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Trump, South Africa’s Leader Clash in Oval Office Pentagon

What’s
News Accepts
Business & Finance Qatari Jet
 Jony Ive, a chief architect
of the iPhone, and his de-
President
sign firm are assuming cre-
ative and design control at
OpenAI, where they will de-
velop consumer devices and
Solicited
other projects that will shape Donation of plane
the future look and feel of AI. A1
as Air Force One
 A weak auction for 20-year
bonds exacerbated worries has raised security
about rising deficits and and ethics questions
drove sharp declines in
stocks and bonds, sending
The Pentagon said Wednes-
the S&P 500 down 1.6% and
day that it had formally ac-
the 30-year Treasury yield to
cepted a donated $400 million
its highest level since 2023.
luxury airliner from Qatar that
The Dow and Nasdaq fell
President Trump has said will
1.9% and 1.4%, respectively. A1
serve as Air Force One.
 Comcast’s NBCUniversal
JIM LO SCALZO/EPA/SHUTTERSTOCK

made an offer to Major By Nancy A. Youssef,

League Baseball to take over Lindsay Wise
the package of regular-sea- and Andrew Tangel
son and postseason games
which ESPN is dropping. B2 The Air Force said that it
was preparing to award a con-
 Trump said he is giving
tract to modify the jet so that
“very serious consideration” to
it can serve as the official
taking mortgage giants Fan-
TESTY EXCHANGE: President Cyril Ramaphosa pushed back on President Trump’s unsubstantiated claims—repeated in front presidential aircraft. It didn’t
nie Mae and Freddie Mac pub-
of television cameras at the White House on Wednesday—that white South African farmers are facing ‘genocide.’ A7 provide further details about
lic after nearly two decades
the plans, saying information
under government control. A2
related to the aircraft was
 Target said sales in the classified.

Former Apple Design Guru Set

three months ended May 3 “The Department of De-
fell 3.8%, depressed in part fense will work to ensure
by a boycott by shoppers op- proper security measures and
posed to its decision to end functional-mission require-

To Take Broad Role at OpenAI

some diversity programs. B1 ments are considered for an
aircraft used to transport” the
 Walmart plans to cut
president, Pentagon spokes-
around 1,500 jobs in a re-
man Sean Parnell said in a
structuring aimed at trim-
statement. White House offi-
ming its expenses and speed-
cials said they hope the luxu-
ing up decision-making. B3
Partnership with Ive OpenAI Chief Executive Of- new era of AI-powered con- London-born Ive left Apple riously outfitted Boeing 747-8
 The SEC sued Unicoin, al- ficer Sam Altman and Ive’s de- sumer technology. It puts a in 2019 to found LoveFrom, a jet, offered to Trump by Qatar
leging that the crypto could herald a new sign firm, LoveFrom, have seasoned designer at the cre- design firm that has worked as a gift, will be ready to serve
startup and its executives era of AI-powered been working on a new device ative helm of a fast-growing for Ferrari, Airbnb and the lux- as Air Force One as soon as
misled investors while rais- that will move consumers be- startup that aims to one day ury Italian fashion firm Mon- the end of the year.
ing more than $100 million consumer technology yond screens, according to have a hand in everything from cler. Ive also leads io, a com- The decision to accept a
to launch a digital token. B6 people familiar with the mat- devices to AI-powered robots, pany founded last year to donated commercial aircraft
BY KEACH HAGEY ter. They have been collaborat- AI models with humanlike in- design and develop a new fam- has raised security and ethics
AND BERBER JIN ing for two years on a closely telligence and a global network ily of AI-powered products. questions since Trump dis-
guarded project, considering of data centers. As part of an unusual deal closed the offer last week. The
World-Wide Jony Ive, a chief architect of options including headphones The former Apple em- announced Wednesday, OpenAI administration has said the
the iPhone, and his design firm and other devices with cam- ployee’s work at OpenAI will will also acquire io in an all-eq- plane would go to the Trump
 The Defense Department are taking over creative and eras, the people said. extend across all the com- uity deal that values it at $6.5 presidential library at the end
said it formally accepted a design control at OpenAI, The partnership between pany’s ventures, from future billion. OpenAI acquired a 23% of his term.
donated $400 million lux- where they will develop con- Ive, a visionary designer, and versions of ChatGPT to audio Please turn to page A6 Please turn to page A5
ury airliner from Qatar sumer devices and other proj- OpenAI, which has trans- features, its app and other
that Trump has said will ects that will shape the future formed how consumers seek products, according to people  Heard on the Street: Google  Trump’s private clubs see
serve as Air Force One. A1 look and feel of AI. information, could herald a familiar with the matter. needs to convince on AI... B11 a financial windfall........... A6

