道琼斯工业平均指数 53178.41 À 693.38 1.32% 纳斯达克综合指数 25913.90 À 2.1% 欧洲斯托克600指数 652.09 À 0.4% 10年期国债 À 15 / 32, 收益率 4.684% 原油 $80.34 g $4.33 黄金 $4,033.70 g $15.40 欧元 $1.1510 日元 157.17
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商业与金融
在一代人之内首次采取共同行动以提振日元，美国和日本寻求遏制由日元暴跌可能引发的震荡。在周一的股市交易中，美国主要指数大涨，道琼斯工业平均指数上涨 1.3% 至历史最高点，标准普尔 500 指数和纳斯达克综合指数分别上涨 1.5% 和 2.1%。A1, B10
诺斯罗普格鲁曼签署了两项总额为 30 亿美元 十亿的协议，以加速导弹拦截器的生产。B4
日产在报告两年多来首个季度净利润的同时，重申了其年度盈利预测。B3
安杜瑞尔正与马里兰州的一个港口进行深入洽谈，旨在为该公司的无人船建立生产基地，这显示了国防初创公司的潜力。B3
泰森食品下调了全年利润预期，原因是牛价格飙升，这继续对该公司的底线产生压力。B3
中国的工厂正显示出新的疲软迹象，在缺乏政府新刺激措施的情况下，国家经济增长面临进一步放缓的风险。A7
易捷航空将 Castlelake 的竞标截止日期延长至周五，使其与竞争对手 Apollo 保持一致，从而让竞购者能够提交最终报价或选择退出。B3
山道士表示，已同意支付 $4.785 亿美元，以解决在美国针对仿制药定价的反垄断诉讼。B4
由回声星拥有的 Hughes Network Systems 申请了第 11 章破产重组。B5
全球新闻
托德·布兰奇采取措施以使其获得美国司法部长的确认，正式撤销了一项 18 亿美元 十亿的“反武器化基金”，批评者此前担心特朗普会利用该基金将纳税人的钱输送给盟友。A1
伊朗表示，在特朗普称已取消对该国的大规模袭击后，目前没有与美国进行任何谈判，也没有计划举行任何会议。A6
在密歇根州，有两人在与席卷全美的环孢菌病爆发相关的事件中死亡。A3
刑事技术实验室用于分析 DNA 证据的技术漏洞，导致 30 年的文件面临被黑客攻击的风险。A3
特朗普讨论了罢免哥伦比亚特区美国检察官 Jeanine Pirro，因为后者的办公室反驳了他关于破坏者损坏了反思池的说法。A2
在其家人敦促政府当局证明昂山素季仍然在世后，一名红十字会官员会见了被拘留的前缅甸领导人昂山素季。A7
本期《华尔街日报》最初在美国出版，并在当地进行区域分发转载。
纽约市警察局官员表示，今年纽约市的反犹恨罪增加了 8.5%。A3
美国众议院伦理委员会得出结论，众议员 Chuck Edwards（共和党，北卡罗来纳州）向众议院女性工作人员提出了不受欢迎的性暗示，并建议对其予以谴责。A4
美国移民与海关执法局代理局长 David Venturella 剥离了他在 Geo Group 的持股，该公司是全美最大的私人监狱运营商之一。A4
目录 艺术评论...... A11 商业与金融 B2,5-6 商业新闻...... B3 填字游戏................. A11 街头传闻... B11 市场摘要...... B7
市场与金融 B10 观点................ A13-15 个人日志 A9-10 体育.......................... A12 技术................ B4 美国新闻.............. A2-4 世界新闻........ A6-8
作者：Sadie Gurman, Richard Rubin 以及 Lindsay Wise 布兰奇撤销拨款基金
两名持保留意见的共和党 参议员移除了 其出任司法部长的 阻碍
华盛顿 —— 托德·布兰奇通过正式撤销一项 18 亿美元 十亿的“反武器化基金”，使其获得美国司法部长的确认顺利通过。批评者此前担心特朗普总统会利用该基金将纳税人的钱输送给其盟友。 布兰奇一直担任代理...
法新社通过盖蒂图片社
罗马尼亚军队最近在多瑙河沿岸布置炸药，以分流核电站反应堆冷却所需的水。
作者：ED BALLARD 以及 TOM FAIRLESS 干旱正导致欧洲河流枯竭
一场干旱正在欧洲的河流沿岸造成破坏。在罗马尼亚，当局在一条河流旁实施爆破，试图将急需的水资源分流至一家发电厂。在保加利亚，200 名度假者不得不从一艘搁浅的游轮上撤离。在德国的工业中心地带，企业正在削减产量，并难以运输货物。这些事件都表明，欧洲一些最重要河流的水位已经低到危险的程度。
JASON GAY 道奇队的支出让球迷们感到抓狂，但他们的“反派行径”仍处于规则之内。A12
i i 自从 Dannon 停产咖啡口味酸奶以来，戒断反应十分严重
作者：GREGORY ZUCKERMAN
有些人喝咖啡。 Doron Zeif 则吃 Dannon 咖啡酸奶。 近 40 年来，这位来自新泽西州西奥兰治的律师每天早晨都用这种奶油质感的混合物开启新的一天。 “这就是我起床的动力，”Zeif 说道。 自从 Dannon 停产这款被最忠实粉丝称为“DCY”的口味以来，戒断反应一直十分严重。
对于一部分人群来说，这款咖啡酸奶是他们一天中最美好的部分。毕竟，每杯 5.3 盎司的酸奶含有约 32 毫克的咖啡因，大约相当于 8 盎司咖啡杯的三分之一。此外，添加的 11 克糖也起到了作用。 最忠实的粉丝每天会吃好几个容器。有些人与同样有此弱点的人建立了联系。当出现短缺时，他们会交流心得。 请转至 A10 页
总检察长赢得了两名一直阻挠他获得永久职位的共和党参议员的支持。这两位参议员，来自德克萨斯州的 John Cornyn 和来自北卡罗来纳州的 Thom Tillis，此前对该赔付基金以及 5 月份同时公布的针对特朗普的税务审计保护表示反对。 在周日晚的一页指令中，布兰奇写道，该基金“被撤销，且不再具有任何效力”。 在同时发布的一份独立文件中，
司法部同意缩小特朗普政府给予总统及其家人和企业的税务审计保护范围。 然而，布兰奇的举措并未改变特朗普与其自身政府之间要求创建该基金的协议。而且，这保留了总统的一次不寻常的胜利，他将一项税务——
重大水道的挑战正使该地区本已承受压力的经济雪上加霜。 欧洲正经历一个异常干燥的夏天，缺乏降雨和酷热天气引发了从苏格兰到希腊的森林火灾。现在，降雨不足导致多瑙河和莱茵河的部分河段变得细小如涓涓细流，威胁到依赖这些雄伟水道的工业。 最明显的影响出现在多瑙河，那里的水位下降到足以暴露出二战时期的炸弹和巨大的猛犸象骨骼。 低水位导致一些核电站无法运行冷却系统。在罗马尼亚，切尔纳沃达核电站的两座反应堆之一已关闭，军方近日触发了炸药，作为一项计划的一部分，旨在从河流的另一个通道向电站分流更多水。 在匈牙利，该国唯一核电站的四座反应堆中除了一座以外全部关停，因为水资源不足。
商业与金融 大型时尚品牌尝试新趋势： 销售二手衣物。 B1
作者：JUSTIN LAHART
美国经济不断将更多筹码押在人工智能这个篮子里。 科技公司正投入数千亿美元以满足 AI 计算需求，并发行数十亿美元的债务来支持这些采购。 数据中心的快速建设正在推动建筑支出、招聘和市政收入。与此同时，由芯片制造商股价上涨驱动的股市反弹以及
以支付账单
陷入财务困境的学校动用捐赠者的受限资金； 部分州通过立法以遏制此行为
作者：DOUGLAS BELKIN
当娜塔莉·斯特劳斯 (Natalie Strouse) 结婚 20 年的丈夫死于癌症时，她在自己教授会计学的学院设立了一项以其丈夫命名的奖学金，以纪念他。每年，她都会协助在圣母学院（一家位于克利夫兰郊区的小型天主教学校）挑选一名学生，发放数千美元的奖金。但在 2024 年，该学院关闭了。
斯特劳斯希望在另一所机构重新设立该奖学金。
她要求圣母学院归还 $30,000 捐赠基金，根据赠礼条款，这笔资金只能用于支持该奖学金。
一名管理人员告知她这不可能。钱已经没了。
“她告诉我，他们用这笔钱支付了账单，”斯特劳斯说。“我认为这是盗窃。”
俄亥俄州总检察长去年对该学院的 14 名受托人和官员提起诉讼，指控他们违规使用了超过 $2 million 的受限捐赠基金，且用途超出了捐赠者的预期目的。被告否认了他们违反受信责任的指控。 请参阅 A8 页
针对政府的披露诉讼，直到审计结束。
在周一的一份联合声明中，参议员科宁 (Cornyn) 和蒂利斯 (Tillis) 表示，他们对 托德·布兰奇 (Todd Blanche) 的新书面陈述感到满意，并计划推进其提名。
这笔 18 亿美元 billion 基金在公布后遭到了激烈的抵制，其中包括其他共和党人，他们担心这笔钱可能会被用来支付给在 Jan. 6, 2021, 袭击美国国会期间攻击警察的人员。 请参阅 A4 页
在河中冷却。
帕克斯核电站通常承担该国 40% 的发电量。
匈牙利多瑙河的水位在上周达到了有记录以来的最低水平。
匈牙利的电网可以从欧洲其他地区调电，但此次危机预计仍将推高批发价格，官员已呼吁企业和消费者削减能源使用。
随着本周气温预计将升至 100 华氏度以上，“这五 请参阅 A7 页
从 AI 热潮中获益的其他公司导致了家庭财富的大幅增长。这有助于支撑消费支出。
牛津经济研究院 (Oxford Economics) 经济学家迈克尔·皮尔斯 (Michael Pearce) 表示，综合来看，这些因素可能对该国近期的经济增长贡献了约三分之一。
但经济从 AI 热潮中汲取的强度也是一个脆弱点：如果这场热潮熄灭了会发生什么？
“这在很大程度上是一个 AI-
助力日本 及自身
日元下跌可能导致 利率上升，使投资面临风险
作者：JASON DOUGLAS
东京——美国和日本正采取一代以来首次共同努力来提振日元，旨在遏制因日元汇率暴跌而可能引发的动荡。
日元跌至 40 年低点，间接威胁到美国利率的上升，并可能干扰将数十亿美元日本投资引入美国的计划。
通过先支撑阿根廷货币，现在又支撑日元，特朗普总统表明他准备帮助那些在金融市场中挣扎的盟友。这与美国政策制定者长期以来偏好的不干涉方式形成对比，除非在极度危急的时刻才会干预。
在周五美国和日本政府介入外汇市场购买日元之前，日元兑美元汇率处于四十年来的最低水平。早前几次的单独干预均未能奏效，引发了东京对通胀加速以及在与伊朗的战争扼杀石油供应的情况下，能源进口账单增加的担忧。
在周一亚洲市场的下午交易中，受美日联合行动影响，日元已回升至 156 兑 1 美元左右；而在此前干预前的低点则接近 164——这是该货币自 1986 年以来最弱的水平。
“特朗普政府在为美国的信任伙伴提供支持，”财政部长斯科特·贝森特（Scott Bessent）在其 X 官方账号的一条信息中表示。贝森特曾在乔治·索罗斯的投资公司通过交易货币和其他资产积累了财富。他说，美国不会
请转至第 A2 页
投资者对日元仍持怀疑态度.................................. B10
驱动的经济在目前这个阶段，”巴克莱银行经济学家乔纳森·米勒（Jonathan Millar）表示。“很难想象如果没有这种推动力，我们的韧性会接近这个程度。”
准确衡量经济从人工智能（AI）中获得了多少强度并不简单，且容易出错。即便如此，其影响似乎非常显著。
上周国内生产总值（GDP）的细节
请转至第 A2 页
街头传闻：如何应对 AI 债券浪潮..... B11
THE WALL STREET JOURNAL
0.2
作者：NATALIE ANDREWS 总统已讨论罢免皮罗
华盛顿——据知情人士透露，特朗普总统已讨论罢免美国哥伦比亚特区检察官珍宁·皮罗（Jeanine Pirro）。此前，皮罗的办公室反驳了总统关于林肯纪念堂反思池被破坏者损坏的主张。
自皮罗的办公室周五撤销对一名三届奥运选手的起诉（该选手被指控损坏反思池）以来，总统在公开和私下场合都批评了皮罗。在一份法院文件中，皮罗的办公室写道，新信息表明，困扰这个新翻修池塘的问题是由“安装失误而非蓄意破坏”造成的。
知情人士表示，特朗普已告诉顾问，他对皮罗感到愤怒，并认为法院文件的内容是对他的背叛。特朗普
(请转至第 2 页)
经济、 股市上涨
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国内生产总值报告（衡量基于国家生产能力的经济增长）显示，与 AI 相关的类别的企业投资继续膨胀。 在软件、数据中心建设以及计算机和通信设备方面的支出，如果保持相同速度持续 12 个月，将达到约 $1.5 万亿美元。两年前，该年率约为 $1 万亿美元。 周一，商务部报告称，6 月数据中心的建设支出按年率计算达到 $683 亿美元，比一年前增加 215 亿美元 十亿美元。同期，所有其他私人建设支出（从房屋、购物中心到医院的所有项目）下降了 1016 亿美元 十亿美元。 同样在周一，供应管理协会 7 月制造业报告中的评论也指出了强劲的 AI 相关需求。 并非所有与科技相关的支出都用于 AI——例如，部分资金用于购买摆在白领员工办公桌上的计算机。另一方面，AI 的建设规模也
1.2
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美国检察官 Jeanine Pirro 已经撤销了关于破坏林肯纪念堂反思池的刑事指控。
并且，在她担任美国最大检察官办公室负责人期间，表现出极其渴望追求特朗普所青睐的案件和调查。Pirro 的发言人未回应置评请求。白宫拒绝发表评论，并指向特朗普关于 Pirro 的公开言论。CNN 此前报道称，特朗普曾讨论过撤换 Pirro。周一早些时候，特朗普未回应记者关于 Pirro 是否应留任的提问。他承认，他对那些为了按时完成池塘涂层而匆忙施工的承包商并不满意。
美国从台湾进口电子元件的价值*
通信设备
计算机及外围设备
tion，因此影响 GDP。例如，在今年前五个月，美国从台湾进口了约 $90 亿美元的计算机设备、半导体和其他电子元件。而 2024 年前五个月这一数字约为 $20 亿美元。
此外，通货膨胀正在侵蚀 AI 支出的价值。芯片价格飙升意味着买家现在无法像以前那样获得同等价值的效用。
即便如此，牛津大学的 Pearce 估计，仅 AI 投资一项就贡献了近期国内生产总值（gross domestic product）增长的近四分之一。
由 AI 带动的股市是另一个巨大的支撑来源。
根据美联储的数据，第一季度美国家庭净资产达到 $174 万亿美元，比一年前增加了 $13 万亿美元，这主要归功于股市上涨。自那时起，广泛的 S&P 1500 指数上涨了约 15%，因此目前的净资产可能又增加了数万亿美元。这些增长在很大程度上是由对 AI 的热情驱动的。
当人们的净资产增加时，他们的消费会更加自由。
关于这些财富效应的估计各不相同，但经济学家通常认为，股市财富每增加 $1，人们就会多消费几美分。持有绝大部分股票的高收入消费者的支出获益最多。
“如果没有这次投资热潮，我认为很明显经济运行速度会更慢，”Pearce 说道。
诚然，AI 可能会吸走如此多的资源，以至于实际上挤占了经济的其他部分。例如，被数据中心占据的资源——
$1 能兑换多少日元
¥152
2026年1月 2月 3月 4月 5月 6月 7月 8月
来源：Tullett Prebon 注：刻度反转以显示日元升值
“美国将担心日元快速抛售，从而破坏全球金融稳定，”East Asia Econ 的负责人 Paul Cavey 表示，这是一家提供该地区经济数据和分析的咨询公司。特别是对于美国而言，如果日本选择通过出售其持有的海量美国国债来支撑其货币，这可能会在财政担忧和美联储政策不确定性已导致美国债券收益率和利率上升的情况下，进一步增加压力。
贝森特（Bessent）的日本对应官员片山早季（Satsuki Katayama）周一表示，日本计划使用疫情时期的借款机制从美联储获取美元，而不是通过出售国债持有量来为未来的干预融资。贝森特表示，他将鼓励美联储“扩大”规模较小且不常使用的“外国与国际货币当局回购机制”（Foreign and International Monetary Authorities Repo Facility）。
日元贬值也使得日本企业更难以为其计划在美投资的 $550 亿美元融资，该投资是 2025 年贸易协定的基石，以及
日本、美国购买日元 日本购买日元
这是特朗普的一项优先事项。 特朗普长期以来一直表示，他更倾向于一个较弱的美元，以缩小美国的贸易逆差并支持制造业重返美国。日本并不是他的政府在货币问题上提供帮助的第一个盟友。早期的受益者是哈维尔·米莱总统领导下的阿根廷，米莱是一名自由意志主义者且是特朗普的支持者。美国与阿根廷建立了掉期额度，以提供美元资金，且在贝森特领导下的财政部通过购买阿根廷比索来支撑其货币。
特朗普与日本首相高市早苗建立起了良好的关系，高市是一位保守派，且与已故的日本在任时间最长的领导人、美国总统之友安倍晋三关系密切。贝森特在 2013 年通过做空日元在短短几个月内赚了约 10 亿美元 billion，他在周一赞扬了高市的经济计划，将其比作安倍标志性的“安倍经济学”政策，该政策促进了就业增长并帮助日本结束了通货紧缩。
特朗普在空军一号上对记者表示，日本已请求帮助。
为了庆祝 7 月 4 日和该国 250 周年诞辰。 “现在，我并不是说我对承包商 100% 满意，但承包商当时在赶进度，”特朗普说。“我们希望在 7 月 4 日之前将其开放，并且我们做到了——但除此之外，还发生了蓄意破坏行为。”
政府在没有经过完整招标过程的情况下，将合同授予了一家总部位于弗吉尼亚州的公司——大西洋工业涂料公司（Atlantic Industrial Coatings）。这项耗资 $16 million 的项目引起了全国关注，因为泳池底部开始脱落，且藻类泛滥使泳池由蓝色变成了绿色。
皮罗最初表示，有人“试图暴力撕毁泳池底部的密封剂”，她的办公室随后对前奥运赛艇运动员大卫·希恩（David Hearn）提起起诉，指控其犯有重罪破坏政府财产罪。该指控的刑期为
中心建设——土地、材料、熟练劳动力——否则可能会被用于其他用途。 “你不能简单地把 AI 剔除，而让其他一切保持不变，”摩根大通（JPMorgan Chase）经济学家迈克尔·费罗利（Michael Feroli）表示。“与 AI 相关的活动和财务狂热可能会挤出其他活动。”
AI 还在推高通货膨胀，削弱消费者的购买力。如果不是因为内存芯片价格上涨，9 月份推出的 iPhone 18 Pro 成本可能会降低。
目前，尽管近期一些 AI 相关股票出现抛售，但 AI 支出热潮似乎仍将继续。根据 FactSet 的数据，分析师估计，五家所谓的“超大规模云服务商”（Alphabet、Amazon.com、Meta Platforms, Microsoft 和 Oracle）在截至 2029 年的 4 年时间里，资本支出将达到近 $4 trillion。这比他们大约一个月前估计的多了 3000 亿美元 billion 以上。
股票市场的真实危机可能会扰乱这一进程。同样，帮助资助这场热潮的债务市场问题也可能产生影响。巴克莱银行（Barclays）估计，五大超大规模云服务商和 AI 领域新进入者 SpaceX 今年的债券发行额将达到 2850 亿美元 billion，而去年约为 1090 亿美元 billion。
“AI 影响到了太多方面，”巴克莱银行的米拉尔（Millar）表示。“很大一部分经济在某种程度上正押注于基础设施建设持续走强的预期。”
美国很乐意提供帮助。 “他们需要一点帮助，而我们总是支持日本。日本一直对我们非常好，”他说道，“当然，除了珍珠港事件。” 日本与阿根廷的经济困境并不相同。与布宜诺斯艾利斯不同，东京拥有充足的外汇储备，而且在经历了数十年的停滞和价格下跌后，日本经济再次增长。 即便如此，由于投资者对财政政策、债务和通胀加速等因素的担忧，日元依然承压。 与韩元和印度卢比等其他亚洲货币一样，由于资本为了追求人工智能热潮带来的更高回报而涌向美国，日元也陷入苦战。与伊朗的战争进一步增加了日本及其他能源进口国货币的压力。 日本在4月和5月消耗了约 $70 billion 的外汇储备以支撑日元，但日元随后再次走弱。初步数据表明，日本在最近一波干预中花费了约 500 亿美元 billion。目前尚不清楚美国投入了多少资金来提振日元，不过周五拍到贝森特的一份待办事项清单中，包含了买入 50 亿美元 billion 至 100 亿美元 billion 日元的计划。 对外关系委员会高级研究员、前财政部官员布拉德·塞特瑟表示，通过与美国联手，东京希望最新一轮的干预能取得更大成功。 由于两国都准备好进行干预，他说，“现在做空日元的成本将大大增加。”
最高 10 年监禁。 周五，皮罗的办公室指出，来自内政部的文件“显著削弱”了指控这位前奥运选手的证据基础。 她的办公室在法庭文件中写道，“视觉检查显示，反思池各处均有损坏，甚至在池中心位置也有损坏，而破坏者不太可能尝试剥离那里的衬里。鉴于所有这些新发现的信息，很难将反思池的大面积损坏归咎于蓄意破坏。” 根据法院记录，在希恩之后的一天，另有三人在涉嫌破坏池塘后被指控犯轻罪。 截至周一，法院的公开记录显示，政府已撤销了这三起案件。
投资 美国住房
摩根大通表示，作为支持美国住房自有率计划的一部分，将在 2035 年前投资 7500 亿美元 billion。这家全美最大的银行表示，计划为 100 万套经济适用房提供融资，并将帮助 50 万人购房。
这项投资是该公司更广泛的“美国梦倡议”（American Dream Initiative）的一部分，该倡议旨在支持小企业，扩大医疗保健渠道以及实现其他经济优先目标。
“一个可负担且具有韧性的住房市场，对于驱动经济增长和增加机会至关重要，”摩根大通商业地产主管 Michelle Herrick 表示。
摩根大通表示，计划将其抵押贷款规模提高 40% 以上。该行还表示，目标是为 200,000 名首次购房者提供贷款。
该公司的“美国梦倡议”还将为国会 6 月通过的一项新住房可负担性法律提供支持。该法律加快了某些住房项目的联邦环境审查，并取消了对建造预制房屋的限制以及其他相关措施。该法律已于上月生效。
摩根大通表示，它还专门为旧金山的住房项目拨出资金。该行称，正为旧金山水岸的一栋拥有 342 个单元的住宅楼提供近 $200 million 的融资。
首席执行官 Jamie Dimon 曾表示，他担心美国经济的未来和财富不平等问题。该行在 3 月表示，在未来 10 年中，将通过贷款以及对社区导向型银行和投资基金的支持，向小企业提供高达 $80 billion 的贷款。 —Joseph De Avila
上月 再次扩张
一项针对制造企业的调查显示，美国 7 月的工厂活动扩张程度超出预期，增速创下四年多来最高水平。
ISM 采购经理人指数 7 月为 55.6，而 6 月为 53.3。读数高于 50 表示该部门处于扩张状态。《华尔街日报》调查的分析师此前预计读数为 54。
新订单指数在经历了连续四次收缩后，连续第七个月扩张。价格指数仍处于扩张区间，但低于 6 月的数据。未交付订单指数较 6 月有所上升。
与此同时，就业指数读数为 52.8，比 6 月的 49.7 高出 3.1 个百分点，使该指数在 33 个月来首次进入扩张区间。 —Jessica Coacci
作者：詹姆斯·法内利 (JAMES FANELLI)
纽约市警察局官员周一表示，今年纽约市的针对犹太人的仇恨犯罪增加了 8.5%。自 2023 年以色列发生袭击事件以来，全球反犹主义水平有所升高。纽约市拥有以色列之外最大的犹太人口，在 2026 年的前七个月中记录了 205 起针对犹太人的仇恨犯罪，高于 2025 年同期记录的 189 起。根据纽约市警察局的数据，尽管犹太裔纽约人仅占全市人口的 10%，但全市超过一半的仇恨犯罪是针对犹太人的。根据权益组织反诽谤联盟 (Anti-Defamation League) 最近的一份报告，虽然全美范围内的反犹事件在 2024 年达到历史最高点后于 2025 年有所下降，但自 2021 年以来一直处于高位。
自市长佐赫兰·马姆达尼 (Zohran Mamdani) 今年就职以来，一些犹太裔纽约人表示担心，他对以色列的批评使他们在自己的城市中感到不再安全。犹太领导人表示，在市长呼吁逮捕以色列总理本雅明·内塔尼亚胡 (Benjamin Netanyahu) 之后，且几天后一名犹太男子在曼哈顿遭遇一起涉嫌仇恨犯罪的刺击事件后，这种恐惧在近几周进一步加剧。
“这位市长在整个职业生涯中一直使用具有分化倾向的言论，特别是针对犹太社区，”民主党人且为正统犹太教徒的州议员萨姆·伯格 (Sam Berger) 表示。“在他担任市长的整个过程中，我们看到他并没有收敛其言论，反而更加激进。”
当被问及仇恨犯罪上升的问题时，市长周一表示，他的政府正致力于根除反犹主义。马姆达尼说：“这绝不会被容忍，绝不会被接受，我们知道这是必须利用我们掌握的每一件工具去奋斗的事情，”他补充说，他的政府已经增加了对市仇恨犯罪预防办公室的资金支持。
马姆达尼在去年的市长竞选中就是以色列的批评者，指责其政府在加沙实施种族灭绝，并呼吁巴勒斯坦人拥有自决权。今年 1 月，一些犹太领导人批评他缓慢谴责在皇后区一家犹太会堂外高喊支持哈马斯口号的抗议者。5 月，他以支持巴勒斯坦人为由，选择不参加纽约市的以色列日游行。这一决定打破了前任市长的惯例。马姆达尼强调，他是所有纽约人的市长，包括犹太居民。他重点介绍了其政府为确保犹太社区安全而采取的各项安全措施。
作者：玛丽亚·蒂姆斯 (MARIAH TIMMS)
一组法医学和计算机科学家表示，大多数国家犯罪实验室用于分析 DNA 证据的技术中存在一个安全弱点，导致 30 年的犯罪档案面临被黑客攻击的风险。
研究人员发现，借助由广泛可用的 AI 软件编写的计算机代码，他们可以更改通过对物理 DNA 证据进行计算机扫描而产生的数据，且不会在篡改记录中留下任何痕迹。他们表示，该漏洞可能自 1995 年起就存在于犯罪实验室机器生成的数字化文件中，但近期的技术进步使得现在的潜在篡改变得简单得多。
“实际上，我们面对的是被合法地称为‘金标准’的数据文件……”
经过十年时间，陈-扎克伯格慈善基金会停止对其一家加州校园的支持
作者：LAURA J. NELSON
普里西拉·陈 (Priscilla Chan) 博士为低收入学生共同创办的这所学校，旨在打造差异化。
硅谷其他地区创造的巨额财富，在很大程度上并未惠及加州东帕洛阿尔托 (East Palo Alto)，而 Primary School 就在那里于 2016 年开学。该私立且免学费的学校由陈与其丈夫马克·扎克伯格 (Mark Zuckerberg) 的慈善基金资助，旨在通过综合服务支持“儿童全面发展”，包括免费牙科检查、早期干预筛查以及面向家长的健康指导。
随后，在运营十年并获得来自陈-扎克伯格倡议 (Chan Zuckerberg Initiative) 超过 $1.25 亿美元的资金后，Primary School 于 6 月关闭。
据知情人士透露，在得知陈-扎克伯格倡议将在 2025-26 学年后不再提供资金后，董事会于 2025 年 4 月一致投票决定关闭学校。
该学校的倒闭标志着这对夫妇通过其慈善机构资助的最受瞩目的教育尝试之一告一段落。
从某些衡量标准来看，该校的学术成绩远低于州标准及其领导者的预期，这使得将其模式推广到公立学校和特许学校的努力变得复杂。但从其他方面来看，它成功地在课堂之外为学生提供了通常在公立学校无法获得的支持。
董事会主席让-克洛德·布里扎尔 (Jean-Claude Brizard) 表示，在决定关闭的投票之前，他与 CZI 探讨了关于学校未来的几种方案，包括“逐步停业”。他说，如果没有最大资助方的一致意见，董事会不会投票决定关闭。
一名 CZI 代表表示，关闭决定由学校董事会做出，且该组织关注的是学校的学术成果，而非成本。
Primary School 的关闭
在废墟中：周一，76 岁的 Miriam Sim 走在她的社区里，此前一场山火袭击了华盛顿州斯波坎市的部分地区。 该市及其周边的山火已摧毁约 700 栋建筑，约 67,000 人接到了撤离命令。
“法医学标准的（证据）缺乏我们对纸袋所要求的同等级别的防篡改标记，”参与该研究的法医科学家兼纽黑文大学教授 Laura Gaydosh Combs 表示。 根据《华尔街日报》审阅的消息，大多数设施所使用的犯罪实验室设备制造商 Thermo Fisher Scientific 在 7 月私下承认了该漏洞，并表示正在寻求修复方案。 研究人员在 5 月指出了这一安全威胁。 在接受本报联系后，该公司于周五发布了一份标记为“高严重性”的安全公告，警告称“如果实验室管控被规避”，某些文件存在“几乎无法检测到的修改风险”。
上图为 2025 年 5 月的 Primary School，由下方的 Priscilla Chan 共同创立。右图为 Mele Fakapelea（戴着红色花环），出现在去年 6 月其女儿的八年级毕业典礼上。
（这）阐明了慈善投资在进入一个社区以及离开一个社区时，对该社区意味着什么。 “那是一所上帝赐予的学校，”Mele Fakapelea 说道，她的女儿 Telesia 在创始班的抽签中获得了一个名额。Fakapelea 随后将其四个年幼的孩子也送入了该校。她说，失去学校的支持系统令人“崩溃”。 Primary School 的两个校区共有近 540 名孩子就读。Ravenswood 市小学学区目前正在为学生人数的激增做准备，通过翻新校园以避免将学生挤在临时活动房中。 在宣布关闭时，Chan Zuckerberg Initiative 承诺捐赠 $50 million。这包括向学区支付学校租约的余额，以及支持当地团体继续提供部分服务。CZI 还向教育储蓄账户捐赠了 $3.6 million：其中小学生每人 $10,000，学前班儿童每人 $2,500，早期儿童教育阶段儿童每人 $1,000。
该公司在给客户的一封单独信函中强调，目前尚未发现利用该漏洞的已知案例。 “自从软件问题被提出以来，我们一直与美国网络安全和基础设施局（CISA）密切合作，”该公司在给本报的一份声明中表示。“我们赞赏法医研究人员在这个课题上的工作，并且我们已经发布了一个软件更新，通过实施数字签名来增加一层额外保护，今后将帮助客户验证数据文件未被修改。” 虽然没有证据表明不法分子利用该安全漏洞篡改文件，但研究人员表示，如果篡改已经发生，他们尚未找到检测方法。
商业领袖和创始人“在看待 K-12 教育时会想：‘天哪，改善这玩意儿能有多难？’”美国企业研究所（American Enterprise Institute）教育政策研究主任 Rick Hess 说道。“事实上，这极其困难。” Zuckerberg 在 2010 年的《奥普拉·温弗瑞秀》中宣布了这对夫妇首批重大慈善捐赠之一：向新泽西州纽瓦克市公立学校捐赠 $100 million。而 Primary School 的运作方式则深入得多。 Chan 当时表示，她作为儿科医生的工作经历，以及在波士顿一个住房项目课后计划中的经验，让她意识到帮助儿童的系统往往是碎片化的。该学校旨在帮助孩子们克服贫困和童年创伤的影响。 工作人员与社区诊所合作，寻找高需求（儿童）
若有人意图篡改数字证据文件，将需要能够远程或本地访问实验室服务器，并对 DNA 检测的工作方式具备足够的专业知识。该漏洞并不影响提交检测的 DNA 物理样本。
DNA 证据是刑事调查和起诉中核心且可靠的一部分，但偶尔会出现关于篡改的担忧。在科罗拉多州，一名州法医分析师于 6 月承认四项重罪，此前检察官指控她在 2008 到 2023 期间操纵证据并从事多种不当行为。
几十年来，实验室机器一直将物理 DNA 证据转化为数字分析文件。研究人员表示，随着 AI 技术的兴起，业余人员能够创建他们此前可能不具备开发技能的工具，使得篡改这些文件的威胁日益增加。理论上，一次复杂的攻击可以在犯罪现场证据被扫描后添加或删除 DNA 概况，从而营造出嫌疑人不在现场或无辜者在现场的假象。
目前尚不清楚该安全漏洞是否会影响待决或过去的起诉。辩护律师在案件中经常对 DNA 的采集和分析提出挑战。
参与该项目的 Perlmutter 法律公正中心的政策与改革主任 Sarah Chu 表示，这项研究突显了在一个“关乎生命与自由的系统中”协议的滞后。
四分之三的学生在家里使用英语以外的语言交流。
有些事情感觉更像初创公司而非学校。教师签署了保密协议。一些幼儿在家里佩戴录音设备，以统计与护理人员的往返对话，这是旨在促进语言发展计划的一部分。
Chan 经常出现在校园，包括给幼儿园学生读 Mo Willems 的书（《鸽子需要洗澡！》）。在与芝麻工作室（Sesame Workshop）联合推出课程期间，Chan 在一段宣传视频中与 Elmo 幽默互动。教师们参加了该工作室的 50 周年庆典活动，并会见了米歇尔·奥巴马。
但该学校也面临一些挑战，包括校长离职率高。前员工表示，学校最初在特殊教育和学生纪律方面缺乏明确的计划和方法。
曾在 2019 年被聘为顾问的前中学校长 Katherine Carter 表示，当时“对于创办一所学校所需的时间、支持和规划量确实缺乏认识”。Carter 于 2024 年离职，她表示一所新学校的运行方式需要五年时间才能成熟。Primary School 的创始成员 Lindsey Luebchow 表示，学校在寻找合适的课程和政策方面花费了时间。她说，校长频繁更换是由于“在单一学校中管理多个项目”这一结构性挑战导致的结果。
Chan 在大约八年时间里（直到 2023 年）担任 Primary School 的共同创始人兼董事会主席；CZI 是主要的资助方。CZI 表示，永久拥有一个主要资助者并非最初的计划，而是一个“主要通过公共投资来维持”的模式。CZI 表示，Chan 曾游说她的关系网以“引入其他资金来源”。
但 Brizard 表示，寻找能够补充 CZI 资金的捐赠者非常困难。这位前芝加哥公立学校负责人说道：“你为什么要给一个由世界上最富有的人之一资助的实体捐钱？” 29 岁的 Angelica Cardenas 表示，她是通过新闻得知关闭消息的，她的 3 岁女儿以及其兄弟姐妹的五个孩子都就读于此。Cardenas 说：“如果他们知道将停止对我们社区的投资，应该早些告知。” 一份斯坦福大学的报告发现，在 2025 年春季，当地三年级及以上学生中只有 14% 达到了读写标准；而在该小学，这一比例为 26%；全州范围则为 47%。校方表示，许多在校就读十年之久的八年级学生，在最后一学年的年级水平熟练度达到了 50% 以上。Fakapelea 的长女今年 13 岁，她是 6 月该校唯一的八年级毕业班中两名发言者之一。毕业后，当家人为她戴上花环时，她流下了眼泪。
在密歇根州 与 环孢子虫 爆发有关
作者：VICTORIA ALBERT
据密歇根州公共卫生官员称，今年夏天在美国蔓延的环孢子虫病 (cyclosporiasis) 爆发已导致两人死亡，这是此次异常大规模食源性疾病暴发中记录到的首批死亡病例。
密歇根州卫生与人类服务部表示，两名死者均患有“严重的潜在健康问题”，这些问题可能因环孢子虫病和脱水而加剧。该部门未提供关于死者的进一步信息，但表示环孢子虫病在美国导致死亡的情况并不常见。
美国目前正面临严重的环孢子虫病爆发。这是一种由环孢子虫寄生虫引起的食源性疾病，其特点是会出现可能持续数周的爆发性腹泻。
虽然密歇根州的病例数特别高，但已有 40 个以上的州报告了病例。当局一直将各项环孢子虫暴发视为独立事件进行调查，但它们之间可能存在关联，只是调查人员目前尚未能够将它们联系起来。
规模最大的一次暴发与 Taylor Farms 的切碎冰山生菜有关，该产品在包括 Taco Bell 在内的零售商处销售。7 月 17 日，Taylor Farms 表示将把所有源自墨西哥中部的冰山生菜从美国市场撤回。Taco Bell 在同一天完成了将其供应链中潜在受影响产品的下架工作。
LINDSEY WASSON / AP
在与贝尔的众议院初选 重赛中，进步派将此视为 左翼权力上升的衡量标准
作者：TERELL WRIGHT
圣路易斯——在 2024 年民主党初选失利后的让步演讲中，时任众议员科里·布什（Cori Bush）向 Aipac（一个投入数百万美元试图击败她的亲以色列组织）发出了严厉警告：“我要来摧毁你们的王国。”
两年后，布什正试图通过东山再起，夺回她在密苏里州失去的这个深蓝色选区。该席位目前由民主党众议员卫斯理·贝尔（Wesley Bell）持有，后者是一名曾在检察机关工作、以温和派候选人身份代表圣路易斯及其部分内郊区的人员。
周二的这场重赛标志着一次高关注度的测试，旨在确定民主党选民希望走向哪个方向：是以贝尔为代表的务实、温和路径，还是布什所追求的向左转方向（布什曾是著名的进步派立法者团体“小分队”成员）。
此次初选还将显示，在布什再次面临对手及外部团体巨额资金压制的竞争中，选民是否愿意给她第二次机会。
“我想回去重新工作，”布什在一次采访中表示，并承诺如果当选将为推动党派进一步向左转而奋斗。“我对民主党党团感到沮丧，因为我觉得我们可以做得更多，”她指出了保护堕胎权和打击 Project 2025 政府削减预算等议题。
自从布什失败以来，许多民主党选民已转向她所倡导的立场。她对以色列的批评现在在党内广泛传播，而那些推行与布什相同的进步政策（如全民免费医疗）的候选人已经在系列高关注度竞选中获胜。与纽约市市长佐赫兰·马姆达尼（Zohran Mamdani）一样，她将自己定义为民主社会主义者。
她目前正面临铺天盖地的负面广告袭击。来自与 Aipac 结盟的“联合民主项目”（United Democracy Project）的广告将她描绘成在国会职责中懈怠，且对总统乔·拜登和副总统卡玛拉·哈里斯持有敌意。
科里·布什
卫斯理·贝尔
华盛顿 美国移民与海关执法局（ICE）代理局长 出售监狱股票 据发送给参议员伊丽莎白·沃伦（Elizabeth Warren，马萨诸塞州民主党人）的一封信称，美国移民与海关执法局（ICE）代理局长大卫·文图雷拉（David Venturella）已抛售其持有的 Geo Group 股票，并宣布回避“所有与拘留相关的合同和义务”以及其他涉及这家私人监狱公司的特定事务。
文图雷拉此前在 Geo（一家大型私人监狱运营商）工作，去年后回到国土安全部，他曾在奥巴马政府期间在此工作。
根据 SEC 的一份文件，文图雷拉在 2012 到 2023 期间为 Geo Group 工作，随后在该私人监狱公司担任顾问直至 Jan. 31, 2025,。
今年 6 月，他接替了之前的代理局长托德·莱昂斯（Todd Lyons），文图雷拉曾担任后者的首席顾问。
虽然文图雷拉目前担任代理局长，但特朗普已选择俄克拉荷马州执法老兵兰斯·施罗耶（Lance Schroyer）作为该机构的下一任正式局长。但施罗耶尚未举行确认听证会，其任命的时间表尚不明确。自奥巴马政府以来，美国移民与海关执法局（ICE）一直没有经过确认的局长。
根据特朗普政府去年签署的合同，Geo Group 正在美国各地重新开放监狱，以安置美国移民与海关执法局（ICE）的被拘留者。
国土安全部的一位发言人表示：“美国移民与海关执法局代理局长遵守所有伦理要求。” ——Marianne LeVine
卡塔尔捐赠的“空军一号”与其他总统专机相比如何？
总统飞机
已退役 在用
“神圣之牛” 罗斯福
“独立号” 杜鲁门
“Columbine II” 艾森豪威尔
“Columbine III” 艾森豪威尔
“女王号”
SAM-26000 肯尼迪
SAM-27000 尼克松
SAM-28000 乔治·H·W·布什
SAM-29000 乔治·H·W·布什
卡塔尔“桥梁”飞机 特朗普
50 60 70 80 90 2000 10 20 30 1945 2025
选民轮到：周一在迈阿密立起了一块佛罗里达州初选邮寄投票的指示牌。
布朗大学 校长帕克森 将于明年离任
布朗大学校长克里斯蒂娜·帕克森（Christina Paxson）表示，她将于明年卸任这所常春藤盟校的领导职务。
帕克森是常春藤盟校中任职时间最长的校长，她的任期与高等教育最动荡的时期相重叠。她曾应对全球大流行病、特朗普总统对精英大学的猛烈抨击，以及发生在罗得岛州普罗维登斯校园内导致两名学生死亡的枪击事件。
帕克森原定于去年退休，但在特朗普冻结了 $5.1 亿研究资金后，她延长了任期。
当前 飞机
任职时间最长的 总统专机 仍在使用中。
目前尚不清楚在特朗普之后，这架卡塔尔喷气机将作为“空军一号”使用多久。
他们在任职期间，并强调了她在 2021 年对两党基础设施法案投出的反对票。在最近几天访问该选区期间，许多选民重复了对其过往记录的这些攻击。
布什（Bush）打赌，民主党内部的不满，加上她作为一名不惧于引起争议的活动家的名声，将促使选民转向支持她。布什自己的广告将她刻画成一名战士，不依附于 Aipac（美国以色列公共事务委员会的缩写）或其他特殊利益集团。
Aipac 发言人德林·苏萨（Deryn Sousa）表示，贝尔（Bell）是一个“严肃的，
与白宫达成了一项协议，其中包括向罗德岛州的劳动力发展计划提供 $50 million 的资金。该交易引发了学生和教职员工的批评。
在周一给布朗大学社区的一封信中，帕克森表示，她“很自豪我们与联邦政府达成协议，在保持布朗大学价值观的同时恢复了我们的资金”。10月，帕克森拒绝签署特朗普政府一项关于高等教育原则的具有争议的“协议”（Compact）。
她任期内最黑暗的时刻发生在12月，当时一名枪手在 lecture-hall 袭击中杀死了两名学生并导致九人受伤。 —Douglas Belkin
作者：JACK MORPHET
美国众议院伦理委员会得出结论，众议员查克·爱德华兹（Chuck Edwards，共和党，北卡罗来纳州）对女性众议院工作人员进行了不受欢迎的性挑逗，并建议对其进行谴责。
该小组发现有“充分理由”认为，爱德华兹对在他国会办公室工作的两名年轻女性的行为违反了与性骚扰和敌对工作环境相关的众议院规则。其中一名女性 19 岁，另一名在 20 岁出头。
委员会在周一发布的 25 页报告中得出结论，爱德华兹经常对工作人员的外貌和体重发表评论，在半夜给她们发送信息，发送深刻的个人且看似浪漫的想法，在未经邀请的情况下介入私人场合，支付个人度假费用，并花费数千美元购买礼物。“爱德华兹代表对两名年轻职员所做的这一切……”
MICHAEL B. THOMAS 为 WSJ 撰写
相比于布什，认为其是“亲以色列美国人引以为傲并支持的原则性领导者”。 布什现年 50 岁，在 2014. 年迈克尔·布朗（Michael Brown Jr.）被一名白人警员杀死后引发的密苏里州弗格森抗议活动中崭露头角。她在 2020 年的一次初选中击败了长期担任民主党众议员的威廉·莱西·克莱（William Lacy Clay）。 她曾经历无家可归，一度住在车里，她表示这段经历塑造了她的政治观点。2021, 年，她带头努力延长新冠疫情期间的驱逐暂停令，曾在国会大厦台阶上睡了四个晚上。
纽约 公用事业公司在遭受网络攻击后获得资金 在针对至少七个州的供水设施的网络攻击之后，纽约州正向当地公用事业公司提供超过 $9 million 的资金，以加强其数字化防御。 州长凯茜·霍库尔（Kathy Hochul）周一公布了用于 151 个水务和废水处理系统的资金。在此公告发布前几天，联邦当局披露，自 7 月 27 日以来，多州的供水运行遭到攻击并受到干扰。 纽约州在今年早些时候为许多饮用水和废水处理系统制定了强制性的网络安全要求。 —James Rundle
报告称，在一段持续的时间内重复地……是极其不恰当的。 爱德华兹现年 65 岁，已婚，正在竞选第三任期。 一名竞选发言人表示，委员会的调查结果“认定此案中的指控不涉及对价性性骚扰”。该发言人表示，爱德华兹“期待洗清自己的名誉，并将努力确保这一过程完全透明”。 委员会发现，爱德华兹为了给一名 20 岁出头的工作人员装饰圣诞树而缺席众议院投票，为其预约并支付了按摩和水疗费用，并为她写诗，并在她的离职派对上流泪诵读。 爱德华兹还安排一名歌手在该工作人员生日时为其演唱。随后，该工作人员告诉一名朋友，她认为这位国会议员并没有把她仅仅视为“女儿一样的人物”，并且她感到“内心有些害怕”。
布什最坚定的支持者来自圣路易斯最贫困的社区，她在那里作为社区活动家的背景使其成为了低收入居民心中的捍卫者。相比之下，贝尔在较富裕的圣路易斯县郊区拥有强力支持。 “我觉得韦斯利·贝尔实际上并没有为圣路易斯市的公民做任何事情，”58, 岁的德梅恩·史密斯（Demoine Smith）说道，他将投票给布什。“科里在为我们工作。” 65, 岁的罗伯特·比安科（Robert Bianco）表示，他支持贝尔是因为后者的检察官职业生涯，并表示他不喜欢布什针对拜登和哈里斯的敌对措辞。比安科说他对贝尔有一个不满：即他认为贝尔对以色列的支持过于深厚。 “这是我觉得有点不安的事情之一，”比安科说。 两年前，选民倾向于中间路线，贝尔以 5 个百分点的优势获胜。 根据联邦选举委员会的备案资料，在本次竞选中，贝尔共筹集了 $3.6 million，几乎是布什竞选活动筹集金额 $1.3 million 的三倍。贝尔还受益于 $2.1 million 的广告支出——
MICHAEL THOMAS / AP
撤销 特朗普基金
接第一页
特朗普支持者在国会山采取的行动。布兰奇在接下来的几周内表示司法部将放弃该基金，但直到周日发布消息之前，他尚未正式将其以书面形式记录在案。科宁（Cornyn）的办公室在周日晚些时候表示，他已达成一项协议，司法部承诺正式终止该基金，并在一份“具有约束力的书面文件”中明确审计保护的范围是有限的。这一宣布正值参议院司法委员会计划于周二对布兰奇进行投票之前，这可能为布兰奇在本周内获得确认扫清障碍。该委员会上周取消了一次投票，因为科宁和蒂利斯（Tillis）拒绝支持布兰奇。这两位议员都与特朗普发生过冲突，且明年将不再返回参议院。虽然科宁和蒂利斯的支持可能足以让布兰奇通过参议院委员会的一个关键门槛，但目前尚不清楚布兰奇在整个参议院中是否拥有足够的支持以最终获得确认，以及最终投票将于何时举行。民主党人反对布兰奇的提名，并称该基金和审计保护均是错误且腐败的。该基金原本可能被用于支付给特朗普的盟友，而审计保护则是特朗普与其自身政府之间一项极具争议的协议的产物。该协议结束了一场由总统针对美国国税局（IRS）发起的数额高达 $10 亿的异常诉讼，起因为一名承包商在其第一任期内非法泄露了他的税单。在其他泄密案件中，司法部一直为政府辩护，认为美国不对承包商的行为负责。而在这个案件中，司法部的律师从未在法庭上出现，而是直接与总统的律师达成了协议。佛罗里达州的一名联邦法官表示，特朗普提起此诉讼是出于恶意且目的不纯，该法官正考虑强制总统向其他介入此案的人员支付律师费。司法部目前的新承诺在法律上具有多少约束力或重要性尚不明确。值得注意的是，创建该基金的协议文本中提到，只有在包括国税局、司法部以及以个人身份参与的特朗普在内的所有签署方均同意的情况下，才能对其进行修改。
CRISTOBAL HERRERA-ULASHKEVICH / EPA / SHUTTERSTOCK
根据 AdImpact 的数据，资金来自与 Aipac 结盟的“联合民主项目”（United Democracy Project）以及来自与中间派结盟的“新民主多数”（New Democrat Majority）超级政治行动委员会的约 $700,000。 根据联邦选举委员会（FEC）的文件，截至 7 月中旬，贝尔（Bell）手中仍有超过 $1 million 可用于支出，而布什（Bush）仅有约 $98,000。 布什得到了美国民主社会主义者和参议员伯尼·桑德斯（Bernie Sanders，佛蒙特州民主党人）的支持。贝尔则得到了国会黑人代表团和众议院民主党领袖哈基姆·杰弗里斯（Hakeem Jeffries，纽约州民主党人）的支持。 现年 51 岁的贝尔表示，尽管他支持以色列，但他对总理本雅明·内塔尼亚胡（Benjamin Netanyahu）持批评态度。上个月，他投票反对了一项由约一半众议院民主党人支持的修正案，该修正案旨在取消对以色列的军事援助。他还支持诸如“全民医疗保险”（Medicare for All）等进步事业。 布什面临过几次争议。在 2024 年，她表示司法部正在调查她的竞选团队是否不当地向她的丈夫支付费用以提供私人安保，她对此予以否认。她未被指控犯有任何罪行。
性。布兰奇（Blanche）的新指令并未改变这项三方协议。科宁（Cornyn）在布兰奇的确认听证会上指出，如果司法部未能设立该基金，特朗普（Trump）可能会起诉其违约，而总统一直支持设立基金的想法。此外，即使没有该基金，政府仍有权向向政府提起索赔或诉讼的人员支付结算款。在被问及撤销基金的决定时，特朗普在周一表示他个人并未参与其中。“我没看那个，”他告诉记者。“我只知道，托德·布兰奇（Todd Blanche）很出色。” 布兰奇在 5 月 19 日的一份文件中提供了审计保护。按照书面描述，该保护不仅适用于原诉讼中的原告，还适用于“相关或关联个人”以及“相关公司”。它不仅结束了现有的税务审计，还禁止政府追究“可能处于待处理状态”的事项，并明确适用于“其他机构或部门”。 在科宁的质询下，布兰奇表示，该指令旨在仅适用于美国国税局（IRS）以及案件中指名的原告：特朗普、他的两个儿子和特朗普组织。在周日的声明中，布兰奇表示这项救济仅具有追溯力。并称他坚持关于缩小范围的证词。 然而，目前尚不清楚布兰奇是否有权结束税务案件，根据税法，除非案件被专门移交给司法部进行诉讼，否则此权力归国税局所有。“这些保证就像废纸一样毫无价值，”纽约大学税务法中心政策主任布兰登·德博特（Brandon DeBot）表示。“它们没有采取任何新措施来阻止总统试图恢复该基金，正如他本周末所威胁的那样。很明显，我们需要国会采取行动。” “这个所谓的‘协议’无法阻止未来向暴力起义者进行赔付，”参议员亚当·希夫（Adam Schiff，加州民主党人）表示，他同时批评了对特朗普持续提供的税务审计保护。他说，这无法防止[政府]在下周“让这项小金库死而复生”，或者使用另一个司法部基金进行支付。 特朗普仍有望获得巨大利益。他的税务问题并不公开，但《纽约时报》在 2024 年报道称，特朗普与国税局之间存在一项可能超过 $100 million 的争议。布兰奇在周日晚上的社交媒体帖文中表示，书面结算修订是在过去几周的“诚意讨论”之后得出的。
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未与美国就开放 霍尔姆兹海峡进行谈判
关于管理该水道 交通流量的讨论 与阿曼仍在继续
作者：SUMMER SAID 与 BENOIT FAUCON
在特朗普总统表示他已取消对该国的一次重大打击，以给霍尔姆兹海峡交通恢复谈判争取更多时间后，伊朗周一表示，目前没有与美国进行任何谈判，也没有计划任何会议。
在周末，特朗普表示，在美国盟友介入之前，他已准备好批准他所描述的自第二次世界大战以来规模最大的军事袭击。
“我们已经准备就绪，但当盟友要求取消时，你得说，‘好吧，让我们看看，’ ”他周日告诉记者。
伊朗外交部发言人埃斯梅尔·巴盖伊（Esmail Baghaei）否认了特朗普关于谈判正在进行的说法，并指出伊朗尚未派遣代表团或谈判代表参与任何讨论。
他表示，除外交部长阿巴斯·阿拉格齐（Abbas Araghchi）正在伊拉克访问一座宗教场所外，伊朗所有的谈判代表仍在该国境内。
在周一的一篇社交媒体帖子中，特朗普将伊朗领导层描述为“难以置信的阴险”，称他们请求就结束战争进行谈判，随后又宣布没有进行任何讨论。
“除非我们允许，否则没有什么能进入伊朗；除非达成协议或完全投降，否则任何东西都无法通过，”这位美国总统说道。
随后，特朗普在椭圆形办公室告诉记者：“这是他们签署一份良好文件的最后机会。”
不过，伊朗外交部承认，德黑兰方面仍在继续进行谈判
作者：MARGHERITA STANCATI
耶路撒冷——在耶路撒冷的旧城，一群以色列青少年最近敲响了亚美尼亚使徒教会总部的门，询问里面是否有基督徒。他们想要向他们吐口水。这些男孩说，羞辱基督徒，或者按照他们的说法，羞辱“偶像崇拜者”，是一种宗教义务，即“mitzvah”。一名裹着以色列国旗的青少年解释道：“我们应该憎恨他们。”
他们是数千名以色列年轻人中的一员，在那个五月的下午，他们穿过历史悠久的旧城参加一项国家庆典，以纪念 1967 年夺取东耶路撒冷。这是一场年度性的武力展示，该地区绝大多数的巴勒斯坦居民认为这具有挑衅性。
根据监控录像、目击者以及一名在现场的《华尔街日报》记者的记录，仅在亚美尼亚教堂附近，那个下午就发生了至少十起吐口水事件。反基督徒的仇恨事件曾是零星发生的，但现在在耶路撒冷这一基督教、犹太教和伊斯兰教共同视为圣地的城市中，正变得常规化。调查显示，大多数以色列人谴责这种行为，但对基督教的负面态度已变得更加普遍，尤其是在年轻人之。
这些事件让以色列的右翼政府感到尴尬。该政府声称致力于在一个歧视现象普遍的地区维护宗教自由。政府已经任命了一位新的阿拉伯基督徒大使，以帮助改善与基督教社区的关系。
路透社
伊朗和地区调解方一直在讨论在霍尔木兹海峡创建一条临时航线。
与阿曼就如何管理霍尔木兹海峡进行讨论，该海峡一直处于华盛顿与德黑兰之间僵局的中心。这两个濒海国家之间的讨论在近日变得更加重要，阿曼和伊朗均指出已取得一定进展。
伊朗官方媒体此前援引外交部长阿拉格奇的话称，关于建立船只通过霍尔木兹海峡机制的讨论“即将完成且处于最后阶段”。
特朗普也暗示这些讨论正在取得进展。他在周六晚上的一篇社交媒体帖子中写道，伊朗和其他中东国家敦促他取消袭击，因为“协议的框架”已经敲定。
调解方告诉《华尔街日报》，伊朗一直在与阿曼和其他地区调解方讨论创建一条通过霍尔木兹海峡的新临时航线，这将允许商业航运恢复。
根据该提案，前往波斯湾的船只将通过伊朗海域进入。
社区，但批评者认为其做得还不够。
“现实情况是：任何基督徒——显而易见的基督徒——都正在成为攻击目标，”监测反基督教仇恨的以色列学者 Yisca Harani 表示，“从事此类行为的宗教犹太人数量正在增加，而以色列当局并未对此给予足够重视。他们对此睁一只眼闭一只眼，这实际上是一种鼓励。”
反基督教行为的增加是一个相对较新的现象。在 2013 年，袭击者亵渎了耶路撒冷的一处新教墓地。两年后，犹太极端分子在塔巴加（Tabgha）的一座修道院纵火，基督徒认为那里是耶稣施行“五饼二鱼”神迹的地方。
以色列极右翼国家安全部长 Itamar Ben-Gvir 曾担任这些纵火犯的辩护律师。他曾表示，向基督徒吐唾液是古老的犹太习俗，不应被视为犯罪。
学者 Harani 三年前开始通过她创办的组织“宗教自由数据中心”记录反基督教事件。在 2026 年上半年，Harani 的组织登记了 107 起反基督教事件，是 2024 年同期记录数据的两倍多。大多数事件发生在耶路撒冷旧城及其周边地区，最常见的形式是吐唾液和言语辱骂，包括大喊“基督徒死掉”。垃圾也经常被扔向修道院。
居住在耶路撒冷的基督徒绝大多数是巴勒斯坦阿拉伯人。但许多反基督教行为的目标是指向外国神职人员、修女以及这座城市中明显的基督教标志，据称
他们表示，（船只）可以通过阿曼海域离开而无需支付费用。调解员称，伊朗外交官最初对最新提议反应积极，但随后要求保证不再对伊朗发动袭击，并取消对其石油的制裁。调解员还在等待伊斯兰革命卫队的回复，该准军事组织掌握着伊朗的权力杠杆。
他们表示，如果就该战略水道达成临时协议，谈判将转向重启最初的谅解备忘录，以在 60 天内解决海峡冲突；并补充说，巴基斯坦已提议主持德黑兰与华盛顿之间的下一轮会谈。
阿曼与伊朗之间的谈判重点是就海峡内的航运过境达成临时安排，此举将有助于重新开放该水道，并帮助调解员重启关于初步和平协议的谈判。
据熟悉此事的阿拉伯高级官员称，地区国家还要求调解员确保任何协议都应包含保证，即伊朗及其代理人均不会对其领土构成威胁。
由于人们希望最终能达成重新开放霍尔木兹海峡的协议，国际油价在周一晚些时候下跌了约 5%，布伦特原油价格跌至每桶 84 美元左右。
然而，谈判能否成功仍存在不确定性。早期的努力未能取得太大进展，如果此次再次停滞，特朗普仍有可能恢复其发动大规模军事打击的威胁。
此外，还有一个问题是，如果任何开放霍尔木兹海峡的协议不能让伊朗完全控制该水道，伊斯兰革命卫队是否会同意。
英国海军的航运监控机构 UKMTO 报告称，周日晚间，一名位于阿曼东北 20 海里处的油轮船长报告称，在船只附近听到了爆炸声。
该机构表示：“据报道，船只和船员均安全。当局正在调查。建议船只谨慎通行，并将任何可疑活动报告给 UKMTO。”
OFIR BERMAN 为 WSJ 供稿 (3)
（从上起顺时针方向：年轻的以色列人在耶路撒冷日旗帜游行中庆祝；神职人员、修女和基督教符号经常成为反基督教行为的目标；圣墓教堂的一名导游。）
……（向）受害者和监测此类事件的权利团体报告。
4月，一名法国修女在耶路撒冷的锡安山被一名犹太极端分子推倒在地。该修女的头部伤势已痊愈，一名肇事者被迅速拘留，但受害者和权利团体表示，大多数此类事件通常是非暴力的，且未受到惩罚。
现在许多修女由于过于恐惧而不敢在耶路撒冷出门。来自 Harani 组织的志愿者护送她们在锡安山的修道院与她们位于旧城的住所之间往返。
学者和活动人士表示，虽然只有少数极端分子从事此类行为，但它反映了一个更广泛的问题：年轻的以色列人缺乏关于基督教的知识，而他们掌握的一点知识往往助长了不宽容。
耶路撒冷开放大学的基督教历史教授 Orit Ramon 表示：“他们对基督教的认知并不复杂。他们主要通过欧洲基督徒对犹太人实施的暴力事件来了解基督教社会。”
华盛顿——特朗普总统表示，雪佛龙和埃克森美孚“赚得太多了”，应该将部分利润返还给公众。
埃克森美孚 “赚钱太多”
作者：Marianne LeVine, Benoît Morenne 以及 Collin Eaton
“当你看到一家公司赚的钱是前一年的 12 倍时，他们应该把其中的一部分回馈给公众，”特朗普周一告诉记者。“而且他们最好降低零售价格，即消费者价格。”
在特朗普在伊朗的战争导致全球市场出现历史性紊乱并推高能源价格后，美国最大的石油公司报告了创纪录的季度利润。
埃克森美孚的季度利润比一年前增加了一倍多，达到 145 亿美元，为 2022 年以来最高水平。雪佛龙的季度盈利创下历史最高纪录，达到 121 亿美元。埃克森美孚和雪佛龙均拒绝发表评论。
由于油价在每桶 100 美元左右，5 月下旬美国汽油的全国平均价格突破了每加仑 4.55 美元。今年早些时候，由于伊朗境内时有冲突，导致霍尔穆兹海峡大部分时间处于关闭状态，加油站的价格在随后几个月里持续攀升。
该水道是全球能源市场的关键节点。在 2 月份战争开始前，全球每日石油需求的 20% 经过该海峡。
分析师表示，特朗普和石油工业在缓解高价方面几乎没有选择——而且许多方法已经尝试过。自春季以来，美国战略石油储备的大规模提取已使应急库存处于 20 世纪 80 年代初以来的最低水平；随着石油出口激增，商业库存也随之萎缩。
他们表示，只有重新开放该海峡才能确保全球供应量上升到足以满足世界需求的程度。
“他试图利用职位的权威来劝说公司降低价格。我们在过去并未看到这种做法能取得成功，”咨询公司 Rapidan Energy Group 的能源政策主任 Glenn Schwartz 表示。“特朗普敏锐地意识到，随着中期选举临近，高油价和高零售汽油价会给现任者，尤其是共和党人，带来政治上的不利后果。”
特朗普将自己描述为一名“坚定的自由企业支持者”，但他表示，他对石油工业的利润感到沮丧，因为这些利润是在他发起的伊朗战争导致燃料价格上涨的情况下获得的。在谈到该行业的利润时，他说：“你们可能惊讶于我会这么说。我会大声且清晰地说：我对此并不满意。”
特朗普最新对油气行业的攻击与前总统乔·拜登的批评相呼应。2022 年，在俄罗斯入侵乌克兰后，原油价格飙升，大型石油公司的利润随之增长，这促使拜登指责化石燃料公司通过战争牟利，并呼吁国会通过立法惩罚这些公司。
当天早些时候，在雪佛龙首席执行官 Mike Wirth 接受福克斯商业频道 Maria Bartiromo 的采访后，特朗普在 Truth Social 的帖文中批评了 Wirth。Wirth 在采访中强调了该公司在美国创纪录的油气产量和燃料制造能力。
“他唯一方便地忘记提到的事情是，如果没有特朗普政府的天才、远见、实力和稳定性，石油工业以及我们国家本身都将死掉！”特朗普写道。
美国大使 推动签证发放
以色列境内反基督教的行为，考验着德黑兰在美国最坚定的盟友们的支持程度。
当迈克·哈卡比（Mike Huckabee）在去年接任美国驻以色列大使时，他震惊地发现福音派基督教组织在办理签证时陷入困境。哈卡比曾经营一家将基督徒朝圣者带往该地区的旅游公司。此前并未有此类事件报道。哈卡比向以色列内政部长求助，但问题依然存在，于是他转向总理本雅明·内塔尼亚胡（Benjamin Netanyahu），后者协助发放了签证。
哈卡比表示，主要障碍似乎是内政部的一名持有反基督教偏见的官员。
“以色列国最好的朋友就是来自美国的福音派基督徒，”哈卡比在一次采访中说道。“如果他们的组织无法让人员持有神职人员签证前来服务，那将是他们可能传递的最不幸的信息。”
一些犹太极端分子表示，他们希望耶路撒冷的教堂被摧毁或改为犹太会堂。
其中就包括 19 岁的阿塔拉·塞瓦蒂恩（Atara Serwatien）。“这应该是一个犹太国家，”她解释道。
根据一家总部位于以色列的跨宗教组织——罗辛教育与对话中心（Rossing Center for Education and Dialogue）9 月公布的一项民意调查，大约一半的以色列人认为进入教堂是被禁止的，这一比例高于 2008 年的 10%。同样比例的受访者表示，他们认为基督教是一种偶像崇拜。
2026年8月4日，星期二 / A7 国际新闻
路透社 (REUTERS)
大多数来到休达的移民在周日之前已返回摩洛哥。周一仍有一些人留在临时设施中。
西班牙领土， 一个文化的熔炉， 如今成为两大洲之间的 冲突焦点
作者：BENOIT FAUCON
西班牙，休达——截至周日上午，数万名涌入这座西班牙小城市的移民几乎全部离开。但突然的大规模涌入所带来的创伤依然存在。在地中海的一片海滩上，无数鞋子在蓝色海水中漂浮，这些鞋子被那些通过直布罗陀海峡，从摩洛哥海岸游向这块西班牙领土的移民们遗弃。卫生工人埃瓦里斯托·卡萨雷斯·费尔南德斯 (Evaristo Casares Fernandez) 意识到，清理这些漂浮的鞋类垃圾将由他来负责。
“这里曾经是一个非常宁静的地方，”55 岁的休达当地人卡萨雷斯·费尔南德斯说道，“现在不再是那样了。”
几个世纪以来，这座城市一直是一个多民族的熔炉，欧洲与非洲、穆斯林与基督教文化在这里交汇，且大多和平共处。其西班牙军事防御工事、教堂、清真寺和犹太会堂的混合布局在北非地区十分罕见。
而现在，它成为了移民问题在两大洲之间撕开的深渊的象征。在过去几天混乱的期间里……
与红十字会会面
作者：MIKE CHERNEY
新加坡——缅甸饱受争议的民主图标昂山素季（Aung San Suu Kyi）周一与一名红十字会官员会面，这证明了这位前领导人依然在世，此前其支持者一直对其健康状况表示担忧。
根据缅甸总统府的一份声明（该声明发布在一家官方媒体的 Telegram 频道上），昂山素季会见了红十字国际委员会驻在代表阿尔诺·德·贝克（Arnaud de Baecque）。红十字会确认了此次访问。
昂山素季的家人和支持者表示，他们多年未收到她的消息。她定居伦敦的儿子金·阿里斯（Kim Aris）一直在发起活动，要求缅甸当局提供她还活着的证明。
昂山素季的状况和下落已成为缅甸及其邻国之间紧张关系的焦点。这次会面对缅甸军政府——该政权在今年早些时候完成了选举——在寻求国际合法性的活动中可能会有所帮助。
分析人士表示，投票受到严格控制，军方实际上在管理国家。缅甸总统是敏昂格莱（Min Aung Hlaing），直到最近他还是军方的总司令。
与此同时，军方与亲民主活动人士及少数民族团体之间正爆发着内战。在中国的支持下，军方近期取得了一些进展。
缅甸政府未说明此次会面的起因或讨论的内容。
总统府发言人凯因·凯因·索（Khaing Khaing Soe）在随后的消息中表示，昂山素季健康状况良好。
周一还公布了 81 岁的昂山素季的照片，其中包括一张她在木墙房间里与一名看似德·贝克的人握手的照片，以及另一张两人坐在椅子上的照片。
红十字会表示，此次访问是按照其探视被剥夺自由人员的程序进行的，其中包括单独交谈的机会。该组织未对昂山素季的健康或状况提供评估。
上周，移民涌入休达（Ceuta），使边境守卫不堪重负，迫使 80,000 名永久居民躲在安全的家中。商店关闭，该飞地繁华的街道生活消失了。
梅赛德斯·卡布雷拉·拉法罗（Mercedes Cabrera Lafaro）希望在大群年轻男子不再在街上游荡后重新开业她的美容院。但这位 67 岁的女性表示，人们仍然担心这种涌入的情况会再次发生。
“我们感到被抛弃了，”她说，这呼应了当地人（自称为 Ceutíes）广泛共有的不满。
西班牙当局估计有 60,000 名移民突破边境并进入休达，但一些居民表示人数似乎更多。马德里派遣警察和军队在周六晚前将大多数移民围拢并护送到与摩洛哥的边境。
这一事件凸显了西班牙与摩洛哥之间紧张的关系，摩洛哥不承认西班牙对休达的所有权。移民表示，摩洛哥允许他们跨境的原因尚不明确。摩洛哥政府未回应置评请求。
政治分析人士指出，西班牙首相佩德罗·桑切斯（Pedro Sánchez）最近访问了摩洛哥的邻国兼竞争对手阿尔及利亚。阿尔及利亚
正在干涸
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“最艰难的日子还在后面，”匈牙利总理彼得·马加亚尔（Péter Magyar）周一在社交媒体上表示。此次停电加剧了马加亚尔的经济头痛，他目前正面临着减少财政赤字并促进增长的压力。
凯投宏观（Capital Economics）首席新兴市场经济学家威廉·杰克逊（William Jackson）表示，长期的能源危机可能会迫使政府增加对电力部门的财政支持，并阻碍制造业投资。“如果人们对能源可靠性产生担忧，这可能会影响投资决策，”他说。
多瑙河的情况也给旅游业带来了困扰。这条河被作曲家约翰·施特劳斯二世（Johann Strauss II）在《蓝色多瑙河》中使其永恒，但现在从游轮窗户看到的景色却是干涸河床那浓重的灰褐色。
上周，由于保加利亚城市维丁（Vidin）附近的低水位，一艘维京（Viking）游轮搁浅在沙洲上，导致 186 名乘客不得不被转移至岸上。维京公司表示，其游客已被安全转移至岸上。该公司拥有庞大的船队和丰富的欧洲河流航行经验，但它警告称，部分行程可能需要修改。
几家游轮运营商已经取消了航程。
“莱茵河、多瑙河以及摩泽尔河（Moselle）和美因河（Main）的大部分河段已无法航行，因此我们重点关注那些仍有足够深度可供巡航的河段，”德国运营商 Viva Cruises 的副总裁帕特里克·埃尔（Patrick Ell）表示。Viva 已经取消了一次巡航并更改了其他航线的路线。
在莱茵河上，距离维京乌鲁尔号（Viking Ullur）搁浅地点的西北方向 800 英里外，一个
支持试图为西撒哈拉争取独立的派系，西撒哈拉曾是西班牙的殖民地，目前被摩洛哥主张拥有主权。桑切斯（Sánchez）对以色列采取了批判立场，而以色列通过一项由特朗普促成的协议与摩洛哥保持关系。
“大规模移民削弱了桑切斯，并 [为摩洛哥] 赢得了美国和以色列的好感，”咨询公司 North Africa Risk Consulting 的总裁杰夫·波特（Geoff Porter）表示。
西班牙政治家们聚集在休达（Ceuta），批评桑切斯允许移民涌入。桑切斯政府为其移民政策辩护，并指责走私黑帮。
周六，西班牙官员表示，他们开始安装一个临时充气屏障，该屏障从一个防波堤向外延伸约 500 码，许多移民曾通过此处游泳进入该飞地。
西班牙总理办公室未回应置评请求。
休达的紧张局势远未结束。周日晚间，当地人与从西班牙本土赶来的反穆斯林抗议者发生冲突，导致警方出动。
摩洛哥当局也处于高度警戒状态。在边境城镇夫尼德克（Fnideq），反骚乱车辆被部署在移民游泳前往休达的海滩沿线。
美联社照片 / BERNAT ARMANGUE
在罗马尼亚的拉索瓦（Rasova），一艘船搁浅在多瑙河沿岸的一个沙地低点。
备受关注的水位计正给依赖该水道的工业公司带来每日的痛苦。
周五，法兰克福以西考布（Kaub）的水深降至约 9 英寸，仅略高于 2018. 年 10 月干旱期间记录的最低水平。德国联邦水道与航运管理局表示，预计本周该地的水位将降至 8 英寸以下。周末期间，北莱茵-威斯特法伦州其他莱茵河水位计（如科隆和杜伊斯堡-鲁尔奥特）也测得创纪录的低水位。
考布是莱茵河上几个水位下降如此之低的点之一，导致船只目前只能承载正常载重量的 20% 到 30%，否则将面临搁浅风险。这意味着运输货物需要更多船只，从而推高了运费。
“我们的运营已接近物理极限，”代表德国商业内河航运业的德国联邦内河航运协会总经理延斯·施万内（Jens Schwanen）表示。
如果干旱持续，可能会导致供应短缺
出现 放缓新迹象
作者：HANNAH MIAO
中国的工厂正显现出新的疲软迹象，这增加了经济增长剧烈放缓的风险——不过，目前看来，这还不足以促使北京方面出台大规模的新刺激措施。
周一发布的一项私人衡量指标显示，中国7月的制造业活动扩张速度低于前一个月。此前，政府周五公布的官方制造业采购经理指数显示，7月的活动在五个月来首次出现收缩。
工厂活动的停滞加剧了中国的经济困境。作为仅次于美国的全球第二大经济体，中国近期一直受到消费需求疲软和投资下降的拖累。第二季度国内生产总值 (GDP,) 同比增长 4.3%，为 2022 年以来的最慢增速。
然而，对于一些经济学家寻求的刺激增长措施（例如显著扩大社会福利支出以及加大对陷入困境的房地产行业的支持），北京方面表现出的意愿较低。在7月下旬举行的执政党政治局会议上，最高领导层强调需要充分利用现有政策，并暗示将提供一些定向支持，但未给出具体的时间表。
研究公司 Pantheon Macroeconomics 的经济学家 Kelvin Lam 在周一的一份报告中写道：“我们不期待会出现‘大炮式’的刺激方案。”
中国一直处于一种“双速经济”状态：出口强劲且拥有前沿技术，而国内消费则陷入低迷，房价依然低迷不振。
该国经济去年也走过了类似的路径，2025 年初增长强劲，但随着时间推移速度逐渐放缓。要求采取措施刺激国内消费的呼声……
以及消费者的价格上涨，例如德国南部的加油站，经济学家表示。
德国钢铁生产商蒂森克虏伯 (Thyssenkrupp) 表示，由于水位过低迫使其推 barge 船队停航，导致原材料交付受阻，尽管已切换至较小的租赁船舶，但该公司仍削减了其杜伊斯堡高炉的铁水产量。
关键的未知数是干旱的持续时间。ING 全球宏观研究负责人 Carsten Brzeski 表示，如果干扰不能尽快减轻，德国的国内生产总值今年可能仅增长 0.5%——而非他此前预测的 0.8%。
基尔世界经济研究所估计，2018 年的一场严重干旱使德国 GDP 降低了近 0.4 个百分点。在那次冲击之后，一些公司采取了措施，通过加强替代路线来降低风险。化学巨头巴斯夫 (BASF) 便是其中之一。
使二战时期的炸弹 和猛犸象骨骼 暴露在外。
中国消费者信心指数
2020 ’21 ’22 ’23 ’24 ’25 ’26 80
来源：中国国家统计局 经由 CEIC
消费问题在很大程度上未得到解答，而出口的激增帮助中国勉强实现了足够的增长，以达成其年度官方目标。 今年，当局已经降低了门槛。中国将今年的 GDP 增长目标设定在 4.5% 至 5% 之间，这是至少自 20 世纪 90 年代以来最低的目标。对于 2026, 上半年，中国报告的实际 GDP 增长率为 4.7%，使其有望实现该目标。 “我们认为，缺乏重大的新刺激计划表明当局仍然认为当前的放缓是可控的，”花旗集团的分析师表示。 全球各国政府日益担心中国依赖出口来驱动增长。欧洲领导人指责北京利用补贴不公平地支持相关产业，导致产能过剩以及大量中国产品涌入欧洲。中国否认其存在产能过剩问题。 经济学家表示，7 月的工厂活动指标表明出口可能会继续保持强劲，而国内需求则继续落后，因为新出口订单的表现好于整体新订单。一些分析师认为，7 月的极端天气导致工厂活动读数较弱。
例如，已投资于浅底驳船，这些驳船在干旱期间具有更好的航行能力。 但欧洲化学品行业已经出现了困境迹象。 Chemical Market Analytics 的执行董事 David Potter 表示，最近苯（许多化学品的关键投入品）价格的上涨，部分可能是由于对供应中断的担忧所驱动。他说，苯的价格对于一些工业用户来说已经太高，无法实现盈利，并补充道，干旱持续时间越长，一些公司暂停生产的可能性就越大。 欧盟的一份干旱更新报告周五表示，长期的干旱天气还威胁着整个欧洲大陆的农作物产量。 报告称，虽然预报显示地中海地区将有降雨，但其他地区在 9 月之前可能会出现“严重干旱且低于平均水平的情况”。
美联社照片 / ANDREEA ALEXANDRU
华尔街日报 世界新闻
美联社照片 / FRANCISCO SECO
雾晨：一名路人在伊斯坦布尔观看一艘渡轮在博斯普鲁斯海峡缓缓行驶。
挪用捐赠 资金
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职责并未能对该学院行使适当的监督。
高等教育正陷入财务困境，而斯特劳斯失去奖学金只是日益增加的附带损害中的一部分。学院领导层正在削减项目、解雇教职人员——并动用捐赠基金来支付运营费用。
校董会正面临巨大的压力，部分成员开始相互攻击，并攻击他们雇用的校长。在极端情况下，学校在捐赠者不知情或未同意的情况下，使用捐赠者用于其他目的的资金来支付日常账单。
这种策略在高等教育的整合过程中创造了一个新的输家：数千名在几代期间向学院和大学捐赠了数十亿美元的慈善家。
根据高等教育财务顾问 Perspective Data Science 的估计，在 2025 年，近 200 所私立学院从受限捐赠基金中借款，高于 2021 年的 131 所。该公司创始人马修·亨德里克斯 (Matthew Hendricks) 表示，学校将大部分资金用于日常开支。
“随着小型学院的关闭，这将成为一个巨大的问题，”Philanthropy Roundtable 的研究员乔安娜·弗洛里诺 (Joanne Florino) 表示，该组织是一家代表慈善家发声的非营利组织。“许多在世的捐赠者发现，他们捐赠的资金并未被用于他们捐赠时的目的。”
新法律
堪萨斯州、肯塔基州、佐治亚州和蒙大拿州在过去几年中通过了立法，使捐赠者更容易对包括学院在内的非营利组织提起法律诉讼，前提是这些组织在预期条款之外使用了受限赠款。弗洛里诺表示，在对误用可能性日益担忧的情况下，Roundtable 推动了该立法的出台。
根据 Huron Consulting Group 的预测，未来十年有超过 440 所学院面临关闭或合并的风险，该咨询公司为学校提供合并建议。
Perspective Data Science 分析了近 1,000 家机构，结果显示，私立非营利学院从捐赠基金中提取比例超过 7%（被视为财务不稳定的迹象）的比例，从 2016 年的 9.7% 几乎翻了一番，在 2025 年达到 19.3%。
提取捐赠基金比例在 15% 的学校百分比则增长至 5%（原文注：此处为三倍增至5%）。
“很多学校正在竭尽全力维持运转，”亨德里克斯说。
学院和大学的入学率正面临所谓的“人口悬崖”，即由于出生率下降导致潜在学生人口减少。在单一年份内出生人数最多的美国人群于去年秋季开始就读大学。现在，根据西部州际高等教育委员会 (Western Interstate Commission for Higher Education) 的预测，到 2041 年，入学人数预计将下降 13%。在中西部和东北部，这种下降已经……
上图，位于俄亥俄州南欧克里德的圣母学院于 2024. 年关闭。5 月，该校园被一家医院买下，右下图所示的学校设备被拍卖。左下图为俄亥俄州伊利湖学院院长珍妮弗·舒勒。
这种情况已持续数年。 对大学学位价值的怀疑——在近期毕业生面临严峻就业市场的环境下进一步放大——也降低了选择就读大学的美国人比例。 几十年来，学费的上涨速度超过了通货膨胀，使学生和家庭背负了沉重的债务，且在四年制学位上投入的时间和金钱所获得的收益参差不齐。 最富有的大学可以通过庞大的捐赠基金来抵消学费成本，这使得其中许多学校比资源较少的较小、较不为人知的小型学院更实惠。 使用受限的捐赠资金来支付日常开支，等同于在校园里挂上“停业”告示，因此在大学董事会之外极少被讨论。即使是第三方的年度审计报告，往往也对学校资金的来源含糊其辞。前中央密苏里大学校长、现 Husch Blackwell 咨询公司高级顾问查克·安布罗斯表示，结果就是随着学校关闭或合并，许多鲁莽的行为很可能会被揭露。
大学的捐赠分为两类：一种是通用资金，另一种是由捐赠者限定用于特定用途的受限资金。通常，学校只能通过申请许可来更改受限赠款的使用方式——如果捐赠者在世，则向其申请；如果捐赠者已故，则向总检察长或法院申请。
据一名学校发言人称，该校已采纳审计师的建议，“以证明内部借款可允许性的法律支持”。“捐赠者的意愿过去已经且将来将继续得到充分尊重。” 根据 2025 年的一项审计，俄亥俄州的鲍德温-华莱士大学去年将约 $20 million 的资金从捐赠受限类重新分类为非受限类。这些资金在未经董事会事先授权的情况下被提取。学校发言人丹·卡普表示，学校“已任命新校长和领导团队，并正在咨询第三方专家的意见，实施内部财务控制”。 几代以来，大学校董主要扮演机构守护者的角色，专注于维护和延续。如今，治理受到持续的财务和法律波动的影响。帮助机构建立捐赠基金的 Benefactor Group 负责人劳拉·麦克唐纳表示，这意味着董事会对于做出艰难的选择准备不足。 她说，当面临关闭学校时，他们会认为：“不能在我任期内发生。” 圣母学院成立于 1922 年，是一所天主教女子学院。在 20 世纪 90 年代，在校人数在 500 人左右波动，但在 2001 年开始招收男性，扩大了体育项目，并将在校人数提升至近 2,000. 人。2008 年，该校借款 $20 million 用于建设新宿舍并改善
随着学生入学率下降且学校难以维持成本，一种模式正在上演。专门负责关闭失败大学的 Highland Group 创始人道格·摩尔表示，首先，校董会会动用非受限的捐赠基金。然后，他们尝试从校友和基金会筹集资金。接着，他们请求捐赠者取消限制，允许将资金用于运营支出。
争取时间 珍妮弗·舒勒在 2023, 年就任俄亥俄州伊利湖学院院长时，她说，学校处于亏损状态且面临关闭危险。她的首要行动之一就是联系八位捐赠者，请求他们释放 $594,000 的受限捐赠金。她说，她将这笔钱用于一般运营预算，为学校争取了更多时间。 “我向他们解释，学校现在需要这笔钱，不能等待，”她说。 她认为，现金和
乌克兰 俄罗斯指责基辅 策划莫斯科爆炸案 俄罗斯周一指责乌克兰策划了周六在莫斯科发生的一起爆炸事件，称此次针对 Balzi Rossi 餐厅的袭击造成 5 人死亡，19 人受伤。 乌克兰当局尚未对此事件发表评论。 另外，地区负责人伊万·费多罗夫（Ivan Fedorov）周一表示，俄罗斯飞机向乌克兰南部城市扎波罗热（Zaporizhzhia）的住宅区投下炸弹，导致 1 人死亡，数十人受伤。 与此同时，在周末期间，俄罗斯克拉斯诺达尔地区黑海沿岸的小镇阿希波-奥西波夫卡（Arkhipo-Osipovka）有 6 人被乌克兰无人机碎片击毙。 在乌克兰周一凌晨对克里米亚的袭击中，另有 3 人死亡，2 人受伤。 —美联社
其他变化使伊利湖进入了可持续发展轨迹。 但说服在世的捐赠者取消限制并不总能筹集到足够的资金来维持学校运营。因此，摩尔（Moore）表示，董事会开始通过寻找已故捐赠者提供的限制性资金中的漏洞来“挖掘资金”。 直到 20 世纪 90 年代中期，捐赠协议的清晰文件才成为常态。在此之前，专项用于奖学金的资金通常在捐赠者与大学校长之间的通信中表达。一些学校正在聘请档案管理员来查找这些信件，并重新评估捐赠条款。 根据一项 2025 年的审计报告，伊利诺伊州的昆西大学（Quincy University）去年在未经总检察长许可的情况下，从其捐赠基金中借了约 $600 万以满足“现金流需求”。 审计师建议该学校“就捐赠基金借款寻求伊利诺伊州总检察长的追溯批准”。
苏丹 无人机袭击 造成数十人死亡 一家人权组织表示，苏丹军队的一次无人机袭击击中了苏丹达尔富尔地区的一座民事法院，造成至少 35 人死亡。 独立记录苏丹暴行的组织“紧急律师”（Emergency Lawyers）周日下午表示，无人机瞄准了北达尔富尔州 Al-Zawiya Gara 村的民事法院总部。 根据冲突监测组织“武装冲突地点与事件数据”（Armed Conflict Location and Event Data）的数据，苏丹于 2023, 4 月陷入全面战争，参战双方为准军事组织快速支援部队（Rapid Support Forces）和苏丹军队，已导致至少 59,000 人死亡。援助组织表示，该数字被低估，实际人数可能更高。 苏丹军队未回应置评请求。 —美联社
澳大利亚 电台名人 袭击案审判开始 悉尼退休电台广播员、前澳大利亚国家橄榄球教练艾伦·琼斯（Alan Jones）周一开始受审。他被指控在 20 年间对 6 名男子和男孩实施性犯罪。 这位 85 岁的被告已就 20 项猥亵袭击指控和两项未经同意的性接触指控否认所有罪名。 琼斯主持了一个受欢迎的悉尼电台节目近 20 年。从 1984. 年初起，他还担任了四年的澳大利亚国家橄榄球队（袋鼠队）的成功教练。在他的领导下，该队在 102 场比赛中赢得了 86 场。 琼斯在保守派政治中具有影响力，曾担任总理马尔科姆·弗雷泽（Malcolm Fraser）的演讲撰稿人。弗雷泽在 1975 年至 1983 年期间执政。
体育设施。 对该校前景的信心在疫情期间开始动摇。圣母学院在 2020 年秋季让学生回到教室，但入学人数下降，学院的财务前景恶化。根据联邦数据和该学院的税务申报单，到 2023 年，入学人数较 2016 年下降了 32%，且该校每年损失 $400 万。
（图注）顺时针从上起：LISA SCALFARO / USA TODAY NETWORK / REUTERS; DOUGLAS BELKIN / WSJ; MIKE DEMETER
崩溃的情况是，在前一年加入董事会的企业主迈克尔·坎蒂（Michael Canty）开始怀疑学校在违规借用受限捐赠基金。他与时任校长 J. 迈克尔·普雷西蒙（J. Michael Pressimone）对质，告知其这种做法是不恰当的且必须停止。坎蒂表示，普雷西蒙辩称这种做法是必要的。“我惊呆了，”坎蒂说，“我大发雷霆。”在一次采访中，普雷西蒙表示，圣母学院确实会在学期末现金流紧张时，定期动用非受限捐赠基金来覆盖成本，但他声称自己从未授权使用受限资金。不久之后，董事会举行了会议。俄亥俄州总检察长指控，普雷西蒙提出了一项动议，拟将 $1.2 million 的受限捐赠基金正式重新分类用于其他用途。根据诉讼文件，没有人支持该动议。总检察长表示，次日董事会要求普雷西蒙离开。根据起诉书，一周后，临时校长告知执行委员会，需要将 $2.800 万 退还至受限捐赠基金。
学校的财务危机正在蔓延。一名棒球教练发现，在尝试支付球队差旅费时，他的信用卡被拒绝交易。根据采访和 2024 年的一项诉讼，该卡关联的是一个为球队使用而筹集的受限账户。该诉讼因缺乏诉讼资格而被驳回，但去年俄亥俄州总检察长提起了自己的诉讼，指控 14 名受托人和官员在未经允许的情况下，从受限捐赠基金中支出超过 $2 million。被告否认他们违反了受托责任。
5 月，一家俄亥俄州医院以 $800 万 的价格买下了这座 48 英亩的校园。一周后，学校的财产，包括家具、科学设备和体育器材，已被整理好，整齐地排成行等待拍卖。
65 岁的斯特劳斯（Strouse）表示，总检察长没有联系她。尽管如此，她对学校的关闭（她于 2001 年开始在这里教学）以及奖学金的损失感到非常难过。她曾与丈夫一起参加圣母学院的体育赛事，并且非常尊敬那些既练习体育、刻苦学习，且经常在校外兼职的学生运动员。在她丈夫去世时，好几名因其在比赛中给予支持而结识他的学生参加了葬礼。在 2019 年设立该奖学金后，斯特劳斯帮助挑选获得者——他们是同时身为运动员的会计专业学生。该奖学金每年产生数千美元。她说：“哪怕是一点点帮助也能起到作用。”
作者：NATALIE KAUFMAN
塑料燃烧的恶臭扑面而来，让维琪·维瓦尔迪 (Vicky Vivaldi) 措手不及。她的福特 F-150 空调坏了——在奥兰多 7 月的酷暑中，这简直是个大问题。 “我想，在佛罗里达州 108 度的天气里，如果卡车没有空调，我简直没法生存，”在佛罗里达大学学习动物科学的维瓦尔迪说道，“我会死掉的。” 在福特经销商那里，一个更令她心碎的意外在等待着她：一份 $5,100 的报价单。服务人员告诉维瓦尔迪，她需要更换一套全新的空调系统。 维瓦尔迪之前做过一些研究，预计费用应该在 $2,000 左右。她将报价单上传到 ChatGPT，后者告诉她该价格可能被夸大了。它建议她联系福特客户服务部门，询问是否涉及某些可能在保修范围内的缺陷。 最终，制造商削减了当地经销商的费用，将账单降低了将近一半。 我们都经历过这种情况：你去给车做保养，机械师或代理人告诉你需要进行一项昂贵的维修。但你无法判断这究竟是必要的修理，还是不必要的推销。现在，一些驾驶者通过咨询人工智能来核对报价、诊断问题，甚至引导他们进行基础维修。 机械师们对这位“外部顾问”持有不同的看法。当聊天机器人的建议确认并解释了他们的诊断时，他们对此表示欢迎。而当它陷入幻觉并提供错误信息时，他们认为这是一种干扰。
ChatGPT，汽车医生 亚历克西斯·伯里斯·邓肯 (Alexis Burris Duncan) 在专业人士差点毁掉她的车后，失去了对他们的信任。这位印第安纳州韦恩堡的居民几年前将她的 2014 年道奇 Journey 送去维修，结果离开时轮胎平衡度不一。在去往印第安纳波利斯的整个行程中，她的车一直剧烈抖动。 因此，当她 2021 年马自达车的空调最近停止工作时，她说她的第一个念头是：“我想知道我能不能自己搞定。” 34, 岁的伯里斯·邓肯刚刚失去了工作，负担不起专业的检查费用。 她指示 ChatGPT 扮演一名机械师。三十分钟后，她就在更换汽车脏掉的空气滤清器。之后，她更换了鼓风机马达。 她说，整个过程总共花费不到 $200,，远低于专业诊断和维修的费用。 伯里斯·邓肯会利用 AI 进行简单的修复，但她还没准备好去更换刹车或摆弄发动机。“有些事情必须由机械师来做，”她说。 一些机械师将 AI 视为建立信任的工具。Underdog Automotive 这家移动维修店的技师们……
（顺时针从顶部开始：ELENA SCOTTI / WSJ; ISTOCK; SIENNA MALLON; VICKY VIVALDI）
如何识别伪造内容
个人技术
NICOLE NGUYEN
当我看着手机时，我开始逐渐失去对真实世界的掌控感。一张凳子的木纹显得异常平滑。油炸西葫芦饼中冒出的蒸汽……很不自然。最近，我在 Pinterest 上对着一个客厅赞叹不已，直到我看到了免责声明：AI 修改。 人工智能正在向我们的信息流中注入大量内容。有些是无害的娱乐，有些旨在激怒我们，有些则是彻头彻尾的骗局。在智能手机屏幕上，大多数内容看起来栩栩如生。而现在，我们承受着一种心理负担，必须不断地问：“这是真实的还是 AI 生成的？” 它正在侵蚀我们的现实感。以下是关于这个“美丽新世界”在线生态系统的快速入门指南，以及一份生存实用指南。
诊断您的汽车问题
上方图片为驾驶福特 F-150 的 Vicky Vivaldi。右侧为 Sienna Mallon 及其 2016 年丰田 Land Cruiser 79 系列。
一家服务于达拉斯-沃斯堡地区的业务公司，鼓励客户通过聊天机器人运行他们的诊断和维修报价。 “AI 在帮我们核实事实方面做得非常好，”Underdog 的共同所有者之一 Palmer Dababneh 表示。“这样我们就不能欺骗客户，或者试图向你们推销不必要的项目。” Dababneh 表示，这种做法培养了满意的客户，带动了更多销售。它还让技师无需在建议的维修项目中与客户争论。
谷歌的 Nano Banana 和 Veo 3 将高质量的视觉生成技术交到了几乎每个人的手中。之前的错误——六根手指的手、混乱的文本——消失了。像 Eric Suerez 和 Adam Vaserstein 这样的创作者们迅速采取行动。 在去年的独立日周末，这对搭档使用 Veo 3 生成了 Granny Spills 的首批图像。这是一个穿着奢侈品牌、痴迷粉色、穿梭于派对之间的时髦七旬老人。该角色的 Instagram 账号在一个月内就获得了 100 万粉丝。 在一段 Granny 给世界杯球星化妆的视频下方，一名评论者写道：“我到底在看什么？” Vaserstein 花了数年时间通过有趣的街头随机采访积累了数百万粉丝，他对这次成功感到满意。“我们发现培育这些 AI 虚构角色要容易得多，”他说。 Granny 和其他 AI 影响者并不掩饰他们的数字化根源。“如果人们知道某样东西不是真实的，并不会阻止他们享受其中，”数字模特 Shudu 的创作者 Cameron-James Wilson 表示，并引用了像芭比（Barbie）和《冰雪奇缘》中的艾莎（Elsa）这样深受喜爱的角色。 Shudu 拥有高挑纤细的身材和完美发光的肤色。当我询问合成超模是否创造了不切实际的美丽标准时，Wilson 认为这确实是
内陆地区的警示 但避开专业人士可能会引发一个耗钱的恶性循环。纽约 Wappingers Falls 的技术员 Richard Fasulo 这样表示，他在社交媒体上被称为“Check Engine Chuck”。 Fasulo 说，他经常听到粉丝反馈，他们在听取了聊天机器人有缺陷的建议后，更换了汽车上错误的零件。“结果往往比客户直接将其送到信誉良好的修理店、付费
可能的——而且这并非新鲜事。“我曾做了 10 年时尚摄影师，做过大量的修图，”他说。 我对 AI 影响者的兴起很感兴趣。而让我更不安的是微妙合成图像的普遍存在：AI 烹饪视频、带有机器人配音的 AI 广告、AI 名人婚礼照片、AI 政治深度伪造……名单还在增加。 我们再也无法信任自己的眼睛和耳朵。去年，AI 歌曲首次进入 Billboard 榜单，促使法国流媒体平台 Deezer 开发了一种合成音频检测器。
诊断并付费 修理，”他说道。 关于那些缺乏正确信息的 DIY 者，他补充说，一旦出现问题，责任将落在修理店身上。 Sienna Mallon 去年在澳大利亚内陆偏远地区驾驶她的 2016 年丰田 Land Cruiser 79 系列独自旅行时，仪表盘上出现了“燃油故障”指示灯。 这位 29 岁的卡车司机兼社交媒体影响者停了下来，利用她的 Starlink 互联网连接咨询了 ChatGPT。 Mallon 认为问题出在燃油箱中有水，于是向机器人询问维修指令。随后她拆卸、启动并重置了燃油滤清器。第二天早上她重新上路，但警告再次出现。 她再次停车。这一次，她咨询了一个真人：她的哥哥。通过 FaceTime，他判定问题实际上是滤清器堵塞。 Mallon 设法到达下一个城镇并找到了替代品。 尽管这次不必要的
左侧的 Shudu 和右侧的 Granny Spills 是拥有真实人类追随者的 AI 生成影响者。
我们的脑回路并非为此而设计。 “如果你思考数百万年的进化过程，我们的神经架构设计之初并不是为了询问‘灌木丛里的老虎是真的还是假的？’而是‘老虎！快跑！’”他说。 法里德（Farid）表示，现在人们甚至开始质疑可验证的事件。“这发生了吗？我说发生了，你说没发生。如果我们失去对现实的共同认知，我们将进入一个危险的世界。” 能做些什么？除非完全放弃使用互联网，否则你可以像研究员那样思考，来评估你的信息流：
自行尝试虽然没有损坏她的卡车，但其他聊天机器人的建议可能会造成损坏。马隆（Mallon）说：“在没有先咨询他人之前，不要做任何你不知道如何撤销的操作。”
如何使用 AI 服务技术人员表示，如果你打算咨询聊天机器人，请记住以下几点：
细化细节。向你的聊天机器人“过度解释”问题。不要只说“发动机噪音奇怪”，而要描述所有细微的细节，并包括车辆的品牌、型号和年份。向 AI 提供车辆识别号码（VIN）有助于获得更准确的诊断。
独立验证 AI 建议。聊天机器人可能会基于不足的信息，自信地提供有缺陷的建议。南卡罗来纳州默特尔海滩附近的一位汽车顾问克里斯·克雷格（Chris Craig）表示，始终要通过值得信赖的第三方验证输出结果，甚至可以带着这位第三方去见你的机械师。
有疑虑时，不要 DIY。更换刹车片——甚至更换机油和变速箱油——最终可能会造成一团糟，而如果交给专业人士处理，反而会更便宜、更简单。
阴影可能与太阳的位置不一致。寻找直线结构（如铁梁）上的波浪线。如果你想深入挖掘，可以使用谷歌街景（Google Street View）交叉比对位置细节。
谁发布的这个内容？ 审计个人资料是否有红旗警示：创建日期过近、发布频率异常以及明显的互动诱饵。
这是否好得离谱——或气人到离谱——以至于不像是真的？检查你的情绪脉搏，并质疑发布者的意图。然后问自己：这种情况发生的可能性有多大？警惕“愤怒诱饵（rage-bait）”——社交媒体算法倾向于放大能触发惊喜、愉悦和愤怒等强烈情绪的内容。 正如乔治城大学副教授雷妮·迪雷斯塔（Renee DiResta）告诉我的那样，生成式 AI 是一种工具：“你可以拿把锤子来盖房子，也可以把它当作武器，对吧？”在如今的信息流中，留意锤子挥向何方是明智之举。
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修复损伤的步骤
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作者：TOM MURPHY
如果你是该国近 56 million 前吸烟者之一，那么恭喜你。许多健康益处将接踵而至——其中一些在短短几分钟内就会显现。然而，从长期来看，健康状况会变得复杂得多。吸烟引起的一些问题需要数十年才能消除，而某些肺部损伤则无法修复。此外，较高的肺癌风险永远不会完全消失。
即便如此，前吸烟者仍可以通过许多步骤来增强戒烟带来的益处，从改变饮食到加强锻炼计划。医生表示，即使恢复到纯净的肺部状态已不再可能，戒烟仍然至关重要——无论是为了健康还是生活质量。
“无论在任何阶段、任何时间，戒烟绝对是一个人在健康方面能做的最强有力的事情之一，”休斯顿 MD 安德森癌症中心的胸科医学肿瘤学家 Eric Singhi 说道。
癌症
即时益处 根据美国肺脏协会对联邦健康数据的分析，目前前吸烟者的人数是该国 27 million 吸烟者的 2 比 1。关于戒烟后能恢复多少，并没有简单的答案。这取决于一个人抽了多少烟、抽了多久以及身体的哪个部分受到了损伤。
一般而言，筛查指南表明，更严重的吸烟习惯更令人担忧。但 Singhi 表示，“吸烟实际上没有安全水平。即便偶尔吸烟或社交吸烟，与从未吸烟的人相比，也会增加肺癌和肺损伤的风险。”
尽管如此，所有吸烟者在戒烟后都会立即看到一些益处。根据美国肺脏协会的数据，无论何时停止吸烟（即使是暂时停止），心率在 20 分钟内即可恢复到正常水平。血液中的一氧化碳水平在数小时内下降。
人们远离吸烟的时间越长，益处就越显著。清理肺部粘液的纤毛（微小毛发）会在数周内恢复工作，从而引发清除肺部杂质的咳嗽。戒烟数周后，随着肿胀和炎症的消退，前吸烟者的肺功能会有轻微提升。
在最初的几周和几个月里，心脏病风险会迅速下降
丹能 (Dannon) 咖啡风味酸奶
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在“丹能咖啡酸奶狂热者”的 Facebook 页面上，人们讨论着如何寻找这种“神奇的混合物”。
居住在纽约州圣詹姆斯 (St. James) 的退休人员丽莎·西格诺雷利 (Lisa Signorelli) 采取了极端措施来满足她“50 年的痴迷”。“我会扫光超市货架上的所有产品，只要是我能拿到的，”她说。
然后她会询问后台是否还有货。“您想要一两盒吗？”店员会问。
她的回答始终如一：“我要整箱。”
来自纽约州劳伦斯 (Lawrence) 的米里亚姆·费勒 (Miriam Feller) 说，这款酸奶“口感 creamy 且甜美，但或许带有一丝微酸”，“像是一种布丁甜点”。
是的，粉丝们知道有更健康的选项。但他们不在意。
“这是味道的问题，但也是质地的问题，”纽约州奥克代尔 (Oakdale) 的 CM 演艺中心 CEO 马克·霍利德-奥塞特 (Marc Hollid-Ausset) 表示。“它就是最完美的酸奶。”
然后，就这样，它消失了。
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在戒烟后，美国肺脏协会 (American Lung Association) 董事会主席、肺科医生大卫·希尔 (David Hill) 表示。
“我们不认为吸烟是一种系统性疾病，但事实确实如此，”他说。
梅丽莎·里夫斯 (Melissa Reeves) 在一年多前戒掉了每天一包烟的习惯，并看到了许多益处。她的味觉和嗅觉已经恢复，在与孙辈徒步旅行时也不那么容易气喘。
“肯定在进行某种修复，”这位 65 岁的印第安那州丹维尔 (Danville) 居民说道。
某些健康改善需要时间。路易斯维尔大学医学院研究烟草影响的教授阿鲁尼·巴特纳加尔 (Aruni Bhatnagar) 表示，吸烟会导致动脉壁上斑块堆积，而清除这些斑块可能需要 20 或 30 年。
前吸烟者与现吸烟者相对于从不吸烟者的死亡率比率，按死因划分
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*置信区间 来源：JAMA Internal Medicine; 斯坦福大学医学院 Blake Thomson; 美国癌症协会 Farhad Islami
当霍利德-奥塞特在当地市场找不到他的酸奶时，他意识到出问题了。其他商店的酸奶区也出现了空缺。
“我开始在 Google 上搜索——就在那时我发现了这个坏消息。”
家人担心这些狂热者如何应对。
“别告诉妈妈，”费勒的女儿在一个排除了费勒的家庭聊天群中发帖道，“但我们有个坏消息。”
费勒的女婿发起了一项请愿，请求丹能重新考虑。超过 800 名 DCY 成瘾者签署了该请愿书。其他人给公司打电话投诉。他们在 Facebook 群组中互相安慰，并在 Reddit 上寻求如何复制这种口味的建议。
丹能表示该决定是最终的，且未提供解释。
“虽然我们理解某些人可能会感到失望，但我们希望我们忠实的咖啡酸奶爱好者能享用许多其他美味且营养的替代品，”其酸奶部门总裁拉斐尔·亚塞多 (Rafael Acevedo) 表示。
该公司销售其他口味的丹能酸奶，包括香草、蓝莓和草莓。
但追随者们说，没有一种能与咖啡味相比。（完全披露：我的母亲罗伯塔·祖克曼 [Roberta Zuckerman] 就是其中之一。）
对于他们来说，丹能的这一举动是最后的冒犯。
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积极措施 从长期来看，健康的生活方式对于修复肺部损伤至关重要。一项 2022 年针对 150,000 多名戒烟者的研究，对比了那些坚持与未坚持执行维持体重、保持体力活动、健康饮食以及限制饮酒建议的人群。 这项来自 JAMA Network Open 的研究发现，与那些未严格遵守建议的人相比，报告对这些建议依从性最高的人群，其全因死亡风险低 27%。 像跑步或步行这样的定期运动可以增强心脏功能，降低死于心血管疾病的概率。它还能增强呼吸肌——没有这些肌肉，肺部就无法活动——医生表示，这有助于减轻与吸烟相关的症状，如呼吸短促。它还可以减缓肺功能的丧失。 运动还能增加体内的抗氧化酶，保护细胞免受损伤。梅奥医学中心（Mayo Clinic）佛罗里达州杰克逊维尔校区的肺科医生 Augustine Lee 表示，促进抗氧化物积累的生活方式和饮食与较低的心脏病和癌症发病率相关。富含抗氧化剂的食物包括深绿色蔬菜、蓝莓、坚果、绿茶或鱼类。 此外，保持水分充足有助于冲刷毒素，使器官功能保持最佳状态，并稀释粘液，使肺部更容易保持清洁。 “戒烟、运动加上健康饮食的结合，有助于改善肺功能，”Lee 说道。 医生表示，前吸烟者还可以采取其他几项措施来防止重大问题地发生并帮助身体恢复。他们应该避免二手烟，并对其家中进行氡气检测。“很多人不知道氡气是美国肺癌的第二大诱因，”Singhi 说道。 前吸烟者还应避免用电子烟替代吸烟。“你唯一应该吸入肺部的是新鲜空气，”Hill 说道。“电子烟被宣传为危害较小，但我们还没有相关数据。”
密切监测 但前吸烟者了解自己面临的局限性也同样重要。虽然前吸烟者的肺部在戒烟后可以清除杂质，但有一个重要元素无法恢复。烟雾会杀死肺泡，即肺部允许身体吸入氧气并排出二氧化碳的微小气囊。最终，如果
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Doron Zeif 设法弄到了 75 盒酸奶，并将其保存在冷冻柜中。
多年来，该公司取消了一些口味（包括樱桃味），同时缩小了容器尺寸——从 8 盎司减至 6 盎司，再到 5.3 盎司。 Hollid-Ausset 表示，这些狭小的容器不方便用勺子食用。“但我们依然忠诚。” 当 Signorelli 听到这个消息时，她买到了所有能找到的 DCY 酸奶。Zeif 弄到了 75 盒酸奶，并将它们储存在冷冻柜中。他在当地搜寻，在新泽西州帕赛克（Passaic, N.J.）的一家店发现了 20. 多个。他回访了三次。 现在他面临一个不同的难题：什么时候该动用他珍贵的储备？他决定在周日上午以及其他有时间品味这款甜点的时候食用。“不过这需要计划，”Zeif 注意到，“我必须把它放在冰箱里解冻，但不能放得太早”，否则酸奶会变质。 许多已经被迫戒掉这个习惯的人正在寻找替代品。 Hollid-Ausset 请求——甚至恳求——达能（Dannon） “至少发布
当足够的肺泡死亡后，吸烟者最终会陷入像肺气肿这样不可逆转的病症，导致呼吸困难。“一旦气道形成疤痕，就无法挽回了，”李（Lee）说道。吸烟还将肺功能的自然下降速度提高了一倍。李表示：“仅仅因为这种自然的肺功能丧失，即使在戒烟数年后，你仍可能出现呼吸短促和咳嗽。”此外，烟雾中的有毒化学物质会损害肺细胞的 DNA，而 DNA 就像一本告诉细胞如何行为的指令手册。其中一些受损细胞会死亡，但残存的细胞可能会引发异常细胞生长，即癌症。Singhi 表示：“我们实际上掌握的数据显示，在戒烟几十年后，风险仍可能比从未吸烟的人高出近三到四倍。”
医生还将预防医学视为延长寿命的关键。Singhi 敦促曾经的重度吸烟者每年进行一次肺癌筛查。对于多年来平均每天吸烟一包或更多的人，保险可能会覆盖这些筛查费用。他说：“筛查能帮助我们在肺癌最易治疗的早期阶段将其发现。”前吸烟者如果在出现呼吸短促或持续三个月以上的咳嗽时，也应寻求帮助。这些可能是慢性阻塞性肺疾病等问题的早期迹象。这种病虽然无法治愈，但可以控制，尤其是如果能尽早治疗。虽然吸烟造成的所有损害可能无法完全消除，但戒烟者可以在生命的终点增加健康的年数，这对他们来说与寿命的长短同样重要。
患者有时告诉李，他们享受吸烟，并计划一直抽到死。医生说，问题在于吸烟者往往不会快速死去。随着健康的下降，他们最终可能会患上像肺气肿这样的慢性阻塞性肺疾病，被束缚在氧气设备上。“你无法行走，无法出门，每一次轻微的感冒都会变成一次重大事件，甚至导致呼吸衰竭，”他说，“那可能是一场痛苦的死亡。”
“（把）配方给我们，让我们自己做。” 但对方并不愿意。 为了让他振作起来，他在长岛剧院的演员和其他人们聚集在一起，试图寻找一个能达到标准要求的配方。“他们怎么也做不对，”他遗憾地说道。 Signorelli 最终尝试了一种由希腊酸奶、卡布奇诺粉和龙舌兰糖浆组成的组合。加利福尼亚州核桃溪的 DCY 痴迷者 Karen Kraus Cohen 将 Trader Joe’s 的原味脱脂酸奶与咖啡冰激凌混合。 “根据你记忆中的甜度来调整冰激凌的量，”她建议道。 其他人则求助于 Icelandic Provisions 的 Cold Brew Coffee Extra Creamy Skyr，或者由犹太洁食品牌 Mehadrin 生产的咖啡酸奶。 “勉强可以，”Zeif 说，“但我不会说它很接近。” 也许只能这样将就了。他的 DCY 库存只剩下 63 份。
这些痴迷者或许仍有希望。上周，在该报道准备发表之际，Dannon 提供了进一步的评论，表明高管们可能改变了主意。然而，这个消息可能无法满足鉴赏家们对他们心爱酸奶的渴望。 “Dannon 咖啡酸奶将会回归，”Acevedo 说道，“它将以体现当今许多消费者在酸奶货架上所追求的口味偏好、风味特征和营养益处的方式回归。”
ANDREI COJOCARU 为 WSJ 拍摄
顺时针从上至下：DORON ZEIF；NATHAN BECKER；AIDA MADONIA
2026年8月4日，星期二 / A11 艺术评论
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作者：DIANE COLE
作为庆祝美国建国 250 周年活动的一部分，纽约历史学会 (New York Historical Society) 将时间追溯得更远，以突出这座城市的荷兰起源——回溯到 1626 年，当时的新阿姆斯特丹殖民前哨（即现在的纽约市）成为了新尼德兰的殖民首府。
“老大师，新阿姆斯特丹” (Old Masters, New Amsterdam) 展聚集了伦勃朗·凡·莱因 (Rembrandt van Rijn)、弗兰斯·哈尔斯 (Frans Hals)、扬·斯特恩 (Jan Steen) 及其荷兰同辈艺术家们极具感染力的黄金时代画布。尽管这些艺术家中没有人访问过新阿姆斯特丹，但他们的活跃年份与该殖民地存在的几十年（该殖民地于 1664 年被英国接管而告终）在时间上有所重叠，这为将这些细腻描绘旧世界生活的场景视为新阿姆斯特丹定居者新家园的历史镜像提供了合理依据。
本次展览由私有莱顿收藏馆 (Leiden Collection) 的高级顾问 Arthur K. Wheelock Jr. 以及《夺取曼哈顿：创造纽约并塑造美国的非凡事件》 (Taking Manhattan: The Extraordinary Events That Created New York and Shaped America) 的作者、历史学家 Russell Shorto 共同策划。莱顿收藏馆为本次展览提供了 45 幅绘画作品。展览的其余 107 件展品来自私人收藏以及波士顿美术博物馆 (Museum of Fine Arts, Boston)、国家美术馆 (National Gallery of Art) 和弗吉尼亚美术博物馆 (Virginia Museum of Fine Arts) 等机构。
历史地图提醒我们，荷兰人在该地区留下了持久的地名印记，例如布鲁克林 (Brooklyn，原名 Breukelen)、哈莱姆 (Harlem，原名 Haarlem)、布什威克 (Bushwick，原名 Boswijck) 和桑迪胡克 (Sandy Hook，原名 Sant Hoek)。展览进一步...
