ... 55.24 33.15 Arxis ARXS ... ... 54.30 5.32 14.38 282.15 167.27 AscendisPharma ASND ... 27 243.91 -7.16 15.92 284.64 184.15 Assurant AIZ 1.3 14 279.19 -3.27 87.08 499.48 97.89 AsteraLabs ALAB ...210 311.23 11.54 -3.34 212.71 141.77 AstraZeneca AZN 1.9 25 169.64 -1.70 -37.70 199.09 56.01 Atlassian TEAM ... dd 101.02 2.90 3.07 192.51 154.55 AtmosEnergy ATO 2.3 21 172.78 -1.48 67.97 8.56 3.60 AuroraInnov AUR ... dd 6.45 0.21 -20.88 329.09 185.50 Autodesk ADSK ... 34 234.20 -0.77 3.59 315.26 188.16 ADP ADP 2.6 24 266.46 2.59 -11.06 4388.11 2902.20 AutoZone AZO ... 21 3016.25 9.68 2.37 198.63 160.09 Avalonbay AVB 3.8 25 185.61 -2.17 20.24 15.93 7.26 Avantor AVTR ... dd 13.78 -0.08 -6.68 199.54 152.42 AveryDennison AVY 2.4 19 169.73 -5.09 -7.07 885.91 339.01 AxonEnterprise AXON ...211 527.76 2.46 19.36 260.19 96.09 AxsomeTherap AXSM ... dd 217.99 -16.65 -8.98 26.52 20.87 BCE BCE 5.8 4 21.68 -0.02 39.95 93.83 49.68 BHP Group BHP 3.1 21 84.49 -1.41 8.61 110.92 83.21 BJ'sWholesale BJ ... 22 97.78 -0.67 30.20 48.27 31.59 BP BP 4.4 38 45.22 1.00 -2.40 241.82 143.07 BWX Tech BWXT 0.6 45 168.70 3.11 3.91 79.33 49.72 BXP BXP 4.0 38 70.12 -1.55 -14.96 165.30 84.64 Baidu BIDU ... dd 111.11 3.63 32.83 70.41 41.96 BakerHughes BKR 1.5 19 60.49 0.59 22.52 68.29 44.83 Ball BALL 1.2 19 64.90 -0.41
s 19.91 28.05 16.44 BBVA BBVA 3.1 13 27.95 0.35 19.86 3.80 2.37 BancoBradesco BBDO 4.9 9 3.44 0.21 8.82 46.77 27.08 BancodeChile BCH 4.0 17 41.35 -0.90 -7.20 7.32 4.66 BancSanBrasil BSBR 5.2 18 5.67 0.62 11.25 37.72 22.77 BcoSantChile BSAC 3.2 15 34.61 -0.46 20.20 14.39 8.29 BancoSantander SAN 1.4 11 14.10 -0.01 12.64 62.98 44.75 BankofAmerica BAC 2.1 14 61.95 0.22 38.26 184.21 109.64 BankMontreal BMO 2.5 19 179.45 0.83 34.66 163.77 98.40 BankNY Mellon BNY 1.6 18 156.33 0.25 19.11 90.47 55.21 BankNovaScotia BNS 3.4 17 87.77 -0.07 8.06 28.67 18.79 Barclays BCS 1.6 10 27.50 -0.20 -15.66 54.69 20.95 BarrickMining B 2.5 10 36.73 -0.97 36.89 30.00 15.73 BaxterIntl BAX 0.2 dd 26.16 -0.59 8.60 187.35 127.54 BectonDicknsn BDX 2.5 42 165.62 0.17 ... 43.98 30.11 BendingSpoons BSP ... ... 35.20 0.46 -7.14 58.64 28.08 BentleySystems BSY 0.8 40 35.44 0.23 4.02 385.22 253.95 BeOneMed ONC ... 71 316.01 -6.07 3.45 78.96 62.87 Berkley WRB 0.6 15 72.54 -0.84 1.77 516.85 455.19 BerkHathwy B BRK.B ... 15 511.54 1.86 1.56 775000 685150 BerkHathwy A BRK.A ... 15 766600 1610.00 28.88 91.27 55.10 BestBuy BBY 4.5 16 86.26 -1.56 22.58 72.36 43.20 Bio-Techne TECH 0.4104 72.09 0.06 15.32 219.72 124.56 Biogen BIIB ... 36 202.95 -4.98 0.99 66.28 49.26 BioMarinPharm BMRN ... 44 60.02 -0.56 -4.85 124.00 79.52 BioNTech BNTX 0.0 dd 90.58 -2.27 -36.35 71.74 12.80 BitMineImmersion BMNR 0.1 dd 17.28 -0.80 1.87 1219.94 917.39 BlackRock BLK 2.1 27 1090.39 -7.98 -17.12 190.09 101.73 Blackstone BX 3.6 29 127.75 -0.32 24.81 84.08 48.21 Block XYZ ... 63 81.24 -1.35 136.86 351.28 32.52 BloomEnergy BE ...280 205.81 -1.31 -31.06 20.58 7.95 BlueOwlCapital OWL 8.9126 10.30 0.14 -0.45 254.35 176.77 Boeing BA 0.0 98 216.14 -4.76 -9.95 231.80 150.14 Booking BKNG 0.9 25 192.90 -0.34 41.46 78.82 35.04 BorgWarner BWA 1.1 39 63.74 -0.67 -50.99 109.50 42.20 BostonSci BSX ... 19 46.73 0.73 4.71 93.42 42.09 BridgeBioPharma BBIO ... dd 80.09 -2.05 59.44 73.75 19.01 BrightSpring BTSG ... 56 59.71 -13.17
s 21.08 65.66 42.52 BristolMyers BMY 3.9 14 65.31 0.45 7.12 67.30 49.88 BritishAmTob BTI 5.4 13 60.65 -1.04 20.18 32.86 24.66 BrixmorProp BRX 3.9 22 31.51 0.01 12.48 495.00 281.61 Broadcom AVGO 0.7 65 389.28 1.44 -31.02 271.91 133.83 BroadridgeFinl BR 2.5 16 153.95 -0.82 -7.62 64.10 42.20 BrookfieldAsset BAM 4.2 31 48.40 0.44 -7.32 49.56 37.93 Brookfield BN 0.7 86 42.53 0.50 20.21 44.03 29.63 BrookfieldInfr BIP 4.4 57 41.76 -0.63 -6.01 49.86 40.06 BrookWealth BNT 0.6 ... 43.19 0.44 -11.67 98.30 53.81 Brown&Brown BRO 0.9 22 70.40 -0.47 10.25 31.92 22.61 Brown-FormanB BF.B 3.2 19 28.73 -0.10 11.06 31.63 23.01 Brown-FormanA BF.A 3.2 19 29.22 0.01
s 33.39 65.30 28.53 Bruker BRKR 0.3 dd 62.84 -1.50
t -42.46 118.00 20.55 Bullish BLSH ... dd 21.79 -0.80 19.25 134.87 76.01 BungeGlobal BG 2.7 21 106.23 1.16 27.57 378.33 240.49 BurlingtonStrs BURL ... 38 368.48 -3.71 -6.58 683.50 434.70 CACI Intl CACI ... 21 497.75 20.40 -8.69 174.27 121.69 CBRE Group CBRE ... 34 146.81 -2.65 8.52 179.27 97.12 CDW CDW 1.7 18 147.81 2.25 61.87 141.96 75.42 CF Industries CF 1.9 11 125.19 -0.58 -20.75 98.19 59.63 CGI A GIB 0.7 13 73.15 -0.09 -8.11 210.33 104.95 CH Robinson CHRW 1.7 28 147.73 0.81 -1.94 329.16 218.31 CME Group CME 1.9 23 267.79 0.57 2.95 80.36 68.64 CMS Energy CMS 3.2 22 71.99 -0.27 9.91 55.71 41.53 CNA Fin CNA 3.7 12 52.47 -0.79 11.17 13.31 9.00 CNH Indl CNH 1.0 33 10.25 -0.07 -23.87 131.55 93.58 CRH CRH 1.6 17 95.01 -0.99 39.03 53.60 31.80 CSX CSX 1.1 29 50.40 0.21 31.59 110.68 61.19 CVS Health CVS 2.5 46 104.43 -0.79 8.78 416.69 262.75 CadenceDesign CDNS ... 68 340.02 7.20 0.66 119.81 96.53 CamdenProperty CPT 3.8 37 110.81 -2.48 -5.59 135.24 68.96 Cameco CCJ 0.1 80 86.38 -1.85 30.84 122.50 71.00 CIBC CM 2.1 16 118.55 0.28 28.69 131.55 90.74 CanNtlRlwy CNI 2.0 23 127.21 0.08 40.86 51.34 29.30 CanadianNatRscs CNQ 3.2 14 47.68 0.40 20.73 93.95 68.42 CdnPacKC CP 0.7 29 88.89 0.73
Mutual Funds 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 Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
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.
IntlVal Inst NA ... NA Baird Funds AggBdInst 9.66 -0.02 -0.5 CorBdInst 10.02 -0.02 -0.4 IntBdInst 10.33 -0.01 0.1 ShtTBdInst 9.45 ... 1.1 BlackRock Funds HiYBlk 7.08 ... 1.8 HiYldBd Inst 7.08 ... 1.8 BlackRock Funds III iShS&P500IdxK870.91 +6.11 10.1 BlackRock Funds Inst StratIncOpptyIns 9.63 -0.01 1.3 Calamos Funds MktNeutI 16.22 +0.03 3.7 CausewayInst CausewayInst 26.06 -0.15 10.9 Columbia Class A SelgComuInfoA229.17 +0.98 46.2 Columbia Class I DivIncom I 40.37 +0.01 12.2 Dimensional Fds
AB Funds MuniIncmShares 10.97 -0.02 1.1 American Century Inv Ultra 95.66 +1.73 1.6 American Funds Cl A AmcpA 44.73 +0.81 4.8 AMutlA 64.81 +0.03 9.7 BalA 40.42 +0.07 8.4 BondA 11.07 -0.03 -1.0 CapIBA 83.95 +0.07 10.5 CapWGrA 80.97 +0.72 14.0 EupacA 62.89 +0.41 10.0 FdInvA 102.17 +0.97 13.2 GwthA 84.97 +0.98 5.6 ICAA 68.26 +0.97 9.7 IncoA 27.94 -0.03 8.3 N PerA 74.10 +0.67 4.9 NEcoA 83.87 +0.97 15.4 NwWrldA 106.17 +2.05 13.8 SmCpA 80.87 +0.26 10.3 WshA 67.98 -0.02 9.0 Artisan Funds
s 41.51 293.80 158.83 Cloudflare NET ... dd 278.98 -4.41 25.29 90.92 65.35 Coca-Cola KO 2.4 26 87.59 -0.90 22.57 219.65 110.40 Coca-ColaCon COKE 0.5 27 187.90 -1.93 20.68 113.67 84.66 CocaColaEuropac CCEP 2.2 23 109.46 -2.25 -16.38 27.77 8.56 CoeurMining CDE 0.3 12 14.91 -0.49 81.32 72.88 34.60 Cognex CGNX 0.5 77 65.24 2.62 -33.31 87.03 37.08 CognizantTech CTSH 2.4 12 55.35 1.46 42.43 440.00 84.35 Coherent COHR ...126 262.89 13.83
t -35.32 402.16 139.11 CoinbaseGlbl COIN ... dd 146.26 -17.32 15.54 99.33 74.55 ColgatePalm CL 2.3 35 91.30 -0.30 -14.43 32.85 21.28 Comcast A CMCSA 5.5 8 23.96 0.29 85.33 2073.99 655.96 ComfortSystems FIX 0.2 43 1729.69 31.85 14.44 7.16 3.67 SABESP SBS 3.7 33 5.45 -0.02 28.70 135.87 85.57 ConocoPhillips COP 2.8 20 120.48 1.45 9.60 116.23 94.96 ConEd ED 3.3 18 108.85 -0.81 -5.60 174.32 126.45 ConstBrands A STZ 3.2 12 130.23 -0.15 -25.62 412.70 228.63 ConstellationEner CEG 0.6 23 262.75 -0.81 -11.76 89.83 58.89 Cooper COO 0.0 61 72.32 -0.33 -25.62 50.11 26.81 Copart CPRT ... 18 29.12 -0.45 228.99 122.21 28.66 CorceptTherap CORT ...273 114.49 -3.83 3.38 36.57 22.19 CorebridgeFin CRBG 3.2 52 31.19 -0.77 0.22 153.20 60.55 CoreWeave CRWV ... dd 71.77 -2.13 57.89 271.78 61.44 Corning GLW 0.8 63 138.25 3.03 26.98 395.49 252.84 Corpay CPAY ... 23 382.11 -8.01 17.43 90.97 60.53 Corteva CTVA 0.9 52 78.71 -10.63 -57.23 97.43 25.89 CoStar CSGP ...158 28.76 -0.70 10.38 1096.50 844.06 Costco COST 0.6 48 951.89 -2.28 -30.69 34.08 14.92 Coupang CPNG ... dd 16.35 0.26 15.74 230.50 159.58 Crane CR 0.5 37 213.46 -0.72
s 39.57 413.25 230.45 Credicorp BAP 2.7 15 400.58 -1.69 43.85 308.67 86.48 CredoTech CRDO ... 83 206.99 5.91 62.86 217.50 85.68 CrowdStrike CRWD ... dd 190.86 5.64 -14.14 112.75 73.52 CrownCastle CCI 5.6 17 76.30 -0.21 14.45 121.90 89.21 Crown Holdings CCK 1.2 17 117.85 -0.52 15.01 43.26 35.09 CubeSmart CUBE 5.1 28 41.46 0.22 31.36 169.09 119.00 Cullen/Frost CFR 2.5 16 166.34 2.85 24.24 737.76 354.68 Cummins CMI 1.4 33 634.20 1.22 31.33 808.16 464.91 Curtiss-Wright CW 0.1 53 724.00 7.34 21.39 88.31 32.89 Cytokinetics CYTK ... dd 77.13 -3.29 D E F
9.99 155.75 126.23 DTE Energy DTE 3.3 22 141.87 0.17 15.31 152.88 99.81 DT Midstream DTM 2.5 30 138.00 1.23 -14.83 242.80 160.93 Danaher DHR 0.8 35 194.98 -1.19 10.63 220.65 169.00 Darden DRI 3.0 20 203.58 -3.39 68.44 66.02 29.15 DarlingIngred DAR ... 16 60.64 -0.36
s 97.05 278.76 98.01 Datadog DDOG ...715 267.97 -0.59 111.33 244.49 101.00 DaVita DVA ... 23 240.09 1.23 -6.55 125.45 78.91 DeckersOutdoor DECK ... 14 96.88 -2.81 27.30 674.19 433.00 Deere DE 1.1 34 592.67 -6.80 222.03 469.47 110.22 DellTechC DELL 0.6 32 405.37 0.56 25.99 95.68 50.45 DeltaAir DAL 1.0 15 87.44 -1.15 -4.82 40.43 28.12 DeutscheBank DB 0.9 10 36.70 -0.33 23.21 52.71 31.47 DevonEnergy DVN 2.8 13 45.13 0.96 25.73 87.00 54.11 DexCom DXCM ... 33 83.45 8.91 2.07 116.41 72.45 Diageo DEO 4.7 20 88.06 -1.00 35.00 214.51 134.30 DiamondbkEner FANG 2.2229 202.95 3.18 -1.04 244.38 186.67 Dick's DKS 2.6 19 195.91 -4.00 21.85 208.14 146.23 DigitalRealty DLR 2.6 92 188.52 -4.67 144.18 187.50 25.56 DigitalOcean DOCN ... 51 117.50 -2.73 -2.97 741.98 449.64 Dillard's DDS 0.2 14 588.34 -13.97 -15.45 119.91 92.19 Disney DIS 1.6 15 96.19 0.03 -19.84 86.65 40.16 DocuSign DOCU ... 36 54.83 0.54 -4.31 158.23 95.11 DollarGeneral DG 1.9 18 127.05 -0.45 3.41 142.40 84.71 DollarTree DLTR ... 20 127.21 -1.36 18.06 72.99 55.85 DominionEner D 3.9 20 69.17 -0.56 -16.65 477.00 282.00 Domino's DPZ 2.3 20 347.44 -4.81 6.29 112.84 70.17 Donaldson DCI 1.4 25 94.24 1.58 -13.39 285.50 143.30 DoorDash DASH ... 93 196.16 -1.37 4.80 237.54 158.97 Dover DOV 1.0 25 204.62 0.56 29.56 42.74 20.40 Dow DOW 4.6 dd 30.29 0.20 -15.60 15.67 11.36 DrReddy'sLab RDY 0.5 27 11.85 0.02 -31.86 48.78 20.46 DraftKings DKNG ...390 23.48 -0.24 7.01 134.49 113.89 DukeEnergy DUK 3.5 19 125.43 -0.84 13.60 157.98 86.55 DuPont DD 1.8 dd 137.00 -1.84 7.53 74.65 44.58 DutchBros BROS ...104 65.83 0.40 18.69 566.47 233.00 DycomInds DY ... 38 401.07 -16.08 2.26 54.01 31.64 Dynatrace DT ... 83 44.32 0.22 30.34 951.96 564.92 EMCOR EME 0.2 25 797.43 -4.94 46.44 58.00 33.74 ENI E 3.0 14 55.56 ... 41.60 151.87 101.59 EOG Rscs EOG 2.7 15 148.69 3.18 -0.58 68.24 47.94 EQT EQT 1.2 12 53.29 0.58 16.56 136.24 92.67 EastWestBncp EWBC 2.4 13 131.00 0.09 17.33 226.71 159.37 EastGroup EGP 3.0 37 209.01 -0.57 30.36 436.74 311.92 Eaton ETN 1.1 41 415.20 28.31 30.90 119.31 78.03 eBay EBAY 1.1 26 114.01 0.49 -22.64 147.25 26.04 EchoStar ECHO ... dd 84.09 -2.04 5.76 309.27 243.15 Ecolab ECL 1.1 37 277.63 -1.71 67.37 17.75 8.27 Ecopetrol EC 10.0 15 16.77 -0.27 22.24 81.62 51.01 EdisonIntl EIX 4.8 8 73.37 -5.36 0.96 96.29 72.30 EdwardsLife EW ... 51 86.07 -0.85 16.53 27.72 13.39 ElancoAnimal ELAN ... dd 26.37 -0.09 39.98 1016.06 432.85 ElbitSystems ESLT 0.5 65 808.65 22.69
s 2.71 209.93 151.50 ElectronicArts EA 0.4 60 209.86 0.27 7.21 436.24 273.71 ElevanceHealth ELV 1.8 17 375.84 -0.56 6.15 80.75 53.56 Embraer EMBJ 0.8 40 68.33 0.22 9.44 55.49 45.77 Emera EMA 3.7 23 53.89 0.30 12.88 165.15 122.64 EmersonElec EMR 1.5 35 149.82 1.18 13.86 58.45 44.80 Enbridge ENB 4.9 25 54.46 -0.97 4.64 127.99 92.77 EncompassHealth EHC 0.8 19 111.07 0.18 23.47 20.70 16.18 EnergyTransfer ET 6.7 17 20.36 0.12 85.79 108.65 22.95 EnlightRenewableEn ENLT ...193 84.46 -1.32 2.27 218.00 141.58 EnsignGroup ENSG 0.1 28 178.16 -0.67 41.31 186.94 67.97 Entegris ENTG 0.3 69 119.05 1.94 16.43 118.44 86.40 Entergy ETR 2.4 28 107.62 -0.41 18.68 40.16 30.01 EnterpriseProd EPD 5.9 13 38.05 0.49 -20.44 271.84 150.75 Equifax EFX 1.3 30 172.62 -3.51 33.04 1128.68 720.62 Equinix EQIX 2.0 66 1019.28 -28.25 73.93 43.46 22.26 Equinor EQNR 2.9 11 41.10 0.37 ... 55.24 35.20 Equitable EQH 2.5 dd 47.65 -1.23 7.36 69.00 58.37 EquityLife ELS 3.3 32 65.07 -0.46 5.41 71.50 57.57 EquityResdntl EQR 4.2 29 66.45 -0.67 -15.56 380.67 204.63 ErieIndemnity ERIE 2.4 22 242.04 8.37 3.88 42.37 36.10 EssentialUtil WTRG 3.6 20 39.85 -0.50 8.58 303.35 238.46 EssexProp ESS 3.6 44 284.14 2.28 -19.88 121.64 66.22 EsteeLauder EL 1.7 dd 83.90 -0.98 -5.79 388.71 265.87 EvercoreA EVR 1.1 18 320.56 7.69 10.25 401.07 302.44 Everest EG 2.1 8 374.15 -1.21 14.51 88.62 69.54 Evergy EVRG 3.3 22 83.01 -0.24 15.16 100.59 54.37 Everpure P ...117 77.17 2.11 6.33 76.57 61.53 EversourceEner ES 4.4 19 71.59 -2.25 20.99 57.57 33.76 Exelixis EXEL ... 18 53.03 -2.94 5.12 50.65 42.58 Exelon EXC 3.7 17 45.82 0.24 -14.80 126.62 84.98 ExpandEnergy EXE 2.4 8 94.03 1.61 4.03 312.40 174.05 Expedia EXPE 0.7 26 294.74 1.81 12.67 183.52 110.48 ExpeditorsIntl EXPD 1.0 27 167.89 0.88 13.68 158.88 125.71 ExtraSpaceSt EXR 4.4 34 148.04 -0.17 29.17 176.41 105.53 ExxonMobil XOM 2.7 26 155.44 -1.53 57.71 435.00 223.76 F5 FFIV ... 32 402.57 13.82 4.65 323.51 128.32 FTAI Aviation FTAI 1.0 45 206.00 8.50 -4.36 748.89 272.49 Fabrinet FN ... 37 435.41 -3.92 -9.30 409.16 185.00 FactSet FDS 1.8 17 263.20 0.17 -33.58 1998.01 870.01 FairIsaac FICO ... 32 1122.97 -16.57 18.89 50.63 38.97 Fastenal FAST 2.2 41 47.71 1.05 23.11 128.21 89.99 FederalRealty FRT 3.6 22 124.09 ... 32.15 345.37 174.01 FedEx FDX 1.6 20 307.40 -1.15 ... 200.00 135.00 FedExFreight FDXF ... ... 140.53 2.98 5.26 271.64 207.64 FergusonEnts FERG 1.5 26 234.33 7.97 6.58 504.49 312.51 Ferrari RACE 1.1 37 393.87 -3.86 0.76 74.79 50.72 Ferrovial FER 0.0 67 65.10 -0.02 -5.50 61.40 42.78 FidNatlFinl FNF 4.0 18 51.59 -0.47 -32.64 80.99 37.42 FidNatlInfo FIS 3.9 9 44.77 -1.23 20.70 59.50 40.05 FifthThirdBncp FITB 2.8 19 56.50 -0.09 -34.92 142.92 16.60 Figma FIG ... dd 24.32 0.56 1.89 2237.82 1623.76 FirstCitizBcshA FCNCA 0.4 12 2186.65 30.42 7.28 26.56 19.80 FirstHorizon FHN 2.7 12 25.64 0.19 -19.22 320.95 171.99 FirstSolar FSLR ... 13 211.03 5.02 7.91 52.34 41.87 FirstEnergy FE 3.9 26 48.31 -0.40 -19.70 141.38 47.04 Fiserv FISV ... 9 53.94 -0.13 15.27 251.63 130.00 FiveBelow FIVE ... 27 217.13 -2.04 88.27 166.86 47.83 Flex FLEX ... 44 113.75 1.84 9.53 92.41 48.71 Flowserve FLS 1.2 27 75.99 0.67
Data provided by
Contrafund K6 36.27 +0.46 6.6 EmgMktIdxInstPre 16.20 +0.26 18.4 ExtMktIdxInstPre114.13 -0.47 13.4 FidSAIEmerg 21.21 +0.28 26.0 FidSer5 7.43 -0.02 -0.5 FidSerInt 8.38 ... 0.2 FidSerToMarket 24.49 +0.14 10.5 FIDZroLgCpIx 26.80 +0.19 9.8 GlexUSIdxInstPre 21.22 +0.01 13.7 GrowthCompanyK6 43.27 +0.38 16.9 IntlIdxInstPrem 67.97 -0.47 11.8 LgCpGwId InstPre 46.39 +0.38 0.3 LgCpVlIdxIstPrem 24.96 +0.11 20.6 MidCpInxInstPrem 42.33 -0.12 14.6 SAIUSLgCpIndxFd 29.99 +0.21 10.1 SeriesBondFd 8.88 -0.02 -0.5 SeriesOverseas 15.82 +0.01 6.0 SerLTTreBdIdx 5.09 -0.04 -3.4 SmCpIdxInstPrem 36.73 -0.18 18.9 TMktIdxInstPrem206.30 +1.19 10.5 TotalMarketIndex 26.14 +0.15 10.6 TtlIntIdxInstPr 19.56 -0.01 12.9 USBdIdxInstPrem 10.27 -0.03 -0.6 Fidelity Advisor TotBdFdClZ 9.39 -0.02 -0.4 Fidelity Advisor I GrOppI 254.30 +2.85 8.7 Fidelity Freedom Freedom2035K6 18.63 +0.06 8.9 Freedom2040K6 14.22 +0.05 11.0 Idx2030InsPre 23.98 +0.03 6.4 Idx2035InsPre 28.48 +0.05 7.4 Idx2040InsPre 31.37 +0.07 9.2 Idx2045InsPre 33.98 +0.09 10.4
EmgMktVa 42.78 +0.31 15.9 EmMktCorEq 32.91 +0.47 14.1 IntlCoreEq 22.46 -0.18 12.1 IntlVal 32.87 -0.20 16.5 IntSmCo 27.51 -0.27 8.7 IntSmVa 33.88 -0.29 10.9 LgCo 49.74 +0.35 10.1 US CoreEq1 55.40 +0.26 12.3 US CoreEq2 49.48 +0.16 12.5 US Small 61.22 -0.02 17.7 US SmCpVal 62.16 -0.03 21.3 US TgdVal 44.01 -0.04 20.0 USLgVa 66.58 +0.20 19.2 Dodge & Cox Income 12.48 -0.04 -0.8 Intl Stk 18.91 +0.02 14.9 Stock 17.94 +0.13 9.9 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem260.37 +1.83 10.1
-51.42 313.69 91.52 FlutterEnt FLUT ... dd 104.47 2.34 26.64 141.47 83.08 FEMSA FMX 2.2 25 127.99 1.23 11.89 17.78 10.68 FordMotor F 4.1 dd 14.68 -0.18 ... 66.00 25.95 ForgentPwr FPS ...286 33.27 -0.01 103.94 170.35 70.12 Fortinet FTNT ... 57 161.95 7.70 9.74 59.40 48.64 Fortis FTS 3.0 23 57.00 -0.47 7.25 64.56 46.34 Fortive FTV 0.4 35 59.21 0.73 -20.31 76.39 48.34 FoxA FOXA 1.0 15 58.23 -0.59 -20.01 68.17 44.08 FoxB FOX 1.1 14 51.94 -0.40 2.72 285.67 158.26 Franco-Nevada FNV 0.8 30 212.92 -8.44 41.73 34.92 21.11 FranklinRscs BEN 3.9 26 33.86 0.69 24.32 194.01 107.97 FreedomHolding FRHC ... 60 151.27 -3.86 23.31 72.28 35.15 FreeportMcM FCX 1.0 31 62.63 -0.81 7.72 27.64 20.02 FreseniusMedCare FMS 2.4 14 25.66 -0.04 -11.56 14.07 7.46 FullTruck YMM 2.5 17 9.49 -0.07 -35.98 202.53 80.50 Futu FUTU 2.4 12 105.12 1.70 G H I
16.89 382.97 261.71 GE Aerospace GE 0.5 42 360.07 5.03 -17.07 89.77 58.75 GE HealthCare GEHC 0.2 16 68.02 -1.92 51.52 1195.94 530.16 GE Vernova GEV 0.2 28 990.29 8.31 -3.80 51.51 33.33 GFLEnvironmental GFL 0.2 dd 41.32 -0.05 5.40 61.70 36.75 GSK GSK 3.4 16 51.69 -0.38 -3.62 313.55 190.75 Gallagher AJG 1.1 41 249.42 -7.04 8.17 28.10 19.93 GameStop GME 0.0 17 21.72 -0.16 0.22 49.95 41.17 Gaming&Leisure GLPI 7.3 13 44.79 0.08 44.83 304.00 186.67 Garmin GRMN 1.4 30 293.78 -3.77 -40.14 345.50 124.25 Gartner IT ... 15 151.02 -1.90 0.96 32.22 17.78 GenDigital GEN 1.8 17 27.45 0.16 44.54 296.44 134.80 Generac GNRC ... 45 197.11 5.20 13.89 400.00 306.03 GeneralDynamics GD 1.7 23 383.42 1.22 -23.12 51.33 31.75 GeneralMills GIS 6.8 dd 35.75 -0.67 9.27 91.85 51.88 GeneralMotors GM 0.8 45 88.86 0.46 -6.27 35.43 21.00 Genmab GMAB ... 22 28.87 0.23 1.15 151.57 90.78 GenuineParts GPC 3.4498 124.37 -0.46 -11.34 73.69 46.00 Gildan GIL 1.8104 55.38 2.88 6.09 157.29 108.46 GileadSciences GILD 2.5 18 130.21 -1.07 47.66 184.00 73.16 Glaukos GKOS ... dd 166.72 -1.80 8.63 90.64 61.16 GlobalPayments GPN 1.2 22 84.08 -2.76 43.16 92.55 31.51 GlobalFoundries GFS 1.0 36 49.99 0.10 36.60 84.69 22.35 Globalstar GSAT ... dd 83.38 3.29 30.31 191.55 127.84 GlobeLife GL 0.7 12 182.25 -0.73 -9.76 101.40 51.79 GlobusMedical GMED ... 18 78.79 -1.47 -33.32 165.11 71.59 GoDaddy GDDY ... 12 82.74 -16.59 -25.74 61.64 24.11 GoldFields GFI 3.7 8 32.42 -1.11 15.86 1153.99 694.05 GoldmanSachs GS 2.0 16 1018.38 -6.48 -29.86 6.62 3.18 Grab GRAB ... 41 3.50 0.10 -3.16 95.69 72.51 Graco GGG 1.5 25 79.38 -0.61 36.98 1419.91 906.52 Grainger GWW 0.7 37 1382.22 26.73 -17.55 300.41 206.91 GAP PAC 3.6 20 217.35 -2.23
s 45.45 94.21 43.20 GrupoCibest CIB 7.1 47 92.52 -1.37
s 58.60 176.58 40.35 GuardantHealth GH ... dd 161.99 9.64 -24.41 272.60 102.30 Guidewire GWRE ... 82 151.94 -1.27 -13.77 556.52 353.13 HCA Healthcare HCA 0.8 13 402.59 6.80 -34.51 38.73 22.66 HDFC Bank HDB 1.5 14 23.93 -0.21 98.50 94.22 42.16 HF Sinclair DINO 2.3 9 91.47 -0.97 22.40 29.65 17.56 HP HPQ 4.4 10 27.27 0.41 35.27 107.58 60.61 HSBC HSBC 3.5 18 106.42 -0.67 -9.27 56.63 30.41 H World HTHT 4.8 19 42.69 0.44 -2.37 11.28 8.65 Haleon HLN 1.9 20 9.87 -0.24 14.12 43.59 20.39 Halliburton HAL 2.1 17 32.25 0.61 22.64 84.44 58.53 HalozymeTherap HALO ... 30 82.54 -0.76 -20.85 26.06 12.58 HarmonyGold HMY 2.1 11 15.75 -0.40 2.98 146.06 120.33 HartfordIns HIG 1.7 9 141.91 -1.14 14.56 106.98 69.50 Hasbro HAS 3.0 17 93.94 -0.59 35.76 22.95 15.70 HealthpeakProp DOC 5.6 68 21.83 -0.23 -26.42 34.17 5.62 HeclaMining HL 0.1 20 14.12 -0.81 10.13 369.48 256.11 Heico HEI 0.1 64 356.36 2.19 1.92 279.66 199.35 HeicoA HEI.A 0.1 46 257.28 1.13 13.46 89.34 61.95 HenrySchein HSIC ... 26 85.75 0.58 -3.81 239.48 161.43 Hershey HSY 3.3 26 175.05 -2.18 99.42 64.25 19.64 HewlettPackard HPE 1.2 45 47.90 0.76 11.57 358.00 253.54 Hilton HLT 0.2 47 320.49 -1.53 -3.53 426.75 289.10 HomeDepot HD 2.8 24 331.96 -1.39 2.14 34.89 23.25 HondaMotor HMC 3.6 dd 30.11 -0.61 ... 297.50 192.03 HoneywellAero HONA ... ... 206.74 2.42 18.85 260.15 195.77 Honeywell HON 3.2 9 243.05 1.14 5.53 29.34 19.70 HormelFoods HRL 4.7 29 25.01 -0.36 -0.67 184.54 131.75 DR Horton DHI 1.3 14 143.06 -2.47 41.74 25.71 15.12 HostHotels HST 3.2 17 25.13 0.04 37.67 295.28 169.45 HowmetAerospace HWM 0.2 65 282.26 4.98 6.40 565.50 403.82 Hubbell HUBB 1.2 28 472.55 -1.14 -40.85 541.52 169.63 HubSpot HUBS ...124 237.36 4.26 14.61 32.15 9.01 HudbayMinerals HBM 0.1 13 22.75 ... 42.06 428.88 163.11 Humana HUM 1.0 34 363.86 -2.80 39.83 299.76 130.12 JBHunt JBHT 0.7 39 271.75 2.54 -1.79 19.45 14.89 HuntingtonBcshs HBAN 3.6 13 17.04 -0.04 -4.01 460.00 259.00 HuntingIngalls HII 1.7 19 326.45 6.55 134.28 140.80 18.68 Hut8 HUT ... dd 107.63 -0.64 8.57 206.86 133.51 HyattHotels H 0.3216 174.06 -2.62 0.64 33.79 25.08 ICICI Bank IBN 0.7 18 29.99 -0.27 29.51 243.80 157.25 IDEX IEX 1.3 33 230.45 -3.32 -17.36 769.98 518.55 IdexxLab IDXX ... 41 559.07 0.27 91.39 804.00 309.51 IES Holdings IESC ... 40 744.54 173.00