 House Republicans were

Two CEOs Mixed Bond Yield Tops 5%, Highest

finalizing a series of last-
minute changes to their
sprawling tax-and-spending
bill, searching for a path that
would unite the party’s war-
ring wings headed into a
nail-biter floor vote. A1
Romance, Business, Since 2023, Jolting Stocks
 Two Israeli Embassy staff
members were shot and killed
near a Jewish museum in
Leading to Scandal BY GUNJAN BANERJI
AND SAM GOLDFARB
Index performance, past three sessions
0.5%
Washington, Homeland Secu-
rity Secretary Noem said. A7 Trouble has been stirring in

 Pro-Palestinian protesters
Kohl’s fired chief who didn’t disclose the bond market for weeks. On 0
Wednesday, the anxiety spread
attempting to disrupt Colum- his yearslong relationship with supplier to the stock market. –0.5
bia’s commencement skir- A weak auction for 20-year
mished with police as they BY SARAH NASSAUER On a recent Friday eve- bonds exacerbated worries –%.0
tried to march toward the AND SUZANNE KAPNER ning, Ashley Buchanan and about rising deficits in Wash-
university’s main gates. A2 Chandra Holt headed to the ington and drove sharp de- Nasdaq Composite
–%.5
 A federal judge said the The Vaquero Club is Vaquero clubhouse for din- clines for stocks and bonds, Dow Jones Industrial Average
Trump administration vio- tucked away behind stone ner, as they often do. Bu- sending the Dow Jones Indus- –2.0 S&P 500
lated a court order in deport- walls in a wealthy suburb of chanan, 51, in a white polo trial Average down more than
ing at least seven men to Dallas. The gates protect a shirt, and Holt, in a shaggy 800 points and the 30-year
–2.5 10-minute intervals
South Sudan on just hours swanky neighborhood of cream vest, sipped cocktails Treasury bond yield to the
Texas-size mansions, a pris- at the bar, according to a highest level since 2023. Mon. Tues. Wed.
notice earlier this week. A5
tine golf course and a lake person who saw them. It Many investors have grown Source: FactSet
 The Trump administration stocked with bass. was her 45th birthday. The increasingly concerned about
moved to drop Biden-era Residents pay for seclu- pair showed no signs of hav- the Treasury issuance that ings stripped U.S. debt of its Higher government deficits
lawsuits alleging unconstitu- sion and privacy, but it’s one ing been engulfed in a cor- could follow President triple-A rating, citing the mean potentially elevated gov-
tional policing in Minneapolis of those gated communities porate scandal that got Bu- Trump’s multitrillion-dollar government’s towering pile ernment-bond issuance to fund
and Louisville, Ky. A5 where secrets are hard to chanan fired as CEO of fiscal package. of debt and kicking off selling the gap between spending and
 Health Secretary Robert F. keep. Please turn to page A10 On Friday, Moody’s Rat- in Treasurys. Please turn to page A2
Kennedy Jr.’s “Make America

INSIDE
Healthy Again” report is ex-
pected to criticize food addi-
tives, lobbyists and vaccines,
but go easier than expected
To Gen Z, Everything
Is a Recession Indicator
Split House GOP Races
on pesticides in farming. A4
 Died: Gerry Connolly, 75,
i i i To Pass Spending Bill
Democratic congressman. A4. Offbeat economic gauges aren’t new,
... Jim Irsay, 65, owner of the WASHINGTON—House Re- $40,000 cap on the state and
Indianapolis Colts. A6 but zoomers take them to the next level publicans were finalizing a local tax deduction starting
series of last-minute changes this year, up from a $30,000
Wednesday to their sprawling cap in the prior plan; that
JOURNAL REPORT BY HANNAH ERIN LANG Lena Dunham’s latest public tax-and-spending bill, search- change was designed to satisfy
departure from New York and ing for a path that could Republicans from high-tax
Customer Experience:
ISTOCK