8 月 4 日当周活动指南
作者：华尔街日报艺术评论编辑部
电影 《迟来的名声》(Late Fame) (8月7日) 威廉·达福 (Willem Dafoe) 饰演一名在邮局工作的、被遗忘的纽约诗人，他被一群年轻艺术家重新发掘。肯特·琼斯 (Kent Jones) 执导了由萨米·伯奇 (Samy Burch)（曾创作《五月十二月》）改编自亚瑟·施尼茨勒 (Arthur Schnitzler) posthumously 出版的小说剧本，影片还由格蕾塔·李 (Greta Lee) 和埃德蒙·多诺万 (Edmund Donovan) 出演。
《超级特警 3》(Super Troopers 3) (8月7日) 这部喜剧系列的第三部讲述了佛蒙特州警察计划摧毁一个贩毒团伙并处理一场奢华婚礼的故事。本片再次由杰伊·钱德拉塞卡尔 (Jay Chandrasekhar) 执导，演员表包括布莱恩·考克斯 (Brian Cox)、玛丽莎·考夫兰 (Marisa Coughlan)、纳特·法克森 (Nat Faxon)、蔡斯·克劳福德 (Chace Crawford) 和汉娜·西蒙妮 (Hannah Simone)。
威廉·达福在肯特·琼斯导演的《迟来的名声》中。
艺术 “Olalekan Jeyifous: 水宇宙礼赞” (Hydricosmic Litanies) （明尼阿波利斯 沃克艺术中心，8月6日-2027年1月3日） 这位出生于尼日利亚、现居纽约布鲁克林的艺术家、建筑师兼设计师将迎来他的首次博物馆个展。本次呈现被框架为一个虚构河流聚落的文物展示，包含雕塑、视频、声景等，灵感源自传统非洲艺术，并探讨与...相关的主题。
构想荷兰裔美国人
（作者）认为，荷兰人带来了亲商的创业态度，这有助于使纽约成为如今的商业和资本主义中心。 此外，在摆脱了西班牙天主教君主制的统治后，新成立的荷兰共和国拥护一种更广泛但仍不完全的宗教宽容感。这有助于建立一种包容的基础，适合一个繁荣的港口城市，即使在 1640 年代，那里就有来自世界各地的居民说着多达 18 种语言。 一个例证是纽约州档案馆出借的 1657 年《弗拉兴抗议书》（Flushing Remonstrance）受火灾损坏的副本，有些人将其视为美国第一份关于宗教自由的声明。针对新阿姆斯特丹总督彼得·斯塔伊维桑特（Peter Stuyvesant）禁止贵格会进入殖民地的决定，弗拉兴的社区领导者们提出了申诉，将宗教自由描述为“荷兰对外国家的荣耀”，并请求他确保将其扩展到所有殖民者，包括“犹太人、土耳其人和埃及人”。 即便如此，除了贸易皮草、香料和纺织品外，创建该殖民地的荷兰西印度公司还将被奴役的非洲人带到了新世界，剥削他们的劳动力以及美洲原住民的劳动力。 伦勃朗（Rembrandt）及其工作室的绘画作品点缀其中。最著名的是他的《遮眼自画像》（1634），画中他戴着一顶俏皮的贝雷帽，带着一丝若隐若现的微笑。弗兰斯·哈尔斯（Frans Hals）为路德宗传教士康拉杜斯·维托尔（Conradus Viëtor）绘制的肖像画（1664）则以对比鲜明的阴影和红润的双颊为特征，画中他紧紧握着一本圣经。 最引人注目的是 Jan（此处文本中断，涉及环境、精神和黑人历史）。
电视 《碎片》（The Shards） （FX / Hulu, 8月5日） 瑞安·墨菲（Ryan Murphy）和布雷特·东顿·埃利斯（Bret Easton Ellis）改编了埃利斯 2023 年的自传体小说。故事背景设定在 1981 年洛杉矶的一所精英私立预科学校，讲述了一群特权高年级学生的内心生活随着一名新学生的到来以及一名针对青少年的连环杀手的出现而开始崩溃。
《泰德·拉索》（Ted Lasso）第四季 （Apple TV, 8月5日） 杰森·苏德基斯（Jason Sudeikis）的喜剧在原定完结三年后回归。泰德回到里士满执教一支第二量级的女子足球队，汉娜·瓦丁汉姆（Hannah Waddingham）、朱诺·坦普尔（Juno Temple）、布雷特·戈尔德斯坦（Brett Goldstein）、布伦丹·亨特（Brendan Hunt）和杰里米·斯威夫特（Jeremy Swift）将回归，剧集每周发布。
戏剧 《颠覆》（Disruption） （纽约 Pershing Square Signature Center 的 Romulus Linney Courtyard Theatre，至10月4日） 一名科技创业者在从硅谷获利退出后，向他最亲密的三位朋友推销一种算法，他声称该算法能比他们自己更好地做出人生中最重要的决定。这部由安德鲁·斯坦（Andrew Stein）撰写、赫什·埃利斯（Hersh Ellis）执导的惊悚剧，由约翰·大卫·华盛顿（John David Washington）、康拉德·里卡莫拉（Conrad Ricamora）和伊丽莎白·斯坦利（Elizabeth Stanley）主演。
音乐 迪翁·沃里克（Dionne Warwick），《DWuets》 （8月7日） 这张专辑被定位为这位歌手 64 年演艺生涯的最后一部作品，由词曲作者戴安·沃伦（Diane Warren，代表作《我不愿错过任何事》、《将其归咎于雨》）创作的一组二重唱——这也是两人的首次合作。沃里克女士在新专辑中的演唱合作伙伴包括辛西娅·埃里沃（Cynthia Erivo）、约翰·传奇（John Legend）、凯拉尼（Kehlani）和萨威蒂（Saweetie）。
展览 “中世纪手稿的制作” （洛杉矶盖蒂中心，8月4日-2027年3月14日） 本次展览重点关注前现代书籍创作背后的艰辛过程，利用博物馆的馆藏向参观者展示所需的步骤——从将动物皮转化为羊皮纸，到书写、绘画和装订。
视频游戏 《轮回之兽》（Beast of Reincarnation） （PlayStation 5, Xbox Series X / S, PC, 8月4日） 在这款设定在 4026 年的单人 RPG 游戏中，一名拥有控制植物能力的女性与一只流浪狗联手，将一个后末日时代的日本从腐蚀它的邪恶势力中解放出来。
Last Call 《推销员之死》 （纽约冬季花园剧院， 至8月9日） 内森·莱恩和劳里·梅特卡夫主演的这部阿瑟·米勒经典美国剧作版本极其出色。我们的评论员赞誉道：“虽然不存在所谓的《推销员之死》决定性演出版本，但这一版本是多年来百老汇上演的任何经典剧作中最顶尖的制作。”
《客栈外的农民狂欢》(约 1676)，作者 Jan Steen。该画作由莱顿收藏馆借展。
Steen 这幅充满活力的大型油画《客栈外的农民狂欢》(约 1676) 尽管标题如此，但捕捉到了所有社会阶层和年龄的城镇居民，许多人在狂欢中尽情欢笑，而另一些人则礼貌地观望。在描绘乡村生活的众多片段中，Steen 展示了一位哺育婴儿的母亲；一个正往嘴里塞野餐美食的孩子；以及许多支撑起所有人欢乐时光的酒壶和啤酒杯。
也许是太欢乐了。几幅画作强调了斯图伊夫桑特的抱怨，即“白兰地店、烟草店或啤酒屋”占据了新阿姆斯特丹近四分之一的建筑物。《打牌者》(1625)，作者 Jan Lievens，描绘了一群在昏暗灯光下紧凑地聚集在一起的赌徒，对一局牌的结果做出反应。饮酒的危险在风俗场景画中有所暗示，如 Gerard ter Borch 的《饮酒之诱》(1648-50) 和 Gabriel Metsu 的《抽烟的青年与倒啤酒的女子》(约 1656-58)。
那个时代对食物的旺盛胃口在 Metsu 最大幅画布之一（约 62 x 49 英寸）《摊位上卖野味的女人》(约 1653-54) 中得到了体现。丰满的摊主举起一只毛茸茸的巨兔，死掉的眼睛凝视着，而一名穿着端庄的女顾客正递出硬币付款。在凌乱的摊位周围散布着刚杀掉的公鸡、鸭子和鹅。活狗、鸟类和其他宠物在各种家庭场景中出现，例如 Frans van Mieris 那幅甜美动人的《喂鹦鹉的年轻女子》(1663)。
最后一个展厅让人瞥见了华尔街——得名于荷兰人在 1653 年至 1663 年间修建的边界墙。Francis Guy 在 1797 年的绘画中描绘了汤廷咖啡馆（Tontine Coffee House），这里曾是著名的股票经纪人聚集地。一面美国国旗在红砖建筑上方飘扬，商人们在入口处聚集交谈。他们与在街上装载桶装货物的工人们一样，都在处理这座曾经是荷兰殖民地、现在完全属于美国的港口城市——纽约的商业事务。
旧大师，新阿姆斯特丹 纽约历史学会， 至8月30日
科尔女士是回忆录《巨大的痛苦之后：新生活浮现》的作者，为本报撰写书籍和艺术专栏。
The WSJ Daily Crossword / 编辑：Mike Shenk
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编造弥天大谎 / 作者：Alan Siegel
横向 1 蜂巢州 5 德比冲刺，例如 10 旅游指南特色 13 疯狂出租车制造商 14 推崇 / 神化 15 无教练飞行 16 zwei 和 vier 之间的数字 17 进入国家节奏蓝调名人堂的 Reese 18 “Jabberwocky”的开头 19 在渥太华或华盛顿地讲希伯来语的地方 22 叔姑 / 姨妈（西班牙语 Aguadulce） 23 卢奥节主食 24 蜜桃甜点 (Peach Melba) 配料
33 美国戏剧之翼颁发的奖项
34 总部位于米兰的时尚品牌
35 复制 / 模仿
36 某些棒球场纪念品
37 赋予形式
38 与耳朵相关的
39 奥巴马标志性的医疗保健法案：缩写
40 喇叭裙类型
41 “___秒！”
42 震惊披露的开头
45 鳄鱼（Gator）的追随者？
46 创始人 赫夫 (Playboy founder)，昵称
56 击剑者的武器
6 溜冰者的跳跃
57 比分栏
7 金州，昵称
59 减少？
8 法国时尚杂志
60 基于 Helvetica 的微软字体
9 股市恐慌？
61 埃及的分隔物
62 寿司吧选择
63 经常有 bug 的发布版本
64 神话中的河流
15 飞行航段
纵向 10 做草坪家务 11 “遗憾地……” 12 小花束 20 不太舒服
1 英属维尔京群岛的官方货币
21 佛罗里达州一个时髦的城市，随意的
24 不是转弯
Previous Puzzle’s Solution（前一谜题的解答）
2 《年轻的弗兰肯斯坦》中的加罗夫
I S L E T D E L I K A L E O P E N S O M A R O X E N W A G Y U D I N O R E E D A R I A N A G R A N D E N E T A L E L E A N E R E M O S E A M O V A D W I G H T T W I L L E Y A C R E I A N O A R S S H I R L E Y M A N S O N E E L A S A P A C T A F L C I O F I R A B A A R T G A R F U N K E L Q T I P E L S E B O I S E B O R E R U S T I N T E R S T A R Y E N S N E A T O
25 古典计算器
26 像小狗一样俏皮地攻击
27 玫瑰园的害虫
28 德黑兰本地人
29 像蝙蝠侠或达斯·维达那样
30 一种厨房类型
31 2006 年起任职的法官
32 色彩鲜艳的鹦鹉
37 诊断呼吸暂停的地方
38 一些长有叶状结构的森林植物
40 起源于德国的连锁超市
41 打开水龙头
43 猛禽的抓握器
44 基本上是 Rotelle 意面
47 芭蕾舞的弯曲动作
48 接纳 / 招募
49 粉丝杂志的焦点
50 修剪
51 仍然具有竞争力
52 Nittany Lions 的组织机构
53 钻石，例如
54 仅仅
58 《欲经》的主题
顶部图片：PAUL SANCYA / AP; JOHN J. KIM / CHICAGO TRIBUNE / ZUMA PRESS
道奇队确实像个无懈可击的反派。 富有且出名。 聪明且皮肤古铜。 在南加州乡村地区那个完美的中世纪秘密基地里悠闲地踱步，在这个自鸣得意的国度里，一杯奶昔要 22 美元，下午 3 点有山羊瑜伽课，还有那些没人想要且莫名其妙的重启版。 不仅仅是因为道奇队在赢球，尽管他们赢了很多：他们是蝉联两届的世界系列赛冠军，被看好在今年 10 月赢得第三座冠军奖杯。 也不完全是因为他们的支出——尽管那也极其疯狂，一支高达 4 亿美元以上的顶尖薪资名单，几乎是勇敢的克利夫兰守护者队组建球队成本的 5 倍。 真正让球迷抓狂的是洛杉矶那种寡头式的囤积：傲慢地抢占每个人需要的东西，甚至在他们并不需要的时候。道奇队已经拥有了联盟中最好、最富有的阵容，但他们依然伸出吸管，喝掉所有人的奶昔。 这创造了一种阴郁的恐惧感——一种认为这项运动已经崩溃的无奈感，因为当一支球队不计代价地追求胜利时，该运动的其他球队基本上是在竞争第二名。 这就是上周末再次发生的事情，当时有消息传出道奇队已经完成了对底特律老虎队王牌 Tarik Skubal 的交易，后者是过去两届美国联盟的……
新合同回归 出任美国队主帅
作者：ANDREW BEATON
在上个月美国队在主场世界杯上遭遇 4-1 的惨败，尘埃落定之后，足协面临着每四年一次的反思，探讨为何其落后于如此多的其他国家。 而且，每个人都在好奇，在下届世界杯到来之前，谁才是改变这一现状的合适人选？ 美国队选中了那个已经在教练席上的男人。 美国足协已与毛里西奥·波切蒂诺 (Mauricio Pochettino) 达成了一份新合同，合同期限至 2030 年，并给了这位阿根廷人一个全新的机会。当他在 2024 年被聘请时，他准备压力巨大的世界杯的时间不足两年，且必须在大部分时间内快速评估为本土赛事筛选的球员库。 现在，波切蒂诺有了足够的时间，可以按照他的意愿重塑足协——从青年队到成年队——他试图将美国队打造成一支能够真正争夺足球界最高荣誉奖杯的队伍。 “我们希望对这个欢迎我们的国家的体育运动产生深远的影响……”
美国足协已与主教练毛里西奥·波切蒂诺达成一份新合同，期限至 2030 年。
道奇队 是否已成为反派？
“温暖地对待，并让这种影响延伸到球场成绩之外，”波切蒂诺（Pochettino）说道。
波切蒂诺在首次被聘请时带来了一股兴奋的冲击。在整个欧洲俱乐部执教生涯中，他已将自己确立为足球界顶尖的战术家之一，而美国方面愿意不惜重金地将这种专业知识引入。对冲基金亿万富翁、Citadel 创始人肯·格里芬（Ken Griffin）帮助承担了波切蒂诺的薪水，并且他也在资助此次的重新任命。
而波切蒂诺面临的第一个真正考验开始时前景乐观——直到它以如此糟糕的方式结束，以至于球迷们开始质疑是否取得了任何进展。
在今年夏天的世界杯上，美国队取得了历史性的开局，在前两场比赛中全部获胜，赢得了其相对较弱的分组。随后，该队在 32 强赛中以 2-0 击败波斯尼亚和黑塞哥维那，这是自 2002 年以来首次在淘汰赛阶段获胜。
不过，同样值得关注的是球队更具吸引力的比赛风格。对于一个一直未能形成自身比赛风格认同的国家来说，波切蒂诺让美国队处于进攻态势。通过
听起《星条旗 之歌》让他 心潮澎湃。
到锦标赛结束时，他们创下了世界杯进球最多的国家纪录，在五场比赛中有四场至少攻入两球。此外，尽管波切蒂诺是一名通过欧洲顶级足球联赛来到美国的南美人士，但他完全接纳了在锦标赛期间激增的美国自豪感。主场观众齐唱《乡村路》，他也承认听到《星条旗》时深受感动。
随后，一起涉及美国总统的争议彻底破坏了这种氛围。美国队原定在 16 强赛中对阵比利时，但前锋弗拉林·巴洛根因在上一场比赛中领到红牌而无法参赛。然而，在一次引发国际愤怒的决定中，国际足联（FIFA）暂停了通常随此类处罚而来的单场停赛，以便让巴洛根参赛。
比利时队及许多其他球队对此感到尤为愤怒，因为在特朗普总统与国际足联主席詹尼·因凡蒂诺就此事进行沟通后，这一切看起来充满了政治操弄。因凡蒂诺则表示他并未参与纪律处分决定。
尽管巴洛根的出人意料地现身并未能改变美国队的局面。在西雅图 Lumen Field 球场的比赛中，他们的状态显得很不稳定，这是整个锦标赛期间从未有过的。防守端的失误在这次失利中成了致命伤，而这场失利本身也被国际足联的决定所掩盖。最终，这次锦标赛的结果好坏参半。美国队取得了……
（图注：上方为塔里克·斯库巴尔，他将加入由下方的大谷翔平与山本由伸组成的棒球界星光最盛的轮值阵容。）
……赛扬奖（Cy Young Awards），成为美国联盟的最佳投手。
就全明星级别的收购而言，这次交易简直平淡无奇。当然，棒球界就是这样。当然，他们就是这么做了。
正如《日报》的棒球记者贾里德·戴蒙德所指出的，道奇队其实不必非要得到斯库巴尔。即使在轮值阵容受损、包括受伤的大谷翔平在内，洛杉矶依然拥有赛场上最强的投手群。他们拥有如此多天赋异禀的投手，如果全部康复，他们在季后赛期间甚至得让几个人在板凳上候命。
这支道奇队远未进入恐慌地带。截至周一，他们与密尔沃基队的胜场数并列大联盟之首。他们领先国联西区 10 场球。
用三名极具潜力的新秀换回斯库巴尔并非孤注一掷的绝地反击，而是向机库中增加另一架湾流公务机。这对被认为是业界最深厚的洛杉矶农场系统（青训系统）几乎没有影响。这并不重要，因为道奇队在技术上只是在冲刺阶段“租用”斯库巴尔，他在赛季结束时将成为一名自由球员，并有望获得一份创纪录的合同。人们默认洛杉矶会买单，而斯库巴尔会留下——因为谁会离开呢？道奇球迷说：不要因为我们美丽而恨我们。在其他球队都在为维持电视播出而苦苦支撑时，洛杉矶建立起一个现代的全球媒体和商品特许权巨头，这并非他们的错。同样，由古根海姆合伙公司（Guggenheim Partners）控股的道奇队利用这些收入支付高达 1.8 亿美元（$180 million）的奢侈税（该金额比该运动中半数球队的年度薪资总额还要高），这也不是他们的错。道奇队与大谷翔平等球员合作，采取巨额递延支付方案，这究竟是错误还是精明？这完全符合棒球规则，是未来某人的头疼事。洛杉矶认为他们应该是……
他们因巧妙的会计手段、国际影响力以及备受推崇的农场系统而受到赞赏，而非谴责。他们认为，自己愿意投入资本并不断地消费、消费、消费，理应得到称赞。棒球历史上充满了在关键时刻不愿掏钱的富豪老板——那么为什么要对着一支毫不掩饰地花钱的球队大吼大叫？这真的是出于憎恨，还是出于嫉妒？
道奇队是棒球界一个有用的“宿敌”。竞争对手老板和总经理们很乐意让洛杉矶成为这项运动失控的象征。面对停工危机，该项运动急于通过压力让强大的球员工会接受财务改革——即某种形式的硬薪金上限（hard cap），而棒球目前并没有这一机制。为什么不塑造一个“bogeyman”（令人恐惧的假想敌），并责怪他们嘲弄了竞争平衡？
人们非常焦虑棒球会变成一个由机构财富而非家族所有权的运动。我们现在生活在这样一个时代，曾经的“邪恶帝国”扬基队看起来就像是一家火力不足的家庭小店。将棒球简化为“道奇队”与“非道奇队”的对立，是掩盖自身失误的一种便捷方式。大都会队赛季初的薪资支出甚至高于洛杉矶，但其表现除了让纽约市的人想在街上踢飞一个易拉罐外毫无建树。
仅靠金钱无法解决任何问题。同样，缺乏资金也不意味着注定失败。想想那个低预算的密尔沃基队，他们再次发起冲击。看看那些狡黠的光芒队，在交易截止日灵活操作。火炬已经熄灭。洛杉矶究竟是反派、替罪羊，还是两者兼而有之？棒球界可能憎恨道奇队，但也是棒球界创造了他们。
……足以避免尴尬。然而，即便拥有所有能给予他们的优势——自动入围资格、喧闹的主场观众，甚至包括来自椭圆形办公室的助力——他们也证明了自己距离真正具备竞争力的水平还差得远。
如果波切蒂诺能履行完他的合同期——在瞬息万变的足球世界中，这绝非定数——他将有更多机会测试这些球员，并按照他的愿景塑造球队。
从现在到 2030 年，将会有两届欧国联（Nations League）赛事和两届中北美及加勒比海金杯赛（Concacaf Gold Cups）。此外，与这次美国作为共同主办国自动入围不同，美国必须通过预选赛才能进入 2030 年世界杯。
MATTHEW HUANG / ICON SMI / ZUMA PRESS
副总统 JD Vance 似乎与 J.D. Rockefeller (1839-1937)（曾是世界上最富有的人）没有什么共同之处。但这两位共和党人共同持有的一种信念是：资本主义对美国人民不起作用。Vance 先生对市场竞争几乎没有信心，而 Rockefeller 将竞争称为“一种罪孽”。
Pat Buchanan 在 1992 年竞选总统时也基于类似的理由进行活动，当时他承诺要“让美国再次优先”。这种共和党人对自由市场的不信任，源于将竞争仅仅视作破坏性和物质性的东西。
例如，亚马逊经常被指责为导致竞争对手破产——主要是像图书零售商 Borders 这样的实体店。在这种叙事中，亚马逊赢了，Borders 输了。
事实确实如此。但市场的现实比一场一个人赢、一个人输的拳击赛要复杂得多。
因为真正的赢家是消费者，他们获得了更多的选择、更好的价格、更高质量的商品和服务，或者
主街 作者：William McGurn
我的祖父是一个令人恼火的桥牌玩家。为了避免戏剧化且吸引眼球的高风险叫牌，他采用他所谓的“蠕动系统”，通过一次又一次地赢得无聊的低叫牌局，缓慢向目标推进。最近，美国的对手们似乎在效仿他的做法。
尽管他们加紧了针对美国权力的行动，但由中国、俄罗斯、伊朗和朝鲜组成的修正主义轴心试图避免触发类似珍珠港袭击这样的时刻，因为那次袭击激起了美国人民的英勇努力和牺牲，从而赢得了第二次世界大战。
这一策略为他们带来了一些成功。中国、俄罗斯、伊朗和朝鲜的相互合作比以往任何时候都更有效。即使在战争物资和朝鲜士兵横跨欧亚大陆以支持俄罗斯在乌克兰的战争时，信息和技术突破也在回流，让中国和朝鲜的军事领导人为新时代的战争做好准备。同样，伊朗的无人机帮助了弗拉基米尔·普京在乌克兰的战争，而接触俄罗斯的技术和情报则在帮助伊朗与其对抗美国。
与此同时，这种程度
全球视角 作者：Walter Russell Mead
作者：约瑟夫·艾普斯坦 (Joseph Epstein)
关于谁更虚荣——女性还是男性——这个问题在过去并不成问题。女性有美容院、时尚杂志和专属设计师。对她们而言，虚荣并非罪过，而是一种生活方式。男性可以衣着得体，但如果他过于在意自己的衣橱或仪容，就越过了良好品味的界限。虚荣曾是女性的专属领域。
但现在看来，情况不再如此。许多男性现在佩戴耳环。他们走在街上，抹着发油，编着发辫，顶着旨在吸引注意力的奇怪发型。最重要的是，男性开始蓄起面部毛发——胡须和络腮胡，通常两者兼有——数量虽未精确统计但显然规模庞大。各种报告称，约有三分之一的美国男性蓄有浓密的胡须；如果将山羊胡和浓密地茬计算在内，这一数字正向一半靠近。
有人认为这种蓄须趋势始于 20 世纪 80 年代的电视剧《迈阿密 Vice》，其中演员唐·约翰逊 (Don Johnson) 留的 5-o’clock shadow 胡须引发了广泛讨论。然而在现代 era, 没有一位美国总统以蓄胡或留胡须的形象出现。这个国家想要一位蓄须的总统吗？或者某些组合形式。
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因为人们必须为了争夺他的美元而竞争。决定哪些生产者获胜的是客户，而非“市场”。
万斯 (Vance) 先生的看法并非如此。如果说 20 世纪 90 年代的布坎南 (Buchanan) 先生是对北美自由贸易协定大加抨击，那么万斯先生攻击的是诸如米尔顿·弗里德曼 (Milton Friedman) 这样的自由市场偶像。
值得关注的是，在他新书《共融》(Communion) 中，副总统专门讨论经济学的章节被命名为“阴郁的科学” (A Dismal Science)，这是托马斯·卡莱尔 (Thomas Carlyle) 在 19th century 提出的一个词组，当时他反对由福音派基督徒和经济学家组成的、旨在对抗奴隶制的联盟。
如今万斯先生表示，虽然弗里德曼的观点可能在“一个凡事都有基督教护栏的世界”中行得通，但它们并不适合我们这个更加世俗的时代。
“将米尔顿·弗里德曼刻画成一个主张自私或某种破坏共同利益的混乱自由的人，这是一个典型的稻草人谬论，”国家评论 (National Review) 托管人、管理合伙人，来自 100 亿美元 billion 财富管理公司 Bahnsen Group 的戴维·巴恩森 (David Bahnsen) 表示。“弗里德曼对自由企业的热爱，根植于他的论点——即自由企业优化了社会合作的条件，而非他对此漠不关心。”
如果我们想就正义、人类尊严和社会和谐进行一次诚实的对话，我们真的相信任何第三方——尤其是政府——能做出更好的
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灰色地带或混合战争的现状在没有引发强烈公众反应的情况下继续蔓延。上周有报道称，针对 7 个州水系统的网络攻击可能与伊朗黑客有关，但这几乎没有引起波动。这并不奇怪。针对物理基础设施和信息系统的网络攻击已不可避免地演变成一种战略威胁。
灰色地带战争还有其他形式。中国正在加大在围绕日本、菲律宾和台湾海域的骚扰力度。北京还将贸易作为武器，攻击欧洲工业，并对关键出口产品和原材料实施限制。信息操作的武器化，将历史上最复杂的宣传活动带入了美国媒体和政治之中。移民已成为一种政治工具，从俄罗斯、土耳其到摩洛哥，各国在阻挡或鼓励移民潮以实现政治目的。外国特工对非政府组织、政治运动和机构的渗透达到了前所未有的水平。
“全球化起义” (globalize the intifada) 的呼吁本质上是要求针对犹太人以及支持他们的机构和人员发动全球恐怖主义。在冷战期间，许多全球恐怖主义活动在静默中得到了苏联及其卫星国的支持，而人们可以肯定地
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开始的，但我依然坚持刮净胡须。
胡须如此普遍，以至于几乎不再重要？也许我们的蓄须副总统会发现答案。 乔治·巴兰钦 (George Balanchine)，这位伟大的现代主义编舞家，禁止他的男舞者留长发或蓄胡须。他厌恶胡须，认为那全是伪装——他那蓄胡的格鲁吉亚父亲于 1937 年去世。没有人比巴兰钦更注重刮净胡须。 胡须可以帮助掩盖
选择 会比 我们 自己 做出的选择更好吗？ 尽管市场批评者敏锐地指出市场及其参与者的局限性，但他们对那些他们认为能修复它的人持有极高的信任。资本主义之美在于它是为不完美的人而设计的。竞争限制了他们可能造成的损害，并提供了真实的替代方案。 “危险的开始并非在于人们为了服务而竞争，”阿克顿研究所 (Acton Institute) 荣誉主席兼联合创始人罗伯特·西里科 (Robert Sirico) 牧师说道，“而是在于他们——无论是在私人领域还是政治领域——共谋阻止他人与他们竞争。” 这是自由经济的核心原则：对新竞争者的开放。如今，这在共和党和民主党圈子中都不受欢迎，尽管原因各异。 在左翼，美国民主社会主义者希望用社会主义取代资本主义。在共和党方面，唐纳德·特朗普 (Donald Trump) 已经接纳
假设当今的修正主义势力正在为全球许多地区的针对犹太人及其他目标的圣战袭击铺平道路。 到目前为止，公众对此的所有反应大多是打呵欠。 美国人可能对世界现状感到不安，但大多数人还没有将这些点串联起来。在他们意识到之前，美国
但代价是公众的说服力 和战略连贯性。
政策响应不太可能实现 扭转全球大国对抗日益加剧 并可能导致战争这一趋势 所需要的战略连贯性和 专注强度。通常情况下， 人们会期望总统引导 美国人认识到我们面临的 危险，但特朗普总统 与之前的拜登和奥巴马 总统一样，未能应对这一挑战。
特朗普先生有他的理由。 一方面，他必须处理一个 脆弱且易燃的联盟， 该联盟在新孤立主义的 “克制派”和干预主义的 “鹰派”之间分歧严重。 此外还有他的谈判风格。 在达成交易和政治运作 方面，特朗普先生认为 如果提前亮出底牌， 他会失去筹码。让对手及公众
皮肤糟糕、下巴弱、上唇 过长或过短、面部纹身 等等。但它们并不能减轻 剃须的负担，因为它们 需要高度的维护。上次 我与一位老友见面时， 我注意到他的山羊胡和 胡须消失了。他告诉我， 他把它刮掉了，因为维护 它太麻烦了。
不同的职业似乎有不同 比例的蓄须成员。I不知道 国会议员中蓄须者的 百分比，但我怀疑并不高。 我敢肯定，这比男性电视 新闻记者要低。而且远 低于职业运动员的比例。 但运动员的工作时间短， 赛季也短，有充足的空闲 时间养胡须。在早期的时代， 纽约洋基队的所有者 乔治·斯坦布伦纳 (George Steinbrenner) 禁止他的球员留长发或 蓄胡须。在今天，他可能 无法那样行事，因为谁知道， 拥有
通过关税和政府持有 公司股份的政府干预。 然而，与他的一些知识 分子支持者不同，总统 愿意容忍矛盾，且很少 将其信仰推导至逻辑 结论。这就是为什么关于 真正的特朗普哲学存在 如此多内部争论的原因。 他可能会说，他针对 每个问题并运用常识。
万斯先生是一个受过教育 的人，曾在战争时期为 国家服务。他有一个关于 自己从贫困和功能障碍中 崛起，最终进入美国参议院 和白宫的引人入胜的人生 故事；他正确地对那种 并非根植于真理，而是 根植于对真理可能性之 不可知论的古典自由主义 持怀疑态度。
即便卡尔·马克思也承认 资本主义给封建社会带来了 革命性的进步。然而，即使 在商业精英和其他资本主义 受益者之中，人们对这一 事实也几乎没有认同感。 在右翼阵营中发现此类 资本主义批评者尤为奇怪， 因为现在许多人将信仰 寄托于官僚们，他们假设 这些官僚足够聪明，能够 建立并运行一个既拥有 自由市场所有优势，又无 政府主导经济之缺陷的 系统。
让万斯先生深思的应该是 历史确认了关于市场的一个 真理：竞争的反面不是 合作，而是勾结。
写信至 mcgurn@wsj.com。
MICHAEL BROCHSTEIN / ZUMA PRESS
公众甚至亲密盟友的猜测是他手段的一部分。对于这位总统而言，战术上的灵活性是战略成功的基石，他宁愿让中国和俄罗斯对他意图揣测，也不愿清晰地阐述其世界观，因为清晰度不可避免地会削弱他所渴望的机动能力，同时使他的行为在对手面前变得更可预测。
这些都是现实的考量，但特朗普发现自己陷入了困境。他必须为未来两年将要做出的政策选择，以及形势所需的国防措施成本争取支持。他的政府必须进行更具说服力且更系统化的沟通，以确保在应对一个更危险的世界时，总统能获得所需的公众支持。
伟大总统的特质包含三个组成部分：伟大的总统能把握国家挑战的真实本质；他们能将这一愿景有效地传达给美国人民；并且，尽管不可避免地会出现错误和失误，他们最终能找到合适的人选和正确的方法来应对这些挑战。
特朗普非常希望被认可为美国伟大的总统之一。让美国人民意识到世界事务的真实状态，将是一项历史性的成就，在增强国家安全的同时，也将提升他的声誉。
留胡须可能被视为一项公民权利。
格雷厄姆·普拉特纳（Graham Platner）留着红褐色的胡须。皮特·布蒂吉格（Pete Buttigieg）蓄起了深黑色的胡须，并配以浓密的胡子。播客和新闻节目评论员盖·本森（Guy Benson）更换棕色胡须——留一次，剃掉，再留起来——的频率似乎比更换西装还高。没有什么比白胡须更能高效地让一个人显老了。证据 A：沃尔夫·布利策（Wolf Blitzer），他的白胡须赋予了他永恒老年的馈赠。
至于我，多年前的一个夏天在威斯康星州格林湖度假时，尝试过留胡子。我曾希望这能让我拥有几分道格拉斯·费尔班克斯二世（Douglas Fairbanks Jr.）那样的风度。一周后，我看起来更像警局例行辨认中的嫌疑人，于是我把胡子剃掉了。我将在剃净胡须的状态下面对造物主。
极限
作者：马修·富特曼 (Matthew Futterman) 多布尔戴出版社 (Doubleday)，352 页，$35
上个月在温布尔登网球赛中，亚尼克·辛纳 (Jannik Sinner) 与亚历山大·兹维列夫 (Alexander Zverev) 的男单决赛像是一场 1990 年代的对攻战。那时，像皮特·桑普拉斯 (Pete Sampras) 和戈兰·伊万诺维奇 (Goran Ivanišević) 这样的网球明星经常以强力发球主导比赛并快速结束分球，给球迷带来的变化和趣味极少。辛纳先生和兹维列夫先生的第一发球成功率在 70% 左右，且很少进行长拉锯战。在辛纳先生四盘拿下冠军之前，一位朋友发来短信说：“天哪，这网球赛太无聊了。”
正如马修·富特曼在《最残酷的游戏》(The Cruelest Game) 一书中强调的那样，网球是一项具有时代特征的运动。这本书是对现代网球及其领军人物的速写。令人庆幸的是，辛纳与兹维列夫的那场比赛是个特例。如今的这项运动在场上提供了多样化的观赏性，并经常产生令人兴奋的比赛。一场 20 世纪 70 年代末克里斯·埃弗特 (Chris Evert) 与马蒂娜·纳芙拉蒂洛娃 (Martina Navratilova) 之间艰苦的较量——当时还使用木质球拍——与如今的高强度节奏和石墨工具相比，简直判若两物。
当比约恩·博格 (Björn Borg) 在退役八年后尝试于 1991 年重返网球场时，他打了九场比赛却没赢下一盘。时代已经抛弃了他。今年，曾经占据统治地位的塞雷娜·威廉姆斯 (Serena Williams) 在远离赛场四年后同样遭遇挫败，在温布尔登首轮出局。
富特曼先生是《竞技报》(The Athletic) 的记者，他捕捉到了网球如何从威廉姆斯女士、贾斯汀·海宁 (Justine Henin)、罗杰·费德勒 (Roger Federer) 和拉斐尔·纳达尔 (Rafael Nadal) 等冠军的黄金时代，过渡到迎接辛纳先生、卡洛斯·阿尔卡拉斯 (Carlos Alcaraz)、科科·高夫 (Coco Gauff) 和阿里娜·萨巴伦卡 (Aryna Sabalenka) 等新一代伟大的球员。
书中提供了这些年轻球星的简明传记。作者写道，大坂直美 (Naomi Osaka) “具备所有条件。她好奇心极强，不断提出问题，而不仅仅是听从指令”，在她尝试在女儿出生后重建自己的比赛状态。辛纳先生则是“一名冷静的、具有日耳曼血统的北意大利红发球员，拥有最具杀伤力的底线击球”。他与阿尔卡拉斯先生的竞争为球迷们带来了近期男网中一些最令人难忘的对决。
然而，老狮子们拒绝向幼狮投降。富特曼先生将这种代际斗争描述为既残酷又不可避免。在写到赢得了 24 个大满贯冠军的诺瓦克·德约科维奇 (Novak Djokovic) 时，他写道：“任何经历过那种感觉的人，怎么可能不想在尽可能长的时间里，不惜一切代价地一次又一次地再次经历？”
德约科维奇先生是书中最具揭秘性的主题之一。作者将这位塞尔维亚人描述为“地球上最好奇、最饥渴、永远在追求的运动员”。德约科维奇先生——一个充满争议且从未像他的对手费德勒先生和纳达尔先生那样深受大众喜爱的人——既是一个罕见的身体样本，也是一名天才战术家。
他告诉富特曼先生，他通过关注感官体验来化解压力，例如球离开球拍弦时的触感，以及局间休息时冰毛巾接触皮肤的清凉感。这种正念让他能以一种年轻球员渴求但鲜能实现的自由状态去比赛。
富特曼先生认为，网球因为多种原因而成为最残酷的游戏。它既孤独又寂静，球员在竞争时只能依靠自己，除非他们有一个在场边对着他们大吼大叫的强势教练。不寻常的计分系统攻击着自尊心，冠军丢掉的分数几乎与赢得的分数一样多。富特曼先生写道，没有其他运动像网球这样，有这么多像詹妮弗·卡普里亚蒂 (Jennifer Capriati)、马茨·威尔安德 (Mats Wilander) 和金·克莱斯特勒 (Kim Clijsters) 这样在巅峰时期崩盘或退役的球星。
作者写道，网球“全部关于时间——为自己积累时间，夺走对手的时间，并与那向短暂职业生涯终点无情推进的时间进行战斗”。
富特曼先生（Mr. Futterman）偶尔会用夸张的文字来强化他的论点。他断言，网球“似乎被独特地设计成可以兼作一次灵魂的核磁共振（MRI）”。“你可以从事这项运动，但它可能会杀死你”——即便在生理上没有，在精神上也是如此。网球确实需要自律和牺牲，但这项乡村俱乐部运动真的比，比如说，长跑、登山或单人航海更激烈吗？辛纳（Mr. Sinner）提供了令人耳目一新的视角。无论输赢，他始终保持谦逊，并热爱与家人共度时光。“最重要的事情，”他平静地告诉作者，“是我们健康，我们能在一起度过美好的时光。”
《最残酷的游戏》（The Cruelest Game）忽略了当今网球领域一些最有趣的趋势线。尽管四大满贯赛男女奖金平等，但在全球许多其他赛事中，薪酬差异依然存在。富特曼先生对超级巨星的关注，会让部分读者希望他能记录下那些偶尔出现、努力争取胜利和薪水的职业球员。此外，他没有考虑到，随着比赛时间延长并导致频繁受伤，男子网球五盘三胜制的赛制正显得日益脆弱。德约科维奇（Mr. Djokovic）先生和费利克斯·奥热-阿利亚西姆（Félix Auger-Aliassime）最近在温布尔登打了一场历史上时间最长的四分之一决赛，时长 5 小时 15 分钟。
《球员：体育如何变成一门生意》（Players: How Sports Became a Business，2016年）的作者富特曼先生指出，精明的投资者如何从球员年幼时就进行投资。西班牙甜点大亨阿尔方索·洛佩斯·鲁埃达（Alfonso López Rueda）在阿尔卡拉斯（Mr. Alcaraz）大约 10 岁时就开始支持他。作者对那些爱摆谱的教练也有着敏锐的观察——且缺乏耐心。辛纳的前教练里卡多·皮亚蒂（Riccardo Piatti）在意大利里维埃拉经营自己的网球学院，并经常在电视上担任评论员，给人一种单人企业集团的感觉。至于曾执教威廉姆斯（Ms. Williams）女士且发型精致的帕特里克·穆拉托格鲁（Patrick Mouratoglou），作者写道：“千万不要挡在他和摄像机之间。”
随着美国公开赛的临近，《最残酷的游戏》是一本扎实的伴读之作。阿尔卡拉斯先生是否会因为导致他错过最近两届大满贯赛的腕伤而状态下滑地回归？女子巡回赛顶端这种迷人的多样性还能持续多久？像威廉姆斯女士这样逐渐淡出的冠军，是否能在几周内重拾往日荣光？网球是一项回报极高专注力的运动。人们感觉无法克制地不去观看并寻找答案。
华尔街日报
投资者、政治家和经济学家曾表示，他们希望在一个由法定货币和浮动汇率构成的世界中生活，而现在日本让他们深刻地体会到了这一点。出乎意料的是，现在他们想离开这个货币过山车。近日，美国财政部与日本当局采取了罕见的协调货币干预行动以稳定日元。双方进行了大规模的日元买入，规模可能高达数百亿美元。华盛顿还提供了一项美元信贷额度，东京可以通过将其持有的美国国债作为抵押来调用。此举旨在给日本更大的空间来干预外汇市场，而无需出售美国国债，否则将推高美国利率。这种担心——即日本汇率的剧烈波动将引发全球金融市场的巨浪——是美国财政部参与干预的主要理由。而这种担忧是合理的。干预在周末起到了“作用”，官员们扭转了日元近期的剧烈下跌。截至周一，1美元可兑换约 ¥156，相比上周日元触及的 40 年低点 ¥164 显著改善。然而，值得注意的是，没有人预期这次干预能产生持久影响。这种协调的武力展示可能会在一段时间内震慑投机者。但投资者此前抛售日元的理由依然存在，且没有一个消失。财政政策显然是罪魁祸首。东京的债务高达 GDP. 的 230%。高市早苗首相在今年春季通过了 2026, 年创纪录的 ¥122.3 万亿预算，并且由于中东战争，已经为此追加了数十亿美元的能源补贴。人口老龄化和长期的经济贫血引发了人们对东京是否能偿还债务的质疑，在其他条件相同的情况下，这种担忧抑制了对日本资产的需求，从而抑制了日元。日本央行也负有很大责任。尽管近年来关于货币正常化的喧嚣很多，但日本的
谁在加州民主党基层中更有影响力——两任金州州长加文·纽森，还是来自佛蒙特州的社会主义参议员伯尼·桑德斯？显然答案是伯尼，因为州党在周日支持了 11 月投票单中的财富税。
纽森先生反对这项针对净资产超过 $1 亿的加州居民征收的（据称是）一次性的 5% 税收，理由是这将导致最高收入者逃离。加州教师协会和消防员工会也加入其行列，担心学校和其他项目的收入会因此损失。民主党州长候选人哈维尔·贝塞拉也反对该措施。
另一方是 SEIU 医疗保健工人西区分会，该组织主导了这项投票措施，并声称这将筹集 $100 亿。其中 90% 的收入必须用于医疗保健——具体而言是医疗补助计划（Medicaid）。桑德斯先生和卡车司机工会支持该措施主要是为了打击亿万富翁。
民主党内部的能量和舆论似乎站在他们一边。公共政策研究所（Public Policy Insti-）
托德·布兰奇 (Todd Blanche) 正在接近获得参议院通过，正式就任司法部长。此前他在周日签署了一份文件，正式撤销其早前关于设立 17.76 亿美元 billion “反武器化”基金的指令。与此同时，司法部阐明了特朗普先生审计豁免权的有限范围。这应归功于约翰·科宁 (John Cornyn) 参议员和汤姆·蒂利斯 (Thom Tillis) 参议员争取到了这些让步。
布兰奇先生此前曾作证称，这笔 17.76 亿美元 billion 的基金并未“向前推进”。但共和党参议员要求布兰奇先生以书面签名形式确认，这是正确的，因为特朗普总统坚持认为 MAGA 的赔付是一个绝佳的主意。“我认为人们受到了糟糕的对待，”特朗普先生周五表示，“我希望看到他们因遭受的痛苦而获得补偿。”
周六，特朗普先生威胁说将让布兰奇先生担任代理司法部长，并为该基金“大力推进”。蒂利斯先生似乎将此视为其担忧的印证。他在回复中写道：“特朗普总统显然打算重启这个给‘混混’的赔付基金。遗憾的是，我认为具备该职位资格的托德·布兰奇将因为这一反转而无法获得任命。”
最终，布兰奇先生改变了主意。或者应该是特朗普先生最终同意让他改变主意？“我认为就布兰奇和司法部而言，我们的看法基本一致，”科宁先生周四评论道。“但当总统得知此事后，他不愿意配合。”无论如何，撤销该基金都是个好消息。
审计豁免协议的情况也一样。2019 年，一名联邦承包商泄露了特朗普先生的私人税务细节，他确实受到了委屈。但他直到 2026, 1 月再次就任总统后，才起诉自己的国税局 (IRS)，寻求
贝森特提供支持 日本货币，但 日银必须紧缩。
蒂利斯和科宁从 特朗普的司法部长提名人 那里获得了有用的让步。
短期政策利率维持在 1%。对于主要央行来说，这在经通胀调整后是不寻常的负值。目前很难说日银（BOJ）何时会恢复加息——投资者认为可能在 9 月——以及以什么样的幅度或达到什么样的水平。与此同时，日银继续以每月 ¥2.5 万亿资产购买的规模进行量化宽松。日银官员及其政治嘲讽团队（包括高市女士）似乎认为日本经济仍需要货币支持，尽管近几十年的充足证据表明，异常低的利率已对经济造成了沉重压力。东京方面还担心，撤回对政府债券市场的货币支持可能会引发金融恐慌。后一点也许确实如此，但官员们通过引发外汇市场的动荡，用一种恐慌替代了另一种恐慌。而且，他们不仅没有对债券市场造成干扰，反而激起了一场在政治上极其有害的通货膨胀，而今年春季的能源冲击进一步加剧了这一局面。没有人告诉日本选民，在国内通胀下，它是浮动汇率制度下的“宏观经济调节机制”之一。日银在缓慢推进的方式上坚持得越久，货币市场就变得越危险。只要央行继续反向操作，最近的干预措施就无法对日元的供应产生持久影响。特别是如果美国联邦储备委员会在 9 月加息，将扩大日美利差，导致更多投资者抛弃日元。一个更好的日元拯救计划应该包括减少政府支出，并重启旨在刺激经济增长的改革——使日本成为一个更具吸引力的投资地。同时，这还要求日银更积极地将货币政策正常化。好消息是，斯科特·贝森特的财政部已 signaled 出与东京合作稳定市场的决心。这种全球协作是受欢迎的。但它不能替代东京自身进行修复的承诺。如果没有这一点，世界上任何掉期额度都无法拯救日元。
加州大学 5 月的一项民调发现，54% 的可能投票者支持该倡议，其中民主党人的支持率达 76%。 支持率如此之高的一个重要原因是支持者误导性的广告，纽瑟姆先生在其批评共和党 2025 年医疗补助（Medicaid）改革时也呼应了这些观点。支持者在没有证据的情况下声称，“大规模的联邦医疗削减正将加州推向医疗崩溃”，且需要通过财富税来“维持医院和急诊室的运转”。 在过去一年中，加利福尼亚州获得的联邦医疗补助款项增加了 14%（164 亿美元 十亿）。医疗保健是该州少数几个在增加就业岗位的行业之一。进步主义者希望加州的财富税能改变党内对税收可能性的看法。如果该法案通过，可以肯定，将财富税纳入该党 2028 年国家政纲将成为一项重大推动任务。 纽瑟姆先生已背书一项国家财富税，以此减轻因反对该投票倡议而面临的进步主义批评，并抢在党内向左倾斜的浪潮之前占据主动。但通过加入这一羊群，他可能无论如何都会被践踏。
$100 亿。当该案件在 5 月被撤回时，布兰奇先生签署了一封措辞宽泛的信函，称美国将放弃对特朗普先生、“相关或关联个人”以及“信托、母公司、姐妹公司或相关公司”的追责。据称，该保护范围将延伸至覆盖在国税局（IRS）以及“其他机构或部门”处理的“任何事项”。
现在，司法部在书面声明中表示，该豁免“仅具有追溯力”，且仅涵盖“诉讼中指名的当事人”。在“特朗普诉国税局”一案中，一方是特朗普先生、他的两个长子以及特朗普集团；另一方则是国税局和财政部。此举显然是为了确保特朗普家族无法在与政府的其他无关争议中引用该信函。
科宁和蒂利斯参议员表示，司法部在“一份具有约束力的书面指令”中做出的澄清，解决了“多位共和党同事共同担心的一个问题”。这很好地听起来。即便在狭义的解释下，即便其结果是各州和国税局在 2029 年会对特朗普先生的税务问题进行加倍严苛的审查，这份豁免备忘录依然不是良好治理的象征。尽管蒂利斯先生和科宁先生努力争取，但共和党仍可能为选民对特朗普先生个人交易的愤怒付出代价。
这两位参议员表示他们准备确认布兰奇先生。民主党人将抱怨无论如何都应该阻止他，但既然特朗普先生可以让其心腹担任代理司法部长，问题就在于是否有现实的替代方案。正如特朗普先生在周六的威胁中所说：“托德·布兰奇是一个理性的声音！”
这并非不可能。科宁先生和蒂利斯先生迫使司法部让步，很高兴看到参议员们有效地行使他们的建议与同意权。
Tony Woodlief 在 7 月 30 日发表的评论文章《“修复性正义”导致学校暴力》中正确地指出，修复性正义未能让学生和教师获益。学校和学区需要一个衡量任何纪律政策的标准——即询问这种不当行为对孩子而言实现了什么目的，以及学校的应对方式是否改变了这一点。
正如我们在其他地方所论述的，大多数不当行为是孩子逃避无法完成的工作或吸引成年人关注的方式——而无论是修复性对话圈，还是被其取代的停课处分，都可能恰恰给了孩子这些奖励。一个想要逃避数学练习册的孩子并不在乎他是拿着停课通知单离开，还是在修复性对话圈中离开；无论哪种方式，练习册都被搞定了。这就是为什么简单地恢复停课处分同样无法解决问题。
诚然，为了保护其他学生，必须将部分学生移除出环境。但单纯的移除只能停止行为
我支持马克·扎克伯格对人工智能的倡导（见 7 月 29 日评论文章《AI 的未来属于每个人》）。但这里存在一个能源困境：在我看来，数据中心似乎是用于发电的天然气增长最快的消费方，但据我所知，超大规模云计算厂商并没有采取任何措施来增加天然气供应。
能源部估计，到 2028. 年，数据中心的电力需求将增加多达 580 太瓦时。根据我的计算，这大约相当于南德克萨斯州贝城庞大核电站一年发电量的 26 倍，或者每天需要约 10 billion 立方英尺的天然气。
Meta 在路易斯安那州的巨型 Hyperion 数据中心将拥有 10 座公司出资建设的天然气发电厂，将产生 7.5 吉瓦的电力，每天消耗超过 10 亿立方英尺的天然气。相比之下，Hyperion 的“标称”太阳能发电量最高仅为 2.5 GW；根据能源部的太阳能转换系数，实际交付的电力可能仅为 575 兆瓦。这是一个绿色“美德信号”项目，而非 AI 的实质性电源。
关于简·肖·斯特劳普（Jane Shaw Stroup）的评论文章《挣扎中的年轻婴儿潮一代的“阶层下滑”》（7月 30 日）：美国年轻人确实面临着真实的经济挑战，尤其是住房、教育和育儿的高昂成本。但当今财务压力的一部分也源于我们的预期发生了多么巨大的变化。
我今年 73 岁。在我成长过程中，家里只有一台电视，免费收看四个频道。家里只有一部电话。多年来，我们只有一辆车，尽管我的父亲是一位成功的律师。他乘火车上班，而他给我的母亲买车的那一天，是家里的一件大事。
这一次，你不能将其归咎于社会主义者
在评论文章《“伯尼兄弟”可能会破坏民主党的期中选举》（7月 24 日）中，拉姆·埃马纽埃尔（Rahm Emanuel）应该指责那些毁掉民主党机会的人，而这些人正是民主党人自己。他们过于胆小，不敢诚实地评估 2024 年的失利，因此未能将“缓和最极端的社会和经济政策主张”作为解决方案——而这正是那一轮选举给出的明显教训。由于缺乏坦诚的反思，这给“伯尼兄弟”留下了巨大的空间，让他们可以主张 2016 年和 2024 年的温和路线已经失败，而且即便在 2020, 年取得了成功，正如埃马纽埃尔先生所说，也让民主党“背负了来自拜登 era. 的糟糕党派形象”。现在，这些兄弟们合理地坚持要求民主党尝试他们的方法，而这得由该党自己承担责任。 斯图尔特·克雷克（STUART CREQUE） 加利福尼亚州，莫拉加
埃马纽埃尔先生将《平价医疗法案》、多德-弗兰克金融改革法案以及《削减通胀法案》吹捧为民主党立法成功的典范。但《平价医疗法案》降低了医疗服务的可负担性，多德-弗兰克法案的高合规成本束缚了小型银行的贷款能力，而《削减通胀法案》则大幅增加了通货膨胀。现在，他显然正提议提高最低工资，尽管这会导致黑人青少年的 27% 失业率进一步飙升。套用民主党政治顾问詹姆斯·卡维尔（James Carville）的话：问题出在政策上，蠢货。 斯科特·考夫曼（SCOTT KAUFMAN） 堪萨斯州，堪萨斯城
仅是暂时的。修复性圆圈会议、辅导员访谈以及停学处分都会让学生脱离教学。是这种“脱节”——而非纪律处分的标签——铺就了孩子最终进入司法系统的道路。
解决办法是将纪律反应与驱动行为的因素相匹配。对于想要逃避学业的学生，作业应该在那儿等着他；通过闹事不再能让他逃避。对于寻求关注的学生，成年人的时间需要安排在时间表内，在他在闹事之前介入——且绝不能将其作为闹事后的奖励。
学校和学区应该询问两件事：反应是否符合驱动行为的因素？行为是否发生了改变？能够回答“是”的学校既能维持秩序，也能留住学生。 詹妮弗·韦伯（JENNIFER WEBER）与卡罗琳·D·戈曼（CAROLYN D. GORMAN） 曼哈顿研究所 纽约
Meta 对天然气的依赖并非个例。超大规模云计算厂商正以极快的速度购买通用电气（GE）的天然气涡轮机和卡特彼勒（Caterpillar）的发电机。GE 的涡轮机目前订单已排到 2029. 年。正如本报报道，甚至喷气发动机制造商也在重新调整生产线，为 AI 制造天然气发电机。
将发电设施置于“电表后”（即 AI 公司在现场自行发电而非从电网购电）并不能保护消费者免受数据中心对天然气需求增加的影响。即使他们在自有物业上安装了发电机，这些公司仍会与我当地的公用事业公司竞争其运行所需的天然气，从而推高电费和取暖成本。
我礼貌地请求扎克伯格先生和其他超大规模云计算厂商开始钻自己的天然气井。钻吧，宝贝，钻吧。 威廉·D·德米斯（WILLIAM D. DEMIS） 德克萨斯州，赛普拉斯
德米斯先生在 2016-17 年期间担任高盛高级副总裁兼首席地质学家，目前经营 Rochelle Court, LLC。
我们年度的大假是开车去佛罗里达州，住在一家简朴的汽车旅馆。孩子们参与体育运动，但家庭并不会在全年度旅行队、私人教练、专业设备、酒店和机票上花费数千美元。
如今，许多家庭需要支付多辆车的费用、多部手机、有线电视、流媒体服务、网络、频繁的餐厅就餐以及定期的航空旅行。这些开支单看似乎都不算过分，但汇总在一起，却大大增加了我们现在所谓的“正常中产阶级生活”的成本。
我们那时拥有的更少，但并不觉得匮乏。或许，年轻一代的美国人不仅在为负担祖辈曾拥有的生活而挣扎，而且在追求一个远为奢华的版本。
马克·R·吉安尼尼 (MARK R. GIANNINY) 纽约州，罗切斯特
金发姑娘的太浩湖指南
关于《锁好门，藏好小饼干：太浩湖被熊占领》（第1页，7月24日）一文，以下是我们的经验教训。熊大多是在寻找食物，它们会在室外的垃圾桶、喂鸟器及类似物品中找到目标。它们力量强，记忆力极佳，嗅觉灵敏，且几乎任何地方都能爬。它们速度极快，跑得比你快。
如果你在车库里存放狗粮，请将其锁好。千万不要将食物留在停在室外的车内。在黄昏时分将喂鸟器取下，不要在夜间将其留在室外；熊会记得它们曾经在的位置。
在每一扇门和易受攻击的窗户旁，准备一个气压式船笛。熊讨厌这种声音，听到后会离开。如果你养了宠物，在熊巡逻时请将它们留在室内。此外，绝对不要挡在成年熊与其幼崽之间。
罗伯特·帕克 (ROBERT PARKER) 内华达州，里诺
I
作者：Moira Gleason
MOIRA GLEASON
纽约
当 Conor McHugh 开始在纽约市驾驶马车出租车时，他 22 岁，且是“刚从爱尔兰乘船抵达”。如今 62 岁的他，经营并共同拥有一家最后仅存的马厩之一，那里安置着标志性的中央公园马车马匹。
McHugh 先生及其同事们一直在抵制一项旨在结束马车业务、持续数十年的动物权利运动。但 6 月 17 日，一名来自印度的 18 岁游客 Romanch Mahajan 在中央公园从一辆失控的马车上坠落或跳下身亡后，市议会重新启动了推进工作。这段被拍成病毒视频的悲剧，推动了一项被称为“Romanch 法案”的议案进程，该法案将在 2028 年前逐步淘汰马车，在此过程中将埋葬掉这些小企业以及估计每年 3000 万美元的旅游收入。
和市长 Mamdani 将目标对准了另一项业务： 中央公园马车。
Mahajan 家族已与倡导禁令的动物权利活动人士联手，并于 7 月 27 日宣布计划起诉该市。关于事故原因的调查正在进行中。电力公司 Consolidated Edison 在死亡数周后在该现场检测到了杂散电压，这可能是导致马匹突然惊逃的原因。
对于市议会议员来说，公众的认知在政治上是致命的：如果
如何结束一场 惨剧？ 这绝不像 听起来那么 简单。 但 当你 因 自身 狂妄、 误判 与 无能 的 结合 而 开启 某件事 时，挑战 尤其 艰巨。 除了惨剧本身的痛苦， 你还必须承受自我承认的耻辱，即使这种承认只是含蓄的。 你坚持认为会获得巨大成功的那个计划，不仅造成了巨大的损害，而且成了对你自身判断力的指控，并证明了所有告诫你不要这么做的人是正确的。 我们中很少有人具备做出这种自我反省的谦卑，因此诱惑永远是加倍下注。 如果我们继续坚持，最终会被证明是正确的。偶尔，这确实奏效。但更多时候，这正是错误演变为惨剧的方式。 大多数美国人从一开始就认为伊朗战争是一个错误。 现在，五个月后，他们可以看到这是一个惨剧。它不仅未能实现任何主要目标——
特约编辑 Gerard Baker 撰文
Michael Faulkender 与 Robert Wilkie 撰文
想象一下，如果互联网在 30 年前于北京开发，全球的信息流通过中国共产党构建的数字架构传输。在人工智能竞赛中输给中国将会更糟糕。 在我们这一辈子的时间里，没有哪项技术对一个国家的经济和安全如此重要。如果美国不能领先，中国将会接手。 要理解人工智能对国家安全的潜在影响，请看乌克兰。一个没有战略空军的国家，能够摧毁其规模更大的对手的工业基地，据报道还摧毁了其三分之一以上的轰炸机部队。怎么做到的？乌克兰人已经意识到，巧妙地利用技术，尤其是人工智能，可以决定冲突的胜负。 特朗普总统对人工智能政策的总体方向是正确的。
1889年起由道琼斯公司出版
Lachlan Murdoch 新闻公司执行主席 Rupert Murdoch 新闻公司名誉主席
Emma Tucker 总编辑
Liz Harris, 执行编辑 David Crow, 副总编辑 Aja Whitaker-Moore, 副总编辑
如果你反对这项禁令，你一定是个仇恨马匹并希望游客死掉的、沉溺于旧时光的无知之辈。但马车业长期以来一直是纽约市政治争论的焦点。在过去的二十年里，当地政治家一方面面临着与政治权力挂钩的动物权利活动人士的游说，另一方面面临着代表马车夫的工会的压力。投机主义活动人士利用这场悲剧来重启他们停滞不前的工作。 在所有指控和政治作秀之下，是一个监管良好的小企业行业，拥有健康的马匹和试图谋生的蓝领工人。 安置马车马匹的三家马厩位于曼哈顿地狱厨房区（Hell’s Kitchen）的黄金地段。西 37 街和 38 街马厩之间的一块空地最近以 $94 million 的价格售出。 “我们可以卖掉马厩，过上舒适的生活，”西区马车租赁马厩（West Side Livery）经理 Tony Salerno 说道。“但这里是马儿的家。”马匹每年有五周的休假，在马厩里受到 24 / 7 全天候的照顾，有定期的兽医护理，且每当温度超过 90 度时就可以休息一天。在这一行工作了 60 年并拥有西 37 街马厩的 Cornelius “Neil” Byrne 表示，如果说有什么问题的话，那就是它们工作量太轻了。 关于虐待和忽视的指控在调查中屡屡被推翻。来自美国防止虐待动物协会（ASPCA）的兽医 Pamela Corey 在 2011 年被暂停职务，因为她撤回了之前的一份声明，该声明称一匹死掉的马车马曾被强迫在患有痛苦疾病的情况下工作。当最终的尸检报告发现没有任何虐待或
……目标；它削弱了美国的战略地位，增强了伊朗的地区与经济实力，剧烈消耗了我们的武器库存，削弱了我们的经济，并给我们的威信和全球领导地位带来了沉重打击。
初步的诱惑是认为，如何结束并不如结束本身重要；当你身处一场正在发生的灾难之中时，脱身是你唯一的优先事项。但正如你可能会在不经意间陷入战争一样，你也可能在不经意间仓促撤出。问问乔·拜登，对他而言，撤出阿富汗这一首要目标导致了五年前本月一场灾难性的撤军，并在此后持续造成损害。
但我们也知道，加倍投入则是陷入了陈旧的“沉没成本谬误”的诱惑：我们已经在这次行动中投入如此之多，以至于现在放弃会更糟糕。在战争中，这种谬误尤其具有悲剧性的说服力。在这种情况下，“沉没成本”是男女士兵的生命。谁想告诉他们的家人，他们死于一个错误？
因此，既然特朗普总统既不撤军也无法推进，
美国在人工智能竞赛中领先，是因为他的政府地移除了那些扼杀该行业的繁文缛节。但特朗普先生也意识到，需要防止人工智能被武器化并针对本土。先进模型已经在进行网络攻击。生物、化学和爆炸性武器的研发可能是接下来的风险。北京的工程师们正致力于窃取这些能力。
政府已经开始建立保障机制，包括一套测试敏感模型能力的流程。有些人建议设立一个独立的行业运行标准机构来推进这项工作。Google DeepMind 首席执行官 Demis Hassabis 最近建议，人工智能的监管可以效仿金融业监管局（FINRA）：由私人资助，由行业人员任职，并被授权在模型发布前的 30 天窗口期内对其进行审查。据报道，这一想法在硅谷和白宫正获得支持。
Robert Thomson 新闻集团 (News Corp) 首席执行官
Almar Latour 首席执行官兼出版人
道琼斯管理层： Jason P. Conti, 总法律顾问；Dianne DeSevo, 首席人事官；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, 执行副总裁兼财富与投资总经理；Ashok Sinha, 首席传播官；Josh Stinchcomb, 执行副总裁兼 WSJ / Barron’s 集团首席营收官
一辆马车穿过曼哈顿第 11 大道。
疏忽，她将 ASPCA（美国防止虐待动物协会）的压力列为她发表虚假陈述的原因。
2013 年，反对禁令的人士认为，市长 Bill de Blasio 承诺在“第一天”就废除马车的做法，是受与房地产开发商结盟的驱动，因为后者看中了马厩所在的物业。
当时推动禁令的主要动物权利组织——“纽约清洁、宜居与安全街道组织”（New Yorkers for Clean, Livable and Safe Streets，简称 NYClass），由新泽西房地产大亨 Stephen Nislick 于 2008 年创立。
在 NYClass 未注册为游说组织就向 de Blasio 政府进行游说期间，Nislick 先生和 NYClass 联合创始人 Wendy Neu 向一个支持 de Blasio 议程的非营利组织合计捐赠了 $125,000。在披露市长亲自恳请这些捐款后，NYClass、Nislick 先生和 Neu 女士合计支付了 $10,000，以解决纽约伦理委员会关于非法游说和
似乎让自己陷入了一种极其徒劳的惯性瘫痪状态。
在他的《恶魔词典》中，Ambrose Bierce 将和平定义为“两次战斗之间的一段欺骗期”。这大致描述了自最初停火以来的“和平”期间所发生的情况
亚洲泥潭的总统。 而前人们将其留给了 他们的继任者。
四个月前与德黑兰的关系：伊朗 一直在通过欺骗误导我们，而我们 则通过自我欺骗地继续欺骗自己。 本周末，特朗普先生（再次）宣布 他将取消计划中的升级行动，因为伊朗 （再次）同意了一项将开放霍尔木兹海峡 的协议。尽管估计结果各异，但总统 似乎已经撤回了升级打击行动半打次， 并且宣称战争已经结束超过 30 次。
这样一个机构可以发挥真正的作用， 但它留下了一个只有政府才能填补的 国家安全漏洞。判断一个模型是否具有 危险能力，需要关于对手计划的情报、 基于机密信息的测试，以及过于敏感 而无法公开的调查结果。国家安全判定 本质上属于政府职能。没有任何政府 会将其来源和方法交给一个由被审查 公司资助的委员会。 为了弥补这一差距，政府应该考虑一个 它已经熟悉的监管机构：美国外国投资 委员会 (CFIUS)。 50 年来，CFIUS 在不对私营市场造成 扼杀的情况下，对战略资产做出机密 判定。这个由财政部长主持的跨部门 机构，负责审查外国收购美国资产是否 构成国家安全威胁。它已经审查了数千项交易
摘自 Kelefa Sanneh 在 8 月 3 日出版的《纽约客》中撰写的《食品荒漠的神话》：
在关于食品荒漠的文献中，对饮食的担忧变成了对获取渠道的担忧……如果目标仅仅是让某些食物变得更容易获得，那么一个政府补贴的市场只要存在就算成功，而不管有多少人在那里购物或他们购买什么。一项 2019 年的研究发现，新超市经常从已有的超市中分走生意……[Kenneth] Kolb 与一家提供三明治的加油站连锁店代表进行了交谈，且向一名公职人员提供了不当礼品。
NYClass 仍然主导着反对马车的运动，其组织网站和税务文件中将 Nislick 先生列为主席。其关于虐待动物的指控在多次听证会和法律程序中都缺乏可靠证据，运输工人工会去年秋天代表马车工提交的一项诉讼，要求就干扰业务关系赔偿 $1 million。
虐待动物的指控依然存在，但已转向公共安全担忧。NYClass 执行董事 Edita Birnkrant 在一封电子邮件中表示：“马在惊恐时具有天生的奔跑本能。强行将它们带入日益拥挤的中央公园和混乱的中城交通，必然会导致严重的惊吓事件、碰撞、受伤甚至更糟。”尽管这是该市记录在案的第一起与马车相关的死亡事件（2025 年，电动自行车和电动踏板车在全市共导致 21 人死亡），但这并不重要。
这仅仅是我们过去五个月所积累的自我欺骗之堆的一小部分。其中，我们被告知伊朗的新领导人是“理性的”并且“渴望达成协议”，但同时又被告知他们是“人渣”且不可信任。我们被告知美国将对海峡航运收取通行费，随后又被告知不会。盟友们被告知他们是不需要的，然后又因未能提供帮助而受到攻击。
有些人将这种无休止的反复视为纯粹天才的神秘之作：特朗普先生精心计算的不可预测之狡诈，以此迷惑敌人，让他们失去平衡并迫使其犯错，同时使美国能够重新整顿和武装。
另一些人则将其视为一个被困且无助之人的精神紊乱，一个长期以来以急躁和反复无常著称的领导者，一个无法决定是前进还是后退的领导者。
我自己是一个奥卡姆剃刀原则的信徒。过去四个月令人眩晕的曲折转折，最让我想起 Armando Iannucci 导演的电影《斯大林之死》中的一段台词。
……相关方案，但总统需要否决的方案不到 12 个。绝大多数疑虑最终通过协商解决：剥离子公司、签署安全协议或增加信息共享。CFIUS 在处理安全顾虑的同时，确保美国依然是全球首选的资本目的地。
在不扼杀私人市场的情况下，裁定国家安全担忧。
前沿人工智能（Frontier AI）理应获得同样的待遇。在一种“人工智能版 CFIUS”模式下，除非政府采取明确行动予以阻止，否则部署将保持合法。将不存在许可制度，也不会设立新机构，且开源
准备好的沙拉似乎被当作一种“引流产品”：这些“健康”选项让该站点能够将自己塑造为沙漠中的食物绿洲，并使其符合 SNAP（补充营养援助计划）领取者可以在店内随意消费其福利金的商店标准。……[Hanna] Garth 写到，那些热情且充满积极性的志愿者未能让当地居民对羽衣甘蓝产生兴趣，而这种蔬菜在她研究的社区中并不受欢迎；对她而言，这证明了食物正义运动往往是一个“白人种族项目”，而这可能仅仅意味着该运动一直是由负责该项目的人们的胃口所塑造的。
目前尚未确定全议会的投票日期，但该法案有 29 位发起人，如果能通过健康委员会，这一数量已超过通过所需的多数票。市长 Zohran Mamdani 已确认他有兴趣完成这项工作，并承诺支持一个增加了针对失业工人保障条款的法案版本，以满足运输工会的要求。 马厩所有者和马车司机确信他们知道什么对马匹和工人最有利——而且理由充分。Byrne 先生、McHugh 先生和 Salerno 先生将一生都献给了马车行业。Byrne 先生继承父业进入该行业，并在 20 世纪 60 年代 18. 岁时开始驾驶马车。他在 1979. 年买下了西 37 街的马厩。Salerno 先生在西西里岛长大，他的家人在那里养马。“我出生在马厩里，”他笑着说，“就像耶稣一样。”他来到纽约后，先从事橱柜制造工作，随后成为了司机。 在西 52 街克林顿公园马厩的办公室内，McHugh 先生坐在办公桌前，上方贴着一张自由女神像及其铭文《新巨像》的海报：“给我你们的疲惫者，你们的贫穷者， / 你们蜷缩的群众，渴望自由地呼吸……” McHugh 先生用他的爱尔兰口音说道：“这就像她在对其他国家说：把你们不想要的人都交给我们，我们将建立世界上最好的国家。”他微笑着说：“而我们确实做到了。” 议会的投票和市长的签署将决定他所建立的这份事业和生活的未来。与此同时，他以及处于该行业核心的其他人们，依然与他们的马匹一起留在那些高楼大厦之间——而这正是他们希望留下的地方。
Gleason 女士是本报的 Robert L. Bartley 研究员。
一部关于 1953. 年苏联统治者突然去世后，莫斯科爆发的混乱与内斗的阴暗而精妙的讽刺剧。在某个时刻，在令人困惑的动荡之中，一名政治局成员只是简单地摇了摇头说：“我做过的噩梦都比这更合理。” 为了客观对待特朗普先生，他并不是第一个发现自己陷入这种噩梦的人。他只是最新一位陷入亚洲战争且找不到出路的美国总统。与越南、阿富汗和伊拉克不同，至少到目前为止，他有足够的智慧地抵制更大规模的动员和投入。 在上述每个案例中，战争最终仅由新任总统终结。现在看来，这场战争极有可能也是如此——在 1 月 20, 2029. 之后的某个时间。尽管特朗普先生决定发动战争时做出了宏大的声明，但我们目前与伊朗在核计划、对全球航运的扼制以及地区霸权野心方面的博弈，将不会由这位总统来解决。 你如何结束一场惨败？把它留给下一个人。
模型和初创公司将不参与该流程。
如果政府认为拟议的 AI 部署可能带来关键的国家安全风险，将有一条明确的评估和缓解途径。一个由高级国家安全官员组成的委员会将在严格的截止日期前对该类部署进行审查。几乎每次审查都会迅速结束，且相关顾虑将像 Cfius 处理那样通过协商解决问题来化解。只有总统有权延长暂缓执行期。
政府审查将仅限于关键的国家安全风险，且具有较短的操作窗口。而 AI 公司加快该进程最可靠的方法，就是首先开发出安全的模型。
这一切并不会使私人标准机构变得多余。哈萨比斯（Mr. Hassabis）的直觉是正确的：在建立基准、推广最佳实践以及出具非机密安全评估方面，确实有大量工作要做。但当 AI 模型涉及重大国家安全影响时，必须由政府而非仅仅由行业做出判定。
使美国 AI 进步最快脱轨的方式，将是发生一场令华盛顿恐慌并导致其采取高压监管体制的灾难。
没有什么比这更能让北京高兴的了。一个针对 AI 的 Cfius 机制，就是防止这种情况发生的极具价值的保险。
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S&P 7600.50 $\downarrow$ 1.48% S&P FIN $\downarrow$ 0.72% S&P IT $\downarrow$ 1.62% DJ TRANS $\downarrow$ 0.91% WSJ $ IDX $\downarrow$ 0.09% 2–YR.TREAS. yield 4.255% NIKKEI (Midday) 63333.35 $\downarrow$ 0.66% 更多详情请见 WSJ.com / Markets 商业与金融
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金佰利 (Kimberly-Clark) 将一种植物视为木纤维的潜在替代者；接下来的任务是扩大规模
金佰利 (KIMBERLY-CLARK)
作者：NATASHA KHAN
二十年来，金佰利一直在全球范围内寻找能够替代木纤维的材料。这家生产 Scott 厨房纸巾、Cottonelle 卫生纸和 Huggies 尿布的公司表示，它已经取得了突破。该公司称，未来的纸质产品可以使用剑叶龙舌兰 (hesperaloe) 制造，这是一种生长在干旱气候中、具有长而尖叶子的植物。金佰利的高管表示，这种植物的纤维可用于制造比木基替代品更强韧、更柔软的纸巾、卫生纸和其他产品。如果生产能够达到规模，他们认为这可能比砍伐树木更便宜，且对环境的破坏更小。
“我们称之为‘金发姑娘’式的发现（恰到好处的发现），”该公司首席研发官 Craig Slavtcheff 表示。金佰利将其将研究结果商业化的持续努力描述为一次“登月计划”，高管们警告说，前方仍有漫长的研究路径。尽管如此，他们表示希望剑叶龙舌兰能帮助他们实现此前宣布的目标，即最终在产品中停止使用天然林纤维。该公司是全球最大的纸质产品制造商之一。
请转至 B2 页
LM OTERO / AP
金佰利资深研究经理 Mark Mleziva 在公司威斯康星州研究设施中与一株剑叶龙舌兰植物在一起。
金佰利表示，它是第一家对剑叶龙舌兰进行实质性研究的公司。目前该公司已拥有 30 项与研究结果相关的专利。
作者：JOHN KEILMAN 惠而浦：曾经的全球巨头，如今陷入困境
NICK HAGEN 为 WSJ 拍摄
该公司已缩减规模，重点关注美洲市场。惠而浦俄亥俄州工厂的洗衣机生产线。
取得显著成效
作者：LILY BELLE POLING
在最近的一个周日夏日午后，Brooks Hiller 蜷缩在芝加哥公寓的笔记本电脑前，参加一场关于房地产交易的马拉松式电话会议，此时已进入第三个小时。这位 21 岁的青年并非专业人士，这项工作也没有给他带来一分钱收入。他是印第安纳大学凯利商学院即将升入大四的学生，在这里他领导一个由 20 名本科生组成的团队，管理约 $12 million 的权益资金。
这些学生运作着自己的房地产投资业务，名为 Sample Gates Management，得名于布卢明顿校园入口处哥特式风格的石灰岩拱门。与许多动用大学资金或依赖捐赠的学生投资俱乐部不同，印第安纳大学的这个小组从第三方筹集资金，并投资于全国各地的物业，例如公寓开发项目和工业园区。
在高中时期，Hiller 就被这个项目深深吸引——据大多数说法，这是管理资本规模最大的本科生运作的房地产投资组——以至于他选择就读印第安纳大学，希望能成为其中一员。
“学生们获得了经验，学校为学生提供了更好的教育，而投资者在赚回资金的同时，还能再次参与到这个项目中，”Hiller 说道。“我真的非常想成为其中的一部分。”
该小组的成功是正在改变高等教育和房地产行业的趋势的缩影。一个曾经围绕私人俱乐部或活动共享信息的行业，已变得高度
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这是网络安全领域的“侏罗纪公园”时刻。 从4月开始，由OpenAI和Anthropic开发且旨在进行黑客攻击的AI模型脱离了企业的测试环境，在一次前所未有的系列网络攻击中闯入了毫无防备的企业。 这些模型是顶尖的自主黑客机器，两家公司直到上个月才注意到它们的逃逸。OpenAI披露了7月一次针对AI公司Hugging Face的黑客攻击。在检查日志后，Anthropic于周四表示发现了三次黑客攻击。 这两次披露引起了立法者的不安，其中一些人以此为由主张建立新的监管或测试机制。 对于负责这些实验室的一些员工来说，这同样是一个令人大开眼界 Moment。 “这是我第一次在内心深处感受到极度不安的安全事件。让我有点惊讶的是，竟然没有更多的人感受到这种不安，”OpenAI首席执行官萨姆·奥特曼在一次播客中说道，他将公司的黑客事件描述为“一次极其像科幻小说的网络事件”。 对于网络安全专家而言，这表明了AI能力的增强，以及一个日益增长的担忧理由。 对于AI安全专家而言，这验证了他们一直以来的警告：即
“二手”服装 以试水
作者：CLARA HUDSON
如果你走过H&M SoHo店里那些颜色协调的蜿蜒服装排架，你会发现一个由该零售商称为“二手 (preloved)”商品的折衷宝库，从一件印有询问“派对在哪里？”的卡通鹦鹉的吉米·巴菲特T恤，到一件售价 $250 的时尚Moschino上衣。 设立这样一个汇集各种杂乱服装的迷你古着店，与这家瑞典服装巨头的典型产品形成了鲜明对比。 但这表明该行业对二手商品日益增长的兴趣。
CINDY ORD / GETTY IMAGES
“如果我能将一些购物者转化为二手商品的消费者，我会非常高兴，”H&M的Sofia Måhlén表示。
如果芦荟能兑现金佰利 (Kimberly-Clark) 研究人员所说的潜力，那么对于那些每年通过砍伐用于制造全球纸制品木纤维的树木而赚取数十亿美元的公司来说，将是一个打击。其中很大一部分来自加拿大和整个斯堪的纳维亚的北方森林。美国也是一个主要供应商。 木纤维的替代方案也将是环境方面的突破。对木材需求减少，将使更多树木能够吸收碳排放。 目前，竹子和再生纸是纸基产品中传统木纤维的主要替代品。许多美国消费者认为它们不够柔软或过于（请转到B2页）
不久前，当佛罗里达州房地产投资者Karlin Ridgeway准备出售房屋时，全新的厨房设备是必须的。 时代变了。她说，现在的买家希望价格尽可能低，因此当她最近考虑如何处理一台陈旧但功能完好的惠而浦 (Whirlpool) 冰箱时，她决定不再花费 $600 或更多资金去更换它。在（请转到B6页）
惠而浦净销售额，较前一年变化
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2022 ’23 ’24 ’25 ’26
来源：S&P Capital IQ；该公司
旨在 将更多 电池 引入家庭
作者：JENNIFER HILLER
德克萨斯州奥斯汀——在一家旧印刷厂不远处，一群工业机器人和数十名工人正在组装一些基础组件，一家处于高速成长的初创公司希望以此打造美国下一家大型电力公司。
Base Power 正在全力推进在居民后院安装数万块电池，旨在成为美国最大的电池存储开发商之一。这家成立三年的公司刚刚锁定了一轮 10 亿美元 billion 融资，使其估值达到 130 亿美元 billion。该公司累计融资额已超过 25 亿美元 billion。
Base 由首席执行官 Zach Dell（计算机先驱 Michael Dell 之子）共同创立，目前已在德克萨斯州和芝加哥地区（该公司于今年早些时候进入该市场）安装了 23,000 块以上的电池。
“我们有太多工作要做，增长空间巨大，而且我们目前仅处于机会规模的早期阶段，”Dell 表示，并补充说公司计划进入更多州，并最终进军国际市场。
本轮融资由 Ribbit Capital、Addition、Valor Equity Partners 以及摩根大通（JP-Morgan Chase）的战略投资小组领投，后者是该公司“安全与韧性计划”的一部分。Michael Dell 并非投资者。
该初创公司目前每天完成约 100 次安装——预计到年底这一速度将翻倍。到目前为止，它已安装了约 550 兆瓦时，相当于一个大型公用事业规模的存储项目。
Base 采用两种商业模式。在放松管制的市场中，公司拥有并运营这些电池，充当零售电力供应商，同时提供低于平均水平的电费率。当电网运行[请转至 B6 页]
2026 年第二季度
–6.8%
AI 系统可能会造成现实世界的危害，并规避控制尝试。
“看到这种情况在现实中发生，在某种程度上证明了之前的预见，”Palisade Research 的执行董事 Jeffrey Ladish 表示。Palisade Research 是一家研究 AI 能力以更好地理解风险的非营利 AI 实验室。Ladish 此前曾协助构建 Anthropic 的信息安全计划。
Ladish 表示，他经常与网上那些认为他仅仅相信科幻小说的人进行争论。
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AMY SUSSMAN / GETTY IMAGES FOR H&M
B E A B D E G I J L H J L S T U W S T C C M N - O M P P
Alphabet.......................................B11 Amazon.com......................B6,B11 安杜瑞尔 (国防科技公司).............................B3 Anthropic........................................B1 Atkore............................................B10
K K
Geo.....................................................A4 Grindr................................................B6
Intesa Sanpaolo....................B10
Banca Monte dei Paschi di Siena...........................................B10 Banco BPM...............................B10 Berkshire Hathaway..........B11 Blackstone...................................B11 Brinker International...........B4 Bumble............................................B6
JPMorgan Chase....................A2
Kimberly-Clark...........................B1 KKR..................................................B10
Lockheed Martin....................B4
Campari...........................................B5 Chery Automobile..................B3 Comcast..........................................B4 Commerzbank.........................B10 Crédit Agricole.......................B10
Match...............................................B6 Meta Platforms......................B11 Microsoft......................................B11
News Corp...................................B4 日产 Motor.............................B3 诺斯罗普格鲁曼.............B4
易捷航空............................................B3
Gracias, Antonio......................B6 Greene, Jared............................B6
Altman, Sam...............................B1
Herd, Whitney Wolfe..........B6 Herrick, Michelle.....................A2 Hochman, Kevin......................B4 Hunt, Simon................................B5
Bitzer, Marc.................................B6 Brzeski, Carsten.......................A7 Buffett, Warren......................B11
Caldwell, Chris..........................B4 Cavey, Paul..................................A2 Conti, Alessandra...................B6
Jackson, William.....................A7
Karp, Alex.....................................B4 King, Donnie...............................B3 Kodali, Sucharita.....................B4
Dell, Michael................................B1 Dell, Zach.......................................B1 Dimon, Jamie.............................A2
Lam, Kelvin..................................A7 Leondis, George.......................B3 Lopas, Justin..............................B6
Ergen, Charlie............................B5 Espinosa, Ivan...........................B3
F - G
McGeehan, Ryan....................B4 McLeod, Justin.........................B6
Feroli, Michael..........................A2
品牌尝试 “二手”
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其网站上称，“不穿衣服是第1可持续的选择。我们排在第2位。” 采用二手板块具有许多卖点，且比扩大可持续服装线的规模要简单得多：库存的收集成本低甚至免费；品牌能够利用对环境危害较小的产品获利；而由独一无二商品的吸引力所带动的快闪店热潮，则能吸引新顾客。 H&M在SoHo区的二手板块中与一家小型二手店Awoke Vintage合作，但一些大型零售商则自行采购二手单品，或由顾客将其上交——有时可兑换店内信用额度。 H&M在过去几年中开设了大约12家二手快闪店，并在近几个月在斯德哥尔摩和维也纳增加了二手板块。Måhlén表示：“扩张一直相当稳健。” 她表示：“这在很大程度上是为了顾客，但也是良好的商业直觉，”并补充说转售市场的增长速度快于传统零售。H&M通过投资瑞典二手零售商Sellpy来押注这一趋势。 该公司表示，包括在Sellpy及其旗下COS等其他品牌在内的商品转售，约占H&M 2025, 总销售收入的0.8%。 根据一家数据公司为在线转售业务ThredUp准备的一份报告，美国二手服装市场预计到2030将达到$788 亿美元。
降低环境 影响的 压力。
NRG Energy................................B6 OpenAI..............................................B1 Oracle..............................................B11
Palantir Technologies.........B4 Prysmian.....................................B10
Sandoz.............................................B4 SpaceX...........................................B11 Sunrun.............................................B6
Tesla..................................................B6 Thermo Fisher Scientific.A3 TotalEnergies..........................B10 Tyson Foods...............................B3
Uber Technologies.................B3 UniCredit.....................................B10
Walmart.........................................B6 Whirlpool........................................B1
Melucci, Jeff................................B2 Meyer, Erie...................................B6 Milali, Nabil...............................B10 Millar, Jonathan.......................A1 Mleziva, Mark............................B2
Patkar, Vishwas.....................B11 Pearce, Michael.........................A1 Poch, Christopher...................B6 Potter, David..............................A7
Saxe, Joshua..............................B4 Saylor, Michael........................B11 Senatore, Sara..........................B4 Slavtcheff, Craig.......................B1 Svallin, Jonas............................B11
Tomblin, Kelly............................B6 Toublan, Dominique............B11 Trees, Rhett................................B2
与此同时，以可持续为卖点制造新衣的商业模式正陷入苦撑。Everlane 是一家深受千禧一代喜爱、以低调色调、得体的职场基础款和可持续营销著称的品牌，当该公司近期被中国快时尚公司 Shein 收购时，引发了消费者的批评。以制造可持续鞋类著称的品牌 Allbirds 在关闭服装店并转型为人工智能业务后，股价大涨。
乔治敦大学研究商业可持续发展的 Vishal Agrawal 表示，最可持续的解决方案是零售商通过设计低趋势且更耐用的产品来减缓时尚周期。但他说，看到时尚界尝试循环利用计划是一个积极的信号。
他表示，“我更希望零售公司能大力推广循环利用”，而不是将纺织品回收放在首位。“至少这比一件衣服一直放在某个人的衣柜里完全没被使用要好。”
纺织品回收可能尤为棘手，因为许多服装是由混合材料制成的，从源自石油的涤纶到棉花、人造丝和尼龙。不同织物的混合物更难分离。此外，尝试去除拉链和纽扣地增加了复杂性，这也是另一个障碍。
超快时尚零售商正面临减缓生产的新压力。法国最近通过立法，对大量生产廉价服装的服装公司处以罚款。加州最近也颁布了一项法律，要求零售商管理服装废弃物的处置方式，旨在防止衣服进一步填满垃圾填埋场。
Clara Hudson 为 WSJ Pro Sustainable Business 撰稿。
获得 丰厚回报
数字化景观。如今，这里充斥着标准化的公开市场数据，以至于本科生可以轻松地深入研究并几乎在平等的地位上参与其中。与此同时，近几十年来，各大学一直倡导“体验式学习”，鼓励学生进行能教会他们实际工作技能的实践操作，而这些技能在传统的课堂环境下是学不到的。此外，目前有数十所大学为本科生提供房地产学位、辅修或专业方向。
“从核心上看，这个项目在 30 年前是不可能存在的，”哈佛大学房地产教授 Avis Devine 表示。
今年夏天，Sample Gates Management 出售了其首笔投资——一个位于印第安纳波利斯的工业仓库开发项目。在大约 16 个月的时间里，该基金在该物业上获得了 65% 的毛利润。
“在目前的环境下，这是一个非常惊人的回报，”负责批准学生投资的董事会成员 Tim Morris 表示，这一回报“对于任何专业公司来说都很好，而不仅仅是学生”。他同时也是房地产公司 Proprium Capital Partners 的创始人兼共同管理合伙人。
学生们的教师顾问 Tom Peck 回忆道，该物业是一个“无需犹豫就决定投资”的项目。Peck 表示，这能够使该团队的投资组合多样化，而且有一家可靠的租户承诺在建筑完工后租赁该房屋。
该基金的大部分资金仍被投入在投资项目中，因此很难准确评估其整体表现。
十年前，全国只有少数几个由学生管理的房地产基金。根据佛罗里达州立大学房地产教授 Mariya Letdin 的说法，如今至少有 18 个，且在本学年还将有两个新基金启动。
Sample Gates 的首次出售（一个印第安纳波利斯的仓库）带来了 65% 的毛利润。
在植物中 预见未来
……用于生产纸巾和卫生纸等产品。
金佰利 (Kimberly-Clark) 已在研究剑麻 (hesperaloe) 以及开发将其用于未来产品的技术上投入了约 $250 million。该公司表示，要将这一发现商业化，将需要该金额的数倍资金。
该公司正在加速研究。它正在亚利桑那州尤马市建设一座试点设施，并与亚利桑那州、加利福尼亚州及其他地区的农民和技术专家合作，以进一步评估剑麻作为商业作物的可行性。与美国西南地区种植的一些其他作物相比，剑麻的栽培用水量较少，这在水资源可能匮乏的地区是另一个潜在优势。
关于剑麻的发现源于金佰利 20 年前启动的工作，当时该公司组建了一支所谓的“虎队” (tiger team)，开始思考纤维的未来。金佰利高级研究经理、该团队首批成员之一的 Mark Mleziva 说道。
在开始工作时，该团队列出了 70 个潜在新纤维来源的候选名单。他们研究了……
印第安纳大学学生投资俱乐部 Sample Gates Management 的成员， 上图包括布鲁克斯·希勒（Brooks Hiller）， 他在右侧与父母一同出现。
（该教师来自）大学，他研究过学生管理的投资 基金并为其中一家提供建议。 然而，尽管像 Sample Gates 这样的项目 是一项极具吸引力的简历亮点，能为 本科生提供独特的经验，但它 并不一定是帮助学生获得工作的 跳板。由于华尔街的实习 渠道和提前招聘， 该小组中的许多 20 名大四学生在接触到 Sample Gates 基金 之前，就已经获得了全球巨头的 全职工作。 事实上，这些学生的专业经验——其中 一些人在大学期间的三个夏天都参加了 实习——往往给 Sample Gates 带来了 好处。莫里斯（Morris）表示，学生在 机构公司的任职让他们具备了 一种“人脉思维”，这种思维会“迅速 滚雪球般地变成一个非常、非常 强大的通讯录”。 在凯利商学院（Kelley School），目前有 278 名学生主修房地产，教职员 仅挑选了 20 人来管理该 私募股权基金。这些即将升入大四的学生 是从凯利商学院竞争极其激烈的 约 60 名学生的商业房地产研讨会中 选出的，在该研讨会中，学生们分析 交易并向模拟委员会进行推介。 2022 年，在该小组的第一轮 融资中，Sample Gates 从 46 位投资者那里筹集了 $4.2 百万美元，比他们 $3 百万美元的目标高出 40%。 去年的学生组在第二轮融资中 从 74 位投资者那里筹集了 $7.8 百万美元，其中一名投资者投入了 $700,000。一些投资者同时向 两只基金注资。 许多投资者是目前在房地产行业 工作的印第安纳校友。他们期望 学生能带来利润，但他们也 对培养这一年轻项目以及结识 优秀学生充满热情。 学生经理们
（此处涉及）精细化的 农业残余物，如小麦秸秆和 剩余玉米。甚至鸡羽毛、海藻和 藻类也在名单上。“我们尝试将 从木秸秆到竹子的所有东西 都制成纸浆，”该公司首席战略 执行官杰夫·梅卢奇（Jeff Melucci）表示。 “所有东西。” 当研究人员开始研究木纤维的 潜在替代品时，成本和规模是 至关重要的考量因素。斯拉夫切夫（Slavtcheff） 表示，这些因素是他们考虑其他 材料时的障碍。研究人员目前还 不知道大规模种植、收获、运输 并将 Hesperaloe（一种龙舌兰属植物）加工 成纸浆的成本，但表示早期 迹象显示，该成本可能与木材 相当。 关于 Hesperaloe 适用性的首批 线索之一，出现在团队看到这些 植物生长在亚利桑那州一个废弃的 州立测试作物设施中时。梅卢奇 回忆道，那是片沙漠地带，多年 无人照管。然而它生长茂盛， 这表明它可能是一种耐用的作物。 当 金百利-克拉克（Kimberly-Clark） 团队对其进行研究时，其纤维的 长度和纤细的直径脱颖而出。 这种组合表明，当该植物用于 卫生产品时，可以提供柔软度和 强度。进一步的研究确认了这些 猜想：研究人员发现了一种 可快速再生的天然纤维来源。 “到目前为止，我们已经产生了 足够的数据，使我们对这将在 我们的产品组合中产生的潜力 感到鼓舞、自信且兴奋，” 斯拉夫切夫说。
不仅仅是跟进。 保持领先。 保持领先。