s 24.75 35.06 22.54 ING Groep ING 3.1 14 34.93 -0.01 ... 42.95 21.69 INNIO INIO ... ... 24.42 0.03 12.68 31.02 20.08 Invesco IVZ 2.9 dd 29.60 0.18 4.26 251.36 154.50 IQVIA IQV ... 29 235.02 -2.77 -2.57 76.87 14.72 IREN IREN ... 73 36.80 -1.46 12.95 225.26 157.66 ITT ITT 0.8 35 195.98 2.98 3.18 9.52 7.08 IcahnEnterprises IEP 25.7 dd 7.79 0.08 -10.24 203.91 66.57 Icon ICLR ...297 163.56 -1.97 16.50 303.15 238.82 IllinoisToolWks ITW 2.2 26 286.95 3.25
s 56.37 205.93 88.00 Illumina ILMN ... 38 205.10 0.01 50.12 139.44 81.87 ImperialOil IMO 1.4 31 129.57 0.77 21.01 132.60 73.81 Incyte INCY ... 15 119.52 -3.47 -32.49 30.00 10.30 Infosys INFY 3.7 15 12.03 0.08 5.25 100.96 68.07 IngersollRand IR 0.1 34 83.38 -0.94 -43.35 212.75 90.39 Insmed INSM ... dd 98.60 -2.89 -41.83 354.88 138.79 Insulet PODD ... 38 165.35 -0.33 144.44 142.35 18.96 Intel INTC 0.0 dd 90.20 -0.93 36.82 97.84 58.95 InteractiveBrkrs IBKR 0.4 35 87.99 -2.49 -5.85 189.35 121.79 ICE ICE 1.4 22 152.48 -3.79 15.23 175.89 113.32 InterContHtls IHG 1.1 33 162.28 -0.31 -24.50 332.46 199.19 IBM IBM 3.0 20 223.65 1.91 17.55 84.45 59.14 IntlFlavors IFF 2.0 24 79.22 -0.26 3.66 52.28 29.26 IntlPaper IP 4.5 dd 40.83 -2.32 -52.29 807.15 252.84 Intuit INTU 1.5 19 316.07 0.57 -37.61 603.88 328.57 IntuitiveSurgical ISRG ... 40 353.33 0.36 6.94 31.38 24.25 InvitatHomes INVH 4.0 53 29.72 0.05 -18.79 84.64 25.89 IonQ IONQ ... dd 36.44 0.67 47.46 134.68 77.77 IronMountain IRM 2.8134 122.32 -2.32 18.16 9.60 6.00 ItauUnibanco ITUB 5.1 12 8.46 0.02 J K L
-2.77 18.65 11.49 JBS JBS 14.3 8 14.02 -0.27 15.02 36.86 24.51 JD.com JD 3.0 25 33.01 0.70 9.18 359.30 279.10 JPMorganChase JPM 1.7 15 351.79 0.94 38.17 428.93 189.60 Jabil JBL 0.1 39 315.05 6.53 -15.59 193.39 121.04 JackHenry JKHY 1.6 22 154.04 -0.20 1.86 168.44 105.68 JacobsSolns J 1.1 42 134.93 2.18 26.70 29.82 16.46 JamesHardie JHX ...122 26.29 -0.18 48.74 261.30 105.00 JazzPharm JAZZ ... dd 252.86 -5.52 -11.89 71.04 35.53 JefferiesFinl JEF 2.9 15 54.60 -0.49 27.75 99.22 34.05 JFrog FROG ... dd 79.79 1.37 23.87 274.90 164.23 J&J JNJ 2.1 30 256.35 0.53 22.47 151.18 103.07 JohnsonControls JCI 1.1 25 146.66 2.78
s 5.52 365.43 259.83 JonesLang JLL 0.0 17 355.03 -6.69 36.94 125.62 76.31 KB Financial KB 2.2 10 117.82 -3.27 7.55 20.98 13.81 KEHoldings BEKE 1.8 41 16.95 -0.04 -20.43 152.09 82.67 KKR KKR 0.8 32 101.43 0.45 50.46 307.37 83.22 KLA KLAC 0.5 50 182.82 2.49 13.63 99.20 68.59 Kaspi.kz KSPI 4.0 8 88.78 -0.26 11.54 22.29 14.02 Kenvue KVUE 4.4 23 19.24 -0.07 11.10 35.94 24.88 KeurigDrPepper KDP 3.0 23 31.12 -0.45 9.45 24.07 16.47 KeyCorp KEY 3.6 13 22.59 -0.02 57.04 374.96 152.85 KeysightTech KEYS ... 53 319.08 6.39 8.35 137.46 92.42 KimberlyClark KMB 4.7 17 109.31 -0.88 25.70 26.64 19.76 KimcoRealty KIM 4.1 29 25.48 -0.03 17.06 34.80 25.60 KinderMorgan KMI 3.7 21 32.18 0.52 -17.97 39.11 15.78 KinrossGold KGC 0.7 9 23.10 -0.52 -34.49 57.20 12.06 Klarna KLAR ... dd 18.94 -0.06 33.00 82.86 38.62 Knight-Swift KNX 1.2264 69.53 -0.27 -2.88 33.44 23.85 Philips PHG 3.2 20 26.30 -0.14 -27.58 23.41 11.25 KoreaElecPwr KEP 4.1 2 11.95 -0.16 6.60 28.10 21.04 KraftHeinz KHC 6.2 dd 25.85 -0.53 -7.59 76.58 54.15 Kroger KR 2.7 34 57.74 -0.12 38.36 382.54 130.50 KrystalBiotech KRYS ... 46 341.12 -25.73 -2.31 70.42 41.41 LatamAirlines LTM 2.9 9 52.76 -1.18 -0.97 403.57 260.15 LPL Financial LPLA 0.3 28 353.70 14.53 -5.62 379.23 262.68 L3HarrisTech LHX 1.8 28 277.06 5.16 23.25 316.11 244.52 Labcorp LH 0.9 26 309.20 -6.33 71.18 438.50 90.94 LamResearch LRCX 0.4 51 293.02 -4.70 26.37 166.33 113.66 LamarAdv LAMR 4.0 30 159.96 -0.69 -24.89 70.45 44.21 LasVegasSands LVS 2.5 19 48.89 -0.98 68.89 157.01 46.43 LatticeSemi LSCC ...875 124.27 -0.26 -35.92 205.77 98.86 Leidos LDOS 1.5 11 115.60 3.19 -19.89 144.24 79.83 Lennar A LEN 2.4 13 82.35 -1.40 -15.16 137.39 78.02 Lennar B LEN.B 2.5 13 80.70 -1.06 -14.35 621.90 411.40 LennoxIntl LII 1.3 19 415.88 -1.57 35.08 50.59 32.43 LeonardoDRS DRS 0.8 38 46.05 0.43 18.23 25.70 17.72 LeviStrauss LEVI 2.4 20 24.52 -0.03 -19.49 27.10 11.65 LiAuto LI ... dd 13.63 0.14 16.22 105.47 74.38 LibertyLiveA LLYVA ... ... 94.72 -7.38 18.57 108.97 76.94 LibertyLiveC LLYVK ... ... 98.60 -7.05 -0.39 109.36 80.15 LibertyFormOneC FWONK ... 32 98.13 -1.87 0.48 99.52 73.70 LibertyFormOneA FWONA ... 29 89.81 -2.18 69.68 47.23 24.14 LifeTime LTH ... 25 45.10 0.90 6.90 1249.45 623.78 EliLilly LLY 0.6 41 1148.84 -6.13 9.04 310.00 216.22 LincolnElectric LECO 1.2 26 261.31 11.09 12.19 548.20 387.78 Linde LIN 1.3 31 478.38 -30.26 21.06 45.75 31.33 Lineage LINE 5.0 dd 42.37 -0.48 74.81 500.57 233.36 Littelfuse LFUS 0.7 dd 442.13 0.13 22.20 188.00 125.34 LiveNationEnt LYV ... dd 174.13 -9.43 16.42 6.34 4.05 LloydsBanking LYG 2.7 15 6.17 -0.08 20.48 692.00 412.55 LockheedMartin LMT 2.4 21 582.74 8.63 10.16 121.01 89.32 Loews L 0.2 15 116.01 -0.36 2.26 129.66 83.32 LogitechIntl LOGI 1.2 19 102.48 0.91 -13.83 293.06 199.40 Lowe's LOW 2.4 18 207.81 -2.27 -42.80 225.98 104.44 lululemon LULU ... 10 118.87 -0.60 93.69 1085.68 101.61 Lumentum LITE ...133 713.94 20.70 43.37 83.94 41.58 LyondellBasell LYB 4.4 dd 62.08 1.64 M N
46.80 418.90 118.16 Macom Tech MTSI ...109 251.44 2.73 22.24 255.00 174.76 M&T Bank MTB 2.4 13 246.29 -0.71 22.14 51.59 29.18 MGM Resorts MGM 0.0 27 44.57 -1.09 86.14 447.62 88.49 MKS MKSI 0.3 62 297.45 4.15 9.52 60.00 47.80 MPLX MPLX 7.4 13 58.45 0.84 -0.26 644.77 501.08 MSCI MSCI 1.4 31 572.24 -3.50 ... 44.50 27.38 MadisonAirSolns MAIR ... ... 29.06 -0.08 52.21 411.73 188.59 MSG Sports MSGS 0.0 dd 393.68 -11.37 -19.75 615.00 290.00 MadrigalPharm MDGL ... dd 467.32 -25.79 28.71 70.36 40.51 MagnaIntl MGA 2.9 29 68.60 -1.25 17.41 19.93 12.94 MagnumIceCrm MICC ... 55 18.61 -0.13 10.41 227.43 119.06 ManhattanAssoc MANH ... 55 191.36 0.39
s 22.49 44.89 29.70 ManulifeFinl MFC 2.8 18 44.44 -0.11 -0.84 53.50 32.73 Maplebear CART ... 25 44.60 -0.15 94.60 326.92 158.00 MarathonPetrol MPC 1.3 21 316.47 2.39 -12.44 2207.59 1719.41 Markel MKL ... 10 1882.34 -3.82 20.17 410.98 253.75 Marriott MAR 0.8 39 372.83 -2.65
Idx2050InsPre 34.16 +0.10 10.6 Fidelity Invest Balanc 34.91 +0.17 9.5 BluCh 297.09 +2.94 11.3 BluChpGr K6 48.42 +0.52 9.4 Contra 25.93 +0.31 6.8 ContraK 26.05 +0.31 6.9 CpInc 11.19 +0.05 6.3 DivIntl 54.54 -0.12 12.2 GroCo 55.41 +0.41 15.9 InvGrBd 9.90 -0.03 -0.4 LowP 47.55 -0.16 15.3 Magin 15.41 +0.31 5.2 NASDAQ 323.00 +3.23 9.5 OTC 29.05 +0.36 19.6 Puritn 27.84 +0.13 7.7 SAILTTreBdIdx 6.33 -0.04 -3.6 SAIUSMinVolIndFd 24.80 +0.01 8.8 SAIUSQtyIdx 26.17 -0.02 9.3 SrsBlChGroRetail 25.72 +0.25 11.9 SrsEmrgMkt 30.19 +0.50 22.5 SrsGlobal 20.81 +0.01 13.7 SrsGroCoRetail 31.78 +0.24 16.6 SrsIntlGrw 20.64 ... 8.0 SrsIntlVal 17.36 -0.09 11.3 TotalBond 9.40 -0.03 -0.4 Fidelity SAI FidSaiCndInxFnd 15.76 -0.13 10.7 FidSaiInfltnFnd 9.99 -0.01 0.6 IntlValIdx 14.95 -0.16 18.7 TotalBd 8.90 -0.02 -0.4 Fidelity Selects Semiconductors r 59.19 +0.56 49.2 Tech 52.24 +0.16 30.4
Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 87.03 -0.03 8.2 Franklin A1 IncomeA1 NA ... NA FrankTemp/Frank Adv IncomeAdv NA ... NA FrankTemp/Franklin A DynaTech A 192.97 +3.86 3.6 Growth A 143.12 +2.00 6.3 RisDv A 97.26 -0.22 8.0 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst 121.74 +1.40 4.4 JHF III DispVal DispValMCI 31.39 +0.02 14.3 John Hancock BondR6 13.30 -0.04 -0.5 JPMorgan I Class CoreBond 10.11 -0.02 -0.6 EqInc 28.64 +0.23 16.7 LgCpGwth 80.79 +0.56 -1.2 JPMorgan R Class CoreBond 10.13 -0.02 -0.5 CorePlusBd 7.11 -0.02 0.1 Lord Abbett I ShtDurInc p 3.82 -0.01 1.1 Metropolitan West TotRetBdI NA ... NA MFS Funds IIE 44.01 -0.09 8.5 MFS Funds Class I ValueI 55.40 +0.28 11.1
t -15.66 710.97 523.48 MartinMarietta MLM 0.6 13 525.14 -14.86 120.71 329.88 61.44 MarvellTech MRVL 0.1 64 187.56 4.26 12.64 83.64 58.16 Masco MAS 1.8 16 71.48 -0.63 21.04 441.43 160.08 MasTec MTZ ... 42 263.10 -61.34 0.39 601.77 464.52 Mastercard MA 0.6 32 573.10 -4.25 -25.08 72.26 44.30 McCormickVtg MKC.V 3.8 8 50.95 0.10 -25.27 72.58 44.82 McCormick MKC 3.8 8 50.90 -0.06 -11.45 341.75 260.96 McDonald's MCD 2.7 22 270.64 2.20 4.38 999.00 637.00 McKesson MCK 0.4 22 856.19 -9.32 -6.48 50.88 32.81 Medline MDLN ... 33 39.28 0.16 2.75 677.90 373.00 Medpace MEDP ... 34 577.11 -1.19 -11.11 106.33 73.31 Medtronic MDT 3.4 23 85.39 -0.32 -6.77 2548.50 1495.00 MercadoLibre MELI ... 50 1877.95 -7.78 23.69 135.05 77.53 Merck MRK 2.6 37 130.20 0.41 -15.66 796.25 520.26 MetaPlatforms META 0.4 21 556.71 17.68 21.78 97.80 67.33 MetLife MET 2.5 19 96.13 -0.94 1.59 1525.17 1023.05 Mettler-Toledo MTD ... 32 1416.30 35.69 16.59 105.91 48.52 MicrochipTech MCHP 2.4344 74.29 -0.72 188.37 1255.00 103.38 MicronTech MU 0.1 19 823.03 -51.63 -3.91 555.45 349.20 Microsoft MSFT 0.8 26 464.72 13.62 -4.73 149.18 120.30 MidAmApt MAA 4.6 39 132.34 -0.98 72.22 100.75 39.01 MillicomIntl TIGO 3.1 13 95.48 0.31 41.55 23.25 13.62 MitsubishiUFJ MUFG 1.9 16 22.45 -0.05 42.62 10.79 5.74 MizuhoFin MFG 1.3 16 10.44 0.09 85.89 85.60 22.28 Moderna MRNA ... dd 54.82 -3.10 50.60 323.25 111.18 ModineMfg MOD ... 76 201.06 7.15 12.72 244.89 121.06 MolinaHealthcare MOH ... dd 195.62 0.92 15.75 66.65 51.20 Mondelez MDLZ 3.2 23 62.31 -0.77 -19.59 444.72 198.47 MongoDB MDB ... dd 337.48 11.60 57.34 1714.09 706.00 MonolithicPower MPWR 0.6 87 1426.03 109.85 25.71 100.34 58.09 MonsterBev MNST ... 47 96.38 -1.27 -6.36 546.88 402.28 Moody's MCO 0.9 30 478.38 -3.88 60.07 430.51 185.62 Moog A MOG.A 0.3 44 389.85 -29.40 18.53 232.25 136.17 MorganStanley MS 2.2 17 210.42 1.51 13.68 492.22 359.36 MotorolaSol MSI 1.1 35 435.75 4.93 15.70 70.95 41.17 MuellerInds MLI 2.1 17 66.41 -0.45 50.61 636.04 345.23 MurphyUSA MUSA 0.4 21 607.76 -8.34 -4.31 8.02 4.37 NIO NIO ... dd 4.88 0.04 -15.67 189.96 120.11 NRG Energy NRG 1.4157 134.29 0.32 -15.71 8618.28 5501.01 NVR NVR ... 16 6147.05 -141.63 5.57 339.95 183.00 NXP Semicon NXPI 1.8 22 229.16 -16.00 -3.03 101.78 76.55 Nasdaq NDAQ 1.3 27 94.19 -0.97 16.88 288.04 131.81 Natera NTRA ... dd 267.76 -1.90 3.39 94.64 67.52 NationalGrid NGG 4.0 18 79.97 -0.42 8.23 19.36 13.49 NatWest NWG 4.5 10 18.94 0.41 127.48 299.86 50.10 Nebius NBIS ... 64 190.41 1.98 66.68 192.83 93.69 NetApp NTAP 1.2 28 178.50 4.52 -3.16 159.55 106.06 NetEase NTES 2.3 18 133.27 1.38 -23.52 126.71 65.08 Netflix NFLX ... 23 71.71 -1.46 17.61 186.12 122.14 Neurocrine NBIX ... 24 166.80 -18.70 7.01 64.97 43.27 NewOrientalEduc EDU 2.0 20 58.89 2.31 7.88 87.10 51.03 NYTimes A NYT 1.2 32 74.89 -0.94 -6.15 134.88 61.76 Newmont NEM 1.1 12 93.71 -2.05 5.51 31.61 22.20 NewsCorp A NWSA 0.7 37 27.56 -0.53 5.53 35.58 25.49 NewsCorp B NWS 0.6 42 31.27 -0.53 8.27 98.75 69.24 NextEraEnergy NEE 2.9 20 86.92 -1.01 3.17 163.13 52.61 Nextpower NXT ... 23 89.87 -7.03 -34.53 80.17 40.00 Nike NKE 3.9 20 41.71 -0.58 6.39 49.21 38.45 NiSource NI 2.7 22 44.43 -0.34 41.27 17.45 4.00 Nokia NOK 1.3 63 9.14 0.05 15.38 10.06 6.59 Nomura NMR 2.9 11 9.68 0.12 23.85 307.74 207.08 Nordson NDSN 1.1 32 297.78 2.55 16.20 358.60 268.23 NorfolkSouthern NSC 1.6 29 335.48 1.55 33.38 191.60 121.12 NorthernTrust NTRS 1.9 16 182.19 -0.32 -4.86 774.00 479.02 NorthropGrum NOC 1.8 17 542.48 7.63 19.03 615.99 232.72 Nova NVMI ... 49 390.87 -3.20 13.26 170.46 112.34 Novartis NVS 2.6 24 156.15 -2.29 -7.47 64.16 35.12 NovoNordisk NVO 2.7 11 47.08 -4.53 -14.40 18.98 11.20 NuHoldings NU ... 22 14.33 -0.16 57.74 270.90 131.32 Nucor NUE 0.9 21 257.29 0.25 14.16 82.42 34.01 Nutanix NTNX ... 62 59.01 -0.25 11.91 85.36 53.03 Nutrien NTR 3.2 14 69.07 -1.65 50.86 184.64 78.11 nVentElectric NVT 0.5 52 153.83 9.03 7.64 236.54 164.07 NVIDIA NVDA 0.5 31 200.75 5.71 O P Q
10.89 50.59 41.70 OGE Energy OGE 3.6 21 47.35 0.09 23.55 96.07 64.02 ONEOK OKE 4.7 16 90.81 1.74 50.71 134.92 44.56 ON Semi ON ... 58 81.61 -2.13 -2.04 108.72 82.59 O'ReillyAuto ORLY ... 28 89.35 1.99 38.79 67.45 38.80 OccidentalPetrol OXY 1.8 65 57.07 1.12 64.14 157.00 62.66 Okta OKTA ...103 141.93 1.51 35.29 252.03 126.01 OldDomFreight ODFL 0.5 41 212.14 -0.33 19.41 27.32 19.39 OldNatlBncp ONB 2.2 12 26.64 0.23 -5.32 46.76 35.60 OldRepublic ORI 2.9 9 43.21 -0.17 14.19 52.39 38.71 OmegaHealthcare OHI 5.4 18 50.63 0.23 -2.54 87.41 66.33 Omnicom OMC 4.1 67 78.70 -0.91 -22.03 52.20 31.41 OnHolding ONON ... 38 36.24 -0.86 63.80 386.46 89.40 OntoInnovation ONTO ...120 258.58 8.06 -33.37 345.72 114.50 Oracle ORCL 1.5 22 129.87 2.31 37.95 41.00 22.51 Orix IX 2.0 15 40.31 -0.09 117.26 33.10 10.69 OscarHealth OSCR ... dd 31.22 -0.01 -17.63 94.56 69.16 OtisWorldwide OTIS 2.4 18 71.95 0.26 59.38 64.61 35.47 Ovintiv OVV 1.9 17 62.46 0.84 24.12 159.91 97.53 OwensCorning OC 2.3 dd 138.90 0.08 -21.90 139.41 71.94 PDD PDD ... 10 88.56 1.12 8.15 19.16 13.31 PG&E PCG 1.2 13 17.38 -0.40 19.71 256.49 176.88 PNC Finl PNC 3.2 14 249.87 1.16 -0.08 92.40 44.99 POSCO PKX 2.4 28 53.17 -1.32 7.87 133.43 93.39 PPG Ind PPG 2.7 16 110.52 -1.51 0.54 40.10 33.16 PPL PPL 3.2 22 35.21 -0.35 -21.24 219.69 108.50 PTC PTC ... 13 137.20 0.90 21.16 139.24 92.25 Paccar PCAR 1.1 28 132.68 -1.08 19.21 258.81 189.03 PackagingCpAm PKG 2.4 32 245.84 -2.79 -30.77 207.52 106.37 PalantirTech PLTR ...139 123.06 0.80 80.15 368.80 139.57 PaloAltoNtwks PANW ...273 331.83 6.15 -16.79 69.99 26.77 PanAmerSilver PAAS 1.7 14 43.11 -0.92 11.10 1034.96 692.02 ParkerHannifin PH 0.8 36 976.53 13.74 4.15 146.83 85.45 Paychex PAYX 4.1 24 116.84 0.51 -2.00 79.22 38.46 PayPal PYPL 1.0 11 57.21 -0.44 ... 24.89 12.07 PayPay PAYP ... ... 15.13 -0.96 20.66 17.75 12.02 Pearson PSO 2.0 26 16.94 -0.47 28.56 51.58 35.45 PembinaPipeline PBA 4.1 24 48.93 -1.50 37.29 227.00 140.12 PenskeAuto PAG 2.6 16 217.31 -3.30 -37.16 113.95 57.60 Pentair PNR 1.7 16 65.44 -0.73 3.31 362.41 221.26 Penumbra PEN ... 79 321.19 1.36 -2.76 171.48 133.73 PepsiCo PEP 4.2 18 139.56 -0.64 27.21 117.47 80.82 PerformanceFood PFGC ... 55 114.39 -0.36 51.89 22.68 11.92 PermianRscs PR 3.0 25 21.31 0.31 ... 54.94 22.01 PershingSquare PS 1.5 ... 33.28 -0.29 63.71 22.24 11.43 PetroleoBrasil PBR 4.9 6 19.40 0.28 52.17 20.05 10.76 PetroleoBrasilA PBR.A 5.6 6 17.15 0.30 0.44 28.75 23.11 Pfizer PFE 6.9 19 25.01 0.10 18.97 207.76 142.11 PhilipMorris PM 3.1 27 190.82 -1.18 64.04 216.08 118.07 Phillips66 PSX 2.4 21 211.68 1.08 10.29 107.00 81.08 PinnacleFinPtrs PNFP 1.9 14 105.23 0.39 13.86 111.16 85.32 PinnacleWest PNW 3.6 19 100.99 -0.33 -7.26 39.93 13.84 Pinterest PINS ... 50 24.01 -0.42 36.80 25.03 15.69 PlainsAllAmPipe PAA 6.8 18 24.57 0.17 37.57 26.77 16.68 PlainsGP PAGP 6.3 29 26.33 0.16
s 40.71 176.59 108.74 Popular BPOP 1.7 12 175.21 0.08
s 23.84 326.78 230.09 Primerica PRI 1.5 13 319.96 -3.36 28.90 114.95 75.00 PrincipalFinl PFG 3.0 16 113.70 -0.25 0.82 167.25 137.62 Procter&Gamble PG 3.0 22 144.49 0.53 -7.16 254.93 189.20 Progressive PGR 0.2 11 211.42 -1.86 13.28 153.35 103.41 Prologis PLD 3.0 32 144.61 -1.58 8.15 124.57 91.89 PrudentialFinl PRU 4.6 13 122.08 -0.69 -2.76 34.03 24.61 Prudential PUK 1.7 10 30.26 -0.72 -4.51 91.25 76.05 PSEG PEG 3.5 17 76.68 -0.87 24.92 335.55 256.54 PublicStorage PSA 3.7 31 324.17 6.72 7.85 144.50 108.49 PulteGroup PHM 0.8 13 126.47 -2.27
t -31.05 27.61 13.18 QXO QXO 0.0 dd 13.30 -0.16 60.66 177.28 70.50 QnityElec Q 0.2 42 131.18 0.66 -13.70 259.92 121.99 Qualcomm QCOM 2.5 17 147.61 -3.99 58.12 788.75 363.01 QuantaServices PWR 0.1 76 667.36 9.38 ... 86.79 47.06 Quantinuum QNT ... ... 51.41 -0.14 34.28 240.13 166.76 QuestDiag DGX 1.5 25 233.01 -1.29 R S
22.94 667.69 364.50 RBC Bearings RBC ... 61 551.31 -10.59 6.68 119.58 93.58 RBGlobal RBA 1.2 51 109.74 -0.27 -12.37 52.23 27.57 RELX RELX 2.6 21 35.42 -1.19 2.95 129.12 92.92 RPM RPM 2.0 21 107.07 -0.76 17.35 221.34 150.61 RTX RTX 1.4 38 215.22 0.84 7.56 421.60 273.04 RalphLauren RL 1.1 25 380.34 -5.57 -0.94 174.10 67.15 Rambus RMBS ... 42 91.03 1.45 13.84 48.31 32.60 RangeResources RRC 1.0 11 40.14 0.59 9.58 178.28 138.82 RaymondJames RJF 1.2 15 175.98 1.01 13.30 67.94 55.86 RealtyIncome O 5.1 52 63.87 -0.29 -38.80 282.95 119.27 Reddit RDDT ... 33 140.67 -37.37 46.26 247.80 127.96 RegalRexnord RRX 0.7 48 205.23 2.64 16.31 83.66 66.86 RegencyCtrs REG 3.8 27 80.29 -0.07 -1.20 821.11 541.00 RegenPharm REGN 0.5 19 762.63 24.29 14.21 32.47 22.70 RegionsFinl RF 3.9 13 30.95 0.10 16.41 245.00 165.52 ReinsGrp RGA 1.6 13 236.85 -1.21 40.58 419.83 260.31 Reliance RS 1.2 24 406.10 5.08 13.81 335.97 231.17 RenaissanceRe RNR 0.5 5 319.98 1.62 -20.71 34.66 23.25 RentokilInit RTO 2.3 25 23.36 -0.89 -0.65 238.62 196.41 RepublicSvcs RSG 1.2 30 210.55 -0.78 -12.41 293.81 180.26 ResMed RMD 1.1 20 210.98 2.42 8.49 81.96 61.33 RestaurantBrands QSR 3.5 29 74.02 -0.32 135.44 194.56 34.00 RevolutionMed RVMD ... dd 187.53 -4.64 16.30 118.30 81.22 Revvity RVTY 0.2 53 112.52 -1.02 21.02 112.58 58.40 RioTinto RIO 4.8 13 96.85 -0.33 -22.78 22.69 11.57 Rivian RIVN ... dd 15.22 -1.61 -23.47 153.86 63.52 Robinhood HOOD ... 38 86.56 -0.04
t -56.07 150.59 33.88 Roblox RBLX ... dd 35.60 -13.07 -33.37 24.36 12.17 RocketCos. RKT 0.0219 12.90 -0.36 -6.90 151.00 37.57 RocketLab RKLB ... dd 64.95 0.27 23.39 497.36 305.44 Rockwell ROK 1.1 50 480.08 9.07 -10.28 41.14 31.38 RogersComm B RCI 4.2 4 33.85 -0.23 56.27 37.00 10.90 RoivantSciences ROIV ... dd 33.91 -0.61 33.66 148.88 78.53 Roku ROKU ...109 145.01 -0.08 -36.74 66.14 36.59 Rollins ROL 1.9 34 37.97 -0.38 -11.94 556.23 305.96 RoperTech ROP 0.9 16 391.97 2.72 39.37 255.30 134.37 RossStores ROST 0.7 35 251.07 -1.50 22.89 218.56 127.38 RoyalBkCanada RY 2.0 19 209.51 -0.61 14.12 366.50 232.10 RoyalCaribbean RCL 1.6 20 318.30 -3.64 -10.77 306.25 150.99 RoyalGold RGLD 1.0 24 198.35 -4.69 51.22 60.44 34.08 RoyaltyPharma RPRX 1.6 31 58.43 -0.59 -5.39 99.75 42.25 Rubrik RBRK ... dd 72.36 0.78 -14.47 61.85 29.28 RyanSpecialty RYAN 1.2 64 44.16 0.07 -18.95 74.24 53.14 Ryanair RYAAY 1.2 14 58.51 -1.66 33.98 284.25 157.67 RyderSystem R 1.6 21 256.42 -1.75 -24.41 299.48 144.97 SAP SAP 1.2 23 183.62 2.74 -16.66 547.70 360.94 S&P Global SPGI 0.9 25 411.93 -3.07 -6.44 234.64 162.41 SBA Comm SBAC 2.8 19 180.98 -0.92 25.55 104.47 75.08 SEI Investments SEIC 1.0 18 102.98 -0.06 ... 194.80 124.80 SK hynix SKHY ... 20 143.73 -5.27 54.07 47.18 19.66 SK Telecom SKM 1.6 52 31.63 -0.16 29.21 58.82 31.64 SLB SLB 2.4 24 49.59 0.68 9.78 251.08 179.17 SPX Tech SPXC ... 39 219.62 20.32 -11.86 91.07 61.40 SS&C Tech SSNC 1.4 22 77.05 -0.12 6.47 494.71 249.32 Saia SAIA ... 34 347.63 -3.00 -17.10 24.00 10.30 SailPoint SAIL ... dd 16.77 0.60 -30.53 269.11 146.32 Salesforce CRM 1.0 21 184.02 3.31 5.13 47.47 23.38 Samsara IOT ...384 37.27 1.47 411.77 2354.39 40.10 Sandisk SNDK ... 42 1214.83 -65.13 23.65 288.68 108.36 Sanmina SANM ... 33 185.56 2.08 -11.10 52.68 40.89 Sanofi SNY 4.1 18 43.08 0.19 5.33 107.50 83.96 SchwabC SCHW 1.2 19 105.24 0.91
StratAdFidEmr 18.47 +0.23 21.6 StratAdFidUS 21.49 +0.11 13.4 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.48 -0.08 11.6 TIAA/CREF Funds EqIdxInst NA ... NA IntlEqIdxInst NA ... NA LrgCpGrIdxInst 76.35 +0.61 0.5 VANGUARD ADMIRAL 500Adml 691.52 +4.85 10.1 BalAdml 53.91 +0.14 6.1 CAITAdml 11.35 -0.01 ... CapOpAdml r260.69 -0.02 20.2 DivAppIdxAdm 64.89 -0.24 9.7 EMAdmr 48.64 +0.61 9.1 EqIncAdml 102.74 -0.01 11.9 ExplrAdml 122.04 -0.34 14.4 ExtndAdml 179.06 -0.73 13.5 GroIncAdml 118.54 +0.80 8.6 GrwthAdml 263.12 +2.98 5.0 HlthCareAdml r 85.65 -0.84 3.4 HYCorAdml r 5.43 -0.01 1.1 InfProAd 22.69 -0.03 0.4 InfTechIdx 463.56 -1.73 20.4 IntlGrAdml 121.25 -0.11 6.4 ITBondAdml 10.20 -0.03 -1.0 ITIGradeAdml 8.61 -0.02 -0.7 LarCapAd 173.51 +1.20 9.8 MidCpAdml 400.89 -0.30 12.3 MuHYAdml 10.52 -0.02 1.3 MuIntAdml 13.55 -0.01 0.2 MuLTAdml 10.68 -0.01 0.7 MuLtdAdml 10.89 -0.01 0.8 MuShtAdml 15.82 ... 1.4
Natixis Funds InvGradeBdY 9.56 -0.02 -0.5 LSGrowthY 31.71 +0.61 -4.5 Northern Funds StkIdx 74.61 +0.53 10.1 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 206.46 +3.13 -1.8 LgCapGow I 85.68 +0.49 0.8 Putnam Funds Class A PutLargCap p 44.92 -0.02 14.9 Putnam Funds Class Y PutLargCap 44.92 -0.03 15.1 Schwab Funds 1000 Inv r 16.05 +0.10 10.3 FunUSLgInst r 37.67 +0.03 17.5 IntI Sel r 32.12 -0.24 11.8 S&P Sel 19.31 +0.13 10.1 TSM Sel r 18.11 +0.11 10.5 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.04 -0.02 ...
