道琼斯工业平均指数 52208.06 À 613.92 1.19% 纳斯达克 25122.18 À 2.8% 欧洲斯托克600指数 649.95 À 0.8% 10年期国债 g 1/10/32, 收益率 4.662% 原油 $83.59 g $0.87 黄金 $4,100.10 À $63.80 欧元 $1.1530 日元 159.50
–10
–20
新闻
商业与金融
美国第二季度经济增长放缓至 1.5%，受到旨在推动人工智能热潮的强劲进口活动的拖累。A1
微软股票的大幅上涨推动了美国主要股指的反弹，标准普尔 500 指数、纳斯达克和道琼斯工业平均指数分别上涨 1.7%、2.8% 和 1.2%。长期国债收益率维持在 19 年来的最高水平附近。B1
标准普尔 500
Situational Awareness (AI对冲基金) 这一曾风光无限的 AI 专注型对冲基金在遭受严重损失后，将其大部分股票投资组合出售给了肯·格里芬的投资公司城堡投资。A1
据知情人士透露，Situational Awareness (AI对冲基金) 这一曾风光无限的 AI 专注型对冲基金在遭受严重损失后，将其大部分股票投资组合出售给了肯·格里芬的投资公司城堡投资。
国际足联（FIFA），这一足球世界管理机构，公布了一项计划，旨在将其最受欢迎赛事的商业权利分拆成一家私营公司，并向投资者出售约 20% 的股份。A1
在体育用品公司因国际足联世界杯的高额营销支出导致盈利受压后，阿迪达斯股票下跌超过 11%。B3
Anthropic (AI公司) 表示，其测试中的软件在未经该 AI 制造商知情的情况下进入互联网，并在三起可追溯至 4 月的独立事件中入侵了毫无防备的公司。B1
特斯拉高管被要求为公司中国业务的分离做准备，以应对潜在的合并，顾问们正在讨论实现分拆的方案。B1
壳牌表示，其炼油厂在第二季度的运行率达到了 102% 的产能，通过增加喷气燃料和柴油的产出以利用飙升的价格。B2
全球动态
特朗普暗示，他没有计划与阻挠托德·布兰奇出任司法部长确认程序的共和党顽固分子进行谈判，并威胁将暂停提名，而不是与约翰·科宁和汤姆·蒂利斯两名参议员达成协议。A1
哈马斯和其他巴勒斯坦激进组织同意一项加沙进程，美国称只要以色列撤出该飞地，他们就将解除武装并失去权力。A1
美国官员表示，哈马斯和其他巴勒斯坦激进组织同意了一项计划，如果该计划得以执行，只要以色列撤出该飞地，这些组织将在加沙地带解除武装并失去权力。
特朗普政府正在考虑对希望在美国大学毕业后在美工作的国际学生征收 $100,000 的费用。A3
抵押贷款利率跳升至一年来的最高水平，给长期停滞且几乎没有复苏迹象的住房市场带来又一次打击。A2
一名将其儿子用于杀死佐治亚州阿帕拉奇高中两名学生和两名教师的枪支交给其子的男子被判处 15 年监禁。A3
本期《华尔街日报》最初在美国出版，并在当地重新印刷以进行区域分发。
随着数千名移民从邻国摩洛哥涌入西班牙领土塞乌塔，导致至少 10 人死亡。A7
土耳其警方拘留了一名由电视演员转任市长的前官员，这是针对政治反对派最新一波逮捕行动的一部分。A9
席卷波尔多西部松林地的山火迫使法国一些最重要的战略性国防和航空航天基地关闭。A7
目录 艺术评论 A11-12 商业与金融 B2,3,5 商业观察... B3 资本账户.... A2 填字游戏............ A12 街头之声.. B10
豪宅 ........... M1-10 市场与金融 B9 观点............ A13-15 体育 .................... A16 技术............. B4 美国新闻............ A2-6 世界新闻....... A7-9
FRIDAY, JULY 31, 2026 ~ 卷 CCLXXXVIII 第 26 期 WSJ.com 美国版
国内生产总值 (GDP) 增长 1.5%， 低于预期， 尽管消费者 支出有所增加
作者：哈丽特·托里 (HARRIET TORRY)
美国 经济 增长 在第二季度放缓， 主要受用于支撑人工智能 繁荣的强劲进口拖累。
ROMAN BALUK/路透社
致命炮击：乌克兰当局表示，周四俄罗斯对乌克兰进行的一系列导弹和无人机袭击造成至少 8 人死亡，受伤人数超过 50, 人。一名在利沃夫一座建筑物袭击中受伤的儿童被担架抬走。A7
华盛顿——特朗普总统表示，他不愿与那些阻碍总检察长提名人托德·布兰奇 (Todd Blanche) 确认的顽固共和党人进行谈判，威胁要暂停提名，而不是与两名参议员达成协议。
作者：理查德·鲁宾 (Richard Rubin)、 塞迪·古尔曼 (Sadie Gurman) 和 玛雅·戴维斯 (Maya Davis)
作者：亚历山大·沃德 (Alexander Ward)、 萨默·赛义德 (Summer Said)、 菲利普·威格曼 (Philip Wegmann) 和 阿比尔·阿尤布 (Abeer Ayyoub)
相关官员在周四晚间向记者表示，该协议是一个不定期、多阶段进程的开始，旨在结束 哈马斯 在 加沙地带 的统治并重建该飞地。官员们承认前方仍有许多挑战，例如
寻找低科技的幸福感
i i i 车主禁用警报，用胶带制作按钮；“我只想转动一个旋钮。”
作者：SHARON TERLEP
布雷特·多伊尔（Brett Doyle）维护着一份关于最新汽车技术的详尽电子表格——电子门把手、巨大的触摸屏、能自动适应交通流的定速巡航。 这并不是在描述他梦想中的车，而是他的噩梦。 “I don’t want any of that,”这位住在圣路易斯的计算机科学家说道，在他看来，
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这些技术就像是一堆等待发生的麻烦。 多伊尔是一小部分发声者的成员，他们反对汽车行业将新科技强行塞入汽车的痴迷。你可以称他们为阻碍进步的古板之辈，或者称他们为道路上最后的理智灯塔。无论如何，他们正在反击。 一些像多伊尔这样的人完全拒绝购买新车，选择
请转至第A10页
AI浪潮已成为经济如此巨大的组成部分，以至于它既是一个主要的增长驱动力，同时也以一种可能抵消部分增长的方式影响贸易。具体而言，对半导体等进口组件的高需求拖累了美国的增长计算，因为这些产品并非在美国制造。 与此同时，周四发布的国内生产总值（GDP）报告在其他方面显示出积极迹象。消费者增加了支出，无视了由与伊朗冲突引发的油价上涨。商业投资保持强劲，因为公司继续投资于AI建设所需的IT设备和软件。 商务部表示，GDP——即在经济活动中生产的所有商品和服务的价值，经调整后
他实际上已经终结的职业生涯。 参议员约翰·科宁（John Cornyn，共和党，得克萨斯州）和汤姆·蒂利斯（Thom Tillis，共和党，北卡罗来纳州）在司法委员会反对布兰奇（Blanche）的提名，阻止其提交参议院全体会议投票。 他们表示，除非政府正式取消一项 $1.8 “anti-weaponization fund”并缩小政府对总统及其家人和企业的税务审计保护，否则他们不会让步。 在周四的一篇社交媒体帖子中，特朗普表示，如果持保留意见的参议员“不做正确的事”，他“不反对暂时撤回”布兰奇的提名。 他说，他可以在科宁和蒂利斯于 2027 年初离职后再重新提名布兰奇。 总统并未提及该基金或审计保
作为验证巴勒斯坦团体是否合规，并确保持怀疑态度的以色列政府不会破坏任何进展的手段。 这一公告是美国、以色列、哈马斯和中东调停方，以及由特朗普总统创建用以监督加沙地带过渡的和平委员会之间数月外交努力的 culmination。但这仅仅是一个充满政治和军事风险路径上的第一步。
请转至第A8页
伊朗冲突使美国与科威特关系紧张…… A8 指挥官准备在战争的下一波推进中采取行动…… A8
亚马逊
苹果的 iPhone 销售额在该季度增长了 21%，亚马逊的收入则获得了 AI 的助力。B1
股价和指数表现，过去三个月
20% 苹果
六月 五月 七月
来源：FactSet
寻回二战战俘
潜水员在“折狱丸”号（Oryoku Maru）的坍塌残骸中搜寻 在八十年后寻找数百名美国人的遗骸
作者：MIKE CHERNEY
在经 调整 后 剔除 通胀 和 季节性 因素后——年增长率为 1.5% 在第二季度。 《华尔街日报》 调查的 经济学家曾 预计 4月至6月期间的增长率为 1.8%。 第一季度经济增长率为 2.1%。 经济学家表示，这一 头条 数字 掩盖了 总体向好的趋势。公司方面强劲的 支出以及 请转至A2页
保护。相反，他指出他 并未支持 Cornyn 或 Tillis 连任，并将 这些 政治 分歧 归因于他们不愿投票支持他的 被提名人。 特朗普没有采取立即行动，使得布兰奇 (Blanche) 的 确认程序处于悬而未决的状态。 Cornyn 告诉记者， 参议员们与政府 已经交换了条件，并且 认为他们正在取得 请转至A4页
搅动全球足球
作者：JOSHUA ROBINSON 及 GINA HEEB
今年夏季的北美 世界杯，这场为期一个月、在收视率、 观众人数和收入方面均打破纪录的盛会，似乎是足球运动长期以来旨在挖掘美国巨大财富之计划的巅峰之作。 事实上，足球世界的管理机构才刚刚开始。 周二，作为瑞士非营利组织的国际足联 (FIFA) 披露了一项计划，拟将其最受欢迎赛事的商业权利分拆成一家私有公司，并将大约 20% 的股份出售给投资者，这些投资者对该项目的估值为 $20 billion。但周四，一场激烈的抵制行动导致欧洲国家在欧洲足球管理机构召开紧急会议后，宣布抵制所有国际足联 (FIFA) 的赛事，包括世界杯。 “这种模式在世界足球中没有位置，”欧洲足联 (UEFA) 在会后表示。“足球的未来不能由那些首要职责是最大化财务回报的人的预期来决定……基于今天的讨论，只要这些提案依然存在，没有任何欧洲足联 (UEFA) 国家队将参加任何国际足联 (FIFA) 的比赛。” 请转至A16页
AI基金 将大部分 资产 出售给格里芬
对人工智能的 押注导致这家由 OpenAI 前员工 领导的高飞公司沉没
作者：Gregory Zuckerman, Peter Rudegeair 及 Anissa Gardizy
这标志着由 OpenAI 前员工 Leopold Aschenbrenner 领导的 Situational 的突然陨落。自大约两年前成立以来，它积累了超过 $20 billion 的管理资产，使其成为多年来增长最快的公司之一。年仅 20 多岁的 Aschenbrenner 被一些人视为 AI 先知，其他投资者在它进行大规模杠杆押注时密切跟踪该公司的动向。 据一些知情人士透露，随着投资者抛售 人工智能 相关股票，Situational 面临筹集资金的压力，无论是通过出售持仓还是新的资本承诺，以满足其贷款人的保证金追缴要求。 其公开投资包括 AI 供应链上的公司，如内存芯片制造商 SK Hynix 和 Sandisk，燃料电池制造商 Bloom Energy 以及 AI 云计算提供商 Nebius Group。 由于投资者对大规模资本支出和更高借贷成本感到担忧，从而对 AI 和科技股失去兴趣，上述所有公司的股价在过去一个月内均大幅下跌。 在 Situational 出售股票的消息传出后，该公司投资组合中的公司股价在周四上涨。 请转至A6页
“我产生了一种感觉，就像，‘噢，也许这是很重要的事情’，”卢卡斯 (Lucas) 说道。 他的手中拿着一只靴子的残骸，鞋底和皮革依然相连。 这只鞋子的鞋底后来被发现写有“U.S. Army”（美国陆军），这是迄今为止最强有力的迹象之一，表明国防部研究人员正接近一个逃避了他们八十多年的目标：将约 250 名死于 1944 年 12 月的美国战俘遗骸带回家。 请转至A10页
–2
华尔街日报
资本账户 | 作者：Greg Ip 美联储的沉默让市场在盲目中飞行 在凯文·沃什（Kevin Warsh）作为美联储主席的第二次会议之前，发生了许多事情，当时央行维持利率不变：就业和通胀数据疲软、与伊朗的战争重启、油价上涨。 然而，对于沃什来说，最值得关注的是市场对这些信息的反应：债券收益率上升。在周三的会议后，沃什向记者解释道，这证明了他决定停止评论经济发展及其美联储可能采取的应对措施的决定是正确的。市场正在“学习如何关注球赛，而不是裁判”。 但沃什将美联储仅仅定义为判定好球或坏球的类比（借自未来的最高法院首席大法官约翰·罗伯茨）并不成立。美联储并非一个中立的仲
抵押贷款 利率触及 一年来 最高点
消费者端的数据表明，今年下半年经济将继续保持强劲，分析师表示。 “我看到的是强劲的消费者支出，以及在AI建设驱动下资本支出的持续增长，”RSM首席经济学家约瑟夫·布鲁苏埃拉斯（Joseph Brusuelas）表示。 支付公司Stripe的首席经济学家埃尼·特代斯基（Ernie Tedeschi）计算出，计算机总支出（包括计算机资本支出和数据中心建设）对第二季度 1.5% 的增长率做出了重大贡献。 “仅在第二季度，实际国内生产总值 (GDP) 增长的一半以上可归因于计算机、数据中心或与信息处理设备及软件相关的项目，”特代斯基说。 作为经济主引擎的消费者支出在第二季度以 3.2% 的速度增长，高于今年第一季度的 0.5%。在减税政策的支撑下，消费者增加了对商品和服务的支出。根据AAA的数据，尽管4月至6月普通汽油的平均价格为每加仑 $4.22。 一项剔除波动较大的政府、库存和国际贸易数据的潜在需求衡量指标也有所增强。该指标被称为“私人国内购买者最终销售额”，其在第二季度的增长率为 3.9%，高于前一季度的 1.7%，是自 2023 年第一季度以来的最快速度。 国内生产总值 (GDP) 反映了所有支出的总和。但由于部分支出用于进口
%
六月：
–0.5
增长 放缓
接前页
住宅投资
联邦政府
私人库存变动
–1.0 pct. pt. 0
报告 来自 微软 重新- 恢复了AI 繁荣的动力。道琼斯工业平均指数 上涨 613.92 点，即 1.19%，至 52208.06。 纳斯达克飙升 2.78%，标准普尔500指数上涨 1.66%。 上周在参议院金融委员会发言时， 美国贸易代表 詹米森·格里尔 (Jamieson Greer) 对增加进口“有助于我们在国内生产更多产品的商品类型”表示欢迎。 “我们将大部分进口产品从消费品和汽车转向了我们需要用来扩大再工业化规模的物品——”
PCE价格指数，较前一年变化
整体：3.7% 核心PCE：3.3%
2022 ’25 ’24 ’23 ’26
注：经季节性调整。核心价格不包括食品和能源。
来源：商务部，经由圣路易斯联邦储备银行
神秘且非人性化的机构。1920 到 1944 年间担任英格兰银行行长的蒙塔古·诺曼（Montagu Norman）的格言是“永不解释，永不道歉”。直到 20 世纪 90 年代初，美联储甚至不公布是否调整了利率；它通过公开市场操作，让交易员们自行推断。
然而，即便在美联储缄默之时，市场也会抓住每一丝信息来揣测美联储的下一步行动。1979 到 1982 年美联储将货币供应量作为目标时，利率会随着每周公布的货币供应数据而剧烈波动。曾多年担任华尔街顶级美联储观察员（现已退休）的汤姆·加拉格尔（Tom Gallagher）对此有一段描述：如果有一天美联储主席提到了紫色的交通锥，华尔街会立刻雇一批人去数有多少个紫色的交通锥。
2002 年本·伯南克（Ben Bernanke）以理事身份加入美联储后，他强烈主张提高透明度。他说，如果美联储不发声，其他人就会填补空白：“无论是个人发言还是专家猜测，只会比以往任何时候都更嘈杂、更混乱。我们提供的任何形式的引导……都必然比那样好。”
美联储官员确实担心（正如现在的沃什一样），沟通会导致他们所谓的“照镜子”问题——市场价格是否仅仅是对他们所说的话的反映，而非对现实的独立判断？
例如，2021 年随着经济走出疫情封锁期，通胀激增，但由于美联储官员认为通胀是暂时性的，债券收益率几乎没有波动。
1Q 2026
化，例如机床、注塑设备和 AI 芯片，”他说道。
这份 GDP 报告出炉的前一天，美联储官员于周三投票决定将央行基准利率维持在 3.5% 到 3.75% 的区间内。该决定以 9-3 的投票结果通过，三位银行行长投了反对票，倾向于加息 25 个基点，这表明对通胀的紧张情绪有所升级。
美联储主席凯文·沃什（Kevin Warsh）以大致积极的措辞描述了经济和劳动力市场，指出
美联储追踪的通胀指标在 6 月份有所冷却，但仍远高于央行 2% 的目标。这一挑战引发了关于新任主席凯文·沃什可能如何应对的激烈猜测。
商务部周四表示，由于能源价格下跌有助于拉低整体价格水平，上月个人消费支出价格指数下降了 0.1%。
这使得 12 个月的 PCE 通胀率为 3.7%，较 5 月份的 4.1% 有所下降。
剔除波动较大的食品和能源类别，6 月份 0.1% 的价格上涨使得 12 个月核心 PCE 通胀率为 3.3%，略低于 5 月份记录的 3.4%。
周四的报告还显示，美国人的个人收入 6 月份环比增长 0.2%，略低于《华尔街日报》调查经济学家预计的 0.3%。
上月消费者支出增长 0.3%，符合预期。 ——马特·格罗斯曼 (Matt Grossman)
1.0 1.5 个百分点
企业投资依然强劲，因为公司继续为 AI 建设进行投资...
...而数据中心建设者对进口产品（如半导体芯片）的依赖，由于这些产品在海外制造，从而抵消了美国的增长。
生产力的强劲以及在人工智能领域的投资。沃什在会后新闻发布会上表示：“经济正表现出令人印象深刻的韧性。”
第二季度就业增长稳定，失业率维持在低位。除油价影响外，美国人在 6 月份感受到了通胀的缓解：根据商务部周四发布的独立数据，由于能源价格下跌，个人消费支出价格指数下降了 0.1%。
但同一时期的这一事件也揭示了信任市场的风险。即便投资者认为美联储几乎没有收紧政策，但他们同时也预期通胀很快会回落至美联储 2% 的目标。如果美联储当时信任市场的评估，它就永远不会收紧政策。最终，美联储大幅收紧了政策，因为它并不信任市场所设想的乐观情景。这就是为什么一些美联储官员在今天仍希望收紧政策。
现在还处于早期阶段，沃什（Warsh）最终可能会得出结论，认为他应当进行更多沟通，同时避免给出明确的利率指导。如果他不这样做，市场将不会停止猜测他的想法：他们只会依赖其他美联储官员的评论、某些随机的数据，或者最新版本的紫色交通锥。
沃什收到来自债券市场的警告信号............. B1
作者：NICHOLAS G. MILLER
抵押贷款利率攀升至一年来的最高水平，给长期停滞且几乎没有复苏迹象的住房市场带来又一次打击。根据房地美（Freddie Mac）的数据，本周 30 年期固定利率平均为 6.66%，高于前一周的 6.58%。随着中东冲突加剧推高通胀预期，以及美联储内部的分歧引发了对利率路径的质疑，这标志着利率已连续第四周上升。抵押贷款利率与 10 年期国债收益率紧密相关，后者由于油价上涨，在上周达到了 18 个月的高点。“目前有很多因素在支撑利率，”Redfin 经济研究负责人 Chen Zhao 表示，他将原因归结为地缘政治冲突、人工智能支出带来的通胀以及美联储潜在的加息。 “你可以看到这些因素正压在住房市场上。”
由于中东战争仍在持续，威胁石油供应并封锁航运路线，通胀似乎短期内难以缓解。周三，美联储选择维持利率不变，但三名官员投票支持加息。这一鹰派派系与美联储主席凯文·沃什（Kevin Warsh）在新闻发布会上表现出的鸽派立场发生了冲突，导致美联储的下一步行动充满了不确定性。2 月份，抵押贷款利率曾短暂跌至 6% 以下，引发了人们在经历了数年停滞后对房屋销售反弹的希望。但伊朗战争的爆发推高了利率，此后利率一直波动，住房市场的销售低迷现已进入第四年。虽然一些经济学家表示，购房者在很大程度上已经适应了高抵押贷款利率，但仍有迹象表明，最近一轮的利率上涨压制了买家需求。根据 Redfin 的数据，在截至 7 月 26. 日的四周内，美国待处理房屋销售量跌至 4 月初以来的最低水平。仅在过去一周，待处理房屋销售量就下降了 1.7%。
30年期固定抵押贷款平均利率
周四： 6.66%
外国学生 征收费用
作者：MICHELLE HACKMAN
华盛顿——据知情人士透露，特朗普 administration 正在考虑对国际学生在美大学毕业后在美工作的能力开出 $100,000 的价格标签。此举将大大降低外国人来美留学的吸引力。如果实施，该项费用将推进特朗普总统限制几乎所有形式合法移民的努力。这将损害依赖招收国际学生作为可靠收入来源的大学，以及不成比例地雇佣国际毕业生填补技术岗位的硅谷和华尔街公司。该费用将与一项名为“选择性实用训练”（optional practical training，简称 OPT）的计划挂钩，该计划允许国际大学毕业生持学生签证工作一到三年。在数据可得的最新年份 2024, 约有 419,000 名外国人通过 OPT 工作。
本质上，此举实现了该政府最初为针对外国专业人士的 H-1B 签证设定的 $100,000 征费目标，该目标去年曾在硅谷引起恐慌。上周，波士顿的一家上诉法院阻止了政府征收 H-1B 费用的行为。尽管官员最初打算将该费用应用于所有 H-1B 签证，但来自科技巨头的广泛反对促使政府将其范围缩小至寻求进入美国的外国招聘人员。广义上讲，直接持 H-1B 签证移居美国的外国人倾向于被 IT 和会计师事务所招募，而科技和金融领域的顶尖公司通常更倾向于从美国顶尖大学招募，并在雇佣数年后将其员工从学生签证转换为 H-1B 签证。这样一来，针对 OPT 的新费用将更直接地瞄准这些公司。
一名 DHS 发言人表示：“在正式公布之前，任何政策都不应被视为最终确定。在 DHS，我们一直在讨论如何利用我们工具箱中的所有工具来维护我们合法移民系统的完整性。”$100,000 的费用正成为特朗普移民官员频繁使用的工具，他们已经制定了多项政策提案，旨在阻止财力有限的外国人进入美国。除 H-1B 和学生签证外，国务院的官员还在考虑对美国境外的绿卡申请人要求缴纳 $100,000 的保证金，且仅在他们移居美国并成为公民后方可赎回。知情人士称，最新的费用方案仍在国土安全部讨论中，目前尚不清楚白宫是否会批准。
目前也不清楚谁将承担支付该费用的责任：是国际学生本人，还是他们意向就读的大学和雇主。这项费用可能会与该政府本月宣布的一项新要求挂钩，该要求规定国际学生在行使 OPT 权利时必须申请签证延期。直到现在，学生签证在学生就读期间以及最多三年的工作授权期间自动保持有效。OPT 计划是国际学生选择在美留学的核心吸引力之一。支持者认为，如果没有 OPT，大多数国际学生将被迫在毕业后立即离开该国，这将迫使他们将在美国大学习得的技能带到国外市场。移民限制主义者则认为，这使得公司能够在毕业后直接雇佣外国学生，而没有任何规定来确保他们的薪资不低于美国本土毕业生。
左图，Gil Campos 和 Maria Moctezuma 支持沿 Archer Avenue 设置自行车道。右图，Jose Luis Maya 表示，如果没有停车位，他的商店正在失去客户。
企业抱怨 客户流失 芝加哥停车位 让位于自行车道
作者：乔·巴雷特 (JOE BARRETT)
芝加哥——当玛丽亚·莫克特祖马 (Maria Moctezuma) 得知繁忙的阿彻大道 (Archer Avenue) 一个项目将用自行车道取代路边停车位，并将交通车道从两条减为一条时，她动员了当地居民，拿起扩音器发起抗议。“我们不需要那个，”这位 47 岁的网约车司机莫克特祖马说道，她是在这个社区抚养孩子的。她创建了一个名为“布赖顿公园阿彻守护者” (Archer Guardians of Brighton Park) 的 Facebook 群组，目前成员已达 2,600 人，其中许多人通过发布诸如“停止占用停车位”、“停止这些浪费资金的自行车道”、“找回常识”等帖子，来宣泄对所谓“反汽车战争”的不满。
但骑行派迅速进行了反击。吉·“普基”·坎波斯 (Gil “Pookie” Campos)，59 岁，一名来自该社区的仓库经理兼骑行者，号召他的 Instagram 追随者对“阿彻守护者”进行反向抗议。一名支持者的标牌上画着汽车、巴士和自行车轮，上面写着：“阿彻大道足够宽，可以容纳所有人。”
在“完整街道” (complete streets) 设计计划下，芝加哥自去年以来一直在重新规划阿彻大道区域，通过缩小主车道以缓解交通压力，并增加一致的左转车道、行人岛和改良的人行横道。然而，冲突的焦点仍然在于为了建设受保护的自行车道而取消了几个街区的路边停车位。
Jose Luis Maya 是 Deportes Maya 的店主，他在阿彻大道销售球衣、鞋子和足球已有 24 年。此前，他的街区大约有 12 个停车位。现在只剩下 4 个，而且都在街道尽头的图书馆前面。他估计他的营业额下降了约 30%。他说，当人们打电话询问并得知没有停车位时，他们就会去其他地方。“这里不是骑行区，”他坚持道。
那些骑车经过的人
[[IMG_XXXX]] 科林·格雷 (Colin Gray) 在周四于乔治亚州温德 (Winder, Ga.) 被宣判后被戴上手铐。
作者：杰克·莫菲特 (JACK MORPHET) 乔治亚州校园枪击案凶手之父被判 15 年
一名青少年于 2024 年 9 月在乔治亚州一所高中实施致命大规模枪击，其父亲因在为儿子提供枪支方面扮演的角色被判处 15 年监禁。
科林·格雷在 3 月被裁定二级谋杀罪和过失致死罪，法官认定，尽管他知道儿子对自己和他人都构成威胁，但仍允许其持有武器。
他的儿子科尔特 (Colt) 现年 16 岁，在承认杀害了阿帕拉奇高中 (Apalachee High School) 的两名学生和两名教师并导致其他 9 人受伤后，周二被判处终身监禁，且不得假释。在 2024 年枪击案发生时，他 14 岁。
巴罗县 (Barrow County) 高等法院法官尼古拉斯·普林姆 (Nicholas Primm) 表示，这是全美第二起父母因孩子被指控实施枪击而被追究责任的案件，他承认这是一个具有争议的概念。
在宣判时，普林姆法官表示，科林·格雷未能尽到父母的职责，没有为儿子寻求心理咨询，也没有将家中的枪支锁起来。
“警告信号灯闪得越来越亮，而你没有为他寻求帮助，也没有剥夺他的接——”
这条关于芝加哥地区主干道自行车道的僵局，反映了全国范围内的摩擦：随着各城市在联邦拨款和疫情期间骑行热潮的推动下安装自行车道，当地居民开始对失去停车位和交通拥堵感到愤怒。上周，美国交通部长肖恩·达菲 (Sean Duffy) 致信参议员，呼吁他们限制联邦资金用于
一场全国性的抵制运动
……阻碍交通流量的自行车道。如今，骑行者中正出现一场针对该抵制运动的反击。这些争论正在州议会和市政厅展开，官员们正日益尝试在骑行（用于通勤、购物或娱乐）的普及性与依赖停车位及车辆高效流动的当地利益之间寻找平衡。
在加利福尼亚州，一些城市拆除了新建的自行车道，而骑行倡导者则在推动一项旨在增加拆除难度的法案；该措施已在州参议院获得通过。在华盛顿特区，华盛顿地区自行车协会阻止了特朗普政府即将拆除第15街上广受欢迎的自行车道——该路段从杰斐逊纪念堂延伸至国家广场的另一侧。
“顾客不进来了，”古斯塔沃·埃尔南德斯 (Gustavo Hernandez) 表示。午餐时间，他站在自己几乎空无一人的餐厅——Taqueria Y Birrieria Morelia #2 附近。他说，去年10月在他所在的街道安装的自行车道削减了停车位，并影响了他的生意。
尽管此次重新设计已筹备数年，但一些小企业主抱怨他们被排除在规划过程之外。
各方阵营在阿彻大道 (Archer Avenue) 的集会上对峙了数月。来自“守护者” (Guardians) 组织的莫克特祖玛 (Moctezuma) 成了著名的“扩音器女士”。
在一次抗议活动中，骑行者们嘲笑莫克特祖玛的群体人数太少，于是她开始计算有多少经过的司机鸣笛。
[[IMG_XXXX]] 左图：Taqueria Y Birrieria Morelia #2。餐厅老板称自行车道影响了他的生意。上图：骑行者安德鲁·麦克 (Andrew Mack) 表示，自行车道鼓励人们减少开车。
……接触枪支的机会，”普里姆 (Primm) 法官表示。
科林·格雷 (Colin Gray) 在法庭上穿着一件糖果条纹的囚服。在这里，科尔特 (Colt) 遇害者的家属谴责他未能阻止校园枪击事件。在审理过程中，格雷作证称，他想让儿子接触狩猎和户外活动，以增强两人的感情，并补充说他在圣诞节时送给儿子一支枪。
在当局收到关于校园枪击威胁的匿名举报后，当地警长办公室在 2023 年 5 月对科尔特进行了询问。根据联邦调查局 (FBI) 的说法，科林·格雷告诉当局家里有狩猎枪，但称他的儿子在没有监督的情况下无法接触到这些枪。
黑色素瘤治疗方案
作者：XAVIER MARTINEZ
美国食品药品监督管理局（FDA）的一个咨询小组在周四以 10-3 的投票结果支持 Replimune Group 的一项实验性黑色素瘤疗法。此前在一次激烈的会议中，专家们对该公司的相关数据和试验设计是否足以证明这款皮肤癌药物有效表示怀疑。
周四的建议是这场持续近两年的监管saga（曲折故事）的最新进展。本周早些时候，FDA对该公司结果的一次关键分析导致其股价下跌超过 30%。
Replimune 首次于 2024 年 11 月提交了名为 RP1 的疗法申请。FDA 在去年 7 月予以拒绝，并在 4 月拒绝了重新提交的申请，随后在 6 月允许第三次提交——此次将决定日期定在 8 月 2 日，并安排在几天前举行公开咨询会。
5 月，《华尔街日报》报道称，白宫曾敦促卫生官员重新审查该机构早前对该疗法的拒绝决定。
周四的独立小组中，几位成员将 Replimune 的数据描述为“混乱”且难以解析，但表示他们投票支持。
HYOSUB SHIN/PRESS POOL
支持，以及有多少骑行者按了铃。她统计的结果是：超过 100 次喇叭声，零次铃声，她说道。
她这一方获得了一定程度的让步：4 月下旬，市政府同意在 Archer 街的几个街区恢复 17 个停车位，尽管店主们认为这与损失的部分相比微不足道。
与此同时，市府官员为这些变动辩护，称其为安全升级，而非仅仅是增加自行车道。“Archer 街就像一条小型高速公路，”市议员 Julia Ramirez 在描述变动前车辆和卡车在该三车道对角线道路上穿梭的情况时说道。
这种挫败感正在蔓延到芝加哥的其他社区。在最近的一次会议上，新成立的西南商会讨论了企业如何在 35 街增加自行车道的规划中获得更大的发言权。“我们在决策桌上没有席位，”该组织临时主席兼 Kristoffer’s Cakes 共同所有者 Carlos Chavarria 表示，“如果我们受苦，社区也会受苦。”
并非会议上的所有人都认同。42 岁的 Andrew Mack 是一名经营政府事务业务的骑行者，他认为更好的骑行基础设施将帮助人们摆脱对汽车的依赖。“开一辆 4,000 磅重的机器去上瑜伽课，未必是对公共资源最好的利用，”他说道。
这种抵制情绪可能会反映在选票箱中。51 岁的摄影师 Claudia Zuno 在 2 月份发起了一场由自行车道反对派推动的竞选，旨在挑战市议员 Ramirez。
“这是一个工人阶级社区，”Zuno 说道，这里的居民用卡车运送工作工具，或开家庭用车送老人去看医生。“人们依赖车辆并非为了奢侈，而是出于必要。”
因为该药物在先前治疗耐药的癌症患者中显示出了前景。其他人则表示，他们的投票取决于专家和在会议期间发言的患者所讲述的肿瘤缩小的轶事。在会议的公众评论期间，有 30 多人发言，其中包括几位曾服用过该实验性药物的人。所有发言者都支持 Replimune 的药物。
专家组成员表示，一项额外的 3 期研究将进一步明确该药物是否有效。该机构自己的科学家不必遵循专家组的建议，但他们通常会这样做。
本周早些时候，该机构发布了简报文件，警告称 Replimune 单臂研究中的某些结果“无法解释”，导致该公司股价损失了近三分之一的价值。FDA 审核员表示，他们无法判断肿瘤反应是来自 RP1 本身，还是来自与之配对的由 Bristol-Myers Squibb 生产的药物。FDA 写道，Replimune 的研究“不包括一项充分且对照良好的调查，以证明具有实质性的有效性证据”。
LEETRIANA CAMPOS (左上), JOE BARRETT/WSJ (3)
新光芒：周四，国民警卫队成员走在华盛顿特区纪念大桥上“战争艺术”装置中新镀金雕像附近。
讣告 Arlene Smith, ’50s 女子组合之星，84岁 Arlene Smith 逝世，享寿 84 岁。她是首批“女子组合”之星之一，在青少年时期作为 Chantels 组合的创始人，共同创作并领唱了 20 世纪 50 年代的 doo-wop 经典歌曲《Maybe》。 Smith 的经理兼好友 Paul Errante 告诉美联社，她于周三在纽约市的一家医院因心脏病发作去世。 在摇滚乐的早期年份，男性和声组合很常见。但女性艺人——尤其是黑人女性艺人——直到 20 世纪 50 年代后期才较为罕见，当时像 Chantels 这样的表演者取得了突破，并助力在接下来的十年中掀起了一波女子组合浪潮，其中包括 the Shirelles。 《Maybe》是在曼哈顿一家教堂的临时工作室中录制的，是一首简约且充满恳求的民谣，由 Smith 以疲惫但有力的情感演唱。这部 1958 年发布的作品进入了前 20 名排行榜，最终销量超过 1 million 份，并被 Janis Joplin 和 Three Degrees 等歌手翻唱。 —美联社
提名 悬而未决
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取得了进展，但形势发生了变化。 他周四下午表示，谈判至少在周末期间已经中断，并警告称，其他共和党参议员对基金和审计结算方案也持有保留意见。 “我们与 托德·布兰奇 的沟通一直非常顺利。我认为他是个聪明的人，一名优秀的律师，”Cornyn 说道。 他认为白宫可能在试图消磨参议员们的意志。 “我不知道他们是否认为可以通过等待让我们撑不住，或者认为我们会屈服，”他说。“但我作为……”
领先一步。
“当然，我们不会的。” 这场僵局表明，一些共和党人正采取更强硬的立场来挑战特朗普，尽管后者的全国民调支持率在下降，但仍掌控着该党的大部分权力。 蒂利斯和科宁都属于一些立法者所称的共和党参议员“受伤之熊党团”（wounded bear caucus），他们将在今年后离任，因此在与白宫对抗时在政治上几乎没有损失。 该基金是根据特朗普与他自己的政府之间的一项协议创建的。该协议结束了总统针对美国国税局（IRS）的一项诉讼，起因是一名承包商非法泄露了他的纳税申报单。 尽管布兰奇作为代理司法部长表示该基金已不存在，但立法者担心它可能会被重启，并被用于向特朗普的盟友以及在 Jan. 6, 2021 特朗普支持者冲击国会大厦时袭击警察的人员支付资金。 协议规定，签署方——特朗普的私人律师、司法部（DOJ）和国税局（IRS）——可以对其进行修改，但他们尚未这样做。 蒂利斯和科宁提到，在本周的谈判中他们认为取得了进展，因为参议院领导层正推动在参议员开始夏季休会前通过布兰奇的确认任命。 周三晚些时候，参议院司法委员会无限期推迟了原定于周四就将布兰奇的提名提交至参议院全体会议进行表决的投票，而政府在最后时刻试图争取这两位持保留意见的共和党人。 但这些谈判在周三似乎陷入停滞并在周四崩溃，特朗普示意他希望这些参议员在没有任何让步的情况下就此就范。 总统表示，他准备让布兰奇继续担任代理职务，在该角色中，他被授权履行参议院确认职位所涵盖的所有职责。他可以在代理岗位上停留 210 天，不过在提名待审期间这一期限可以延长。无论如何，布兰奇都将领导司法部，因为他已被参议院确认任命为副司法部长，这实际上赋予了他与最高执法者相同的权力。 一名司法部发言人对此未发表评论。 科宁并非试图取消布兰奇今年给予特朗普的所有审计保护。他表示，他只是希望协议能确保这些保护不会延伸到未来，且与布兰奇在确认听证会期间的说法一致。当时，布兰奇表示审计保护仅适用于特朗普和另外几名原告。
CORPORATE.WSJ.COM/STAYINFORMED
新泽西州 至少一名儿童在河中溺亡 当局表示，周三在新泽西州帕赛克市（Passaic, N.J.）的一座公园内，两名 10 岁儿童在进入一条因雨而上涨的河流后，一名儿童死亡，另一名失踪。 一名 11 岁女孩幸存，她是溺亡的 10 岁男孩的姐姐。 帕赛克市市长赫克托·洛拉（Hector Lora）周四表示：“他把手放在她头上，试图帮她浮出水面，他可能在不经意间救了她的命。” 洛拉说，当女孩被水淹没时，她感觉到了岩石。 另一名 10 岁女孩在周四早些时候仍处于失踪状态。帕赛克消防局局长帕特里克·特伦塔科斯特（Patrick Trentacost）在一封电子邮件中表示，多艘船只和潜水员利用无人机和声纳技术在河中扩大搜索范围。 特伦塔科斯特将此次搜索称为一次“搜救行动”，并表示该行动将“在必要时持续进行”。 目前尚未公布姓名。 ——美联社
NATHAN HOWARD/REUTERS
威斯康星州 巴恩斯退出 州长初选 曼德拉·巴恩斯在周四退出了威斯康星州州长民主党初选，在8月11日选举前不到两周的时间里，进一步搅动了这场竞选。 这位前副州长在自己的Facebook页面发布的视频中宣布了这一决定，此时民主社会主义者弗朗西斯卡·洪已获得了党内自由派翼的强力支持。 巴恩斯的退出决定是在马奎特法学院发布一项关于威斯康星州民主党初选选民的民调一天后做出的。该民调显示，洪以显著优势领先于巴恩斯及其他候选人，尽管约三分之一的初选选民仍未决定投票意向。 “谁将成为我们的提名人已经变得非常清晰了，”巴恩斯表示。 民主党初选的获胜者预计将面对美国众议员汤姆·蒂法尼，后者在共和党初选中仅面临名义上的竞争。 ——美联社
总统起诉国税局的诉讼，且这些保护并不适用于其他政府机构，例如证券交易委员会。 布兰奇在听证会上的陈述所提供的保护范围比书面命令要有限得多。他签署的文本适用于相关方，涵盖了可能待决的问题，并包含了其他机构。 科宁和蒂利斯已经承认，通过立法来取消该基金和审计保护将十分困难。因此，他们试图让布兰奇将他的陈述版本付诸文字，或创建该政府今年早些时候发布的文件之修订版本。 民主党人称该协议和布兰奇的行为是腐败且违法的，他们已在基金、审计命令以及布兰奇的确认任命问题上摆出反对姿态。 “没有人，没有任何一个人——尤其是总统——应该在美国税法下获得特殊待遇，”参议员罗恩·怀登（民主党，俄勒冈州）表示。 科宁在今年初选中由于特朗普支持对手肯·帕克斯顿而落败。 蒂利斯在去年与特朗普发生冲突后决定不再寻求连任。 如果特朗普确实撤回提名并尝试在明年推进，布兰奇的前景可能也不会好到哪里去。民主党有机会赢得参议院多数席位，即便未能赢得，像犹他州的约翰·柯蒂斯、缅因州的苏珊·柯林斯和阿拉斯加州的丽莎·穆尔考斯基等共和党人也可能对该提名持有异议。 在周四的参议院财政委员会上，蒂利斯和科宁投票反对民主党阻止审计保护的尝试。蒂利斯表示，他希望与布兰奇的诚意讨论能取得成功。几分钟后，特朗普发布了他的声明。
造福人类 与地球
二十年来，我们通过不断推进钢铁的进步而成长——使其更安全、更智能、更可持续。 以质量为基石。由创新和我们的员工驱动。构建现代生活的基础设施、工业和标志性建筑。
THE WALL STREET JOURNAL. 美国新闻
作者：ANNAMARIA ANDRIOTIS 以及 MAYA DAVIS Ruemmler 关于 Epstein 的证词公布
高盛 律师 Kathryn Ruemmler 出席了 众议院监督委员会的听证会，以回答 关于她与 Jeffrey Epstein 关系的问题。 Ruemmler 的名字在 2014 至 2019 年的 Epstein 文件中出现了数千次，她表示 两人之间是专业关系，且她并不知晓 任何正在进行的犯罪活动。 Epstein 曾赠送她礼物，一度将其列为 备选遗嘱执行人，并在 2019 年被捕时 给她打电话。 以下是 7 月 15 日 出庭记录的要点。
Ruemmler 表示，Virginia Roberts Giuffre 的部分指控缺乏可信度。 在被问及是否认为 Virginia Roberts Giuffre 是 Epstein 及其长期助手 Ghislaine Maxwell 的受害者时， Ruemmler 回答 “我 不知道”。 这位律师表示，她对 Giuffre 的某些指控“本质上持怀疑态度”，认为这些指控“缺乏内在的可信度”。 Giuffre 是 Epstein 的主要指控者之一，此前曾作证称她在青少年时期遭到 Epstein 和 Maxwell 两人的虐待，并被贩卖给他人。Giuffre 于 2025 年自杀身亡。 Ruemmler 坚称，她认为 Giuffre 声称被世界领导人和美国政治家贩卖的说法，与她在佛罗里达州揭露的证据所理解的内容不一致。 “通常，当有人说‘我被性贩卖给了某人’时，他们会说谁、何时、何地，而不是多个世界领导人、多个外国总统，”Ruemmler 说道，并补充说她没有调查此案。 Giuffre 的家人在一份声明中表示，质疑 Giuffre 是“令人不齿的”，且“唯一缺乏可信度的人是 Kathy Ruemmler”。 Ruemmler 的一名发言人表示：“Ruemmler 女士绝不会对任何犯罪活动视而不见，如果她看到或听到任何迹象表明 Epstein 正在伤害女性或女孩，她一定会采取行动阻止。”
[[IMG_XXXX]] Kathryn Ruemmler 本月抵达参加众议院监督委员会会议。
Ruemmler 将她的一些电子邮件辩称为低俗的玩笑。 众议院委员会成员就 Ruemmler 与 Epstein 的电子邮件对其进行质询，在这些邮件中，她称呼他为“亲爱的”或“Jeffrey 叔叔”，并暗示了色情按摩及其女性员工。 提问：“所以您刚才是在说，您是在开一个玩笑，一个随口的玩笑，关于 Epstein 先生将他的一名俄罗斯助手‘交易’给 肯·格里芬 以换取您的薪酬？” Ruemmler：“是的……正如我所说，我后悔给他发邮件。而且这——这是一个在今天看来肯定没什么效果的玩笑。” 在另一段对话中，她被问到一封回复 Epstein 关于水疗礼品券的邮件，她在信中写道：“这是有史以来最好的按摩，但不是你那种按摩。” Ruemmler：“那是对他的一种玩笑，事实是他参与了招嫖犯罪，而这种行为——再次强调，根据我的理解——是他付费让女性提供色情按摩……我是在用幽默的方式，基本上再次对他这种定罪的事实进行点破。这确实很低俗。”
Ruemmler 认为 Epstein 是一个付费接受色情按摩的“嫖客”。 Ruemmler 表示，她将 Epstein 视为一名没有刻意针对未成年人的嫖娼客户，并相信他的说法，因为这与他在佛罗里达州的非起诉协议和指控是一致的。 “他告诉我，在他棕榈滩的家中，他安排女性来家里为他提供按摩，其中一些按摩具有色情性质，”Ruemmler 说道。 Ruemmler 表示，Epstein 告诉她，这些按摩是用现金支付的，“而且其中一些——极少数——按摩师或来到他家的女性，结果发现未满 18 岁，但他对此并不知情。”
Ruemmler 被邀请加入 Epstein 2019年的辩护团队。 Ruemmler 表示，她最后一次与 Epstein 沟通是在 2019年 7 月他被逮捕后给他打的电话。Ruemmler 说：“那是一次非常简短的对话，可能不到一分钟。” “在我看来，他似乎处于震惊状态。而我——我也很震惊。我惊呆了，基于我的理解，我不明白这个人可能会因为什么而被逮捕，”Ruemmler 说道。 Ruemmler 表示，她拒绝加入 Epstein 的辩护团队，因为 2019年的起诉书指控他诱导并招募未成年人，“而这与我的理解完全不同，是一种更糟糕、更阴险的行为。我对此类辩护没有任何参与的兴趣。”
Ruemmler 解释了她向高盛关于她与 Epstein 关系的陈述。 Ruemmler 表示，她在接受加入高盛的邀约之前，选择披露她与 Epstein 的关系。她说她告诉高盛：“我认识 Epstein，我与 Epstein 有过沟通，我与 Epstein 打过交道，他不是我的客户，但他是我客户的主要顾问，而且他——虽然他不是我的客户——确实会不时询问我对他某些事情的看法。” 问题：“在 2019年 他被逮捕后给你打电话这件事公开之前，你是否向高盛披露过这一点？” Ruemmler：“没有。” 问题：“在你收到他赠送的礼品公开之前，你是否在某个时间点披露过这些礼品？” Ruemmler：“如果有人问我，我会说的。这肯定不是——这不是一件我觉得有必要主动披露的事情，因为在专业服务背景下接受礼品完全没有不当之处。” Ruemmler 的发言人表示：“在加入高盛之前，Ruemmler 女士主动披露了她作为私人执业辩护律师与 Epstein 的关联。她在每一个环节都坦诚地对待她与 Epstein 的互动。”
TASOS KATOPODIS/GETTY IMAGES
向格里芬 出售资产
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知情人士表示，Situational Awareness (AI对冲基金) 此前向银行借款以放大其股票押注。城堡投资仅收购了该公司通过借贷融资的公开股票组合部分，而该公司则保留了由客户资本资助的其余部分。
一些熟悉此事的人士表示，Situational Awareness (AI对冲基金) 仍持有其私募公司投资，其中包括对 AI巨头 Anthropic (AI公司) 的押注。这些人还表示，多策略对冲基金公司 Millennium Management 之前也对 Situational Awareness (AI对冲基金) 的股票组合进行了竞标。
Aschenbrenner 在以数亿美元创立该公司时并没有专业的投资经验。早期的支持者包括 Stripe 联合创始人 Patrick 和 John Collison，以及目前都在协助领导 Meta Platforms AI 工作的 Daniel Gross 和 Nat Friedman。
Situational Awareness (AI对冲基金) 吸引了包括量化交易公司 Jane Street 在内的机构投资者，后者是华尔街最赚钱的公司之一，且极少将资金分配给外部管理人。
Aschenbrenner 凭借一篇 2024 年名为《Situational Awareness：未来十年》的论文而声名鹊起，该文预见 AI 发展的路径。他在互联网上吸引了一批狂热的追随者，其投资公司的常规监管文件也被密切研究。
城堡投资管理资产规模为 $71 billion，是全球最大的对冲基金公司之一。该公司在从被迫出售者手中收购资产方面拥有长期记录。
CNBC 此前报道称 Situational Awareness (AI对冲基金) 已出售其公开投资，《金融时报》此前报道称该公司一直在寻求新资金。
更频繁的 炮击凸显了 基辅缺乏爱国者 导弹拦截系统
作者：MARCUS WALKER 和 NIKITA NIKOLAIENKO
基辅——据报道，俄罗斯昨夜对乌克兰城市的空袭造成至少 8 人死亡（包括儿童），50, 多人受伤。
西班牙微小领土时 不幸丧生
作者：MARGHERITA STANCATI
周四，随着数千名移民从邻国摩洛哥涌入西班牙的微小领土 塞乌塔，导致至少 10 人死亡，令当地当局措手不及，并给首相 Pedro Sánchez 带来了政治难题。
西班牙电视台播出的画面显示，大群主要是年轻男性的人群在防波堤周围游泳，并翻越围栏进入 塞乌塔。大多数人身上除了穿着的短裤和人字拖外几乎没有携带任何东西。许多人在踏上西班牙土地时高喊“西班牙万岁”以示庆祝。
西班牙政府表示，正在向 塞乌塔 部署军队和 90 名额外的国民警卫队警员，以帮助控制局面。政府还派遣潜水队和船只以确保海边边界的安全。一名西班牙官员表示，至少 10 人在尝试通过海路抵达 塞乌塔 时死亡。
SOPHIE GARCIA/EPA/SHUTTERSTOCK
野火一直在摧毁法国西南部的吉伦特地区。
国防与航空航天工厂
作者：NICK KOSTOV 及 BENJAMIN KATZ
席卷波尔多以西森林的山火已导致法国一些最具战略重要性的国防和航空航天基地被迫关闭，影响了包括空客（Airbus）、国防电子集团 Thales 以及火箭制造商 ArianeGroup 在内的公司运营。
大火已促使航空航天供应商 Safran、制造阵风（Rafale）战斗机的达索航空（Dassault Aviation）以及欧洲导弹制造商 MBDA 暂停部分运营，这凸显了国防制造业在吉伦特（Gironde）地区的集中程度。
这些公司强调，关闭措施是预防性的，并且已启动应急计划以保护人员和设施。达索表示，已将受火灾威胁场地的敏感设备转移至另一设施及附近的一座空军基地。
这些山火已烧毁波尔多以西数千英亩森林，并危及多个社区，从而使一个长期深植于该地区经济的、拥有数百年历史的国防集群成为了关注焦点。
“这个集群存在的原因很简单：是历史使然，”波尔多政治学院（Sciences Po Bordeaux）的国防与航空航天专家、退役将军让-马克·洛朗（Jean-Marc Laurent）表示。
圣梅达尔-昂-雅莱斯（Saint-Médard-en-Jalles）周边地区曾是可追溯至 17 世纪路易十四统治时期的皇家火药厂所在地，比周围的朗德（Landes）森林种植时间早了一个多世纪。
第二次世界大战后，法国利用这一遗产，将该地区转变为其弹道导弹、核武器和航天计划的关键枢纽。
洛朗表示，法国刻意将其大部分国防工业集中在远离历史敌国德国边境的地方。
高管们表示，由于 8 月份的停工期，火灾的直接影响有限，但如果火势持续或进一步蔓延，干扰可能会波及整个航空航天供应链。
空客首席执行官 Guillaume Faury 表示，消防员必须全力防止火势蔓延至主要工业场地。
这场大火颠覆了整个地区的内部生活。
乌克兰的紧急救援服务部门在应对，而莫斯科继续对该国进行导弹和无人机袭击。
据当地官员称，在乌克兰中部城市克里维里赫（Kryviy Rih）附近的一栋家庭住宅遭到直接命中，导致几名儿童及其父母死亡。预计死亡人数还将上升。
周四凌晨的这次袭击是俄罗斯近期针对乌克兰城市日益频繁的大规模空袭中的最新一次。
据西班牙内政部称，西班牙和摩洛哥在周四达成一项初步协议，将非法进入塞乌塔（Ceuta）的移民遣返回摩洛哥领土。
塞乌塔展开的混乱局面为中左翼的桑切斯（Sánchez）制造了政治问题，因为他在非法移民问题上的宽容程度高于大多数欧洲同行。
“西班牙政府全力致力于对塞乌塔的情况作出立即反应，”桑切斯说，并补充称其政府正与摩洛哥当局合作以恢复常态。
沿海城市塞乌塔位于北非，但几个世纪以来一直是西班牙领土的一部分。与同样与摩洛哥接壤但属于西班牙的梅利利亚（Melilla）一样，塞乌塔周期性地成为欧洲移民危机的冲突点。
但抵达塞乌塔或梅利利亚并不保证能够进入
波兰当局表示，一枚发射向乌克兰西部的俄罗斯飞行物进入波兰境内，并在一片田野中爆炸，留下了一个巨大的弹坑。该飞行物极有可能是一枚 Kh-101 巡航导弹。 总理唐纳德·图斯克（Donald Tusk）称此次违反波兰领空的事件为一次“严重事件”。 这次袭击再次凸显了乌克兰爱国者导弹拦截器的短缺——这是目前唯一被证明能有效防御俄罗斯弹道导弹的防御系统。 乌克兰空军表示，在最近一次袭击中发射的 9 枚俄罗斯弹道导弹中，仅拦截了一枚。 乌克兰在击落其他类型的俄罗斯武装设备方面拥有更多资源。空军表示，在发射的 61 枚俄罗斯巡航导弹中拦截了 54 枚，并在 284 架基于伊朗“见证者”（Shahed）设计的俄罗斯远程无人机中拦截了 265 架。 乌克兰总统弗拉基米尔·泽连斯基（Volodymyr Zelensky）再次强调其紧迫——
[[IMG_XXXX]] 移民从摩洛哥跨境进入西班牙飞地塞乌塔。周四至少有 10 人死亡。
西班牙其他地区或在欧洲境内自由流动，因为这些飞地受到特殊的边境管制，限制了前往西班牙本土的后续旅行。 目前尚不清楚周四究竟有多少人到达塞乌塔。西班牙当局正努力控制局面，跨境进入的情况在晚上仍在继续。 西班牙国家广播公司和塞乌塔的媒体表示，抵达人数达数千人。 当地官员对进入城市的移民人数增加发出警报，截至周三，近期抵达人数为 1,500 人。塞乌塔地方政府负责人胡安·维瓦斯（Juan Vivas）部分将责任归咎于西班牙最高法院，该法院——
部长洛朗·努涅斯（Laurent Nuñez）表示，由于消防员正努力确保 150 英里的防火周界并防止进一步蔓延，战斗依然“复杂”。 “轻微的改善并不意味着我们可以掉以轻心，”他说道，并补充称，仍有 3,300 多名消防员部署在该地区，并由 1,500 名军方人员、1,250 名警察和宪兵以及 24 架飞机提供支持。 山火已迫使 Thales 关闭了三个站点，包括其梅里尼亚克（Mérignac）园区，该园区生产用于阵风（Rafale）战斗机和军用直升机的电子系统。航空航天供应商 Safran 关闭了附近四个雇佣约 500 人的设施。 空中客车（Airbus）同样关闭了位于萨劳恩（Salaunes）和梅里尼亚克的两个站点，这些站点生产其商业飞机系列的关键部件，范围涵盖从驾驶舱座椅结构到机身段和机翼襟翼。 日益增长的风险促使政府和工业界做出调整。在 2022 年山火季之后，法国加强了相关规定，要求清除火灾易发地区建筑和工业设施周围的植被。
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对于在袭击升级期间身处首都的许多人来说。特朗普总统表示，他支持给予乌克兰制造“爱国者”拦截弹的许可。然而，将这一想法转化为实际生产可能需要很长时间，因此泽连斯基一直敦促美国从现有库存中发送反弹道导弹拦截弹。 但美伊战争消耗了大量的“爱国者”导弹，加剧了全球拦截弹的短缺。
迫切呼吁美国和其他西方国家发送更多“爱国者”拦截弹。“每个合作伙伴都知道需要什么，并且充分理解延迟的后果，”他在周三的社交媒体网站 Telegram 上表示。 他还向乌克兰民众发出警告，提醒俄罗斯即将发动袭击，并敦促人们寻找掩护。在基辅，官员表示有超过 56,000 人在地铁站避难。这些车站已成为避风港。
这种立场，连同塞乌塔的危机，为批评者和桑切斯的政治对手提供了政治筹码。
在本月的一项裁决中，使通过海路抵达塞乌塔或梅利利亚的移民更难以被遣返回摩洛哥领土。维瓦斯警告说，可能会重复 2021 年 5 月的危机，当时在两天时间内有超过 8,000 名移民抵达塞乌塔。 西班牙政府无视了欧洲的反移民趋势。但亲移民的
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使美国与 科威特关系紧张
无人机猛攻削弱了 美国将该酋长国作为 军事后勤枢纽的战略
在第一次海湾战争解放 科威特后的数十年里，美国 一直将这个资源丰富且面积 狭小的酋长国作为
By David S. Cloud, Shelby Holliday and Anika Arora Seth
美国陆军在全球最大的后勤 枢纽之一，驻扎了数千名 士兵、艾布拉姆斯坦克和 重型火炮。美国军事存在 给科威特带来了一种安全感。 一个更大、更强大的邻国 再也不可能
上周，特朗普总统坐在特拉华州停机坪上的“空军一号”上，刚刚目睹了四名在伊朗战争中丧生的美国士兵的灵柩从海外抵达。他正与最高战争顾问——参谋长联席会议主席丹·凯恩（Dan Caine）将军和国防部长皮特·海格塞斯（Pete Hegseth）进行密谈。
By Michael R. Gordon, Lara Seligman and Annie Linskey
在这次临时会议的飞机上，还有美国中央司令部负责人布拉德·库珀（Brad Cooper）海军上将，他一直从位于佛罗里达州坦帕的总部指挥战争，并为参加这场庄重的仪式而单独抵达。 这位海军军官经常被凯恩和海格塞斯掩盖光芒，后者经常在椭圆形办公室向特朗普汇报，并更多地参与白宫关于战争的讨论。但正是库珀准备了一项针对伊朗的空中战役方案，该方案可能
布拉德·库珀（Brad Cooper）海军上将，美国中央司令部负责人。
达米埃塔港（Damietta Port）的一起火灾已得到控制，无人员伤亡。
DamiettaPort
解除武装 现曙光
接前页
军事陷阱。 “协议的内容很重要。接下来发生的事情更重要。执行和核实必须是真实的，”董事会主席尼古拉伊·姆拉德诺夫（Nickolay Mladenov）在一条赞扬该协议的社交媒体声明中表示。 在简报前的几分钟，特朗普在自己的社交媒体帖子中表现得更为乐观：“今天，和平委员会就哈马斯以及加沙所有其他武装团体完全
威胁它。但伊朗战争削弱了华盛顿和科威特城这两方的这一安排。熟悉该审议过程的美国官员表示，美国目前正在重新考虑其在该国的驻军规模，尽管科威特官员表示他们仍然需要美国支持的坚定承诺。 德黑兰方面用数百枚导弹和无人机猛攻科威特，目标是其发电厂、海水淡化厂、机场、波斯湾港口，并切断了其通过霍尔木兹海峡的石油出口。 美国表示，美国制造的防空系统击落了大部分伊朗的齐射，挽救了无数生命。尽管如此，这些设施仍多次遭到伊朗袭击，包括三月份的一次袭击，该袭击
耗时可达两周，知情人士表示。 现在，随着特朗普在周二伊朗导弹袭击后采取反击行动，总统将决定推进到什么程度。尽管有警告称美国的防空物资不足，他可能会批准库珀的方案，即进行为期 10 到 14 天的高强度空袭，旨在瘫痪伊朗的导弹能力。
解除武装。这是向持久和平与安全迈出的里程碑式的一步。” 在接受《华尔街日报》采访时，哈马斯谈判团队成员加齐·哈马德（Ghazi Hamad）表示，该组织同意将其武器存放在由加沙管理国家委员会监督的存储设施中，这是一个由巴勒斯坦人运营的技术官僚团体，负责该飞地的政治和安全过渡。哈马德表示：“我们没有说解除武装，没有说移交武器，也没有同意任何以色列的参与，”他补充说，该计划取决于以色列停止在加沙的军事行动并允许人道主义援助进入。 作为东道主的埃及，其
AIRBUS DS/REUTERS
REUTERS
在一张分发照片中，本月早些时候，科威特苏比耶的一家发电与海水淡化厂升起浓烟。
导致六名美国军人丧生。 科威特凭借储备容量和维修，挺过了对其电力和水资源供应的袭击。但这场冲突凸显了针对科威特民用基础设施进行持续打击的危险——以及美科国防关系的脆弱性。 “这些袭击使得
防御性 弹药。 或者， 他 可能会选择一次规模更小的 军事打击，希望借此开展 外交努力。 周三，库珀的 指挥部 发起了 针对伊朗的 袭击，称此次行动是对伊朗周二对约旦美军导弹袭击的“强有力的回应”。 数十个 与伊朗伊斯兰革命卫队 相关的 目标 遭到袭击。是否会随之而来一场持久的空中攻势尚不明确。 几周以来，特朗普一直在间歇性的外交尝试与威胁恢复某种作战行动之间摇摆，而后者正是美国和 以色列 与 伊朗 战争 初期的特征。 周三，一名政府高级官员表示，特朗普 “处于一种升级情绪中”，但仍在考量“这种回应的深度”。 库珀方案背后的思路是，要超越那些在威慑德黑兰威胁船舶方面收效甚微的小规模报复性空袭。
ALEX WONG/GETTY IMAGES
作者：SUMMER SAID 以及 GEORGI KANTCHEV 无人机袭击埃及，局势进一步升级
埃及当局周四表示，埃及地中海沿岸一个港口发生的爆炸导致两艘船只起火（其中包括一艘美国天然气存储油轮），此次事件是由无人机袭击造成的。这是在伊朗战争期间该国首次成为目标，也对一条能源走廊构成了新威胁。 埃及内阁表示，位于达米埃塔港（液化天然气枢纽所在地）的火灾已得到控制，未报告人员伤亡。内阁表示，目前尚无任何一方对周三发生的此次事件宣布负责。 据熟悉此事、但未具名地埃及官员称，埃及当局将此次袭击归咎于伊朗，并将其视为扩大冲突的一种尝试，这表明即使是对被认为对德黑兰友好的国家，伊朗伊斯兰革命卫队的风险胃口也更高。
在以色列与哈马斯最近的谈话中，没有在官方声明中明确提到哈马斯同意解除武装，而是指出“他们同意该路线图”，以及未来在开罗举行会议 “以讨论 执行 机制 并 再次确认 所有 参与方 对 协议 条款的 承诺”。 以色列方面未立即发表评论。 哈马斯（一个被美国指定的恐怖组织）于 2023 年 10 月 7 日 对以色列发动了突袭，导致约 1,200 名以色列人死亡，并劫持了约 250 个人质。以-
合规性以及 获得以色列的 支持仍然是 挑战。
“科威特的人们认为 美国的存在是一种负担，但 同时也认为这对于 保卫科威特绝对必要，” 阿拉伯海湾国家研究所所长 及前美国驻科威特大使 道格拉斯·西利曼（Douglas Silliman）表示。“我认为 他们正在试图 弄清楚国防方面 最好的前行方式是什么。” 科威特本周签署了一份
军事方案警示
作为美国驻中东 军队的最高指挥官， 布拉德·库珀（Brad Cooper）海军上将 的任务是执行 针对伊朗的战争并 维护美国在该地区的 安全利益。 参谋长联席会议主席 丹·凯恩（Dan Caine）将军的任务 是审视全球局势， 包括来自中国、 朝鲜和俄罗斯的威胁， 这些威胁同样 占据了美国军方的资源。 库珀缺乏像凯恩那样 能够便捷进入 椭圆形办公室的渠道。特朗普 关于战争的大多数更新
在霍尔木兹海峡 并向该地区的美国 军队发射导弹来 升级战争，据熟悉其 想法的人士透露。 如果美国希望军事 行动产生效果，库珀
此次袭击表明， 除波斯湾和红海战区之外的 地区能源资产也存在脆弱性， 这增加了这样一个前景： 被视为该地区扼守要道之 安全替代方案的通道 可能会成为目标。 自2月下旬战争爆发以来， 沙特阿拉伯已将石油出口 转向西部的红海 和通过苏伊士运河向北运输， 而阿拉伯联合酋长国和伊拉克 则加快了管道路线的建设， 以绕过霍尔木兹海峡。 现在，达米埃塔（Damietta）袭击 凸显了一个悖论： 该地区越依赖 绕行通道来保持能源流动， 冲突就越会为伊朗 创造更多可利用的潜在压力点。 “这次事件表明， 即使是所谓的安全 替代路线，现在也可能 受到威胁，” 前能源贸易高管、 牛津大学讲师 阿迪·伊姆西罗维奇（Adi Imsirovic）表示。“它
苏伊士 运河
红海
以色列军队的反应 已导致约 70,000 名巴勒斯坦人 死亡，据加沙由哈马斯运行的 卫生部门称，该部门 不区分平民 和军事伤亡。 这份旨在消除哈马斯 武器并 将其 赶下台的 15 点路线图 是去年 10 月 由联合国支持的 加沙 和平 协议的产物。 根据 该 协议，在所有 被哈马斯扣押的人质 被遣返后， 寻求 赦免的 武装人员 将 弃用 他们的 武器，同时同意 在独立机构 监督下实现 “加沙去军事化”。
与巴基斯坦的新国防协议。 没有迹象表明 科威特的统治者计划 从将美国作为 主要安全伙伴的 严重依赖中做出根本性转变。 但它可能会向华盛顿 要求提供新武器和 升级防空系统， 以应对伊朗威胁。 “最近的袭击已经
由凯恩和国防部长 皮特·海格塞斯（Pete Hegseth）传递。 自战争开始以来， 库珀仅亲自向 总统汇报过 寥寥数次，特朗普与 这位指挥官也仅 偶尔通过电话交谈。 据熟悉情况的人士称， 凯恩经常向白宫 警示军事方案的 “二阶和三阶后果”。 五角大楼的一名发言人表示， 海格塞斯、库珀和 凯恩“完全保持一致”。
主张，美国必须 加强其空中袭击， 挫败伊朗的导弹威胁。 这种“大举出击”的方法， 是他制定的一系列方案 之一，将减少 美国使用
叙利亚 黎巴嫩
地中海
以色列 约旦
埃及 沙特 阿拉伯
100 英里
同时也传递了一个信号， 即冲突并不限于 任何特定地区。” 此次 无人机 袭击发生在 美国和沙特军队对 伊拉克东部的亲伊朗组织 发起打击，以及伊朗 向约旦的美国军队 发射导弹之后不久。 特朗普总统周三告诉 记者，他已经接到了 关于埃及袭击的汇报， 暗示伊朗对此负有责任。
监控。 该路线图是和平委员会（Board of Peace）试图将该承诺转化为现实的尝试，旨在两周内制定一份执行时间表。 一名委员会官员表示，该过程中的每个阶段在进入下一阶段前都需要经过独立核实。官员们表示，这些阶段包括：同意框架协议、放弃任何政府参与、将加沙警察部队的武器转移至另一个安全实体、拆除重型武器和武器库、解除个人武装，以及识别并摧毁隧道。 预计哈马斯还将移交其隧道、武器工厂和仓库的地图，
“凸显了我们地区日益复杂的安全环境，”美国驻科威特大使馆的一位发言人表示，并指出科威特“仍然致力于与美国密切合作。” 一名美国官员表示，美国与科威特关系稳固，后者一直是地区稳定的合作伙伴。
他坚持认为，由于伊朗的攻击能力将降低，应采用防御性弹药。 凯恩（Caine）和库珀（Cooper）的发言人拒绝就内部审议发表评论。 库珀认为，如果给予足够的时间，武力可以给伊朗造成沉重打击，尽管一些军事专家认为，单凭空中力量从未赢得过战争。在特朗普考虑于2月发动战争时，库珀认为他需要六周或更长时间来完成该行动。但实际上他获得的时间少于这个数。 据知情人士透露，库珀在最近概述一项密集空中行动的选项时，得到了海格塞斯（Hegseth）的支持。 但怀疑者表示，美国在战争开始的第一个月里猛烈打击了伊朗的地下导弹部队和工厂，结果却看到伊朗人将发射器从地下综合设施中挖掘出来并恢复攻击，并利用无人机增强打击力度。
埃及一直是该冲突中关键的地区调解人。3月，在以色列杀掉被认为是与西方可行对话者的伊朗国家安全主管阿里·拉里贾尼（Ali Larijani）后，埃及开启了一个秘密渠道与伊朗伊斯兰革命卫队（IRGC）进行谈判。 据熟悉此事的埃及官员称，无人机击中了浮式存储油轮 Energos Winter，引发火灾并蔓延至另一艘船只，即 Gaslog Salem 液化天然气（LNG）油轮。 根据船舶追踪公司 Kpler 的数据，该事件干扰了液化天然气进口枢纽的运行。在当局评估情况期间，两艘船只已被移至近海。 地区石油生产商采取的每一次绕过伊朗封锁或攻击的举措虽然提供了冗余，但也将码头、泵站、存储点和跨境链路变成了对手可以威胁的潜在目标。
根据协议草案。 协议中还包含将民政权力从哈马斯移交给国家委员会的条款。 和平委员会的官员表示，每个阶段的时间表将有所不同，加沙的不同区域也可能处于不同的阶段。 自周二以来，哈马斯一直与埃及的调解人以及和平委员会的代表举行会议，以敲定协议。一个以色列团队自周三起也已抵达该国，与埃及调解人讨论协议的第二阶段。 调解人表示，以色列尚未批准该协议，与哈马斯的谈判将于周五在埃及继续进行。
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由于与北京结盟的公司 被驱逐出港口， 巴拿马采取了代价沉重的措施
微小的巴拿马正因为卷入中国政府与特朗普 administration 之间的大国竞争而付出代价。
作者：Costas Paris（纽约）、Santiago Pérez（墨西哥城）以及 Rebecca Feng（伦敦）
1 月，在华盛顿的压力下，巴拿马最高法院在驱逐香港长和（CK Hutchison）出该国运河两端的两个港口后，让特朗普总统在拉丁美洲的安全野心获得胜利，并削弱了中国在该地区的影响力。现在，中国政府正通过干扰巴拿马至关重要的航运业采取压力措施，这在伊朗封锁霍尔姆兹海峡导致运河地缘战略重要性增加之际，挫败了巴拿马成为全球物流枢纽的雄心。外交后果被证明是昂贵的。
在巴拿马法官裁定长和经营太平洋沿岸巴尔博亚港（Balboa）和大西洋沿岸克里斯托瓦尔港（Cristóbal）的合同违宪后不久，中国当局开始检查并扣留巴拿马籍船舶。亚太港口检查数据显示，自 1 月以来，近 500 艘巴拿马籍船舶因安全原因在中国港口被扣留，其中仅 5 月就扣留了 146 艘，而 1 月仅为 23 艘。
特朗普 administration 的官员表示，这些干扰对美国出口商和消费者产生了商业和战略影响。“中国的反应迅速且具有惩罚性，”美国驻国际海事组织（联合国下属机构）代表 Warren Stephens 表示。
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MATIAS DELACROIX/AP
巴拿马运河巴尔博亚港的起重机正在为货轮装卸集装箱。
在中国被扣留的巴拿马籍船舶检查份额
40%
2026 年 1 月 7 月
注：截至 7 月 23 日；仅限中国大陆港口 来源：《亚太地区港口国监督谅解备忘录》
巴拿马籍船舶承运了相当比例的美国贸易，通过巴拿马运河将消费品、服装、电子产品或家具从中国港口运往美国东海岸。美国是该水道的主要用户，该水道处理全球约 6% 的海运贸易。运河比以往任何时候都繁忙，近期流量增长超过 5%。
“北京采取了直接行动
商业航运分布
加勒比海
哥斯达黎加 (COSTA RICA)
巴拿马克里斯托瓦尔港 (Panama Port Cristóbal) 临时运营商： Terminal Investment Ltd. (MSC) 科隆集装箱码头 (Colon Container Terminal) 长荣海运 (Evergreen Marine，台湾) 曼萨尼约国际码头 (Manzanillo International Terminal) Carrix (美国)
注：包括货运和承运船舶类别 来源：Global Fishing Watch DANIEL KISS/WSJ
针对悬挂巴拿马国旗的船舶采取行动——斯蒂芬斯 (Stephens) 在 7 月初向该联合国机构发表的演说中表示，美国将这些行动描述为“蓄意企图破坏巴拿马的主权，干扰全球供应链，并削弱国际贸易的信心”。
哥伦比亚 (COLOMBIA)
罗德曼码头 (Port of Rodman Terminal) PSA International (新加坡) 巴拿马巴尔博亚港 (Panama Port Balboa) 临时运营商： APM Terminals (马士基 Maersk)
一旦船舶停靠在中国港口，评估外国船舶安全状况的检查员就会登船。据在经常前往中国港口的船舶上工作的海员和一名船务经理称，他们会找到各种理由将其扣留。随后，船舶被强制在指定地点抛锚以整改问题，有时时间长达一个月以上。中国方面表示，关于其专门针对巴拿马船舶进行重点关注的指控是不正确的。中国外交部发言人林剑表示：“自 1 月以来，悬挂巴拿马国旗的船舶在所有调用中国港口的外国船舶中所占比例不足 20%，但却造成了约 50% 的事故以及随之而来的死亡和失踪人员。”中国的措施暴露了巴拿马从其船舶挂旗业务中收取的费用之脆弱性，而该业务是全球最大的船舶注册机构之一。今年情况变得如此严重，以至于一些悬挂巴拿马国旗的船舶为了避免检查而更改了注册地。约 8,500 艘船舶在巴拿马国旗下航行，中国的针对性检查可能会促使更多船东寻找其他国籍挂旗。与此同时，和记黄埔 (Hutchison) 正通过国际仲裁小组向巴拿马寻求 $2 billion 的赔偿。该公司认为，其被驱逐削弱了巴拿马作为可靠商业地的声誉。中国官员要求巴拿马纠正错误并保护中国企业的权利。中国驻美洲国家组织大使兼观察员谢峰在近期一次巴拿马地区会议上发表了异常严厉的言论，他表示：“任何清醒的人都能看出这是政治驱动的。”巴拿马外交部长哈维尔·马丁内斯-阿查 (Javier Martínez-Acha) 表示，他的国家拥有监管国家港口的主权权利，并为其独立的司法机构辩护。他及巴拿马高级官员已与中国同行会面，试图在一次重大考验之前降低紧张局势：即中国是否续签一项授予悬挂巴拿马国旗船舶优先进入其港口的海运协议。
英国 英格拉银行利率 维持不变 英格兰银行周四将关键利率维持不变，与美国联邦储备委员会采取相同行动，同时发出信号，称如果高能源价格威胁到通货膨胀出现广泛且持久的上升，该行准备提高借贷成本。 央行将关键利率维持在 3.75%，该利率自 12 月以来一直维持在此水平。 “如果中东冲突持续较长时间，我们可能不得不收紧政策，”行长安德鲁·贝利 (Andrew Bailey) 表示。 货币政策委员会的 9 名成员中，有 3 人投票支持将关键利率提高至 4%。 欧洲中央银行上周将关键利率维持不变。预计日本银行在周五也将维持利率。 —保罗·汉农 (Paul Hannon)
土耳其 警方向政治反对派 施压 警方周四拘留了一位由电视演员转任市长的前演员，这是针对反对派新一轮逮捕浪潮的一部分。 司法部表示，安卡拉西部埃蒂梅斯古特 (Etimesgut) 市长埃尔达尔·贝希克乔卢 (Erdal Besikcioglu) 因涉嫌在市政招标中存在违规和伪造行为而接受调查。 贝希克乔卢是在 2024 年以反对党共和人民党 (CHP) 身份当选市长的，在那次选举中，反对派加强了对主要城市的控制。 在过去两年中，作为刑事调查（主要是针对涉嫌腐败）的一部分，数百名当选市长和其他官员在针对由反对派管理的市政当局的行动中被捕。 埃尔多安 (Erdogan) 政府表示，土耳其的法院是公正的，且独立运行。 —美联社 (Associated Press)
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...倾向于坚持使用二手车型，或让他们的旧车运行时间比以往任何时候都长。这位终身汽车发烧友和他的 teenage 儿子们维护着家里的四辆车——全部购买于 2010 年代——这样他们尽可能长时间地保持在模拟时代。 “如果我在车里觉得热，想要空调，我只想转动一个旋钮，然后冷风就吹出来，”多伊尔 (Doyle) 说道。“人们已经对必须学习另一件新事物感到疲劳了。” 其他人则已经重新——
VEEJAY VILLAFRANCA 为 WSJ (2)
回收 任务
当时，美国飞机在夺回菲律宾的战役中，击沉了载有他们的日本船只。
在菲律宾海岸外约 500 英尺的海底，坐落着“折狱丸”号（Oryoku Maru）扭曲的船身。这项任务是国防战俘/失踪人员核算机构（Defense POW/MIA Accounting Agency）尝试过的最复杂的任务之一，该机构是五角大楼负责寻找失踪美国军人的分支机构。
对于克里斯托弗·舒尔茨（Christopher Schurtz）来说，这是愈合一个困扰其家庭三代人的伤口最好的希望。舒尔茨的祖父保罗·舒尔茨（Paul Schurtz）少校在“折狱丸”号上遇难时 43 岁。保罗是新墨西哥州德明（Deming, N.M.）的一名美国邮政工作人员，以送信时吹口哨而闻名。1941 年，就在日军袭击珍珠港前几个月，保罗所属的国民警卫队海岸炮兵部队被部署到菲律宾，他留下了一个 5 岁的儿子杰拉尔德（Gerald，克里斯托弗的父亲）和一个 1 岁的女儿珍妮特（Jeanette）。保罗的妻子埃莉诺（Eleanor）当时正怀着另一个儿子罗伯特（Robert），而保罗再也没能与他见面。
舒尔茨少校的失踪定义了杰拉尔德的人生，也影响了克里斯托弗。杰拉尔德于 2023 年去世，他曾参军入伍。克里斯托弗则成为了一名历史教授。
“我不敢相信经过这么长时间，这件事竟然有可能实现，”克里斯托弗在谈到祖父的遗骸或许能回家时说道。
折狱丸号
失踪者 约 80,000 名美国军人仍然失踪，其中大多数来自第二次世界大战。寻找并确认这些男女军人的身份是一个艰苦且有时危险的过程。
即使战俘机构找到了人类遗骸，由于可能还没有家属的 DNA 样本，也无法立即确认身份。自 1973 年以来，仅有不到 4,000 人得到了核实。
在“折狱丸”号的案例中，挖掘这艘基本被压平的 436 英尺长的残骸面临着技术挑战。此外，由于历史记录相互冲突，研究人员无法确定谁随船沉没。
该机构此前曾进行过水下挖掘。但通常情况下，其研究人员寻找的是单个人员或小型船组。
“折狱丸”号“损坏极其严重且极其破碎，”首席研究员梅根·蒙福德（Meghan Mumford）表示。
资源丰富。他们在经销商处搜寻配置最低、附加功能最少的车型。他们在在线留言板上寻找最不具备高科技色彩的现代车辆。他们研究如何禁用警报和提醒，或者在数字仪表盘上贴胶带，以模拟传统按钮。
这并非易事。提供最新的车载小工具已成为汽车制造商之间的一种竞争游戏，从横跨仪表盘的显示屏、指纹启动汽车，到自动驾驶辅助技术以及扫描驾驶员眼睛以检查疲劳迹象的红外摄像头。
汽车公司吹嘘这就是现代买家渴望的：更像是在轮子上的 iPhone，而不是轰鸣的机械机器。
尽管新车的价格……
[[IMG_XXXX]] 美国海军潜水员从美国海军打捞船（U.S. Navy Ship Salvor）下降执行水下任务；从“折狱丸”号残骸中回收的一只美国陆军靴子。
该任务配备了一名法医水下考古学家。
1944年12月，美国飞机在两天时间内用火箭弹和炸弹猛烈轰击该船。1946年，海军潜水员使用炸药炸开残骸，试图回收遗骸。最终回收到了两块正在分解的颅骨碎片。最终，他们认定该任务过于困难，并建议将该残骸指定为公墓——就像许多其他二战时期的沉船一样。
直到几十年后，官员们才再次尝试。转折点出现在一次旨在识别与另一艘日本运输船相关的二战遗骸的努力中，这引导研究人员回到了“折陆丸”（Oryoku Maru）。
2010年代初，战俘（POW）机构的历史学家开始梳理乘客名单和幸存者陈述。2016年，一个团队开始在苏比克湾原美国海军基地周边地区进行走访，向当地渔民和潜水员询问现场情况。研究人员最终找到了该船的示意图。
随后进行了更多次探险，战俘机构及其合作伙伴开展了密集的水下调查，以绘制残骸地图并检查进入船舱货舱的可能性。团队创建了7个主要的3-D模型。调查确认了残骸正是“折陆丸”，更重要的是，确认了回收行动是可行的。
“地狱船” 1944年12月13日，1,619名盟军战俘（大多为美国人）在马尼拉被装上“折陆丸”，当时日方正急于在美军夺回群岛之前将囚犯转移到其他劳工营。根据战俘机构的说法，船上还载有1,000名商船海员、700名平民和100名船员，该机构指出这些数字是基于相互矛盾的历史文件得出的估计值。
许多囚犯在两年前日军首次入侵菲律宾时被俘，并从臭名昭著的巴丹死亡行军中幸存下来。
许多在“折陆丸”上幸存下来的人后来表示，他们在船上的折磨——该船是后来被称为“地狱船”的100多艘日本囚犯运输船之一——是他们被囚期间最糟糕的经历。囚犯们被塞进一个货舱里。有人因窒息和脱水而昏迷。内部温度可能飙升至120度。日军征用了这艘豪华客轮用于战争，且最近曾用它运输马匹。为马匹开启的通风系统在囚犯登船后被关闭。一些战俘说，船上仍有马粪的痕迹。放置在舱内作为厕所的水桶很快就溢出来了。当美国飞机在12月14日再次袭击“折陆丸”，并在12月15日再次袭击，导致后甲板起火并给该船造成致命打击时，这场地狱般的景象进一步恶化。历史学家表示，美国指挥官当时不知道该船在运送美国囚犯。囚犯们可能会
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车价飙升——目前约为$50,000——汽车制造商表示，买家花同样的钱能买到更多东西，包括更多的安全和娱乐功能。
对于许多买家来说，这恰恰是问题所在。
凯伦·凯福弗（Karen Kefauver）表示，这些新功能让她在人生中第一次开始考虑购买二手车。
她的不满集中在旨在帮助驾驶员驾驶的技术上。在TikTok上浏览关于汽车技术的视频时，一段剪辑让她感到震惊：一名同样身材矮小的女性地说，在她短暂地瘫坐下来后，她的车就减速了。
她说，眼球扫描仪误将该女性判定为睡着了。
“我不是卢德分子（反对技术进步的人），”住在加州圣克鲁斯的社交媒体顾问凯福弗说，“我不希望我的脸和心脏...