旨在满足个人和家庭不断变化的需求的多样化产品。
每周筛选三到八笔交易。然而，在 2023 和 2025 之间，他们仅选择了 12 项投资，地点从印第安纳州到亚利桑那州不等。
一旦潜在投资通过初步筛选，一个团队将建立财务模型并与潜在合作伙伴会面，以压力测试交易的可行性。
学生若要推进一项投资，必须将其提交给投资委员会，该委员会由 10 位经验丰富的房地产高管组成。委员会必须批准所有交易，而他们大约拒绝了本科生提交的三分之一的提案。
如果学生认为他们可以在不实地考察物理资产的情况下（无论其位于何处）推销一项投资，那么他们最好重新考虑。
一些观察人士预测，学生在开始全职工作时可能会感到失望，因为他们将从从事管理基金的最高级别工作，转变为大型公司中一名低级别的分析师。
“在短时间内掌握所有这些技能，然后去黑石集团担任一名助理，在心理上会打击人的，”Sample Gates 的投资者、运营着一家房地产私募股权公司的印第安纳大学校友 Rhett Trees 表示。
GERSHMAN PARTNERS / CITIMARK
ANN SCHERTZ
日产汽车季度扭亏为盈
成本削减使这家汽车制造商 在两年内首次实现盈利
作者：KOSAKU NARIOKA
日产 (Nissan Motor) 在报告两年来首次季度净利润的同时，重申了其年度收益预测。然而，由于中国市场需求疲软以及中东运营持续的不确定性，导致车辆销售预期降低，这在一定程度上影响了这一成就。
这家日本汽车制造商周一表示，截至 6 月的三个月里，美国和日本市场的销售额有所增长，而成本削减和汇兑收益帮助提升了其底线利润。
对于截至 2027 年 3 月的财政年度，该公司继续预计北美、日本和欧洲的销售额将增长，但目前预计中国的销售额将下降 11%，这与此前预测的增长 8.7% 截然相反。
首席执行官 Ivan Espinosa 将中国销售疲软归因于经济增长放缓，以及由于伊朗战争导致燃料成本上升，从而加速了向电动汽车的转变。
Espinosa 表示，公司将根据市场需求管理库存，并重新平衡销售组合以增加新能源汽车的增长，这是一个术语
%
作者：HEATHER SOMERVILLE 和 SCOTT CALVERT 安杜瑞尔 (Anduril) 考虑在巴尔的摩设立无人船建造基地
据知情人士透露，安杜瑞尔 (Anduril Industries) 正与马里兰州的一个港口进行高级别谈判，以建立一个生产基地，用于制造该公司的无人船。这表明军方对自主海上船舶的需求日益增长，且国防初创公司具有振兴美国工业的潜力。
影响泰森食品 (Tyson Foods) 底线
作者：PATRICK THOMAS
由于牛类价格飙升，泰森食品下调了其年度利润预期，这持续影响着这家肉类包装公司的底线。
多年来，美国牛类短缺一直在推高泰森食品和 JBS 等肉类包装商的成本，导致严重的财务损失。泰森食品表示，与去年同期相比，其在最近一个季度的牛类成本增加了 $575 million。更高的牲畜成本正将零售牛肉价格推至创纪录水平，由于消费者已经承受压力，这抑制了需求。
“牛肉的表现没有达到我们的预期，我们对此并不掩饰，”首席执行官唐尼·金 (Donnie King) 在与投资者的电话会议上表示。
在截至 6 月 27 日的三个月里，该公司报告的利润为 $182 million，高于去年同期的 $61 million。根据 FactSet 的数据，在调整后基础上，泰森食品每股收益为 99 cents，略高于华尔街分析师预期的 98 cents。
泰森食品处理了美国销售的每 5 磅鸡肉、牛肉和猪肉中大约 1 磅。该公司表示，其季度销售额与去年同期基本持平，约为 138.7 亿美元 billion，低于分析师的预期。
泰森食品的股价在周一上涨了 2.8%。
–5
鸡肉
作者：AIMEE LOOK
易捷航空（EasyJet）将 Castlelake 的竞标截止日期延长至周五，从而与竞争对手阿波罗全球管理公司（Apollo）保持一致，让这两位追求者在周末前要么对这家在伦敦上市的航空公司提交一份正式报价，要么选择退出。
Castlelake 的截止日期此前为周一。美国资产管理公司阿波罗全球管理公司（Apollo）在上个月提出了 76 亿美元 billion 的收购报价，高于此前与美国私募股权及飞机租赁集团 Castlelake 达成的 70 亿美元 billion 协议。
阿波罗全球管理公司（Apollo）的报价较 5 月 28 日（即 Castlelake 竞标期开始的前一天）易捷航空的收盘股价溢价 81%。两家潜在竞标者都准备落实其报价。
日产 (Nissan) 由于中国市场疲软而降低了车辆销售预期。首席执行官 Ivan Espinosa 今年 4 月在一次中国活动上发表讲话。
（内容接续）涵盖电动汽车和插电式混合动力车。“中国对于日产 (Nissan) 以及更广泛的行业来说仍然是一个重大挑战，”他表示。
中东是另一个挑战。Espinosa 表示，尽管客户对日产 (Nissan) 车辆的需求依然坚韧，但高昂的物流成本和持续的地缘政治不确定性可能会在供应链正常化之前削弱盈利能力。
首席财务官 George Leondis 估计，中东冲突的影响将在上半年导致车辆销量减少约 18,000 辆，并使利润减少 ¥20 billion，相当于 $127.1 million。日产 (Nissan) 此前预计将减少 19,000 辆和 ¥15 billion。
然而，出人意料地转向盈利是令人鼓舞的。这正值这家日本车企采取措施……
泰森食品 (Tyson) 部门营收 较去年同期变化
–10
2024 ’25 ’26
来源：S&P Capital IQ；该公司
总部位于阿肯色州的泰森食品 (Tyson) 在其第三财季的牛肉部门报告了 $142 million 的亏损。该公司的牛肉销售价格同比上涨了近 12%，而销售额下降了 16%。公司表示，预计 2026 财年的调整后营业亏损将在 $500 million to $650 million 之间，而此前预测的亏损在 $300 million to $500 million 之间。
农业部上个月表示，计划取消一项持续一年多的墨西哥牛进口禁令，从历史上看，这些牛约占美国工厂加工牛肉的 5%。此举预计将有助于缓解牛只短缺，并降低肉类生产成本。
工业基础设施。总部位于南加州的安杜瑞尔 (Anduril) 已与历史悠久的 Sparrows Point 厂区运营商签署了一份谅解备忘录。这是一个位于巴尔的摩县、占地 3,300 英亩的工业场地，拥有深水港，并拥有深厚的造船和钢铁制造历史。安杜瑞尔 (Anduril) 计划投资将该场地的一部分用于建设无人水面舰艇。相关人士表示，该项操作可能涉及数亿美元的投入，包括无人艇的制造与测试。
马里兰州州长（民主党人）Wes Moore 的办公室已参与讨论，相关人士称，任何交易可能都会涉及州政府的激励措施，以抵消安杜瑞尔 (Anduril) 的成本。
肉类采购商购买牲畜。 泰森食品的高管周一表示，在重新开放后，该公司仍需要大约一年时间才能感受到正面的财务收益。预计幼牛将于 8 月底开始跨境运输，但发货量增加以及牛只在进入泰森食品工厂前完成育肥仍需数月时间。
作为美国肉类行业的风向标，泰森食品在过去一年中依靠其鸡肉业务来维持利润稳定。对其鸡胸肉和冷冻鸡块的强劲需求以及廉价的牲畜，有助于提升其净利润。但过去几个月整个行业的产能过剩削弱了鸡肉加工企业的利润。
King 表示，本季度批发鸡肉价格较去年同期下降了 45%。
泰森食品的高管周一表示，在花费多年时间改进鸡肉业务后，该公司比竞争对手更能抵御禽类价格下跌带来的影响。目前，其工厂加工的大部分鸡肉都用于公司在超市销售的泰森品牌及冷冻预制产品，而这些产品的需求正在增长。过去，该公司将更多鸡肉以较低的批发价出售给其他加工商、分销商或餐饮客户。
+0.8%
总计 –0.1%
牛肉 –3.8%
作为欧洲最著名的廉价航空公司之一，该公司在区域枢纽拥有极其宝贵的起降时隙。然而，任何交易都将置于一个动荡的市场之中，中东冲突颠覆了旅游业和航空业。自从美国和以色列对伊朗开战以来，该行业一直受到波动的航空燃料价格和航线中断的影响。
削减成本并应对销售额下降，包括出售其总部以及减少制造基地和全球产能。 日产还表示，在截至 2028 年 3 月的四年内将裁员 20,000 人。 6 月，日产表示正就在其英国桑德兰工厂为中国奇瑞汽车制造汽车进行谈判，就在该公司宣布计划
–200
安杜瑞尔尚未签署租赁协议，相关人士警告称，交易谈判仍可能破裂。Moore 的发言人拒绝评论。 Sparrows Point 的所有者 Tradepoint Atlantic 的发言人未回应评论请求。 投资者从 2014 年开始购买该地块（曾是工业巨头伯利恒钢铁公司所在地）用于再
开发并将其更名为 Tradepoint Atlantic。该地区目前设有 Amazon.com 和 Home Depot 等零售商的履行和物流中心。两年前，当弗朗西斯·斯科特·基桥坍塌引发物流和清理危机时，这里成为了全球航运重新规划和残骸回收的中心。 一个潜在的马里兰州扩展计划
日产季度净利润 / 亏损
¥200 billion
–400
–600
FY2023 ’24 ’25 ’26 –800
注：最近一个财政季度于 6 月 30 日结束； ¥1 billion = $6.4 million
削减欧洲数百个工作岗位并全面改革在该地区的运营。 除了重组之外，日产还在采取措施改进其产品。该公司最近开始在美国销售 Infiniti QX65 中型豪华运动型多用途车，并计划于今年晚些时候将 Rogue Hybrid e-Power 推向美国市场。 该公司还与 Uber Technologies 和英国（此处文本中断）合作。
自动驾驶汽车初创公司 Wayve 将提供无人驾驶出租车服务。东京的试点计划预计于 2026 年底启动。这家日本汽车制造商报告称，截至 6 月的三个月内净利润为 ¥37.6 亿，而去年同期为净亏损 ¥1157.6 亿。这好于数据提供商 Quick 对分析师进行的一项调查中估计的 ¥36.5 亿亏损。营收增长 9.5%，达到 ¥2.964 万亿。 对于截至明年 3 月的财年，该汽车制造商预计全球销量将基本持平，为 3.15 million 辆，低于此前预测的 3.30 million 辆。它维持了净利润 ¥200 亿的预期，并预计营收将增长 8.3%，达到 ¥13 万亿。
¥3.76B
此次进展正值 Anduril 在今年春季完成一轮融资（该公司估值达 610 亿美元 十亿）之后，该公司正致力于将其武器系统的生产能力增加约一倍。无人水面舰艇是 Anduril 最新的产品之一。该公司已与英国 Kraken Technology Group 和韩国 HD 现代重工业建立合作伙伴关系以制造这些船只。
首席信息官将该连锁店的 转型归功于对其 基础技术投资
作者：ISABELLE BOUSQUETTE
在一个人工智能威胁到 工作和生活的每一个方面的 世界里，有些东西仍然是 神圣不可侵犯的。而点一份 Chili’s 著名的 “Triple Dipper” 就是其中之一。
Chili’s 所有者 Brinker International 的首席信息官 Chris Caldwell 表示， 他的高级领导团队一致认为， 这家餐厅连锁店并没有对 AI “全力以赴”。
相反，在过去的两年里，他将 预算花在了翻新餐厅内的 基础技术上，包括更新的 Wi-Fi 接入点、支付系统以及员工 使用的设备，以修复他所说的 对于顾客和员工而言已经 破碎的体验。
与此同时，他表示他削减了 那些看似性感但最终毫无用处的 计划，例如机器人服务员，并 在选择哪些生成式 AI 应用 值得追求时保持审慎。
Caldwell 表示，目前所有的 技术举措都与改善餐饮服务 和氛围挂钩。他说：“如果 机器人挡了路，且不能帮助 我们提供绝佳的宾客体验， 我们就会把它们去掉。”
快餐连锁店分析师 Sara Senatore 表示，技术大修是该快时尚 连锁店在过去几年里实现 转型的一部分。
作者：KATHERINE HAMILTON
诺斯罗普格鲁曼签署了两项 总额为 30 亿美元 的协议，以 加速导弹拦截机的生产。
这家国防承包商周一表示， 它与五角大楼及洛克希德·马丁 签署了两项多年期框架协议， 以构建更多弹药技术。
根据一项 20 亿美元 的框架 协议，诺斯罗普将为美国的 防空和导弹防御提供组件， 包括固体火箭发动机和 点火安全装置。
第二项 10 亿美元 的协议将 使诺斯罗普能够显著增加 末端高空区域防御组件的 每月交付量。
以达成反垄断诉讼和解
作者：ADRIÀ CALATAYUD
Sandoz Group 表示，已同意总共支付 $478.5 million，以解决在美国境内关于通用药物定价的反垄断诉讼。这家瑞士通用药物制造商周一表示，它签署了两项单独的和解协议——一项是与 43 个美国州和领地的财团领导层签署的，另一项是与间接转售原告签署的。
根据第一项和解协议，该公司同意从 2027 年起在七年内支付 $400 million，以解决美国各州和领地在三起待决案件中对 Sandoz US 提出的所有剩余索赔。公司补充称，它还同意向较早达成和解的各州额外支付约 $50 million。
Sandoz 还表示，公司已同意支付 $28.5 million，以解决间接转售原告就此事提出的所有剩余集体诉讼。
这些协议意味着，在美国通用药物反垄断诉讼中，针对 Sandoz 的唯一剩余索赔是来自选择退出集体和解的个人原告。
该公司表示，已增加现有拨备以反映此次和解，这对今年的业绩指引及中期指引没有影响。Sandoz 表示，两项和解协议均不包含公司对不当行为的承认。
Wi-Fi 升级支持了 Chili’s 的其他技术改进。
Bank of America。自 2022, 年 6 月长期担任 Yum Brands 高管的 Kevin Hochman 接任首席执行官并在一系列食品质量、服务和营销方面进行关键投资以来，该公司股价上涨超过 500%。“Chili’s 的扭转局面简直令人惊叹，”Senatore 说道。
除了增加其标志性后肋排的份量，以及推行如现在 TikTok 上走红的 Triple Dipper 等爆款菜单项目外，Hochman 还引进了 Caldwell，他是一位拥有近 30 年餐厅技术行业经验的资深人士。
在加入 Brinker 之前，Caldwell 在 Yum Brands 工作了 20 多年，最近担任肯德基美国 (Kentucky Fried Chicken US) 的首席信息官 (CIO)。
回归基础 Caldwell 表示，他对该连锁店的初步评估是，它在基础建设上的投入严重不足。
他表示，虽然机器人服务员吸引了一些关注，但缓慢且不稳定的 Wi-Fi、老旧的设备以及令人困惑的下单软件，使得员工难以服务客户。
Caldwell 的首要任务是对 Wi-Fi 网络进行全面改造。
这是一个为期两年的项目，在全国 1,200 家餐厅中更换 Wi-Fi 接入点，与康卡斯特 (Comcast) 重新协商新合同，增加蜂窝网络备份，并在某些连接较差的餐厅中铺设新的光纤线路。
Caldwell 拒绝评论该项目的成本，但表示采用了分阶段升级餐厅的方法，并在今年早些时候完成。
他表示，更好的 Wi-Fi 为实施其他餐厅内部技术改进奠定了基础。
例如，Caldwell 购买了 1,200 台新笔记本电脑：每位店长一台，用于处理电子邮件、库存及其他事务。
这家国防承包商宣布与五角大楼和洛克希德·马丁 (Lockheed Martin) 达成协议，以构建更多弹药技术。
这些协议意味着，随着伊朗战争期间武器储备的减少，美国已与其他承包商签署了数项类似协议。
随着上周局势升级，政府官员一直在讨论如何管理中东战争中弹药储备下降带来的影响。
上周，L3Harris 表示，作为与五角大楼签署的新七年协议的一部分，它将把导弹防御的推进系统产量提高四倍。政府在 6 月份授予洛克希德·马丁一份价值高达 350 亿美元 billion 的合同，要求每年生产数百枚导弹拦截弹。
日常工作。在此之前，经理们一直依赖餐厅的桌面系统，而这些系统在处理所有后勤餐厅运营时已经超负荷运行。
为了获得支持，他向领导团队展示了一段工作人员使用旧技术、只能盯着旋转加载图标发呆的视频。
“我的意思是‘这就是我们的经理每天必须面对的情况’，”他说道。
Caldwell还购买了 23,000 台iPad，以更换服务员点餐时使用的陈旧平板电脑，他说，那些平板电脑的电池寿命通常很差，甚至无法支撑完成一个完整的班次。
Caldwell表示，服务员使用的点餐应用程序也需要翻新。
该程序令人困惑且令人沮丧，充斥着晦涩的缩写，且输入一个简单的订单需要点击太多次。目前一个更用户友好的版本正在开发中。
此外，Caldwell表示，他在厨房增加了 9,000 个新的触摸屏，旨在为厨师简化订单优先级排序，并增加了新的桌面支付设备。
Caldwell称，到目前为止，这些投资已带来了 20 个连续季度的同店销售额增长，并在调查中提高了顾客满意度。
Forrester零售分析师Sucharita Kodali认为，整个行业的餐厅都面临类似的科技挑战。
她表示，首席信息官（CIO）“需要专注于那些真正驱动业务的事情，例如确保拥有良好的运营”。
Kodali说，她尚未看到能够改变游戏规则的生成式人工智能（GenAI）
LAURA BUCKMAN 为 WSJ 撰稿
黑客攻击成为 新威胁
接第 B1 页
“我希望我们的预测不再成真，”他说道。
一名白宫官员表示，白宫正加强对 AI 的监管，其中一个迹象是政府已完成一套框架，规定哪些模型在公开发布前必须接受联邦政府的审查。
该官员表示，关于如何进行自愿性测试的讨论目前仍在与相关公司进行中。
在经历了数年的拙劣表现后，AI 模型在去年秋天迎来了突破时刻，它们在查找漏洞和通过黑客基准测试方面的能力有了显著提高。
但当时关于其能力的真实世界数据并不多。
现在情况发生了变化。
AI 安全公司 Abundant Security 的首席技术官 Joshua Saxe 表示：“回过头来看，这些事件可能会被视为攻击者操作方式的转折点。这是一个非常危险的情况；这些事件充分证明了这一点。”
OpenAI 已承诺进行全面审查，并分享一份关于此次黑客攻击的技术报告。《华尔街日报》的所有者新闻公司（News Corp）与 OpenAI 拥有内容许可合作伙伴关系。
去年 12 月，斯坦福大学的研究人员利用顶尖的 AI 技术证明，模型在真实网络环境下的黑客攻击能力已接近人类水平。
这项研究遭到了被称为“渗透测试员”的专业黑客的质疑——这些人受公司雇佣，通过攻入公司自身的网络来帮助其了解漏洞。
参与该项目的研究人员之一 Donovan Jasper 表示：“当时我们的结果存在争议。人们说他们能做得更好。”
Jasper 将 Anthropic 和 OpenAI 的披露视为对他团队早期研究的肯定。他表示：“AI 在这方面变得非常出色。”
斯坦福研究人员在测试期间最大的担忧是，他们的黑客模型可能会以某种方式做出超出预期目标的操作。他表示：“在它运行的全过程中，至少有一名人类在观察它。”
Hugging Face 对 OpenAI 模型的代理攻击（agentic attack）措手不及。该公司试图使用 Claude 来分析 OpenAI 代理产生的大量数据，但 Anthropic 的模型以安全原因为由，拒绝执行该分析。
在餐饮领域的应用场景中，一些公司正在推出面向客户的生成式 AI（GenAI）聊天机器人，但这更多是为了完成任务指标，而非驱动实际价值。
“测试与学习” Caldwell 表示，他在选择哪些 AI 应用场景可能驱动实际价值时非常谨慎。
他说道，最近 Brinker 的领导团队脑暴了几十个可能的应用场景，其中他发现只有六七个值得深入研究。
“实话实说，这不是一个‘全盘投入’的过程，而更多的是‘测试与学习’，”他表示。
他目前致力于的一个领域是利用 AI 自动化库存预测和补货，帮助经理确定需要订购的物资，甚至可能直接帮他们下单。
Caldwell 表示，他还不认为利用 AI 接受电话订餐是可行方案。
“我们的考量标准是：它是否能给客户带来极佳的体验？”他认为，如果这样做反而会导致客户更加沮丧。
Caldwell 表示，他最近成立了一个治理团队，每月审查 AI 应用场景的新请求和建议，并持续重新评估过去可能被否决的方案。
“但同样地，坦白说，我砍掉的方案可能比推进的更多，”他说道，“我不希望这里变成 AI 的‘西部蛮荒之地’。”
Isabelle Bousquette 为 WSJ 领导力学院的 CIO 日志撰稿。
营收 近乎 翻倍
作者：ELIAS SCHISGALL
在公司上调全年业绩指引后，Palantir 的股价在盘后交易中上涨了 13% 以上。
这家技术公司周一告知投资者，第二季度营收近乎翻倍。管理层目前预计全年营收将在 81.5 亿美元 billion 和 81.6 亿美元 billion 之间，其中美国商业营收至少增长 134%，达到 34.2 亿美元 billion。这一新预测是一个显著的提升，Palantir 此前预测全年营收将低于 77 亿美元 billion。
Palantir 首席执行官 Alex Karp 表示：“对 AI 主权的需求现在已被释放。我们的客户信任我们，让我们为他们提供对其运营、数据和决策的最大控制权。”
Karp 将第二季度的业绩描述为“超凡脱俗”，整体营收同比增长 93%，达到 19.4 亿美元 billion。对于目前的第三季度，公司预计营收约为 21.6 亿美元 billion。公司报告称，截至 6 月 30 日的第二季度利润为 10.6 亿美元 billion，或每股 41 美分。相比之下，一年前的利润为 $326.7 million，或每股 13 美分。
在剔除某些一次性项目后，Palantir 的调整后每股收益为 41 美分。FactSet 调查的分析师此前预计为 34 美分。
Hugging Face 能够使用开放权重模型（可在用户控制的系统上运行）来进行分析。但网络安全咨询公司 R10N Security 的所有者 Ryan McGeehan 表示，许多公司甚至没有正确的工具来分析 AI 生成的攻击。他说：“那些不具备 AI 前瞻性的传统安全团队将被淘汰。”
McGeehan 表示，代理 AI (Agentic-AI) 黑客与人类不同。“他们的挖掘更深，覆盖更广，且更加复杂和密集，”他说道。
这些黑客攻击正给 特朗普 政府增加压力，要求其采取更多措施应对 AI 带来的安全风险。
特朗普 总统正试图在减轻强大 AI 模型带来的风险与允许行业与迅速进步的中国公司竞争之间寻求平衡。他本周在椭圆形办公室表示：“我们必须在两方面都谨慎对待。我们不希望在突然间落后于中国时才去限制他们。”
一名白宫官员表示，政府已经完成了一个框架，规定哪些模型在公开发布前需接受联邦政府的审查。该官员表示，关于如何进行自愿测试的讨论仍在与相关公司进行中。
STANISLAV KOGIKU / SOPA IMAGES / ZUMA PRESS
Campari 认为其 广受欢迎的 Spritz 鸡尾酒有望取代 啤酒成为首选饮品
作者：JOSHUA KIRBY
Campari 认为其广受欢迎的 Aperol 品牌拥有尚未开发的机遇：在音乐会和体育赛事中挑战体育场最受欢迎的啤酒。
开胃酒制造商 Davide Campari-Milano 的负责人表示，他认为 Aperol Spritz（一种将深红色苦味酒与起泡酒和苏打水混合的鸡尾酒）可以取代啤酒，成为部分音乐会观众和体育迷的首选饮品。
Campari 最近在对速度要求极高的活动中尝试了一种新的 Spritz 鸡尾酒供应方式：采用现饮水龙头接取，从而消除了员工现场调制的需要。
首席执行官 Simon Hunt 表示，在最近于米兰圣西罗体育场（Campari 的意大利家乡）举行的波多黎各雷鬼超级巨星 Bad Bunny 演唱会上，水龙头供应的 Aperol Spritz 证明非常受欢迎。
“以前，我们的 Aperol Spritz 销量可能是零，”Hunt 说道。
作者：KATHERINE HAMILTON 和 CONNOR HART
由查理·厄根（Charlie Ergen）旗下的回声星（EchoStar）持有的休斯网络系统（Hughes Network Systems）于周日申请了第11章破产保护。根据破产申请文件，这家消费者卫星网络公司正为其在8月1日到期的 15 亿美元 billion 债务寻求救济，该债务于周一到期。休斯公司在文件中表示，其缺乏支付该笔债务所需的现金及进入资本市场的渠道。根据其5月份的财报，截至3月底，该公司持有 $102 million 现金。
在最近的一次分析师电话会议中告知分析师。通过提供现饮现接服务，该集团销售了 22,000 杯。
亨特（Hunt）在接受《华尔街日报》采访时表示，消费者对这种饮品的新服务方式反应良好。他说：“无论是满体育场的 Bad Bunny 粉丝、Bruno Mars 粉丝还是足球迷，如果在这些场合人们有机会享用一杯调制得当的 Aperol Spritz 或 Campari Spritz，他们就会购买。”
亨特表示，现饮鸡尾酒的大部分需求来自那些原本会点购高端啤酒的饮用者。根据公司内部估算，金巴利（Campari）的现饮鸡尾酒已占据意大利高端啤酒市场 1.5% 的份额，公司正将这一策略推广到包括德国、奥地利和英国在内的其他市场。
与竞争对手相比，该公司的销售额更倾向于酒吧、餐厅和活动场所，而非超市中用于家庭饮用的销售。
亨特表示：“在很多之前我们无法用一杯完美的 Aperol Spritz 进入的场合，现在我们能够参与其中了。”
这家总部位于马里兰州杰曼敦（Germantown, Md.）的公司已向德克萨斯州法院提交动议，请求在破产程序进行期间继续不受干扰地运营业务。该公司在一份新闻稿中称，休斯公司拥有足够的流动资金来支持短期内的运营。
休斯公司为南北美洲农村社区约 641,000 名消费者提供宽带互联网服务。它还服务于国防、航空和政府客户。
该公司面临来自其他低地球轨道卫星供应商日益激烈的竞争，这给其带来了压力
Campari 估计，其桶装鸡尾酒在意大利高端啤酒市场中占据 1.5% 的份额。
“这是我们认为未来的重大机遇。” 该集团今年前六个月的 Aperol 销量同比增长 3.3%，带动整体销售额增长，轻松超过了酒类业务中许多 Campari 的竞争对手。
Hunt 表示，在北美 6 月至 7 月举行的足球世界杯期间，观众活动为该集团品牌提供了与饮酒者建立联系的良好示例。在美国——许多球迷认为门票价格高得令人望而却步——Campari 旗下的 tequila 品牌 Espolon 赞助了带有大屏幕观赛的派对。
Hunt 表示，这些大型场地提供了“绝佳的机会，让品牌在人们寻求有趣、动态品牌的活动中崭露头角”。
专注于营销和渠道扩张长期以来一直是这家蒸馏酒企业的重点。该集团在今年前六个月的广告和促销支出上花费了 264 million 欧元，约 $304 million，占销售额的比例高于许多同行。该公司此前表示，促销支出重点在于其最畅销的产品 Aperol。
Hunt 表示，这项投资可以帮助 Campari 在美国这一饮料业务的关键市场中获取市场份额。 “我们在美国市场的份额是 3%，”他说道，“因此我们还有 97% 的市场可以去争取。”
自去年年初起领导 Campari 的 Hunt 采取了与前任收购战略不同的路线，他表示更倾向于专注于投资 Aperol 等集团核心品牌。Campari 上周表示，通过出售五个较小品牌，进一步精简了其产品组合。其中包括一个干邑品牌、一个 tequila 品牌以及三家生产 rhum agricole（即甘蔗汁朗姆酒）的蒸馏酒厂。
“这些品牌是在公司不同的时代购买的，”Hunt 说，“它们不再具有相同的战略价值。”
Hughes 的消费者订户数量。 在回声星 (EchoStar) 的卫星付费电视供应商 Dish Wireless 和 Dish DBS 因为 Dish 将频谱出售给 AT&T 的交易延迟而申请 Chapter 11 破产保护之后，该文件出炉。
Hughes 表示，其破产不会影响回声星，包括其 Dish TV、Sling TV 和 Boost Mobile 品牌。
另外，回声星在周一公布的最近季度转亏为盈，这主要受一项巨大的非现金解并收益驱动，抵消了营收和订户数量的下降。
这家卫星和互联网服务公司第二季度利润为 84.6 亿美元 billion，而去年同期为亏损 $306.1 million。季度每股收益为 $24.12，而 FactSet 调查的分析师此前预期季度每股亏损 10 美分。
回声星表示，其最近季度的利润主要归功于 97.3 亿美元 billion 的非现金解并收益。如果不考虑该项收益，公司净利润约为 $49.5 million。
总营收下降 4% 至 35.8 亿美元 billion，与华尔街的模型大致一致。
2023 年，一枚 SpaceX 火箭将一颗 Hughes 卫星送入太空。
JACQUELYN MARTIN / AP
CRAIG BAILEY / FLORIDA TODAY / AP
由于对浏览个人资料感到倦怠，一些单身人士开始寻求 AI 媒婆的帮助
作者：MOLLY REINMANN
当 Zasckia Villatoro 在 11 月与 Sebastian Mitchell 进行第一次约会时，她对他所有的了解都来自于她的聊天机器人。
33 岁的 Villatoro 花了数周时间与该机器人发信息，告诉它自己的习惯、价值观、背景和约会偏好。作为回报，机器人向她推荐了它预测与之兼容的男性。它称 36 岁的 Mitchell 拥有“多元化的背景，出生于德国，并在澳大利亚、西班牙和苏格兰长大”。Villatoro 也是在国际环境下长大的。两人都想要一段认真的关系，且都不想要孩子。Villatoro 支付了 $20 来安排一次约会，并按照聊天机器人的指示出现在市中心的一家酒吧。
“感觉我们甚至不像陌生人，”Villatoro 在谈到她与 Mitchell 的第一次现实互动时说道。从那时起，他们就一直在一起。
约会行业正被人工智能颠覆，诸如 Amata（将 Villatoro 和 Mitchell 介绍认识的应用程序）等新产品正押注于“爱情大师”聊天机器人。另一些公司则在介绍受训的人类之前，先派遣机器人去约会。一些传统的约会应用，如 Bumble 和 Grindr，也感受到了风向的变化，正尝试将 AI 媒婆技术整合到其平台中。
目前的普遍假设是，生成式 AI 可以在媒婆这项艺术中加入更多科学成分，并为约会提供一个更精简的选择。
ZASCKIA VILLATORO
作者：PATRICK COFFEE 报告指责亚马逊、沃尔玛购物机器人
根据一个由前联邦贸易委员会主席 Lina Khan 共同创立的政策中心发布的新报告，亚马逊（Amazon）和沃尔玛（Walmart）创建的 AI 购物聊天机器人经常在其平台上忽略“美国制造”的产品数据。
例如，当被要求识别如靴子或飞蝇钓鱼卷线器等“美国制造”（made in the USA）的产品时，亚马逊的 Alexa 购物代理表示它无法获取该信息。然而，将提示词稍微修改为“在美国”（in the USA）后，它则提供了一份标注为美国制造的产品清单。
《华尔街日报》领导力研究所（The Wall Street Journal Leadership Institute）最近重现了这些聊天机器人的行为。沃尔玛的 Sparky 最初拒绝了评估在线购物车中产品“美国制造”声明可靠性的请求。但随后它对一个类似的提示做出了回应，按照要求将产品从“高置信度”到“低置信度”进行了排序。
后院 电池
接第B1页
通常情况下，它通过聚合电池，在用电高峰时段将电力回馈给系统。如果发生停电，它则提供备用电源。德克萨斯州的客户也可以在没有电池的情况下签署零售电力计划。Base 还与受监管的或市政公用事业公司以及电力合作社合作，后者利用这些电池来缓解当地电网的瓶颈，而客户则获得备用电源。
客户会收到一个或两个电池组。最初提供的单元存储量约为 25 千瓦时，而目前正在推出的新模块提供 39.2 千瓦时。对于大多数家庭来说，这意味着 36 小时的备用电源。这些系统安装在电表附近，大小约与空调压缩机单元相当。
一名 AI 匹配者促成了上方的 Zasckia Villatoro 与 Sebastian Mitchell，以及右方的 Sophia Silver 与其男友的结识。
SOPHIA SILVER
这一群体已经厌倦了通过“左右滑动”来筛选。Hinge 创始人 Justin McLeod 在 2025 年底离开了该公司，并筹集了 $1800 万，用于创办一家将于今年晚些时候推出的 AI 匹配创业公司。McLeod 表示：“我们当时利用最先进的技术深思熟虑地构建了 Hinge，但我非常有信心，除了在数千个个人资料中滑动之外，一定有更好的约会方式。”
McLeod 的创业公司在 Hinge 内部孵化，而拥有 Tinder 和 Hinge 的 Match Group 也是其投资者。大多数 AI 匹配者采用“按次约会付费”模式，向用户收取大约一杯鸡尾酒的价格，以便进入线下见面阶段。传统的约会应用通常提供免费滑动，然后向用户推销包含“超级赞”和无限次滑动等功能的优质会员计划。Match 报告称
据信 / 很可能非美国制造。”
报告的合著者、哥伦比亚大学 Khan 政策中心（法律与经济中心）高级研究员 Erie Meyer 表示，更强有力地部署这些代理的能力可以帮助消费者做出明智的购买决定。
Meyer 曾担任 FTC 的首席技术官以及在 Khan 领导下的政策规划主管，她表示，此次调查提出了一个问题：在原产地声明方面，亚马逊和沃尔玛的在线市场是否与其他零售商遵循相同的标准。
报告还指出，Alexa 能够轻松提供被标记为“中国制造”的产品列表，并称这两个平台都承载了许多误导性或矛盾的“美国制造”声明，其中一些产品被同时描述为国产和进口。
亚马逊表示，它不同意该报告的结论。“我们致力于为客户提供详细的信息”
自三年前在达拉斯一名朋友家中进行首次安装以来，该公司已经取得了长足的进步。当时团队不得不疯狂地在 Craigslist 上寻找电工——最终该电工收费 $500。被认为是 Base 第一位员工的该公司软件负责人兼创始工程师 Jared Greene 说：“那是一个非常荒谬的情况。我一直在那儿待到午夜。”
现在，由于采用了预接线的模块化设计，安装最新的电池只需不到一小时。Base 拥有约 500 名员工。它租赁了市中心原奥斯汀《美国州报》（American-Statesman）大楼的空间，但正在建设一座工厂，计划扩大生产规模。
此次扩张正值电池存储繁荣之际。根据美国清洁能源协会（American Clean Power Association）和 Wood Mackenzie 的报告，第一季度美国安装了 3.3 吉瓦的电池存储（指在高峰需求期间可一次性交付的电量），或 8.4 吉瓦时的存储量（指电池可存储并随时间交付的能量）。其中，家庭电池细分市场在第一季度安装了 1.3 吉瓦时。
第一季度付费用户数量下降了 5%，而 Bumble 的这一数字下降了 21% 以上。
虽然 AI 匹配助手承诺减轻“滑动疲劳”，但一些用户抱怨说，这些助手在推荐潜在匹配对象时过于谄媚，或者只是简单地重复用户自身的偏好，亦或使用极其笼统的措辞来描述多个个人资料。由于许多服务仍处于启动阶段，用户还抱怨潜在对象池有限。
人类可能与技术一样，应对这些问题负有责任。AI 匹配助手不会质疑人类提供给它们的信息。
“我们依赖于人们在面试中的表现以及他们如何描述自己，”旧金山 [此处文本中断] 创始人 Celeste Amadon 表示。
[此处文本中断] 商店中产品的相关信息，包括在制造商或第三方卖家向我们提供信息时，产品的原产地，”该公司在一份声明中表示。“关于我们故意向客户隐瞒原产地信息的说法是不正确的。原产地信息在可用时，目前显示在产品详情页上，我们正在不断努力提高 Alexa for Shopping 准确提供此信息的能力，使其更加方便客户获取。”
沃尔玛未回应置评请求。
机器人自身的输出表明，问题源于验证“美国制造”主张的不确定性。
“如果我在之前的对话中说过我无法做到这一点，”
发现机器人 经常淡化 “美国制造”的 购物数据。
RODOLFO GONZALEZ 为 WSJ 拍摄
Base Power 联合创始人 Justin Lopas 带领参观该公司位于德克萨斯州奥斯汀的工厂。
行业记录。 电池可以在需求低谷期吸收廉价电力，并在供应紧张时释放电力，或者被用于提供帮助维持电网稳定的服务。 大型项目主导着该行业，但越来越多的公司正在追求家用电池，这类电池的部署速度可以非常快。NRG Energy 已与 Sunrun 合作推广
基于 AI 的交友软件 Known，并补充说该应用正在“不断尝试改进我们区分自述与真相的方式”。 人类红娘表示，引导客户跳出他们认为自己想要的严格清单，是其工作的核心。专业红娘 Alessandra Conti 认为，单身人士天生不擅长描述自己以及理想的浪漫伴侣。她说，他们需要被“温柔地引导和挑战”。 Amadon 表示，Known 拥有一支由人类红娘组成的小规模团队，他们帮助训练 AI，并在摘要和匹配结果发送给用户之前对其进行审核。 Sophia Silver 在 4 月通过 Known 结识了她的男友，此前她告诉该应用的红娘（一个 AI 语音代理），她正在寻找一个拥有健康工作生活平衡的人，
那是过于谨慎了，” Sparky 在一次与 WSJ Leadership Institute 的聊天中说道。 “我可以根据产品标题主张、品牌声誉和产品类别规范提供合理的评估——但我无法确定地验证它们，这就是为什么我始终建议查看每个产品页面的‘规格’部分以获取官方原产国，”它说道。 特朗普 administration 和 FTC 已显著加强了对那些将产品不准确地宣传为美国制造的企业的打击。 FTC 去年向亚马逊 (Amazon) 和沃尔玛 (Walmart) 发函，称其平台上的第三方卖家似乎在虚假宣传产品为美国制造。信函敦促两家公司对任何违规行为采取行动。
捆绑太阳能与储能的订阅服务，而特斯拉 (Tesla) 等传统硬件制造商则继续扩大住宅市场的布局。 在西德克萨斯州，El Paso Electric 要求由其最拥挤的馈线服务的业主自愿安装 Base 电池。它正在测试约 9 兆瓦的电池，以研究它们如何帮助应对峰值需求、系统可靠性及
以及其他特质。 在一周内，媒合者给这位 28 岁的科技营销人员发了一条短信，向其推荐了一个潜在对象。 “你们两个都喜欢烹饪，”短信写道，“我可以想象你们两人挑选一个谁都没试过的食谱，并将其变成一个完整的夜晚。” 早前的一波 AI 约会初创公司在 2024. 年推出后迅速关闭。这些应用采用了旨在模拟人类约会者的聊天机器人，派遣 AI 克隆体进行“第一次约会”——即机器人与机器人之间的对话——以评估其人类用户的兼容性。 总部位于丹佛的记者杰西卡·吉尔斯（Jessica Giles）尝试过这样一个名为 Volar 的应用。她的 AI 代理告诉他人她有一只名叫 Bailey 的狗（其实名字叫 Chester），并且是动漫迷（实际上她并不是）。在一次与一名年长男性的代理对话中，对方的人类用户介入了：“显然 AI 分不清 62 和 26 的区别。但我分得清，”他在取消匹配前写道。 许多传统约会应用已经使用 AI 来增强其算法。Tinder 和 Hinge 表示，他们将仅在“约会教练”的 capacity 实施生成式 AI，为用户提供个人资料的反馈以及对话开场白的建议，而不是替他们滑动筛选。 与此同时，LGBTQ+ 应用 Grindr 正在构建自己的智能堆栈，名为 gAI（发音为 Gay-eye），其功能之一是标记用户可能想要重新回顾的旧匹配对象。 Bumble 正在实验一个名为 Bee 的 AI 助手，但尚未分享任何放弃基于滑动模式或订阅计划的当前计划。 Bumble 首席执行官 Whitney Wolfe Herd 表示，她将 AI 视为一种“消除摩擦，而非消除人性”的约会工具。
卖家，但并未探讨平台本身是否违反了相关法律。 特朗普总统在 3 月指示联邦贸易委员会（FTC）考虑提出监管规定，要求在线市场建立验证原产地声明的程序。 坎（Khan）和哥伦比亚大学法学教授列夫·梅南德（Lev Menand）在今年早些时候成立了法律与经济中心。在前总统乔·拜登于 2021, 年任命坎领导 FTC 之前，她最著名的身份是一篇法律评论文章的作者，该文章主张对亚马逊等公司更严格地执行反垄断法。坎领导下的 FTC 在 2023, 年起诉了亚马逊，指控其非法通过垄断运营以维持高价并损害竞争对手。该案件目前仍在进行中。 FTC 拒绝就该报告发表评论。
Patrick Coffee 为 WSJ Leadership Institute 的 CMO Today 撰稿。
负担能力。 埃尔帕索电力公司（El Paso Electric）拥有该电池，电池安装在电表的公用事业侧，但房主可以获得备用电源，且每块电池可获得 $250 的激励金。（客户的电费不受影响，因为电池的充电和放电由一个单独的电表记录。） 首席执行官 Kelly Tomblin 表示，埃尔帕索电力公司认为，这些电池有助于抵消一些更为昂贵的投资，否则为了应对夏季最炎热的 10 到 15 天中电力需求的峰值，需要通过这些投资来更换电线或变电站的基础设施。 该公用事业公司的需求量在冬季为 1,000 兆瓦，在热浪期间则跃升至 2,500 兆瓦以上。 Valor Equity Partners 的创始人 Antonio Gracias 表示，他看好戴尔（Dell）正在组建的技术和团队。Base 的联合创始人 Justin Lopas 曾任 Anduril (国防科技公司) 的制造负责人，后者也是 Valor 的一项投资。 “我认为他们正在解决的问题非常重要，而且他们有一个有趣的解决方案，”曾是特斯拉（Tesla）和 SpaceX 早期支持者的 Gracias 说道。
陷入困境
相反，她用 $30 的油漆让它看起来几乎像新的一样。“如果我们能节省开支，同时还能让它看起来很漂亮并吸引买家，那么我们就得这么做，”里奇韦（Ridgeway）说道。她的节俭算计有助于解释环绕在 Whirlpool 身边的问题，这家公司是美国的家电制造巨头。近年来，该公司放弃了其全球扩张的雄心，转而专注于利润更高的美洲地区，主要是美国。这将其命运与国内住房市场绑定在一起，而该市场已陷入低迷三年之久且仍在持续。房屋销售缓慢损害了家电制造商，因为人们通常在搬家或装修时才会购买昂贵的冰箱和洗衣机。自疫情以来，Whirlpool 的营收和利润一直在下滑，这一趋势在第二季度仍在继续。净销售额同比下降近 7%，而公司承受了每股 21 美分的调整后亏损。然而，这两个数字较第一季度均有所改善，首席执行官马克·比特泽（Marc Bitzer）表示，这表明 Whirlpool 以新产品、提高价格和降低成本为中心的复苏策略开始取得成效。“我认为第二季度是一个非常早但非常令人鼓舞的信号，表明我们正处于复苏的轨道上，”他说道。在其 115 年的历史中，总部位于密歇根州本顿港的 Whirlpool 曾是家电制造商中的大鱼，吞并了从阿根廷到波兰的竞争对手。这使其拥有与韩国 LG 电子和三星电子等公司在全球竞争的实力。到 2015 年，该公司一半的净销售额来自北美以外地区。这一策略很快破产。Whirlpool 的中国业务在面对受政府支持的竞争对手时亏损。英国脱欧损害了其在英国的业务。乌克兰危机
迫使其退出俄罗斯市场。比特泽规划了新路线。一个规模更精简的 Whirlpool 蜷缩在西半球，那里的利润率最高。去年，该公司的北美部门贡献了 65% 的净销售额。比特泽表示，这一策略反映了全球贸易的变化。他说，服务于单一市场的成本有所上升，而拥有全球布局的优势则有所下降。“你生活在一个希望在 1 或 2 个大区域成为第一，而不是在全球范围内排名第二的世界里，”他说道。根据研究公司 OpenBrand 的数据，该公司的全球竞争对手也已深入渗透到北美，Whirlpool 在美国主要零售商中的市场份额近年来有所下降。Whirlpool 的内部数据（包括电子商务和对建筑商的销售）则显示其份额基本保持平稳。在
2022 年，在其历史上最盈利的一年之后，Whirlpool 宣布了其历史上最大的一笔交易之一。它以 30 亿美元 billion 现金收购了垃圾处理器公司 InSinkErator——其中 $2.5 billion 为借款。比特泽承认 Whirlpool 在 InSinkErator 的价值顶峰时期将其收购，但表示这仍然是一项具有两位数利润率的重要收购。他表示，美国住房市场最终将反弹，而当反弹发生时，InSinkErator 将是一项“绝佳的业务”。反弹的说法令像克里斯多弗·波奇（Christopher Poch）这样的投资者感到恼火，他的公司 Promethium Advisors 持有 11,000 股 Whirlpool 股票。“看起来他们除了希望情况好转之外，并没有采取任何真正的积极措施，”他说道。比特泽指出了他所称的公司规模最大的一次新产品发布。其中包括一台配备摄像头的烤箱，可以告知家庭厨师曲奇饼是否烤好，以及首款能制造可咀嚼小颗粒冰块的冰箱。他表示，Whirlpool 还在提高价格以跟上通货膨胀，这将提升利润率。
t
s
t
s
–6
53178.41 s693.38，或 1.32% 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
65日移动平均线
65日移动平均线
柱状图衡量自开盘以来的点数变化
4月 5月 6月 7月
4月 5月 6月 7月
*每周市盈率(P / E)数据基于 Birinyi Associates Inc. 报告的收益；†基于纳斯达克100指数
1.00
100%
指数 / 最新 / 52周最高 / 52周最低 / 收盘价 / 净变动 / % 变动 / 最高 / 最低 / % 变动 / 年初至今 / 3年年化 :--- 道琼斯工业平均指数 / 53230.08 / 52759.06 / 53178.41 / 693.38 / 1.32 / 53178.41 / 43968.64 / 20.4 / 10.6 / 14.7 / 3.00 运输业平均指数 / 21289.59 / 21071.31 / 21231.19 / 191.89 / 0.91 / 23933.14 / 15067.87 / 39.1 / 22.3 / 9.0 / 12% 公用事业平均指数 / 1129.95 / 1111.41 / 1119.86 / -1.78 / -0.16 / 1190.23 / 1048.33 / -0.5 / 4.8 / 7.7 / -12 股票市场总指数 / 75318.01 / 74318.41 / 75233.21 / 1126.38 / 1.52 / 75286.10 / 62291.01 / 20.2 / 11.5 / 18.6 巴伦 400 指数 / 1641.38 / 1622.75 / 1640.47 / 21.57 / 1.33 / 1640.47 / 1318.70 / 22.5 / 16.1 / 17.0 / 4.00 | 纳斯达克股票市场 | | | | | | | | | | | | 纳斯达克综合指数 / 25967.44 / 25420.35 / 25913.90 / 540.04 / 2.13 / 27093.90 / 20794.64 / 23.1 / 11.5 / 22.9 纳斯达克100指数 / 28842.36 / 28196.88 / 28776.80 / 502.60 / 1.78 / 30660.60 / 22953.38 / 24.1 / 14.0 / 23.3 | 标准普尔 500 指数 | | | | | | | | | | | | 标准普尔500指数 / 7610.04 / 7504.78 / 7600.50 / 110.78 / 1.48 / 7609.78 / 6299.19 / 20.1 / 11.0 / 19.1
6.00
5.00
6.00%
5.00
指数 / 最新 / 52周最高 / 52周最低 / 收盘价 / 净变动 / % 变动 / 最高 / 最低 / % 变动 / 年初至今 / 3年年化 :--- 中盘 400 指数 / 3802.71 / 3759.50 / 3800.42 / 41.78 / 1.11 / 3852.54 / 3109.89 / 20.9 / 15.0 / 12.3 / 8.00 小盘 600 指数 / 1800.11 / 1770.48 / 1798.18 / 29.62 / 1.67 / 1804.34 / 1344.13 / 33.8 / 22.5 / 12.6 | 其他指数 | | | | | | | | | | | | 罗素 2000 指数 / 2985.68 / 2935.26 / 2981.91 / 50.57 / 1.73 / 3024.37 / 2212.30 / 34.8 / 20.1 / 15.0 / 2.00 纽交所综合指数 / 24277.31 / 24107.54 / 24255.53 / 147.99 / 0.61 / 24255.53 / 20457.10 / 18.4 / 10.2 / 14.6 Value Line指数 / 688.49 / 678.06 / 688.10 / 10.04 / 1.48 / 688.10 / 590.50 / 13.7 / 9.5 / 5.6 纽交所Arca生物技术指数 / 8574.38 / 8461.75 / 8542.41 / 10.28 / 0.12 / 8917.63 / 5640.67 / 48.5 / 19.4 / 17.9 纽交所Arca制药指数 / 1232.59 / 1194.51 / 1204.02 / -22.58 / -1.84 / 1273.25 / 881.47 / 31.1 / 6.9 / 11.7 KBW银行指数 / 188.95 / 186.94 / 188.88 / 1.85 / 0.99 / 191.84 / 139.52 / 33.6 / 15.0 / 29.0 PHLX§金 / 银 / 315.72 / 305.22 / 315.31 / 7.41 / 2.41 / 470.37 / 215.77 / 46.1 / -7.9 / 38.6 PHLX§石油服务 / 94.04 / 92.08 / 93.72 / -0.96 / -1.01 / 109.24 / 58.83 / 58.6 / 27.8 / 0.1 PHLX§半导体 / 11495.28 / 10922.31 / 11430.35 / 119.27 / 1.05 / 14634.72 / 5550.30 / 103.2 / 61.4 / 45.5 Cboe波动率指数 / 16.30 / 15.54 / 15.86 / -0.13 / -0.81 / 31.05 / 13.47 / -9.5 / 6.1 / -0.1
纳斯达克 PHLX 数据来源：FactSet；道琼斯市场数据
跌幅最大股
公司 / 代码 / 最新收盘价 / 净变动 / % 变动 / 52周最高 / 52周最低 / % 变动 T3Defense / DFNS / 61.50 / 33.82 / 122.18 / 1948.75 / 3.70 / -90.6 Universe Pharmaceuticals / UPC / 6.48 / 3.32 / 105.06 / 17.96 / 2.00 / 86.2 Leverage 2X LgCRWV Dly / CRWG / 20.09 / 5.60 / 38.65 / 196.30 / 10.66 / ... Cumberland Pharm / CPIX / 7.18 / 2.00 / 38.61 / 8.09 / 1.85 / 104.0 Universal Logistics / ULH / 18.21 / 4.83 / 36.10 / 27.24 / 11.73 / -19.6 Atkore / ATKR / 93.55 / 20.59 / 28.22 / 93.60 / 53.49 / 23.2 SLScience Holding / SLBT / 3.29 / 0.65 / 24.39 / 14.50 / 2.54 / ... Meridian Holdings / MRDN / 13.96 / 2.69 / 23.87 / 19.44 / 5.80 / -21.4 Leverage 2X LgNBIS Dly / NBIG / 17.99 / 3.41 / 23.39 / 47.81 / 4.51 / ... GrShr 2x Long NBISDaily / NBIL / 25.92 / 4.86 / 23.08 / 68.49 / 6.37 / ... Leverage 2X LgONDS Dly / ONDG / 3.04 / 0.57 / 23.01 / 17.40 / 1.81 / ... CAMP4 Therapeutics / CAMP / 4.21 / 0.76 / 22.03 / 7.75 / 1.32 / 155.2 Defiance Tgt 2X LgHIMS / HIMZ / 33.69 / 6.00 / 21.67 / 494.48 / 12.38 / -92.3 OptimumBank Holdings / OPHC / 9.23 / 1.63 / 21.45 / 9.23 / 3.91 / 104.2 Direxion SOFI Bull 2X / SOFA / 14.48 / 2.52 / 21.04 / 23.91 / 9.99 / ...
按与65日平均值的偏差排名* 货币与大宗商品
公司 / 股票代码 / 成交量 (000) / 65日平均成交量 / 最新交易日收盘价 / % 涨跌 / 52周最高 / 52周最低 :--- Franklin Incm EqFocus / INCE / 2,010 / 14270 / 68.38 / 0.52 / 68.81 / 56.65 Pictet AI Enhanced USEq / PQUS / 2,092 / 12438 / 28.08 / 0.75 / 28.29 / 23.45 Genprex / GNPX / 2,736 / 11795 / 4.75 / -20.70 / 1210.00 / 4.65 Invsc Biotech &Genome / PBE / 690 / 10639 / 90.16 / 0.61 / 94.06 / 64.60 VicSh Intl Free Cash Grw / GRIN / 944 / 8272 / 31.80 / 1.28 / 34.54 / 24.79 VicSh Intl Free Cash Grw / IFLO / 877 / 7492 / 34.67 / 0.32 / 37.02 / 25.67 Pacer USSC Cash Cows Grw / CAFG / 424 / 5974 / 33.96 / 1.37 / 34.34 / 23.68 Columbia Rsrch Enh Emg / ECON / 924 / 4938 / 33.62 / 0.51 / 38.18 / 23.91 Singularity FutureTech / SGLY / 3,073 / 4446 / 5.44 / 4.02 / 20.30 / 2.55 SSSPDR DJGlbl RlEst / RWO / 2,469 / 4046 / 51.00 / -0.29 / 52.26 / 43.19
51000
地区 / 国家 / 指数 / 最新收盘价 / 净值变动 / % 涨跌 / 年初至今 % 涨跌 :--- 全球 / MSCI ACWI / 1131.01 / 10.50 / 0.94 / 11.5 MSCI ACWI ex-USA / 473.43 / –0.06 / –0.01 / 12.4 MSCI World / 4905.02 / 57.14 / 1.18 / 10.7 MSCI Emerging Markets / 1651.40 / –14.49 / –0.87 / 17.6 美洲 / MSCI AC Americas / 2875.92 / 39.528 / 1.39 / 10.9 加拿大 / S&P / TSX Comp / 35226.14 / … / Closed / 11.1 拉美 / MSCI EM Latin America / 3087.22 / –2.92 / –0.09 / 13.9 巴西 / Bovespa / 178000.24 / 1.24 / 0.001 / 10.5 智利 / S&P IPSA / 5565.80 / 16.49 / 0.30 / 2.6 墨西哥 / S&P / BMV IPC / 66697.22 / –239.77 / –0.36 / 3.7
24000
地区 / 国家 / 指数 / 最新收盘价 / 净值变动 / % 涨跌 / 年初至今 % 涨跌 EMEA / 欧洲斯托克600指数 / 652.09 / 2.90 / 0.45 / 10.1 欧元区 / Euro STOXX / 676.19 / 6.29 / 0.94 / 10.4 比利时 / Bel-20 / 5667.28 / –18.54 / –0.33 / 11.6 丹麦 / OMX Copenhagen 20 / 1587.27 / –11.48 / –0.72 / –1.3 法国 / CAC 40 / 8613.82 / 104.18 / 1.22 / 5.7 德国 / DAX / 26001.31 / 372.07 / 1.45 / 6.2 以色列 / Tel Aviv / 4111.69 / –37.81 / –0.91 / 13.2 意大利 / FTSE MIB / 52871.72 / 699.19 / 1.34 / 17.6 荷兰 / AEX / 1102.22 / 3.04 / 0.28 / 15.9 挪威 / Oslo Bors All-Share / 2388.52 / 2.99 / 0.13 / 23.0 南非 / FTSE / JSE All-Share / 112675.43 / 1182.33 / 1.06 / –2.7 西班牙 / IBEX 35 / 19982.60 / 199.70 / 1.01 / 15.5 瑞典 / OMX Stockholm / 1134.86 / 9.25 / 0.82 / 8.5 瑞士 / Swiss Market / 14371.77 / 25.63 / 0.18 / 8.3 土耳其 / BIST 100 / 13410.54 / –47.56 / –0.35 / 19.1 英国 / FTSE 100 / 10857.70 / –10.35 / –0.10 / 9.3 英国 / FTSE 250 / 24224.77 / 249.75 / 1.04 / 7.8
9.00%
Euro
亚太 / MSCI AC Asia Pacific / 268.34 / –1.47 / –0.54 / 17.9 澳大利亚 / S&P / ASX 200 / 9019.30 / 42.50 / 0.47 / 3.5 中国 / 上海综合指数 / 3809.66 / –22.60 / –0.59 / –4.0 香港 / 恒生指数 / 26009.40 / 124.97 / 0.48 / 1.5 印度 / BSE Sensex / 78639.03 / 544.39 / 0.70 / –7.7 日本 / 日经225 / 63754.90 / –607.12 / –0.94 / 26.6 新加坡 / Straits Times / 5612.28 / –16.22 / –0.29 / 20.8 韩国 / KOSPI / 6257.45 / –338.00 / –5.12 / 48.5 台湾 / TAIEX / 43386.41 / 266.66 / 0.62 / 49.8 泰国 / SET / 1621.90 / –1.74 / –0.11 / 28.8
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
一年前 最新 滚动市盈率 预计市盈率 * 股息率 历史最高值
一年前 最新 滚动市盈率 * 预计市盈率 * 股息率 * 历史最高值
滚动市盈率 † 预计市盈率 † 股息率 *† 历史最高值：
7600.50 s110.78, 或 1.48% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
21.94 24.48 20.29 21.10 1.47 1.65 53178.41, 08 / 03 / 26
53000
52000
50000
盘中最高
收盘 下跌 上涨
盘中开盘
49000
收盘 开盘
盘中最低
48000
47000
7.00
PN Smart Energy PN 8.43 -8.84 -51.19 71.40 2.18 -87.2 Inflection Point III IPCX 4.45 -4.24 -48.79 11.50 3.77 -56.5 Inno Holdings INHD 9.42 -8.58 -47.67 7651.20 1.01 -98.4 Cloudastructure CSAI 3.69 -2.11 -36.38 69.15 3.53 -93.2 JIADE JDZG 3.86 -2.15 -35.77 1014.98 3.50 -99.4
Game Your Game GYGY 6.24 -2.84 -31.28 32.66 5.51 ... Wetour Robotics WETO 6.68 -2.32 -25.78 251.00 2.70 -96.1 PowerCompute PWCM 1.63 -0.49 -23.11 68.50 1.49 -96.7 Exyn Technologies EXYN 1.82 -0.52 -22.22 7.20 1.80 ... Defiance Tgt 2xShrt QBTS QBTZ 3.48 -0.93 -21.09 96.84 2.72
Genprex GNPX 4.75 -1.24 -20.70 1210.00 4.65 -98.1 Evolution Metals & Techs EMAT 2.95 -0.71 -19.40 24.09 2.92 -72.9 Lexaria Bioscience LEXX 4.75 -1.12 -19.01 23.25 4.21 -62.8 Defiance Tgt 2xShrt RKLB RKLZ 4.04 -0.84 -17.21 204.07 1.67 Faraday Future FFAI 4.93 -1.00 -16.86 457.50 3.68 -98.4
美东时间下午 5 点美元外汇汇率
美元 vs 周一 年初至今 国家 / 货币 每单位货币兑美元 每美元兑换 涨跌幅 (%)
美洲 阿根廷比索 .00071494.2243 3.0 巴西雷亚尔 .1960 5.1028 –7.5 加拿大元 .7119 1.4048 2.3 智利比索 .001081 925.16 2.8 哥伦比亚比索 .000308 3242.03 –14.0 厄瓜多尔美元 1 1 持平 墨西哥比索 .0577 17.3295 –3.8 乌拉圭比索 .02487 40.2112 3.0 亚太地区 澳大利亚元 .7001 1.4284 –4.7 中国人民币 .1481 6.7526 –3.4 香港元 .1275 7.8422 0.8 印度卢比 .01049 95.330 6.1 印度尼西亚卢比 .0000557 17969 7.6 日元 .006362 157.17 0.3 哈萨克斯坦坚戈 .002108 474.47 –6.5 澳门币 .1238 8.0802 0.7 马来西亚林吉特 .2442 4.0956 0.9 新西兰元 .5872 1.7030 –2.0 巴基斯坦卢比 .00360 277.829 –0.9 菲律宾比索 .0164 60.926 3.4 新加坡元 .7798 1.2823 –0.3 韩国 won .0006996 1429.42 –0.8 斯里兰卡卢比 .0029789 335.70 8.3 台湾元 .03086 32.407 3.4 泰国铢 .02996 33.380 6.0
日元
部分原材料或大宗商品的定价趋势
DJ 大宗商品指数 1346.94 -17.25 -1.26 1467.33 1037.49 28.87 19.12 FTSE / CC CRB 指数 379.95 -5.15 -1.34 406.18 291.69 29.39 27.17 原油，美元 / 桶 80.34 -4.33 -5.11 112.95 55.27 21.19 39.92 天然气，美元 / MMBtu 2.781 0.034 1.24 7.460 2.523 -5.15 -24.55 黄金，美元 / 金衡盎司 4033.70 -15.40 -0.38 5318.40 3313.40 19.54 -6.75
预测市场：2026 年比特币 vs. 黄金 vs. 标准普尔500指数
该市场将根据比特币、黄金和标准普尔500指数在 2026 年中表现最好的一种资产来决定结果，表现以每种资产在该年度内的价格涨跌幅百分比来衡量。
25.19 24.81 21.01 23.82 1.10 1.21 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纽约证券交易所 (NYSE)、纽约证券交易所 Arca (NYSE Arca)、纽约证券交易所美国股票交易所 (NYSE Amer) 及纳斯达克 (Nasdaq) 发行股票在东部时间下午 4 点至 6 点之间最活跃且波动最大的股票。最低股价为 $2，最低盘后交易量为 50,000 股。
盘后交易最活跃发行股票
公司 / 代码 / 成交量 (000) / 最新价 / 净变动 / % 变动 / 最高 / 最低 :--- Snap / SNAP / 22,342.2 / 5.50 / 0.46 / 9.13 / 5.89 / 4.83 Palantir Technologies / PLTR / 21,187.2 / 140.60 / 14.95 / 11.90 / 148.77 125.30 FlexGlblUpstrmNatRscs / GUNR / 9,309.3 / 51.90 / ... / 持平 / 51.90 Figma / FIG / 8,961.9 / 25.01 / 0.09 / 0.36 / 25.10 / 24.80 VICI Properties / VICI / 6,965.2 / 26.60 / 0.06 / 0.23 / 26.61 / 26.38 StateStreetSPDRS&P500 / SPY / 6,606.1 / 757.92 / 0.25 / 0.03 / 758.50 757.34 Coca-Cola / KO / 6,309.1 / 86.87 / 0.01 / 87.10 / 81.99 NVIDIA / NVDA / 6,274.1 / 206.60 / -0.04 / -0.02 / 220.94 199.85
最大涨幅股...
公司 / 代码 / 成交量 (000) / 最新价 / 净变动 / % 变动 / 最高 / 最低 :--- Ameresco / AMRC / 116.1 / 29.02 / 6.29 / 27.67 / 30.00 / 22.73 GrShr2xLongPLTRDaily / PTIR / 4,319.0 / 13.00 / 2.42 / 22.87 / 13.43 / 10.47 Direxion PLTR Bull 2X / PLTU / 2,586.1 / 34.82 / 6.43 / 22.65 / 35.99 / 28.02 Leverage2XLgPLTRDly / PLTG / 460.6 / 12.30 / 2.22 / 22.02 / 12.83 / 10.01 Voyager Technologies / VOYG / 188.8 / 33.00 / 4.99 / 17.82 / 33.85 / 27.11
...以及跌幅股
T3Defense / DFNS / 544.5 / 47.42 / -14.08 / -22.89 / 63.85 / 46.00 DefianceTgt2xShPLTR / PLTZ / 623.3 / 22.35 / -6.40 / -22.26 / 29.20 / 20.98 Powell Industries / POWL / 222.0 / 187.63 / -32.09 / -14.60 / 223.07 183.00 Ichor Holdings / ICHR / 135.9 / 69.42 / -10.81 / -13.47 / 80.23 / 65.00 Adeia / ADEA / 254.6 / 24.17 / -3.62 / -13.03 / 28.02 / 21.79
越南同 / .00003803 / 26292 / –0.03 欧洲 捷克克朗 / .04754 21.035 / 2.2 丹麦克朗 / .1540 6.4955 / 2.1 欧元区欧元 / 1.1510 / .8688 / 2.1 匈牙利福林 / .003161 316.35 / –3.4 冰岛克朗 / .008105 123.38 / –1.5 挪威克朗 / .1048 9.5443 / –5.4 波兰兹罗提 / .2670 3.7460 / 4.3 瑞典克朗 / .1046 9.5597 / 3.8 瑞士法郎 / 1.2338 / .8105 / 2.3 土耳其里拉 / .0210 47.5296 / 10.6 乌克兰格里夫纳 / .0223 44.8500 / 5.9 英镑 / 1.3434 / .7444 / 0.3 中东 / 非洲 巴林第纳尔 / 2.6520 / .3771 / 0.03 埃及镑 / .0200 50.1212 / 5.1 以色列谢客勒 / .3283 3.0458 / –4.4 科威特第纳尔 / 3.2312 / .3095 / 0.5 阿曼里亚尔 / 2.5993 / .3847 / –0.01 卡塔尔里亚尔 / .2744 / 3.644 / –0.3 沙特阿拉伯里亚尔 / .2666 3.7514 / 0.01 南非兰特 / .0605 16.5265 / –0.2
收盘价 / 净变动 / % 变动 / 年初至今 % 变动
WSJ 美元指数 96.19 0.09 0.09 0.27
WSJ 美元指数
来源：Tullett Prebon, DowJones Market Data
周一 52周 年初至今 收盘价 净变动 % 变动 最高 最低 % 变动
道琼斯合作伙伴
25913.90 s 540.04, 或 2.13% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
公司 / 代码 / 成交量 / 收盘价 / 净变动 / % 变动 / 52周最高 / 52周最低 / 年初至今 % 变动 Reitar Logtech Holdings / RITR / 1,507,496 / 51087.0 / 0.34 / 504.96 / 7.68 / 0.05 Megan Holdings / MGN / 951,691 / 7203.4 / 0.14 / 87.23 / 8.63 / 0.06 AiRWA / YYAI / 478,285 / 23746.8 / 0.12 / ... 10576.80 / 0.11 China SXT Pharm / SXTC / 427,309 / 1770.2 / 0.08 / 24.34 / 1046.99 / 0.05 Zhibao Technology / ZBAO / 208,131 / 895.8 / 0.26 / 27.54 / 1.34 / 0.15 Hydrofarm Holdings Group / HYFM / 143,870 / 313424.6 / 2.15 / 298.15 / 4.78 / 0.50 ProSh UltraPro Shrt QQQ / SQQQ / 138,195 / 116.3 / 41.43 / -5.26 / 98.85 / 35.80 NVIDIA / NVDA / 127,875 / -16.5 / 206.64 / 2.93 / 236.54 / 164.07 Reliance Global Group / EZRA / 108,406 / 5972.3 / 2.65 / 45.60 / 78.00 / 1.75 ProShares Bitcoin ETF / BITO / 99,649 / -55.7 / 8.63 / 1.45 / 22.30 / 7.87
消费者利率与投资回报 美国消费者利率 过去一年中消费者利率与其基准的对比
t 新车贷款
基准利率
A 2025
S O N D J 2026
F M A M J J A
收益率 / 利率(%) 52周范围(%) 3年变化 利率 最新 (l)一周前 最低 0 2 4 6 8 最高 (百分点)
联邦基金利率目标 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.75 基准利率* 6.75 6.75 l 7.50 -1.75 SOFR 3.66 3.64 3.50 4.51 -1.65 货币市场，年化收益率 0.44 0.44 0.41 0.45 -0.12 五年期定存单 (CD)，年化收益率 1.73 1.73 1.67 -1.12 30年期抵押贷款，固定利率† 6.74 6.11 6.79 -0.64 15年期抵押贷款，固定利率† 6.17 6.13 5.55 6.18 -0.48 巨额抵押贷款，$832,750及以上† 6.87 6.73 6.34 6.87 -0.57 五年期可调利率抵押贷款 (ARM)† 6.09 5.95 5.66 6.23 -0.23 新车贷款，48个月期 6.97 6.97 6.85 7.21 -0.29
Bankrate.com 利率基于对 1,500 多家在线银行的调查。*由全国 70% 的大型银行公布的基准利率。†不包括结清费用。 来源：FactSet; Dow Jones Market Data; Bankrate.com 基准收益率 与利率 国债收益率曲线 当前短期票据、中期票据和长期债券的到期收益率
到期时间
t 一年前
Tradeweb FTSE 周一收盘价
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; Dow Jones Market Data
收益率 (%) 52周 总回报 (%) 债券总回报指数 收盘 最新 一周前 最高 最低 52周 3年
32.61 32.67 24.79 29.95 0.57 0.69 27093.90, 06 / 02 / 26
成交量，上涨数，下跌数
NYSE NYSE Amer.
总成交量 1,269,101,615 17,994,598 上涨成交量 881,255,721 15,982,803 下跌成交量 379,622,568 1,880,682 交易品种数 2,839 297 上涨数 1,915 210 下跌数 847 82 持平数 77 5 新高数 100 3 新低数 39 收盘 Arms† 0.91 0.65 大宗交易 4,304 153
Nasdaq NYSE Arca
总成交量 11,118,462,422 330,898,803 上涨成交量 8,890,738,556 242,059,530 下跌成交量 1,674,396,969 87,584,650 交易品种数 5,025 2,659 上涨数 3,598 2,182 下跌数 1,253 461 持平数 174 16 新高数 191 210 新低数 172 108 收盘 Arms† 0.54 1.64 大宗交易 80,821 1,499
*仅限主市场 NYSE, NYSE American, NYSE Arca。 †(TRIN) 上涨和下跌品种数与股价上涨和下跌成交量的比较。Arms 值低于 1 表示买盘需求；高于 1 表示卖盘压力。
精选利率 新车贷款
Bankrate.com 平均值†: 6.97%
First Command Bank 4.99% 德克萨斯州 沃斯堡 817-569-2253
First Savings Bank of Hegewisch 5.20% 伊利诺伊州 芝加哥 773-646-4200
Frost Bank 5.64% 德克萨斯州 圣安东尼奥 210-220-4000
PNC Bank 6.07% 特拉华州 威尔明顿 888-762-2265
Firstrust Bank 6.74% 宾夕法尼亚州 康肖霍肯 800-220-2265
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
23000
22000
合约 / 开盘价 / 最高价 / 最低价 / 结算价 / 涨跌 / 持仓量 :--- | 铜-高 (CMX)-25,000 磅；每磅美元 | | | | | | | 8月 / 6.5295 / 6.4340 / 6.5140 / 0.0780 / 5,080 9月 / 6.5530 / 6.5775 / 6.4505 / 6.5405 / 0.0750 / 137,073 | 黄金 (CMX)-100 盎司；每盎司美元 | | | | | | | 8月 / 4083.40 / 4083.50 / 4026.50 / 4033.70 / –15.40 / 15,839 9月 / 4086.20 / 4094.90 / 4033.00 / 4046.30 / –16.10 / 5,056 10月 / 4099.00 / 4113.90 / 4044.10 / 4060.30 / –16.30 / 51,733 11月 / 4118.60 / 4072.70 / 4075.90 / –16.40 / 280 12月 / 4135.20 / 4145.50 / 4074.00 / 4090.50 / –16.50 / 280,612 1月'27 / 4155.90 / 4120.00 / 4108.10 / –16.60 / 262 | 钯金 (NYM)-50 盎司；每盎司美元 | | | | | | | 8月 / 1244.50 / 1250.90 / –24.70 / 26 9月 / 1289.50 / 1304.00 / 1242.00 / 1256.60 / –24.80 / 16,529 | 铂金 (NYM)-50 盎司；每盎司美元 | | | | | | | 8月 / 1612.10 / 1632.90 / 1612.10 / 1618.00 / –32.30 / 40 10月 / 1665.60 / 1677.80 / 1617.80 / 1626.30 / –32.40 / 45,375 | 白银 (CMX)-5,000 盎司；每盎司美元 | | | | | | | 8月 / 57.800 / 57.667 / 0.076 / 1,308 9月 / 58.650 / 58.880 / 56.705 / 57.856 / 0.070 / 79,592 | 原油-轻质甜油 (NYM)-1,000 桶；每桶美元 | | | | | | | 9月 / 80.10 / 81.30 / 78.43 / 80.34 / –4.33 / 264,062 10月 / 77.92 / 78.90 / 76.42 / 77.90 / –3.59 / 171,024 11月 / 76.30 / 76.69 / 74.40 / 75.68 / –2.97 / 113,256 12月 / 74.09 / 74.96 / 73.20 / 73.94 / –2.50 / 204,633 6月'27 / 70.00 / 70.62 / 69.37 / 69.94 / –1.20 / 138,338 12月 / 68.10 / 68.70 / 67.49 / 68.12 / –0.86 / 149,097 | 纽约港超低硫柴油 (NYM)-42,000 加仑；每加仑美元 | | | | | | | 9月 / 3.9780 / 4.0658 / 3.8569 / 3.8772 / –.2183 / 76,794 10月 / 3.8342 / 3.9252 / 3.7546 / 3.7701 / –.1877 / 38,113 | 汽油-纽约 RBOB (NYM)-42,000 加仑；每加仑美元 | | | | | | | 9月 / 3.0500 / 3.0511 / 2.9566 / 2.9667 / –.1475 / 104,583 10月 / 2.7697 / 2.7771 / 2.6994 / 2.7095 / –.1242 / 52,640 | 天然气 (NYM)-10,000 MMBtu；每 MMBtu 美元 | | | | | | | 9月 / 2.745 / 2.810 / 2.710 / 2.781 / .034 / 370,084 10月 / 2.790 / 2.846 / 2.756 / 2.824 / .037 / 156,874 12月 / 3.721 / 3.729 / 3.665 / 3.723 / .034 / 141,668 1月'27 / 4.148 / 4.204 / 4.142 / 4.198 / .033 / 143,944 3月 / 2.970 / 3.012 / 2.956 / 2.999 / .024 / 138,730 4月 / 2.827 / 2.867 / 2.822 / 2.860 / .028 / 115,743
农业期货 玉米 (CBT)-5,000 蒲式 lauded；每蒲式 lauded 美分 月份 / 开盘价 / 最高价 / 最低价 / 结算价 / 涨跌 / 持仓量 :--- 9月 / 438.00 / 450.50 / 435.25 / 449.25 / 8.50 / 525,954
可付金额 / 公司 / 代码 / 收益率 % / 新 / 旧 / 频率 / 记录日 / 支付日 Eldorado Gold / EGO / 0.9 / .075 / Q / Sep15 / Sep01 Imperial Oil / IMO / 1.4 / .62017 / Q / Oct01 / Sep04 LloydsBankingGroupADR / LYG / 2.7 / .08397 / SA / Sep25 / Aug10 Magna International / MGA / 2.9 / .495 / Q / Aug28 / Aug14 NatWest Group ADR / NWG / 4.4 / .3222 / SA / Sep18 / Aug14 Patria Investments / PAX / 5.5 / .1625 / Q / Sep14 / Aug10 Pearson ADR / PSO / 2.0 / .11027 / SA / Sep21 / Aug14 Rentokil Initial ADR / RTO / 2.3 / .224 / SA / Sep22 / Aug14 TELUS Corp. / TU / 11.3 / .13366 / Q / Oct01 / Sep10 Vale ADR / VALE / 6.2 / .30884 / SA / Sep10 / Aug13
注：股息收益率截至东部时间下午 3:30 来源：FactSet；道琼斯市场数据
增加 可付金额 / 公司 / 代码 / 收益率 % / 新 / 旧 / 频率 / 记录日 / 支付日 Clorox / CLX / 5.1 / 1.25 / 1.24 / Q / Aug28 / Aug12 FederalRealtyInvtTrust / FRT / 3.8 / 1.16 / 1.13 / Q / Oct15 / Oct01 Ingram Micro / INGM / 1.2 / .086 / .084 / Q / Aug25 / Aug11 Zions Bancorp Pfd. A / ZIONP / 6.3 / .284 / .28157 / Q / Sep15 / Sep01
股票 公司 / 代码 / 比率 / 日期 Aethlon Medical / AEMD / 1:5 / Aug04 IES Holdings / IESC / 2:1 / Aug24
外国 可付金额 / 公司 / 代码 / 收益率 % / 金额 / 频率 / 记录日 / 支付日 AngloGold Ashanti / AU / 4.4 / .72 / Q / Sep04 / Aug21 BrookfieldRenewPfdA17 / BEPpA / 7.7 / .32813 / Q / Nov02 / Oct15 Brookfield Renewable / BEPC / 4.6 / .392 / Q / Sep29 / Aug31 BrookfieldRenewablePtrs / BEP / 4.7 / .392 / Q / Sep29 / Aug31 CRH / 1.6 / .39 / Q / Sep16 / Aug14
星期一
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
2026年8月3日，星期一
星期一
星期一
wsj.com / market-data / commodities
这些价格反映了市场上各种实际或“实物”商品的买卖价格——与交易所的期货价格不同，后者反映的是该商品在未来几个月可能具有的价值。
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 工业级 4046.00 克鲁格金币，批发-e 4213.04 枫叶金币-e 4253.55 美国鹰金币-e 4253.55 墨西哥比索金币-e 4892.29 奥地利克朗金币-e 3973.79 奥地利爱乐金币-e 白银，金衡盎司 Engelhard 工业级 57.1000 Handy & Harman 基准级 57.4620 Handy & Harman 加工级 71.8280 钱币，批发 $1,000 面值-a 41495 其他金属 铂金, Engelhard 工业级 1627.0 钯金, Engelhard 工业级 1258.0 铝, LME, 每公吨美元 3196.0 铜, Comex 现货 6.5140 铁矿石, 62% Fe CFR 中国-s 95.3 钢, HRC 美国, FOB 中西部工厂-s *1180.0 电池 / 电动汽车金属
代码说明：A=卖出价；B=买入价；BP=国家升降机对生产者的买入价；C=已修正；D=CME；E=Manfra, Tordella & Brookes；H=美国商品经纪公司；K=每两周；M=每月；N=名义值；n.a.=未报价或不可用；P=Sosland Publishing；R=SNL Energy；S=Platts-TSI；T=Cotlook Limited；U=USDA；V=Benchmark Mineral Intelligence；W=每周；Y=国际咖啡组织；Z=未报价。*数据截至 7 / 31 来源：道琼斯市场数据
资金利率 2026年8月3日
美国及国际市场借款或贷款所支付的关键年利率。以下利率为一般水平的指南，并不始终代表实际交易。
通货膨胀
6月指数水平 / 环比变化 (%) / 去年同期 :--- May '26 / June '25 | 美国消费者价格指数 (CPI) | | | | 所有项目 / 333.952 / –0.35 / 3.5 核心 / 336.882 / 0.01 / 2.6
国际利率
一周前 / 52周最高 / 52周最低 / 最新 :--- | 基准利率 | | | | | 美国 / 6.75 / 7.50 / 6.75 加拿大 / 4.45 / 4.95 / 4.45
关键利率 数据按360天年化计算。国债收益率为年率，基于活跃交易的非通胀及通胀挂钩债券，并经过恒定到期期限调整。数据来源于美联储每周发布的 H.15 报告。
7月31日 / 7月24日 / 52周最高 / 52周最低 6个月 / 4.02 / 4.05 / 4.27 / 3.56 1年 / 4.08 / 4.10 / 3.43 2年 / 4.26 / 4.30 / 3.42 3年 / 4.32 / 4.33 / 3.45 5年 / 4.39 / 4.40 / 3.58 7年 / 4.52 / 3.77 10年 / 4.67 / 4.66 / 4.67 / 4.00 20年 / 5.19 / 5.16 / 5.19 / 4.54
联邦基金利率 (有效) / 3.63 / 4.33 / 3.62
联邦基金
商业票据 非金融类 1个月 / 3.70 / 3.68 / 4.31 / 3.61 2个月 / 3.75 / 3.72 / 4.29 / 3.58 3个月 / 3.76 / 3.68 / 4.30 / 3.62 金融类 1个月 / n.a. / 4.32 / 3.60 2个月 / 3.75 / 3.74 / 4.29 / 3.62 3个月 / 3.83 / 3.79 / 4.28 / 3.62 贴现窗口一级信贷 / 3.75 / 4.50 / 3.75
恒定到期期限国债收益率 1个月 / 3.77 / 4.48 / 3.67 3个月 / 3.87 / 3.91 / 4.39 / 3.63
12月 461.00 473.50 458.25 472.50 8.50 785,150 燕麦 (CBT)-5,000 蒲式量; 每蒲式量美分。 9月 310.25 317.50 310.00 316.00 5.75 632 12月 330.25 337.50 330.00 336.75 6.50 2,353 大豆 (CBT)-5,000 蒲式量; 每蒲式量美分。 8月 1163.75 1175.50 1163.75 1168.75 –3.25 1,630 11月 1182.25 1194.50 1175.25 1192.25 4.75 501,910 大豆粕 (CBT)-100 吨; 每吨美元。 8月 310.30 314.50 309.10 313.40 1.20 1,433 12月 321.00 322.50 317.90 321.60 .40 285,631 大豆油 (CBT)-60,000 磅; 每磅美分。 8月 67.33 68.01 66.89 68.69 1.57 2,004 12月 66.43 68.30 66.10 68.14 1.24 256,642 粗米 (CBT)-2,000 担 (cwt.); 每担美元。 9月 13.99 14.28 13.91 14.18 .22 11,375 11月 14.41 14.69 14.33 14.61 .21 1,439 小麦 (CBT)-5,000 蒲式量; 每蒲式量美分。 9月 635.00 653.75 632.00 651.00 11.75 196,594 12月 652.75 671.75 650.00 669.25 11.75 161,435 小麦 (KC)-5,000 蒲式量; 每蒲式量美分。 9月 704.50 720.75 698.75 717.25 9.75 120,575 12月 721.50 736.75
714.75 734.00 10.25 112,078 活牛-育肥 (CME)-50,000 磅; 每磅美分。 8月 348.200 351.525 346.900 347.825 –.200 11,748 9月 344.375 348.050 341.700 342.550 –1.225 20,494 活牛-现货 (CME)-40,000 磅; 每磅美分。 8月 231.725 233.400 230.900 231.100 –.650 34,295 10月 227.250 229.550 226.300 226.725 –.525 119,555 瘦肉猪 (CME)-40,000 磅; 每磅美分。 8月 98.200 98.625 97.450 97.525 –1.325 20,294 10月 83.900 84.900 83.350 83.675 –1.175 118,828 木材 (CME)-27,500 板英尺，每 1,000 板英尺美元。 9月 614.00 614.00 599.50 601.00 –13.00 6,257 11月 622.00 622.00 t 607.50 611.50 –12.00 1,385 牛奶 (CME)-200,000 磅，每磅美分。 7月 15.66 15.68 15.63 15.66 –.01 5,401 9月 17.59 17.73 17.36 17.47 –.06 6,529 可可 (ICE-US)-10 公吨; 每吨美元。 9月 5,435 5,950 5,378 5,939 542 63,418 12月 5,589 6,075 5,516 6,066 530 57,229 咖啡 (ICE-US)-37,500 磅; 每磅美分。 9月 332.00 332.65
317.25 319.50 –12.60 54,310 12月 313.75 314.80 302.60 304.70 –9.95 63,689 全球糖 (ICE-US)-112,000 磅; 每磅美分。 10月 14.62 15.06 14.61 15.01 .35 498,683 27年3月 15.50 15.93 15.49 15.91 .38 299,490 国内糖 (ICE-US)-112,000 磅; 每磅美分。 9月 35.50 35.50 35.50 35.50 … 190 棉花 (ICE-US)-50,000 磅; 每磅美分。 10月 79.90 81.38 79.68 81.35 .85 141
关键：A:年度; M:月度; Q:季度; r:修正; SA:半年; S2:1:股票拆分及比例; SO:分拆。
BMILithiumCarbonate,EXWChina,=99.5%-v,w 21200 BMILithiumHydroxide,EXWChina,=56.5%-v,w 19650 BMICobaltsulphate,EXWChina,>20.5%-v,w 11840 BMINickelSulphate,EXWChina,>22%-v,k 4440 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425
纤维与纺织品 (Fibers and Textiles)
黄麻,10盎司,40英寸 NY yd-n,w 1.2400 棉花,1 1 / 16 std lw-mdMphs-u 0.7760 Cotlook 'A' 指数-t *90.00 皮革,重型本地牛皮 piece fob-u n.a. 羊毛,64s,staple,Terr del-u,w n.a.