-16.33 199.30 77.05 Sea SE ... 41 106.74 0.50 210.88 1145.00 144.75 Seagate STX 0.3 62 856.13 4.45 0.29 101.04 78.97 Sempra SRE 3.0 30 88.55 -1.03 59.89 177.35 46.02 Semtech SMTC ... dd 117.82 3.21 10.54 90.99 68.41 ServiceIntl SCI 1.7 22 86.19 0.90 -27.39 196.40 81.24 ServiceNow NOW ... 69 111.23 1.16
s 44.57 164.37 83.12 SharkNinja SN 0.0 33 161.77 -1.56 25.18 94.90 68.62 Shell SHEL 3.2 14 91.98 1.47 5.19 379.65 289.86 SherwinWilliams SHW 0.9 31 340.85 -3.99 30.39 73.80 46.26 ShinhanFin SHG 2.1 9 69.93 -2.42 -27.22 182.19 94.00 Shopify SHOP ...115 117.15 -5.25 23.91 238.50 159.70 SimonProperty SPG 3.9 42 229.37 -1.07 48.14 32.66 19.77 SiriusXM SIRI 3.6 12 29.62 -1.35 51.53 901.81 186.49 SiTime SITM ... dd 535.20 7.33 -1.78 90.90 51.93 Skyworks SWKS 4.6 32 62.28 -0.20 -3.81 38.79 28.55 Smith&Nephew SNN 2.4 22 31.56 -0.77 16.61 29.80 21.08 SmithfieldFds SFD 4.8 10 26.04 -0.55 21.93 127.64 88.25 Smucker SJM 3.8 dd 119.26 -2.95 18.88 52.65 32.73 SmurfitWestrock SW 3.9 49 45.97 -1.55 19.10 420.91 312.78 Snap-On SNA 2.4 21 410.41 1.36
s 33.70 304.17 118.30 Snowflake SNOW ... dd 293.28 -4.82 -2.53 98.00 35.67 SOQUIMICH SQM 1.0 24 67.06 -1.37 -37.70 32.73 14.88 SoFiTech SOFI ... 34 16.31 -0.16 7.82 88.65 62.38 Solventum SOLV ... 10 85.44 -1.38 -26.83 98.56 60.39 Somnigroup SGI 1.0 27 65.33 -1.54 -9.14 30.34 19.32 Sony SONY 0.5 dd 23.26 0.49 8.42 100.83 83.80 Southern SO 3.2 23 94.54 0.20 29.72 221.67 86.61 SoCopper SCCO 1.8 27 182.71 -2.29 11.67 108.46 84.47 SouthStateBk SSB 2.5 11 105.09 -0.17 8.81 55.11 28.98 SouthwestAir LUV 1.6 27 44.97 -0.63 ... 225.64 107.01 SpaceX SPCX ... ... 108.37 -3.83 -13.91 748.30 405.00 Spotify SPOT ... 40 499.94 -22.67 2.20 34.48 23.83 StandardAero SARO ... 33 29.31 0.33 27.33 96.04 61.90 StanleyB&D SWK 3.6 23 94.58 -0.97 24.99 109.23 77.99 Starbucks SBUX 2.4 61 105.25 -0.60 42.75 192.51 104.64 StateStreet STT 2.0 16 184.16 1.34 48.28 288.74 119.89 SteelDynamics STLD 0.8 23 251.26 -1.24 -47.11 12.22 5.25 Stellantis STLA 0.0 dd 5.76 -0.10 -9.91 269.44 195.14 Steris STE 1.1 29 228.40 -2.81 94.88 1005.68 244.02 SterlingInfr STRL ... 53 596.77 16.04 -0.68 89.83 67.81 StifelFinancial SF 1.6 15 82.91 0.28 101.97 81.42 21.11 STMicroelec STM 0.6104 52.39 -0.67 81.10 94.66 35.68 StoneX SNEX ... 20 76.57 -1.05 -38.61 414.36 81.81 Strategy MSTR ... dd 93.28 -4.46 -7.33 401.99 281.00 Stryker SYK 1.1 34 325.70 -22.34 33.89 26.66 14.92 SumitomoMits SMFG 1.9 16 25.88 0.10 -25.56 30.98 12.25 SummitTherap SMMT ... dd 13.02 -0.42 -0.35 137.85 115.90 SunComms SUI 3.6 dd 123.48 -0.95 32.93 84.38 56.22 SunLifeFinancial SLF 2.8 21 82.95 0.18 ... 86.67 61.03 SunbeltRentals SUNB 1.6 ... 71.92 -0.61 51.67 70.29 37.77 SuncorEnergy SU 2.4 18 67.28 0.55 46.33 78.11 47.98 Sunoco SUN 5.2 19 76.69 0.72 -2.97 62.36 19.48 SuperMicroComp SMCI ... 15 28.40 0.67 -8.78 11.54 7.55 Suzano SUZ 2.3 5 8.52 0.08 -27.65 87.88 38.19 Symbotic SYM ... dd 43.05 0.11 -9.16 88.77 63.08 SynchronyFinl SYF 1.8 8 75.79 -1.38 -17.24 646.28 366.00 Synopsys SNPS ... 90 388.76 16.43 15.67 91.84 68.19 Sysco SYY 2.6 24 85.24 0.53 T U V
22.58 71.47 46.93 TCEnergy TRP 3.7 28 67.43 -0.66 70.21 296.47 139.23 TD Synnex SNX 0.8 18 255.70 3.58 -9.59 252.56 190.27 TEConnectivity TEL 1.5 20 205.69 -0.89
t -27.41 16.72 9.22 Telus TU 11.4 22 9.56 -1.21 28.93 51.73 30.44 Ternium TX 4.5 17 49.24 0.13 30.64 167.69 80.62 TFI Intl TFII 1.4 33 135.02 0.73 2.43 170.00 123.78 TJX TJX 1.2 31 157.34 -1.92 -13.01 226.94 152.29 TKO TKO 1.7 67 181.81 -2.00 -14.94 261.56 165.66 T-MobileUS TMUS 2.4 18 172.71 -0.63 -31.61 70.38 36.95 TPG TPG 5.1200 43.66 0.96 9.15 122.00 85.22 T.RowePrice TROW 4.7 12 111.75 -7.53 67.30 223.83 39.20 TTM Tech TTMI ... 63 115.44 -0.07 33.03 479.00 223.70 TaiwanSemi TSM 0.7 29 404.25 0.94 -5.12 265.94 187.63 Take-TwoSftwr TTWO ... dd 242.92 -4.51 9.62 18.89 12.99 TakedaPharm TAK 3.1 dd 17.09 -0.16 -10.87 451.28 301.45 TalenEnergy TLN ... dd 334.10 1.56 19.25 161.97 92.62 Tapestry TPR 1.1 49 152.37 -0.21 46.54 291.04 144.14 TargaResources TRGP 1.8 28 270.37 3.28 47.82 147.77 83.44 Target TGT 3.2 19 144.49 -0.02 60.82 77.92 34.27 TechnipFMC FTI 0.3 25 71.66 2.74 25.79 71.25 30.98 TeckResourcesB TECK 0.6 16 60.24 -2.25 28.36 693.38 483.02 TeledyneTech TDY ... 32 655.57 6.39 1.66 13.77 7.17 Ericsson ERIC 2.1 13 9.81 0.04 8.94 17.25 11.02 TelefonicaBras VIV 3.2 17 12.92 0.04 -30.36 23.52 13.22 TelekomIndns TLK 6.8 15 14.66 0.10 49.10 64.59 33.65 Tenaris TS 0.0 15 57.33 0.60 -46.09 26.70 7.94 TencentMusic TME 2.5 12 9.45 -0.03 28.21 262.68 156.72 TenetHealthcare THC ... 10 254.78 2.05 89.96 487.91 102.42 Teradyne TER 0.1 50 367.69 2.20 -30.80 498.83 297.38 Tesla TSLA ...289 311.21 2.36 12.18 37.34 14.99 TevaPharm TEVA ... 59 35.01 -0.40 58.94 334.03 152.73 TexasInstruments TXN 2.1 42 275.74 -1.60 40.16 547.20 269.23 TexasPacLand TPL 0.6 55 402.58 8.33 23.76 210.24 153.82 TexasRoadhouse TXRH 1.5 33 205.44 -2.78 -2.19 101.57 75.80 Textron TXT 0.1 16 85.26 -1.83 -0.89 643.99 435.27 ThermoFisher TMO 0.3 31 574.30 -2.47 -25.60 204.46 76.28 ThomsonReuters TRI 2.7 29 98.13 -0.70 10.11 184.90 139.34 3M MMM 1.8 31 176.28 0.21 63.50 146.37 70.56 Timken TKR 1.0 31 137.55 1.44 -9.12 49.66 22.26 Toast TOST ... 49 32.27 -0.58 7.89 168.36 117.50 TollBros TOL 0.7 11 145.89 -4.14 27.30 124.87 72.21 TorontoDomBk TD 2.6 20 119.92 0.16 34.30 94.17 57.48 TotalEnergies TTE ... 11 87.86 0.83 87.08 319.94 43.12 TowerSemi TSEM ...102 219.67 8.51 -11.71 248.90 166.10 ToyotaMotor TM 2.8 10 188.99 -2.46 -38.47 62.89 28.36 TractorSupply TSCO 3.1 16 30.77 0.56 -6.55 144.47 91.42 Tradeweb TW 0.6 24 100.50 2.70 16.89 505.87 348.06 TraneTech TT 0.9 34 454.95 14.67 -5.68 1620.58 1123.61 TransDigm TDG 0.0 39 1254.38 4.47 -8.31 97.42 63.37 TransUnion TRU 0.6 21 78.62 -1.64 29.06 398.69 252.26 Travelers TRV 1.3 10 374.36 -1.63 -27.79 87.50 47.92 Trimble TRMB ... 30 56.58 -0.48 -34.63 78.99 38.04 Trip.com TCOM 0.0 7 47.01 0.53 5.34 56.20 40.78 TruistFinl TFC 4.0 12 51.84 -0.17 38.74 238.48 91.84 Twilio TWLO ...306 197.35 6.41 -31.80 621.34 270.71 TylerTech TYL ... 41 309.60 -13.71 -1.13 69.48 50.56 TysonFoods TSN 3.5 44 57.96 -2.69 13.88 55.15 35.94 UBS Group UBS 1.3 18 52.74 -0.65 4.03 42.00 32.94 UDR UDR 4.6 24 38.16 -0.14 40.67 74.00 41.95 U-Haul UHAL 0.0291 70.91 -0.04 33.89 65.05 39.62 U-Haul N UHAL/B 0.3256 62.58 -0.26 16.21 107.54 61.64 ULSolutions ULS 0.6 53 91.64 -0.52 26.68 149.98 103.38 UMB Fin UMBF 1.2 12 145.73 0.22 33.55 105.17 69.88 USFoods USFD ... 34 100.59 0.04 -13.89 101.99 65.41 Uber UBER ... 18 70.36 -0.01 0.57 1099.99 380.00 Ubiquiti UI 0.6 36 556.52 23.29 -15.24 714.97 443.60 UltaBeauty ULTA ... 19 512.83 -3.90 -3.04 74.97 54.75 Unilever UL 3.6 21 63.41 -1.86 26.29 315.99 210.84 UnionPacific UNP 1.9 24 292.13 2.67 8.50 138.77 82.42 UnitedAirlines UAL ... 11 121.33 -2.23 142.11 28.96 6.56 UnitedMicro UMC 1.7 18 19.03 0.09 5.07 122.41 82.00 UPS B UPS 6.3 19 104.22 -1.05 33.35 1177.67 701.59 UnitedRentals URI 0.7 26 1079.26 10.63 18.08 64.84 43.46 USBancorp USB 3.3 13 63.01 0.11 6.25 609.35 272.12 UnitedTherap UTHR ... 19 517.71 -8.11 25.53 461.62 234.60 UnitedHealth UNH 2.2 27 414.40 -7.07 -28.21 52.15 16.78 UnitySoftware U ... dd 31.71 -1.63 -22.74 246.32 140.08 UniversalHealthB UHS 0.5 7 168.44 5.15 11.11 93.22 68.28 UnumGroup UNM 2.3 20 86.11 -0.66 -6.29 34.01 25.82 VICI Prop VICI 6.8 10 26.35 0.04 15.58 17.94 9.36 Vale VALE 6.0 23 15.06 0.07 92.21 320.24 130.78 ValeroEnergy VLO 1.5 13 312.90 2.39 19.73 585.71 353.41 ValmontInds VMI 0.6 19 481.70 5.09 -8.71 310.50 148.05 VeevaSystems VEEV ... 36 203.78 2.22 20.85 101.60 65.82 Ventas VTR 2.2172 93.51 1.59 96.19 17.62 5.72 VentureGlobal VG 0.5 14 13.38 0.14 -5.62 110.11 80.03 Veralto VLTO 0.6 24 94.17 -0.54 19.37 312.48 208.86 VeriSign VRSN 1.1 31 290.02 3.44 -12.89 281.82 155.94 VeriskAnalytics VRSK 1.0 30 194.85 -5.50 14.93 51.68 38.39 Verizon VZ 6.0 12 46.81 0.70 5.24 533.67 362.50 VertexPharm VRTX ... 28 477.10 -4.60 49.11 379.94 118.70 Vertiv VRT 0.1 55 241.57 14.07 123.24 93.03 15.27 ViaSat VSAT ... dd 76.93 -0.67 41.04 18.07 8.62 Viatris VTRS 2.7 dd 17.56 -0.20 89.21 382.65 41.76 Vicor VICR ... 67 207.37 0.70
s 46.13 105.86 55.55 Viking VIK ... 39 104.35 -0.10 15.48 51.13 35.10 ViperEnergy VNOM 5.2 dd 44.61 1.15 76.26 68.02 31.55 VirtuFinancial VIRT 1.6 10 58.73 -0.43 4.40 373.97 293.89 Visa V 0.7 31 366.13 -0.14 -8.14 219.82 132.66 Vistra VST 0.6 25 148.19 -0.43 19.45 16.61 10.66 Vodafone VOD 3.2 dd 15.78 -0.36 -5.84 331.09 252.35 VulcanMatls VMC 0.8 32 268.57 -2.67 W X Y Z
3.75 119.91 102.95 WEC Energy WEC 3.5 21 109.42 -0.63 14.36 77.22 63.08 W.P.Carey WPC 5.1 25 73.60 -0.48 36.27 306.64 184.26 Wabtec WAB 0.4 39 290.86 -1.60 -0.19 135.16 95.42 Walmart WMT 0.9 39 111.20 0.10 -8.74 30.00 10.76 WarnerBrosA WBD ... dd 26.30 0.83 -15.36 35.42 23.34 WarnerMusic WMG 2.9 31 25.96 -1.60 -4.55 191.00 146.89 WasteConnections WCN 0.8 40 167.38 1.11 3.11 248.13 194.11 WasteMgt WM 1.7 32 226.55 0.22 -0.66 414.15 275.05 Waters WAT ... 48 377.31 -2.99 -8.21 459.00 300.66 Watsco WSO 4.3 27 309.30 -1.43 -5.04 453.37 317.63 Watsco B WSOB 4.1 28 321.76 4.13 25.28 394.54 251.17 WattsWater WTS 0.7 32 345.79 1.67 -15.45 119.98 55.60 Wayfair W ... dd 84.90 -4.88 22.69 77.69 52.69 WebsterFin WBS 2.1 13 77.22 -0.08 -7.24 97.76 72.78 WellsFargo WFC 2.3 13 86.45 1.02 26.31 255.20 161.26 Welltower WELL 1.5 dd 234.44 -1.19 40.41 377.90 197.96 WescoIntl WCC 0.6 24 343.49 0.82 23.92 386.00 223.83 WestPharmSvcs WST 0.3 44 340.96 1.37 216.27 799.87 73.14 WesternDigital WDC 0.1 33 544.84 11.80 17.90 48.63 36.90 WesternMidstrm WES 8.0 15 46.57 -0.02 -4.65 124.23 56.33 Westlake WLK 3.0 dd 70.50 -1.22 5.66 27.75 21.16 Weyerhaeuser WY 3.4 38 25.03 1.53 -7.22 165.76 90.94 WheatonPrecMtls WPM 0.7 28 109.03 -4.35 19.02 80.08 55.82 Williams WMB 2.9 31 71.54 0.63 28.04 244.65 165.51 Williams-Sonoma WSM 1.3 26 228.66 -4.66 2.23 352.79 240.61 WillisTowers WTW 1.1 21 335.92 -0.13 14.10 167.22 119.61 WintrustFinl WTFC 1.4 13 159.54 -0.11 -30.28 3.09 1.75 Wipro WIT 5.6 14 1.98 0.03 2.48 17.47 10.36 Wise WSE ... ... 12.00 -0.06 50.48 25.19 14.27 WoodsideEnergy WDS 4.6 16 23.46 0.08 19.33 450.92 233.31 Woodward WWD 0.4 40 360.75 4.47 17.25 84.71 48.83 WooriFinl WF 3.7 8 68.93 -1.37 -25.35 249.85 110.36 Workday WDAY ... 50 160.34 2.23 -17.47 134.72 92.52 WynnResorts WYNN 1.0 28 99.31 -1.39 47.87 232.05 116.68 XPO XPO ... 59 200.97 1.71 5.88 84.23 69.16 XcelEnergy XEL 3.0 21 78.20 -0.03 -35.90 28.23 11.77 XPeng XPEV ... dd 13.00 0.02 -14.11 154.27 105.29 Xylem XYL 1.5 28 116.97 0.15 45.30 57.49 22.82 YPF YPF 0.0 dd 52.54 0.39 1.32 170.14 137.33 Yum!Brands YUM 2.0 19 153.28 -3.72 0.92 58.39 40.15 YumChina YUMC 2.4 18 48.18 1.71 14.98 26.20 17.74 ZTO Express ZTO 2.8 15 24.02 0.16 21.00 352.66 199.05 ZebraTech ZBRA ... 36 293.82 5.25 4.46 108.29 79.12 ZimmerBiomet ZBH 1.0 24 93.93 -1.03 19.06 73.34 46.19 ZionsBancorp ZION 2.6 9 69.70 0.24 -38.57 160.48 71.47 Zoetis ZTS 2.7 13 77.29 1.26 11.33 114.74 69.15 ZoomComms ZM ... 14 96.07 3.75 -32.78 336.99 114.62 Zscaler ZS ... dd 151.20 2.81
Welltn 46.61 +0.22 5.4 VANGUARD INDEX FDS ExtndIstPl 441.86 -1.80 13.5 IdxIntl 27.20 +0.02 12.8 MdCpGrAdml127.24 +0.25 6.2 MdCpVlAdml106.03 -0.29 16.6 SmValAdml 105.11 -0.20 16.7 TotBd2 9.35 -0.03 -0.7 TotIntlInstIdx r181.96 +0.14 12.9 TotItlInstPlId r182.00 +0.14 12.9 TotSt 179.22 +1.02 10.5 VANGUARD INSTL FDS DevMktsIndInst 22.79 -0.08 14.2 DevMktsInxInst 35.63 -0.12 14.2 ExtndInst 179.05 -0.73 13.5 FTScinst 51.30 +0.37 9.3 GrwthInst 263.14 +2.98 5.0 InPrSeIn 9.24 -0.01 0.4 InstIdx 599.82 +4.21 10.1 InstPlus 599.81 +4.20 10.1 InstTStPlus 123.53 +0.70 10.5 MidCpInst 88.56 -0.07 12.3 MidCpIstPl 436.76 -0.33 12.3 SmCapInst 141.38 -0.34 15.2 SmCapIstPl 408.08 -0.97 15.2 STIGradeInst 10.32 -0.01 0.8 STIPSIxins 24.92 ... 1.8 TotBdInst 9.49 -0.02 -0.6 TotBdInst2 9.35 -0.03 -0.7 TotBdInstPl 9.49 -0.02 -0.6 TotIntBdIdxInst 28.68 -0.05 0.1 TotStInst 179.29 +1.03 10.5 ValueInst 85.78 -0.24 16.3 WCM Focus Funds WCMFocIntlGrwIns 28.05 +0.15 12.7
PrmcpAdml r223.33 +0.15 20.8 RealEstatAdml140.13 -0.85 14.0 SmCapAdml141.38 -0.34 15.2 SmGthAdml119.67 -0.36 13.0 STIGradeAdml 10.32 -0.01 0.8 STIPSIxAdm 24.90 ... 1.8 TotBdAdml 9.49 -0.02 -0.6 TotIntBdIdxAdm 19.11 -0.04 0.1 TotIntlAdmIdx r 45.50 +0.03 12.9 TotStAdml 179.26 +1.02 10.5 TxMCapAdml384.64 +2.30 9.9 TxMIn r 22.76 -0.08 14.2 USGroAdml 191.55 +2.11 -1.8 ValAdml 85.78 -0.24 16.3 WdsrllAdml 91.78 +0.31 10.9 WellsIAdml 62.69 -0.08 3.6 WelltnAdml 80.48 +0.38 5.4 WndsrAdml 82.80 +0.30 12.7 VANGUARD FDS DivdGro 31.91 -0.11 5.1 LifeGro NA ... NA LifeMod NA ... NA PrmcpCor 46.07 -0.02 24.4 STAR NA ... NA TgtRe2020 NA ... NA TgtRe2025 NA ... NA TgtRe2030 NA ... NA TgtRe2035 NA ... NA TgtRe2040 NA ... NA TgtRe2045 NA ... NA TgtRe2050 NA ... NA TgtRe2060 NA ... NA TgtRet2055 NA ... NA TgtRetInc NA ... NA
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refocusing spending on higher-returning projects elsewhere
BY ADAM WHITTAKER
British energy major BP is putting its U.K. North Sea business up for sale, paving the way to end oil production in its home country after more than half a century. BP said Friday that it would market the business to poten- tial buyers as it refocuses spending on higher-returning projects elsewhere. The move comes as new Chief Executive Meg O’Neill reviews BP’s portfolio in a strategic shake-up designed to boost profit and shareholder returns. The company is tar- geting $20 billion in asset sales by the end of 2027 in a bid to cut net debt. BP’s share price and profit- ability have fallen behind peers in recent years—in part after an ill-fated push into green energy—and the com- pany is attempting to catch up by spending more on its core
Circle K Owner Eyes European Expansion With Deal in Poland even more hoops just to get a foot in the door. “The job market cannot be this cooked,” one X user wrote, “that kids have to get perma- nent tattoos to get interviews.” Another, more sheepish post from Zietz followed. “I messed up,” he wrote, calling the offer reckless. This time, Zietz said that all of the people who got tattoos chose their own. None was asked to get one of LemonLime’s logo. Still, he said, “I should have understood the pressure and power dynamic created by con- necting tattoos to hiring.” Zietz and co-founder Dan- iela Muñoz started Lemon- Lime earlier this year as a business that creates AI agents and automations for companies. The five-person company is in the current batch of startups going through the renowned Y Com- binator startup accelerator program, and many people there were fellow Y Combina- tor founders and participants in its startup school, attend- ees said. One of them, Dimple Amitha Garuadapuri, attended the event to network with other founders. She has her own startup, called Stri Health, which is focused on women’s health. She had been consider-
BY MEGAN CHEAH
Canada’s Alimentation Couche-Tard plans to acquire Poland’s largest convenience re- tailer Zabka for about $8.7 bil- lion to expand its footprint in central and eastern Europe. The deal, if s u c c e s s f u l , would be the largest-ever ac- quisition for the owner of Circle K, which aban- doned a $47 bil- lion takeover at- tempt of Seven & i, the Japa- nese owner of 7- Eleven, last July. Couche-Tard said Friday that its subsidiary Circle K Polska will launch a tender offer for all shares of Zabka Group at 32 Polish zlotys each, representing a total equity value of about 32.62 billion zlotys, equivalent to $8.73 billion. Zabka shares
4%
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would be the largest-ever acquisition by Couche-Tard.
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BP’s North Sea production averaged around 117,000 barrels of oil equivalent a day in 2025.
oil-and-gas business. O’Neill said Friday that as BP directs spending to its highest-value opportunities, its North Sea business may be
last closed at 29.26 zlotys on the Warsaw Stock Exchange. The Canadian convenience- store operator expects to com- mence the offer around late Au- gust and complete the deal by December. The move comes less than a week after Seven & i de- cided against proceeding with a potential in- vestment in Zabka. Zabka oper- ates more than 13,000 stores across Poland and Romania and boasts around 4.3 million average daily transactions. The Polish food retailer also claims around 11.7 million users across its digital channels. Couche-Tard said it expects to fund the deal through fully committed debt facilities.
better positioned as part of another company. The assets BP is putting up for sale include five produc- tion hubs off the east coast of
Job Interviews for Tattoos
BY ALLISON POHLE AND CHIP CUTTER
Job interviews often re- quire take-home tests, strat- egy memos, even personality assessments. This one, though, involved permanent ink and needles. The co-founder of early AI startup LemonLime set off an uproar after offering attendees at a networking party a dare of sorts: anyone who got a com- pany tattoo at the event would get an instant interview. The idea was to “meet ex- ceptional people, and find out which of them are just as crazy as we are,” Jordan Zietz posted on LinkedIn, adding that he had brought a tattoo artist along for the occasion. “We are bold, we take risks, and we do things that haven’t been done before.” Seven people, he wrote, took him up on the offer, leaving the recent San Francisco event inked with a permanent tattoo. “If you’re reaching out to us to apply for a job, you might want to take notes,” he added. The online outrage erupted almost instantly—some from people venting about “Orwell- ian” Silicon Valley startup cul- ture. Others decried a hiring environment in which job seekers have to jump through
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 BrookfieldInfrastructure BIP 4.4 .455 Q Sep29 /Aug31 Cdn Pacific Kansas City CP 0.7 .1912 Q Oct26 /Sep25 Cenovus Energy CVE 1.1 .15696 Q Sep29 /Sep15 Centerra Gold CGAU 1.2 .04994 Q Sep02 /Aug19 CGI ClA GIB 0.6 .12129 Q Sep18 /Aug14 Core Laboratories CLB 0.4 .01 Q Aug31 /Aug10 Del Monte DMC 4.0 .30 Q Sep04 /Aug12 Diana Shipping DSX 1.7 .01 Q Sep11 /Aug21 Emera EMA 3.7 .52264 Q Aug17 /Aug03 Enbridge ENB 4.9 .69204 Q Sep01 /Aug14 First Majestic Silver AG 0.4 .0152 Q Aug31 /Aug14 Fortis FTS 3.0 .4566 Q Sep01 /Aug19 Garrett Motion GTX 1.0 .08 Q Sep15 /Sep01 Gildan Activewear GIL 1.8 .249 Q Sep14 /Aug20 GrupoAvalAccionesADR AVAL 2.5 .01324 M Oct08 /Sep30 GrupoAvalAccionesADR AVAL 2.5 .01324 M Nov10 /Nov02 GrupoAvalAccionesADR AVAL 2.5 .01324 M Dec08 /Nov30 GrupoAvalAccionesADR AVAL 2.5 .01324 M Jan11 /Dec31 GrupoAvalAccionesADR AVAL 2.5 .01324 M Feb08 /Jan29 GrupoAvalAccionesADR AVAL 2.5 .01324 M Mar08 /Feb26 GSK ADR GSK 3.4 .45152 Q Oct08 /Aug14 Haleon ADR HLN 1.9 .06069 SA Sep17 /Aug14 Hudbay Minerals HBM 0.1 .00713 Q Sep25 /Sep08 ING Groep ADR ING 3.1 .38933 SA Aug17 /Aug10 INVESCO IVZ 2.9 .215 Q Sep02 /Aug14 Kinross Gold KGC 0.7 .04 Q Sep03 /Aug20 Navios Maritime Ptrs NMM 0.3 .06 Q Aug13 /Aug10 Nomad Foods NOMD 5.7 .17 Q Aug27 /Aug11 Pembina Pipeline PBA 4.2 .52442 Q Sep29 /Sep15 Perrigo PRGO 11.4 .29 Q Sep15 /Aug28 Primo Brands PRMB 2.1 .12 Q Sep08 /Aug24 RenaissanceRe Hldgs RNR 0.5 .41 Q Sep30 /Sep15 RenaissanceRe Pfd. F RNRpF 6.9 .3594 Q Sep01 /Aug31 RenaissanceRe Pfd. G RNRpG 6.9 .2625 Q Sep01 /Aug31 Rio Tinto ADR RIO 4.8 2.11 SA Sep24 /Aug14 Safe Bulkers SB 3.8 .075 Q Aug26 /Aug13 Scorpio Tankers STNG 2.3 .45 Q Aug31 /Aug17 SeanergyMaritimeHldgs SHIP 8.0 .35 Q Oct09 /Sep25 Shell ADR SHEL 3.2 .7812 Q Sep21 /Aug14 Smurfit Westrock SW 3.9 .4523 Q Sep10 /Aug14 TC Energy TRP 3.7 .62605 Q Oct30 /Sep29 TechnipFMC FTI 0.3 .05 Q Sep02 /Aug18 TFI International TFII 1.4 .47 Q Oct15 /Sep30 Titan America TTAM ... .04 Q Oct09 /Oct01 Transalta TAC 1.3 .04994 Q Oct01 /Sep01 Triton Intl Pfd. A TRTNpA 8.2 .53125 Q Sep15 /Sep08 Triton Intl Pfd. B TRTNpB 7.9 .50 Q Sep15 /Sep08 Triton Intl Pfd. C TRTNpC 7.5 .46094 Q Sep15 /Sep08 Triton Intl Pfd. D TRTNpD 7.6 .42969 Q Sep15 /Sep08 Triton Intl Pfd. E TRTNpE 7.6 .35938 Q Sep15 /Sep08 Triton Intl Pfd. G TRTNpG 7.9 .46875 Q Sep15 /Sep08 United Maritime USEA 11.9 .10 Q Oct09 /Sep25 Vermilion Energy VET 2.2 .09631 Q Sep29 /Sep15 Wetouch Technology WETH ... .04 Sep30 /Aug17
Increased American States Water AWR 2.5 .5455/.504 Q Sep02 /Aug17 ArtisanPtrsAssetMgmt APAM 8.8 .80 /.77 Q Aug31 /Aug17 Boise Cascade BCC 1.2 .23 /.22 Q Sep16 /Sep01 Cactus ClA WHD 0.9 .15 /.14 Q Sep11 /Aug31 Cheniere Energy Ptnr CQP 4.8 .82 /.79 Q Aug14 /Aug07 Cintas CTAS 1.0 .52 /.45 Q Sep15 /Aug14 CommunityTrustBancorp CTBI 2.7 .65 /.53 Q Oct01 /Sep15 Crawford &Co B CRD.B 2.9 .08 /.075 Q Aug28 /Aug14 Crawford ClA CRD.A 2.7 .08 /.075 Q Aug28 /Aug14 CVR Partners UAN 9.6 6.08/4.00 Q Aug17 /Aug10 DiamondrockHospitality DRH 2.7 .11/.09 Q Oct14 /Sep30 Eagle Bancorp Montana EBMT 2.5 .1475/.145 Q Sep04 /Aug14 Essential Utilities WTRG 3.6 .3606/.3426 Q Sep01 /Aug11 Excelerate Energy EE 0.8 .09/.08 Q Sep03 /Aug19 Global Partners GLP 6.3 .78/.765 Q Aug14 /Aug10 Hawkins HWKN 0.6 .20 /.19 Q Aug28 /Aug14 Kenvue KVUE 4.4 .21 /.2075 Q Aug26 /Aug12 Landstar System LSTR 1.0 .44/.40 Q Sep09 /Aug18 Lithia Motors LAD 0.6 .70 /.57 Q Aug21 /Aug07 Littelfuse LFUS 0.7 .80 /.75 Q Sep03 /Aug20 Magnolia Oil & Gas MGY 2.4 .18/.165 Q Sep01 /Aug10 North Eur Oil Royalty Tr NRT 10.7 .26 /.22 Q Aug31 /Aug17 Republic Services RSG 1.2 .67 /.625 Q Oct15 /Oct02 Rush Enterprises A RUSHA 0.9 .14/.12667 Q Sep24 /Sep09 Rush Enterprises B RUSHB 1.0 .14/.12667 Q Sep24 /Sep09 Steris STE 1.1 .69 /.63 Q Sep25 /Sep04 Timberland Bancorp TSBK 2.6 .30 /.29 Q Aug24 /Aug10 Truist Finl Pfd. I TFCpI 6.6 .2847/.2822 Q Sep15 /Aug14 UMB Financial UMBF 1.2 .50 /.43 Q Oct01 /Sep10 Union Pacific UNP 1.9 1.42 /1.38 Q Sep30 /Aug31 Wells Fargo WFC 2.3 .50/.45 Q Sep01 /Aug07 Wingstop WING 0.9 .33 /.30 Q Sep05 /Aug15 Zions Bancorp ZION 2.6 .48/.45 Q Aug20 /Aug13
Reduced AllianceBernstein AB 9.5 .82 /.83 Q Aug27 /Aug12 Willis Lease Finance WLFC 2.2 .133/.13333 Q Aug21 /Aug11
Initial Columbia Financial CLBK 1.9 .05 Aug26 /Aug12
Stocks KWave Media KWM 1:30 /Aug03 Lexaria Bioscience LEXX 1:15 /Aug03 LiBang International LBGJ 1:200 /Aug03 Rush Enterprises A RUSHA 3:2 /Sep01 Rush Enterprises B RUSHB 3:2 /Sep01 Sports Ent Gaming Glbl SEGG 1:7 /Aug03 TOP Financial Group TOP 1:5 /Aug03 Wetour Robotics WETO 1:100 /Aug03
Scotland and west of the Shet- land Islands. The business em- ploys around 1,100 people. BP received its first license to explore the North Sea in
1964 and began production 11 years later. While the company has its headquarters in the U.K., its origins stem from the Middle East, where William Knox D’Arcy secured a conces- sion to begin drilling for oil in 1902. The exploration com- pany went on to become BP. While BP’s North Sea assets hold historic and national sig- nificance in the U.K., they aren’t of great financial im- portance to the company. It has assets around the world, including significant holdings in the U.S. and the Gulf of Mexico. BP’s North Sea production averaged around 117,000 bar- rels of oil equivalent a day in 2025—just a fraction of the company’s total oil-and-gas production of 2.3 million bar- rels. The U.K. North Sea is a ma- ture basin, meaning much of the easy-to-access oil has al- ready been tapped. Interna- tional energy majors have been scaling back their expo- sure as independent operators stepped in and have consoli- dated assets. Higher taxes on profits have also hit invest- ment and changed the calculus
ANDY BUCHANAN/POOL/AFP/GETTY IMAGES
ing a tattoo for some time, and embraced the chance to go for it. She got something personal to her but declined to say what it was—except that it was nei- ther a lemon nor a lime. The photo of her receiving the tattoo went viral along with posts that she was interviewing for a job. “I felt the narrative of my virality wasn’t in my con- trol,” she says. She is focused on her startup and is hiring: no tattoos required. “We don’t dis- criminate,” she says. Zietz is no stranger to pub- lic attention. In 2022, while playing the Tree, Stanford’s unofficial mascot, he unfurled a 40-foot banner that read, “Stanford Hates Fun.” Veteran startup founders said the LemonLime gambit succeeded in generating atten- tion, but plenty questioned the move. “It’s novel, but I don’t like it,” said Mark Pincus, the for- mer CEO of game company Zynga, and the author of a new book, “Life at the Speed of Play.” “You’re asking some- body to get the tattoo before we even know if we’re going to hire them—that’s not OK.” He then offered a light- hearted alternative: “Maybe they could do a henna one, and then commit to make it permanent if we hire them.”
for energy companies. Industry groups, some la- bor unions and President Trump have called on the U.K. government to relax its re- strictions on new oil-and-gas projects in the North Sea. Trump’s “drill, baby, drill” mantra has differed from the approach of the U.K.’s govern- ing Labour Party, which said in its 2024 election manifesto that it wouldn’t issue new li- censes to drill for oil and gas. New Prime Minister Andy Burnham has said he recently told Trump that he would take a “pragmatic” approach to new drilling. The U.K. government is cur- rently deciding whether to proceed with two major North Sea oil-and-gas projects, called Jackdaw and Rosebank, which have been entangled in legal disputes. BP would still retain a ma- jor presence in the U.K. even after any sale of its North Sea assets. The company will re- tain its global headquarters in the country as well as a busi- ness providing aviation fuel, a network of gas stations and its global trading hub, among other operations.
Tariffs Lift Newell’s Outlook
BY KATHERINE HAMILTON
Newell Brands raised its earnings outlook, as it expects a bump from tariff refunds to help offset the rising cost of supplies. The company, which sells Sharpie markers and Rubber- maid containers, managed to re- turn several of its business seg- ments to growth, despite climbing costs. Newell execu- tives told analysts Friday that they are using the extra boost from tariffs to avoid raising consumer prices on a broad- based scale. The refunds and higher sec- ond-quarter profit will help “ef- fectively offset what is a signifi- cantly higher inflationary environment than what we had planned going into the year,”
Newell Brands quarterly revenue, change from a year earlier
2024 ’25 ’26
Source: S&P Capital IQ
Chief Executive Chris Peterson said. Newell now projects full-year normalized earnings per share to be 73 cents to 77 cents, up from 56 cents to 60 cents previ- ously. It also narrowed its net- sales growth outlook to 1% to 2%, from flat to 2%. Shares climbed 9% to $5.60 on Friday. The higher guidance comes despite Newell anticipating a $200 million cost from inflation this year, double the estimate it gave at the start of 2026. Man- agement hopes to offset some of that expense with tariff re- funds it expects to receive later this year, which are set to total $126 million for duties expensed this year and last. Newell raised prices multiple times in 2025 as it braced for higher costs from newly imple- mented tariffs. Revenue momentum has since picked up, with sales ris- ing 3% to $1.99 billion in the second quarter. Analysts sur- veyed by FactSet forecast sales of $1.98 billion. Core sales in- creased 2.3%. Profit was $106 million, or 25 cents a share, compared with $46 million, or 11 cents a share, a year earlier. Analysts expected 17 cents a share, according to FactSet. Newell expects 2%-to-3% sales growth in the current third quarter.
2Q 2026
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war and the Federal Reserve whipsawed U.S. stock market
BY SHRADHA DINESH AND SAM GOLDFARB
A surge in Amazon.com stock Friday gave the Nasdaq enough momentum to obscure Apple’s slump. Beneath the surface of the Nasdaq composite’s 1% gain was a tug of war between Apple stock, which fell 7.4%, and Ama- zon’s which surged 15%. The iPhone maker lost $357.8 billion in market capital- ization, its largest one-day mar- ket cap decline on record and the third-largest of any U.S. company. The post-earnings slide, Apple’s largest since 2014, followed company forecasts for its September quarter that fell short of Wall Street’s expecta- tions. But Apple’s move was offset by a 15% surge in Amazon.com stock following that company’s report of accelerating cloud- computing sales. That rally handed the cloud provider and
FRIDAY’S MARKETS
BY ALEXANDER OSIPOVICH Electronic Bond Trading Underpins ICE Deal
ICE
Intercontinental Exchange, the owner of the New York Stock Exchange, has made headlines by investing in buzzy areas such as prediction mar- kets and crypto. This past week, ICE showed it is still excited about the less revolutionary business of bond trading. With its $6 billion acquisi- tion of MarketAxess, Atlanta- based ICE is putting another pile of chips on its bet that the market for trading bonds will keep going electronic, following in the path of other asset classes where sweaty Wall Street traders shouting out prices have been replaced by screen-based trading tools.
MarketAxess
Other
Prediction market
Stock exchange
Bonds go electronic Historically, it has been much easier to create an elec- tronic market for stocks than for bonds. While a company will typically issue one set of common stock that is widely held by investors, it might issue many different series of bonds, with different expirations, which could trade frequently or rarely. The complexity makes it harder for a vibrant centralized marketplace to emerge because trading is spread across many different types of bonds. Still, electronic trading has gradually taken off in the bond market. It got a notable boost during the Covid-19 pan- demic—a time when many
Weighs Public Listing
BY COLIN KELLAHER
Nuclear technology and ser- vices supplier Westinghouse Electric has confidentially filed a draft registration statement with the Securities and Ex- change Commission for a pro- posed initial public offering of its common stock. The Cranberry Township, Pa., company, which is jointly owned by Canada’s Brookfield Asset Management and Cam- eco, said the number of shares it plans to offer and the price range for the proposed offering haven’t yet been determined, adding that the offering is sub- ject to market conditions.
ROMAN PILIPEY/AGENCE FRANCE-PRESSE/GETTY IMAGES
Index performance this past week
10-minute intervals
Mon. Tues. Wed. Thurs. Fri.
Source: FactSet
retailer its largest market-cap gain ever. The sharp moves at the two tech giants pulled in- dexes in opposite directions. The S&P 500’s tech sector, which includes Apple, ended the day 0.5% lower, while the con- sumer-discretionary sector, which includes Amazon, surged 6.1%. Overall, the S&P rose 0.7%, while the Dow industrials ad- vanced 0.5%, or 277 points. Friday’s gains were enough to push the Dow into positive territory for the month. The blue-chip index added 0.3% dur- ing July, while the S&P 500
50%
Share of trading conducted electronically, for different kinds of bonds
U.S. high-yield U.S. investment grade
2013 ’15 ’17 ’19 ’21 ’23 ’25 0
Market share of trading platforms for corporate bonds
60%
Tradeweb
2020 ’21 ’22 ’23 ’24 ’25 ’26*
*Year to date through June
other things were going digi- tal—after volatility forced trad- ers to turn to e-trading plat- forms like MarketAxess. Last year, 49% of the market for U.S. investment-grade bonds was traded electroni- cally, up from 20% a decade earlier, according to research firm Crisil Coalition Greenwich.
The SEC’s confidential IPO filing process lets regulators and companies engage in a back-and-forth dialogue about disclosures as they wrap up the paperwork. Westinghouse and its owners last year signed an agreement with the Commerce Department that will see the U.S. govern- ment arrange financing and fa- cilitate approvals for at least $80 billion in nuclear reactors powered by Westinghouse tech- nology. Brookfield, which owns 51% of Westinghouse, and Cameco, which owns the other 49%, ac- quired the company in 2023 in a deal valued at around $8 billion.
Nasdaq composite S&P 500 Dow industrials
edged lower 0.1% and the Nas- daq slipped 3.2%. All three gained 1% or more for the week. July has been a turbulent pe- riod for stocks in which AI con- cerns, the Iran war and the Fed- eral Reserve whipsawed markets. Worries about the cost of AI investment and concerns the spending won’t yield the ex- pected blockbuster profits sparked sharp swings in some stocks over recent weeks. “It’s like being on a whale- watching trip. Everybody rushes to the side of the boat where
Intercontinental Exchange, select deals and acquisitions
Trumid
Sources: Crisil Coalition Greenwich (share of trading, market share); staff reports (deals and acquisitions)
Over the same period, the share of high-yield bonds traded elec- tronically rose to 32% from 6%.