At first, it was higher egg Gwyneth Paltrow’s decision to unite the party’s warring states such as New York and
My favorite shopping prices, declining demand for start eating cheese again. Re- wings headed into a nail-biter New Jersey.
companion is AI. R1-8 cardboard boxes and empty sponding to a seemingly in- PERSONAL JOURNAL floor vote. Lawmakers from states such
dance floors. Now, it’s nocuous social-media post Americans, uneasy as Florida and Texas that ha-
CONTENTS Markets Digest...... B7 low-rise jeans, flash with the phrase “recession in- By Richard Rubin, ven’t expanded Medicaid under
Arts in Review..... A13 Opinion................ A15-17
mobs—even Lady dicator” has become a meme
about the economy, Obamacare would get a favor-
Olivia Beavers
Business & Finance B2-3
Business News...... B6
Personal Journal A11-12
Sports.......................... A14 Gaga’s return to pop all its own. scale back vacation and Jasmine Li able change to a funding for-
Crossword................ A12 Technology................ B4 music. Sometimes, the plans. A12 mula, and border states would
Heard on Street... B11 U.S. News.............. A2-6 The TikTok genera- posts actually point New language to assuage get $12 billion for security
Markets..................... B10 World News........ A7,18
tion’s search for signs of to potentially trou- conservatives would accelerate costs incurred during the Bi-
economic strain has ex- bling signs, like a re- BUSINESS & FINANCE new Medicaid work require- den administration. An indoor-
> panded to include, well, cent partnership be- ments to December 2026 from tanning excise tax that was
Sole search Streamers are finally
just about everything. tween DoorDash and 2029 and end certain tax cred- eliminated in the original bill
To the extremely online, the Klarna that allows users to
making money, but its for wind and solar energy text would be maintained and
portents of doom also include pay for meal deliveries in in- navigating it all gets instead of a slower phaseout a nuclear-energy tax break
s 2025 Dow Jones & Company, Inc.
serif fonts, press-on nails, stallments. More often, they messy for viewers. B1 through 2031. The updates would be expanded. Federal
All Rights Reserved knee-high Converse sneakers, Please turn to page A12 would also formally lock in a Please turn to page A4
 A2 | Thursday, May 22, 2025 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Trump Eyes Privatizing Fannie, Freddie
Mortgage giants ‘are der government control. that the government’s stakes in Trump’s first term—have been backed securities and lead to valued above $330 billion, with
“Fannie Mae and Freddie Fannie and Freddie could be unsuccessful. higher mortgage rates. the government’s stake at more
doing very well, Mac are doing very well, valued at hundreds of billions Fannie and Freddie bundle In his post Wednesday, than $250 billion.
throwing off a lot of throwing off a lot of CASH, and of dollars. Trump allies and and sell mortgages, with a gov- Trump said he would be “mak- Fannie and Freddie would
the time would seem to be other Republicans see privati- ernment-backed guarantee to ing a decision in the near fu- raise an additional $20 billion
CASH,’ president says right,” Trump wrote in a so- zation of the mortgage giants protect investors from losses ture” after discussions with to $30 billion from new inves-
cial-media post Wednesday. as a way to reduce the coun- when homeowners default. Treasury Secretary Scott Bes- tors, akin to an initial public of-
BY GINA HEEB The Wall Street Journal pre- try’s deficit and return money That allows banks and others sent, Federal Housing Finance fering. A raising of that size
viously reported that the to taxpayers. to originate more 30-year, Agency Director William Pulte would put it on par with the
President Trump said he is Trump administration has been The two firms have been un- fixed-rate mortgages. and others. largest IPOs of all time. The ad-
giving “very serious consider- discussing efforts to privatize der government control since Skeptics caution that privat- A proposal circulated among ministration has considered an
ation” to taking the mortgage Fannie and Freddie, with talks the 2008 financial crisis, and izing Fannie and Freddie could, members of Trump’s team in executive order that could in-
giants Fannie Mae and Fred- under way since at least last attempts to release them since if not done carefully, drive recent months estimated that clude directing departments to
die Mac public after years un- year. Bankers have estimated then—including during away buyers of mortgage- the privatized entities would be study privatization.

Bond Yield U.S. 30 Year Treasury

bond yields
5.1%

Tops 5%, 5.0

Hits Stocks %.9

%.8
Continued from Page One
revenue, making some inves- %.7
tors uneasy about how much of
Washington’s debt Wall Street %.6
can absorb.
The yield on 30-year Trea- %.5
surys rose to 5.089%, the high-
est level since October 2023. %.%
Yields on 10-year government Jan. 2025 May
bonds rose to 4.595%. Source: Tullett Prebon
The S&P 500 fell 1.6%,
while the tech-heavy Nasdaq tently exceeded those of 30-
Composite lost 1.4%. The Dow year bonds.
shed 1.9%. The declines were Any auction, though, is still
broad-based, with 10 out of 11 seen on Wall Street as an im-
of the S&P 500’s groups portant gauge of demand. The
notching declines. disappointing results Wednes-
Yields have been edging day reinforced concerns about
higher recently because of appetite for longer-term Trea-
HEATHER KHALIFA/ASSOCIATED PRESS

fears of deficits and higher surys in particular.

inflation, rather than a The weak auction trig-
strong economy. gered selling in stocks in af-
“Rates are rising for the ternoon trading.
wrong reasons,” said Larry The government’s mam-
Adam, chief investment officer moth fiscal plan comes as
at Raymond James. many investors already are
Investors said that there uneasy about the potential for
A person wearing graduation robes is detained by police across the street from the main gates of Columbia University. had been a lingering mismatch rising inflation because of
between signals from stock Trump’s tariffs.