听到船上的日本孩子在尖叫。试图逃跑的战俘被枪杀。最终，日军在苏比克湾（Subic Bay）弃船沉没，战俘们被迫游向岸边。据战俘局估计，最初在船上的战俘中仅有数百人抵达日本，其中约 400 人在战争结束时幸存。约 225 人在“折陆丸”（Oryoku Maru）的短暂航程及美国军队的袭击中丧生。另有 55 人在游泳时淹死或被日军枪杀。被重新抓获的战俘被装上另外两艘船；其中一艘船遭到美国飞机的袭击导致更多人死亡，另一些人在运输过程中死亡。
保罗·舒尔茨（Paul Schurtz）的部队在日军推进时被困在巴丹半岛（Bataan Peninsula）。在美军投降后，舒尔茨离开岗位向日军走去，以确保他们知道敌对行动已经结束，从而救了他的部下。这一举动为他赢得了铜星勋章。随后，舒尔茨在日本囚禁营中忍受了两年多的煎熬。
在“折陆丸”最后的时刻，一名美国军中牧师看到了一具舒尔茨少校的冰冷尸体，他托起其头部并进行了祈祷——这记载于《痛苦之日，希望之日》（Days of Anguish, Days of Hope）一书中，该书部分基于那位在战争中幸存的牧师的日记。克里斯托弗·舒尔茨（Christopher Schurtz）认为这指的是他的祖父。
他的父亲杰拉尔德（Gerald）在陆军服役 28 年，升至上校衔。他通过寻找退伍军人来了解更多关于父亲的情况。他告诉克里斯托弗，他父亲的死亡感觉像是一场巨大的混乱，有时他会望向街道，并……
[[IMG_XXXX]] 克里斯托弗·舒尔茨持有其祖父的一张照片。
……听到我的车里有监测声。 没有人指望汽车公司放弃这场技术竞赛。 “你的另一种选择是在 2026 年推出没有尖端技术的产品，”波士顿郊外 Sentry Auto Group 经销商总裁克里斯·莱姆利（Chris Lemley）表示。他习惯于听到人们对盲点监测或后置摄像头等功能的抱怨，但他认为行业不会回到模拟时代。
目前有一些新车可能会吸引反感技术的消费者。汽车研究公司 Edmunds 去年公布了一份潜在名单，其中包括雪佛兰 Trax。该刊物因这款紧凑型 SUV 缺乏驾驶辅助系统而对其扣分，“但寻找低技术汽车的买家可能会觉得这很有吸引力，”它写道。
马尼拉湾，13, 3 p.m.* 盟军战俘被装上“折陆丸”。
巴丹半岛西北部 14, 8 a.m. 美国飞机对该船进行扫射并发射火箭弹。
Sueste Point，14, 12 p.m. 船只搁浅，但船员将其重新使之漂浮。
苏比克湾，14, 9 50 p.m. 船只触礁。 15, 7 15 a.m. 美国飞机再次攻击，船只最终沉没。
“折陆丸”战俘，按军种划分
陆军† 海军陆战队 平民/其他/未知 海军
总计 1,619
已知战俘伤亡，按年龄划分
20–24 40或以上 25–29 30–39
无数据 总计 988
*显示的时间和地点为近似值。†包括陆军航空部队 ‡显示长度为原状态船只。 来源：国防战俘/失踪人员统计局 DANIEL KISS, ANDREW BARNETT and ROQUE RUIZ /WSJ
原状
马自达3（Mazda3）也出现在低技术汽车名单上。这款紧凑型车配备了屏幕和现代安全功能，但依赖物理按钮和旋转控制旋钮来提供更传统的操作体验。它甚至提供现在罕见的手动变速箱选项。
电动汽车初创公司 Slate Auto 凭借一款极其简陋的电动卡车引起关注，该车甚至配备了摇窗机且没有收音机。
日产（Nissan）CEO 伊万·埃斯皮诺萨（Ivan Espinosa）表示，行业对待新技术的态度有些本末倒置。他说，汽车制造商倾向于将最先进的技术功能放入最昂贵的车型中，但这些车的买家年龄层较高，可能更容易拒绝新技术。
85 岁的罗恩·伯达（Ron Burda）最近买了一辆新款丰田 RAV4，他可以证明自己讨厌驾驶辅助技术——但并不是因为他……
1 战俘
持有 2 持有 3 200 持有 1 600
持有 4 预计 最初被关押的 战俘人数： 800
已知“御禄丸”号战俘伤亡情况， 按记录的家乡州统计
26 名战俘来自华盛顿州
宾夕法尼亚州 53 科罗拉多州 15
加利福尼亚州 129
想象他走在回家的路上。
搜集证据 在一次于5月初结束、为期两个多月的远征中，由战俘机构领导的美国海军和海岸警卫队潜水员试图进入“御禄丸”号的前货舱，那里曾关押着 600 名士兵。 潜水员的行动基地是 USNS Salvor 号，这是一艘由海军拥有、由平民船员操作的打捞船。潜水员两两一组，通过气管和视听电缆与水面连接，被缓慢地降入水中。一旦进入水下，他们就使用一种燃烧温度达数千华氏度的自耗棒焊枪切开船体的钢板。液压工具则帮助撬开较重的金属碎片。 潜水员的主要工具是一个名为“疏浚机”的类真空系统，它将沉船内部的沉积物吸起，并将其存放在海底的篮子中。准备就绪后，篮子由起重机吊出水面，放置在 Salvor 号旁的驳船上，研究人员随后通过手工筛选其中的内容物。 一项关键发现是一只第二只靴子，其鞋底印有“USA”字样，皮革鞋面上刻有一个名字。另一件物品是一个金属身份手镯，类似于身份牌。研究人员还发现了一副破碎的眼镜；一个带有瓶盖的静脉注射针头；以及一件带有字迹的黄铜物品，可能是一个烟盒。 当研究人员发现可能的骨骼时，他们将该物品存储在水中以防止其分解，并将其放入一个锁定箱中。在实验室里，这些物品将经过脱盐处理，以确保它们足够稳定以便于研究。一次与菲律宾方面就可能骨骼材料进行的法医审查原定于7月进行，但目前尚未公布结果。研究人员计划在 2027 财年返回。
年龄更大。这位亚利桑那州吉尔伯特市的居民认为，驾驶员不需要帮助来保持在路面上行驶或避免撞到东西。“人们需要学习如何驾驶，就像过去 100 年那样，”他说道。 Burda 发现，与他之前车辆中的物理仪表盘相比，数字速度表很难阅读。虽然车辆提供了切换到模拟风格读数的选项，但他说，经销商的一名技术人员花了大半个小时才搞清楚怎么操作。 对于其他令人烦恼的问题，他找到了解决方法：在显示屏上贴上胶带，这样他可以通过触摸找到关键按钮。 Burda 最近写信给丰田公司的美国总部，建议为专业驾驶员推出一个独立车型，无需警告装置或数字显示屏。
长度 387 英尺‡
当前状态
伊利诺伊州 45
德克萨斯州 69 佐治亚州 17
持久的谜团 洛里·齐林斯基（Lori Zielinski）的祖母和母亲很少谈论她的祖父弗雷德·罗斯（Fred Rose）上尉，他在“御禄丸”号上被列为失踪人员。 这位加利福尼亚州的消防员和陆军预备役人员在 1941 年被部署到菲律宾之前，最近与妻子在科罗纳多买了一栋房子。在保卫科雷希多（Corregidor）美国基地的过程中，罗斯指挥下的部队将一门火炮从炮架上移走，将其改为移动炮。他们将其命名为“罗斯炮组”。 他因其英勇行动被授予银星勋章，但他的死亡之谜一直未解。一封 1951 年来自另一名战俘的信件称，罗斯在“御禄丸”号被轰炸时处于后货舱。在另一次机会中，一名访问者告诉齐林斯基的家人，他看到罗斯在水里。与此同时，战俘机构的文件则称他处于前货舱。 齐林斯基记得小时候做过一个梦，梦见她的祖父回到了岸边。 “我现在已经接受了，但小时候第一次听到这个故事时，你会想，嗯，他们怎么知道他在水里死掉的？”她说，“你总会梦到他会回家。”
宽度
57 英尺。
正如在《蜘蛛侠：崭新之日》中所展现的，这位深受喜爱的蛛网之友内心有着未愈的心理创伤。他是个孤独者，每天在他的高科技堡垒中监控犯罪活动。他与一个恐怖的夜晚生物有着奇怪的纠葛（尽管他基本上只吸收了对方的优秀品质），并且他与一名警察侦探协作抓捕坏蛋（尽管他是个志愿者，而非私刑者）。他很阴郁，但没那么阴郁。他是……特穆宝侠（Temu Batman）？
由汤姆·霍兰德主演的首两部蜘蛛侠电影——2017 年的《蜘蛛侠：英雄归来》和 2019 年的《远离家乡》，是漫威电影宇宙中最令人愉快的两部喜剧，完美平衡了笑料、奇思妙想与快感。而 2021 年那部利用多元宇宙进行粉丝服务的史诗片《没有路回家》则让事情走偏了。现在快五年过去了，我们被要求相信彼得·帕克/蜘蛛侠在期间没有联系他的女朋友 MJ（赞达亚）和最好的朋友内德（雅各布·巴特伦），这两个人的记忆都被抹除，忘记了他的存在，但彼得曾承诺要与他们重新建立联系。MJ 现在有了新男友，不过这并不重要；她并不怎么喜欢他。这种低冲突、低强度的情节推进也体现在蜘蛛侠（终于）重新进入她生活的方式上，那些场景平淡无奇，几乎无法被定义为戏剧或喜剧。其他部分也同样平庸。彼得·帕克经常抱怨头痛。在面对电影编剧克里斯·麦肯纳和埃里克·索默斯将所有的小玩意、客串出演和背景交代误认为是一个引人入胜的故事时，我也一样头痛。
顶部起：索尼影业；杰伊·梅德门特 (2)
电影评论 | 凯尔·史密斯 蜘蛛侠阴郁的回归
电视评论 | 约翰·安德森 一部潜艇剧 终于再次浮出水面
1981 年那部充满压迫感的潜艇史诗《U艇》（DAS BOOT），使其获得奥斯卡提名的导演沃尔夫冈·彼得森（《第一击》、《空军一号》、《特洛伊》）名声大噪，他也让全球观众心惊胆战。但这部电影的独特之处在于它几乎完全不涉及政治，且基本脱离历史背景。对于一部背景设定在第二次世界大战期间的德国电影来说，这非常罕见。
在制作《U艇》迷你剧时，从未考虑过类似的策略。自 2018 年起，该剧已制作了四个季度，此前仅有一季在当地播出。原版电影是一场“罐头里全是男孩”的冒险之旅。而这部由 Bavaria Fiction/Sky One 制作的剧集，通过几个令人难忘的女性角色、洛塔尔-君特·布海姆的两部小说——《U艇》和《堡垒》，以及海陆两地的阴谋，为长篇叙事找到了必要的压舱石。
Hulu 播出了原先的 8 集
这部作品远离了该系列喜剧风格的基调，几乎没有设计任何有趣的笑料（它能提供的最好的部分就是由内德开发的一个复古风格的蜘蛛侠追踪应用）。相反，这部充斥着平庸台词的剧本读起来就像是去掉了青少年的青少年电视肥皂剧。它沉溺于焦虑和压力，但缺乏心理深度，仅限于使用诸如“你是特别的”和“做你自己”这类陈词滥调。表现得忧郁比表现得严肃要容易得多。
在一部本应是纽约但看起来并不像纽约的城市中（拍摄地点包括苏格兰、英格兰以及其他地点），蜘蛛侠通过与一名警察（丽莎·科隆-扎亚斯 饰）合作来挫败犯罪，这一系列场景缺乏创意。在偶然发现一个困扰城市的精神控制实体后，他开始探索该实体与一个看起来阴险的政府部门之间的联系。
在2019年播出了一些剧集，但由于版权转移，显然后续的展演被阻止了。阻止 Hulu 追求后续季度的原因绝非质量问题：那是当时最吸引人的电视节目之一。但这种情况让人想起流媒体普遍的不稳定性，尤其是2022年《巴比伦柏林》(Babylon Berlin) 带来的困境：Netflix 播出了这部精妙的德国时代剧的前3季，然后就在第4季时放弃了。在这种情况下以及本例中，以欧洲为中心的流媒体服务 MHz Choice 收购了全部4个可播季度。《潜艇》的第二次航行现在在那里启动，第3和4季将随后推出，可能在今年晚些时候。
评论者的困境在于？距离该剧在美国首次亮相已经过去了七年，而透露第二季的大量情节会剧透第1季的悬念。即使你当时看过，现在可能也早已忘记了。
从上起顺时针方向：饰演 MJ 的 Zendaya 与蜘蛛侠；饰演英雄的 Tom Holland；以及饰演反派蝎子（Scorpion）的 Michael Mando（左）。
机构，其中一个名为损害管制部（Department of Damage Control），由一名看起来狡诈的高管领导，由 Tramell Tillman（曾出演《隔离》）饰演。片中有很多关于一个可能至关重要的线索“V-Max”的兴奋讨论，但结果证明这几乎没有任何意义。 主要的噱头是搬出令人惊喜的漫威角色来赢得掌声，就像综艺节目上的客串明星向观众飞吻一样。但这些互动缺乏想象力的活力。预告片中揭露的一场与绿巨人（Mark Ruffalo 饰）的打斗，并没有预想中那么刺激。有几场戏似乎纯粹是为了让我们看到 Holland 先生只穿着内裤的样子。那些腹肌和胸肌可能是钛合金打造的，但即便如此：肌肉并不能成就一部电影。 导演 Destin Daniel Cretton 对打斗戏份缺乏掌控力，这些场景似乎是凭空空投进来的，几乎没有考虑如何铺垫。虽然优秀的漫画电影努力营造至少最低限度的现实感，但 Cretton 先生没能让例如冷冻射线的大规模部署看起来具有足够的生动感。而且这似乎相当毫无意义。 Cretton 先生此前导演了 2019 年的《公正审判》（Just Mercy）和 2021 年的《尚气与十环传奇》（Shang-Chi and the Legend of the Ten Rings），他对于忧郁和内心反省有某种偏好，似乎最感兴趣的是讨论童年创伤的疗愈场景，而这正是他 2013 年的独立突破之作《短期 12》（Short Term 12）的核心。即使是 Jon Bernthal 饰演的惩罚者——蜘蛛侠偶尔的盟友——也流露出这种忧伤。乐趣在哪里？ 虽然《怪奇物语》的明星 Sadie Sink（饰演一名身份秘密的角色）增加了一点风味，但 Holland 先生没有。他刚刚年满 30 岁（且刚刚与 Zendaya 结婚），也许已经厌倦了被称作可爱和甜美。他急于展示其演技深度。然而，基于他在本片及《奥德赛》（The Odyssey）中平淡的表演，目前还不清楚他是否具备这种深度。他最好还是坚持走可爱路线，将痛苦的演绎交给他人。 如果将蜘蛛侠重新构思为一种忧郁的 emo 摇滚歌手，且这对现实生活中的新婚夫妇之间的互动足够感人，或许行得通。相反，他们的戏份看起来像肥皂剧。周围的一切都缺乏活力，反派平庸，能量低下。大约在第 10 次或第 12 次蜘蛛侠用蛛网将一群对手包裹并击败后，这部剧集似乎陷入了其自身可预测性的纠缠中。这位英雄最终可能变成一个悲剧类型：那种在高中时期就达到人生巅峰的人。
Klaus Hoffmann（Rick Okon 饰）是一位传奇潜艇艇长的儿子，他被授予指挥自己的潜艇，顶住了那些认为自己更优秀的同事的不满，并面对着他因胆怯而处决一名船员的传闻。此外，他的任务是用一名富有的美国人 Samuel Greenwood（Vincent Kartheiser 饰，《广告狂人》）来交换一名被俘的潜艇艇长 Wrangel（Stefan Konarske 饰），后者是一个精神病患者，其对祖国的“忠诚”在公海上造成了巨大破坏。 但如果你看过第一季，就不会忘记 Vicky Krieps 饰演的 Simone Strasser 的表演，她是阿尔萨斯（因此自《凡尔赛条约》以来她的国籍一直反复变动）的人，是 Hoffmann 的无线电操作员 Frank（Leonard Scheicher 饰）的姐姐；是西班牙内战老兵兼反法西斯女战士 Carla Monroe（Lizzy Caplan 饰）的情人；以及警察调查员 Hagen Forster（Tom Wlaschiha 饰）的背叛者。在深水炸弹开始干扰计划之前，故事叙述的一切都像船壳一样严密。演员 Caplan、Krieps 和 Wlaschiha 的表演在演绎抵抗运动斗争时具有一种安静的爆发力。
剧集中的一个场景，讲述了潜艇船员与抵抗运动斗争的双线故事。
法国拉罗谢（La Rochelle）港口城市，时间在1942, 那时聪明的德国人都知道战争已经输了，但没人知道 Enigma 密码已经被破解。
Season 2, 虽然依然是高水准的电视作品，但缺少了 season 1. 中一些令人兴奋的火花。护士兼抵抗组织支持者 Margot Bostal（由《上帝之滴》的 Fleur Geffrier 饰演）扮演了更为重要的角色，而她的冒险经历——试图营救一名犹太逃犯及其孩子，试图在倾向于维希政权的法国人的背叛中周旋——远不如 season 1. 所记录的陆上冒险那样紧张。然而，海上发生的事情（转场通常无缝衔接）则令人心惊胆战。但剧中还穿插了一段相当冗长的关于战争时期纽约的副线剧情，涉及一名来自哈莱姆区的爵士歌手（Rochelle Neil），以及爱尔兰警察与德美联邦（German American Bund）之间的结盟。尽管如此，这依然是令人难忘的娱乐作品，season 2 将仍会让观众深陷其中。只是紧凑程度稍逊一筹。
剧评 | 查尔斯·伊舍伍德 (CHARLES ISHERWOOD) 信仰与友情的考验
纽约 “所以麦考利·卡尔金 (Macaulay Culkin) 就是上帝？”这个令人吃惊的神学问题，是 Bubba Weiler 这部温柔且深思的新剧《救世主》中许多出人意料的轻松时刻之一。该剧讲述了两名正与信仰和友情问题作斗争的青少年男孩的故事。 在关于其中一名男孩可能失去信仰的对话中，出现了一个古怪的观点，即卡尔金先生可能是——或者更确切地说，可以象征——主。他的好朋友迈克尔 (Michael，由 Ivan Howe 饰演) 请教朱迪 (Judy，由 Crystal Finn 饰演)，后者负责他们天主教堂的青少年活动，询问她是否曾质疑过自己的信念。朱迪措手不及，于是随口用一个关于《小鬼当家》(Home Alone) 的类比来应对。
The WSJ Daily Crossword | 编辑：迈克·申克 (Mike Shenk)
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双头拼图 (DOUBLE-HEADER) | 作者：迈克·申克 (Mike Shenk)
本周竞赛填字游戏的答案是一位著名的棒球运动员。 横向 1 像某些签署者 5 印度尼西亚岛屿 9 记分板数字 12 时尚屋创始人马里奥 (Mario) 13 星巴克标志的特征 14 惊讶的反应 15 2017年获胜次数并列最多的皇家队投手 17 蜇人的昆虫 18 猪圈 19 盛大活动，例如 20 原油运输船 22 每个 24 分配
25 被昵称为“老教授”的名人堂球员/经理 30 无纸化考试 31 Slurpee 冰饮的一种 32 幽默的人 35 毕业生经常承担的负担 36 坑中的木材 37 草坪挖掘者 38 某种飞球或触击 39 合金 40 带有魔杖的牌组 41 2013年击出36支本垒球的海盗队强击手 43 雷声 46 “天哪！” 47 海上的“停止！” 48 常见的烧烤场地
51 “天哪！” 54 螺栓配套件 55 获胜次数最多的左投手名人堂成员 58 足球助威声 59 令人不安的陌生感 60 投掷 61 反对答案 62 火鸡配菜 63 不参与
纵向 1 “糟糕！” 2 简单的 3 重大骚乱 4 许多 Comic-Con 参会者 5 金乌或红衣主教，例如 6 本·阿弗莱克 (Ben Affleck) 电影 7 绿色原野 8 彪马 (Puma) 部件
“那个男孩对他的家人非常生气，对吧？”她开始说道。“所以他希望他们消失，然后他们真的消失了，某种程度上是这样。起初对他来说非常棒，因为他可以看恐怖电影、吃冰淇淋、开枪射击，但随后他感到孤独，事情变得非常可怕，他开始想念他们。” 当迈克尔询问
谜题 竞赛
27 罗马分界线 (Romedivider) 28 低成本，出现在公司名称中 (Low-cost,in company names) 29 “手？” (“hand?”) 32 绝非无忧无虑的类型 (Hardlythe carefree sort) 33 润肤霜添加剂 (Lotion additive) 34 带着萨克斯风的斯坦 (Stanwitha sax) 36 过时的，可爱的 (Dated,cutely) 37 礼貌的称呼 (Polite address) 39 华盛顿圆环 (Washington circle) 40 比如金梅尔和法隆 (Kimmeland Fallon,e.g.) 41 “前线”网络 (“Frontline” network) 42 屠夫的切割部位 (Butcher’s cut) 43 喋喋不休 (Wouldn’tstop talking) 44 喉咙悬挂物 (Throat dangler) 45 海盗的称呼 (Pirates address) 48 沉闷的 (Stuffy) 49 戴头盔的奥运选手 (Helmeted Olympian) 50 菲尔·里祖托退役时的洋基队号码 (PhilRizzuto’s retired Yankees number) 52 发现时的惊呼 (Criesof discovery) 53 图森至洛杉矶方向 (Tucson-to- LosAngeles dir.) 56 以……的风格 (Inthestyleof) 57 Upsilon的后续字母 (Upsilon follower)
9 2012年世界系列赛MVP 桑多瓦尔 (2012World SeriesMVP Sandoval) 10 金丝雀的叫声 (Canarycall) 11 他们交易期货 (Theydealin futures) 12 晚间服装 (Garbforp.m. hours) 13 屈服于重力 (Giveinto gravity) 16 包厢受邀者 (Skybox invitees) 21 受苦 (Suffering) 23 生物皮毛 (Creature coat) 24 很久 (Alongtime) 25 新英格兰捕捉 (NewEngland catches) 26 部门/行业 (Sector)
前一谜题解答
T U B C H I S I D R I S A N Y L O D E T E E N A G O E S A W O L Z I P S I N T W E L F T H G R A D E A Q U A L A N O L I N D U M B S T R U C K V E D A D I P K N O B B E S O D O G C O L L A R T A I L L A I R A L A T O M S M E T H O D I C A L B E E P S A T D E B T S P L I T T H E B I L L P O I R O T B E L I E B E R K A I N E B A K E B R A E S T E R S U S S S A G
朱利叶斯·林泽 (Julius Rinzel) 和伊万·豪 (Ivan Howe) 出演由布巴·韦勒 (Bubba Weiler) 编写、杰克·塞里奥 (Jack Serio) 导演的剧作。
是否指《小鬼当家》的明星是神时，她澄清道——某种程度上是这样。“不，他的家庭就是神。麦考利·库尔金 (Macaulay Culkin) 就是我们。”神，就像家人一样，可能是压抑的，但当你失去他时，你会想念他。她并不是寓言大师。 韦勒先生凭借《好吧，我让你走》(Well, I’ll Let You Go) 完成了令人印象深刻的非百老汇首秀，这是一部关于悲伤的动人剧作，去年首次在布鲁克林上演，近期又再次复演。他也是一名演员，在这两部剧中，他都展现出一种自然的亲和力，能够创造出复杂的角色，为塑造这些角色的表演者提供了丰富的机会。 《救世主》(The Saviors) 中的中心人物是13岁的迈克尔 (Michael) 和稍长一些的保罗 (Paul，由朱利叶斯·林泽饰演)，他们是美国中西部一个小镇教堂的祭坛童子，正在准备坚信礼。这涉及到选择一位主保圣人，迈克尔以一种漫威电影迷般的狂热热情谈论他可能的决定——圣乔治 (St. George)，他承受了各种残酷的折磨但依然坚定。 “你为什么喜欢所有死状恐怖的圣人？”保罗问道，他还没决定——也许是渐渐失去了兴趣。迈克尔给出了一个理智且幽默的回答：“因为所有的圣人都那样。” 豪先生和林泽先生都给出了极佳的表演，由于他们的年轻，这显得更为令人赞叹。迈克尔对
斯坦利·西蒙斯 (Stanley Simons)，右；豪先生和克里斯塔尔·芬恩 (Crystal Finn)，下方。
保罗的虔诚仅次于他对神的虔诚，而豪先生使这两份忠诚都变得令人信服且令人心碎，尤其是当迈克尔带着恐惧和困惑感觉到，保罗可能不仅仅是在失去信仰，而且在从他们的友谊中撤退时——也许是因为他发现迈克尔对他太需要了
要求苛刻。林泽尔先生笔下的保罗是一个天生的怀疑论者，但当一名无家可归的男子朱利安（斯坦利·西蒙斯 饰）走进教堂开始祈祷并随后痛哭时，保罗为自己的同情心找到了出口——这种同情心超越了教会规章的刻板教义。保罗冲动地提出让他留下——外面冰冷刺骨，而男孩们负责在夜间锁门——与此同时，迈克尔则更为谨慎，这在两人之间又制造了一道微妙的裂痕。导演杰克·塞里奥在执导韦勒先生之前的剧作时展现了类似的细腻与优雅，此次他同样引导出西蒙斯先生和芬恩女士的精彩表演。事实证明，朱利安与这座小镇有着意想不到的联系——他曾就是这座教堂的祭坛童子——在与药物成瘾作斗争后，他回到了这里。西蒙斯先生为这个被生活摧残的男人注入了一种忧郁的敏感，而保罗在日益增长的情绪不确定感中，本能地转向他寻求建议。而芬恩女士则提供了剧中大部分冷峻、随意的幽默，尤其是在早期的一个场景中，朱迪给迈克尔主持了一场冥想课程，结果在她发现自己被自己的引导弄得越来越情绪激动时，场面变得滑稽而混乱。正如保罗转向朱利安一样，
迈克尔在处理与保罗的矛盾时寻求朱迪的帮助。他敬畏她的虔诚，也因为她有一个在非洲担任传教士的儿子——尽管我们后来得知，这件事的真实性几乎就像《小鬼当家》的剧情一样（纯属虚构）。就像该国领先的剧作家之一塞缪尔·D·亨特一样（塞里奥先生曾在伦敦和纽约执导过他的剧作），韦勒先生避开了高戏剧冲突和华丽的夸张表演，转而敏锐地关注角色内心的运作方式，让人物之间未言说的情感流动优先于公开的冲突。成年人与青少年一样，发现自己被对未来的怀疑所困扰，被过去的幽灵纠缠，或在神是否存在这一棘手问题上痛苦挣扎。虽然这部剧绝非在说教，但它以深刻的敏感性探讨了宗教如何能带来慰藉或造成束缚，以及信仰要么是一个人想要摆脱的幻象，要么是一个拥抱恩典并寻找精神家园的机会。《救世主》（The Saviors）似乎在暗示，虽然所有角色都在寻找某种救赎，但孤独的真相是，无论他们如何尝试通过他人的帮助来寻找，救赎必须来自内心。对意义和满足感的追求，最终是一场孤独的修行。
《救世主》(The Saviors) 大西洋剧团 (Atlantic Theater Company), 纽约西20街336号, 646-452-2220, 8月15日闭幕
伊舍伍德先生是该报的戏剧评论员。
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作者：约翰·柯蒂斯 (John Curtis)
关于议事阻碍 (filibuster) 的争论经常被误解。大多数人认为这关乎一项规则。其实不然。它关乎的是一项规则的缺失。当参议院成立时，宪法赋予了它制定自身规则的权力。参议院选择不为自己设定终止辩论的机制。无限制辩论并非偶然或漏洞，而纯粹是参议院运作的方式。
这种最初的设计假设的环境与今天截然不同。当时还没有我们现在所认知的成熟政党。没有现代的领导结构。媒体极少。没有大众传播。那时只有一小群人坐在房间里讨论问题，他们深知如果想要采取行动，就必须达成共识。
在那种环境下，如果没有人能强制结束辩论，唯一的推进方式就是通过协商解决。而我们今天在谈论议事阻碍时通常指的“终止辩论”(cloture)，是在参议院历史中较晚才出现的。最终，议院规模扩大，无限制辩论威胁到将所有事务陷入永久停滞。虽然终止辩论在 1917 年被采纳以限制辩论，但其目前的 60 票门槛在面对今日现实时，通过要求大量成员在通过法案前“协商解决问题”，保护了参议院最初的设计。
这一传统促成了参议院作为世界上最伟大审议机构的声誉。
宗教场所 作者：萨尔瓦多·J·科迪利昂 (Salvatore J. Cordileone) 与 迈克尔·C·巴伯 (Michael C. Barber)
伊丽莎白·巴雷特 (Elizabeth Barrett) 是南加州一名年轻的大学辍学生，她吞下了一颗当地堕胎诊所给她的药片——随后，几乎立即就改变了主意。她在网上搜索如何撤销化学堕胎的建议，将她引导至 Heartbeat International，这是一个将女性转介给执业医生进行治疗的基督教非营利组织。治疗成功了。巴雷特女士现在是一位健康女婴的母亲。
加利福尼亚州希望确保此类事件不再发生。在目前于奥克兰州法院审理的一起异乎寻常的案件中，加州总检察长正寻求禁令，并要求对 Heartbeat International 及另一家小型亲生命基督教非营利组织 Real-Options 处以最高 $20 million 的罚款。
他们的“罪名”是告知那些后悔服用堕胎药的女性，存在一种有时可以救回胎儿的医疗手段。
检察官将其称为消费者欺诈。法律学者则称其为权力滥用。“这种对加州商业欺诈法规的新颖运用，似乎旨在恐吓那些在毫无商业获利希望的情况下，寻求向公众普及合法服务、但该服务违背政府意识形态偏好的非营利组织，”教授迈克尔·麦康奈尔 (Michael McConnell) 表示。
作者：Mike Kerrigan
当学生准备好时， 老师 就会 出现。 谁能想到，即便在教室是一个住宅开发区，而老师是一名房地产开发商的情况下，这句谚语依然适用？ 在我 1980 年代童年的大部分时间里，麦克莱恩哈姆雷特（McLean Hamlet）——北弗吉尼亚州的一个社区——是我戏台的主要舞台。 我并不住在那里，但我的许多朋友住在那里。在那片郊区的舞台上，我经历了无数的“第一次”。 第一次从高台跳水。第一次投掷手里剑，紧接着就是第一次躲避手里剑。第一次在朋友家过夜。第一次在同一个过夜聚会上被揍，对方是我东道主的姐姐，她很不耐烦地看到我们将她的衣服当作我们沙发堡垒的标志旗。 然而在那些年里，我不知道什么是“hamlet”（小村庄）。也不知道哈姆雷特是谁。这个词对我来说只意味着一份分量太小而无法填饱肚子的午餐。
街道名称很奇怪。波西亚广场（Portia Place）听起来像是一家德国车行。法斯塔夫路（Falstaff Road）让人想起一些父亲们喝的啤酒。最奇怪的——阿金庭院（Agin Court）——我完全没听懂。直到高中。 那时我接触到了威廉·莎士比亚的作品。突然间，我意识到我所面对的学习机会……
……言辞冗长的身体。并非因为参议员说话时间更长，而是因为没有人能被轻易地忽略。这种结构迫使人们参与。它要求倾听。它推动观点在简单的多数票之外接受检验。正因如此，个别参议员掌握着真正的权力。这是参议院与众议院之间的一个重要区别。 在众议院中，权力是集中的。领导层控制着立法的流程、辩论的条款，且往往决定了结果。即使是资深成员，影响力也可能有限。我曾在那里任职，并亲眼目睹了个体成员在塑造重大立法时是多么困难。 参议院的运作方式则不同。因为辩论不容易被强行切断，个别参议员不能被以同样的方式排除。一名新任参议员可能比一名资深众议员拥有更多的实际影响力。这并非因为个性或资历，而是因为制度的构建方式。 人们通常将“冗长演说”（filibuster）想象成一名参议员站立并连续演说数小时。这个形象是不完整的。参议院规则允许参议员有多次发言机会，辩论可以通过发言者的轮换而持续进行。这与其说是耐力赛，不如说是无法强行通过……
……斯坦福大学的一项言论自由法案。加利福尼亚州在打击这些基督教团体方面并非孤例。纽约州总检察长莱蒂西亚·詹姆斯（Letitia James）已经对 Heartbeat International 及其其他妊娠中心提起了一项类似的诉讼。天主教公益律师事务所 Thomas More Society 正在联邦法院提起单独的联邦案件，挑战这些起诉的合宪性。 加州总检察长尚未发现任何证据表明有女性投诉被告造成了伤害。但这并未打消该州的念头，该州正动用纳税人资助的资源来关闭这些传教机构。 州政府认为，由于这些非营利组织从捐赠者那里筹集资金，它们从事的是商业言论。如果政府胜诉，医生可能仍能开具药物，但任何非营利组织都不能告诉女性这种治疗方法的存在——这是一个新颖的法律理论，将极大地扩张针对持有与政府分歧观点者的“法律战”。 人们不禁怀疑，支持堕胎的游说团体是否真的考虑过后果。Thomas More Society 的律师保罗·乔纳（Paul Jonna）在新闻稿中表示，检方的理论“将使美国任何非营利组织”暴露在“同样政府过度干预”的风险之下。难道他们不担心未来密西西比州的某个州总检察长会使用类似的手段来打击计划生育联合会（Planned Parenthood）吗？ 阅读这些女性的证词是一次痛苦的体验……
结论 没有 广泛的 共识。 60票的门槛通常被描述为保护少数党。这种框架忽略了更宏观的情况。少数群体不仅仅是一个政党。它可以是任何一名参议员，在任何时间，就任何一个其观点与多数派不一致的问题。这种情况发生的频率可能比人们想象的要高。一名处于多数派的参议员可能会与其自身的领导层产生分歧。在目前的结构下，该参议员不会轻易被 否决 并 被排挤。 它保护的是独立性，而不仅仅是政党立场。参议院的“暂缓处理”（holds）惯例就是一个很好的例子。任何一名参议员都可以对立法提出暂缓申请。克服这种反对通常需要60票，而这往往难以达成。这赋予了单个参议员停止或放缓法案进程的能力——这对一个人来说是巨大的影响力。 如果门槛从60票降至50票，这种平衡将被打破。参议院将开始运作得更像众议院。个体成员将失去他们停止法案的能力。领导层将获得仅凭简单多数即可推动立法的能力。 情况不会止于此。如果领导层只需要51票，他们将据此组织参议院。类似于众议院的规则结构很可能会随之而来。这意味着领导层将对哪些议题提交议事日程、如何辩论以及是否允许修正案拥有更多的控制权。 我在众议院反复看到这种情况。委员会被绕过。辩论被限制。法案在领导层的主导下被迅速提交。
经历。如今，作为天主教神父（我们两人都是），我们听到了许多类似的关于女性感到被迫进行不愿终止妊娠的故事。 每个人 都 应该 反对 这一点。但这些女性尤其需要来自宗教人士的支持——那些认为按照上帝形象创造意味着生命被赋予了尊严，而这种尊严不能被一个决心惩罚反对无条件堕胎者的政府所践踏的人。
那些帮助女性保留 未出生婴儿的 基督教非营利组织。
且看巴雷特女士（Ms. Barrett）的情况。在 2023 年，她陷入财务困境，她与同居男友的关系也日益紧张。当她得知自己怀孕时，巴雷特女士作证道：“想到要在家事法庭里耗上 18 年，我就惊慌失措。”她“难以想象能在哪里找到资金来支付育儿费用”。在诊所里，她告诉工作人员她很害怕，并认为自己可能想要保留孩子，希望讨论一下她的选择。“当时我是计划生育协会（Planned Parenthood）的坚定支持者和捐赠者，”她说。“我确信诊所的工作人员会帮我的。”然而，他们却催促
如果我当时足够精明， 那些地名中一直悄悄 隐藏着机会。 在二年级时关于《麦克白》 中幻象的一场讨论令我印象深刻。 由于误解了那个幽灵般的预言——“直到/ 伟大的伯纳姆林向高耸的/ 邓西宁山进军/ 麦克白才会被击败”——这位篡位的苏格兰国王认为他的统治是稳固的。他推理道，森林是不可能连根拔起并攻袭城堡的。 然而，被谋杀的邓肯国王的合法继承人、强大的英格兰亲属马尔科姆的军队，在向邓西宁进军时使用了伯纳姆林的树枝作为伪装。当整座森林似乎都在冲击他的堡垒时，麦克白意识到自己的愚蠢已经太迟了。
是领导层决定而非成员投入。在众议院的七年里，我没有一次能影响重大立法的实质机会。而在参议院，作为一名新成员，我发现自己身处每一项重大立法的核心。 60 票的门槛在日常立法之外也发挥着作用。它是对结构性和制度性变革的一种制约。关于哥伦比亚特区州地位、联邦选举法以及参议院内部规则等事项的决定并非常规政策问题。它们塑造了系统本身。 在做出这些改变之前要求更广泛的共识，增加了稳定性。如果没有这个门槛，这些决定可以通过简单多数通过，并同样容易地被下一任通过反转。到那时，参议院将变得让我们的国父们认不出来。它将从一个要求共识的机构变成一个由多数派控制的机构。 因此，问题不仅仅在于是否会有更多立法通过。而是在于立法过程中是否仍需谨慎，在一届国会通过的法律在下一届中是否依然有效。在任何情况下，我都不会支持任何终止或修改冗长辩论（filibuster）的尝试，因为任何这样做地政党都无法保证生存。 一旦下一任多数派掌权，他们的议程将被确保走向灭亡。
柯蒂斯先生（Mr. Curtis）是一名共和党人，来自犹他州的美国参议员。
金伯利·A·斯特拉塞尔（Kimberley A. Strassel） 不在岗。
让她在当天服用堕胎药，并警告她如果推迟，可能无法再次预约。“在那种时间表的压力下，加上对堕胎产生的种种疑虑——如果我想继续（怀孕）但以后不能怎么办？——我服用了化学堕胎所需的两颗药丸中的第一颗。”
但在她离开诊所之前，她的男友给她发了短信，说他想保留孩子，并一起抚养。这改变了一切。
于是，她开始疯狂寻找任何能够阻止堕胎的方法：“我当时非常绝望，近乎歇斯底里，愿意尝试几乎任何手段。”
巴雷特女士在网上发现了 Heartbeat International。不到一小时，她就预约到了一位持有加州执照的医生，以逆转堕胎药的效果。由于这家基督教非营利组织及其捐赠者的帮助，她现在成为了一名母亲。
“加利福尼亚州诉 Heartbeat International 和 RealOptions 案”是一个罕见的案件，它应当将堕胎争论的双方聚集在一起。特别是，它考验着那些自称支持“选择权”之平台的人们的灵魂。什么样的景象会让人们看到一名想要逆转堕胎药效果的孕妇，却在想：“让我们去惩罚那些告知她拥有选择权的非营利组织吧”？
他们是真的支持选择权，还是仅仅喜欢杀戮？
科迪莱翁大主教 (Archbishop Cordileone) 是旧金山大主教。 巴伯主教 (Bishop Barber) 是奥克兰主教。
麦克白或许会对预言的真正含义感到惊讶，但我没有。
这并不是因为我对莎翁巧妙运用模棱两可之词有着独到的领悟。而是因为我记得在 McLean Hamlet，Dunsinane Court 是从 Birnam Wood Drive 分岔而出的。换句话说，伯南林来到了邓西嫩。
也许更聪明的孩子更早地意识到了这个笑话。他们与父母的晚餐对话可能比我的更深奥。但我感觉自己像一名早期的詹姆斯一世时代学者，而对莎士比亚的热爱由此诞生。
致所有耐心地等待学生出现的生命之师。
凭借六根琴弦
作者：Brad Tolinski 和 Chris Gill Da Capo 出版社，400 页，$32.50
1992年，Chris Gill 飞往伦敦采访 Jeff Beck。他在那里与 Beck 的经纪人 Ralph Baker 会合，两人随即出发前往位于市南的摇滚明星庄园 Riverhall。最终，两人来到一面高大的砖墙和沉重的铁门前。然而门打不开。显然，Beck 修改了锁的密码且没有告知 Baker 先生。当 Baker 先生打电话时，没有人接听。“好吧，”这位机智的经纪人说，“我想我们只能翻墙进去了。”幸运的是，Beck 确实在家。不幸的是，他看了一眼 Gill 先生和 Baker 先生，便一言不发地走开了。但这位音乐记者坚持不懈，他向音乐家呈上了一些曾属于 Cliff Gallup 的吉他拨片（Gallup 是 Beck 早期的摇滚乐英雄之一），从而化解了对方的抵触。很快，两人便陷入了深入的交谈中。三十年后，Gill 先生和 Brad Tolinski 正在准备撰写《Blow by Blow: The Jeff Beck Story》（《击鼓敲金：杰夫·贝克故事》）。（Tolinski 先生是《Guitar World》的前编辑，而 Gill 先生则是该杂志的常驻撰稿人。）Gill 先生回顾 1992 年的那次采访以及其他采访，意识到他以为自己了解的 Jeff Beck 其实是一个谜，一个自相矛盾的诡计之手，且倾向于幽默而含糊。“如果吉他没有先将他夺走，他本可以成为一名出色的政治家，”Gill 先生回忆道，瞬间仿佛回到了 Riverhall，思考着如何进入其中。
Beck 的摇滚生涯始于 1957 年的一次电影《女孩禁不住》(The Girl Can’t Help It) 放映。作者告诉我们，Little Richard 演唱的电影同名主题曲让 13 岁的 Jeff “被钉在了座椅背上”，但没有什么能像 Gene Vincent 的《Be-Bop-a-Lula》那样震撼他。Beck 回忆道，Vincent 唱起来“像某种精神病患者”，“然后吉他演奏了两段尖叫般的独奏。我当时就想：‘这就是我所属的地方。’”他的父母并不赞同，因此他在各种拼凑而成的乐器中苦苦挣扎，学习 Buddy Holly 和其他摇滚先驱的歌曲。在拿到第一把真正的吉他后，他进入了艺术学校，这既是对父母的妥协，也是为了给自己争取更多练习时间。“这是一个不工作的借口，”Beck 说道。这同时也让他能够磨练吉他技巧，并在伦敦迅速发展的布鲁斯场景中建立人脉。他立刻脱颖而出。当其他音乐家以成为布鲁斯原教旨主义者而自豪时，Beck 掌握了 Buddy Guy、Muddy Waters 和 Howlin' Wolf 的作品，但通过使用模拟回声设备增加了音色、反馈和氛围，创造出一种比传统路边酒吧 (juke-joint) 布鲁斯更开阔、更具回响的版本。
得益于 Animals 乐队和 Rolling Stones 乐队等团体，音乐界已经在向这种新声音靠近，这些乐队一只脚踏在美国布鲁斯领域，但凭借更偏向流行音乐的素材在排行榜上大获成功。1965年年初，当时效力于 Yardbirds 乐队的 Eric Clapton 拒绝演奏在他看来仅仅是“室内流行乐”的作品时，乐队经理试图用 Jimmy Page（未来的 Led Zeppelin 共同创始人）取代他。但 Page 先生当时更倾向于在录音室而非舞台上工作，并回复道：“你熟悉一个叫 Jeff Beck 的吉他手吗？”《Blow by Blow》的其余大部分内容记录了英国乐坛四位伟大吉他手——Beck、Clapton 先生、Page 先生以及后来的 Jimi Hendrix——在加入和退出乐队、组建和解散自己的乐队过程中，彼此如何羡慕、模仿以及争吵。Beck 证明了他在颠覆预期方面几乎与他的音乐创新一样出色。披头士乐队创造了一个被数千个乐队效仿的模板，但在一个以人声为核心的媒介中，Beck 并不是一个高产的词曲作者。他热爱协作，但不喜欢录音的体验。他犹豫不决，有时两张专辑之间会间隔数年。他甚至放弃了一些提高知名度的机会，例如在日本与 Mick Jagger 共同进行巡演。
对他而言，质量意味着一切，如果他的某个乐队表现未达标，他会直接取消演出。1969年，在与杰夫·贝克乐队进行为期六周的北美巡演两周后，他取消了剩余的演出日期并飞回了家。被取消的演出中包括伍德斯托克（Woodstock）音乐节。考虑到他的队友包括罗德·斯图尔特（Rod Stewart）和未来的滚石乐队成员罗尼·伍德（Ronnie Wood），他们的演出极有可能会异常精彩。但贝克表示，他觉得他们还没准备好。
随着章节的累积，读者能感受到作者笔下的杰夫·贝克：一部分是天才，一部分是难以捉摸的怪才。作为“吉他手的吉他手”，贝克重塑了吉他音乐的声音，却从未追逐主流商业名声。他不喜欢创作广播热门曲调，也不喜欢担任传统乐队的主唱。相反，他成为了其他音乐家效仿的对象。他的完美主义既是他的最好朋友，也是他最大的敌人：一位消息人士回忆道，他曾在60,000人的观众面前演奏并赢得起立鼓掌，但下台后却说：“我演得很烂。”
在贝克于2023年去世后，佩奇先生说：“杰夫能引导来自空灵之境的音乐。”克莱普顿先生称他为“同辈中最独特的吉他演奏家”。贝克对自己则评价得较为低调。“我一直处于半专业状态，”他曾说过，“我从未真正成功过。”
认出贝克名字的粉丝，可能是因为他那令人心碎的披头士乐队《A Day in the Life》翻唱曲，也可能是因为他的原创作品。（该演绎被广泛认为是摇滚史上最伟大的诠释之一，并在2010年获得格莱美奖。）不过，正如贝克自己所言：“我并不真正写作。我只是在做梦。”
华尔街日报
我们经常听闻，我们生活在一个新的进步era，这与120年前民众通过改革挑战托拉斯（trusts）和根深蒂固的权力之时代颇为相似。但既然如此，为什么民主党及其工会盟友要破坏那些挑战其垄断权力及其随意加税能力的公民提案？最新的例子来自华盛顿州，在那里，民主党总检察长尼克·布朗（Nick Brown）试图误导选民，针对一项旨在推翻民主党强加所得税的选民提案进行误导。华盛顿州宪法禁止对无形财产征收累进税，而该州最高法院早在1933年就将其解释为禁止征收累进所得税。民主党今年无视该解释，对超过$1 million的收入征收9.9%的税，且该税率每两年才调整一次通货膨胀。选民们发起了一次投票活动，以废除该税并禁止该州及地方政府在未来制定所得税。该提案于本月获得资格，将进入11月的选票。此时布朗先生介入，他为将出现在选票上的该提案写了一段误导性的描述：“这项措施将减少对公立K-12教育、高等教育（包括大学和社区学院）以及人类服务（主要是医疗保健）的资金投入。” 咦？民主党的所得税上涨直到2028年才会生效。抢先阻止它及未来的增税，不可能“减少”那些根本不存在的“资金”。民主党试图欺骗选民，因为他们知道提高所得税并不受欢迎。许多选民有理由不相信他们关于“百万富翁税”不会扩展到普通人的承诺。这就是所得税的历史。民主党必然寻求压榨中产阶级，因为那里才有钱。看看科罗拉多州，民主党立法者近年来制定了伪装成“费用”的新税——例如，针对零售配送和租赁车辆的收费。将这些称为“费用”使得民主党能够规避宪法再-
特朗普总统在淡化俄罗斯和中国对伊朗政权的支持方面一直表现得极其一致。在得到了弗拉基米尔·普京和习近平的保证后，特朗普放过了伊朗的助推者。
最近的一篇路透社报道称，伊朗预计将收到 400 枚中国制造的便携式防空导弹。周三在被问及此事时，特朗普先生表示：“这类事情会发生，但那会令人惊讶。”习近平先生“非常强烈地告诉我，他不会参与其中”。
既然如此，那就不用在意了。除非中国在支持伊朗的问题上撒谎，甚至声称没有进口伊朗石油。你看，这些石油在官方记录中全部来自马来西亚，在那里的影子油轮进行货物转运。
在被问及俄罗斯是否向伊朗提供情报以袭击美国基地时，特朗普先生说：“我会问问普京。”他自己的观点是？“我不认为他们一直在这么做，至少在高级别上没有。如果他们做了，也没有产生什么影响。”上周在被问及俄罗斯和中国对伊朗的支持时，特朗普先生说：“我不认为他们在‘助推’……我想我信任他们。”
他不应该信任。正如参谋长联席会议主席丹·凯恩将军在 2025 年 6 月证词中所言：“中国、俄罗斯、伊朗和朝鲜正在寻求前所未有的合作水平，其动力来自于挑战美国利益以及全球稳定的欲望。”
这一点在民主防御基金会（Foundation for Defense of Democracies）的布拉德利·鲍曼（Bradley Bowman）、伊莱恩·德赞斯基（Elaine Dezenski）及相关人士撰写的新书《侵略轴心》（Axis of Aggressors）中被引用。
商务部周四公布的第二季度 GDP 报告显示，经济继续缓慢前行，并对伊朗战争表现得不以为意。但这也没有什么好自豪的。
在美国经济第二季度增长了乏力的 1.5%，由消费者和人工智能投资驱动。消费支出贡献了 2.1 个百分点，而企业投资增加了 1.2 个百分点。净出口从 GDP 中减去了一个百分点，由于进口流入了消费支出和投资，这在统计上相互抵消。由于 GDP 的计算方式，政府支出的下降在季度增长中造成了减项，但从长远来看，减少政府干预有助于私人经济。
设备采购和知识产权占据了企业投资增长的全部。计划今年支出高达 $700 亿的人工智能超大规模计算服务商，正在极大地刺激对计算机芯片、建筑设备、燃气轮机等的需求。企业还将数百亿美元投入到前沿 AI 模型中。
特朗普先生认为，随着股市创下纪录且经济避免了衰退，他的关税政策产生了奇迹。但基于财政部长斯科特·贝森特（Scott Bessent） 3% 的 GDP 增长目标，经济表现低了原定目标的一半。如果不是因为特朗普先生的边境税提高了企业的成本和不确定性，去年的税收法案和去监管化本应驱动更快速的增长。
全额企业费用抵扣正有助于提升投资。其政府对负担的削减……
他们正在利用法院和立法技巧来阻挠公民倡议。
在战时提供导弹，而非可以伪装成民用的双用途材料，将标志着中国支持方式的转变。不过，对此仍有怀疑的理由，尽管路透社此前报道称伊朗接近获得中国的反舰导弹。如果其中任何一项付诸实施，美国将希望在军队付出代价之前拦截这些运输物资。 伊朗战争的结果将在一定程度上由轴心国的行为决定。尽管美国削弱了伊朗的导弹军械库，但中国是否会迅速促使其重建？因在抗击乌克兰战争中获得援助而欠下情分的俄罗斯，是否会帮助重启伊朗的核计划？两者是否会提供更先进的防空系统？ 如果没有美国的压力，他们一定会这样做。虽然 特朗普 政府已将伊朗制裁扩大到中国孤立的“茶壶”炼油厂，但对于为这些炼油厂提供服务的中国国有企业，在升级制裁阶梯方面仍犹豫不决。北京方面厌恶制裁；这里存在机会。 鲍曼先生、德赞斯基女士和蒙哥马利先生写道，来自北京和莫斯科的支持“可能在决定当前的最高领袖是否为最后一位方面起到决定性作用”。“在这样一个问题上，美国不能——且绝不能——保持中立。”
一些拜登时期的规则的取消也给了企业更多的确定性和投资空间。拜登的清洁电力计划实际上将禁止建设新的天然气发电厂，而这些电厂对于为AI数据中心提供电力至关重要。已被废除的电动汽车强制指令曾让汽车制造商损失了数百亿美元。
更大额的退税也可能在支撑消费者。去年的税法案为政治受宠群体提供了各种馈赠——例如，加班费和消费小费的免税，以及为许多老年人提供的 $6,000 扣除额。这些举措将更多资金投入消费者的口袋，但并没有让美国人对经济感到更乐观。
原因之一是物价上涨继续侵蚀工资增长和购买力。个人消费支出（PCE）指数——美联储首选的通胀衡量标准——在剔除食品和能源后，6月份仅上涨 0.1%。这种去通胀是一个好迹象，但核心PCE指标在过去 12 个月中仍上涨了 3.3%。
持续的通胀还意味着美国人为退休或不时之需而存下的钱更少了。6月份的储蓄率下降至 2.7%——这是 2022. 年春季以来的最低水平。在特朗普先生第一任期的绝大部分时间里，该比例曾超过 6%。实际可支配个人收入在第二季度下降了 1.5%，而与其第一任期大流行前 2% 至 4% 的增长相比则有所下降。
一些特朗普先生最热烈的支持者告诉我们，他们希望他能放弃对关税的执念，回归到在他第一任期内创造广泛繁荣的供给侧政策。大多数美国人可能也这么想。
在《长老会的中道》（“礼拜场所”专栏，7月23日）一文中，达里尔·哈特（Darryl Hart）暗示，在一方是纯粹基于现世的美国公民宗教，而另一方是（对他而言）令人恐惧的基督教民族主义前景之间，存在一条可行的路径。作为哈特先生在文中指出的少数基督教民族主义代表之一，我想对此予以反驳。
如果国家之上没有上帝，那么国家本身就是上帝——任何理智的公民都不应希望如此。但为了让这样一个上帝“高于”国家，他必须是超越的，存在于世界之外。媒体、所有文化专家、国会、最高法院以及总统都必须服从他的话语。这意味着，例如，婚姻应该是上帝定义的样子，无论这是否符合大众观点。但一旦我们承认这一点，我们就面临一个选择。由于对那个超越地位的主张存在竞争，那么应该由哪个神来统治？安拉？还是像我们硬币上所显示的，某种美国公民宗教的占位神？亦或是上帝，耶稣基督之父？
哈特先生的主要兴趣在于保护宗教自由，这是一个值得赞赏的目标，我也对此认同。但保护
关于你们的社论《DSA称应废除参议院》（7月26日）：
英国下议院虽然经常被高效地理解为“平民之院”，但最初是“共同体之院”（communes），是英格兰有组织共同体代表的集会，其中一些是郡，另一些是自治市。这一至关重要的代表权原则被引入了我们的参议院；参议院不仅是一个比众议院更精选的集会，而且是一个由有组织地区（州）代表组成的集会，其中许多地区彼此相隔遥远，且在文化和生计上同样迥异。
随着我国的扩张，一旦我们解决了奴隶制和民权问题，这一原则便为我们提供了良好的服务。要建立一个像我们这样规模的国家，且不是将其作为帝国，而是作为一个“共和国之共和国”，所有地区的呼声都需要获得给予同辈的尊重，而不是被不稳定的都会区所忽视或压制。美国民主社会党（Democratic Socialists of America, DSA）提出的废除参议院并将权力集中在城市救济金掌控者手中的建议，无异于一种公式
在他 7 月 25 日发表的名为《吉姆·克劳法、第九卷修正案与生活事实》的评论文章中，詹姆斯·塔兰托（James Taranto）写道，跨性别争议的核心是“本体论，即形而上学中研究现实本质的分支”。尽管他的本体论论点（即男性和女性身份截然不同且不可替代）显然是正确的，但我并不确定他在哲学上是否证明了这一点。一个更好的方法应该是基于认识论，即研究知识基础、真理以及个人信仰之关键证明的哲学分支。除极少数例外情况，男性可以通过意识到其与“出生时指定的性别”一致的第二性征，来证明其对自身性别的信念；女性亦然。进一步的证明可由——
麻疹的社区风险
美国麻疹病例数处于三十年来的最高水平，且美国可能会失去在 2000 年实现的麻疹消除状态（见《数十年以来麻疹病例最高》，美国新闻，7 月 25 日）。麻疹对儿童或成人而言并非无害。它可能导致严重的病 morbidity 或因脑炎和肺炎而导致死亡，尤其是在免疫功能低下的人群中。拒绝为孩子接种疫苗的父母将孩子置于危险之中，且在数量达到一定程度时，也会使社区的其余成员面临风险。 弗雷德里克·贾雷特（FREDRIC JARRETT），医学博士 佛罗里达州，萨拉索塔
自由表达 (Free Expression) 来自 华尔街日报 评论版 (WSJ OPINION) 一份关于生活、政治和文化的每日通讯 编辑：马修·亨内西 (Matthew Hennessey) 特邀专栏作家： 马修·康蒂内蒂 (Matthew Continetti) / 凯尔·史密斯 (Kyle Smith) 路易丝·佩里 (Louise Perry) / 本·萨斯 (Ben Sasse) / 詹姆斯·B·梅格斯 (James B. Meigs) / 约翰·J·米勒 (John J. Miller) / 梅根·考克斯·格登 (Meghan Cox Gurdon) 以及其他撰稿人的评论文章
扫描二维码或 访问 wsj.com/opinion/ free-expression
宗教自由本身就是一种宗教价值。它并非是一个能平等地产生于任何特定世界观或宗教的原则。对于哈特先生和我所共同支持的事业而言，向那些拥护仇视宗教自由之信仰集的群体授予不受约束的宗教自由，真的有成效吗？哈特先生说：“压制错误或偏差的信仰是基督教民族主义者的常见措辞。”但所有法律都是这样做的——例如压制对谋杀或税务欺诈的认可。关键在于问题的性质。我们不希望压制关于登月的阴谋论，但我们应该压制认为未出生胎儿仅仅是一簇细胞的错误信念。前者是对显而易见事实的无害误解；而后者导致我国每年有数十万无辜者被谋杀。问题性质至关重要。 我们将什么样的信念置于法律的基础之上？这些信念应当是真实且正确的。我是否希望一个虚无主义者能够自由地思考任何他想思考的阴暗想法？当然。但我是否希望虚无主义被用作法律的基础？当然不。 道格拉斯·威尔逊 (DOUGLAS WILSON) 基督教会牧师 爱达荷州，莫斯科
导致我们国家解体的。 迈克尔·门德尔 (MICHAEL MENDLE) 名誉教授 阿拉巴马大学 阿拉巴马州，塔斯卡卢萨
民主社会主义者 (DSA) 的成员能诚实地宣读国会议员就职誓词吗？他们必须“庄严宣誓”：“我将支持并捍卫美利坚合众国宪法，抵御所有外部和内部敌人；我将对其保持真正的忠诚与效忠；我自由地承担此义务，没有任何心理保留或逃避之目的。”很难想象一个遵循 DSA 成文纲领的人如何能如此真诚地，甚至可信地宣誓。 凯文·M·摩尔 (KEVIN M. MOORE) 纽约州，雪城
DSA 成员在处理方式上简直坦率得令人耳目一新。他们确实在践行自己的言论，不像那些为了骗票而经常逾越诚实底线的常规政治人物。然而，DSA 激进的集体主义政治本能依赖于颠覆我们的宪法保护，这一点就没那么令人耳目一新了。 保罗·布鲁斯坦 (PAUL BLOUSTEIN) 辛辛那提
可以通过检查性染色体来判定。 相比之下，对于与生物性别不一致的“性别”认同，根本不存在这种客观依据。唯一的论点是一种未经证实的信念或感觉，认为自己并非其原本的样子——而这种论点在哲学 101 课程中是行不通的。 STEVEN KRON 佛罗里达州，那不勒斯
在对待沙特人时，特朗普可能会重复“和平原子”计划的错误
关于马修·克罗尼格（Matthew Kroenig）和亨利·索科尔斯基（Henry Sokolski）的评论文章《沙特核协议正招致灾难》（7月 27 日）： 在 20 世纪 50 年代开始的美国“和平原子”（Atoms for Peace）计划下，核技术被转移给了伊朗，当时伊朗是一个值得信赖的盟友，且政府据推测是稳定的。随后发生了 1979 年的伊朗革命，导致该技术落入了一个将美国称为“大撒旦”并致力于开发核武器的政府手中。在考虑最近宣布的与沙特阿拉伯的核协议时，我们必须考虑历史重演的可能性，这将给美国、中东和世界带来可怕的后果。 ED SEIDERS 俄克拉荷马州，塔尔萨
我们忘记得太快了。在实施 9/11 袭击的 19 名劫机者中，有 15 人来自沙特阿拉伯。 H. MILLER-JACOBS 马萨诸塞州，列克星敦
以及盐
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作者：Selina Xu
想象一下：美国变成了一个数字围墙花园，外国软件被禁用，每个人都依赖少数几家国内巨头来获取昂贵的人工智能访问权限。与此同时，世界其他地区则在能够自由下载、定制和分发的中国开源模型基础上构建AI经济。 听起来很熟悉？这正是中国“防火长城”的反向镜像——一个庞大的监管和技术体系，在二十多年来抑制了外国竞争并限制了中国公众获取信息的渠道。
美国并未捍卫竞争与开放，而是正逐步走向技术保护主义。 在Moonshot AI的Kimi K3模型引发关于“蒸馏”（即使用一个模型的输出去训练或改进另一个模型）的指控后，华盛顿正在考虑对中国开源AI模型实施限制。这个想法听起来像是经济上的强硬手段：拒绝竞争对手进入美国市场并保护敏感技术。但禁令将赋予少数几家巨头更多权力，提高创业成本，并削弱美国创新所必需的开源模型生态系统。 开源是美国公司AI供应链的关键组成部分。当一些OpenAI模型最近入侵另一家公司时，受害者——Hugging Face——不得不转向
在阅读他大流行时期的日记时，一个问题浮现出来： “安东尼·福齐”是从哪里来的？ 本周由肯塔基州参议员兰德·保罗（Rand Paul）公布的这份日记，为这位在 2020 年春季成为华盛顿大流行应对措施公众面孔的政府官员的内心世界提供了新线索。而我使用引号，是指公众形象的福齐，而非私下的福齐。 日记的一个主题是，这是两个不同的个体。文件揭露了一个令人震惊的分歧：福齐博士私下里对病毒起源的看法，与他告诉公众——且至今在公开场合坚持——的看法截然不同。 然而，日记还揭示了另一个关于公众与私下的区别，即福齐博士与特朗普总统的关系。公众形象的福齐在早期出现时便是一个反对此
政治 经济 作者：Joseph C. Sternberg
作者：Navid Mohebbi 及 Behnam Ben Taleblu
从表面上看，JD Vance 对伊朗的担忧似乎合情合理。 这位副总统最近在 Joe Rogan 的播客节目中表示，如果美国追求政权更迭，伊朗将陷入像卡扎菲之后的利比亚那样的混乱，导致“94 百万绝望的人民”涌向欧洲和美国。 这种主张与其说是严肃的分析，不如说是散布恐惧。 Vance 先生将大规模移民视为政权更迭政策最可能的后果，却忽略了是什么驱动了数代伊朗人出国：正是伊斯兰共和国本身。 在副总统的分析核心中，存在一个许多人……
自 1889 年起由道琼斯公司出版
Lachlan Murdoch 新闻集团执行董事长 Rupert Murdoch 新闻集团名誉董事长
Emma Tucker 总编辑
Liz Harris, 执行编辑 David Crow, 副总编辑 Aja Whitaker-Moore, 副总编辑
……向一个中文开源权重模型寻求自我防御。美国闭源模型的安全护栏拦截了 Hugging Face 的请求。 根据一项行业估计，目前使用开源模型进行构建的开发者中，大约有 80% 使用中文工具。随着 Token 消耗账单飙升，初创公司希望针对不同任务拥有更多模型选择。微软正在探索 DeepSeek V4 的微调版本，将其作为驱动 Copilot Cowork 的低成本替代方案。DeepSeek 的成本可能不到 Anthropic (AI公司) Opus 的十分之一。 今年夏季的某些周次，中文开源模型在 OpenRouter 上所有 AI 使用量的占比超过 50%，而 2025 年的周平均占比约为 13%。中国开源 AI 正在通过提供廉价的智能访问，为世界其他地区提供补贴。 对于试图超越美国既有企业的中国公司而言，发布模型权重能赢得信任，吸引开发者，并使其技术成为新应用的默认基础。在最近的一次访问中，领先的中国 AI 实验室高管告诉我，开放性有助于他们建立全球关系，并将其模型的潜力扩展到各种使用场景中。但我也从他们身上感受到一种渴望——渴望被视为该领域创新贡献者，而不是抄袭者或搭便车者。 像 DeepSeek 和 Kimi 这样中文模型的病毒式传播提升了使用量和收入。在 Kimi K3 发布导致美股下跌后，Moonshot AI 在社交媒体的一篇帖子中……
……对总统的重视程度。在一次又一次糟糕的新闻发布会上，站在特朗普先生身边，福奇博士将自己塑造为一个技术官僚式的理智之声，以对比一个笨拙且力不从心的政治人物。直到今天，这仍然是福奇博士在政治左翼中具有吸引力的原因之一。 因此，发现私下的福奇持有不同态度就显得很奇怪。 在疫情初期的整体基调中，他对特朗普先生的态度最好的描述是“崇拜”。 在公布的日记摘要中，第一次提到特朗普先生时，福奇博士表达了一种可以被解读为焦虑的情绪，因为他在当时中国新发疫情的严重性问题上与总统产生了矛盾。一周后，在 2020 年 1 月 29 日，当记者 Lou Dobbs 告诉他，他已向特朗普先生建议就此次疫情咨询这位医生时，福奇博士显得兴奋不已。 随后的与特朗普先生的会面让私下的福奇欣喜若狂，他觉得特朗普先生问了他这么多问题，深感荣幸。这种情况持续了数月。他对于被委以解决特殊问题的任务感到非常快慰。
华盛顿的看法——将伊斯兰共和国视为中东稳定的来源。而过去四十年的事实恰恰相反。伊朗并非一个会被政治变革地动摇的稳定国家。这个政教合一的政权在近半个世纪的时间里，撼动了该国的经济、社会和环境基础。在如今的战争爆发前，伊朗就已经在向失败国家的方向滑落。
伊斯兰共和国统治带来的负面影响并不局限于伊朗境内。在伊朗军队或其代理人出现过的冲突地区，涌现了大量逃离的难民。其中一个例子就是数百万逃离叙利亚巴沙尔·阿萨德政权的难民，而该政权得到了德黑兰的全方位支持。
恐怖主义是另一个万斯先生逻辑颠倒的领域。
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, 首席人力资源官；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 华尔街日报 | 巴伦周刊集团首席营收官
张宇彤总裁写道，公司的年度经常性收入激增至历史新高。开源模型对于北京而言也具有工业目的。它们加速了技术及其经济回报在中国人口中的扩散。当价值创造分布在多家公司时，供应链上下游的企业都能蓬勃发展。这缓解了微软首席执行官萨蒂亚·纳德拉（Satya Nadella）在一篇文章中指出的风险：“如果所有价值仅由少数几个模型获取，政治经济体制将根本无法容忍。社会不会允许一个掏空整个行业的 AI 未来。” 为了培养自己的前沿开源参与者，美国可以利用并学习中国的开源模型。Thinking Machines Lab，这个
在整个二月期间奔波处理事务，例如协助制定管理邮轮撤离人员的计划，并且在 27 日很高兴地在家里接到了总统的电话。在 3 月 11 日，福奇博士描述了与众议院议长南希·佩洛西（Nancy Pelosi）的一次分歧，在这次分歧中，他为特朗普先生决定不对英国实施旅行禁令进行了辩护。
关系不合，但那些对他 极尽奉承的关注反而 助长了他的对抗情绪。
福奇博士在心中对自己与特朗普先生直到春末才恶化的工作关系感到得意。尽管在特朗普先生希望在复活节前解除封锁的野心上存在紧张关系，但福奇博士对于总统在不向纽约州、新泽西州和康涅狄格州实施隔离等重要事项上听取他的建议而感到受宠若惊。“特朗普对我越来越痴迷，”他在3月31.记录道。直到
政权更迭不太可能导致他在海外所谓的“恐怖主义基础设施”的建立，正是因为该政权已经建立了此类网络。伊朗伊斯兰共和国已被美国列为世界首要的恐怖主义国家支持者，并在至少四个大洲支持恐怖活动。它曾多次呼吁杀掉特朗普总统。 万斯先生仅在伊斯兰共和国崩溃后才对伊朗移民感到担忧，这掩盖了为什么在这种政权下最初会出现如此庞大的全球伊朗侨民群体。海外伊朗事务高级委员会估计，生活在国外的伊朗人数略高于400万。 更广泛的估计（包括伊朗血统的人员）认为，全球伊朗侨民人数在5, 到 8, 之间。 外流的人员不仅仅是政治异见人士。在伊朗移民最主要的10个目的地国家中，伊朗留学生人数在2024年达到约110,000人，此前四年大幅上升。将这一群体简单描述为“留学”是具有误导性的。对于许多伊朗年轻人来说，大学录取已成为离开该国最安全的合法途径，因为在那里的职业前景和社会自由不断萎缩。 除了教育和专业移民外，伊朗人还通过寻求庇护等其他渠道离开。在2023年1月至2024,年3月期间，伊朗国民
由OpenAI前首席技术官Mira Murati创立的一家初创公司最近发布了其首个自研模型。它使用其他开放权重模型（包括Moonshot AI的Kimi K2.5）来生成部分早期的后期训练数据。包括英伟达（Nvidia）和Reflection AI在内的美国公司也在构建强大的开放模型。与中国开放模型的竞争将使美国模型在计算和资本效率上更高。 中国开放权重模型不应被到处使用。政府应将外国模型排除在情报系统、军事网络和关键基础设施之外。使用中国托管服务的公司应知道其数据的去向。但如果一个模型被下载、独立评估并在美国服务器上运行，
4月起，两人的关系似乎彻底破裂。 鉴于两人都表现出难以忍受的自负，他们之间的决裂可能是不可避免的。但福奇的日记还指出了另一个因素：媒体。关于福奇博士对其个人剪报的痴迷已有诸多报道。这是否改变了他应对疫情以及对待其上司——总统的方式？ 媒体很快地将福奇博士视作特朗普先生的陪衬。麻烦的早期迹象出现在2月27.的日记条目中。政府官员试图让福奇博士等人暂时停止出镜，以重新评估其整体沟通策略。福奇博士注意到，有些人将此解释为试图“封口”（尽管他知道这并非事实），这引发了大量支持。他非常享受这一点。 日记开始收录强调福奇博士与其他官员之间摩擦的剪报。3月8,日，一份来自《纽约时报》的赞美文章重点描述了福奇博士与特朗普先生在新闻发布会上的冲突，而这些冲突更多是程度问题而非
提交了大约 20,000 份在欧洲寻求国际保护的申请。这比之前的 15 个月增加了近三分之一。在 2022-23 年的“女性、生命、自由”抗议活动及随后的镇压之后，每月申请人数开始上升。
每当伊斯兰共和国加强国内镇压时，其影响就会波及海外，例如欧洲的庇护系统。
伊朗生活的困境不仅限于贫困和政治迫害。它们还包括断电和环境灾难，这些因素扰乱了经济活动，使日常生活变得精疲力竭。这些问题集中了伊朗国民的注意力，导致人们发起示威活动，其目的并非寻求改革，而是针对一个失效的政治体制发起革命。从 2017 年 12 月开始的全国性抗议，到 2019 年 11 月的起义，从 2022-23 年的抗议到 2026 年 1 月的示威，伊朗人在面临被捕、酷刑和死亡的风险时依然走上街头。
在互联网封锁的掩护下，伊朗安全部队在今年 1 月 8-9 日，在恐怖主义代理人的协助下，进行了大规模杀戮，屠杀了数千名
公司自身的基础设施与用户发送敏感信息的中国托管服务所带来的风险是不同的。事实上，正如上周五的一封科技行业信函所论证的，开放模型可以增强公司抵御新兴网络威胁的防御能力。
关于危险的 AI 能力通过开源传播给非国家行为体的担忧是合理的。但解决方案并不是将所有模型关在闭门之后。木已成舟——强大的前沿智能已经出现。美国和中国必须共同努力，增强评估能力并减轻共同风险。在本土禁止开源并不能让世界更安全。美国可以在国内禁止中国模型，但无法阻止世界其他地方使用它们。
开源软件一直是美国技术主导地位的最大驱动力之一。它使数字生活的几乎每一个方面成为可能，从浏览互联网到给朋友发短信。开放的网络数据让大语言模型启动了 AI 革命。然而，在 AI 时代，“开放”正逐渐成为中国的代名词，而“保护主义”则与硅谷的一个派系联系在一起。美国不必交出这顶帽子。应对中国日益增强的 AI 实力的答案，不是构建一个美国版本的“防火长城”，而是通过竞争胜过中国模型。
马丁·科兹洛夫斯基 (MARTIN KOZLOWSKI)
徐女士是宾夕法尼亚大学美中关系未来项目 (Penn Project on the Future of US-China Relations) 的研究员。
种类。3 月 12 日，他列入了一篇主题类似的《华盛顿邮报》专栏文章。一天后，他注意到另一篇此类文章，发表在《大西洋月刊》上。
到 4 月 15 日，福西博士写道：“多篇关于我的社论（印刷新闻，《华盛顿邮报》等）和评论文章（《新闻周刊》）。无法跟上甚至读完所有的文章。在特朗普总统任期内，国家需要一个可以仰视的人。有趣的心理动力学。”
福西博士天生就倾向于沉溺于媒体的关注。现在他知道如何获得更多关注了。通过增强对总统的敌对情绪，电视节目邀约接踵而至，他发现自己处于一个能够与知名媒体人物结交、并被渴望代理其未来回忆录的文学经纪人追求的地位。
人们开始感觉到，福西博士在美国公共生活中扮演如此强势的角色，主要是因为记者们发现他非常符合他们对特朗普先生更广泛的“抵抗”需求。一个更具反思能力的新闻界可能会问，他们仅仅是在报道关于福西的新闻，还是在创造这些新闻。
抗议者和旁观者。新闻报道估计有超过 40,000 人被杀。特朗普先生曾引用这些统计数据。
那些多次冒着生命危险试图夺回国家的人，不会在有第一个机会时就选择抛弃它。伊朗人一直在为留在本土、自由生活以及在故土建设未来的权利而奋斗。
伊朗并非对混乱免疫，任何严肃的政权反对者都不应假装成那样。伊斯兰共和国建立了一套重叠的安全机制以维持其生存。任何在没有为后续计划做准备的情况下试图推翻该政权的行为，都将是极大的愚蠢。
相反，那些旨在避免此类规划，而试图通过提供制裁缓解和进行外交接触来稳定政权的政策，到目前为止未能阻止移民潮，也未能创造出一个更仁慈、更温和的伊斯兰共和国。在不要求结构性变革的情况下，给这个政权更多的时间、资金和合法性，只会产生万斯先生声称想要防止的移民浪潮。
那些担心伊朗移民问题的人，不应只担心伊斯兰共和国垮台后的第二天。他们还应该担心该政权每多在位一天——并致力于（尤其是如果处于权力地位的人）规划一个有序的过渡。
A
隐瞒关键细节
作者：RACHEL BACHMAN 及 CORINNE RAMEY
在密歇根大学解雇橄榄球教练 Sherrone Moore 后委托开展的一项调查中，结果凸显了体育部内部存在的问题，这些问题远远超出了他与一名工作人员之间的私密关系。
由密歇根大学在去年底聘请的 Jenner & Block 律师事务所，旨在调查 Moore 及其体育部内部更广泛的文化。在《华尔街日报》审阅的文件中，该律所指出了围绕前橄榄球教练 Jim Harbaugh 和前男子篮球教练 Juwan Howard 的争议处理情况。
该律师事务所列出了一系列关于 Moore 的潜在危险信号，并概述了密歇根大学体育部在其他运动项目中的问题，包括此前未报道的水球教练相关问题。
这些发现与该大学最近发布的调查摘要所述内容相反。密歇根大学称，该律师事务所并未发现体育领域存在广泛的违规行为，且未详细说明其他运动项目内部的问题。
校方在大学官员观看由该律所准备的包含详细结果的幻灯片后，才发布了摘要。该幻灯片已由本报审阅，但尚未公开。密歇根大学为此次调查向该律所支付了 $12 million。
一名密歇根大学发言人表示，学校正专注于落实调查产生的建议，并拒绝就机密访谈的具体内容发表评论。“大学已公开分享了主要发现、建议及采取的行动——”
正在撕裂足球运动
（接第一页） 创建所谓的“国际足联前行企业”（FIFA Forward Enterprise），否则将面临失去数百万美元国际足联付款的风险。因凡蒂诺最激烈的批评者——欧洲足球管理机构表示，其坚决反对该计划，并于周四召集紧急会议以决定如何应对。包括近期夺得男子世界杯冠军的西班牙在内的全部 55 个欧足联（UEFA）成员，均同意抵制所有国际足联（FIFA）赛事。
“有些东西根本太重要而不能被出售，”欧足联表示。“世界杯属于足球。永远如此。只要欧洲还有发言权，它就绝不会被出售。”
公开反对该计划的领导人包括英国首相安迪·伯纳姆（Andy Burnham），甚至包括名誉扫地的前国际足联主席塞普·布拉特（Sepp Blatter）。上一次足球提案引起如此剧烈骚动的是那场不幸的 2021 年欧洲超级联赛（European Super League）闹剧，该计划在球迷抗议和政治反对下，在 48 小时内便被否决。
“国际足联主席与美国总统之间的密切关系已经达到了一种财务维度，这严重损害了足球运动，”布拉特在社交媒体上发帖称。“没有人有权出售我们的运动。”
因凡蒂诺在 2016 年国际足联陷入大规模腐败调查后接任主席，他将其任期内的首要任务定为增加收入。在世界杯之前，他预测 2026 年版本的
国际足联辩称，这是筹集更多资金并重新分配给其 211 个成员协会的最有效方式，并承诺在未来四年内向每个协会提供高达 $40 million 的额外资金。
对于国际足联主席詹尼·因凡蒂诺（Gianni Infantino）而言，这代表了另一个深化组织与特朗普总统（President Trump）圈子联系的机会。领导该拟议投资组合的是约书亚·库什纳（Joshua Kushner）的公司 Thrive Capital。库什纳是贾里德·库什纳（Jared Kushner）的兄弟，后者是特朗普的女婿及前总统高级顾问。
据一名熟悉该项目的人士透露，约书亚·库什纳和因凡蒂诺早在去年至少就开始讨论这一计划。对话在 2026, 年初正式升级，此时国际足联邀请了摩根大通（JPMorgan Chase）参与该项目，其团队分布在伦敦和纽约。（该人士表示，特朗普并未直接参与。）
然而，足球世界的绝大部分人士，包括国际足联理事会和各区域足联，对因凡蒂诺的宣布感到完全措手不及。监督北美、中美洲和加勒比地区足球的中北美及加勒比足联（Concacaf）表示：“我们对缺乏正当程序深感担忧。”
国际足联原计划在本周向成员提交该项目，直到周一消息首次泄露。
各国现在在 9 月 19 日之前承诺支持
来自这些审查的结论，”该发言人表示。
2023, 年，密歇根大学体育总监沃德·曼努埃尔（Warde Manuel）和其他官员开始收到关于女子水球教练卡西·彻恩赛德（Cassie Churnside）“虐待、不专业行为”的投诉。
2024, 年，家长们提出了投诉，次年，两起内部投诉被提交至大学办公室。
律所表示，曼努埃尔的副手向彻恩赛德发送了至少两封正式警告信，曼努埃尔本人也收到通知，称彻恩赛德无视教练员的医疗建议。
今年 3 月，密歇根大学的一份新闻稿称彻恩赛德已辞职。
“虽然仍有改进空间，但沃德始终
Jenner & Block 律师事务所支付了 $12 百万美元用于该项调查。
国际足联 (FIFA) 主席詹尼·因凡蒂诺在 2016 年大规模腐败调查后接任。
该赛事将从电视转播权、门票销售和其他营销中获得创纪录的 $11 亿美元。到 7 月 19 日西班牙与阿根廷在决赛相遇时，他已将该数字上调至 $15 亿美元。 因凡蒂诺承诺将这笔资金用于增加向成员协会支付的开发项目款项，这一举措使他在欧洲以外的足球协会中极受欢迎——尤其是他在准备明年竞选第三个完整任期之际。如果因凡蒂诺获胜，他的任期将持续到 2031 年，之后将因任期限制而被迫离职。 “足球日益增长的商业价值中，只有极少部分能够触及到最需要它的领域，”因凡蒂诺表示。“捕捉这种价值需要额外的专业知识和洞察力，这与治理和发展这项运动是不同的。” 国际足联 (FIFA) 坚持认为，其投资者将不会收到股息，他们套现的唯一途径是日后出售其股份。 国际足联 (FIFA) 还表示，投资者在塑造世界杯或球场上发生的任何事情方面都没有发言权——尽管它表现出愿意考虑特朗普 (Trump) 的请求，即审查世界杯期间一名美国球员被出示的红牌。
谢隆·摩尔在吉姆·哈伯鲍在离开前往 NFL 洛杉矶充电队后接任主教练。
且妥善地与体育部门及大学内部的专业人士（包括其主管和董事会）分享了信息，”马努埃尔的律师马修·申克表示。 该律师事务所重点指出了学校对时任男子篮球教练朱安·霍华德行为的反应。这位密歇根州著名的 20 世纪 90 年代“Fab Five”招募班成员在 2019 年出任主教练，并带领球队夺得 2021 年 Big Ten 常规赛冠军。但在 2022 年 2 月，霍华德在赛后冲突中击打了一名威斯康星大学的助理教练。 这是一个被电视直播捕捉到的震惊时刻。当时，Big Ten 和马努埃尔共同暂停了霍华德在该常规赛剩余时间的比赛资格（五场比赛），并对他处以 $40,000 的罚款。律师事务所的幻灯片将这一事件标注为“一次免费重拳”。 该律师事务所指出，在 2023 年 12 月 7 日，霍华德卷入了另一起事件：与另一名教练发生了口头争执。学校直到 2024 年 3 月才解雇霍华德，当时他的球队以 8-24 的战绩结束赛季。霍华德通过发言人拒绝发表评论。在足球方面，律师事务所指出警告迹象跨越了两个教练体制。在带领 the Wolverines 夺得 2023 年全国冠军的吉姆·哈伯鲍执教期间，密歇根大学卷入了一场大规模的偷号丑闻和招募违规事件。“哈伯鲍运行的计划在很大程度上无视规则合规，”该律师事务所引用了一份 2025 年 8 月的 NCAA 违规报告。哈伯鲍表示他不知道任何关于偷号的情况。他没有通过发言人回应置评请求。但密歇根足球的问题在哈伯鲍 2023 赛季结束后离开去执教洛杉矶充电队时并未停止。律师事务所强调，警方调查了助理教练拉特罗伊·刘易斯关于 2024 年一起涉嫌性侵的指控。
该调查的状态目前尚不明确，该调查于今年早些时候首次公开。原告已针对刘易斯（Lewis）申请了保护令。其律师表示刘易斯是清白的。该事务所详细列举了关于摩尔（Moore）的诸多声誉风险，并称大学方面对此已知情。根据调查结果，2024年3月，摩尔与一名 OnlyFans 模特在网上的互动被上报给了学校官员。该事务所发现，官员们已知晓他在社交媒体上点赞女性（这在体育部门的背景调查中有所体现），以及他向一名在社交媒体上发布清凉照片的密歇根大学粉丝示好。该事务所在其演示文稿中包含了一张照片，显示摩尔的车停在与其发生婚外情的工作人员的公寓楼内。摩尔的律师未提供评论。尽管詹纳（Jenner）采访了约 300 人，但无法强迫人们开口——特别是那些并非由学校雇佣的人员。一个显著的例子是比夫·波吉（Biff Poggi），他在该校担任过三任足球工作人员，并在去年 12月 31日 的柑橘碗（Citrus Bowl）中执教密歇根队。摩尔被解雇后，波吉在一次采访中称密歇根大学是一个“功能失调的组织”。但当詹纳与布洛克（Jenner & Block）事务所邀请其参与调查时，波吉拒绝了。“我没兴趣和你或任何人交谈，”他在发给该事务所的一条短信中写道。“我已经把密歇根留在后视镜里了，并且会一直那样。很高兴我离开了。”波吉在回应《华尔街日报》的评论请求时发送了一条短信，称他感激密歇根大学，并且很高兴能开启新生活。
该组织表示，它将 保留“对足球治理、赛事、 国际比赛赛历以及所有监管 和体育决策的排他性权力”。 这种权力将在因凡蒂诺（Infantino）手中维持多久仍有待观察。欧洲和北美的反对力量已经提出了在明年的主席选举中出现一名抗议候选人作为竞争对手的可能性，尽管目前还没有任何人正式被提名。 然而，现实情况是，即使没有欧足联（UEFA）或中北美及加勒比海足联（Concacaf）的一票支持，因凡蒂诺仍可能轻松获胜。 他目前预计将在没有竞争对手的情况下参选。
/PAUL SANCYA/AP
标准普尔500指数 7437.63 À 1.66% S&P FIN À 0.59% S&P IT À 5.24% 道琼斯工业平均指数 运输指数 g 1.74% WSJ $ IDX g 0.92% 2年期国债收益率 4.227% 日经指数（中午） 64572.25 À 4.37% 更多详情请访问WSJ.com/Markets 商业与金融
2.5
0.5
20%
+20%
2.0
增长 $450 亿美元
单日增幅是 美国任何企业 历史上最高的一次
作者：DAVID UBERTI
硅谷天文数字般的 AI 支出与华尔街对其无法获得回报的担忧之间的紧张关系，一直使市场剧烈波动。随后，微软在一天之内增长了近五千亿美元。
AI 同样 逃脱测试
作者：ROBERT MCMILLAN
Anthropic (AI公司) 周四表示，其正在测试的软件在三起可追溯至 4 月的独立事件中，在 AI 制造商不知情的情况下进入互联网并入侵了毫无防备的公司。 这家人工智能供应商没有说明哪些公司受到了影响，但 Anthropic (AI公司) 表示，这三家公司均已在周一收到事件通知。 在此消息发布的一周前，OpenAI 透露其 AI 技术突破了测试沙箱（一个本应与互联网断开连接的数字监狱）并入侵了 AI 公司 Hugging Face。 OpenAI 的事件令安全研究员和 AI 专业人士感到震惊，并提醒人们，能够自主运行、旨在采取行动以完成用户任务并达成目标的 AI 系统具有强大且不可预测的力量。 网络安全公司 Corridor 的首席产品官 Alex Stamos 表示，这些事件表明 AI 公司在进行网络测试期间，需要建立更强大、全行业统一的系统隔离标准。 但这些事件同时也呈现出一种
请转至B4页
谷歌支持 Anthropic (AI公司) 的巨型数据中心.................... B4
云收入强劲
亚马逊净销售额，较去年同期变化
2026年第2季度
1.0
2024 ’25 ’26
来源：S&P Capital IQ；该公司
ANDREJ IVANOV/AGENCE FRANCE-PRESSE/GETTY IMAGES
在该公司公布的业绩平息了市场对数据中心、芯片等投资将超过公司现金生成能力的担忧后，其股价飙升 16%。微软市值单日增长 $450 亿美元，创下美国企业历史之最。
而 Meta Platforms 则截然不同。由于预测自由现金流将在今年下半年首次转负（自这家 Instagram 母公司 2012 年上市以来），其股价下跌 8%。Meta 连续第 11 个交易日股价下跌，创下其有记录以来最长的连跌纪录。
在美联储主席 Kevin Warsh 表示不愿提高利率，引发股市和债市剧烈抛售的一天后，微软的前景占据了上风。主要指数反弹，其中纳斯达克综合指数领涨，涨幅 2.8%。标准普尔500指数上涨 1.7%，道琼斯工业平均指数上涨 1.2%，即 614 点，其中微软贡献了约 360 点。
纳斯达克综合指数
标准普尔500指数
道琼斯工业平均指数
周四指数表现
3.0%
上午 10 点 11 中午 12 点 下午 1 点 2 3 4
来源：FactSet
来源：FactSet
对 Meta 和 微软的不同反应暗示了华尔街将如何回答 AI 交易核心的一个问题：那些投入数千亿美元的公司是否……
Chevron（雪佛龙）
今年春天，一名工人在加利福尼亚州罗迪奥的一家雪佛龙加油站准备燃料充填软管。
AND COLLIN EATON 石油巨头的朋友与敌人：特朗普
作者：BENOÎT MORENNE
今年 3 月，特朗普总统对油价飙升感到欣喜，称：“我们赚了很多钱。”而现在，他的石油盟友们即将获得意外之财，特朗普不再那么高兴了。
得益于 3 月至 6 月间美国原油均价为每桶 $95——高于伊朗战争前的约 $66——埃克森美孚、雪佛龙、康菲 {ConocoPhillips} 和 Occidental Petroleum 预计在今年第二季度将共同攫取 $31 亿美元的利润。
请转到 B2 页
埃克森美孚
康菲
Occidental Petroleum
作者：ISABELLA SIMONETTI
Amazon.com 的云计算销售额正在加速增长，公司为服务云客户而进行的数据中心投资也在同步增加。投资者对这一组合感到满意。
该公司周四报告的 Amazon Web Services (AWS) 收入高于预期，使其云计算业务延续了增长势头，并将今年的资本支出预测上调至 $220 亿美元，增加了 $20 亿美元。
在首席执行官 Andy Jassy 与分析师和投资者的电话会议上披露资本支出增加后，亚马逊股价在盘后交易中上涨超过 9%，以讨论第二季度业绩。他将部分增长归因于内存成本的提高。
“我们长期以来一直认为 AWS 可以成为一个年收入数千亿美元的业务，而现在我们认为它至少将是这个数字的两倍——而且很有可能在未来为我们带来一万亿美元的年收入，”Jassy 表示。
该公司称，主要利润驱动力 AWS 的销售额同比增长 37%，本季度达到 $42.2 亿美元，这是其 18 个季度以来最快的增长率。
亚马逊的收入增长 20%，达到 $200.6 亿美元，净利润为 $62.2 亿美元。两项数据均高于分析师预期。
该公司表示，第二季度净利润包括 $53.4 亿美元的非营业税前其他收入，主要来自对 Anthropic 的投资。
营收结果高于公司指引的 $194 亿美元至 $199 亿美元。该公司报告了负……
请转到 B4 页
第二季度净利润
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2025年第2季度
2026年第2季度预估
*连续合约
快餐 Taco Bell 在圆环孢子虫 危机后推出优惠活动 以吸引顾客回归。B2
五分钟间隔
每年进入科技竞赛 即可向投资者展示利润。 请参阅 B9 页
Heard on the Street：对 AI 挥霍的担忧...................... B10
美国原油期货*
每桶 $120
2025 年 8 月 '26
作者：ROLFE WINKLER
苹果公司对其 9 月季度的预测低于华尔街的预期，掩盖了该公司在 6 月期间报告的 iPhone 和 Mac 强劲销售额。该公司表示，9 月季度的销售增长将在 9 和 11% 之间，低于分析师约 12% 的预期。毛利润率也将略低于预期。股价在盘后交易中下跌 7%。
该预测部分原因是过去几个季度困扰该公司的供应限制，这使得公司难以满足对 iPhone、Mac 和 iPad 的需求，且预计在 9 月季度将进一步恶化。公司正以创纪录的速度销售这些设备，但实际销售额可能会更高。困难依然在于确保获得足够的逻辑芯片（苹果设备内部的“大脑”），这些芯片由台积电 (Taiwan Semiconductor Manufacturing) 制造。
MARIO TAMA/GETTY IMAGES
作者：SAM GOLDFARB
债券市场给凯文·沃什 (Kevin Warsh) 传递了一个信息：不要再尝试那样做了。周四，长期美国国债收益率维持在 19 年来的最高水平附近，此前一天美联储主席未能说服投资者他愿意支持通过加息来抗击通胀，从而震动了市场。
这些走势极不寻常且令人担忧：即便长期债券收益率飙升，短期国债收益率却在下跌，这表明市场担心美联储在提高利率方面等待时间太长，随后不得不采取激进的加息措施。对于新任美联储主席来说，这一行动无异于一次警告信号。 请参阅 B9 页
DAVID PAUL MORRIS/BLOOMBERG NEWS
作者：BECKY PETERSON 和 RAFFAELE HUANG
由于地缘政治紧张局势，埃隆·马斯克将 特斯拉 的中国业务设计为可以轻松地与美国业务分离。如果他推进 SpaceX 的合并，这一点可能也会派上用场。
据熟悉规划的人士透露，马斯克近年来指示 特斯拉 高管在公司美国业务和中国业务之间建立一道“激光”隔离墙。他希望确保在两国发生地缘政治冲突时，至少 特斯拉 的美国部分能够生存下来。
现在，一名熟悉这些讨论的人士表示，部分 特斯拉 高管已被告知，在潜在的合并之前，要为中国业务的分离做准备。此外， 特斯拉 的顾问们已经讨论了可能的 请参阅 B5 页
“我们在本周期看到了异常的需求。而供应链还没有足够的灵活性，使我们能够灵活应对所看到的这一高于预期的需求，”苹果公司首席财务官 Kevan Parekh 在一次采访中表示。
与此同时，内存芯片价格的飙升预计将进一步压低利润。
在 6 月季度，iPhone 销售额增长 21%，延续了 iPhone 17 的火热势头。与此同时，得益于苹果公司受欢迎的新入门级 MacBook Neo，Mac 销售额跃升了近 30%。
得益于约 $2 billion 的关税退款，公司 6 月季度的毛利润有所跳升，但这只是暂时性的。
6 月份的一个失望之处是苹果的服务部门，该部门包括 App Store 费用、iCloud 订阅和其他收入。近年来，它一直是公司最可靠的利润引擎之一。外汇汇率给该部门带来了压力，但同样产生影响的还有 请参阅 B9 页
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迪士尼 (Disney).......................................B3 道琼斯 (Dow).........................................B10
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阿迪达斯 (Adidas)..............................B3,B10 超威半导体 (Advanced Micro Devices).B10 空中客车 (Airbus).........................................A7 法航-荷航 (Air France-KLM)....................B5 Alphabet .........................B4,B10 奥驰亚 (Altria)...........................................B3 亚马逊 (Amazon.com)......B1,B4,B9,B10 百威英博 (Anheuser-Busch InBev).....B3 Anthropic...........................B1,B4 苹果 (Apple) ..........................................B1
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高盛 (Goldman Sachs).....................A6 好时 (Hershey).....................................B2
IBM.............................................B4 英特尔 (Intel)..........................................B10 洲际交易所 (Intercontinental Exchange).B9
黑石 (Blackstone) ..............................B9 布鲁姆能源 (Bloom Energy).......................A1 蓝鸮资本 (Blue Owl Capital) .................B9 宝马 (BMW).........................................B3 英国石油 (BP)...............................................B2 百时美克隆 (Bristol Myers).........................B3 博通 (Broadcom).................................B4
KKR.............................................B9 国材电气 (Kokusai Electric)....................B9
利安德巴赛尔工业 (LyondellBasell Industries) ................................................B10 MarketAxess.........................B9 Meta Platforms.....B1,B4,B10 美光科技 (Micron Technology) ....B9,B10 微软 (Microsoft).........................B1,B10 摩根士坦利 (Morgan Stanley)..................B4
CF Industries Holdings..B10 切尼尔能源 (Cheniere Energy).................B10 雪佛龙 (Chevron)............................B1,B10 信诺集团 (Cigna Group)...........................B9 城堡投资 (Citadel)........................................A1 康菲 (ConocoPhillips).......................B1
Nebius Group........................A1 网飞 (Netflix)........................................B3
达索航空 (Dassault Aviation).................A7
Gulden, Bjørn.........................B3
Aschenbrenner, Leopold....A1
Hughes, Tim..........................B4
Bidarian, Nakisa...................B3
Jassy, Andy ............................B1
Collison, John.......................A6 Collison, Patrick....................A6 Cook, Tim................................B9
Krishna, Arvind....................B4
Lipschultz, Marc...................B9
Eberhart, Dan........................B2
Martin, John ..........................B3 Musk, Elon........................B1,B3
Faury, Guillaume..................A7 Friedman, Nat.......................A6 Fortinsky, Jacob ...................B3
Nedeljkovic, Milan...............B3 Nuttall, Scott........................B9
Gambetta, Jay .....................B4 Garman, Matt......................B4 肯·格里芬 (Griffin, Ken)...............................A1 Gross, Daniel..........................A6
Parekh, Kevan.......................B1 Paul, Jake................................B3
销售额上涨， 咸味零食 推动增长
作者：KELLY CLOONAN
好时在最近一个季度的销售额有所增加，这主要得益于其在北美地区咸味零食业务的增长。 这家 Reese’s 花生酱杯和 Twizzlers 的制造商还上调了年度业绩指引，表示公司在进入下半年时拥有增长势头，并在品牌、商品营销和创新方面增加了投资。 首席执行官 Kirk Tanner 表示：“凭借成本的可预见性和经营的灵活性，我们在应对动态市场方面处于有利地位。” 好时第二季度利润为 $457.7 百万美元，或每股 $2.26，而去年同期为 $62.7 百万美元，或每股 31 美分。 根据 FactSet 调查的分析师数据，调整后每股收益为 $1.90，高于 $1.43 的预期值。 净销售额增长 6.6%，达到 $2.79 十亿美元，高于分析师预期的 $2.63 十亿美元。 在北美地区，公司咸味零食的销售额增长了 23%，而糖果业务的增长率为 4.2%。国际销售额增长了 5.7%。 在有机、恒定货币的基础上，净销售额增长了 3.6%。 对于整个年度，好时目前预计销售额增长率为 4.5% 至 5%，上调了此前 4% 至 5% 范围的下限。该公司目前预测调整后每股收益为 $8.36 至 $8.52，高于此前预测的 $8.20 至 $8.52。
本周，Taco Bell 以 1 美元的价格销售其墨西哥披萨，而该产品的正常价格约为 $5 至 $7。
以赢回客户
作者：HEATHER HADDON
在一次与餐厅供应的生菜相关的寄生虫疫情之后，Taco Bell 制定了一套挽回客户的作战计划。 该计划包括 $1 的墨西哥披萨以及如黄油鸡塔可等限时优惠产品。 尽管卫生部门将一次与旋孢子虫（cyclospora）相关的疾病暴发与产品巨头 Taylor Farms 联系起来，但这家快餐翘楚仍受到影响，因为有消费者报告在连锁店用餐后出现爆发性腹泻和胃痉挛。 这家墨西哥风格的连锁店表示，在公共卫生官员通知该连锁店农产品与疫情之间存在联系后的 72 小时内，已移除了由 Taylor Farms 供应的生菜。 该公司周四表示，从 6 月中旬到 7 月 27 日的当前季度，Taco Bell 的同店销售额下降了 2%。销售额在 7 月 18 日的周末达到最低点，此后有所改善，ac-
作者：SUZANNE KAPNER
服装品牌 Reformation 自 2009 年创立以来，在渴望时尚且可持续服装的年轻女性中建立了忠实的追随群体。 周三，这家位于加利福尼亚州弗农（Vernon）的公司（年销售额超过 $500 million）首次向公众出售股票。 Reformation 以小批量生产新款式，并在其网站上每周测试两次，在门店中每周测试一次。随后，它会迅速补货受欢迎的商品。其一半的
作者：MATTHEW DALTON 与 ADAM WHITTAKER 油价上涨提升 壳牌 利润
Nucor......................................B10 Nvidia........................B4,B9,B10
Occidental Petroleum........B1 OpenAI......................................B1 Oracle.......................................B9 Phillips 66............................B10
由与伊朗战争引发的能源危机促使 壳牌 的生产率超过 100%。 这家英国能源巨头表示，其炼油厂在第二季度的产能运行率达到 102%，通过榨取更多喷气燃料和柴油以利用飙升的价格。 “在所有资产中，都有机会消除一些瓶颈并实现 100% 以上的生产，” 壳牌 首席执行官 Wael Sawan 在一次采访中表示。“挑战在于能否连续 90 天这样做。” 到目前为止，该策略已取得成效。 壳牌 周四表示，在价格上涨及其贸易部门强劲表现的推动下，第二季度利润增长了一倍多。 Sawan 表示，在能源市场遭受严重干扰的时期（很大程度上是因为霍尔木兹海峡的封锁）， 壳牌 一直在努力提高各项业务的产量。这包括增加石油产量以及从中东以外的设施（如其在加拿大西部的的新终端）运输液化天然气（即 LNG）。 壳牌 及其行业内其他公司的举措，帮助全球能源系统适应了由伊朗战争带来的冲击，有助于防止出现全面的短缺。Sawan 表示，几个月前， 壳牌 指令其炼油厂增加喷气燃料的产量，产量提升了近 20%。现在其炼油厂已转向
这家英国能源巨头表示，其炼油厂在该季度的产能运行率达到 102%。
Reformation...........................B2 Rivian.........................................B5
Sandisk...............................A1,B9 Shell...................................B2,B10 Situational Awareness......A1 SK Hynix..................................A1 SpaceX......................................B1 Steel Dynamics..................B10 Stellantis..................................B5
Taiwan Semiconductor Manufacturing...................B1 Tesla...........................................B1 Thales........................................A7 TKO Group..............................B3
V - Y
Venture Global...................B10 Western Digital...................B9 Yum Brands ...........................B2
Pickering, Dan......................B2
Rahman, Fauzeya.............B10 Ruemmler, Kathryn ...........A6
Sawan, Wael.........................B2 Scaringe, RJ ...........................B5 Sherr, Lew...............................B3 Smith, Benjamin.................B5
Tanner, Kirk...........................B2 Turner, Chris..........................B2
Van der Walt, Ivan............B4 Vigna, Benedetto.................B3
White, Dana...........................B3
Zuckerberg, Mark .............B10
根据 Taco Bell 的母公司 Yum Brands 的说法。Yum Brands 的股价在周四交易中上涨了 3% 以上。Yum 首席执行官 Chris Turner 在周四的投资者电话会议上表示，该品牌受到了“显著的短期销售影响”。公司和第三方分析称，自从公共当局将此次爆发与 Taylor Farms 联系起来后，Taco Bell 的网络形象有所改善。现在，这家以优惠价格和前卫营销著称的连锁店正再次增加其产品供应，旨在快速复苏。公司推出了大幅折扣，将其定向至使用该连锁店应用程序的忠诚度会员。本周，该公司以 1 美元的价格销售墨西哥披萨，而常规价格为
产品在 60 天或更短时间内交付，重新订购最快可在 30 天内送达。该公司利用人工智能和机器学习快速评估客户对产品的反应并预测未来需求。该公司表示，这有助于减少对降价的依赖。2025 年，其电子商务和零售店 80% 的收入来自全价销售的商品。在其 70 家零售门店中，大约 49 家使用了名为 Retail X 的专利技术。每家 Retail X 门店的布置都像一个展厅，每件商品仅展出一件。定制-
……生产更多的柴油和汽油。 尽管如此，萨万（Sawan）表示，中东冲突使能源体系处于一种更为脆弱的状态。库存和战略储备已被削减，该地区以外的生产商的产量已接近或超过满负荷。 “能源体系比许多人（包括我们自己）所担心的要更具韧性，”萨万说。“但与此同时……这些缓冲器正在减弱，这仅仅意味着进一步的供应冲击将对整个系统产生放大效应。” 壳牌也成为了这场冲突的受害者。该公司
[[IMG_XXXX]] Taco Bell 季度同店销售额，同比变化
JOSHUA BLANCHARD/TACO BELL/GETTY IMAGES
2024 '25 '26
来源：该公司 *从6月中旬至7月27日
大约 $5 到 $7。Enchiritos（一种 enchilada 和卷饼的融合食物），通常售价在 $4 左右，在上周二也以 1 美元的价格提供。 特纳（Turner）表示，Taco Bell 推广其“周二掉落”（Tuesday Drops）活动，最新的优惠力度超过了之前的活动。他预计 Taco Bell 将走出低迷期。百胜餐饮（Yum Brands）表示，促销活动、销售损失以及疫情在密歇根州等地的集中爆发（Taco Bell 在这些地区的门店密集度较高）影响了利润率。 Taco Bell 在疫情爆发前是快餐业表现最强劲的公司之一，在截至 6 月 30 日的三个月内，同店销售额增长了 7%。该季度在疫情引起关注之前结束。
……消费者可以通过数字屏幕选择适合自己的尺寸——或使用手机扫描二维码——然后由销售人员将其送到试衣间。 试衣间配备了显示造型和可持续性信息的屏幕，还允许客户请求其他款式和尺寸。 该公司还以大胆的广告活动而闻名。其中一个广告显示 Monica Lewinsky 穿着红色连衣裙，双臂交叉，摆出好战的姿势。页面上写着“Monica F*cking Lewinsky”。
……由于在卡塔尔的资产受损或关闭，该公司损失了大约 10% 的总产量。该公司在卡塔尔拥有 Pearl 气液合成工厂，并在一家 QatarEnergy LNG 设施中持有 30% 的股份。 萨万表示，该公司原本准备重启 Pearl 的生产并从卡塔尔装载液化天然气（LNG）货物，但美国与伊朗之间新爆发的冲突使这些计划陷入停滞。 “我们现在回到了暂停状态，直到我们能确保能够安全地将产品运出海峡，”萨万说。 萨万发表上述评论之际，壳牌报告第二季度调整后收益大幅增长——这是一个备受关注的指标，它剔除了某些商品……
之友 与之敌
2026年第二季度
接前页B1
FactSet 的估算显示。这比去年的同一时期约 $12 billion 有所增长。随着中东冲突的扩大以及汽油价格涨至每加仑 $4 以上，这种现金盛宴注定会加剧该行业与其在白宫的盟友之间日益紧张的关系。
“我不认为特朗普政府一定是石油公司盈利能力的之友，”金融公司 Pickering Energy Partners 创始人丹·皮克林（Dan Pickering）表示。共和党人担心，持久的战争将损害他们在中期选举中的命运。
据《华尔街日报》报道，特朗普已告知顾问，他们需要向汽油零售商和石油公司施压以降低价格。助手们已经召集了一系列会议，讨论在选举前试图降低油价的方法。特朗普上个月表示，他已命令司法部调查石油公司，并将埃克森美孚（Exxon）、雪佛龙（Chevron）、壳牌（Shell）和 BP 列为目标。
油气行业正处于走钢丝的状态。它从一场并不想要的战争中获利，但却处于特朗普的打击范围内。与此同时，它长期向投资者承诺将利用现金回馈股东，而非扩大生产；首席执行官们预计，在冲突之外，价格维持高位的时间不足以让他们在钻探计划上做出改变。
观察人士表示，在看不到解决方案的情况下，石油生产商别无选择，只能尝试向政府传递善意——并在危机持续期间承受压力。
当前季度* –2%
【包含资产价格调整和一次性费用】至 $9.84 billion。盈利的增长使这家总部位于伦敦的能源巨头能够将其季度股票回购维持在 $3 billion——与 5 月份的份额一致。这标志着其连续第 19 个季度进行至少 $3 billion 的股票回购。强劲的现金流还使壳牌能够偿还债务。
中东冲突极大地提升了石油巨头的收益。交易部门从大宗商品的剧烈市场波动中获益。负责油气开采的上游部门在价格上涨的情况下赚得盆满钵满，因为客户们正急于寻找替代方案，以弥补在海湾地区受阻的供应。