ICE at the forefront Intercontinental Exchange, led by its founder and longtime Chief Executive Jeffrey Spre- cher, has a history of making
BY ANDREA FIGUERAS AND MAURO ORRU
Universal Music Group stock suffered its steepest de- cline since the record label be- hind Taylor Swift, Lady Gaga, and Bad Bunny went public in 2021, after revenue from sub- scriptions disappointed inves- tors. Shares in the world’s larg- est music company plum- meted 25% in Amsterdam on Friday, trumping a 23.5% dive on July 25, 2024 that was also triggered by weak revenue growth from subscriptions and streaming. Those services boomed at the height of the pandemic, when listeners turned to digi- tal platforms to enjoy their fa- vorite artists after coronavi- rus restrictions brought live concerts to a standstill. Growth has cooled in re- cent years, but subscriptions and streaming remain a key focus for investors as they are part of the group’s recorded music business, which ac- counts for the lion’s share of revenue. Universal Music on Thurs- day posted second-quarter revenue of 3.29 billion euros, equivalent to $3.79 billion, a figure that includes contribu- tions from the acquisition of Downtown Music Holdings
there’s a whale, then rushes back to the other side when the whale swims under the boat,” said Steve Sosnick, chief strate- gist at Interactive Brokers. Some investors saw a relief rally at play Friday after AI-fo- cused investment firm Situa- tional Awareness finished sell- ing the bulk of its holdings. In South Korea, the AI-fueled Ko- spi index jumped 18%. The vola- tile benchmark had plunged in recent weeks after rapid gains earlier this year. The Fed added significant pressure to markets this past week. Treasury yields extended recent gains on Friday after three central bank officials ex- plained why they cast dissent- ing votes in favor of raising in- terest rates this week. The yield on the 10-year U.S. Treasury note rose to 4.743%, its highest level since January 2025. The 30-year yield rose to 5.274%, a new 19-year high, after the sharpest one month rise since 2024. The pressure on bonds was different from Wednesday, when investors dumped longer- term Treasurys out of concern that Fed Chairman Kevin Warsh might be reluctant to raise in- terest rates if inflation persists. On Friday, yields climbed across
MarketAxess, agreed to buy in 2026
Fixed-income
OKX, investment in 2026
Cryptoexchange
Polymarket, investment in 2025
Black Knight, acquired in 2023
Mortgage software
Mortgage software
Ellie Mae, acquired in 2020
NYSE, acquired in 2013
New York Board of Trade, acquired in 2007
Futuresexchange
Futuresexchange
International Petroleum Exchange, acquired in 2001
astute investments in market- places that are undergoing a shift toward electronic trading. In the 2000s, ICE snapped up a number of futures ex- changes with old-fashioned trading floors and turned them into all-electronic markets. More recently, ICE has invested in the plumbing of the U.S.
Universal Music Group share price, year to date
Jan. 2026 July April
Source: FactSet Note: €1 = $1.15
that Universal’s Virgin Music Group completed in February. However, analysts and in- vestors are focusing on Uni- versal’s underlying perfor- mance without the Downtown acquisition. Revenue from subscriptions grew 6.7%, below consensus of 9.3% and marking a slowdown from growth of 7.9% that Uni- versal recorded in the first quarter. Meanwhile, adjusted earn- ings before interest, taxes, de- preciation and amortization— Universal’s preferred measure of profitability—came in at €664 million without the Downtown acquisition, also be-
maturities as investors dialed up bets on a near-term rate in- crease. Amazon’s strong earnings meanwhile provided a boost to battered AI hyperscaler bonds. The extra yield, or spread, in- vestors demand to hold its 6.1% bonds due in 2056 over Trea- surys dropped to 1.1 percentage point from 1.23 percentage point Thursday, according to MarketAxess. Bonds backed by other hy- perscalers also rallied relative to Treasurys, including those is- sued by Meta Platforms, Alpha- bet and Oracle. Investors have been demanding higher yields to hold those bonds in recent weeks amid increasing concerns over how much the companies will borrow and spend to fund chip purchases and the con- struction of data centers. “These companies are not stupid. They’re spending even more money because it’s incred- ibly profitable to increase ca- pacity,” said Chris Grisanti, chief market strategist at MAI Capital Management. “I said to our professionals, ‘Look, if you were running a business that was capacity constrained and had really high margins, you would beg, borrow and steal to expand that business.’”
mortgage market, betting that its legacy, paper-based pro- cesses are overdue for digital transformation. Over the years, ICE has done several deals to deepen its presence in the bond market, but its biggest business is in providing fixed-income data and analytics, rather than actu- ally executing bond trades. With the MarketAxess deal, ICE hopes that combining a big trading platform with its exist- ing data business will make it a ubiquitous player in fixed-in- come markets.
Industry pioneer For years, the big names in electronic bond trading were MarketAxess and Tradeweb, with the former specializing in corporate bonds and the latter better known for Treasurys. But MarketAxess has lagged behind since the early days of the pandemic. Last year it han- dled 35% of volume in corpo- rate bonds, down from 61% in 2020, with Tradeweb and an upstart rival, Trumid, seizing much of its lost market share, figures from Crisil Coalition Greenwich show. MarketAxess’s stock price has slumped since then, falling more than 70% from its peak in December 2020. Now, it is set to become another building block in Sprecher’s empire. “MarketAxess will make our network broader and deeper,” the ICE chief said on a Thurs- day morning earnings call.
low consensus of €703 million. Bernstein analysts wrote in a note to clients that Univer- sal’s second-quarter figures were underwhelming on all fronts and indicated that a po- tential improvement in streaming subscriptions reve- nue had been delayed to the second half of the year. Universal stock is down more than 40% over the past 12 months as investor hopes of a significant rebound in subscriptions and streaming revenue growth never materi- alized. Friday’s share rout came about two months after the company’s board unanimously rejected a $65 billion bid from Bill Ackman’s Pershing Square Capital, saying the proposal undervalued the group. The billionaire had sought to get Universal listed in the U.S., saying its stock price had languished due to what Persh- ing called uncertainty in rela- tion to Bollore’s stake in the company, the underutilization of UMG’s balance sheet and the lack of a publicly disclosed capital allocation plan. The record label said in re- sponse that it had expanded its €500 million share buyback to €1 billion, and would sell half of its roughly 3% stake in Spotify Technology and chan- nel funds to buy back shares.
Deal to Buy Device Firm Integer
BY LAUREN THOMAS AND MARK MAURER
Private-equity firm KKR is near a deal to take medical- device outsourcing company Integer Holdings private, ac- cording to people familiar with the matter. The deal, which could come as soon as next week, would value the Plano, Texas-based company at roughly $127 a share, the people said. There are no guarantees a deal will come together. Integer works with other medical-device companies to design, develop and manufac- ture critical components. It has a market value of more than $3 billion. Its shares jumped around 20% Friday. Integer has faced activist pressure from one of its largest shareholders. Irenic Capital Management built a stake of more than 3% in the company and pushed it to refresh its board and consider a sale, the Journal reported in December. The company in April said its board began a strategic review of options, including a potential sale or merger. KKR, which has roughly $800 billion in assets under management, has invested in several healthcare-technology companies. Some of these port- folio companies include Cotiviti, Infinx and Healthium Medtech. KKR recently booked its best quarter for asset sales in the firm’s history despite the broader industry’s mounting backlog of unsold assets. Health-tech companies often sell stakes to private-equity firms to secure large-scale fund- ing and expand their platforms. The industry saw a large pri- vate-equity deal earlier this year, when Blackstone and TPG took women’s-health diagnos- tics company Hologic private in April in a deal valued up to $18.3 billion, including debt.
Raises View On Strong Quarter
BY DOMINIC CHOPPING
NatWest raised full-year guidance and brought forward the date it expects to make an announcement on a new share buyback program as it reported higher earnings and completed the acquisition of wealth man- ager Evelyn Partners. The U.K. lender reported a 29% rise in pretax profit to 2.29 billion pounds, equivalent to $3.08 billion, for the second quarter, above a company-com- piled consensus of 2.04 billion pounds. Net interest income–what the company earns on loans minus what it pays on depos- its–improved from a year ear- lier, landing in line with expec- tations of £3.51 billion, while total income rose 12% to £4.5 billion, outpacing a slight in- crease in costs. Chief Executive Paul Thwaite said that deposits, lending and assets under man- agement all continued to grow over the past six months, add- ing that the bank is well placed to accelerate progress. “The consistency of our per- formance, coupled with the completion of our Evelyn Part- ners acquisition, has given us the confidence to strengthen our guidance for 2026,” he said. The bank now expects total income excluding notable items for the year at around £17.9 bil- lion, including around £275 million from the Evelyn Part- ners deal. It had previously guided to total income at the upper end of a £17.2 billion to £17.6 billion range. Full-year operating expenses are now seen at around £8.5 billion, from earlier guidance of around £8.2 billion, while the return on tangible equity is ex- pected at more than 19% from more than 17% previously. It re- ported a return on tangible eq- uity of 21.0% in the second quarter.
–20
Look to New Sectors
mixed track record on diversification
Ford Motor and General Motors are looking beyond cars. If history rhymes, investors could come to re- gret their wandering eyes. Will this time be different? In May, Ford’s shares surged as much as 45%, adding nearly $23 bil- lion of market value, in the weeks after it formally announced Ford Energy, a grid-scale battery-storage business that will serve the power needs of artificial-intelligence hy- perscalers and utilities. Its shares have since moderated, but are still up more than 20% since the Ford Energy launch. The company is also re-entering the defense sector, hav- ing recently won a contract to build tactical trucks for the U.S. Army. GM’s shares have climbed 16% since last week’s earnings call, when it raised its full-year guidance and provided some details around its own defense and grid-scale bat-
Darling Gets A Lifeline
ContinuedfrompageB1
regulatory filings were pored over like scripture. His sweaters and dark turtlenecks added to his rep- utation as a reclusive oracle of AI. But this week, desperate for cash, Aschenbrenner struck a deal late Wednesday to unload his prize—a giant $3.5 billion stake in Anthropic to a group of investors led by Greenoaks and Sequoia Cap- ital. By the morning, he’d back- tracked. Later that day, Aschenbrenner wrote to his investors that the firm had instead sold a portion of its public stocks to pay off the money it had borrowed, allowing it to keep its shares in private com- panies. His fund was down 67% on the month, he wrote. “These dynamics are essentially similar to a bank run: vulnerability begetting more vulnerability,” he wrote. In 2024, when Aschenbrenner made a rare public appearance on the podcast hosted by his friend Dwarkesh Patel, he was asked to- ward the end of a conversation that lasted 4½ hours about his in- vestment plans. “Presumably, you’ve thought about the ways in which these kinds of things can blow up,” Patel said. “There’s a lot of interesting business history books about peo- ple who got the thesis right but timed it wrong.” “Obviously,” Aschenbrenner said, “not blowing up is task No. 1 and 2.” Aschenbrenner grew up in Ber- lin and came to the U.S. for col- lege. He started an effective-altru- ism club and graduated as valedictorian. He went to work at the FTX Future Fund with his fu- ture wife, Avital Balwit. They quit with the other staffers as FTX col- lapsed. Aschenbrenner’s time with Bankman-Fried’s charitable arm does not appear on his LinkedIn page, where he once listed his nearly perfect LSAT score. In 2023, he joined OpenAI. While at the company, he began working on the manifesto that he would publish online after he left. Called “Situational Awareness,” the essay proclaimed that AI
ON THESTREET
tery businesses. On the earnings call, GM Chief Executive Mary Barra said these are opportunities to im- prove margins and become less cy- clical. Investors might want to keep their expectations in check. These businesses are promising but not proven, and automakers have a checkered history with diversifica- tion. Automakers have good reason to look beyond cars, even if their core business looks decent today. Ford and GM’s high-margin sport-utility vehicles are selling well, and both raised their full-year guidance for the second time this year. But they know the good times can’t last. Chinese electric-vehicle makers are a looming threat, even though they are being kept at bay thanks to import restrictions. The long-term picture for traditional autos is bleak: Fewer young people are get- ting a driver’s license, new-car prices are out of reach for many Americans, and cars are lasting a lot longer than they used to. “The industry is in decline,” said Tom Narayan, equity analyst at RBC,
Share-price change for top public stock holdings at Situational Awareness*
40%
–10
–50% –40 –30 –20 –10 0
10.0
5.0
Sandisk
Bloom Energy
Nebius Group
*As of March 31 Sources: FactSet; SEC filings
would soon become more powerful than humans and that most of the world hadn’t woken up to this re- ality. “Right now, there are perhaps a few hundred people, most of them in San Francisco and the AI labs, that have situational awareness,” he wrote. “Through whatever pe- culiar forces of fate, I have found myself among them.” He launched his hedge-fund firm shortly after with Carl Shul- man, another AI intellectual steeped in the world of effective altruism. Graham Duncan, a well- known investor who organized the Sohn Investment Conference, signed on as an adviser. Shulman, who had worked at a hedge fund run by Peter Thiel, provided a more professional im- primatur to Situational. The duo charged a steep price for access to the fund. The minimum check size was $25 million for some, and many investors agreed to lock up their money with him for years. Aschenbrenner was living a charmed life in San Francisco. He had moved into a mansion in the city’s patrician Nob Hill neighbor- hood. At his firm’s headquarters, he hosted Friday happy hours with Patel, the podcaster. The duo worked out of the same office and often invited leading researchers from OpenAI and Anthropic. Earlier this year, podcaster Tim Ferriss called Aschenbrenner “the Nostradamus of AI,” telling listen- ers that his viral paper was “as close to clairvoyant as you could possibly be.” For a time, Aschenbrenner’s bets did look prescient. The firm had temporary stumbles, including a loss in early 2025 after the re- lease of a low-cost AI model from
2.5
FINANCIAL ANALYSIS & COMMENTARY
Share-price performance, year to date
Ford Motor General Motors
2026 July
Sources: FactSet (performance); U.S. Department of Transportation (sales through 2024), AlixPartners (estimates)
Estimates
who added that auto suppliers are also diversifying. U.S. automakers are finding themselves in a similar situation as they did in the mid-1980s. Back then, the U.S. government tempo- rarily fended off Japanese compa- nies by restricting imports. That, and a booming economy, helped De- troit carmakers rake in profits, which were subsequently funneled into pursuing other businesses. In the 1980s, Ford bought finan- cial-services companies, including First Nationwide and Associates, believing that these businesses would be more steady sources of revenue. GM bought an informa- tion-tech company to help automate its factories and acquired defense manufacturer Hughes Electronics in an effort to make cutting-edge cars. Overall, GM plowed more than $40 billion into its automation push. But these diversification at- tempts were unsuccessful. Ford fell behind Japan’s engine technology in part because it spent too much money on diversifying instead of fo- cusing on its core business, an ana- lyst argued in a 1990 Los Angeles
GM Defense’s infantry-squad vehicle was on display at the Detroit Auto Show in January.
positions and hedge by shorting some stocks viewed as AI losers, but it was meant to be heavily ex- posed to market swings. Situational quickly signed up a roster of the biggest banks, includ- ing Goldman Sachs, JPMorgan, Citigroup and Bank of America, to finance and execute the firm’s trades, according to regulatory fil- ings. Earlier this year, the firm was hungry for more borrowed money to boost its buying power and reached out to other banks to try to line up more financing, peo- ple familiar with the outreach said. As recently as early July, every- thing seemed to be going right. It was chosen to play an anchor role in the standout $27 billion U.S. listing of shares of South Korean chip maker SK Hynix. For every $1 of capital, Situa- tional would upsize its positions by borrowing an additional $3 to $4, or sometimes more, people fa- miliar with the matter said, well above the leverage used by funds trading such volatile kinds of shares. It also used options to am- plify its returns. That meant that even small declines in individual names could have big impacts on Situational’s portfolio. But by the middle of the month, investor sentiment around the AI trade began to shift. Advances in cheaper, open-source Chinese models spooked traders. Situa- tional’s lenders began examining their exposure to the firm more closely and kept daily tabs on swings in performance. Over the past week, traders at major hedge funds and other firms began sharing information about Situational’s exposure, with some placing short bets against its top holdings, hoping to profit as Asch- enbrenner sold his positions to raise cash, according to two people close to the situation. The short bets by the rivals weighed on Situational’s portfolio. Meanwhile, tech shares like SK Hynix were sliding. Over the three trading days ending Tuesday of this week, hedge funds re- duced their positions at a scale not seen in three years, according to Gold- man Sachs. All that leverage re- sulted in deep losses. As they intensified, banks issued margin calls de- manding additional col- lateral to stand behind their loans of stock. Situ- ational dumped stocks to raise cash and asked in- Situational’s investors include Patrick Collison, left, and his brother John.
CoreWeave
Core Scientific
Chinese startup DeepSeek prompted a selloff in Nvidia and other AI-adjacent stocks. Situa- tional quickly recovered, though, and ended the year up. The fund had gained about 270% after fees this year through May. At that point, it was up more than 1,000% after fees since incep- tion. It had ballooned to well over $20 billion under management, reaching the size of other well- known hedge funds that took de- cades to build. Situational attracted an invest- ment from Jane Street, the big quant-trading firm that rarely allo- cates capital to outside money managers. In recent months, Situa- tional hired more seasoned execu- tives who had worked at places like Goldman Sachs, Sequoia Capi- tal’s hedge-fund affiliate and Cita- del. Situational told prospective in- vestors that it would invest up to 30% of the fund in private compa- nies. It would mostly make con- centrated bets on AI winners in the stock market across sectors like energy, infrastructure, soft- ware and semiconductors. And it would borrow money to amplify
Ford Energy announced
Times article. GM’s plant productiv- ity actually declined over its heavy investment period in the ’80s, ac- cording to research from Marvin Lieberman and Rajeev Dhawan of UCLA. More recently, Ford and GM took massive write-downs on big in- vestments in electric vehicles. The bullish argument this time is that Ford and GM aren’t spending buckets of money or stepping far from their comfort zone. But the new ventures will do little to move the needle in the foreseeable future. Ford’s grid-scale energy-storage business, for example, involves re- purposing its EV battery factory in Kentucky. Doing so will cost $2 bil- lion between 2026 and 2027, about 10% of its total expected capital ex- penditures over that period. GM’s infantry-squad vehicles for the mili- tary are based on an off-road truck and are primarily made of commer- cial off-the-shelf parts. Less is known about GM’s separate push into weapons production with Lock- heed Martin, but GM has stressed that it plans to invest in adjacent businesses in a capital-efficient way. These new verticals have much more promising prospects than cars. Defense budgets are rising around the conflict-ridden world. U.S. energy-storage demand is ex- pected to grow at a compound an-
U.S. light-vehicle sales
20.0 million
17.5
7.5
15.0
12.5
’05 ’10 ’15 ’20 ’25 1990 ’95 2000 0
nual growth rate of 38% through 2030, according to Morgan Stanley. At the same time, generous federal subsidies are available for domesti- cally manufactured energy storage. That gives the auto industry a unique advantage: They have excess battery manufacturing capacity, good supply chains and know how to manufacture at scale, according to Andrew Percoco, equity analyst at Morgan Stanley. And these sectors come with the potential for much higher multiples. Defense stocks in the S&P 500 trade at 30 times forward earnings. En- ergy-storage-related stocks such as Fluence Energy and Tesla trade at even more eye-watering multiples. Ford and GM trade at a meager 7.8 times and 6.2 times forward earn- ings, respectively. But such a rerating isn’t in the cards anytime soon. Neither GM De- fense nor Ford Energy is expected to make meaningful profit contribu- tions for some time. The dangers are that U.S. automakers might again be too late to catch current trends, or that it distracts them from their core business. Foresight has never been U.S. au- tomakers’ strength. That is one rea- son investors should view their shiny new pursuits with caution. —Jinjoo Lee
vestors for additional capital. It met its margin calls as recently as Wednesday. It was also exploring more dras- tic ways to shore up its finances. Aschenbrenner and colleagues dis- cussed selling private investments, such as Anthropic, paring its port- folio of public shares or taking other steps, according to people familiar with the matter. Situational spoke to its banks and other hedge funds about sell- ing a cross-section of its portfolio in one fell swoop. Citadel, the $71 billion firm founded by Griffin, has a history of stepping in to buy assets from troubled hedge funds, including when it bought assets from hedge funds Amaranth and Sowood nearly two decades ago at fire-sale prices. Once they became aware of the situation at Situational, Citadel ex- ecutives reached out to Aschen- brenner, saying that the firm could be helpful if he needed ways to raise cash. With Griffin in London, the Citadel team began negotiating with Aschenbrenner and his team, holding talks that began late in the day on Wednesday and intensified in the evening. Soon, another hedge fund, Israel “Izzy” Englander’s giant Millen- nium, got involved: Late Wednes- day, Millennium executives began negotiating with Situational’s team, as well, discussing its own offer for the fund’s shares, with Englander weighing in by phone from Europe. Citadel landed on a deal just be- fore the opening of trading Thurs- day morning, agreeing to buy the vast majority of Situational’s pub- lic stock portfolio. Citadel received a discount of more than 10% to the market value of those shares, ac- cording to someone close to the matter. For Griffin and Citadel, the deal proved a coup—at least for a day. Many of the semiconductor and other stocks the fund purchased soared on Thursday, as AI and other shares climbed. For Aschenbrenner, the deal meant something else: a way to stay alive. Situational is left with a slimmed-down portfolio of stocks and stakes in startups valued at more than $10 billion. In a letter to his investors Thursday, as wedding guests be- gan to arrive in Carmel, Aschen- brenner said he would focus on changes to his portfolio manage- ment and risk teams in the coming weeks. “I take full responsibility for these events,” he wrote.
JIM WEST/ZUMA PRESS
The Paradox of China’s Economic Dynamism In the U.S., regulation can protect incumbents while discouraging entrepreneurs. China gives startups room to grow before cracking down on founders.
A
Burned-Out Executives. It Got Existential.
A glimpse into why corporate professionals are going on midlife retreats
BY LAUREN WEBER
t an estate nestled in New York’s Hudson Valley, a group of high achievers gathered to talk about the sacri- fices and disappointments that can come with success. “You get the title, the money, and it’s kind of hollow,” a bank vice president shared. “I’m done waiting every day for the day to be over,” said a marketing director. A hospital executive whose position was scrapped last year shared that he sometimes finds himself imagining a different life: opening a hardware store or becoming a science teacher. “When I think about that, my
BOURDAIN, THE EARLY YEARS
nervous system relaxes,” he said. The $4,000 retreat—spon- sored by a networking organiza- tion called Punks & Pinstripes and described as “an exclusive gathering for leaders seeking change”—wasn’t your ordinary corporate off-site. The seven at- tendees, who ranged from their mid-30s to their late 50s, had excelled in lucrative fields like finance, consulting, healthcare and tech. They were consum- mate problem solvers who had applied that skill to their work lives, often to great effect. But they had all hit unex- pected walls—burnout, break- downs, disillusionment—that were forcing them to try a dif- ferent approach.
THE WALL STREET JOURNAL.
Saturday/Sunday, August 1 - 2, 2026 | C1
BY CARL BENEDIKT FREY
IN CHINA, property rights are condi- tional, contracts can be torn up by the Communist Party, founders can suddenly disappear from public life or be ousted from their own firms, and there is no meaningful recourse against the state. By every textbook of institutional economics, this should make China a graveyard for enterprise. Instead, the country has produced ByteDance, Shein, BYD and, last year, DeepSeek, a Hangzhou startup whose AI model helped trigger a record $593 billion one-day loss in Nvidia’s market value. Last month, Beijing-based startup Moonshot AI announced the release of a fully open-source AI, startling Silicon Valley with its abil- ity to rival U.S. models.
Middle age has never been a simple stage of life, as the seem- ingly endless possibilities of youth give way to obligations and the humbling (sometimes brutal) realities of aging. It’s gotten even weirder lately. Longevity influencers are pro- moting peptide stacks and cold plunges to help people live much longer. The cost of living is pushing retirement later, espe- cially for those supporting adult children and elderly parents. And AI is forcing us all to ponder: What are we supposed to do with our elongated lives if technology wipes out the jobs that once gave us purpose? Perhaps fittingly, midlife re- PleaseturntopageC4
A Giant
How does a country with such ca- sual regard for the rule of law pro- duce so much dynamism? The answer is that the rule of law, in China and elsewhere, is not one thing. It has a liberal side—secure property rights, courts that con- strain the state—that shields entre- preneurs from arbitrary state power, ranging from selective prosecution to outright expropriation. It also has a regulatory side that can wall off competition, brick by brick, protect- ing incumbents from challengers who lack a compliance department. America used to be alive to this dis- tinction. It is no longer. Consider the America of Thomas Edison. In 1876, he built the coun- try’s first industrial research labora- tory at Menlo Park, N.J., for $2,500, paid for with money earned from his
MY MONDAY MORNING
telegraph inventions. Facing nothing like today’s environmental review, occupational safety regime or mod- ern product-liability law, Edison promised investors a minor inven- tion every 10 days and a big thing every six months. Within a few years, he had filed hundreds of pat- ents and electrified lower Manhat- tan. The regulatory environment he worked in was thin. That world is long gone, and for good reasons. Take for example DuPont’s use of the chemical C8 to manufacture Tef- lon. By the early 1960s, its own toxi- cologists knew C8 enlarged the livers of rats; by 1981 it had documented birth-defect concerns among the children of women on the Teflon line; by 1984, it knew the chemical Pleaseturntothenextpage
LIFE OF THE PARTY
ROSLAN RAHMAN/AFP/GETTY IMAGES
PAOLA CHAPDELAINE FOR WSJ
The Chinese Paradox: Move Fast and Regulate Later
was leaking into the local drink- ing water. The Toxic Substances Control Act of 1976 was meant to give the Environmental Protection Agency authority over such chemicals; the chemical indus- try helped write it, and C8 was grandfathered in. It took 20 years and a class-action lawsuit
occurs when newcomers can innovate before lawyers—or regulators—arrive.
to force DuPont to settle. Many similar regulations were a re- sponse to real harms. But the cumulative effect created a wall. By RegData’s count, restrictive terms in the Code of Federal Regulations rose from around 400,000 in 1970 to more than one million by 2020. Each layer thickened the regulatory side of the law, but without strength- ening the liberal one. The result has been a shield for incumbents. Bringing a new drug to market in the U.S. (not to mention Europe) takes roughly a decade and can cost north of a billion dollars. For Pfizer, that entry fee has already been funded. For two founders with a prototype, it is almost disqualifying. Legal in- frastructure is a fixed cost, and fixed costs favor scale. No startup can afford to build the compliance department that protects Pfizer. The threat to enterprise in a mature democ- racy is no longer the whim of governments; it is the weight of procedure.
CHINA’S DYNAMISM does not come from the absence of law. It comes from the sequence in which laws are enacted. The Communist Party allows firms to scale in regulatory gray zones, when a sector serves growth, employment or strate- gic competition. Safety is an after- thought; the rules arrive later, sometimes all at once. The fintech conglomerate Ant Group built an empire in the gaps between pay- ments, banking and platform regulation before regulators halted its $37 billion IPO in 2020. DiDi, an app that provides ride- hailing and related services, became na- tional mobility infrastructure before its 2021 NYSE listing turned its data into a sovereignty problem; Beijing fined the company $1.2 billion and pulled its apps from the market. ByteDance became one
Clockwise from top: A worker does a quality check on dresses on a production floor at Shein’s R&D building in Guangzhou, China; Jack Ma, the founder and chairman of Chinese internet giant Alibaba; and Wang Xing, co-founder, chairman and CEO of Meituan.
of the world’s most powerful recommen- dation engines before China wrote algo- rithm-specific rules in 2022. The pattern recurs: Firms scale first; law and politics arrive later, often together. DeepSeek is another recent example. It released its V3 model with reported development costs of $5.6 million. Meanwhile, its consumer app, by third-party estimates, attracted some 22 million daily active users within weeks. Questions about safety, data provenance, copyright and geopolitical risk arrived only after the model had already deto- nated across the market. Dynamism occurs when newcomers can innovate before law- yers—or regulators— arrive. But in China, the bill arrives in a different form. In place of compliance departments, Chinese firms invest in politi- cal insurance: loyalty
At left: President Trump with Apple CEO Tim Cook, right, and Cabinet members. Below: Quality assurance on Pfizer samples in Bothell, Wash.
signaling, support for party priorities and sensitivity to official moods. Founders ap- pear at centenary celebrations and sign pledges to “common prosperity.” The in- vestment is not optional; it’s the price of doing business without legal recourse. Jack Ma forgot that, briefly, in October 2020, when at a financial regulators’ summit he said the Chinese banking sys- tem operated like a pawnshop. Within days, his record-breaking IPO was sus- pended; his business empire was soon un- der sustained attack; and he vanished from public view for months. After Wang Xing of Meituan posted a classical poem targeting the first emperor of unified China, widely read as an oblique criticism of imperial overreach, his company lost more than $25 billion in market value over two days, in an already tense regula- tory climate. He resurfaced, conspicu- ously, at the Communist Party’s centenary celebration in Tiananmen Square the fol- lowing summer. The cost of arbitrary power shows up in discounted valuations on Chinese stocks, in capital flight, in private-sector confidence that has yet to recover. China produces winners. But credible commit- ment buys more than champions: It cre- ates a deeper pool of people willing to take long-term risks. It’s evident in who chooses to build in America—immigrants have founded more than half its billion- dollar startups, and 60% of its leading private AI firms have at least one immigrant founder.
AMERICA’S distinctive ad- vantage was always the lib- eral side of the rule of law: specifically, the types of rules that secure private property, punish anticompetitive con- duct and hold the state at arm’s length from the firm. That advantage is now being eroded from the top. The Trump administration has waged a campaign of cor- porate control, from executive orders barring certain law firms from federal contracts to labeling the AI company Anthropic a “supply-chain risk to national security”—the la- bel previously reserved for firms with ties to foreign ad- versaries. Although in both cases, the courts ruled against the administration, the mech- anism at work is the Chinese
one: discretionary state power used to punish disfavored firms and reward com- pliant ones. As the regulatory state weakens—some estimates suggest 63% of the Trump ad- ministration’s 2025 Unified Agenda is de- regulatory in intent—the administration has tried to build a parallel system out- side the Code of Federal Regulations: a tariff regime of country-specific sched- ules, presidential proclamations and product-by-product exclusions. Apple of- fers the clearest illustration. After Trump’s tariffs on Chinese imports threatened, according to analyst esti- mates, to push some iPhone prices above $2,000, Tim Cook called the Commerce Secretary and senior White House offi- cials (while keeping quiet in public) and secured an exemption for smartphones, computers and chips. Morgan Stanley estimated the carve- out cut Apple’s annualized tariff burden from $44 billion to $7 billion. Trump told reporters he had “helped Tim Cook…and that whole business.” The compliance burden has not so much fallen as mi- grated—out of the rulebooks and onto the trade schedule, where political discretion prevails. Whatever the administration’s inten- tions, an underlying economic tension re- mains, and nowhere does it bite harder than at the frontier. The AI laboratories now under discussion in Brussels and Washington exist because the regulatory environment was thin when they were founded, closer to Edison’s Menlo Park than to today’s pharmaceutical sector. Anthropic’s recent decision to restrict public access to its most capable model— and the regulatory debate it triggered—is a reminder that some rules will be neces- sary, and soon. But every rule proposed today should be tested against a simple counterfactual: Had it been on the books a decade ago, would the firm we are now regulating have ever been built? Such regulations will also, by their na- ture, favor firms large enough to absorb them. That is not an argument against rules. It is an argument for writing them with new entrants in mind. Although the rule of law remains one of the great achievements of modern civilization, it is not always a protector of competition. Left to drift, it ossifies into a maze navi- gable only by the already established.
CLOCKWISE FROM TOP: GILLES SABRIÉ FOR WSJ; CHARLES PLATIAU/REUTERS; CHONA KASINGER FOR WSJ; BONNIE CASH/PRESS POOL; TYRONE SIU/REUTERS
T
BY CHARLOTTE ALTER
he Michigan Senate primary is more than just another knuckle fight between mod- erates and progressives. It’s also a reckoning for the Democratic Party in a swing state it must win to regain its footing. For most of the primary season, the battle over the party’s soul has been in- tergenerational, pitting older candidates against young, energetic upstarts. This race, however, features two millennial Democrats who have competing visions for the future. The result will show how much the party has changed since 2018 and whom it might nominate in 2028. After Biden’s 2024 campaign implo- sion, the old guard is under fire. Kamala Harris lost the election, Nancy Pelosi is retiring, Chuck Schumer is facing the wrath of voters and colleagues, and older establishment Democrats are being toppled all over the country. In purple Michigan, which President Trump won in 2016 and 2024, Rep. Ha- ley Stevens, 43, and Abdul El-Sayed, 41, represent different waves of Democratic insurgency crashing up against each other: She’s a pragmatic veteran of the Obama administration who won her seat in 2018 during a historic wave for Dem- ocratic women. He’s a fiery heir to Ber- nie Sanders’s progressive movement, which is resurgent in the wake of the party’s second loss to Trump, which many Democrats believe was of their own making. “Who has credibility to know what is electable?” asks Amanda Litman, presi- dent of Run for Something, which helps young Democrats run for local office. “There is no one in charge.” Their campaigns reflect the prevailing ideologies of the party’s dueling wings. El-Sayed is a movement politician, a trained physician and former healthcare official fluent in the world of left-wing media and good at podcasts and social media. He’s running on a progressive platform of Medicare for All, abolishing ICE, taxing billionaires, banning corpo- rate money in politics and opposition to Israel. He has won the powerful endorse- ment of the United Auto Workers. Stevens is running as a moderate fo- cused on strengthening the Michigan economy, investing in state infrastruc- ture and supporting local manufacturing jobs, a broad tent she hopes will attract independents and even some conserva- tives. She’s emphasizing her track record in Congress (helping pass the CHIPS and Science Act, pushing multiple manufac- turing bills) and her work on President Obama’s Auto Rescue team that saved 200,000 Michigan jobs. She has the sup- port of Gov. Gretchen Whitmer and con- gressional leadership. She’s a strong de- fender of Israel, and the American Israel Public Affairs Committee has bought tens of millions of dollars worth of ads to support her campaign, which El-Sayed brings up every chance he gets. At a recent debate, Stevens threw shade at El-Sayed’s stint as a podcaster and coziness with progressives who had “come in from the coasts” to campaign for him. “We don’t need a celebrity sen- ator, we need somebody who’s commit- ted to six years of hard, unglamorous work,” she said. Sometimes winning the election and winning the internet are the same thing. Sometimes they’re not. Put another way, having the support of Democratic primary voters is one thing. Beating a Republican in a swing state is another.
credibility to know what is electable? There is no one in charge.’
AMANDA LITMAN President of Run for Something
Of the Democratic Party
El-Sayed leads Stevens by double dig- its in primary polling. But a recent sur- vey commissioned by the Michigan Edu- cation Association and Business Leaders for Michigan showed El-Sayed losing to Republican Mike Rogers in the general by 10 points, with Stevens winning by slim margins in November. In that poll, independent voters favored Rogers over El-Sayed by more than 27 points. “Voters are pissed off, and they’re looking for their candidates to channel their rage, and at the moment, the DSA and more progressive wing of the party has been more successful at harnessing that pissed-off energy,” says Mari Ma- noogian, a former Michigan state repre- sentative who now runs the Next 50, a national group supporting pragmatic next-generation Democrats, speaking of the Democratic Socialists of America. “I don’t think voters are looking for progressive vs. moderate ideas—I think it’s a vibe.”
I COVERED BOTH these candidates dur- ing the last Democratic insurgency, in 2018. Then, Stevens won her seat in Congress and El-Sayed lost to Whitmer in the Democratic gubernatorial primary. The mood was different. Hillary Clin- ton had won the popular vote but lost the presidency, which made Trump seem less like a failure of Democratic Party establishment and more like a fluke. The 2017 Women’s March had in- spired a grassroots anti-Trump resis- tance across the country, largely fo- cused on helping Democrats take back Congress in 2018. Democrats won the House and elected a new crop of lead- ers—some lefty (the Squad), others moderates who then went on to win statewide office (Elissa Slotkin in Michi- gan, Abigail Spanberger in Virginia and Mikie Sherrill in New Jersey). Stevens, a first-time candidate, can-
Rep. Haley Stevens Abdul El-Sayed
U.S. Senate candidate Mike Rogers, a Republican, at an event in Milford, Mich., in July, below. The Women’s March in Washington, D.C., in 2017, bottom.
vassed cul-de-sacs near her childhood home, complimenting voters on their cars. She flipped a formerly GOP seat in Michigan, where Democratic women saw major wins up and down the ballot. That political climate was less favor- able to a progressive firebrand like El- Sayed. He ran on Medi- care for All, held big rallies with Sanders and Alexandria Ocasio Cor- tez—newly minted as a progressive superstar after her primary win— and attempted to paint his opponent as a tool of corporations and the Democratic establish- ment. El-Sayed lost by more than 20 points; Whitmer carried every county in the primary. Almost a decade later, Stevens and El-Sayed are running on the same policies, with most of the same strategies, in the same state. But even if they haven’t changed much, their party—and the country—has changed around them.
LORI GOLDMAN IS A KIND of avatar for how much the Democratic grassroots has changed in the Trump era. During the 2016 election, she started Fems for Dems, a group of Michigan organizers who at first focused on electing women Democrats. She was part of the 2018 surge that propelled Stevens, Slotkin and Whitmer into office. Eight years later, Goldman’s group of roughly 7,000 Michigan volunteers is more focused on fighting the Democratic establishment. This year, it voted to en- dorse El-Sayed. The 2024 election was a breaking point for her. “If that’s not a referendum on how weak and out of touch the Dem- ocratic party is, then I don’t know what is,” she says. “It’s not women that are going to save us, it’s not the Democratic party that’s going to save us, it’s going to be progressive values that save us.” That disenchantment mirrors the way the Democratic base has fractured over nearly a decade of Trumpism. Last year, 62% of Dem- ocrats said they thought party leader- ship should be re- placed, according to a Reuters/Ipsos poll. A 2025 Pew survey found that 67% of Democrats felt frustrated with their own party, mostly for not fighting hard enough against the Trump administration; only 29% said the party made them proud. In 2018, Democratic voters seemed aligned with party leadership in supporting Democrats who could beat Repub- licans. Now, there’s a vast faction demanding Democrats who can re- make the Demo- crats. One of the sharp- est dividing lines among Democrats vying for power is the Israel- Hamas war. In Michi- gan, which has a large
and highly concentrated Muslim popula- tion, the issue has inflamed the race. El-Sayed, who would become the first Muslim senator if he wins, was an early supporter of the Uncommitted move- ment, which resulted in 13% of voters withholding their votes in the 2024 Democratic primary in protest of Biden’s policy toward Israel and Gaza. (El-Sayed quickly en- dorsed Harris when she became the nominee.) Some Democrats believe Harris lost Michigan be- cause of Gaza, intensify- ing the issue’s status as a litmus test for Demo- crats in the state and across the country. “I think a lot of peo- ple are saying that the establishment version of politics lost us the election in 2024. Folks are not interested in do- ing that again,” says Michigan state Sen. Darrin Camilleri, who endorsed El- Sayed. “Now, folks are looking for something completely different to try to fight back against this new version of Trumpism.”