Pro-Palestinian Protesters Attempt

and bond markets, with stock Many people in the U.S. are
investors largely brushing off feeling more gloomy about the
concerns about higher deficits economy than they have in
and inflation. years, and a handful of retail-

To Disrupt Columbia Graduation

With fears of an immediate ers, including Walmart, have
trade war fading, stocks have announced plans to raise
clawed back their April losses prices because of the tariffs.
and are about Some inves-
flat for the tors have said

5.089%
BY JOSEPH PISANI graduation ceremony was can- from faculty and students. New York City police officers year. they are con-
AND JENNIFER CALFAS celed because of safety con- The university’s interim blocked people from walking Bond yields cerned about
cerns following weeks of pro- president stepped down in toward the school. have been the prospect of
NEW YORK—Pro-Palestin- Palestinian protests that March as Columbia continues Flags, signs and noisemak- climbing re- stagflation, an
ian protesters attempting to disrupted campus life. negotiations over the future of ers were banned. Police kept cently not just The yield on the 30- u n e n v i a b l e
disrupt Columbia University’s Columbia University Apart- its federal funding. protesters holding Palestinian in the U.S. but combination of
commencement tussled with heid Divest, a pro-Palestinian Free-speech proponents flags contained to a corner also in Japan
year U.S. Treasury lower growth
police Wednesday as they group at the school, had called have criticized the crackdown across from the school. and Europe, bond at the end of and higher in-
tried to march toward the for the protest on social me- on pro-Palestinian protests as Claire Shipman, the univer- two other key trading Wednesday. flation that in-
school’s main gates. dia. In a post Tuesday on X, interfering with students’ sity’s acting president, was markets where vestors haven’t
“Let them go!” about 100 the group urged demonstra- First Amendment rights. Some greeted by roars and boos investors are contended with
demonstrators screamed as a tors to get loud and wear a foreign students who partici- from the crowd as she spoke anticipating in decades.
line of police officers pushed mask. “NO COMMENCEMENT pated in the protests, such as at the ceremony. wider deficits. That has added As a result, the spring has
people back, stopping them AS USUAL UNDER GENO- Mahmoud Khalil, have been She told the nearly 16,000 to the pressure on U.S. bonds. been punctuated by moments
from crossing a street and CIDE,” the post said. held in detention facilities Columbia graduates that aca- The rise in yields then of turmoil in bonds while in-
getting toward the school’s The Trump administration while the government seeks to demic institutions are pillars gained momentum in the af- vestors grapple with higher
entrance. “Get back!” police has canceled $400 million in deport them. Protesters say of a healthy democracy and ternoon when the $16 billion tariffs and the prospect of a
yelled. federal contracts and grants, they want the school to stop must be protected. She also auction of 20-year Treasury slowdown.
Columbia has emerged as saying the school failed to investing in companies that do acknowledged the absence of bonds attracted relatively soft In early April, investors
perhaps the most prominent protect Jewish students on business with the Israeli gov- Khalil, who remains detained demand from investors, sell- broadly dumped U.S. assets,
target of the Trump adminis- campus. The Ivy League uni- ernment. at an ICE facility in Jena, La. ing at a higher yield than driving government bond
tration’s onslaught of financial versity agreed to an initial list On Wednesday, security traders had anticipated. yields higher so abruptly that
threats and pressure on elite of demands by the Trump ad- was tight with metal barri-  As war drags on, opposition Demand for 20-year bonds even Trump took notice, an-
universities. Last year’s main ministration, sparking outcry cades surrounding the school. grows in Israel........................ A7 has always been a bit soft rel- nouncing a pause on tariffs.
ative to other Treasurys since This time, though, the rise
they were introduced toward in bond yields seems unlikely

Tariffs Get Focus in U.S.-Canada Meeting the end of Trump’s first term. to deter lawmakers eager to
That is reflected in their push ahead with the plan for
yields, which have consis- tax cuts and spending.

BY PAUL VIEIRA
AND BRIAN SCHWARTZ CORRECTIONS  AMPLIFICATIONS
BANFF, Alberta—U.S. Trea-
sury Secretary Scott Bessent Venezuelan opposition ac- ture, omitting that opposition
and Canadian Finance Minis- tivists who had been shelter- leaders dispute that version of
ter François-Philippe Cham- ing in the Argentine embassy events.
pagne were set to hold a bilat- in Caracas left the country
eral meeting late Wednesday this month in what U.S. offi- Alchip will be among the
on the sidelines of the Group cials and opposition figures first to use Nvidia’s NVLink
of Seven finance and central called a rescue operation. In Fusion system to create cus-
bank meeting. some editions Wednesday, a tom-made artificial-intelli-
The counterparts were World News article about Ven- gence chips. A Technology ar-
likely to broach the issue of ezuela’s release of an impris- ticle on Tuesday about
tariffs, according to a Cana- oned U.S. Air Force veteran Taiwan’s first AI supercom-
dian official, a topic that has said Venezuela’s regime per- puter misspelled Alchip’s
roiled the relationship be- mitted the activists’ depar- name as AIchip.
tween the neighboring coun-
tries for months. Readers can alert The Wall Street Journal to any errors in news articles by
COLE BURSTON//AFP/GETTY IMAGES

Talks among the G-7 fi- emailing [email protected] or by calling 888-410-2667.

nance and central bank offi-
cials got under way with
Champagne vowing to get the THE WALL STREET JOURNAL
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 A2 | Thursday, May 22, 2025 * **** THE WALL STREET JOURNAL.