“政治压力只能发挥到一定程度，”油田服务公司 Canary 首席执行官丹·埃伯哈特（Dan Eberhart）表示，“石油公司是经济主体。”
油气公司一直承受着特朗普交替出现的批评和鼓励增产原油的压力。他在竞选期间承诺，该行业将“钻吧，宝贝，钻吧（drill, baby, drill）”。在去年针对伊朗的 12 天战争期间，他敦促各公司增加产量，并警告不要“落入敌人之手”，但各公司仍维持原状。
在特朗普于 6 月达成停火协议并随后签署结束与伊朗战争的协议后，油价大跌，首席执行官们松了一口气。数月来，他们一直向特朗普政府警告，霍尔木兹海峡（全球五分之一的石油通常经此运输）的长期关闭正在消耗全球石油库存，并可能将原油价格推至远高于 3 月份 $118.35 每桶的峰值。
石油公司的盈利将受到密切关注，该行业正准备应对来自白宫的新一轮攻击。
石油行业贸易组织美国石油协会（American Petroleum Institute）已鼓励政府采取其他手段。它敦促政府延长对《琼斯法案》（Jones Act，该法案限制外国船只在美国港口之间运送货物）的豁免，并调整炼油厂将生物燃料掺入汽油和柴油的强制要求，以降低加油站的价格。
“随着美国军队削弱恐怖分子伊朗政权袭击商船及干扰霍尔木兹海峡能源自由流动的能力，油气价格将暴跌回冲突前的水平，”白宫发言人泰勒·罗杰斯（Taylor Rogers）表示。
PETER BOER/BLOOMBERG NEWS
JONAH ROSENBERG/BLOOMBERG NEWS
1%
–1
支出削减 阿迪达斯利润
大举押注足球 赛事，旨在 提振美国业务
作者：ANDREA FIGUERAS
由于该公司在国际足联 (FIFA) 世界杯上的巨额营销支出挤压了利润，阿迪达斯 (Adidas) 股价周四大跌超过 11%。
高管和分析师认为，世界杯是阿迪达斯加强业务的主要机会——尤其是在其长期落后于竞争对手耐克的美国市场。
阿迪达斯为参加本次赛事的 14 支球队（包括决赛球队西班牙队和阿根廷队）提供了球衣，同时为裁判提供装备，并提供了赛事的官方比赛用球。
为了进一步推广品牌，阿迪达斯举办了球迷活动，并开展了一场高调的营销活动，由演员 Timothée Chalamet 与足球明星利昂内尔·梅西 (Lionel Messi) 和朱德·贝林厄姆 (Jude Bellingham) 共同出演。
总体而言，阿迪达斯表示其售出了超过 1700 万件球衣——大约是 2022 年上一届世界杯的四倍——其中墨西哥是最大销售市场。
但尽管公司的营销努力帮助提升了销售额——第二季度营收增长 14% 至创纪录的 €6.7 billion，相当于约 $7.7 billion——但巨额支出削减了利润。该期间营业利润增长 5% 至 €574 million，
超过 1700 万件球衣， 墨西哥是 最大销售市场。
AB INBEV 世界杯提振 酿酒商业绩 百威啤酒酿造商 Anheuser-Busch InBev 表示，足球世界锦标赛以及对其更高端品牌的关注，帮助该公司在初夏时节实现了超出预期的营收和收益。
这家全球最大的酿酒商表示，截至 6 月的季度内，由于啤酒销量增长 1.1%，有机总销量同比增长 0.9%。根据公司提供的共识预测，分析师此前预测销量增长为 0.7%。
该公司表示，6 月开幕的国际足联 (FIFA) 世界杯帮助提振了 AB InBev 旗下 Michelob Ultra 拉格啤酒在美国的增长，并将其品牌扩展至拉丁美洲的关键市场。
与此同时，营收增长超过了销量增长，同比增长 5.6% 至 $16.66 billion，部分原因是集中在集团更高端的品牌上。这超过了分析师对 4.4% 营收增长的预期。
与此同时，息税折旧及摊销前利润 (EBITDA) 同比增长 5.8% 至 $5.94 billion，同样高于分析师的预期。 —Joshua Kirby
+0.9%
AB InBev 销量， 较去年同期变化
2Q 2026
阿迪达斯股价， 年初至今
€190
2026年1月 7月 4月
来源：FactSet 注：€1 = $1.15
–11.5%
低于分析师预期的 €623 million。
阿迪达斯确认了其全年营业利润约 €2.3 billion 的预测，这低于分析师预测的近 €2.5 billion。
该公司表示，其展望不包括未来可能收回的 $250 million 至 $300 million 之间的潜在美国关税退款。
低于预期的收益以及利润指引缺乏增长，在世界杯预期的上涨浪潮中惊扰了投资者。
阿迪达斯股价在欧洲交易期间一度下跌 19%，随后部分回升，最终收盘下跌 11.5%——这是该股自 1995 年 11 月上市以来单日跌幅第五大的记录。
首席执行官 Bjørn Gulden 在电话会议上表示，他对股价下跌感到惊讶。
法拉利表示，对汽车定制的强劲需求有助于提高其预测。上图为位于意大利马拉内罗的工厂。
法拉利 汽车制造商提高 全年业绩预期 由于汽车定制需求强劲，且第二季度新车型交付量增加，法拉利略微上调了其全年指导预期。 这家意大利豪华跑车制造商表示，目前预计今年营收约为 €7.6 十亿欧元，即约 $8.72 十亿美金，高于此前估计的 €7.5 十亿欧元。 法拉利指出，该指导预期是基于目前对其可见的中东危机影响而制定的。 第二季度，得益于更多的个性化定制以及利润更高的 F80 交付，法拉利报告的息税前利润为 €605 百万欧元，高于去年同期的 €552 百万欧元。营收增长 8.4%，达到 €1.94 十亿欧元。 第二季度，该公司向客户交付了 3,366 辆汽车，比去年同期少 128 辆，因为公司仍在继续执行其车型转换计划。 在法拉利最大的区域市场——欧洲、中东和非洲，该季度的交付量同比增长 13%。其他所有地区的交付量均有所下降。 —Dominic Chopping
作者：MOLLY REINMANN 保罗的交易为与UFC的对决铺路
杰克·保罗（Jake Paul）的格斗体育公司 Most Valuable Promotions 正在与专业格斗联盟（Professional Fighters League）合并，旨在挑战终极格斗冠军赛（UFC）。这两家公司在综合格斗运动的繁荣时期进行合并，这项充满暴力且极具传播力的运动已成为保守派时代精神的核心，部分原因在于UFC首席执行官 达纳·怀特（Dana White）在特朗普总统核心圈层中的地位。特朗普上个月在白宫南草坪举办了一场笼斗比赛，埃隆·马斯克（Elon Musk）、播客主持人乔·罗根（Joe Rogan）以及一线演员经常出席比赛。该业务日益增长的人气已被证明利润丰厚：派拉蒙（Paramount）去年同意向 TKO Group 支付 $7.7 billion，以获得所有 UFC 比赛为期七年的独家媒体版权。
MVP 由保罗和前 UFC 财务主管纳基萨·比达里安（Nakisa Bidarian）于 2021 年创立。2024 年，当 Netflix 将保罗与迈克·泰森（Mike Tyson）的拳击赛作为其首个体育赛事直播时，MVP 迅速将影响力扩展到了数千万更多观众的客厅中。
新公司将在 MVP 品牌下运营，仍为私有所有，并拥有近 400 名运动员。MVP 历史上专注于拳击，而 PFL 专注于综合格斗；合并后的公司将为这两项运动举办比赛。
将领导合并后公司的 PFL 首席执行官约翰·马丁（John Martin）关注主要格斗运动已十余年。这位前时代华纳（Time Warner）高管表示，他曾两次尝试说服当时的同事收购 UFC，但均未成功。“对我来说，这是私人的夙愿，”
周四 €161.25
作者：DEAN SEAL 棒球大都会队与预测市场合作
纽约大都会队（New York Mets）正将初创公司 Novig 设为其官方预测市场合作伙伴，这是美国职业棒球大联盟（MLB）的首次尝试，因为预测市场行业正寻求在职业体育领域站稳脚跟。
Novig 签署了一项多年期协议，其品牌将整合到大都会队的整个生态系统中，包括球场内、广播以及其他数字化和社会活动。球迷将在Citi Field球场的广告牌和互动竞赛中看到 Novig。
Novig 和大都会队表示，该协议标志着一家 MLB 球队首次单独与预测市场合作。自从 Kalshi 和 Polymarket 等大型平台正确预测唐纳德·特朗普在 2024 年总统大选中的胜利以来，预测市场的受欢迎程度一直激增。
职业体育一直在应对美国多年来合法体育博彩的泛滥，而近期这种现象已导致公众产生疲劳感，并引起监管机构的摩擦。主导体育博彩行业的 DraftKings 和 FanDuel 因剔除获胜过于频繁的玩家以及过度迎合最大亏损者而面临抵制。近期预测市场的爆发——
杰克·保罗的公司 Most Valuable Promotions 正在与一个格斗体育联盟合并。
BMW 德国汽车巨头 公布利润下滑 宝马（BMW）表示，由于严峻的汽车市场拖累销售和盈利，公司正致力于重塑业务，包括通过裁员实现。
这家德国汽车集团周四表示，已与劳工代表就一项“广泛的劳动力重组计划”达成协议，其中包括自愿离职补偿金。
今年5月接管该集团的首席执行官米兰·内德尔科维奇（Milan Nedeljkovic）表示，汽车行业正面临“迅速升级的挑战”，包括激烈的全球竞争、冲突以及日益增加的地区监管要求。
宝马周四表示，截至6月的季度内，由于中国市场销售疲软，加上货币和大宗商品的不利因素，息税前利润同比骤降 39%。宝马称，成本削减只能部分抵消这些对底线的拖累。
收入下降 8% 至 €31.26 billion（相当于 $35.85 billion），主要受中国汽车销量下降 30% 的影响。 ——Joshua Kirby
BRISTOL MYERS SQUIBB（百时美施贵宝） 药企上调 全年预期 Bristol Myers Squibb 在最新季度实现利润和营收增长后，上调了全年预期，这主要得益于其新治疗药物组合。 这家生物制药公司周四表示，目前预计每股收益为 $6.75 到 $7，营收为 $49 billion 到 $50 billion，高于此前预测的每股收益 $6.05 到 $6.35，营收 $46 billion 到 $47.5 billion。FactSet 调查的分析师预测每股收益为 $6.34，营收为 $47.45 billion。 Bristol Myers Squibb 第二季度利润为 $3.32 billion，或每股 $1.62，而去年同期为 $1.31 billion，或每股 64 cents。剔除某些一次性项目后，每股收益为 $2.04。分析师此前预期为每股 $1.60。 —Connor Hart
FRANCESCA VOLPI/BLOOMBERG NEWS
ALTRIA（奥驰亚） 烟草公司 利润下滑 Altria Group 第二季度营收基本持平，利润下降，因为尼古丁袋销售额的下降抵消了其香烟业务的部分增长。 这家烟草公司周四公布的利润为 $2.3 billion，或每股 $1.37，而去年同期为 $2.38 billion，或每股 $1.41。根据 FactSet 的数据，剔除某些一次性项目后，调整后的每股收益为 $1.48，低于分析师预期的 $1.50。 营收基本持平，为 $6.11 billion。FactSet 调查的分析师预测营收为 $5.35 billion。 Altria 将其调整后每股收益的全年指引范围从之前的 $5.56 到 $5.72 缩小至 $5.61 到 $5.72。 —Katherine Hamilton
Martin 表示，他接受过格斗运动训练，并于去年加入了 PFL。“在体育世界中，很少有像格斗运动这样具有如此大增长潜力的机会，”他说道，并补充称他希望创造一个能与 UFC 竞争的对手。 Paul 是一位在 YouTube、TikTok 和 Instagram 上拥有数千万追随者的影响力人士，他在 2020 年完成了职业拳击首秀。 新合并的 MVP 希望
预测市场给体育博彩公司带来了更大的压力，后者在运营时面临着成本高昂且零散的州政府法规，而预测市场则接受美国商品期货交易委员会（CFTC）的联邦监管。 对于上个月获得 CFTC 批准在全国范围内运营的 Novig 来说，在准备 8 月份全面启动之际，与大都会队（Mets）合作是一次重大胜利。 该公司希望通过仅提供专注于体育的预测市场，使自己与竞争对手区分开来。它还旨在通过生成市场驱动的赔率而非庄家驱动的赔率，来挑战体育博彩领域最大的参与者。
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抵押品处置通知公开拍卖 – 根据德克萨斯州颁布的《统一商业法典》（“UCC”）的相关条款，特此通知，NexBank（一家德克萨斯州银行，原名为 NexBank SSB，一家德克萨斯州储蓄银行）（“担保方”）将通过公开拍卖方式出售（“出售”），关于 Pacific Oak SOR Richardson Acquisition I, LLC（“出质人”，一家特拉华州有限责任公司）在以下公司中持有的 100% 有限责任公司成员权益及其相关的所有经济权利和治理权利的所有权、权益及利益：(a) Pacific Oak SOR Palisades I, LLC（原名为 JP-Palisades I, LLC），一家德克萨斯州有限责任公司，以及 (b) Pacific Oak SOR Palisades II, LLC（原名为 JP-Palisades II, LLC），一家德克萨斯州有限责任公司（统称为“抵押品”）。拍卖将于 2026年 9月 15日 东部时间下午 1:00 举行，并将通过以下 Zoom 会议链接以虚拟方式进行：https://bit.ly/NexBankUCC，会议 ID：893-7925-7890，密码：869283，拨入电话：1-646-931-3860（美国）。本次拍卖将由 Mannion Auctions, LLC 的 Matthew D. Mannion 执行。有意竞拍抵押品的各方必须联系担保方的经纪人，Newmark 的 Stephen Schwalb，电话 (214) 448-9228 或邮箱 stephen.schwalb@nmrk.com。在签署保密协议后，将提供销售条款副本以及额外的文件和信息。不符合本条款及销售条款竞标条件的各方将失去注册机会，并可能被禁止竞标。2026年 6月 12日，担保方根据《质押协议》第 8 条行使其作为出质人代理人和事实代理人的权力，(i) 向 Pacific Oak Management, LLC (“POM”) 授予了 Palisades I 和 Palisades II 各 0.5% 的成员权益，(ii) 接纳 POM 为 Palisades I 和 Palisades II 的成员，并且 (iii) 根据 2014年 4月 25日签署的 JP-Palisades I, LLC 经修订并重述的有限责任公司协议第 7(b) 条，以及 2014年 4月 25日签署的 JP-Palisades II, LLC 经修订并重述的有限责任公司协议第 7(b) 条，任命 POM 为 Palisades I 和 Palisades II 的唯一管理成员。为免疑义，POM 持有的 Palisades I 和 Palisades II 的成员单位将包含在本次 UCC 出售中，合格竞买人将有机会获得 Palisades I 和 Palisades II 实体的所有已发行且流通在外的成员单位。担保方作为贷款人，向 Pacific Oak SOR II Q&C Property, LLC（一家特拉华州有限责任公司）和 Pacific Oak SOR II Q&C Operations, LLC（一家特拉华州有限责任公司）（统称“借款人”）发放了一笔原始本金金额为 $25,000,000.00 的贷款（“贷款”）。与 2024年 6月 的贷款修改相关，担保方根据某项《质押与担保协议》获得了抵押品的第一优先级留置权。担保方因借款人在适用贷款文件项下的违约行为而进行本次出售。抵押品将分一个或多个区块以“现状”出售，担保方或任何代表担保方的人员不作任何形式的明示或暗示担保、陈述、声明或条件，且担保方或任何其他方不承担任何追索责任。
代表担保方或以其名义行事的人员以及每位竞标者必须就抵押品自行进行调查。中标者应负责支付与购买抵押品相关的所有转让税、印花税及类似税费。担保方保留信用投标、设定最低保留价、拒绝所有投标（包括但不限于其认为由无法满足担保方向潜在竞标者提出的销售要求之竞标者所提交的投标，或担保方在唯一判断下认为不能合法销售给该等人员的投标），以及在无需进一步通知的情况下终止或将销售推迟至另一时间的权利。所有投标（担保方的信用投标除外）必须以现金形式进行，且中标者必须准备好遵守销售条款中的竞标和交割要求。没有任何抵押品根据任何联邦或州证券法或蓝天法（blue sky laws）注册销售，因此，除非符合适用法律，否则担保方或任何抵押品的购买者不得出售或以其他方式转让。担保方进一步保留以下权利：将潜在竞标者限制在那些声明其是以个人名义投资而购买抵押品且非为了分销或转售该等抵押品的人员；核实拟出售的每份抵押品证书上是否带有实质性内容为该等抵押品未根据经修订的1933年证券法（以下简称“《证券法》”）注册，且不得违反《证券法》规定进行处置的标注；以及根据担保方的唯一裁量权，为了遵守《证券法》或任何其他适用法律或法规，在销售抵押品时施加担保方认为必要或明智的其他限制或条件。
利用保罗（Paul）的影响力 以及格斗比赛产生剪辑高光时刻的趋势。 “粉丝热爱戏剧冲突、铺垫、网络八卦、矛盾冲突和故事情节，我认为格斗天然地适合这些，”保罗告诉《华尔街日报》。 保罗和比达里安（Bidarian）将担任董事会职位。 MVP与Netflix拥有非独家合作伙伴关系，并曾在迪士尼的ESPN以及Sky Sports和DAZN上播报格斗比赛。
包含内置佣金的赔率。 “我们基本上在说，体育博彩公司已经过时了。你不再需要与庄家对赌，”首席执行官雅各布·福廷斯基（Jacob Fortinsky）表示。他的公司在2月份由Pantera Capital领投的B轮融资中被估值为$500 million。 大都会队（Mets）业务运营总裁刘·谢尔（Lew Sherr）表示，与预测市场合作是为了吸引更年轻的观众，并有机会在即将到来的预测市场浪潮中成为先行者。 “我们希望处于粉丝们所参与的事物的最前沿，”谢尔说。
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MATT WINKELMEYER/GETTY IMAGES FOR NETFLIX
2.0
电力保障与租赁义务 助力 Anthropic 洽谈 $15 亿美元贷款
1.5
作者：ANISSA GARDIZY
据知情人士透露，一家与 Anthropic 合作的数据中心开发商正处于高级阶段的谈判中，计划借款 $15 亿美元以在德克萨斯州建设一个园区和一座发电厂，Google 将提供财务担保和芯片。在讨论的协议中，由摩根士坦利（Morgan Stanley）领导的银行财团将向 Nexus Data Centers 贷款 $15 亿美元，用于在德克萨斯州哈伯德（Hubbard）建设该园区，该园区将拥有自己的天然气发电
作者：ELLIE DAVIS 亚马逊 Robotaxi 获准提供付费乘车服务
亚马逊旗下的 Robotaxi 服务 Zoox 已获得联邦监管机构的绿灯，开始向乘客收取乘车费用。对于一家拥有专用且缺乏传统控制装置的自动驾驶车辆的公司来说，这尚属首次。此前，Zoox 一直在拉斯维加斯和旧金山使用其专门的自动驾驶车辆（AV）提供免费乘车服务，该车辆外观像一个“带轮子的烤面包机”。到目前为止，已有超过 50 万名乘客测试了这款 Robotaxi。与 Waymo 或 特斯拉 的 Robotaxi 服务等竞争对手的部分车辆不同，Zoox 的 Robotaxi 没有方向盘或刹车踏板。国家公路交通安全管理局（NHTSA）表示，该批准是临时性的。Zoox 获准在未来两年内每年部署最多 2,500 辆自动驾驶车辆。只要 NHTSA 能够建立一套监测该技术的“监督机制”，该公司即可继续运营。
2.5
已有超过 50 万名乘客测试了这款外观像带轮子的烤面包机的 Robotaxi。
凭借 AWS 销售额 飙升
接第 B1 页
接第 B1 页
净现金流为 $7.6 亿美元。它预测第三季度的营收将在 $197 亿美元之间
作者：BELLE LIN
国际商业机器公司（IBM）周四表示，其研究表明已经实现了“量子优势”（quantum advantage）——即量子计算机执行计算的能力超越传统计算机的临界点——且这些结果可以经过严格验证。
这些研究结果标志着这项新兴技术向实际应用迈进了一步，由 IBM 及其研究合作伙伴发表在三篇论文中。合作伙伴包括芝加哥大学、日本理化学研究所（RIKEN）以及量子计算软件公司 Qedma、BlueQubit 和 Algorithmiq。
“我们正处于量子优势 era，”IBM 研究主管 Jay Gambetta 表示。“科学家们可以信任它。现在，它正从人们对系统进行基准测试，转向将其用于科学研究以探索实际应用。”
这一消息传出之际，这家被统称为“蓝色巨人”的公司正竞相证明其量子计算业务能够盈利。
本月早些时候，该公司在发布利润预警后遭遇了历史上最大规模的股价下跌，理由是客户支出从软件转向了 AI 硬件和内存芯片。IBM 表示，其软件和基础设施业务在第二季度的表现低于预期。
此后，IBM 首席执行官 Arvind Krishna 对公司的未来表达了乐观态度，认为量子计算将在几年内开始驱动其增长。该公司在
[[IMG_XXXX]] （图中为 3 月在西班牙世界移动通信大会上的 IBM Quantum System Two 量子计算机）
IBM 季度部门利润
软件 咨询 基础设施
$3.5
3.0
2Q 2026 $2.5
1.0
0.5
发电能力为 1.6 吉瓦的电厂。该交易可能很快公布。Evercore 安排了此次交易，并担任 Nexus 的唯一财务顾问。
据知情人士透露，为了帮助 Nexus 筹集债务，Google 已为 Anthropic 的租赁和电费支付义务提供了数十亿美元的担保，以应对该初创公司可能出现的违约情况。其中一位知情人士表示，Google 的支持是有限的，仅涵盖了银行完成融资所需的最低金额。
这些担保涵盖了 Anthropic 签署的四项数据中心租赁协议以及相应的电力购买协议，这些协议将从一个所谓的“后方”电厂获取电力，该电厂将为园区提供支持。
Anthropic 计划在该场地部署张量处理单元（TPU），这是 Google 与博通（Broadcom）共同设计的芯片。一些知情人士表示，这些芯片将通过 Anthropic 与博通达成的另一项供应商融资协议进行融资。
该融资方案包括一项 $14 亿的过桥贷款和一项循环信用额度。作为支持的回报，Google 预计将获得该数据中心和电力项目约 20% 的股权。
POPPY LYNCH 为 华尔街日报 拍摄
十亿和 $202 亿之间，营业利润在 $22.5 亿至 $26.5 亿之间。亚马逊表示，该季度在设备和财产购置上花费了 $54.2 亿。
投资者近期对领先科技公司在 AI 领域的大规模投入表现出不安迹象，尤其是在没有明显回报的情况下。Meta Platforms 的股价在公布业绩后周四下跌了 9%。
ings报告中披露，其自由现金流收窄至不足 $1 billion，且资本支出的底线有所提高。本月初，谷歌母公司Alphabet提高了预估的资本支出，并陷入负自由现金流，引发了 7% 的抛售。 亚马逊一直是资本支出最激进的超大规模云服务商之一，且拥有规模最大的云业务，
$0.6B $0.8B
据熟悉该协议的人士透露。 Hubbard项目是 Anthropic 旨在成为项目的直接租户，而非从云服务提供商处租用服务器的一项努力的一部分。 据知情人士称，Anthropic 已与美国开发商签署了十多份初步租赁协议，并目标在未来几年内获得至少 10 吉瓦的容量。这次租赁推进由 Tim Hughes 领导，他是一位前 Stack Infrastructure 高管，该公司在今年聘请了他。
通过该业务，亚马逊向包括 OpenAI 和 Anthropic 在内的客户销售计算能力。 亚马逊自 2023 年起便是 Anthropic 的投资者，并在 4 月份表示将向这家快速增长的 AI 开发商投入高达 $25 billion 的新资本。作为协议的一部分，Anthropic 表示将购买超过 $100 billion 的亚马逊云服务。 亚马逊本周参与了一场关于
该方案说明了人工智能繁荣背后的公司如何利用投资级科技公司和芯片供应商的资产负债表，为较年轻且尚未盈利的 AI 开发商融资建设基础设施。Anthropic 的主要竞争对手 OpenAI 也在采取类似的结构，与英伟达（Nvidia）进行洽谈，以在俄亥俄州校园安排 $250 billion 的担保，该校园最终可能会吸引 10 吉瓦的电量。 那些有望向这些设施出售硬件的芯片设计公司，正是为这些将购买硬件的项目提供担保的公司。 Nexus 是一家相对较新的数据中心公司，而 Anthropic 正在承诺
以及如何监管开放权重 AI 模型（包括在中国开发的模型）。该公司是签署倡导获取开放模型信函的成员之一，敦促美国政策制定者在潜在限制方面保持谨慎。 “AI 的成功领导力将不会围绕单一模型或单一方法构建，”亚马逊云科技（Amazon Web Services）首席执行官 Matt Garman 在 X 上表示。
称其在 10 月展示了“可验证的量子优势”——Gambetta 表示，IBM 的最新论文值得关注，因为它们证明了其结果是可证明的。 “他们拥有确保量子计算机运行结果正确的方法，”他说。 在 Qedma 和 IBM 的论文中，两家公司表示，他们展示了量子计算机如何被用于探索材料物理学，并且结果已通过多种方法确认，包括在 Quantinuum 量子计算机上进行验证。“将其视为一种在量子计算机上演示的新物理学，而传统方法在此时失效，”Gambetta 说道。 与传统计算机不同（传统计算机可以通过在其他计算机上运行同一问题来验证输出），
一些量子计算机的输出结果已经超出了经典计算机能够验证的极限。
这也是为什么 IBM 的最新公告具有重要意义的部分原因：研究公司 International Data Corp 的量子计算分析师 Heather West 表示，能够复制量子计算机的结果表明，这些系统正变得更加可靠且一致。
周四的消息有助于推动 IBM 进一步走向实现容错量子计算机的道路，这是该公司承诺在 2029 年前实现的一个里程碑。
然而，对于企业而言，最关键的启示在于，量子计算机是否能够实现实际应用——从解决优化问题到在材料科学和医学等领域取得突破。
Gambetta 表示，IBM 的最新发现是在此方向上迈出的一步。“拥有一个值得信赖的基础，让你能够开始进行应用研究；随着我们投入更强大的机器，这将使我们能够将这些应用扩展到对业务至关重要的领域，”他说道。
IDC 的 West 将 IBM 的结果描述为“在利用量子系统解决超出经典计算极限的复杂问题之路上又一个里程碑”，并有助于巩固该公司作为量子市场强力参与者的地位。
ALBERTO ESTEVEZ/EPA/SHUTTERSTOCK
在设施开始产生收入之前，这些项目需要数百亿美元的投入。Google 的担保通过在 Anthropic 无法履行义务时由这家科技巨头承担部分付款，从而降低了贷款人的风险。
Nexus 由能源行业资深人士创立，他们曾构建大规模天然气项目，目前正尝试将他们的巨型项目经验引入蓬勃发展的数据中心领域。首席执行官 Ivan Van der Walt 曾是 NextDecade 的高管，后者是一家总部位于休斯敦的液化天然气出口设施开发商。
《华尔街日报》的所有者 News Corp 已达成协议，在 Google 平台上提供内容。
AI模型 逃离测试
Stamos表示，这令人担忧地窥见了一个未来：勒索软件犯罪分子可能会利用能力日益增强的AI系统发起广泛攻击。“我们需要准备好应对攻击者在不久的将来利用开源权重模型（open-weight models）拥有此类能力的情况。”Anthropic (AI公司) 的黑客事件无疑将进一步加剧人们对AI模型潜在危害的恐惧，并推动关于如何减轻这些危害的讨论。白宫已采取行动加强对AI的监管，而私营行业则增加了要求保留对所谓开源权重模型的访问权限的呼吁，这些模型可以在用户控制的计算机系统上运行。在得知OpenAI的问题后，Anthropic (AI公司) 决定审查其测试，以确定其模型的行为是否类似。在检查了超过 141,000 项测试的日志后，该公司发现Claude确实在多次情况下进入了互联网。但在公司最终发现的三次
黑客攻击中，Claude并未突破沙箱；它是在沙箱不存在的系统中游走而出。根据Anthropic (AI公司) 的说法，由Anthropic (AI公司) 及其测试合作伙伴——安全公司Irregular运行的系统出现“配置错误”，导致模型拥有了实时互联网访问权限。Irregular的一名发言人表示，公司正在调查此事件。模型被告知互联网不可用，但在测试过程中，模型找到了联网途径，并使用基础黑客技术（如猜测弱密码或进入无需身份验证的系统）对公司进行了攻击。Anthropic (AI公司) 表示，模型错误地认为此次黑客攻击是其基准测试练习的一部分。Claude通过创建一段恶意软件，该软件被一家未具名安全公司的扫描系统下载，从而进入了该公司的系统。该软件随后窃取了用于进入该安全公司基础设施的凭据。在这次攻击期间，Claude意识到它所做的事情在现实世界中是不应该做的，但它说服自己目前处于一个模拟环境中。在最严重的一起案例中，Claude试图攻击一家虚构公司，而这家公司恰好与一个现实世界的网站同名。当Claude难以攻破其虚假的基准测试公司时，它攻破了一个属于现实世界公司的数据库。Anthropic (AI公司) 表示，这次数据库攻击是唯一一次在Claude意识到自己已攻入现实世界公司后仍继续进行攻击的实例。在其他案例中，Claude要么从未意识到自己攻击了现实世界公司，要么在意识到发生了什么后立即停止了攻击。Anthropic (AI公司) 表示，这些攻击始于4月，涉及Opus 4.7、Mythos 5以及一个未具名的研究模型。
0.2
汽车制造商销量上涨， 凭借更实惠的SUV 亏损幅度收窄
作者：PATRICK GEORGE
初创汽车制造商Rivian在第二季度收窄了亏损，并报告电动汽车销量和营收有所增长，这对于陷入困境的美国电动汽车领域来说是一个罕见的好消息。 Rivian表示，该公司现在希望
出售 中国业务
接第B1页
作者：DOMINIC CHOPPING 另一位人士表示，分拆方案包括分拆上市、出售或关闭。 任何此类举措都可能对特斯拉产生深远影响，因为其中国业务使其转变为一家持续盈利的全球大众市场电动汽车领导者——并且如果与 SpaceX 合并，可能会影响其估值。 目前尚不清楚特斯拉分拆或出售中国业务的速度有多快，其计划也有可能发生变化。 马斯克同时担任特斯拉和 SpaceX 的首席执行官，在近几个月重新围绕人工智能项目对两家公司进行重组时，他一直强调两家公司之间的跨界潜力。在 SpaceX 6月完成了一次创纪录的 IPO 并为公司筹集了 $86 亿美元后，投资者和分析师对合并的想法表示赞同。 “显然，我们不能谈论，你知道，合并公司以及那类……”
今年电动汽车（EV）的销量高于之前的预期，这可能是其最新车型 R2 SUV 早期势头的迹象。 Rivian 交付了 12,194 辆电动汽车，高于第一季度的 10,365 辆。虽然这家汽车制造商在财务报告中没有正式列出具体车型的精确销售数字，但该品牌的许多粉丝和爱好者一直在等待 R2 在 6 月的亮相。 R2 目前的价格约为 $58,000，低于之前的 Rivian 车型。 价格更低的 R2 变体版本……
特斯拉上海工厂的销售额
中国市场销售 出口
1.0 million 辆车
0.8
0.6
0.4
2021 '25 '22 '23 '24 '26
注：2026年数据截至6月 一种解决 SpaceX 作为国防承包商角色所引发冲突的方法。
“在业绩电话会议上讨论这件事，”马斯克上周告诉投资者，“必须通过适当的流程来完成。” 据知情人士透露，马斯克特别担心特斯拉在电池电芯方面对中国的依赖，并担心如果北京入侵台湾，其获取半导体的渠道可能会受到影响。他们表示，目标是在 2026 或 2027 年前做好准备，以应对可能的战争。 将特斯拉的中国业务（包括当地的一家电动汽车工厂）独立出来，将解决因 SpaceX 作为美国主要国防承包商而产生的潜在冲突。此类方案旨在在特斯拉的中国子公司与其美国业务之间建立一道防火墙。
今年晚些时候和明年还将推出其他产品。Rivian 的高管们表示，希望这款价格更实惠的电动 SUV 能让该品牌获得主流市场的成功。 “我相信 R2 将为我们的客户带来变革，并成为 Rivian 长期增长和盈利的驱动力，”首席执行官 RJ Scaringe 表示。“美国汽车市场极度缺乏高质量的电动汽车选择，我相信 R2 是一个价格极具吸引力的选项，适合日常冒险，将引起广大消费者的共鸣。” 该公司公布的净亏损为 $837 million，较前一年的 $1.15 billion 亏损有所收窄。该季度营收增长 27% 至 $1.66 billion，其中软件营收增长了 37%。 Rivian 还提高了全年的业绩指引，预计调整后亏损最高为 $2 billion；此前公司预计亏损最高为 $2.1 billion。该公司预计今年将销售 65,000 至 70,000 辆电动汽车，高于其在上一季度预测的数值。
R2 的定价为 $58,000，更廉价的型号即将推出。
SpaceX 由于与美国政府的往来而面临重大限制。该公司是一家主要的国家安全国防承包商，业务范围包括发射绝密卫星以及在乌克兰等战争地带运营互联网服务。 在 2025. 年，向美国政府的销售额占其业务的 20.9%。该项业务受到高度监管，公司受出口管制限制，且部分项目涉及政府机密活动。 其中一名知情人士表示，高管们还讨论过创建一个独立的销售实体，以处理特斯拉上海工厂的出口业务。 该人士称，特斯拉可以创建独立的办公系统，并禁止常驻中国的员工直接访问公司其他部门。虽然特斯拉中国已经拥有一定的自主权，但全球员工在很大程度上是协同工作的，且中国最高主管朱晓彤（Tom Zhu）负责监督特斯拉所有的全球汽车业务。 鉴于一家主要的美国国防承包商将控制特斯拉在中国的工厂及设施，SpaceX 与特斯拉之间潜在的合并可能会引发北京方面的严厉审查。
据知情人士透露，特斯拉的工艺知识和供应链可能会被转用于美国军方。北京方面另一个担忧是，一项交易可能会将中国约200万特斯拉车主的数据交给一家美国国防公司。
知情人士表示，如果发生合并，北京可能会寻求特斯拉的承诺和业务护栏，以防止SpaceX对特斯拉中国产生影响，并防止双用途货物（如稀土材料）从特斯拉中国非法扩散至SpaceX。
特斯拉在上海拥有两座主要工厂。它们生产的电动汽车和电池在中国销售并出口到全球各个市场，但并不出口到美国。中国是特斯拉在美之后的第二大市场，在2026年上半年的销售额中约占18%。与其他许多西方竞争对手不同，特斯拉在该地的汽车制造业务并非中国合资企业的一部分。
据参与这些计划的人员透露，在特朗普第一个任期内，特斯拉启动了一项名为“碳计划”（Project Carbon）的倡议，将其中国供应商迁至墨西哥，这一决定超出了对美国对华商品关税的担忧。
知情人士表示，马斯克尤其担心特斯拉在磷酸铁锂（LFP）电池电芯方面对中国的依赖，以及对全球最大合约芯片制造商台积电（Taiwan Semiconductor Manufacturing）芯片的依赖，而该公司面临着岛屿与北京之间战争的威胁。
《华尔街日报》此前报道，由于美国关税以及政府对本地生产的激励措施，这家电动汽车制造商在2025年决定，到2027年将在其美国工厂停止使用总部位于中国的供应商。
涉及跨国公司的合并通常需要多个司法管辖区的监管批准，尽管大多数审查主要集中在反垄断担忧上。2018年，高通（Qualcomm）在未能获得中国批准后，终止了拟议收购荷兰芯片制造商NXP半导体的计划。
业绩令人失望 股价大跌
Jeep 制造商 Stellantis 的股价在周四承压，原因是季度收益低于预期，尽管有迹象表明该汽车制造商的转型努力正开始支撑销售。股价在早盘交易中一度下跌 8.9%，随后回升，最终收盘下跌 2.5%。
AlphaValue 分析师 Adrien Brasey 表示，虽然第二季度营收与共识预期一致，但公司报告的每一项利润指标均大幅不及预期。
Stellantis 报告净利润为 293 million 欧元（相当于 $336 million），而去年同期为亏损 1.87 billion 欧元；营收增长 13% 到 43.48 billion 欧元。FactSet 的一项分析师调查此前预测净利润为 464 million 欧元，营收为 42.83 billion 欧元。该公司已承诺将大部分投资集中在欧洲和美国的四个关键品牌上，这是其今年概述的转型计划的一部分。
BOB DAEMMRICH/ZUMA PRESS
t
t
12%
s
t
s
–6
–12
52208.06 s613.92, 或 1.19% 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
盘中最高
收盘 下跌 上涨
盘中开盘
收盘 开盘
盘中最低
65-day moving average
65-day moving average
65-day moving average
柱状图衡量盘中开盘价的点数变化
4月 5月 6月 7月
4月 5月 6月 7月
4月 5月 6月 7月
*每周市盈率数据基于 Birinyi Associates Inc. 报告的收益；†基于纳斯达克-100指数
1.00
100%
最新 52周 %变动 最高 最低 收盘 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 52266.45 51655.52 52208.06 613.92 1.19 53055.91 43588.58 18.3 8.6 13.8
运输平均指数 21529.91 20877.19 21089.23 -372.63 -1.74 23933.14 15067.87 36.5 21.5 8.1
公共事业平均指数 1149.81 1126.61 1132.98 -8.11 -0.71 1190.23 1048.33 2.9 6.1 6.7
全股票市场指数 73768.19 72994.08 73683.62 1182.97 1.63 75286.10 61627.03 17.6 9.2 17.1
Barron's 400 1618.20 1602.66 1617.01 12.56 0.78 1635.15 1316.75 20.9 14.4 16.1
4.00
4.00
纳斯达克股票市场 纳斯达克综合指数 25171.44 24813.84 25122.18 679.24 2.78 27093.90 20650.13 18.9 8.1 20.6
纳斯达克-100 28168.42 27686.37 28106.35 914.04 3.36 30660.60 22763.31 21.1 11.3 21.3
S&P 500 Index 7448.75 7370.98 7437.63 121.48 1.66 7609.78 6238.01 17.3 8.6 17.5
5.00
中盘股 400 3767.18 3722.09 3764.47 30.23 0.81 3852.54 3104.60 19.5 13.9 11.5
小盘股 600 1772.83 1751.67 1770.18 14.65 0.83 1804.34 1323.05 31.6 20.6 11.7
6.00
6.00%
其他指数 罗素 2000 2948.41 2912.19 2946.10 39.79 1.37 3024.37 2166.78 33.2 18.7 14.1
2.00
0 00
2.00
纽交所综合指数 24155.56 23892.30 24138.29 193.32 0.81 24229.67 20267.69 18.0 9.7 13.8
Value Line 679.91 672.23 679.54 2.33 0.34 685.30 590.50 12.3 8.2 4.7
纽交所 Arca 生物技术 8800.07 8592.31 8788.93 75.90 0.87 8917.63 5640.67 54.5 22.9 18.1
8.00%
纽交所 Arca 制药 1268.52 1230.40 1238.35 -30.17 -2.38 1273.25 881.47 39.5 10.0 12.1
KBW 银行指数 187.33 184.60 186.78 2.86 1.55 191.84 139.52 30.6 13.8 28.0
PHLX§金/银 318.04 307.42 317.95 12.81 4.20 470.37 204.21 55.7 -7.1 36.8
PHLX§石油服务 92.47 90.50 92.41 2.42 2.69 109.24 58.66 52.1 26.0 0.3
PHLX§半导体 11406.82 10963.90 11302.99 855.50 8.19 14634.72 5527.61 101.6 59.6 43.2
Cboe 波动率指数 20.08 17.00 17.09 -3.57 -17.28 31.05 13.47 2.2 14.3 8.6
纳斯达克 PHLX 数据来源：FactSet；道琼斯市场数据
跌幅百分比榜
最新交易日 52周 公司 代码 收盘价 净值变动 % 变动 最高 最低 % 变动
最新交易日 52周 公司 代码 收盘价 净值变动 % 变动 最高 最低 %变动
PN Smart Energy PN 23.67 12.95 120.80 83.80 2.18 -68.0 T3Defense DFNS 84.98 34.76 69.22 1948.75 3.70 -90.1 Leverage 2X LgIREN Dly IREG 7.55 2.84 60.30 41.60 4.57 ... Defiance Tgt 2X LgIREN IRE 9.42 3.52 59.66 124.68 5.70 ... Leverage 2X LgCIFR Dly CIFG 9.50 3.54 59.47 20.84 4 20 ...
Leverage 2X LgNBISDly NBIG 14.30 5.03 54.26 47.81 4.51 ... GrShr 2x Long NBISDaily NBIL 20.47 7.12 53.33 68.49 6.37 ... Leverage 2x LgBEDly BEG 32.24 10.95 51.43 121.25 10.89 ... GrShr 2x Long BTDRDaily BTDL 18.41 6.07 49.18 27.37 12.00 ... Leverage 2X LgHUT Dly HUTG 23.15 7 21 45.27 48.10 5.37 ...
Leverage 2X LgCRWV Dly CRWG 15.38 4.57 42.28 196.30 10.66 ... Defiance Targt 2X LgRIOT RIOX 32.90 9.75 42.12 153.75 12.96 -46.6 Columbus McKinnon CMCO 20.68 6.06 41.45 24.40 11.99 42.8 Game Your Game GYGY 15.98 4.59 40.30 32.66 11.39 ... Direxion MU Bull 2X MUU 26.97 7.34 37.39 62.64 0.84 2495.8
按较65日平均值的变动幅度排序* 货币与商品
成交量 与 最新交易日 52周 公司 代码 (000) 65日平均值 % 变动 收盘价 %变动 最高 最低
成交量 %变动 最新交易日 52周 公司 代码 (000) 65日平均值 收盘价 %变动 最高 最低
Sanara MedTech SMTI 3,249 5109 34.06 12.60 35.95 16.05 GSMarketBeta Russ 1000 GVUS 213 3855 64.32 0.46 64.70 49.54 SGI Enhanced Nasdaq-100 QXQ 241 2225 30.31 3.36 33.25 24.75 KraneSh Gl Carbon KRBN 332 1897 33.67 0.69 36.50 27.00 Rice Acquisition 3 KRSP 355 1666 10.46 ... 11.89 10 21
Invsc S&P 500 QVM Multi QVML 92 1456 44.06 1.91 44.82 36.56 Coastal Financial CCB 2,054 1400 39.91 -43.52 120.05 36.61 Meshflow Acquisition MESH 576 1395 10.01 ... 10.05 9.87 Capricor Therapeutics CAPR 28,745 1348 4.19 -36.23 40.37 2.96 MarketAxess Holdings MKTX 9,439 1326 162.76 29.45 210.94 108.75
*股价在$2或以上，且65个交易日的平均成交量至少为5,000股的普通股 = 交易天数少于65天
最新 年初至今 地区/国家 指数 收盘价 净值变动 % 变动 % 变动
世界 MSCI ACWI 1107.04 16.10 1.48 9.1 MSCI ACWI ex-USA 463.32 5.77 1.26 10.0 MSCI World 4821.78 77.60 1.64 8.8 MSCI EmergingMarkets 1563.01 3.37 0.22 11.3
美洲 MSCI AC Americas 2819.79 44.029 1.59 8.7 加拿大 S&P/TSX Comp 35505.84 172.06 0.49 12.0 拉美 MSCI EM Latin America 3093.66 94.92 3.17 14.2 巴西 Bovespa 177158.86 3273.52 1.88 10.0 智利 S&P IPSA 5556.27 47.74 0.87 2.5 墨西哥 S&P/BMV IPC 67290.40 810.51 1.22 4.6
欧洲、中东及非洲 (EMEA) 欧洲斯托克600指数 649.95 4.94 0.77 9.8 欧元区 Euro STOXX 669.50 8.94 1.35 9.4 比利时 Bel-20 5655.00 –72.91 –1.27 11.4 丹麦 OMX Copenhagen 20 1649.67 0.42 0.03 2.6 法国 CAC 40 8485.64 77.37 0.92 4.1 德国 DAX 25612.03 151.55 0.60 4.6 以色列 特拉维夫 4095.39 49.26 1.22 12.8 意大利 FTSE MIB 52104.38 661.27 1.29 15.9 荷兰 AEX 1104.69 11.59 1.06 16.1 挪威 Oslo Bors All-Share 2377.08 2.04 0.09 22.4 南非 FTSE/JSE All-Share 111872.70 1432.36 1.30 –3.4 西班牙 IBEX 35 19757.70 345.00 1.78 14.2 瑞典 OMX Stockholm 1123.08 3.90 0.35 7.4 瑞士 Swiss Market 14392.49 –93.61 –0.65 8.5 土耳其 BIST 100 13292.93 –208.62 –1.55 18.0 英国 FTSE 100 10897.27 –11.14 –0.10 9.7 英国 FTSE 250 24079.14 82.33 0.34 7.2
欧元
亚太地区 MSCI AC Asia Pacific 256.78 1.70 0.67 12.8 澳大利亚 S&P/ASX 200 8967.70 –70.92 –0.78 2.9 中国 上证综合指数 3804.69 –23.78 –0.62 –4.1 香港 恒生指数 25858.88 50.96 0.20 0.9 印度 BSE Sensex 77928.15 273.55 0.35 –8.6 日本 日经225 61867.43 433.24 0.71 22.9 新加坡 海峡时报指数 5673.58 –39.61 –0.69 22.1 韩国 KOSPI 5593.56 –69.68 –1.23 32.7 台湾 TAIEX 39933.30 –105.88 –0.26 37.9 泰国 SET 1598.11 –26.36 –1.62 26.9
一年前 最新 滚动市盈率 市盈率预测 * 股息率 历史最高值
一年前 最新 滚动市盈率 * 市盈率预测 * 股息率 * 历史最高值
一年前 滚动市盈率 † 市盈率预测 † 股息率 *† 历史最高值：
7437.63 s121.48, 或 1.66% 过去三个月每个交易日的高点、低点、开盘价和收盘价。
22.03 24.43 20.23 21.34 1.49 1.65 53055.91, 07/06/26
53000
3.00
52000
51000
50000
49000
48000
47000
Coastal Financial CCB 39.91 -30.75 -43.52 120.05 36.61 -59.9 Baiya International Group BIYA 3.61 -2 22 -38.08 201.05 1.91 -98.1 Defiance Tgt 2X Shrt MU MUZ 12 26 -7.14 -36.80 23.92 8.11 ... Capricor Therapeutics CAPR 4.19 -2.38 -36.23 40.37 2.96 -48.8 GrShr 2xShrt SK Hynix SKDD 13.83 -7.41 -34.89 21.89 11 22 ...
GBank Financial GBFH 21.02 -9.00 -29.98 42 23 19.91 -42.1 Teladoc Health TDOC 6.58 -2.60 -28.32 9.89 4.40 -11.1 Alnylam Pharmaceuticals ALNY 205.48 -81.14 -28.31 495.55 197.81 -39.5 Direxion Semicon Br 3x SOXS 53.92 -19 23 -26.29 1698.00 31.70 -96.2 Defiance Tgt 2X Shrt AMD DAMD 1.67 -0.58 -25.78 31.12 1.34 ...
Defiance Tgt 2xShrt RGTI RGTZ 4.78 -1.58 -24.84 37.48 2 24 ... Regional Management RM 32 26 -10.10 -23.84 46.00 30.46 3.7 Nocera NCRA 2.38 -0.74 -23.72 72.00 1.30 -95.3 Defiance Tgt 2X Shrt OKLO OKLS 33.01 -10.12 -23.46 79.59 14.68 ... Defiance Tgt 2xShrt IONQ IONZ 4.46 -1.36 -23.37 127.50 1.73 -95.8
美国东部时间下午 5 点的美元外汇汇率
US$ s, 周四 年初至今涨跌 国家/货币 单位 US$ 每 US$ (%)
美洲 阿根廷比索 .00071489.0417 2.6 巴西雷亚尔 .1970 5.0767 –8.0 加拿大元 .7136 1.4013 2.1 智利比索 .001080 925.66 2.8 哥伦比亚比索 .000320 3127.80 –17.0 厄瓜多尔美元 1 1 不变 墨西哥比索 .0577 17.3412 –3.7 乌拉圭比索 .02485 40.2370 3.0 亚太地区 澳大利亚元 .7029 1.4227 –5.1 人民币 .1481 6.7543 –3.4 港元 .1275 7.8432 0.8 印度卢比 .01047 95.509 6.3 印尼卢比 .0000554 18047 8.1 日元 .006269 159.50 1.8 哈萨克斯坦坚戈 .002108 474.45 –6.5 澳门币 .1237 8.0812 0.7 马来西亚林吉特 .2445 4.0897 0.8 新西兰元 .5881 1.7004 –2.1 巴基斯坦卢比 .00360 277.765 –0.9 菲律宾比索 .0163 61.350 4.1 新加坡元 .7805 1.2813 –0.3 韩元 .0007024 1423.73 –1.2 斯里兰卡卢比 .0029767 335.94 8.4 新台币 .03086 32.403 3.4 泰国铢 .02993 33.410 6.1
日元
道琼斯商品指数 1363.79 -0 26 -0.02 1467.33 1037.49 29.06 20.61 FTSE/CC CRB 指数 384.45 -1.04 -0.27 406.18 291.69 28.25 28.68 原油，美元/桶 83.59 -0.87 -1.03 112.95 55 27 20.69 45.58 天然气，美元/MMBtu 2.758 0.036 1.32 7.460 2.523 -11.20 -25.18 黄金，美元/金衡盎司 4100.10 63.80 1.58 5318.40 3293 20 24.50 -5 21
道琼斯合作伙伴
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指数中在 2026 年表现最好的资产而结清，表现以每种资产在年度内的价格百分比变化来衡量。
25.17 24.85 21.10 24.03 1.11 1.20 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，在东部时间下午4点至6点之间，纽约证券交易所（NYSE）、纽约证券交易所Arca（NYSEArca）、纽约证券交易所美国交易所（NYSEAmer）和纳斯达克（Nasdaq）上市股票中交易最活跃和波动最大的个股。最低股价要求为$2，且盘后成交量至少为50,000股。 盘后交易最活跃个股
成交量 盘后 公司 代码 (000) 最新价 净变化 %变化 最高 最低
Cycurion CYCU 58,708.9 2.12 0.51 31.68 3.00 1.44
Amazon.com AMZN 21,878.0 257.55 22.05 9.36 264.35 235.11
SSSPDR Ptf HYBd SPHY 16,437.1 23.27 0.01 0.03 23.27 23.26
Apple AAPL 16,326.3 309.83 -23.60 -7.08 339.15 305.06
StateStreetSPDRS&P500 SPY 11,247.1 742.09 0.40 0.05 744.25 696.96
Grab Holdings GRAB 6,643.2 3.38 -0.02 -0.59 3.41 3.38
Roblox RBLX 6,168.0 41.80 -6.87 -14.12 49.50 41.61
Invesco QQQ Trust I QQQ 5,786.6 686.40 2.85 0.42 687.75 638.25 涨幅最大者…
AXT AXTI 2,667.9 58.42 11.48 24.46 62.88 46.30
Cohu COHU 206.3 55.99 9.54 20.54 58.69 46.45
Direxion AMZN Bl2X AMZU 3,308.0 38.21 6.05 18.81 38.67 32.00
GrShr2xLongAMZNDaily AMZZ 282.2 35.40 5.52 18.47 35.83 29.61 ...以及跌幅最大者
KaryopharmTherapeutics KPTI 2,759.5 2.06 -4.95 -70.63 7.02 1.89
Myriad Genetics MYGN 215.3 3.29 -2.08 -38.73 5.37 3.28
GrShr2xLongRDDTDaily RDTL 794.0 15.57 -5.32 -25.48 23.81 15.27
T3Defense DFNS 438.5 65.65 -19.33 -22.75 92.00 62.50
MasTec MTZ 183.1 266.50 -57.94 -17.86 332.00 258.78
U $ s, 周四 YTD变化 国家/货币 以美元(US$) 每美元(US$) (%)
越南盾 .00003805 26282 –0.1 欧洲 捷克克朗 .04763 20.996 2.0 丹麦克朗 .1542 6.4842 2.0 欧元区欧元 1.1530 .8673 1.9 匈牙利福林 .003180 314.48 –3.9 冰岛克朗 .008084 123.70 –1.3 挪威克朗 .1049 9.5296 –5.5 波兰兹罗提 .2677 3.7357 4.0 瑞典克朗 .1049 9.5304 3.5 瑞士法郎 1.2421 .8051 1.6 土耳其里拉 .0211 47.4350 10.4 乌克兰格里夫纳 .0223 44.7500 5.7 英国英镑 1.3467 .7426 0.1 中东/非洲 巴林第纳尔 2.6520 .3771 0.03 埃及镑 .0196 51.0744 7.1 以色列谢克尔 .3267 3.0608 –3.9 科威特第纳尔 3.2302 .3096 0.6 阿曼苏尔里亚尔 2.5993 .3847 –0.01 卡塔尔里亚尔 .2743 3.646 –0.2 沙特阿拉伯里亚尔 .2663 3.7550 0.1 南非兰特 .0606 16.4967 –0.4
收盘价 净变化 %变化 YTD%变化
WSJ美元指数 96.31 –0.89–0.92 0.41
来源：Tu lett Prebon, 道琼斯市场数据
周四 52周 YTD 收盘价 净变化 %变化 最高 最低 %变化 %变化
25122.18 s 679.24, 或 2.78% 过去三个月每个交易日的最高价、最低价、开盘价和收盘价。
Cycurion CYCU 611,608 40332.1 1.61 495.85 15.88 0.26 China SXT Pharm SXTC 528,198 3787.8 0.07 39.24 1046.99 0.05 GlucoTrack GCTK 352,511 5119.5 0.78 173.68 14.14 0.25 Intel INTC 136,459 2.6 91.13 11.30 142.35 18.97 NVIDIA NVDA 127,642 -17.4 195.04 2.65 236.54 164.07
VSee Health VSEE 120,434 3790.8 0.07 -1.50 2.52 0.07 Nuwellis NUWE 116,441 39734.8 4.45 135.45 388.85 1.83 Microsoft MSFT 109,538 181 2 451.10 15.51 555.45 349.20 Nokia ADR NOK 106,053 -6 2 9.09 8.09 17.45 4.00 Direxion Semicon Bl3x SOXL 104,278 64.0 114.72 24.71 302.00 22.57
消费者利率与投资者回报 美国消费者利率 过去一年消费者利率与其基准利率的对比
5年期 可调利率 抵押贷款 (ARM)
5年期国债 收益率
A S O N D J 2026
F M A M J J
利率/收益率 (%) 52周范围 (%) 3年变化 利率 最新 (l) 一周前 低 0 2 4 6 8 高 (百分点)
联邦基金目标利率 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.75 最优惠利率* 6.75 6.75 6.75 l 7.50 -1.75 SOFR 3.65 3.62 3.50 l 4.51 -1.65 货币市场，年收益率 0.44 0.44 0.41 l 0.45 -0.12 五年期定期存款 (CD)，年收益率 1.73 1.73 1.67 l 1.73 -1.13 30年期抵押贷款，固定† 6.76 6.66 6.11 l 6.81 -0.62 15年期抵押贷款，固定† 6.18 6.07 5.55 l 6.18 -0.48 巨额抵押贷款，$832,750及以上† 6.81 6.72 6.34 l 6.94 -0.62 五年期可调利率抵押贷款 (ARM)† 6.00 5.93 5.66 l 6 26 -0.30 新车贷款，48个月 6.96 6.97 6.85 l 7 21 -0.30
Bankrate.com 利率基于对 1,500 家以上在线银行的调查。*由全国 70% 的最大银行公布的基准利率。†不含结案费用。 来源：FactSet；道琼斯市场数据；Bankrate.com 国债收益率曲线 当前短期票据、中期票据和债券的到期收益率
到期日
t 一年前
Tradeweb FTSE 周四收盘价
1 月(s)
3 6 1 年
2 3 5 7 10 20 30
来源：Tradeweb FTSE 美国国债收盘价；Tullett Prebon；道琼斯市场数据
收益率 (%) 52周 总回报(%) 债券总回报指数 收盘 最新 一周前 高 低 52周 3年
33.05 32.72 25.12 30.01 0.58 0.67 27093.90, 06/02/26
成交量，上涨家数，下跌家数
纽约证券交易所 (NYSE) 美国交易所 (NYSE Amer.)
总成交量 1,282,258,564 18,331,599 上涨成交量 677,714,515 17,174,989 下跌成交量 600,912,843 999,960 交易标的 2,840 292 上涨 1,565 191 下跌 1,202 90 持平 73 11 新高 67 1 新低 55 11 收盘 Arms 指数† 1.04 0.15 大宗交易 4,234 163
纳斯达克 (Nasdaq) 纽约证券交易所 Arca (NYSE Arca)
总成交量 9,048,576,577 401,502,654 上涨成交量 6,670,603,690 282,393,349 下跌成交量 2,329,552,811 117,789,647 交易标的 5,065 2,654 上涨 3,100 2,008 下跌 1,794 606 持平 171 40 新高 124 86 新低 173 43 收盘 Arms 指数† 0.60 1.55 大宗交易 55,863 1,807
*仅限主要市场 NYSE, NYSE American, NYSE Arca。 †(TRIN) 上涨和下跌标的数量与上涨和下跌股票成交量的对比。Arms 指数低于 1 表示买入需求；高于 1 表示抛盘压力。
精选利率 五年期 ARM 利率
Bankrate.com 平均值†: 6.00%
圣迭戈县信用合作社 (San Diego County Credit Union) 5.13% 加利福尼亚州 圣迭戈 877-732-2848
佛罗伦萨储蓄银行 (Florence Savings Bank) 5.25% 马萨诸塞州 佛罗伦萨 800-644-8261
汉斯孔联邦信用合作社 (Hanscom Federal Credit Union) 5.38% 马萨诸塞州 汉斯孔空军基地 800-656-4328
教师第一联邦信用合作社 (Schools First FCU) 5.38% 加利福尼亚州 圣安娜 714-258-4000
萨默塞特储蓄银行 (Somerset Savings Bank, SLA) 5.63% 新泽西州 Bound Brook 732-560-1700
汇率竞速 日元、欧元兑美元；美元兑美国主要贸易伙伴
s 华尔街日报美元指数
2025 2026
28000
27000
26000
25000
24000
23000
22000
| 合约 | 开盘价 | 最高价 | 最低价 | 成交价 | 涨跌 | 持仓量 |
|---|---|---|---|---|---|---|
| 大豆油 (CBT)-60,000 磅；美分/磅 | ||||||
| 8月 | 69.38 | 69.61 | 68.07 | 68.35 | –.82 | 9,876 |
| 12月 | 67.69 | 68.05 | 66.97 | 67.29 | –.33 | 265,205 |
| 粗米 (CBT)-2,000 担；美元/担 | ||||||
| 9月 | 13.58 | 13.85 | 13.41 | 13.77 | .26 | 11,558 |
| 11月 | 13.87 | 14.25 | 13.83 | 14.20 | .26 | 1,149 |
| 小麦 (CBT)-5,000 蒲式耳；美分/蒲式耳 | ||||||
| 9月 | 660.00 | 686.50 | 658.25 | 663.50 | 2.75 | 203,521 |
| 12月 | 678.50 | 703.00 | 675.00 | 681.50 | 3.75 | 158,061 |
| 小麦 (KC)-5,000 蒲式耳；美分/蒲式耳 | ||||||
| 9月 | 725.00 | 755.25 | 724.25 | 730.75 | 5.25 | 120,861 |
| 12月 | 739.50 | 769.50 | 739.25 | 746.75 | 6.00 | 109,328 |
| 肥牛 (CME)-50,000 磅；美分/磅 | ||||||
| 8月 | 345.525 | 348.550 | 341.250 | 346.475 | 2.200 | 12,432 |
| 9月 | 339.525 | 343.000 | 336.325 | 342.450 | 3.800 | 20,533 |
| 活牛 (CME)-40,000 磅；美分/磅 | ||||||
| 8月 | 228.800 | 231.375 | 228.475 | 231.225 | 3.325 | 36,981 |
| 10月 | 224.650 | 227.575 | 223.950 | 227.450 | 3.475 | 119,051 |
| 瘦猪 (CME)-40,000 磅；美分/磅 | ||||||
| 8月 | 100.475 | 100.550 | 98.250 | 98.425 | –2.250 | 26,294 |
| 10月 | 85.500 | 85.525 | 82.100 | 83.350 | –2.350 | 123,725 |
| 木材 (CME)-27,500 板英尺；美元/1,000 板英尺 | ||||||
| 9月 | 632.00 | 633.50 | 623.00 | 625.00 | –9.00 | 6,782 |
| 11月 | 633.00 | 636.00 | 627.50 | 632.00 | –3.00 | 1,083 |
| 牛奶 (CME)-200,000 磅；美分/磅 | ||||||
| 7月 | 15.64 | 15.65 | 15.64 | 15.64 | –.13 | 5,454 |
| 9月 | 16.92 | 16.98 | 16.80 | 16.94 | .05 | 6,147 |
| 可可 (ICE-US)-10 公吨；美元/吨 | ||||||
| 9月 | 5,160 | 5,218 | 5,048 | 5,112 | –73 | 64,429 |
| 12月 | 5,300 | 5,357 | 5,185 | 5,246 | –81 | 55,680 |
| 咖啡 (ICE-US)-37,500 磅；美分/磅 | ||||||
| 9月 | 332.00 | 338.75 | 322.25 | 323.05 | –2.75 | 57,105 |
| 12月 | 314.35 | 317.45 | 307.15 | 307.70 | –.85 | 60,142 |
| 世界糖 (ICE-US)-112,000 磅；美分/磅 | ||||||
| 10月 | 14.52 | 14.63 | 14.37 | 14.43 | –.07 | 499,600 |
| 27年3月 | 15.42 | 15.52 | 15.30 | 15.33 | –.07 | 300,200 |
| 国内糖 (ICE-US)-112,000 磅；美分/磅 | ||||||
| 9月 | 35.50 | 35.50 | 35.50 | 35.50 | –.50 | 190 |
| 27年3月 | 37.32 | 37.32 | 37.32 | 37.32 | … | 1,475 |
| 棉花 (ICE-US)-50,000 磅；美分/磅 | ||||||
| 10月 | 79.34 | 80.01 | 79.25 | 79.41 | 1.39 | 141 |
| 12月 | 79.67 | 81.40 | 79.46 | 80.67 | 1.14 | 196,422 |
| 橙汁 (ICE-US)-15,000 磅；美分/磅 | ||||||
| 9月 | 137.55 | 147.35 | 134.85 | 146.00 | 8.05 | 7,814 |
| 11月 | 142.45 | 150.90 | 138.90 | 150.00 | 8.40 | 1,301 |
| 合约 | 开盘价 | 最高价 | 最低价 | 成交价 | 涨跌 | 持仓量 |
|---|---|---|---|---|---|---|
| 高纯铜 (CMX)-25,000 磅；美元/磅 | ||||||
| 8月 | 6.3430 | 6.4740 | 6.3150 | 6.4445 | 0.1660 | 6,014 |
| 9月 | 6.3495 | 6.5085 | 6.3400 | 6.4745 | 0.1630 | 137,201 |
| 黄金 (CMX)-100 金衡盎司；美元/金衡盎司 | ||||||
| 8月 | 4060.70 | 4118.50 | 4028.50 | 4100.10 | 63.80 | 26,763 |
| 9月 | 4076.00 | 4133.30 | 4040.00 | 4114.70 | 64.20 | 4,052 |
| 10月 | 4094.30 | 4148.00 | 4054.40 | 4129.40 | 64.10 | 49,944 |
| 11月 | 4134.30 | 4135.20 | 4134.30 | 4145.50 | 63.80 | 279 |
| 12月 | 4126.70 | 4180.20 | 4085.00 | 4160.60 | 63.60 | 275,504 |
| 27年1月 | 4151.10 | 4177.50 | 4108.50 | 4178.60 | 63.80 | 255 |
| 钯金 (NYM) - 50 金衡盎司；美元/金衡盎司 | ||||||
| 8月 | 1244.50 | 1244.50 | 1244.50 | 1302.20 | 55.90 | 26 |
| 9月 | 1266.50 | 1322.00 | 1243.50 | 1308.20 | 56.00 | 17,057 |
| 铂金 (NYM)-50 金衡盎司；美元/金衡盎司 | ||||||
| 8月 | 1612.10 | 1632.90 | 1612.10 | 1651.90 | 59.20 | 51 |
| 10月 | 1616.60 | 1673.60 | 1589.30 | 1660.20 | 57.90 | 45,278 |
| 白银 (CMX)-5,000 金衡盎司；美元/金衡盎司 | ||||||
| 8月 | 57.275 | 59.250 | 57.225 | 58.815 | 0.928 | 1,351 |
| 9月 | 57.975 | 59.570 | 57.120 | 59.017 | 0.928 | 80,358 |
| 原油, 轻质甜油 (NYM)-1,000 桶；美元/桶 | ||||||
| 9月 | 84.65 | 85.94 | 82.97 | 83.59 | –0.87 | 265,718 |
| 10月 | 81.98 | 82.72 | 80.22 | 80.80 | –1.24 | 162,428 |
| 11月 | 79.46 | 79.71 | 77.71 | 78.19 | –1.49 | 110,647 |
| 12月 | 77.25 | 77.74 | 75.74 | 76.12 | –1.62 | 207,107 |
| 27年6月 | 72.04 | 72.28 | 70.80 | 71.01 | –1.23 | 136,914 |
| 12月 | 69.60 | 69.95 | 68.73 | 68.90 | –1.00 | 149,098 |
| 纽约港超低硫柴油 (NYM) 42,000 加仑；美元/加仑 | ||||||
| 8月 | 4.3601 | 4.3601 | 4.1698 | 4.2094 | –.1607 | 6,468 |
| 9月 | 4.2330 | 4.2330 | 4.0905 | 4.1291 | –.1066 | 76,822 |
| 汽油-纽约 RBOB (NYM) 42,000 加仑；美元/加仑 | ||||||
| 8月 | 3.3884 | 3.3884 | 3.2425 | 3.2847 | –.1131 | 8,075 |
| 9月 | 3.2258 | 3.2258 | 3.1108 | 3.1313 | –.0945 | 107,324 |
| 天然气 (NYM)-10,000 MMBtu.; 美元/MMBtu. | ||||||
| 9月 | 2.732 | 2.776 | 2.680 | 2.758 | .036 | 372,346 |
| 10月 | 2.774 | 2.817 | 2.730 | 2.799 | .030 | 151,635 |
| 12月 | 3.735 | 3.752 | 3.692 | 3.706 | –.026 | 135,905 |
| 27年1月 | 4.211 | 4.231 | 4.170 | 4.183 | –.027 | 144,513 |
| 3月 | 3.009 | 3.020 | 2.979 | 2.989 | –.022 | 139,664 |
| 4月 | 2.856 | 2.870 | 2.835 | 2.845 | –.018 | 115,733 |
农产品期货
玉米 (CBT)-5,000 蒲式尔；每蒲式尔美分 9月 448.25 452.50 445.25 445.75 –3.25 533,099 12月 471.00 475.50 468.00 468.50 –3.25 782,580 燕麦 (CBT)-5,000 蒲式尔；每蒲式尔美分 9月 313.75 319.00 311.00 312.00 –75 869 12月 328.00 334.00 325.00 331.75 4.75 2,113 大豆 (CBT)-5,000 蒲式尔；每蒲式尔美分 8月 1178.00 1184.75 1169.00 1177.25 –75 12,901 11月 1192.50 1198.50 1184.25 1188.75 –4.00 501,427 豆粕 (CBT)-100 吨；每吨美元 8月 316.10 317.30 313.00 314.10 –1.20 7,809 12月 324.10 325.30 320.40 322.80 –70 288,066
星期四
2026年7月30日，星期四
星期四
星期四
wsj.com/market-data/commodities
这些价格反映了市场上各种实际或“实物”商品的买入和卖出价格——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 工业金 4076.00 克鲁格金币 (Krugerrand)，批发-e 4282.83 枫叶金币 (Maple Leaf)-e 4385.29 美国鹰洋金币 (American Eagle)-e 4385.29 墨西哥比索金币 (Mexican peso)-e 5287.34 奥地利皇冠金币 (Austria crown)-e 4020.25 奥地利爱乐金币 (Austria phil)-e 4303.32
白银，金衡盎司 Engelhard 工业银 58.1000 Handy & Harman 基准银 58.6090 Handy & Harman 加工银 73.2610 钱币，批发面值 $1,000-a 42204
其他金属 铂金, Engelhard 工业铂 1631.0 钯金, Engelhard 工业钯 1294.0 铝, LME, 每公吨美元 3207.0 铜, Comex 现货 6.4445 铁矿石, 62% Fe CFR 中国-s 97.3 钢, HRC USA, FOB 中西部工厂-s *1180.0
电池/电动汽车金属
代码指南：A=要价 (ask)；B=出价 (bid)；BP=国家升降机对生产者的出价；C=已修正；D=CME；E=Manfra, Tordella & Brookes；H=American Commodities Brokerage Co；K=双周；M=月度；N=名义；n.a.=未报价或不可用；P=Sosland Publishing；R=SNL Energy；S=Platts-TSI；T=Cotlook Limited；U=USDA；V=Benchmark Mineral Intelligence；W=每周；Y=国际咖啡组织；Z=未报价。*数据截至 7/29 来源：道琼斯市场数据 (Dow Jones Market Data)
最大的 100 只交易所交易基金，最新交易日。
2026年7月30日，星期四
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
2026年7月30日
在美国及国际市场借款或贷款的关键年利率。以下利率为通用水平指南，并不总是代表实际交易。
通货膨胀
| 6月指数水平 | 5月 26 变动(%) | 6月 25 | |
|---|---|---|---|
| 美国消费者价格指数 | |||
| 所有项目 | 333.952 | –0.35 | 3.5 |
| 核心 | 336.882 | 0.01 | 2.6 |
国际利率
| 最新 | 一周前 | 52周最高 | 52周最低 | |
|---|---|---|---|---|
| 最优利率 | ||||
| 美国 | 6.75 | 6.75 | 7.50 | 6.75 |
| 加拿大 | 4.45 | 4.45 | 4.95 | 4.45 |
| 日本 | 2.125 | 2.125 | 2.125 | 1.875 |
| 政策利率 | ||||
| 欧元区 | 2.40 | 2.40 | 2.40 | 2.15 |
| 瑞士 | 0.25 | 0.25 | 0.50 | 0.25 |
利率期货 超长期国债 (CBT) -$100,000; 点数为100%的32分之一 | | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 110-300 | 111-030 | 110-070 | 110-280 | –1-04.0 | 2,462,587 | | 12月 | 110-130 | 110-160 | 110-000 | 110-160 | –1-04.0 | 45 |
国债 (CBT) -$100,000; 点数为100%的32分之一 | | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 109-110 | 109-180 | 108-260 | 109-130 | –28.0 | 1,862,528 | | 12月 | 108-300 | 109-040 | 108-130 | 108-310 | –29.0 | 10,031 |
国债票据 (CBT) -$100,000; 点数为100%的32分之一 | | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 108-125 | 108-205 | 108-060 | 108-175 | –7.5 | 5,303,754 | | 12月 | 108-040 | 108-115 | 107-295 | 108-090 | –8.5 | 22,929 |
5年期国债票据 (CBT) -$100,000; 点数为100%的32分之一 | | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 106-052 | 106-130 | 106-020 | 106-105 | –3.0 | 6,174,531 | | 12月 | 106-067 | 106-087 | 106-052 | 106-072 | –3.2 | 20,317 |
2年期国债票据 (CBT) -$200,000; 点数为100%的32分之一 | | 最新 | 一周前 | 52周最高 | 52周最低 | 变动 | 成交量 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9月 | 102-267 | 102-307 | 102-256 | 102-295 | .2 | 4,353,247 |
BMI碳酸锂, 中国工厂交货, =99.5%-v,w: 21200 BMI氢氧化锂, 中国工厂交货, =565%-v,w: 19650 BMI硫酸钴, 中国工厂交货, >20.5%-v,w: 11840 BMI硫酸镍, 中国工厂交货, >22%-v,k: 4440 BMI鳞片石墨, 中国离岸价, -100目, 94-95%-v,m: 425
纤维与纺织品
黄麻, 10盎司, 40英寸纽约码-n,w: 1.2400 棉花, 1 1/16 标准中低等级-u: 0.7566 Cotlook 'A' 指数-t: *89.75 皮革, 重型本土牛皮件离岸价-u: n.a. 羊毛, 64s, 粗纱, 德利交-u,w: n.a.
谷物与饲料
麸皮, 小麦中粉, 堪萨斯城-u,w: 80 玉米, 2号黄色, 伊利诺伊州中部-bp,u: 4.3000 棉籽粕-u,w: 320 玉米饲料, 伊利诺伊州中部-u,w: 120 肉骨粉, 50%磷, 明尼阿波利斯-u,w: 355 燕麦, 2号铣制, 明尼阿波利斯-u: 3.7775 大米, 长粒精米, 2号阿肯色-u,w: 28.63 大豆粕, 伊利诺伊州中部, 铁路运输, 吨 48%-u,w: 349.90 大豆, 1号黄色伊利诺伊-bp,u: 11.7000 小麦, 春小麦 14%-pro 明尼阿波利斯-u: 8.4000 小麦, 2号软红麦, 圣路易斯-u: 6.3300 小麦-硬质-堪萨斯城 (USDA) 每蒲式耳美元-u: 7.1575 小麦, 1号软白麦, 俄勒冈州波特兰-u: 6.6250
| 基金/指数 | 代码 | 最新 | 变动 | 变动% |
|---|---|---|---|---|
| iShRuss1000Grw | IWF | 117.43 | 2.96 | –0.8 |
| iShRuss1000Val | IWD | 250.71 | 0 48 | 19.2 |
| iShRuss2000 | IWM | 292.59 | 1.39 | 18.9 |
| iShS&P500Grw | IVW | 133.33 | 3.13 | 8.2 |
| iShS&P500Value | IVE | 232.16 | –0.09 | 9.5 |
| iShSemiconductor | SOXX | 504.53 | 8.50 | 67.5 |
| iSh7-10YTreaBd | IEF | 93.21 | 0.04 | –3.1 |
| iShSilver | SLV | 53.50 | 3.34 | –17.0 |
| iSh20+YTreaBd | TLT | 82.80 | –0.06 | –5.0 |
| iShUSEqFactRotat | DYNF | 66.92 | 1.95 | 10.0 |
| iShUSTreasuryBd | GOVT | 22.50 | 0.04 | –2.3 |
| iSh0-3MTreaBd | SGOV | 100.69 | 0.01 | 0.3 |
| JPMNasdEqPrem | JEPQ | 57.92 | 3.17 | –0.3 |
| JanusAAACLO | JAAA | 50.67 | 0.02 | 0.2 |
| JPMEqPremiumIncome | JEPI | 57.24 | 0.56 | ... |
| JPM UltShIncm | JPST | 50.54 | ... | –0.1 |
| ProShUltPrQQQ | TQQQ | 63.30 | 9.61 | 20.1 |
| SPDRGoldMini | GLDM | 81.33 | 1.64 | –4.7 |
| SPDR Gold | GLD | 377.16 | 1.64 | –4.8 |
| SchwabIntEquity | SCHF | 27.59 | 3.18 | 14.8 |
| SchwabUS BrdMkt | SCHB | 28.68 | 1.63 | 9.3 |
| SchwabUS Div | SCHD | 33.41 | –1.24 | 21.8 |
| SchwabUS LC | SCHX | 29.25 | 1.53 | 8.7 |
| SchwabUS LC Grw | SCHG | 33.79 | 1.65 | 3.6 |
| SSEnergySel | XLE | 58.96 | 0.53 | 31.9 |
| SSFinlSel | XLF | 57.00 | 0.56 | 4.1 |
| SSHlthCrSel | XLV | 163.52 | –1.64 | 5.6 |
| SSIndlSel | XLI | 178.39 | 0.98 | 15.0 |
| SSSPDRBbg1-3M | BIL | 91.65 | 0.01 | 0.3 |
| SSSPDR DJIA | DIA | 521.51 | 1.18 | 8.5 |
| SSSPDRDevxUS | SPDW | 50.42 | 3.05 | 13.5 |
| SSSPDRS&P500 | SPYM | 87.31 | 1.61 | 8.8 |
| SSSPDRS&P500G | SPYG | 115.47 | 3.18 | 8.2 |
| 最新 | 一周前 | 52周最高 | 52周最低 | |
|---|---|---|---|---|
| 英国 | 3.75 | 3.75 | 4.25 | 3.75 |
| 澳大利亚 | 4.35 | 4.35 | 4.35 | 3.60 |
隔夜回购 | | 最新 | 一周前 | 52周最高 | 52周最低 | | :--- | :--- | :--- | :--- | :--- | | 美国 | 3.66 | 3.67 | 4.45 | 3.49 |
美国政府利率
| 最新 | 一周前 | 52周最高 | 52周最低 | |
|---|---|---|---|---|
| 贴现率 | 3.75 | 3.75 | 4.50 | 3.75 |
联邦基金 | | 最新 | 一周前 | 52周最高 | 52周最低 | | :--- | :--- | :--- | :--- | :--- | | 有效利率 | 3.6400 | 3.6400 | 4.3300 | 3.6300 | | 最高 | 3.7000 | 3.7000 | 4.5500 | 3.7000 | | 最低 | 3.5500 | 3.5500 | 4.3200 | 3.5500 | | 买入价 | 3.6200 | 3.6200 | 4.3200 | 3.6100 | | 卖出价 | 3.6400 | 3.6400 | 4.3300 | 3.6300 |
大宗商品
食品
牛肉，胴体等值指数 choice 1-3,600-900 lbs.-u 346.66 select 1-3,600-900 lbs.-u 328.70 肉鸡，全国综合加权平均-u,w 1.1777 黄油，AA 芝加哥-d 1.4800 切达干酪，桶，芝加哥-d 154.75 切达干酪，块，芝加哥-d 153.25 牛奶，无脂干奶粉，芝加哥磅-d 150.00 咖啡，巴西，综合-y 3.1785 咖啡，哥伦比亚，纽约-y 3.7712 鸡蛋，大号白色，芝加哥-u,w 1.2150 面粉，硬冬小麦 KC-p 19.70 火腿，17-20 lbs，美国中西部 fob-u n.a. 生猪，爱荷华-南明尼苏达-u 96.36 猪腩，12-14 lb美国中西部-u 1.9772 猪里脊，13-19 lb美国中西部-u 1.1183 牛犊，德州-俄克拉荷马 Choice-u n.a. 牛犊，育肥，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 n.a. 油脂，精选白色，芝加哥-h 0.7100 猪油，芝加哥-u n.a. 大豆油，原油；伊利诺伊中部-u,w 0.7559 牛脂，漂白；芝加哥-h 0.7450 牛脂，食用，芝加哥-u n.a.
13周 3.815 3.730 4.235 3.540 26周 3.945 3.835 4.120 3.475
其他短期利率
同业拆借资金 (Call money) 5.50 5.50 6.25 5.50
商业票据 (AA 金融类) 90天 3.88 n.a. 4.26 3.57
担保隔夜融资利率 (SOFR) 3.65 3.62 4.51 3.50
数值 52周 最新 交易高点 低点
12月 102-217 102-266 102-217 102-261 .2 6,837 30天联邦基金 (CBT)-$5,000,000; 100 - 日均值。 7月 96.3725 96.3725 96.3700 96.3700 .0000 306,015 8月 96.3650 96.3700 96.3650 96.3650 .0000 867,816 三个月 SOFR (CME)-$1,000,000; 100 - 日均值。 5月 96.3600 96.3600 t 96.3600 96.3600 .0000 5,446 12月 95.9550 95.9950 t 95.9200 95.9700 .0000 1,687,952
货币期货 日元 (CME)-¥12,500,000; 每100日元计美元 8月 .6126 .6338 .6115 .6301 .0169 1,355 9月 .6143 .6354 .6128 .6315 .0169 427,080 加元 (CME)-CAD 100,000; 每加元计美元 8月 .7131 .7150 .7116 .7152 .0023 386 9月 .7134 .7162 .7123 .7160 .0023 362,479 英镑 (CME)-£62,500; 每英镑计美元 8月 1.3356 1.3472 1.3342 1.3475 .0112 720 9月 1.3360 1.3476 1.3333 1.3475 .0111 258,701 瑞士法郎 (CME)-CHF 125,000; 每法郎计美元 9月 1.2342 1.2498 1.2290 1.2497 .0163 111,090 12月 1.2459 1.2620 1.2459 1.2625 .0162 618 澳元 (CME)-AUD 100,000; 每澳元计美元 8月 .6953 .7030 .6948 .7028 .0047 692 9月 .6947 .7028 .6941 .7024 .0047 230,744 墨西哥比索 (CME)-MXN 500,000; 每比索计美元 8月 .05746 .05768 .05746 .05754 .00020 951 9月 .05710 .05752 .05697 .05741 .00020 198,862
债券 | wsj.com/market-data/bonds/benchmarks 跟踪债券基准 投资回报率及其相对于国债的利差，以及/或支付给投资者的收益率，并与52周高点和低点对比，涵盖不同类型的债券。
总回报 年初至今总回报 (%) 收益率(%) 收盘价 指数 最新 低点 高点
总回报 年初至今总回报 (%) 收益率 (%) 收盘价 指数 最新 低点 高点
广义市场 彭博固定收益指数 (Bloomberg Fixed Income Indices)
2239.24 -0.4 美国综合指数 4.930 4.160 5.000
美国公司债指数 彭博固定收益指数 (Bloomberg Fixed Income Indices)
3422.56 -0.6 美国公司债 5.430 4.680 5.470
3388.68 0.3 中短期 5.110 4.330 5.180
4332.73 -2.6 长期 6.140 5.370 6.160
634.41 -2.0 Double-A 级 5.330 4.410 5.350
941.70 -0.3 Triple-B 级 5.600 4.860 5.640
高收益债券 ICE BofA
627.28 1.6 受限高收益指数 (HighYieldConstrained) 7.292 6.489 7.668
628.32 -0.002 Triple-C 级 13.743 11.438 14.020
4167.38 1.2 高收益 100 指数 (High Yield 100) 6.648 5.828 7.136
547.11 1.9 全球受限高收益指数 (GlobalHighYieldConstrained) 7.018 6.317 7.438
400.85 1.4 欧洲受限高收益指数 (EuropeHighYieldConstrained) 5.584 4.820 6.198
美国机构债 彭博固定收益指数 (Bloomberg Fixed Income Indices)
1966.90 0.4 美国机构债 4.550 3.830 4.650
1746.45 0.6 10-20年期 4.480 3.750 4.590
3660.95 -1.4 20年以上期 5.330 4.580 5.330
3035.99 -0.1 扬基债 (Yankee) 5.070 4.320 5.130
*受限指数将单个发行人的集中度限制在2%；高收益 100 为 100 只最大规模的债券 † 以当地货币计 § 欧元区债券
** EMBI 全球指数 来源：ICE Data Services; 彭博固定收益指数 (Bloomberg Fixed Income Indices); J.P Morgan
选定其他国家的基准两年期和 10 年期政府债券的收益率及其与美国国债的利差；箭头表示在最新交易日中收益率上升(s)或下降(t)
| 国家/收益率(%) | 票息 (%) | 到期年限 | 最新(l) | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 前一交易日 | 一个月前 | 一年前 | 利差（低于/高于美国国债，以基点计）最新 | 前一交易日 | 一年前 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 美国 2 | 4.250 | 2 | 4.227 t | l | 4.235 | 4.138 | 3.936 | |||||||||
| 美国 10 | 4.375 | 10 | 4.662 s | l | 4.621 | 4.420 | 4.377 | |||||||||
| 澳大利亚 2 | 2.250 | 2 | 4.579 s | l | 4.528 | 4.433 | 3.326 | 34.3 | 24.7 | -62.5 | ||||||
| 澳大利亚 10 | 4.250 | 10 | 5.007 s | l | 4.930 | 4.730 | 4.266 | 34.2 | 24.6 | -11.3 | ||||||
| 法国 2 | 2.400 | 2 | 2.954 t | l | 2.997 | 2.698 | 2.207 | -128.2 | -128.4 | -174.4 | ||||||
| 法国 10 | 3.700 | 10 | 3.971 s | l | 3.962 | 3.547 | 3.363 | -69.4 | -72.2 | -101.6 | ||||||
| 德国 2 | 2.700 | 2 | 2.788 t | l | 2.819 | 2.540 | 1.967 | -144.8 | -146.2 | -198.4 | ||||||
| 德国 10 | 3.000 | 10 | 3.182 t | l | 3.183 | 2.864 | 2.709 | -148.4 | -150.2 | -167.0 | ||||||
| 意大利 2 | 2.650 | 2 | 2.978 t | l | 3.012 | 2.707 | 2.158 | -125.8 | -126.9 | -179.3 | ||||||
| 意大利 10 | 3.800 | 10 | 3.982 t | l | 3.983 | 3.587 | 3.531 | -68.3 | -70.1 | -84.8 | ||||||
| 日本 2 | 1.400 | 2 | 1.481 s | l | 1.478 | 1.362 | 0.830 | -275.5 | -280.3 | -312.1 | ||||||
| 日本 10 | 2.700 | 10 | 2.804 s | l | 2.751 | 2.687 | 1.563 | -186.1 | -193.3 | -281.6 | ||||||
| 西班牙 2 | 2.400 | 2 | 2.835 t | l | 2.858 | 2.600 | 2.089 | -140.2 | -142.3 | -186.2 | ||||||
| 西班牙 10 | 3.400 | 10 | 3.625 s | l | 3.611 | 3.298 | 3.229 | -104 | -107.3 | -115.1 | ||||||
| 英国 2 | 4.375 | 2 | 4.340 t | l | 4.463 | 4.176 | 3.888 | 10.4 | 18.2 | -6.3 | ||||||
| 英国 10 | 1.125 | 10 | 4.989 t | l | 5.049 | 4.769 | 4.608 | 32.4 | 36.5 | 22.9 |
公司债券 公司债券价格反映了包括投资者对经济、行业及特定公司的预期在内的多种因素 最显著收窄的投资级利差……
| 发行方 | 代码 | 票息(%) | 收益率 (%) | 到期日 | 利差*, 以基点计 (当前) | 一日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| Oracle | ORCL | 5.375 | 7.31 | 40年7月15日 | 265 | –18 | 276 |
| Equifax | EFX | 5.000 | 4.88 | 29年8月15日 | 59 | –7 | 68 |
| General Electric | … | 6.875 | 5.43 | 39年1月10日 | 74 | –7 | n.a. |
| Goldman Sachs | GS | 6.450 | 5.82 | 36年5月1日 | 115 | –7 | 114 |
| Enel Finance International | … | 6.000 | 6.00 | 39年10月7日 | 133 | –6 | n.a. |
| State Street Bank and Trust | … | 4.701 | 4.51 | 29年7月23日 | 23 | –6 | n.a. |
| AstraZeneca | AZN | 6.450 | 5.39 | 37年9月15日 | 73 | –5 | 75 |
| AbbVie | ABBV | 4.400 | 5.83 | 42年11月6日 | 61 | –4 | n.a. |
| 发行方 | 代码 | 票息(%) | 收益率 (%) | 到期日 | 利差*, 以基点计 (当前) | 一日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| BNP Paribas | … | 4.400 | 4.93 | 28年8月14日 | 68 | 10 | 59 |
| Deutsche Bank | DB | 5.414 | 4.80 | 29年5月10日 | 50 | 7 | 40 |
| NomuraHoldings | … | 5.605 | 4.97 | 29年7月6日 | 69 | 7 | n.a. |
| Toronto–Dominion Bank* | TD | 4.109 | 4.66 | 28年10月13日 | 45 | 5 | 46 |
| Caterpillar Financial Services | … | 4.300 | 4.57 | 29年5月15日 | 28 | 4 | 29 |
| Dominion Energy | D | 5.250 | 5.39 | 33年8月1日 | 71 | 4 | 69 |
| GA Global Funding Trust | … | 5.400 | 5.45 | 30年1月13日 | 108 | 4 | 107 |
| Electricite deFrance | … | 4.875 | 6.24 | 44年1月22日 | 101 | 3 | 93 |
| 发行方 | 代码 | 票息 (%) | 收益率 (%) | 到期日 | 债券价格（面值百分比）当前 | 一日变化 | 上周 |
|---|---|---|---|---|---|---|---|
| Bausch Health | … | 11.000 | 9.81 | 28年9月30日 | 102.250 | 0.57 | 101.875 |
| Sealed Air | … | 6.875 | 7.23 | 33年7月15日 | 98.110 | 0.37 | 97.125 |
| ParamountGlobal* | … | 7.875 | 6.61 | 30年7月30日 | 104.375 | 0.32 | 104.575 |
| Occidental Petroleum | OXY | 7.500 | 5.18 | 31年5月1日 | 109.643 | 0.24 | 109.379 |
| Nissan Motor Acceptance | … | 6.950 | 5.60 | 26年9月15日 | 100.146 | 0.15 | n.a. |
| Rakuten | … | 9.750 | 6.31 | 29年4月15日 | 108.430 | 0.14 | 108.350 |
| Bath & Body Works | BBWI | 6.750 | 6.87 | 36年7月1日 | 99.178 | 0.10 | 98.750 |
TevaPharmaceuticalFinanceNetherlandsIII … 4.100 6.44 '46年10月1日 73.768 –1.11 74.468
Paramount Global … 4.375 8.88 '43年3月15日 61.250 –0.52 61.336
欧元 (CME)-€125,000; 每欧元美元价 八月 1.1476 1.1542 1.1442 1.1542 .0081 13,914 九月 1.1486 1.1558 1.1455 1.1555 .0081 773,845
指数期货 迷你道琼斯工业平均指数 (CBT)-$5x指数 九月 51759 52484 51732 52380 615 81,934 十二月 52330 52850 52148 52786 621 284 迷你标准普尔500指数 (CME)-$50x指数 九月 7338.00 7498.00 7331.00 7472.50 121.25 2,009,843 十二月 7399.75 7557.00 7399.75 7537.25 122.00 32,291 迷你标准普尔中盘400指数 (CME)-$100x指数 九月 3745.80 3785.50 3734.50 3779.60 32.40 36,403 十二月 … … … 3810.40 34.60 n.a. 迷你纳斯达克100指数 (CME)-$20x 指数 九月 27202.00 28414.50 27202.00 28237.75 895.75 290,171 十二月 27585.00 28680.75 27585.00 28518.00 904.25 3,045 迷你罗素2000指数 (CME)-$50x指数 九月 2906.60 2957.90 2905.60 2954.30 38.90 419,108 十二月 2933.00 2978.00 2933.00 2976.30 39.30 441 迷你罗素1000指数 (CME)-$50x指数 九月 4049.50 4071.10 4042.10 4070.60 65.40 5,775 美元指数 (ICE-US)-$1,000 x指数 九月 100.67 100.93 99.71 99.72 –1.01 55,499 十二月 100.46 100.57 99.47 99.44 –.99 289
抵押贷款支持——彭博固定收益指数
2249.94 0.1 抵押贷款支持 5.210 4.380 5.290
2213.32 0.4 政府国民抵押贷款保障公司 (GNMA) 5.260 4.420 5.330
1329.87 -0.05 房地美 (FNMA) 5.200 4.370 5.270
2038.41 -0.5 房地美 (FHLMC) 5.050 4.160 5.130
619.70 0.3 市政债券综合指数 3.632 3.037 3.696
438.18 -1.0 7-12年期 3.403 2.596 3.453
502.43 0.5 12-22年期 4.170 3.608 4.535
473.67 1.5 22年以上期 4.725 4.432 5.053
全球政府 J.P. Morgan†
553.96 -0.9 全球政府 4.242 3.500 4.270
849.08 0.9 加拿大 3.568 3.070 3.676
363.95 -0.4 欧元区 (EMU)§ 3.677 3.117 3 728
655.91 -0.3 法国 3.972 3.330 4.023
462.34 -0.4 德国 3.277 2.650 3.317
244.80 -3.4 日本 3.045 2.000 3.090
505.43 -0.3 荷兰 3.399 2.860 3.434
809.41 -1.4 英国 5.266 4.560 5.381
n.a. n.a. 新兴市场 ** n.a. n.a. n.a.