ANTI-ESTABLISHMENT ANGER has helped propel far-left progressive candi- dates, who have long attacked the Demo- cratic Party as feckless and out-of-touch, and led to major victories for the Demo- cratic Socialists of America. But it’s not yet clear if Democratic voters have truly moved to the left or if they’re just frustrated with the status quo. Many of the DSA wins have hap- pened in deep blue districts. That’s crucial for Stevens and El- Sayed. They aren’t running in Mamdani’s New York. Democrats currently hold both Michigan Senate seats, but losing one could vaporize any possibility of a Democratic Senate majority. Trump won this state twice, and Slotkin won last cy- cle by fewer than 20,000 votes. “At this very critical time, I know she can beat Mike Rogers in the general election,” recently retired Michigan Sen. Debbie Stabenow said in her endorse- ment of Stevens. “The stakes have never been higher.” No matter what happens, the results in November will determine how Demo- crats evaluate potential 2028 hopefuls. If El-Sayed wins the primary and beats Rogers, it will be taken as proof that a far-left progressive can win a presidential swing state. If he loses to Rogers, it will be treated as evidence Democrats need to straddle the political center to win back the White House. If Stevens wins the primary and wins against Rogers, it will validate the con- ventional wisdom that the path to vic- tory in the Midwest goes through “normie” moderate voters. If Stevens loses against Rogers, it will fuel progres- sive conviction that moderate politics (and support of Israel) is no longer the safer, more electable choice. For years, progressives have been tell- ing themselves and anyone who would listen that swing state voters are more progressive than they seem and that left-wing populist ideas can beat GOP talking points even outside deep-blue strongholds. If El-Sayed wins the pri- mary, Democrats are about to find out.
Corporate Retreats Go Existential
ContinuedfrompageC1
treats have become something of a cottage industry within the broader umbrella of wellness tourism, de- scribed as a nearly $1 trillion mar- ket by the Global Wellness Insti- tute, a nonprofit that tracks wellness trends. The gatherings can revolve around topics such as spirituality, career transitions or even meno- pause. Some programs run online and cost a few hundred dollars. Others feature high-end hotels, or- ganic meals and access to celebrity teachers, with price tags in the thousands. Greg Larkin, one of the organizers of the Hudson Valley retreat for cor- porate professionals, said his clients were the type of people who were seeking “a sanctuary from the ‘crush- it summit.’ ” (“That’s where you ask a senior leader how they’re doing, and they say, ‘I’m f—ing crushing it, man,’ ” Larkin clarified.) A former Wall Street analyst and entrepreneur, Larkin started Punks & Pinstripes in New York City in 2022 as a commu- nity for people who had scaled the mountain of white-collar success, found the view uninspir- ing and wanted to rede- fine achievement on their own terms. He began with a series of intimate dinners and group-coach- ing sessions and has since expanded to execu- tive retreats. I’d planned to attend the gathering as an ob- server, a journalist who covers careers and man- agement, comfortable that my notebook and pen separated me from the others. But I found that I was not immune to being introspective about middle age.
OVER TWO DAYS at Lundy Farm, a quiet-luxury manor seemingly lifted from a Restoration Hardware cata- log, the other attendees and I medi- tated each morning, made pinch pots out of clay, foraged for wild nettles and garlic mustard in the woods and drew analogies between our own lives and the natural world around us during the retreat’s activi- ties. Soil was a metaphor for the growth we were incubating in our lives. Moss creates its own microcli- mates, just like we could build happy, functional teams, even in the midst of corporate dysfunction. During group activities, cocktail hours and meetings in small cohorts of two or three attendees and facili- tators, participants sought insight and support from each other about starting new businesses and career shifts. But often, the big issues they seemed to be grappling with re- flected deeper, much more existen- tial questions. Julie Holland, a psychiatrist who joined us for a first dinner of roasted salmon, millet pilaf and as- paragus, told the group that it was common for high achievers to expe- rience confusion and emptiness alongside personal success. She said she once had a patient who won a Pulitzer Prize, then immediately sank into a deep depression. “It’s like the song, ‘Is That All There Is?’ ” she said. Danielle Larish, a 41-year-old con- sultant who has worked across a dozen sectors, told me on the first night: “I’m good at what I do, and it’s f—ing draining.” She said she usually comes into situations where things are going disastrously wrong and helps turn them around, but she’s tired of walking into companies, talk- ing to executives and employees, prescribing fixes “and having them not act on any of it.” Corporate America, she said in a small group session of three people, is full of toxic behavior—scapegoating, back- door machinations and leaders cling- ing to whatever power they have at the expense of good ideas. A week before the retreat, she re- alized she wanted to take her man-
what I do, and it’s f—ing draining.’
DANIELLE LARISH A 41-year-old consultant
agement philosophy and turn it into a book or other project. But she was unsure how to begin, naming some obstacles, including self-doubt and frustration over ideas that never got put into practice at the compa- nies she worked with. The other two members of her breakout group asked Larish ques- tions and offered suggestions. “How hard would it be to prototype two or three approaches to the project?” asked Kellye Rogers, a technology executive who started her own AI consulting firm last year. In another small group, the hos- pital executive was talking about a different kind of crossroads. He had an Ivy League degree, earned his M.D. and Ph.D. at world-class institutions and ascended to the C- suite of a prestigious organization. Then, last year, organizational re- structuring led to the elimination of several teams, including his. (He spoke to the Journal anonymously because he was not authorized to speak about the circumstances of his departure.)
“Nobody looks better than me on paper,” he said. “I went to fancy schools, worked at the best places. And somehow I just got cast aside.” He said he’d led a charmed life until his 40s, when a divorce unset- tled his sense of having cruised along on luck, intelligence and hard work. And then his job disappeared. “I was woefully underprepared in a blissful and terrible way,” he said. He had also just started on cho- lesterol drugs and undergone his first colonoscopy. “If it was all over now, do I feel like I did what I wanted to do? And if not, what would that be?” he mused. He was talking to an AI startup about coming aboard. “If it was five years ago, I would’ve done it in a second,” he said. “Now it feels like a young person’s game.” The Canadian psychoanalyst and management consultant Elliott Jaques is often credited with coin-
Scenes at Lundy Farm, from top: bikes for the riding; organizer Greg Larkin, left, and participant Karen Root; a sauna; Renee Baumann guides a foraging walk; the grounds; and pinch pots dry in the sun.
ing the term “midlife crisis” in 1965. But the cliché of a middle-aged man who throws away his wife and family car for newer, sexier models flattens and simplifies the con- cept. In Jaques’s for- mulation, articulated in the International Journal of Psycho- analysis, a midlife crisis referred to the harrowing recogni- tion of one’s own mortality, a recognition that could lead to a decisive change in the quality and maturity of one’s work. “The paradox is that of entering the prime of life, the stage of fulfill- ment, but at the same time, the prime and fulfillment are dated,” he wrote. “Death lies beyond.” Jaques posited that middle age compels people to lean in to “the tragic, reflective and philosophical.” Such “contemplative pessimism,” he suggested, could lead to a better life—and a deepening of genius, as seen in the later works of artists like Bach and Shakespeare. At the retreat, no one was writ- ing timeless concertos or the world’s greatest tragedies. But there was vulnerability and honesty. I found myself surprisingly moved by the meditative activities and programming, even if it felt silly at first to be constructing a
mandala with leaves and twigs in the middle of a workweek.
ONE EVENING, Emily Kagan, a poet and healthcare executive who was one of the facilitators, passed around markers and colored sheets of ori- gami paper. She instructed us to write down things we were “done with”—objects and emotions we were ready to jettison from our lives. We went around the long dinner table, illuminated by a fireplace, and read what we’d scribbled. Among the baggage we carried: Im- postor syndrome. An ex-wife’s shoes. Old identities. Sunday scar- ies. Shame. Never having a sense of enoughness. Later, Kagan asked us to write a letter, five years in the hypothetical future, telling someone what we love about our lives. I chose my teenage son. Suddenly, articulating what I saw—the creative writing projects I hoped to tackle, my pride at seeing my child launch into adulthood—I found myself stifling a sob. At the age of 55, my beginning is long over, and hopefully, my end is decades away. But for perhaps the first time, I could feel a distinct, emotional embrace of the middle. On the last day of the retreat, we put the finishing touches on our pinch pots. My creation resembled a bulky hamantaschen more than a talisman for a life-changing epiphany. But the clay was dry and there was a color- ful palette of pigments in front of me. I began to paint.
O
But Gen X Still Wants to Party.
with nostalgia theme nights and events that end way before midnight
BY WILL GROFF
n a recent Friday night, Philadelphia’s Trestle Inn welcomed a crowd for a Prince-themed dance party. Revelers rocking purple eye shadow and “love symbols” slurped down whiskey sours and lit up the dance floor while a go-go dancer gyrated to hits like “Let’s Go Crazy” and “1999.” Almost everyone was over 50. Many of them were drinking. And it was only 7:30. “We realized that the younger generations weren’t drinking as much, and these early parties were a way to get older folks in the door,” said Ian Cross, the bar’s owner. “They spend money on cock- tails, they drink, they have fun.” Bar owners have a new favorite customer: the Gen Xer. As drinking among younger Americans hit historic lows in 2024, those born roughly between 1965 and 1980 largely maintained their drinking habits, according to a 2025 long-term study from the University of Michigan that examined sub- stance use among people between 19 and 65 years old. They want to party, and they want to do it on their own terms. Watering holes are programming their calendars ac- cordingly, with nostalgia theme nights and parties that end way be- fore midnight. “I’ve noticed it’s the same people going up to the bar, and it’s always the older folks. The young people come in and go straight to the dance floor,” Rob Kulathinal, an evolutionary geneticist in his 50s, said about his experience going out in Philly. “On the plus side, it’s never been easier to get a drink.” Sandwiched between the larger (and louder) boomer and millennial cohorts, many Gen Xers consider themselves a “forgotten generation.” The prototypical Gen Xer is resilient and cynical, a “latchkey kid” turned disaffected slacker, raised on MTV and limited parental supervision. “Gen X: We straight up raised our- selves,” reads the caption on one popular internet meme, a photo of an unhelmeted child on a rickety- looking bicycle popping a wheelie. For Dina Cirillo Strachan, a 56- year-old high school counselor and Trestle Inn regular, the lack of heli- copter or “snowplow” parents made for a thrilling childhood—and plenty
IAN CROSS
Before theWorld Knew His Name
BY ESTHER ZUCKERMAN Chef Eric Ripert discusses his cameo in the movie—and why he participated
Anthony Bourdain, in 1976
of opportunities for underage drink- ing in adolescence. “We’d meet under the bleach- ers—there was always a gathering place. Whether it was announced or unannounced, you could proba-
drinks more… consistently over the course of a night.’
ZACK BUSH Co-founder, Mad Room Hospitality
bly show up with a six-pack,” said Strachan. She compared her own freewheeling youth to that of her Gen Z children, whose “third spaces” are largely online and who are coming of age under mass so- cial-media surveillance—the ulti- mate buzzkill.
THE ANTHONY BOURDAIN who is depicted in the new movie “Tony” isn’t the An- thony Bourdain who chef Eric Ripert knew over more than a decade of friendship. “Anthony in the movie lies a lot,” Ripert said. “I never saw Anthony lying during all the years that we were together as friends. He was very honest.” But “Tony” isn’t a portrait of Bourdain as the venerated television host or the author of the bestsell- ing 2000 book “Kitchen Confi- dential,” in the midst of his stint at Brasse- rie Les Halles in Manhattan. It doesn’t cover Bourdain’s worldwide fame or his death by suicide at 61. The Tony in the movie, played by Dominic Sessa, is a punk 19-year-old who, after missing out on a fellowship he told his peers and family he was definitely getting, follows a girl (Emilia Jones), based on his first wife, Nancy Putkoski, to Provincetown, Mass., in 1975. There he fibs about his qualifications and finds him- self working in a kitchen,
where he’s entranced by the ne’er-do-wells preparing sea- food and the fastidious chef (Antonio Banderas) running the place. Directed by Matt Johnson, it plays as a coming-of-age story as Bourdain gets his act together and learns that he craves both the chaos and rigor of a kitchen. In the final moments, Tony decides to apply to study at the Culinary Institute of America. He is interviewed by a chef played by Ripert, in a cameo. Looking at Tony’s thin résumé, Ripert says, “At least he’s honest.” “Eric has stumbled on what for me was the heart of the entire film,” Johnson said of Tony’s arc toward honesty on-screen. “What transforms Anthony Bourdain the boy into Anthony Bourdain the man is that he no longer feels like he needs to lie to inflate his status.” Ripert’s presence acts as an implicit endorsement of the project by those who were closest to Bourdain. He signed on at the suggestion of execu- tive producer Kimberly With- erspoon, Bourdain’s former lit- erary agent who now oversees his estate. In a statement, the estate said that it chose to support “Tony” because it is “not a
“I can track my kids’ location every second of the day,” she said. “There’s just not the same opportunity.” David Jernigan, a professor at the Boston University School of Public Health, said the alcohol in- dustry marketed heavily to young people in the 1980s and ’90s, using products like wine coolers and sug- ary alcopops as boozy “training wheels” to draw in Gen Xers. “It’s never too late, but—and the industry knows this—drinking pat- terns, like so many other things, are set in adolescence into the early 20s,” Jernigan said. At the time, the industry was benefiting from murky public-health messaging around drinking. In 1991, “60 Minutes” aired a segment ex- ploring the so-called French para- dox, suggesting that the reason why French people have lower rates of heart disease—despite having less healthy lifestyles overall—is be- cause they drink so much wine. Su- permarket sales of popular red
standard biopic and doesn’t attempt to sum- marize a life.” The statement called the movie “an interpreta- tion,” adding that the Provincetown “part of Tony’s life will always remain somewhat un- known,” but it captures Bourdain’s “complexity, his intellectual appetite and his conviction.” The idea to focus on such a narrow time in Bourdain’s life came, in part, because co-writ- ers Todd Bartels and Lou Howe are “aller- gic” to movies that at- tempt to squeeze a cradle-to-grave narra- tive into around two hours of screentime, Bartels said. In con- ceiving the story, they also wanted to avoid the “cottage industry” that had popped up around Bourdain’s death, which fo- cused on the mystery of his final days. “We wanted to go back to the beginning, instead of the end, when his life was messy,” Bartels said. The early days were when “he said he treated the world like his ashtray, but, ultimately, it was all potential and hope and promise,” Bartels said. There wasn’t an abundance of material available that de- tails that period in Bourdain’s life. The writers—who also worked with Johnson and producer Matt Miller on the
wines spiked by as much as 45% in the weeks following the broadcast, according to the Gomberg-Fredrik- son report, which monitors U.S. wine sales. Observational studies in the ensuing years seemed to sup- port the idea that moderate drink- ing has health benefits. Conversely, Gen Z and younger millennials have entered adulthood amid mounting evidence of alcohol’s negative impacts on the body. Fol- lowing a series of studies through- out the 2010s that largely debunked the French paradox, various health organizations including the WHO have issued guidance suggesting that the healthiest option is simply not to drink at all. Last year, the U.S. surgeon general called for alco- holic beverages to carry cancer warnings, sending shares of beer and spirits companies tumbling. “There has definitely been a wellness narrative that has not worked in the industry’s interest,” Jernigan said.
Dominic Sessa as Bourdain in the film ‘Tony.’
screenplay—relied on a sec- tion of “Kitchen Confidential,” Laurie Woolever’s 2021 book “Bourdain: The Definitive Oral Biography” and the Massa- chusetts episode of “Parts Un- known” where Bourdain visits Provincetown. The lack of concrete infor- mation, as well as the fact that Bourdain himself used writerly flare to describe his young antics, gave the film- makers room to invent. Char- acters played by Banderas and Leo Woodall are compos- ites of figures Bourdain knew during his time in Cape Cod. For Johnson, Banderas’s chef
To be sure, Gen Z is not abstain- ing from alcohol altogether. In a survey published by the market re- search firm IWSR in July, 74% of Gen Z respondents from around the globe reported having consumed al- cohol in the first half of 2026. “Gen X drinks more intentionally and more consistently over the course of a night,” said Zack Bush, co-founder of Mad Room Hospitality, which operates several venues in- cluding the storied Ball & Chain nightclub in Miami. “They’re show- ing up earlier and staying longer.” At the Detroit-area Magic Bag, Gen X- friendly events gener- ate roughly 25% more in alcohol sales than events that are popu- lar with Gen Z, said Andrew Bochenek, the live-music venue’s general manager. “As a business, you want people that are drinking more per head,” Bochenek said, which is why the Magic Bag has been hosting fewer indie- rock shows—the venue’s bread and butter for much of its 30-year history—and more nostalgia-driven theme nights. Their summer slate includes a “Mega 80s” night and two ’80s vs. ’90s parties on top of trib- utes to Duran Duran, Tool and Talking Heads. “The coolness factor kind of goes out the window,” he joked. The Magic Bag has also played host to the Earlybirds Club, a dance party “for ladies who have s— to do in the morning.” These throwback parties take place from 6 to 10 p.m. and are immensely popular with older millennials and Gen Xers. Since their inaugural event in Chicago in early 2024, Earlybirds has spread to over 50 cities in the U.S. and Canada. Randy Maupin, the 51-year-old general manager at the Cat Club and the Eagle in San Francisco, said his generation has not been im- mune to the growing sobriety movement. Still, he says, even tee- totaling Gen Xers still uphold a cer- tain bar etiquette. “We have a great support system with our older clientele,” said Maupin. “Even if they don’t drink, they’ll buy water or mocktails just because they want to support and keep and maintain our business. The younger generation? Not so much. They’ll come in a big group and only get a couple drinks and ask for water cups.”
represents the ethical “disciplinarian” side of Bourdain’s public persona while Wood- all’s Sal, a drug-ad- dled wild card, the “libertine” element. Howe said Wither- spoon appeared less concerned with fac- tual accuracy than when parts of the story didn’t ring emo- tionally true. Johnson, who doesn’t consider himself a die-hard Bourdain fan, wasn’t interested in catering to viewers who have binged every episode of “Parts Unknown” or “No Reservations.” “I was trying to make this for people who had no idea who Anthony Bourdain was,” Johnson said. Still, if “Tony” is about a young version of Bourdain with whom audi- ences aren’t familiar, Ripert’s appearance is a nod to the man he will become. Miller said the filmmakers initially looked at auditions from ac- tors local to their Massachu- setts shoot for the small role, before deciding a notable fig- ure should cameo instead. Rip- ert, the Michelin-starred Le Bernardin chef, said yes with- out seeing the script because of his trust in Witherspoon. “It’s a very important, pivotal moment in his young age that had actually a huge impact later on in his life,” he said.
FROM LEFT: FRANK CRIVELLI; SEACIA PAVAO/A24
I
RICHARD D. WOOD JR. | 1938-2026
Jeanette and Dick Wood cheering for the Philadelphia Eagles during the 2018 Super Bowl.
Cult-Favorite Convenience Giant
a day each year working in one of the chain’s stores
BY JON MOOALLEM
n 1682, a Quaker named Richard Wood landed in colonial Philadelphia from England and be- gan establishing a family business that would expand and divide through the generations to include a rum and molasses shop, an iron foundry, a textile mill and, by 1902, a dairy founded by George Wood, a descendant who had imported Guernsey cattle from the Channel Islands and deliv- ered his purportedly superior milk to homes via train and horseback. George called his dairy the Wawa Dairy, after the region of rural Pennsylvania where he lived, which itself had been named by white settlers with the Ojibwe word for the migratory geese that stopped there (notwithstanding that the Ojibwe people actually lived much farther north, and the Lenni Lenape, who did live in Wawa, called geese something else entirely). As decades passed, the market for home deliv- ery started to decline. Americans were buying their milk in stores now—which was why George Wood’s grandson, Grahame Wood, opened one in Folsom, Pa., in 1964. Business boomed at Grahame Wood’s Wawa Food Market. Soon, he had a few more stores, sell- ing a few more things—until, by 1970, Wawa had become a sufficiently complex corporate concern that Grahame needed to hire a general counsel. And being that Wawa was a family business, he hired his cousin’s son, Richard D. Wood Jr., a whip- smart, 32-year-old lawyer who went by Dick—a man who, Grahame quickly realized, should proba-
WSJ Readers With Military Service Respond to Testosterone Testing
IN RESPONSE TO Defense Secre- tary Pete Hegseth’s announcement that all “warfighters” age 30 and older in the U.S. military will be tested annually for testosterone deficiency, Sebastian Junger ar- gued in a recent Journal essay that combat requires peak fitness, but it goes way beyond hormones. Readers continued the argument in the comments; responses from vet- erans drew upon their experiences in the military. Here, lightly edited for space and clarity, are a selec- tion of those comments.
bly be running the whole thing. Dick Wood, who died July 10 at 88 at home in Wawa, Pa., an unincorporated community west of Philadelphia, would remain at the center of the Wawa-verse for more than 50 years, helping to lead the chain as president, CEO and chairman. During that time, Wood went from scion of his family busi- ness to its patriarch and expanded the company into a beloved convenience and gas-station giant. It now has 1,200 stores in 14 states. According to Forbes, Wawa did $19 billion in revenue last year. Wood also helped cultivate Wawa’s exuberant customer base—from those who stop every morn- ing for coffee and a quick chat with strangers about the Eagles or Phillies, to a cult of superfans who get the chain’s logo, a goose, tattooed on their bod- ies, or debate the superiority and semiotics of vari- ous sandwich orders on Reddit. Wood seemed delighted by that fandom and, most of all, by the feeling of common purpose around his stores. He is survived by two children, Lisa Wright and Richard Wood III, and five grandchildren. His wife of 61 years, Jeanette (Andrews) Wood, died last year.
‘Fastest Shopping Trip’ Wood was born March 4, 1938, in Philadelphia, the son of Margaretta and Richard D. Wood. After graduating from the University of Virginia in 1961, he entered law school at the University of Pennsyl- vania, then spent several years at a Philadelphia firm before joining Wawa in 1970. Two years later, Wawa opened its 100th store. In 1977, Wood became CEO. By the end of the de-
“fitness” test throughout my 26- year career (I enjoyed the Navy, decided to stay). So the Navy had a not very physically fit but very well-trained medical officer who sailed the world on its ships, de- ployed with the Marines and in Antarctica and staffed emergency rooms and clinics in the U.S. I al- ways wondered, if I flat failed the fitness test, would they get rid of me for that reason? Now I wonder if Hegseth would want them to. —Bernard Spencer Thomas Jr.
A lot of front-line soldiering has to do with individual will and atti- tude, not body chemistry. I’m speaking from experience. I enlisted when I was 19 and served in Viet- nam with the 4th Infantry and 1st Cav. from May 1970 to June 1971. My father was drafted into the Army in WWII; he was about 32. Basic was tough at 19; I don’t know
how he got through it at 32. I never asked, but he once said he was proud be- cause he could keep up with much younger guys. —James Ventrilio
The article is like many argu- ments: It presents a binary yes or no sort of argument, when the question of using testosterone, amphetamines and other drugs to enhance combat performance is nuanced. While I can’t see them for everyone, and probably wouldn’t find a use for them out on patrol, once back in a more rear area they may help with re- covery and help rebuild muscle lost during extended operations. Any comparison between training in the States and how an eight- to 12-month deployment grinds your body down is disingenuous. —Mark Matteson
tenets Dick tried to get across: Always put stores first.’
CHRIS GHEYSENS Wawa CEO
More stories at WSJ.com/obituaries
The author is wrong in his as- sumption that only personnel di- rectly facing the enemy need top levels of lethality (I, too, have concerns about the testosterone policy). I was in the Pentagon on 9/11. I spent time on the South- west border; my FIRST trip to Af- ghanistan was in December 2001; and I spent a 15-month stint in that country. IN EACH, personnel who did not expect to be “at the tip of the spear” were attacked, defended others and sometimes lost their lives. The days of a FEBA—Forward Edge Battle Area—no longer exist. ALL mili- tary personnel need to be able to
cade, there were 238 stores. Americans were living busier lives, with longer commutes, and as more women entered the work- force, getting domestic errands done efficiently be- came key. Wawa benefited from all of those soci- etal changes. The brand already centered on convenience—“the World’s Fastest Shopping Trip” ads read—and Wood now pushed to keep stores open 24 hours a day. During the 1980s, the number of Wawas more than doubled again, to 480. Wood kept his finger on the pulse of all of them. He would visit about 150 Wawas a year, and shadow workers on a night-shift at least once a month. Ev- ery summer, he’d take his family to the Jersey Shore so he could spend the weekend working at a Wawa there—restocking, ringing up, whatever would help. Wood required Wawa executives to work in a store one day out of every year, too. “He called it ‘Flounders Day,’ ” his son, Rich Wood, said, “be- cause they’d be floundering around the store, get- ting in everyone’s way.” Wood thought it was important to understand Wawa at ground level, privileging the perspective of its customers and those actually pouring the coffee and making the hoagies. “Corporate offices have a way of sometimes making themselves be- lieve that this is the center of the universe for the company, and it really is not,” explained current CEO, Chris Gheysens, who joined the company in 1997. “That is one of the tenets Dick tried to get across: Always put stores first.” Key to both the cultivation of this ethos and
A horse-drawn Wawa Dairy delivery cart.
Wawa’s growth, Wood believed, was the fact that the company was privately held. Public companies focused on shareholder value must make short- term decisions, he said, “and we are focused on long-term decisions.” In 2004, a private investment group with a stake in Wawa, backed by the McNeil family, the Tylenol heirs, pushed hard to take Wawa public. But Wood led an effort for employees to use their 401(k) bal- ances to buy out the group through an Employee Stock Ownership Plan he’d created at Wawa a de- cade earlier. Employees now own 40% of the com- pany, according to a Wawa spokesperson.
The Dark Days of ‘Boli’ Wawa’s business faltered in the 1990s amid fiercer competition. The general mood of that period is en- capsulated, in retrospect, by the company’s exalted launch, and swift failure, of the “Wawa Boli,” a hand-held stromboli that Wood and his team hoped would spruce up the chain’s grab-and-go offerings. He called the era “The Dark Days.” Wood reshuffled his management team, making Howard Stoeckel, who’d later succeed him as CEO, vice president of marketing, and empowering him to shake up the inside of Wawa’s stores. Wood, meanwhile, focused on making one big and ultimately crucial change outside the store. Previous attempts to sell gas in the 1970s and 1980s had left little appetite within Wawa to try it again. But Wood embarked on a bullish road- show around the company, making his case for how fuel sales could be done right and reinvigo- rate the chain. Wawa started selling gas in 1996, charting a course out of the Dark Days for good and thrusting Wawa into its “superstore” era. Wood retired as CEO in 2004 and remained chairman of Wawa’s board until 2020, when he be- came chairman emeritus. On July 20, the chain offered free cups of coffee in his honor at every store.
Operation Enduring Freedom veteran here. The motto at Officer Candidate School was “Standards. No Compromise.” Sounds cheesy, but it is not. Mr. Junger is correct in that at the core of the capabili- ties of our fighting force is the in- tense training and standards that must be met in advance of promo- tions and deployments. Many are physical and emotional, some are academic. These tests need to be consistently administered through- out one’s service. It’s a long- winded way of saying these things are complex. Go, Army! —Michael Lawrence Coyne
act—aggressively when needed—no matter their location. —Andre Hollis
My limited experience in Vietnam indicated that many short, scrawny guys had the “GRIT” to last on hot and wet days when the muscle men could not. For me, the mind is usually stronger than the body. X USMC corporal out of I Corps. —Michael Butler
FROM LEFT: WOOD FAMILY; WAWA
BOOKS
Keynes for Our Times By Robert Skidelsky Yale, 200 pages, $28
BY SAMUEL GREGG E
IGHTY YEARS after his death in 1946, the shadow of John Maynard Keynes looms over economic thought and public policy. Keynes, whose name is a byword for interventionist policies, changed the way economists understood the world. He was also fortunate to have in Rob- ert Skidelsky a superb biographer. Published between 1983 and 2000, Skidelsky’s three-volume biography brilliantly presented a full portrait of Keynes as a thinker, a policymaker and, most engagingly, a man. Scholars con- sidered it authoritative when the vol- umes appeared; their assessment has aged well. Skidelsky’s involvement with his subject did not cease, however, with the chronicling and analysis of Keynes’s life. Over time, he became an outspoken advocate of Keynesian pol- icy prescriptions, especially after the 2008-09 financial crisis. He simultane- ously emerged as a sharp critic of the economic thought of prominent free- market thinkers such as Friedrich Hayek and Milton Friedman. These and other themes come to- gether in what turned out to be Skidel- sky’s final book. Published shortly after his death on April 15, the primary objective of “Keynes for Our Times” is to “convey not just what Keynes thought, but also the way he thought.” That “way,” Skidelsky tells us, was heav- ily influenced by some distinct philo- sophical commitments that shaped Keynes’s understanding of what eco- nomics should be about. Keynes had little by way of formal training in philosophy or, for that matter, economics. His degree was in mathematics. But as a second-year undergraduate at Cambridge, Keynes read “Principia Ethica” (1903), a philo- sophical treatise by G.E. Moore. That book led Keynes to reject the utilitarian outlook that, according to Skidelsky, dominated “the mainstream economics of his day and our own.” Moore’s book prompted Keynes to ponder what it meant to be good and, eventually, how much was “enough,” economically speaking, for people to live a good life. Skidelsky demonstrates that Keynes’s desire to enable more people to experience the higher goods identi- fied by Moore, such as friendship and aesthetic enjoyment, inclined Keynes to approach economics as “an end- satisfying system.” It also led him to treat economics primarily as a moral science rather than purely a matter of empirical inquiry. In this sense, Keynes was in the same camp as Adam Smith. The founder of modern economics firmly believed that “improvement” and the growth of “civilized society” were morally commendable ends whose realization could be advanced by rigorous economic thinking. The means, however, matter as much as the ends, and Keynes’s preferred eco- nomic policies for bringing about his goals would eventually have seriously negative consequences. Take, for exam- ple, Keynes’s at-times obsessive concern
That Tore The Nation
He Has the People By Jonathan Earle Oxford, 232 pages, $29.99
BY LOUIS MASUR S
OME PRESIDENTIAL con- tests are truly transforma- tive. Thomas Jefferson took office in what came to be known as the Revo- lution of 1800, when an opposition political party gained power for the first time. The election of 1932 was a landslide for Franklin Delano Roose- velt, who remained in office 12 years and forever altered the role of the fed- eral government in the lives of Ameri- cans. In 1860, though, an election nearly destroyed the nation when Abraham Lincoln became president and, in response, seven Southern states seceded from the Union.
for keeping interest rates low. This partly reflected his conviction, states Skidelsky, that the real problem in the modern economy was “not the Capital- ist but the Usurer.” Though a thoroughly modern man, Keynes shared the ancient hostility to the supposedly sterile activity of “mak- ing money out of money.” He also lam- basted people’s preoccupation with possessing money as warping their imaginations and blinding them to the
Keynes advocated for strong government intervention in markets. The long-term outcome has been controversial.
existence of more fulfilling possibilities. This coheres with Keynes’s conception of much contemporary economic life as a struggle between creditors and debt- ors. He never disguised his belief that the “creditor class” should be put firmly in its place. Keynes consequently tried to iden- tify how government institutions could keep interest rates down. Consistently low rates would rebalance the economy in favor of debtors, he thought, and reduce incentives for people to hoard money and instead encourage them to spend and invest, thereby stimulating employment. The price to be paid for such policies, Skidelsky concedes, would be the loss of an “anti-inflation- ary anchor.” That loss contributed mightily to the Great Inflation that engulfed most
In “He Has the People,” an astute recounting of the 1860 election, Jona- than Earle, a professor of history at Louisiana State University, delves into the details and highlights its accompa- nying uncertainties: In 1859 the jour- nalist D.W. Bartlett compiled a list of the 21 likeliest presidential candidates, and Lincoln’s name did not appear. To help explain how Lincoln emerged to win the Republican nomination and the presidency, Mr. Earle enlists a journalist, Murat Halstead, as an eye- witness guide. Halstead, a Republican, was the 30- year-old editor of the Cincinnati Com- mercial and attended all the national political conventions that year. (There were seven). Other newspapers reprinted his reports. Halstead was also present at the hanging of John Brown on Dec. 2, 1859. Six weeks ear- lier, Brown had raided the federal armory at Harpers Ferry, in what was then Virginia, aiming to foment a slave insurrection. The abolitionist’s action weakened Republican candi- dates such as New York’s Sen. William Seward, who came to be seen as an antislavery radical. It also boosted Lincoln, whose more moderate approach seemed appealing. At Coo-
Western nations between 1965 and 1980. Skidelsky would dispute this lat- ter point; he insists that the inflation- ary outbreak that severely damaged the credibility of Keynesian policies was triggered by “the failure of Presi- dent Lyndon Johnson’s administration to curtail American civilian spending to pay for the Vietnam War.” But such an explanation dramatically underesti- mates the role played by the willing- ness of governments and central banks to prioritize the pursuit of low unemployment through deficit spend- ing and easy money. That willingness resulted in excess demand that ulti- mately stimulated acute demand-pull inflation—that is, price increases caused by demand outpacing available goods and services. This debate about employment and inflation brings us to a subterranean theme running through Skidelsky’s book: the clash between Keynes and Hayek. An arch anti-inflationist, Hayek also functions as a representative of the “neoliberalism” Skidelsky believes is responsible for many of our contempo- rary economic and political woes. In the 1930s, in the pages of the jour- nal Economica, Keynes and Hayek fiercely debated the functions of sav- ings, consumption and stimulus pro- grams during economic downturns. They later sparred over the implications of economic planning for freedom. But even more central to their disagree- ments, Skidelsky contends, was Hayek’s propensity “to equate moral values with market values.” As Skidelsky sees it, Hayek reduced the market’s moral function to the way in which economies gave people the opportunity to make their own moral
per Union in New York City, in Febru- ary 1860, Lincoln proclaimed that “John Brown was no Republican.” The same month, after eight weeks and 44 ballots, the 36th Congress had finally elected a speaker. (As was the practice in those days, the representa- tives elected in 1858 did not convene in regular session until December
After Lincoln came to the presidency, seven Southern states seceded from the Union.
1859.) William Pennington of New Jer- sey was ultimately elected by a mar- gin of one vote. John Sherman of Ohio, who led for most of the ballot- ing, withdrew after Southern Demo- crats united against him because he had endorsed Hinton Rowan Helper’s “The Impending Crisis of the South” (1857), a book that predicted eco- nomic catastrophe for the South as a result of slavery’s inequitable effect on nonslaveholding white farmers. Even PleaseturntopageC8
choices and thereby acquire responsi- bility in the face of scarcity. Keynes, he thinks, was in the more serious busi- ness of enabling humanity to “quit the realm of necessity and enter the realm of freedom” by pursuing aesthetic goods like beauty, art and harmonious relationships. Skidelsky’s description of Hayek’s position on these matters is an impover- ished one. For example, much of Hayek’s pro-market advocacy from the late 1930s onward involved illustrating how markets helped to drive civilizational growth, not least by replacing predatory behavior with free exchange, and provid- ing a means of coordinating millions of pieces of knowledge across space and time. Hayek also presented certain insti- tutions that are central to markets— notably the rule of law—as more than mere economic artifacts. They were, for him, moral and civilizational achieve- ments in their own right. Yet for all his criticisms of Hayek, Skidelsky affirms that Hayek and Keynes were at one in their desire to preserve liberal civilization from the radicals of the left and right in their time. Similar forces, he warns, have emerged today in the guises of popu- lism and nationalism. For Skidelsky, part of the response must be a “mod- ernized Keynesianism” capable of maintaining “a continuously high level of labor demand.” This, Skidelsky believes, would alleviate the wide- spread angst about unemployment he believes makes extremism attractive to so many people. By modernized Keynesianism, he means more and blunter forms of intervention. On the domestic level, he calls for an extensive redistribution of
wealth and income, massive public investments in what he vaguely terms “public projects,” and, most radically, the guarantee of a public-sector job to any- one who cannot find private-sector employment. Skidelsky also holds that, “in the spirit of Keynes,” we should “aim for an international/financial system that supports rather than impedes a domestic full-employment policy.” Consider, however, that state inter- vention in the U.S. economy, measured as general government expenditure, consumed 37.7% of total gross domes- tic product in 2025. The percentage in the European Union that same year was 49.5. Skidelsky’s policies would only mag- nify this already colossal degree of intervention in Western economics. Given what happens to productivity (not to mention freedom) as ever greater resources are devoured by the public sector, one strains to see how modernized Keynesianism would sus- tain the growth necessary to ensure that abundance rather than subsistence remains the norm. Skidelsky’s brand of 21st-century Keynesianism exemplifies how the heralds of prominent thinkers often lose a sense of proportion when they elaborate on their heroes’ ideas. He was a splendid biographer of the man he described in another book as “the master.” Skidelsky’s specific rendering of Keynes’s ideas for our times, how- ever, would only further imperil the liberal civilization that Keynes spent his life defending.