谷物与饲料 (Grains and Feeds)
麸皮,小麦中粉, KC-u,w 85 玉米,2号黄色,Cent IL-bp,u 棉籽粕-u,w 320 玉米糁饲料,Cent IL-u,w 120 肉骨粉,50%proMnpls-u,w 355 燕麦,2号磨粉,Mnpls-u 3.8100 稻米,长粒精磨,2号AR-u,w 28.63 大豆粕,CentIL,铁路,吨48%-u,w 334.10 大豆,1号黄色 IL-bp,u 小麦,春小麦14%-pro Mnpls-u 8.2500 小麦,2号软红,St.Louis-u 6.2050 小麦-硬粒-KC(USDA)$perbu-u 小麦,1号软白,Portld,OR-u 6.5500
日本 (Japan) 2.125 2.125 1.875
政策利率 (Policy Rates) 欧元区 (Euro zone) 2.40 2.40 2.15 瑞士 (Switzerland) 0.25 0.25 0.50 英国 (Britain) 3.75 3.75 4.25 澳大利亚 (Australia) 4.35 4.35 3.60
隔夜回购 (Overnight repurchase) 美国 (U.S.) 3.67 3.67 4.45 3.49
美国政府利率 (U.S. government rates)
贴现率 (Discount) 4.50
国债收益率（二级市场） (Treasury yields(secondary market)) 1个月 (1-month) 3.64 4.29 3.55 3个月 (3-month) 3.73 3.77 4.23 3.53 6个月 (6-month) 3.86 3.88 4.09 3.48 TIPS 5年期 (5-year) 2.17 2.12 2.17 1.17 7年期 (7-year) 2.29 2.25 2.29 1.43 10年期 (10-year) 2.43 2.39 2.43 1.70 20年期 (20-year) 2.77 2.73 2.77 2.14 长期平均值 (Long-term avg) 2.96 2.91 2.96 2.28
wsj.com / market-data / commodities
食品
牛肉，胴体等值指数 精选 1-3,600-900 磅-u 351.32 精选 1-3,600-900 磅-u 330.71 肉鸡，全国综合加权平均-u,w 1.1804 黄油，AA 芝加哥-d 1.4850 切达奶酪，桶装，芝加哥-d 154.75 切达奶酪，块装，芝加哥-d 156.00 牛奶，无脂干奶，芝加哥每磅-d 152.50 咖啡，巴西，综合-y 3.1867 咖啡，哥伦比亚，纽约-y 3.8148 鸡蛋，大号白色，芝加哥-u,w 1.3050 面粉，硬冬小麦 堪萨斯城-p 19.25 火腿，17-20 磅，美国中西部离岸-u n.a. 生猪，爱荷华-南明尼苏达-u 94.11 猪腩，12-14 磅，美国中西部-u 2.0072 猪里脊，13-19 磅，美国中西部-u 1.1225 成年牛，德州-俄克拉荷马 精选-u n.a. 育成牛，俄克拉荷马城-u,w 409.00 油脂
脱胶玉米油，原油加权平均-u,w 油脂，精选白色，芝加哥-h 猪油，芝加哥-u 大豆油，原油；伊利诺伊州中部-u,w 0.7085 牛脂，漂白；芝加哥-h 牛脂，食用，芝加哥-u
实际利率 3.6400 3.6400 4.3300 3.6300 最高 3.7000 3.7000 4.5500 3.7000 最低 3.5500 3.5500 4.3200 3.5500 买入价 3.6200 3.6200 4.3200 3.6100 卖出价 3.6400 3.6400 4.3300 3.6300
国债拍卖 4 周 3.630 3.730 4.300 3.550 13 周 3.815 3.815 4.165 3.540 26 周 3.945 3.945 3.980 3.475
其他短期利率
同业拆借资金 5.50 5.50 6.25
商业票据 (AA 财务类) 90 天 4.26 3.57
担保隔夜融资利率 3.66 3.64 4.51 3.50
价值 52周 最新 交易最高 最低
DTCC GCF 回购指数 国债 3.683 50.500 4.492 3.504 MBS 3.690 96.928 4.623 3.517
每周调查
最新 一周前 一年前
房利美 30年固定 6.66 6.58 6.72 15年固定 6.04 5.96 5.85
数据说明： 美国最优惠利率是至少 70% 的 10 家最大美国银行公布的公司贷款基准利率，自 2025 年 11 月 11 日起生效。其他最优惠利率不具有直接可比性；贷款实践因地区而异；贴现率自 2025 年 11 月 11 日起生效。担保隔夜融资利率截至 2026 年 7 月 31 日。DTCC GCF 回购指数是美国证券托管结算公司 (DTCC) 对适用 CUSIP 隔夜交易的加权平均值。交易价值以十亿美元计。联邦基金利率为截至东部时间下午 3:30 的 Tullett Prebon 利率。 来源：联邦储备委员会；劳工统计局；DTCC；FactSet；Tullett Prebon Information, Ltd.
12月 81.37 82.74 80.39 82.57 .78 195,638 橙汁 (ICE-US)-15,000 磅；每磅美分 9月 155.00 159.35 150.75 158.35 3.40 7,378 11月 158.15 163.40 155.00 162.45 3.30 1,623
利率期货 超长期国债 (CBT) -$100,000; 点数为 100% 的 32 分之一 9月 110-110 110-240 110-040 110-150 25.0 2,445,273 12月 110-040 110-090 110-000 110-030 25.0 168 国债 (CBT)-$100,000; 点数为 100% 的 32 分之一 108-280 109-080 108-250 109-030 25.0 1,871,069 108-160 108-250 108-120 108-210 26.0 11,936 国债票据 (CBT)-$100,000; 点数为 100% 的 32 分之一 108-115 108-175 108-085 108-135 13.5 5,203,331 108-015 108-080 108-010 108-045 13.5 25,255 5 年期国债票据 (CBT)-$100,000; 点数为 100% 的 32 分之一 106-075 106-102 106-050 106-072 8.0 6,272,770 106-025 106-060 106-020 106-040 8.5 26,786 2 年期国债票据 (CBT)-$200,000; 点数为 100% 的 32 分之一 102-295 102-296 102-275 102-281 2.4 4,395,627 102-256 102-259 102-240 102-245 2.5 6,907 30天联邦基金 (CBT)-$5,000,000; 100 -日均值 8月 96.3675 96.3675 96.3650 96.3650 –.0050 863,367 10月 96.2050 96.2100 96.1900 96.1900 –.0050 452,236 三个月 SOFR (CME)-$1,000,000; 100 -日均值 5月 96.3625 96.3625 t 96.3600 .0025 5,446 95.9700 95.9700 t 95.9250 95.9400 .0200 1,682,422
货币期货 日元 (CME)-¥12,500,000; 每 100 日元之美元 8月 .6361 .6449 s .6344 .6388 .0087 1,373 .6377 .6463 .6355 .6402 .0088 406,999 加拿大元 (CME)-CAD 100,000; 每加元之美元 .7130 .7131 .7121 .7125 –.0013 355 .7148 .7155 .7129 .7133 –.0014 352,543 英镑 (CME)-£62,500; 每英镑之美元 1.3492 1.3499 1.3443 1.3430 –.0052 566
债券 / wsj.com / market-data / bonds / benchmarks
跟踪债券基准 投资回报率、相对于国债的利差和 / 或支付给投资者的收益率，与不同类型债券的 52 周最高值和最低值之对比
指数 / 最新收盘价 / 年初至今总回报率 (%) / 收益率 (%) 低 / 收益率 (%) 高 :--- | 广义市场 Bloomberg 固定收益指数 | | | | | 美国综合指数 (U.S. Aggregate) / 2238.15 / -0.5 / 4.160 / 4.950 5.000 | 美国公司债券指数 Bloomberg 固定收益指数 | | | | | 美国公司债券 (U.S. Corporate) / 3426.24 / -0.5 / 4.680 / 5.430 5.470 中期债券 (Intermediate) / 3390.78 / 0.3 / 4.330 / 5.120 5.180 长期债券 (Long term) / 4341.81 / -2.4 / 5.370 / 6.130 6.170 AA级债券 (Double-A-rated) / 635.87 / -1.8 / 4.410 / 5.330 5.350 BBB级债券 (Triple-B-rated) / 942.95 / -0.2 / 4.860 / 5.590 5.640 | 高收益债券 ICE BofA | | | | | 受限高收益指数 (High Yield Constrained) / 629.03 / 1.9 / 6.489 / 7.313 7.668 CCC级债券 (Triple-C-rated) / 630.10 / 0.3 / 11.438 / 14.089 14.184 高收益 100 (High Yield 100) / 4176.79 / 1.4 / 5.828 / 6.650 7.136 全球受限高收益指数 (Global High Yield Constrained) / 548.58 / 2.2 / 6.317 / 7.048 7.438 欧洲受限高收益指数 (Europe High Yield Constrained) / 401.82 / 1.7 / 4.820 / 5.760 6.198 | 美国机构债券 Bloomberg 固定收益指数 | | | | | 美国机构债券 (U.S Agency) / 1966.44 / 0.4 / 3.830 / 4.570 4.650 10-20 年期 / 1746.24 / 0.6 / 3.750 / 4.500 4.590 20 年以上期 / 3656.96 / -1.5 / 4.580 / 5.340 5.360 洋基债券 (Yankee) / 3037.49 / -0.02 / 4.320 / 5.080 5.130
*受限指数将单个发行人的权重限制在 2%；High Yield 100 为规模最大的 100 只债券 †以当地货币计价 § 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
选定其他国家的政府债券收益率及其与美国国债基准两年期和十年期债券的利差；箭头表示在最新交易日中收益率上涨(s)或下跌(t)
国家 / 收益率 (%) / 与美国国债的利差（以基点计），低于 / 高于 / 票面利率 (%) / 到期年限 / 最新(l) / 0 / 1 / 2 / 3 / 4 / 5 / 6 / 上次 / 一个月前 / 一年前 / 最新 / 上次 / 一年前 :--- 美国 2 / 4.255 t / 4.250 / 2 / l / 4.289 / 4.130 / 3.702 美国 10 / 4.684 t / 4.375 / 10 / l / 4.743 / 4.477 / 4.218 澳大利亚 2 / 4.524 / 2.250 / 2 / l / 4.524 / 4.463 / 3.390 / 26.0 / 22.0 / -30.8 澳大利亚 10 / 4.938 / 4.250 / 10 / l / 4.938 / 4.805 / 4.326 / 25.0 / 19.8 / 10.1 法国 2 / 2.949 t / 2.400 / 2 / l / 3.002 / 2.683 / 2.177 / -131.5 / -130.2 / -152.1 法国 10 / 3.940 t / 3.700 / 10 / l / 4.001 / 3.622 / 3.356 / -74.8 / -73.9 / -86.9 德国 2 / 2.783 t / 2.700 / 2 / l / 2.831 / 2.553 / 1.931 / -148.1 / -147.3 / -176.7 德国 10 / 3.175 t / 3.000 / 10 / l / 3.229 / 2.940 / 2.680 / -151.3 / -151.1 / -154.6 意大利 2 / 2.960 t / 2.650 / 2 / l / 3.015 / 2.705 / 2.133 / -130.4 / -128.9 / -156.5 意大利 10 / 3.940 t / 3.800 / 10 / l / 4.020 / 3.668 / 3.518 / -74.8 / -72.0 / -70.7 日本 2 / 1.568 s / 1.500 / 2 / l / 1.508 / 1.393 / 0.811 / -269.6 / -279.6 / -288.7 日本 10 / 2.828 s / 2.700 / 10 / l / 2.799 / 2.778 / 1.553 / -186.0 / -194.1 / -267.3 西班牙 2 / 2.829 t / 2.400 / 2 / l / 2.880 / 2.606 / 2.040 / -143.5 / -142.4 / -165.9 西班牙 10 / 3.591 t / 3.400 / 10 / l / 3.642 / 3.375 / 3.188 / -109.7 / -109.8 / -103.7 英国 2 / 4.325 t / 4.375 / 2 / l / 4.421 / 4.133 / 3.796 / 6.1 / 11.7 / 9.8 英国 10 / 4.961 t / 1.125 / 10 / l / 5.062 / 4.787 / 4.530 / 27.3 / 32.1 / 30.5
Corporate Debt 公司债券价格反映了包括投资者对经济、行业和公司具体预期在内的因素。 利差收窄最明显的投资级债券……
发行方 / 代码 / 票面利率 (%) / 收益率 (%) / 到期日 / 利差* (基点) 当前 / 一日变化 / 上周 :--- Southern California Edison / … / 5.950 / 6.01 / 2038年2月1日 / 133 / –10 / n.a. CF Industries / CF / 5.150 / 5.39 / 2034年3月15日 / 71 / –7 / 82 Telefonica Emisiones / … / 4.895 / 6.50 / 2048年3月6日 / 126 / –7 / 133 Citigroup / C / 6.625 / 5.18 / 2032年6月15日 / 78 / –6 / 76 Royal Bank of Canada / RY / 4.950 / 4.60 / 2029年2月1日 / 29 / –6 / 27 International Business Machines / IBM / 4.250 / 6.56 / 2049年5月15日 / 132 / –5 / n.a. Shell International Finance / … / 3.625 / 5.79 / 2042年8月21日 / 55 / –5 / 66 Valero Energy / VLO / 7.500 / 5.06 / 2032年4月15日 / 66 / –5 / n.a.
发行方 / 代码 / 票面利率 (%) / 收益率 (%) / 到期日 / 利差 (基点) 当前 / 一日变化 / 上周 Citigroup / C / 4.750 / 6.33 / 2046年5月18日 / 109 / 8 / 111 Corning / GLW / 5.750 / 5.83 / 2040年8月15日 / 114 / 8 / n.a. Northwestern Mutual Global Funding / … / 4.740 / 4.96 / 2031年6月30日 / 56 / 5 / 50 Athene Global Funding / … / 5.322 / 5.62 / 2031年11月13日 / 122 / 4 / 118 Iberdrola International / … / 6.750 / 5.48 / 2036年7月15日 / 79 / 4 / 79 America Movil / … / 4.375 / 5.99 / 2042年7月16日 / 76 / 3 / n.a. Goldman Sachs / GS / 6.750 / 5.97 / 2037年10月1日 / 129 / 3 / 128 Wyeth / … / 5.950 / 5.46 / 2037年4月1日 / 77 / 3 / n.a.
发行方 / 代码 / 票面利率 (%) / 收益率 (%) / 到期日 / 债券价格（面值百分比）当前 / 一日变化 / 上周 Telecom Italia Capital / … / 7.721 / 6.19 / 2038年6月4日 / 112.713 / 0.81 / 112.738 ADT Security / … / 4.875 / 6.10 / 2032年7月15日 / 93.969 / 0.47 / 93.575 Bath & Body Works / BBWI / 6.875 / 6.64 / 2035年11月1日 / 101.570 / 0.45 / 101.120 AAdvantage Loyalty IP / … / 5.750 / 5.76 / 2029年4月20日 / 99.985 / 0.44 / 99.753 Bausch Health / … / 11.000 / 9.54 / 2028年9月30日 / 102.750 / 0.38 / 101.875
Hughes Satellite Systems … 6.625 n.a. Aug. 1,’26 40.000 –5.25 n.a.
九月 1.3494 1.3506 1.3417 1.3430 –.0052 241,293 瑞士法郎 (CME)-CHF 125,000; 每瑞士法郎美元价 九月 1.2442 1.2469 1.2378 1.2400 –.0030 109,407 十二月 1.2580 1.2590 1.2522 1.2528 –.0030 687 澳大利亚元 (CME)-AUD 100,000; 每澳元美元价 八月 .7046 .7046 .6988 .6997 –.0039 645 .7030 .7045 .6978 .6994 –.0039 239,154 墨西哥比索 (CME)-MXN 500,000; 每比索美元价 八月 .05760 .05760 .05766 –.00001 950 .05749 .05764 .05745 .05752 –.00002 209,051 欧元 (CME)-€125,000; 每欧元美元价 1.1565 1.1565 1.1508 1.1521 –.0016 13,338 1.1562 1.1579 1.1520 1.1533 –.0017 756,355
指数期货 小型道琼斯工业平均指数 (CBT)-$5x指数 52780 53414 52777 53334 699 78,469 十二月 53200 53822 53192 53743 701 279 小型标准普尔500指数 (CME)-$50x指数 7550.00 7637.75 7542.75 7628.25 109.00 2,020,830 7612.75 7704.75 7610.00 7695.75 110.50 32,488 小型标准普尔中盘400指数 (CME)-$100x指数 3788.30 3823.20 3775.20 3815.10 42.20 35,958 … 3844.60 41.20 小型纳斯达克100指数 (CME)-$20x指数 28565.00 28964.25 28313.50 28891.75 487.50 288,821 28753.50 29250.00 28600.00 29182.00 493.50 3,289 小型罗素2000指数 (CME)-$50x指数 2950.00 2994.60 2948.40 2989.30 51.30 415,697 2981.40 3016.20 2974.90 3011.70 51.60 450 小型罗素1000指数 (CME)-$50x指数 4105.10 4155.50 4105.10 4154.50 56.80 5,719 美元指数 (ICE-US)-$1,000 x指数 99.58 99.90 99.31 99.78 –.01 53,678 99.34 99.59 99.08 99.48 –.02 302
抵押贷款支持——彭博固定收益指数
2245.89 -0.1 抵押贷款支持 5.250 4.380 5.300
2209.05 0.2 政府国民抵押贷款公司 (GNMA) 5.300 4.420 5.340
1327.47 -0.2 房地美 (FNMA) 5.240 4.370 5.290
2034.28 -0.7 房利美 (FHLMC) 5.100 4.160 5.170
619.50 0.2 市政债券综合 3.667 3.037 3.682
438.26 -0.9 7-12 年期 3.438 2.596 3.455
501.96 0.4 12-22 年期 4.197 3.608 4.533
473.14 1.3 22 年期以上 4.745 4.432 5.050
全球政府 J.P. Morgan†
554.06 -0.9 全球政府 4.240 3.500 4.270
846.30 0.6 加拿大 3.631 3.070 3.676
364.75 -0.1 欧洲货币联盟§ 3.647 3.117 3.728
657.24 法国 3.946 3.330 4.023
463.01 -0.2 德国 3.258 2.650 3.317
244.32 -3.6 日本 3.075 2.000 3.090
506.31 荷兰 3.377 2.860 3.434
813.25 -1.0 英国 5.209 4.560 5.381
1034.97 1.7 新兴市场 ** 6.725 6.403 7.132
来源：Tullett Prebon, Tradeweb FTSEU.S. Treasury Close
来源：FactSet
以下解释适用于在纽约证券交易所 (NYSE)、纽约证券交易所 Arca (NYSE Arca)、纽约证券交易所 American (NYSE American) 和纳斯达克股票市场 (Nasdaq Stock Market) 上市的证券。价格由各市场中心报告的交易数据综合而成，包括证券交易所、金融业监管局 (Finra)、电子通讯网络和其他经纪交易商。该列表包含基于市值规模最大的 1,000 家公司。 下划线报价表示该股票的成交量与该发行人的平均交易量相比有较大变化。 粗体报价突出显示那些前收盘价在 $2 或更高，且价格变动幅度在 5% 或以上的发行人。 脚注：
s- 52周新高；t- 52周新低；dd- 表示最近四个季度出现亏损。 股票表格反映的是截至东部时间下午 4 点的综合常规交易情况，以及与前一日东部时间下午 4 点官方收盘价的变动。
股票 / 股票代码 / 收盘价 / 净变动 :--- BWX Tech / BWXT / 173.79 / 5.09 BXP / 70.41 / 0.29 Baidu / BIDU / 113.06 / 1.95 BakerHughes / BKR / 60.81 / 0.32 Ball / BALL / 65.15 / 0.25
股票 / 股票代码 / 收盘价 / 净变动 :--- AECOM / ACM / 74.80 / 2.41 AES / 14.71 / 0.03 Aflac / AFL / 126.71 / -0.77 AGNC Invt / AGNC / 10.64 / -0.02 APA / 36.87 / -0.45 ASE Tech / ASX / 36.68 / 1.51 ASML / 1642.52 / 13.52 AST Space / ASTS / 63.52 / 4.54 AT&T / T / 23.59 / 0.34 ATI / 193.12 / 5.68 AXIAEnergia / AXIA / 10.56 / 0.09 AbbottLabs / ABT / 107.12 / 1.42 AbbVie / ABBV / 245.10 / -5.84 Abivax / ABVX / 124.78 / -0.14 Accenture / ACN / 165.76 / -0.16 Acuity / AYI / 334.49 / 6.10 Adobe / ADBE / 251.34 / 0.93 AdvDrainageSys / WMS / 145.15 / 6.67 AdvEnergyInds / AEIS / 296.38 / 6.86 AdvMicroDevices / AMD / 484.64 / 8.49
s BBVA / BBVA / 28.36 / 0.41 BancoBradesco / BBDO / 3.28 / -0.16 BancodeChile / BCH / 41.55 / 0.20 BancSanBrasil / BSBR / 5.74 / 0.07 BcoSantChile / BSAC / 34.71 / 0.10 s BancoSantander / SAN / 14.45 / 0.35 BankofAmerica / BAC / 62.48 / 0.53 BankMontreal / BMO / 179.72 / 0.27 BankNY Mellon / BNY / 156.20 / -0.13 BankNovaScotia / BNS / 88.30 / 0.53 Barclays / BCS / 27.83 / 0.33 BarrickMining / B / 37.36 / 0.63 BaxterIntl / BAX / 28.10 / 1.94 BectonDicknsn / BDX / 170.21 / 4.59 BendingSpoons / BSP / 36.22 / 1.02 BentleySystems / BSY / 35.89 / 0.45 BeOneMed / ONC / 313.77 / -2.24 Berkley / WRB / 72.09 / -0.45 s BerkHathwy B / BRK.B / 513.14 / 1.60
Monday, August 3, 2026
s Aegon / AEG / 9.46 / 0.02 AerCap / AER / 153.65 / 2.75 s BerkHathwy A / BRK.A / 7682501649.99 BestBuy / BBY / 85.25 / -1.01 Bio-Techne / TECH / 72.14 / 0.05 Biogen / BIIB / 201.82 / -1.13 BioMarinPharm / BMRN / 60.00 / -0.03 BioNTech / BNTX / 92.25 / 1.67 BitMineImmersion / BMNR / 17.42 / 0.14 BlackRock / BLK / 1126.63 / 36.24 Blackstone / BX / 134.68 / 8.22 Block / XYZ / 82.09 / 0.85 BloomEnergy / BE / 218.32 / 12.51 BlueOwlCapital / OWL / 11.16 / 0.86 Boeing / BA / 233.49 / 17.35 Booking / BKNG / 192.71 / -0.19 BorgWarner / BWA / 63.31 / -0.43 BostonSci / BSX / 48.43 / 1.70 BridgeBioPharma / BBIO / 79.96 / -0.13 BrightSpring / BTSG / 60.47 / 0.76
s AffiliatedMgrs / AMG / 380.89 / 14.16 AffirmA / AFRM / 75.63 / 4.12 AgilentTechs A / 139.80 / 1.43 AgnicoEagleMines / AEM / 147.42 / 2.15 AgreeRealty / ADC / 76.91 / -0.89 AirProducts / APD / 292.94 / -1.95 Airbnb / ABNB / 150.64 / -0.88 AkamaiTech / AKAM / 117.88 / 2.70 AlamosGold / AGI / 28.70 / 0.87 Albemarle / ALB / 118.71 / 1.07 Alcoa / AA / 44.84 / -0.42 Alcon / ALC / 70.21 / 1.27 Alibaba / BABA / 127.30 / 5.05 AlignTech / ALGN / 172.89 / 3.73 Allegion / ALLE / 161.28 / 3.88 AlliantEnergy / LNT / 71.27 / 0.49 AllisonTransm / ALSN / 116.31 / 1.77 Allstate / ALL / 262.68 / -1.40 AllyFinancial / ALLY / 44.07 / 0.74 AlnylamPharm / ALNY / 220.33 / 14.81 Alphabet C / GOOG / 372.47 / 15.82 Alphabet A / GOOGL / 373.51 / 17.38 Altria / MO / 68.26 / -0.07 s BrinkerIntl / EAT / 225.30 / 11.60
布里斯托-迈耶斯 BMY 65.47 0.16 英美烟草 BTI 59.56 -1.09 Brixmor房地产 BRX 31.53 0.02 博通 AVGO 392.23 2.95 博睿金融 BR 157.34 3.39 布鲁克菲尔德资产管理 BAM 50.69 2.29 布鲁克菲尔德 BN 43.53 1.00 布鲁克菲尔德基础设施 BIP 40.08 -1.68 布鲁克财富 BNT 44.05 0.86 布朗-布朗 BRO 71.78 1.38 棕褐面-福曼 A BF.A 28.12 -1.10 棕褐面-福曼 B BF.B 27.81 -0.92 布鲁克 BRKR 64.31 1.47 Bullish BLSH 22.93 1.14 邦吉全球 BG 105.40 -0.83 伯灵顿商店 BURL 368.23 -0.25 CACI国际 CACI 512.66 14.91 CBRE集团 CBRE 148.43 1.62 CDW CDW 147.70 -0.11 CF工业 CF 118.30 -6.89 CGI A GIB 73.01 -0.14 C.H. 罗宾逊 CHRW 147.00 -0.73 芝商所 CME 266.17 -1.62 CMS能源 CMS 71.74 -0.25 CNA金融 CNA 53.59 1.12 CNH工业 CNH 10.80 0.55 CRH CRH 98.59 3.58 CSX CSX 49.83 -0.57 CVS健康 CVS 105.37 0.94 楷登电子 CDNS 336.15 -3.87 卡姆登物业 CPT 110.72 -0.09 Cameco CCJ 89.72 3.34 加拿大帝国商业银行 CM 119.27 0.72 加拿大国家铁路 CNI 125.81 -1.40 加拿大国家资源 CNQ 46.36 -1.32 加拿大太平洋堪萨斯城 CP 90.65 1.76 第一资本 COF 217.68 8.67 基数健康 CAH 235.60 5.57 CareTrust房地产投资信托 CTRE 41.22 -0.72 卡莱斯 CSL 371.86 11.94 凯雷 CG 48.91 2.89 嘉年华 CCL 28.74 0.93 卡朋特技术 CRS 543.49 23.83 开利全球 CARR 63.17 1.36 Carvana CVNA 66.13 3.77 凯西通用商店 CASY 860.37 -10.63 卡特彼勒 CAT 830.03 15.22 Celestica CLS 341.91 10.47 西门子水泥 CX 11.84 0.02 Cencora COR 308.37 -2.97 塞诺沃斯能源 CVE 29.57 -0.62 Centene CNC 63.76 1.54 CenterPoint能源 CNP 41.92 -0.12 Cerebras系统 CBRS 219.97 21.26 查尔斯河实验室 CRL 230.87 -1.64 特许通讯 CHTR 144.10 -0.88 Check Point CHKP 122.97 -4.16 切尼尔能源 LNG 258.08 -5.49 切尼尔能源合伙人 CQP 67.00 1.10 雪佛龙 CVX 193.18 -3.65 Chewy CHWY 22.97 0.37 奇波雷 CMG 37.46 0.24 春早保险 CB 348.23 -2.45 中华电信 CHT 42.43 -0.18 丘奇与德怀特 CHD 100.01 1.20 Ciena CIEN 390.76 13.71 信诺 CI 282.06 3.01 辛辛那提金融 CINF 178.03 0.35 Cintas CTAS 204.01 -0.62 Circle Internet CRCL 60.35 -2.26 思科系统 CSCO 115.86 -0.13
亚马逊 AMZN 284.02 12.44 安倍 ABEV 3.05 -0.06 安كور AMCR 46.02 1.14 亚玛钢球 AS 36.20 0.69 Ameren AEE 109.50 -0.11 美洲移动 AMX 24.96 -0.39 美国航空 AAL 16.04 0.77 美国电力 AEP 128.32 0.47 美国运通 AXP 344.72 8.47 美国金融 AFG 141.92 0.20 美国医疗房地产投资信托 AHR 55.12 -0.48 AM Home 4 Rent AMH 34.51 1.09 美国国际集团 AIG 78.79 0.21 美国塔房房地产投资信托 AMT 173.00 -0.36 美国水务 AWK 131.30 -2.87
美林投资管理 AMP 552.07 7.93 Ametek AME 243.77 2.06 安进 AMGN 378.87 -6.29 安考科技 AMKR 50.84 0.97 安费诺 APH 163.34 2.64 Amrize AMRZ 51.08 2.17 亚德诺半导体 ADI 361.88 -5.53 安格鲁黄金及阿舍 AU 81.61 2.29 百威英博 BUD 84.05 -2.43 Annaly资本 NLY 22.78 0.06 Antero中游 AM 21.98 0.01 Antero资源 AR 36.48 0.34 怡安 AON 357.63 -2.10 APi集团 APG 39.84 0.16 Apogee治疗 APGE 134.11 0.02 阿波罗全球管理 APO 129.42 3.83 苹果 AAPL 303.42 -5.49 应用工业技术 AIT 351.90 6.69 应用材料 AMAT 518.21 10.54 AppLovin APP 406.16 10.26 安普赋 APTV 57.23 0.76 爱乐美 ARMK 56.74 -0.23 安赛乐米塔尔 MT 71.83 1.69 拱顶资本 ACGL 101.12 0.59 ADM ADM 78.06 -1.21 Ares管理 ARES 138.57 10.48 argenx ARGX 830.79 -23.03 Arista网络 ANET 184.89 4.54 Arm ARM 239.06 -0.63 艾睿电子 ARW 216.81 0.24 Arrowhead制药 ARWR 86.01 1.36
Arxis ARXS 53.73 -0.57 Ascendis制药 ASND 243.45 -0.46 Assurant AIZ 282.39 3.20 Astera Labs ALAB 321.05 9.82 阿斯特拉赛诺化 AZN 157.97 -11.67 Atlassian TEAM 103.71 2.69 Atmos能源 ATO 172.89 0.11 Aurora创新 AUR 6.79 0.34 欧特克 ADSK 234.71 0.51 ADP ADP 269.78 3.32 AutoZone AZO 2990.27 -25.98 Avalonbay AVB 188.78 3.17 Avantor AVTR 13.67 -0.11 艾佛礼登尼森 AVY 172.27 2.54 Axon企业 AXON 575.88 48.12 Axsome治疗 AXSM 211.04 -6.95 BCE BCE 21.79 0.11 必和必拓 BHP 83.50 -0.99 BJ批发 BJ 97.10 -0.68 英国石油 BP 44.26 -0.96
以下说明适用于在最新交易日触及 52 周内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 — 与前一交易日相比的每日百分比变化。
【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。】
| 股票 | 代码 | 52周高/低 | % 变动 |
|---|---|---|---|
| AxaltaCoating | AXTA | 36.82 | 1.3 |
| BOK Fin | BOKF | 144.30 | 1.8 |
| BFC Cap Pfd | BANFP | 29.75 | 4.9 |
| BBVA | BBVA | 28.39 | 1.5 |
| BancoSantander | SAN | 14.45 | 2.5 |
| BankFirst | BFC | 156.99 | 1.7 |
| BankwellFinl | BWFG | 69.59 | -0.9 |
| BarHarborBkshs | BHB | 40.70 | 1.5 |
| BerkHathwy A | BRK.A | 780020 | 0.2 |
| BerkHathwy B | BRK.B | 520.67 | 0.3 |
| Bio-RadLab B | BIO.B | 337.00 | 8.9 |
| Bioventus | BVS | 14.00 | 2.3 |
| 基金 | 净资产 (NAV) | 变动 | 年初至今 %回报 |
|---|---|---|---|
| IntlVal Inst | 61.72 | +0.26 | 15.7 |
| Baird Funds AggBdInst | NA | ... | NA |
| Baird Funds CorBdInst | 10.04 | +0.02 | -0.2 |
| Baird Funds IntBdInst | 10.34 | +0.01 | 0.2 |
| Baird Funds ShtTBdInst | 9.46 | +0.01 | 1.2 |
| BlackRock Funds HiYBlk | 7.10 | +0.02 | 2.1 |
| BlackRock Funds HiYldBd Inst | 7.10 | +0.02 | 2.2 |
| BlackRock Funds III iShS&P500IdxK | 870.91 | ... | 10.1 |
| BlackRock Funds Inst StratIncOpptyIns | 9.65 | +0.02 | 1.6 |
| Calamos Funds MktNeutI | 16.24 | +0.02 | 3.9 |
| CausewayInst | 26.45 | +0.39 | 12.6 |
| Columbia Class A SelgComuInfoA | 234.36 | +5.19 | 49.6 |
| Columbia Class I DivIncom I | 40.43 | +0.06 | 12.4 |
根据净资产列出的纳斯达克发布份额类的前 250 强共同基金清单。
注释： e-除权分红。 f-前一日报价。 g-适用脚注 x 和 s。 j-适用脚注 e 和 s。 k-由 LSEG 使用更新数据重新计算。 p-适用分销成本 12b-1。 r-可能适用赎回费。 s-股票拆分或股息。 t-适用脚注 p 和 r。 v-适用脚注 x 和 e。 x-除息。 z-适用脚注 x, e 和 s。 NA-由于价格、业绩或成本数据不完整而不可得。 NE-LSEG 未发布；数据审核中。 NN-未追踪基金。 NS-期初该基金不存在。
| 基金 | 净资产 (NAV) | 变动 | 年初至今 %回报 |
|---|---|---|---|
| AB Funds MuniIncmShares | 10.97 | ... | 1.2 |
| American Century Inv Ultra | 98.03 | +2.37 | 4.2 |
| American Funds Cl A AmcpA | 45.62 | +0.89 | 6.9 |
| American Funds Cl A AMutlA | 65.28 | +0.47 | 10.5 |
| American Funds Cl A BalA | 40.66 | +0.24 | 9.1 |
| American Funds Cl A BondA | 11.09 | +0.02 | -0.8 |
| American Funds Cl A CapIBA | 83.86 | -0.09 | 10.3 |
| American Funds Cl A CapWGrA | 81.50 | +0.53 | 14.8 |
| American Funds Cl A EupacA | 62.79 | -0.10 | 9.8 |
| American Funds Cl A FdInvA | 103.30 | +1.13 | 14.5 |
| American Funds Cl A GwthA | 86.39 | +1.42 | 7.4 |
| American Funds Cl A ICAA | 69.40 | +1.14 | 11.6 |
| American Funds Cl A IncoA | 27.97 | +0.03 | 8.5 |
| American Funds Cl A N PerA | 74.54 | +0.44 | 5.6 |
| American Funds Cl A NEcoA | 84.52 | +0.65 | 16.3 |
| American Funds Cl A NwWrldA | 105.96 | -0.21 | 13.6 |
| American Funds Cl A SmCpA | 82.22 | +1.35 | 12.2 |
| American Funds Cl A WshA | 68.49 | +0.51 | 9.8 |
| Artisan Funds |
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
DTE Energy DTE 141.72 -0.15 DT Midstream DTM 135.33 -2.67 Danaher DHR 197.50 2.52 Darden DRI 206.24 2.66 DarlingIngred DAR 59.76 -0.88 Datadog DDOG 273.60 5.63
t GameStop GME 19.06 -2.66 Gaming&Leisure GLPI 44.81 0.02
s Garmin GRMN 304.76 10.98 Gartner IT 151.53 0.51 GenDigital GEN 28.17 0.72 Generac GNRC 201.21 4.10 GeneralDynamics GD 382.43 -0.99 GeneralMills GIS 36.00 0.25 GeneralMotors GM 87.68 -1.18 Genmab GMAB 28.68 -0.19 GenuineParts GPC 128.52 4.15 Gildan GIL 55.20 -0.18 GileadSciences GILD 131.15 0.94 Glaukos GKOS 170.87 4.15 GlobalPayments GPN 86.19 2.11 GlobalFoundries GFS 50.01 0.02
s DaVita DVA 233.68 -6.41 DeckersOutdoor DECK 99.50 2.62 Deere DE 605.06 12.39 DellTechC DELL 429.02 23.65 DeltaAir DAL 91.59 4.15 DeutscheBank DB 37.17 0.47 DevonEnergy DVN 44.57 -0.56
s DexCom DXCM 87.31 3.86 Diageo DEO 88.51 0.45 DiamondbkEner FANG 198.75 -4.20 Dick's DKS 200.82 4.91 DigitalRealty DLR 191.22 2.70 DigitalOcean DOCN 127.17 9.67 Dillard's DDS 612.86 24.52 Disney DIS 98.14 1.95 DocuSign DOCU 55.13 0.30 DollarGeneral DG 127.72 0.67 DollarTree DLTR 129.35 2.14 DominionEner D 68.75 -0.42 Domino's DPZ 364.41 16.97 Donaldson DCI 96.02 1.78 DoorDash DASH 200.50 4.34 Dover DOV 205.72 1.10 Dow DOW 29.89 -0.40 DrReddy'sLab RDY 12.07 0.22 DraftKings DKNG 23.50 0.02 DukeEnergy DUK 124.28 -1.15 DuPont DD 141.28 4.28 DutchBros BROS 64.98 -0.85 DycomInds DY 414.98 13.91 Dynatrace DT 44.54 0.22 EMCOR EME 817.42 19.99 ENI E 54.50 -1.06 EOG Rscs EOG 145.68 -3.01 EQT EQT 53.56 0.27 EastWestBncp EWBC 132.15 1.95 EastGroup EGP 208.48 -0.53
s Globalstar GSAT 84.18 0.80 GlobeLife GL 184.09 1.84 GlobusMedical GMED 81.46 2.67 GoDaddy GDDY 88.45 5.71 GoldFields GFI 33.96 1.54 GoldmanSachs GS 1027.06 8.68 Grab GRAB 3.67 0.17 Graco GGG 80.30 0.92 Grainger GWW 1371.25-10.97 GAP PAC 218.14 0.79 GrupoCibest CIB 91.11 -1.41 GuardantHealth GH 158.83 -3.16 Guidewire GWRE 157.33 5.39 HCA Healthcare HCA 406.61 4.02 HDFC Bank HDB 24.10 0.17 HF Sinclair DINO 88.65 -2.82 HP HPQ 27.12 -0.15
s HSBC HSBC 107.86 1.44 H World HTHT 42.63 -0.06 Haleon HLN 9.80 -0.07 Halliburton HAL 31.89 -0.36 HalozymeTherap HALO 82.27 -0.27 HarmonyGold HMY 16.47 0.72 HartfordIns HIG 142.90 0.99 Hasbro HAS 91.47 -2.47 HealthpeakProp DOC 21.64 -0.19 HeclaMining HL 14.43 0.31 Heico HEI 360.44 4.08 HeicoA HEI.A 261.82 4.54 HenrySchein HSIC 86.51 0.76 Hershey HSY 177.67 2.62 HewlettPackard HPE 50.24 2.34 Hilton HLT 314.34 -6.15 HomeDepot HD 340.02 8.06 HondaMotor HMC 29.60 -0.51 HoneywellAero HONA 208.27 1.53 Honeywell HON 246.77 3.72 HormelFoods HRL 25.23 0.22 DR Horton DHI 146.66 3.60 HostHotels HST 25.09 -0.04 HowmetAerospace HWM 286.34 4.08 Hubbell HUBB 476.04 3.49 HubSpot HUBS 239.92 2.56 HudbayMinerals HBM 23.40 0.65 Humana HUM 374.50 10.64 JBHunt JBHT 266.91 -4.84 HuntingtonBcshs HBAN 17.36 0.32 HuntingIngalls HII 325.95 -0.50 Hut8 HUT 112.08 4.45 HyattHotels H 171.58 -2.48 ICICI Bank IBN 30.26 0.52 IDEX IEX 232.70 2.25
s Eaton ETN 438.23 23.03 eBay EBAY 107.13 -6.88 EchoStar ECHO 85.63 1.54 Ecolab ECL 279.43 1.80 Ecopetrol EC 16.60 -0.17 EdisonIntl EIX 71.46 -1.91 EdwardsLife EW 88.82 2.75 ElancoAnimal ELAN 25.72 -0.65 ElbitSystems ESLT 830.15 21.50
s ElectronicArts EA 209.91 0.05 ElevanceHealth ELV 382.77 6.93 Embraer EMBJ 70.94 2.61 Emera EMA 52.67 -0.70 EmersonElec EMR 154.85 5.03 Enbridge ENB 54.10 -0.36 EncompassHealth EHC 112.47 1.40 EnergyTransfer ET 20.28 -0.08 EnlightRenewableEn ENLT 82.70 -1.76 EnsignGroup ENSG 177.23 -0.93 Entegris ENTG 125.20 6.15 Entergy ETR 108.06 0.44 EnterpriseProd EPD 37.87 -0.18 Equifax EFX 174.11 1.49 Equinix EQIX 1031.44 12.16 Equinor EQNR 39.91 -1.19 EquinoxGold EQX 9.18 0.23
52周 % 股票 代码 最高 / 最低 涨跌 52周 % 股票 代码 最高 / 最低 涨跌
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
FirstInternetBncp INBK 31.09 1.6 FirstInternetNt29 INBKZ 25.58 0.9 FirstNatlVA FXNC 33.24 2.0 FirstSeacoastBncp FSEA 17.06 0.2 Five9 FIVN 29.41 5.2 FlagstarBankPfdA FLGpA 24.07 1.1 ForresterRes FORR 12.33 -1.2 ForumEnergyTech FET 71.73 12.3 Fossil FOSL 6.15 19.0 FranklinRscs BEN 35.43 4.1 FVCBankcorp FVCB 19.02 0.9 G-IIIApparel GIII 37.54 ... Garmin GRMN 305.00 3.7 GatesIndustrial GTES 29.40 5.0 Gerdau GGB 5.07 2.0 GladstonePfdC LANDP 21.44 1.9 Globalstar GSAT 84.85 1.0 GlobusMaritime GLBS 3.27 12.2 GreatSouthernBncp GSBC 82.91 1.3 Greif B GEF.B 112.50 ... HSBC HSBC 107.92 1.4 Haemonetics HAE 88.59 1.5 HanoverBancorp HNVR 27.08 0.6 HanoverIns THG 236.07 -0.1 HomeBancorp HBCP 72.70 1.5 HomeTrustBcshs HTB 52.21 0.1 HopeBancorp HOPE 14.28 1.3 ICU Medical ICUI 176.27 2.6 IMCRareEarths IMC 6.82 17.9 ING Groep ING 35.38 1.2 Illumina ILMN 207.00 -3.4 Imax IMAX 51.28 6.6 IndepBkMI IBCP 39.24 0.7 InpointCmclREPfdA ICRpA 23.50 5.5 IntegerHoldings ITGR 125.54 2.7 IntlSeaways INSW 98.23 -1.0 InvescoMtgPfdC IVRpC 25.10 -0.1 JakksPacific JAKK 27.22 -0.9
CostamareBulkers CMDB 20.92 3.0 CrownReserveI CRAC 10.15 Cullen / Frost CFR 169.68 1.6 DHI Group DHX 4.36 -4.0 Danaos DAC 143.48 0.3 DaVita DVA 247.49 -2.7 DexCom DXCM 87.63 4.6 DivrsHlthcrNts42 DHCNI 17.75 -0.9 Dropbox DBX 33.67 Eaton ETN 438.76 5.5 EdgewellPersonal EPC 29.94 ElectronicArts EA 209.97 EloxxPharm ELOX 19.36 5.9 EncoreCapital ECPG 98.15 2.3 EnlivenTherap ELVN 59.72 5.9 EnovaIntl ENVA 262.20 1.7 ePlus PLUS 95.75 1.4 Escalade ESCA 21.60 7.6 EstablishLabs ESTA 97.59 0.3 Euroseas ESEA 79.67 -0.7 FarmersNatlBanc FMNB 16.16 0.8 FedAgriMtg C AGM 248.29 4.6 FedAgriMtg A AGM.A 176.00 10.2 FederatedHermes FHI 63.99 6.6 FidelityD&D FDBC 53.95 2.5 FinInstitutions FISI 42.97 2.7 FinwardBancorp FNWD 45.31 FirstBusey BUSE 31.44 FirstBusFinSvcs FBIZ 73.48 2.8 FirstFinancial THFF 82.99 2.5
数据提供自
Contrafund K6 37.00 +0.73 8.8 EmgMktIdxInstPre 16.33 +0.13 19.4 ExtMktIdxInstPre116.25 +2.12 15.5 FidSAIEmerg 21.38 +0.17 27.0 FidSer5 7.44 +0.01 -0.4 FidSerInt 8.40 +0.02 0.4 FidSerToMarket 24.86 +0.37 12.2 FIDZroLgCpIx 27.20 +0.40 11.5 GlexUSIdxInstPre 21.34 +0.12 14.4 GrowthCompanyK6 44.32 +1.05 19.8 IntlIdxInstPrem 68.34 +0.37 12.4 LgCpGwId InstPre 47.39 +1.00 LgCpVlIdxIstPrem 25.21 +0.25 21.8 MidCpInxInstPrem 42.87 +0.54 16.1 SAIUSLgCpIndxFd 30.43 +0.44 11.8 SeriesBondFd 8.89 +0.01 -0.4 SeriesOverseas 15.97 +0.15 7.0 SerLTTreBdIdx 5.11 +0.02 -2.9 SmCpIdxInstPrem 37.37 +0.64 21.0 TMktIdxInstPrem 209.97 +3.15 12.2 TotalMarketIndex 26.54 +0.40 12.3 TtlIntIdxInstPr 19.69 +0.13 13.7 USBdIdxInstPrem 10.29 +0.02 -0.4 Fidelity Advisor TotBdFdClZ 9.41 +0.02 -0.1 Fidelity Advisor I GrOppI 261.55 +7.25 11.8 Fidelity Freedom Freedom2035K6 18.80 +0.17 9.9 Freedom2040K6 14.38 +0.16 12.2 Idx2030InsPre 24.15 +0.17 7.2 Idx2035InsPre 28.70 +0.22 8.2 Idx2040InsPre 31.66 +0.29 10.2 Idx2045InsPre 34.33 +0.35 11.5
EmgMktVa 43.34 +0.56 17.4 EmMktCorEq 33.25 +0.34 15.3 IntlCoreEq 22.59 +0.13 12.7 IntlVal 32.91 +0.04 16.6 IntSmCo 27.74 +0.23 9.6 IntSmVa 34.21 +0.33 12.0 LgCo 50.47 +0.73 11.8 US CoreEq1 56.14 +0.74 13.8 US CoreEq2 50.15 +0.67 14.0 US Small 62.19 +0.97 19.6 US SmCpVal 62.88 +0.72 22.7 US TgdVal 44.55 +0.54 21.5 USLgVa 67.06 +0.48 20.1 Dodge & Cox Income 12.52 +0.04 -0.5 Intl Stk 18.93 +0.02 15.0 Stock 18.12 +0.18 11.0 DoubleLine Funds TotRetBdI NA NA Fidelity 500IdxInstPrem 264.23 +3.86 11.8
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
【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。】
J K L
【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。】
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。】
补充列表
| 公司名称 | 股票代码 | 价格 | 涨跌 |
|---|---|---|---|
| Jersey Mike's | JMKE | 24.99 | 6.4 |
| John Marshall Bancorp | JMSB | 23.88 | 2.0 |
| 仲量联行 (Jones Lang) | JLL | 367.37 | 3.1 |
| Kearny Financial | KRNY | 9.81 | 1.1 |
| LB Pharm | LBRX | 44.33 | 6.9 |
| Lindblad Expeditions | LIND | 34.50 | 12.0 |
| Live Oak Bancshares | LOB | 43.86 | 2.2 |
| Macy's (梅西百货) | M | 26.15 | 4.6 |
| Marcus | MCS | 32.42 | 5.5 |
| Mechanics Bancorp | MCHB | 17.19 | 1.3 |
| Midland State Bancorp | MSBI | 34.68 | 1.7 |
| MillerKnoll | MLKN | 24.18 | 7.1 |
MountainCrestAcqn6 MCAH 9.97 0.1 MyersIndustries MYE 37.10 7.6 NB Bancorp NBBK 23.47 0.5 NatlBankshares NKSH 42.49 1.2 NatWest NWG 19.42 2.5 Neogen NEOG 12.85 -1.2 NeoGenomics NEO 16.35 3.6 Neutron LIME 29.95 -3.8 NexPointRealEst NREF 17.50 2.2 NicoletBankshares NIC 174.74 1.5 NorwoodFin NWFL 35.45 0.4 OFGBancorp OFG 53.52 0.4 OFSCreditPfdE OCCIN 26.00 0.1 OP Bancorp OPBK 16.83 1.8 OceanCapitalAcqn OCAC.U 10.30 -0.1 OkeanisEcoTankers ECO 61.53 1.7 Old2ndBcp OSBC 25.87 1.9 Ooma OOMA 22.72 -1.2 OptimumBank OPHC 9.23 21.4 OrrstownFinSvcs ORRF 43.81 2.3 ParabilisMedicines PBLS 34.93 -0.1 Park-Ohio PKOH 41.46 1.1 ParkeBancorp PKBK 34.78 -0.1 PatriotAcqnWt PTACW 0.22 45.6 PinnacleFinPtrs PNFP 107.95 2.2 PlutonianAcqnII PLUN 10.02 -0.2
Idx2050InsPre 34.53 +0.37 11.8 Fidelity Invest Balanc 35.29 +0.38 10.7 BluCh 303.93 +6.84 13.8 BluChpGr K6 49.58 +1.16 12.1 Contra 26.46 +0.53 9.0 ContraK 26.59 +0.54 9.1 CpInc 11.27 +0.08 7.1 DivIntl 55.09 +0.55 13.3 GroCo 56.72 +1.31 18.6 InvGrBd 9.92 +0.02 -0.2 LowP 48.12 +0.57 16.7 Magin 15.64 +0.23 6.8 纳斯达克综合指数 329.88 +6.88 11.8 OTC 29.73 +0.68 22.4 Puritn 28.12 +0.28 8.8 SAILTTreBdIdx 6.35 +0.02 -3.3 SAIUSMinVolIndFd 24.93 +0.13 9.3 SAIUSQtyIdx 26.39 +0.22 10.2 SrsBlChGroRetail 26.33 +0.61 14.6 SrsEmrgMkt 30.35 +0.16 23.1 SrsGlobal 20.92 +0.11 14.3 SrsGroCoRetail 32.53 +0.75 19.3 SrsIntlGrw 20.88 +0.24 9.3 SrsIntlVal 17.45 +0.09 11.9 TotalBond 9.42 +0.02 -0.2 Fidelity SAI FidSaiCndInxFnd 15.73 -0.03 10.5 FidSaiInfltnFnd 9.99 ... 0.6 IntlValIdx 15.03 +0.08 19.4 TotalBd 8.92 +0.02 -0.1 Fidelity Selects Semiconductors r 59.89 +0.70 51.0 Tech 52.89 +0.65 32.0
PalantirTech PLTR 125.65 2.59 PaloAltoNtwks PANW 347.13 15.30 PanAmerSilver PAAS 43.73 0.62 ParkerHannifin PH 997.52 20.99 Paychex PAYX 117.67 0.83 PayPal PYPL 57.87 0.66 PayPay PAYP 16.27 1.14 Pearson PSO 16.76 -0.18 PembinaPipeline PBA 48.08 -0.85 PenskeAuto PAG 217.50 0.19 Pentair PNR 67.07 1.63 Penumbra PEN 323.02 1.83 PepsiCo PEP 139.63 0.07 PerformanceFood PFGC 114.36 -0.03 PermianRscs PR 20.90 -0.41 PershingSquare PS 35.06 1.78 PetroleoBrasil PBR 19.06 -0.34 PetroleoBrasilA PBR.A 16.85 -0.30 Pfizer PFE 25.03 0.02 PhilipMorris PM 187.41 -3.41 Phillips66 PSX 206.19 -5.49
MetLife MET 96.31 0.18 Mettler-Toledo MTD 1445.00 28.70 MicrochipTech MCHP 75.22 0.93 MicronTech MU 829.50 6.47 Microsoft MSFT 487.65 22.93 MidAmApt MAA 133.47 1.13 MillicomIntl TIGO 94.30 -1.18 MitsubishiUFJ MUFG 22.49 0.04 MizuhoFin MFG 10.26 -0.18 Moderna MRNA 55.14 0.32 ModineMfg MOD 195.92 -5.14 MolinaHealthcare MOH 194.77 -0.85 Mondelez MDLZ 61.73 -0.58 MongoDB MDB 357.97 20.49 MonolithicPower MPWR 1344.37-81.66 MonsterBev MNST 93.55 -2.83 Moody's MCO 483.36 4.98 Moog B MOG.B 396.96 -2.51 Moog A MOG.A 395.88 6.03 MorganStanley MS 211.23 0.81 MotorolaSol MSI 437.19 1.44 MuellerInds MLI 66.55 0.14 MurphyUSA MUSA 592.77-14.99 NIO NIO 4.81 -0.07 NRG Energy NRG 138.47 4.66 NVR NVR 6204.10 57.05 NXP Semicon NXPI 224.17 -4.99 Nasdaq NDAQ 94.14 -0.05 Natera NTRA 270.36 2.60 NationalGrid NGG 79.86 -0.11
s PinnacleFinPtrs PNFP 107.54 2.31 PinnacleWest PNW 100.81 0.73 Pinterest PINS 24.16 0.15 PlainsAllAmPipe PAA 24.20 -0.37 PlainsGP PAGP 26.00 -0.33
s Popular BPOP 173.65 -1.56 Primerica PRI 317.25 -2.71
s PrincipalFinl PFG 115.13 1.43 Procter&Gamble PG 144.97 0.48 Progressive PGR 210.46 -0.96 Prologis PLD 144.15 -0.46 PrudentialFinl PRU 122.98 0.90 Prudential PUK 30.05 -0.21
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
NatWest NWG 19.42 0.48 Nebius NBIS 212.58 22.17 NetApp NTAP 182.92 4.42 网易 NTES 131.58 -1.69 Netflix NFLX 73.33 1.62 Neurocrine NBIX 166.23 -0.57 新东方 EDU 59.06 0.17 纽约时报 A NYT 75.44 0.55 Newmont NEM 95.37 1.66 新闻公司 A NWSA 27.94 0.38 新闻公司 B NWS 31.79 0.52 NextEraEnergy NEE 86.55 -0.37 Nextpower NXT 90.67 0.80 耐克 NKE 42.64 0.93 NiSource NI 44.53 0.10 诺基亚 NOK 9.36 0.22 野村 NMR 9.59 -0.09 Nordson NDSN 302.62 4.84 诺福克南方铁路 NSC 336.65 1.17 北方信托 NTRS 182.20 0.01 诺斯罗普格鲁曼 NOC 548.47 5.99 Nova NVMI 393.69 2.82 诺华 NVS 153.67 -2.48 诺和诺德 NVO 47.09 0.01 NuHoldings NU 14.44 0.11 纽柯 NUE 261.28 3.99 Nutanix NTNX 61.06 2.05 Nutrien NTR 65.96 -3.11 nVentElectric NVT 159.41 5.58 英伟达 NVDA 206.64 5.89
O P Q
PSEG PEG 76.62 -0.06 PublicStorage PSA 325.90 1.73 PulteGroup PHM 129.29 2.82 QXO QXO 14.09 0.79 QnityElec Q 133.30 2.12 高通 QCOM 151.57 3.96 QuantaServices PWR 680.20 12.84 Quantinuum QNT 55.65 4.24 QuestDiag DGX 231.95 -1.06
R S
RBC Bearings RBC 570.27 18.96 RB Global RBA 112.22 2.48 RELX RELX 36.16 0.74 RPM RPM 111.49 4.42 RTX RTX 216.65 1.43 拉夫劳伦 RL 380.17 -0.17 Rambus RMBS 92.21 1.18 RangeResources RRC 40.36 0.22
RaymondJames RJF 177.68 1.70 RealtyIncome O 63.48 -0.39 Reddit RDDT 154.71 14.04 RegalRexnord RRX 211.21 5.98 RegencyCtrs REG 80.30 0.01 RegenPharm REGN 759.24 -3.39 RegionsFinl RF 31.48 0.53 ReinsGrp RGA 236.37 -0.48 Reliance RS 409.39 3.29 RenaissanceRe RNR 321.37 1.39 RentokilInit RTO 23.85 0.49 RepublicSvcs RSG 209.62 -0.93 ResMed RMD 215.19 4.21 RestaurantBrands QSR 72.94 -1.08 RevolutionMed RVMD 182.45 -5.08 Revvity RVTY 115.22 2.70 力拓 RIO 95.90 -0.95 Rivian RIVN 15.36 0.14 Robinhood HOOD 90.34 3.78 Roblox RBLX 36.67 1.07 RocketCos. RKT 13.68 0.78 RocketLab RKLB 70.43 5.48 Rockwell ROK 98 0.90 罗杰斯通信 B RCI 34.05 0.20 RoivantSciences ROIV 33.32 -0.59 Roku ROKU 145.84 0.83 Rollins ROL 38.19 0.22 RoperTech ROP 392.57 0.60
OGE Energy OGE 47.37 0.02 ONEOK OKE 88.24 -1.50 ON Semi ON 80.40 -1.21 O'ReillyAuto ORLY 89.76 0.41 西方石油 OXY 55.47 -1.60 Okta OKTA 141.57 -0.36 OldDomFreight ODFL 211.52 -0.62 OldNatlBncp ONB 26.85 0.21 OldRepublic ORI 43.33 0.12 OmegaHealthcare OHI 49.01 -0.94 Omnicom OMC 79.27 0.57 OnHolding ONON 37.95 1.71 OntoInnovation ONTO 268.49 9.91 甲骨文 ORCL 141.85 11.98 欧力士 IX 39.97 -0.34 OscarHealth OSCR 30.74 -0.48 OtisWorldwide OTIS 72.19 0.24 Ovintiv OVV 61.88 -0.58 OwensCorning OC 143.21 4.31 拼多多 PDD 90.15 1.59 PG&E PCG 17.43 0.05 PNC Finl PNC 251.72 1.85 浦项 PKX 52.94 -0.23 PPG Ind PPG 114.01 3.49 PPL PPL 35.20 -0.01 PTC PTC 139.85 2.66 Paccar PCAR 132.06 -0.62 PackagingCpAm PKG 251.09 5.25
RossStores ROST 252.91 1.84 加拿大皇家银行 RY 210.47 0.96 皇家加勒比 RCL 324.00 5.70 RoyalGold RGLD 202.04 3.69 RoyaltyPharma RPRX 57.17 -1.26 Rubrik RBRK 74.74 2.38 RyanSpecialty RYAN 43.63 -0.53 瑞安航空 RYAAY 59.96 1.45 RyderSystem R 262.36 5.94
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
前100大交易所交易基金，最新交易时段。
2026年8月3日，星期一
| ETF 名称 | 代码 | 收盘价 | 涨跌 (%) | 年初至今 (%) |
|---|---|---|---|---|
| S&P 500 ETF Trust | SPY | 757.67 | 1.42 | 11.1 |
| S&P 500 Growth ETF | SPYG | 119.66 | 2.15 | 12.1 |
| S&P 500 Value ETF | SPYV | 62.42 | 0.58 | 9.9 |
| S&P 500 ETF | SPYM | 89.19 | 1.47 | 11.2 |
| 技术精选部门 SPDR 基金 | XLK | 178.04 | 1.53 | 23.7 |
| VanEck 半导体 ETF | SMH | 545.46 | 0.91 | 51.5 |
| 先锋扩展市场股票 ETF | VXF | 240.45 | 1.82 | 15.0 |
| 先锋股息增值 ETF | VIG | 240.15 | 0.41 | 9.3 |
| 先锋 FTSE 全球股票（除美）ETF | VEU | 83.22 | 0.45 | 13.1 |
| 先锋 FTSE 发达市场 ETF | VEA | 71.04 | 0.59 | 13.7 |
| 先锋 FTSE 新兴市场 ETF | VWO | 59.06 | 0.53 | 9.9 |
| 先锋 FTSE 欧洲 ETF | VGK | 90.93 | 0.38 | 8.8 |
| 先锋高股息收益 ETF | VYM | 162.79 | 0.51 | 13.4 |
| 先锋信息技术 ETF | VGT | 115.14 | 1.76 | 22.2 |
| 先锋中期债券 ETF | BIV | 75.42 | 0.22 | –3.2 |
| 先锋中期公司债券 ETF | VCIT | 81.11 | 0.24 | –3.2 |
| 先锋中期国债 ETF | VGIT | 58.25 | 0.16 | –2.8 |
| 先锋 Morningstar 成长股 ETF | VUG | 87.08 | 2.21 | 7.1 |
| 先锋 Morningstar 大盘股 ETF | VV | 348.88 | 1.54 | 10.8 |
| 先锋 Morningstar 超大盘股 ETF | MGK | 88.25 | 2.22 | 6.9 |
| 先锋 Morningstar 中盘股 ETF | VO | 81.78 | 1.03 | 12.7 |
| 先锋 Morningstar 小盘股 ETF | VB | 299.64 | 1.52 | 16.2 |
| 先锋 Morningstar 小盘价值 ETF | VBR | 247.73 | 1.27 | 17.0 |
| 先锋 Morningstar 全股市 ETF | VTI | 373.84 | 1.53 | 11.5 |
| 先锋 Morningstar 价值 ETF | VTV | 221.00 | 0.48 | 15.7 |
| 先锋房地产 ETF | VNQ | 99.07 | 0.12 | 12.0 |
| 先锋 Russell 1000 成长 ETF | VONG | 124.46 | 2.09 | 2.2 |
| 先锋 S&P 500 ETF | VOO | 696.40 | 1.42 | 11.0 |
| 先锋短期债券 ETF | BSV | 77.39 | 0.10 | –1.8 |
| 先锋短期公司债券 ETF | VCSH | 78.42 | 0.13 | –1.6 |
| 先锋短期国债 ETF | VGSH | 57.96 | 0.07 | –1.3 |
| 先锋免税债券 ETF | VTEB | 49.52 | 0.12 | –1.5 |
| 先锋综合债券 ETF | BND | 72.15 | 0.24 | –2.6 |
| 先锋综合国际债券 ETF | BNDX | 47.84 | 0.40 | –1.0 |
| 先锋综合国际股票 ETF | VXUS | 85.02 | 0.51 | 12.7 |
| 先锋全球股票 ETF | VT | 157.61 | 1.12 | 11.7 |
| Avantis 美国小盘价值 ETF | AVUV | 127.04 | 1.40 | 24.6 |
| 资本集团股息价值 ETF | CGDV | 50.26 | 1.45 | 15.2 |
| 维度美国核心股票 ETF 2 | DFAC | 45.11 | 1.39 | 13.9 |
| 富达综合债券 ETF | FBND | 44.83 | 0.25 | –2.6 |
| 景气纳斯达克 100 ETF | QQQM | 288.27 | 1.76 | 14.0 |
| 景气 QQQ 信托 | QQQ | 700.07 | 1.76 | 14.0 |
| 景气 S&P 500 等权重 ETF | RSP | 217.11 | 0.98 | 13.3 |
| iShares 比特币信托 | IBIT | 36.16 | 1.46 | –27.2 |
| iShares 全球美元高收益公司债 ETF | USHY | 36.68 | 0.31 | –1.9 |
| iShares 核心股息增长 ETF | DGRO | 78.28 | 0.35 | 12.8 |
| iShares 核心 MSCI EAFE ETF | IEFA | 98.67 | 0.43 | 10.3 |
| iShares 核心 MSCI 新兴市场 ETF | IEMG | 78.11 | 0.64 | 16.2 |
| iShares MSCI 发达市场 ETF | IDEV | 90.95 | 0.51 | 10.3 |
| iShares 核心 MSCI 全球 ETF | IXUS | 94.98 | 0.47 | 12.2 |
| iShares 核心 S&P 500 ETF | IVV | 761.32 | 1.47 | 11.2 |
| iShares 核心 S&P 中盘股 ETF | IJH | 76.11 | 1.12 | 15.3 |
| iShares 核心 S&P 小盘股 ETF | IJR | 147.86 | 1.65 | 23.0 |
| iShares 核心 S&P 美国全股市 ETF | ITOT | 166.00 | 1.46 | 11.6 |
| iShares 核心 S&P 美国成长股 ETF | IUSG | 188.85 | 2.17 | 12.5 |
| iShares 核心 S&P 美国价值股 ETF | IUSV | 112.92 | 0.56 | 10.1 |
| iShares 核心美国综合债券 ETF | AGG | 97.26 | 0.23 | –2.6 |
| iShares 核心通用美元债券 ETF | IUSB | 45.37 | 0.18 | –2.5 |
| iShares MSCI 美国质量 ETF | QUAL | 221.74 | 1.10 | 11.6 |
| iShares 黄金信托 | IAU | 76.19 | 0.03 | –6.1 |
| iShares iBoxx $ 投资级公司债 ETF | LQD | 106.11 | 0.30 | –3.7 |
| iShares 抵押贷款支持证券 ETF | MBB | 92.72 | 0.15 | –2.6 |
| iShares MSCI 全球指数 ETF | ACWI | 157.94 | 0.97 | 11.6 |
| iShares MSCI EAFE ETF | EFA | 106.02 | 0.42 | 10.4 |
| iShares MSCI 新兴市场 ETF | EEM | 64.32 | 0.36 | 17.6 |
| iShares MSCI EAFE 价值 ETF | EFV | 81.09 | 0.2 la | 13.6 |
| iShares 国家市政债券 ETF | MUB | 105.45 | 0.09 | –1.5 |
热门股
【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。】
ALPS ALPS 0.40 -3.3 AMTD IDEA AMTD 0.71 -5.5 ARS Pharm SPRY 4.91 6.4 abrdnIncmPfdA ACPpA 19.38 -0.3 Agric&NatWt ANSCW 0.00 -97.2 AiRWA YYAI 0.11 ... AlgomaSteelWt ASTLW 0.00 ... AlphaTech ATGL 8.00 -4.3 AmericanBitcoin ABTC 4.92 6.0 AntelopeEnterprise AEHL 0.43 -5.3 AquaMetals AQMS 2.46 -2.0 AtlanticAmerican AAME 1.50 1.9 AtlasCriticalMnl ATCX 2.65 -4.8 AvalancheTreasury AVAT 0.29 2.1 AvaxOneTech AVX 2.81 3.1
BTCDevelopmentWt BDCIW 0.35 0.7 BarfreshFood BRFH 1.63 5.4 BicycleTherap BCYC 3.75 0.3 Biomerica BMRA 1.45 2.7 BlkRkMuniAssetRt MUAr 0.01 -76.0 BlackSkyTechWt BKSY.WS 0.01 -21.7 BonNaturalLife BON 1.07 0.9 CCH CCHH 1.20 CIDHoldCoWt DAICW 0.00 -39.2 Canaan CAN 0.15 4.3 CanadaGoose GOOS 8.72 -1.9 CatalystAcqn CATLU 9.96 -0.1 ChainceDigital CD 2.73 7.2
Fidelity Strategic A StratAdEmrMrt NA NA First Eagle Funds GlbA 87.75 +0.72 9.0 Franklin A1 IncomeA1 FrankTemp / Frank Adv IncomeAdv FrankTemp / Franklin A DynaTech A 197.60 +4.63 6.1 Growth A 145.44 +2.32 8.0 RisDv A 97.90 +0.64 8.7 Guggenheim Funds Tru TotRtnBdFdClInst Harbor Funds CapApInst JHF III DispVal DispValMCI 31.55 +0.16 14.9 John Hancock BondR6 13.33 +0.03 -0.2 JPMorgan I Class CoreBond EqInc LgCpGwth JPMorgan R Class CoreBond CorePlusBd Lord Abbett I ShtDurInc p 3.83 +0.01 1.4 Metropolitan West TotRetBdI MFS Funds IIE 44.11 +0.10 8.7 MFS Funds Class I ValueI
Natixis Funds InvGradeBdY 9.59 +0.03 -0.1 LSGrowthY 32.61 +0.90 -1.8 Northern Funds StkIdx 75.71 +1.10 11.7 Old Westbury Fds LrgCpStr PGIM Funds Cl Z TotalReturnBond PIMCO Fds Instl IntlBdUSH TotRt PIMCO Funds A IncomeFd PIMCO Funds I2 Income PIMCO Funds Instl IncomeFd Price Funds BlChip 211.21 +4.75 0.4 LgCapGow I 87.67 +1.99 3.2 Putnam Funds Class A PutLargCap p 45.22 +0.30 15.7 Putnam Funds Class Y PutLargCap 45.23 +0.31 15.9 Schwab Funds 1000 Inv r 16.29 +0.24 12.0 FunUSLgInst r 37.99 +0.32 18.5 IntI Sel r 32.29 +0.17 12.4 S&P Sel 19.60 +0.29 11.7 TSM Sel r 18.38 +0.27 12.1 Strategic Adviser StratAdCorInFnd StratAdFidCoreS 9.06 +0.02 0.2
SAP SAP 189.65 6.03 S&P Global SPGI 416.25 4.32 SBA Comm SBAC 179.54 -1.44 SEI Investments SEIC 104.19 1.21 SK hynix SKHY 142.72 -1.01 SK Telecom SKM 32.24 0.61 SLB SLB 49.31 -0.28 SPX Tech SPXC 214.13 -5.49 SS&C Tech SSNC 79.38 2.33 Saia SAIA 360.10 12.47 SailPoint SAIL 17.20 0.43 Salesforce CRM 185.95 1.93 Samsara IOT 37.13 -0.14 Sandisk SNDK 1288.03 73.20 Sanmina SANM 193.23 7.67 Sanofi SNY 42.95 -0.13 SchwabC SCHW 105.87 0.63 Sea SE 111.15 4.41 Seagate STX 831.06-25.07 Sempra SRE 87.73 -0.82 Semtech SMTC 119.08 1.26 ServiceIntl SCI 85.93 -0.26 ServiceNow NOW 114.19 2.96
s SharkNinja SN 160.57 -1.20 Shell SHEL 91.08 -0.90 SherwinWilliams SHW 354.22 13.37 ShinhanFin SHG 71.18 1.25 Shopify SHOP 117.01 -0.14 SimonProperty SPG 229.16 -0.21 SiriusXM SIRI 30.37 0.75 SiTime SITM 550.32 15.12 Skyworks SWKS 61.29 -0.99 Smith&Nephew SNN 32.15 0.59 SmithfieldFds SFD 25.98 -0.06 Smucker SJM 117.50 -1.76 SmurfitWestrock SW 46.88 0.91 Snap-On SNA 409.41 -1.00
s Snowflake SNOW 307.53 14.25 SOQUIMICH SQM 67.03 -0.03 SoFiTech SOFI 18.03 1.72 SolsticeAdvMatls SOLS 62.23 2.06 Solventum SOLV 88.07 2.63 Somnigroup SGI 66.64 1.31 Sony SONY 22.63 -0.63 Southern SO 92.94 -1.60 SoCopper SCCO 185.91 3.20 SouthStateBk SSB 107.85 2.76 SouthwestAir LUV 47.07 2.10
t SpaceX SPCX 114.53 6.16 Spotify SPOT 486.33-13.61 StandardAero SARO 29.97 0.66
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
s StanleyB&D SWK 98.11 3.53 Starbucks (星巴克) SBUX 103.37 -1.88 StateStreet (州街) STT 183.67 -0.49 SteelDynamics (钢铁动力) STLD 258.38 7.12 Stellantis STLA 5.65 -0.11 Steris STE 232.64 4.24 SterlingInfr (斯特林基础设施) STRL 611.47 14.70 StifelFinancial (斯蒂费尔金融) SF 83.57 0.66 STMicroelec (意法半导体) STM 52.19 -0.20 Strategy (微策) MSTR 94.86 1.58 Stryker (史赛克) SYK 341.20 15.50 SumitomoMits (三井住友金融) SMFG 25.25 -0.63 SummitTherap (峰会治疗) SMMT 13.05 0.03 SunComms (太阳通信) SUI 122.46 -1.02 SunLifeFinancial (永明金融) SLF 82.46 -0.49 SunbeltRentals (太阳带租赁) SUNB 75.07 3.15 SuncorEnergy (森科能源) SU 65.98 -1.30 Sunoco (苏诺科) SUN 77.41 0.72 SuperMicroComp (超微电脑) SMCI 28.64 0.24 Suzano (苏扎诺) SUZ 8.53 0.01 Symbotic SYM 45.85 2.80 SynchronyFinl (同步金融) SYF 77.84 2.05 Synopsys (新思科技) SNPS 392.07 3.31 Sysco (希舒可) SYY 84.98 -0.26 T U V
TC Energy (TC 能源) TRP 65.86 -1.57 TD Synnex SNX 253.82 -1.88 TE Connectivity (泰科电子) TEL 204.97 -0.72 Telus TU 9.59 0.03 Ternium TX 49.74 0.50 TFI Intl TFII 134.80 -0.22 TIM TIMB 18.92 -0.25 TJX TJX 157.50 0.16 TKO TKO 183.91 2.10 T-MobileUS (T-Mobile 美国) TMUS 177.09 4.38 TPG TPG 46.32 2.66 T.RowePrice (T.罗尔普赖斯) TROW 113.51 1.76 TTM Tech TTMI 121.21 5.77
iShRussMC (iShares 罗素中期) IWR 111.08 1.27 15.4 iShRuss1000 (iShares 罗素1000) IWB 414.59 1.52 11.0 iShRuss1000Grw (iShares 罗素1000成长) IWF 120.87 2.16 2.2 iShRuss1000Val (iShares 罗素1000价值) IWD 254.24 0.96 20.9 iShRuss2000 (iShares 罗素2000) IWM 296.22 1.72 20.3 iShS&P500Grw (iShares 标准普尔500成长) IVW 138.24 2.21 12.2 iShS&P500Value (iShares 标准普尔500价值) IVE 233.09 0.60 9.9 iShSemiconductor (iShares 半导体) SOXX 507.68 0.55 68.6 iSh7-10YTreaBd (iShares 7-10年国债) IEF 92.82 0.20 –3.5 iShSilver (iShares 白银) SLV 52.46 0.19 –18.6 iSh20+YTreaBd (iShares 20+年国债) TLT 82.19 0.33 –5.7 iShUSEqFactRotat (iShares 美国股票因子轮换) DYNF 68.35 1.33 12.4 iShUSTreasuryBd (iShares 美国国债) GOVT 22.41 0.15 –2.7 iSh0-3MTreaBd (iShares 0-3个月国债) SGOV 100.42 0.02 0.0 JPMNasdEqPrem (摩根大通纳斯达克股票溢价) JEPQ 58.34 1.38 0.4 JanusAAACLO (贾努斯 AAA CLO) JAAA 50.51 0.02 –0.1 JPMEqPremiumIncome (摩根大通股票溢价收入) JEPI 57.35 0.50 0.2 JPM UltShIncm (摩根大通超短期收入) JPST 50.40 0.06 –0.4 ProShUltPrQQQ (ProShares 超牛 QQQ) TQQQ 67.96 5.17 28.9 SPDRGoldMini (SPDR 迷你黄金) GLDM 80.14 ... –6.1 SPDR Gold (SPDR 黄金) GLD 371.71 0.05 –6.2 SchwabIntEquity (嘉信国际股票) SCHF 27.56 0.47 14.6 SchwabUS BrdMkt (嘉信美国宽盘) SCHB 29.27 1.46 11.6 SchwabUS Div (嘉信美国股息) SCHD 33.56 0.27 22.3 SchwabUS LC (嘉信美国大盘) SCHX 29.88 1.49 11.0 SchwabUS LC Grw (嘉信美国大盘成长) SCHG 34.86 2.02 6.9 SSEnergySel (标普能源精选) XLE 58.79 –1.28 31.5 SSFinlSel (标普金融精选) XLF 57.38 0.77 4.8 SSHlthCrSel (标普医疗保健精选) XLV 162.24 –0.19 4.8 SSIndlSel (标普工业精选) XLI 183.16 1.85 18.1 SSSPDRBbg1-3M (SPDR Bloomberg 1-3个月) BIL 91.42 0.01 0.0 SSSPDR DJIA (SPDR 道琼斯工业平均指数) DIA 531.22 1.32 10.5 SSSPDRDevxUS (SPDR 除美国外发达国家) SPDW 50.34 0.56 13.4
CingulateWt (Cingulate 认股权证) CINGW 0.01 -15.9 CitigrpCapXIIIPf CpN (花旗集团资本 XII 优先股) 26.93 -1.2 Cloudastructure CSAI 3.53 -36.4 CiaSiderurgica (钢铁公司) SID 0.88 -5.7 CreativeMedTech (创意医疗科技) CELZ 0.62 -1.5 Csquare CSQR 19.50 1.5 DDC Enterprise DDC 0.39 -7.2 DarkIris (暗鸢) DKI 3.91 -2.3 DermataTherap (Dermata 治疗) DRMA 0.95 -8.1 DigitalAssetAcqn (数字资产收购) DAAQU 7.40 -22.1 DragonflyEnergy (蜻蜓能源) DFLI 1.12 0.4 EdibleGarden (可食用花园) EDBL 2.20 -2.1 ElectraBatteryMtls (Electra 电池金属) ELBM 0.49 -4.7 ElongPower (长虹电力) ELPW 0.08 -40.1 enCoreEnergy (enCore 能源) EU 1.03 -0.9 EstrellaImmuno (Estrella 免疫) ESLA 0.68 -1.9 EvolutionMtls (进化金属) EMAT 2.92 -19.4 ExynTech (Exyn 科技) EXYN 1.80 -22.2 FIGXCapitalWt (FIGX 资本权重) FIGXW 0.15 -20.7 FTAI Infra (FTAI 基础设施) FIP 3.39 -8.0 FigureTechSolns (Figure 科技解决方案) FIGR 24.11 7.9 FingerMotion (手指运动) FNGR 0.17 -21.9 FoldWt (Fold 认股权证) FLDDW 0.06 11.1 ForemostCleanEner (首选清洁能源) FMST 1.27 -4.3
ForemostCleanEnWt (首选清洁能源认股权证) FMSTW 0.26 -16.1 FranklinWireless (富兰克林无线) FKWL 2.27 0.9 GabelliDivPfdK (加贝利股息优先股 K) GDVpK 16.78 -1.1 GabelliEquityPfdK (加贝利权益优先股 K) GABpK 19.70 -0.4 GameStop (游戏驿站) GME 18.55 -12.2 Genprex GNPX 4.65 -20.7 GettyImages (盖蒂图片社) GETY 0.36 11.9 GladstoneLand (格莱斯顿土地) LAND 8.06 -0.6 GuardforceAIWt (卫安 AI 认股权证) GFAIW 0.03 -1.3 HaoxiHlthTech (好希医疗科技) HAO 0.14 11.1 Harte-Hanks HHS 2.00 -8.7 HartfordPfdG (哈特福德优先股 G) HIGpG 24.44 0.5 HealthcrTriangle (医疗三角) HCTI 1.00 -7.3 Heartbeam BEAT 0.48 -1.8
StratAdFidEmr 18.61 +0.14 22.5 StratAdFidUS 21.81 +0.32 15.1 StratAdIntlFnd NA ... NA StratAdMunBond ... StratAdvFidIntl 16.58 +0.10 12.2 TIAA / CREF 基金 EqIdxInst 52.52 +0.79 12.0 IntlEqIdxInst 31.31 +0.17 12.4 LrgCpGrIdxInst 78.00 +1.65 2.6 VANGUARD ADMIRAL (先锋海军将领系列) 500Adml 701.79 +10.27 11.7 BalAdml 54.46 +0.55 7.2 CAITAdml 11.36 +0.01 0.1 CapOpAdml r263.05 +3.26 21.7 DivAppIdxAdm 65.17 +0.28 10.1 EMAdmr 49.14 +0.50 10.3 EqIncAdml 103.40 +0.66 12.6 ExplrAdml 124.00 +1.96 16.2 ExtndAdml 182.38 +3.32 15.6 GroIncAdml GrwthAdml 268.99 +5.87 7.3 HlthCareAdml r 85.39 -0.26 3.1 HYCorAdml r InfProAd 22.70 +0.01 0.5 InfTechIdx 471.63 +8.07 22.5 IntlGrAdml 121.97 +0.72 7.0 ITBondAdml 10.22 +0.02 -0.8 ITIGradeAdml 8.63 +0.02 -0.4 LarCapAd 176.15 +2.64 11.5 MidCpAdml 405.18 +4.29 13.5 MuHYAdml 10.53 +0.01 1.4 MuIntAdml 13.55 0.2 MuLTAdml 10.68 0.8 MuLtdAdml 10.90 +0.01 1.0 MuShtAdml 15.82 1.4
ValeroEnergy VLO 307.54 -5.36 ValmontInds VMI 488.59 6.89 VeevaSystems VEEV 206.25 2.47 Ventas VTR 90.85 -2.66 VentureGlobal VG 13.08 -0.30 Veralto VLTO 94.82 0.65 VeriSign VRSN 298.89 8.87 VeriskAnalytics VRSK 193.11 -1.74 Verizon VZ 47.36 0.55 VertexPharm VRTX 470.72 -6.38 Vertiv VRT 263.05 21.48 ViaSat VSAT 81.29 4.36 Viatris VTRS 17.63 0.07 Vicor VICR 213.54 6.17
TaiwanSemi TSM 406.11 1.86 Take-TwoSftwr TTWO 245.15 2.23 TakedaPharm TAK 16.83 -0.26 TalenEnergy TLN 344.49 10.39 Tapestry TPR 155.63 3.26 TargaResources TRGP 264.60 -5.77
s Target TGT 149.35 4.86 TechnipFMC FTI 69.19 -2.47 TeckResourcesB TECK 60.20 -0.04 TeledyneTech TDY 670.56 14.99 Ericsson ERIC 10.08 0.27 TelefonicaBras VIV 12.72 -0.20 TelekomIndns TLK 15.18 0.52 Tenaris TS 57.15 -0.18 TencentMusic TME 9.53 0.08 TenetHealthcare THC 249.99 -4.79 Teradyne TER 365.80 -1.89 Tesla TSLA 322.08 10.87 TevaPharm TEVA 34.46 -0.55 TexasInstruments TXN 269.04 -6.70 TexasPacLand TPL 406.15 3.57
s Viking VIK 106.47 2.12 ViperEnergy VNOM 43.69 -0.92 Visa V 365.67 -0.46 Vistra VST 155.94 7.75 Vodafone VOD 15.61 -0.17 VulcanMatls VMC 283.59 15.02
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
Texas Roadhouse (TXRH) 210.67 5.23 Textron (TXT) 86.39 1.13 Thermo Fisher (TMO) 574.03 -0.27 Thomson Reuters (TRI) 101.61 3.48 3M (MMM) 177.23 0.95 Timken (TKR) 141.75 4.20 Toast (TOST) 32.79 0.52 Toll Brothers (TOL) 150.46 4.57 Toronto-Dominion Bank (TD) 121.15 1.23 TotalEnergies (TTE) 87.20 -0.66 Tower Semiconductor (TSEM) 234.32 14.65 Toyota Motor (TM) 186.17 -2.82 Tractor Supply (TSCO) 32.11 1.34 Tradeweb (TW) 101.00 0.50 Trane Technologies (TT) 461.21 6.26 TransDigm (TDG) 1285.56 31.18 TransUnion (TRU) 79.98 1.36 Travelers (TRV) 373.82 -0.54 Trimble (TRMB) 57.79 1.21 Trip.com (TCOM) 47.30 0.29 Truist Financial (TFC) 51.92 0.08 Twilio (TWLO) 196.59 -0.76 Tyler Technologies (TYL) 305.54 -4.06 Tyson Foods (TSN) 59.61 1.65 UBS Group (UBS) 52.75 0.01 UDR (UDR) 38.69 0.53 U-Haul (UHAL) 71.65 0.74 U-Haul N (UHAL/B) 63.55 0.97 UL Solutions (ULS) 91.05 -0.59 UMB Financial (UMBF) 147.04 1.31 US Foods (USFD) 99.67 -0.92 Uber (UBER) 71.61 1.25 Ubiquiti (UI) 548.66 -7.86 Ulta Beauty (ULTA) 534.41 21.58 Unilever (UL) 63.80 0.39 Union Pacific (UNP) 291.23 -0.90 United Airlines (UAL) 128.39 7.06 United Microelectronics (UMC) 18.69 -0.34 UPS B (UPS) 106.87 2.65 United Rentals (URI) 1115.92 36.66 US Bancorp (USB) 63.94 0.93 United Therapeutics (UTHR) 516.31 -1.40 UnitedHealth (UNH) 415.36 0.96 Unity Software (U) 33.38 1.67 Universal Health Services (UHS) 169.04 0.60 Unum Group (UNM) 90.11 4.00 VICI Properties (VICI) 26.54 0.19 Vale (VALE) 14.58 -0.48
WEC Energy (WEC) 109.28 -0.14 W.P. Carey (WPC) 72.91 -0.69 Wabtec (WAB) 296.47 5.61 Walmart (WMT) 110.71 -0.49 Warner Bros. Discovery (WBD) 26.09 -0.21 Warner Music Group (WMG) 25.10 -0.86 Waste Connections (WCN) 167.81 0.43 Waste Management (WM) 226.43 -0.12 Waters (WAT) 374.74 -2.57 Watsco (WSO) 318.01 8.71 Watsco B (WSOB) 319.11 -2.65 Watts Water (WTS) 350.52 4.73 Wayfair (W) 89.31 4.41
Webster Financial (WBS) 77.92 0.70 Wells Fargo (WFC) 87.89 1.44 Welltower (WELL) 233.10 -1.34 Wesco International (WCC) 361.33 17.84 West Pharmaceutical Services (WST) 347.94 6.98 Western Digital (WDC) 527.22 -17.62 Western Midstream (WES) 46.74 0.17 Weyerhaeuser (WY) 25.23 0.20 Wheaton Precious Metals (WPM) 111.86 2.83 Williams (WMB) 70.43 -1.11 Williams-Sonoma (WSM) 239.80 11.14 Willis Towers Watson (WTW) 341.63 5.71 Wintrust Financial (WTFC) 161.76 2.22 Wipro (WIT) 2.05 0.07 Wise (WSE) 12.33 0.33 Woodside Energy (WDS) 22.69 -0.77 Woodward (WWD) 363.57 2.82 Woori Financial (WF) 69.14 0.21 Workday (WDAY) 165.05 4.71 Wynn Resorts (WYNN) 98.36 -0.95 XPO (XPO) 197.01 -3.96 Xcel Energy (XEL) 77.69 -0.51 XPeng (XPEV) 12.37 -0.63 Xylem (XYL) 119.08 2.11 YPF (YPF) 51.06 -1.48 Yum! Brands (YUM) 148.80 -4.48 Yum China (YUMC) 48.35 0.17 ZTO Express (ZTO) 24.62 0.60 Zebra Technologies (ZBRA) 291.64 -2.18 Zimmer Biomet (ZBH) 96.98 3.05 Zions Bancorp (ZION) 70.84 1.14 Zoetis (ZTS) 77.10 -0.19 Zoom Communications (ZM) 98.25 2.18 Zscaler (ZS) 154.46 3.26
以下为周一美国国债拍卖的结果。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的差额决定。
| 项目 | 13周 | 26周 |
|---|---|---|
| 申请金额 | $247,379,556,300 | $241,833,586,000 |
| 接受投标额 | $99,294,436,300 | $85,263,186,000 |
| 非竞争性投标 | $1,861,109,000 | $2,032,327,200 |
| 外国非竞争性投标 | $1,000,000,000 | $230,000,000 |
| 拍卖价格（利率） | 99.052083 (3.750%) | 98.051083 (3.855%) |
| 收益率 | 3.838% | 3.986% |
| 出清收益率接受投标比例 | 10.13% | 65.40% |
| 证券代码 | 912797UM7 | 912797VV6 |
两期债券的日期均为2026年8月6日。13周期国债于2026年11月5日到期；26周期国债于2027年2月4日到期。
PicardMedical PMI 4.10 16.7 PliantTherap PLRX 1.03 ... PowerCompute PWCM 1.49 -23.1 Primech PMEC 0.31 -3.4 PSEG PEG 76.00 -0.1 QwestNts2052 CTHH 16.68 -1.1 RamacoRscsA METC 8.56 -2.9 RamacoRscsB METCB 6.31 5.8 ReinTherap RNTX 0.73 1.1 RiverNorthPfdA OPPpA 15.55 -0.6 RiverNorthPfdB OPPpB 16.81 0.6 SITE Centers SITC 3.30 0.9 SOS SOS 0.84 -8.0 SamosEnerAcqn SAMO.U 9.92 ... SanJuanBasin SJT 2.37 -3.6 Sentage SNTG 1.58 -1.2 SkyeBioscience SKYE 0.55 2.8 SpaceX SPCX 104.83 5.7 Sportradar SRAD 11.55 -15.1 SportsEntGaming SEGG 2.73 -14.5 StarwoodProp STWD 15.78 -0.1 SunPowerWt SPWRW 0.04 38.2 SurgePays SURG 0.21 -2.4 TEN Holdings XHLD 0.87 -10.0 Taoping TAOP 0.52 12.7 TexasVenturesIVWt TVIVW 0.23 -14.2 TopWealth TWG 1.70 -16.1 Toppoint TOPP 0.46 -9.3 TScanTherap TCRX 0.72 -2.6 VCIGlobal VCIG 0.28 -1.5 Vantage VNTG 0.54 -3.9 Virtuix VTIX 1.42 -0.6 VisionWave VWAV 1.49 -8.1 Vroom VRM 6.80 -4.5 WheelerREIT WHLR 0.51 -12.1 Wilco63 WLCOU 9.90 0.1 YXT.COM YXT 2.36 -12.8 YorkSpace YSS 13.88 -3.1 ZeoEnergy ZEO 0.36 -3.7
HeritageGlobal HGBL 1.02 -9.1 HertzGlobal HTZ 1.48 -3.5 HitekGlobal HKIT 2.36 -9.2 HuadiIntl HUDI 0.66 -6.5 IN8bio INAB 0.94 -7.2 InflectionPtA IPCX 3.77 -48.8 InstinctBioTechnCo BIOT 0.39 -7.8 iPower IPW 0.49 5.0 IronDomeAcqnIWt IDACW 0.25 -7.4 JIADE JDZG 3.50 -35.8 JPMChasePfdJJ JPMpK 18.08 0.1 KestrelGr6.625-46 MHLA 10.61 -0.3 LaRosa LRHC 0.81 -16.3 LakefrontBiotherap LKFT 26.41 -1.7 LexariaBioscience LEXX 4.21 -19.0 LexeoTherap LXEO 3.99 1.7 LiBangIntl LBGJ 3.00 12.0 LibertyDefense DETX 2.78 -1.2 LincolnIntl LCLN 20.05 -1.7 LinkersIndustries LNKS 0.93 -10.3 LionGroup LGHL 0.86 0.6 Locafy LCFY 2.10 2.0 MediromHlthcr MRM 0.89 -6.3 MiraPharm MIRA 0.60 -22.5 Masonglory MSGY 0.23 -4.4 MoleculinBiotech MBRX 0.16 6.2 MyriadGenetics MYGN 2.74 5.6 NFT MI 7.15 -7.2 NeuroSense NRSN 0.39 0.4
NewMtnFinNts2028 NMFCZ 25.00 -0.2 NewbridgeAcqn NBRGU 9.93 -2.2 NewGenIvf NIVF 0.64 -19.4 NextTechnology NXTT 0.43 -12.2 Nuwellis NUWE 1.34 -7.5 Offerpad OPAD 3.52 -5.7 OnfolioWt ONFOW 0.00 -7.8 PPL Un PPLC 46.74 -0.2 PalladyneAIWt PDYNW 0.01 -6.4
Welltn 47.08 +0.47 6.4 VANGUARD INDEX FDS (先锋指数基金) ExtndIstPl 450.04 +8.18 15.6 IdxIntl 27.38 +0.18 13.6 MdCpGrAdml 129.77 +2.53 8.3 MdCpVlAdml 106.46 +0.43 17.1 SmValAdml 106.40 +1.29 18.1 TotBd2 9.37 +0.02 -0.5 TotIntlInstIdx r 183.15 +1.19 13.6 TotItlInstPlId r 183.19 +1.19 13.6 TotSt 181.95 +2.73 12.2 VANGUARD INSTL FDS (先锋机构基金) DevMktsIndInst 22.91 +0.12 14.8 DevMktsInxInst 35.82 +0.19 14.8 ExtndInst 182.37 +3.32 15.6 FTScinst 52.16 +0.86 11.2 GrwthInst 269.01 +5.87 7.4 InPrSeIn 9.25 +0.01 0.5 InstIdx 608.73 +8.91 11.8 InstPlus 608.72 +8.91 11.8 InstTStPlus 125.42 +1.89 12.2 MidCpInst 89.51 +0.95 13.6 MidCpIstPl 441.44 +4.68 13.5 SmCapInst 143.49 +2.11 16.9 SmCapIstPl 414.17 +6.09 16.9 STIGradeInst 10.33 +0.01 1.0 STIPSIxins NA NA TotBdInst 9.51 +0.02 -0.3 TotBdInst2 9.37 +0.02 -0.4 TotBdInstPl 9.51 +0.02 -0.3 TotIntBdIdxInst TotStInst 182.02 +2.73 12.2 ValueInst 86.22 +0.44 16.9 WCM Focus Funds WCMFocIntlGrwIns 28.08 +0.03 12.9
PrmcpAdml r 225.44 +2.11 21.9 RealEstatAdml 140.40 +0.27 14.2 SmCapAdml 143.49 +2.11 16.9 SmGthAdml 121.90 +2.23 15.1 STIGradeAdml 10.33 +0.01 1.0 STIPSIxAdm TotBdAdml TotIntBdIdxAdm TotIntlAdmIdx r 45.80 +0.30 13.6 TotStAdml 181.99 +2.73 12.2 TxMCapAdml 390.44 +5.80 11.6 TxMIn r 22.88 +0.12 14.8 USGroAdml 195.84 +4.29 0.4 ValAdml 86.22 +0.44 16.9 WdsrllAdml 92.92 +1.14 12.3 WellsIAdml 62.94 +0.25 4.0 WelltnAdml 81.30 +0.82 6.5 WndsrAdml 83.88 +1.08 14.2 VANGUARD FDS (先锋基金) DivdGro 32.08 +0.17 5.6 LifeGro LifeMod PrmcpCor 46.47 +0.40 25.5 STAR TgtRe2020 TgtRe2025 TgtRe2030 TgtRe2035 TgtRe2040 TgtRe2045 TgtRe2050 TgtRe2060 TgtRet2055 TgtRetInc
[!NOTE] 本章节源文包含大量外语数据与图片版面，已进行结构化对齐优化。
2.0
1.0
自美国和日本采取联合干预以来，日元汇率有所回升
作者：CHELSEY DULANEY 和 SAM GOLDFARB
美日联合汇率干预帮助日元脱离了 40 年来的低点。但要将其维持在较高水平可能是一场艰苦的战斗。
美国的参与增强了日本当局近期单独干预的力度，后者虽成功地将日元汇率底部设在每美元 160 左右，但未能为该货币提供持久的支撑。日本财务大臣周一表示，该国“将毫不犹豫地”再次与美国联合干预。
分析师表示，即便有美国支持，如果日本央行不改变政策，日元可能会再次陷入困境。尽管面临高于目标的通胀，但日本央行在经历了数十年与相反风险（即通货紧缩）的斗争后，在提高利率方面一直十分谨慎。这种谨慎促使投资者转向其他货币，以便在短期债券中获得更高回报。
美国的短期利率比日本高出约 2.5 个百分点，且许多投资者预计美联储将在 9 月的下次会议上进一步加息。
在周一下午的交易中，日元兑美元汇率在 157 附近波动，从干预前近 164 的低点反弹——这是该货币自 1986 年以来的最弱水平。
“如果日本央行不采取货币政策紧缩，日元无法维持上涨趋势，”埃德蒙德·德罗斯柴尔德（Edmond de Rothschild）的组合经理 Nabil Milali 说道。
1.5
周一市场动态
ATKORE 意大利 Prysmian 将收购该公司 在美国上市的 Atkore 表示，其已同意被意大利的 Prysmian 收购。该交易对这家电气基础设施产品制造商的估值约为 38 亿美元 billion（含债务）。 根据协议，Atkore 的股东将获得每股 $95 的现金。这比该股周五 $72.96 的收盘价高出约 30%。 Prysmian 生产电缆，并将将其产品与 Atkore 的产品相结合。 —Adam Whittaker
PRYSMIAN Prysmian 生产电缆，并将将其产品与 Atkore 结合。
TOTALENERGIES 太阳能与风能投资组合份额将被出售 法国 TotalEnergies 表示，其已同意向私募股权公司 KKR 出售欧洲陆上太阳能和风能资产 50% 的股份。该交易对该投资组合的估值为 €1.8 billion，相当于 20.8 亿美元 billion（含债务）。 另外，TotalEnergies 表示其已同意购买一个 4
会员之声
Christopher Bogart 首席执行官 / BURFORD CAPITAL
“世界可能会变得更加复杂，但联系并未减少。尽管路径不再像以前那样直接，但商业、资本和想法仍在跨国流动。对于一家全球性公司而言，答案不是简化世界，而是理解它。这意味着在维持清晰且统一的组织战略的同时，拥有具备深厚本地专业知识的人才。复杂性为那些懂得如何应对的公司创造了机遇。”
尽管兑日元下跌约 0.2%，但美元在周一整体保持稳定，兑挪威和加拿大等产油国货币上涨，因为人们对达成新美伊和平协议的希望降低了油价。
股市大涨，道琼斯工业平均指数上涨 1.3%，创纪录地达到 53178.41，标准普尔 500 指数上涨 1.5%，纳斯达克综合指数跳涨 2.1%。WSJ美元指数在下午交易中微升 0.1%，至 96.19。
政府的货币干预在短期内的影响通常大于长期，因为经济基本面会重新发挥作用。10 月，美国也出手加强阿根廷比索，成功阻止了该货币的剧烈下跌。但比索此后再次贬值，回落至干预前的水平。
美国在周五通过抛售欧元购买日元干预货币市场，此举避免了美元的直接走弱。
财政部长斯科特·贝森特（Scott Bessent）在社交媒体发帖中，还敦促美联储“扩大”一个日本可用作借入美元并购买其自身货币的机制。贝森特的同行片山早苗（Satsuki Katayama）周一表示，日本计划利用该机制，而非通过出售其持有的美国国债来为未来的干预提供资金。
投资者普遍预计，日本央行在维持上周利率不变后，将在未来几个月内加息。但布鲁金斯学会（Brookings Institution）高级研究员罗宾·布鲁克斯（Robin Brooks）表示，由于日本央行每月仍购买约 ¥2.5 万亿（相当于 160 亿美元 billion）的日本政府债券，这压低了长期收益率，因此对日元的影响可能会较为温和。
“整个框架充满了矛盾：在……”
纳斯达克综合指数
标准普尔 500 指数
道琼斯工业平均指数
来自英国能源巨头壳牌（Shell）的吉瓦级可再生能源组合。大部分资产是位于意大利、英国和西班牙待开发的太阳能、风能和电池储能项目。 —Adam Whittaker
广告
Razat Gaurav 首席执行官 / KINAXIS
“我们的业务在客户、运营和人才方面继续保持全球化。我们始终致力于在全球、区域和局部层级的决策与治理之间寻求正确的平衡。应对多变的地缘政治格局正变得日益复杂，并造成更大的需求和供应波动。这要求我们在运营中具备敏捷性、韧性和文化敏感度。在所有这些转变中，我们始终坚守我们的使命和核心价值。”
作者：ADRIÀ CALATAYUD
意大利银行 Banco BPM 表示，它已退出与同行 Banca Monte dei Paschi di Siena 的合并谈判，此举可能会为竞争对手 Intesa Sanpaolo 提出的 350 亿美元 billion 收购报价扫清障碍。
BPM 周五表示，在提交提案近两个月后，与 Monte dei Paschi 达成协议的条件尚未满足，其董事会决定停止关于潜在合并的讨论。该行表示，它仍然认为合并具有强大的潜在战略和工业逻辑，且交易本将为双方创造显著价值。
0.5
10 a.m. 11 noon 1 p.m. 2 3 4
来源：FactSet
“一方面，日本央行在购买债券，压低长期利率，而财务省则在干预以强化日元，”他补充道。
日元走强可能会对全球金融市场产生影响。日本的低利率和日元的疲软推动了套利交易的兴起，投资者通过借入日元来购买风险较高的资产，范围从美国科技股到墨西哥比索。
Monte dei Paschi 对此举表示认可，并称其将继续专注于执行其商业计划以及整合近期收购的 Mediobanca，同时继续评估任何符合股东利益的战略选择。
近年来，意大利贷款机构加强了交易活动，使该国处于巩固欧洲银行业尝试的中心。Monte dei Paschi 去年收购了 Mediobanca，而 UniCredit 在尝试收购德国商业银行（Commerzbank）近两年期间，曾首先提议收购 BPM，但随后撤回了报价。
Monte dei Paschi 被广泛认为是世界上仍在运营的最古老的银行，在 6 月份成为了两次接触的目标：来自 Intesa 的现金加股票报价，以及来自 BPM 的合并提案。Intesa 迅速将报价正式化，而 BPM 则表示其接触旨在开启两行之间的讨论。
在初步评估中，Monte dei Paschi 的董事会对 Intesa 提供的价格表示担忧，并指出了其他风险，但表示打算继续评估 BPM 的提案。
BPM 决定退出是在其最大股东——法国农业信贷银行（Crédit Agricole）对 BPM 与 Monte dei Paschi 合并的利弊表示质疑之后。法国农业信贷银行持有 BPM 29.3% 的股份。
这种押注的逆转将引发全球波动。2024 年日元的意外跳升引发了全球市场大跌，因为投资者在平仓套利交易——迫使他们出售投资并买回日元。
虽然市场目前对日元的升值反应较为平稳，但日元的更大涨幅可能会迫使投资者重新思考规模预计超过 $1 trillion 的套利交易（据汇丰银行估计）。
Teresa Graham
首席执行官 / 罗氏制药 (ROCHE PHARMACEUTICALS)
“我们这一代面临的最大领导挑战之一，是如何在全球化连接、区域化接纳和本地化信任之间取得平衡。当我们处理好这种平衡时，我们才能在全世界的医疗保健领域产生真正且持久的影响。因为在我们的工作中，科学是全球性的，但患者护理是本地化的。”
250%
一股 AI 债务的巨浪正威胁着要淹没债券市场。投资者可能会在一些出人意料的地方找到避风港。所谓“超大规模云服务商”（hyperscalers）最近的财报进一步推高了市场对其集体 AI 支出计划的预期。由于预计现金流将进一步承压，他们可能需要通过发行大量债务来支付这些费用。高盛的信用策略师估计，到 2027. 年，全球超大规模云服务商直接发行的投资级高评级债券可能达到约 4000 亿美元 billion。而今年预计发行的金额约为 2500 亿美元 billion。债券价格通常对供应相当敏感。因此，这些预期已导致即使是规模最大、信用最好的公司的债券价格下跌，收益率上升。巴克莱信用策略师追踪的一组投资级超大规模云服务商包括：
Alphabet、Amazon.com、Meta Platforms、Microsoft、Oracle 和 SpaceX。根据巴克莱的追踪，截至 7 月 30, 为止的过去一个月中，这些公司债券相对于基准国债的利差扩大了近 0.25 个百分点。对于债券投资者来说，一个诱惑可能是坚持选择信用评级最高的发行人，并通过关注其最长期的债券来追求更高的收益。但反其道而行之或许才是更好的赌注。目前，投资者已经可以找到 2075, 年才到期的 Google 母公司 Alphabet 的债券，或者 2065, 年到期的 Amazon 债券。根据 FactSet 的数据，这两者的收益率均在 6.5% 左右。2065. 年到期的 Meta 债券收益率则超过 7%。考虑到目前技术变革的速度，这些公司在如此遥远的未来会如何，几乎是金融领域中最不可知的事情。
但即便不考虑赌一家公司数十年后的财务状况，长期债券还隐藏着其他风险。最值得关注的是，考虑一下
Meta Platforms
Microsoft
Alphabet
Amazon.com
0.6
超大规模云服务商 (Hyperscalers)
美国股市估值比率
1.0
每月 0
’10 ’20 ’25 1991 2000
1.2
来源：Jonas Svallin, FactSet
股市聚焦
AstraZeneca 与 Bristol-Myers Squibb 据《金融时报》报道，这两家制药公司正在讨论一项合并协议，合并后的公司估值将约为 4000 亿美元 billion。AstraZeneca 的股价下跌 6.9%，而 Bristol-Myers Squibb 的股价下跌 0.2%。
泰森食品 (Tyson Foods) 由于部分得益于对鸡胸肉和冷冻鸡块的强劲需求，其收益略高于预期，股价上涨 2.9%。
JONATHAN ERNST / 路透社
目前利率曲线的长端正处于这种状态。在经历了上周美联储会议且未加息，也没有关于何时可能加息的任何指引后，长期收益率飙升。这使长期债券中注入了对通货膨胀以及美联储打击通胀决心的担忧。如果投资者因为预期未来美联储将加息或通胀将上升而要求更高的收益率，这将对长久期债券产生巨大的价格影响。
“你必须比较你所承担的风险与其回报，”巴克莱银行美国信贷策略主管 Dominique Toublan 表示。“在超大规模计算供应商（hyperscalers）的长端债券方面，你面临的利率风险要高得多。”
国债的高收益率也可能抑制对公司债券的需求，因为这类公司债相对于政府基准债券仅提供微小的收益提升。根据 FactSet 的数据，加权平均期限超过 20 年的美国高等级公司债券 ICE BofA 指数支付的利差约为 1 个百分点。而在 2022 年，这一缓冲空间还是现在的两倍。
选择短期、高评级的超大规模计算供应商债券可以降低这些利率风险。但这通常也意味着在国债基础之上的额外收益率会更低。
市场中仍有一部分领域可以让投资者获得额外的收益率利差。那就是由公司为了给超大规模计算供应商建设数据中心而发行的债券。这些债券由合资企业或由 Blackstone 和 Related Cos. 等大型房地产投资者支持的公司发行，未来的租户包括微软、Alphabet 和 Meta。
拥有信用评级顶尖且支付能力强的超大规模计算供应商作为未来租户应当是一项优势。巴克莱信贷分析师在近期的一份报告中写道，随着建设风险的消退，这些债券可能会“看起来越来越像由超大规模计算供应商信用担保的、有租赁支持的延伸，而不再是纯粹的定制项目融资”。策略师将数据中心债券称为超大规模计算供应商和人工智能领域的潜在“黄金地带”。
指数
如果你在 YouTube 上浏览过投资相关内容，你一定见过那些视频缩略图——上面画着火焰，可能还有一个向下的箭头，警告末日将至。更有效的是那些引用世界顶级投资者之名的人。请放轻松：沃伦·巴菲特并没有预测股市崩溃。
但一个被巴菲特称为“衡量任何给定时刻估值水平可能最好的单一指标”的市场指标刚刚创下纪录。我们应该有多担心？
这位“奥马哈先知”是在 25 年前做出这一评论的，当时他还是一个精力充沛的 71 岁老人。巴菲特指标可能需要更新了。
巴菲特比率 调整后巴菲特比率
在香港跳涨 7%，而其在美交易的美国存托凭证上涨 4.1%。
易捷航空 (easyJet) 这家廉价航空公司延长了 Castlelake 的竞标截止日期，给其追求者及竞争对手阿波罗全球管理公司直到本周末的时间，要么提交一份确定的收购报价，要么退出。该股在伦敦上涨 2%。
万豪国际 (Marriott International) 在表示伊朗冲突影响了第二季度销售额后，其股价下跌约 7%。
它衡量所有美国股票的价值（以 Wilshire 5000 指数为代表）与美国经济规模的比率。该指标目前约为 230%，而互联网泡沫破裂前约为 150% 左右。
不过，很多事情已经发生了变化，包括该指数不再拥有 5,000 个成分股，甚至不再拥有 4,000 个。一个更显著的区别是，美国公司已经变得非常国际化。
“我们知道海外收益的金额增长极其迅猛，因此这是一个不完美的衡量标准，”FactSet 买方研究高级总监 Jonas Svallin 表示。
Svallin 表示，将全球收益与国内经济进行比较所产生的偏差是双向的，因此他进行了一些巧妙的调整
周二事件： 经济数据： 6月国际贸易数据；耐用消费品订单； JOLTS 职位空缺报告； 约翰逊红皮书零售销售指数
预期公布财报的公司： SpaceX 超微半导体 (Advanced Micro Devices) 默克 (Merck) 辉瑞 (Pfizer) 麦当劳 (McDonald’s) 卡特彼勒 (Caterpillar) BP 沙特阿美 (Saudi Aramco) 马拉松石油 (Marathon Petroleum) ADM (Archer-Daniels-Midland) 金佰利 (Kimberly-Clark) 派拉蒙 SkyDance (Paramount Skydance)
资金。 根据摩根士丹利策略师对一组此类债券的跟踪，投资者在投资级数据中心债券中可以获得比其底层超大规模计算平台 (hyperscaler) 租户债券高出大约 half a percentage point 至接近 2 个百分点的额外收益。
数据中心融资债券的风险之一是设施无法按时建成或成本超出预期。一方面，电力供应可能难以保障。此外，在某些司法管辖区，政治反对声音也在增加。与租户的关系条款也必须经过仔细审查，而且未来还存在租户不续租的风险。
但目前，投资者正获得额外的收益利差，作为这些风险的补偿。一些数据中心债券的评级较低，且期限较短。由于期限较短，投资者无需承担关于利率、美国财政状况、美联储信誉，甚至人工智能在经济中长期作用的长期担忧。
“对于许多数据中心债券来说，你的主要风险在于它们能否建成。这是一个有明确终点的定义风险：一旦资产稳定，它就开始产生现金流，”摩根士丹利美国信贷策略主管 Vishwas Patkar 在一封电子邮件中表示。“这与整个 AI 模型未能如预期那样运作的更广泛、更开放的风险不同。”
随着建设的推进，项目债券的价格可能会相对跳升，甚至可能获得评级上调。那些评级已接近信贷频谱顶端的超大规模计算平台公司，上调的可能性较低。微软的评级已经是 AAA 级，这是最高评级，高于美国政府。
AI 的遥远未来仍然模糊，并且日益与关于利率和通胀的巨大疑问交织在一起。投资者如果承担“至少东西能盖起来”的风险，可能会获得更好的回报。 ——Telis Demos
一个“辉煌的”周一
“科技七巨头” (Magnificent Seven) 的股票表现相当强劲。
根据道琼斯市场数据，仅在周一，这些超大市值股票就增加了约 $800 亿美元市值，在过去两个交易日中累计增加了约 $1.1 万亿美元。
如果这些涨幅能够维持，这将成为该组股票在三天内创纪录的市值增长。 ——WSJ 员工
周一股价表现
特斯拉 (Tesla) 英伟达 (Nvidia) 苹果 (Apple)
–2% 0 2 4 6
来源：FactSet
公司债券指数与超大规模计算平台债券相对于美债的利差
1.4 个百分点
0.8
0.4
2025年8月 26年1月
注：超大规模计算平台包括 Alphabet, Amazon, Meta, Microsoft, Oracle 和 SpaceX。指数为彭博投资级美元公司债券指数。数据截至 7月 30 日。
来源：Barclays
SpaceX 在华盛顿特区庆祝美国独立 250 周年的大美国州博览会上的展区。
包括通过美国营收份额对公司进行规模衡量。好消息是：它仅在 144%。坏消息是：它在历史上同样被高估。
“毫无疑问，现在看起来非常昂贵，”Svallin 表示。而且，虽然还没有足够的数据可以追溯到某些原始“巴菲特指标”图表那么远，但他说今天的极端情况在某些方面更令他担忧。当利率异常低时，这种现象更容易被忽略。
那么，现在是时候撤离了吗？ 不。首先，估值在预测短期走势方面一直并不精准。《华尔街日报》多年前就写过巴菲特指标突破互联网泡沫峰值的事情。
巴菲特也没有这么说，但
伯克希尔·哈撒韦公司的投资组合充分说明了问题。它表明股票价格昂贵，且大部分情况下难以击败现金——但这并不意味着其主席认为股市即将崩溃。
这家综合企业确实买入了一些股票，但速度较慢，选择更为苛刻。其资产负债表上的现金目前高达 4000 亿美元 billion。对于我们这些容易惊慌的凡人来说，这种谨慎的做法提供了一定的慰藉。
相反，“巴菲特指标”强烈暗示，在经历了如此强劲的上涨和估值提升之后，储蓄者应对未来美国股市的收益预期持历史性低位的看法。而这种观点很难被转化为 YouTube 上的点击诱饵。 ——Spencer Jakab
Strategy 抛售 $105 Million 的 比特币
由迈克尔·塞勒（Michael Saylor）创立的比特币囤积公司 Strategy 表示，上周该公司出售了 1,638 枚比特币，用于支付优先股股息和回购。
此次出售筹集了约 $105 million，紧随上个月公布的转型计划之后，该计划旨在增强投资者信心。
在最近的一次出售后，Strategy 仍持有 842,138 枚比特币，按当前价格计算价值约 $53 billion。上周，该公司报告第二季度净亏损 82 亿美元 billion，主要原因是其持有的比特币价值大幅下跌。 ——Vicky Ge Huang
DJIA 53178.41 À 693.38 1.32% NASDAQ 25913.90 À 2.1% STOXX 600 652.09 À 0.4% 10-YR.TREAS. À 15/32, yield 4.684% OIL $80.34 g $4.33 GOLD $4,033.70 g $15.40 EURO $1.1510 YEN 157.17
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Business&Finance
In carrying out their first joint effort in a generation to boost the yen, the U.S. and Japan seek to contain tremors that could be trig- gered by a cratering Japanese currency. In stock trading Mon- day, major U.S. indexes surged, lifting the Dow 1.3% to a record and boosting the S&P 500 and Nasdaq by 1.5% and 2.1%, respectively. A1, B10
Northrop Grumman signed two agreements totaling $3 billion to speed up production of missile interceptors. B4
Nissan reiterated its an- nual earnings forecasts as it reported its first quarterly net profit in two years. B3
Anduril is in advanced talks with a Maryland port to build out a production site for the company’s drone boats, a sign of the potential for defense startups. B3
Tyson cut its profit out- look for the year because of soaring cattle prices, which continue to weigh on the company’s bottom line. B3
China’s factories are show- ing new signs of weakness, risking a sharper slowdown in national economic growth in the absence of new gov- ernment stimulus. A7
EasyJet extended Castle- lake’s bid deadline to Friday, aligning it with rival bidder Apollo and putting the suit- ors on a footing to submit a firm offer or walk away. B3
Sandoz said it agreed to pay $478.5 million to settle an- titrust litigation over generic- drug pricing in the U.S. B4
Hughes Network Sys- tems, owned by EchoStar, filed for Chapter 11 bank- ruptcy reorganization. B5
Worldwide
Todd Blanche took steps to smooth his confirmation to U.S. attorney general, for- mally rescinding a $1.8 bil- lion “anti-weaponization fund” that critics feared Trump would use to funnel taxpayer money to allies. A1
Iran said there weren’t any talks under way with the U.S. and nor were there any meet- ings planned after Trump said he had called off a ma- jor strike on the country. A6
Two people died in Michi- gan in connection with the cyclosporiasis outbreak that has spread across the U.S. A3
A security weakness in the technology crime labs use to analyze DNA evidence exposed 30 years of files to the risk of being hacked. A3
Trump discussed ousting Jeanine Pirro, the U.S. attorney for the District of Columbia, af- ter her office contradicted his contention that vandals dam- aged the Reflecting Pool. A2
A Red Cross official met with detained former Myan- mar leader Aung San Suu Kyi after her family pressed government authorities to prove that she was alive. A7
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
Anti-Jewish hate crimes increased by 8.5% in New York City this year, New York Police Department officials said. A3
The House Ethics Commit- tee concluded that Rep. Chuck Edwards (R., N.C.) made un- welcome sexual advances to female House staffers and rec- ommended he be censured. A4
Acting ICE Director David Venturella divested himself of his holdings in Geo Group, one of the nation’s largest private prison operators. A4
CONTENTS Arts in Review...... A11 Business & Finance B2,5-6 Business News...... B3 Crossword................. A11 Heard on Street... B11 Markets Digest...... B7
Markets & Finance B10 Opinion................ A13-15 Personal Journal A9-10 Sports.......................... A12 Technology................ B4 U.S. News.............. A2-4 World News........ A6-8
By Sadie Gurman, Richard Rubin and Lindsay Wise Blanche Rescinds Payout Fund
Two holdout GOP senators remove block on his bid to be attorney general
WA S H I N G T O N — To d d Blanche smoothed his confir- mation to U.S. attorney gen- eral by formally rescinding a $1.8 billion “anti-weaponiza- tion fund” that critics feared President Trump would use to funnel taxpayer money to his allies. The move by Blanche, who has been serving as acting at-
AFP VIA GETTY IMAGES
Romania’s military set explosives recently along the Danube to divert water needed to cool reactors at a nuclear power plant.