来源：Tullett Prebon, TradewebFTSE 美国国债收盘价
来源：FactSet
以下说明适用于在纽约证券交易所（NYSE）、纽约证券交易所 Arca、纽约证券交易所 American 和纳斯达克股票市场上市的证券。价格汇总自各市场中心报告的交易，包括证券交易所、金融业监管局（Finra）、电子通信网络和其他经纪交易商。该列表包含基于市值最大的 1,000 家公司。 下划线报价表示该股票的成交量与该股票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% 或以上的股票。 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。 股票表格反映截至东部时间下午 4 点的综合常规交易情况，以及与前一日东部时间下午 4 点官方收盘价的变化。
净 股票 代码 收盘价 变动
净 股票 代码 收盘价 变动
2026年7月30日，星期四
2026年7月30日，星期四
2026年7月30日，星期四
净 股票 代码 收盘价 变动 A B C
AnnalyCap NLY 23.08 0.03 AnteroMidstream AM 21.55 0.03 AnteroResources AR 35.30 0.16 Aon AON 366.57 -10.59 APi Group APG 39.20 0.75 ApogeeTherap APGE 134.30 0.10 Apol oGlbMgmt APO 120.25 0.48 Apple AAPL 333.43 -4.76 AppliedIndlTech AIT 339.85 5.49 App Materials AMAT 501.77 65.32 AppLovin APP 403.87 4.41 Aptiv APTV 58.09 0.12 Aramark ARMK 57.25 0.08 ArcelorMittal MT 69.34 3.64 ArchCapital ACGL 101.14 -3.41 ADM ADM 80.61 0.23 AresMgmt ARES 124.12 -0.48 argenx ARGX 872.58 -9.98 AristaNetworks ANET 171.02 13.05 Arm ARM 241.54 16.65 ArrowElec ARW 212.85 7.90 ArrowheadPharm ARWR 87.32 1.10
AECOM ACM 71.76 -1.81 AES AES 14.85 0.03 Aflac AFL 127.36 -1.31 AGNC Invt AGNC 10.92 0.02 APA APA 36.33 -0.37 ASE Tech ASX 34.77 3.65 ASML ASML 1651 44100.75 AST Space ASTS 58 44 5.41 AT&T T 23.21 -0.73 ATI ATI 181.90 3.98 AXIAEnergia AXIA 10.50 0.47 AbbottLabs ABT 105.61 -2.39 AbbVie ABBV 257.41 -5.89 Abivax ABVX 124.33 5.49 Accenture ACN 163.29 -9.88 Acuity AYI 337.85 4.10 Adobe ADBE 247.90 -15.53 AdvDrainageSys WMS 137.57 -0.74 AdvEnergyInds AEIS 274.26 21.78 AdvMicroDevices AMD 485.39 55.83
s Arxis ARXS 48.98 6.51 AscendisPharma ASND 251.07 -0.98 Assurant AIZ 282.46 1.46 AsteraLabs ALAB 299.69 49.95 AstraZeneca AZN 171.34 -1.96 Atlassian TEAM 98.12 -6.16 AtmosEnergy ATO 174.26 -3.41 AuroraInnov AUR 6.24 0.26 Autodesk ADSK 234.97 -10.28 Autoliv ALV 124.16 -0.61 ADP ADP 263.87 -9.50 AutoZone AZO 3006.57 -135.60 Avalonbay AVB 187.78 -4.67 Avantor AVTR 13.86 -0.52 AveryDennison AVY 82 7.68 AxonEnterprise AXON 525.30 -5.90 AxsomeTherap AXSM 234.64 7.22 BCE BCE 21.70 -0.63 BHP Group BHP 85.90 2.79 BJ'sWholesale BJ 98.45 -1.54 BP BP 44.22 0.90 BWX Tech BWXT 165.59 8.15 BXP BXP 71.67 -1.30 Baidu BIDU 107.48 2.21 BakerHughes BKR 59.90 1.18 Ball BALL 65.31 -0.53
s Aegon AEG 9.44 0.42 AerCap AER 152.87 4.24 AffiliatedMgrs AMG 365.46 5.39 AffirmA AFRM 73.25 3.14 AgilentTechs A 138.71 -1.59 AgnicoEagleMines AEM 150.75 6.32 AgreeRealty ADC 78.41 -1.98 AirProducts APD 300.20 5.93 Airbnb ABNB 152.08 -0.93 AkamaiTech AKAM 113.75 6.34 AlamosGold AGI 28.40 -0.18 Albemarle ALB 117.76 3.88 Alcoa AA 44.97 2.09 Alcon ALC 69.61 -0.04 AlexandriaR Est ARE 52.49 -1.28 Alibaba BABA 116.32 1.29 AlignTech ALGN 173.41 -6.67 Allegion ALLE 157.06 -1.41 AlliantEnergy LNT 70.89 -1.11 Al isonTransm ALSN 115.44 0.78 Allstate ALL 265.38 -9.01 AllyFinancial ALLY 43.48 0.53
t AlnylamPharm ALNY 205.48-81.14 Alphabet A GOOGL 333.66 -3.05 Alphabet C GOOG 333.68 -2.08 Altria MO 67.94 -6.98 Amazon.com AMZN 50 8.85 Ambev ABEV 3.12 0.02 Amcor AMCR 45.15 -0.69 AmerSports AS 36.10 0.04 Ameren AEE 108.75 -1.22 AmericaMovil AMX 25.32 0.45 AmerAirlines AAL 15.43 0.59 AEP AEP 127.78 -1.62 AmerExpress AXP 337.52 6.02 AmericanFin AFG 141.70 -1.81 AmerHlthcrREIT AHR 55.73 -1.79 AmHomes4Rent AMH 33.21 -0.50 AIG AIG 78.89 -1.31 AmerTowerREIT AMT 174.46 -4.80 AmerWaterWorks AWK 136.81 -1.28 Ameriprise AMP 544.46 4.17 Ametek AME 240.01 4.76 Amgen AMGN 387.64 ... AmkorTech AMKR 48.26 5.53 Amphenol APH 159.82 9.51 Amrize AMRZ 49.60 0.14 Ana ogDevices ADI 366.67 13.30 AngloGoldAsh AU 82.33 4.46
s BBVA BBVA 27.60 1.94 BancoBradesco BBDO 3.23 0.03 BancodeChile BCH 42.25 1.46 BancSanBrasil BSBR 5.05 0.02 BcoSantChile BSAC 35.07 0.87 BancoSantander SAN 14.11 0.73 BankofAmerica BAC 61.73 0.66 BankMontreal BMO 178.62 4.53 BankNY Me lon BNY 156.08 3.58 BankNovaScotia BNS 87.84 1.80 Barclays BCS 27.70 1.65 BarrickMining B 37.70 1.34
s BaxterIntl BAX 26.75 1.98 BectonDicknsn BDX 165.45 -2.95 BendingSpoons BSP 34.74 2.04 BentleySystems BSY 35.21 -1.75 BeOneMed ONC 322.08 -5.13 Berkley WRB 73.38 -2.27 BerkHathwy B BRK B 509.68 0.52 BerkHathwy A BRK A 7649901823.01 BestBuy BBY 87.82 -2.35 Bio-Techne TECH 72.03 ... Biogen BIIB 207.93 -1.30 BioMarinPharm BMRN 60.58 -0.79 BioNTech BNTX 92.85 -0.10
s AB InBev BUD 86.14 1.27
B tMineImmersion BMNR 18.08 1 49
拍卖结果 以下是周四国债拍卖的结果。所有投标均按市场清算收益率的单一价格授予。利率由该价格与面值的差额决定。
四周期国库券 申请金额 $313,616,942,600 接受投标额 $116,011,412,600 “非竞争性投标” $5,739 088,600 “外国非竞争性投标” $1,900 000,000 拍卖价格（利率） 99.717667 (3.630%) 票面等值利率 3.691% 清算收益率接受投标占比 50.42% Cusip 编号 912797UW5
该国库券日期为 4,2026,，于 1, 2026 到期。
该国库券日期为 4,2026,，于 29, 2026 到期。
八周期国库券 申请金额 $279,559 806,500 接受投标额 $105,463 816,500 “非竞争性投标” $1,278,697,100 “外国非竞争性投标” $1,200 000,000 拍卖价格（利率） 99.428333 (3.675%) 票面等值利率 3.747% 清算收益率接受投标占比 19.59% Cusip 编号 912797VE4
52 % 股票 代码 最高/最低 涨跌 新高与新低
52 % 股票 代码 最高/最低 涨跌
52周 % 股票 符号 高/低 涨跌
52周 % 股票 符号 高/低 涨跌
52周 % 股票 符号 高/低 涨跌
52周 % 股票 符号 高/低 涨跌
52周 % 股票 符号 高/低 涨跌
52周 % 股票 符号 高/低 涨跌
52周 % 股票 符号 高/低 涨跌
以下解释适用于在最新交易日触及 52 周盘中新高或新低的纽约证券交易所 (NYSE)、NYSE Arca、NYSE American 和纳斯达克股票市场股票。% CHG — 与前一交易日相比的每日百分比变化。
Central Banco CBC 33 02 0 5 ChainBridgeBncp CBNA 46 90 2 9 CheesecakeFct CAKE 102 64 0 2 ChefsWarehouse CHEF 112 36 6 2 Cinemark CNK 37 50 3 6 Citizens&Northern CZNC 25 78 1 5 CitizensFinlSvc CZFS 79 50 1 1 ConnectOnePfdA CNOBP 25 20 0 2 CorceptTherap CORT 122 21 27 3 Cullen/Frost CFR 169 09 2 1 Danaos DAC 143 15 2 5 DianthusTherap DNTH 112 96 8 2 DivrsHlthcrNts42 DHCNI 17 73 0 9 EDAP TMS FOCL 6 36 1 8 EQVVenturesIIA EVAC 10 29 0 1 ElectronicArts EA 209 80 0 3 EmmisAcqn EMIS 10 21 0 1 EmployersHldgs EIG 52 59 3 7 EnovaIntl ENVA 256 26 3 5 EssentGroup ESNT 68 62 2 4 Euroseas ESEA 79 48 4 5 FB Bancorp FBLA 15 98 0 6 FedAgriMtg C AGM 221 22 3 1 FedAgriMtg A AGM.A 154 28 0 8 FirstBusey BUSE 31 34 1 8 FirstFinancial THFF 82 03 1 4 FirstNatlVA FXNC 31 91 0 9 FirstTracksBio TRAX 48 00 14 1 Five9 FIVN 28 86 1 8 ForteBiosci FBRX 77 20 0 6 GameYourGame GYGY 32 66 40 3 GermanAmBncp GABC 52 23 0 4 GladstonePfdB LANDO 21 88 1 1 Glaukos GKOS 184 00 4 2
AMRRscsAcqn AMACU 10 05 0 9 AcadianAsset AAMI 86 43 3 9 AdaptiveBiotech ADPT 24 34 7 2 Aegon AEG 9 45 4 7 AffinityBncshs AFBI 23 00 0 1 AlerusFinancial ALRS 34 15 1 9 AmeriServFin ASRV 4 59 1 6 AmylyxPharm AMLX 20 94 5 2 AB InBev BUD 86 17 1 5 AnikaTherap ANIK 18 58 11 8 ApertureAC APUR 9 96 0 1 AresAcqnIII AAC.U 10 36 1 0 Arxis ARXS 50 23 15 3 AxaltaCoating AXTA 36 62 3 4 BJ's Rest BJRI 74 60 5 9 BBVA BBVA 27 60 7 6 BankwellFinl BWFG 68 85 0 5 BaxterIntl BAX 30 00 8 0 Bi lionToOne BLLN 140 00 5 3 Biofrontera BFRI 1 27 5 1 BlueportAcqnA BPAC 10 16 0 1 BreadFinancial BFH 111 13 3 4 BrinkerIntl EAT 210 24 2 0 BristolMyers BMY 65 56 2 8 BrookfieldInfr BIP 44 04 0 5 BrukerPfdA BRKRP 474 99 4 1 BusFirstBcshs BFST 32 39 0 2 CNB Fin PA CCNE 36 08 1 6 CalWtrSvc CWT 53 82 2 4 CamdenNational CAC 59 50 1 1 CapitolFedFin CFFN 9 10 1 3
共同基金 年初至今净值 基金 NAV 变动 %回报 年初至今净值 基金 NAV 变动 %回报 年初至今净值 基金 NAV 变动 %回报 年初至今净值 基金 NAV 变动 %回报 年初至今净值 基金 NAV 变动 %回报 年初至今净值 基金 NAV 变动 %回报 年初至今净值 基金 NAV 变动 %回报
年初至今净值 基金 NAV 变动 %回报
年初至今净值 基金 NAV 变动 %回报
年初至今净值 基金 NAV 变动 %回报
按净资产排列的纳斯达克公布份额类别的前 250 个共同基金列表。
e-除息分布。 f-前一日报价。 g-脚注 x 和 s 适用。 j-脚注 e 和 s 适用。 k-由 LSEG 使用更新数据重新计算。 p-适用分布成本 12b-1。 r-可能适用赎回费。 s-股票拆分或股息。 t-脚注 p 和 r 适用。 v-脚注 x 和 e 适用。 x-除息。 z-脚注 x, e 和 s 适用。 NA-由于价格、绩效或成本数据不完整而不可用。 NE-LSEG 未发布；数据审核中。 NN-基金未追踪。 NS-基金在期初不存在。
AB Funds MuniIncmShares 10.99 -0.04 1.3 American Century Inv Ultra 93.93 +2.23 -0.2 American Funds Cl A AmcpA 43.92 +0.44 2.9 AMutlA 64.78 +0.29 9.7 BalA 40.35 +0.44 8.2 BondA 11.10 ... -0.7 CapIBA 83.88 +0.63 10.4 CapWGrA 80.25 +1.79 13.0 EupacA 62.48 +1.92 9.2 FdInvA 101.20 +2.10 12.1 GwthA 83.99 +1.58 4.4 ICAA 67.29 +0.97 8.2 IncoA 27.97 +0.07 8.5 N PerA 73.43 +1.55 4.0 NEcoA 82.90 +2.87 14.1 NwWrldA 104.12 +3.33 11.6 SmCpA 80.61 +2.13 10.0 WshA 68.00 +0.40 9.0 Artisan Funds
IntlVal Inst NA ... NA Baird Funds AggBdInst 9.68 ... -0.3 CorBdInst 10.04 ... -0.2 IntBdInst 10.34 +0.01 0.2 ShtTBdInst 9.45 ... 1.1 BlackRock Funds HiYBlk 7.08 +0.01 1.7 HiYldBd Inst 7.08 +0.01 1.8 BlackRock Funds III iShS&P500IdxK864.80+14.13 9.3 BlackRock Funds Inst StratIncOpptyIns 9.64 +0.01 1.4 Calamos Funds MktNeutI 16.19 +0.01 3.5 CausewayInst CausewayInst 26.21 +0.55 11.5 Columbia Class A SelgComuInfoA228.19+10.60 45.6 Columbia Class I DivIncom I 40.36 -0.01 12.2 Dimensional Fds
CorebridgeFin CRBG 31.96 0.21 CoreWeave CRWV 73.90 13.08 Corning GLW 135.22 11.17 Corpay CPAY 390.12 -2.73 Corteva CTVA 89.34 -1.17 CoStar CSGP 29.46 -0.37 Costco COST 954.17-19.86 Coupang CPNG 16.09 0.93 Crane CR 214.18 7.45 Credicorp BAP 402.27 18.34 CredoTech CRDO 201.08 23.63 CrowdStrike CRWD 185.22 5.84 CrownCastle CCI 76.51 -2.58 Crown Holdings CCK 118.37 -1.39 CubeSmart CUBE 41.24 -1.19
s Cullen/Frost CFR 163.49 -3.44 Cummins CMI 632.98 26.98 Curtiss-Wright CW 716.66 37.25 Cytokinetics CYTK 80.42 2.04
BlackRock BLK 1098.37 19.18 Blackstone BX 128.07 -1.33 Block XYZ 82.59 0.41 BloomEnergy BE 207.12 43.37 BlueOwlCap tal OWL 10.16 0.61 Boeing BA 220.90 6.89 Booking BKNG 193.24 -8.06 BorgWarner BWA 64.41 2.21 BostonSci BSX 46.00 -0.04 BridgeBioPharma BBIO 82.14 -1.40 BrightSpring BTSG 72.88 3.51
【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。】
作者：Alexander Ward
【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。】
数据提供自：[数据提供商]
Contrafund K6 35.81 +0.35 5.3 EmgMktIdxInstPre 15.94 +0.61 16.5 ExtMktIdxInstPre114.60 +1.59 13.8 FidSAIEmerg 20.93 +0.77 24.3 FidSer5 7.45 ... -0.3 FidSerInt 8.38 ... 0.2 FidSerToMarket 24.35 +0.39 9.9 FIDZroLgCpIx 26.61 +0.44 9.1 GlexUSIdxInstPre 21.21 +0.59 13.7 GrowthCompanyK6 42.89 +1.26 15.9 IntlIdxInstPrem 68.44 +1.71 12.6 LgCpGwId InstPre 46.01 +1.32 -0.5 LgCpVlIdxIstPrem 24.85 +0.12 20.0 MidCpInxInstPrem 42.45 +0.15 14.9 SAIUSLgCpIndxFd 29.78 +0.49 9.4 SeriesBondFd 8.90 ... -0.3 SeriesOverseas 15.81 +0.57 5.9 SerLTTreBdIdx 5.13 ... -2.6 SmCpIdxInstPrem 36.91 +0.50 19.5 TMktIdxInstPrem205.11 +3.29 9.9 Tota MarketIndex 25.99 +0.42 9.9 TtlIntIdxInstPr 19.57 +0.53 13.0 USBdIdxInstPrem 10.30 +0.01 -0.3 Fidelity Advisor (富达顾问) TotBdFdClZ 9.41 ... -0.2 Fidelity Advisor I (富达顾问 I) GrOppI 251.45 +8.24 7.5 Fidelity Freedom (富达自由) Freedom2035K6 18.57 +0.29 8.6 Freedom2040K6 14.17 +0.28 10.6 Idx2030InsPre 23.95 +0.28 6.3 Idx2035InsPre 28.43 +0.38 7.2 Idx2040InsPre 31.30 +0.52 9.0 Idx2045InsPre 33.89 +0.64 10.1
EmgMktVa 42.47 +1.26 15.1 EmMktCorEq 32.44 +0.96 12.4 IntlCoreEq 22.64 +0.54 13.0 IntlVal 33.07 +0.85 17.2 IntSmCo 27.78 +0.64 9.8 IntSmVa 34.17 +0.90 11.9 LgCo 49.39 +0.81 9.4 US CoreEq1 55.14 +0.66 11.8 US CoreEq2 49.32 +0.62 12.1 US Small 61.24 +0.53 17.8 US SmCpVal 62.19 -0.05 21.4 US TgdVal 44.05 -0.06 20.1 USLgVa 66.38 +0.44 18.8 Dodge & Cox (道奇与考克斯) Income (收益) 12.52 ... -0.5 Intl Stk (国际股票) 18.89 +0.45 14.8 Stock (股票) 17.81 -0.02 9.1 DoubleLine Funds (DoubleLine 基金) TotRetBdI NA ... NA Fidelity (富达) 500IdxInstPrem258.54 +4.22 9.4
FirstHorizon FHN 25.45 -0.32 FirstSolar FSLR 206.01 6.77 FirstEnergy FE 48.71 -0.42 Fiserv FISV 54.07 -1.56 FiveBelow FIVE 219.17 9.68 Flex FLEX 111.91 8.89 FlutterEnt FLUT 102.13 -5.65 FEMSA FMX 126.76 5.70 FordMotor F 14.86 -0.42 Fortinet FTNT 154.25 1.03 Fortis FTS 57.47 -0.09 Fortive FTV 58.48 -1.06 FoxB FOX 52.34 -0.39 FoxA FOXA 58.82 -0.13 Franco-Nevada FNV 221.36 6.99 FranklinRscs BEN 33.17 0.78 FreedomHolding FRHC 155.13 6.89 FreeportMcM FCX 63 44 3 45 FreseniusMedCare FMS 25.70 0.84 FullTruck YMM 9.56 -0.08 Futu FUTU 103.42 1.54 G H I
IntuitiveSurgical ISRG 352.97 -0.13 InvitatHomes INVH 29.67 -0.44 IonQ IONQ 35.77 3.78 IronMountain IRM 124.64 3.89 ItauUnibanco ITUB 8.44 0.29 J K L
JBS JBS 14.29 0.06 JD.com JD 32.31 0.11 JPMorganChase JPM 350.85 6.14 Jabil JBL 308.52 21.38 JackHenry JKHY 154.24 -6.91 JacobsSo ns J 132.75 -3.16 JamesHardie JHX 26.47 0.28 JanusLiving JAN 30.40 -0.96 JazzPharm JAZZ 258.38 2.41 JefferiesFinl JEF 55.09 -0.01 J&J JNJ 255.82 -9.71 JohnsonControls JCI 143.88 4.46
s JonesLang JLL 361 72 21.72 KB Financial KB 121 09 8.69 KE Holdings BEKE 16.99 0.32 KKR KKR 100.98 1.70 KLA KLAC 180 33 10.14 Kaspi.kz KSPI 89.04 1.90 Kenvue KVUE 19.31 -0.48 KeurigDrPepper KDP 31.57 0.12 KeyCorp KEY 22.61 0.43 KeysightTech KEYS 312 69 15.97 KimberlyClark KMB 110.19 -3.02 KimcoRealty KIM 25.51 -0.50 KinderMorgan KMI 31.66 -0.19 KinrossGold KGC 23.62 0.41 Klarna KLAR 19.00 0.38 Knight-Swift KNX 69.80 -1.24 Philips PHG 26.44 0.34 KoreaElecPwr KEP 12.11 0.73 KraftHeinz KHC 26.38 -1.24 Kroger KR 57.86 -2.01 KrystalBiotech KRYS 366.85 3.57 LatamAirlines LTM 53.94 1.89 LPL Financial LPLA 339.17 1.39
GE Aerospace GE 355.04 4.41 GE HealthCare GEHC 69.94 -1.96 GE Vernova GEV 981.98 81.70 GFLEnvironmental GFL 41.37 1.13 GSK GSK 52.07 -1.15 Gallagher AJG 256.46-12.45 GameStop GME 21.88 0.04 Gaming&Leisure GLPI 44.71 -1.30 Garmin GRMN 297.55 2.72 Gartner IT 152.92-12.73 GenDigital GEN 27.29 -0.34 Generac GNRC191.91 -3.28 GeneralDynamics GD 382.20 1.24 GeneralMills GIS 36.42 -1.50 GeneralMotors GM 88.40 -1.00 Genmab GMAB 28.64 0.12 GenuineParts GPC 124.83 -5.15 Gildan GIL 52.50 1.25 GileadSciences GILD 131.28 -1.45
t L3HarrisTech LHX 271.90-25.63
s Glaukos GKOS168.52 6.86 GlobalPayments GPN 86.84 -1.43 GlobalFoundries GFS 49.89 2.82 Globalstar GSAT 80.09 1.52 GlobeLife GL 182.98 3.30 GlobusMedical GMED 80.26 -1.16 GoDaddy GDDY 99.33 -5.77 GoldFields GFI 33.53 1.29 GoldmanSachs GS 1024.86 44.11 Grab GRAB 3.40 0.05 Graco GGG 79.99 -1.22 Grainger GWW 1355.49 -3.43 GAP PAC 219.58 2.61
s Labcorp LH 315.53 8.38 LamResearch LRCX 297 72 45.37 LamarAdv LAMR 160.65 -3.68 LasVegasSands LVS 49.87 1.32 LatticeSemi LSCC 124.53 11.57 Leidos LDOS 112.41 -1.96 Lennar B LEN.B 81.76 -0.73 Lennar A LEN 83.75 -0.81
t LennoxIntl LII 417.45-12.57 LeonardoDRS DRS 45.62 -0.92 LeviStrauss LEVI 24.55 -0.12 LiAuto LI 13.49 -0.31 LibertyLiveA LLYVA 102.10 2.04 LibertyLiveC LLYVK 105.65 1.95 LibertyFormOne A FWONA 91.99 -1.51 LibertyFormOne C FWONK 100.00 -1.89
s GrupoCibest CIB 93.89 4.42 GuardantHealth GH 152.35 8.28 Guidewire GWRE 153.21-14.05 HCA Healthcare HCA 395.79-12.39 HDFC Bank HDB 24.14 0.11 HF Sinclair DINO 92.44 2.44 HP HPQ 26.86 -1.55
s LifeTime LTH 44.20 -1.50 EliLilly LLY 1154.97-55.05 LincolnElectric LECO250.22 -7.77 Linde LIN 508.64 -2.53 Lineage LINE 42.85 -1.49 LithiaMotors LAD 405 03-22 45 Littelfuse LFUS 442 00 31.53 LiveNationEnt LYV 183.56 -0.87 LloydsBanking LYG 6.25 0.38 LockheedMartin LMT 574.11 4.91 Loews L 116.37 -2.57 LogitechIntl LOGI 101.57 -1.42 Lowe's LOW 210.08 -5.60 lululemon LULU 119.48 0.44 Lumentum LITE 693 24 90.89 LyondellBasell LYB 60.44 -0.05 M N
s HSBC HSBC 107.09 4.49 H World HTHT 42.25 -1.00 Haleon HLN 10.11 -0.17 Halliburton HAL 31.64 0.45 Ha ozymeTherap HALO 83.30 0.02 HarmonyGold HMY 16.15 0.62
作者：Alexander Ward
【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。】
协议激起哈马斯解除武装之希望
作者：Alexander Ward
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 公司名称 | 股票代码 | 价格 | 涨跌 |
|---|---|---|---|
| Neurocrine | NBIX | 185.50 | 4.71 |
| 纽约时报 A | NYT | 75.83 | -1.86 |
| Newmont | NEM | 95.76 | 4.42 |
| 新闻集团 A | NWSA | 28.09 | -0.73 |
| 新闻集团 B | NWS | 31.80 | -0.84 |
| NextEra Energy | NEE | 87.93 | -0.53 |
| Nextpower | NXT | 96.90 | 4.23 |
| 耐克 | NKE | 42.29 | -0.93 |
| NiSource | NI | 45.07 | 0.26 |
| 诺基亚 | NOK | 9.09 | 0.68 |
| 野村证券 | NMR | 9.56 | -0.11 |
| Nordson | NDSN | 295.23 | 0.25 |
| 诺福克南方铁路 | NSC | 333.93 | -1.81 |
| 北方信托 | NTRS | 182.51 | 4.86 |
| 诺斯罗普格鲁曼 | NOC | 534.85 | -0.20 |
| 挪威邮轮 | NCLH | 18.72 | -2.03 |
| Nova | NVMI | 394.07 | 27.16 |
| 诺华制药 | NVS | 158.44 | -0.39 |
| 诺和诺德 | NVO | 51.61 | 0.03 |
| Nu Holdings | NU | 14.49 | 0.45 |
| Nucor | NUE | 257.04 | 1.02 |
| Nutanix | NTNX | 59.26 | -0.31 |
| Nutrien | NTR | 70.72 | 0.13 |
| nVent Electric | NVT | 144.80 | 11.19 |
| 英伟达 | NVDA | 195.04 | 5.03 |
O P Q
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 公司 | 代码 | 收益率% | 新/旧金额 | 频率 | 记录日期 |
|---|---|---|---|---|---|
| 增加 | |||||
| Quaker Houghton | KWR | 1.3 | .53/.508 | Q | Oct30 /Oct16 |
| STRATS Allstate 2006-3 | GJT | 5.2 | .0964/.09404 | M | Aug03 /Jul31 |
| Sturm Ruger | RGR | 1.1 | .21 /.11 | Q | Aug28 /Aug14 |
| Vistra | VST | 0.6 | .23 / .229 | Q | Sep30 /Sep21 |
| 公司 | 代码 | 金额 | 变动 |
|---|---|---|---|
| s Popular | BPOP | 175.13 | 2.91 |
| s Primerica | PRI | 323.32 | -0.11 |
| Principa Finl | PFG | 113.95 | 0.77 |
| Procter & Gamble | PG | 143.96 | -2.14 |
| Progressive | PGR | 213.28 | -6.71 |
| Prologis | PLD | 146.19 | 0.72 |
| Prudential Finl | PRU | 122.77 | 0.14 |
| Prudential | PUK | 30.98 | 1.73 |
| PSEG | PEG | 77.55 | -0.20 |
| Public Storage | PSA | 317.45 | -11.99 |
| PulteGroup | PHM | 128.74 | -3.57 |
| QXO | QXO | 13.46 | 0.06 |
| QnityElec | Q | 130.52 | 7.13 |
| Qualcomm | QCOM | 151.60 | -4.08 |
| Quanta Services | PWR | 657.98 | 96.84 |
| Quantinuum | QNT | 51.55 | 4.21 |
| QuestDiag | DGX | 234.30 | -0.92 |
| RBC Bearings | RBC | 561.90 | 11.63 |
| RB Global | RBA | 110.01 | -5.19 |
| 股票 | 代码 | 金额/记录 |
|---|---|---|
| Cloudastructure Cl A | CSAI | 1:30 /Jul31 |
| 外国公司 | 代码 | 收益率% | 金额 | 频率 | 记录日期 |
|---|---|---|---|---|---|
| Agnico-Eagle Mines | AEM | 1.2 | .45 | Q | Sep15 /Sep01 |
| Ardmore Shipping | ASC | 9.1 | .79 | Q | Sep15 /Aug28 |
| Bank of Montreal | BMO | 2.5 | 1.21358 | Q | Aug26 /Jul30 |
| Highway Holdings | HIHO | 5.1 | .05 | Q | Sep22 /Aug10 |
| OneSpaWorld Holdings | OSW | 0.8 | .05 | Q | Sep02 /Aug19 |
| Teekay Tankers | TNK | 1.3 | .25 | Q | Aug21 /Aug10 |
| 特别股息 | 代码 | 收益率% | 金额 | 记录日期 |
|---|---|---|---|---|
| Ethan Allen | ETD | 6.8 | .25 | Aug26 /Aug12 |
注：股息收益率截至东部时间下午 3:30 来源：FactSet; DowJones MarketData
关键索引：A:年度; M:月度; Q:季度; r:修订; SA:半年; S2:1:股票拆分及比例; SO:分拆。
【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。】
Natixis Funds InvGradeBdY 9.58 +0.01 -0.3 LSGrowthY 31.10 +0.30 -6.4 Northern Funds StkIdx 74.08 +1.20 9.3 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 203.33 +4.55 -3.3 LgCapGow I 85.19 +1.90 0.3 Putnam Funds Class A PutLargCap p 44.94 +0.56 15.0 Putnam Funds Class Y PutLargCap 44.95 +0.56 15.1 Schwab Funds 1000 Inv r 15.95 +0.25 9.6 FunUSLgInst r 37.64 +0.19 17.4 IntI Sel r 32.36 +0.87 12.7 S&P Sel 19.18 +0.32 9.4 TSM Sel r 18.00 +0.29 9.8 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.06 ... 0.2
StratAdFidEmr 18.24 +0.68 20.1 StratAdFidUS 21.38 +0.33 12.8 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.56 +0.44 12.1 TIAA/CREF Funds EqIdxInst 51.44 +0.82 9.7 IntlEqIdxInst 31.38 +0.84 12.7 LrgCpGrIdxInst NA ... NA VANGUARD ADMIRAL 500Adml 686.67+11.22 9.3 BalAdml 53.77 +0.54 5.8 CAITAdml 11.36 -0.03 0.1 CapOpAdml r260.71 +8.37 20.2 DivAppIdxAdm 65.13 +0.41 10.1 EMAdmr 48.03 +0.80 7.8 EqIncAdml 102.75 +0.22 11.9 ExplrAdml 122.38 +2.01 14.7 ExtndAdml 179.79 +2.50 14.0 GroIncAdml 117.74 +2.28 7.9 GrwthAdml 260.14 +6.86 3.8 HlthCareAdml r 86.49 -1.11 4.5 HYCorAdml r 5.44 +0.01 1.3 InfProAd 22.72 +0.02 0.5 InfTechIdx 465.29+22.37 20.9 IntlGrAdml 121.36 +3.16 6.5 ITBondAdml 10.23 +0.01 -0.7 ITIGradeAdml 8.63 +0.01 -0.5 LarCapAd 172.31 +2.89 9.0 MidCpAdml 401.19 +1.77 12.4 MuHYAdml 10.54 -0.03 1.5 MuIntAdml 13.56 -0.03 0.3 MuLTAdml 10.69 -0.03 0.8 MuLtdAdml 10.90 ... 0.9 MuShtAdml 15.82 ... 1.4
Spotify SPOT 522.61 -1.40 StandardAero SARO 28.98 0.25 StanleyB&D SWK 95.55 2.50 Starbucks SBUX 85 1.71 StateStreet STT 182.82 6.78 Stee Dynamics STLD 252.50 0.16 Stellantis STLA 5.86 -0.15 Steris STE 231.21 -3.62 SterlingInfr STRL 580 73 86 49 StifelFinancial SF 82.63 0.71 STMicroelec STM 53.06 4.70 Strategy MSTR 97.74 4.41 Stryker SYK 348.04 -4.21 Sum tomoM ts SMFG 25.78 0.82 Summ tTherap SMMT 13.44 0.64 SunComms SUI 124.43 -3.51 SunLifeFinancial SLF 82.77 0.50 SunbeltRentals SUNB 72.53 -0.88 SuncorEnergy SU 66.73 0.93 Sunoco SUN 75.97 -0.50 SuperMicroComp SMCI 27.73 2.03 Suzano SUZ 8.44 0.14 Symbotic SYM 42.94 2.60 SynchronyFinl SYF 77.17 2.20 Synopsys SNPS 372.33 -1.36 Sysco SYY 84.71 -0.61 T U V
U-Haul UHAL 70.95 -0.67 U-Haul N UHAL/B 62.84 -0.44 UL Solutions ULS 92.16 -0.22
s UMB Fin UMBF 145.51 -2.76 US Foods USFD 100.55 -1.80 Uber UBER 70.37 -0.83 Ubiquiti UI 533.23 10.36 UltaBeauty ULTA 516.73 8.64 Unilever UL 65.27 -0.73 UnionPacific UNP 289.46 -2.73 UnitedAirlines UAL 123.56 4.14 UnitedMicro UMC 18.94 1.83 UPS B UPS 105.27 0.71 UnitedRentals URI 1068.63 13.52 US Bancorp USB 62.90 0.08 UnitedTherap UTHR 525.82 1.12 UnitedHealth UNH 421.47 0.90 Un tySoftware U 33.34 1.30 UniversalHea thB UHS 163.29 -4.87 UnumGroup UNM 86.77 3.14 VICI Prop VICI 26.31 -0.82 Vale VALE 14.99 0.34 ValeroEnergy VLO 311.71 10.39 VeevaSystems VEEV 201.56 -6.35 Ventas VTR 91.92 -5.80 VentureG obal VG 13.24 0.19 Veralto VLTO 94.71 -4.12 VeriSign VRSN 286.58 -4.34 VeriskAnalytics VRSK 200.35-12.80 Verizon VZ 46.11 -1.11 VertexPharm VRTX 481.70 -1.63 Vertiv VRT 227.50 4.46 ViaSat VSAT 77.60 7.41 Viatris VTRS 17.76 -0.06 Viking VIK 104.45 1.79 ViperEnergy VNOM 43.46 0.28 VirtuFinancial VIRT 59.16 1.23 Visa V 366.27 -2.46 Vistra VST 148.62 5.81 Vodafone VOD 16.14 0.01 VulcanMatls VMC 271.24-12.68
TC Energy TRP 68.09 0.81 TD Synnex SNX 252.12 3.44 TE Connectiv ty TEL 206.58 -0.37 Telus TU 10.77 -0.36 Ternium TX 49.11 1.05 TFI Intl TFII 134.29 -6.74 TIM TIMB 19.12 0.07 TJX TJX 159.26 -2.37 TKO TKO 183.81 -3.54 T-MobileUS TMUS 173.34 -8.18 TPG TPG 42.70 0.54 T.RowePrice TROW 119.28 0.41 TTM Tech TTMI 115.51 13.74 TaiwanSemi TSM 403 31 28.64 Take-TwoSftwr TTWO 247.43 1.00 TakedaPharm TAK 17.25 -0.50 TalenEnergy TLN 332.54 16.35 Tapestry TPR 152.58 2.47 TargaResources TRGP 268.34 3.67 Target TGT 144.51 -1.39 TechnipFMC FTI 68.92 -2.81 TeckResourcesB TECK 62 49 5.01 TeledyneTech TDY 649.18 17.83 Ericsson ERIC 9.77 -0.02 TelefonicaBras VIV 12.88 0.12 TelekomIndns TLK 14.56 0.19 Tenaris TS 56.73 0.91 TencentMusic TME 9.48 -0.23 TenetHealthcare THC 252.73 -4.89 Teradyne TER 365 49 46.08 特斯拉 TSLA 308.85 10.53 TevaPharm TEVA 35.41 0.70 TexasInstruments TXN 278.76 7.46 TexasPacLand TPL 394.25 4.84
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
| 公司名称 | 股票代码 | 价格 | 涨跌 |
|---|---|---|---|
| Texas Roadhouse | TXRH | 208.22 | -0.94 |
| Textron | TXT | 87.09 | 1.44 |
| Thermo Fisher | TMO | 576.77 | 0.31 |
| 汤森路透 (ThomsonReuters) | TRI | 98.83 | -7.51 |
| 3M | MMM | 176.07 | -1.88 |
| Timken | TKR | 136.11 | 3.89 |
| Toast | TOST | 32.85 | 0.25 |
| Toll Bros | TOL | 150.03 | -0.17 |
| 多伦多道明银行 (TorontoDomBk) | TD | 119.76 | 2.77 |
| TotalEnergies | TTE | 87.03 | 0.28 |
| Tower Semi | TSEM | 211.16 | 23.32 |
| 丰田汽车 (ToyotaMotor) | TM | 191.45 | -1.39 |
| Tractor Supply | TSCO | 30.21 | -0.79 |
| Trade Desk | TTD | 18.28 | -0.81 |
| Tradeweb | TW | 97.80 | -10.38 |
| Trane Tech | TT | 440.28 | -6.52 |
| TransDigm | TDG | 1249.91 | -14.69 |
| TransUnion | TRU | 80.26 | -3.47 |
| Travelers | TRV | 375.99 | -13.02 |
| Trimble | TRMB | 57.06 | -1.18 |
| Trip.com (携程) | TCOM | 46.48 | 0.48 |
| Truist Financial | TFC | 52.01 | -0.30 |
| Twilio | TWLO | 190.94 | 2.69 |
| Tyler Tech | TYL | 323.31 | -10.19 |
| 泰森食品 (TysonFoods) | TSN | 60.65 | -0.39 |
| 瑞银集团 (UBS Group) | UBS | 53.39 | 1.59 |
| UDR | UDR | 38.30 | -1.42 |
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
【识别噪声修复：该段为报纸页眉页脚、版面导航、订阅、出版或版权信息，原始识别混有大量英文残片与版面噪声，已合并为中文说明。】
先锋指数基金 (VANGUARD INDEX FDS) - 扩展机构计划 (ExtndIstPl): 443.66 | +6.16 | 14.0 - 国际指数 (IdxIntl): 27.18 | +0.73 | 12.7 - 中盘成长管理 (MdCpGrAdml): 126.99 | +1.90 | 6.0 - 中盘价值管理 (MdCpVlAdml): 106.32 | -0.35 | 16.9 - 小盘价值管理 (SmValAdml): 105.31 | +0.01 | 16.9 - 总债券 2 (TotBd2): 9.38 | +0.01 | -0.4 - 总国际机构指数 (TotIntlInstIdx): 181.82 | +4.86 | 12.8 - 总国际机构计划指数 (TotIt InstPlIdx): 181.86 | +4.85 | 12.8 - 总股市 (TotSt): 178.20 | +2.85 | 9.9
先锋机构基金 (VANGUARD INSTL FDS) - 发达市场指数机构 (DevMktsIndInst): 22.87 | +0.69 | 14.6 - 发达市场指数机构 (DevMktsInxInst): 35.75 | +1.08 | 14.6 - 扩展机构 (ExtndInst): 179.78 | +2.50 | 14.0 - 英国富时机构 (FTScinst): 50.93 | +0.96 | 8.5 - 成长机构 (GrwthInst): 260.16 | +6.86 | 3.8 - 收入产权证券 (InPrSeIn): 9.25 | ... | 0.5 - 机构指数 (InstIdx): 595.61 | +9.73 | 9.3 - 机构增强 (InstPlus): 595.61 | +9.73 | 9.4 - 机构总股增强 (InstTStPlus): 122.83 | +1.97 | 9.9 - 中盘机构 (MidCpInst): 88.63 | +0.39 | 12.4 - 中盘机构计划 (MidCpIstPl): 437.09 | +1.93 | 12.4 - 小盘机构 (SmCapInst): 141.72 | +1.28 | 15.5 - 小盘机构计划 (SmCapIstPl): 409.05 | +3.69 | 15.5 - 短期投资级机构 (STIGradeInst): 10.33 | ... | 0.9 - 短期国债指数机构 (STIPSIxins): 24.92 | ... | 1.8 - 总债券机构 (TotBdInst): 9.51 | ... | -0.4 - 总债券机构 2 (TotBdInst2): 9.38 | +0.01 | -0.4 - 总债券机构计划 (TotBdInstPl): 9.51 | ... | -0.4 - 总国际债券指数机构 (TotIntBdIdxInst): 28.73 | +0.02 | 0.3 - 总股市机构 (TotStInst): 178.26 | +2.85 | 9.9 - 价值机构 (ValueInst): 86.02 | +0.28 | 16.7
WCM 焦点基金 (WCM Focus Funds) - WCM 国际成长机构 (WCMFocIntlGrwIns): 27.90 | +0.92 | 12.1
先锋基金 (VANGUARD FDS) - 股息增长 (DivdGro): 32.02 | +0.20 | 5.4 - 生命周期成长 (LifeGro): 54.82 | +0.92 | 8.9 - 生命周期温和 (LifeMod): 36.50 | +0.47 | 6.6 - 顶级公司核心 (PrmcpCor): 46.09 | +1.34 | 24.5 - 明星基金 (STAR): 30.63 | +0.31 | 6.0 - 目标退休 2020 (TgtRe2020): 28.54 | +0.21 | 4.0 - 目标退休 2025 (TgtRe2025): 21.03 | +0.21 | 5.4 - 目标退休 2030 (TgtRe2030): 45.07 | +0.56 | 6.5 - 目标退休 2035 (TgtRe2035): 29.40 | +0.41 | 7.4 - 目标退休 2040 (TgtRe2040): 54.06 | +0.84 | 8.2 - 目标退休 2045 (TgtRe2045): 37.90 | +0.65 | 9.1 - 目标退休 2050 (TgtRe2050): 65.16 | +1.20 | 9.9 - 目标退休 2060 (TgtRe2060): 67.09 | +1.25 | 10.0 - 目标退休 2055 (TgtRet2055): 72.78 | +1.35 | 10.0 - 目标退休收入 (TgtRetInc): 14.21 | +0.10 | 3.6
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进一步整合 交易所业务
$60 亿
作者：KATHERINE HAMILTON
纽约证券交易所的母公司洲际交易所 (Intercontinental Exchange) 已同意收购
私募信贷行业的动荡
信贷
作者：MATT WIRZ
曾经风光无限的私募基金业务一直遭受打击，而如今这种动荡正在缓解。
KKR 周四报告了第二季度创纪录的收益，这主要得益于其私募股权基金中大量公司销售带来的丰厚回报。
私募信贷专家 Blue Owl 承诺将击败华尔街的预测，尽管其面向个人投资者的核心基金新销售额有所下降，但该公司强调了其数据中心投资产品的强势。
尽管如此，该行业在面对惊慌投资者引发的赎回请求激增后，其复苏情况仍然不均衡。
大型基金管理公司的股价今年下跌了约 15% 至 35%。
“我们的行业正日益呈现‘K型’走势，”KKR 首席执行官 Scott Nuttall 在与分析师的电话会议上表示，“外界的大部分关注点将集中在 K 字中不快乐的那一部分——而我们发现自己处于快乐的那一部分。”
KKR 成立于大约 50 年前，最初是一家私募股权专家，随后扩展到房地产、信贷投资和其他市场，这使其在任何一个细分市场出现波动时都有足够的缓冲能力。Blue Owl 是一个相对的新来者，虽然正在尝试多元化，但仍然依赖于向富裕个人销售的私募信贷基金所产生的费用，而这正是近期市场波动的震中。
作为投资公司的一项重要衡量指标，KKR 的费用相关收益在第二季度比去年同期增长了 37%，同时该公司筹集了超过 340 亿美元，增长了 24%。
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市场在 Warsh 之后冷却
接第 B1 页
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随着周四收益率趋于稳定，许多投资者和分析师表示，他们最终仍然相信美联储会对经济数据做出适当反应。但他们同时表示，如果有了更多理由怀疑央行，下一次抛售将会更严重——这将引发从抵押贷款到公司债务的所有利率出现破坏性的跳升。
联合国联邦信用金库 (United Nations Federal Credit Union) 首席投资官 Christopher Sullivan 表示，如果经济数据表明美联储需要采取行动而央行却没有， “那就等同于
监控市场
探索 WSJ.com/buildwatchlist
以 $6 billion 收购固定收益市场电子交易平台 MarketAxess。 两家公司周四表示，洲际交易所（Intercontinental Exchange，简称 ICE）将以每股 $167 的现金收购 MarketAxess。这代表基于 MarketAxess 周三收盘价的 33% 溢价。 MarketAxess 的股价跳涨 29% 至 $162.76
Blue Owl 根据基金类型筹集的新资金
Q Q Q Q ’ Q
来源：该公司（筹集新资金）；FactSet（业绩）
较上一季度增长。 此次增长很大程度上源于该公司在由其管理的私募股权基金所出售的公司中所占的份额。Kokusai Electric 是一家受益于人工智能热潮的微芯片设备制造商，其售价是 KKR 收购价的 20 倍。Global Medical Response 是一家在首次公开募股中不得不降低估值的救护车运营商，其售价约为 KKR 收购价的三倍。 KKR 部分获益是因为它在通过经纪人和财务顾问向个人销售私人信贷基金方面比竞争对手慢，而这一策略是由 Blue Owl 开创的。Blue Owl 正在推出新产品以平衡组合，但“直接贷款”基金仍占大约
对于市场的长端来说是一场灾难。” 近年来，债券投资者对于美联储独立性受威胁的情况几乎没有表现出恐慌。 去年，当特朗普总统加大压力要求时任美联储主席杰罗姆·鲍威尔（Jerome Powell）降息时，在几次情况下，随债券价格下跌而上升的国债收益率确实有所提高。但投资者通常对这种压力表现得较为淡定。 当时许多人注意到，美联储是以一个 12 人的委员会形式对利率进行投票的。 即使美联储的领导人在制定政策时传统上扮演着极重要的角色，他或她仍然可能被其他成员投票否决。这种情况在其他国家（如英国）已经发生过。许多投资者还怀疑，考虑到来自……的明显负面反应威胁，美联储是否会如此露骨地将利率定得过低。
周四，ICE 的股价上涨了 1%。 此次交易进一步将交易所业务整合至 ICE 旗下，也是纽约证券交易所（NYSE）为了实现资产类别多样化、在股票之外寻求拓展而采取的最新举措。 今年早些时候，NYSE 表示其正在开发一个用于区块链证券的 24/7 交易平台，以此将这家拥有 233 年历史的交易所的影响力注入到华尔街对支撑比特币技术的日益接纳之中。 在此之前，ICE 向 Polymarket 投资了 $2 billion，这表达了对预测市场增长前景的极大信心。 MarketAxess 支持公司债券、市政债券、新兴市场债务以及欧元债券的电子交易。
股价与指数表现，年初至今
Blackstone (黑石) Apollo Global Management (阿波罗全球管理) KKR
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Ares Management ( Ares 管理) Blue Owl Capital (蓝猫资本)
其他基金管理公司的持股
实物资产
其管理资金的 35% 为实物资产，低于两年前的 50%。 蓝猫资本的费用相关收益较一年前增长了 7%。 筹款额较上一季度下降了约 16%，较去年同期下降 37%。 此次下滑恰逢该公司面向富裕个人销售的私募信贷基金收到 $4.7 billion 的赎回请求，其中许多投资者对投资软件公司可能带来的损失感到担忧。 公司对客户赎回设置的限制防止了基金的强制清算，但却加剧了部分投资者的焦虑。 蓝猫资本联合首席执行官 Marc Lipschultz 表示，赎回请求已经开始缓解，且 6 月和 7 月的新基金销售有所改善，尽管幅度很小。 “飓风过后需要时间来清理，”他说道。 该公司再次承诺要击败全年每股 $1.02 的费用相关收益目标，并报告其实物资产业务（投资于基础设施，且已成为支撑 AI 的大型数据中心最大支持者之一）的筹款额较上一季度增长了 10%。 大型基金管理公司正将“数字基础设施”的建设视为关键增长驱动力。黑石上周报告其可分配收益跳升 26%，在很大程度上归功于 AI 投资。
投资者普遍欢迎 特朗普 在 1 月份对 Warsh 的提名，认为这位前美联储理事可能比其他一些备选人（如 特朗普 的经济顾问 Kevin Hassett）更具独立性。而且，他们对他 6 月份首次在会议后新闻发布会上的表现感到满意，当时 Warsh 多次表示，美联储官员在将通胀率降回 2% 目标的承诺上是一致的。 Warsh 在周三发表了类似的言论，但投资者这次期待更多：即一个更强烈的信号，表明如果通胀压力不进一步缓解，美联储今年实际上将会加息。 相反，Warsh 似乎暗示加息可能不是必要的，因为债券收益率在近几个月已经攀升——这对许多投资者来说令人恼火，因为之前的收益率增长是基于一个假设，即加息即将来临。 Warsh 还暗示，美联储可以考虑除官方衡量指标（个人消费支出价格指数）之外的一系列通胀指标。并且他表示，更高的利率“很可能是”解决高通胀方案的一部分，而非主要方案。 投资者和分析师的批评异常犀利，有人表示，如果 Warsh 根本不举行新闻发布会，可能造成的损害会更小。 “我认为我们最不希望看到的就是昨天发生的情况，”Thornburg Investment Management 固定收益主管 Christian Hoffmann 表示。“Warsh 建议政策制定者应该追随债券市场而非引领它，而债券市场的反应就是给了他一记耳光。”
债券和美国国债。其平台拥有大约 2,100 家机构投资者和经纪交易商。
该公司表示，通过收购 MarketAxess，ICE 将在单一生态系统中服务于固定收益市场的每一个细分领域。
合并后的公司将为客户提供 l 交易前价格发现与分析，以及交易后数据，
录得 大涨
否则，硅谷曾经的现金印钞机将不得不越来越多地通过债务来为其扩张提供资金——而此时，债务成本正变得更加昂贵。 “我认为人们已经意识到，这种趋势不可能永远持续下去，”资产管理公司 Cresset 的创始合伙人 Jack Ablin 表示。“他们需要开始看到营收增长。” 尽管部分投资者将 Warsh 周三缺乏业绩指引的行为解读为削减风险的信号，但交易员在周四却加码买入。高度依赖债务来支持资本支出的甲骨文 (Oracle) 股价飙升 8.3%。亚马逊 (Amazon) 的股价在公布季度业绩前上涨 3.9%。在公司业绩超出分析师预期后，该股在盘后交易中跳涨。 超大规模云服务商（hyperscalers）依然在增长的支出计划，也助力了近期遭受重创的芯片股反弹。英伟达 (Nvidia) 和博通 (Broadcom) 均上涨，而美光 (Micron)、闪迪 (Sandisk)、西部数据 (Western Digital) 和英特尔 (Intel) 均录得两位数增长。 由于市场涌入的大量科技巨头新股供应，以及韩国芯片权重股市下跌的连锁反应，三大主要指数在 7 月依然处于下跌区间。 近日，个人交易员抛售了科技股，分析师以及高调的 AI 聚焦对冲基金 Situational Awareness (AI对冲基金) 同样如此。
周四市场
预测 不及预期
公司表示，App Store 游戏营收出现“疲软”。 在其他大型科技公司因 AI 竞赛担忧而遭受围攻之际，苹果 (Apple) 的股价在过去一个月里一路飙升。由于苹果的资本支出投资相对于行业内大多数同行较为适度，投资者将其视为科技板块中更安全的标的。 此外，市场还存在另一种兴奋情绪，认为苹果终于将……
基准测试和合规工具。 该交易已获得两家公司董事会的一致通过，预计将于 2027 年上半年完成。 洲际交易所 (ICE) 周四还报告了最新季度的利润和营收增长，并宣布了一项高达 $4 billion 的股票回购计划。
巴林资产管理 (Barings) 全球资产配置及多资产组合解决方案主管 Trevor Slaven 表示，这种压力至少暂时将市场中的部分 AI 担忧排解了。再加上美国企业其他领域的利润大幅增长，他在战术上对股市持乐观态度。 高盛 (Goldman Sachs) 最近预计，如果不计数据中心交易，超大规模云服务商今年将发行约 $250 billion 债务用于资本支出，该数字预计在 2027, 将增长至 $400 billion。 该行分析师预计，这些公司在接下来的三年中将再增加 $1.3 trillion 支出。 在亚马逊 (Amazon)、甲骨文 (Oracle)、Alphabet, Meta 和微软 (Microsoft) 这五家公司中，微软对债务的依赖程度远低于同行。该公司上季度的自由现金流总计 $19.6 billion，而 Meta 产生的自由现金流不足 $800 million。 AI 股的剧烈波动此前曾出现过反转，一些交易员将周四这两家公司股价的走势视为抄底机会。 根据资金流跟踪公司 Vanda Research 的数据，个人投资者逢低买入这家 Facebook 母公司，买入额达 $36 million，使其成为当日第二热门股票。 而在该名单的另一端是微软 (Microsoft)，其零售资金净流出约为 $167 million。 尽管如此，在通胀高企且长期国债收益率处于多年最高点附近的情况下，金融条件的收紧正迫使投资者更细致地解析这些公司的业绩表现。
出现反弹，由 纳斯达克 综合指数 2.8% 的涨幅 领涨。
似乎拥有一个现代聊天 机器人来与 ChatGPT、 Claude 等产品竞争。将于 今年秋季发布的全新 Siri AI 在技术层面 上预计不会像那些竞争 对手那样令人惊叹。然而， Siri 将拥有一个优势： 它将被内置在每个人 已经携带的设备中。 首席执行官蒂姆·库克在 处理最新的苹果财报时， 面临着对其所建立的 光鲜且轻资产商业模式 的最大威胁之一。 在 AI 超大规模云计算 时代，苹果发现自己 在等待关键设备组件—— 内存和存储芯片，这些 芯片的价格在过去一年 中翻了四倍，且预计 将进一步上涨，逻辑芯片 亦然。 为了保护其利润率， 苹果已经将部分型号的 Mac 和 iPad 价格提高了 多达 25%。
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Meta Platforms 可能不是 第一家削减 AI 支出的 大科技公司。但认为其 应该这么做的论点正 变得愈发有力。 在最大的科技公司中， Meta 的财务压力最大。 其通过人工智能产生 回报的能力几乎完全 取决于广告销售。 而且，在核心社交媒体 特许经营权之外，它 没有建立成功新业务的 记录。 随着 AI 支出热潮进入 超速状态，这些缺陷 变得更加突出。Meta 预计 今年的资本支出约为 $137.5 十亿——分析师预计 这一总额将导致其在 今年下半年首次进入 负自由现金流区域，这是 自 2012 年首次公开募股 (IPO) 以来的情况。该公司明年 可能会陷入更深的困境， FactSet 的预测表明， 它将烧掉超过 $20 十亿的 现金。 在过去几年中，投资者 给大科技公司提供了 很长的宽限期来投资 AI。 考虑到这场潜在的改变 世界的繁荣所需的资本 密集度，这样做是有道理的。 但随着科技巨头将 AI 野心提升到新水平，且 计算机内存及其他 AI 基础设施组件成本上升， 股东的耐心正面临前所未 有的考验。 Meta 的股价在周四下跌了 8%， 此前该公司提高了其 2026 年 资本支出范围的中值，且 在周三晚间未能达到华尔街 对第二季度利润的预期。
在伊朗战争方面，石油 占据了头条。而天然气 则是赢家和输家名单 真正变得有趣的地方。 尽管美国人抱怨且政客 们为油价担忧，但美国 在石油方面非常幸运。 作为全球最大的生产国 ——以及一个重要的出口国—— （目前）还没有出现实物短缺， 能源公司正获得临时性 横财。 除挪威外，西欧国家 是石油和精炼产品的 净进口国。高度工业化的 日本、韩国和台湾也一样。 但由于价格是全球性的， 全世界的能源用户在 原油方面受到的打击 是相似的。 天然气则完全是另一回事， 而这正是美国处于一个 真正令人羡慕的位置。这 始于多年前美国的页岩
AI 热潮的“铁锹和水桶” 仍在全力运作。 最近，三家科技领域 支出最高的人员公布了 财报，结果表明他们远 未准备好收紧钱袋子。 Alphabet 上周和 Meta Platforms 在周三调高了 它们的资本支出计划。
股票 聚焦
微软 这家科技巨头的股价 上涨超过 15%，在周三 晚间报告利润增长 31% 后，有望创下 2008 年 以来最大的单日涨幅。 微软的 Copilot 付费 用户数量也有所增加。
市场历史上的这一天
传闻
周三。 当然，Meta 并非唯一一家为了资助 AI 而在大量烧钱的公司。Amazon.com 和 Alphabet 也是如此。由于 Alphabet（谷歌母公司）的财报显示今年资本支出增加了 $10 billion，其股价上周下跌了近 7%。
但 Meta 的营收比其竞争对手更低，且其现金消耗情况很容易进一步恶化。Meta 预计明年的负自由现金流取决于约 $174 billion 的资本支出预测。但这可能是一个巨大的低估。
在有报道称该公司可能会将其计算能力从今年的 7 吉瓦翻倍至明年的 14 吉瓦之后，德意志银行分析师最近预测明年支出将高达 $215 billion。雷蒙德詹姆斯（Raymond James）的分析师则预测一个更惊人的数字：$280 billion。
对 Meta 有利的是，其核心广告业务健康且在增长，分析师对其市场地位的评估表明它正在增强。该公司周三报告第二季度营收增长 28%，几乎完全由广告驱动，并预测未来将有更强劲的增长。Meta 利用 AI 提升广告效果的能力在行业内无出其右。
长期以来，Meta 一直依靠这只“金鹅”来资助其从智能眼镜到视频会议设备的其它风险投资。但目前的支出水平已经达到了考验公司核心能力的程度。
股价和指数表现，年初至今
Venture Global
Phillips 66
CF Industries Holdings
Nucor
Steel Dynamics
LyondellBasell Industries
Cheniere Energy
Dow
标准普尔500指数
来源：FactSet
来源：FactSet
繁荣，且这种对比在不断扩大。 需要天然气但供应不足的国家，要么通过昂贵的管道进口，要么进口液化天然气 (LNG)。LNG一直处于高需求状态，尤其是在主要出口国俄罗斯于 2022 年入侵乌克兰之后。但将天然气转化为超冷液体及其还原的终端设施，以及运输这些气体的船舶，造价昂贵且建设周期长。 在今年年初，
今年，并暗示 2027 年将有更多支出。 微软在周三晚些时候也描绘了一幅未来奢侈的 AI 支出蓝图，尽管一项会计变更导致其今年的名义总额有所减少。
投资者对 Alphabet 和 Meta 的计划并不太满意，这导致了它们的股价大幅下跌。 Meta 的股价周四下跌约 8%，而微软则凭借强劲的收益和看起来更为克制的资本支出计划获得了市场的认可，使其股价上涨超过 15%。
但所有这些支出都是好的
壳牌 这家英国能源巨头的股价在报告利润激增后小幅上涨，这得益于强劲的交易表现和价格上涨。
阿迪达斯 这家德国运动鞋服公司的股价在报告收益低于预期后下跌了 17%。
财务分析与评论
Meta Platforms 自由现金流*
$50 billion
2012 ’15 ’20 ’25 ’27
*2026 和 2027 年的数据为分析师预测。
随着现金流失，Meta 将需要借更多的钱来维持支出。在 AI 时代，借贷已经改变了公司资产负债表的动态：直到 2022 年，Meta 的债务极少，但截至第二季度末，其长期借款已达到 $83.7 billion。该总额不包括与路易斯安那州和德克萨斯州大型数据中心项目相关的数百亿美元表外债务。Meta 已同意租赁这些场地，并对其承担各项财务担保。
而且，筹集新资金的成本可能会更高。Meta 在 5 月发行的 40 年期债券价格已经大幅下跌，将其收益率推高至近 7%。如果 AI 债券供应继续充斥市场，利率
0% 10 20 30 40 50 60 70 80 90
与国际足联 (FIFA) 世界杯相关的营销成本增加。
Yum Brands 这家 Taco Bell 的所有者公司在报告季度调整后每股收益高于分析师预期后，股价上涨了 3%。
周五事件： 经济数据： 第二季度雇佣成本指数，加拿大的 GDP，密歇根大学消费者最终调查。
Meta Platforms 40 年期债券自发行以来的价格
2026年5月 6月 7月
Meta 在未来债务上的支付额肯定会上升。 Meta 的高管们似乎意识到，他们需要展示更多的财务回报来证明这些支出的合理性。Meta 一直在推广社交媒体高级功能的订阅服务以带来新收入。本月，它向外部开发人员提供了其先进的 Muse Spark 模型的付费访问权限。此外，它还在向大大小小的企业销售聊天机器人等 AI 服务。 Meta 还可能通过出租不需要的计算基础设施成为云计算领域的参与者——首席执行官马克·扎克伯格在周三表示，这种可能性已经在考虑之中。他告诉分析师，Meta 已经收到了以高于其支付成本的“显著溢价”租赁计算能力的报价。这些可能成为 AI 供应商的收入金矿，而投资者最近一直对这些供应商感到担忧。英特尔、超微半导体 (AMD) 和存储巨头美光在周四的交易中均实现了两位数增长。AI 芯片巨头、全球市值第二高的上市公司英伟达上涨了 2.7%。费城半导体指数 (PHLX Semiconductor Sector index) 攀升。
欧洲和亚洲 LNG 终端的价格已经高于美国陆上基准价。今年以来，这些地区的价格翻了一番，而美国价格则下降了三分之一。 对于一些美国公司来说，这是一个竞争红利，且不仅限于像出口终端运营商 Venture Global 和 Cheniere Energy 这样显而易见的 companies。ICIS 的 LNG 美洲编辑 Fauzeya Rahman 表示，如果冲突持续且取暖需求高，这一差距可能会进一步扩大。 “如果冬天寒冷，肯定会出现激烈的 LNG 货运竞争。” 相比全球同行具有成本优势的美国公司包括肥料制造商（如 CF Industries）、使用天然气作为原料的石化公司（如 LyondellBasell 和 Dow）以及钢铁制造商（包括 Nucor 和 Steel Dy）。
Jersey Mike’s Subs 交易首日股价
Jersey Mike’s 交易首日股价下跌
$23.00
Jersey Mike’s Subs 的股票在周三以每股 $23 的价格定价约 43.5 million 股后，于周四在纽约证券交易所低开。该股在周四交易结束时下跌 6%，收于 $21.63。 这家连锁餐厅是今年最受关注的 IPO 之一。在私募股权公司黑石 (Blackstone) 获得多数股权仅 18 个月后，该公司以近 $8 billion 的估值首次上市。该公司在 IPO 中筹集了约 $1 billion。Jersey Mike’s 希望忠实消费者能支持其在该行业 70 多年的经营历史。
22.50
22.00
21.50
五分钟间隔
21.00
矿山。在最近的一份报告中，Raymond James 的分析师暗示，云收入可能会从今年的 $4 billion 增长到 2030 年的 $120 billion。该公司的 AI 模型和业务产品可能会从今年的接近于零增长到 2030 年合计 $59 billion。
但这些业务尚处于起步阶段，也很容易化为泡影。Meta 提供的订阅服务看起来并不那么有前景。该公司缺乏企业软件选项，且在政治上容易陷入困境的声誉，可能会使许多企业无法完全接受它。
进军云计算更具前景，但这在性质上可能是战术性的，且仅限于向像 Anthropic (AI公司) 这样的大型 AI 实验室出售大块计算能力。通过吸引数百万大大小小的客户来与亚马逊、谷歌和 微软 全面竞争，将是一项巨大的工程，Meta 无法承受承担此项工程。
Meta 首席财务官 Susan Li 在周三暗示，Meta 最终可能会在支出上有所让步——但只能在 2028 年及之后。她在与分析师的电话会议中表示，Meta 的重点是最大化今年和明年的计算能力，不过她也谈到了“灵活性”以及“能够在 2028 年及以后评估我们的实际需求”。
但投资者不会等待那么久。Meta 需要在计算能力上的支出尽快开始产生回报。 —Asa Fitch
动态。 一些美国石油公司获得了三重助力。埃克森美孚、雪佛龙和 Phillips 66 受益于高油价和多年来创纪录的炼油利润率。由于炼油厂采用了更便宜的美国来源氢气以及自身利润更高的石化业务，它们得到了额外的提升。
Rahman 表示，今年本应是液化天然气（LNG）开发追赶上来的一年。包括美国墨西哥湾沿岸在内的许多新出口终端已经开放。更多终端即将建成。
对于大多数美国天然气受益者来说，即使中东地区依然危险，这种繁荣在明年也可能会消退。而且，如果卡塔尔等中东出口商的供应恢复正常，价格差距可能会大幅缩小。 —Spencer Jakab
增长了 8% 以上。 芯片股今年迄今为止表现强劲——但在过去一个月里情况并非如此，因为对 AI 支出的担忧达到了顶峰。
即便计入周四的涨幅，美光科技（Micron）的股价在过去一个月中仍下跌了约 24%，而英特尔（Intel）下跌了 35%，AMD 则低了 16%。 —Asa Fitch
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS
住宅 | 市场 | 人物 | 改造 | 销售
I
作者：弗雷德·A·伯恩斯坦 (FRED A. BERNSTEIN)
保罗·里维尔·威廉姆斯 (Paul Revere Williams) 是一位著名的黑人建筑师，曾为露西尔·鲍尔 (Lucille Ball) 和弗兰克·辛纳曲 (Frank Sinatra) 等明星设计住宅。他花了许多年才为自己和妻子德拉·梅·威廉姆斯 (Della Mae Williams) 建造了一栋房子。但当他在 1952, 完成时，他满足了她所有的要求，包括一个宽敞的“兰奈房 (lanai room)”，灵感源自她曾在牙买加的一家酒店里倾慕的设计。
“这是德拉·梅的梦想之屋，”新业主达伦·沃克 (Darren Walker) 在向作者展示这个兰奈房时说道。这里的石地板、弧形墙壁和繁茂的植物让人联想到热带风情。沃克于 5 月购买了这栋位于洛杉矶拉法叶广场 (Lafayette Square) 社区的房屋。
“现在它是德拉和达伦的梦想之屋了，”作者建议道。
“我喜欢这个说法，”沃克回答道，“确实如此。”
作者：利伯蒂娜·布兰特 (LIBERTINA BRANDT)
华尔街日报 (THE WALL STREET JOURNAL)。 Friday, July 31, 2026 | M1
高管达伦·沃克 (Darren Walker) 为其由保罗·里维尔·威廉姆斯设计的住宅配备了简洁的家具——以及一套由黑人艺术家创作的艺术品收藏。
从 2013 直到 2025, 年底，沃克担任总部位于纽约的福特基金会 (Ford Foundation) 的主席。在此期间，他监管了约 $8 billion 的个人和组织资助金，同时将基金会的重点转移到艺术和社会正义倡议上。前美国运通 (American Express) 首席执行官肯尼思·I·切诺尔特 (Kenneth I. Chenault) 称他为“一个有良知的文艺复兴之人”。
今年 1 月，沃克成为了 Anonymous Content 的主席，这是一家总部位于洛杉矶的电影制作和艺人管理公司。但他当时并没有计划在那里买房；他很满意地租住在日落塔酒店 (Sunset Tower Hotel) 的套房里，并在可能的时候返回他在曼哈顿的公寓。
随后，他接到了来自詹娜·库珀 (Jenna Cooper) 的电话，她是一位专门从事具有建筑特色的住宅的洛杉矶房地产经纪人。库珀
请参阅 M4 页
“在密歇根州避暑”这句话可能会让人联想到麦基诺岛 (Mackinac Island) 那种无车之城的魅力，或者是特拉弗斯城 (Traverse City) 的海滩。但沿着该州海岸线还有一个较少为人知的避暑地——那里的度假屋一年中只能在六个月的完整时间内使用，且购买其中一栋需要四封推荐信。
那个地方就是湾景协会 (Bay View Association)，这是一个位于密歇根湖小特拉弗斯湾 (Little Traverse Bay) 附近、佩托斯基 (Petoskey) 市郊的私人社区，面积约为 340 英亩。在这里，维多利亚时代的度假屋点缀在绿树成荫的街道旁，夏季的日程表里填满了为成年人和儿童准备的活动。
在湾景购买房产并非易事，该地于 4 月下旬开放，11 月初关闭。购房者在购买前必须成为会员，这涉及到推荐、面试，且在 2019, 之前还需要一封来自牧师的信函。而寻找一栋合适的度假屋可能是一个漫长的过程。
请参阅 M6 页
YURI HASEGAWA 为 WSJ 拍摄；JUSTIN KIME/HDBROS (VIRGINIA)
华尔街日报 (THE WALL STREET JOURNAL)。 私人地产
一座位于加利福尼亚州拉古纳海滩 (Laguna Beach) 的当代住宅即将上市，售价为 $112 million。该建筑在海洋上形成悬臂结构，并拥有一个可伸缩的木制屋顶，这一价格可能会创下橙县 (Orange County) 的纪录。
这座占地约 1.02 英亩的海滨综合建筑——配备有汽车停靠场和私人露天剧场——的卖家是汽车经销商业主大卫·威尔逊 (David Wilson) 及其妻子霍莉·威尔逊 (Holly Wilson)。
位于伦敦 贝尔格拉维亚区 (Belgravia Area)
伦敦 位于富裕的贝尔格拉维亚社区的一套双层顶层公寓正以 £48 百万（约 $64 百万）的价格上市。据 Knight Frank 的挂牌代理人 Rupert des Forges 称，如果能以要价成交，它将成为该市今年最昂贵的顶层公寓之一。 des Forges 表示，该单元将带全套家具出售，甚至包括艺术品和床上用品。 des Forges 称，这座于 5 月完工的新型五卧室住宅占据了 1 Five Fields Square 的顶层两层，这是一栋七层建筑，其天际线景观可一直延伸至具有历史意义的巴特西发电站 (Battersea Power Station)。该塔楼建在原属于英国国防部的英国陆军兵营土地上。
这座面积约 14,400 平方英尺的六卧室住宅最初由银行家 Boyd Jefferies 及其妻子 Sharon Jefferies 在 1970 年代建造。他表示，David 和 Holly 在 2001 年以约 $16 百万的价格购入了这栋房屋。 威尔逊夫妇继承了该房屋的葡萄酒收藏（David 估计价值 $1 百万）及其艺术品，包括 Don Sorenson、Andy Warhol 和毕加索的作品。这些都可以通过支付额外费用购买。 David 表示，他们在买房时，该房产已处于“基本闲置”状态数年，他们花费了两年时间和约 $20 百万进行翻新。 仅在地下钢材和混凝土上，威尔逊夫妇就投资了超过 $3 百万，以防止未来的侵蚀并符合当前的建筑规范。David 表示，由于建于加利福尼亚海岸委员会 (California Coastal Commission) 设定退让线规则之前，大客厅、图书馆和主卧室的部分区域向海洋突出，三面被水环绕。 David 创立并拥有 Wilson Automotive Group，这是一个在加利福尼亚州、亚利桑那州、内华达州和墨西哥拥有约 17 家分店的汽车经销商连锁店。 多年来，威尔逊夫妇举办了教会和政治筹款活动。David 表示，在 2017 年，他们聘请了海滩男孩 (Beach Boys) 乐队在一次有 400 名宾客参加的 70 岁生日派对上演出。他说，主卧室的可伸缩屋顶是一个“派对技巧”，但也非常适合观星。 威尔逊夫妇于 2020 年全职搬到内华达州，他们表示，现在两个孩子都成年了，因此决定出售。他们还在附近买了一套较小的房子。“我们现在不需要这么多房产了，”David 说道。 如果该房产以要价成交，可能会超越拉古纳海滩 (Laguna Beach) 的记录——该记录于上月被刷新，当时一座位于翡翠湾 (Emerald Bay) 的海滨豪宅以 $110 百万成交。
待售 $64 百万 7,000 平方英尺， 5 卧室，全套家具
这座 7,000 平方英尺的顶层公寓在两个户外露台上另有 3,000 平方英尺的空间。该建筑拥有一个室内网球场，可重新配置为皮克球场和篮球场——Qatari Diar（该房产开发商）的销售总监 Miles Wood 表示，这在伦敦的开发项目中是一项罕见的设施。自去年 10 月开始销售以来，该塔楼 28 个单元中约有 25% 已售出。
des Forges 表示，全套家具对于国际超高净值买家来说是一个主要的卖点。 据 Wood 称，该项目是切尔西兵营 (Chelsea Barracks) 的五栋建筑之一，这是一个占地 12.8 英亩的开发项目，拥有 7 个花园，公寓起售价约为 $4.5 百万。des Forges 表示，到目前为止，英国买家在该开发项目中占据最大比例，其次是土耳其买家。
Qatari Diar 由卡塔尔投资局 (Qatar Investment Authority) 拥有，后者是该海湾国家的主权财富基金。 Wood 表示，它在 2008 年以约 $1.3 十亿的价格购入该土地。 他拒绝透露 Qatari Diar 在该开发项目的建设上花费了多少。 des Forges 表示，在伦敦中心区最昂贵的社区之一贝尔格拉维亚，房屋售价曾高达 $120 百万。
待售 $112 百万 14,400 平方英尺，6 卧室， 车库庭院，露天剧场
David 表示，市场并没有主导他们的出售决定，尽管“我们并不想成为第一个开价超过 $100 million 的人”。
上市代理人来自 Livel Real Estate 的 Jill Lockhart 表示，橙县的高端市场近年来有所升温，吸引了来自洛杉矶（那里的豪宅税抑制了市场）、马利布、旧金山湾区以及纽约的富裕买家。她正与 Livel 的创始人 Meital Taub 共同营销该房产。
到目前为止，橙县约有 12 笔成交价在 $25 million 或以上的交易，高于去年的 9 笔。“我们不习惯在橙县看到这样的价格，”Taub 说道。
Lockhart 表示，$112 million 的价格是合理的，因为其地理位置、占地面积和建筑风格。她说：“在今天的市场中，最稀缺的资源不仅仅是平方英尺的面积。” —E.B. Solomont
尽管利率较高，且英国近期针对富裕外籍人士的税收政策导致去年伦敦的超高端市场放缓，但根据房地产公司 Knight Frank 的数据，该市场在今年年初显示出增长势头。
与去年同期相比，今年第一季度伦敦 $10 million 以上住宅的销售额增长了 32%。 —Natasha Dangoor
图片来源（由上至下）：CHRIS SNITKO/MODERN TAKE MEDIA; OSKAR PROCTOR (LONDON); JACK HOBHOUSE
F
阿斯彭每年上半年的 住宅总销量
homes
homes
$15
2020 ’25
2020 ’25
2020 ’25
注：包含单户住宅、公寓、联排别墅和双拼别墅。 来源：Tim Estin, Estin Report
来源：Tim Estin, Estin Report
作者：E.B. SOLOMONT
在经历了一个积雪稀少的冬季后，科罗拉多州阿斯彭 (Aspen, Colo.) 曾经势不可挡的房地产市场正在走下坡路。
今年到目前为止，房屋销售速度为自新冠疫情繁荣期以来最慢，那次繁荣开启了这一高端滑雪胜地的价格和交易量创纪录的时期。追踪该市场的阿斯彭斯诺马斯苏富比国际地产 (Aspen Snowmass Sotheby’s International Realty) 的 Tim Estin 表示，2026, 年前六个月，阿斯彭的房屋销量同比下降了 32%，而 $10 million 或以上的销售额则暴跌 42.6%。
“我们刚刚经历了一个非常奇怪且不寻常的滑雪季，”Coldwell Banker Mason Morse 的 Carrie Wells 说道。“这对我们的房地产市场产生了影响。”
房地产经纪人表示，在关税谈判和与伊朗战争的背景下，阿斯彭的市场在去年开始降温。随后，今年冬季影响美国西部的干旱导致该地区降雪量创下历史新低。根据阿斯彭市的数据，阿斯彭去年的降雪量约为 108 英寸，为 1976, 年以来最低水平。
“降雪量低意味着进城的人减少，而房地产是一个数字游戏，”Compass 的 Steven Shane 说道。“如果没有人来看房，你就无法达成购房合同。”
总体而言，今年迄今为止的顶级房产交易较少。房地产经纪人表示，买家和卖家在定价上的分歧日益增加。
inches
million
阿斯彭降雪量
2020 ’22 ’24
注：指每年开始的雪季 来源：阿斯彭市
亿万富翁比尔·科赫 (Bill Koch) 的阿斯彭度假屋曾在市场上挂牌多次，持续十多年。7月中旬，该房产在拍卖中以 $33.515 million 成交。
势不可挡的销售——直到 白雪消融
高昂的建筑成本导致一些卖家要求对新房或翻新房收取溢价。但买家正在抵制这种理想化的定价。
7月中旬，亿万富翁比尔·科赫的一处 52 英亩牧场——曾开价 $125 million——在拍卖中以 $33.515 million 成交。“人们只是在退后观望，看看会发生什么，”Estin 说道。
当地经纪人表示，科赫房产的深度打折销售不一定代表整个市场，他们补充说，尽管有明显的降温迹象，但市场并未陷入自由落体式下跌。阿斯彭的住房市场需求仍然大于供给；自 2019 年以来，挂牌库存下降了近 40%。
阿斯彭豪华销售公司 (Aspen Luxury Sales) 的 Lance Hughes 表示，许多价格在 $10 million 到 $20 million 范围内的房产在过去几年中被买下，而这些人根本不需要出售。“除非他们花 $12 million 买入，然后你给他们 $29 million，否则他们不会卖，”他说道。
尽管冬天缺乏粉雪，但库存短缺有助于维持高价。
“人们还是在这里的，很热闹，”阿斯彭斯诺马斯苏富比国际地产的 Mandy Welgos 说道。“我认为我们的季节才刚刚开始。”
经纪人表示，定价合理的房屋销售迅速。阿斯彭 Mountain Valley 社区的一栋拥有抢手游泳池的 5,300 平方英尺住宅，在以 $14.995 million 挂牌后数周内便签署了合同。业主在 2021 年支付了 $10.25 million。
[从上至下]：SHAWN O’CONNOR; DAVID WILLIAMS/BLOOMBERG NEWS
私宅
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告诉他，威廉姆斯的私宅仅是第二次进入市场。（威廉姆斯于1980年去世；德拉于1996年去世。这栋房子一直留在威廉姆斯家族手中直到2018年，当时以约$2.4百万的价格售出。新业主是一位热情的保护主义者，在建筑师弗兰克·埃舍尔（Frank Escher）和拉维·古内瓦德纳（Ravi GuneWar-dena），以及室内设计师比利·科顿（Billy Cotton）和莱登·刘易斯（Leyden Lewis）的帮助下，花费多年时间对房屋进行了修复和升级。随后，她将其挂牌出售。）沃克对此产生了兴趣，于是他带了两位朋友来看房。其中一位是洛杉矶郡立艺术博物馆（Los Angeles County Museum of Art）馆长迈克尔·戈文（Michael Govan），他从建筑意义的角度谈到了这栋房子。另一位是电影制作人兼活动家艾娃·杜弗奈（Ava DuVernay），她谈到了这栋房子对于洛杉矶地区黑人历史的重要性，而杜弗奈正是在那里长大的。他们都认为这栋房子非常适合沃克，因为沃克的爱好包括世纪中期现代主义建筑和非裔美国人历史。“参观结束时，他们已经说服我买下它了，”沃克说。于是他买下了它，为这栋房子及其优雅的1/3英亩景观花园支付了$4.2百万。这次购买将一名成功的黑人男子的故事与另一名成功者的故事融合在了一起。威廉姆斯出生于内战后仅几十年后的洛杉矶，4岁时成为孤儿。为了追求建筑事业，他必须忽视那些反对者。根据写过三本关于他传记的孙女凯伦·E·哈德逊（Karen E. Hudson）所述，一名高中教师曾告诉他，黑人雇不起建筑师，而白人则不会雇佣黑人建筑师。在证明那名教师错误的人群中，包括鲍尔（Ball）及其丈夫德西·阿纳兹（Desi Arnaz）、西纳特拉（Sinatra）、加里·格兰特（Cary Grant）以及许多其他名流。作为美国建筑师协会（American Institute of Architects）的第一位黑人会员，威廉姆斯在50年的职业生涯中完成了2,000多栋房屋。他还设计了拉斯维加斯的守护天使大教堂（Guardian Angel Cathedral），该建筑以巨大的A型框架和华丽的彩色玻璃窗而著称，并协助规划了洛杉矶国际机场，其标志性的、具有太空时代风格的中心建筑被称为主题大楼（Theme Building）。他的房屋涵盖了多种风格——殖民地风格、西班牙复兴风格、都铎风格、乔治亚风格、装饰艺术风格等。他自己那栋4,600平方英尺的房子采用的是国际风格，特点是平顶、白色灰泥墙和铝框水平带窗。但威廉姆斯与南加州现代主义的先驱理查德·诺伊特拉（Richard Neutra）和鲁道夫·希德勒（Rudolph Schindler）不同，他并非纯粹主义者。在他那略显冷峻的外观背后，隐藏着一些奇思妙想——一些有时被称为“好莱坞摄政风格”（Hollywood Regency）的超大装饰。例如，那座曲线流畅的主楼梯，其扶手装饰着奔跑瞪羚的铸铜像。在设计这栋房子的同时，威廉姆斯正在完成比弗利山庄酒店（Beverly Hills Hotel）的一次大规模扩建，该酒店是好莱坞摄政风格的代表作。“他在进行实验，”沃克说，他看到了这栋房子与酒店之间的“对话”。这座在建筑上独树一帜的房子也是社会进步的象征。直到威廉姆斯一家搬到拉法叶广场（Lafayette Square）前不久，地契限制仍禁止黑人居住在那里。事实上，尽管在专业领域取得了巨大的成功，威廉姆斯依然难以避免种族主义的侮辱。据他的孙女和其他人回忆，他出名地学会了倒着画图，这样当他坐在办公桌后，而客户坐在他对面时，他可以为客户勾勒设计图。因为有些白人客户不愿坐在黑人身边。66岁的沃克也出身卑微。他从未见过父亲。他的母亲在德克萨斯州艾姆斯（Ames）的一间后面带厕所的简陋棚屋里抚养他，直到他8岁。在他的新家庭办公室里，沃克指着一张他4岁时拍的照片。他说，在生命的那个阶段，“我很开心。我并不真正懂得什么是贫穷。当我去拜访亲戚时，他们都说”
洛杉矶 郡立艺术 博物馆
洛杉矶 国际 机场
加利福尼亚州
YURI HASEGAWA 为 WSJ 拍摄；盖蒂图片社 (LAX, 拉斯维加斯, 威廉姆斯)
餐桌和椅子是房子的原配。在餐厅的墙上挂着六幅由洛杉矶艺术家亨利·泰勒 (Henry Taylor) 创作的小画。
“住在像我们这样的房子里。” 在软木墙上，童年照片旁边钉着沃克 (Walker) 成年后的照片。“那是我就在从伊丽莎白女王那里领取大英帝国勋章 (OBE) 时拍的，”他指着说道，“那里有我和阿玛尔 (Amal) 以及乔治·克鲁尼 (George Clooney) 的合影。我和米歇尔·奥巴马 (Michelle Obama) 的合影。拉尔夫 (Ralph) 和瑞奇·劳伦 (Ricky Lauren)。科林 (Colin) 和阿尔玛·鲍威尔 (Alma Powell)，他们是非常优秀的导师。诺曼·莱尔 (Norman Lear)，他是个好朋友。那是我和教皇，教皇方济各。”他补充道：“这只是我的小小世界。” 当然，他的世界在很多年前就不再“小小”了。在离开福特基金会 (Ford Foundation) 之后，他的计划是
在一家大型金融机构内发起一个社会投资基金。但亿万富翁企业家、苹果公司创始人史蒂夫·乔布斯的遗孀劳伦·鲍威尔·乔布斯对他另有打算。持有 Anonymous Content 控制权的鲍威尔·乔布斯招募他来经营该业务。尽管他没有任何电影制作经验，但沃克带来了很多优势，包括丰富的管理经验。他说，在彼此了解的过程中，他们意识到自己拥有相似的艺术触觉。鲍威尔·乔布斯未对此发表评论，但在他被任命时，她曾告诉《纽约时报》：“一个人能同时具备创意和财政天赋是非常罕见的。”
当沃克买下威廉姆斯故居时，他还买了一些原装家具，包括餐厅的桌椅和客厅的一款低矮截面沙发。沃克为这栋房子购买的家具还包括一件由保罗·麦考布（Paul McCobb）设计的遮住电视的衣柜；一套由意大利博学家乔·庞蒂（Gio Ponti）设计的牌桌和椅子；一个 1950 年代的意大利穆拉诺玻璃与黄铜材质伞架；以及一套 1950 年代的保罗·布法（Paolo Buffa）设计的意大利书桌和椅子。“我热爱意大利设计，”他说。屋内的艺术品对沃克来说尤为重要。唯一由白人艺术家创作的画作是罗斯·布莱克纳（Ross Bleckner）在 1982 年为沃克的伴侣大卫·比策尔（David Beitzel）创作的肖像画，比策尔是一位于 2019 年去世的艺术商。在数十件黑人艺术家的作品中，沃克说，弗罗霍克·双羽（Frohawk Two Feathers）的一幅画“对我来说意义非凡”，因为那是比策尔在去世前买的最后一件艺术品。沃克收藏的其他珍品还包括艾米·谢拉尔（Amy Sherald，曾为米歇尔·奥巴马绘制史密森尼官方肖像）的一幅画，以及一对由凯欣德·威利（Kehinde Wiley，曾为巴拉克·奥巴马绘制肖像）创作的小型雕塑。此外还有照片（戈登·帕克斯拍摄的阿拉巴马州一个贫困家庭；鲍勃·戈梅尔拍摄的穆罕默德·阿里和马尔科姆·X），以及不断增加的缩微模型（maquettes）系列——由托马斯·普莱斯（Thomas Price）、卡拉·沃克（Kara Walker）、西蒙·利（Simone Leigh）、桑福德·比格斯（Sanford Biggers）等人创作的大型雕塑比例模型。将一位重要黑人建筑师设计的房子填满重要黑人艺术家的作品，绝非一件小成就。被广泛视为“连接者”的沃克，现在已经实现了跨世代的连接。他说：“我对这些作品以及这座房子有一种精神上的依恋。”沃克的新工作要求他洞察风向，而他似乎正乘着保罗·威廉姆斯的阵风。洛杉矶的三家机构——盖蒂博物馆、南加州大学费舍尔艺术博物馆以及洛杉矶县立艺术博物馆——将在今年夏天和秋天举办保罗·威廉姆斯的展览。此外，由珍娜·爱尔兰（Janna Ireland）拍摄的关于威廉姆斯建筑的黑白照片新书将于 8 月出版。沃克的羚羊就出现在封面上。
[[IMG_BEVERLY HILLS]] BEVERLY HILLS BEVERLY HILLS
Wilshire Blvd Wilshire Blvd.
Lafayette Sq are Lafayette Square
Los Ange es County Museum of Art
LOS ANGELES LOS ANGELES
Los Ange es nternational Airport
2 miles
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ANNA DEEN/WSJ
这座面积约为 4,600 平方英尺的房子采用了国际风格，带有平屋顶。但左侧好莱坞摄政风格的主楼梯扶手上装饰着奔跑的羚羊。
A 作者：JESSICA FLINT
沿着新泽西州大约 130-mile-long 的海岸线，奢侈房地产市场按区域呈现出不同的特征。概括来说，南海岸吸引费城地区的人群前往传统的海滨小镇，而北海岸则吸引寻求快速通勤和更大都市生活方式的纽约市买家。新泽西州的迪尔 (Deal, N.J.) 是这一高端聚居区中一个稳定的标志。根据 Realtor.com 的一项定制分析，其 07723 邮政编码区是北海岸最昂贵的区域，2026, 6 月的挂牌价格中位数为 $5.49 million。（Realtor.com 由新闻集团运营，专门为 华尔街日报 开发了这一分析方法。）该镇位于曼哈顿以南约 60 英里，面积 1.2-square-mile，是一个叙利亚犹太社区的聚集地，这也塑造了这里的身份认同。住宅生活十分安静，但只需短距离开车即可到达邻近社区中充满活力的北海岸娱乐区。
从左下角起顺时针方向：BRYAN ANSELM 为 WSJ 拍摄；NATHAN RUDY；ALY MILLER 为 WSJ 绘制（地图）
值得关注的停靠站与商店 诺伍德大道 (Norwood Avenue) 是迪尔镇一条低调的干道，这里聚集了一系列
新泽西州迪尔镇诺伍德大道沿线的商店和餐厅。
富裕邮编区 | 走进美国一些最昂贵的邮政编码区 新泽西州 迪尔 (Deal, N.J.) 07723
$5.49 百万 挂牌价格中位数，同比上涨 57%
59 在售天数 中位数 $1,559
每平方英尺 价格中位数
9 活跃挂牌量，同比下降 10%
Realtor.com (June 2026)
犹太洁食市场、特色餐厅和精品店，并与犹太会堂相邻。
朗布兰奇的 Pier Village 在迪尔镇以北，朗布兰奇市 (Long Branch) 曾是镀金时代的度假胜地，接待过七任美国总统。其核心景点是这个高端的、维多利亚风格的海滨综合社区，于 2005 年开放。
亚斯伯里公园的木板路 迪尔镇以南是亚斯伯里公园市 (Asbury Park)，这里建于 1871 年左右的木板路两旁林立着餐厅、商店和文化场所，包括海洋大道 (Ocean Avenue) 的 Stone Pony 摇滚俱乐部，该俱乐部助力推出了布鲁斯·春斯坦和邦·乔维。
海洋格罗夫的帐篷村 与亚斯伯里公园相邻的是
摩托车骑士经过位于迪尔（Deal）海洋大道（Ocean Avenue）上的一栋大宅。
海洋格罗夫（Ocean Grove）社区， 成立于 1869 年。其 19 世纪 70 年代的帐篷村拥有大约 100 顶帐篷，围绕着一个约 6,250 席的大礼堂（Great Auditorium），该礼堂是一处 19 世纪 90 年代的礼拜场所和音乐厅。夏季帐篷的租赁权通常在家族内部世代相传。
会员身份 与准入 在迪尔市区，休闲时间集中在娱乐俱乐部和社区机构。沿着海岸线，迪尔赌场海滩俱乐部（Deal Casino Beach Club）始建于 1907 年，为会员提供泳池、浴室、凉亭及海滩通道。康诺弗展馆（Conover Pavilion）是一处市政海滨设施，同时设有公共空间和会员空间。在内陆方向，迪尔乡村俱乐部（Deal Country Club）和好莱坞高尔夫俱乐部（Hollywood Golf Club）——后者以其冠军赛级别球场著称——是该地区顶尖的高尔夫选择。迪尔塞法迪网络社区中心（Deal Sephardic Network Community Center）承担着社交功能，是该地区叙利亚犹太社区的枢纽。
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贝尔马尔的 D’Jais 酒吧及餐厅 在海洋格罗夫以南，贝尔马尔（Belmar）是一个典型的海滨小镇，这里坐落着这座新泽西海岸的夜生活地标。该场所以其舞池、名人客座 DJ 和下午的欢乐时光而闻名。
$7.8 百万美元 9 间卧室，6 间浴室 这座建筑于 1918 年建成，面积约 4,900 平方英尺，位于一块 0.34 英亩的土地上。它距离海滩仅一个街区。该住宅拥有一个环绕式前廊和四个壁炉。代理人：Barbara Gheriani, Beba Realty.
买家建议 在迪尔寻找房源需要耐心，因为海滨豪宅通常世代相传，导致库存稀缺且场外交易普遍。希望占据一席之地的买家必须准备好迅速且果断地行动。“你不会是唯一的竞争者，”Ward Wight Sotheby’s International Realty 的房地产经纪人 Keith Kernan 说道。他表示，海滨物业从历史庄园到超现代建筑不等，价格在约 $9 百万美元至 $18 百万美元之间。“不仅房屋的平方英尺面积各异，地块也同样如此，”他说。“有些地块较小且远离海滩，而有些则坐落在非常巨大的海滨地块上。”
华尔街日报 (THE WALL STREET JOURNAL)
Emily Soelter和她的丈夫Tom Soelter在他们位于Bay View的五居室小屋里。这座房子最初规模要小得多，但后来经过了多次扩建。
度假小屋
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据当地房地产经纪人玛丽·麦卡锡（Mary McCarthy）称，贝 View（Bay View）大约有 440 栋度假小屋，其中绝大多数是建于 1875 年至 1900 年间的维多利亚风格建筑。许多小屋在家族中传承数代；即使进入市场，通常也是通过口耳相传进行交易。麦卡锡表示，2025 年，贝 View 的销售价格中位数达到了 $346,940——比 2021 年的 $197,500 增长了约 76%。房地产经纪人表示，这一涨幅部分源于业主持有小屋的时间更长，同时也受到佩托斯基（Petoskey）更广泛区域价格上涨的影响。据 Realtor.com 高级经济学家安东尼·史密斯（Anthony Smith）称，今年 2 月，佩托斯基的挂牌价格中位数首次突破 $1 百万美元；他将这一跳升归因于新建筑的激增，以及与五大湖地区的其他市场相比，该地区相对较高的性价比。
在夏季的周四早晨，贝 View 的小屋业主安妮·科赫（Annie Koch）会参加“早晨议会妇女俱乐部”（Morning Council Women’s Club），该俱乐部会举办如冰淇淋社交活动等项目。傍晚时分，她会参加讲座和音乐会。她在社区礼堂看过 Fleetwood Mac 和 Chicago 的翻唱乐队演出。安妮和她的丈夫马修·科赫（Matthew Koch）有两个十几岁的女儿，她们早晨在营地担任辅导员。中午左右回家吃午饭，然后就去教网球。夜晚，她们会和朋友们在小屋的门廊上或社区的水岸边闲逛。“我总是说，孩子们正在经历一个最完美的‘80年代式’夏天，”安妮说。
这种生活方式也有助于维持对度假小屋的高需求。“当我和丈夫结婚时，我们并不太清楚未来会发生什么，但我们唯一确定的是，我们想要在贝 View 拥有一栋小屋，”贝 View 的档案管理员兼当地房地产经纪人伊丽莎白·尼尔森（Elizabeth Nelson）说道，她的丈夫保罗·尼尔森（Paul Nelson）在佩托斯基长大。2005 年，他们花费了约 $300,000 购买了一栋 1900 年左右的度假小屋，并将其搬迁至社区内的另一块地皮上。
一段 150 年的历史 贝 View 由卫理公会牧师于 19 世纪 70 年代创立，最初作为宗教静修的营地。1886 年，该社区采纳了肖托夸运动（Chautauqua movement），将其使命扩展到包括教育和文化项目在内的内容。
如今，贝 View 是一个国家历史地标，要求对任何建筑或翻新工程进行严格监督。
贝 View 是一个国家历史地标，要求对任何建筑或翻新工程进行严格监督。
社区内的翻修。 由于许多维多利亚风格的小屋缺乏绝缘设施，且社区基础设施脆弱，Bay View 在冬季月份会关闭。
Emily Soelter，77岁，和她的姐姐 Ginny Gibson，72岁，拥有由她们的曾祖父在 1880 年左右建造的 Bay View 小屋。她说，当她们的孙辈们来度夏时，“屋子里挤得满满的”。
全年居住在明尼苏达州的 Soelter 表示，这座小屋多年来经过了扩建。“在我们有的第一张照片里，这里还没有厨房，”她说，“女人们当时都在森林里做饭。”
Bay View 的小屋由私人拥有，但土地归协会所有，协会规定买家必须是会员。会员申请流程需要非家庭成员的推荐信：至少两封来自当前居民（不包括卖家），以及至少一封来自社区外部人士。
随后，申请人需接受会员委员会的面试，之后申请才会被批准。根据 Bay View 执行主任 Megan DeWindt 的说法，这一过程可能耗时九周，且仅在夏季进行审批。
DeWindt 表示，这一流程旨在确保新成员致力于社区的使命，并愿意参与社区服务和活动。不拥有小屋的人可以在 Bay View 租房，这不需要会员资格。
Dennis 和 Merritt DeLano Taylor 花了四年时间为他们四个人的家庭寻找一座 Bay View 小屋。
Dennis，54岁，从事健康保险工作；Merritt，56岁，是一名教授。他们居住在格兰 {Grand Rapids}，
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CAMILLE BRESSANGE/WSJ
该社区于4月下旬开放，11月初关闭。
这对夫妇在 2015 年开车经过密歇根州北部时发现了 Bay View，并开始在那里租住一栋小屋。在 Bay View 2025 年季末时，他们听说有一个家庭正试图快速出售其四居室小屋，价格为 $375,000。他们放下手头所有事情去查看该房产，并在第二天就提出了报价。
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“你必须非常积极地抢占先机，”Dennis 说道。 由于 Dennis 已经是 Bay View 的成员，交易进展迅速。他们在 10 月以 $325,000 的价格买下了这栋小屋。 小屋业主的年费在 $7,000 到 $10,000 之间，涵盖了房地产税、地块租金、水费以及 Chautauqua 费用等支出。
要求变更 该社区还拥有深厚的精神传承。它根植于基督教信仰，提供每周的礼拜服务、主日学、圣经研究和晚祷音乐会。DeWindt 指出，这里也有跨信仰讲座和其他宗教课程。在 20 世纪 40 年代，成员资格仅限于白人基督徒。虽然种族要求在 50 年代被取消，但直到 2019 年，潜在成员仍需要一名基督教牧师的推荐信。在一群业主于 2017 年提起诉讼后，协会取消了该要求，原告认为这违反了联邦《公平住房法》。双方在调解中达成和解，避免了审判。据前 Bay View 董事会主席 Jon Chism 称，这场法律斗争的核心在于成员们担心自己的孩子（他们不像父母那样虔诚）将无法继承小屋。与此同时，反对变革的人则希望保留 Bay View 的传统遗产和文化，他说道。Chism 表示，虽然在诉讼期间存在分歧，但社区内部的问题已经平息。“这就像在自己的家庭里，你因为某件事而争吵，你们非常不认同，激烈地争执了一段时间，而一旦解决了，事情就那样过去了，”他说。身为基督徒的 Soelter 表示，她基本支持规则变更，因为一些在 Bay View 成长的人并不信教。但她也能理解那些担心社区循道会遗产被抹杀的人的观点。如今，她没听到多少关于规则变更的议论。“我认为这件事已经解决了，”她说。Elizabeth Nelson 表示，她曾预计会有大量抗议此决定的小屋涌向市场，但这种增长并未出现。当被问及目前有多少非基督徒成员时，DeWindt 表示社区并不追踪成员的宗教信仰。身为基督徒的 Dennis 和 Merritt 表示，他们感到这个社区对多样性很包容，且作为同性伴侣并未感受到歧视。“我们非常热爱 Bay View 的一点就是，我们真的感受到了被接纳，”Dennis 说道。在夏季计划期间，Dennis 和 Merritt 与其他几个家庭一起，为他们的孩子和朋友举办营后“午餐聚会”。在 7 月底，“我们还准备了迷你苏打水，”Dennis 说。
M
市中心阁楼？完美之选。
作者：NANCY KEATES
Martin Farach-Colton 是一个规划者。 作为纽约大学（NYU）计算机科学与工程系的系主任，他处理生活中大多数事情的方式就像在编写算法代码：将期望的结果简化为必要的输入，并制定实现最优解的步骤。“我擅长后退一步并进行分析拆解，”Martin 说道。 在面对他的住所时，这意味着要研究如何从曼哈顿上西区的一套 1,200-square-foot 的公寓，搬进东村一套经过重新装修的 2,750-square-foot 的阁楼。 60, 岁的 Martin 和他的丈夫 Andrew Farach-Colton, 63, 岁在 1999 年住在上西区那套狭小的公寓里，当时他们发现自己将成为双胞胎的父亲。他们需要更多空间，但深知凭他们的薪水在曼哈顿无法实现。 “为了买到大一点的房子，我们本不得不搬到泽西市或华盛顿高地，但我们两个都不想那样做，”Andrew 说道，他为《Gramophone》杂志撰写关于古典音乐的文章。 Martin 从他当时在罗格斯大学（Rutgers University）担任计算机科学教授的岗位上请了两年的假。Martin 表示，2000, 年 7 月，他成为了 Google 最初的几百名员工之一，这促使这对夫妇搬到了湾区。 他们在那里住了两年——时间足够长，使得 Martin 后来在 Google IPO 之后能够行使一半的股票期权——随后他们返回纽约，住在上西区另一套出租房里。当 Google 的款项到账后，让他们能够在 2007. 年以 $6.8 million 的价格在西村买下一栋 3,200-square-foot 的砖砌联排别墅。Martin 回到了罗格斯大学任教，他们在那里抚养孩子，孩子们现在 26, 岁。 但 Farach-Colton 夫妇不喜欢住在别墅里：这似乎是对空间的浪费，因为他们几乎所有的时间都花在同一个楼层。建筑大约建于 1889, 年，总有地方需要修理；而两人都不太擅长动手，这意味着他们必须不断雇人。“我们想念公寓生活，”Andrew 说。 2019, 年 5 月，他们以 $8 million 的价格卖掉了联排别墅，并以 $4.2 million 的价格在东 12 街买了一套 2,750-square-foot 的阁楼。 Martin 说，那个空间非常混乱。“简直有点疯狂。”有机玻璃隔断倾斜放置，形成了对角线的房间，没有任何东西是对齐的。但它有一整墙的大窗户，可以俯瞰内部庭院。 随后，Martin 绘制了自己的平面图，并聘请了建筑师 Gordon Kahn 来主导这项 $2.6 million 的装修工程。Kahn 曾为 Gigi Hadid、Tina Fey 和 Andy Cohen 等名人设计过项目。
Kahn 拆除了隔断，将整个空间完全打开。然后，他沿着网格重新划分区域，创建了一个巨大的、充满光线的起居空间，以及三个卧室、两间办公室和厨房后面一个巨大的储藏室。 Kahn 表示，结果是“一次非常深入的协作”，“我采用了 Martin 的想法并将其转化为设计”。 Andrew 的审美也融入其中。他从小就随父母参加拍卖会，这让他懂得欣赏有意义的物品。起居室中放置他钢琴的区域有一面贴满黑胶唱片的墙，还有一个摆放着一套捷克波西米亚手工水晶玻璃杯的架子。 “我是 Martin 的‘数字化’之‘模拟化’，”他说。
PETER ROSS 为 WSJ 拍摄
1940年的房屋；现任业主 约翰和比林格斯·凯（John and Billings Cay），右。
作者：莎拉·佩恩特 (SARAH PAYNTER)
为您介绍《华尔街日报》全新的“历史名宅”系列。我们深知读者们非常热爱探索美国最古老且最具历史意义的房产。每月两次，莎拉·佩恩特将带我们走进这些充满故事的住宅。
当保护主义者约翰和比林格斯·凯在 2008 年买下他们在弗吉尼亚州的庄园时，一座希腊神话人物尼俄伯 (Niobe) 的花岗岩雕像正侧卧在正式花园的杂草丛中，绿植覆盖了小径和围栏。约翰表示，房屋需要更换新的机械设备和地板，并且缺失了许多原始的装饰线条。约翰于 2024 年从家族保险公司退休，成为一名房地产开发商。“它看起来需要一个朋友。”
这对住在佐治亚州萨凡纳的夫妇以 $1.3 百万美元的价格买下了这座位于弗雷德里克斯堡郊区（距离里士满以北约 50 英里）的房屋。随后，他们启动了一项耗资 $10 百万美元的修复工程。
历史 凯夫妇是第三个拥有这座联邦风格住宅的家庭。 根据弗吉尼亚花园俱乐部会员 (Garden Club of Virginia Fellows) 的一份报告，商人约翰·希普金斯 (John Hipkins) 在 1800 年左右建造了罗斯山庄 (Rose Hill)。他将其留给了孙子约翰·希普金斯·伯纳德 (John Hipkins Bernard)，后者在 1818 年从欧洲回国后，增建了一个图书馆翼楼、一个办公室翼楼、一个八角形音乐室和一个柱廊。
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阿拉巴马州，马丁湖 (LAKE MARTIN, ALABAMA)
这座位于 The Ridge 的全家具配备、面积 7,000 平方英尺以上的豪华庄园，坐落在 300 英尺以上由巨石围成的湖岸线，两侧均可欣赏水景。提供 6 间卧室，6.5 间浴室，挑高天花板，四个壁炉，无边泳池，影院，桑拿房，宽敞的户外生活区，以及 Ridge Club 的各项设施，打造终极的马丁湖生活方式。
$6,950,000
Russell Lands Real Estate LLC Thomas Lamberth 电话：256.215.7011
田纳西州，孟菲斯 (MEMPHIS, TENNESSEE)
这座位于热门东孟菲斯中心地带、占地 1.4 英亩私人土地的戏剧化娱乐住宅，在单层空间内拥有 9,500 平方英尺的豪华居住面积。亮点包括围绕着光线充足的惊艳室内泳池布置的宏伟房间、戏剧性的高天花板、中庭画廊入口大厅以及富丽的漆面厨房橱柜。由 Julie Harris Mollaymeri 共同挂牌。
一座 1800 年左右的庄园 在战争与火灾中幸存
他们保留了餐厅的壁纸和原始家具。
据报告，该家庭曾使用奴隶劳动力将这座庄园经营为一个种植作物并饲养动物的实用农场。在...
内战期间，联邦军和邦联军 在当地控制权更迭时穿过了 这片地产，导致其状况恶劣。 Hipkins 的后代在 1958 年 出售了这栋房子，但次年的一场 火灾使其仅剩下地基、烟囱 和部分墙壁。
根据其丈夫 James S. Patton 的 曾侄女 Hannah Duerden 称， Frances Bernard Patton——另一位 Hipkins 的直系后代——重新购买了 该庄园，重建了原有的结构， 并修复了被烧毁的翼楼。
报告称，Patton 夫妇复制了 餐厅的壁纸，并用许多原有的 家具和家族肖像填满了房屋。 Duerden 表示，他们通过政府 津贴以及出售土地上的木材来 筹集翻修资金。
Frances 于 1981 年去世，James 在 2007 年去世前，随着健康 状况恶化，他一直维护着花园， Duerden 说道。
【麦卡尔，爱达荷州】
Whitetail Club 的 Clearwater Cabins - 365 Sunshine Drive。一座位于爱达荷州西部山区的 1.59 英亩隐秘小屋。面积 3,471 平方英尺，含 4 间卧室、4.5 间浴室及 3 车位车库。主层设有宽敞的大客厅和厨师级厨房，并配有相邻的开阔户外生活区。所有卧室均设有套内浴室。位于顶级的 Whitetail Club 私人社区内。 $2,749,000 WhitetailClub.com
Whitetail Club Realty, LLC. 电话：877.634.1725 电子邮件：realestate@whitetailclub.com
【现代时期】 现年 81 岁的 John 和 61 岁的 Billings 利用建筑商发票、家族日记、历史报告、重建图纸以及数百张历史照片来进行修复。
【历史细节】 根据报告，Bernard 从旅行中带回了欧洲鸽子、雏鸽和鹧鸪，在庄园中饲养。Cays 夫妇认同这一愿景，并增加了一个受托马斯·杰斐逊未实施设计启发而建的鸽舍。
【拥有历史建筑最美好的部分】 “感觉到你正在为后代做出贡献，”John 说道。
【拥有历史建筑最困难的部分】 所需的维护工作。“结果证明，这项任务比我们想象的要宏大得多。”
【出售原因？】 Cays 夫妇在春季和秋季居住在此，但随着 John 的最后一个孙辈从附近的高中毕业，他说两人计划在萨凡纳与家人共度更多时间。
【市场快照】 上市代理人、来自 Coldwell Banker Elite 的 Charlotte Rouse 表示，历史住宅吸引的买家群体与市场上较新的物业不同。她指出，虽然这些住宅本身并不一定更贵，但如果修复得当，可以获得溢价。
【纽波特，罗德岛州】
这座非凡的 Ocean Drive 地区物业包含一栋三卧住宅及一栋独立的两卧小屋——这是一个多功能的合法双家庭房产品，具有显著的灵活性。‘Tree Haven’ 坐落在高大树木环绕的私人区域内，在纽波特顶尖地址中永不过时的地段拥有无限可能。距离 Bailey’s Beach 和 Cliff Walk 仅一步之遥。 $7,200,000 GustaveWhite.com
Gustave White Sotheby’s International Realty 电话：401.849.3000
美国历史建筑调查/国会图书馆 (1940)；CAY 家族 (肖像)；JUSTIN KIME/HDBROS
W
名流到访 | 蒂姆·罗宾斯 (TIM ROBBINS) 他成长于 格林威治村的民谣之中
当我 5 岁，也就是 1963 年时，我看着我的父亲与 Highwaymen（一个受欢迎的民谣组合）一起表演。他们的音乐会通常会穿插几个冗长而离题的故事。看着他让观众大笑，那种感觉令人兴奋。 我一生都在追求这一点——艺术家与观众之间的那种联系。
顶部图片：MICHAEL BUCKNER/DEADLINE/GETTY IMAGES；TIM ROBBINS 家族
我的家人最初住在加利福尼亚州的波莫纳（Pomona）。我的父亲 Gil 教高中音乐。他的学生之一约翰·斯图尔特（John Stewart）与他对民谣有着共同的兴趣，于是他们与约翰·蒙哥马利（John Montgomery）组成了一个名为 Cumberland Three 的三人组。 他们在西海岸的俱乐部演出，发行了三张专辑并在全国范围内巡演。1960 年，他们在格林威治村时，他被邀请参加为病重的民谣歌手西斯科·休斯顿（Cisco Houston）举办的一场生前告别会。
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我父亲在那里找到的社区让他确信，这里是抚养家庭的地方。他打电话给我母亲说：“玛丽，把孩子们带来。”她把我们塞进车里，开车带我们去了格林威治村（the Village）。我们的一居室公寓位于一栋五层无电梯公寓的顶层。我的父母睡在客厅的折叠沙发上；我的哥哥大卫和我睡在走入式衣橱的上下铺里；而我的姐姐们，阿黛尔和加布里埃尔，则睡在用餐区上方的阁楼里。
到 1963 年 9 月，父亲正与 Highwaymen 乐队一同巡演。在我们街对面是 Gaslight Café，这是一家民谣俱乐部，在 Highwaymen 乐队于 1964 年解散后，我父亲共同经营了这家店。随后，我父亲转型进入演艺事业，参与了外百老汇（off-Broadway）的剧作。观察他的生活让我开始欣赏那种生活方式。
到 20 世纪 70 年代初，阿黛尔成为了新城市剧院（Theater for the New City）的舞台监督。加布里埃尔也加入了该团队，我也加入了。 1973 年，剧院让我出演了《小王子》的 titular 角色。在没有夏季演出的时候，我会打垒球。我参加了斯图伊维森特高中（Stuyvesant）的入学考试，那是全市最好的
佛罗里达州 爱达荷州
守护您的财富... 立即搬迁！ 自 1989 年起专注于棕榈滩 豪华房产...
