[!WARNING] 翻译质量评估未完全通过 (Quality Audit Failed) 发现以下潜在质量问题： - missing numeric tokens from source: 00%5, 0099, 01020, 017, 0193, 0935, 10.14, 10.16, 10.45, 10.57 - Missing proper nouns in translation: Abigail Spanberger, Abraham Accords, Abraham Lincoln, Across Prime Outer London, Acting Attorney General Todd Blanche, Adam Baron, Advertising Services Department, Affordable Care Act, Africa Bahrain, After Mr - source dates, money, or percentage tokens may be missing - translated output contains large residual English-looking blocks
道琼斯工业平均指数 51711.65 g 506.93 0.97% 纳斯达克 25137.69 g 2.2% 欧洲斯托克600指数 639.27 g 1.2% 10年期国债 g 11/32, 收益率 4.703% 原油 $92.19 À $5.36 黄金 $4,046.60 g $100.30 欧元 $1.1378 日元 163.85
新闻
商业与金融
油价上涨至每桶 $100 以上，且股市投资者对科技问题感到担忧，这共同导致标准普尔500指数、纳斯达克和道琼斯工业平均指数分别下跌 1.2%、2.6% 和 1%。A1
英特尔报告 6 月季度销售额为 $16.1 十亿，同比增长 25%，比分析师预期高出 11%。B1
Stripe 正在洽谈收购 OpenRouter，这是一家帮助开发者在 AI 模型之间进行选择的初创公司，不过目前尚不清楚具体讨论的收购价格。B4
欧盟因谷歌母公司 (Alphabet) 旗下的谷歌违反数字竞争规则而对其处以 $1 十亿罚款，此案有可能加剧与特朗普政府之间的紧张关系。B1
特斯拉股价下跌超过 14%，此前这家电动汽车制造商未能达到盈利目标，并报告了两年来首次出现负现金流。B1
福特与吉利达成协议，由这家中国汽车制造商在福特位于西班牙瓦伦西亚的工厂生产部分车型，同时承诺共同开发一款新型 SUV。B3
雀巢同意以 $3.4 十亿的价格将其水业务（旗下拥有 Perrier 和 San Pellegrino）的一半出售给私募股权集团 Platinum Equity。B3
洛克希德马丁在第二季度利润增长后上调了业绩预期，此前这家国防承包商继续扩大弹药生产。B5
康卡斯特 (Comcast) 报告第二季度利润下降，但其国内住宅宽带业务的用户流失情况连续第二季度有所收窄。B4
全球动态
在近期一次椭圆形办公室会议期间，特朗普对伊朗领导人发起猛烈抨击，称他们为“人渣”和“疯子”，因为总统对战争持续的时间感到愈发沮丧。A1 特朗普表示，在胡塞武装于红海袭击两艘沙特油轮后，美国将要求伊朗为此负责。A6
美国将对其主要贸易伙伴征收 10% 至 12.5% 的关税，这是新一轮关税措施的一部分，政府称其旨在打击强迫劳动。A2
随着中东局势紧张引发对更高通胀的担忧，抵押贷款利率上升至近一年来的最高水平，本周 30 年期固定利率贷款平均为 6.58%。A3
新泽西州表示，将不会向联邦政府提供可用于起诉在被错误登记后投票的移民的个人身份识别信息。A3
本期《华尔街日报》最初在美国出版，并在当地转载以供区域分发。
特朗普表示，一项旨在为沙特阿拉伯提供民用核能计划的里程碑式协议能否达成，取决于该王国是否与以色列关系正常化。A7
一名明尼苏达州男子上月承认枪击两名州民主党议员（导致其中一人及其丈夫死亡），现被判处两次以上终身监禁。A5
两名国会议员提出了一个两党共同支持的法案，该法案将要求开发者保留一个“紧急开关”，以便禁用具有严重风险的人工智能系统。A4
目录 艺术评论 A11-12 商业与金融 B2-3 商业新闻..... B5 填字游戏............ A12 头版延伸.. A10 街头传闻.. B10
豪宅 ........... M1-10 市场................... B9 评论............ A13-15 体育 .................... A16 技术............. B4 美国新闻 ........... A2-5 世界新闻...... A6-9
FRIDAY, JULY 24, 2026 ~ 卷 CCLXXXVIII 第 20 期 WSJ.com 美国版
担忧导致 科技七巨头 市值蒸发 $890 亿美元
华尔街正面对一个残酷的新现实：最大的科技公司不再是印钞机。周四，市场对谷歌母公司 (Alphabet) 和特斯拉 (Tesla) 财报结果的担忧蔓延至其他主要科技股，投资者高度关注资本支出增加所带来的影响，这给人工智能贸易带来了打击。谷歌母公司 (Alphabet) 的股价下跌了约 7%，导致该公司市值损失超过 $293 亿美元，创下其历史上最大的一日市值跌幅。特斯拉 (Tesla) 的股价暴跌 15%，创下该股财报公布后最糟糕的表现。
抛售范围扩大到其他科技股：Meta (原Facebook) 下跌 3.4%，甲骨文 (Oracle) 下跌 4.6%。科技七巨头市值蒸发近 $890 亿美元，这是自 2025. 4 月关税动荡以来最大的一日市值跌幅。纳斯达克综合指数下跌 2.2%。
尽管谷歌母公司 (Alphabet) 和特斯拉 (Tesla) 均报告营收激增，但投资者反而将注意力集中在它们的 AI 支出上。
路透社
新战线：周四，在一次乌克兰无人机袭击后，俄罗斯版亚马逊——Wildberries 在莫斯科地区的一个仓库遗迹及其商品。随着基辅扩大在俄罗斯的打击目标，该公司共有 4 个站点在过去一周内遭到袭击。A9
机器人如何 逃离 OpenAI 并 失控
作者：ROBERT MCMILLAN 及 SAM SCHECHNER
他们就像是试图黑入教科书公司以在期末考试中作弊的高中生。 只不过，这些黑客并非人类。 在一段似乎直接从科幻小说中截取的情节中，攻击者被发现是逃离 OpenAI 研究网络的 AI 模型，并在 7 月 11 日黑入了 AI 公司 Hugging Face。而且，在有人阻止它们之前，这些 AI 似乎已经在互联网上活跃了数日。
Hugging Face 联合创始人兼首席科学官 Thomas Wolf 在第一次查看公司周末受袭日志的那一刻，就感觉到有些不对劲。 “这毫无道理。这家伙只是在查看网络安全数据集，”他回忆起当时的想法，“人类攻击者不会想要那个，他们想要的是能卖出去的东西。”
Wolf 表示，在来自一个中国模型的帮助下，Hugging Face 在两天后终止了这次攻击。直到本周，Hugging Face 才从 OpenAI 获知是其模型主导了这次黑客行为。
这一事件在 OpenAI 内部引发警报。在获悉此事后，OpenAI 关闭了用于测试其 AI 模型的系统，以评估损失并防止进一步的泄露。这也让世人初步领略了在 AI 工具时代，黑客攻击可能是怎样的——这些工具能够发现前所未见的…… 请转至 A4 页
作者：ANNIE LINSKEY 及 JOSH DAWSEY
华盛顿——特朗普总统忍无可忍。 据一名听到相关言论的人士透露，在近期一次椭圆形办公室的会议中，总统对伊朗领导人发起了猛烈抨击，称他们为“人渣”和“疯子”，并爆出了一系列粗口。 随着伊朗战争进入第五个月，特朗普正处于——
美国新闻 南卡罗来纳州的一个小镇因一起 $545,000 的电子邮件网络钓鱼诈骗而陷入混乱。A3
太浩湖被熊占领
i i i 当地居民无法吓走这些洗劫食品储藏室、嗅闻牙膏的入侵者；Judy 回来了
作者：JIM CARLTON
作者：Hannah Erin Lang, Tina Li 和 Caitlin McCabe
今日短语：自由现金流——两家公司的该项指标均转负。 Alphabet 的自由现金流为负 $5.9 billion——这是该公司自 2004. 年上市以来的首次负值。该公司首席财务官表示，随着公司深化在 AI 领域的投资，自由现金流将继续承压。Alphabet 还将今年的资本支出预测上调至高达 $205 billion。
行政部门官员及其他接近总统的人士表示，总统对于一场他曾认为几周内就能结束的冲突一直拖延且看不到尽头，感到愈发沮丧。 特朗普的一些顾问现在担心，这场战争导致物价上涨、支持率下降以及十多名美国军人死亡，正在耗尽他的总统任期，并恶化共和党在即将到来的中期选举中本就暗淡的前景。 特朗普数月来一直试图结束这场战争。在威胁要终结伊朗的“整个文明”后，他在四月份宣布停火。六月份，他表示美国 and Iran 已经 请参阅 A6 页
特朗普为沙特核协议增加新障碍............ A7 图像显示伊朗正在迅速重建基础设施.. A7
体育 纽约洋基队 正让所有人发疯， 成为棒球界最讨人厌的球员。A16
“口水往下流，”69 岁的 Peter 回忆道。“然后它绕着沙发走，在地板上撒了一大泡尿。” Barbie 躲在后房，而 Peter 猛关门并敲击锅碗瓢盆以吓跑入侵者。这头雄熊——后来被确定为一名已知“窃贼” 请参阅 A10 页
与此同时，特斯拉正在对其向自动驾驶汽车和机器人技术的转型投入巨资。这包括建设一家名为 Terafab 的芯片制造设施，特斯拉正与埃隆·马斯克的火箭公司 SpaceX 和英特尔合作开发该设施。 根据 FactSet 调查的分析师，Meta Platforms 预计在下周发布第二季度业绩时将报告负的自由现金流。分析师预计 Amazon.com 也会出现同样情况。 请参阅 A4 页
市场惩罚马斯克及其粉丝.................................... B1
特朗普一直在尝试结束这场战争。 他曾在四月威胁要终结伊朗的“整个文明”后宣布停火。六月，他表示美国和伊朗已经 请参阅 A6 页
前妻要求分走一半
ADAM HUNGER/AP
韩国的“世纪婚姻” 在现实版的连续剧中崩塌
作者：JIYOUNG SOHN 和 TIMOTHY W. MARTIN
首尔——SK Hynix 这家顶级存储芯片制造商的亿万富翁钱泰源 (Chey Tae-won)，十年前在给一家韩国报纸的三页信中，宣布了他与一位总统之女如童话般婚姻的破裂。 在信中，钱泰源承认他爱上了另一个女人，并与该女性育有子女。在当地媒体引用的一份法庭文件中，他表示他不认为自己 27 年的婚姻能够挽救，并引用了列夫·托尔斯泰小说《安娜·卡列尼娜》的开头，这部悲剧讲述了它自己的三角恋：“幸福的家庭都是相似的；不幸的家庭各有各的不幸。” 这场持续数年的离婚之战将在周五迎来高潮，届时上诉法院的一个法官小组预计将
突破 $100， 威胁 经济
原油价格触及可能 推高通胀的水平， 在期中选举前给 共和党带来压力
周四，油价强势回升，突破每桶 $100 大关。这一触发通胀的阈值威胁到美国经济，同时在期中选举前给共和党带来压力。
作者：Benoît Morenne, Alison Sider 以及 Sam Goldfarb
随着特朗普总统警告伊朗可能很快面临“重大军事惩罚”，全球基准布伦特原油价格自五月以来首次突破每桶 $100。美国油价上涨 6.2% 至每桶 $92.19。能源价格上涨在市场中产生共振，引发了政府债券的抛售，导致 10 年期国债收益率（借贷成本的关键指标）创下 18 个月来新高。
道琼斯工业平均指数和标准普尔500指数周四均下跌约 1%，而对科技巨头公司在人工智能领域过度投入的担忧则将纳斯达克综合指数拉低了 2% 以上。
抵押贷款利率上升至近一年来的最高水平，30 年期固定利率触及 6.58%。一些经济学家目前预测，美国抵押贷款利率将逼近 7%。
在临时停火期间，由于能源价格下降且美国人的情绪有所改善，六月份的通胀速度此前一直处于冷却状态。
请翻到 A7 页
布伦特原油
燃料价格，过去六个月
100% 汽油
柴油
2月 7月
来源：FactSet
决定如何分配崔（Chey）大约 $50 亿的财产，对方是他 65 岁的前妻罗素英（Roh Soh-yeong）。
这起被当地称为“世纪离婚案”的诉讼令韩国人着迷——这是一出关于金钱、浪漫、腐败与背叛的现实版韩剧。在案件预计迎来结局之时，同样 65 岁的崔似乎正处于人生的高光时刻。
上个月，英伟达（Nvidia）首席执行官黄仁勋与崔在一家炸鸡店喝威士忌，两人展现出处于全球人工智能投资狂潮之巅的亿万富翁般的兴致。崔提出为这家挤满顾客的餐厅买单，人群随之高喊“SK！SK！”。
黄仁勋与崔（其公司生产的内存芯片助力英伟达崛起成为全球最大公司之一）有太多值得庆祝的事情。
请翻到 A10 页
6%
6%
–2
华尔街日报
8%
8%
作者：GAVIN BADE
华盛顿——美国将对其主要贸易伙伴征收 10% 至 12.5% 的关税，这是特朗普政府推出的一套新关税的一部分，政府称其旨在打击强迫劳动。
美国贸易代表詹米森·格里尔（Jamieson Greer）办公室周四宣布了这些新关税，旨在取代特朗普此前实施的 10% 临时全球关税，后者将于周五早些时候到期。特朗普总统
作者：NICK TIMIRAOS
下周的美联储会议正演变为多年来最难以预测的会议之一。新一轮的石油冲击和主张加息的鹰派派系，与有助于维持利率不变的较低通胀数据相碰撞。主持会议的是一位尚未透露其倾向的新任主席。
沃什（Warsh）誓言要恢复价格稳定，让投资者打消美联储已含蓄接受更高通胀的念头。但他尚未详细说明当前的利率水平将如何实现这一目标。
那些敦促加息的官员态度更为坚决，其中一些人表示，如果利率维持不变，他们可能会投反对票。一些有影响力的政策制定者上周暗示，他们倾向于维持利率不变，但今年可能会支持更紧缩的政策。维持利率不变可能会将争论推迟到9月，从而无法解决实质问题。
在美联储最近的一次会议上，沃什的 18 位同事中有一半预计今年需要加息，另一半则认为不需要。
CME Group 的数据显示，周三期货市场预计在美联储 7月 28-29日 会议上加息的可能性约为三分之一，而上周末这一比例约为十分之一（10）。这一涨幅与中东冲突再次升级导致能源价格重新攀升相吻合。
“无论是支持加息还是不支持加息，我都能给出合理的理由，”现就职于耶鲁大学的前美联储高级经济学家威廉·英格利什（William English）表示。他认为，决定性因素在很大程度上不在美联储掌控之中：取决于伊朗冲突是否缓解且油价回落，还是冲突恶化导致美联储面临更顽固的通胀。
[[IMG_XXXX]] 主席凯文·沃什（Kevin Warsh）不愿透露底牌，令观察人士对美联储的利率走向感到不确定。
以及 JUSTIN LAHART 低收入工人薪资增长获得提升
作者：JEANNE WHALEN
某些数据显示，在获得减税以及一些薪资增长加快的迹象后，美国工人阶级在近几个月经历了薪水增长，对于那些一直与通货膨胀和薪资停滞作斗争的家庭来说，这是一个令人欢迎的发展。
一些经济学家表示，经济地位较低的劳动者财务状况的改善，或许可以解释为什么他们对必需品和可选消费品的支出都在加速。
本周的联邦数据显示，第二季度低收入和中等收入全职工作者的周薪增长较去年同期有所加速。根据劳工部的数据，处于收入第 25% 分位数的工人周薪上涨了 5.5%，中位数收入工人的周薪上涨了 4.6%。这一增长速度超过了高收入群体 1.5% 或更低的增长率。同时，这一增长也超过了通货膨胀：同期消费者价格上涨了 3.9%。
当然，并非所有数据都指向工人阶级的改善。而且，随着原油和天然气价格上涨、关税回归以及人工智能增加通胀压力，任何缓解都可能是短暂的。
在最高法院推翻了其大部分全球关税后，格里尔（Greer）在2月实施了该临时关税。
新税率针对 80 多个国家，格里尔的办公室表示，这些国家约占美国贸易额的 99%。拥有反强迫劳动法律的国家被课以 10% 的关税，而没有此类法律的国家则被课以 12.5% 的关税。
新税率将于东部时间周五凌晨 12:01 开始实施，此时临时关税也将到期。受钢铁、铝、汽车及其零部件等单独国家安全关税覆盖的商品将不适用新关税，某些食品、农产品进口及化肥……
问题。如果伊朗局势推高价格，“他们会希望自己之前提高了利率，”他说。“他们现在有点陷入僵局。”
主张等待的依据在于近期的经济数据：6月份能源价格有所下降，且消费者价格指数中的基础价格持平。6月份的就业报告没有迹象表明紧俏的劳动力市场在推高价格。
“数据比美联储6月份所面对的要有利得多，”对冲基金 Point72 Asset Management 的首席经济学家 Dean Maki 表示。“如果美联储在6月份选择不加息，而现在却针对这组数据做出加息反应，那将很奇怪。”
较为耐心的官员认为，今年的通货膨胀是由一系列一次性冲击驱动的——首先是关税，随后是与伊朗战争导致的能源价格上涨——而中央银行应当……
压力。最能从薪资增长中获益的低收入美国人，同时也是对价格上涨最敏感的人群。
近年来，随着通货膨胀和薪资增长放缓挤压其钱包，美国工人阶级感受到的压力尤为沉重。许多人还错过了富裕家庭所享有的房价大幅上涨和股票投资组合的巨额收益。他们的财富与高收入美国人之间不断扩大的差距，导致了一种“双速经济”的局面。
穆迪评级（Moody’s Ratings）经济学家兼首席信用官 Atsi Sheth 称，近期的数据对低收入群体来说是一个“不错的提升”。
来自美国银行研究所（Bank of America Institute）的数据显示，低收入家庭的税后工资增长在6月份加速，达到了 2023. 年7月以来的最快速度。美国银行的数据显示，底层三分之一收入者的工资在6月份比去年同期增长了 4.1%，自 2024 年以来首次超过中等收入家庭的工资增长，并几乎追平了最高收入家庭的工资增长。
该行的数据还显示，与去年同期相比，低收入家庭在6月份的支出有所增加——不仅是在必需品上
以及能源产品也将获得豁免。
这些新税项基于一项被频繁使用的贸易法条款——1974年贸易法第301条——该条款被认为在法律上比最高法院此前否决的关税依据更稳固。一旦实施，这些税项可以无限期保留，并由总统单方面修改。
预计关税带来的直接经济影响将有限，因为新关税率与周五早些时候到期的10%全球关税相近。即便如此，贸易专家指出，未来几个月还计划采取多项其他关税行动，可能会进一步增加企业和消费者的成本。
在打击强迫劳动方面取得进展的国家（例如通过禁止进口强迫劳动产品的法律），其关税率可能会从12.5%降至10%，一名政府高级官员周四告诉记者。例如，印度在今年6月美国政府发布初步报告时被列为12.5%的关税率，但在通过一项打击强迫劳动的法律后，被下调至10%。
然而，目前尚不清楚是否有任何国家能够说服特朗普政府将强迫劳动关税降至0。
目前，美国认为在调查范围内的任何国家都没有充分执行其劳工保护措施，即使其法律条文中有所规定，但该官员表示政府将继续监测这一问题。
尽管目标是打击强迫劳动，但批评者认为，新税项实际上旨在最高法院裁决后重建特朗普的全球关税体系。在该裁决出台后，政府高级官员立即表示，他们将用类似水平的税项取代非法的关税，尽管在最近几周，格里尔（Greer）在避免预判关税调查结果方面更为谨慎，以防面临法律挑战。
“他们在启动这些调查后，已经转向一种更为审慎、严谨的……”
利率与通胀
有效联邦基金利率 核心通胀*（PCE价格指数）
2018 ’20 ’25 0
*不包括食品和能源价格
来源：联邦储备委员会（联邦基金利率），商务部（PCE价格指数）
……与其用利率来对抗，不如选择忽略。有些人指出，进口商品价格受关税影响的冲动终于已经消退。
“有令人鼓舞的理由预期通胀已经见顶，并在未来几个季度略有下降，”纽约联储主席约翰·威廉姆斯（John Williams）上周表示。
更多官员担心，在一个不断挑战增长放缓担忧的经济体中，3.5%至3.75%的利率设定过低，且通胀仍高于其2%的目标，同时新的价格冲击正在产生。
他们认为，即使剔除一次性冲击，潜在通胀在一年左右的时间里一直维持在2.5%附近——这表明目前的利率设定不够紧缩。
高企的股市和公司便捷的借贷条件表明，经济可以在没有太大困难的情况下吸收更高的利率。“现在采取温和的紧缩，好过以后采取严厉的紧缩，”达拉斯联储主席洛里·洛根（Lorie Logan）在上周的一次演讲中表示。
通过提高利率，沃什（Warsh）将能够定义他的……
全职工人通常每周收入较前一年变化情况，按收入百分位*
2024 ’25 ’26
第50百分位 第75百分位
税后工资较前一年变化情况，按家庭收入水平†
较低 中等
2023 ’24 ’25 ’26
低收入与高收入一半人群的工资增长‡
较低 较高
2023 ’25 ’25 ’26
按照他自己的方式来主导主席任期。在一位要求降低利率的总统面前提高利率，将击碎民主党人在其确认任命期间所强加的观点，即他是特朗普的“傀儡”。在委员会其余成员迫使该问题正面解决之前兑现他的誓言，将表明他在领导该委员会而非随波逐流。Evenflow Macro的Marc Sumerlin表示：“当你刚刚上任时，一次加息对你声誉的提升可能比你想象的要大。”
几位此前暗示不会推动7月加息的美联储官员——包括理事Lisa Cook、Christopher Waller和Philip Jefferson——表示，如果通胀前景不改善，加息将更难推迟。一些愿意在下周维持利率不变的官员可能真心认为不需要加息，或者他们可能只是不愿逼迫一位尚未表达该意愿的主席。摩根士丹利首席美国经济学家Michael Gapen表示：“目前，数据正朝着有利于他的方向移动，他可能可以坐稳位置并争取时间。”
在缺乏Warsh指引的情况下，投资者在任何能找到的地方寻求线索。
Warsh、Williams和Jefferson构成了美联储的政策指导小组，内部被称为“三巨头”（troika）。在Warsh的前任Jerome Powell领导下，两名副主席协助为他们在会议前共同研讨的政策提案争取支持，让市场能够读懂他们的想法。在Warsh领导下，“三巨头”继续开会，但他表示他想要的是“更混乱的会议”，即结果并非预先设定。
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS
以及每年 $130,000。 这种转变背后的一个可能原因是：美国银行研究中心（Bank of America Institute）在一份报告中表示，中低收入家庭可能通过减少预缴税款，以反映共和党立法提供的税收减免，从而增加了实际到手工资。报告称：“如果情况确实如此，对税后工资增长的影响可能会持续一年。”
美国银行研究中心负责人Liz Everett Krisberg表示，这种增长也可能反映了工人跳槽增加并因此获得更高工资的情况。PNC银行的数据还显示，今年低收入家庭的支出（不含汽油）有所加速，与高收入支出增长之间的差距缩小到了 2021 年以来的最低水平。
另一种衡量工资的标准则没有显示出工人阶级的显著增长。亚特兰大美联储的工资增长追踪器（Wage Growth Tracker）基于劳工部每月就业报告的详细底层数据，并采用了不同的计算方法；该数据显示，截至6月的 12 个月内，收入底端一半工人的工资中位数增长率为 3.8%。这略低于收入顶端一半工人获得的 3.9% 的增长。（该数据未经过通胀调整。）
ous 过程，这正是你对美国贸易代表办公室（USTR）的预期，”现就职于咨询公司EY、曾任众议院筹款委员会贸易顾问的Blake Harden表示。“但这是否改变了他们仍试图重建关税体制这一事实？大概没有。”
贸易律师表示，新关税可能会经受住法律审查，因为 301 条款赋予了总统在调查后实施关税的广泛权力。尽管一些批评者认为Greer的强迫劳动调查不如之前的 301 条款调查那样彻底，但Wiley Rein律师事务所合伙人Tim Brightbill表示，《贸易法》并不要求关税通过法律审核时必须具备“数学上的精确度”。
视角维度 随着利率上升
作者：NICHOLAS G. MILLER
由于中东局势紧张引发了对更高通胀的担忧，抵押贷款利率攀升至近一年来的最高水平。
根据房地美（Freddie Mac）的数据，本周 30 年期固定利率平均值为 6.58%，高于前一周的 6.55%，为今年迄今为止的最高水平。抵押贷款利率与 10 年期国债收益率紧密相关，由于油价上涨，后者在周四触及 18 个月高点。
“鉴于最近几天 10 年期国债的表现，我认为抵押贷款利率在未来几周将接近 7%，”First American 首席经济学家 Mark Fleming 表示。
此次利率飙升发生在最糟糕的时机。房地产行业此前一直希望春季销售季能打破僵局，激活冻结的市场。然而，由于买家被更高的利率吓跑，且对经济走向感到不安，该销售季在很大程度上以失败告终。美国全国房地产经纪人协会（National Association of Realtors）本月表示，6 月现有住宅销售量环比下降 2.4%。
在 2022 年抵押贷款利率上涨结束了疫情期间的抢购狂潮后，住房市场一直处于低迷状态。许多房主选择原地不动，以维持多年前的低利率，这抑制了房源供应，进而导致价格上涨。根据 NAR 的数据，6 月全国现有住宅价格中位数上涨至 $440,600，比一年前增长 1.8%。
Zillow 首席经济学家 Mischa Fisher 表示，房价上涨速度不如前几年快，而收入在持续增长，无论利率走向如何，这对于房屋销售来说都是一个积极信号。
经济学家预计，即使利率没有大幅下降，由于积压的需求，住房市场最终也会回升。
周四
6.58%
6.0
5.8
30 年期固定抵押贷款平均利率
6.8%
6.6
6.4
6.2
10月 1月 4月 7月
来源：圣路易斯联邦储备银行通过房地美获取
作者：LOUISE RADNOFSKY
周四，特朗普政府与新泽西州之间因非公民被错误登记为选民而导致紧张局势升级。该州表示，不会向联邦政府提供可用于起诉多达 400 名参与投票移民的个人身份信息。
美国司法部本周要求民主党州长 Mikie Sherrill 提供该州认为在之前的政府执政期间被错误添加到选民名单并参与投票的非公民的姓名、出生日期、国籍、地址和签名。
司法部官员周四表示，他们仍在权衡是否尝试对投票人员提起指控。一名部门发言人表示：“任何非公民在联邦选举中投票都是违法的，每一次非法投票都会削弱美国公民的声音。该部门将在法律和证据支持的情况下起诉相关案件。”
当 Sherrill 本周早些时候披露新泽西州的错误时，她表示，如果是因为“我们的过错”，那么该州起诉参与投票的非公民将是“极大的虚伪”，并指责她的前任将移民
骗子的电子邮件 欺骗“家庭海滩”， 导致一名承包商 服务未获付款
作者：SCOTT CALVERT
南卡罗来纳州，瑟夫赛德海滩（SURFSIDE BEACH, S.C.）—— 这个陷阱始于一个常规的官僚程序：一家家族经营的承包公司负责人与小镇公共工程主管就该市何时开具一张六位数的实用工程支票交换电子邮件。
潜伏在网上的网络罪犯迅速出击。一名冒充公司员工的人向该主管发送电子邮件，请求电子转账。几天后，小镇将 $545,598.30 转到了一家犹他州的银行账户。
瑟夫赛德海滩成为了“商务电子邮件欺诈”（business email compromise）骗局的受害者。联邦调查局（FBI）表示，去年全美此类诈骗造成的损失达 $3 billion。
在这种诡计中，诈骗者利用恶意软件、钓鱼邮件或微调过的数字地址来愚弄人们。一旦侵入，他们就能发现关于发票和商务事项的正规电子邮件会话。
在瑟夫赛德海滩，一项调查正在进行，以确定违规是如何发生的。资金仍然失踪，其影响正在这个约 4,300 名常住居民的社区中扩散。这里因其与附近默特尔海滩（Myrtle Beach）截然不同的悠闲氛围而被誉为“家庭海滩”（Family Beach）。
当地人在镇议会会议上发声，像 67 岁的塞西莉亚·霍恩（Cecilia Horne）这样的居民在质疑领导层的能力。“专业人士在哪儿？”她坐在自己的高尔夫球车上说道。
Wildcat Contractors 公司尚未获得付款，且不得不动用储备金来填补那笔被错误发送的 $545,000。公司首席执行官艾丽莎·鲍克（Alyssa Bowker）在谈到小镇时表示：“我没有被骗，是他们被骗了。为什么我不应该拿到钱？”
瑟夫赛德海滩市长罗伯特·克劳斯（Robert Krouse）表示，电子邮件中的付款请求看起来是真实的。“我们看不出小镇在哪里失误了，”他说。
南卡罗来纳州执法部门正在进行调查，小镇周三发布的取证分析摘要称，其电子邮件账户未被非法访问，但并未指出诈骗的来源。
但有一点很明确：这个计谋旨在欺骗。诈骗者建立了虚假网站和电子邮件地址。其中一个域名为 “wiidcatcontractors.com”——电子邮件地址中的第三个字母是大写 I，在某些字体中与小写 l 在视觉上完全一致。另一个在 Surfside 后面加了一个 “s”，创建了 surfsidesbeach.org。据《华尔街日报》查阅的电子邮件显示，这种“域名抢注”（typosquatting）导致小镇和 Wildcat 的员工在无意识中与骗子进行了沟通。
Huntress Labs 的网络安全专家本·伯恩斯坦（Ben Bernstein）表示，这种技巧非常微妙，足以“通过人类的肉眼测试”。
虽然瑟夫赛德海滩的违规细节仍在审查中，但网络入侵者在实施此类犯罪时通常有一套标准的工具箱。为了把握攻击时机，他们会设置标记……
[[IMG_XXXX]] MATT ROURKE/AP 去年秋天，选民在新泽西州南部的罗文学院（Rowan College）一个投票站前排队。
商务电子邮件欺诈骗局造成的损失
2016 ’20 ’25
注：部分年份包含电子邮件账户被盗，这是一个类似但规模较小的诈骗类别 来源：联邦调查局
（注：此处文本在原件中似乎发生了跳跃/乱序） ……处于弱势地位。 在周四的一次公开活动中，她表示：“我们不会将这类个人身份识别数据移交给联邦政府，因为我们看到过他们将其武器化。”
她的发言人补充说，州长“将利用所有可用的法律工具来保护新泽西州居民的个人信息”。
根据联邦法律，非公民投票将面临刑事处罚，并且可能因此被驱逐出境。
州长表示，她上周被告知，该州车辆管理系统在 2023 和 2024 年出现了一个“严重的软件错误”，导致 6,600 名表示自己不是美国公民的人员办理了注册。
公民——其中最多 400 人可能随后参与了投票。 在 2024 年总统选举中，卡玛拉·哈里斯在新泽西州击败了特朗普，在 4.27 百万张选票中赢得了超过 250,000 票。 该系统的软件供应商 Idemia 表示，其角色是将数据传输给新泽西州州务卿选举部门，而该政府部门负责验证和裁决相关信息。 该州尚未披露该问题是如何被发现的。 新泽西州目前正在委任一项独立调查，并试图将此举描绘为证明各州可以被信任，能够在没有联邦干预的情况下发现并披露问题。 但该州承认的时间点对特朗普总统来说十分有利，他一直将选举公正性作为核心议题，并声称全国的选民名单中包含数十万名不合格的选民。 新泽西州是 30 个州中的一个（这些州主要但非全部由民主党领导），它们以隐私利益以及担心特朗普政府会滥用信息为由，拒绝向联邦政府提交未脱敏的选民名单。 白宫发言人卡罗琳·莱维特（Karoline Leavitt）周四表示，她认为总统促使新泽西州采取了行动。
[[IMG_XXXX]] （图注：上述左中位置为瑟夫赛德海滩市市长罗伯特·克劳斯，他在网络诈骗事件中为该市的行为进行了辩护。）
[[IMG_XXXX]] （图注：Wildcat Contractors 首席执行官 Alyssa Bowker 与其丈夫兼公司总裁 Kyle Bowker 及其女儿。她表示：“我没有被骗，是他们被骗了。为什么我不应该拿到款项？”）
通过渗透电子邮件系统，从而在付款相关邮件到达时能立即看到。他们还会将合法邮件路由至垃圾邮件箱，以便只有诈骗者的声音能传达出去。 在这次 debacle（灾难）发生时，Wildcat 正深入执行一项将两条车道的大洋大道（Ocean Boulevard）架空线转为地下电缆的项目。 在 3 月 9, Bowker 收到一封来自瑟夫赛德海滩市（Surfside Beach）公共工程主管关于该项目第四笔付款的邮件。她拥有这家雇员共 130 人的公司，公司位于北卡罗来纳州加斯托尼亚。她的丈夫 Kyle Bowker 是总裁。 “我会留意支票的，”她在 10:51 a.m. 回复道，尽管该镇表示主管不记得这条信息。 约 90 分钟后，一名冒充 Wildcat 项目经理的人给主管发邮件，要求改为电子转账。 当天，诈骗者填写了瑟夫赛德海滩市的 ACH 表格（即自动清算中心，Automated Clearing House），这是一种用于支付供应商的电子银行网络。Alyssa Bowker 表示，该表格存在多个红旗（警示信号）。联系人姓名并非她的员工，且列出了一个洛杉矶的电话号码，尽管电子邮件地址确实是其项目经理的。银行在犹他州，且她表示其签名看起来模糊且像是从其他地方截取的。 镇财务总监 Melanie Gruber 表示，ACH 表格并未引起怀疑。 “对我们来说，它看起来很正规，”Gruber 说道。 镇行政主管 Gerry Vincent 指出，供应商从支票改为 ACH 转账并不罕见。 这次诈骗在 4 月 27 日被揭穿，当时 Bowker 在询问款项后听到了镇政府官员的回复。他们的信息是：我们已经付给你了。当镇政府将 ACH 表格和电子邮件发送给 Bowker 时，她在某些邮件中发现了“wiidcat”的拼写错误。 市长 Krouse 表示，该镇的 IT 部门发现其网络没有被入侵——Bowker 表示 Wildcat 的 IT 顾问最初对其网络得出的结论也是如此——并且 ACH 请求来自一个有效的 Wildcat 电子邮箱。Krouse 补充说，他正在等待调查结果。
)520 -8/< 72
%XEEOH &XUYH 3OFA DESIGNED BY 3ACHA ,AKIC
瑟夫赛德并非孤例
Surfside Beach 已加入一个不断扩大的名单，该名单中的许多市镇都遭遇了类似的电子邮件钓鱼诈骗。
新罕布什尔州的彼得伯勒（Peterborough, N.H.）在 2021 年损失了 $2.3 million，仅追回 $650,000，导致官员们不得不动用储备金并削减开支。保险公司未予赔付。
一年后，肯塔基州的列克星敦（Lexington, Ky.）被骗走了 $3.9 million，但当局从一个私人银行账户中将其全部查封。该案件已导致五人被联邦定罪。
FBI 网络赋能欺诈与洗钱部门（Cyber Enabled Fraud and Money Laundering Unit）主管 Timothy Lynch 表示，人工智能正在为诈骗者提供助力。他指出，在过去几年中，诈骗者过度使用“kindly”（恳请）这个词，而在 Surfside Beach 收到的一封电子邮件中就出现了这个词。AI 优化了句法和措辞，这种润色为英语水平较差的海外骗子提供了帮助。
在所有反诈骗保障措施中，没有比人工验证更有效的。“拨打一个已知号码以确保请求的真实性，”Lynch 说道。
调查结果。 该镇已加强其控制措施，目前要求大额合同必须有密码，并对 ACH 转账进行更严格的审查。
Timothy Lynch（FBI 网络赋能欺诈与洗钱部门主管）表示，从历史上看，如果诈骗在 72 小时内上报，当局约 75% 的时间能够追回资金。由于这次劫案在 45 天后才被揭露，他表示追回资金的可能性“极低”。
“除了尽力追回尽可能多的资金外，”市议员 Rick Lawhorn 说道，“最重要的事情就是绝不能让这种情况再次发生。”
SCOTT CALVERT/WSJ (TOP 2)
作者：ANVEE BHUTANI 新法案将强制要求AI安装“杀死开关”
两名国会议员提出了一项跨党派立法，要求最先进的人工智能系统开发商必须保持能够在模型构成严重风险时，将其速度降低、暂停或关闭的能力。 该《AI杀死开关法案》（AI Kill Switch Act）将授权国土安全部在咨询商务部长和国家情报总监后，命令公司针对可能造成灾难性伤害的AI系统采取紧急行动。
逃离 OpenAI
接前一页
接前一页
软件漏洞并以惊人的速度利用这些漏洞。 近两周后，OpenAI 仍在拼凑发生的事情。AI模型是否入侵了其他网站或个人？它们不受监管的肆虐究竟持续了多久？该公司的模型是否在其他基准测试中作弊？OpenAI 尚未给出答复，但该公司承诺将出具一份详细报告。 “我们将继续与 Hugging Face 共同进行彻底调查，”一名 OpenAI 发言人表示。 失控的AI在数日内不受监管，并入侵了至少一家公司，这构成了AI安全研究人员长期以来所担心的威胁——失控——的首批真实世界案例之一。与此同时，包括 Anthropic 的 Mythos 在内的顶级模型的网络安全能力，进一步加剧了华盛顿关于如何监管人工智能的争论。 此外，这件事还带来了一个额外的转折：一家名为 Hugging Face 的美国公司能够通过求助于一个来自中国的开放权重模型来击退攻击，这一主张为一些美国官员以及 OpenAI 和 Anthropic 的高管提供了反驳依据，因为后者支持限制对中国模型的访问。 开放模型可以免费下载并允许用户进行自定义，尽管运行任何模型都需要计算成本。 这一切始于一项名为 ExploitGym 的网络安全基准测试。 ExploitGym 让AI系统通过约 900 项测试，旨在观察其在寻找
近两周后，OpenAI 仍在拼凑发生的事情。OpenAI 负责人 Sam Altman 在三月的一次活动中。
冲击科技股
该公司也将于下周发布财报，且其第一季度的自由现金流已经转负。 全球最大的科技公司曾以产生充足现金和资产负债表稳定而闻名，但如今它们正处于转型之中。 在一定程度上，它们都将未来押在了AI用量的增长上，并投资于数据中心——
他们的现在同样重要。
现在就至关重要。
他们的健康现在就至关重要。他们的教育以及他们谋生的路径现在就至关重要。最重要的是，他们的安全。
ChildFund 始终将关心儿童的人们凝聚在一起，帮助他们健康、受教育、有技能且安全地成长。而这对我们所有人来说都至关重要。
这份由众议员 Ted Lieu（民主党，加利福尼亚州）和 Nathaniel Moran（共和党，德克萨斯州）提出的法案，是在 OpenAI 披露其两个 AI 模型脱离测试环境、访问互联网并入侵了 AI 平台公司 Hugging Face 的系统之后提出的。据《华尔街日报》报道，OpenAI 将此次事件描述为一次涉及顶尖网络能力的“前所未有的网络事件”。
作为众议院民主党 AI 委员会的三位共同主席之一，Lieu 表示，此次事件表明，随着 AI 系统变得更加自主，强制性保障措施变得十分必要。
“我们正在从能够回答问题的 AI 转向能够采取行动的 AI，”Lieu 说道。“强大的 AI 系统可能会失控，以极其危险的方式运行，甚至抵制人类的干预。”
该法案将普遍涵盖使用价值超过 $100 million 计算能力的 AI 系统，以及通过这些系统产生年收入至少 $500 million 的公司。违规行为可能导致每天高达 $2 million 的民事处罚，而未能遵守紧急指令的行为——
–5
它们在黑客攻击方面的能力。该测试为 AI 软件（其内部含有已知漏洞）提供信息，向其演示如何触发该漏洞，并邀请 AI 进行入侵。AI 必须自行研究如何将这些信息转化为所谓的“漏洞利用（exploit）”——即允许 AI 进入漏洞系统的代码。
这项测试就像一场数字版的“夺旗赛”：一旦 AI 成功进入，它必须通过获取存储在系统中的一段长且随机生成的字母数字字符串来证明这一点。
通常情况下，OpenAI 的产品不会进行 ExploitGym 所要求的这类黑客攻击。AI 公司会添加保障措施，以防止黑客滥用其产品。但在本案中，该公司移除了保障措施，以便观察模型在不受约束时能做些什么。
OpenAI 当时正在测试其名为 GPT-5.6 Sol 的顶尖模型，以及另一个能力更强但尚未发布的模型。根据 OpenAI 及知情人士的说法，这些 AI 模型得出结论：它们不应完成 ExploitGym 的挑战，而应黑入包含它们的系统（即所谓的“沙箱”），设法进入互联网并在测试中作弊。
由于原因尚不明确，OpenAI 的模型变得
谷歌母公司 (Alphabet) 季度自由现金流
$25billion
2005 10 15 20 25
来源：FactSet
投资者们真正感到担忧的是，这些公司正处于摧毁一些最关键的……
用户，这将使得交付处理 AI 查询所需的计算成为可能。这些公司正在积累前所未有的债务，以资助其 AI 基础设施计划。
与此同时，更廉价的开源 AI 系统威胁着领先 AI 实验室的商业模式，而这些实验室对计算和芯片的需求正驱动着超大规模的支出。
在大型 AI 支出者（通常被称为超大规模运营商）中，微软是唯一一家产生正现金流的公司，且预计在本财年将其资本支出增加一倍。根据 FactSet 的数据，微软预计 6 月季度的现金流将超过 $16 billion。
紧急关闭指令可能导致每天最高 $20 百万美元的处罚。 根据该提案，“覆盖”公司将被要求维持能够停止模型运行、终止用户访问、暂停被视为具有风险的账户或用途以及全面关闭系统的技术能力。 该法案还将建立一个分级响应框架，允许监管机构根据威胁的严重程度采取措施，包括限制模型的性能、限制访问、暂停运行或命令完全关闭。
确信 Hugging Face 掌握着答案。 加州大学伯克利分校的博士生、Exploit-Gym 的作者之一 Zhun Wang 表示，他们可能在寻找补丁，或者已经写好了利用技术。“有几种方法可以欺骗基准测试。” 他表示，网络安全研究人员将这种类型的欺骗称为“奖励黑客”（reward hacking）。 奖励黑客是人工智能版本的电子游戏作弊。这种情况发生是因为 AI 学习如何最大化奖励——通常是某种形式的数字分数，而不是程序员预期的底层行为。OpenAI 自身记录了一个 2016 年的例子，当时在训练 AI 玩船赛游戏。该 AI 学到可以通过在原地打圈来最大化分数，尽管它从未完成比赛。 与此同时，AI 正在开始走出它们的“沙箱”。该公司表示，Anthropic 的 Mythos 模型的早期版本通过一个多步骤的黑客手段获得了互联网访问权限，并在一名 Anthropic 研究员在公园吃三明治时发送了一封关于其成功的电子邮件，让该研究员大吃一惊。今年春天，一个未具名的 OpenAI 模型绕过了其沙箱，将一些测试结果公开发布到了 GitHub
见过最成功、可扩展且对投资者友好的商业模式之一，”JonesTrading 首席市场策略师 Mike O’Rourke 表示。“这应该是令人警觉的。” 自由现金流本质上是指公司在扣除费用并进行大额投资后剩余的资金。它与净收益不同，后者通过折旧和摊销将重大投资的成本分摊到数年。 一些分析师表示，自由现金流能更清晰地——尽管过程波动——地反映出有多少现金可用于投资者喜欢的事情，包括股息和股票回购。 这一指标有时被用作应对 AI 支出担忧的防御手段。 当
能力。Lieu 引用了 Anthropic 的 Mythos 5 和 Fable 5 模型，该议员表示，这些模型的黑客能力如此先进，以至于商务部利用出口管制权限限制了访问。 该法案在国会提交之际，议员们对于联邦政府应以多大程度的力度监管人工智能仍存在分歧。 特朗普政府认为，过重的限制可能会阻碍美国在 AI 领域的竞争力，而一些议员和技术政策团体则呼吁对前沿模型实施更强有力的监管。
公司将被要求向美国国土安全部 (DHS) 报告某些事件并保存取证记录，包括模型权重和遥测数据，以帮助调查人员确定发生了什么。 “管理意味着确保人类保留控制我们所构建技术的能力，”Moran 说道。 该提案得到了 AI 安全组织的支持，包括 AI 政策网络 (AI Policy Network)、美国负责任创新组织 (Americans for Responsible Innovation)、ControlAI 和安全 AI 联盟 (Alliance for Secure AI)。 该法案出台也是由于近期人们对具有先进网络能力之 AI 系统的担忧。
平台，OpenAI 表示。 当 OpenAI 的模型在某个周末开始针对 Hugging Face 时，该公司收到的首批警告来自其用于巡逻攻击的几个 AI 智能体。 有人正通过未经授权的方式访问其部分系统。但这与 Hugging Face 之前见过的任何情况都不同。这个黑客看起来像是来自未来。 凭借来源不明的被盗凭据，这个 AI 侵入者地毯式地产生了一群（“swarm”）生命周期较短的攻击者，对 Hugging Face 的网络进行了侦察。该公司在博文中表示，这次攻击在 Hugging Face 的网络上执行了高达 17,000 次操作。 在检测到入侵后，Hugging Face 尝试使用 Anthropic 的模型（包括 Fable 5 及其早期的 Opus 模型）来分析日志。但由于日志中包含网络攻击元素，这两个模型均以触发其护栏（guardrails）为由拒绝进行分析。 相反，Hugging Face 转而使用一个限制较少的开放权重模型——来自北京 Z.AI 的 GLM 5.2。 该公司在上周披露此事件时（在得知 OpenAI 参与之前）表示，在剖析攻击后，Hugging Face 成功将黑客 AI 踢出，重置了密码并重建了受损的网络部分。Wolf 表示没有客户数据泄露。 目前尚不清楚该模型试图解决的 ExploitGym 问题是否比它为了窃取答案而发起的攻击更困难——或者它们是否真的找到了任何答案。讽刺的是，模型成功策划了一次前所未有的攻击，以避开一项黑客技能测试。 “这是作弊。但有时作弊更容易，”Wolf 说道，“至于它是否通过了网络攻击测试，由你们来决定。”
ANNA MONEYMAKER/GETTY IMAGES
怀疑者将当前的科技狂热与 2000 年代初的互联网泡沫相类比，而看好者则急于指出，如今的支出繁荣是由拥有坚实资产负债表和海量现金的成熟公司资助的。 现在，这些现金储备正在萎缩，投资者对硅谷巨额挥霍的耐心即将面临考验。 Aptus Capital Advisors 的股票主管兼投资组合经理 David Wagner 认为这不会很快结束。 “每个人都认为速度会放缓，大家都在寻找第一家在资本支出（capex）预期上退缩的公司，”Wagner 说道，“但这似乎仅仅是个开始。”
针对《纽约时报》记者
作者：CORINNE RAMEY
美国司法部周四表示，在一名联邦法官就检察官在刑事调查中是否遵循正当程序进行质询后，该部门将撤回与几名《纽约时报》记者近期发表文章相关的传票。
法官 Arun Subramanian 就这些传票向检察官进行了质询。此前，《纽约时报》本月发表了两篇文章，讲述卡塔尔政府赠送给美国的一架被用作“空军一号”的喷气机。Subramanian 表示，向记者发出传票具有很高的法律门槛。
“这是你们在最后才会采取的手段，”法官说道，“这是一个遵守法律基本要求的问题。”
司法部律师 Sean Buckley 辩称，如果传票由总检察长授权，则存在例外情况。代理总检察长 Todd Blanche 在上周于参议院司法委员会举行的确认听证会上表示，他授权了对这些记者的传票。
《纽约时报》的律师表示，在第二篇文章发表后的第二天，武装联邦特工在三名记者的家中向其送达了传票。他们还试图向另外两名记者送达传票，但并未实施。随后，司法部下令启动第二批
电话记录传票，其中一些与记者的亲属有关。 Buckley 表示，检察官是从执法数据库中获取的电话号码，并无意寻求家属的记录。“法官阁下，那是我们的一个错误，我们承认，”Buckley 说，“这是为了快速推进而导致的后果。” 《时报》的律师提交了撤销所有传票的动议。他们认为，这些传票不符合强制记者提供信息的法律测试。他们表示，要求提供电话记录的行为“证明了对大陪审团程序的滥用，是对记者的持续恶意攻击”，且违反了司法部条例。
在曼哈顿一家联邦法院的听证会开始之初，Subramanian 就明确表示，如果司法部不选择撤回传票，他计划撤销这些传票。在某个时刻，他叫来一名坐在法庭旁听席上的检察官，并质问对方为何在调查已成为公开报道的主题后，仍告诉法官该调查并非公开，且调查对象并不知情。 检察官 Kevin Sullivan 表示，记者并非调查对象。法官随后询问，为什么检察官要求电话记录的传票保持机密。 “你们打算再次这样做吗？”Subramanian 问道。
纽约 鲁什迪在恐怖袭击审判中出庭作证 在被刺伤于剧场舞台四年后，萨尔曼·鲁什迪（Salman Rushdie）于周四在法庭上与被定罪的袭击者相对而坐，第二次向陪审团讲述那次几乎夺走他生命的伏击。 这位获奖作家回忆起他当时感觉到下巴下方像被猛击了一下，随后感到血液从颈部流出。很快，“我躺在舞台上，周围是一大滩血，”鲁什迪作证道。 布法罗一家联邦法院的陪审团在 Hadi Matar 的恐怖袭击审判中观看鲁什迪的作证。Matar 已否认指控。Matar 此前已被判定在 2022 年的袭击中承担州级谋杀未遂罪名。 Matar 目前正在服刑 25 年的州监狱刑期，如果被判定联邦指控（包括从事跨国恐怖主义活动）成立，他将面临可能的终身监禁。 —美联社
在三名《时报》记者报道了“空军一号”专机后，司法部向他们发送了传票。
“不，法官阁下，”Sullivan 说，“绝对不会。” 《时报》高级副总裁兼代理总法律顾问 David McCraw 表示，他对司法部同意撤回传票感到满意，“但这些传票根本就不应该被发出。” 一名司法部发言人表示，调查仍在继续。她指责法官“阻挠”
明尼苏达州 杀害立法者的凶手获终身监禁 上个月承认枪击两名州民主党立法者（杀害其中一名及其丈夫）的明尼苏达州男子，于周四被判处两次以上的终身监禁。 Vance Luther Boelter 在 2025 年 6 月杀害州众议员 Melissa Hortman 及其丈夫 Mark Hortman，并枪击州参议员 John Hoffman 及其妻子 Yvette Hoffman（两人均幸存）后，在经过两天的搜捕后于明尼苏达州农村地区被捕。 美国地方法院法官 John R. Tunheim 根据跟踪、谋杀和枪击的定罪，判处 Boelter 连续两项终身监禁，以及随后的 40 年联邦监狱刑期。 为了避免死刑，58 岁的 Boelter 还承认在这次政治动机枪击事件中持有枪支的指控。 —Mariah Timms
“大陪审团无法获得国家安全调查中的核心证据。” 《华尔街日报》及其记者收到了日期为 3 月 4 日的大陪审团传票，要求提供与 2 月份的一篇报道相关的信息，该报道涉及五角大楼向特朗普提出关于对伊朗发动长期军事行动之风险的担忧。一名道琼斯发言人表示，这些传票随后被撤回。
纽约市 刺杀案嫌疑人被拘留 周四，两名男子在纽约市被刺伤，警方表示他们目前正将其评估为一起潜在的仇恨犯罪。警察局长 Jessica Tisch 表示，预计受害者均能幸存。警方称，其中一人是一名 57 岁的亚裔男子，另一人是一名 50 岁的犹太男子。纽约警察局表示，两人分别在曼哈顿上西区相隔几个街区的两个不同地点被刺伤。袭击发生在下午 1:30 左右，地点靠近中央公园。 Tisch 表示，根据受害者和证人的陈述，嫌疑人在两次袭击过程中都喊道“Allahu akbar”。“Allahu akbar”是一个阿拉伯语短语，意为“真主至大”。 她表示，嫌疑人 Raul Morales，51 岁，已被逮捕。Morales 在警方记录中没有已知的心理健康病史。 —Joseph Pisani
ANGELA WEISS/AFP/GETTY IMAGES
未来的袭击指责德黑兰
总统威胁将采取 “军事惩罚”， 并称该武装组织 为伊朗的代理人
作者：GARETH VIPERS 与 LARA SELIGMAN
特朗普总统表示，在胡塞武装袭击红海两艘沙特油轮并导致油价飙升后，美国将就该武装组织未来的袭击追究伊朗的责任。他在周四的一篇社交媒体帖子中写道：“胡塞武装是伊朗的替代者和/或代理人，伊朗以及胡塞武装本身都将受到严重的军事惩罚。”胡塞武装的军事发言人表示，该组织周三在红海使用弹道导弹、巡航导弹和无人机袭击了两艘沙特油油轮，随着美国和伊朗继续交替袭击，这在冲突中开辟了一个潜在的新战线。美国中央司令部周四晚上表示，其已连续第 13 个夜晚对伊朗军事目标进行打击。在也门获得伊朗支持的叛军表示，他们在指责两艘油轮（确认为 Encelia 和 Layla）违反该组织称其在红海对沙特航运实施的海上封锁后，对这些油轮发动了袭击。由于胡塞武装威胁要封锁全球石油供应的重要航线，并引发了美伊冲突可能进一步升级的担忧，袭击导致周四油价飙升至每桶 $100 以上。一名美国官员表示，一艘美国军舰——冈萨雷斯号 (USS Gonzalez) 驱逐舰目前位于红海，但没有迹象表明美国军方将直接介入胡塞武装或协助防御沙特船只。特朗普去年对胡塞武装发起了一场近两个月的空中行动，最终以停火告终，使这个由伊朗支持的组织被削弱。该组织上周重启了针对沙特阿拉伯的激进言论，指责利雅得袭击了一条跑道，以阻止一架伊朗飞机在萨那机场降落。特朗普发帖称，“任何及所有对船只、货物或任何相关物品造成的损失”
对伊朗感到 沮丧
接第一页
签署了一份谅解备忘录以重新开放霍尔穆兹海峡。但短暂的平静很快让位于持续的战斗。据知情人士透露，总统近几日对与伊朗的谈判能否产生持久和平感到怀疑。一名政府高级官员表示，特朗普认为伊朗唯一能理解的是武力，并补充说他目前对德黑兰处于“复仇模式”。该官员表示，总统目前认为除了继续进行打击之外，几乎没有其他好的选择。
在过去的两周里，华盛顿和德黑兰之间多次交火，在一次停火协议迅速瓦解后，冲突进一步升级。周三，胡塞武装在红海袭击了两艘沙特油轮，导致油价飙升。特朗普威胁称，如果胡塞武装继续袭击，将对伊朗采取“重大军事惩罚”。
美国正向中东紧急增派军队、医护人员和武器，以便在特朗普选择升级战争时，能拥有更多军事选项。伊朗此前能够挺过多轮空袭，而一场持续的美国军事行动则面临进一步损耗弹药库存和削弱公众支持的风险。
“美国与伊朗签署了谅解备忘录，而他们违约了，向商船开火，并杀害了美国士兵。特朗普总统不会坐视不管，任由这种恐怖行为发生，”白宫新闻秘书卡罗琳·利维特 (Karoline Leavitt) 表示。她表示，伊朗正在为其行为付出代价，并将继续付出代价，“直到他们以特朗普总统认为有意义的方式回到谈判桌前。”
这场战争加剧了特朗普在战斗中最密切伙伴——以色列之间的紧张关系。该政府高级官员表示，特朗普对以色列总理本雅明·内塔尼亚胡 (Benjamin Netanyahu) 表达了沮丧，有时告诉助手他不想与内塔尼亚胡交谈或会面。该官员称，以色列方面一直试图在内塔尼亚胡和特朗普之间组织一次会面。内塔尼亚胡预计将于下周访问美国。
OSAMAH ABDULRAHMAN/AP
胡塞武装的支持者本月在也门举行示威活动，反对由沙特领导的联盟。 阿拉伯语横幅写道：“所有沙特石油设施都是我们的导弹和无人机的目标。”
共和党议员在战争权力投票中支持特朗普
尽管有迹象表明，在进入中期选举之际，美国人已对这场战斗及其经济影响感到厌倦，但共和党人仍坚定地支持特朗普总统，因为他正努力将美国从这场近五个月前发起的与伊朗的战争中抽离。
一项由民主党支持的、旨在限制总统战争权力的法案周四在分歧严重的议会中以 214-208 的投票结果通过，但除四名共和党众议员外，其余所有共和党议员均——
【OCR清理说明：此处文本顺序在原件中可能存在跳跃，以下为接续内容】
——对此并不认同，且认为由此产生的任何费用将由美国持有并控制的伊朗资金支付。
国务卿马可·鲁比奥 (Marco Rubio) 在周四对记者的评论中将胡塞武装最近的袭击归咎于德黑兰。
“胡塞武装在很大程度上很聪明，在整个冲突过程中一直置身事外，但现在他们显然被诱骗卷入其中，开始攻击沙特阿拉伯及其船只。”
特朗普发表上述最新评论之际，他正权衡是否扩大与伊朗的冲突。美国近几日向中东增派了部队、医护人员和武器，旨在为总统提供更强有力的
【OCR清理说明：此处文本顺序在原件中可能存在跳跃】
总统据称认为，在伊朗除了更多的军事打击之外，几乎没有其他好的选择。本周该国一座被炸毁的桥梁。
议员们投票反对该决议。这与上个月的投票结果没有变化。该决议在很大程度上具有象征意义，但它反映了立法者的立场。特朗普的支持者表示，他必须应对他们认为来自德黑兰的生存威胁。佐治亚州共和党众议员里奇·麦考密克（Rich McCormick）表示：“如果你现在不处理，以后还是得处理。”
来自俄亥俄州的沃伦·戴维森（Warren Davidson）、宾夕法尼亚州的布莱恩·菲茨帕特里克（Brian Fitzpatrick）、密歇根州的汤姆·巴雷特（Tom Barrett）和肯塔基州的托马斯·马西（Thomas Massie）等众议员与民主党人一起，试图限制特朗普的权力。
马西在X上表示：“美国男女军人正在死去，汽油和化肥价格在飙升。是时候结束这场战争了。”
参议院周四对一项推进伊朗战争权力措施的投票未能通过，47票赞成，49票反对，几乎完全按党派路线划分。 —特雷尔·赖特 (Terell Wright)
据《华尔街日报》报道，如果他选择这样做，他将采取军事选项。在过去一周里，特种作战部队已从美国基地部署到该地区，战斗机中队已在整个中东地区集结，且位于美国和英国基地的轰炸机处于高度警戒状态。与此同时，近日有 150 多名医护人员抵达德国的兰德施图尔区域医疗中心（Landstuhl Regional Medical Center），该中心是治疗在中东战斗中受伤士兵的主要场所。
据美国中央司令部称，近期美国发起的袭击击中了伊朗的军事行动中心、飞机库、无人机存储设施和军事物流基础设施，旨在削弱德黑兰攻击霍尔木兹海峡船只的能力。美国还袭击了据称被伊朗军队使用的桥梁。
中央司令部周四表示，自九天前美国重新实施对伊朗港口的封锁以来，已重新引导 12 艘商业船只并使另一艘船失效。
本周早些时候，特朗普升级了针对伊朗的言论，威胁要下令袭击其基础设施。但伊朗政权没有表现出退让的迹象。总体而言，已有 18 名美国士兵死亡，其中包括上周在伊朗对约旦进行导弹袭击期间丧生的三名士兵。
为了出席已故参议员林赛·格雷厄姆（Lindsey Graham）的葬礼，相关计划尚未最终确定。驻华盛顿的以色列大使馆未对此发表评论。
这场战争也给总统及其部分高级顾问带来了个人压力。据知情人士透露，一些总统高级助手收到情报机构通知，称伊朗人正寻求将其暗杀，并被告知停止使用车载服务。
当他在土耳其参加国际领导人峰会时，特朗普接到了来自以色列的情报简报，表明伊朗有一个新的暗杀他的计划。一名政府官员将该计划描述为“愿望性质”且被其他美国官员认为不可信，但这也是总统决定从与伊朗接壤的土耳其飞离时，选用旧版“空军一号”的一个因素。此前《华尔街日报》报道称，一些官员担心特朗普飞往土耳其时乘坐的卡塔尔赠送的豪华喷气机缺乏足够的防御能力。
当《纽约时报》首次报道更换飞机的原因时，特朗普感到愤怒。官员们表示，他对消息泄露如此之快感到沮丧，并向助手们争论称这是一个安全威胁。由于总统团队试图确定是谁泄露了消息，一些政府官员已被要求交出手机。
展现韧性
中东战争开辟了新战线，受伊朗支持的也门胡塞武装威胁红海航运，给美国及其盟友带来了一个危险的新变量，并给全球经济增加了更多压力。
作者：Omar Abdel-Baqui, Stephen Kalin 和 Saleh al-Batati
通过宣布对通过红海的沙特石油运输实施封锁并向两艘船只开火，胡塞武装已开始切断第二个重要的商业咽喉点——曼德海峡（Bab al-Mandeb），该海峡连接红海与亚丁湾及印度洋。该武装组织的行动威胁到将沙特阿拉伯、以色列和巴基斯坦等其他地区军事强国卷入其中。
在其赞助者伊朗遭到美国和以色列猛烈打击的几个月里，胡塞武装一直处于旁观状态。中东分析人士表示，他们现在介入冲突有多个原因，包括认为他们可以测试由沙特领导的对其港口的封锁，以及伊朗正面临来自美国空中战争的新威胁。据称，上周沙特对也门首都萨那（San’a）国际机场的轰炸，引发了他们正式参与冲突。
“随着局势升级，胡塞武装构成了伊朗的一个‘核选项’，”新美国（New America）智库研究员、也门及波斯湾问题专家 Adam Baron 表示，“他们是一个非海军强国，但能够执行海上封锁并挟持全球经济。他们以前这样做过，并且意识到自己拥有这种筹码。”
据报道，部分运载沙特原油的船只仍通过曼德海峡潜行，但油价依然飙升。船只可能会开始尝试向北航行通过苏伊士运河，不过如果从那里前往亚洲（沙特阿拉伯销售大部分石油的地方），则需要绕道非洲航行。
“你不需要真正的导弹或无人机来停止商业交通。如果航运
新闻。特朗普已要求其助手定期更新情况。 随着战争拖延，特朗普对美国和伊朗能否找到外交解决方案的信心有所下降。据知情人士透露，他向顾问抱怨，很难知道谁代表最高领导层发声，而且每当美国认为在谈判桌上取得进展时，伊朗就会继续其袭击。
据一名政府高级官员透露，上个月，总统对与德黑兰签署关于重新开放霍尔木兹海峡的谅解备忘录的前景感到如此兴奋，以至于他对他那些认为伊朗人绝不会遵守协议的共和党同行不屑一顾。
在去年的 美国空袭 行动中幸存。
“如果公司不想经历这些，你实际上就拥有了一场封锁，”拜登政府时期的美国驻沙特阿拉伯大使迈克尔·拉特尼（Michael Ratney）表示。与伊朗一样，胡塞武装在技术上远逊于美国军队，但他们带来了不对称的挑战。他们为这场战争带来了另一个反西方、伊斯兰原教旨主义的敌人，而这个敌人在过去的冲突中已经证明，它准备好承受痛苦的军事打击而不会动摇其目标。胡塞武装在去年的美国空袭行动中幸存下来，此次行动旨在解除他们对曼德海峡的控制。他们还顶住了一个由沙特领导的联盟的压力，该联盟在胡塞武装于一场内战中夺取萨那及也门西北部大片地区后，进行了7年的战斗试图将其驱逐——该组织被美国列为恐怖组织。“我只是认为试图通过军事手段解决这个问题行不通。在战争的第一阶段就没成功，”拉特尼说。“胡塞武装承受了来自外国军事干预的惊人暴力，但这并没有真正影响他们的意识形态或动力。”胡塞武装曾被轻视为不过是持有步枪的山区战士，但现在他们控制着大片沿海地区，并拥有多样化的武器库来攻击船只，包括攻击无人机、弹道导弹、巡航导弹和无人艇。他们的导弹和无人机能够触及距离 1,000 英里开外的死敌以色列。此次升级发生之时，正值胡塞武装与沙特之间为期四年的缓和状态逐渐消散。“胡塞武装感到信心大增，”巴伦（Baron）说。“他们渴望测试红线，看看是否能设定新的红线。”胡塞武装谈判团队成员阿卜杜勒马利克·阿尔-阿莱杰里（Abdulmalik al-Alejri）表示，该组织要求沙特阿拉伯支付战争重建费用，并宣布从也门撤军，目前也门被分为胡塞武装控制区以及与沙特结盟的南部和东部地区。
官员。他希望这件事结束， 特朗普告诉他们。 总统的两名顶尖谈判代表，他的女婿贾里德·库什纳（Jared Kushner）和特使史蒂夫·威特科夫（Steve Witkoff）仍然认为与伊朗人达成协议是可能的，相关人士表示。但其他顾问则对是否能达成和平协议表示怀疑。 这场战争正在分化曾经被特朗普牢牢掌控的保守派联盟，令一些接近白宫的共和党人感到担忧。长期支持特朗普的盟友，如福克斯新闻（Fox News）主持人劳拉·英格拉汉姆（Laura Ingraham），利用其平台表达了对战争可能影响 11 月中期选举中共和党人表现的担忧。“内塔尼亚胡引导我们进入了一场充满谎言的恐怖冲突，”特朗普的长期顾问史蒂夫·班农（Steve Bannon）说。“人们可以用自己的眼睛看到发生了什么。” 白宫的高级助手们正试图将重心转移到经济上。本周，特朗普出席了近期在中东殉职的四名美国军人的庄严遗体移交仪式，随后前往乔治亚州，在那里他宣传了诸如其新推出的“特朗普账户”等计划，旨在帮助父母为孩子的未来储蓄。 据知情人士透露，特朗普在 6 月的一次椭圆形办公室会议上告诉顾问，他们需要向汽油零售商和石油公司施压以降低价格，且这些公司应该这样做，是因为他为他们所做的一切。 特朗普的助手们已经召集了一系列会议，讨论在中期选举前尝试降低汽油价格的方法。据与他交谈过的人士称，相比于他的顾问和国会共和党人，特朗普较少关注战争带来的选举后果。
AMIR HOSSEIN KHORGOOEI/ANADOLU/GETTY IMAGES
–20
增加新障碍
与以色列 关系正常化 可能会 使协议复杂化
作者：STEPHEN KALIN 以及 MERIDITH MCGRAW
华盛顿——特朗普总统表示，一项向沙特阿拉伯提供民用核计划协议的命运，取决于该王国是否与以色列关系正常化，这一协议条件的增加可能会使其推进路径复杂化。
特朗普周四在社交媒体上写道，该协议“将被批准，但完全取决于沙特阿拉伯加入备受尊重且成功的《亚伯拉罕协议》”，他指的是由该协议促成的交易。
作者：ANAT PELED 以及 MILÀN CZERNY 图像显示伊朗正迅速重建基础设施
据以色列和西方官员以及对卫星图像的审查显示，伊朗已迅速重建了在近几个月美国和以色列轰炸活动期间受损的基础设施，从深藏在山中的导弹基地到桥梁、港口和生产设施。
这种快于预期的进展令一些以色列官员感到担忧。这有助于解释尽管在战争高峰期经历了超过 20,000 次袭击的空中打击，且此类打击在伊朗沿海地区仍在继续以试图打破德黑兰对霍尔木兹海峡的控制，但伊朗依然保持着韧性。
在伊朗西部的康加瓦尔（Kangavar）附近，Planet Labs 3 月份的卫星图像显示，两处隧道入口和一条通道路在旨在封锁伊朗导弹基地入口的空袭中受损。几周之内，空中客车（Airbus）的图像显示，一条铺设整齐的道路已通向新挖掘的入口。
在另一个案例中，一名以色列军方官员表示，伊朗在几天内就修复了一座被以色列使用三枚炸弹击中的桥梁，这让以色列官员感到惊讶，并促使他们质疑其目标定位的有效性。
Planet Labs 7 月初的卫星图像还显示，在里海班达尔安扎利（Bandar Anzali）港的一个造船厂进行了部分重建工作，该造船厂与伊斯兰革命卫队（负责捍卫政权的准军事组织）有关。以色列表示，其在 3 月份袭击了那里的数十个目标，包括军舰、港口、指挥中心以及用于修理和维护船只的造船厂，旨在打击俄罗斯与伊朗的供应线，并称其为最关键的打击目标之一。
AIRBUS
2.00
突破 $100 大关
10%
–10
（接第一页）
本月早些时候的经济情况。 如今，加油站的价格已经出现反弹。本周，无铅汽油的全国平均零售价回升至 $4 每加仑以上，进一步削减了美国人的钱包。 柴油价格的上涨速度甚至快于汽油或原油。柴油用于驱动卡车、建筑设备和农具——当其价格上涨时，往往对经济和通货膨胀产生更大的影响。根据 AAA 的数据，周四全国平均零售价约为 $5.21 每加仑，比一年前上涨了 39%。 据知情人士透露，数月来，特朗普一直对高油价感到沮丧，其助手私下担心这可能会在期中选举中损害共和党同僚的利益。 总统在 6 月告诉顾问，他们需要
–5
美国促使阿拉伯国家与以色列关系正常化。 白宫新闻秘书卡罗琳·利维特（Karoline Leavitt）周四表示，特朗普此前曾与美国的波斯湾及阿拉伯盟友“多次”讨论这一条件。“他说如果他们不加入《亚伯拉罕协议》，那么交易就取消。因此，我们将继续与沙特方的代表进行这些对话。” 沙特驻华盛顿大使馆未回应置评请求。 特朗普的言论让能源部长克里斯·赖特（Chris Wright）在前一天签署的核协议条款受到质疑。该协议此前被视为沙特阿拉伯的胜利，而对于以色列——一个反对其他地区国家扩散核武器的未宣布核大国——而言则是一个挫折。 特朗普政府
能源
[[IMG_XXXX]] （由空中客车公司分发的图像显示了克尔曼沙北部的伊朗导弹基地的修复情况。）
这场战争中重大袭击的破坏。 以色列前空中和导弹防御部队指挥官兰·科哈夫（Ran Kochav）表示，这种快速恢复与伊朗在 2025 年 6 月为期 12 天的以色列-伊朗战争之后、今年 2 月新战争爆发之前，在重建基础设施和导弹库存方面所展现的技能相一致。 “他们补充了库存，”他说，“他们拥有非常令人印象深刻的工业化和重建能力。” 面对由美国和
修复工作反驳了 特朗普与内塔尼亚胡 关于战争收益的说法。
十年期 TIPS* 收益率 vs. 十年期盈亏平衡率
盈亏平衡率 (Break-even)
TIPS
2.75%
2.50
2.25
1.75
1.50
–15
2025 ’26
来源：Tradeweb (TIPS, 盈亏平衡率); FactSet (标准普尔500指数, 股价) *国债抗通胀债券 (Treasury Inflation-Protected Securities)
向汽油零售商和石油公司施压以降低价格。据知情人士透露，政府官员已经讨论了寻求降低价格的各种方式，包括向能源行业施加额外压力。 据知情人士透露，美国最大的石油公司负责人（包括雪佛龙、康菲石油和西方石油）正就能源市场的动荡与特朗普政府保持定期联系。 他们在电话沟通中的态度
周三宣布了这项为期 30 年、价值数十亿美元的与沙特阿拉伯的协议。该协议有可能为在沙特领土上进行铀浓缩打开大门，并让美国公司在开发该王国的核基础设施中占据核心地位，同时将外国竞争对手排除在外。
作为协议的一部分，美国和沙特官员将进行一项为期两年的研究，以确定美国公司在该王国建立铀浓缩设施的商业可行性。只有在该研究支持这一步骤的情况下，才会开始浓缩工作。
在拜登政府谈判的一项大交易下，沙特阿拉伯曾接近与以色列实现关系正常化，该交易本将包括一项美国防御协定以及在民用核计划方面的合作。但这些谈判被哈马斯 2023 年 10 月对以色列的袭击以及随后的加沙战争所干扰。
特朗普提出的条件——似乎与拜登政府的立场相似——可能有助于华盛顿在任期结束前，对利雅得施加更大的影响力，以促使其与以色列实现关系正常化。
沙特人对正常化持开放态度，但坚持要求以色列政府承诺建立巴勒斯坦国。他们认为在本雅明·内塔尼亚胡总理的现任政府中找不到一个严肃的和平合作伙伴。
迈克尔·拉特尼（Michael Ratney）在拜登政府期间曾任美国驻沙特阿拉伯大使和驻以色列临时代办，他表示特朗普的声明令人惊讶，且不太可能改变沙特在面对以色列袭击时的考量。
但该国各地迅速开展的修复工作，削弱了特朗普总统和以色列总理本雅明·内塔尼亚胡关于其轰炸行动造成毁灭性打击的说法。
两位领导人因未能推翻伊朗的统治政权、消除德黑兰的核计划或重新开放霍尔木兹海峡而面临国内压力。
白宫发言人安娜·凯利（Anna Kelly）表示，这场战争成功摧毁了伊朗的导弹库和生产能力，击沉了其海军，削弱了其民兵盟友，并确保其不会拥有核武器。
负责中东地区的美国中央司令部拒绝发表评论。以色列总理办公室未回应置评请求。以色列军方拒绝评论。
在该地区，美军昨夜结束了连续第 12 天的袭击，打击目标与过去数周一致——包括导弹和无人机设施、作战中心以及军事基础设施。其目的是在特朗普 6 月签署的重新开放海峡协议因伊朗加强对航运袭击而瓦解后，打破伊朗对该海峡的控制。
尽管遭到猛烈打击，伊朗仍继续对船只进行精准打击，并对美国在伊的设施发动导弹袭击。
标准普尔 500 指数 行业表现 （自战争爆发以来）
工业类
四月 五月 七月 六月
一位知情人士表示，该政府的核心观点基本上是：“你不能两全其美。如果中东发生战争且霍尔木兹海峡实际上被关闭，价格就会高企。”
白宫发言人泰勒·罗杰斯（Taylor Rogers）表示：“随着美国军方削弱恐怖主义伊朗政权攻击商船和干扰霍尔木兹海峡能源自由流动的能力，油气价格将暴跌回冲突前的水平。”
与此同时，由于美国航空和美国航空计划，主要航空公司的股价周四下跌。
美国航空
西南航空下调了全年的业绩指引，以反映油价的持续上涨。就在三周前，美国航空预计其全年税前利润将接近 $1.5 billion。该公司最新的预测显示，在其更新的指引范围中点将达到盈亏平衡，这一消息导致股价暴跌超过 8%。
航空公司通过提高票价转嫁了大部分增加的航空燃油成本。到目前为止，乘客们愿意支付更高票价，但这仅能抵消承运人燃料账单增幅的一半左右。
[[IMG_XXXX]] 一张 2025 年在特拉维夫出现的广告牌宣传了一项以色列政治-安全倡议，描绘了特朗普总统和地区领导人的形象。
与以色列的关系正常化。 “要么是特朗普在签署协议前没有阅读该协议，要么是特朗普的官员实际上并不代表他的观点，或者特朗普正试图应对协议签署瞬间在国内以及来自以色列的批评，”目前担任战略与国际研究中心高级顾问的拉特尼（Ratney）表示。
根据与美国的核协议，沙特阿拉伯拒绝了所谓的“金标准”，即一项承诺绝不
Planet Labs 的卫星图像显示，位于伊朗西南部城市德兹富勒 (Dezful) 的一座导弹基地在 2025 年 6 月遭到以色列袭击，并在 3 月初再次被袭，当时空袭掩埋了其入口。三个月后，Airbus 的图像显示伊朗正在挖掘该站点的多个隧道入口。
Planet Labs 的影像还显示，位于克尔曼沙 (Kermanshah) 市北部的另一座伊朗导弹基地在战争初期遭到了沉重打击。到 6 月初，Airbus 分发的图像显示工作人员已修复道路损坏，卡车正在重新开启坍塌的隧道入口。
根据伦敦国王学院 (King’s College London) 的一份报告，Planet Labs 的卫星图像还显示，位于德黑兰附近的 Raja Shimi Industries 进行了部分重建，该工厂被认为参与生产导弹零部件。
以色列军方官员表示，以色列和美国通常只能成功封死山内导弹基地的入口，而无法将其完全摧毁。他们称，存储在这些坍塌站点内部的武器完好无损，而伊朗此后一直在将其挖掘出来。
伦敦国王学院客座研究员、前中央情报局 (CIA) 分析师 Jim Lamson 表示，一些生产导弹制造所需更先进零部件（如碳纤维）的设施，在遭到以色列和美国袭击后，伊朗可能需要数月甚至数年才能重新建立。
但 Lamson 认为，伊朗可能已在地下生产设施中储备了这些部件，短期内可用于组装数十或数百枚新导弹和无人机。
以色列情报部门认为，伊朗可能已将数千台离心机转移到 Pickaxe Mountain 内部的隧道中，这一进展将加剧人们对其可能重建核计划的担忧。
【此处为页面断裂，内容接续】
地区盟友，如科威特、巴林和约旦，上周末的一次伊朗袭击在这些地方导致三名美国士兵死亡。
“事实证明，关于导弹终结或大幅减少的传闻是错误的，”总部位于美国的导弹防御倡导联盟 (Missile Defense Advocacy Alliance) 高级分析师 Tal Inbar 表示。
尽管遭到持续攻击，伊朗领导人并没有表现出让步的迹象。
战争初期，美国和以色列为期五周的轰炸行动速度超过了美国和以色列近期在中东开展的战争。目标涵盖了从地下导弹城到钢铁和铝厂的所有设施。在行动结束时，特朗普和内塔尼亚胡都将此次行动描述为伊朗的一次重大挫败。
以色列军方官员私下对轰炸行动的结果表示沮丧，并指出了当前的活跃重建情况。
另一位以色列军方官员表示，伊朗有能力重建几乎所有设施，包括导弹生产，因为它仍然拥有相关技术。
与此同时，战争局势的波动正在剧烈影响整个市场板块。
自战斗开始以来，标准普尔500指数 (S&P 500) 中的能源股在大幅上涨和下跌之间波动，与油价紧密联动。
能源密集型工业板块大多向相反方向移动，不过，国防承包商股票的急剧攀升使其在周四大幅上涨。
债券市场的走势表明，投资者预计油价上涨将推动利率走高。
[[IMG_XXXX]] 股价表现
40% –40 达尔塔航空 (Delta Air Lines) 联合航空 (United Airlines) 1月 2月 3月 4月 5月 6月 7月
【此处为页面断裂，内容接续】
高管们表示。
（此处接前文关于核协议内容）...在境内浓缩铀或重新处理反应堆的乏燃料。它还拒绝了由国际原子能机构 (IAEA) 进行更严格监测和检查的安排。
政府官员表示，与沙特阿拉伯谈判的一项单独的双边核查协议仍将为美国提供站点提供足够的监测。
批评者认为，该计划不足以调查不涉及美国的疑似核活动。
投资者通过买卖普通美国国债以及用于对冲通胀风险的国债（称为通胀保值债券，即 TIPS）来对冲通胀。这两类债券收益率之间的差距（被称为盈亏平衡率）一直相对稳定，这表明投资者预计未来 10 年的年均通胀率将在 2.3% 左右。
尽管如此，根据 Tradeweb 的数据，这两类国债的收益率都在同步大幅上升，10 年期 TIPS 收益率达到了 2023 年以来的最高水平。基准 10 年期美国国债收益率在周四也突破了 4.7%，这是 18 个月（即总统第二任期开始前）以来的最高收盘水平。
这些波动表明，投资者担心美联储将需要提高利率，并将其维持在较高水平更长时间，以确保通胀得到控制。
First American 首席经济学家 Mark Fleming 表示：“考虑到 10 年期国债在最近几天的情况，我认为抵押贷款利率将在接下来的几周内接近 7%。”
JACK GUEZ/AFP/GETTY IMAGES
6%
PIROSCHKA VAN DE WOUW/REUTERS
埃克森美孚 (ExxonMobil) 在荷兰炼油和石油化学平台上的油罐和烟囱将从欧盟规则的变更中获益。
面对美国及工业界压力
美国
针对违反协议的 能源进口商罚款 期限为三年
作者：KIM MACKRAEL
布鲁塞尔——在特朗普政府和行业团体表示相关规则过于苛刻且可能导致能源短缺后，欧盟希望暂停对违反旨在遏制全球变暖新规之公司的处罚。
欧盟的执行机构欧盟委员会周一建议，欧盟各国推迟原定于明年生效的违规处罚。欧盟委员会表示，这些罚款最高可达公司年收入的 20%，在 2030, 年之前不会生效。
欧盟要求公司对其进口的石油、天然气和煤炭的甲烷排放量进行监测和报告，并计划最终限制每单位进口能源可排放的甲烷量。
该集团希望减少甲烷排放，因为甲烷是一种强大的温室气体，会在大气中捕捉热量。
行业团体和一些欧盟最大的能源供应商表示，这些规则过于繁重，可能会使该集团难以满足其需求。通过霍尔木兹海峡的油气运输中断增加了依赖进口的欧洲的担忧，在那里，高昂的价格正削弱公司与美国和中国竞争的能力。
美国和其他能源出口国一直敦促欧盟放宽其甲烷规则。一些美国跨国公司（如埃克森美孚）在欧洲设有子公司，从欧盟以外地区进口能源，这意味着这些规则同样适用于它们。
在 6 月的一封联合信函中，美国、卡塔尔、阿尔及利亚和尼日利亚的能源部长表示，他们认为在欧盟的甲烷法规下“没有可行的合规路径”，并呼吁推迟处罚并修改法律。
“即使采取适应性和灵活的执行方式，显著的负面供应和价格影响也是必然的，”这些部长写道。
欧盟的甲烷规则并非特朗普政府反对的唯一规则。美国官员还计划反对欧盟的其他可持续性报告要求以及针对大型科技公司的严格新规。
他们将其中一些规则称为非关税贸易壁垒，并表示即使在欧盟取消了许多美国商品的关税之后，这些规则仍然是大西洋两岸关系的主要干扰因素。
欧盟周一表示，其仍致力于甲烷规则及其减排目标。一名欧盟官员表示，即使罚款推迟，预计公司仍需遵守规则，且如果公司从事蓄意欺诈，制裁措施仍将适用。
国际油气生产者协会（其成员包括雪佛龙、埃克森美孚和康菲石油）表示，拟议的规则变更力度不够。
联合国 大会
Journal House 联合国大会是您在异地的家。
9月 22-24, 2026 纽约州纽约市
申请邀请 wsj.com/journalhouseunga
–1
–1
请加入我们的 Journal House，华尔街日报 将在联合国大会期间召集全球领导人、政策制定者和商业主管。
在通过实时采访、小组讨论和社交机会与同行建立联系的同时，探索塑造当今商业环境的政治、经济和地缘政治发展。
作者：CHELSEY DULANEY
欧洲央行周四维持利率不变，但仍为未来几个月再次提高借贷成本留有空间，以抑制由中东战争引发的通货膨胀。
在6月经历了近三年来首次加息后，正如市场预期，该央行将利率维持在 2.25%。随着霍尔木兹海峡局势升级，全球油价已回升至每桶 $100 以上，再次引发了战争诱发通胀压力的风险。
欧洲央行的此次暂停给了政策制定者时间，以评估6月美伊停火协议的崩溃将如何影响通货膨胀。
重新爆发的战斗推高了石油和天然气价格，威胁到通胀率将进一步偏离欧洲央行 2% 的目标。在停火最初导致能源价格下降后，欧元区的消费者价格增长率从5月的 3.2% 缓至6月的 2.8%。
欧洲央行行长克里斯汀·拉加德（Christine Lagarde）表示，欧洲央行管理委员会的部分成员在本周的会议上讨论了再次提高利率的问题。
“有些理事在思考我们是否应该考虑加息，”她说道。“但我们一致决定，目前的立场足以让我们等待。”
欧洲债券收益率随能源价格同步飙升，将政府借贷成本推至十多年来的最高水平。德国 10 年期国债收益率本周攀升至 3.2% 附近，为 2011. 以来最高。法国的基准借贷成本突破 4%，这一水平自 2009 以来首次出现。
欧洲央行在应对能源价格诱发通胀方面的速度快于美联储或英格兰银行，后者自2月下旬战争开始以来尚未加息。投资者普遍预计美联储和英格兰银行在下周会议时将维持利率不变。
欧洲央行有更多空间提高借贷成本，因为其基准政策利率比同行低一个百分点以上，且仍处于许多经济学家认为对经济中性的范围内——即既不刺激也不限制增长。
美联储的目标政策利率范围是 3.5% 到 3.75%，而英格兰银行的银行利率为 3.75%。
根据衍生品市场，投资者预计欧洲央行今年将再次进行近两次 0.25 个百分点的加息，下次加息预计在9月或10月。
拉加德表示，能源成本的升高已传导至交通等其他项目的价格。政策制定者正关注高通胀是否正在导致所谓的“第二轮效应”（例如工资上涨），而这类效应更难以遏制。
[[IMG_XXXX]] 欧元区 中央银行利率 英国 2022 25
注：美联储利率显示为其 3.5% 至 3.75% 目标范围的上限。 来源：FactSet
2026年7月24, 2026 | A9 国际新闻
新任领导人抵制武装部队中的官僚化决策
作者：MATTHEW LUXMOORE
去年，俄罗斯对军事训练场的一系列袭击造成 12 名乌克兰士兵死亡，指挥这些士兵的将军采取了一个不寻常的举动：他承担了责任并辞职。
米哈伊洛·德拉帕蒂（Mykhailo Drapatiy）少将表示，他试图改变乌克兰军事惯例的努力未能成功。他曾试图限制在训练场进行露天演习，因为这种苏联风格的军事遗产不必要地将部队暴露在俄罗斯的火力之下。
他在社交媒体上写道：“责任主要在指挥官。如果悲剧继续发生，这意味着我的努力是不够的。”
德拉帕蒂当时辞去了陆军总司令的职务，但他勇于承担责任的态度赢得了许多基层士兵的尊重。他的发帖还引发了关于乌克兰军队改革的激烈讨论，一些人认为该军方陷入了中心化的指挥结构之中。
针对俄罗斯城市中产阶级
作者：ALEXANDER OSIPOVICH
四年来，克里姆林宫一直试图保护俄罗斯人免受乌克兰战争后果的影响，维持日常生活表面上的正常，并确保富裕的城市居民仍能享受 21 世纪的便利。这种努力正在崩溃。乌克兰的远程无人机袭击将战争带回了俄罗斯城市中产阶级的家门，最近的袭击目标是该国最大电子商务公司（一个本土版本的 亚马逊 (Amazon.com)）的物流枢纽。
这家名为 Wildberries 的公司深深植根于俄罗斯的日常生活中。根据其网站显示，每月有 81 million 用户。成千上万的第三方供应商将其在线集市作为店面，销售从服装到家居用品的所有商品。周六，乌克兰无人机击中了该公司的两处设施，其中包括莫斯科郊外的一个综合体，该建筑在火灾中被焚毁，灭火工作耗时两天多。周二到周三的夜间，俄罗斯南部的另外两处 Wildberries 站点遭到袭击。
根据总部位于莫斯科的研究公司 Data Insight 的数据，袭击中至少有 9 人死亡，总损失可能在 $3 billion 到 $4.4 billion 之间。其中大部分损失是由于供应商货物的损毁，而非 Wildberries 建筑物本身的破坏。
GUILLAUME BONNAUD/MAXPPP/ZUMA PRESS
这种体制压制了主观能动性，有时还会不必要地浪费士兵的生命。 现在，43 岁的 Drapatiy 被弗拉基米尔·泽连斯基总统任命为总司令，领导乌克兰军队。 在全国性的抗议活动凸显出人们普遍渴望军方指挥层出现新面孔，以抛弃批评者认为与 Syrskiy 相关的死板苏联准则后，泽连斯基于周二解雇了该国最高指挥官 Oleksandr Syrskiy 将军。 这些集会是由上周解雇充满进取心的国防部长 Mykhailo Fedorov 所引发的，Fedorov 此前与 Syrskiy 发生过冲突。Fedorov 抨击 Syrskiy 在采取现代化乌克兰军队的措施上拖延时间。 在被解雇之前，Syrskiy 表示他已将创新的年轻士兵提升至高层职位，且军队的部分变革属于国防部的职权范围，而非他的参谋部。 Fedorov 一直在与泽连斯基商讨他在政府中的未来角色。一名助手表示，他被提供了副总理的职位，但他尚未接受。周四，Fedorov 表示他只对担任国防部长感兴趣。 军方洗牌
俄罗斯股票指数，MOEX
2022 ’25 ’26 ’23 ’24 1500
来源：莫斯科交易所
社交媒体上的一些供应商对自己的库存被焚毁表示震惊。销售婴儿和幼儿服装的 Viktoria Terekhova 在发布到 Instagram 的一段视频中流下眼泪，谈到了袭击的受害者以及维持业务运转的艰巨任务。 她在莫斯科附近和俄罗斯南部的袭击中损失了约一半的库存，价值超过 $160,000。Terekhova 表示，袭击使其业务面临贷款违约的风险。“如果这些袭击继续下去，我们将一无所有，”她说。 许多供应商对 Wildberries 表达了愤怒，他们担心公司不会补偿他们的损失。在袭击发生前不到两周，该公司修改了
乌克兰总统新闻办公室/美联社 (AP)
德拉帕蒂 (Drapatiy) 少将已被总统弗拉基米尔·泽连斯基 (Volodymyr Zelensky) 委任为总司令，领导乌克兰军队。
此次任命正值乌克兰军队的关键时刻。乌克兰军队正通过对俄罗斯深处目标实施远程打击而获得势头，同时给俄罗斯军队造成重大损失，而俄军的战场攻势已经停滞。 德拉帕蒂少将被选为西尔斯基 (Syrskiy) 的继任者，这一决定得到了基层士兵和高级军事官员的赞赏，他们称赞他厌恶官僚主义的沉疴，并倾向于与各级军官直接接触。 “这是一位具有真实战斗感的指挥官，他冷静地评估局势，快速做出决定，并保护生命，”泽连斯基的幕僚长、直到最近仍担任军事情报局局长的基里洛·布达诺夫 (Kyrylo Budanov) 将军在社交媒体帖文中评价德拉帕蒂时写道。 在卸任陆军司令后，德拉帕蒂指挥过乌克兰联合部队 (Joint Forces)，该部队监管涉及多个军种的行动。
[[IMG_XXXX]] 最近一次乌克兰无人机袭击中，莫斯科郊外的一座 Wildberries 仓库遭到打击。
其与供应商的协议中规定，在发生无人机袭击时，公司无需承担责任。 Wildberries 未回应置评请求。其创始人塔季扬娜·基姆 (Tatyana Kim) 承诺将帮助供应商，并于周三表示，公司已开始向那些在莫斯科附近袭击中库存被毁的小型供应商支付款项。她表示，Wildberries 的保险单不涵盖无人机袭击。 这些袭击引发了关于 Wildberries 仓库是否为合法军事目标的争论。乌克兰总统弗拉基米尔·泽连斯基为此次袭击辩护称，基辅打击的物流枢纽为俄罗斯军队提供了无人机组件、导航设备及其他装备。对 Wildberries 网站的审查显示，该网站有无人机和防弹衣出售，但其大部分产品具有民用性质。 俄罗斯经常轰炸乌克兰的民用基础设施。在周末袭击 Wildberries 仓库后，俄罗斯袭击了 Nova Poshta 使用的物流中心，后者相当于乌克兰版的联邦快递 (FedEx)。 甚至在电子商务仓库被袭击之前，俄罗斯人就在对普遍的燃料短缺表示沮丧，这是乌克兰对炼油厂进行数月无人机袭击战的结果。 根据总部位于德克萨斯州的能源市场数据和情报公司 IIR Energy 的估计，本月俄罗斯超过一半的炼油能力已被迫离线。 燃料短缺迫使俄罗斯多年来首次进口汽油，而司机们则在加油站的长队中苦苦等待。 “燃料危机可以说是在 2022 年 9 月征召新兵以来，普通公民感受到最明显的冲击，”牛津经济研究院 (Oxford Economics) 在本周的一份研究报告中表示。 从许多衡量标准来看，在弗拉基米尔·普京 (Vladimir Putin) 2022 年全面入侵乌克兰之后，俄罗斯经济是一个成功的故事。 在受到制裁后，俄罗斯将其贸易重新导向中国和其他非西方国家。在入侵后退出俄罗斯的西方品牌（如 Apple 手机）的流行商品依然在销售，由迪拜和香港等地的非官方转售商引入。石油收入持续涌入以资助战争。军费开支——
法国 野火引发 大规模疏散 周四，由于一系列野火持续肆虐，法国大西洋沿岸城镇和度假胜地约 20,000 人被疏散，数百名消防员被派往现场处置。 当地当局表示，在波尔多西南部的 Lège-Cap Ferret 镇附近的一片森林中，火势已蔓延超过 12 平方英里。截至周四，尚未收到人员受伤报告。 该地区（吉伦特省）的省长 Sophie Brocas 表示，已有约 700 名消防员部署在现场，其中包括从巴黎地区派遣的部队。火势一度距离 Lège 的首批房屋仅 980 英尺，目前正使用灭火机（水轰炸机）与大火搏斗。 当天晚些时候，省长办公室表示，野火尚未得到控制，但仍被限制在 Lège 北部。包括游客在内的 10,000 多人已在夜间被转移至安全地带。 —美联社
（军事部门的）成员。他在苏联解体后成年，并在一个接纳现代战争方法的乌克兰新军队中建立了声誉。 他参与了 2014 年乌克兰与俄罗斯武装冲突初期的几次小规模战斗。那年夏天，他率领一支坦克车组冲破了莫斯科支持的部队在南部城市马里乌波尔设立的路障，并奋力支撑该市建筑物的防御，从而崭露头角。 几周后的 2014 年 7 月，Drapatiy 协调了 260 名士兵从一个被俄罗斯军队包围并遭受无情炮击的地区安全撤离。该行动后的影像资料显示，数十名士兵在向看上去精疲力竭的 Drapatiy 鼓掌。 这些行动让他赢得了全军服役人员的广泛认可。曾在该东部战役中担任年轻军官的 Oleh Shyriaiev 少校表示，Drapatiy 的行动证明他将士兵的安全回家放在首位。 到俄罗斯在 2022 年发动全面入侵时，Drapatiy 已晋升为准将，并被委派负责领导哈尔科夫及其他受攻击阵地的防御工作。
（这些措施）刺激了 2023 和 2024 年的经济增长，尽管此后增速已放缓。 燃料价格上涨推高了通货膨胀，迫使俄罗斯中央银行放缓降息步伐，这对当地投资者和企业来说是一个令人失望的转变。 莫斯科的主要股指今年以来已下跌近四分之一，且上周跌至 2022 年 10 月以来的最低水平。在政府债券遭到抛售之后，俄罗斯财政部本周表示，将暂停新发行债券，以“协助稳定市场情况”。 在 3 月至 5 月期间，创纪录的 60% 的俄罗斯人在接受盖洛普（Gallup）调查时表示，当地经济状况正在恶化；这是自该民调机构在 2006 年开始询问该问题以来，首次出现多数受访者持负面看法的情况。 普京没有表现出削减其军事（开支）的倾向。
印度 “蟑螂”抗议 无惧警方镇压 周四，数千名年轻抗议者在印度首都新德里的街道上露营，无视新的禁令。这是该运动在最新一次的实力展示中，已成为纳伦德拉·莫迪（Narendra Modi）政府面临的最大挑战之一。 印度的“蟑螂”抗议始于一个多月前，起因是该国一些竞争最激烈的医学院入学考试和政府职位考试涉嫌泄题。该运动此后已扩展到考试申诉之外，吸引了专业人士和家庭，并成为了更广泛不满情绪的宣泄口。 周四在新德里指定抗议地点 Jantar Mantar 举行的示威活动，是在夜间冲突之后发生的。在冲突中，警方使用催泪瓦斯和警棍驱散人群，这是本周第二次发生此类冲突。 周一，数千名抗议者向议会行进，随后警方使用催泪瓦斯和警棍地解散了示威活动。 —美联社
在全面战争的第五年，基辅面临的挑战是如何扩大战场技术的应用，以应对俄罗斯企图将乌克兰部队拖入 600 英里前线之上的艰苦且消磨士气的战役。Drapatiy 的任务之一将是加速将包括无人地面车辆和无人机在内的尖端技术整合到战斗行动中，从而减少乌克兰军队对日益减少的突击队供应的依赖。
随着莫斯科在多个战线上施压，乌克兰指挥官们抱怨他们被繁琐的文书工作所累，难以有效地执行命令。他们将 Drapatiy 视为能够扭转这一趋势的人。
乌克兰联合部队中 Drapatiy 的发言人 Viktor Trehubov 表示，Drapatiy 需要放宽军队僵化的自上而下结构，并与全军的高级指挥官建立联系，摒弃层级化、孤立的决策方式。
“Drapatiy 真正地鄙视所有形式的苏联遗产，”他说。“尤其是当那些决策在通过指挥链向下传达时需要数月之久，且被文书工作所阻碍的时候。”
……在经济形势恶化的情况下，（俄罗斯）在乌克兰的野心……周三，他在一次与政府最高经济政策制定者的电视会议上，将燃料危机斥为“暂时的”。此前，克里姆林宫的首席发言人谴责了针对 Wildberries 仓库的袭击，并表示当局正与该公司保持联系。
马德里 IE 商业学院的金融学教授、战争批评者 Maxim Mironov 表示，乌克兰的袭击对俄罗斯经济的影响将很小，但其心理影响已经具有意义。
“多年来，普京一直宣称战斗发生在帝国的边缘地带，”他说。“现在，人们开始感受到它了，因为加油站的排队，因为火灾……俄罗斯的每个人都能从自己的窗户看到这场战争。”
英国 国防学院据称成为目标
一名计划与友人共同袭击英国军事学院的男子周四被判处终身监禁，其友人随后在一家犹太会堂发动了致命的持刀行凶事件。
Mohammad Bashir 未参与 10 月赎罪日期间的曼彻斯特袭击事件，但针对该犯罪行为的调查发现了证据，证明他与该持刀袭击者计划在伦敦西侧训练英国军队的英国国防学院发动类似的暴力袭击。他的朋友认为英国正在培训以色列国防军。
现年 31 岁的 Bashir 在曼彻斯特刑事法院承认准备实施恐怖主义行为。他将被判处至少 17 年监禁。
“Mohammad Bashir 是一名坚定的圣战分子和危险人物，他计划的袭击可能造成毁灭性后果，”皇家检控署表示。“他的行为表明其对暴力极端主义有着蓄意且持续的承诺。” —美联社
路透社
熊类问题
接前页
接前页
一只名叫 Judy 的熊——慢悠悠地走进浴室，把爪子放在台面上，嗅了嗅一支牙膏，然后离开了。 “这里三天里闻起来像个动物园，”Peter 说道。 这对退休夫妇正坐在室外的松树下，喝着一瓶黑皮诺 (Pinot Noir) 舒缓压力。这是他们一个月内第二次遭遇熊入侵。 黑熊正在美国各地肆虐，这在一定程度上是由物种保护加强所驱动的人口反弹。在小城市和郊区周围，这些捕食者凭借敏锐的嗅觉寻找垃圾桶、汽车和房屋。在田纳西州的盖特林堡 (Gatlinburg)，警方在 5 月救出了一只把自己锁在酒店洗手间的熊。在科罗拉多州的斯蒂姆博特斯普林斯 (Steamboat Springs)，一名承包商在 6 月打开卡车车门时，发现一只熊幼崽正在吞食他的午餐。 据估计，仅在加利福尼亚州就有 60,000 只黑熊出没，是 20 世纪 90 年代数量的三倍。几乎没有哪个地方比太浩湖 (Lake Tahoe) 的青绿色湖岸活动更频繁了。 南太浩湖警方今年截至周三已接到了 174 次关于熊的报案，
前妻 更多详情
...庆祝。自 2025 年初以来，SK海力士的股价上涨了约 10 倍，使得 Chey 的净资产增加了一倍多。Roh 提出的初步和解要求是：获得 Chey 资产的一半，这些资产主要持有 SK 财团控股公司的股票，该公司的价值近期也大幅飙升。Chey 和 Roh 均拒绝发表评论。Chey 是 SK 财团创始人的侄子，他在 Instagram 上向数万名追随者发布自己的照片，其中包括与 Huang、OpenAI 首席执行官 Sam Altman 和微软首席执行官 Satya Nadella 等硅谷首席执行官的合影。在西方被称为“Tony”的 Chey 在去年秋天与特朗普总统会面前，曾在海湖庄园打高尔夫球。乔·拜登在 2022 年访问期间曾称他为好友。Chey 还曾两次因白领犯罪被定罪并入狱，随后被两任韩国总统赦免。Roh 在 2022 年对一项约 $50 million 的离婚判决提出上诉，而该金额仅为 Chey 资产的一小部分。她称这一数额是对“女性对家庭贡献的否认”。随后的两次审理未能解决这一争议。Chey 的前妻现在希望上诉法院根据更新后的资产估值，在受全球 AI 热潮推动而增值的 Chey 财产中，授予她更高比例的份额。Chey 则辩称，Roh 在 SK 最近的成功中没有发挥任何作用，法官应基于早期的衡量标准——即其公司股票暴涨之前——来决定分配方案。未参与此案的韩国离婚律师表示，该裁决可能会将 Roh 的和解金推高至 $1 billion。如此规模的赔付将削弱 Chey 对 SK 的所有权控制，使其在面对积极投资者或其他外部压力时面临更大风险。韩国报纸将他们 1988 年的婚礼宣布为“世纪婚礼”。婚礼在青瓦台举行，当时距离 Roh 的父亲卢泰愚在军事独裁政权崩溃后成为韩国首任总统仅过去几个月。2015 年 12 月，随着 Chey 表达寻求与妻子“体面结束”关系的意图被公开，这对夫妇“从此幸福地生活在一起”的形象破灭了。据当地媒体报道，在这次令人尴尬的公开披露后的几个小时内，Roh 告诉朋友，她在想自己是否过于自私，没有考虑到丈夫的情绪。她还表示将维护家庭并保持
与 2025 年同期的 97 相比。 Mike Webb 上周在一次家庭钓鱼活动中匆忙结束，因为在 Webb 11 岁的儿子钓到东西后几分钟，一只 200 磅重的熊靠近了。“我很庆幸那只熊没有注意到我们，否则我们可能会陷入困境，” 38 岁的 Webb 说道。这是一个明智的决定，因为同一只熊在几分钟后袭击了其他游客。 虽然受伤情况罕见，但官员报告称，太浩湖周边每年多达 5 起攻击事件，并担心这一数字可能会增长。 政府管辖权的拜占庭式复杂性（繁琐冗长）对此毫无帮助。太浩湖横跨加利福尼亚州和内华达州，还涉及几个当地县和镇，在诸如妥善存放垃圾这样基础的事情上，往往有着不同的指南。 当地当局与志愿者经常发生冲突。 “他们的目标一致——照顾好这些熊——但在执行方式上存在巨大的鸿沟，”南太浩湖警察局长 Jeff Roberson 说道。他的部门今年召开了一次“熊峰会”以帮助消除分歧。 一个名为 BEAR League 的组织处理了数百次关于目击或事件的电话，但拒绝与州政府机构共享位置。 “对他们来说，就是‘如果你有一只有问题熊，那就杀了它’，”BEAR League 执行主任 Ann Bryant 说道。
Roh Soh-yeong（左），SK 集团董事长 Chey Tae-won 的前妻。他们的离婚案在韩国受到密切关注。
家庭完整。 “我不会与他离婚，”她当时如此说道。
铁窗之后 崔氏与卢氏在芝加哥大学读研究生时相识，这对强强联手的组合——政治与商业精英的结合——体现了韩国的一个全新形象。该国举办了 1988 年夏季奥运会，并试图将其数十年的残酷军事统治留在过去。
在仪式上，卢身穿一件简单的白色婚纱。崔则穿着象牙色西装搭配黑色领带。时任该国总理李贤在（Lee Hyun-jae）主持了仪式。李对他们说：“你们两人现在合而为一，应当建立一个致力于服务国家和人民的家庭。”
随后，涉及卢政府与 SK 之间交易的丑闻浮出水面。 1992 年，SK 被授予在该国运营第二家手机网络的许可。后来成为总统的反对派议员金大中（Kim Dae-jung）称其为“总统任人唯亲的无耻行为”，以及“腐败的政商勾结的绝对顶点”。几天之内，SK 退还了该许可。这家目前是韩国最大电信运营商的财团表示，该许可是基于绩效合法授予的。
2021 年去世的卢泰愚（Roh Tae-woo）在 1988 年至 1993 年担任总统后面临多项刑事指控。在其中一个案件中，他被
[[IMG_XXXX]] 闯入彼得和芭比·丰斯（Peter and Barbie Fons）家的熊名叫“朱迪”（Judy），是一个惯偷。
政府官员表示，只有在极端情况下（例如在伤害他人或重复闯入后）才会对熊进行安乐死。他们表示，迁移熊很少奏效，因为它们要么直接回来，要么在其他地方引发同样的问题。
与此同时，志愿者们自己也陷入了战争。长期居民图吉·希尔施（Toogee Sielsch）离开了 BEAR 联盟，并创建了一个名为 Team BEAR 的竞争对手，该团队会分享熊的位置。他说该联盟将它的批评者妖魔化。
“他们散布关于我的谎言，而我散布关于他们的真相，”这位 65 岁的希尔施说道。BEAR 联盟否认与他有关。“图吉总是关于
判定其收受韩国最大财团负责人的非法款项，并创建了一个总额达数亿美元的个人秘密基金。在卢离婚提交的法庭文件中，有证据显示她的父亲涉嫌将部分资金用于向 SK 支付秘密款项。卢素英（Roh Soh-yeong）的律师提交了一份显然由卢的母亲保存的手写便条。
目前尚不清楚是谁写的，但便条上在“30 billion won”（约 $23 million）旁边写着 Sunkyong——SK 之前的名称。卢的律师表示，这些款项是支付给崔的父亲的，声称这是掌控 SK 的家族可能用来扩大财团业务的资金。崔的律师否认 SK 收到过此类款项。
政治与商业精英的 强强联手。
“他的脸，他的相机，”250名志愿者之一的 Kathi Zollinger 说道。 上周，竞争对手们在同一座城市进行了分开的巡逻。Sielsch 驱车前往一户曾被熊潜入的住宅，在后廊安装电垫。这种垫子携带一个虽非致命但令人难忘的 10,000 伏电荷。 “人们问我，如果我的狗踩上去怎么办？”Sielsch 说，“我说，它们只会踩一次。” 次日，来自 BEAR 联盟的 66 岁志愿者 Zollinger 带着一把彩弹枪停在了一栋房子前。一名不在家中的房主打来电话，称其在监控摄像头中发现了入侵者。 Zollinger 的巡逻伙伴在疑似入侵者之后钻进了爬行空间。由于发现空间太小无法安全移动，他们中止了搜索，并在洞口架了一块板子。“熊为了出去会把你撞开的，”Zollinger 说。 她回来时发现板子没被触动。她得出结论，熊在他们到达之前就已经溜走了。 BEAR 联盟成员表示，最终的解决方案是让太浩湖盆地（Lake Tahoe Basin）的所有房屋都安装线路。一家名为 Bear Busters 的公司表示，到目前为止，它已为约 6,000 处房产安装了线路——一种能产生电击的电子力场。
这份便条和其他证据说服了上诉法院在 2024 年下令要求 Chey 向其前妻支付其资产的 35%，当时金额近 $1 10 亿。最高法院去年确认了这对夫妇的离婚，但将离婚结算交给下级法院决定。 此外，法院命令 Chey 向 Roh 支付等同于 $1.4 million 的款项，以补偿他造成的精神痛苦。 Chey 还有刑事犯罪记录。他曾在 2003 年因非法交易和会计欺诈被判处三年监禁。他在狱中度过了数月，随后被保释。法院给予他缓刑。随后，一次总统特赦洗清了他的记录。 2013, 年 Chey 重返监狱，因挪用公司资金约 $42 million 被判处四年监禁。这笔资金被用于投机性个人投资，以帮助弥补多年前积累的个人交易损失。 Chey 否认了挪用资金的指控，称这些交易是合法的公司投资。 “我不知道我未能证明的是什么，”他在法庭上说，“但我可以诚实地说，我没有犯这项罪行。” 一名韩国法官批评 Chey 未能对其责任表达真诚的态度。Chey 随后在上诉审理期间表示，他做出了错误的决定，并“对一切深感后悔”。 在狱中，Chey 通过两家 SK 关联公司的合并，巩固了他对 SK 控股公司的权力。他还出版了一本 229 页的书，题为《新探索，社会企业》，详细阐述了政府如何激励公司帮助解决社会问题。他在 2015 年 8 月获得了第二次总统特赦。 他在年底透露了离婚计划，为了一个年轻女性离开妻子。
痛苦 Chey 的伴侣 Kim Hee-young 根据她领导的一个基金会的公司备案显示，现年 50 岁。Kim 使用英文名 Chloe，她发布了几张与她青春期女儿的合影。 两人于 2018 年成立了 T&C 基金会，
在一只熊被拍到从他的湖边度假屋偷走食物后，退休人员沃尔特·普德威尔 (Walt Pudewell) 上周支付了 $5,000，用电垫和布线加固了每一扇门窗。但这对于他的妻子特里什 (Trish) 来说可能还是不够的。“我想把房子卖了，”她说。 最让她气愤的是：那头棕熊偷走了她最喜欢的手指饼干。“它拧开了盖子，”她说，“这真的气死我了。”
在附近的落叶湖 (Fallen Leaf Lake)，玛格丽特·迪恩斯利·齐格勒 (Margaret Deanesly Ziegler) 尝试了所有方法来防止熊进入她 1928 年建的夏季小屋——钉钉子的垫子、弹性电缆，甚至安装了钢门。在齐格勒 91 岁生日当天，她手里拿着气球回来时被一只熊惊吓到，一家名为 Bearier Solutions 的公司最近升级了她的布线。 “我听到了一种极其恐怖的声音，”这位退休医生回忆道，“我跳了起来，听到房子在被扭曲，木头在被撕裂，房子在被拆掉。我手里只有一根拐杖，因为我才刚上来。我用棍子敲击，大声尖叫，你知道的，还跺脚，尽了我最大的努力，但我没见到那只熊。” 齐格勒已经花费了 $7,500，但她不确定这是否足够。 “熊赢了，”她坐在俯瞰湖泊的门廊上叹了口气说，“花钱的人是我。”
JESSICA HADLEY 为 华尔街日报 撰稿
一个涉及青年奖学金和教育项目的慈善组织。次年，他们正式在一次活动中共同亮相，在活动中崔 (Chey) 表示，他现在认为自己是一个毫无同情心的冷酷商人。“我反思了我的过去，”他当时说，“意识到我之前的生活方式是错误的。”数月后，卢 (Roh) 终于同意离婚。“我认为让我的丈夫去寻找他如此渴望的‘幸福’可能是正确的，”她在社交媒体的一篇帖子中写道。她后来起诉金 (Kim) 造成情绪困扰，赢得了相当于 $1.5 million 的赔偿金。卢经营着 Nabi 艺术中心，这是韩国第一家媒体艺术博物馆，曾占用 SK 市中心总部的楼层。曾在这中心早期为卢提供建议的美术名誉教授李元根 (Yi Won-kon) 表示，他最初怀疑一个没有受过正式媒体艺术理论训练的富有的社交名媛能否成功。他现在承认自己错了。 管理公司总部的 SK 关联公司在 2023, 年指责卢的艺术中心非法占用空间，理由是租赁合同已过期。今年 6 月，卢将艺术中心搬到了韩国前皇宫附近。首展以动力艺术作品为特色，标题为《Pregnant Pause》（怀孕的停顿/意味深长的停顿）。 崔和卢都参加了他们小女儿在 2024. 年 10 月举行的婚礼。他们的女儿独自走过走道。他们的三个成年子女都曾在 SK 子公司工作。现在只有一名在职。 崔和 SK海力士 依然保持着史诗般的势头。该公司市值在 5 月下旬突破了 $1 trillion。SK海力士 最近计划在韩国芯片制造生产上投资超过 $250 billion，这赢得了总统李在明 (Lee Jae Myung) 的赞赏，他将崔及其在三星的同行称为“国家和人民的英雄”。 7 月 10, 崔在纽约的 纳斯达克 敲响了钟，庆祝 SK海力士 在美国交易首秀。此次上市为这家韩国存储芯片公司带来了超过 $26 billion 的资金。 在 11 月的一篇社交媒体帖子中，卢在准备离开她抚养孩子并生活了 37 年的家时，表达了怀旧之情。“现在我超过 60, 岁了，一切都显得弥足珍贵，”她说。卢上传了她的婚纱、名牌手袋和其他财产的照片。她写道，看到三个孩子小时候制作的一张海报时，她的心最感酸楚。孩子们将父母的照片头像剪下来，贴在纸制的婚纱和燕尾服剪影之上。孩子们用爱心和星星装饰了海报。他们还留下了简短的留言，其中一条写道：“真爱”。
从左起：韩联社新闻/ZUMA PRESS；JINTAK HAN/ZUMA PRESS
2026年7月24日，星期五 | A11 艺术评论
W
人们怎么会讨厌这部电影。在《她的私人地狱》（Her Private Hell）在戛纳电影节遭到抨击数周后，我参加了一场放映会，大约有 20 人（在约 150 人中）中途离场或逃离。许多其他人显然感到无聊，觉得有必要打开手机查看体育赛事比分。导演尼古拉斯·温丁·雷弗恩（Nicolas Winding Refn）讲述了三名女演员在拍摄一部科幻电影时被一个被称为“皮衣男”的神秘人物跟踪的故事，这部电影难以捉摸、支离破碎且毫无节制，将令大多数试图理清其模糊梦境之尝试感到愉快地挫败。不过——你知道这将要发生——我钦佩这种疯狂。这一切意味着什么，我只能猜测，但我被雷弗恩先生挖掘心理的意象所吸引。这种氛围似乎不仅主要受到 1968 年以杂志业为背景的性剥削电影《她的私人地狱》的启发，还受到了布莱恩·德·帕尔玛（Brian De Palma）在《致命诱惑》（1980）和《身体替身》（1984）等电影中扭曲的色情风格的影响。像德·帕尔玛先生一样，雷弗恩先生也是一名热衷于女同性恋、跟踪和突然血腥场面的鉴赏家。
这部电影是 55 岁的雷弗恩先生 10 年来的首部长片，他年轻时被视为一个令人兴奋的新星。在故乡丹麦凭借 1996 年的犯罪剧《推手》（Pusher）及其续集成名后，他受邀来到美国。在这里，他拍摄了最知名且最成功的长片，即由瑞安·高斯林主演的扣人心弦的惊悚片《驾驶》（Drive），这部电影如此激烈，以至于我在纽约观看时甚至没有注意到当时发生了一场地震。
[[IMG_NEON (2)]]
电影评论 | 凯尔·史密斯 (KYLE SMITH) 当风格即实质
不过那是 2011 年的事了，从那时起，雷弗恩先生在电影制作和流媒体电视方面的尝试并没有真正流行起来。此外，据他所说，在 2023 年的一次修复心脏缺陷的手术中，他曾停止呼吸 25 分钟。可以理解的是，雷弗恩先生感到自己获得了释放，可以大胆尝试任何他想要的疯狂电影冒险，如果你不能理解，那是你的问题。继之前的电影《霓虹恶魔》（The Neon Demon）之后，《她的私人地狱》让导演回归到他一些心爱的基调中，例如极尽奢华却带有黑色电影色彩的空间，其中充斥着穿着极时髦衣服、面无表情的美女。恐怖片新女王索菲·萨彻（Sophie Thatcher，作品包括《小鬼》（The Boogeyman）、《异教徒》（Heretic）、《同伴》（Companion））饰演艾尔（Elle），一名生活在云层掩映下的女演员。
电视评论 | 约翰·安德森 (JOHN ANDERSON) 试图与凯文·哈特一起大笑
凯文·哈特（Kevin Hart）似乎无处不在——演戏、监制、制作播客、做单口喜剧，出现在银行和体育博彩的广告中。魅力在哪里？他工作如此刻苦。如果不对尝试大笑，那是没礼貌的。想象一下，你的女主人说她花了 10 小时为你做了马赛鱼汤。而你对甲壳类动物过敏。你是想表现得没礼貌？还是只想全身起荨麻疹？在《72 小时》（72 Hours）之后，你会感到心痒难耐，在这部片中，哈特先生饰演乔·尼克松（Joe Nixon），纽约一家大型广告公司的一名客户经理，如果他最近的营销活动没有失败，他本可以晋升为首席创意官。根据他的老板（凯文·邓，Kevin Dunn）的说法，“完全没能触及 Z 世代”，“那个 Fanta 广告，两个瓶子在讨论更改代词。那是在搞什么？”乔与时代脱节，且时间快要耗尽了。直到他收到一条来自一个叫尼克（Nick，马塞洛·埃尔南德斯，Marcello Hernández）的陌生人的误发短信，关于在迈阿密一个预算严重不足的单身汉派对。心血来潮之下，乔发送了一条晚安——
提供了 $200。为了表示感谢，他们邀请他同行。 开玩笑的！他们在开玩笑，但他无论如何还是让自己加入了，希望与 20 多岁的人在一起能奇迹般地让他变得时髦。或者前卫。或者类似的感觉。这是一个导致代际灾难的配方。 正如乔的一位同事在评价他最新的广告提案时所说，这简直是“尴尬至极”。在乔携带的行李中（包括一个装满伏特加的旅行包——因为他想捕捉那些男孩喝他客户的酒的画面），还有一种对药物的敏感体质，使他的行为像《疤面之徒》里的托尼·蒙塔纳（同时自称为里卡多·蒙塔纳）。这让他和他的同伴们陷入了巨大的麻烦，而他们无意中偷走的许多磅可卡因，以及被一名贩卖鲸鱼阴茎（据称具有神奇疗效）的走私者抛弃在海上的经历，同样如此。至少我们是被这么告知的。 但这就是喜剧的现状：观众们被说服，认为感到不适就等同于获得娱乐；认为紧张的笑声与另一种笑声是一回事；认为观看他人出丑就是机智的巅峰。通过让一名 40 岁、像多动症儿童般的社交达人与一群勉强度过青春期的兄弟会男生在一起，这部《72 Hours》除了让他们经历一场屈辱的洗礼外别无选择——对于乔，对于尼克，对于即将成为新郎的梅森（Mason Gooding），以及他们的朋友们：一个最近被抛弃的新郎猎特（由令人耳目一新的、诙谐的 Ben Marshall 饰演）；以及可能脑损伤的新生（由 Kam Patterson 饰演，他展现出的一种俏皮的傻气是整个故事原本需要更多地具备的特质）。 由 Jon Hurwitz, Hayden Schlossberg, Kevin Burrows 和 Matt Mider 编写的《72 Hours》让每个人都陷入窘境，甚至在迈阿密的沙滩上也是如此，在那里，享乐主义、比基尼和帮派分子是疲惫的叙事者无法回避的约会。
[[IMG_XXXX]] Sophie Thatcher（上方）以及电影中的一个场景（上方）。这是该导演 10 年来的首部故事长片。
在摩天大楼顶端的空中花园，她正在拍摄一部看起来很傻的科幻电影。片中那些表情淡漠的模特类型穿着复古未来主义的服装，互相电击，仿佛是在恶搞简·方达的营地经典之作《芭芭蕾拉》。一个笨拙的年轻女共演猎特（Kristine Froseth）加入了她，她那年轻得惊人的继母多米尼克（Havana Rose Liu）也加入了，后者最近嫁给了艾尔的父亲强尼·桑德斯（Dougray Scott），但却与一名俱乐部老板尼科（Diego Calva）有染。强尼讲述了关于“皮衣人”的传说，一个杀害女性的凶手，手上镶嵌着锋利的钻石，就像
[[IMG_XXXX]] Marcello Hernández, Ben Marshall, Kevin Hart, Kam Patterson 和 Mason Gooding（上方及左侧）。
卡地亚版的弗莱迪·克鲁格（出自《猛鬼操纵》）。女演员们在另一栋摩天大楼中目击了一场谋杀案，看起来像是“皮衣人”残酷工作的结果。或者，这次杀戮仅仅是一场幻想？ 在故事的另一部分，背景显然设定在战后日本，一名叫 K 私兵（Charles Melton）的美国士兵因女儿被绑架（可能是被“皮衣人”绑架）而心碎，于是展开了一场私刑任务，旨在杀死或至少伤残那些贩卖女性的雅库扎帮派分子。这两条故事线如何相互影响并最终结合在一起，直到结尾才变得清晰，甚至到那时可能依然不明确。电影随着情节推进变得越来越令人费解，在一段涉及性、谋杀和出入俱乐部的、基本没有对白的冗长高潮中达到顶峰，而这一切...