U.S. NEWS
Trump Eyes Privatizing Fannie, Freddie
Mortgage giants ‘are der government control. that the government’s stakes in Trump’s first term—have been backed securities and lead to valued above $330 billion, with
“Fannie Mae and Freddie Fannie and Freddie could be unsuccessful. higher mortgage rates. the government’s stake at more
doing very well, Mac are doing very well, valued at hundreds of billions Fannie and Freddie bundle In his post Wednesday, than $250 billion.
throwing off a lot of throwing off a lot of CASH, and of dollars. Trump allies and and sell mortgages, with a gov- Trump said he would be “mak- Fannie and Freddie would
the time would seem to be other Republicans see privati- ernment-backed guarantee to ing a decision in the near fu- raise an additional $20 billion
CASH,’ president says right,” Trump wrote in a so- zation of the mortgage giants protect investors from losses ture” after discussions with to $30 billion from new inves-
cial-media post Wednesday. as a way to reduce the coun- when homeowners default. Treasury Secretary Scott Bes- tors, akin to an initial public of-
BY GINA HEEB The Wall Street Journal pre- try’s deficit and return money That allows banks and others sent, Federal Housing Finance fering. A raising of that size
viously reported that the to taxpayers. to originate more 30-year, Agency Director William Pulte would put it on par with the
President Trump said he is Trump administration has been The two firms have been un- fixed-rate mortgages. and others. largest IPOs of all time. The ad-
giving “very serious consider- discussing efforts to privatize der government control since Skeptics caution that privat- A proposal circulated among ministration has considered an
ation” to taking the mortgage Fannie and Freddie, with talks the 2008 financial crisis, and izing Fannie and Freddie could, members of Trump’s team in executive order that could in-
giants Fannie Mae and Fred- under way since at least last attempts to release them since if not done carefully, drive recent months estimated that clude directing departments to
die Mac public after years un- year. Bankers have estimated then—including during away buyers of mortgage- the privatized entities would be study privatization.

Bond Yield U.S. 30 Year Treasury

bond yields
5.1%

Tops 5%, 5.0

Hits Stocks %.9

%.8
Continued from Page One
revenue, making some inves- %.7
tors uneasy about how much of
Washington’s debt Wall Street %.6
can absorb.
The yield on 30-year Trea- %.5
surys rose to 5.089%, the high-
est level since October 2023. %.%
Yields on 10-year government Jan. 2025 May
bonds rose to 4.595%. Source: Tullett Prebon
The S&P 500 fell 1.6%,
while the tech-heavy Nasdaq tently exceeded those of 30-
Composite lost 1.4%. The Dow year bonds.
shed 1.9%. The declines were Any auction, though, is still
broad-based, with 10 out of 11 seen on Wall Street as an im-
of the S&P 500’s groups portant gauge of demand. The
notching declines. disappointing results Wednes-
Yields have been edging day reinforced concerns about
higher recently because of appetite for longer-term Trea-
HEATHER KHALIFA/ASSOCIATED PRESS

fears of deficits and higher surys in particular.

inflation, rather than a The weak auction trig-
strong economy. gered selling in stocks in af-
“Rates are rising for the ternoon trading.
wrong reasons,” said Larry The government’s mam-
Adam, chief investment officer moth fiscal plan comes as
at Raymond James. many investors already are
Investors said that there uneasy about the potential for
A person wearing graduation robes is detained by police across the street from the main gates of Columbia University. had been a lingering mismatch rising inflation because of
between signals from stock Trump’s tariffs.

Pro-Palestinian Protesters Attempt

and bond markets, with stock Many people in the U.S. are
investors largely brushing off feeling more gloomy about the
concerns about higher deficits economy than they have in
and inflation. years, and a handful of retail-

To Disrupt Columbia Graduation

With fears of an immediate ers, including Walmart, have
trade war fading, stocks have announced plans to raise
clawed back their April losses prices because of the tariffs.
and are about Some inves-
flat for the tors have said