Mr. Gregg is the president of the American Institute for Economic Research.
J.S. DYKES
The Robber Barons By Matthew Josephson (1934) 1
Matthew Josephson’s group portrait of the most powerful men of the Gilded Age—his subjects include Jay Gould, James Fisk, John D. Rockefeller and J.P. Morgan—is a study in unrelent- ing competition. Equity receivership, a bankruptcy-like proceeding used to reorganize troubled companies, was a favorite method that many of these tycoons deployed to outplay their rivals. Gould was adept of the dark arts of financial distress. In Josephson’s phrase he “roved through the West eyeing the ruined hulks of transcontinental railroads,” scooping up the “rich debris.” Receivership was also a preferred weapon of Morgan. “With the pros- trate client . . . in desperate need of fresh working capital,” Josephson writes, Morgan would offer a loan and “impose hard terms,” usually installing an ally as “a dominant voice in the management” after the debt was restructured. Published during the Depression, when hostil- ity to Wall Street ran high, this rol- licking portrait of the former era’s business titans was a hit that popu- larized the phrase of its title.
The Man Who Saved New York By Seymour P. Lachman and Robert Polner (2010) 2
Nestled inside this biography of Hugh Carey, the governor of New York from 1975 to 1982, is the story of how New York City narrowly avoided fis- cal collapse in 1975. The book viv- idly portrays the dramatis personae, such as Abraham Beame, the city’s hapless mayor, who nearly resigned; Felix Rohatyn, an eminent Wall Street banker (known to some as Felix the Fixer) who chaired the Municipal Assistance Corporation instituted by the state to refinance the city’s debt; and Albert Shanker, the president of the city’s teachers union, whose control of members’ retirement funds was crucial to a refinancing deal. Seymour P. Lach- man and Robert Polner give Carey his due for cajoling lawmakers, both at the state and the federal levels, into action. One obstacle was Presi- dent Gerald Ford, who initially indi- cated he would veto Carey’s request for a federal loan that would extend the state’s efforts. The New York Daily News translated Ford’s stance on Oct. 30, 1975, as “FORD TO CITY: DROP DEAD.” Public opinion eventually shifted in New York
Lincoln In Office
ContinuedfrompageC7
selling the book could prove danger- ous in the South: Authorities in North Carolina jailed one missionary for dis- tributing four copies. The contest for speaker, the author argues, served as a proxy for the com- ing election, in which four candidates would compete for the presidency. In April, the Democrats gathered in Charleston, S.C., where Stephen Doug- las failed to win the support of South- ern Democrats. (The Illinois senator had opposed both the pro-slavery Lecompton constitution in Kansas and a federal slave code that would have protected slavery in the territories.) Halstead thought little of Douglas, Mr. Earle reports, describing him as a “foul-mouthed bully self-convicted of cowardice.” The Charleston convention ended without a nominee; a majority of Southern delegates walked out when they failed to get a platform that protected the expansion of slavery. Northern Democrats reconvened in Baltimore in June and nominated Douglas. Southern Democrats gathered separately and chose Kentucky’s John C. Breckinridge, the sitting pro-slavery vice president. In May, a third political party, the Constitutional Union Party, had nomi- nated John Bell of Tennessee. Although
ALAMY
CARVE OUT ‘Let Them Have It All, and be Done With It!’ (1882) by Frederick Burr Opper.
City’s favor, which helped move Ford to support a $2.3 billion fed- eral loan package that bought time to get the city’s finances in order.
Game Over By George Papaconstantinou (2016) 3
When years of bloated gov- ernment budgets financed by increasing debt finally caught up to Greece in 2009, it turned to the European Union for help. Over the next six years, Greece negotiated three bailout loans with the so-called troika—the European Commission, the European Central Bank and the International Monetary Fund—in return for spending cuts and austerity measures. George Papaconstantinou isn’t an objective observer. As Greece’s finance minis- ter from 2009 to 2011, he negotiated the first bailout and the early stages of the second. Mr. Papaconstantinou writes passionately and with sar- donic wit, bringing the reader into the rooms where the country’s fate was decided. The chronicle has a Kafka-esque ending, with the author
a slaveholder, he had been a prominent Whig and opposed any talk of disunion and the expansion of slavery into the territories. Halstead observed that “the general foolishness of the two great parties had given the third unusual animation.” The Constitutional Union Party proposed to save the nation, he noted, “by ignoring all the rugged issues of the day”—there was no direct mention of slavery in its platform. The Republican Party faced those issues head on in Chicago between May 16 and May 18. Norman B. Judd, the chair of the Illi- nois Republican Party, promoted Lincoln’s candi- dacy in myriad ways, including getting the influ- ential Chicago Press & Tribune to endorse Lin- coln and delivering a unanimous slate of com- mitted Illinois delegates. Given Seward’s popularity, as well as the prominence of other candidates, such as Salmon P. Chase, Simon Cameron and Edward Bates, this was no small accomplishment. At the state Republican meeting that month in Decatur, Lincoln had bro- ken from political norms and appeared in person. His friend and a cousin carried in two fence rails said to have been split from logs by Lincoln, and he became the “Rail Splitter”—“a living symbol
on trial, accused of removing his rel- atives’ names from a list of Greeks with money in Swiss bank accounts. In the end he was cleared of the most serious charges, leaving him free to write this account of the nation’s financial calamity.
Bankrupt in America By Mary Eschelbach Hansen and Bradley A. Hansen (2020) 4
America’s first permanent federal bankruptcy law, enacted in 1898, was designed for businesses, but individuals discovered its benefits, as Mary Eschelbach Hansen and Bradley A. Hansen explain in “Bank- rupt in America.” By the 1920s, the number of individuals declaring bankruptcy eclipsed businesses doing the same. Courts did their best to adapt. Judge Kenesaw Moun- tain Landis, the authors write, tried to ensure that only “honest but unfortunate” debtors benefited from bankruptcy’s by directing “profes- sional bankrupts . . . to restitution or jail.” Valentine Nesbit “tabulated the
of frontier democracy,” as Mr. Earle puts it. David Davis, then a circuit court judge and later a Supreme Court jus- tice, managed Lincoln’s candidacy at
expenses” of debtors who appeared in his court in the 1930s, “subtracted them from the debtor’s wages,” and paid the rest to creditors. Such indi- vidual courtroom attention could not be sustained for long. Department- store credit accounts and the disap- pearance of legal restrictions on interest rates paved the way for the late-20th-century explosion of the credit-card business and correspond- ing debt and insolvency. Creditor lobbyists complain that debtors use bankruptcy to renege on their obli- gations, while consumer groups blame exploitative lending practices. The trend continues. Today individu- als vastly outnumber businesses in bankruptcy, by a ratio of 22 to 1.
The Caesars Palace Coup By Max Frumes and Sujeet Indap (2021) 5
In the wake of the 2007-09 recession, the Caesars Enter- tainment casino empire came close to defaulting on more than $25 billion in debt, and an unusually vicious corporate bank-
cabinet positions. His goal was to deny Seward an immediate victory by get- ting Lincoln to 100 votes on the first ballot (233 votes were needed). To do this, Davis positioned Lincoln as the preferred second choice for those who favored other candidates, and as someone who could carry Pennsylva- nia, Illinois and Indiana, states that had been won by James Buchanan in 1856. On the first ballot, Lin- coln garnered 102 votes to Seward’s 173.5. (Half votes occurred when the number of delegates from a state dif- fered from the number of votes allotted to the state by the convention.) On the sec- ond ballot, Lincoln jumped to 181, only 3.5 behind Seward. On the third, the nomination was Lincoln’s. Halstead was disappointed: “The fact of the convention was the defeat of Seward rather than the nomination of Lincoln. It was the tri- umph of a presumption of availability over pre- eminence in intellect and unrivaled fame.” The presidential election came down to Lincoln versus Douglas in the North and Breckinridge versus Bell in the South. Because Republi- cans had no presence in the South and parties, not states, distributed ballots, Lincoln received no votes in 10 Southern states. He triumphed in the North and West (Oregon and California), aided in part
ruptcy fight began. Apollo Global Management and TPG Capital, two private-equity funds that owned the troubled business, marched into bankruptcy court in 2015 with a pro- posal: Caesars would pay favored creditors most of what they were owed and give disfavored creditors a pittance, leaving Apollo and TPG in charge. A group of miffed hedge funds—who were among the disfa- vored creditors—attacked the pro- posal from every angle. Max Frumes and Sujeet Indap sketch the shifting alliances and blustering personalities that made this one of the most noto- rious Chapter 11 cases of the 21st century. David Sambur of Apollo was, the authors write, “a pit bull constantly in attack mode,” while Bruce Bennett, the hedge funds’ law- yer, “always had to have the last word.” Before bankruptcy, Apollo and TPG had transferred some of Caesars’ best properties to other entities. When an examiner esti- mated that these transfers may have defrauded Caesars of $5 billion, the original proposal crumbled and the disfavored creditors secured a far better deal.
by the Wide Awakes, a paramilitaristic youth movement of white and black men who marched in his support. (One Democrat denounced them as “Wide Awake Praetorians.”) Douglas took Missouri and three of New Jersey’s seven electoral votes. Breckinridge captured the slaveholding states except Tennessee, Kentucky and Virginia, which went to Bell. That meant Lincoln won with 39.7% of the popular vote and 180 electoral votes. (152 were needed). An astonishing 82% of eligible voters had turned out. Halstead praised the “almost univer- sal good order and decorum” with which the election was held and called the result “a noiseless revolution,” achieved without a drop of blood. He rejoiced that “slavery has reached the limits of expansion” and that “the fate of the experiment of republican gov- ernment” was no longer in danger. It did not take long for Halstead to be proved wrong. However unlikely a candidate he might have been, Lincoln as president preserved the union and helped bring about the end of slavery. Four years later, after being re-elected, he offered his thoughts on electoral politics: “We cannot have free government without elections, and if the rebellion could force us to forego, or postpone a national election, it might fairly claim to have already conquered and ruined us.” With a pivotal contest looming this year, Mr. Earle’s book reminds readers that the messy practice of democracy has never been easy.
Empire of Ashes By James M. Scott Norton, 528 pages, $41.99 An Explosive End to the War
BY JONATHAN W. JORDAN A
MERICA’S WAR AGAINST Japan was a three-act tragedy: from Pearl Harbor to the Battle of Mid- way (1941-42) was the low point; Guadalcanal to Guam (1942-44) the reversal; and Saipan to Japan’s final defeat (1944-45) the reckoning. Trilogies by Richard B. Frank, John C. McManus and Ian W. Toll generally follow this chronology (with Mr. Frank’s trilogy-in-progress starting earlier, in 1937 and Japan’s war against China). James M. Scott follows a different approach. His Pacific War books—“The War Below” (2013), “Target Tokyo” (2015), “Rampage” (2018) and “Black Snow” (2022)—explore oper- ations that illuminate individuals caught by the scythe-blades of war. In “Empire of Ashes” Mr. Scott shifts to the war’s final months, from America’s bombing campaign against Japan’s major cities in the spring of 1945 to the empire’s atomic death that August.
While Emperor Hirohito contemplated Japan’s position, President Truman was forced to consider the atomic option.
“Empire of Ashes” opens with the sudden death of President Franklin D. Roosevelt and Harry Truman’s awkward ascent to the presi- dency. In Mr. Scott’s telling, Truman is a scaled- down version of David McCullough’s everyman hero: a political pugilist who, despite inner doubts, never shirked the hard moral decisions. One of Truman’s biggest shocks arrived less than two weeks into his presidency, when he learned of the atomic bomb project. “He had been president only thirteen days—and now he faced the prospect that to end the war and save American lives, he might have to obliter- ate Japan’s cities,” Mr. Scott writes. “Such a weapon would kill tens of thousands of men, women, and children.” In the bombsight’s crosshairs sat Emperor Hirohito, a gentle, scholarly figure unprepared for the maelstrom unleashed at Pearl Harbor. “At first glance, Hirohito appeared better suited for a library than a battlefield,” Mr. Scott writes. “Socially awkward and lonely, Hirohito had spent his life walled off from any real friends as well as the population at large, hav- ing lived, as even he later acknowledged, much like a ‘bird in a cage.’ ” Mr. Scott describes Japan’s ordinary civil- ians who, from 1941 to 1945, endured a mount- ing catastrophe. From the disappearance of simple amenities—the closing of tea houses; the requisition of temple bells and gongs to meet the military’s metal demands—to short- ages of medicine, cloth, food and even coffins, families found themselves marooned on a blockaded island unable to feed itself. Of the 1.3 million schoolchildren evacuated from cities to the countryside, Mr. Scott writes, many “resorted to eating grasshoppers, snakes, and stream crabs as well as tooth-cleaning powder, paint, and crayons.” In February 1945 Hirohito began meeting secretly with his former prime ministers to poll them on whether to petition for peace. All but
Gameofa StarPlayer
Integration at Second Base By Peter Eisenstadt Virginia, 344 pages, $29.95
BY PAUL FINKELMAN I
N THE EARLY 1950s Jackie and Rachel Robinson sought to buy a house in the suburbs around New York City. As Rachel later recalled, the cou- ple wanted “space, clean air, good schools, friends for our children, and a strong sense of community.” Jackie’s salary with the Brooklyn Dodgers paid well. Endorsements, speaking and writing brought in more money. The Robinsons were college-educated, eco- nomically successful, practicing Prot- estants. Who wouldn’t want a famous athlete living nearby? As the Robinsons discovered during a year of house hunting, almost no one from Long Island, N.Y., to suburban Connecticut wanted them. One seller pulled his house off the market rather than accept the full asking price from a black couple. Realtors declined to show them houses in many neighborhoods. As a commentator in Philadelphia’s black newspaper noted, “Jackie is not too poor to buy a house, he is too dark.” Ultimately, the Robinsons bought a vacant plot in Connecticut
EVERETT/SHUTTERSTOCK
RUINS A Shinto shrine in Nagasaki, Japan, following the atomic bombing on Aug. 9, 1945.
one urged him to continue the fight. Bending to the hawks, Hirohito held out for a victory that would give Japan something to bargain with at the peace table. With no apparent results from bombing and blockade, Truman’s atomic option was largely driven by the alternative: an amphibious inva- sion of Japan’s mainland islands. Battles at Saipan, Iwo Jima and Okinawa revealed what an invasion of Japan would cost. “The calami- tous casualties reflected the gruesome battles that had defined the last year of the war, com- bat accentuated by fanatical banzai charges, mass civilian suicides, and of course, terrifying kamikaze attacks, monsoons of metal and flesh that rained down on American warships,” Mr. Scott writes. The book showcases Mr. Scott’s forte: con- veying the human cost of war. “Night after night Boeing’s monstrous Superfortresses”— the B-29 heavy bomber—systematically “scorched Japan’s cities, like fire-breathing dragons,” he writes of the American firebomb- ings. “Few public shelters existed, leaving residents to dig primitive foxholes in home gar- dens, where many either suffocated or roasted to death. Concrete buildings, like schools and
and built their own house. Some neigh- bors welcomed them; others moved away. Later in life, as a board member of the NAACP, Jackie recalled these experiences as he fought against hous- ing discrimination. In “Integration at Second Base,” Peter Eisenstadt offers a look at base- ball’s color line, postwar America and a gifted athlete who evolved into a businessman, an advocate for black civil rights and an opponent of all forms of discrimination. Robinson’s courage—along with his hitting, field- ing and baserunning—helped set the stage for the end of legally sanctioned segregation in American society and the beginning of integration. In 1945, Branch Rickey, the presi- dent of the Dodgers, signed Robinson, violating Major League Baseball’s “gen- tlemen’s agreement” that it was a white man’s sport. Rickey always claimed he did so because Robinson was a great athlete who could help the Dodgers win a championship. But Rickey, a devout Methodist, also despised bigotry, which he considered un-Christian. Robinson broke baseball’s color line on April 15, 1947, when he took the field in a game at Brooklyn’s Ebbets Field. Mr. Eisenstadt recounts how Robinson endured a season of constant racist harassment, beanballs, hate mail and death threats, before being named rookie of the year. Two years later Robinson was named the most valuable player after leading the National League in batting average and stolen bases. In 1955 Robinson led the Dodg- ers to the franchise’s first World Series championship.
train stations, often functioned as ovens, reduc- ing the bodies inside to ashes and bone.” Facing invasion, Japan’s leaders armed chil- dren with bamboo spears to face American tanks, fighter bombers and artillery. Mr. Scott quotes one schoolgirl’s diary about her train- ing: “ ‘It was really fun,’ she noted. ‘I was tired, but I realized that even one person can kill a lot of the enemy.’ ” Both Truman and Hirohito were horrified over the slaughter to come. Truman knew Amer- ican invaders might have to face more than 900,000 defenders and 10,000 kamikaze planes on the southern island of Kyushu alone. On Japan’s mainland, Hirohito watched helplessly as American bombers ran out of large cities and began destroying smaller ones. Yet hardliners in Japan’s imperial cabinet wouldn’t budge. At the center of the impasse stood Hirohito’s fate: Should he remain emperor or be hanged as a war criminal? The logic of preserving the throne, to pacify Japan, collided with American outrage over imperial atrocities, from Nanking in China to Bataan in the Philippines. Truman held doggedly to Roosevelt’s demand for unconditional surrender as the atomic bomb test lighted up the New Mexico sky.
The 37-year-old Robinson retired from baseball after the 1956 season. By then most teams in the majors had African-American players. Millions of Americans regularly rooted for the suc- cess of black stars including Robinson,
AP PHOTO/ JOHN ROONEY
BATTER BREW After retiring from baseball, Jackie Robinson became a vice president at Chock Full o’ Nuts, a New York chain of coffee shops.
Hank Aaron, Roy Campanalla, Willie Mays and Satchel Paige. Such players, Mr. Eisenstadt implies, were crucial in reshaping American views about race and equality. You couldn’t cheer for the black players on your favorite team without at least questioning the racist assumptions of the era. Mr. Eisenstadt, the author of “Against the Hounds of Hell: A Life of Howard Thurman” (2021), argues that Robinson pioneered the role of the former athlete who uses his celebrity
to advance political causes, in his case “the realization of full and effective citizenship.” Robinson advocated for black equality as a leader of the NAACP. He also denounced anti- semitism and was an active member
of the National Conference of Chris- tians and Jews. In a 1960 newspaper column about the prevalence of Jew hatred in Europe, he warned about a “revival of Hitlerism” and offered a universalist vision of civil rights: “Since every last one of us is a mem- ber of some vulnerable minority— whether it be by race, religion, national origin, political party, educa- tion, occupation or other differences— none of us is safe once group-hate is unleashed against any other.”
Mr. Scott describes the bombing of Hiro- shima and Nagasaki with relentless pacing and harrowing detail. “The explosion carbonized people on the streets, leaving charred hands still wrapped around the hanging straps on trains,” he writes of Hiroshima. “Organs evapo- rated, and birds vaporized in flight.” Across five Pacific War volumes, Mr. Scott has established himself as a master of conveying the human cost of war. In “Empire of Ashes,” he plumbs survivors’ heartbreaking accounts, bringing readers to the rubble of atomic ruins. He quotes the parting words of one Hiroshima mother, unable to free her 6- year-old daughter trapped beneath burning timbers: “ ‘Kazu,’ she pleaded, ‘I am a bad mother to you, but please forgive me. You don’t want to die either, I know. Mummy isn’t brave enough to stay here and die with you. I am afraid of the fire. Kazu, forgive me, for- give me.’ ” With the city’s immolation, Hirohito bowed to the inevitable.
Mr. Jordan is the author of “Ike and Winston: World War, Cold War, and an Extraordinary Friendship.”
Robinson was initially a Republican, in part because of the power of segrega- tionist Southern Democrats. He sup- ported Eisenhower in 1956 and Nixon in 1960 but vigorously opposed Goldwater in 1964 after the Arizona senator voted against that year’s Civil Rights Act. Apart from his political advocacy, Rob- inson pushed for African-American entrepreneurship, which he believed was necessary for true equality. Shortly after retiring from baseball he became a vice president at Chock Full o’ Nuts, a
Jackie Robinson’s work fighting racial prejudice wasn’t limited to the world of sports.
New York chain of coffee shops. He also helped start Freedom National Bank in Harlem. Despite Freedom National’s mixed record—it would ultimately shut- ter in 1990—the bank was a community pillar that provided financing to many black-owned businesses. As Robinson observed late in life, “I cannot, as an individual, rejoice in the good things I have been permitted to work for and learn while the humblest of my brothers is down hollering for help and not being heard.” This Ameri- can hero understood that his personal success was no substitute for broad equality and achievement.
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Atlas of the Roman Empire By David Potter Basic, 320 pages, $50
BY MAX CARTER
RITING OF TRAJAN, who ruled the Roman Empire from A.D. 98 to 117, Edward Gibbon considered the pen- chant of great men for vio- lence. “As long as mankind shall continue to bestow more liberal applause on their destroy- ers than on their benefactors,” he reflected, “the thirst of military glory will ever be the vice of the most exalted characters.” The thirst Gibbon described is timeless and unquench- able; his monumental history of the Roman Empire could hardly exist without it. The same might be said for David Potter’s “Atlas of the Roman Empire: Battles, Conquests, Legions, and Rulers,” which traces Rome’s imperial evolution through maps, artifacts, explanatory drawings and clean, matter-of-fact prose. As Mr. Potter observes, Rome’s empire “did not emerge from nothing.” Rather, it was “the ultimate failure of a previous half-millennium of history— the Roman Republic—that paved the Imperial way.” In his telling, the republic’s institutions were incapa- ble of managing its many distant provinces or checking the dangerous ambitions of its own military leaders. In the middle of the first century B.C., Julius Caesar, the republic’s most politi- cally astute and charismatic figure, cultivated personal power by shattering Roman safeguards and traditions that had been in place for centuries. He allied himself with Gnaeus Pompeius Magnus (or Pompey), Rome’s top general, and Marcus Licinius Crassus, its wealthiest man. Flouting the Senate’s authority, Cae- sar crossed the Rubicon, the river that separated territories directly under Rome’s control from the province of Cisalpine Gaul, at the head of an army in 49 B.C. He won the ensuing civil war against Pompey, his former ally, and proclaimed himself dictator. “Ironi- cally,” Mr. Potter relates, “it was fear that Cae- sar would make himself untouchable that cur- tailed his rule, that threw the Republic into its death throes, and that would, in time, give birth to the age of empire.” A group of some 60 senators who viewed themselves as libera- tors assassinated Caesar in 44 B.C., spurring another bloody civil war. Caesar’s great-nephew, Octavian, joined with Marcus Antonius (or Mark Antony), Caesar’s second-in-command, to defeat forces loyal to the republic at the Battle of Philippi in 42 B.C. Mr. Potter’s accompanying map illustrates in simple terms the battle’s army and fleet move- ments. The hollow remains of the republic gave way to empire in 27 B.C. when Octavian received the title Augustus (Mr. Potter trans-
BRIDGEMAN IMAGES
AFTER HE IS kidnapped from his cushy California home and sent to toil as a sled dog in the Canadian Klondike, Buck, the St. Bernard-shepherd mix in Jack London’s “The Call of the Wild” (1903), is gripped by the ancient impulses of his species. “In vague ways he remembered back to the youth of the breed,” Lon- don writes, “to the time the wild dogs ranged in packs through the primeval forest and killed their meat as they ran it down.” The tension between instinct and domesticity is at the heart of almost all canine fiction, including three scruffy, intrigu- ing books from this year. The most original of these is Morgan Day’s impudently titled debut, “The Oldest Bitch Alive” (Astra House, 208 pages, $28), about the final days of a pam- pered French bulldog named Gelsomina. The novel begins when Gelsomina ingests five parasitic worms after lapping up lake water. For most of her 13 years, the bulldog has lived con- tentedly with the married couple who own her, finding purpose in basic routine and companion- ship. But the illness brought on by the worms, and the stirring awareness of her mortality, acti- vates what Ms. Day calls a “coup of the primordial.” Gelsomina becomes startlingly conscious of a wider world beyond her care- fully curated habitat. Ms. Day conveys Gelsomina’s strange existential awakening with a mix of narrative strate-
FICTION SAM SACKS
bulldog begins to question life and meaning after ingesting five parasitic worms.
lates the term as “extraordinary person”), hav- ing prevailed over Antony and his consort, Cleopatra, the queen of Egypt. Positioning him- self as Rome’s first among equals, Augustus undertook pressing military reforms, cutting the number of legions in half while deploying them for expansion in all directions. New prov- inces meant new recruits as well as the resources to pay off retiring soldiers. This pyramidal dynamic partly explains the empire’s near-constant warfare.
EMPEROR A ca. fourth-century dish depicting Theodosius I, who established Nicene Christianity as the state religion of the Roman Empire.
Augustus died in A.D. 14 at the age of 75—the average Roman male lived to 50. After his four- decade rule, the quality of emperors veered between competence and louche megalomania. Mr. Potter is less interested combing through the Caesars’ allegedly lurid deeds than probing the workings of the state. Tiberius (42 B.C.-A.D. 37), Augustus’ stepson and successor, spent most of his reign absent from Rome, luxuriating
gies. Chapters in the third per- son depict the ways that the dog’s uneventful daily life of feedings and naps has been transformed by sickness. Gelso- mina has always accepted that her world is capriciously bound by an Invisible Force that hurts her if she tries to venture beyond it; yet this limitation— which we understand to be an electric fence—is suddenly a tor- ment, and she longs to slip its cruel bonds. Other chapters, written in splintered, sharply poeticized fragments, assume Gelsomina’s point of view. And there are even others that elabo- rate the perspective of the worms, who find themselves in the unnervingly dark setting of Gelsomina’s stomach and are struggling to grasp their proper place in the universe. The blending of the prosaic with the philosophical creates a recasting of Plato’s cave alle- gory, though Ms. Day’s proxi- mate influences often seem more postmodern. “Today I have put aside my plush ball in search of the real,” Gelsomina thinks, amusingly invoking semioticians such as Jean Bau- drillard, who explored simulacra and authenticity. The theorizing goes too far, in truth. Ms. Day has the young writer’s weakness for showing off knowledge and she need- lessly indulges in essay-like digressions on rhetorical terms and Latin etymologies. An epi- graph from Camus that opens
on the island of Capri. The effect, the author suggests, was lasting and unexpectedly salutary, with the new emperor’s detachment strengthen- ing Rome’s “emergent bureaucracy,” made up of administrators whose “whose self-interest guar- anteed orderly solutions to local problems.” Left unasked is whether an administration capable of propping up even the most deranged Caesars was good for citizens of the empire. Nero, who took power in A.D. 54, was the last in the Augustan line. He was inatten-
tive to military affairs, treated senior generals with shockingly little respect and ordered his mother’s murder. Having alienated even his most obsequious dependents, Nero fled the city and killed himself in A.D. 68. His death, Mr. Potter writes, raised “a crucial question: What now qualified a man to be Rome’s emperor?” For the next 400 years, the answer varied. Under the Flavian dynasty (A.D. 69-96), Vespa-
one chapter does little except answer the pressing question of whether Ms. Day has read Camus. But most of these intellectual flights are cleverly couched in the jowly mundanities of bull- dog existence. To her owners, Gelsomina is simply a beloved pet who is growing increasingly
THIS WEEK
The Oldest Bitch Alive By Morgan Day
Wolf, Moon, Dog By Thomas Wharton
Etna By Paul Yoon
detached and unwell. In imagin- ing her disturbed perceptions, the novel shows the old dog’s circumscribed world transfig- ured by long forgotten yearn- ings and powerfully altered understandings. Thomas Wharton’s collection of dog tales, “Wolf, Moon, Dog” (Pegasus, 272 pages, $27.95), begins with a parable of domesti- cation. Having been outcast from his pack, a feral canine called Wolf is offered an alliance by a young Stone Age human: If Wolf provides protection and helps with hunting, the boy will give him shelter and plenty of cooked meat. Somewhat reluctantly, Wolf accepts the offer, establishing a codependent relationship that the
book’s successive stories track across time. Many of these stories are only a few pages in length. One is about the dog that accompa- nied—and inspired—the Cynic philosopher Diogenes; another centers on the canine companion of a Buddhist monk. There are glimpses of dogs’ roles during the Middle Ages, the era of plan- tation slavery and the London Blitz. A vignette about Laika, the Soviet space dog, sets up a futurist fantasia in which a dogs- only space colony finally breaks their reliance on humans. Mr. Wharton writes all this in a jokey, colloquial fashion. The Stone Age characters say things such as “Omygod” and “Wow, that’s pretty ballsy.” One story is told in rhyming couplets and another is conveyed entirely in images of paw and footprints. Readers will find the hyperactive style adorable or (as I did) somewhat yappy and annoying. It really comes down to one’s preference in breed. Paul Yoon updates the classic template of animal odysseys for his novel “Etna” (Scribner, 208 pages, $28). Etna, a mixed- breed shepherd, is a mine- sniffing dog with the American military during a devastating future war in a country that is left unnamed, though hints point to the Korean peninsula. When the war ends, Etna’s human and canine companions are all dead. Battle-scarred and weary, he decides to search out
sian was succeeded by his son Titus, and Titus by his younger brother, Domitian. They built some of Rome’s vital monuments, such as the Colosseum. Perhaps no father-son combination better demonstrates the perils of hereditary suc- cession than Marcus Aurelius (A.D. 121-180), whose book, “Meditations,” is among the empire’s treasures, and his heir, Commodus (A.D. 161-192). Marcus’ son, notes Mr. Potter, was noth- ing like his enlightened father. “Brutal and obliv- ious to the administrative needs of an empire,” Commodus was obsessed with gladiatorial com- bat, declaring himself “Hercules on Earth.” He was ultimately strangled to death, having sur- vived earlier attempts to stab and poison him. His contemporaries would have been sur- prised to learn that Romans came to embrace Christianity in the fourth century. The emperor Constantine (ca. 280-337) ascribed his celebrated victory at the Battle of the Milvian Bridge in A.D. 312 to the Christian God. (Whether he converted before or after the battle is subject to debate.) The creed from Constantine’s Council of Nicaea (A.D. 325) established, as Mr. Pot- ter points out, “the first official state- ment of the Christian faith”—arguably Rome’s most consequential legacy. A professor of Greek and Roman history at the University of Michigan, Mr. Potter does not emulate the layered syntax of Gibbon or the gossipy slant of Suetonius, the Roman his-
For Augustus, new provinces meant new recruits and resources gained.
torian whose writings in the second century reveled in imperial misbehavior. “Atlas of the Roman Empire” is brisk and impartial, demonstrating how the Romans’ success in maintaining power owed more to their administrative proficiency than individual flair. The drawback of Mr. Potter’s even, chronological approach is the rigid conci- sion it requires. The dissolution of the republic is covered hastily; the clash between Caesar and Pompey gets three short sentences. Mr. Potter’s brief account of Lucius Cornelius Sulla Felix (138-79 B.C.) contends that the dicta- tor’s use of violence “set the tone for the politics of Caesar’s generation,” but the author makes no mention of Sulla’s nemesis, Gaius Marius (157-86 B.C.), without whom Sulla’s example is incomplete and certainly less revealing. No empire is defined by conquest alone. Jan Morris once said that the British Empire’s tru- est morality, real or imagined, was the morality of fair play. The Roman Republic made much of austerity and rectitude; the empire it gave birth to could claim neither. But at its best, Rome’s advanced and resilient imperial system shaped the early modern world.
Mr. Carter is the global chairman of 20th- and 21st-century art at Christie’s.
the coastal farm, located some- place near the fighting, where he lived as a puppy. The trek takes Etna across a bombed-out city and into a mountain range occupied by ref- ugees and guerrillas. He encoun- ters dangerous people but also acquires friends. Some are dogs who have also been displaced by the war; others are compassion- ate humans, including a humani- tarian worker with the power of canine communication. Etna’s narrative is invigorated by a dog’s sensibility. Smells are cru- cial to his descriptions. (Land mines, we read, exude a sweet- scented vapor reminiscent of toothpaste.) Etna also possesses a traumatized sadness and wis- dom familiar from conventional war fiction. His longing for homecoming and the care of his mother seem like recognizably human instincts. In his acknowledgements, Mr. Yoon writes that he was inspired by John Berger’s novel “King” (1998), about a street dog who looks after a homeless couple. The dusting of magical realism and the straightforward moral schema in “Etna” put me more in the mind of cross- species fables such as Sheila Burnford’s “The Incredible Jour- ney” (1961) or “The Wild Robot Escapes” (2018), from Peter Brown’s popular children’s series. “Etna” is sentimental and no doubt simplistic, but its timeless storytelling formula makes it a moving experience.
Buzz Busby By Kip Lornell and Tom Mindte Illinois, 272 pages, $22.95 Capital Bluegrass
TOM MINDTE
BY EDDIE DEAN A
N EXODUS OF rural migrants to postwar Washington, D.C., sparked a country-music boom that transformed that city’s nightlife. A scrum of beer joints and honky-tonks with names like the Dixie Pig, Club Hillbilly and the Ozarks helped the clientele feel at home. The roughest of these establishments were known as “bust-heads” for their offstage mayhem, where future stars such as Roy Clark (of “Hee Haw” fame) learned their guitar-twanging trade as the bottles flew overhead. One of these popular bust-heads was the Pine Tavern in downtown D.C. It was a lino- leum-floored dump with a dozen or so tables and a bullet hole in the window. In the summer of 1954, the house band, Buzz Busby and the Bayou Boys, began to cause a stir, drawing a steady stream of patrons who came to listen to the music instead of brawl. Led by Busby’s machine-gun mandolin riffs and hair-raising tenor, the band had a hard- edged bluegrass-style sound that was a far cry from the homogenized, syrupy country-and- western slop heard around town. It was a dis- play of instrumental virtuosity in the spirit of Busby’s hero, Bill Monroe, who had reworked traditional string-band music into a radical fusion of old and new. Local television producers caught wind and arranged a live audition at the Pine Tavern. “They couldn’t understand why we were play- ing in such a sleazy place,” Busby later said. The music won over the suits, and the Bayou Boys soon had their own daily program, “Hay- loft Hoedown,” a mix of blistering, acoustic- only live performances and manic cornball comedy skits. Despite a run of only six months, “Hayloft Hoedown” was an immediate hit with a lasting impact. The defiantly down-home Busby struck a chord with a wide swath of viewers who didn’t know roots music from rutabagas. Washingto- nians of every stripe could get their fix of Busby shredding a solo on his theme song, “Mandolin Tango” or singing “Deep Freeze Mama Blues” in the safety of their living room instead of at a bust-head full of razor-toting rowdies. “We liter- ally reached senators and little old ladies’ sew- ing circles and everyone else,” Busby recalled. “I know, because we got letters.” More than two decades after Busby’s death in 2003, his seminal 1950s recordings have made him a cult hero, revered in hardcore bluegrass circles and beyond. Now comes “Buzz Busby: Father of Washington D.C. Blue- grass,” his first biography. “That Buzz Busby was a frustrating, self-destructive, supremely talented figure remains beyond dispute,” write the authors, Kip Lornell and Tom Mindte. “He remains an important, underrecognized figure in the history of bluegrass and an influential mandolin player whose genius is recognized more readily by his fellow musicians than by the casual fan.” One devotee was the Grateful Dead’s Jerry Garcia, who recorded a cover of Busby’s song “Lost.”
LIVES BY JULIA M. KLEIN
Mindtothe VeryLast
Auden By Peter Ackroyd Reaktion, 400 pages, $30
IT SEEMED LIKE a charmed proj- ect: an opera by Igor Stravinsky with a libretto by W.H. Auden, one of the 20th century’s pre-eminent poets. The composer’s inspiration came from William Hogarth’s stud- ies for his satirical series “A Rake’s Progress” (1734). Auden responded to the idea with characteristic en- thusiasm. “I need hardly say that the chance of working with you is the greatest honour of my life,” he wrote to Stravinsky. A 10-day sojourn at the com- poser’s West Hollywood, Calif., home was congenial and produc- tive, even though Auden reportedly declined to shower or bathe. In fact, Auden’s slovenliness was legendary. Stravinsky said of the poet “he is the dirtiest man I have ever liked.” Auden enjoyed collaborations, frequently teaming up with friends, including the playwright and novel- ist Christopher Isherwood and the poet Louis MacNeice. In this case, he enlisted the assistance of his longtime romantic partner, Chester Kallman, who had introduced him to opera.
AS SEEN ON TV Buzz Busby, Don Stover, John Hall and Pete Pike on the set of ‘Hayloft Hoedown’ (1954-55).