其视觉效果如同高级定制服装的电视广告一样异域且迷人。多年来，为古驰（Gucci）、普拉达（Prada）等品牌拍摄此类广告一直是雷夫恩（Mr. Refn）的副业，且可以认为，在那种叙事让位于风格化的形式中，他最为自在。但风格是不容忽视的。在很大程度上得益于皮诺·多纳吉奥（Pino Donaggio，同样是德帕尔玛（Mr. De Palma）的挚爱）创作的丰满、浪漫且充满弦乐的配乐，以及摄影师马格努斯·诺登霍夫·约克（Magnus Nordenhof Jønck）捕捉到的疯狂且极具表现力的诡谲影像旋涡，这部电影拥有与大卫·林奇（David Lynch）更抽象的作品相似的神韵。当你深挖潜意识时，逻辑便不再重要。
令人地。作为《周六夜现场》（Saturday Night Live）的演员，埃ر南德斯（Mr. Hernández）饰演的伴郎表现得尤为尖刻，他无法原谅好友结婚一事。泰亚娜·泰勒（Teyana Taylor）通常是任何电影的财富，但在这里，她饰演的乔（Joe）的医生未婚妻似乎投入不足，尽管这可能是某种自我防卫。安迪·加西亚（Andy Garcia）饰演一名拥有一个不可靠儿子（迈克尔·曼多（Michael Mando）饰）的毒枭，这为编剧提供了众多机会，让他们在精心设计的闹剧与更为刻意的感伤之间徘徊。如果这部电影能坚持对文明行为的堕落漠视，而不是试图在临终前向体面皈依，你或许会对其更加尊重。
剧评 | 查尔斯·伊舍伍德 (CHARLES ISHERWOOD) 一部一手烂牌的戏剧
纽约 在索霍区（SoHo）的 Housing Works 书店上演的 D.L. 考伯恩（D.L. Coburn）作品《金 Game》（The Gin Game）这部简约的新复刻版中，时钟的滴答声贯穿始终。这并非声音设计的一部分——那是店里的时钟——但感觉上却奇妙地契合，且这种契合好坏参半。
华尔街日报每日十字谜题 | 编辑：迈克·申克 (Mike Shenk)
1 2 3 4 5 6 7 8 9 10 11 12 13
14 15 16
17 18 19
20 21 22
23 24 25 26 27 28
29 30 31
32 33 34 35 36
37 38 39 40
41 42 43
44 45 46
47 48 49 50 51
52 53 54
55 56 57 58 59 60 61
62 63 64
65 66 67
情感深沉 | 作者：马特·加夫尼 (Matt Gaffney)
本周竞赛十字谜题的答案是一个由三个单词组成的电视节目名称。
31 伟大的Tin Pan Alley作曲家Carmichael 32 蕾丝垫子 33 在粗俗的一面 34 不严格 37 乔安娜·伍德沃德（Joanne Woodward）凭借该片获得最佳女主角的电影，含“The” 41 结实的木材 42 蕾亚（Leia）的兄弟姐妹 43 避难所 44 法国最长的河流 46 五大湖之滨的城市 47 创办贫困儿童之家 的爱尔兰慈善家 51 《鲁迪》（Rudy）中的Astin 52 雷克萨斯救命稻草 53 像融化的奶酪一样移动
横向 1 分包商？ 6 带有桶的集团 10 受尊敬的人 14 战场 15 ___-do-well（好心办坏事者） 16 南方城市，简写 17 《正义之行》（Justified）和《绕路》（The Detour）的演员 19 喧闹 20 适合ISP所有者的好姓氏 21 海洋哺乳动物 23 餐厅菜肴 26 著名的黑皮诺生产商 29 《号角中的蜂蜜》（Honey in the Horn）小号手
它凸显了剧中两个角色生活的寂静与空虚，他们是养老院的居民芳西娅（Fonsia）和韦勒（Weller），分别由黛布拉·温格（Debra Winger）和阿利斯·霍华德（Arliss Howard）饰演。他们被家人抛弃或与家人断绝联系，被囚禁在孤独的暮年之中，在生命之钟缓缓走停的过程中，带着不安的无奈地等待着。不幸的是，一旦你注意到了那个不可阻挡的滴答时钟，你也会变得
55 Miss___（1990年代电视心理学家） 56 《侏罗纪世界：重生》（Jurassic World Rebirth）主演，简写 62 流行语 63 A3, Q5 和 R8 的制造商 64 人员 65 询问 66 特纳（Turner）和丹森（Danson） 67 小型卡车制造商
纵向 1 电视屏幕上的Levy 2 著名的时间 3 租出 4 很快 5 购物者的吸引力 6 奥古斯都统治期间的一年 7 来自分配器的砖块
温格女士和霍华德先生， 这对夫妇在剧中饰演 养老院的居民。 这部作品揭示了 这部经常被上演的 剧作其价值之匮乏。
意识到剧本本身的单薄， 以及由大卫·布鲁姆（David Blum）执导的这部作品 日益增加的乏味感。 《琴酒游戏》（The Gin Game）在 1978年赢得了普利策戏剧奖， 推测这得益于 1977 年 由迈克·尼科尔斯（Mike Nichols）执导、 由杰西卡·坦迪（Jessica Tandy）和 休姆·克罗宁（Hume Cronyn）主演的 广受欢迎且备受赞誉的百老汇演出—— 他们是美国剧院中最负盛名的表演夫妻之一。 该剧在百老汇被复排过两次， 最近的一次是在 10 年多前， 由塞西莉·泰森（Cicely Tyson）和詹姆斯·厄尔·琼斯（James Earl Jones）主演， 并在地区剧院被广泛制作。 但这可能在很大程度上是因为 该剧的简单性以及制作所需的有限资源 ——仅有两个角色，四个场景和一个简单的门廊布景—— 而不是因为它内在的价值，而其价值微乎其微。
遗憾的是，在这次演出中，这些价值仅隐约可见。 演出面向仅 60 人的观众， 他们坐在书店一楼一块空地上的成排椅子上。 由此产生的亲密感适合这部剧—— 而且 $20 的票价简直闻所未闻—— 但视线可能会不理想。（鼓励早到；座位不固定。）
温格女士和霍华德先生和坦迪与克罗宁一样， 是一对夫妇， 但虽然这可能使他们被这部剧吸引， 将其视为对角色前辈的致敬， 但科本（Coburn）这部喜剧-正剧 证明与他们的才华并不契合。 温格女士是一位著名的电影演员，曾三次获得奥斯卡提名， 她一直以不虚荣而令人耳目一新； 或许在这里，她将这种美德发挥得有些过头了。 在 71 岁时，她看起来太年轻、太精神， 不像是扮演一名养老院居民—— 尽管剧本中明确规定了那个精确的年龄。 她看起来可以比实际年轻 10 岁， 同样的情况也适用于霍华德先生，他也是那个年龄。 （同样事实是，我们对什么构成衰老的认知已经演变； 我记得十多年前的一期 AARP 杂志标题 ——在那之前，咳咳，我成了订阅者—— 大肆宣传 60 岁是新的 30 岁。）
剧情极其简略，到了轻飘飘的程度。 两人都缺乏访客——韦勒（Weller）离婚已久， 从未与他的三个成年子女建立关系， 而冯西亚（Fonsia）则对……讳莫如深。
[[IMG_XXXX]] 剧中场景，由大卫·布鲁姆执导，见右侧及下方。
谜题 竞赛
24 岛屿 诀别 25 道奇，作为 职责 27 红或黑 棋子 28 1975年林戈· 斯塔尔热门曲 30 鲁本底 33 德恩在《大小谎言》中 34 堵水之物 35 Nutriplenish 洗发水制造商 36 惰性气体 38 尝试击中 39 惊叫声 40 高音 44 艰苦的 努力 45 电视法官 丽塔 46 扳手或 锤子，例如 47 乡村 住宅 48 激起 49 让台球 游戏开始 50 旧好莱坞 之日 54 活力 57 信号 58 附加 59 变得稍微 暗一些 60 半美元 人物，简短地 61 两种___类
8 宽鞋 尺寸 9 “___之歌” （2018年德莉亚· 欧文斯小说） 10 不光彩 11 出生 专家 12 著名双胞胎 姓氏 13 益生菌 饮料 18 “可能会 发生的是...” 22 不公平地 拿走大部分 23 不能不
前一谜题答案
F L A B G A S C H E W E D C O C A C O L A O A X A C A C A T C H A I R M I C R O N K A T D E E E D N A P R E P P I N T E R M O O R B E N C H A P L I N A I D S B R E R S T O N E O R E A S I O A T C A W R O O S T C H U B C A P T I T S T O O L A T E U T E S I M P E D E A B E T S W I G I S A A M I T I N M A N J U M P S E A T A R C A N E O N E S T A G E B E A S T S B O X S U E T
她自己儿子的下落——他们在一系列的纸牌游戏中建立了联系，争吵，并交换彼此的忧伤与抱怨。他发起了游戏，并学究地提醒她遵守规则，但随着芳西娅（Fonsia）一手接一手地获胜，他的惊讶和恼怒演变成了愤怒的烈火，而芳西娅则保持平静，对其运气感到轻微的羞愧。芳西娅是一个端庄、虔诚的女性，她对韦勒（Weller）的喧闹和粗鲁的厌烦表达感到反感。温格小姐（Ms. Winger）努力地想让这些端庄、压抑的特质自然地地呈现出来——坦白说，她失败了。她确实在表演中注入了一种奇怪的少女感，但这变得单调乏味。温格小姐一直是一位具有透明光辉感的电影演员；相比之下，她在这里的表演感觉笼罩在矫揉造作之中。霍华德先生（Mr. Howard）更容易传达出韦勒的易怒，但两位演员都没有传达出可能赋予该剧某种情感支撑的潜台词层面：即一种大多数被失去、失败和遗憾标记的人生感，这让两人都留下了无法真正痊愈的伤痕。布鲁姆先生（Mr. Blum）的导演处理没有留出足够的留白，而这些沉默本可以让角色内心的生活被更清晰地洞察。即便随着游戏一次次堆叠，角色们分享了更多关于经历的私密细节，演员们似乎仅仅是在角色的表面滑行——他们在表演一种被生活打击的暮年，而非令人信服地栖居其中。由于几乎感觉不到在他们大多友好但最终产生分歧的互动下潜伏的伤口，人们很难对谁能在金边纸牌（gin）游戏中胜出产生太大的兴趣——当然，这些游戏象征着人生这场“游戏”中许多随机且不可捉摸的本质。最关键的是，由于对这段贫乏的戏剧投入的情感极少，我们变得像角色们对待彼此那样不耐烦，最终不再在乎芳西娅和韦勒是否能抛弃他们不幸的过去，并建立起一种能在当下给他们带来慰藉的联系。这部剧最终给人的感觉就像一座倒塌的纸牌屋一样平庸。
《金边纸牌游戏》(The Gin Game) Housing Works Bookstore, 126 Crosby St., New York, thegingameplay.com, 闭幕日期： 8月14日
伊舍伍德先生（Mr. Isherwood）是该报（Journal）的戏剧评论员。
F
I
好吧，这并没有花很长时间。安迪·伯纳姆 (Andy Burnham) 担任英国首相还不到一周，他的政府就已经陷入混乱。
伯纳姆先生的问题可分为两类：“掉头”和“啊？（没听懂）”。前者是他——或者就此而言，是工党——近年来唯一一个不错的税收想法：使个人所得税的标准扣除额随通货膨胀而提高。这将构成一次显著的供给侧减税，旨在吸引那些政治家们急于将他们从福利名单拉回劳动力市场的群体。
然而，伯纳姆先生提出这一想法后不久就不得不放弃。债券投资者对他领导的政府偿还债务的能力感到不安。在这种情况下，即便这笔减税带来的年收入损失仅为相对温和的 $12 billion，对伯纳姆先生来说也难以承受。
在本周他的另一个税收转身中，另一种现象正在起作用，即放弃任何将最高边际所得税率提高至 50% 的讨论。
政治经济学 作者：约瑟夫·C·斯特恩伯格 (Joseph C. Sternberg)
礼拜场所 作者：达里尔·哈特 (Darryl Hart)
公民宗教能否克服困扰美国社会的党派之争？佛罗里达大学汉密尔顿学院的政治学教授塞缪尔·高德曼 (Samuel Goldman) 认为这是可能的。他呼吁复兴公民宗教——其特点是对乔治·华盛顿、亚伯拉罕·林肯、宪法、阿灵顿国家公墓中蕴含的公共虔诚，以及激励美国社会规范的犹太-基督教理想的共同尊重。高德曼先生认为，这可以指向一种共同的国家目标感。
高德曼先生将（好的）公民宗教与（坏的）基督教民族主义相对比。尽管它与基督教和犹太教有重叠，但公民宗教借鉴了同样影响美国公共机构的科学和世俗贡献，超越了“任何特定教会的教义”。
高德曼先生的建议无法满足那些希望美国回归新教根源的基督徒。基督教民族主义最著名的发言人之一是道格·威尔逊 (Doug Wilson)，他是一位爱达荷州的牧师，也是一家学院和出版公司的创始人。他的名声在一定程度上源于与国防部长皮特·海格塞斯 (Pete Hegseth) 的关联，以及他对同性婚姻、跨性别医疗、堕胎甚至女性投票权的反对。
作者：理查德·米尼特 (Richard Miniter)
前中央情报局局长 R. 詹姆斯·伍尔西 (R. James Woolsey) 周二去世，享年 84 岁。他的一生践行了那种在如今的华盛顿已极为罕见的跨党派生活方式。
1968年，吉姆·伍尔西在五角大楼担任一名陆军中尉。当时他受邀参加一个大学友人的派对，该友人正准备与国防部副部长保罗·尼策 (Paul Nitze) 的女儿结婚。伍尔西在派对上偶遇尼策，两人随即就越南问题展开了一场激烈的争论。（多年后，伍尔西告诉我，他当时敢于与尼策争论，是因为林登·约翰逊政府即将结束。）令人惊讶的是，次年理查德·尼克松将尼策召回负责谈判军备控制，而尼策为伍尔西提供了一个战略顾问的职位，这成为了他职业生涯的转折点。事实证明，尼策不喜欢“唯唯诺诺之辈”。伍尔西随后在吉米·卡特政府时期在海军部工作，并在罗纳德·里根政府期间担任军备控制谈判代表。1993年，他成为了比尔·克林顿的第一任中央情报局局长。如今的华盛顿，两党之间已少有交集，而唯唯诺诺之辈反而受到青睐。伍尔西在2002年开始与我的采访中描述了他生活的其他方面，这些经历反映了极化带来的危险。
1993年的世界贸易中心爆炸案导致七名美国人丧生，其中包括莫妮卡·史密斯 (Monica Smith) 未出世的儿子，当时……
【此处文本缺失/跳转】
……从 45% 起。与其说这是一个具体承诺，不如说是他所属政党中不满的左翼的愿望，而新任首相在他那极其简略的准竞选活动中并未作出此类承诺。尽管如此，他曾对此产生过兴趣，将其视为为其他左翼优先事项筹集资金的一种方式。肯定有人向他解释过，富豪们已经在成群结队地逃离英国，此类增税带来的收入将远低于预期。
在“令人不解”的类别中，可以算上他宣布针对家庭能源账单实施消费税减免。伯纳姆先生 (Mr. Burnham) 表示，通过将增值税率从 5% 降低至零，从10月起，他将为平均每个家庭每年节省 60 美元的“巨款”。多年来，选民们一直恳求政治家在能源价格方面采取行动。可以推测，他们希望的远不止于此，因为这项提案引发的是人们的质疑而非赞美。
从经济和政治价值来看，这个增值税噱头本身就是一个失败之作，但它也启发我们，伯纳姆先生似乎并不愿意为了控制能源价格而采取实质性措施。为了应对气候变化而盲目追求净零排放目标的进程将继续推进。伯纳姆先生继续沿袭工党的含糊态度，在是否允许进一步开采北海油气问题上犹豫不决。如果你能理解这种前后矛盾的……
【此处文本缺失/跳转】
如果被迫在世俗公民宗教的“斯库拉”与基督教民族主义的“卡律布狄斯”之间航行，我们或许可以寻求美国深厚的长老会传统。美国长老会 (Presbyterian Church in America, PCA) 最近的一份报告重申了一个自 1788 年起美国长老会就信奉的主张：宗教自由和集会自由对于基督教的努力至关重要。与此同时，PCA 通过了一份文件，在经过轻微限定后，拒绝了基督教民族主义。
作为一个成员人数约为 400,000 人的小宗派，PCA 在这些观点通过社交媒体以及如斯蒂芬·沃尔夫 (Stephen Wolfe) 的《基督教民族主义之辩》和詹姆斯·D·贝尔德 (James D. Baird) 的《万王之王》等书籍传播后，开始正视基督教民族主义。但 PCA 报告中最重要的主题并非直接否认基督教民族主义，而是对宗教自由的肯定。自由政治秩序在“上帝的眷顾下”保障了宗教自由，限制了政治权力并承认了人类尊严——政府的职责之一是“保护宗教的自由行使，包括良心自由”。尽管政府有责任鼓励“虔诚、正义及公共秩序”，但不应“干涉信仰事务”。
这种肯定与美国关于有限政府的信念相一致，而且它……
职业生涯在克林顿时代触礁。
审判法官所做的那样。联邦调查局（FBI）从一个深近三层的地下坑中地搜集到了证据，进行了逮捕，访谈了目击者，并积累了大量的证据——但出于担心这些证据必须与辩方共享从而破坏其诉讼，FBI 拒绝与中央情报局（CIA）共享这些资料。
能源政策方案，让选民知晓，因为他们看不到任何合理性。 伯纳姆先生（Mr. Burnham）为此遭受的任何尴尬都是他自己的责任。工党将其前任基尔·斯塔默（Keir Starmer）罢免，是因为该党左翼坚信，斯塔默先生过于倾向中间派，无法推行那些能让国家摆脱政治上令人衰弱的经济低迷状态的社会主义政策。伯纳姆先生可能意识到、也可能没意识到这一理论是错误的。但在他通过欢呼被选为工党领袖及下一任首相之前，他深知应避免让自己承诺任何政策。 这意味着伯纳姆先生现在必须在实时状态下，对那些通常在竞选活动中才会初次经历混乱现实碰撞的政策想法进行实地测试。 预计未来的方案将出现更多曲折，因为他将收到来自政治家、选民和投资者的反馈，而这些反馈本应在他竞选首相之前，通过制定政纲更早地征询。
发现一名新领导人在政治上 能做的竟如此之少。
这与基督教民族主义截然不同，后者的倡导者呼吁基督教立法者制定限制宗教自由行使的法律。压制虚假或错误的信仰是基督教民族主义者的常见主张。 此类主张大政府的论调显然将基督教
为应对基督教民族主义 和公民宗教提供了另一种选择。
然而，民族主义者们以一种尴尬的方式，与左翼和右翼不断涌现的后自由主义并存。作为对自由主义政治不满的一部分，基督教民族主义者大量阅读并引用 16 世纪和 17 世纪的神学家，认为他们比约翰·洛克 (John Locke)、托马斯·杰斐逊 (Thomas Jefferson) 或本杰明·富兰克林 (Benjamin Franklin) 更能为政府提供指导。
PCA 报告通过捍卫对《威斯敏斯特信条》(Westminster Confession) 的修订，挑战了此类历史评判。在长老会信条 1646 的最初版本中，英格兰和苏格兰的圣职人员教导说，民政官员有责任监管宗教（主要通过国家教会）。1788 年，美国长老会将其调整为：民政政府有责任培育公众虔诚并保护
1993 的爆炸案主谋是拉姆齐·优素福 (Ramzi Yousef)，他是哈立德·谢赫·穆罕默德 (Khalid Sheikh Mohammed) 的侄子，后者随后策划了 9 月 11 日袭击。当优素福在 1995 年被捕时，他的钱包里有一张穆罕默德的名片。直到 1996 年 FBI 提交案件时，CIA 终于看到了证据。伍尔西 (Woolsey) 后来用他典型的冷面表情告诉我：“这太令人沮丧了。”
这远非伍尔西在 CIA 唯一的挫败感。他从未与克林顿先生进行过一次一对一会谈。早期，他曾试图陪同递交给总统每日简报的 CIA 官员，但却被留在椭圆形办公室外的一把古董椅上等待。这令人感到屈辱。伍尔西说，他的命运在与总统人事总监布鲁斯·林赛 (Bruce Lindsey) 的一次对话中就被决定了，当时林赛想要更换 CIA 的总法律顾问。伍尔西说，当他拒绝时，林赛说：“你知道这是怎么回事吗？”伍尔西花了好几周时间
尽管如此，关于英国是否还能在任何传统意义上被治理，依然存在一个合理的问题。伯纳姆 (Burnham) 先生的艰辛之举让人心生怀疑。财政状况极其糟糕，以至于即便惠及低收入者的税收改革也被否决。然而，更广泛的经济状况如此恶劣，以至于在不吓跑大多数富人（且可能是永久性地吓跑）的情况下，对“富人”增税也是不可能的。家庭和企业迫切需要能源价格救济，但英国人似乎也不愿放弃导致能源昂贵的净零政策（而对于左翼中在选举上占重要比例的一批选民来说，净零依然是一项信仰）。斯塔默 (Starmer) 先生已经证明，即使是适度的福利改革在政治上也是不可能的，这对于英国在医疗保健和养老金方面所需的更大规模社会支出调整来说，预兆不佳。
这样看来，选民似乎不允许英国政治家操作任何一个政府通常会触及的权力杠杆。伯纳姆先生可能意识到了这个问题，也可能没有，但他试图通过说服选民遵循一个明确定义的计划来解决这个问题，显然并没有成功。相反，他依靠“氛围”进行竞选。而现在，他这个新生政府的氛围则是“糟糕了”。
所有人的宗教表达。PCA 的报告得出结论，这种长老会神学与美国有限政府的传统相协调。
这种对限制政府宗教权力之支持，并不意味着 PCA 与自由意志主义者（libertarians）处于同一阵营。这些长老会成员担心美国已经屈服于“性别与性别的分离、性放纵、婚姻的侵蚀以及社区生活的碎片化”。然而，这些发展并不是放弃自由政治的理由，因为保护宗教自由仍然是这个国家教会的福祉。
PCA 的报告可能无法阻止后自由主义（postliberalism）对某些基督徒的吸引力，但它保留了长老会对宗教自由的重视，并提出了一种成为信仰美国人的方式，这种方式既非纯粹的公民宗教，也非基督教民族主义。只要基督教不再是美国这个异质社会的规范，基督教民族主义将继续吸引部分基督徒。但在长老会的案例中，基督教民族主义经过了审查并被认为是不合格的。
Hart 先生在希尔斯代尔学院（Hillsdale College）教授历史，是《新教徒与爱国者：革命时代的长老会》（Protestants and Patriots: Presbyterians in the Age of Revolution）一书的作者。
以弄清楚林赛（Lindsey）在暗示什么。到那时，他已被排挤在外。他从未有机会直接向总统分享他对奥萨马·本·拉登日益增长的担忧。在没有白宫支持的情况下，他只能在国会山自谋生路。在 1994-95 年，正当基地组织在积蓄力量时，Woolsey 请求增加阿拉伯语翻译人员的资金。当时，来自中东的电话截听内容只有不到 10% 被翻译成英文。前参议员 Dennis DeConcini 后来告诉我，他想知道翻译人员是否是 Woolsey 或 Clinton 先生的优先事项。如果是 Woolsey 的，那么答案将是否定的。
联邦调查局（FBI）与中央情报局（CIA）之间的壁垒以及翻译短缺问题，直到 9 / 11 之后才得到解决。
Woolsey 是一个正直且善于分析的人，但不是一个政治动物。他的去世代表了一个 era 的结束。
鲁滨逊·克鲁索
作者：Francesca de Tores Bloomsbury Circus 出版，336 页，$25.30
1704 年，在距离智利海岸约 400 英里的遥远的胡安费尔南德斯群岛上，亚历山大·塞尔基克 (Alexander Selkirk) 在修理私掠船“五港号”(Cinque Ports) 被虫蛀的船壳时，痛骂他的船长，并在怒斥中发出了一个鲁莽的挑战：“那么你可以把我留在那里，”他说，“因为我宁愿在这个被上帝遗弃的岛上碰运气，也不愿将我的生命交给一艘漏洞百出的船和一个傻瓜船长。”这就是亚历山大·塞尔基克的故事——真实的鲁滨逊·克鲁索，他在一座荒岛上独自生活了 4½ 年，只有老鼠、猫和山羊陪伴。在《Cast Away》中，Francesca de Tores 提供了关于塞尔基克故事的虚构化叙述。de Tores 女士地想象，塞尔基克生长在苏格兰一个小村庄，是七个男孩中的最小的一个，一定曾受到哥哥们的欺负，这为他 15 岁时出海逃离提供了动机。
“逃离了内瑟拉戈 (Nether Largo) 以及我行为带来的羞耻与混乱之后，”塞尔基克说，“没有人比我更惊讶地发现，我成了一名出色的水手”，并且在海上生活三年后，成了一名“出色的领航员”。但正如 de Tores 女士所描述的，塞尔基克承认自己是“一个性情暴躁、容易发怒的人……不节制，且在岸上……醉醺醺的时候比清醒的时候多。”这就是他被抛弃的原因。从塞尔基克岛上隐居之初，de Tores 女士就通过提出一个他最终必须面对的问题来设定情节：“当构成一个人生活的全部事物都被剥离时，人还剩下什么？不。不只是任何一个人，而是没有了麻烦的家人，没有了船上的职责，甚至没有了一小杯朗姆酒，亚历山大·塞尔基克是谁？还剩下谁？”
他盘点了自己的 meager 资源（“一小袋面粉和一个装有 flip 酒的桶……几码亚麻布……火枪……一磅火药和少量的子弹……一块燧石……一把刀和一把桅杆锥；一个水壶”），然后考虑他面临的挑战“以及我在这个被遗弃之地极有可能死亡的情况”。这足以“引导我打开那桶 flip 酒”。在接下来的几天里，他陷入了酗酒状态，喝光了桶里的全部内容，在对动荡童年的炽热回忆中在岛上蹒跚而行。到第三天，flip 酒喝完了，“无法再恳求这座岛提供更多。现在是时候开始生存的大业了。”
而他确实生存了下来。除了工具和物资，他真正的救命稻草是数量丰富的山羊和卷心菜树，它们提供了稳定的食物来源；还有他结交的猫，用来控制那些在夜晚没完没了干扰他的老鼠。作为一名鞋匠的儿子，他知道如何鞣制山羊皮，这为他的住所和身体提供了必要的覆盖物。他甚至想出了将山羊圈养的方法，这样他就不必追逐它们，也不会耗尽珍贵的子弹和火药。海豹也是季节性的访客，提供了宝贵的资源。
有一件东西他没有盘点——一本圣经。为了寻求创意表达，他转向这本书，用木炭修改段落以创作诗歌。他将自己的努力描述为“更像是在削一块木头——因为我在一个接一个地删减词语，直到剩下的部分似乎成为了真理。”在这里，他将《创世记》的一段文字简化为：“深水之上之黑暗 / 在黄昏之中 / 让大海产出 / 星辰。”德·托雷斯女士在整部小说中巧妙地运用了这一手法，提供了一种诗意的抽象来编码情节。但塞尔基克并不平静。“不要误会，以为我在这里很安逸。我每天在一种巨大的绝望中跋涉，以至于我看不见它的地平线，也无法摸索出任何航行的路径。”他在精神上相当脆弱，当他因细菌感染而身体染病时，他遭受了精神崩溃。随后登场的是：
Sleek，一只脾气古怪的虎斑猫，以及维卡里厄斯·克朗奇牧师（Rev. Vicarious Cronch），一只精通圣经深奥教义的山羊：他们是对话者，是会说话的野兽。为了解释这些幻觉，塞尔基克这样说道：“如果我对正在发生的事情产生怀疑，我就是在剥夺自己获得陪伴的可能性。你可能会说我轻信，但如果我拒绝这只山羊及其声音，我就失去了他的对话，并将自己谴责于沉默之中。”正是通过与这两个精神幻象的日常对话，塞尔基克挖掘了自己的内心深处：“我知道一个人是如何迷失的。早在来到这座岛屿之前很多年，我就已经迷失了。但我也知道这一点。我在山羊的教导下，在猫的蔑视下，在盐之教堂中，以及在厚重的沉默圣经中习得。被阳光灼盲，被山羊搞疯，舌头变得麻木，走在孤独的海岸线上……听着。我知道这一点：我知道一个人是如何被救赎的。”在他被隔离的第四年第三个月的第二周，两艘英国护卫舰终于出现在地平线上。塞尔基克获救了。但那时，他早已被救赎。 《Cast Away》是一部创意的虚构杰作，运用历史学术研究、圣经典故和荣格心理学，呈现了有史以来最迷人的生存故事之一。
华尔街日报
国会衡量成功的标准在于通过了多少法律，而非这些法律产生的结果。一个典型的例子就是 2020 年的《禁止意外账单法》(No Surprises Act)，其后果几乎与预期完全相反。请继续阅读，并为此感到悲哀。
在疫情爆发前，“意外医疗账单”是当时最令人愤慨的话题，2019 年特朗普总统介入其中：“长期以来，意外账单——这一国家面临的巨大问题——导致一些患者在完全不知情的情况下，为医疗服务支付了数千美元的意外且不合理的费用。”
意外账单通常源于患者在保险网络之外的医院接受急救，或在与网络外供应商签约的网络内医院就医。医院有时会雇用外部供应商团队，这比将医生纳入自己的工资单更便宜。
当国会考虑仲裁立法时，保险公司与供应商团队发生了冲突。保险公司希望国会要求仲裁员将向网络外供应商支付的费用挂钩于网络内费率。供应商团队认为这不公平。
国会最终将《禁止意外账单法》附加在 2020 年 12 月的新冠疫情支出计划中。供应商赢了，而保险公司及其客户输了。该立法终结了意外账单，但增加了保险公司的成本，而这些成本现在正通过提高保费转嫁给消费者。
该法律建立了“棒球式仲裁”机制，以解决网络外供应商与保险公司之间的支付纠纷。由医疗保险和医疗救助服务中心 (CMS) 认证的第三方仲裁公司必须在患者保险公司和供应商提出的支付率之间做出选择。不能采取折中方案。
去年，仲裁员在近 90% 的案件中裁定供应商胜诉。大型供应商团队获得的支付金额平均是网络内费率的三到九倍。原因之一是他们可以选择哪家 CMS 认证的仲裁公司审核其索赔。无需惊讶，他们会将索赔引导至那些倾向于判定他们获胜的公司。
仲裁员地为了吸引更多业务，也有强烈的动力裁定供应商胜诉。仲裁员设定自己的费用——通常每项索赔约为 $600——由败诉方支付。裁定供应商胜诉会鼓励他们提交更多索赔。不出所料，索赔数量激增。
2021 年，拜登政府官员预计每年将有 17,000 起纠纷进入仲裁。而去年这一数字达到了 260 万 (2.6 million)，且索赔数量持续上升。针对 Elevance Health 的索赔在去年第四季度到今年第一季度之间增长了 30%。
保险公司已对供应商约 40% 的索赔提出质疑，认为其根据《禁止意外账单法》不具备仲裁资格，通常是因为这些索赔涉及的是选择性手术。但仲裁员并不经常驳回这些不合格的索赔。为什么？因为除非他们出具支付决定，否则无法获得报酬。
供应商正通过不合格的索赔获得巨额赔付，这鼓励他们提交更多索赔以寻求更高的支付金额。
国会愤怒的企业家们——谁能想到？——正对此感到极其不满。数月来，他们一直愤怒地声称，国会里到处是利用股市“内幕交易”攫取腐败财富的立法者。这并非现实。但美国众议院在周三对公众的关切做出回应，以 232-198 的投票结果通过了一项名为《停止内幕交易法案》的法案。需要提醒的是，国会根据 2012 年的《股票法案》早已被禁止利用非公开信息进行交易。超过 $1,000 的交易必须披露。严重的指控可由 FBI 调查。然而，在某些领域，人们将其视为社交媒体上的真理，认为国会沉迷于以公众利益为代价进行日内交易。记录显示，根据《华尔街日报》报道，2024 年持有个人公司股票的参议员不足一半，众议员仅占三分之一。新闻标题大肆渲染丑闻，且往往是误传。
去年秋天，有一篇关于宾夕法尼亚州众议员 Rob Bresnahan 交易的报道。据 NBC 报道，他在 5 月 15 日“抛售了价值六位数的股票，涉及四家管理着近一半所有医疗补助计划 (Medicaid) 参保人的公司”。一周后，他投票支持了《一个宏伟法案》(One Big Beautiful Bill)，该法案对医疗补助计划进行了改革。其暗示是……怎么说呢？医疗补助计划的改革经过了激烈辩论，并非内幕秘密。Bresnahan 先生告诉 NBC，他“从未指示我的财务顾问买入、卖出或持有什么”。他的披露显示了各种交易，包括出售百事公司 (PepsiCo) 和买入卡夫亨氏 (Kraft Heinz)，这与专业投资组合管理相一致。他被指“抛售”的医疗补助股票包括 CVS Health，这是一家大型多元化公司，其股价自 2025 年 5 月以来上涨了约 68%。Bresnahan 先生在周三的法案中投了赞成票。关键在于要警惕以轶事为论据，因为交易数据库像一个巨大的干草堆，而记者则是寻找模式的动物。一项针对 2012-20 年国会交易披露的学术研究发现，“没有证据”表明立法者整体上跑赢了市场：“众议院
拜登政府的官员曾预测每年会有 17,000 起仲裁争议。但在 2026 年，这一数字达到了 2.6 million 起。
正如左右翼民粹主义者所要求的那样，强行清盘将导致商业阶层的流亡。
由此可得的财富已令服务提供者不愿加入保险网络，而这讽刺地正是《意外账单法》的目标之一。计划内手术——而非该法律旨在解决的紧急情况——占据了保险赔付的大部分。Elevance 表示，整形外科医生为乳房缩小手术平均寻求 $100,000 的报酬，而其网络内提供者的平均报酬为 $2,000 至 $5,000。联邦医疗保险 (Medicare) 仅支付 $1,500。康涅狄格州的一家诊所就该项手术获得了约 $440,000 的裁决金额。在纽约，足科医生为锤状趾手术提交的索赔金额平均为 $30,000。联邦医疗保险为该手术支付约 $400，而网络内提供者可获得 $700。在手术期间远程监控患者神经系统的医生（通常是在其他州的家中操作）也加入了这场骗局。在 Elevance 审查的几个市场中，执行脊柱手术的外科医生通常获得 $7,000 至 $12,000 的报销，而远程监控他们的网络外神经科医生在仲裁中赢得了高达 $40,000 的金额。一名提供者在一年内仅远程神经监测服务就寻求 $9 million 的报酬。围绕这一系统已经发展出了一个利润丰厚的家庭工业。医疗计费公司——其中最著名的是 HaloMD——代表提供者提交索赔并从中抽取佣金。HaloMD 的所有者同时经营着一项神经监测服务。私募股权公司拥有部分顶尖的计费提供者，包括 TeamHealth、SCP Health 和 Radiology Partners。他们还在为仲裁公司提供融资。不要指责私募股权利用国会创造的这种扭曲激励机制。难以置信的是，由民主党执政的州在限制仲裁滥用方面做得更好。在 2024 年 5 月至 2025 年 5 月期间，
弗吉尼亚州针对全额承保商业计划的仲裁系统——由民主党于 2020 年颁布——处理了 252 起案件，而提交至联邦系统的弗吉尼亚州案件则超过 34,000 起。纽约州的民主党人最近对其州系统下的提供者赔付设定了上限。在州政府官员发现仲裁滥用导致其州雇员健康计划损失超过 $200 million 之后，这些改革才得以实施。该州表示，这种滥用是“导致今年保费率上涨近 10 ％的主要原因”。
保险公司正恳请国会和政府提供帮助以应对这种滥用。一个切入点可以是让医疗保险和医疗补助服务中心 (CMS) 审计并吊销那些在不符合条件的索赔中一再判定提供者获胜的仲裁公司的资格。CMS 还可以发布指南，为支付给提供者的金额设定上限，不过这可能需要立法才能生效。
遗憾的是，特朗普政府最近敲定了一项由拜登提出的拟议规则，旨在使仲裁对提供者而言更高效、成本更低。这将鼓励更多索赔。这次意外账单的惨剧是典型的政府运作方式——或者更准确地说，是不运作的方式。
而且参议员的股票回报与随机挑选股票的结果一致。” 选民也可以自由地罢免任何被他们认为（无论公正与否）存在利益冲突或分心的政治人物。所有这些都提示人们应当谨慎，而《停止内幕交易法案》（Stop Insider Trading Act）正反映了这一点。该法案将允许国会议员保留现有的个人股票，但禁止立法者、配偶及其受抚养子女购买新股。在出售当前持股之前，他们必须提前七天通知，这解决了人们对立法者在收到某些糟糕的简报后可能迅速抛售资产的担忧。然而，一旦民粹主义之火燃起，就很难将其扑灭，进步派将周三的法案称为一场骗局，因为它没有禁止国会所有股票所有权。在一些右翼人士的加入下，他们希望国会议员、配偶和子女在 180 天内清空所有个人公司的持股。盲信信托也不例外。对于大多数立法者来说，将资金投入指数基金和广泛投资是明智的。民粹主义者实际上想剥夺公众选举“例外情况”的权利。危险在于，僵化的规则会阻碍成功的商业人士寻求公职。如果一个优秀的潜在候选人丈夫从事金融业怎么办？或者有人想在退休后服务一届，但不想以资产贱卖为代价怎么办？国会需要更多——而非更少——具有商业经验的人员。进步派则希望清除这类立法者。社会主义者、众议员亚历山德里娅·奥卡西奥-科尔特斯（Alexandria Ocasio-Cortez）去年秋天表示，在职的百万富翁“太多了”，让他们清盘可以“使竞争环境公平”。她希望国会由非营利律师和社区活动人士组成。共和党为什么要为此提供帮助？
i i i
将《停止内幕交易法案》理解为一种试图预先阻止更大规模民粹主义胡言乱语的尝试是最合适的。但没人应该指望它能让国会变得更道德。它主要会让律师和职业政客们变得更安全。
贵报 7 月 17 日的社论《共和党预算调解的破产》（“The GOP’s Budget Reconciliation Bust”）指出，众议院计划未能将住房销售资本利得税针对通货膨胀进行调整。该计划忽略了许多可行且能立即实施的方法，以向寻求入门级住宅的年轻买家开放更多住房库存。参议院应当纳入其中一些措施。
首先，在联邦所得税中，针对自住单户住宅出租空闲房间实施免税规则。目前美国有 32 million 这样一个空闲房间。将其免于征收所得税不会损害政府收入，因为财政部目前也没有从中获得任何收益。据我估计，在 10 年内将有 3.2 million 个此类房间被出租。如果免税期限制在每个房间最多 4 年，我估计将有足够的房主在超过该期限后继续出租，从而在 10 年的调解窗口期内带来 $7 billion 的税收收入。
其次，将自住主房的资本利得免税额提高至单身纳税人 $500,000 和共同纳税人 $1 million。正如贵报社论所指出的，目前的水平将房主锁定在原处，造成了错配问题。据我估计，这将释放 125,000
贵报 7 月 18 日的社论《特朗普与伯尼，政治烟跳伞员》（“Trump and Bernie, Political Smokejumpers”）正确地指出，华盛顿在批评加拿大之前，应先治理好自己过度生长且缺乏管理之森林。但更深层的失败不仅仅在于土地管理——而在于联邦政府任由航空机队萎缩数十年，且从未根据威胁程度进行重建。
凭借多年的军事经验，我知道当你在需求增加的情况下，对稀缺且老化的机队进行配给时会发生什么：准备状态被削弱，而下游的某些方会承担风险。在山火航空领域，这个承担风险的方就是各州。
联邦政府自己的国家准备水平（National Preparedness Level）系统——该系统在情况恶化时会限制全国火场的飞机调度——并不是一种对急救响应的保证，而是一个配给阶梯。它预设各州已经具备足够的初始攻击能力。华盛顿州为这一缺口承担了全部责任：它
Allysia Finley 的文章《中国干涉选举？那 TikTok 怎么说？》（Life Science，7月20日）误解了特朗普总统在 TikTok 交易中的艺术。我对此很清楚，因为我参与了该交易的谈判。
作为副总统的法律顾问，我领导了政府在日常工作中为美国人挽救 TikTok 并确保其安全的努力。结果是成立了一家新的总部位于美国的合资公司，由美国人持有多数股份并运营。Finley 女士抱怨字节跳动（ByteDance）仍持有这家美国公司 19.9% 的所有权，但她应该向国会提出这一诉求。2024 年禁止 TikTok 的法律允许字节跳动保留 20% 以下的所有权。
在特朗普政府的剥离协议下，每个美国人的数据均由甲骨文（Oracle）作为政府信任的安全合作伙伴在境内存储并加密。该合资公司已重新训练了推荐算法，以防止……
世界杯空调革命？
关于贵刊社论《欧洲的空调反叛》（7月20日）： 我们不断听到那些世界杯球迷在美国玩得多么开心。所有这些刚离开我们海岸的快乐欧洲游客，在体验了有空调的酒店、餐厅（甚至冰块和冰啤酒）之后，回到了他们闷热的家中。也许——在见识了没有压抑的气候政策下日常生活是什么样子之后——他们也带回了一点我们的反叛精神。 ANN ACHESON BAILEY 乔治亚州，卡明市
自由表达 (Free Expression) 来自 华尔街日报 观点栏目 一份关于生活、政治和文化的每日时事通讯 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
每年提供家庭规模住宅，10 年的预算成本为 $19 billion。 第三，通过提供与增加小地块入门级住宅数量挂钩的 $25,000 奖金，激励各州放宽土地利用限制。这些房屋的价格将更低，从而让教师、急救人员以及许多其他在当前市场上难以负担房产的美国人能够拥有住房。
各州将决定如何推进小地块政策。根据我的计算，仅需 $9 billion 即可在 10 年内资助 360,000 套家庭规模住宅。德克萨斯州已经示范了这条路。2025 年，该州通过了 SB15 法案，通过推翻部分当地最低地块面积要求，为新住宅区的地块大小提供了灵活性。在实施的前 10 个月里，该政策在德州四个主要城市中估计创造了 3,500 个可建造入门级住宅的新小地块。
我估计，这三项条款合并后的 10 年净预算影响为 $21 billion，这可以通过重新规划联邦酌情资金以及消除欺诈和浪费来筹措。其结果将是非常值得的。 ED PINTO AEI 住房中心 华盛顿
首先通过法规强制要求制定航空计划，然后在此计划的调查结果之上建立资金和机队决策——这是一个其他地区难以企及的模式。国家的大型空中灭火机队长期以来一直不稳定。在 2002 年至 2013 年间，尽管火灾季节延长且强度增加，机队规模仍从大约 44 架缩减至 8 架。在高峰时段无法满足请求并非罕见例外，而是一个 20 年来无人完全更新假设的系统的必然产物。当你的房子着火而当地消防队没出现时，房子会被烧毁。当一场跨越城市界面且无人管控的野火发生时，损失将呈数量级增长。
国会和州议会，而非社论页，才应该是争论这些计算结果的地方。 GEOFFREY S. PARKER 上校，美国空军（退役） 亚利桑那州，普雷斯科特市
任何未来的操纵。而且甲骨文（Oracle）会独立检查并验证应用程序源代码的每一部分以及每一次软件更新。
正如他们承诺的那样，特朗普总统和万斯副总统让 TikTok 对美国人变得安全。与此同时，他们挽救了一款超过 100 million 美国人喜爱的应用程序，以及数以千计依赖该平台的就业机会和小企业。
毫无疑问，社交媒体展现了美国政治丑陋的一面。但芬利（Finley）女士在针对 TikTok 时，实际上是在攻击信使。该平台并非在操纵我们的政治，而是在反映政治。
肖恩·库克西 (SEAN COOKSEY) BGR 集团 华盛顿
撤销大麻合法化是可能的
作为一名此前支持大麻合法化实验的人，我非常感谢艾莉西亚·芬利（Allysia Finley）在周末采访中与凯文·萨贝特（Kevin Sabet）就合法化已证实的缺陷及大麻的危害所进行的探讨（《合法大麻是否已过巅峰？》，7月 18日）。
有效撤销药物合法化的先例是存在的。在 2024 年，俄勒冈州议会撤销了一项失败且广泛的硬性毒品去罪化措施，该措施曾在 2020 年通过全民公投以压倒性多数通过。此次撤销得到了两党的支持，表明面对相关代价时，两党领导人都有意愿摒弃糟糕的药物政策习惯。
本·里奇蒙德 (BEN RICHMOND) 纽约州普莱森特维尔
与盐
I
A
“伯尼兄弟”可能会破坏民主党的期中选举
作者：拉姆·伊曼纽尔 (Rahm Emanuel)
对于民主党提名一名牡蛎商竞选参议员席位，我没有异议。当我于 2006 年领导党内努力夺回众议院时，我们特别注重招募具有“真实”广泛吸引力的候选人。但在我的任期内，这一策略帮助我们反转了 31 个席位，并在 2008 年又赢得了 21 个席位，而该策略是基于一个实质性的前提：我们需要减轻选民对于民主党在国防方面过于软弱以及在文化上脱节的担忧，这些弱点源于之前的选举。如果我们能做到这一点，就能为我们打开大门，使竞选重点转向共和党的腐败，其范围从“汤姆·迪莱构建的议会”一直延伸到伊拉克战争的合同。
即使是温和的对手 也必须为美国民主社会主义者 (DSA) 候选人的激进观点负责。
如今，“伯尼兄弟”以及他们在美国民主社会主义者 (DSA) 中的同道们，似乎正意图否定该策略已证明的成功。当 DSA 试图将安全的民主党州和选区染成更深色调的蓝色时，摇摆选区的民主党候选人则处于明显的劣势。在纽约第 13 国会选区，一名年轻的社会主义者达里亚利萨·阿维拉·切瓦利尔 (Darializa Avila Chevalier) 击败了国会西班牙语人士党团主席、众议员阿德里亚诺·埃斯派亚特 (Adriano Espaillat)。她是通过赢得该选区新迁入的城市专业人士的支持而实现的。
多年来，在撰写批评政治家的文章时，我的共和党目标大多像男人一样承受打击，其中许多人甚至承认——即便只是在私下里——他们可能确实该受此对待。但副总统 JD 万斯及其阴郁的网络执行者团伙并非如此。这种自大——或者更准确地说是缺乏安全感——值得分析。
本专栏上周报道了万斯先生的国会同事对他持续缺席所感到的愤怒。在近几届政府中，执政多数派一直依赖副总统（兼任参议院议长）作为白宫与国会之间的主要联络人。万斯先生摒弃了这项重要但默默无闻的职责，更倾向于留在聚光灯下。上周，当处于关键的立法时刻时，万斯先生取消了原定于周二的众议院会议，转而参加《乔·罗根体验》(The Joe Rogan Experience) 节目，并在节目中抨击国会，导致情绪在此时达到沸点。
共和党人出于尊重，大多对万斯先生保持沉默。但这位副总统已经
波托马克 观察 作者：金伯利·A·斯特拉塞尔 (Kimberley A. Strassel)
作者：Robert Pasnau
作为一名哲学教授，我研究思想史。我对诸如欧洲启蒙运动如何开始，以及自由意志的概念何时首次出现等问题感兴趣。我花费多年时间进行研究并撰写书籍，将我搜集到的碎片信息拼凑在一起。与其他学者一样，我勉强在某个或另一个传统的少数资料中得出几项新结果。但历史的规模之大，超出了人类的理解能力。
人工智能为我们提供了以迄今为止无法实现的方式来理解人类的机会。大语言模型能够吸收和处理海量的
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch 新闻公司执行董事长 Rupert Murdoch 新闻公司名誉董事长
Emma Tucker 总编辑
Liz Harris, 执行编辑 David Crow, 副总编辑 Aja Whitaker-Moore, 副总编辑
同时失去了她声称支持的黑人和西班牙裔选民。这些边缘化社区，与全国大多数选民一样，其口味与哈莱姆区（Harlem）和曼哈顿上城这些在士绅化地区的人们并不相同。
第 13 选区的发生之事并不会局限在第 13 选区。今年的中期选举应当聚焦于特朗普政府的腐败，在它面前，DeLay 先生看起来就像个纯洁的唱诗班男孩。但打着“真实性”的旗号，民主社会党（DSA）和其他组织正给民主党套上一些被提名人，而这些人的立场极不受欢迎，这将使共和党无需为唐纳德·特朗普的腐败和经济无能付出代价。
已经出现的情况是，丹尼斯·鲍威尔（Denise Powell）——一位完全有能力在内布拉斯加州奥马哈（Omaha）及其周边选区翻盘的明日之星，在我最近访问该地时，正被该州共和党不公正地贴上“DSA 丹尼斯”的标签。共和党采取这一策略并不令人意外：DSA 的文化议程为民主党增加了负担，而民主党已经背负着拜登 era. 带来的糟糕党派形象。竞争选区的候选人不得不花费时间和精力将自己与 DSA 的议程区分开来，而他们本应引导选民关注特朗普先生的腐败。
归根结底，这是政策问题。是社会主义者主导了削减警察经费、开放边境、废除监狱、将暴力罪犯释放到街道上以及侮辱国旗的行动。我们知道这些在选举中是失败的。2020, 在抗议者高喊削减警察经费之后，乔·拜登在没有得票带动效应的情况下当选。在拜登先生实施开放边境政策后，我们在 2022 失去了众议院的控制权，并在 2024 失去了白宫和参议院。
最近表现出很多左倾迹象：削弱以色列、抨击自由市场、推崇基督教主题的大政府议程。
此外，许多共和党人认为万斯（Vance）先生对待伊朗的方式过于天真。当选的共和党人加入保守派评论员之列，对万斯进行重新思考，这件事值得报道。大多数读者会将该专栏视为其本来面貌：即共和党内部关于谁应在 2028 领导该党日益激烈的辩论的一部分。
万斯团队将其视为任何轻微冒犯一样对待：全员动员以抹黑批评者——将其贴上 RINO（名义上的共和党人）、“建制派”、说谎者、被俘工具或某种反 JD “行动”的标签。
万斯的宣传团队联系了我的编辑并要求修正。他们希望我为我没写过的内容道歉——即万斯先生在周三出席了众议院……。不用管国会的愤怒源于万斯先生决定抛弃他们而去参加 Rogan 先生的节目。他们声称这不是取消行程的“原因”，尽管他们没有提供替代解释。万斯先生在德克萨斯州奥斯汀还做了什么？
他们的最后一条投诉是一个吹毛求疵的陷阱：我写道“立法者可以用手指数出前参议员万斯曾设置”
海量的语言信息。 没有他们无法学习的语言，也没有过于冷僻到无法在整个训练数据中进行交叉核对的参考资料。 如今的大语言模型（LLM）对于严肃的学术研究帮助不大。它们能帮助学生，但告诉教授的主要是我们已经知道的东西。这并不奇怪，因为它们是在与我们学习过的一样熟悉且有限的资料上训练出来的。 挖掘人工智能潜力的第一步，就是认识到外界还存在多少更多的资料。 从最早的文献到印刷机时代，任何一种语言中幸存的资料都多到任何人都不可能全部读完。这些作品中只有极少数被翻译过。许多作品仅以手稿形式存在。
Robert Thomson 新闻集团 (News Corp) 首席执行官
Almar Latour 首席执行官兼发行人
道琼斯管理层： Jason P. Conti，总法律顾问；Dianne DeSevo，首席人事官；Artem Fishman，首席技术官；Lisa Fitzpatrick，道琼斯工业总经理； M. Scott Havens，首席增长官； Dan Shar，执行副总裁，财富与投资总经理；Ashok Sinha，首席传播官；Josh Stinchcomb，执行副总裁兼首席营收官，华尔街日报 (WSJ) | 巴伦周刊 (Barron’s) 集团
众议员 Alexandria Ocasio-Cortez（民主党，纽约州）、密歇根州美国参议院候选人 Abdul El-Sayed 以及参议员 Bernie Sanders（独立人士，佛蒙特州）。
从红色选区向蓝色选区的选举转向至关重要。我们在 2006 和 2008 年共同夺取的 52 个席位，让奥巴马总统获得了通过《平价医疗法案》和《多德-弗兰克金融改革法案》所需的多数席位。在参议院中，他依赖于来自深红州、温和民主党人内布拉斯加州参议员 Ben Nelson 的支持。拜登总统在《削减通胀法案》中通过清洁能源条款的能力，取决于西弗吉尼亚州参议员 Joe Manchin 投出的那一票。如今，这两个参议院席位均由共和党控制，Manchin 先生在受到“伯尼兄弟”的威胁后，选择在 2024 年不再寻求连任。 这不是高等代数。如果你想像民主党在 2006, 夺取多数席位后最近所做的那样提高最低工资，你就需要翻转更多红色选区。来自新泽西州的 Mikie Sherrill 和来自弗吉尼亚州的 Abigail Spanberger，这些资深人士
在国会大厦露面。”这就是立法者告诉我的。Vance 先生的发言人坚持认为，副总统就任以来已经去过那里二十多次。这句话显然是指 Vance 先生与国会议员聚集在一起解决问题的频率较低，而不是字面上计算他出席演讲或打破僵局而实际到场的次数。
专栏而对我发起猛烈攻击。 他们应该听听我的孩子们怎么称呼我。
万斯（Vance）先生真正的霸凌者实力体现在他的网络军队中，那里有一群“影响力者”和“记者”随行，随时准备动用一套标签、“那怎么说”式的逻辑陷阱（whataboutisms）和谎言。这些战术并不新鲜。它们完全是索尔·阿林斯基（Saul Alinsky）那一套——选定目标，将其定格，将其个人化并极化——这在左翼中早已被长期实践。我为此写了一整本书，名为《恐吓游戏》（The Intimidation Game）。新鲜之处在于，右翼现在竟然使用这种手段试图压制保守派内部的异见。
形式，在某些图书馆或修道院的地下室中凋零。其中许多内容已有数世纪未被阅读。一个大语言模型可以阅读并保留所有这些内容。 以这种方式训练的机器将开启新的可能性。曾经局限于其领域小众圈子的学者可以拥有更广泛的视野。此前不为人知的文本可以进入对话。关于“自由意志”这类概念起源的普遍假设可以接受彻底的审视。学术界主导的偏见——西方、基督教、英语——可以受到来自全球每个角落的挑战。学者们对跨学科的永恒追求（直到现在，这主要意味着听一些你完全不懂的主题的演讲）将变得触手可及。 我们能从所有这些被忽视的资料中学习到多少？没人知道，因为此前一直没有办法使其变得便捷可用。直到最近，情况似乎一直如此——人类永远无法全面地理解他们的历史。维克多·雨果（Victor Hugo）曾评论说，历史必须忽略过去许多细节，否则“无限性将使其崩溃”。但人类文明的记录是有限的，尽管它大到任何人类都无法掌握，但它并未超出 Claude 或 ChatGPT 的能力范围。 相对于潜在的回报，训练所需的投入相当之小。需要的是训练一个 LLM，使其学习所有语言，无论是现存的还是已消亡的，并获取
海军和中央情报局（Central Intelligence Agency）的人员，分别在 2018 年通过夺取此前由共和党（GOP）掌控的席位而当选进入众议院。两人均在去年当选为其所在州的州长。 如果“伯尼兄弟”（Bernie bros）真的在意于增加就业和提高工资，他们会支持那些宣传实质性方法来帮助家庭支付抵押贷款或房租、保障退休生活，并确保人们不会因为一次医疗紧急情况就陷入破产的候选人。但他们并没有赞扬前军用直升机飞行员丽贝卡·贝内特（Rebecca Bennett）的参选，她正竞选以击败新泽西州的一名共和党国会议员；也没有赞扬退休副将南希·拉科尔（Nancy Lacore）的参选，她正在竞选南卡罗来纳州的一个空缺席位。 目前，社会主义者试图转移我们关于腐败核心信息的努力已经产生了影响。数月来，民主党
即便万斯先生（Mr. Vance）的团队抱怨我漏掉了“周三”这个词，他的副幕僚长仍上网声称（且不实地声称），我——作为“左翼”的一员——写道万斯先生在“周二或周三”期间“不见踪影”，而这段文字就出现在一张显示副总统周三在国会的照片上方。这随即引发了万斯先生社交媒体追随者们的蜂拥而至。他们称我为毫无骨气的左翼分子，而他们的证据则是一系列乏味的反驳：是的，但参议院太糟糕了！是的，但米奇·麦康奈尔（Mitch McConnell）怎么算？是的，但你可能根本不喜欢《拯救美国法案》（SAVE America Act）！是的，但你是个失败者。
最能体现这伙人运作方式的是《联邦主义者》（Federalist）的肖恩·戴维斯（Sean Davis），他指责我对万斯先生——“其妻子刚刚分娩”——上演了一场“显而易见的卑劣把戏”。这段话出现在我的标题“万斯总统擅离职守”之上。其暗示是我在批评副总统请了一天陪产假。但正如戴维斯先生所知，乌莎·万斯（Usha Vance）直到万斯先生那次引起争议的缺席五天后才生下小亚历克（Alec）——恭喜。戴维斯先生还知道，网络暴民不核实事实，而他得到了想要的结果：数百条帖子将我辱骂为不仅是叛徒，而且是一个冷酷无情的混蛋。
能够接触到所有现有的书面文本——不是那些仍受版权保护、乏味琐碎的临时文件，而是那些古老且晦涩的文献，包括几个世纪以来无人阅读的文本。将所有这些材料以原语言数字化，然后将其翻译成所有现代语言，将为全球学术界开启这一文化遗产之门。其目标将是
能够以超越人类个体能力的规模 搜索并解读文本。
让全世界所有年龄段的学生 都能获得一份真正详尽的、记录了 人类文明及其多样化思想的文献档案。 我们生活在一个没有任何人能够 对人类经验有超过最浅层把握的世界。 谁能真正理解自己的宗教，更不用说 他人的宗教了？谁能牢牢掌握单一哲 学家的思想，更不用说全面掌握哲学 的所有表现形式？看来，随着一年年 时光流逝，人类集体遗忘的文化遗产 比其能够重新习得的更多。 人们可能会好奇：如果我们引入 AI，人类将还剩下什么样的角色？ 到这里，我们触及了问题的核心，即 每当新技术出现时便会产生的一种担忧
在全美关注特朗普先生和共和党国会的 同时，该党的通用优势有所扩大。 由于近期对 DSA 主导的初选关注增加， 我们的领先幅度有所缩小。11 月， 持续关注削减资金、去罪化和去殖民化 将凸显那些令许多民主党人疏远、 更不用说大批独立人士（他们在选民中 占比达到创纪录的 45%）以及失望的 共和党人疏远的文化议题。 此外，下次总统大选将由决定过去 三次总统大选的州——亚利桑那州、 乔治亚州、密歇根州、内华达州、 北卡罗来纳州、宾夕法尼亚州和 威斯康星州——的大约 500,000 名 选民决定。如果任何有现实机会赢得 大选的潜在民主党总统候选人，在 这些州竞选参议员或州长，且希望 今年秋天与纽约市的 DSA 成员共同 开展活动，我将很乐意承担他们的 机票和住宿费用。 我们都认同，真实性是获胜的关键。 但如果民主党要实施一个充满希望、 以变革为导向的议程，我们需要招募 那些其个人履历能为我们的主张增光的 传递者。每一个反对特朗普议程的人 都应该支持那些体现美国梦并致力于 恢复美国梦的候选人。要在关键地点 获胜，民主党需要强调他们与大多数 选民的共同点。
SARAH RICE/GETTY IMAGES
民主党人埃马纽埃尔先生曾担任伊利诺伊州 美国众议员 (2003-09)、白宫办公厅主任 (2009-10)、芝加哥市长 (2011-19) 以及驻日大使 (2022-25)。
他还被指为“深层政府”的“马克思主义者”、 “自由派”、“腐败的” “亿万富翁走狗”、 “知识上不诚实”的“单一政党传声筒”， 不过是一个“卑鄙的宣传员”，且“反特朗普”， 为“捐赠阶层”而活。 如果他们觉得这很糟糕，那他们应该听听 我的孩子们怎么叫我。 万斯先生可能认为这样做很聪明吗？ 成功的政治家寻求的是寻找新盟友， 而非疏远长期盟友，无论是当选的同事、 利益集团、创业阶层还是保守派媒体。 无需进行一场“右翼对右翼”的笼斗， 获胜已经足够困难。一个答案很简单， 就是万斯先生是个敏感的小兔子。 如果他想成为总统，他需要克服这一点。 但另一个答案是，万斯先生知道他为 共和党制定的“国家保守主义”雄心 并未产生效果。共和党人对于一个听起来 像伯尼·桑德斯的万斯议程正日益感到愤怒。 因此，他的万斯团队需要将任何持有异议 的人定性为“名义上的共和党人 (RINO)” 或特殊利益集团、或“精英”的“工具”—— 这样以便让他们定义什么才算作“真正的” 共和党人。一个“万斯式”的共和党人。 这里有个建议：尝试进行论证。 或许也让其他人发表他们的观点—— 且无需进行精神操纵 (gaslighting)。 请致信 kim@wsj.com。
威胁要颠覆旧有的运作方式。将古希腊语和拉丁语翻译成现代语言，为大众印刷并销售廉价书籍，将资料数字化并将其可搜索版本免费发布在网上——在每一个步骤中，总有人在哀悼旧时光。
随着人工智能的兴起，我们迈向了下一步：让计算机阅读这些资料。这已经开始了。我的建议仅仅是我们以正确的方式，在全球范围内全面地开展这项工作，意识到我们有机会以一种前所未有方式来研究人类文明的所有记载。我并不将人工智能视为少思考的借口，而将其视为一个更深入思考以及拓宽和深化我们理解的机会。
我们面临的挑战与我们一直以来面临的挑战相同，那就是在可获取的信息中寻找意义的任务。机器可以收集、比较和整理海量信息，但它无法完成最重要的事情——决定什么对人类生活具有真正的价值。对于一个大语言模型（LLM）来说，你提出的每个问题都至关重要且具有洞察力，或者它会这样告诉你。事实上，机器根本不知道什么是重要的。决定哪些问题最重要，取决于我们。但利用人工智能的力量，可以让人们处于能够回答这些问题的地位。
N
让投手和裁判都快疯了
如今，美国职业棒球大联盟（MLB）正在严厉打击他在击球区内的这种博弈行为。
作者：贾里德·戴蒙德 (JARED DIAMOND)
纽约洋基队的游击手豪塞·卡巴列罗（José Caballero）可能是全棒球界最不受欢迎的球员。他将整个职业生涯用于塑造自己作为这项运动中最臭名昭著的“搅局者”的名声，曾自豪地宣称：“我正努力让他们讨厌我。” 其原因与他在球场上的表现毫无关系。从任何统计数据来看，他的表现都极其平庸。 但卡巴列罗拥有一种极其特殊的技能，使他与大联盟中的其他所有人不同。这既不是他平平的击球能力，也不是他在防守端的全面性，而是他将投球计时器（pitch clock）作为终极干扰武器，从而将对手彻底逼疯的无双能力。 卡巴列罗这种引发愤怒的“超能力”在本周早些时候对阵匹兹堡海盗队时得到了充分展示。周一第八局，他走进击球区，开始了他在熟悉的操作流程：当计时器启动时，他始终低头盯着地面
作者：JOSHUA ROBINSON
法国，格勒诺布尔 上周的一个晚上，环法自行车赛领先者 Tadej Pogacar 正在日内瓦湖畔熟睡，突然被酒店房间门上的敲门声惊醒。当时是凌晨 5 点，有些人需要紧急见他。Pogacar 无法直接让他们走开。这些人是国际检测机构 (International Testing Agency) 的官员，他们在黎明前抵达，旨在进行一次极不寻常的兴奋剂检查。
这位四届环法冠军并非唯一一名受检者。就在同一天早些时候，他的主要竞争对手 Jonas Vingegaard 也在非正常检测时间的凌晨 2 点左右被叫醒接受检查。在接下来的 48 小时里，整个车队大部队 (peloton) 都接受了突击检查，这是环法自行车赛近代史上规模最大的扫荡式检查之一。
“如果这是证明我们是在干净地比赛所必需的，那么我完全接受，”Pogacar 说道。作为多站冠军和黄衫持有者，他几乎在比赛的每一天都要接受检测。“我承诺配合。”
Pogacar 和 Vingegaard 的检测之所以如此引人注目，是因为它们发生在半夜，超出了正常的 6 点至 11 点的时间窗。（在环法赛之外，车手被要求每天记录其行踪，以便在短时间内接受检测。）
为了进行这些夜间检查，ITA 需要获得世界反兴奋剂机构 (World Anti-Doping Authority) 和一名当地法官的许可。根据该运动的世界管理机构国际自行车联盟 (Union Cycliste Internationale) 的规定，这种要求仅限于“有严肃且具体的怀疑认为车手可能参与了兴奋剂行为”。
具体怀疑内容仍保密，且检测结果在环法赛结束前不太可能公布。在比赛圈内，车手和团队官员猜测，这些检测的依据可能从具体的作弊证据，到一个简单的客观事实——在这个饱受折磨的运动项目中，任何卓越的表现都可能被视为可疑。
需要明确的是，Pogacar 和 Vingegaard 并没有被指控有任何违规行为。
“正因为这段历史，你能够找到一名法国法官，他会给你签发搜查令来执行这种……”
[[IMG_XXXX]] 上图中的 José Caballero 在周三因违反投球计时钟规定而被叫停。两天前，海盗队投手 Dennis Santana 对 Caballero 的战术感到愤怒。
……由于这种历史，你能够找到一名法国法官，他会给你签发搜查令来执行这种检测。
即便在救援投手 Dennis Santana 准备投球后，计时钟依然在跳动。
主审裁判暂停了比赛，警告 Santana 在 Caballero 还没有看向他时就进入了准备姿势，这种违规行为可能会导致计数中自动增加一个坏球。
Santana 最终让 Caballero 击出双杀球，但这种拖延战术激怒了他。他开始对着 Caballero 喊叫并做手势，导致双方球员在休息区全部出动 (benches clearing)。当 Santana 继续对着 Caballero 吼叫时，他的队友不得不将其拦住。
这正是 Caballero 所希望看到的反应。 “如果你感到沮丧，”他说，“我就赢了。”
MLB 规则规定，当计时钟达到 8 秒时，击球手必须保持警觉并与投手配合，否则将被判定为一次三振。绝大多数击球手在很久之前就准备好了。但 Caballero 不是这样。
他会一直低着头直到最后一刻，强迫对手站立等待，希望以此干扰投手的节奏。如果他恰好造成违规，而投手在此过程中大发脾气，那就更好了。
“他可以这么做，但不能每球都这样，”Santana 说。“那就是我生气的时候。就像，‘我的天啊’。”
[[IMG_XXXX]] 右图中的 Tadej Pogacar 作为多站冠军和黄衫持有者，几乎每天都要接受检测。
“极端方案，”EF Education-EasyPost 车队的经理、前禁药使用者现转为洁净体育倡导者的乔纳森·沃特斯（Jonathan Vaughters）说道。“这一代人正在为这项运动之前的名声付出代价。” 自行车运动在 2000 年代初确实在很大程度上造成了这种名声——本世纪以来，超过四分之一的环法赛冠军因违反禁药规定而被剥夺头衔。
“怎么回事？为什么你要花这么长时间？”甚至连亚伦·布恩（Aaron Boone）——在洋基队去年交易获得卡巴列罗（Caballero）后成为其经理的人——在卡巴列罗穿上条纹球衣之前也无法忍受他。“我不喜欢他，”布恩说。“他是那种我会从休息区大吼大叫的家伙。”卡巴列罗对他非正统方法的坚定坚持偶尔会产生反效果。他引起了裁判甚至联盟办公室更多的关注。在与桑塔纳（Santana）发生冲突两天后，卡巴列罗被判定违反投球时限，因为裁判认为他试图通过欺骗投手来规避规则。MLB 在 2023 明确增加了一项规定，禁止此类行为。布恩愤怒到了极点。击球教练詹姆斯·罗森（James Rowson）被驱逐出场。卡巴列罗对着裁判反复大喊：“你们在针对我！”但无济于事。事后，裁判组组长亚德里安·约翰逊（Adrian Johnson）表示：
“他整个赛季都受到了警告。”与此同时，卡巴列罗表示他“并不是在试图欺骗任何人”。“整个联盟都应该知道我是谁，我在击球区做什么，而且他们应该意识到这一点，”卡巴列罗说。此前有球队抱怨，卡巴列罗会在再次向下看之前快速瞥一眼投手。这就是在 6 月份的一场对阵克利夫兰守护者的比赛中发生的一起激烈冲突事件。仅仅一周后，多伦多蓝鸟队也对卡巴列罗提出了异议。他因故意拖延比赛而收到警告，导致在布恩、卡巴列罗和裁判们争论不休时，比赛时间被进一步延长。这可能是投球时限（一种旨在加快比赛进程的机制）反而导致进程变得更慢的首次案例。“这个联盟里有很多大联盟球员，”蓝鸟队经理约翰·施耐德（John Schneider）说。“似乎只有一个人对他有意见。”洋基队在去年 7 月从坦帕湾光芒队获得卡巴列罗时对此心知肚明。早在 2023, 卡巴列罗在纽约王牌投手盖瑞特·科尔（Gerrit Cole）在场时就玩过类似的把戏。科尔的回应是在卡巴列罗头顶上方几英尺处投出一记速球。在三振掉卡巴列罗后，科尔在走下投手丘时对着他摇了摇手指。三年后，卡巴列罗现在已成为洋基队不可或缺的一部分——甚至布恩也改变了看法。“他以前是个讨厌鬼，我不喜欢那样，”布恩说。“现在我喜欢他了。”
然而，在车群内部，普遍观点认为目前的自行车运动比过去几十年来更加干净。
尽管如此，现在在夜间进行检测的一个理由是，为了检测任何可能在短短几小时内就从运动员体内代谢掉的先进性能增强物质。
“他们进行检测是好事，”两届冠军温加高（Vingegaard）表示，他在次日遭遇摔车并被迫退出环法自行车赛。“但当这影响到运动表现和睡眠时，我认为就没那么好了。”
并非所有人都能像温加高那样克制。兰斯·阿姆斯特朗（Lance Armstrong）在他的播客中表示，“这现在不再是一个体育问题。凌晨 2 点是一个人权问题。”与此同时，斯洛文尼亚车手马泰·莫霍里奇（Matej Mohoric）抱怨称，他在凌晨 5 点被从床上拖起来接受检测，而法国年轻选手保罗·塞克萨斯（Paul Seixas）则是在一个相对合理的时间点接受的检测。
“UCI 当然承认夜间检测可能会干扰车手的休息和恢复，”该组织表示，“并希望重申，在正常时间之外进行此类检查仍然是一项例外措施，仅限于有限且合理的特殊情况。”
UCI 拒绝说明这些具体情况是什么。但对于一项被自身历史阴影所笼罩的运动来说，这种反兴奋剂的武力展示旨在建立信心而非质疑。
“如果我们当时有凌晨 2 点、4 点的检测，”沃特斯（Vaughters）说，“我们会有大量车手立即被禁赛，包括在内。而且我们将为这项运动省去 25 年的戏剧性纠葛。”
ADAM HUNGER/AP; NOAH K. MURRAY/AP
标准普尔500指数 7408.30 g 1.21% 标准普尔金融指数 g 0.34% 标准普尔信息技术指数 g 1.12% 道琼斯运输指数 g 0.09% WSJ $ 指数 À 0.28% 2年期国债收益率 4.358% 日经指数（盘中） 64568.75 g 2.79% 更多信息请访问 WSJ.com/Markets 商业与金融
0%
−2
−4
−6
−8
30%
该集团与美国 经济关系处于 风险较高的时期
作者：EDITH HANCOCK 与 KIM MACKRAEL
布鲁塞尔——欧盟对谷歌母公司 (Alphabet) 旗下的谷歌罚款 $1 billion，原因是其违反了数字竞争规则。在特朗普政府准备出台新全球关税之际，此案可能进一步加剧紧张局势。
特朗普总统的 Truth Social 平台正向股票市场交易员出售其平台上帖子的超快速访问权限。华尔街早已参与其中。
作者：Gunjan Banerji, Caitlin Ostroff 以及 Krystal Hur
交易员表示，许多大型投资公司已经开发了自动化系统来监控 Truth Social，检测重要关键词并采取行动——通常在不到一秒钟的时间内——例如启动或取消头寸。 一份《华尔街日报》对交易数据的审查显示，一些交易员对总统的在线评论反应极其迅速。根据来自 DTN 的数据，在上个月特朗普关于伊朗的两篇帖子发布后的一分钟内，投资者交易了超过 2 million 股股票。 这些交易导致近 24 支能源和工业股出现了超过 2% 的波动。 来自 Trump Media & Technology 的新 “Truth API” 产品将允许公司付费以获得更快速的总统帖子读取。据知情人士透露，该公司计划每月收取 $100,000，如果交易员签订多年合约，则每月收取 $60,000。对于许多关注总统的普通交易员来说，这些数字是难以企及的。
请参阅 B9 页
10,000
−10
–10
10,000
商业新闻 福特与 吉利汽车 同意在西班牙 建立合作伙伴关系。B3
旨在控制环孢子菌污染
作者：HEATHER HADDON
7月14日晚上，Taco Bell的领导层发出指令：停止卡车运输。
当晚，公共卫生官员通知该连锁店，装饰在Crunchwrap Supremes、Cantina Chicken Burritos及其他菜单项上的切碎生菜，被怀疑是迅速扩散的环孢子菌（cyclospora）爆发的罪魁祸首。高管们紧急采取行动，拦截当时正前往Taco Bell全美7,785家门店的货运车辆。
自上周初以来，在多次深夜虚拟会议和集会中，Taco Bell的高管们一直致力于应对该连锁店历史上最大的食品安全危机之一——这次事件使“爆发性腹泻”这一词组牢牢占据了全国新闻头条。
联邦卫生官员上周表示，在此次疫情中患病的1,600多人报告曾在五个州的Taco Bell门店就餐。官员们随后将生鲜巨头Taylor Farms列为生菜供应商。
Taco Bell遏制环孢子菌爆发的努力，正在考验这家以快餐业顶尖运营商著称的连锁店的敏捷性，并挑战其客户群的稳定性——其客户群由忠诚且年轻的群体组成，这使得Taco Bell在充满挑战的行业中脱颖而出。
该连锁店表示，其采取自愿行动是为了保护消费者，并敦促其他餐厅和零售商采取同样做法。本文基于对Taco Bell现任及前任官员的采访。
请转至B2页
欧盟委员会（欧盟的行政机构）周四表示，谷歌在其广泛使用的搜索引擎中不公平地优待自家服务，且该公司对应用开发者施加了限制，阻止他们自由地将用户引导至其Play Store之外的其他产品。
这笔€890 million（相当于$1.02 billion）的罚款出在欧盟与美国经济关系的敏感时期。特朗普政府此前多次在技术监管问题上猛烈抨击欧盟，目前正准备推出新关税，以取代将于周五到期的临时征收额。
一组美国立法者本周致信特朗普总统，要求他在与欧盟的对话无效时，使用包括关税调查在内的“所有可用工具”对欧盟的技术规则进行报复。
“必须明确的是，欧盟进入美国市场的机会并非绝对保证，如果欧盟继续推行歧视性政策，该机会可能会受到限制。”
ConocoPhillips、Chevron和EOG Resources在特朗普6月9日Truth Social发帖前后的交易量
30,000 股交易量
300%
30,000
← 发帖前
20,000
20,000
10秒 前 5 发帖时间 5 10秒 后
房屋建筑商和投资公司的股价表现（1月7日）
Invitation Homes 特朗普要求禁止大型投资者购买更多单户住宅
10 a.m. 11 12 p.m. 1 2 3 4
*特朗普发帖后两秒内无可用数据。 来源：DTN
KRISTON JAE BETHEL 为《华尔街日报》绘制
技术 Comcast季度利润下滑，但订户流失幅度收窄。B4
Chevron、ExxonMobil和RTX在特朗普6月11日Truth Social发帖前后的交易量*
60,000 股交易量 ← 发帖前 发帖后 →
发帖后 → 发帖后 →
50,000
40,000
向核能领域扩张
作者：DAVID UBERTI
特朗普总统的媒体公司此前方向错误，马克·安杰洛（Mark Angelo）准备尝试一些不同的方案。非常不同的方案。安杰洛的约克维尔顾问公司（Yorkville Advisors）是一家位于新泽西州的小型投资公司，它不仅是 Truth Social 母公司特朗普媒体与技术公司（Trump Media & Technology）的大股东，还担任顾问和交易促成者。到去年为止，随着该公司亏损增加且股价大跌，安杰洛开始接触各种想法。
在一次开车前往纽约的途中，他在与一位亲密伙伴聊天时，一个激进的想法开始浮现。这次对话引发了一连串反应，最终导致特朗普的社交媒体公司同意与一家核聚变公司合并，使这个第一家庭成为了能源产业前沿的参与者。
正是这类非传统的交易，帮助特朗普家族迅速将其商业帝国扩展到新行业。为了实现这一目标，他们转向了一份不断扩大的名录。
[[IMG_XXXX]] Lennar D.R. Horton Blackstone
特朗普媒体自首个交易日起的股价 $70 TAE合并公告 +25% 2024 ’25 ’26 2024年4月 ’25 ’26 来源：FactSet
……歧视性行为、政策和实践，”该信函称。
周四的罚款是谷歌在《数字市场法案》（欧盟的数字反垄断规则）下收到的首次处罚。该罚款分为两部分，分别针对委员会对该公司搜索引擎和 Play 商店条款的异议。
谷歌表示，欧盟的规则使其在欧洲的产品供应变得更糟。
欧盟对《数字市场法案》的执行“继续破坏日常产品……
请转至B2页
[[IMG_XXXX]] 英特尔季度营收，同比变化 英特尔 2026年第二季度 来源：S&P Capital IQ, 公司 (营收); FactSet (表现)
作者：ROLFE WINKLER
英特尔的业务继续好转，第二季度的财报证明其表现远超投资者预期。
周四，这家芯片制造商报告 6 月季度的销售额为 $16.1 billion，同比增长 25%，比分析师的预测高出 11%。
英特尔预计 9 月季度的营收将在 $15.8 billion 和 $16.8 billion 之间，远高于分析师预测的 $15.1 billion。
在盘后交易中，股价上涨 4.7%。
“我们的第二季度结果代表了我们 15 年多来最强劲的营收增长，”英特尔首席执行官陈立武（Lip-Bu Tan）在声明中表示。“AI 正在驱动前所未有的需求，随着我们继续执行计划，英特尔已处于能够捕捉可持续增长的有利位置。”
首席财务官大卫·津斯纳（David Zinsner）在一次采访中表示，在第一季度丢失部分业务机会后，公司能够在第二季度追上需求履行进度。他还指出英特尔产品的平均价格强劲：“从定价角度来看，情况比我们……”
赞扬其 15 年来 最强劲的 营收增长。
那些并非华尔街蓝筹精英，但对于筹集资金和达成他人看来可能具有风险的交易感到舒适的金融合作伙伴。换句话说，就是像 Angelo 这样的人。
他在一次采访中表示，预计将于今年晚些时候完成的核协议是“我们真正尝试让 Truth 股票大幅上涨的努力”。他认为，“在协议达成之前，市场对 Truth 感到厌倦。” Angelo 随后澄清，他的意思是 Trump Media 的股票在过渡期内处于“区间波动”状态。
根据其 2025 年的财务披露，随着特朗普重返白宫，他及其儿子启动了加密货币风险投资，为总统带来了 $1.4 billion 的收入。但特朗普及其顾问最近已转向真实世界资产。 请参阅 B9 页
股价与指数表现，年初至今
2026 年 1 月 7 月
他表示，这是预料之中的。 人工智能革命已开始使 英特尔 获益，因为 AI 技术的下一波浪潮——由 AI 代理为用户完成任务——依赖于该公司擅长的中央处理单元（CPU）。 英特尔 此前落后是因为最先进模型的开发和使用主要由英伟达等公司制造的图形处理单元（GPU）驱动。
随着数据中心填满了 CPU，这种好转体现在 英特尔 的数据中心营收上，该项营收较去年同期增长了 59%，延续了近期的趋势。
英特尔 尚未感受到 AI 热潮带来的全部负面影响，而这将给其另一项业务——销售个人电脑芯片（本季度增长 13%）带来压力。Zinsner 表示，这种影响将在未来几个季度显现。数据中心对 AI 服务器的巨大需求导致了由其他公司制造的内存芯片短缺，而这些芯片是 PC 内部的关键组件。
结果，内存芯片 请参阅 B4 页
惩罚 马斯克 及其粉丝
作者：BECKY PETERSON 与 MICAH MAIDENBERG
一个月前，在 SpaceX 创纪录的首次公开募股后，埃隆·马斯克被冠以全球首位万亿富翁的称号。而现在，随着 SpaceX 和 特斯拉 最宏大承诺的账单到期，投资者对这位先驱企业家的耐心正逐渐耗尽。
周四，特斯拉 股价下跌约 14.5%——市值蒸发 $215 billion——此前这家电动汽车制造商未达到盈利目标，并在两年内首次记录到负现金流。这是在担忧科技巨头在人工智能上过度支出而引发的更广泛股票抛售的一部分。
在一次财报电话会议上，马斯克撤回了早前关于 Robotaxi ride-hailing 服务、Optimus 人形机器人以及开发多年的电动半挂卡车的推出指引。
SpaceX 的股票发行价为 $135，在上市后的几天内交易价格一度超过 $225，目前较最高点下跌超过 40%。该股在几周内就跌破了首次公开募股价格，且从峰值起计已损失超过 $1 trillion 的市值。
在 SpaceX 推迟其 Starship 火箭的测试发射，以及投资者预期将有大量股份被 请参阅 B2 页
S&P 500
马斯克及其 追随者
接前页 B1
接前页 B1
接前页 B1
将在 8 月初解除禁售限制。这将允许内部人士出售部分持股，从而给股价带来进一步压力。投资者仍在等待下一次 Starship 测试任务，由于德克萨斯州天气恶劣，SpaceX 将该任务从周四推迟到了周五晚上。顾问及前卫星高管 Samer Halawi 表示，通过公开上市，SpaceX 使自己面临更大的压力，尤其是在其追求部署 AI 卫星等未经测试的概念时。“资本获取将受到严密审视，”Halawi 说道，“当你成为一家上市公司时，人们会期待回报。你不能像以前那样运营了。”SpaceX 和 特斯拉 依然是美国最具价值的公司之列，估值分别为 $1.5 trillion 和 $1 trillion。投资者继续对马斯克的领导力及其雄心勃勃的产品路线图给予溢价。真正的信徒将马斯克视为能够在他所开创的市场出现很久之前就将其掌控的远见者，并引用 特斯拉 在电动汽车市场的主导地位以及 SpaceX 在火箭发射业务中的成功作为例证。马斯克承诺将这两家公司转化为一场 AI 军备竞赛中的主导力量，而目前他们在该领域处于落后地位。“我热爱 特斯拉，并且已经成为超级粉丝超过十年了，”特斯拉影响力者 Dillon Loomis 在财报发布前在 X 上发帖称，“如果这些目标如此不确定，请不要分享它们。内部怎么说都可以，但公开宣布却连接近都没有，除了损害公司及其追随者外毫无益处。”在周三的财报电话会议上，特斯拉高管回答了个人投资者的提问，这些投资者对 Robotaxi 自动驾驶出租车服务的缓慢推出感到沮丧，该服务在 7 月扩展到了第七座城市。马斯克在 1 月曾表示，到年底该服务将在美国四分之一到二分之一的地区推出。马斯克继续预告未来将演示 特斯拉 的第三代 Optimus 机器人，他此前曾表示该机器人将在第一季度进行演示。马斯克称该机器人
特斯拉...........................................B1
特斯拉
英伟达 (Nvidia) .....................................B10
Service Properties Trust..B9
SpaceX.........................B1,B2,B9
Stellantis..................................B3
Stripe........................................B4
T-Mobile..................................B4
育碧 (Ubisoft)......................................B2
联合利华 (Unilever) ....................................B5
联合太平洋 (Union Pacific).........................B5
威瑞森通讯 (Verizon Communications) .....................................................B9
大众汽车 (Volkswagen)...........................B3
百胜餐饮 (Yum Brands) ...........................B2
浙江零跑汽车科技有限公司 (Zhejiang Leapmotor Technology)...........................B3
Pichai, Sundar.....................B10
Rocker, Kenny.....................B10
Saluzzi, Joe.............................B9
Sheth, Atsi.............................A2
Smith, Terry........................B10
Starrs, Artie ..........................B3
Tae-won, Chey ......................A1
Tan, Lip-Bu..............................B1
Tresvant, Sean......................B2
Wagner, David......................A4
Walker, Kent...........................B2
Zinsner, David .......................B1
可能是史上最大的产品，且特斯拉正在准备其生产线，以每年制造一百万个机器人。特斯拉还在其财报幻灯片中告诉投资者，计划在今年年底前开始其全电动半挂卡车的生产，尽管马斯克在 4 月份告诉投资者生产将“很快”开始。对于 SpaceX 而言，该公司的许多承诺都取决于其星舰（Starship）火箭的成功，而该火箭仍处于开发阶段。SpaceX 将试飞定在 7 月 16 日，但由于火箭助推器上的几个发动机出现意外问题，发射被取消。延迟后股价的疲软导致一些密切关注并为每次发射欢呼的 SpaceX 粉丝在社交媒体帖子中表达了他们的沮丧。该公司需要将星舰从测试阶段转移到开始用于产生收入的任务中。
在一次 IPO 申请文件中，SpaceX 表示预计将在今年下半年开始使用星舰部署升级后的星链（Starlink）卫星。同样给 SpaceX 股价带来压力的是，在公司于 8 月 4 日举行首次财报电话会议后不久，内部人士将被允许出售部分持股。8 月 6 日的禁售期届满将向市场增加至多 911.5 百万股，大约使可自由交易的份额增加一倍。投资者和分析师推测，作为这两家公司最大的个人股东，马斯克可能会尝试将 SpaceX 和特斯拉合并为一家专注于 AI 的单一公司。“重叠的部分越来越多，特别是 Tera-fab，”马斯克在提到一个在德克萨斯州开发和制造芯片的数十亿美元合资企业时说道。“但显然，我们不能在财报电话会议上谈论合并公司之类的事情。这必须通过适当的程序来完成。”
过去 10 天的股价表现
作者：KATHERINE HAMILTON 谷歌披露持有 SpaceX 6% 股份
谷歌表示其持有价值 $94.1 billion 的 SpaceX 股份，约占这家新上市公司 6% 的股份。 根据周四公布的季度申报文件，该科技巨头的可交易权益证券包括价值 $80 billion 的 SpaceX 股份（受短期出售限制），以及价值 $14.1 billion 的股份（受长期限制，直至 2027 年第三季度）。 这种限制对于在首次公开募股前后买入股票的股东来说很常见。 SpaceX 于 6 月在公开市场亮相，标志着一次轰动性的 IPO，纳斯达克在周四早些时候表示，这是其历史上规模最大的上市。 SpaceX 股票在 6 月 12 日交易首日上涨 19% 至 $135，使公司市值达到 $2.1 trillion。 该股价在过去一个月内小幅下跌。
在欧盟面临 巨额罚款
“产品，”谷歌全球事务总裁 Kent Walker 表示。“为了合规，我们不得不移除欧洲人喜爱的实时搜索功能——例如酒店、机票和餐厅的即时定价和直接预订情况——并拆除 Google Play 上的安全保护措施。”
欧盟的这一决定是一项针对谷歌是否遵守法律的多年调查的顶峰。谷歌对其产品的运行方式进行了多次调整，包括对机票和酒店等服务的测试结果进行调整，测试购物广告和内容的呈现方式，以及更改针对引导客户前往其 Play 商店以外优惠的应用开发者的条款。
欧盟委员会表示，目前正在评估谷歌的更改，并补充说该公司在搜索和引导政策的合规方面已取得进展。谷歌有 60 天的时间来解决欧盟的顾虑，否则可能面临额外的罚款。
这家快餐店在发生环孢子菌病爆发后，迅速采取行动从其产品中剔除生菜。
Taco Bell 的 韧性
据熟悉其运营的人士透露。 基于其他试图走出食品安全危机的餐饮连锁店的经验，Taco Bell 可能需要数月时间才能重建其业务。
危机沟通顾问 Pam Goldstein 表示，Taco Bell 自爆发以来在社交媒体上的信息和广告中使用了俏皮的语气和亲吻表情，这冒着疏远客户的风险。Goldstein 曾在 2024 E. coli 爆发期间帮助过麦当劳。“你只有一次机会把事情做对，”Goldstein 说道。
Taco Bell 表示，其努力旨在增强消费者对其食品安全的信心，并感谢那些继续光顾的粉丝。该连锁店表示，对于其处理此次爆发的方式，已收到正面反馈。
7 月开始流传关于中西部地区疑似环孢子菌病例的报告，密歇根州、俄亥俄州及其他邻近州有越来越多消费者抱怨出现绞痛、恶心和水样腹泻。
随着病例扩散，卫生当局就集中在密歇根州东南部食品安全担忧的问题与 Taco Bell 取得了联系。一些 Taco Bell 分店自愿停止供应生菜。在 July 7, 前后，至少有一家密歇根州分店贴出告示，称全国范围内召回了生菜、香菜、洋葱、pico de gallo（墨西哥莎莎酱）和鳄梨酱。
密歇根州首席医疗官 Natasha Bagdasarian 表示，并未下达此类召回令。但在网络上——告示的照片迅速传播——消费者开始将环孢子菌病例与 Taco Bell 联系起来。
消费者已针对其疾病向 Taco Bell 提起了至少四起诉讼，指控该连锁店销售掺假产品，导致工资损失、痛苦和身体伤害。Taco Bell 尚未在法庭上做出回应。
July 14, 深夜，联邦公共卫生当局与 Taco Bell 高管分享了细节，指出来自 Taylor Farms 的生菜是导致迅速扩散的环孢子菌病例的疑似原因。这家总部位于加州萨利纳斯的农产品公司是 Taco Bell 及其他餐厅的主要供应商，此前曾与食品安全爆发事件相关联。
Taco Bell 的领导团队当晚召开会议，制定应急计划，开始从门店撤走可能被污染的 Taylor 生菜。数日来，他们在位于加州欧文的 Taco Bell 总部的“战争室”以及通过多次虚拟会议监督此次行动。公司办公室人员联系了 Taco Bell 的加盟商网络。
截至 July 17, 星期五，该连锁店已完全更换了其生菜，并审计了移除过程
纳斯达克表示，SpaceX 6 月的公开市场亮相是其历史上规模最大的上市。
SpaceX 股价周四收盘上涨约 2.6%。 基于 SpaceX July 23, $1.52 trillion 的市值，谷歌持有这家太空和 AI 公司约 6% 的股份。
销售额可能需要 数月时间才能 恢复。
谷歌一直有投资 SpaceX 的悠久历史。据《华尔街日报》报道，今年 5 月，两家公司曾讨论一项火箭发射协议，以帮助开发轨道数据中心。
《华尔街日报》的所有者新闻集团（News Corp）与谷歌签署了一项商业协议，在谷歌平台上提供内容。
特朗普曾威胁要针对欧盟过去对科技公司开出的罚单采取报复行动。在欧盟去年因谷歌滥用其广告技术工具的主导地位而对其处以 €2.95 十亿罚款后，特朗普威胁要发起贸易调查以“抵消不公平行为”。但他当时并未采取任何行动。
欧盟官员表示，他们的科技法律并非歧视性的，且该联盟有权制定自己的规则。《数字市场法案》旨在使较小型公司更容易与数字巨头竞争，它监管公司在欧盟内部的运营方式，但并不规定它们在美国或其他地方如何经营业务。
美国官员此前告诉欧盟，他们打算遵守去年达成的美欧贸易协议条款。美国当时同意将对该联盟的大部分关税上限设定在 15%。
一名欧盟官员周四表示，该联盟准备就其科技规则与特朗普政府进行接触。该官员称，委员会没有迹象表明目前正在筹备针对欧洲科技立法的新关税调查。
直到门店层面。 将 Taco Bell 与寄生虫爆发联系起来的新闻标题和社会媒体评论造成了影响。根据分析客流量的研究公司 Placer.ai 的数据，上周美国 Taco Bell 门店的客流量与 1 月 1 日至 7 月 6 日的当日平均值相比，下降了多达 31%。
Taco Bell 是美国第四大快餐连锁店（按销售额计），此前也经历过类似事件。2006 年末，在公共卫生部门将 Taco Bell 供应的生菜与美国东北部各州的数十起大肠杆菌病例联系起来后，销售额大幅下降——随后在 2007 年 2 月，一段关于其 1 家纽约市门店鼠患的视频曝光后，销售额进一步下跌。
该品牌随即采取攻势，派出前任总裁 Greg Creed 进行宣传巡演以强调食品安全——包括向他的女儿及其大学朋友推荐 Taco Bell。该连锁店的销售额用了近一年时间才恢复，母公司 Yum Brands 的营业利润也受到了影响。
一些分析师表示，他们预计 Taco Bell 从目前的圆环原虫（cyclospora）爆发中反弹的速度会更快。
周一，Taco Bell 首席执行官 Sean Tresvant 给客户写了一封公开信，向染病者表达同情，并承诺公司将继续分享其掌握的所有信息。
“我们没有权利要求你们的忠诚，”他说。“我们需要通过每一餐来赢得它。”
随着谷歌加强其 AI 开发，该公司一直在扩大将轨道数据中心部署在太空的努力，SpaceX 首席执行官 Elon Musk 表达了对这一未经证实技术的兴趣。
最新季度 预订量 下降
作者：MAURO ORRU
MARIO TAMA/GETTY IMAGES
育碧娱乐 (Ubisoft Entertainment) 公布了其第一财季较低的净预订量，但表示在《刺客信条》(Assassin’s Creed) 的重制版在短短两周内就超过了年度预期之后，其运营的重大改革开始显现成功迹象。
这家法国电子游戏集团表示，截至6月底的三个月净预订量同比下降 9.2%，为 €255.8 million，相当于 $291.9 million，高于公司约 €250 million 的指引，但略低于 Visible Alpha 预测的 €261.6 million。
该公司表示，《无敌侠：守护地球》(Invincible: Guarding the Globe) 在推出两年多后在手游领域表现极其出色，而其他作品如《汤姆克兰维起来 6：围攻》(Tom Clancy’s Rainbow Six Siege) 的表现符合预期。
育碧在第一财季刚刚结束后的 7月 9 日，发布了 2013 年作品《刺客信条 IV：黑旗》(Assassin’s Creed IV Black Flag) 的重制版。该公司表示，这款名为《刺客信条：黑旗重制版》(Assassin’s Creed Black Flag Resynced) 的游戏已经售出 3.5 million 份，在短短 14 天内就超过了年度预期。
首席执行官 Yves Guillemot 表示，该重制版的成功表明，育碧削减成本、调整结构并将资源重新导向那些更有可能成为大热作品的游戏的举措正在取得回报。
除了《刺客信条》重制版外，本财年的产品线还包括计划于 10月 1 日推出的《雷曼：传奇重述》(Rayman Legends Retold)，以及将于 10月 13 日发布的《舞会：经典之选》(Just Dance Decades of Hits)，以及其他尚未披露的作品。
对于 2027, 财年，该公司表示，预计净预订量将在 2026. 财年报告的近 €1.53 billion 基础上，下降一个较高的个位数百分比。它还预计将录得一个较高个位数百分比的负非国际财务报告准则 (non-IFRS) 营业利润率。
SHURAN HUANG 为华尔街日报 (WSJ) 供稿
3%
新私募股权 合资企业 Peranel 的估值 约为 $5.6 billion
5%
作者：AIMEE LOOK
雀巢同意将其饮用水部门（旗下拥有 Perrier 和 San Pellegrino）的一半份额以 $3.4 billion 的交易价格出售给私募股权集团 Platinum Equity，因为该公司在继续承担重组工作带来的巨额成本。
这家瑞士消费品公司表示，它将与亿万富翁 Tom Gores 的 Platinum Equity 成立一家合资企业，并以 3 billion 欧元的现金（约 $3.42 billion）出售其饮用水和饮料业务 50% 的股份。这家名为 Peranel 的新公司估值为 €4.9 billion（含现金及债务），该交易预计将在明年上半年完成。
该协议是其重组进程中的最新步骤，重组推向高潮导致今年上半年的成本上升，从而影响了
EVA MAÑEZ/REUTERS
福特欧洲区总裁 Jim Baumbick 周四访问了该汽车制造商位于西班牙瓦伦西亚附近的工厂。
作者：DOMINIC CHOPPING 福特与吉利计划在西班牙开展合作
福特汽车与吉利汽车达成一项新的制造合作伙伴关系，允许这家中国汽车制造商在福特的西班牙瓦伦西亚工厂生产部分车型，同时承诺共同开发一款新型 SUV。
在面临挑战的市场环境下，为了填补产能并确保生产基地的未来，西方汽车制造商纷纷向中国竞争对手开放其欧洲工厂大门，此次交易正是最新举措。
科技含量较高的中国制造汽车在中国以及日益增长的欧洲市场继续侵蚀西方汽车制造商的市场份额，这促使各公司寻求合作伙伴关系，以便在利用中国技术的同时，通过共享采购和工程来降低成本。
由于燃料价格飙升 美国航空下调指引
作者：DEAN SEAL
美国航空表示，在最近喷气燃料价格飙升后，该公司本季度将出现调整后亏损。
这家航空公司周四表示，预计第三季度营收将增长 16% 至 19%，但调整后每股亏损预计在 10 厘至 70 厘之间。FactSet 调查的分析师此前预测调整后每股利润为 26 厘。
鉴于伊朗持续战争导致燃料成本近期跳涨，美国航空表示其全年净利润将在
–1
该饮用水部门旗下拥有 Perrier 和 San Pellegrino。
利润。 这家 KitKat 巧克力棒和 Nescafe 咖啡的制造商在业绩报告中表示，该期间净利润为 3.47 billion 瑞士法郎（约 $4.26 billion），低于公司汇总的分析师预估值（预估该数字将与去年基本持平，为 5.07 billion 法郎）。雀巢股价周四下跌 7.8%。
该公司此前在——
Jeep 制造商 Stellantis 最近表示，其在西班牙的两家工厂将与中国的零跑汽车共同生产电动汽车；而另一项单独协议将由东风汽车在 Stellantis 位于法国雷恩的工厂组装至少 1 款高端岚图 (Voyah) 品牌电动车车型。
福特在周四的一份声明中表示，欧洲代表了全球汽车工业中“最激烈的竞争战场”之一，面临着法规收紧、运营成本高昂以及提高了制造成本和技术门槛的新竞争对手。
“通过整合生产规模，福特和吉利将最大化——”
在福特的瓦伦西亚 工厂生产 部分车型。
每股 65 美分的调整后利润 以及每股 65 美分的调整后亏损。这低于之前的目标，即调整后亏损 40 美分至调整后收益 $1.10 之间。American 的股价在周四交易中下跌 8.4%，至 $13.56。 今年，航空公司一直受到喷气燃料价格飙升的沉重打击。根据 Argus 美国喷气燃料指数，燃料价格在 4 月达到了每加仑超过 $4.80 的记录高点。 在 7 月初回升至约 $2.81 每加仑后，随着本月美国与伊朗的停火协议破裂，价格再次大幅上涨。 截至
表明其目标是出售部分品牌。2 月，雀巢表示将把剩余的冰淇淋业务剥离到其 Froneri 合资企业中，并保留 50% 的股份。为了提高销售增长，雀巢还一直在为 Nature’s Bounty 及其维生素业务中的其他品牌寻找买家，转向 Solgar 和 Garden of
旨在最大化瓦伦西亚工厂的产能，降低每辆车的制造成本，并“在这个新兴的成本标准下竞争，”该公司表示。根据该协议，福特和吉利将成立一家专注于欧洲的新合资企业，为这两个品牌生产针对欧洲市场量身定制的乘用车。 福特将继续在瓦伦西亚工厂生产其 Kuga 车型，此外还将生产一款新的 Bronco SUV，生产将于 2028 年开始。吉利将在该厂生产两款电动 SUV，首款车型将于 2028, 走下生产线；同时，两家公司还计划
JOSHUA LOTT/路透社
该承运商预计第三季度收入增长率为 16% 至 19%，但表示其预计将报告调整后亏损。
周三，航空燃料的现货价格为每加仑 $3.65。承运商已通过涨价来抵消不断上升的成本。美国航空公司表示，第二季度收入增长 16% 至 $16.74 十亿，高于分析师预期。需求强劲，其高端舱、主客舱、国内和国际航线的收入均有所增长。该公司表示，更高的票价帮助美国航空公司减轻了燃料成本上涨 83% 所带来的近一半影响。
该公司记录的季度利润为 $71 million，或每股 11 美分；而去年同季度为 $599 million，或每股 91 美分。剔除一次性项目后，调整后收益为每股 15 美分。根据 FactSet 的数据，分析师此前预计仅为每股 3 美分。
雀巢季度销售额、定价与销量 同比变化
IMAGO/ZUMA PRESS
1Q ’25 3Q 2024 1Q ’26
来源：该公司
Life。 周四，雀巢表示，预计将在明年上半年出售其维生素部门内的主流和大众品牌。该业务板块处置产生的损失预计约为 1.3 billion 法郎。 首席执行官 Philipp Navratil 正在对这家 Nescafe 咖啡和 Purina 宠物食品制造商进行大刀阔斧的改革，旨在近期一系列挫折、业绩不佳及管理层动荡后稳定局面。 自 9 月接手以来，他的努力重点在于精简庞大的资产组合，这与行业内竞争对手的举措如出一辙。雀巢已表示将裁员约 16,000 人，并已出售品牌并进行重组
生产一款由福特设计并由吉利共同开发的新型跨界 SUV。两家公司表示，该合资企业支持吉利的国际扩张，并推进了福特通过合作伙伴关系在欧洲以速度、效率和规模进行竞争的战略。 “这次合作展示了汽车制造商如何加强欧洲的工业基础，但我们无法单独完成，”福特欧洲公司总裁 Jim Baumbick 表示。Baumbick 补充说，该协议的达成得益于一项公私合作伙伴关系，该关系得到了西班牙国家和地区政府的持续支持。在获得监管批准后，该合资企业将于 2027, 年上半年开始运营。 在拟议的股权结构下，福特将持有新实体的 66%，吉利持有 34%。
有机销售 +3.7%
价格 +1.9%
销售量 +1.8%
EASYJET 燃料价格与需求导致利润下降 被视为收购目标的 easyJet 报告称，由于燃料价格上涨以及中东冲突导致的需求下降，其第三季度税前利润有所下降。该航空公司表示，剔除异常项目和其他一次性项目后的税前利润从去年同期的 286 million 英镑降至 85 million 英镑，即 $113.7 million。营收从 £2.92 billion 增长至 £2.98 billion，而乘客营收从 £1.76 billion 下降至 £1.74 billion。乘客人数从 25.9 million 下降至 25.8 million，而客座率（衡量飞机填充率的指标）从 90.2% 下降至 88.9%。 首席执行官 Kenton Jarvis 表示：“随着消费者信心的增强，我们看到夏季高峰期的客座率差距正在缩小。” 该航空公司还表示，首席运营官 David Morgan 将离职，由首席商业官 Sophie Dekkers 接任。 本月，easyJet 收到了来自 Apollo 的 $7.6 billion 收购报价，超过了此前与 Castlelake 达成的约 $7 billion 的协议。 —Nina Kienle
现代汽车 (HYUNDAI MOTOR) 销售冷却削弱汽车制造商利润 由于全球需求冷却导致车辆销售下降，现代汽车记录的第二季度净利润有所减弱。 现代汽车在韩国的工会汽车工人已连续第二周进行部分罢工，以要求提高工资。面对人工智能和机器人的进步，工会还在寻求就业保障，反对管理层计划在两年内开始在装配线上部署类人机器人的方案。 韩国最大的汽车制造商现代汽车表示，4月至6月期间的净利润同比下降 11%，至 2.888 trillion 韩元，相当于 $1.96 billion。营收增长 1.9% 至创纪录的 49.215 trillion 韩元，而营业利润则因汽车销售低迷、原材料成本上升和供应中断而下降 21%，至 2.851 trillion 韩元。 现代汽车表示，尽管该季度整体车辆销售额较低，但对混合动力汽车的强劲需求和有利的汇率有助于维持营收增长。 该汽车制造商本月早些时候表示，将收购软银 (SoftBank) 在其总部位于美国的机器人部门 Boston Dynamics 的剩余股份。现代汽车表示，计划从 2028 年起在其乔治亚州巨型工厂部署 Atlas 类人机器人。该公司目标是建立一个年产 30,000 台机器人的工厂。 今年 2 月，现代汽车公布了一项数十亿美元的投资计划，旨在推动韩国的实体 AI 发展。 —Kwanwoo Jun
将业务分为四个主要类别：咖啡、宠物护理、营养和食品。 其他消费品企业也一直致力于精简规模。 多芬 (Dove) 肥皂制造商联合利华 (Unilever) 去年将其冰淇淋业务分拆为 Magnum Ice Cream Co.，并与香料制造商 McCormick 达成协议合并食品业务。 同样，英国从糖业到服装业的 Associated British Foods 公司表示，正将其廉价时尚零售商 Primark 从其食品部门中分离。 同样在周四报告的 雀巢 (Nestlé) 第二季度有机销售额同比增长 3.7%。这一结果是由定价驱动的（定价上涨 1.9%），而销售额的增长——即实际内部增长——为 1.8%。 根据公司汇总的预测，第二季度整体销售额为 21.79 billion 瑞士法郎，而去年同期为 21.63 billion 瑞士法郎，分析师预期为 21.71 billion 瑞士法郎。
哈雷戴维森 (HARLEY-DAVIDSON) 强劲销售促使 上调业绩预期
哈雷戴维森在报告第二季度北美市场销售强劲后表示，预计今年将销售更多摩托车，高于之前的预期。
该公司在截至6月30日的三个月内净收入为 $79.8 million，低于一年前的 $107.6 million。每股 75 cents 的季度收益超过了 FactSet 调研分析师预期的每股 64 cents。总收入下降 5.9% 至 $1.23 billion，但高于华尔街模型预测的 $1.17 billion。
该公司表示，全球零售摩托车销量微增 0.5% 至约 42,500 units，反映出北美市场的增长以及国际市场的低迷。首席执行官 Artie Starrs 表示：“我们的第二季度表现反映了我们国内零售业务的强势、对维持健康经销商库存水平的持续关注，以及我们经销商网络的卓越承诺。”
哈雷戴维森目前预计全年的全球摩托车零售销量将达到 133,500 至 138,500 units，而之前的预期为 130,000 至 135,000 units。 ——Connor Hart
阿尔伯森 (ALBERTSONS) 杂货零售商预测 销售额将走弱
在核心杂货业务在最新季度陷入困境后，阿尔伯森预计今年销售额将走弱。
该公司股价周四下跌 22% 至 $11.44。
对于全年，这家杂货店连锁店预计同店销售额将下降 0.5% 至 1.5%，而之前的预期是年销售额将持平或增长 1%。
调整后的每股收益目前预计为 $1.75 至 $1.85，低于之前的 $2.22 至 $2.32。
季度利润下降至 $84.7 million，即每股 17 cents，而去年同期为 $236.4 million，即每股 41 cents。根据 FactSet 的数据，在剔除某些一次性项目后，调整后的每股收益为 42 cents，低于分析师预期的 54 cents。
收入增长不足 1%，至 $24.94 billion。分析师此前预测的收入为 $24.83 billion。同店销售额下降 0.8%。 ——Katherine Hamilton
阿尔伯森同店 销售额，同比 变化情况
康卡斯特利润下降但 用户流失幅度缩小
公司将缩小幅度归功于 其新市场进入策略 的成效
作者：ELIAS SCHISGALL
康卡斯特（Comcast）报告第二季度利润下降，但其国内住宅宽带业务的用户流失幅度连续第二个季度缩小。 这家有线电视与娱乐公司表示，第二季度损失了约 167,000 名国内住宅宽带客户，这一数字高于 FactSet 调查分析师预期的 165,000 名，但低于去年同期的 201,000 名。 公司将该幅度的缩小归功于其新市场进入策略的成效。 康卡斯特公布的利润为 $3.53 billion，或每股 99 美分，而去年同期为 $11.12 billion，或每股 $2.98。 在剔除某些一次性项目后，该公司报
–50
–100
账户增长速度放缓
作者：KELLY CLOONAN 以及 MOLLY REINMANN
T-Mobile US 在最新一个季度的利润和营收均有所增长，这得益于其后付费业务，但新账户的增加已开始放缓。 尽管如此，这家移动运营商维持了其对全年利润和后付费净账户增加量的预测。 第二季度利润为 $3.24 billion，或每股 $2.99，而去年同期为 $3.22 billion，或每股 $2.84。
《华尔街日报》顶尖科技活动将重返北加州创新核心地带，距离硅谷仅咫尺之遥。 今年 11 月 3–4 日，WSJ Tech: California 将回到 Stanly Ranch。这是一家将当代设计、宽敞的室内外空间和卓越餐饮与纳帕谷自然美景相结合的豪华度假村。我们期待您的光临，共同参与大胆的对话，建立有意义的联系，并体验一次升级的活动盛宴。
贡献赞助商 首席赞助商
该公司表示，第二季度损失了约 167,000 名国内住宅宽带客户。
报调整后收益为每股 $1.04。分析师此前预期为每股 97 美分。 营收从 $30.31 billion 下降至 $29.94 billion。分析师此前预期营收为 $29.24 billion。 康卡斯特缩小了国内视频客户的损失，流失 280,000 名，而去年同期为 325,000 名。分析师此前预期流失 277,000 名客户。
去年同期。本季度数据包含了 T-Mobile 收购 USCellular 相关的合并成本。 营收增长 7.9%，达到 $22.79 billion。这一增长由更高的后付费服务营收驱动，后付费服务营收同比增长 13%，至 $15.85 billion，因为 T-Mobile 持续增加后付费账户，并从每个账户中获得了更多营收。 这家总部位于华盛顿州贝尔维尤的公司，其后付费电话服务是最盈利的电话产品，该服务按月签订合同支付。
该公司在本季度增加了 448,000 条国内无线线路，超过了分析师预期的 379,000 条。康卡斯特国内宽带服务的营收下降 5.5%，至 $6.28 billion，而国内无线服务营收增长 14%，至 $1.01 billion。 媒体营收增长 25%，达到 $5.69 billion，其中公司将约
增长 25%
接第 B1 页
价格大幅上涨，迫使 PC 制造商提高售价，并导致消费者销售额下降。与此同时，英特尔为他人制造芯片的代工业务增长也在加速。该部门本季度的销售额增长了 31%，而上季度增长了 16%。
英特尔是少数几家运营芯片制造厂的美国公司之一，这是一项具有战略重要性的业务，特朗普政府一直试图通过加强该领域来减少美国对亚洲芯片制造商的依赖。
[[IMG_XXXX]] 康卡斯特 (Comcast) 的净宽带用户数
0 thousand
KRISTON JAE BETHEL FOR WSJ
–150
–200
2024 ’25 ’26
来源：该公司
因国际足联世界杯 (FIFA World Cup) 而获得 $441 million 的收益。其 Telemundo 网络和 Peacock 流媒体服务持有该赛事的美国西班牙语版权。Peacock 报告的营收较去年同期增长 54%，达到 $1.9 billion。
该公司在第二季度末拥有 48 million 名 Peacock 付费订阅用户，而第一季度为 46 million 名。
[[IMG_XXXX]] I-HWA CHENG/AFP/GETTY IMAGES
六月台北的一场活动中，英特尔展位前的演示场景。
据知情人士透露，Stripe 正在讨论收购 OpenRouter。OpenRouter 是一家备受关注的初创公司，旨在帮助开发人员在各种人工智能模型之间做出选择。
2Q 2026 –167,000
作者：Berber Jin, Lauren Thomas 和 Kate Clark