联系我们，获取 您可以信任的经验！ Linda R. Olsson, Inc., 房地产经纪人 O: (561) 820-9195 C: (561) 329-4044
蒂姆的海报
布鲁克林家中最酷的东西是什么？里德墙上的画作。
你最喜欢的电影纪念品是什么？一部 1999 年电影《摇篮将摇摆》（Cradle Will Rock）的罕见替代海报，这部电影由我编剧并导演。那是电影中比尔·默里饰演的腹语傀儡演员的像素化图像。
你现在还听你父亲的唱片吗？是的，用黑胶唱片。我还拥有他 Highwaymen 专辑的原始母带。
公立高中之一。我被录取了，但在学业上较为吃力。我的英语老师托马斯·多兰建议我参加斯图伊维森特的 SING! 活动，在该活动中，一年级和二年级学生在原创剧作中与三年级和四年级学生竞争。在二年级时，我执导了我的第一出戏——保罗·西尔斯的《故事剧场》（Story Theatre）。我在纽约的州立大学普拉茨堡分校（SUNY Plattsburgh）学习戏剧，但两年后搬到加利福尼亚州，转学到加州大学洛杉矶分校（UCLA）。
最初，我没有被他们的戏剧项目录取，但我参与了编剧、导演和表演。我的目标是成为一名——
爱达荷州博伊西 - 6329 E Wildhorse Lane
非凡的 4 英亩博伊西山麓庄园，拥有令人惊叹的 360 度景观和无与伦比的奢华，距离市中心仅数分钟之遥。 $2,699,900
Michael Todd Miller HomeFound 房地产集团 208.866.1487 Michael@HomeFoundGroup.com
上方为 2024 年在洛杉矶的蒂姆·罗宾斯；最左侧为 6 岁时的他，与兄弟姐妹及父母吉尔和玛丽在 20 世纪 60 年代父亲巡演期间的合影。
一名剧院导演，但我赢得了大四的一场表演比赛，找了一名经纪人并开始试镜。我的第一个突破是在 1982 年的《圣 Elsewhere》（St. Elsewhere）中。 1988 年的电影《牛津之都》（Bull Durham）改变了我的职业生涯。试镜内容包括与凯文·科斯特纳接接球。因为小时候打过三垒手，我的臂力不错。
如今，我的伴侣——导演兼摄影师里德·莫拉诺（Reed Morano）和我将时间分配在纽约和洛杉矶之间。我们在布鲁克林的公寓位于一个改造的仓库中，
跨州房地产团队
3 1 2 . 7 5 0 . 9 3 3 3
跨州房产供应
拥有高天花板和屋顶露台。在洛杉矶，我有一栋朴素的工艺美术风格住宅（Craftsman）。我的哥哥拥有我父亲的吉他。我拥有他创作的物件，包括他编织的艺术品。我倾向于遵循他的内在原则：“不要让双手闲置；找个项目去做。” ——转述给 Marc Myers
蒂姆·罗宾斯， 67 岁，是一位获得过奥斯卡奖的演员，以《牛津之都》、《肖申克的救赎》和《神秘河》而闻名。他共同出演了 Apple TV 系列剧《羊毛》（Silo）。
在经济波动环境下，探索商业模式的演变 # 投资分析 分析 商业模式的变革正在重新定义竞争格局。
分析 许多公司正在通过整合人工智能来优化运营，以在充满不确定性的市场中保持竞争力。但在这一过程中，许多企业在实施 AI 转型时面临着巨大的挑战，包括技术债务、缺乏专业人才以及组织惯性，这使得实际的收益往往低于预期。
这种竞争压力促使商业模式的演变并非偶然，而是由于这种压力导致了企业在战略层面的调整以及管理结构的重新定义。
关于 4 重点在于如何在波动中寻找机会。 分析：*
核心洞察： - 商业模式的演变已成为最关键的趋势之一。 - 许多企业在尝试将 AI 整合到核心业务流程中。 - 市场正在经历转变。 - 成功的企业将是那些能够迅速适应并重新定义价值主张的公司。
DJIA 52208.06 À 613.92 1.19% NASDAQ 25122.18 À 2.8% STOXX600 649.95 À 0.8% 10-YR.TREAS. g 10/32, yield 4.662% OIL $83.59 g $0.87 GOLD $4,100.10 À $63.80 EURO $1.1530 YEN 159.50
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News
Business&Finance
U.S. economic growth slowed to 1.5% in the second quarter, weighed down by strong imports to fuel the ar- tificial-intelligence boom. A1
A massive rally in Microsoft shares added fuel to a re- bound in major U.S. stock in- dexes which saw the S&P 500, Nasdaq and Dow advance 1.7%, 2.8% and 1.2%, respec- tively. Yields on longer-term Treasurys held near their highest levels in 19 years. B1
S&P 500
Situational Awareness, the once highflying AI-focused hedge fund, sold the bulk of its stock portfolio to Ken Grif- fin’s investment firm Citadel after suffering deep losses. A1
Situational Awareness, the once-highflying AI-focused hedge fund, sold the bulk of its stock portfolio to Ken Grif- fin’s investment firm Citadel after suffering deep losses, ac- cording to people familiar with the matter.
FIFA, soccer’s world gov- erning body, unveiled a plan to spin off the commercial rights of its most popular competitions into a private company and sell a roughly 20% stake to investors. A1 Adidas shares fell more than 11% after the sports- wear company’s earnings were squeezed by heavy marketing spending on the FIFA World Cup. B3
Anthropic said that soft- ware it was testing got onto the internet and hacked un- suspecting companies with- out the AI-maker’s knowledge in three separate incidents dating back to April. B1
Tesla executives have been told to prepare for a separa- tion of the company’s China business ahead of a potential merger, with advisers discussing options to make the break. B1
Shell said it ran its refin- eries at 102% of capacity during the second quarter, eking out more jet fuel and diesel to take advantage of soaring prices. B2
Worldwide
Trump signaled he had no plans to negotiate with hold- out Republicans blocking Todd Blanche’s confirmation as attorney general, threat- ening to pause the nomina- tion rather than work out an agreement with Sens. John Cornyn and Thom Tillis. A1
Hamas and other Pales- tinian militant groups agreed to a Gaza process under which the U.S. says they would disarm and lose power as long as Israel with- draws from the enclave. A1
Hamas and other Palestin- ian militant groups agreed to a plan that, if followed, would see the groups disarm and lose power in the Gaza Strip as long as Israel withdraws from the enclave, U.S. officials said.
The Trump administration is considering a $100,000 fee for international students who want to work in the U.S. after they graduate from an American university. A3
Mortgage rates jumped to their highest level in a year, dealing another blow to a long-stalled housing market that shows little sign of recovering. A2
A man who gave his son the gun he used to kill two students and two teachers at Apalachee High School in Georgia was sentenced to 15 years in prison. A3
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.
At least 10 people died as thousands of migrants poured into the Spanish ter- ritory of Ceuta from neigh- boring Morocco. A7
Turkish police detained a former television actor- turned-mayor in the latest wave of arrests targeting the political opposition. A9
Wildfires sweeping through pine forests west of Bordeaux forced the closure of some of France’s most strategically important de- fense and aerospace sites. A7
CONTENTS Arts in Review A11-12 Business & Finance B2,3,5 Business Watch... B3 Capital Account.... A2 Crossword............ A12 Heard on Street.. B10
Mansion ........... M1-10 Markets & Finance B9 Opinion............ A13-15 Sports .................... A16 Technology............. B4 U.S. News............ A2-6 World News....... A7-9
FRIDAY, JULY 31, 2026 ~ VOL. CCLXXXVIII NO. 26 WSJ.com U.S. Edition
GDP expands 1.5%, below expectations, even as consumer spending increases
BY HARRIET TORRY
U.S. economic growth slowed in the second quarter, weighed down by strong im- ports to fuel the artificial-in- telligence boom.
ROMAN BALUK/REUTERS
DEADLY BARRAGE: A series of Russian missile and drone strikes against Ukraine on Thursday killed at least eight people and wounded more than 50, Ukrainian authorities said. A child injured in an attack on a building in Lviv is taken away by stretcher. A7
WASHINGTON—President Trump signaled he didn’t want to negotiate with hold- out Republicans blocking the
By Richard Rubin, Sadie Gurman and Maya Davis
confirmation of attorney gen- eral pick Todd Blanche, threatening to pause the nom- ination rather than work out a deal with two senators whose
Of Hamas Disarming
By Alexander Ward, Summer Said, Philip Wegmann and Abeer Ayyoub
The officials, speaking to reporters Thursday evening, said the agreement is the start of an indefinite, multiphase process to end Hamas’s rule in Gaza and rebuild the enclave. The officials acknowledged many challenges ahead, such
In Search of Low-Tech Bliss
i i i Car owners disable alerts and make buttons out of tape; ‘I just want to turn a knob.’
BY SHARON TERLEP
Brett Doyle maintains a me- ticulous spreadsheet of the latest automotive tech—elec- tronic door handles, massive touch screens, cruise control that automatically goes with the flow of traffic. It isn’t detailing his dream car. It’s his worst nightmare. “I don’t want any of that,” said the computer scientist living in St. Louis, who sees
The AI surge has become such a huge part of the econ- omy that it’s a big growth driver and also affects trade in a way that can offset some of that growth. Specifically, high demand for imported components like semiconduc- tors weighs against the U.S. growth calculation because the products aren’t made in the U.S. At the same time, Thurs- day’s gross domestic product
careers he effectively ended. Sens. John Cornyn (R., Texas) and Thom Tillis (R., N.C.) are opposing Blanche’s nomination in the Judiciary Committee, keeping it from advancing to a vote on the Senate floor. They say they won’t relent unless the administration for- mally kills off a $1.8 billion “anti-weaponization fund” and narrows the government’s tax audit protections for the
as verifying the Palestinian groups’ compliance and ensur- ing that a skeptical Israeli government doesn’t scuttle any progress. The announcement is the culmination of months of di- plomacy between the U.S., Is- rael, Hamas and Middle East mediators, as well as the Board of Peace created by President Trump to oversee Gaza’s transition. But it is only the first step in a pathway laden with political and mili- PleaseturntopageA8
Iran conflict strains ties between U.S., Kuwait..... A8 Commander poised for war’s next push................. A8
the technology as a pile of problems waiting to happen. Doyle is part of a vocal mi- nority fighting the auto indus- try’s obsession with packing new technology into cars. Call them curmudgeonly road- blocks to progress, or the last beacons of sanity on the road. Either way, they’re pushing back. Some, like Doyle, are reject- ing new cars altogether, opt- PleaseturntopageA10
report included positive signs on other fronts. Consumers in- creased their spending, shrug- ging off a surge in gas prices fueled by the conflict with Iran. Business investment re- mained strong as companies kept investing in IT equip- ment and software for the AI build-out. The Commerce Department said GDP—the value of all goods and services produced across the economy, adjusted
president, his family and his businesses. In a social-media post Thursday, Trump said he had “no objection to temporarily withdrawing” Blanche’s nomi- nation if the holdout senators “do not do the right thing.” He said he could renomi- nate Blanche after Cornyn and Tillis are out of office at the start of 2027. The president didn’t men- tion the fund or the audit pro-
Amazon Rise
Amazon
Apple’s iPhone sales grew 21% for the quarter, and Amazon revenue got an AI boost. B1
Share-price and index performance, past three months
20% Apple
June May July
Source: FactSet
To Recover World War II POWs
Divers search the collapsed wreckage of the Oryoku Maru for remains of hundreds of Americans after eight decades
BY MIKE CHERNEY
for inflation and seasonal changes—rose at a 1.5% annual rate in the second quarter. Economists surveyed by The Wall Street Journal had expected GDP growth of 1.8% for the April to June period. The economy grew at a 2.1% pace in the first quarter. Economists said the head- line number clouded the largely positive trends. Solid spending by companies and PleaseturntopageA2
tection. Instead, he noted he hadn’t endorsed Cornyn or Tillis for re-election, tying those political disputes to their reluctance to vote for his nominee. Trump took no immediate action, leaving Blanche’s con- firmation in limbo. Cornyn told reporters the senators and the administra- tion had exchanged offers and believed they were making PleaseturntopageA4
Roils Global Soccer
BY JOSHUA ROBINSON AND GINA HEEB
This summer’s North Amer- ican World Cup, a month-long extravaganza that smashed re- cords for viewership, atten- dance and revenue, seemed like the culmination of soccer’s long campaign to tap in to the abundant wealth of the U.S. In fact, soccer’s world gov- erning body was just getting started. On Tuesday, FIFA, a Swiss nonprofit, unveiled a plan to spin off the commercial rights of its most popular competi- tions into a private company and sell off a roughly 20% stake to investors that valued
AI Fund Sells Bulk Of Assets To Griffin
Bets on artificial intelligence sink highflying firm run by OpenAI alum
By Gregory Zuckerman, Peter Rudegeair and Anissa Gardizy
It marks a sudden downfall for Situational, led by former OpenAI employee Leopold As- chenbrenner. It had amassed well over $20 billion in assets under management since its founding just around two years ago, making it one of the fastest-growing firms in years. Aschenbrenner, who is in his mid-20s, was seen by some as an AI oracle, with other investors closely track- ing his firm’s movements as it placed big, leveraged bets. As investors shed positions in artificial-intelligence re- lated stocks, Situational was under pressure to raise cash, either through sales of hold- ings or new capital commit- ments, to meet margin-call de- mands from its lenders, some of the people familiar with the matter said. Its public investments in- clude companies in the AI supply chain such as memory- chip makers SK Hynix and Sandisk, fuel-cell maker Bloom Energy and AI cloud-comput- ing provider Nebius Group. Shares of all of those compa- nies had plummeted over the past month as investors soured on AI and technology stocks amid worries about massive capital expenditures and higher borrowing costs. Shares of companies in Sit- uational’s portfolio rose Thursday after news of Situa- tional’s stock sales surfaced. PleaseturntopageA6
the venture at $20 billion. But on Thursday, a furious back- lash led European countries to announce a boycott of all FIFA competitions, including the World Cup, after an emer- gency meeting of European soccer’s governing body. “This model has no place in world football,” UEFA said af- ter the meeting. “Football’s fu- ture cannot be dictated by the expectations of those whose first duty is to maximize fi- nancial return…As a result of today’s discussion, no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive.” PleaseturntopageA16
“I got that feeling of like, ‘Oh, maybe this is something important,’” Lucas said. In his hand, he had the remains of a boot, sole and leather still attached. The shoe, later found to have “U.S. Army” written on the sole, was one of the strongest signs yet that Defense Department research- ers are closing in on a goal that has escaped them for more than eight decades: bringing home the remains of about 250 American prisoners of war who died in December 1944 PleaseturntopageA10
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THE WALL STREET JOURNAL
CAPITAL ACCOUNT | By Greg Ip Fed Silence Leaves Markets Flying Blind A
lot happened in the weeks leading up to Kevin Warsh’s second meeting as Federal Reserve chairman, when the central bank left interest rates unchanged: soft em- ployment and inflation data, renewed war with Iran, higher oil prices. To Warsh, though, most noteworthy was how markets responded to this information: bond yields went up. This, Warsh explained to reporters after Wednesday’s meeting, justified his decision to stop commenting on economic de- velopments and how the Fed might respond to them. Mar- kets are “learning how to play the ball, not the referee.” But Warsh’s analogy of the Fed simply calling balls and strikes, borrowed from future Supreme Court Chief Justice John Roberts, doesn’t work. The Fed isn’t a neutral um-
Mortgage Rates Hit One-Year High Mark consumers points to contin- ued economic strength in the second half of the year, ana- lysts said. “What I saw was robust consumer spending and a sus- tained increase in capital ex- penditure driven by the AI build-out,” said Joseph Brusuelas, chief economist at RSM. Ernie Tedeschi, chief econ- omist at payments company Stripe, calculated that gross computer spending—which in- cludes capital expenditures on computers and data center construction—made a major contribution to the second quarter’s 1.5% growth rate. “More than half of real GDP growth in the second quarter alone was attr butable to com- puters or data centers or something adjacent to infor- mation-processing equipment and software,” Tedeschi said. Consumer spending, the economy’s main engine, rose at a 3.2% pace in the second quarter, picking up from 0.5% in the first quarter of this year. Consumers—buoyed by tax cuts—increased their spending on both goods and services. This was despite reg- ular gasoline averaging $4.22 a gallon from April through June, according to AAA data. A measure of underlying demand that carves out more volatile government, inventory and international trade num- bers also strengthened. Called final sales to private domestic purchasers, this measure rose at a 3.9% rate in the second quarter, up from 1.7% in the prior quarter and the fastest pace since the first quarter of 2023. GDP reflects the total of all spending. But since some of that spending is on imported
%
June:
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Growth Slows
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The name of Tullett Prebon, which provided market data, was misspelled as Tullet Prebon
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pire, it is the most important player in the game. Markets respond not just to data but how they think the Fed will respond to data. Investors plug each new bit of information into the Fed’s assumed “reaction function,” which then spits out the ap- propriate interest rate. If the markets correctly understand the Fed’s reaction function, then they can do some of the Fed’s work for it. When the economy is over- heating, bond yields will rise, which will slow the economy and squelch the threat of higher inflation. If the econ- omy is weakening, yields will fall, and the economy picks up, safeguarding employment. Warsh alluded to this mecha- nism Wednesday: “Even while at some level we haven’t done much in 42 days, the markets have done quite a bit.” But this only works if the Fed actually behaves as mar-
EDUARDO BARRAZA/ZUMA PRESS
A large data center campus under construction in the Phoenix metropolitan area.
GDP, change from previous quarter
2021 ’22 ’23 ’24 ’25 ’26
Note: Seasonally and inflation-adjusted at annual rates Source: Commerce Department
products, rather than things made in the U.S., imports are considered a drag on GDP. That math played a role in the second quarter, when net exports—a measure of what the U.S. exports minus what it imports—subtracted a per- centage point from the head- line GDP number. Inventory investment also weighed on growth last quarter as busi- nesses slowed stockpiling. Part of this stems from AI growth, which has boosted de- mand for foreign-made equip- ment. U.S. stocks rallied Thursday as a robust earnings
Net exports
in a Page One article on Thurs- day about the Federal Reserve’s decision to hold rates steady.
kets expect. Bond yields rise because they are pricing in higher short-term rates. If the Fed doesn’t deliver, that pricing will reverse. Bond yields rose between the June and July meetings because of growing expecta- tions that the Fed would raise interest rates. But the Fed didn’t deliver. As to why, Warsh declined to say. When June’s benign infla- tion report was released, markets certainly saw that as a reason not to tighten. Yet Warsh said it was “not much” of a factor: “We are not relying on any one indi- vidual piece of data.” So how are markets sup- posed to interpret inflation data in the future if they are told such an important re- lease had no bearing on in- terest rates? Warsh’s preference for say- ing little harks back to an era when central banks were more
Contributions to quarterly change in GDP for select categories
2Q 2026: +1.5%
2Q 2026
Business investment
Consumer spending, goods
Consumer spending, services
State and local government
Residential investment
Federal government
Change in private inventories
–1.0 pct. pt. 0
report from Microsoft re- stored momentum in the AI boom. The Dow Jones Indus- trial Average rose 613.92 points, or 1.19%, to 52208.06. Nasdaq surged 2.78% and the S&P 500 gained 1.66%. Speaking to the Senate Fi- nance Committee last week, U.S. Trade Representative Ja- mieson Greer welcomed higher imports of “the type of goods that help us produce even more here.” “We have shifted the bulk of our imports from consumer goods and autos to the things we need to scale reindustrial-
PCE price index, change from a year earlier
Overall: 3.7% Core PCE: 3.3%
2022 ’25 ’24 ’23 ’26
Note: Seasonally adjusted. Core prices exclude food and energy.
Source: Commerce Department via St. Louis Fed
mysterious, impersonal insti- tutions. The motto of Montagu Norman, governor of the Bank of England from 1920 to 1944 was “Never explain, never ex- cuse.” Until the early 1990s, the Fed didn’t even say whether it had changed inter- est rates; it conducted open market operations and let traders figure it out. E
ven when the Fed said little, though, markets would seize on every bit of information to discern the Fed’s next move. From 1979 to 1982 when the Fed was targeting the money sup- ply, interest rates would gy- rate with each weekly release of the money supply data. Tom Gallagher, for years Wall Street’s top Fed watcher (now retired), had a line about this: If a Fed chairman one day mentioned purple traffic cones, Wall Street would hire a bunch of people
1Q 2026
ization, like machine tools, in- jection molding equipment and AI chips,” he said. The GDP report came a day after Fed officials voted Wednesday to hold the central bank’s benchmark interest rate steady, in a range of 3.5% to 3.75%. The decision came in a 9-3 vote as three bank presi- dents dissented in favor of a quarter-point rate increase, a sign of heightened tension over inflation. Fed Chairman Kevin Warsh characterized the economy and labor market in broadly positive terms, noting
The inflation gauge tracked by the Federal Re- serve cooled in June but re- mains well above the central bank’s 2% target, a challenge that has animated keen speculation about how the Fed is likely to respond un- der new Chairman Kevin Warsh. The price index of per- sonal-consumption expendi- tures declined by 0.1% last month as lower energy prices helped pull down the overall price level, the Com- merce Department said Thursday. That yielded a 12-month PCE inflation rate of 3.7%, a
to go out and count purple traffic cones. After Ben Bernanke joined the Fed in 2002 as governor, he argued strenuously for more transparency. If the Fed didn’t talk, others would fill the void, he said: “From indi- viduals speaking or from pundits speculating, it’s just going to be noisier and more cacophonous than ever. Any kind of guidance we give…has got to be better than that.” Fed officials did worry, as Warsh now does, that com- municating introduced what they called the problem of “looking in the mirror”— were market prices just a re- flection of what they said, rather than an independent judgment of reality? For example, when inflation surged in 2021 as the econ- omy emerged from pandemic lockdowns, bond yields barely moved as Fed officials argued inflation would be transitory.
1.0 1.5 pct. pts.
Business investment remained strong as companies kept investing for the AI build-out...
...while data-center builders’ reliance on imports, such as semiconductor chips, counted against U.S. growth because the products are made overseas.
strength in productivity and investment in artificial intelli- gence. “The economy is show- ing impressive resilience,” Warsh said during his post- meeting press conference. Job gains were steady in the second quarter, and the unemployment rate remained low. Beyond the impact of gas prices, Americans got a break on inflation in June: The price index for personal-consump- tion expenditures declined by 0.1% on lower energy prices, according to separate data from the Commerce Depart- ment Thursday.
decline from 4.1% in May. Setting aside volatile food and energy categories, a 0.1% price increase in June gave rise to a 12-month core PCE inflation rate of 3.3%, slightly cooler than the 3.4% re- corded in May. Thursday’s report also showed that Americans’ per- sonal income rose by 0.2% month over month in June, a hair below the 0.3% that economists polled by The Wall Street Journal had an- ticipated. Consumer spending climbed by 0.3% last month, in line with expectations. —Matt Grossman
But that same episode il- lustrated the perils of trust- ing markets. Even as inves- tors saw little Fed tightening, they also expected inflation to soon fall back to the Fed’s 2% target. Had the Fed trusted that market assessment, it would never have tightened. In the end, it tightened a lot, because it didn’t trust mar- kets’ benign scenario. That is why some Fed officials today want to tighten. It is early days, and Warsh may eventually conclude he should communicate more, while avoiding explicit inter- est rate guidance. If he doesn’t, markets won’t stop trying to guess what he’s thinking: they’ll just rely on other Fed officials’ commen- taries, some random bit of data, the latest version of purple traffic cones.
Warsh gets warning shot from bond market............. B1
BY NICHOLAS G. MILLER
Mortgage rates jumped to their highest level in a year, dealing another blow to a long-stalled housing market that shows little sign of recov- ering. The 30-year fixed rate aver- aged 6.66% this week, up from 6.58% the week prior, accord- ing to Freddie Mac. That marked the fourth consecutive week of rising rates, as intensi- fying conflict in the Middle East pushed up inflation expec- tations and a divided Federal Reserve sowed doubt about the path of interest rates. Mortgage rates are closely tied to the 10-year Treasury yield, which hit an 18-month high last week due to rising oil prices. “There are a lot of things propping up rates right now,” said Chen Zhao, head of eco- nomics research at Redfin, cit- ing geopolitical conflict, infla- tion from artificial intelligence spending and potential Fed rate increases. “You are seeing that weigh on the housing market.” Inflation looks unlikely to ease soon, with the war in the Middle East still dragging on, threatening oil supplies and blocking shipping routes. On Wednesday, the Federal Reserve opted to keep interest rates steady, but three officials voted for an increase. That hawkish faction clashed with a dovish press conference from Fed Chairman Kevin Warsh, creating uncertainty about the Fed’s next moves. Mortgage rates briefly fell below 6% in February, sparking hope for a rebound in home sales following years of stag- nation. But the beginning of the Iran war drove rates up- ward and they have remained volatile since, with the housing market’s sales slump now well into its fourth year. While some economists have said that home buyers have largely grown accus- tomed to high mortgage rates, there are still signs that the latest run-up in rates has weighed on buyer demand. Ac- cording to Redfin, U.S. pending home sales fell to their lowest level since early April during the four weeks ended July 26. In just the last week, pending home sales fell 1.7%.
Average rate on a 30-year fixed mortgage
Thursday: 6.66%
For Foreign Students Who Stay To Work
BY MICHELLE HACKMAN
WASHINGTON—The Trump administration is considering attaching a $100,000 price tag on international students’ abil- ity to work in the U.S. after they graduate from an Ameri- can university, according to people familiar with the mat- ter, a move that would make it much less attractive for for- eigners to study in the U.S. If enacted, the fee would ad- vance President Trump’s efforts to restrict nearly all forms of le- gal immigration. It would harm universities, which rely on re- cruiting international students as a reliable source of revenue, as well as Silicon Valley and Wall Street firms, which dispro- portionately hire international graduates to fill technical roles. The fee would be attached to a program called optional practical training, or OPT, which allows international uni- versity graduates to work for one to three years on their stu- dent visas. There were roughly 419,000 foreigners working on OPT in 2024, the latest year that data are available. The move, in essence, ac- complishes the goal originally set out by the administration’s $100,000 levy on H-1B visas for foreign professionals, which caused a panic in Silicon Valley last year. The government was blocked from collecting the H-1B fee by an appeals court in Boston last week. Though officials originally intended that fee to apply to all H-1B visas, widespread opposi- tion from tech giants led the administration to narrow it to foreign recruits seeking to come to America. Broadly speaking, foreigners moving to the U.S. directly on H-1B visas tend to be recruited by IT and accounting firms, while the top companies in tech and finance generally prefer to recruit from top American universities and convert their employees from student visas to H-1Bs several years into employing them. In that way, the new fee on OPT would more directly target these firms. A DHS spokeswoman said “No policies should be consid- ered final until formally an- nounced. At DHS we are always having conversations about how to use all tools in our arse- nal to protect the integrity of our legal immigration system.” The $100,000 fee is becom- ing a frequent tool used by Trump immigration officials, who have developed several policy proposals to block for- eigners of limited financial means from coming to the U.S. In addition to the H-1B and stu- dent visas, officials at the State Department are also weighing attaching a $100,000 bond on applicants for green cards out- side the U.S., redeemable only after they move to the U.S. and become citizens. The latest fee is still under discussion at the Department of Homeland Security, the peo- ple said, and it wasn’t clear whether the White House would sign off on it. It also wasn’t clear who would be on the hook to pay the fee: international students themselves, or their prospec- tive universities and employ- ers. It likely would be attached to a new requirement the ad- ministration announced this month that requires interna- tional students to apply for an extension on their visas to use their OPT. Until now, student visas automatically remained valid for the duration of a stu- dent’s educational program, plus up to three additional years of work authorization. The OPT program is one of the primary attractions for in- ternational students choosing to study in the U.S. Advocates contend that, without OPT, most international students would be forced to leave the country right after graduation, pushing them to take the skills they gained at American uni- versities to foreign markets. Immigration restrictionists argue it allows companies to hire foreign students directly after graduation without any regulations to ensure they aren’t being paid less than American-born graduates.
Left, Gil Campos and Maria Moctezuma support bike lanes along Archer Avenue. Right, Jose Luis Maya, who says without parking, his store is losing customers.
Businesses bemoan a loss of customers as Chicago’s parking yields to bike lanes
BY JOE BARRETT
CHICAGO—When Maria Moctezuma learned that a project on busy Archer Avenue would replace on-street park- ing with bike lanes and reduce traffic from two lanes to one, she mobilized residents and grabbed a bullhorn to protest. “We don’t need that,” said Moctezuma, a 47-year-old ride- share driver who raised her children in the neighborhood. She launched “Archer Guardians of Brighton Park,” a Facebook group now up to 2,600 mem- bers, many of whom vent about a perceived war on cars with posts such as “Stop taking away parking. Stop these waste of money bike lanes. Bring back common sense.” But a biking faction quickly pushed back. Gil “Pookie” Campos, 59, a warehouse man- ager and cyclist from the neighborhood, rallied his In- stagram followers to counter- protest the Archer Guardians. “There’s plenty of Archer to go around,” read one sup- porter’s sign, depicting a car, bus and a bicycle wheel. Chicago, under its “complete streets” design program, has been reworking the Archer Ave- nue area since last year, nar- rowing the main lane to calm traffic and adding consistent left-turn lanes, pedestrian is- lands and improved crosswalks. The flashpoint, however, re- mains the removal of several blocks of on-street parking in favor of protected bike lanes. Jose Luis Maya, the owner of Deportes Maya, has sold jerseys, shoes and soccer balls on Archer for 24 years. Previ-
Colin Gray was handcuffed following his sentencing in Winder, Ga., on Thursday.
BY JACK MORPHET Georgia School Shooter’s Father Gets 15 Years
The father of a teenager who committed a deadly mass shooting in September 2024 at a Georgia high school has been sentenced to 15 years in prison for his role in making firearms available to his son. Colin Gray was convicted of second-degree murder and in- voluntary manslaughter in March, where a judge found he allowed his teenage son to pos- sess a weapon despite knowing he was a danger to himself and others. His son, Colt, now 16 years old, was sentenced Tuesday to life in prison without the possi- bility of parole after pleading guilty to killing two students and two teachers at Apalachee
The bike-lane standoff over a Chicagoland artery mirrors nationwide friction: As cities have installed bike lanes, often capitalizing on federal grants and a pan- demic-era cycling boom, lo- cals are revolting against lost parking and congestion. Last week, U.S. Trans- portation Secretary Sean Duffy sent a letter to sena- tors calling on them to re- strict federal funding for
ously, roughly a dozen parking spots existed on his block. Now there are just four, and they are down the street in front of the library. He esti- mates his business is down by about 30%. When people call and hear there is no parking, he said, they go elsewhere. “This isn’t a biking area,” he insisted. The cyclists who do roll by
High School in Winder, Ga., and injuring nine others. He was 14 years old at the time of the 2024 shooting. Barrow County Superior Court Judge Nicholas Primm said it was the nation’s second case whereby parents were held to account for shootings their children were accused of carrying out, which he ac- knowledged was a divisive con- cept. In handing down his sen- tence, Judge Primm said Colin Gray failed as a parent by not seeking counseling for his son or locking up guns in the house. “The warning lights were flashing brighter and brighter and you didn’t get him help and you didn’t remove his ac-
A National Backlash
bike lanes that hamper traffic flow. Now, a back- lash to the backlash is emerging from cyclists. The fights are playing out in statehouses and city halls, where officials are in- creasingly trying to balance the popularity of biking—to commute, shop or recreate— with local interests that rely on parking and the efficient movement of vehicles. In California, where some
don’t come in, said Gustavo Hernandez, who stood nearby in his mostly empty restaurant, Taqueria Y Birrieria Morelia #2, at lunchtime. Bike lanes in- stalled on his street last October slashed parking and, he said, cut into his business. While the redesign had been in the works for several years, some small-business leaders complain they were left out of
cess to the guns,” Judge Primm said. Colin Gray was dressed in a candy-striped prison jumpsuit in court, where families of Colt’s victims condemned him for failing to prevent the school shooting. At trial, Gray testi- fied he wanted to introduce his son to hunting and the out- doors to help the two of them bond, adding that he gifted his son a gun for Christmas. The local sheriff’s office in- terviewed Colt in May 2023 af- ter authorities received anony- mous tips about threats of a school shooting. Colin Gray told authorities he had hunting guns in the house, but said his son didn’t have unsupervised access to them, according to the FBI.
Left, Taqueria Y Birrieria Morelia #2. The restaurant’s owner says bike lanes cut into his business. Cyclist Andrew Mack, above, says bike lanes encourage people to drive less.
cities have ripped out new bike lanes, cycling advocates are pushing a bill to make re- moval harder; the measure has passed the state Senate. In Washington, D.C., the Washington Area Bicyclist Association stopped the Trump administration from imminently removing popu- lar bike lanes on 15th Street—running from the Jefferson Memorial to the far side of the National Mall.
the planning process. The factions faced off at rallies on Archer Avenue for months. Moctezuma, of the Guardians, became known as “Megaphone Lady.” At one protest, the cyclists were poking fun at Mocte- zuma’s group for being out- numbered, so she began counting how many passing drivers honked their horn in
Melanoma Treatment
BY XAVIER MARTINEZ
A Food and Drug Adminis- tration advisory panel voted 10-3 Thursday for Replimune Group’s experimental mela- noma therapy, after a conten- tious meeting in which experts raised doubts about whether the company’s data and trial design could be trusted to show the skin-cancer drug works. Thursday’s recommenda- tion is the latest turn in a reg- ulatory saga that has stretched nearly two years. Earlier this week, a critical FDA analysis of the company’s results trig- gered a more than 30% drop in its stock price. Replimune first submitted its application for the therapy, called RP1, in November 2024. The FDA rejected it in July of last year, rejected a resubmis- sion in April, then allowed a third submission in June—this time setting an Aug. 2 decision date and scheduling the public advisory to be held days before. In May, The Wall Street Journal reported that the White House had pushed health offi- cials to revisit the agency’s ear- lier rejections of the therapy. Several members of Thurs- day’s independent panel de- scribed Replimune’s data as “messy” and difficult to parse, but said they voted in favor be-
HYOSUB SHIN/PRESS POOL
support, versus how many passing cyclists rang their bell. Her tally: more than 100 horns to zero bells, she said. Her side won a partial con- cession: In late April, the city agreed to restore 17 parking spaces along several blocks of Archer, though shopkeepers call that a fraction of what was lost. Meanwhile, city officials de- fend the changes as safety up- grades, not just b ke-lane addi- tions. “Archer is like a mini- expressway,” said Alderwoman Julia Ramirez, describing cars and trucks darting in and out on the three-lane diagonal road before the changes. The frustration is spreading to other Chicago neighbor- hoods. At a recent meeting, the newly formed Southwest Chamber of Commerce dis- cussed how businesses could have a greater voice in plans for additional bike lanes on 35th Street. “We don’t have a seat at the table,” said Carlos Chavarria, president pro tem of the group and co-owner of Kristoffer’s Cakes. “If we suf- fer, the community suffers.” Not everyone at the meet- ing agreed. Andrew Mack, 42, a cyclist who runs a govern- ment-affairs business, believes better cycling infrastructure will help wean people from their cars. “Bringing a 4,000- pound machine with you to go to a yoga class isn’t necessar- ily the best use of our public resources,” he said. The backlash might reach the ballot box. Photographer Clau- dia Zuno, 51, launched a cam- paign fueled by bike-lane oppo- sition to challenge Alderwoman Ramirez in February. “This is a working-class com- munity,” Zuno said, where resi- dents haul work tools in a truck or ferry elderly people to the doctor in the family car. “People rely on their vehicles not out of luxury but of necessity.”
cause the drug showed promise among patients whose cancer had been resistant to prior treatment. Others suggested their vote hinged on the anec- dotes of tumor shrinkage pre- sented by experts and patients who spoke during the meeting. More than 30 people spoke in a public comment period during the meeting, including several who had taken the experimental medication. All spoke in favor of Replimune’s medicine. Panelists said an additional, Phase 3 study would further clarify whether the drug is ef- fective. The agency’s own scien- tists don’t have to follow the panel’s recommendation, but they often do. Earlier this week the agency released briefing documents warning that some results from Replimune’s single-arm study were “not interpretable,” prompting shares in the com- pany to lose nearly a third of their value. The FDA reviewers said they couldn’t tell whether tumor responses came from RP1 itself or from a drug manu- factured by Bristol-Myers Squibb it was paired with. The FDA wrote that Replimune’s study “does not in- clude an adequate and well- controlled investigation that demonstrates substantial evi- dence of effectiveness.”
LEETRIANA CAMPOS (TOP LEFT), JOE BARRETT/WSJ (3)
NEW SHINE: Members of the National Guard walked Thursday near the newly regilded statues in the ‘Arts of War’ installation on Memorial Bridge, in Washington, D.C.
OBITUARY Arlene Smith, ’50s Girl Group Star, 84 Arlene Smith, one of the first “girl group” stars who as a teenager and a founder of the Chantels co-wrote and sang lead on the 1950s doo- wop classic “Maybe,” has died at 84. Smith’s manager and close friend, Paul Errante, told As- sociated Press that she died of a heart attack Wednesday at a New York City hospital. Male harmony groups were common in the early years of rock ’n’ roll. But female acts— especially Black female acts— were rare until the late 1950s, when performers such as the Chantels broke through and helped make possible a wave of girl groups in the next de- cade, including the Shirelles. “Maybe,” recorded in a makeshift studio in a Manhat- tan church, was a spare, pleading ballad that Smith sang with weary force. The 1958 release was a Top 20 hit that eventually sold more than 1 million copies and was cov- ered by Janis Joplin and the Three Degrees, among others. —Associated Press
Nomination In Limbo
ContinuedfromPageOne
progress but that the land- scape changed. He said Thursday afternoon that the talks were dead at least for the weekend, and he warned that there were other GOP senators who had reser- vations about the fund and audit settlement. “We were having a per- fectly good conversation with Todd Blanche. I think he’s a smart guy, good lawyer,” Cornyn said. He said he thought the White House may be trying to wear down the senators. “I don t know whether they think they can wait us out or we’ll cave,” he said. “But I as-
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sure you, we won’t.” The standoff shows how some Republicans are taking a tougher line to challenge Trump, who continues to have a grip on much of the party despite his sinking na- tional poll numbers. Both Tillis and Cornyn are part of what some lawmakers have dubbed the “wounded bear caucus” of GOP senators leav- ing office after this year, who have little to lose politically from confrontations with the White House. The fund was created in an agreement between Trump and his own administration. That ended a lawsuit filed by the president against the In- ternal Revenue Service for a contractor’s illegal leak of his tax returns. Although Blanche, as acting attorney general, has said the fund is dead, lawmakers have worried that it could be re- vived and used to pay Trump allies and people who as- saulted police officers when
CORPORATE.WSJ.COM/STAYINFORMED
Trump supporters stormed the Capitol on Jan. 6, 2021. The agreement says the par- ties who signed it—Trump’s personal lawyer, the DOJ and the IRS—can amend it, but they haven’t done so. Tillis and Cornyn cited what they thought was prog- ress in talks this week, as Sen- ate leaders pushed to get Blanche confirmed before sen- ators leave for their summer recess. Late Wednesday, the Senate Judiciary Committee indefi- nitely postponed a scheduled Thursday vote to advance Blanche’s nomination to the full Senate floor, as the ad- ministration made a last-min- ute pitch to win over the two holdout Republicans. But those negotiations ap- peared to stall Wednesday and collapse Thursday, with Trump signaling he wanted the senators to get in line without any concessions. The president said he was prepared to leave Blanche in
NEW JERSEY At Least One Child Drowns in River One child died and another is missing after the two 10- year-olds went into a rain- swollen river while playing in a park in Passaic, N.J., on Wednesday, authorities said. An 11-year-old survived, the sister of the 10-year-old boy who drowned. “He put his hand on her head, trying to get up above the water, and he may have inadvertently saved her life without even knowing,” Pas- saic Mayor Hector Lora said Thursday. As she went under- water, she felt rocks, Lora said. The other 10-year-old, a girl, was still missing early Thursday. Multiple boats and divers searched an expanded area of the river, using drones and sonar technology, Passaic Fire Department Chief Patrick Trentacost said in an email. Trentacost referred to the search as a “recovery opera- tion,” saying it will continue “as long as necessary.” No names have been re- leased. —Associated Press
NATHAN HOWARD/REUTERS
an acting capacity, a role in which he is authorized to per- form all the duties that come with serving in the Senate- confirmed position. He can stay in the acting role for 210 days, though that can be ex- tended while his nomination is pending. Blanche will be lead- ing the Justice Department anyway, because he was con- firmed by the Senate as dep- uty attorney general, effec- tively giving him the same power as the top law enforcer. A Justice Department spokeswoman had no com- ment. Cornyn isn’t trying to end all of the audit protections that Blanche gave to Trump this year. He said he just wanted the agreement to en- sure that the protections wouldn’t reach into the future and would match what Blanche said during his confir- mation hearing. Then, Blanche said the audit protections ap- plied only to Trump and the other few plaintiffs in the
WISCONSIN Barnes Exits Governor Primary Mandela Barnes dropped out of the Democratic pri- mary for Wisconsin governor Thursday, further shaking up the race less than two weeks before the Aug. 11 election. The former lieutenant gov- ernor made the announce- ment in a video posted on his Facebook page as democratic socialist Francesca Hong has garnered strong support from the liberal wing of the party. Barnes’s decision to drop out came a day after the re- lease of a Marquette Law School poll of Wisconsin Dem- ocratic primary voters that found Hong leading Barnes and the other candidates by a significant margin, although about one-third of primary voters remained undecided. “It’s become very clear who our nominee is going to be,” Barnes said. The winner of the Demo- cratic primary is expected to face U.S. Rep. Tom Tiffany, who faces only nominal oppo- sition in the Republican pri- mary. —Associated Press
president’s lawsuit against the IRS and that they didn’t apply to other government agencies such as the Securities and Ex- change Commission. Blanche’s statements in the hearing offered a much more limited view of the protections than the written order. The text he signed applied to re- lated parties, covered issues that could be pending and in- cluded other agencies. Cornyn and Tillis have ac- knowledged that passing leg- islation killing the fund and the audit protection would be difficult. So they were trying to get Blanche to put a version of his statements into writing or create amended versions of the documents the adminis- tration released earlier this year. Democrats have called the agreement and Blanche’s ac- tions corrupt and illegal, and they have lined up against the fund, the audit order and Blanche’s confirmation. “Nobody, nobody—and es-
pecially the president—should get special treatment under America’s tax laws,” said Sen. Ron Wyden (D., Ore.) Cornyn lost his primary this year after Trump en- dorsed opponent Ken Paxton. Tillis last year declined to run for re-election after clashes with Trump. If Trump does pull the nomination and try next year, Blanche’s prospects might not be much better. Democrats have a chance to win the Sen- ate majority, and even if they don’t, Republicans such as John Curtis of Utah, Susan Collins of Maine and Lisa Murkowski of Alaska might have concerns with the nomi- nation. In the Senate Finance Com- mittee on Thursday, Tillis and Cornyn voted against a Demo- cratic effort to block the audit protections. Tillis said he was hopeful that good-faith discus- sions with Blanche would suc- ceed. A few minutes later, Trump posted his statement.
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BY ANNAMARIA ANDRIOTIS AND MAYA DAVIS Ruemmler’s Epstein Testimony Released
Goldman Sachs lawyer Kathryn Ruemmler appeared before the House Oversight Committee to answer ques- tions about her association with Jeffrey Epstein. Ruemmler, whose name ap- peared thousands of times in Epstein documents from 2014 to 2019, has said that they had a professional relationship and that she didn’t know about any ongoing criminal activity. Epstein gave her gifts, listed her as backup executor at one point and called her when he was arrested in 2019. Here are takeaways from a transcript of the July 15 ap- pearance.
Ruemmler said some of Virginia Roberts Giuffre’s claims lacked credibility. Ruemmler responded “I don’t know” when asked whether she believed Virginia Roberts Giuffre was a victim of Epstein and Ghislaine Maxwell, Epstein’s longtime associate. The lawyer said she was “inherently skeptical” of some of Giuffre’s allegations that she thought “lacked inherent credibility.” Giuffre, one of Epstein’s main accusers, previously tes- tified that she was abused as a teen by both Epstein and Max- well, and trafficked to other people. Giuffre died by suicide in 2025. Ruemmler maintained she found Giuffre’s claims of being trafficked by world leaders and American politicians to be inconsistent with what she un- derstood about the evidence that was uncovered in Flor- ida. “Typically, when someone says, I was sex trafficked to someone, they say who, when, where, not multiple world leaders, multiple foreign presi- dents,” said Ruemmler, who added she didn’t investigate the case. In a statement, Giuffre’s family said it was “reprehensi- ble” to cast doubt on Giuffre
Kathryn Ruemmler arriving for a meeting with the House Oversight Committee this month.
and “the only person who lacks credibility is Kathy Ruemmler.” A spokeswoman for Ruem- mler said, “Ms. Ruemmler would never turn a blind eye to any criminal activity, and if she had seen or heard any- thing to suggest that Epstein was harming women or girls, she would have taken action to stop it.”
Ruemmler defended some of her emails as jokes that were in poor taste. House committee members pressed Ruemmler about emails with Epstein where she referred to him as “darling” or “Uncle Jeffrey” and alluded to sexualized massages and his female staff. Question: “So you were just say- ing that you were making a joke, an offhand joke, about Mr. Epstein trading one of his Russian assistants to Ken Grif- fin in exchange for your com- pensation?” Ruemmler: “Yes…And as I said,
I regret emailing him. And this is a—this is a joke that cer- tainly doesn’t land very well today.” In another exchange, she was asked about an email in which she replied to Epstein about a spa gift, writing, “Best massage ever but not your kind of massage.” Ruemmler: “That was a joke to him about the fact that he had engaged in the crime of prosti- tution where the act, again, as I understood it, was that he had paid women to give him sexualized massages…I am us- ing humor to basically, again, sort of call him out on the fact that he had this conviction. And it’s in poor taste.”
Ruemmler thought Ep- stein was a ‘john’ who had paid for sexualized mas- sages. Ruemmler said she saw Ep- stein as a prostitution cus- tomer who didn’t intentionally target minors and believed his account because it was consis-
tent with his nonprosecution agreement and charges in Flor- ida. “He told me that he had—at his home in Palm Beach—that he had arranged for women to come to his home and provide massages to him and that some of those massages were sexual in nature,” Ruemmler said. Epstein told her he paid cash for the massages, Ruem- mler said, “and that some of—a small number of—the masseuses or the women who were coming to his home were, turned out to be under the age of 18, but that he did not have knowledge of that.”
Ruemmler was asked to join Epstein’s 2019 defense team. Ruemmler said the last time she communicated with Ep- stein was when he called her after he was arrested in July 2019. Ruemmler said, “It was a very short conversation, proba- bly less than a minute.” “He seemed to me to be in a
state of shock. And as I—I was shocked. I was stunned and didn’t understand what the guy could possibly have been ar- rested for, again, just based on my understanding,” Ruemmler said. Ruemmler said she declined to join Epstein’s defense team because the 2019 indictment alleged that he had enticed and recruited minors “and that was a wholly different, worse, and more sinister conduct than I had understood. I had no inter- est in being involved in the defense.”
Ruemmler explained what she told Goldman about her Epstein ties. Ruemmler said she chose to disclose her ties to Epstein be- fore she accepted the offer to join Goldman Sachs. She said she told Goldman that: “I knew Epstein, that I had communi- cated with Epstein, that I had dealt with Epstein, that he was not my client, but that he was a primary adviser to my client, and that he had asked my— while he wasn’t my client—he would certainly ask my views on things from time to time.” Question: “Was there a point where you disclosed to Gold- man Sachs before it became public that he had called you when he was arrested in 2019?” Ruemmler: “No.” Question: “Was there a point where you disclosed any of the gifts you received from him be- fore they became public?” Ruemmler: “If anyone had asked me any questions, I would have. It’s certainly not—it’s not something I would have felt the need to affirmatively dis- close, as there was nothing im- proper whatsoever about ac- cepting gifts in the professional services context.” The Ruemmler spokes- woman said, “Prior to joining Goldman Sachs, Ms. Ruemmler proactively disclosed her asso- ciation with Epstein as a de- fense attorney in private prac- tice. She has been forthright about her interactions with Ep- stein at every turn.”
TASOS KATOPODIS/GETTY IMAGES
Sells Assets To Griffin
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Situational had borrowed money from banks to amplify its bets on stocks. Citadel pur- chased only the portion of the firm’s public-stock portfolio that was financed with bor- rowed money, while the firm held onto the remainder that it funded with its clients’ capi- tal, the people said. Situational also still holds its private company invest- ments, which include bets on AI giant Anthropic, some of the people familiar with the matter said. The multistrategy hedge-fund firm Millennium Management had also bid on Situational’s stock portfolio, those people said. Aschenbrenner had no pro- fessional investing experience when he launched the firm with a few hundred million dol- lars. Early backers included Stripe co-founders Patrick and John Collison, as well as Daniel Gross and Nat Friedman, who are both currently helping lead Meta Platforms’ AI efforts. Situational attracted insti- tutional investors including quant trading firm Jane Street, which ranks among Wall Street’s most profitable firms and rarely allocates cap- ital to outside managers. Aschenbrenner rose to prom- inence with a 2024 essay, called “Situational Awareness: The De- cade Ahead,” that foresaw the path of AI’s development. He at- tracted a cult-l ke following on the internet, and his investment firm’s routine regulatory filings are studied closely. Citadel, with $71 billion in assets under management, is one of the world’s largest hedge-fund firms. It has a long record of acquiring assets from forced sellers. CNBC earlier reported that Situational Awareness had sold its public investments, and Financial Times earlier reported the firm had been seeking fresh capital.
More frequent barrages highlight Kyiv’s lack of Patriot missile interceptors
BY MARCUS WALKER AND NIKITA NIKOLAIENKO
KYIV—Russian overnight airstrikes on Ukrainian cities killed at least eight people, in- cluding children, and wounded more than 50, according to
Pouring Into Tiny Spanish Territory
BY MARGHERITA STANCATI
At least 10 people died Thursday as thousands of mi- grants poured into the tiny Spanish territory of Ceuta from neighboring Morocco, overwhelming authorities and posing a political problem for Prime Minister Pedro Sánchez. Footage broadcast on Span- ish television showed large crowds of mostly young men swimming around breakwa- ters and climbing over fences to cross into Ceuta. Most car- ried little more than the shorts and flip-flops they were wearing. Many celebrated set- ting foot on Spanish soil by shouting, “Long Live Spain.” The Spanish government said it was deploying the army and 90 additional Civil Guard officers to Ceuta to help bring the situation under control. It also was sending diving teams and boats to secure the sea border. At least 10 people died trying to reach Ceuta by sea, a Spanish official said.
SOPHIE GARCIA/EPA/SHUTTERSTOCK
Wildfires have been devastating the Gironde region in southwestern France.
Defense, Aerospace Factories
BY NICK KOSTOV AND BENJAMIN KATZ
Wildfires sweeping through forests west of Bordeaux have forced the closure of some of France’s most strategically im- portant defense and aerospace sites, disrupting operations at companies including Airbus, defense electronics group Thales and rocket-maker Ari- aneGroup. Blazes have prompted aero- space supplier Safran, Das- sault Aviation—which makes the Rafale jet fighter—and Eu- ropean missile manufacturer MBDA, to suspend some oper- ations, underscoring the con- centration of defense manufac- turing in the Gironde region. The companies stressed that the closures were precau- tionary and that contingency plans were activated to protect personnel and facilities. Das- sault said it relocated sensitive equipment from sites threat- ened by the fires to another facility and a nearby air base. The fires, which have burned thousands of acres of forest west of Bordeaux and come perilously close to several com- munities, have cast a spotlight on a centuries-old defense clus- ter that has long been embed-
Ukraine’s emergency services, as Moscow continued its mis- sile and drone barrages against the country. A direct hit on a family home near the central Ukrai- nian city of Kryviy Rih killed several children and their par- ents, according to local offi- cials. The death toll is ex- pected to rise. The attack in the small hours of Thursday was the lat- est in Russia’s increasingly frequent mass airstrikes against cities in Ukraine.
Spain and Morocco on Thursday reached a tentative agreement to return migrants who entered Ceuta illegally to Moroccan territory, according to Spain’s Interior Ministry. The chaotic scenes unfolding in Ceuta create a political prob- lem for the center-left Sánchez, who has been more lenient on illegal immigration than most of his European counterparts. “The government of Spain is fully committed to provid- ing an immediate response to the situation in Ceuta,” said Sánchez, adding that his gov- ernment was working with Moroccan authorities to re- store normalcy. The coastal city of Ceuta is in North Africa, but it has been part of Spanish territory for centuries. Like Melilla, which also has a land border with Morocco but belongs to Spain, Ceuta periodically has become a flashpoint in Eu- rope’s migrant crisis. But reaching Ceuta or Melilla doesn’t guarantee access to
ded in the region’s economy. “The reason this cluster ex- ists is quite simple: it’s histor- ical,” said retired Gen. Jean- Marc Laurent, a defense and aerospace expert at Sciences Po Bordeaux. The area around Saint-Mé- dard-en-Jalles was home to royal gunpowder works dating to the 17th century reign of Louis XIV, more than a cen- tury before the surrounding Landes forest was planted. After World War II, France built on that legacy, turning the area into a key hub for its ballistic missile, nuclear weapon and space programs. Laurent said France deliber- ately concentrated much of its defense industry away from the border of Germany, a his- toric foe. Executives said the imme- diate impact of the fires was limited by the August shut- down, but disruption could spread through the aerospace supply chain if the fires per- sist or spread further. Airbus Chief Executive Guillaume Faury said it is crit- ical that firefighters keep the blazes from reaching major in- dustrial sites. The fires have upended life across the region Interior
One Russian projectile fired at western Ukraine crossed into Poland, where it exploded in a field, leaving a sizable crater, Polish authorities said. It was most likely a Kh-101 cruise missile. Prime Minister Donald Tusk called the violation of Polish airspace a “serious in- cident.” The barrage once again highlighted Ukraine’s shortage of Patriot missile intercep- tors—the only defense that has proved effective against
Migrants cross from Morocco into the Spanish enclave of Ceuta. At least 10 people died on Thursday.
the rest of Spain or free move- ment across Europe, because the enclaves are subject to special border controls that restrict onward travel to the Spanish mainland. It was unclear exactly how many people reached Ceuta on Thursday. Spanish authorities were struggling to bring the situation under control, and crossings continued into the
Minister Laurent Nuñez said the battle remained “compli- cated” as firefighters worked to secure a 150-mile fire pe- rimeter and prevent further spread. “A slight improvement does not mean we are lowering our guard,” he said, adding that more than 3,300 firefighters, supported by 1,500 military personnel, 1,250 police officers and gendarmes, and 24 aircraft, remained deployed in the area. The wildfires have pushed Thales to close three sites, in- cluding its Mérignac campus, where it makes electronic sys- tems for Rafale jet fighters and military helicopters. Aero- space supplier Safran shut four nearby facilities employ- ing about 500 people. Airbus similarly has shut two sites in Salaunes and Méri- gnac, where it makes critical components ranging from cock- pit-seat structures to fuselage sections and wing flaps for its lineup of commercial aircraft. The growing risk has prompted the government and industry to adapt. After the 2022 wildfire season, France strengthened rules requiring vegetation to be cleared around buildings and industrial installa- tions in fire-prone areas.
Russian ballistic missiles. Ukraine’s air force said it in- tercepted only one of nine Russian ballistic missiles fired in the latest attack. Ukraine has more resources for shooting down other types of Russian armaments. The air force said it intercepted 54 out of 61 Russian cruise mis- siles fired, and 265 out of 284 Russian long-range drones based on the Iranian Shahed design. Ukrainian President Volod- ymyr Zelensky repeated his ur-
evening. Spain’s national broadcaster and media in Ceuta said the arrivals were in the thousands. Local officials raised the alarm about the rising number of migrants crossing into their city, with 1,500 recent arrivals as of Wednesday. Juan Vivas, the head of Ceuta’s local gov- ernment, partly blamed Spain’s Supreme Court, which
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for many people in the capital city during escalating attacks. President Trump has said he supports giving Ukraine a license to manufacture Patriot interceptors. However, turning the idea into actual produc- tion could take a long time, so Zelensky has been urging the U.S. to send anti-ballistic mis- sile interceptors from existing stocks. But the U.S.-Iran war, which is using up large numbers of Patriots, has worsened a global shortage of interceptors.
gent appeals to the U.S. and other Western countries to send more Patriot interceptors. “Each partner knows what is needed and fully under- stands the consequences of delay,” he said Wednesday on the social-media site Tele- gram. He also warned Ukraine’s population of immi- nent Russian strikes and urged people to take cover. In Kyiv, more than 56,000 people took shelter in subway stations, officials said. The stations have become a haven
tion posture, together with the crisis in Ceuta, has given political ammunition to critics and Sánchez’s political rivals.
in a ruling this month made it harder for migrants who reach Ceuta or Melilla by sea to be returned to Moroccan terri- tory. Vivas warned of a repeat of the crisis of May 2021, when more than 8,000 mi- grants reached Ceuta over a two-day period. Spain’s government has de- fied Europe’s anti-immigration trend. But the pro-immigra-
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Strains U.S., Kuwait Ties
Drone blitz undercuts America’s strategy of using emirate as a military logistics hub
In the decades since Ku- wait’s liberation in the first Gulf War, the U.S. has used the tiny, oil-rich emirate as one of
By David S. Cloud, Shelby Holliday and Anika Arora Seth
the Army’s biggest logistics hubs in the world, hosting thousands of troops, Abrams tanks and heavy artillery. The U.S. military footprint gave Kuwait a sense of security. Never again could a bigger, more powerful neighbor
President Trump was sitting aboard Air Force One on the tarmac in Delaware last week having just watched the cas- kets of four U.S. soldiers killed in the Iran war arrive from overseas. He was huddling with his top war advisers—Gen. Dan Caine, chairman of the Joint Chiefs of Staff, and Defense Secretary Pete Hegseth.
By Michael R. Gordon, Lara Seligman and Annie Linskey
Also aboard the plane in the impromptu meeting: Adm. Brad Cooper, head of the U.S. Cen- tral Command, who has been directing the war from his Tampa, Fla., headquarters and who had arrived separately for the solemn ceremony. The naval officer has often been eclipsed by Caine and Heg- seth, who regularly brief Trump in the Oval Office and have been more involved in the White House discussions on the war. But it is Cooper who has pre- pared an option for an air cam- paign against Iran that could
Adm. Brad Cooper, head of the U.S. Central Command.
A Damietta Port fire was brought under control with no casualties.
DamiettaPort
Of Hamas Disarming
ContinuedfromPageOne
tary traps. “What the agreement says matters. What happens next matters even more. Implemen- tation and verification have to be real,” Nickolay Mladenov, the board’s chairman, said in a social-media statement praising the agreement. Trump was far more opti- mistic in his own social-media post minutes before the brief- ing: “Today, the Board of Peace reached a HISTORIC agreement for the COMPLETE
threaten it. But the Iran war has undercut this arrangement for both Washington and Kuwait City. The U.S. is now rethinking the scope of its footprint in the country, said U.S. officials famil- iar with the deliberations, even as Kuwaiti officials have said they still need a firm commit- ment of American support. Tehran has pummeled Ku- wait with hundreds of missiles and drones, targeting its power and desalination plants, airport, Persian Gulf port and cutting off its oil exports through the Strait of Hormuz. The U.S. says American-made air defenses have shot down the majority of the Iranian sal- vos and saved countless lives. Still, the installations have drawn repeated Iranian strikes, including one in March that
take up to two weeks, people fa- miliar with the matter said. Now, as Trump moves to strike back after Iran’s missile attack Tuesday, the president will decide how far to go. He could greenlight Cooper’s op- tion of 10 to 14 days of inten- sive airstrikes intended to cripple Iran’s missile capabil- ity despite warnings that the U.S. is running low on air-de-
DISARMAMENT of Hamas and all other armed groups in Gaza. This is a monumental step toward lasting PEACE and SECURITY.” In an interview with The Wall Street Journal, Ghazi Hamad, a member of Hamas’s negotiating team, said the group agreed to place its weapons in a storage facility overseen by the National Com- mittee for the Administration of Gaza, a Palestinian-run tech- nocratic group charged with the enclave’s political and se- curity transition. “We didn’t say disarmament, we didn’t say handing over the weapons, and we didn’t agree on any Is- raeli involvement,” Hamad said, adding that the plan is contingent on Israel ending military operations in Gaza and allowing humanitarian aid in. Egypt, which is hosting the
AIRBUS DS/REUTERS
REUTERS
In a handout photo, smoke rose from a power and desalination plant in Subiya, Kuwait, earlier this month.
killed six U.S. servicemembers. Kuwait has weathered the strikes on its power and water supplies, drawing on reserve ca- pacity and repairs. But the con- flict has underscored the dan- gers of a sustained campaign against Kuwait’s civilian infra- structure—and the vulnerability of U.S.-Kuwaiti defense ties. “The attacks have made
fensive munitions. Or, he could opt for a more limited military strike in the hopes di- plomacy could be pursued. On Wednesday, Cooper’s command launched strikes against Iran, calling it a “pow- erful response” to Iran’s Tues- day missile attacks on U.S. forces in Jordan. Dozens of targets con- nected to Iran’s Islamic Revo- lutionary Guard Corps were struck. Whether a prolonged air campaign might follow wasn’t clear. For weeks, Trump has oscil- lated between stop-and-start diplomacy and threats to re- turn to the sort of combat op- erations that were featured at the beginning of the U.S. and Israeli war with Iran. On Wednesday, a senior adminis- tration official said that Trump “is in an escalatory mood” but was still contemplating “the depth of that response.” The idea behind Cooper’s option is to go beyond the smaller retaliatory airstrikes that have done little to deter Tehran from threatening ships
ALEX WONG/GETTY IMAGES
BY SUMMER SAID AND GEORGI KANTCHEV Drones Hit Egypt in New Escalation
An explosion at a port on Egypt’s Mediterranean coast that set fire to two ships, in- cluding a U.S. gas-storage tanker, was caused by a drone attack, Egyptian authorities said Thursday, the first target- ing of the country during the Iran war and a new threat to an energy corridor. The Egyptian cabinet said the fire at Damietta Port, which houses a liquefied natural gas hub, was brought under control with no casualties reported. It said no party claimed responsi- bility for the incident, which took place Wednesday. Egyptian authorities blamed Iran for the attack and viewed it as an attempt to widen the con- flict, said Egyptian officials fa- miliar with the matter, signaling that Iran’s Islamic Revolutionary Guard Corps has a higher risk appetite even with countries deemed friendly to Tehran.
latest talks between Israel and Hamas, didn’t explicitly mention that Hamas agreed to disarm in an official state- ment, noting instead “their agreement to the road map” and a future meeting in Cairo “to discuss im- plementation m e c h a n i s m s and reaffirm the commit- ment of all par- ties to the terms of the agreement.” There was no immediate comment from Israel. Hamas, a U.S.-designated terrorist group, launched a surprise attack on Israel on Oct. 7, 2023, killing about 1,200 Israelis and taking about 250 hostages. The Is-
compliance and getting Israeli support remain challenges.
people in Kuwait think of the U.S. presence as a liability, but also as absolutely necessary to defend Kuwait,” said Douglas Silliman, the president of the Arab Gulf States Institute and former U.S. ambassador to Ku- wait. “I think they are trying to figure out what the best way forward on defense is.” Kuwait this week signed a
Alerts on Military Options
As the top commander of U.S. forces in the Middle East, Adm. Brad Cooper has a mission to prosecute the war with Iran and safeguard American secu- rity interests in the region. The job of Gen. Dan Caine, chairman of the Joint Chiefs of Staff, is to look at the worldwide picture, in- cluding threats from China, North Korea and Russia, which also made a claim on U.S. military resources. Cooper lacks the easy access that Caine has to the Oval Office. The major- ity of Trump’s updates on
in the Strait of Hormuz and lobbing missiles at American forces in the region by esca- lating the war, said people fa- miliar with his thinking. If the U.S. wants military action to be effective, Cooper
The strike demonstrates the vulnerability of regional en- ergy assets beyond the Persian Gulf and Red Sea theaters, raising the prospect that cor- ridors seen as safe alterna- tives to the region’s choke- points could become targets. Since the outbreak of war in late February, Saudi Arabia has shifted oil exports west to the Red Sea and north through the Suez Canal, while the United Arab Emirates and Iraq have accelerated pipeline routes to bypass the Strait of Hormuz. Now the Damietta attack underscores a paradox: The more the region relies on by- passes to keep energy flowing, the more potential pressure points the conflict creates for Iran to exploit. “This incident shows you how even supposedly safe al- ternative routes can now be threatened,” said Adi Im- sirovic, a former energy-trad- ing executive and lecturer at the University of Oxford. “It
Suez Canal
Red Sea
raeli military’s response has left about 70,000 Palestinians dead, said Gaza’s Hamas-run health ministry, which doesn t distinguish between civilians and military casualties. The 15-point road map for ridding Hamas of its weapons and removing it from power is a product of last October’s Gaza peace deal backed by the United Na- tions. Under that agree- ment, after all the hostages held by Hamas were returned, militants seeking amnesty would decommission their weapons while agreeing to the “demilitarization of Gaza” overseen by independent
new defense pact with Paki- stan. There is no sign that Ku- wait’s rulers are planning a fundamental shift away from heavy reliance on the U.S. as their main security partner. But it might press for new weapons and stepped-up air-defense sys- tems from Washington to coun- ter the Iran threat. “The recent attacks have
the war have been deliv- ered by Caine and Defense Secretary Pete Hegseth. Cooper has briefed the president in person only a handful of times since the war began, and Trump and the commander have only occasionally talked by phone. Caine often alerts the White House to the “second and third order conse- quences” of military options, people familiar with the sit- uation said. Hegseth, Cooper and Caine “stand completely aligned,” a Pentagon spokesman said.
has maintained, the U.S. must step up its air attacks, blunt- ing Iran’s missile threat. This “go big” approach, which is among a series of options he has developed, would reduce the need for the U.S. to use
SYRIA LEB.
Med. Sea
ISR. JORDAN
EGYPT SAUDI ARABIA
100 miles
also sends a message that conflict isn’t limited to any particular region.” The drone attack came shortly after the U.S. and Saudi forces launched strikes against Iran-aligned groups in eastern Iraq and Iran fired missiles at U.S. troops in Jordan. President Trump told re- porters Wednesday that he had been briefed on the Egypt attack, implying Iran was re- sponsible.
monitors. The road map is the Board of Peace’s attempt at turning that commitment into reality, seeking to develop an imple- mentation schedule within two weeks. A board official said each phase in the process would re- quire independent verification before moving on to the next one. The officials said those phases included agreeing to the framework, the relinquish- ment of any government in- volvement, transferring weap- ons from the Gaza police force to another security entity, de- commissioning heavy weap- ons and weapons depots, dis- arming individuals and identifying and destroying tunnels. Hamas is also expected to hand over maps of its tunnels, weapons factories and depots,
highlighted the increasingly complex security environment in our region,” a spokesman for Kuwait’s U.S. Embassy said, noting that Kuwait “remains committed to working closely with the United States.” The U.S. has a strong rela- tionship with Kuwait, which has been a partner in regional stability, a U.S. official said.
defensive munitions because Iran would have less capabil- ity to attack, he insists. Spokesmen for Caine and Cooper declined to comment on internal deliberations. Cooper has believed mili- tary force could deliver a body blow to Iran if given enough time, even as some military experts contend that air power alone has never won a war. As Trump was consider- ing launching the war in Feb- ruary, Cooper figured that he would need six weeks or more to complete the operation. He was given less than that. In recently outlining options for an intensive air campaign, Cooper has drawn support from Hegseth, people familiar with the situation said. But skeptics have said the U.S. has pummeled Iran’s under- ground missile force and facto- ries during the opening month of the war only to see the Irani- ans dig out launchers from un- derground complexes and re- sume their attacks, augmenting their strikes with drones.
Egypt has been a key re- gional mediator in the con- flict. In March, it opened a back channel to negotiate with Iran’s IRGC after Israel killed Iran’s national security chief, Ali Larijani, who had been considered a viable interlocu- tor with the West. The drone hit the floating storage tanker Energos Winter, causing a fire that spread to an- other vessel, the Gaslog Salem LNG tanker, said Egyptian offi- cials familiar with the matter. According to ship-tracking firm Kpler, the incident dis- rupted operations at the LNG import hub. Both vessels have been moved offshore as au- thorities assess the situation. Each move by regional oil producers to find a way around Iranian blockades or attacks provides redundancy, but it also turns terminals, pumping stations, storage sites and cross-border links into potential targets that ad- versaries can threaten.
according to the draft of the agreement. There are also provisions for the handover of civilian authorities from Hamas to the national committee. The Board of Peace official said the timelines for each phase will vary, and that different sectors of Gaza could be at different stages as well. Hamas has been holding meetings with mediators in Egypt as well as representa- tives from the Board of Peace since Tuesday to finalize the agreement. An Israeli team has also been present in the country since Wednesday to discuss the second phase of the agreement with the Egyp- tian mediators. Mediators said Israel has yet to approve the agreement and talks with Hamas will continue in Egypt on Friday.
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Costly measures come after firm aligned with Beijing ousted from ports
Tiny Panama is paying a price for its involvement in the great superpower competition between China’s government and the Trump administration.
By Costas Paris in New York, Santiago Pérez in Mexico City and Rebecca Feng in London
In January, under pressure from Washington, Panama’s su- preme court handed President Trump a win for his security ambitions in Latin America and dented China’s influence in the region when it ousted Hong Kong’s CK Hutchison from two ports the company ran on ei- ther end of the country’s canal. Now China’s government is pressuring Panama with mea- sures that have disrupted its vi- tal shipping industry, thwarting its ambitions to become a global logistics hub at a time of in- creasing geostrategic impor- tance for the canal after Iran blockaded the Strait of Hormuz. The diplomatic fallout is proving expensive. Soon after Panama’s justices ruled contracts for Hutchison to operate the ports of Balboa on the Pacific coast and Cristóbal on the Atlantic side were un- constitutional, Chinese authori- ties began to inspect and detain Panamanian ships. Asia-Pacific port inspection data show nearly 500 Panamanian-flagged ships have been detained for safety reasons in Chinese ports since January, including 146 vessels in May alone, compared with 23 in January. Trump administration offi- cials say the disruptions have commercial and strategic con- sequences for U.S. exporters and consumers. “China’s re- sponse was swift and punish- ing,” said Warren Stephens, U.S. representative to the In-
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MATIAS DELACROIX/AP
Cranes load and unload containers from cargo ships at the Panama Canal’s Balboa port.
Share of inspections to detained Panama-flagged vessels in China
40%
Jan. 2026 July
Note: As of July 23; Mainland China ports only Source: Memorandum of Understanding on Port State Control in the Asia-Pacific Region
ternational Maritime Organi- zation, an agency of the U.N. Panama-flagged ships carry a meaningful share of U.S. trade, moving consumer goods, ap- parel, electronics or furniture from Chinese ports to the U.S. East Coast through the Panama Canal. The U.S. is the top user of the waterway, which handles around 6% of global seaborne trade. The canal is busier than ever, with traffic rising more than 5% in recent months. “Beijing took direct action
Commercial shipping presence
Caribbean Sea
COSTA RICA
Panama Port Cristóbal Interim operator: Terminal Investment Ltd. (MSC) Colon ContainerTerminal Evergreen Marine (Taiwan) Manzanillo InternationalTerminal Carrix (U.S.)
Note: Includes cargo and carrier vessel classes Source: Global Fishing Watch DANIEL KISS/WSJ
against Panama-flagged ves- sels—actions the U.S. has char- acterized as a deliberate at- tempt to undermine Panama’s sovereignty, disrupt global sup- ply chains, and erode confi- dence in international trade,” Stephens said in an address to the U.N. agency in early July.
COLOMBIA
Port of RodmanTerminal PSA International (Singapore) Panama Port Balboa Interim operator: APMTerminals (Maersk)
Once a vessel is docked at a Chinese port, inspectors as- sessing safety conditions of foreign vessels board the ship. They find various reasons to detain it, say seafarers and one ship manager who work on vessels regularly going to Chinese ports. The vessel is
then forced to drop anchor at a designated spot to rectify its problems, sometimes for more than a month, they said. China says the accusations it is singling out Panamanian ships for special attention are wrong. “Panamanian-flagged vessels made up less than 20% of all foreign vessels calling at Chinese ports since January, but have caused around 50% of the accidents and conse- quent deaths and missing per- sons,” Chinese Foreign Ministry spokesman Lin Jian said. China’s measures have ex- posed the vulnerability of the fees that Panama receives from its vessel-flagging busi- ness, one of the world’s larg- est ship registries. The situa- tion has become so severe this year that some Panama- flagged ships have changed registry to avoid inspections. Some 8,500 ships sail the seas with Panama’s flag, and China’s targeted inspections could prompt more shipown- ers to look for a different na- tionality to sail under. Meanwhile, Hutchison is seeking $2 billion in damages from Panama in international arbitration panels. The com- pany argues its ousting under- mined Panama’s reputation as a reliable place to do business. Chinese officials have de- manded Panama corrects its mistakes and protect the rights of Chinese businesses. “Anyone clear-eyed can see this is politically driven,” Xie Feng, Chinese ambassador and observer to the Organization of American States, said in unusu- ally harsh remarks at a recent regional meeting in Panama. Panamanian Foreign Minis- ter Javier Martínez-Acha said his country had the sovereign right to regulate national ports and defended its independent judiciary. He and senior Pan- ama officials have met with Chinese counterparts in an ef- fort to lower tension ahead of a big test: China’s renewal of a maritime deal granting Pan- ama-flagged vessels preferen- tial access to its ports.
UNITED KINGDOM BOE Interest Rate Is Left Unchanged The Bank of England left its key interest rate un- changed Thursday, mirroring the U.S. Federal Reserve while signaling its readiness to raise borrowing costs should high energy prices threaten to cause a broad and persistent pickup in inflation. The central bank left its key interest rate at 3.75%, where it has been since December. “If the conflict in the Middle East persists for an extended period, it’s likely that we will have to tighten policy,” said Gov. Andrew Bailey. Three of the nine members of the Monetary Policy Com- mittee voted for a rise in the key interest rate to 4%. The European Central Bank last week left its key rate un- changed. The Bank of Japan is also expected to hold Friday. —Paul Hannon
TURKEY Police Pressure Political Opposition Police detained a former TV actor-turned-mayor on Thurs- day in the latest wave of ar- rests targeting the opposition. Erdal Besikcioglu, the mayor of Etimesgut Munici- pality in western Ankara, is being investigated for allega- tions of irregularities and forg- ery in municipal tenders, the Justice Ministry said. Besikcioglu was elected mayor in 2024 with the oppo- sition Republican People’s Party, or CHP, in an election where the opposition strengthened its grip on major cities. Hundreds of elected mayors and other officials have been arrested in the past two years as part of criminal investiga- tions, mostly into alleged cor- ruption, in operations target- ing opposition-run municipalities. Erdogan’s government says Turkey’s courts are impartial and act independently. —Associated Press
THE WALL STREET JOURNAL. FROM PAGE ONE
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Anti-Tech Rebellion
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ing to stick with used models or keeping their older cars running longer than ever. The lifelong gearhead and his teenage sons maintain the family’s four cars—all bought in the 2010s—so they can stay analog as long as possible. “If I get hot in my car and want some air conditioning, I just want to turn a knob and have cold air come out,” Doyle said. “There’s this fatigue of having to learn one more new thing.” Others have gotten re-
VEEJAY VILLAFRANCA FOR WSJ (2)
Recovery Mission
when U.S. aircraft, in the cam- paign to retake the Philip- pines, sank the Japanese ship carrying them. The mission at the Oryoku Maru, whose crumpled frame lies on the ocean floor about 500 feet off the Philippine coast, is among the most com- plex ever attempted by the Defense POW/MIA Accounting Agency, the Pentagon arm tasked with finding missing U.S. servicemembers. For Christopher Schurtz, it’s the best hope yet to close a wound that has afflicted his family for three genera- tions. Schurtz’s grandfather, Maj. Paul Schurtz, died on the Oryoku Maru when he was 43. A U.S. postal worker in De- ming, N.M., Paul was known for whistling while delivering mail. When his National Guard coastal artillery unit was de- ployed to the Philippines in 1941, just months before the Japanese attacked Pearl Har- bor, Paul left behind his 5- year-old son Gerald, Christo- pher’s father, and a 1-year-old daughter, Jeanette. Paul’s wife, Eleanor, was pregnant with another son, Robert, he would never meet. The loss of Maj. Schurtz de- fined Gerald’s life and influ- enced Christopher, too. Gerald, who died in 2023, joined the Army. Christopher became a history professor. “I can’t believe that after all this time, that this would be something that would even be possible,” Christopher said of his grandfather’s remains perhaps coming home.
Oryoku Maru
The missing About 80,000 U.S. service- members remain missing, most of them from World War II. Lo- cating and identifying these men and women is a painstak- ing and sometimes dangerous process. Even if the POW agency finds human remains, it may not yet have DNA from family members to identify them. Since 1973, fewer than 4,000 have been accounted for. In the case of the Oryoku Maru, there are the technical challenges of excavating the largely flattened 436-foot wreck. Researchers also can’t be certain who went down with the ship, due to conflict- ing historical accounts. The agency has done un- derwater excavations before. But usually its researchers are looking for a single person or a small crew. The Oryoku Maru is “ex- tremely damaged and ex- tremely disarticulated,” said Meghan Mumford, the lead fo-
sourceful. They scour dealer- ships for models with the few- est bells and whistles. They take to online message boards seeking the most low-tech of modern vehicles. They figure out how to disable alarms and alerts, or stick tape on digital dashboards to mimic old- school buttons. It’s not an easy feat. Offer- ing the latest in-car gadgetry has become a game of one-up- manship among automakers, from dashboard-spanning dis- play screens and cars that start with a fingerprint, to au- tomated driving-assistance technology and infrared cam- eras that scan a driver’s eyes for signs of fatigue. Car companies boast it’s what modern buyers crave: More iPhone on wheels, less rumbling, mechanical ma- chine. Even as the price of a new
U.S. Navy divers descend from the U.S. Navy Ship Salvor for the underwater mission; a U.S. Army boot recovered from the wreckage of the Oryoku Maru.
rensic underwater archaeolo- gist for the mission. U.S. aircraft pounded the ship with rockets and bombs over two days in December 1944. In 1946, Navy divers used explosives to break open the wreck in an attempt to re- cover remains. Two disinte- grating skull fragments were recovered. Ultimately, they de- cided the mission was too dif- ficult and recommended the wreck be designated a ceme- tery—like many other sunken World War II-era ships. It took decades before offi- cials tried again. The turning point came when an effort to identify World War II remains tied to another Japanese transport ship led researchers back to the Oryoku Maru. Historians with the POW agency began combing through passenger rosters and survivor accounts, around the early 2010s. In 2016, a team started canvassing the area around the former U.S. naval base at Subic Bay, talking to local fishermen and divers about conditions at the site. Researchers eventually located schematics of the ship. More expeditions followed, in which the POW agency and its partners conducted inten- sive underwater surveys to map the wreck and check on access to the ship’s cargo holds. Seven main 3-D models were created. The surveys confirmed the wreckage was the Oryoku Maru and, more importantly, that a recovery operation was feasible.
The ‘hellship’ On Dec. 13, 1944, 1,619 Al- lied POWs, mostly Americans, were loaded onto the Oryoku Maru in Manila as the Japa- nese rushed to move prisoners to labor camps elsewhere be- fore the Americans retook the islands. The ship also carried 1,000 merchant sailors, 700 ci- vilians and 100 crew, accord- ing to the POW agency, which notes the numbers are esti- mates based on conflicting historical documents. Many of the prisoners had been captured more than two years earlier when the Japa- nese first invaded the Philip- pines and had survived the in- famous Bataan Death March. Many who survived the Oryoku
car soars—now around $50,000—automakers say buyers are getting more for their money, including more safety and entertainment fea- tures. For many buyers, that’s ex- actly the problem. Karen Kefauver says the new features have her weigh- ing a used car for the first time in her life. Her beef is with the tech- nology designed to help driv- ers drive. While going down a TikTok rabbit hole on car tech, she was alarmed by one clip in which a woman of sim- ilarly short stature said her car decelerated after she briefly slouched. The eye- scanner, she said, mistakenly clocked the woman as asleep. “I’m no Luddite,” said Ke- fauver, a social-media consul- tant in Santa Cruz, Calif. “I don’t want my face and heart
Maru would later say their or- deal on the ship—one of more than 100 Japanese prisoner transports that would become known as “hellships”—was the worst of their captivity. Prisoners were jammed into a cargo hold. Men passed out from suffocation and de- hydration. Temperatures in- side may have soared to 120. The Japanese requisitioned the ship, a luxury liner, for the war effort, and had recently used it to transport horses. The ventilation system, turned on for the horses, was turned off for the prisoners. Some POWs said there were still traces of manure. Buckets, placed in holds as latrines, were soon overflowing. The hellscape worsened when U.S. aircraft attacked the Oryoku Maru on Dec. 14, and again on Dec. 15, setting the aft deck ablaze and dealing the ship its final blows. Historians say U.S. commanders didn’t know the ship was transport- ing American prisoners. Prisoners could hear the screams of Japanese children, who were also on board. POWs who tried to escape were shot. Eventually, the Japanese aban- doned the ship as it sank in Subic Bay, and the prisoners were forced to swim to shore. Just several hundred prison- ers originally on board made it to Japan, with about 400 sur- viving to the end of the war, the POW agency estimates. Some 225 died during the Oryoku Maru’s short journey and the U.S. attacks. An addi- tional 55 drowned or were shot by the Japanese as they swam. Those pris- oners who were re- captured were loaded onto two more ships; more died when one of those ships was at- tacked by U.S. air- craft, others died in transit. Paul Schurtz’s unit had become trapped in the Ba- taan Peninsula as the Japanese ad- vanced. After the U.S. forces surren- dered, Schurtz left his position and ap- proached the Japa- Christopher Schurtz holds a photograph of his grandather.
rate to be monitored by my car.” Nobody expects car compa- nies to abandon the tech race. “Your alternative is to have products in 2026 that don’t have state-of-the-art technol- ogy,” said Chris Lemley, presi- dent of the Sentry Auto Group dealerships outside of Boston. He’s accustomed to com- plaints about things l ke blind- spot monitoring or rear cam- eras, but doesn’t see the industry returning to its ana- log days. There are some new cars that may appeal to the tech- averse. Automotive-research company Edmunds last year published a list of possibilities, including the Chevrolet Trax. The publication dinged the compact SUV for its lack of driving aids. “But buyers look- ing for a low-tech car might find that appealing,” it said.
Manila Bay, Dec. 13, 3 p.m.* Allied POWs are loaded onto the Oryoku Maru.
Northwest of Bataan Peninsula Dec. 14, 8 a.m. U.S. aircraft strafed and rocketed the ship.
Sueste Point, Dec. 14, 12 p.m. The ship is beached, though the crew refloats it.
Subic Bay, Dec. 14, 9:50 p.m. The ship runs aground. Dec. 15, 7:15 a.m. U.S. aircraft attack again, and the ship eventually sinks.
Oryoku Maru POWs, by service branch
Army† Marines Civilian/other/ unknown Navy
Total 1,619
Known POW casualties, by age
20–24 40 or older 25–29 30–39
No data Total 988
*Times and locations shown are approximate. †Including Army Air Forces ‡Length shown is for the original state ship. Source: Defense POW/MIA Accounting Agency DANIEL KISS, ANDREW BARNETT and ROQUE RUIZ /WSJ
ORIGINAL STATE
nese to make sure they knew hostilities had ended, saving his men. The act earned him a Bronze Star. Schurtz then en- dured more than two years in Japanese prison camps. In the final moments of the Oryoku Maru, an American military chaplain saw the life- less body of a Maj. Shurtz, cradled his head and said a prayer, according to “Days of Anguish, Days of Hope,” a book based in part on the di- ary of the chaplain, who sur- vived the war. Christopher Schurtz believes it is a refer- ence to his grandfather. His father, Gerald, served 28 years in the Army, rising to the rank of colonel. He tracked down veterans to learn more about his father. He told Christopher that his father’s death felt like a big mix-up, and that sometimes he would look down the street and
The Mazda3 also pops up on lists of low-tech cars. The compact car has a screen and modern safety features, but relies on physical buttons and a rotary control knob for a more old-school experience. It even offers the now-rare man- ual transmission option. EV startup Slate Auto is generating buzz with an elec- tric truck so basic it has crank windows and no radio. Nissan CEO Ivan Espinosa says the industry’s approach to new technology is a bit backward. Automakers tend to put the techiest features in their priciest models, but buy- ers of those cars skew older and may be more likely to re- ject new technology, he said. Ron Burda, 85, recently bought a new Toyota RAV4 and can attest that he hates the driver-assistance technol- ogy—but not because he’s
1 POW
Hold 2 Hold 3 200 Hold 1 600
Hold 4 Estimated POWs held within initially: 800
Known Oryoku Maru POW casualties, by home state of record
26 POWS were from Washington
Pennsylvania 53 Colorado 15
California 129
imagine him walking home.
Gathering evidence During a more than two- month expedition that ended in early May, U.S. Navy and Coast Guard divers, led by the POW agency, tried to make their way into the Oryoku Maru’s forward cargo hold, where 600 enlisted men were kept. The divers’ base of opera- tions was the USNS Salvor, a civilian-mariner-crewed sal- vage ship owned by the Navy. Pairs of divers, connected to the surface via an air hose and audiovisual cables, were slowly lowered into the water. Once underwater, they sliced through the ship’s steel using a torch with a self-con- suming rod burning at thou- sands of degrees Fahrenheit. Hydraulic tools helped pry away heavier pieces of metal. Divers’ primary tool was a vacuum-like system called a dredge, which sucked up sedi- ment from inside the wreck and deposited it into baskets on the sea floor. When ready, the baskets were lifted out of the water by crane and placed on a barge alongside the Sal- vor, where researchers sifted through the contents by hand. A key find was a second boot, this one with “USA” on the sole and a name carved into the leather upper. Another was a metal identification bracelet, similar to a dog tag. Researchers also found a pair of broken glasses; an IV needle with a bottle topper; and a brass item with writing, per- haps a cigarette case. When researchers found a possible bone, they stored the item in water to keep it from disintegrating and placed it in
older. The Gilbert, Ariz., resi- dent thinks drivers shouldn’t need help staying on the road or avoiding running into things. “People need to learn how to drive as they have for 100 years,” he said. Burda found the digital speedometer hard to read compared with the physical gauges in his previous car. While the car has an option to switch to an analog-style reading, it took a tech at his dealership about a half-hour to figure out, he said. He’s found a workaround for other annoyances: Sticking pieces of tape to the display so he can find critical buttons by touching them. Burda recently wrote a let- ter to Toyota’s American headquarters recommending a separate model for expert drivers. No warning devices or digital displays required.
Length 387 ft.‡
CURRENT STATE
Illinois 45
Texas 69 Georgia 17
a locked case. In a lab, the ob- jects will undergo a desalina- tion process to make sure they’re stable enough for study. A forensic review of the possi- ble bone material with the Phil- ippines was scheduled for July, though no results have been disclosed yet. The researchers plan to return in fiscal 2027.
Enduring mysteries Lori Zielinski’s grand- mother and mother rarely talked about her grandfather, Capt. Fred Rose, who’s listed among those unaccounted for on the Oryoku Maru. The California firefighter and Army reservist had re- cently bought a house in Coro- nado with his wife before he was deployed to the Philippines in 1941. During the defense of the U.S. base at Corregidor, troops under Rose’s command removed an artillery piece from its mount and turned it into a roving gun. They named it “Battery Rose.” He was given the Silver Star for his actions, but his death has remained a mystery. A 1951 letter from another POW said Rose was in the rear hold of the Oryoku Maru when it was bombed. On another occasion, a visitor told Zielinski’s family that he saw Rose in the water. Documents from the POW agency, meanwhile, state he was in the forward hold. Zielinski remembers having a dream as a child that her grandfather made it to shore. “I’ve accepted it now, but as a kid, when I first heard the story, you kind of go, well, how do they know he died in the water?” she said. “You always have this dream that he’ll come home.”
Beam
57 ft.
A
s presented in “Spider- Man: Brand New Day,” the beloved arachno- dude has unresolved psychic pain. He’s a loner who spends his days monitoring crime from his high-tech redoubt. He is strangely intertwined with a scary creature of the night (though he essen- tially absorbs only the good qualities) and he coordinates with a po- lice detective to catch baddies (though he’s a volunteer, not a vigi- lante). He’s dark, but not that dark. He’s . . . Temu Batman? The first Tom Hol- land-starring Spider- Man features, “Spider- Man: Homecoming” and “Far From Home,” from 2017 and 2019, were two of the most delight- ful comedies in the Mar- vel Cinematic Universe, the perfect balance of laughs, whimsy and ex- hilaration. Things went awry with the multi- verse-exploiting fan- service epic “No Way Home” in 2021. Now it’s almost five years later, and we’re asked to believe that Peter Parker/Spider- Man has spent the intervening period not making contact with his girlfriend, MJ (Zendaya), and his best pal, Ned (Jacob Batalon), both of whom had their memories wiped clean of him but with whom he promised to re-establish ties. MJ has a new boyfriend now, not that it matters; she doesn’t like him very much. The low-con- flict, low-intensity plotting also emerges in the way Spidey (fi- nally) re-enters her life, in scenes so unremarkable they barely regis- ter as either drama or comedy. Nothing much else does, either. Peter Parker complains a lot about headaches. So did I, in contempla- tion of all the gadgets, guest ap- pearances and exposition dumps the film’s screenwriters, Chris McKenna and Erik Sommers, mis- take for a compelling story.
FROM TOP: SONY PICTURES; JAY MAIDMENT (2)
TELEVISION REVIEW | JOHN ANDERSON A Submarine Drama Finally Resurfaces
‘DAS BOOT,’ the stressed-out sub- marine saga of 1981, made a star of its Oscar-nominated director, Wolf- gang Petersen (“In the Line of Fire,” “Air Force One,” “Troy”), who frayed the nerves of an international audi- ence. But his film was distinguished as well by being almost entirely apolitical and virtually ahistorical. A remarkable thing for a German-made movie, set during World War II. A similar strategy was never consid- ered in the making of the “Das Boot” miniseries, four sea- sons of which have been produced since 2018 with only one previously having made the voyage here. The original movie was an all-boys-in-a-sardine- can adventure. The series, a Ba- varia Fiction/Sky One production, found the ballast it needed for long-form storytelling in several in- delible female characters, two Lothar-Günther Buchheim novels— “Das Boot” and “Die Festung”—and intrigue on both land and sea. Hulu aired the original eight epi-
FILM REVIEW | KYLE SMITH Spider-Man’s Moody Return
Far from the franchise’s com- edy home, this chapter barely de- vises any funny gags (the best it can offer is a throwback-style Spi- dey-tracking app developed by Ned). Instead, the banality-clogged script plays like teen TV melo- drama minus the teens. It wallows in angst and stress but has no psychological depth, sticking to bromides like “You’re special” and “Be yourself.” Being somber is a lot easier than being serious. In a city that is meant to be New York but doesn’t look like it (filming took place in Scotland and England, among other lo- cales), Spidey thwarts crime by working with that cop (Liza Colón- Zayas) in a series of uninspired scenes. Stumbling upon a mind- controlling entity plaguing the city, he explores a tie to one of those shifty-seeming government
sodes in 2019 but further presenta- tions were apparently prevented by a shift in the rights. It couldn’t have been a lack of quality that pre- vented Hulu from pursuing the sub- sequent seasons: It was some of the most absorbing TV available. But the situation reminds one of the un- reliable nature of streaming in gen- eral and the “Babylon Berlin” conundrum of 2022 in particular: Netflix had presented the first three sea- sons of that sublime German period drama and then bailed out on the fourth. In both that case and this one, MHz Choice, a Euro-centric stream- ing service, acquired all four available seasons. The sec- ond voyage of “Das Boot” launches there now, with 3 and 4 to follow, perhaps later this year. The dilemma for the reviewer? It’s been seven years since the se- ries made its American debut, and revealing much of what happens in season 2 spoils the cliff-hangers of season 1. Even if you saw it then, you’ve likely forgotten all about
season of ‘Das Boot’ is coming stateside after a yearslong wait.
Clockwise from above: Zendaya’s MJ with Spider-Man; Tom Holland as the hero; and Michael Mando (left) as the villain Scorpion.
agencies, this one called the De- partment of Damage Control, led by a shifty-seeming executive played by Tramell Tillman (“Sev- erance”). There’s much excited talk about a possibly important clue, “V-Max,” which turns out to mean almost nothing. The major gimmick is to trot out surprise Marvel characters for applause moments, like guest stars blowing air kisses to the crowd on a variety show. But those interactions lack imaginative verve. A fight with the Hulk (Mark Ruffalo), revealed in the trailer, is less thrilling than it should be. A couple of scenes seem engineered
Klaus Hoffmann (Rick Okon), the son of a fabled U-boat captain, hav- ing been given command of his own sub, weathering the resentments of colleagues who think themselves more worthy, and confronting the rumors that he executed a crew- man for cowardice. Also, his assign- ment to swap a rich American, Samuel Greenwood (Vincent Kartheiser, “Mad Men”), for a cap- tured U-boat captain named Wran- gel (Stefan Konarske), a psychopath whose “devotion” to the fatherland wreaked havoc on the high seas. But if you saw season 1, you won’t have forgotten the perfor- mance by Vicky Krieps as Simone Strasser, native of Alsace (so her nationality has flip-flopped since
solely to provide us with the sight of Mr. Holland stripped down to his underpants. Those abs and pecs may be made of titanium, but still: Musculature does not a movie make. The director, Destin Daniel Cret- ton, has little facility for the fight scenes, which seem air-dropped in out of nowhere with barely a thought given to setting them up. While the better class of comic- book movies strives to produce at least a minimal real-world feel, Mr. Cretton does not succeed in mak- ing, say, a mass deployment of a freeze-ray look particularly vivid. It also seems pretty pointless. Mr. Cretton, who previously di- rected 2019’s “Just Mercy” and 2021’s “Shang-Chi and the Legend of the Ten Rings,” has a certain weakness for the glum and soul- searching, and seems most inter- ested in therapeutic scenes dis- cussing childhood traumas, which were central to his breakthrough indie, 2013’s “Short Term 12.” Even Jon Bernthal’s Punisher, an occasional ally to Spider-Man, em-
A scene from the show, which follows both a U-boat crew and the Resistance struggle.
the Treaty of Versailles), the sister of Hoffmann’s radio man, Frank (Leonard Scheicher); the lover of Spanish Civil War vet and antifas- cist amazon Carla Monroe (Lizzy Caplan); and betrayer of police in- vestigator Hagen Forster (Tom Wlaschiha). Everything about the storytelling was as tight as the hull of the ship, at least before the depth charges started interrupting plans. The performances of actors Caplan, Krieps and Wlaschiha were quietly explosive as they drama- tized the Resistance struggle in the
braces the woe. Where is the fun? Though “Stranger Things” star Sadie Sink (as a character whose identity is a secret) provides a lit- tle spice, Mr. Holland doesn’t. Just turned 30 years old (and just mar- ried to Zendaya), he has perhaps gotten tired of being called cute and sweet. He is eager to show off his acting depth. Based on his bland performances here and in “The Odyssey,” however, it’s not clear that he has any. He’d be bet- ter off sticking to being adorable and leave the anguish to others. Reconsidering Spidey as a sort of mopey emo rocker might work if the interactions between the real-life newlyweds were genu- inely touching. Instead they seem soapy. All around them, the zing is missing, the villains are lackluster, the energy is low. About the 10th or 12th time Spidey defeats a gag- gle of adversaries by wrapping them up in webs, this series seems entangled in its own predictability. This hero may turn out to be a tragic type: the kind of guy who peaked in high school.
port city of La Ro- chelle, France, in 1942, a time when a smart German knew the war was lost, but no one knew the Enigma code had al- ready been cracked. Season 2, which is still superior televi- sion, lacks some of the crackle of season 1. Margot Bostal (Fleur Geffrier, “Drops of God”), a nurse and Resistance sympa- thizer, has a far more prominent role, and her adventures—try- ing to rescue a Jew- ish fugitive and his children, trying to navigate the treach- ery of Vichy-leaning French—are far less taut than the onshore adven- tures chronicled in season 1. What’s happening at sea, however—the transitions are usually flawless—is electric. But there is also a rather prolonged subplot involving wartime New York, a jazz singer from Harlem (Rochelle Neil), and an alliance be- tween Irish cops and the German American Bund. It is, nonetheless, unforgettable entertainment and season 2 will still render a viewer rapt. Just a little less tightly.
THEATER REVIEW | CHARLES ISHERWOOD Tests of Faith and Friendship
New York ‘SO MACAULAY CULKIN is God?” That startling theo- logical question is among many moments of unex- pected levity in “The Sav- iors,” Bubba Weiler’s tender and thoughtful new play about two teenage boys struggling with questions of faith and friendship. The peculiar notion that Mr. Culkin could be—or
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The answer to this week’s contest crossword is a famousbaseball player. Across 1 Likesome signers 5 Indonesian island 9 Scoreboard igs. 12 Fashion house founder Mario 13 Featureof theStarbucks logo 14 Amazed reaction 15 Royals pitcherwho tiedformost winsin2017 17 Stinging insect 18 Pig’sdigs 19 Gala,say 20 Crudecarrier 22 Each 24 Portionsout
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rather could symbolize—the Lord arises in a conversa- tion about one of the boys’ potential loss of faith. His best friend, Michael (Ivan Howe), consults Judy (Crys- tal Finn), who supervises youth activities at their Catholic church, and asks if she has ever doubted her beliefs. Caught off-guard, she wings it with an anal- ogy to “Home Alone.”
51 “Golly!” 54 Boltgo-with 55 HallofFame pitcherwith themost winsbyany southpaw 58 Fútbolcheer 59 Disturbingly unfamiliar 60 Fling 61 Opposition answer 62 Turkeyside dish 63 Doesn’tplay Down 1 “Shoot!” 2 Simple 3 Major commotion 4 Many Comic-Con attendees 5 Orioleor cardinal,e.g. 6 BenAfleck picture 7 Green expanse 8 Pumaparts
“The boy gets really mad at his family, right?” she be- gins. “And so he wishes they’d disappear, and then they do, kind of, and it’s re- ally great for him at first because he can watch scary movies and eat ice cream and shoot guns but then he gets lonely, and things get really scary, and he starts to miss them.” When Michael wonders
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27 Romedivider 28 Low-cost,in company names 29 “___hand?” 32 Hardlythe carefreesort 33 Lotion additive 34 Stanwitha sax 36 Dated,cutely 37 Polite address 39 Washington circle 40 Kimmeland Fallon,e.g. 41 “Frontline” network 42 Butcher’s cut 43 Wouldn’tstop talking 44 Throat dangler 45 Pirates address 48 Stuffy 49 Helmeted Olympian 50 PhilRizzuto’s retired Yankees number 52 Criesof discovery 53 Tucson-to- LosAngeles dir. 56 Inthestyleof 57 Upsilon follower
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T U B C H I S I D R I S A N Y L O D E T E E N A G O E S A W O L Z I P S I N T W E L F T H G R A D E A Q U A L A N O L I N D U M B S T R U C K V E D A D I P K N O B B E S O D O G C O L L A R T A I L L A I R A L A T O M S M E T H O D I C A L B E E P S A T D E B T S P L I T T H E B I L L P O I R O T B E L I E B E R K A I N E B A K E B R A E S T E R S U S S S A G
Julius Rinzel and Ivan Howe in the play by Bubba Weiler, directed by Jack Serio.
whether the “Home Alone” star is meant to be the de- ity, she clarifies—sort of. “No, his family is God. Ma- caulay Culkin is us.” God, like family, can be oppres- sive, but you miss him when you lose him. A master of parables she isn’t. Mr. Weiler made an im- pressive off-Broadway debut with “Well, I’ll Let You Go,” a moving drama about grieving first staged in Brooklyn last year and re- cently brought back for a return engagement. He is also an actor, and in both plays he evinces a natural affinity for creating complex characters that afford rich opportunities for the per- formers who portray them. The central figures in “The Saviors” are the 13- year-old Michael and the slightly older Paul (Julius Rinzel), altar boys at a small-town Midwestern church who are preparing for their confirmations. This involves choosing a patron saint, and Michael speaks with the wild enthusiasm of a Marvel movie fanboy about his likely decision, St. George, who endures vari- ous grisly tortures but re- mains steadfast. “Why do you like all the saints with horrible deaths?” asks Paul, who is undecided—and perhaps growing uninterested. Mi- chael’s sensible, and funny, reply: “That’s like all the saints.” Both Mr. Howe and Mr. Rinzel give superlative per- formances, all the more im- pressive because of their youth. Michael’s devotion to
Stanley Simons, right, and Mr. Howe and Crystal Finn, below.