The short, punchy portrait of Busby drawn by Messrs. Lornell and Mindte sheds light on a little-known chapter of country music, when Busby and his cohorts were sowing the seeds of the fledgling, rural-based bluegrass sound in an urban setting. Mr. Lornell, a professor emer- itus of music history and culture at George Washington University, has written many works on vernacular music, from a Lead Belly
With his rapid-fire mandolin riffs and tenor wail, Buzz Busby delighted crowds in the honky- tonks of Washington, D.C.
biography to a survey of Washington’s go-go music scene. Mr. Mindte is a record producer and a musician who befriended Busby in his later years, joining his band in Washington’s still-scuffling bluegrass scene of the ’80s and ’90s. Theirs is that rare music chronicle that offers transcriptions of mandolin solos along with detailed arrest records. Busby was one of thousands of Southern migrants who came to Washington for federal jobs after World War II. Born in 1933 and raised on a farm in backwoods Louisiana, Bernarr Bus- bice grew up with the Grand Ole Opry on the radio and fell under the spell of stars like the mandolin-wizard Monroe. As a high-schooler Busby performed locally; a music career beck- oned, but based on his academic performance
Kallman’s unexpected involve- ment disconcerted Stravinsky, who feared Auden’s sexual inclinations were clouding his literary judg- ment. But their first act was prom- ising, and a lunch with Kallman in New York further reassured the composer. “The young man’s charm and obvious musical passion won him over,” the British histo- rian and biographer Peter Ackroyd writes in “Auden.” Mr. Ackroyd sees “The Rake’s Progress,” which debuted success- fully in Venice in 1951, as the zenith of an often-tempestuous relationship. The libretto gave Kall- man “a purpose he otherwise lacked,” transforming him from “an apparently worthless appendage, in the opinion of others,” to “a cre- ative partner.” The couple’s bond is a major throughline of Mr. Ackroyd’s emo- tionally intimate, sexually frank biography. Kallman—quick-witted, attractive and unabashedly gay—at first made Auden, who felt perpetu- ally unlovable, deliriously happy. But, in Mr. Ackroyd’s telling, the two proved sexually incompatible, and Kallman’s rejection devastated Auden. Both men pursued other sexual and romantic relationships but stayed connected despite long separations. (Surprisingly, one of Auden’s most serious involvements was with a woman, Rhoda Jaffe.) Auden continued to support Kall- man financially, and the two lived together off and on for the rest of their lives. What is most astonishing in Mr. Ackroyd’s brisk, persuasive account is the gulf—and, eventually, chasm— between the discipline and virtuosity of Auden’s verses and his increas- ingly dissolute and unhappy per-
an FBI recruiter offered him a position in the bureau’s fingerprinting lab. In D.C., Busby began moonlighting in the honky tonks and was soon making more money with his mandolin than he could as a fed. The 1954 TV show made him a local celebrity flush with cash, but he chafed against the producers who he said “tried to make robots out of us.” He also feuded with bandmates who tried to steer the Bayou Boys into more commercial country-and-western pastures. This was anath- ema to Busby the bluegrass purist. Busby’s legacy rests on a handful of record- ings he made for budget indie labels such as Jiffy and Starday—“Cold and Windy Night” (1953), “Lost” (1956), “Just Me and the Juke- box” (1956) and other originals that cut to the bone. These records feature the fiery jazz-and- blues-infused fiddle playing of Scott Stoneman, a fellow wild seed and veteran of the D.C. bust- heads. According to Eddie Stubbs—a musician, historian and former Opry MC—the Busby-and- Stoneman collaborations on Starday “represent the high lonesome sound of bluegrass at its absolute highest level of intensity.” With these landmark records, Busby also introduced new citified subject matter to blue- grass. Instead of odes to the old cabin home in the mountains or the little church in the wild- wood, Busby sang about the loneliness and alienation of life in the nation’s capital. Call it Bluegrass Noir, and Busby the doomed auteur living out his songs. A drinker since his early teens, Busby became hooked on painkillers in the years fol- lowing a near-fatal car crash after a 1957 gig.
sonal life. Auden was a chain- smoker, a regular user of Benzedrine and a heavy drinker. In later years, he was visibly drunk and disheveled at poetry readings. Though rigid about his schedule, he disdained not only cleanliness and exercise but regular medical care. Mr. Ackroyd is admiring of Auden’s poetic accomplishment, from his recondite early work to the later, more conversational and religiously inspired verses that some critics have disliked. The author is less enthusiastic about Auden’s penchant for rewriting his published poetry and for omitting well-regarded politi- cal poems such as “Spain 1937” (1937) and “September 1, 1939” (1939) from his collections. Where “Auden” really shines is in its portrayal of the life. At Oxford, Auden, after considering a scientific career, reaffirmed his poetic voca- tion but graduated only with an unimpressive third-class degree. Even then, Mr. Ackroyd writes, Auden was “dogmatic . . . querulous, assertive and sardonic.” In time, his didacticism would “lapse into bully- ing.” He once heckled Anne Sexton at a poetry reading. As a schoolmaster, Auden reck- lessly pursued underage boys, one of whom inspired his lyric, “Lay your sleeping head, my love, / Human on my faithless arm.” In 1935, at Isher- wood’s request, he married Erika Mann, a daughter of the novelist Thomas Mann, so she could obtain a British passport. They never both- ered to divorce. With World War II looming, Auden moved to the U.S. with Ish- erwood. In 1946, he became an American citizen. His main base of operations was a series of squalid apartments in New York. With Kall-
man, he also enjoyed seasonal resi- dences in Ischia, an island off the southern Italian coast, and Kirch- stetten, near Vienna. In his final days, he returned to Oxford, where one friend saw in him “the extreme loneliness of old age.” Sometimes biographers work at a remove from their subjects. Not so Mr. Ackroyd. Skillfully collating
During his long recuperation, his bandmates formed a new group, the Country Gentlemen. With a polished, progressive sound that added Bob Dylan compositions and pop songs to the repertoire, the Gents helped make bluegrass safe for the affluent D.C. suburbs in the ’70s and a staple of public radio. Meanwhile Busby bounced in and out of prison (prescription fraud, drunk driving, assault, etc.) and spent stints at psychiatric hospitals and rehab centers. He always made his way back to the stage, though, deftly wielding his battered mandolin, one of the last of the mossy old bluegrass originators who preferred the dives to the gentrified upscale places where the music had gone. “Despite all his trials, tribulations and addictions,” Mr. Mindte writes, even into the 1980s Busby “was playing as great as ever and he exhibited his magical stage presence and sense of hu- mor that had been captivating audiences since the early 1950s.” Busby entrusted Mr. Mindte with 60 hours of cassette tapes of autobiographical ramblings, which enliven a narrative that gets dry in stretches. With a voice at times bitter, befud- dled and bemused at his own wrecked life, Busby emerges as a self-aware, sympathetic survivor who knew his best work came at the beginning. “I started at the top and diligently worked my way to the bottom,” he said. Sounds like the lyrics of a Buzz Busby song.
Mr. Dean is the co-author of Dr. Ralph Stanley’s “Man of Constant Sorrow: My Life and Times.”
the accounts of Auden’s intimates, he offers details about the poet’s sexuality, psyche, cratering appear- ance and deteriorating habits that are painful to contemplate. They make one (almost) want to turn away—or seek solace in the poetry.
Ms. Klein is a cultural reporter and critic in Philadelphia.
A
SHORTCUTS: FICTION
BY JOANNE KAUFMAN A Novelist Who Aimed To Please
DWIGHT HEIMDAHL WAS an abusive hus- band to his first two wives and a neglectful father to his five daughters. “Complicated and damaged and terrible” is how Julia, daughter number three, describes him. “But we all haunted him.” Well, perhaps. But Dwight, now dead, haunts Julia right back. As a child, she tried to please him by memorizing his favorite songs and being smart and competent. “I was,” she recalls, an “attention-hungry kid who wanted her father’s love, and I couldn’t rest until I had it. And I would never have it.” Sadly, Julia’s needy, embittered—and estranged—mother, has proved herself to be as much of a horror show as Julia’s father. When Julia was diagnosed in childhood with celiac disease, Mommy continued loading her up on gluten with grievous consequences. “It was always too much trouble to feed you without it,” she later explains. Kate Christensen’s “Good Company” (Harper, 256 pages, $28.99) plays out over the course of a weekend book festival, where the now middle-aged Julia, a novelist of some note, is appearing on a panel to publicize her new memoir, “Don’t Let It Bring You Down.” That the event takes place at her alma mater stirs up consider- able dust for Julia. That the memoir is so very frank stirs up trouble with her boy- friend, a much younger man. The book alternates between excerpts from “Don’t Let It Bring You Down” and chronicles of Julia’s festival encounters with a lubricious fellow author, a former student and the woman Julia was attracted to dur- ing college. Julia grew up with a battle plan to win men over. What they needed her to be, she would be: the sharp, amusing female buddy who listened attentively, asked the right questions, got the joke, kept her opinions to herself, held her whiskey well, was a conge- nial and useful wingman on a fishing trip, and—not to put too fine a point on it—was good company. But, as she later acknowledges, “women have always scared me more than men, because the pain they’ve caused me always goes so much deeper, and because I take them so much more seriously.” Familiar—that is to say cliched—accounts of bad men, power games and gender ineq- uity sometimes make “Good Company” tough going. But Ms. Christensen makes that pain palpable. Novels about country mice who move to the city are frequently grim tales of innocence lost. Meanwhile, novels about urbanites who relocate to a rural outpost are almost invari- ably antic accounts of dopiness rewarded. A handy example of the latter is Daniel Mason’s satiric charmer “Country People” (Random House, 320 pages, $30). For the past 14 years, Miles Krzelewski has been struggling to complete his disserta- tion. A meager attention span is part of the problem. But it’s also because Miles—who shares the surname and the romantic nature of Lucius, the protagonist from Mr. Mason’s acclaimed 2018 historical novel, “The Winter Soldier”—can’t fix on a topic. It “had drifted—geographically, chronologically, the- matically.” Miles had studied “an obscure troubadour” only to learn after three years that the fellow was obscure for good reason; he then switched to “the body in Rabelais, then monsters in Rabelais, then monsters in French folktales” with several more scholarly pit stops before arriving at the current, but likely not final, point of concentration: peas- ants in Russian folktales. Quite the contrast to Miles’s sharply disci- plined wife, Kate, a specialist in the poetry of Milton and Blake and an academic star. Her appointment as a visiting professor at a col- lege in rural Greensbury, Vt., sets “Country People” in pleasantly meandering motion. Kate and the couple’s two children, Olive and Wesley, quickly settle into their class- rooms. But Miles struggles futilely to stay at his desk, frequently escaping to explore Greensbury and to make the acquaintance of the town’s inhabitants, a decidedly quirky lot. They include a photographer who gets around on a mobility scooter and is compil- ing a compendium of foolish errors (no sur- prise: it’s long), and an academic-turned- orchardist who teaches Miles the pleasures of scything. A plot turn involving an under- ground realm that’s accessible by a local cave recalls the supernatural aspects of Mr. Mason’s 2023 novel, “North Woods.” Marbled through “Country People” are transcripts from a call-in radio show, “The Miscellaneous Minute,” which, despite its name, runs for an hour. Mr. Mason has gently ironic fun with it all. When Miles was an undergraduate, a pro- fessor told him that people’s lives could be divided into Histories, Tragedies and Come- dies. Only the fortunate found themselves in Comedies. Lucky Miles. Lucky readers.
SEEN Alfred Hitchcock directing Vera Miles on the set of ‘The Wrong Man’ (1956). Below, a still from Hitchcock’s ‘The 39 Steps’ (1935).
A Century of Hitchcock By Tony Lee Moral Kentucky, 304 pages, $29.95 All Eyes on Hitchcock
BY JEANINE BASINGER
LFRED HITCHCOCK (1899-1980) may be the most famous movie director of all time. He had a long career—six decades and more than 50 films. He entertained mass audiences so successfully that his murder mysteries, spy sagas and innocent-man-accused tales became their own genre: the Alfred Hitchcock Movie, often imi- tated but never equaled. Hitchcock became a star, easily recognized by audiences, largely due to self- generated efforts: hosting his own television series and making cameo appearances in his fea- tures. (My personal favorite is in 1944’s ocean-locked “Lifeboat,” when a newspaper ad for a weight-loss product features Hitchcock in the “before” and “after” photos.) Yet Hitchcock’s celebrity offered him up to criti- cism, Tony Lee Moral claims in “A Century of Hitchcock: The Man, the Myths, the Legacy.” “A Century of Hitchcock” is “not a biography in the traditional sense,” writes Mr. Moral, the author of four previous books on Hitchcock. It is a book to “present a fuller picture” of the man known as the Master of Suspense and to challenge “the accusations” of two books by the biographer Donald Spoto. Mr. Moral asserts that Spoto’s “The Dark Side of Genius” (1983) and “Spellbound by Beauty” (2008) present a “damning por- trait” of the director that was
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“perpetuated by the media.” Mr. Moral further believes that both books contain what he tactfully refers to as “selective framing,” regarding an interview Spoto con- ducted in 1980 with Tippi Hedren, the star of “The Birds” (1963) and “Marnie” (1964). Mr. Moral is not a casual accuser. (If his book were a Hitch- cock movie, it might be called “Obsession.”) “A Century of Hitch- cock” is based on detailed research, including previously unpublished interviews with Hitchcock’s casts
A negative portrait of the director shocked audiences. An author questions its claims.
and crews, as well as archival materials from Britain and Holly- wood. Mr. Moral has a solid under- standing of Hitchcock’s life and work, and a deep knowledge of the copious materials already written about him. Mr. Moral’s challenges regarding Spoto’s negative portrait cannot be ignored. Although the author covers Hitchcock’s rise as a filmmaker— from his earliest efforts in Ger- many, through his formative years in his native England and on to his successful transition to Holly- wood—the focus of “A Century of Hitchcock” is on its subject’s “com- plex legacy.” Mr. Moral traces the director’s professional journey from “cinematic prodigy” to “undisputed Master of Suspense” and finally, because of Spoto and Ms. Hedren, to a man post-
Hitchcock Highlights
humously “scrutinized under the lens of #MeToo.” Mr. Moral does not question Hitchcock’s mastery of the art of cinema, nor does he deny his influence on today’s film- makers such as Steven Spielberg, Christopher Nolan and Bong Joon- ho. The author’s purpose is not to define Hitchcock, but to champion him in the debate over the ques- tion, “can we separate the art from the artist?” Audiences had accepted Hitch- cock in the role he had created for himself. He was believed to be a cheerfully overweight, some- what enigmatic British chap with a delightfully macabre sense of humor. The publication of “The Dark Side of Genius” was a shock. Its portrait of the man as a con- trolling tyrant, an unreliable friend and a possible abuser of Ms. Hedren was widely read and debated. Its gossipy material tem- porarily made Spoto himself a celebrity, even though his book had been preceded by a more positive biography, John Russell Taylor’s “Hitch: The Life and Times of Alfred Hitchcock” (1978). Mr. Moral says Hitchcock’s family preferred Taylor’s work, and that Hitchcock “met Spoto and didn’t like him.” (A strong opinion was registered by Hitch- cock’s beloved terrier, who alleg- edly bit Spoto’s hand.) Mr. Moral strives for objectivity, but he does attack Spoto’s charac- ter. He calls him “a social snob” and says “the very traits he con- demned in Hitchcock became increasingly apparent in Spoto.” He is less critical of Ms. Hedren, who is now 96 years old and an animal-rights activist. He demon- strates how her stories of Hitch-
“The 39 Steps” (1935) The definition of the Alfred Hitchcock Movie: an innocent man accused and on the run with a beautiful blonde. With Robert Donat and Madeleine Carroll.
“Rebecca” (1940) His first Hollywood production and his only film to win the Oscar for best picture. A romantic Hitchcock using lyrical camera movements in an atmo- spheric, haunting adaptation of Daphne du Maurier’s 1938 novel. With Laurence Olivier and Joan Fontaine.
“Strangers on a Train” (1951) The master in full com- mand, presenting a world of guilt, murder and his most memorable (and charmingly unhinged) villain. With Robert Walker and Farley Granger.
“Rear Window” (1954) An experiment in controlled space and point of view by a man who has learned how to turn audiences into voyeurs while still entertaining them with excitement, glamour and mystery. With James Stewart and Grace Kelly.
cock’s abuse shifted over time, reflecting “changing cultural and personal contexts.” He reminds readers that Hitchcock had a strict Catholic upbringing and a mar- riage (to Alma Reville) of more than 50 years. He left no trail of mistresses or tawdry affairs. Mr. Moral says Ms. Hedren’s claims are not supported by public state- ments from other actresses, even though he discusses Diane Baker’s “significant discomfort” when Hitchcock entered her dressing room on the set of “Marnie” and “kissed her firmly on the lips,” a story repeated by Spoto. Mr. Moral concludes that “what happened between Hitchcock and Hedren will never be known.” This is safely true, which doesn’t mean it doesn’t matter. Spoto died in 2023. His nega- tive portrait was published more than 40 years ago. Most film scholars and fans have moved past his attacks. Spoto’s work is not fully dismissed, but he’s often thought of as something of an aca- demic humbug. A biography that presents a balanced view of Hitch- cock’s life and work, and all the Spoto and Ms. Hedren accusations, is Patrick McGilligan’s “Alfred Hitchcock: A Life in Darkness and Light” (2003). “A Century of Hitch- cock” is a book about Hitchcock books. It questions how we inter- pret the flaws of genius, expands our knowledge of a major figure in film history and amplifies existing Hitchcockian studies because, as Mr. Moral makes clear, “Hitchcock will always be a giant of cinema.”
Ms. Basinger is the co-author, with Sam Wasson, of “Holly- wood: The Oral History.”
A. Cracker Barrel B. Budweiser C. Ben & Jerry’s D. Palantir
A. A Clergy Hall of Fame B. The National Corn Museum C. A skyscraper seven stories high D. An underground nuclear reactor
A. Ross Douthat B. Sebastian Junger C. Norah O’Donnell D. Erin Burnett
A. One B. Two C. Three D. Four
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A. Ron Paul B. Rand Paul C. Josh Hawley D. Tommy Tuberville
Answers are listed below the crossword solutions at right.
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK
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I Got You Babe | by Jeff Jerome
48 From the start 49 “___ would like to play” (2006 ad slogan) 50 Frozen Wasser 51 Cheeky, say 52 Boccie-loving Doberman? 59 “Girl, Interrupted” Oscar winner 60 Bygone jet 61 Colleague of Cleese and Idle 62 Tailless amphibian 63 Stared stupidly 64 Musket attachment 66 Chicago’s largest newspaper 68 Impressively tough 71 Part of QED 73 Harden (to) 74 Business with sweaters 77 Wrong 78 “I’ll take whatever beef or pork is available, thanks”? 81 Shankar with a sitar 82 Closely monitored hosp. section 83 Fraction of a joule 84 Kate, to Archie and Lilibet 85 Roy Campanella or Charles Johnson, e.g.?
Across 1 Hacker’s goal 7 “1,000 songs in your pocket” advertiser 11 Hurried flight 14 Coal stratum 18 “Roamin’ in the ___” (1912 Harry Lauder song) 19 Longest river entirely within Switzerland 20 Bonobo, e.g. 21 5 for B or 6 for C, e.g. 22 Home of Velázquez’s “Las Meninas” 23 Grumpy or Happy on wash day, maybe? 26 Away from home 27 Hero helped by the divine monkey Hanuman 29 Road trip stops 30 GI thumbing a ride from Fort Bragg to Fort Benning? 34 Capital on the Missouri River 35 The Chariot or the Tower, e.g. 36 2013 Joaquin Phoenix movie about an AI crush 37 Take a load off 38 Olympic paddler 42 Inexperienced educator?
A. WeChat B. Telegram C. Max D. CompuServe
A. Harold Hare B. Aaron Wolfe C. David Fox D. Nathan Hedgehog
A. The history of rubber B. An ancient army of Greek mercenaries C. A priceless Etruscan wedding ring D. Paul McCartney and Wings
A. JetZero B. Comac C. Natilus D. LiftOn
89 Unspecified 93 ___ Lingus 94 Paris accord? 95 Valentine’s gift 96 Evaluate 100 Praise for a former British prime minister? 106 Mobile home? 108 “Very funny!” 109 Still in the game 110 Central American plotting a coup? 113 Took a road trip 115 ___ II (Gillette brand) 116 Word after bachelor or mouse 117 Salt or smoke, say 118 Gridiron squads 119 Spanish painter with murals in 30 Rockefeller Plaza’s lobby 120 “___ Beso” (Paul Anka song) 121 “You Haven’t Seen the Last of Me” singer seen as the last part of this puzzle’s theme answers 122 Parched place Down 1 Permit 2 Acknowledge 3 Indigenous West Indian people
4 Flow forth 5 Caesar of comedy 6 Bothersome bunkmates 7 Confession starter 8 Play with, kitten-style 9 Singer Rita 10 German article 11 Focused beam 12 Bldg. divisions 13 Mrs. Lovett’s wares, in “Sweeney Todd” 14 Paris’s ___-Coeur 15 Anesthetic of the past 16 Lend ___ (listen) 17 Code creator 18 Polite fellow 24 Brest brother 25 Indian yogurt- and-cucumber dip 28 Cuts like ___ knife through butter 31 Three-prong Japanese weapon 32 Resurrection figure 33 Tee follower 37 Commotion 38 Line at LaGuardia 39 Yucatán years 40 Semiaquatic salamander 41 Athena’s symbol
These puzzles have been curated for The Wall Street Journal by Simon Anthony and Mark Goodliffe of Cracking The Cryptic, the world’s most popular YouTube sudoku channel.
Killer Sudoku: Pergola by CtC Normal sudoku rules apply. Digits in a dotted cage cannot repeat and sum to the total shown.
Killer Sudoku
Product Placement by CtC Normal sudoku rules apply. The numbers in circles multiply as indicated to give the product written left-to-right in the oval.
42 Bar supply 43 Calling for 44 “Jerry Maguire” director Cameron 45 Skeletal ship 46 Falco of “The Sopranos” 47 Sax piece 49 Aging facility 53 “Count me out” 54 Opposition answers 55 Day- paint 56 Pesto bit 57 Bed in a barracks 58 Painter/AIDS activist Keith 59 Singer Jackson 63 Spiritual guide 64 No-frills 65 Pic on a pec 67 Condescending address for a man 68 Fishhook feature 69 Human rights activist Clooney 70 Met headliner 72 “The heavens speed ___ thine enterprise!”: Portia 74 Elisabeth of “Leaving Las Vegas” 75 Slammers 76 Critic’s concern 78 Rent- 79 Clearance tag abbr. 80 Hall of Famer Ripken 82 Antarctic expanse 86 Casey with a countdown 87 Sky streaker 88 Shade 89 Chris of “Law & Order” 90 Hanging one’s head 91 ___ culpa 92 Mount Vernon and Monticello, e.g. 95 Lion, at times 96 Dr. visits 97 Market unit 98 Sub system 99 Put into practice 100 South American barbecue 101 Pointer’s word 102 Garlic unit 103 Personnel head, at times 104 Happening 105 Cincinnati team 107 Cries of insight 111 Roman 300 112 Bewildered response 114 Bullring cry
Lost in the Shuffle | a cryptic puzzle by Patrick Berry
In some answers in this puzzle, you must rearrange three or more consecutive letters before entering them into the grid. The rearranged letters will always form a new word, though the full entry may end up being a nonword. For instance, the answer SMOLDER might be entered as SMODELR, with its middle five letters shuffled to spell MODEL. (The rearranged portion may be at the start, middle, or end of the entry, or it may even be the entire entry.) When the grid is complete, use the process of elimination to figure out what got lost in the shuffle. Meanwhile, the shaded letters (reading left to right and top to bottom) will spell a question you’ll want to ask.
Across 1 Move slowly over Korean War battle site (6) 5 Juggle no case loads (6) 10 Sculpting in ice, set elegant features (8) 11 Unfinished harvest at the back of a field (4) 12 Line beyond airport’s terminal? (5) 14 Utter darkness for chess piece (6) 15 Humiliated a couple of seniors, breaking bad (6) 17 Swear word’s core of hate (4) 18 Generously applies foam in a couple of seconds (8)
Answers to News Quiz: 1.A, 2.D, 3.D, 4.C, 5.B,, 6.B, 7.C, 8.B, 9.A
17 18
29 30
19 Grabbing pig’s head, guest changed costumes (6) 22 Ransack Madura by mistake (6) 24 Eve’s wearing Nick’s puffy jacket (4,4) 25 Space dock making a U-turn (4) 27 Sharp butcher’s knife doesn’t hold answer (6) 29 Affairs without true love all the same (4,2) 30 Paris subway crossed central Europe (5) 31 Sicilian landmark’s entry fee returned (4) 32 In disarray, Cubs miss second division (8) 33 Absolution seeker beginning to sing spiritual (6) 34 Glided by in Atahualpa’s sedan (6) Down 1 Lug enters tavern, sampling the local culture (2,4) 2 Massive flood upset a river once more (7) 3 British banquet speaker’s greeting Peg (4,3)
Road Sense
p A C E R B C P R L A W D T E R A M I M E O A R E I C E E C R U E L F A U X P U P A S G H I A S O A R E D M O S I R O N C H E R R Y C U P O L A S T I N K S A T S T E A L S T E S H E S S E N E S H A R D E D G E E Q U U S R O D A N S P A T U L A S U P I N E W A V E M O A T S S P I T T A P A G I L E C H E V Y O D E S L O W R O L L G U I L E M A R N E R R H E T T D U L L S H A D I T G A T O R S Y E N T L T E D L A S S O O T C G A R B S V A L L I T I A L O O P T O R M E S O U P Y B E A N S D W A R F E D A L L O W S A R G E A N T O I N E S T I N E A R S U T E S P E S E T A M A L C O L M X C O U P L E P O R T E R T A I O A D O A P H I D S V E G A M I D D L E C U P P E N N S E N I D O V I A G E N T S N O G S A F E B E E R O S E S
It All Adds Up
The Long and Winding Road
S T S I D A T T O N A T R I G H E C E
O O D T R I A L B O R D E
E R O L L A B E E T S E N
M C A V O Y A R M O R P A
A G I R T L O V E R S T E
I E F F A C E D T R E B L
E E R U P A T S E I F F E
F E C T A L E S T E R H O
T E S O N G A I D E D I N
A R S S O M E T A K E P A
4 Chewed on tip of pen and lost blood (7) 6 Easiest convertible accommodates one, in my opinion (2,1,3,2) 7 Dismiss last of the staff (4) 8 Gramophone hit delivers classic pop (4) 9 Fills seats at play (5) 13 Licentious novel—it’s racy (7) 16 Expel most of narcotic with mouth unclosed (4,3) 18 Half-finished quests in scene ruined series (8) 19 Contrive a guess about oxygen: It’s like hydrogen (7) 20 Former prime minister May is in attendance, escorted by TSA (7) 21 Exuberant NYU teacher put to work (7) 23 Add fancy printing to some B.S. pitches (6) 24 Endures Los Angeles streets (5) 26 Lament broken knee (4) 28 Efficient list (4)
For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/ puzzles.
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C R L I O R A P A E C L C L T S H R T
C
hipotle founder Steve Ells would like to take credit for the lunch bowl as we know it. When Ells, 60, started the burrito chain in 1993, “customers were opening their tortillas in those red baskets and using a fork,” said Ells. Some were eschewing the carb entirely, which made for a messy, leaky sit- uation. Ells took a red basket to a paper mill in Portland, Maine, and said, “I want a paper bowl in this shape.” The burrito bowl debuted in 2003, and within a couple of years, it was more popular than Chipotle’s original offerings. Two-plus decades later, we may already be past peak bowl. “There’s been a lot of chatter about ‘slop bowls.’ Maybe there’s fatigue,” Ells said. While he thinks they will always have a place, Ells, who left Chipotle in 2020, has turned his focus to sandwiches. Last year, he launched Counter Service, a sandwich shop with slow-roasted meats and home- made bread and sauces, which now has five New York City sites, with plans to open in locations like Charlotte, N.C., and Dallas next year. Counter Service was a pivot from Ells’s first post-Chi- potle concept, a vegan chain where the food was made in large part by robotics. Ells, who trained as a chef at the Culinary Institute of America before starting Chipotle, lives in New York with his partner, design entrepreneur Tariq Dixon. Here, he discusses the last great book he read, eating sandwiches every day and his lengthy breakfast routine.
What time do you get up on Mon- days, and what’s the first thing you do after waking up? Usually a little before 6 to 6:30ish. Breakfast is about two hours. We make breakfast together, and then we do emails, chat, sometimes there’s a call, then I try to get through a couple of papers. There’s personal calendar stuff, which is so complicated. When I was at Chipotle, I had a personal assistant who managed the calen- dar, and when I retired 5½ years ago, I decided I was going to do my own. I’m terrible at it, so I have to dedicate my Monday to sit down and do the calendar.
What do you make for breakfast? Every morning, we have eggs and toast, or lentils or some kind of grain like farro, avocado, always a salad—lots of chicories, with only olive oil and a little flaky salt. Yo- gurt, nuts, fruit occasionally.
What’s your workout routine like? Monday is a gym day with my trainer. I’ve had a wonderful per- sonal trainer for five years. He’s a professional body builder, and he’s like, hulking, orange, veins popping, and here I am. My pas- sion is skiing, so we do a lot of
MASTERPIECE | THE MOGAO CAVES (FOURTH TO 14TH CENTURIES)
BY ZACHARY GINSBERG A Living Record of Devotion
AT THE EDGE OF THE GOBI Desert in China’s Gansu province, where sand blows sideways and fried camel hump is a local deli- cacy, sit the Mogao Caves: one of the most important repositories of Buddhist art in the world. As I ap- proached the site on my tour bus— the only sanctioned way to visit— hundreds of locked red doors protecting the grottoes came into view, speckled across a sun- bleached cliff face more than a mile long. What seems like an unlikely lo- cation for a monument today made perfect sense in its time. Dun- huang, the city nearest to the caves—about a day’s journey away by foot—was once a crucial trad- ing hub on the Silk Road. It was the last chance to pack supplies before the route’s most arduous section, and the first oasis one saw on the way back. From the fourth century to the 14th—when sea travel gradually replaced overland caravans—merchants, laborers, re- ligious leaders, and government of- ficials from across Eurasia con- vened there to exchange goods and culture. Perhaps the most popular com- modity of all was Buddhism, whose promise of tranquility attracted a critical mass of Chinese followers
Really Loves Breakfast
training to stay flexible and keep muscle mass. On days when I’m not at the gym, I do some kind of cardio: running, swimming, cycling. When I’m in the city, especially when the weather is nice, I’m on a Citi Bike multiple times. It’s made the city very, very small. When you have to get in a car, it’s so frus- trating. It takes forever.
What makes Counter Service dif- ferent from other chain sandwich restaurants? Our bread has four ingredients:
in the fourth century, tired of vio- lence and chaos. As the religion grew, travelers passing through Dunhuang started to carve caves into the nearby rock as places to pause and meditate. The first were spartan nooks, just large enough to shelter one hermit from the ele- ments. Later, merchants and gov- ernment officials sponsored larger and more elaborately decorated caves to curry karmic favor on their journeys, as well as to pro- mote their particular religious and aesthetic visions. Together, these 492 caves covered in over 400,000 square feet of murals form an un- paralleled palimpsest of a millen- nium of Chinese art history. Mogao always was—and still is—a work in progress. What we see today is different from what Tang artisans saw in the seventh to 10th centuries when hundreds of caves were under construction at once, with bright reds and pur- ples not yet decayed due to oxida- tion. That was different from what people encountered in the last few centuries of the caves’ construc- tion, when later rulers sponsored artisans to plaster over and redec- orate many caves under a uniform style—or from what White Army soldiers, seeking refuge after the Russian Revolution, saw when they scribbled Cyrillic graffiti on the walls. And all of that is different
MY MONDAY MORNING | BY LANE FLORSHEIM
flour, water, yeast and salt. We bake it every day. And our meats are beautiful cuts of meat that we season and marinate and cook, slice. The pieces of meat are not perfectly shaped like the things you see in these chain sandwich places. We’re making all of our sauces and relishes and garnishes. It’s difficult to do these things.
How worried are you about cyclospora? It’s really scary. Of course, I know a lot about food-borne illness, and there are pathogens out
from what future visitors will see, as the state-sponsored Dunhuang Academy, the same group that un- locks the red doors, employs an army of conservators to preserve and study the caves. One of the most common sub- jects, repeated across many dynas- tic styles, is the debate between Manjusri (the bodhisattva of wis- dom, an enlightened being who stays in the material world to help others) and Vimalakirti (a wealthy patron and rhetorician so skilled that the Buddha himself sent Man- jusri down from heaven to chal- lenge him). In Cave 103, the two figures sit on opposite sides of the doorway. Vimalakirti leans over the edge of his canopied bed with an impatient stare, as he argues that it is possible to enjoy earthly life while still abiding by Buddhist nonattachment. Manjusri, with a calm smile, gently raises his hand to counter that the true nonmate- rial essence of the Buddha can never be comprehended before transcending the material world. The winner is left for us to decide. The walls and ceilings of that cave, as well as numerous others, are covered with hundreds of small Buddhas sitting cross-legged in an overwhelming grid of evidence that countless people before us have pondered the same mysteries to no certain end. Buddhas float
there, and it’s incumbent on us to put barriers, and so we are, of course, monitoring this very, very closely. We are not using the kinds of things that have been identified.
I read that Counter Service has developed technology that can detect whether an order is as- sembled incorrectly. Are you working on any other technology that’s exciting to you right now? We have a team of engineers who spend time in the restaurants looking at crunch points and try-
A facade covers the central cave, which houses a vast Buddha sculpture.
overhead like a divine ideal but also weigh down on their visitors, impressing on us the difficulty of ever reaching enlightenment. In some caves where enlightened par- adise is depicted, it’s utopic: sing- ers and dancers prancing in rev- elry. Clouds billow and curl; chariots race upward, representing sutras that may deliver you to heaven. In other caves, the final destination is more foreboding— walls are stained ox-blood red; larger-than-life sculptures of de- mons scowl and bare their teeth, spears in hand; gods dart across the walls—stressing the severity of a true pursuit of enlightenment. The central and most prominent cave houses a Buddha sculpture from A.D. 695 over 100 feet tall— hidden from the outside by a fa-
ing to understand where there’s friction—all the way from predict- ing sales by knowing how many cars are crossing the bridge and how many riders are coming through on transit and the weather and holidays and school schedules. All of this helps us de- termine volumes, which has an ef- fect on inventory, which has an ef- fect on staffing.
As a chef, what’s your favorite thing to cook for yourself? A simple pasta. Actually, the other day, I grilled a pork shoulder, started it just a little after noon and had it for dinner. It was just slow cooking on the grill and con- stantly feeding the fire. That’s a lot of fun.
What’s your relationship with your phone like? Do you doom- scroll? Of course, I do. I think that any- body who has a device does. I’m much more aware of it now. I re- ally try to pick up a book, or if I have a printed newsletter, I think that’s for me a lot healthier. I no- tice a tension when the device has control of me.
What’s the last great book you read? The last book I read happened to be great, “London Falling” by Pat- rick Radden Keefe. Just the pro- logue—starting it in London in Roman times—I was hooked 30 seconds into reading.
Do you still eat at Chipotle? So I ate at Chipotle every day, sometimes multiple times a day, for 27 years. Now, I eat Counter Service every day. I take meetings and visit friends. Sometimes I just pop in and have lunch by myself.
What do you like to splurge on? And is there anywhere you like to pinch pennies? I notice myself being really irked by little charges from apps. It just drives me crazy trying to un- subscribe from these things. I spend hours trying to figure this stuff out. They’re really perni- cious; these developers make it very difficult. So I probably spend way too much time trying to save a bit of money on these things out of principle. I probably splurge on food and wine. It’s the thing that I love.
What’s one piece of advice you’ve gotten that’s guided you? Ultimately, the most important thing you have is your health and your family and your friends, and I notice myself spending more time on those things than I did when I was younger. In fact, I probably neglected those things in my 27- year sprint at Chipotle, and I got better at the end. But I feel like I’m much more balanced today.
This interview has been edited and condensed for clarity.
cade disguised as a multistory building. When I entered through a small door at ground level he emerged from behind a low ceiling, and standing next to him I was no taller than his toes. The only way to see him is by staring straight up—but even then, much like the secrets of the universe, you can never get a full view. The experi- ence suggests that to achieve en- lightenment, one must embrace these limitations, come to peace with contradictions, and maintain faith in a larger order that we can- not fathom. The Mogao Caves offer a taste of what it must feel like to get to that point, only to leave you wanting more.
MELANIE DUNEA
GRACEFUL BY DESIGN Totally smooth foreheads are out. Strategic wrinkles are in. D4
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‘N
Side of Artificial Intelligence
is the latest major technology firm to make a foray into lifestyle products. The move, like AI itself, has drawn criticism.