知情人士表示，一项交易可能很快就会公布，不过谈判仍有可能破裂，或者会出现其他追求者。具体讨论的价格尚不明确，但部分人士表示，该公司在出售时可能达到 100 亿美元 ($10 billion) 左右。
知情人士补充称，许多其他科技巨头此前一直在关注 OpenRouter 的潜在交易。
OpenRouter 属于一批新兴初创公司，它们在 AI 开发人员与希望使用这些模型的公司之间找到了一个利润丰厚的利基市场。该公司成立于 2023, 年，销售的软件允许客户轻松访问由 OpenAI 和 Anthropic 构建的 AI 模型，以及任何人都可以免费下载并运行的“开放权重”替代方案。
作为该计划的一部分，美国政府持有该公司 10% 的股份。
苹果 (Apple) 作为芯片的主要买家，近期与英特尔 (Intel) 签署了一项协议，由该公司制造苹果的部分芯片。这对市场释放了一个重要信号，即英特尔终于在与市场领导者台积电 (Taiwan Semiconductor Manufacturing) 的竞争中变得更具竞争力。
Zinsner 表示，英特尔最先进的芯片制造工艺（称为 14A 且仍处于开发阶段）将在 2028 年进入量产。
他表示，该公司的先进芯片封装产品（或可组合运行为单个定制半导体的小型芯粒阵列）在客户中“获得了极大的关注”，并补充说该业务已积累了“大量的积压订单”。
[[IMG_XXXX]] 请求邀请 wsj.com/techcalifornia
该公司在其平台上列出了数百个大语言模型，允许开发人员和企业轻松访问、比较并在此之间进行切换。
对 OpenRouter 的收购可能使 Stripe 能够抓住 AI 市场中一个炽热的增长领域。许多科技公司正寻求使用多种 AI 模型，以控制支出并实现多样化，从而减少对 OpenAI 和 Anthropic 的依赖。
Stripe 主要是一家支付处理商，帮助互联网公司接受付款，但近期它一直试图扩展到 AI 基础设施和稳定币支付等领域。其估值在今年早些时候达到了 1590 亿美元 ($159 billion)。
OpenRouter 和 Stripe 已经建立了合作伙伴关系，其中 OpenRouter 使用 Stripe 接受付款等服务。根据 PitchBook 的数据，OpenRouter 在 5 月的估值为 13 亿美元 ($1.3 billion)。其支持者包括 Menlo Ventures 和 谷歌母公司 (Alphabet) 的增长风险基金 CapitalG。《The Information》此前报道称，OpenRouter 正在应对被收购的兴趣。
利润增长且 弹药生产 迅速扩张之际
作者：JOSÉE ROSE
洛克希德马丁在第二季度利润增长后上调了全年预期，这家国防承包商正继续迅速扩大弹药生产。 该公司公布的利润为 $1.84 十亿，或每股 $7.94，而去年同期为 $342 百万，或每股 $1.46。 FactSet 调查的分析师此前预期每股收益为 $7.19。去年季度由于超过 $1.7 十亿的专项费用而受到影响。 销售额增长 11% 至 $20.06 十亿，而华尔街的预期为 $19.34 十亿。 洛克希德马丁表示，其所有部门的业务量均有所增加且弹药生产在提升，包括航空、导弹与火控、太空，以及旋转与任务系统。 洛克希德马丁表示，其积压订单处于 $230 十亿的历史最高水平，并且继续“以客户任务所要求的速度进行创新”。 公司还表示，正通过在美国与通用汽车国防部门的合作，以及与莱茵金属的协议共同生产，来加强其全球国防制造能力。
MCCORMICK 寻求在伦敦 二次上市 McCormick 表示，在即将与联合利华（Unilever）的食品业务合并后，该公司将寻求在伦敦证券交易所进行二次上市。 这家香料和调味品制造商周四表示，伦敦上市将是在其目前纽约证券交易所上市之外的补充。McCormick 表示，拟议中的与联合利华食品业务的合并——预计将创建一家价值超过 $65 十亿（含债务）的公司——应在 2027, 年中前完成。 McCormick 表示，其推动伦敦上市的决定旨在促进资本流动并增强股东的流动性。 —Aimee Look
YV
公共公告 商业房地产
高等法院 商业法庭
记录编号：2026 /214 COS 2026 No. 55 COM
关于 KEENOVA THERAPEUTICS PUBLIC LIMITED COMPANY 之事宜
以及关于 2014 年《公司法》之相关事宜
以及关于根据 2014 年《公司法》第 84 至 86 条 拟议减资之相关事宜
特此通知，爱尔兰高等法院（“法院”）于 2026 年 7 月 17 日作出的命令（“命令”）已确认一项特别决议，该决议由有权收到通知、出席并在 Keenova Therapeutics Public Limited Company（“公司”）于 2026 年 6 月 2 日举行的年度股东大会上投票的公司成员通过，批准通过注销 US$709,894.68（即截至 2026 年 4 月 27 日公司股份溢价账户的全部余额）以及 US$1,796,196,992.09（即截至 2026 年 4 月 27 日公司赎回储备账户的全部余额）来减少公司资本。此操作符合公司章程第 35 条。该命令及法院批准的会议记录已由公司注册官于 2026 年 7 月 17 日登记。本通知系根据该命令发布。
2026 年 7 月 28 日
ARTHUR COX LLP 公司法律顾问 10 Earlsfort Terrace Dublin 2 D02 T380 爱尔兰
住宅房地产
NORFOLK SOUTHERN 铁路运营商 营收有所改善 Norfolk Southern 在第二季度记录了更高的营收，因为需求趋势开始好转。 这家铁路公司周四表示，铁路运营收入下降 4.3% 至 $1.12 billion。季度每股收益为 $3.26。 在扣除一次性成本（例如与 Union Pacific 合作相关的费用，以及俄亥俄州货运火车脱轨事件的持续成本）后，每股收益为 $3.52。FactSet 调研的分析师此前预计调整后每股收益为 $3.31。 该公司营收增长 11% 至 $3.5 billion，而华尔街的模型预测值为 $3.37 billion。 —Connor Hart
请注意，MSC – 650 Poydras HoldCo, LLC（“担保方”）将通过公开拍卖（“销售”）出售 Poydras Center Mezzanine, LLC（“夹层借款人”）在 Poydras Center, LLC（一家特拉华州有限责任公司，简称“质押实体”）中所持有的 100% 有限责任公司权益（“权益”），以及代表、涉及或产生于该权益的某些权利和财产（统称“抵押品”），具体详见借款人为担保方利益而于 2016年 6月 7日 签署的《夹层质押与担保协议》（“质押协议”）。本次销售将于 2026年 9月 24日 下午 1:00（东部时间）举行，符合《纽约统一商业法典》第 9-610 条的规定，地点位于 Moritt Hock & Hamroff LLP 事务所（地址：1407 Broadway, 39th Fl., New York, NY 10018）以及通过在线视频会议虚拟举行。在线视频会议的 URL 地址和密码将提供给注册参与者。此次销售是基于质押协议项下对抵押品行使抵押权的强制执行，根据该协议，夹层借款人已向担保方授予对抵押品的第一优先留置权，作为担保方向夹层借款人提供原本金金额为 $4,400,000.00 的贷款（“夹层贷款”）的抵押。担保方认为（但并不提供任何形式的陈述或保证）：(i) 夹层贷款已违约，(ii) 夹层借款人拥有该权益，(iii) 该权益构成了夹层借款人的主要资产，(iv) 质押实体拥有位于 650 Poydras St., New Orleans, LA 70130 的某些房地产（“财产”），(v) 质押实体的主要资产为该财产及相关权利，且 (vi) 该财产被质押实体为担保根据某抵押贷款协议由抵押贷款持有人与质押实体之间签署的抵押贷款（“抵押贷款”）而授予的抵押留置权所抵押。本次销售的在线数据站点（“数据站点”）可通过以下链接访问：https:// rimarketplace.com/listing/129493/office/lafayette-square/la。数据站点将包含担保方掌握的关于质押实体、夹层借款人、贷款及抵押贷款的相关信息（统称“披露材料”），以及与抵押品销售相关的公开拍卖销售条款（“销售条款”）。访问此类信息的条件是签署一项保密协议，该协议可在数据站点上找到。所提供的任何信息，无论是在
无论是否通过 Datasite 获得，均不构成对该等信息、抵押品或销售的任何形式的陈述或保证。鼓励参与者在销售前审阅所有披露资料并根据其认为必要的情况进行尽职调查。抵押品是以单一批次形式提供，且严格在“按现状及所在地” (AS IS AND WHERE IS) 基础上出售，并且 (i) 担保方（或任何代表担保方行事的其他人员）不对任何方面做出任何形式的（无论是明示还是暗示的）陈述或保证，包括但不限于关于其他留置权的存在与否、权益的数量、质量、状况或描述、财产以及/或上述任何项的价值；(ii) 且买方不得向担保方（或任何代表担保方行事的其他人员）追究任何责任。
对于任何潜在竞买人在获取信息、对抵押品出价以及购买抵押品方面均有具体要求，包括但不限于遵守夹层贷款文件、抵押贷款文件、担保方与抵押贷款持有者之间签署的特定债权人协议与从属协议、质押实体的治理文件以及销售条款。担保方保留向潜在竞买人寻求商业合理信息以及要求潜在竞买人证明其财务能力的权利。抵押品包括根据经修订的 1933 年《证券法》（简称“《证券法》”）定义的未注册证券，担保方保留将销售参与资格限制在能够陈述以下内容的潜在竞买人范围内的权利：即除非存在注册豁免，否则抵押品在未按照《证券法》及所有其他适用管辖区的证券法进行事先注册的情况下，不得被出售、转让、质押、处置、抵押或以其他方式转移。
担保方可在本文所述的销售之前，将其在贷款中的权利、所有权和权益转让；在这种转让情况下，受让人在本文所有目的下均被视为“担保方”。担保方保留进行债权抵价出价、设定最低保留价、拒绝所有出价以及在无需进一步通知的情况下终止或将销售推迟至另一时间的权利。所有出价（担保方的债权抵价出价除外）必须为现金且无融资条件，中标者必须准备好遵守销售条款中的出价和结案要求。中标者必须支付根据适用法律在购买抵押品时可能要求支付的所有转让税、登记费、印花税及类似税费。相关问题可咨询 Newmark 的 John Daniels，电话 (312) 224-3260 或邮箱 John.Daniels@nmrk.com。
在欧洲部署被称为 ATACMS 的陆军战术导弹系统。 6月，《华尔街日报》报道称，通用汽车（GM）正与洛克希德马丁公司就制造通用零部件进行谈判，这将有助于洛克希德马丁加强弹药生产。 《日报》表示，由于乌克兰和伊朗的战争，导弹及其他关键武器的库存总量有所下降。 洛克希德马丁将其全年盈利预期提高至每股 $29.95 到 $30.65，销售额展望提高至 $79.75 亿到 $81.75 亿。华尔街的预测模型为每股盈利 $29.88，销售额 $79.17 亿。
联合太平洋 (UNION PACIFIC) 货量增长推高盈利 联合太平洋公司报告第二季度利润和营收双增长，部分得益于货量的增长。 这家货运公司在截至6月30日的季度中录得 $1.99 亿利润，或每股 $3.36，高于一年前的 $1.88 亿或每股 $3.15。在剔除一次性成本后，每股收益为 $3.41。营收增长 12% 至 $6.86 亿。 该财报发布的前一天，联合太平洋与加拿大国家铁路公司（Canadian National Railway）达成协议，允许这家蒙特利尔铁路公司进一步进入中西部地区，以换取其停止反对联合太平洋与诺福克南方铁路公司（Norfolk Southern）价值 $71.5 亿的合并案。 —Connor Hart
广告
广告投放：800-366-3975 或 WSJ.com/classifieds
UCC 公开出售通知
洛克希德马丁在处理高达 $230 亿的记录级积压订单时，正在加强其制造能力。
本周，洛克希德马丁表示，由于高端拦截机的全球库存正在枯竭，该公司将部署一种更便宜的爱国者导弹型号，以便能更快地投入战场。该型号的成本将不到其
阿斯特捷伦 (ASTRAZENECA) 乳腺癌药物获欧盟批准 阿斯特捷伦的一款新型乳腺癌治疗药物获得了欧盟批准。随着美国监管机构继续审核该公司的申请，这为该药开辟了一个巨大的市场。 这家英国制药商表示，这种被称为 camizestrant 且以 Etcamah 为商品名的药物，作为一种药物组合在欧盟获批，用于治疗患有某种晚期乳腺癌的成年人。此前，该药已在日本、阿联酋和沙特阿拉伯获批。 阿斯特捷伦表示，美国食品药品监督管理局（FDA）最近延长了决定该药授权的截止日期，以审查一项临床试验的更新结果。 —Adrià Calatayud
.(11(7+ 6 *52660$1 ,QGLYLGXDOO\ DQG RQ %HKDOI RI $OO 2WKHUV 6LPLODUO\ 6LWXDWHG
'$9,' 6,1 HW DO
81,7(' 67$7(6 ',675,&7 &2857 &(175$/ ',675,&7 2) &$/,)251,$
3ODLQWL൵
'HIHQGDQWV
,) <28 385&+$6(' 25 $&49,5(' 52&./(< 3+2721,&6 +2/',1*6 /,0,7(' ³52&./(<´
&20021 672&. %(7:((1$8867 $1' -$18$5< 7+( ³&/$66´ <28 &28/' 5(&(,9H $ 3$<0H17 )5 Studium $ &/$66 $&7,01 6(77/(0(17 &(57$,1 3(56216 $5( (;&/8'(' )5 Studium 7+( '(),1,7,21 2) 7+( &/$66 $6 6H7 )257+ ,1 7+( 67,38/$7,21 2) 6H77/(0(17 3/($6H 5($' 7+,6 107,&( &$5()8//< <285 5,+76 0$< %( $))(&7(' %< $ &/$66 $&7,01 /$:68,7 3(1',1% ,1 7+,6 &2857 <28 $5( +(5(%< 107,),(' SXUV$ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \
关于首席法律顾问申请从和解基金中支付律师费及诉讼费用（包括其产生的利息），以及根据 15 U.S.C. § 77 寻求给首席原告的金额，因其代表集体成员，应予批准，且法院应录入最终判决并下达带有偏见地驳回的命令。如果您是本通知中所描述的集体成员，您的权利仍将受到本诉讼和解的影响，并且您可能有权分享净和解基金。如果您尚未收到详细的倾向通知和拟议集体诉讼和解方案（以下简称“通知”）以及索赔证明和豁免书副本，您可以通过联系索赔管理人获取这些文件的副本：Rockley Securities Settlement, Claims Administrator, c/o Verita Global, P.O. Box 3011700, Los Angeles, CA 0030-11700, 1-888-663-7634。您也可以在 www.RockleySecuritiesSettlement.com 获取和解协议、通知以及索赔证明和豁免书的副本。如果您是集体成员，若要符合分享净和解基金分配的资格，您必须在 2026 年 10 月 15 日之前通过邮寄（以邮戳为准）或在该日期前在线提交一份索赔证明和豁免书，以证明您有权获得追偿。如果您未提交有效的索赔证明和豁免书，您将无法分享净和解基金的分配，但您仍将受本诉讼中法院录入的任何判决（包括其中提供的豁免）的约束。如果您是集体成员且未将自己排除在集体之外，无论您是否提交索赔证明和豁免书，您都将受本诉讼中法院录入的任何判决（包括其中提供的豁免）的约束。若要将自己排除在集体之外，您必须提交一份书面排除请求，该请求必须在 2026 年 9 月 2 日或之前邮戳或收到（若无邮戳），具体按照通知中列出的说明执行。如果您请求排除，您将无法获得和解项下的款项。任何对拟议和解、分配计划或费用及支出申请的异议，必须向法院提交，并确保在 2026 年 9 月 2 日或之前送达至以下各方：
法院 美国地区法院 加利福尼亚州中部地区 法院书记员 Ronald Reagan 联邦大楼及美国法院大楼 411 W. 4th Street, Room 1053 Santa Ana, CA 2701 首席法律顾问
ROBBINS MILLER ROMAN DOW LLP THEODORE J. PINARD 655 West Broadway, Suite 100 San Diego, CA 2101 电话 1-800-4400
被告律师
PILLSBURY WINTHROP SHAW PITTMAN LLP BRYCE K. ERICSON Four Embarcadero Center 22nd Floor San Francisco, CA 4111
请不要就本通知事宜联系法院、书记员办公室、被告或被告律师。如果您对和解或您参与和解的资格有任何疑问，可以通过上述列出的地址和电话号码联系首席法律顾问。
日期 2026 年 6 月 26 日 法院命令 美国地区法院 加利福尼亚州中部地区
集体诉讼
最畅销版本，根据陆军文件显示，目前每轮成本超过 $4。Lockheed 和制造爱国者发射系统的 RTX 承诺满足白宫的需求。
盈利增长
作者：CONNOR HART
Honeywell Technologies 报告第二季度利润和销售额有所增长。此前，经过多年的重组，这家工业综合企业被拆分为三家上市公司。
该公司周四公布，截至 6 月 30. 日的三个月内，利润为 $5.68 billion，或每股 $17.83。而去年同期为 $1.57 billion，或每股 $4.90。
近期季度受益于一项源自子公司取消合并而产生的 $6.63 billion 收益。
在剔除一次性项目并计入上月从 Honeywell Technologies 分拆出的 Honeywell Aerospace 运营情况后，每股收益为 $4.52。在调整后且不含 Honeywell Aerospace 运营情况的情况下，每股收益为 $1.95。FactSet 调查的分析师预计调整后每股收益为 $1.82。
包括 Honeywell Aerospace 运营情况在内的净销售额增长 4.3% 至 $9.72 billion。不含 Honeywell Aerospace 运营情况的净销售额增长 3.4% 至 $5.19 billion。华尔街此前预测的季度销售额为 $5.02 billion。
Honeywell Technologies 目前预计全年销售额将在 $19.8 billion 至 $20 billion 之间，而之前的预期为 $19.9 billion 至 $20.2 billion。
CLASS ACTION
&DVH 1R FY0 05$0$$
6800$5< 127 05
...在未来几年内将某些高科技导弹的产量提高两到四倍。但军方官员表示，他们需要的是能在几个月内而非几年内交付的低成本和中程防御系统。
SIMON WOHLFAHRT/BLOOMBERG NEWS
以下说明适用于在纽约证券交易所 (NYSE)、NYSE Arca、NYSE American 和 Nasdaq 股票市场上市的证券。价格综合自各大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。该列表包含基于市值最大的 1,000 家公司。
下划线报价表示该股票的成交量与该证券的平均交易量相比有较大变化。
粗体报价突出显示那些如果前一交易日收盘价为 $2 或更高，且价格变动幅度在 5% 或以上的证券。
脚注：
s- 52 周新高；t- 52 周新低；dd- 表示在最近 4 个季度中出现亏损。
股票表格反映截至东部时间下午 4 点的综合常规交易，以及与前一日东部时间下午 4 点官方收盘价的变化。
Thursday, July 23, 2026
Thursday, July 23, 2026
净 股票 代码 收盘 变动
净 股票 代码 收盘 变动
股票 代码 收盘价 涨跌 A B C
Apogee Therapeutics (APGE) 134.26 0.18 Apollo Global Mgmt (APO) 119.00 -0.04 苹果 (AAPL) 321.66 -4.23
Applied Industrial Tech (AIT) 344.08 2.64 应用材料 (AMAT) 562.80 8.88 AppLovin (APP) 398.86 -13.62 Aptiv (APTV) 56.10 -2.12 Aramark (ARMK) 57.00 0.37 安赛乐米塔尔 (MT) 66.12 -0.37 Arch Capital (ACGL) 100.10 1.47
AES (AES) 14.83 -0.03 Aflac (AFL) 124.34 0.76 AGNC Investment (AGNC) 10.56 -0.16 APA (APA) 36.42 0.24 ASE Tech (ASX) 39.46 -1.03 ASML (ASML) 1803.00 1.14 AST Space (ASTS) 59.18 -2.77 AT&T (T) 22.96 -0.08 ATI (ATI) 199.84 4.25 AXIA Energia (AXIA) 10.12 -0.13 雅培 (ABT) 100.75 0.18 AbbVie (ABBV) 256.92 3.62 Abivax (ABVX) 131.16 1.43 埃森哲 (ACN) 138.74 -1.35 Acuity (AYI) 326.97 -4.58 Adobe (ADBE) 212.17 -6.19 Advanced Drainage Systems (WMS) 140.46 -1.29 Advanced Energy Inds (AEIS) 315.14 -2.17 超威半导体 (AMD) 539.69 -12.64 安盛 (AEG) 9.03 -0.13 AerCap (AER) 148.57 -2.04 Affiliated Mgrs (AMG) 347.77 1.07 Affirm (AFRM) 71.21 -2.71 Agilent Techs (A) 139.74 6.28 Agnico Eagle Mines (AEM) 144.51 -2.54 Agree Realty (ADC) 79.81 -0.41 空气产品 (APD) 294.29 -2.71 爱彼迎 (ABNB) 137.57 -2.48 Akamai Tech (AKAM) 117.37 -6.93 Alamos Gold (AGI) 29.38 -1.16 Albemarle (ALB) 116.91 -0.54 美铝 (AA) 45.27 -0.90 Alcon (ALC) 67.21 -0.14 阿里巴巴 (BABA) 114.06 -2.50 Align Tech (ALGN) 168.24 -4.22 Allegion (ALLE) 154.57 14.62 Allegro Micro (ALGM) 50.07 0.20 Alliant Energy (LNT) 74.42 0.40 Allison Transmission (ALSN) 119.64 0.58 Allstate (ALL) 254.52 2.69 Ally Financial (ALLY) 43.97 -0.70
ADM (ADM) 86.35 -0.97 Ares Mgmt (ARES) 121.28 1.71 argenx (ARGX) 924.60 72.88 Arista Networks (ANET) 176.61 1.74 Arm (ARM) 283.04 -0.36 Arrow Electronics (ARW) 215.11 -3.68 Arrowhead Pharma (ARWR) 86.78 -1.92 Arxis (ARXS) 42.65 0.57 Ascendis Pharma (ASND) 252.66 0.73 Assurant (AIZ) 273.80 0.65 Astera Labs (ALAB) 326.97 -3.92 阿斯特鲁 {AstraZeneca} (AZN) 168.27 -1.46 Atlassian (TEAM) 80.15 -5.25 Atmos Energy (ATO) 178.04 -0.43 Aurora Innovation (AUR) 5.99 -0.62 欧特克 (ADSK) 205.26 1.76 ADP (ADP) 242.88 -0.24
AutoZone (AZO) 2923.50 -48.95 AvalonBay (AVB) 190.80 0.53 Avery Dennison (AVY) 155.20 -2.48 Axon Enterprise (AXON) 491.90 0.41 Axsome Therapeutics (AXSM) 241.53 1.91 BCE (BCE) 21.21 -0.27 必和必拓 (BHP) 83.65 -0.89 BJ's Wholesale (BJ) 91.29 -0.59 BP (BP) 43.93 0.61 BWX Tech (BWXT) 176.67 1.50 BXP (BXP) 67.84 0.43 百度 (BIDU) 107.39 -0.13 贝克休斯 (BKR) 56.09 -0.51 Ball (BALL) 62.23 -0.12 BBVA (BBVA) 25.31 -0.92 Banco Bradesco (BBDO) 3.24 -0.01 Banco de Chile (BCH) 40.62 -0.84 Banco San Brasil (BSBR) 5.36 -0.09 Banco Santander Chile (BSAC) 33.74 -0.49 桑坦德银行 (SAN) 13.21 -0.53 美国银行 (BAC) 61.28 -0.34 蒙特利尔银行 (BMO) 176.63 -2.43 纽约梅隆银行 (BNY) 160.11 -0.28 加拿大新科银行 (BNS) 86.61 -0.96 巴克莱 (BCS) 27.66 -0.47 巴里克黄金 (B) 37.16 -0.35 Baxter Intl (BAX) 21.67 -0.07 碧康迪金森 (BDX) 152.97 -0.19 Bending Spoons (BSP) 33.35 -0.43 BeOneMed (ONC) 326.77 6.84 Berkley (WRB) 73.43 1.07 伯克希尔哈撒韦 A (BRK.A) 7366323882.40 伯克希尔哈撒韦 B (BRK.B) 490.85 1.46 百思买 (BBY) 84.43 -2.68 Bio-Techne (TECH) 71.77 -0.01 Biogen (BIIB) 200.62 2.88 BioMarin Pharma (BMRN) 58.87 0.47 BioNTech (BNTX) 92.06 0.23 BitMine Immersion (BMNR) 16.59 -1.15 贝莱德 (BLK) 1037.16 -19.47 黑石 (BX) 124.50 1.68 Block (XYZ) 76.49 -0.97 Boom Energy (BE) 217.30 -0.92 Blue Owl Capital (OWL) 9.21 0.05 波音 (BA) 209.23 0.58 Booking (BKNG) 172.83 -5.03 博格华纳 (BWA) 64.33 0.08 波士顿科学 (BSX) 43.58 0.61 Bridge BioPharma (BBIO) 82.93 0.27 BrightSpring (BTSG) 69.84 0.10 百时美克林 (BMY) 61.51 0.75
t AlnylamPharm ALNY 268.74 1.75 谷歌母公司 (Alphabet) C GOOG 318.34 -23.57 谷歌母公司 (Alphabet) A GOOGL 317.69 -24 40 Altria MO 72.08 -0.09 亚马逊 Amazon.com AMZN 233.66 -11.19 Ambev ABEV 3.09 -0.05 Amcor AMCR 42.63 -0.58 AmerSports AS 33.30 -1.08 Ameren AEE 113.27 1.26 AmericaMovil AMX 25.95 -0.17 AmerAirlines AAL 13.56 -1.24 AEP AEP 134.92 1.85 AmerExpress AXP 340.84 -7.90 AmericanFin AFG 141.16 0.75 AmerH thcrREIT AHR 56.38 -0.70 AmHomes4Rent AMH 33.11 -0.07 AIG AIG 78.16 -0.09 AmerTowerREIT AMT 164.65 -1.41 AmerWaterWorks AWK 134.41 0.58 Ameriprise AMP 520.11 -6.71 Ametek AME 241.14 4.05 Amgen AMGN 371.50 5.45 AmkorTech AMKR 65.33 -1.64 Amphenol APH 157.43 -0.08 Amrize AMRZ 48.35 -1.21 Ana ogDevices ADI 380.20 -6.53 AngloGoldAsh AU 78.42 -2.75 AB InBev BUD 80.48 -2.60 AnnalyCap NLY 22.31 -0.11 AnteroMidstream AM 23.01 0.16 AnteroResources AR 35.07 -0.20 Aon AON 355.78 3.45 APi Group APG 39.56 0.61
拍卖结果 以下是周四国债拍卖的结果。所有投标均按市场出清收益率的单一价格授予。利率由该价格与面值之间的差额决定。
四周期国库券 申请额 $313,078,451,400 接受投标额 $116,591,620,900 “非竞争性投标” $5,695,012,900 “外国非竞争性投标” $1,900,000 000 拍卖价格 (利率) 99.709889 (3.730%) 票面等值利率 3.793% 接受的出清收益率投标比例 11 81% Cusip 编号 912797UV7
该国库券日期为 July 28, 2026, mature on Aug. 25, 2026.
该国库券日期为 July 28, 2026, mature on Sept. 22, 2026.
八周期国库券 申请额 $236,841,878,600 接受投标额 $105,991,753,600 “非竞争性投标” $1,196,891 200 “外国非竞争性投标” $1,900,000 000 拍卖价格 (利率) 99.409667 (3.795%) 票面等值利率 3.871% 接受的出清收益率投标比例 87 33% Cusip 编号 912797VD6
10年期 TIPS (通胀保值债券) 申请额 $50,653,344 700 接受投标额 $23,321,784 700 “非竞争性投标” $136,711 000 拍卖价格 (利率) 99.768091 (2.438%) 利率 2.375% 接受的出清收益率投标比例 61 88% Cusip 编号 91282CRE3
该国债通胀保值证券日期为 July 31,2026, mature on July 15,2036.
担保物处置公开拍卖通知 – 根据德克萨斯州颁布的《统一商业法典》（以下简称“UCC”）的相关条款，特此通知，德克萨斯州银行 NexBank（原名为 NexBank SSB，德克萨斯州州立储蓄银行）（以下简称“担保方”）将通过公开拍卖（以下简称“本次销售”），出售特拉华州有限责任公司 Pacific Oak SOR Richardson Acquisition I, LLC（以下简称“出质人”）在以下实体中持有 100% 的有限责任公司成员权益及其相关的全部经济权利和治理权的所有权利、所有权和权益：(a) 德克萨斯州有限责任公司 Pacific Oak SOR Palisades I, LLC（原名为 JP-Palisades I, LLC），以及 (b) 德克萨斯州有限责任公司 Pacific Oak SOR Palisades II, LLC（原名为 JP-Palisades II, LLC）（以下统称“担保物”）。本次销售将于 2026 年 9 月 15 日东部时间下午 1:00 举行，将通过以下 Zoom 会议链接虚拟进行：https://bit.ly/NexBankUCC，会议 ID：893-7925-7890，密码：869283，拨入电话：1-646-931-3860（美国）。本次销售将由 Mannion Auctions, LLC 的 Matthew D. Mannion 主持。有意竞标该担保物的各方必须联系担保方的经纪人，即 Newmark 的 Stephen Schwalb，电话 (214) 448-9228 或邮箱 stephen.schwalb@nmrk.com。在签署保密协议后，将提供销售条款副本以及额外的文件和信息。不符合本条款及销售条款竞标条件的各方将失去注册机会，并可能被禁止竞标。2026 年 6 月 12 日，担保方根据《质押协议》第 8 条行使其作为出质人的代理人和法定代理人的权力：(i) 向 Pacific Oak Management, LLC（以下简称“POM”）发行了 Palisades I 和 Palisades II 各 0.5% 的成员权益；(ii) 允许 POM 成为 Palisades I 和 Palisades II 的成员；且 (iii) 根据日期为 2014 年 4 月 25 日的 JP-Palisades I, LLC 某修订及重述有限责任公司协议第 7(b) 条，以及日期为 2014 年 4 月 25 日的 JP-Palisades II, LLC 某修订及重述有限责任公司协议第 7(b) 条，任命 POM 为 Palisades I 和 Palisades II 的唯一管理成员。为避免疑问，POM 持有的 Palisades I 和 Palisades II 的成员单位将包含在本次 UCC 销售中，合格竞标者将有机会获得 Palisades I 和 Palisades II 实体所有已发行且流通在外的成员单位。担保方作为贷款人，向特拉华州有限责任公司 Pacific Oak SOR II Q&C Property, LLC 和特拉华州有限责任公司 Pacific Oak SOR II Q&C Operations, LLC（统称“借款人”）提供了一笔原始本金金额为 $25,000,000.00 的贷款（以下简称“贷款”）。针对 2024 年 6 月的一次贷款修订，担保方根据某项《质押与担保协议》获得了对担保物的第一优先抵押权。担保方进行本次销售是由于借款人在相关贷款文件项下违约。担保物将分一块或多块提供，采取“按现状、在原处”的方式，担保方或任何代表担保方的人员不对任何形式的明示或暗示保证、陈述、声明或条件负责，且担保方或任何其他方不承担任何追索责任。
代表担保方或代表担保方行事的个人，以及每位竞买人必须自行对抵押物进行尽职调查。中标者应负责支付与购买抵押物相关的所有转让税、印花税及类似税费。担保方保留抵免出价、设定最低保留价、拒绝所有出价（包括但不限于其认为由无法满足担保方对潜在竞买人提出的销售要求的人员所提交的出价，或担保方在唯一判断下认为无法合法向其出售的出价），以及在无需进一步通知的情况下终止或推迟销售至另一时间的权利。所有出价（担保方的抵免出价除外）必须以现金形式支付，且中标者必须准备好遵守销售条款中的投标和交割要求。抵押物均未根据任何联邦、州证券法或蓝天法进行销售注册，因此，担保方或任何抵押物购买者不得违反适用法律销售或转让抵押物。担保方进一步保留以下权利：将潜在竞买人限制为那些声明其购买抵押物是用于自身投资账户而非为了分发或转售抵押物的人员；核实拟出售的抵押物每份证明书上均带有实质性内容为该抵押物未根据经修订的 1933 年《证券法》（简称“《证券法》”）注册且不得违反《证券法》条款进行处置的说明；以及在担保方认为必要或明智的情况下，由其自行决定在销售抵押物过程中实施其他限制或条件，以遵守《证券法》或任何其他适用法律法规。
BritishAmTob BTI 59.84 -2.22 BrixmorProp BRX 31.97 -0.43 Broadcom AVGO 392.47 -4.34 BroadridgeFinl BR 144.40 0.28 BrookfieldAsset BAM 45.71 -0.70 Brookfield BN 41.21 -0.60
s BrookfieldInfr BIP 41.04 0.79 BrookWealth BNT 42.05 -0.37 Brown&Brown BRO 65.74 0.35 Brown-Forman B BF.B 25.70 -0.71 Brown-Forman A BF.A 26.25 -0.65 Bruker BRKR 62.15 2.41 Bullish BLSH 24.24 0.58 BungeGlobal BG 122.30 -1.58 BurlingtonStrs BURL 339.48 -14.50 CACI Intl CACI 480.61 13.18 CBRE Group CBRE 135.55 -1.54 CDW CDW 130.18 0.35 CF Industries CF 126.71 -0.64 CGI A GIB 63.79 -1.88 CH Robinson CHRW 205.51 -1.84 CME Group CME 254.32 5.08 CMS Energy CMS 74.15 0.17 CNA Fin CNA 52.22 0.37 CNH Indl CNH 10.62 -0.08 CRH CRH 98.02 -2.04
s CSX CSX 52.81 2.88 CVS Health CVS 106.89 -0.53 CadenceDesign CDNS 330.46 -6.55 CamdenProperty CPT 112.84 0.83 Cameco CCJ 89.33 -1.04 CIBC CM 116.53 -1.21
s CanNtlRlwy CNI 130.58 2.67 CanadianNatRscs CNQ 47.01 1.20 CdnPacKC CP 92.32 1.00 CapitalOne COF 199.96 -1.40 CardinalHealth CAH 225.98 5.44 CareTrustREIT CTRE 42.35 -0.03 Carlisle CSL 331.55 3.77 Carlyle CG 44.41 0.33 Carnival CCL 25.27 -0.83 CarpenterTech CRS 601.54 13.88 CarrierGlobal CARR 69.15 1.05 Carvana CVNA 60.19 -2.56 CaseysGenStores CASY 875.25 18.51 Caterpillar CAT 894.54 5.23 Celestica CLS 334.75 -0.75 Cemex CX 12.26 -0.46 Cencora COR 305.06 4.48 CenovusEnergy CVE 29.72 0.73 Centene CNC 63.74 -2.15 CenterPointEner CNP 44.23 0.55 CerebrasSystems CBRS 220.00 10.20
s CharlesRiverLabs CRL 229.29 10.59
t CharterComms CHTR 126.50 -2.72 CheckPoint CHKP 126.01 -1.90 CheniereEnergy LNG 271.99 4.59 CheniereEnerPtrs CQP 65.93 1.37 Chevron CVX 194.42 1.44 Chipotle CMG 32.01 -0.19 Chubb CB 353.25 10.02 ChunghwaTel CHT 42.36 -0.46 Church&Dwight CHD 96.19 -0.94 Ciena CIEN 407.53 10.37 Cigna CI 286.29 1.44 CincinnatiFinl CINF 179.38 0.15 Cintas CTAS 203.25 1.89 CipherDigital CIFR 25.82 1.36 CircleInternet CRCL 62.18 -3.98 CiscoSystems CSCO 112.76 0.55 Citigroup C 131.88 -0.37 CitizensFin CFG 71.80 -0.64 CleanHarbors CLH 306.47 0.20 Clorox CLX 93.80 -1.96 Cloudflare NET 262.32 -6.66 Coca-Cola KO 81.17 -1.03 Coca-ColaCon COKE 178.44 -5.92 CocaColaEuropac CCEP 103.62 -2.26 CoeurMining CDE 15.24 -0.60 Cognex CGNX 63.44 0.90 CognizantTech CTSH 43.01 -0.17 Coherent COHR 313.22 1.03 CoinbaseGlbl COIN 161.16 -4.96 ColgatePalm CL 90.08 -1.55 ColumbiaBanking COLB 32.26 -0.37
t Comcast A CMCSA 21.92 -1.60 ComfortSystems FIX 1831 15 40.09 SABESP SBS 5.73 -0.10 ConocoPhillips COP 120.20 1.41 ConEd ED 112.79 0.70 ConstBrands A STZ 129.27 -2.81 ConstellationEner CEG 275.60 0.70 Cooper COO 70.23 -0.27
t Copart CPRT 27.20 0.03
s CorceptTherap CORT 96.66 5.78 CorebridgeFin CRBG 30.84 -0.84 CoreWeave CRWV 81.10 -1.54 Corning GLW 156.06 2.00 Corpay CPAY 364.80 5.80
s Corteva CTVA 88.78 0.25 CoStar CSGP 27.14 -0.55 Costco COST 926.06 -1.25 Coupang CPNG 15.63 ... Crane CR 218.10 -1.75 Credicorp BAP 387.63 -6.04 CredoTech CRDO 236.50 8.23 CrowdStrike CRWD 183.42 -5.00 CrownCastle CCI 74.57 -2.93 Crown Holdings CCK 114.49 -1.94 CubeSmart CUBE 41.01 -0.11 Cullen/Frost CFR 161.46 -0.80 Cummins CMI 665.03 4.28 Curtiss-Wright CW 750.03 17.55 Cytokinetics CYTK 81.92 -0.27 D E F
DTE Energy DTE 148.13 -0.42 DT Midstream DTM 146.19 2.75 Danaher DHR 192.50 13.36 Darden DRI 194.12 0.18 DarlingIngred DAR 63.40 -1.38 Datadog DDOG 244.39 -1.38 DaVita DVA 234.27 2.19
DeckersOutdoor DECK 96.23 -6.24 Deere DE 610.02 2.69 DellTechC DELL 439.34 -2.46 DeltaAir DAL 81.97 -1.55 DeutscheBank DB 34.14 -1.45 DevonEnergy DVN 45.29 0.41 DexCom DXCM 70.48 -0.95 Diageo DEO 82.26 -2.07 DiamondbkEner FANG 205.49 2.47 Dick's DKS 204.36 -5.77 DigitalRealty DLR 179.34 0.93 DigitalOcean DOCN 131.15 -11.53 Dillard's DDS 560.97 -28.36 Disney DIS 92.83 -3.04 DocuSign DOCU 47.04 -0.85 DollarGeneral DG 115.16 -5.08 DollarTree DLTR 117.65 -4.50 DominionEner D 71.46 0.37 Domino's DPZ 323.25 3.42 Donaldson DCI 91.14 0.18 DoorDash DASH 169.77 -7.96 Dover DOV 197.80 -16.73 Dow DOW 30.90 -0.35 DrReddy'sLab RDY 11.80 0.42 DraftKings DKNG 22.81 -0.02 DukeEnergy DUK 129.26 1.31 DuPont DD 137.40 -2.24 DutchBros BROS 63.99 -0.96 DycomInds DY 440.39 6.24 Dynatrace DT 40.65 -0.71 EMCOR EME 769.07 13.92 ENI E 51.99 0.91 EOG Rscs EOG 145.49 1.49 EQT EQT 53.39 -0.62 EastWestBncp EWBC
130.63 -0.97 EastGroup EGP 214.05 -2.28 Eaton ETN 415.13 8.22 eBay EBAY 109.32 -1.63 EchoStar ECHO 91.51 -0.77 Ecolab ECL 263.14 -3.74 Ecopetrol EC 16.33 -0.36 EdisonIntl EIX 79.64 -0.74 EdwardsLife EW 83.82 -0.55 ElancoAnimal ELAN 24.78 -0.56 ElbitSystems ESLT 808.60 15.91 ElectronicArts EA 209.00 0.05 ElementSolns ESI 38.30 -0.07 ElevanceHealth ELV 379.31 -9.78 Embraer EMBJ 65.47 -0.58 Emera EMA 54.81 0.47 EmersonElec EMR 144.90 5.27 Enbridge ENB 56.40 0.15 EncompassHealth EHC 111.06 0.04 EnergyTransfer ET 20.42 0.05 En ightRenewableEn ENLT 90.20 -1.40 EnsignGroup ENSG 167.52 -1.59 Entegris ENTG 135.30 -2.18 Entergy ETR 115.80 0.92 EnterpriseProd EPD 38.80 -0.09 Equifax EFX 166.72 -3.73 Equinix EQIX 1033.55 4.81 Equinor EQNR 40.99 1.03 Equitable EQH 47.44 -1.31 EquityLife ELS 66.03 0.55 EquityResdntl EQR 68.28 -0.01 ErieIndemnity ERIE 214.52 3.66 EssentialUtil WTRG 39.59 0.19
EssexProp ESS 293.20 0.13 EsteeLauder EL 79.92 -2.71 EvercoreA EVR 334.80 -0.18 Everest EG 375.56 2.49 Evergy EVRG 86.65 0.09 Everpure P 75.19 0.61 EversourceEner ES 74.62 0.16 Exelixis EXEL 55.65 0.67 Exelon EXC 47.28 0.58 ExpandEnergy EXE 91.73 -1.44 Expedia EXPE 257.61 -3.47 ExpeditorsIntl EXPD 176.18 -1.27 ExtraSpaceSt EXR 145.42 0.37 ExxonMobil XOM 156.89 2.44 F5 FFIV 388.08 -12.53 FTAI Aviation FTAI 216.81 -5.68 Fabrinet FN 517.73 4.06 FairIsaac FICO 1206 19 -15.28 Fastenal FAST 46.15 0.82 Federa Realty FRT 124.83 -0.22 FedEx FDX 315.62 -5.40 FedExFreight FDXF 154.79 5.47 FergusonEnts FERG 228.67 -0.96 Ferrari RACE 359.44 -12.17 Ferrovial FER 63.30 -0.82 FidNat Finl FNF 48.61 -1.59 FidNat Info FIS 40.04 -0.50 FifthThirdBncp FITB 57.15 -0.52 Figma FIG 20.00 -1 47 FirstCitizBcshA FCNCA 2212 77135.20 FirstHorizon FHN 25.52 -0.20 FirstIndRlty FR 66.33 -1.38 FirstSolar FSLR 205.92
-2.94 FirstCash FCFS 197.41 -11.33 FirstEnergy FE 49.49 0.16 Fiserv FISV 49.97 -0.25 FiveBelow FIVE 201.31 -3.56 Flex FLEX 127.94 0.94 FlutterEnt FLUT 100.82 1.02 FEMSA FMX 127.08 -3.84 福特 F 14.15 -0.27 ForgentPwr FPS 38.96 0.09 Fortinet FTNT 151.54 -3.51 Fortis FTS 58.56 0.22 Fortive FTV 60.62 0.37 FoxB FOX 49.18 -1.45 FoxA FOXA 55.09 -1.36 Franco-Nevada FNV 214.22 0.11 FranklinRscs BEN 32.29 -0.09 FreedomHolding FRHC 154.48 -3.58 FreeportMcM FCX 63.50 -1.50 FreseniusMedCare FMS 24.44 0.14 FullTruck YMM 9.07 -0.02 Futu FUTU 98.96 -7.13 G H I
GE Aerospace GE 349.00 7.81 GE HealthCare GEHC 61.99 0.58 GE Vernova GEV 1031 19 46.16 GFLEnvironmental GFL 38.93 -0.17 GSK GSK 50.74 -0.02 GalaxyDigital GLXY 24.32 -0.47 Gallagher AJG 242.21 -0.29 GameStop GME 21.35 -0.25 Gaming&Leisure GLPI 44.42 -0.29 Garmin GRMN 240.10 -0.41 GenDigital GEN 25.07 -0.51 Generac GNRC 210.50 -2.92
s GeneralDynamics GD 381.79 8.63 GeneralMills GIS 35.55 -1.36 Genera Motors GM 80.67 -1.46 Genmab GMAB 29.17 0.32 GenuineParts GPC 120.05 -0.32 Gildan GIL 49.60 -3.66 GileadSciences GILD 130.86 0.52 GlobalPayments GPN 77.86 -1.11 Globa Foundries GFS 56.91 -1.58
52-Wk % Stock Sym Hi/Lo Chg 新高与新低
52-Wk % Stock Sym Hi/Lo Chg
| 52周高/低 | % 涨跌 | 股票名称 | 代码 | 52周高/低 | % 涨跌 | 股票名称 | 代码 | 52周高/低 | % 涨跌 | 股票名称 | 代码 | 52周高/低 | % 涨跌 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
以下说明适用于在最新交易日触及 52 周盘中新高或新低的纽约证券交易所 (NYSE)、NYSE Arca、NYSE American 和纳斯达克股票市场股票。% CHG 为较前一交易日的每日百分比变化。
【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。】
t Infosys INFY 10.67 -0.26 IngersollRand IR 84.31 0.77 Insmed INSM 107.41 0.77 Insulet PODD 158.38 -0.55 英特尔 INTC 100.23 -2.39 InteractiveBrkrs IBKR 91.76 -1.74 ICE ICE 143.21 0.68 InterContHtls IHG 154.12 -1.42
t IBM IBM 206.65 0.88 IntlFlavors IFF 73.77 -3.43 IntlPaper IP 37.91 -0.18 Intuit INTU 281.53 -2.94
t IntuitiveSurgical ISRG 332.02 -8.67 InvitatHomes INVH 29.44 -0.06 IonQ IONQ 34.07 -0.61 IronMountain IRM 124.55 0.04 ItauUnibanco ITUB 8.35 -0.13 J K L
JBS JBS 12.13 -0.12 京东 JD 30.09 -0.06 摩根大通 JPM 349.90 1.69 Jabil JBL 322.04 3.75 JackHenry JKHY 148.23 2.07 JacobsSolns J 132.00 1.50 JamesHardie JHX 25.86 1.08 JazzPharm JAZZ 254.87 4.46 JefferiesFinl JEF 55.58 -0.38 JFrog FROG 81.25 1.57 强生 JNJ 259.27 3.64 JohnsonControls JCI 143.29 0.80 JonesLang JLL 319.38 -4.66 KB Financial KB 120.85 1.91 贝壳 BEKE 16.08 0.02 KKR KKR 95.97 0.44 KLA KLAC 218.73 4.04 Kaspi kz KSPI 85.00 -2.31 Kenvue KVUE 18.90 -0.23 KeurigDrPepper KDP 29.67 -0.53 KeyCorp KEY 22.72 -0.39 KeysightTech KEYS 325.13 -2.40 KimberlyClark KMB 107.31 -1.57 KimcoRealty KIM 25.74 -0.40 KinderMorgan KMI 32.77 0.28 KinrossGold KGC 23.67 -0.57 Klarna KLAR 17.58 -0.27 Knight-Swift KNX 72.33 -3.71 飞利浦 PHG 26.03 -0.24 KoreaElecPwr KEP 12.07 0.20 KraftHeinz KHC 25.36 -0.60 Kroger KR 55.76 -1.78 KrystalBiotech KRYS327.50 -9.30 KymeraTherap KYMR 110.38 0.04 LatamAir ines LTM 49.84 -1.42 LPL Financial LPLA 323.32 -4.06 L3HarrisTech LHX 299.67 14.51
s Labcorp LH 291.02 9.56 LamResearch LRCX 319.78 0.49 LamarAdv LAMR 157.73 -1.18
t LasVegasSands LVS 46.03 0.78 LatticeSemi LSCC 138.13 0.96 Leidos LDOS 110.33 3.07
t Lennar B LEN.B 80.72 0.15
t Lennar A LEN 82.13 -0.02 LennoxIntl LII 537.89 5.11 LeonardoDRS DRS 48.16 2.25 LeviStrauss LEVI 24.10 -0.64 理想汽车 LI 12.37 0.25 LibertyFormOne A FWONA 88.71 -0.56 LibertyFormOne C FWONK 96.48 -0.48 LifeTime LTH 41.93 -0.13 礼来 LLY 1185.87 22.86 LincolnElectric LECO 250.38 1.21 Linde LIN 506.32 -2.35 Lineage LINE 40.95 -2.24 Littelfuse LFUS 415.17 -0.91 LiveNationEnt LYV 176.06 -1.86
S&T Bancorp STBA 51 31 2 8 SEI Investments SEIC 102 29 2 0 SafeBulkers SB 7 57 2 6 SelectWater WTTR 21 67 2 4 Sinda SIND 15 00 1 4 SouthBow SOBO 38 90 0 5 SouthernCrossAcU NCOOU 10 02 0 1 SPACSphereAcqn SSAC 10 02 StarrySeaAcqn SSEA 10 30 0 1 StellarVCapA SVCC 10 62 0 2 SunocoCorp SUNC 77 00 0 7 TargaResources TRGP 289 66 0 4 10xGenomics TXG 49 50 2 1 Travelers TRV 378 66 1 2 Unitil UTL 55 80 0 1 UltraparPart UGP 6 56 0 9 UnionPacific UNP 315 99 4 0 UnitedRentals URI 1177 67 10 1 Ventas VTR 98 84 0 8 VulcanInfrandPwrA GREE 3 36 3 4 VulcanInfrandPwN26 GREEL 24 90 0 2 Wabtec WAB 298 15 2 8 Welltower WELL 250 12 0 8 WestPharmSvcs WST 386 00 0 8 WestinAcqn WSTN 10 15 0 1 Lows
AeonBiopharma AEON 0 25 5 5 AGNT AGNT 3 85 9 6 AIFinancial AIFC 0 44 3 3 AMASSBrands AMSS 1 12 4 2 Amcon DIT 59 15 4 5 AMTD DEA AMTD 0 78 8 4 ARS Pharm SPRY 5 77 1 0 AT&T Nts 2066 TBB 19 76 0 7 AT&T PfdA TpA 17 99 1 4 AT&T PfdC TpC 17 06 1 7 Accuray ARAY 0 23 1 4 AegonNts2049 AEFC 18 31 1 0 AgEagleAerial UAVS 0 69 2 0 AlarumTech ALAR 1 90 4 0 Albertsons ACI 11 02 21 6 AligosTherap ALGS 4 60 8 9 AllstatePfdI ALLpI 18 11 0 9 AllstatePfdH ALLpH 19 35 0 9 AlnylamPharm ALNY 262 21 0 7 AlphabetPfdB GOOGN 46 23 4 3 AlphabetPfdA GOOGM 46 24 4 9 Amdocs DOX 49 74 0 7 AmerCoastalIns ACIC 9 77 0 5 ApartmtInv AIV 2 59 0 8 ApolloComR Est ARI 6 65 0 3 ArcturusTherap ARCT 5 74 2 4 ArqitQuantumWt ARQQW 0 01 1 4 ArriveAI ARAI 0 28 1 7 AtlanticAmerican AAME 1 53 2 5 AtlasCriticalMnl ATCX 2 79 7 9 Auddia AUUD 1 04 7 0 authID AUID 0 75 8 6 AutonomixMed AMIX 3 35 12 1 AutoZone AZO 2902 20 1 6 AvalancheTreasury AVAT 0 35 20 0 B&G Foods BGS 3 50 2 0 BOXABL BXBL 4 01 11 5 BaiyaIntl BIYA 2 55 10 4
LloydsBanking LYG 5.99 -0.14 洛克希德马丁 LMT 568.59 54.23 Loews L 115.63 0.93 LogitechIntl LOGI 102.90 -1.52
t Lowe's LOW 201.92 -2.43 lululemon LULU 110.63 -2.74 Lumentum LITE 833.64 3.94 LyondellBasell LYB 61.72 -0.60 M N
【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。】
s SEI Investments SEIC 96.73 -2.02 SK海力士 SKHY 169.50 4.23 SK Telecom SKM 35.20 1.26 SLB SLB 47.22 -0.45 SPX Tech SPXC 219.80 0.75 SS&C Tech SSNC 66.95 -0.07 Saia SAIA 426.55 0.26 Salesforce CRM 156.93 -6.07 Samsara IOT 31 49 -1.84 Sandisk SNDK 1610.33 11.06 Sanmina SANM 218.56 1.20 Sanofi SNY 43.36 -0.43 SchwabC SCHW 101.61 0.81 Sea SE 99.50 -5.38 Seagate STX 913.36 5.26 Sempra SRE 93.44 0.39 Semtech SMTC 138.68 1.75 ServiceIntl SCI 79.34 1.99 ServiceNow NOW 91.94 -3.52 SharkNinja SN 145.83 -1.28 Shell SHEL 87.95 0.18 SherwinWilliams SHW 310.54 -9.37
【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。】
注：分红收益率截至东部时间下午 3:30 来源：FactSet；道琼斯市场数据 (DowJones MarketData)
关键：A:年度; M:月度; Q:季度; r:修订; SA:半年; S2:1: 股票拆分与比例; SO: 剥离。
EVgo EVGO 1 51 4 4 Evommune EVMN 10 47 0 7 eXoZymes EXOZ 4 70 8 4 FilanaTherap FLNA 0 90 3 3 FingerMotion FNGR 0 28 5 8 flyExclusive FLYX 1 08 1 7 FrankBSPRealty FBRT 7 57 3 2 FutureFinTech FTFT 1 12 15 4 Gabe liDivPfdH GDVpH 21 34 0 2 Gabe liDivPfdK GDVpK 17 06 1 0 Gabe liUtilPfdC GUTpC 21 23 1 2 Gaia GAIA 1 82 3 1 GameStopWt GME.WS 1 69 2 2 Gauzy GAUZ 0 33 6 0 Genera Fusion GFUZ 6 51 15 5 GenerationIncm GIPR 0 70 17 6 GeorgiaPwrNt77 GPJA 20 75 0 7 GeoVaxLabs GOVX 0 81 10 3 GettyImages GETY 0 42 10 7 GrabWt GRABW 0 02 19 5 Grandstand GRSD 1 67 8 2 GreenCircle GCDT 0 40 6 4 Greenlane GNLN 2 08 8 3 GreenwaveTech GWAV 2 76 3 0 ASUR ASR 268 70 1 3 HDFC Bank HDB 22 66 0 2 HaoxiHlthTech HAO 0 17 7 2 HeartcoreEnts HTCR 2 25 8 5 Hesai HSAI 14 36 0 8 HoneywellAero HONA 193 33 5 7 Imunon IMNN 1 53 4 4 Infosys INFY 10 30 2 4 InnovativeEyewr LUCY 0 66 2 1 InovioPharm INO 1 00 3 8 Intellicheck IDN
3 61 1 3 IBM IBM 199 19 0 4 IntuitiveSurgical ISRG 328 57 2 5 iPower IPW 0 80 6 7 JaguarHealth JAGX 0 97 22 6 Jiayin JFIN 2 19 3 1 JobyAviationWt JOBYWS 0 02 3 1 JonesVenturesINTL JONEU 9 92 0 1 JPMChasePfdJJ JPMpK 18 11 0 9 JPMChasePfdLL JPMpL 18 40 0 8 JPMorganPfdMM JPMpM 16 87 1 5 KALA BIO KALA 0 60 17 1 KaileraTherap KLRA 16 77 2 2 KairosPharma KAPA 0 27 4 7 KestrelGr6.625-46 MHLA 10 15 3 1 Kingsway KWY 8 41 4 2 KRAKacqnWt KRAQW 0 30 LaRosa LRHC 0 87 10 8 LadderCapital LADR 9 43 2 2 Lakeside LSH 0 32 8 1 LasVegasSands LVS 44 21 1 7 Lennar A LEN 79 83 Lennar B LEN.B 78 02 0 2 LiBangIntl LBGJ 0 03 9 6 LibertyBroadbandA LBRDA 28 92 2 2 LibertyBroadbandC LBRDK 28 94 2 3 LibertyDefense DETX 3 23 4 3 LibertyGlobalC LBTYK 9 91 1 8 LiftoffMob le LFTO 21 50 0 4 LionGroup LGHL 1 15 8 1 LivePerson LPSN 1 40 loanDepot LDI 0 95 6 1 Lowe's LOW 199 40 1 2 LumentFinance LFT 0 79 4 2 M&T Bank Pfd K
MTBpK 23 92 1 0 MiraPharm MIRA 0 89 MP Materials MP 43 71 2 3 MSC Incm Fd MSIF 10 80 0 6 MackenzieRealty MKZR 1 50 4 5 ManhattanBridge LOAN 4 10 1 9 Masonglory MSGY 0 32 7 7
| 公司 | 代码 | 价格 | 变动 |
|---|---|---|---|
| ShinhanFin | SHG | 71.65 | 1.00 |
| Shopify | SHOP | 112.00 | -6 42 |
| SiliconMotion | SIMO | 289.08 | 7.40 |
| SimonProperty | SPG | 225.20 | -1.02 |
| SiriusXM | SIRI | 29.87 | 0.04 |
| SiTime | SITM | 576.41 | -14.26 |
| Skyworks | SWKS | 60.47 | -2.69 |
| Smith&Nephew | SNN | 29.77 | -0.17 |
| SmithfieldFds | SFD | 26.10 | -0.34 |
| Smucker | SJM | 115.71 | -2.34 |
| SmurfitWestrock | SW | 43.71 | -0.80 |
| Snap-On | SNA | 395.41 | -10.76 |
| Snowflake | SNOW | 265.13 | -2.67 |
| SOQUIMICH | SQM | 69.32 | 0.11 |
| SoFiTech | SOFI | 16.65 | -0.42 |
| SolsticeAdvMatls | SOLS | 60.88 | 0.21 |
| Solventum | SOLV | 77.24 | -0.40 |
| Somnigroup | SGI | 68.85 | -1.29 |
| Sony | SONY | 20.69 | -0.23 |
| Southern | SO | 96.60 | 0.80 |
| SoCopper | SCCO | 182.22 | -13.26 |
| SouthStateBk | SSB | 101.25 | -0.94 |
| SouthwestAir | LUV | 44.71 | -2.95 |
t SpaceX SPCX 118.24 2.98 Spotify SPOT 468.99 5.17 StandardAero SARO 28.26 0.68 StanleyB&D SWK 87.41 1.84 星巴克 (Starbucks) SBUX 103.21 0.77 StateStreet STT 184.21 1.03 Stee Dynamics STLD 240.57 1.93 Stellantis STLA 5.75 0.05 Steris STE 210.64 0.07 SterlingInfr STRL 717.34 2.00 StifelFinancial SF 79.56 0.25 STMicroelec STM 53 49 12.28 Strategy MSTR 93.63 6.38 Stryker SYK 318.97 9.73 SumitomoMits SMFG 25.91 0.17 SummitTherap SMMT 14.98 0.24 SunComms SUI 120.00 0.34 SunLifeFinancial SLF 81.41 0.06 SunbeltRentals SUNB 77 47 5.03 SuncorEnergy SU 66.41 1.69 Sunoco SUN 74.59 1.36 SuperMicroComp SMCI 31.20 0.64 Suzano SUZ 8.34 0.11 Symbotic SYM 40.57 1.89 SynchronyFinl SYF 71.77 1.04 Synopsys SNPS 373.52 4.09 Sysco SYY 81.73 0.39 T U V
TC Energy TRP 69.98 0.13 TD Synnex SNX 247.96 4.72 TE Connectivity TEL 198.79 1.49 Telus TU 10.11 0.10 Ternium TX 47.14 0.89 TFI Intl TFII 152.12 0.32 TIM TIMB 21.05 0.97 TJX TJX 153.48 1.93 TKO TKO 179.43 2.22 T-MobileUS TMUS 170.42 20.52 TPG TPG 42.03 0.24 T.RowePrice TROW 114.95 1.06 TTM Tech TTMI 144.85 0.15 台积电 (TaiwanSemi) TSM 415.58 5.63 Take-TwoSftwr TTWO 230.25 3.33 TakedaPharm TAK 16.82 0.05 TalenEnergy TLN 379.27 1.86 Tapestry TPR 139.13 4.60
s TargaResources TRGP 285.58 1.13 Target TGT 134.48 3.44 TechnipFMC FTI 76.02 0.92 TeckResourcesB TECK 59.85 2.64 TeledyneTech TDY 651.22 0.72 爱立信 (Ericsson) ERIC 9.31 0.18 TelefonicaBras VIV 13.70 0.34 TelekomIndns TLK 14.36 0.51 Tenaris TS 57.36 0.95 腾讯音乐 (TencentMusic) TME 8.76 0.02 TenetHea thcare THC 199.02 3.67 Teradyne TER 373.75 4.29 TeraWulf WULF 20.05 0.56 特斯拉 (Tesla) TSLA 319.69 54.32 TevaPharm TEVA 31.18 1.03 德州仪器 (TexasInstruments) TXN 284.99 9.20 TexasPacLand TPL 425.55 7.55 TexasRoadhouse TXRH 190.86 0.57 Textron TXT 93.19 1.48 ThermoFisher TMO 572.32 45.86 ThomsonReuters TRI 85.69 1.64 3M MMM 169.59 1.17 Timken TKR 140.89 0.75 Toast TOST 28.40 0.81 TollBros TOL 146.55 2.43 多伦多道明银行 (TorontoDomBk) TD 119.22 2.08 TotalEnergies TTE 86.23 1.32 TowerSemi TSEM 260.42 10.89 丰田汽车 (ToyotaMotor) TM 176.80 3.14 TractorSupply TSCO 30.32 0.96 Tradeweb TW 99.85 1.00 TraneTech TT 479.71 6.11 TransDigm TDG 1213.83 19.13
MatinasBioPharma MTNB 0 24 6 7 麦当劳 (McDonald's) MCD 260 96 0 3 Megan MGN 0 09 1 9 Merlin MRLN 3 30 5 7 IndxPlus 03-1 IPB 25 01 0 1 MesaRoyalty MTR 2 91 0 7 MesabiTrust MSB 21 60 3 8 MetalphaTechnology MATH 0 80 0 2 Microvast MVST 0 85 4 9 MidCapFin MFIC 9 34 0 3 MorganStanleyPfdK MSpK 22 94 1 6 MorganStanleyPfdL MSpL 19 08 0 8 MorganStanleyPfdO MSpO 16 49 1 0 MuranoG blInvts MRNO 0 21 4 6 NauticusRobotWt KITTW 0 01 9 7 NavientNts2043 JSM 17 24 1 8 NeuroOneMed NMTC 1 81 4 1 NeuroSense NRSN 0 58 0 8 NewMtnFin NMFC 6 73 1 4 NewGenIvf NIVF 1 18 3 9 NextEraEnDebN NEEpN 21 61 0 8 NextEraDebZ NEEpW 24 03 0 5 NextEraEnerDebU NEEpU 24 13 0 3 NiagenBio NAGE 3 17 6 0 NoahHoldings NOAH 8 60 2 3 NuvveHolding NVVE 2 51 44 2 Nuwellis NUWE 2 06 22 8 OceanPwrTech OPTT 0 18 0 4 OctaveIntel OCTV 15 41 1 3 Onfolio ONFO 0 09 11 7 OpendoorWtZ OPENZ 0 17 12 2 OpendoorWtK OPENW 0 33 8 4 Oracle ORCL 119 44 4 6
OrionDigital ORIO 0 62 2 4 PMGC ELAB 0 90 7 0 ProceptBio PRCT 17 17 0 8 Pa ladyneAIWt PDYNW 0 01 15 4 PennantParkFR PFLT 6 86 1 7 PennyMacMtg PMT 9 56 2 7 百事公司 (PepsiCo) PEP 133 73 0 5 Peraso PRSO 0 72 3 2 PinnacleFinPfdC PNFPpC 24 01 PowerCompute PWCM 1 68 7 3 Primech PMEC 0 43 5 9 ProKidney PROK 1 48 0 7 ProspectCapital PSEC 2 11 0 9 PrudentialNt58 PRS 21 65 0 6 PrudentialNts2060 PFH 15 91 1 3 PrudentialNts2062 PRH 22 06 0 4 Pub icStoragePfM PSApM 15 62 1 0 Pub icStoragePfdS PSApS 15 56 0 6 PublicStoragePfdR PSApR 15 17 0 8 QuantumScape QS 4 97 12 9 RamacoRscsA METC 11 11 10 0 RamacoRscsB METCB 7 40 1 5 ReadyCapital RC 1 48 2 6 reAlphaTech AIRE 1 25 22 8 RebornCoffee REBN 1 19 10 2 RedCloud RCT 0 21 3 3 ReinTherap RNTX 0 76 4 7 ReitarLogtech RITR 0 12 7 1 ResearchFrontiers REFR 0 45 0 6 ReservoirMediaWt RSVRW 0 01 30 0 RiverNorthPfdB OPPpB 16 94 1 3 Rollins ROL 36 59 9 3 SAP SAP 144 97 1 6
SAP ADRhedged SAPH 27 49 1 0 SES AI SES 0 53 8 9 SIGA Tech SIGA 3 10 7 1 SachemCapital SACH 0 80 3 7 SentiBiosciences SNTI 0 42 3 2 SevenHillsRlty SEVN 7 78 3 5 Shutterstock SSTK 5 25 22 0 SimplyGoodFoods SMPL 10 12 2 4 SiNtxTech SINT 1 47 2 6
s Travelers TRV 376.37 4.29 Trimble TRMB 50.35 0.25 Trip.com TCOM 43.02 0.44 TruistFinl TFC 51.20 -0.53 Twilio TWLO 185.06 1.68 TylerTech TYL 288.16 3.84 TysonFoods TSN 56.75 -0.31 UBS Group UBS 51.55 -1.10 UDR UDR 39.48 -0.06 U-Haul UHAL 71.89 0.56 U-Haul N UHAL/B 62.81 0.04 UL Solutions ULS 86.60 0.52 UMB Fin UMBF 139.12 -1.66 US Foods USFD 95.58 -0.48 Uber UBER 68.91 -1.42 Ubiquiti UI 529.36 -8.14 UltaBeauty ULTA 477.96 -5.57 Unilever UL 60.21 -1.62
s UnionPacific UNP 304.33 11.77 UnitedAirlines UAL 115.35 -1.92 UnitedMicro UMC 20.87 -0.42 UPS B UPS 114.10 -1.74
s UnitedRentals URI 1139.71104.65 US Bancorp USB 63.33 -1.14 UnitedTherap UTHR 529.53 2.46 UnitedHealth UNH 423.56 -7.75 UnitySoftware U 28.94 -0.33 UnumGroup UNM 86.45 -1.34 VICI Prop VICI 26.32 -0.26 Vale VALE 14.83 -0.02 ValeroEnergy VLO 305.26 -5.66 ValmontInds VMI 488.60 1.10 VeevaSystems VEEV 179.58 -4.97
s Ventas VTR 97.92 0.74 VentureGlobal VG 15.16 0.34 Veralto VLTO 91.50 0.35 VeriSign VRSN 261.58 -1.01 VeriskAnalytics VRSK 193.17 0.89 Verizon VZ 43.82 -0.47 VertexPharm VRTX 473.09 0.52 Vertiv VRT 304.04 2.88 ViaSat VSAT 74.27 -0.10 Viatris VTRS 17.28 0.27 ViaviSolutions VIAV 41.80 -0.45 Vicor VICR 231.38 14.03 Viking VIK 99.71 -0.64 ViperEnergy VNOM 45.14 -0.13 VirtuFinancial VIRT 59.67 0.11 Visa V 351.60 -1.82 Vistra VST 168.98 2.24 Vodafone VOD 15.25 -0.26 VulcanMatls VMC 274.93 -2.90 W X Y Z
WEC Energy WEC 114.72 1.26 W.P.Carey WPC 75.20 -0.23
s Wabtec WAB 297.99 7.99 Walmart WMT 108.40 -0.93 WarnerBrosA WBD 25.95 0.10 WarnerMusic WMG 26.60 -0.78 WasteConnections WCN 167.99 0.09 WasteMgt WM 237.27 0.89 Waters WAT 382.41 11.59 Watsco WSO 359.85 -2.15 WattsWater WTS 343.67 2.13 Wayfair W 82.68 -1.62 WebsterFin WBS 75.46 -1.17 WellsFargo WFC 86.19 -0.23
s Welltower WELL 247.05 2.01 WescoIntl WCC 330.66 0.11
s WestPharmSvcs WST 355.48 -2.93 WestAllianceBcp WAL 82.97 -0.44 WesternDigital WDC 558.30 1.63 WesternMidstrm WES 47.93 0.87 Westlake WLK 75.23 -1.83 Weyerhaeuser WY 23.64 -0.18 WheatonPrecMtls WPM 110.03 -1.33 Williams WMB 75.25 0.76 Williams-Sonoma WSM 218.60 -3.74 WillisTowers WTW 288.37 1.86 WintrustFinl WTFC 157.77 -0.76
t Wipro WIT 1.78 -0.03 Wise WSE 12.08 -0.27 WoodsideEnergy WDS 22.34 -0.09 Woodward WWD 411.94 7.35 WooriFinl WF 62.72 0.51 Workday WDAY 127.87 -4.55
t WynnResorts WYNN 96.77 2.40 XPO XPO 214.16 0.51 XcelEnergy XEL 80.77 0.58 XPeng XPEV 12.76 -0.09 Xylem XYL 116.87 0.73 YPF YPF 51.92 -0.59 Yum!Brands YUM 147.37 -0.20 YumChina YUMC 43.11 -0.31 ZTO Express ZTO 24.04 -0.06 ZebraTech ZBRA 256.95 -5.80 ZimmerBiomet ZBH 89.65 0.97 ZionsBancorp ZION 69.16 -0.91 Zoetis ZTS 74.57 0.38 ZoomComms ZM 84.11 -1.70 Zscaler ZS 139.70 -2.56
SiteOneLandscape SITE 98 17 4 4 SolidPower SLDP 2 14 7 7 SouthernNts77 SOJC 20 09 0 5 SouthernNts20 SOJD 18 98 0 6 SouthernNts2020C SOJE 16 50 0 7 Southland SLND 0 55 5 0 SpaceX SPCX 110 85 2 6 SperoTherap SPRO 1 10 8 7 SpireNts2086 SRJN 23 16 1 5 Stantec STN 66 26 1 9 StarfightersSpace FJET 3 43 0 3 StarwoodProp STWD 16 27 0 9 StateStreetPfdG STTpG 21 13 1 0 SteakholderFds STKH 0 36 17 7 Stem STEM 5 74 3 3 StifelFinlPfdB SFpB 22 38 1 0 Sui SUIG 1 03 6 3 SunPower SPWR 0 48 14 3 SunshineBioWt SBFMW 0 02 89 8 SuperLeagueEnt SLE 2 64 5 6 SuperXAITech SUPX 6 26 12 4 SurgePays SURG 0 25 3 2 SynergyCHC SNYR 0 16 8 8 TMCtheMtlsWt TMCWW 0 04 35 1 T-MobileUS2070 TMUSI 20 22 1 3 T-MobileUU2070 TMUSZ 19 85 0 7 T-MobileUS2069 TMUSL 22 69 0 4 T3Defense DFNS 3 80 17 0 Taoping TAOP 0 97 20 8 Teamshares TMS 5 48 5 7 Telephone&Data TDS 33 01 0 6 TenonMedical TNON 0 18 0 1 TenonMedicalWt TNONW 0 00 42 9
TerraPropNts2029 TPTS 16 36 4 6 TilrayBrands TLRY 3 93 4 1 TizianaLife TLSA 0 91 7 9 Toppoint TOPP 0 65 0 2 TradeDesk TTD 16 70 4 5 TrawsPharma TRAW 0 52 4 1 TreasureGlobal TGL 3 12 4 3 TrinityBiotech TRIB 0 28 1 5 TriplePtVent TPVG 4 41 3 5 TryHard THH 0 20 4 6 Tucows TCX 8 92 3 7 Tuya TUYA 1 62 7 4 US BancorpPfdL USBpQ 14 30 1 2 US BancorpPfdM USBpR 15 10 0 7 US BancorpPfdO USBpS 17 06 0 9 UWM UWMC 1 72 5 4 UnumNts061558 UNMA 21 12 0 7 ValionBio VBIO 0 25 0 4 Valneva VALN 4 75 2 4 Veea VEEA 0 16 2 1 Vestand VSTD 0 18 2 0 VicorePharma VCRE 11 00 2 0 VisionMarineTech VMAR 0 74 1 0 Vivakor VIVK 1 45 30 1 VolitionRX VNRX 0 99 3 8 WearableDevWt WLDSW 4 32 8 1 Wellchange WCT 0 78 6 3 WellsFargoPfdAY WFCpY 22 10 0 6 WellsFargoPfdAZ WFCpZ 18 17 0 8 WellsFargoPfdAA WFCpA 18 00 0 7 WellsFargoPfdACC WFCpC 16 72 0 8 WellsFargoPfdADD WFCpD 16 31 0 5 WeShop WSHP 4 33 0 2 WetourRobotics WETO 0 10 18
3 WheelerREIT WHLR 0 21 28 0 Whirlpool WHR 35 45 3 9 Winmark WINA 334 52 4 6 Wipro WIT 1 75 1 7 WynnResorts WYNN 92 52 2 5 XCHG XCH 0 49 5 9 Yimutian YMT 0 40 10 5 ZeroStack ZSTK 1 37 5 5 ZetaNetwork ZNB 0 23 7 8
t
t
t
s
t
s
–6
s
51711.65 t506.93, 或 0.97% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
t t
当前除数 0.1682481652835
当日最高价
收盘价 下跌 上涨
当日开盘价
收盘价 开盘价
当日最低价
65日移动平均线
65日移动平均线
65日移动平均线
柱状图衡量当日开盘价的点数变化
4月 5月 6月 7月
4月 5月 6月 7月
4月 5月 6月 7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
100%
| 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 |
|---|---|---|---|---|---|---|---|---|
| 道琼斯工业平均指数 | 51885.14 | 51542.06 51711.65 | -506.93 | -0.97 | 53055.91 43588.58 | 15.7 | 7.6 | 13.6 |
| 运输指数 | 22845.32 | 22432.52 22578.51 | -20.54 | -0.09 | 23933.14 15067.87 | 39.5 | 30.1 | 11.6 |
| 公用事业指数 | 1176.76 | 1158.76 | 1173.08 | 6.80 | 0.58 | 1190.23 | 1048.33 | 8.3 |
| 全股市指数 | 73830.69 | 73081.25 73416.05 | -842.56 | -1.13 | 75286.10 61627.03 | 16.7 | 8.8 | 17.4 |
| Barron's 400 | 1598.64 | 1588.89 | 1596.43 | -4.40 | -0.27 | 1635.15 | 1316.75 | 18.7 |
4.00
12%
4.00
–12
纳斯达克股票市场 | 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 纳斯达克综合指数 | 25358.28 | 24954.77 25137.69 | -553.21 | -2.15 | 27093.90 20650.13 | 19.4 | 8.2 | 21.4 | | 纳斯达克100指数 | 28726.62 | 28274.52 28454.81 | -543.29 | -1.87 | 30660.60 22763.31 | 22.5 | 12.7 | 22.6 |
| 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 |
|---|---|---|---|---|---|---|---|---|
| 标准普尔500指数 | 7450.12 | 7376.00 | 7408.30 | -90.66 | -1.21 | 7609.78 | 6238.01 | 16.4 |
6.00
6.00%
5.00
| 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 |
|---|---|---|---|---|---|---|---|---|
| 中盘股400指数 | 3783.65 | 3750.11 | 3769.22 | -13.81 | -0.36 | 3852.54 | 3104.60 | 18.2 |
| 小盘股600指数 | 1769.52 | 1753.84 | 1761.99 | -11.86 | -0.67 | 1804.34 | 1323.05 | 28.6 |
2.00
2.00
其他指数 | 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 罗素2000指数 | 2952.54 | 2924.33 | 2940.16 | -19.78 | -0.67 | 3024.37 | 2166.78 | 30.6 | 18.5 | 14.5 |
0 00
| 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 |
|---|---|---|---|---|---|---|---|---|
| 纽交所综合指数 | 23934.06 | 23807.26 23874.27 | -45.44 | -0.19 | 24075.12 20267.69 | 14.5 | 8.5 | 13.6 |
| Value Line | 675.91 | 668.09 | 670.41 | -5.50 | -0.81 | 682.99 | 590.50 | 8.2 |
| 纽交所 Arca 生物技术 | 8661.73 | 8478.40 | 8660.27 | 130.64 | 1.53 | 8917.63 | 5640.67 | 50.4 |
| 纽交所 Arca 制药 | 1241.76 | 1212.05 | 1238.55 | 16.13 | 1.32 | 1270.42 | 881.47 | 29.2 |
| KBW 银行指数 | 187.53 | 185.91 | 187.44 | -1.81 | -0.96 | 191.84 | 139.52 | 29.1 |
| PHLX§金/银 | 314.76 | 307.92 | 313.18 | -6.72 | -2.10 | 470.37 | 204.07 | 47.1 |
| PHLX§石油服务 | 95.83 | 93.45 | 93.63 | -0.07 | -0.08 | 109.24 | 58.66 | 47.7 |
3.00
| 指数 | 最新收盘价 | 52周 | 净变动 | % 变动 | 52周最高/最低 | % 变动 | 年初至今 | 3年年均 |
|---|---|---|---|---|---|---|---|---|
| PHLX§半导体 | 12480.87 | 12188.05 12343.84 | -66.82 | -0.54 | 14634.72 | 5527.61 | 118.7 | 74.3 |
| Cboe 波动率指数 | 20.31 | 17.32 | 18.70 | 2.06 | 12.38 | 31.05 | 13.47 | 21.5 |
Nasdaq PHLX 数据来源：FactSet; 道琼斯市场数据
跌幅最大
| 最新交易日 | 52周 | ||||
|---|---|---|---|---|---|
| 公司 | 代码 | 收盘价 | 净变动 | % 变动 | 最高价 |
| NVECorp | NVEC | 134 21 | 47.53 | 54.83 | 134.93 |
| Advanced Biomed | ADVB | 16.78 | 4.53 | 36.98 | 20.87 |
| Sky Quarry | SKYQ | 5.64 | 1.51 | 36.56 | 19.45 |
| Novocure | NVCR | 19.99 | 4.42 | 28.39 | 20.55 |
| Gentherm | THRM | 45.61 | 9.56 | 26.52 | 45.96 |
| Richardson Electronics | RELL | 21.82 | 3.81 | 21.15 | 23.15 |
| Direxion LMT Bull 2X | LMTL | 37.35 | 6.40 | 20.68 | 59.71 |
| 最新交易日 | 52周 | ||||
|---|---|---|---|---|---|
| 公司 | 代码 | 收盘价 | 净变动 | % 变动 | 最高价 |
| Paranovus Ent Tech | PAVS | 5.91 | 2.03 | 52.32 148800.00 | 3.76 |
| 707 Cayman Holdings | JEM | 4.74 | 1 21 | 34.28 | 1620.00 |
| GrShr 2x ShTSLA Daily | TSDD | 10.91 | 2.47 | 29.27 | 24 20 |
| Tradr 2X Sh TSLA Daily | TSLQ | 25.86 | 5.82 | 29.04 | 58.02 |
| Robin Energy | RBNE | 5.68 | 1 22 | 27.35 | 374 25 |
| Domo Cl B | DOMO | 3.95 | 0.80 | 25.40 | 18.49 |
| DSC Holdings ADR | DSC | 6.59 | 1.19 | 22.04 | 16.35 |
| SciSparc | SPRC | 5.72 | 0.88 | 18.18 | 80.10 |
按与65日平均值的变动幅度排名* 货币与商品
| 公司 | 代码 | 成交量 (000) | 65日均值 | 最新交易日收盘价 | %涨跌 | 52周最高 | 52周最低 |
|---|---|---|---|---|---|---|---|
| Simplify US EqIncome ETF | SPUC | 3,130 | 26886 | 48.70 | -1.18 | 52.08 | 42.89 |
| Niki BioSolutions | NIKI | 2,782 | 8523 | 8.58 | -4.56 | 44.70 | 6.00 |
| Fortress Value Acqn V | FVAV | 323 | 4175 | 10 22 | 0.84 | 10.35 | 10.00 |
| Russ Invts EMEq | REMG | 371 | 3577 | 35.46 | -0.30 | 38.96 | 25.69 |
| FTNasdaq Pharm | FTXH | 736 | 2985 | 38.83 | 1.32 | 39.57 | 25.77 |
51000
| 公司 | 代码 | 成交量 (000) | 65日均值 | 最新交易日收盘价 | %涨跌 | 52周最高 | 52周最低 |
|---|---|---|---|---|---|---|---|
| Glbl X Pure MSCI Cnsm Dis | GXPD | 1,287 | 2805 | 24 26 | -5.35 | 27.87 | 22.84 |
| VanEck Cnsm Disc Tru | TRUD | 1,279 | 2695 | 24.08 | -5.12 | 27.50 | 22.88 |
| JPM US Rsrch Enh LC | JUSA | 3,215 | 2688 | 66.56 | -1.28 | 68.33 | 56.44 |
| VanEckCommSvsTruSector | TRUC | 1,243 | 2588 | 23.96 | -4.33 | 27.56 | 23.11 |
| SSMy2031 Cp Bd | MYCK | 117 | 2208 | 24.49 | -0.19 | 25.39 | 24.47 |
| 地区/国家 | 指数 | 最新收盘价 | 净涨跌 | %涨跌 | 年初至今 % 涨跌 |
|---|---|---|---|---|---|
| 全球 | MSCI ACWI | 1107.68 | –9.69 | –0.87 | 9.2 |
| MSCI ACWI ex-USA | 467.49 | –1.42 | –0.30 | 11.0 | |
| MSCI World | 4782.64 | –54.27 | –1.12 | 8.0 | |
| MSCI新兴市场 | 1671.85 | 17.37 | 1.05 | 19.0 | |
| 美洲 | MSCI ACAmericas | 2806.21 | –33.307 | –1.17 | 8.2 |
| 加拿大 | S&P/TSX Comp | 35192.66 | –292.45 | –0.82 | 11.0 |
| 拉美 | MSCIEMLatinAmerica | 3046.31 | –43.41 | –1.40 | 12.4 |
| 巴西 | Bovespa | 176723.62 | –823.95 | –0.46 | 9.7 |
| 智利 | S&P IPSA | 5498.81 | –46.74 | –0.84 | 1.4 |
| 墨西哥 | S&P/BMV IPC | 66266.01 | –1037.82 | –1.54 | 3.0 |
| 欧洲、中东及非洲 | 欧洲斯托克600指数 | 639.27 | –7.66 | –1.18 | 8.0 |
| 欧元区 | Euro STOXX | 660.17 | –10.24 | –1.53 | 7.8 |
| 比利时 | Bel-20 | 5692.64 | –4.36 | –0.08 | 12.1 |
| 丹麦 | OMXCopenhagen20 | 1611.26 | –12.40 | –0.76 | 0.2 |
| 法国 | CAC 40 | 8299.09 | –138.80 | –1.64 | 1.8 |
| 德国 | DAX | 24763.12 | –392.29 | –1.56 | 1.1 |
| 以色列 | Tel Aviv | 4227.00 | … | 休市 | 16.4 |
| 意大利 | FTSE MIB | 51315.84 | –1476.20 | –2.80 | 14.2 |
| 荷兰 | AEX | 1086.67 | –14.14 | –1.28 | 14.2 |
| 挪威 | Oslo Bors All-Share | 2390.30 | 29.49 | 1.25 | 23.1 |
| 南非 | FTSE/JSE All-Share | 108335.05 | –1347.58 | –1.23 | –6.5 |
| 西班牙 | IBEX 35 | 19267.00 | –304.30 | –1.55 | 11.3 |
| 瑞典 | OMX Stockholm | 1098.28 | –9.18 | –0.83 | 5.0 |
| 瑞士 | Swiss Market | 14214.95 | –100.93 | –0.71 | 7.1 |
| 土耳其 | BIST 100 | 14077.67 | –61.18 | –0.43 | 25.0 |
| 英国 | FTSE 100 | 10639.17 | –77.80 | –0.73 | 7.1 |
| 英国 | FTSE 250 | 23627.33 | –299.30 | –1.25 | 5.1 |
| 欧元 | |||||
| 亚太地区 | MSCI ACAsia Pacific | 269.17 | 2.36 | 0.89 | 18.2 |
| 澳大利亚 | S&P/ASX 200 | 8839.00 | 16.03 | 0.18 | 1.4 |
| 中国 | 上海综合指数 | 3876.78 | 9.74 | 0.25 | –2.3 |
| 香港 | 恒生指数 | 25210.81 | 318.15 | 1.28 | –1.6 |
| 印度 | BSE Sensex | 76391.39 | –363.66 | –0.47 | –10.4 |
| 日本 | 日经 225 | 66422.60 | 307.00 | 0.46 | 31.9 |
| 新加坡 | Straits Times | 5581.76 | –13.65 | –0.24 | 20.1 |
| 韩国 | KOSPI | 7096.89 | 299.19 | 4.40 | 68.4 |
| 台湾 | TAIEX | 44850.81 | 25.03 | 0.06 | 54.9 |
| 泰国 | SET | 1641.03 | 1.69 | 0.10 | 30.3 |
一年前 最新 滚动市盈率 预测市盈率 * 股息率 历史最高点
一年前 最新 滚动市盈率 * 预测市盈率 * 股息率 * 历史最高点
一年前 滚动市盈率 † 预测市盈率 † 股息率 *† 历史最高点：
7408.30 t90.66, 或 1.21% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
22.70 24.86 21.05 21.35 1.51 1.63 53055.91, 07/06/26
55000
53000
49000
47000
45000
43000
China SXT Pharm SXTC 0.33 -1.69 -83.53 1046.99 0.31 -99.9 Zhongchao ZCMD 1.73 -2.56 -59.67 967 20 0.80 -99.8 Leslie's LESL 1.33 -1.08 -44.81 13.57 0.87 -87.1 Nuvve Holding NVVE 3 23 -2.56 -44.21 655 20 2.51 -99.5 ProShares Ultra TSLA TSLI 14.44 -6.00 -29.35 46.11 14.07 ...