BY ED BALLARD AND TOM FAIRLESS Drought Is Draining Europe’s Rivers
A drought is wreaking havoc along Europe’s rivers. In Romania, authorities set off an explosion beside a river in a bid to divert much-needed water to a power plant. In Bul- garia, 200 vacationers had to be evacuated from a stranded cruise ship. In Germany’s in- dustrial heartlands, companies are curbing production and struggling to ship goods. The incidents are all signs of how perilously low water levels in some of Europe’s most sig-
JASON GAY The Dodgers’ spending drives fans nuts, but their ‘villainy’ remains within the rules. A12
To Get Out of Bed: ‘DCY’
i i i The withdrawal has been severe since Dannon discontinued its coffee yogurt
BY GREGORY ZUCKERMAN
Some people have coffee. Doron Zeif had Dannon coffee yogurt. For nearly 40 years, the lawyer in West Orange, N.J., started his day with the creamy concoction. “It’s what I got out of bed for,” Zeif says. The withdrawal has been severe since Dannon discon- tinued the flavor, known to its most loyal fans as “DCY.”
torney general, won the sup- port of two holdout Republi- can senators who were blocking his confirmation to the permanent position. The senators, John Cornyn of Texas and Thom Tillis of North Carolina, had objected to the payout fund and to tax- audit protections for Trump that were announced at the same time in May. In a one-page order late Sunday, Blanche wrote that the fund “is rescinded and shall have no force or effect.” In a separate document re- leased simultaneously, the
nificant waterways are chal- lenging the region’s already stressed economy. Europe is enduring a pun- ishingly dry summer, with a lack of rain and sweltering temperatures stoking wildfires from Scotland to Greece. Now, the lack of rain is reducing stretches of the Danube and Rhine to trickles, threatening an industry that has relied on the mighty waterways. The most vivid effects are playing out on the Danube, where water levels have re- ceded enough to expose World War II-era bombs and mam-
BUSINESS & FINANCE Big fashion brands try on a new trend: Selling secondhand clothes. B1
For a slice of the population, the coffee yogurt was the best part of their day. After all, each 5.3-ounce cup contained about 32 milligrams of caffeine, or about a third of an 8- ounce cup of coffee. The 11 grams of added sugar also didn’t hurt. The most devoted fans ate several contain- ers a day. Some bonded with others who shared the same weakness. When short- ages arose, they exchanged tips PleaseturntopageA10
Justice Department agreed to narrow the scope of the tax- audit protections that the Trump administration gave to the president, his family and his businesses. Blanche’s moves, however, don’t alter the agreement between Trump and his own administration that required the fund’s cre- ation. And they leave in place an unusual victory for the president, who turned a tax-
moth bones. Low water levels are mak- ing it impossible for some nu- clear-power plants to run their cooling systems. In Ro- mania, where one of the two reactors at the Cernavoda power plant has been shut down, the military in recent days set off the explosives as part of a plan to divert more water to the plant from an- other channel of the river. In Hungary, all but one of the four reactors at the coun- try’s only nuclear-power plant have been switched off be- cause there isn’t enough water
Economy and Stock Market
BY JUSTIN LAHART
The U.S. economy keeps putting more eggs in the artifi- cial-intelligence basket. Tech companies are spend- ing hundreds of billions of dol- lars to meet AI computing needs and issuing billions of dollars of debt to help make those purchases. The rapid data-center build- out is powering construction spending, hiring and municipal revenues. Meanwhile, a stock- market rally fueled by the rise in shares of chip makers and
To Pay Their Bills
Schools in financial trouble tap restricted funds from donors; some states pass legislation to curb the practice
BY DOUGLAS BELKIN
When Natalie Strouse’s husband of 20 years died of cancer, she honored his memory by creating a scholarship in his name at the college where she taught accounting. Each year, she helped select a student to receive a few thousand dollars at Notre Dame College, a small Catholic school outside Cleve- land. But in 2024, the college closed. Strouse wanted to re-establish the scholarship at another institution. She asked Notre Dame for the $30,000 endowment, which under the terms of the
disclosure lawsuit against the government into the end of an audit. In a joint statement on Monday, Sens. Cornyn and Tillis said they were pleased by Blanche’s new written statements and planned to ad- vance his nomination. The $1.8 billion fund faced intense blowback after it was announced, including from other Republicans who wor- ried that it could be used to pay people who attacked po- lice officers during the Jan. 6, 2021, attack on the U.S. PleaseturntopageA4
in the river to keep them cool. The Paks plant typically ac- counts for 40% of the coun- try’s electricity generation. Water levels on the Danube in Hungary reached their lowest level on record last week. Hungary’s grid can pull power from elsewhere in Eu- rope, but the crisis is never- theless expected to push up wholesale prices, and officials have called on businesses and consumers to cut energy use. With temperatures set to rise above 100 degrees Fahr- enheit this week, “the five PleaseturntopageA7
other companies benefiting from the AI boom has led to a massive increase in household wealth. That is helping to bol- ster consumer spending. Combined, those factors are likely responsible for roughly one-third of the nation’s recent economic growth, according to Michael Pearce, an economist at Oxford Economics. But the strength that the economy is drawing from the AI boom is also a vulnerability: What would happen if the boom fizzled out? “It is very much an AI-
gift could only be used to support the scholarship. Not possible, she said an administrator informed her. The money was gone. “She told me they used it to pay the bills,” Strouse said. “I consider it theft.” Ohio’s attorney general last year filed a complaint against 14 trustees and officers of the college alleging they improperly used more than $2 million of restricted endow- ment funds outside donors’ intended pur- poses. The defendants have denied allega- tions that they breached their fiduciary PleaseturntopageA8
Japan, And Itself, With Move To Aid Yen
Currency’s slide had potential to increase interest rates, put investment at risk
BY JASON DOUGLAS
TOKYO—In carrying out their first joint effort in a gen- eration to boost the yen, the U.S. and Japan are seeking to contain tremors that could be triggered by a cratering Japa- nese currency. The yen’s slide to a 40-year low indirectly threatened to bump up U.S. interest rates and risked throwing a wrench into plans to pull billions of dollars of Japanese invest- ment into the U.S. By propping up first Argen- tina’s currency and now the yen, President Trump is showing he is prepared to help allies who are battling financial markets, a contrast to the hands-off ap- proach long favored by U.S. poli- cymakers except in moments of exceptional peril. Before the U.S. and Japa- nese governments stepped into the foreign-exchange market to buy the yen on Fri- day, the Japanese currency had been trading at its lowest level against the dollar in four decades. Earlier bouts of solo intervention had fizzled, sparking anxiety in Tokyo about faster inflation and a bigger import bill for energy as war with Iran strangles oil supplies. In afternoon trade in Asia on Monday, the yen had recov- ered to around 156 to the dollar following the U.S.-Japan move, from a pre-intervention low of close to 164—the weakest the currency had been since 1986. “The Trump administration delivers for America’s trusted partners,” Treasury Secretary Scott Bessent, who made a for- tune trading currencies and other assets for George Soros’s investment firm, said in a mes- sage on his official account on X. He said the U.S. wouldn’t PleaseturntopageA2
Investors stay skeptical on the yen.................................. B10
driven economy right now,” said Barclays economist Jona- than Millar. “It’s hard to imag- ine that we would be any- where near as resilient without that impetus.” Mapping out exactly how much strength the economy is drawing from AI is less than straightforward and prone to error. Even so, it appears sub- stantial. Details of last week’s gross PleaseturntopageA2
Heard on the Street: How to play flood of AI bonds..... B11
THE WALL STREET JOURNAL
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BY NATALIE ANDREWS President Has Discussed Ousting Pirro
WASHINGTON—President Trump has discussed ousting Jeanine Pirro, the U.S. attor- ney for the District of Colum- bia, according to people famil- iar with the matter, after Pirro’s office contradicted the president’s contention that the Lincoln Memorial Reflect- ing Pool was damaged by vandals. The president has criticized Pirro in public and in private since her office on Friday dropped its case against the three-time Olympian it charged with damaging the reflecting pool. In a court fil- ing, Pirro’s office wrote that new information shows the problems that have plagued the newly renovated pool were caused by a “botched installa- tion not vandalism.” Trump has told advisers that he is angry with Pirro and felt betrayed by the court filing, the people said. Trump
Economy, Stock Gains
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domestic product report, which measures economic growth based on what the country produces, showed that business investment in AI-re- lated categories continues to swell. Spending on software, data- center construction and com- puter and communications equipment, were it to keep the same pace for 12 months, would come to about $1.5 tril- lion. Two years earlier, the an- nual rate was about $1 trillion. On Monday, the Commerce Department reported that June construction outlays on data centers reached $68.3 bil- lion, at an annual rate, up $21.5 billion from a year ear- lier. Outlays on all other pri- vate construction—everything from houses to shopping cen- ters to hospitals—fell by $101.6 billion over the same period. Also Monday, comments in- cluded in the Institute for Supply Management’s July manufacturing report pointed to robust, AI-related demand. Not all of tech-related spending went toward AI— some of it was devoted to buy- ing computers that sit on white-collar workers’ desks, for example. On the other hand, the AI build-out is also
1.2
1.0
billion
Data centers
Software
Aided Japan And U.S.
hesitate to intervene again to “correct the substantial under- valuation of the Japanese yen.” U.S. intervention in cur- rency markets on behalf of an- other country is rare. Washington stepped in to help Tokyo in 2011, in that case to weaken the yen rather than prop it up. The Japanese currency was surging at the time in the aftermath of a ma- jor earthquake.
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2.5
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and Pirro met behind closed doors at the White House late Monday afternoon. Trump and his allies have insisted for months that van- dals were to blame for damage to the bottom of the reflecting pool, which his administration had resurfaced ahead of America’s 250th birthday. Speaking to reporters in the Oval Office on Monday, Trump sharply criticized Pirro. “Jeanine Pirro made a mis- take. It was vandalism,” Trump said in the Oval Office on Monday. He said he “was disappointed with Jeanine Pirro…She folded like an um- brella. And people get away with things. It’s a disgrace.” Pirro has been an unwaver- ing defender of the president, previously using her show on Fox News to advocate for him. Pirro was installed in her position last year, first as the acting U.S. attorney. She was later confirmed by the Senate
5.0
U.S. households’ net worth
$175trillion
$17.5
7.5
15.0
12.5
2022 ’23 ’24 ’25 ’26
2022 ’23 ’24 ’25 ’26
2022 ’23 ’24 ’25 ’26
Private investment in AI-related categories†
$1.4trillion
0.6
0.4
*Including computer equipment and semiconductors †Seasonally adjusted, at an annual rate
Sources: Federal Reserve (net worth); Commerce Department (imports, AI-related investment)
pouring money into other cap- ital-spending categories, such as cooling systems and backup generators. A chunk of what is going into the build-out, such as memory chips, is imported, so some AI spending isn’t di- rectly boosting U.S. produc-
The U.S. last helped strengthen the yen in 1998, when the global economy was reeling from the Asian finan- cial crisis. There are a variety of rea- sons why the U.S. wants a stronger yen. A rapid and dis- orderly decline in the cur- rency could spill over into other assets, especially as the yen is a popular funding cur- rency because of the gap in in- terest rates between Japan and the rest of the world, in- cluding the U.S. The lure of this “carry trade” has been lessened by a small rise in Japanese interest rates, and may diminish further thanks to the U.S.-Japan inter- vention, but past crises have shown the risk of disorderly stampedes out of carry trades.
AMPLIFICATIONS
Bob Ohlerking received a notice from New York City claiming that his Brooklyn home might not be his primary residence and could be subject to a new tax on second homes. A U.S. News article on Monday about New York’s pied-à-terre tax incorrectly said that the notice claimed the Brooklyn home wasn’t Ohlerking’s pri- mary residence and would be subject to a new tax.
U.S. attorney Jeanine Pirro had dropped criminal charges over damage to the Lincoln Memorial Reflecting Pool.
and, from her post atop the largest U.S. attorney’s office, has shown an eagerness to pursue cases and investiga- tions favored by Trump. A Pirro spokesperson didn’t respond to a request for com- ment. The White House de- clined to comment, pointing to Trump’s public comments about Pirro. CNN earlier re-
Value of U.S. imports of electronic components from Taiwan*
Communication equipment
Computers and peripheral equipment
tion, and therefore GDP. In the first five months of this year, for example, the U.S. imported about $90 billion in computer equipment, semi- conductors and other elec- tronic components from Tai- wan. That figure came to about $20 billion in the first
How many Japanese yen $1 buys
¥152
Jan. 2026 Feb. March April May June July Aug.
Source: Tullett Prebon Note: Scale inverted to show yen’s appreciation
“The U.S. would be con- cerned about a rapid selloff in the yen that undermined global financial stability,” said Paul Cavey, who runs East Asia Econ, a consulting firm that provides data and analy- sis on the region’s economies. For the U.S. in particular, if Japan chose to support its currency by selling some of its vast holdings of U.S. Trea- surys, that could add to the pressure on U.S. bond yields and interest rates when they are already rising on fiscal concerns and uncertainty over Federal Reserve policy. Bessent’s Japanese counter- part, Satsuki Katayama, said on Monday that Japan planned to use a pandemic-era borrowing facility to get dol- lars from the Federal Reserve rather than sell down its Trea- sury holdings to finance fu- ture intervention. Bessent said he would encourage the Fed to “upsize” the little-used For- eign and International Mone- tary Authorities Repo Facility. A weak Japanese currency also makes it harder for Japa- nese firms to finance a planned $550 billion in invest- ments in the U.S., a corner- stone of a 2025 trade pact and
ported that Trump has dis- cussed removing Pirro. Earlier Monday, Trump didn’t respond to questions from reporters about whether Pirro should remain in her position. He acknowledged that he wasn’t happy with the con- tractors who had rushed to finish coating the pool in time
five months of 2024. Also, inflation is eating away at the value of AI spend- ing. Surging chip prices mean buyers simply aren’t getting as much bang for their buck as they used to. Even so, Oxford’s Pearce es- timates that AI investment alone has been behind nearly a quarter of the growth in gross domestic product recently. The AI-boosted stock mar- ket is the other big source of support. In the first quarter, U.S. household net worth reached $174 trillion, according to the Federal Reserve, an increase of $13 trillion from a year earlier that was mostly because of stock gains. Since then, the broad S&P 1500 index has risen by about 15%, so net worth is likely trillions of dol- lars higher now. Those gains have been driven in large part by enthusiasm for AI. When people’s net worth increases, they spend more freely. Estimates of these wealth effects vary, but econo- mists generally think that for every dollar in stock-market wealth gained, people spend a few cents more. The spending from higher-income consum- ers, who hold the bulk of stocks, benefits the most. “Without this investment boom, I think it’s pretty clear the economy would be running cooler,” Pearce said. To be sure, AI might be sucking up so many resources that it is actually crowding out other parts of the economy. For example, resources that are being taken up by data-
Japan, U.S. buy yen Japan buys yen
a priority for Trump. Trump has long spoken of his preference for a weaker dollar to narrow the U.S. trade deficit and support the return of manufacturing to the U.S. Japan isn’t the first ally his administration has helped on currencies. An early benefi- ciary was Argentina under President Javier Milei, a liber- tarian and Trump supporter. The U.S. set up a swap line with Argentina to provide ac- cess to U.S. dollars and the Treasury under Bessent has bought Argentine pesos to prop up its currency. Trump has struck up a rap- port with Japanese Prime Minister Sanae Takaichi, a conservative who was close to the late Shinzo Abe, Japan’s longest-serving leader and a friend of the U.S. president. Bessent, who in 2013 made around $1 billion in a matter of months betting against the yen, on Monday praised Taka- ichi’s economic plans, likening them to Abe’s signature “Abe- nomics” policies that boosted job growth and helped end de- flation in Japan. Speaking to reporters on Air Force One, Trump said Japan had asked for help and
for celebrations tied to July 4 and the country’s 250th birthday. “Now, I’m not saying I was 100% thrilled with the con- tractor, but the contractor was rushing,” Trump said. “We wanted to get it open for July 4, and we got it done— but, in addition, there was vandalism.” The government awarded a contract to a Virginia-based company, Atlantic Industrial Coatings, without a full bid- ding process. The $16 million project gained national atten- tion when the pool bottom began to peel and algae blooms turned the pool from blue to green. Pirro initially said there was “a violent effort to rip up the sealant from the bottom of the pool,” and her office se- cured an indictment against David Hearn, a former Olym- pic canoe racer, for felony de- struction of government prop- erty. The charge carried a
ANNA MONEYMAKER/GETTY IMAGES
center construction—land, ma- terials, skilled labor—might otherwise be put to other use. “You can’t just take out AI and leave everything else un- changed,” said JPMorgan Chase economist Michael Fer- oli. “The activity and the fi- nancial exuberance associated with AI might be squeezing out activity.” AI is also feeding into infla- tion, cutting into consumers’ spending power. The iPhone 18 Pro coming out in September might cost less if it weren’t for the jump in memory-chip prices. For now, and despite recent selling in some AI-related stocks, the AI spending boom looks likely to continue. Ana- lysts estimate that capital spending at five of the so- called hyperscalers—Alphabet, Amazon.com, Meta Platforms, Microsoft and Oracle—will come to nearly $4 trillion over the four years ending in 2029, according to FactSet. That is over $300 billion more than what they estimated about a month ago. Real trouble in the stock market could disrupt that story. So, too, could problems in the debt markets that are helping fund the boom. Bar- clays estimates that bond issu- ance at the five big hyperscal- ers and AI entrant SpaceX will come to $285 billion this year, versus about $109 billion last year. “AI is touching so many things,” said Millar, from Bar- clays. “A lot of the economy is kind of banking on continued strength from the build-out.”
the U.S. was happy to oblige. “They wanted a little bit of help and we’re always there for Japan. Japan has been very good to us,” he said, “with the exception, of course, of Pearl Harbor.” Japan isn’t in the same eco- nomic straits as Argentina. Unlike Buenos Aires, Tokyo has abundant foreign-exchange re- serves and Japan’s economy is growing again after decades of stagnation and falling prices. Even so, the yen has been under pressure from a combi- nation of investor anxieties, including over fiscal policy, debt and quickening inflation. In common with other Asian currencies, such as the South Korean won and Indian rupee, the yen has also been struggling as capital races to the U.S. in search of higher re- turns from the artificial-intel- ligence boom. The war with Iran has piled pressure on the currencies of Japan and other energy importers. Japan in April and May burned through some $70 bil- lion of foreign-exchange re- serves to prop up the yen, only to have it weaken again. Pre- liminary data suggest Japan has spent around $50 billion in this latest burst of interven- tion. It isn’t clear how much the U.S. deployed to boost the yen, though Bessent was pho- tographed on Friday with a to- do list that included buying $5 billion to $10 billion of yen. By joining forces with the U.S., Tokyo is hoping the lat- est round of intervention will be more successful, said Brad Setser, a senior fellow at the Council on Foreign Relations and a former Treasury official. With both countries ready to intervene, “it will now be much more costly to be short the yen,” he said.
maximum sentence of 10 years in prison. On Friday, Pirro’s office pointed to documents from the Interior Department that “significantly undermine” the evidence that was the basis for charging the former Olympian. Her office wrote in the court filing that a “visual in- spection showed damage throughout the Reflecting Pool, even in the middle of the pool, where a vandal wouldn’t likely attempt to peel the lin- ing. Given all of this newly discovered information, it is difficult to attribute the wide- spread damage to the Reflect- ing Pool to vandalism.” Three other people were charged with misdemeanors for allegedly damaging the pool a day after Hearn, ac- cording to court records. As of Monday, the court’s public docket showed the gov- ernment had dropped all three cases.
Investments In U.S. Housing
JPMorgan Chase said it is investing $750 billion through 2035 as part of an initiative to support U.S. homeownership. The nation’s largest bank said it plans to provide fi- nancing for one million af- fordable housing units and will help half a million people buy homes. The investment is part of the company’s broader Amer- ican Dream Initiative that aims to support small busi- nesses, broaden access to healthcare and other eco- nomic priorities. “An affordable and resil- ient housing market is essen- tial to driving economic growth and increasing oppor- tunity,” said Michelle Herrick, head of commercial real es- tate for JPMorgan. JPMorgan said it plans to increase its level of mortgage lending by more than 40%. The bank also said it aims to provide loans to 200,000 first-time home buyers. The company’s American Dream Initiative will also offer support to a new housing-af- fordability law passed by Con- gress in June that speeds up federal environmental reviews for certain housing projects and removes restrictions on building manufactured homes and other measures. The law went into effect last month. JPMorgan said it has also carved out funding specifically for housing projects in San Francisco. The bank is provid- ing nearly $200 million in fi- nancing for a 342-unit resi- dential building on the San Francisco waterfront, it said. Chief Executive Jamie Di- mon has said he is worried about the future of the U.S. economy and wealth inequal- ity. The bank said in March it would also lend small busi- nesses as much as $80 bil- lion over the next 10 years, through loans and support for community-oriented banks and investment funds. —Joseph De Avila
Expanded Again Last Month
Factory activity expanded past expectations in the U.S in July, growing at its fastest rate in more than four years, according to a survey of man- ufacturing firms. The ISM’s purchasing man- agers’ index was 55.6 in July compared with 53.3 in June. Readings above 50 indicate a sectoral expansion. Analysts polled by The Wall Street Journal were expecting a reading of 54. The new orders index ex- panded for the seventh con- secutive month after four straight readings in contrac- tion. The prices index re- mained in expansion, but fell from June’s figure. The back- log of orders index was up from June. Meanwhile, the employ- ment index reading of 52.8 was up 3.1 percentage points from June’s figure of 49.7, putting the index in expan- sion territory for the first time in 33 months. —Jessica Coacci
On Jews Rose 8.5% This Year, NYC Says
BY JAMES FANELLI
Anti-Jewish hate crimes in- creased by 8.5% in New York City this year, New York Police Department officials said Mon- day, amid heightened levels of antisemitism around the world since the 2023 attacks in Israel. New York City, which has the largest Jewish population of any city outside Israel, re- corded 205 anti-Jewish hate crimes in the first seven months of 2026, up from 189 during the same period in 2025. More than half of all hate crimes in the city were anti-Jewish, despite Jewish New Yorkers comprising 10% of the city’s population, ac- cording to the NYPD. While antisemitic incidents decreased in the U.S. overall in 2025 after reaching a record high in 2024, they have re- mained at elevated levels since 2021, according to a re- cent report by advocacy group Anti-Defamation League. Since Mayor Zohran Mam- dani took office this year, some Jewish New Yorkers have voiced concerns that his criti- cism of Israel has made them less safe in their own city. Those fears have intensified in recent weeks, Jewish lead- ers say, after the mayor called for the arrest of Israeli Prime Minister Benjamin Netanyahu and, days later, a Jewish man was stabbed in Manhattan in an alleged hate crime. “This is a mayor who has spent his career using divisive rhetoric, particularly aimed at the Jewish community,” said Assemblyman Sam Berger, a Democrat and Orthodox Jew. “Something we have seen throughout his mayoralty is that rather than pulling back from his rhetoric, he has leaned in to it.” When asked about the rise in hate crimes, the mayor said Monday that his administration is working to root out antisemi- tism. “It will never be tolerated, it will never be accepted, and we know that this is something that we have to fight with ev- ery single tool at our disposal,” Mamdani said, adding that his administration has increased funding for the city’s Office for the Prevention of Hate Crimes. Mamdani was a critic of Is- rael during the mayoral race last year, accusing its govern- ment of committing genocide in Gaza and calling for Pales- tinians to have the right to self-determination. In January some Jewish leaders criticized him for be- ing slow to condemn protest- ers who shouted pro-Hamas chants outside a Jewish syna- gogue in Queens. In May he opted not to participate in the city’s Israel Day parade, citing his support for Palestinians. The decision was a break in custom from previous mayors. Mamdani has emphasized that he is a mayor for all New Yorkers, including Jewish resi- dents. He has highlighted vari- ous security measures his ad- ministration has taken to ensure the safety of the Jewish community.
BY MARIAH TIMMS
A security weakness in the technology used by most of the nation’s crime labs to analyze DNA evidence exposed 30 years of crime files to the risk of be- ing hacked, a group of forensic and computer scientists said. The researchers found that with the help of computer code written by widely available AI software, they could alter the data produced from computer- ized scans of physical DNA evi- dence without leaving any trace they had tampered with the records. The vulnerability is likely to have existed in the digital files produced by crime- lab machines since 1995, but recent technological advances make potential tampering much easier now, they said. “Effectively, what we have are data files that are legiti- mately referred to as the gold
After a decade, Chan Zuckerberg charity halts its support of a California campus
BY LAURA J. NELSON
The school that Dr. Priscilla Chan co-founded for low-in- come students was designed to be different. The vast fortunes being minted in other corners of Sili- con Valley had mostly missed East Palo Alto, Calif., where the Primary School opened in 2016. Funded through Chan’s philan- thropy with her husband, Mark Zuckerberg, the private, tu- ition-free school aimed to sup- port the “whole child” through wraparound services, including free dental checkups, early-in- tervention screenings and well- ness coaching for parents. Then, after a decade of oper- ation and more than $125 mil- lion from the Chan Zuckerberg Initiative, the Primary School shut down in June. The board voted unani- mously in April 2025 to close the school after learning that the Chan Zuckerberg Initiative wouldn’t fund it after the 2025-26 academic year, people familiar with the situation said. The school’s demise marks the end of one of the highest- profile education efforts funded by the couple’s philanthropic arm. By some measures, the school’s academic performance fell well short of state norms and its leaders’ expectations, complicating efforts to spread its model to public and charter schools. By others, it succeeded in helping students outside the classroom in ways that are usu- ally not available in public schools. Board president Jean-Claude Brizard said before the vote to close, he shared several options with CZI about the school’s fu- ture, including “winding down.” The board wouldn’t have voted to close without alignment from its biggest funder, he said. A CZI representative said the decision to close was up to the school’s board and that the organization was focused on the school’s academic results, not the cost. The Primary School’s closure
IN RUINS: Miriam Sim, 76, walked through her neighborhood on Monday after a wildfire struck part of Spokane, Wash. Wildfires in and around the city have destroyed about 700 buildings, and some 67,000 people were under orders to evacuate.
standard of forensic science that lack the same level of tamper-evident markings that we require for a paper bag,” said Laura Gaydosh Combs, a forensic scientist and Univer- sity of New Haven professor who worked on the research. The company that makes the crime-lab equipment used in a majority of facilities, Thermo Fisher Scientific, pri- vately acknowledged the vul- nerability in July and indicated it was working on a fix, ac- cording to messages reviewed by The Wall Street Journal. The researchers flagged the se- curity threat in May. After being contacted by the Journal, the company Friday issued a security bulletin, la- beled high severity, that warned of “a risk for nearly undetectable modification” of certain files “if laboratory con- trols are circumvented.”
The Primary School, above in May 2025, was co-founded by Priscilla Chan, below. At right, Mele Fakapelea, in red lei, at her daughter’s eighth- grade graduation last June.
has illustrated what philan- thropic investment means for a community when it arrives, and when it leaves. “It was a godsend school,” said Mele Fakapelea, whose daughter Telesia won a lottery spot in the founding class. Fakapelea later enrolled her four younger children. Losing the school’s support system, she said, was “crushing.” Nearly 540 kids were en- rolled at the Primary School’s two campuses. The Ravenswood City Elementary School District is now preparing for an enroll- ment surge, renovating a cam- pus to avoid packing students into portable trailers. The Chan Zuckerberg Initia- tive pledged $50 million when the closure was announced. That includes paying the bal- ance of the school’s lease to the district and supporting local groups to carry on some ser- vices. CZI also gave $3.6 million to education savings accounts: $10,000 for elementary stu-
The company in a separate note to customers emphasized that there were no known in- stances where the vulnerabil- ity had been exploited. “We have been working closely with the U.S. Cyberse- curity and Infrastructure Agency since the software is- sue was raised,” the company said in a statement to the Journal. “We appreciate the work of forensic researchers on this topic, and we have re- leased a software update that implements the use of digital signatures to add an extra layer of protection that mov- ing forward will help custom- ers verify that data files have not been modified.” While there is no evidence that bad actors have exploited the security weakness to hack files, the researchers said they haven’t found a way to detect tampering if it had happened.
dents, $2,500 for preschoolers and $1,000 for children in early-childhood education. Business leaders and found- ers “look at K-12 education and go, ‘Man, how hard can it be to improve this thing?’ ” said Rick Hess, the director of education policy studies at the American Enterprise Institute. “Well, it’s incredibly hard.” Zuckerberg announced one of the couple’s first major char- itable gifts, a $100 million grant to Newark, N.J., public schools, on “The Oprah Win- frey Show” in 2010. The Pri- mary School was far more hands-on. Chan said then that her work as a pediatrician, and at a Boston housing project after- school program, had taught her that systems to help children are often siloed. The school set out to help kids overcome the effects of poverty and child- hood trauma. Staff worked with commu- nity clinics to find high-needs
Someone with an intent to corrupt the digital evidence files would need local or re- mote access to a lab’s servers and enough know-how about the way DNA testing works. The vulnerability doesn’t af- fect the physical DNA material submitted for testing. DNA evidence is a central and reliable part of criminal investigations and prosecu- tions, but there have been oc- casional worries about tam- pering. In Colorado, a state forensic analyst pleaded guilty in June to four felonies after prosecutors alleged she manipulated evidence and en- gaged in a variety of miscon- duct from 2008 to 2023. For decades, lab machines have taken physical DNA evi- dence and produced digital analysis files. The threat of tampering with those files has grown since the rise of AI
families. Three in four students spoke a language other than English at home. Some things felt more startup than school. Teachers signed nondisclosure agree- ments. Some toddlers wore re- cording devices at home to count back-and-forth conversa- tions with their caregivers, part of a program to boost language development. Chan was on campus often, including to read a Mo Willems book (“The Pigeon Needs a Bath!”) to kindergartners. Dur- ing the launch of a curriculum with Sesame Workshop, Chan bantered with Elmo in a pro- motional video. Teachers at- tended the workshop’s 50th-an- niversary gala and met Michelle Obama. But the school had some challenges, including high prin- cipal turnover. It also initially lacked clear plans and ap- proaches for special education and student discipline, former employees said.
technology that lets amateurs create tools they might not previously have had the skills to develop, the researchers said. In theory, a sophisti- cated attack could add or re- move DNA profiles after crime-scene evidence is scanned, creating the impres- sion a suspect wasn’t at the scene or an innocent person was. It isn’t clear whether the security vulnerability will af- fect pending or past prosecu- tions. Defense attorneys regu- larly mount challenges to DNA collection and analysis in their cases. Sarah Chu, the director of policy and reform at the Perl- mutter Center for Legal Jus- tice, who worked on the proj- ect, said the research highlights lagging protocols “in a system where life and liberty are at stake.”
Katherine Carter, a former middle-school principal hired as a consultant in 2019, said there “really was not an un- derstanding of the amount of time and support” and plan- ning to launch a school. Carter, who left in 2024, said it can take five years for a new school’s approach to jell. It took time for the school to find the right curriculum and policies, said Lindsey Lueb- chow, a founding member of the Primary School. Principal turnover, she said, was one re- sult of the structural challenge of “managing many programs in a single school.” Chan was the Primary School’s co-founder and board chair for about eight years, until 2023; CZI was the main funder. Having one major backer in perpetuity hadn’t been the original plan, CZI said, but rather a model that “could be sustained through primarily public investment.” Chan lobbied her network “to bring in other funding sources,” CZI said. But finding donors to supplement CZI was a tough sell, said Brizard, who is the former head of Chi- cago’s public schools. “Why would you give money to an entity being funded by one of the wealthiest people in the world?” he said. Angelica Cardenas, 29, whose 3-year-old daughter was enrolled along with her siblings’ five children, said she heard about the closure from the news. “If they knew they were going to stop in- vesting in our community, it should have been spoken about earlier on,” Cardenas said. A Stanford report found that in spring 2025, 14% of lo- cal students in third grade and above exceeded literacy standards; at the Primary School, it was 26%; statewide, it was 47%. Eighth-grade students, many of whom had attended the school for a decade, dem- onstrated above 50% grade- level proficiency in their final year, the school said. Fakapelea’s oldest daugh- ter, now 13, was one of two speakers when the school’s lone class of eighth-graders graduated in June. She cried afterward, as her family draped her in leis.
FROM TOP: EMILY STEINBERGER/THE WASHINGTON POST/GETTY IMAGES, SAO LUTUI, SUZANNE CORDEIRO/AFP/GETTY IMAGES
In Michigan Linked to Cyclospora Outbreak
BY VICTORIA ALBERT
Two people have died in connection with the cyclospo- riasis outbreak that has spread across the U.S. this summer, according to public- health officials in Michigan, marking the first deaths tied to the unusually large flare-up of the food-borne illness. Both of the people had “sig- nificant underlying health con- ditions” that may have been ex- acerbated by cyclosporiasis and dehydration, said Michigan’s Department of Health and Hu- man Services. It didn’t provide additional information about the people who died, but said cyclosporiasis deaths are un- common in the United States. The U.S. is facing a severe outbreak of cyclosporiasis, a food-borne illness caused by the cyclospora parasite and characterized by explosive di- arrhea that can last weeks. While Michigan has seen an especially high tally, more than 40 states have reported cases. Authorities have been prob- ing various cyclospora out- breaks as if they are distinct, but it is possible they are re- lated and investigators so far haven’t been able to connect them. The largest outbreak has been linked to Taylor Farms’ shredded iceberg lettuce, which was sold at retailers in- cluding Taco Bell. On July 17, Taylor Farms said it was re- moving all iceberg lettuce sourced from central Mexico from the U.S. market. Taco Bell finished pulling poten- tially affected product from its supply chain on the same day.
LINDSEY WASSON/AP
In House primary rematch with Bell, progressive counts on left’s rising power
BY TERELL WRIGHT
ST. LOUIS—In her conces- sion speech after losing the Democratic primary in 2024, then-Rep. Cori Bush delivered stern words to Aipac, a pro-Is- rael group that poured millions into defeating her: “I’m coming to tear your kingdom down.” Two years later, Bush is staging a comeback attempt to reclaim the deep-blue Missouri seat she lost to Democratic Rep. Wesley Bell, a former prosecu- tor running as a more-centrist candidate to represent St. Louis and some of its inner suburbs. The rematch Tuesday marks a high-profile test of which di- rection Democratic voters want to go: a pragmatic, moderate path personified by Bell, or the leftward direction sought by Bush, a onetime member of the “Squad” of prominent progres- sive lawmakers. The primary also will show whether voters are willing to
Cori Bush
Wesley Bell
WASHINGTON Acting ICE Director Sells Prison Stock Acting ICE Director David Venturella has divested him- self of his Geo Group stock and recused himself from “all contracts and obligations re- lated to detention” and cer- tain other matters that in- volve the private prison company, according to a let- ter sent to Sen. Elizabeth Warren (D., Mass.). Venturella previously worked at Geo, a large pri- vate prison operator, before returning last year to the De- partment of Homeland Secu- rity, where he worked during the Obama administration. Venturella worked for Geo Group from 2012 to 2023 and then was a consultant for the private prison company through Jan. 31, 2025, accord- ing to an SEC filing. In June, he replaced Todd Lyons, the previous acting di- rector, for whom Venturella served as a top adviser. While Venturella is acting director, Trump has picked Lance Schroyer, a veteran of Oklahoma law enforcement, as the agency’s next perma- nent director. But Schroyer has yet to have a confirma- tion hearing and the timeline of his nomination remains unclear. Immigration and Cus- toms Enforcement hasn’t had a confirmed director since the Obama administration. Geo Group is reopening prisons across the U.S. to house ICE detainees under contracts the Trump adminis- tration signed last year. A DHS spokesperson said: “The Acting ICE Director abides by all ethics require- ments.” —Marianne LeVine
How Does the Qatar-Donated Air Force One Compare With Other Presidential Jets?
Presidential planes
Retired In use
‘Sacred Cow’ Roosevelt
‘Independence’ Truman
‘Columbine II’ Eisenhower
‘Columbine III’ Eisenhower
‘Queenie’ Eisenhower
SAM-26000 Kennedy
SAM-27000 Nixon
SAM-28000 G.H.W. Bush
SAM-29000 G.H.W. Bush
Qatari ‘bridge’ plane Trump
’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 ’30 1945
give Bush a second chance, in a race where she is again being vastly outspent by her oppo- nent and outside groups. “I want to go in and get back to work,” Bush said in an interview, promising to fight to move the party further left if elected. “I’ve been frustrated with the Democratic caucus be- cause I feel like we can do so much more,” she said, pointing to issues such as protecting abortion rights and combating Project 2025 government cuts. Since Bush’s defeat, many Democratic voters have shifted toward the positions she has championed. Her criticism of Israel is now widespread in the party, and candidates touting the same progressive policies that Bush has pushed, like free universal healthcare, have won a series of high-profile races. Like New York City Mayor Zohran Mamdani, she identi- fies as a Democratic socialist. She is facing an onslaught of negative ads. Spots from Aipac-aligned United Democ- racy Project paint her as hav- ing been lackadaisical in her congressional duties and hos- tile to President Joe Biden and Vice President Kamala Harris
VOTERS’ TURN: A sign for mail-in voting in Florida’s primary was put out in Miami Monday.
BROWN UNIVERSITY President Paxson To Leave Next Year Brown University Presi- dent Christina Paxson said she would step down from the helm of the Ivy League school next year. Paxson is the longest-serv- ing Ivy League president, and her tenure has overlapped with one of higher-education’s most volatile periods. She contended with a global pan- demic, a broadside on elite universities by President Trump and a shooting at the Providence, R.I., campus that left two students dead. Paxson was scheduled to retire last year, but she ex- tended her tenure after Trump froze $510 million in research funding. Brown
CURRENT PLANE
The longest-serving presidential plane is still in use.
It’s unclear how long the Qatari jet will remain in use as Air Force One afterTrump.
when they were in office, and they highlight her vote against the 2021 bipartisan infrastruc- ture bill. Those attacks on her record were repeated by many voters, during a visit in recent days to the district. Bush is betting that dissatis- faction among Democrats, paired with her reputation as an activist who isn’t afraid to ruffle feathers, will jolt voters her way. Bush’s own ads cast her as a fighter who isn’t beholden to Aipac—short for American Is- rael Public Affairs Committee— or other special interests. Aipac spokeswoman Deryn Sousa said Bell is a “serious,
reached an agreement with the White House that in- cluded sending $50 million to workforce development pro- grams in Rhode Island. That deal sparked criticism from students and faculty. In a letter to the Brown community on Monday, Pax- son said she is “proud that we came to an agreement with the federal government that restored our funding while staying true to Brown’s values.” In October, Paxson declined to sign on to a con- troversial Trump administra- tion “Compact” proposing higher-education principles. The darkest moment of her presidency came in De- cember when a gunman killed two students and injured nine in a lecture-hall attack. —Douglas Belkin
For Edwards’ Censure
BY JACK MORPHET
The House Ethics Commit- tee concluded that Rep. Chuck Edwards (R., N.C.) made un- welcome sexual advances to fe- male House staffers and rec- ommended he be censured. The panel found “substantial reason” to believe that behavior by Edwards toward two young women working in his congres- sional office violated House rules related to sexual harassment and a hostile workplace. One woman was a 19-year-old and the other was in her early 20s. The committee concluded in a 25-page report released Mon- day that Edwards made fre- quent comments regarding his staffers’ appearance and weight, sent them messages in the middle of the night, texted them deeply personal and seemingly romantic thoughts, intruded on personal occasions without invitation, paid for per- sonal vacations and spent thou- sands of dollars on gifts. “That Representative Edwards did all these things to two young staff-
MICHAEL B. THOMAS FOR WSJ
principled leader who pro-Is- rael Americans are proud to support” over Bush. Bush, 50 years old, rose to prominence during the Fergu- son, Mo., protests that followed the death of Michael Brown Jr., who was killed by a white po- lice officer in 2014. She un- seated long-serving Democratic Rep. William Lacy Clay in a 2020 primary. She has been homeless, liv- ing in her car at one point, an experience she said shaped her politics. In 2021, she spear- headed efforts to extend a Covid-19-era eviction morato- rium, sleeping for four nights
NEW YORK Utilities Get Funds After Cyberattacks New York is giving local utilities more than $9 million to shore up their digital de- fenses, following cyberattacks that targeted water utilities across at least seven states. Gov. Kathy Hochul on Monday unveiled funding for 151 water and wastewater systems. The announcement comes days after federal au- thorities disclosed attacks that disrupted water opera- tions in several states since July 27. New York finalized manda- tory cybersecurity require- ments for many drinking wa- ter and wastewater systems earlier this year. —James Rundle
ers, repeatedly over a sustained period, was beyond inappropri- ate,” the report said. Edwards, who is 65 and mar- ried, is running for a third term. A campaign spokesperson said the committee findings “con- cluded that the allegations in this matter do not implicate quid pro quo sexual harassment.” The spokesperson said Edwards “looks forward to having his name cleared and will work to ensure that the full light of day is brought on this process.” The committee found Ed- wards missed votes in the House to decorate the Christ- mas tree of a staffer in her early 20s, booked and paid for her massages and spa treat- ments, and wrote poems for her that he read through tears at her going-away party. Edwards arranged for a singer to serenade the same staffer on her birthday, after which she told a friend she thought the congressman didn’t view her as “just a daughter figure” and that she was “scared lowkey.”
on the steps of the Capitol. Bush’s strongest support comes from St. Louis’s poorest neighborhoods, where her background as a community activist earned her cachet as a champion for low-income resi- dents. Bell, in contrast, has strong support in the wealthier St. Louis County suburbs. “I don’t feel Wesley Bell is actually doing anything for the citizens of the city of St. Louis,” said Demoine Smith, 58, who is voting for Bush. “Cori was working for us.” Robert Bianco, 65, said he was supporting Bell because of his career as a prosecutor, and said he didn’t like Bush’s antag- onistic language toward Biden and Harris. Bianco said he had one issue with Bell: what he saw as his deep support for Israel. “That’s one of the things I find a bit disturbing,” Bianco said. Two years ago, voters swung toward the center, and Bell notched a five-point win. This campaign, Bell has raised $3.6 million in total, nearly tri- ple the $1.3 million raised by the Bush campaign, according to Federal Election Commission filings. Bell also has benefited from $2.1 million in ad spend-
MICHAEL THOMAS/AP
Rescinds Trump Fund
ContinuedfromPageOne
Capitol by Trump supporters. Blanche in the following weeks said the Justice Department was abandoning the fund, but he hadn’t formally memorial- ized it in writing until Sun- day’s release. Cornyn’s office said late Sunday that he had reached the agreement in which the Justice Department committed to formally terminate the fund and make clear “in a binding written document” that the scope of the audit protections was limited. The announcement comes ahead of a Senate Judiciary Committee vote on Blanche scheduled for Tuesday and could clear the way for Blanche’s confirmation as soon as this week. The committee had scrapped a vote last week because Cornyn and Tillis had refused to back Blanche. Both lawmakers have clashed with Trump and won’t be returning to the Senate next year. While the backing from Cornyn and Tillis will likely be enough to ad- vance Blanche past a critical hurdle in the Senate commit- tee, it wasn’t yet clear w h e t h e r Blanche has sufficient sup- port in the full Senate to clinch confirmation, or when a final vote might happen. Democrats oppose Blanche’s nomination and have called both the fund and audit protections wrong and cor- rupt. The fund, which could have been used to pay Trump allies, and the audit protections were a product of a controversial settlement between Trump and his own administration. That pact ended an extraordi- nary $10 billion lawsuit filed by the president against the Internal Revenue Service for a contractor’s illegal leak of his tax returns during his first term. In other leak cases, the Jus- tice Department has defended the government, arguing that the U.S. wasn’t liable for the contractor’s actions. In this case, the department’s attor- neys never appeared in court and reached the deal directly with the president’s lawyers. A federal judge in Florida said Trump brought the case in bad faith and for an improper pur- pose, and the judge is consid- ering forcing the president to pay attorneys’ fees to others who intervened in the case. It isn’t clear how legally binding or significant the Jus- tice Department’s new com- mitments are. Notably, the text of the deal creating the fund said it could be changed only with agree- ment of all of the parties who signed it, including the IRS, the Justice Department and Trump in his personal capac-
CRISTOBAL HERRERA-ULASHKEVICH/EPA/SHUTTERSTOCK
legally binding the DOJ’s new commitments are.
ing from the Aipac-aligned United Democracy Project and about $700,000 from the New Democrat Majority super PAC, a group aligned with centrists, according to AdImpact. As of mid-July, Bell still had more than $1 million to spend on hand, while Bush had only about $98,000, according to the FEC filings. Bush has been endorsed by the Democratic Socialists of America and Sen. Bernie Sand- ers (I., Vt.). Bell is endorsed by the Congressional Black Caucus and House Minority Leader Hakeem Jeffries (D., N.Y.). Bell, 51, said although he supports Israel, he is critical of Prime Minister Benjamin Ne- tanyahu. Last month, he voted against an amendment backed by about half of House Demo- crats that would have stripped military aid from Israel. He also supports such progressive causes as Medicare for All. Bush has faced several con- troversies. In 2024, she said the Justice Department was in- vestigating whether her cam- paign improperly paid her hus- band to provide personal security, which she denied. She wasn’t charged with any crime.
ity. Blanche’s new order doesn’t change that three- party agreement. Cornyn had pointed out during Blanche’s confirmation hearing that Trump could sue for breach of contract if the Justice Department fails to create the fund, and the presi- dent has continued to support the idea of a fund. Additionally, even without the fund, the administration still has the authority to make settlement payments to people who file claims or lawsuits against the government. Asked about the decision to rescind the fund, Trump said on Monday that he wasn’t per- sonally involved with it. “I didn’t look at it,” he told re- porters. “All I know is, Todd Blanche is great.” Blanche had provided the audit protections in a May 19 document. As written, that ap- plied not only to the plaintiffs in the original lawsuit but also to “related or affiliated indi- viduals” and “related compa- nies.” It didn’t just end exist- ing tax audits but also barred the government from pursuing matters that “could be pend- ing,” and it explicitly applied to “other agencies or depart- ments.” Under questioning from Cornyn, Blanche said that or- der was intended to apply only to the IRS and only to the named plain- tiffs in the case: Trump, two of his sons and the Trump Or- ganization. In his Sun- day statement, Blanche said this relief would only ap- ply retroac- tively. And he said he stood by his testimony on the narrowed scope. How- ever, it isn’t clear whether Blanche has the authority to end tax cases, a power that the tax code leaves with the IRS unless cases have been specifically referred to Justice Department for litigation. “These assurances are not worth the paper they’re writ- ten on,” said Brandon DeBot, policy director of the New York University Tax Law Cen- ter. “They don’t do anything new to stop the president from trying to bring back the fund, as he threatened to this week- end. It’s abundantly clear we need congressional action.” “This supposed ‘deal’ doesn’t prevent payouts to vi- olent insurrectionists in the future,” said Sen. Adam Schiff (D., Calif.), who also criticized the continued tax-audit pro- tection for Trump. “It doesn’t prevent the [administration] from bringing the slush fund back from the dead next week” or from using another Justice Department fund to make payments, he said. Trump still stands to re- ceive significant benefits. His tax matters aren’t public, but the New York Times reported in 2024 that Trump was in a dispute with the IRS that could top $100 million. Blanche in a social-media post Sunday night said the written-settlement revisions came after “good-faith discus- sions” over the past few weeks.
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Strait of Hormuz, Iran Says
Discussions with Oman continue on managing traffic in the waterway
BY SUMMER SAID AND BENOIT FAUCON
Iran said Monday that there weren’t any talks under way with the U.S. nor were any meetings planned, after President Trump said he had called off a major strike on the country to provide more time for negotiations on free- ing up traffic in the Strait of Hormuz. Over the weekend, Trump said he had prepared to greenlight what he described as the biggest military attack since World War II before U.S. allies intervened. “We were all set to go, but when the allies asked to call it off, you got to sort of say, ‘Well, let’s see,’ ” he told re- porters Sunday. Iranian foreign ministry spokesman Esmail Baghaei re- jected Trump’s suggestion that talks were under way, noting that Iran hadn’t sent delegations or negotiators to take part in any discussions. He said all of Iran’s negotia- tors were still in the country, with the exception of Foreign Minister Abbas Araghchi, who was visiting a religious site in Iraq. In a social-media post Mon- day, Trump described Iran’s leadership as “unbelievably duplicitous,” saying they had asked for talks on ending the war and then announced that no discussions were being held. “Nothing gets through to Iran, unless we want it to, and nothing will get through, un- less a Deal, or Total Surren- der, is accomplished,” the U.S. president said. Later, Trump told reporters in the Oval Office: “This is the last chance for them to sign a good document.” Iran’s Foreign Ministry did, however, acknowledge that Tehran was continuing talks
On Christians Are Increasing
BY MARGHERITA STANCATI
JERUSALEM—In Jerusa- lem’s Old City, a group of Is- raeli teenagers recently banged on the door of the headquarters of the Armenian Apostolic Church and asked if there were Christians inside it. They wanted to spit at them. The boys said it was a reli- gious duty, or mitzvah, to hu- miliate Christians, or, as they called them, idol worshipers. “We are supposed to hate them,” explained one teen, wrapped in an Israeli flag. They were among the thou- sands of mostly young Israelis who on that May afternoon marched through the historic Old City for a national cele- bration that marks the capture of East Jerusalem in 1967. It is an annual show of force that the area’s mostly Palestinian residents find provocative. On that recent afternoon, there were at least a dozen spitting incidents near the Ar- menian church alone, accord- ing to security-camera footage, witnesses and a Wall Street Journal reporter on the scene. Incidents of anti-Christian hate, once sporadic, are be- coming routine in Jerusalem, a city held sacred in Christian- ity, Judaism and Islam. Most Israelis condemn this behavior, but negative attitudes toward Christianity have become more common, particularly among young people, surveys show. The incidents are embar- rassing for Israel’s right-wing government, which says it is committed to upholding reli- gious freedom in a region where discrimination is com- mon. The government has ap- pointed a new Arab Christian ambassador to help smooth relations with Christian com-
REUTERS
Iran and regional mediators have been discussing creating a temporary route through Hormuz.
with Oman on how to manage the Strait of Hormuz, which has been at the center of the stalemate between Washing- ton and Tehran. The discus- sions between the two coun- tries bordering the strait have grown more significant in re- cent days, with both Oman and Iran noting there had been some progress. Iranian state media earlier cited Araghchi, the foreign minister, as saying that dis- cussions on creating a mecha- nism for ships to pass through the Strait of Hormuz were “nearing completion and in their final stages.” Trump, too, had suggested the discussions are making some headway. He wrote in a social-media post Saturday night that Iran and other Mid- dle East countries had urged him to cancel his attack be- cause the “perimeters of a deal” had been hammered out. Iran has been in discus- sions with Oman and other re- gional mediators about the creation of a new temporary route through the Strait of Hormuz that would allow commercial shipping to re- sume, mediators told The Wall Street Journal. According to the proposal, Persian Gulf-bound ships will enter via Iranian waters and
munities, but critics say it isn’t doing enough. “This is the reality: Whom- ever is a Christian—visibly a Christian—is becoming a tar- get,” said Yisca Harani, an Is- raeli scholar who monitors anti-Christian hatred. “There are a growing number of reli- gious Jews who do this, and it is not being taken seriously by Israeli authorities. They are turning a blind eye, and that is an encouragement.” The rise in anti-Christian be- havior is relatively new. In 2013, attackers desecrated a Protestant cemetery in Jerusa- lem. Two years later, Jewish ex- tremists set fire to a monastery in Tabgha, a place where Chris- tians believe Jesus performed the loaves-and-fish miracle. Itamar Ben-Gvir, Israel’s far-right national security min- ister, was the defense lawyer of the arsonists. He has said spit- ting on Christians is an ancient Jewish custom and shouldn’t be considered a crime. Harani, the scholar, began documenting anti-Christian in- cidents three years ago through the Religious Freedom Data Center, the organization she founded. In the first half of 2026, Harani’s organization registered 107 anti-Christian incidents, more than double the figures it recorded in the same period in 2024. The majority occurred in and around Jerusa- lem’s Old City, and the most common form is spitting and verbal abuse, including shouts of “Death to Christians.” Trash is often thrown at monasteries. The overwhelming majority of Christians who live in Jeru- salem are Palestinian Arabs. But much of the anti-Christian behavior targets foreign cler- ics, nuns and the city’s overtly Christian symbols, according
exit via Omani waters without paying fees, they said. Iranian diplomats initially reacted positively to the latest proposal, but later demanded guarantees that attacks on Iran wouldn’t resume and that sanctions on its oil would be lifted, the mediators said. Mediators were also still waiting for a response from the Islamic Revolutionary Guard Corps, the paramilitary group that holds the levers of power in Iran. If a temporary agreement is reached on the strategic waterway, negotiations would move to revive the initial memorandum of understand- ing to resolve the conflict over the strait for 60 days, they said, adding that Pakistan has proposed to host the next round of talks between Tehran and Washington. The talks between Oman and Iran are focused on find- ing temporary arrangements over shipping transits in the strait, a move that would ease the reopening of the water- way and help mediators re- start talks about a preliminary peace deal. Regional countries also have asked the mediators that any agreement should include guarantees that neither Iran nor its proxies will pose
OFIR BERMAN FOR WSJ (3)
to victims and rights groups that monitor such incidents. In April, a French nun on Jerusalem’s Mount Zion was shoved to the ground by a Jewish extremist. The nun re- covered from her head injuries and the perpetrator was quickly detained, but victims and rights groups say most in- cidents, which are usually nonviolent, go unpunished. Many nuns are now too frightened to go outside in Je- rusalem. Volunteers from Ha- rani’s organization escort them to and from a monastery on Mount Zion to their resi-
threats to their territories, ac- cording to senior Arab offi- cials familiar with the matter. International oil prices were about 5% lower late Monday on hopes that an agreement to finally reopen the Strait of Hormuz could be reached, with prices for Brent crude falling to around $84 a barrel. Uncertainty for the talks’ success continues, however. Earlier efforts failed to gain much traction, and if they again stall there remains the prospect that Trump will re- turn to his threats of a mas- sive military strike. There also is the question of whether the IRGC would agree to any deal to open up the Hormuz strait that doesn’t hand Iran total control of the waterway. The British Navy’s marine- traffic monitoring agency, UK- MTO, reported that late Sun- day the master of a tanker 20 nautical miles northeast of Oman reported hearing an ex- plosion in proximity to the vessel. “The vessel and crew are all reported as safe. Authori- ties are investigating. Vessels are advised to transit with caution and report any suspi- cious activity to UKMTO,” it said.
Clockwise from above: Young Israelis celebrate the Jerusalem Day flag march; clerics, nuns and Christian symbols are often the target of anti-Christian behavior; a tour guide at the Church of the Holy Sepulchre.
dence in the Old City. While only a small number of extremists engage in such behavior, it speaks of a broader problem, scholars and activists say: Younger Israelis lack knowledge about Christi- anity, and the little they do know often fuels intolerance. “The notion they have of Christianity is not very com- plex,” said Orit Ramon, an Is- raeli professor of Christian his- tory at Jerusalem’s Open University. “They know Chris- tian society mostly through the events of violence by European Christians towards Jews,” from
Oil Companies
WASHINGTON—President Trump said Chevron and Exx- onMobil are “making too much money” and should re- turn some of their profits back to the public.
ExxonMobil are ‘making too much money,’ Trump says.
By Marianne LeVine, Benoît Morenne and Collin Eaton
“When you look at one com- pany where they made 12 times what they made the year before, they ought to give some of that back to the public,” Trump told reporters Monday. “And they better cut the retail price, the consumer price.” The U.S.’s largest oil com- panies reported blockbuster quarterly profits after Trump’s war in Iran caused a historic dislocation in global markets that sent energy prices soaring. At ExxonMo- bil, quarterly profits more than doubled from a year earlier to their highest level since 2022, at $14.5 billion. Chevron had its highest quar- terly earnings on record, at $12.1 billion. Exxon and Chevron de- clined to comment. The national average price of gasoline topped $4.55 a gal- lon in late May on oil prices around $100 a barrel. Prices at the pump marched higher for several months earlier this year as skirmishing off and on in Iran kept the Strait of Hor- muz mostly closed. The waterway is a pinch- point in the global energy market. As much as 20% of the world’s daily oil needs flowed through the strait before the war started in February. Analysts said Trump and the oil industry have few op- tions to mitigate high prices— and many have been tried. Large withdrawals from the U.S. Strategic Petroleum Re- serve since spring have left the emergency stockpiles at the lowest levels since the early 1980s; commercial in- ventories have shrunk, too, as
the Crusades to the Holocaust. There is also a deep-rooted fear of Christian proselytizing, and they oppose the statues and icons in churches that many re- gard as idolatry. Many are re- sentful of the Catholic Church for criticizing the conduct of the war in Gaza and for speaking out in defense of Palestinians. Ramon used to take Israeli high-school students on field trips to Christian sites, but as students and their parents in- creasingly objected, most schools gradually stopped of- fering them. Ramon ended her tours in the mid-2000s.
oil exports have surged. Only reopening the strait can ensure global supplies climb high enough to sate the world’s appetite, they said. “He’s trying to use the bully pulpit of the office to try to persuade companies to bring their prices down. We haven’t seen it be successful in the past,” said Glenn Schwartz, director of energy policy at consulting firm Rapi- dan Energy Group. “Trump is acutely aware of the political consequences, with the midterms fast ap- proaching, that high oil and high retail gasoline prices make things more difficult on incumbents, particularly Re- publicans.” Trump described himself as a “big free enterprise guy,” but said he is frustrated by the oil industry’s prof- its, which come as fuel prices in- crease as a re- sult of his war in Iran. “You’re surprised I’m saying it. I’ll say it loud and clear. I’m not happy about it,” he said of the in- dustry’s profits. Trump’s latest attack on the oil-and-gas industry echoes former President Joe Biden’s criticisms. Crude prices soared in 2022 after Russia’s invasion of Ukraine and with them Big Oil’s prof- its, prompting Biden to accuse fossil-fuel companies of war profiteering and call on Con- gress to pass legislation to pe- nalize companies. Trump earlier in the day criticized Mike Wirth, CEO of Chevron, in a Truth Social post, after Wirth did an inter- view with Fox Business’s Ma- ria Bartiromo. Wirth high- lighted the company’s record oil-and-gas production and fuel-making in the U.S. “The only thing he conve- niently forgot to mention is that, without the genius, fore- sight, strength, and stability, of the TRUMP Administration, the Oil Industry, and our Country itself, would be DEAD!,” Trump wrote.
U.S. Ambassador Pushed for Visas
Anti-Christian behav- ior in Israel has tested the support of Tehran’s staunchest allies in the U.S. When Mike Huckabee took over as U.S. ambas- sador to Israel last year, he was shocked to dis- cover evangelical Chris- tian organizations were struggling to get visas. Huckabee ran a tour company that brought Christian pilgrims to the area. No previous inci- dents had been reported. Huckabee went to Is- rael’s minister of interior, but the problem per- sisted, so he turned to Prime Minister Benjamin Netanyahu, who helped release the visas. The main obstacle, said Huckabee, appeared to be an official at the Ministry of Interior who held anti- Christian prejudices. “The best friends that the state of Israel has are evangelical Christians from America,” Huckabee said in an interview. “And if their organizations could not get their people to come serve on a clergy visa, that was the most unfortunate message they could possibly send.”
Some Jewish extremists say they want Jerusalem’s churches destroyed or con- verted into synagogues. Among them is 19-year-old At- ara Serwatien. “It should be a Jewish state,” she explained. About half of Israelis be- lieved that entering a church is forbidden, up from 10% in 2008, according to a poll pub- lished in September by the Rossing Center for Education and Dialogue, an Israel-based interreligious group. A similar proportion of respondents said they considered Christi- anity a form of idolatry.
Tuesday, August 4, 2026 | A7 WORLD NEWS
REUTERS
Most of the migrants who came to Ceuta retured to Morocco by Sunday. Some remained at a temporary facility on Monday.
Spanish territory, a cultural melting pot, is now a flashpoint between continents
BY BENOIT FAUCON
CEUTA, Spain—By Sunday morning, nearly all of the tens of thousands of migrants who flooded into this tiny Spanish city were gone. But the trauma of the sudden influx lingered. Off a Mediterranean beach, countless shoes bobbed in the blue waters, abandoned by mi- grants who had swum to this slice of Spanish territory along the Strait of Gibraltar, just off the coast of Morocco. Evaristo Casares Fernandez, a sanita- tion worker, noted that it would fall to him to clean up the floating mass of footwear. “It used to be a very tranquil place,” said Casares Fernandez, 55 years old, a Ceuta native. “That’s no longer the case.” For centuries, this city has been a multiethnic melting pot where European and African, Muslim and Christian cultures converged, and coexisted mostly peacefully. Its mix of Spanish military fortifications, churches, mosques and a synagogue is un- usual for North Africa. Now, it is a symbol of the chasm migration has opened between the two continents. For several chaotic days last
And Red Cross Meet
BY MIKE CHERNEY
SINGAPORE—Myanmar’s tainted pro-democracy icon, Aung San Suu Kyi, met with a Red Cross official Monday, of- fering evidence that the for- mer leader is alive despite concerns from her supporters about her health. Suu Kyi met with Arnaud de Baecque, the resident rep- resentative of the Interna- tional Committee of the Red Cross, according to a state- ment attributed to Myanmar’s presidential office that was posted on a state media Tele- gram channel. The Red Cross confirmed the visit. Suu Kyi’s family and sup- porters say they haven’t heard from her in years. Her Lon- don-based son Kim Aris has been campaigning to get Myanmar authorities to offer proof that she is alive. Suu Kyi’s condition and whereabouts have become a point of tension between Myanmar and its neighbors. The meeting could help Myan- mar’s military rulers—who concluded elections earlier this year—in their campaign for international legitimacy. The vote was tightly con-
MYANMAR GOVERNMENT/AFP/GETTY IMAGES
Migrants gather around a bonfire on a beach in Ceuta.
week, migrants flooded into Ceuta, overwhelming the border guards and sending many of the 80,000 permanent residents to the safety of their homes. Shops closed, the enclave’s bustling street life receded. Mercedes Cabrera Lafaro was hoping to reopen her beauty parlor now that the large groups of young men were no longer roaming the streets. But the 67-year-old said the fear remained that such an influx could happen again. “We feel abandoned,” she said, echoing a widely shared grievance among Ceutíes, as the locals call themselves. Spanish authorities esti- mated 60,000 migrants breached the border and en-
trolled and the military is ef- fectively running the country, analysts said. Myanmar’s pres- ident is Min Aung Hlaing, who until recently was commander in chief of the military. Meanwhile, a civil war is raging between the military, and pro-democracy activists and ethnic groups. The mili- tary, supported by China, has made some gains recently. The Myanmar government didn’t say what prompted the meeting or what was dis- cussed. Presidential office spokeswoman Khaing Khaing Soe said in a message after- ward that Suu Kyi is in good health. Photos of Suu Kyi, who is 81 years old, also were released Monday, including one in which she is shaking hands with someone who appears to be de Baecque in a wood-pan- eled room, and another where the pair are sitting on chairs. The Red Cross said the visit was carried out in accordance with its procedures for visit- ing people deprived of liberty, which included the opportu- nity to speak in private. It didn’t provide an assess- ment of Suu Kyi’s health or condition.
tered Ceuta, but some resi- dents said it seemed like more. Madrid deployed police and military forces to round up most migrants and escort them to the border with Mo- rocco by Saturday evening. The incident highlights the tense relationship between Spain and Morocco, which doesn’t recognize the Spanish claim to Ceuta. Migrants say Morocco allowed them to cross the border for reasons that re- main unclear. Morocco’s gov- ernment didn’t respond to re- quests to comment. Political analysts have pointed to Spanish Prime Min- ister Pedro Sánchez’s recent visit to Algeria, Morocco’s neighbor and rival. Algeria
Rivers Are Going Dry
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most difficult days lie ahead,” Hungary’s Prime Minister Pé- ter Magyar said on social me- dia on Monday. The outage deepens an economic head- ache for Magyar, who is under pressure to reduce a fiscal deficit and boost growth. A prolonged energy crisis could force the government to step up financial support for the power sector and deter in- vestment in manufacturing, said William Jackson, chief emerging-market economist at Capital Economics. “If there are concerns about energy re- liability, that’s likely to affect investment decisions,” he said. Conditions on the Danube are a pain for tourism, too. The river was immortalized by composer Johann Strauss II as “The Blue Danube,” but views from cruise-ship windows are heavy on the gray-brown hues of dried-up riverbeds. Last week, 186 passengers had to be brought ashore from a Viking cruise liner that hit a sandbank because of low water levels near the Bulgarian city of Vidin. Viking said its guests were transferred safely ashore. The company has a large fleet and lots of experience navigat- ing Europe’s rivers, but some itineraries may need to be modified, it warned. Several cruise operators have canceled voyages. “Major parts of the Rhine and Danube as well as the Mo- selle and Main are not naviga- tional, so we focus on the stretches that still have enough depth to cruise,” said Patrick Ell, a vice president at German operator Viva Cruises. Viva has canceled one cruise and rerouted others. On the Rhine, more than 800 miles northwest of where the Viking Ullur ran aground, a
supports a faction trying to gain independence for West- ern Sahara, a former Spanish colony that Morocco claims. Sánchez has taken a critical line toward Israel, which has re- lations with Morocco through a Trump-brokered pact. “The mass migration undermines Sánchez and curries favor [for Morocco] with the U.S. and Is- rael,” said Geoff Porter, presi- dent of consulting firm North Africa Risk Consulting. Spanish politicians have de- scended on Ceuta to criticize Sánchez for allowing the mi- grant influx. The Sánchez gov- ernment has defended its mi- gration policies and blamed smuggling mafias. On Saturday, Spanish offi- cials said they began installing a makeshift, inflatable barrier that extends out some 500 yards from a breakwater where many of the migrants had swum to the enclave. The Spanish prime minis- ter’s office didn’t respond to a request for comment. The tensions in Ceuta are far from over. Late Sunday, lo- cals clashed with anti-Muslim protesters who arrived from mainland Spain, prompting the police to deploy. Moroccan authorities also were on high alert. At the bor- der town of Fnideq, antiriot vehicles were stationed along the beach where the migrants had swum to Ceuta.
AP PHOTO/BERNAT ARMANGUE
A boat is banked on a low point in the sand along the Danube in Rasova, Romania.
closely watched water-level gauge is delivering a daily dose of pain to industrial companies that rely on the waterway. On Friday, the water depth at Kaub, west of Frankfurt, fell as low as about 9 inches, just shy of its lowest recorded level from a drought in Octo- ber 2018. The water level there is expected to drop be- low 8 inches this week, the German Waterways and Ship- ping Administration said. Re- cord-low levels were measured at other Rhine gauges in North Rhine-Westphalia, such as in Cologne and Duisburg- Ruhrort, over the weekend. Kaub is one of several points on the Rhine where wa- ter levels have fallen so low that ships can now only carry 20% to 30% of their normal load without risk of ground- ing. That means more vessels are needed to ship goods, pushing up freight rates. “We are operating up to the limits of what is physically pos- sible,” said Jens Schwanen, managing director of the Ger- man Federal Association of In- land Navigation, which repre- sents the country’s commercial inland shipping sector. If the drought continues, it could lead to supply shortages
Show New Signs Of a Slowdown
BY HANNAH MIAO
China’s factories are show- ing new signs of weakness, risking a sharper slowdown in growth—though not enough, it appears, to push Beijing into delivering major new stimulus. Manufacturing activity in China expanded at a slower pace in July than the previous month, according to a private gauge released Monday. That came after the government’s official manufacturing pur- chasing managers index on Friday showed a contraction in activity in July for the first time in five months. Stalling factory activity adds to China’s economic woes. The world’s second-larg- est economy after the U.S. has been weighed down recently by weak consumer demand and a drop in investment. Gross domestic product grew 4.3% in the second quarter compared with the same pe- riod a year earlier, the slowest pace since 2022. Yet Beijing has signaled lit- tle appetite for steps sought by some economists to stimu- late growth, such as signifi- cantly expanding social-wel- fare spending and stepping up support for the beleaguered real-estate industry. At a late July meeting of the ruling Communist Party’s Politburo, top leaders stressed the need to make full use of existing policies, and suggested that some targeted support is on the way, without offering a specific timeline. “We do not expect a ba- zooka-style package,” Kelvin Lam, an economist at research firm Pantheon Macroeconom- ics, wrote in a note Monday. China has been experienc- ing a two-speed economy. It boasts strong exports and cut- ting-edge technology, while domestic spending has fal- tered and property prices re- main in the doldrums. The country’s economy fol- lowed a similar path last year, starting 2025 with strong growth but losing speed as time went on. Calls for steps to stimulate domestic con-
and price increases for con- sumers, for example at gas sta- tions in the south of Germany, economists say. German steel producer Thyssenkrupp said it has re- duced hot-metal production at its blast furnaces in Duisburg after low water levels forced it to remove its push-barge fleet from service, crimping raw- material deliveries despite switching to smaller char- tered vessels. The crucial unknown is the drought’s dura- tion. Carsten Brzeski, global head of macro research at ING, said Germany’s gross domestic product might only grow by 0.5% this year— rather than the 0.8% he had forecast—if the disruption doesn’t abate soon. A bad drought in 2018 wiped nearly 0.4 percentage point off German GDP, the Kiel Institute for the World Economy esti- mated. Since that shock, some companies have taken steps to reduce their exposure by shor- ing up alternative routes. Chemicals giant BASF, for
have exposed WWII bombs and mammoth bones.
China consumer confidence index
2020 ’21 ’22 ’23 ’24 ’25 ’26 80
Source: China's National Bureau of Statistics via CEIC
sumption went largely unan- swered as a surge in exports helped it to eke out sufficient growth to meet its official tar- get for the year. This year, authorities have already lowered the bar. China set a target of GDP growth of between 4.5% and 5% this year, the lowest target since at least the 1990s. For the first half of 2026, China reported 4.7% real GDP growth, putting it on track to meet the target. “We believe the absence of a major new stimulus package suggests that authorities still view the current slowdown as manageable,” analysts at Citi- group said. Governments around the world increasingly are con- cerned about China’s reliance on exports to drive growth. European leaders have ac- cused Beijing of using subsi- dies to unfairly support indus- tries, leading to overproduction and a flood of Chinese products entering Eu- rope. China denies that it has a problem with overcapacity. The July gauges of factory activity suggest exports likely will remain strong, while do- mestic demand continues to lag behind, as new export or- ders held up better than over- all new orders, economists said. Some analysts believe ex- treme weather in July contrib- uted to the weaker factory ac- tivity readings.
instance, has invested in shal- low-bottomed barges that are better-equipped to navigate during droughts. But there are already signs of distress in Europe’s chemi- cals sector. A recent run-up in the price of benzene—an important input for many chemicals—was likely driven in part by concerns about supply disruption, said David Potter, an executive direc- tor at Chemical Market Analyt- ics. Benzene is already too ex- pensive for some industrial users to operate profitably, he said, adding the longer the drought lasts, the more likely it is that some companies might suspend pro- duction. The prolonged dry spell is also threatening crop yields across the Continent, a Euro- pean Union drought update said on Friday. While forecasts point to rain around the Mediterranean, other regions can expect “se- verely drier than average condi- tions” until September, it said.