BY JAMIE WATERS
ERD merch.” “Taste- slop.” “Mortify- ing.” These are just a slice of the heated online reaction to a new release from OpenAI: a line of clothing and acces- sories, including $15 ribbed socks, a $175 half-zip sweat- shirt and, for reasons not immediately apparent, a green ChatGPT basketball. Ben King, OpenAI’s design director, has heard the feed- back. “We’ve seen every- thing—good, bad, a little bit funky,” King said in his first interview since the collection dropped mid-July. But, he continued, “the numbers don’t lie.” Supply Co., the company’s online store, is al- ready selling out of some items. News Corp, owner of The Wall Street Journal, has a content-licensing partner- ship with OpenAI. Its launch follows other leading AI firms selling their own branded merchandise. A $239 made-in-America chore coat from defense-tech giant Palantir, released in April, sold out within hours, ac- cording to the company. “It’s like when your favor- ite band releases a new T- shirt,” said Dorothy Barto- meo, 40, who runs an AI research company in Middle- town, N.Y., and purchased a $40 OpenAI tee with the slo- gan “Good Research Takes Time.” She also loves the look of a Codex-branded hoodie, which references the coding agent, but finds the graphics on the sleeves hard to read. “I do think, fashion- wise, they need to work on that a little bit,” she said. AI companies rule the modern world, dominating the economy and shaping our daily decision-making. Now, they want to conquer our closets, too. In a time of heightened tech backlash, companies are releasing styl- ized merch that let groupies rep their beloved brands, while repelling skeptics who view AI as the end of the world as we know it.
As anti-AI sentiment has risen, some companies have discouraged staff from wear- ing corporate logos because of the risk of attacks from members of the public. Still, brands continue to inspire devoted followings from tech evangelists. OpenAI has occasionally released one-off items to “give the audience a little peek into [our] ecosystem,” King said, but the company wanted to share more prod- ucts with its fans. King’s team has been designing merch for two years. In sum- mer 2024, they released their first limited line of items for em- ployees, all free. “Everyone froze and jumped onto the site—we proba- bly delayed a lot of model progression,” King said, laughing. Some OpenAI de- velopers hacked the site to get 200 water bottles, so it had to be rebooted. One em- ployee started a “Burning Man-style” barter-only Slack channel where folks could trade one item for another. On this channel, employees give “a lot of feedback,” said King. Most notes involve logo size—they want them visible, he said, but not “splashed like on a billboard.” Since then, Supply Co. has released tees, caps and ran- dom items such as rice cook- ers and folding chairs to commemorate company off- sites and research and prod- uct milestones. King has seen Sam Altman, OpenAI’s
A $70 ChatGPT basketball has sparked buzz.
AI companies dominate the economy and shape our daily decision-making. Now, they want to conquer our closets, too.
CEO, in one of the hoodies. He said the late streetwear designer Virgil Abloh was a reference point for the new collection. Valued at $852 billion, OpenAI does not need to flog $45 Bloop-the-bot-cov- ered tote bags that say “Building Things.” Nor does Palantir need to sell chore coats and tennis skirts to meet its bottom line. In-
Tennis
WEARABLE TECHNOLOGY A ChatGPT long-sleeve shirt goes for $50 at OpenAI’s online store, Supply Co.
stead, these moves resonate as a soft-power play—an at- tempt to expand their brand identity. OpenAI’s new col- lection was photographed on models posing against an In- stagrammable olive-green backdrop, much like a shoot from a fashion brand. Eliano Younes, Palantir’s head of strategic engagement, has called the defense company a lifestyle brand on X.
David Aaker, the author of several bestselling branding books and vice chairman of consultancy firm Prophet, called these a smart brand- building move. “The old way of throwing money at an ad- vertising budget just doesn’t work anymore,” he said. “It’s hard to imagine big tech companies are truly striving to become known as successful apparel brands,”
said Simeon Siegel, senior managing director at the in- vestment bank Guggenheim Securities. “More likely, this feels like a way to literally brand other people.” OpenAI’s website states that Supply Co. will feature collaborations, experiments and “physical expressions of research energy,” a wonder- fully tortured marketing phrase that, according to King, means merch will be linked to company milestones rather than re- leased with the timing of fashion collections. Of the items in its online store, “the basketball seems to be what everyone is talk- ing about,” said Bartomeo, though she’s not quite sure why. (For those wondering: It’s a nod to the Golden State Warriors, whose arena is across the street from Open- AI’s HQ, King said.) Being an active member of the com- pany’s online community has earned Bartomeo certain benefits: A Codex ambassa- dor sent her a free Codex Micro keyboard ($230). Jared Diaz, 35, has Open- AI’s and Codex’s logos tat- tooed on his wrist. Diaz, who works for the Army & Air Force Exchange Service in El Paso, Texas, builds apps in his spare time—and loves how Codex and ChatGPT have bol- stered his coding ability. He recently bought four items from the new collec- tion. He already owns pieces from previous releases, in- cluding a cap and T-shirt with the OpenAI logo. He lik- ened wearing those to his limited-edition Kaws streetwear hoodies, in that they elicit a lot of “Where did you get that?” responses. They also spark anger. OpenAI is currently building a data center near El Paso with Oracle, and quite often when Diaz has worn the hat and tee, strangers have ap- proached him and said, “Do you know what they’re doing to our community?” He’ll re- spond, “Everybody is wel- come to their own beliefs.” He said that, much like with sports clubs, every- one now chooses their AI team, whether that’s An- thropic’s Claude, Perplexity or Google Gemini. “I picked OpenAI.”
SILICON VALLEY STYLE / WHAT AI GIANTS ARE SELLING
OpenAI Blossom Socks
OpenAI Pixel Nalgene bottle
Palantir M
Palantir chore coat
T
HIS summer’s hottest drink isn’t a matcha latte or a billion- dollar smoothie. It’s a bottle of water. From the shelves of bougie Los Angeles grocer Erewhon to private events at clubs like Casa Cipriani, Loonen water has become the chosen hy- dration of the chic, affluent and health-conscious. Its glass carafes appeal to eco- anxious consumers who want to eradicate microplastics from their lives. And as water filtration has become an obsession of the rich, the brand’s stainless- steel process has helped it market $3.99 bottles (and at some stores, nearly $6 bot- tles) to an upscale clientele. “Loonen has become this if-you-know-you-know ‘well- ness girl’ accessory,” said Whitney Fransway, a star of the Bravo reality show “In the City.” Real Housewife Lisa Rinna and pop star Dua Lipa have posted online with bottles in frame. Loonen said it sends free products to “people we think might genuinely be interested” but does not pay influencers. “It kept showing up in my feed for weeks before I ever saw a bot- tle in person,” says Allegra Lorenzotti, brand director at Ash Hotels. Suddenly, there it was: at her gym, in the “Tribeca mom stroller,” for sale at the up- scale Happier Grocery. Every few years, a new, elite form of hydration seizes the zeitgeist. Evian gave way to Fiji. Jennifer Aniston made Smartwater a cultural phenomenon. Liquid Death gave hydration an air of vice for the Cali-sober concert crowd. Mountain Valley’s green glass bottles, guzzled by Jay-Z and Gwyneth Pal- trow, were for moguls. Es- sentia, the supercharged ion- ized alkaline water, was for models and Kardashians. “Once plain water became suspect, it became a category you could charge a premium to solve,” said Jenna Mov- sowitz, co-founder of Express Checkout, a Substack news- letter about trends in con- sumer packaged goods. Loonen was founded in 2025 by Clara Sieg, who cut
KARDASHIAN
MOGUL
CALI SOBER
‘Once plain water became suspect, it became a category you could charge a premium to solve.’
Sipping Stereotypes What your go-to water says about you, whether you like it or not
Celebrities often help keep hydration trends in the zeitgeist. Actors Jennifer Aniston, above, and Jason Momoa, right, have bottles of water at the ready.
her teeth in venture capital, and David Kimmell, a former Spindrift executive. Sieg said that when she was trying to get pregnant, she became cu- rious about what was in her water, food and household products. “It led me down a path of learning a lot about mi-
croplastics and endocrine disrupters and how bad they are for your health,” she said. Studies have found bottled water contains higher levels of microplastics than tap. Sieg said Loonen aims to be transparent with con- sumers about its products. She said Loonen sources
NOUVEAU RICHE
from a Southern California spring, uses stainless-steel filtration (never any chemi- cal intervention or plastic, Sieg said), then adds natu- ral minerals like Celtic Sea salt, magnesium, potassium and calcium. It publishes quality reports on its web- site that it says are con- ducted by third-party labo- ratories. Its bottles feature QR codes that direct to those reports. Loonen declined to say how many bottles it had produced to date but shared that it is available in 2,000 stores, restaurants and ca- fes, as well as on Amazon. The company raised $6.1 million in seed funding last December, according to PitchBook. In the fancy-water market, Loonen is nowhere near the top of the price-point index. At The Row’s fashion show in Paris last fall, the only re- freshment was bottles of Litewater, which claims to be the “purest in the world” ($248 for a 12-pack of its glass-bottle 5 ppm Deute- rium Depleted Water). Luxury hydration brand One Water Global (about $45 for a 20-pack) was the spon- sor at Davos last year. Celeb- rity facialist Iván Pol gives clients like Emma Stone a glass of Hallstein water ($71 for a six-pack) before his sig- nature Beauty Sandwich treatments. According to Tribeca Bev- erage Company, a distributor that delivers countless gal- lons to the five boroughs of New York, requests for alka- line (over spring and dis- tilled) have skyrocketed. “Consumers are increas- ingly willing to trade up to functional options that offer
LIQUID ASSET Loonen is available in 2,000 stores, restaurants and cafes. The brand was founded in 2025.
health benefits,” said Matt Herrick, CEO of the International Bottled Water Association, adding that the global alkaline market is val- ued at around $5 billion. “Health really is wealth right now,” said Sammy Nussdorf, founder of luxury grocer Meadow Lane. His store was the first in New York City to stock Loonen, selling 2,700 bottles in its first two weeks. At the end of the day, wa- ter is water. Roger Fielding, a profes- sor of nutrition at Tufts Uni- versity, said there’s no evi- dence that elite brands have any sort of biological or physiological advantage over other bottled waters. Samantha McBride, a Uni- versity of Pennsylvania pro-
fessor studying water secu- rity and sustainability, said it’s unlikely that any bottled versions are completely free of microplastic traces. “Plastics are everywhere,” she said. While its bottles are glass, Loonen’s caps contain a plas- tic lining, though the com- pany says it is unpainted, uncoated, PFAS- and BPA- free. The June quality report published on its website says an independent laboratory did not detect microplastics in its water. In June, the app Oasis, which lets consumers
scan product bar codes and view independent testing data, said a bottle of Loonen it sent for testing showed higher levels of microplastics than other glass bottles it had analyzed. Oasis declined to comment. “We’ve reached out to Oa- sis a few times to better un- derstand the lab they used, their methodology, and the chain of custody for the samples, but they haven’t
shared that information with us,” Loonen said in a statement. “As they note in their own video, testing instruments can con- tain some of the same materials identified in their results, which is a known cause of false re- sults.” The promise of these premium waters is purity. “You’re not buying an in- gredient, you’re buying proof of what’s been removed,” said Movsowitz. It’s peace of mind in the form of marketing. Pour it in a pretty bottle, sprinkle some social-media buzz and you have a product that’s as much about joining a cul- tural moment as it is about the water itself. Recently, cookbook author and food-world oracle Alison Roman gave Loonen her so- cial-media stamp of approval after discovering it at the Two Bunch Palms hotel in Desert Hot Springs, Calif. “I’m so offline these days that I thought I had un- earthed some cool legendary West Coast water brand, only to be served an Insta- gram ad for it later that day,” Roman said.
FROM TOP: LOONEN; KRISTIN CALLAHAN/SHUTTERSTOCK; AFF-USA/SHUTTERSTOCK; ISTOCK
A
FTER YEARS battling her forehead wrin- kles with Botox injections, Stephanie Abend realized something surprising: She wanted some of them back. She felt like the smooth, shiny skin she had worked so hard to achieve was giv- ing the wrong message— that, at 45, she was trying to look younger than her age. “When you’re in your 40s, it’s like you’re pointing an arrow at your head,” Abend said, as if daring those around you to specu- late about whether you get work done. Today, Abend continues getting Botox injections, as well as fillers, elsewhere on her face. But she keeps some of her forehead wrin- kles for an “elevated” look that doesn’t feel overdone, she says. Abend, a family office ex- ecutive in New York, is one of many who are reconsider- ing their fight against fore- head lines. Since Botox was approved to temporarily re- duce the appearance of wrinkles in 2002, cosmetic neurotoxins that relax muscles in the face have become so popular—and widely accessible—that a to- tally smooth countenance has lost some of its aspira- tional cachet. Now, some clients 30 and older are seeking out derma- tologists and aestheticians with nursing degrees who can help them maintain a slight patina of wrinkles—at least enough for furrowing and raising the brows. Dr. Anthony Rossi, associ- ate professor of dermatology at Weill Cornell Medicine in New York and founder of the skin-care brand Dr. Rossi, calls the trend “stra- tegic wrinkling.” Of the cli- ents that seek it out, Rossi said: “It gives them a little bit of character.”
©2026 Dow Jones & Co., All rights reserved. 6DJ0579
For Strategic Wrinkles
that help preserve fine lines and facial expression
In addition to helping cli- ents achieve elegantly lined foreheads, Rossi said he works with an increasing number of people who want
to keep some wrinkles around their eyes. Many of them still use Botox and fill- ers, which help smooth and restore volume in the face,
but a lot less. In many cases, they add other treatments to their regimen. Those treat- ments may help with a more subtle look but can still cost thousands each year. Anetta Reszko, a New York dermatologist, said those treatments include “skin boosting” injectables like Skinvive by Juvederm, which delivers hyaluronic acid under the skin for a smoothing effect. Another is radio-fre- quency microneedling, which combines tiny punc- tures with heat to reduce the appearance of lines. Costs for both can vary, Reszko says, but at her practice, Skinvive costs around $800 to $1,200 per treatment and is recom- mended twice a year, while radio-frequency mi- croneedling costs $1,000 to $2,500 per session. Reszko often recommends her cli- ents have an initial series of two to three radio-fre- quency microneedling sessions, followed by one annually after that. Other popular treatments include fractional laser re- surfacing, which is meant to stimulate collagen produc- tion, as well as surgical pro- cedures that remove fat from other parts of the body to inject into the face. According to the latest data from the trade group American Society of Plastic
Fractional laser resurfacing
Radio-frequency microneedling
ABOUT-FACE Stephanie Abend stopped getting forehead injections.
The Cost of Aging Strategically Some Botox users, seeking subtle signs of aging, are getting fewer units and investing in these treatments instead
Injectable skin boosters
PRICE $800 to $1,200 per treatment
These treatments, which include Skinvive by Juve- derm, involve dozens of microdroplet injections of hyaluronic acid to deliver extra moisture to the skin. Reszko, the New York dermatologist, de- scribed them as a way to improve glow in thin, crepey areas of the face without adding volume.
Surgeons, published in 2024, fractional laser resur- facing cost on average some $1,800 per session, while fat-removal-and-injection procedures cost between $3,000 and $5,500. Neurotoxin injections, including Botox, Galderma’s Dysport, Merz Aesthetics’ Xeomin, Evolus’ Jeuveau and Revance’s Daxxify, are still the most popular minimally invasive proce- dure in cosmetics, according to the American Society of Plastic Surgeons. The num- ber of procedures increased 4% to 9.88 million in 2024
PRICE $1,800 per treatment, on average
Intended to stimulate collagen production, this procedure targets multiple layers of the skin with controlled microbeams of light. It softens the face without entirely removing wrinkles, said Dr. Anthony Brissett, a facial plastic surgeon in Houston. Re- covery can take between seven and 10 days.
from the year prior, accord- ing to the group. Lacey Harris, 40, an or- thodontist in Friendswood, Texas, still uses Botox throughout her face, includ- ing in her forehead and around the mouth, but said she has started asking for fewer units recently. “I’d rather be able to look a little surprised and have natural movement,” she said.
Some want to maintain a slight patina of wrinkles— for furrowing and raising the brows.
Other clients have moved away from Botox because they felt neurotoxin injections created problems for them. In general, the injections work by temporarily block- ing nerve signals to facial muscles, particularly in the midforehead and around the brows. Too much product (or product placed incorrectly) can create drooping in un- wanted places. One common complaint from older clients is a “parenthesis” effect, said Reszko, which is when newly formed curved wrinkles appear above the brows after too much neu- rotoxin injection. Doris Day, a New York- based dermatologist, tells her patients and social me- dia followers to swap fre- quent forehead Botox ap- pointments for facial exercises. She said her “Ear Lift”—an exercise she prac- tices in which she squeezes the jaw muscles around her ears—helps decrease brow- furrowing with lateral move- ments. “I try to teach people authentic good facial pos- ture,” she said. Rossi, the New York der- matologist, used to get Botox injections to avoid forehead wrinkles but has stopped. Letting the top half of his face move more allows him to look more trusted and convey years of medical ex- pertise, he said. Though he still makes use of cosmetic procedures, he prefers to leave the smile lines around his eyes intact, taking the advice he often gives to his patients. “I keep my wrinkles as well,” he said.
PRICE Between $1,000 and $2,500 per treatment
Devices for this treatment use small needles that penetrate skin and deliver heat, which also stimulates collagen pro- duction, said Brissett. The process preserves natural facial movement and expression, and the skin’s texture gradually improves over a few weeks, he added.
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™
2 | WATCH A way to keep the World Cup going ‘Twenty Twenty Six’ Warring host nations and juggling soccer balls fill this British mockumentary, a six- episode series on BritBox about the staff organizing the 2026 World Cup from Miami. —Ellen Gamerman, culture reporter
3 | READ A beach book with a Pulitzer pedigree ‘Villa Coco’ Andrew Sean Greer, whose “Less” took home the top fiction honor in 2018, visits the Italian countryside in his latest comedic novel. The real delights are the eccen- tricities of a baronessa who shouts “Koo-Koo” (and is, in fact, a little cuckoo herself). —E.G.
4 | WATCH The movie that brought Gen Z to the theater ‘Obsession’ Love can make you crazy. No movie this year understands that better than this $750,000 film, directed by a 26-year-old. It just surpassed $400 million at the global
box office. If you’re a scaredy-cat, maybe watch it during the day. —Ashley Wong, culture reporter
5 | LISTEN Boldface nonfiction authors read their books The audio versions of ‘Famesick,’ ‘London Falling’ Actor-writer Lena Dunham’s voice cracks with emotion in ways “Girls” fans will recog- nize as she narrates “Famesick,” her memoir. In “London Falling,” journalist Patrick Radden Keefe exam- ines the botched police probe into the death of a British teenager who posed as a Rus- sian oligarch’s son. —E.G.
6 | WATCH Two shows set in coastal New England ‘Widow’s Bay,’ ‘The Real Housewives of Rhode Island’ In the fictional town of “Widow’s Bay,” Matthew Rhys sails through drama, horror and comedy. Then there’s “The Real Housewives of Rhode Island.” Bravo’s newest franchise features the usual, plus a local snack known as “pizza chips.” —Myles Tanzer, deputy director, Talent Lab
7 | WATCH A marriage plot set in the Austen Cine- matic Universe ‘The Other Bennet Sister’ Jane Austen’s “Pride and Prejudice” inspires this Brit- Box drama about Mary Ben- net (Ella Bruccoleri), a sister largely overlooked in the book. Mary’s on a speed train to spinsterhood when she’s summoned to London, where suitors await. —E.G.
8 | LISTEN A country music breakout Ella Langley’s ‘Dandelion’ No one has dominated coun- try music in 2026 like Lang- ley, who released her sopho- more album, “Dandelion,” in April. Her single “Choosin’ Texas” has spent 14 weeks at No. 1. —Elias Leight, music reporter
Country music
9 | WATCH If you’re looking for drama ‘A Knight of the Seven
David Harbour, left, and Jason Bateman in ‘DTF
St. Louis.’
Kingdoms,’ ‘DTF St. Louis,’ ‘Love Story’ “Game of Thrones” spinoff “A Knight of the Seven King- doms” follows a hedge knight (Peter Claffey) who adopts a pipsqueak squire (Dexter Sol Ansell). For something more modern, the sad suburbanites of HBO’s “DTF St. Louis” might do the trick, or the tragedy of “Love Story: John F. Kennedy Jr. & Carolyn Bes- sette” from FX. —E.Z.
10 | WATCH If you’re look- ing for comedy ‘Nirvanna the Band the Show the Movie,’ ‘Saturday Night Live U.K.,’ ‘The Fall and Rise of Reggie Dinkins.’ The title may be stupefying, but “Nirvanna the Band the Show the Movie” is clever and extremely Canadian. Other wins include the cast of “Saturday Night Live U.K.” rising to the occasion, and original “SNL” alums Tracy Morgan and Bobby Moynihan finding comedic chemistry with Daniel Radcliffe in “The Fall and Rise of Reggie Dinkins.” —John Jurgensen,
entertainment reporter
11 | LISTEN Three great podcast episodes Steve Carell on ‘Good Hang,’ Lena Dunham on ‘Las Cul- turistas,’ Sarah J. Maas on ‘Call Her Daddy’ All of these podcasters are at the top of their game, but if you want to sample an excep- tional episode, listen to Carell go long with Amy Poehler about growing up in Massa- chusetts. If snark is what you’re after, try Dunham’s epi- sode where she talks about meeting Apple CEO Tim Cook. Romantasy titan Maas talks to Alex Cooper about her long- awaited release dates for her next books. —A.W.
12 | WATCH A legend’s latest documentary ‘Kingdom’ Sir David Attenborough, who turned 100 this year, is still at it. “Kingdom” is a six- parter filmed in a Zambian national park over five years.
Worth it: ‘Hacks’ with Jean Smart, left, and Hannah Einbinder.
It follows rival families of li- ons, leopards, hyenas and wild dogs as they compete for domi- nance. —Sebastian Modak, lifestyle editor
13 | WATCH A milestone in reality shows ‘Survivor 50’ While this season is adver- tised as “for the fans,” you don’t need to be a “Survi- vor” expert to enjoy the strategic gameplay, back- stabbing and twists in this TV competition. —M.T.
Colson Whitehead’s ‘Cool Machine’ Throughout Whitehead’s Har- lem Trilogy, Ray Carney leads a double life: as a middle-class Black entrepreneur and family man, and as a grifter lured into the underworlds of a tur- bulent metropolis. In “Cool Machine,” Carney clings to the outward trappings of respect- ability as he tries to outsmart a city that insists success and security mean playing by its rules, even the crooked ones.—Chris Knutsen, editor- at-large
15 | LISTEN Song of summer contenders Zara Larsson’s ‘Midnight Sun,’ Olivia Rodrigo’s ‘Stupid Song’ and Drake’s ‘Janice’ Larsson released her debut album over a decade ago, but the Swede’s finally won over American audiences with the hedonistic trance-pop of “Midnight Sun.” Rodrigo, whose hit “good 4 u” nearly won the summer of 2021, is
sensation Ella Langley is back.
Boards of Canada’s ‘Inferno’ is the duo’s first album in 13 years. The group layers synthesizers as vocal samples drift in and out of tracks. At left, Lily (voiced by Julia Louis-Dreyfus) and Hugh Jackman in ‘The Sheep Detectives.’
back with “Stupid Song,” a theatrical eruption of longing. Drake’s bid to soundtrack the warm months is “Janice,” which incorporates vocal modulation that makes the refrain—“beep beep baby”— strangely addictive. —E.L.
16 | WATCH An artist at work ‘The Christophers’ The painter is fictional in Steven Soderbergh’s new movie, but he is played by legendary 87-year-old actor Ian McKellen. The actor gives what’s arguably one of his finest performances as a David Hockney-esque artist, with a biting wit. —E.Z.
17 | WATCH Shows worth catching up on ‘Hacks,’ ‘The Pitt,’ ‘Industry’ Showbiz comedy “Hacks” wrapped its five-season run with more hilarious barbs from Jean Smart. Hospital drama “The Pitt” offered a heart-pounding second sea- son. And the fourth season of “Industry” took the action off the trading floor. —E.Z.
18 | LISTEN An accessible electronic album Boards of Canada’s ‘Inferno’ “Inferno,” the first album from the duo in 13 years, should satisfy a devoted fan base. But new listeners may find its gorgeous gloom en- ticing. —E.L.
19 | WATCH When love goes wrong ‘The Drama,’ ‘The Invite,’ ‘Beef’ Season 2 “The Drama” has Robert Pattinson and Zendaya spiral- ing before a wedding. “The In- vite” finds Olivia Wilde and Seth Rogen questioning their commitment when their sexy neighbors (Edward Norton and Penélope Cruz) show up. “Beef” season 2 has enough friction between two couples working at a country club to start a fire. —E.Z.
20 | LISTEN A tragic hero discusses birding ‘Get Birding With Sean Bean’ podcast The award-winning British podcast “Get Bird- ing” welcomed a new host better known for portraying doomed heroes like Ned Stark in “Game of Thrones,” than for his knowledge of green woodpeckers. Bean brings a lifelong passion for birds. —S.M.
CRISTIAN MERA FOR WSJ; CLOCKWISE FROM BOTTOM RIGHT: BBC/BAD WOLF; PENGUIN RANDOM HOUSE AUDIO; LAS CULTURISTAS; FOCUS FEATURES/EVERETT COLLECTION; HBO; PENGUIN RANDOM HOUSE AUDIO; COLUMBIA RECORDS; MGM/EVERETT COLLECTION; HBO; A24
A
BY JANE BLACK
T BURNT HILL Farm, a hilltop winery in Clarksburg, Md., a suburb an hour outside of Wash- ington, D.C., the best table is any table, 45 minutes before sunset. On a recent evening, from a seat at the restaurant’s fluted blond-wood bar, I watched as a blaze of hon- eyed light poured through a wall of windows overlooking sloping vineyards and the Appalachian foothills. It was enough to distract me from my glass of toasty sparkling
been our little secret,’ said Dave McIntyre, who runs a wine newsletter.
wine, not to mention the food spread out before me: a silky torchon of cured pork from woolly Mangal- itsa pigs, raised on the property, and a hunk of roasted tomato focaccia laced with garlic pesto. Maryland is not exactly known for its wines—Vir- ginia has hogged the spot- light in the region for de- cades. That might be starting to change, thanks partly to Burnt Hill, which opened in 2025 and intro- duced a 12-seat chef’s coun- ter at the vineyard’s restau- rant this spring. “Maryland wine has been our little secret,” said Dave McIntyre, author of the newsletter Dave McIn- tyre’s WineLine, who lives in Silver Spring, Md. “There is an exciting cadre of win- eries here setting a high bar for quality.” There are around 85 win- eries in Maryland, where some of the best conditions for growing grapes can be found in a small area northwest of Washington, according to McIntyre, a former wine critic for the Washington Post. A day trip is plenty of time to visit several—and, if you plan right, spoil yourself with exceptional food.
70 81
Old Westminster Winery Black Ankle Vineyards
WEST VIRGINIA
WEST VIRGINIA
Sugarloaf Mountain Vineyard Burnt Hill Farm
Windridge Vineyards
Washington Washington VIRGINIA VIRGINIA
10 miles
10 km
Focaccia, top, served at the chef’s counter at Burnt Hill Farm, above. Below, the interior of Black Ankle Vineyards.
M A R Y L A N D M A R Y L A N D
Baltimore Baltimore
ANNA DEEN/WSJ
A place to gather I began a day of winery hop- ping at Old Westminster Winery, which is owned by the same family as Burnt Hill. Until 2020, the Westmin- ster, Md., operation looked a lot like any basic winery: a no-frills tasting room and picnic tables where guests could eat food brought from home or purchased from an on-site truck. Old Westminster set up outdoor igloos during the pandemic, then replaced them with a modernist vil- lage of A-frame “cabanas.” The huts seat up to six and can be reserved for tastings or a meal of wood-fired piz- zas from the winery’s restau- rant, which opened in 2020. Its menu includes gussied-up side dishes like honey-glazed carrots with whipped feta. Tae Strain, the chef who oversees the restaurant at Burnt Hill, also runs Old Westminster’s kitchen. Old Westminster’s wines are more approachable (read: less expensive) than Burnt Hill’s. The staff, who are knowledgeable and en- thusiastic, are no less serious about the product. On a hot day, they’re likely to steer you toward the strawberry- hued rosé or the Honey, a blend of Viognier, Chardon- nay and Riesling that is fin- ished with local honey—an easy sell even to those who don’t like sweet wine.
Sip and stroll A 20-minute drive from Old Westminster, serious Bor- deaux-style blends await at Black Ankle Vineyards. Order a flight or a bottle at the bar, then head outside to the win- ery’s food truck for a plate of arancini or a smash burger. On weekends, for $25, an hour-long guided tour takes visitors around the farm and includes tastings of wines that might not otherwise be available by the glass. Taylor, our cheery guide, met us wearing a short-
sleeved button-down shirt and a bow tie. As he led us around, he delved into the nerdy details of winemaking
A Taste of Maryland: Six Bottles to Try 1 Boordy Vineyards Albariño, $25; and Albariño Dry Bench Re- serve, $46 McIntyre, the wine critic, loves these Albariños. The first has a crisp, re- freshing profile that makes it an ideal part- ner for Chesapeake crabs. The Reserve is more substantial, with flavors of lemon curd, white flowers and toasted nuts. 2 Old Westminster Rosé 2025, $34 The ideal summer wine, it’s refreshing and a bit flirty but with enough complexity from a blend of (mostly) classic Bordeaux grapes to satisfy. 3 Burnt Hill Dream- scape 2021, $88 (available for purchase only on-site) There isn’t much Gamay grown in Maryland, making this juicy red, with notes of ripe strawberry and cherry, even more special.
3 2
STATE OF WINE A view from the vineyard at Maryland’s Old Westminster Winery, above. At left, Old Westminster’s Honey, a white blend, served with a selection of pizzas.
and provided back stories to the winery’s most popular bottles. The light-bodied red, Passeggiata, he explained, was a rosé gone wrong when winemakers forgot to re- move the grapes’ skins at the correct time. Next spring, Black Ankle’s proprietors will debut Live Edge Vineyards, a new win- ery in Clarksburg, not far from Burnt Hill. The prop- erty will have a tasting room and tables among the trees, on platforms between 6 and 30 feet off the ground.
Another stop—or two To round out your tour of the state’s wineries, you have op- tions. You could head to Dar- nestown where Windridge Vineyards makes a vibrant Lambrusco-like sparkling red. If you want to walk off lunch, take a hike up Sugarloaf Mountain before having a fi- nal glass of wine at Sugarloaf Mountain Vineyard.
4 Black Ankle Vine- yards Rolling Hills 2023, $52 A Bordeaux- style blend that embod- ies Black Ankle’s strength: elegant and ageable reds.
BIRCH THOMAS FOR WSJ
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JANE STOCKDALE FOR WSJ
I
BY DAN NEIL
APOLOGIZE if the follow- ing seems a little hand wavy. My purpose is to put a name to the joy I felt last week, testing the Lotus Emira 420 Sport at the company’s test track in the East Anglia region of England. I’m sure the scientific explanation involves ecstatic brain hormones, leading to an overstim- ulated smile reflex. Maybe I wasn’t hugged enough as a kid, because these G-forces felt like love. Whatever, it’s about physical connection. It’s about intimacy. It’s about the fact that the Lotus’s po- lar axis runs exactly through the driver’s inboard hip, so that the machine rotates around them and not some invisible pivot point, just off-center. The Lotus puts you in Mach’s bucket seat, the center of the universe. It’s made of the joy-buzzer en- ergy coming into your palms through the rack-and-pinion steer- ing, the way the wheel gains heft and Braille-like sensitivity as cor- nering loads and slip angles in- crease. It’s in the way the steering hydraulics softly attenuate kick- back at full lock. For all their adju- stability, electrically assisted power steering systems have the tactility of a Ouija planchette. I’m looking at you, Ferrari. Fresh from a midlifecycle spa treatment, the midengine, two- seat Emira continues to offer a choice of powertrains, each with
2027 LOTUS EMIRA 420 SPORT
its enchantments. For stick-and- rudder drivers, the supercharged 3.5-liter V6 (406 hp) is paired with a six-speed, triple-pedal manual transmission. The car I drove, the 420 Sport, uses a Mercedes-AMG- supplied 2.0-liter turbo-four and eight-speed dual-clutch automated transaxle, actuated with beauti- fully weighted shift paddles behind the steering wheel. Ring-a-ding-ding. Bang bang bang. Lotus bills the 420 Sport as the fastest production four-cylin- der in the world, with a 0-60 mph acceleration of 3.7 seconds and a top speed of 186 mph. The upgrade includes tarted up air-inlet shrouds on the side and louvered panels in the front wings, notionally to help evacuate air pressure at high speed. I’d option-delete those, if I were speccing a car for myself. A couple of laps in the eager and edgy 420 Sport made me realize how long it had been since I’d actu- ally had fun—that’s the word!—in a sports car. And that’s because Lo- tus is the only production carmaker that truly embraces the slide. Other sports-car makers keep their valued clients planted firmly to the asphalt using complex trac- tion and stability systems, ready to step in if the computer senses a loss of traction or imminent loss of control. For Lotus, the immi- nence is just the point. The thrill of these frisky flyweights is get- ting them to, and holding them at and around, the instantaneous lim- its of the tires—sawing at the
FAST TRACK Refreshed for 2027, the lineup for the Lotus Emira now includes the Emira 420 Sport ($122,900, before options). Available in left- hand-drive and right-hand- drive versions, it’s roughly the size of Porsche’s departing 718 Boxster. Columnist Dan Neil in the driver’s seat at the Lotus HQ Test Track in Hethel, England, below.
wheel, pouring on the coal, pitch- ing and catching. For these cars, and these engineers, the Blue Bird of Happiness sounds like a squawking flock of Michelins. Lotus dryly refers to this re- gime as the “envelope of progres- sivity.” It defines how predictably and agreeably a car will swivel its hips, under braking and throttle, without spinning out. The 420 Sport’s wicked sashay emerges
from a lot of cold calculations: a 40/60 rearward weight distribu- tion; a 101.2-inch wheelbase; and an open rear differential, putting 369 lb-ft of engine torque to the pavement, if sometimes fitfully. Shout-outs and hosannas too to the custom-compounded Michelin Pilot Sport Cup 2s. The tires have a sweet spot a mile wide. Behind all that is the 420 Sport’s most unfair advantage. It weighs 3,153 pounds (with the Lightweight Handling pack). For comparison, a Corvette Z06—a competitor in the midengine sports car category—is about 350 pounds heavier. The Z06 is many things, but not “tossable.” Sixty years ago, race engineer Colin Chapman moved Lotus Cars to Hethel, England, repurposing the nearby World War II-era air- field as a test circuit. His mantra: Add lightness. Chapman proceeded to build a series of brilliant sports cars, win a lot of Formula One championships and erase millions in investments before his death in 1982. In 2017, the Chinese con- glomerate Geely took a controlling interest in the company. You might recall Lotus’s best- selling car, the Mazda Miata (1989). When the Japanese com- pany decided to build a British- style roadster, it lovingly plagia- rized the ’60s-era Lotus Elan. The runway-turned-test track was overhauled in 2011—new lay- out, fresh asphalt, safety barriers— and now includes two clinically perfect, constant-radius 180-degree turns: the hairpins of destiny. With a sweaty Lotus driving in- structor as passenger, I was deter- mined to make a good showing by pulling off a picture-perfect drift all the way through the corner—a maneuver I had successfully com- pleted zero times, in other cars and other venues. I drove in hot, at the top of second gear, breathed the throttle, twitched the steering
wheel (more like gesturing “that- away”) and got back on the gas. And then, a miracle: It rotated— surely, predictably—to a tailout posture, as easily as it went straight. It didn’t spin, and it didn’t fight back. I managed to hold it like that, balanced on the throttle, slithering and sidestep- ping, until I had to join the main straight. In another pass, I was even able to upshift from second
A couple of laps in the 420 Sport made me realize how long it had been since I’d actually had fun in a sports car.
to third gear without losing the drift, swinging wide at the track edge, trailing clouds of glory. In something of an irony, Lotus’s historic approach to cornering and traction management—crossed up, tail out, mustaches ablaze—looks a lot like what the kids call drifting. The plan is for Lotus to continue to build all its IC-powered sports cars at the sheds in Hethel, the brand’s emotional home. At that rate, Hethel could go on banging out piston-powered sports cars for many years. That sounds like good news, right? It’s not like the U.S. market is oversupplied with char- ismatic midengine sports cars. Last year, Porsche ended produc- tion of its wonderful 718 (Cayman and Boxster) series, eliminating the Emira’s most nose-to-nose competitor. However, Lotus com- pany officials were quietly fretting about potential tariffs on Euro- pean imports and restrictions on Chinese software that could derail the business plan in the U.S. It’s not at all clear if the Trump administration will let Lotus slide.
01.08.2026，而源文中仅有部分年份提及，并未出现该具体日期。145 亿美元 billion、121 亿美元 billion、87 亿美元 billion。在中文中，“亿美元”与 “billion” 语义重复，且格式不规范。5 million 和 50 million（在虚构段落中），未统一翻译为中文。Wellness 后面没有页码，翻译端随意补全为 D3-4 和 国际新闻 A6-9（源文无此项），属于过度推断/伪造。> [!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。。根据指令，任何内部清理标签均视为交付缺陷。,00(56,9( ,7,1(5$5,(6 _），且在第 50 页直接标注 [无法辨认文本]，未尝试进行任何有效的语义还原或在报告中说明。“震动玩具”般的能量 (vibrating toy) 虽是直译，但在汽车评论语境下显得极其业余且不专业。审计结论：不可通过 (FAIL)
该翻译件存在极严重的内容幻觉，在源文没有的情况下虚构了大量新闻报道。同时包含内部处理标签、乱码残留以及数据冗余。建议全盘舍弃并重新翻译。