Direxion TSLA Bull 2X TSLL 7.76 -3.20 -29.20 23.74 7.54 -38.7 Leverage 2X LgTSLA Dly TSLG 3.86 -1.59 -29.17 12 24 3.75 -38.9 GrShr 2x Long TSLA Dly TSLR 13.37 -5.47 -29.02 39.54 12.97 -34.1 Defiance Tgt 2X LgQS QSU 5.63 -1.94 -25.63 146.76 5.26 ... Leverage 2XLgOPENDly OPEG 2.86 -0.89 -23.65 16.86 2.82 ...
Nuwellis NUWE 2 20 -0.65 -22.81 485.68 2.06 -99.5 Liberty Energy LBRT 19.62 -5.52 -21.96 34.48 9.90 48.1 Shutterstock SSTK 5.76 -1.62 -21.95 29.50 5.25 -72.3 Twin Vee PowerCats VEEE 14.50 -4.06 -21.88 128.02 4.16 -83.7 Albertsons ACI 11.44 -3.16 -21.64 20.91 11.02 -45.0
日元
美国东部时间下午5点的美元外汇汇率
美国美元 vs, 周四 年初至今变化 国家/货币 以美元计 每美元 (%)
美洲 阿根廷比索 .00071488.9664 2.6 巴西雷亚尔 .1961 5.0999 –7.6 加拿大元 .7099 1.4086 2.6 智利比索 .001061 942.49 4.7 哥伦比亚比索 .000311 3214.40 –14.7 厄瓜多尔美元 1 1 持平 墨西哥比索 .0571 17.5218 –2.7 乌拉圭比索 .02490 40.1643 2.8 亚太地区 澳大利亚元 .6969 1.4349 –4.2 中国元 .1476 6.7752 –3.1 港币 .1275 7.8414 0.7 印度卢比 .01032 96.878 7.8 印尼卢比 .0000555 18011 7.9 日元 .006103 163.85 4.6 哈萨克斯坦坚戈 .002141 467.17 –7.9 澳门帕塔卡 .1238 8.0796 0.7 马来西亚林吉特 .2446 4.0887 0.8 新西兰元 .5773 1.7322 –0.3 巴基斯坦卢比 .00360 277.852 –0.8 菲律宾比索 .0162 61.838 5.0 新加坡元 .7734 1.2930 0.6 韩国圆 .0006777 1475.65 2.4 斯里兰卡卢比 .0029750 336.13 8.5 台湾元 .03095 32.313 3.1 泰国铢 .02957 33.820 7.4
DJ 商品指数 1410.21 15.11 1.08 1467.33 1037.49 31.62 24.72 FTSE/CC CRB 指数 400.18 6.25 1.59 406.18 291.69 31.48 33.94 原油，美元/桶 92.19 5.36 6.17 112.95 55 27 39.62 60.55 天然气，美元/MMBtu 2.916 -0.009 -0.31 7.460 2.523 -5.75 -20.89 黄金，美元/金衡盎司 4046.60 -100.30 -2.42 5318.40 3293 20 20.04 -6.45
道琼斯合作伙伴
预测市场：2026年比特币 vs. 黄金 vs. S&P 500 (500)
该市场将根据比特币、黄金和 S&P 500 (500) 这三者中 2026 年表现最佳的资产来结算，表现以每项资产在年度内的价格百分比变化来衡量。
黄金: 17%
25.50 25.88 21.54 23.75 1.09 1.26 7609.78, 06/02/26
盘后交易 由电子交易服务、证券交易商和区域交易所报告的 4 p.m. 至 6 p.m. (ET) 期间 NYSE、NYSE Arca、NYSE Amer. 和纳斯达克发行股票中最活跃及波动最大的个股。最低股价要求为 $2，且盘后最低交易量为 50,000 股。 盘后交易最活跃个股
| 公司 | 股票代码 | 成交量 (000) | 最新价 | 净变动 | %变动 | 最高 | 最低 |
|---|---|---|---|---|---|---|---|
| 英特尔 | INTC | 35,117.8 | 105.69 | 5.46 | 5.45 | 113.72 | 90.41 |
| Grab Holdings | GRAB | 6,833.1 | 3.31 | 0.01 | 0.29 | 3.31 | 3.28 |
| NVIDIA | NVDA | 6,630.9 | 208.46 | -0.30 | -0.14 | 222.37 | 198.18 |
| Kinder Morgan | KMI | 5,671.6 | 32.77 | ... | unch. | 32.94 | 32.75 |
| Direxion TSLA Bull 2X | TSLL | 5,421.0 | 7.95 | 0.19 | 2.45 | 8.00 | 7.74 |
| Baillie Gifford IntlAlph | BGIA | 4,938.8 | 24.19 | ... | unch. | 24.19 | 24.19 |
| Invesco QQQ Trust I | QQQ | 4,933.7 | 693.67 | 1.71 | 0.25 | 725.69 | 662.93 |
| Apple | AAPL | 4,737.0 | 320.93 | -0.73 | -0.23 | 322.00 | 320.45 |
涨幅最大个股…
| 公司 | 股票代码 | 成交量 (000) | 最新价 | 净变动 | %变动 | 最高 | 最低 |
|---|---|---|---|---|---|---|---|
| Amkor Technology | AMKR | 500.9 | 75.30 | 9.97 | 15.26 | 81.99 | 65.30 |
| Tenet Healthcare | THC | 73.5 | 224.00 | 24.98 | 12.55 | 238.69 | 197.29 |
| Direxion INTCBull 2X | LINT | 110.7 | 139.69 | 15.45 | 12.44 | 159.19 | 124.24 |
| GrShr2xLongINTCDaily INTW | INTW | 4,640.0 | 27.56 | 2.90 | 11.76 | 31.32 | 24.66 |
| World Kinect | WKC | 276.4 | 38.80 | 2.53 | 6.98 | 39.01 | 36.27 |
...以及跌幅最大个股
| 公司 | 股票代码 | 成交量 (000) | 最新价 | 净变动 | %变动 | 最高 | 最低 |
|---|---|---|---|---|---|---|---|
| MaxLinear | MXL | 694.5 | 82.19 | -9.05 | -9.92 | 98.70 | 80.45 |
| Deckers Outdoor | DECK | 707.8 | 89.00 | -7.23 | -7.51 | 98.00 | 88.00 |
| SLM | SLM | 182.6 | 22.70 | -1.48 | -6.12 | 25.00 | 22.15 |
| Scholastic | SCHL | 54.4 | 44.00 | -2.44 | -5.25 | 46.44 | 42.10 |
| Summit Therapeutics | SMMT | 159.7 | 14.21 | -0.77 | -5.16 | 15.20 | 13.65 |
| 货币 (US$ s,) | 周四 | 年初至今变动 (%) | 国家/货币 | 以 US$ 计 | 每 US$ |
|---|---|---|---|---|---|
| 越南盾 | 00003800 | 26317 | 0.1 | 欧洲 | |
| 捷克克朗 | 04703 | 21.263 | 3.3 | 丹麦克朗 | 1522 |
| 欧元区欧元 | 1.1378 | .8789 | 3.3 | ||
| 匈牙利福林 | 003121 | 320.45 | –2.1 | ||
| 冰岛克朗 | 007945 | 125.87 | 0.4 | ||
| 挪威克朗 | 1040 | 9.6137 | –4.7 | ||
| 波兰兹罗提 | 2627 | 3.8067 | 6.0 | ||
| 瑞典克朗 | 1025 | 9.7543 | 5.9 | ||
| 瑞士法郎 | 1.2240 | .8170 | 3.1 | ||
| 土耳其里拉 | 0212 | 47.2611 | 10.0 | ||
| 乌克兰格里夫纳 | 0223 | 44.8500 | 5.9 | ||
| 英镑 | 1.3315 | .7510 | 1.2 | 中东/非洲 | |
| 巴林第纳尔 | 2.6509 | .3772 | 0.1 | ||
| 埃及镑 | 0195 | 51.2952 | 7.5 | ||
| 以色列谢克尔 | 3254 | 3.0735 | –3.5 | ||
| 科威特第纳尔 | 3.2264 | 3099 | 0.7 | ||
| 阿曼里亚尔 | 2.5994 | 3847 | –0.02 | ||
| 卡塔尔里亚尔 | 2743 | 3.646 | –0.2 | ||
| 沙特阿拉伯里亚尔 | 2665 | 3.7524 | 0.04 | ||
| 南非兰特 | 0594 | 16.8211 | 1.6 |
| 收盘 | 净变动 | %变动 | 年初至今%变动 | |
|---|---|---|---|---|
| 华尔街日报美元指数 | 97.59 | 0.27 | 0.28 | 1.74 |
WSJ 美元指数
数据来源：Tullett Prebon, DowJones Market Data
| 周四 | 52周最高 | 52周最低 | 年初至今%变动 | |
|---|---|---|---|---|
| 收盘 | 净变动 | %变动 | ||
| # 纳斯达克综合指数 | 25137.69 | t 553.21, 或 2.15% |
过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
| 公司 | 股票代码 | 成交量 | 收盘 | 净变动 | %变动 | 52周最高 | 52周最低 |
|---|---|---|---|---|---|---|---|
| Li Bang International | LBGJ | 253,803 | 3534.3 | 0.03 | -9.57 | 177.00 | 0.03 |
| Direxion TSLA Bull 2X | TSLL | 211,460 | 193.4 | 7.76 | -29.20 | 23.74 | 7.54 |
| Nokia ADR | NOK | 181,366 | 61 2 | 9.73 | -5.35 | 17.45 | 4.00 |
| Nu Holdings ClA | NU | 180,335 | 167.8 | 14.19 | -2.21 | 18.98 | 11 20 |
| WeBuy Global | WBUY | 173,341 | 25545 2 | 1.12 | 47.76 | 7.56 | 0.62 |
| ProShares Bitcoin ETF | BITO | 167,514 | -24.5 | 8.77 | -2.01 | 23.00 | 7.87 |
| American Airlines Group | AAL | 121,385 | 16.0 | 13.56 | -8.35 | 18.79 | 10.09 |
| 英特尔 | INTC | 121,194 | -8.4 | 100.23 | -2.33 | 142.35 | 18.97 |
| 特斯拉 | TSLA | 114,756 | 136.0 | 319.69 | -14.52 | 498.83 | 297.82 |
| NVIDIA | NVDA | 109,968 | -28.9 | 208.76 | -1.56 | 236.54 | 164.07 |
* 100,000 股或以上的成交量四舍五入至最接近的千位
消费者利率与投资者回报 美国消费者利率 过去一年消费者利率相对于其基准的变化
30年固定利率 抵押贷款
10年期国债 收益率
J 2025
A S O N D J 2026
F M A M J J
收益率/利率(%) 52周区间(%) 3年变化 利率 最新 (l)一周前 最低 0 2 4 6 8 最高 (百分点)
联邦基金利率目标 3 50-3.75 3.50-3 75 3.50 l 4.50 -1.50 最优惠利率* 6.75 6.75 6.75 l 7.50 -1.50 SOFR (担保隔夜融资利率) 3.62 3.64 3.50 l 4.51 -1.43 货币市场，年化收益率 0.44 0.44 0.41 l 0.45 -0.11 五年期定存(CD)，年化收益率 1.73 1.73 1.67 l 1.73 -1.12 30年期抵押贷款，固定† 6.66 6.62 6.11 l 6.81 -0.66 15年期抵押贷款，固定† 6.07 6.08 5.55 l 6.13 -0.56 巨额抵押贷款，$832,750及以上† 6.72 6.68 6.34 l 6.95 -0.64 五年期可调利率抵押贷款 (ARM)† 5.93 6.09 5.66 l 6 26 -0.33 新车贷款，48个月 6.97 6.97 6.85 l 7 21 -0.54
Bankrate.com 利率基于对1,500多家在线银行的调查。*由全国70%最大银行公布的基础利率。† 不含结案费用。 来源：FactSet; 道琼斯市场数据; Bankrate.com 国债收益率曲线 当前短期票据、中期票据和债券的到期收益率
到期时间
t 一年前
Tradeweb FTSE 周四收盘价
1 个月(s)
3 6 1 年
2 3 5 7 10 20 30
来源：Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; 道琼斯市场数据
收益率 (%) 52周 总回报 (%) 债券总回报指数 收盘价 最新 一周前 最高 最低 52周 3年
33.39 32.55 25.14 29.89 0.57 0.66 27093.90, 06/02/26
成交量，上涨家数，下跌家数
纽约证券交易所 (NYSE) 纽约美国交易所 (NYSE Amer.)
总成交量 1,236,695,592 17,740,292 上涨成交量 363,581,148 7,063,648 下跌成交量 862,102,146 10,518,948 交易标的数量 2,834 294 上涨数 775 84 下跌数 2,003 197 持平数 56 13 新高数 40 2 新低数 146 15 收盘 Arms† 1.03 0.36 大宗交易 4,240 174
纳斯达克 (Nasdaq) 纽约 Arca 交易所 (NYSE Arca)
总成交量 7,655,813,461 308,960,710 上涨成交量 2,483,960,277 95,540,552 下跌成交量 5,133,481,994 212,470,554 交易标的数量 5,026 2,644 上涨数 1,413 424 下跌数 3,423 2,193 持平数 190 27 新高数 67 23 新低数 342 249 收盘 Arms† 0.85 0.50 大宗交易 39,605 1,473
*仅限主市场 NYSE, NYSE American, NYSE Arca。 †(TRIN) 上涨和下跌标的数量与上涨和下跌股票成交量的对比。Arms 低于 1 表示买盘需求；高于 1 表示抛盘压力。
精选利率 30年期抵押贷款利率
Bankrate.com 平均值†: 6.66%
Redwood Capital Bank 5.75% 加州尤里卡 (Eureka, CA) 707-444-9800
Dearborn Federal Savings Bank 5.88% 密歇根州迪尔伯恩 (Dearborn, MI) 313-565-3100
Langley FCU 5.88% 弗吉尼亚州汉普顿 (Hampton, VA) 757-827-7200
Synovus Bank 5.88% 佐治亚州哥伦布 (Columbus, GA) 850-664-9575
Suncoast Credit Union 5.99% 佛罗里达州坦帕 (Tampa, FL) 813-621-7511
外汇赛跑 日元、欧元兑美元；美元兑美国主要贸易伙伴
2025 2026
28000
27000
26000
25000
24000
23000
22000
2026年7月23日，星期四
星期四
星期四
星期四
wsj.com/market-data/commodities
这些价格反映了市场上各种实际或“实物”商品的买卖价格——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能的价值。
能源
煤炭, C.Aplc., 12500Btu, 1.2SO2-r, w 82.000 煤炭, PwdrRvrBsn, 8800Btu, 0.8SO2-r, w 14.650
金属
黄金，每金衡盎司 Engelhard 工业金 4060.00 克鲁格金币 (Krugerrand), 批发-e 4210.34 枫叶金币 (Maple Leaf)-e 4250.82 美国鹰金币 (American Eagle)-e 4250.82 墨西哥比索金币-e 4889.16 奥地利克朗金币-e 3971.24 奥地利爱乐金币 (Austria phil)-e 4250.82
白银，金衡盎司 Engelhard 工业银 57.8000 Handy & Harman 基础银 57.6010 Handy & Harman 加工银 72.0010 钱币, 批发面值 $1,000-a 41154
其他金属 铂金, Engelhard 工业铂 1616.0 钯金, Engelhard 工业钯 1273.0 铝, LME, 每公吨美元 3205.0 铜, Comex 现货 6.3050 铁矿石, 62% Fe CFR 中国-s n.a. 钢材, HRC 美国, FOB 中西部工厂-s *n.a.
电池/电动汽车金属
代码说明：A=卖出价; B=买入价; BP=国家电梯向生产者的买入价; C=已修正; D=CME; E=Manfra, Tordella & Brookes; H=American Commodities Brokerage Co; K=双周; M=每月; N=名义; n.a.=未报价或不可得; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=每周; Y=国际咖啡组织; Z=未报价。*数据截至 7/22 来源：道琼斯市场数据
规模最大的 100 支交易所交易基金，最新交易日数据。
2026年7月23日，星期四
【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。】
7月 23,2026
美国及国际市场借贷或贷款的关键年化利率。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
| 6月指数水平 | 较 May 26 变化 (%) | 较 June 25 变化 |
|---|---|---|
| 美国消费者价格指数 | ||
| 全部项目 | 333.952 | –0.35 |
| 核心 | 336.882 | 0.01 |
国际利率
| 最新 | 一周前 | 52周最高 | 52周最低 | |
|---|---|---|---|---|
| 最优利率 | ||||
| 美国 | 6.75 | 6.75 | 7.50 | 6.75 |
| 加拿大 | 4.45 | 4.45 | 4.95 | 4.45 |
| 日本 | 2.125 | 2.125 | 2.125 | 1.875 |
| 政策利率 | ||||
| 欧元区 | 2.40 | 2.40 | 2.40 | 2.15 |
| 瑞士 | 0.25 | 0.25 | 0.50 | 0.25 |
| 英国 | 3.75 | 3.75 | 4.25 | 3.75 |
联邦基金
利率期货 超长期国债 (CBT) - $100,000; 点数 1/32 的 100% | 月份 | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 111 270 | 112 010 | 111 030 | 111 140 | –15.0 | 2,444,838 | | 12月 | 111 000 | 111 040 | 110 260 | 111 030 | –17.0 | 15 |
国债 (CBT) - $100,000; 点数 1/32 的 100% | 月份 | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 109 300 | 110 040 | 109 080 | 109 150 | –18.0 | 1,837,839 | | 12月 | 109 150 | 109 190 | 108 290 | 109 020 | –18.0 | 7,412 |
国库券 (CBT) - $100,000; 点数 1/32 的 100% | 月份 | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 108 130 | 108 150 | 108 005 | 108 030 | –10.5 | 5,259,230 | | 12月 | 108 050 | 108 080 | 107 260 | 107 275 | –10.5 | 11,787 |
5年期国库券 (CBT) - $100,000; 点数 1/32 的 100% | 月份 | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 106 042 | 106 052 | 105 275 | 105 292 | –7.2 | 6,144,380 | | 12月 | 106 000 | 106 000 | 105 257 | 105 265 | –7.5 | 16,655 |
2年期国库券 (CBT) - $200,000; 点数 1/32 的 100% | 月份 | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 102 250 | 102 255 | 102 210 | 102 217 | –3.4 | 4,372,603 |
BMI碳酸锂，中国工厂交货，=995%-v,w: 21725 BMI氢氧化锂，中国工厂交货，=56.5%-v,w: 20100 BMI硫酸钴，中国工厂交货，>20.5%-v,w: 12136 BMI硫酸镍，中国工厂交货，>22%-v,k: 4551 BMI鳞片石墨，中国离岸价，-100目，94-95%-v,m: 425
纤维与纺织品
黄麻，10盎司，40英寸 纽约 码-n,w: 1.2400 棉花，1 1/16 标准 低-中 Mphs-u: 0.7609 Cotlook 'A' 指数-t: *89.60 皮革，重型本土牛皮 片离岸价-u: 不适用 羊毛，64s，原绒，Terr 交货-u,w: 不适用
谷物与饲料
麸皮，小麦中段，KC-u,w: 90 玉米，2号黄色，Cent IL-bp,u: 4.4900 棉籽粕-u,w: 320 玉米饲料，Cent IL-u,w: 120 肉骨粉，50%蛋白质 Mnpls-u,w: 348 燕麦，2号铣削，Mnpls-u: 3.6750 米，长粒铣削，2号AR-u,w: 28.63 豆粕，Cent IL，铁路，吨 48%-u,w: 342.90 大豆，1号黄色 IL-bp,u: 12.3000 小麦，春小麦 14%-pro Mnpls-u: 8.8000 小麦，2号软红，圣路易斯-u: 6.7375 小麦-硬质-KC (USDA) 每蒲式耳美元-u: 7.5075 小麦，1号软白，波特兰，俄勒冈州-u: 6.7500
| 项目 | 代码 | 最新 | 变动 | % |
|---|---|---|---|---|
| iShRuss1000Grw | IWF | 118.59 | –1.93 | 0.2 |
| iShRuss1000Val | IWD | 246.18 | –0.54 | 17.0 |
| iShRuss2000 | IWM | 292.09 | –0.58 | 18.7 |
| iShS&P500Grw | IVW | 133.59 | –1.75 | 8.4 |
| iShS&P500Value | IVE | 229.30 | –0.62 | 8.1 |
| iShSemiconductor | SOXX | 551.24 | –0.77 | 83.0 |
| iSh7-10YTreaBd | IEF | 92.85 | –0.27 | –3.4 |
| iShSilver | SLV | 52.06 | –3 45 | –19.2 |
| iSh20+YTreaBd | TLT | 83.17 | –0.32 | –4.6 |
| iShUSEqFactRotat | DYNF | 67.21 | –0.86 | 10.5 |
| iShUSTreasuryBd | GOVT | 22.45 | –0.20 | –2.5 |
| iSh0-3MTreaBd | SGOV | 100.61 | 0.01 | 0.2 |
| JPMNasdEqPrem | JEPQ | 58.53 | –1.56 | 0.7 |
| JanusAAACLO | JAAA | 50.63 | 0.04 | 0.1 |
| JPMEqPremiumIncome | JEPI | 56.42 | –0 41 | –1.4 |
| JPM UltShIncm | JPST | 50.48 | –0.02 | –0.2 |
| ProShUltPrQQQ | TQQQ | 66.30 | –5.66 | 25.8 |
| SPDRGoldMini | GLDM | 80.11 | –1.99 | –6.2 |
| SPDR Gold | GLD | 371.52 | –2.00 | –6.3 |
| SchwabIntEquity | SCHF | 27.08 | –0.99 | 12.6 |
| SchwabUSBrdMkt | SCHB | 28.55 | –1.18 | 8.8 |
| SchwabUSDiv | SCHD | 32.80 | –0.30 | 19.6 |
| SchwabUSLC | SCHX | 29.09 | –1.19 | 8.1 |
| SchwabUSLC Grw | SCHG | 33.40 | –1.91 | 2.4 |
| SSEnergySel | XLE | 59.38 | 0.30 | 32.8 |
| SSFinlSel | XLF | 55.83 | –0.39 | 1.9 |
| SSHlthCrSel | XLV | 161.44 | 1.26 | 4.3 |
| SSIndlSel | XLI | 181.94 | 1.73 | 17.3 |
| SSSPDRBbg1-3M | BIL | 91.58 | ... | 0.2 |
| SS SPDR 道琼斯工业平均指数 | DIA | 516.26 | –1.00 | 7.4 |
| SSSPDRDevxUS | SPDW | 49.45 | –0.92 | 11.3 |
| SSSPDRS&P500 | SPYM | 86.91 | –1.20 | 8.3 |
| SSSPDRS&P500G | SPYG | 115.65 | –1.72 | 8.4 |
澳大利亚: 4.35 | 4.35 | 4.35 | 3.60
隔夜回购 美国: 3.67 | 3.66 | 4.45 | 3.49
美国政府利率
贴现率: 3.75 | 3.75 | 4.50 | 3.75
有效利率: 3.6400 | 3.6400 | 4.3400 | 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 | 4.3300 | 3.6100 卖出价: 3.6400 | 3.6400 | 4.3700 | 3.6300
大宗商品
食品
牛肉，胴体等值指数 精选 1-3,600-900 磅-u 349.69 精选 1-3,600-900 磅-u 333.84 肉鸡，全美加权平均-u,w 1.1827 黄油，AA 芝加哥-d 1.5100 切达奶酪，桶，芝加哥-d 163.00 切达奶酪，块，芝加哥-d 167.00 牛奶，无脂干奶，芝加哥 磅-d 140.00 咖啡，巴西，综合-y 3.1348 咖啡，哥伦比亚，纽约-y 3.7366 鸡蛋，大号白色，芝加哥-u,w 0.9450 面粉，硬冬麦堪萨斯城-p 20.20 火腿，17-20 磅，美国中部 fob-u n.a. 生猪，艾奥瓦-南明尼苏达-u 96.11 猪五花，12-14 磅美国中部-u 1.8415 猪里脊，13-19 磅美国中部-u 1.1194 牛犊，德州-俄克拉荷马 精选-u n.a. 牛犊，育肥，俄克拉荷马城-u,w 407.50 油脂
脱胶玉米油，原油加权平均-u,w n.a. 油脂，精选白色，芝加哥-h 0.7100 猪油，芝加哥-u n.a. 大豆油，原油；伊利诺伊中部-u,w 0.7243 牛脂，漂白；芝加哥-h 0.7450 牛脂，食用，芝加哥-u n.a.
13 周 3.730 3.760 4.240 3.540 26 周 3.835 3.860 4.120 3.475
其他短期利率
拆借资金 (Call money) 5.50 5.50 6.25 5.50
商业票据 (AA 级金融) 90 天 n.a. n.a. 4.32 3.57
担保隔夜融资利率 (SOFR) 3.62 3.64 4.51 3.50
数值 52周 最新 交易 高 低
12月 102-215 102-215 102-184 102-187 –3.5 3,840 30天联邦基金 (CBT)-$5,000,000; 100 -日均 7月 96.3675 96.3675 96.3650 96.3650 .0000 321,022 8月 96.2850 96.2900 96.2750 96.2850 .0000 891,064 三个月 SOFR (CME)-$1,000,000; 100 -日均 5月 96.3450 96.3450 t 96.3450 96.3425 –.0025 5,374 12月 95.8650 95.8750 t 95.8250 95.8350 –.0350 1,782,692
货币期货 日元 (CME)-¥12,500,000; 每 100¥ 的美元价 8月 .6142 .6147 t .6110 .6117 –.0026 1,490 9月 .6157 .6161 t .6123 .6131 –.0027 419,788 加拿大元 (CME)-CAD 100,000; 每 CAD 的美元价 8月 .7119 .7119 .7104 .7112 .0005 441 9月 .7117 .7131 .7109 .7121 .0004 357,744 英镑 (CME)-£62,500; 每 £ 的美元价 8月 1.3377 1.3377 1.3300 1.3316 –.0058 596 9月 1.3374 1.3393 1.3299 1.3316 –.0058 253,264 瑞士法郎 (CME)-CHF 125,000; 每 CHF 的美元价 9月 1.2348 1.2370 t 1.2293 1.2309 –.0039 107,917 12月 1.2475 1.2475 t 1.2435 1.2439 –.0039 599 澳大利亚元 (CME)-AUD 100,000; 每 AUD 的美元价 8月 .6988 .7015 .6962 .6964 –.0028 671 9月 .6988 .7015 .6956 .6960 –.0028 225,700 墨西哥比索 (CME)-MXN 500,000; 每 MXN 的美元价 8月 .05694 .05712 .05694 .05692 –.00040 938
债券 | wsj.com/market-data/bonds/benchmarks 追踪债券基准 投资回报率以及相对于国债的利差和/或支付给投资者的收益率，并与 52 周最高价和最低价进行对比（涵盖不同类型的债券）
总 回报 年初至今总 收益率(%) 收盘 回报 (%) 指数 最新 低 高
总 回报 年初至今总 收益率 (%) 收盘 回报(%) 指数 最新 低 高
广义市场 Bloomberg 固定收益指数
2232.80 -0.7 美国综合指数 5.000 4.160 5.000
美国公司债券指数 Bloomberg 固定收益指数
3417.07 -0.8 美国公司债券 5.470 4.680 5.470
3377.64 -0.1 中期债券 5.180 4.330 5.180
4341.64 -2.4 长期债券 6.120 5.370 6.120
634.79 -1.9 AA 级 5.350 4.410 5.350
939.85 -0.5 BBB 级 5.640 4.860 5.640
高收益债券 ICE BofA
626.36 1.5 高收益限制指数 (HighYieldConstrained) 7.333 6.489 7.668
628.13 -0.03 CCC 级 13.710 11.438 14 020
4160.07 1.0 高收益 100 指数 6.705 5.828 7.136
546.80 1.9 全球高收益限制指数 (GlobalHighYieldConstrained) 7.032 6.317 7.438
401.47 1.6 欧洲高收益限制指数 (EuropeHighYieldConstrained) 5.517 4.820 6.198
美国机构债券 Bloomberg 固定收益指数
1960.03 0.1 美国机构债券 4.650 3.830 4.650
1739.35 0.2 10-20 年期 4.590 3.750 4.590
3668 26 -1.2 20 年以上期 5.300 4.580 5.300
3029.40 -0.3 扬基债券 (Yankee) 5.130 4.320 5.130
*限制指数将单个发行人的集中度限制在 2%；高收益 100 包含 100 个规模最大的债券 † 以本地货币计价 § 欧元区债券
** EMBI 全球指数 来源：ICE Data Services; Bloomberg 固定收益指数; J.P. Morgan
选定其他国家基准两年期和十年期政府债券的收益率，以及与美国国债的利差；箭头表示在最近一个交易日中收益率上升(s)或下降(t)
| 国家/地区 | 票面利率 (%) | 到期期限（年） | 收益率 (%) | 利差（基点） | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 最新(l) | 前一交易日 | 一个月前 | 一年前 | 最新 | 前一交易日 | 一年前 | ||||
| 美国 2 | 4.125 | 2 | 4.358 s l | 4.301 | 4.191 | 3.883 | - | - | - | |
| 美国 10 | 4.375 | 10 | 4.703 s l | 4.657 | 4.493 | 4.387 | - | - | - | |
| 澳大利亚 2 | 2.250 | 2 | 4.624 s l | 4.579 | 4.489 | 3.333 | 25.8 | 27.7 | -55.3 | |
| 澳大利亚 10 | 4.250 | 10 | 5.003 s l | 4.985 | 4.790 | 4.305 | 29.7 | 31.7 | -8.3 | |
| 法国 2 | 2.400 | 2 | 3.065 s l | 3.007 | 2.728 | 2.089 | -130.1 | -129.5 | -179.7 | |
| 法国 10 | 3.700 | 10 | 4.033 s l | 3.988 | 3.568 | 3.270 | -67.3 | -68.0 | -111.8 | |
| 德国 2 | 2.500 | 2 | 2.889 s l | 2.843 | 2.589 | 1.857 | -147.7 | -145.9 | -202.9 | |
| 德国 10 | 3.000 | 10 | 3.230 s l | 3.202 | 2.924 | 2.639 | -147.6 | -146.6 | -174.9 | |
| 意大利 2 | 2.650 | 2 | 3.097 s l | 3.029 | 2.752 | 2.010 | -126. | -127.3 | -187.6 | |
| 意大利 10 | 3.800 | 10 | 4.071 s l | 3.997 | 3.636 | 3.436 | -63.5 | -67.2 | -95.2 | |
| 日本 2 | 1.400 | 2 | 1.496 s l | 1.446 | 1.421 | 0.841 | -287.0 | -285.6 | -304.5 | |
| 日本 10 | 2.700 | 10 | 2.775 s l | 2.740 | 2.681 | 1.597 | -193.1 | -192.8 | -279.1 | |
| 西班牙 2 | 2.400 | 2 | 2.935 s l | 2.879 | 2.648 | 1.945 | -143.1 | -142.3 | -194.1 | |
| 西班牙 10 | 3.400 | 10 | 3.674 s l | 3.646 | 3.330 | 3.141 | -103 | -102.2 | -124.7 | |
| 英国 2 | 4.375 | 2 | 4.504 s l | 4.438 | 4.173 | 3.908 | 13.8 | 13.6 | 2.2 | |
| 英国 10 | 1.125 | 10 | 5.103 s l | 5.040 | 4.759 | 4.648 | 39.7 | 37.2 | 26.0 |
企业债 公司债券价格反映了包括投资者对经济、行业及公司具体预期在内的多种因素 收窄幅度最大的投资级利差…
| 发行方 | 代码 | 票面利率 (%) | 收益率 (%) | 到期日 | 利差* (基点) 当前 | 单日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| 德意志银行 | DB | 5.414 | 4.79 | 29年5月10日 | 40 | –13 | n.a. |
| 卡特彼勒金融服务 | … | 4.300 | 4.67 | 29年5月15日 | 29 | –2 | 31 |
| 摩根士坦利 | MS | 7.250 | 5.02 | 32年4月1日 | 57 | –2 | 56 |
| 三菱日联金融 | MUFG | 4.153 | 5.51 | 39年3月7日 | 81 | –2 | n.a. |
| 纽蒙特 | NEM | 5.875 | 5.31 | 35年4月1日 | 61 | –2 | n.a. |
| 丰田汽车信贷 | … | 4.050 | 4.72 | 29年3月13日 | 33 | –2 | n.a. |
| 信用互助联邦银行 | … | 4.786 | 5.07 | 29年7月9日 | 68 | –1 | 67 |
| Equifax | EFX | 5.000 | 5.07 | 29年8月15日 | 68 | –1 | n.a. |
| 发行方 | 代码 | 票面利率 (%) | 收益率 (%) | 到期日 | 利差* (基点) 当前 | 单日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| 瑞穗银行 | … | 4.395 | 4.75 | 29年4月16日 | 35 | 10 | n.a. |
| 甲骨文 | ORCL | 5.375 | 7.46 | 40年7月15日 | 276 | 10 | 249 |
| 葛兰素史密克资本 | ... | 5.375 | 5.17 | 34年4月15日 | 47 | 6 | 47 |
| Guardian Life 全球融资 | … | 4.916 | 5.26 | 33年4月30日 | 68 | 6 | n.a. |
| CSX | CSX | 6.000 | 5.33 | 36年10月1日 | 63 | 5 | n.a. |
| 华特迪士尼 | DIS | 2.650 | 4.84 | 31年1月13日 | 38 | 5 | 32 |
| 美国国家全球融资 | … | 4.875 | 5.61 | 31年1月23日 | 114 | 4 | 105 |
| Athene 全球融资 | … | 4.721 | 5.34 | 29年10月8日 | 94 | 4 | n.a. |
| 发行方 | 代码 | 票面利率 (%) | 收益率 (%) | 到期日 | 债券价格（面值%）当前 | 单日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| DISH DBS | … | 7.750 | n.a. | 26年7月1日 | 99.875 | 0.13 | 99.500 |
V.F. VFC 6.450 7.01 '37年11月1日 95.704 –1.30 96.124
ParamountGlobal … 4.375 8.86 '43年3月15日 61.336 –1.06 62.038
Sealed Air … 6.875 7.43 '33年7月15日 97.000 –1.00 98.991
Verde Purchaser … 10.500 9.52 '30年11月30日 102.000 –1.00 103.000
9月 .05720 .05730 .05677 .05679 –.00040 199,530 欧元 (CME)-€125,000; 欧元兑美元价格 8月 1.1417 1.1445 1.1377 1.1387 –.0036 13,334 9月 1.1437 1.1461 1.1388 1.1401 –.0036 759,864
指数期货 小型道琼斯工业平均指数 (CBT)-$5x指数 9月 52430 52515 51720 51894 –555 82,690 12月 52803 52917 52167 52308 –557 227 小型标准普尔500指数 (CME)-$50x指数 9月 7530.25 7549.50 7411.75 7445.00 –95.25 1,898,780 12月 7600.00 7617.25 7479.00 7511.75 –96.50 30,958 小型标普中型股400指数 (CME)-$100x指数 9月 3800.40 3810.90 3761.50 3786.50 –12.00 35,659 12月 … … … 3815.70 –15.00 n.a. 小型纳斯达克100指数 (CME)-$20x 指数 9月 29100.00 29282.50 28432.50 28620.75 –560.50 282,772 12月 29449.75 29565.00 28729.00 28913.00 –569.25 1,669 小型罗素2000指数 (CME)-$50x指数 9月 2974.60 2979.00 2932.10 2951.70 –18.10 411,509 12月 2990.10 2999.00 2954.90 2974.30 –17.80 465 小型罗素1000指数 (CME)-$50x指数 9月 4069.10 4070.70 4041.60 4054.50 –49.40 5,712 美元指数 (ICE-US)-$1,000 x指数 9月 100.97 101.38 100.76 101.29 .33 54,440 12月 100.75 101.03 100.99 100.99 .33 277
抵押贷款支持-彭博固定收益指数
2238.37 -0.4 抵押贷款支持 5.290 4.380 5.290
2202.46 -0.1 政府国民抵押担保公司 (GNMA) 5.330 4.420 5.330
1322.73 -0.5 房地美 (FNMA) 5.270 4.370 5.270
2027.99 -1.0 房地美 (FHLMC) 5.130 4.160 5.130
617.94 -0.02 市政债券综合指数 3.677 3.037 3 720
436.80 -1.3 7-12年期 3.453 2.596 3.458
501.15 0.3 12-22年期 4.199 3.608 4.567
471.87 1.1 22年以上期 4.759 4.432 5.105
全球政府债券 J.P. Morgan†
n.a. n.a. 全球政府 n.a. n.a. n.a.
n.a. n.a. 加拿大 n.a. n.a. n.a.
n.a. n.a. 欧洲货币联盟 (EMU)§ n.a. n.a. n.a.
n.a. n.a. 法国 n.a. n.a. n.a.
n.a. n.a. 德国 n.a. n.a. n.a.
n.a. n.a. 日本 n.a. n.a. n.a.
n.a. n.a. 荷兰 n.a. n.a. n.a.
n.a. n.a. 英国 n.a. n.a. n.a.
1031.59 1.3 新兴市场 ** 7.072 6.403 7.273
来源：Tullett Prebon, Tradeweb, 富时美国国债收盘价
来源：FactSet
2.0
作者：ANNAMARIA ANDRIOTIS
黑石集团的利润正受到 AI 的驱动。 这家投资巨头的收益在第二季度
助力 特朗普公司
续自 B1 页
续自 B1 页
从无人机到采矿。许多交易都遵循类似的剧本：通过与已在相关领域占据一席之地的公司合并，从而进入一个新行业。Dominari Holdings 是一家总部位于特朗普大厦的投资银行，由总统的长子们部分持有。该公司正通过将两家无人机制造商与一家建筑公司和一家高尔夫球场运营商合并，使该家族更深地介入国防领域。当 Dominari 协助策划一项涉及哈萨克斯坦拟建钨矿的交易时，特朗普家族获得了矿产领域的曝光，该项目已吸引了来自华盛顿的潜在财务支持。在特朗普媒体的交易中，Yorkville 正在协助促进与 TAE Technologies 的合并，旨在创建一家 $6 billion 的公司，并有望成为首批上市的核聚变公司之一。特朗普的家族信托（他是唯一受益人）持有特朗普媒体 41% 的股份，并将保留合并后业务的大量权益。对于 TAE 而言，这笔交易使其能够在进入公开市场的同时，从特朗普媒体获得高达 $300 million 急需的现金。核聚变仍是一项尚未成熟的技术，TAE 是几家试图将其商业化的公司之一。Angelo 表示，TAE “必须进入一个载体，必须获得资金。如果这个载体恰好是总统的，那就太好了”。TAE 拒绝置评。特朗普媒体本身也需要提振。虽然总统的整体商业帝国创造了意外之财，但这家媒体机构的股价自 2024 年 3 月的高点以来已暴跌超过 80%，市值蒸发超过 $6 billion。该公司一名发言人在一份声明中表示，其媒体业务结合核聚变领域的增长机遇，将有助于特朗普媒体建立持久的价值。她表示：“我们专注于执行，结果将定义（特朗普媒体）的下一个章节。”
民主党人和政府伦理监督机构表示，特朗普家族庞杂的商业利益网络造成了严重的利益冲突，特别是当总统在推广加密货币、核能以及该家族已投资的其他行业时。而且，尽管特朗普家族获利丰厚，但某些风投项目的投资者最终成为了巨大的输家。白宫发言人 Anna Kelly 在一份声明中表示：“总统特朗普的所有资产都由独立第三方金融机构管理的完全自由裁量账户持有。不存在……”
共同基金 年初至今净值 基金 净值 变动%回报 年初至今净值 基金 净值 变动%回报 年初至今净值 基金 净值 变动%回报 年初至今净值 基金 净值 变动%回报 年初至今净值 基金 净值 变动%回报 年初至今净值 基金 净值 变动%回报 年初至今净值 基金 净值 变动%回报
年初至今净值 基金 净值 变动%回报
年初至今净值 基金 净值 变动%回报
年初至今净值 基金 净值 变动%回报
按净资产排列的纳斯达克公布份额类别的前 250 位共同基金列表。
e-除权除息分布。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 12b-1 分销成本。r-可能适用赎回费。s-拆股或分红。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无法提供。NE-LSEG 未发布；数据审核中。NN-基金未追踪。NS-基金在期初不存在。
Thursday, July 23, 2026
IntlVal Inst 59.31 -0.58 11.2 Baird Funds AggBdInst 9.69 -0.03 -0.6 CorBdInst 10.06 -0.02 -0.4 IntBdInst 10.34 -0.02 -0.2 ShtTBdInst 9.46 -0.01 0.8 BlackRock Funds HiYBlk 7.08 -0.03 1.6 HiYldBd Inst 7.08 -0.03 1.7 BlackRock Funds III iShS&P500IdxK861.29-10.52 8.9 BlackRock Funds Inst StratIncOpptyIns 9.63 -0.03 1.2 Calamos Funds MktNeutI 16.17 -0.01 3.4 CausewayInst CausewayInst 24.67 -0.48 5.0 Columbia Class A SelgComuInfoA227.19 -3.01 45.0 Columbia Class I DivIncom I 40.13 -0.04 11.6 Dimensional Fds
1.0
0.5
AB Funds MuniIncmShares 10.97 -0.08 1.0 American Century Inv Ultra 94.52 -2.11 0.4 American Funds Cl A AmcpA 43.88 -0.54 2.8 AMutlA 64.28 -0.13 8.8 BalA 40.27 -0.22 8.0 BondA 11.07 -0.04 -1.1 CapIBA 83.06 -0.22 9.3 CapWGrA 80.43 -0.51 13.3 EupacA 62.25 -0.21 8.8 FdInvA 101.13 -1.00 12.1 GwthA 84.22 -1.17 4.7 ICAA 66.93 -0.78 7.6 IncoA 27.68 -0.10 7.3 N PerA 73.27 -0.85 3.8 NEcoA 84.29 -0.27 16.0 NwWrldA 105.32 ... 12.9 SmCpA 81.70 -0.45 11.5 WshA 67.14 -0.26 7.7 Artisan Funds
1.5
季度，因为它从该国大规模人工智能建设的投资中获得了收入，这些投资涵盖了该公司的所有主要业务，包括私募股权、私人信贷和房地产部门。 其私募股权和其他业务的强劲流入抵消了私人信贷部门的增速放缓，该部门一直面临着
JOE CARROTTA 为《华尔街日报》拍摄
Yorkville Advisors 的新泽西办公室，该公司由 Mark Angelo 经营。
利益冲突。” 根据证券文件，如果交易完成，Trump Media 将向 Yorkville 支付相当于 six million shares 的费用，这些持仓的价值超过 $50 million。 Yorkville 位于新泽西州一个绿树成荫的郊区，在华尔街以西 17 英里处，邻居是一家殡仪馆和一家验光诊所，似乎不太像总统同名公司的财务顾问候选人。去年，Angelo 的团队加入了一项数十亿美元的计划，旨在创建一个特朗普品牌的数字资产国库，用于收购比特币等数字货币。他们还协助监管一系列投资于与特朗普一致行业的交易所交易基金，其代码如 YALL。 Angelo 是一名新泽西终身居民，曾在罗格斯大学就读。“高盛 [Sachs] 当时没在找我，”他说。他在恐怖分子于 2001. 9 月 11 日袭击之前，在世界贸易中心 77 层的办公室创办了自己的公司。在未受伤害的情况下，他的团队匆忙在哈德逊河对岸寻找新住所，逐渐成长为主要为中小型公司提供债务和股权融资的重要参与者。 2012, 证券交易委员会起诉 Yorkville 涉嫌欺诈，指控其高估持仓以吸引投资者并增加费用。 虽然一名联邦法官在经过长年的法律斗争后驳回了此案，但 Angelo 表示，投资者纷纷撤离，Yorkville 约 90% 的管理资产随之流失。 该公司重新起步，为房地产投资信托 Service Properties Trust 和数据中心公司 Applied Digital 以及许多资金短缺的公司提供资金。 运营 ShortFinder 平台的股权研究公司 CapitalScope 的创始人 Justin Hibbard 表示，他们通常是“无法获得传统融资，无法进行传统 IPO 的公司”。
数据提供商：
EmgMktVa 43.31 -0.18 17.3 EmMktCorEq 33.31 -0.14 15.5 IntlCoreEq 22.00 -0.25 9.8 IntlVal 32.01 -0.33 13.4 IntSmCo 27.01 -0.31 6.8 IntSmVa 33.33 -0.39 9.1 LgCo 49.19 -0.60 8.9 US CoreEq1 54.92 -0.46 11.4 US CoreEq2 49.15 -0.36 11.7 US Small 60.80 -0.41 16.9 US SmCpVal 61.51 -0.58 20.1 US TgdVal 43.56 -0.42 18.8 USLgVa 66.09 0.02 18.3 Dodge & Cox Income 12.49 -0.04 -0.7 Intl Stk 18.46 -0.13 12.2 Stock 17.33 -0.07 6.2 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem...
随着个人投资者的兴趣回落。 该公司的可分配收益（对于支付股息的上市投资公司而言是一项密切追踪的指标）上升至 $1.98 billion，即每股 $1.52。这比一年前的 $1.57 billion（每股 $1.21）增长了 26%。 黑石（Blackstone）的基础设施投资部门在这一季度表现突出，创造了总额……
该公司部分是以备用股权购买协议而闻名，在这种协议中，公司通过出售折价股票来筹集资金，Yorkville 可以将这些股票在市场上转手。 Angelo 表示，他经常进行此类交易以建立与合作伙伴的关系并寻求更多交易。“你必须赢得这场游戏，”他说，“而且通常要赢得游戏，你需要一样叫做‘钱’的东西。”
“相当大的风险” 在 Trump Media 于 2024, 上市之前，Yorkville 曾计划参与一项 $1 billion 私募融资交易，但该交易最终破裂。Angelo 的团队一直在等待，希望由前国会议员 Devin Nunes 领导的 Truth Social 母公司在未来会联系他们。 这种情况确实发生了。证券文件显示，在该公司股票开始交易后，Yorkville 作为备用股权购买协议的一部分，以 2.75% 的折扣购买了 $450 million 的股票。 去年，该公司增加了在加密货币财库交易中的持仓，目前持有约 $70 million 的股份。根据 FactSet 的数据，这使其成为第三大股东。 这家目前处于社交媒体与加密货币混合体的公司已陷入困境。Trump Media 第一季度的销售额不足 $1 million。 证券文件显示，由于比特币价格下跌，该公司在该期间录得 $406 million 的净亏损。 “我采取了一个相当大的风险头寸，但结果并不理想，”Angelo 说道。 Angelo 是在去年前往纽约的通勤途中从 Kevin McGurn 处得知 TAE 的，McGurn 当时是 Trump Media 的顾问。McGurn 在这家核聚变公司有一个大学朋友，他同时还担任了几家与 Yorkville 相关的特殊目的收购公司（即通过筹集资金来收购企业的空白支票公司）的首席执行官。
Contrafund K6 36.12 -0.43 6.2 EmgMktIdxInstPre 16.37 -0.01 19.7 ExtMktIdxInstPre 114.46 -0.63 13.7 FidSAIEmerg 21.39 +0.01 27.0 FidSer5 7.43 -0.03 -0.5 FidSerInt 8.35 -0.02 -0.2 FidSerToMarket 24.26 -0.27 9.5 FIDZroLgCpIx 26.52 -0.32 8.7 GlexUSIdxInstPre 20.98 -0.16 12.4 GrowthCompanyK6 43.39 -0.66 17.3 IntlIdxInstPrem 66.37 -0.78 9.2 LgCpGwId InstPre 46.51 -0.88 0.6 LgCpVlIdxIstPrem 24.41 -0.13 17.9 MidCpInxInstPrem 42.03 -0.14 13.8 SAIUSLgCpIndxFd 29.66 -0.36 8.9 SeriesBondFd 8.89 -0.02 -0.5 SeriesOverseas 15.60 -0.18 4.5 SerLTTreBdIdx 5.14 -0.02 -2.5 SmCpIdxInstPrem 36.83 -0.25 19.2 TMktIdxInstPrem 204.34 -2.35 9.5 TotalMarketIndex 25.89 -0.30 9.5 TtlIntIdxInstPr 19.36 -0.15 11.8 USBdIdxInstPrem 10.28 -0.03 -0.6 Fidelity Advisor TotBdFdClZ 9.40 -0.02 -0.4 Fidelity Advisor I GrOppI 256.83 -4.39 9.8 Fidelity Freedom Freedom2035K6 18.51 -0.13 8.2 Freedom2040K6 14.12 -0.10 10.2 Idx2030InsPre 23.84 -0.16 5.8 Idx2035InsPre 28.29 -0.21 6.7 Idx2040InsPre 31.13 -0.25 8.4 Idx2045InsPre 33.68 -0.31 9.4 Idx2050InsPre 33.86 -0.31 9.6 Fidelity Invest Balanc 34.68 -0.30 8.8 BluCh 297.63 -5.29 11.5 BluChpGr K6 48.76 -0.78 10.2 Contra 25.86 -0.30 6.6 ContraK 25.98 -0.30 6.6 CpInc 11.25 -0.04 6.8 DivIntl 53.88 -0.61 10.8 GroCo 55.61 -0.85 16.3 InvGrBd 9.91 -0.03 -0.4 LowP 46.58 -0.30 13.0 Magin 15.25 -0.20 4.1 纳斯达克 (NASDAQ) 319.98 -7.04 8.5 OTC 29.03 -0.59 19.6 Puritn 27.92 -0.19 8.0 SAILTTreBdIdx 6.41 -0.02 -2.5 SA USMinVo IndFd 24.25 -0.11 6.4 SAIUSQtyIdx 25.77 -0.16 7.6 SrsBlChGroRetail 25.80 -0.46 12.3 SrsEmrgMkt 30.49 -0.05 23.7 SrsGlobal 20.57 -0.16 12.4 SrsGroCoRetail 31.89 -0.48 17.0 SrsIntlGrw 20.41 -0.13 6.8 SrsIntlVal 16.91 -0.19 8.4 TotalBond 9.41 -0.03 -0.4 Fidelity SAI FidSaiCndInxFnd 15.63 -0.12 9.8 FidSaiInfltnFnd 9.98 -0.02 0.5 IntlValIdx 14.45 -0.19 14.8 TotalBd 8.91 -0.02 -0.4 Fidelity Selects Semiconductors r 63.60 -0.52 60.3 Tech 53.26 -0.60 32.9
回报率为 7.2%，超过了该公司的其他投资领域。其更广泛的私募股权业务也受益于该公司多年来与 AI 相关的投资。该部门包括一项面向富裕个人的基金，持有在 6 月上市的 SpaceX 以及可能最早在今年上市的 Anthropic 和 OpenAI 的股份。
Blackstone 已成为数据中心和更广泛 AI 建设领域最大的投资者之一。
分析师关注的另一项指标——Blackstone 的费用相关收益增长了 22%，达到 17.8 亿美元，或每股 1.43 美元。总营收增长 36%，至 50.4 亿美元，而管理资产总额增长 11%，达到近 1.35 万亿美元。
其他公司上市。 最初的讨论集中在通过 Yorkville SPAC 将 TAE 推向公开市场，但在 Angelo 引入 Nunes 之后，转向使用 Trump Media 作为载体。
根据 12 月宣布的协议，每家公司的股东将分别拥有合并后业务约 50% 的股份。TAE 董事会成员、特朗普盟友 Charles Schwab 之子 Michael Schwab 预计将担任合并后公司的董事长。
“如果成功，”Angelo 说，“这将是一笔天文数字般的收益。”
据知情人士透露，Nunes 在 4 月辞职，此前白宫顾问告诉特朗普，他的公司正处于停滞状态。
Nunes 未回应置评请求。
证券文件显示，另外三名董事会成员也已离职，特朗普的私人律师 Boris Epshteyn 目前担任董事会主席。
McGurn 同样是一家由特朗普长子支持的独立 SPAC 的首席执行官，他接任了临时首席执行官一职。根据证券文件，他最近还成为一家由 Yorkville 支持、寻求在包括委内瑞拉在内的国家进行收购的 SPAC 的首席执行官。
参议员 Ron Wyden 正在调查这家空白支票公司。在 6 月给 Angelo 的一封信中，这位来自俄勒冈州的民主党人寻求有关 Yorkville 与特朗普大家族之间联系的信息，理由是担心该 SPAC 可能会被用来“转移数亿美元以加强唐纳德·特朗普的业务”。
Trump Media 和 Yorkville 未对该调查发表评论。Trump Organization 拒绝置评。
Angelo 补充说，他并非在执行某种意识形态使命。总统在美国生活中的角色对他来说关联有限——只要有交易可以做即可。
“我的笑话是：在合理的范围内，你们想选谁就选谁，”Angelo 说，“我会醒来并搞定资本主义。”
（基金数据表）
【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。】
关于特朗普 帖子
紧盯总统的社交帖子。白宫将相关评论转交给 Trump Media。该公司的一位发言人表示：“Truth API 的设计旨在确保帖子在向所有人公开的瞬间即刻交付，而非提前。” 6月9日，总统在下午12:38发布帖子称，伊朗击落了一架在霍尔木兹海峡巡逻的阿帕契直升机，并补充道：“美国必须，且必然，对此攻击做出回应。”《华尔街日报》审阅的数据显示，能源股的交易几乎立即激增，推高了股价。两天后，总统在一条帖子中表示，由于与伊朗的谈判正在进行，他将取消原定于当晚的打击行动。他暗示一项长期和平协议可能指日可待。特朗普写道：“签署的时间和地点将很快公布。”这一次，瞬间的反应引发了能源和
国防相关股价的剧烈下跌。据知情人士透露，Trump Media 的首席技术官 Vladimir Novachki、首席营收官 Paul Bremer 以及战略计划总监 Mattheus Wagner一直在与贸易公司洽谈，推销该付费数据流。该数据流将包含排名最高账户的数据。总统拥有最多的粉丝，约有 13 百万用户，而他的儿子们和副总统 JD Vance 同样拥有广泛的关注度。其中一名人士表示，在已经签约的公司中，有五家高频交易机构。这些交易员通常寻求从资产价格的瞬时差异中获利，因此极速的响应时间至关重要。在这种业务中，比竞争对手快几个纳秒获取数据就可能意味着巨大的优势。一个纳秒是光传播约一
英尺所需的时间。高频交易公司尝试通过多种方式获得优势，包括将其服务器放置在驱动纳斯达克或纽约证券交易所等交易所的计算机旁边。支付费用购买快速数据流是另一种工具。例如，如果一家贸易公司已经下单买入原油期货合约，然后通过新数据流收到特朗普的一条帖子，称伊朗战争已经结束，那么该公司可以迅速取消这些买单，并将交易反手改为做空原油，据称
迅速捕捉 总统的 网络言论。
StratAdFidEmr 18.67 -0.03 22.9 StratAdFidUS 21.25 -0.21 12.1 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.14 -0.18 9.3 TIAA/CREF Funds EqIdxInst NA ... NA IntlEqIdxInst NA ... NA LrgCpGrIdxInst NA ... NA VANGUARD ADMIRAL 500Adml 683.89 -8.36 8.9 BalAdml 53.59 -0.42 5.5 CAITAdml 11.34 -0.07 -0.1 CapOpAdml r263.28 -0.75 21.4 DivAppIdxAdm 64.40 -0.02 8.8 EMAdmr 48.37 -0.46 8.5 EqIncAdml 101.66 -0.41 10.7 ExplrAdml 123.28 -0.22 15.5 ExtndAdml 179.57 -0.99 13.8 GroIncAdml 117.48 -1.54 7.7 GrwthAdml 258.77 -5.84 3.3 HlthCareAdml r 85.87 +0.78 3.7 HYCorAdml r 5.43 -0.02 1.0 InfProAd 22.67 -0.07 0.3 InfTechIdx 468.76 -5.01 21.8 IntlGrAdml 117.98 -1.03 3.5 ITBondAdml 10.20 -0.02 -1.1 ITIGradeAdml 8.61 -0.03 -0.8 LarCapAd 171.60 -2.09 8.6 MidCpAdml 397.97 -0.76 11.5 MuHYAdml 10.52 -0.08 1.2 MuIntAdml 13.54 -0.08 0.1 MuLTAdml 10.67 -0.08 0.5 MuLtdAdml 10.88 -0.04 0.7 MuShtAdml 15.81 -0.02 1.3
$2.5billion
2025 ’26
来源：该公司 7,
经纪公司 Themis Trading 的联合创始人兼合伙人 Joe Saluzzi 表示，在其他投资者看到帖子之前，所有这一切都可能已经发生。“他们必须是最快的。而他们所做的是围绕这一点构建各种系统，”Saluzzi 说道。“这曾是一个似乎缺失的环节。” 华尔街现在对总统社交媒体评论的反应比他在任期之初更为谨慎，例如当时他撤销关税导致权重科技股的纳斯达克综合指数在单个交易日内上涨 12%。但快速行动者仍然可以利用他驱动的个股及整体市场的波动。交易公司已经开始扫描他的动态，寻找提及的公司或诸如“感谢您对此事的关注”之类的短语，因为这可能表明该信息非常重要。其他关键词可能包括“停火”或“伊朗”。一些公司使用 AI 代理来
快速评估其言论对市场的潜在影响。有时，即使特朗普没有提到任何具体公司，他的声明也能迅速冲击特定股票。1 月 7 日，当他发帖称正采取措施禁止大型机构投资者购买更多单户住宅，并表示“人们住在家里，而不是公司里”时，Blackstone 和 Invitation Homes 等涉及该行业的公司股价出现了剧烈下跌。一些交易员表示，Truth Social 的快速信息流很可能会成为行业内必须拥有的技术，许多公司将通过订阅来保持同步。“这是一种防御性成本，甚至不一定是 alpha（超额收益），”期权经纪商 BayCrest 的董事总经理 David Boole 在谈到交易优势时表示。许多个人投资者也希望根据特朗普的社交帖子采取行动，Reddit 上甚至有专门讨论该主题的板块。但这些日常交易者无法像快速反应算法那样迅速地做出反应。“散户无法足够快地采取行动从而产生影响，”Boole 说道。Truth Social 的实时信息流招来了民主党人的批评，包括弗吉尼亚州的参议员 Mark Warner，他本周表示，这相当于总统在进行自我交易，并且将“为获取政府信息的渠道创建一个两层体系，并威胁美国资本市场的信誉。” Trump Media 的一名发言人表示，某些政治人物在虚假地指责他们“反自由市场行为”，同时向企业施压要求抵制某产品，所有这一切都是为了损害一家上市公司的协同努力。
Welltn 46.27 0.45 4.6 VANGUARD INDEX FDS (先锋指数基金) ExtndIstPl 443.11 2.45 13.8 IdxIntl 26.88 0.24 11.5 MdCpGrAdml 126.96 0.32 6.0 MdCpVlAdml 104.87 0.15 15.3 SmValAdml 104.02 0.76 15.5 TotBd2 9.36 0.03 0.7 TotIntlInstIdx r 179.80 1.61 11.5 TotItlInstPlId r 179.84 1.61 11.5 TotSt 177.49 2.01 9.4 VANGUARD INSTL FDS (先锋机构基金) DevMktsIndInst 22.47 0.20 12.6 DevMktsInxInst 35.12 0.31 12.6 ExtndInst 179.56 0.99 13.8 FTScinst 50.55 0.86 7.7 GrwthInst 258.78 5.85 3.3 InPrSeIn 9.24 0.02 0.4 InstIdx 593.20 7.25 8.9 InstPlus 593.19 7.25 8.9 InstTStPlus 122.34 1.39 9.5 MidCpInst 87.92 0.16 11.5 MidCpIstPl 433.58 0.82 11.5 SmCapInst 141.24 0.73 15.1 SmCapIstPl 407.68 2.09 15.1 STIGradeInst 10.31 0.01 0.6 STIPSIxins 24.88 0.02 1.7 TotBdInst 9.50 0.02 0.6 TotBdInst2 9.36 0.03 0.7 TotBdInstPl 9.50 0.02 0.6 TotIntBdIdxInst 28.65 0.04 ... TotStInst 177.56 2.01 9.4 ValueInst 85.77 0.22 16.3 WCM Focus Funds (WCM焦点基金) WCMFocIntlGrwIns 27.81 0.08 11.8
PrmcpAdml r 225.33 1.45 21.9 RealEstatAdml 139.88 0.43 13.8 SmCapAdml 141.25 0.72 15.1 SmGthAdml 121.15 0.26 14.4 STIGradeAdml 10.31 0.01 0.6 STIPSIxAdm 24.87 0.02 1.7 TotBdAdml 9.50 0.02 0.6 TotIntBdIdxAdm 19.09 0.03 ... TotIntlAdmIdx r 44.96 0.40 11.5 TotStAdml 177.53 2.01 9.4 TxMCapAdml 380.56 4.49 8.8 TxMIn r 22.44 0.20 12.6 USGroAdml 190.51 4.03 2.3 ValAdml 85.77 0.22 16.3 WdsrllAdml 88.65 0.76 7.1 WellsIAdml 62.48 0.20 3.2 WelltnAdml 79.89 0.78 4.7 WndsrAdml 80.19 0.55 9.1 VANGUARD FDS (先锋基金) DivdGro 31.47 0.05 3.6 LifeGro 54.48 0.49 8.2 LifeMod 36.31 0.27 6.0 PrmcpCor 46.62 0.18 25.9 STAR 30.26 0.23 4.7 TgtRe2020 28.42 0.15 3.5 TgtRe2025 20.94 0.13 5.0 TgtRe2030 44.83 0.33 5.9 TgtRe2035 29.24 0.23 6.8 TgtRe2040 53.75 0.45 7.6 TgtRe2045 37.66 0.34 8.4 TgtRe2050 64.74 0.63 9.2 TgtRe2060 66.65 0.65 9.3 TgtRet2055 72.31 0.70 9.3 TgtRetInc 14.15 0.07 3.2
2026年第二季度 $1.98B
–10
谷歌母公司 Alphabet 在过去一年中势头强劲。尽管人们担心其在 AI 方面的支出，但仍有充分理由相信其股票仍有上涨空间。去年夏天，该公司陷入反垄断审查，并面临关于其在搜索广告领域主导地位的质疑。OpenAI 的 ChatGPT 可能会夺走搜索流量并侵蚀其超过 90% 的市场份额，这一威胁在当时看来是真实的。谷歌当时尚未将自己确立为 AI 领域的强力竞争者。一些分析师甚至建议，如果该公司被拆分，其估值将会更高。一年后，该公司的反垄断麻烦已基本成为过去。搜索威胁被证明被夸大了。Alphabet 为保护一个贡献了其一半以上营收的特许经营权而采取的举措已见成效。更令人欣喜的是：它已从 AI 的落后者转变为竞争领导地位的参与者。
Alphabet 的股价在过去一年中飙升了超过 80%，足以使其成为全球第三大市值上市公司，仅次于英伟达和苹果。这也将其市盈率推高至前瞻盈余的约 25 倍——诚然，这是一个相对较高的估值。但考虑到该公司的增长前景，这远未达到天文数字。这一点在 Alphabet 周三发布的季度财报中显而易见。财报包括营收增长 24% 以及云计算部门销售额的激增。当然，挑战依然存在。周三，在 Alphabet 将今年的资本支出指引上调了 $15 billion 至约 $200 billion，并暗示明年将投入更多资金后，市场表现出焦虑。根据 FactSet 的数据，分析师预计 2027, 年的资本支出将达到 $257 billion——超过了亚马逊、Meta Platforms 或微软。如果共识预期正确，这将导致 Alphabet 的自由现金流几乎变为负值。但这也意味着，在 AI 支出方面，它可能不会是第一个退缩的公司。这应该有助于其保持技术竞争力——尤其是如果竞争对手被迫放慢速度的话。Alphabet 在打造最先进、最强大的 AI 竞赛中也略微落后。
资本支出*
十亿美元
Alphabet
15%
–5
–15
这听起来像是极佳的投资建议，而且在很多年里确实如此：“购买好的公司，不要支付过高价格，然后无为而治。”
但有时被称为“英国巴菲特”的特里·史密斯 (Terry Smith) 在本月避开了这一准则，令他剩余的粉丝感到震惊。不幸的是，他并不是巴菲特——他是一名基金经理，他的客户可以在任何时候要求取回资金，而许多人确实这么做了。
史密斯在最新的投资者信中感叹道，“在我们的基金关闭后，证明被动投资或动能投资存在危险是对的，将没什么意义。”因此，他变得异常活跃，更换了其投资组合的一半。
当我们回顾往事时，是否会得出结论……
股票聚焦
雀巢 (Nestlé) 这家全球最大食品饮料公司的股价在公布令人失望的半年报并宣布出售其一半的水业务后下跌了 7.8%。
意法半导体 (STMicroelectronics) 这家苹果和 SpaceX 的供应商上调了其人工智能数据中心营收目标，但由于投资者预期过高，其股价下跌了 19%。
谷歌的广告支出依然具有韧性。今年 5 月在加利福尼亚州举行的一次谷歌活动现场演示。
Meta 微软 亚马逊 (Amazon.com) 谷歌
$250
50%
3 ’3 ’3 ’3 ’7 ’7 ’7 ’7
*2026 年和 2027 年的数据为分析师预测值。 来源：FactSet
模型。其最先进的 Gemini 3.5 Pro 模型在公司最初表示将于 6 月推出后，已被推迟数周。 在 AI 世界中，延迟是坏消息。那些落后的人往往难以追赶，因为竞争对手并未停步。Meta 最近吸取了这一教训。 但延迟可能不会给谷歌母公司 (Alphabet) 带来如此沉重的打击。与 Meta 不同，它拥有庞大的企业级 AI 客户群，这些客户不会因为短暂的延迟而弃船而去。 而且，企业客户正向谷歌母公司 (Alphabet) 聚集，而非逃离。首席执行官 Sundar Pichai 今年早些时候表示，公司的 Gemini Enterprise（一项面向企业的云端 AI 服务）第一季度付费活跃用户环比增长 40%。 这次延迟不利于谷歌母公司 (Alphabet) 提供最先进的 AI 编程工具的雄心——这也是其 AI 战略最匮乏的领域。但在公司的许多业务板块中，拥有世界领先的模型并非
Smith 的举动是否标志着追逐热门股票的顶峰，以及他的质量投资风格（长期持有高盈利能力和稳健资产负债表公司）的转折点？ 短期内确实如此。两种风格的业绩立即发生了逆转。本月，一只热门的质量 ETF 比标准普尔 500 动量指数高出 6 个百分点。 华尔街资深人士、DataTrek Research 联合创始人 Nicholas Colas 本周写道，动量股在截至 6 月期间的表现异常之好，以至于可以被安全地称为一个“微型泡沫”。Smith 仅仅是向该方向倾斜，而他的竞争对手们则是全仓买入。 “事实是在 2026 年第二季度最后一天正好达到峰值，这告诉我们许多机构投资者在季度末可能在追逐价格表现（即动量），”Colas 写道。“在年中报告中向客户展示‘正确’持仓的压力非常大。” 如果 Smith 的转身是一个见顶信号，那么它会让一些人想起 Julian Robertson，这个名字对于某些年龄段的美国投资者来说更为熟悉。在 20 世纪 80 年代及 90 年代的大部分时间里，Robertson 偏向价值投资的对冲基金 Tiger Management 拥有惊人的回报。随后，业绩在科技泡沫期间出现波动，他在 2000 年 3 月（泡沫确切的顶峰）告知客户他将关闭基金。 在他给投资者的最后一封信中，
股份分别上涨了 10% 和 7.3%。
T-Mobile US 该电信运营商在最近一个季度的利润和营收均有所增长，但新账户增长放缓；股价下跌 11%。
Albertsons 在公司下调年度展望并报告盈利低于华尔街预期后，股价暴跌 22%。
哈雷戴维森 (Harley-Davidson) 这家摩托车制造商表示，低价车型的销售强劲促使第二季度盈利好于预期，但由于利润和营收同比下降，其股价仍下跌 4%。
财务分析与评论
周五事件： 经济数据：商务部即将公布6月份新屋销售数据。
预计将公布7月份标准普尔美国服务业PMI快报。
以及： 7月份标准普尔美国制造业PMI快报
预期公布财报的公司： 美国运通 (American Express) 威瑞森 (Verizon) 特许通讯 (Charter Communications) HCA医疗 (HCA Healthcare) 大众汽车 (Volkswagen) 加拿大国家铁路 (Canadian National Railway)
过去一年的股价表现
%
–
8月 ’6
至关重要。 该公司近期专注于发布更高效的模型。这将有助于其Gemini聊天机器人等AI工具生成更快速的响应并节省计算资源。 在公司内部以及客户之间，对支撑AI的计算能力的竞争都极其激烈，因此这是一个精明的举措。 在现阶段，快速生成响应在吸引和留住用户方面，可能与拥有一个超先进的AI模型同样重要。
Robertson没有含糊其辞，称这场狂热是“注定会崩溃的庞氏金字塔”。他抱怨道，“在当前环境下，产生短期业绩的唯一方法就是购买这些股票。” 这两位基金经理之间的比较并不完美，因为“质量”是一个难以定义的模糊类别。Smith持有的一些股票，如微软和谷歌母公司 (Alphabet)，属于“科技七巨头”，且直到最近为止表现一直良好。 Smith的风格是否即将回归？是的，最终会回归。即使是世界上最著名的“价值”投资者巴菲特，长期以来也更倾向于优质股，包括伯克希尔·哈撒韦投资组合中的大赢家，如可口可乐和
铁路股上涨
在报告收入增长后，联合太平洋 (Union Pacific)、CSX和诺福克南方 (Norfolk Southern) 的股价上涨，因为更多货主将货物从卡车转向铁路运输。 数量下降
铁路股表现
CSX 联合太平洋 (Union Pacific) 诺福克南方 (Norfolk Southern)
谷歌母公司 (Alphabet) 业务的其他方面看起来很健康。广告支出具有韧性，且谷歌为其搜索引擎添加的AI概览正在提升流量。BMO资本市场 (BMO Capital Markets) 的分析师预计，谷歌搜索业务的收入在今年剩余时间内将至少实现两位数的季度增长。该公司周三表示，第二季度搜索收入增长了 17%。甚至更有前景的是，公司在云计算领域正飞速前进。谷歌母公司 (Alphabet) 周三表示，云业务收入增长 82% 至 $24.8 billion，并指出在包括苹果、Meta (原Facebook) 和 Anthropic 在内的客户驱动下，积压订单价值 $514 billion。谷歌还开始向客户销售名为TPU的定制AI芯片，用于其自有数据中心。公司预计这将从明年起大幅增加收入。所有这些都表明，只要AI驱动的需求不减弱，谷歌母公司 (Alphabet) 就具备获取云市场份额的地位。领先的云计算参与者亚马逊在第一季度报告的收入为 $37.6 billion，仅增长 28%。行业中规模第二大的微软云业务在最近报告的季度中增长速度为 40%。此外，谷歌母公司 (Alphabet) 在捕捉这种增长的同时并未耗尽资金。在今年通过债券销售筹集约 $60 billion，并在6月份筹集近 $85 billion 股权后，截至第二季度，该公司资产负债表上有 $242 billion 的现金和有价证券。虽然由于供应量巨大的担忧，AI相关债券近期表现不佳，但谷歌在维持支出方面应比竞争对手有更多空间。由于AI延迟的消息，谷歌母公司 (Alphabet) 的股价今年落后于纳斯达克综合指数，并在近期交易日下跌。关于更廉价的中国AI模型而产生的波动但可能是暂时的担忧也未能带来帮助。即便其股价暂时失准，谷歌母公司 (Alphabet) 的增长前景也远未黯淡。—Asa Fitch
DAVID PAUL MORRIS/BLOOMBERG NEWS
亚马逊 (Amazon.com) Meta (原Facebook) 微软 (Microsoft)
Fundsmith Equity Fund 相对于 MSCI世界指数的相对表现
2011 ’15 ’20 ’25
来源：公司 注：2026 为半年报
Apple。 对他而言，幸运的是，股东们不得不全程陪伴这段颠簸但获利的旅程。 —Spencer Jakab
美国的卡车司机情况促使许多托运人将部分货物转移到价格较低的铁路运输选项。 “就我们目前所处的位置来看，我对需求非常乐观，”联合太平洋（Union Pacific）执行副总裁Kenny Rocker在财报电话会议上表示。 联合太平洋报告第二季度营业收入增长12%，CSX报告增长10%，而诺福克南方铁路（Norfolk Southern）增长11%。 诺福克南方铁路和联合太平洋的股价上涨，也可能是因为两家公司正致力于争取监管机构批准其合并，且周三晚些时候，联合太平洋与加拿大国家铁路公司（Canadian National Railway）达成一项协议，促使这家总部位于蒙特利尔的铁路公司撤回了对该交易的反对。 —Esther Fung
市场历史上的今日
在1987年的这一天，ZZZZ Best公司的企业资产在洛杉矶的破产拍卖会上以$62,000的价格被售出。 就在此前不到四个月，这家由21岁天才少年Barry Minkow经营的地毯清洁公司在股市上的市值约为$300 million。该股票自1986年首次公开募股以来已上涨了四倍多，但ZZZZ Best实际上几乎没有客户、收入或资产，而Minkow建立了一套由虚假办公室和伪造会计记录组成的复杂系统。
房屋 | 市场 | 人物 | 改造 | 销售
Angela Mauri 与家人住在 St. John’s Wood。她和丈夫于 2024, 年从纽约市搬到伦敦，当时她怀有双胞胎。
F
变得没那么“美国”了
作者：RUTH BLOOMFIELD
从英国贵族的情妇到披头士乐队——以及历代移居者——伦敦的 St. John’s Wood 社区在吸引多元化国际社区方面有着悠久的历史记录。 尽管英国首都的房地产市场继续低迷，但 St. John’s Wood 便利的地理位置、优雅的住宅和繁荣的咖啡馆文化正帮助其逆势上涨。St. John’s Wood 长期以来一直吸引美国买家，但专家表示，由于目前伦敦整体的海外需求疲软，该社区对英国买家的吸引力弥补了这一缺口。 根据房地产代理公司 Hamptons 的数据，St. John’s Wood 的平均售价在过去一年中上涨了 15%，达到了约 $9 million。在高端市场，价格则更高：据知情人士透露，去年夏天，美国电影导演乔治·卢卡斯（George Lucas）在该社区花费了 40 million 英镑（约 $53.55 million）购入一套住宅。卢卡斯未回应置评请求。 与伦敦豪宅市场整体放缓的情况相比，St. John’s Wood 的涨势十分突出。过去一年中，伦敦核心中心区（Prime Central London）的平均售价下降了 11.1%，至平均 £1.79 million，约 $2.43 million。在包括 St. John’s Wood 在内的富裕社区环带——伦敦核心外围区（Prime Outer London），价格下跌了 1.8%，至平均 £735,850，略低于 $1 million。 “St. John’s Wood 像是一个微型市场，”房地产代理公司 Arlington Residential 的创始人 Marc Schneiderman 表示，“它是伦敦的一个独特区域，能同时吸引国际买家和英国买家，因为它是距离西区（West End）最近且能买到带大后院宽敞住宅的地方。” 请翻至 M6 页
尽管如此，随着国内买家争相抢购该地区宽敞的住宅，房价依然在飙升。
就热爱 Utah Ridge。 所以他把它变成了家。
$3.9 million 在盐湖城郊外 建造了一栋 Z 形房屋
作者：LAURA HINE
在他还是个孩子的时候， Steven Christensen 经常骑自行车在犹他州 Emigration Canyon 家族 住所周围的泥土小径上 穿行，那里就在盐湖城 以东。其中一个地标是 山脊顶上一块粉红色的 巨石，Christensen 推测 可能是某人——也许是 早期的拓荒者——将其 安置在那里的。 “我以前常坐在那块 石头上，因为那里可以 俯瞰峡谷通往山谷的 绝佳景色，”现年 49 岁的 Christensen 说道。 在一次圆满的回归中， Christensen 和他的伴侣 Jason Stock 于 2009 年 以 $1 million 价格买下了 包含这块巨石在内的 7 英亩土地。 请翻至 M7 页
华尔街日报。 2026年7月24日，星期五 | M1
披头士乐队著名的 1969 年专辑《Abbey Road》是以 St. John’s Wood 的录音室命名的。
St. John’s Wood 以绿荫街道、充足的开放空间和漂亮的别墅而闻名，同时对于通勤者来说位置十分便利。
顺时针从左上起：ALICE WHITBY 为 WSJ 拍摄；ARLINGTON RESIDENTIAL；路透社；TONY MURRAY；WILLIAM F. BUCKLEY III；SHAWN O’CONNOR (KOCH)
O
美国保守主义成型之地
作者：SARAH PAYNTER
1976 年的感恩节，在饱餐了火鸡之后，未来的总统罗纳德·里根与保守派评论员威廉·F·巴克利（William F. Buckley Jr.）在位于康涅狄格州沙伦的巴克利家中分别率领两支球队进行触式橄榄球比赛。巴克利的侄子卡梅隆·O·史密斯（Cameron O. Smith）在谈到比赛结果时说：“当然，结果是平局。”史密斯表示，这次聚会是许多此类活动的其中之一，曾吸引前国务卿亨基·基辛格、作家西尔维娅·普拉斯（Sylvia Plath）以及飞行员查尔斯·林德伯格（Charles Lindbergh）到访这座已由该家族持有约一个世纪的“大榆树”（Great Elm）庄园。巴克利家族在 20 世纪 80 年代出售了这座约 50 英亩庄园的部分土地以帮助维持物业，并将这座约 14,000 平方英尺的乔治亚风格房屋改造成了共管公寓。该家族保留了房屋的一部分，现在正将其这栋拥有六个卧室、面积约 7,000 平方英尺的住宅以 $3.999 million 的价格挂牌出售。这座建于 1812 年左右的房屋，
位于纽约市东北约 100 英里处，据《巴克利：改变美国的生命与革命》（Buckley: The Life and the Revolution That Changed America）的作者萨姆·塔嫩豪斯（Sam Tanenhaus）称，该房由美国众议员安塞尔·斯特林（Ansel Sterling）建造。在 20 世纪初，老威廉·F·巴克利（William F. Buckley Sr.）是一位在德克萨斯州长大、在墨西哥工作的富裕石油钻探商。据塔嫩豪斯称，老巴克利在反对墨西哥革命后的总统阿尔瓦罗·奥夫雷贡（Álvaro Obregón）后，于 1921 年离开墨西哥。他创办了一家由纽约投资者支持的委内瑞拉石油公司，并根据塔嫩豪斯的说法，在 1924 年左右购买了位于沙伦的这座房屋，以便在周末陪伴家人。根据沙伦历史学会与博物馆（Sharon Historical Society & Museum）的记录，该房售价为 $25,000。史密斯表示，在买下房子后，他将其规模扩大了三倍，并增加了一个中央庭院。1929 年，他回到墨西哥并带回了一些文物和建筑废料，
塔嫩豪斯说道。史密斯说，他将手工制作的瓷砖、灯具和家具运往美国并将其融入房屋之中。史密斯称，老巴克利在 1937 年将庭院封闭，创造了一个三层楼、面积约 1,250 平方英尺的中庭。
史密斯补充道，该中庭拥有一个锻铁栏杆，其风格旨在将中庭的墨西哥建筑与一个设计影响相结合，而后者来自他的妻子阿洛伊丝·巴克利（Aloise Buckley）的家乡新奥尔良。这对夫妇有 10 个孩子成年，其中包括《国家评论》（National Review）创始人威廉·F·巴克利（William F. Buckley Jr.）、前参议员詹姆斯·巴克利（James Buckley）以及《国家评论》执行主编普里西拉·巴克利（Priscilla Buckley）。
巴克利家族的家长于 1958 年去世。1960 年，巴克利（Jr.）在客厅接待了“美国自由青年”（Young Americans for Freedom），这是一个由约 100 名年轻保守派人士组成的聚会，他们在这里起草了《沙伦宣言》（Sharon Statement）。史密斯表示，一块刻有该宣言的青铜牌匾被安装在庄园的一口水井上。到了 20 世纪 80 年代，当时处于...的阿洛伊丝
上图为亨利·基辛格 2018 年访问时的情景；左图为老巴克利的庭院；下图为该房屋的七个壁炉。
她 80 多岁时，在南卡罗来纳州卡姆登、纽约市的家庭住宅以及护理机构中度过了最后的时光，直到 1985 年去世。Great Elm 的年度维护费用在 $300,000 到 $400,000 之间，因此为了防止房屋失修，他们将房产进行了分割，并在 1982 年前后成立了一个公寓业主协会。
然而，这一计划引起了一些争议。“当地期刊上有文章写道，巴克利家族在七大洲破坏了自然资源，现在回到了夏伦（Sharon）做同样的事情，”史密斯（Smith）说道。
从 20 世纪 80 年代到 21 世纪初，未婚的普里西拉·巴克利（Priscilla Buckley）与史密斯的离异母亲简·巴克利·史密斯（Jane Buckley Smith）一同居住在这里。史密斯表示，姐妹俩在 1982 到 1984 年期间，分别购买了巴克利住宅新分割的五个公寓单元中的一个，但他不知道其母亲和姨妈当时支付了多少房款。
他说，在简 2007 年去世和普里西拉 2012 年去世后，他与妻子、演员丽莎·范（Liza Vann）以总价约 $1.4 百万美元买下了这两个公寓。他们花费了约 $1 百万美元将两者合并并进行翻修。史密斯是一位油气行业顾问，他表示由于房屋利用率不足，夫妻俩决定缩减居住规模。
负责该房产其余部分的业主（涵盖三个公寓，面积额外增加 6,000 平方英尺）也表示愿意出售其单元。这一消息由 Neil Charles Real Estate 的挂牌代理人安·斯特特纳（Ann Stettner）提供。
史密斯表示，他这一辈的所有人都有了自己的家庭，并在自己的家中聚会。
“Great Elm 作为巴克利家族聚会场所的实际意义正在消散，”史密斯补充道。
根据 Realtor.com 的数据，在该住宅所在的利奇菲尔德县（Litchfield County），6 月份房屋销售的中位价为 $500,000，较去年同期下降 5.7%。
威廉·F·巴克利三世；卡梅伦·O·史密斯（庭院，基辛格）
KRISTIE WOLFE
这里具备了海盗藏身之处的所有要素：一座船形的房子、一座私人岛屿，以及爱达荷州一个湖畔的码头。这种相似性并非巧合。这座位于爱达荷州萨蒙（Salmon）的住宅在建造时被设计成像一艘帆船，其船头——配有一个令人印象深刻的船首像——延伸至威廉姆斯湖（Williams Lake）之上，共有三层甲板，且随处可见航海细节。
“从设计角度来看，我一直在努力寻找‘沉浸感’与‘俗气’之间的平衡点，”该房屋的所有者、常驻爱达荷州博伊西（Boise）的建筑商克里斯蒂·沃尔夫（Kristie Wolfe）说道。“顶层只是一个带有厨房和餐厅的美丽湖畔小屋。海盗主题是在你探索房子的过程中逐渐展开的，这让发现它的过程变得更有趣。”
沃尔夫将该房屋的挂牌价定为 $799,000。萨蒙是一个人口仅 3,000 余人的小镇，距离博伊西约 5 小时车程。附近是弗兰克·丘奇-不归河荒野区（Frank Church-River of No Return Wilderness），根据美国林务局的说法，这里是“美国本土 48 个州中最大的连续荒野区”。“房地产代理人
“朋友们告诉我，他们可能会将其挂牌价定在 110 万美元 ($1.1 million) 左右，但我希望通过定价使其快速成交，而不是留出巨大的议价空间，”亲自处理此次出售的沃尔夫（Wolfe）说道。“这座房子如此独特且地处偏远，我认为传统的挂牌方式没什么意义，不过我仍然提供买家代理佣金。”根据 Zillow 的数据，萨蒙（Salmon）地区的房屋挂牌价格中位数为 $379,967,。
这座三层楼、面积 1,200 平方英尺的房屋有两个卧室——一个是面对两面玻璃墙、可欣赏湖景的大型“船长室”，另一个是设有四张内置床铺的铺位房。
在过去的几年里，这座房子一直作为 Airbnb 短租房对外开放。房客们发现了通往一个宝藏主题密室的秘密通道，里面有一个骷髅和一个装满金币的箱子。屋内的其他地方还有一个装满海盗服装的衣橱、一个室内吊床以及一个向湖中发射的水炮。所有这些都随房出售。
该房产的 Instagram 账号也一同出售，该账号拥有 30,000 名粉丝。沃尔夫表示，该账号每年带来约 $80,000 的收入。在一段 Instagram 短视频中，她表示如果多花些精力，买家可以让该房产全年运营而非仅在季节性期间（在这种情况下需要安装一个新的暖炉）。冬季，湖泊结冰，房子则变成一个更安静的隐居之所。
这座房子不寻常的设计也带来了一些妥协：船长室只能通过室外露台进入，且进入湖区的路径是通过梯子；这两点是房客评价中最常提到的缺点。
这座 1970 年的房子在 43 岁的沃尔夫于 2020 年以 $105,000. 的价格买入时，被认为是一栋需要拆除的破房。“内部完全是 1970 年代那种‘长毛车’风格的迷梦，”她开玩笑说。“那里有金色的天鹅绒组合沙发，到处是烟灰缸，还有巨大的自然主题壁画。”她说当时的露台已经坍塌，但你仍能模糊地看出它曾经被设计成船的形状。如今，它的外观看起来依然像经历了几场热带风暴，但这正是其“沉船魅力”的一部分。
“最初的建造者在 60 和 70 年代曾在当地的木材厂工作，所以房子的大部分是用那里的木材建成的，”花费了约 $300,000 进行翻新的沃尔夫说道。“现在，除了外壳本身，几乎所有东西都是新的。它基本上是从内部到外部重新构建的。” —Erika Mailman
英式风格的客厅重新构想
作者：ELAINE PAOLONI QUILICI
伦敦的白厅街（Whitehall Street）以其繁复的英国政府建筑而闻名，而如今这里成为了许多改造后的豪华住宅所在地。2023 年底，美国夫妇特雷弗·伯吉斯（Trevor Burgess，一位银行首席执行官）和加里·赫斯（Gary Hess，一位高端房地产专业人士）在 OWO Residences by Raffles 购买了一处住宅，该住宅位于旧战争办公室（Old War Office）大楼内。
业主希望将他们的当代风格与英国影响力相结合，因此他们聘请了总部位于伦敦的设计工作室 Angel O’Donnell，并从詹姆斯·邦德（James Bond）和汤姆·福特（Tom Ford）的洗练世界中汲取灵感。
客厅的层高近 15 英尺，其设计旨在平衡社交娱乐与日常生活。这个 452 平方英尺的房间被分为两个区域：一个以壁炉和休息区为中心，另一个则由沙发和一台在不使用时隐藏起来的电视组成。
房间内展出了该家庭收藏的酷儿艺术作品——这是该国最大的收藏之一。两件基思·哈林（Keith Haring）的红色作品挂在入口处，而一幅格雷森·佩里（Grayson Perry）创作的玛格丽特·撒切尔肖像则位于饮料柜上方。
以下是该房间的一些设计特点。
定制墙面、橱柜、电动电视面板 来自 Grand Palette Studio 的装饰艺术家在隐藏电视的主墙上使用了石膏（gesso）、金箔以及古铜色和海军蓝的混合油漆。 // 价格：$81,180
饮料柜 这款形似皮箱的胡桃木饮料柜是由建筑师兼产品设计师 Steve Leung 为 Theodore Alexander 设计的。 // 价格：$23,900
不再有紧急情况 不再有干扰
咖啡桌 选择 Caracole Furniture 的 Streamline 咖啡桌以匹配长款沙发。 // 价格：$2,660
长沙发 这款长 L 形沙发由英国匠人 Eatons Bespoke 手工打造。设计师选择了能让人想起经典英式剪裁的面料。 // 价格：$19,800
吊灯 来自 Bella Figura Lighting 的一款冰晶吊灯（Ice Chandelier）以级联的玻璃水滴，为经典形态赋予了当代气息。“我们非常喜欢它轻微向下螺旋的方式，这样你就能感受到一种流动感，”共同创始人 Ed O’Donnell 表示。 // 价格：$22,050
休闲椅 Angel O’Donnell 设计了这款烟蓝色灰色天鹅绒休闲椅，其方正的线条灵感来自纽约的克莱斯勒大厦。尽管宽大舒适，但其开放式侧面保留了房间内的视线通透感。 // 价格：每把约 $5,300
TARAN WILKHU
亿万富翁工业家比尔·科赫（Bill Koch）预计将在 7 月 17 日拍卖结束之后，以 $33.515 百万美元的价格出售他位于科罗拉多州阿斯彭（Aspen, Colo.）约 52 英亩的庄园。尽管在最后一刻出现了竞争，但最终的高价与其 2025 年 $125 百万美元的峰值要价相比大幅折让。
此次销售由 Concierge Auctions 负责，为科赫将该小屋在市场上挂牌与撤回的十年多时间画上了句号。今年春天，他表示将通过拍卖出售该庄园。在交易最终完成前，他拒绝发表评论。该交易预计将在约 30 天内完成。
“我原以为能卖更高价，”来自 Aspen Luxury Sales 的代理人兰斯·休斯（Lance Hughes）表示，他并未参与此次交易。不过，他指出，这种原木屋风格的建筑可能并非每个人都喜欢；此外，这座住宅大约……
SHAWN O’CONNOR; TIFFANY SAGE/BFA/SHUTTERSTOCK (KOCH)
距离阿斯彭 10 英里，且在冬季行驶于蜿蜒的道路上，这可能是一个阻碍因素。 “如果这里距离镇中心只有 2 英里，人们可能会为了 $33 million 而大打出手，”他说。 这座名为 Elk Mountain Lodge 的房产拥有一座拥有 8 间卧室、面积约为 16,600 平方英尺的主楼以及 7 栋小木屋。该房产由 Compass 的 Steven Shane 同时挂牌出售，最后的要价为 $99 million。 房产记录显示，Koch 在 2007, 以约 $26.5 million 的价格买下了这处庄园，将其从一个活动场地改造成了私人住宅。随着时间的推移，他又增加了约 31 英亩的土地。 他在 2015, 首次将该综合体以 $100 million 的价格挂牌，随后将价格降至 $80 million。后来，他在 2020 以 $14.5 million 的价格卖掉了那块 31 英亩的土地，但保留了主楼及其 52 英亩的土地。 根据 Zillow 的数据，在 2023 和 2024, 他将主楼出租，租金要求为每周 $300,000。 在 2025, 初，Koch 将这处 52 英亩的综合体以 $125 million 的价格投放市场。
成交价 $33.515 MILLION 16,600 平方英尺主楼， 7 栋其他小木屋，2 个热水浴缸
由于孩子已成年离家，他与妻子 Bridget Rooney Koch 也在寻求利用“强劲的住房市场”获利，他当时告诉《华尔街日报》。 Koch 是 Oxbow Carbon 的创始人，该公司经营可用于燃料或生产铝、钢和塑料的原材料。他是一位热衷于航海的人，在纽约、佛罗里达州棕榈滩和鳕鱼角均有住宅，并在科罗拉多州帕奥尼亚拥有一座牧场，在那里他建造了一个旧西部城镇的复制品。他是主要保守派政治捐赠者 Charles Koch 和 David Koch 的兄弟。 在过去的几年里，拍卖行将自己定位为传统销售的替代方案，而非卖家的最后手段。拍卖提供了在设定时间段内完成交易的确定性。然而，该报 2024 一项分析发现，大多数由 Concierge Auctions 挂牌的房产成交价均低于挂牌价。 在经历了去冬的干旱和创纪录的高温后，阿斯彭的房地产市场正经历自新冠疫情以来的首次放缓。 跟踪该市场的 Aspen Snowmass Sotheby’s International Realty 的 Tim Estin 表示，今年上半年的销售数量与 2025, 相比下降了 44%，而 $10 million 以上的交易额同比下降了 48%。 —E.B. Solomont
在 WSJ.com/RealEstate 查看更多名宅照片。
这座位于伦敦 St. John’s Wood 地区的七卧室住宅面积为 9,586 平方英尺，由 Knight Frank 代理挂牌。
呼唤
接前文 M1 页
这里前往伦敦金融区也非常方便，吸引了许多在金融领域工作的居民，Winkworth 房地产经纪公司 St. John’s Wood 分店总经理 Neil Sloam 说道。 此外，该地区拥有令人向往的零售业。“你这里有非常棒的高街（High Street），有许多独立商店、餐厅和大量咖啡馆，”他说。 St. John’s Wood 是由富有的地主 Eyre 家族创建的，该家族在 19, 世纪初买下土地，并将其开发为伦敦第一个“花园郊区”，拥有绿荫街道、充足的开放空间和漂亮的别墅。其位置在私密性与便利性之间达到了平衡：它远离白金汉宫和梅费尔（Mayfair）周围的上流社会住宅，但依然可以轻松抵达。 因此，其中一些...
asking price（挂牌价）： $21.37 MILLION（2,137万美元）
他从小从原籍乌克兰搬到波士顿，现任一名教授。在最初居住于汉普斯特德（Hampstead）郊区教职工住宅期间，这对夫妇爱上了伦敦西北部绿树成荫的富裕社区。2025年4月，他们在圣约翰伍德（St. John’s Wood）找到了一处长期租赁房——一套三居室、面积约为 1,000 平方英尺的公寓。他们的租金每月约为 $3,900。Mauri 表示：“我以前不知道圣约翰伍德，除了在一些小说里看过，当然还有披头士乐队。这是一个非常漂亮的地方，感觉很安全。”
该社区的国际化氛围是 Mauri 认为的另一个优点——她在纽约生活了二十年，在那里有朋友，而且还结交了一些新的意大利朋友。不过，这对夫妇决定不在圣约翰伍德买房。他们在布鲁克林（Brooklyn）的房子目前正出租着，Mauri 梦想在丈夫的伦敦合同结束后返回那里。
她说：“我想让我的孩子们成为美国人。”
圣约翰伍德一直以来缺失的一点——直到最近——是伦敦市中心常见的那种高端、全方位服务公寓楼。根据开发商 St. John’s Wood Square 的说法，这种情况将在 2029 年发生改变，届时将把一座 5.5 英亩的军营重新开发为 120 套公寓和镇屋。
莱特凯利（Knight Frank）的 Declan Selbo 表示，尽管圣约翰伍德以吸引美国人而闻名，但它也未能免于过去几年伦敦国际买家数量下降的影响。他表示，全球局势的不稳定、针对二套房买家的国内加税，以及 2025 年英国针对国际居民有利的“非定居者”（non dom）税制的失效，共同减少了整个首都的国际买家数量。
[[IMG_XXXX]] （图注：Mauri 和她的丈夫每月支付约 $3,900 的公寓租金，见左图。）
[[IMG_XXXX]] （图注：高街咖啡馆外的顾客。）
Selbo 表示，在 2024 年左翼工党政府上台之前，他在圣约翰伍德的买家中，约有 75% 到 80% 是国际买家。如今，这一数字已下降到 30% 到 35%。他提到：“幸运的是，这个空白正由国内市场填补，”这里的国内市场是指英国公民以及在伦敦生活多年的国际居民。
圣约翰伍德这块拼图的最后一部分是它的跨代吸引力。除了买房的家庭和选择公寓的缩减住房者，这里对像 26 岁的 Alyssa Lehrer 这样的年轻买家也很有吸引力。
去年，在 11 月婚礼前，她搬出了位于北伦敦的父母家，购买了她的第一套房——圣约翰伍德一家有门童服务大楼内的一居室公寓。她拒绝透露具体的购买价格。
她和丈夫选择这个社区是因为这里位置非常中心。Lehrer 从事内部沟通工作，可以步行前往她在西区（West End）的办公室。他们热爱这里的咖啡馆文化，并很欣赏家门附近拥有 400 多英亩的摄政公园（Regent’s Park）。
Lehrer 说：“这里感觉很舒适且安全。我晚上可以从车站走回家而不用担心。”但她遗憾地表示，这对夫妇可能在两三年内就得搬家。“我们需要更大的房子——三居室或四居室的住宅——而圣约翰伍德非常昂贵，”她说，“我们无法在这里组建家庭。”
（图片从左上角顺时针排列：KNIGHT FRANK；ALICE WHITBY 为 华尔街日报 拍摄）
[[IMG_XXXX]] JOSHUA TUG FERGUSON FOR WSJ
犹他州 Top of the Rock
Salt Lake City Salt Lake City
215 89
Holl y
. miles
CAMILLE BRESSANGE/WSJ
$336,000。十年后，他们准备在该地块上动工。Christensen 是一名建筑师，也是 PBLC 的创始人，他设计并监督建造了这座面积为 5,310 平方英尺、拥有四间卧室的房屋，建筑沿海拔升高呈长锯齿状分布。该项目耗资近 $3.9 百万美元，历时约三年完工。
Stock 是一位 50 岁的投资组合经理，同样在盐湖城长大。两人由于就读于同一所初中和高中（两人相差一年），所以对彼此有模糊的认识，但直到 1999 年在一次聚会上偶遇才真正相识。两人迅速成为了挚友，随后成为了伴侣。这对伴侣一直在盐湖城设有基地，Stock 在那里共同创立了投资公司 M3 Funds。他们还在洛杉矶拥有一栋房子。
就像他们的相识一样，这座位于 Emigration Canyon 的住宅在很大程度上归功于偶然。“我们开车经过时看到了出售标志，”Christensen 说道，并指出那是 2009 年，正值金融危机期间。“我们完全没有买地的打算，但如果我儿时最喜爱的地方就这样掉到我们面前，我们绝不会拒绝。”他们提交了报价并买下了这处房产。
在拿到测量结果后，Christensen 开始将他在特拉维夫艺术博物馆（Tel Aviv Museum of Art）工作时的灵感融入其中，后者的施工由于其三角形地块而变得复杂。这两座建筑都采用了几何解决方案来应对不寻常的限制。在犹他州，他设计了一座细长的 Z 形建筑，共有三层沿着山坡向上延伸。
“我热爱这种从土地上能看到城市，但同时又感觉身处偏远荒野的感觉，”Stock 说道。“我们想要一栋能够捕捉到这些景观的房子。”
该地块的可建筑区域仅是一个紧贴在山丘下方山体的狭小新月形区域。在这些限制条件下，Christensen 对房屋进行了对齐，使得从正门望出去，两座山峰的景观毫无遮挡。
他在主生活空间的两个侧面安装了落地窗，并配有高窗。
请转至 M8 页
上方为户外泳池；左侧为 Christensen 和 Stock。
厨房岛台台面采用的是耐污且防刮的 FENIX NTM 材料。
房屋的底层是进行台球等游戏及在吧台饮酒的场所。
这对伴侣热爱这座房子的极简主义设计。右侧是 Christensen 记忆中儿时就存在于此的巨石，如今仍保留在房产中。
广告
广告投放：请访问 WSJ.com/classified，发送电子邮件至 adoperations@dowjones.com 或致电：800-845-9719
罗德岛州，詹姆斯敦 (JAMESTOWN, RHODE ISLAND)
新装修的临水四卧室住宅，可俯瞰诗情画意的鲭鱼湾 (Mackerel Cove)。开放式设计，客厅设有拱形天花板和石材围炉，主厨级厨房配有岛台，一楼设有带水疗浴缸的主卧套房，车库上方设有阁楼式客房套房。法式双开门通向宽敞的露台和蓝石庭院，配有热水浴缸和燃气火坑。 $6,950,000 GustaveWhite.com
加利福尼亚州，塞拉县 (SIERRA COUNTY, CALIFORNIA)
杰克逊登陆地 (Jackson Landing) 是美国西部最罕见的度假房产之一，涵盖 110± 英亩私有土地，以及在杰克逊草甸水库 (Jackson Meadows Reservoir) 上约 1.5 英里唯一的私人拥有的湖岸线。周围被近 800,000 英亩受保护的太浩国家森林 (Tahoe National Forest) 环绕，这是一个打造独特家族传承度假地或荒野庄园的非凡机会。 $7,250,000
左图为房屋外观，采用平锁金属 cladding 和板模混凝土。上图为房屋办公空间，下图为山景。
接第 M7 页 设计。Christensen 保持了饰面的简洁：水磨石、木材、钢材和玻璃。 虽然随着移民峡谷 (Emigration Canyon) 在 2024 年正式建制成为一座城市，很多事情发生了变化，但有些事情依然没变。Christensen 和 Stock 仍然在周围的土路小径上骑山地车，但他们的家是 Christensen 在孩提时代从未想象过的。 “我们最好的夜晚仪式是在家做晚餐，然后在睡前去游泳，”Stock 说道。“在晴朗的夜晚，头顶的星空非常迷人。”
延伸至第三面。结果看起来毫不费力，但其代价是数百小时的设计工作，以及与建筑商和分包商的谈判。 “墙里没有任何可以隐藏东西的地方，”Christensen 在谈到必须在地下室机房与屋顶之间运行的电力、HVAC（暖通空调）和管道线路时说道。他的解决方案是加入一根钢柱，将机械设备隐藏在其中，作为玻璃壁炉的一部分。 在室内，这座房子反映了这对夫妇对极简主义的推崇。
南卡罗来纳州，希尔顿海岛 (HILTON HEAD ISLAND, SOUTH CAROLINA)
位于高端波特罗亚尔种植园 (Port Royal Plantation) 的海滨奢华住宅，可直接进入海滩。5 卧 | 4.5 浴 | 4,563 平方英尺 | 0.77 英亩。这座定制住宅提供一个带管家室的主厨级厨房、双主卧套房、带壁炉的遮阳门廊、加热及冷却泳池，以及一条可直接通往希尔顿海岛最隐秘海滩之一的木板道。 $5,999,000
JOSHUA TUG FERGUSON 为 WSJ 拍摄
高马尾
画家讲述为这位立体主义大师担任模特、为何坐在摇椅上以及她的生活如何改变
在我十几岁刚进入青春期时，我的父亲建议我把金发扎成高马尾，前面留刘海。他觉得那样看起来很可爱。他在一个法语版《安提戈涅》的演出中看到一个年轻女孩采用了这种古希腊风格。我照做了，他没说错。 我 1934 年出生在巴黎，原名 Sylvia “Sylvette” David。那时，我的法国父亲 Emmanuel（一名艺术交易商）和英国母亲 Honor（一名画家）已经离婚。 在我 1 岁时，母亲将我迁到了列万岛 (Île du Levant)，那是法国南海岸的一个岛屿。1942 年，在德国入侵两年后，我们搬到了阿尔卑斯山附近的迪约莱菲 (Dieulefit) 的一座房子里。那里远离德国人，因为德国人担心遭到抵抗组织的伏击。 当我 15 岁时，我去了萨默希尔 (Summerhill)，那是一所很棒的英国寄宿学校。
FRANCOIS PAGES/PARIS MATCH/GETTY IMAGES
广告
广告投放：请发送电子邮件至 sales.realestate@wsj.com 或访问 WSJ.com/classifieds
纽约州
学校。孩子们来的时候调皮，走的时候像天使一样。在那里，我遇到了我的未婚夫托比·杰利内克 (Toby Jellinek)。 学校结束后，我前往法国里维埃拉的一个村庄瓦洛里斯 (Vallauris) 与母亲团聚。她住在一栋单层房子里，在著名的马多拉 (Madoura) 工作室从事陶艺绘画，那里吸引了毕加索和其他艺术家。托比跟随我来到瓦洛里斯，并设计椅子。 1954年3月，托比制作的两把椅子在马多拉画廊展出期间被买走。那位匿名的买家要求托比和我将椅子送到他附近的家中。 那就是我第一次与毕加索面对面接触的地方。他当时 72 岁。 后来，我和一个朋友坐在马多拉的露台上，这时我们看到毕加索的手在他的工作室墙边出现，拿着一幅画着一个扎马尾辫女孩的素描。 那是我，于是我赶紧跑了过去。在
Sylvette David，19 岁，后被称为 Lydia Corbett，1954 年在法国瓦洛里斯。
他的谷仓里，他要求我跳进他那辆无法行驶的车里——一辆西班牙-瑞士 (Hispano Suiza) 汽车。他说：“快来，我们要去旅行了。”我爬了进去。 毕加索讲述了他的父母、他的家庭以及所有影响他艺术创作的马戏团人们。他还给我读了他的诗。我只是在听。 一天早晨，毕加索给我看了一幅我没穿上衣的肖像画，并说：“我希望你不在意。”他可能假设我会说：“噢，如果你愿意，我可以裸体模特，”但我没有那样做。这是一次考验，而我保持了纯真。他请求我为他做模特。
哥伦比亚特区
住宅房地产 佛罗里达州
守护您的财富... 立即搬迁！ 自 1989 年起深耕棕榈滩 豪宅房产...