AP PHOTO/ANDREEA ALEXANDRU
THE WALL STREET JOURNAL. WORLD NEWS
AP PHOTO/FRANCISCO SECO
FOGGY MORNING: A passer-by watches a ferry glide along the Bosphorus Strait in Istanbul.
Raid Donor Funds
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duties and failed to exercise proper oversight of the school. Higher education is in fi- nancial trouble and Strouse’s lost scholarship is one piece of the growing collateral damage. College leaders are cutting programs, laying off faculty— and digging into endowments to pay operating expenses. Boards of trustees are under intense pressure and some are turning on one another and the presidents they employ. In extreme cases, schools are covering day-to-day bills with funds that donors gifted for other purposes, without the donors’ knowledge or consent. This tactic is creating a new loser in the consolidation of higher education: thou- sands of philanthropists who have donated billions of dol- lars to colleges and universi- ties across generations. Nearly 200 private colleges borrowed from restricted en- dowments in 2025, up from 131 in 2021, according to esti- mates from Perspective Data Science, a higher-education fi- nancial consultant. Schools used most of the money for everyday expenses, said Mat- thew Hendricks, the com- pany’s founder. “This is going to be a huge problem as small colleges close,” said Joanne Florino, a fellow at Philanthropy Round- table, a nonprofit organization that advocates on behalf of phi- lanthropists. “A lot of living do- nors are finding out the money they donated is not being used for what they gave it for.”
New laws Kansas, Kentucky, Georgia and Montana have passed leg- islation in the past few years making it easier for donors to take legal action against non- profit organizations, including colleges, that use restricted gifts outside the intended terms. The Roundtable pushed for the legislation amid grow- ing concerns about the possi- bility of misuse, said Florino. More than 440 colleges are at risk of closing or merging in the next decade, according to a forecast by the Huron Con- sulting Group, which advises schools on mergers. The percentage of private, nonprofit colleges drawing down endowments at greater than 7%—considered a sign of financial instability—nearly doubled to 19.3% in 2025 from 9.7% in 2016, according to Per- spective Data Science, which analyzed nearly 1,000 institu- tions. The percentage of schools drawing down endow- ments at 15% tripled to 5%. “A lot of schools are doing whatever they can to keep the lights on,” said Hendricks. College and university en- rollments are hitting the so- called demographic cliff, a fall- off in the population of potential students caused by lower birthrates. The largest number of Americans born in a single year started college this past fall. Now, enrollments are projected to fall 13% by 2041, according to the Western Inter- state Commission for Higher Education. In the Midwest and northeast the decline has been
Notre Dame College in South Euclid, Ohio, above, closed in 2024. In May, the campus was bought by a hospital, and the school’s equipment, below right, was auctioned off. Jennifer Schuller, below left, is president of Ohio’s Lake Erie College.
ongoing for several years. Skepticism about the value of a college degree—amplified by the tough job market for recent graduates—has also re- duced the share of Americans choosing college. Tuition that outpaced infla- tion for decades has saddled students and families with high debt and yielded uneven re- turns on the time and money poured into a four-year degree. The wealthiest universities can offset tuition costs with large endowments, making many of them more affordable than smaller, lesser-known colleges with fewer resources. Using restricted donor funds to cover day-to-day expenses is tantamount to putting a going- out-of-business sign on cam- pus, so it is little discussed out- side college boardrooms. Even third-party annual audit re- ports are often vague on where schools are pulling money. The result, said Chuck Ambrose, former president of the Univer- sity of Central Missouri and now a senior adviser at Husch Blackwell Consulting, is that a lot of reckless behav- ior will likely come to light as schools close or merge. Donations to col- leges fall into two buckets: those for general use and those restricted to a specific purpose by the benefactor. Gen- erally, schools can only change how a restricted gift is spent by asking per- mission—from the donor if still alive, or from the attorney general or the courts if the donor has died.
The school has adopted the auditors’ recommendations “to demonstrate legal support for the allowability of the in- ternal borrowings,” according to a school spokesman. “Donor intent has been and will con- tinue to be fully honored.” Baldwin Wallace University in Ohio last year reclassified about $20 million from donor- restricted to unrestricted, ac- cording to a 2025 audit. The funds were withdrawn without prior authorization of the Board of Trustees. Dan Karp, a school spokesman, said the school “has appointed a new President and leadership team, and is implementing internal financial controls in consulta- tion with third-party experts.” For generations college trustees were primarily institu- tional caretakers focused on preservation and continuity. Today governance is shaped by sustained financial and legal volatility. That is translating into boards ill-prepared for tough choices, said Laura Mac- Donald, who runs Benefactor Group, which helps institutions build endowments. When they are faced with closing schools, they think: “Not on my watch,” she says. Notre Dame was founded in 1922 as a Catholic women’s college. Through the 1990s, enrollment hovered around 500 but in 2001 it began admitting men, ex- panded its sports program and boosted enrollment to nearly 2,000. In 2008 the school bor- rowed $20 million to build a new dormi- tory and improve
As student enrollment sinks and schools struggle to keep up with costs, a pattern plays out, says Doug Moore, founder of Highland Group, a firm that specializes in closing failed colleges. First, trustees dig into unrestricted endowment funds. Then they try to raise money from alumni and foun- dations. Then they ask donors to lift restrictions and allow the money to be spent on op- erating expenses.
Buying time When Jennifer Schuller be- came president at Ohio’s Lake Erie College in 2023, the school was in the red and in danger of closing, she says. One of her first acts was to contact eight donors and ask them to free up $594,000 in restricted dona- tions. She applied that money to the general operating bud- get, she says, and bought the school more time. “I explained to them the school needed the money now and could not wait,” she said. She believes that cash and
UKRAINE Russia Blames Kyiv For Moscow Bomb Russia on Monday blamed Ukraine for a Saturday bomb- ing in Moscow, saying the at- tack on the Balzi Rossi res- taurant killed five and injured 19 others. Ukrainian authorities haven’t commented on the incident. Separately, Russian planes dropped bombs on residential districts of the southern Ukrainian city of Zaporizhzhia, killing one person and wound- ing dozens, regional chief Ivan Fedorov said Monday. Meanwhile during the weekend, six people were killed by Ukrainian drone de- bris in Arkhipo-Osipovka, a small town on Russia’s Black Sea coast in the Krasnodar region. Three other people were killed and two were wounded in Ukraine’s overnight into Monday attack on Crimea. —Associated Press
other changes helped set Lake Erie on a sustainable trajectory. But persuading living bene- factors to lift restrictions doesn’t always generate enough money to keep schools afloat. So boards start “digging for dollars” by searching for loopholes in restricted funds given by benefactors who are deceased, Moore said. It wasn’t until the mid-1990s that clear documentation for gift agreements was the norm. Prior to that, money earmarked for scholarships was often ex- pressed in correspondence be- tween benefactors and college presidents. Some schools are hiring archivists to locate those letters and re-evaluate the terms of gifts. Last year, Quincy University in Illinois borrowed about $6 million from its endowment “for cash flow needs,” without permission from the attorney general, according to a 2025 audit. The auditor recom- mended that the school “seek retroactive approval from the Illinois Attorney General for the endowment borrowings.”
SUDAN Dozens Are Killed In a Drone Attack At least 35 people were killed in a Sudanese army drone strike on a civil court in Sudan’s Darfur region, a rights group said. Emergency Lawyers, an in- dependent group documenting atrocities in Sudan, said on Sunday afternoon drones tar- geted the headquarters of the civil court in Al-Zawiya Gara village in North Darfur State. Sudan plunged into all-out war in April 2023, between the paramilitary Rapid Support Forces and the Sudanese mili- tary, leaving at least 59,000 people dead, according to Armed Conflict Location and Event Data, a conflict-monitor- ing group. Aid groups say the figure is an undercount and the true number could be higher. The Sudanese army didn’t respond to requests to com- ment. —Associated Press
AUSTRALIA Radio Personality’s Assault Trial Starts The trial of Alan Jones, a retired Sydney radio broad- caster and former Australian national rugby coach accused of sexual offenses against six men and boys over two de- cades, began on Monday. The 85-year-old has pleaded not guilty to 20 counts of indecent assault and two of sexual touching without consent. Jones hosted a popular Sydney radio show for nearly two decades. He also was a successful coach of the Aus- tralian national rugby team, the Wallabies, for four years from early 1984. The team won 86 of their 102 matches under his leadership. Jones was influential in con- servative politics and was a speechwriter for Prime Minis- ter Malcolm Fraser. Fraser was in power from 1975 until 1983. —Associated Press
sports facilities. Confidence in the school’s outlook began to shake during the pandemic. Notre Dame brought students back to the classroom in the fall of 2020, but enrollment fell and the col- lege’s financial outlook weak- ened. By 2023, enrollment had fallen 32% from 2016 and the school was losing $4 million a year, according to federal data and the college’s tax filings.
CLOCKWISE FROM TOP: LISA SCALFARO/USA TODAY NETWORK/REUTERS; DOUGLAS BELKIN/WSJ; MIKE DEMETER
The collapse Michael Canty, a business owner who had joined the board the prior year, began to suspect that the school was im- properly borrowing from re- stricted endowments. He con- fronted the then-president, J. Michael Pressimone, telling him the practice was improper and had to end. Pressimone de- fended the practice as neces- sary, Canty says. “I was flabbergasted,” Canty said. “I threw a civil fit.” In an interview, Pressimone said Notre Dame did regularly dip into the unrestricted en- dowment to cover costs to- ward the end of the semester when cash flow was tight, but he says he never authorized the use of restricted funds. Soon after, the board held a meeting. Pressimone made a motion to officially reclassify $1.2 million of restricted en- dowment funds for other uses, the Ohio Attorney General al- leged. No one seconded the motion, according to the suit. The next day, the board asked Pressimone to leave, the attorney general says. A week later, the interim president advised the executive commit- tee that $2.8 million would need to be returned to re- stricted endowment funds, ac- cording to the complaint. The school’s financial woes were spreading. The baseball coach discovered his card was declined when he tried to pay for team travel expenses. The card was tied to a restricted account with money raised for the team’s use, according to interviews and a 2024 lawsuit. The suit was dismissed for lack of standing, but last year Ohio’s Attorney General filed its own suit, alleging 14 trust- ees and officers had spent more than $2 million from re- stricted endowments without permission. The defendants have denied that they breached their fiduciary duties. In May, an Ohio hospital bought the 48-acre campus for $8 million. A week later, the school’s possessions, including furniture, science equipment and athletic gear, had been or- ganized, stacked in neat rows and put up for auction. Strouse, 65 years old, said she wasn’t contacted by the AG. Still, she is upset by both the closing of the school, where she started teaching in 2001, and the loss of the scholarship. She attended Notre Dame sporting events with her hus- band and had great respect for student athletes who prac- ticed their sport, studied hard and often held off-campus jobs. When he died, several students who knew him from his support at their games came to the funeral. After she set up the schol- arship in 2019, Strouse helped to pick the recipients—ac- counting majors who were also athletes. The scholarship generated a few thousand dol- lars a year. “Even a little bit can help,” she said.
T
W
BY NATALIE KAUFMAN
he stench of burning plastic smacked Vicky Vivaldi in the face. Her Ford F-150’s air condi- tioning had failed—a pretty big deal in the throes of an Orlando July. “I was like, I cannot be in Flor- ida and like 108-degree weather and not have AC in my truck,” says Vivaldi, who studies animal science at the University of Flor- ida. “I will die.” An even more punishing sur- prise awaited her at the Ford deal- ership: a $5,100 quote. The service agent told Vivaldi she would need a brand-new AC system. Vivaldi had done some research before and had expected to pay closer to $2,000. She uploaded the quote into ChatGPT, which told her it was likely inflated. It recom- mended contacting Ford customer service to ask about a flaw that might be covered. The manufacturer cut the local dealer’s fees and slashed the bill nearly in half. We have all been there: You’re getting your car serviced, and the mechanic or agent says you need an expensive repair. But you can’t tell if it’s a genuine fix or an un- necessary upsell. Some drivers now consult artificial intelligence to gut-check quotes, diagnose problems—and even guide them through basic repairs. Mechanics have mixed opinions on this outside consultant. When the chatbot advice confirms and explains their diagnosis, they wel- come it. When it veers into hallu- cinations and misinformation, it’s a hindrance, they say.
ChatGPT, car doctor Alexis Burris Duncan lost trust in the professionals when they nearly ruined her car. The Fort Wayne, Ind., resident brought her 2014 Dodge Journey to a mechanic a few years ago and left with unbalanced tires. Her vehicle shook the whole ride to Indianapolis. So when the AC recently stopped working in her 2021 Mazda, she says her first thought was, “I wonder if I can do this myself.” Burris Duncan, 34, had just lost her job and couldn’t afford a professional checkup. She instructed ChatGPT to act like a mechanic. Thirty minutes later, she was changing the car’s dirty air filter. After that, she re- placed the blower motor. The process cost under $200, all in—far less than a professional diagnosis and repair, she says. Burris Duncan will use AI for easy fixes, but she isn’t ready to change her brakes or tinker with her engine. “There are some things that mechanics just have to do,” she says. Some mechanics see AI as a trust builder. The techs at Under- dog Automotive, a mobile-repair
CLOCKWISE FROM TOP: ELENA SCOTTI/WSJ; ISTOCK; SIENNA MALLON; VICKY VIVALDI
How to Spot Fakes
PERSONAL TECHNOLOGY
NICOLE NGUYEN
hen I look at my phone, I’ve been starting to lose my grip on what’s real. A stool’s wood grain seemed suspi- ciously smooth. The steam emanat- ing from a fried zucchini fritter was…unnatural. Recently, I was swooning over a Pinterest living room before I spotted the dis- claimer: AI-modified. Artificial intelligence is pumping a lot of stuff into our feeds. Some is harmless fun. Some is engineered to rile us up. Some is straight-up scammy. Most of it looks impres- sively lifelike on a smartphone screen. And now we suffer the mental tax of constantly having to ask, “Is this real or AI?” It’s eroding our sense of reality. Here’s a quick primer on this brave new online ecosystem, and a practical guide for surviving it.
To Diagnose Your Car Problems
Vicky Vivaldi in her Ford F-150, above. Right, Sienna Mallon with her 2016 Toyota Land Cruiser 79 Series.
business serving the Dallas-Fort Worth area, encourage customers to run their diagnoses and repair quotes through chatbots. “AI does a really good job at fact-checking us,” says Palmer Dababneh, one of Underdog’s co- owners. “So we can’t lie to our customers, or we can’t try and upsell you.” The practice has cultivated happy clients, driving more sales, Dababneh says. It also saves me- chanics from having to argue their case on a suggested repair.
Google’s Nano Banana and Veo 3 put high-quality visual generation in just about everyone’s hands. For- mer tells—six-fingered hands, jum- bled text—went away. Creators like Eric Suerez and Adam Vaserstein pounced. During Fourth of July weekend last year, the pair used Veo 3 to generate the first images of Granny Spills, a luxury-brand-wearing, pink- obsessed, party-hopping sassy sep- tuagenarian. The character’s Insta- gram account gained a million followers within a month. Beneath a video of Granny put- ting makeup on a World Cup star, one commenter wrote, “What the heck did I just watch?” Vaserstein, who took years to amass millions of followers with funny man-on-the-street interviews, was pleased with the success. “We found it way easier to grow these AI fictional characters,” he says. Granny and other AI influencers don’t hide their digital roots. “If peo- ple know that something’s not real, it doesn’t stop them from enjoying it,” says Cameron-James Wilson, the creator of digital model Shudu, cit- ing beloved characters like Barbie and Elsa from “Frozen.” Shudu has a tall, lean figure and an immaculate, glowing complexion. When I asked whether a synthetic supermodel creates unrealistic beauty standards, Wilson agrees it’s
Alert in the Outback But circumventing the profession- als can trigger a money-sucking spiral, says Richard Fasulo, a tech- nician based in Wappingers Falls, N.Y., who is known on social media as Check Engine Chuck. Fasulo says he frequently hears from followers who replaced the wrong parts on their cars after taking flawed advice from a chat- bot. “It does more often than not end up being more expensive than if the customer had just brought it somewhere reputable, paid them
possible—and isn’t new. “I used to be a fashion photographer for 10 years. I’ve done tons of retouching,” he says. I’m intrigued by the rise of AI in- fluencers. I’m more disturbed by the prevalence of subtle synthetic im- ages: AI cooking videos, AI ads with robotic voice-overs, AI celebrity- wedding photos, AI political deep- fakes…and the list goes on. We can no longer trust our eyes and ears. Last year, AI tracks hit the Billboard charts for the first time, prompting French streamer Deezer to build a synthetic-audio detector.
to diagnose it, paid them to fix it,” he says of those ill-informed DIYers, adding that in the event something goes wrong, liability falls on the shop. Sienna Mallon was on a solo drive last year in a remote part of the Australian Out- back in her 2016 Toyota Land Cruiser 79 Series when a light indicating a “fuel fault” appeared on the dashboard. The 29-year-old truck driver and social-media influencer stopped and used her Starlink inter- net connection to con- sult ChatGPT. Thinking the issue was water in the fuel tank, Mallon asked the bot for repair instructions. She proceeded to remove, prime and reset the fuel filter. She was back on the road the next morning when the warning reappeared. Again, she stopped the vehicle. This time, she instead con- sulted a human: her brother. Over FaceTime, he determined the prob- lem was actually a filter blockage. Mallon managed to get to the next town and find a replacement. Although the unnecessary
Shudu, left, and Granny Spills are AI-generated influencers with real human followings.
Our brains aren’t wired for this. “If you think about the millions of years of evolution, our neural archi- tecture wasn’t designed to say, ‘Is the tiger in the brush real or fake?’ It’s ‘Tiger! Run!’” he says. Now, people are starting to doubt even verifiable events, according to Farid. “Did this happen? I said yes. You said no. This is a dangerous world we’re entering if we don’t have a shared sense of reality.” What can be done? Short of quitting the internet altogether, you can evaluate your feed by thinking like a researcher:
tinkering didn’t damage her truck, other chatbot advice could have. “Don’t do anything you don’t know how to undo without checking with someone else first,” Mallon says.
How to use AI Service technicians say if you’re going to consult a chatbot, keep these pointers in mind:
Get granular. “Overexplain” the issue to your chatbot. Instead of saying “weird engine noise,” describe all the nitty-gritty details and include vehicle make, model and year. Feeding AI your car’s VIN can help get you closer to a more accurate diagnosis.
Verify AI advice independently. Chatbots can confidently deliver flawed suggestions based on insuf- ficient information. Always verify the outputs with a trusted third party or even bring him or her to your mechanic, says Chris Craig, an automotive consultant based near Myrtle Beach, S.C.
When in doubt, don’t DIY. Changing brake pads—or even your oil and transmission fluid—might end up creating a mess that would have been cheaper and easier if you had left it to the professionals.
Shadows might be inconsistent with the sun’s position. Look for wavy lines on straight structures like iron beams. If you want to dig deeper, cross- reference location details using Google Street View.
Who posted this? Audit the profile for red flags: a recent creation date, post frequency and blatant engagement bait.
Is this too good— or too infuriating— to be true? Check your emotional pulse and question the poster’s intent. Then ask yourself: How likely is this scenario? Watch for rage-bait—social-media algorithms tend to amplify content that triggers strong emotions like surprise, delight and outrage. As Renee DiResta, associate pro- fessor at Georgetown University, told me, generative AI is a tool: “You can take a hammer and build a house with it, or you can use it as a weapon, right?” In today’s feed, it pays to watch where the hammer is swinging.
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Steps to Fix The Damage
C
up the healing, but at least some of the damage is likely permanent, doctors say
BY TOM MURPHY
ongratulations if you’re among the country’s nearly 56 million ex- smokers. Many health benefits are coming your way—some of them within just a few minutes. Over the long term, though, the health picture gets a lot more com- plex. Some problems caused by smoking take decades to clear up, and certain lung damage can’t be fixed. Plus, a higher risk for lung cancer never completely fades. Even so, there are plenty of steps ex-smokers can take to boost the benefits from quitting, from changing their diet to beefing up their exercise regimen. Even if re- storing pristine lung condition isn’t an option, doctors say quit- ting still matters—both for health and quality of life. “Quitting is absolutely one of the most powerful things that someone can do for their health at any stage, at any time,” says Eric Singhi, a thoracic medical oncolo- gist with the MD Anderson Cancer Center in Houston.
Cancer
Immediate benefits Ex-smokers now outnumber the country’s 27 million smokers two to one, according to an American Lung Association analysis of federal health data. And there is no simple answer to the question of how much they will heal after quitting. That depends on how many cigarettes someone smoked, for how long and what part of their body was damaged. In general, screening guidelines indicate that a more intense smok- ing habit is a bigger concern. But “there’s really no safe level of smoking,” says Singhi. “Even any occasional or social smoking does increase the risk of lung cancer, lung damage compared to some- one who has never smoked.” Still, all smokers will start see- ing some benefits immediately. Any time someone stops smok- ing—even temporarily—their heart rates can drop to normal levels in around 20 minutes, according to the American Lung Association. Carbon-monoxide levels in the blood fall within hours. The benefits get even stronger the longer people stay away from smoking. Cilia, tiny hairs that clear mucus out of the lungs, re- sume working within weeks, prompting coughing that clears the lungs. Ex-smokers gain a slight increase in lung function weeks after quitting as swelling and in- flammation settle down. Heart-disease risk drops rap- idly in the first weeks and months
Dannon’s Coffee Yogurt
ContinuedfromPageOne
on the Dannon Coffee Yogurt Fanatics Facebook page about how to find “the magical mixture.” Lisa Signorelli, a retiree in St. James, N.Y., took extreme measures to feed her own “50-year obsession.” “I’d wipe out everything on the supermarket shelf, whatever I could get my hands on,” she says. Then she’d ask if there were more in the back. “You want one or two?” staffers would ask. Her reply was always the same: “I want the whole case.” The yogurt was “creamy and sweet, yet perhaps a bit tart,” says Miriam Feller of Lawrence, N.Y. “Like a pudding treat.” Yes, fans were aware there were healthier options. They didn’t care. “It was the taste, but it was also the consistency,” says Marc Hollid-Ausset, CEO of the CM Performing Arts Center in Oakdale, N.Y. “It was just the perfect yogurt.” Then, just like that, it was gone.
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after quitting, says David Hill, a pulmonologist and chair of the American Lung Association’s board of directors. “We don’t think of smoking as a systemic illness, but it is,” he says. Melissa Reeves quit a pack-a- day habit more than a year ago and has seen many benefits. Her senses of taste and smell have re- bounded, and she gets less winded on hikes with her grandchildren. “There’s definitely some heal- ing going on,” the 65-year-old Danville, Ind., resident says. Some health improvements take time. Smoking leads to the buildup of plaque on artery walls, and it can take 20 or 30 years to clear, says Aruni Bhatnagar, a professor at the University of Louisville School of Medicine who researches the impact of tobacco use.
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Ratio comparing mortality rates of former and current smokers to never smokers, by cause
Never smokers
Never smokers
Never smokers
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MORTALITYRATE RATIO (BARS REPRESENT 95% CI*)
MORTALITYRATE RATIO (BARS REPRESENT 95% CI*)
MORTALITYRATE RATIO (BARS REPRESENT 95% CI*)
1- 10-1 20-2 30-3 Current smokers
1- 10-1 20-2 30-3 Current smokers
12.0
11.0
1- 10-1 20-2 30-3 Current smokers
TIME SINCE QUITTING (IN YEARS)
TIME SINCE QUITTING (IN YEARS)
TIME SINCE QUITTING (IN YEARS)
Cardiovascular
*Confidence interval Source: JAMA Internal Medicine; Blake Thomson, Stanford University School of Medicine; Farhad Islami, American Cancer Society
Hollid-Ausset suspected he was in trouble when he couldn’t find his yogurt at the local market. There were empty spaces in the yogurt sections of other stores, too. “I started googling it—that’s when I discovered the bad news.” Family members worried about how fanatics would cope. “Don’t tell Mommy,” Feller’s daugh- ter posted on a family chat—excluding Feller—“but we have bad news.” Feller’s son-in-law started a peti- tion asking Dannon to reconsider. More than 800 DCY addicts have signed it. Others have called the company to complain. They commis- erated in the Facebook group and sought advice on Reddit about how to replicate the flavor. Dannon said its decision was final, without providing an explanation. “While we understand the disappoint- ment some may feel, we hope our loyal coffee yogurt lovers enjoy the many other delicious and nutritious alternatives,” said Rafael Acevedo, president of its yogurt division. The company sells other flavored Dannon yogurts, including vanilla, blueberry and strawberry. None compare to cof- fee, devotees say. (Full disclosure: My mom, Roberta Zuckerman, is one of them.) For them, Dan- non’s move is one last affront. Over
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Positive steps Over the long term, a healthy life- style is critical to repairing lung damage. A 2022 study of more than 150,000 former smokers compared those who did and didn’t stick to recommendations for maintaining body weight, staying physically ac- tive, eating a healthy diet and limit- ing alcohol consumption. The study, from JAMA Network Open, found that people who reported the highest adherence to
Upper 95% CI*
Median rate
Lower 95% CI
Respiratory
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14.0
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10.0
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Doron Zeif managed to get his hands on 75 yogurts, which he keeps in a freezer.
the years, the company has elimi- nated flavors, including cherry, while shrinking its containers—from eight ounces to six to 5.3. Those cramped containers weren’t conducive to a spoon, says Hollid-Ausset. “But we stayed loyal.” When Signorelli heard the news, she bought as many DCYs as she could find. Zeif got his hands on 75 yogurts, which he stored in a freezer. He searched local spots, finding one in Passaic, N.J., with over 20. He went back three times. Now he faces a different dilemma: When should he dip into his precious stash? He settled on slow Sunday
those recommendations had a 27% lower risk of death from all causes compared with those who didn’t follow the recommendations closely. Regular exercise like running or walking strengthens the heart and reduces the chances of dying from cardiovascular disease. It also builds respiratory muscles— your lungs can’t move without them—and doctors say that helps reduce smoking-related symptoms like shortness of breath. It also can slow the loss of lung function. Exercise also boosts antioxi- dant enzymes in the body, which protect cells from damage. Augus- tine Lee, a pulmonologist with the Mayo Clinic’s Jacksonville, Fla., campus, says a lifestyle and diet that promote antioxidant buildup is associated with less heart dis- ease and cancer. Foods filled with antioxidants include dark green vegetables, blueberries, nuts, green tea or fish. What’s more, staying hydrated helps flush toxins, keeps organs functioning optimally and thins mucus, making it easier for lungs to stay clear. “The combination of quitting smoking, plus exercise plus a healthy diet all contributes to bet- ter lung function,” Lee says. Doctors say there are several other things ex-smokers can do to keep major problems at bay and help their body recover. They should avoid secondhand smoke and have their homes tested for radon gas. “A lot of people don’t know that radon gas is the sec- ond-leading cause of lung cancer in the U.S.,” Singhi says. Ex-smokers should also avoid switching to vaping instead of smoking. “The only thing you should be breathing into your lungs is clean air,” Hill says. “Vap- ing and e-cigarettes have been marketed as less harmful, but we don’t have that data.”
Keeping a close watch But it is also important for ex- smokers to understand the limits they face. While an ex-smoker’s lungs can clear out after quitting, one important element doesn’t re- cover. Smoke kills alveoli, the lung’s tiny air sacs that allow the body to take in oxygen and remove carbon dioxide. Ultimately, if
mornings and other occasions when he’d have time to savor the treat. “It takes planning, though,” Zeif notes. “I have to put it in the fridge to defrost, but you can’t put it there too far in advance” or the yogurt will go bad. Many who’ve already been forced to wean themselves off the habit are on the hunt for alterna- tives. Hollid-Ausset asked—fine, pleaded— with Dannon to “at least release the
enough alveoli die, the smoker winds up with an irreversible con- dition like emphysema that makes breathing difficult. “Once the airways are scarred up, there is no going back,” says Lee. Smoking also doubles the natu- ral rate of decline in lung function. “You can get short of breath and cough even years after smoking just because of that natural loss of lung function,” Lee says. What’s more, the toxic chemi- cals in smoke damage lung-cell DNA, which acts like an instruc- tion manual telling the cells how to behave. Some of those damaged cells die, but those that remain can trigger abnormal cell growth, or cancer. “We actually have data that show us that decades from when you quit smoking, the risk can still be almost three to four times higher than someone who has never smoked,” Singhi says. Doctors also see preventive medicine as a key to preserving longevity. Singhi urges former heavy smokers to have annual lung- cancer screenings. Insurance may cover the procedures for people who averaged a pack a day or more for years. “Screening is what helps us catch lung cancer early when it’s the most treatable,” he says. Ex-smokers also should seek help if they develop shortness of breath or a cough that lasts more than three months. Those may be early signs of a problem like chronic obstructive pulmonary disease. That can’t be cured, but it can be managed, especially if care starts early. While all damage from smoking may not be erased, quitters can add healthy years to the end of their life, which can be just as important to them as how long they live. Patients sometimes tell Lee that they enjoy smoking, and they just plan to do it until they die. The problem, the physician says, is smokers often don’t die quickly. They can wind up with a form of chronic obstructive pulmonary disease like emphysema, tethered to oxygen as their health declines. “You can’t walk, go outside, ev- ery mild cold becomes a major event where you could go into re- spiratory failure,” he says. “It can be a difficult death.”
recipe and let us make it ourselves.” It wasn’t willing. Hoping to lift his spirits, actors and others at his Long Island the- ater gathered to try to find a recipe that might hit the mark. “They couldn’t get it right,” he laments. Signorelli landed on a combina- tion of Greek yogurt, cappuccino powder and agave syrup. Karen Kraus Cohen, a DCY addict in Wal- nut Creek, Calif., mixes Trader Joe’s plain nonfat yogurt with coffee ice cream. “Adjust the ice cream amount to the sweetness you re- member,” she recommends. Others have resorted to Icelandic Provisions Cold Brew Coffee Extra Creamy Skyr or a coffee yogurt made by Mehadrin, a kosher brand. “It’s passable,” Zeif says. “I wouldn’t call it close.” It may have to do. His stash of DCY is down to 63. There might yet be hope for the addicts. Last week, as this story pre- pared to publish, Dannon provided additional comments indicating exec- utives may have had a change of heart. The news might not satisfy connoisseurs’ cravings for their beloved yogurt, however. “Dannon Coffee Yogurt will come back,” Acevedo said, “in ways that reflect the taste preferences, flavor profile and nutri- tional benefits many consumers seek in the yogurt aisle today.”
ANDREI COJOCARU FOR WSJ
CLOCKWISE FROM TOP: DORON ZEIF; NATHAN BECKER; AIDA MADONIA
Tuesday, August 4, 2026 | A11 ARTS IN REVIEW
A
BY DIANE COLE
THE NEW YORK HISTORICAL
s part of its cele- bration of Amer- ica’s 250th anni- versary, the New York Historical travels even fur- ther back in time to high- light the city’s Dutch ori- gins—going back to 1626, when the colonial outpost of New Amsterdam, now known as New York City, became the colonial capital of New Netherland. “Old Masters, New Am- sterdam” brings together evocative canvases of the Dutch Golden Age by Rem- brandt van Rijn, Frans Hals, Jan Steen and their Nether- landish contemporaries. Al- though none of these artists visited New Amsterdam, the overlap between the years in which they were active and the decades of the colony’s existence, which ended with Britain’s takeover in 1664, provides the rationale for viewing these exquisitely de- tailed scenes of life in the Old World as a historical mirror of the settlers’ new homeland in New Amsterdam. The exhibit is curated by Ar- thur K. Wheelock Jr., senior ad- viser to the privately owned Lei- den Collection, which lent 45 of its paintings to the show, and histo- rian Russell Shorto, author of “Taking Manhattan: The Extraor- dinary Events That Created New York and Shaped America.” Other of the exhibition’s 107 objects come from private collections and from such institutions as the Mu- seum of Fine Arts, Boston, the Na- tional Gallery of Art, and the Vir- ginia Museum of Fine Arts. Historic maps remind us of the area’s enduring place names with which the Dutch left their mark, in Brooklyn (originally called Breukelen), Harlem (Haarlem), Bushwick (Boswijck) and Sandy Hook (Sant Hoek). The exhibit fur-
HAPPENINGS FOR THE WEEK OF AUGUST 4
BY WSJ ARTS IN REVIEW STAFF
Film “Late Fame” (Aug. 7) Willem Dafoe plays a for- gotten New York poet working in a post office who is redis- covered by a circle of young artists. Kent Jones directs Samy Burch’s (“May Decem- ber”) screen adaptation of Ar- thur Schnitzler’s posthumously published novella, which also features Greta Lee and Ed- mund Donovan.
“Super Troopers 3” (Aug. 7) The third installation of the comedy saga sees the Vermont state troopers plotting to stop a drug ring and dealing with an extrava-
Willem Dafoe in Kent Jones’s ‘Late Fame.’
gant wedding. Again di- rected by Jay Chan- drasekhar, the cast includes Brian Cox, Marisa Coughlan, Nat Faxon, Chace Crawford and Hannah Simone.
Art “Olalekan Jeyifous: Hydricosmic Litanies” (Walker Art Center, Minneap- olis, Aug. 6-Jan. 3, 2027) The artist, architect and designer, born in Nigeria and now based in Brooklyn, N.Y., receives his first solo mu- seum exhibition. Framed as a display of artifacts from a fic- tional river enclave, the pre- sentation features sculptures, videos, soundscapes and more that are inspired by tra- ditional African art and ex- plore themes related to the
Envisioning Dutch America
ther posits that the Dutch brought with them the business-friendly entrepreneurial attitudes that helped make New York the center of commerce and capitalism it re- mains today. In addition, having cast off the rule of Spain’s Catholic monarchy, the newly formed Dutch Republic espoused a greater, though still in- complete, sense of religious toler- ance. That helped foster a baseline of acceptance that suited a pros- perous port city where even in the 1640s up to 18 languages were spoken by inhabitants from around the world. Witness the fire-damaged copy of the 1657 “Flushing Remon- strance,” on loan from the New York State Archives, which some regard as the first statement of re- ligious freedom in America. In re- sponse to the decision of Peter Stuyvesant, New Amsterdam’s di- rector-general, to bar Quakers
environment, spirituality and black history.
TV “The Shards” (FX/Hulu, Aug. 5) Ryan Murphy and Bret Easton Ellis adapt Mr. Ellis’s 2023 autofiction novel, which is set at an elite Los Angeles prep school in 1981 and fol- lows a group of privileged se- niors whose lives begin to unravel with the arrival of a new student and the emer- gence of a serial killer target- ing teenagers.
“Ted Lasso,” Season 4 (Apple TV, Aug. 5) Jason Sudeikis’s comedy returns three years after its
presumed finale. Ted comes back to Richmond to coach a second-division women’s football team, with Hannah Waddingham, Juno Temple, Brett Goldstein, Brendan Hunt and Jeremy Swift re- turning and episodes releas- ing weekly.
Theater “Disruption” (Romulus Linney Courtyard Theatre at Pershing Square Signature Center, New York, through Oct. 4) After a lucrative exit from Silicon Valley, a tech entre- preneur pitches his three closest friends an algorithm he says can make their big- gest life decisions better than they can. Andrew Stein’s thriller, directed by
from the colony, Flushing commu- nity leaders appealed, describing religious liberty as “the glory of the outward State of Holland” and petitioning him to ensure its ex- tension to all colonists, including “Jews, Turkes and Egiptians.” Even so, in addition to trading furs, spices and textiles, the Dutch West India Company, which had founded the colony, also brought to the New World enslaved Afri- cans, exploiting their labor as well as that of indigenous Americans. Paintings by Rembrandt and from his studio are sprinkled throughout. Most notable is his “Self-Portrait With Shaded Eyes” (1634), in which he wears a jaunty beret and the whisper of a smile. Contrasting shadows and ruddy cheeks characterize the Frans Hals portrait of Lutheran preacher Con- radus Viëtor (1664), seen with a tightly clasped Bible. Most eye-catching is Jan
Hersh Ellis, features John David Washington, Conrad Ricamora and Elizabeth Stanley.
Music Dionne Warwick, “DWuets” (Aug. 7) Poised to be the final re- lease of the singer’s 64-year career, the album is a set of duets written by songwriter Diane Warren (“I Don’t Want to Miss a Thing,” “Blame It on the Rain”)—the pair’s first collaboration. Ms. Warwick’s singing partners on the new record include Cynthia Erivo, John Legend, Kehlani and Saweetie.
Exhibitions “The Making of a Medieval Manuscript” (Getty Center, Los Angeles, Aug. 4-March 14, 2027) The painstaking process behind the creation of pre- modern books is the focus of this exhibition that uses the museum’s collection to show visitors what was required— from the turning of animal skins into parchment through writing, painting and binding.
Videogames “Beast of Reincarnation” (PlayStation 5, Xbox Series X | S, PC, Aug. 4) A woman with the power to control plants teams up with a stray dog to free a post-apocalyptic Japan from the evil powers that corrupt it in this single-player RPG set in the year 4026.
Last Call “Death of a Salesman” (Winter Garden Theatre, New York, through Aug. 9) Nathan Lane and Laurie Metcalf star in an outstand- ing version of Arthur Miller’s classic American drama. Our critic raved that “There’s no such thing as a definitive staging of ‘Death of a Sales- man,’ but this version ranks as the finest Broadway pro- duction of any classic play in many years.”
‘Peasants Merrymaking Outside an Inn’ (c. 1676), by Jan Steen. The painting is on loan from the Leiden Collection.
Steen’s exuberant, large-scale oil painting “Peasants Merrymaking Outside an Inn” (c. 1676), which despite its title captures towns- people of all social classes and ages, many participating with rau- cous delight, others observing with polite reserve. Among other vignettes of village life, Steen shows a mother nursing her baby; a child stuffing himself with picnic treats; and numerous flagons and steins of beer fueling the good time being had by all. Perhaps too good a time. Sev- eral paintings underline Stuyve- sant’s complaint that “brandy shops, tobacco or beer houses” oc- cupy nearly a quarter of New Am- sterdam’s buildings. “Card Players”
The WSJ Daily Crossword | Edited by Mike Shenk
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SPREADING A WHOPPER | By Alan Siegel
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33 Prizes awardedby theAmerican TheatreWing
34 Milan-based fashionhouse
35 Copying
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37 Giveformto
38 Ear-related
39 Signature Obama healthcare law:Abbr.
40 Flaredskirt type
41 “___second!”
42 Startofa shocking revelation
45 Gator follower?
46 Playboy founder, familiarly
(1625), by Jan Lievens, de- picts a dimly lighted, tightly grouped band of gamblers re- acting to a hand’s denoue- ment. The dangers of tip- pling are intimated in the genre scenes “Encourage- ment to Drink” (1648-50) by Gerard ter Borch and “Young Man Smoking and a Woman Pouring Beer” (c. 1656-58) by Gabriel Metsu. The era’s hearty appetite for food is suggested in one of Metsu’s largest canvases (approximately 62 by 49 inches), “Woman Selling Game From a Stall” (c. 1653-54). The buxom stall- owner lifts a furry, giant hare, its dead eyes glazed, as a primly dressed female cus- tomer offers coins in pay- ment. Strewn about the messy stand are a freshly killed rooster, duck and goose. Live dogs, birds and other pets make themselves known in a variety of do- mestic scenes, as in the sweetly appealing “Young Woman Feeding a Parrot” (1663) by Frans van Mieris. A final gallery provides a glimpse of Wall Street, named for the boundary wall built by the Dutch between 1653 and 1663, in Francis Guy’s 1797 painting of the Tontine Coffee House, famous as a stockbrokers’ meeting place. An American flag flutters above the red brick building, while mer- chants cluster and converse out- side its entrance. They, like the workmen loading barrels on the street, are all attending to the business of the once Dutch, now fully American port city we call New York.
Old Masters, New Amsterdam New York Historical, through Aug. 30
Ms. Cole, the author of the memoir “After Great Pain: A New Life Emerges,” writes on books and arts for the Journal.
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6 Skater’s leap
57 Boxscore column
7 TheGolden State, familiarly
59 Decrease?
8 French fashion magazine
60 Microsoft fontbasedon Helvetica
9 Stockpanic?
61 Egyptdivider
10 Doesalawn chore
62 Sushibar selection
11 “Sadly...”
63 Releases thatoften havebugs
12 Small bouquet
64 Riverof myth
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25 Classical calculators
26 Playfully attack, puppy-style
27 Rosegarden pest
28 Tehrannative
29 LikeBatman orDarth Vader
30 Typeof kitchen
31 Justicesince 2006
32 Colorful parrot
37 Placeto diagnose apnea
38 Some fronded forestplants
40 Grocerychain begunin Germany
41 Turnonthe faucets
43 Raptor’s gripper
44 Rotelle pasta, essentially
47 Balletbend
48 Bringon board
49 Fanzinefocus
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51 Still competitive
52 NittanyLions’ org.
53 Diamonds, e.g.
54 Just
58 KamaSutra subject
FROM TOP: PAUL SANCYA/AP; JOHN J. KIM/CHICAGO TRIBUNE/ZUMA PRESS
The Dodgers do resem- ble the impeccable vil- lain. Rich and famous. Smart and sun-tanned. Swanning around that flawless midcentury lair in bucolic Southern California, smug land of the $22 smoothie, the 3 p.m. goat yoga class, and the unwanted, in- explicable reboot. It isn’t just that the Dodgers win, though they do plenty of win- ning: They’re reigning back-to- back World Series champions, fa- vored to win a third title this October. Nor is it entirely their spend- ing—though that’s bonkers, too, a princely payroll that’s pushing be- yond $400 million, or nearly five times what the plucky Guardians pay to field a team in Cleveland. Really, what drives fans nuts is L.A.’s oligarch-style hoarding: its presumptuous seizing of what ev- eryone needs, even when they don’t need it. The Dodgers already have the best, richest roster in the game and they keep reaching over with their straw and drinking ev- eryone’s milkshake. It’s created a gloomy sense of dread—a resignation that the sport is broken when one team will do whatever it takes, and the rest of the sport is pretty much competing for second place. That’s what happened again over the weekend, as the news ar- rived that the Dodgers had com- pleted a trade for the Detroit Ti- ger ace Tarik Skubal, the winner of the last two American League
New Deal to Return As U.S. Manager
BY ANDREW BEATON
AFTER THE DUST SETTLED from the 4-1 blowout defeat that downed the U.S. men’s national soccer team at its home World Cup last month, the federation faced its quadrennial round of in- trospection over why it lagged be- hind so many other countries. And, everyone wondered, who was the right person to change that before the next World Cup rolls around? The U.S. landed on the man who was already in the dug- out. U.S. Soccer has agreed to a new con- tract with Mauricio Pochettino that runs through 2030 and gives the Argentine an entirely new op- portunity. When he was hired in 2024, he had less than two years to prepare for a pressure-packed World Cup, and he had to spend most of that time rapidly evaluating a player pool for a tournament on home soil. Now, Pochettino has the runway to reshape the federation as he sees fit—from the youth level to the se- nior team—as he attempts to fash- ion the U.S. into a team that can actually contend for the most prized trophy in soccer. “We want to try to have a last- ing impact on the sport in the country that has welcomed us so
U.S. Soccer has agreed to a new contract with manager Mauricio Pochettino that runs through 2030.
Have the Dodgers Become the Villains?
ahead of the rest of baseball—but their ‘villainy’ remains within the rules
warmly and for that impact to ex- tend beyond results on the field,” Pochettino said. Pochettino brought a jolt of ex- citement when he was first hired. Throughout a career coaching club teams across Europe, he had es- tablished himself as one of soc- cer’s elite tacticians, and the Americans were willing to break the bank to bring that know-how aboard. Ken Griffin, the hedge- fund billionaire and founder of Citadel, helped un- derwrite Pochet- tino’s salary, and he’s funding the re- appointment as well. And Pochettino’s first real test began promisingly—until it ended in such ugly fashion that fans were left questioning whether any prog- ress had been made at all. At this summer’s World Cup, the U.S. got off to a historic start when it won both of its first two matches to win its relatively weak group. Then the team went on to beat Bosnia and Herzegovina 2-0 in the round of 32, its first knock- out stage win since 2002. Just as notable as the results, though, was the team’s more at- tractive style of play. For a coun- try that had repeatedly failed to develop an identity for how it played the game, Pochettino had the Americans on the attack. By
hearing ‘The Star-Spangled Banner’ made him emotional.
the time the tournament was done, they had set a national re- cord for most goals in a World Cup, having scored at least twice in four of their five matches. Additionally, even though Pochettino is a South American who came to the U.S. via Europe’s top soccer leagues, he fully em- braced the American pride that swelled at the tournament. Home crowds belted “Country Roads” and he admitted that hearing “The Star-Spangled Banner” made him emotional. Then a controversy involving the American president helped de- stroy those vibes completely. The U.S. was set to play Bel- gium in the round of 16 without striker Folarin Balogun, who re- ceived a red card in the previous match. But in a decision that drew
Cy Young Awards as the AL’s best pitcher. As All-Star acquisitions go, it was about as anticlimactic as it gets. Of course, baseball went. Of course they did. As the Journal’s baseball scribe Jared Diamond pointed out, the Dodgers didn’t have to get Skubal. Even with a bruised rotation that includes a banged-up Shohei Ohtani, Los Angeles has the best pitching in the game. They have so many gifted arms that, if they all get healthy, they’ll have to park a few during the playoffs. These Dodgers aren’t anywhere close to the panic zone. As of Monday, they’re tied with Milwau- kee for the most wins in the ma- jors. They lead the NL West by 10 games. Landing Skubal in exchange for a trio of promising prospects isn’t a Hail Mary heave. It’s adding an- other Gulfstream to the hangar. It will do little to dent LA.’s farm system, regarded as the
international outrage, FIFA stayed the one-game suspension that typ- ically accompanies that punish- ment in order to allow Balogun to play. The Belgians, and plenty of others, were especially furious be- cause it all appeared to be politi- cal after President Trump had spoken to FIFA boss Gianni Infan- tino about the topic. Infantino has said he wasn’t involved in disci- plinary decisions. Yet Balogun’s surprise presence didn’t change the game for the Americans. On the pitch at Seat- tle’s Lumen Field, they looked out of sorts in a way they hadn’t all tournament. Defensive miscues proved fatal in a loss that was overshadowed by FIFA’s decision. In the end, the tournament was a mixed bag. The Americans made
Tarik Skubal, top, is set to join Shohei Ohtani and Yoshinobu Yamamoto, bottom, in baseball’s most star-studded rotation.
game’s deepest. It doesn’t matter that the Dodgers are technically only renting Skubal for the stretch run, that he’s a free agent at sea- son’s end who will warrant a re- cord-setting contract. It’s assumed L.A. will pay, and Skubal will stay—because who would leave? Don’t hate us because we are beautiful, Dodger fans say. It isn’t Los Angeles’s fault that they’ve built a modern juggernaut of global media and merchandising rights at a time when other teams are struggling to stay on TV. Nor is it their fault that this revenue helps the Dodgers, majority owned by Guggenheim Partners, pay a luxury tax ($180 million) that’s fatter than half of the payrolls in the sport. Is it wrong—or savvy—that the Dodgers have collaborated with players like Ohtani to take massive deferments? That’s entirely within baseball’s rules, someone else’s headache down the road. L.A. believes it should be ap- plauded, not pilloried, for their clever accounting, international reach and vaunted farm system. They think they should be praised for being willing to use that capi- tal and spending, spending, spending. Baseball has a bleak history of wealthy owners unwilling to open up their wallets when it matters most—why howl about a team that unabashedly does? Is this really hatred—or is it envy? The Dodgers are a useful neme- sis for baseball. Rival owners and GMs are happy to let L.A. be a symbol of a game gone amok. Fac- ing a work stoppage, the sport is eager to bend its powerful players union to get financial reform— some form of a hard cap, which baseball doesn’t have. Why not create a boogeyman and blame them for making a mockery of competitive balance? There’s a lot of anxiety about baseball becoming a sport of insti- tutional wealth rather than family ownership. We now live in an era where the formerly “Evil Empire” Yankees seem like an outgunned mom n’ pop shop. Turning baseball into the Dodg- ers versus the Dodger-nots is a convenient way to obscure your own blunders. The Mets began the season with an even bigger payroll than L.A.’s and has done nothing but make New York City want to kick a tin can down the street. Money alone fixes zero. Like- wise the lack of money doesn’t en- sure doom. Consider discount Mil- waukee, making another run. Look at those crafty Rays, flexing for a trade at the deadline. The torches are out. Is L.A. the villain, the scapegoat, or both? Baseball may hate the Dodgers. But baseball created them, too.
it far enough to stave off embar- rassment. Yet with every advan- tage afforded to them—automatic qualification, boisterous home crowds and even an assist from the Oval Office—they also demon- strated how far they were from le- gitimately contending. Should Pochettino remain through the length of his con- tract—hardly a given in the fast- changing world of soccer—he’ll have far more chances to test those players and shape the team in his vision. Between now and 2030, there will be two Nations League tour- naments and two Concacaf Gold Cups. Also, unlike this go-round when the Americans automatically made it in as the co-hosts, the U.S. will have to make it through quali- fications for the 2030 World Cup.
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Vice President JD Vance would seem to have little in com- mon with J.D. Rockefeller (1839-1937), once the wealthiest man in the world. But the two Re- publicans have in common a belief that capital- ism doesn’t work for the Ameri- can people. Mr. Vance has little faith in market competition, which Rockefeller called “a sin.” Pat Buchanan campaigned on similar grounds in his 1992 run for president, in which he promised to “make America first again.” This Republican distrust of the free market comes from seeing competi- tion in exclusively destructive and material terms. To give an
MAIN STREET By William McGurn
to have more faith in freedom than in bureaucrats.
example, Amazon is often blamed for driving competi- tors out of business—primarily brick-and-mortar stores such as the bookseller Borders. In this telling, Amazon won and Borders lost. And it’s true. But market re- ality is more complex than a boxing match in which one guy wins and one guy loses. For the real winner is the customer, who gains greater choice, better prices, higher- quality goods and services or
My grandfa- ther was an i r r i t a t i n g bridge player. Avoiding dra- matic and at- tention-grab- bing high-risk bids, he worked on what he called the creep sys- tem, inching toward his goals by winning one boring low-bid hand after another. Lately, America’s adversaries seem to be taking a leaf out of his book. Even as they step up their campaign against Ameri- can power, the revisionist axis of China, Russia, Iran and North Korea seeks to avoid triggering moments like the Pearl Harbor attack, which roused the American people to the heroic efforts and sacri- fices that won World War II. The strategy has brought them some successes. China, Russia, Iran and North Korea are cooperating with one an- other more effectively than ever. Even as war materiel and North Korean soldiers flow across Eurasia to support Rus- sia’s war on Ukraine, informa- tion and technological break- throughs flow back, preparing Chinese and North Korean military leaders for the new age of war. Similarly, Iranian drones helped Vladimir Putin’s war on Ukraine, and access to Russian technology and intel- ligence is helping Iran in its war against the U.S. At the same time, the level
GLOBAL VIEW By Walter Russell Mead
By Joseph Epstein
he question of who is more vain, women or men, didn’t use to be a question. Women had beauty shops, fashion magazines, their own designers. Vanity for them was no sin but a way of life. A man could be well turned-out, but if he made too much of his wardrobe or grooming, he overstepped the bounds of good taste. Vanity was the preserve of women. No longer, it seems. Many men now wear earrings. They walk the streets pomaded, braided, wearing strangely ar- ranged hairdos meant to call attention to themselves. Above all, men have taken to facial hair—mustaches and beards, and usually both together—in loosely counted but clearly large numbers. Various reports say about one-third of Ameri- can men are fully bearded, with the numbers inching toward half if you count goatees and heavy stubble. Some say this bearding
some combination thereof because people must com- pete for his dollar. It is the customer, not “the market,” who determines which pro- ducers win. This isn’t how Mr. Vance sees it. Where Mr. Buchanan in the 1990s railed against the North American Free Trade Agreement, Mr. Vance attacks free-market icons such as Milton Friedman. It’s telling that in his new book, “Communion,” the chapter the vice president devotes to economics is called “A Dismal Science,” a phrase Thomas Carlyle coined in the 19th century as he op- posed the coalition of evangel- ical Christians and economists fighting slavery. Today Mr. Vance says that while Friedman’s ideas might have worked “in a world where there are Christian guardrails on everything,” they are ill- suited for our more secular age. “The caricature of Milton Friedman as one who advo- cated for selfishness or a sort of chaotic freedom that under- mined the common good is a classic straw man,” says David Bahnsen, a National Review trustee and managing partner of the Bahnsen Group, a $10 billion wealth-management firm. “Friedman’s love of free enterprise was rooted to his argument that it optimized conditions for social coopera- tion—not that he was apa- thetic about such.” If we’re going to have an honest talk about justice, hu- man dignity and social har- mony, do we really believe any third party—especially the government—will make better
of gray-zone or hybrid war continues to creep up without triggering a strong public re- action. Last week’s reports that cyberattacks on water systems in seven states may be linked to Iranian hackers created scarcely a stir. That shouldn’t be surprising. Cy- berattacks on both physical infrastructure and information systems have inexorably grown into a strategic threat. There are other forms of gray-zone war. China is step- ping up harassment in the wa- ters around Japan, the Philip- pines and Taiwan. Beijing is also using trade as a weapon in its assault on European in- dustry and has placed restric- tions on key exports and raw materials. The weaponization of information operations has brought the most sophisti- cated propaganda campaigns in history into American me- dia and politics. Migration has become a political tool as countries ranging from Russia and Turkey to Morocco hold back or encourage waves of migrants to achieve political ends. The infiltration of non- governmental organizations, political movements and insti- tutions by foreign operatives is at unprecedented levels. Cries to “globalize the inti- fada” are essentially calls for global terrorism against Jews and the institutions and peo- ple who support them. Much global terrorism was quietly supported by the Soviet Union and its satellites during the Cold War, and one can safely
trend began with the 1980s television series “Miami Vice,” wherein the actor Don John- son sported a 5-o’clock shadow that was much commented on. Yet in the modern era, no American president has gone about in mustache or beard. Does the country want a bearded president? Or are
trend began, but I remain clean shaven.
beards so common that it scarcely matters? Perhaps our bearded vice president will find out. George Balanchine, the great modernist choreogra- pher, forbade his male dancers to wear long hair or beards. He detested beards, thought them all fakes—his bearded Geor- gian father had died in 1937. No one was more clean-shaven than Balanchine. Beards can help cover up
choices than we ourselves would make? While market critics are quick to point out the limita- tions of the market and its participants, they place ex- traordinary trust in the people they think will fix it. The beauty of capitalism is it is de- signed for imperfect people. Competition limits the harm they can do and provides real alternatives. “The danger begins not when men compete to serve,” says the Rev. Robert Sirico, president emeritus and a co- founder of the Acton Institute, “but when they conspire—pri- vately or politically—to pre- vent others from competing with them.” This is a central tenet of the free economy: openness to new competitors. Today it’s unpopular in Republican as well as Democratic circles, al- beit for different reasons. From the left, the Democratic Socialists of America wish to replace capitalism with social- ism. On the Republican side, Donald Trump has embraced
assume that today’s revision- ist powers are easing the path for jihadist attacks on Jewish and other targets across much of the world. So far, the public response to all this is mostly a yawn. Americans may be uneasy about the state of the world, but most haven’t connected the dots. Until they do, U.S.
at the price of public persuasion and strategic coherence.
policy responses are unlikely to achieve the strategic coher- ence and focused intensity needed to reverse the global trend toward ever-sharper great-power confrontation po- tentially leading to war. Normally one would look to the president to educate Americans to the perils we face, but President Trump, like Presidents Biden and Obama before him, isn’t rising to the challenge. Mr. Trump has his reasons. For one thing, he must deal with a fragile and combustible coalition divided between neoisolationist “restrainers” and interventionist hawks. Then there is his negotiating style. When it comes to deal- making and politics, Mr. Trump believes he loses lever- age when he tips his hand. Keeping adversaries, the pub-
bad skin, weak chins, too-long or too-short upper lips, facial tattoos and more. What they don’t do is relieve one of the burden of shaving, as they re- quire a high degree of mainte- nance. Last time I met with an old friend I noted the disap- pearance of his goatee and mustache. He shaved it off, he told me, because maintaining it was too much trouble. Different professions seem to have different proportions of beard-wearing members. I don’t know the percentage of congressmen with facial hair, but I suspect it isn’t high. Lower, I am sure, than that of male television news report- ers. And nowhere near as high as among professional ath- letes. But athletes work a short day across short seasons, with plenty of free time for beard- keeping. In an earlier era, George Steinbrenner, owner of the New York Yankees, forbade his players to wear their hair long or have beards. He proba- bly couldn’t get away with that today, when, who knows, hav-
government intervention through tariffs and govern- ment ownership of corpo- rate shares. Unlike some of his intel- lectual supporters, however, the president is willing to live with contradictions and seldom follows his own be- liefs to their logical conclu- sions. That’s why there are so many internal fights over what the true Trump philos- ophy is. He would likely say that he takes each problem and applies common sense. Mr. Vance is an educated man who served his coun- try in a time of war. He has a compelling life story about his rise from poverty and dysfunc- tion to the U.S. Senate and the White House, and he is right to be skeptical about a classical liberalism not rooted in truth but in agnosticism about the very possibility of truth. Even Karl Marx recognized the revolutionary improve- ments capitalism brought to feudal society. Yet even among business elites and other bene- ficiaries of capitalism, there is little appreciation for that fact. It is especially curious to find such critics of capitalism on the right, where many now put their faith in bureaucrats who they assume will be wise enough to impose and run a system with all the blessings of the free market without any of the defects of government- run economies. What ought to give Mr. Vance pause is that history confirms one truth about markets: The opposite of competition isn’t cooperation. It’s collusion. Write to mcgurn@wsj.com.
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lic and even close allies guess- ing is part of his method. For this president, tactical flexibil- ity is the foundation of strate- gic success, and he’d rather keep China and Russia guess- ing about his intentions than lay out his view of the world with the clarity that inevitably would diminish the maneuver- ability he craves while making his behavior more predictable to his opponents. These are real consider- ations, but Mr. Trump finds himself in a jam. He must marshal support for the policy choices he will make in the next two years and for the cost of the defense measures the situation requires. His ad- ministration has to engage more persuasively and more systematically to ensure the public support the president will require to respond to a more dangerous world. Greatness in presidents has three components. Great pres- idents grasp the true nature of the country’s challenges. They communicate that vision ef- fectively to the American peo- ple. And despite the inevitable mistakes and misfires, they ul- timately find the right people and the right methods to deal with those challenges. Mr. Trump very much wants to be recognized as one of America’s great presidents. Awakening the American peo- ple to the true state of world affairs would be a historic achievement and bolster his reputation while making the nation more secure.
ing a beard may be considered a civil right. Graham Platner keeps a red- dish-brown beard. Pete Butt- igieg has acquired a dark black one, topped off with a thick mustache. The podcaster and news-show panelist Guy Ben- son seems to change his brownish beard—on, then off, then on again—more often than his suits. Nothing ages a man more efficiently than a white beard. Exhibit A: Wolf Blitzer, whose white beard has bestowed the gift of perpetual old age on him. As for me, I attempted a mustache one summer years ago while on vacation in Green Lake, Wis. I had hoped it would lend me something of the suavity of Douglas Fair- banks Jr. After a week, I looked more like the guilty party in a police lineup, and off came the mustache. I shall meet my maker clean-shaven.
Breaking Point
By Matthew Futterman Doubleday, 352 pages, $35
he men’s final between Jannik Sinner and Alexander Zverev at Wimbledon last month resembled a shootout from the 1990s. Back then, tennis stars such as Pete Sampras and Goran Ivanišević routinely hit dominant serves and played short points, offering little variety or intrigue for fans. Messrs. Sinner and Zverev made around 70% of their first serves and engaged in few long rallies. Before Mr. Sin- ner claimed the title in four sets, a friend texted to say, “good lord this is boring tennis.” Tennis is a sport of eras, as Matthew Futterman emphasizes in “The Cruelest Game,” a snapshot of modern tennis and its leading personalities. The Sinner-Zverev match was thankfully an aberration. The sport today offers much on-court variety and frequently produces exciting matches. A dogged battle between Chris Evert and Martina Navratilova from the late 1970s—wooden rackets and all—is almost unrecognizable next to today’s high-intensity pace and graphite tools. When Björn Borg tried to return to tennis in 1991 after eight years in retirement, he played nine matches without winning a set. The game had passed him by. This year, the once-dominant Serena Williams was similarly humbled after four years away, losing in the first round at Wimbledon. Mr. Futterman, a journalist at the Athletic, captures how ten- nis has moved on from a golden age of champions such as Ms. Williams, Justine Henin, Roger Federer and Rafael Nadal to welcome new greats such as Mr. Sinner, Carlos Alcaraz, Coco Gauff and Aryna Sabalenka. The book offers capsule biographies of the game’s young stars. Naomi Osaka, the author writes, “ticks all the boxes. She’s exceptionally curious, constantly asking questions, not simply following commands” as she tries to rebuild her game following the birth of her daughter. Mr. Sinner is the “cool northern Italian redhead with the Germanic roots and the most punishing of ground strokes.” His rivalry with Mr. Alcaraz has given fans some of the more memorable recent battles in men’s tennis. Yet the old lions refuse to surrender to the cubs. Mr. Futterman portrays this generational struggle as both brutal and inevitable. As he writes of Novak Djokovic, who has won 24 Grand Slams, “how could anyone who experi- ences that not want to experience it again and again and again, for as long as they possibly can, no matter what it takes?” Mr. Djokovic is one of the book’s more revealing subjects. The author describes the Serbian as “the most curious, hun- gry, ever-seeking athlete on the planet.” Mr. Djokovic—who is polarizing and was never as beloved as his rivals Messrs. Federer and Nadal—is both a rare physical specimen and a brilliant tactician. He tells Mr. Futterman that he cuts through the pressure by focusing on sensations such as how the ball feels coming off the strings of his racket and the cool press of the ice towel between games. His mindfulness allows him to play with a freedom that younger players seek but seldom achieve. Tennis is the cruelest game for a variety of reasons, Mr. Futterman contends. It is both lonely and silent, with the players on their own as they compete, unless they have an overbearing coach yelling at them from the sidelines. The unusual scoring system attacks the ego, with champions losing almost as many points as they win. No other sport, Mr. Futterman writes, has as many stars, such as Jennifer Capriati, Mats Wilander and Kim Clijsters, who unravel or quit in their prime. Tennis, the author writes, “is all about time—gathering it for yourself, taking it away from the opponent, battling against its relentless move toward the end of a brief career.”
champions to welcome new stars. Yet the veterans refuse to surrender to the upstarts.
Mr. Futterman occasionally exaggerates his case with over- the-top prose. Tennis “appears uniquely designed to double as an MRI of the soul,” he asserts. “You can do this sport, but it might kill you”—spiritually if not literally. It is certainly true that tennis requires discipline and sacrifice, but is this coun- try-club sport really more intense than, say, distance running, mountaineering or solo sailing? Mr. Sinner offers refreshing perspective. Win or lose, he remains humble and loves spend- ing time with his family. “The most important thing,” he plac- idly tells the author, “is that we are healthy, that we are having a nice time together.” “The Cruelest Game” overlooks some of the most inter- esting trend lines in tennis today. Despite equal prize money for men and women at the four Grand Slams, pay disparity persists at many other tournaments globally. Mr. Futter- man’s focus on superstars will leave some readers wishing he’d chronicled the occasional journeyman trying to scrape out wins and paychecks. And he doesn’t consider how the best-of-five-set format in men’s tennis looks increasingly tenuous as matches run longer and cause frequent injuries. Mr. Djokovic and Félix Auger-Aliassime recently played the longest quarterfinal in Wimbledon history, at 5 hours, 15 minutes. Mr. Futterman, the author of “Players: How Sports Became a Business” (2016), notes how canny investors stake players from a young age. Alfonso López Rueda, a Spanish dessert mogul, began supporting Mr. Alcaraz when he was around 10 years old. The author also has a keen eye—and little patience—for preening coaches. Mr. Sinner’s ex-coach Riccardo Piatti, who runs his own tennis academy on the Italian Riviera and frequently appears on television as a commentator, comes off as a one-man conglomerate. Of the beautifully coiffed Patrick Mouratoglou, who coached Ms. Williams, the author writes, “don’t step between him and a television camera.” “The Cruelest Game” is a solid companion as the U.S. Open approaches. Will Mr. Alcaraz return diminished from the wrist injury that has kept him from competing in the two most recent Grand Slams? How long can the fascinating variety at the top of the women’s tour persist? Might a fad- ing champion like Ms. Williams reclaim her former renown in a few weeks? Tennis is a sport that rewards our keenest attention. It feels impossible not to watch and find out.
THE WALL STREET JOURNAL
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nvestors, politicians and economists said they wanted a world of fiat currencies with floating exchange rates, and they’re getting it good and hard in Japan. Surprise, now they want off the currency roller coaster. The U.S. Treasury in recent days has joined with Japanese authorities in a rare coordi- nated currency intervention to stabilize the yen. The two sides have engaged in large-scale yen purchases, likely to the tune of tens of billions of dollars. Washington also is making available a line of dollar credit Tokyo can tap by using U.S. Treasury debt it holds as collateral. The idea is to give Japan more scope to in- tervene in the foreign-exchange market without having to sell U.S. Treasurys, which otherwise would push up American interest rates. This fear—that sudden exchange-rate swings in Japan would trigger tidal waves across global financial markets—is a primary justification for Treasury to join the interventions. And the fear is legitimate. The intervention “worked” over the weekend to the extent that officials reversed the yen’s recent steep declines. As of Monday, one dollar bought about ¥156, a substantial improvement over the Japanese currency’s 40-year low of ¥164 per dollar last week. Notably, however, no one expects the inter- vention to have much staying power. The coor- dinated show of force probably will deter spec- ulators for a time. But there were reasons for investors to sell yen before and none of those have gone away. Fiscal policy is an obvious culprit. Tokyo is indebted to the tune of 230% of GDP. Prime Min- ister Sanae Takaichi this spring pushed through a record ¥122.3 trillion budget for 2026, and al- ready has supplemented it with a few billion dollars more for energy subsidies amid the war in the Middle East. An aging population and chronic economic anemia raise questions about whether Tokyo ever will repay the debt, a worry that all else being equal suppresses demand for Japanese assets and thus the yen. The Bank of Japan also bears much of the blame. Despite much hullabaloo about mone- tary normalization in recent years, Japan’s
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ho has more sway with California’s Democratic Party rank and file— two-term Golden State Gov. Gavin Newsom, or socialist Vermont Sen. Bernie Sanders? Apparently the answer is Bernie, as the state party on Sunday endorsed the wealth tax on the November ballot. Mr. Newsom has come out against the (sup- posedly) one-time 5% tax on the net worth of California residents with more than $1 billion in wealth on grounds it would cause top earn- ers to flee. He’s joined by the California Teach- ers Association and firefighters union that fear a loss of revenue for schools and other programs. Democratic gubernatorial nominee Xavier Becerra also opposes the measure. On the other side is the SEIU Healthcare Workers West, which spearheaded the ballot measure and claims it would raise $100 billion. Ninety percent of the revenue would have to go to healthcare—namely, Medicaid. Mr. Sand- ers and the Teamsters are on board mainly to stick it to the billionaires. Energy and opinion among Democrats ap- pears to be on their side. A Public Policy Insti-
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odd Blanche is closing in on Senate con- firmation as Attorney General, after he signed a document Sunday formally nullifying his earlier order to set up a $1.776 billion “anti- weaponization” fund. At the same time, the Justice De- partment clarified the limited scope of Mr. Trump’s audit immunity. Credit to Sens. John Cornyn and Thom Tillis for extracting the concessions. Mr. Blanche had previously testified that the $1.776 billion fund wasn’t “moving forward.” But the Republican Senators were right to want it in writing with Mr. Blanche’s signature, since President Trump insists the MAGA payouts are a brilliant idea. “I think people were horribly treated,” Mr. Trump said Friday. “I’d like to see them compensated for the pain.” On Saturday Mr. Trump threatened to keep Mr. Blanche as acting AG and “push hard” for the fund. Mr. Tillis appears to have taken this as vindication of his worries. “President Trump clearly intends to resurrect the payout pot for punks,” he wrote in response. “It’s unfortunate that Todd Blanche, who I consider qualified for the job, will not be confirmed because of this reversal.” In the end Mr. Blanche came around. Or was it that Mr. Trump finally consented to let him come around? “I think as far as Blanche and the Department of Justice, we were pretty much on the same page,” Mr. Cornyn remarked Thursday. “But then when the president got wind of it, he wasn’t willing to go along with it.” The rescind- ing is good news in any case. The same goes for the audit immunity deal. Mr. Trump was wronged when a federal con- tractor leaked his private tax details in 2019. But he waited until January 2026, after becom- ing President again, to sue his own IRS, seeking
Bessent bucks up Japan’s currency, but the BOJ has to tighten.
Tillis and Cornyn get useful concessions from Trump’s AG nominee.
short-term policy rate remains 1%. Unusually for major central banks, that’s negative in infla- tion-adjusted terms. It’s hard to say when the BOJ might resume rate in- creases—possibly in Septem- ber, investors believe—at what pace, or to what level. Meanwhile, the BOJ continues quantitative easing at a pace of ¥2.5 trillion in asset pur- chases every month. BOJ officials and their political jeering squad (which includes Ms. Takaichi) appear to believe Japan’s economy still needs monetary support, despite ample evidence in recent decades that abnormally low rates have weighed on the econ- omy. Tokyo also worries that a withdrawal of monetary support for the government-bond market might trigger a financial panic. That latter point may even be true, but offi- cials have traded one panic for another by set- ting in motion exchange-market wobbles. And instead of causing disruption to the bond mar- ket, they’ve stoked a politically poisonous bout of inflation that’s exacerbated by this spring’s energy shock. No one told Japanese voters that domestic inflation is supposed to be one of the “macroeconomic adjustment mechanisms” un- der a floating-exchange regime. The longer the BOJ persists in its go-slow ap- proach, the more dangerous the currency mar- ket becomes. Recent interventions won’t have a lasting effect on the supply of yen as long as the central bank keeps rowing in the opposite direction. A September interest-rate increase by the U.S. Federal Reserve in particular would widen the gap between Japanese and foreign interest rates and cause more investor flight from the yen. A better yen salvage plan would involve less government spending and renewed reforms to spur economic growth—making Japan a more desirable place to invest. It also would require the BOJ to move more aggressively to normal- ize monetary policy. The good news is that Scott Bessent’s Trea- sury has signaled its determination to work with Tokyo to stabilize markets. This global co- operation is welcome. But it’s no substitute for Tokyo’s commitment to fix itself. Absent that, no swap line in the world can save the yen.
tute of California poll in May found that 54% of likely voters supported the initiative, in- cluding 76% of Democrats. A large reason for this support is the pro- ponents’ misleading advertising, which Mr. Newsom has echoed in his criticisms of the GOP’s Medicaid 2025 reforms. Proponents without evidence say “massive federal health- care cuts are driving California towards a healthcare collapse” and the wealth tax is needed to “keep hospitals & ERs open.” California’s federal Medicaid payments have increased 14% ($16.4 billion) over the last year. Healthcare is among the only indus- tries in the state adding jobs. Progressives hope the California wealth tax will shift the tax possibilities in the party. If it passes, you can be sure there will be a major push to make a wealth tax part of the party’s 2028 na- tional platform. Mr. Newsom has endorsed a national wealth tax as a way to blunt progressive criticism for opposing the ballot initiative and get ahead of the party’s stampede to the left. But in joining the herd, he may get trampled anyway.
$10 billion. When that case was withdrawn in May, Mr. Blanche signed a broadly worded let- ter that said the U.S. would waive liability against Mr. Trump, “related or affiliated individuals,” and “trusts, parent, sister, or re- lated companies.” That pro- tection would purportedly ex- tend to cover “any matters” pending at the IRS, as well as “other agencies or departments.” Now the Justice Department says in writing that the release applies “only retroactively” and includes only “the named parties in the law- suit.” On one side of Trump v. IRS were Mr. Trump, his two elder sons, and the Trump Or- ganization. On the other side were the IRS and Treasury. The point is apparently to ensure the Trump family can’t cite the letter in some unre- lated dispute with the government. Sens. Cornyn and Tillis said the Justice De- partment’s clarification, “in a binding written order,” addresses “concerns that multiple of our Republican colleagues share.” Nice to hear. The immunity memo is no emblem of good govern- ment, even under a narrow interpretation, and even if one result is that states and the IRS in 2029 squint at Mr. Trump’s taxes twice as hard. Despite the efforts of Messrs. Tillis and Cornyn, the GOP could pay a price for voter anger at Mr. Trump’s personal dealings. The two Senators say they’re ready to con- firm Mr. Blanche. Democrats will complain they should block him anyway, but since Mr. Trump can keep his man as acting AG, the question is realistic alternatives. And as Mr. Trump put it in his threat on Saturday: “Todd Blanche was a voice of reason!” Not implausible. Messrs. Cornyn and Tillis got the Justice Department to bend, and it’s good to see Senators use their advise-and-con- sent power productively.
Tony Woodlief’s op-ed “‘Restorative Justice’ Brings Violent Schools” (July 30) is right that restorative justice has failed students and teachers. Schools and districts need a standard for judg- ing any discipline policy—one that asks what the misbehavior is accom- plishing for the child, and whether the school’s response changes it. As we have argued elsewhere, most misbehavior is a child’s way of escap- ing work he can’t do or winning an adult’s attention—and both restor- ative circles and the suspensions they replaced can hand him exactly those rewards. A child escaping a math worksheet doesn’t care whether he leaves on a suspension slip or in a re- storative circle; either way, the work- sheet is gone. That is why simply re- storing suspensions will also fall short. To be sure, some students must be removed to protect other students. But removal alone stops the behavior
I support Mark Zuckerberg’s advo- cacy for artificial intelligence (“The AI Future Is for Everyone,” op-ed, July 29). But there’s a power conundrum: Though data centers appear to me to be the fastest growing consumers of natu- ral gas for electricity generation, hyper- scalers aren’t doing anything I’m aware of to increase natural-gas supply. The Energy Department estimates that power demand for data centers will increase by up to 580 terawatt- hours by 2028. This is equivalent to roughly 26 times as much power as the massive South Texas nuclear plant in Bay City generates in a year, or about 10 billion cubic feet of natural gas per day by my math. Meta’s behemoth Hyperion data center in Louisiana will have 10 com- pany-funded natural-gas power plants, which will generate 7.5 gigawatts of electricity, and consume over a billion cubic feet of gas daily. Hyperion’s “nameplate” solar power generation, by contrast, will only generate up to 2.5 GW, likely delivering 575 mega- watts, according to the Energy Depart- ment’s conversion factor for solar. It is a green virtue-signal project—not a meaningful power source for AI.
Regarding Jane Shaw Stroup’s op- ed “The ‘Downward Mobility’ of Struggling Young Baby Boomers” (July 30): Younger Americans face real economic challenges, especially the high cost of housing, education and childcare. But part of today’s financial pressure also comes from how much our expectations have changed. I am 73. When I was growing up, we had one television and received four channels for free. We had one telephone in the house. For years, we had one car, even though my father was a successful attorney. He took the train to work, and the day he bought my mother her own car was a major family event.
For Once, You Can’t Really Say It’s the Socialists’ Fault
In his op-ed “‘Bernie Bros’ Could Spoil Democrats’ Midterms” (July 24), the people Rahm Emanuel should blame for ruining the Demo- crats’ chances are the Democrats themselves. They were too timid to assess their 2024 loss honestly and so haven’t embraced as a solution moderating their most extreme so- cial and economic policy ideas—the obvious lesson of that cycle. That lack of candid reckoning left the door wide open for the Bernie bros to argue that moderation in 2016 and 2024 failed, and that even when it succeeded in 2020, it left the Dem- ocrats, as Mr. Emanuel says, “sad- dled with a poor party image from the Biden era.” The bros now reason- ably insist that the Democrats try it their way, and the party has itself to blame. STUART CREQUE Moraga, Calif.
Mr. Emanuel touts the Affordable Care Act, Dodd-Frank financial re- form, and the Inflation Reduction Act as examples of successful Democratic legislation. But the Affordable Care Act made healthcare less affordable, Dodd-Frank’s high compliance costs hamstrung small-bank lending, and the IRA dramatically increased infla- tion. Now he’s apparently proposing to raise the minimum wage, despite the fact that it would cause the 27% unemployment rate among black teenagers to soar higher. To adapt Democratic political consultant James Carville, it’s the policy, stupid. SCOTT KAUFMANN Kansas City, Kan.
only temporarily. A restorative circle, a counselor visit and a suspension all take a student out of instruction. It is disengagement—not the disciplinary label—that paves the road to the child eventually ending up in the justice system. The fix is matching the disciplinary response to what’s driving the behav- ior. For the student escaping his work, the assignment should wait for him; acting out no longer gets him out of it. For the student seeking attention, the adult’s time needs to come on a sched- ule, before he acts out—and is never given as a payoff. Schools and districts should ask two things: does the response fit what’s driving the behavior, and does the behavior change? Schools that can answer yes are keeping both order and their students. JENNIFER WEBER AND CAROLYN D. GORMAN Manhattan Institute New York
Meta’s reliance on natural gas isn’t unique. Hyperscalers are buying natu- ral-gas-powered General Electric tur- bines and Caterpillar generators at a torrid rate. GE turbines are now sold out through 2029. Even jet engine makers are retooling to make gas- powered generators for AI, as the Journal has reported. Putting electricity generation “be- hind the meter”—when AI companies generate their own electricity on site rather than buying off the power grid—won’t protect consumers from data centers’ increasing demand for natural gas. Even if they have a genera- tor on their property, these companies will still compete with my local utility for the natural gas it runs on, driving up electricity and heating costs. I politely ask Mr. Zuckerberg and the other hyperscalers to start drilling their own natural-gas wells. Drill, baby, drill. WILLIAM D. DEMIS Cypress, Texas
Mr. DeMis was senior vice president and chief geologist at Goldman Sachs from 2016-17 and runs Rochelle Court, LLC.
Our big annual vacation was driving to Florida and staying in a modest mo- tel. Children played sports, but families didn’t spend thousands of dollars on year-round travel teams, private coach- ing, specialized equipment, hotels and airfare. Today, many households pay for several cars, multiple cellphones, ca- ble, streaming services, internet, fre- quent restaurant meals and regular air travel. None of these expenses seems excessive by themselves, but together they greatly increase the cost of what we now call a normal middle-class life. We had less, but we didn’t feel de- prived. Perhaps younger Americans aren’t only struggling to afford what their grandparents had, but a far more elaborate version. MARK R. GIANNINY Rochester, N.Y.
Goldilocks’s Guide to Tahoe
Regarding “Lock the Doors, Hide the Biscotti: Lake Tahoe Is Overrun by Bears” (Page One, July 24), here’s what we’ve learned. Bears mostly are looking for food, and they find it in trash left outside, bird feeders and similar things. They are strong, have great memories and a wonderful sense of smell, and they can climb nearly anything. They are very quick and can run faster than you can. If you store dog food in your ga- rage, keep it locked. Don’t ever leave food in your vehicle that’s parked out- side. Take bird feeders down at dusk; don’t leave them out overnight; the bear will remember where they were. At every door and vulnerable window, keep an aerosol-powered boat horn. Bears hate them and will leave. If you have pets, keep them inside when a bear is patrolling. And never get be- tween a parent and her cub. ROBERT PARKER Reno, Nev.
And Salt
I
By Moira Gleason
MOIRA GLEASON
New York W
hen Conor McHugh started driving a horse-drawn cab in New York City, he was 22 and “off the boat from Ireland.” At 62, he operates and co-owns one of the last remaining stables that house the iconic Central Park carriage horses. Mr. McHugh and his colleagues have held out against a decadeslong animal-rights campaign to end the carriage business. But after Romanch Mahajan, an 18-year-old tourist from India, was killed falling or jumping from a runaway horse and carriage in Central Park on June 17, a renewed push began in the City Council. The tragedy, caught in a viral video, has fueled the progress of a bill, nick- named “Romanch’s Law,” that would phase out the carriages by 2028, burying small businesses and an esti- mated $30 million of annual tourism revenue in the process.
and Mayor Mamdani target another business: the Central Park carriages.
The Mahajan family has joined with animal-rights activists advocat- ing the ban and on July 27 an- nounced plans to sue the city. Inves- tigations into the cause of the accident are under way. Utility com- pany Consolidated Edison has de- tected stray voltage at the site weeks after the death, a possible cause for the horse’s sudden flight. For City Council members, the perception is politically damning: If
How do you end a fiasco? It is never as easy as it sounds. But when it comes to something you started through a combination of your own hubris, miscal- culation and inepti- tude, the challenge is especially daunting. To the pain of the debacle itself you must add the humiliation of self-ad- mission, even if it is only implicit. That thing you insisted would be a great success not only has caused great harm, it’s been an indictment of your own judgment and a vindication of everyone who told you not to do it. Few of us have the humility to make that kind of mea culpa, so the temptation is always to double down. If we just keep going we’ll be proved right in the end. Occasionally, it works. More often it’s how mistakes turn into fiascoes. Most Americans thought from the start that the Iran war was a mistake. Now, five months later, they can see it is a fiasco. It has not only failed to achieve any of its principal objec-
EDITOR AT LARGE By Gerard Baker
By Michael Faulkender And Robert Wilkie
magine if the internet had been developed in Beijing 30 years ago, and the world’s information flowed through digital architecture built by the Chinese Communist Party. Losing the artificial-intelli- gence race to China would be worse. No technology in our lifetime mat- ters more to a nation’s economy and security. If the U.S. fails to lead, China will step up. To understand AI’s national-secu- rity implications, look at Ukraine. A country without a strategic air force can lay waste to its larger adver- sary’s industrial base and reportedly destroy more than a third of its bomber forces. How? The Ukrainians have learned that clever use of tech- nology, especially AI, can decide the winner of a conflict. President Trump’s general ap- proach to AI policy is correct. The
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you oppose the ban, you must be a nostalgic know-nothing who hates horses and wants tourists to die. But the carriage business has long been a point of contention in New York City politics. Over the past two decades, local politicians have faced lobbying by politically connected animal- rights activists on one side and labor unions representing the carriage drivers on the other. Opportunistic activists have taken hold of this trag- edy to renew their stalled effort. Beneath all the allegations and po- litical theater is a well-regulated in- dustry of small businesses, healthy horses, and blue-collar workers try- ing to make a living. The three stables that house the carriage horses sit on prime real es- tate in the Hell’s Kitchen neighbor- hood of Manhattan. A vacant lot be- tween the stables on West 37th and 38th streets recently sold for $94 million. “We could sell the stables and have a nice comfortable life,” West Side Livery stables manager Tony Sa- lerno said. “But this is the house of the horses.” The horses get five weeks of furlough every year, 24/7 attention at the stables, regular vet- erinary care and a day off whenever temperatures exceed 90 degrees. If anything, they’re underworked, said Cornelius “Neil” Byrne, who has worked in the industry for 60 years and owns the stables on West 37th Street. Claims of abuse and neglect have consistently broken down under in- vestigation. Pamela Corey, a veteri- narian from the American Society for the Prevention of Cruelty to Animals, was suspended from her job in 2011 after she walked back a statement that a carriage horse that died had been forced to work with painful maladies. When the final necropsy report found no signs of cruelty or
tives; it has weakened America’s stra- tegic position, enhanced Iran’s re- gional and economic power, drastically depleted our weapons stocks, weakened our economy, and dealt a heavy blow to our prestige and global leadership. The initial temptation is to say that how it ends is less important than that it ends, that when you’re in the middle of an unfolding calamity, getting out is your only priority. But just as you can blunder into a war, you can blunder out of one. Ask Joe Biden, for whom the overriding ob- jective of getting out of Afghanistan led to a disastrous withdrawal five years ago this month and continuing damage since then. But we know too that to double down is to fall prey to the timeworn seduction of the sunk-cost fallacy: We’ve invested so much in this ef- fort that to abandon it now would be worse. In war this fallacy is espe- cially, tragically persuasive. The “sunk costs” in this case are the lives of men and women. Who wants to tell their families they died for a mistake? So since he won’t withdraw and can’t advance, President Trump
U.S. is leading the AI race because his administration removed red tape that was strangling the industry. But Mr. Trump also recognizes the need to prevent AI from being weaponized against the homeland. Advanced models are already conducting cy- berattacks. Biological, chemical and explosive weapons development could be next. Beijing’s engineers are working to steal those capabilities. The administration has begun building safeguards, including a pro- cess for testing sensitive model ca- pabilities. Some propose a separate industry-run standards body to carry this work forward. Google DeepMind CEO Demis Hassabis recently sug- gested that AI oversight be modeled on the Financial Industry Regulatory Authority: privately funded, indus- try-staffed and authorized to review models in a 30-day window before release. The idea is reportedly gain- ing traction in Silicon Valley and at the White House.
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A horse-drawn carriage crosses 11th Avenue in Manhattan.
neglect, she cited pressure from the ASPCA as the cause for her false statement. In 2013, opponents of a ban ar- gued that Mayor Bill de Blasio’s promise to abolish carriages on “day one” was motivated by an alliance with real-estate developers who had their eye on the stables property. New Yorkers for Clean, Livable and Safe Streets, or NYClass, the leading animal-rights organization behind the push for a ban at the time, was founded by New Jersey real-estate tycoon Stephen Nislick in 2008. While NYClass was lobbying Mr. de Blasio’s administration without hav- ing registered as a lobbying organi- zation, Mr. Nislick and NYClass co- founder Wendy Neu gave a combined $125,000 to a nonprofit supporting Mr. de Blasio’s agenda. After it emerged that the mayor had personally solicited the donations, NYClass, Mr. Nislick and Ms. Neu paid a combined $10,000 to settle charges from New York’s ethics commission for illegal lobbying and
seems to have locked himself into a particularly fruitless paralysis of inertia. In his “Devil’s Dictionary,” Am- brose Bierce defined peace as “a pe- riod of cheating between two periods of fighting.” This roughly describes what has happened during the “peace” since the original cease-fire
to get bogged down in Asia. The others left it to their successors.
with Tehran four months ago: Iran has been deceiving us by cheating, and we keep cheating ourselves through self-deception. This weekend Mr. Trump an- nounced (again) that he was calling off a planned escalation because Iran had agreed (again) to a deal that would open the Strait of Hormuz. Es- timates vary, but it seems the presi- dent has backed off escalatory strikes half a dozen times now and claimed the war was over more than 30 times.
Such a body could do real good, but it leaves a national-security gap only the government can close. Judging whether a model has dan- gerous capabilities requires intelli- gence about adversary programs, testing on classified information, and findings too sensitive to publish. National-security determinations are inherently governmental. No admin- istration will hand sources and methods to a board funded by the companies under review. To bridge the gap, the govern- ment should look to an oversight body it is already familiar with: the Committee on Foreign Investment in the United States. For 50 years, Cfius has made clas- sified judgments about strategic as- sets without strangling private mar- kets. The interagency body, chaired by the Treasury secretary, screens foreign acquisitions of American as- sets for national-security threats. It has reviewed thousands of transac-
From “The Myth of the Food Des- ert” by Kelefa Sanneh in the Aug. 3 is- sue of the New Yorker:
In the food-desert literature, con- cerns about diet become concerns about access. . . . If the aim is simply to make certain foods more available, a government-subsidized market counts as a success merely by exist- ing, regardless of how many people shop there or what they buy. A 2019 study found that new supermarkets often siphon business from estab- lished ones. . . . [Kenneth] Kolb talked to a representative from a gas-station chain that offered sandwiches and
improper gifts to a public official. NYClass still leads the carriage crusade, with Mr. Nislick listed as president on the organization’s web- site and tax documents. Its accusa- tions of animal abuse have lacked credible evidence in multiple hear- ings and legal proceedings, and a lawsuit filed last fall by the Trans- port Workers Union on behalf of the carriage workers seeks $1 million in damages for interference with busi- ness relations. Animal-abuse allegations persist but have shifted to public-safety con- cerns. “Horses have a hard-wired in- stinct to run when frightened,” NYClass executive director Edita Birnkrant said in an email. “Forcing them into increasingly crowded Cen- tral Park and chaotic midtown traffic guarantees violent spooking inci- dents, crashes, injuries and worse.” Never mind that this is the first horse-carriage-related fatality in the city on record (e-bikes and motor- ized scooters caused a combined to- tal of 21 deaths in the city in 2025.)
That is only a fraction of the heap of self-deception we’ve been amass- ing these past five months. Among other things, we have been told the new leaders in Iran are “reasonable” and “desperately want a deal,” but that they are “scum” and can’t be trusted. We’ve been told the U.S. would charge a toll for shipping in the strait, and then told we wouldn’t. Allies have been told they weren’t needed and then attacked for failing to help out. Some see this endless back and forth as the enigmatic work of a pure genius: the cunning of Mr. Trump’s calculated unpredictability, bamboo- zling his enemies, keeping them off balance and forcing them into mis- takes, all the while enabling the U.S. to regroup and rearm. Others see it as the derangements of a trapped and helpless man, one with a longstanding reputation for impatience and inconstancy, a leader incapable of making up his mind whether to move forward or back. I’m an Occam’s razor man myself. The dizzying twists and turns of the past four months remind me most of all of a line from the movie “The Death of Stalin,” Armando Iannucci’s
tions, but presidents have needed to block fewer than a dozen. The over- whelming majority of concerns end in negotiated fixes: a divested sub- sidiary, a security agreement, more information-sharing. Cfius addresses security concerns while keeping America the world’s premier desti- nation for capital.
adjudicates national- security concerns without strangling private markets.
Frontier AI deserves the same treatment. Under a “Cfius for AI” model, deployment would remain legal unless the government affir- matively acts to block it. There would be no licensing regime and no new agency, and open-source
prepared salads seemingly as a loss leader: these “healthy” options let the station brand itself as a food oa- sis in the desert and qualify as a store where SNAP recipients could spend their benefits on whatever they wanted. . . . [Hanna] Garth writes about enthusiastic volunteers who failed to interest local residents in kale, which isn’t popular in the neighborhoods she studies; for her, this is evidence that the food-justice movement is often a “white racial project,” which might mean simply that the movement has been shaped by the appetites of the people in charge of it.
No date has been scheduled for a full council vote, but the bill has 29 sponsors, more than the majority needed to pass if it clears the Health Committee. Mayor Zohran Mamdani has confirmed his interest in finish- ing the job, promising to support a version of the bill with added provi- sions for laid-off workers to satisfy the transportation union. The stable owners and carriage drivers are confident they know what’s best for horses and workers— and for good reason. Messrs. Byrne, McHugh and Salerno have given their lives to the horse business. Mr. Byrne followed his father into the industry and started driving a carriage in the 1960s, when he was 18. He bought the West 37th Street stables in 1979. Mr. Salerno grew up in Sicily, where his family kept horses. “I was born in a stable,” he says, laughing, “like Je- sus.” He got a job as a cabinet maker and then a driver when he came to New York. In the office at Clinton Park Sta- bles on West 52nd Street, Mr. McHugh sits at his desk under a poster of Lady Liberty and her in- scription, “The New Colossus”: “Give me your tired, your poor, / Your hud- dled masses yearning to breathe free . . .” In his brogue, Mr. McHugh says: “It’s like she’s saying to the other countries: Give us even the people that you don’t want, and we’ll build the best country in the world.” He smiles: “And we did.” The council’s vote and the mayor’s signature will determine the future of the business and life he built. In the meantime, he and the other men at the heart of the industry are still there with their horses among the high-rises—and that’s where they want to stay.
Ms. Gleason is a Robert L. Bartley Fellow at the Journal.
darkly brilliant farce about the chaos and infighting that erupted in Mos- cow in the days after the Soviet ruler’s sudden demise in 1953. At one point, amid the bewildering turmoil, one of the Politburo members simply shakes his head and says: “I’ve had nightmares that made more sense than this.” To be fair to Mr. Trump, he isn’t the first to find himself trapped in a nightmare like this. He is only the lat- est U.S. president to be mired in a war in Asia from which he can’t find a way out. Unlike in Vietnam, Afghan- istan and Iraq, at least he has had the wisdom so far to resist a greater mo- bilization and commitment. In each of those cases the war was ended only by a new president. It seems increasingly likely that this is how this one ends too—sometime af- ter Jan. 20, 2029. Despite the grand claims made for Mr. Trump’s decision to go to war, the struggle we find ourselves in with Iran—over its nu- clear program, its stranglehold on the world’s shipping, its ambitions for re- gional hegemony—won’t be resolved by this president. How do you end a fiasco? You leave it to the next guy.
models and startups would sit out- side the process. If the government believes that a proposed AI deployment could pose crucial national-security risks, there would be a clear avenue for assess- ment and mitigation. A committee of senior national-security officials would review such deployments on hard deadlines. Nearly every review would end quickly and concerns would be resolved as Cfius resolves them: through negotiated problem- solving. Only the president would have the power to extend a hold. Government review would be lim- ited to critical national-security risks and have a narrow action window. And the surest way for AI companies to expedite the process would be to develop safe models in the first place. None of this would make a private standards body obsolete. Mr. Hassa- bis’s instinct is right: There is real work to be done in building bench- marks, spreading best practices and producing unclassified security eval- uations. But when AI models have significant national-security implica- tions, the government, not only in- dustry, must make determinations. The fastest way to derail Ameri- can AI progress would be a catastro- phe that frightens Washington into a heavy-handed regulatory regime. Nothing would please Beijing more. A Cfius for AI is valuable insurance against that.
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Kimberly-Clark sees a plant as a potential wood-fiber successor; next task is to scale
KIMBERLY-CLARK
BY NATASHA KHAN
For two decades, Kimberly- Clark has scoured the Earth for a material that could replace wood fiber. The maker of Scott paper towels, Cottonelle toilet paper and Huggies diapers says it has made a breakthrough. Paper-based products of the future, the company says, could be made with hesperaloe, a plant with long, pointy leaves that grows in arid climates. Fiber from the plant can be used to make paper towels, toilet paper and other prod- ucts that are stronger and
BY JOHN KEILMAN Whirlpool, Once Global Titan, in World of Hurt
NICK HAGEN FOR WSJ
The company has slimmed down with a focus on the Americas. Production of washing machines at Whirlpool’s Ohio factory.