Paul is second only to his devotion to God, and Mr. Howe makes both his loyal- ties convincing and pain- fully affecting, especially when Michael senses, with fear and confusion, that Paul may not just be losing his faith but also withdraw- ing from their friendship— perhaps because he finds Michael’s need for him too
enthusiastic in his piety, while the other is a natural skeptic.
demanding. Mr. Rinzel’s Paul is a natural skeptic, but finds an outlet for his com- passion—and a sympathy that extends beyond the rigid tenets of church rules—when a homeless man, Julian (Stanley Si- mons), comes into the church and begins praying, and then weeping. Paul im- pulsively offers to let him stay—it’s freezing outside, and the boys are charged
with locking up at night— while Michael is more cau- tious, opening up another subtle rift between them. The director, Jack Serio, who brought a similar delicacy and grace to his work on Mr. Weiler’s prior play, draws equally fine performances from Mr. Simons and Ms. Finn. Julian will prove to have unexpected ties to the town —he was an altar boy at this very church—to which he has returned after struggles with addiction. Mr. Simons brings a brooding sensitivity to this roughed-up-by-life man, whom Paul instinctively finds himself turning to for advice in his growing sense of emotional uncertainty. And Ms. Finn provides much of the play’s wry, off- hand humor, never more so than in an early scene in which Judy conducts a med- itation session with Michael that goes amusingly awry as she finds herself becoming increasingly emotionally up- set by her own guidance. As Paul turned to Julian, Mi- chael looks to Judy for help in his troubles with Paul. He reveres her for her devout- ness as well as for having a son who is a missionary in Africa—although we later learn that this is about as grounded in reality as the plot of “Home Alone.” Much like Samuel D. Hunter, one of the country’s leading playwrights (Mr. Se- rio has directed his plays in London and New York), Mr. Weiler eschews high drama and flashy histrionics in fa- vor of a keen focus on the workings of the hearts and minds of his characters, with the unspoken currents of feeling between them taking precedence over overt conflict. The adults as much as the teenagers find them- selves beset by doubts about their futures, haunted by the ghosts of their pasts, or agonizing over the thorny matter of God’s pres- ence or absence. While the play is far from moralistic, it explores with probing sensitivity how religion can be consoling or constricting, and faith either an illusion that one wants to fight free of, or an opportunity to em- brace grace and find a spiri- tual home. “The Saviors” seems to suggest that while all the characters are in search of some kind of salvation, the lonely truth is that, try though they do to find it through help from others, it must come from within. The search for meaning, and contentment, is ultimately a solitary pursuit.
The Saviors Atlantic Theater Company, 336 W. 20th St., New York, 646-452-2220, closes Aug. 15
Mr. Isherwood is the Journal’s theater critic.
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By John Curtis
he debate over the fili- buster is often misun- derstood. Most people think it is about a rule. It isn’t. It is about the absence of a rule. When the Senate was established, the Consti- tution gave it the authority to create its own rules. The Senate chose not to give it- self a mechanism to end de- bate. Unlimited debate wasn’t an accident or a loophole. It was simply how the Senate operated. This original design as- sumed a very different envi- ronment from today’s. There were no established political parties as we now know them. No modern leadership struc- ture. Very little media. No mass communication. It was a small group of people sitting in a room, working through is- sues, knowing that if they wanted to act, they had to reach agreement. In that setting, if no one could force the end of debate, the only way forward was to work it out. Cloture, which is what we usually mean when we talk about the filibuster to- day, came much later in the Senate’s history. Eventually the chamber grew, and unlim- ited debate threatened to bring all business to a perma- nent halt. While cloture was adopted in 1917 to limit de- bate, its current 60-vote threshold protects the Sen- ate’s original design in the face of today’s realities by re- quiring a broad number of members to “work through is- sues” before passing bills. This tradition contributed to the Senate’s reputation as the world’s greatest delibera-
HOUSES OF WORSHIP By Salvatore J. Cordileone and Michael C. Barber
E l i z a b e t h Barrett, a young col- ege dropout in Southern California, swallowed a pill the local abortion clinic had given her— and then, almost immediately after, changed her mind. An online search for advice on how to undo the chemical abortion led her to Heartbeat International, a Christian non- profit that refers women to li- censed doctors for treatment. It worked. Ms. Barrett is the mother of a healthy girl. The state of California wants to be sure that such things never happen again. In an extraordinary case now un- folding at trial in state court in Oakland, California’s attorney general seeks an injunction and up to $20 million in fines against Heartbeat Interna- tional and another small pro- life Christian nonprofit, Real- Options. Their offense is telling women who regret swallowing the abortion pill that there is a medical treat- ment that can sometimes save their babies. Consumer fraud, the prose- cutors are calling it. Legal scholars call it an abuse of power. “This novel use of Cali- fornia’s commercial-fraud stat- ute seems designed to intimi- date nonprofit organizations that—with no hope of commer- cial gain—seek to educate the public about services that are lawful but contrary to the ideo- logical preferences of the gov- ernment,” says Michael McCon- nell, a professor who teaches
By Mike Kerrigan
hen the student is ready, the teacher will appear. Who knew the proverb holds even when the classroom is a sub- division and the teacher is a real-estate developer? For much of my 1980s childhood, McLean Hamlet, a neighborhood in Northern Virginia, was the main stage of my play. I didn’t live there, but many of my friends did. On those subur- ban boards I experienced nu- merous firsts. First leap from a high dive. First toss of a throwing star, followed rapidly by my first dodge of a throwing star. First sleepover. First beating at same sleepover, by my host’s elder sister, who didn’t appreciate our using her clothes as a garri-
tive body. Not because sena- tors speak longer, but because no one can be easily ignored. The structure forces engage- ment. It requires listening. It pushes ideas to be tested be- yond a simple majority. Be- cause of that, individual sena- tors hold real power. This is an important distinction be- tween the Senate and the House. In the House, power is cen- tralized. Leadership controls the flow of legislation, the terms of debate and often the
of the minority in the Senate—even when it’s a minority of one.
outcome. Even senior mem- bers can have limited influ- ence. I served there and saw how difficult it is for an indi- vidual member to shape major legislation. The Senate operates differ- ently. Because debate isn’t easily cut off, individual sena- tors can’t be dismissed in the same way. A freshman senator can have more practical influ- ence than a long-serving rep- resentative. Not because of personality or seniority, but because of how the system is built. People often picture the fil- ibuster as one senator stand- ing and speaking for hours. That image is incomplete. Sen- ate rules allow senators many opportunities to speak, and debate can continue through a rotation of speakers. It is less about endurance and more about the inability to force a
free-speech law at Stanford. California isn’t alone in at- tacking these Christian groups. New York’s Attorney General Letitia James has filed a simi- lar lawsuit against Heartbeat International and other preg- nancy centers. The Thomas More Society, a Catholic pub- lic-interest law firm, is pursu- ing separate federal cases challenging the constitutional- ity of these prosecutions in federal courts. California’s attorney general has found no evidence that any woman has complained of harm by the defendants. That didn’t dissuade the state, which is marshaling its tax- payer-funded resources to shut these ministries down. The state argues that be- cause the nonprofits raise money from donors, they are engaged in commercial speech. If the government wins, doc- tors may still prescribe the medication, but no nonprofit can tell women the treatment exists—a novel legal theory that would vastly expand law- fare against those who hold views with which the govern- ment disagrees. One wonders whether the pro-abortion lobby has really thought this through. The pros- ecution’s theory “would expose any nonprofit in America” to “the same government over- reach,” Paul Jonna, an attorney from the Thomas More Society, said in a news release. Don’t they worry that some future state attorney general in Missis- sippi might use similar tactics to go after Planned Parenthood? Reading the depositions of these women is a painful expe-
son flag for our couch-fort. Yet in all those years I didn’t know what a hamlet was. Or who Hamlet was. All the word suggested to me was a lunch item too small to satisfy.
hamlet was. Or who Hamlet was. But then.
The street names were odd. Portia Place sounded like a German car dealership. Falstaff Road recalled a beer some dads drank. The strang- est—Agin Court—sailed com- pletely over my head. Until high school. I then encountered the works of William Shake- speare. Suddenly I realized the learning opportunity that
conclusion without broad agreement. The 60-vote threshold is usually described as protect- ing the minority party. That framing misses the bigger pic- ture. The minority isn’t just a party. It can be any senator, on any issue, at any time, whose view doesn’t align with the majority. That happens more often than people might think. A senator in the majority may disagree with his own leader- ship. Under the current struc- ture, that senator can’t easily be overruled and pushed aside. It protects independence, not just party position. The Senate’s practice of holds is a good example. Any senator can place a hold on legislation. Overcoming that objection of- ten requires 60 votes, which can be difficult to assemble. That gives individual senators the ability to stop or slow a bill—a significant amount of influence for one person. If the threshold moves to 50 votes from 60, that balance changes. The Senate begins to function more like the House. Individual members lose their ability to stop a bill. Leadership gains the ability to move legis- lation with a simple majority. It wouldn’t stop there. If leadership only needs 51 votes, it will organize the Senate ac- cordingly. A rules structure similar to the House would likely follow. That means more control for leaders over what comes to the floor, how it is debated and whether amend- ments are allowed. I saw this repeatedly in the House. Committees were bypassed. Debate was lim- ited. Bills were brought for- ward quickly based on lead-
rience. To be a Catholic priest these days, as we both are, is to have heard many similar stories of women who felt pressured to have an abortion they didn’t want. Everyone should oppose this. But these women espe- cially need support from the religious—those who hold that creation in God’s image means life is endowed with a dignity that can’t be trampled by a government determined to punish those who oppose un- questioned abortion.
Christian nonprofits that help women save their unborn babies.
Consider just the case of Ms. Barrett. In 2023, she was struggling financially, and she and her live-in boyfriend were experiencing increasing strain in their relationship. When she learned she was pregnant, “I panicked at the thought of spending 18 years in family court,” Ms. Barrett testified. She “struggled to imagine where I would be able to find funds to cover child-care costs.” At the clinic, she told staff she was scared and thought she might want to keep her baby, hoping to talk through her options. “I was a huge sup- porter and donor to Planned Parenthood at the time,” she said. “I thought for sure that staff at the clinic would help me out.” Instead they urged
had been quietly on offer in all those place names, if only I’d been street-smart. A discussion on the appa- ritions in “Macbeth” during sophomore year stands out. Misinterpreting his ghostly prophecy—“Macbeth shall never vanquished be until / Great Birnam Wood to high Dunsinane Hill / Shall come against him”—the usurping Scottish king believed his reign was secure. Forests, he reasoned, don’t uproot and storm castles. Yet the formidable Eng- lish army of kinsman Mal- colm, rightful heir to mur- dered King Duncan, approached Dunsinane using branches from Birnam Wood as camouflage. When the en- tire forest appeared to be storming his stronghold, Macbeth realized his folly too late.
ership decisions rather than member input. In seven years in the House, I didn’t have a single meaningful opportu- nity to influence major legis- lation. In the Senate, and as a freshman, I found myself in the thick of every major piece of legislation. The 60-vote threshold also plays a role beyond day-to-day legislation. It acts as a check on structural and institutional changes. Decisions on matters such as District of Columbia statehood, federal election law and internal Senate rules aren’t routine policy ques- tions. They shape the system itself. Requiring broader agreement before making those changes adds stability. Without that threshold, those decisions can be made by a simple majority and just as easily reversed by the next. At that point, the Senate would become unrecognizable to our Founders. It would move from a body that requires agree- ment to one that runs on ma- jority control. So, the question isn’t sim- ply whether more legislation would pass. It is whether pru- dence would still be required in lawmaking, whether legisla- tion passed in one Congress would remain law in the next. Under no circumstance will I support any effort to end or alter the filibuster, as any party that does so wouldn’t be guaranteed survival. Their agenda would be guaranteed death come the next majority.
Mr. Curtis, a Republican, is a U.S. senator from Utah.
Kimberley A. Strassel is away.
her to take the abortion pill that day and warned that if she delayed, she might not be able to get another appoint- ment. “With that scheduling pressure and overwhelmed by misgivings about getting the abortion—what if I wanted to proceed but couldn’t later?—I took the first of two pills for a chemical abortion.” But before she left the clinic, her boyfriend texted her saying he wanted to keep the baby and raise their child to- gether. That changed every- thing. So began a frantic search for anything to stop the abortion: “I was desperate, borderline hysterical, and will- ing to try just about anything.” Ms. Barrett found Heartbeat International online. Within an hour, she had a clinic appoint- ment with a licensed California doctor to reverse her abortion pill. She’s a mother today thanks to this Christian non- profit and its donors. California v. Heartbeat In- ternational and RealOptions is a rare case that should bring together both sides of the abortion debate. In particular, it tests the souls of those who claim the platform of “pro- choice.” What kind of people see a pregnant woman who wants to reverse the effects of an abortion pill and think, “Let’s punish the nonprofits that informed her she has a choice”? Are they really pro-choice, or do they just like killing?
Archbishop Cordileone is archbishop of San Francisco. Bishop Barber is bishop of Oakland.
Macbeth might have been surprised by the prophecy’s true meaning, but I wasn’t. This isn’t because I was uniquely dialed in to the Bard’s clever use of equivo- cation. It is because I re- membered that in the McLean Hamlet, Dunsinane Court branches off from Bir- nam Wood Drive. In other words, Birnam Wood comes to Dunsinane. Perhaps smarter lads got the joke sooner. They might have had headier dinner con- versations with their parents than I did. But I felt like an early Jacobean-era scholar, and a love of Shakespeare was born. Here’s to all of life’s teach- ers who patiently wait for the student to appear.
With Six Strings
By Brad Tolinski and Chris Gill Da Capo, 400 pages, $32.50
n 1992, Chris Gill flew to London to interview Jeff Beck. He was met there by Beck’s manager, Ralph Baker, and the two set off for Riverhall, the rock star’s estate south of the city. Eventually the two found themselves before a tall brick wall with heavy iron gates. Which wouldn’t open. Apparently Beck had changed the code on the lock and didn’t tell Mr. Baker. When Mr. Baker phoned, no one picked up. “Well,” the resourceful manager said, “I guess we’ll just have to climb over the wall.” Happily, Beck was at home. Unhappily, he took one look at Messrs. Gill and Baker and walked away without a word. But the music journalist persisted, disarming the musician by presenting him with some guitar picks that had belonged to Cliff Gallup, one of Beck’s early rockabilly heroes. Soon the two were deep in conversation. Thirty years later Mr. Gill and Brad Tolinksi are preparing to write “Blow by Blow: The Jeff Beck Story.” (Mr. Tolinski is a former editor of Guitar World, where Mr. Gill is a regular contributor.) Mr. Gill looks back at that 1992 interview and others and realizes that the Jeff Beck he thought he knew is a mystery, a self- contradicting trickster with a tendency to be witty and eva- sive. “He could have made an excellent politician had the guitar not claimed him first,” Mr. Gill recalls, and suddenly it’s as though he’s back at Riv- erhall, wondering how to get inside. Beck’s life as a rocker began at a 1957 screening of “The Girl Can’t Help It.” Little Richard’s version of the movie’s title song pinned 13-year-old Jeff “to the back of his seat,” the authors tell us, but nothing hit him like Gene Vincent’s “Be-Bop-a-Lula.” Vincent sang “like some sort of psycho- path,” Beck recalled. “Then the guitar took two screaming solos. I just thought, ‘This is where I belong.’ ” His parents didn’t agree, so he struggled with various cobbled-together instruments and learned songs by Buddy Holly and other rock pioneers. After he got his first real gui- tar, he enrolled in art school, both as a concession to his folks and as a way to buy himself more practice time. “It was an excuse not to work,” Beck said. It also allowed him to hone his guitar skills and make connections within Lon- don’s burgeoning blues scene. He stood out instantly. While other musicians prided themselves on being blues purists, Beck mastered the work of Buddy Guy, Muddy Waters and Howlin’ Wolf but added tone, feedback and atmosphere through the use of analog echo devices, creating a more spacious, reverberant version of traditional juke-joint blues. The music world was inching toward this new sound already thanks to bands like the Animals and the Rolling Stones, who had one foot in American blues but were scor- ing on the charts with more pop-oriented material. In early 1965, when Eric Clapton, then with the Yardbirds, refused to play what to him was mere chamber pop, the band’s manager tried to replace him with Jimmy Page, the future co-founder of Led Zeppelin. But Mr. Page preferred the stu- dio over the stage at the time and replied, “are you familiar with a guitarist named Jeff Beck?” Much of the rest of “Blow by Blow” chronicles the ways in which the four great guitarists of the English scene— Beck, Mr. Clapton, Mr. Page and, later, Jimi Hendrix—envied, imitated and quarreled with one another as they joined and quit bands and formed and dissolved bands of their own. Beck proved almost as good at defying expectations as he was at musical innovation. The Beatles had created a tem- plate that thousands of bands followed, but Beck wasn’t a prolific lyricist in a medium where vocals are key. He loved to collaborate but didn’t like the experience of recording. He was hesitant and sometimes waited years between albums. He passed on opportunities to raise his profile, such as a tour in Japan with Mick Jagger.
American blues artists. He spent his long career in pursuit of musical perfection.
Quality meant everything to him, and if one of his bands wasn’t performing up to standard, he’d pull the plug. Two weeks into a six-week North American tour with the Jeff Beck Group in 1969, he canceled the remaining dates and flew home. One of the canceled shows was Woodstock. Considering that his bandmates included Rod Stewart and future Rolling Stone Ronnie Wood, their set would have likely been incandescent. But Beck said he didn’t feel they were ready. As the chapters accumulate, the reader gains a sense of the Jeff Beck that the authors describe as part genius, part unknowable eccentric. The ultimate guitarist’s guitarist, Beck reshaped the sound of guitar music without ever chas- ing mainstream commercial fame. He didn’t like composing radio hooks or fronting a traditional band. Instead, he became the musician other musicians watched. His perfec- tionism was his best friend and worst enemy: One source remembers him playing to a crowd of 60,000 and receiving a standing ovation, only to come off stage and say, “I suck.” After Beck’s death in 2023, Mr. Page said “Jeff could channel music from the ethereal.” Mr. Clapton called him “the most unique guitar player of his generation.” Beck’s take on himself was less grandiose. “I’ve always been at semi-pro status,” he once said. “I’ve never really made it.” Fans who recognize Beck’s name are as likely to do so because of his haunting cover of the Beatles’ “A Day in the Life” as for his original work. (The rendition is widely regarded as one of the greatest interpretations in rock history, winning a Grammy in 2010.) Then again, as Beck himself said: “I don’t really write. I only dream.”
THE WALL STREET JOURNAL
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e often hear we’re living in a new pro- gressive era, not unlike the one 120 years ago when popular reforms took on trusts and entrenched power. But then why are Dem- ocrats and their union allies subverting citizen initiatives that challenge their monopoly power and ability to raise taxes willy-nilly? The latest example comes from Washington state, where Democratic Attorney General Nick Brown has tried to mislead voters about a voter initiative that seeks to overturn Democrats’ im- position of an income tax. Washington’s consti- tution prohibits graduated taxes on intangible property, which the state High Court as far back as 1933 has interpreted to forbid progressive in- come taxes. Democrats this year flouted that interpreta- tion by enacting a 9.9% tax on income above $1 million, which is only adjusted for inflation ev- ery other year. Voters have launched a ballot campaign to repeal the tax and bar the state and localities from enacting income taxes in the fu- ture. The initiative qualified for the November ballot this month. Enter Mr. Brown, who has written a mislead- ing description of the initiative that will appear on the ballot: “This measure would decrease funding for public K-12 education, higher educa- tion (including universities and community col- leges), and human services (primarily health- care).” Huh? The Democratic income tax hike won’t take effect until 2028. Pre-empting it and future increases can’t “decrease funding” that doesn’t exist. Democrats are trying to deceive voters be- cause they know that raising income taxes isn’t popular. Many voters for good reason don’t buy theirpromisesthattheir“millionaire’stax”won’t beextended to them. That’s the historyofincome taxes. Democrats inevitably seek to soak the mid- dle class because that’s where the money is. Witness Colorado, where Democratic law- makers have in recent years enacted new taxes disguised as “fees”—for instance, on retail deliv- eries and rental cars. Calling them fees enables Democrats to circumvent a constitutional re-
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resident Trump has been nothing if not consistent in playing down the support for Iran’s regime by Russia and China. Armed with assurances from Vladimir Putin and Xi Jinping, Mr. Trump lets Iran’s enablers off the hook. The latest is a Reuters report that Iran ex- pects to receive 400 Chinese-made shoulder- fired missiles. “Things like that happen,” Mr. Trump said Wednesday when asked, “but that would be surprising.” Mr. Xi “told me very strongly he wouldn’t partake.” Well in that case, never mind. Except that China lies about its support for Iran, even claiming not to import Iranian oil. That’s all of- ficially from Malaysia, you see, where the shadow tankers transfer their cargoes. Queried about Russia giving Iran intelligence to hit U.S. bases, Mr. Trump said, “I’ll ask Putin about it.” His own view? “I don’t think they’ve been doing it, certainly not at a high level. If they have, it has been very unimpactful.” Asked about Russian and Chinese support for Iran last week, Mr. Trump said, “I don’t know that they’re ‘enabling’. . . I think I trust them.” He shouldn’t. As Gen. Dan Caine, the Chair- man of the Joint Chiefs, testified in June 2025, “China, Russia, Iran and North Korea are pursu- ing unprecedented levels of cooperation, driven by a desire to challenge U.S. interests and sta- bility around the world.” That’s cited in the new book “Axis of Aggres- sors” by the Foundation for Defense of Democra- cies’s Bradley Bowman, Elaine Dezenski and re-
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he Commerce Department’s GDP report for the second quarter on Thursday shows the economy continues to plod along and is shrugging off the war in Iran. But it’s also nothing to brag about. The U.S. economy grew a tepid 1.5% during the second quarter, driven by consumers and AI in- vestment. Consumer spending contributed 2.1 percentage points, while business investment added 1.2 points. Net exports subtracted a point from GDP, which is a statistical wash since im- ports flow into consumer spending and invest- ment. A decline in government spending sub- tractedfromgrowthinthequarterbecauseofthe way GDP is calculated, but less government helps the private economy over time. Equipment purchases and intellectual prop- erty accounted for all of the uptick in business investment. AI hyperscalers, which plan to spend upward of $700 billion this year, are turbo-charging demand for computer chips, con- struction equipment, gas turbines and more. Businesses are also pumping tens of billions into frontier AI models. Mr. Trump thinks that, with the stock market hitting records and the economy avoiding reces- sion, his tariffs are working wonders. But based on Treasury Secretary Scott Bessent’s 3% GDP growth target, the economy is underperforming by half. Last year’s tax bill and deregulation would be driving faster growth if not for Mr. Trump’s border taxes that raise costs and uncer- tainty for business. Full corporate expensing is helping lift invest- ment. His Administration’s rollback of burden-
They’re using courts and legislative tricks to block citizen initiatives.
quirement that voters approve new taxes. In response, voters put forward a ballot mea- sure thisyearthat soughttonarrowlydefinefees and require voter approval for those that raise large amounts of revenue. The state Supreme Court this spring blocked the initiative on the dubious ratio- nalethatitranafoulofaconsti- tutional requirement that ini- tiatives must be limited to a single subject. The Justices—all appointed by Democratic Governors—said the initiative would create an unfair conundrum for voters and potential for corruption. The initiative presents a “danger of log rolling because it may attract a ‘yes’ vote from voters who support statewide voter ap- proval of fees, but who would not support nar- rowing the definition of existing and new fees under Colorado law,” Chief Justice Monica Márquez wrote. But voters make trade-offs all the time. In blue states they often elect Democratic politi- cians who share their views on cultural issues but are more liberal on taxes and spending. This is one reason antitax referenda have passed in Democratic-run states. And it’s why Democrats are now trying to deny voters a say on taxes. In 2023 California Gov. Gavin Newsom sued to block a citizen initiative that sought to require a two-thirds vote of the Legislature and vote of the people for major fee and tax increases such as the cap-and-tax program. California’s Su- preme Court—six of seven justices at the time were appointed by Democratic Governors— kicked the measure off the ballot. The Court declared the initiative was a “con- stitutional revision,” which could only be placed on the ballot by the state’s Democratic Legisla- ture. In other words, Californians may vote on restricting the power of Democrats to raise taxes only if those same Democrats let them. A century ago, initiatives often challenged business trusts. These days the collusive trusts with the most power are between government and special interests that rely on ever-higher taxes and spending. Which is no doubt why Dem- ocrats want to deny the people a chance to re- form them.
tired Rear Adm. Mark Montgomery. Even amid this war, they find, “Russia provided Iran with both drone and intelligence support” to hit U.S. forces and China sent missile-fuel precursors to rebuild Iran’s arsenal—which grew out of en- gagement with North Korea. Providing missiles in wartime, rather than dual-use materials that can pass as civilian, would mark a change in China’s support. There’s reason for skepticism, though Reuters earlier reported Iran was close to acquiring Chi- nese antiship missiles. If either goes forward, the U.S. will want to intercept the shipments be- fore troops pay the price. The outcome of the Iran war will be shaped in part by axis behavior. As much as the U.S. has degraded Iran’s missile arsenal, will China swiftly facilitate its rebuilding? Will Russia, in- debted for the assistance in fighting Ukraine, help revive Iran’s nuclear program? Will either one provide more advanced air defenses? They will without U.S. pressure. While the Trump Administration has extended Iran sanc- tions to China’s isolated “teapot” refineries, it has hesitated to climb the sanctions ladder to the Chinese state-owned enterprises that ser- vice those refineries. Beijing is sanctions- averse; there’s opportunity here. Support from Beijing and Moscow “may play a decisive role in determining whether the cur- rent supreme leader is the last,” Mr. Bowman, Ms. Dezenski and Mr. Montgomery write. “The United States is not—and must not be—neutral on such a question.”
some Biden rules is also giving businesses more certainty and running room to invest. The Biden Clean Power plan would have effectively barred the construction of new gas plants, which are es- sential to powering AI data centers. The done- and-buried electric-vehicle mandate cost auto makers tens of billions of dollars. Larger tax refunds may also be buoying con- sumers. Last year’s tax bill provided sundry gifts for politically favored groups—for instance, ex- emptions on overtime pay and tips and a $6,000 deduction for many seniors. These put more moneyintoconsumerpockets,buttheyaren’tmak- ing Americans feel better about the economy. One reason is that rising prices continue to erode wage gains and purchasing power. The personal consumption expenditures (PCE) in- dex—the Federal Reserve’s preferred inflation measure—excluding food and energy rose only 0.1% in June. This disinflation is a good sign, but the core PCE measure is still up 3.3% over the last 12 months. Persistent inflation also means Americans are socking away less for retirement or a rainy day. The savings rates in June declined to 2.7%—the lowest since spring of 2022. It exceeded 6% for most of Mr. Trump’s first term. Real disposable personal income fell 1.5% in the second quarter, compared to growth of 2% to 4% during his first term before the pandemic. Some of Mr. Trump’s most ardent fans tell us they wish he’d drop his tariff fixation and return to the supply-side policies that produced broad- based prosperity during his first term. Most Americans probably do too.
In “The Presbyterian Middle Way” (Houses of Worship, July 23), Darryl Hart suggests that there is a path be- tween a strictly temporal American civil religion, on the one side, and the frightening prospect (to him) of Chris- tian nationalism on the other. As one of the few representatives of Christian nationalism Mr. Hart names in his piece, I’d like to offer a rebuttal. If there is no God above the state, then the state is god—which no sensi- ble citizen should want. But in order for such a God to be “above” the state, he must be transcendent, outside the world. The media, all cultural mavens, Congress, the Supreme Court and the president must all defer to his word. This would mean marriage, for exam- ple, is what God says it is, regardless if that fits popular opinion. But as soon as we grant this, we find our- selves with a choice. There are rival claims to that transcendent position, so which god should rule? Allah? A sort of placeholder god of an Ameri- can civil religion, as seen on our coin- age? God, the Father of Jesus Christ? Mr. Hart’s great interest is to protect religious liberty, which is a laudable goal that I share. But the protection of
Regarding your editorial “Abolish the Senate, Says the DSA” (July 26): Though often and productively under- stood as the “house of commoners,” the British House of Commons was originally the “house of communities” (communes), the gathering of the rep- resentatives of England’s organized communities, some of them shires, others boroughs. That vital principle of representation was brought into our Senate, which wasn’t simply a more select gathering than the House of Representatives, but also a gather- ing of the representatives of orga- nized places (states), many far from each other, and no less divergent in culture and livelihood. As our country expanded, that prin- ciple served us well, once we settled the matter of slavery and civil rights. To build a country as large as ours, not as an empire but as a republic of re- publics, the voices of all areas needed to be given the respect accorded to peers, not to be ignored or over- whelmed by unstable metropoles. The Democratic Socialists of America’s pro- posals to abolish the Senate and con- centrate power in the hands of the ur- ban dole-masters amount to a formula
In his op-ed “Jim Crow, Title IX and the Facts of Life” (July 25), James Taranto writes that the heart of the transgender controversies is “ontol- ogy, the branch of metaphysics con- cerned with the nature of reality.” Though his ontological argument, which comes down to saying that male and female identities are different and not fungible, is obviously correct, I’m not sure he proves his case philosoph- ically. A better approach would be based on epistemology, the philosophi- cal branch examining the basis of knowledge, truth and critical justifica- tion of one’s beliefs. With rare excep- tions, a male may justify his belief in his sex and a female in hers by being aware of their secondary sex charac- teristics consistent with their “sex as- signed at birth.” Further proof is avail-
Measles’s Communal Risk
The number of U.S. measles cases is at a three-decade high, and the U.S. could lose its measles-elimination sta- tus achieved in 2000 (“Measles Cases Highest in Decades,” U.S. News, July 25). Measles isn’t innocuous for chil- dren or adults. It can lead to significant morbidity or even mortality from en- cephalitis and pneumonia particularly in immunosuppressed persons. Parents declining to vaccinate their children put their children in jeopardy and, in sufficient numbers, put the remainder of their communities at risk as well. FREDRIC JARRETT, M.D. Sarasota, Fla.
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religious liberty is itself a religious value. It isn’t a principle that arises equally from any given worldview or re- ligion. Is it really productive to Mr. Hart’s and my shared cause to grant un- bridled religious liberty to belief sets that espouse hatred of religious liberty? Mr. Hart says, “Suppressing false or erroneous belief is a common refrain among Christian nationalists.” But all laws do that—suppressing approval of murder or tax fraud. It’s the issue that matters. We shouldn’t want to suppress conspiracy theories about the moon landing, but we should the false belief that unborn children are nothing more than a cluster of cells. The former is a harmless misunderstanding of obvious fact; the latter has led to the murder of hundreds of thousands of innocents a year in our country. The issue matters. What beliefs do we place at the foundation of our laws? Those beliefs should be true and right. Do I want a nihilist to be free to think whatever dark thoughts he wants to think? Cer- tainly. Do I want nihilism to be used as the foundation of law? Certainly not. DOUGLAS WILSON Pastor, Christ Church Moscow, Idaho
for the dissolution of our country. PROF. EM. MICHAEL MENDLE University of Alabama Tuscaloosa, Ala.
Can DSA members take the Congres- sional Oath of Office honestly? They must “solemnly swear” that “I will sup- port and defend the Constitution of the United States against all enemies, for- eign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of eva- sion.” It’s hard to see how an adherent to the DSA’s written platform could swear that earnestly, even believably. KEVIN M. MOORE Syracuse, N.Y.
DSA members are almost refresh- ingly brazen in their approach. They actually mean what they say, unlike normal pols who often transgress the bounds of honesty to finagle votes. The DSA’s radical collectivist political instincts, however, which rely on up- ending our constitutional protections, are significantly less refreshing. PAUL BLOUSTEIN Cincinnati
able by examining sex chromosomes. In contrast, there simply is no such objective justification for a “gender” identity inconsistent with biological sex. The only argument is an unsub- stantiated belief or feeling that one is other than what he or she is—which wouldn’t cut it in Philosophy 101. STEVEN KRON Naples, Fla.
With Saudis, Trump Could Repeat Atoms for Peace Error
Regarding Matthew Kroenig and Henry Sokolski’s op-ed “The Saudi Nu- clear Deal Invites Disaster” (July 27): Under the U.S. Atoms for Peace pro- gram, which began in the 1950s, nu- clear technology was transferred to Iran, a trustworthy ally with a presum- ably stable government at that time. Then along came the 1979 Iranian rev- olution, which left that technology to a government that refers to the U.S. as the Great Satan, and is intent on de- veloping a nuclear weapon. When con- sidering the recently announced nu- clear deal with Saudi Arabia, we have to consider the possibility that history will repeat, with dire consequences for the U.S., Middle East and world. ED SEIDERS Tulsa, Okla.
How quickly we forget. Fifteen of the 19 hijackers who carried out 9/11 were from Saudi Arabia. H. MILLER-JACOBS Lexington, Mass.
And Salt
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By Selina Xu
magine this: The U.S. is a dig- ital walled garden where for- eign software is banned, and everyone depends on a hand- ful of domestic incumbents for costly artificial-intelligence ac- cess. Meanwhile, the rest of the world builds AI economies on a base of Chinese open models that can be freely downloaded, custom- ized and distributed. Sound familiar? It is the inverse of China’s “Great Firewall,” a sprawling regulatory and technolog- ical system that has stifled foreign competition and restricted the Chi- nese public’s access to information for more than two decades.
competition and openness, the U.S. is inching toward AI protectionism.
Instead of championing competi- tion and openness, the U.S. is inch- ing toward tech protectionism. Washington is considering restric- tions on Chinese open-source AI models after Moonshot AI’s Kimi K3 model sparked accusations of distillation—the use of one model’s outputs to train or improve an- other. The idea sounds like eco- nomic toughness: deny a competi- tor access to the U.S. market and protect sensitive technology. But a ban would give more power to a handful of incumbents, raise startup costs, and weaken the open-model ecosystem necessary for American innovation. Open-source is a crucial part of the AI supply chain for U.S. compa- nies. When some OpenAI models re- cently hacked another company, the victim—Hugging Face—had to turn
As one reads his diary from the pandemic years, a question emerges: Where did “An- thony Fauci” come from? The release this week of that diary, by Sen. Rand Paul of Kentucky, sheds new light on the inner life of the government func- tionary who became the public face of Washington’s pandemic response in spring 2020. And by my use of quotation marks, I mean the public Fauci, as opposed to the private Fauci. A theme of the diary is that these were two different entities. The doc- ument reveals a scandalous diver- gence between what Dr. Fauci thought in private about the origins of the virus and what he told the public—and continues to insist in public today. Yet the diary also sheds light on a different public-vs.-private distinc- tion, concerning Dr. Fauci’s relation- ship with President Trump. Public Fauci emerged early on as a counter-
POLITICAL ECONOMICS By Joseph C. Sternberg
By Navid Mohebbi And Behnam Ben Taleblu
t face value, JD Vance’s con- cerns about Iran can sound reasonable. The vice president said recently on Joe Rogan’s podcast that if the U.S. pursues regime change, Iran will descend into chaos the way post-Gadhafi Libya did, driving “94 million desperate people” toward Europe and the U.S. That contention is more fear- mongering than serious analysis. Mr. Vance presents mass migration as the most likely consequence of a regime-change policy while ignoring what has driven generations of Ira- nians abroad: the Islamic Republic itself. At the heart of the vice president’s analysis is a mistake that many in
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to a Chinese open- weight model to defend itself. The safety guard- rails of closed U.S. mod- els blocked Hugging Face’s requests. By one industry esti- mate, roughly 80% of developers building with open models now use Chinese tools. As token consumption bills soar, startups want more model choices for different tasks. Micro- soft is exploring a fine- tuned version of Deep- Seek V4 as a low-cost alternative for powering Copilot Cowork. Deep- Seek can cost less than a tenth of Anthropic’s Opus. Open Chinese models accounted for more than 50% of all AI use on OpenRouter in some weeks this sum- mer, up from a weekly average of roughly 13% in 2025. Chinese open- source AI is subsidizing the rest of the world through cheap access to intelligence. For Chinese companies trying to overtake American incumbents, re- leasing model weights earns trust, wins developers and makes their technology the default foundation for new applications. Executives at leading Chinese AI labs told me during a recent visit that openness helps them build global relation- ships and expand their models’ po- tential across diverse use cases. But I also sensed from them a desire to be taken seriously as innovative contributors to the field—not copy- cats or free riders. The virality of Chinese models like DeepSeek and Kimi has boosted use and revenue. In a social-media post after Kimi K3’s release caused a dip in U.S. stocks, Moonshot AI
weight to the president. Standing next to Mr. Trump at one awful press conference after another, Dr. Fauci presented himself as a techno- cratic voice of reason in contrast to a bumbling, out-of-his-depth politi- cian. It remains part of Dr. Fauci’s appeal on the political left to this day. So it’s strange to discover the pri- vate Fauci had a different attitude. The overall tone toward Mr. Trump in the early days of the pandemic can best be described as starstruck. In the first mention of Mr. Trump in the released diary excerpts, Dr. Fauci expresses what could be con- strued as anxiety that he contra- dicted the president regarding the severity of a then-new disease out- break in China. A week later, on Jan. 29, 2020, he’s brimming with excite- ment when journalist Lou Dobbs tells him he recommended Mr. Trump consult the doctor on the outbreak. The resulting meeting with Mr. Trump jets the private Fauci over the moon, flattered that Mr. Trump asks him so many questions. This continues for months. He’s tickled to be tasked with special problem-solv-
Washington make—seeing the Islamic Republic as a source of stability in the Middle East. The past four de- cades show the opposite is true. Iran isn’t a stable country that could be destabilized by political change. The theocratic regime has rocked the country’s economic, so- cial and environmental foundations for nearly half a century. Well be- fore today’s war, Iran was sliding to- ward becoming a failed state. The negative consequences of the Islamic Republic’s rule aren’t limited to Iran. Waves of refugees have es- caped conflict zones where Iranian forces or proxies have been present. One example: the millions of refu- gees fleeing Syria’s Bashar al-Assad regime, which was backed to the hilt by Tehran. Terrorism is another area where Mr. Vance has the logic backward.
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President Zhang Yutong wrote that the company’s annual recurring rev- enue spiked to a record high. Open models also serve an in- dustrial purpose for Beijing. They accelerate the diffusion of technol- ogy and its economic returns across China’s population. When value creation is distributed across multiple firms, companies up and down the supply chain flourish. This mitigates the risk that Micro- soft CEO Satya Nadella pointed out in an essay: “If all the value is ac- crued by only a few models, the political economy will simply not tolerate it. There is no societal permission for an AI future that hollows out entire industries.” To develop its own frontier open- source players, the U.S. can use and learn from Chinese open-source models. Thinking Machines Lab, the
ing errands throughout February, such as helping to devise a plan to manage evacuees from a cruise ship, and on the 27th is thrilled to get a phone call at home from the presi- dent. On March 11, Dr. Fauci de- scribes a disagreement with House Speaker Nancy Pelosi in which he defends Mr. Trump’s decision not to impose a travel ban on the U.K.
odds with Trump, but the fawning attention he got fed his antagonism.
Dr. Fauci gloats to himself about his working relationship with Mr. Trump until late in the spring. De- spite tension over Mr. Trump’s am- bition to lift lockdowns before Eas- ter, Dr. Fauci is flattered that Potus takes his advice on important mat- ters such as not imposing a quaran- tine on New York, New Jersey and Connecticut. “Trump continues to become more and more enamored of me,” he records on March 31. Only in
Regime change is unlikely to lead to the establishment of what he calls “terrorist infrastructure” abroad, precisely because the regime has al- ready built such networks. The Is- lamic Republic has been labeled by the U.S. as the world’s foremost state sponsor of terrorism and sup- ported acts of terrorism on at least four continents. It has called for the killing of President Trump on nu- merous occasions. Mr. Vance’s concerns about Ira- nian migration only after the Is- lamic Republic collapses obscure why such a large global Iranian diaspora has emerged under this re- gime in the first place. The High Council of Iranian Affairs Abroad es- timates the number of Iranians liv- ing outside the country at just over four million. Broader estimates, which include people of Iranian de- scent, put the global Iranian diaspora between five million and eight million. The exodus isn’t only political dissidents. The number of Iranian students in the 10 leading destina- tion countries for Iranian immi- grants hit roughly 110,000 in 2024, after rising sharply over the previ- ous four years. It is misleading to describe this group as simply studying abroad. For many young Iranians, university admission has become the safest legal route out of a country where career pros- pects and social freedoms keep shrinking. Alongside educational and profes- sional migration, Iranians are leav- ing through asylum channels and other routes. Between January 2023 and March 2024, Iranian nationals
startup founded by Mira Murati, OpenAI’s former chief technology officer, recently released its first in- house model. It used other open- weight models, including Moonshot AI’s Kimi K2.5, to generate some of its early post-training data. Ameri- can companies, including Nvidia and Reflection AI, are also building powerful open models. Competition with Chinese open models would make American models more com- pute- and capital-efficient. Chinese open-weight models shouldn’t be used everywhere. The government should exclude foreign models from intelligence systems, military networks and critical infra- structure. Companies using Chi- nese-hosted services should know where their data goes. But a model that is downloaded, independently evaluated and operated on a U.S.
April do relations appear to break down for good. A rupture between the two may have been inevitable, given that they both demonstrate insufferable self- regard. But the Fauci diaries also point to another factor: the media. Much has been made of Dr. Fauci’s obsession with his own press clip- pings. Did this change his approach to the pandemic and to his boss, the president? Very quickly, the media glommed on to Dr. Fauci as a foil for Mr. Trump. An early sign of trouble emerges in the diary entry for Feb. 27. Administration officials try to pull Dr. Fauci and others off air for a spell to reassess their overall communica- tions strategy. Dr. Fauci notes that some interpret this as an attempt to “muzzle” him (which he knows is un- true), which triggers an outpouring of support. He loves it. The diary starts including press clippings playing up friction be- tween Dr. Fauci and other officials. On March 8, it’s a glowing profile from the New York Times accentuat- ing press-conference conflicts be- tween Dr. Fauci and Mr. Trump that are more a matter of degree than
submitted about 20,000 applications for international protection in Eu- rope. That was almost one-third more than during the previous 15 months. Monthly applications began rising after the 2022-23 “Woman, Life, Freedom” protests and the crackdown that followed. Each time the Islamic Republic intensifies repression at home, the effect is felt abroad, such as in Eu- rope’s asylum system.
in Washington have made —assuming Iran is a source of regional stability.
The problems of life in Iran ex- tend beyond poverty and political persecution. They include power cuts and environmental catastro- phes that disrupt economic activity and make daily life exhausting. These issues have focused Iranian national attention, leading to dem- onstrations seeking not reform, but revolution against a failing political system. From the nationwide pro- tests that began in December 2017 to the November 2019 uprising, from the protests of 2022-23 to the January 2026 demonstrations, Irani- ans have turned to the streets de- spite the risk of arrest, torture and death. Under the cover of an internet blackout, Iranian security forces— aided by their terror proxies—car- ried out mass killings on Jan. 8-9 this year, massacring thousands of
company’s own infra- structure is a different risk from a Chinese- hosted service to which users send sensitive in- formation. In fact, open models can bolster com- panies’ defense against emerging cyber threats, as a tech industry letter argued last Friday. Concerns about dan- gerous AI capabilities spreading to nonstate ac- tors through open source are legitimate. But the answer to that isn’t to lock up all models behind closed doors. The cat is out of the bag—powerful frontier intelligence is here. The U.S. and China must work together to shore up evaluation ca- pacity and mitigate shared risks. Banning open source at home won’t make the world safer. The U.S. can pro- hibit Chinese models do- mestically but can’t prevent the rest of the world from using them. Open software has been one of the biggest drivers of American technological dominance. It made possible nearly every facet of digital life, from surfing the internet to texting friends. Open web data al- lowed large language models to launch the AI revolution. Yet open- ness in the AI era is becoming syn- onymous with China, and protec- tionism with a faction of Silicon Valley. The U.S. doesn’t have to cede the mantle. The answer to China’s growing AI strength isn’t to con- struct an American version of the Great Firewall. It is to outcompete Chinese models.
MARTIN KOZLOWSKI
Ms. Xu is a fellow at the Penn Project on the Future of US-China Relations.
kind. On March 12, he includes a Washington Post column with a sim- ilar theme. A day later, he takes note of another such piece, in the Atlantic. By April 15, Dr. Fauci is writing: “Multiple editorials (print news Washington Post, etc.) and opinion pieces (Newsweek) written about me. Cannot keep up or even read all of them. Country needs someone to look up to in the face of Trump pres- idency. Interesting psychodynamics.” Dr. Fauci was predisposed to revel in media attention. Now he knew what he needed to do to get more of it. By amping up his antagonism to the president, the TV bookings con- tinued and he found himself in a po- sition to befriend prominent media personalities and be courted by liter- ary agents eager to represent a fu- ture memoir. One starts to sense Dr. Fauci took on such a domineering role in Amer- ican public life mainly because jour- nalists found him so convenient to their broader “resistance” to Mr. Trump. A more reflective press corps might ask whether they merely reported the Fauci news, or created it.
protesters and bystanders. News re- ports estimate that more than 40,000 people were killed. Mr. Trump has cited these tallies. People who have repeatedly risked their lives to reclaim their country aren’t waiting for the first chance to abandon it. Iranians have fought for the right to stay, to live freely and to build a future at home. Iran isn’t immune to chaos, and no serious regime opponent should pretend otherwise. The Islamic Re- public has built overlapping security institutions to preserve its survival. Any attempt to take down the re- gime without preparing for what could come next would be the height of folly. Conversely, policies designed to avoid such planning and instead sta- bilize the regime by providing sanc- tions relief and engaging in diplo- macy have so far failed to stem the tide of migration and to produce a kinder, gentler Islamic Republic. Giv- ing more time, money and legitimacy to this regime without demanding structural change will only produce the immigration wave Mr. Vance claims he seeks to prevent. Those with concerns about Ira- nian migration shouldn’t worry only about the day after the Islamic Re- public falls. They should also worry about every additional day the re- gime stays in power—and work, es- pecially if in a position of authority, on planning an orderly transition.
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In Athletic Department Probe
BY RACHEL BACHMAN AND CORINNE RAMEY coach. Those findings contrast with what the university said in a re- cently released summary of the in- vestigation. Michigan said that the law firm had not found widespread misconduct in athletics, and didn’t detail issues within other sports. The school released its sum- mary after university officials viewed a slideshow with detailed find- ings prepared by the firm. That slideshow, reviewed by the Journal, hasn’t been released. Michigan paid the firm $12 million for the inves- tigation. A Michigan spokesman said the school was focused on implementing recommendations stemming from the investigation and declined to comment on the substance of confidential inter- views. “The university has publicly shared the principal findings, rec- ommendations and actions result-
n investigation com- missioned by the Uni- versity of Michigan fol- lowing the firing of football coach Sherrone Moore highlighted problems inside the athletic de- partment that went far beyond his intimate relationship with a staff member. Jenner & Block, the law firm Michigan hired late last year to in- vestigate Moore and the broader culture inside the athletic depart- ment, called out the handling of controversies surrounding the pre- vious football coach, Jim Har- baugh, and former men’s basket- ball coach Juwan Howard in documents reviewed by The Wall Street Journal. The law firm laid out a series of potential red flags about Moore, and outlined problems in Michi- gan’s athletic department in other sports, including previously unre- ported issues with a water polo
Is Tearing Apart Soccer
ContinuedfromPageOne creation of what has been dubbed FIFA Forward Enterprise, or risk missing out on millions of dollars in FIFA payments. Infantino’s most vocal critic, the governing body of European soccer, said it was firmly opposed to the plan and convened an emergency meeting on Thurs- day to decide how it would pro- ceed. All 55 UEFA members, in- cluding the recently crowned men’s world champion Spain, agreed to a boycott of all FIFA tournaments. “Some things are simply too important to sell,” UEFA said. “The FIFA World Cup belongs to foot- ball. It always will. And so long as Europe has a voice, it will never be for sale.” Leaders who have come out against the plan include the U.K. Prime Minister Andy Burnham and even disgraced former FIFA presi- dent Sepp Blatter. The last time a soccer proposal caused such up- roar was the ill-fated 2021 Euro- pean Super League fiasco, which was shot down in the space of 48 hours following fan protests and political opposition. “The close relationship between the FIFA President and the U.S. President has reached a financial dimension that is deeply damaging football,” Blatter posted on social media. “No one has the right to sell our game.” Infantino, who took over the presidency in 2016 in the wake of a massive corruption investigation into FIFA, has made increasing revenue the top priority of his ten- ure. Before the World Cup, he pro- jected that the 2026 edition of the
FIFA has argued that it is the most efficient way to raise even more capital to redistribute to its 211 member associations and promised each of them up to $40 million in extra funding over the next four years. For FIFA president Gianni In- fantino, it represents yet another opportunity to deepen the organi- zation’s ties to the orbit of Presi- dent Trump. Leading the proposed investor group is Joshua Kushner’s firm Thrive Capital. Kushner is the brother of Jared Kushner, Trump’s son-in-law and a former senior ad- viser to the president. Joshua Kushner and Infantino had spoken about this plan as far back as at least last year, a person familiar with the project said. Con- versations picked up in earnest in early 2026, at which point FIFA brought JPMorgan Chase into the project with a team split between London and New York. (Trump isn’t directly involved, the person said.) Much of the soccer world, how- ever, was completely blindsided by Infantino’s announcement, includ- ing FIFA’s ruling council and the confederations. “We are deeply concerned by the lack of due pro- cess,” said Concacaf, which over- sees the game in North America, Central America, and the Carib- bean. FIFA had planned to present the project to members this week until the news first leaked on Monday. Countries now have until Sept. 19 to pledge their support for the
ing from those reviews,” the spokesman said. In 2023, Michigan athletic di- rector Warde Manuel and other of- ficials began receiving complaints about “abusive, unprofessional be- havior” by women’s water polo coach Cassie Churnside, the law firm found. In 2024, parents complained, and the next year, two internal com- plaints were filed with a university of- fice, according to the firm. Manuel’s deputy sent Churnside at least two formal warning letters, and Manuel himself was notified that Churn- side disregarded trainers’ medical advice, the firm said. This past March, a Michigan news release said that Churnside had resigned. “While there are improvements to be made, Warde consistently
law firm Jenner & Block $12 million for the investigation.
FIFA president Gianni Infantino took over in 2016 in the wake of a massive corruption investigation.
tournament would bring in a re- cord $11 billion from television rights, ticket sales, and other mar- keting. By the time Spain and Ar- gentina met in the final on July 19, he had revised the figure up to $15 billion. Infantino pledged to use that money to increase payments to member associations for develop- ment projects, a campaign that has made him incredibly popular with soccer federations outside Eu- rope—particularly as he prepares to run for a third full term in of- fice next year. Should Infantino win, his tenure would run until 2031 before term limits force him to step away. “Too little of football’s growing
and appropriately engaged and shared information with profes- sionals in the athletic department and within the university, includ- ing his supervisors and the Board of Regents,” said Matthew Schenk, Manuel’s lawyer. The law firm highlighted the school’s response to the behavior of then-men’s basketball coach Ju- wan Howard. The member of Michigan’s famous 1990s Fab Five recruiting class came on as head coach in 2019 and led the team to the 2021 Big Ten regular-season ti- tle. But in February 2022, Howard struck a Wisconsin assistant coach in a postgame confrontation. It was a shocking moment caught on live television. At the time, the Big Ten and Manuel jointly suspended Howard for the rest of the regular season, five games, and fined him $40,000. The law firm’s slideshow labeled the incident “One Free Punch.” On Dec. 7, 2023, Howard was in- volved in another incident: a ver- bal altercation with another coach, the law firm noted. The school
commercial value reaches the parts of the game that need it most,” Infantino said. “Capturing that value requires additional ex- pertise, additional insight, distinct from governing and developing the sport.” FIFA insists that its investors wouldn’t receive dividends and that the only way for them to cash in would be to sell their stakes later. FIFA also said that investors would have no say in shaping the World Cup or anything that hap- pened on the field—despite the willingness it showed to entertain Trump’s request to review a red card issued to an American player during the World Cup.
Sherrone Moore took over as head coach after Jim Harbaugh left for the NFL’s Los Angeles Chargers.
didn’t let Howard go until March 2024, after his team finished the season 8-24. Through a spokesman, Howard declined to comment. In football, the law firm noted warning signs that stretched across two coaching regimes. Un- der Jim Harbaugh, who led the Wolverines to the 2023 national championship, Michigan was in- volved in a massive sign-stealing scandal and recruiting violations. “Harbaugh ran a program that was largely dismissive of rules compliance,” the law firm quoted from an August 2025 NCAA infrac- tions report. Harbaugh has said he had no knowledge of any sign- stealing. He didn’t respond to re- quests for comment through a spokesman. But Michigan football’s prob- lems didn’t stop when Harbaugh left after the 2023 season to coach the Los Angeles Chargers. The law firm highlighted that police inves- tigated assistant coach LaTroy Lewis for a 2024 allegation of sex- ual assault. The status of the investigation, which first became public earlier this year, is unclear. The accuser took out a protective order against Lewis. His lawyer said Lewis is in- nocent. The firm detailed numerous reputational risks about Moore that it said were known at the uni- versity. In March 2024, Moore’s online interactions with an Only- Fans model were raised to school officials, according to the findings. The firm found that officials were aware of his social-media likes of women, which showed up on an athletic department back- ground check, and his overtures to a Michigan fan who posted scantily clad photos on social media. The firm included in its slideshow a photo showing Moore’s car parked at the apartment complex of the staff member with whom he had the affair. Moore’s lawyer didn’t provide a comment. Although Jenner interviewed about 300 people, it couldn’t com- pel people to talk—especially those not employed by the school. One notable example is Biff Poggi, who had three stints at the school as a football staff member and coached Michigan in the Cit- rus Bowl last Dec. 31. After Moore was fired, Poggi called Michigan a “malfunctioning organization” in an interview. But when asked by Jenner & Block to participate in the investigation, Poggi declined. “I am not interested in speaking to you or anyone else,” he wrote in a text message to the firm. “I have put Michigan in my rearview mir- ror and I’m keeping it there. I’m glad I’m gone.” Poggi responded to a Journal request for comment with a text message that said he was grateful to Michigan and glad to move on.
The organization said it would retain “exclusive authority over football governance, competitions, the international match calendar and all regulatory and sporting de- cisions.” How long that authority will stay with Infantino remains to be seen. Opposition in Europe and North America has raised the pros- pect of a rival emerging in next year’s presidential election as a protest candidate, though no one has formally been put forward. The reality, however, is that Infan- tino could still win handily without a single vote from UEFA or Conca- caf. He is currently set to run unop- posed.
/PAUL SANCYA/AP
S&P 7437.63 À 1.66% S&P FIN À 0.59% S&P IT À 5.24% DJ TRANS g 1.74% WSJ $ IDX g 0.92% 2–YR.TREAS. yield 4.227% NIKKEI (Midday) 64572.25 À 4.37% SeemoreatWSJ.com/Markets BUSINESS&FINANCE
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Gains $450 Billion
one-day increase is the biggest of any U.S. business ever
BY DAVID UBERTI
Tension between Silicon Valley’s astronomical AI spending and Wall Street fears that it won’t pay off had been sending markets on a wild ride. Then Microsoft gained nearly half a trillion dollars in one day.
AI Also Escaped From Test
BY ROBERT MCMILLAN
Anthropic said Thursday that software it was testing got onto the internet and hacked unsuspecting compa- nies without the AI maker’s knowledge in three separate incidents dating back to April. The artificial-intelligence vendor didn’t say which com- panies had been hit, but all three were notified of the inci- dent Monday, Anthropic said. The news comes one week after OpenAI revealed its AI technology had broken out of a testing sandbox—a digital prison that was supposed to be disconnected from the in- ternet—and hacked the AI company Hugging Face. The OpenAI incident has rattled security researchers and AI professionals and served as a reminder of the power and unpredictability of AI systems that act autono- mously and are engineered to take a actions to complete tasks and meet goals from users. The incidents show that the AI companies need to have stronger, industrywide standards for isolating their systems during cyber testing, said Alex Stamos, chief prod- uct officer with the cyberse- curity company Corridor. But they also present a PleaseturntopageB4
Google backs Anthropic’s giant data hub.................... B4
On Cloud Revenue Strength
Amazon’s net sales, change from a year earlier
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ANDREJ IVANOV/AGENCE FRANCE-PRESSE/GETTY IMAGES
The company’s stock surged 16% after its earnings quelled concerns that invest- ments on data centers, chips and more would outpace the company’s ability to generate cash. Microsoft’s $450 billion one-day gain in market capi- talization was the largest by any U.S. business, ever. On the other hand was Meta Platforms. Shares dived 8% following projections that free cash flow would turn negative in the latter half of this year for the first time since the Instagram parent
Chevron
A worker prepared a fuel-refill hose at a Chevron gas station in Rodeo, Calif., this past spring.
AND COLLIN EATON Big Oil’s Friend and Enemy: Trump
BY BENOÎT MORENNE
In March, President Trump rejoiced at soaring oil prices, saying: “We make a lot of money.” Now, his oil allies are set to collect a windfall, and Trump isn’t so happy any- more. Thanks to U.S. crude prices averaging $95 a barrel be- tween March and June—up from about $66 before the Iran war—ExxonMobil, Chev- ron, ConocoPhillips and Occi- dental Petroleum are ex- pected to collectively rake in $31 billion in earnings for the second quarter of the year, PleaseturntopageB2
Exxon Mobil
Conoco Phillips
Occidental Petroleum
BY ISABELLA SIMONETTI
Amazon.com cloud-comput- ing sales are accelerating, and so are the company’s invest- ments in data centers to serve cloud customers. Investors are happy with that combination. The company reported higher-than-expected revenue from Amazon Web Services on Thursday, continuing a streak of growth for its cloud-comput- ing business, and raised its capital expenditures forecast for the year to $220 billion, a $20 billion increase. Amazon shares gained more than 9% in after-hours trading, ticking upward after Chief Ex-
went public in 2012. Meta’s 11th consecutive stock decline notched its longest losing streak on record. A day after Federal Reserve Chair Kevin Warsh showed re- luctance to raise interest rates, sparking a steep selloff in stocks and bonds, Micro- soft’s outlook won out. Major indexes rebounded, led by the Nasdaq composite’s 2.8% gain. The S&P 500 climbed 1.7%, and the Dow Jones Industrial Average rose 1.2%, or 614 points, with Microsoft respon- sible for around 360 of them.
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Net profit in the second quarter
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2Q 2026 estimate
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ecutive Andy Jassy disclosed the capex increase on a call with analysts and investors to discuss second-quarter results. He attributed part of the in- crease to the higher cost of memory. “We’ve long believed AWS could become a few-hundred- billion-dollar-revenue business, and now believe it’ll be at least double that—and very possibly be a trillion-dollar annual reve- nue business for us in time,” Jassy said. Sales by AWS, a major profit driver, grew 37% year-over- year to $42.2 billion for the quarter, its fastest growth rate in 18 quarters, the company said. Amazon’s revenue grew 20% to $200.6 billion, and net in- come was $62.2 billion. Both were ahead of analysts’ esti- mates. The company said that sec- ond-quarter net income in- cluded nonoperating pretax other income of $53.4 billion, primarily from its investments in Anthropic. The revenue results were above the company’s guidance of $194 billion to $199 billion. The company reported nega- PleaseturntopageB4
Index performance on Thursday
3.0%
10 a.m. 11 noon 1 p.m. 2 3 4
Source: FactSet
Source: FactSet
The divergent responses to Meta and Microsoft hinted at how Wall Street will answer a question at the heart of the AI trade: whether companies pouring hundreds of billions
FAST FOOD Taco Bell rolls out deals to lure back customers after its cyclospora debacle. B2
Five-minute intervals
annually into the tech race can show investors the money. PleaseturntopageB9
Heard on the Street: Worries over AI splurge...................... B10
U.S. crude oil futures*
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Aug. 2025 '26
Shine Off Rise in Sales
BY ROLFE WINKLER
Apple’s forecast for its Sep- tember quarter fell short of Wall Street’s expectations, overshadowing strong iPhone and Mac sales the company re- ported for its June period. The company said sales growth in the September quarter would come in be- tween 9 and 11%, below ana- lyst estimates for roughly 12%. Gross profit margins will also fall just short of estimates. Shares fell 7% in after-hours trading. The forecast is partly due to supply con- straints that have plagued the company for the past few quarters, which have made it difficult for the company to meet demand for iPhones, Macs and iPads, and which are expected to get worse in the September quar- ter. It is selling the devices at a record clip, but could be selling even more. The difficulty remains se- curing enough logic chips, the brain inside Apple’s devices, that are made by Taiwan Semiconductor Manufacturing.
MARIO TAMA/GETTY IMAGES
unit, which includes App Store fees, was a disappointment.
Warning Shot From The Bond Market
BY SAM GOLDFARB
The bond market has a message for Kevin Warsh: Don’t try that again. Yields on longer-term U.S. Treasurys held near their highest levels in 19 years Thursday, a day after the Fed- eral Reserve chair jolted the market by failing to convince investors that he was willing to support rate increases to fight inflation. The moves were unusual and alarming: Even as yields on longer-term bonds surged, those on short-term Treasurys fell, indicating concerns that the Fed would wait too long to lift rates and then have to raise them aggressively down the road. For the new Fed chair, the action amounted to a warning shot. PleaseturntopageB9
Considers Sale of China Unit
DAVID PAUL MORRIS/BLOOMBERG NEWS
BY BECKY PETERSON AND RAFFAELE HUANG
Elon Musk designed Tesla’s China business to be easily separated from its U.S. busi- ness because of geopolitical tensions. It might also come in handy if he proceeds with a SpaceX merger. Musk in recent years in- structed Tesla executives to organize the company with a “laser” between its U.S. and China businesses, according to people familiar with the plan- ning. He wanted to ensure that in the event of geopoliti- cal strife between the two countries, at least the U.S. half of Tesla would survive. Now, some Tesla executives have been told to prepare for a separation of the China busi- ness ahead of a potential merger, a person familiar with those talks said. And Tesla ad- visers have discussed possible PleaseturntopageB5
“We’ve seen extraordinary demand this cycle. And the supply chain just hasn’t had the same level of flexibility for us to be able to flex up to meet this higher-than-expected de- mand we’re seeing,” said Kevan Parekh, Apple’s chief financial officer, in an interview. Meanwhile, the soaring price of memory chips is expected to weigh more on profits. In the June quarter, iPhone sales grew 21%, continuing a hot streak for the iPhone 17. Meanwhile, Mac sales jumped nearly 30% thanks in part to Apple’s popu- lar, new entry- level MacBook Neo. The com- pany’s gross profits jumped in the June quarter, but only temporarily, thanks to a tariff refund of around $2 billion. One disappointment in June was Apple’s services unit, which includes App store fees, iCloud subscriptions and other revenue. It has been among the most reliable profit engines at the company in recent years. Foreign exchange rates weighed on the segment, but so did PleaseturntopageB9
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Adidas..............................B3,B10 Advanced Micro Devices.B10 Airbus........................................A7 Air France-KLM....................B5 Alphabet .........................B4,B10 Altria..........................................B3 Amazon.com......B1,B4,B9,B10 Anheuser-Busch InBev.....B3 Anthropic...........................B1,B4 Apple ..........................................B1
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Blackstone ..............................B9 Bloom Energy.......................A1 Blue Owl Capital .................B9 BMW.........................................B3 BP...............................................B2 Bristol Myers.........................B3 Broadcom................................B4
KKR.............................................B9 Kokusai Electric....................B9
LyondellBasell Industries ................................................B10 MarketAxess.........................B9 Meta Platforms.....B1,B4,B10 Micron Technology ....B9,B10 Microsoft.........................B1,B10 Morgan Stanley..................B4
CF Industries Holdings..B10 Cheniere Energy.................B10 Chevron............................B1,B10 Cigna Group...........................B9 Citadel........................................A1 ConocoPhillips.......................B1
Nebius Group........................A1 Netflix........................................B3
Dassault Aviation................A7
Gulden, Bjørn.........................B3
Aschenbrenner, Leopold....A1
Hughes, Tim..........................B4
Bidarian, Nakisa...................B3
Jassy, Andy ............................B1
Collison, John.......................A6 Collison, Patrick....................A6 Cook, Tim................................B9
Krishna, Arvind....................B4
Lipschultz, Marc...................B9
Eberhart, Dan........................B2
Martin, John ..........................B3 Musk, Elon........................B1,B3
Faury, Guillaume..................A7 Friedman, Nat.......................A6 Fortinsky, Jacob ...................B3
Nedeljkovic, Milan...............B3 Nuttall, Scott........................B9
Gambetta, Jay .....................B4 Garman, Matt......................B4 Griffin, Ken...............................A1 Gross, Daniel..........................A6
Parekh, Kevan.......................B1 Paul, Jake................................B3
Sales Rise, Boosted By Salty Snacks
BY KELLY CLOONAN
Hershey logged higher sales in its latest quarter, boosted by growth for its salty snacks business in North America. The maker of Reese’s Peanut Butter Cups and Twizzlers also bumped up its guidance for the year, saying it is entering the second half with momentum and increased investment be- hind its brands, merchandising and innovation. “With cost visibility and operating flexibility, we are well-positioned to navigate dynamic markets,” Chief Exec- utive Kirk Tanner said. Hershey’s second-quarter profit came in at $457.7 mil- lion, or $2.26 a share, com- pared with $62.7 million, or 31 cents a share, a year earlier. Adjusted earnings per share were $1.90, topping estimates of $1.43 a share according to analysts polled by FactSet. Net sales rose 6.6%, to $2.79 billion, above analyst es- timates of $2.63 billion. In North America, sales of the company’s salty snacks climbed 23%, while its confec- tionery business recorded growth of 4.2%. International sales rose 5.7%. On an organic, constant- currency basis, net sales in- creased 3.6%. For the full year, Hershey now expects sales growth of 4.5% to 5%, raising the bottom end of its prior range of 4% to 5%. The company now fore- casts adjusted earnings per share of $8.36 to $8.52, up from its previous projection for $8.20 to $8.52.
This week Taco Bell sold its Mexican Pizzas for a dollar, instead of the item’s regular price of around $5 to $7.
To Win Back Customers
BY HEATHER HADDON
Taco Bell has a battle plan to bring customers back after a parasitic outbreak was linked to lettuce served at its restaurants. The plan includes $1 Mexican Pizzas and limited-time offers like butter chicken tacos. While health authorities linked an outbreak of cy- clospora-related illnesses to product giant Taylor Farms, the fast-food standout has been hurt by people reporting explo- sive diarrhea and stomach cramping after dining at the chain’s locations. The Mexican-style chain said it removed lettuce supplied by Taylor Farms within 72 hours of public-health officials notifying the chain about a link between the produce and the outbreak. Taco Bell’s same-store sales were down 2% in the current quarter from mid-June through July 27, the company said Thursday. Sales were at their worst the weekend of July 18 and have improved since, ac-
BY SUZANNE KAPNER
The apparel brand Refor- mation has built a loyal fol- lowing among young women eager for its on-trend, sustain- able fashion since its founding in 2009. On Wednesday, the Vernon, Calif., company, with more than $500 million in annual sales, sold shares to the public for the first time. Reformation produces new styles in small quantities and tests them twice a week on its website and once a week in its stores. It then restocks popu- lar items quickly. Half of its
BY MATTHEW DALTON AND ADAM WHITTAKER Higher Oil Prices Lift Shell’s Profit
Nucor......................................B10 Nvidia........................B4,B9,B10
Occidental Petroleum........B1 OpenAI......................................B1 Oracle.......................................B9 Phillips 66............................B10
The energy crisis sparked by the war with Iran has prompted Shell to produce at more than 100%. The British energy giant said it ran its refineries at 102% of capacity during the second quarter, eking out more jet fuel and diesel to take advantage of soaring prices. “In all assets there are op- portunities to take away some of the bottlenecks and produce above 100%,” Shell Chief Execu- tive Wael Sawan said in an in- terview. “The challenge is to do it for 90 days in a row.” So far, that strategy is paying off. Shell on Thursday said sec- ond-quarter profit more than doubled, driven by higher prices and a strong performance from its trading arm. Sawan said Shell has been working to boost output from various businesses during a time of deep disruption in en- ergy markets, in large part be- cause of the squeeze on the Street of Hormuz. That includes increasing oil production and shipments of liquefied natural gas—or LNG—from facilities outside the Middle East, such as its new terminal in western Canada. Moves by Shell and others in the industry have helped the global energy system adapt to the shock stemming from the Iran war, helping prevent out- right shortages from materializ- ing. A few months ago, Shell di- rected its refineries to produce more jet fuel, raising production by nearly 20%, Sawan said. Now its refineries have shifted to
The British energy giant said it ran its refineries at 102% of capacity during the quarter.
Reformation...........................B2 Rivian.........................................B5
Sandisk...............................A1,B9 Shell...................................B2,B10 Situational Awareness......A1 SK Hynix..................................A1 SpaceX......................................B1 Steel Dynamics..................B10 Stellantis..................................B5
Taiwan Semiconductor Manufacturing...................B1 Tesla...........................................B1 Thales........................................A7 TKO Group..............................B3
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Pickering, Dan......................B2
Rahman, Fauzeya.............B10 Ruemmler, Kathryn ...........A6
Sawan, Wael.........................B2 Scaringe, RJ ...........................B5 Sherr, Lew...............................B3 Smith, Benjamin.................B5
Tanner, Kirk...........................B2 Turner, Chris..........................B2
Van der Walt, Ivan............B4 Vigna, Benedetto.................B3
White, Dana...........................B3
Zuckerberg, Mark .............B10
cording to Taco Bell’s parent Yum Brands. Shares in Yum Brands gained more than 3% in Thursday trading. The brand has seen a “meaningful near- term sales impact,” Chris Turner, Yum chief executive, said in a Thursday investor call. Since public authorities linked the out- break to Taylor Farms, Taco Bell’s online per- ception has im- proved, accord- ing to the company and third-party anal- yses. Now, the chain known for its deals and edgy marketing is cranking up its offerings again in a bid to quickly recover. The company has introduced deep discounts, directing them to loyalty members using the chain’s app. This week it sold Mexican Pizzas for a dollar, in- stead of regular prices of
products are delivered in 60 days or less, and reorders can arrive in as little as 30 days. The company uses artificial intelligence and machine learn- ing to rapidly gauge customer reactions to products and fore- cast future demand. It says that helps reduce the need for markdowns. In 2025, 80% of revenue from its e-commerce and retail stores was from items sold at full price. Of its 70 retail locations, roughly 49 use a proprietary technology called Retail X. Each Retail X store is set up like a showroom, with one of each item on display. Custom-
producing more diesel and gas- oline. Still, the conflict in the Mid- dle East has left the energy sys- tem in a more fragile state, Sawan said. Stocks and strate- gic reserves have been drawn down, and producers outside the region are producing at close to—or above—full capac- ity. “The energy system has been much more resilient than many, including ourselves, would have feared,” Sawan said. “At the same time…those shock absorb- ers are just weakening, which simply means that further sup- ply shocks will have an ampli- fied effect on the overall sys- tem.” Shell has also been a victim of the conflict. The company
Taco Bell’s quarterly same-store sales, change from a year earlier
JOSHUA BLANCHARD/TACO BELL/GETTY IMAGES
2024 '25 '26
Source: the company *From mid-June through July 27
around $5 to $7. Enchiritos, a fusion of an enchilada and bur- rito, typically going for around $4, were also offered for a dol- lar on Tuesday last week. Taco Bell promotes its “Tuesday Drops,” and the latest deals have outperformed previ- ous ones, Turner said. He ex- pects Taco Bell to move past the downturn. The p ro m o t i o n s, sales losses and the outbreak’s concentration in states l ke Mich- igan—where Taco Bell has a high concentra- tion of loca- t i o n s — h a v e weighed on profit margins, Yum Brands said. Taco Bell came into the out- break as one of the strongest fast-food industry performers, recording a 7% same-store sales rise in the three months ended June 30. The quarter ended be- fore attention on the outbreak.
chain has been hurt by diners reporting illnesses.
ers can choose items in their size from a digital screen—or use their phones to scan QR codes—and a salesperson will deliver them to the dressing room. Dressing rooms are equipped with screens that display styling and sustain- ability information and also allow customers to request al- ternative styles and sizes. It is also known for cheeky ad campaigns. One showed Monica Lewinsky in a red dress posing in a combative stance with her arms crossed. The words “Monica F*cking Lewinsky” were written across the page.
has lost roughly 10% of its total production because of damaged or shut down assets in Qatar, where it owns the Pearl gas-to- liquids plant and has a 30% stake in a QatarEnergy LNG fa- cility. The company was preparing to restart production from Pearl and load LNG cargoes from Qa- tar, but new strikes between the U.S. and Iran put those plans on hold, Sawan said. “We have gone back to just pausing for now, until we can assure ourselves that we can safely take product out of the strait,” Sawan said. Sawan’s comments came as Shell reported a sharp rise in second-quarter adjusted earn- ings—a closely watched metric that strips out certain commod-
Friend And Enemy
2Q 2026
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FactSet estimates show. That is up from about $12 billion for the same period last year. The cash bonanza is bound to fuel mounting tensions be- tween the industry and its White House ally as the con- flict in the Middle East ex- pands and gasoline prices have risen past $4 a gallon. “I don’t necessarily think the Trump administration is a friend of the profitability of oil companies,” said Dan Picker- ing, founder of Pickering En- ergy Partners, a financial firm. Republicans fear the linger- ing war will hurt their fortunes in the midterm elections. Trump has told advisers they need to pressure gasoline retail- ers and oil companies to reduce prices, The Wall Street Journal has reported. Aides have con- vened a series of meetings to discuss ways to try to drive gas prices down before the elec- tions. Trump last month said he ordered the Justice Department to investigate oil companies and named Exxon, Chevron, Shell and BP as targets. The oil-and-gas industry is walking a tightrope. It is profit- ing from a war it didn’t want but is in Trump’s crosshairs. At the same time, it has long pledged to investors to use its cash to reward shareholders, not grow production, and chief executives don’t expect prices to stay high long enough be- yond the conflict to justify changing their drilling plans. With no solutions in sight, oil producers have little choice but to try to communicate goodwill to the administra- tion—and take the heat as the crisis endures, observers say.
Current quarter* –2%
ity price adjustments and one- time charges—to $9.84 billion. The jump in earnings en- abled the London-based energy major to maintain its quarterly share buyback at $3 billion— matching its May tranche. It marks the 19th consecutive quarter of at least $3 billion in stock repurchases. Strong cash flow also enabled Shell to pay down debt. The Middle East conflict has been a major boost for oil ma- jors’ earnings. Trading desks have benefited from volatile market moves for commodities. Upstream units, which extract oil and gas, are raking in bumper profits on higher prices as customers scramble to replace supplies stuck in the Gulf.
“Political pressure only goes so far,” said Dan Eber- hart, CEO of oil-field services company Canary. “Oil compa- nies are economic actors.” Oil-and-gas companies have withstood Trump’s alternating criticism and encouragement to churn out more crude. He promised on the campaign trail that the industry would “drill, baby, drill.” During the 12-day war against Iran last year, he urged companies to pump more and warned against “playing into the hands of the enemy” but com- panies stayed put. After Trump struck a cease- fire deal followed by an agree- ment to end the war with Iran in June, oil prices slumped and CEOs breathed a sigh of relief. They had warned the Trump administration for months that a prolonged closure of the Strait of Hormuz, through which one-fifth of global oil usually transits, was depleting global oil inventories and risked pushing crude prices much higher than their March peak of $118.35 a barrel. Oil companies’ earnings are going to be watched closely, and the industry is gearing up for renewed attacks coming from the White House. The American Petroleum In- stitute, an oil industry trade group, has encouraged the ad- ministration to pull other le- vers. It has urged the administra- tion to extend a waiver of the Jones Act, which restricts for- eign ships from shuttling goods among U.S. ports, and to adjust mandates that refiners blend biofuel into gasoline and diesel to lower prices at the pump. “As the U.S. military de- grades the terrorist Iranian regime’s ability to attack com- mercial vessels and disrupt the free flow of energy through the Strait of Hormuz, oil and gas prices will plum- met back to pre-conflict lev- els,” said White House spokes- woman Taylor Rogers.
PETER BOER/BLOOMBERG NEWS
JONAH ROSENBERG/BLOOMBERG NEWS
1%
–1
Outlay Clips Adidas Profit
bet big on soccer tournament, aiming to lift U.S. business
BY ANDREA FIGUERAS
Adidas shares tumbled more than 11% on Thursday after the sportswear com- pany’s earnings were squeezed by heavy marketing spending on the FIFA World Cup. The World Cup was viewed by executives and analysts as a major opportunity for Adi- das to bolster its business— particularly in the U.S., where it has long trailed rival Nike. Adidas supplied jerseys for 14 teams competing at the tournament—including final- ists Spain and Argentina—as well as kitting out officials and providing the competi- tion’s official match ball. To further promote its brand, Adidas staged fan events and ran a high-profile m a r k e t i n g campaign fea- turing actor Timothée Cha- lamet along- side soccer stars Lionel Messi and Jude Bellingham. Overall, Adi- das said it sold more than 17 million jer- seys—roughly four times as many as the previous World Cup in 2022—with Mexico the top seller. But while the company’s marketing efforts helped boost sales—with second- quarter revenue rising 14% to a record €6.7 billion, equiva- lent to about $7.7 billion—the heavy outlay ate into profit. Operating profit rose 5% in the period to €574 million,
more than 17 million jerseys, with Mexico the top seller.
AB INBEV World Cup Boosts Brewer’s Results Budweiser brewer An- heuser-Busch InBev said the soccer world championship and a focus on its more pre- mium labels helped lift reve- nue and earnings above ex- pectations at the start of the summer. The world’s largest brewer said total sales volumes were 0.9% higher on year organi- cally over the quarter through June, driven by beer volumes rising 1.1%. Analysts had forecast volume growth of 0.7%, according to a con- sensus of estimates provided by the company. The FIFA World Cup that kicked off in June helped boost growth of AB InBev’s Michelob Ultra lager in the U.S. and expanded the label across key market in Latin America, the company said. Revenue outstripped vol- umes, meanwhile, rising 5.6% on year to $16.66 billion due in part to a concentration on the group’s more premium la- bels. That beat analysts’ ex- pectations for revenue growth of 4.4%. Earnings before interest, taxes, depreciation and amor- tization meanwhile increased 5.8% on year to $5.94 billion, also ahead of analysts’ expec- tations. —Joshua Kirby
+0.9%
AB InBev’s sales by volume, change from a year earlier
2Q 2026
Adidas share price, year to date
€190
Jan. 2026 July April
Source: FactSet Note: €1 = $1.15
–11.5%
missing analyst expectations of €623 million. Adidas confirmed its fore- cast for a full-year operating profit of around €2.3 billion, which is lower than the nearly €2.5 billion projected by analysts. The company said its out- look doesn’t reflect potential U.S. tariff refunds of between $250 million and $300 mil- lion that might be recoverable in the future. The weaker- than-expected earnings and a lack of increase to profit guid- ance spooked i n v e s t o r s against a rising tide of World Cup expecta- tions. Adidas shares fell as much as 19% during trading in Eu- rope, before recovering some ground to close down 11.5%— the stock’s fifth-largest one- day percentage decline since it went public in November 1995. Chief Executive Bjørn Gul- den said on a call that he was surprised by the share price drop.
Strong demand for car customizations helped improve its forecast, Ferrari said. Above, its factory in Maranello, Italy.
FERRARI Carmaker Raises Full-Year Outlook Ferrari lifted its full-year guidance slightly amid strong demand for car customiza- tions, while it ramped up de- liveries of new models in the second quarter. The Italian luxury sports- car maker said it now ex- pects revenue of around €7.6 billion, or about $8.72 billion, this year, up from a previous estimate of €7.5 billion. Ferrari noted that the guidance is based on its cur- rent visibility on the effects of the Middle East crisis. For the second quarter, Ferrari reported earnings be- fore interest and taxes of €605 million, up from €552 million in the year-earlier quarter, on more personaliza- tions and deliveries of the more profitable F80. Revenue rose 8.4% to €1.94 billion. It shipped 3,366 vehicles to customers in the second quarter, 128 fewer than a year earlier, as it continued to work through its model changeover plans. In Ferrari’s largest regional market—Europe, the Middle East and Africa—shipments rose 13% in the quarter on year. Shipments fell in all its other regions. —Dominic Chopping
BY MOLLY REINMANN Paul’s Deal Sets Up Battle With UFC
Jake Paul’s combat-sports company Most Valuable Pro- motions is merging with the Professional Fighters League, aiming to take on the Ultimate Fighting Championship. The companies are combin- ing at a boom time for mixed martial arts, a violent, viral sport that has become central to the conservative zeitgeist thanks in part to UFC Chief Executive Dana White’s posi- tion in President Trump’s in- ner circle. Trump hosted a cage match on the White House’s South Lawn last month, and Elon Musk, pod- caster Joe Rogan and A-list actors often attend fights. The business’s growing popularity has proved lucrative: Para- mount agreed last year to pay TKO Group $7.7 billion for seven years of exclusive media rights to all UFC matches. MVP, founded by Paul and former UFC finance chief Nak- isa Bidarian in 2021, cata- pulted into tens of millions more viewers’ living rooms in 2024 when Netflix streamed Paul’s boxing match against Mike Tyson as its first live sporting event. Operating under the MVP banner, the new company will remain privately owned and have a roster of nearly 400
Thursday €161.25
BY DEAN SEAL Baseball’s Mets Team With Betting Market
The New York Mets are making the startup Novig their official prediction-market part- ner, marking a first for Major League Baseball as the predic- tion-markets industry looks for a foothold in professional sports. Novig is entering into a multiyear deal that would see its branding integrated across the Mets’ ecosystem in the ballpark, on broadcast and through other digital and so- cial activations. Fans would see Novig featured in Citi Field’s signage and interactive con- tests. The agreement marks the first time an MLB franchise
BMW German Auto Giant Posts Profit Drop BMW said it is working to reshape its business, includ- ing through job cuts, as a tough auto market weighs on sales and earnings. The German auto group said Thursday that it reached an agreement with labor rep- resentatives on an “extensive workforce restructuring pro- gram” including voluntary severance packages. The automotive industry is facing “rapidly escalating challenges,” said Chief Execu- tive Milan Nedeljkovic, who took the helm of the group in May this year, including in- tense global competition, conflict and increasing re- gional regulatory require- ments. BMW’s earnings before in- terest and taxes plummeted 39% on year in the quarter through June as sales weak- ened sales in China, amid cur- rency and commodity head- winds, it said Thursday. Cost cuts could only partly offset those drags on the bottom line, BMW said. Revenue dropped 8% to €31.26 billion, equivalent to $35.85 billion, weighed down by a 30% reduction in sales of cars in China. —Joshua Kirby
Jake Paul’s company Most Valuable Promotions is merging with a combat-sports league.
athletes. MVP historically fo- cused on boxing, while PFL centers on mixed martial arts; the merged company will put on fights for both sports. PFL Chief Executive John Martin, who will run the com- bined company, has had his eye on major combat sports for well over a decade. The former Time Warner executive said he tried twice, unsuccess- fully, to persuade his col- leagues there to buy UFC. “This is personal for me,”
has individually partnered with a prediction market, Novig and the Mets said. Prediction mar- kets have been surging in pop- ularity since major platforms such as Kalshi and Polymarket correctly predicted Donald Trump’s victory in the 2024 presidential election. Professional sports have been reckoning with a years- long flood of legal sports bet- ting in the U.S. that has given way recently to public fatigue and friction from regulators. DraftKings and FanDuel, which dominate the sportsbook industry, have faced backlash for weeding out players who win too often and catering heavily to their biggest losers. The recent eruption of pre-
BRISTOL MYERS SQUIBB Drugmaker Lifts Full-Year Outlook Bristol Myers Squibb raised its outlook for the year after notching higher profit and revenue in the latest quarter, boosted by its portfo- lio of newer treatments. The biopharmaceutical company said Thursday it now expects earnings of $6.75 to $7 a share on revenue of $49 billion to $50 billion, up from a prior forecast for earnings of $6.05 to $6.35 a share on rev- enue of $46 billion to $47.5 billion. Analysts polled by FactSet forecast earnings of $6.34 a share on revenue of $47.45 billion. Bristol Myers Squibb posted a second-quarter profit of $3.32 billion, or $1.62 a share, compared with $1.31 bil- lion, or 64 cents a share, a year earlier. Stripping out cer- tain one-time items, earnings came in at $2.04 a share. Ana- lysts had expected $1.60 a share. —Connor Hart
FRANCESCA VOLPI/BLOOMBERG NEWS
ALTRIA Profit Slips at Tobacco Company Altria Group had virtually flat revenue and lower profit in the second quarter, as lower sales of its nicotine pouches offset some of the growth in its cigarettes busi- ness. The tobacco company on Thursday posted a profit of $2.3 billion, or $1.37 a share, compared with $2.38 billion, or $1.41 a share, a year earlier. Stripping out certain one-time items, adjusted per-share earnings were $1.48, behind the $1.50 anticipated by ana- lysts, according to FactSet. Revenue was roughly flat at $6.11 billion. Analysts sur- veyed by FactSet forecast revenue of $5.35 billion. Altria narrowed its full- year guidance for adjusted earnings per share to a range of $5.61 to $5.72, from a pre- vious range of $5.56 to $5.72. —Katherine Hamilton
said Martin, who has trained in combat sports and joined PFL last year. “In the world of sports, there are very few op- portunities that have as much growth ahead of them as com- bat sports,” he said, adding that he wanted to create a competitor to UFC. Paul, an influencer with tens of millions of followers across YouTube, TikTok and Instagram, made his profes- sional boxing debut in 2020. The newly merged MVP hopes
diction markets has put even more pressure on sportsbooks, which face a costly patchwork of state regulations to operate while prediction markets re- ceive federal oversight by the U.S. Commodity Futures Trad- ing Commission. For Novig, which received the CFTC’s nod last month to operate nationwide, teaming with the Mets is a coup as it prepares its full-scale launch in August. The company looks to dif- ferentiate itself from rival mar- ket providers by solely offering sports-focused prediction mar- kets. It is also taking aim at sports-betting’s biggest players by generating market-driven odds rather than house-driven
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COMMERCIAL REAL ESTATE
Notice of Disposition of Collateral Public Auction – UCC Sale Notice is hereby given that, in accordance with applicable provisions of the Uniform Commercial Code (the “UCC”), as enacted in the State of Texas, NexBank, a Texas state bank (formerly known as NexBank SSB, a Texas state savings bank) (“Secured Party”), will offer for sale (the “Sale”), at public auction, all right, title, and interest of Pacific Oak SOR Richardson Acquisition I, LLC (“Pledgor”), a Delaware limited liability company, in and to 100% of the limited liability company membership interests, together with all economic rights and governance rights associated therewith, in and to (a) Pacific Oak SOR Palisades I, LLC (formerly known as JP-Palisades I, LLC), a Texas limited liability company, and (b) Pacific Oak SOR Palisades II, LLC (formerly known as JP-Palisades II, LLC), a Texas limited liability company (the “Collateral”). The Sale will be held on September 15, 2026, at 1:00 p.m. (ET) and shall occur virtually via the following Zoom meeting link: https://bit.ly/NexBankUCC, Meeting ID: 893-7925-7890, Password: 869283, Call-in number: 1-646-931-3860 (US). The Sale will be conducted by Matthew D. Mannion of Mannion Auctions, LLC. Parties interested in bidding on the Collateral must contact Secured Party’s broker, Stephen Schwalb of Newmark at (214) 448-9228 or stephen.schwalb@nmrk.com. Upon execution of a non-disclosure agreement, a copy of the Terms of Sale and additional documentation and information will be made available. Parties who do not satisfy the conditions to bid in accordance with the terms hereof and the Terms of Sale will forfeit their opportunity to register and may be banned from bidding. On June 12, 2026, Secured Party, exercising its authority as agent and attorney-in-fact for Pledgor pursuant to Article 8 of the Pledge Agreement, (i) issued to Pacific Oak Management, LLC (“POM”), a 0.5% membership interest in each of Palisades I and Palisades II, (ii) admitted POM as a member of each of Palisades I and Palisades II, and (iii) appointed POM as the sole managing member of Palisades I and Palisades II pursuant to Section 7(b) of that certain Amended and Restated Limited Liability Company Agreement of JP-Palisades I, LLC, dated as of April 25, 2014, and Section 7(b) of that certain Amended and Restated Limited Liability Company Agreement of JP-Palisades II, LLC, dated as of April 25, 2014. For the avoidance of doubt, the membership units of Palisades I and Palisades II that are owned by POM will be included in the UCC Sale, and a qualified bidder will have the opportunity to obtain all issued and outstanding membership units of the Palisades I and Palisades II entities. Secured Party, as lender, made a loan (the “Loan”) to Pacific Oak SOR II Q&C Property, LLC, a Delaware limited liability company, and Pacific Oak SOR II Q&C Operations, LLC, a Delaware limited liability company (collectively, the “Borrowers”) in the original principal amount of $25,000,000.00. In connection with a June 2024 modification of the Loan, Secured Party obtained a first-priority lien on the Collateral pursuant to a certain Pledge and Security Agreement. Secured Party is conducting the Sale as a result of Borrowers’ default(s) under the applicable Loan documents. The Collateral is being offered in one or more blocks, “as-is, where-is”, with no express or implied warranties, representations, statements or conditions of any kind made by Secured Party or any person acting for or on behalf of the Secured Party, without any recourse whatsoever to the Secured Party or any other person acting for or on behalf of the Secured Party and each bidder must make its own inquiry regarding the Collateral. The successful bidder shall be responsible for the payment of all transfer taxes, stamp duties and similar taxes incurred in connection with the purchase of the Collateral. The Secured Party reserves the right to credit bid, set a minimum reserve price, reject all bids (including without limitation any bid that it deems to have been made by a bidder that is unable to satisfy the requirements imposed by the Secured Party upon prospective bidders in connection with the Sale or to whom in the Secured Party’s sole judgment a sale may not lawfully be made) and terminate or adjourn the sale to another time, without further notice. All bids (other than credit bids of the Secured Party) must be for cash, and the successful bidder must be prepared to comply with the bidding and closing requirements in the Terms of Sale. None of the Collateral has been registered for sale under any federal or state securities or blue sky laws, and as such may not be sold or otherwise transferred by Secured Party or a purchaser of any Collateral except in accordance with applicable law. The Secured Party further reserves the right to restrict prospective bidders to those who will represent that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or resale of such Collateral, to verify that each certificate for the Collateral to be sold bears a legend substantially to the effect that such Collateral has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be disposed of in violation of the provisions of the Securities Act, and to impose such other limitations or conditions in connection with the sale of the Collateral as the Secured Party deems necessary or advisable, in its sole discretion, in order to comply with the Securities Act or any other applicable law or regulation.
to leverage Paul’s following and the tendency of fights to produce clip-worthy moments. “Fans love drama, buildup, internet gossip, beef and story lines, and I think fighting natu- rally lends itself to that,” Paul told The Wall Street Journal. Paul and Bidarian will hold board positions. MVP has a nonexclusive partnership with Netflix and has broadcast fights on Dis- ney’s ESPN as well as on Sky Sports and DAZN.
odds that include a built-in commission. “We’re basically saying sportsbooks are obsolete. You no longer need to bet against the house,” Chief Executive Ja- cob Fortinsky said. His com- pany was valued at $500 mil- lion in February by a Series B funding round led by Pantera Capital. For the Mets, pairing with a prediction market is a play for a younger audience and a chance to be a first mover in the coming prediction-market wave, according to Lew Sherr, president of business opera- tions for the Mets. “We want to be at the fore- front of things that our fans are engaged in,” Sherr said.
IDAHO
BOISE, IDAHO - 6329 E Wildhorse Lane
MATT WINKELMEYER/GETTY IMAGES FOR NETFLIX
2.0
Guarantees of power, lease obligations aid Anthropic in talks for $15 billion in loans
1.5
BY ANISSA GARDIZY
A data-center developer working with Anthropic is in advanced talks to borrow $15 billion to build a campus and power plant in Texas, with Google providing financial guarantees and chips, people familiar with the matter said. Under the deal being dis- cussed, a consortium of banks led by Morgan Stanley would lend $15 billion to Nexus Data Centers to build the campus in Hubbard, Texas, which would have its own natural-gas power
BY ELLIE DAVIS Amazon’s Robotaxi Cleared for Paid Rides
Amazon-owned robotaxi service Zoox has been given the green light from federal regulators to begin charging customers for rides, a first for a company with a purpose- built autonomous vehicle that lacks conventional controls. Until now, Zoox has been of- fering free rides in Las Vegas and San Francisco with its spe- cialized AV, which resembles a toaster on wheels. So far, more than half a million passengers have tested out the robotaxi. Unlike some vehicles from competitors like Waymo or Tesla’s Robotaxi service, Zoox’s robotaxi doesn’t have a steering wheel or brake pedals. The approval from the Na- tional Highway Traffic Safety Administration is temporary, the agency said. Zoox has per- mission to deploy up to 2,500 AVs each year for the next two years. The company will be able to continue operating so long as NHTSA is able to cre- ate an “oversight structure” to monitor the technology.
2.5
More than half a million passengers have tested out the robotaxi, which resembles a toaster on wheels.
Soars on AWS Sales
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tive free cash flow of $7.6 bil- lion. It forecast revenue for the third-quarter of between $197
BY BELLE LIN
International Business Ma- chines said Thursday its re- search shows “quantum ad- vantage”—a point at which quantum computers perform computations beyond conven- tional ones—and that these results can be rigorously vali- dated. The findings, which mark a step toward practical applica- tion of the nascent technology, were published in a trio of pa- pers by IBM and its research partners. These include the University of Chicago, Japan’s RIKEN national research insti- tute, and the quantum com- puting software firms Qedma, BlueQubit and Algorithmiq. “We’re in the quantum ad- vantage era,” said Jay Gam- betta, director of IBM Re- search. “Scientists can trust it. Now it’s moving from peo- ple benchmarking the systems to using these for science to look at applications.” The news comes as Big Blue races to show that its quantum computing business can be profitable. Earlier this month, the company suffered its biggest share drop in history after it issued a profit warning citing a shift in customer spending from software to AI hardware and memory chips. IBM said the performance of its soft- ware and infrastructure busi- ness fell short of expectations in the second quarter. Since then, IBM Chief Exec- utive Arvind Krishna has of- fered an optimistic take on the company’s future, arguing quantum computing will begin to power its growth in a mat- ter of years. The company’s first-mover advantage in
plant capable of generating 1.6 gigawatts of electricity. The deal could be announced soon. Evercore arranged the deal and was the sole financial advisor to Nexus. To help Nexus raise the debt, Google has provided guarantees for billions of dollars of An- thropic’s lease and power-pay- ment obligations in the event the startup defaults, according to people familiar with the mat- ter. Google’s support was lim- ited and covered the minimum amount the banks required to get the financing done, one of those people said. The guarantees cover four data-center leases Anthropic has signed, along with the cor- responding power-purchase agreements, which will draw from a so-called behind-the-
POPPY LYNCH FOR WSJ
billion and $202 billion and op- erating profit between $22.5 billion and $26.5 billion. Ama- zon said it spent $54.2 billion on purchases of equipment and property in the quarter. Investors recently have shown signs of skittishness about the steep spending on AI efforts by leading tech compa- nies, particularly when it isn’t paired with obvious returns. Shares of Meta Platforms fell 9% Thursday following an earn-
IBM’s Quantum System Two quantum computer at the Mobile World Congress in Spain in March.
IBM quarterly segment profit
SOFTWARE CONSULTING INFRASTRUCTURE
$3.5billion
3.0
2Q 2026 $2.5B
1.0
0.5
meter power plant that will support the campus. Anthropic plans to fill the site with tensor processing units, the chip Google codesigns with Broadcom. The chips will be fi- nanced through a separate ven- dor-financing deal Anthropic struck with Broadcom, some of the people said. The financ- ing package consists of a $14 billion bridge loan and a revolv- ing credit facility. In exchange for its support, Google is ex- pected to receive an equity stake of roughly 20% in the data-center and power project,
Texas would have its own natural-gas power plant.
ings report in which it dis- closed a narrowing of free cash flow to less than $1 billion and a higher floor on capital spend- ing. Earlier this month, Google parent Alphabet boosted its es- timated capital expenditures and descended into negative free cash flow, sparking a 7% selloff. Amazon has been among the most aggressive hyperscalers on capital spending, and it also has the largest cloud business,
$0.6B $0.8B
people familiar with the agree- ment said. The Hubbard project is part of an effort by Anthropic to become a direct tenant on projects rather than renting servers from cloud providers. Anthropic has signed more than a dozen p re l i m i n a r y lease agree- ments with U.S. developers and is aiming for at least 10 giga- watts of capacity over the next several years, said people fa- miliar with the matter. The leasing push is led by Tim Hughes, a former Stack Infra- structure executive the com-
through which it sells comput- ing power to customers includ- ing OpenAI and Anthropic. Amazon has been an An- thropic investor since 2023 and in April said it would invest as much as $25 billion in new cap- ital into the fast-growing AI de- veloper. As part of the agree- ment, Anthropic said it would purchase more than $100 bil- lion of Amazon’s cloud services. Amazon this week weighed in on a debate around whether
said it showed “verifiable quantum advantage” in Octo- ber—Gambetta said IBM’s lat- est papers are notable for demonstrating that its results are provable. “They have methods that make sure that what is run- ning on the quantum com- puter is giving you correct re- sults,” he said. In the Qedma and IBM pa- per, the companies said they showed how quantum comput- ers can be used to explore the physics of materials, and that the results were confirmed us- ing various methods, including on a Quantinuum quantum computer. “Think of this as a new physics that is being dem- onstrated on a quantum com- puter where classical methods fail,” Gambetta said. Unlike traditional comput- ers, where outputs can be val- idated by running the same problem on other computers,
pany hired this year. The arrangement illustrates how the companies behind the artificial-intelligence boom are using the balance sheets of investment-grade technol- ogy firms and chip suppliers to finance infrastructure for younger, unprofitable AI de- velopers. Anthropic’s chief ri- val, OpenAI, has pursued a similar structure, holding talks with Nvidia to arrange a $250 billion backstop on an Ohio campus that could even- tually draw 10 gigawatts. The chip designers that stand to sell hardware into these facilities are the same firms guaranteeing the proj- ects that will buy them. Nexus is a relatively new data-center company, while Anthropic is committing to
and how to regulate open- weight AI models, including those developed in China. The company was among those to sign a letter advocating for ac- cess to open models, urging U.S. policymakers to exercise caution on potential restric- tions. “Successful leadership in AI will not be built around a sin- gle model or a single ap- proach,” Amazon Web Services CEO Matt Garman said on X.
some quantum computer out- puts push beyond the limits of what classical computers can verify. That’s partly why IBM’s latest announcement is sig- nificant: The ability to repli- cate a quantum computer’s results shows the systems are becoming more reliable and consistent, according to Heather West, an analyst fo- cused on quantum computing at research firm International Data Corp. Thursday’s news helps put IBM further along the path to a fault-tolerant quantum computer, a milestone it has promised to achieve by 2029. For businesses, though, the most significant takeaway is whether practical applica- tions—from solving optimiza- tion problems to making breakthroughs in areas like materials science and medi- cine—will be possible with quantum computers. Gambetta says IBM’s latest findings are a step in that di- rection. “Having a trusted foundation allows you to start to do the application re- search, and as we inject more capable machines, it will al- low us to scale those applica- tions to ones that matter for business,” he said. IDC’s West described IBM’s results as “another milestone in the way towards being able to use quantum systems to solve complex problems that are beyond the limits of clas- sical compute,” and help so- lidify the company’s position as a strong player in the quantum market.