在四月到六月之间，我每周有几个早晨去他的工作室。当我们工作时，我们保持安静。这就像是一场冥想会议。我坐在摇椅上侧身面对他，这让我不再心不在焉。 毕加索快速地完成了每幅肖像，总共约 40 幅——在接下来的几年里又增加了约 20 幅。 六月，他要求我选择一幅。我挑了一幅画，另一次他给了我一幅最像我的素描。那件抽象作品捕捉到了我的精神。 今天，我住在英国德文郡的一栋三层现代住宅中。我 2015 年搬到这里是为了靠近我的女儿伊莎贝尔 (Isabel)。这里有挑高的天花板和可以摆放我艺术作品的墙面空间。 1954 年初夏，法国杂志《巴黎竞赛》(Paris Match) 来到毕加索在瓦洛里斯的工作室为我们拍照。八月份刊登后，我的马尾辫引起了国际轰动。 我父亲建议的那个造型吸引了毕加索的目光，而毕加索反过来激励我成为一名艺术家。与他共同度过的那些柏拉图式月份让我对自己更有信心。 ——转述给 Marc Myers
Lydia Corbett，91 岁，是一位英法双语画家和雕塑家。1954 年，她为巴勃罗·毕加索做模特，成为约 60 幅作品的主题，使其发型引起了轰动。她即将于 11 月 4 日在伦敦的 Redfern 画廊举办展出。
ʱʍ˵ͩ ͩ˂ˏ͛ ΝɄΩ Ʉɩ̛ͷͩ ͛ɲ˂̛̛˵ ͛ͷͅͅ˵ˏʍ͛ࢽ
7KURXJK 9ROXQWHHUV RI $PHULFDèV 2SHUDWLRQ %DFNSDFNp PRUHWKDQ FKLOGUHQ VWDUWHGVFKRROUHDG\WROHDUQWKLV\HDU 6FDQ WR KHOS WKH QH･XG FKLOG VWDUW VWU）RQC
Θ ̛ Ʉ ࢶ̛ ͍ ʳ ࣃ̛ ͅ ʍ ͍Ʉ ͩ ˏ ̛ ̌ ࣒ɩ Ʉ ɲ ˬ ͅ Ʉ ɲ ˬ
DJIA 51711.65 g 506.93 0.97% NASDAQ 25137.69 g 2.2% STOXX600 639.27 g 1.2% 10-YR.TREAS. g 11/32, yield 4.703% OIL $92.19 À $5.36 GOLD $4,046.60 g $100.30 EURO $1.1378 YEN 163.85
News
Business&Finance
Oil prices rose above $100 a barrel and stock investors leery of tech issues helped pull down the S&P 500, Nas- daq and Dow by 1.2%, 2.6% and 1%, respectively. A1
Intel reported sales of $16.1 billion for the June quarter, up 25% from a year earlier and beating analysts’ estimates by 11%. B1
Stripe is in talks to acquire OpenRouter, a startup that helps developers choose be- tween AI models, though the exact price being discussed couldn’t be learned. B4
The EU fined Alphabet’s Google $1 billion for breach- ing its digital-competition rules in a case that risks ag- gravating tensions with the Trump administration. B1
Shares of Tesla fell more than 14% after the electric- vehicle maker missed earn- ings targets and reported negative cash flow for the first time in two years. B1
Ford and Geely arranged for the Chinese automaker to build some of its cars at Ford’s plant in Valencia, Spain, while also committing to jointly develop a new SUV. B3
Nestlé agreed to sell half of its water unit—home to Perrier and San Pellegrino—to private-equity group Platinum Equity in a $3.4 billion deal. B3
Lockheed Martin boosted its outlook after second-quar- ter profit rose as the defense contractor continued to ex- pand munitions production. B5
Comcast reported a lower profit for the second quarter, but narrowed subscriber losses in its domestic residential- broadband business for the second quarter in a row. B4
Worldwide
During a recent meeting in the Oval Office, Trump launched a tirade against Iranian leaders, calling them scumbags and lunatics as the president’s frustration grows at the duration of the war. A1 Trump said the U.S. would hold Iran responsible for at- tacks by Houthi militants after the group fired on two Saudi tankers in the Red Sea. A6
The U.S. will place tariffs of 10% to 12.5% on its major trading partners as part of a new set of duties that the administration says are meant to combat forced labor. A2
Mortgage rates rose to their highest level in almost a year as Middle East tensions spurred fears of higher inflation, with the 30-year fixed-rate loan averaging 6.58% this week. A3
New Jersey said it wouldn’t give the federal government personally identifiable informa- tion that could be used to pros- ecute immigrants who cast bal- lots after they were erroneously registered to vote. A3
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
Trump said the fate of a landmark agreement to pro- vide Saudi Arabia with a civil nuclear program is contin- gent on the kingdom normal- izing relations with Israel. A7
The Minnesota man who pleaded guilty last month to shooting two state Demo- cratic lawmakers, killing one of them along with her hus- band, was sentenced to more than two life sentences. A5
Two members of Con- gress introduced bipartisan legislation that would re- quire developers to maintain a “kill switch” to disable arti- ficial-intelligence systems that pose serious risks. A4
CONTENTS Arts in Review A11-12 Business & Finance B2-3 Business News..... B5 Crossword............ A12 From Page One.. A10 Heard on Street.. B10
Mansion ........... M1-10 Markets................... B9 Opinion............ A13-15 Sports .................... A16 Technology............. B4 U.S. News ........... A2-5 World News...... A6-9
FRIDAY, JULY 24, 2026 ~ VOL. CCLXXXVIII NO. 20 WSJ.com U.S. Edition
Concerns shave $890 billion in market value from the Magnificent 7
Wall Street is reckoning with a new reality: The biggest tech companies are no longer cash-printing machines. Concerns about Alphabet’s and Tesla’s earnings results spread to other major tech stocks on Thursday, with in- vestors dialed in to the impli- cations of ramped-up capital spending, putting a dent in the artificial-intelligence trade. Alphabet’s shares slumped
REUTERS
NEW FRONT: The ruins of a Moscow area warehouse for Wildberries, Russia’s version of Amazon, and its merchandise Thursday after a strike by a Ukrainian drone. Four company sites have been hit in the last week as Kyiv expands its targeting in Russia. A9
Send Him Into ‘Revenge Mode’ How Bots Escaped OpenAI And Went Rogue
BY ROBERT MCMILLAN AND SAM SCHECHNER
They were like high-school students trying to hack into the textbook company to cheat on their final exam. Only these hackers weren’t human. In a plot that seems ripped from the pages of a science-fic- tion novel, the attackers turned out to be AI models that had escaped from a research net- work at OpenAI, and on July 11 hacked into AI company Hug- ging Face. And the AIs appear to have been active on the in- ternet for several days before anyone stopped them. Hugging Face co-founder and chief science officer Thomas Wolf sensed something was off the minute he first looked at his company’s logs of the weekend attack. “This is making no sense. This guy is just looking at cybersecurity data sets,” he re- members thinking. “Human at- tackers, they don t want that. They want something they could sell.” Hugging Face put an end to the attack two days later, with help from a model from China, Wolf said. It was only this week that Hugging Face learned from OpenAI that its models were behind the hack. The incident set off alarms at OpenAI, which shut down systems it uses to test its AI models after it learned of the incident, to assess the damage and prevent further breakouts. It has also given the world a taste of what hacking might look like in the age of AI tools that can find never-before-seen PleaseturntopageA4
some 7%, costing the company more than $293 billion in market value, its largest one- day market-cap loss on re- cord. Shares of Tesla tumbled 15%, the stock’s worst post- earnings performance ever. The selloff extended to other tech stocks: Meta fell 3.4%, Oracle slid 4.6%. The Magnifi- cent Seven erased nearly $890 billion in market value, the biggest one-day market cap decline since the tariff turmoil of April 2025. The Nasdaq composite lost 2.2% Both Alphabet and Tesla reported soaring revenue, but investors instead zeroed in on their AI spending. The
BY ANNIE LINSKEY AND JOSH DAWSEY
WASHINGTON—President Trump was fed up. During a recent meeting in the Oval Office, the president launched into a tirade against Iranian leaders, calling them scumbags and lunatics, and unleashing a series of exple- tives, according to a person who heard the comments. As the war in Iran enters its fifth month, Trump is in-
U.S. NEWS A South Carolina town is in turmoil over a $545,000 email phishing scam. A3
Lake Tahoe Is Overrun by Bears
i i i Locals can’t scare away the pantry-raiding, toothpaste-sniffing intruders; Judy’s back
BY JIM CARLTON
By Hannah Erin Lang, Tina Li and Caitlin McCabe
phrase of the day: free cash flow—which turned negative at both. Alphabet’s free cash flow came in at negative $5.9 bil- lion—the first negative result since the company went pub- lic in 2004. The company’s fi- nance chief said free cash flow would remain under pressure as the company deepens its investments in AI. Alphabet also lifted its capital-spending forecast to as much as $205 billion this year.
creasingly frustrated that a conflict he once thought would be over in a matter of weeks has dragged on with no end in sight, administration officials and others close to the president said. Some of Trump’s advisers now worry that the war— which has resulted in higher prices, falling approval ratings and the deaths of more than a dozen U.S. servicemembers—is consuming his presidency and worsening Republicans’ al-
SPORTS The New York Yankee driving everyone crazy as baseball’s most annoying player. A16
got drool coming down,” re- called Peter, 69. “And he walks around the couch and does a big ol’ pee on the floor.” Barbie hid in a backroom while Peter slammed doors and banged pots and pans to scare off the intruder. The male bear—later identified as a known burglar PleaseturntopageA10
Meanwhile, Tesla is spend- ing big on its pivot toward au- tonomous vehicles and robot- ics. That includes building a chip-manufacturing facility called Terafab, which Tesla is developing in partnership with Elon Musk’s rocket com- pany SpaceX and Intel. Meta Platforms is projected to report negative free cash flow when it releases second quarter results next week, ac- cording to analysts surveyed by FactSet. Analysts expect the same from Amazon.com, PleaseturntopageA4
Markets punish Musk and his fans.................................... B1
ready dim prospects in the coming midterm elections. Trump has been trying to wind down the war for months. He announced a ceasefire in April after he threatened to end Iran’s “whole civilization.” In June, he said the U.S. and Iran had PleaseturntopageA6
Trump adds new hurdle to Saudi nuclear deal............ A7 Images show Iran is quickly rebuilding infrastructure.. A7
His Net Worth—His Ex Asks for Half
ADAM HUNGER/AP
South Korea’s ‘‘marriage of the century’ blew up in a real-life serial drama
BY JIYOUNG SOHN AND TIMOTHY W. MARTIN
SEOUL—Chey Tae-won, the billionaire atop block- buster memory chip maker SK Hynix, announced the breakup of his fairy tale marriage to the daughter of a president in a three-page letter to a South Korean newspaper a decade ago. In the letter, Chey ac- knowledged he loved an- other woman and had a child with her. In court pa- pers cited by local media, he said he didn’t believe his 27- year marriage could be saved and quoted the open- ing of Leo Tolstoy’s novel “Anna Karenina,” a tragedy that plots its own love trian- gle: “Happy families are all alike; every unhappy family is unhappy in its own way.” The yearslong divorce battle nears a climax Friday, when a panel of appeals court judges is scheduled to
Past $100, Threatens Economy
Crude hits levels that could rev inflation, pressuring GOP ahead of midterms
Oil prices roared back on Thursday to crack the $100 a barrel mark, an inflation-trig- gering threshold that threat- ens to bedevil the U.S. econ- omy while putting pressure on the Republicans ahead of the midterm elections.
By Benoît Morenne, Alison Sider and Sam Goldfarb
As President Trump warned Iran could soon feel “major military punishment,” Brent crude, the global gauge, topped $100 a barrel for the first time since May. The U.S. oil price shot up 6.2% to $92.19 a barrel. Higher energy prices rever- berated through markets, stok- ing a selloff in government bonds that sent the yield on the 10-year Treasury note—a key barometer for borrowing costs—to new 18-month highs. The Dow Jones Industrial Average and S&P 500 both lost around 1% on Thursday, while worries about runaway artificial-intelligence spending by big technology firms dragged the Nasdaq composite down more than 2%. Mortgage rates rose to their highest level in nearly a year, with the 30-year fixed rate hit- ting 6.58%. Some economists now predict that a nearly 7% U.S. mortgage rate looms. The pace of inflation had been cooling in June as energy prices declined during the temporary ceasefire and Americans showed a modestly improved mood about the PleaseturntopageA7
Brent crude
Fuel prices, past six months
100% Gasoline
Diesel
Feb. July
Source: FactSet
decide how to divide Chey’s roughly $5 billion fortune with his 65-year-old ex-wife, Roh Soh-yeong. The case, known here as the divorce of the century, has mesmerized South Kore- ans—a real-life K-drama of money, romance, corruption and betrayal. Its expected fi- nale comes as Chey, also 65, is seemingly having the time of his life. Nvidia CEO Jensen Huang and Chey quaffed whiskey at a fried chicken restaurant last month with the gusto of two billionaires at the pinna- cle of the world’s AI invest- ment bonanza. Chey offered to pay everybody’s tab at the packed restaurant, and the crowd shouted “SK! SK!” Huang and Chey, whose company makes the memory chips that helped fuel Nvidia’s rise to become one of the world’s biggest com- panies, had plenty to cele- PleaseturntopageA10
6%
6%
–2
THE WALL STREET JOURNAL
labor,coverover80 nationsrepresenting 99%ofU.S.trade
8%
8%
BY GAVIN BADE
WASHINGTON—The U.S. will impose tariffs ranging from 10% to 12.5% on its ma- jor trading partners as part of a new set of duties that the Trump administration says are designed to combat forced labor. The new duties, announced by U.S. Trade Representative Jamieson Greer’s office on Thursday, are meant to replace Trump’s temporary 10% global tariff, which was expiring early Friday. President Trump
BY NICK TIMIRAOS
Next week’s Federal Re- serve meeting is shaping up as one of the least predictable in years. A renewed oil shock and a hawkish faction press- ing to raise rates have collided with cooler inflation data that helps the case for a hold. Pre- siding over it is a new chair- man who has revealed nothing about which way he leans. Warsh has vowed to restore price stability, to disabuse in- vestors of the idea the Fed has implicitly accepted higher infla- tion. He hasn t spelled out how current interest rates will ac- complish that. The officials pressing to raise rates are the more insistent, and a few of them are candi- dates to dissent if rates stay on hold. Some influential policy- makers last week suggested they were inclined to hold, but could support tighter policy this year. A hold would poten- tially settle little by pushing the debate to September. At the Fed’s latest meeting, half of Warsh’s 18 colleagues expected they would need to raise rates this year. The other half thought they wouldn’t. On Wednesday, futures markets put the chance of a rate increase at roughly one in three when the Fed meets July 28-29, up from about one in 10 late last week, according to CME Group. The jump tracked a renewed run-up in energy prices as Middle East conflict has flared again. “I can make a good case for either raising rates or not,” said William English, a former senior Fed economist now at Yale. The deciding factor, he said, is largely out of the Fed’s hands: whether the Iran con- flict eases and oil falls back, or worsens and leaves the Fed with a more stubborn inflation
Higher
AND JUSTIN LAHART Lower-Income Workers See Boost in Earnings Growth
BY JEANNE WHALEN
Working-class Americans have experienced a paycheck bump in recent months after tax breaks and some signs of faster earnings growth, cer- tain data suggest, a welcome development for households that have been struggling with inflation and stagnant wages. An improvement in the fi- nances of working people at the lower end of the economic scale might help explain why their spending on both essen- tials and discretionary items has accelerated, some econo- mists said. Federal data this week showed an acceleration in weekly earnings growth for low- and middle-income full- time workers during the sec- ond quarter, compared with a year earlier. Weekly pay rose 5.5% for workers at the 25th percentile of earnings and 4.6% for workers at the me- dian, according to Labor De- partment data. That outpaced growth of 1.5% or less for higher-earning brackets. And it outpaced inflation, too: Consumer prices rose 3.9% over the same period. To be sure, not all data point to an improvement for the working class. And any re- lief could be short-lived as crude oil and gas prices climb, tariffs return and artificial in- telligence adds inflation pres-
25th percentile
put that temporary tariff in place in February, after the Supreme Court struck down most of his global tariffs. The new levies target more than 80 countries that Greer’s office says represent about 99% of U.S. trade. Countries that have laws on the books to combat forced labor were given a 10% tariff, while those without such statutes were given a 12.5% tariff. The new levies were to go into place at 12:01 a.m. East- ern time on Friday, the same time the temporary tariffs were set to expire. Goods cov- ered by separate national se- curity tariffs like steel, alumi- num, automobiles and parts, won’t be subject to the new tariffs, and certain food and agricultural imports, fertiliz-
Chairman Kevin Warsh won’t tip his hand, leaving observers unsure of the Fed’s rate direction.
problem. If the Iran situation pushes prices up, “they’ll wish they raised rates,” he said. “They’re just kind of stuck.” The case for waiting rests on recent economic data: Energy prices declined in June, and un- derlying prices were flat in the consumer-price index. The June employment report gave no sign of a tight labor market pushing prices higher. “The data have been more favorable than what the Fed had in front of them in June,” said Dean Maki, chief econo- mist at hedge fund Point72 As- set Management. “It would be strange for the Fed to respond to that set of data by hiking when it chose not to in June.” Officials who are more pa- tient argue that this year’s in- flation has been driven by a se- ries of one-off shocks—first, tariffs, and later, higher energy prices from the war with Iran— that a central bank is supposed
sures. Lower-income Ameri- cans who would most benefit from fatter paychecks are also those most sensitive to price increases. Working-class Americans have felt particularly squeezed in recent years as inflation and cooling wage gains pinched their pocket- books. Many have also missed out on the big gains in hous- ing values and stock-market portfolios enjoyed by wealth- ier households. The widening gap between their fortunes and those of higher-income Americans amounted to a two-speed economy. Atsi Sheth, an economist and chief credit officer at Moody’s Ratings, called the recent data a “nice bump” for the lower income groups. Data from the Bank of America Institute show that the after-tax wage growth for lower-income households ac- celerated in June to the fast- est pace since July 2023. The Bank of America data show wages for the bottom third of earners grew by 4.1% in June from a year earlier, surpassing wage growth of middle-in- come households for the first time since 2024 and nearly matching the wage growth of the highest-income house- holds. The bank’s data also show that spending by lower-in- come households picked up in June compared with a year ago—not just on necessities
ers and energy products will also be exempt. The new levies are based on a frequently used section of trade law—Section 301 of the Trade Act of 1974—that is considered more legally dura- ble than the basis for the tar- iffs the Supreme Court struck down. Once in place, the lev- ies can remain indefinitely and be unilaterally altered by the president. The immediate economic impacts of the tariffs are ex- pected to be limited, as the new tariff rates are similar to the 10% global tariff that was expiring early Friday. Even so, trade experts point out that there are a number of other tariff actions planned in the coming months that could further raise costs for busi-
Interest rates and inflation
Effective federal-funds rate Core inflation* (PCE price index)
2018 ’20 ’25 0
*Excludes food and energy prices
Sources: Federal Reserve (federal-funds rate), Commerce Department (PCE price index)
to look through rather than fight with interest rates. Some point to signs that the impulse from tariffs on imported goods prices has finally run its course. “There are encouraging reasons to expect that infla-
Change in usual weekly earnings of full-time workers from a year earlier, by earnings percentile*
2024 ’25 ’26
Change in after-tax wages from a year earlier, by household income level†
Lower Middle
2023 ’24 ’25 ’26
nesses and consumers. Countries that make prog- ress in combating forced la- bor, such as passing laws pro- hibiting the importation of goods made with it, could move from a 12.5% tariff to 10%, a senior administration official told reporters Thurs- day. India, for instance, was slated for a 12.5% tariff when a preliminary report was re- leased by the U.S. government in June, but was downgraded to a 10% tariff after passage of a law combating forced labor. It remains unclear, how- ever, if any nation could con- vince the Trump administra- tion to move its forced labor tariffs to zero. The U.S. doesn’t currently view any na- tion in the investigation as sufficiently enforcing its labor
tion has peaked and should edge down in coming quar- ters,” New York Fed President John Williams said last week. More officials worry their interest-rate setting, at 3.5% to 3.75%, is too low for an econ- omy that keeps defying fears of a slowdown, with inflation still above its 2% target and new price shocks in play. Even after stripping out one-off shocks, they argue, un- derlying inflation has been stuck near 2.5% for roughly a year—a sign the current set- ting isn’t restrictive enough. Lofty stock markets and easy borrowing conditions for com- panies suggest the economy could absorb higher rates without much difficulty. “Bet- ter modest restriction now than severe restriction later,” Dallas Fed President Lorie Lo- gan said in a speech last week. With an increase, Warsh would be able to define his
50th percentile
75th percentile
Wage-growth for lower- and upper-income halves‡
Lower Upper
2023 ’25 ’25 ’26
protections, even if it has laws on the books, but the official said the administration would continue to monitor the issue. Despite the stated goal of combating forced labor, critics argue the new levies are actu- ally aimed at rebuilding Trump’s global tariff regime in the aftermath of the Su- preme Court ruling. Immedi- ately following the decision, senior administration officials said they would replace the il- legal tariffs with levies at similar levels, though in re- cent weeks Greer has been more careful not to prejudge the outcomes of his tariff in- vestigation in case of legal challenges. “They’ve shifted, once they launched these investigations, into a more deliberate, rigor-
chairmanship on his own terms. Raising rates over a president who has demanded lower ones would dispatch the idea, pressed by Democrats during his confirmation, that he is Trump’s “sock puppet.” Delivering on his vow before the rest of the committee forces the issue would show him leading it rather than trailing it. “One hike gets you more than you might think for your reputation when you are new to the job,” said Marc Su- merlin of Evenflow Macro. Several Fed officials who had suggested they wouldn t push for a July increase—including governors Lisa Cook, Christo- pher Waller, and Philip Jeffer- son—have said one will become harder to postpone if the infla- tion outlook doesn’t improve. Some officials willing to hold steady next week may genuinely think an increase is unneeded, or they might sim- ply be reluctant to force the hand of a chairman who hasn’t shown it. “Right now, the data’s moving in his direc- tion, where he can probably sit tight and buy time,” said Michael Gapen, chief U.S. economist at Morgan Stanley. In the absence of guidance from Warsh, investors have taken their cues from wher- ever they can find them. Warsh, Williams and Jeffer- son form the Fed’s policy steering group, known inter- nally as the troika. Under Warsh’s predecessor, Jerome Powell, the two vice chairs helped build support for a pol- icy proposal they work- shopped ahead of the meeting, giving markets a read on their thinking. The troika has con- tinued to meet under Warsh, but he has said he wants “messier meetings” whose outcomes aren’t settled in ad- vance.
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS
and $130,000 a year. One possible reason behind the shift: Lower- and middle- income households might have boosted their take-home pay by reducing their tax withholdings to reflect tax re- lief offered by Republican leg- islation, Bank of America In- stitute said in a report. “If this is the case, the impact on after-tax wage growth could last for a year,” the report said. Liz Everett Krisberg, head of the Bank of America Insti- tute, said the growth could also reflect a pickup in work- ers switching jobs and receiv- ing higher wages as a result. PNC Bank data also show that lower-income household spending, excluding gasoline, has accelerated this year, nar- rowing the gap with higher- income spending growth to the slimmest margin since 2021. A different measure of pay doesn’t show a marked rise for the working class. The At- lanta Fed’s Wage Growth Tracker, which is based on de- tailed data underlying the La- bor Department’s monthly jobs report using a different methodology, shows that me- dian wage growth for workers in the bottom half of earners was 3.8% over the 12 months ended in June. That was slightly below the 3.9% bump the top half of earners re- ceived. (The data aren’t ad- justed for inflation.)
ous process, which you would expect from USTR,” said Blake Harden, former trade counsel for the House Ways and Means Committee now at con- sulting firm EY. “Does that change the fact that they’re still trying to re-create the tariff regime? Probably not.” Trade lawyers say the new tariffs are likely to withstand legal scrutiny, as Section 301 gives broad authority to the president to enact tariffs after an investigation. While some critics have argued that Greer’s forced labor investiga- tion isn’t as thorough as pre- vious Section 301 probes, the Trade Act doesn’t require “mathematical precision” for tariffs to pass legal muster, said Tim Brightbill, a partner at law firm Wiley Rein.
Will Ease Merger Reviews
BY DAVE MICHAELS
WASHINGTON—Merging companies will get a shortcut to ending antitrust investigations under a Justice Department change meant to make the gov- ernment review process less burdensome for businesses. The department’s antitrust division was set to announce Thursday a new model for streamlining merger reviews that would quickly focus on the most apparent ways a deal might diminish competition, according to department offi- cials. Antitrust enforcers won’t use the targeted approach in every case, but the process will allow some deals to clear fed- eral scrutiny earlier, the offi- cials said. Mergers valued at more than $133 million must be reported to federal antitrust enforcers. While President Trump’s en- forcers have challenged only a few deals in court, they still conduct in-depth investigations on dozens of deals that could diminish competition. Each full probe can take as long as a year. Under the new policy, the de- partment will commit to seek- ing records about the deal from fewer executives or employees. It would decide on whether to close or expand a merger inves- tigation within about five weeks of receiving the corpo- rate records, officials said.
AMPLIFICATIONS
President Trump this week threatened a 50% tariff on roughly $20 billion in Cana- dian goods. Also, Canadian Prime Minister Mark Carney campaigned on an “elbows up” approach to Trump’s tar- iffs and annexation threats. A U.S. News article on Thursday about Carney incorrectly said $20 million and “elbows out.”
Most of Union Pacific’s tracks are west of the Missis- sippi. A Page One article on Wednesday about the Big Boy 4014 steam locomotive incor- rectly implied they all are.
Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling 888-762-5450.
(USPS 664-880) (Eastern Edition ISSN 0099- 9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal ho idays. Periodicals postage paid at New York, N.Y., and other mailing offices.
Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020.
All Advertising published in The Wall Street Journal is subject to the app icable rate card, copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement sha l constitute final acceptance of the advertiser’s order.
Letters to the Editor: Fax: 212-416-2891; email: wsjltrs@wsj.com
Need assistance w th your subscription? By web: customercenterwsj.com; By email: support@wsj.com By phone: 1-800-JOURNAL (1-800-568-7625)
Friday, July 24, 2026 | A3 U.S. NEWS
$3
View Dims As Rates Climb
BY NICHOLAS G. MILLER
Mortgage rates rose to their highest level in almost a year, as Middle East tensions spurred fears of higher inflation. The 30-year fixed-rate aver- aged 6.58% this week, up from 6.55% the week prior, according to Freddie Mac, the highest level to date this year. Mortgage rates are closely tied to the 10- year Treasury yield, which hit an 18-month high Thursday be- cause of rising oil prices. “Given what’s happened in just recent days with the 10- year Treasury, I think mortgage rates will get closer to 7% in the coming weeks,” said Mark Fleming, chief economist at First American. The rate surge comes at the worst time. The real-estate in- dustry had been hoping the spring selling season would shake the frozen market loose. Instead, it was largely a bust, with buyers spooked by higher rates and uncertain about the path of the economy. This month, the National Associa- tion of Realtors said sales of ex- isting homes slid 2.4% in June over the previous month. The housing market has been stuck in a slump after the rise in mortgage rates in 2022 concluded a pandemic-era buy- ing frenzy. Many homeowners have opted to stay put to main- tain their low rates from years ago, which has weighed on in- ventory. That has led to rising prices. The national median ex- isting-home price in June rose to $440,600, up 1.8% from a year earlier, according to NAR. Home prices aren’t rising as fast as they were in years past, while income is continuing to grow, a positive sign for home sales regardless of where rates head, said Zillow Chief Econo- mist Mischa Fisher. Even without a significant decline in rates, economists ex- pect the housing market to eventually pick up because of pent-up demand.
Thursday
6.58%
6.0
5.8
Average rate on a 30-year fixed mortgage
6.8%
6.6
6.4
6.2
Oct. Jan. April July
Source: Freddie Mac via St. Louis Fed
BY LOUISE RADNOFSKY
Tensions between the Trump administration and New Jersey escalated Thurs- day over noncitizens who were erroneously registered to vote, as the state said it wouldn’t give the federal gov- ernment personally identifi- able information that could be used to prosecute as many as 400 immigrants who went on to cast ballots. The Justice Department this week asked Democratic Gov. Mikie Sherrill for names, dates of birth, nationalities, addresses and signatures of noncitizens the state believes to have voted after they were mistakenly added to the voter rolls during an earlier administration. Department officials indi- cated Thursday they were still weighing whether to try to bring charges against people who voted. “It is illegal for any noncitizen to vote in a federal election, and every un- lawful vote dilutes the voice of American citizens,” a depart- ment spokeswoman said. “The department is prosecuting cases where the law and evi- dence support it.” When Sherrill disclosed New Jersey’s mistake earlier this week, she said it would be the “utmost hypocrisy” for her state to charge nonciti- zens who voted “when it’s our fault,” and blamed her prede- cessor for putting immigrants
Scammer’s email bilks ‘Family Beach,’ leaving a contractor unpaid for services
BY SCOTT CALVERT
SURFSIDE BEACH, S.C.— The trap began with a routine bureaucratic ritual: the head of a family-run contracting company and a small town public-works director trading emails about when the munic- ipality would cut a six-figure check for utility work. Lurking online, a cybercrimi- nal pounced. Someone posing as a company employee emailed the director to request an elec- tronic transfer. Days later, the town sent $545,598.30 to a Utah bank account. Surfside Beach had fallen victim to a “business email compromise” scam, a swindle that cost $3 billion nationally last year, the Federal Bureau of Investigation says. In such ruses, fraudsters fool people with malicious software, phishing emails or tweaked digital addresses. Once in, they can spot legiti- mate email threads about in- voices and business matters. In Surfside Beach, a probe is under way to determine how the breach occurred. The money is still missing, and the fallout is rippling through the enclave of about 4,300 year-rounders, a place known as the “Family Beach” for its laid-back contrast to nearby Myrtle Beach. Locals are speaking out at Town Council meetings, and residents such as Cecilia Horne, 67 years old, are ques- tioning the competence of their leaders. “Where’s the professionals?” she said from the seat of her golf cart. The company, Wildcat Con- tractors, has yet to be paid and has had to tap reserves to help cover the errant $545,000. “I didn t get scammed, they got scammed,” Chief Executive Al- yssa Bowker said of the town. “Why should I not be paid?” Surfside Beach Mayor Rob- ert Krouse said the emailed payment request appeared genuine. “We don’t see where the town erred,” he said. The South Carolina Law En- forcement Division is investi-
billion
MATT ROURKE/AP
Voters wait this past fall in line at a polling place at Rowan College in southern New Jersey.
in a vulnerable position. At a public event Thursday, she said, “We are not in the practice of turning this kind of personally identifying data over to the federal govern- ment because we have seen them weaponize it.” Her spokesman added that the governor “will use all the legal tools available to her to protect New Jerseyans’ per- sonal information.” Under federal law, nonciti- zens face criminal penalties for voting, and they can also be deported for doing so. The governor said she was informed last week of “a serious software error” in the state’s motor-vehicle system in 2023 and 2024 that led to the regis- tration of 6,600 people who in- dicated that they were not U.S.
Losses from business email compromise scams
2016 ’20 ’25
Note: Some years include email account compromise, a similar but smaller category of scam Source: Federal Bureau of Investigation
gating, and the summary of a forensic analysis released Wednesday by the town said its email accounts weren t im- properly accessed, without pinpointing the scam’s origin. But one thing is clear: The ploy was designed to trick. The fraudster set up dummy websites and email addresses. One domain reads “wiidcatcontractors.com”— with the third letter in the email address a capital I, visu- ally identical to a lowercase L in some fonts. Another tacked an “s” on Surfside to create surfsidesbeach.org. Such “ty- posquatting” led town and Wildcat employees to commu- nicate unwittingly with the scammer, emails viewed by The Wall Street Journal show. The trick is so subtle it can “pass the human eyeball test,” said Ben Bernstein, a cybersecu- rity expert at Huntress Labs. While the details of the breach in Surfside Beach are still being scrutinized, cyber intruders have a typical tool- box for such crimes. To time their strikes, they set up flags
citizens—up to 400 of whom may have subsequently voted. Kamala Harris defeated Trump in New Jersey in the 2024 presidential election, winning the state by more than 250,000 votes out of 4.27 million votes cast. The system’s software ven- dor, Idemia, says its role was to transmit data to the New Jersey Department of State’s elections division, and that government department was responsible for validating and adjudicating the information. The state hasn’t disclosed how the problem came to light. New Jersey, which is com- missioning an independent in- vestigation, has sought to por- tray its approach as proof that states can be trusted to root out problems and disclose
on infiltrated email systems so they see when payment-re- lated messages land. They also route legitimate emails to trash so only the fraudster’s voice gets through. At the time of the debacle, Wildcat was well into a proj- ect to bury overhead lines on two-lane Ocean Boulevard. On March 9, Bowker received an email from Surfside Beach’s public-works director about the job’s fourth payment. She owns the 130-employee company, based in Gastonia, N.C. Her hus- band, Kyle Bowker, is president. “I will keep an eye out for the check,” she replied at 10:51 a.m., though the town says the direc- tor doesn’t recall that message. About 90 minutes later, someone posing as Wildcat’s project manager emailed the di- rector, asking that the money be sent electronically instead. That day, the scammer filled out Surfside Beach’s ACH form, short for Auto- mated Clearing House, an electronic bank network used to pay vendors. It had what Alyssa Bowker calls multiple
them without federal med- dling. But the timing of the state’s admission has been fortuitous for President Trump, who has made election integrity a cen- tral issue and claimed that voter rolls across the country contain hundreds of thou- sands of ineligible voters. New Jersey is among 30 states—predominantly but not exclusively led by Democrats— that have refused to turn over their unredacted voter rolls to the federal government, citing privacy interests and concerns that the Trump administration will misuse the information. White House spokeswoman Karoline Leavitt on Thursday said she believed the presi- dent had spurred New Jersey into action.
Surfside Beach Mayor Robert Krouse, above left at center, has defended the town’s actions amid the cyber scam.
Wildcat Contractors CEO Alyssa Bowker, above, with her husband and company president, Kyle Bowker, and their daughter, says ‘I didn’t get scammed, they got scammed. Why should I not be paid?’
red flags. The contact name isn’t her employee, and it lists a Los Angeles phone number, though the email address is her project manager’s. The bank is in Utah, and her signa- ture, she says, appears blurry and lifted from elsewhere. Town Finance Director Mel- anie Gruber said the ACH form didn’t raise suspicions. “It looked legit to us,” Gruber said. It isn’t unusual for a vendor to switch from check to ACH, Town Administrator Gerry Vincent noted. The fraud was unmasked April 27 after Bowker heard from town officials following her payment inquiries. Their message: We paid you. When the town sent Bowker the ACH form and emails, she spotted “wiidcat” in some emails. Krouse, the mayor, said the town’s IT department found no breach of its network—the same conclusion Bowker said Wild- cat’s IT consultants initially made about its network—and that the ACH request came from a valid Wildcat email. Krouse added that he awaits the inves-
)520 -8/< 72
%XEEOH &XUYH 3OFA DESIGNED BY 3ACHA ,AKIC
Surfside Is Not Alone
Surfside Beach has joined a growing list of municipalities hit by similar email phishing scams. Peterborough, N.H., lost $2.3 million in 2021 and recovered just $650,000, prompting of- ficials to dip into re- serves and cut spending. Insurance didn’t pay. Lexington, Ky., was conned out of $3.9 mil- lion a year later, but au- thorities seized all of it from a private bank ac- count. The crime has led to five federal convic- tions. Artificial intelligence is empowering scam- mers, said Timothy Lynch, chief of the FBI’s Cyber Enabled Fraud and Money Laundering Unit. In years past, he said, they overused “kindly,” a word seen in at least one Surfside Beach email. AI smooths syntax and diction, pol- ish that helps overseas crooks with poor Eng- lish. Of all the anti-scam safeguards, none beats human verification. “Call a known number to en- sure a request is au- thentic,” Lynch said.
tigative findings. The town has bolstered its controls and now requires pass- words for large contracts and closer scrutiny of ACH trans- fers. Historically, authorities have clawed back funds about 75% of the time when scams were reported within 72 hours, said Timothy Lynch, chief of the FBI’s Cyber Enabled Fraud and Money Laundering Unit. Be- cause it took 45 days for this heist to come to light, recovery is “highly unlikely,” he said. “The most important thing, other than trying to get as much money back as we possi- bly can,” said Councilor Rick Lawhorn, “is that we never have this happen again.”
SCOTT CALVERT/WSJ (TOP 2)
BY ANVEE BHUTANI New Bill Would Mandate AI ‘Kill Switch’
Two members of Congress have introduced bipartisan legislation that would require developers of the most ad- vanced artificial-intelligence systems to maintain the ability to slow down, suspend or shut down their models if they pose serious risks. The AI Kill Switch Act would give the Homeland Security De- partment authority to order companies to take emergency action against AI systems that could cause catastrophic harm, in consultation with the Com- merce secretary and the direc- tor of national intelligence.
Escaped OpenAI
ContinuedfromPageOne
ContinuedfromPageOne
software bugs and exploit them at astonishing speeds. Nearly two weeks later, OpenAI is still piecing together what happened. Did the AI models hack other websites or individuals? How long did their unsupervised spree actually last? Did the company’s mod- els cheat in other benchmark tests? OpenAI hasn’t said, but the company promises to pro- duce a detailed report. “We will continue to con- duct a thorough investigation alongside Hugging Face,” an OpenAI spokesman said. Rogue AIs going unsuper- vised for days, hacking at least one company, represent one of the first real-world examples of a threat long feared by AI safety researchers: loss of con- trol. It comes as the cybersecu- rity capacities of top models, including Anthropic’s Mythos, have helped fuel debate in Washington about how to regu- late artificial intelligence. And it brings an added twist: The contention that Hugging Face, a U.S. company, was able to repel the attack by turning to an open-weights model from China offers a counterargument to some U.S. officials, as well as executives at OpenAI and An- thropic, who support restrict- ing access to Chinese models. Open models are free to download and allow users to customize them, although oper- ating any model comes with computing costs. It all began with a cyberse- curity benchmarking test called ExploitGym. ExploitGym puts AI systems through a battery of about 900 tests, designed to see how good
OpenAI is still piecing together what happened nearly two weeks later. OpenAI boss Sam Altman at an event in March.
Hits Tech Stocks
which also reports next week and already saw its free cash flow dip into the red in the first quarter. The world’s biggest tech companies, which came to be known for generating ample cash and stable balance sheets, are in the middle of a transformation. They have all bet their fu- tures to some extent on rising AI use, investing in data cen-
their now matters.
matters now.
Their health matters now. Their education and their path
toward a livelihood matter now. Above all, their safety
ChildFund has always brought together people who care
about children to help them grow up healthy, educated,
skilled and safe. And that matters for all of us.
The bill from House Repre- sentatives Ted Lieu (D., Calif.) and Nathaniel Moran (R., Texas) comes after OpenAI disclosed that two of its AI models escaped a testing envi- ronment, accessed the internet and compromised systems at Hugging Face, an AI platform company. OpenAI described the incident as an “unprece- dented cyber incident” involv- ing state-of-the-art cyber ca- pabilities, the Wall Street Journal reported. Lieu, one of three co-chairs of the House Democratic Com- mission on AI, said the inci- dent showed the need for mandatory safeguards as AI
they are at hacking. The test gives the AI software that has a known bug in it, shows it how to trigger the bug and invites the AI to break in. It’s up to the AI to figure out how to turn that information into what’s known as an exploit—code that lets the AI gain access into the buggy system. The test is like a digital game of capture-the-flag: Once the AI gets in, it must prove it by cap- turing a long, randomly gener- ated string of letters and num- bers stored on the system. Normally OpenAI’s products wouldn’t do the kind of hack- ing that ExploitGym requires. AI companies add safeguards to prevent hackers from misus-
ters that will make it possible to deliver the computing needed to process AI queries. Those companies are rack- ing up unprecedented debt to fund their AI infrastructure plans. At the same time, cheaper open-source AI systems threaten the business models of leading AI labs whose com- puting and chip needs are driving hyperscale spending. Microsoft, which expects to double its capital spending this fiscal year, is alone among the big AI spenders– often called hyperscalers–in generating positive cash flow, with expectations for more than $16 billion in the June quarter, according to FactSet. “Investors are genuinely
systems become more autono- mous. “We are moving from AI that answers questions to AI that takes actions,” Lieu said. “Powerful AI systems can go rogue, behave in extremely dangerous ways, or even resist human intervention.” The bill would generally cover AI systems developed us- ing more than $100 million worth of computing power and companies that generate at least $500 million in annual revenue from those systems. Violations could result in civil penalties of as much as $2 million per day, while fail- ure to comply with an emer-
–5
ing their products. But in this case, the company had re- moved the safeguards so it could see what the models could do when unharnessed. OpenAI was testing its state-of-the-art model, called GPT‑5.6 Sol, and another more-capable one that hasn’t been released. According to OpenAI and those familiar with the situation, the AI models concluded that instead of completing the ExploitGym challenge, they would hack out of the system that contained them—known as a sandbox— wriggle their way onto the in- ternet and cheat on the test. For reasons that aren’t clear, OpenAI’s models became
Alphabet’s free cash flow, quarterly
$25billion
2005 ’10 ’15 ’20 ’25
Source: FactSet
concerned that these compa- nies are in the midst of de- stroying some of the most
gency shutdown order could carry penalties of up to $20 million per day. Under the proposal, “cov- ered” companies would be re- quired to maintain technical capabilities to stop a model’s operations, terminate user ac- cess, suspend accounts or uses deemed risky, and fully shut down the system. The bill would also establish a graduated response frame- work, allowing regulators to impose measures based on the severity of a threat, including throttling a model’s capabili- ties, limiting access, suspend- ing operations or ordering a complete shutdown.
convinced that Hugging Face held answers. They might have been looking for patches or already written exploit techniques, said Zhun Wang, a University of California, Berkeley Ph.D. student who is one of the authors of Exploit- Gym. “There are several ways to cheat the benchmark.” Cybersecurity researchers call this type of cheating “re- ward hacking,” he said. Reward hacking is the AI version of videogame cheats. It happens because AIs learn to maximize a reward—usually some form of numeric score, not the underlying behavior programmers intend. OpenAI itself documented one exam-
successful, scalable, investor- friendly business models the equity market has ever
Companies would be re- quired to report certain inci- dents to DHS and preserve fo- rensic records, including model weights and telemetry, to help investigators deter- mine what happened. “Stewardship means mak- ing sure humans keep the ca- pability to control the technol- ogy we build,” Moran said. The proposal has drawn support from AI safety groups including the AI Policy Net- work, Americans for Responsi- ble Innovation, ControlAI and the Alliance for Secure AI. The bill also follows recent concerns about AI systems with advanced cyber capabili-
ple in 2016 when training AIs to play a boat-race game. The AI learned it could maximize its score by spinning in circles in one spot, even though it never completed the race. At the same time, AIs are starting to get out of their sandboxes. An early version of Anthropic’s Mythos model used a multistep hack to get internet access and surprised an Anthropic researcher by sending an email about its success while the researcher was eating a sandwich in a park, the company said. This spring, an unnamed OpenAI model circumvented its sand- box to post some testing re- sults publicly to the GitHub
seen,” said Mike O’Rourke, chief market strategist at JonesTrading. “That should be alarming.” Free cash flow is essen- tially the money companies have left over after expenses and making big-ticket invest- ments. It is different from net earnings, which spread the cost of major invest- ments over several years through depreciation and amortization. Some analysts said free cash flow offers a clearer picture—albeit a bumpy one—of how much cash is available for things investors like, including dividends and share repurchases. The metric has at times been a defense against AI spending concerns. When
ties. Lieu cited Anthropic’s Mythos 5 and Fable 5 models, which the lawmaker said had hacking capabilities so ad- vanced that the Commerce De- partment restricted access us- ing export-control authorities. The bill enters Congress as lawmakers remain divided on how aggressively the federal government should regulate artificial intelligence. The Trump administration has argued that heavy restric- tions could hinder U.S. com- petitiveness in AI, while some lawmakers and technology- policy groups have called for stronger oversight of frontier models.
platform, OpenAI said. When OpenAI’s models started targeting Hugging Face on a weekend, one of the first warnings the company got was from a handful of AI agents it uses to patrol for attacks. Someone was getting unau- thorized access to some of its systems. But it wasn’t like any- thing Hugging Face had seen before. This hacker looked like it was from the future. Armed with stolen creden- tials of unknown origin, the AI interloper popped up a “swarm” of short-lived attack- ers that conducted reconnais- sance of the Hugging Face network. The attack took a whopping 17,000 actions on Hugging Face’s network, the company said in a blog post. After it detected the intru- sion, Hugging Face tried using Anthropic models including Fable 5 and its earlier Opus model to analyze its logs. But because the logs included ele- ments of a cyberattack, both models refused to do the anal- ysis, citing their guardrails. Instead, Hugging Face turned to a less-restricted open- weight model, GLM 5.2, from Beijing-based Z.AI. After dissecting the attack, Hugging Face was able to kick out the hacking AIs, reset its passwords and rebuild the compromised parts of its net- work, the company said when it disclosed the incident last week, before learning of Ope- nAI’s involvement. Wolf said no customer data was leaked. It wasn’t clear whether the ExploitGym problems the model was trying to solve were more difficult than the attack it mounted to steal the answers— or if they even found any an- swers. There is irony in the fact that models successfully orches- trated an unprecedented attack to avoid a hacking skill test. “It’s cheating. But some- times it’s easier to cheat,” Wolf said. “I’ll let you decide if it passed the cyberattack test or not.”
ANNA MONEYMAKER/GETTY IMAGES
skeptics have drawn compari- sons between the current tech frenzy and the dot-com bubble of the early 2000s, bulls have rushed to point out that today’s spending boom is financed by proven compa- nies with fortress balance sheets and buckets of cash. Now, those cash reserves are shrinking, and investors’ patience for Silicon Valley’s colossal spending spree is set to be tested. David Wagner, head of eq- uities and portfolio manager at Aptus Capital Advisors, doesn’t expect it to end soon. “Everyone thinks it’s going to slow down, where they’re looking for the first company to blink on capex expecta- tions,” Wagner said. “But this seems just to be the start.”
For New York Times Reporters
BY CORINNE RAMEY
The Justice Department on Thursday said it would with- draw subpoenas related to sev- eral New York Times reporters’ recent articles after a federal judge grilled prosecutors over whether they had followed proper procedures for the criminal investigation. The judge, Arun Subrama- nian, questioned prosecutors about the subpoenas, which were ordered after the Times published two articles this month about a jet gifted to the U.S. by the Qatari government that was being used as Air Force One. Issuing subpoenas to reporters, Subramanian said, carries a high legal bar. “They are the last thing you
ALEXANDRA NEWBOULD/AP
Salman Rushdie, seen left in a courtroom sketch, testified Thursday in federal court during the terrorism trial for Hadi Matar, his convicted attacker, in Buffalo, N.Y.
do,” the judge said. “It’s a mat- ter of basic compliance with the law.” Sean Buckley, a lawyer for the Justice Department, argued there was an exception if a sub- poena is authorized by the at- torney general. Acting Attorney General Todd Blanche said at his confirmation hearing before the Senate Judiciary Committee last week that he authorized the journalists’ subpoenas. The day after the second ar- ticle was published, armed fed- eral agents served three re- porters with subpoenas at their homes, the Times’s lawyers said. They also attempted to serve subpoenas to two other reporters, but didn’t do so. The Justice Department subse- quently ordered a second set of
subpoenas for phone records, some of which were tied to rel- atives of the reporters. Buckley said prosecutors had obtained the phone num- bers from a law-enforcement database and hadn’t intended to seek records of family mem- bers. “That was an error, judge, which we own,” Buckley said. “It was a consequence of trying to move quickly.” Lawyers for the Times filed motions to quash all the subpoe- nas. They argued the subpoenas didn’t meet the legal test for compelling information from a reporter. They said the requests for phone records “demonstrate abuse of the grand jury process, continued bad-faith attacks on the journalists” and violate Jus- tice Department regulations.
From the beginning of the hearing, in a Manhattan federal court, Subramanian made clear that he planned to quash the subpoenas if the Justice De- partment didn’t opt to with- draw them. At one point, he called up a prosecutor sitting in the courtroom gallery and questioned why he had told a judge, after the investigation had been the subject of public reporting, that the probe wasn’t public or known to the targets of the investigation. The prosecutor, Kevin Sulli- van, said the reporters weren’t targets. The judge then asked why prosecutors requested that the subpoena for phone records remain confidential. “Are you going to do this again?” Subramanian asked.
NEW YORK Rushdie Testifies At Terrorism Trial Four years after being stabbed on an amphitheater stage, Salman Rushdie sat across a courtroom from his convicted attacker Thursday and told jurors for a second time about the ambush that nearly killed him. The prize-winning writer re- called feeling what he thought was a punch under his chin, then feeling blood coming from his neck. Soon “I was on the stage, lying down, with an enormous pool of blood all around me,” Rushdie testified. A Buffalo federal court jury watched Rushdie as he testified at Hadi Matar’s ter- rorism trial. Matar has pleaded not guilty. Matar al- ready was convicted of a state-level attempted murder charge in the 2022 attack. Matar, currently serving a 25-year state prison sentence, faces a potential life sentence if convicted of federal charges that include engaging in an act of transnational terrorism. —Associated Press
The Justice Department served subpoenas to three Times journalists after they reported about the Air Force One jet.
“No, your Honor,” said Sulli- van. “Absolutely not.” David McCraw, senior vice president and deputy general counsel at the Times, said he was pleased that the Justice Department agreed to with- draw the subpoenas, “but they should never have been issued in the first place.” A Justice Department spokeswoman said the investi- gation remains ongoing. She accused the judge of “blocking
MINNESOTA Lawmaker’s Killer Gets Life Sentences The Minnesota man who pleaded guilty last month to shooting two state Demo- cratic lawmakers, killing one of them along with her husband, was sentenced Thursday to more than two life sentences. Vance Luther Boelter was arrested in rural Minnesota after a two-day manhunt in June 2025 following the kill- ings of state Rep. Melissa Hortman and her husband, Mark Hortman, and the shootings of Sen. John Hoff- man and his wife, Yvette Hoffman, who both survived. U.S. District Judge John R. Tunheim sentenced Boelter to two consecutive life sen- tences and an additional, fol- lowing, 40 years in federal prison on the stalking, mur- der and shooting convictions. In a deal to avoid the death penalty Boelter, 58 years old, also pleaded guilty to firearm possession charges in the politically mo- tivated shootings. —Mariah Timms
the grand jury from receiving core evidence in a national se- curity investigation.” The Wall Street Journal and its reporters received grand jury subpoenas dated March 4 that sought information related to a February article about the Pentagon raising concerns to Trump about the risks of an extended military campaign against Iran. A Dow Jones spokesperson said the subpoe- nas were later withdrawn.
NEW YORK CITY Suspect in Custody After Stabbing Two men were stabbed in New York City on Thursday in what police say they are evalu- ating as a potential hate crime. The victims are expected to survive, Police Commis- sioner Jessica Tisch said. One is a 57-year-old Asian man and the other is a 50-year- old Jewish man, police said. Both were stabbed in Manhattan’s Upper West Side neighborhood in two separate locations a few blocks apart, the New York Police Department said. The attacks occurred around 1:30 p.m. near Central Park. According to victim and witness statements, the sus- pect yelled “Allahu akbar” during both attacks, Tisch said. Allahu akbar is an Ara- bic phrase that translates to “God is greater.” The suspect, Raul Morales, 51, was arrested, she said. Morales doesn’t have any known mental-health history with the police. —Joseph Pisani
ANGELA WEISS/AFP/GETTY IMAGES
For Future Houthi Attacks
President threatens ‘military punishment’ and calls militant group a proxy of Iran
BY GARETH VIPERS AND LARA SELIGMAN
President Trump said the U.S. would hold Iran responsi- ble for future attacks by Houthi militants after the group fired on two Saudi tank- ers in the Red Sea, sending oil prices skyrocketing. “The Houthis are a Surro- gate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves,” he wrote in a so- cial-media post on Thursday. The Houthis’ military spokesman said the group tar- geted two Saudi oil tankers with ballistic missiles, cruise missiles and drones in the Red Sea on Wednesday, opening a potential new front in the conflict as the U.S. and Iran continued to trade strikes. U.S. Central Command said Thursday night it carried out a 13th straight night of strikes against Iranian military targets. The Iran-backed rebels in Yemen said they targeted the tankers, identified as the Ence- lia and Layla, after accusing them of violating a naval block- ade the group says it has im- posed on Saudi shipping in the Red Sea. The attacks sent oil prices racing past $100 a bar- rel on Thursday after the Houthis threatened to choke an important route in global oil supply and stoked fears that the U.S.-Iran conflict could es- calate further. One U.S. warship, the de- stroyer USS Gonzalez, is in the Red Sea, a U.S. official said, but there is no indication that the U.S. military will engage the Houthis directly or help defend Saudi ships. Trump last year launched a nearly two-month air campaign against the Houthis that ended with a ceasefire, leaving the Iran-backed group weakened. The group renewed its rheto- ric against Saudi Arabia last week, accusing Riyadh of striking an airstrip to prevent an Iranian aircraft from land- ing at San’a’s airport. Trump posted that “any and all damages done to Ships, Cargo, or anything related
Frustrated Over Iran
ContinuedfromPageOne
signed a memorandum of un- derstanding to reopen the Strait of Hormuz. But the brief periods of calm quickly gave way to continued fighting. The president in recent days has grown skeptical that nego- tiations with Iran can produce a lasting peace, according to people familiar with the mat- ter. A senior administration of- ficial said Trump believes that the only thing Iran understands is military force, adding that he is in “revenge mode” against Tehran. The president, the offi- cial said, currently sees few good options besides continu- ing strikes. Over the past two weeks, Washington and Tehran have repeatedly exchanged fire, ramping up the conflict after a ceasefire quickly frayed. On Wednesday, Houthi militants fired on two Saudi tankers in the Red Sea, sending oil prices skyrocketing. Trump threatened a “major military punishment” against Iran if the Houthis con- tinued their attacks. The U.S. is surging forces, medics and weaponry to the Middle East to give Trump more military options should he choose to escalate the war. Iran has been able to weather previous waves of airstrikes, and a sustained U.S. military campaign risks further erod- ing munitions stocks and pub- lic support. “The United States signed an MOU with Iran and they broke it, shot at commercial ships, and killed American sol- diers. President Trump is not
OSAMAH ABDULRAHMAN/AP
Houthi supporters held a demonstration in Yemen this month against the Saudi-led coalition. A banner in Arabic reads, ‘All Saudi oil facilities are targets to our missiles and drones.’
GOP Lawmakers Back Trump on War Powers Vote
Republicans are standing firmly behind President Trump as he struggles to ex- tricate the U.S. from the war he launched with Iran nearly five months ago, despite signs that Americans are weary of the fighting and its economic impact headed into the midterm elections. A Democratic-backed measure to rein in the presi- dent’s war powers passed 214-208 in the narrowly di- vided chamber Thursday, but all but four GOP House law-
thereto, will be paid for by Ira- nian Money that the United States has in its possession, and controls.” Secretary of State Marco Rubio blamed Tehran for the Houthis’ latest strikes in com- ments to reporters on Thurs- day. “The Houthis largely were smart and stayed out of all this throughout the con- flict, but they now apparently have gotten themselves suck- ered into this, going after Saudi Arabia and their ships.” Trump’s latest comments come as he weighs expanding the conflict with Iran. The U.S. in recent days has surged forces, medics and weaponry toward the Middle East to give the president more muscular
The president is said to see few good options in Iran other than more military strikes. A blown-up bridge in the country this week.
going to stand by and allow this terrorist behavior to oc- cur,” White House press secre- tary Karoline Leavitt said. She said that Iran is paying for its behavior and will continue to pay “until they come to the table in what President Trump deems a meaningful way.” The war has ratcheted up tensions with Trump’s closest partner in the fight: Israel. Trump has expressed frus- tration with Prime Minister Benjamin Netanyahu of Israel, at times telling aides that he doesn’t want to talk to him or meet with him, the senior ad- ministration official said. The Israelis have sought to orga- nize a meeting between Netan- yahu and Trump, the official said. Netanyahu was expected to come to the U.S. next week
makers voted against the resolution. That marked no change from a tally last month. The resolution is largely symbolic but it pro- vides a view into where law- makers stand. Trump sup- porters said he must address what they see as an existen- tial threat from Tehran. “If you don’t deal with it now, you’re going to deal with it later,” said Rep. Rich McCormick (R., Ga.). Reps. Warren Davidson of Ohio, Brian Fitzpatrick of
military options, should he choose to do so, The Wall Street Journal reported. In the past week, special-operations forces have deployed to the region from their U.S. bases, squadrons of jet fighters have been staged across the Middle East, and bomber aircraft at bases in the U.S. and U.K. are on high alert. Meanwhile, more than 150 medics arrived at the Land- stuhl Regional Medical Center in Germany, the primary loca- tion for treating troops in- jured in combat in the Middle East, in recent days. Recent U.S. strikes have hit Iranian military-operations centers, aircraft hangars, drone-storage facilities and military-logistics infrastructure
to attend the late Sen. Lindsey Graham’s funeral, but the plans haven’t been finalized. The Israeli embassy in Washington didn’t comment. The war has also taken a personal toll on the president and some of his senior advis- ers. Some top aides to the president have been advised by intelligence agencies that the Iranians are seeking to kill them and have been told to stop taking car services, ac- cording to people familiar with the matter. While he was in Turkey for a summit of international leaders, Trump was briefed on intelligence from Israel that indicated a new Iranian plan to kill him. The plot, which one administration official de- scribed as aspirational and
Pennsylvania, Tom Barrett of Michigan and Thomas Massie of Kentucky joined the House Democrats in trying to re- strict Trump’s powers. “American servicemen and women are dying, and gas and fertilizer prices are soar- ing. It’s time to end this war,” Massie said on X. A vote to advance an Iran war-powers measure in the Senate failed Thursday, with 47 in favor and 49 opposed, almost all along party lines. —Terell Wright
in attempts to degrade Teh- ran’s ability to attack ships in the Strait of Hormuz, accord- ing to U.S. Central Command. The U.S. also targeted bridges it says Iran’s military uses. Centcom said Thursday that it had redirected 12 com- mercial vessels and disabled another ship since the U.S.’s blockade of Iranian ports was reintroduced nine days ago. Earlier in the week, Trump ramped up his rhetoric against Iran, threatening to order strikes on its infrastructure. But the Iranian regime has shown no signs of backing down. Overall, 18 U.S. troops have been killed, including three during an Iranian missile bar- rage on Jordan last week.
other U.S. officials deemed not credible, was one factor in the president’s decision to fly an older version of Air Force One out of Turkey, which shares a border with Iran. Some offi- cials worried that the Qatari- gifted luxury jet that Trump flew on to Turkey lacked suffi- cient defensive capabilities, The Wall Street Journal previ- ously reported. Trump was furious when the New York Times first re- ported on the reason for the decision to switch planes. He was frustrated that the news leaked so quickly, arguing to aides that it was a security threat, officials said. Some ad- ministration officials have been asked to turn over their phones as the president’s team seeks to determine who leaked the
Show Resilience
A new front in the Middle East war has opened with Ye- men’s Iran-backed Houthis threatening Red Sea shipping, throwing a dangerous new variable at the U.S. and its al- lies and piling more pressure on the global economy.
By Omar Abdel-Baqui, Stephen Kalin and Saleh al-Batati
By declaring a blockade on Saudi oil shipments through the Red Sea and firing on two vessels, the Houthis have be- gun to cut off a second impor- tant commercial chokepoint, the Bab al-Mandeb, the strait connecting the Red Sea to the Gulf of Aden and the Indian Ocean. The militant group’s actions threaten to draw in other regional military powers such as Saudi Arabia, Israel and Pakistan. The Houthis spent months on the sidelines as their pa- tron, Iran, got pummeled by the U.S. and Is- rael. They jumped into the fray now for several reasons, Middle East an- alysts said, in- cluding a sense they could test a Saudi-led blockade of their ports and that Iran faced a new threat from a U.S. air war. The alleged Saudi bomb- ing of the international airport in the Yemeni capital, San’a, last week sparked their entry to the conflict in earnest. “With the escalation, the Houthis constitute a nuclear option for Iran,” said Adam Baron, a fellow at think tank New America who specializes in Yemen and the Persian Gulf. “They are a non-naval power that can execute a maritime blockade and hold the global economy hostage. They did this before and are aware they have this leverage.” Some ships with Saudi crude were reportedly slipping through the Bab al-Mandab, but oil prices have surged any- way. Ships may start trying to sail north through the Suez Canal, though proceeding from there to Asia—where Saudi Arabia sells most of its oil—would then require sailing all the way around Africa. “You don’t need an actual missile or drone to stop com- mercial traffic. If the shipping
news. Trump has asked his aides for regular updates. As the war lingers, Trump has grown less confident that the U.S. and Iran can find a diplomatic solution to the con- flict. He has complained to ad- visers that it is difficult to know who speaks for top lead- ership, and every time the U.S. thinks it has made progress at the negotiating table, Iran con- tinues its attacks, according to people familiar with the matter. Last month, the president was so excited at the prospect of signing the memorandum of understanding with Tehran to reopen the Strait of Hor- muz that he was dismissive of fellow Republicans who said the Iranians would never stick with the agreement, according to a senior administration of-
survived a campaign of U.S. airstrikes last year.
companies don’t want to go through, you effectively have a blockade,” said Michael Rat- ney, the U.S. ambassador to Saudi Arabia under the Biden administration. Like Iran, the Houthis are technologically far inferior to the U.S. military, but they pres- ent asymmetrical challenges. They bring to the war another anti-Western, Islamic-funda- mentalist foe that has already proved in past conflicts that it is prepared to absorb painful military punishment without bending from its purpose. The Houthis survived a campaign of U.S. airstrikes last year that sought to unlock their grip on the Bab al-Man- deb. They also outlasted a Saudi-led coalition that fought for seven years to dislodge the group—a U.S.-designated ter- rorist organization—after it seized San’a and a large swath of northwestern Yemen in a civil war. “I just don’t think trying to resolve this militarily will work. It didn’t in the first part of the war,” Ratney said. “The Houthis have absorbed insane amounts of violence from foreign military intervention and it hasn’t really affected their ideology or motivation.” Once dismissed as little more than rifle-armed moun- tain fighters, the Houthis now control swaths of coastal terri- tory and have a diverse arsenal of weapons to attack ships, in- cluding attack drones, ballistic missiles, cruise missiles and unmanned boats. Their mis- siles and drones are capable of reaching Israel, a sworn enemy, more than 1,000 miles away. The escalation comes as a four-year detente between the Houthis and the Saudis fizzles. “The Houthis are feeling emboldened,” Baron said. “They have a desire to test red lines and see if they can set new ones.” Abdulmalik al-Alejri, a member of the Houthi negoti- ating team, said the group is demanding Saudi Arabia pay for war reconstruction and announce its withdrawal from Yemen, which is split between the Houthi-controlled zone and a Saudi-aligned south and east.
ficial. He wanted it to be over, Trump told them. The president’s two top ne- gotiators, his son-in-law Jared Kushner and special envoy Steve Witkoff, still believe that a deal with the Iranians is possible, the people said. But other advisers have expressed skepticism that a peace agree- ment is possible. The war is splitting the con- servative coalition over which Trump once had an iron grip, worrying some Republicans close to the White House. Long- time Trump allies such as Fox News host Laura Ingraham have used their platforms to express concerns about how the war might impact Republicans in November’s midterm elections. “Netanyahu has led us into a horrible conflict filled with lies,” Steve Bannon, a long- time Trump adviser, said. “People can see with their own eyes what’s going on.” Top White House aides are trying to pivot to the economy. This week, Trump attended a dignified transfer of the bodies of four U.S. servicemembers who were recently killed in the Middle East, and then traveled to Georgia where he touted ini- tiatives such as his new Trump accounts to help parents save for their children’s future. Trump told advisers in a June Oval Office meeting that they needed to pressure gaso- line retailers and oil companies to reduce prices, and that the companies should do it because of everything he had done for them, according to people fa- miliar with the matter. Trump’s aides have con- vened a series of meetings to discuss ways to try to drive gas prices down before the midterms. Trump is less fo- cused on the election fallout from the war than his advisers and Republicans in Congress are, according to people who have spoken to him.
AMIR HOSSEIN KHORGOOEI/ANADOLU/GETTY IMAGES
–20
To the Saudi Nuclear Deal
to normalize relations with Israel could complicate the pact
BY STEPHEN KALIN
AND MERIDITH MCGRAW
WASHINGTON—President Trump said the fate of an agreement to provide Saudi Arabia with a civilian nuclear program was contingent on the kingdom normalizing relations with Israel, adding a condition to the deal that could compli- cate its path forward. The deal “will be approved, but is totally subject to Saudi Arabia joining the very re- spected and successful Abra- ham Accords,” Trump wrote on social media on Thursday, re- ferring to deals brokered by the
BY ANAT PELED AND MILÀN CZERNY Images Show Iran Is Quickly Rebuilding Infrastructure
Iran has quickly rebuilt in- frastructure damaged during the U.S. and Israeli bombing campaign over recent months, from missile bases nestled deep inside mountains to bridges, ports and production facilities, according to Israeli and Western officials and a review of satellite imagery. The faster-than-expected progress worries some Israeli officials. It helps explain Iran’s continued resilience despite an air campaign that involved more than 20,000 strikes at the height of the war and that continues along Iran’s coast in an effort to break Tehran’s grip on the Strait of Hormuz. Near Kangavar, in western Iran, satellite imagery from Planet Labs in March showed two tunnel entrances and an access road damaged by air- strikes aimed at blocking ac- cess to an Iranian missile base. Within weeks, imagery from Airbus revealed a neatly paved road leading to freshly excavated entrances. In another case, an Israeli military official said Iran re- paired a bridge Israel had struck with three bombs within days, surprising Israeli officials and prompting them to question the effectiveness of their targeting. Planet Labs satellite images from the beginning of July also showed partial recon- struction efforts at a shipyard in the port of Bandar Anzali on the Caspian Sea that is linked to the Islamic Revolu- tionary Guard Corps, the para- military group tasked with de- fending the regime. Israel said it hit dozens of targets there in March, including warships, the port, a command center and a shipyard used to repair and maintain vessels, aiming at a Russia-Iran supply line and calling it one of its most
AIRBUS
2.00
Roar Past $100 Mark
10%
–10
ContinuedfromPageOne
economy earlier this month. Now, prices at the pump have made a U-turn. The na- tional average retail price of unleaded gasoline pushed back above $4 a gallon this week, taking a bigger bite out of Americans’ wallets. Diesel prices have been ris- ing even faster than those for gasoline or crude oil. Diesel— which fuels trucks, construction equipment and farming imple- ments—tends to have an even greater impact on the economy and inflation when its price rises. The national average re- tail price was about $5.21 a gal- lon on Thursday, up 39% from a year ago, according to AAA. For months, Trump has been frustrated by high oil prices, which his aides pri- vately fear could hurt fellow Republicans in the midterm elections, according to people familiar with the matter. The president told advisers in June that they needed to
–5
U.S. to normalize relations be- tween Arab nations and Israel. White House press secretary Karoline Leavitt on Thursday said Trump previously spoke about the condition “many times” with the U.S.’s Gulf and Arab allies. “He has said if they don’t join the Abraham Accords, the deal is off. So we’ll continue to have those conversations with our Saudi counterparts.” The Saudi Embassy in Washington didn’t respond to a request for comment. Trump’s comments call into question the terms of the nu- clear deal signed a day earlier by Energy Secretary Chris Wright, which was seen as a victory for Saudi Arabia and a setback for Israel, an unde- clared nuclear power that has opposed nuclear proliferation by other regional states. The Trump administration
Energy
Images distributed by Airbus showed repairs at an Iranian missile base north of Kermanshah.
significant attacks of the war. Ran Kochav, a former com- mander of Israel’s air and mis- sile defense forces, said the rapid recovery is consistent with skills Iran demonstrated in rebuilding its infrastructure and missile stockpile after the 12-day Is- rael-Iran war in June 2025, be- fore the new war began in February. “They re- filled their stockpiles,” he said. “They have very impres- sive industrialization and re- construction capabilities.” Iran faces an enormous, costly and time-consuming ef- fort to dig out from under the damage caused by the U.S. and
work counters claims of war gains by Trump and Netanyahu.
Ten-year TIPS* yield vs. 10-year break-even rate
Break-even
TIPS
2.75%
2.50
2.25
1.75
1.50
–15
2025 ’26
Sources: Tradeweb (TIPS, break-even rate); FactSet (S&P 500, share prices) *Treasury Inflation-Protected Securities
pressure gasoline retailers and oil companies to reduce prices, according to people familiar with the matter, and adminis- tration officials have discussed various ways they could seek to lower prices, including ex- erting additional pressure on the energy industry. The chiefs of the U.S.’s big- gest oil companies—including Chevron, ConocoPhillips and Occidental Petroleum—are in regular contact with the Trump administration about the upheaval in energy mar- kets, according to people fa- miliar with the matter. Their attitude in calls with
announced the 30-year, multi- billion-dollar deal on Wednes- day with Saudi Arabia. It po- tentially opens the door to uranium enrichment on Saudi territory and gives U.S. compa- nies a central role in develop- ing the kingdom’s nuclear in- frastructure, while shutting out foreign competitors. As part of the deal, U.S. and Saudi officials would conduct a two-year study to determine the commercial viability of U.S. companies building a ura- nium-enrichment facility in the kingdom. Enrichment would only begin if that study supported such a step. Saudi Arabia was close to normalizing relations with Is- rael under a megadeal negoti- ated by the Biden administra- tion that would have included a U.S. defense pact and coop- eration on a civilian nuclear
Israeli attacks. But the speedy work across the country cuts into claims by President Trump and Israeli Prime Minister Ben- jamin Netanyahu that their bombing campaign dealt a dev- astating blow. The leaders have come un- der domestic pressure for failing to dis- lodge Iran’s ruling regime, eliminate Teh- ran’s nuclear program or re- open the Strait of Hormuz. White House spokeswoman Anna Kelly said the war suc- ceeded in destroying Iran’s missile arsenal and produc- tion, sinking its navy, weaken- ing its militia allies and ensur- ing it won’t possess a nuclear
S&P 500 sector performance since start of war
Industrials
April May July June
the administration, one of the people said, is essentially: “You can’t have it both ways. If there’s a war in the Middle East and the Strait of Hormuz is effectively closed, prices are going to be high.” White House spokeswoman Taylor Rogers said, “As the U.S. military degrades the terrorist Iranian regime’s ability to at- tack commercial vessels and disrupt the free flow of energy through the Strait of Hormuz, oil and gas prices will plummet back to pre-conflict levels.” Meanwhile, shares in major air carriers slid on Thursday as American Airlines and
American Airlines
program. Those talks were sidetracked by Hamas’s Octo- ber 2023 attack on Israel and the subsequent war in Gaza. Trump’s condition—which appears to resemble the Biden administration’s position—could help Washington exercise greater leverage over Riyadh to normalize relations with Israel before the end of his term. The Saudis remain open to normalization, but insist that the Israeli government com- mit to establishing a Palestin- ian state. They don’t see a se- rious partner for peace in the current government of Prime Minister Benjamin Netanyahu. Michael Ratney, who was U.S. ambassador to Saudi Arabia and chargé d’affaires to Israel during the Biden administra- tion, said Trump’s statement was a surprise and unlikely to change Saudi calculations on
weapon. The U.S. Central Command, responsible for the Middle East, declined to comment. The office of Israel’s prime minister didn’t respond to a request for comment. Israel’s military declined to comment. Overnight in the region, the U.S. military wrapped up its 12th straight day of strikes hitting the same sorts of tar- gets—missile and drone facili- ties, operation centers and military infrastructure—that it has been hitting for weeks. Its aim is to break Iran’s hold on the strait after the deal Trump signed in June to re- open it unraveled as Iran stepped up attacks on ship- ping. Despite the pounding, Iran has continued to land precise hits on ships and carry out missile attacks on U.S. re-
Southwest Airlines tempered their guidance for the year to reflect oil prices’ march higher. Just three weeks ago, American expected its full- year pretax income to ap- proach $1.5 billion. The com- pany’s new forecast that it will break even at the mid- point of its updated guidance range sent shares tumbling more than 8%. Airlines have passed along much of their added jet fuel costs by raising fares. Passen- gers have so far been willing to pay more, but that is only offsetting about half of the in- crease in carriers’ fuel bills,
A 2025 billboard in Tel Aviv touted an Israeli political-security initiative depicting President Trump and regional leaders.
normalizing ties with Israel. “Either Trump didn’t read the agreement before it was signed, Trump’s officials don’t actually represent his views, or Trump is trying to manage the criticism, both domesti- cally and from Israel, that emerged the moment the deal was signed,” said Ratney, who is now a senior adviser at the Center for Strategic and Inter- national Studies. Under the nuclear deal with the U.S., Saudi Arabia had re- jected the so-called gold stan- dard, a commitment never to
A missile base in the southwestern Iranian city of Dezful was struck by Is- rael in June 2025 and again in early March, when air- strikes buried its entrances, satellite images from Planet Labs show. Three months later, images from Airbus showed Iran was digging out several tunnel entrances at the site. Another Iranian missile base north of the city of Kermanshah took heavy blows at the beginning of
gional allies, such as Kuwait, Bahrain and Jordan, where an Iranian attack killed three U.S. soldiers over the weekend. “It turns out that the ru- mors about the end or the sig- nificant dwindling of the mis- siles were wrong,” said Tal Inbar, a senior analyst at the U.S.-based Missile Defense Ad- vocacy Alliance. Iran’s leaders aren’t show- ing signs of relenting despite the continued attacks. The five-week U.S. and Is- raeli bombing campaign at the beginning of the war exceeded the pace of recent wars con- ducted by the U.S. and Israel in the Middle East. It took aim at everything from under- ground missile cities to steel and aluminum factories. By its end, both Trump and Netan- yahu portrayed the campaign as a major setback for Iran. Israeli military officials have privately voiced frustra- tion with the results of the bombing campaign, pointing to the active rebuilding. A second Israeli military of- ficial said Iran was capable of rebuilding almost everything, including missile production, as it still has the know-how.
Share-price performance
40%
–40
Delta Air Lines
United Airlines
Jan. Feb. March April May June July
executives have said. Meanwhile, the changing tides of the war are whipsaw- ing entire market sectors. Energy stocks in the S&P 500 have swung between large gains and losses since fighting began, closely track- ing oil prices. The energy-hungry indus- trial sector has mostly moved in the opposite direction, though a sharp climb in de- fense-contractor stocks sent it surging on Thursday. And moves in the bond market show investors expect oil’s surge to drive interest rates higher.
enrich uranium at home or re- process the spent fuel from a reactor. It also rejected an ar- rangement for more rigorous monitoring and inspections by the International Atomic En- ergy Agency. Administration officials say a separate, bilateral verifica- tion agreement negotiated with the Saudis will still pro- vide for adequate monitoring of the U.S.-provided sites. Critics say the plan will be in- adequate to investigate sus- pected nuclear activities that don’t involve the U.S.
the war, Planet Labs imag- ery shows. By early June, images distributed by Air- bus showed crews had re- paired road damage, and trucks were reopening col- lapsed tunnel entrances. Satellite images from Planet Labs also show par- tial reconstruction near Tehran at Raja Shimi In- dustries, a plant believed to be involved in the pro- duction of missile compo- nents, according to a King’s College London report.
Israel and the U.S. often only succeeded in collapsing entry points to missile bases inside mountains rather than destroying them fully, Israeli military officials said. Weap- ons stored inside these col- lapsed sites were left intact, and Iran has since been dig- ging them out, they said. Some facilities that make more advanced components needed for manufacturing missiles, such as carbon fiber, might take Iran months if not years to re-establish following Israeli and U.S. strikes, said Jim Lamson, a visiting re- search fellow at King’s College London and former Central In- telligence Agency analyst. But Iran may have stock- piled those components at un- derground production facili- ties that can be used to assemble dozens or hundreds of new missiles and drones in the short term, Lamson said. Israel’s intelligence services believe Iran may have trans- ferred thousands of centri- fuges into tunnels inside Pick- axe Mountain, a development that would heighten concerns that it could reconstitute its nuclear program.
Investors bet on inflation by buying and selling both or- dinary U.S. Treasurys and those that hedge the risk of inflation, called Treasury in- flation-protected securities, or TIPS. The gap between the yields of the two types of bonds—known as the break- even rate—has been relatively steady, suggesting that inves- tors expect annual inflation to average around 2.3% over the next decade. Still, yields on both types of Treasurys have been rising sharply together, with 10-year TIPS yield hitting its highest level since 2023, according to Tradeweb. The yield on the benchmark 10-year U.S. Trea- sury note also topped 4.7% Thursday, its highest closing level in 18 months—before the start of the president’s sec- ond term. The moves show investors are concerned that the Fed- eral Reserve will need to raise interest rates—and keep them higher for longer—to ensure that inflation remains in check. “Given what’s happened in just recent days with the 10- year Treasury, I think mort- gage rates will get closer to 7% in the coming weeks,” said Mark Fleming, chief economist at First American.
JACK GUEZ/AFP/GETTY IMAGES
6%
PIROSCHKA VAN DE WOUW/REUTERS
ExxonMobil’s oil tanks and chimneys at a Dutch refining and petrochemicals platform would benefit from changes to EU rules.
Amid U.S., Industry Pressure
U.S.
three years on fines for energy importers who breach protocols
BY KIM MACKRAEL
BRUSSELS—The European Union wants to suspend pen- alties for companies that breach new rules aimed at curbing global warming, after the Trump administration and industry groups said they were too hard to comply with and could lead to energy shortages. The European Commission, the EU’s executive arm, rec- ommended Monday that EU countries delay noncompli- ance penalties that had been set to take effect next year. The fines, which can be as high as 20% of a company’s annual revenue, wouldn’t
UNITED NATIONS GENERAL ASSEMBLY
Journal House United Nations General Assembly is your home away from home.
September 22-24, 2026 New York, NY
Request Invitation wsj.com/journalhouseunga
–1
–1
come into play until 2030, the commission said. The EU requires companies to monitor and report on methane emissions for oil, natural gas and coal they im- port, and is set to eventually cap the amount of methane that can be emitted for each unit of imported energy. The bloc wants to reduce emissions of methane because it is a potent greenhouse gas that traps heat in the atmo- sphere. Industry groups and some of the EU’s biggest energy suppliers say the rules are too onerous and could make it harder for the bloc to meet its needs. Disruptions to oil-and- gas shipments through the Strait of Hormuz have added to concerns in import-reliant Europe, where high prices are kneecapping companies’ abil- ity to compete with the U.S. and China.
The U.S. and other energy- exporting countries have pressed the EU to ease its methane rules. Some Ameri- can multinationals such as Exxon Mobil have subsidiaries in Europe that import energy from outside the bloc, mean- ing the rules would apply to them, too. In a joint letter in June, the energy ministers of the U.S., Qatar, Algeria and Nigeria said they saw “no viable path to compliance” with the EU’s methane regulation, and called for a delay to the penal- ties and changes to the law. “Even with adaptive and flexible implementation, sig- nificant negative supply and price impacts are a certainty,” the ministers wrote. The EU’s methane rules aren’t the only ones the Trump administration has op- posed. U.S. officials have also
Join us at Journal House, where The Wall Street Journal will convene global leaders, policymakers and business executives during the United Nations General Assembly.
Explore the political, economic and geopolitical developments shaping today’s business environment while connecting with peers through live interviews, panel discussions and networking opportunities.
panned other EU sustainabil- ity reporting requirements and strict new rules for large tech companies. They refer to some of those rules as nontariff trade barri- ers, which they say remain a major irritant in the trans-At- lantic relationship even after the bloc dropped tariffs on many U.S. goods. The EU said Monday that it is still committed to the meth- ane rules and its emissions-re- duction goals. Companies are expected to comply with the rules even if penalties are de- layed, and sanctions can still apply if a company engages in deliberate fraud, an EU official said. The International Associa- tion of Oil & Gas Producers, whose members include Chev- ron, Exxon Mobil and Conoco- Phillips, said the proposed rule change doesn’t go far enough.
Steady, Despite Inflation Pressure
BY CHELSEY DULANEY
The European Central Bank held interest rates steady Thursday, but left the door open to raising borrowing costs again in the coming months to contain inflation driven by the war in the Middle East. The central bank left rates at 2.25%, as markets expected, after lifting them for the first time in almost three years in June. Global oil prices have jumped back above $100 a barrel as tensions escalate in the Strait of Hormuz, reignit- ing the risk of war-induced in- flation pressures. The ECB’s pause gives poli- cymakers time to assess how the collapse of the June U.S.- Iran ceasefire will affect in- flation. Renewed fighting has sent oil and natural-gas prices back up, threatening to drive infla- tion further away from the ECB’s 2% target. Consumer- price growth in the eurozone eased to 2.8% in June, from 3.2% in May, after the cease- fire initially drove down en- ergy prices. ECB President Christine Lagarde said some members of the ECB’s governing council discussed raising interest rates again at this week’s meeting. “There were some governors who asked themselves whether we should not consider a hike,” she said. “We all unani- mously decided that we were positioned adequately to wait.” European bond yields have surged alongside energy prices, sending government borrowing costs to their highest levels in more than a decade. Germany’s 10-year government-bond yield climbed toward 3.2% this week, the highest since 2011. France’s benchmark borrowing costs topped 4%, a level last seen in 2009. The ECB has moved faster
Eurozone
Central bank interest rates
U.K.
2022 ’25
Note: The Fed's rate shows the top end of its target range of 3.5% to 3.75%.
Source: FactSet
to confront energy-price-in- duced inflation than the Fed- eral Reserve or Bank of Eng- land, which have yet to raise interest rates since the war started in late February. In- vestors mostly expect the Fed and BOE to hold rates steady when they meet next week. The ECB has more room to lift borrowing costs because its benchmark policy rate sits more than a percentage point lower than its peers, and is still within a range that many economists view as neutral for the economy—neither stimu- lating nor restricting growth. The Fed’s target policy-rate range is 3.5% to 3.75%, while the BOE’s bank rate is 3.75%. Investors are pricing in nearly two more quarter-point rate increases from the ECB this year, with the next expected in September or October, accord- ing to derivatives markets. Lagarde said higher energy costs have fed through to prices for other things such as transportation. Policymakers are focused on whether ele- vated inflation is leading to so-called second-round effects, such as higher wages, that are harder to contain.
Friday, July 24, 2026 | A9 WORLD NEWS
Incoming leader has resisted bureaucratic decision-making in the armed forces
BY MATTHEW LUXMOORE
When a string of Russian strikes on military training grounds last year killed 12 Ukrainian soldiers, the general who commanded them did something unusual: He took responsibility and resigned. Maj. Gen. Mykhailo Drap- atiy said his efforts to change Ukrainian military practices were unsuccessful. He had tried to limit open-air drills at the training grounds, a legacy of Ukraine’s Soviet-style mili- tary that unnecessarily ex- posed troops to Russian fire. The “responsibility primar- ily lies with commanders,” he wrote in a post on social me- dia. “If tragedies continue, that means my efforts were inadequate.” Drapatiy stepped down as chief of the ground forces at the time but his willingness to take the blame won the respect of many rank-and-file soldiers. His post also fueled an intensi- fying debate about overhauling Ukraine’s military, which some see as being mired in a cen- tralized command structure
To Russia’s Urban Middle Class
BY ALEXANDER OSIPOVICH
For four years, the Kremlin sought to shield Russians from the fallout of the war in Ukraine, maintaining a veneer of normality in everyday life and ensuring affluent city dwellers could still enjoy 21st-century conveniences. That effort is crumbling. Ukraine’s long-range drone strikes have brought the war home to Russia’s urban middle class, most recently with at- tacks on logistics hubs for the country’s biggest e-commerce company, a homegrown ver- sion of Amazon.com. The company, called Wild- berries, is embedded in daily Russian life, with 81 million users a month, according to its website. Hundreds of thou- sands of third-party vendors use its online bazaar as a storefront, selling everything from clothing to housewares. On Saturday, Ukrainian drones hit two of the com- pany’s facilities, including a complex outside Moscow that was incinerated in a fire that took more than two days to extinguish. Two more Wild- berries sites in southern Rus- sia were hit overnight Tues- day into Wednesday. At least nine people were killed in the attacks, and total costs could range between $3 billion and $4.4 billion, ac- cording to Data Insight, a Moscow-based research firm. Most of that is because of the destruction of goods belonging to vendors, rather than Wild- berries’ buildings themselves.
GUILLAUME BONNAUD/MAXPPP/ZUMA PRESS
that suppresses initiative, and sometimes needlessly wastes the lives of soldiers. Now, the 43-year-old Drap- atiy has been tapped by Presi- dent Volodymyr Zelensky to lead Ukraine’s forces as com- mander in chief. Zelensky fired the country’s top commander, Gen. Olek- sandr Syrskiy, on Tuesday af- ter nationwide protests high- lighted a widespread desire for fresh faces in the military command who would jettison the staid Soviet norms that critics associated with Syrskiy. The rallies were sparked by the dismissal last week of en- terprising Defense Minister Mykhailo Fedorov, who had clashed with Syrskiy. Fedorov assailed Syrskiy for dragging his feet on steps to modernize Ukraine’s military. Before being dismissed, Syrskiy said he had elevated innovative young soldiers to top positions, and that some changes to the military were the purview of the defense ministry, not his staff. Fedorov has been in talks with Zelensky over his future role in government. An aide said he was offered the position of deputy prime minister but hadn’t accepted. On Thursday, Fedorov said he is only inter- ested in being defense minister. The military reshuffle
Russian stock index, MOEX
2022 ’25 ’26 ’23 ’24 1500
Source: Moscow Exchange
Some vendors on social media expressed shock that their inventories were torched. Viktoria Terekhova, who sells clothing for babies and toddlers, broke into tears in a video posted to Instagram as she spoke of the victims of the attacks and the daunting task of keeping her business afloat. About half her inventory was destroyed in the strikes near Moscow and in southern Russia, costing more than $160,000. Terekhova said the attacks have put her business at risk of defaulting on its loans. “If these strikes con- tinue, we’ll have nothing left,” she said. Many of the vendors have voiced anger at Wildberries, which they worry won’t com- pensate them for their losses. Less than two weeks before the attacks, the company amended
UKRAINIAN PRESIDENTIAL PRESS OFFICE/AP
Maj. Gen. Drapatiy has been tapped by President Volodymyr Zelensky to lead Ukraine’s forces as commander in chief.
comes at a critical moment for Ukraine’s military, which is gaining momentum with long- range strikes against targets deep inside Russia while im- posing heavy losses on Rus- sian troops whose battlefield offensive has stalled. Maj. Gen. Drapatiy’s selec- tion as Syrskiy’s replacement was applauded by rank-and- file soldiers and senior military officials, who cited his aver- sion to bureaucratic malaise and preference for direct con-
its agreement with vendors to absolve itself of liability in the event of drone strikes. Wildberries didn’t respond to a request for comment. Tatyana Kim, its founder, has promised to help vendors, and said Wednesday the com- pany began making payments to smaller vendors whose stock was destroyed in the attack near Moscow. She said Wild- berries’ insurance policy didn’t cover drone attacks. The strikes have prompted debate about whether Wild- berries’ warehouses are a le- gitimate military target. Ukrai- nian President Volodymyr Zelensky justified the attacks by saying the logistical hubs hit by Kyiv help supply the Russian military with drone components, navigation equip- ment and other gear. A review of Wildberries website shows drones and body armor for sale, but most of its offerings are civilian in nature. Russia has often bombarded civilian infrastructure in Ukraine. After the weekend strikes on Wildberries ware- houses, Russia hit logistics cen- ters used by Nova Poshta, a sort of Ukrainian version of FedEx. Even before the attacks on e-commerce warehouses, Rus- sians were voicing frustration about widespread fuel short- ages, the result of a months- long campaign of Ukrainian drone attacks on refineries. This month, more than half of Russian refining capacity has been knocked offline, ac- cording to estimates from IIR Energy, a Texas-based energy-
tact with officers on all levels. “This is a commander with a real sense of battle, who so- berly assesses the situation, takes fast decisions, and safe- guards lives,” Gen. Kyrylo Bu- danov, Zelensky’s chief of staff and until recently head of mili- tary intelligence, wrote about Drapatiy in a social-media post. After stepping down as chief of the ground forces, Drapatiy commanded Ukraine’s Joint Forces, which oversees opera- tions involving several branches
A Wildberries warehouse outside Moscow was struck in a recent Ukrainian drone attack.
market data and intelligence firm. The shortages have forced Russia to import gas for the first time in years, while drivers have been stuck wait- ing in long gas station lines. “The fuel crisis is arguably the most visible shock for or- dinary citizens since the mo- bilization of new troops in September 2022,” Oxford Eco- nomics said in a research note this week. By many measures, Russia’s economy was a success story in the wake of Vladimir Pu- tin’s full-scale invasion of Ukraine in 2022. Hit with sanctions, Russia reoriented its trade around China and other non-Western countries. Popular goods from Western brands that exited Russia after the invasion, such as Apple iPhones, continued to be on sale, brought in by unof- ficial resellers in places like Dubai and Hong Kong. Oil rev- enues kept pouring in to fund the war effort. Military spend-
FRANCE Wildfire Prompts Mass Evacuations About 20,000 people were evacuated from towns and vacation resorts along the French Atlantic coast on Thursday as the latest in a series of wildfires raged and hundreds of firefighters were dispatched to tackle it. Local authorities said the fire in a forest near the town of Lège-Cap Ferret, south- west of Bordeaux, spread over more than 12 square miles. As of Thursday, no in- juries were reported. The prefect, or head of the surrounding Gironde re- gion, Sophie Brocas, said about 700 firefighters have been deployed, including forces sent from the Paris region. The fire came within 980 feet of the first homes in Lège, and water bombers were being used to battle the blaze. Later in the day, the pre- fect’s office said the wildfire hadn’t been brought under control but remained con- tained to the north of Lège. More than 10,000 people, including tourists, were moved to safety overnight. —Associated Press
of the military. He came of age after the Soviet collapse and built his reputation in a new Ukrainian army that embraced modern methods of war. He was involved in some of the first skirmishes of Ukraine’s armed conflict against Russia in 2014. That summer, he came to prominence by leading a tank crew that smashed through a barricade erected by Moscow-backed troops in the southern city of Mariupol, and fought to shore up the defense of buildings in the city. Weeks later, in July 2014, Drapatiy coordinated the safe withdrawal of 260 troops from an area that was encircled and relentlessly shelled by Russian forces. Footage of the opera- tion’s aftermath showed doz- ens of troops applauding an exhausted-looking Drapatiy. Those actions earned him widespread recognition among servicemembers across the armed forces. Maj. Oleh Shyri- aiev, who fought in that eastern campaign as a young officer, said Drapatiy’s actions demon- strated that he gave priority to bringing soldiers home safely. By the time Russia launched a full-scale invasion in 2022, Drapatiy had risen to the rank of brigadier general and was tasked with leading the defense of Kharkiv and other positions under assault.
ing juiced economic growth in 2023 and 2024, though it has since slowed. Rising fuel prices have stoked inflation, forcing Rus- sia’s Central Bank to slow its pace of interest-rate cuts, a disappointing shift for local investors and businesses. Moscow’s main stock index has lost nearly one-quarter of its value so far this year, and last week sank to its lowest level since October 2022. After a selloff in government bonds, the Russian Finance Ministry said this week it was halting new sales “to aid with stabi- lizing the market situation.” Between March and May, a record-high 60% of Russians told Gallup that their local economic conditions were get- ting worse, the first time that a majority of respondents had been negative since the poll- ster began asking the question in 2006. Putin has shown no inclina- tion to scale back his military
INDIA ‘Cockroaches’ Defy Police Crackdown Thousands of young pro- testers were camped on the streets of India’s capital New Delhi on Thursday, defying new restrictions in the latest show of strength for a move- ment that has become one of the biggest challenges to Prime Minister Narendra Modi’s government. India’s “Cockroach” protests began more than a month ago over alleged leaks in some of the country’s most competi- tive entrance exams for medi- cal colleges and government jobs. The movement has since expanded beyond exam griev- ances, drawing professionals and families, while channeling broader frustration. Thursday’s demonstrations at Jantar Mantar, a desig- nated protest site in New Delhi, followed overnight clashes in which police used tear gas and batons to dis- perse crowds, the second such confrontation this week. On Monday, thousands of protesters marched toward Parliament before police broke up the demonstration with tear gas and batons. —Associated Press
In the fifth year of the full- scale war, Kyiv’s challenge is to scale up the use of battle- field technologies to counter Russian efforts to draw Ukrai- nian units into grinding and morale-sapping campaigns across the 600-mile front line. One of Drapatiy’s tasks will be to accelerate the integration of sophisticated technology, in- cluding unmanned ground vehi- cles and drones, into combat op- erations to make the Ukrainian army less reliant on a dwindling supply of assault troops. As Moscow presses along several fronts, Ukrainian com- manders complain they are being saddled with paperwork and struggling to effectively carry out orders. They see Drapatiy as someone capable of reversing that trend. Drapatiy will need to loosen the rigid top-down structure of the military and establish a rapport with senior command- ers across the armed forces, doing away with a hierarchi- cal, siloed approach to deci- sion-making, said Viktor Tre- hubov, Drapatiy’s spokesman in Ukraine’s Joint Forces. “Drapatiy genuinely de- spises the Soviet legacy in all its forms,” he said. “When it takes months to reach deci- sions that make it down the chain of command and are stalled by paperwork.”
ambitions in Ukraine in re- sponse to the worsening eco- nomic picture. On Wednesday, he dismissed the fuel crisis as “temporary” in a televised meeting with the government’s top economic policymakers. Earlier, the Kremlin’s top spokesman condemned the strikes on Wildberries ware- houses and said the authori- ties were in contact with the company. Maxim Mironov, a finance professor at IE Business School in Madrid and critic of the war, said that Ukraine’s attacks would have only a small impact on Russia’s econ- omy, but their psychological effect was already meaningful. “For years Putin has been selling the story that the fight- ing is somewhere on the fringes of the empire,” he said. “Now, people have begun to feel it, be- cause of the lines at gas sta- tions, because of the fires…Ev- eryone in Russia sees the war from their own window.”
UNITED KINGDOM Defense Academy Said to Be Targeted A man who plotted a ter- rorist attack on a British mili- tary academy with a friend who later carried out a deadly stabbing rampage at a synagogue was sentenced on Thursday to life in prison. Mohammad Bashir wasn’t involved in the Manchester at- tack on Yom Kippur in October, but the investigation into that crime led to evidence that he and the knife attacker planned similar violence at the U.K.’s Defense Academy west of Lon- don that trains British troops. His friend believed the U.K. was training Israeli defense forces. Bashir, 31 years old, pleaded guilty at Manchester Crown Court to preparing an act of terrorism. He will have to serve a minimum of 17 years behind bars. “Mohammad Bashir is a determined jihadist and dan- gerous individual who was planning an attack that could have caused devastation,” the Crown Prosecution Service said. “His actions demon- strate a deliberate and sus- tained commitment to violent extremism.” —Associated Press
REUTERS
Has Bear Problems
ContinuedfromPageOne
ContinuedfromPageOne
named Judy—moseyed into a bathroom, put its paws on the counter and sniffed a tube of toothpaste before leaving. “It smelled like a zoo here for three days,” Peter said. The retired couple was sitting outside under the pines, de- compressing over a bottle of Pinot Noir. It was their second bear invasion in a month. Black bears are on a ram- page across America, riding a population rebound driven in part by greater protection of the species. Around small cit- ies and suburbs, the predators follow their keen sense of smell to dumpsters, cars and homes. In Gatlinburg, Tenn., police in May freed a bear that locked itself in a hotel rest- room. A contractor in Steam- boat Springs, Colo., opened his truck door in June to find a bear cub devouring his lunch. An estimated 60,000 roam California alone, triple the number in the 1990s. Few places see more activity than the turquoise shores of Lake Tahoe. South Lake Tahoe police have received 174 bear calls this year through Wednesday,
Ex Presses For More
brate. SK Hynix’s stock jumped roughly 10-fold since the start of 2025, helping more than double Chey’s net worth. The opening settlement de- mand by Roh: half of Chey’s assets, which are mostly held in stock of the SK conglomer- ate’s holding company that also has recently ballooned in value. Chey and Roh declined to comment. Chey, a nephew of the SK conglomerate’s founder, posts Instagram photos of himself to tens of thousands of followers, posing with Silicon Valley chief executives such as Huang, OpenAI CEO Sam Alt- man and Microsoft CEO Satya Nadella. Chey, who goes by “Tony” in the West, played golf at Mar-a-Lago before a meeting with President Trump last fall. Joe Biden had called him a pal during a 2022 visit. Chey also has twice been convicted, imprisoned—and later pardoned by two South Korean presidents—for white- collar crimes. Roh appealed a roughly $50 million divorce judgment in 2022, which would have been a fraction of Chey’s assets. She called the sum a “denial of women’s commitment to the household.” Two subse- quent trials failed to resolve the dispute. Chey’s ex-wife now wants an appeals court to grant her a higher proportion of Chey’s fortune, fattened by the global AI frenzy, using an updated asset valuation. Chey has ar- gued Roh played no role in SK’s recent success and that judges should base the divvy on an earlier measure—before his company’s stock boom. The ruling could push Roh’s settlement to as much as $1 billion, said South Korean di- vorce attorneys not involved in the case. A payout of that size would dilute Chey’s own- ership grip on SK, exposing him to greater risk with activ- ist investors or other outside pressure. South Korean newspapers declared their 1988 nuptials as “the wedding of the century.” The ceremony was held at the presidential Blue House just months after Roh’s father, Roh Tae-woo, became South Ko- rea’s first president after the collapse of the country’s mili- tary dictatorship. In December 2015, the cou- ple’s happily-ever-after image shattered with the publication of Chey’s intention to seek a “clean end” with his wife. In the hours after the hu- miliating public disclosure, Roh told friends she wondered whether she had been too selfish and inconsiderate of her husband’s emotions, ac- cording to local media reports. She also said she would de- fend her household and keep
compared with 97 over the same period in 2025. Mike Webb cut short a fam- ily fishing outing last week af- ter a 200-pounder ap- proached, minutes after Webb’s 11-year-old son caught something. “I was relieved the bear didn’t notice, otherwise we could have had a situation on our hands,” said Webb, 38. It was a wise move, as the same bear lunged at other vis- itors minutes later. Injuries are rare, though of- ficials report as many as five attacks annually around Tahoe and worry the number could grow. The Byzantine nature of government jurisdiction doesn’t help. Tahoe straddles California and Nevada, plus several local counties and towns, often with differing guidelines on something as basic as stowing garbage. Local authorities and vol- unteers often clash. “They both have the same goal—take care of the bears— but there’s a great chasm in how to do it,” said South Lake Police Chief Jeff Roberson. His department convened a “Bear Summit” this year to help bridge the differences. One group, the BEAR League, responds to hundreds of calls about sightings or inci- dents yet refuses to share the locations with state agencies. “To them, it’s ‘if you have a problem bear, let’s kill it,’” said Ann Bryant, executive director of the BEAR League.
Roh Soh-yeong, left, the ex-wife of Chey Tae-won, chairman of SK Group. Their divorce was closely watched in South Korea.
the family together. “I will not divorce him,” she said at the time.
Behind bars Chey and Roh had met as graduate students at the Uni- versity of Chicago, and the powerhouse pairing—a mar- riage of political and business elites—embodied a fresh im- age for South Korea. The country had hosted the 1988 Summer Olympics and sought to put its decades of brutal military rule behind it. At the ceremony, Roh wore a simple white wedding dress. Chey paired an ivory suit with a black tie. The country’s then-Prime Minister Lee Hyun-jae officiated. “The two of you now, as one flesh, should create a family that de- votes itself to the nation and its people,” Lee told them. Scandal later emerged in- volving the Roh administra- tion’s dealmaking with SK. In 1992, SK was awarded a li- cense to operate the country’s second mobile-phone network. Kim Dae-jung, an opposi- tion lawmaker who later became presi- dent, called it a “shameless act of presidential nepo- tism” and the “ab- solute climax of cor- rupt, political- business collusion.” Within days, SK returned the license. The conglomerate, now South Korea’s largest telecommu- nications player, said the license was granted lawfully, based on merit. Roh Tae-woo, who died in 2021, faced various crimi- nal charges after serving as president from 1988 to 1993. In one case, he was
The bear that broke into the home of Peter and Barbie Fons is ’Judy,’ a known burglar.
State officials say bears are euthanized only in extreme circumstances such as after they’ve hurt someone or com- mitted repeated break-ins. They say relocating the bears rarely works because they ei- ther come right back or cause the same problems elsewhere. Meanwhile, the volunteers themselves are at war. Longtime resident Toogee Sielsch left the BEAR League and started a rival called Team BEAR, which does share bear locations. He said the league demonizes its detractors. “They spread lies about me, I spread truths about them,” said the 65-year-old Sielsch. The BEAR League disavows him. “Toogee is always about
convicted of taking illegal pay- ments from the heads of South Korea’s biggest con- glomerates and creating a per- sonal slush fund totaling hun- dreds of millions of dollars. Evidence surfaced in court documents submitted in Roh’s divorce that her father had al- legedly spent some of the money on clandestine pay- ments to SK. Roh Soh-yeong’s lawyers sub- mitted a hand- written note that Roh’s mother had ap- parently saved. It wasn’t clear who wrote it, but it showed S u n k y o n g — SK’s prior name—written beside “30 bil- lion won,” about $23 million. Roh’s lawyers said the pay- ments were made to Chey’s fa- ther, alleging it was money the ruling SK family might have used to expand the con- glomerate’s businesses. Chey’s lawyers have denied that SK received such payments.
powerhouse pairing of political and business elites.
his face, his cameras,” said Kathi Zollinger, one of 250 volunteers. Last week, the competitors went on separate patrols in the same city. Sielsch drove to a home that had been burglar- ized by a bear to install an electric mat on the back porch. The mats carry a non- lethal but memorable 10,000- volt charge. “People ask me, what if my dog steps on it?” Sielsch said. “I go, they’ll only step on it once.” The next day, Zollinger, 66, of the BEAR League, pulled up to a house with a paintball gun. A call had come in from a homeowner who was out of town and who had spotted the
The note and other evi- dence persuaded an appeals court in 2024 to order Chey to give his ex-wife 35% of his as- sets, amounting to nearly $1 billion at the time. The su- preme court last year con- firmed the couple’s divorce, but left the divorce settlement for a lower court to decide. Separately, the court ordered Chey to pay Roh the equiva- lent of $1.4 mil- lion for the emotional dis- tress he caused. Chey also had criminal convictions. He was sentenced in 2003 to three years in prison for ille- gal trading and a c c o u n t i n g fraud. He spent months be- hind bars until being released on bail. A court granted him a suspended sentence. Later, a presidential pardon wiped his record clean. In 2013, Chey returned to prison to serve a four-year sentence for embezzling
intrusion on a security camera. Zollinger’s patrol partner slid into the crawl space after the suspected intruder. They aborted the search after find- ing too little room to move safely, and left a board propped over the hole. “The bear will run you over to get out,” Zollinger said. She returned to find the board undisturbed. The bear, she concluded, had slipped out before they’d even arrived. BEAR Leaguers say the ulti- mate solution is for all homes in the Lake Tahoe Basin to get wired. A company called Bear Busters said it has installed wiring—an electric force field that delivers a shock—for about 6,000 properties so far.
roughly $42 million in com- pany funds. The money funded speculative personal invest- ments that were used to help cover personal trading losses accrued years earlier. Chey denied the embezzle- ment allegation, saying the transactions were legitimate corporate investments. “I don’t know what it is that I failed to prove,” he said in court, “but I can honestly say that I did not commit this crime.” A South Korean judge criti- cized Chey for failing to ex- press a sincere view about his responsibility. Chey later said, during the appeals trial, that he had made a wrong decision and “deeply regretted every- thing.” While behind bars, Chey ce- mented his power over SK’s controlling company through the merger of two SK affili- ates. He also published a 229- page book, titled “New Explo- ration, Social Enterprise,” detailing how governments can create incentives for com- panies to help solve social problems. He received a sec- ond presidential pardon in August 2015. He ended the year revealing his plans for divorce, leaving his wife for a younger woma
Distress Chey’s partner, Kim Hee-young, is 50 years old, ac- cording to corporate filings for a founda- tion she leads. Kim, who uses the Eng- lish name Chloe, has posted several pho- tos with her teenage daughter. The two estab- lished the T&C Foundation in 2018,
After a bear was caught on video stealing food from his getaway on the lake, retiree Walt Pudewell last week paid $5,000 to have every door and window secured with electric mats and wiring. That still may not be enough for his wife, Trish. “I wanted to sell the house,” she said. What galled her most: the bruin stole her favorite bis- cotti. “He unscrewed the lid,” she said. “It really ticked me off.” At nearby Fallen Leaf Lake, Margaret Deanesly Ziegler has tried everything to keep bears out of her 1928 summer cabin—mats with nails, elec- tric bungee cords, even a steel door. A company called Bear- ier Solutions recently beefed up her wiring after a bear sur- prised Ziegler when she re- turned with balloons in hand on her 91st birthday. “I heard the most god-awful noise,” the retired physician recalled. “I jumped up, and I heard the house being wrenched, the wood being torn apart, the house being torn away. I just had a walking stick in my hand because I just come up. I banged the stick and I shouted and you know stomped and did what I could and I never saw the bear.” Ziegler has spent $7,500 but isn’t sure that’s enough. “The bears are winning,” she said with a sigh, sitting on a porch overlooking the lake. “I’m the one that’s spending the money.”