5.089%
BY JOSEPH PISANI graduation ceremony was can- from faculty and students. New York City police officers year. they are con-
AND JENNIFER CALFAS celed because of safety con- The university’s interim blocked people from walking Bond yields cerned about
cerns following weeks of pro- president stepped down in toward the school. have been the prospect of
NEW YORK—Pro-Palestin- Palestinian protests that March as Columbia continues Flags, signs and noisemak- climbing re- stagflation, an
ian protesters attempting to disrupted campus life. negotiations over the future of ers were banned. Police kept cently not just The yield on the 30- u n e n v i a b l e
disrupt Columbia University’s Columbia University Apart- its federal funding. protesters holding Palestinian in the U.S. but combination of
commencement tussled with heid Divest, a pro-Palestinian Free-speech proponents flags contained to a corner also in Japan
year U.S. Treasury lower growth
police Wednesday as they group at the school, had called have criticized the crackdown across from the school. and Europe, bond at the end of and higher in-
tried to march toward the for the protest on social me- on pro-Palestinian protests as Claire Shipman, the univer- two other key trading Wednesday. flation that in-
school’s main gates. dia. In a post Tuesday on X, interfering with students’ sity’s acting president, was markets where vestors haven’t
“Let them go!” about 100 the group urged demonstra- First Amendment rights. Some greeted by roars and boos investors are contended with
demonstrators screamed as a tors to get loud and wear a foreign students who partici- from the crowd as she spoke anticipating in decades.
line of police officers pushed mask. “NO COMMENCEMENT pated in the protests, such as at the ceremony. wider deficits. That has added As a result, the spring has
people back, stopping them AS USUAL UNDER GENO- Mahmoud Khalil, have been She told the nearly 16,000 to the pressure on U.S. bonds. been punctuated by moments
from crossing a street and CIDE,” the post said. held in detention facilities Columbia graduates that aca- The rise in yields then of turmoil in bonds while in-
getting toward the school’s The Trump administration while the government seeks to demic institutions are pillars gained momentum in the af- vestors grapple with higher
entrance. “Get back!” police has canceled $400 million in deport them. Protesters say of a healthy democracy and ternoon when the $16 billion tariffs and the prospect of a
yelled. federal contracts and grants, they want the school to stop must be protected. She also auction of 20-year Treasury slowdown.
Columbia has emerged as saying the school failed to investing in companies that do acknowledged the absence of bonds attracted relatively soft In early April, investors
perhaps the most prominent protect Jewish students on business with the Israeli gov- Khalil, who remains detained demand from investors, sell- broadly dumped U.S. assets,
target of the Trump adminis- campus. The Ivy League uni- ernment. at an ICE facility in Jena, La. ing at a higher yield than driving government bond
tration’s onslaught of financial versity agreed to an initial list On Wednesday, security traders had anticipated. yields higher so abruptly that
threats and pressure on elite of demands by the Trump ad- was tight with metal barri-  As war drags on, opposition Demand for 20-year bonds even Trump took notice, an-
universities. Last year’s main ministration, sparking outcry cades surrounding the school. grows in Israel........................ A7 has always been a bit soft rel- nouncing a pause on tariffs.
ative to other Treasurys since This time, though, the rise
they were introduced toward in bond yields seems unlikely

Tariffs Get Focus in U.S.-Canada Meeting the end of Trump’s first term. to deter lawmakers eager to
That is reflected in their push ahead with the plan for
yields, which have consis- tax cuts and spending.

BY PAUL VIEIRA
AND BRIAN SCHWARTZ CORRECTIONS  AMPLIFICATIONS
BANFF, Alberta—U.S. Trea-
sury Secretary Scott Bessent Venezuelan opposition ac- ture, omitting that opposition
and Canadian Finance Minis- tivists who had been shelter- leaders dispute that version of
ter François-Philippe Cham- ing in the Argentine embassy events.
pagne were set to hold a bilat- in Caracas left the country
eral meeting late Wednesday this month in what U.S. offi- Alchip will be among the
on the sidelines of the Group cials and opposition figures first to use Nvidia’s NVLink
of Seven finance and central called a rescue operation. In Fusion system to create cus-
bank meeting. some editions Wednesday, a tom-made artificial-intelli-
The counterparts were World News article about Ven- gence chips. A Technology ar-
likely to broach the issue of ezuela’s release of an impris- ticle on Tuesday about
tariffs, according to a Cana- oned U.S. Air Force veteran Taiwan’s first AI supercom-
dian official, a topic that has said Venezuela’s regime per- puter misspelled Alchip’s
roiled the relationship be- mitted the activists’ depar- name as AIchip.
tween the neighboring coun-
tries for months. Readers can alert The Wall Street Journal to any errors in news articles by
COLE BURSTON//AFP/GETTY IMAGES

Talks among the G-7 fi- emailing [email protected] or by calling 888-410-2667.

nance and central bank offi-
cials got under way with
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 THE WALL STREET JOURNAL. * * * * * * * Thursday, May 22, 2025 | A3

U.S. NEWS

DOJ Opens
Probe of
Two Israeli Embassy Staffers Killed
Cuomo’s Shootings occurred
near a Jewish
a red line,” Danon added.
American Jewish Commit-
tee Chief Executive Ted Deutch