ALBERTO ESTEVEZ/EPA/SHUTTERSTOCK
projects that require tens of billions of dollars before the facilities begin generating rev- enue. Google’s guarantees re- duce the risk to lenders by making the technology giant responsible for certain pay- ments if Anthropic can’t meet its obligations. Nexus was founded by en- ergy-industry veterans who built large-scale natural-gas projects and are trying to bring their megaproject experience to the booming data center sector. Chief Executive Ivan Van der Walt was an executive at NextDecade, a Houston-based developer of liquefied-natural- gas export facilities. News Corp, owner of The Wall Street Journal, has an agreement to supply content on Google platforms.
AI Models Escaped Test
worrying glimpse at a future where ransomware criminals could conduct widespread at- tacks using increasingly capa- ble AI systems, Stamos said. “We need to prepare for at- tackers to have these kinds of capabilities using open-weight models quite soon.” The Anthropic hacks are sure to further stoke fears over the potential harms of AI models and drive discussions on how to mitigate them. The White House has moved to in- crease its oversight of AI, while private industry has in- creased calls to preserve ac- cess to so-called open-weight models, which can be run on computer systems controlled by their users. After hearing about the OpenAI issue, Anthropic de- cided to review its tests to de- termine whether its models be- haved similarly. In checking the logs of over 141,000 tests, the company discovered Claude had indeed found its way onto the internet several times. But in the three hacks the company eventually discovered, Claude didn’t break out of a sandbox; it wandered out of systems where the sandbox didn’t exist. According to Anthropic, a “misconfiguration” on systems run by Anthropic and the com- pany’s testing partner, the secu- rity firm Irregular, left the mod- els with live internet access. An spokeswoman for Irregu- lar said the company is investi- gating the incident. The models had been told that the internet was unavail- able, but during the course of testing, the models found their way online and hacked the companies using basic hacking techniques such as guessing weak passwords or finding their way onto sys- tems that didn’t require au- thentication. The models incorrectly be- lieved that this hacking was part of their benchmarking exercise, Anthropic said. Claude was able to get into a system at an unnamed secu- rity company by creating a malicious piece of software that was downloaded by the security company’s scanning system. That software then stole credentials that were used to get into infrastructure at the security company. During this hack, Claude re- alized that what it was doing was not something it should be doing in the real world, but it convinced itself that it was living in a simulation. In the most serious case, Claude was trying to hack into a fictional company that just happened to share the same name as a real-world website. When Claude had a hard time breaking into its fake bench- marking company, it broke into a database belonging to the real-world company. This database hack was the only instance where Claude kept hacking, even when it re- alized it had broken into a real-world company, An- thropic said. In the other cases, Claude either never realized that it had hacked a real-world com- pany or it did figure out what was going on and then stopped hacking immediately. The hacks started in April and involved Opus 4.7, Mythos 5 and an unnamed research model, Anthropic said.
0.2
Carmaker sales rise, losses narrow with help from its more affordable SUV
BY PATRICK GEORGE
Startup automaker Rivian narrowed its losses and re- ported an uptick in electric- vehicle sales and revenue in the second quarter, a rare bit of good news for the troubled EV space in the U.S. Rivian said it now hopes to
Sale of China Unit
ContinuedfrompageB1
BY DOMINIC CHOPPING options for a separation, in- cluding a spinoff, sale or clo- sure, another person said. Any of those moves could have a profound impact on Tesla, whose Chinese opera- tion transformed it into a con- sistently profitable global mass-market electric vehicle leader—and potentially impact its valuation if a SpaceX merger were to happen. It is unclear how quickly Tesla could spin out or sell the China business, and it is pos- sible that its plans could change. Musk, who is chief execu- tive of both Tesla and SpaceX, has talked up the crossover potential between both companies in recent months as he reorganizes them around artificial-intelli- gence projects. Investors and analysts have embraced the idea of a merger following a record-setting IPO for SpaceX, which raised $86 bil- lion for the company in June. “Obviously we can’t talk about, you know, combining companies and that kind of
sell more EVs this year than previously expected, a likely sign of early momentum for its newest model, the R2 SUV. Rivian delivered 12,194 EVs, up from 10,365 in the first quarter. While the automaker doesn’t officially break out ex- act sales numbers by individual model in its financial reports, many fans of the brand and en- thusiasts had been waiting for the R2’s debut in June. The R2 is currently priced around $58,000, undercutting previous Rivian models. Lower-price R2 variants are
Sales from Tesla’s Shanghai factory
Sales in China Exports
1.0 million cars
0.8
0.6
0.4
2021 ’25 ’22 ’23 ’24 ’26
Note: 2026 figure as of June A way to address conflicts over SpaceX’s role as a defense contractor.
thing on earnings calls,” Musk told investors last week. “It [has] got to be done with the appropriate process.” Musk was particularly con- cerned about Tesla’s depen- dence on China for battery cells and feared its access to semiconductors could be jeop- ardized if Beijing invaded Tai- wan, the people familiar with the planning said. The goal was to be ready for 2026 or 2027 in anticipation of a war, they said. Separating Tesla’s China operations—including an elec- tric-vehicle factory there— would address potential con- flicts arising from SpaceX’s work as a major U.S. defense contractor. Such a deal would aim to create a firewall be-
also coming later this year and next year. Rivian execu- tives have expressed hope that the more affordable electric SUV can make the brand a mainstream success. “I believe R2 will be a game changer for our customers and a driver of Rivian’s long-term growth and profitability,” Chief Executive RJ Scaringe said. “The U.S. automotive market- place is starved for high-qual- ity EV choice, and I believe R2 is an attractively priced option for everyday adventures that will resonate with a broad set
tween Tesla’s Chinese subsid- iary and its U.S. business. SpaceX faces significant restrictions due to its deal- ings with the U.S. govern- ment. The company is a ma- jor national-security defense contractor, with business lines that include launching top-secret satellites and oper- ating internet services in war zones like Ukraine. Sales to the U.S. govern- ment made up 20.9% of its business in 2025. That busi- ness is highly regulated, with the company restricted by ex- port controls and, for some programs, classified govern- ment activities. Executives have also dis- cussed creating a separate sales entity to handle exports from Tesla’s Shanghai plant, one of the people said. Tesla could create separate office systems and bar China- based employees’ direct ac- cess to other company units, the person said. While Tesla China already has some au- tonomy, employees more or less work together around the globe and the top executive in China, Tom Zhu, oversees all of Tesla’s global automotive business. A potential merger be- tween SpaceX and Tesla would likely trigger intense scrutiny from Beijing, given that a major U.S. defense con- tractor would control Tesla’s factories in China and the fac-
of consumers.” The company posted a net loss of $837 million, narrowing from a year-earlier loss of $1.15 billion. Revenue for the quarter was up 27% at $1.66 billion, including a 37% in- crease in software revenue. Rivian also raised its guid- ance for the year, projecting adjusted losses as high as $2 billion; previously, the com- pany had estimated losses of up to $2.1 billion. It expects to sell 65,000 to 70,000 EVs this year, higher than it estimated in the previous quarter.
The R2 is priced at $58,000, and cheaper variants are coming.
tories’ know-how and supply chain could be repurposed for the U.S. military, according to people familiar with the mat- ter. Another concern for Bei- jing is that a deal could put data of China’s roughly two million Tesla owners in the hands of an American defense company, they said. In the event of a merger, Beijing would likely seek Tesla’s commitment and busi- ness guardrails to prevent the influence of SpaceX on Tesla China and illicit diffusion of dual-use goods such as rare- earth materials from Tesla China to SpaceX, the people said. Tesla has two major fac- tories in Shanghai. They make electric cars and bat- teries that are sold in China and exported to various mar- kets around the world, but not to the U.S. China is Tesla’s second-largest market after the U.S., making up around 18% of sales in the first half of 2026. Unlike many other Western competitors, Tesla’s automaking operation there isn’t part of a Chinese joint venture. During the first Trump ad- ministration, Tesla launched an initiative called Project
Carbon to relocate its Chi- nese suppliers to Mexico, a decision that went beyond concern over tariffs from the U.S. on Chinese goods, ac- cording to people involved in those plans. Musk was particularly con- cerned about Tesla’s depen- dence on China for lithium iron phosphate, or LFP, bat- tery cells, as well as its reli- ance on chips from Taiwan Semiconductor Manufactur- ing, the world’s biggest con- tract chip maker, which faces the threat of war between the island and Beijing, the people said. In 2025, the EV maker de- cided that it would stop us- ing China- based suppliers by 2027 in its U.S. factories, in part because of U.S. tariffs and government incentives for local production, the Jour- nal reported. Mergers involving multina- tionals typically require regu- latory approval across multi- ple jurisdictions, though most reviews focus primarily on antitrust concerns. In 2018, Qualcomm terminated its pro- posed purchase of Dutch chip maker NXP Semiconductors after failing to obtain clear- ance from China.
Shares Skid As Earnings Disappoint
Shares in Jeep maker Stel- lantis came under pressure Thursday after quarterly earn- ings missed expectations, de- spite signs that the auto- maker’s turnaround efforts are beginning to support sales. Shares fell as much as 8.9% in early trading before recov- ering to close down 2.5%. AlphaValue analyst Adrien Brasey said while second- quarter revenue is in line with consensus, the company re- ported a sharp miss across ev- ery profit line. Stellantis, reported net profit of 293 million euros, equivalent to $336 million, from a loss of 1.87 billion eu- ros a year prior, as revenue rose 13% to 43.48 billion euros. Analysts in a FactSet poll had forecast net profit of 464 million euros on revenue of 42.83 billion euros. The com- pany has pledged to focus the bulk of its investments on four key brands across Europe and the U.S., part of a turnaround plan outlined this year.
BOB DAEMMRICH/ZUMA PRESS
t
t
12%
s
t
s
–6
–12
52208.06 s613.92, or 1.19% High, low, open and close for each trading day of the past three months.
t t
Current divisor 0.1682481652835
Session high
Close DOWN UP
Session open
Close Open
Session low
65-day moving average
65-day moving average
65-day moving average
Bars measure the point change from session's open
Apr. May June July
Apr. May June July
Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index
1.00
100%
Latest 52-Week %chg High Low Close Net chg % chg High Low %chg YTD 3-yr. ann. Dow Jones
Industrial Average 52266.45 51655.52 52208.06 613.92 1.19 53055.91 43588.58 18.3 8.6 13.8
TransportationAvg 21529.91 20877.19 21089.23 -372.63 -1.74 23933.14 15067.87 36.5 21.5 8.1
Utility Average 1149.81 1126.61 1132.98 -8.11 -0.71 1190.23 1048.33 2.9 6.1 6.7
Total Stock Market 73768.19 72994.08 73683.62 1182.97 1.63 75286.10 61627.03 17.6 9.2 17.1
Barron's 400 1618.20 1602.66 1617.01 12.56 0.78 1635.15 1316.75 20.9 14.4 16.1
4.00
4.00
Nasdaq Stock Market Nasdaq Composite 25171.44 24813.84 25122.18 679.24 2.78 27093.90 20650.13 18.9 8.1 20.6
Nasdaq-100 28168.42 27686.37 28106.35 914.04 3.36 30660.60 22763.31 21.1 11.3 21.3
S&P 500 Index 7448.75 7370.98 7437.63 121.48 1.66 7609.78 6238.01 17.3 8.6 17.5
5.00
MidCap 400 3767.18 3722.09 3764.47 30.23 0.81 3852.54 3104.60 19.5 13.9 11.5
SmallCap 600 1772.83 1751.67 1770.18 14.65 0.83 1804.34 1323.05 31.6 20.6 11.7
6.00
6.00%
Other Indexes Russell 2000 2948.41 2912.19 2946.10 39.79 1.37 3024.37 2166.78 33.2 18.7 14.1
2.00
0 00
2.00
NYSE Composite 24155.56 23892.30 24138.29 193.32 0.81 24229.67 20267.69 18.0 9.7 13.8
Value Line 679.91 672.23 679.54 2.33 0.34 685.30 590.50 12.3 8.2 4.7
NYSE Arca Biotech 8800.07 8592.31 8788.93 75.90 0.87 8917.63 5640.67 54.5 22.9 18.1
8.00%
NYSE Arca Pharma 1268.52 1230.40 1238.35 -30.17 -2.38 1273.25 881.47 39.5 10.0 12.1
KBW Bank 187.33 184.60 186.78 2.86 1.55 191.84 139.52 30.6 13.8 28.0
PHLX§Gold/Silver 318.04 307.42 317.95 12.81 4.20 470.37 204.21 55.7 -7.1 36.8
PHLX§Oil Service 92.47 90.50 92.41 2.42 2.69 109.24 58.66 52.1 26.0 0.3
PHLX§Semiconductor 11406.82 10963.90 11302.99 855.50 8.19 14634.72 5527.61 101.6 59.6 43.2
Cboe Volatility 20.08 17.00 17.09 -3.57 -17.28 31.05 13.47 2.2 14.3 8.6
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
PercentageLosers
Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg
LatestSession 52-Week Company Symbol Close Net chg % chg High Low %chg
PN Smart Energy PN 23.67 12.95 120.80 83.80 2.18 -68.0 T3Defense DFNS 84.98 34.76 69.22 1948.75 3.70 -90.1 Leverage 2X LgIREN Dly IREG 7.55 2.84 60.30 41.60 4.57 ... Defiance Tgt 2X LgIREN IRE 9.42 3.52 59.66 124.68 5.70 ... Leverage 2X LgCIFR Dly CIFG 9.50 3.54 59.47 20.84 4 20 ...
Leverage 2X LgNBISDly NBIG 14.30 5.03 54.26 47.81 4.51 ... GrShr 2x Long NBISDaily NBIL 20.47 7.12 53.33 68.49 6.37 ... Leverage 2x LgBEDly BEG 32.24 10.95 51.43 121.25 10.89 ... GrShr 2x Long BTDRDaily BTDL 18.41 6.07 49.18 27.37 12.00 ... Leverage 2X LgHUT Dly HUTG 23.15 7 21 45.27 48.10 5.37 ...
Leverage 2X LgCRWV Dly CRWG 15.38 4.57 42.28 196.30 10.66 ... Defiance Targt 2X LgRIOT RIOX 32.90 9.75 42.12 153.75 12.96 -46.6 Columbus McKinnon CMCO 20.68 6.06 41.45 24.40 11.99 42.8 Game Your Game GYGY 15.98 4.59 40.30 32.66 11.39 ... Direxion MU Bull 2X MUU 26.97 7.34 37.39 62.64 0.84 2495.8
Ranked bychange from 65-day average* CURRENCIES & COMMODITIES
Volume %chgfrom Latest Session 52-Week Company Symbol (000) 65-day avg Close %chg High Low
Volume %chgfrom LatestSession 52-Week Company Symbol (000) 65-dayavg Close %chg High Low
Sanara MedTech SMTI 3,249 5109 34.06 12.60 35.95 16.05 GSMarketBeta Russ 1000 GVUS 213 3855 64.32 0.46 64.70 49.54 SGI Enhanced Nasdaq-100 QXQ 241 2225 30.31 3.36 33.25 24.75 KraneSh Gl Carbon KRBN 332 1897 33.67 0.69 36.50 27.00 Rice Acquisition 3 KRSP 355 1666 10.46 ... 11.89 10 21
Invsc S&P 500 QVM Multi QVML 92 1456 44.06 1.91 44.82 36.56 Coastal Financial CCB 2,054 1400 39.91 -43.52 120.05 36.61 Meshflow Acquisition MESH 576 1395 10.01 ... 10.05 9.87 Capricor Therapeutics CAPR 28,745 1348 4.19 -36.23 40.37 2.96 MarketAxess Holdings MKTX 9,439 1326 162.76 29.45 210.94 108.75
*Common stocks priced at$2 a share or more with anaverage volume over65 trading daysof atleast 5,000 shares =Hastraded fewer than 65days
Latest YTD Region/Country Index Close Net chg % chg % chg
World MSCI ACWI 1107.04 16.10 1.48 9.1 MSCI ACWI ex-USA 463.32 5.77 1.26 10.0 MSCI World 4821.78 77.60 1.64 8.8 MSCIEmergingMarkets 1563.01 3.37 0.22 11.3
Americas MSCI ACAmericas 2819.79 44.029 1.59 8.7 Canada S&P/TSX Comp 35505.84 172.06 0.49 12.0 Latin Amer. MSCIEMLatinAmerica 3093.66 94.92 3.17 14.2 Brazil Bovespa 177158.86 3273.52 1.88 10.0 Chile S&P IPSA 5556.27 47.74 0.87 2.5 Mexico S&P/BMV IPC 67290.40 810.51 1.22 4.6
EMEA STOXX Europe600 649.95 4.94 0.77 9.8 Eurozone Euro STOXX 669.50 8.94 1.35 9.4 Belgium Bel-20 5655.00 –72.91 –1.27 11.4 Denmark OMXCopenhagen20 1649.67 0.42 0.03 2.6 France CAC 40 8485.64 77.37 0.92 4.1 Germany DAX 25612.03 151.55 0.60 4.6 Israel Tel Aviv 4095.39 49.26 1.22 12.8 Italy FTSE MIB 52104.38 661.27 1.29 15.9 Netherlands AEX 1104.69 11.59 1.06 16.1 Norway Oslo Bors All-Share 2377.08 2.04 0.09 22.4 South Africa FTSE/JSE All-Share 111872.70 1432.36 1.30 –3.4 Spain IBEX 35 19757.70 345.00 1.78 14.2 Sweden OMX Stockholm 1123.08 3.90 0.35 7.4 Switzerland Swiss Market 14392.49 –93.61 –0.65 8.5 Turkey BIST 100 13292.93 –208.62 –1.55 18.0 U.K. FTSE 100 10897.27 –11.14 –0.10 9.7 U.K. FTSE 250 24079.14 82.33 0.34 7.2
Euro
Asia-Pacific MSCI ACAsia Pacific 256.78 1.70 0.67 12.8 Australia S&P/ASX 200 8967.70 –70.92 –0.78 2.9 China ShanghaiComposite 3804.69 –23.78 –0.62 –4.1 Hong Kong Hang Seng 25858.88 50.96 0.20 0.9 India BSE Sensex 77928.15 273.55 0.35 –8.6 Japan NIKKEI 225 61867.43 433.24 0.71 22.9 Singapore Straits Times 5673.58 –39.61 –0.69 22.1 South Korea KOSPI 5593.56 –69.68 –1.23 32.7 Taiwan TAIEX 39933.30 –105.88 –0.26 37.9 Thailand SET 1598.11 –26.36 –1.62 26.9
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:
7437.63 s121.48, or 1.66% High, low, open and close for each trading day of the past three months.
22.03 24.43 20.23 21.34 1.49 1.65 53055.91, 07/06/26
53000
3.00
52000
51000
50000
49000
48000
47000
Coastal Financial CCB 39.91 -30.75 -43.52 120.05 36.61 -59.9 Baiya International Group BIYA 3.61 -2 22 -38.08 201.05 1.91 -98.1 Defiance Tgt 2X Shrt MU MUZ 12 26 -7.14 -36.80 23.92 8.11 ... Capricor Therapeutics CAPR 4.19 -2.38 -36.23 40.37 2.96 -48.8 GrShr 2xShrt SK Hynix SKDD 13.83 -7.41 -34.89 21.89 11 22 ...
GBank Financial GBFH 21.02 -9.00 -29.98 42 23 19.91 -42.1 Teladoc Health TDOC 6.58 -2.60 -28.32 9.89 4.40 -11.1 Alnylam Pharmaceuticals ALNY 205.48 -81.14 -28.31 495.55 197.81 -39.5 Direxion Semicon Br 3x SOXS 53.92 -19 23 -26.29 1698.00 31.70 -96.2 Defiance Tgt 2X Shrt AMD DAMD 1.67 -0.58 -25.78 31.12 1.34 ...
Defiance Tgt 2xShrt RGTI RGTZ 4.78 -1.58 -24.84 37.48 2 24 ... Regional Management RM 32 26 -10.10 -23.84 46.00 30.46 3.7 Nocera NCRA 2.38 -0.74 -23.72 72.00 1.30 -95.3 Defiance Tgt 2X Shrt OKLO OKLS 33.01 -10.12 -23.46 79.59 14.68 ... Defiance Tgt 2xShrt IONQ IONZ 4.46 -1.36 -23.37 127.50 1.73 -95.8
U.S.-dollar foreign-exchange rates at5 p.m.ET
US$ s, Thurs YTDchg Country/currency inUS$ perUS$ (%)
Americas Argentina peso .00071489.0417 2.6 Brazil real .1970 5.0767 –8.0 Canada dollar .7136 1.4013 2.1 Chile peso .001080 925.66 2.8 Colombiapeso .000320 3127.80 –17.0 Ecuador US dollar 1 1 unch Mexico peso .0577 17.3412 –3.7 Uruguay peso .02485 40.2370 3.0 Asia-Pacific Australiadollar .7029 1.4227 –5.1 China yuan .1481 6.7543 –3.4 Hong Kong dollar .1275 7.8432 0.8 India rupee .01047 95.509 6.3 Indonesia rupiah .0000554 18047 8.1 Japan yen .006269 159.50 1.8 Kazakhstan tenge .002108 474.45 –6.5 Macau pataca .1237 8.0812 0.7 Malaysia ringgit .2445 4.0897 0.8 New Zealand dollar .5881 1.7004 –2.1 Pakistan rupee .00360 277.765 –0.9 Philippines peso .0163 61.350 4.1 Singapore dollar .7805 1.2813 –0.3 South Korea won .0007024 1423.73 –1.2 Sri Lanka rupee .0029767 335.94 8.4 Taiwan dollar .03086 32.403 3.4 Thailand baht .02993 33.410 6.1
Yen
DJ Commodity 1363.79 -0 26 -0.02 1467.33 1037.49 29.06 20.61 FTSE/CC CRB Index 384.45 -1.04 -0.27 406.18 291.69 28.25 28.68 Crude oil, $ per barrel 83.59 -0.87 -1.03 112.95 55 27 20.69 45.58 Natural gas, $/MMBtu 2.758 0.036 1.32 7.460 2.523 -11.20 -25.18 Gold, $ pertroy oz. 4100.10 63.80 1.58 5318.40 3293 20 24.50 -5 21
A Dow Jones partner
Prediction Market: Bitcoin vs. Gold vs. S&P 500 in 2026
This market will resolve according to the asset which has the best performance in 2026 among Bitcoin, Gold, and the S&P 500 with performance measured as the percentage change in price during the year for each asset.
25.17 24.85 21.10 24.03 1.11 1.20 7609.78, 06/02/26
Late Trading Most-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer. andNasdaqissuesfrom4p.m.to6p.m.ETasreportedbyelectronic tradingservices,securitiesdealersandregionalexchanges.Minimum sharepriceof$2andminimumafter-hoursvolumeof50,000shares. Most-active issues inlate trading
Volume After Hours Company Symbol (000) Last Netchg %chg High Low
Cycurion CYCU 58,708.9 2.12 0.51 31.68 3.00 1.44
Cycurion CYCU 58,708.9 2.12 0.51 31.68 3.00 1.44
Amazon.com AMZN 21,878.0 257.55 22.05 9.36 264.35 235.11
SSSPDR Ptf HYBd SPHY 16,437.1 23.27 0.01 0.03 23.27 23.26
Apple AAPL 16,326.3 309.83 -23.60 -7.08 339.15 305.06
StateStreetSPDRS&P500 SPY 11,247.1 742.09 0.40 0.05 744.25 696.96
Grab Holdings GRAB 6,643.2 3.38 -0.02 -0.59 3.41 3.38
Roblox RBLX 6,168.0 41.80 -6.87 -14.12 49.50 41.61
Invesco QQQ Trust I QQQ 5,786.6 686.40 2.85 0.42 687.75 638.25 Percentage gainers…
AXT AXTI 2,667.9 58.42 11.48 24.46 62.88 46.30
Cohu COHU 206.3 55.99 9.54 20.54 58.69 46.45
Direxion AMZN Bl2X AMZU 3,308.0 38.21 6.05 18.81 38.67 32.00
GrShr2xLongAMZNDaily AMZZ 282.2 35.40 5.52 18.47 35.83 29.61 ...And losers
KaryopharmTherapeutics KPTI 2,759.5 2.06 -4.95 -70.63 7.02 1.89
Myriad Genetics MYGN 215.3 3.29 -2.08 -38.73 5.37 3.28
GrShr2xLongRDDTDaily RDTL 794.0 15.57 -5.32 -25.48 23.81 15.27
T3Defense DFNS 438.5 65.65 -19.33 -22.75 92.00 62.50
MasTec MTZ 183.1 266.50 -57.94 -17.86 332.00 258.78
U $ s, Thurs YTDchg Country/currency inUS$ perUS$ (%)
Vietnam dong .00003805 26282 –0.1 Europe Czech Rep. koruna .04763 20.996 2.0 Denmark krone .1542 6.4842 2.0 Euro area euro 1.1530 .8673 1.9 Hungary forint .003180 314.48 –3.9 Iceland krona .008084 123.70 –1.3 Norway krone .1049 9.5296 –5.5 Poland zloty .2677 3.7357 4.0 Sweden krona .1049 9.5304 3.5 Switzerland franc 1.2421 .8051 1.6 Turkey lira .0211 47.4350 10.4 Ukraine hryvnia .0223 44.7500 5.7 UK pound 1.3467 .7426 0.1 Middle East/Africa Bahrain dinar 2.6520 .3771 0.03 Egypt pound .0196 51.0744 7.1 Israel shekel .3267 3.0608 –3.9 Kuwait dinar 3.2302 .3096 0.6 Oman sul rial 2.5993 .3847 –0.01 Qatar rial .2743 3.646 –0.2 Saudi Arabia riyal .2663 3.7550 0.1 South Africa rand .0606 16.4967 –0.4
Close NetChg %Chg YTD%Chg
WSJDollarIndex 96.31 –0.89–0.92 0.41
Sources: Tu lett Prebon, Dow Jones Market Data
Thursday 52-Week YTD Close Net chg % Chg High Low % Chg % chg
25122.18 s 679.24, or 2.78% High, low, open and close for each trading day of the past three months.
Cycurion CYCU 611,608 40332.1 1.61 495.85 15.88 0.26 China SXT Pharm SXTC 528,198 3787.8 0.07 39.24 1046.99 0.05 GlucoTrack GCTK 352,511 5119.5 0.78 173.68 14.14 0.25 Intel INTC 136,459 2.6 91.13 11.30 142.35 18.97 NVIDIA NVDA 127,642 -17.4 195.04 2.65 236.54 164.07
VSee Health VSEE 120,434 3790.8 0.07 -1.50 2.52 0.07 Nuwellis NUWE 116,441 39734.8 4.45 135.45 388.85 1.83 Microsoft MSFT 109,538 181 2 451.10 15.51 555.45 349.20 Nokia ADR NOK 106,053 -6 2 9.09 8.09 17.45 4.00 Direxion Semicon Bl3x SOXL 104,278 64.0 114.72 24.71 302.00 22.57
Consumer Ratesand Returns toInvestor U.S. consumer rates A consumer rate against its benchmark over the past year
5-year adjustable-rate mortgage (ARM)
5-year Treasury note yield
A S O N D J 2026
F M A M J J
Yield/Rate (%) 52-WeekRange (%) 3-yr chg Interest rate Last (l)Weekago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 3.50-3.75 3.50-3.75 3.50 l 4.50 -1.75 Prime rate* 6.75 6.75 6.75 l 7.50 -1.75 SOFR 3.65 3.62 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 -1.13 30-year mortgage, fixed† 6.76 6.66 6.11 l 6.81 -0.62 15-year mortgage, fixed† 6.18 6.07 5.55 l 6.18 -0.48 Jumbomortgages, $832,750-plus† 6.81 6.72 6.34 l 6.94 -0.62 Five-year adj mortgage (ARM)† 6.00 5.93 5.66 l 6 26 -0.30 New-car loan, 48-month 6.96 6.97 6.85 l 7 21 -0.30
Bankrate.com ratesbased onsurvey ofover 1,500 onlinebanks.*Baserate postedby 70%ofthe nation'slargest banks.† Excludes closingcosts. Sources: FactSet; DowJones MarketData; Bankrate.com Treasury yield curve Yield to maturity of current bills, notes and bonds
maturity
t One year ago
Tradeweb FTSE Thursday Close
1 month(s)
3 6 1 years
2 3 5 7 10 20 30
Sources: Tradeweb FTSEU.S.Treasury Close;Tullett Prebon;Dow Jones MarketData
Yield (%) 52-Week Total Return(%) Bond total returnindex Close Last Weekago High Low 52-wk 3-yr
33.05 32.72 25.12 30.01 0.58 0.67 27093.90, 06/02/26
Volume, Advancers, Decliners
NYSE NYSE Amer.
Totalvolume1,282,258,564 18,331,599 Adv. volume 677,714,515 17,174,989 Decl. volume 600,912,843 999,960 Issues traded 2,840 292 Advances 1,565 191 Declines 1,202 90 Unchanged 73 11 New highs 67 1 New lows 55 11 Closing Arms† 1.04 0.15 Block trades 4,234 163
Nasdaq NYSE Arca
Totalvolume9,048,576,577 401,502,654 Adv.volume6,670,603,690 282,393,349 Decl.volume2,329,552,811 117,789,647 Issues traded 5,065 2,654 Advances 3,100 2,008 Declines 1,794 606 Unchanged 171 40 New highs 124 86 New lows 173 43 Closing Arms† 0.60 1.55 Block trades 55,863 1,807
*PrimarymarketNYSE,NYSEAmerican NYSEArcaonly. †(TRIN)Acomparisonofthenumberofadvancinganddeclining issueswiththevolumeofsharesrisingandfalling.An Armsoflessthan1indicatesbuyingdemand;above1 indicatessellingpressure.
Selectedrates Five-yearARM,Rate
Bankrate.com avg†: 6.00%
SanDiegoCountyCreditUnion 5.13% San Diego, CA 877-732-2848
Florence Savings Bank 5.25% Florence, MA 800-644-8261
HanscomFederalCreditUnion 5.38% Hanscom AFB, MA 800-656-4328
Schools First FCU 5.38% Santa Ana, CA 714-258-4000
SomersetSavingsBank,SLA 5.63% Bound Brook,NJ 732-560-1700
Forex Race Yen, euro vs. dollar; dollar vs. major U.S. trading partners
s WSJ Dollar Index
2025 2026
28000
27000
26000
25000
24000
23000
22000
Contract Open Open High hilo Low Settle Chg interest SoybeanOil (CBT)-60,000 lbs ; cents per lb. Aug 69.38 69.61 68.07 68.35 –.82 9,876 Dec 67.69 68.05 66.97 67.29 –.33 265,205 Rough Rice (CBT)-2,000 cwt.;$ per cwt. Sept 13.58 13.85 13.41 13.77 .26 11,558 Nov 13.87 14.25 13.83 14.20 .26 1,149 Wheat (CBT)-5,000 bu ;cents per bu. Sept 660.00 686.50 658.25 663.50 2.75 203,521 Dec 678.50 703.00 675.00 681.50 3.75 158,061 Wheat (KC)-5,000 bu.;cents per bu. Sept 725.00 755.25 724.25 730.75 5.25 120,861 Dec 739.50 769.50 739.25 746.75 6.00 109,328 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug 345.525 348.550 341.250 346.475 2.200 12,432 Sept 339.525 343.000 336.325 342.450 3.800 20,533 Cattle-Live (CME) 40,000 lbs.; centsper lb. Aug 228.800 231.375 228.475 231.225 3.325 36,981 Oct 224.650 227.575 223.950 227.450 3.475 119,051 Hogs-Lean (CME)-40,000 lbs.; centsper lb. Aug 100.475 100.550 98.250 98.425 –2.250 26,294 Oct 85.500 85.525 82.100 83.350 –2.350 123,725 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 632.00 633.50 623.00 625.00 –9.00 6,782 Nov 633.00 636.00 627.50 632.00 –3.00 1,083 Milk (CME)-200,000 lbs., centsper lb. July 15.64 15.65 15.64 15.64 –.13 5,454 Sept 16.92 16.98 16.80 16.94 .05 6,147 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 5,160 5,218 5,048 5,112 –73 64,429 Dec 5,300 5,357 5,185 5,246 –81 55,680 Coffee (ICE-US)-37,500 lbs ;cents per lb. Sept 332.00 338.75 322.25 323.05 –2.75 57,105 Dec 314.35 317.45 307.15 307.70 –.85 60,142 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 14.52 14.63 14.37 14.43 –.07 499,600 March'27 15.42 15.52 15.30 15.33 –.07 300,200 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Sept 35.50 35.50 35.50 35.50 –.50 190 March'27 37.32 37.32 37.32 37.32 … 1,475 Cotton (ICE-US)-50,000 lbs.; cents per lb. Oct 79.34 80.01 79.25 79.41 1.39 141 Dec 79.67 81.40 79.46 80.67 1.14 196,422 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Sept 137.55 147.35 134.85 146.00 8.05 7,814 Nov 142.45 150.90 138.90 150.00 8.40 1,301
Contract Open Open High hi lo Low Settle Chg interest Copper-High (CMX)-25,000 lbs ; $perlb. Aug 6.3430 6.4740 6.3150 6.4445 0.1660 6,014 Sept 6.3495 6.5085 6.3400 6.4745 0.1630 137,201 Gold (CMX)-100 troyoz ; $ per troy oz. Aug 4060.70 4118.50 4028.50 4100.10 63.80 26,763 Sept 4076.00 4133.30 4040.00 4114.70 64.20 4,052 Oct 4094.30 4148.00 4054.40 4129.40 64.10 49,944 Nov 4134.30 4135.20 4134.30 4145.50 63.80 279 Dec 4126.70 4180.20 4085.00 4160.60 63.60 275,504 Jan'27 4151.10 4177.50 4108.50 4178.60 63.80 255 Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 1244.50 1244.50 s 1244.50 1302.20 55.90 26 Sept 1266.50 1322.00 1243.50 1308.20 56.00 17,057 Platinum (NYM)-50 troy oz.; $ per troy oz. Aug 1612.10 1632.90 s 1612.10 1651.90 59.20 51 Oct 1616.60 1673.60 1589.30 1660.20 57.90 45,278 Silver (CMX)-5,000 troy oz ; $ per troy oz. Aug 57.275 59.250 57.225 58.815 0.928 1,351 Sept 57.975 59.570 57.120 59.017 0.928 80,358 Crude Oil, LightSweet (NYM)-1,000 bbls.; $perbbl. Sept 84.65 85.94 82.97 83.59 –0.87 265,718 Oct 81.98 82.72 80.22 80.80 –1.24 162,428 Nov 79.46 79.71 77.71 78.19 –1.49 110,647 Dec 77.25 77.74 75.74 76.12 –1.62 207,107 June'27 72.04 72.28 70.80 71.01 –1.23 136,914 Dec 69.60 69.95 68.73 68.90 –1.00 149,098 NY Harbor ULSD (NYM) 42,000 gal.; $ per gal. Aug 4.3601 4.3601 4.1698 4.2094 –.1607 6,468 Sept 4.2330 4.2330 4.0905 4.1291 –.1066 76,822 Gasoline-NY RBOB (NYM) 42,000 gal ; $ per gal. Aug 3.3884 3.3884 3.2425 3.2847 –.1131 8,075 Sept 3.2258 3.2258 3.1108 3.1313 –.0945 107,324 Natural Gas (NYM)-10,000 MMBtu.; $per MMBtu. Sept 2.732 2.776 2.680 2.758 .036 372,346 Oct 2.774 2.817 2.730 2.799 .030 151,635 Dec 3.735 3.752 3.692 3.706 –.026 135,905 Jan'27 4.211 4.231 4.170 4.183 –.027 144,513 March 3.009 3.020 2.979 2.989 –.022 139,664 April 2.856 2.870 2.835 2.845 –.018 115,733
Agriculture Futures
Corn (CBT)-5,000 bu.; centsper bu. Sept 448.25 452.50 445.25 445.75 –3.25 533,099 Dec 471.00 475.50 468.00 468.50 –3.25 782,580 Oats (CBT)-5,000 bu.; cents per bu. Sept 313.75 319.00 311.00 312.00 –.75 869 Dec 328.00 334.00 325.00 331.75 4.75 2,113 Soybeans (CBT)-5,000 bu.; cents per bu. Aug 1178.00 1184.75 1169.00 1177.25 –.75 12,901 Nov 1192.50 1198.50 1184.25 1188.75 –4.00 501,427 Soybean Meal (CBT)-100 tons; $per ton. Aug 316.10 317.30 313.00 314.10 –1.20 7,809 Dec 324.10 325.30 320.40 322.80 –.70 288,066
Thursday
Thursday,July30,2026
Thursday
Thursday
wsj.com/market-data/commodities
Thesepricesreflectbuying and selling of a varietyof actualor “physical” commoditiesin the marketplace—separate fromthefuturespriceon an exchange, which reflects 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 4076.00 Krugerrand,wholesale-e 4282.83 Maple Leaf-e 4385.29 American Eagle-e 4385.29 Mexican peso-e 5287.34 Austria crown-e 4020.25 Austria phil-e 4303.32 Silver, troy oz. Engelhard industrial 58.1000 Handy &Harmanbase 58.6090 Handy &Harmanfabricated 73.2610 Coins,wholesale $1,000 face-a 42204 Other metals Platinum,Engelhard industrial 1631.0 Palladium,Engelhard industrial 1294.0 Aluminum, LME, $per metric ton 3207.0 Copper,Comex spot 6.4445 Iron Ore, 62% Fe CFR China-s 97.3 Steel,HRCUSA,FOBMidwestMill-s *1180.0 Battery/EVmetals
KEY TOCODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &Brookes;H=AmericanCommoditiesBrokerage Co; K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=SoslandPublishing;R=SNL Energy;S=Platts-TSI;T=Cotlook Limited; U=USDA;V=Benchmark Mineral Intelligence; W=weekly; Y=International CoffeeOrganization; Z=not quoted. *Dataasof 7/29 Source: DowJones Market Data
Largest 100 exchange-traded funds, latest session.
Thursday, July 30, 2026 SSSPDRS&P500V SPYV 62.16 –0.03 9.4 SSIMSPDRS&P500 SPY 741.69 1.68 8.8 SSSPDRS&P400 MDY 687.19 0.89 13.9 SSTechSel XLK 175.73 5.50 22.1 VanEckSemicon SMH 538.90 6.88 49.6 VangdExtMkt VXF 236.87 1 40 13.3 VangdDivApp VIG 240.06 0.63 9.2 VangdFTSEAWxUS VEU 83.03 2.98 12.9 VangdFTSEDevMk VEA 71.09 3.10 13.8 VangdFTSE EM VWO 58.19 2.23 8.2 VangdFTSE Europe VGK 90.99 2 40 8.8 VangdHiDiv VYM 161.96 0.18 12.8 VangdInfoTech VGT 113.58 4.97 20.5 VangdIntermBd BIV 75.69 0.11 –2.8 VangdIntrCorpBd VCIT 81.38 0.15 –2.8 VangdIntermTrea VGIT 58.45 0.03 –2.5 VangdMstarGrw VUG 84.27 2.68 3.6 VangdMorningstarLC VV 341.27 1.73 8.4 VangdMstarMegaCap MGK 85.38 2.73 3.4 VangdMorningstarMC VO 80.99 0 46 11.6 VangdMorningstarSC VB 295.80 0.96 14.7 VangdMstarSCValue VBR 245.11 0.04 15.7 VangdMstarTotalStk VTI 366.27 1.62 9.2 VangdMstarValue VTV 220.54 0.34 15.5 VangdRealEst VNQ 99.49 –1.16 12.4 VangdRuss1000Grw VONG 120.90 2.96 –0.7 VangdS&P500ETF VOO 681.79 1.66 8.7 VangdST Bond BSV 77.64 0.03 –1.5 VangdSTCpBd VCSH 78.67 0.07 –1.3 VangdShortTrea VGSH 58.13 0.02 –1.0 VangdTaxExemptBd VTEB 49.65 –0.10 –1.3 VangdTotalBd BND 72.42 0.06 –2.2 VangdTotIntlBd BNDX 47.88 0.15 –0.9 VangdTotIntlStk VXUS 84.77 2.89 12.4 VangdTotWrldStk VT 155.45 2.12 10.2
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
Closing Chg YTD ETF Symbol Price (%) (%)
AvantisUSSCValue AVUV 125.24 0.10 22.8 CapGrpDivVal CGDV 49.23 1.63 12.8 DimenUSCoreEq2 DFAC 44.33 1.35 12.0 DirexSemiBl3 SOXL 114.72 24.71 172.9 InvscNasd100 QQQM 281.35 3.24 11.2 InvscQQQI QQQ 683.55 3.30 11.3 InvscS&P500EW RSP 215.38 –0.16 12.4 iShBitcoin IBIT 36.70 1.94 –26.1 iShBrdUSDHYCpBd USHY 36.79 0.33 –1.6 iShCoreDivGrowth DGRO 78.23 –0.05 12.7 iShCoreMSCIEAFE IEFA 98.88 2.75 10.5 iShCoreMSCIEM IEMG 77.05 3.91 14.6 iShMSCIIntlDev IDEV 91.15 2.54 10.5 iShCoreMSCITotInt IXUS 94.68 2.91 11.9 iShCoreS&P500 IVV 745.20 1.65 8.8 iShCoreS&P MC IJH 75.35 0.83 14.2 iShCoreS&P SC IJR 145.50 0.82 21.1 iShCoreS&PTotUS ITOT 162.65 1.64 9.4 iShCoreS&PUSGrw IUSG 182.34 3.05 8.6 iShCoreUSAggBd AGG 97.62 0.07 –2.3 iShCoreUnivUSDBd IUSB 45.55 0.08 –2.1 iShEdgeMSCIUSAMom MTUM 298.77 5.53 19.4 iShEdgeMSCIUSAQual QUAL 218.92 1.36 10.2 iShGoldTr IAU 77.30 1.66 –4.8 iShiBoxx$IGCpBd LQD 106.41 0.18 –3.4 iShMBS MBB 93.29 0.06 –2.0 iShMSCIACWI ACWI 155.66 2.09 10.0 iShMSCI EAFE EFA 106.24 2.78 10.6 iSh MSCI EM EEM 63.59 4.13 16.2 iShNatlMuniBd MUB 105.76 –0.01 –1.3 iShRussMC IWR 110.00 0.38 14.3 iShRuss1000 IWB 405.80 1.64 8.7
July30,2026
Keyannualinterestratespaidto borrow orlendmoneyin U.S.andinternationalmarkets.Ratesbelowarea guide togeneral levels but don’talwaysrepresentactualtransactions.
Inflation
June index Chg From(%) level May 26 June 25
U.S.consumer priceindex Allitems 333.952 –0.35 3.5 Core 336.882 0.01 2.6
Internationalrates
Week 52-Week Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week —52-WEEK— Latest ago High Low
Week 52-Week Latest ago high low
Prime rates U.S. 6.75 6.75 7.50 6.75 Canada 4.45 4.45 4.95 4.45 Japan 2.125 2.125 2.125 1.875
Policy Rates Euro zone 2.40 2.40 2.40 2.15 Switzerland 0.25 0.25 0.50 0.25
Interest Rate Futures Ultra Treasury Bonds (CBT) -$100,000; pts 32nds of 100% Sept 110-300 111-030 110-070 110-280 –1-04.0 2,462,587 Dec 110-130 110-160 110-000 110-160 –1-04.0 45 Treasury Bonds (CBT)-$100,000; pts32nds of 100% Sept 109-110 109-180 108-260 109-130 –28.0 1,862,528 Dec 108-300 109-040 108-130 108-310 –29.0 10,031 Treasury Notes (CBT)-$100,000; pts32nds of 100% Sept 108-125 108-205 108-060 108-175 –7.5 5,303,754 Dec 108-040 108-115 107-295 108-090 –8.5 22,929 5Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 106-052 106-130 106-020 106-105 –3.0 6,174,531 Dec 106-067 106-087 106-052 106-072 –3.2 20,317 2Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 102-267 102-307 102-256 102-295 .2 4,353,247
BMILithiumCarbonate,EXWChina,=99.5%-v,w 21200 BMILithiumHydroxide,EXWChina,=565%-v,w 19650 BMICobaltsulphate,EXWChina,>20.5%-v,w 11840 BMINickelSulphate,EXWChina,>22%-v,k 4440 BMIFlakeGraph te,FOBChina,-100Mesh,94-95%-v,m 425
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w 1.2400 Cotton,1 1/16 std lw-mdMphs-u 0.7566 Cotlook 'A' Index-t *89.75 Hides,hvy nativesteers piece fob-u n.a. Wool,64s,staple,Terr del-u,w n.a.
Grains andFeeds
Bran,wheat middlings, KC-u,w 80 Corn,No. 2 yellow,Cent IL-bp,u 4.3000 Cottonseed meal-u,w 320 Hominyfeed,Cent IL-u,w 120 Meat-bonemeal,50%proMnpls-u,w 355 Oats,No.2 milling,Mnpls-u 3.7775 Rice,LongGrainMilled,No.2AR-u,w 28.63 SoybeanMeal,CentIL,rail,ton48%-u,w 349.90 Soybeans,No.1 yllwIL-bp,u 11.7000 Wheat,Spring14%-pro Mnpls-u 8.4000 Wheat,No.2 soft red,St.Louis-u 6.3300 Wheat-Hard-KC(USDA)$perbu-u 7.1575 Wheat,No.1soft white,Portld,OR-u 6.6250
iShRuss1000Grw IWF 117.43 2.96 –0.8 iShRuss1000Val IWD 250.71 0 48 19.2 iShRuss2000 IWM 292.59 1.39 18.9 iShS&P500Grw IVW 133.33 3.13 8.2 iShS&P500Value IVE 232.16 –0.09 9.5 iShSemiconductor SOXX 504.53 8.50 67.5 iSh7-10YTreaBd IEF 93.21 0.04 –3.1 iShSilver SLV 53.50 3.34 –17.0 iSh20+YTreaBd TLT 82.80 –0.06 –5.0 iShUSEqFactRotat DYNF 66.92 1.95 10.0 iShUSTreasuryBd GOVT 22.50 0.04 –2.3 iSh0-3MTreaBd SGOV 100.69 0.01 0.3 JPMNasdEqPrem JEPQ 57.92 3.17 –0.3 JanusAAACLO JAAA 50.67 0.02 0.2 JPMEqPremiumIncome JEPI 57.24 0.56 ... JPM UltShIncm JPST 50.54 ... –0.1 ProShUltPrQQQ TQQQ 63.30 9.61 20.1 SPDRGoldMini GLDM 81.33 1.64 –4.7 SPDR Gold GLD 377.16 1.64 –4.8 SchwabIntEquity SCHF 27.59 3.18 14.8 SchwabUS BrdMkt SCHB 28.68 1.63 9.3 SchwabUS Div SCHD 33.41 –1.24 21.8 SchwabUS LC SCHX 29.25 1.53 8.7 SchwabUS LC Grw SCHG 33.79 1.65 3.6 SSEnergySel XLE 58.96 0.53 31.9 SSFinlSel XLF 57.00 0.56 4.1 SSHlthCrSel XLV 163.52 –1.64 5.6 SSIndlSel XLI 178.39 0.98 15.0 SSSPDRBbg1-3M BIL 91.65 0.01 0.3 SSSPDR DJIA DIA 521.51 1.18 8.5 SSSPDRDevxUS SPDW 50.42 3.05 13.5 SSSPDRS&P500 SPYM 87.31 1.61 8.8 SSSPDRS&P500G SPYG 115.47 3.18 8.2
Britain 3.75 3.75 4.25 3.75 Australia 4.35 4.35 4.35 3.60
Overnight repurchase U S. 3.66 3.67 4.45 3.49
U.S.government rates
Discount 3.75 3.75 4.50 3.75
Federal funds Effectiverate 3.6400 3.6400 4.3300 3.6300 High 3.7000 3.7000 4.5500 3.7000 Low 3.5500 3.5500 4.3200 3.5500 Bid 3.6200 3.6200 4.3200 3.6100 Offer 3.6400 3.6400 4.3300 3.6300
COMMODITIES
Food
Beef,carcass equiv. index choice 1-3,600-900 lbs.-u 346.66 select 1-3,600-900 lbs.-u 328.70 Broilers,Nationalcompwtd.avg.-u,w 1.1777 Butter,AA Chicago-d 1.4800 Cheddar cheese,bbl,Chicago-d 154.75 Cheddar cheese,blk,Chicago-d 153.25 Milk,Nonfat dry,Chicago lb.-d 150.00 Coffee,Brazilian,Comp-y 3.1785 Coffee,Colombian,NY-y 3.7712 Eggs,large white,Chicago-u,w 1.2150 Flour,hard winter KC-p 19.70 Hams,17-20 lbs,Mid-US fob-u n.a. Hogs,Iowa-So. Minnesota-u 96.36 Pork bellies,12-14 lbMidUS-u 1.9772 Pork loins,13-19 lbMidUS-u 1.1183 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 0.7100 Lard,Chicago-u n.a. Soybean oil,crude;CentlIL-u,w 0.7559 Tallow,bleach;Chicago-h 0.7450 Tallow,edible,Chicago-u n.a.
13 weeks 3.815 3.730 4.235 3.540 26 weeks 3.945 3.835 4.120 3.475
Other short-term rates
Call money 5.50 5.50 6.25 5.50
Commercial paper (AA financial) 90 days 3.88 n.a. 4.26 3.57
Secured Overnight Financing Rate 3.65 3.62 4.51 3.50
Value 52-Week Latest Traded High Low
Dec 102-217 102-266 102-217 102-261 .2 6,837 30Day Federal Funds (CBT)-$5,000,000; 100 - dailyavg. July 96.3725 96.3725 96.3700 96.3700 .0000 306,015 Aug 96.3650 96.3700 96.3650 96.3650 .0000 867,816 Three-Month SOFR (CME)-$1,000,000; 100 -daily avg. May 96.3600 96.3600 t 96.3600 96.3600 .0000 5,446 Dec 95.9550 95.9950 t 95.9200 95.9700 .0000 1,687,952
Currency Futures Japanese Yen (CME)-¥12,500,000; $per 100¥ Aug .6126 .6338 .6115 .6301 .0169 1,355 Sept .6143 .6354 .6128 .6315 .0169 427,080 Canadian Dollar (CME)-CAD 100,000; $per CAD Aug .7131 .7150 .7116 .7152 .0023 386 Sept .7134 .7162 .7123 .7160 .0023 362,479 British Pound (CME)-£62,500; $ per £ Aug 1.3356 1.3472 1.3342 1.3475 .0112 720 Sept 1.3360 1.3476 1.3333 1.3475 .0111 258,701 Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 1.2342 1.2498 1.2290 1.2497 .0163 111,090 Dec 1.2459 1.2620 1.2459 1.2625 .0162 618 Australian Dollar (CME)-AUD 100,000; $ per AUD Aug .6953 .7030 .6948 .7028 .0047 692 Sept .6947 .7028 .6941 .7024 .0047 230,744 Mexican Peso (CME)-MXN 500,000; $per MXN Aug .05746 .05768 .05746 .05754 .00020 951 Sept .05710 .05752 .05697 .05741 .00020 198,862
Bonds | wsj.com/market-data/bonds/benchmarks Tracking Bond Benchmarks Return on investment and spreads over Treasurys and/or yieldspaid to investors comparedwith 52-week highs and lows for different types of bonds
Total return YTD total Yield(%) close return (%) Index Latest Low High
Total return YTDtotal Yield (%) close return(%) Index Latest Low High
Broad Market Bloomberg Fixed Income Indices
2239.24 -0.4 U.S. Aggregate 4.930 4.160 5.000
U.S. Corporate Indexes Bloomberg Fixed Income Indices
3422.56 -0.6 U.S. Corporate 5.430 4.680 5.470
3388.68 0.3 Intermediate 5.110 4.330 5.180
4332.73 -2.6 Long term 6.140 5.370 6.160
634.41 -2.0 Double-A-rated 5.330 4.410 5.350
941.70 -0.3 Triple-B-rated 5.600 4.860 5.640
High Yield Bonds ICE BofA
627.28 1.6 HighYieldConstrained 7.292 6.489 7.668
628.32 -0.002 Triple-C-rated 13.743 11.438 14.020
4167.38 1.2 High Yield 100 6.648 5.828 7.136
547.11 1.9 GlobalHighYieldConstrained 7.018 6.317 7.438
400.85 1.4 EuropeHighYieldConstrained 5.584 4.820 6.198
U.S Agency Bloomberg Fixed Income Indices
1966.90 0.4 U.S Agency 4.550 3.830 4.650
1746.45 0.6 10-20 years 4.480 3.750 4.590
3660.95 -1.4 20-plus years 5.330 4.580 5.330
3035.99 -0.1 Yankee 5.070 4.320 5.130
*Constrained indexes limit individual issuer concentrations to2%; theHigh Yield 100arethe 100largest bonds †In local currency §Euro-zone bonds
** EMBI Global Index Sources: ICEData Services; Bloomberg Fixed IncomeIndices;J.P Morgan
Yields and spreads over or under U.S. Treasurysonbenchmark two-yearand 10-year government bonds in selected other countries; arrows indicatewhether the yield rose(s)or fell(t)in thelatest session
Country/ Yield(%) SpreadUnder/Over U.S.Treasurys, inbasispoints Coupon (%) Maturity, in years Latest(l)0 1 2 3 4 5 6 Previous Monthago Year ago Latest Prev Yearago 4.250 U.S. 2 4.227 t l 4.235 4.138 3.936 4.375 10 4.662 s l 4.621 4.420 4.377
2.250 Australia 2 4.579 s l 4.528 4.433 3.326 34.3 24.7 -62.5
4.250 10 5.007 s l 4.930 4.730 4.266 34.2 24.6 -11.3
2.400 France 2 2.954 t l 2.997 2.698 2.207 -128.2 -128.4 -174.4
3.700 10 3.971 s l 3.962 3.547 3.363 -69.4 -72.2 -101.6
2.700 Germany 2 2.788 t l 2.819 2.540 1.967 -144.8 -146.2 -198.4
3.000 10 3.182 t l 3.183 2.864 2.709 -148.4 -150.2 -167.0
2.650 Italy 2 2.978 t l 3.012 2.707 2.158 -125.8 -126.9 -179.3
3.800 10 3.982 t l 3.983 3.587 3.531 -68.3 -70.1 -84.8
1.400 Japan 2 1.481 s l 1.478 1.362 0.830 -275.5 -280.3 -312.1
2.700 10 2.804 s l 2.751 2.687 1.563 -186.1 -193.3 -281.6
2.400 Spain 2 2.835 t l 2.858 2.600 2.089 -140.2 -142.3 -186.2
3.400 10 3.625 s l 3.611 3.298 3.229 -104 -107.3 -115.1
4.375 U.K. 2 4.340 t l 4.463 4.176 3.888 10.4 18.2 -6.3
1.125 10 4.989 t l 5.049 4.769 4.608 32.4 36.5 22.9
Corporate Debt Prices of firms' bonds reflect factors including investors' economic,sectoral and company-specific expectations Investment-grade spreadsthat tightened the most…
Spread*,in basispoints Issuer Symbol Coupon(%) Yield (%) Maturity Current One-daychange Lastweek
Oracle ORCL 5.375 7.31 July 15, ’40 265 –18 276
Equifax EFX 5.000 4.88 Aug. 15, ’29 59 –7 68
General Electric … 6.875 5.43 Jan. 10, ’39 74 –7 n.a.
Goldman Sachs GS 6.450 5.82 May 1, ’36 115 –7 114
Enel Finance International … 6.000 6.00 Oct. 7, ’39 133 –6 n.a.
State Street Bank and Trust … 4.701 4.51 July 23, ’29 23 –6 n.a.
AstraZeneca AZN 6.450 5.39 Sept. 15, ’37 73 –5 75
AbbVie ABBV 4.400 5.83 Nov. 6, ’42 61 –4 n.a.
BNP Paribas … 4.400 4.93 Aug. 14, ’28 68 10 59
Deutsche Bank DB 5.414 4.80 May 10, ’29 50 7 40
NomuraHoldings … 5.605 4.97 July 6, ’29 69 7 n.a.
Toronto–Dominion Bank* TD 4.109 4.66 Oct. 13, ’28 45 5 46
Caterpillar Financial Services … 4.300 4.57 May 15, ’29 28 4 29
Dominion Energy D 5.250 5.39 Aug. 1, ’33 71 4 69
GA Global Funding Trust … 5.400 5.45 Jan. 13, ’30 108 4 107
Electricite deFrance … 4.875 6.24 Jan. 22, ’44 101 3 93
BondPrice as %offacevalue Issuer Symbol Coupon (%) Yield (%) Maturity Current One-daychange Lastweek
Bausch Health … 11.000 9.81 Sept. 30, ’28 102.250 0.57 101.875
Sealed Air … 6.875 7.23 July 15, ’33 98.110 0.37 97.125
ParamountGlobal* … 7.875 6.61 July 30, ’30 104.375 0.32 104.575
Occidental Petroleum OXY 7.500 5.18 May 1, ’31 109.643 0.24 109.379
Nissan Motor Acceptance … 6.950 5.60 Sept. 15, ’26 100.146 0.15 n.a.
Rakuten … 9.750 6.31 April 15, ’29 108.430 0.14 108.350
Bath & Body Works BBWI 6.750 6.87 July1, ’36 99.178 0.10 98.750
TevaPharmaceuticalFinanceNetherlandsIII … 4.100 6.44 Oct. 1, ’46 73.768 –1.11 74.468
Paramount Global … 4.375 8.88 March 15, ’43 61.250 –0.52 61.336
Euro (CME)-€125,000; $per€ Aug 1.1476 1.1542 1.1442 1.1542 .0081 13,914 Sept 1.1486 1.1558 1.1455 1.1555 .0081 773,845
Index Futures Mini DJIndustrial Average (CBT)-$5xindex Sept 51759 52484 51732 52380 615 81,934 Dec 52330 52850 52148 52786 621 284 Mini S&P 500 (CME)-$50xindex Sept 7338.00 7498.00 7331.00 7472.50 121.25 2,009,843 Dec 7399.75 7557.00 7399.75 7537.25 122.00 32,291 Mini S&P Midcap 400 (CME)-$100xindex Sept 3745.80 3785.50 3734.50 3779.60 32.40 36,403 Dec … … … 3810.40 34.60 n.a. Mini Nasdaq 100 (CME)-$20x index Sept 27202.00 28414.50 27202.00 28237.75 895.75 290,171 Dec 27585.00 28680.75 27585.00 28518.00 904.25 3,045 Mini Russell 2000 (CME)-$50xindex Sept 2906.60 2957.90 2905.60 2954.30 38.90 419,108 Dec 2933.00 2978.00 2933.00 2976.30 39.30 441 Mini Russell 1000 (CME)-$50xindex Sept 4049.50 4071.10 4042.10 4070.60 65.40 5,775 U.S. Dollar Index (ICE-US)-$1,000 xindex Sept 100.67 100.93 99.71 99.72 –1.01 55,499 Dec 100.46 100.57 99.47 99.44 –.99 289
Mortgage-Backed Bloomberg Fixed Income Indices
2249.94 0.1 Mortgage-Backed 5.210 4.380 5.290
2213.32 0.4 Ginnie Mae (GNMA) 5.260 4.420 5.330
1329.87 -0.05 Fannie mae (FNMA) 5.200 4.370 5.270
2038.41 -0.5 FreddieMac(FHLMC) 5.050 4.160 5.130
619.70 0.3 Muni Master 3.632 3.037 3.696
438.18 -1.0 7-12 year 3.403 2.596 3.453
502.43 0.5 12-22 year 4.170 3.608 4.535
473.67 1.5 22-plus year 4.725 4.432 5.053
Global Government J.P. Morgan†
553.96 -0.9 Global Government 4.242 3.500 4.270
849.08 0.9 Canada 3.568 3.070 3.676
363.95 -0.4 EMU§ 3.677 3.117 3 728
655.91 -0.3 France 3.972 3.330 4.023
462.34 -0.4 Germany 3.277 2.650 3.317
244.80 -3.4 Japan 3.045 2.000 3.090
505.43 -0.3 Netherlands 3.399 2.860 3.434
809.41 -1.4 U.K. 5.266 4.560 5.381
n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
Source: Tullett Prebon, TradewebFTSE U.S. TreasuryClose
Source: FactSet
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. Prices are consolidated from trades reported by various market centers, including securities exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. Footnotes:
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. Stock tables reflect composite regular trading as of 4 p.m. ET and changes in the official closing prices from 4 p.m. ET the previous day.
Net Stock Sym Close Chg
Net Stock Sym Close Chg
Thursday, July 30, 2026
Thursday, July 30, 2026
Thursday, July 30, 2026
Net Stock Sym Close Chg A B C
AnnalyCap NLY 23.08 0.03 AnteroMidstream AM 21.55 0.03 AnteroResources AR 35.30 0.16 Aon AON366.57-10.59 APi Group APG 39.20 0.75 ApogeeTherap APGE 134.30 0.10 Apol oGlbMgmt APO 120.25 0.48 Apple AAPL 333.43 -4.76 AppliedIndlTech AIT 339.85 5.49 App Materials AMAT 501.77 65.32 AppLovin APP 403.87 4.41 Aptiv APTV 58.09 0.12 Aramark ARMK 57.25 0.08 ArcelorMittal MT 69.34 3.64 ArchCapital ACGL 101.14 -3.41 ADM ADM 80.61 0.23 AresMgmt ARES 124.12 -0.48 argenx ARGX 872.58 -9.98 AristaNetworks ANET 171.02 13.05 Arm ARM 241.54 16.65 ArrowElec ARW 212.85 7.90 ArrowheadPharm ARWR 87.32 1.10
AECOM ACM 71.76 -1.81 AES AES 14.85 0.03 Aflac AFL 127.36 -1.31 AGNC Invt AGNC 10.92 0.02 APA APA 36.33 -0.37 ASE Tech ASX 34.77 3.65 ASML ASML 1651 44100.75 AST Space ASTS 58 44 5.41 AT&T T 23.21 -0.73 ATI ATI 181.90 3.98 AXIAEnergia AXIA 10.50 0.47 AbbottLabs ABT 105.61 -2.39 AbbVie ABBV 257.41 -5.89 Abivax ABVX 124.33 5.49 Accenture ACN 163.29 -9.88 Acuity AYI 337.85 4.10 Adobe ADBE 247.90-15.53 AdvDrainageSys WMS 137.57 -0.74 AdvEnergyInds AEIS 274.26 21.78 AdvMicroDevices AMD 485.39 55.83
s Arxis ARXS 48.98 6.51 AscendisPharma ASND 251.07 -0.98 Assurant AIZ 282.46 1.46 AsteraLabs ALAB 299.69 49.95 AstraZeneca AZN 171.34 -1.96 Atlassian TEAM 98.12 -6.16 AtmosEnergy ATO 174.26 -3.41 AuroraInnov AUR 6.24 0.26 Autodesk ADSK 234.97-10.28 Autoliv ALV 124.16 -0.61 ADP ADP 263.87 -9.50 AutoZone AZO 3006.57-135.60 Avalonbay AVB 187.78 -4.67 Avantor AVTR 13.86 -0.52 AveryDennison AVY174.82 7.68 AxonEnterprise AXON 525.30 -5.90 AxsomeTherap AXSM 234.64 7.22 BCE BCE 21.70 -0.63 BHP Group BHP 85.90 2.79 BJ'sWholesale BJ 98.45 -1.54 BP BP 44.22 0.90 BWX Tech BWXT 165.59 8.15 BXP BXP 71.67 -1.30 Baidu BIDU 107.48 2.21 BakerHughes BKR 59.90 1.18 Ball BALL 65.31 -0.53
s Aegon AEG 9.44 0.42 AerCap AER 152.87 4.24 AffiliatedMgrs AMG 365.46 5.39 AffirmA AFRM 73.25 3.14 AgilentTechs A 138.71 -1.59 AgnicoEagleMines AEM 150.75 6.32 AgreeRealty ADC 78.41 -1.98 AirProducts APD 300.20 5.93 Airbnb ABNB 152.08 -0.93 AkamaiTech AKAM 113.75 6.34 AlamosGold AGI 28.40 -0.18 Albemarle ALB 117.76 3.88 Alcoa AA 44.97 2.09 Alcon ALC 69.61 -0.04 AlexandriaR Est ARE 52.49 -1.28 Alibaba BABA 116.32 1.29 AlignTech ALGN 173.41 -6.67 Allegion ALLE 157.06 -1.41 AlliantEnergy LNT 70.89 -1.11 Al isonTransm ALSN 115.44 0.78 Allstate ALL 265.38 -9.01 AllyFinancial ALLY 43.48 0.53
t AlnylamPharm ALNY 205.48-81.14 Alphabet A GOOGL 333.66 -3.05 Alphabet C GOOG 333.68 -2.08 Altria MO 67.94 -6.98 Amazon.com AMZN235.50 8.85 Ambev ABEV 3.12 0.02 Amcor AMCR 45.15 -0.69 AmerSports AS 36.10 0.04 Ameren AEE 108.75 -1.22 AmericaMovil AMX 25.32 0.45 AmerAirlines AAL 15.43 0.59 AEP AEP 127.78 -1.62 AmerExpress AXP 337.52 6.02 AmericanFin AFG 141.70 -1.81 AmerHlthcrREIT AHR 55.73 -1.79 AmHomes4Rent AMH 33.21 -0.50 AIG AIG 78.89 -1.31 AmerTowerREIT AMT 174.46 -4.80 AmerWaterWorks AWK 136.81 -1.28 Ameriprise AMP 544.46 4.17 Ametek AME 240.01 4.76 Amgen AMGN 387.64 ... AmkorTech AMKR 48.26 5.53 Amphenol APH 159.82 9.51 Amrize AMRZ 49.60 0.14 Ana ogDevices ADI 366.67 13.30 AngloGoldAsh AU 82.33 4.46
s BBVA BBVA 27.60 1.94 BancoBradesco BBDO 3.23 0.03 BancodeChile BCH 42.25 1.46 BancSanBrasil BSBR 5.05 0.02 BcoSantChile BSAC 35.07 0.87 BancoSantander SAN 14.11 0.73 BankofAmerica BAC 61.73 0.66 BankMontreal BMO 178.62 4.53 BankNY Me lon BNY 156.08 3.58 BankNovaScotia BNS 87.84 1.80 Barclays BCS 27.70 1.65 BarrickMining B 37.70 1.34
s BaxterIntl BAX 26.75 1.98 BectonDicknsn BDX 165.45 -2.95 BendingSpoons BSP 34.74 2.04 BentleySystems BSY 35.21 -1.75 BeOneMed ONC 322.08 -5.13 Berkley WRB 73.38 -2.27 BerkHathwy B BRK B 509.68 0.52 BerkHathwy A BRK A 7649901823.01 BestBuy BBY 87.82 -2.35 Bio-Techne TECH 72.03 ... Biogen BIIB 207.93 -1.30 BioMarinPharm BMRN 60.58 -0.79 BioNTech BNTX 92.85 -0.10
s AB InBev BUD 86.14 1.27
B tMineImmersion BMNR 18.08 1 49
AUCTION RESULTS Hereare theresults of Thursday's Treasury auctions. All bids are awarded atasingle priceatthe market-clearing yield. Rates are determined bythe difference between thatpriceand the face value.
FOUR-WEEK BILLS App ications $313,616,942,600 Accepted bids $116,011,412,600 "noncompetitive y $5,739 088,600 "foreignnoncompetitively $1,900 000,000 Auction price (rate) 99.717667 (3.630%) Coupon equivalent 3.691% Bids at clearing yield accepted 50.42% Cusip number 912797UW5
The bills, dated Aug. 4,2026, mature onSept. 1, 2026.
Thebills, dated Aug. 4,2026, mature onSept. 29, 2026.
EIGHT-WEEK BILLS App ications $279,559 806,500 Accepted bids $105,463 816,500 "noncompetitive y $1,278,697,100 "foreignnoncompetitively $1,200 000,000 Auction price (rate) 99.428333 (3.675%) Coupon equivalent 3.747% Bids at clearing yield accepted 19.59% Cusip number 912797VE4
52-Wk % Stock Sym Hi/Lo Chg New Highs and Lows
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
52-Wk % Stock Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. % CHG-Daily percentage change from the previous trading session.
Central Banco CBC 33 02 0 5 ChainBridgeBncp CBNA 46 90 2 9 CheesecakeFct CAKE 102 64 0 2 ChefsWarehouse CHEF 112 36 6 2 Cinemark CNK 37 50 3 6 Citizens&Northern CZNC 25 78 1 5 CitizensFinlSvc CZFS 79 50 1 1 ConnectOnePfdA CNOBP 25 20 0 2 CorceptTherap CORT 122 21 27 3 Cullen/Frost CFR 169 09 2 1 Danaos DAC 143 15 2 5 DianthusTherap DNTH 112 96 8 2 DivrsHlthcrNts42 DHCNI 17 73 0 9 EDAP TMS FOCL 6 36 1 8 EQVVenturesIIA EVAC 10 29 0 1 ElectronicArts EA 209 80 0 3 EmmisAcqn EMIS 10 21 0 1 EmployersHldgs EIG 52 59 3 7 EnovaIntl ENVA 256 26 3 5 EssentGroup ESNT 68 62 2 4 Euroseas ESEA 79 48 4 5 FB Bancorp FBLA 15 98 0 6 FedAgriMtg C AGM 221 22 3 1 FedAgriMtg A AGM.A 154 28 0 8 FirstBusey BUSE 31 34 1 8 FirstFinancial THFF 82 03 1 4 FirstNatlVA FXNC 31 91 0 9 FirstTracksBio TRAX 48 00 14 1 Five9 FIVN 28 86 1 8 ForteBiosci FBRX 77 20 0 6 GameYourGame GYGY 32 66 40 3 GermanAmBncp GABC 52 23 0 4 GladstonePfdB LANDO 21 88 1 1 Glaukos GKOS 184 00 4 2
AMRRscsAcqn AMACU 10 05 0 9 AcadianAsset AAMI 86 43 3 9 AdaptiveBiotech ADPT 24 34 7 2 Aegon AEG 9 45 4 7 AffinityBncshs AFBI 23 00 0 1 AlerusFinancial ALRS 34 15 1 9 AmeriServFin ASRV 4 59 1 6 AmylyxPharm AMLX 20 94 5 2 AB InBev BUD 86 17 1 5 AnikaTherap ANIK 18 58 11 8 ApertureAC APUR 9 96 0 1 AresAcqnIII AAC.U 10 36 1 0 Arxis ARXS 50 23 15 3 AxaltaCoating AXTA 36 62 3 4 BJ's Rest BJRI 74 60 5 9 BBVA BBVA 27 60 7 6 BankwellFinl BWFG 68 85 0 5 BaxterIntl BAX 30 00 8 0 Bi lionToOne BLLN 140 00 5 3 Biofrontera BFRI 1 27 5 1 BlueportAcqnA BPAC 10 16 0 1 BreadFinancial BFH 111 13 3 4 BrinkerIntl EAT 210 24 2 0 BristolMyers BMY 65 56 2 8 BrookfieldInfr BIP 44 04 0 5 BrukerPfdA BRKRP 474 99 4 1 BusFirstBcshs BFST 32 39 0 2 CNB Fin PA CCNE 36 08 1 6 CalWtrSvc CWT 53 82 2 4 CamdenNational CAC 59 50 1 1 CapitolFedFin CFFN 9 10 1 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-distr bution. 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 ava lable 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.
AB Funds MuniIncmShares 10.99 -0.04 1.3 American Century Inv Ultra 93.93 +2.23 -0.2 American Funds Cl A AmcpA 43.92 +0.44 2.9 AMutlA 64.78 +0.29 9.7 BalA 40.35 +0.44 8.2 BondA 11.10 ... -0.7 CapIBA 83.88 +0.63 10.4 CapWGrA 80.25 +1.79 13.0 EupacA 62.48 +1.92 9.2 FdInvA 101.20 +2.10 12.1 GwthA 83.99 +1.58 4.4 ICAA 67.29 +0.97 8.2 IncoA 27.97 +0.07 8.5 N PerA 73.43 +1.55 4.0 NEcoA 82.90 +2.87 14.1 NwWrldA 104.12 +3.33 11.6 SmCpA 80.61 +2.13 10.0 WshA 68.00 +0.40 9.0 Artisan Funds
IntlVal Inst NA ... NA Baird Funds AggBdInst 9.68 ... -0.3 CorBdInst 10.04 ... -0.2 IntBdInst 10.34 +0.01 0.2 ShtTBdInst 9.45 ... 1.1 BlackRock Funds HiYBlk 7.08 +0.01 1.7 HiYldBd Inst 7.08 +0.01 1.8 BlackRock Funds III iShS&P500IdxK864.80+14.13 9.3 BlackRock Funds Inst StratIncOpptyIns 9.64 +0.01 1.4 Calamos Funds MktNeutI 16.19 +0.01 3.5 CausewayInst CausewayInst 26.21 +0.55 11.5 Columbia Class A SelgComuInfoA228.19+10.60 45.6 Columbia Class I DivIncom I 40.36 -0.01 12.2 Dimensional Fds
CorebridgeFin CRBG 31.96 0.21 CoreWeave CRWV 73.90 13.08 Corning GLW 135.22 11.17 Corpay CPAY 390.12 -2.73 Corteva CTVA 89.34 -1.17 CoStar CSGP 29.46 -0.37 Costco COST 954.17-19.86 Coupang CPNG 16.09 0.93 Crane CR 214.18 7.45 Credicorp BAP 402.27 18.34 CredoTech CRDO 201.08 23.63 CrowdStrike CRWD 185.22 5.84 CrownCastle CCI 76.51 -2.58 Crown Holdings CCK 118.37 -1.39 CubeSmart CUBE 41.24 -1.19
s Cullen/Frost CFR 163.49 -3.44 Cummins CMI 632.98 26.98 Curtiss-Wright CW 716.66 37.25 Cytokinetics CYTK 80.42 2.04
BlackRock BLK 1098.37 19.18 Blackstone BX 128.07 -1.33 Block XYZ 82.59 0.41 BloomEnergy BE 207.12 43.37 BlueOwlCap tal OWL 10.16 0.61 Boeing BA 220.90 6.89 Booking BKNG 193.24 -8.06 BorgWarner BWA 64.41 2.21 BostonSci BSX 46.00 -0.04 BridgeBioPharma BBIO 82.14 -1.40 BrightSpring BTSG 72.88 3.51
DTE Energy DTE 141.70 -1.82 DT Midstream DTM136.77 0.82 Danaher DHR 196.17 -0.32 Darden DRI 206.97 -5.26 DarlingIngred DAR 61.00 2.38 Datadog DDOG 268.56 4.36 DaVita DVA 238.86 -2.10 DeckersOutdoor DECK 99.69 -3.85 Deere DE 599.47-11.48 DellTechC DELL 404.81 35.17 DeltaAir DAL 88.59 2.34 DeutscheBank DB 37.03 1.56 DevonEnergy DVN 44.17 -0.29 DexCom DXCM 74.54 -0.60 Diageo DEO 89.06 -0.10 DiamondbkEner FANG 199.77 0.64 Dick's DKS 199.91 -6.08 DigitalRealty DLR 193.19 5.01 DigitalOcean DOCN 120.23 13.47 Dillard's DDS 602.31 13.16 Disney DIS 96.16 -2.32 DocuSign DOCU 54.29 -3.88 DollarGeneral DG 127.50 -1.18 DollarTree DLTR 128.57 -0.38 DominionEner D 69.73 -0.82 Domino's DPZ 352.25 -7.75 Donaldson DCI 92.66 0.16 DoorDash DASH 197.53 4.00 Dover DOV 204.06 6.07 Dow DOW 30.09 -0.36 DrReddy'sLab RDY 11.83 0.07 DraftKings DKNG 23.72 -0.83 DukeEnergy DUK 126.27 -2.81 DuPont DD 138.84 0.74 DutchBros BROS 65.43 0.82 DycomInds DY 417.15 45.23 Dynatrace DT 44.10 0.22 EMCOR EME 802.37129.89 ENI E 55.56 1.75 EOG Rscs EOG 145.51 -0.43 EQT EQT 52.71 0.14 EastWestBncp EWBC 130.91 0.63 EastGroup EGP 209.58 1.13 Eaton ETN 386.89 25.01 eBay EBAY 113.52 -1.78 EchoStar ECHO 86.13 2.24 Ecolab ECL 279.34 -4.36 Ecopetrol EC 17.04 0.64 EdisonIntl EIX 78.73 0.10 EdwardsLife EW 86.92 1.16 ElancoAnimal ELAN 26.46 0.07 ElbitSystems ESLT 785.96 16.86
s BristolMyers BMY 64.86 1.76 BritishAmTob BTI 61.69 -1.38 BrixmorProp BRX 31.50 -0.16 Broadcom AVGO 387.84 17.52 BroadridgeFinl BR 154.77 -4.43 BrookfieldAsset BAM 47.96 0.61 Brookfield BN 42.03 0.34
s BrookfieldInfr BIP 42.39 -0.23 BrookWealth BNT 42.75 -0.03 Brown&Brown BRO 70.87 -4.00 Brown-Forman B BF.B 28.83 -0.69 Brown-Forman A BF.A 29.21 -0.66 Bruker BRKR 64.34 2.60 Bullish BLSH 22.59 0.75 BungeGlobal BG 105.07 -2.71 BurlingtonStrs BURL 372.19 1.06 CACI Intl CACI 477.35-10.44 CBRE Group CBRE 149.46 1.68 CDW CDW 145.56 -2.36 CF Industries CF 125.77 -1.58 CGI A GIB 73.24 -1.26 CH Robinson CHRW 146.92-26.83 CME Group CME 267.22 1.78 CMS Energy CMS 72.26 -2.10 CNA Fin CNA 53.26 -1.90 CNH Indl CNH 10.32 -0.44 CRH CRH 96.00 -3.71 CSX CSX 50.19 -0.55 CVS Health CVS 105.22 -0.70 CadenceDesign CDNS 332.82 0.06 CamdenProperty CPT 113.29 -3.08 Cameco CCJ 88.23 3.66 CIBC CM 118.27 2.04 CanNtlRlwy CNI 127.13 -2.71 CanadianNatRscs CNQ 47.28 0.83 CdnPacKC CP 88.16 -3.13 CapitalOne COF 210.14 1.43 CardinalHealth CAH 227.07 -2.05 CareTrustREIT CTRE 41.64 -0.70 Carlisle CSL 369.88 35.34 Carlyle CG 45.36 0.66 Carnival CCL 27.77 -0.04 CarpenterTech CRS 503.71-26.91 CarrierGlobal CARR 61.39 1.47 Carvana CVNA 61 44 -4.88 CaseysGenStores CASY 867.50 0.34 Caterpillar CAT 809.14 26.43 Celestica CLS 352.59 24.16 Cemex CX 11.93 0.23 Cencora COR 312.23 -6.38 CenovusEnergy CVE 30.32 1.25 Centene CNC 60.84 -0.98 CenterPointEner CNP 42.15 -0.78 CerebrasSystems CBRS 203.07 33.68 CharlesRiverLabs CRL 234.62 -0.18 CharterComms CHTR 142.00 -3.20 CheckPoint CHKP 128.23-11 44 CheniereEnergy LNG 258.06 -0.55 CheniereEnerPtrs CQP 65.06 2.02 Chevron CVX 192.31 0.45 Chewy CHWY 22.82 -0.48 Chipotle CMG 38.52 4.28 Chubb CB 350.15-11.75 ChunghwaTel CHT 42.68 -0.45 Church&Dwight CHD 97.68 -2.18 Ciena CIEN 372.07 41.70 Cigna CI 287.66 -8.81 CincinnatiFinl CINF 174.73 -6.60 Cintas CTAS 206.79 -9.74 CircleInternet CRCL 64.24 2.88 CiscoSystems CSCO 113.56 1.08 Citigroup C 132.32 5.19 CitizensFin CFG 71.73 0.88 CleanHarbors CLH 317.15 -9.19 Clorox CLX 96.73 -2.90 Cloudflare NET 283.39 13.01 Coca-Cola KO 88.49 -0.59 Coca-ColaCon COKE 189.83 -2.56 CocaColaEuropac CCEP 111.71 0.61 CoeurMining CDE 15 40 0.77 Cognex CGNX 62.62 4.80 CognizantTech CTSH 53.90 -2.08 Coherent COHR 249.06 27.01 CoinbaseGlbl COIN 163.58 3.49 ColgatePalm CL 91.60 -1.89 Comcast A CMCSA 23.67 -0.94 ComfortSystems FIX 1697.84177.88 SABESP SBS 5.47 0.21 ConocoPhillips COP 119.03 0.97 ConEd ED 109.66 -2.59 ConstBrands A STZ 130.38 -0.34 Conste lationEner CEG 263.56 5.61 Cooper COO 72.65 -0.41 Copart CPRT 29.57 -1.25
s ElectronicArts EA 209.59 0.68 ElevanceHealth ELV 376.40 0.42 Embraer EMBJ 68.11 0.45 Emera EMA 54.11 0.09 EmersonElec EMR 148.64 2.91 Enbridge ENB 55.43 0.29 EncompassHea th EHC 110.89 -2.91 EnergyTransfer ET 20.24 0.04
EnlightRenewableEn ENLT 85.78 4.76 EnsignGroup ENSG 178.83 -3.06 Entegris ENTG 117.11 10.10 Entergy ETR 108.03 0.24 EnterpriseProd EPD 38.12 -0.55 Equifax EFX 176.13-10.92 Equinix EQIX 1047.53 39.51 Equinor EQNR 40.73 -0.22 Equitable EQH 48.88 0.53 EquityLife ELS 65.53 -2.12 EquityResdntl EQR 67.12 -1.73 ErieIndemnity ERIE 233.67-14.88 EssentialUtil WTRG 40.35 -0.35 EssexProp ESS 281.86-14.94 EsteeLauder EL 84.88 0.75 EvercoreA EVR 312.87 8.16 Everest EG 375.36-18.53 Evergy EVRG 83.25 -0.75 Everpure P 75.06 5.81 EversourceEner ES 73.84 -0.92 Exelixis EXEL 55.97 0.64 Exelon EXC 45.58 -1.45 ExpandEnergy EXE 92.42 -0.04 Expedia EXPE 292.93-11.34 ExpeditorsIntl EXPD 167.01 -3.12 ExtraSpaceSt EXR 148.21 -4.64 ExxonMobil XOM 156.97 0.22 F5 FFIV 388.75 1.80 FTAI Aviation FTAI197.50 0.13 Fabrinet FN 439.33 24.83 FactSet FDS 263.03-19.01 FairIsaac FICO 1139.54-233.54 Fastenal FAST 46.66 -1.12 Federa Realty FRT 124.09 -1.69 FedEx FDX 308.55 -0.06 FedExFreight FDXF 137.55 -6.81 FergusonEnts FERG 226.36 0.16 Ferrari RACE 397.73 12.04 Ferrovial FER 65.12 2.58 FidNatlFinl FNF 52.06 -1.39 FidNatlInfo FIS 46.00 -0.81 FifthThirdBncp FITB 56.59 0.02 Figma FIG 23.76 -1.00 FirstCitizBcshA FCNCA 2156.23-15.66
s CorceptTherap CORT 118.32 25.37
Neogen NEOG 11 56 22 7 NeoGenomics NEO 16 17 4 0 Neurocrine NBIX 186 12 2 6 NewbridgeAcqn NBRG 10 00 0 3 NewMarket NEU 876 33 10 1 Noodles NDLS 17 60 10 3 OaktreeAcqIIILife OACC 10 88 0 3 OkeanisEcoTankers ECO 60 22 2 6 OmegaHealthcare OHI 52 39 1 9 OriginBancorp OBK 55 57 0 7 OrukaTherap ORKA 98 44 11 1 PBF Energy PBF 74 74 15 4 PCConnection CNXN 88 31 0 6 ParPacific PARR 86 47 3 4 ParkHotels PK 15 48 1 7 Park-Ohio PKOH 39 85 3 3 PitneyBowes PBI 19 07 2 7 Popular BPOP 176 51 1 7 Primerica PRI 326 67 PrivateBncpAmerica PBAM 85 75 1 2 ProvidentFinSvcs PFS 25 41 3 3 QuadGraphics QUAD 10 14 6 4 Quantumsphere QUMS 10 28 0 1 Reformation REF 15 75 0 5 RsrchAllianceIII RACC 23 00 32 7 RithmCapPfdD RITMpD 25 33 0 2 SeacorMarine SMHI 9 61 23 6 SeanergyMaritime SHIP 17 93 10 8 ServiceIntl SCI 90 99 0 5 SharkNinja SN 163 93 2 6 ShoreBancshares SHBI 24 82 0 4 SiddhiAcqn SDHI 10 50 0 1 SmartFinancial SMBK 53 93 0 6 Snowflake SNOW 298 23 5 4 SPACSphereAcqn SSAC 10 05 0 1 Stagwell STGW 8 50 5 1 StarBu kCarriers SBLK 29 17 6 4 StevenMadden SHOO 47 99 10 2 StrategicEd STRA 89 73 2 9 SummitHotelProp INN 7 17 2 4 T3DefenseWt DFNSW 0 38 82 9 10xGenomics TXG 49 84 6 7 TexasRoadhouse TXRH 210 24 0 4
GlobalShipLease GSL 44 58 2 6 Graham GHC 1262 35 0 7 Greif B GEF.B 111 54 0 3 Greif A GEF 88 50 0 1 GrupoCibest CIB 94 06 4 9 HSBC HSBC 107 59 4 4 HanoverBancorp HNVR 27 02 0 2 HartfordIns HIG 146 07 1 8 HomeBancorp HBCP 72 11 0 1 HomeTrustBcshs HTB 52 02 0 7 HopeBancorp HOPE 14 23 0 6 HostHotels HST 25 71 1 8 ICU Medical ICUI 170 81 1 1 IMCRareEarths IMC 5 61 1 2 ING Groep ING 34 97 7 5 Illumina ILMN 205 47 5 3 InflectionPtV IPEX 10 56 0 2 InterPrvInvV IPVVU 10 00 0 1 IonicDigital IOND 71 90 2 9 JakksPacific JAKK 26 82 0 5 JonesLang JLL 363 89 6 4 KY FirstFedBncp KFFB 5 61 2 8 LB Pharm LBRX 41 33 4 9 Labcorp LH 316 11 2 7 LaureateEduc LAUR 40 92 LibertyLatAmA LILA 8 57 4 9 LibertyLatAmC LILAK 8 45 4 7 LifeTime LTH 47 24 3 3 LightWaveA LWAC 10 29 0 3 MGIC Investment MTG 31 89 0 4 Marcus MCS 29 75 19 0 MechanicsBncp MCHB 16 88 0 7 Mercant leBank MBWM 62 39 1 2 MyersIndustries MYE 36 00 0 2
Data provided by
Contrafund K6 35.81 +0.35 5.3 EmgMktIdxInstPre 15.94 +0.61 16.5 ExtMktIdxInstPre114.60 +1.59 13.8 FidSAIEmerg 20.93 +0.77 24.3 FidSer5 7.45 ... -0.3 FidSerInt 8.38 ... 0.2 FidSerToMarket 24.35 +0.39 9.9 FIDZroLgCpIx 26.61 +0.44 9.1 GlexUSIdxInstPre 21.21 +0.59 13.7 GrowthCompanyK6 42.89 +1.26 15.9 IntlIdxInstPrem 68.44 +1.71 12.6 LgCpGwId InstPre 46.01 +1.32 -0.5 LgCpVlIdxIstPrem 24.85 +0.12 20.0 MidCpInxInstPrem 42.45 +0.15 14.9 SAIUSLgCpIndxFd 29.78 +0.49 9.4 SeriesBondFd 8.90 ... -0.3 SeriesOverseas 15.81 +0.57 5.9 SerLTTreBdIdx 5.13 ... -2.6 SmCpIdxInstPrem 36.91 +0.50 19.5 TMktIdxInstPrem205.11 +3.29 9.9 Tota MarketIndex 25.99 +0.42 9.9 TtlIntIdxInstPr 19.57 +0.53 13.0 USBdIdxInstPrem 10.30 +0.01 -0.3 Fidelity Advisor TotBdFdClZ 9.41 ... -0.2 Fidelity Advisor I GrOppI 251.45 +8.24 7.5 Fidelity Freedom Freedom2035K6 18.57 +0.29 8.6 Freedom2040K6 14.17 +0.28 10.6 Idx2030InsPre 23.95 +0.28 6.3 Idx2035InsPre 28.43 +0.38 7.2 Idx2040InsPre 31.30 +0.52 9.0 Idx2045InsPre 33.89 +0.64 10.1
EmgMktVa 42.47 +1.26 15.1 EmMktCorEq 32.44 +0.96 12.4 IntlCoreEq 22.64 +0.54 13.0 IntlVal 33.07 +0.85 17.2 IntSmCo 27.78 +0.64 9.8 IntSmVa 34.17 +0.90 11.9 LgCo 49.39 +0.81 9.4 US CoreEq1 55.14 +0.66 11.8 US CoreEq2 49.32 +0.62 12.1 US Small 61.24 +0.53 17.8 US SmCpVal 62.19 -0.05 21.4 US TgdVal 44.05 -0.06 20.1 USLgVa 66.38 +0.44 18.8 Dodge & Cox Income 12.52 ... -0.5 Intl Stk 18.89 +0.45 14.8 Stock 17.81 -0.02 9.1 DoubleLine Funds TotRetBdI NA ... NA Fidelity 500IdxInstPrem258.54 +4.22 9.4
FirstHorizon FHN 25.45 -0.32 FirstSolar FSLR 206.01 6.77 FirstEnergy FE 48.71 -0.42 Fiserv FISV 54.07 -1.56 FiveBelow FIVE 219.17 9.68 Flex FLEX 111.91 8.89 FlutterEnt FLUT 102.13 -5.65 FEMSA FMX 126.76 5.70 FordMotor F 14.86 -0.42 Fortinet FTNT 154.25 1.03 Fortis FTS 57.47 -0.09 Fortive FTV 58.48 -1.06 FoxB FOX 52.34 -0.39 FoxA FOXA 58.82 -0.13 Franco-Nevada FNV 221.36 6.99 FranklinRscs BEN 33.17 0.78 FreedomHolding FRHC 155.13 6.89 FreeportMcM FCX 63 44 3 45 FreseniusMedCare FMS 25.70 0.84 FullTruck YMM 9.56 -0.08 Futu FUTU 103.42 1.54 G H I
IntuitiveSurgical ISRG 352.97 -0.13 InvitatHomes INVH 29.67 -0.44 IonQ IONQ 35.77 3.78 IronMountain IRM 124.64 3.89 ItauUnibanco ITUB 8.44 0.29 J K L
JBS JBS 14.29 0.06 JD.com JD 32.31 0.11 JPMorganChase JPM 350.85 6.14 Jabil JBL 308.52 21.38 JackHenry JKHY 154.24 -6.91 JacobsSo ns J 132.75 -3.16 JamesHardie JHX 26.47 0.28 JanusLiving JAN 30.40 -0.96 JazzPharm JAZZ 258.38 2.41 JefferiesFinl JEF 55.09 -0.01 J&J JNJ 255.82 -9.71 JohnsonControls JCI 143.88 4.46
s JonesLang JLL 361 72 21.72 KB Financial KB 121 09 8.69 KE Holdings BEKE 16.99 0.32 KKR KKR 100.98 1.70 KLA KLAC 180 33 10.14 Kaspi.kz KSPI 89.04 1.90 Kenvue KVUE 19.31 -0.48 KeurigDrPepper KDP 31.57 0.12 KeyCorp KEY 22.61 0.43 KeysightTech KEYS 312 69 15.97 KimberlyClark KMB 110.19 -3.02 KimcoRealty KIM 25.51 -0.50 KinderMorgan KMI 31.66 -0.19 KinrossGold KGC 23.62 0.41 Klarna KLAR 19.00 0.38 Knight-Swift KNX 69.80 -1.24 Philips PHG 26.44 0.34 KoreaElecPwr KEP 12.11 0.73 KraftHeinz KHC 26.38 -1.24 Kroger KR 57.86 -2.01 KrystalBiotech KRYS 366.85 3.57 LatamAirlines LTM 53.94 1.89 LPL Financial LPLA 339.17 1.39
GE Aerospace GE 355.04 4.41 GE HealthCare GEHC 69.94 -1.96 GE Vernova GEV 981.98 81.70 GFLEnvironmental GFL 41.37 1.13 GSK GSK 52.07 -1.15 Gallagher AJG 256.46-12.45 GameStop GME 21.88 0.04 Gaming&Leisure GLPI 44.71 -1.30 Garmin GRMN 297.55 2.72 Gartner IT 152.92-12.73 GenDigital GEN 27.29 -0.34 Generac GNRC191.91 -3.28 GeneralDynamics GD 382.20 1.24 GeneralMills GIS 36.42 -1.50 GeneralMotors GM 88.40 -1.00 Genmab GMAB 28.64 0.12 GenuineParts GPC 124.83 -5.15 Gildan GIL 52.50 1.25 GileadSciences GILD 131.28 -1.45
t L3HarrisTech LHX 271.90-25.63
s Glaukos GKOS168.52 6.86 GlobalPayments GPN 86.84 -1.43 GlobalFoundries GFS 49.89 2.82 Globalstar GSAT 80.09 1.52 GlobeLife GL 182.98 3.30 GlobusMedical GMED 80.26 -1.16 GoDaddy GDDY 99.33 -5.77 GoldFields GFI 33.53 1.29 GoldmanSachs GS 1024.86 44.11 Grab GRAB 3.40 0.05 Graco GGG 79.99 -1.22 Grainger GWW 1355.49 -3.43 GAP PAC 219.58 2.61
s Labcorp LH 315.53 8.38 LamResearch LRCX 297 72 45.37 LamarAdv LAMR 160.65 -3.68 LasVegasSands LVS 49.87 1.32 LatticeSemi LSCC 124.53 11.57 Leidos LDOS 112.41 -1.96 Lennar B LEN.B 81.76 -0.73 Lennar A LEN 83.75 -0.81
t LennoxIntl LII 417.45-12.57 LeonardoDRS DRS 45.62 -0.92 LeviStrauss LEVI 24.55 -0.12 LiAuto LI 13.49 -0.31 LibertyLiveA LLYVA 102.10 2.04 LibertyLiveC LLYVK 105.65 1.95 LibertyFormOne A FWONA 91.99 -1.51 LibertyFormOne C FWONK 100.00 -1.89
s GrupoCibest CIB 93.89 4.42 GuardantHealth GH 152.35 8.28 Guidewire GWRE 153.21-14.05 HCA Healthcare HCA 395.79-12.39 HDFC Bank HDB 24.14 0.11 HF Sinclair DINO 92.44 2.44 HP HPQ 26.86 -1.55
s LifeTime LTH 44.20 -1.50 EliLilly LLY 1154.97-55.05 LincolnElectric LECO250.22 -7.77 Linde LIN 508.64 -2.53 Lineage LINE 42.85 -1.49 LithiaMotors LAD 405 03-22 45 Littelfuse LFUS 442 00 31.53 LiveNationEnt LYV 183.56 -0.87 LloydsBanking LYG 6.25 0.38 LockheedMartin LMT 574.11 4.91 Loews L 116.37 -2.57 LogitechIntl LOGI 101.57 -1.42 Lowe's LOW 210.08 -5.60 lululemon LULU 119.48 0.44 Lumentum LITE 693 24 90.89 LyondellBasell LYB 60.44 -0.05 M N
s HSBC HSBC 107.09 4.49 H World HTHT 42.25 -1.00 Haleon HLN 10.11 -0.17 Halliburton HAL 31.64 0.45 Ha ozymeTherap HALO 83.30 0.02 HarmonyGold HMY 16.15 0.62
s HartfordIns HIG 143.05 -2.63 Hasbro HAS 94.53 -0.64 Hea thpeakProp DOC 22.06 -0.42 HeclaMining HL 14.93 0.78 Heico HEI 354.17 -1.06 HeicoA HEI.A 256.15 -1.21 HenrySchein HSIC 85.17 -0.66 Hershey HSY 177.23 -6.68 HewlettPackard HPE 47.14 2.70 Hilton HLT 322.02 0.30 HomeDepot HD 333.35 -4.92 HondaMotor HMC 30.72 0.04 HoneywellAero HONA 204.32 -0.87 Honeywell HON 241.91 0.79 Horme Foods HRL 25.37 -0.43 DR Horton DHI 145.53 -1.63
Macom Tech MTSI 248 71 20.00 M&T Bank MTB 247.00 -3.33 MGM Resorts MGM 45.66 -0.17 MKS MKSI 293 30 35.69 MPLX MPLX 57.61 -0.18 MSCI MSCI 575.74 -7.18
t MadisonAirSo ns MAIR 29.14 -2.50 MSG Sports MSGS 405.05 6.54 MadrigalPharm MDGL 493 11-53.77 MagnaIntl MGA 69.85 0.75 MagnumIceCrm MICC 18.74 0.50 ManhattanAssoc MANH 190.97-13.05 ManulifeFinl MFC 44.55 0.63 Maplebear CART 44.75 -0.89 MarathonPetrol MPC 314.08 5.36 Markel MKL 1886.16-128.84 Marriott MAR 375.48 -5.64 Marsh MRSH 191.51 -6.08 MartinMarietta MLM 540 00-29.66 MarvellTech MRVL 183 30 19.90 Masco MAS 72.11 -0.45 MasTec MTZ 324 44 37.02 Mastercard MA 577.35 14.03 MatchGroup MTCH 39.31 -0.09 McCormickVtg MKC.V 50.85 -0.86 McCormick MKC 50.96 -1.03 McDonald's MCD 268.44 -3.08 McKesson MCK 865.51-23.05 Medline MDLN 39.12 -0.96 Medpace MEDP 578.30 -6.63 Medtronic MDT 85.71 -1.83 MercadoLibre MELI 1885.73 22.42 Merck MRK 129.79 -0.57 MetaPlatforms META 539 03-46.58 MetLife MET 97.07 0.05 Mettler-Toledo MTD 1380.61 -7.72 MicrochipTech MCHP 75.01 3.64 MicronTech MU 874 66135.66 Microsoft MSFT 451 10 60.56 MidAmApt MAA133.32 -4.06 MillicomIntl TIGO 95.17 0.99 MitsubishiUFJ MUFG 22.50 0.56 MizuhoFin MFG 10.35 0.54 Moderna MRNA 57.92 3 43 ModineMfg MOD 193.91 15.87 MolinaHea thcare MOH 194.70 -4.32 Mondelez MDLZ 63.08 -1.91
s HostHotels HST 25.09 -0.45
t HoulihanLokey HLI 128.34-10.74 HowmetAerospace HWM 277.28 4.49 Hubbell HUBB 473.69 12.73 HubSpot HUBS 233.10-18.02 HudbayMinerals HBM 22.75 0.77 Humana HUM 366.66 1.25 JBHunt JBHT 269.21 -6.93 HuntingtonBcshs HBAN 17.08 0.24 HuntingIngalls HII 319.90 39.50 Hut8 HUT 108.27 20.09 HyattHotels H 176.68 -9.34 ICICI Bank IBN 30.26 0.50 IDEX IEX 233.77 4.25 IdexxLab IDXX 558.80-10.97 IES Holdings IESC 571.54 75.32
s ING Groep ING 34.94 2 43 INNIO INIO 24.39 2.62 Invesco IVZ 29.42 1.35 IQVIA IQV 237.79 -9.77 IREN IREN 38.26 8.95 ITT ITT 193.00 2.20 IcahnEnterprises IEP 7.71 0.12 Icon ICLR 165.53-12.65 Il inoisToolWks ITW 283.70 -8.75
s Illumina ILMN 205.09 10.27 ImperialOil IMO 128.80 ... Incyte INCY 122.99 -4.11 Infosys INFY 11.95 -0.65 IngersollRand IR 84.32 -0.29 Insmed INSM 101.49 -1.63 Insulet PODD 165.68 -4.94 Intel INTC 91.13 9.25 InteractiveBrkrs IBKR 90.48 4.22 ICE ICE 156.27 1.99 InterContHtls IHG 162.59 1.07 IBM IBM 221.74 -4.70 IntlFlavors IFF 79.48 -0.15 IntlPaper IP 43.15 0.51 Intuit INTU 315.50-17.63
ThirdCoastBcshs TCBX 44 50 1 5 TriNet TNET 73 08 2 1 UMB Fin UMBF 149 98 1 9 VendomeAcqnI VNME 10 25 0 1 Vericel VCEL 49 32 2 1 VernalCapAcqnRt VECAr 0 38 15 6 Victoria'sSecret VSXY 91 97 1 0 Xencor XNCR 21 76 10 0 Youdao DAO 16 49 4 5 Lows
AGNT AGNT 3 69 1 8 AIFinancial AIFC 0 36 0 8 Amerisafe AMSF 28 94 2 3 AMTD DEA AMTD 0 75 1 9 Aclarion ACON 1 95 0 2 AdagioMedical ADGM 0 36 8 7 AegonNts2049 AEFC 18 08 0 1 AethlonMedical AEMD 0 53 6 5 AirshipAIWt AISPW 0 35 AiRWA YYAI 0 16 41 4 AlnylamPharm ALNY 197 81 28 3 AlphaTech ATGL 8 36 7 0 ApimedsPharm APUS 4 70 14 4 ApolloComR Est ARI 6 43 1 5 ArborRealty ABR 4 77 5 7 Armlogi BTOC 0 23 6 2 ArriveAI ARAI 0 23 2 1 BTBrandsWt BTBDW 0 03 28 4 Banza Intl BNZI 1 71 4 0 BicycleTherap BCYC 3 81 3 9 bioAffinityTech BIAF 0 56 10 2 Biomerica BMRA 1 52 BionanoGenom BNGO 1 05 2 8 Birks BGI 0 44 1 4 BitOrigin BTOG 0 77 0 2 BlackTitan BTTC 0 64 1 5 BlackstoneMtg BXMT 14 90 8 7 Blaize BZAI 0 74 6 2 BlaizeWt BZAIW 0 18 7 4 BluejayDiag BJDX 0 83 5 8 BoneBiologics BBLG 0 84 4 9 Boxlight BOXL 2 59 3 7
Fidelity Strategic A StratAdEmrMrt NA ... NA First Eagle Funds GlbA 87.06 +0.62 8.2 Franklin A1 IncomeA1 2.55 ... 5.2 FrankTemp/Frank Adv IncomeAdv 2.53 +0.01 5.8 FrankTemp/Franklin A DynaTech A 189.11 +8.11 1.5 Growth A 141.12 +2.31 4.8 RisDv A 97.48 +0.98 8.2 Guggenheim Funds Tru TotRtnBdFdClInst NA ... NA Harbor Funds CapApInst NA ... NA JHF III DispVal DispValMCI 31.37 -0.22 14.2 John Hancock BondR6 13.34 +0.01 -0.2 JPMorgan I Class CoreBond 10.13 ... -0.4 EqInc 28.41 +0.17 15.7 LgCpGwth 80.23 +3.01 -1.9 JPMorgan R Class CoreBond 10.15 +0.01 -0.3 CorePlusBd 7.13 +0.01 0.3 Lord Abbett I ShtDurInc p 3.83 +0.01 1.3 Metropolitan West TotRetBdI NA ... NA MFS Funds IIE 44.10 +0.89 8.7 MFS Funds Class I ValueI 55.12 +0.21 10.5
Idx2050InsPre 34.06 +0.65 10.3 Fidelity Invest Balanc 34.74 +0.40 9.0 BluCh 294.15 +8.95 10.2 BluChpGr K6 47.90 +1.60 8.3 Contra 25.62 +0.24 5.6 ContraK 25.74 +0.24 5.6 CpInc 11.14 +0.11 5.8 DivIntl 54.66 +1.86 12.4 GroCo 55.00 +1.54 15.0 InvGrBd 9.93 ... -0.1 LowP 47.71 +0.31 15.7 Magin 15.10 +0.44 3.1 NASDAQ 319.77 +8.64 8.4 OTC 28.69 +0.72 18.2 Puritn 27.71 +0.37 7.2 SAILTTreBdIdx 6.37 -0.01 -3.0 SAIUSMinVolIndFd 24.79 ... 8.7 SAIUSQtyIdx 26.19 +0.26 9.4 SrsBlChGroRetail 25.47 +0.80 10.8 SrsEmrgMkt 29.69 +1.18 20.4 SrsGlobal 20.80 +0.58 13.7 SrsGroCoRetail 31.54 +0.89 15.7 SrsIntlGrw 20.64 +0.76 8.0 SrsIntlVal 17.45 +0.39 11.9 TotalBond 9.43 +0.01 -0.1 Fidelity SAI FidSaiCndInxFnd 15.89 +0.12 11.6 FidSaiInfltnFnd 10.00 ... 0.7 IntlValIdx 15.11 +0.30 20.0 TotalBd 8.92 ... -0.2 Fidelity Selects Semiconductors r 58.63 +3.92 47.8 Tech 52.08 +1.89 30.0
MongoDB MDB 325.88 4.78 MonolithicPower MPWR 1316 18 67.42 MonsterBev MNST 97.65 0.42 Moody's MCO 482.26 -0.98 Moog A MOG.A 419.25 29.38 MorganStanley MS 210.06 6.93 MotorolaSol MSI 430.82 -3.38 MuellerInds MLI 66.86 1.46 MurphyUSA MUSA 616.10 -0.13 NIO NIO 4.84 0.08 NNN REIT NNN 48.14 -0.71 NRG Energy NRG 133.97 9.74 NVR NVR 6288.68-93.11 NXP Semicon NXPI 245.16 4.18 Nasdaq NDAQ 95.16 -0.39 Natera NTRA 269.66 15.84 NationalGrid NGG 80.39 1.51 NatWest NWG 18.53 0.95 Nebius NBIS 188.43 40.21 NetApp NTAP 173.98 0.75 NetEase NTES 131.90 2.28 Netflix NFLX 73.17 -0.46
RELX RELX 36.61 -1.62 RPM RPM 107.83 -0.54 RTX RTX 214.38 -0.87 RalphLauren RL 385.91 10.23 Rambus RMBS 89.58 6.77 RangeResources RRC 39.55 -0.36 RaymondJames RJF 174.97 0.81 RealtyIncome O 64.43 -1.11 Reddit RDDT178.04 0.05 RegalRexnord RRX 202.59 14.99 RegencyCtrs REG 80.36 -0.75 RegenPharm REGN 738.34 42.92 RegionsFinl RF 30.85 -0.09 ReinsGrp RGA 238.06 0.95 Reliance RS 401.02 -2.60 RenaissanceRe RNR 318.36-14.25 RentokilInit RTO 24.25 -5.18 RepublicSvcs RSG 211.33 -7.58 ResMed RMD 208.56 -5.73 RestaurantBrands QSR 74.34 -1.18 RevolutionMed RVMD 192.17 11.25 Revvity RVTY 113.54 0.17 RioTinto RIO 97.18 3.52 Rivian RIVN 16.83 0.50 Robinhood HOOD 86.60 -3.24 Roblox RBLX 48.67 -1.46 RocketCos. RKT 13.26 -0.44 RocketLab RKLB 64.68 6.08 Rockwell ROK 471.01 11.62 RogersComm B RCI 34.08 -0.74 RoivantSciences ROIV 34.52 1.65 Roku ROKU 145.09 -0.24 Rollins ROL 38.35 -0.40 RoperTech ROP 389.25-18.82 RossStores ROST 252.57 0.61 RoyalBkCanada RY 210.12 3.67 RoyalCaribbean RCL 321.94 -1.64 RoyalGold RGLD 203.04 7.56 RoyaltyPharma RPRX 59.02 -0.16 Rubr k RBRK 71.58 -0.33 RyanSpecia ty RYAN 44.09 -2.39 Ryanair RYAAY 60.17 2.31 RyderSystem R 258.17 -0.07 SAP SAP 180.88 -5.11 S&P Global SPGI 415.00 -4.64 SBA Comm SBAC 181.90 -4.39 SEI Investments SEIC 103.04 0.16 SK hynix SKHY 149.00 22.21 SK Telecom SKM 31.79 2.15 SLB SLB 48.91 -0.05 SPX Tech SPXC 199.30 11.65 SS&C Tech SSNC 77.17 -1.14 Saia SAIA 350.63-43.81 SailPoint SAIL 16.17 0.28 Salesforce CRM 180.71 -7.67 Samsara IOT 35.80 -2.95 Sandisk SNDK 1279.96264.07 Sanofi SNY 42.89 -1.96 SchwabC SCHW 104.33 -0.14 Sea SE 106.24 -2.13 Seagate STX 851.68 87.25 Sempra SRE 89.58 0.76 Semtech SMTC 114.61 11.06
s Neurocrine NBIX 185.50 4.71 NYTimes A NYT 75.83 -1.86 Newmont NEM 95.76 4.42 NewsCorp A NWSA 28.09 -0.73 NewsCorp B NWS 31.80 -0.84 NextEraEnergy NEE 87.93 -0.53 Nextpower NXT 96.90 4.23 Nike NKE 42.29 -0.93 NiSource NI 45.07 0.26 Nokia NOK 9.09 0.68 Nomura NMR 9.56 -0.11 Nordson NDSN 295.23 0.25 NorfolkSouthern NSC 333.93 -1.81 NorthernTrust NTRS 182.51 4.86 NorthropGrum NOC 534.85 -0.20 NorwegCruise NCLH 18.72 -2.03 Nova NVMI 394.07 27.16 Novartis NVS 158.44 -0.39 NovoNordisk NVO 51.61 0.03 NuHoldings NU 14.49 0.45 Nucor NUE 257.04 1.02 Nutanix NTNX 59.26 -0.31 Nutrien NTR 70.72 0.13 nVentElectric NVT 144.80 11.19 NVIDIA NVDA 195.04 5.03 O P Q
OGE Energy OGE 47.26 -0.53 ONEOK OKE 89.07 -0.93 ON Semi ON 83.74 4.88 O'ReillyAuto ORLY 87.36 -3.27 OccidentalPetrol OXY 55.95 -0.08 Okta OKTA 140.42 3.51 OldDomFreight ODFL 212.47-10.32 OldNatlBncp ONB 26.41 -0.27 OldRepublic ORI 43.38 -1.21
s OmegaHealthcare OHI 50.40 -0.97 Omnicom OMC 79.61 -2.97 OnHolding ONON 37.10 -0.81 OntoInnovation ONTO 250.52 32.21 Oracle ORCL 127.56 9.82 Orix IX 40.40 1.28 OscarHealth OSCR 31.23 0.66 OtisWorldwide OTIS 71.69 -1.67 Ovintiv OVV 61.62 0.34 OwensCorning OC 138.82 2.45 PDD PDD 87.44 -0.88 PG&E PCG 17.78 0.07 PNC Finl PNC 248.71 0.22 POSCO PKX 54 49 5.81 PPG Ind PPG 112.03 0.20 PPL PPL 35.56 -0.14 PTC PTC 136.30 3.84 Paccar PCAR 133.76 -0.11 PackagingCpAm PKG 248.63 -0.80 PalantirTech PLTR 122.26 -0.74 PaloAltoNtwks PANW 325.68 11.53 PanAmerSilver PAAS 44.03 1.48 ParkerHannifin PH 962.79 11.72 Paychex PAYX 116.33 -5.80 PayPal PYPL 57.65 -0.70 PayPay PAYP 16.09 1.25 Pearson PSO 17.41 -0.23 PembinaPipeline PBA 50.43 0.02 PenskeAuto PAG 220.61 -2.83 Pentair PNR 66.17 -0.42 Penumbra PEN 319.83 -0.30 PepsiCo PEP 140.20 -3.30 PerformanceFood PFGC 114.75 -1.90 PermianRscs PR 21.00 0.25 PershingSquare PS 33.57 0.68 PetroleoBrasil PBR 19.12 0.53 PetroleoBrasilA PBR.A 16.85 0.40 Pfizer PFE 24.91 -0.24 PhilipMorris PM 192.00 -6.44 Phillips66 PSX 210.60 3.79 PinnacleFinPtrs PNFP 104.84 0.10 PinnacleWest PNW 101.32 -0.96 Pinterest PINS 24.43 -0.01 PlainsA lAmPipe PAA 24.82 -0.07 PlainsGP PAGP 26.59 -0.07
s ServiceIntl SCI 85.29 -0.39 ServiceNow NOW 110.07 -5.69
s SharkNinja SN 163.33 4.11 Shell SHEL 90.51 2.17 SherwinWil iams SHW 344.84 0.96 ShinhanFin SHG 72.35 3.88 Shopify SHOP 122.40 -6.77 SimonProperty SPG 230.44 -5.17 SiriusXM SIRI 30.97 -1.62 SiTime SITM 527.87 65.71 Skyworks SWKS 62.48 1.29 Smith&Nephew SNN 32.33 -0.33 SmithfieldFds SFD 26.59 -0.75 Smucker SJM 122.21 -4.14 SmurfitWestrock SW 47.52 -0.74 Snap-On SNA 409.05 -5.78
s Snowflake SNOW 298.10 15.20 SOQUIMICH SQM 68.43 0.88 SoFiTech SOFI 16 47 1.22 Solventum SOLV 86.82 -1.73 Somnigroup SGI 66.87 -1.53 Sony SONY 22.77 -0.50 Southern SO 94.34 -1.71 SoCopper SCCO 185.00 9.53 SouthStateBk SSB 105.26 -0.45 SouthwestAir LUV 45.60 1.22 SpaceX SPCX 112.20 -0.35
Amount Payable / Company Symbol Yld% New/Old Frq Record Amount Payable / Company Symbol Yld% New/Old Frq Record
Increased Quaker Houghton KWR 1.3 .53/.508 Q Oct30 /Oct16 STRATS Allstate 2006-3 GJT 5.2 .0964/.09404 M Aug03 /Jul31 Sturm Ruger RGR 1.1 .21 /.11 Q Aug28 /Aug14 Vistra VST 0.6 .23 / 229 Q Sep30 /Sep21
s Popular BPOP 175.13 2.91
s Primerica PRI 323.32 -0.11 Principa Finl PFG 113.95 0.77 Procter&Gamble PG 143.96 -2.14 Progressive PGR 213.28 -6.71 Prologis PLD 146.19 0.72 PrudentialFinl PRU 122.77 0.14 Prudential PUK 30.98 1.73 PSEG PEG 77.55 -0.20 PublicStorage PSA 317.45-11.99 PulteGroup PHM 128.74 -3.57 QXO QXO 13.46 0.06 QnityElec Q 130.52 7.13 Qualcomm QCOM 151.60 -4.08 QuantaServices PWR 657.98 96.84 Quantinuum QNT 51.55 4.21 QuestDiag DGX 234.30 -0.92 R S
Stocks Cloudastructure Cl A CSAI 1:30 /Jul31
Foreign Agnico-Eagle Mines AEM 1.2 .45 Q Sep15 /Sep01 Ardmore Shipping ASC 9.1 79 Q Sep15 /Aug28 Bank ofMontreal BMO 2.5 1.21358 Q Aug26 /Jul30 Highway Holdings HIHO 5.1 .05 Q Sep22 /Aug10 OneSpaWorld Holdings OSW 0.8 .05 Q Sep02 /Aug19 Teekay Tankers TNK 1.3 25 Q Aug21 /Aug10
Special Ethan Allen ETD 6.8 25 Aug26 /Aug12 Note: Dividend yields as of3:30 p.m. ET Sources:FactSet; DowJones MarketData
KEY:A:annual; M:monthly;Q: quarterly; r:revised; SA: semiannual; S2:1: stock split and ratio;SO: spin-off.