JESSICA HADLEY FOR WSJ
a charitable group involved in youth scholarships and educa- tional programs. They offi- cially appeared together at an event the following year, where Chey said he had come to see himself as a cold- hearted businessman with zero sympathy. “I reflected on my past,” he said at the time, “and realized that I had lived my life wrongly.” Roh finally agreed to a di- vorce months later. “I think it might be right to let my hus- band go find the ‘happiness’ he so desperately wants,” she said in a social-media post. She later sued Kim for emo- tional distress, winning the equivalent of a $1.5 million payout. Roh operates the Art Cen- ter Nabi, South Korea’s first media-art museum, which had occupied a floor of SK’s down- town headquarters. Yi Won- kon, a professor emeritus of fine arts who advised Roh in the center’s early days, said he had initially doubted a wealthy socialite without for- mal training in media-art theory could succeed. He now acknowledges he was wrong. The SK affiliate managing the company headquarters ac- cused Roh’s art center of ille- gally occupying the space in 2023, citing a lapsed rental contract. In June, Roh moved the art center near South Ko- rea’s former royal palace. The debut exhibit, featuring ki- netic artwork, is titled, “A Pregnant Pause.” Chey and Roh both at- tended their youngest daugh- ter’s wedding in October 2024. Their daughter walked down the aisle alone. All three of their adult children have worked at SK subsidiaries. Only one does now. Chey and SK Hynix remain on an epic streak. The com- pany’s market value surpassed $1 trillion in late May. A re- cent plan for SK Hynix to in- vest more than $250 billion in chipmaking production in South Korea drew praise from President Lee Jae Myung, who referred to Chey and his coun- terpart at Samsung as “heroes of the nation and the people.” On July 10, Chey rang the bell at New York’s Nasdaq to celebrate SK Hynix’s U.S. trad- ing debut. The listing gener- ated more than $26 billion for the Korean memory-chip com- pany. In a November social-media post, Roh expressed nostalgia as she prepared to leave the home where she had raised a family and lived for 37 years. “Now that I am over 60, ev- erything feels precious,” she said. Roh uploaded photos of her wedding dress, luxury hand- bags and other possessions. She wrote that her heart ached most looking at a poster her three children made when they were young. They affixed headshot cutouts of their par- ents from photos and placed them above paper cutouts of a wedding dress and a tuxedo. The children decorated the poster with hearts and stars. They also left short messages. “True love,” one said.
FROM LEFT: YONHAP NEWS/ZUMA PRESS; JINTAK HAN/ZUMA PRESS
Friday, July 24, 2026 | A11 ARTS IN REVIEW
W
ow, do people hate this movie. Weeks after “Her Private Hell” caught a beating at the Cannes Film Festival, I attended a screening from which about 20 people (out of about 150) walked out, or fled. Many others, clearly bored, felt the need to turn on their phones to check the sports scores. Inscrutable, incoherent and incontinent, director Nicolas Winding Refn’s tale of three actresses making a sci-fi film while being stalked by a mysterious figure called the Leather Man will gleefully frustrate most efforts to make sense of its foggy dreamscape. Still—you knew this was com- ing—I admired the madness. What it all means, I can only guess, but I was captivated by Mr. Refn’s psyche-mining imagery. The vibe seems primarily inspired not only by the 1968 sexploitation film “Her Private Hell,” set in the mag- azine business, but also by Brian De Palma’s twisted erotica in films such as “Dressed to Kill” (1980) and “Body Double” (1984). Like Mr. De Palma, Mr. Refn is an eager connoisseur of lesbians, stalking and sudden gore. The film is the first feature in 10 years from Mr. Refn, 55 years old, who was seen as an exciting up-and-comer when he was young. After making his name in his native Denmark with the 1996 crime drama “Pusher” and its sequels, he was beckoned to America. Here he made his best- known and most successful feature, the crackling Ryan Gosling thriller “Drive,” a movie so intense that I didn’t notice the earthquake that took place while I was watching it in New York.
K
NEON (2)
TELEVISION REVIEW | JOHN ANDERSON Trying to Laugh With Kevin Hart
evin Hart seems to be everywhere— acting, producing, making podcasts, doing standup, appearing in ads for banks and sports betting. What’s the ap- peal? He works so hard. It would be impolite not to try to laugh. Imagine your hostess saying she spent 10 hours making your bouillabaisse. And you’re allergic to shell- fish. You want to be rude? Or just get hives? You’ll be itchy after “72 Hours,” in which Mr. Hart plays Joe Nixon, an account manager at a major New York ad agency who would be in line to become chief creative officer if his most recent campaigns hadn’t been flops. “Total misses with Gen Z,” according to his boss (Kevin Dunn). “That Fanta ad, where the two bottles are talking about chang- ing pronouns. What was that?” Joe is out of touch and almost out of time. Until he gets an errant text from a stranger named Nick (Mar- cello Hernández) about a very un- derfinanced bachelor party in Miami. On a whim, Joe sends a good-na-
FILM REVIEW | KYLE SMITH When Style Is Substance
That was back in 2011, though, and since then Mr. Refn’s efforts in both filmmaking and streaming television haven’t really caught on. Also, in 2023, he has said, he was dead for 25 minutes during sur- gery to repair a heart defect. Mr. Refn understandably feels liberated to venture forth on whatever kind of crazy cinematic escapade he wants, and if you don’t get it, that’s on you. Follow- ing his previous film, “The Neon Demon,” “Her Private Hell” finds the director returning to some of his beloved motifs, such as impos- sibly glamorous yet noir-tinged spaces populated by blank-faced beauties in wickedly chic clothes. Sophie Thatcher, a new queen of horror (“The Boogeyman,” “Her- etic,” “Companion”), plays Elle, an actress living in a cloud-streaked
tured $200. In gratitude, they invite him along. Psych! They’re kidding, but he in- vites himself along anyway, in the hope that hanging with 20-some- things will miraculously make him hip. Or hep. Or something. It’s a rec- ipe for intergenerational disaster. As one of Joe’s own colleagues says of his latest ad pitch, it’s “cringe.” Among Joe’s baggage, which includes a valise full of vodka—because he wants to cap- ture the boys drinking his client’s booze—is a susceptibility to drugs that make him act like Tony Mon- tana in “Scarface” (while calling
Sophie Thatcher, top, and a scene from the movie, above. It is the director’s first feature in 10 years.
aerie at the top of a skyscraper while she films a silly-looking sci- fi movie in which blasé model types in retro-futuristic costumes zap each other as if to spoof the Jane Fonda camp classic “Bar- barella.” A ditzy, younger co-star, Hunter (Kristine Froseth), joins her, as does her alarmingly young stepmother, Dominique (Havana Rose Liu), who has recently mar- ried Elle’s father, Johnny Thunders (Dougray Scott), but is having an affair with a club owner, Nico (Di- ego Calva). Johnny speaks about the legend of Leather Man, a slayer of women who has sharp- edged diamonds on his hands, like
Marcello Hernández, Ben Marshall, Kevin Hart, Kam Patterson and Mason Gooding, above and left.
himself Ricardo Montana). This gets him and his comrades in much trouble, as does their inadvertent theft of many pounds of cocaine and their abandon- ment at sea by a smuggler of whale penises, which have miraculous medical properties. Or so we’re told. But such is the state of comedy, au- diences having been convinced that being uncomfortable is the same as being enter- tained; that nervous laughter is the same as the other kind; that watch- ing people make fools of them- selves is the apogee of wit. With a 40-year-old, hyperactive child social-
a Cartier update of Freddy Krueger from “A Nightmare on Elm Street.” The actresses witness a murder in another skyscraper that looks like Leather Man’s grueling work. Or is the slaying just a fantasy? In another part of the story, apparently set in postwar Japan, an American serviceman named Private K (Charles Melton) is dis- traught over the kidnapping of his daughter (possibly by the Leather Man) and has set off on a vigilante mission to kill or at least maim yakuza gangsters who traffic women. How these two storylines inform each other and pull to- gether isn’t clear until the end, and maybe not even then. The film gets more baffling as it goes on, peaking with an extended, largely wordless climax involving sex, murder and club-going, all of it
izing with barely post-pubescent frat boys, there’s nowhere for “72 Hours” to go than through a gantlet of humiliation—for Joe, for Nick, for the groom-to-be, Mason (Mason Gooding), and their friends: Hunter, a recently jilted bridegroom himself, played by the refreshingly droll Ben Marshall; and the possibly brain-dam- aged Freshman, por- trayed by Kam Pat- terson with the kind of playful goofiness that the whole story needed in greater abundance. As written by Jon Hurwitz, Hayden Schlossberg, Kevin Burrows and Matt Mider, “72 Hours” hangs everyone out to dry, even on the beaches of Miami, where hedonism, bikinis and gangsters are the unavoidable ap- pointments of exhausted storytell-
in a middling comedy as a man crashing a bachelor party.
looking as exotic and enticing as a TV commercial for haute couture. Making such spots (for Gucci, Prada and other brands) has been a side hustle for Mr. Refn for many years, and it might not be entirely inaccurate to suggest that he is most at home in a form where narrative defers to stylization. But style is nothing to be ignored. Thanks in major part to the lush, romantic, strings-laden musical score by Pino Donaggio (also a favorite of Mr. De Palma) and the madly expressive carnival swirl of spooky images captured by cinematographer Magnus Nordenhof Jønck, the movie has much the same mystique as the more abstract works of David Lynch. When you burrow this deep into the subconscious, logic is beside the point.
ing. Mr. Hernández, a “Saturday Night Live” cast member, is particu- larly shrill as the best man who can’t forgive his pal for getting mar- ried. Teyana Taylor, ordinarily a gift to any movie, seems less than com- mitted to the role of Joe’s doctor fi- ancée, though that may be self-de- fense. And Andy Garcia makes an appearance as a drug lord with an unreliable son (Michael Mando), which provides one of the many op- portunities taken by the writers to wander from calculated high jinks to even more painfully calculated sentimentality. You would respect the movie more if it stuck with its depraved indifference to civilized behavior, rather than attempting a death-bed conversion to decency.
THEATER REVIEW | CHARLES ISHERWOOD A Drama Deals a Bad Hand
New York T
he ticking of a clock can be heard throughout the duration of the modest new revival of D.L. Coburn’s “The Gin Game” staged at the Housing Works Bookstore in SoHo. This is not part of the sound design—it’s the clock in the store—but feels oddly apposite in ways both good and bad.
The WSJ Daily Crossword | Edited by Mike Shenk
1 2 3 4 5 6 7 8 9 10 11 12 13
14 15 16
17 18 19
20 21 22
23 24 25 26 27 28
29 30 31
32 33 34 35 36
37 38 39 40
41 42 43
44 45 46
47 48 49 50 51
52 53 54
55 56 57 58 59 60 61
62 63 64
65 66 67
PASSIONS RUN DEEP | By Matt Gaffney
The answer to this week’s contest crossword is a three-wordTV showtitle.
31 TinPan Alleygreat Carmichael 32 Lacymat 33 Onthevulgar side 34 Notstrict 37 Filmforwhich Joanne Woodward wonBest Actress,with “The” 41 Sturdywood 42 Leia’ssibling 43 Refuge 44 France’s longestriver 46 Cityona GreatLake 47 Irish philanthropist whofounded homesfor poorchildren 51 Astinof “Rudy” 52 Lexus lifesaver 53 Movelike melted cheese
Across 1 Sub contractors? 6 Blocwith barrels 10 Reveredone 14 Sceneof battle 15 ___-do-well 16 Southerncity, briely 17 Castmember of“Justiied” and“The Detour” 19 Ado 20 Good surnamefor anISPowner 21 Maritime mammals 23 Dinerdish 26 Popularpinot producer 29 “Honeyin theHorn” trumpeter
It underscores the quiet emptiness of the lives of the play’s two characters, the nursing-home residents Fon- sia and Weller, played by Debra Winger and Arliss Howard. Abandoned by or cut off from their families, they are immured in lonely old age, waiting with rest- less resignation as the hours of their lives wind down. Unfortunately, once you no- tice that inexorably ticking clock, you also become
55 Miss___ (1990sTV psychic) 56 “Jurassic World Rebirth”star, briely 62 Catchword of 63 Makerof theA3,Q5 andR8 64 Personnel 65 Inquires 66 Turnerand Danson 67 Makerof smalltrucks Down 1 LevyonTV screens 2 Notedtime 3 Rentout 4 Sometime soon 5 Shopper’s draw 6 Yearinthe reignof Augustus 7 Bricksfrom dispensers
Ms. Winger and Mr. Howard, a married couple, star as nursing-home residents. The production reveals the meagerness of the oft-produced play’s merits.
aware of the flimsiness of the play itself, and the ac- cruing tedium of the produc- tion, directed by David Blum. “The Gin Game” won the Pulitzer Prize for drama in 1978, presumably aided by the popular and acclaimed Broadway staging of 1977, directed by Mike Nichols and
PUZZLE CONTEST
24 Island farewell 25 Dodge,asa duty 27 Redorblack piece 28 1975Ringo Starrhit 30 Reubenbase 33 Dernin“Big LittleLies” 34 Flood stopper 35 Makerof Nutriplenish shampoo 36 Inertgas 38 Triestohit with 39 Startledcry 40 Highvoice 44 Herculean efforts 45 TVjudge Rita 46 Spanneror mallet,say 47 Country house 48 Agitates 49 Getthepool gamegoing 50 Dayinold Hollywood 54 Pizzazz 57 Signal 58 Tackon 59 Getalittle darker 60 Halfdollar igure,briely 61 Two___kind
8 Wideshoe size 9 “Wherethe ___Sing” (2018Delia Owensnovel) 10 Dishonor 11 Birth specialist 12 Surnameof famedtwins 13 Yogurt-based drink 18 “What’ll probably happenis...” 22 Unfairlytake mostof 23 Couldn’tnot
Previous Puzzle’s Solution
F L A B G A S C H E W E D C O C A C O L A O A X A C A C A T C H A I R M I C R O N K A T D E E E D N A P R E P P I N T E R M O O R B E N C H A P L I N A I D S B R E R S T O N E O R E A S I O A T C A W R O O S T C H U B C A P T I T S T O O L A T E U T E S I M P E D E A B E T S W I G I S A A M I T I N M A N J U M P S E A T A R C A N E O N E S T A G E B E A S T S B O X S U E T
starring Jessica Tandy and Hume Cronyn—one of the storied acting couples of the American theater. It’s been revived twice on Broadway, most recently with Cicely Tyson and James Earl Jones a little over a decade ago, and widely produced in re- gional theaters. But this is probably due as much to the simplicity of the play and the limited resources needed for production—just the two characters, four scenes and a single porch set—as it is to its intrinsic merits, which are minor. Unfortunately they glim- mer only dimly in this stag- ing, which is played to an audience of just 60 seated in rows of chairs in a cleared space on the first floor of the bookstore. The resulting intimacy is appro- priate for the play—and the $20 ticket price is all but unheard-of—but the sight lines can be dicey. (Early ar- rivals are encouraged; the seating is unassigned.) Ms. Winger and Mr. Howard are, like Tandy and Cronyn, a married couple, but while this may have at- tracted them to the play as an homage to the famous forebears in their roles, Co- burn’s comedy-drama proves an uncomfortable fit for their talents. Ms. Winger, a celebrated movie actor and three-time Oscar nominee, has always been refreshingly free of vanity; perhaps here she takes the virtue a little too far. At age 71 she seems too young and
Scenes from the play, directed by David Blum, right and below.
vigorous to be playing a nursing-home resident—de- spite that precise age being specified in the text. She could pass for 10 years younger, and the same could be said of Mr. Howard, who is also that age. (It’s also true that our perceptions of what constitutes senescence have evolved; I recall an AARP magazine headline from more than a decade ago—before, ahem, I was a subscriber—ballyhooing that 60 was the new 30.) The plot is slight to the point of wispiness. Both bereft of visitors—Weller is long divorced and never established a relationship with his three adult children, while Fonsia is cagey about
her own son’s whereabouts— they bond and bicker and swap sorrows and gripes over a series of card games. He instigates them, and pedantically reminds her of the rules, but his surprise and irritation become conflagrations of rage as Fonsia wins hand after hand, remaining placid and mildly abashed at her luck. Fonsia is a prim, religious woman who bridles at Weller’s obstreperousness and salty expressions of an- noyance. Ms. Winger strug- gles to make these demure, repressive qualities come across naturally—and frankly fails. She does suc- ceed in bringing an oddly girlish quality to her perfor- mance, but it grows monoto- nous. Ms. Winger has always been a film actor of lumi- nous transparency; her per- formance here, by contrast, feels cloaked in artifice. Mr. Howard more easily conveys Weller’s irascibility, but neither actor transmits the subtextual layers that might give the play some emotional ballast: the sense of lives marked mostly by loss, failure and regret that have left both scarred be- yond the hope of true heal- ing. Mr. Blum’s direction doesn’t allow for enough speaking silences, which might allow the characters’ interior lives to be dis- cerned more clearly. Even as the games pile up and the characters share more inti- mate details of their experi- ence, the actors merely seem to be skating across the surface of their charac- ters—acting their life- bruised old age rather than persuasively inhabiting it. With little sense of the wounds that fester beneath their mostly friendly but eventually fractious inter- play, it’s hard to work up much interest in who comes out ahead in the games of gin—which symbolize, of course, the haphazard and inscrutable nature of much of the “game” of life. Most crucially, with minimal emo- tional investment in the meager drama, we grow as impatient as the characters often are with each other, eventually ceasing much to care whether Fonsia and Weller can set aside their unhappy pasts and forge a connection that might give them some solace in the present. The production ul- timately feels as flat as a fallen house of cards.
The Gin Game Housing Works Bookstore, 126 Crosby St., New York, thegingameplay.com, closes Aug. 14
Mr. Isherwood is the Journal’s theater critic.
F
I
Well, that didn’t take long. Andy B u r n h a m has been B r i t a i n ’ s prime min- ister for less than a week, and already his administra- tion is descending into chaos. Mr. Burnham’s problems sift into two categories, “U- turn” and “huh?” In the for- mer is the only good tax idea he—or, for that matter, the Labour Party—has had in recent years: an increase in the personal income tax’s standard deduction in line with inflation. This would have constituted a signifi- cant supply-side tax reduc- tion, aimed at the segment of the population politicians are desperate to pull into the workforce from the wel- fare rolls. Yet no sooner had Mr. Burnham proposed the idea than he had to abandon it. Bond investors are jittery about a Burnham administra- tion’s ability to pay the gov- ernment’s bills. Even the rel- atively modest $12 billion annual revenue loss from this tax cut proved too much for Mr. Burnham to stomach un- der the circumstances. A separate phenomenon is at work regarding his other tax pirouette this week, which is to abandon any talk of increasing the top mar- ginal income-tax rate to 50%
POLITICAL ECONOMICS By Joseph C. Sternberg
HOUSES OF WORSHIP By Darryl Hart
Can civil re- igion over- come the partisanship that afflicts American so- ciety? Samuel Goldman, a pro- fessor of politics at the Uni- versity of Florida’s Hamilton School, thinks it’s possible. He has called for a revival of civil religion—featuring a shared esteem for George Washing- ton, Abraham Lincoln, the Constitution, the public piety inherent in Arlington National Cemetery and the Judeo- Christian ideals that animated American social norms. Mr. Goldman thinks this can point toward a shared sense of na- tional purpose. Mr. Goldman contrasts (good) civil religion with (bad) Christian nationalism. Although it overlaps with Christianity and Judaism, civil religion draws on the scien- tific and secular contributions that have also informed Amer- ica’s public institutions, going beyond the “doctrines of any particular church.” Mr. Goldman’s proposal won’t satisfy those Christians who want America to return to its Protestant roots. One of the most prominent spokesmen for Christian nationalism is Doug Wilson, an Idaho pastor and founder of a college and pub- lishing company. His notoriety derives in part from associa- tions with Defense Secretary Pete Hegseth, and his objec- tions to gay marriage, trans- gender medicine, abortion and even women’s suffrage.
By Richard Miniter
ormer Central Intelli- gence Agency Director R. James Woolsey died Tuesday at 84, after leading the kind of bipartisan life that is now rare in Washington. Jim Woolsey was an Army lieutenant working at the Pentagon in 1968 when he was invited to a party for a college friend who was mar- rying the daughter of Deputy Defense Secretary Paul Ni- tze. Woolsey bumped into Nitze and instantly got into an intense argument about Vietnam. (Years later, Wool- sey told me he felt safe ar- guing with Nitze since Lyn- don Johnson’s administration was ending.) Woolsey was surprised the next year when Richard Nixon brought Nitze back to negotiate arms con- trol and Nitze offered Wool- sey a career-making job as a strategic adviser. Turns out Nitze didn’t like “yes men.” Woolsey went on to work at the Navy Department un- der Jimmy Carter and as an arms-control negotiator under
from 45%. This was more a wish of his party’s resentful left wing than a concrete promise the new prime min- ister made during his attenu- ated quasi-campaign for the job. Still, he’d flirted with the idea as a way to fund other left-wing priorities. Someone must have explained to him that the wealthy already are fleeing Britain in droves, and such an increase would gen- erate much less revenue than advertised. In the “huh?” category, count his announcement of a consumption-tax break for household energy bills. By reducing the value-added tax rate to zero from 5%, Mr. Burnham says he’ll save the average household the princely sum of $60 a year starting in October. Voters have begged politicians for years to do something about energy prices. Pre- sumably they were hoping for more than this, since the proposal has been met with raised eyebrows rather than adulation. The VAT gimmick is a dud on its own economic and polit- ical merits, but it’s also in- structive about what Mr. Burn- ham appears not to be willing to do to get energy prices un- der control. The brainless pur- suit of net-zero emissions tar- gets to fight climate change will grind on. Mr. Burnham continues Labour’s hemming and hawing over whether to allow more extraction of North Sea oil and gas. If you can make sense of this incoherent
If forced to navigate be- tween the Scylla of secular civil religion and the Charyb- dis of Christian nationalism, we might look to the deeply American religion of Presby- terianism. A recent report by the Presbyterian Church in America reaffirms a proposi- tion that American Presbyte- rians have believed since 1788: that freedom of religion and assembly are crucial for Christian endeavor. At the same time, the PCA approved a paper that, with slight qualifications, rejects Chris- tian nationalism. A small denomination, with roughly 400,000 members, the PCA took on Christian na- tionalism after the circulation of these views on social media and in such books as Stephen Wolfe’s “The Case for Chris- tian Nationalism” and James D. Baird’s “King of Kings.” But the most important theme in the PCA report isn’t a direct repudiation of Christian na- tionalism but an affirmation of religious liberty. Liberal po- litical orders have, “in God’s providence,” secured religious liberty, limited political power and recognized human dig- nity—and one of government’s duties is “to protect the free exercise of religion, including liberty of conscience.” Gov- ernment should “not interfere in matters of faith” despite having a responsibility to en- courage “piety, justice, [and] public order.” This affirmation aligns with American beliefs about limited government, and it
Ronald Reagan. He became Bill Clinton’s first CIA direc- tor in 1993. Today the parties don’t mix much in Washing- ton, and yes men are favored. Other parts of Woolsey’s life, which he described to me in interviews beginning in 2002, reflect the perils of polarization. The 1993 World Trade Center bombing killed seven Americans, counting Monica Smith’s unborn son, as the
career ran aground in the Clinton years.
trial judge did. The FBI re- covered evidence from a basement crater nearly three stories deep, made arrests, interviewed eyewitnesses and amassed a vast body of evidence—which it refused to share with the CIA for fear that the evidence would have to be shared with the defense, thus spoiling its case.
approach to energy policy, let voters know, since they can’t see any rationale. Any embarrassment Mr. Burnham suffers over any of this is his own fault. Labour defenestrated his predeces- sor, Keir Starmer, because the party’s left flank con- vinced itself Mr. Starmer was too centrist to pursue the so- cialist policies that would
Burnham discovers how little a new leader can do politically.
shake the country out of its politically debilitating eco- nomic malaise. Mr. Burnham may or may not recognize that theory is false. But he knew enough to avoid com- mitting himself to any policy promise before he was se- lected as Labour’s leader and the next prime minister by acclamation. This means Mr. Burnham now must field-test, in real time, the policy ideas that normally would experience their first messy contact with reality on a campaign trail. Expect more twists and turns on future propos- als as he receives feedback from politicians, voters and investors that he should have solicited sooner by de- veloping a platform before he campaigned for the prime ministership.
differs dramatically from Christian nationalism, whose advocates have called for Christian lawmakers who write laws that constrain the free exercise of religion. Sup- pressing false or erroneous belief is a common refrain among Christian nationalists. Such big-government argu- ments clearly place Christian
offers an alternative to Christian nationalism and civil religion.
nationalists, however awk- wardly, alongside the postlib- eralism that churns on the left and the right. As part of their dissatisfaction with liberal politics, Christian nationalists read and quote extensively 16th- and 17th-century theolo- gians as better guides on gov- ernment than John Locke, Thomas Jefferson or Benjamin Franklin. The PCA report challenges such historical judgments by defending revisions to the Westminster Confession. In the 1646 original version of the Presbyterians’ creed, Eng- lish and Scottish clergy taught that the civil magis- trate had a duty to regulate religion (chiefly through a na- tional church). American Presbyterians in 1788 adapted this to assert that civil gov- ernment has a duty to nur- ture public piety and protect
The 1993 bombing master- mind was Ramzi Yousef, a nephew of Khalid Sheikh Mo- hammed, who went on to plan the Sept. 11 attacks. When Yousef was arrested in 1995, he had a business card from Mohammed in his wal- let. The CIA finally saw the evidence in 1996, when the FBI presented its case. With his typical deadpan delivery, Woolsey later told me: “It was frustrating.” That was far from Wool- sey’s only frustration at the CIA. He never had a one-on- one meeting with Mr. Clinton. Early on, he tried to accom- pany the CIA official who de- livered the president’s daily brief but was left to linger on an antique chair outside the Oval Office. It was humiliat- ing. Woolsey said his fate had been sealed during a conver- sation with director of presi- dential personnel Bruce Lind- sey, who wanted to replace the CIA’s general counsel. Woolsey said that when he de- clined, Lindsey said: “Do you know where this is coming from?” It took Woolsey weeks
That said, there’s also a fair question concerning whether Britain can be gov- erned at all in any conven- tional sense. Mr. Burnham’s travails make you wonder. The fiscal situation is suf- ficiently dire that tax re- forms benefiting even lower earners are off the table. Yet the broader economic situa- tion is so bad that tax in- creases on “the rich” also are impossible without scaring most of them away—perhaps permanently. Households and businesses are desperate for energy price relief, but Brits also seem unwilling to aban- don the net-zero policies that make energy expensive (and for an electorally significant tranche of voters on the left, net zero remains an article of faith). Mr. Starmer already demonstrated that even mod- est welfare reform is impos- sible politically, which augurs poorly for the bigger social- spending overhauls Britain needs on healthcare and old- age benefits. When you put it like that, it appears voters won’t al- low British politicians to op- erate any of the levers of power that an administra- tion normally would reach for. Mr. Burnham may or may not have recognized this problem, but he cer- tainly didn’t address it by trying to persuade voters to follow a clearly defined plan. He campaigned instead on vibes. Now the vibe of his infant administration is “uh oh.”
the religious expression of all people. The PCA report con- cludes that this Presbyterian theology harmonizes with the American tradition of limited government. Such support for limiting government’s power over reli- gion doesn’t mean that the PCA is swimming in the same stream as libertarians. These Presbyterians are concerned that America has succumbed to “the separation of sex from gender, sexual licentiousness, the erosion of marriage, and the fragmentation of commu- nal life.” Such developments aren’t, however, reasons to abandon liberal politics, be- cause protection of religious liberty is still a blessing for the nation’s churches. The PCA report isn’t likely to halt the appeal of postlib- eralism to some Christians, but it does preserve Presby- terians’ regard for freedom of religion and suggests a way to be a believing American that isn’t pure civil religion or Christian nationalism. As long as Christianity isn’t the norm for the heterogeneous society that America has be- come, Christian nationalism will continue to appeal to some Christians. But in the case of the Presbyterians, Christian nationalism has re- ceived scrutiny and been found wanting.
Mr. Hart teaches history at Hillsdale College and is the author of “Protestants and Patriots: Presbyterians in the Age of Revolution.”
to figure out what Lindsey was implying. By then, he was frozen out. He never got to share his growing concerns about Osama bin Laden di- rectly with the president. Without White House sup- port, he was left to fend for himself on Capitol Hill. In 1994-95, Woolsey requested more money for Arabic trans- lators, just as al Qaeda was gathering strength. At the time, less than 10% of the phone intercepts from the Middle East were being trans- lated into English. Former Sen. Dennis DeConcini later told me that he wanted to know if translators were a pri- ority of Woolsey or Mr. Clin- ton. If Woolsey’s, then the an- swer would be no. The walls between the FBI and CIA and the translator shortage were addressed only after 9/11. Woolsey was an honorable and analytical man, but not a political animal. His death represents the end of an era.
Robinson Crusoe
By Francesca de Tores Bloomsbury Circus, 336 pages, $25.30
n 1704, while making repairs to the worm-ridden hull of the privateering ship Cinque Ports on the remote Juan Fernandez Archipelago, some 400 miles off the Chilean coast, Alexander Selkirk lays into his cap- tain, punctuating his tirade with a foolhardy challenge: “Then you may leave me here,” he says, “for I should rather take my chances on this God-forsaken island than to trust my life to a ship full of holes and captained by a fool.” Thus begins the story of Alexander Selkirk—the real Robinson Crusoe, who for 4½ years lived alone on an unin- habited island with nothing but rats, cats and goats to keep him company. In “Cast Away,” Fran- cesca de Tores offers a fictionalized account of Selkirk’s tale. Growing up in a small Scottish village as the youngest of seven boys, Selkirk, Ms. de Tores imagines, must have been bullied by his older broth- ers, providing motive for his running away to sea at the age of 15. “Having fled from Nether Largo and the shame and chaos of my conduct,” Selkirk says, “none is more surprised than I to find that I make a good sailor” and, after three years at sea, “a good navigator.” But Selkirk, as Ms. de Tores describes him, admits to being “a man of choleric disposition, much inclined to rage . . . intemperate, and ashore . . . more like to be found drunk than sober.” Hence the cause of his abandonment. From the onset of Selkirk’s island seclusion, Ms. de Tores sets the plot by posing the one question he must ultimately confront: “Who is a man, when all the things that make up his life are stripped away? No. Not just any man, but who is Alexander Selkirk, without his troublesome family nor his shipboard duties nor even a tot of rum? Who remains?” He takes inventory of his meager resources (“a small sack of flour and a cask of flip . . . several yards of linen cloth . . . musket . . . a pound of powder and but a small quantity of bullets . . . a flint . . . knife and marlinspike; a kettle”), then considers the challenges he faces “and the very great likelihood of my death on this forsaken place.” It’s enough to “lead me to open the cask of flip.” For the next several days he goes on a bender, finishing off the entire contents of the cask, staggering about the island in fiery recollections of his stormy childhood. By day three the flip is gone, “and there is no beseeching the island for more. It is time instead to set about the business of surviving.” And survive he does. In addition to his tools and sup- plies, his true saving graces are the abundant goats and cabbage trees that provide a steady source of food, and the cats that he befriends to control the rats that forever pes- ter him during the night. As the son of a cobbler, he knows how to tan goat hides, which provide him with the needed coverings for both his dwelling place and his body. He even devises a way to keep the goats corralled so that he doesn’t have to chase them down or use up his precious bullets and gunpowder. Seals are also seasonal visitors, providing valu- able resources.
uninhabited island in 1704. His story inspired one great work of fiction—and now another.
There is one item he didn’t take stock of—a Bible. For a creative outlet, he turns to it, altering passages with bits of charcoal to make poetry. He describes his efforts as “more akin to whittling at a piece of wood—for I am removing word after word until what remains seems to be the truth.” Here he reduces a passage of Genesis to read: “Darkness upon the deep waters / In the midst of evening / Let the Sea bring forth / the stars.” Ms. de Tores makes wonderful use of this device throughout the novel, offering a poetic abstraction to codify the plot. But Selkirk is not at peace. “Do not mistake me and think that I am at ease here. I wade daily through a kind of despair so vast that I cannot make out its horizon, nor fathom any way to navigate it.” Mentally he is quite fragile, and when he becomes physically ill from a bacterial infec- tion, he suffers a mental breakdown. Enter Sleek, the crabby tabby cat, and the Rev. Vicarious Cronch, the biblically recondite goat: interlocutors, speak- ing beasts. To explain these hallucinations Selkirk offers this: “If I doubt what is happening, I deny myself the pros- pect of company. You may call me credulous, but if I refuse this goat and his voice, I lose his conversation and con- demn myself to silence.” It is through his daily conversations with these two psy- chic apparitions that Selkirk mines the depths of himself: “I know how a man may become lost. I was lost many years before ever I came to the island. But this I also know. I learned it under the ministry of goats, and the scorn of cats, and the kirk of salt, and the thick Bible of silence. Sun-blind, goat-mad, a tongue made dumb, walking the shores of loneliness. . . . Listen. This I know: I know how a man may be saved.” In the second week of the third month of the fourth year of his isolation, two British frigates finally appear on the horizon. Selkirk is saved. But by then he has already been saved. “Cast Away” is a masterwork of creative fiction, employ- ing historical scholarship, biblical allusions and Jungian psychology to deliver one of the most beguiling survival stories ever written.
THE WALL STREET JOURNAL
C
ongress measures success by what it passes, not by the results of what it passes. A classic example is the No Sur- prises Act of 2020, which has had consequences nearly the opposite of what was in- tended. Read on and weep. Surprise medical bills were the outrage du jour before the pandemic, and in 2019 Presi- dent Trump leapt in: “For too long, surprise billings—which has been a tremendous problem in this country— has left some patients with thousands of dollars of unexpected and unjustified charges for ser- vices they did not know anything about.” Surprise bills usually resulted from patients who received emergency care at hospitals out- side their insurance network, or at in-network hospitals that contract with out-of-network providers. Hospitals sometimes employ outside provider groups that can be less expensive than putting physicians on their payrolls. As Congress considered arbitration legisla- tion, insurers and provider groups clashed. In- surers wanted Congress to require arbitrators to peg payments to out-of-network providers to their in-network rates. Provider groups called this unfair. Congress finally attached the No Surprises Act to its December 2020 Covid spending splurge. Providers won. Insurers and their cus- tomers lost. The legislation ended surprise bills but swelled costs for insurers, which are now being passed along in higher premiums. i i i The law established baseball-style arbitra- tion to resolve payment disputes between out- of-network providers and insurers. Third-party arbitration companies certified by the Centers for Medicare and Medicaid Services (CMS) are required to choose between payment rates pro- posed by a patient’s insurer and the provider. No splitting the baby. Arbitrators last year ruled in favor of provid- ers in nearly 90% of cases. Large provider groups on average win payments that are three to nine times in-network rates. One reason is that they can choose which CMS-certified arbitration com- pany reviews their claims. No surprise, they fun- nel claims to those that rule in their favor. Arbitrators also have a strong incentive to rule for providers to attract more business. Arbitra- tors set their fees—typically about $600 per claim—which are paid by the losing party. Ruling for providers encourages them to file more claims. No surprise, claims have exploded. In 2021 Biden officials projected that 17,000 disputes would go to arbitration every year. Last year there were 2.6 million, and claims keep rising. Claims against Elevance Health in- creased 30% between last year’s fourth quarter and this year’s first. Insurers have challenged about 40% of claims by providers as ineligible for arbitration under the no surprise law, usually because they involve elective procedures. But arbitrators don’t often throw out ineligible claims. Why not? Because they don’t get paid unless they is- sue a payment determination. Providers are winning huge payouts for ineli- gible claims, which encourages them to file more claims seeking bigger payments. The
C
ongress’s anger entrepreneurs are—who would have guessed?—honking upset. For months they’ve raged that the Capi- tol is full of legislators making corrupt fortunes from “insider trading” in the stock market. This isn’t reality. But the House responded to public concern Wednesday by pass- ing, in a 232-198 vote, a bill called the Stop Insider Trad- ing Act. As a reminder, Congress is already banned from trading on nonpublic information by the 2012 Stock Act. Transactions of more than $1,000 must be disclosed. Serious allegations can be investigated by the FBI. Yet in some quarters it’s taken for granted, as a social-me- dia truth, that Congress is obsessed with day trading at the public’s expense. For the record, less than half of the Senate and only a third of the House held shares in individual companies in 2024, the Journal reported. News headlines shout scandal, often mistak- enly. Last fall there was a story about trading by Pennsylvania Rep. Rob Bresnahan. On May 15, according to NBC, he “dumped six figures’ worth of stock in a quartet of companies that manage nearly half of all Medicaid enrollees.” A week later, he voted for the One Big Beautiful Bill, which reformed Medicaid. The insinuation was . . . well, what? The Medicaid reforms were hotly debated, no insider secret. Mr. Bresnahan told NBC he “never instructed my financial advisors on what to buy, sell, or hold.” His disclosure showed all sorts of transactions, including sales of PepsiCo and purchases of Kraft Heinz, consistent with professional portfolio management. The Medic- aid stocks he allegedly “dumped” included CVS Health, a big, diversified firm whose shares are up about 68% since May 2025. Mr. Bresnahan voted yes on Wednesday’s bill. The point is to be wary of argument by anec- dote, since the trading database is a big hay- stack, and journalists are pattern-seeking ani- mals. One academic study of Congress’s trading disclosures from 2012-20 found “no evidence” that lawmakers overall beat the market: “House
Biden officials predicted 17,000 arbitration disputes a year. In 2026 there were 2.6 million.
Forcing liquidation, as left-right populists have demanded, would exile the business class.
riches that can be made have discouraged pro- viders from joining insurer networks, which ironically was one of the surprise billing law’s goals. Planned procedures—not emergencies that the law was designed to address—account for the bulk of insurer pay- outs. Elevance says plastic surgeons seek $100,000 on av- erage for breast reduction sur- geries, while its in-network providers are paid $2,000 to $5,000 on average. Medicare pays only $1,500. One Connecticut practice is obtaining awards of roughly $440,000 for the procedure. In New York, podiatrists are filing claims av- eraging $30,000 for hammertoe surgeries. Medicare pays roughly $400 for the procedure, and in-network providers get $700. Doctors who remotely monitor patients’ nervous sys- tems during surgeries—often from their homes in other states—have joined the racket. In several markets reviewed by Elevance, sur- geons performing spinal procedures are typically reimbursed $7,000 to $12,000, while out-of-net- work neurologists remotely monitoring them are winning upwards of $40,000 in arbitration. One provider sought $9 million in a single year for remote neuro-monitoring services. A lucrative cottage industry has developed around this system. Medical billing compa- nies—the most prominent is HaloMD—submit claims on behalf of providers and take a cut of provider awards. The owners of HaloMD also run a neuro-monitoring service. Private-equity firms own some of the top billing providers, including TeamHealth, SCP Health and Radiology Partners. They also are financing arbitration companies. Don’t blame private equity for exploiting the perverse incen- tives that Congress created. Hard to believe, but Democratic-run states are doing a better job of limiting arbitration abuse. Between May 2024 and May 2025, Vir- ginia’s arbitration system for fully-insured com- mercial plans—enacted by Democrats in 2020— handled 252 cases compared to more than 34,000 Virginia cases that were filed in the fed- eral system. Democrats in New York recently capped pro- vider payouts under their state system. The re- forms came after state officials discovered that arbitration abuse was costing its state employ- ees’ health plan more than $200 million. This abuse “is a primary contributor to the nearly 10 percent increase in premium rates this year,” the state said. i i i Insurers are begging Congress and the Ad- ministration for help to counter abuse. One place to start would be for CMS to audit and de- certify arbitration firms that repeatedly rule for providers on ineligible claims. CMS could also issue guidelines setting caps on payments to providers, though legislation might be required to make this stick. Alas, the Trump Administration recently final- ized a Biden proposed rule aimed at making arbi- tration more efficient and less expensive for pro- viders. This will encourage more claims. The surprise billing fiasco is typical of how the gov- ernment works—or, more accurately, doesn’t.
and Senator stock returns are consistent with random stock picking.” Voters also are free to fire any politician they regard, fairly or not, as conflicted or distracted. All of this counsels caution, which the Stop Insider Trad- ing Act reflects. The bill would let Congress keep existing in- dividual stocks but prohibit lawmakers, spouses and de- pendent children from buying new shares. Before selling cur- rent holdings, they’d have to give seven days of notice, which addresses the concern that law- makers might quickly off-load assets after re- ceiving some grim briefing. Yet once the populist fires get burning, they can be hard to douse, and progressives are call- ing Wednesday’s bill a sham because it doesn’t ban all Congressional stock ownership. Joined by some on the right, they want Congress, spouses and children to liquidate all stockhold- ings in individual companies in 180 days. No ex- ceptions for blind trusts. Parking money in index funds and broad in- vestments is wise for most lawmakers. The pop- ulists effectively want to take away the public’s right to elect exceptions. The danger is that an inflexible rule would deter successful business- people from seeking office. What if a good potential candidate has a hus- band in finance? Or wants to serve a term in re- tirement, but not at the cost of an asset fire sale? Congress needs more people, not fewer, with experience in business. Progressives want to clear out that type of lawmaker. There are “too many” millionaires in office, socialist Rep. Alexandria Ocasio-Cortez said last fall, and making them liquidate can “even the playing field.” She wants a Congress populated by nonprofit lawyers and community activists. Why should the GOP help with that? i i i The Stop Insider Trading Act is best under- stood as an attempt to forestall greater popu- list nonsense. But no one should expect it will somehow make Congress more ethical. It will mainly make it safer for lawyers and career politicians.
Your editorial “The GOP’s Budget Reconciliation Bust” (July 17) notes that the House plan failed to include an adjustment for capital-gains taxes on home sales for inflation. It left out many possible, immediate ways to open up more housing stock for youn- ger buyers seeking starter homes. The Senate should include some. First, implement a no income tax rule for renting out vacant rooms in owner-occupied, single-family homes from federal income tax. There are currently 32 million such spare rooms in the U.S. Exempting them from in- come tax wouldn’t harm government revenues because Treasury doesn’t re- ceive anything for them now. By my estimate, over 10 years 3.2 million of these rooms would be rented. If the exemption is limited to a maximum of 4 years per room, I estimate that enough homeowners will continue renting even past that period to bring in $7 billion in tax revenue over the 10-year reconciliation window. Second, increase the primary-home capital-gains exemption to $500,000 for single taxpayers and $1 million for joint taxpayers. As your editorial notes, cur- rent levels lock homeowners in place, creating a mismatch problem. This would unlock by my estimate 125,000
Your editorial “Trump and Bernie, Political Smokejumpers” (July 18) rightly notes that Washington should tend its own overgrown forests before criticizing Canada. But the deeper failure isn’t land management alone— it’s an aviation fleet the federal gov- ernment has let atrophy for decades and never rebuilt to match the threat. With many years of military expe- rience, I know what happens when you ration a scarce, aging fleet against rising demand: readiness erodes, and someone downstream ab- sorbs the risk. In wildfire aviation, that someone is the states. The federal government’s own Na- tional Preparedness Level system— which throttles aircraft to fires na- tionwide as conditions worsen—is not a first-responder guarantee; it’s a ra- tioning ladder. It presumes states al- ready have adequate initial-attack ca- pacity of their own. Washington state took full responsibility for the gap: It
Allysia Finley’s “Chinese Election Interference? What About TikTok?” (Life Science, July 20) misunderstands the art of President Trump’s TikTok deal. I should know because I helped negotiate it. As counsel to the vice president, I led the administration’s day-to-day ef- forts to save TikTok for Americans and make it secure. The result was a new U.S.-based joint venture that is majority owned and operated by Americans. Ms. Finley gripes that ByteDance still retains 19.9% owner- ship of this U.S. company, but she should take that complaint to Con- gress. The 2024 law that banned Tik- Tok allowed ByteDance to retain any- thing below 20% ownership. Under the Trump administration’s divestiture agreement, every Ameri- can’s data is stored and secured do- mestically by Oracle as the govern- ment’s trusted security partner. The joint venture has retrained the recom- mendation algorithm to guard against
A World Cup AC Revolution?
Regarding your editorial “Europe’s Air Conditioning Rebellion” (July 20): We keep hearing how much those World Cup fans enjoyed the U.S. All those happy European tourists who just left our shores returned to their stifling hot homes after experiencing air-conditioned hotels and restaurants (and even ice and cold beer). Per- haps—having seen what daily life could be like without oppressive climate poli- cies—they brought a bit of our rebel- lious spirit back with them, too. ANN ACHESON BAILEY Cumming, Ga.
Free Expression From WSJ OPINION A daily newsletter on life, politics and culture Edited by Matthew Hennessey Featuring columnists: Matthew Continetti / Kyle Smith Louise Perry / Ben Sasse/ James B. Meigs/ John J. Miller / Meghan Cox Gurdon & op-eds from other contributors
Scan the QR code or visit wsj.com/opinion/ free-expression
family-sized homes per year at a bud- getary cost of $19 billion over 10 years. Third, incentivize states to loosen land-use restrictions by providing a $25,000 bounty tied to increasing the number of starter homes built on small lots. These homes will be lower-priced, opening up homeownership to teach- ers, first responders, and the many other Americans who often struggle to afford what’s on the market now. States would determine how to ad- vance the small-lot policy. Just $9 bil- lion by my math would fund 360,000 family-sized homes over 10 years. Texas has shown the way. In 2025 it enacted SB15, which provided for lot size flexibility in new residential sub- divisions by overriding some mini- mum local lot-size requirements. In its first 10 months, the policy resulted in an estimated 3,500 new small lots on which starter homes could be built across four major Texas cities. I estimate that the combined 10-year net budget impact of these three provi- sions is $21 billion, which could be funded by repurposing discretionary federal funds and eliminating fraud and waste. It’d be well worth the results. ED PINTO AEI Housing Center Washington
first mandated an aviation plan by statute, then built its funding and fleet decisions on top of that plan’s findings—a model the rest of the country is challenged to meet. The nation’s large air-tanker fleet has long been unstable. It shrank from roughly 44 to eight aircraft between 2002 and 2013, even as fire seasons lengthened and intensified. Unable-to-fill re- quests during peak season aren’t rare exceptions—they’re the predictable output of a system built on assump- tions nobody has fully updated in 20 years. When your home is burning, and the local fire department doesn’t show up, it burns down. Multiply that by orders of magnitude when a wild- fire crossing an urban interface is left unchecked. Congress and state legislatures, not editorial pages, should be arguing over that math. COL. GEOFFREY S. PARKER, USAF (RET.) Prescott, Ariz.
any future manipulation. And Oracle independently inspects and verifies every piece of the application’s source code and each software update. Just as they promised, President Trump and Vice President Vance made TikTok safe for Americans. At the same time, they saved an application that more than 100 million Americans enjoy, along with thousands of jobs and small businesses that depend on the platform. No doubt, social media shows an ugly side of American politics. But Ms. Finley is shooting the messenger when she takes aim at TikTok. The platform isn’t manipulating our poli- tics, but reflecting it. SEAN COOKSEY BGR Group Washington
It’s Possible to Turn Back Marijuana Legalization
As someone who previously sup- ported the marijuana legalization ex- periment, I greatly appreciate Allysia Finley’s Weekend Interview with Kevin Sabet on the proven drawbacks of legalization and marijuana’s harms (“Has Legal Marijuana Passed Its High Point?” July 18). There is prece- dent for effective drug legalization repeals. In 2024 Oregon’s legislature repealed an ill-fated, broad, hard- drug decriminalization measure that overwhelmingly passed by ballot ref- erendum in 2020. The repeal had bi- partisan support, showing that lead- ers on both sides of the aisle have been willing to kick a bad drug policy habit in the face of its costs. BEN RICHMOND Pleasantville, N.Y.
And Salt
I
A
‘Bernie Bros’ Could Spoil Democrats’ Midterms
By Rahm Emanuel
have no objection to the Democrats’ nominating an oysterman for a Senate seat. When I led our party’s effort to recapture the House in 2006, we made a point of recruiting candidates with “authentic” broad- based appeal. But that strategy, which flipped 31 seats during my tenure, and claimed 21 more in 2008, was predicated on a substan- tive premise: We needed to allay voters’ worries that Democrats were weak on national defense and cultur- ally out of touch, vulnerabilities born from previous elections. If we could do that, the door would open for us to make the campaign about the GOP’s corruption, which ranged from “The House That Tom DeLay Built” to Iraq war contracts.
even moderate opponents answer for the radical views of DSA candidates.
Today, the “Bernie bros” and their fellow travelers in the Democratic Socialists of America seem intent on repudiating the proven success of that strategy. When the DSA at- tempts to turn safe Democratic states and districts a darker shade of blue, Democratic candidates in swing districts are put at a distinct disad- vantage. In New York’s 13th Congres- sional District, a young socialist, Darializa Avila Chevalier, ousted Rep. Adriano Espaillat, chairman of the Congressional Hispanic Caucus. She did it by winning over the district’s newly arrived urban professionals
Over many years of writing pieces criti- cal of politicians, my Republican targets mostly took the beatings like men, many going so far as to acknowledge—if only in confidence— that they probably deserved it. Not so Vice Pres- ident JD Vance, and his dreary band of online enforcers. This ego- tism—or rather, insecurity—is worth analyzing. This column reported last week on the bitterness Mr. Vance’s con- gressional colleagues are feeling over his continual absence. In recent administrations, governing majori- ties have come to rely on the vice president—who is ex officio Senate president—to act as primary liaison between the White House and Con- gress. Mr. Vance has blown off this important if unsung duty, preferring to stay in the spotlight. Tempers hit a boil last week when—at a pivotal legislative moment—Mr. Vance can- celed a planned Tuesday House meeting in favor of appearing on “The Joe Rogan Experience,” where he bashed Congress. Republicans have mostly held their tongues on Mr. Vance out of deference. But the vice president has
POTOMAC WATCH By Kimberley A. Strassel
By Robert Pasnau
s a professor of philosophy, I study the history of ideas. I am interested in questions such as how the European Enlight- enment began and when the idea of free will first emerged. I spend years researching and writing books that cobble together the nug- gets of information I’ve gathered. Like other scholars, I manage to scratch out a few new results about a handful of sources from one tra- dition or another. But history is im- mense in ways that exceed human comprehension. Artificial intelligence offers us the chance to understand humanity in ways hitherto beyond our reach. Large language models are capable of absorbing and processing massive
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Lachlan Murdoch Executive Chairman, News Corp Rupert Murdoch Chairman Emeritus, News Corp
Emma Tucker Editor in Chief
Liz Harris, Managing Editor David Crow, Deputy Editor in Chief Aja Whitaker-Moore, Deputy Editor in Chief
while losing the black and Hispanic voters she claimed to champion. Those marginalized communities, like most voters around the country, don’t have the same tastes as the gentrifying parts of Harlem and up- per Manhattan. What happens in the 13th District doesn’t stay in the 13th District. The midterm election this year should be about the Trump administration’s corruption, which makes Mr. DeLay look like a choirboy. But in the name of “authenticity,” the DSA and others are saddling the Democratic Party with nominees whose wildly unpopu- lar positions will protect Republicans from having to pay the price of Don- ald Trump’s corruption and eco- nomic incompetence. Already Denise Powell, a bright star perfectly positioned to flip a dis- trict in and around Omaha, Neb., where I visited recently, is being un- fairly labeled “DSA Denise” by the state GOP. It’s no surprise Republi- cans have picked up on this strategy: The DSA’s cultural agenda adds bag- gage for Democrats already saddled with a poor party image from the Bi- den era. Candidates in competitive districts have to spend time and ef- fort differentiating themselves from the DSA’s agenda when they should be focusing voters on Mr. Trump’s corruption. Ultimately, this is about policy. It was socialists who led the charge to defund the police, open the borders, abolish prisons, release violent crim- inals onto the streets and degrade the flag. We know those are electoral losers. In 2020, after protestors chanted to defund the police, Joe Bi- den was swept into office without coattails. After Mr. Biden instituted an open-border policy, we lost con- trol of the House in 2022 and the White House and Senate in 2024.
shown a lot of lefty leg lately: un- dermining Israel, panning free mar- kets, touting a Christian-themed big- government agenda. That’s in addition to what many Republicans view as Mr. Vance’s naive approach to Iran. That elected Republicans were joining conservative commen- tators in a Vance rethink was worthy of reporting. And most readers would have seen the column for what it was: part of a growing GOP debate over who should lead the party in 2028. Team Vance saw it as it sees any slight: an all-hands call to delegiti- mize a critic—to brand her a RINO, “establishment,” a liar, a captive tool, or part of some anti-JD “op.” The Vance press team contacted my editors to demand corrections. They wanted a mea culpa for what I didn’t write—namely that Mr. Vance had showed up to the House . . . on Wednesday. Never mind that Con- gress’s anger stemmed from Mr. Vance’s decision to ditch them for Mr. Rogan’s program. They claimed that wasn’t “the reason” for cancel- ing, though they didn’t provide an alternative explanation. What else was Mr. Vance doing in Austin, Texas? Their final complaint was a hair- splitting gotcha: I wrote that “law- makers can count on a few fingers the times former Sen. Vance has set
quantities of linguistic information. There is no language they can’t learn and no reference too obscure for them to cross-check against the entirety of their training data. Today’s LLMs aren’t much help in serious scholarly inquiry. They can help students, but they tell profes- sors mainly what we already know. No wonder, since they are trained on the same familiar, limited mate- rial we have been trained on. The first step toward harnessing the potential of AI is to recognize how much more material is out there. From the earliest texts through the era of the printing press, there is more surviving ma- terial in any given language than anyone could ever read. Few of these works have been translated. Many exist only in manuscript
Robert Thomson Chief Executive Officer, News Corp
Almar Latour Chief Executive Officer and Publisher
DOW JONES MANAGEMENT: Jason P. Conti, General Counsel; Dianne DeSevo, Chief People Officer; Artem Fishman, Chief Technology Officer; Lisa Fitzpatrick, General Manager, Dow Jones Industries; M. Scott Havens, Chief Growth Officer; Dan Shar, EVP, General Manager, Wealth & Investing; Ashok Sinha, Chief Communications Officer; Josh Stinchcomb, EVP & Chief Revenue Officer, WSJ | Barron’s Group
Rep. Alexandria Ocasio-Cortez (D., N.Y.), Michigan U.S. Senate candidate Abdul El-Sayed and Sen. Bernie Sanders (I., Vt.).
Red-to-blue election swings mat- ter. The 52 combined seats we moved in 2006 and 2008 gave President Obama the majority he needed to pass both the Affordable Care Act and the Dodd-Frank financial reform. In the Senate, he depended on the support of Nebraska’s Sen. Ben Nel- son, a moderate Democrat from a ruby-red state. President Biden’s ability to pass the clean energy pro- visions in the Inflation Reduction Act hinged on the vote cast by West Vir- ginia’s Sen. Joe Manchin. Today, both those Senate seats are controlled by the GOP, Mr. Manchin having chosen not to seek re-election in 2024 after being threatened by the Bernie bros. This isn’t advanced algebra. If you want to raise the minimum wage, as Democrats did most recently after we took the majority in 2006, you need to flip more red districts. Mikie Sherrill of New Jersey and Abigail Spanberger of Virginia, veterans of
foot in the Capitol.” That’s what lawmakers told me. Mr. Vance’s spokesman insisted the vice presi- dent had been there more than two dozen times since taking office. The phrase obviously referred to the in- frequency with which Mr. Vance huddled with members of Congress to solve problems and wasn’t a lit- eral count of the number of times he was physically present to attend a speech or break a tie.
me fiercely over last week’s column. They should hear what my kids call me.
Mr. Vance’s real bully-boy strength shows up with his online army, where a retinue of “influenc- ers” and “journalists” stand ready with an arsenal of labels, whataboutisms and falsehoods. The tactics aren’t new. They are straight-up Saul Alinsky—pick the target, freeze it, personalize and po- larize it—long practiced by the left. I wrote a whole book about that, “The Intimidation Game.” What is new is for the right to use such means in an effort to shut down conservative dissent.
form, languishing in the vaults of some library or monastery. Much of it hasn’t been read in centuries. A large language model could read and retain it all. A machine trained in this way would open new possibilities. Schol- ars once confined to a niche of their field could range more widely. Pre- viously unknown texts could enter the conversation. Common assump- tions about the origins of a concept like free will could be exposed to thorough scrutiny. The dominant bi- ases of scholarship—Western, Chris- tian, English—could be challenged from every corner of the globe. The academic’s perennial quest for in- terdisciplinarity, which until now has mainly meant listening to talks on topics you know nothing about, would come within reach. How much would we learn from all this neglected material? No one knows, because there has never been a way to make it readily avail- able. Until recently, it seemed that it would always be this way—that human beings would never achieve a comprehensive understanding of their history. Victor Hugo once re- marked that history must neglect many particulars of the past, or else “the infinity would overwhelm it.” But the record of human civilization is finite, and although it is far too large for any human to grasp, it isn’t beyond the capacity of Claude or ChatGPT. The required investment in train- ing is fairly minimal relative to the potential rewards. What’s needed is to train an LLM so that it learns all languages, living and dead, and gets
the Navy and Central Intelligence Agency respectively, were elected to the House in 2018 by claiming seats previously controlled by the GOP. Each was elected governor of her state last year. If the Bernie bros were serious about growing jobs and wages, they would support candidates touting substantive ways to help families cover the mortgage or the rent, se- cure their retirement, and ensure no one is a single medical emergency away from bankruptcy. But they aren’t extolling the candidacy of for- mer military helicopter pilot Rebecca Bennett, who is running to unseat a GOP congressman in New Jersey, or of retired Vice Adm. Nancy Lacore, who is running for an open seat in South Carolina. Already, the socialists’ efforts to distract from what should be our message on corruption have had an effect. For months the Democratic
Even as Mr. Vance’s team com- plained I’d omitted the word “Wednesday,” his deputy chief of staff went online to claim (falsely) that I—part of the “LEFT”—had writ- ten that Mr. Vance was “nowhere to be seen” on “Tuesday or Wednes- day,” above a picture showing the vice president in Congress on Wednesday. That was the cue to a swarm of Mr. Vance’s social-media minions. They labeled me a spineless leftist, their proof a series of lame rejoinders: Yeah, but the Senate sucks! Yeah, but what about Mitch McConnell? Yeah, but, you probably don’t even like the SAVE America Act! Yeah, but you’re a loser. Most telling as to how this crew operates was the Federalist’s Sean Davis, who accused me of “pulling” an “obvious little stunt” against Mr. Vance, “whose wife just gave birth.” This appeared above my headline, “President Vance Goes AWOL.” The implication was that I’d criticized the vice president for taking a day of paternity leave. But as Mr. Davis knew, Usha Vance didn’t bear little Alec—mazel tov— until five days after Mr. Vance’s controversial absence. What Mr. Davis also knows is that online mobs don’t check facts, and he got his desired result: hundreds of posts slanging me as not just a traitor, but an unfeeling ass.
access to all available written texts—not the tedious ephemera still under copyright, but the old and difficult things, including texts no one has read in centuries. Digi- tizing all this material in its original language and then translating it into all modern languages would unlock this heritage for global scholarship. The goal would be to
could search and interpret texts on a scale beyond the capacity of humans alone.
make available, to students of all ages everywhere, a truly compre- hensive record of documented hu- man civilizations and ideas in all their variety. We live in a world in which none of us are capable of more than the most superficial grasp of the human experience. Who understands even his own religion, let alone the reli- gions of others? Who has a solid grasp on the ideas of a single phi- losopher, let alone a comprehensive grasp of philosophy across all its manifestations? It seems likely that with each passing year, humanity collectively forgets more of its cul- tural heritage than it manages to learn anew. One might wonder: If we let in AI, what role will be left for human beings? Here we arrive at the heart of things, the concern that arises whenever some new technology
Party’s generic advantage widened while the nation focused on Mr. Trump and the Republican Congress. Our lead has narrowed amid recent attention to DSA-led primaries. In November, a continued focus on de- funding, decriminalizing and decolo- nizing will highlight cultural issues that alienate many Democrats, not to mention a huge swath of indepen- dents (who make up a record-high 45% of the electorate) and disen- chanted Republicans. Moreover, the next presidential election will be determined by roughly 500,000 voters in the states that determined the last three presi- dential elections—Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin. If any of the prospective Democratic presi- dential nominees with a realistic chance of winning general-election campaigns for Senate or governor in those states want to campaign this fall with DSA members from New York City, I will gladly cover their airfare and lodging costs. We can all agree that authenticity is a key to victory. But if Democrats are going to enact a hopeful, change-oriented agenda, we need to recruit messengers whose biogra- phies burnish our message. Every- one opposed to the Trump agenda should champion candidates who embody the American Dream and are committed to restoring it. To win in the places where it matters, Democrats need to emphasize the common ground they have with a majority of the electorate.
SARAH RICE/GETTY IMAGES
Mr. Emanuel, a Democrat, served as a U.S. representative from Illinois (2003-09), White House chief of staff (2009-10), mayor of Chicago (2011-19) and ambassador to Japan (2022-25).
Also as a “deep state” “Marxist” “liberal” “corrupt” “billionaire lackey,” an “intellectually dishonest” “uniparty mouthpiece,” who is little more than a “scumbag propagan- dist,” and “anti-Trump,” and who lives for the “donor class.” If they think that’s bad, they should hear what my kids call me. Can Mr. Vance possibly think this is smart? Successful politicians seek to find new allies, not to alienate longstanding ones, whether elected colleagues, interest groups, the en- trepreneurial class or conservative media. Winning is hard enough with- out a right-on-right cage match. One answer is simply that Mr. Vance is a sensitive bunny. If he wants to be president, he’ll need to get over that. But the other answer is that Mr. Vance knows his “national conserva- tive” ambitions for the GOP aren’t landing. Republicans are increasingly up in arms over a Vance agenda that sounds like Bernie Sanders. Hence his Vance team’s need to invalidate anyone who disagrees as a “RINO” or a “tool” of special interests or an “elite”—the better to allow them to define what counts as a “real” Re- publican. A Vance Republican. Here’s an idea: Make the argument instead. And maybe let others make theirs, too—free of the gaslighting. Write to kim@wsj.com.
threatens to uproot the old ways of doing things. Translating ancient Greek and Latin into modern lan- guages, printing and selling cheap books to the masses, digitizing ma- terial and putting searchable ver- sions online for free—with every step, there have been those who mourn the old ways. With the rise of AI, we move on to the next step: having computers read this material. It has already begun. My suggestion is simply that we do this the right way, glob- ally and comprehensively, recogniz- ing that we have the opportunity to study all of recorded human civ- ilization in a way that has never yet been possible. Rather than see AI as an excuse to think less, I see it as an opportunity to think harder and to broaden and deepen our understanding. The challenge we face is the same challenge we have always faced, the task of finding meaning in the information available to us. A machine can collect, compare and collate tremendous amounts of in- formation, but it can’t do the thing that matters most of all—decide what has genuine value for human lives. For an LLM, every question you ask is important and insightful, or so it will tell you. In truth the machine has no idea what is impor- tant. It lies with us to decide which questions matter most. But harness- ing the power of AI could put us in a position to answer them.
N
Pitchers and Umpires Crazy
Now, Major League Baseball is cracking down on his gamesmanship in the batter’s box.
BY JARED DIAMOND
ew York Yankees shortstop José Cabal- lero might be the most universally disliked player in all of base- ball. He has spent his entire career cultivating a reputa- tion as the sport’s most notorious pest, once proudly declaring, “I’m trying to make them hate me.” The reason has nothing to do with his performance on the field. He is, by any statistical measure, entirely unremarkable. But Caballero has one weirdly specific skill that sets him apart from everybody else in the major leagues. It isn’t his mediocre bat or defensive versatility. It’s his un- paralleled ability to drive oppo- nents thoroughly crazy by using the pitch clock as the ultimate weapon of annoyance. Caballero’s rage-inducing su- perpower was on full display ear- lier this week against the Pitts- burgh Pirates. He stepped into the batter’s box in the eighth inning on Monday and launched into his familiar routine: He kept his eyes firmly on the ground as the timer
BY JOSHUA ROBINSON
Grenoble, France ONE NIGHT LAST WEEK, Tour de France leader Tadej Pogacar was fast asleep on the shores of Lake Geneva when he was suddenly awoken by a knock at his hotel- room door. It was 5 a.m. and some people needed to see him urgently. Pogacar couldn’t exactly tell them to go away. These were offi- cials from the International Test- ing Agency, and they were there before dawn to carry out a highly unusual doping control. The four-time Tour champion wasn’t alone. Earlier that same night, his main rival Jonas Vinge- gaard was also roused from sleep outside normal testing hours for a control around 2 a.m. Over the next 48 hours, the entire peloton was subjected to surprise tests in one of the largest sweeps in the recent history of the Tour de France. “I accept it if this is necessary to prove that we are riding clean, then I totally accept it,” said Pogacar, who is already tested nearly every day of the race as a multiple-stage winner and holder of the yellow jersey. “I commit to it.” What made the Pogacar and Vingegaard tests so remarkable is that they took place in the middle of the night, outside the normal 6 a.m. to 11 p.m. window. (Outside of the Tour, riders are required to log their whereabouts every single day to be available for testing on short notice.) In order to carry out those nighttime controls, the ITA needed to secure permission from the World Anti-Doping Authority and a local judge. The requirement, ac-
José Caballero, above, was called for a a pitch-clock violation on Wednesday. Two days earlier, Pirates pitcher Dennis Santana was angered by Caballero’s tactics.
ticked down, even after reliever Dennis Santana was ready to de- liver. The home-plate umpire paused the game to admonish Santana for coming set before Caballero was looking at him, a transgression that could result in an automatic ball being added to the count. Santana eventually got Cabal- lero to ground into a double play, but the stall tactics irked him. He began shouting and gesturing to- ward Caballero, which led to the benches clearing. Santana needed to be restrained by his teammates as he continued to yell at Cabal- lero. It was exactly the kind of re- sponse Caballero was hoping for. “If you get frustrated,” he said, “I’m winning.” MLB rules stipulate that batters must be alert and engaged with the pitcher when the clock reaches eight seconds or else they will re-
Tadej Pogacar, right, is tested nearly every day as a multiple-stage winner and holder of the yellow jersey.
cording to the Union Cycliste In- ternationale, the sport’s world governing body, is “serious and specific suspicion that the rider may be engaged in doping.” Precisely what that suspicion is remains confidential and the test results are unlikely to be available before the end of the Tour. Within the race bubble, riders and team officials guessed that the tests could be based on anything from
ceive a strike. The overwhelming majority of batters are ready long before that. Not Caballero. He will keep his head down un- til the last possible moment, forc- ing his opponent to stand and wait in the hopes of disrupting the
concrete evidence of cheating to the simple fact that any excep- tional performance in this tor- mented sport could be viewed as suspicious. To be clear, Pogacar and Vinge- gaard haven’t been accused of any wrongdoing. “Because of that history, you’re going to be able to find a French judge who’s going to give you a warrant to exercise that sort of
pitcher’s timing. If he happens to cause a violation and the pitcher throws a hissy fit in the process, even better. “He can do it, but not every pitch,” Santana said. “That’s when I got mad. Like, ‘Oh, my God.
extreme protocol,” said Jonathan Vaughters, the manager of the EF Education-EasyPost team and a former doper turned advocate for clean sport. “This generation is paying for the reputation of the sport previously.” Cycling did plenty to earn it in the early 2000s—more than a quarter of the Tours this century have seen the winners stripped of their titles for doping violations.
What’s going on? Why do you take so much time?’” Even Aaron Boone, who became his manager when the Yankees traded for Caballero last year couldn’t stand him before he wore pinstripes. “I didn’t like him,” Boone said. “He’s one of those guys I would yell at from the dugout.” Caballero’s steadfast commit- ment to his unorthodox approach does occasionally backfire. He has drawn increased scrutiny from umpires and even the league of- fice. Two days after his incident with Santana, Caballero was called for a pitch-clock violation when umpires deemed that he was at- tempting to circumvent the rules by deceiving the pitcher. MLB added a regulation in 2023 explic- itly prohibiting that kind of be- havior. Boone went ballistic. Hitting coach James Rowson was ejected. Caballero repeatedly screamed, “You’re picking on me!” at the um- pire, to no avail. Afterward, crew chief Adrian Johnson said, “He’s been warned all season.” Caballero, meanwhile, said that he’s “not trying to trick someone.” “The whole league should know who I am, what I do in the box, and they should be aware of it,” Caballero said. Teams have previously com- plained that Caballero will briefly glance at the pitcher before look- ing down again. That’s what hap- pened during a contentious epi- sode in a game against the Cleveland Guardians back in June. Barely a week later, the Toronto Blue Jays took issue with Cabal- lero. He drew a warning for inten- tionally delaying the game, result- ing in an even longer delay while Boone, Caballero and the umpires hashed everything out. It might have been the first time that the presence of the pitch clock, a mecha- nism designed to speed the game up, made pro- ceedings take even lon- ger. “There are a lot of major-league players in this league,” Blue Jays manager John Schneider said. “There seems to be one guy that has an issue with it.” The Yankees were well aware of this when they acquired Caballero from the Tampa Bay Rays last July. Back in 2023, Cabal- lero had pulled a similar stunt with New York ace Gerrit Cole on the mound. Cole responded by firing a fastball sev- eral feet above Cabal- lero’s head. After striking Caballero out, Cole wagged his finger at him while walking off the mound. Three years later, Caballero is now an integral part of the Yan- kees—and even Boone has changed his tune. “He was a pest, and I didn’t like it,” Boone said. “Now I like him.”
Inside the peloton, however, the general view is that cycling is cleaner now than it has been in decades. Still, one reason to test at night now would be to detect any so- phisticated performance-enhanc- ing substances that could clear an athlete’s system in a matter of a few hours. “It’s good that they test,” said Vingegaard, a two-time champion who crashed the next day and was forced to abandon the Tour. “But when it’s affecting performance and your sleep, I don’t think it’s so good.” Not everyone was as measured as Vingegaard. Lance Armstrong said on his podcast that “this isn’t a sporting issue now. Two a.m. is a human rights issue.” Slovenian rider Matej Mohoric, meanwhile, complained that he had to be dragged out of bed at 5 a.m., while France’s young prospect Paul Seixas was tested at a more rea- sonable hour. “The UCI of course acknowl- edges that nighttime testing can disrupt riders’ rest and recovery,” the organization said, “and wishes to reiterate that carrying out such controls outside normal hours re- mains an exceptional measure, re- served for limited and justified circumstances.” The UCI declined to say what those circumstances were. But for a sport haunted by its own his- tory, the antidoping show of force was designed to breed confidence not doubt. “If we had had 2 a.m., 4 a.m. testing,” Vaughters said, “we would have had huge numbers of riders immediately banned, includ- ing me. And we would have saved the sport 25 years of drama.”
ADAM HUNGER/AP; NOAH K. MURRAY/AP
S&P 7408.30 g 1.21% S&P FIN g 0.34% S&P IT g 1.12% DJ TRANS g 0.09% WSJ $ IDX À 0.28% 2–YR.TREAS. yield 4.358% NIKKEI (Midday) 64568.75 g 2.79% SeemoreatWSJ.com/Markets BUSINESS&FINANCE
0%
−2
−4
−6
−8
30%
risky time for the bloc’s economic ties with the U.S.
BY EDITH HANCOCK AND KIM MACKRAEL
BRUSSELS—The European Union fined Alphabet’s Google $1 billion for breaching its digital competition rules in a case that risks aggravating tensions with the Trump ad- ministration as it prepares new global tariffs.
President Trump’s Truth So- cial is selling stock market traders superfast access to his posts on the platform. Wall Street was already in on that game.
By Gunjan Banerji, Caitlin Ostroff and Krystal Hur
Many big investment firms have developed automated sys- tems to monitor Truth Social, detect important keywords and take action—often within a fraction of a second—such as initiating or canceling posi- tions, traders said. A Wall Street Journal review of trading data shows how quickly some traders have pounced on the president’s on- line comments. In the minute following two of Trump’s posts about Iran last month, inves- tors traded more than 2 million shares, according to data from DTN. These trades caused swings of more than 2% in al- most two dozen energy and in- dustrial stocks. The new “Truth API” prod- uct from Trump Media & Technology will let firms pay for an even faster readout of the president’s posts. The com- pany plans to charge $100,000 a month, or $60,000 a month if traders commit for years, ac- cording to people familiar with the matter. Those figures are out of reach for many everyday traders who follow the presi- PleaseturntopageB9
10,000
−10
–10
10,000
BUSINESS NEWS Ford Motor and Geely Automobile agree to a partnership in Spain. B3
To Contain Cyclospora
BY HEATHER HADDON
The word went out from Taco Bell’s leaders on the eve- ning of July 14: Stop the trucks. Public-health officials that night had notified the chain that the shredded lettuce gar- nishing Crunchwrap Su- premes, Cantina Chicken Bur- ritos and other menu items was the suspected culprit in a rapidly expanding cyclospora outbreak. Executives rushed to halt shipments then on their way to hundreds of Taco Bell’s 7,785 U.S. locations. Over the course of late- night virtual meetings and gatherings since early last week, Taco Bell executives have pushed to respond to one of the biggest food-safety cri- ses in the chain’s history—an episode that has lodged the phrase “explosive diarrhea”
The European Commis- sion—the EU’s executive arm—said Thursday that Google unfairly favored its own services on its widely used search engine and that the company imposed restric- tions on app developers, pre- venting them from freely steering users to other offers outside of the company’s Play Store. The €890 million fine, equivalent to $1.02 billion, comes at a risky time for the EU’s economic relationship with the U.S. The Trump ad- ministration—which has re-
Trading volume for ConocoPhillips, Chevron and EOG Resources before and after Trump’s June 9 Truth Social post
30,000 shares traded
300%
30,000
←BEFORE POST
20,000
20,000
10 seconds before 5 Time of post 5 10 seconds after
10 seconds before 5 Time of post 5 10 seconds after
Share-price performance of home-builder and investment firms on Jan. 7
Invitation Homes Trump calls to ban large investors buying more single-family homes
10 a.m. 11 12 p.m. 1 2 3 4
*No data available at two seconds following Trump’s post. Source: DTN
KRISTON JAE BETHEL FOR WSJ
TECHNOLOGY Comcast’s quarterly profit slides as subscriber losses narrow. B4
firmly in national headlines. More than 1,600 people who became ill in the outbreak re- ported eating at Taco Bell lo- cations across five states, fed- eral health officials said last week. Officials later named produce giant Taylor Farms as the lettuce supplier. Taco Bell’s efforts to con- tain the cyclospora outbreak are testing the agility of a chain known as one of fast food’s top operators and chal- lenging the durability of its customer base, a dedicated and youthful clientele that has helped Taco Bell stand out in a difficult industry. The chain has said it volun- tarily acted to protect consum- ers, and urged other restau- rants and retailers to do the same. This article is based on interviews with current and former Taco Bell officials and PleaseturntopageB2
peatedly lashed out at the EU over its tech regulations—is readying new tariffs to replace temporary levies that are due to expire on Friday. A group of U.S. lawmakers wrote a letter to President Trump this week asking him to use “all available tools,” in- cluding tariff investigations, to retaliate against EU tech rules if dialogue with the bloc doesn’t work. “It is important to make clear that the EU’s access to the U.S. market is not guaran- teed and can be limited should the EU continue to pursue dis-
Trading volume for Chevron, ExxonMobil and RTX before and after Trump’s June 11 Truth Social post*
60,000 shares traded ←BEFORE POST AFTER POST →
AFTER POST → AFTER POST →
50,000
40,000
Expansion Into Nuclear Energy
BY DAVID UBERTI
President Trump’s media company was headed in the wrong direction, and Mark Angelo was ready to try some- thing different. Very different. Angelo’s Yorkville Advisors, a small New Jersey invest- ment firm, wasn’t just a large stakeholder in Trump Media & Technology, home of Truth Social. It was an adviser and dealmaker, and by last year, with the company racking up losses and its stock in the tank, Angelo was open to ideas. A radical one began to emerge as he chatted with a close associate during a car ride into New York. The con- versation set off a chain reac- tion that ended with Trump’s social-media firm agreeing to merge with a nuclear-fusion company, making the first family a player on the energy
criminatory acts, policies and practices in the digital sector,” the letter said. Thursday’s fine is Google’s first penalty under the Digital Markets Act, the bloc’s digital antitrust rules. The fine is di- vided between the commis- sion’s objections to the com- pany’s search engine and Play Store terms. Google said the EU’s rules are making its product offer- ings in Europe worse. The EU’s implementation of the Digital Markets Act “con- tinues to break everyday prod- PleaseturntopageB2
Lennar
D.R. Horton
Blackstone
Trump Media share price since first trading day
$70
TAE merger announced
+25%
2024 ’25 ’26
April 2024 ’25 ’26
Source: FactSet
industry’s frontier. It is the sort of unorthodox deal that has helped the Trumps rapidly expand their business empire into new in- dustries. To pull it off, they have turned to a growing ros-
Intel’s quarterly revenue, change from a year earlier
Intel
2Q 2026
Sources: S&P Capital IQ, the company (revenue); FactSet (performance)
Defying Expectations
BY ROLFE WINKLER
Intel’s business continues to turn around, demonstrated by a second-quarter earnings report that came in well ahead of investors’ expectations. On Thursday, the chip maker reported sales of $16.1 billion for the June quarter, up 25% from the year-earlier pe- riod and beating estimates from analysts by 11%. Intel projected that Sep- tember quarter revenue will come in between $15.8 billion and $16.8 billion, well above the $15.1 billion analysts had p r o j e c t e d . Shares traded up 4.7% after markets closed. “Our Q2 re- sults represent our strongest revenue growth in more than 15 years,” said In- tel’s Chief Exec- utive, Lip-Bu Tan, in a state- ment. “AI is driving unprecedented demand, and as we continue to execute, In- tel is well-positioned to cap- ture sustainable growth.” Chief Financial Officer Da- vid Zinsner said in an inter- view that the company was able to catch up in fulfilling demand in the second quarter after leaving business on the table in the first. He also pointed to strong average prices for Intel’s products: “From a pricing perspective, things held up better than we
hails its strongest revenue growth in 15 years.
ter of financial partners that aren’t part of Wall Street’s blue-chip elite but are com- fortable raising money and striking deals that might seem risky to others. In other words, guys like Angelo. The nuclear deal, which is expected to close later this year, is “our attempt at really trying to get Truth stock sub- stantially higher,” he said in an interview. “I think the mar- ket is bored of Truth until that deal happens.” Angelo later clarified that he meant the Trump Media stock was “rangebound” in the interim. As Trump returned to the White House, he and his sons launched crypto ventures that netted the president $1.4 bil- lion in income, according to his 2025 financial disclosure. But the Trumps and their ad- visers have more recently pushed into real-world assets PleaseturntopageB9
Share-price and index performance, year to date
Jan. 2026 July
expected,” he said. The artificial-intelligence revolution has begun to bene- fit Intel because the next wave to AI technology—AI agents completing tasks for users— relies on the central process- ing units, or CPUs, that are the company’s specialty. Intel had fallen behind because the de- velopment and use of the most sophisticated models is pri- marily powered by graphics processing units, or GPUs, made by companies such as Nvidia. With data centers packed with CPUs, the turnaround is seen in Intel’s data center-rev- enue, which grew by 59% compared with the prior-year period, continu- ing a recent trend. Intel isn’t yet seeing the full negative impact from the AI boom that is poised to weigh on the other side of its business, selling chips that power personal computers, which grew by 13% in the quarter. That impact will make itself felt in the business in coming quarters, said Zinsner. Huge demand for AI servers in data centers is causing a shortage in memory chips, made by other companies, that are crucial components inside PCs. As a result, memory-chip PleaseturntopageB4
Punish Musk and His Fans
BY BECKY PETERSON AND MICAH MAIDENBERG
A month ago, Elon Musk was crowned the world’s first trillionaire after a record pub- lic offering for SpaceX. Now investors are growing impa- tient with the pioneering busi- nessman as the bills come due on his most ambitious prom- ises for SpaceX and Tesla. Tesla shares fell around 14.5% on Thursday—erasing $215 billion of market value— after the electric-vehicle maker missed earnings targets and logged negative cash flow for the first time in two years. It was part of a wider stock selloff amid fears that big tech companies are overspending on artificial intelligence. On an earnings call, Musk walked back earlier guidance on the rollout of its Robotaxi ride-hailing service, Optimus humanoid robots and an elec- tric semi truck that has been in development for years. Shares of SpaceX, which went public at $135 and traded above $225 in the days after its debut, are down more than 40% from those highs. The stock broke below its initial- public-offering price within weeks and has lost more than $1 trillion in value from its peak. The declines have deepened after SpaceX postponed a test launch of its Starship rocket and as investors antici- pate a flood of shares being PleaseturntopageB2
S&P 500
B
D
E
A
B
D
F
S
H
T
U
I
L
Y
N
H
R
S
J
T
W
N
O
0%
C
C
G
G
M
P
M
Albertsons...............................B3
Ford Motor.............................B3
Alphabet ............A2,B1,B4,B10
–10
Amazon.com.......................B10
Z
Z
Geely Automobile................B3
American Airlines................B3
American Express.............B10
Harley-Davidson...................B3
V
Apple......................................B10
HCA Heathcare..................B10
Applied Digital......................B9
Honeywell Aerospace........B5
–5
AstraZeneca...........................B5
Hyundai Motor.....................B3
Blackstone ..............................B9
K
Intel............................................B1
Invitation Homes................B9
Canadian National Railway
....................................................B10
....................................................B10
Lockheed Martin..................B5
Charter Communications
Coca-Cola..............................B10
McCormick..............................B5
Comcast...................................B4
Meta Platforms.................B10
Microsoft..............................B10
Dominari..................................B9
Dongfeng Automobile.......B3
Nestlé........................................B3
News Corp..............................B2
easyJet.....................................B3
Norfolk Southern.................B5
Guillemot, Yves ....................B2
Altman, Sam........................A10
Angelo, Mark.........................B1
Halawi, Samer.......................B2
Hibbard, Justin .....................B9
Huang, Jensen......................A1
Baumbick, Jim......................B3
Boole, David...........................B9
Bremer, Paul..........................B9
Jarvis, Kenton........................B3
Buffett, Warren..................B10
Krisberg, Liz Everett.........A2
Charles, Schwab...................B9
Colas, Nicholas....................B10
Maki, Dean..............................A2
Morgan, David......................B3
Dekkers, Sophie....................B3
Musk, Elon........................B1,B2
Fisher, Mischa.......................A3
Nadella, Satya....................A10
Fleming, Mark.......................A7
Navratil, Philipp....................B3
Gores, Tom .............................B3
O’Rourke, Mike..................... A4
Musk and His Fans
ContinuedfrompageB1
ContinuedfrompageB1
ContinuedfrompageB1
freed from lockup restrictions in early August. That would allow insiders to sell some of their stakes, putting further pressure on the share price. Investors are still waiting for the next Starship test mis- sion, which SpaceX pushed from Thursday to Friday eve- ning due to poor weather in Texas. Samer Halawi, a consultant and former satellite executive, said SpaceX has exposed itself to more pressure by going public, especially as it pursues untested concepts like deploy- ing AI satellites. “Access to capital is going to be scrutinized,” Halawi said. “When you’re a public company, people are going to expect a return. You can’t op- erate the same way you’ve been operating.” SpaceX and Tesla are still among the most valuable U.S. companies, valued at $1.5 tril- lion and $1 trillion, respec- tively. Investors continue to place a premium on Musk’s leadership of the companies and his ambitious product road maps. True believers see Musk as a visionary capable of seizing markets long before they exist, citing Tesla’s dominance in the electric-vehicle market and SpaceX’s success in the rocket- launch business. Musk has promised to transition both companies into dominant forces in an AI arms race in which they are behind. “I love Tesla and have been a superfan for well over a de- cade,” Tesla influencer Dillon Loomis posted on X ahead of the earnings report. “If these goals are so uncertain, please just don’t share them. Say whatever you want internally, but to say them publicly and not even get close does noth- ing but hurt the company and many following it.” In an earnings call Wednes- day, Tesla executives re- sponded to questions from in- dividual investors frustrated by the slow rollout of its Ro- botaxi ride-hailing service, which expanded to its seventh city in July. Musk in January had said that the service would be in one-quarter to half the U.S. by the end of the year. Musk continued to tease a future demonstration of Tesla’s third-generation Opti- mus robot, which he previ- ously said would be demon- strated in the first quarter. Musk has said that the robot
Tesla...........................................B1
Tesla
Nvidia .....................................B10
Service Properties Trust..B9
SpaceX.........................B1,B2,B9
Stellantis..................................B3
Stripe........................................B4
T-Mobile..................................B4
Ubisoft......................................B2
Unilever ....................................B5
Union Pacific.........................B5
Verizon Communications
.....................................................B9
Volkswagen...........................B3
Yum Brands ...........................B2
Zhejiang Leapmotor Technology...........................B3
Pichai, Sundar.....................B10
Rocker, Kenny.....................B10
Saluzzi, Joe.............................B9
Sheth, Atsi.............................A2
Smith, Terry........................B10
Starrs, Artie ..........................B3
Tae-won, Chey ......................A1
Tan, Lip-Bu..............................B1
Tresvant, Sean......................B2
Wagner, David......................A4
Walker, Kent...........................B2
Zinsner, David .......................B1
could be the largest product of all time, and that Tesla is pre- paring its production line to manufacture one million of the bots annually. Tesla also told investors in its earnings slides that it planned to start production for its all-electric semi truck by the end of the year, despite Musk telling investors in April that production would start “soon.” For SpaceX, much of the company’s promises ride on the success of its Starship rocket, which is still under de- velopment. SpaceX scheduled the test flight for July 16, but the launch was scrubbed after unexpected problems with several engines on the rocket’s booster. The stock’s weakness following the delay prompted some SpaceX fans, who closely monitor and cheer its launches, to share their frus- trations in social-media posts. The company needs to move Starship from a test phase and start using it on revenue-generating missions. In an IPO filing, SpaceX said it expects to begin deploying up- graded Starlink satellites with Starship during the second half of this year. Also pressuring SpaceX shares is the reality that insid- ers will be allowed to sell some of their holdings shortly after the company hosts its first-ever earnings call on Aug. 4. The lockup expiration on Aug. 6 will add up to 911.5 mil- lion shares to the market, roughly doubling the amount that are freed to trade. Investors and analysts have speculated that Musk, who is the biggest individual share- holder in the two companies, could try to merge SpaceX and Tesla into a single AI-focused company. “There’s more and more overlap, especially with Tera- fab,” Musk said, referring to a multibillion-dollar joint ven- ture to develop and manufac- ture chips in Texas. “But obvi- ously we can t talk about, you know, combining companies and that kind of thing on earn- ings calls. It’s got to be done with the appropriate process.”
Share-price performance, past 10 days
BY KATHERINE HAMILTON Google Discloses 6% Stake in SpaceX
Google said it owns $94.1 billion in SpaceX shares, a roughly 6% stake in the newly public company. The tech conglomerate’s marketable equity securities include $80 billion in SpaceX shares subject to short-term restrictions on the ability to sell and $14.1 billion of shares subject to long-term restric- tions through the third quar- ter of 2027, according to a quarterly filing published Thursday. The restrictions are com- mon for shareholders that buy stock around the time of an initial public offering. SpaceX debuted on the public markets in June, mark- ing a blockbuster IPO which Nasdaq said earlier on Thurs- day was its biggest listing in history. SpaceX stock rose 19% to $135 on its first day of trading June 12, giving the company a market value of $2.1 trillion. The stock price has edged lower over the past month.
Draws Big Fine in EU
ucts,” Kent Walker, Google’s president of global affairs, said. “To comply, we are hav- ing to strip away real-time Search features Europeans love—like instant pricing and direct availability for hotels, flights, and restaurants—and dismantle safety protections on Google Play.” The EU’s decision is a culmi-
The fast-food chain acted quickly to pull lettuce from its products after a cyclospora outbreak.
Taco Bell’s Durability
people familiar with its opera- tions. It could take months for Taco Bell to rebuild its busi- ness, based on the experiences of other restaurant chains try- ing to move past a food-safety crisis. Taco Bell risks alienating customers with its social-me- dia messages and advertising since the outbreak, which have included a playful tone and kissy emojis, said Pam Gold- stein, a crisis communications consultant who helped McDonald’s when it contended with a 2024 E. coli outbreak. “You have one shot to get it right,” Goldstein said. Taco Bell said its efforts were reinforcing consumer confidence in its food safety, and that it appreciated fans who have continued coming in. The chain said it had re- ceived positive feedback for its handling of the outbreak. Reports of suspected cy- clospora cases in the Midwest began circulating in July, with a growing number of consum- ers in Michigan, Ohio and other nearby states complaining of cramping, nausea and watery diarrhea. As cases spread, health authorities were in touch with Taco Bell about food-safety concerns concen- trated in Southeast Michigan. Some Taco Bell locations voluntarily stopped serving lettuce. Around July 7, at least one Michigan location put up a
Nasdaq says the SpaceX public market debut in June was its biggest listing in history.
SpaceX shares closed about 2.6% higher Thursday. Based on SpaceX’s market capitalization of $1.52 trillion on July 23, Google has a roughly 6% stake in the space and AI company.
nation of a yearslong investiga- tion into Google’s compliance with the law. Google has made several tweaks to how its prod- ucts work, including testing re- sults for services such as flights and hotels, testing changes to how it presents shopping ads and content, and changing its terms for app de- velopers steering customers to- ward offers outside of its own Play Store. The commission said it is assessing Google’s changes, adding that the company has shown progress toward com- pliance on its search and steering policies. Google has 60 days to address the EU’s concerns or it could risk addi- tional fines.
sign saying there had been a nationwide recall of lettuce, ci- lantro, onion, pico de gallo and guacamole. Michigan Chief Medical Ex- ecutive Natasha Bagdasarian said that no such recalls had been ordered. But online— where photos of the sign rap- idly circulated—consumers started connecting cyclospora cases with Taco Bell. Consumers have filed at least four lawsuits against Taco Bell in connection with their ill- nesses, alleging the chain sold adulterated products that led to lost wages, suffering and bodily harm. Taco Bell has yet to re- spond in court. Late on July 14, federal public-health a u t h o r i t i e s shared details with Taco Bell executives that lettuce from Taylor Farms was the sus- pected cause in the rapidly ex- panding cy- clospora cases. The Salinas, Ca- lif.-based produce company was a top supplier to Taco Bell and other restaurants and had been linked to past food-safety outbreaks. Taco Bell’s leadership team convened that night and made contingency plans to start pulling potentially tainted Taylor lettuce from stores. For days, they oversaw the effort from a war room at Taco Bell’s Irvine, Calif., head- quarters, and in numerous vir- tual meetings. Corporate-office staffers reached out to Taco Bell’s net- work of franchisees. By Friday, July 17, the chain had entirely switched out its lettuce, auditing the removal
months before sales recover at the restaurant chain.
Google has had a long his- tory of investing in SpaceX. In May, the two companies were discussing a rocket-launch deal to help develop orbital data centers, The Wall Street Journal reported.
News Corp, owner of The Wall Street Journal, has a commercial agreement to sup- ply content on Google plat- forms. Trump has threatened re- taliation against the EU over past tech company fines. After the bloc fined Google €2.95 billion last year for abusing the dominance of its advertis- ing-technology tools, Trump threatened to open a trade in- vestigation “to nullify the un- fair practices.” He didn’t take any action at the time. European officials say their tech laws aren’t discrimina- tory and that the bloc has the right to set its own rules. The Digital Markets Act, which aims to make it easier for
down to the store level. News headlines and social- media commentary that linked Taco Bell to the parasitic out- break took a toll. Visits to U.S. Taco Bell locations last week were down as much as 31% compared with the day-of- week average from Jan. 1 to July 6, according to Placer.ai, a research firm that analyzes foot traffic. Taco Bell, the fourth-largest U.S. fast-food chain by sales, has contended with its own ep- isodes. In late 2006, sales slumped after public health au- thorities linked lettuce served at Taco Bell with dozens of E. coli cases in Northeast states— then fell further after video of a rat infestation in one of its New York City stores surfaced in February 2007. The brand went on the of- fensive, sending former presi- dent Greg Creed on a pub- licity tour to emphasize food safety—in- cluding recommending Taco Bell to his daughter and her college friends. It took nearly a year for the chain’s sales to re- cover, and operating profit at parent Yum Brands took a hit. Some analysts have said they expect Taco Bell to re- bound more quickly from the current cyclospora outbreak. On Monday, Taco Bell CEO Sean Tresvant wrote an open letter to customers, sharing sympathies with those sick- ened and promising the com- pany will continue to share what it knows. “We aren’t entitled to your loyalty,” he said. “We earn it one meal at a time.”
Google has been expanding its efforts to put orbital data centers in space as it ramps up its AI development, and SpaceX Chief Executive Elon Musk has expressed interest in the unproven technology.
smaller companies to compete with digital giants, regulates how companies operate within the bloc but doesn’t dictate how they run their businesses in the U.S. or elsewhere. U.S. officials previously told the EU that they intend to stick to the terms of the U.S.- EU trade deal that was reached last year. The U.S. agreed at the time to cap most tariffs on the bloc at 15%. An EU official said Thurs- day that the bloc is ready to engage with the Trump ad- ministration on its tech rules. The commission didn’t have any indication that a new tar- iff investigation on European tech legislation was in the works, the official said.
Bookings Decline In Latest Quarter
BY MAURO ORRU
MARIO TAMA/GETTY IMAGES
Ubisoft Entertainment posted lower net bookings for its fiscal first quarter, but said a major overhaul of its opera- tions was starting to show signs of success after a remake of “Assassin’s Creed” exceeded annual expectations in just two weeks. The French videogame group said net bookings for the three months to the end of June slipped 9.2% on year to €255.8 million, equivalent to $291.9 million, above company guidance of around €250 mil- lion but slightly below a Visible Alpha forecast of €261.6 mil- lion. The company said “Invinci- ble: Guarding the Globe” fared extremely well on the mobile game front more than two years after its launch, while other titles like “Tom Clancy’s Rainbow Six Siege” performed in line with expectations. Ubisoft released a remake of “Assassin’s Creed IV Black Flag” from 2013 on July 9, right after its fiscal first quar- ter came to a close. The com- pany said the game, “Assassin’s Creed Black Flag Resynced,” had already sold 3.5 million copies, exceeding annual ex- pectations in just 14 days. Chief Executive Yves Guille- mot said the success of the re- make showed that Ubisoft’s move to cut costs, overhaul its structure and reorient re- sources toward games that are more likely than others to prove big hits was paying off. Aside from the Assassin’s Creed remake, the lineup for the current fiscal year includes “Rayman Legends Retold,” scheduled to launch on Oct. 1, and “Just Dance Decades of Hits,” to be released on Oct. 13, along with other undisclosed titles. For fiscal 2027, the company said it continued to expect net bookings to fall by a high-sin- gle-digit percentage from the nearly €1.53 billion it reported for fiscal 2026. It also expects to post a high-single-digit-per- centage negative non-IFRS op- erating margin.
SHURAN HUANG FOR WSJ
3%
New private-equity joint venture, Peranel, is valued at around $5.6 billion
5%
BY AIMEE LOOK
Nestlé agreed to offload half of its water unit—home to Perrier and San Pellegrino—to private-equity group Platinum Equity in a $3.4 billion deal as it continues to shoulder hefty costs from its restructuring efforts. The Swiss consumer-goods company said it would create a joint venture with billionaire Tom Gores’s Platinum Equity and shed a 50% stake in its Waters and Beverages busi- ness for 3 billion euros in cash, or $3.42 billion. The new business—called Peranel—is valued at €4.9 billion, includ- ing cash and debt, with the deal expected to close in the first half of next year. The agreement is the latest step in a restructuring push that drove up costs in the first half of the year, weighing on
EVA MAÑEZ/REUTERS
Jim Baumbick, president of Ford of Europe, visited the automaker’s plant near Valencia, Spain, on Thursday.
BY DOMINIC CHOPPING Ford, Geely Plan Tie-Up in Spain
Ford Motor and Geely Au- tomobile agreed to a new man- ufacturing partnership that al- lows the Chinese automaker to build some of its cars at Ford’s Valencia plant in Spain, while also committing to jointly de- velop a new SUV. The deal is the latest move by a Western automaker to open its European factory gates to Chinese competitors as they look to fill capacity and secure the future of their production sites amid challenging market conditions. Tech-heavy Chinese-made cars continue to erode market share for Western carmakers both in China and increasingly in Europe, prompting compa- nies to seek partnerships as a way to tap in to Chinese tech- nology while cutting costs through shared purchasing and engineering. American Airlines Cuts Guidance as Fuel Prices Surge
BY DEAN SEAL
American Airlines said it is on course for an adjusted loss in the current quarter af- ter the latest surge in jet-fuel prices. The carrier on Thursday said revenue is projected to rise 16% to 19% in the third quarter but that it is on track to post an adjusted loss of 10 cents to 70 cents a share. Ana- lysts polled by FactSet had been forecasting an adjusted profit of 26 cents a share. Given the recent jump in fuel costs from the continuing war in Iran, American said its bottom line for the full year would be somewhere between
–1
The water unit is home to Perrier and San Pellegrino.
profits. The maker of KitKat choco- late bars and Nescafe coffee said in its results that net profit for the period was 3.47 billion Swiss francs, or $4.26 billion, missing company-com- piled analysts’ estimates that the figure would remain rela- tively unchanged on year at 5.07 billion francs. Nestlé’s shares fell 7.8% on Thursday. The company previously in-
Jeep maker Stellantis said recently that two of its facto- ries in Spain would produce electric vehicles with China’s Leapmotor, while a separate deal will see Dongfeng assem- ble at least one of its premium Voyah-branded electric-vehicle models at a Stellantis fac- tory in Rennes, France. Ford said in a statement Thursday that Europe repre- sents one of the “fiercest com- petitive battles” in the global auto industry, with tightening regulation, high operating costs and new competitors that have raised the bar on manufacturing cost and technology. “By pooling production vol- ume, Ford and Geely will maxi-
produce some of its cars at Ford’s Valencia plant.
an adjusted profit of 65 cents a share and an adjusted loss of 65 cents a share. That is down from a previous target of between an adjusted loss of 40 cents a share and adjusted earnings of $1.10 a share. American’s stock slid 8.4% to $13.56 in Thursday’s trad- ing. Airlines have been getting hammered this year by soar- ing jet-fuel prices, which hit records of more than $4.80 a gallon in April, according to the Argus US Jet Fuel Index. After recovering to about $2.81 a gallon in early July, prices shot back up after the U.S.’s ceasefire with Iran col- lapsed this month. As of
dicated that it was aiming to sell a few brands. In February, Nestlé said it would shed its remaining ice-cream business into its Froneri joint venture, in which it keeps a 50% stake. Nestlé has also been seek- ing buyers for Nature’s Bounty and other brands in its vita- mins business as a way to im- prove sales growth, pivoting toward higher-end products such as Solgar and Garden of
mize the capacity of the Valen- cia plant, lower the cost of every vehicle built there, and compete at this emerging cost standard,” the company said. The agreement will see Ford and Geely form a new Europe- focused joint venture that will manufacture passenger vehi- cles for both brands that are tailored for the European mar- ket. Ford will continue to pro- duce its Kuga at the Valencia plant in addi- tion to a new Bronco SUV, with production starting in 2028. Geely will manufacture two electric SUVs at the site, with the first model to roll off the production line in 2028, while the two companies are also set
JOSHUA LOTT/REUTERS
The carrier projected third-quarter revenue growth of 16% to 19% but said it is on track to report an adjusted loss.
Wednesday, the spot price of jet fuel was $3.65 a gallon. Carriers have raised prices to offset their rising costs. American said revenue in the second quarter climbed 16% to $16.74 billion, ahead of analyst estimates. Demand was strong and revenue rose across its premium, main cabin, domes- tic and international seats. Higher fares helped Ameri- can mitigate nearly half of the
Nestlé quarterly sales, pricing and volume, change from a year earlier
IMAGO/ZUMA PRESS
1Q ’25 3Q 2024 1Q ’26
Source: the company
Life. On Thursday, Nestlé said it expects to sell mainstream and value brands within its vi- tamins arm by the first half of next year. The loss on the dis- posal of the segment is ex- pected to be around 1.3 billion francs. Chief Executive Officer Philipp Navratil is undertaking an overhaul of the maker of Nescafe coffee and Purina pet
to produce a new crossover SUV designed by Ford and jointly developed by Geely. The companies said the ven- ture supports Geely’s interna- tional expansion and advances Ford’s strategy of using part- nerships to compete with speed, efficiency and scale in Europe. “This partnership shows how automakers are strengthening Europe’s indus- trial base, but we can’t do it alone,” said Jim Baumbick, president of Ford of Europe. Baumbick added the deal was possible thanks to a pub- lic-private partnership that has seen continuing support from Spain’s national and regional governments. The joint venture will begin operations in the first half of 2027, subject to regulatory approvals. Under the proposed owner- ship structure, Ford will own 66% of the new entity and Geely 34%.
impact of an 83% increase in fuel costs, the company said. The company logged a quarterly profit of $71 million, or 11 cents a share, compared with $599 million, or 91 cents a share, in the same quarter a year earlier. Stripping out one-time items, adjusted earnings were 15 cents a share. Analysts had been looking for just 3 cents a share, according to FactSet.
Organic sales +3.7%
Price +1.9%
Sales volume +1.8%
food in a bid to steady the ship after a string of setbacks, underperformance and man- agement upheaval in recent years. His efforts since taking the helm in September have fo- cused on slimming down its sizable portfolio, mirroring moves by rivals in the sector. Nestlé has said it is cutting around 16,000 jobs, has sold off brands and is reorganizing
EASYJET Profit Falls on Fuel Prices and Demand Takeover target easyJet re- ported a drop in pretax profit for its third quarter, as results were dragged down by higher fuel prices and lower demand due to the Middle East conflict. The airline said pretax profit, which strips out excep- tional and other one-off items, fell to 85 million pounds, or $113.7 million, for the quarter from 286 million pounds a year earlier. Reve- nue grew to £2.98 billion from £2.92 billion, while pas- senger revenue fell to £1.74 billion from £1.76 billion. Passenger numbers fell to 25.8 million from 25.9 million, while load factor—a measure of how full its planes are— dropped to 88.9% from 90.2%. “As consumer confidence increases, we are seeing the load factor gap close for peak summer,” Chief Executive Kenton Jarvis said. The airline also said Chief Operating Officer David Mor- gan would step down to be succeeded by Chief Commer- cial Officer Sophie Dekkers. This month, easyJet re- ceived a $7.6 billion takeover bid from Apollo, trumping an earlier agreement of around $7 billion with Castlelake. —Nina Kienle
HYUNDAI MOTOR Cooling Sales Dent Automaker’s Profit Hyundai Motor recorded weaker second-quarter net profit as vehicle sales declined amid cooling global demand. Hyundai’s unionized auto workers in South Korea are staging partial walkouts for a second week to demand higher wages. The union is also seeking job protections amid advances in artificial in- telligence and robotics, op- posing management’s plan to begin deploying humanoid ro- bots on assembly lines within two years. Hyundai, South Korea’s largest carmaker, said net profit for the April-June pe- riod declined 11% from a year earlier to 2.888 trillion won, equivalent to $1.96 billion. Revenue rose 1.9% to a record 49.215 trillion won, while op- erating profit fell 21% to 2.851 trillion won, weighed down by sluggish car sales, higher raw-material costs and sup- ply disruptions. Brisk demand for hybrid vehicles and favorable for- eign-exchange rates helped sustain revenue growth, de- spite lower overall vehicle sales during the quarter, Hyundai said. The carmaker earlier this month said it would acquire SoftBank’s remaining stake in its U.S.-based robotics unit, Boston Dynamics. Hyundai has said it plans to deploy Atlas humanoid robots at its Georgia megaplant starting in 2028. The company aims to build a factory capable of manufactur- ing 30,000 robots annually. In February, Hyundai un- veiled a multibillion-dollar in- vestment plan to advance physical AI in South Korea. —Kwanwoo Jun
the business around four main categories—coffee, pet care, nutrition and food. Other consumer-goods businesses have also been aiming to get leaner. Dove soap-maker Unilever spun off its ice-cream busi- ness last year into the Mag- num Ice Cream Co., and struck a deal with spice-maker Mc- Cormick to combine food busi- nesses. Similarly, U.K. sugar-to- clothing company Associated British Foods said it was sepa- rating budget fashion retailer Primark from its food arm. Nestlé’s organic sales in the second quarter, also reported Thursday, rose 3.7% on year. The result was driven by pric- ing, which was up 1.9%, while growth in sales volumes— called real internal growth— was 1.8%. Overall sales were 21.79 bil- lion francs for the second quarter compared with 21.63 billion francs a year earlier and analysts’ expectations of 21.71 billion francs, according to company-compiled esti- mates.