Yields Big Results
BY LILY BELLE POLING
On a recent summer Sun- day afternoon, Brooks Hiller was hunkered over his laptop at his apartment in Chicago, dialing in to hour three of a marathon series of conference calls on real-estate deals. The 21-year old isn’t a pro- fessional, and he doesn’t make a dime from this work. He is a rising senior at Indiana Uni- versity’s Kelley School of Busi- ness, where he leads a team of 20 undergraduates who man- age about $12 million in equity. Those students operate their own real-estate invest- ment business, called Sample Gates Management, named for the Gothic-style limestone arches that are the gateway to the Bloomington campus. Unlike the many student in- vestment clubs that deploy university money or rely on donations, the Indiana group raises funds from third parties
softer than wood-based equiv- alents, executives from Kim- berly-Clark said. If production reaches scale, it could also be cheaper and less environmen- tally damaging than cutting down trees, they say. “We call it our Goldilocks discovery,” said Craig Slavtch- eff, the company’s top research- and-development officer. Kimberly-Clark describes its continuing efforts to commer- cialize the findings as a “moon- shot,” and executives caution that there is a long research runway ahead. Still, they ex- pressed hope that hesperaloe could help them reach a previ- ously stated ambition to eventu- ally stop using fibers from natu- ral forests in their products. The company is one of the big- gest makers of paper-based products in the world.
and invests in properties across the country, such as apartment developments and industrial parks. As a high schooler, Hiller was so enamored with the pro- gram—by most accounts, the undergraduate-run real-estate investment group that man- ages the most capital—that he chose to attend Indiana with hopes of being a part of it. “Students get the experi- ence, the school gets a better education for their students, and the investors are making their money back and get to be a part of the program again,” Hiller said. “I really wanted to be part of that.” The group’s success is em- blematic of changes trans- forming both higher education and the real-estate industry. An industry that once re- volved around information shared at private clubs or events has become a highly PleaseturntopageB2
LM OTERO/AP
Mark Mleziva, senior Kimberly-Clark research manager, with a hesperaloe plant in the company’s Wisconsin research facility.
Kimberly-Clark says it is the first to do substantial re- search on hesperaloe. It al- ready holds more than 30 pat- ents related to its findings.
It was cybersecurity’s “Ju- rassic Park” moment. Starting in April, AI models from OpenAI and Anthropic that had been built to hack had left their corporate test- beds and broke into unsus- pecting corporations in an un- precedented series of cyberattacks. The models were state-of- the art autonomous hacking machines, and neither com- pany had noticed their escape until last month, when OpenAI disclosed a July hack of the AI
Brands Try ‘Preloved’ Apparel On for Size
BY CLARA HUDSON
If you walk beyond the winding rows of color-coordi- nated clothing at H&M’s SoHo store, you will find an eclectic trove of what the retailer calls its “preloved” items, from a Jimmy Buffett T-shirt—featur- ing a cartoon parrot asking “where’s the party?”—to a sleek Moschino top for $250. The move to set up a kind of mini vintage store featuring a mishmash of garments is a stark contrast from the Swed- ish apparel giant’s typical of- ferings. But it demonstrates the mounting interest the indus- try is showing in secondhand
CINDY ORD/GETTY IMAGES
A viable alternative to wood fiber would be a scien- tific breakthrough that could reshape the consumer-prod- ucts landscape. And if hesper-
By Robert McMillan, Georgia Wells and Amrith Ramkumar
company Hugging Face. After checking its logs, Anthropic said on Thursday that it had found three hacks. The twin disclosures caused consternation among lawmak- ers, with some citing them to argue for new regulation or testing regimes. They also marked an eye-opening mo- ment for some employees of
‘I’d be very happy ... if I can convert some shoppers to secondhand,’ said H&M’s Sofia Måhlén.
aloe delivers on the promise that Kimberly-Clark research- ers say it might have, it would be a blow to the companies that earn billions each year harvesting the trees used to make the wood fiber in the world’s paper products. A sig- nificant portion of it comes from boreal forests in Canada and across Scandinavia. The U.S. is also a big supplier. An alternative to wood fi- ber would also be an environ- mental breakthrough. Reduced demand for wood would leave more trees able to suck up carbon emissions. Currently, bamboo and recy- cled paper are the primary al- ternatives to traditional wood fiber in paper-based products. Many American shoppers find them to be less plush or too PleaseturntopageB2
Not long ago, when Florida real-estate investor Karlin Ridgeway prepped a house for sale, all-new kitchen appli- ances were a must. Times have changed. Buy- ers today want the lowest price possible, she said, so when she recently pondered what to do with an aging but functional Whirlpool refriger- ator, she decided not to spend $600 or more to replace it. In- PleaseturntopageB6
Whirlpool net sales, change from a year earlier
–10
–15
2022 ’23 ’24 ’25 ’26
Sources: S&P Capital IQ; the company
the labs responsible. “This is the first security incident that I have felt very viscerally. I have been a little surprised that more people don’t feel it so viscerally,” Ope- nAI CEO Sam Altman said on a podcast, referring to his com- pany’s hacking as “an ex- tremely sci-fi cyber incident.” To cybersecurity experts, it shows increasing capabilities and a rising reason to worry. To AI safety experts, it vindi- cates what they have been warning about all along: that
Looks to Put More Batteries In Homes
BY JENNIFER HILLER
AUSTIN, Texas—Steps away from an old printing press, a fleet of industrial robots and dozens of workers assemble the building blocks of what a highflying startup hopes will be America’s next big power com- pany. Base Power is racing to build and install tens of thou- sands of batteries in residential backyards and become one of the country’s largest develop- ers of battery storage. The three-year-old company just locked down a $1 billion fund- ing round that brings its valua- tion to $13 billion. The com- pany has raised more than $2.5 billion in all. Co-founded by Chief Execu- tive Zach Dell, son of computer pioneer Michael Dell, Base has installed more than 23,000 bat- teries across Texas and the Chicago area, a market it en- tered earlier this year. “We have so much to do and so much room to grow, and we’re very early in the scope of the opportunity,” Dell said, adding that the company plans to enter more states and, even- tually, international markets. The funding round was led by Ribbit Capital, Addition, Valor Equity Partners and JP- MorganChase’s Strategic In- vestment Group, which is part of the firm’s Security and Resil- iency Initiative. Michael Dell isn’t a backer. The startup does roughly 100 installations a day—a pace it expects to double by year- end. So far, it has about 550 megawatt-hours installed, equal to a large utility-size storage project. Base has two business mod- els. In deregulated markets, the company owns and operates the batteries, acting as a retail power provider while offering lower-than-average electricity rates. When the grid operates PleaseturntopageB6
2Q 2026
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AI systems would cause real- world harms and evade at- tempts to control them. “It is a bit vindicating to see this happen in the wild,” said Jeffrey Ladish, executive director of Palisade Research, a nonprofit AI lab that studies AI capabilities to better under- stand risks. Ladish previously helped build Anthropic’s infor- mation-security program. Ladish said he often argues with people online who say he just believes in science fiction. PleaseturntopageB4
AMY SUSSMAN/GETTY IMAGES FOR H&M
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Alphabet.......................................B11 Amazon.com......................B6,B11 Anduril.............................................B3 Anthropic........................................B1 Atkore............................................B10
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Geo.....................................................A4 Grindr................................................B6
Intesa Sanpaolo....................B10
Banca Monte dei Paschi di Siena...........................................B10 Banco BPM...............................B10 Berkshire Hathaway..........B11 Blackstone...................................B11 Brinker International...........B4 Bumble............................................B6
JPMorgan Chase....................A2
Kimberly-Clark...........................B1 KKR..................................................B10
Lockheed Martin....................B4
Campari...........................................B5 Chery Automobile..................B3 Comcast..........................................B4 Commerzbank.........................B10 Crédit Agricole.......................B10
Match...............................................B6 Meta Platforms......................B11 Microsoft......................................B11
News Corp...................................B4 Nissan Motor.............................B3 Northrop Grumman.............B4
easyJet............................................B3
Gracias, Antonio......................B6 Greene, Jared............................B6
Altman, Sam...............................B1
Herd, Whitney Wolfe..........B6 Herrick, Michelle.....................A2 Hochman, Kevin......................B4 Hunt, Simon................................B5
Bitzer, Marc.................................B6 Brzeski, Carsten.......................A7 Buffett, Warren......................B11
Caldwell, Chris..........................B4 Cavey, Paul..................................A2 Conti, Alessandra...................B6
Jackson, William.....................A7
Karp, Alex.....................................B4 King, Donnie...............................B3 Kodali, Sucharita.....................B4
Dell, Michael................................B1 Dell, Zach.......................................B1 Dimon, Jamie.............................A2
Lam, Kelvin..................................A7 Leondis, George.......................B3 Lopas, Justin..............................B6
Ergen, Charlie............................B5 Espinosa, Ivan...........................B3
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McGeehan, Ryan....................B4 McLeod, Justin.........................B6
Feroli, Michael..........................A2
Brands Try ‘Preloved’
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says on its website that “be- ing naked is the #1 most sus- tainable option. We’re #2.” Adopting a secondhand section has a lot of selling points, and is much simpler than scaling a sustainable ap- parel line: The inventory can be low-cost or even free to collect; the brand gets to capi- talize on a less environmen- tally harmful product; and the buzz around pop-ups, fueled by the lure of one-of-a-kind items, brings in new shoppers. H&M has worked with a small secondhand store, Awoke Vin- tage, for its preloved section in SoHo, but some big retail- ers are sourcing the preloved pieces themselves or have customers hand them in—some- times for store credit. H&M has set up about a dozen second- hand pop-ups in the past few years, adding preloved sec- tions in Stock- holm and Vi- enna in recent months. “The expansion has been quite steady,” Måhlén said. “A lot of this is about the customer, but it’s also good business sense,” she said, add- ing the resale market is grow- ing faster than conventional retail. H&M is banking on that with its investment in second- hand Swedish retailer Sellpy. Reselling items, including at Sellpy and at its other brands such as COS, made up about 0.8% of H&M’s overall sales revenue in 2025, the company said. The U.S. secondhand ap- parel market is expected to reach $78.8 billion by 2030, according to a report pre- pared by a data firm for ThredUp, an online resale business.
pressure to reduce its environmental impact.
NRG Energy................................B6 OpenAI..............................................B1 Oracle..............................................B11
Palantir Technologies.........B4 Prysmian.....................................B10
Sandoz.............................................B4 SpaceX...........................................B11 Sunrun.............................................B6
Tesla..................................................B6 Thermo Fisher Scientific.A3 TotalEnergies..........................B10 Tyson Foods...............................B3
Uber Technologies.................B3 UniCredit.....................................B10
Walmart.........................................B6 Whirlpool........................................B1
Melucci, Jeff................................B2 Meyer, Erie...................................B6 Milali, Nabil...............................B10 Millar, Jonathan.......................A1 Mleziva, Mark............................B2
Patkar, Vishwas.....................B11 Pearce, Michael.........................A1 Poch, Christopher...................B6 Potter, David..............................A7
Saxe, Joshua..............................B4 Saylor, Michael........................B11 Senatore, Sara..........................B4 Slavtcheff, Craig.......................B1 Svallin, Jonas............................B11
Tomblin, Kelly............................B6 Toublan, Dominique............B11 Trees, Rhett................................B2
Meanwhile, the business model for making new clothes marketed as sustainable is struggling. Consumers criti- cized Everlane—a millennial favorite known for its muted hues, office-appropriate ba- sics, and sustainable market- ing—when it was recently bought by Chinese fast fash- ion company Shein. Allbirds, a brand known for making sus- tainable shoes, saw its stocks soar after it shuttered its ap- parel stores and transformed into an artificial-intelligence business. The most sustainable solu- tion would be for retailers to slow down fashion cycles by designing products that are less trendy and more durable, said Vishal Agrawal, who re- searches sustainability in business at Georgetown Uni- versity. But seeing the fashion world try out reuse programs is a promising sign, he said. “I would much rather that retail companies do a lot more reuse” rather than prioritizing recycling textiles, he said. “At least it’s better than a piece of clothing sitting in someone’s closet and not being used at all.” R e c y c l i n g textiles can be particularly tricky because a lot of clothing is made from a blend of materials from poly- ester—which is derived from oil—to cotton, rayon and ny- lon. Blends of different fabrics are harder to separate. The added complexity of trying to remove zippers and buttons is another hurdle. There are new pressures on ultrafast fashion retailers to slow down their production. France recently passed legis- lation to fine apparel compa- nies for churning out high vol- umes of cheap clothing. And California recently enacted a law requiring retailers to manage how clothing waste is disposed of, in a bid to keep clothes from further bloating landfills.
Clara Hudson writes for WSJ Pro Sustainable Business.
Fund Gets Big Results
digitized landscape. It is now flooded with standardized public-market data, so much so that undergraduates can readily peer inside and partic- ipate on nearly equal footing. Meanwhile, colleges in re- cent decades have championed “experiential learning,” encour- aging students to do the hands- on work that will teach them the practical job skills they can’t learn in traditional class- room settings. Plus, dozens of universities now offer real-es- tate degrees, minors or concen- trations for undergraduates. “At its core, this program wouldn’t have existed 30 years ago,” said Harvard real- estate professor Avis Devine. This summer, Sample Gates Management sold its first in- vestment, an industrial ware- house development in India- napolis. In about 16 months, the fund earned a 65% gross profit on that property. “That’s a really fantastic return in this environment,” one that would be “good for sort of any professional firm, not just students,” said Tim Morris, a member of the board responsible for approving the students’ investments, who is a founder and co-managing partner of the real-estate firm Proprium Capital Partners. That property was an “easy yes” investment, Tom Peck, the students’ faculty adviser, recalled. It would diversify the group’s investment portfolio, and a reliable tenant was com- mitted to leasing the building once it was finished, Peck said. Most of the fund remains tied up in investments, making it difficult to gauge exactly how well it is performing overall. A decade ago, there were only a few student-managed real-estate funds in the coun- try. Today, there are at least 18, and two more are set to launch this school year, according to Mariya Letdin, a real-estate professor at Florida State Uni-
The first sale by Sample Gates, of an Indianapolis warehouse, brought a 65% gross profit.
See Future In Plants
rough for products such as pa- per towels and toilet paper. Kimberly-Clark has invested about $250 million in research on hesperaloe and to develop the technology that will allow it to be used in future products. The company says it will take multiples of that sum to com- mercialize the discovery. The company is accelerating its research. It is building a pi- lot facility in Yuma, Ariz., and is collaborating with farmers and technical experts in Ari- zona, California and elsewhere to further evaluate hesperaloe’s viability as a commercial crop. Compared with some other crops grown in the U.S. South- west, hesperaloe requires less water to cultivate, another po- tential benefit in a region where water can be scarce. The findings about hesper- aloe stem from work Kim- berly-Clark began 20 years ago, when it assembled what it called a “tiger team” to start thinking about the future of fiber, said Mark Mleziva, a senior research manager at Kimberly-Clark and one of the first members of the team. As it started its work, the team compiled a list of 70 candidates for potential new sources of fiber. They exam-
Members of Indiana University student investment club Sample Gates Management, above, include Brooks Hiller, at right with his parents.
versity who has researched student-managed investment funds and advises one. And yet, although a pro- gram like Sample Gates is an attractive résumé line that provides unique experience among undergraduates, it isn’t necessarily a launchpad to help students secure jobs. Be- cause of Wall Street’s intern- ship pipelines and early re- cruiting, many of the 20 seniors in the group have al- ready secured full-time jobs at global giants before they even touch Sample Gates funds. In fact, the students’ pro- fessional experience—some of them participate in intern- ships all three summers of college—is often a boon for Sample Gates. Students’ stints at institutional shops have left them with a “networking mindset” that “snowballs very quickly into a really, really good Rolodex,” Morris said. At the Kelley School, where currently 278 students are ma- joring in real estate, faculty picked only 20 to manage the private-equity fund. The rising seniors were selected from Kel- ley’s already competitive roughly 60-student commercial real-estate workshop, in which students analyze deals and pitch them to mock committees. In 2022, for the group’s first
ined agricultural residues such as wheat straw and left- over corn. Even chicken feath- ers, seaweed and algae were on the list. “We tried to pulp everything from wood straw to bamboo,” said Jeff Melucci, the company’s top executive for strategy. “Everything.” When the researchers be- gan examining potential alter- natives to wood fiber, cost and scale were crucial consider- ations. Slavtcheff said those factors were roadblocks for other materials they consid- ered. The researchers don’t yet know what it will cost to cultivate, harvest, transport and process hesperaloe into pulp at scale, but say early signs are that the cost could compare favorably with wood. One of the first clues of hes- peraloe’s suitability came when the team saw the plants grow- ing at an abandoned Arizona state test-crop facility. It was on desert land, unattended to for years, Melucci remembers. Yet it was thriving, a sign that it could be a durable crop. When the Kimberly-Clark team studied it, the length of its fibers and their slender diame- ter stood out. The combination suggested the plant could offer softness and strength when used in hygiene products. Fur- ther research confirmed those suspicions: The researchers had found a rapidly renewable natu- ral-fiber source. “We’ve generated enough data thus far to feel encour- aged, confident and excited about the potential that this is going to have for our portfo- lio,” said Slavtcheff.
round of fundraising, Sample Gates raised $4.2 million from 46 investors, 40% more than their goal of $3 million. Last year’s cohort raised $7.8 mil- lion from 74 investors in the second round of fundraising, with one investor forking over $700,000. Some investors put money into both funds. Many of the investors are In- diana alumni now working in the real-estate industry them- selves. They expect the students to return a profit, but they are also enthusiastic about foster- ing the young program and meeting standout students. The student managers
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screen between three and eight deals each week. However, be- tween 2023 and 2025, they se- lected only 12 investments, ranging in location from Indi- ana to Arizona. Once a potential invest- ment passes an initial screen- ing, a team builds financial models and meets with pro- spective partners to pressure- test the viability of a deal. For students to move for- ward with an investment, they must present it to their in- vestment committee, a board of 10 seasoned real-estate ex- ecutives. The committee has to sign off on all deals, and they reject roughly a third of the ones the undergraduates bring to the table. And if the students think they can pitch an investment without getting their eyes on the physical property—regard- less of where it is located— they would best think again. Some observers predict stu- dents might be disappointed when they start full-time jobs because of the shift from doing the highest-level work of man- aging a fund to being a lowly analyst at a large firm. “To have all of these skill sets in a short period of time and then to go be an associate for Blackstone would be mentally defeating,” said Rhett Trees, an investor in Sample Gates and Indiana alum who runs a real- estate private-equity firm.
GERSHMAN PARTNERS/CITIMARK
ANN SCHERTZ
Nissan Motor Swings to Quarterly Profit
Cost cuts push the carmaker into the black for the first time in two years
BY KOSAKU NARIOKA
Nissan Motor reiterated its annual earnings forecasts as it reported its first quarterly net profit in two years, a feat marred slightly by reduced ve- hicle sales expectations due to weaker demand in China and continued uncertainty over operations in the Middle East. The Japanese carmaker on Monday said sales grew in the U.S. and Japanese markets for the three months ended June, while cost cuts and foreign- exchange gains helped boost its bottom line. For the fiscal year ending March 2027, it continues to expect sales growth in North America, Japan and Europe, but now projects an 11% sales drop in China, a reversal from the 8.7% rise forecast earlier. Chief Executive Ivan Es- pinosa attributed weaker Chi- nese sales to slowed economic growth and an accelerated shift to electrified vehicles due to higher fuel costs caused by the Iran war. Espinosa said the company will manage inventory in line with market demand and re- balance its sales mix to grow new-energy vehicles, a term
%
BY HEATHER SOMERVILLE AND SCOTT CALVERT Anduril Weighs Baltimore Site to Build Drone Boats
Anduril Industries is in ad- vanced talks with a Maryland port to build out a production site for the company’s drone boats, people familiar with the matter said, a sign of the growing military demand for autonomous sea vessels and the potential for defense start- ups to revitalize American in-
Tyson Foods’ Bottom Line
BY PATRICK THOMAS
Tyson Foods lowered its profit outlook for the year be- cause of soaring cattle prices, which continue to weigh on the meatpacking company’s bottom line. A shortage of cattle in the U.S. has been driving up costs for meatpackers such as Tyson and JBS for years, leading to steep financial losses. Tyson said its cattle costs climbed by $575 million in its latest quar- ter compared with a year ear- lier. Higher livestock costs are raising retail beef prices to re- cord levels, curbing demand as consumers are already stressed. “Beef hasn’t performed the way we expected, and we’re not pretending otherwise,” said Chief Executive Donnie King on a call with investors. For the three months ended June 27, the company reported profit of $182 million, up from $61 million for the same pe- riod a year earlier. On an ad- justed basis, Tyson earned 99 cents a share, slightly ahead of the 98 cents expected by Wall Street analysts, accord- ing to FactSet. Tyson—which processes roughly 1 of every 5 pounds of chicken, beef and pork sold in the U.S.—said its quarterly sales were flat from the same period a year earlier at roughly $13.87 billion, below what analysts expected. Shares of Tyson rose 2.8% on Monday.
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Chicken
BY AIMEE LOOK
EasyJet extended Castle- lake’s bid deadline to Friday, aligning it with rival bidder Apollo and giving both suitors until the end of the week to either submit a firm offer for the London-listed air carrier or walk away. Castlelake’s deadline had previously been Monday. U.S. asset manager Apollo last
ANDY WONG/AP
Nissan reduced vehicle sales expectations due to weakness in China. CEO Ivan Espinosa speaks at a China event this April.
encompassing electric vehicles and plug-in hybrids. “China remains a significant chal- lenge for Nissan and the broader industry,” he said. The Middle East is another challenge. While customer de- mand for Nissan vehicles re- mained resilient, elevated lo- gistics costs and continuing geopolitical uncertainty will likely moderate profitability until supply chains normalize, Espinosa said.
dustrial infrastructure. Southern California-based Anduril has signed a memoran- dum of understanding with the operators of the historic Spar- rows Point yard, a 3,300-acre industrial site in Baltimore County with a deep-water port and a rich history of shipbuild- ing and steel manufacturing. Anduril’s investment in building out a portion of the site for unmanned surface ves-
Tyson segment revenue, change from a year earlier
–10
2024 ’25 ’26
Sources: S&P Capital IQ; the company
Sources: S&P Capital IQ; the company
Arkansas-based Tyson posted a $142 million loss in its beef division for its fiscal third quarter. The company’s beef sales price rose almost 12% year over year, while sales volumes fell 16%. The com- pany said it expected to report an adjusted operating loss of $500 million to $650 million for its 2026 fiscal year, com- pared with its prior forecast of a loss between $300 million and $500 million. The Agriculture Depart- ment said last month that it planned to lift a more than yearlong ban on Mexican cat- tle imports, which historically make up about 5% of the beef processed in U.S. facilities. The move was expected to help ease a cattle shortage and make it cheaper for meat-
month made a $7.6 billion take- over bid for easyJet, which trumped an earlier $7 billion agreement with Castlelake, an American private-equity and aircraft-leasing group. Apollo’s bid represented an 81% premium to easyJet’s closing share price on May 28, the day before the offer period began on Castlelake’s bid. Both potential bidders are poised to solidify offers for
Chief Financial Officer George Leondis estimated that the impact from the Middle East conflict would drag vehi- cle sales by about 18,000 units in the first half and weigh on profit by ¥20 billion, equiva- lent to $127.1 million. Nissan previously projected a drag of 19,000 units and ¥15 billion. The surprise swing to profit was encouraging, how- ever. It comes as the Japanese carmaker has taken steps to
sel production could be in the hundreds of millions of dollars, the people said. The operation would involve manufacturing and testing the unmanned boats. The office of Maryland’s governor, Democrat Wes Moore, has been involved in the discussions, and any deal would likely involve state in- centives to offset Anduril’s cost, the people said.
packers to buy livestock. Tyson executives said Mon- day that it would still take about a year before the com- pany experiences positive finan- cial benefits from the reopening. Young calves are expected to begin crossing the border at the end of August, but it will take months for shipments to ramp up and cattle to be fattened be- fore they arrive at Tyson’s plants. Tyson, a bellwether for the U.S. meat industry, has leaned on its chicken business to keep its profit stable over the past year. Strong demand for its chicken breasts and frozen nug- gets, and cheap livestock, has helped boost its bottom line. But an industrywide glut over the past few months has eroded profits at chicken pro- cessors. Wholesale chicken values were down 45% during the quarter compared with a year earlier, King said. Tyson executives said Mon- day that the company was more insulated than competi- tors from depressed poultry prices after it spent years try- ing to improve its chicken oper- ations. Now most of the chicken processed in its plants feeds into the company’s Tyson- branded and frozen precooked products at the grocery store, where demand is growing. In the past, the company sold more of its chicken to other processors, distributors or restaurant customers at lower wholesale prices.
+0.8%
Total –0.1%
Beef –3.8%
one of Europe’s best-known low-cost airlines, which holds valuable takeoff and landing spots at regional nodes. However, any deal would land in a volatile market, with the Middle East conflict up- ending travel and the airline sector. Since the start of the U.S. and Israeli war on Iran, the industry has been hit by turbulent jet-fuel prices and route disruptions.
cut costs and address falling sales, including selling its headquarters and reducing manufacturing sites and global production capacity. Nissan also has said it would cut 20,000 jobs over the four years through March 2028. In June, Nissan said it was in talks to manufacture cars for China’s Chery Automobile at its Sunderland facility in the U.K., a month after the company announced plans to
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Anduril hasn’t signed a lease, and the people cautioned that deal talks could still un- ravel. A spokesman for Moore declined to comment. A spokesman for Tradepoint At- lantic, the owner of Sparrows Point, didn’t respond to re- quests for comment. Investors purchased the site, once home to the indus- trial juggernaut Bethlehem Steel, starting in 2014 for rede-
slash hundreds of jobs in Eu- rope and overhaul its opera- tions in the region. Beyond the restructuring, Nissan is taking steps to im- prove its offerings. It started selling the Infiniti QX65 mid- size luxury sport-utility vehi- cle in the U.S. recently and plans to bring the Rogue Hy- brid e-Power to the American market later this year. It also has teamed with Uber Technologies and U.K.
velopment and renamed it Tradepoint Atlantic. The area now houses fulfillment and lo- gistics centers for retailers such as Amazon.com and Home Depot. Two years ago, it became a hub for rerouting global shipping and recovering wreckage when the Francis Scott Key Bridge collapsed, creating a logistical and cleanup crisis. A potential Maryland expan-
Nissan quarterly net profit/loss
¥200 billion
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FY2023 ’24 ’25 ’26 –800
Note: Latest fiscal quarter ended June 30; ¥1 billion = $6.4 million
self-driving-car startup Wayve to offer robotaxi services. A pilot program in Tokyo is planned for late 2026. The Japanese carmaker re- ported net profit of ¥3.76 bil- lion for the three months ended June, compared with net loss of ¥115.76 billion in the year-ago period. That was better than the ¥3.65 billion loss estimated in a poll of analysts by data provider Quick. Revenue grew 9.5% to ¥2.964 trillion. For the year ending next March, the carmaker expects global sales to be largely flat at 3.15 million units, down from 3.30 million forecast previously. It kept its outlook for net profit of ¥20 billion and revenue to grow 8.3% to ¥13 trillion.
¥3.76B
sion comes as Anduril, fresh off a funding round this spring that values the company at $61 billion, pushes to roughly dou- ble capacity across its weap- ons-systems production. Un- manned surface vessels are one of Anduril’s newest prod- ucts. It has partnerships with U.K.-based Kraken Technology Group and South Korea’s HD Hyundai Heavy Industries to build the boats.
CIO credits chain’s turnaround on its investment in basic, foundational tech
BY ISABELLE BOUSQUETTE
In a world where artificial intelligence threatens to upend every facet of work and life, some things still remain sa- cred. And ordering Chili’s fa- mous “Triple Dipper” is one of them. Chris Caldwell, chief infor- mation officer of Chili’s owner Brinker International, said his senior leadership team agrees the restaurant chain is “not all in,” on AI. Instead, he has spent his budget over the past two years revamping foundational in-res- taurant tech, including newer Wi-Fi access points, payment systems and devices for staff to fix what he said had become a broken experience for cus- tomers and workers. At the same time, he said he pulled back on sexy but ulti- mately useless initiatives, like robot servers, and has been se- lective about which generative AI applications are worth pur- suing. All technology initiatives are now tied to improving food service and atmosphere, Caldwell said. “If a robot’s get- ting in the way and not help- ing us deliver a great guest ex- perience, we’re going to get rid of them,” he said. The technology overhaul has been one part of a turn- around for the fast casual chain over the last several years, said Sara Senatore, se- nior restaurants analyst with
$3 Billion Deals For Interceptors
BY KATHERINE HAMILTON
Northrop Grumman signed two agreements totaling $3 billion to speed up production of missile interceptors. The defense contractor said Monday it signed two multi- year framework deals with the Pentagon and Lockheed Mar- tin to build more munitions technology. Under one $2 billion frame- work agreement, Northrop will supply components, in- cluding solid rocket motors and ignition safety devices, for U.S. air and missile defense. The second $1 billion agree- ment will enable Northrop to significantly increase monthly deliveries of terminal high-al- titude area defense compo-
In Antitrust Suit Settlements
BY ADRIÀ CALATAYUD
Sandoz Group said it agreed to pay $478.5 million in total to settle antitrust litigation over generic-drug pricing in the U.S. The Swiss maker of generic drugs said Monday that it en- tered into two separate settle- ment agreements—one with the leadership of a consortium of 43 U.S. states and territories, and another with indirect re- seller plaintiffs. Under the first settlement, the company agreed to pay
Wi-Fi upgrades supported Chili’s other tech improvements.
Bank of America. The com- pany’s stock is up more than 500% since June 2022, when longtime Yum Brands execu- tive Kevin Hochman took over as CEO and made a series of key investments in food qual- ity, service and marketing. “The Chili’s turnaround has been nothing short of remark- able,” Senatore said. In addition to increasing the portion size of its iconic baby back ribs and leaning in to vi- ral menu items like the now TikTok-famous Triple Dipper, Hochman brought in Caldwell, a nearly 30-year veteran of the restaurant tech industry. Caldwell spent more than 20 of those years at Yum Brands, most recently as CIO of Kentucky Fried Chicken US, before moving to Brinker.
Back to basics Caldwell said his initial as- sessment of the chain was that it had massively underinvested in the basics. While robot servers nabbed
nents over the next seven years. The U.S. has signed several similar agreements with other contractors as weapons re- serves dwindle amid the Iran war. Government officials have been debating how to manage the impact of declining muni- tions reserves in the Middle East war, as tensions esca- lated last week. Last week, L3Harris said it would quadruple propulsion production for missile defense as part of new seven-year agreements with the Penta- gon. The government in June awarded Lockheed Martin a contract valued at up to $35 billion to make hundreds of missile interceptors a year.
$400 million over seven years starting in 2027 to resolve all remaining claims by U.S. states and territories against Sandoz US in three pending cases, it said. It also agreed to make an additional payment of about $50 million to states that set- tled earlier, the company added. Sandoz also agreed to pay $28.5 million to resolve all re- maining class-action litigation brought by indirect reseller plaintiffs related to the matter, it said.
some fun headlines, slow and spotty Wi-Fi, aging devices and confusing order-placing software were making it diffi- cult for staff to serve custom- ers, he said. Caldwell’s first order of business was a complete Wi-Fi network overhaul. It was a two-year-long proj- ect replacing Wi-Fi access points in 1,200 restaurants across the country, renegotiat- ing a new contract with Com- cast, adding cellular backup and, in some cases, running new fiber lines into restau- rants with poor connectivity. Caldwell declined to com- ment on the cost of the proj- ect, but said it upgraded the restaurants in a phased ap- proach, finishing earlier this year. Better Wi-Fi created the foundation to make other in- restaurant tech improvements, he said. For example, Caldwell pur- chased 1,200 new laptops: one for each store manager to do email, inventory and other
The defense contractor announced agreements with the Pentagon and Lockheed Martin to build more munitions technology.
The agreements mean the only remaining claims against Sandoz in the U.S. generic anti- trust litigation are those from individual plaintiffs who opted out of class settlements, it added. The company said it in- creased an existing provision to reflect the settlements, which have no impact on its guidance for this year and the medium term. Neither settlement contains an admission of wrongdoing by the company, Sandoz said.
daily tasks. Up until then, managers had been reliant on the restaurant’s desktop sys- tems, already overloaded with running all the back-office res- taurant operations. To get buy-in, he showed the leadership team a video of staffers working with the old technology, stuck staring at a spinning wheel. “I’m like ‘this is what our managers have to deal with on a day-to-day basis,’ ” he said. Caldwell also purchased 23,000 iPads to replace the ag- ing tablets servers used to take orders, which often had such poor battery life they couldn’t last a full shift, he said. The ordering app used by servers also was due for a re- vamp, Caldwell said. It was confusing and frus- trating, full of obscure abbrevi- ations and requiring way too many clicks to put in a simple order. A more user-friendly version is currently in the works. In addition, Caldwell said he added 9,000 new touch screens in the kitchens, de- signed to simplify order priori- tization for cooks and added new tabletop payment devices. The investments so far have led to 20 consecutive quarters of same-store sales growth and to higher guest satisfac- tion in surveys, Caldwell said. Restaurants across the board face similar tech chal- lenges, according to Forrester retail analyst Sucharita Kodali. CIOs “need to focus on the things that actually drive their business, like making sure they have good operations,” she said. Kodali said she has yet to see a game-changing GenAI
LAURA BUCKMAN FOR WSJ
Hacks Are New Threat
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“I hope our predictions stop coming true,” he said. In one sign that the White House is increasing oversight of AI, the administration has completed a framework dictat- ing which models will be sub- ject to federal government re- view before they are released publicly, a White House offi- cial said. Discussions with companies about how to proceed with the voluntary testing are continu- ing, the official said. After years of clumsy per- formance, AI models had a breakthrough moment last fall, when they became notice- ably better at finding bugs and passing hacking-bench- marking tests. But there wasn’t much real-world data on their abilities. Now that has changed. “These incidents will proba- bly, in retrospect, be seen as inflection points in the ways that attackers operate,” said Joshua Saxe, the chief technol- ogy officer with the AI secu- rity company Abundant Secu- rity. “It’s a really dangerous situation; these incidents re- ally show that.” OpenAI has committed to
use case in the restaurant space. Some are rolling out customer-facing GenAI chat- bots, but it’s more for the pur- pose of ticking a box than driving real value.
‘Test and learn’ Caldwell says he is selective about what AI use cases are likely to drive real value. Recently, he said, the Brinker leadership team brain- stormed a few dozen possible use cases, and out of that, he found six or seven worth look- ing into. “Truthfully it’s not a ‘go all in,’ it’s more of a test and learn,” he said. One area he is pursuing is using AI to automate inventory forecasting and replenishment, helping managers figure out what they need to order and potentially even placing the orders for them. Caldwell said he is far from sold on using AI to take orders over the phone. “Our lens is: Does it give our customers an amazing ex- perience?” Instead, he said, it would have led to more cus- tomer frustration. Caldwell said he recently in- troduced a governance team that reviews new requests and suggestions for AI use cases monthly, and continually re- evaluates use cases that might have been rejected in the past. “But again, I truthfully will probably cut more than we proceed forward with,” he said. “I don’t expect it to be the Wild West of AI.”
Isabelle Bousquette writes for WSJ Leadership Institute’s CIO Journal.
conducting a full review shar- ing a technical report about the hack. News Corp, owner of The Wall Street Journal, has a content-licensing partnership with OpenAI. Last December, researchers at Stanford University used state-of-the art AI technology to show models achieving close-to-human levels of hack- ing on a real-world network. The research received push- back from professional hackers known as penetration testers— people who are hired by corpo- rations to break into their own networks to help them under- stand their vulnerabilities “At the time our results were disputed,” said Donovan Jasper, one of the researchers involved in the project. “Peo- ple said they could do better.” Jasper sees Anthropic’s and OpenAI’s revelations as affir- mation of his team’s earlier re- search. “AI is getting really good at this stuff,” he said. The Stanford researchers’ biggest concern during their tests was that their hacking models might somehow do something they weren’t in- tended to do. “The entire time it was operating, there was at least one human observing it,” he said. Hugging Face was unpre- pared for the agentic attack by OpenAI’s models. The company tried to use Claude to analyze the vast amount of data the OpenAI agents had generated, but the Anthropic model re- fused to perform the analysis, citing safety reasons.
Revenue Nearly Doubles
BY ELIAS SCHISGALL
Palantir shares rose more than 13% in aftermarket trad- ing after the company lifted its full-year outlook. Revenue nearly doubled in the second quarter, the tech- nology company told investors on Monday. Executives now expect between $8.15 billion and $8.16 billion in full-year revenue, including U.S. com- mercial revenue growing at least 134% to $3.42 billion. The new forecast is a significant increase. Palantir previously forecast full-year revenue to come in under $7.7 billion. “Demand for AI sovereignty has now been unleashed,” Alex Karp, Chief Executive of Palantir, said. “Our customers trust us to provide them with maximal control over their op- erations, data, and decisions.” Karp described second-quar- ter results as “otherworldly,” with overall revenue up 93% to $1.94 billion on a year-over- year basis. For the current third quarter, the company ex- pects revenue of about $2.16 billion. The company reported a second-quarter profit of $1.06 billion, or 41 cents a share, for the quarter ended June 30. That compares with a profit of $326.7 million, or 13 cents a share, a year earlier. Stripping out certain one- time items, Palantir logged ad- justed earnings of 41 cents a share. Analysts polled by Fact- Set were expecting 34 cents.
Hugging Face was able to use open-weight models, which can be run on systems controlled by the users, to do its analysis. But many compa- nies don’t even have the cor- rect tools to analyze AI-gener- ated attacks, said Ryan McGeehan, owner of R10N Se- curity, a cybersecurity consult- ing firm. “Old classic security teams that are not AI-forward are going to get left behind,” he said. Agentic-AI hackers aren’t like humans, McGeehan said. “They go deeper, they go wider, they’re more intricate, and they’re more dense,” he said. The hacks are increasing pressure on the Trump admin- istration to take more steps to address the security risks posed by AI. President Trump is at- tempting a balancing act to mitigate risks presented by powerful AI models while al- lowing the industry to com- pete against rapidly improving Chinese companies. “We have to be careful in both ways. We don’t want to restrict them when all of a sudden we come in second to China,” he said in the Oval Office this week. The administration has completed a framework dictat- ing which models will be sub- ject to federal government re- view before they are released publicly, a White House official said. Discussions with compa- nies about how to proceed with the voluntary testing are continuing, the official said.
STANISLAV KOGIKU/SOPA IMAGES/ZUMA PRESS
Campari sees its popular Spritz cocktail replacing beer as go-to drink
BY JOSHUA KIRBY
Campari sees untapped op- portunities for its popular Ap- erol brand: taking on beer, a stadium favorite, at concerts and sporting events. Aperitif maker Davide Cam- pari-Milano believes Aperol Spritz, a cocktail that mixes the crimson bitters with spar- kling wine and soda, can re- place beer as the go-to drink for some concertgoers and sports fans, its boss says. Campari recently tried out a new way of serving the Spritz cocktail at events where speed is of the essence. It was put on tap, eliminating the need for staff to do the mixing. Aperol Spritz on tap proved popular at a recent concert by Puerto Rican reggaeton super- star Bad Bunny at the San Siro stadium in Milan, Campari’s Italian hometown, Chief Execu- tive Officer Simon Hunt said. “Previously, we would have sold zero Aperol Spritz,” Hunt
BY KATHERINE HAMILTON AND CONNOR HART
Hughes Network Systems, owned by Charlie Ergen’s EchoStar, filed for Chapter 11 bankruptcy on Sunday. The consumer-satellite-net- work company is seeking re- lief for its $1.5 billion debt that matured on Aug. 1, with payment due Monday, accord- ing to its bankruptcy filing. Hughes lacks the cash and access to capital markets to pay off the debt, it said in the filing. The company had $102 million in cash on hand as of the end of March, per its May earnings report.
told analysts in a recent call. By having it on tap, the group sold 22,000 glasses. Consumers react well to new ways of serving the drink, Hunt told The Wall Street Journal in an interview. “Whether it’s a stadium full of Bad Bunny fans, Bruno Mars fans or football fans, if people have the opportunity to enjoy a properly served Aperol Spritz—or a Campari Spritz— on those occasions, they’ll take it,” he said. Much of the demand for on- tap cocktails is coming from drinkers who would otherwise have ordered a premium beer, Hunt said. By internal com- pany estimates, Campari’s tapped cocktails have drunk up a 1.5% share of Italy’s pre- mium-beer market, and the company is rolling out the strategy to other markets in- cluding Germany, Austria and the U.K. The company’s sales are more skewed than its rivals’ to bars, restaurants and events, rather than grocery-store sales for at-home boozing. “There’s a whole bunch of occasions we haven’t been able to play in before with a perfect Aperol Spritz,” Hunt said.
The Germantown, Md., company has filed a motion in a Texas court to continue op- erating its business without interruption while the bank- ruptcy is ongoing. Hughes has enough liquidity to fund oper- ations in the near term, it said in a news release. Hughes provides broadband internet services to about 641,000 consumers in rural communities in North and South America. It also serves defense, airline and govern- ment customers. The company has faced in- creasing competition from other low-earth-orbit satellite providers, putting pressure on
Campari estimates its tapped cocktails have a 1.5% share of Italy’s premium-beer market.
“That’s the big opportunity that we see going forward.” The group logged a 3.3% on- year increase in Aperol sales in the first six months of the year, leading an overall sales increase that easily out- stripped many of Campari’s ri- vals in the booze business. The soccer World Cup tour-
Hughes’s consumer-subscriber volumes. The filing comes after EchoStar’s satellite pay-TV providers Dish Wireless and Dish DBS filed for Chapter 11 bankruptcy because of delays in Dish’s deal to sell spectrum to AT&T. Hughes’s bankruptcy won’t affect EchoStar, including its Dish TV, Sling TV and Boost Mobile brands, Hughes said. Separately, on Monday, EchoStar swung to a profit in the recent quarter, driven by a large, noncash gain on decon- solidation, offsetting a decline in revenue and subscribers. The satellite and internet
nament that ran from June to July in North America offered a good example of the ways spectator events can offer the group’s brands a way to con- nect with drinkers, Hunt said. In the U.S.—where ticket prices were prohibitively expensive for many fans—Campari- owned tequila brand Espolon
service company posted a sec- ond-quarter profit of $8.46 billion, compared with a loss of $306.1 million a year ear- lier. Quarterly earnings came in at $24.12 a share, while an- alysts polled by FactSet ex- pected a quarterly loss of 10 cents a share. EchoStar said its profit in the recent quarter was pri- marily attributable to a $9.73 billion noncash gain on decon- solidation. Excluding the ben- efit, the company would have reported net income of about $49.5 million. Total revenue declined 4% to $3.58 billion, roughly in line with Wall Street models.
sponsored viewing parties with big screens to watch games. These big venues offered “a great opportunity to get the brand to play in an event where they’re looking for a fun, dynamic brand,” Hunt said. Focusing on marketing and channel expansion has long
A SpaceX rocket carries a Hughes satellite into space in 2023.
been a focus for the distiller. The group spent 264 million euros, or around $304 million, on advertising & promotional spend over the first six months of the year, representing a higher proportion of sales than many peers. The company has previously said that promo- tional outlay is focused on Ap- erol, its biggest seller. That investment can help Campari net market share in the U.S., a vital market for the drinks business, Hunt said. “We’re 3% of the U.S. mar- ket,” he said. “So we have 97% of the market to go after.” Hunt, who has led Campari since the beginning of last year, has taken a different tack to predecessors’ acquisitive strategy, saying he prefers to focus on investing in the group’s core brands like Ap- erol. Campari said last week it has further streamlined its portfolio by offloading five smaller labels. These included a cognac label, a tequila brand, and three distillers of rhum ag- ricole, or sugar-cane juice rums. “These brands were bought for a different era for the company,” Hunt said. “They just don’t have the same strategic value.”
JACQUELYN MARTIN/AP
CRAIG BAILEY/FLORIDA TODAY/AP
Some singles turn to AI matchmakers as they burn out on browsing profiles
BY MOLLY REINMANN
When Zasckia Villatoro met Sebastian Mitchell for their first date in November, all she knew about him was what her chat- bot told her. Villatoro, 33 years old, had spent weeks texting with the bot, telling it about her habits, values, background and dating preferences. The bot, in turn, pitched men with whom it pre- dicted she would be compatible. It said Mitchell, 36, had a “diverse background, having been born in Germany and raised in Australia, Spain, and Scotland.” Villatoro was also raised internationally. Both wanted a serious relationship, and neither wanted children. Villatoro paid $20 to set up a date and followed the chatbot’s instructions to show up at a downtown bar. “It felt like we weren’t even strangers,” Villatoro said of her first real-life interaction with Mitchell. They have been to- gether ever since. The dating industry is being upended by artificial intelli- gence, with new offerings like Amata, the app that introduced Villatoro and Mitchell, betting on love-guru chatbots. Others have sent bots on dates before introducing the humans on which they were trained. Some legacy dating apps like Bumble and Grindr are feeling the winds shift and trying to incor- porate AI matchmaker technol- ogy into their platforms, too. The presiding assumption is that generative AI can put a lit- tle more science into the art of matchmaking and offer a streamlined option to a dating
ZASCKIA VILLATORO
BY PATRICK COFFEE Report Faults Amazon, Walmart Shopping Bots
AI shopping chatbots cre- ated by Amazon and Walmart often sideline “Made in USA” product data on their plat- forms, according to a new re- port from a policy center co- founded by former Federal Trade Commission Chair Lina Khan. When asked to identify products like boots or fly-fish- ing reels that were “made in the USA,” for example, Ama- zon’s Alexa for Shopping agent said it didn’t have ac- cess to that information. Slightly tweaking the prompt to say “in the USA,” however, yielded a list of products la- beled as made in the U.S. The Wall Street Journal Leadership Institute recently reproduced those chatbot be- haviors. Walmart’s Sparky ini- tially declined a request to as- sess the reliability of “Made in USA” claims of products in an online shopping cart. But it later responded to a similar prompt by ranking the prod- ucts as requested, from “high confidence” to “low confi-
Backyard Batteries
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normally, it aggregates the bat- teries to feed electricity back to the system during periods of peak demand. If an outage strikes, it provides backup power. Texas customers also can sign up for the retail elec- tricity plan without a battery. Base also partners with reg- ulated or municipal utilities and electric cooperatives, which use the batteries to re- lieve local grid bottlenecks, while customers get backup power. Customers receive either one or two battery packs. The original units provided about 25 kilowatt-hours of storage, while the new modules, being rolled out now, offer 39.2 kilo- watt-hours. That translates to 36 hours of backup power for most homes. The systems sit near the electric meter and are about the size of an air-conditioning compressor unit.
An AI matchmaker connected Zasckia Villatoro and Sebastian Mitchell, above, and Sophia Silver and her boyfriend, right.
SOPHIA SILVER
pool that has grown weary of swiping. Hinge founder Justin McLeod left that company in late 2025 and raised $18 million for an AI matchmaking startup launching later this year. “We built Hinge thoughtfully with the best technology available at the time, but I’m really confi- dent that there’s a better way to date than having to swipe through a thousand profiles,” McLeod said. McLeod’s startup was incu- bated at Hinge, and Match Group, which owns Tinder and Hinge, is an investor. Most AI matchmakers oper- ate on a pay-per-date model, charging users roughly the cost of a cocktail to advance to an in-person meeting. Traditional dating apps generally offer free swiping and then upsell users on premium plans with features such as superlikes and unlim- ited swiping. Match reported a
dence/likely not U.S. made.” More robust deployment of the agents’ abilities could help consumers make informed purchasing decisions, said Erie Meyer, a senior fellow at the Center for Law and the Economy, Khan’s policy center at Columbia University, and a co-author of the report. Meyer, who formerly served as the FTC’s chief technologist and director of policy plan- ning under Khan, said the in- vestigation raises the question of whether Amazon’s and Wal- mart’s online marketplaces are held to the same stan- dards as other retailers when it comes to country-of-origin claims. The report also noted that Alexa readily provided lists of products designated “Made in China,” and said both plat- forms host many misleading or contradictory “Made in USA” claims, including some for products described as both domestic and imported. Amazon said it disagrees with the report’s conclusions. “We strive to provide cus- tomers with detailed informa-
The company has come a long way since its first installa- tion three years ago at a friend’s home in Dallas. The team had to frantically scour Craigslist for an electrician— who ultimately charged $500. “It was a very ridiculous sit- uation,” said Jared Greene, head of software and a found- ing engineer at the company, who is considered Base’s first employee. “I was there until midnight.” Now, the installation of its newest battery takes under an hour because it uses a prewired modular design. Base has about 500 employees. It leases space in the former Austin American-Statesman building downtown but is building a factory where it plans to scale up production. The expansion comes as bat- tery storage booms. In the first quarter, the U.S. installed 3.3 gigawatts of battery storage (the amount that could be de- livered at once during peak de- mand), or 8.4 gigawatt-hours (the energy the battery can store and deliver over time), according to a report from the American Clean Power Associa- tion and Wood Mackenzie. Of that, the home-battery segment installed 1.3 gigawatt- hours in the first quarter, an
5% decline in paying users in the first quarter, compared with the prior-year period; that fig- ure fell by more than 21% at Bumble. While AI matchmakers promise to alleviate swipe fa- tigue, some users have com- plained that their matchmakers were overly unctuous when pitching a potential match, sim- ply regurgitated their own pref- erences, or used painfully ge- neric phrases to describe multiple profiles. They also complained about the limited pool of prospects, as many ser- vices are still ramping up. Humans might be just as much to blame for those prob- lems as tech. AI matchmakers don’t challenge the information humans tell them. “We’re reliant on the way people show up in their inter- view and how they describe themselves,” said Celeste Ama- don, founder of San Francisco
tion about products in our store, including where they are made when that informa- tion is provided to us by man- ufacturers or third-party sell- ers,” it said in a statement. “The suggestion that we in- tentionally withhold country- of-origin information from customers is incorrect. Coun- try-of-origin information, when available, is currently dis- played on prod- uct detail pages, and we’re continu- ally working to improve Alexa for Shopping’s ability to accu- rately provide this informa- tion to make it even more accessible for cus- tomers.” Walmart didn’t respond to requests for comment. The bots’ own outputs sug- gest that the problem stems from uncertainty around veri- fying “Made in USA” claims. “If I’ve said in a past conver- sation that I can’t do that,
found the bots often play down ‘Made in USA’ shopping data.
RODOLFO GONZALEZ FOR WSJ
Base Power co-founder Justin Lopas gives a tour of the company’s factory in Austin, Texas.
industry record. Batteries can soak up cheap power during times of low de- mand and discharge power when supplies are tight, or be tapped for services that help keep the grid stable. Large projects dominate the industry, but more companies are pursuing home batteries, which can be added at a fast clip. NRG Energy has part- nered with Sunrun to market
based AI dating app Known, adding that the app is “continu- ously trying to improve our way of separating self-reporting from truth.” Human matchmakers say that nudging their clients be- yond a strict checklist of what they think they want is core to their practice. Singles are inher- ently bad at describing them- selves and their ideal romantic partners, according to profes- sional matchmaker Alessandra Conti. They need to be “lovingly guided and challenged,” she said. Amadon said Known has a small staff of human matchmak- ers who helped train the AI and review summaries and matches before they are sent to users. Sophia Silver met her boy- friend on Known in April after telling the app’s matchmaker— an AI voice agent—that she was looking for someone with a healthy work-life balance,
that was overly cautious,” Sparky told the WSJ Leader- ship Institute in a chat. “I can offer a reasoned as- sessment based on product ti- tle claims, brand reputation and product category norms— I just can’t verify them with certainty, which is why I al- ways recommend checking the Specifications section on each product page for the official country of ori- gin,” it said. The Trump administration and the FTC have signifi- cantly intensi- fied their crackdown on businesses that inaccurately market their products as American-made. The FTC last year sent let- ters to Amazon and Walmart saying that third-party sellers on their platforms appeared to be falsely advertising products as made in the U.S. The letters urged both companies to take action against any offending
bundled solar-and-storage sub- scriptions, while incumbent hardware makers such as Tesla continue expanding residential footprints. In West Texas, El Paso Elec- tric asked homeowners served by its most crowded feeders to volunteer to have Base batter- ies installed. It is testing about 9 megawatts of batteries to see how they can help with peak demand, system reliability and
among other qualities. Within a week, the match- maker texted the 28-year-old tech marketer with a prospect. “You’re both into cooking,” it said. “I could see you two pick- ing a recipe neither of you has tried and turning it into a whole evening.” An earlier wave of AI dating startups launched and quickly closed in 2024. Those apps em- ployed chatbots designed to mimic human daters, sending the AI clones on “first dates”— bot-on-bot conversations—to gauge their humans’ compati- bility. Denver-based journalist Jes- sica Giles tried one such app, Volar. Her AI proxy told others that she had a dog named Bai- ley (his name is actually Ches- ter) and was a fan of anime (she wasn’t). During one proxy-on- proxy conversation with a much older man, the bot’s human counterpart intervened: “Appar- ently AI doesn’t know the dif- ference between 62 and 26. But I do,” he wrote before unmatch- ing. Many legacy dating apps al- ready use AI to enhance their algorithms. Tinder and Hinge say they will only implement generative AI in a dating coach capacity, giving users feedback on their profiles and sugges- tions for conversation starters rather than swiping for them. Meanwhile, LGBTQ+ app Grindr is building its own intel- ligence stack called gAI (pro- nounced Gay-eye), which among other features flags old matches a user might want to revisit. And Bumble is experimenting with an AI assistant, called Bee, but didn’t share any current plans to abandon a swipe-based model or a subscription plan. Bumble Chief Executive Whitney Wolfe Herd said she sees AI as a tool to “remove friction, not humanity” from dating.
sellers but didn’t address whether the platforms them- selves had violated relevant laws. President Trump in March directed the FTC to consider proposing regulations that would require online market- places to establish procedures for verifying country-of-origin claims. Khan and Columbia law professor Lev Menand formed the Center for Law and the Economy earlier this year. Be- fore former President Joe Bi- den named Khan to lead the FTC in 2021, she was best known for a law review article arguing for harsher enforce- ment of antitrust laws against companies like Amazon. The FTC under Khan sued Amazon in 2023, alleging that it ille- gally operates as a monopoly to keep prices high and harm its rivals. That case is ongo- ing. The FTC declined to com- ment on the report.
Patrick Coffee writes for WSJ Leadership Institute’s CMO Today.
affordability. El Paso Electric owns the battery, which is installed on the utility side of the meter, but homeowners get the backup power and are paid a $250 incentive per battery. (Customer electric bills aren’t affected, as batteries’ charging and discharging are recorded by a separate meter.) Chief Executive Kelly Tomb- lin said El Paso Electric thinks the batteries could help offset some more costly investments that would otherwise be needed to replace power lines or infrastructure at substations to handle the spikes in power demand on the hottest 10 to 15 summer days. The utility’s demand leaps from 1,000 megawatts in win- ter to more than 2,500 mega- watts during heat waves. Antonio Gracias, the founder of Valor Equity Partners, said he likes the technology and team Dell is assembling. Base co-founder Justin Lopas is the former head of manufacturing at Anduril Industries, another Valor investment. “I think the problem they’re solving is really important and they have an interesting solu- tion,” said Gracias, who was an early backer of Tesla and SpaceX.
In World Of Hurt
stead, she made it look practi- cally new with $30 of paint. “If we can save money on our end and still have it look good and be appealing to a buyer, then that’s what we’ve got to go with,” Ridgeway said. Her thrifty calculus helps explain the trouble circling Whirlpool, America’s appli- ance-making giant. The company in recent years abandoned its globe- spanning ambitions to focus on the more profitable Ameri- cas, primarily the U.S. That tied its fortunes to the domes- tic housing market, in a slump for three years and counting. Slow home sales hurt appli- ance manufacturers because people typically buy expensive refrigerators and washing ma- chines when they are moving or remodeling. Whirlpool’s revenue and profits have slid since the pandemic, and that trend con- tinued in the second quarter. Net sales dropped nearly 7% year-over-year, while the com- pany took an adjusted loss of 21 cents per share. Both figures were an im- provement over the first quar- ter, however, and Chief Execu- tive Marc Bitzer said that was an indication that Whirlpool’s comeback strategy—centered on new products, higher prices and lower costs—is starting to bear fruit. “I would take Q2 as a very early but very encouraging sign that we’re on track in that recovery,” he said. For much of its 115-year his- tory, Benton Harbor, Mich.- based Whirlpool was the big fish of appliance makers, gob- bling up rivals from Argentina to Poland. That gave it the heft to compete globally with com- panies like South Korea’s LG Electronics and Samsung Elec- tronics. By 2015, half of the company’s net sales came from outside of North America. The strategy soon unraveled. Whirlpool’s Chinese opera- tion lost money against gov- ernment-favored rivals. Brexit hurt its U.K. business. The in- vasion of Ukraine forced it out of the Russian market. Bitzer charted a new course. A slimmer Whirlpool hunkered down in the West- ern Hemisphere, where its profit margins were highest. Last year, the company’s North American unit was re- sponsible for 65% of net sales. Bitzer said the strategy re- flected changes in global trade. The costs to serve indi- vidual markets have gone up, he said, while the advantages of having a worldwide pres- ence have gone down. “You’re living in a world where you want to be No. 1 in one or two big regions as op- posed to No. 2 globally,” he said. The company’s global com- petitors have also dug into North America, and Whirl- pool’s market share among major U.S. retailers has slipped in recent years, ac- cording to the research firm OpenBrand. Whirlpool’s inter- nal data, which includes e- commerce and sales to build- ers, shows its share has remained roughly level. In 2022, following the most profitable year in its history, Whirlpool announced one of the biggest deals in its history. It acquired the garbage-dis- posal company InSinkErator for $3 billion in cash—$2.5 bil- lion of it borrowed. Bitzer acknowledged Whirl- pool bought InSinkErator at the peak of its value, but said it remains an important acqui- sition with double-digit profit margins. He said the U.S. housing market will eventually rebound, and when it does, In- SinkErator will be “a wonder- ful business.” Talk of a rebound irritates investors like Christopher Poch, whose firm Promethium Advisors owns 11,000 Whirl- pool shares. “It doesn’t look like they’re really doing any- thing proactive other than hop- ing things get better,” he said. Bitzer pointed to what he said was the company’s larg- est-ever launch of new prod- ucts. That includes a camera- equipped oven that tells home chefs when their cookies are done, and the first refrigerator to make chewable nugget ice. He said Whirlpool is also raising prices to catch up with inflation, which should boost profit margins.
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s
53178.41 s693.38, or 1.32% High, low, open and close for each trading day of the past three months.
t t
Current divisor 0.1682481652835
65-day moving average
65-day moving average
65-day moving average
Bars measure the point change from session's open
Apr. May June July
Apr. May June July
Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index
1.00
100%
Latest 52-Week % chg High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. Dow Jones
Industrial Average 53230.08 52759.06 53178.41 693.38 1.32 53178.41 43968.64 20.4 10.6 14.7
3.00
Transportation Avg 21289.59 21071.31 21231.19 191.89 0.91 23933.14 15067.87 39.1 22.3 9.0
12%
–12
Utility Average 1129.95 1111.41 1119.86 -1.78 -0.16 1190.23 1048.33 -0.5 4.8 7.7
Total Stock Market 75318.01 74318.41 75233.21 1126.38 1.52 75286.10 62291.01 20.2 11.5 18.6
Barron's 400 1641.38 1622.75 1640.47 21.57 1.33 1640.47 1318.70 22.5 16.1 17.0
4.00
Nasdaq Stock Market Nasdaq Composite 25967.44 25420.35 25913.90 540.04 2.13 27093.90 20794.64 23.1 11.5 22.9
Nasdaq-100 28842.36 28196.88 28776.80 502.60 1.78 30660.60 22953.38 24.1 14.0 23.3
S&P 500 Index 7610.04 7504.78 7600.50 110.78 1.48 7609.78 6299.19 20.1 11.0 19.1
6.00
5.00
6.00%
5.00
MidCap 400 3802.71 3759.50 3800.42 41.78 1.11 3852.54 3109.89 20.9 15.0 12.3
8.00
SmallCap 600 1800.11 1770.48 1798.18 29.62 1.67 1804.34 1344.13 33.8 22.5 12.6
Other Indexes Russell 2000 2985.68 2935.26 2981.91 50.57 1.73 3024.37 2212.30 34.8 20.1 15.0
2.00
NYSE Composite 24277.31 24107.54 24255.53 147.99 0.61 24255.53 20457.10 18.4 10.2 14.6
Value Line 688.49 678.06 688.10 10.04 1.48 688.10 590.50 13.7 9.5 5.6
NYSE Arca Biotech 8574.38 8461.75 8542.41 10.28 0.12 8917.63 5640.67 48.5 19.4 17.9
NYSE Arca Pharma 1232.59 1194.51 1204.02 -22.58 -1.84 1273.25 881.47 31.1 6.9 11.7
KBW Bank 188.95 186.94 188.88 1.85 0.99 191.84 139.52 33.6 15.0 29.0
PHLX§Gold/Silver 315.72 305.22 315.31 7.41 2.41 470.37 215.77 46.1 -7.9 38.6
PHLX§Oil Service 94.04 92.08 93.72 -0.96 -1.01 109.24 58.83 58.6 27.8 0.1
PHLX§Semiconductor 11495.28 10922.31 11430.35 119.27 1.05 14634.72 5550.30 103.2 61.4 45.5
Cboe Volatility 16.30 15.54 15.86 -0.13 -0.81 31.05 13.47 -9.5 6.1 -0.1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
PercentageLosers
Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg
Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg
T3Defense DFNS 61.50 33.82 122.18 1948.75 3.70 -90.6 Universe Pharmaceuticals UPC 6.48 3.32 105.06 17.96 2.00 86.2 Leverage 2X LgCRWV Dly CRWG 20.09 5.60 38.65 196.30 10.66 ... Cumberland Pharm CPIX 7.18 2.00 38.61 8.09 1.85 104.0 Universal Logistics ULH 18.21 4.83 36.10 27.24 11.73 -19.6
Atkore ATKR 93.55 20.59 28.22 93.60 53.49 23.2 SLScience Holding SLBT 3.29 0.65 24.39 14.50 2.54 ... Meridian Holdings MRDN 13.96 2.69 23.87 19.44 5.80 -21.4 Leverage 2X LgNBIS Dly NBIG 17.99 3.41 23.39 47.81 4.51 ... GrShr 2x Long NBISDaily NBIL 25.92 4.86 23.08 68.49 6.37 ...
Leverage 2X LgONDS Dly ONDG 3.04 0.57 23.01 17.40 1.81 ... CAMP4 Therapeutics CAMP 4.21 0.76 22.03 7.75 1.32 155.2 Defiance Tgt 2X LgHIMS HIMZ 33.69 6.00 21.67 494.48 12.38 -92.3 OptimumBank Holdings OPHC 9.23 1.63 21.45 9.23 3.91 104.2 Direxion SOFI Bull 2X SOFA 14.48 2.52 21.04 23.91 9.99 ...
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
Franklin Incm EqFocus INCE 2,010 14270 68.38 0.52 68.81 56.65 Pictet AI Enhanced USEq PQUS 2,092 12438 28.08 0.75 28.29 23.45 Genprex GNPX 2,736 11795 4.75 -20.70 1210.00 4.65 Invsc Biotech &Genome PBE 690 10639 90.16 0.61 94.06 64.60 VicSh Intl Free Cash Grw GRIN 944 8272 31.80 1.28 34.54 24.79
VicSh Intl Free Cash Grw IFLO 877 7492 34.67 0.32 37.02 25.67 Pacer USSC Cash Cows Grw CAFG 424 5974 33.96 1.37 34.34 23.68 Columbia Rsrch Enh Emg ECON 924 4938 33.62 0.51 38.18 23.91 Singularity FutureTech SGLY 3,073 4446 5.44 4.02 20.30 2.55 SSSPDR DJGlbl RlEst RWO 2,469 4046 51.00 -0.29 52.26 43.19
51000
Latest YTD Region/Country Index Close Net chg % chg % chg
World MSCI ACWI 1131.01 10.50 0.94 11.5 MSCI ACWI ex-USA 473.43 –0.06 –0.01 12.4 MSCI World 4905.02 57.14 1.18 10.7 MSCIEmergingMarkets 1651.40 –14.49 –0.87 17.6
Americas MSCI ACAmericas 2875.92 39.528 1.39 10.9 Canada S&P/TSX Comp 35226.14 … Closed 11.1 Latin Amer. MSCIEMLatinAmerica 3087.22 –2.92 –0.09 13.9 Brazil Bovespa 178000.24 1.24 0.001 10.5 Chile S&P IPSA 5565.80 16.49 0.30 2.6 Mexico S&P/BMV IPC 66697.22 –239.77 –0.36 3.7
24000
EMEA STOXX Europe600 652.09 2.90 0.45 10.1 Eurozone Euro STOXX 676.19 6.29 0.94 10.4 Belgium Bel-20 5667.28 –18.54 –0.33 11.6 Denmark OMXCopenhagen20 1587.27 –11.48 –0.72 –1.3 France CAC 40 8613.82 104.18 1.22 5.7 Germany DAX 26001.31 372.07 1.45 6.2 Israel Tel Aviv 4111.69 –37.81 –0.91 13.2 Italy FTSE MIB 52871.72 699.19 1.34 17.6 Netherlands AEX 1102.22 3.04 0.28 15.9 Norway Oslo Bors All-Share 2388.52 2.99 0.13 23.0 South Africa FTSE/JSE All-Share 112675.43 1182.33 1.06 –2.7 Spain IBEX 35 19982.60 199.70 1.01 15.5 Sweden OMX Stockholm 1134.86 9.25 0.82 8.5 Switzerland Swiss Market 14371.77 25.63 0.18 8.3 Turkey BIST 100 13410.54 –47.56 –0.35 19.1 U.K. FTSE 100 10857.70 –10.35 –0.10 9.3 U.K. FTSE 250 24224.77 249.75 1.04 7.8
9.00%
Euro
Asia-Pacific MSCI ACAsia Pacific 268.34 –1.47 –0.54 17.9 Australia S&P/ASX 200 9019.30 42.50 0.47 3.5 China Shanghai Composite 3809.66 –22.60 –0.59 –4.0 Hong Kong Hang Seng 26009.40 124.97 0.48 1.5 India BSE Sensex 78639.03 544.39 0.70 –7.7 Japan NIKKEI 225 63754.90 –607.12 –0.94 26.6 Singapore Straits Times 5612.28 –16.22 –0.29 20.8 South Korea KOSPI 6257.45 –338.00 –5.12 48.5 Taiwan TAIEX 43386.41 266.66 0.62 49.8 Thailand SET 1621.90 –1.74 –0.11 28.8
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:
7600.50 s110.78, or 1.48% High, low, open and close for each trading day of the past three months.
21.94 24.48 20.29 21.10 1.47 1.65 53178.41, 08/03/26
53000
52000
50000
Session high
Close DOWN UP
Session open
49000
Close Open
Session low
48000
47000
7.00
PN Smart Energy PN 8.43 -8.84 -51.19 71.40 2.18 -87.2 Inflection Point III IPCX 4.45 -4.24 -48.79 11.50 3.77 -56.5 Inno Holdings INHD 9.42 -8.58 -47.67 7651.20 1.01 -98.4 Cloudastructure CSAI 3.69 -2.11 -36.38 69.15 3.53 -93.2 JIADE JDZG 3.86 -2.15 -35.77 1014.98 3.50 -99.4
Game Your Game GYGY 6.24 -2.84 -31.28 32.66 5.51 ... Wetour Robotics WETO 6.68 -2.32 -25.78 251.00 2.70 -96.1 PowerCompute PWCM 1.63 -0.49 -23.11 68.50 1.49 -96.7 Exyn Technologies EXYN 1.82 -0.52 -22.22 7.20 1.80 ... Defiance Tgt 2xShrt QBTS QBTZ 3.48 -0.93 -21.09 96.84 2.72 ...
Genprex GNPX 4.75 -1.24 -20.70 1210.00 4.65 -98.1 Evolution Metals & Techs EMAT 2.95 -0.71 -19.40 24.09 2.92 -72.9 Lexaria Bioscience LEXX 4.75 -1.12 -19.01 23.25 4.21 -62.8 Defiance Tgt 2xShrt RKLB RKLZ 4.04 -0.84 -17.21 204.07 1.67 ... Faraday Future FFAI 4.93 -1.00 -16.86 457.50 3.68 -98.4
U.S.-dollar foreign-exchange rates at5 p.m. ET
US$vs, Mon YTDchg Country/currency inUS$ perUS$ (%)
US$vs, Mon YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071494.2243 3.0 Brazil real .1960 5.1028 –7.5 Canada dollar .7119 1.4048 2.3 Chile peso .001081 925.16 2.8 Colombiapeso .000308 3242.03 –14.0 Ecuador US dollar 1 1 unch Mexico peso .0577 17.3295 –3.8 Uruguay peso .02487 40.2112 3.0 Asia-Pacific Australiadollar .7001 1.4284 –4.7 China yuan .1481 6.7526 –3.4 Hong Kongdollar .1275 7.8422 0.8 India rupee .01049 95.330 6.1 Indonesia rupiah .0000557 17969 7.6 Japan yen .006362 157.17 0.3 Kazakhstan tenge .002108 474.47 –6.5 Macau pataca .1238 8.0802 0.7 Malaysia ringgit .2442 4.0956 0.9 New Zealand dollar .5872 1.7030 –2.0 Pakistan rupee .00360 277.829 –0.9 Philippines peso .0164 60.926 3.4 Singapore dollar .7798 1.2823 –0.3 South Korea won .0006996 1429.42 –0.8 Sri Lanka rupee .0029789 335.70 8.3 Taiwan dollar .03086 32.407 3.4 Thailand baht .02996 33.380 6.0
Yen
Pricingtrends on someraw materials,or commodities
DJ Commodity 1346.94 -17.25 -1.26 1467.33 1037.49 28.87 19.12 FTSE/CC CRB Index 379.95 -5.15 -1.34 406.18 291.69 29.39 27.17 Crude oil, $ per barrel 80.34 -4.33 -5.11 112.95 55.27 21.19 39.92 Natural gas, $/MMBtu 2.781 0.034 1.24 7.460 2.523 -5.15 -24.55 Gold, $ per troy oz. 4033.70 -15.40 -0.38 5318.40 3313.40 19.54 -6.75
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.
25.19 24.81 21.01 23.82 1.10 1.21 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
Snap SNAP 22,342.2 5.50 0.46 9.13 5.89 4.83
Palantir Technologies PLTR 21,187.2 140.60 14.95 11.90 148.77 125.30
FlexGlblUpstrmNatRscs GUNR 9,309.3 51.90 ... unch. 51.90 51.90
Figma FIG 8,961.9 25.01 0.09 0.36 25.10 24.80
VICI Properties VICI 6,965.2 26.60 0.06 0.23 26.61 26.38
StateStreetSPDRS&P500 SPY 6,606.1 757.92 0.25 0.03 758.50 757.34
Coca-Cola KO 6,309.1 86.87 0.01 0.01 87.10 81.99
NVIDIA NVDA 6,274.1 206.60 -0.04 -0.02 220.94 199.85 Percentage gainers…
Ameresco AMRC 116.1 29.02 6.29 27.67 30.00 22.73
GrShr2xLongPLTRDaily PTIR 4,319.0 13.00 2.42 22.87 13.43 10.47
Direxion PLTR Bull 2X PLTU 2,586.1 34.82 6.43 22.65 35.99 28.02
Leverage2XLgPLTRDly PLTG 460.6 12.30 2.22 22.02 12.83 10.01
Voyager Technologies VOYG 188.8 33.00 4.99 17.82 33.85 27.11 ...And losers
T3Defense DFNS 544.5 47.42 -14.08 -22.89 63.85 46.00
DefianceTgt2xShPLTR PLTZ 623.3 22.35 -6.40 -22.26 29.20 20.98
Powell Industries POWL 222.0 187.63 -32.09 -14.60 223.07 183.00
Ichor Holdings ICHR 135.9 69.42 -10.81 -13.47 80.23 65.00
Adeia ADEA 254.6 24.17 -3.62 -13.03 28.02 21.79
Vietnam dong .00003803 26292 –0.03 Europe Czech Rep. koruna .04754 21.035 2.2 Denmark krone .1540 6.4955 2.1 Euro area euro 1.1510 .8688 2.1 Hungary forint .003161 316.35 –3.4 Iceland krona .008105 123.38 –1.5 Norway krone .1048 9.5443 –5.4 Poland zloty .2670 3.7460 4.3 Sweden krona .1046 9.5597 3.8 Switzerland franc 1.2338 .8105 2.3 Turkey lira .0210 47.5296 10.6 Ukraine hryvnia .0223 44.8500 5.9 UK pound 1.3434 .7444 0.3 Middle East/Africa Bahrain dinar 2.6520 .3771 0.03 Egypt pound .0200 50.1212 5.1 Israel shekel .3283 3.0458 –4.4 Kuwait dinar 3.2312 .3095 0.5 Oman sul rial 2.5993 .3847 –0.01 Qatar rial .2744 3.644 –0.3 Saudi Arabia riyal .2666 3.7514 0.01 South Africa rand .0605 16.5265 –0.2
Close NetChg %Chg YTD%Chg
WSJDollarIndex 96.19 0.09 0.09 0.27
WSJ Dollar Index
Sources: Tullett Prebon, DowJones Market Data
Monday 52-Week YTD Close Net chg % Chg High Low % Chg % chg
A Dow Jones partner
25913.90 s 540.04, or 2.13% High, low, open and close for each trading day of the past three months.
Reitar Logtech Holdings RITR 1,507,496 51087.0 0.34 504.96 7.68 0.05 Megan Holdings MGN 951,691 7203.4 0.14 87.23 8.63 0.06 AiRWA YYAI 478,285 23746.8 0.12 ... 10576.80 0.11 China SXT Pharm SXTC 427,309 1770.2 0.08 24.34 1046.99 0.05 Zhibao Technology ZBAO 208,131 895.8 0.26 27.54 1.34 0.15
Hydrofarm Holdings Group HYFM 143,870 313424.6 2.15 298.15 4.78 0.50 ProSh UltraPro Shrt QQQ SQQQ 138,195 116.3 41.43 -5.26 98.85 35.80 NVIDIA NVDA 127,875 -16.5 206.64 2.93 236.54 164.07 Reliance Global Group EZRA 108,406 5972.3 2.65 45.60 78.00 1.75 ProShares Bitcoin ETF BITO 99,649 -55.7 8.63 1.45 22.30 7.87
Consumer Ratesand Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
t New car loan
Prime rate
A 2025
S O N D J 2026
F M A M J J A
Yield/Rate(%) 52-Week Range(%) 3-yr chg Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.75 Prime rate* 6.75 6.75 6.75 l 7.50 -1.75 SOFR 3.66 3.64 3.50 l 4.51 -1.65 Money market, annual yield 0.44 0.44 0.41 l 0.45 -0.12 Five-year CD, annualyield 1.73 1.73 1.67 l 1.73 -1.12 30-year mortgage, fixed† 6.74 6.75 6.11 l 6.79 -0.64 15-year mortgage, fixed† 6.17 6.13 5.55 l 6.18 -0.48 Jumbomortgages, $832,750-plus† 6.87 6.73 6.34 l 6.87 -0.57 Five-year adj mortgage (ARM)† 6.09 5.95 5.66 l 6.23 -0.23 New-car loan, 48-month 6.97 6.97 6.85 l 7.21 -0.29
Bankrate.com ratesbased onsurveyof over1,500 online banks. *Baserate posted by70%ofthe nation'slargest banks.† Excludes closingcosts. Sources: FactSet;Dow JonesMarketData; Bankrate.com Benchmark Yields and Rates Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Monday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSEU.S.Treasury Close; TullettPrebon; DowJones Market Data
Yield (%) 52-Week Total Return (%) Bond totalreturnindex Close Last Weekago High Low 52-wk 3-yr
32.61 32.67 24.79 29.95 0.57 0.69 27093.90, 06/02/26
Volume, Advancers, Decliners
NYSE NYSE Amer.
Totalvolume1,269,101,615 17,994,598 Adv. volume 881,255,721 15,982,803 Decl. volume 379,622,568 1,880,682 Issues traded 2,839 297 Advances 1,915 210 Declines 847 82 Unchanged 77 5 Newhighs 100 3 Newlows 39 6 Closing Arms† 0.91 0.65 Block trades 4,304 153
Nasdaq NYSE Arca
Totalvolume11,118,462,422 330,898,803 Adv.volume8,890,738,556 242,059,530 Decl.volume1,674,396,969 87,584,650 Issues traded 5,025 2,659 Advances 3,598 2,182 Declines 1,253 461 Unchanged 174 16 Newhighs 191 210 Newlows 172 108 Closing Arms† 0.54 1.64 Block trades 80,821 1,499
*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly. †(TRIN)Acomparisonofthenumberofadvancinganddeclining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.
Selectedrates Newcarloan
Bankrate.com avg†: 6.97%
First Command Bank 4.99% Fort Worth, TX 817-569-2253
FirstSavingsBankofHegewisch 5.20% Chicago, IL 773-646-4200
Frost Bank 5.64% San Antonio, TX 210-220-4000
PNC Bank 6.07% Wilmington, DE 888-762-2265
Firstrust Bank 6.74% Conshohocken, PA 800-220-2265
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
2025 2026
28000
27000
26000
25000
23000
22000
Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs.; $per lb. Aug 6.5295 6.5295 6.4340 6.5140 0.0780 5,080 Sept 6.5530 6.5775 6.4505 6.5405 0.0750 137,073 Gold (CMX)-100 troyoz.; $ per troy oz. Aug 4083.40 4083.50 4026.50 4033.70 –15.40 15,839 Sept 4086.20 4094.90 4033.00 4046.30 –16.10 5,056 Oct 4099.00 4113.90 4044.10 4060.30 –16.30 51,733 Nov 4118.60 4118.60 4072.70 4075.90 –16.40 280 Dec 4135.20 4145.50 4074.00 4090.50 –16.50 280,612 Jan'27 4155.90 4155.90 4120.00 4108.10 –16.60 262 Palladium (NYM) -50 troy oz.; $ per troy oz. Aug 1244.50 1244.50 s 1244.50 1250.90 –24.70 26 Sept 1289.50 1304.00 1242.00 1256.60 –24.80 16,529 Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 1612.10 1632.90 s 1612.10 1618.00 –32.30 40 Oct 1665.60 1677.80 1617.80 1626.30 –32.40 45,375 Silver (CMX)-5,000 troy oz.; $ per troy oz. Aug 57.800 57.800 57.800 57.667 0.076 1,308 Sept 58.650 58.880 56.705 57.856 0.070 79,592 Crude Oil, LightSweet (NYM)-1,000 bbls.; $per bbl. Sept 80.10 81.30 78.43 80.34 –4.33 264,062 Oct 77.92 78.90 76.42 77.90 –3.59 171,024 Nov 76.30 76.69 74.40 75.68 –2.97 113,256 Dec 74.09 74.96 73.20 73.94 –2.50 204,633 June'27 70.00 70.62 69.37 69.94 –1.20 138,338 Dec 68.10 68.70 67.49 68.12 –0.86 149,097 NY Harbor ULSD (NYM)-42,000gal.; $per gal. Sept 3.9780 4.0658 3.8569 3.8772 –.2183 76,794 Oct 3.8342 3.9252 3.7546 3.7701 –.1877 38,113 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 3.0500 3.0511 2.9566 2.9667 –.1475 104,583 Oct 2.7697 2.7771 2.6994 2.7095 –.1242 52,640 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Sept 2.745 2.810 2.710 2.781 .034 370,084 Oct 2.790 2.846 2.756 2.824 .037 156,874 Dec 3.721 3.729 3.665 3.723 .034 141,668 Jan'27 4.148 4.204 4.142 4.198 .033 143,944 March 2.970 3.012 2.956 2.999 .024 138,730 April 2.827 2.867 2.822 2.860 .028 115,743
Agriculture Futures Corn (CBT)-5,000 bu.; centsper bu. Sept 438.00 450.50 435.25 449.25 8.50 525,954
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record
Amount Payable / Company Symbol Yld % New/Old Frq Record Amount Payable / Company Symbol Yld % New/Old Frq Record Eldorado Gold EGO 0.9 .075 Q Sep15 /Sep01 Imperial Oil IMO 1.4 .62017 Q Oct01 /Sep04 LloydsBankingGroupADR LYG 2.7 .08397 SA Sep25 /Aug10 Magna International MGA 2.9 .495 Q Aug28 /Aug14 NatWest Group ADR NWG 4.4 .3222 SA Sep18 /Aug14 Patria Investments PAX 5.5 .1625 Q Sep14 /Aug10 Pearson ADR PSO 2.0 .11027 SA Sep21 /Aug14 Rentokil Initial ADR RTO 2.3 .224 SA Sep22 /Aug14 TELUS Corp. TU 11.3 .13366 Q Oct01 /Sep10 Vale ADR VALE 6.2 .30884 SA Sep10 /Aug13 Note: Dividend yields as of3:30 p.m. ET Sources: FactSet; Dow Jones Market Data
Increased Clorox CLX 5.1 1.25 /1.24 Q Aug28 /Aug12 FederalRealtyInvtTrust FRT 3.8 1.16 /1.13 Q Oct15 /Oct01 Ingram Micro INGM 1.2 .086 /.084 Q Aug25 /Aug11 Zions Bancorp Pfd. A ZIONP 6.3 .284/.28157 Q Sep15 /Sep01
Stocks Aethlon Medical AEMD 1:5 /Aug04 IES Holdings IESC 2:1 /Aug24
Foreign AngloGold Ashanti AU 4.4 .72 Q Sep04 /Aug21 BrookfieldRenewPfdA17 BEPpA 7.7 .32813 Q Nov02 /Oct15 Brookfield Renewable BEPC 4.6 .392 Q Sep29 /Aug31 BrookfieldRenewablePtrs BEP 4.7 .392 Q Sep29 /Aug31 CRH CRH 1.6 .39 Q Sep16 /Aug14
Monday
Monday,August3,2026
Monday
Monday
wsj.com/market-data/commodities
Thesepricesreflectbuyingandselling of a variety of actualor “physical” commoditiesin the marketplace—separate fromthefuturespriceon an exchange, whichreflects whatthe commoditymightbe worth in futuremonths.
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 4046.00 Krugerrand,wholesale-e 4213.04 Maple Leaf-e 4253.55 American Eagle-e 4253.55 Mexican peso-e 4892.29 Austria crown-e 3973.79 Austria phil-e 4253.55 Silver, troy oz. Engelhard industrial 57.1000 Handy & Harman base 57.4620 Handy & Harman fabricated 71.8280 Coins,wholesale $1,000 face-a 41495 Other metals Platinum,Engelhard industrial 1627.0 Palladium,Engelhard industrial 1258.0 Aluminum, LME, $per metric ton 3196.0 Copper,Comex spot 6.5140 Iron Ore, 62% Fe CFR China-s 95.3 Steel,HRCUSA,FOBMidwestMill-s *1180.0 Battery/EV metals
KEY TOCODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &Brookes;H=American CommoditiesBrokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quotedor not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International CoffeeOrganization; Z=notquoted. *Dataasof 7/31 Source: Dow JonesMarket Data
Money Rates August3,2026
Keyannual interestratespaidto borrow or lendmoney in U.S. and internationalmarkets.Ratesbelowarea guide togeneral levels but don’talwaysrepresentactualtransactions.
Inflation
June index Chg From (%) level May '26 June '25
U.S.consumer priceindex All items 333.952 –0.35 3.5 Core 336.882 0.01 2.6
Internationalrates
Week 52-Week Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago high low
Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45
Key Interest Rates Data are annualizedona360-day basis. Treasury yieldsareper annum, on actively tradednoninflation and inflation-indexedissues that are adjusted toconstant maturities. Data arefromweekly Federal Reserve release H.15.
WeekEnded 52-Week Jul 31 Jul 24 High Low
WeekEnded 52-Week Jul 31 Jul 24 High Low 6-month 4.02 4.05 4.27 3.56 1-year 4.08 4.10 4.10 3.43 2-year 4.26 4.30 4.30 3.42 3-year 4.32 4.33 4.33 3.45 5-year 4.39 4.40 4.40 3.58 7-year 4.52 4.52 4.52 3.77 10-year 4.67 4.66 4.67 4.00 20-year 5.19 5.16 5.19 4.54
Federal funds(effective) 3.63 3.63 4.33 3.62
Federal funds
Commercialpaper Nonfinancial 1-month 3.70 3.68 4.31 3.61 2-month 3.75 3.72 4.29 3.58 3-month 3.76 3.68 4.30 3.62 Financial 1-month n.a. n.a. 4.32 3.60 2-month 3.75 3.74 4.29 3.62 3-month 3.83 3.79 4.28 3.62 Discount window primary credit 3.75 3.75 4.50 3.75
Treasury yields atconstant maturities 1-month 3.77 3.77 4.48 3.67 3-month 3.87 3.91 4.39 3.63
Dec 461.00 473.50 458.25 472.50 8.50 785,150 Oats (CBT)-5,000 bu.; cents per bu. Sept 310.25 317.50 310.00 316.00 5.75 632 Dec 330.25 337.50 330.00 336.75 6.50 2,353 Soybeans (CBT)-5,000 bu.; centsper bu. Aug 1163.75 1175.50 1163.75 1168.75 –3.25 1,630 Nov 1182.25 1194.50 1175.25 1192.25 4.75 501,910 SoybeanMeal (CBT)-100 tons; $per ton. Aug 310.30 314.50 309.10 313.40 1.20 1,433 Dec 321.00 322.50 317.90 321.60 .40 285,631 SoybeanOil (CBT)-60,000 lbs.; cents per lb. Aug 67.33 68.01 66.89 68.69 1.57 2,004 Dec 66.43 68.30 66.10 68.14 1.24 256,642 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 13.99 14.28 13.91 14.18 .22 11,375 Nov 14.41 14.69 14.33 14.61 .21 1,439 Wheat (CBT)-5,000 bu.; cents per bu. Sept 635.00 653.75 632.00 651.00 11.75 196,594 Dec 652.75 671.75 650.00 669.25 11.75 161,435 Wheat (KC)-5,000 bu.; cents per bu. Sept 704.50 720.75 698.75 717.25 9.75 120,575 Dec 721.50 736.75 714.75 734.00 10.25 112,078 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 348.200 351.525 346.900 347.825 –.200 11,748 Sept 344.375 348.050 341.700 342.550 –1.225 20,494 Cattle-Live (CME)-40,000 lbs.;cents per lb. Aug 231.725 233.400 230.900 231.100 –.650 34,295 Oct 227.250 229.550 226.300 226.725 –.525 119,555 Hogs-Lean (CME)-40,000 lbs.; centsper lb. Aug 98.200 98.625 97.450 97.525 –1.325 20,294 Oct 83.900 84.900 83.350 83.675 –1.175 118,828 Lumber (CME)-27,500 bd. ft., $per 1,000 bd. ft. Sept 614.00 614.00 599.50 601.00 –13.00 6,257 Nov 622.00 622.00 t 607.50 611.50 –12.00 1,385 Milk (CME)-200,000 lbs.,cents per lb. July 15.66 15.68 15.63 15.66 –.01 5,401 Sept 17.59 17.73 17.36 17.47 –.06 6,529 Cocoa (ICE-US)-10 metric tons; $per ton. Sept 5,435 5,950 5,378 5,939 542 63,418 Dec 5,589 6,075 5,516 6,066 530 57,229 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 332.00 332.65 317.25 319.50 –12.60 54,310 Dec 313.75 314.80 302.60 304.70 –9.95 63,689 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 14.62 15.06 14.61 15.01 .35 498,683 March'27 15.50 15.93 15.49 15.91 .38 299,490 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 35.50 35.50 35.50 35.50 … 190 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 79.90 81.38 79.68 81.35 .85 141
KEY: A:annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1:stock split and ratio; SO: spin-off.
BMILithiumCarbonate,EXWChina,=99.5%-v,w 21200 BMILithiumHydroxide,EXWChina,=56.5%-v,w 19650 BMICobaltsulphate,EXWChina,>20.5%-v,w 11840 BMINickelSulphate,EXWChina,>22%-v,k 4440 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 425
Fibers andTextiles
Burlap,10-oz,40-inch NY yd-n,w 1.2400 Cotton,1 1/16 std lw-mdMphs-u 0.7760 Cotlook 'A' Index-t *90.00 Hides,hvy nativesteers piece fob-u n.a. Wool,64s,staple,Terr del-u,w n.a.
Grains andFeeds
Bran,wheat middlings, KC-u,w 85 Corn,No. 2 yellow,Cent IL-bp,u n.a. Cottonseed meal-u,w 320 Hominyfeed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 355 Oats,No.2 milling,Mnpls-u 3.8100 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 334.10 Soybeans,No.1 yllw IL-bp,u n.a. Wheat,Spring14%-pro Mnpls-u 8.2500 Wheat,No.2 soft red,St.Louis-u 6.2050 Wheat-Hard-KC(USDA)$perbu-u n.a. Wheat,No.1soft white,Portld,OR-u 6.5500
Japan 2.125 2.125 2.125 1.875
Policy Rates Euro zone 2.40 2.40 2.40 2.15 Switzerland 0.25 0.25 0.50 0.25 Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60
Overnight repurchase U.S. 3.67 3.67 4.45 3.49
U.S. government rates
Discount 3.75 3.75 4.50 3.75
Treasury yields(secondary market) 1-month 3.64 3.67 4.29 3.55 3-month 3.73 3.77 4.23 3.53 6-month 3.86 3.88 4.09 3.48 TIPS 5-year 2.17 2.12 2.17 1.17 7-year 2.29 2.25 2.29 1.43 10-year 2.43 2.39 2.43 1.70 20-year 2.77 2.73 2.77 2.14 Long-term avg 2.96 2.91 2.96 2.28
wsj.com/market-data/commodities
Food
Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 351.32 select 1-3,600-900 lbs.-u 330.71 Broilers,Nationalcompwtd.avg.-u,w 1.1804 Butter,AA Chicago-d 1.4850 Cheddar cheese,bbl,Chicago-d 154.75 Cheddar cheese,blk,Chicago-d 156.00 Milk,Nonfat dry,Chicago lb.-d 152.50 Coffee,Brazilian,Comp-y 3.1867 Coffee,Colombian,NY-y 3.8148 Eggs,large white,Chicago-u,w 1.3050 Flour,hard winter KC-p 19.25 Hams,17-20 lbs,Mid-US fob-u n.a. Hogs,Iowa-So. Minnesota-u 94.11 Pork bellies,12-14 lbMidUS-u 2.0072 Pork loins,13-19 lbMidUS-u 1.1225 Steers,Tex.-Okla. Choice-u n.a. Steers,feeder,Okla. City-u,w 409.00 Fats and Oils
Degummedcornoil,crudewtd.avg.-u,w n.a. Grease,choice white,Chicago-h n.a. Lard,Chicago-u n.a. Soybean oil,crude;CentlIL-u,w 0.7085 Tallow,bleach;Chicago-h n.a. Tallow,edible,Chicago-u n.a.
Effectiverate 3.6400 3.6400 4.3300 3.6300 High 3.7000 3.7000 4.5500 3.7000 Low 3.5500 3.5500 4.3200 3.5500 Bid 3.6200 3.6200 4.3200 3.6100 Offer 3.6400 3.6400 4.3300 3.6300
Treasury bill auction 4 weeks 3.630 3.730 4.300 3.550 13 weeks 3.815 3.815 4.165 3.540 26 weeks 3.945 3.945 3.980 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. 4.26 3.57
Secured Overnight Financing Rate 3.66 3.64 4.51 3.50
Value 52-Week Latest Traded High Low
DTCC GCFRepo Index Treasury 3.683 50.500 4.492 3.504 MBS 3.690 96.928 4.623 3.517
Weekly survey
Latest Week ago Year ago
Freddie Mac 30-year fixed 6.66 6.58 6.72 15-year fixed 6.04 5.96 5.85
Notes ondata: U.S. prime rate is the base rateon corporate loans posted by atleast 70% of the 10largest U.S. banks, and iseffective December 11, 2025. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rateiseffective December 11, 2025. Secured Overnight Financing Rate isas of July 31, 2026. DTCC GCF Repo Index isDepository Trust & Clearing Corp.'s weighted average for overnight tradesin applicable CUSIPs. Value traded isin billionsof U.S. dollars.Federal-funds rates are Tullett Prebon rates as of 3:30p.m. ET. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Tullett Prebon Information, Ltd.
Dec 81.37 82.74 80.39 82.57 .78 195,638 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 155.00 159.35 150.75 158.35 3.40 7,378 Nov 158.15 163.40 155.00 162.45 3.30 1,623
Interest Rate Futures Ultra Treasury Bonds (CBT) -$100,000; pts 32nds of100% Sept 110-110 110-240 110-040 110-150 25.0 2,445,273 Dec 110-040 110-090 110-000 110-030 25.0 168 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 108-280 109-080 108-250 109-030 25.0 1,871,069 Dec 108-160 108-250 108-120 108-210 26.0 11,936 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 108-115 108-175 108-085 108-135 13.5 5,203,331 Dec 108-015 108-080 108-010 108-045 13.5 25,255 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 106-075 106-102 106-050 106-072 8.0 6,272,770 Dec 106-025 106-060 106-020 106-040 8.5 26,786 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-295 102-296 102-275 102-281 2.4 4,395,627 Dec 102-256 102-259 102-240 102-245 2.5 6,907 30Day Federal Funds (CBT)-$5,000,000; 100 -daily avg. Aug 96.3675 96.3675 96.3650 96.3650 –.0050 863,367 Oct 96.2050 96.2100 96.1900 96.1900 –.0050 452,236 Three-Month SOFR (CME)-$1,000,000; 100 -daily avg. May 96.3625 96.3625 t 96.3600 96.3625 .0025 5,446 Dec 95.9700 95.9700 t 95.9250 95.9400 .0200 1,682,422
Currency Futures Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6361 .6449 s .6344 .6388 .0087 1,373 Sept .6377 .6463 .6355 .6402 .0088 406,999 Canadian Dollar (CME)-CAD 100,000; $per CAD Aug .7130 .7131 .7121 .7125 –.0013 355 Sept .7148 .7155 .7129 .7133 –.0014 352,543 British Pound (CME)-£62,500; $ per £ Aug 1.3492 1.3499 1.3443 1.3430 –.0052 566
Bonds | wsj.com/market-data/bonds/benchmarks
Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yields paid toinvestors compared with 52-week highs and lows fordifferent types ofbonds
Total return YTD total Yield (%) close return (%) Index Latest Low High
Total return YTD total Yield (%) close return (%) Index Latest Low High
Broad Market Bloomberg Fixed Income Indices
2238.15 -0.5 U.S. Aggregate 4.950 4.160 5.000
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3426.24 -0.5 U.S. Corporate 5.430 4.680 5.470
3390.78 0.3 Intermediate 5.120 4.330 5.180
4341.81 -2.4 Long term 6.130 5.370 6.170
635.87 -1.8 Double-A-rated 5.330 4.410 5.350
942.95 -0.2 Triple-B-rated 5.590 4.860 5.640
High YieldBonds ICEBofA
629.03 1.9 HighYieldConstrained 7.313 6.489 7.668
630.10 0.3 Triple-C-rated 14.089 11.438 14.184
4176.79 1.4 High Yield 100 6.650 5.828 7.136
548.58 2.2 GlobalHighYieldConstrained 7.048 6.317 7.438
401.82 1.7 EuropeHighYieldConstrained 5.760 4.820 6.198
U.S Agency Bloomberg Fixed Income Indices
1966.44 0.4 U.S Agency 4.570 3.830 4.650
1746.24 0.6 10-20 years 4.500 3.750 4.590
3656.96 -1.5 20-plus years 5.340 4.580 5.360
3037.49 -0.02 Yankee 5.080 4.320 5.130
*Constrained indexes limit individual issuer concentrations to2%; theHighYield 100arethe100largest bonds †In localcurrency § Euro-zone bonds
** EMBI Global Index Sources:ICE Data Services;BloombergFixed Income Indices;J.P.Morgan
Yields and spreads over or under U.S. Treasurysonbenchmark two-year and 10-year government bonds in selected other countries;arrows indicate whether the yield rose(s) or fell (t) inthe latest session
Country/ Yield (%) SpreadUnder/OverU.S. Treasurys, inbasis points Coupon (%) Maturity,in years Latest(l)0 1 2 3 4 5 6 Previous Month ago Yearago Latest Prev Year ago 4.250 U.S. 2 4.255 t l 4.289 4.130 3.702 4.375 10 4.684t l 4.743 4.477 4.218
2.250 Australia 2 4.524 l 4.524 4.463 3.390 26.0 22.0 -30.8
4.250 10 4.938 l 4.938 4.805 4.326 25.0 19.8 10.1
2.400 France 2 2.949 t l 3.002 2.683 2.177 -131.5 -130.2 -152.1
3.700 10 3.940 t l 4.001 3.622 3.356 -74.8 -73.9 -86.9
2.700 Germany 2 2.783 t l 2.831 2.553 1.931 -148.1 -147.3 -176.7
3.000 10 3.175 t l 3.229 2.940 2.680 -151.3 -151.1 -154.6
2.650 Italy 2 2.960 t l 3.015 2.705 2.133 -130.4 -128.9 -156.5
3.800 10 3.940 t l 4.020 3.668 3.518 -74.8 -72.0 -70.7
1.500 Japan 2 1.568 s l 1.508 1.393 0.811 -269.6 -279.6 -288.7
2.700 10 2.828 s l 2.799 2.778 1.553 -186.0 -194.1 -267.3
2.400 Spain 2 2.829 t l 2.880 2.606 2.040 -143.5 -142.4 -165.9
3.400 10 3.591 t l 3.642 3.375 3.188 -109.7 -109.8 -103.7
4.375 U.K. 2 4.325 t l 4.421 4.133 3.796 6.1 11.7 9.8
1.125 10 4.961 t l 5.062 4.787 4.530 27.3 32.1 30.5
Corporate Debt Prices offirms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreadsthattightened the most…
Spread*, inbasis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-daychange Lastweek
Southern California Edison … 5.950 6.01 Feb. 1,’38 133 –10 n.a.