Testimony museum in
Washington, D.C.
said in a statement: “We are
devastated that an unspeak-
able act of violence took place
outside the venue.”
BY C. RYAN BARBER WASHINGTON—Two Israeli The museum recently re-
AND SADIE GURMAN Embassy staff members were ported security concerns and
shot and killed near a Jewish was the recipient of a grant to
The Justice Department has museum in downtown Wash- offset security costs, according
opened a criminal investiga- ington, D.C., on Wednesday to NBC4 Washington.
tion into Andrew Cuomo, a top evening, according to Home- “Jewish institutions all
Democratic contender in the land Security Secretary Kristi around town, all around the
New York City mayoral race, Noem. country, are concerned about
in response to a referral from security due to some very
House Republicans who ac- By Meridith McGraw, scary incidents that some in-
cused the former governor of Olivia Beavers and stitutions have faced and be-
lying to Congress about his Sadie Gurman cause of a climate of antisemi-
actions during the Covid out- tism,” Executive Director
break, according to people fa- “We are actively investi- Beatrice Gurwitz told NBC4 in
miliar with the inquiry. gating and working to get an article published earlier

NBC WASHINGTON
The inquiry follows the more information to share. this week.
Justice Department’s dis- Please pray for the families of Attorney General Pam
missal of corruption charges the victims,” Noem wrote on Bondi wrote on X: “I am on
against the city’s current social media. “We will bring the scene of the horrible
mayor, Eric Adams, a move this depraved perpetrator to Yellow police tape walled off the scene of the shooting, and police cars lined the area nearby. shooting outside the Washing-
that drew objections from ca- justice.” ton, DC Capital Jewish Mu-
reer federal prosecutors who Tal Naim Cohen, a spokes- Northwest in Washington near American Jewish Committee. took place outside the event seum…. Praying for the vic-
were either fired or quit in woman for the Israeli Em- the Lillian and Albert Small “This special event brings that took place at the Jewish tims of this violence as we
protest. Adams is running for bassy, said in a statement that Capital Jewish Museum. together Jewish young profes- Museum in Washington, work to learn more.”
re-election as an independent, two embassy staff members The museum focuses on sionals (22-45) and the D.C. D.C….is a depraved act of anti- White House officials said
while Cuomo is leading polls “were shot this evening at Jewish life in the Washington, diplomatic community for an Semitic terrorism,” Danny they were monitoring the
in the Democratic primary. close range.” D.C., region, according to its evening dedicated to fostering Danon, Israel’s ambassador to shooting. The Federal Bureau
A Justice Department On Wednesday evening, lo- website. unity and celebrating Jewish the United Nations, said in a of Investigation was working
spokeswoman declined to cal police said they were in- The museum was hosting a heritage,” according to an invi- post on X. with local police to “respond
comment. The investigation vestigating a shooting in the “Young Diplomats Reception” tation for the event. “Harming diplomats and the and learn more,” said the bu-
was earlier reported by the area of 3rd Street and F Street on Wednesday night with the “The fatal shooting that Jewish community is crossing reau’s director, Kash Patel.
New York Times.
The investigation is being
handled by the U.S. attorney’s
office in Washington. It stems
from a referral accusing Cuomo
of lying in closed-door testi-
Nvidia CEO Calls Export Curbs
mony about his role as New
York governor in a state report
on nursing-home deaths that
On AI Chips to China a Failure
resulted from the Covid pan-
demic. The report was later BY LIZA LIN of a Nvidia AI chip that the before it took effect.
found to have significantly un- company had tailored for sale “The goal of the AI diffu-
dercounted the people who TAIPEI—Nvidia Chief Exec- in China. Nvidia said it would sion rule as specified in the
died in the state’s nursing utive Jensen Huang said U.S. take a $5.5 billion charge over past was to limit AI diffusion.
homes early in the pandemic. export controls limiting the the issue. President Trump realizes that
Cuomo spokesman Rich Az- sale of advanced chips to Huang said China was the it’s exactly the wrong goals,”
zopardi said the former gover- China were a failure, contend- second-largest computer mar- Huang said.
nor “testified truthfully to the ing they have galvanized Bei- ket globally and would be a “America is not the only
best of his recollection about jing to push ahead faster with $50 billion AI market next provider of AI technology,” he
events from four years earlier, its own artificial-intelligence year. said. “If the United States
and he offered to address any technologies. Revenue from China, he wants to stay in the lead and
follow-up questions from the Nvidia has over the past said, could translate to tax the U.S. would like the rest of
Subcommittee—but from the four years lost market share dollars and jobs the world to
beginning this was all trans- to Chinese competitors be- for the U.S. build on Ameri-