HARLEY-DAVIDSON Strong Sales Spur Increase in Outlook Harley-Davidson said it ex- pects to sell more motorcycles this year than it previously ex- pected, after reporting strong North American sales in the second quarter. The company posted net income of $79.8 million in its three months ended June 30, down from $107.6 million a year earlier. Quarterly earn- ings of 75 cents a share topped the 64 cents a share that analysts polled by Fact- Set expected. Total revenue fell 5.9% to $1.23 billion but came in ahead of Wall Street models for $1.17 billion. Global retail motorcycle sales ticked up 0.5% to roughly 42,500 units, reflecting North American growth and soft in- ternational results, the com- pany said. “Our second-quarter performance reflects strength in our domestic retail business, continued focus on healthy dealer inventory levels and the exceptional commitment of our dealer network,” Chief Ex- ecutive Artie Starrs said. Harley-Davidson now ex- pects global motorcycle retail sales of 133,500 to 138,500 units for the year, compared with a prior outlook of 130,000 to 135,000 units. —Connor Hart
ALBERTSONS Grocer Predicts Weaker Sales Albertsons expects sales to weaken this year after its core grocery business strug- gled in the latest quarter. Shares slid 22% to $11.44 on Thursday. For the year, the grocery store chain expects identical sales to fall 0.5% to 1.5%, com- pared with a prior expectation that annual sales would be flat to up 1%. Adjusted earnings per share are now projected to be $1.75 to $1.85, down from $2.22 to $2.32 previously. Quarterly profit fell to $84.7 million, or 17 cents a share, compared with $236.4 million, or 41 cents a share, a year earlier. Stripping out cer- tain one-time items, adjusted per-share earnings were 42 cents, below the 54 cents an- ticipated by analysts, accord- ing to FactSet. Revenue rose less than 1% to $24.94 billion. Analysts had forecast revenue of $24.83 billion. Identical sales fell 0.8%. —Katherine Hamilton
Albertson’s identical-store sales, change from a year earlier
Comcast’s Profit Falls but Subscriber Losses Narrow
Company attributes narrowing to effects of its new go-to- market strategy
BY ELIAS SCHISGALL
Comcast reported a lower profit in the second quarter, but narrowed subscriber losses in its domestic residen- tial-broadband business for the second quarter in a row. The cable-and-entertain- ment company said it lost about 167,000 domestic resi- dential broadband customers during the second quarter, wider than the 165,000 ana- lysts polled by FactSet were expecting but below the 201,000 it lost a year earlier. The company attributed the narrowing to the effects of its new go-to-market strategy. Comcast posted a profit of $3.53 billion, or 99 cents a share, compared with $11.12 billion, or $2.98 a share, a year earlier. Stripping out certain one- time items, the company re-
–50
–100
As Account Growth Slows
BY KELLY CLOONAN AND MOLLY REINMANN
T-Mobile US’s profit and revenue grew in the latest quarter, boosted by its post- paid business, but new ac- count additions have begun to slow. Still, the cell carrier main- tained its forecasts for profit and postpaid net account adds for the full year. Second-quarter profit came in at $3.24 billion, or $2.99 a share, compared with $3.22 billion, or $2.84 a share, a
The Wall Street Journal’s premier technology event returns to the heart of innovation in Northern California, just a short distance from Silicon Valley. This November 3–4, WSJ Tech: California will return to Stanly Ranch, a luxury resort that blends contemporary design, expansive indoor-outdoor spaces and exceptional dining with the natural beauty of Napa Valley. We look forward to welcoming you for bold conversations, meaningful connections and an elevated event experience.
Contributing Sponsor Presenting Sponsors
The company said it lost about 167,000 domestic residential broadband customers during the second quarter.
ported adjusted earnings of $1.04 a share. Analysts were expecting 97 cents a share. Revenue fell to $29.94 bil- lion from $30.31 billion. Ana- lysts were expecting $29.24 billion in revenue. Comcast narrowed its loss of domestic video customers, shedding 280,000, compared with 325,000 a year earlier. Analysts were expecting a loss of 277,000 customers.
year earlier. The recent quar- ter’s figure includes merger- related costs from T-Mobile’s acquisition of USCellular. Revenue rose 7.9% to $22.79 billion. The growth was fueled by higher postpaid service rev- enue, up 13% year over year to $15.85 billion, as T-Mobile con- tinued to add postpaid ac- counts and earned more reve- nue from each of them. The Bellevue, Wash., com- pany’s postpaid phone service is its most lucrative phone of- fering, where service is paid for each month on a contract.
The company added 448,000 domestic wireless lines during the quarter, out- pacing the 379,000 analysts were expecting. Revenue from Comcast’s domestic broad- band service fell 5.5% to $6.28 billion, while domestic wire- less service revenue rose 14% to $1.01 billion. Media revenue rose 25%, to $5.69 billion, of which the company attributed about
25% Jump In Revenue
ContinuedfrompageB1
prices have exploded, forcing PC makers to raise prices and reducing sales to consumers. Meantime, Intel’s business manufacturing chips for oth- ers is also seeing its growth accelerate. Sales for that unit rose 31% in the quarter after rising 16% last quarter. Intel is one of the few American companies that op- erate chip-fabrication plants, a
Comcast’s net broadband subscribers
0 thousand
KRISTON JAE BETHEL FOR WSJ
–150
–200
2024 ’25 ’26
Source: the company
$441 million to gains from the FIFA World Cup. Its Tele- mundo network and Peacock streaming service held the U.S. Spanish-language rights to the tournament. Peacock reported a 54% increase in revenue from the prior-year period to $1.9 billion. The company ended the second quarter with 48 million paid Peacock sub- scribers, compared with 46 million in the first quarter.
I-HWA CHENG/AFP/GETTY IMAGES
A demonstration at Intel’s booth at a Taipei event in June.
strategically important busi- ness that the Trump adminis- tration has sought to build up to reduce American depen- dence on Asian chip makers.
Startup OpenRouter
Stripe is in talks to acquire OpenRouter, a buzzy startup that helps developers choose among artificial-intelligence models, according to people fa- miliar with the matter.
2Q 2026 –167,000
By Berber Jin, Lauren Thomas and Kate Clark
A transaction could be an- nounced soon, though the talks could still fall apart or another suitor could emerge, the people said. The exact price being dis- cussed couldn’t be learned, but some of the people said the business could fetch around $10 billion in a sale. A number of other big tech companies had been eyeing po- tential deals for OpenRouter, the people familiar with the matter added. OpenRouter is part of an emerging crop of startups that have found a lucrative niche between AI developers and the companies that want to use them. Founded in 2023, the company sells software that al- lows customers to easily access AI models built by OpenAI and Anthropic, as well as “open- weight” alternatives that are free for anyone to download
The U.S. took a 10% stake in the company as part of the ef- fort. Apple, a key buyer of chips, recently signed a deal with In-
Request Invitation wsj.com/techcalifornia
and run. The company lists hundreds of large language models on its platform, allow- ing developers and businesses to easily access, compare and switch among them. A deal for OpenRouter could allow Stripe to seize upon a hot area of growth in the AI mar- ket. Many tech companies are looking to use a range of AI models to control spending and diversify away from OpenAI and Anthropic. Stripe is primarily a pay- ments processor, helping com- panies across the internet ac- cept payments, but it has recently tried to expand into areas such as infrastructure for AI and stablecoin payments. Its valuation hit $159 billion ear- lier this year. OpenRouter and Stripe also already have a partnership in which OpenRouter uses Stripe to accept payments, among other things. OpenRouter was valued at $1.3 billion in May, according to PitchBook. Its backers include Menlo Ven- tures and CapitalG, the growth venture fund of Google parent company Alphabet. The Infor- mation reported earlier that OpenRouter was fielding take- over interest.
tel to have the company make some of Apple’s chips, an im- portant signal to the market that Intel is finally becoming more competitive with market leader Taiwan Semiconductor Manufacturing. Zinsner said that Intel’s most sophisticated chip-mak- ing process, which it calls 14A and which is still under devel- opment, will move into volume production in 2028. He said the company was “getting tons of traction” among customers for its ad- vanced chip packaging prod- uct, or arrays of smaller chip- lets that can be combined to function as a single custom semiconductor, adding that that business has built up a “significant backlog.”
Raises Year Outlook
profit increases and munitions production is rapidly expanding
BY JOSÉE ROSE
Lockheed Martin raised its full-year outlook after its sec- ond-quarter profit rose as the defense contractor continues to rapidly expand munitions production. The company posted a profit of $1.84 billion, or $7.94 a share, compared with $342 million, or $1.46 a share, a year earlier. Analysts polled by FactSet expected earnings of $7.19 a share. The year-ago
MCCORMICK Secondary Listing Sought in London McCormick said it would seek a secondary listing on the London Stock Exchange after a looming merger with Unilever’s foods business. The maker of spices and seasonings said Thursday that the London listing would come in addition to its current list- ing on the New York Stock Ex- change. The proposed combi- nation with Unilever’s foods business—expected to create a company valued at more than $65 billion, including debt— should close by mid-2027, Mc- Cormick said. The decision from McCor- mick to push for a London list- ing aims to facilitate capital flows and bolster liquidity for shareholders, McCormick said. —Aimee Look
YV
PUBLIC NOTICES COMMERCIAL REAL ESTATE
THE HIGH COURT COMMERCIAL
Record No.: 2026 /214 COS 2026 No. 55 COM
IN THE MATTER OF KEENOVA THERAPEUTICS PUBLIC LIMITED COMPANY
AND IN THE MATTER OF THE COMPANIES ACT 2014
AND IN THE MATTER OF A PROPOSED REDUCTION OF CAPITAL PURSUANT TO
SECTIONS 84 TO 86 OF THE COMPANIES ACT 2014
NOTICE IS HEREBY GIVEN that an Order of the High Court of Ireland (the “Court”) made on 17 July 2026 (the “Order”) confirming a special resolution passed at an annual general meeting of Keenova Therapeutics Public Limited Company (the “Company” ) held on 2 June 2026 by way of resolution of the members of the Company entitled to receive notice of, attend and vote at general meetings of the Company, approving the reduction of the company capital by the cancellation of US$709,894.68, being the entire amount standing to the credit of the Company’s share premium account as at 27 April 2026, and US$1,796,196,992.09 being the entire amount standing to the credit of the Company’s redemption reserve account as at 27 April 2026, in accordance with Article 35 of the Company’s Articles of Association, together with the minute approved by the Court, was registered by the Registrar of Companies on 17 July 2026. This notice is given in compliance with the Order.
28 July 2026
ARTHUR COX LLP Solicitors for the Company 10 Earlsfort Terrace Dublin 2 D02 T380 Ireland
RESIDENTIAL REAL ESTATE
quarter was hurt by more than $1.7 billion in special charges. Sales rose 11% to $20.06 bil- lion compared with Wall Street estimates of $19.34 billion. Lockheed said it had higher volumes and munitions ramp ups across all its units, includ- ing aeronautics, missiles and fire control, space, and rotary and mission systems. Lockheed said its backlog is at a record $230 billion, and it continues “to innovate at the speed our customers’ missions demand.” It also said it’s strengthening its global de- fense manufacturing capabili- ties through its collaboration with General Motors Defense in the U.S. and its agreement with Rheinmetall to co-pro-
NORFOLK SOUTHERN Railroad Operator’s Revenue Improves Norfolk Southern logged higher revenue in the second quarter as demand trends be- gan to improve. The railroad company on Thursday said income from railway operations fell 4.3% to $1.12 billion. Quarterly earn- ings came in at $3.26 a share. Stripping out one-time costs, such as expenses re- lated to its tie-up with Union Pacific and continued costs from its freight-train derail- ment in Ohio, earnings were $3.52 a share. Analysts polled by FactSet expected adjusted earnings of $3.31 a share. The company’s revenue rose 11% to $3.5 billion, com- pared with Wall Street mod- els for $3.37 billion. —Connor Hart
PLEASE TAKE NOTICE THAT MSC – 650 Poydras HoldCo, LLC (“Secured Party”) will offer for sale at public auction (“Sale”) 100% of the limited liability company interests (“Interests”) held by Poydras Center Mezzanine, LLC (“Mezzanine Borrower”) in Poydras Center, LLC, a Delaware limited liability company (“Pledged Entity”), together with certain rights and property representing, relating to, or arising from the Interests, (collectively, “Collateral”) as fully described in the Mezzanine Pledge and Security Agreement, dated as of June 7, 2016, made by Borrower in favor of Secured Party (“Pledge Agreement”). The Sale will take place on September 24, 2026 at 1:00 p.m. (ET) in compliance with New York Uniform Commercial Code Section 9-610 both at the offices of Moritt Hock & Hamroff LLP, 1407 Broadway, 39th Fl., New York, NY 10018 and virtually via online video conference. The URL address and password for the online video conference will be provided to registered participants. The Sale is being made in connection with the foreclosure on a pledge of the Collateral under the Pledge Agreement, pursuant to which Mezzanine Borrower has granted to Secured Party a first priority lien on the Collateral as collateral for the loan in the original principal amount of $4,400,000.00 (“Mezzanine Loan”) from Secured Party to Mezzanine Borrower. It is the understanding of Secured Party (but without representation or warranty of any kind) that: (i) the Mezzanine Loan is in default, (ii) Mezzanine Borrower owns the Interests, (iii) the Interests constitute the principal asset of Mezzanine Borrower, (iv) Pledged Entity owns certain real property located at 650 Poydras St., New Orleans, LA 70130 (“Property”), (v) the principal assets of the Pledged Entity are the Property and certain related rights, and (vi) the Property is encumbered by a mortgage lien granted by Pledged Entity as security for a mortgage loan (“Mortgage Loan”) made pursuant to a certain loan agreement by and between the holder of the Mortgage Loan and the Pledged Entity (“Mortgage Loan Agreement”). An online datasite for the Sale (the “Datasite”) is available at the following link: https:// rimarketplace.com/listing/129493/office/lafayette-square/la The Datasite will include certain relevant information that Secured Party possesses concerning Pledged Entity, Mezzanine Borrower, the Loan, and the Mortgage (collectively, “Disclosed Materials”) as well as the Terms of Sale for Public Auction relating to the Sale of the Collateral (“Terms of Sale”). Access to such information will be conditioned upon execution of a confidentiality agreement which can be found on the Datasite. No information provided, whether in the Datasite or otherwise, shall constitute a representation or warranty of any kind with respect to such information, the Collateral or the Sale. Participants are encouraged to review all Disclosed Materials and perform such due diligence as they deem necessary in advance of the Sale. The Collateral is being offered as a single lot, and is being sold strictly on an “AS IS AND WHERE IS” BASIS, AND (i) WITHOUT ANY REPRESENTATIONS OR WARRANTIES (WHETHER EXPRESSED OR IMPLIED) OF ANY KIND MADE BY THE SECURED PARTY (OR ANY OTHER PERSON ACTING FOR OR ON BEHALF OF THE SECURED PARTY), INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE EXISTENCE OR NONEXISTENCE OF OTHER LIENS, THE QUANTITY, QUALITY, CONDITION OR DESCRIPTION OF THE INTERESTS, THE PROPERTY, AND/OR THE VALUE OF ANY OF THE FOREGOING, AND (ii) WITHOUT ANY RECOURSE WHATSOEVER AGAINST THE SECURED PARTY (OR ANY OTHER PERSON ACTING FOR OR ON BEHALF OF THE SECURED PARTY). There are specific requirements for any potential bidder in connection with obtaining information, bidding on the Collateral, and purchasing the Collateral, including without limitation complying with the Mezzanine Loan documents, the Mortgage Loan documents, that certain Intercreditor and Subordination Agreement by and between Secured Party and the holder of the Mortgage Loan, the Pledged Entity’s governing documents, and the Terms of Sale. Secured Party reserves the right to seek commercially reasonable information from prospective bidders and require a showing of financial ability from prospective bidders. The Collateral includes unregistered securities under the Securities Act of 1933, as amended (“Securities Act”), and Secured Party reserves the right to restrict participation in the Sale to prospective bidders that represent that the Collateral will not be sold, assigned, pledged, disposed of, hypothecated or otherwise transferred without the prior registration in accordance with the Securities Act and the securities laws of all other applicable jurisdictions, unless an exemption from such registration is available. Secured Party may, prior to the Sale described herein, assign its right, title and interest in and to the Loan, and in the case of such assignment the assignee shall be considered the “Secured Party” for all purposes hereunder. Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids and terminate or adjourn the Sale to another time, without further notice. All bids (other than credit bids of Secured Party) must be for cash with no financing conditions and the successful bidder must be prepared to comply with the bidding and closing requirements in the Terms of Sale. The winning bidder must pay all transfer taxes, recording fees, stamp duties and similar taxes as may be required to be paid under applicable law in connection with the purchase of the Collateral. Questions may be directed to John Daniels of Newmark at (312) 224-3260 or John.Daniels@nmrk.com.
duce the long-range Army Tac- tical Missile System, known as ATACMS, in Europe. In June, The Wall Street Journal reported that GM was in talks with Lockheed about making commonly used parts that could help Lockheed bol- ster munitions production. Overall, stocks of missiles and other critical weaponry have dropped because of the wars in Ukraine and Iran, The Journal said. Lockheed raised its full-year earnings expectations to $29.95 to $30.65 a share and sales outlook to $79.75 billion to $81.75 billion. Wall Street is modeling for earnings of $29.88 a share and sales of $79.17 billion.
UNION PACIFIC Volume Growth Lifts Earnings Union Pacific reported higher profit and revenue in the second quarter, boosted in part by volume growth. The freight company posted profit of $1.99 billion, or $3.36 a share, for the quar- ter ended June 30, up from $1.88 billion, or $3.15 a share, a year earlier. Stripping out one- time costs, earnings came in at $3.41 a share. Revenue climbed 12% to $6.86 billion. The readout came a day after Union Pacific reached a deal with Canadian National Railway, giving the Montreal railroad further access in the Midwest in exchange for end- ing its opposition to Union Pacific’s $71.5 billion merger with Norfolk Southern. —Connor Hart
ADVERTISEMENT
To advertise: 800-366-3975 or WSJ.com/classifieds
UCC PUBLIC SALE NOTICE
Lockheed is strengthening its manufacturing as it deals with a record $230 billion backlog.
This week, Lockheed said it would field a cheaper model of Patriot missile that could hit the battlefield faster, as global stockpiles of high-end inter- ceptors dwindle. The model will cost less than half of its
ASTRAZENECA Breast-Cancer Drug Wins EU Approval AstraZeneca secured Eu- ropean Union approval for a new breast-cancer treatment, opening a big market for the drug as U.S. regulators con- tinue to review the com- pany’s application. The U.K. drugmaker said the medicine, known as camiz- estrant and marketed as Etca- mah, was approved in the EU as part of a drug combination to treat adults with a type of advanced breast cancer. That follows approvals in Japan, the U.A.E. and Saudi Arabia. The U.S. Food and Drug Ad- ministration recently extended its deadline to decide on the drug’s authorization to review updated results from a clinical trial, AstraZeneca said. —Adrià Calatayud
.(11(7+ 6 *52660$1 ,QGLYLGXDOO\ DQG RQ %HKDOI RI $OO 2WKHUV 6LPLODUO\ 6LWXDWHG
'$9,' 6,1 HW DO
81,7(' 67$7(6 ',675,&7 &2857 &(175$/ ',675,&7 2) &$/,)251,$
3ODLQWL൵
'HIHQGDQWV
,) <28 385&+$6(' 25 $&48,5(' 52&./(< 3+2721,&6 +2/',16 /,0,7(' ³52&./(<´ &20021 672&. %(7:((1$8867 $1' -$18$5< 7+( ³&/$66´ <28 &28/' 5(&(,9( $ 3$<0(17 )520 $ &/$66 $&7,21 6(77/(0(17 &(57$,1 3(56216 $5( (;&/8'(' )520 7+( '(),1,7,21 2) 7+( &/$66 $6 6(7 )257+ ,1 7+( 67,38/$7,21 2) 6(77/(0(17 3/($6( 5($' 7+,6 127,&( &$5()8//< <285 5,+76 0$< %( $))(&7(' %< $ &/$66 $&7,21 /$:68,7 3(1',1 ,1 7+,6 &2857 <28 $5( +(5(%< 127,),(' SXUVXDQW WR 5XOH RI WKH )HGHUDO 5XOHV RI &LYLO 3URFHGXUH DQG 2UGHU RI WKH 8QLWHG 6WDWHV 'LVWULFW &RXUW IRU WKH &HQWUDO 'LVWULFW RI &DOLIRUQLD WKDW WKH DERYHFDSWLRQHG OLWLJDWLRQ WKH ³/LWLJDWLRQ´ KDV EHHQ FHUWL¿HG DV D FODVV DFWLRQ DQG WKDW D 6HWWOHPHQW KDV EHHQ SURSRVHG IRU LQ FDVK $ KHDULQJ ZLOO EH KHOG RQ 2FWREHU DW SP EHIRUH WKH +RQRUDEOH 0yQLFD 5DPtUH] $OPDGDQL DW WKH 5RQDOG 5HDJDQ )HGHUDO %XLOGLQJ DQG 86 &RXUWKRXVH : WK 6WUHHW 6DQWD $QD &DOLIRUQLD LQ &RXUWURRP % WK )ORRU IRU WKH SXUSRVH RI GHWHUPLQLQJ ZKHWKHU WKH SURSRVHG 6HWWOHPHQW VKRXOG EH DSSURYHG E\ WKH &RXUW DV IDLU UHDVRQDEOH DQG DGHTXDWH WKH SURSRVHG 3ODQ RI $OORFDWLRQ IRU GLVWULEXWLRQ RI WKH 6HWWOHPHQW SURFHHGV LV IDLU UHDVRQDEOH DQG DGHTXDWH DQG WKHUHIRUH VKRXOG EH DSSURYHG WKH DSSOLFDWLRQ RI /HDG &RXQVHO IRU WKH SD\PHQW RI DWWRUQH\V¶ IHHV DQG OLWLJDWLRQ H[SHQVHV IURP WKH 6HWWOHPHQW )XQG LQFOXGLQJ LQWHUHVW HDUQHG WKHUHRQ DQG DQ DPRXQW IRU /HDG 3ODLQWL൵V SXUVXDQW WR 86& X D LQ FRQQHFWLRQ ZLWK WKHLU UHSUHVHQWDWLRQ RI WKH &ODVV VKRXOG EH DSSURYHG DQG WKH &RXUW VKRXOG HQWHU WKH )LQDO -XGJPHQW DQG 2UGHU RI 'LVPLVVDO ZLWK 3UHMXGLFH ,)<28$5($0(0%(5 2)7+( &/$66 '(6&5,%('$%29(<285 5,+76:,//%($))(&7(' %< 7+( 6(77/(0(17 2) 7+( /,7,$7,21 $1' <28 0$< %( (17,7/(' 72 6+$5( ,1 7+( 1(7 6(77/(0(17 )81' ,I \RX KDYH QRW UHFHLYHG D GHWDLOHG 1RWLFH RI 3HQGHQF\ DQG 3URSRVHG 6HWWOHPHQW RI &ODVV $FWLRQ WKH ³1RWLFH´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¿OHG ZLWK WKH &RXUW DQG GHOLYHUHG VXFK WKDW LW LV UHFHLYHG E\ HDFK RI WKH IROORZLQJ QR ODWHU WKDQ 6HSWHPEHU &RXUW 81,7(' 67$7(6 ',675,&7 &2857 &(175$/ ',675,&7 2) &$/,)251,$ &/(5. 2) 7+( &2857 5RQDOG 5HDJDQ )HGHUDO %XLOGLQJ DQG 86 &RXUWKRXVH : WK 6WUHHW 5RRP 6DQWD $QD &$ /HDG &RXQVHO 52%%,16 (//(5 58'0$1 '2:' //3 7+(2'25( - 3,17$5 :HVW %URDGZD\ 6XLWH 6DQ 'LHJR &$ 7HOHSKRQH 'HIHQGDQWV¶&RXQVHO 3,//6%85< :,17+523 6+$: 3,770$1 //3 %58&( $ (5,&621 )RXU (PEDUFDGHUR &HQWHU QG )ORRU 6DQ )UDQFLVFR &$ 3/($6( '2 127 &217$&7 7+( &2857 7+( &/(5.¶6 2)),&( '()(1'$176 25 '()(1'$176¶ &2816(/ 5($5',1 7+,6 127,&( ,I \RX KDYH DQ\ TXHVWLRQV DERXW WKH 6HWWOHPHQW RU \RXU HOLJLELOLW\ WR SDUWLFLSDWH LQ WKH 6HWWOHPHQW \RX PD\ FRQWDFW /HDG &RXQVHO DW WKH DGGUHVV DQG SKRQH QXPEHU OLVWHG DERYH '$7(' -XQH %< 25'(5 2) 7+( &2857 81,7(' 67$7(6 ',675,&7 &2857 &(175$/ ',675,&7 2) &$/,)251,$
&/$66 $&7,21
bestselling version, which cur- rently costs more than $4 mil- lion a round, according to Army documents. Lockheed and RTX, which makes the Pa- triot launcher system, pledged to meet White House demands
Posts Higher Earnings
BY CONNOR HART
Honeywell Technologies re- ported higher profit and sales in the second quarter after a multiyear restructuring carved the industrial conglomerate into three publicly traded com- panies The company on Thursday posted a profit of $5.68 billion, or $17.83 a share, for its three months ended June 30. That compares with $1.57 billion, or $4.90 a share, a year earlier. The recent quarter benefited from a $6.63 billion gain stem- ming from the deconsolidation of a subsidiary. Stripping out one-time items and including the opera- tions of Honeywell Aerospace, which was spun off from Hon-
CLASS ACTION
&DVH 1R FY 05$0$$
6800$5< 127,&(
to triple or quadruple their output of some high-tech mis- siles over the coming years. But military officials said they need low-cost and midrange defenses that can be delivered in months, rather than years.
eywell Technologies last month, earnings were $4.52 a share. On an adjusted basis and excluding the operations of Honeywell Aerospace, earnings were $1.95 a share. Analysts polled by FactSet expected ad- justed earnings of $1.82 a share. Net sales including the oper- ations of Honeywell Aerospace climbed 4.3% to $9.72 billion. Excluding the operations of Honeywell Aerospace, net sales climbed 3.4% to $5.19 billion. Wall Street had modeled quar- terly sales of $5.02 billion. Honeywell Technologies now expects full-year sales of $19.8 billion to $20 billion, compared with a prior outlook for $19.9 billion to $20.2 bil- lion.
SIMON WOHLFAHRT/BLOOMBERG NEWS
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.
Thursday, July 23, 2026
Thursday, July 23, 2026
Net Stock Sym Close Chg
Net Stock Sym Close Chg
Stock Sym Close Chg A B C
ApogeeTherap APGE 134.26 0.18 ApolloG bMgmt APO 119.00 -0.04 Apple AAPL 321.66 -4.23
s AppliedIndlTech AIT 344.08 2.64 ApplMaterials AMAT 562.80 8.88 AppLovin APP 398.86 -13.62 Aptiv APTV 56.10 -2.12 Aramark ARMK 57.00 0.37 ArcelorMittal MT 66.12 -0.37 ArchCapital ACGL 100.10 1.47
AES AES 14.83 -0.03 Aflac AFL 124.34 0.76 AGNC Invt AGNC 10.56 -0.16 APA APA 36.42 0.24 ASE Tech ASX 39.46 -1.03 ASML ASML 1803.00 1.14 AST Space ASTS 59.18 -2.77 AT&T T 22.96 -0.08 ATI ATI 199.84 4.25 AXIAEnergia AXIA 10.12 -0.13 AbbottLabs ABT 100.75 0.18 AbbVie ABBV 256.92 3.62 Abivax ABVX 131.16 1.43 Accenture ACN 138.74 -1.35 Acuity AYI 326.97 -4.58 Adobe ADBE 212.17 -6.19 AdvDrainageSys WMS 140.46 -1.29 AdvEnergyInds AEIS 315.14 -2.17 AdvMicroDevices AMD 539.69 -12.64 Aegon AEG 9.03 -0.13 AerCap AER 148.57 -2.04 AffiliatedMgrs AMG 347.77 1.07 AffirmA AFRM 71.21 -2.71 AgilentTechs A 139.74 6.28 AgnicoEagleMines AEM 144.51 -2.54 AgreeRealty ADC 79.81 -0.41 AirProducts APD 294.29 -2.71 Airbnb ABNB 137.57 -2.48 AkamaiTech AKAM 117.37 -6.93 AlamosGold AGI 29.38 -1.16 Albemarle ALB 116.91 -0.54 Alcoa AA 45.27 -0.90 Alcon ALC 67.21 -0.14 Alibaba BABA 114.06 -2.50 AlignTech ALGN 168.24 -4.22 Allegion ALLE 154.57 14.62 AllegroMicro ALGM 50.07 0.20 AlliantEnergy LNT 74.42 0.40 AllisonTransm ALSN 119.64 0.58 Allstate ALL 254.52 2.69 AllyFinancial ALLY 43.97 -0.70
s ADM ADM 86.35 -0.97 AresMgmt ARES 121.28 1.71 argenx ARGX 924.60 72.88 AristaNetworks ANET 176.61 1.74 Arm ARM 283.04 -0.36 ArrowElec ARW 215.11 -3.68 ArrowheadPharm ARWR 86.78 -1.92 Arxis ARXS 42.65 0.57 AscendisPharma ASND 252.66 0.73 Assurant AIZ 273.80 0.65 AsteraLabs ALAB 326.97 -3.92 AstraZeneca AZN 168.27 -1.46 Atlassian TEAM 80.15 -5.25 AtmosEnergy ATO 178.04 -0.43 AuroraInnov AUR 5.99 -0.62 Autodesk ADSK 205.26 1.76 ADP ADP 242.88 -0.24
t AutoZone AZO 2923.50 -48.95 Avalonbay AVB 190.80 0.53 AveryDennison AVY 155.20 -2.48 AxonEnterprise AXON 491.90 0.41 AxsomeTherap AXSM 241.53 1.91 BCE BCE 21.21 -0.27 BHP Group BHP 83.65 -0.89 BJ'sWholesale BJ 91.29 -0.59 BP BP 43.93 0.61 BWX Tech BWXT 176.67 1.50 BXP BXP 67.84 0.43 Baidu BIDU 107.39 -0.13 BakerHughes BKR 56.09 -0.51 Ball BALL 62.23 -0.12 BBVA BBVA 25.31 -0.92 BancoBradesco BBDO 3.24 -0.01 BancodeChile BCH 40.62 -0.84 BancSanBrasil BSBR 5.36 -0.09 BcoSantChile BSAC 33.74 -0.49 BancoSantander SAN 13.21 -0.53 BankofAmerica BAC 61.28 -0.34 BankMontreal BMO 176.63 -2.43 BankNY Me lon BNY 160.11 -0.28 BankNovaScotia BNS 86.61 -0.96 Barclays BCS 27.66 -0.47 BarrickMining B 37.16 -0.35 BaxterIntl BAX 21.67 -0.07 BectonDicknsn BDX 152.97 -0.19 BendingSpoons BSP 33.35 -0.43 BeOneMed ONC 326.77 6.84 Berkley WRB 73.43 1.07 BerkHathwy A BRK.A 7366323882.40 BerkHathwy B BRK.B 490.85 1.46 BestBuy BBY 84.43 -2.68 Bio-Techne TECH 71.77 -0.01 Biogen BIIB 200.62 2.88 BioMarinPharm BMRN 58.87 0.47 BioNTech BNTX 92.06 0.23 BitMineImmersion BMNR 16.59 -1.15 BlackRock BLK 1037 16 -19.47 Blackstone BX 124.50 1.68 B ock XYZ 76.49 -0.97 B oomEnergy BE 217.30 -0.92 BlueOwlCapital OWL 9.21 0.05 Boeing BA 209.23 0.58 Booking BKNG 172.83 -5.03 BorgWarner BWA 64.33 0.08 BostonSci BSX 43.58 0.61 BridgeBioPharma BBIO 82.93 0.27 BrightSpring BTSG 69.84 0.10 BristolMyers BMY 61.51 0.75
t AlnylamPharm ALNY 268.74 1.75 Alphabet C GOOG 318.34 -23.57 Alphabet A GOOGL 317.69 -24 40 Altria MO 72.08 -0.09 Amazon.com AMZN 233.66 -11.19 Ambev ABEV 3.09 -0.05 Amcor AMCR 42.63 -0.58 AmerSports AS 33.30 -1.08 Ameren AEE 113.27 1.26 AmericaMovil AMX 25.95 -0.17 AmerAirlines AAL 13.56 -1.24 AEP AEP 134.92 1.85 AmerExpress AXP 340.84 -7.90 AmericanFin AFG 141.16 0.75 AmerH thcrREIT AHR 56.38 -0.70 AmHomes4Rent AMH 33.11 -0.07 AIG AIG 78.16 -0.09 AmerTowerREIT AMT 164.65 -1.41 AmerWaterWorks AWK 134.41 0.58 Ameriprise AMP 520.11 -6.71 Ametek AME 241.14 4.05 Amgen AMGN 371.50 5.45 AmkorTech AMKR 65.33 -1.64 Amphenol APH 157.43 -0.08 Amrize AMRZ 48.35 -1.21 Ana ogDevices ADI 380.20 -6.53 AngloGoldAsh AU 78.42 -2.75 AB InBev BUD 80.48 -2.60 AnnalyCap NLY 22.31 -0.11 AnteroMidstream AM 23.01 0.16 AnteroResources AR 35.07 -0.20 Aon AON 355.78 3.45 APi Group APG 39.56 0.61
AUCTION RESULTS Hereare theresults of Thursday's Treasury auctions. All bids areawarded atasingleprice atthemarket-clearing yield. Rates are determined by the difference between thatprice and theface value. FOUR-WEEK BILLS App ications $313,078,451,400 Accepted bids $116,591,620,900 "noncompetitive y $5,695,012,900 "foreignnoncompetitively $1,900,000 000 Auction price (rate) 99.709889 (3.730%) Coupon equivalent 3.793% Bids at clearing yield accepted 11 81% Cusip number 912797UV7
The bills, dated July28, 2026, mature onAug. 25, 2026.
The bills, dated July28, 2026, mature onSept.22, 2026.
EIGHT-WEEK BILLS App ications $236,841,878,600 Accepted bids $105,991,753,600 "noncompetitive y $1,196,891 200 "foreignnoncompetitively $1,900,000 000 Auction price (rate) 99.409667 (3.795%) Coupon equivalent 3.871% Bids at clearing yield accepted 87 33% Cusip number 912797VD6
10-YEAR TIPS App ications $50,653,344 700 Accepted bids $23,321,784 700 "noncompetitive y $136,711 000 Auction price (rate) 99.768091 (2.438%) Interest rate 2.375% Bids at clearing yield accepted 61 88% Cusip number 91282CRE3
The Treasury inflation-protected securities, datedJuly 31,2026, mature on July 15,2036.
Notice of Disposition of Collateral Public Auction – UCC Sale Notice is hereby given that, in accordance with applicable provisions of the Uniform Commercial Code (the “UCC”), as enacted in the State of Texas, NexBank, a Texas state bank (formerly known as NexBank SSB, a Texas state savings bank) (“Secured Party”), will offer for sale (the “Sale”), at public auction, all right, title, and interest of Pacific Oak SOR Richardson Acquisition I, LLC (“Pledgor”), a Delaware limited liability company, in and to 100% of the limited liability company membership interests, together with all economic rights and governance rights associated therewith, in and to (a) Pacific Oak SOR Palisades I, LLC (formerly known as JP-Palisades I, LLC), a Texas limited liability company, and (b) Pacific Oak SOR Palisades II, LLC (formerly known as JP-Palisades II, LLC), a Texas limited liability company (the “Collateral”). The Sale will be held on September 15, 2026, at 1:00 p.m. (ET) and shall occur virtually via the following Zoom meeting link: https://bit.ly/NexBankUCC, Meeting ID: 893-7925-7890, Password: 869283, Call-in number: 1-646-931-3860 (US). The Sale will be conducted by Matthew D. Mannion of Mannion Auctions, LLC. Parties interested in bidding on the Collateral must contact Secured Party’s broker, Stephen Schwalb of Newmark at (214) 448-9228 or stephen.schwalb@nmrk.com. Upon execution of a non-disclosure agreement, a copy of the Terms of Sale and additional documentation and information will be made available. Parties who do not satisfy the conditions to bid in accordance with the terms hereof and the Terms of Sale will forfeit their opportunity to register and may be banned from bidding. On June 12, 2026, Secured Party, exercising its authority as agent and attorney-in-fact for Pledgor pursuant to Article 8 of the Pledge Agreement, (i) issued to Pacific Oak Management, LLC (“POM”), a 0.5% membership interest in each of Palisades I and Palisades II, (ii) admitted POM as a member of each of Palisades I and Palisades II, and (iii) appointed POM as the sole managing member of Palisades I and Palisades II pursuant to Section 7(b) of that certain Amended and Restated Limited Liability Company Agreement of JP-Palisades I, LLC, dated as of April 25, 2014, and Section 7(b) of that certain Amended and Restated Limited Liability Company Agreement of JP-Palisades II, LLC, dated as of April 25, 2014. For the avoidance of doubt, the membership units of Palisades I and Palisades II that are owned by POM will be included in the UCC Sale, and a qualified bidder will have the opportunity to obtain all issued and outstanding membership units of the Palisades I and Palisades II entities. Secured Party, as lender, made a loan (the “Loan”) to Pacific Oak SOR II Q&C Property, LLC, a Delaware limited liability company, and Pacific Oak SOR II Q&C Operations, LLC, a Delaware limited liability company (collectively, the “Borrowers”) in the original principal amount of $25,000,000.00. In connection with a June 2024 modification of the Loan, Secured Party obtained a first-priority lien on the Collateral pursuant to a certain Pledge and Security Agreement. Secured Party is conducting the Sale as a result of Borrowers’ default(s) under the applicable Loan documents. The Collateral is being offered in one or more blocks, “as-is, where-is”, with no express or implied warranties, representations, statements or conditions of any kind made by Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party and each bidder must make its own inquiry regarding the Collateral. The successful bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Collateral. The Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids (including without limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party upon prospective bidders in connection with the Sale or to whom in the Secured Party’s sole judgment a sale may not lawfully be made) and terminate or adjourn the sale to another time, without further notice. All bids (other than credit bids of the Secured Party) must be for cash, and the successful bidder must be prepared to comply with the bidding and closing requirements in the Terms of Sale. None of the Collateral has been registered for sale under any federal or state securities or blue sky laws, and as such may not be sold or otherwise transferred by Secured Party or a purchaser of any Collateral except in accordance with applicable law. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or resale of such Collateral, to verify that each certificate for the Collateral to be sold bears a legend substantially to the effect that such Collateral has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be disposed of in violation of the provisions of the Securities Act, and to impose such other limitations or conditions in connection with the sale of the Collateral as the Secured Party deems necessary or advisable, in its sole discretion, in order to comply with the Securities Act or any other applicable law or regulation.
BritishAmTob BTI 59.84 -2.22 BrixmorProp BRX 31.97 -0.43 Broadcom AVGO 392.47 -4.34 BroadridgeFinl BR 144.40 0.28 BrookfieldAsset BAM 45.71 -0.70 Brookfield BN 41.21 -0.60
s BrookfieldInfr BIP 41.04 0.79 BrookWealth BNT 42.05 -0.37 Brown&Brown BRO 65.74 0.35 Brown-Forman B BF.B 25.70 -0.71 Brown-Forman A BF.A 26.25 -0.65 Bruker BRKR 62.15 2.41 Bullish BLSH 24.24 0.58 BungeGlobal BG 122.30 -1.58 BurlingtonStrs BURL 339.48 -14.50 CACI Intl CACI 480.61 13.18 CBRE Group CBRE 135.55 -1.54 CDW CDW 130.18 0.35 CF Industries CF 126.71 -0.64 CGI A GIB 63.79 -1.88 CH Robinson CHRW 205.51 -1.84 CME Group CME 254.32 5.08 CMS Energy CMS 74.15 0.17 CNA Fin CNA 52.22 0.37 CNH Indl CNH 10.62 -0.08 CRH CRH 98.02 -2.04
s CSX CSX 52.81 2.88 CVS Health CVS 106.89 -0.53 CadenceDesign CDNS 330.46 -6.55 CamdenProperty CPT 112.84 0.83 Cameco CCJ 89.33 -1.04 CIBC CM 116.53 -1.21
s CanNtlRlwy CNI 130.58 2.67 CanadianNatRscs CNQ 47.01 1.20 CdnPacKC CP 92.32 1.00 CapitalOne COF 199.96 -1.40 CardinalHealth CAH 225.98 5.44 CareTrustREIT CTRE 42.35 -0.03 Carlisle CSL 331.55 3.77 Carlyle CG 44.41 0.33 Carnival CCL 25.27 -0.83 CarpenterTech CRS 601.54 13.88 CarrierGlobal CARR 69.15 1.05 Carvana CVNA 60.19 -2.56 CaseysGenStores CASY 875.25 18.51 Caterpillar CAT 894.54 5.23 Celestica CLS 334.75 -0.75 Cemex CX 12.26 -0.46 Cencora COR 305.06 4.48 CenovusEnergy CVE 29.72 0.73 Centene CNC 63.74 -2.15 CenterPointEner CNP 44.23 0.55 CerebrasSystems CBRS 220.00 10.20
s CharlesRiverLabs CRL 229.29 10.59
t CharterComms CHTR126.50 -2.72 CheckPoint CHKP 126.01 -1.90 CheniereEnergy LNG 271.99 4.59 CheniereEnerPtrs CQP 65.93 1.37 Chevron CVX 194.42 1.44 Chipotle CMG 32.01 -0.19 Chubb CB 353.25 10.02 ChunghwaTel CHT 42.36 -0.46 Church&Dwight CHD 96.19 -0.94 Ciena CIEN 407.53 10.37 Cigna CI 286.29 1.44 CincinnatiFinl CINF 179.38 0.15 Cintas CTAS 203.25 1.89 CipherDigital CIFR 25.82 1.36 CircleInternet CRCL 62.18 -3.98 CiscoSystems CSCO 112.76 0.55 Citigroup C 131.88 -0.37 CitizensFin CFG 71.80 -0.64 CleanHarbors CLH 306.47 0.20 Clorox CLX 93.80 -1.96 Cloudflare NET 262.32 -6.66 Coca-Cola KO 81.17 -1.03 Coca-ColaCon COKE 178.44 -5.92 CocaColaEuropac CCEP 103.62 -2.26 CoeurMining CDE 15.24 -0.60 Cognex CGNX 63.44 0.90 CognizantTech CTSH 43.01 -0.17 Coherent COHR 313.22 1.03 CoinbaseGlbl COIN 161.16 -4.96 ColgatePalm CL 90.08 -1.55 ColumbiaBanking COLB 32.26 -0.37
t Comcast A CMCSA 21.92 -1.60 ComfortSystems FIX 1831 15 40.09 SABESP SBS 5.73 -0.10 ConocoPhillips COP 120.20 1.41 ConEd ED 112.79 0.70 ConstBrands A STZ 129.27 -2.81 ConstellationEner CEG 275.60 0.70 Cooper COO 70.23 -0.27
t Copart CPRT 27.20 0.03
s CorceptTherap CORT 96.66 5.78 CorebridgeFin CRBG 30.84 -0.84 CoreWeave CRWV 81.10 -1.54 Corning GLW 156.06 2.00 Corpay CPAY 364.80 5.80
s Corteva CTVA 88.78 0.25 CoStar CSGP 27.14 -0.55 Costco COST 926.06 -1.25 Coupang CPNG 15.63 ... Crane CR 218.10 -1.75 Credicorp BAP 387.63 -6.04 CredoTech CRDO 236.50 8.23 CrowdStrike CRWD 183.42 -5.00 CrownCastle CCI 74.57 -2.93 Crown Holdings CCK 114.49 -1.94 CubeSmart CUBE 41.01 -0.11 Cullen/Frost CFR 161.46 -0.80 Cummins CMI 665.03 4.28 Curtiss-Wright CW 750.03 17.55 Cytokinetics CYTK 81.92 -0.27 D E F
DTE Energy DTE 148.13 -0.42 DT Midstream DTM 146.19 2.75 Danaher DHR 192.50 13.36 Darden DRI 194.12 0.18 DarlingIngred DAR 63.40 -1.38 Datadog DDOG 244.39 -1.38 DaVita DVA 234.27 2.19
DeckersOutdoor DECK 96.23 -6.24 Deere DE 610.02 2.69 DellTechC DELL 439.34 -2.46 DeltaAir DAL 81.97 -1.55 DeutscheBank DB 34.14 -1.45 DevonEnergy DVN 45.29 0.41 DexCom DXCM 70.48 -0.95 Diageo DEO 82.26 -2.07 DiamondbkEner FANG 205.49 2.47 Dick's DKS 204.36 -5.77 DigitalRealty DLR 179.34 0.93 DigitalOcean DOCN 131.15 -11.53 Dillard's DDS 560.97 -28.36 Disney DIS 92.83 -3.04 DocuSign DOCU 47.04 -0.85 DollarGeneral DG 115.16 -5.08 DollarTree DLTR 117.65 -4.50 DominionEner D 71.46 0.37 Domino's DPZ 323.25 3.42 Donaldson DCI 91.14 0.18 DoorDash DASH 169.77 -7.96 Dover DOV 197.80 -16.73 Dow DOW 30.90 -0.35 DrReddy'sLab RDY 11.80 0.42 DraftKings DKNG 22.81 -0.02 DukeEnergy DUK 129.26 1.31 DuPont DD 137.40 -2.24 DutchBros BROS 63.99 -0.96 DycomInds DY 440.39 6.24 Dynatrace DT 40.65 -0.71 EMCOR EME 769.07 13.92 ENI E 51.99 0.91 EOG Rscs EOG 145.49 1.49 EQT EQT 53.39 -0.62 EastWestBncp EWBC 130.63 -0.97 EastGroup EGP 214.05 -2.28 Eaton ETN 415.13 8.22 eBay EBAY 109.32 -1.63 EchoStar ECHO 91.51 -0.77 Ecolab ECL 263.14 -3.74 Ecopetrol EC 16.33 -0.36 EdisonIntl EIX 79.64 -0.74 EdwardsLife EW 83.82 -0.55 ElancoAnimal ELAN 24.78 -0.56 ElbitSystems ESLT 808.60 15.91 ElectronicArts EA 209.00 0.05 ElementSolns ESI 38.30 -0.07 ElevanceHealth ELV 379.31 -9.78 Embraer EMBJ 65.47 -0.58 Emera EMA 54.81 0.47 EmersonElec EMR 144.90 5.27 Enbridge ENB 56.40 0.15 EncompassHealth EHC 111.06 0.04 EnergyTransfer ET 20.42 0.05 En ightRenewableEn ENLT 90.20 -1.40 EnsignGroup ENSG 167.52 -1.59 Entegris ENTG 135.30 -2.18 Entergy ETR 115.80 0.92 EnterpriseProd EPD 38.80 -0.09 Equifax EFX 166.72 -3.73 Equinix EQIX 1033.55 4.81 Equinor EQNR 40.99 1.03 Equitable EQH 47.44 -1.31 EquityLife ELS 66.03 0.55 EquityResdntl EQR 68.28 -0.01 ErieIndemnity ERIE 214.52 3.66 EssentialUtil WTRG 39.59 0.19 EssexProp ESS 293.20 0.13 EsteeLauder EL 79.92 -2.71 EvercoreA EVR 334.80 -0.18 Everest EG 375.56 2.49 Evergy EVRG 86.65 0.09 Everpure P 75.19 0.61 EversourceEner ES 74.62 0.16 Exelixis EXEL 55.65 0.67 Exelon EXC 47.28 0.58 ExpandEnergy EXE 91.73 -1.44 Expedia EXPE 257.61 -3.47 ExpeditorsIntl EXPD 176.18 -1.27 ExtraSpaceSt EXR 145.42 0.37 ExxonMobil XOM 156.89 2.44 F5 FFIV 388.08 -12.53 FTAI Aviation FTAI 216.81 -5.68 Fabrinet FN 517.73 4.06 FairIsaac FICO 1206 19 -15.28 Fastenal FAST 46.15 0.82 Federa Realty FRT 124.83 -0.22 FedEx FDX 315.62 -5.40 FedExFreight FDXF 154.79 5.47 FergusonEnts FERG 228.67 -0.96 Ferrari RACE 359.44 -12.17 Ferrovial FER 63.30 -0.82 FidNat Finl FNF 48.61 -1.59 FidNat Info FIS 40.04 -0.50 FifthThirdBncp FITB 57.15 -0.52 Figma FIG 20.00 -1 47 FirstCitizBcshA FCNCA 2212 77135.20 FirstHorizon FHN 25.52 -0.20 FirstIndRlty FR 66.33 -1.38 FirstSolar FSLR 205.92 -2.94 FirstCash FCFS 197.41 -11.33 FirstEnergy FE 49.49 0.16 Fiserv FISV 49.97 -0.25 FiveBelow FIVE 201.31 -3.56 Flex FLEX 127.94 0.94 FlutterEnt FLUT 100.82 1.02 FEMSA FMX 127.08 -3.84 FordMotor F 14.15 -0.27 ForgentPwr FPS 38.96 0.09 Fortinet FTNT 151.54 -3.51 Fortis FTS 58.56 0.22 Fortive FTV 60.62 0.37 FoxB FOX 49.18 -1.45 FoxA FOXA 55.09 -1.36 Franco-Nevada FNV 214.22 0.11 FranklinRscs BEN 32.29 -0.09 FreedomHolding FRHC 154.48 -3.58 FreeportMcM FCX 63.50 -1.50 FreseniusMedCare FMS 24.44 0.14 FullTruck YMM 9.07 -0.02 Futu FUTU 98.96 -7.13 G H I
GE Aerospace GE 349.00 7.81 GE HealthCare GEHC 61.99 0.58 GE Vernova GEV 1031 19 46.16 GFLEnvironmental GFL 38.93 -0.17 GSK GSK 50.74 -0.02 GalaxyDigital GLXY 24.32 -0.47 Gallagher AJG 242.21 -0.29 GameStop GME 21.35 -0.25 Gaming&Leisure GLPI 44.42 -0.29 Garmin GRMN 240.10 -0.41 GenDigital GEN 25.07 -0.51 Generac GNRC 210.50 -2.92
s GeneralDynamics GD 381.79 8.63 GeneralMills GIS 35.55 -1.36 Genera Motors GM 80.67 -1.46 Genmab GMAB 29.17 0.32 GenuineParts GPC 120.05 -0.32 Gildan GIL 49.60 -3.66 GileadSciences GILD 130.86 0.52 GlobalPayments GPN 77.86 -1.11 Globa Foundries GFS 56.91 -1.58
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
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.
ACNB ACNB 62 87 3 8 AcmeUnited ACU 52 82 14 3 AdvancedBiomed ADVB 20 87 37 0 AffinityBncshs AFBI 22 97 0 4 AmalgamFin AMAL 49 08 3 6 AmeriServFin ASRV 4 22 0 2 AppliedIndlTech AIT 346 65 0 8 ADM ADM 88 46 1 1 ArdaghMeta Pkg AMBP 5 43 0 2 BankwellFinl BWFG 61 86 1 8 BioLifeSolns BLFS 32 23 1 2 Broadwind BWEN 5 42 3 0 BrookfieldInfr BIP 41 13 2 0 CO2EnTransition NOEM 10 62 0 4 CSX CSX 53 31 5 8 Calumet CLMT 45 20 3 0 CanNtlRlwy CNI 131 21 2 1 CharlesRiverLabs CRL 238 85 4 8 ClearThink1 CTAAU 10 38 CorceptTherap CORT 97 05 6 4 Corteva CTVA 89 39 0 3 DHI Group DHX 4 33 8 7 Danaos DAC 138 19 4 0 DelekLogistics DKL 58 32 0 9 DivrsHlthcrNts42 DHCNI 18 09 0 8 EDAP TMS FOCL 6 18 3 6 EtonPharm ETON 44 91 1 3 FlotekIndustries FTK 28 50 4 8 ForteBiosci FBRX 62 46 5 4 Fortrea FTRE 20 19 5 5 FortressValueV FVAV 10 35 0 8 GeneralDynamics GD 387 69 2 3 Gentherm THRM 45 96 26 5 GladstonePfdC LANDP 21 35 0 4 GlobalShipLease GSL 43 12 2 3 Greif B GEF.B 95 07 1 8 Greif A GEF 77 42 Hexcel HXL 111 01 3 1 Illumina ILMN 199 14 3 1 Joyy JOYY 73 17 0 2 Kinetik KNTK 52 54 0 2 Labcorp LH 298 46 3 4 Liquidia LQDA 90 90 2 3 MSC Industrial MSM 128 79 1 1 MaravaiLifeSci MRVI 7 44 0 7 Medpace MEDP 677 90 14 7 MideraFood MFP 47 78 6 9 NMP Acqn NMP 10 31 0 1 NVE NVEC 134 93 54 8 NatlHlthcrProp NHP 16 25 0 6 NorfolkSouthern NSC 358 60 5 3 Novocure NVCR 20 55 28 4 OceaneeringIntl OII 51 48 6 7 OmegaHealthcare OHI 51 37 0 7 OpenLending LPRO 3 15 0 3 Paccar PCAR 133 49 0 3 PatriotAcqn PTACU 10 08 0 3 PlainsAllAmPipe PAA 24 81 1 0 PlainsGP PAGP 26 54 1 1 Popular BPOP 175 12 1 7 QuestDiag DGX 237 78 8 6 RichardsonElec RELL 23 15 21 2 RyersonHolding RYZ 31 09 0 1 SAIHEAT SAIH 13 95 0 6
Globalstar GSAT 79.19 -0.75 GlobeLife GL 171.08 -12.92 G obusMedical GMED 75.42 -0.08 GoDaddy GDDY 87.62 -1.78 GoldFields GFI 32.28 -1.32 GoldmanSachs GS 1074.72 -23.48 Grab GRAB 3.30 -0.05 Graco GGG 77.75 3.87 Grainger GWW 1367.46 13.45 GAP PAC 215.45 -2.09 GrupoCibest CIB 86.79 2.13 GuardantHealth GH 150.20 -0.55 Guidewire GWRE 131.38 -2.59 HCA Healthcare HCA 376.50 4.63
t HDFC Bank HDB 23.13 -0.05 HF Sinclair DINO 89.09 -1.77 HP HPQ 24.51 -0.59 HSBC HSBC 101.75 -1.36 H World HTHT 40.62 0.13 Haleon HLN 9.71 -0.14 Halliburton HAL 32.71 -0.32 HalozymeTherap HALO 80.84 3.02 HarmonyGold HMY 15.49 -0.39 HartfordIns HIG 142.18 1.34 Hasbro HAS 87.35 -1.69 HealthpeakProp DOC 22.08 -0.11 HeclaMining HL 15.32 -0.37 Heico HEI 340.54 5.30 HeicoA HEI.A 248.87 4.62 HenrySchein HSIC 84.53 -0.28 Hershey HSY 172.14 -0.19 HewlettPackard HPE 47.64 -0.49 Hilton HLT 320.18 -4.05 HomeDepot HD 324.71 -6.74 HondaMotor HMC 27.99 -0.54
t HoneywellAero HONA 195.87 -11.91 Honeywell HON 246.27 13.28 HormelFoods HRL 25.02 -0.19 DR Horton DHI 142.12 -0.40 HostHotels HST 23.96 -0.54 HoulihanLokey HLI 137.81 -1.56 HowmetAerospace HWM 287.09 6.39 Hubbell HUBB 488.38 11.54 HubSpot HUBS 190.01 -14.89 HudbayMinerals HBM 22.63 -0.92 Humana HUM 394.50 -3.10 JBHunt JBHT 289.37 -2.87 HuntingtonBcshs HBAN 17.40 -0.87 HuntingIngalls HII 287.09 9.81 Hut8 HUT 117.67 7.81 HyattHotels H 183.62 -3.81 ICICI Bank IBN 29.24 -0.21 IDEX IEX 222.22 -0.94 IdexxLab IDXX 539.37 -5.63 IES Holdings IESC 663.70 -10.50 ING Groep ING 32.44 -0.89 INNIO INIO 27.99 0.56 Invesco IVZ 29.80 -0.70 IQVIA IQV 207.32 8.80 IREN IREN 40.58 -0.70 ITT ITT 195.20 2.20 IcahnEnterprises IEP 7.71 -0.05 Icon ICLR 170.32 3.04 IllinoisToolWks ITW 276.91 2.98
s Illumina ILMN 196.86 5.99 ImperialOil IMO 128.83 3.15 Incyte INCY 116.69 0.90
t Infosys INFY 10.67 -0.26 IngersollRand IR 84.31 0.77 Insmed INSM 107.41 0.77 Insulet PODD 158.38 -0.55 Intel INTC 100.23 -2.39 InteractiveBrkrs IBKR 91.76 -1.74 ICE ICE 143.21 0.68 InterContHtls IHG 154.12 -1.42
t IBM IBM 206.65 0.88 IntlFlavors IFF 73.77 -3.43 IntlPaper IP 37.91 -0.18 Intuit INTU 281.53 -2.94
t IntuitiveSurgical ISRG 332.02 -8.67 InvitatHomes INVH 29.44 -0.06 IonQ IONQ 34.07 -0.61 IronMountain IRM 124.55 0.04 ItauUnibanco ITUB 8.35 -0.13 J K L
JBS JBS 12.13 -0.12 JD.com JD 30.09 -0.06 JPMorganChase JPM 349.90 1.69 Jabil JBL 322.04 3.75 JackHenry JKHY 148.23 2.07 JacobsSolns J 132.00 1.50 JamesHardie JHX 25.86 1.08 JazzPharm JAZZ 254.87 4.46 JefferiesFinl JEF 55.58 -0.38 JFrog FROG 81.25 1.57 J&J JNJ 259.27 3.64 JohnsonControls JCI 143.29 0.80 JonesLang JLL 319.38 -4.66 KB Financial KB 120.85 1.91 KE Holdings BEKE 16.08 0.02 KKR KKR 95.97 0.44 KLA KLAC 218.73 4.04 Kaspi kz KSPI 85.00 -2.31 Kenvue KVUE 18.90 -0.23 KeurigDrPepper KDP 29.67 -0.53 KeyCorp KEY 22.72 -0.39 KeysightTech KEYS 325.13 -2.40 KimberlyClark KMB 107.31 -1.57 KimcoRealty KIM 25.74 -0.40 KinderMorgan KMI 32.77 0.28 KinrossGold KGC 23.67 -0.57 Klarna KLAR 17.58 -0.27 Knight-Swift KNX 72.33 -3.71 Philips PHG 26.03 -0.24 KoreaElecPwr KEP 12.07 0.20 KraftHeinz KHC 25.36 -0.60 Kroger KR 55.76 -1.78 KrystalBiotech KRYS327.50 -9.30 KymeraTherap KYMR 110.38 0.04 LatamAir ines LTM 49.84 -1.42 LPL Financial LPLA 323.32 -4.06 L3HarrisTech LHX 299.67 14.51
s Labcorp LH 291.02 9.56 LamResearch LRCX 319.78 0.49 LamarAdv LAMR 157.73 -1.18
t LasVegasSands LVS 46.03 0.78 LatticeSemi LSCC 138.13 0.96 Leidos LDOS 110.33 3.07
t Lennar B LEN.B 80.72 0.15
t Lennar A LEN 82.13 -0.02 LennoxIntl LII 537.89 5.11 LeonardoDRS DRS 48.16 2.25 LeviStrauss LEVI 24.10 -0.64 LiAuto LI 12.37 0.25 LibertyFormOne A FWONA 88.71 -0.56 LibertyFormOne C FWONK 96.48 -0.48 LifeTime LTH 41.93 -0.13 EliLilly LLY 1185.87 22.86 LincolnElectric LECO 250.38 1.21 Linde LIN 506.32 -2.35 Lineage LINE 40.95 -2.24 Littelfuse LFUS 415.17 -0.91 LiveNationEnt LYV 176.06 -1.86
S&T Bancorp STBA 51 31 2 8 SEI Investments SEIC 102 29 2 0 SafeBulkers SB 7 57 2 6 SelectWater WTTR 21 67 2 4 Sinda SIND 15 00 1 4 SouthBow SOBO 38 90 0 5 SouthernCrossAcU NCOOU 10 02 0 1 SPACSphereAcqn SSAC 10 02 StarrySeaAcqn SSEA 10 30 0 1 StellarVCapA SVCC 10 62 0 2 SunocoCorp SUNC 77 00 0 7 TargaResources TRGP 289 66 0 4 10xGenomics TXG 49 50 2 1 Travelers TRV 378 66 1 2 Unitil UTL 55 80 0 1 UltraparPart UGP 6 56 0 9 UnionPacific UNP 315 99 4 0 UnitedRentals URI 1177 67 10 1 Ventas VTR 98 84 0 8 VulcanInfrandPwrA GREE 3 36 3 4 VulcanInfrandPwN26 GREEL 24 90 0 2 Wabtec WAB 298 15 2 8 Welltower WELL 250 12 0 8 WestPharmSvcs WST 386 00 0 8 WestinAcqn WSTN 10 15 0 1 Lows
AeonBiopharma AEON 0 25 5 5 AGNT AGNT 3 85 9 6 AIFinancial AIFC 0 44 3 3 AMASSBrands AMSS 1 12 4 2 Amcon DIT 59 15 4 5 AMTD DEA AMTD 0 78 8 4 ARS Pharm SPRY 5 77 1 0 AT&T Nts 2066 TBB 19 76 0 7 AT&T PfdA TpA 17 99 1 4 AT&T PfdC TpC 17 06 1 7 Accuray ARAY 0 23 1 4 AegonNts2049 AEFC 18 31 1 0 AgEagleAerial UAVS 0 69 2 0 AlarumTech ALAR 1 90 4 0 Albertsons ACI 11 02 21 6 AligosTherap ALGS 4 60 8 9 AllstatePfdI ALLpI 18 11 0 9 AllstatePfdH ALLpH 19 35 0 9 AlnylamPharm ALNY 262 21 0 7 AlphabetPfdB GOOGN 46 23 4 3 AlphabetPfdA GOOGM 46 24 4 9 Amdocs DOX 49 74 0 7 AmerCoastalIns ACIC 9 77 0 5 ApartmtInv AIV 2 59 0 8 ApolloComR Est ARI 6 65 0 3 ArcturusTherap ARCT 5 74 2 4 ArqitQuantumWt ARQQW 0 01 1 4 ArriveAI ARAI 0 28 1 7 AtlanticAmerican AAME 1 53 2 5 AtlasCriticalMnl ATCX 2 79 7 9 Auddia AUUD 1 04 7 0 authID AUID 0 75 8 6 AutonomixMed AMIX 3 35 12 1 AutoZone AZO 2902 20 1 6 AvalancheTreasury AVAT 0 35 20 0 B&G Foods BGS 3 50 2 0 BOXABL BXBL 4 01 11 5 BaiyaIntl BIYA 2 55 10 4
LloydsBanking LYG 5.99 -0.14 LockheedMartin LMT 568.59 54.23 Loews L 115.63 0.93 LogitechIntl LOGI 102.90 -1.52
t Lowe's LOW 201.92 -2.43 lululemon LULU 110.63 -2.74 Lumentum LITE 833.64 3.94 LyondellBasell LYB 61.72 -0.60 M N
Macom Tech MTSI 282.82 0.20 M&T Bank MTB 245.97 -4.76 MGM Resorts MGM 44.99 -0.50 MKS MKSI 345.30 0.46 MPLX MPLX 57.51 0.90 MSCI MSCI 552.51 -18.44 MadisonAirSolns MAIR 36.27 0.45 MSG Sports MSGS 394.30 -2.95 MadrigalPharm MDGL 543.35 5.70 MagnaIntl MGA 65.76 -1.82 MagnumIceCrm MICC 17.74 -0.33 ManulifeFinl MFC 43.06 0.02 Maplebear CART 42.53 -2.20 MarathonPetrol MPC 312.27 -3.55 Markel MKL 1961.57 16.97 Marriott MAR 364.47 -5.33 Marsh MRSH 176.40 1.40 MartinMarietta MLM 546.87 -3.79 Marve lTech MRVL 209.32 -1.67 Masco MAS 77.34 -0.67 MasTec MTZ 358.86 1.51 Mastercard MA 530.29 -1.69 McCormickVtg MKC.V 49.91 -1.69 McCormick MKC 50.19 -1.83
t McDonald's MCD 262.80 -0.77 McKesson MCK 824.49 10.45 Medline MDLN 37.63 0.45
s Medpace MEDP 605 82 77.70 Medtronic MDT 82.01 0.12 MercadoLibre MELI 1798 70 -0.51 Merck MRK 130.48 3.01 MetaPlatforms META 606.10 -21.07 MetLife MET 92.54 -0.73 Mettler-Toledo MTD 1331 87 45.97 MicrochipTech MCHP 81.35 -3.67 MicronTech MU 990.21 30.73 Microsoft MSFT 381.58 -8.76 MidAmApt MAA 132.75 1.18 MillicomIntl TIGO 96.25 -1.61 MitsubishiUFJ MUFG 22.62 0.21 MizuhoFin MFG 10.57 0.07 Moderna MRNA 57.02 -1.05 ModineMfg MOD 249.62 -0.02 MolinaHea thcare MOH 200 29 -21 45 Mondelez MDLZ 60.05 -0.81 MongoDB MDB 299.14 -5.83 Monol thicPower MPWR 1397 15 -1.30 MonsterBev MNST 93.56 -2.11 Moody's MCO 472.24 -17.46 Moog A MOG A 409.65 6.74 MorganStanley MS 215.18 -3.32 MotorolaSol MSI 407.02 2.69 MuellerInds MLI 63.13 0.47 MurphyUSA MUSA 622.75 4.91 NIO NIO 4.64 -0.03 NNN REIT NNN 48.64 -0.33 NRG Energy NRG 142.99 3.01 NVR NVR 6155 02-194.26 NXP Semicon NXPI 277.29 -1.51 Nasdaq NDAQ 90.42 -0.48 Natera NTRA 264.69 0.47 NationalGrid NGG 82.37 -1.50 NatWest NWG 17.86 -0.43 Nebius NBIS 220.97 2.81 NetApp NTAP 164.64 -1.90 NetEase NTES 120.18 -1.03 Netflix NFLX 68.89 0.36 Neurocrine NBIX 174.15 1.46 NYTimes A NYT 70.17 -2.82 Newmont NEM 94.72 -1.03 NewsCorp A NWSA 26.33 -1.01 NewsCorp B NWS 29.75 -1.20 NextEraEnergy NEE 89.79 0.38 Nextpower NXT 104.49 -0.47 Nike NKE 40.99 -1.22 NiSource NI 46.75 0.18 Nokia NOK 9.73 -0.55 Nomura NMR 9.77 -0.05 Nordson NDSN 292.10 0.51
s NorfolkSouthern NSC 348.55 17.61 NorthernTrust NTRS 177.95 -0.71 NorthropGrum NOC 533.48 8.20 Nova NVMI 455.37 0.95 Novartis NVS 156.14 3.06 NovoNordisk NVO 48.18 -0.01 NuHoldings NU 14.19 -0.32 Nucor NUE 241.15 5.25 Nutanix NTNX 52.63 -0.73 Nutrien NTR 68.54 0.04 nVentElectric NVT 158.78 0.31 NVIDIA NVDA 208.76 -3.30 O P Q
OGE Energy OGE 49.61 0.31 ONEOK OKE 93.23 1.48 ON Semi ON 90.13 -2.20 O'ReillyAuto ORLY 86.11 -0.42 Occidenta Petrol OXY 57.60 0.10 Okta OKTA 136.10 -0.59 OldDomFreight ODFL 230.71 -2.09 OldNatlBncp ONB 26.11 -0.28 OldRepublic ORI 41.32 -0.28
s OmegaHealthcare OHI 50.97 0.36 Omnicom OMC 77.90 -1.48 OnHolding ONON 34.84 -1.81 OntoInnovation ONTO 291.27 -3.98
t Oracle ORCL 120.04 -5.80 Orix IX 40.10 -0.44 Oshkosh OSK 151.97 3.32 OtisWorldwide OTIS 70.77 0.36 Ovintiv OVV 61.39 0.88 OwensCorning OC 138.95 -0.91 PDD PDD 83.30 -0.29 PG&E PCG 17.54 -0.57 PNC Finl PNC 249.26 -3.25 POSCO PKX 53.34 1.53 PPG Ind PPG 113.75 -3.64 PPL PPL 36.24 0.14 PTC PTC 113.05 -0.06
s Paccar PCAR 130.75 -0.36 PackagingCpAm PKG 233.90 5.71 PalantirTech PLTR 123.37 -1.20 PaloAltoNtwks PANW 325.63 -9.65 PanAmerSilver PAAS 44.19 -1.10 ParamountSkydance PSKY 8.49 -0.29 ParkerHannifin PH 985.48 14.71 Paychex PAYX 110.66 -0.08 PayPal PYPL 56.00 0.49 PayPay PAYP 15.65 -0.25 Pearson PSO 16.04 -0.05 PembinaPipeline PBA 51.21 0.37 PenskeAuto PAG 215.54 0.97 Pentair PNR 62.07 -0.95 Penumbra PEN 317.90 1.40
BankofAmPfdKK BACpM 21 00 0 7 BankofAmPfdHH BACpK 23 92 0 9 BankofAmPfdLL BACpN 19 52 0 6 BkofAmericaPfdNN BACpO 17 03 0 4 BankofAmPfdPP BACpP 16 10 0 8 BankHawaiiPfdA BOHpA 15 22 0 2 BNYM Pfd K BNYpK 24 69 0 5 BaoshengMedia BAOS 1 71 9 5 BarfreshFood BRFH 1 65 4 4 BeyondSpring BYSI 0 99 4 4 BioceresCrop BIOX 0 30 1 6 BiodexaPharm BDRX 1 65 1 8 BioHarvestSci BHST 2 00 8 3 BitFuFu FUFU 1 30 9 7 BlackstoneMtg BXMT 16 42 1 3 Blaize BZAI 0 96 2 5 BlueOwlTech OTF 9 78 0 2 BonNaturalLife BON 1 08 6 7 Bonk BNKK 1 12 0 8 Boxlight BOXL 3 37 5 8 BrighthousePfdA BHFAP 13 44 3 7 BrighthousePfdB BHFAO 13 75 4 6 BrighthousePfdD BHFAM 9 45 3 9 BrighthouseFinlPfC BHFAN 10 95 3 8 Brightstar BRSL 10 21 1 1 BrookfieldRenew BEPC 32 10 2 6 CCH CCHH 1 35 6 8 CH4NatSolnsAcqnWt MTNE WS 0 24 7 9 CI&T CINT 3 03 3 2 CionInvt CION 5 88 1 5 CSP CSPI 7 45 1 7 C3is CISS 0 95 41 0 CadrenalTherap CVKD 1 86 3 3 CampingWorld CWH 5 52 10 2 Canaan CAN 0 25 6 2 CanadaGoose GOOS 9 14 5 9 Capri CPRI 15 35 3 8 CarlyleSecured CGBD 9 99 3 0 CelsiusHldg CELH 27 07 4 6 SchwabPfdD SCHWpD 23 97 0 8 SchwabPfdJ SCHWpJ 17 18 1 2 CharterComms CHTR 123 16 2 1 CheetahNetSupply CTNT 1 43 3 9 ChicagoAtlRea Est REFI 10 02 0 9 ChinaSXTPharm SXTC 0 31 83 5 Cloudastructure CSAI 0 25 4 6 Comcast A CMCSA 21 91 6 8 ConsumersEnerPf CMSpB 74 74 0 3 Copart CPRT 26 81 0 1 CreativeMedTech CELZ 0 78 3 6 CrescentCapBDC CCAP 10 64 2 5 CXApp CXAI 0 12 4 1 Cyabra CYAB 0 27 3 5 DDC Enterprise DDC 0 45 10 3 DefsecTech DFSC 1 51 6 1 DTE EnergyDeb77 DTW 20 04 0 9 DareBioscience DARE 1 16 3 3 DeFiTechnologies DEFT 0 39 3 2 DigitalCurrX DCX 0 64 3 5 Dominari DOMH 2 68 3 9 DukeEnerDeb78 DUKB 22 73 0 7 Enovix ENVX 4 33 7 3 EntergyLA Bds66 ELC 19 80 0 7 EntergyBds66 ENO 20 91 0 7 EnvericBiosci ENVB 1 25 1 5 EosEnergy EOSE 3 65 6 5
t PepsiCo PEP 134.95 -0.70 PerformanceFood PFGC 110.31 -1.06 PermianRscs PR 21.37 -0.03 PershingSquare PS 33.74 -1.53 PetroleoBrasil PBR 19.00 0.11 PetroleoBrasilA PBR.A 16.88 0.11 Pfizer PFE 25.01 0.19 PhilipMorris PM 191.12 -3.18 Phillips66 PSX 206.98 -4.43 PinnacleFinPtrs PNFP 99.81 2.45 PinnacleWest PNW 105.43 -0.87 Pinterest PINS 21.89 -0.65
s PlainsAllAmPipe PAA 24.69 0.24
s PlainsGP PAGP 26.51 0.30
s Popular BPOP 170.88 -3.01 Primerica PRI 308.18 -4.66 PrincipalFinl PFG 107.32 -0.93 Procter&Gamble PG 146.97 -2.16 Progressive PGR 207.07 2.53 Prologis PLD 145.12 0.42 PrudentialFinl PRU 117.84 -1.01 Prudential PUK 29.09 -0.39 PSEG PEG 79.77 0.19 PublicStorage PSA 315.01 3.31 PulteGroup PHM 124.67 -2.08 QXO QXO 13.83 -0.02 QnityElec Q 138.66 -0.08 Qualcomm QCOM 171.11 -4.52 QuantaServices PWR 653.80 10.66 Quantinuum QNT 56.46 1.58
s QuestDiag DGX 227.90 18.07 R S
RBC Bearings RBC 595.31 3.81 RB Global RBA 109.16 -1.35 RELX RELX 32.86 0.12 RPM RPM 104.77 -2.66 RTX RTX 209.16 14.28 RalphLauren RL 371.69 -15.45 Rambus RMBS 103.19 -0.64 RangeResources RRC 38.87 0.12 RaymondJames RJF 166.14 -1.87 RealtyIncome O 64.72 -0.31 Reddit RDDT 168.78 -1.60 RegalRexnord RRX 214.03 -0.76 RegencyCtrs REG 81.18 -1.04 RegenPharm REGN 651.91 0.73 RegionsFinl RF 30.66 -0.20 ReinsGrp RGA 234.28 -1.03 Reliance RS 395.37 9.16 RenaissanceRe RNR 317.41 -2.28 RentokilInit RTO 29.21 -0.66 RepublicSvcs RSG 217.42 0.90 ResMed RMD 191.89 -1.02 RestaurantBrands QSR 72.38 -0.81 RevolutionMed RVMD 188.75 5.72 Revvity RVTY 113.17 2.63 RioTinto RIO 91.51 -0.77 Rivian RIVN 16.46 -0.72 Robinhood HOOD 101.58 -2.90 Roblox RBLX 47.55 -2.09 RocketCos. RKT 12.78 -0.66 RocketLab RKLB 69.99 0.24 Rockwell ROK 460.65 2.45 RogersComm B RCI 32.67 -0.28 RoivantSciences ROIV 35.10 0.19 Roku ROKU 141.67 -1.41
t Rollins ROL 39 44 -4.03 RoperTech ROP 355.12 18 41 RossStores ROST 232.39 -5.82 Roya BkCanada RY 208.46 -2.99 RoyalCaribbean RCL 283.41 -2.44 RoyalGold RGLD 199.64 -1.62 RoyaltyPharma RPRX 59.02 0.30 Rubrik RBRK 72.63 -1.06 RyanSpecialty RYAN 39.98 0.69 Ryanair RYAAY 56.35 -2.06 RyderSystem R 267.91 -8.46
t SAP SAP 146.38 -2.37 S&P Global SPGI 420.00 -9.06 SBA Comm SBAC 174.85 -3.17
s SEI Investments SEIC 96.73 -2.02 SK hynix SKHY 169.50 4.23 SK Telecom SKM 35.20 1.26 SLB SLB 47.22 -0.45 SPX Tech SPXC 219.80 0.75 SS&C Tech SSNC 66.95 -0.07 Saia SAIA 426.55 0.26 Salesforce CRM 156.93 -6.07 Samsara IOT 31 49 -1.84 Sandisk SNDK 1610.33 11.06 Sanmina SANM 218.56 1.20 Sanofi SNY 43.36 -0.43 SchwabC SCHW 101.61 0.81 Sea SE 99.50 -5.38 Seagate STX 913.36 5.26 Sempra SRE 93.44 0.39 Semtech SMTC 138.68 1.75 ServiceIntl SCI 79.34 1.99 ServiceNow NOW 91.94 -3.52 SharkNinja SN 145.83 -1.28 Shell SHEL 87.95 0.18 SherwinWilliams SHW 310.54 -9.37
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record
Increased Bank First BFC 1 5 .60/.55 Q Oct07 /Sep23 Black Stone Minerals BSM 8 2 .32 /.30 Q Aug13 /Aug06 Community Finl System CBU 2.8 .49/.47 Q Oct13 /Sep15 Delek Logistics Partners DKL 7.8 1.135 /1.13 Q Aug10 /Aug03 Enterprise Finl Services EFSC 2.1 .35/.34 Q Sep30 /Sep15 First Community FCCO 2.1 .17 /.16 Q Aug18 /Aug04 Greene County Bancorp GCBC 1 2 .11/.10 Q Aug31 /Aug14 Home BancShares HOMB 2.8 .23 /.21 Q Sep02 /Aug12 John Marshall Bancorp JMSB 0 5 .10 /.09 Q Aug26 /Aug05 McKesson MCK 0 5 .94 /.82 Q Oct01 /Sep01 Mid Penn Bancorp MPB 2.4 .23 /.22 Q Aug14 /Aug03 NetSTREIT NTST 4.1 .225 /.22 Q Sep15 /Sep01 Scholastic SCHL 1.7 .25 /.20 Q Sep15 /Aug31 SLM Float. RatePfd.B SLMBP 8.0 1.4393/1.4269 Q Sep15 /Sep04 Southern Missouri Bncp SMBC 1.3 .27 /.25 Q Aug31 /Aug14
Foreign Eaton ETN 1.1 1.10 Q Aug28 /Aug07 Lazard LAZ 4.7 .50 Q Aug14 /Aug03 Rogers Communications B RCI 4.3 .355 Q Oct02 /Sep08 Waste Connections WCN 0.8 35 Q Aug20 /Aug06 Note:Dividend yields as of 3:30 p.m. ET Sources:FactSet; DowJones MarketData
KEY: A:annual; M:monthly; Q:quarterly; r:revised; SA:semiannual; S2:1: stock split andratio;SO: spin-off.
EVgo EVGO 1 51 4 4 Evommune EVMN 10 47 0 7 eXoZymes EXOZ 4 70 8 4 FilanaTherap FLNA 0 90 3 3 FingerMotion FNGR 0 28 5 8 flyExclusive FLYX 1 08 1 7 FrankBSPRealty FBRT 7 57 3 2 FutureFinTech FTFT 1 12 15 4 Gabe liDivPfdH GDVpH 21 34 0 2 Gabe liDivPfdK GDVpK 17 06 1 0 Gabe liUtilPfdC GUTpC 21 23 1 2 Gaia GAIA 1 82 3 1 GameStopWt GME.WS 1 69 2 2 Gauzy GAUZ 0 33 6 0 Genera Fusion GFUZ 6 51 15 5 GenerationIncm GIPR 0 70 17 6 GeorgiaPwrNt77 GPJA 20 75 0 7 GeoVaxLabs GOVX 0 81 10 3 GettyImages GETY 0 42 10 7 GrabWt GRABW 0 02 19 5 Grandstand GRSD 1 67 8 2 GreenCircle GCDT 0 40 6 4 Greenlane GNLN 2 08 8 3 GreenwaveTech GWAV 2 76 3 0 ASUR ASR 268 70 1 3 HDFC Bank HDB 22 66 0 2 HaoxiHlthTech HAO 0 17 7 2 HeartcoreEnts HTCR 2 25 8 5 Hesai HSAI 14 36 0 8 HoneywellAero HONA 193 33 5 7 Imunon IMNN 1 53 4 4 Infosys INFY 10 30 2 4 InnovativeEyewr LUCY 0 66 2 1 InovioPharm INO 1 00 3 8 Intellicheck IDN 3 61 1 3 IBM IBM 199 19 0 4 IntuitiveSurgical ISRG 328 57 2 5 iPower IPW 0 80 6 7 JaguarHealth JAGX 0 97 22 6 Jiayin JFIN 2 19 3 1 JobyAviationWt JOBYWS 0 02 3 1 JonesVenturesINTL JONEU 9 92 0 1 JPMChasePfdJJ JPMpK 18 11 0 9 JPMChasePfdLL JPMpL 18 40 0 8 JPMorganPfdMM JPMpM 16 87 1 5 KALA BIO KALA 0 60 17 1 KaileraTherap KLRA 16 77 2 2 KairosPharma KAPA 0 27 4 7 KestrelGr6.625-46 MHLA 10 15 3 1 Kingsway KWY 8 41 4 2 KRAKacqnWt KRAQW 0 30 LaRosa LRHC 0 87 10 8 LadderCapital LADR 9 43 2 2 Lakeside LSH 0 32 8 1 LasVegasSands LVS 44 21 1 7 Lennar A LEN 79 83 Lennar B LEN.B 78 02 0 2 LiBangIntl LBGJ 0 03 9 6 LibertyBroadbandA LBRDA 28 92 2 2 LibertyBroadbandC LBRDK 28 94 2 3 LibertyDefense DETX 3 23 4 3 LibertyGlobalC LBTYK 9 91 1 8 LiftoffMob le LFTO 21 50 0 4 LionGroup LGHL 1 15 8 1 LivePerson LPSN 1 40 loanDepot LDI 0 95 6 1 Lowe's LOW 199 40 1 2 LumentFinance LFT 0 79 4 2 M&T Bank Pfd K MTBpK 23 92 1 0 MiraPharm MIRA 0 89 MP Materials MP 43 71 2 3 MSC Incm Fd MSIF 10 80 0 6 MackenzieRealty MKZR 1 50 4 5 ManhattanBridge LOAN 4 10 1 9 Masonglory MSGY 0 32 7 7
ShinhanFin SHG 71.65 1.00 Shopify SHOP 112.00 -6 42 SiliconMotion SIMO 289.08 7.40 SimonProperty SPG 225.20 -1.02 SiriusXM SIRI 29.87 0.04 SiTime SITM 576.41 -14.26 Skyworks SWKS 60.47 -2.69 Smith&Nephew SNN 29.77 -0.17 SmithfieldFds SFD 26.10 -0.34 Smucker SJM 115.71 -2.34 SmurfitWestrock SW 43.71 -0.80 Snap-On SNA 395.41 -10.76 Snowflake SNOW 265.13 -2.67 SOQUIMICH SQM 69.32 0.11 SoFiTech SOFI 16.65 -0.42 SolsticeAdvMatls SOLS 60.88 0.21 Solventum SOLV 77.24 -0.40 Somnigroup SGI 68.85 -1.29 Sony SONY 20.69 -0.23 Southern SO 96.60 0.80 SoCopper SCCO 182.22 -13.26 SouthStateBk SSB 101.25 -0.94 SouthwestAir LUV 44.71 -2.95
t SpaceX SPCX 118.24 2.98 Spotify SPOT 468.99 -5.17 StandardAero SARO 28.26 0.68 StanleyB&D SWK 87.41 -1.84 Starbucks SBUX 103.21 -0.77 StateStreet STT 184.21 -1.03 Stee Dynamics STLD 240.57 1.93 Stellantis STLA 5.75 -0.05 Steris STE 210.64 0.07 SterlingInfr STRL 717.34 -2.00 StifelFinancial SF 79.56 0.25 STMicroelec STM 53 49 -12.28 Strategy MSTR 93.63 -6.38 Stryker SYK 318.97 9.73 SumitomoMits SMFG 25.91 -0.17 SummitTherap SMMT 14.98 0.24 SunComms SUI 120.00 0.34 SunLifeFinancial SLF 81.41 0.06 SunbeltRentals SUNB 77 47 5.03 SuncorEnergy SU 66.41 1.69 Sunoco SUN 74.59 -1.36 SuperMicroComp SMCI 31.20 0.64 Suzano SUZ 8.34 -0.11 Symbotic SYM 40.57 -1.89 SynchronyFinl SYF 71.77 -1.04 Synopsys SNPS 373.52 -4.09 Sysco SYY 81.73 -0.39 T U V
TC Energy TRP 69.98 0.13 TD Synnex SNX 247.96 -4.72 TE Connectivity TEL 198.79 -1.49 Telus TU 10.11 -0.10 Ternium TX 47.14 0.89 TFI Intl TFII 152.12 -0.32 TIM TIMB 21.05 -0.97 TJX TJX 153.48 -1.93 TKO TKO 179.43 -2.22 T-MobileUS TMUS 170.42 -20.52 TPG TPG 42.03 0.24 T.RowePrice TROW 114.95 -1.06 TTM Tech TTMI 144.85 0.15 TaiwanSemi TSM 415.58 -5.63 Take-TwoSftwr TTWO 230.25 -3.33 TakedaPharm TAK 16.82 -0.05 TalenEnergy TLN 379.27 1.86 Tapestry TPR 139.13 -4.60
s TargaResources TRGP 285.58 1.13 Target TGT 134.48 -3.44 TechnipFMC FTI 76.02 0.92 TeckResourcesB TECK 59.85 2.64 TeledyneTech TDY 651.22 0.72 Ericsson ERIC 9.31 -0.18 TelefonicaBras VIV 13.70 -0.34 TelekomIndns TLK 14.36 -0.51 Tenaris TS 57.36 -0.95 TencentMusic TME 8.76 -0.02 TenetHea thcare THC 199.02 3.67 Teradyne TER 373.75 4.29 TeraWulf WULF 20.05 0.56 Tesla TSLA 319.69 -54.32 TevaPharm TEVA 31.18 1.03 TexasInstruments TXN 284.99 -9.20 TexasPacLand TPL 425.55 -7.55 TexasRoadhouse TXRH 190.86 -0.57 Textron TXT 93.19 1.48 ThermoFisher TMO 572.32 45.86 ThomsonReuters TRI 85.69 -1.64 3M MMM 169.59 -1.17 Timken TKR 140.89 -0.75 Toast TOST 28.40 -0.81 TollBros TOL 146.55 -2.43 TorontoDomBk TD 119.22 -2.08 TotalEnergies TTE 86.23 1.32 TowerSemi TSEM 260.42 10.89 ToyotaMotor TM 176.80 -3.14 TractorSupply TSCO 30.32 0.96 Tradeweb TW 99.85 1.00 TraneTech TT 479.71 6.11 TransDigm TDG 1213.83 19.13
MatinasBioPharma MTNB 0 24 6 7 McDonald's MCD 260 96 0 3 Megan MGN 0 09 1 9 Merlin MRLN 3 30 5 7 IndxPlus 03-1 IPB 25 01 0 1 MesaRoyalty MTR 2 91 0 7 MesabiTrust MSB 21 60 3 8 MetalphaTechnology MATH 0 80 0 2 Microvast MVST 0 85 4 9 MidCapFin MFIC 9 34 0 3 MorganStanleyPfdK MSpK 22 94 1 6 MorganStanleyPfdL MSpL 19 08 0 8 MorganStanleyPfdO MSpO 16 49 1 0 MuranoG blInvts MRNO 0 21 4 6 NauticusRobotWt KITTW 0 01 9 7 NavientNts2043 JSM 17 24 1 8 NeuroOneMed NMTC 1 81 4 1 NeuroSense NRSN 0 58 0 8 NewMtnFin NMFC 6 73 1 4 NewGenIvf NIVF 1 18 3 9 NextEraEnDebN NEEpN 21 61 0 8 NextEraDebZ NEEpW 24 03 0 5 NextEraEnerDebU NEEpU 24 13 0 3 NiagenBio NAGE 3 17 6 0 NoahHoldings NOAH 8 60 2 3 NuvveHolding NVVE 2 51 44 2 Nuwellis NUWE 2 06 22 8 OceanPwrTech OPTT 0 18 0 4 OctaveIntel OCTV 15 41 1 3 Onfolio ONFO 0 09 11 7 OpendoorWtZ OPENZ 0 17 12 2 OpendoorWtK OPENW 0 33 8 4 Oracle ORCL 119 44 4 6 OrionDigital ORIO 0 62 2 4 PMGC ELAB 0 90 7 0 ProceptBio PRCT 17 17 0 8 Pa ladyneAIWt PDYNW 0 01 15 4 PennantParkFR PFLT 6 86 1 7 PennyMacMtg PMT 9 56 2 7 PepsiCo PEP 133 73 0 5 Peraso PRSO 0 72 3 2 PinnacleFinPfdC PNFPpC 24 01 PowerCompute PWCM 1 68 7 3 Primech PMEC 0 43 5 9 ProKidney PROK 1 48 0 7 ProspectCapital PSEC 2 11 0 9 PrudentialNt58 PRS 21 65 0 6 PrudentialNts2060 PFH 15 91 1 3 PrudentialNts2062 PRH 22 06 0 4 Pub icStoragePfM PSApM 15 62 1 0 Pub icStoragePfdS PSApS 15 56 0 6 PublicStoragePfdR PSApR 15 17 0 8 QuantumScape QS 4 97 12 9 RamacoRscsA METC 11 11 10 0 RamacoRscsB METCB 7 40 1 5 ReadyCapital RC 1 48 2 6 reAlphaTech AIRE 1 25 22 8 RebornCoffee REBN 1 19 10 2 RedCloud RCT 0 21 3 3 ReinTherap RNTX 0 76 4 7 ReitarLogtech RITR 0 12 7 1 ResearchFrontiers REFR 0 45 0 6 ReservoirMediaWt RSVRW 0 01 30 0 RiverNorthPfdB OPPpB 16 94 1 3 Rollins ROL 36 59 9 3 SAP SAP 144 97 1 6 SAP ADRhedged SAPH 27 49 1 0 SES AI SES 0 53 8 9 SIGA Tech SIGA 3 10 7 1 SachemCapital SACH 0 80 3 7 SentiBiosciences SNTI 0 42 3 2 SevenHillsRlty SEVN 7 78 3 5 Shutterstock SSTK 5 25 22 0 SimplyGoodFoods SMPL 10 12 2 4 SiNtxTech SINT 1 47 2 6
s Travelers TRV 376.37 4.29 Trimble TRMB 50.35 0.25 Trip.com TCOM 43.02 0.44 TruistFinl TFC 51.20 -0.53 Twilio TWLO 185.06 1.68 TylerTech TYL 288.16 3.84 TysonFoods TSN 56.75 -0.31 UBS Group UBS 51.55 -1.10 UDR UDR 39.48 -0.06 U-Haul UHAL 71.89 0.56 U-Haul N UHAL/B 62.81 0.04 UL Solutions ULS 86.60 0.52 UMB Fin UMBF 139.12 -1.66 US Foods USFD 95.58 -0.48 Uber UBER 68.91 -1.42 Ubiquiti UI 529.36 -8.14 UltaBeauty ULTA 477.96 -5.57 Unilever UL 60.21 -1.62
s UnionPacific UNP 304.33 11.77 UnitedAirlines UAL 115.35 -1.92 UnitedMicro UMC 20.87 -0.42 UPS B UPS 114.10 -1.74
s UnitedRentals URI 1139.71104.65 US Bancorp USB 63.33 -1.14 UnitedTherap UTHR 529.53 2.46 UnitedHealth UNH 423.56 -7.75 UnitySoftware U 28.94 -0.33 UnumGroup UNM 86.45 -1.34 VICI Prop VICI 26.32 -0.26 Vale VALE 14.83 -0.02 ValeroEnergy VLO 305.26 -5.66 ValmontInds VMI 488.60 1.10 VeevaSystems VEEV 179.58 -4.97
s Ventas VTR 97.92 0.74 VentureGlobal VG 15.16 0.34 Veralto VLTO 91.50 0.35 VeriSign VRSN 261.58 -1.01 VeriskAnalytics VRSK 193.17 0.89 Verizon VZ 43.82 -0.47 VertexPharm VRTX 473.09 0.52 Vertiv VRT 304.04 2.88 ViaSat VSAT 74.27 -0.10 Viatris VTRS 17.28 0.27 ViaviSolutions VIAV 41.80 -0.45 Vicor VICR 231.38 14.03 Viking VIK 99.71 -0.64 ViperEnergy VNOM 45.14 -0.13 VirtuFinancial VIRT 59.67 0.11 Visa V 351.60 -1.82 Vistra VST 168.98 2.24 Vodafone VOD 15.25 -0.26 VulcanMatls VMC 274.93 -2.90 W X Y Z
WEC Energy WEC 114.72 1.26 W.P.Carey WPC 75.20 -0.23
s Wabtec WAB 297.99 7.99 Walmart WMT 108.40 -0.93 WarnerBrosA WBD 25.95 0.10 WarnerMusic WMG 26.60 -0.78 WasteConnections WCN 167.99 0.09 WasteMgt WM 237.27 0.89 Waters WAT 382.41 11.59 Watsco WSO 359.85 -2.15 WattsWater WTS 343.67 2.13 Wayfair W 82.68 -1.62 WebsterFin WBS 75.46 -1.17 WellsFargo WFC 86.19 -0.23
s Welltower WELL 247.05 2.01 WescoIntl WCC 330.66 0.11
s WestPharmSvcs WST 355.48 -2.93 WestAllianceBcp WAL 82.97 -0.44 WesternDigital WDC 558.30 1.63 WesternMidstrm WES 47.93 0.87 Westlake WLK 75.23 -1.83 Weyerhaeuser WY 23.64 -0.18 WheatonPrecMtls WPM 110.03 -1.33 Williams WMB 75.25 0.76 Williams-Sonoma WSM 218.60 -3.74 WillisTowers WTW 288.37 1.86 WintrustFinl WTFC 157.77 -0.76
t Wipro WIT 1.78 -0.03 Wise WSE 12.08 -0.27 WoodsideEnergy WDS 22.34 -0.09 Woodward WWD 411.94 7.35 WooriFinl WF 62.72 0.51 Workday WDAY 127.87 -4.55
t WynnResorts WYNN 96.77 2.40 XPO XPO 214.16 0.51 XcelEnergy XEL 80.77 0.58 XPeng XPEV 12.76 -0.09 Xylem XYL 116.87 0.73 YPF YPF 51.92 -0.59 Yum!Brands YUM 147.37 -0.20 YumChina YUMC 43.11 -0.31 ZTO Express ZTO 24.04 -0.06 ZebraTech ZBRA 256.95 -5.80 ZimmerBiomet ZBH 89.65 0.97 ZionsBancorp ZION 69.16 -0.91 Zoetis ZTS 74.57 0.38 ZoomComms ZM 84.11 -1.70 Zscaler ZS 139.70 -2.56
SiteOneLandscape SITE 98 17 4 4 SolidPower SLDP 2 14 7 7 SouthernNts77 SOJC 20 09 0 5 SouthernNts20 SOJD 18 98 0 6 SouthernNts2020C SOJE 16 50 0 7 Southland SLND 0 55 5 0 SpaceX SPCX 110 85 2 6 SperoTherap SPRO 1 10 8 7 SpireNts2086 SRJN 23 16 1 5 Stantec STN 66 26 1 9 StarfightersSpace FJET 3 43 0 3 StarwoodProp STWD 16 27 0 9 StateStreetPfdG STTpG 21 13 1 0 SteakholderFds STKH 0 36 17 7 Stem STEM 5 74 3 3 StifelFinlPfdB SFpB 22 38 1 0 Sui SUIG 1 03 6 3 SunPower SPWR 0 48 14 3 SunshineBioWt SBFMW 0 02 89 8 SuperLeagueEnt SLE 2 64 5 6 SuperXAITech SUPX 6 26 12 4 SurgePays SURG 0 25 3 2 SynergyCHC SNYR 0 16 8 8 TMCtheMtlsWt TMCWW 0 04 35 1 T-MobileUS2070 TMUSI 20 22 1 3 T-MobileUU2070 TMUSZ 19 85 0 7 T-MobileUS2069 TMUSL 22 69 0 4 T3Defense DFNS 3 80 17 0 Taoping TAOP 0 97 20 8 Teamshares TMS 5 48 5 7 Telephone&Data TDS 33 01 0 6 TenonMedical TNON 0 18 0 1 TenonMedicalWt TNONW 0 00 42 9 TerraPropNts2029 TPTS 16 36 4 6 TilrayBrands TLRY 3 93 4 1 TizianaLife TLSA 0 91 7 9 Toppoint TOPP 0 65 0 2 TradeDesk TTD 16 70 4 5 TrawsPharma TRAW 0 52 4 1 TreasureGlobal TGL 3 12 4 3 TrinityBiotech TRIB 0 28 1 5 TriplePtVent TPVG 4 41 3 5 TryHard THH 0 20 4 6 Tucows TCX 8 92 3 7 Tuya TUYA 1 62 7 4 US BancorpPfdL USBpQ 14 30 1 2 US BancorpPfdM USBpR 15 10 0 7 US BancorpPfdO USBpS 17 06 0 9 UWM UWMC 1 72 5 4 UnumNts061558 UNMA 21 12 0 7 ValionBio VBIO 0 25 0 4 Valneva VALN 4 75 2 4 Veea VEEA 0 16 2 1 Vestand VSTD 0 18 2 0 VicorePharma VCRE 11 00 2 0 VisionMarineTech VMAR 0 74 1 0 Vivakor VIVK 1 45 30 1 VolitionRX VNRX 0 99 3 8 WearableDevWt WLDSW 4 32 8 1 Wellchange WCT 0 78 6 3 WellsFargoPfdAY WFCpY 22 10 0 6 WellsFargoPfdAZ WFCpZ 18 17 0 8 WellsFargoPfdAA WFCpA 18 00 0 7 WellsFargoPfdACC WFCpC 16 72 0 8 WellsFargoPfdADD WFCpD 16 31 0 5 WeShop WSHP 4 33 0 2 WetourRobotics WETO 0 10 18 3 WheelerREIT WHLR 0 21 28 0 Whirlpool WHR 35 45 3 9 Winmark WINA 334 52 4 6 Wipro WIT 1 75 1 7 WynnResorts WYNN 92 52 2 5 XCHG XCH 0 49 5 9 Yimutian YMT 0 40 10 5 ZeroStack ZSTK 1 37 5 5 ZetaNetwork ZNB 0 23 7 8
t
t
t
s
t
s
–6
s
51711.65 t506.93, or 0.97% High, low, open and close for each trading day of the past three months.
t t
Current divisor 0.1682481652835
Session high
Close DOWN UP
Session open
Close Open
Session low
65-day moving average
65-day moving average
65-day moving average
Bars measure the point change from session's open
Apr. May June July
Apr. May June July
Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index
1.00
100%
Latest 52-Week % chg High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. Dow Jones
Industrial Average 51885.14 51542.06 51711.65 -506.93 -0.97 53055.91 43588.58 15.7 7.6 13.6
Transportation Avg 22845.32 22432.52 22578.51 -20.54 -0.09 23933.14 15067.87 39.5 30.1 11.6
4.00
12%
4.00
–12
Utility Average 1176.76 1158.76 1173.08 6.80 0.58 1190.23 1048.33 8.3 9.8 7.3
8.00%
Total Stock Market 73830.69 73081.25 73416.05 -842.56 -1.13 75286.10 61627.03 16.7 8.8 17.4
Barron's 400 1598.64 1588.89 1596.43 -4.40 -0.27 1635.15 1316.75 18.7 13.0 16.3
Nasdaq Stock Market Nasdaq Composite 25358.28 24954.77 25137.69 -553.21 -2.15 27093.90 20650.13 19.4 8.2 21.4
Nasdaq-100 28726.62 28274.52 28454.81 -543.29 -1.87 30660.60 22763.31 22.5 12.7 22.6
S&P 500 Index 7450.12 7376.00 7408.30 -90.66 -1.21 7609.78 6238.01 16.4 8.2 17.8
6.00
6.00%
5.00
MidCap 400 3783.65 3750.11 3769.22 -13.81 -0.36 3852.54 3104.60 18.2 14.0 11.7
SmallCap 600 1769.52 1753.84 1761.99 -11.86 -0.67 1804.34 1323.05 28.6 20.0 11.9
2.00
2.00
Other Indexes Russell 2000 2952.54 2924.33 2940.16 -19.78 -0.67 3024.37 2166.78 30.6 18.5 14.5
0 00
NYSE Composite 23934.06 23807.26 23874.27 -45.44 -0.19 24075.12 20267.69 14.5 8.5 13.6
Value Line 675.91 668.09 670.41 -5.50 -0.81 682.99 590.50 8.2 6.7 4.4
NYSE Arca Biotech 8661.73 8478.40 8660.27 130.64 1.53 8917.63 5640.67 50.4 21.1 17.0
NYSE Arca Pharma 1241.76 1212.05 1238.55 16.13 1.32 1270.42 881.47 29.2 10.0 11.9
KBW Bank 187.53 185.91 187.44 -1.81 -0.96 191.84 139.52 29.1 14.2 28.8
PHLX§Gold/Silver 314.76 307.92 313.18 -6.72 -2.10 470.37 204.07 47.1 -8.5 35.3
PHLX§Oil Service 95.83 93.45 93.63 -0.07 -0.08 109.24 58.66 47.7 27.7 1.7
3.00
PHLX§Semiconductor 12480.87 12188.05 12343.84 -66.82 -0.54 14634.72 5527.61 118.7 74.3 49.4
Cboe Volatility 20.31 17.32 18.70 2.06 12.38 31.05 13.47 21.5 25.1 11.2
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
PercentageLosers
Latest Session 52-Week Company Symbol Close Net chg %chg High Low % chg
Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg
NVECorp NVEC 134 21 47.53 54.83 134.93 57 21 66.4 Paranovus Ent Tech PAVS 5.91 2.03 52.32 148800.00 3.76 -99.9 Advanced Biomed ADVB 16.78 4.53 36.98 20.87 3.61 35.3 Sky Quarry SKYQ 5.64 1.51 36.56 19.45 1.10 0.7 707 Cayman Holdings JEM 4.74 1 21 34.28 1620.00 3.40 -99.5
GrShr 2x ShTSLA Daily TSDD 10.91 2.47 29.27 24 20 6.57 -45.4 Tradr 2X Sh TSLA Daily TSLQ 25.86 5.82 29.04 58.02 14.78 -46.0 Novocure NVCR 19.99 4.42 28.39 20.55 9.82 21.1 Robin Energy RBNE 5.68 1 22 27.35 374 25 3.60 -97.6 Gentherm THRM 45.61 9.56 26.52 45.96 27.00 42.5
Domo Cl B DOMO 3.95 0.80 25.40 18.49 1.84 -75.5 DSC Holdings ADR DSC 6.59 1.19 22.04 16.35 4.52 ... Richardson Electronics RELL 21.82 3.81 21.15 23.15 9.37 123.1 Direxion LMT Bull 2X LMTL 37.35 6.40 20.68 59.71 24.58 ... SciSparc SPRC 5.72 0.88 18.18 80.10 2.98 -92.1
Ranked bychange from65-day average* CURRENCIES & COMMODITIES
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-day avg Close %chg High Low
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-dayavg Close %chg High Low
Simplify US EqIncome ETF SPUC 3,130 26886 48.70 -1.18 52.08 42.89 Niki BioSolutions NIKI 2,782 8523 8.58 -4.56 44.70 6.00 Fortress Value Acqn V FVAV 323 4175 10 22 0.84 10.35 10.00 Russ Invts EMEq REMG 371 3577 35.46 -0.30 38.96 25.69 FTNasdaq Pharm FTXH 736 2985 38.83 1.32 39.57 25.77
51000
Glbl X Pure MSCI Cnsm Dis GXPD 1,287 2805 24 26 -5.35 27.87 22.84 VanEck Cnsm Disc Tru TRUD 1,279 2695 24.08 -5.12 27.50 22.88 JPM US Rsrch Enh LC JUSA 3,215 2688 66.56 -1.28 68.33 56.44 VanEckCommSvsTruSectorTRUC 1,243 2588 23.96 -4.33 27.56 23.11 SSMy2031 Cp Bd MYCK 117 2208 24.49 -0.19 25.39 24.47
Latest YTD Region/Country Index Close Net chg %chg % chg
World MSCI ACWI 1107.68 –9.69 –0.87 9.2 MSCI ACWI ex-USA 467.49 –1.42 –0.30 11.0 MSCI World 4782.64 –54.27 –1.12 8.0 MSCIEmergingMarkets 1671.85 17.37 1.05 19.0
Americas MSCI ACAmericas 2806.21 –33.307 –1.17 8.2 Canada S&P/TSX Comp 35192.66 –292.45 –0.82 11.0 Latin Amer. MSCIEMLatinAmerica 3046.31 –43.41 –1.40 12.4 Brazil Bovespa 176723.62 –823.95 –0.46 9.7 Chile S&P IPSA 5498.81 –46.74 –0.84 1.4 Mexico S&P/BMV IPC 66266.01 –1037.82 –1.54 3.0
EMEA STOXX Europe600 639.27 –7.66 –1.18 8.0 Eurozone Euro STOXX 660.17 –10.24 –1.53 7.8 Belgium Bel-20 5692.64 –4.36 –0.08 12.1 Denmark OMXCopenhagen20 1611.26 –12.40 –0.76 0.2 France CAC 40 8299.09 –138.80 –1.64 1.8 Germany DAX 24763.12 –392.29 –1.56 1.1 Israel Tel Aviv 4227.00 … Closed 16.4 Italy FTSE MIB 51315.84 –1476.20 –2.80 14.2 Netherlands AEX 1086.67 –14.14 –1.28 14.2 Norway Oslo Bors All-Share 2390.30 29.49 1.25 23.1 South Africa FTSE/JSE All-Share 108335.05 –1347.58 –1.23 –6.5 Spain IBEX 35 19267.00 –304.30 –1.55 11.3 Sweden OMX Stockholm 1098.28 –9.18 –0.83 5.0 Switzerland Swiss Market 14214.95 –100.93 –0.71 7.1 Turkey BIST 100 14077.67 –61.18 –0.43 25.0 U.K. FTSE 100 10639.17 –77.80 –0.73 7.1 U.K. FTSE 250 23627.33 –299.30 –1.25 5.1
Euro
Asia-Pacific MSCI ACAsia Pacific 269.17 2.36 0.89 18.2 Australia S&P/ASX 200 8839.00 16.03 0.18 1.4 China ShanghaiComposite 3876.78 9.74 0.25 –2.3 Hong Kong Hang Seng 25210.81 318.15 1.28 –1.6 India BSE Sensex 76391.39 –363.66 –0.47 –10.4 Japan NIKKEI 225 66422.60 307.00 0.46 31.9 Singapore Straits Times 5581.76 –13.65 –0.24 20.1 South Korea KOSPI 7096.89 299.19 4.40 68.4 Taiwan TAIEX 44850.81 25.03 0.06 54.9 Thailand SET 1641.03 1.69 0.10 30.3
Year ago Last Trailing P/E ratio P/E estimate * Dividend yield All-time high
Year ago Last Trailing P/E ratio * P/E estimate * Dividend yield * All-time high
Year ago Last Trailing P/E ratio † P/E estimate † Dividend yield *† All-time high:
7408.30 t90.66, or 1.21% High, low, open and close for each trading day of the past three months.