CF Industries CF 5.150 5.39 March 15, ’34 71 –7 82
Telefonica Emisiones … 4.895 6.50 March 6,’48 126 –7 133
Citigroup C 6.625 5.18 June 15, ’32 78 –6 76
Royal Bankof Canada RY 4.950 4.60 Feb. 1,’29 29 –6 27
International Business Machines IBM 4.250 6.56 May 15, ’49 132 –5 n.a.
Shell International Finance … 3.625 5.79 Aug. 21, ’42 55 –5 66
Valero Energy VLO 7.500 5.06 April 15, ’32 66 –5 n.a.
Citigroup C 4.750 6.33 May 18, ’46 109 8 111
Corning GLW 5.750 5.83 Aug. 15, ’40 114 8 n.a.
Northwestern Mutual Global Funding* … 4.740 4.96 June 30, ’31 56 5 50
Athene Global Funding* … 5.322 5.62 Nov. 13, ’31 122 4 118
Iberdrola International* … 6.750 5.48 July 15, ’36 79 4 79
America Movil … 4.375 5.99 July 16, ’42 76 3 n.a.
Goldman Sachs GS 6.750 5.97 Oct. 1,’37 129 3 128
Wyeth … 5.950 5.46 April 1,’37 77 3 n.a.
Bond Price as%offace value Issuer Symbol Coupon(%) Yield (%) Maturity Current One-daychange Lastweek
Telecom Italia Capital … 7.721 6.19 June 4,’38 112.713 0.81 112.738
ADT Security … 4.875 6.10 July 15, ’32 93.969 0.47 93.575
Bath & Body Works BBWI 6.875 6.64 Nov. 1,’35 101.570 0.45 101.120
AAdvantage Loyalty IP … 5.750 5.76 April 20, ’29 99.985 0.44 99.753
Bausch Health … 11.000 9.54 Sept. 30, ’28 102.750 0.38 101.875
Hughes Satellite Systems … 6.625 n.a. Aug. 1,’26 40.000 –5.25 n.a.
Sept 1.3494 1.3506 1.3417 1.3430 –.0052 241,293 SwissFranc (CME)-CHF 125,000; $perCHF Sept 1.2442 1.2469 1.2378 1.2400 –.0030 109,407 Dec 1.2580 1.2590 1.2522 1.2528 –.0030 687 Australian Dollar (CME)-AUD 100,000; $ perAUD Aug .7046 .7046 .6988 .6997 –.0039 645 Sept .7030 .7045 .6978 .6994 –.0039 239,154 Mexican Peso (CME)-MXN 500,000; $ perMXN Aug .05760 .05760 .05760 .05766 –.00001 950 Sept .05749 .05764 .05745 .05752 –.00002 209,051 Euro (CME)-€125,000; $ per€ Aug 1.1565 1.1565 1.1508 1.1521 –.0016 13,338 Sept 1.1562 1.1579 1.1520 1.1533 –.0017 756,355
Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 52780 53414 52777 53334 699 78,469 Dec 53200 53822 53192 53743 701 279 Mini S&P 500 (CME)-$50xindex Sept 7550.00 7637.75 7542.75 7628.25 109.00 2,020,830 Dec 7612.75 7704.75 7610.00 7695.75 110.50 32,488 Mini S&P Midcap 400 (CME)-$100xindex Sept 3788.30 3823.20 3775.20 3815.10 42.20 35,958 Dec … … … 3844.60 41.20 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 28565.00 28964.25 28313.50 28891.75 487.50 288,821 Dec 28753.50 29250.00 28600.00 29182.00 493.50 3,289 Mini Russell 2000 (CME)-$50xindex Sept 2950.00 2994.60 2948.40 2989.30 51.30 415,697 Dec 2981.40 3016.20 2974.90 3011.70 51.60 450 Mini Russell 1000 (CME)-$50xindex Sept 4105.10 4155.50 4105.10 4154.50 56.80 5,719 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 99.58 99.90 99.31 99.78 –.01 53,678 Dec 99.34 99.59 99.08 99.48 –.02 302
Mortgage-Backed Bloomberg Fixed Income Indices
2245.89 -0.1 Mortgage-Backed 5.250 4.380 5.300
2209.05 0.2 Ginnie Mae (GNMA) 5.300 4.420 5.340
1327.47 -0.2 Fannie mae (FNMA) 5.240 4.370 5.290
2034.28 -0.7 FreddieMac(FHLMC) 5.100 4.160 5.170
619.50 0.2 Muni Master 3.667 3.037 3.682
438.26 -0.9 7-12 year 3.438 2.596 3.455
501.96 0.4 12-22 year 4.197 3.608 4.533
473.14 1.3 22-plus year 4.745 4.432 5.050
Global Government J.P. Morgan†
554.06 -0.9 Global Government 4.240 3.500 4.270
846.30 0.6 Canada 3.631 3.070 3.676
364.75 -0.1 EMU§ 3.647 3.117 3.728
657.24 -0.1 France 3.946 3.330 4.023
463.01 -0.2 Germany 3.258 2.650 3.317
244.32 -3.6 Japan 3.075 2.000 3.090
506.31 -0.1 Netherlands 3.377 2.860 3.434
813.25 -1.0 U.K. 5.209 4.560 5.381
1034.97 1.7 Emerging Markets ** 6.725 6.403 7.132
Source:Tullett Prebon, Tradeweb FTSEU.S. Treasury Close
Source: FactSet
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.
Net Stock Sym Close Chg
Net Stock Sym Close Chg
Monday, August 3, 2026
Monday, August 3, 2026
Monday, August 3, 2026
Net Stock Sym Close Chg A B C
BWX Tech BWXT 173.79 5.09 BXP BXP 70.41 0.29 Baidu BIDU 113.06 1.95 BakerHughes BKR 60.81 0.32 Ball BALL 65.15 0.25
AECOM ACM 74.80 2.41 AES AES 14.71 0.03 Aflac AFL 126.71 -0.77 AGNC Invt AGNC 10.64 -0.02 APA APA 36.87 -0.45 ASE Tech ASX 36.68 1.51 ASML ASML 1642.52 13.52 AST Space ASTS 63.52 4.54 AT&T T 23.59 0.34 ATI ATI 193.12 5.68 AXIAEnergia AXIA 10.56 0.09 AbbottLabs ABT 107.12 1.42 AbbVie ABBV 245.10 -5.84 Abivax ABVX 124.78 -0.14 Accenture ACN 165.76 -0.16 Acuity AYI 334.49 6.10 Adobe ADBE 251.34 0.93 AdvDrainageSys WMS 145.15 6.67 AdvEnergyInds AEIS 296.38 6.86 AdvMicroDevices AMD 484.64 8.49
s BBVA BBVA 28.36 0.41 BancoBradesco BBDO 3.28 -0.16 BancodeChile BCH 41.55 0.20 BancSanBrasil BSBR 5.74 0.07 BcoSantChile BSAC 34.71 0.10
s BancoSantander SAN 14.45 0.35 BankofAmerica BAC 62.48 0.53 BankMontreal BMO 179.72 0.27 BankNY Mellon BNY 156.20 -0.13 BankNovaScotia BNS 88.30 0.53 Barclays BCS 27.83 0.33 BarrickMining B 37.36 0.63 BaxterIntl BAX 28.10 1.94 BectonDicknsn BDX 170.21 4.59 BendingSpoons BSP 36.22 1.02 BentleySystems BSY 35.89 0.45 BeOneMed ONC 313.77 -2.24 Berkley WRB 72.09 -0.45
s BerkHathwy B BRK.B 513.14 1.60
s Aegon AEG 9.46 0.02 AerCap AER 153.65 2.75
s BerkHathwy A BRK.A 7682501649.99 BestBuy BBY 85.25 -1.01 Bio-Techne TECH 72.14 0.05 Biogen BIIB 201.82 -1.13 BioMarinPharm BMRN 60.00 -0.03 BioNTech BNTX 92.25 1.67 BitMineImmersion BMNR 17.42 0.14 BlackRock BLK 1126.63 36.24 Blackstone BX 134.68 8.22 Block XYZ 82.09 0.85 BloomEnergy BE 218.32 12.51 BlueOwlCapital OWL 11.16 0.86 Boeing BA 233.49 17.35 Booking BKNG 192.71 -0.19 BorgWarner BWA 63.31 -0.43 BostonSci BSX 48.43 1.70 BridgeBioPharma BBIO 79.96 -0.13 BrightSpring BTSG 60.47 0.76
s AffiliatedMgrs AMG 380.89 14.16 AffirmA AFRM 75.63 4.12 AgilentTechs A 139.80 1.43 AgnicoEagleMines AEM 147.42 2.15 AgreeRealty ADC 76.91 -0.89 AirProducts APD 292.94 -1.95 Airbnb ABNB 150.64 -0.88 AkamaiTech AKAM 117.88 2.70 AlamosGold AGI 28.70 0.87 Albemarle ALB 118.71 1.07 Alcoa AA 44.84 -0.42 Alcon ALC 70.21 1.27 Alibaba BABA 127.30 5.05 AlignTech ALGN 172.89 3.73 Allegion ALLE 161.28 3.88 AlliantEnergy LNT 71.27 0.49 AllisonTransm ALSN 116.31 1.77 Allstate ALL 262.68 -1.40 AllyFinancial ALLY 44.07 0.74 AlnylamPharm ALNY 220.33 14.81 Alphabet C GOOG 372.47 15.82 Alphabet A GOOGL 373.51 17.38 Altria MO 68.26 -0.07
s BrinkerIntl EAT 225.30 11.60
s BristolMyers BMY 65.47 0.16 BritishAmTob BTI 59.56 -1.09 BrixmorProp BRX 31.53 0.02 Broadcom AVGO 392.23 2.95 BroadridgeFinl BR 157.34 3.39 BrookfieldAsset BAM 50.69 2.29 Brookfield BN 43.53 1.00 BrookfieldInfr BIP 40.08 -1.68 BrookWealth BNT 44.05 0.86 Brown&Brown BRO 71.78 1.38 Brown-Forman A BF.A 28.12 -1.10 Brown-Forman B BF.B 27.81 -0.92 Bruker BRKR 64.31 1.47 Bullish BLSH 22.93 1.14 BungeGlobal BG 105.40 -0.83 BurlingtonStrs BURL 368.23 -0.25 CACI Intl CACI 512.66 14.91 CBRE Group CBRE 148.43 1.62 CDW CDW 147.70 -0.11 CF Industries CF 118.30 -6.89 CGI A GIB 73.01 -0.14 CH Robinson CHRW 147.00 -0.73 CME Group CME 266.17 -1.62 CMS Energy CMS 71.74 -0.25 CNA Fin CNA 53.59 1.12 CNH Indl CNH 10.80 0.55 CRH CRH 98.59 3.58 CSX CSX 49.83 -0.57 CVS Health CVS 105.37 0.94 CadenceDesign CDNS 336.15 -3.87 CamdenProperty CPT 110.72 -0.09 Cameco CCJ 89.72 3.34 CIBC CM 119.27 0.72 CanNtlRlwy CNI 125.81 -1.40 CanadianNatRscs CNQ 46.36 -1.32 CdnPacKC CP 90.65 1.76 CapitalOne COF 217.68 8.67 CardinalHealth CAH 235.60 5.57 CareTrustREIT CTRE 41.22 -0.72 Carlisle CSL 371.86 11.94 Carlyle CG 48.91 2.89 Carnival CCL 28.74 0.93 CarpenterTech CRS 543.49 23.83 CarrierGlobal CARR 63.17 1.36 Carvana CVNA 66.13 3.77 CaseysGenStores CASY 860.37-10.63 Caterpillar CAT 830.03 15.22 Celestica CLS 341.91 10.47 Cemex CX 11.84 0.02 Cencora COR 308.37 -2.97 CenovusEnergy CVE 29.57 -0.62 Centene CNC 63.76 1.54 CenterPointEner CNP 41.92 -0.12 CerebrasSystems CBRS 219.97 21.26 CharlesRiverLabs CRL 230.87 -1.64 CharterComms CHTR 144.10 -0.88 CheckPoint CHKP 122.97 -4.16 CheniereEnergy LNG 258.08 -5.49 CheniereEnerPtrs CQP 67.00 1.10 Chevron CVX 193.18 -3.65 Chewy CHWY 22.97 0.37 Chipotle CMG 37.46 0.24 Chubb CB 348.23 -2.45 ChunghwaTel CHT 42.43 -0.18 Church&Dwight CHD 100.01 1.20 Ciena CIEN 390.76 13.71 Cigna CI 282.06 3.01 CincinnatiFinl CINF 178.03 0.35 Cintas CTAS 204.01 -0.62 CircleInternet CRCL 60.35 -2.26 CiscoSystems CSCO 115.86 -0.13
s Amazon.com AMZN 284.02 12.44 Ambev ABEV 3.05 -0.06 Amcor AMCR 46.02 1.14 AmerSports AS 36.20 0.69 Ameren AEE 109.50 -0.11 AmericaMovil AMX 24.96 -0.39 AmerAirlines AAL 16.04 0.77 AEP AEP 128.32 0.47 AmerExpress AXP 344.72 8.47 AmericanFin AFG 141.92 0.20 AmerHlthcrREIT AHR 55.12 -0.48 AmHomes4Rent AMH 34.51 1.09 AIG AIG 78.79 0.21 AmerTowerREIT AMT 173.00 -0.36 AmerWaterWorks AWK 131.30 -2.87
s Ameriprise AMP 552.07 7.93 Ametek AME 243.77 2.06 Amgen AMGN 378.87 -6.29 AmkorTech AMKR 50.84 0.97 Amphenol APH 163.34 2.64 Amrize AMRZ 51.08 2.17 AnalogDevices ADI 361.88 -5.53 AngloGoldAsh AU 81.61 2.29 AB InBev BUD 84.05 -2.43 AnnalyCap NLY 22.78 0.06 AnteroMidstream AM 21.98 0.01 AnteroResources AR 36.48 0.34 Aon AON 357.63 -2.10 APi Group APG 39.84 0.16 ApogeeTherap APGE 134.11 0.02 ApolloGlbMgmt APO 129.42 3.83 Apple AAPL 303.42 -5.49 AppliedIndlTech AIT 351.90 6.69 ApplMaterials AMAT 518.21 10.54 AppLovin APP 406.16 10.26 Aptiv APTV 57.23 0.76 Aramark ARMK 56.74 -0.23 ArcelorMittal MT 71.83 1.69 ArchCapital ACGL 101.12 0.59 ADM ADM 78.06 -1.21 AresMgmt ARES 138.57 10.48 argenx ARGX 830.79-23.03 AristaNetworks ANET 184.89 4.54 Arm ARM 239.06 -0.63 ArrowElec ARW 216.81 0.24 ArrowheadPharm ARWR 86.01 1.36
s Arxis ARXS 53.73 -0.57 AscendisPharma ASND 243.45 -0.46 Assurant AIZ 282.39 3.20 AsteraLabs ALAB 321.05 9.82 AstraZeneca AZN 157.97-11.67 Atlassian TEAM 103.71 2.69 AtmosEnergy ATO 172.89 0.11 AuroraInnov AUR 6.79 0.34 Autodesk ADSK 234.71 0.51 ADP ADP 269.78 3.32 AutoZone AZO 2990.27-25.98 Avalonbay AVB 188.78 3.17 Avantor AVTR 13.67 -0.11 AveryDennison AVY 172.27 2.54 AxonEnterprise AXON 575.88 48.12 AxsomeTherap AXSM 211.04 -6.95 BCE BCE 21.79 0.11 BHP Group BHP 83.50 -0.99 BJ'sWholesale BJ 97.10 -0.68 BP BP 44.26 -0.96
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.
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
Bowhead BOW 35.07 10.1 BreadFinancial BFH 111.94 2.5 BrinkerIntl EAT 225.50 5.4 BristolMyers BMY 68.10 0.2 BroadwayFin BYFC 10.75 3.7 BurkeHerbert BHRB 74.78 0.5 BylineBancorp BY 40.00 1.3 CNB Fin PA CCNE 36.17 1.3 CPI Card PMTS 22.00 4.2 CSW Industrials CSW 348.51 7.8 CamdenNational CAC 59.82 2.4 CapitolFedFin CFFN 9.26 2.9 CareDx CDNA 49.76 9.5 CarterBkshrs CARE 35.52 2.5 CassInfoSys CASS 57.60 1.1 CathayGenBncp CATY 64.29 1.1 Central Banco CBC 33.53 1.1 CentralPacFin CPF 40.33 0.7 ChainBridgeBncp CBNA 47.95 4.0 CheesecakeFct CAKE 105.18 3.4 ChefsWarehouse CHEF 117.33 -3.5 ChemungFinl CHMG 84.65 0.2 ChurchillCapXIII XIIIU 10.50 0.4 Cinemark CNK 38.98 3.5 CitiTrends CTRN 70.24 4.8 CityHolding CHCO 147.57 0.3 CivistaBcshrs CIVB 29.97 0.5 Cohen&Steers CNS 84.99 2.9 CmntyTrBcp CTBI 79.60 0.6 ConnectOnePfdA CNOBP 25.38 0.3
ACCO Brands ACCO 4.56 2.4 ACNB ACNB 65.94 0.1 ADIGlbDistr ADIGw 23.58 9.6 AcadianAsset AAMI 90.12 3.8 AdamasPfdF ADAML 24.60 0.7 Aegon AEG 9.49 0.2 AffiliatedMgrs AMG 384.11 3.9 AlerusFinancial ALRS 34.34 2.6 Amazon.com AMZN 287.20 4.6 Ameriprise AMP 553.82 1.5 AmeriServFin ASRV 4.64 2.0 AngioDynamics ANGO 15.41 2.6 AnikaTherap ANIK 21.12 7.5 Arxis ARXS 58.39 -1.0 Atkore ATKR 93.60 28.2 AxaltaCoating AXTA 36.82 1.3 BOK Fin BOKF 144.30 1.8 BFC Cap Pfd BANFP 29.75 4.9 BBVA BBVA 28.39 1.5 BancoSantander SAN 14.45 2.5 BankFirst BFC 156.99 1.7 BankwellFinl BWFG 69.59 -0.9 BarHarborBkshs BHB 40.70 1.5 BerkHathwy A BRK.A 780020 0.2 BerkHathwy B BRK.B 520.67 0.3 Bio-RadLab B BIO.B 337.00 8.9 Bioventus BVS 14.00 2.3
Mutual Funds Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Net YTD Fund NAV Chg %Ret
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
IntlVal Inst 61.72 +0.26 15.7 Baird Funds AggBdInst NA ... NA CorBdInst 10.04 +0.02 -0.2 IntBdInst 10.34 +0.01 0.2 ShtTBdInst 9.46 +0.01 1.2 BlackRock Funds HiYBlk 7.10 +0.02 2.1 HiYldBd Inst 7.10 +0.02 2.2 BlackRock Funds III iShS&P500IdxK870.91 ... 10.1 BlackRock Funds Inst StratIncOpptyIns 9.65 +0.02 1.6 Calamos Funds MktNeutI 16.24 +0.02 3.9 CausewayInst CausewayInst 26.45 +0.39 12.6 Columbia Class A SelgComuInfoA234.36 +5.19 49.6 Columbia Class I DivIncom I 40.43 +0.06 12.4 Dimensional Fds
AB Funds MuniIncmShares 10.97 ... 1.2 American Century Inv Ultra 98.03 +2.37 4.2 American Funds Cl A AmcpA 45.62 +0.89 6.9 AMutlA 65.28 +0.47 10.5 BalA 40.66 +0.24 9.1 BondA 11.09 +0.02 -0.8 CapIBA 83.86 -0.09 10.3 CapWGrA 81.50 +0.53 14.8 EupacA 62.79 -0.10 9.8 FdInvA 103.30 +1.13 14.5 GwthA 86.39 +1.42 7.4 ICAA 69.40 +1.14 11.6 IncoA 27.97 +0.03 8.5 N PerA 74.54 +0.44 5.6 NEcoA 84.52 +0.65 16.3 NwWrldA 105.96 -0.21 13.6 SmCpA 82.22 +1.35 12.2 WshA 68.49 +0.51 9.8 Artisan Funds
Equitable EQH 48.00 0.65 EquityLife ELS 65.67 0.60 EquityResdntl EQR 67.57 1.12 ErieIndemnity ERIE 236.86 -5.18 EssentialUtil WTRG 38.78 -1.07 EssexProp ESS 285.88 1.74 EsteeLauder EL 84.68 0.78 EvercoreA EVR 318.34 -2.22 Everest EG 372.05 -2.10 Evergy EVRG 83.23 0.22 Everpure P 80.14 2.97 EversourceEner ES 71.95 0.36 Exelixis EXEL 55.06 2.03 Exelon EXC 45.63 -0.19 ExpandEnergy EXE 94.66 0.63 Expedia EXPE 298.03 3.29 ExpeditorsIntl EXPD 170.59 2.70 ExtraSpaceSt EXR 149.73 1.69 ExxonMobil XOM 155.06 -0.38 F5 FFIV 406.35 3.78 FTAI Aviation FTAI 225.15 19.15 Fabrinet FN 455.94 20.53 FactSet FDS 269.68 6.48 FairIsaac FICO 1045.46-77.51 Fastenal FAST 48.11 0.40 FederalRealty FRT 123.65 -0.44 FedEx FDX 309.24 1.84 FedExFreight FDXF 139.02 -1.51 FergusonEnts FERG 250.08 15.75 Ferrari RACE 401.28 7.41 Ferrovial FER 66.08 0.98 FidNatlFinl FNF 51.59 ... FidNatlInfo FIS 44.78 0.01 FifthThirdBncp FITB 56.90 0.40 Figma FIG 24.92 0.60 FirstCitizBcshA FCNCA 2218.44 31.79 FirstHorizon FHN 25.80 0.16 FirstSolar FSLR 232.73 21.70 FirstEnergy FE 48.43 0.12 Fiserv FISV 54.35 0.41 FiveBelow FIVE 216.70 -0.43 Flex FLEX 117.45 3.70 Flowserve FLS 76.54 0.55 FlutterEnt FLUT 105.96 1.49 FEMSA FMX 125.75 -2.24 FordMotor F 14.43 -0.25 ForgentPwr FPS 36.29 3.02 Fortinet FTNT 163.21 1.26 Fortis FTS 56.53 -0.47 Fortive FTV 59.46 0.25 FoxA FOXA 58.70 0.47 FoxB FOX 52.62 0.68 Franco-Nevada FNV 214.62 1.70
Citigroup C 133.57 1.79 CitizensFin CFG 72.70 1.05 CleanHarbors CLH 310.98 -1.90 Clorox CLX 98.26 2.73 Cloudflare NET 282.74 3.76 Coca-Cola KO 86.86 -0.73 Coca-ColaCon COKE 180.76 -7.14 CocaColaEuropac CCEP 108.19 -1.27 CoeurMining CDE 15.56 0.65 Cognex CGNX 67.44 2.20 CognizantTech CTSH 55.17 -0.18 Coherent COHR 288.14 25.25 CoinbaseGlbl COIN 146.50 0.24 ColgatePalm CL 89.88 -1.42 Comcast A CMCSA 24.56 0.60 ComfortSystems FIX 1770.96 41.27 SABESP SBS 5.43 -0.02 ConocoPhillips COP 119.16 -1.32 ConEd ED 107.95 -0.90 ConstBrands A STZ 131.36 1.13 ConstellationEner CEG 273.71 10.96 Cooper COO 74.23 1.91 Copart CPRT 29.35 0.23 CorceptTherap CORT 112.80 -1.69 CorebridgeFin CRBG 31.31 0.12 CoreWeave CRWV 85.76 13.99 Corning GLW 146.64 8.39 Corpay CPAY 385.78 3.67 Corteva CTVA 76.04 -2.67 CoStar CSGP 30.03 1.27 Costco COST 954.08 2.19 Coupang CPNG 16.42 0.07 Crane CR 219.32 5.86 Credicorp BAP 395.79 -4.79 CredoTech CRDO 218.35 11.36 CrowdStrike CRWD 202.54 11.68 CrownCastle CCI 76.74 0.44 Crown Holdings CCK 119.87 2.02 CubeSmart CUBE 41.84 0.38
s FranklinRscs BEN 35.24 1.38 FreedomHolding FRHC 152.76 1.49 FreeportMcM FCX 63.64 1.01 FreseniusMedCare FMS 25.26 -0.40 FullTruck YMM 9.72 0.23 Futu FUTU 107.04 1.92 G H I
s Cullen/Frost CFR 168.94 2.60 Cummins CMI 648.85 14.65 Curtiss-Wright CW 747.67 23.67 Cytokinetics CYTK 76.45 -0.68
GE Aerospace GE 368.93 8.86 GE HealthCare GEHC 69.73 1.71 GE Vernova GEV 1006.76 16.47 GFLEnvironmental GFL 42.00 0.68 GSK GSK 51.51 -0.18 Gallagher AJG 247.79 -1.63
DTE Energy DTE 141.72 -0.15 DT Midstream DTM 135.33 -2.67 Danaher DHR 197.50 2.52 Darden DRI 206.24 2.66 DarlingIngred DAR 59.76 -0.88 Datadog DDOG 273.60 5.63
t GameStop GME 19.06 -2.66 Gaming&Leisure GLPI 44.81 0.02
s Garmin GRMN 304.76 10.98 Gartner IT 151.53 0.51 GenDigital GEN 28.17 0.72 Generac GNRC 201.21 4.10 GeneralDynamics GD 382.43 -0.99 GeneralMills GIS 36.00 0.25 GeneralMotors GM 87.68 -1.18 Genmab GMAB 28.68 -0.19 GenuineParts GPC 128.52 4.15 Gildan GIL 55.20 -0.18 GileadSciences GILD 131.15 0.94 Glaukos GKOS 170.87 4.15 GlobalPayments GPN 86.19 2.11 GlobalFoundries GFS 50.01 0.02
s DaVita DVA 233.68 -6.41 DeckersOutdoor DECK 99.50 2.62 Deere DE 605.06 12.39 DellTechC DELL 429.02 23.65 DeltaAir DAL 91.59 4.15 DeutscheBank DB 37.17 0.47 DevonEnergy DVN 44.57 -0.56
s DexCom DXCM 87.31 3.86 Diageo DEO 88.51 0.45 DiamondbkEner FANG 198.75 -4.20 Dick's DKS 200.82 4.91 DigitalRealty DLR 191.22 2.70 DigitalOcean DOCN 127.17 9.67 Dillard's DDS 612.86 24.52 Disney DIS 98.14 1.95 DocuSign DOCU 55.13 0.30 DollarGeneral DG 127.72 0.67 DollarTree DLTR 129.35 2.14 DominionEner D 68.75 -0.42 Domino's DPZ 364.41 16.97 Donaldson DCI 96.02 1.78 DoorDash DASH 200.50 4.34 Dover DOV 205.72 1.10 Dow DOW 29.89 -0.40 DrReddy'sLab RDY 12.07 0.22 DraftKings DKNG 23.50 0.02 DukeEnergy DUK 124.28 -1.15 DuPont DD 141.28 4.28 DutchBros BROS 64.98 -0.85 DycomInds DY 414.98 13.91 Dynatrace DT 44.54 0.22 EMCOR EME 817.42 19.99 ENI E 54.50 -1.06 EOG Rscs EOG 145.68 -3.01 EQT EQT 53.56 0.27 EastWestBncp EWBC 132.15 1.95 EastGroup EGP 208.48 -0.53
s Globalstar GSAT 84.18 0.80 GlobeLife GL 184.09 1.84 GlobusMedical GMED 81.46 2.67 GoDaddy GDDY 88.45 5.71 GoldFields GFI 33.96 1.54 GoldmanSachs GS 1027.06 8.68 Grab GRAB 3.67 0.17 Graco GGG 80.30 0.92 Grainger GWW 1371.25-10.97 GAP PAC 218.14 0.79 GrupoCibest CIB 91.11 -1.41 GuardantHealth GH 158.83 -3.16 Guidewire GWRE 157.33 5.39 HCA Healthcare HCA 406.61 4.02 HDFC Bank HDB 24.10 0.17 HF Sinclair DINO 88.65 -2.82 HP HPQ 27.12 -0.15
s HSBC HSBC 107.86 1.44 H World HTHT 42.63 -0.06 Haleon HLN 9.80 -0.07 Halliburton HAL 31.89 -0.36 HalozymeTherap HALO 82.27 -0.27 HarmonyGold HMY 16.47 0.72 HartfordIns HIG 142.90 0.99 Hasbro HAS 91.47 -2.47 HealthpeakProp DOC 21.64 -0.19 HeclaMining HL 14.43 0.31 Heico HEI 360.44 4.08 HeicoA HEI.A 261.82 4.54 HenrySchein HSIC 86.51 0.76 Hershey HSY 177.67 2.62 HewlettPackard HPE 50.24 2.34 Hilton HLT 314.34 -6.15 HomeDepot HD 340.02 8.06 HondaMotor HMC 29.60 -0.51 HoneywellAero HONA 208.27 1.53 Honeywell HON 246.77 3.72 HormelFoods HRL 25.23 0.22 DR Horton DHI 146.66 3.60 HostHotels HST 25.09 -0.04 HowmetAerospace HWM 286.34 4.08 Hubbell HUBB 476.04 3.49 HubSpot HUBS 239.92 2.56 HudbayMinerals HBM 23.40 0.65 Humana HUM 374.50 10.64 JBHunt JBHT 266.91 -4.84 HuntingtonBcshs HBAN 17.36 0.32 HuntingIngalls HII 325.95 -0.50 Hut8 HUT 112.08 4.45 HyattHotels H 171.58 -2.48 ICICI Bank IBN 30.26 0.52 IDEX IEX 232.70 2.25
s Eaton ETN 438.23 23.03 eBay EBAY 107.13 -6.88 EchoStar ECHO 85.63 1.54 Ecolab ECL 279.43 1.80 Ecopetrol EC 16.60 -0.17 EdisonIntl EIX 71.46 -1.91 EdwardsLife EW 88.82 2.75 ElancoAnimal ELAN 25.72 -0.65 ElbitSystems ESLT 830.15 21.50
s ElectronicArts EA 209.91 0.05 ElevanceHealth ELV 382.77 6.93 Embraer EMBJ 70.94 2.61 Emera EMA 52.67 -0.70 EmersonElec EMR 154.85 5.03 Enbridge ENB 54.10 -0.36 EncompassHealth EHC 112.47 1.40 EnergyTransfer ET 20.28 -0.08 EnlightRenewableEn ENLT 82.70 -1.76 EnsignGroup ENSG 177.23 -0.93 Entegris ENTG 125.20 6.15 Entergy ETR 108.06 0.44 EnterpriseProd EPD 37.87 -0.18 Equifax EFX 174.11 1.49 Equinix EQIX 1031.44 12.16 Equinor EQNR 39.91 -1.19 EquinoxGold EQX 9.18 0.23
52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg 52-Wk % Stock Sym Hi/Lo Chg
FirstInternetBncp INBK 31.09 1.6 FirstInternetNt29 INBKZ 25.58 0.9 FirstNatlVA FXNC 33.24 2.0 FirstSeacoastBncp FSEA 17.06 0.2 Five9 FIVN 29.41 5.2 FlagstarBankPfdA FLGpA 24.07 1.1 ForresterRes FORR 12.33 -1.2 ForumEnergyTech FET 71.73 12.3 Fossil FOSL 6.15 19.0 FranklinRscs BEN 35.43 4.1 FVCBankcorp FVCB 19.02 0.9 G-IIIApparel GIII 37.54 ... Garmin GRMN 305.00 3.7 GatesIndustrial GTES 29.40 5.0 Gerdau GGB 5.07 2.0 GladstonePfdC LANDP 21.44 1.9 Globalstar GSAT 84.85 1.0 GlobusMaritime GLBS 3.27 12.2 GreatSouthernBncp GSBC 82.91 1.3 Greif B GEF.B 112.50 ... HSBC HSBC 107.92 1.4 Haemonetics HAE 88.59 1.5 HanoverBancorp HNVR 27.08 0.6 HanoverIns THG 236.07 -0.1 HomeBancorp HBCP 72.70 1.5 HomeTrustBcshs HTB 52.21 0.1 HopeBancorp HOPE 14.28 1.3 ICU Medical ICUI 176.27 2.6 IMCRareEarths IMC 6.82 17.9 ING Groep ING 35.38 1.2 Illumina ILMN 207.00 -3.4 Imax IMAX 51.28 6.6 IndepBkMI IBCP 39.24 0.7 InpointCmclREPfdA ICRpA 23.50 5.5 IntegerHoldings ITGR 125.54 2.7 IntlSeaways INSW 98.23 -1.0 InvescoMtgPfdC IVRpC 25.10 -0.1 JakksPacific JAKK 27.22 -0.9
CostamareBulkers CMDB 20.92 3.0 CrownReserveI CRAC 10.15 ... Cullen/Frost CFR 169.68 1.6 DHI Group DHX 4.36 -4.0 Danaos DAC 143.48 0.3 DaVita DVA 247.49 -2.7 DexCom DXCM 87.63 4.6 DivrsHlthcrNts42 DHCNI 17.75 -0.9 Dropbox DBX 33.67 1.5 Eaton ETN 438.76 5.5 EdgewellPersonal EPC 29.94 1.5 ElectronicArts EA 209.97 ... EloxxPharm ELOX 19.36 5.9 EncoreCapital ECPG 98.15 2.3 EnlivenTherap ELVN 59.72 5.9 EnovaIntl ENVA 262.20 1.7 ePlus PLUS 95.75 1.4 Escalade ESCA 21.60 7.6 EstablishLabs ESTA 97.59 0.3 Euroseas ESEA 79.67 -0.7 FarmersNatlBanc FMNB 16.16 0.8 FedAgriMtg C AGM 248.29 4.6 FedAgriMtg A AGM.A 176.00 10.2 FederatedHermes FHI 63.99 6.6 FidelityD&D FDBC 53.95 2.5 FinInstitutions FISI 42.97 2.7 FinwardBancorp FNWD 45.31 1.3 FirstBusey BUSE 31.44 1.3 FirstBusFinSvcs FBIZ 73.48 2.8 FirstFinancial THFF 82.99 2.5
Data provided by
Contrafund K6 37.00 +0.73 8.8 EmgMktIdxInstPre 16.33 +0.13 19.4 ExtMktIdxInstPre116.25 +2.12 15.5 FidSAIEmerg 21.38 +0.17 27.0 FidSer5 7.44 +0.01 -0.4 FidSerInt 8.40 +0.02 0.4 FidSerToMarket 24.86 +0.37 12.2 FIDZroLgCpIx 27.20 +0.40 11.5 GlexUSIdxInstPre 21.34 +0.12 14.4 GrowthCompanyK6 44.32 +1.05 19.8 IntlIdxInstPrem 68.34 +0.37 12.4 LgCpGwId InstPre 47.39 +1.00 2.5 LgCpVlIdxIstPrem 25.21 +0.25 21.8 MidCpInxInstPrem 42.87 +0.54 16.1 SAIUSLgCpIndxFd 30.43 +0.44 11.8 SeriesBondFd 8.89 +0.01 -0.4 SeriesOverseas 15.97 +0.15 7.0 SerLTTreBdIdx 5.11 +0.02 -2.9 SmCpIdxInstPrem 37.37 +0.64 21.0 TMktIdxInstPrem209.45 +3.15 12.2 TotalMarketIndex 26.54 +0.40 12.3 TtlIntIdxInstPr 19.69 +0.13 13.7 USBdIdxInstPrem 10.29 +0.02 -0.4 Fidelity Advisor TotBdFdClZ 9.41 +0.02 -0.1 Fidelity Advisor I GrOppI 261.55 +7.25 11.8 Fidelity Freedom Freedom2035K6 18.80 +0.17 9.9 Freedom2040K6 14.38 +0.16 12.2 Idx2030InsPre 24.15 +0.17 7.2 Idx2035InsPre 28.70 +0.22 8.2 Idx2040InsPre 31.66 +0.29 10.2 Idx2045InsPre 34.33 +0.35 11.5
EmgMktVa 43.34 +0.56 17.4 EmMktCorEq 33.25 +0.34 15.3 IntlCoreEq 22.59 +0.13 12.7 IntlVal 32.91 +0.04 16.6 IntSmCo 27.74 +0.23 9.6 IntSmVa 34.21 +0.33 12.0 LgCo 50.47 +0.73 11.8 US CoreEq1 56.14 +0.74 13.8 US CoreEq2 50.15 +0.67 14.0 US Small 62.19 +0.97 19.6 US SmCpVal 62.88 +0.72 22.7 US TgdVal 44.55 +0.54 21.5 USLgVa 67.06 +0.48 20.1 Dodge & Cox Income 12.52 +0.04 -0.5 Intl Stk 18.93 +0.02 15.0 Stock 18.12 +0.18 11.0 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem264.23 +3.86 11.8
s ING Groep ING 35.35 0.42 INNIO INIO 24.91 0.49 Invesco IVZ 30.91 1.31 IQVIA IQV 233.36 -1.66 IREN IREN 39.75 2.95 ITT ITT 198.44 2.46 IcahnEnterprises IEP 7.76 -0.03 Icon ICLR 158.41 -5.16 IllinoisToolWks ITW 288.49 1.54
s Illumina ILMN 198.16 -6.94 ImperialOil IMO 126.35 -3.22 Incyte INCY 118.43 -1.09 Infosys INFY 12.25 0.22 IngersollRand IR 87.78 4.40 Insmed INSM 98.45 -0.15 Insulet PODD 169.70 4.35 Intel INTC 91.00 0.80 InteractiveBrkrs IBKR 87.75 -0.24 ICE ICE 151.80 -0.68 InterContHtls IHG 158.00 -4.28 IBM IBM 226.31 2.66 IntlFlavors IFF 80.58 1.36 IntlPaper IP 41.45 0.62 Intuit INTU 318.39 2.32 IntuitiveSurgical ISRG 375.41 22.08 InvitatHomes INVH 30.49 0.77 IonQ IONQ 38.85 2.41 IronMountain IRM 124.08 1.76 ItauUnibanco ITUB 8.49 0.03 J K L
JBS JBS 13.76 -0.26 JD.com JD 33.02 0.01 JPMorganChase JPM 352.64 0.85 Jabil JBL 318.39 3.34 JackHenry JKHY 156.53 2.49 JacobsSolns J 138.72 3.79 JamesHardie JHX 27.67 1.38 JazzPharm JAZZ 251.58 -1.28 JefferiesFinl JEF 55.69 1.09 JFrog FROG 82.40 2.61 J&J JNJ 254.41 -1.94 JohnsonControls JCI 146.39 -0.27
s JonesLang JLL 366.06 11.03 KB Financial KB 120.11 2.29 KE Holdings BEKE 17.29 0.34 KKR KKR 106.56 5.13 KLA KLAC 182.75 -0.07 Kaspi.kz KSPI 92.00 3.22 Kenvue KVUE 19.01 -0.23 KeurigDrPepper KDP 30.91 -0.21 KeyCorp KEY 22.81 0.22 KeysightTech KEYS 321.89 2.81 KimberlyClark KMB 107.56 -1.75 KimcoRealty KIM 25.41 -0.07 KinderMorgan KMI 31.40 -0.48 KinrossGold KGC 23.43 0.33 Klarna KLAR 19.80 0.86 Knight-Swift KNX 68.42 -1.11 Philips PHG 26.23 -0.07 KoreaElecPwr KEP 12.11 0.16 KraftHeinz KHC 26.42 0.57 Kroger KR 58.22 0.48 KrystalBiotech KRYS 312.57-28.55 LatamAirlines LTM 54.51 1.75 LPL Financial LPLA 360.35 6.65 L3HarrisTech LHX 277.86 0.80 Labcorp LH 307.42 -1.78 LamResearch LRCX 294.61 1.59 LamarAdv LAMR 157.61 -2.35 LasVegasSands LVS 47.28 -1.61 LatticeSemi LSCC 127.18 2.91 Leidos LDOS 118.72 3.12 Lennar B LEN.B 83.39 2.69 Lennar A LEN 85.20 2.85 LennoxIntl LII 435.00 19.12 LeonardoDRS DRS 45.81 -0.24 LeviStrauss LEVI 24.62 0.10 LiAuto LI 13.12 -0.51 LibertyFormOne A FWONA 89.21 -0.60 LibertyFormOne C FWONK 97.74 -0.39 LifeTime LTH 44.17 -0.93 EliLilly LLY 1121.36-27.48 LincolnElectric LECO 267.79 6.48 Linde LIN 480.46 2.08 Lineage LINE 41.88 -0.49 Littelfuse LFUS 445.20 3.07 LiveNationEnt LYV 181.69 7.56 LloydsBanking LYG 6.26 0.09 LockheedMartin LMT 586.29 3.55 Loews L 116.25 0.24 LogitechIntl LOGI 105.11 2.63 Lowe's LOW 212.06 4.25 lululemon LULU 123.67 4.80 Lumentum LITE 779.89 65.95 LyondellBasell LYB 60.62 -1.46 M N
Macom Tech MTSI 256.10 4.66 M&T Bank MTB 249.48 3.19 MGM Resorts MGM 44.50 -0.07 MKS MKSI 309.98 12.53 MPLX MPLX 58.91 0.46 MSCI MSCI 574.43 2.19 MadisonAirSolns MAIR 29.18 0.12 MSG Sports MSGS 384.88 -8.80 MadrigalPharm MDGL 482.00 14.68 MagnaIntl MGA 67.87 -0.73 MagnumIceCrm MICC 18.37 -0.24 ManhattanAssoc MANH 187.24 -4.12 ManulifeFinl MFC 44.51 0.07 Maplebear CART 45.39 0.79 MarathonPetrol MPC 307.03 -9.44 Markel MKL 1879.09 -3.25 Marriott MAR 346.83-26.00 Marsh MRSH 192.84 3.15 MartinMarietta MLM 542.27 17.13 MarvellTech MRVL 193.78 6.22 Masco MAS 74.73 3.25 MasTec MTZ 261.22 -1.88 Mastercard MA 570.97 -2.13 MatchGroup MTCH 40.54 1.13 McCormickVtg MKC.V 52.85 1.90 McCormick MKC 51.52 0.62 McDonald's MCD 265.23 -5.41 McKesson MCK 827.14-29.05 Medline MDLN 40.47 1.19 Medpace MEDP 573.29 -3.82 Medtronic MDT 86.68 1.29 MercadoLibre MELI 1898.79 20.84 Merck MRK 127.77 -2.43 MetaPlatforms META 590.24 33.53
JerseyMike's JMKE 24.99 6.4 JohnMarshallBncp JMSB 23.88 2.0 JonesLang JLL 367.37 3.1 KearnyFinancial KRNY 9.81 1.1 LB Pharm LBRX 44.33 6.9 LindbladExped LIND 34.50 12.0 LiveOakBcshs LOB 43.86 2.2 Macy's M 26.15 4.6 Marcus MCS 32.42 5.5 MechanicsBncp MCHB 17.19 1.3 MidlandStBncp MSBI 34.68 1.7 MillerKnoll MLKN 24.18 7.1
MountainCrestAcqn6 MCAH 9.97 0.1 MyersIndustries MYE 37.10 7.6 NB Bancorp NBBK 23.47 0.5 NatlBankshares NKSH 42.49 1.2 NatWest NWG 19.42 2.5 Neogen NEOG 12.85 -1.2 NeoGenomics NEO 16.35 3.6 Neutron LIME 29.95 -3.8 NexPointRealEst NREF 17.50 2.2 NicoletBankshares NIC 174.74 1.5 NorwoodFin NWFL 35.45 0.4 OFGBancorp OFG 53.52 0.4 OFSCreditPfdE OCCIN 26.00 0.1 OP Bancorp OPBK 16.83 1.8 OceanCapitalAcqn OCAC.U 10.30 -0.1 OkeanisEcoTankers ECO 61.53 1.7 Old2ndBcp OSBC 25.87 1.9 Ooma OOMA 22.72 -1.2 OptimumBank OPHC 9.23 21.4 OrrstownFinSvcs ORRF 43.81 2.3 ParabilisMedicines PBLS 34.93 -0.1 Park-Ohio PKOH 41.46 1.1 ParkeBancorp PKBK 34.78 -0.1 PatriotAcqnWt PTACW 0.22 45.6 PinnacleFinPtrs PNFP 107.95 2.2 PlutonianAcqnII PLUN 10.02 -0.2
Idx2050InsPre 34.53 +0.37 11.8 Fidelity Invest Balanc 35.29 +0.38 10.7 BluCh 303.93 +6.84 13.8 BluChpGr K6 49.58 +1.16 12.1 Contra 26.46 +0.53 9.0 ContraK 26.59 +0.54 9.1 CpInc 11.27 +0.08 7.1 DivIntl 55.09 +0.55 13.3 GroCo 56.72 +1.31 18.6 InvGrBd 9.92 +0.02 -0.2 LowP 48.12 +0.57 16.7 Magin 15.64 +0.23 6.8 NASDAQ 329.88 +6.88 11.8 OTC 29.73 +0.68 22.4 Puritn 28.12 +0.28 8.8 SAILTTreBdIdx 6.35 +0.02 -3.3 SAIUSMinVolIndFd 24.93 +0.13 9.3 SAIUSQtyIdx 26.39 +0.22 10.2 SrsBlChGroRetail 26.33 +0.61 14.6 SrsEmrgMkt 30.35 +0.16 23.1 SrsGlobal 20.92 +0.11 14.3 SrsGroCoRetail 32.53 +0.75 19.3 SrsIntlGrw 20.88 +0.24 9.3 SrsIntlVal 17.45 +0.09 11.9 TotalBond 9.42 +0.02 -0.2 Fidelity SAI FidSaiCndInxFnd 15.73 -0.03 10.5 FidSaiInfltnFnd 9.99 ... 0.6 IntlValIdx 15.03 +0.08 19.4 TotalBd 8.92 +0.02 -0.1 Fidelity Selects Semiconductors r 59.89 +0.70 51.0 Tech 52.89 +0.65 32.0
PalantirTech PLTR 125.65 2.59 PaloAltoNtwks PANW 347.13 15.30 PanAmerSilver PAAS 43.73 0.62 ParkerHannifin PH 997.52 20.99 Paychex PAYX 117.67 0.83 PayPal PYPL 57.87 0.66 PayPay PAYP 16.27 1.14 Pearson PSO 16.76 -0.18 PembinaPipeline PBA 48.08 -0.85 PenskeAuto PAG 217.50 0.19 Pentair PNR 67.07 1.63 Penumbra PEN 323.02 1.83 PepsiCo PEP 139.63 0.07 PerformanceFood PFGC 114.36 -0.03 PermianRscs PR 20.90 -0.41 PershingSquare PS 35.06 1.78 PetroleoBrasil PBR 19.06 -0.34 PetroleoBrasilA PBR.A 16.85 -0.30 Pfizer PFE 25.03 0.02 PhilipMorris PM 187.41 -3.41 Phillips66 PSX 206.19 -5.49
MetLife MET 96.31 0.18 Mettler-Toledo MTD 1445.00 28.70 MicrochipTech MCHP 75.22 0.93 MicronTech MU 829.50 6.47 Microsoft MSFT 487.65 22.93 MidAmApt MAA 133.47 1.13 MillicomIntl TIGO 94.30 -1.18 MitsubishiUFJ MUFG 22.49 0.04 MizuhoFin MFG 10.26 -0.18 Moderna MRNA 55.14 0.32 ModineMfg MOD 195.92 -5.14 MolinaHealthcare MOH 194.77 -0.85 Mondelez MDLZ 61.73 -0.58 MongoDB MDB 357.97 20.49 MonolithicPower MPWR 1344.37-81.66 MonsterBev MNST 93.55 -2.83 Moody's MCO 483.36 4.98 Moog B MOG.B 396.96 -2.51 Moog A MOG.A 395.88 6.03 MorganStanley MS 211.23 0.81 MotorolaSol MSI 437.19 1.44 MuellerInds MLI 66.55 0.14 MurphyUSA MUSA 592.77-14.99 NIO NIO 4.81 -0.07 NRG Energy NRG 138.47 4.66 NVR NVR 6204.10 57.05 NXP Semicon NXPI 224.17 -4.99 Nasdaq NDAQ 94.14 -0.05 Natera NTRA 270.36 2.60 NationalGrid NGG 79.86 -0.11
s PinnacleFinPtrs PNFP 107.54 2.31 PinnacleWest PNW 100.81 0.73 Pinterest PINS 24.16 0.15 PlainsAllAmPipe PAA 24.20 -0.37 PlainsGP PAGP 26.00 -0.33
s Popular BPOP 173.65 -1.56 Primerica PRI 317.25 -2.71
s PrincipalFinl PFG 115.13 1.43 Procter&Gamble PG 144.97 0.48 Progressive PGR 210.46 -0.96 Prologis PLD 144.15 -0.46 PrudentialFinl PRU 122.98 0.90 Prudential PUK 30.05 -0.21
s NatWest NWG 19.42 0.48 Nebius NBIS 212.58 22.17 NetApp NTAP 182.92 4.42 NetEase NTES 131.58 -1.69 Netflix NFLX 73.33 1.62 Neurocrine NBIX 166.23 -0.57 NewOrientalEduc EDU 59.06 0.17 NYTimes A NYT 75.44 0.55 Newmont NEM 95.37 1.66 NewsCorp A NWSA 27.94 0.38 NewsCorp B NWS 31.79 0.52 NextEraEnergy NEE 86.55 -0.37 Nextpower NXT 90.67 0.80 Nike NKE 42.64 0.93 NiSource NI 44.53 0.10 Nokia NOK 9.36 0.22 Nomura NMR 9.59 -0.09 Nordson NDSN 302.62 4.84 NorfolkSouthern NSC 336.65 1.17 NorthernTrust NTRS 182.20 0.01 NorthropGrum NOC 548.47 5.99 Nova NVMI 393.69 2.82 Novartis NVS 153.67 -2.48 NovoNordisk NVO 47.09 0.01 NuHoldings NU 14.44 0.11 Nucor NUE 261.28 3.99 Nutanix NTNX 61.06 2.05 Nutrien NTR 65.96 -3.11 nVentElectric NVT 159.41 5.58 NVIDIA NVDA 206.64 5.89 O P Q
t PSEG PEG 76.62 -0.06 PublicStorage PSA 325.90 1.73 PulteGroup PHM 129.29 2.82 QXO QXO 14.09 0.79 QnityElec Q 133.30 2.12 Qualcomm QCOM 151.57 3.96 QuantaServices PWR 680.20 12.84 Quantinuum QNT 55.65 4.24 QuestDiag DGX 231.95 -1.06 R S
RBC Bearings RBC 570.27 18.96 RB Global RBA 112.22 2.48 RELX RELX 36.16 0.74 RPM RPM 111.49 4.42 RTX RTX 216.65 1.43 RalphLauren RL 380.17 -0.17 Rambus RMBS 92.21 1.18 RangeResources RRC 40.36 0.22
s RaymondJames RJF 177.68 1.70 RealtyIncome O 63.48 -0.39 Reddit RDDT 154.71 14.04 RegalRexnord RRX 211.21 5.98 RegencyCtrs REG 80.30 0.01 RegenPharm REGN 759.24 -3.39 RegionsFinl RF 31.48 0.53 ReinsGrp RGA 236.37 -0.48 Reliance RS 409.39 3.29 RenaissanceRe RNR 321.37 1.39 RentokilInit RTO 23.85 0.49 RepublicSvcs RSG 209.62 -0.93 ResMed RMD 215.19 4.21 RestaurantBrands QSR 72.94 -1.08 RevolutionMed RVMD 182.45 -5.08 Revvity RVTY 115.22 2.70 RioTinto RIO 95.90 -0.95 Rivian RIVN 15.36 0.14 Robinhood HOOD 90.34 3.78 Roblox RBLX 36.67 1.07 RocketCos. RKT 13.68 0.78 RocketLab RKLB 70.43 5.48 Rockwell ROK480.98 0.90 RogersComm B RCI 34.05 0.20 RoivantSciences ROIV 33.32 -0.59 Roku ROKU 145.84 0.83 Rollins ROL 38.19 0.22 RoperTech ROP 392.57 0.60
OGE Energy OGE 47.37 0.02 ONEOK OKE 88.24 -1.50 ON Semi ON 80.40 -1.21 O'ReillyAuto ORLY 89.76 0.41 OccidentalPetrol OXY 55.47 -1.60 Okta OKTA 141.57 -0.36 OldDomFreight ODFL 211.52 -0.62 OldNatlBncp ONB 26.85 0.21 OldRepublic ORI 43.33 0.12 OmegaHealthcare OHI 49.01 -0.94 Omnicom OMC 79.27 0.57 OnHolding ONON 37.95 1.71 OntoInnovation ONTO 268.49 9.91 Oracle ORCL 141.85 11.98 Orix IX 39.97 -0.34 OscarHealth OSCR 30.74 -0.48 OtisWorldwide OTIS 72.19 0.24 Ovintiv OVV 61.88 -0.58 OwensCorning OC 143.21 4.31 PDD PDD 90.15 1.59 PG&E PCG 17.43 0.05 PNC Finl PNC 251.72 1.85 POSCO PKX 52.94 -0.23 PPG Ind PPG 114.01 3.49 PPL PPL 35.20 -0.01 PTC PTC 139.85 2.66 Paccar PCAR 132.06 -0.62 PackagingCpAm PKG 251.09 5.25
s RossStores ROST 252.91 1.84 RoyalBkCanada RY 210.47 0.96 RoyalCaribbean RCL 324.00 5.70 RoyalGold RGLD 202.04 3.69 RoyaltyPharma RPRX 57.17 -1.26 Rubrik RBRK 74.74 2.38 RyanSpecialty RYAN 43.63 -0.53 Ryanair RYAAY 59.96 1.45 RyderSystem R 262.36 5.94
Largest 100 exchange-traded funds, latest session.
Monday, August 3, 2026 SSSPDRS&P500 SPYM 89.19 1.47 11.2 SSSPDRS&P500G SPYG 119.66 2.15 12.1 SSSPDRS&P500V SPYV 62.42 0.58 9.9 SSIMSPDRS&P500 SPY 757.67 1.42 11.1 SSTechSel XLK 178.04 1.53 23.7 VanEckSemicon SMH 545.46 0.91 51.5 VangdExtMkt VXF 240.45 1.82 15.0 VangdDivApp VIG 240.15 0.41 9.3 VangdFTSEAWxUS VEU 83.22 0.45 13.1 VangdFTSEDevMk VEA 71.04 0.59 13.7 VangdFTSE EM VWO 59.06 0.53 9.9 VangdFTSE Europe VGK 90.93 0.38 8.8 VangdHiDiv VYM 162.79 0.51 13.4 VangdInfoTech VGT 115.14 1.76 22.2 VangdIntermBd BIV 75.42 0.22 –3.2 VangdIntrCorpBd VCIT 81.11 0.24 –3.2 VangdIntermTrea VGIT 58.25 0.16 –2.8 VangdMstarGrw VUG 87.08 2.21 7.1 VangdMorningstarLC VV 348.88 1.54 10.8 VangdMstarMegaCap MGK 88.25 2.22 6.9 VangdMorningstarMC VO 81.78 1.03 12.7 VangdMorningstarSC VB 299.64 1.52 16.2 VangdMstarSCValue VBR 247.73 1.27 17.0 VangdMstarTotalStk VTI 373.84 1.53 11.5 VangdMstarValue VTV 221.00 0.48 15.7 VangdRealEst VNQ 99.07 0.12 12.0 VangdRuss1000Grw VONG 124.46 2.09 2.2 VangdS&P500ETF VOO 696.40 1.42 11.0 VangdST Bond BSV 77.39 0.10 –1.8 VangdSTCpBd VCSH 78.42 0.13 –1.6 VangdShortTrea VGSH 57.96 0.07 –1.3 VangdTaxExemptBd VTEB 49.52 0.12 –1.5 VangdTotalBd BND 72.15 0.24 –2.6 VangdTotIntlBd BNDX 47.84 0.40 –1.0 VangdTotIntlStk VXUS 85.02 0.51 12.7 VangdTotWrldStk VT 157.61 1.12 11.7
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
AvantisUSSCValue AVUV 127.04 1.40 24.6 CapGrpDivVal CGDV 50.26 1.45 15.2 DimenUSCoreEq2 DFAC 45.11 1.39 13.9 FidTotalBd FBND 44.83 0.25 –2.6 InvscNasd100 QQQM 288.27 1.76 14.0 InvscQQQI QQQ 700.07 1.76 14.0 InvscS&P500EW RSP 217.11 0.98 13.3 iShBitcoin IBIT 36.16 1.46 –27.2 iShBrdUSDHYCpBd USHY 36.68 0.31 –1.9 iShCoreDivGrowth DGRO 78.28 0.35 12.8 iShCoreMSCIEAFE IEFA 98.67 0.43 10.3 iShCoreMSCIEM IEMG 78.11 0.64 16.2 iShMSCIIntlDev IDEV 90.95 0.51 10.3 iShCoreMSCITotInt IXUS 94.98 0.47 12.2 iShCoreS&P500 IVV 761.32 1.47 11.2 iShCoreS&P MC IJH 76.11 1.12 15.3 iShCoreS&P SC IJR 147.86 1.65 23.0 iShCoreS&PTotUS ITOT 166.00 1.46 11.6 iShCoreS&PUSGrw IUSG 188.85 2.17 12.5 iShCoreS&PUSVal IUSV 112.92 0.56 10.1 iShCoreUSAggBd AGG 97.26 0.23 –2.6 iShCoreUnivUSDBd IUSB 45.37 0.18 –2.5 iShEdgeMSCIUSAQual QUAL 221.74 1.10 11.6 iShGoldTr IAU 76.19 0.03 –6.1 iShiBoxx$IGCpBd LQD 106.11 0.30 –3.7 iShMBS MBB 92.72 0.15 –2.6 iShMSCIACWI ACWI 157.94 0.97 11.6 iShMSCI EAFE EFA 106.02 0.42 10.4 iSh MSCI EM EEM 64.32 0.36 17.6 iShMSCIEAFEValue EFV 81.09 0.26 13.6 iShNatlMuniBd MUB 105.45 0.09 –1.5
Popular BPOP 179.00 -0.9 Precigen PGEN 6.70 5.4
Viking VIK 107.06 2.0 WaterstoneFinl WSBF 21.13 1.2 WebsterFin WBS 77.96 0.9 WestBancorp WTBA 28.80 0.7 WeycoGroup WEYS 40.86 3.6 WisdomTree WT 21.29 8.4 ZiffDavis ZD 54.98 1.8 Lows
PrivateBncpAmerica PBAM 86.28 1.9 ProvidentFin PROV 18.18 0.8 PulseBiosciences PLSE 38.29 7.4 QCR Holdings QCRH 106.55 1.4 QuadGraphics QUAD 11.15 4.4 RLJ Lodging RLJ 12.57 0.7 RaymondJames RJF 179.29 1.0 RedViolet RDVT 71.19 -1.1 Reformation REF 16.85 3.8 Replimune REPL 12.60 6.3 RsrchAllianceIII RACC 23.25 3.0 RockyBrands RCKY 51.41 4.0 RomanDBDR II DRDB 10.64 0.1 RossStores ROST 257.00 0.7 SeanergyMaritime SHIP 18.48 3.9 ServisFirst SFBS 90.86 0.6 SharkNinja SN 164.70 -0.7 ShoreBancshares SHBI 24.89 0.2 SimmonsFirstNat SFNC 23.99 1.1 SmartFinancial SMBK 54.14 1.5 Snowflake SNOW 315.42 4.9 SouthernCrossI NCO 9.86 ... Stagwell STGW 8.91 3.0 StanleyB&D SWK 98.13 3.7 StarrySeaAcqn SSEA 10.32 0.3 StellarVCapA SVCC 10.64 0.4 TFS Finl TFSL 19.49 0.2 Target TGT 150.07 3.4 Teleflex TFX 144.19 2.2 TexasRoadhouse TXRH 213.26 2.5 ThirdCoastBcshs TCBX 44.98 0.3 TimberlandBncp TSBK 45.95 1.4 Trustmark TRMK 48.09 1.2 USATODAY TDAY 9.14 3.5 V2X VVX 93.98 -4.3 VictoryCapital VCTR 104.01 4.8
ALPS ALPS 0.40 -3.3 AMTD IDEA AMTD 0.71 -5.5 ARS Pharm SPRY 4.91 6.4 abrdnIncmPfdA ACPpA 19.38 -0.3 Agric&NatWt ANSCW 0.00 -97.2 AiRWA YYAI 0.11 ... AlgomaSteelWt ASTLW 0.00 ... AlphaTech ATGL 8.00 -4.3 AmericanBitcoin ABTC 4.92 6.0 AntelopeEnterprise AEHL 0.43 -5.3 AquaMetals AQMS 2.46 -2.0 AtlanticAmerican AAME 1.50 1.9 AtlasCriticalMnl ATCX 2.65 -4.8 AvalancheTreasury AVAT 0.29 2.1 AvaxOneTech AVX 2.81 3.1
BTCDevelopmentWt BDCIW 0.35 0.7 BarfreshFood BRFH 1.63 5.4 BicycleTherap BCYC 3.75 0.3 Biomerica BMRA 1.45 2.7 BlkRkMuniAssetRt MUAr 0.01 -76.0 BlackSkyTechWt BKSY.WS 0.01 -21.7 BonNaturalLife BON 1.07 0.9 CCH CCHH 1.20 ... CIDHoldCoWt DAICW 0.00 -39.2 Canaan CAN 0.15 4.3 CanadaGoose GOOS 8.72 -1.9 CatalystAcqn CATLU 9.96 -0.1 ChainceDigital CD 2.73 7.2
Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 87.75 +0.72 9.0 Franklin A1 IncomeA1 NA ... NA FrankTemp/Frank Adv IncomeAdv NA ... NA FrankTemp/Franklin A DynaTech A 197.60 +4.63 6.1 Growth A 145.44 +2.32 8.0 RisDv A 97.90 +0.64 8.7 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst NA ... NA JHF III DispVal DispValMCI 31.55 +0.16 14.9 John Hancock BondR6 13.33 +0.03 -0.2 JPMorgan I Class CoreBond NA ... NA EqInc NA ... NA LgCpGwth NA ... NA JPMorgan R Class CoreBond NA ... NA CorePlusBd NA ... NA Lord Abbett I ShtDurInc p 3.83 +0.01 1.4 Metropolitan West TotRetBdI NA ... NA MFS Funds IIE 44.11 +0.10 8.7 MFS Funds Class I ValueI NA ... NA
Natixis Funds InvGradeBdY 9.59 +0.03 -0.1 LSGrowthY 32.61 +0.90 -1.8 Northern Funds StkIdx 75.71 +1.10 11.7 Old Westbury Fds LrgCpStr NA ... NA PGIM Funds Cl Z TotalReturnBond NA ... NA PIMCO Fds Instl IntlBdUSH NA ... NA TotRt NA ... NA PIMCO Funds A IncomeFd NA ... NA PIMCO Funds I2 Income NA ... NA PIMCO Funds Instl IncomeFd NA ... NA Price Funds BlChip 211.21 +4.75 0.4 LgCapGow I 87.67 +1.99 3.2 Putnam Funds Class A PutLargCap p 45.22 +0.30 15.7 Putnam Funds Class Y PutLargCap 45.23 +0.31 15.9 Schwab Funds 1000 Inv r 16.29 +0.24 12.0 FunUSLgInst r 37.99 +0.32 18.5 IntI Sel r 32.29 +0.17 12.4 S&P Sel 19.60 +0.29 11.7 TSM Sel r 18.38 +0.27 12.1 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.06 +0.02 0.2
SAP SAP 189.65 6.03 S&P Global SPGI 416.25 4.32 SBA Comm SBAC 179.54 -1.44 SEI Investments SEIC 104.19 1.21 SK hynix SKHY 142.72 -1.01 SK Telecom SKM 32.24 0.61 SLB SLB 49.31 -0.28 SPX Tech SPXC 214.13 -5.49 SS&C Tech SSNC 79.38 2.33 Saia SAIA 360.10 12.47 SailPoint SAIL 17.20 0.43 Salesforce CRM 185.95 1.93 Samsara IOT 37.13 -0.14 Sandisk SNDK 1288.03 73.20 Sanmina SANM 193.23 7.67 Sanofi SNY 42.95 -0.13 SchwabC SCHW 105.87 0.63 Sea SE 111.15 4.41 Seagate STX 831.06-25.07 Sempra SRE 87.73 -0.82 Semtech SMTC 119.08 1.26 ServiceIntl SCI 85.93 -0.26 ServiceNow NOW 114.19 2.96
s SharkNinja SN 160.57 -1.20 Shell SHEL 91.08 -0.90 SherwinWilliams SHW 354.22 13.37 ShinhanFin SHG 71.18 1.25 Shopify SHOP 117.01 -0.14 SimonProperty SPG 229.16 -0.21 SiriusXM SIRI 30.37 0.75 SiTime SITM 550.32 15.12 Skyworks SWKS 61.29 -0.99 Smith&Nephew SNN 32.15 0.59 SmithfieldFds SFD 25.98 -0.06 Smucker SJM 117.50 -1.76 SmurfitWestrock SW 46.88 0.91 Snap-On SNA 409.41 -1.00
s Snowflake SNOW 307.53 14.25 SOQUIMICH SQM 67.03 -0.03 SoFiTech SOFI 18.03 1.72 SolsticeAdvMatls SOLS 62.23 2.06 Solventum SOLV 88.07 2.63 Somnigroup SGI 66.64 1.31 Sony SONY 22.63 -0.63 Southern SO 92.94 -1.60 SoCopper SCCO 185.91 3.20 SouthStateBk SSB 107.85 2.76 SouthwestAir LUV 47.07 2.10
t SpaceX SPCX 114.53 6.16 Spotify SPOT 486.33-13.61 StandardAero SARO 29.97 0.66
s StanleyB&D SWK 98.11 3.53 Starbucks SBUX 103.37 -1.88 StateStreet STT 183.67 -0.49 SteelDynamics STLD 258.38 7.12 Stellantis STLA 5.65 -0.11 Steris STE 232.64 4.24 SterlingInfr STRL 611.47 14.70 StifelFinancial SF 83.57 0.66 STMicroelec STM 52.19 -0.20 Strategy MSTR 94.86 1.58 Stryker SYK 341.20 15.50 SumitomoMits SMFG 25.25 -0.63 SummitTherap SMMT 13.05 0.03 SunComms SUI 122.46 -1.02 SunLifeFinancial SLF 82.46 -0.49 SunbeltRentals SUNB 75.07 3.15 SuncorEnergy SU 65.98 -1.30 Sunoco SUN 77.41 0.72 SuperMicroComp SMCI 28.64 0.24 Suzano SUZ 8.53 0.01 Symbotic SYM 45.85 2.80 SynchronyFinl SYF 77.84 2.05 Synopsys SNPS 392.07 3.31 Sysco SYY 84.98 -0.26 T U V
TC Energy TRP 65.86 -1.57 TD Synnex SNX 253.82 -1.88 TE Connectivity TEL 204.97 -0.72 Telus TU 9.59 0.03 Ternium TX 49.74 0.50 TFI Intl TFII 134.80 -0.22 TIM TIMB 18.92 -0.25 TJX TJX 157.50 0.16 TKO TKO 183.91 2.10 T-MobileUS TMUS 177.09 4.38 TPG TPG 46.32 2.66 T.RowePrice TROW 113.51 1.76 TTM Tech TTMI 121.21 5.77
iShRussMC IWR 111.08 1.27 15.4 iShRuss1000 IWB 414.59 1.52 11.0 iShRuss1000Grw IWF 120.87 2.16 2.2 iShRuss1000Val IWD 254.24 0.96 20.9 iShRuss2000 IWM 296.22 1.72 20.3 iShS&P500Grw IVW 138.24 2.21 12.2 iShS&P500Value IVE 233.09 0.60 9.9 iShSemiconductor SOXX 507.68 0.55 68.6 iSh7-10YTreaBd IEF 92.82 0.20 –3.5 iShSilver SLV 52.46 0.19 –18.6 iSh20+YTreaBd TLT 82.19 0.33 –5.7 iShUSEqFactRotat DYNF 68.35 1.33 12.4 iShUSTreasuryBd GOVT 22.41 0.15 –2.7 iSh0-3MTreaBd SGOV 100.42 0.02 0.0 JPMNasdEqPrem JEPQ 58.34 1.38 0.4 JanusAAACLO JAAA 50.51 0.02 –0.1 JPMEqPremiumIncome JEPI 57.35 0.50 0.2 JPM UltShIncm JPST 50.40 0.06 –0.4 ProShUltPrQQQ TQQQ 67.96 5.17 28.9 SPDRGoldMini GLDM 80.14 ... –6.1 SPDR Gold GLD 371.71 0.05 –6.2 SchwabIntEquity SCHF 27.56 0.47 14.6 SchwabUS BrdMkt SCHB 29.27 1.46 11.6 SchwabUS Div SCHD 33.56 0.27 22.3 SchwabUS LC SCHX 29.88 1.49 11.0 SchwabUS LC Grw SCHG 34.86 2.02 6.9 SSEnergySel XLE 58.79 –1.28 31.5 SSFinlSel XLF 57.38 0.77 4.8 SSHlthCrSel XLV 162.24 –0.19 4.8 SSIndlSel XLI 183.16 1.85 18.1 SSSPDRBbg1-3M BIL 91.42 0.01 0.0 SSSPDR DJIA DIA 531.22 1.32 10.5 SSSPDRDevxUS SPDW 50.34 0.56 13.4
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TaiwanSemi TSM 406.11 1.86 Take-TwoSftwr TTWO 245.15 2.23 TakedaPharm TAK 16.83 -0.26 TalenEnergy TLN 344.49 10.39 Tapestry TPR 155.63 3.26 TargaResources TRGP 264.60 -5.77
s Target TGT 149.35 4.86 TechnipFMC FTI 69.19 -2.47 TeckResourcesB TECK 60.20 -0.04 TeledyneTech TDY 670.56 14.99 Ericsson ERIC 10.08 0.27 TelefonicaBras VIV 12.72 -0.20 TelekomIndns TLK 15.18 0.52 Tenaris TS 57.15 -0.18 TencentMusic TME 9.53 0.08 TenetHealthcare THC 249.99 -4.79 Teradyne TER 365.80 -1.89 Tesla TSLA 322.08 10.87 TevaPharm TEVA 34.46 -0.55 TexasInstruments TXN 269.04 -6.70 TexasPacLand TPL 406.15 3.57
s Viking VIK 106.47 2.12 ViperEnergy VNOM 43.69 -0.92 Visa V 365.67 -0.46 Vistra VST 155.94 7.75 Vodafone VOD 15.61 -0.17 VulcanMatls VMC 283.59 15.02
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WEC Energy WEC 109.28 -0.14 W.P.Carey WPC 72.91 -0.69 Wabtec WAB 296.47 5.61 Walmart WMT 110.71 -0.49 WarnerBrosA WBD 26.09 -0.21 WarnerMusic WMG 25.10 -0.86 WasteConnections WCN 167.81 0.43 WasteMgt WM 226.43 -0.12 Waters WAT 374.74 -2.57 Watsco WSO 318.01 8.71 Watsco B WSOB319.11 -2.65 WattsWater WTS 350.52 4.73 Wayfair W 89.31 4.41
s WebsterFin WBS 77.92 0.70 WellsFargo WFC 87.89 1.44 Welltower WELL 233.10 -1.34 WescoIntl WCC 361.33 17.84 WestPharmSvcs WST 347.94 6.98 WesternDigital WDC 527.22-17.62 WesternMidstrm WES 46.74 0.17 Weyerhaeuser WY 25.23 0.20 WheatonPrecMtls WPM 111.86 2.83 Williams WMB 70.43 -1.11 Williams-Sonoma WSM 239.80 11.14 WillisTowers WTW 341.63 5.71 WintrustFinl WTFC 161.76 2.22 Wipro WIT 2.05 0.07 Wise WSE 12.33 0.33 WoodsideEnergy WDS 22.69 -0.77 Woodward WWD 363.57 2.82 WooriFinl WF 69.14 0.21 Workday WDAY 165.05 4.71 WynnResorts WYNN 98.36 -0.95 XPO XPO 197.01 -3.96 XcelEnergy XEL 77.69 -0.51 XPeng XPEV 12.37 -0.63 Xylem XYL 119.08 2.11 YPF YPF 51.06 -1.48 Yum!Brands YUM 148.80 -4.48 YumChina YUMC 48.35 0.17 ZTO Express ZTO 24.62 0.60 ZebraTech ZBRA 291.64 -2.18 ZimmerBiomet ZBH 96.98 3.05 ZionsBancorp ZION 70.84 1.14 Zoetis ZTS 77.10 -0.19 ZoomComms ZM 98.25 2.18 Zscaler ZS 154.46 3.26
AUCTION RESULTS Hereare the results ofMonday's Treasury auctions. All bids are awarded ata single price atthe market-clearing yield.Rates are determined bythe difference between thatprice and the face value.
13-Week 26-Week Applications $247,379,556,300 $241,833,586,000 Acceptedbids $99,294,436,300 $85,263,186,000 "noncomp $1,861,109,000 $2,032,327,200 "foreign noncomp $1,000,000,000 $230,000,000 Auction price (rate) 99.052083 98.051083 (3.750%) (3.855%) 3.838% 3.986% Bidsatclearingyieldaccepted 10.13% 65.40% 912797UM7 912797VV6
Bothissues are dated Aug. 6, 2026. The 13-week bills mature onNov. 5, 2026; the 26-week billsmatureon Feb.4,2027.
PicardMedical PMI 4.10 16.7 PliantTherap PLRX 1.03 ... PowerCompute PWCM 1.49 -23.1 Primech PMEC 0.31 -3.4 PSEG PEG 76.00 -0.1 QwestNts2052 CTHH 16.68 -1.1 RamacoRscsA METC 8.56 -2.9 RamacoRscsB METCB 6.31 5.8 ReinTherap RNTX 0.73 1.1 RiverNorthPfdA OPPpA 15.55 -0.6 RiverNorthPfdB OPPpB 16.81 0.6 SITE Centers SITC 3.30 0.9 SOS SOS 0.84 -8.0 SamosEnerAcqn SAMO.U 9.92 ... SanJuanBasin SJT 2.37 -3.6 Sentage SNTG 1.58 -1.2 SkyeBioscience SKYE 0.55 2.8 SpaceX SPCX 104.83 5.7 Sportradar SRAD 11.55 -15.1 SportsEntGaming SEGG 2.73 -14.5 StarwoodProp STWD 15.78 -0.1 SunPowerWt SPWRW 0.04 38.2 SurgePays SURG 0.21 -2.4 TEN Holdings XHLD 0.87 -10.0 Taoping TAOP 0.52 12.7 TexasVenturesIVWt TVIVW 0.23 -14.2 TopWealth TWG 1.70 -16.1 Toppoint TOPP 0.46 -9.3 TScanTherap TCRX 0.72 -2.6 VCIGlobal VCIG 0.28 -1.5 Vantage VNTG 0.54 -3.9 Virtuix VTIX 1.42 -0.6 VisionWave VWAV 1.49 -8.1 Vroom VRM 6.80 -4.5 WheelerREIT WHLR 0.51 -12.1 Wilco63 WLCOU 9.90 0.1 YXT.COM YXT 2.36 -12.8 YorkSpace YSS 13.88 -3.1 ZeoEnergy ZEO 0.36 -3.7
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2.0
1.0
Japanese currency has rallied since the joint intervention by the U.S. and Japan
BY CHELSEY DULANEY AND SAM GOLDFARB
A joint U.S.-Japan currency intervention has helped lift the yen off a 40-year low. Keeping it there could be an uphill battle. The U.S.’s involvement in the interven- tion added heft to recent solo efforts by Japanese authorities that have managed to set a floor on the yen at around 160 per dollar, while failing to pro- vide a lasting boost to the cur- rency. Japan’s finance minister on Monday said the country “would not hesitate” to inter- vene again alongside the U.S. Even with U.S. support, ana- lysts said the yen could strug- gle again absent a shift by
MONDAY’S MARKETS
ATKORE Italy’s Prysmian To Buy Company U.S.-listed Atkore said it agreed to be bought by Italy’s Prysmian, in a deal that val- ues the manufacturer of elec- trical infrastructure products at around $3.8 billion, includ- ing debt. Under the deal, Atkore shareholders will receive $95 a share in cash. This is a roughly 30% premium to the stock’s closing price of $72.96 on Friday. Prysmian produces cables and will combine its products with Atkore’s. —Adam Whittaker
PRYSMIAN
Prysmian makes cables and will combine products with Atkore.
TOTALENERGIES Stake in Solar, Wind Portfolio to Be Sold France’s TotalEnergies said it agreed to sell a 50% stake in European onshore solar and
MEMBER VOICES
Christopher Bogart
CEO | BURFORD CAPITAL
“The world may be becoming more complex, but it is not becoming less connected. Business, capital and ideas continue to move across borders, even if the path is less straightforward than it once was. For a global company, the answer is not to simplify the world but to understand it. That means having people with deep local expertise while maintaining a clear and cohesive organizational strategy. Complexity creates opportunities for organizations that know how to navigate it.“
Japan’s central bank. Despite facing above-target inflation, the Bank of Japan has been careful about raising interest rates after decades of battling the opposite risk: deflation. The caution has pushed inves- tors into other currencies where they can earn higher re- turns on short-term bonds. Short-term rates are set about 2.5 percentage points higher in the U.S. than in Japan, and many investors are expecting the Federal Reserve to raise rates further at its next meeting in September. In afternoon trading Mon- day, the yen was hovering around 157 to the dollar, bouncing back from a preinter- vention low of almost 164—the weakest the currency had been since 1986. “If we don’t have monetary policy tightening from the Bank of Japan, the yen will not sustain the movement up- ward,” said Nabil Milali, a portfolio manager at Edmond de Rothschild.
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wind assets to private-equity firm KKR, in a deal that values the portfolio at €1.8 billion, equivalent to $2.08 billion, in- cluding debt. Separately, TotalEnergies said it had agreed to buy a 4
Despite falling around 0.2% against the yen, the dollar was broadly stable Monday, posting gains against the currencies of oil-producing countries like Norway and Canada, as hopes for a new U.S.-Iran peace deal drove down oil prices. Stocks surged, with the Dow Jones Industrial Average rising 1.3% to a record of 53178.41, the S&P 500 advancing 1.5% and the Nasdaq composite jumping 2.1%. The WSJ Dollar Index ticked up 0.1% in after- noon trading to 96.19. Currency interventions by governments often have greater impacts over the short term than the long term, as economic fundamentals reas- sert themselves. In October, the U.S. also stepped in to strengthen the Argentine peso, succeeding in stopping a sharp slide in the currency. But the peso has since depreciated again, falling back to preinter- vention levels. The U.S. intervened in cur- rency markets Friday by sell-
Nasdaq composite
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gigawatt renewables portfolio from British energy major Shell. The majority of the as- sets are to be developed solar, wind and battery storage proj- ects in Italy, the U.K. and Spain. —Adam Whittaker
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Razat Gaurav
CEO | KINAXIS
“Our business continues to be very global, across customers, operations and talent. We are always working on striking the right balance between global, regional and local- level decisioning and governance. Navigating the fluid geo-political landscape is becoming more complex and creating greater demand and supply volatility. It requires agility, resiliency, and cultural sensitivity in how we operate. Through all these shifts, we stay anchored to our mission and core values.”
ing euros to buy yen, a move that avoided a direct weaken- ing of the dollar. Treasury Secretary Scott Bessent, in a social-media post, also urged the Fed to “upsize” a facility that Japan can use to borrow dollars and buy its own currency. Bes- sent’s counterpart, Satsuki Katayama, said Monday that Japan planned to use that fa- cility rather than sell its Trea- sury holdings to finance future interventions. Investors widely expect the Bank of Japan to raise rates in the months ahead after hold- ing them steady last week. But the effect on the yen could be muted because the Bank of Japan is still buying about ¥2.5 trillion, the equivalent of $16 billion, worth of Japanese government bonds each month, which is holding down longer-term yields, said Robin Brooks, a senior fellow at the Brookings Institution. “The whole framework is full of contradictions: On the
Out of MPS Merger Talks
BY ADRIÀ CALATAYUD
Italian bank Banco BPM said it dropped out of talks to merge with peer Banca Monte dei Paschi di Siena, in a move that could clear the way for a rival $35 billion takeover offer from Intesa Sanpaolo. BPM said Friday that condi- tions for reaching an agree- ment with Monte dei Paschi hadn’t been met nearly two months after it sent its pro- posal, and that its board de- cided to discontinue discus- sions regarding a potential combination. The bank said it still saw strong potential stra- tegic and industrial rationale for a tie-up, and that a deal would have generated signifi- cant value for both parties.
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10 a.m. 11 noon 1 p.m. 2 3 4
Source: FactSet
one hand the BOJ is buying bonds, pushing long-term rates down, while the Ministry of Fi- nance is intervening to strengthen the yen,” he added. A stronger yen could have implications for global finan- cial markets. Low interest rates in Japan and the weak- ness of the yen have fueled the rise of carry trades, where in- vestors borrow yen to buy riskier assets ranging from U.S. tech stocks to the Mexican peso.
Monte dei Paschi acknowl- edged the move and said it re- mained focused on the imple- mentation of its business plan and the integration of recently acquired Mediobanca, while continuing to evaluate any strategic option in the interest of its shareholders. Italian lenders have stepped up dealmaking activity in re- cent years, placing the country at the center of attempts to consolidate Europe’s banking industry. Monte dei Paschi last year bought Mediobanca, while UniCredit—which is nearly two years into an effort to take over Germany’s Commerzbank— first proposed to buy BPM and later withdrew its bid. Monte dei Paschi, widely considered the world’s oldest
Teresa Graham
CEO | ROCHE PHARMACEUTICALS
“One of our generation’s greatest leadership challenges is being globally connected, regionally receptive, and locally trusted. When we get that balance right, it’s how we make a real, lasting impact in healthcare around the world. Because in our work, science is global, but patient care is local.”
A reversal of such bets would ripple around the world. An unexpected jump in the yen in 2024 fueled a global market rout as investors unwound carry trades—forcing them to sell their investments and buy back the yen. While markets have so far taken the yen’s appreciation in stride, a larger rise in the yen could force investors to re- think carry trades that HSBC estimates total over $1 tril- lion.
bank still in operation, in June became the target of two ap- proaches: a cash-and-stock bid from Intesa and merger pro- posal from BPM. Intesa moved swiftly to formalize its offer, while BPM said its approach aimed to open discussions be- tween the two banks. In its preliminary assess- ments, Monte dei Paschi’s board raised concerns about the price offered by Intesa and flagged other risks, but said it intended to continue to assess BPM’s proposal. BPM’s decision to pull out came after its largest share- holder, France’s Crédit Agricole, expressed doubts about the mer- its of a tie-up between BPM and Monte dei Paschi. Crédit Agricole holds a 29.3% stake in BPM.
250%
A tidal wave of AI debt is threatening to flood the bond mar- kets. Investors might find shelter in some surprising places. Recent earnings reports by the so-called hyperscalers have driven expectations even higher for their collective AI spending plans. And with projections of further strained cash flows, they may need to raise a lot more debt to pay for that. Goldman Sachs credit strate- gists estimate that approximately $400 billion in highly rated invest- ment-grade bonds could be issued directly by hyperscalers globally in 2027. That is on top of the roughly $250 billion anticipated for this year. Bond prices are often quite sen- sitive to supply. So these expecta- tions have helped push down the prices, and push up the yields, of even the biggest and most credit- worthy companies’ bonds. A group of investment-grade hyperscalers tracked by Barclays credit strategists includes Alpha- bet, Amazon.com, Meta Plat- forms, Microsoft, Oracle and SpaceX. The spread offered by these companies’ bonds over benchmark Treasurys has widened by almost a quarter percentage point over the past month through July 30, according to tracking by Barclays. For bond investors, one tempta- tion might be to stick with the is- suers with the highest credit rat- ings and to chase higher yields by focusing on their longest-term bonds. But doing the opposite might prove to be the better bet. Already, investors can find bonds from Google-parent Alpha- bet that don’t mature until 2075, or Amazon bonds that mature in 2065. Both of these are yielding around 6.5%, according to FactSet. Meta bonds that mature in 2065 are yielding over 7%. Given the current pace of tech- nological change, what the future holds for these companies so long from now is about as unknowable as anything in finance. But even beyond betting on a company’s fi- nancial health decades hence, lon- ger-term bonds have other sneaky risks. Most notably, consider what
Meta Platforms
Microsoft
Alphabet
Amazon.com
0.6
Hyperscalers
U.S. stock market valuation ratios
1.0
Monthly 0
’10 ’20 ’25 1991 2000
1.2
Source: Jonas Svallin, FactSet
Stock Spotlight
AstraZeneca and Bristol-Myers Squibb The drug companies are in talks to combine in a deal that would value the joint company at roughly $400 billion, the Financial Times reported. Shares in AstraZeneca fell 6.9%, while Bristol-Myers Squibb shares slipped 0.2%.
Tyson Foods The stock rose 2.9% after earnings came in slightly ahead of expectations, due in part to strong demand for its chicken breasts and frozen nuggets.
ON THESTREET
JONATHAN ERNST/REUTERS
is now happening with the long end of the interest-rate curve. Longer-term yields soared after last week’s Federal Reserve meet- ing ended without a rate increase, or any guidance as to when one might be coming. That injected concern about inflation and the Fed’s commitment to combating it into longer bonds. If investors de- mand much more yield because they expect future Fed rate in- creases or more inflation, that will have an outsize price impact on longer-duration bonds. “You have to compare how much you get paid for what risk,” says Dominique Toublan, head of U.S. credit strategy at Barclays. “The risk you have to interest rates is much, much higher on the hyperscaler long-end side.” High yields on Treasurys could also damp demand for corporate bonds that offer only a modest bump in yield over government benchmark bonds. The ICE BofA index of U.S. high-grade corporate bonds with a weighted average life of over 20 years pays about a 1 percentage point spread, accord- ing to FactSet. The cushion was
Index
If you’ve spent even a short while scrolling through YouTube looking for investing content, you’ve seen them—video thumb- nails with illustrated flames and maybe a downward pointing arrow warning about the end times. Even more effective are those in- voking the name of the world’s greatest investor. Relax: Warren Buffett isn’t predicting a stock-mar- ket collapse. But a market indicator Buffett called “probably the best single measure of where valuations stand at any given moment” just hit a re- cord. How worried should we be? The Oracle of Omaha made that remark a quarter-century ago, when he was a sprightly 71-year- old. The Buffett Indicator could use an update.
Buffett ratio
Adjusted Buffett ratio
jumped 7% in Hong Kong, while its U.S.-traded American depositary receipts rose 4.1%.
easyJet The budget carrier extended Castlelake’s bid deadline, giving its suitor and rival bidder Apollo until the end of the week to either submit a firm takeover offer or walk away. Shares rose 2% in London.
Marriott International Shares were down about 7% after it said the conflict in Iran put a damper on second-quarter sales.
twice that as recently as 2022. Going for shorter-term, top- rated hyperscaler bonds could re- duce those interest-rate risks. But it also often means getting an even smaller additional yield over Treasurys. There is a part of the market where investors will get additional yield spread. That is in bonds that have been sold by companies to construct data centers for hyper- scalers. These include bonds is- sued by joint ventures or firms backed by big real-estate inves- tors, such as Blackstone and Re- lated Cos., with tenants-to-be such as Microsoft, Alphabet and Meta. Having hyperscalers with top- notch credit ratings as future ten- ants with a strong ability to pay should be a benefit. As construc- tion risk recedes, these bonds could “look increasingly like se- cured, lease-backed extensions of hyperscaler credit rather than purely bespoke project financ- ings,” Barclays credit analysts wrote in a recent note. The strate- gists called data-center bonds the potential “sweet spot” of hyper- scaler and artificial-intelligence
It measures the value of all U.S. stocks, represented by the Wilshire 5000 Index, divided by the size of the U.S. economy. The indicator is around 230% compared with 150% or so before the dot-com crash. A lot has changed, though, in- cluding the fact that the index no longer has 5,000 constituents or even 4,000. A more significant dif- ference is that American companies have become very international. “We know that the amount of overseas earnings has grown tre- mendously, so it’s an imperfect measure,” says Jonas Svallin, senior director for buy-side research at FactSet. Svallin says the distortion from comparing global earnings with the domestic economy runs both ways, so he made some nifty adjustments
TUESDAY'S EVENTS: Economic data: International trade data for June; durable goods orders; JOLTS job openings report; Johnson Redbook Retail Sales Index
EARNINGS EXPECTED: SpaceX Advanced Micro Devices Merck Pfizer McDonald’s Caterpillar BP Saudi Aramco Marathon Petroleum Archer-Daniels- Midland Kimberly-Clark Paramount Skydance
funding. Investors can get pickups of roughly half a percentage point to close to two points of additional yield in investment-grade data- center bonds over the bonds of their underlying hyperscaler ten- ants, according to Morgan Stanley strategists’ tracking of a group of such bonds. Among the risks of a data-cen- ter financing bond is that the fa- cility doesn’t get built on time or overruns its expected cost. It can be difficult to secure power, for one thing. There is also growing political opposition in some juris- dictions. The terms of the rela- tionship with a tenant have to be carefully scrutinized, too, and there is the future risk that the tenant doesn’t renew a lease. But investors are, for now, get- ting additional yield spread as compensation for those risks. Some data-center bonds are also lower-rated, and with shorter- term maturities. With shorter terms, investors aren’t being asked to shoulder longer-term worries about the interest rates, the U.S. fiscal picture, the Fed’s
that include scaling companies by their share of U.S. revenue. The good news: It’s only at 144%. The bad news: It’s just as historically overvalued. “There’s no doubt that things look very expensive,” says Svallin. And, while there isn’t enough data to go back as far as some charts of the original Buffett Indicator, he says today’s extreme is in some ways more concerning to him. It was easier to dismiss when interest rates were abnormally low. So, time to head for the hills? No. For one thing, valuation has never been good at predicting short-term moves. The Journal wrote years ago about the Buffett Indicator breaking above the dot- com peak. Buffett isn’t saying, either, but
A ‘Magnificent’ Monday
The Magnificent Seven technology stocks are on quite a roll. The megacap stocks added about $800 billion in market cap on Monday alone, adding to about $1.1 trillion over the past two trading sessions, according to Dow Jones Mar- ket Data. If those gains hold, it would be a record market cap gain for that group of stocks over three days. —WSJ Staff
Share-price performance on Monday
Tesla
Nvidia
Apple
–2% 0 2 4 6
Source: FactSet
Spread over Treasurys for index of corporate bonds and hyperscaler bonds
1.4 percentage points
0.8
0.4
Aug. 2025 Jan. ’26
Note: Hyperscalers are Alphabet, Amazon, Meta, Microsoft, Oracle and SpaceX. Index is Bloomberg index of investment-grade U.S.-dollar corporate bonds. Data are through July 30.
Source: Barclays
A SpaceX display at the Great American State Fair celebrating the 250th U.S. independence anniversary in Washington, D.C.
credibility or even the long-term role of AI in the economy. “With many data-center bonds, your primary risk is whether they get built or not. It’s a defined risk, with an endpoint: Once the asset is stabilized, it starts to generate cash flow,” Vishwas Patkar, Mor- gan Stanley’s head of U.S. credit strategy, said in an email. “That’s different from the broader, more open-ended risk that the whole AI model doesn’t work out as ex- pected.” Project bonds may also see rela- tive price jumps as construction moves along, or potentially up- grades, too. Hyperscalers already rated toward the top of the credit spectrum might not be as likely to be upgraded. Microsoft is already rated triple-A, the highest rating. That is higher than the U.S. gov- ernment. The far-out future of AI remains hazy, and it is increasingly inter- twined with huge questions about interest rates and inflation. Inves- tors might be better paid to take the risk that at least the stuff gets built. —Telis Demos
Berkshire Hathaway’s portfolio speaks volumes. It suggests stocks are expensive and will mostly struggle to beat cash—not that its chairman thinks they’re about to crash. The conglomerate has bought some stocks, but at a slower, more selective pace. Cash on its balance sheet now stands at a whopping $400 billion. That cautious ap- proach provides some reassurance for us mere mortals prone to get spooked. Instead, the Buffett Indicator strongly suggests that after such a strong run and rise in valuations, savers should expect historically subpar U.S. stock-market returns going forward. That’s harder to turn into YouTube clickbait. —Spencer Jakab
Strategy Sells $105 Million of Bitcoin
Strategy, the bitcoin- hoarding firm founded by Michael Saylor, said it sold 1,638 bitcoin last week to fund preferred stock divi- dends and repurchases. The sale, which raised about $105 million, comes on the heels of a turn- around plan unveiled last month, aimed at shoring up investor confidence. After the recent sale, Strategy still holds 842,138 bitcoin, worth about $53 bil- lion at current prices. Last week, the company reported a net loss of $8.2 billion for the second quarter, driven by a steep decline in the value of its bitcoin holdings. —Vicky Ge Huang
译文在语言流畅度上表现良好，但在关键数值处理、术语一致性以及翻译残留方面存在严重缺陷。特别是将“Billion”重复翻译为“亿美元 十亿”或“亿美元 billion”的现象贯穿全文，属于严重的交付质量问题。
billion $\rightarrow$ 亿美元 十亿 或 亿美元 billion 的冗余翻译。Half a percentage point 被直接保留在中文句子中 (Page 27)。1.5%，译文在 Page 1 的摘要部分正确，但在部分语境中需核实是否与后续段落一致。S&P 500/Nasdaq 涨幅 1.5% 和 2.1%，译文 Page 1 正确。worth about $53 billion，译文为 $53 billion (未完全本地化)。2027. 年、2065. 年 出现了不必要的句点，属于排版/处理错误。To Regulate AI, Follow the Cfius Model 在译文预览中完全缺失（直接跳到了“AI如何最终驱动经济”），属于严重的内容遗漏。❌ 存在阻塞性问题 (Blocking Issues Found) 主要问题在于： 1. Billion $\rightarrow$ 亿美元 十亿 的机械重复翻译，严重影响专业度。 2. CFIUS 相关核心文章内容缺失。 3. 排版逻辑崩溃，将不同页面的碎片化内容随意拼接，不符合原件结构。