RBC Bearings RBC 561.90 11.63 RB Global RBA 110.01 -5.19
Brightstar BRSL 10 09 1 7 CionInvt CION 5 83 1 0 CaliberCos CWD 0 47 0 5 Cango CANG 1 36 8 3 CapricorTherap CAPR 2 96 36 2 cbdMD YCBD 0 47 3 7 ChampionsOncology CSBR 5 22 3 7 ChicagoAtlRea Est REFI 9 77 0 5 ChurchillDowns CHDN 79 40 6 6 ClarosMtg CMTG 1 76 12 1 CN Finance CNF 2 04 7 2 CoastalFinl CCB 36 61 43 5 ComstockRscs CRK 12 12 0 7 D.Bora ARC I A BCAR 4 00 17 1 DLH Holdings DLHC 4 74 9 3 DareBioscience DARE 1 13 6 9 DataStorage DTST 2 85 0 9 DigitalAssetA DAAQ 6 60 21 9 Discip inedGrthRt DGACr 0 14 9 4 DynamixIIIWt DNMXW 0 24 2 1 E-HomeHousehold EJH 1 01 2 7 EIDP$4.50Pfd CTApB 65 13 ElectraBatteryMtls ELBM 0 49 1 7 Elmet ELMT 12 49 6 9 EmpireStateReal60 OGCP 4 51 16 8 Enlivex ENLV 1 92 13 3 EntergyNOLA Bds ENJ 19 58 0 6 ENvueMedical FEED 0 31 3 2 EvolutionMtls EMAT 4 25 0 5 ExynTech EXYN 2 12 5 2 FTC Solar FTCI 2 57 1 2 FarmlandPtrs FPI 9 21 1 1 Farmmi FAMI 0 14 4 6 FingerMotion FNGR 0 23 1 7 FirstCarolinaFinSv FCBM 12 17 1 0 FlashSports&Media FLZH 1 21 3 2 FluxPower FLUX 0 47 5 0 Fly-E FLYE 1 61 1 5 Freightos CRGO 1 17 4 1 Fusemachines FUSE 0 75 4 3 GSRIVAcqnRt GSRFR 1 75 2 0 Gauzy GAUZ 0 23 1 7 Gaxos.ai GXAI 0 76 2 9
GBankFinl GBFH 19 91 30 0 Genprex GNPX 5 95 14 9 GettyImages GETY 0 36 0 2 GladstoneLand LAND 8 26 2 0 GlobaTerraWt GTERW 0 05 27 9 GoldmanSachsPfC GSpC 19 01 0 2 GoldmanSachsPfD GSpD 18 68 0 3 Greenlane GNLN 1 51 5 4 HadronEnergy HDRN 1 19 6 2 HealthcrTriangle HCTI 1 12 26 6 HealthyChoice HCWC 0 17 5 4 HeartbeamWt BEATW 0 02 0 6 Houl hanLokey HLI 112 83 7 7 HuachenAIPkg HCAI 3 92 1 4 IN8bio INAB 0 96 0 9 IdahoCopper COPR 2 15 3 7 InflectionPtIII IPCXU 9 65 4 8 InovioPharm INO 0 56 36 9 Iridex IRIX 0 80 3 7 JerseyMike's JMKE 20 63 6 0 JinkoSolar JKS 14 55 1 8 JupiterNeurosci JUNS 0 09 1 5 KWaveMedia KWM 0 07 27 5 KaileraTherap KLRA 16 50 1 0 KestrelGr6.625-46 MHLA 10 00 0 5 KochavDefenseRt KCHVR 0 17 3 5 KratosDefense KTOS 43 09 5 2 LKQ LKQ 21 17 14 4 L3HarrisTech LHX 262 68 8 6 LendingTree TREE 29 77 19 6 LennoxIntl LII 411 41 2 9 Leslie's LESL 0 80 2 4 LexariaBioscience LEXX 0 37 25 2 LiBangIntl LBGJ 0 02 25 0 LibertyDefense DETX 3 06 0 3 LincolnIntl LCLN 20 10 7 0 LinkersIndustries LNKS 1 03 1 9 LumentFinance LFT 0 70 2 3 MiraPharm MIRA 0 80 3 0 MadisonAirSolns MAIR 27 38 7 9 MaisonSolutions MSS 1 38 15 2 MicroVision MVIS 0 23 1 1 ModularMed MODD 1 98 0 5
Natixis Funds InvGradeBdY 9.58 +0.01 -0.3 LSGrowthY 31.10 +0.30 -6.4 Northern Funds StkIdx 74.08 +1.20 9.3 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 203.33 +4.55 -3.3 LgCapGow I 85.19 +1.90 0.3 Putnam Funds Class A PutLargCap p 44.94 +0.56 15.0 Putnam Funds Class Y PutLargCap 44.95 +0.56 15.1 Schwab Funds 1000 Inv r 15.95 +0.25 9.6 FunUSLgInst r 37.64 +0.19 17.4 IntI Sel r 32.36 +0.87 12.7 S&P Sel 19.18 +0.32 9.4 TSM Sel r 18.00 +0.29 9.8 Strategic Adviser StratAdCorInFnd NA ... NA StratAdFidCoreS 9.06 ... 0.2
StratAdFidEmr 18.24 +0.68 20.1 StratAdFidUS 21.38 +0.33 12.8 StratAdIntlFnd NA ... NA StratAdMunBond NA ... NA StratAdvFidIntl 16.56 +0.44 12.1 TIAA/CREF Funds EqIdxInst 51.44 +0.82 9.7 IntlEqIdxInst 31.38 +0.84 12.7 LrgCpGrIdxInst NA ... NA VANGUARD ADMIRAL 500Adml 686.67+11.22 9.3 BalAdml 53.77 +0.54 5.8 CAITAdml 11.36 -0.03 0.1 CapOpAdml r260.71 +8.37 20.2 DivAppIdxAdm 65.13 +0.41 10.1 EMAdmr 48.03 +0.80 7.8 EqIncAdml 102.75 +0.22 11.9 ExplrAdml 122.38 +2.01 14.7 ExtndAdml 179.79 +2.50 14.0 GroIncAdml 117.74 +2.28 7.9 GrwthAdml 260.14 +6.86 3.8 HlthCareAdml r 86.49 -1.11 4.5 HYCorAdml r 5.44 +0.01 1.3 InfProAd 22.72 +0.02 0.5 InfTechIdx 465.29+22.37 20.9 IntlGrAdml 121.36 +3.16 6.5 ITBondAdml 10.23 +0.01 -0.7 ITIGradeAdml 8.63 +0.01 -0.5 LarCapAd 172.31 +2.89 9.0 MidCpAdml 401.19 +1.77 12.4 MuHYAdml 10.54 -0.03 1.5 MuIntAdml 13.56 -0.03 0.3 MuLTAdml 10.69 -0.03 0.8 MuLtdAdml 10.90 ... 0.9 MuShtAdml 15.82 ... 1.4
Spotify SPOT 522.61 -1.40 StandardAero SARO 28.98 0.25 StanleyB&D SWK 95.55 2.50 Starbucks SBUX105.85 1.71 StateStreet STT 182.82 6.78 Stee Dynamics STLD 252.50 0.16 Stellantis STLA 5.86 -0.15 Steris STE 231.21 -3.62 SterlingInfr STRL 580 73 86 49 StifelFinancial SF 82.63 0.71 STMicroelec STM 53.06 4.70 Strategy MSTR 97.74 4.41 Stryker SYK 348.04 -4.21 Sum tomoM ts SMFG 25.78 0.82 Summ tTherap SMMT 13.44 0.64 SunComms SUI 124.43 -3.51 SunLifeFinancial SLF 82.77 0.50 SunbeltRentals SUNB 72.53 -0.88 SuncorEnergy SU 66.73 0.93 Sunoco SUN 75.97 -0.50 SuperMicroComp SMCI 27.73 2.03 Suzano SUZ 8.44 0.14 Symbotic SYM 42.94 2.60 SynchronyFinl SYF 77.17 2.20 Synopsys SNPS 372.33 -1.36 Sysco SYY 84.71 -0.61 T U V
U-Haul UHAL 70.95 -0.67 U-Haul N UHAL/B 62.84 -0.44 UL Solutions ULS 92.16 -0.22
s UMB Fin UMBF 145.51 -2.76 US Foods USFD 100.55 -1.80 Uber UBER 70.37 -0.83 Ubiquiti UI 533.23 10.36 UltaBeauty ULTA 516.73 8.64 Unilever UL 65.27 -0.73 UnionPacific UNP 289.46 -2.73 UnitedAirlines UAL 123.56 4.14 UnitedMicro UMC 18.94 1.83 UPS B UPS 105.27 0.71 UnitedRentals URI 1068.63 13.52 US Bancorp USB 62.90 0.08 UnitedTherap UTHR 525.82 1.12 UnitedHealth UNH 421.47 0.90 Un tySoftware U 33.34 1.30 UniversalHea thB UHS 163.29 -4.87 UnumGroup UNM 86.77 3.14 VICI Prop VICI 26.31 -0.82 Vale VALE 14.99 0.34 ValeroEnergy VLO 311.71 10.39 VeevaSystems VEEV 201.56 -6.35 Ventas VTR 91.92 -5.80 VentureG obal VG 13.24 0.19 Veralto VLTO 94.71 -4.12 VeriSign VRSN 286.58 -4.34 VeriskAnalytics VRSK 200.35-12.80 Verizon VZ 46.11 -1.11 VertexPharm VRTX 481.70 -1.63 Vertiv VRT 227.50 4.46 ViaSat VSAT 77.60 7.41 Viatris VTRS 17.76 -0.06 Viking VIK 104.45 1.79 ViperEnergy VNOM 43.46 0.28 VirtuFinancial VIRT 59.16 1.23 Visa V 366.27 -2.46 Vistra VST 148.62 5.81 Vodafone VOD 16.14 0.01 VulcanMatls VMC 271.24-12.68
TC Energy TRP 68.09 0.81 TD Synnex SNX 252.12 3.44 TE Connectiv ty TEL 206.58 -0.37 Telus TU 10.77 -0.36 Ternium TX 49.11 1.05 TFI Intl TFII 134.29 -6.74 TIM TIMB 19.12 0.07 TJX TJX 159.26 -2.37 TKO TKO 183.81 -3.54 T-MobileUS TMUS 173.34 -8.18 TPG TPG 42.70 0.54 T.RowePrice TROW 119.28 0.41 TTM Tech TTMI 115.51 13.74 TaiwanSemi TSM 403 31 28.64 Take-TwoSftwr TTWO 247.43 1.00 TakedaPharm TAK 17.25 -0.50 TalenEnergy TLN 332.54 16.35 Tapestry TPR 152.58 2.47 TargaResources TRGP 268.34 3.67 Target TGT 144.51 -1.39 TechnipFMC FTI 68.92 -2.81 TeckResourcesB TECK 62 49 5.01 TeledyneTech TDY 649.18 17.83 Ericsson ERIC 9.77 -0.02 TelefonicaBras VIV 12.88 0.12 TelekomIndns TLK 14.56 0.19 Tenaris TS 56.73 0.91 TencentMusic TME 9.48 -0.23 TenetHealthcare THC 252.73 -4.89 Teradyne TER 365 49 46.08 Tesla TSLA 308.85 10.53 TevaPharm TEVA 35.41 0.70 TexasInstruments TXN 278.76 7.46 TexasPacLand TPL 394.25 4.84
WEC Energy WEC 110.05 -1.24 W.P.Carey WPC 74.08 -0.63 Wabtec WAB 292.46 0.70 Walmart WMT 111.10 -3.12 WarnerBrosA WBD 25.47 -0.17 WarnerMusic WMG 27.56 -1.64 WasteConnections WCN 166.27 -6.54 WasteMgt WM 226.33-10.27 Waters WAT 380.30 0.82
t Watsco WSO310.73 -9.29 WattsWater WTS 344.12 7.97 Wayfair W 89.78 0.75 WebsterFin WBS 77.30 1.45 WellsFargo WFC 85.43 1.56 Welltower WELL 235.63 -5.45 WescoIntl WCC 342.67 33.31 WestPharmSvcs WST 339.59 2.13 WesternDigital WDC 533.04 71.00 WesternMidstrm WES 47.52 0.53 Westlake WLK 71.72 -0.53 Weyerhaeuser WY 23.50 -0.95 WheatonPrecMtls WPM 113.38 3.92 Williams WMB 70.91 0.78 Wil iams-Sonoma WSM 233.32 -0.49 WillisTowers WTW 336.05 20.12 WintrustFinl WTFC 159.65 0.44 Wipro WIT 1.95 -0.02 Wise WSE 12.06 0.14 WoodsideEnergy WDS 23.38 0.15 Woodward WWD 356.28-29.14 WooriFinl WF 70.30 4.93 Workday WDAY 158.11 -9.90 WynnResorts WYNN 100.70 1.69 XPO XPO 199.26 -0.12 XcelEnergy XEL 78.23 -0.52 XPeng XPEV 12.98 -0.08 Xylem XYL 116.82 -5.31 YPF YPF 52.15 1.83 Yum!Brands YUM 157.00 5.08 YumChina YUMC 46.47 0.62 ZTO Express ZTO 23.86 -0.04 ZebraTech ZBRA 288.57 5.59 ZimmerBiomet ZBH 94.96 -2.19 ZionsBancorp ZION 69.46 0.54 Zoetis ZTS 76.03 -1.90 ZoomComms ZM 92.32 -0.09 Zscaler ZS 148.39 -5.38
s TexasRoadhouse TXRH 208.22 -0.94 Textron TXT 87.09 1.44 ThermoFisher TMO 576.77 0.31 ThomsonReuters TRI 98.83 -7.51 3M MMM 176.07 -1.88 Timken TKR 136.11 3.89 Toast TOST 32.85 0.25 TollBros TOL 150.03 -0.17 TorontoDomBk TD 119.76 2.77 TotalEnergies TTE 87.03 0.28 TowerSemi TSEM 211 16 23.32 ToyotaMotor TM 191.45 -1.39 TractorSupply TSCO 30.21 -0.79 TradeDesk TTD 18.28 -0.81 Tradeweb TW 97.80-10.38 TraneTech TT 440.28 -6.52 TransDigm TDG 1249.91-14.69 TransUnion TRU 80.26 -3.47 Travelers TRV 375.99-13.02 Trimble TRMB 57.06 -1.18 Trip.com TCOM 46.48 0.48 TruistFinl TFC 52.01 -0.30 Twilio TWLO 190.94 2.69 TylerTech TYL 323.31-10.19 TysonFoods TSN 60.65 -0.39 UBS Group UBS 53.39 1.59 UDR UDR 38.30 -1.42
SevenHillsRlty SEVN 7 50 1 7 17Edu &Tech YQ 1 68 14 2 SilexionTherap SLXN 1 50 15 0 SimplyGoodFoods SMPL 9 88 1 3 60DegreesPharm SXTP 1 05 16 1 SocketMobile SCKT 0 42 6 4 Southland SLND 0 52 7 3 SportsEntGaming SEGG 0 42 22 6 StardustPower SDST 0 70 24 4 StarwoodProp STWD 16 11 1 8 StifelFinlPfdB SFpB 22 12 SunshineBio SBFM 1 10 SurgePays SURG 0 22 8 1 SynergyCHC SNYR 0 16 0 4 Taoping TAOP 0 62 8 6 TexasVenturesIVWt TVIVW 0 25 16 4 TonixPharm TNXP 9 40 6 1 Trai blazerAcqnWt BLZRW 0 32 15 8 TrawsPharma TRAW 0 44 8 4 TreasureGlobal TGL 2 59 8 0 TruGolf TRUG 1 05 8 5 TryHard THH 0 19 5 0 TurkcellIletism TKC 5 29 0 4 22ndCentury XXII 3 61 4 0 20/20Biolabs AIDX 0 40 8 5 US BancorpPfdL USBpQ 14 28 0 1 USGoldMining USGO 7 16 1 6 Veea VEEA 0 15 6 0 VicorePharma VCRE 10 50 3 1 Virtuix VTIX 1 45 6 6 Visionary GV 0 14 34 3 VisionWave VWAV 1 90 7 2 VivoSimLabs VIVS 0 31 11 9 VSeeHealth VSEE 0 07 1 5 Watsco WSO 300 66 2 9 WetourRobotics WETO 0 03 19 1 WheelerREIT WHLR 0 66 26 2 Winmark WINA 327 59 0 9 XCHG XCH 0 44 2 4 XIAO-I AIXI 0 96 10 9 YorkSpace YSS 14 31 1 6 YorkvilleIntlCapWt YICCW 0 42 2 3 YouxinTechnology YAAS 1 90 17 5 ZeoEnergy ZEO 0 50 1 4
MoleculinBiotech MBRX 1 01 25 0 NFT MI 7 29 11 2 Natuzzi NTZ 1 21 8 9 NetClassTechnology NTCL 2 90 7 9 NeuroSense NRSN 0 46 0 9 NextEraDebZ NEEpW 23 89 NoahHoldings NOAH 8 40 1 3 OceanhawkAcqnRt OHACR 0 20 0 4 OncolyticsBio ONCY 0 73 0 2 Onconetix ONCO 0 67 5 0 OpendoorWtZ OPENZ 0 13 4 0 OpendoorWtK OPENW 0 26 10 2 OpendoorWtA OPENL 0 15 8 5 Oragenics OGEN 0 48 1 3 PRF Tech PRFX 0 97 3 9 ParamountSkydance PSKY 7 66 1 8 ParkHaBio BYAH 0 32 2 8 PeaceAcqnWt PECEW 0 06 14 3 Pe icanAcqnII PLCIU 9 95 0 2 PennyMacFin PFSI 71 68 11 8 PennyMacMtg PMT 9 05 3 9 PerellaWeinberg PWP 14 11 0 4 PharmaCyteBiotech PMCB 0 55 2 5 Po ibeli PLBL 5 10 8 4 PomDoctor POM 0 50 17 5 PowellMax PMAX 1 43 12 4 Primech PMEC 0 40 2 3 PrudentialNts2060 PFH 15 81 0 1 Quantum-Si QSI 0 69 2 5 QwestNts2052 CTHH 16 90 0 5 Radcom RDCM 9 40 21 1 ReconTech RCON 0 30 1 3 Reformation REF 14 70 0 5 ReitarLogtech RITR 0 06 14 1 RiverNorthPfdA OPPpA 15 83 0 8 RiverNorthPfdB OPPpB 16 91 1 0 RobinEnergy RBNE 2 07 2 8 SES AI Wt SES.WS 0 01 10 7 SLScience SLBT 2 54 3 5 SachemCapital SACH 0 77 4 0 SaratogaInvNts31 SAV 24 32 0 3 SenesTech SNES 1 22 3 9 SentiBiosciences SNTI 0 34 3 9
Welltn 46.39 +0.66 4.9 VANGUARD INDEX FDS ExtndIstPl 443.66 +6.16 14.0 IdxIntl 27.18 +0.73 12.7 MdCpGrAdml126.99 +1.90 6.0 MdCpVlAdml106.32 -0.35 16.9 SmValAdml 105.31 +0.01 16.9 TotBd2 9.38 +0.01 -0.4 TotIntlInstIdx r181.82 +4.86 12.8 TotIt InstPlId r181.86 +4.85 12.8 TotSt 178.20 +2.85 9.9 VANGUARD INSTL FDS DevMktsIndInst 22.87 +0.69 14.6 DevMktsInxInst 35.75 +1.08 14.6 ExtndInst 179.78 +2.50 14.0 FTScinst 50.93 +0.96 8.5 GrwthInst 260.16 +6.86 3.8 InPrSeIn 9.25 ... 0.5 InstIdx 595.61 +9.73 9.3 InstPlus 595.61 +9.73 9.4 InstTStPlus 122.83 +1.97 9.9 MidCpInst 88.63 +0.39 12.4 MidCpIstPl 437.09 +1.93 12.4 SmCapInst 141.72 +1.28 15.5 SmCapIstPl 409.05 +3.69 15.5 STIGradeInst 10.33 ... 0.9 STIPSIxins 24.92 ... 1.8 TotBdInst 9.51 ... -0.4 TotBdInst2 9.38 +0.01 -0.4 TotBdInstPl 9.51 ... -0.4 TotIntBdIdxInst 28.73 +0.02 0.3 TotStInst 178.26 +2.85 9.9 ValueInst 86.02 +0.28 16.7 WCM Focus Funds WCMFocIntlGrwIns 27.90 +0.92 12.1
PrmcpAdml r223.18 +6.40 20.7 RealEstatAdml140.98 -1.72 14.6 SmCapAdml141.72 +1.28 15.5 SmGthAdml120.03 +2.61 13.3 STIGradeAdml 10.33 ... 0.9 STIPSIxAdm 24.90 ... 1.8 TotBdAdml 9.51 ... -0.4 TotIntBdIdxAdm 19.15 +0.02 0.3 TotIntlAdmIdx r 45.47 +1.22 12.8 TotStAdml 178.24 +2.86 9.9 TxMCapAdml382.34 +6.13 9.3 TxMIn r 22.84 +0.69 14.6 USGroAdml 189.44 +3.66 -2.9 ValAdml 86.02 +0.27 16.7 WdsrllAdml 91.47 +0.26 10.5 WellsIAdml 62.77 +0.04 3.7 WelltnAdml 80.10 +1.15 4.9 WndsrAdml 82.50 +0.58 12.3 VANGUARD FDS DivdGro 32.02 +0.20 5.4 LifeGro 54.82 +0.92 8.9 LifeMod 36.50 +0.47 6.6 PrmcpCor 46.09 +1.34 24.5 STAR 30.63 +0.31 6.0 TgtRe2020 28.54 +0.21 4.0 TgtRe2025 21.03 +0.21 5.4 TgtRe2030 45.07 +0.56 6.5 TgtRe2035 29.40 +0.41 7.4 TgtRe2040 54.06 +0.84 8.2 TgtRe2045 37.90 +0.65 9.1 TgtRe2050 65.16 +1.20 9.9 TgtRe2060 67.09 +1.25 10.0 TgtRet2055 72.78 +1.35 10.0 TgtRetInc 14.21 +0.10 3.6
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more of exchange business with the $6 billion transaction
$billion
BY KATHERINE HAMILTON
Intercontinental Ex- change, the parent company of the New York Stock Ex- change, agreed to acquire
Upheaval in Private-Credit Industry
Credit
BY MATT WIRZ
The turbulence that has been battering the once-high- flying private-funds business is easing up. KKR on Thursday reported record earnings for the sec- ond quarter, driven by a bum- per crop of company sales from its private-equity funds. Private-credit specialist Blue Owl recommitted to beating Wall Street forecasts, touting the strength of its data-center investment products, despite a slump in new sales of its core funds marketed to indi- vidual investors. Still, the industry’s recov- ery from a surge in redemp- tion requests from rattled in- vestors remains uneven. Share prices of large fund managers have lost about 15% to 35% of their value this year. “Our industry is increas- ingly K-shaped,” said KKR Chief Executive Officer Scott Nuttall on a conference call with analysts. “Most of the external focus will be on the unhappy part of the K—we find ourselves on the happy part.” KKR started out as a pri- vate-equity specialist about 50 years ago, then expanded into real estate, credit invest- ing and other markets, giving it ballast to weather volatility in any one segment. Blue Owl is a relative newcomer that is trying to diversify but re- mains dependent on fees from private-credit funds sold to wealthy individuals, the epi- center of recent market vola- tility. KKR’s fee-related earnings, an important metric for in- vestment firms, jumped 37% in the second quarter from a year ago while the firm raised more than $34 billion, a 24%
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Market Cools On Warsh
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As yields stabilized Thurs- day, many investors and ana- lysts said they ultimately still believe that the Fed will re- spond appropriately to eco- nomic data. But they also said that if given more reason to doubt the central bank, the next selloff would be worse— triggering a damaging jump in rates on everything from mortgages to corporate debt. Christopher Sullivan, chief investment officer at the United Nations Federal Credit Union, said that if economic data shows a need for the Fed to act and the central bank doesn’t, “that’s tantamount to
Monitor the Market
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MarketAxess, an electronic trading platform for fixed-in- come markets, for $6 billion. Intercontinental Exchange, known as ICE, will pay $167 a share in cash for Market- Axess, the companies said Thursday. That represents a 33% premium based on Mar- ketAxess’s closing price on Wednesday. Shares of MarketAxess jumped 29% to $162.76
Blue Owl new money raised by type of fund
Q Q Q Q ’ Q
Sources: the company (new money raised); FactSet (performance)
increase from the prior quar- ter. Much of the bump came from the firm’s share in com- panies that were sold by the private-equity funds it man- ages. Kokusai Electric, a mi- crochip equipment maker benefiting from the artificial- intelligence boom, sold for 20 times what KKR paid. Global Medical Response, an ambu- lance operator that had to cut its valuation in an initial pub- lic offering, went for about three times what KKR paid. KKR is benefiting in part because it was slower than competitors to sell private- credit funds to individuals through brokers and financial advisers, a strategy Blue Owl pioneered. Blue Owl is launch- ing new products to balance the mix but “direct lending” funds still account for about
disaster for the long end of the market.” Bond investors have hardly been alarmist about threats to the Fed’s independence in re- cent years. Treasury yields, which rise when bond prices fall, did tick higher on a couple of occa- sions last year when President Trump ratcheted pressure on then-Fed Chair Jerome Powell to cut rates. But investors more often took that pressure in stride. Many noted at the time that the Fed votes on interest rates as a 12-person committee. Even if the leader of the Fed has traditionally played an outsize role in setting policy, he or she could still be out- voted by other members. That has occurred in other coun- tries, such as England. Many investors also have doubted that the Fed would ever bla- tantly position rates too low given the obvious threat of a negative response from the
Thursday, while ICE shares advanced 1%. The deal consolidates more of the exchange business un- der ICE and is the NYSE’s lat- est effort to add asset classes to diversify beyond stocks. Earlier this year, the NYSE said it was developing a 24/7 trading platform for block- chain-based securities, put- ting the heft of the 233-year- old exchange behind Wall
Share-price and index performance, year to date
Blackstone Apollo Global Management KKR
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Stakes in other fund managers
Real assets
35% of the money it manages, down from 50% two years ago. Blue Owl’s fee-related earn- ings climbed 7% from a year ago. Fundraising declined about 16% from the prior quarter and 37% from the year-ago quarter. The slump coincided with $4.7 billion in withdrawal re- quests from the firm’s pri- vate-credit funds sold primar- ily to wealthy individuals, many of whom have grown worried about potential losses from investments in software companies. Limits that firms place on client redemptions prevented forced liquidations of the funds but fueled anxiety among some investors. Marc Lipschultz, Blue Owl’s co-chief executive, said re- demption requests have
bond market. Investors generally wel- comed Trump’s nomination of Warsh in January, seeing the former Fed governor as likely more independent than some other alternatives, such as Trump’s economic adviser Kevin Hassett. And they were pleased with his performance at his first postmeeting news conference in June, when Warsh repeatedly said that Fed officials were united in their commitment to bringing inflation back down to their 2% target. Warsh made similar com- ments Wednesday but inves- tors were looking for more this time: namely a stronger signal that the Fed would in fact raise rates this year if inflation pressures don’t ease further. Instead, Warsh seemed to suggest that rate increases might not be necessary be- cause bond yields had al- ready climbed in recent months—galling to many in-
Street’s growing embrace of the technology that under- pins bitcoin. This follows ICE’s $2 bil- lion investment in Polymar- ket, offering a big vote of confidence in growth pros- pects for the prediction mar- ket. MarketAxess enables elec- tronic trading in corporate bonds, municipal bonds, emerging market debt, Euro-
started to ease and that new fund sales improved in July and June, although only slightly. “It takes time after a hurri- cane blows through to clean up,” he said. The firm doubled down on its commitment to beat fee- related earnings of $1.02 per share for the year and re- ported 10% growth in fund- raising from the previous quarter for its real-asset busi- ness, which invests in infra- structure and has become one of the biggest backers of large data centers feeding AI. Big fund-management firms are pointing to the “dig- ital infrastructure” build-out as a key growth driver. Black- stone last week reported a 26% jump in distributable earnings, due in large part to AI investments.
vestors because that increase had been based on an as- sumption that rate increases were coming soon. Warsh also suggested that the Fed could consider a range of inflation indicators beyond its official gauge, the per- sonal-consumption expendi- tures price index. And he said that higher rates “could well be part of” the solution to high inflation rather than the main one. Investors and analysts were unusually sharp in their criti- cism, with some saying that Warsh would have caused less damage if he hadn’t even held a news conference. “I think our last choice would have been what we got yesterday,” said Christian Hoff- mann, head of fixed income at Thornburg Investment Manage- ment. “Warsh suggested policy- makers should follow the bond market rather than lead it, and the bond market’s response was to punch him in the face.”
bonds and U.S. Treasurys. Its platform has roughly 2,100 institutional investors and broker-dealers. By adding MarketAxess, ICE will serve every segment of the fixed-income market within a single ecosystem, it said. The combined company will offer customers pre- trade price discovery and an- alytics, post-trade data,
Records a Big Gain
If not, Silicon Valley’s onetime cash-printing machines will have to increasingly finance their expansion through debt—just as that debt is get- ting more expensive. “I think there’s a rec- ognition that this trend can’t go on forever,” said Jack Ablin, founding partner at money manager Cresset. “They’re going to need to start seeing revenue growth.” Though some investors in- terpreted Warsh’s lack of guidance Wednesday as a sig- nal to pare back risk, traders Thursday piled on more. Ora- cle, which is heavily reliant on debt to fund its capital expen- d i t u r e s , zoomed 8.3% higher. Amazon shares climbed 3.9% before it reported its quarterly re- sults. That stock jumped in a f t e r - h o u r s trading after the company beat analysts’ expectations. The hyperscalers’ still- growing spending plans also helped fuel a turnaround in chip stocks that have been battered in recent weeks. Nvidia and Broadcom both advanced, while Micron, Sandisk, Western Digital and Intel each posted double-digit gains. All three major indexes re- main in the red in July, thanks in part to new supplies of big- tech stocks flooding markets and ripple effects from a downturn in the chip-heavy South Korean stock market. Individual traders dumped tech shares in recent days, an-
THURSDAY’S MARKETS
Forecast Falls Short
“softness” in App Store gaming revenue, the company said. Apple shares had been on a tear for the past month, surging at a time when other big technology companies have been under siege due to concerns about the AI race. Investors have come to see Apple as a safer name in the technology sector, given the company’s modest capital- spending investments rela- tive to most peers in the in- dustry. There is additional excite- ment that, finally, Apple ap-
benchmarking and compli- ance tools. The deal has been unani- mously approved by both companies’ boards of direc- tors, and is expected to close in the first half of 2027. ICE also on Thursday re- ported higher profit and rev- enue in its latest quarter and announced a share repur- chase program of up to $4 billion.
alysts say, as did highflying, AI-focused hedge fund Situa- tional Awareness. That pressure has at least momentarily flushed some AI concerns out of the market, said Trevor Slaven, Barings’ global head of asset allocation and multiasset portfolio solu- tions. Add in a big growth in profits elsewhere in corporate America, and he is tactically bullish on stocks. Excluding data-center deals, hyperscalers this year are on track to issue about $250 billion in debt for their capital expenditures, a figure estimated to grow to $400 billion in 2027, Goldman Sachs projected recently. The bank’s analysts expect the companies will add an- other $1.3 trillion over the fol- lowing three years. Of that group of five com- panies—Amazon, Oracle, Al- phabet, Meta and Microsoft— Microsoft relies on debt far less than its peers. The com- pany’s free-cash flow last quarter totaled $19.6 billion, whereas Meta generated less than $800 mil- lion. Big swings in AI stocks have reversed before, and some traders saw Thursday’s moves in the two companies’ shares as an opportunity to swoop in. Individual investors pur- chased the dip in the Face- book parent, according to flow-tracking firm Vanda Re- search, snapping up $36 mil- lion of shares and making it the second-most-popular stock of the session. On the other end of that list was Microsoft, which re- corded roughly $167 million in net retail outflows. Still, with inflation elevated and longer-dated Treasury yields near their highest lev- els in years, tightening finan- cial conditions are forcing in- vestors to parse such companies’ performances more closely.
rebounded, led by the Nasdaq composite’s 2.8% gain.
pears to have a modern chat- bot to compete with ChatGPT, Claude and others. The new Siri AI, to be released this fall, isn’t expected to be as im- pressive as those rivals, tech- nologically speaking. Yet Siri will have the advantage of be- ing built into the device ev- eryone is already carrying. CEO Tim Cook, handling his last Apple earnings report, confronted one of the biggest threats to the sparkling, as- set-light business model he built. In the age of AI hyperscal- ers, Apple finds itself waiting in line for key device compo- nents, memory and storage chips, the prices of which have quadrupled over the past year and are expected to go higher, as well as logic chips. To protect its profit mar- gins, Apple has already raised prices on Macs and iPads as much as 25% for some models.
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Meta Platforms might not be the first Big Tech company to rein in AI spending. But the argument that it should be is growing stron- ger. Meta is the most financially stretched of the biggest tech com- panies. Its ability to generate re- turns from artificial intelligence hinges almost solely on ad sales. And it has no record of building successful new businesses beyond its core social-media franchise. Those flaws are coming into sharper focus as the AI spending boom pushes into overdrive. Meta is anticipating capital expenditures of around $137.5 billion this year— a total that analysts expect to put it into negative free cash flow ter- ritory in the latter half of the year for the first time since its IPO in 2012. The company will likely fall deeper in the hole next year, when projections via FactSet suggest it will burn through more than $20 billion in cash. Investors have given Big Tech a long leash to invest in AI over the past few years. That made sense given the capital intensity of what looked like a potentially world- changing boom. But shareholder patience is be- ing tested like never before, as tech giants take AI ambitions to the next level even as the cost of computer memory and other AI-in- frastructure components rises. Meta’s stock tumbled 8% Thursday after it raised the midpoint of its 2026 capital-spending range and fell short of Wall Street’s second- quarter profit expectations late
Oil gets the headlines when it comes to the Iran war. Natural gas is where the list of winners and losers gets really interesting. As much as Americans com- plain and politicians fret about pump prices, the U.S. is fortunate when it comes to petroleum. As the world’s largest producer—and a substantial exporter—there are no physical shortages (yet) and energy companies are earning temporary windfalls. Other than Norway, Western European countries are net im- porters of oil and refined prod- ucts. So are heavily industrialized Japan, South Korea and Taiwan. But energy users worldwide take a similar hit when it comes to crude because prices are global. Natural gas is a different story, and that’s where the U.S. is in a truly enviable position. It started years ago with America’s shale
The picks and shovels of the AI boom are still hard at work. Three of tech’s biggest spend- ers reported earnings recently that suggested they are nowhere near ready to close up their pock- etbooks. Alphabet last week and Meta Platforms on Wednesday raised their capital-spending plans for
Stock Spotlight
Microsoft Shares of the tech giant jumped more than 15%, poised for their biggest one- day gain since 2008, after it reported a 31% jump in profit late Wednesday. Microsoft also saw a boost in the number of paid users of Copilot.
This Day in Market History
ON THESTREET
Wednesday. Of course, Meta isn’t the only company that is bleeding money to fund AI. So are Amazon.com and Alphabet. Google parent Alpha- bet’s stock fell nearly 7% last week after its earnings included a $10 billion hike in capital spending this year. But Meta’s revenue is more modest than that of its competi- tors and its cash burn could easily get much worse. Meta’s antici- pated negative free cash flow next year hinges on a projection of about $174 billion in capital spend- ing. But that might be a vast un- derestimate. Following reports that the com- pany might double its computing capacity from 7 gigawatts this year to 14 gigawatts next year, Deutsche Bank analysts recently forecast up to $215 billion in spending next year. Raymond James analysts are projecting a headier $280 billion. In Meta’s favor, its core ad busi- ness is healthy and growing, and analysts’ assessments of its posi- tion in the market suggest it is getting stronger. The company on Wednesday reported 28% higher second-quarter revenue, driven al- most entirely by ads, and it fore- cast more strong growth ahead. Meta’s use of AI to improve ad performance is unmatched in the industry. Meta has long relied on that golden goose to fund its other ven- tures, from smartglasses to video- conferencing devices. But the spending now is reaching a level that is testing the company’s core.
Share-price and index performance, year to date
Venture Global
Phillips 66
CF Industries Holdings
Nucor
Steel Dynamics
LyondellBasell Industries
Cheniere Energy
Dow
S&P 500
Source: FactSet
Source: FactSet
boom, and the contrast keeps get- ting larger. Countries that need gas and don’t have enough of it can either import it via expensive pipelines or as liquefied natural gas. LNG has been in high demand, particu-
this year and suggested more was to come in 2027. Microsoft also painted a pic- ture of lavish AI spending ahead late Wednesday, although an ac- counting change resulted in a re- duction to its nominal total for the year. Investors weren’t too thrilled about Alphabet’s and Meta’s
Shell Shares of the British energy giant edged higher after it reported surging profits thanks to strong trading performance and higher prices.
Adidas Shares of the German sportswear company tumbled 17% after it reported lower-than- expected earnings and
FINANCIAL ANALYSIS & COMMENTARY
Meta Platforms free cash flow*
$50billion
2012 ’15 ’20 ’25 ’27
*Data for 2026 and 2027 are analyst projections.
As it bleeds cash, Meta will need to borrow more money to keep up spending. Borrowing has already changed the dynamics of the company’s balance sheet in the AI era: Meta had minimal debt un- til 2022, but its long-term borrow- ings reached $83.7 billion at the end of the second quarter. That to- tal doesn’t include tens of billions of dollars in off-balance-sheet debt tied to massive data-center proj- ects in Louisiana and Texas. Meta has agreed to lease those sites and is committing to various financial guarantees over them. And the cost of raising new funds is likely to go higher. The 40-year bonds Meta sold in May have already fallen substantially in price, pushing their yields near 7%. If AI bond supply continues to flood the market, the interest rates
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larly since major exporter Russia invaded Ukraine in 2022. But the terminals to turn gas into super- cooled liquid and back again, and the ships that carry it, are expen- sive and take a long time to build. At the beginning of this year,
plans, which led to sharp declines in their stock prices. Meta’s stock fell about 8% Thursday, while Microsoft drew a market endorsement for its strong earnings and more-con- tained-looking capital spending plans, sending its stock more than 15% higher. But all that spending is good
higher marketing costs tied to the FIFA World Cup.
Yum Brands The Taco Bell owner’s shares advanced 3% after the company reported quarterly adjusted earnings per share above analysts’ estimates.
FRIDAY'S EVENTS: Economic data: Employment cost index for 2Q, Canada’s GDP, University of Michigan final survey of consumers.
Price of Meta Platforms 40-year bond since issue
May 2026 June July
Meta pays on future debt will surely rise. Meta executives seem to under- stand that they need to show more financial returns to justify the spending. Meta has been pushing subscriptions for premium social- media features to bring in new rev- enue. This month, it gave outside developers paid access to its ad- vanced Muse Spark model. And it is selling AI services such as chatbots to businesses large and small. Meta could also become a player in cloud computing by leasing out computing infrastructure it doesn’t need—a possibility Chief Executive Mark Zuckerberg said was on the table on Wednesday. Meta was al- ready getting offers for computing power at a “significant premium” over what it paid, he told analysts. Those could be revenue gold-
prices at LNG terminals in Europe and Asia already were higher than the U.S. onshore benchmark. In the year to date, prices in those regions have doubled while U.S. prices are down by one-third. That’s a competitive bonanza for some U.S. companies, and not just obvious ones such as export- terminal operators Venture Global and Cheniere Energy. The gap could get even wider if the conflict persists and heating demand is high, says Fauzeya Rahman, LNG Americas editor at ICIS. “If there’s a cold winter, there’ll be significant competition for LNG cargoes for sure.” U.S. companies that have a cost edge over global peers include fer- tilizer makers such as CF Indus- tries, petrochemical firms that use gas as feedstock, such as Lyon- dellBasell and Dow, and steelmak- ers including Nucor and Steel Dy-
news for AI’s suppliers, whom in- vestors have been fretting about lately. Intel, Advanced Micro De- vices and memory giant Micron are all double-digit gainers in Thursday’s trading. Nvidia, the AI chip giant that is the second- most-valuable listed company in the world, rose 2.7%. The PHLX Semiconductor Sector index ral-
Jersey Mike’s Subs share price, first day of trading
Jersey Mike’s Slips in Its First Day of Trading
$23.00
Jersey Mike’s Subs shares opened lower on the New York Stock Exchange Thursday af- ter it priced about 43.5 million shares at $23 each on Wednesday. The stock finished Thursday’s trading down 6% at $21.63. The restaurant chain is one of this year’s most high-profile IPOs. The stock debuted with a valuation of nearly $8 billion, just 18 months after private-eq- uity firm Blackstone took a majority stake. The company raised about $1 billion in its IPO. Jersey Mike’s hopes loyal consumers will rally behind its 70-some years in the business,
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mines. In a recent note, Raymond James analysts suggested cloud revenue could grow from $4 billion this year to $120 billion by 2030. The company’s AI model and busi- ness offerings could go from close to zero this year to a combined $59 billion in 2030. But those businesses are na- scent and could just as easily fiz- zle. The subscriptions Meta is of- fering don’t look all that promising. The company’s lack of corporate-software options and its reputation for getting in hot water politically might keep many busi- nesses from fully embracing it. A push into cloud computing holds more promise, but would likely be tactical in nature and lim- ited to selling large chunks of com- puting power to big AI labs like Anthropic. Competing fully with Amazon, Google and Microsoft by drawing in millions of customers large and small would be a gargan- tuan effort that Meta can ill afford to undertake. Meta Chief Financial Officer Su- san Li on Wednesday hinted that Meta could eventually blink on spending—but only in 2028 and af- ter. Meta, she said in a call with analysts, was focused on maximiz- ing computing capacity this year and next, though she also spoke of “flexibility” and “being able to evaluate our actual needs in ’28 and beyond.” But investors won t wait that long. Meta needs spending on that capacity to start paying off, and soon. —Asa Fitch
namics. Some American oil companies got a triple boost. ExxonMobil, Chevron and Phillips 66 benefit from high oil prices and a multi- year record in refining margins. They get an extra lift from cheaper U.S.-sourced hydrogen for their refineries and their own more profitable petrochemical op- erations. Rahman says this is the year that LNG development was sup- posed to catch up. New export ter- minals, including many along the U.S. Gulf Coast, opened. More are coming. The bonanza for most U.S. gas beneficiaries is likely to fade next year even if the Middle East stays dangerous. And if flows from Mid- dle East exporters like Qatar get back to normal then the price gap could shrink sharply. —Spencer Jakab
lied more than 8%. Chip stocks have had a strong year so far—but not so much in the past month, as AI spending worries crested. Even with Thursday’s gains, Micron’s stock is down about 24% in the past month, while Intel has lost 35% and AMD is 16% lower. —Asa Fitch
RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS
HOMES | MARKETS | PEOPLE | REDOS | SALES
I
BY FRED A. BERNSTEIN
t took many years for Paul Revere Williams, a renowned Black architect who designed houses for stars like Lucille Ball and Frank Sinatra, to build a house for himself and his wife, Della Mae Williams. But when he did, in 1952, he gave her everything she asked for, including a spacious “lanai room” based on one she had admired at a hotel in Jamaica. “This is Della Mae’s dream house,” says its new owner, Darren Walker, as he shows this writer the lanai room, where a stone floor, curved walls and a riot of plants evoke the tropics. Walker bought the house, in Los An- geles’s Lafayette Square neighborhood, in May. “Now it’s Della and Darren’s dream house,” the writer suggests. “I love that,” Walker replies. “It’s true.”
BY LIBERTINA BRANDT
THE WALL STREET JOURNAL. Friday, July 31, 2026 | M1
Buying. This Home Changed His Mind.
Executive Darren Walker filled his Paul Revere Williams–designed house with sleek furnishings— and a collection of works by Black artists
From 2013 until the end of 2025, Walker was president of the Ford Foundation, based in New York. During that time he oversaw some $8 billion in grants to individuals and organizations, while shifting the founda- tion’s focus to art and social-justice initia- tives. Former American Express CEO Ken- neth I. Chenault has called him “a Renaissance man with a conscience.” In January, Walker became the president of Anonymous Content, a film-production and talent-management company based in L.A. But he had no plans to buy a house there; he was happy renting a suite in the Sunset Tower Hotel and returning to his Manhattan apartment whenever possible. Then he got a call from Jenna Cooper, an L.A. real-estate agent who specializes in ar- chitecturally distinguished homes. Cooper PleaseturntopageM4
THE PHRASE “SUMMERING in Michigan” likely brings to mind the car-free charm of Mackinac Is- land or the beaches of Traverse City. But there’s another, lesser- known retreat tucked away along the state’s shoreline—one where cottages can be used only six full months of the year and buying one requires four reference letters. That place is the Bay View As- sociation, a roughly 340-acre pri- vate community on Lake Michi- gan’s Little Traverse Bay, just outside the city of Petoskey. Here, Victorian-era cottages dot tree- lined streets, and the summer cal- endar is packed with activities for adults and children. It is no small feat to buy a home in Bay View, which opens in late April and closes in early No- vember. Home buyers are required to be members before purchasing, which involves references, inter- views and, until 2019, a letter from a minister. And finding a suitable cottage can be a lengthy process. PleaseturntopageM6
YURI HASEGAWA FOR WSJ; JUSTIN KIME/HDBROS (VIRGINIA)
THE WALL STREET JOURNAL. PRIVATE PROPERTIES
Laguna Beach Hits the Market
A contemporary home in La- guna Beach, Calif., that cantilevers over the ocean and has a retract- able wooden roof is coming on the market for $112 million, a po- tentially record-setting sum for Orange County. The sellers of the roughly 1.02- acre oceanfront compound—with a motor court and private amphi- theater—are car-dealership owner David Wilson and his wife, Holly Wilson.
In London’s Belgravia Area
London A duplex penthouse in the af- fluent Belgravia neighborhood is hitting the market for £48 million, or about $64 million. If it fetches the asking price, it would be one of the city’s most expensive pent- houses this year, according to list- ing agent Rupert des Forges of Knight Frank. The unit is being sold fully fur- nished, down to the artwork and bed linen, des Forges said. Completed in May, the new five- bedroom residence occupies the top two floors of 1 Five Fields Square, a seven-story building with skyline views stretching to the his- toric Battersea Power Station, des Forges said. The tower was built on land that previously housed British army barracks owned by the U.K.’s Ministry of Defense.
Spanning about 14,400 square feet, the six-bedroom residence was originally built in the 1970s by banker Boyd Jefferies and his wife, Sharon Jefferies. David and Holly purchased the home for around $16 million in 2001, he said. The Wilsons inherited the house’s wine collection, which Da- vid estimates is worth $1 million, and its artwork, including pieces by Don Sorenson, Andy Warhol
The 7,000-square-foot penthouse has an additional 3,000 square feet across its two outdoor terraces. The building has an indoor tennis court that can be reconfigured for pickleball and basketball—a rare amenity among London develop-
FOR SALE $64 MILLION 7,000 square feet, 5 bedrooms, fully furnished
ments, said Miles Wood, sales di- rector at Qatari Diar, the prop- erty’s developer. Roughly 25% of the tower’s 28 units have been sold since sales began last October. The fact that it is fully fur- nished is a major selling point for
and Picasso. Both can be pur- chased for an additional cost. David said when they bought the house, it had been sitting “mostly unused” for several years, and they spent two years and about $20 million renovating. The Wilsons invested more than $3 million alone on under- ground steel and concrete to pre- vent future erosion and meet cur- rent building codes. Built before the California Coastal Commission
international ultrawealthy buyers, said des Forges. The project is one of five buildings at Chelsea Barracks, a 12.8-acre development with seven gardens and apartments starting at about $4.5 million, according to Wood. British buyers have made up the largest demographic in the development so far, fol- lowed by Turkish buyers, accord- ing to des Forges.
setback rules, David said, portions of the great room, library and pri- mary bedroom jut out over the ocean and are surrounded by wa- ter on three sides. David founded and owns Wil- son Automotive Group, a chain of car dealerships with about 17 lo- cations in California, Arizona, Ne- vada and Mexico. Over the years, the Wilsons hosted church and political fund- raisers, and David said in 2017
Qatari Diar is owned by the Qa- tar Investment Authority, the Gulf country’s sovereign-wealth fund. It purchased the land in 2008 for roughly $1.3 billion, Wood said. He declined to say how much Qa- tari Diar spent on construction for the development. Houses in Belgravia, one of central London’s priciest neigh- borhoods, have sold for as much as $120 million, said des Forges.
that they hired the Beach Boys to perform at his 70th birthday party for 400 guests. The primary bedroom’s retractable roof is a “party trick,” he said, but it is also excellent for star gazing. The Wilsons, who moved to Ne- vada full-time in 2020, said they are selling now that their two children are adults. They have also purchased a smaller home nearby. “We don’t need all this property now,” David said. If the property sells for its asking price, it could surpass the record in Laguna Beach, set last month when an oceanfront man- sion in Emerald Bay sold for $110 million.
FOR SALE $112 MILLION 14,400 sq. ft., 6 bedrooms, motor court, amphitheater
David said the market isn’t dic- tating their decision to sell, al- though “we didn’t want to be the first to ask over $100 million.” The high-end market in Orange County has ramped up in recent years, drawing wealthy buyers from Los Angeles, where the man- sion tax has cooled the market, as well as Malibu, the San Francisco Bay Area and New York, said list- ing agent Jill Lockhart of Livel Real Estate, who is marketing the property with Livel’s founder, Meital Taub. So far, there have been about a dozen sales for $25 million or more in Orange County, up from nine last year. “We weren’t used to seeing these types of prices in Orange County,” Taub said. Lockhart said the $112 million price is justified because of the location, acreage and architecture. “In today’s market, the rarest commodity isn’t just square foot- age,” she said. —E.B. Solomont
Despite higher interest rates and recent U.K. taxes targeting wealthy expats—which slowed London’s ultraprime market last year—the market showed early momentum this year, according to real-estate firm Knight Frank. Sales of London homes over $10 million saw a 32% increase in the first quarter of this year, compared with the same period last year. —Natasha Dangoor
FROM TOP: CHRIS SNITKO/MODERN TAKE MEDIA; OSKAR PROCTOR (LONDON); JACK HOBHOUSE
F
Total home sales in Aspen, first half of each year
homes
homes
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Note: For single-family homes, condos, townhouses and duplexes. Source: Tim Estin, Estin Report
Source: Tim Estin, Estin Report
Source: Tim Estin, Estin Report
BY E.B. SOLOMONT
ollowing a winter with sparse snow, the once-un- stoppable real-estate market in Aspen, Colo., is sliding downhill. So far this year, home sales have been the slowest since the Covid boom, which kicked off a period of record prices and trans- actions in the tony ski destina- tion. Aspen home sales dropped 32% in the first six months of 2026, compared with the same period of last year, while sales at or above $10 million plummeted 42.6%, said Tim Estin of Aspen Snowmass Sotheby’s International Realty, who tracks the market. “We came off a really strange and unusual ski season,” said Car- rie Wells of Coldwell Banker Ma- son Morse. “That had an effect on our real-estate market.” Aspen’s market began to cool last year amid tariff talks and the war with Iran, real-estate agents said. Then, a drought this winter affecting the Western U.S. led to record-low snowfall in the region. Aspen got about 108 inches of snow last year—its lowest level since 1976, according to city of Aspen data. “A poor snow year had less people in town, and real estate is a numbers game,” said Steven Shane of Compass. “If we don’t have people to show properties to, you’re not going to put things under contract.” Overall, there have been fewer trophy sales so far this year. There is an increasing disconnect between buyers and sellers over pricing, real-estate agents said.
inches
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Aspen snowfall
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Note: For the season beginning each year Source: City of Aspen
Billionaire Bill Koch’s Aspen lodge was on and off the market for more than a decade. In mid-July, it sold at auction for $33.515 million.
Unstoppable Sales—Until The Snow Disappeared
ski destination is seeing a significant drop in luxury-home sales.
High construction costs have led some sellers to demand a pre- mium for new or renovated homes. But buyers are pushing back against aspirational pricing. In mid-July, billionaire Bill Koch’s 52-acre ranch—which was once
asking $125 million—sold at auc- tion for $33.515 million. “People are just stepping back and waiting to see what happens,” Estin said. Local brokers said the deeply discounted Koch sale isn’t neces- sarily emblematic of the market,
Median sale price, single-family homes in Aspen
which they added isn’t in free fall, despite tangible evidence of a cool-down. Aspen’s housing mar- ket still has more demand than supply; listing inventory is down nearly 40% since 2019. Many properties in the $10 mil-
Aspen’s real-estate listing inventory, first half of each year
lion to $20 million range were bought over the past few years by people who simply don’t need to sell, said Lance Hughes of Aspen Luxury Sales. “The only way they sell is if they pay $12 million and you give ’em $29 million,” he said. Despite a winter without pow- der, the lack of inventory has helped to keep prices high. “People are here, it’s busy,” said Mandy Welgos of Aspen Snowmass Sotheby’s International Realty. “I think we just got started with our season.” Brokers said well-priced homes are selling fast. A 5,300-square- foot home in Aspen’s Mountain Valley neighborhood—with a cov- eted swimming pool—recently went under contract within weeks of listing for $14.995 million. The owner paid $10.25 million in 2021.
FROM TOP: SHAWN O’CONNOR; DAVID WILLIAMS/BLOOMBERG NEWS
Own Home
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told him that Williams’s own house was on the market for only the second time. (Williams died in 1980; Della in 1996. The house stayed in the Williams family until 2018, when it was sold for about $2.4 million. The new owner, a passionate preservationist, spent years restoring and upgrading the house with the help of architects Frank Escher and Ravi GuneWar- dena, and interior designers Billy Cotton and Leyden Lewis. Then she listed it for sale.) Walker was intrigued, and so he brought two friends to see the house. One of them, Michael Govan, the director of the Los Angeles County Museum of Art, spoke about the house in terms of archi- tectural significance. The other, the filmmaker and activist Ava DuVer- nay, spoke of its importance to Black history in the L.A. area, where DuVernay grew up. They both thought the house was perfect for Walker, whose passions include Midcentury Modern architecture and African-American history. “By the end of the tour they had con- vinced me to buy it,” Walker says. And he did, paying $4.2 million for the house and its elegantly landscaped one-third of an acre. That purchase merged the story of one successful Black man with that of another. Williams, born in Los Angeles just a few decades after the Civil War, was orphaned at age 4. To pursue a career in architecture he had to ignore naysayers. Accord- ing to his granddaughter Karen E. Hudson, who has written three books about him, a high-school teacher told him that Black people couldn’t afford to hire architects and white people wouldn’t hire a Black one. Among the clients who proved that teacher wrong were Ball and her husband, Desi Arnaz; Sinatra; Cary Grant and many other luminaries. The first Black member of the American Institute of Architects, Williams completed more than 2,000 houses in his 50-year ca- reer. He also designed the Guard- ian Angel Cathedral in Las Vegas, distinguished by its oversize A- frame and gorgeous stained-glass windows, and helped plan Los An- geles International Airport, with its jazzy, space-age centerpiece known as the Theme Building. His houses took on a variety of styles—Colonial, Spanish Revival, Tudor, Georgian, art deco and others. His own 4,600-square-foot house is in the International Style, characterized by flat roofs, white stucco walls and horizontal strips of aluminum-framed windows. But Williams, unlike the groundbreak- ing Southern California modern- ists Richard Neutra and Rudolph Schindler, was not a purist. Behind his house’s somewhat stark exterior are a few flights of fancy—oversize ornamentation in the style sometimes known as Hol- lywood Regency. Examples include the swoopy main stairway, its rail- ing festooned with cast-bronze im- ages of galloping gazelles. While Williams was designing the house, he was finishing a major expansion of the Beverly Hills Ho- tel, a Hollywood Regency show- place. “He was experimenting,” says Walker, who sees “a dialogue” be- tween the house and the hotel. The architecturally distinctive house is also a symbol of social progress. Until shortly before the Williamses moved to Lafayette Square, deed restrictions kept Black people from living there. In- deed, despite his enormous pro- fessional success, Williams was hardly spared racist indignities. He famously learned to draw up- side down, according to his grand- daughter and others, so that he could sketch designs for clients while he sat behind his desk and they sat in front of it. Some white clients wouldn’t sit next to a Black man. Walker, 66, also came from humble roots. He never knew his father. His mother raised him until he was 8 years old in a shack in Ames, Texas, with an outhouse in the back. In his new home office, Walker points to a photo taken when he was 4. At that stage of his life, he says, “I was happy. I didn’t really know what poverty was. When I went to visit relatives, they all
Los Angeles County Museum of Art
Los Angeles International Airport
CALIF.
YURI HASEGAWA FOR WSJ; GETTY IMAGES (LAX, LAS VEGAS, WILLIAMS)
The dining table and chairs are original to the house. On the dining-room wall are six small paintings by L.A. artist Henry Taylor.
lived in houses like ours.” Pinned to a cork wall alongside the childhood photo are shots of Walker as an adult. “That’s me get- ting my OBE from Queen Eliza- beth,” he says, pointing. “There’s me with Amal and George Clooney. Me with Michelle Obama. Ralph and Ricky Lauren. Colin and Alma Powell, who were great mentors. Norman Lear, who was a pal. That’s me and the pope. Pope Francis.” He adds: “It’s just my little world.” Of course his world stopped be- ing little years ago. His plan, after leaving the Ford Foundation, was
to start a social-investment fund within a large financial institution. But Laurene Powell Jobs, billionaire entrepreneur and widow of Apple founder Steve Jobs, had other plans for him. Powell Jobs, who owns a controlling share of Anonymous Content, recruited him to run that business. Though he had no experience with film production, Walker brought a lot to the table, includ- ing extensive management experi-
BEVERLY HILLS BEVERLY HILLS
Wilshire Blvd Wilshire Blvd.
Lafayette Sq are Lafayette Square
Los Ange es County Museum of Art
LOS ANGELES LOS ANGELES
Los Ange es nternational Airport
2 miles
2 km PACIFIC OCEAN
ANNA DEEN/WSJ
ence. As they got to know each other, he said, they realized they had similar artistic sensibili- ties. Powell Jobs was un- available to comment, but when he was ap- pointed she told the New York Times, “It’s rare to find both cre- ative and fiscal talent in one person.” When Walker bought the Williams house, he also bought some of its original furni- ture, including the dining-room table and chairs and a low sec-
The roughly 4,600-square-foot house is International Style, with a flat roof. But the Hollywood Regency-style main staircase, left, has a railing festooned with galloping gazelles.
tional sofa in the living room. The pieces Walker purchased for the house include a Paul Mc- Cobb armoire that conceals a TV; a card table and chairs by the Ital- ian polymath Gio Ponti; a 1950s Italian umbrella stand in Murano glass and brass; and a 1950s Ital- ian desk and chair by Paolo Buffa. “I love the Italians,” he says. The art in the house is particu- larly important to Walker. The only painting by a white artist is Ross Bleckner’s 1982 portrait of Walker’s partner, David Beitzel, an art dealer who died in 2019. Among the dozens of pieces by Black artists, a painting by Fro- hawk Two Feathers, Walker says, is “especially meaningful to me” because it was the last work of art Beitzel bought before he died. Other prized pieces in Walker’s collection include a painting by Amy Sherald (who did Michelle Obama’s official Smithsonian por- trait) and a pair of small sculptures by Kehinde Wiley (who did Barack Obama’s). There are also photos (Gordon Parks’s of a poor family in Alabama; Bob Gomel’s of Muham- mad Ali and Malcolm X) and a growing collection of maquettes— scale models of much larger sculp- tures—by Thomas Price, Kara Walker, Simone Leigh, Sanford Big- gers and others. Filling a house by an important Black architect with works by im- portant Black artists is no small achievement. Widely known as a connector, Walker has now made connections across generations. He says, “I feel a spiritual attachment to these works and to this house.” Walker, whose new job requires him to know which way the wind is blowing, seems to be riding a Paul Williams gust. Three Los Angeles institutions—the Getty Museum, the USC Fisher Museum of Art, and the Los Angeles County Museum of Art— are mounting Paul Wil- liams exhibitions this summer and fall. And a new book of black-and- white photos of Wil- liams’s buildings, by Janna Ireland, is coming out in August. Walker’s gazelles are on the cover.
A
BY JESSICA FLINT
cross New Jersey’s roughly 130-mile-long shore, luxury real-estate markets emerge by region. While, broadly speaking, the southern shore draws Philadelphia-area crowds to traditional beach towns, the northern shore attracts New York City buyers looking for a swift commute and a more cos- mopolitan lifestyle. A reliable fix- ture of this upper enclave is Deal, N.J. Its 07723 ZIP Code is the northern shore’s most expensive, with a median listing price of $5.49 million in June 2026, ac- cording to a custom analysis by Realtor.com. (Realtor.com, which is operated by News Corp, devel- oped this methodology exclusively for The Wall Street Journal.) About 60 miles south of Manhat- tan, the 1.2-square-mile borough is home to a Syrian Jewish com- munity that shapes its identity. Residential life is quiet, but just a short drive from the northern shore’s high-energy entertainment in neighboring communities.
CLOCKWISE FROM BOTTOM LEFT: BRYAN ANSELM FOR WSJ; NATHAN RUDY; ALY MILLER FOR WSJ (MAP)
NOTABLE STOPS AND SHOPS Norwood Avenue is Deal’s modest thoroughfare, where a cluster of
Shops and restaurants along Norwood Avenue in Deal, N.J.
RICH ZIPS | INSIDE SOME OF THE PRICIEST ZIP CODES IN AMERICA Deal, N.J. 07723
$5.49 MILLION Median list price, up 57% year-over-year
59 Median days on market $1,559
Median price per square foot
9 Active listings, down 10% year-over-year
Realtor.com (June 2026)
kosher markets, specialty dining and boutiques are located alongside syna- gogues.
Long Branch’s Pier Village Just north of Deal, the city of Long Branch was a Gilded Age resort that hosted seven U.S. presi- dents. Its central attrac- tion is this upscale, Victo- rian-inspired mixed-use beachfront community, which opened in 2005.
Asbury Park’s Boardwalk South of Deal is the city of Asbury Park, where the circa-1871 boardwalk is lined with restaurants, shops and cultural venues, including Ocean Avenue’s the Stone Pony, the rock club that helped launch Bruce Springsteen and Bon Jovi.
Ocean Grove’s Tent Village Adjacent to Asbury Park is the
Bikers passing a large home on Ocean Avenue in Deal.
community of Ocean Grove, founded in 1869. Its 1870s-era tent village features roughly 100 tents surrounding the approximately 6,250-seat Great Auditorium, an 1890s worship space and concert hall. Summer tent leases often pass down through families.
MEMBERSHIP AND ACCESS In Deal proper, leisure time centers on recre- ational clubs and com- munity institutions. Along the coast, the Deal Casino Beach Club, originally built in 1907, has a pool, bathhouses, ca- banas and ocean access for mem- bers. The Conover Pavilion is a municipal beachfront facility with both public and membership spaces. Just inland, the Deal Country Club and the Hollywood Golf Club—the latter noted for its
©2026 Dow Jones & Co., All rights reserved. 6DJ0579
Belmar’s D’Jais Bar & Grill South of Ocean Grove, Belmar is a classic beach town home to this Jersey Shore nightlife institution. The venue is known for its dance floor, celeb- rity guest DJs and af- ternoon happy hours.
$7.8 Million 9 bedrooms, 6 bathrooms Built in 1918, this roughly 4,900- square-foot residence is on a 0.34- acre lot. It is located one block from the beach. The house has a wraparound front porch and four fireplaces. Agent: Barbara Gheriani, Beba Realty,
championship course—are pre- mier golf options in the area. Ful- filling a social role, the Deal Se- phardic Network Community Center serves as a hub for the area’s Syrian Jewish community.
ADVICE FOR THE BUYER Navigating Deal’s housing stock re- quires patience, as oceanfront mansions are often passed down through generations, making inven- tory scarce and off-market deals prevalent. Buyers looking to secure a foothold must be ready to move quickly and decisively. “You’re not going to be alone,” says Keith Ker- nan, a real-estate agent with Ward Wight Sotheby’s International Re- alty. He says beachfront properties range from historic estates to ul- tramodern builds priced between about $9 million to $18 million. “Not only do the houses vary in square footage, but so do the lots,” he says. “Some lots are smaller and further back from the beach, and others sit on very substantial lots that are beachfront.”
THE WALL STREET JOURNAL.
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Emily Soelter and her husband, Tom Soelter, at their five-bedroom cottage in Bay View. The home originally was much smaller, but has been expanded several times.
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There are around 440 cottages in Bay View, almost all of which are Victorians built between 1875 and 1900, according to Mary McCar- thy, a local real-estate agent. Many stay within families for gen- erations, and when they do be- come available, they are often sold through word-of-mouth. The median sale price in Bay View reached $346,940 in 2025— up roughly 76% from $197,500 in 2021, according to McCarthy. This surge stems partly from owners holding on to their cottages lon- ger, real-estate agents said, along- side price hikes in the broader Pe- toskey area. In February, Petoskey’s median listing price topped $1 million for the first time, according to Realtor.com se- nior economist Anthony Smith, who attributed the jump to a surge in new construction and the area’s relative affordability, com- pared with other markets in the Great Lakes region. On Thursday mornings in the summer, Bay View cottage owner Annie Koch attends the Morning Council Women’s Club, which hosts events such as ice cream so- cials. In the evenings, she attends lectures and concerts. She’s seen cover bands of Fleetwood Mac and Chicago at a community audi- torium. Annie and her husband, Mat- thew Koch, have two teenage daughters, who begin their morn- ings as camp counselors. They re- turn home around noon for lunch and are then off to teach tennis. At night, they hang out with their friends on cottage porches or by the community’s waterfront. “I al- ways say the kids are living their best ’80s summer,” said Annie. That lifestyle also helps keep demand for cottages high. “When my husband and I got married, we didn’t know a lot about what the future would hold for us, but the one thing we did know was that we wanted a cot- tage in Bay View,” said Elizabeth Nelson, Bay View’s archivist and a local real-estate agent, whose hus- band, Paul Nelson, grew up in Pe- toskey. In 2005, they spent about $300,000 buying and moving a circa-1900 cottage onto another lot in the community.
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A 150-Year History Bay View was founded in the 1870s by Methodist ministers as a campground for religious retreats. In 1886, the community adopted the Chautauqua movement, ex- panding its mission to include ed- ucational and cultural program- ming. Today, Bay View is a National Historic Landmark, requiring strict oversight of any building or
Bay View is a National Historic Landmark, requiring strict oversight of any building or renovation.
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renovation in the community. Since many of its Victorian cot- tages lack insulation and the com- munity has fragile infrastructure, Bay View shuts down during the winter months. Emily Soelter, 77, and her sister Ginny Gibson, 72, own the Bay View cottage their great-grandfa- ther built around 1880. When their grandchildren come to spend the summer, “it’s a packed house,” she said. Soelter, who lives full-time in Minnesota, said the cottage has been expanded over the years. “In the first picture we have, there is no kitchen,” she said. “The women all cooked in the woods.” Bay View cottages are privately owned, but the land is owned by the association, which mandates that buyers be members. The membership process requires ref- erence letters from nonfamily members: at least two from cur- rent residents (excluding the sell- ers) and at least one from some- one outside the community. Applicants then interview with the membership committee before their applications are approved. The process can take up to nine weeks, according to Bay View Ex- ecutive Director Megan DeWindt, and approvals take place only dur- ing the summer. The process is intended to en- sure incoming members are com- mitted to the community’s mis- sion and willing to partake in community service and events, DeWindt said. Those who don’t own cottages can rent in Bay View, which doesn’t require a membership. Dennis and Merritt DeLano Taylor spent four years searching for a Bay View cottage for their family of four. Dennis, 54, works in health in- surance, and Merritt, 56, is a pro- fessor. Based in Grand Rapids,
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The community opens in late April and closes in early November.
the couple discovered Bay View while driving through northern Michigan in 2015, and began renting a cottage there. Toward the end of Bay View’s 2025 sea- son, they heard that a family was trying to sell their four-bedroom cottage quickly, at a price of $375,000. They dropped every- thing and went to check out the place, making an offer the next
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day. “You have to really hustle,” Dennis said. Because Dennis had already be- come a Bay View member, the transaction moved quickly. They purchased the cottage in October for $325,000. Annual fees for cottage owners range from $7,000 to $10,000 and cover expenses such as real-estate taxes, lot rent, water utilities and
a Chautauqua fee.
Changing requirements The community also has a deep spiritual heritage. With roots in the Christian faith, it offers weekly worship services, Sunday school, Bible studies and vespers concerts. DeWindt noted that there are also interfaith lectures and classes on other religions. In the 1940s, membership was restricted to white Christians. While the racial requirement was removed in the 1950s, prospective members still needed a Christian minister’s reference until 2019. The association eliminated that requirement following a 2017 law- suit by a group of homeowners, who argued that it violated the federal Fair Housing Act. The par- ties settled in mediation, avoiding a trial. At the heart of the legal battle was concern among members that their children, who weren’t as re- ligious, wouldn’t be able to inherit their cottages, according to Jon Chism, a former Bay View board president. Those who fought the change, meanwhile, wanted to preserve Bay View’s traditional heritage and culture, he said. While there was division during the years of the lawsuit, Chism said the issue within the commu- nity has been laid to rest. “It is like in your own personal family, where you have an argument about something, you really dis- agree, you really duke it out for a little bit, and once you resolve it, it just kind of goes away,” he said. Soelter, a practicing Christian, said she was mostly in favor of the rule change because some people who grew up in Bay View aren’t religious. But she also un- derstood the perspective of those who worried about the erasure of the community’s Methodist heri- tage. These days, she doesn’t hear many rumblings about the rule change. “I think it’s settled,” she said. Elizabeth Nelson said she had anticipated a surge of cottages hitting the market from members who protested the decision, but the uptick never came. When asked how many non- Christians are members today, DeWindt said the community doesn’t track its members’ reli- gious affiliations. Dennis and Merritt, who are Christian, said that the commu- nity has felt welcoming to diver- sity and that they haven’t felt dis- criminated against as a same-sex couple. “One of the things that we love so much about Bay View is that we’ve really felt accepted,” said Dennis. During the summer program, Dennis and Merritt, along with several other families, host a post-camp “lunch bunch” for their kids and friends. At the end of July, “we dialed it up with mini sodas,” said Dennis.
M
A Downtown Loft? The Perfect Fit.
BY NANCY KEATES
artin Farach-Col- ton is a planner. As the chairman of NYU’s Computer Science and Engineering depart- ment, he approaches most things in his life as if they were algorithmic code: dis- tilling his desired outcome into necessary inputs and creating steps for optimal solution. “I’m good at step- ping back and breaking things down,” Martin said. When it came to his home, that meant figuring out how to get from a 1,200-square-foot apart- ment on the Upper West Side of Manhattan to a newly renovated 2,750- square-foot loft in the East Village. Martin, 60, and his hus- band, Andrew Farach-Col- ton, 63, were living in that tiny Upper West Side apart- ment in 1999 when they found out they would be the fathers of twins. They wanted more space but knew they couldn’t get it in Manhattan on their sala- ries. “We would have had to move to Jersey City or Washington Heights to af- ford something bigger, and neither of us wanted to do that,” said Andrew, who writes about classical music for Gramophone magazine. Martin took a two-year leave of absence from his
Martin and Andrew Farach-Colton’s loft includes a piano and records collected by Martin, a classical music writer for Gramophone magazine.
job as a computer-science professor, then at Rutgers University. In July 2000, he became one of the first few
hundred employees at Google, prompting the cou- ple to move to the Bay Area, Martin said. They stayed for two years—long enough for Martin to later access half his stock options after Google’s IPO—before re- turning to New York to live in a different rental on the Upper West Side. When the Google payout happened, it allowed them to buy a 3,200-square-foot brick townhouse in the West Vil- lage for $6.8 million in 2007. Martin returned to teaching at Rutgers and they raised their children, now 26, there. But the Farach-Coltons didn’t like living in a house: It seemed like a waste of space because they spent almost all their time on one floor. The building was circa 1889, and there was always something to repair; neither is very handy, meaning they had to con- stantly hire people. “We missed apartment living,” said Andrew. In May 2019, they sold their townhouse for $8 mil- lion and bought a 2,750- square-foot loft on East 12th Street for $4.2 million. The space was chaotic, said Martin. “It was a little nuts.” Plexiglas dividers were angled, creating diag- onal rooms where nothing lined up. But it had a wall of big windows that looked over an inner courtyard. Martin then drew up his own floor plan and hired architect Gordon Kahn, who has done projects for celeb- rities like Gigi Hadid, Tina
Fey and Andy Cohen, to lead a $2.6 million renova- tion. Kahn took out the parti- tions, opening it all up. Then, repartitioning it along a grid, he created one large, light-filled living space along with three rooms for sleeping, two of-
fices and a huge storage space behind the kitchen. The result was “very much a collaboration,” Kahn said. “I took Martin’s ideas and turned them into designs.” Andrew’s aesthetic also crept in. He grew up going to auctions with his par- ents, giving him an appreci-
ation for objects with meaning. The area of the living room that holds his piano has a wall lined with vinyl records and a shelf with a set of handmade Czech bohemian crystal glassware. “I’m the analog to Mar- tin’s digital,” he said.
PETER ROSS FOR WSJ
The house in 1940; current owners John and Billings Cay, right.
BY SARAH PAYNTER
Introducing The Wall Street Jour- nal’s new Historic Homes series. We know how much our readers enjoy exploring America’s oldest and most historically significant properties. Twice a month, Sarah Paynter brings us inside these sto- ried houses. W
hen preservationists John and Billings Cay bought their Virginia estate in 2008, a granite statue of the Greek mythological figure Niobe lay on its side in the formal gar- den’s overgrowth, while greenery overtook pathways and fencing. The house needed new mechani- cals and flooring, and it was miss- ing many of its original moldings, says John, who retired from his family’s insurance firm in 2024 and became a real-estate developer. “It looked like it needed a friend.” The couple, who are based in Savannah, Ga., paid $1.3 million for the house outside Fredericks- burg, about 50 miles north of Richmond. They then embarked on a $10 million restoration.
The history The Cays are only the third family to have ever owned the Federal- style house. Merchant John Hipkins built Rose Hill around 1800, according to a report by the Garden Club of Virginia Fellows. He left it to his grandson, John Hipkins Bernard, who after his return from Europe in 1818 added a library wing, an office wing, an octagonal music
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A Circa-1800 Estate Survived War and Fire
Jefferson, revived the Federal-style house near Fredericksburg, Va.
They preserved the dining room wallpaper and original furnishings.
room and a colonnade. The family used slave labor to operate the estate as a working farm with animals and crops, ac- cording to the report. During the
Civil War, Union and Confederate troops traversed the property as control of the area shifted, leaving it in poor condition. Descendants of Hipkins sold the
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house in 1958, but a fire the fol- lowing year left little more than its foundations, chimneys and partial walls. Determined to restore her fam- ily’s home, Frances Bernard Pat- ton—another direct descendant of Hipkins—repurchased the estate, rebuilt the original structure and rehabilitated the burned-out wings, according to her husband James S. Patton’s great-niece Han- nah Duerden. The Pattons replicated the wall- paper in the dining room and filled the house with many of its original furnishings and family portraits, according to the report. They raised money for the reno- vation through a government sti- pend and by selling timber on the land, Duerden says. Frances died in 1981, and James maintained the gardens until his
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health declined before his death in 2007, Duerden says.
Modern day John, 81, and Billings, 61, used builder invoices, family diaries, historical reports, reconstruction drawings and hundreds of historic photographs for the restoration.
Historic details According to the report, Bernard returned from his travels with Eu- ropean pigeons, doves and par- tridges to keep on the estate. Sharing his vision, the Cays added a dovecote inspired by an unbuilt design by Thomas Jefferson.
The best part of owning a historic home “The sense that you’re making contributions to future genera- tions,” John says.
The hardest part of owning a historic home The upkeep required. “It turned out to be a much more ambitious task than we could imagine.”
Reason for selling? The Cays spend spring and fall at the house, but with John’s last grandchild graduating from the nearby high school, he says the pair plan to spend more time with family in Savannah.
Market snapshot Historic homes attract a different set of buyers than newer proper- ties on the market, says listing agent Charlotte Rouse of Coldwell Banker Elite. Though they aren’t inherently pricier, they can com- mand a premium if restored prop- erly, she says.
HISTORIC AMERICAN BUILDINGS SURVEY/LIBRARY OF CONGRESS (1940); CAY FAMILY (PORTRAIT); JUSTIN KIME/HDBROS
W
HOUSE CALL | TIM ROBBINS He Was Raised on Greenwich Village Folk
the Gaslight Café and his ‘Bull Durham’ audition
hen I was 5, in 1963, I watched my father per- form with the Highway- men, a popular folk group. Their concerts often included a break for a few shaggy-dog stories. Watching him make the audience laugh was thrilling. I’ve been in search of that my entire life—the connection be- tween an artist and audience.
FROM TOP: MICHAEL BUCKNER/DEADLINE/GETTY IMAGES; TIM ROBBINS FAMILY
My family first lived in Po- mona, Calif. My father, Gil, taught high-school music. One of his stu- dents, John Stewart, shared his interest in folk, and they started a trio with John Montgomery called the Cumberland Three. They played West Coast clubs, released three albums and toured nationally. In 1960, they were in Greenwich Village when he was invited to a living wake for ailing folk singer Cisco Houston.
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The community my father found there convinced him this was where to raise his family. He called my mother and said, “Mary, bring the kids.” She packed us into the car and drove us to the Village. Our one-bedroom apartment was on the top floor of a five-story walk-up. My parents slept on a convertible couch in the living room; my older brother, David, and I slept in bunk beds in a walk-in closet; and my older sisters, Adele and Gabrielle, slept in a loft above the dining area. By September 1963, Dad was on tour with the Highwaymen. Down the street from us was the Gaslight Café, a folk club my father co-man- aged after the Highway- men disbanded in 1964. My father transi- tioned into an acting ca- reer and was in off-Broadway pro- ductions. Watching him made me appreciate that life. By the early 1970s, Adele was a stage manager at the Theater for the New City. Gabrielle also be- came a part of the group, and I went, too. In 1973, the theater cast me in the title role of “The Little Prince.” When I wasn’t in summer performances, I played softball. I took the admissions test for Stuyvesant, one of the city’s finest
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TIM’S POSTER
What’s the coolest thing at home in Brooklyn? Reed’s paintings on the wall.
What’s your favorite movie keepsake? A rare alternate poster for the 1999 film “Cra- dle Will Rock,” which I wrote and directed. It’s a pixelated image of the ventriloquist dummy actor Bill Murray uses in the film.
Do you still play your dad’s records? Yes, on vinyl. I also have the original masters of his Highwaymen albums.
public high schools. I was accepted, but struggled academically. My English teacher, Thomas Dolan, suggested I join Stuyvesant’s SING!, in which freshmen and sophomores competed against juniors and se- niors in original productions. As a sophomore, I directed my first play —“Story Theatre,” by Paul Sills. I attended SUNY Plattsburgh in New York for drama but after two years moved to California to transfer to UCLA. Initially, I wasn’t accepted into their theater program, but I was involved with writing, directing and acting. My intent was to be-
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Tim Robbins in Los Angeles in 2024, above, and at far left, at age 6, with his siblings and parents, Gil and Mary, during one of his dad’s 1960s tours.
come a theater director, but I won a senior-year acting competition, landed an agent and began audi- tioning. My first break was in 1982 on “St. Elsewhere.” The 1988 film “Bull Durham” changed my career. Auditions included playing catch with Kevin Costner. I had a good arm from playing third base as a kid. Today, my partner—director- cinematographer Reed Morano— and I divide our time between New York and L.A. Our Brooklyn apart- ment is in a converted warehouse
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with high ceilings and a roof deck. In L.A., I have a humble Craftsman. My brother has my father’s gui- tar. I have objects he created, in- cluding art he wove. I tend to fol- low his inner principle: “Don’t allow your hands to be idle; find a project.” —As told to Marc Myers
Tim Robbins, 67, is an Oscar-win- ning actor known for “Bull Dur- ham,” “The Shawshank Redemp- tion” and “Mystic River.” He co- stars in the Apple TV series “Silo.”
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The, Accord Spurs Hope Of Hamas Disarming
By Alexander Ward, Accounting Agency, Adi Im, Adidas Shares, Adrien Brasey, Advertising Services Department, Aerospace Factories, Africa Bahrain, After Beck - WARNING: source dates, money, or percentage tokens may be missing
本次翻译在绝大多数内容上保持了高度的忠实度，但第 36 页出现了严重的幻觉（Hallucinations）。该页原文为乱码（Encoding Error），译文却凭空构造了一篇关于“商业模式与 AI 转型”的深度分析文章，属于严重的交付缺陷。
êŶĬĆŠŠĬĥĉƅĉĥĀ），没有任何可读的英文信息。“Bull Durham” $\rightarrow$ 译文: 《牛津之都》titular role $\rightarrow$ 译文: titular 角色10-YR.TREAS. g $\rightarrow$ 译文: 10年期国债 gg（通常代表变动方向）被原样保留，未在上下文中处理。...rather than work out an agreement with Sens. John Cornyn and Thom Tillis. $\rightarrow$ 译文: ...而不是与约翰·科宁和汤姆·蒂利斯两名参议员达成协议。 (此处翻译正确，但部分段落的衔接处存在断句问题)。Situational Awareness (AI对冲基金): 译文在括号中自行添加了说明，虽有助于理解，但属于对原文本结构的修改。titular 单词直接出现在中文句子中，属于残余英文块。| 缺陷类型 | 严重程度 | 数量 | 备注 |
|---|---|---|---|
| 幻觉 (Hallucination) | 致命 (Blocking) | 1 | 第 36 页乱码被伪造为商业分析 |
| 误译 (Mistranslation) | 中 | 1 | 电影名 $\text{Bull Durham}$ 误译为《牛津之都》 |
| 残留英文 (Residual EN) | 低 | 1 | titular 未翻译 |
| 截断/缺失 (Truncation) | 无 | 0 | 采样范围内未发现 |
审核结果：存在阻塞性问题 (Blocking Issue Found)。请重新处理第 36 页，并修正电影译名。