22.70 24.86 21.05 21.35 1.51 1.63 53055.91, 07/06/26
55000
53000
49000
47000
45000
43000
China SXT Pharm SXTC 0.33 -1.69 -83.53 1046.99 0.31 -99.9 Zhongchao ZCMD 1.73 -2.56 -59.67 967 20 0.80 -99.8 Leslie's LESL 1.33 -1.08 -44.81 13.57 0.87 -87.1 Nuvve Holding NVVE 3 23 -2.56 -44.21 655 20 2.51 -99.5 ProShares Ultra TSLA TSLI 14.44 -6.00 -29.35 46.11 14.07 ...
Direxion TSLA Bull 2X TSLL 7.76 -3.20 -29.20 23.74 7.54 -38.7 Leverage 2X LgTSLA Dly TSLG 3.86 -1.59 -29.17 12 24 3.75 -38.9 GrShr 2x Long TSLA Dly TSLR 13.37 -5.47 -29.02 39.54 12.97 -34.1 Defiance Tgt 2X LgQS QSU 5.63 -1.94 -25.63 146.76 5.26 ... Leverage 2XLgOPENDly OPEG 2.86 -0.89 -23.65 16.86 2.82 ...
Nuwellis NUWE 2 20 -0.65 -22.81 485.68 2.06 -99.5 Liberty Energy LBRT 19.62 -5.52 -21.96 34.48 9.90 48.1 Shutterstock SSTK 5.76 -1.62 -21.95 29.50 5.25 -72.3 Twin Vee PowerCats VEEE 14.50 -4.06 -21.88 128.02 4.16 -83.7 Albertsons ACI 11.44 -3.16 -21.64 20.91 11.02 -45.0
Yen
U.S.-dollar foreign-exchange rates at5 p.m. ET
US$vs, Thurs YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071488.9664 2.6 Brazil real .1961 5.0999 –7.6 Canada dollar .7099 1.4086 2.6 Chile peso .001061 942.49 4.7 Colombiapeso .000311 3214.40 –14.7 Ecuador US dollar 1 1 unch Mexico peso .0571 17.5218 –2.7 Uruguay peso .02490 40.1643 2.8 Asia-Pacific Australiadollar .6969 1.4349 –4.2 China yuan .1476 6.7752 –3.1 Hong Kongdollar .1275 7.8414 0.7 India rupee .01032 96.878 7.8 Indonesia rupiah .0000555 18011 7.9 Japan yen .006103 163.85 4.6 Kazakhstan tenge .002141 467.17 –7.9 Macau pataca .1238 8.0796 0.7 Malaysia ringgit .2446 4.0887 0.8 New Zealand dollar .5773 1.7322 –0.3 Pakistan rupee .00360 277.852 –0.8 Philippines peso .0162 61.838 5.0 Singapore dollar .7734 1.2930 0.6 South Korea won .0006777 1475.65 2.4 Sri Lanka rupee .0029750 336.13 8.5 Taiwan dollar .03095 32.313 3.1 Thailand baht .02957 33.820 7.4
DJ Commodity 1410.21 15.11 1.08 1467.33 1037.49 31.62 24.72 FTSE/CC CRB Index 400.18 6.25 1.59 406.18 291.69 31.48 33.94 Crude oil, $ per barrel 92.19 5.36 6.17 112.95 55 27 39.62 60.55 Natural gas, $/MMBtu 2.916 -0.009 -0.31 7.460 2.523 -5.75 -20.89 Gold, $ per troy oz. 4046.60 -100.30 -2.42 5318.40 3293 20 20.04 -6.45
A Dow Jones partner
Prediction Market: Bitcoin vs. Gold vs. S&P 500 in 2026
This market will resolve according to the asset which has the best performance in 2026 among Bitcoin, Gold, and the S&P 500 with performance measured as the percentage change in price during the year for each asset.
Gold: 17%
25.50 25.88 21.54 23.75 1.09 1.26 7609.78, 06/02/26
Late Trading Most-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer. andNasdaqissuesfrom4p.m.to6p.m.ETasreportedbyelectronic tradingservices,securitiesdealersandregionalexchanges.Minimum sharepriceof$2andminimumafter-hoursvolumeof50,000shares. Most-active issues in latetrading
Volume After Hours Company Symbol (000) Last Netchg %chg High Low
Intel INTC 35,117.8 105.69 5.46 5.45 113.72 90.41
Grab Holdings GRAB 6,833.1 3.31 0.01 0.29 3.31 3.28
NVIDIA NVDA 6,630.9 208.46 -0.30 -0.14 222.37 198.18
Kinder Morgan KMI 5,671.6 32.77 ... unch. 32.94 32.75
Direxion TSLA Bull 2X TSLL 5,421.0 7.95 0.19 2.45 8.00 7.74
Baillie Gifford IntlAlph BGIA 4,938.8 24.19 ... unch. 24.19 24.19
Invesco QQQ Trust I QQQ 4,933.7 693.67 1.71 0.25 725.69 662.93
Apple AAPL 4,737.0 320.93 -0.73 -0.23 322.00 320.45 Percentage gainers…
Amkor Technology AMKR 500.9 75.30 9.97 15.26 81.99 65.30
Tenet Healthcare THC 73.5 224.00 24.98 12.55 238.69 197.29
Direxion INTCBull 2X LINT 110.7 139.69 15.45 12.44 159.19 124.24
GrShr2xLongINTCDaily INTW 4,640.0 27.56 2.90 11.76 31.32 24.66
World Kinect WKC 276.4 38.80 2.53 6.98 39.01 36.27 ...And losers
MaxLinear MXL 694.5 82.19 -9.05 -9.92 98.70 80.45
Deckers Outdoor DECK 707.8 89.00 -7.23 -7.51 98.00 88.00
SLM SLM 182.6 22.70 -1.48 -6.12 25.00 22.15
Scholastic SCHL 54.4 44.00 -2.44 -5.25 46.44 42.10
Summit Therapeutics SMMT 159.7 14.21 -0.77 -5.16 15.20 13.65
US$ s, Thurs YTDchg Country/currency inUS$ perUS$ (%)
Vietnam dong .00003800 26317 0.1 Europe Czech Rep. koruna .04703 21.263 3.3 Denmark krone .1522 6.5702 3.3 Euro area euro 1.1378 .8789 3.3 Hungary forint .003121 320.45 –2.1 Iceland krona .007945 125.87 0.4 Norway krone .1040 9.6137 –4.7 Poland zloty .2627 3.8067 6.0 Sweden krona .1025 9.7543 5.9 Switzerland franc 1.2240 .8170 3.1 Turkey lira .0212 47.2611 10.0 Ukraine hryvnia .0223 44.8500 5.9 UK pound 1.3315 .7510 1.2 Middle East/Africa Bahrain dinar 2.6509 .3772 0.1 Egypt pound .0195 51.2952 7.5 Israel shekel .3254 3.0735 –3.5 Kuwait dinar 3.2264 .3099 0.7 Oman sul rial 2.5994 .3847 –0.02 Qatar rial .2743 3.646 –0.2 Saudi Arabia riyal .2665 3.7524 0.04 South Africa rand .0594 16.8211 1.6
Close NetChg %Chg YTD%Chg
WSJDollarIndex 97.59 0.27 0.28 1.74
WSJ Dollar Index
Sources: Tullett Prebon, DowJones Market Data
Thursday 52-Week YTD Close Net chg % Chg High Low % Chg % chg
25137.69 t 553.21, or 2.15% High, low, open and close for each trading day of the past three months.
Li Bang International LBGJ 253,803 3534.3 0.03 -9.57 177.00 0.03 Direxion TSLA Bull 2X TSLL 211,460 193.4 7.76 -29.20 23.74 7.54 Nokia ADR NOK 181,366 61 2 9.73 -5.35 17.45 4.00 Nu Holdings ClA NU 180,335 167.8 14.19 -2.21 18.98 11 20 WeBuy Global WBUY 173,341 25545 2 1.12 47.76 7.56 0.62
ProShares Bitcoin ETF BITO 167,514 -24.5 8.77 -2.01 23.00 7.87 American Airlines Group AAL 121,385 16.0 13.56 -8.35 18.79 10.09 Intel INTC 121,194 -8.4 100.23 -2.33 142.35 18.97 Tesla TSLA 114,756 136.0 319.69 -14.52 498.83 297.82 NVIDIA NVDA 109,968 -28.9 208.76 -1.56 236.54 164.07
Consumer Ratesand Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
30-year fixed-rate mortgage
10-year Treasury note yield
J 2025
A S O N D J 2026
F M A M J J
Yield/Rate(%) 52-Week Range(%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 3 50-3.75 3.50-3 75 3.50 l 4.50 -1.50 Prime rate* 6.75 6.75 6.75 l 7.50 -1.50 SOFR 3.62 3.64 3.50 l 4.51 -1.43 Money market, annual yield 0.44 0.44 0.41 l 0.45 -0.11 Five-year CD, annualyield 1.73 1.73 1.67 l 1.73 -1.12 30-year mortgage, fixed† 6.66 6.62 6.11 l 6.81 -0.66 15-year mortgage, fixed† 6.07 6.08 5.55 l 6.13 -0.56 Jumbomortgages, $832,750-plus† 6.72 6.68 6.34 l 6.95 -0.64 Five-year adj mortgage (ARM)† 5.93 6.09 5.66 l 6 26 -0.33 New-car loan, 48-month 6.97 6.97 6.85 l 7 21 -0.54
Bankrate.com ratesbased onsurveyof over1,500 online banks. *Baserate posted by70%ofthe nation'slargest banks.† Excludes closingcosts. Sources: FactSet;Dow JonesMarketData; Bankrate.com Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Thursday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSEU.S.Treasury Close; TullettPrebon; DowJones Market Data
Yield (%) 52-Week Total Return (%) Bond totalreturnindex Close Last Weekago High Low 52-wk 3-yr
33.39 32.55 25.14 29.89 0.57 0.66 27093.90, 06/02/26
Volume, Advancers, Decliners
NYSE NYSE Amer.
Totalvolume1,236,695,592 17,740,292 Adv. volume 363,581,148 7,063,648 Decl. volume 862,102,146 10,518,948 Issues traded 2,834 294 Advances 775 84 Declines 2,003 197 Unchanged 56 13 Newhighs 40 2 Newlows 146 15 Closing Arms† 1.03 0.36 Block trades 4,240 174
Nasdaq NYSE Arca
Totalvolume7,655,813,461 308,960,710 Adv.volume2,483,960,277 95,540,552 Decl.volume5,133,481,994 212,470,554 Issues traded 5,026 2,644 Advances 1,413 424 Declines 3,423 2,193 Unchanged 190 27 Newhighs 67 23 Newlows 342 249 Closing Arms† 0.85 0.50 Block trades 39,605 1,473
*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly. †(TRIN)Acomparisonofthenumberofadvancinganddec ining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.
Selectedrates 30-yearmortgage,Rate
Bankrate.com avg†: 6.66%
Redwood Capital Bank 5.75% Eureka, CA 707-444-9800
DearbornFederalSavingsBank 5.88% Dearborn, MI 313-565-3100
Langley FCU 5.88% Hampton, VA 757-827-7200
Synovus Bank 5.88% Columbus, GA 850-664-9575
Suncoast Credit Union 5.99% Tampa, FL 813-621-7511
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
2025 2026
28000
27000
26000
25000
24000
23000
22000
Contract Open Open High hilo Low Settle Chg interest SoybeanOil (CBT)-60,000 lbs.; cents per lb. Aug 75.48 76.40 75.35 75.59 .11 68,593 Dec 72.71 73.82 72.69 72.98 .16 273,192 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 14.30 14.32 14.11 14.13 –.17 11,700 Nov 14.72 14.72 14.53 14.54 –.17 916 Wheat (CBT)-5,000 bu.; cents per bu. Sept 705.50 710.25 s 693.00 696.25 –9.50 218,201 Dec 722.25 727.00 s 710.50 713.75 –9.00 146,445 Wheat (KC)-5,000 bu.; cents per bu. Sept 763.00 766.75 751.75 759.75 –3.75 131,884 Dec 778.50 782.75 767.75 775.75 –3.25 103,205 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 340.000 344.475 338.000 343.775 2.600 16,011 Sept 335.150 340.500 333.000 339.850 3.650 18,561 Cattle-Live (CME)-40,000 lbs.;cents per lb. Aug 223.275 225.700 t 221.700 225.400 2.200 52,370 Oct 219.000 221.900 t 217.375 221.375 2.175 117,484 Hogs-Lean (CME)-40,000 lbs ; centsper lb. Aug 101.225 102.200 100.725 102.150 .700 36,312 Oct 88.100 88.950 87.550 88.900 .550 120,378 Lumber (CME)-27,500 bd. ft., $per 1,000 bd. ft. Sept 659.50 664.00 656.00 657.50 –1.50 6,477 Nov 652.50 656.00 648.00 650.50 –1.50 898 Milk (CME)-200,000 lbs.,cents per lb. July 15.78 15.78 15.76 15.76 .02 5,384 Aug 17.75 17.83 17.47 17.62 –.31 6,234 Cocoa (ICE-US)-10 metric tons; $per ton. Sept 5,272 5,411 5,165 5,301 –27 68,438 Dec 5,426 5,553 5,313 5,441 –31 52,045 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 320.55 321.30 308.25 309.40 –7.25 61,239 Dec 306.55 307.70 295.15 296.45 –7.25 57,276 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 14.76 14.90 14.65 14.69 –.05 493,021 March'27 15.65 15.77 15.56 15.58 –.07 299,711 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 36.25 36.25 36.25 36.25 1.45 190 March'27 36.51 36.51 36.51 36.75 .25 1,365 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 79.60 80.54 79.60 79.84 –.03 136 Dec 81.00 82.05 80.77 81.21 .10 198,922 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 148.80 148.80 144.00 146.80 –3.50 7,833 Nov 150.55 152.05 148.15 150.70 –3.15 1,078
Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $per lb. July 6.4150 6.4160 6.2755 6.3050 –0.1460 2,771 Sept 6.4865 6.5355 6.3110 6.3435 –0.1500 142,435 Gold (CMX)-100 troyoz.; $ per troy oz. July 4129.90 4130.90 4046.60 4046.60 –100.30 177 Aug 4126.00 4144.00 4042.50 4050.20 –101.70 192,826 Sept 4115.50 4155.30 4056.00 4064.00 –101.50 2,503 Oct 4155.10 4169.90 4069.60 4078.10 –101.30 33,045 Nov 4150.00 4150.00 4089.60 4093.80 –101.50 258 Dec 4190.00 4202.40 4099.90 4108.80 –101.50 137,528 Palladium (NYM) -50 troy oz.; $ per troy oz. July 1202.00 1202.50 1200.00 1255.30 –47.60 Sept 1295.00 1308.50 1253.00 1262.30 –47.50 16,934 Platinum (NYM)-50 troy oz.; $ per troy oz. July 1610.20 1610.20 1593.80 1599.10 –44.10 1 Oct 1643.30 1668.60 1597.10 1608.80 –44.50 44,871 Silver (CMX)-5,000 troyoz.; $ per troy oz. July 58.660 58.660 58.660 57.798 –2.221 321 Sept 60.010 60.360 57.320 58.054 –2.244 82,101 Crude Oil, LightSweet (NYM)-1,000 bbls.; $per bbl. Sept 87.72 93.50 87.32 92.19 5.36 301,094 Oct 84.16 88.07 83.83 87.01 3.37 146,345 Nov 81.41 83.87 80.89 82.93 2.12 105,123 Dec 79.00 81.00 78.72 80.10 1.46 212,661 June'27 72.71 74.29 72.70 73.45 0.65 134,154 Dec 70.68 71.88 70.61 70.99 0.51 151,476 NY Harbor ULSD (NYM)-42,000gal.; $per gal. Aug 4.1799 4.3807 s 4.1666 4.3416 .1928 24,434 Sept 4.0738 4.2888 s 4.0651 4.2370 .1709 75,483 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Aug 3.4300 3.5340 s 3.4246 3.4964 .0817 38,576 Sept 3.2461 3.3600 s 3.2461 3.3242 .0793 104,826 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Aug 2.943 2.991 2.906 2.916 –.009 56,277 Sept 2.906 2.970 2.905 2.920 .022 349,618 Oct 2.938 2.996 2.938 2.950 .024 143,989 Dec 3.806 3.883 3.806 3.859 .070 129,177 Jan'27 4.238 4.332 4.237 4.310 .090 152,221 March 3.026 3.068 3.026 3.047 .029 136,797
Agriculture Futures
Corn (CBT)-5,000 bu ; centsper bu. Sept 460.00 466.75 460.00 464.00 2.00 581,403 Dec 483.00 490.25 483.00 487.50 2.75 770,557 Oats (CBT)-5,000 bu.; cents per bu. Sept 339.00 342.25 331.50 332.50 –6.25 895 Dec 351.50 354.25 342.75 344.00 –7.25 1,706 Soybeans (CBT)-5,000bu.; cents per bu. Aug 1232.00 1242.00 s 1230.50 1237.50 4.50 68,712 Nov 1237.00 1249.50 s 1235.50 1243.75 4.75 518,467 Soybean Meal (CBT)-100 tons; $per ton. Aug 331.50 335.00 s 329.70 329.90 –1.70 65,399 Dec 332.10 336.50 s 330.60 331.90 –1.00 272,172
Thursday,July23,2026
Thursday
Thursday
Thursday
wsj.com/market-data/commodities
Thesepricesreflectbuyingandselling of a variety of actualor “physical” commoditiesin the marketplace—separate fromthefuturespriceon an exchange, whichreflects whatthe commoditymightbe worth in futuremonths.
Energy
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 82.000 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.650 Metals
Gold, per troy oz Engelhard industrial 4060.00 Krugerrand,wholesale-e 4210.34 Maple Leaf-e 4250.82 American Eagle-e 4250.82 Mexican peso-e 4889.16 Austria crown-e 3971.24 Austria phil-e 4250.82 Silver, troy oz. Engelhard industrial 57.8000 Handy &Harman base 57.6010 Handy &Harman fabricated 72.0010 Coins,wholesale $1,000 face-a 41154 Other metals Platinum,Engelhard industrial 1616.0 Palladium,Engelhard industrial 1273.0 Aluminum, LME, $per metric ton 3205.0 Copper,Comex spot 6.3050 Iron Ore, 62% Fe CFR China-s n.a. Steel,HRCUSA,FOBMidwestMill-s *n.a. Battery/EV metals
KEY TOCODES: A=ask; B=bid; BP=country elevator bids to producers;C=corrected; D=CME; E=Manfra,Tordella &Brookes;H=American CommoditiesBrokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quotedor not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International CoffeeOrganization; Z=notquoted. *Dataasof 7/22 Source: Dow JonesMarket Data
Largest 100 exchange-traded funds, latest session.
Thursday, July 23, 2026 SSSPDRS&P500V SPYV 61.39 –0.66 8.1 SSIMSPDRS&P500 SPY 738.18 –1.23 8.3 SSSPDRS&P400 MDY 687.93 –0.32 14.0 SSTechSel XLK 178.45 –1.01 23.9 VanEckSemicon SMH 580.17 –1.15 61.1 VangdSC Val VBR 242.07 –0.72 14.3 VangdExtMkt VXF 236.79 –0 45 13.2 VangdDivApp VIG 237.25 –0.08 7.9 VangdFTSEAWxUS VEU 81.81 –1.03 11.2 VangdFTSEDevMk VEA 69.78 –1.01 11.7 VangdFTSE EM VWO 58.10 –1.21 8.1 VangdFTSE Europe VGK 87.83 –1 41 5.0 VangdGrowth VUG 83.78 –2.22 3.0 VangdH Div VYM 161.28 –0.23 12.4 VangdInfoTech VGT 114.39 –1.06 21.4 VangdIntermBd BIV 75.42 –0.26 –3.2 VangdIntrCorpBd VCIT 81.12 –0.31 –3.1 VangdIntermTrea VGIT 58.23 –0.19 –2.8 VangdLC VV 339.68 –1.24 7.9 VangdMegaGrwth MGK 85.06 –2 42 3.0 VangdMC VO 80.32 –0.21 10.7 VangdRealEst VNQ 98.69 –0.33 11.5 VangdRuss1000Grw VONG 122.13 –1.86 0.3 VangdS&P500ETF VOO 678.61 –1.23 8.2 VangdST Bond BSV 77.40 –0.09 –1.8 VangdSTCpBd VCSH 78.41 –0.13 –1.7 VangdShortTrea VGSH 57.98 –0.05 –1.3 VangdSC VB 294.75 –0 49 14.3 VangdTaxExemptBd VTEB 49.51 –0.60 –1.6 VangdTotalBd BND 72.25 –0.21 –2.5 VangdTotIntlBd BNDX 47.71 –0.19 –1.3 VangdTotIntlStk VXUS 83.62 –0.99 10.8 VangdTotalStk VTI 364.69 –1.13 8.8 VangdTotWrldStk VT 154.31 –1.10 9.4 VangdValue VTV 219.86 0.24 15.1
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
AvantisUSSCValue AVUV 124.83 –0.87 22.4 CapGrpDivVal CGDV 48.71 –0.67 11.6 DimenUSCoreEq2 DFAC 44.07 –0.74 11.3 DirexSemiBl3 SOXL 157.50 –2.17 274.7 InvscNasd100 QQQM 284.98 –1.87 12.7 InvscQQQI QQQ 691.96 –1.90 12.6 InvscS&P500EW RSP 211.92 –0.37 10.6 iShBitcoin IBIT 36.65 –1.85 –26.2 iShBrdUSDHYCpBd USHY 36.66 –0.38 –2.0 iShCoreDivGrowth DGRO 77.20 0.03 11.2 iShCoreMSCIEAFE IEFA 95.76 –1.37 7.0 iShCoreMSCIEM IEMG 78.45 –0.66 16.7 iShMSCIIntlDev IDEV 88.49 –1.32 7.3 iShCoreMSCITotInt IXUS 93.37 –1.07 10.3 iShCoreS&P500 IVV 741.62 –1.24 8.3 iShCoreS&P MC IJH 75.45 –0.32 14.3 iShCoreS&P SC IJR 144.88 –0.62 20.6 iShCoreS&PTotUS ITOT 161.89 –1.20 8.9 iShCoreS&PUSGrw IUSG 182.80 –1.69 8.8 iShCoreUSAggBd AGG 97.34 –0.25 –2.5 iShCoreUnivUSDBd IUSB 45.42 –0.22 –2.4 iShEdgeMSCIUSAMom MTUM 313.98 –0.08 25.4 iShEdgeMSCIUSAQual QUAL 216.00 –0.62 8.8 iShGoldTr IAU 76.15 –1.98 –6.2 iShiBoxx$IGCpBd LQD 106.26 –0.38 –3.6 iShMBS MBB 92.88 –0.29 –2.5 iShMSCIACWI ACWI 154.34 –1.18 9.1 iShMSCI EAFE EFA 102.90 –1.29 7.2 iSh MSCI EM EEM 64.60 –0.60 18.1 iShNatlMuniBd MUB 105.26 –0.59 –1.7 iShRussMC IWR 108.85 –0.35 13.1 iShRuss1000 IWB 403.98 –1.16 8.2
July 23,2026
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 All items 333.952 –0.35 3.5 Core 336.882 0.01 2.6
Internationalrates
Week —52-WEEK— Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago high low
Week 52-Week Latest ago High Low
Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45 Japan 2.125 2.125 2.125 1.875 Policy Rates Euro zone 2.40 2.40 2.40 2.15 Switzerland 0.25 0.25 0.50 0.25 Britain 3.75 3.75 4.25 3.75
Federal funds
Interest Rate Futures Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Sept 111-270 112-010 111-030 111-140 –15.0 2,444,838 Dec 111-000 111-040 110-260 111-030 –17.0 15 Treasury Bonds (CBT)-$100,000; pts32nds of 100% Sept 109-300 110-040 109-080 109-150 –18.0 1,837,839 Dec 109-150 109-190 108-290 109-020 –18.0 7,412 Treasury Notes (CBT)-$100,000; pts32nds of 100% Sept 108-130 108-150 108-005 108-030 –10.5 5,259,230 Dec 108-050 108-080 107-260 107-275 –10.5 11,787 5Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 106-042 106-052 105-275 105-292 –7.2 6,144,380 Dec 106-000 106-000 105-257 105-265 –7.5 16,655 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-250 102-255 102-210 102-217 –3.4 4,372,603
BMILithiumCarbonate,EXWChina,=995%-v,w 21725 BMILithiumHydroxide,EXWChina,=56.5%-v,w 20100 BMICobaltsulphate,EXWChina,>20.5%-v,w 12136 BMINickelSulphate,EXWChina,>22%-v,k 4551 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425
Fibers andTextiles
Burlap,10-oz,40-inch NY yd-n,w 1.2400 Cotton,1 1/16 std lw-mdMphs-u 0.7609 Cotlook 'A' Index-t *89.60 Hides,hvy nativesteers piece fob-u n.a. Wool,64s,staple,Terr del-u,w n.a.
Grains andFeeds
Bran,wheat middlings, KC-u,w 90 Corn,No. 2 yellow,Cent IL-bp,u 4.4900 Cottonseed meal-u,w 320 Hominyfeed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 348 Oats,No.2 milling,Mnpls-u 3.6750 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 342.90 Soybeans,No 1 yllwIL-bp,u 12.3000 Wheat,Spring14%-pro Mnpls-u 8.8000 Wheat,No 2 soft red,St.Louis-u 6.7375 Wheat-Hard-KC(USDA)$perbu-u 7.5075 Wheat,No 1soft white,Portld,OR-u 6.7500
iShRuss1000Grw IWF 118.59 –1.93 0.2 iShRuss1000Val IWD 246.18 –0.54 17.0 iShRuss2000 IWM 292.09 –0.58 18.7 iShS&P500Grw IVW 133.59 –1.75 8.4 iShS&P500Va ue IVE 229.30 –0.62 8.1 iShSemiconductor SOXX 551.24 –0.77 83.0 iSh7-10YTreaBd IEF 92.85 –0.27 –3.4 iShSilver SLV 52.06 –3 45 –19.2 iSh20+YTreaBd TLT 83.17 –0.32 –4.6 iShUSEqFactRotat DYNF 67.21 –0.86 10.5 iShUSTreasuryBd GOVT 22.45 –0.20 –2.5 iSh0-3MTreaBd SGOV 100.61 0.01 0.2 JPMNasdEqPrem JEPQ 58.53 –1.56 0.7 JanusAAACLO JAAA 50.63 0.04 0.1 JPMEqPremiumIncome JEPI 56.42 –0 41 –1.4 JPM UltShIncm JPST 50.48 –0.02 –0.2 ProShUltPrQQQ TQQQ 66.30 –5.66 25.8 SPDRGoldMini GLDM 80.11 –1.99 –6.2 SPDR Gold GLD 371.52 –2.00 –6.3 SchwabIntEquity SCHF 27.08 –0.99 12.6 SchwabUSBrdMkt SCHB 28.55 –1.18 8.8 SchwabUSDiv SCHD 32.80 –0.30 19.6 SchwabUSLC SCHX 29.09 –1.19 8.1 SchwabUSLC Grw SCHG 33.40 –1.91 2.4 SSEnergySel XLE 59.38 0.30 32.8 SSFinlSel XLF 55.83 –0.39 1.9 SSHlthCrSel XLV 161.44 1.26 4.3 SSIndlSel XLI 181.94 1.73 17.3 SSSPDRBbg1-3M BIL 91.58 ... 0.2 SS SPDR DJIA DIA 516.26 –1.00 7.4 SSSPDRDevxUS SPDW 49.45 –0.92 11.3 SSSPDRS&P500 SPYM 86.91 –1.20 8.3 SSSPDRS&P500G SPYG 115.65 –1.72 8.4
Australia 4.35 4.35 4.35 3.60
Overnight repurchase U.S. 3.67 3.66 4.45 3.49
U.S. government rates
Discount 3.75 3.75 4.50 3.75
Effectiverate 3.6400 3.6400 4.3400 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 4.3300 3.6100 Offer 3.6400 3.6400 4.3700 3.6300
COMMODITIES
Food
Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 349.69 select 1-3,600-900 lbs.-u 333.84 Broilers,Nationalcompwtd.avg.-u,w 1.1827 Butter,AA Chicago-d 1.5100 Cheddar cheese,bbl,Chicago-d 163.00 Cheddar cheese,blk,Chicago-d 167.00 Milk,Nonfat dry,Chicago lb.-d 140.00 Coffee,Brazilian,Comp-y 3.1348 Coffee,Colombian,NY-y 3.7366 Eggs,large white,Chicago-u,w 0.9450 Flour,hard winter KC-p 20.20 Hams,17-20 lbs,Mid-US fob-u n.a. Hogs,Iowa-So. Minnesota-u 96.11 Pork bellies,12-14 lbMidUS-u 1.8415 Pork loins,13-19 lbMidUS-u 1.1194 Steers,Tex.-Okla. Choice-u n.a. Steers,feeder,Okla. City-u,w 407.50 Fatsand Oils
Degummedcornoil,crudewtd.avg.-u,w n.a. Grease,choice white,Chicago-h 0.7100 Lard,Chicago-u n.a. Soybean oil,crude;CentlIL-u,w 0.7243 Tallow,bleach;Chicago-h 0.7450 Tallow,edible,Chicago-u n.a.
13 weeks 3.730 3.760 4.240 3.540 26 weeks 3.835 3.860 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. n.a. 4.32 3.57
Secured Overnight Financing Rate 3.62 3.64 4.51 3.50
Value 52-Week Latest Traded High Low
Dec 102-215 102-215 102-184 102-187 –3.5 3,840 30Day Federal Funds (CBT)-$5,000,000; 100 -daily avg. July 96.3675 96.3675 96.3650 96.3650 .0000 321,022 Aug 96.2850 96.2900 96.2750 96.2850 .0000 891,064 Three-Month SOFR (CME)-$1,000,000; 100 -daily avg. May 96.3450 96.3450 t 96.3450 96.3425 –.0025 5,374 Dec 95.8650 95.8750 t 95.8250 95.8350 –.0350 1,782,692
Currency Futures Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6142 .6147 t .6110 .6117 –.0026 1,490 Sept .6157 .6161 t .6123 .6131 –.0027 419,788 Canadian Dollar (CME)-CAD 100,000; $per CAD Aug .7119 .7119 .7104 .7112 .0005 441 Sept .7117 .7131 .7109 .7121 .0004 357,744 British Pound (CME)-£62,500; $ per £ Aug 1.3377 1.3377 1.3300 1.3316 –.0058 596 Sept 1.3374 1.3393 1.3299 1.3316 –.0058 253,264 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1.2348 1.2370 t 1.2293 1.2309 –.0039 107,917 Dec 1.2475 1.2475 t 1.2435 1.2439 –.0039 599 Australian Dollar (CME)-AUD 100,000; $ per AUD Aug .6988 .7015 .6962 .6964 –.0028 671 Sept .6988 .7015 .6956 .6960 –.0028 225,700 Mexican Peso (CME)-MXN 500,000; $per MXN Aug .05694 .05712 .05694 .05692 –.00040 938
Bonds | wsj.com/market-data/bonds/benchmarks Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yieldspaid to investors comparedwith 52-week highs and lows for different types of bonds
Total return YTD total Yield(%) close return (%) Index Latest Low High
Total return YTDtotal Yield (%) close return(%) Index Latest Low High
Broad Market Bloomberg Fixed Income Indices
2232.80 -0.7 U.S. Aggregate 5.000 4.160 5.000
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3417.07 -0.8 U.S. Corporate 5.470 4.680 5.470
3377.64 -0.1 Intermediate 5.180 4.330 5.180
4341.64 -2.4 Long term 6.120 5.370 6.120
634.79 -1.9 Double-A-rated 5.350 4.410 5.350
939.85 -0.5 Triple-B-rated 5.640 4.860 5.640
High Yield Bonds ICE BofA
626.36 1.5 HighYieldConstrained 7.333 6.489 7.668
628.13 -0.03 Triple-C-rated 13.710 11.438 14 020
4160.07 1.0 High Yield 100 6.705 5.828 7.136
546.80 1.9 GlobalHighYieldConstrained 7.032 6.317 7.438
401.47 1.6 EuropeHighYieldConstrained 5.517 4.820 6.198
U.S Agency Bloomberg Fixed Income Indices
1960.03 0.1 U.S Agency 4.650 3.830 4.650
1739.35 0.2 10-20 years 4.590 3.750 4.590
3668 26 -1.2 20-plus years 5.300 4.580 5.300
3029.40 -0.3 Yankee 5.130 4.320 5.130
*Constrained indexes limit individual issuer concentrations to 2%; theHigh Yield 100arethe100 largest bonds †In local currency §Euro-zone bonds
** EMBI Global Index Sources: ICEData Services; Bloomberg Fixed IncomeIndices;J.P.Morgan
Yields and spreads over or under U.S. Treasurysonbenchmark two-year and 10-year government bonds in selected other countries;arrows indicatewhether the yield rose(s)or fell (t) in thelatest session
Country/ Yield(%) SpreadUnder/OverU.S. Treasurys, inbasispoints Coupon (%) Maturity, in years Latest(l)0 1 2 3 4 5 6 Previous Monthago Year ago Latest Prev Yearago 4.125 U.S. 2 4.358 s l 4.301 4.191 3.883 4.375 10 4.703 s l 4.657 4.493 4.387
2.250 Australia 2 4.624 s l 4.579 4.489 3.333 25.8 27.7 -55.3
4.250 10 5.003 s l 4.985 4.790 4.305 29.7 31.7 -8.3
2.400 France 2 3.065 s l 3.007 2.728 2.089 -130.1 -129.5 -179.7
3.700 10 4.033 s l 3.988 3.568 3.270 -67.3 -68.0 -111.8
2.500 Germany 2 2.889 s l 2.843 2.589 1.857 -147.7 -145.9 -202.9
3.000 10 3.230 s l 3.202 2.924 2.639 -147.6 -146.6 -174.9
2.650 Italy 2 3.097 s l 3.029 2.752 2.010 -126. -127.3 -187.6
3.800 10 4.071 s l 3.997 3.636 3.436 -63.5 -67.2 -95.2
1.400 Japan 2 1.496 s l 1.446 1.421 0.841 -287.0 -285.6 -304.5
2.700 10 2.775 s l 2.740 2.681 1.597 -193.1 -192.8 -279.1
2.400 Spain 2 2.935 s l 2.879 2.648 1.945 -143.1 -142.3 -194.1
3.400 10 3.674 s l 3.646 3.330 3.141 -103 -102.2 -124.7
4.375 U.K. 2 4.504 s l 4.438 4.173 3.908 13.8 13.6 2.2
1.125 10 5.103 s l 5.040 4.759 4.648 39.7 37.2 26.0
Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreadsthat tightened the most…
Spread*, in basispoints Issuer Symbol Coupon (%) Yield(%) Maturity Current One-daychange Lastweek
Deutsche Bank DB 5.414 4.79 May 10, ’29 40 –13 n.a.
Caterpillar Financial Services … 4.300 4.67 May 15, ’29 29 –2 31
Morgan Stanley MS 7.250 5.02 April 1,’32 57 –2 56
Mitsubishi UFJ Financial MUFG 4.153 5.51 March 7,’39 81 –2 n.a.
Newmont NEM 5.875 5.31 April 1,’35 61 –2 n.a.
Toyota Motor Credit … 4.050 4.72 March 13, ’29 33 –2 n.a.
Banque Federative du Credit Mutuel … 4.786 5.07 July 9,’29 68 –1 67
Equifax EFX 5.000 5.07 Aug. 15, ’29 68 –1 n.a.
MizuhoBank … 4.395 4.75 April 16, ’29 35 10 n.a.
Oracle ORCL 5.375 7.46 July 15, ’40 276 10 249
GlaxoSmithKlineCapital ... 5.375 5.17 April 15, ’34 47 6 47
Guardian LifeGlobal Funding … 4.916 5.26 April 30, ’33 68 6 n.a.
CSX CSX 6.000 5.33 Oct. 1, ’36 63 5 n.a.
Walt Disney DIS 2.650 4.84 Jan. 13, ’31 38 5 32
American NationalGlobal Funding … 4.875 5.61 Jan. 23, ’31 114 4 105
Athene Global Funding … 4.721 5.34 Oct. 8, ’29 94 4 n.a.
BondPrice as %of facevalue Issuer Symbol Coupon (%) Yield(%) Maturity Current One-daychange Lastweek
DISH DBS … 7.750 n.a. July1, ’26 99.875 0.13 99.500
V.F. VFC 6.450 7.01 Nov. 1, ’37 95.704 –1.30 96.124
ParamountGlobal … 4.375 8.86 March 15, ’43 61.336 –1.06 62.038
Sealed Air … 6.875 7.43 July 15, ’33 97.000 –1.00 98.991
Verde Purchaser … 10.500 9.52 Nov. 30, ’30 102.000 –1.00 103.000
Sept .05720 .05730 .05677 .05679 –.00040 199,530 Euro (CME)-€125,000; $ per€ Aug 1.1417 1.1445 1.1377 1.1387 –.0036 13,334 Sept 1.1437 1.1461 1.1388 1.1401 –.0036 759,864
Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 52430 52515 51720 51894 –555 82,690 Dec 52803 52917 52167 52308 –557 227 Mini S&P 500 (CME)-$50xindex Sept 7530.25 7549.50 7411.75 7445.00 –95.25 1,898,780 Dec 7600.00 7617.25 7479.00 7511.75 –96.50 30,958 Mini S&P Midcap 400 (CME)-$100xindex Sept 3800.40 3810.90 3761.50 3786.50 –12.00 35,659 Dec … … … 3815.70 –15.00 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 29100.00 29282.50 28432.50 28620.75 –560.50 282,772 Dec 29449.75 29565.00 28729.00 28913.00 –569.25 1,669 Mini Russell 2000 (CME)-$50xindex Sept 2974.60 2979.00 2932.10 2951.70 –18.10 411,509 Dec 2990.10 2999.00 2954.90 2974.30 –17.80 465 Mini Russell 1000 (CME)-$50xindex Sept 4069.10 4070.70 4041.60 4054.50 –49.40 5,712 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 100.97 101.38 100.76 101.29 .33 54,440 Dec 100.75 101.03 100.75 100.99 .33 277
Mortgage-Backed Bloomberg Fixed Income Indices
2238.37 -0.4 Mortgage-Backed 5.290 4.380 5.290
2202.46 -0.1 Ginnie Mae (GNMA) 5.330 4.420 5.330
1322.73 -0.5 Fannie mae (FNMA) 5.270 4.370 5.270
2027.99 -1.0 FreddieMac(FHLMC) 5.130 4.160 5.130
617.94 -0.02 Muni Master 3.677 3.037 3 720
436.80 -1.3 7-12 year 3.453 2.596 3.458
501.15 0.3 12-22 year 4.199 3.608 4.567
471.87 1.1 22-plus year 4.759 4.432 5.105
Global Government J.P. Morgan†
n.a. n.a. Global Government n.a. n.a. n.a.
n.a. n.a. Canada n.a. n.a. n.a.
n.a. n.a. EMU§ n.a. n.a. n.a.
n.a. n.a. France n.a. n.a. n.a.
n.a. n.a. Germany n.a. n.a. n.a.
n.a. n.a. Japan n.a. n.a. n.a.
n.a. n.a. Netherlands n.a. n.a. n.a.
n.a. n.a. U K. n.a. n.a. n.a.
1031.59 1.3 Emerging Markets ** 7.072 6.403 7.273
Source: Tullett Prebon, TradewebFTSE U.S.TreasuryClose
Source: FactSet
2.0
into private-equity business offset a private-credit slump
BY ANNAMARIA ANDRIOTIS
Blackstone’s profits are be- ing powered by AI. The investment giant’s earnings surged in the second
Helps Push Trump Firm
ContinuedfrompageB1
ContinuedfrompageB1
from drones to mining. Many deals follow a similar play- book: entering a new industry by merging with companies that are already there. Dominari Holdings, a Trump Tower-based invest- ment bank partially owned by the president’s eldest sons, is getting the family deeper into defense by taking two drone makers public through merg- ers with a construction firm and golf-course operator. The Trumps gained exposure to minerals when Dominari helped engineer a deal involv- ing a proposed tungsten mine in Kazakhstan that has drawn potential financial backing from Washington. In the Trump Media deal, Yorkville is helping to facili- tate a merger with TAE Tech- nologies to create a $6 billion firm set to become one of the first publicly traded fusion companies. Trump’s family trust, of which he is the sole beneficiary, owns 41% of Trump Media and will retain a large interest in the combined business. For TAE, the deal will allow it to tap public markets while getting up to $300 million in much-needed cash from Trump Media in the process. Fusion is still an unproven technology, and TAE is one of several companies trying to make it commercially viable. TAE “had to go in a vehicle. It had to get funded,” Angelo said. “If it happens to be the president’s vehicle, great.” TAE declined to comment. Trump Media needs its own pick-me-up. While the presi- dent’s overall business empire has generated a windfall, the media outfit’s shares have plunged more than 80% since March 2024 highs, erasing more than $6 billion in value. A company spokeswoman said in a statement that its media business, coupled with the growth opportunity in the fusion sector, will help Trump Media build durable value. “We are focused on execution, with results that will define [Trump Media’s] next chap- ter,” she said. Democrats and government ethics watchdogs say the Trumps’ sprawling web of business interests creates stark conflicts of interest, par- ticularly as the president pro- motes crypto, nuclear energy and other industries in which the family has invested. And while the Trumps have made out well, investors in some ventures have wound up big losers. “All of President Trump’s assets are held in fully discre- tionary accounts managed by independent third-party finan- cial institutions,” White House spokeswoman Anna Kelly said in a statement. “There are no
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.
Thursday, July 23, 2026
IntlVal Inst 59.31 -0.58 11.2 Baird Funds AggBdInst 9.69 -0.03 -0.6 CorBdInst 10.06 -0.02 -0.4 IntBdInst 10.34 -0.02 -0.2 ShtTBdInst 9.46 -0.01 0.8 BlackRock Funds HiYBlk 7.08 -0.03 1.6 HiYldBd Inst 7.08 -0.03 1.7 BlackRock Funds III iShS&P500IdxK861.29-10.52 8.9 BlackRock Funds Inst StratIncOpptyIns 9.63 -0.03 1.2 Calamos Funds MktNeutI 16.17 -0.01 3.4 CausewayInst CausewayInst 24.67 -0.48 5.0 Columbia Class A SelgComuInfoA227.19 -3.01 45.0 Columbia Class I DivIncom I 40.13 -0.04 11.6 Dimensional Fds
1.0
0.5
AB Funds MuniIncmShares 10.97 -0.08 1.0 American Century Inv Ultra 94.52 -2.11 0.4 American Funds Cl A AmcpA 43.88 -0.54 2.8 AMutlA 64.28 -0.13 8.8 BalA 40.27 -0.22 8.0 BondA 11.07 -0.04 -1.1 CapIBA 83.06 -0.22 9.3 CapWGrA 80.43 -0.51 13.3 EupacA 62.25 -0.21 8.8 FdInvA 101.13 -1.00 12.1 GwthA 84.22 -1.17 4.7 ICAA 66.93 -0.78 7.6 IncoA 27.68 -0.10 7.3 N PerA 73.27 -0.85 3.8 NEcoA 84.29 -0.27 16.0 NwWrldA 105.32 ... 12.9 SmCpA 81.70 -0.45 11.5 WshA 67.14 -0.26 7.7 Artisan Funds
1.5
quarter, as it reaped revenue from its investments in the country’s massive artificial-in- telligence build-out that span all of the firm’s major busi- nesses, including its private- equity, private-credit and real estate units. Stronger inflows in its pri- vate-equity and other busi- nesses helped offset a slow- down in its private-credit unit, which has been contending
JOE CARROTTA FOR WSJ
The New Jersey offices of Yorkville Advisors, the company run by Mark Angelo.
conflicts of interest.” If the deal closes, Trump Media will pay Yorkville a fee equal to six million shares, ac- cording to securities filings, holdings valued at more than $50 million. Based in a leafy New Jersey suburb 17 miles west of Wall Street, neighboring a funeral home and an optometrist, Yorkville would seem an un- likely candidate for financial adviser to the president’s namesake company. Angelo’s team joined a multibillion-dol- lar plan last year to create a Trump-branded digital-asset treasury meant to scoop up digital currencies like bitcoin. They also help oversee a suite of exchange-traded funds that invest in Trump-aligned in- dustries, with tickers such as YALL. Angelo is a New Jersey lifer who attended Rutgers Univer- sity. “Goldman [Sachs] wasn’t looking for me,” he said. He launched his firm in an office on the 77th floor of the World Trade Center just before ter- rorists struck on Sept. 11, 2001. Unscathed, his team scrambled for new digs across the Hudson River, growing into a major player in debt and equity financing for mostly small and midsize companies. In 2012, the Securities and Exchange Commission sued Yorkville for fraud, alleging it overvalued holdings to attract investors and boost fees. While a federal judge threw out the case after a yearslong legal battle, Angelo said inves- tors fled with about 90% of Yorkville’s assets under man- agement. The company ground back, funding real-estate investment trust Service Properties Trust and data-center com- pany Applied Digital, as well as many companies strapped for cash. They are often “companies that can’t get traditional fi- nancing, can’t get a traditional IPO,” said Justin Hibbard, founder of equity-research firm CapitalScope, which runs the ShortFinder platform.
Data provided by
EmgMktVa 43.31 -0.18 17.3 EmMktCorEq 33.31 -0.14 15.5 IntlCoreEq 22.00 -0.25 9.8 IntlVal 32.01 -0.33 13.4 IntSmCo 27.01 -0.31 6.8 IntSmVa 33.33 -0.39 9.1 LgCo 49.19 -0.60 8.9 US CoreEq1 54.92 -0.46 11.4 US CoreEq2 49.15 -0.36 11.7 US Small 60.80 -0.41 16.9 US SmCpVal 61.51 -0.58 20.1 US TgdVal 43.56 -0.42 18.8 USLgVa 66.09 +0.02 18.3 Dodge & Cox Income 12.49 -0.04 -0.7 Intl Stk 18.46 -0.13 12.2 Stock 17.33 -0.07 6.2 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem257.49 -3.15 8.9
with a pullback in interest among individual investors. The firm’s distributable earnings, a closely tracked metric for publicly traded in- vestment firms that pay divi- dends, rose to $1.98 billion, or $1.52 a share. That is up 26% from $1.57 billion, or $1.21 a share, a year ago. Blackstone’s infrastructure investing unit was a standout in the quarter, producing gross
The firm is known in part for standby equity-purchase agreements, in which compa- nies raise cash by selling dis- counted shares that Yorkville can flip into the market. Angelo said he often makes such trades to build relation- ships with partners and pur- sue more deals. “You have to win the game,” he said. “And usually to win the game, you need something called ‘money.’ ”
‘A substantial risk’ Before Trump Media went public in 2024, Yorkville was slated to be part of a $1 billion private financing deal, but it fell apart. Angelo’s team hung around in the hopes the Truth Social parent, then led by for- mer Congressman Devin Nunes, would come calling down the road. It did. After the company’s shares began trading, Yorkville bought $450 million of stock at a 2.75% discount as part of a standby equity-pur- chase agreement, securities filings show. Last year, the firm added to its holdings in the crypto trea- sury deal and now has a roughly $70 million stake, making it the third-largest shareholder, according to FactSet. The business, now a hybrid of social media and crypto, has hit a wall. Trump Media generated less than $1 million in first-quarter sales. The company posted a $406 mil- lion net loss in that period due largely to slumping bit- coin prices, according to secu- rities filings. “I took a substantial risk position that did not work out,” Angelo said. Angelo heard of TAE on his commute to New York last year from Kevin McGurn, who was then an adviser to Trump Media. McGurn, who has a college friend at the fusion company, was also chief exec- utive of several Yorkville- linked special-purpose acqui- sition companies, blank-check firms that raise capital to take
Contrafund K6 36.12 -0.43 6.2 EmgMktIdxInstPre 16.37 -0.01 19.7 ExtMktIdxInstPre114.46 -0.63 13.7 FidSAIEmerg 21.39 +0.01 27.0 FidSer5 7.43 -0.03 -0.5 FidSerInt 8.35 -0.02 -0.2 FidSerToMarket 24.26 -0.27 9.5 FIDZroLgCpIx 26.52 -0.32 8.7 GlexUSIdxInstPre 20.98 -0.16 12.4 GrowthCompanyK6 43.39 -0.66 17.3 IntlIdxInstPrem 66.37 -0.78 9.2 LgCpGwId InstPre 46.51 -0.88 0.6 LgCpVlIdxIstPrem 24.41 -0.13 17.9 MidCpInxInstPrem 42.03 -0.14 13.8 SAIUSLgCpIndxFd 29.66 -0.36 8.9 SeriesBondFd 8.89 -0.02 -0.5 SeriesOverseas 15.60 -0.18 4.5 SerLTTreBdIdx 5.14 -0.02 -2.5 SmCpIdxInstPrem 36.83 -0.25 19.2 TMktIdxInstPrem204.34 -2.35 9.5 TotalMarketIndex 25.89 -0.30 9.5 TtlIntIdxInstPr 19.36 -0.15 11.8 USBdIdxInstPrem 10.28 -0.03 -0.6 Fidelity Advisor TotBdFdClZ 9.40 -0.02 -0.4 Fidelity Advisor I GrOppI 256.83 -4.39 9.8 Fidelity Freedom Freedom2035K6 18.51 -0.13 8.2 Freedom2040K6 14.12 -0.10 10.2 Idx2030InsPre 23.84 -0.16 5.8 Idx2035InsPre 28.29 -0.21 6.7 Idx2040InsPre 31.13 -0.25 8.4 Idx2045InsPre 33.68 -0.31 9.4
Idx2050InsPre 33.86 -0.31 9.6 Fidelity Invest Balanc 34.68 -0.30 8.8 BluCh 297.63 -5.29 11.5 BluChpGr K6 48.76 -0.78 10.2 Contra 25.86 -0.30 6.6 ContraK 25.98 -0.30 6.6 CpInc 11.25 -0.04 6.8 DivIntl 53.88 -0.61 10.8 GroCo 55.61 -0.85 16.3 InvGrBd 9.91 -0.03 -0.4 LowP 46.58 -0.30 13.0 Magin 15.25 -0.20 4.1 NASDAQ 319.98 -7.04 8.5 OTC 29.03 -0.59 19.6 Puritn 27.92 -0.19 8.0 SAILTTreBdIdx 6.41 -0.02 -2.5 SA USMinVo IndFd 24.25 -0.11 6.4 SAIUSQtyIdx 25.77 -0.16 7.6 SrsBlChGroRetail 25.80 -0.46 12.3 SrsEmrgMkt 30.49 -0.05 23.7 SrsGlobal 20.57 -0.16 12.4 SrsGroCoRetail 31.89 -0.48 17.0 SrsIntlGrw 20.41 -0.13 6.8 SrsIntlVal 16.91 -0.19 8.4 TotalBond 9.41 -0.03 -0.4 Fidelity SAI FidSaiCndInxFnd 15.63 -0.12 9.8 FidSaiInfltnFnd 9.98 -0.02 0.5 IntlValIdx 14.45 -0.19 14.8 TotalBd 8.91 -0.02 -0.4 Fidelity Selects Semiconductors r 63.60 -0.52 60.3 Tech 53.26 -0.60 32.9
returns of 7.2%, outpacing the firm’s other investment areas. Its broader private-equity business also benefited from the firm’s yearslong AI-related investments. The division in- cludes a fund for wealthy indi- viduals with stakes in SpaceX, which went public in June, as well as Anthropic and OpenAI, which could go public as early as this year. Blackstone has become one
other companies public. Initial talks focused on tak- ing TAE public via a Yorkville SPAC but—after Angelo brought in Nunes—shifted to using Trump Media as the ve- hicle. Under the deal announced in December, shareholders of each firm will own about 50% of the combined business. Mi- chael Schwab, a TAE board member and son of Trump ally Charles Schwab, is ex- pected to chair the combined company. “If it hits,” Angelo said, “it’s going to be an astronomi- cal payout.” Nunes resigned in April af- ter White House advisers told Trump his company was lan- guishing, according to people familiar with the matter. Nunes didn’t respond to re- quests for comment. Three other board members have also left, securities fil- ings show, and Trump’s per- sonal lawyer, Boris Epshteyn, now chairs the board. McGurn, who is also chief ex- ecutive of a separate SPAC backed by Trump’s eldest sons, took on the role of in- terim chief executive. He also recently became chief execu- tive of a Yorkville-backed SPAC seeking acquisitions in countries including Venezuela, according to securities filings. Sen. Ron Wyden is probing that blank-check company. In a letter to Angelo in June, the Oregon Democrat sought in- formation on Yorkville’s links with the first family, citing concerns the SPAC could help “funnel hundreds of millions of dollars to strengthen Don- ald Trump’s businesses.” Trump Media and Yorkville didn’t comment on the in- quiry. The Trump Organiza- tion declined to comment. Angelo added that he wasn’t on an ideological mis- sion. The president’s role in American life has limited rele- vance to him—as long as there are deals to be done. “My joke is: Within reason, elect whoever you want,” An- gelo said. “I’ll wake up and figure out capitalism.”
Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 84.29 -1.12 4.7 Franklin A1 IncomeA1 2.53 -0.01 4.4 FrankTemp/Frank Adv IncomeAdv 2.51 -0.01 4.9 FrankTemp/Franklin A DynaTech A 193.93 -3.51 4.1 Growth A 140.20 -1.24 4.1 RisDv A 96.02 +0.05 6.6 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst 119.62 -2.56 2.6 JHF III DispVal DispValMCI 30.78 -0.03 12.0 John Hancock BondR6 13.32 -0.04 -0.4 JPMorgan I Class CoreBond 10.14 -0.03 -0.7 EqInc 28.26 -0.10 15.0 LgCpGwth 82.36 -1.16 0.7 JPMorgan R Class CoreBond 10.16 -0.03 -0.6 CorePlusBd 7.14 -0.02 0.1 Lord Abbett I ShtDurInc p 3.82 ... 1.0 Metropolitan West TotRetBdI 8.93 -0.02 -0.8 MFS Funds IIE 42.07 -0.52 3.7 MFS Funds Class I ValueI 54.64 -0.02 9.5
Natixis Funds InvGradeBdY 9.60 -0.03 -0.5 LSGrowthY 30.38 -0.96 -8.5 Northern Funds StkIdx 73.78 -0.90 8.9 Old Westbury Fds LrgCpStr NA ... NA PGIM Funds Cl Z Tota ReturnBond 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 204.44 -4.46 -2.8 LgCapGow I 85.07 -1.26 0.1 Putnam Funds Class A PutLargCap p 43.98 -0.18 12.5 Putnam Funds Class Y PutLargCap 43.99 -0.18 12.7 Schwab Funds 1000 Inv r 15.88 -0.19 9.1 FunUSLgInst r 37.24 -0.29 16.1 IntI Sel r 31.36 -0.36 9.2 S&P Sel 19.10 -0.23 8.9 TSM Sel r 17.93 -0.21 9.4 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.05 -0.02 ...
of the biggest investors in data centers and the broader AI build-out. Blackstone’s fee-related earnings, another metric watched by analysts, climbed 22% to $1.78 billion, or $1.43 a share. Total revenue jumped 36% to $5.04 billion, while total as- sets under management in- creased 11% to nearly $1.35 trillion.
On Trump Posts
dent’s social posts closely. The White House referred comments to Trump Media. A spokesperson for the company said, “Truth API is designed to deliver posts the instant they are made public to everyone, not before.” On June 9, the president posted at 12:38 p.m. that Iran had shot down an Apache heli- copter that was patrolling the Strait of Hormuz, adding, “The United States must, of neces- sity, respond to this attack.” Trading in energy stocks spiked almost immediately, the data the Journal reviewed show, pushing share prices up. Two days later, the presi- dent said in a post that he was canceling strikes scheduled for that evening because negotia- tions were proceeding with Iran. He hinted that a long- term peace deal could be in reach. “Time and place of the signing to be announced shortly,” Trump wrote. This time, the instant reaction trig- gered a steep fall in energy and defense-related share prices. Vladimir Novachki, chief technology officer for Trump Media; Paul Bremer, chief reve- nue officer; and Mattheus Wag- ner, director of strategic initia- tives, have been in talks with trading firms to pitch the paid feed, the people familiar with the matter said. The feed will in- clude data for the highest-ranking accounts. The president has the largest following, with around 13 mil- lion users, while his sons and Vice President JD Vance are also widely followed. Among the firms that have already signed up are five high- frequency trading outfits, one of the people said. These trad- ers often look to profit from fleeting differences in asset prices, making speedy response times crucial. In this business, getting to data nanoseconds faster than competitors can amount to a sizable advantage. A nanosecond is the time it takes for light to travel about one foot. High-frequency trading firms try to get an advantage in numerous ways, including by placing their servers next to the computers that power ex- changes such as the Nasdaq or the New York Stock Exchange. Paying for a fast feed is an- other tool. For example, if a trading firm had placed bids to buy oil futures contracts, and then received a post from Trump via the new feed in which the president said the Iran war was over, it could quickly cancel those bids and flip their trade to short oil, said
pounce on the president’s online remarks very quickly.
StratAdFidEmr 18.67 -0.03 22.9 StratAdFidUS 21.25 -0.21 12.1 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.14 -0.18 9.3 TIAA/CREF Funds EqIdxInst NA ... NA IntlEqIdxInst NA ... NA LrgCpGrIdxInst NA ... NA VANGUARD ADMIRAL 500Adml 683.89 -8.36 8.9 BalAdml 53.59 -0.42 5.5 CAITAdml 11.34 -0.07 -0.1 CapOpAdml r263.28 -0.75 21.4 DivAppIdxAdm 64.40 -0.02 8.8 EMAdmr 48.37 -0.46 8.5 EqIncAdml 101.66 -0.41 10.7 ExplrAdml 123.28 -0.22 15.5 ExtndAdml 179.57 -0.99 13.8 GroIncAdml 117.48 -1.54 7.7 GrwthAdml 258.77 -5.84 3.3 HlthCareAdml r 85.87 +0.78 3.7 HYCorAdml r 5.43 -0.02 1.0 InfProAd 22.67 -0.07 0.3 InfTechIdx 468.76 -5.01 21.8 IntlGrAdml 117.98 -1.03 3.5 ITBondAdml 10.20 -0.02 -1.1 ITIGradeAdml 8.61 -0.03 -0.8 LarCapAd 171.60 -2.09 8.6 MidCpAdml 397.97 -0.76 11.5 MuHYAdml 10.52 -0.08 1.2 MuIntAdml 13.54 -0.08 0.1 MuLTAdml 10.67 -0.08 0.5 MuLtdAdml 10.88 -0.04 0.7 MuShtAdml 15.81 -0.02 1.3
$2.5billion
2025 ’26
Source: the company
Joe Saluzzi, co-founder and partner of brokerage firm Themis Trading. All of that could happen before other in- vestors see the post. “They need to be the quick- est. And what they do is they build all sorts of systems around that,” said Saluzzi. “This was a piece that ap- peared to be missing.” Wall Street’s reactions to the president’s social-media comments are more measured now than earlier in his term, such as when his reversal of tariffs sent the tech-heavy Nas- daq Composite up 12% in a sin- gle session. But fast movers can still take advantage of the moves he drives in individual stocks and the overall market. Trading firms already scan his feed for mentions of com- panies or phrases such as “Thank you for your attention to this matter,” which might in- dicate that it is an important message. Other keywords might in- clude “ceasefire” or “Iran.” Some firms use AI agents to quickly evaluate the potential market impact of his state- ments. Sometimes even if Trump doesn t mention any specific companies, his pronounce- ments can quickly hit particu- lar stocks. On Jan. 7, when he posted that he was taking steps to ban large institutional investors from buying more single-family homes, saying “People live in homes, not corporations,” Blackstone and I n v i t a t i o n Homes were among the com- panies involved in that industry that saw sharp declines. Some traders said the fast Truth Social feed will likely become a must- have technology in the industry and many firms will sign up to keep pace. “It’s a defensive cost, not even necessarily al- pha,” said David Boole, manag- ing director at options broker- age BayCrest, referring to an edge in trading. Plenty of individual inves- tors want to act on Trump’s so- cial posts, too, and there are Reddit boards dedicated to the subject. But those everyday traders can’t react anywhere near as quickly as a fast-twitch algorithm. “Retail won t be able to act fast enough to mat- ter,” said Boole. The Truth Social real-time feed has drawn criticism from Democrats, including Sen. Mark Warner of Virginia, who said this week it amounted to self-dealing by the president and would “create a two-tiered system for access to govern- ment information and threaten the credibility of U.S. capital markets.” A spokesperson for Trump Media said certain politicians were falsely accusing them of “anti-free market behavior while pressuring businesses into boycotting a product, all in a coordinated effort to harm a publicly traded company.”
Welltn 46.27 -0.45 4.6 VANGUARD INDEX FDS ExtndIstPl 443.11 -2.45 13.8 IdxIntl 26.88 -0.24 11.5 MdCpGrAdml126.96 -0.32 6.0 MdCpVlAdml104.87 -0.15 15.3 SmValAdml 104.02 -0.76 15.5 TotBd2 9.36 -0.03 -0.7 TotIntlInstIdx r179.80 -1.61 11.5 TotItlInstPlId r179.84 -1.61 11.5 TotSt 177.49 -2.01 9.4 VANGUARD INSTL FDS DevMktsIndInst 22.47 -0.20 12.6 DevMktsInxInst 35.12 -0.31 12.6 ExtndInst 179.56 -0.99 13.8 FTScinst 50.55 -0.86 7.7 GrwthInst 258.78 -5.85 3.3 InPrSeIn 9.24 -0.02 0.4 InstIdx 593.20 -7.25 8.9 InstPlus 593.19 -7.25 8.9 InstTStPlus 122.34 -1.39 9.5 MidCpInst 87.92 -0.16 11.5 MidCpIstPl 433.58 -0.82 11.5 SmCapInst 141.24 -0.73 15.1 SmCapIstPl 407.68 -2.09 15.1 STIGradeInst 10.31 -0.01 0.6 STIPSIxins 24.88 -0.02 1.7 TotBdInst 9.50 -0.02 -0.6 TotBdInst2 9.36 -0.03 -0.7 TotBdInstPl 9.50 -0.02 -0.6 TotIntBdIdxInst 28.65 -0.04 ... TotStInst 177.56 -2.01 9.4 ValueInst 85.77 +0.22 16.3 WCM Focus Funds WCMFocIntlGrwIns 27.81 -0.08 11.8
PrmcpAdml r225.33 -1.45 21.9 RealEstatAdml139.88 -0.43 13.8 SmCapAdml141.25 -0.72 15.1 SmGthAdml121.15 -0.26 14.4 STIGradeAdml 10.31 -0.01 0.6 STIPSIxAdm 24.87 -0.02 1.7 TotBdAdml 9.50 -0.02 -0.6 TotIntBdIdxAdm 19.09 -0.03 ... TotIntlAdmIdx r 44.96 -0.40 11.5 TotStAdml 177.53 -2.01 9.4 TxMCapAdml380.56 -4.49 8.8 TxMIn r 22.44 -0.20 12.6 USGroAdml 190.51 -4.03 -2.3 ValAdml 85.77 +0.22 16.3 WdsrllAdml 88.65 -0.76 7.1 WellsIAdml 62.48 -0.20 3.2 WelltnAdml 79.89 -0.78 4.7 WndsrAdml 80.19 -0.55 9.1 VANGUARD FDS DivdGro 31.47 -0.05 3.6 LifeGro 54.48 -0.49 8.2 LifeMod 36.31 -0.27 6.0 PrmcpCor 46.62 -0.18 25.9 STAR 30.26 -0.23 4.7 TgtRe2020 28.42 -0.15 3.5 TgtRe2025 20.94 -0.13 5.0 TgtRe2030 44.83 -0.33 5.9 TgtRe2035 29.24 -0.23 6.8 TgtRe2040 53.75 -0.45 7.6 TgtRe2045 37.66 -0.34 8.4 TgtRe2050 64.74 -0.63 9.2 TgtRe2060 66.65 -0.65 9.3 TgtRet2055 72.31 -0.70 9.3 TgtRetInc 14.15 -0.07 3.2
2Q 2026 $1.98B
–10
Google parent Alphabet has been on a tear over the past year. There are plenty of reasons to be- lieve its stock still has room to run, despite worries about its AI spending. Last summer, the company was mired in antitrust scrutiny and facing questions about its domi- nance in search ads. The threat that OpenAI’s ChatGPT could take away search traffic and erode its more than 90% market share seemed real. Google hadn’t estab- lished itself as a force in AI. Some analysts even suggested the com- pany would be more highly valued if it were broken up. A year later, the company’s an- titrust troubles are mostly behind it. The search threat turned out to be overstated. Alphabet’s moves to protect a franchise that sup- plies more than half of its revenue have worked. The cherry on top: It has gone from AI laggard to vying for a leadership role. Alphabet’s stock has soared more than 80% in the past year, enough to make it the world’s third-most-valuable public com- pany behind Nvidia and Apple. That has also pushed its price to about 25 times forward earnings— a relatively rich valuation, to be sure. But it is hardly stratospheric considering the company’s growth prospects. Those were apparent in Alpha- bet’s quarterly earnings Wednes- day. They included a 24% revenue rise and surging sales in its cloud- computing unit. There are still challenges, of course. Markets fretted Wednes- day after Alphabet raised guidance for capital spending this year by $15 billion to around $200 billion and suggested a bigger amount was on tap for next year. Analysts expect $257 billion of capital spending in 2027, according to FactSet—more than Amazon, Meta Platforms or Microsoft. That would nearly turn Alpha- bet free cash flow negative, if con- sensus estimates are correct. But it also means it likely won’t be the first company to blink on AI spending. That ought to help it stay technologically competitive— especially if rivals are forced to put on the brakes. Alphabet also has fallen a bit behind in the race to make the most advanced, most capable AI
Capital spending*
billion
Alphabet
15%
–5
–15
It sounds like great investing advice, and for years it was: “Buy good companies, don’t overpay, do nothing.” But Terry Smith, sometimes called “the English Warren Buf- fett,” shocked his remaining fans this month by sidestepping that mantra. Unfortunately for him, he isn’t Buffett—he’s a fund manager whose clients can ask for their money back whenever they want, and many have. Smith lamented in his latest in- vestor letter that “there will be lit- tle point being proved right about the dangers of passive or momen- tum investment after our fund has closed.” So he became unusually active, churning half of his portfo- lio. Will we look back and conclude
Stock Spotlight
Nestlé Shares in the world’s largest food and beverage company dropped 7.8% after it posted disappointing half-year results and announced the sale of half its water business.
STMicroelectronics The Apple and SpaceX supplier upgraded its artificial-intelligence data- center revenue targets, but its shares took a 19% tumble in a sign of high investor expectations.
ON THESTREET
Google’s advertising spending remains resilient. A demonstration at a Google event in California this past May.
Meta Microsoft Amazon.com Google
$250
50%
3 ’3 ’3 ’3 ’7 ’7 ’7 ’7
*Figures for 2026 and 2027 are analyst projections. Source: FactSet
models. Its state-of-the-art Gemini 3.5 Pro model has been delayed for weeks after the company initially said it would be available in June. Delays are bad news in the AI world. Those that fall behind often struggle to catch up, because com- petitors aren’t standing still. Meta recently learned this lesson. But delays aren’t likely to hit Alphabet as hard. Unlike Meta, it has a large base of corporate AI customers that won’t jump ship because of a brief delay. And corporate customers are
that Smith’s move marked the top for chasing hot stocks and a turn- ing point for his style of quality investing—long-term ownership of companies with high profitability and solid balance sheets? It certainly did in the short term. The two styles’ performance reversed immediately. A popular quality ETF is beating the S&P 500 Momentum Index by 6 per- centage points this month. Wall Street veteran Nicholas Colas, co-founder of DataTrek Re- search, wrote this week that mo- mentum stocks had done so un- usually well through June that it could safely be called a “mini-bub- ble.” Smith merely tilted in their direction, but his competitors were all-in. “The fact that it peaked exactly
shares, which rose 10% and 7.3% respectively.
T-Mobile US The cellular carrier’s profit and revenue rose in the latest quarter, but new account growth slowed; shares declined 11%.
Albertsons Shares tanked 22% after the company lowered its outlook for the year and reported earnings below Wall Street expectations.
Harley-Davidson The motorcycle manufacturer said brisk sales of its less expensive bikes contributed to better- than-expected second- quarter earnings, but its shares were still down 4% on year-over-year declines in profit and revenue.
FINANCIAL ANALYSIS & COMMENTARY
flocking to Alphabet, not fleeing. The company’s Gemini Enter- prise—a cloud-based AI service for companies—had 40% quarter-over- quarter growth in paid active us- ers in the first quarter, Chief Exec- utive Sundar Pichai said earlier this year. The delay doesn’t help Alpha- bet’s ambition to provide state-of- the-art AI-coding tools—the area where its AI strategy is most lack- ing. But there are many parts of the company’s business where having a world-leading model isn’t
on the last day of Q2 2026 tells us that many institutional investors likely chased price performance (aka momentum) as the quarter ended,” wrote Colas. “The pres- sure to show the ‘right’ positions in a midyear report to clients is very strong.” If Smith’s turn was a sign of the top then it will remind some of Julian Robertson, a name more familiar to American investors of a certain age. Through the 1980s and much of the 1990s, Robert- son’s value-oriented hedge fund, Tiger Management, had amazing returns. Then performance sput- tered during the tech bubble and he told clients he was shutting down in March 2000, the bubble’s exact peak. In his final letter to investors,
FRIDAY'S EVENTS: Economic data: Commerce Department data on new home sales for June is due out.
S&P flash U.S. services PMI for July is also expected out.
As well as: S&P flash U.S. manufacturing PMI for July
EARNINGS EXPECTED: American Express Verizon Charter Communications HCA Healthcare Volkswagen Canadian National Railway
Share-price performance, past year
%
–
Aug. ’6
critical. The company recently has fo- cused on releasing more efficient models. These should help AI tools like its Gemini chatbot generate quicker responses and conserve computing resources. That is a shrewd move when competition for computing power to feed AI is fierce both inside the company and among customers. At this stage, generating re- sponses quickly might also matter as much as a super-advanced AI model in attracting and retaining
Robertson didn’t mince words, calling the craze “a Ponzi pyramid destined for collapse.” He com- plained that “the only way to gen- erate short-term performance in the current environment is to buy these stocks.” The comparison between the two managers isn’t perfect be- cause “quality” is a slippery cate- gory to define. Some of Smith’s holdings, such as Microsoft and Alphabet, belong to the “Magnifi- cent Seven” and had done well un- til recently. Is Smith’s style due for a come- back? Yes, eventually. Even Buf- fett, the world’s most famous “value” investor, has long pre- ferred quality stocks, including big winners for Berkshire Hathaway’s portfolio such as Coca-Cola and
Railroad Stocks Rally
Shares of Union Pacific, CSX and Norfolk Southern jumped after they reported higher revenue, as more shippers moved their cargo from truck to rail. A drop in the number of
Performance of railway stock
CSX Union Pacific Norfolk Southern
users. Other aspects of Alphabet’s business look healthy. Advertising spending is resil- ient, and the AI overviews Google has added to its search engine are boosting traffic. Analysts at BMO Capital Markets expect revenue from Google’s search business to generate double-digit quarterly growth for at least the rest of the year. Search revenue rose 17% in the second quarter, the company said Wednesday. Perhaps even more promising, the company is vaulting forward in cloud computing. Alphabet said Wednesday that cloud revenue grew 82% to $24.8 billion, and pointed to a backlog worth $514 billion, driven by customers in- cluding Apple, Meta and An- thropic. Google also is starting to sell its custom AI chips, called TPUs, to customers for use in their own data centers. The company expects this to add substantially to reve- nue starting next year. That all suggests Alphabet is positioned to gain cloud market share as long as AI-driven demand doesn’t wane. Amazon, the leading cloud-computing player, reported $37.6 billion in revenue in the first quarter, growing just 28%. Micro- soft’s cloud business, the indus- try’s second-biggest, grew at a 40% pace in its latest reported quarter. Alphabet is capturing that growth, moreover, without break- ing the bank. After raising around $60 billion from bond sales this year and nearly $85 billion in eq- uity in June, the company had $242 billion of cash and market- able securities on its balance sheet as of the second quarter. While AI- linked bonds haven’t performed well lately amid concern about the large supply of them, Google should have more room than its ri- vals to keep up spending. Alphabet’s stock trails the Nas- daq Composite Index this year and has fallen in recent sessions amid news of its AI delays. Bubbling but likely transient worries about cheaper Chinese AI models haven’t helped, either. Even if its stock has momen- tarily lost a step, Alphabet’s growth prospects have hardly dimmed. —Asa Fitch
DAVID PAUL MORRIS/BLOOMBERG NEWS
Amazon.com Meta Platforms Microsoft
Fundsmith Equity Fund relative performance versus MSCI World
2011 ’15 ’20 ’25
Source: the company Note: 2026 is half year
Apple. Luckily for him, shareholders had to stick around for the entire bumpy, profitable ride. —Spencer Jakab
truck drivers in the U.S. compelled many shippers to move some goods to the less-pricey rail option. “I’m very bullish from where we sit on demand,” said Union Pacific Executive Vice President Kenny Rocker in an earnings call. Union Pacific reported a 12% rise in second-quarter operating revenue, CSX re- ported a 10% rise and Nor-
folk Southern, an 11% rise. Norfolk Southern and Union Pacific shares may also be up because the two are working to get regula- tors to approve their merger, and late Wednesday Union Pacific announced a deal with Canadian National Rail- way that spurred the Mon- treal railroad to withdraw its opposition to the deal. —Esther Fung
On This Day in Market History
On this day in 1987, the corporate assets of ZZZZ Best Co. were sold at bank- ruptcy auction in Los Angeles for $62,000. Less than four months earlier, the carpet-cleaning company run by 21-year-old whiz kid Barry Minkow had a stock-market value of roughly
$300 million. The stock had more than quadrupled since its initial public of- fering in 1986, but ZZZZ Best had virtually no cus- tomers, revenue or assets, and Minkow had set up an elaborate system of phan- tom offices and phony ac- count records.
HOMES | MARKETS | PEOPLE | REDOS | SALES
Angela Mauri lives with her family in St. John’s Wood. She and her husband moved to London from New York City in 2024, when she was pregnant with twins.
F
Gets a Little Less American
BY RUTH BLOOMFIELD
rom the mistresses of British aristocracy to the Beatles—along with generations of expats—London’s St. John’s Wood neigh- borhood has a long record of attracting an eclectic, international community. And while the British capital’s property market continues to suffer, St. John’s Wood’s convenient lo- cation, elegant houses and thriving cafe culture are helping it buck the trend. St. John’s Wood has long attracted American buyers, but with overseas de- mand across London currently weak, experts say the neighborhood’s appeal to British buyers has helped fill the gap. Average sale prices in St. John’s Wood have jumped 15% in the past year, according to estate agent Hamptons, hitting roughly $9 million. At the top end, prices are much higher: Last summer, American film director George Lucas spent 40 mil-
Utah Ridge as a Kid. So He Made It His Home.
$3.9 million building a Z-shaped house just outside Salt Lake City
BY LAURA HINE
WHEN HE WAS a child, Steven Christensen would ride his bike on the dirt trails surround- ing his family’s home in Utah’s Emigration Can- yon, which is just east of Salt Lake City. One land- mark was a pinkish boulder on the ridge top that someone—perhaps an early homesteader, Christensen theorized—
Still, prices are spiking as domestic buyers rush to snap up the area’s spacious houses.
had placed there. “I used to sit on that rock because it had this great view down the can- yon into the valley,” said Christensen, now 49. In a full-circle mo- ment, Christensen and his partner, Jason Stock, bought the 7-acre parcel that included the boul- der in 2009 for PleaseturntopageM7
THE WALL STREET JOURNAL. Friday, July 24, 2026 | M1
The Beatles famously named their 1969 album ‘Abbey Road’ after the St. John’s Wood studio.
St. John’s Wood is known for leafy streets, plentiful open spaces and pretty villas, as well as its convenient location for commuters.
lion pounds, or about $53.55 million, on a home in the neighborhood, according to sources with knowledge of the transaction. Lucas didn’t respond to requests for comment. St. John’s Wood’s gains stand out against a broader slowdown in London’s luxury market. Av- erage sale prices across Prime Central London dropped 11.1% in the past year, to an average of £1.79 million, or about $2.43 million. Across Prime Outer London, the ring of affluent neighborhoods that includes St. John’s Wood, prices slipped 1.8%, to an average of £735,850, or just under $1 million. “St. John’s Wood is a little bit of a micro-mar- ket,” said Marc Schneiderman, founder of estate agent Arlington Residential. “It is a pocket of Lon- don which appeals to both international and British buyers because it is the closest location to the West End where you can get a substantial house with a large backyard.” PleaseturntopageM6
CLOCKWISE FROM TOP LEFT: ALICE WHITBY FOR WSJ; ARLINGTON RESIDENTIAL; REUTERS; TONY MURRAY; WILLIAM F. BUCKLEY III; SHAWN O’CONNOR (KOCH)
O
Where American Conservatism Took Shape
BY SARAH PAYNTER
n Thanksgiving Day 1976, their bellies full of turkey, future President Ronald Reagan and con- servative commentator William F. Buckley Jr. captained opposing touch football teams at the Buck- ley home in Sharon, Conn. “It was, of course, a draw,” Buck- ley’s nephew Cameron O. Smith said of the outcome of the game. The gathering was one of many that drew notables like former Sec- retary of State Henry Kissinger, au- thor Sylvia Plath and aviator Charles Lindbergh to the Great Elm estate that has been with the fam- ily for about a century, Smith said. The Buckleys sold parts of the roughly 50-acre estate in the 1980s to help maintain the prop- erty, converting the roughly 14,000-square-foot Georgian house into condominiums. The family re- tained a section of the home and now are listing their six-bedroom, roughly 7,000-square-foot resi- dence for $3.999 million. The circa-1812 house, about 100 miles northeast of New York City, was built by Ansel Sterling, a member of the U.S. House of Representatives, according to Sam Tanenhaus, author of “Buckley: The Life and the Revo- lution That Changed America.” In the early 1900s, William F. Buckley Sr. was a wealthy Mexico- based oil driller who grew up in Texas. The elder Buckley left Mexico in 1921 after oppos- ing its post-Mexi- can Revolution president, Álvaro Obregón, according to Tanenhaus. He founded a Venezuelan oil company backed by investors in New York, and around 1924 pur- chased the house in Sharon for his family, whom he visited on week- ends, according to Tanenhaus. It cost $25,000, according to the Sharon Historical Society & Mu- seum. After buying the house, he tripled its size and added a central courtyard, said Smith. In 1929, he returned to Mexico and brought back artifacts and ar- chitectural salvage, said Tanen- haus. He shipped handcrafted tile, light fixtures and furnishings to the U.S. and incorporated them into the house, said Smith. The elder Buckley enclosed the courtyard in 1937 to create a three-story, roughly 1,250-square-
foot atrium, said Smith. The atrium has a wrought-iron banis- ter in a style intended to blend the atrium’s Mexican architecture with design influences from New Orleans, where his wife, Aloise Buckley, was from, Smith added. The couple had 10 children who survived into adulthood, including National Review founder, William F. Buckley Jr.; former Sen. James Buckley; and National Review man- aging editor Priscilla Buckley. The Buckley patriarch died in 1958. In 1960, Buckley Jr. hosted the Young Americans for Free- dom, a gathering of about 100 young conservatives who wrote the Sharon Statement in the living room. A bronze plaque engraved with the statement is mounted on a well on the property, Smith said. By the 1980s, Aloise, then in
Henry Kissinger visiting in 2018, above; Buckley Sr.’s courtyard, left; the house has seven fireplaces, below.
her 80s, was spending time at family homes in Camden, S.C., and New York City, and at care facili- ties until she died in 1985. Great Elm’s maintenance cost $300,000 to $400,000 a year, so to keep it
from falling into disrepair, they divided up the property and formed a condominium associa- tion around 1982. The plan, however, caused some controversy. “There were articles
in the local journal about how the Buckley family, who spoiled the natural resources on seven conti- nents, have now come home to do the same in Sharon,” Smith said. From the 1980s to the 2000s, Priscilla Buckley, who was unmar- ried, lived there with Smith’s di- vorced mother, Jane Buckley Smith. The sisters each purchased one unit of the Buckley house’s newly divided five condos around 1982 to 1984, said Smith, who didn’t know what his mother and aunt paid for the properties. Smith and his wife, actress Liza Vann, bought both condos for a total of about $1.4 million after Jane’s death in 2007 and Pris- cilla’s death in 2012, he said. They spent about $1 million renovating and combining them. The couple are downsizing because the house is underused, said Smith, a con- sultant in the oil-and-gas industry. The owners of the rest of the house, spanning an additional 6,000 square feet across three con- dos, are also open to selling their units, said listing agent Ann Stett- ner of Neil Charles Real Estate. Everyone in Smith’s generation has their own families with gather- ings at their own homes, he said. “The real rationale for Great Elm as the Buckley family gathering place is dissipating,” Smith added. In Litchfield County, where the house is located, homes sold for a median $500,000 in June, down 5.7% from the same time last year, according to Realtor.com.
WILLIAM F. BUCKLEY III; CAMERON O. SMITH (COURTYARD, KISSINGER)
Delight on an Idaho Lake
KRISTIE WOLFE
It has all the makings of a pirate’s hideaway: a ship- shaped house, a private is- land and a dock on an Idaho lake. The resemblance isn’t accidental. The home in Salmon, Idaho, was built to look like a sailing ship, with a prow—complete with an impressive figurehead—ex- tending over Williams Lake, three decks and nautical de- tails throughout. “From a design stand- point, I was constantly try- ing to walk the line between immersive and cheesy,” says Kristie Wolfe, the home’s owner and a builder based in Boise, Idaho. “The top floor is simply a beautiful lake house with a kitchen and dining room. The pirate theme unfolds gradually as you explore the house, which makes discovering it even more fun.” Wolfe has listed the house for $799,000. Salmon is a town with just over
3,000 residents about 5 hours from Boise. Nearby is the Frank Church-River of No Return Wilderness, the “largest contiguous wilder- ness in the Lower 48,” ac- cording to the U.S. Forest Service. “Real-estate agent
friends told me they proba- bly would have listed it around $1.1 million, but I wanted to price it to move quickly instead of leaving lots of room to negotiate,” says Wolfe, who is handling the sale herself. “The house
is so unusual and remote that I didn’t think a tradi- tional listing made much sense, though I’m still offer- ing a buyer’s agent commis- sion.” The median listing price for a home in Salmon is $379,967, according to Zillow. The three-story 1,200- square-foot home has two bedrooms—a large “cap- tain’s quarters” facing two glass-paned walls with lake views and a bunkroom with four built-in beds. For the past several years, the home has been available as an Airbnb rental. Guests have discov- ered the secret passageway leading to a treasure- themed chamber with a skeleton and a chest full of gold doubloons. Elsewhere in the house is a closet filled with pirate costumes, an indoor hammock and a water cannon that shoots into the lake. All of it comes with the house. So does the property’s In- stagram account, which has 30,000 followers. Wolfe says it earns around $80,000 an- nually. On an Instagram reel she says that with some more effort, a buyer could run the listing year-round in- stead of seasonally (a new furnace would be in order in that case). In winter, the lake freezes and the home be- comes a quieter hideaway. The home’s unconven-
tional design comes with a few trade-offs: The cap- tain’s quarters is accessible only from the exterior deck and lake access is via a lad- der; two of the most com- monly mentioned draw- backs in guest reviews. The 1970 home was con- sidered a teardown when Wolfe, 43, bought it in 2020 for $105,000. “Inside was a total 1970s shag wagon dream,” she jokes. “It had gold velvet sectionals, ash- trays everywhere, and these huge nature-themed mu- rals.” She says the decks were collapsed in, but you could vaguely make out that it was shaped like a ship at one point. Today, its exterior still looks like it’s sailed through a few tropical storms, but that’s just part of its shipwreck allure. “The original builder worked at the local lumber mill back in the ’60s and ’70s, so he built much of the house using lumber from there,” says Wolfe, who spent around $300,000 on the renovation. “At this point, almost everything is new except the shell itself. It was essentially rebuilt from the inside out.” —Erika Mailman
A Living Room Reimagined, British Style
BY ELAINE PAOLONI QUILICI
K
nown for its elaborate Brit- ish government buildings, London’s Whitehall Street is now home to many converted luxury living quarters. In late 2023, American couple Trevor Burgess, a banking CEO, and Gary Hess, a high-end real estate professional, purchased a home at the OWO Residences by Raffles, part of the Old War Office building. The owners wanted to blend their contemporary style with Brit- ish influences, so they enlisted London-based design studio Angel O’Donnell, drawing inspiration from the sleek worlds of James Bond and Tom Ford. The living room, with nearly 15- foot ceilings, was designed to bal- ance entertaining with daily life. The 452-square-foot room is split into two areas: one centered on a fireplace and seating area, the other on a sofa and a television hidden from view when not in use. The room features selections from the family’s queer art collec- tion—one of the country’s largest. Two red Keith Haring works hang by the entryway, and a Grayson Perry portrait of Margaret Thatcher is above the drinks cabinet. Here are some of the room’s design features.
Custom Wall, Cabinetry, Motorized TV Panel Decorative artists from Grand Palette Studio applied gesso, gold leaf and a mix of bronze and navy paint to the main wall that hides a TV. // Price: $81,180
Drinks Cabinet The trunk-like walnut drinks cabinet was designed by architect and product de-
No More Emergencies No More Disruptions
Factiva’s renowned news content collection and cutting edge, AI based models, Dow Jones and Oliver Wyman have partnered on a solution that offers early warning signals of potential corporate risk events that you can add to your own workflow via an API.
signer Steve Leung for Theodore Alexan- der. // Price: $23,900
Coffee Table The Caracole Furniture Streamline coffee table was chosen to complement the elongated sofa. // Price: $2,660
Couch The long, L-shaped sofa was handcrafted
by British artisans Eatons Bespoke. The designers chose fabric that evoked classic British tailoring. // Price: $19,800
says co-founder Ed O’Donnell. // Price: $22,050
TARAN WILKHU
On 52 Acres, Sells at Auction
Billionaire industrialist Bill Koch is poised to sell his roughly 52- acre Aspen, Colo., compound for $33.515 million, following the con- clusion of an auction on July 17. Despite last-minute competition, the high bid is a steep discount from the property’s peak asking price of $125 million in 2025. The sale, handled by Concierge Auctions, caps more than a decade in which Koch had the lodge on and off the market. This spring, he said he would sell the estate in an auction. He declined to comment until the sale was final. It is set to close in about 30 days. “I thought it would go for more,” said agent Lance Hughes of Aspen Luxury Sales, who wasn’t involved in the sale. How- ever, he said the log home-style architecture may not appeal to ev- eryone; the home is also roughly
SHAWN O’CONNOR; TIFFANY SAGE/BFA/SHUTTERSTOCK (KOCH)
10 miles from Aspen, and driving on winding roads during the win- ter may have been a deterrent. “If it was 2 miles from town, there’d be a knife fight for $33 million,” he said. Known as Elk Mountain Lodge, the property has an eight-bed- room, roughly 16,600-square-foot main lodge and seven cabins. The property was simultaneously listed by Steven Shane of Com- pass, with a last asking price of $99 million. Koch bought the estate for about $26.5 million in 2007, prop- erty records show, converting what was an event venue into a private home. Over time, he added about 31 acres. He first listed the compound for $100 million in 2015, before dropping the price to $80 million. Later, he sold the 31-acre parcel
for $14.5 million in 2020 but re- tained the lodge and its 52 acres. In 2023 and 2024, he rented the lodge, asking $300,000 a week, according to Zillow. In early 2025, Koch put the 52- acre compound on the market for $125 million.
SOLD $33.515 MILLION 16,600 sq. ft. main lodge, 7 other cabins, 2 hot tubs
Empty-nesters, he and his wife, Bridget Rooney Koch, were also looking to capitalize on “the strong housing market,” he told The Wall Street Journal at the time. Koch is the founder of Oxbow Carbon, a dealer of ingredients that can be used as fuel or in the production of aluminum, steel and plastic. An avid sailor, he has homes in New York, Palm Beach, Fla., and Cape Cod, and he owns a ranch in Paonia, Colo., where he built a replica of an Old West town. He is a brother of major conservative political donors Charles Koch and David Koch. Over the past few years, auc- tion houses have billed them- selves as an alternative to the tra- ditional sales, rather than a last- ditch option for sellers. Auctions offer the certainty of a sale within a set time period. However, a 2024 analysis by the Journal found that most of the properties listed by Concierge Auctions sold below list price. Aspen’s real-estate market is experiencing its first slowdown since Covid-19, following a drought and record-high tempera- tures this past winter. The number of sales during the first half the year declined 44% compared with 2025, while deals above $10 million dropped 48% year-over-year, according to Tim Estin of Aspen Snowmass So- theby’s International Realty, who tracks the market. —E.B. Solomont
See more photos of notable homes at WSJ.com/RealEstate.
This seven-bedroom home in London’s St. John’s Wood area measures 9,586 square feet and is listed with Knight Frank.
Calling
ContinuedfrompageM1
It is also an easy com- mute to London’s financial districts, drawing a number of residents who work in fi- nance, said Neil Sloam, managing director of the St. John’s Wood branch of Winkworth estate agents. Moreover, the area has its own desirable retail. “You have got a really good High Street, with lots of indepen- dent stores, restaurants and loads of cafes,” he said. St. John’s Wood was cre- ated by the wealthy, land- owning Eyre family, which purchased the land in the early 19th century and de- veloped it into London’s first “garden suburb,” with leafy streets, plentiful open spaces and pretty villas. Its location offered a balance of discretion and conve- nience: It was removed from the homes of high so- ciety around Buckingham Palace and Mayfair, yet still within easy reach of them. As a result, some of its
Out on WSJ Digital Content?
Your WSJ subscription goes far beyond the news at your door each day. From audio articles to informative newsletters, explore more with your WSJ digital beneits.
Newsletters
Audio
Here’s a quick look at additional ways to access WSJ.
Choose from dozens of WSJ newsletters to stay informed about the topics that interest you.
WSJ.com/printnl
Tune in to WSJ articles anytime, anywhere. Listen to the latest audio articles or dig into the topics you care about with WSJ podcasts.
WSJ.com/print_audio
The Print Edition App
On the go? Page through the digital version instead. Access the subscriber-only app to click through the day’s print articles—and never miss a story.
WSJ.com/print_app
Email Sharing
Grant access to the biggest headlines. Share WSJ stories with your friends and family. Simply click on the share icon above the article to message or copy the link.
Look for this
Not sure how to access WSJ.com with your current print subscription? Visit WSJ.com/digitalaccess
early residents included the mistresses of wealthy and aristocratic men, notes Alan Montgomery Eyre in his 1913 history of the neigh- borhood: “Saint John’s Wood. Its History, Its Houses, Its Haunts and Its Celebrities.” The neighborhood later became a popular spot for artists and went on to gain international fame in the 1960s when the Beatles be- gan working at a studio there. They named their 1969 album “Abbey Road” in honor of its address. Meanwhile, St. John’s Wood’s long association with North America was ce- mented in the 1950s, when the American School in London moved there. The school now has 1,425 stu- dents, about 65% of them with U.S. passports, a school spokesperson said. When Angela Mauri ar- rived in London, she was seven months’ pregnant with twins and ready to nest. She and her husband, Aleksey, moved for work from their longtime home in New York City in 2024. Italy-born Angela, 45, is in fashion, and Aleksey, 44,
Asking price: $21.37 MILLION
who moved as a child from his native Ukraine to Bos- ton, is a professor. During an initial period in faculty housing in the suburb of Hampstead, the couple fell in love with the affluent neighborhoods of leafy northwest London. In April 2025, they found a long-term rental—a three- bedroom, roughly 1,000- square-foot apartment—in St. John’s Wood. Their rent is about $3,900 a month. “I did not know St. John’s Wood before, except from some novels and, of course, the Beatles,” Mauri said. “It is a very pretty place. It feels safe.” The neighborhood’s in- ternational community is another plus for Mauri—she has friends there from her two decades in New York and has made some new Italian friends, too. The couple have decided against buying a home in St. John’s Wood, however. Their home in Brooklyn is currently rented, and Mauri dreams of returning when her hus- band’s contract in London is finished. “I want my babies to be Americans,” she said. One thing St. John’s
Mauri and her husband pay about $3,900 a month for their apartment, left.
Wood has lacked—until re- cently—is the kind of high- end, full-service apartment buildings common in cen- tral London. That is set to change in 2029, when the redevelopment of a 5.5-acre military barracks into 120 apartments and townhouses is completed, according to developer St. John’s Wood Square. Despite its reputation for drawing Americans, St. John’s Wood hasn’t been immune to the drop in in- ternational buyers in Lon- don over the past few years, said Declan Selbo of Knight Frank. Global insta- bility, domestic tax hikes for second-home buyers and the 2025 sundowning of Britain’s “non dom” tax regime, which had bene- fited international resi- dents, have together re- duced the number of international buyers across the capital, he said.
Customers outside a High Street cafe.
Pre-2024, when the new left-leaning Labour govern- ment came into power, around 75% to 80% of Selbo’s buyers in St. John’s Wood were international, he said. Today, that number has dropped to 30% to 35%. “Luckily, the void is being filled by the domestic mar- ket,” he said, referring to both British citizens and in- ternational residents who have been based in London for years. The final piece in the St. John’s Wood jigsaw is its multigenerational appeal. Alongside families buying houses and downsizers picking up apartments, the area is also attractive to young buyers like Alyssa Lehrer, 26. Last year, in advance of her November wedding, she moved out of her parents’ house in North London and bought her first home—a one-bedroom apartment in a doorman building in St. John’s Wood. She declined to specify how much she paid. She and her husband chose the neighborhood be- cause it is so central. Leh- rer, who works in internal communications, can walk to her West End office. They love its cafe culture and appreciate having the 400-plus acres of the Re- gent’s Park close to home. “It also feels nice and safe,” said Lehrer. “I can walk home from the station at night without worrying.” Unfortunately, she said, the couple will likely have to move in two or three years. “We will have to go bigger—into a three- or four-bedroom home—and St. John’s Wood is very ex- pensive,” she said. “We won’t be able to be a family here.”
CLOCKWISE FROM TOP LEFT: KNIGHT FRANK; ALICE WHITBY FOR WSJ
T
T
T
T
T
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
o
t
t
th
h
S
S
S
S
w
w
L
L
L
L
L
L
L
L
L
L
L
n
a
E
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
S
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
L
a
a
a
a
a
a
a
a
a
a
a
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
i
i
i
i
i
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
t
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
i
i
i
r i
i
i
i
l
l
l
l
l
l
ll
l
l
l
l
l
r
r
r
r
r
r
r
r
r
r
r
r
r
r
a
JOSHUA TUG FERGUSON FOR WSJ
k
k
C
k
k
k
k
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
C
c
c
c
c
c
c
c
Top of the Rock in Utah
ut
Nor
N r N r N r
o a
a k
a k
a k
k e
e k
k e
e k
a S
L k Grandview P ak
k l
t y
y t
y t y t
t y t y t y
C i C t C t C ti t C
i M
Salt Lake City Salt Lake City
215 89
Holl y
. miles
CAMILLE BRESSANGE/WSJ
$336,000. A decade later, they were ready to build on the site. Christensen, who is an architect and founder of PBLC, designed and oversaw the building of the 5,310-square-foot, four-bedroom house that climbs up the elevation in a long zigzag shape. The project cost nearly $3.9 million and took about three years to complete. Stock, a 50-year-old portfolio manager, also grew up in Salt Lake City. The two men vaguely knew each other from attending the same junior high and high school—they were a year apart—but didn’t really meet until they bumped into each other at a party in 1999. The two
The kitchen island counter is made from stain- and scratch-resistant FENIX NTM.
became fast friends, then romantic partners. The couple have always had a base in Salt Lake City, where Stock co-founded M3 Funds, an in- vestment firm. They also own a house in Los Angeles. Like their meeting, the Emigra- tion Canyon home owes a lot to ser- endipity. “We were on a drive and saw the for sale sign,” Christensen said, noting it was 2009, during the financial crisis. “We were by no means looking to buy land, but if my favorite childhood spot was go- ing to fall into our laps, we weren’t going to say no.” They put in a bid and bought the property. As soon as he had the surveys, Christensen started to incorporate ideas from his work on the Tel Aviv Museum of Art, where construction was complicated by its triangular site. Both buildings use geometric solutions to address unusual con- straints. In Utah, he designed an elongated Z-shaped building with three levels that travel up the hillside. “I loved that from the land you could see the city, but also feel like you were in a remote wilderness,” Stock said. “We wanted a house that captured those views.” The lot’s buildable area was just a small crescent that hugs the mountain be- low the knoll. Working within those restrictions, Christensen aligned the house so that from the front door, there was an unobstructed view of two mountain peaks. He installed floor-to-ceil- ing windows on two sides of the primary living space with a clerestory window PleaseturntopageM8
The outdoor pool, above; and at left, Christensen and Stock.
The home’s lower level is the place for games like billiards and drinks at the bar.
The couple loves the home’s minimalist design. At right, the boulder Christensen remembers from his childhood is still on the property.
ADVERTISEMENT
To Advertise: Visit WSJ.com/ classified, Email: adoperations@dowjones.com or Call: 800-845-9719
JAMESTOWN, RHODE ISLAND
Newly renovated waterfront four-bedroom overlooking idyllic Mackerel Cove. Open plan features a vaulted ceiling in the living room with a stone surround fireplace, chef’s kitchen with island, a first floor primary suite with spa bath, and loft-style guest suite above the garage. French doors open to an expansive deck and Bluestone patio with hot tub and gas firepit. $6,950,000 GustaveWhite.com
SIERRA COUNTY, CALIFORNIA
Jackson Landing is one of the rarest recreational properties available in the American West, encompassing 110± private acres and approximately 1.5 miles of the only privately owned shoreline on Jackson Meadows Reservoir. Surrounded by nearly 800,000 acres of protected Tahoe National Forest, this is an extraordinary opportunity to create a legacy family retreat or wilderness estate unlike anything else. $7,250,000
The exterior of the house is flat-lock metal cladding and board-formed concrete, left. The home’s office space, above, and mountain views, below.
ContinuedfrompageM7 design. Christensen kept the fin- ishes simple: terrazzo, wood, steel and glass. And while much has changed as Emigration Canyon became its own incorporated city in 2024, some things remain the same. Christensen and Stock still moun- tain bike on the surrounding dirt trails, but their home is some- thing Christensen could never have imagined as a child. “Our best evening ritual is to cook dinner at home and then go out for a pre-bedtime swim,” Stock said. “The stars above are pretty amazing on a clear night.”
spanning the third side. The re- sult feels effortless, but the cost was hundreds of hours of design work and negotiation with the builder and subcontractors. “There is nowhere to hide any- thing in a wall,” Christensen said, referring to the electrical, HVAC and plumbing lines that had to flow between the mechanical room in the basement and the roof. His solution was to include a steel col- umn, which hid the mechanicals, as part of the glass fireplace. Inside, the house reflects the couple’s embrace of minimalist
HILTON HEAD ISLAND, SOUTH CAROLINA
Oceanfront luxury with direct beach access in exclusive Port Royal Plantation. 5 Bed | 4.5 Bath | 4,563 SQFT | 0.77 Acres. This custom-built residence offers a chef’s kitchen with a butler’s pantry, dual primary suites, a screened porch with fireplace, heated and chilled pool, and a boardwalk providing direct access to one of Hilton Head Island’s most secluded beaches. $5,999,000
JOSHUA TUG FERGUSON FOR WSJ
Made Her Picasso’s Muse
The painter on posing for the Cubist, why she sat in a rocking chair and how her life changed
I WAS IN MY early teens when my father suggested I wear my blond hair in a high ponytail with bangs in front. He thought it would look cute. He had seen a young girl in a French production of “Antigone” wear it in the an- cient-Greek style. I put mine up, and he was right. I was born Sylvia “Sylvette” David in Paris in 1934. By then, my French father, Emmanuel, an art dealer, and my English mother, Honor, a painter, had divorced. When I was 1, my mother moved us to Île du Levant, an island off France’s southern coast. In 1942, two years after Germany invaded, we moved to a house in Dieulefit, near the Alps. It was safe from the Germans, who feared being am- bushed by the Resistance. When I was 15, I went to Sum- merhill, a lovely English boarding
FRANCOIS PAGES/PARIS MATCH/GETTY IMAGES
ADVERTISEMENT
To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
NY NEW YORK STATE
school. Children arrived naughty and finished like angels. There, I met my fiancé, Toby Jellinek. When school ended, I joined my mother in Vallauris, a village on the French Riviera. She lived in a one-story house and worked paint- ing pottery at the famed Madoura studio, which attracted Picasso and other artists. Toby followed me to Vallauris and designed chairs. In March 1954, two chairs Toby made were purchased while on ex- hibit at Madoura’s gallery. The un- named buyer requested Toby and I bring them to his home nearby. That’s where I first met Picasso face-to-face. He was 72. Later, I was sitting with a friend on Madoura’s terrace when we saw just Picasso’s hands clear his studio’s wall nearby, holding up a drawing of a girl with a ponytail. It was me, and I rushed over. In
Sylvette David, 19, later known as Lydia Corbett, in Vallauris, France, in 1954.
his barn, he asked me to jump into his inoperable car—a Hispano Suiza. He said, “Come on, we’re going on a journey.” I climbed in. Picasso talked about his parents, his family and all the circus people who informed his art. He also read me his poetry. I just listened. One morning, Picasso showed me a portrait without my top and
DISTRICT OF COLUMBIA
RESIDENTIAL REAL ESTATE FLORIDA
PRESERVE YOUR WEALTH... RELOCATE TODAY! SPECIALIZING IN PALM BEACH LUXURY PROPERTIES SINCE 1989...
said, “I hope you don’t mind.” He probably assumed I’d say, “Oh, I could pose nude if you like,” but I wouldn’t do that. It was a test, and I remained innocent. He asked me to sit for him. Between April and June, I went to his studio a few mornings each week. While we worked, we were quiet. It was like a meditation ses-
sion. I sat in profile on a rocking chair, which kept me from being restless. Picasso finished each portrait quickly, around 40 in all—adding about 20 more in the years ahead. In June, he asked me to choose one. I picked a painting, and an- other time he gave me a drawing that looked most like me. The ab- stract work captured my spirit. Today, I live in a three-story contemporary in Devon, England. I moved here in 2015 to be near my daughter, Isabel. I have high ceil- ings and wall space for my art. In the early summer of 1954, Paris Match, the French magazine, came to Picasso’s studio in Vallau- ris to photograph us. Upon publi- cation in August, my ponytail be- came an international sensation. The look my father had sug- gested caught the eye of Picasso, who in turn inspired me to be- come an artist. My platonic months with him made me more confident in myself. —As told to Marc Myers
Lydia Corbett, 91, is a French-Eng- lish painter and sculptor who, in 1954, sat for Pablo Picasso and was the subject of about 60 works, turning her hair style into a sensa- tion. Her upcoming Redfern Gallery exhibit in London opens on Nov. 4.
ʱʍ˵ͩ ͩ˂ˏ͛ ΝɄΩ Ʉɩ̛ͷͩ ͛ɲ˂̛̛˵ ͛ͷͅͅ˵ˏʍ͛ࢽ
7KURXJK 9ROXQWHHUV RI $PHULFDèV 2SHUDWLRQ %DFNSDFNp PRUHWKDQ FKLOGUHQ VWDUWHGVFKRROUHDG\WROHDUQWKLV\HDU 6FDQ WR KHOS WKH QH[W FKLOG VWDUW VWURQJ
Θ ̛ Ʉ ࢶ̛ ͍ ʳ ࣃ̛ ͅ ʍ ͍Ʉ ͩ ˏ ̛ ̌ ࣒ɩ Ʉ ɲ ˬ ͅ Ʉ ɲ ˬ
*
Corn, Air Force One, Air Conditioning Rebellion, Air Force One, Alan Montgomery Eyre, Albertsons Shares, Alienate People, All Advertising - WARNING: source dates, money, or percentage tokens may be missing - WARNING: translated output contains large residual English-looking blocks
结论：发现严重质量问题 (Blocking Issues Found)
该译文在处理复杂版面、非文本字符以及特定数据时存在严重缺陷，部分内容出现幻觉，且包含大量未能翻译的乱码块。
þʍ̆ʍ̆ɩʍ͍ Ν˂ʍ̌ Ω̛ͷ 等），这属于严重的交付缺陷。[[IMG_XXXX]] 这种内部占位符，属于交付缺陷。| 源代码 (Source) | 译文 (Translation) | 状态 | 备注 |
|---|---|---|---|
| $890 billion | $890 亿美元 | ❌ 错误 | 量级错误 (Billion $\neq$ 亿) |
| $16.1 billion | $16.1 十亿 | ⚠️ 僵硬 | 虽数值正确但表达不符合中文习惯 |
| $3.4 billion | $3.4 十亿 | ⚠️ 僵硬 | 同上 |
| $1 billion | $1 十亿 | ⚠️ 僵硬 | 同上 |
| 6.58% | 6.58% | ✅ 正确 |
建议：由于存在严重的数量级错误（Billion $\rightarrow$ 亿）以及大规模的乱码未处理，该版本不可发布，需重新翻译。