$5.5B
parently political.” cause of the restrictions, “I think all can technology,
Azzopardi questioned the Huang said. along the ex- then we would
timing of the investigation. “The local companies are port control have to maxi-
“This is lawfare and election very talented and very deter- was a failure,” mize AI diffu-
interference plain and simple,” mined, and the export con- Huang said. Charge Nvidia is sion, maximize
he said. At the same
trols give them the spirit, en-
ergy and the government time, he
taking on curbs the theThe speed.”
removal
support to accelerate their de- praised Trump U.S. placed on export of the diffusion
velopment,” Huang said for reversing of AI chips to China. rule has bene-
Wednesday in Taipei, where one export-con- fited Nvidia
he is attending an industry trol plan that and countries Cigale
conference. Nvidia had crit- in places such Dining table, designed by Andrea Casati
The Biden administration icized. as the Middle East and South-
introduced measures crimping In the final days of the Bi- east Asia that otherwise
the ability of U.S. companies den administration, officials would have been curtailed in
to sell cutting-edge chips, released a draft of an AI diffu- their ability to build large AI
MICHAEL NAGLE/BLOOMBERG NEWS

chip-related equipment and sion rule that would have put facilities.
technologies to China over na- country caps on the sale of AI Days after the rule was
tional-security concerns. The chips around the globe, not pulled, American chip makers
curbs have particularly af- just to China. including Nvidia unveiled
fected Nvidia, the leader in The rule was aimed at mak- deals to sell hundreds of thou-
chips for AI applications. ing it harder for China to ac- sands of the most powerful
Many remain in place un- cess U.S. technology through chips in the United Arab Emir-
der President Trump, and the third countries. ates, Saudi Arabia and Qatar
Andrew Cuomo is running Trump administration added a The Trump administration during a visit by Trump and
for New York City mayor. control in April on the export rescinded the rule this month Huang to the region.
 THE WALL STREET JOURNAL. * * * * * * * Thursday, May 22, 2025 | A3

U.S. NEWS

DOJ Opens
Probe of
Two Israeli Embassy Staffers Killed
Cuomo’s Shootings occurred
near a Jewish
a red line,” Danon added.
American Jewish Commit-
tee Chief Executive Ted Deutch

Testimony museum in
Washington, D.C.
said in a statement: “We are
devastated that an unspeak-
able act of violence took place
outside the venue.”
BY C. RYAN BARBER WASHINGTON—Two Israeli The museum recently re-
AND SADIE GURMAN Embassy staff members were ported security concerns and
shot and killed near a Jewish was the recipient of a grant to
The Justice Department has museum in downtown Wash- offset security costs, according
opened a criminal investiga- ington, D.C., on Wednesday to NBC4 Washington.
tion into Andrew Cuomo, a top evening, according to Home- “Jewish institutions all
Democratic contender in the land Security Secretary Kristi around town, all around the
New York City mayoral race, Noem. country, are concerned about
in response to a referral from security due to some very
House Republicans who ac- By Meridith McGraw, scary incidents that some in-
cused the former governor of Olivia Beavers and stitutions have faced and be-
lying to Congress about his Sadie Gurman cause of a climate of antisemi-
actions during the Covid out- tism,” Executive Director
break, according to people fa- “We are actively investi- Beatrice Gurwitz told NBC4 in
miliar with the inquiry. gating and working to get an article published earlier

NBC WASHINGTON
The inquiry follows the more information to share. this week.
Justice Department’s dis- Please pray for the families of Attorney General Pam
missal of corruption charges the victims,” Noem wrote on Bondi wrote on X: “I am on
against the city’s current social media. “We will bring the scene of the horrible
mayor, Eric Adams, a move this depraved perpetrator to Yellow police tape walled off the scene of the shooting, and police cars lined the area nearby. shooting outside the Washing-
that drew objections from ca- justice.” ton, DC Capital Jewish Mu-
reer federal prosecutors who Tal Naim Cohen, a spokes- Northwest in Washington near American Jewish Committee. took place outside the event seum…. Praying for the vic-
were either fired or quit in woman for the Israeli Em- the Lillian and Albert Small “This special event brings that took place at the Jewish tims of this violence as we
protest. Adams is running for bassy, said in a statement that Capital Jewish Museum. together Jewish young profes- Museum in Washington, work to learn more.”
re-election as an independent, two embassy staff members The museum focuses on sionals (22-45) and the D.C. D.C….is a depraved act of anti- White House officials said
while Cuomo is leading polls “were shot this evening at Jewish life in the Washington, diplomatic community for an Semitic terrorism,” Danny they were monitoring the
in the Democratic primary. close range.” D.C., region, according to its evening dedicated to fostering Danon, Israel’s ambassador to shooting. The Federal Bureau
A Justice Department On Wednesday evening, lo- website. unity and celebrating Jewish the United Nations, said in a of Investigation was working
spokeswoman declined to cal police said they were in- The museum was hosting a heritage,” according to an invi- post on X. with local police to “respond
comment. The investigation vestigating a shooting in the “Young Diplomats Reception” tation for the event. “Harming diplomats and the and learn more,” said the bu-
was earlier reported by the area of 3rd Street and F Street on Wednesday night with the “The fatal shooting that Jewish community is crossing reau’s director, Kash Patel.
New York Times.
The investigation is being
handled by the U.S. attorney’s
office in Washington. It stems
from a referral accusing Cuomo
of lying in closed-door testi-
Nvidia CEO Calls Export Curbs
mony about his role as New
York governor in a state report
on nursing-home deaths that
On AI Chips to China a Failure
resulted from the Covid pan-
demic. The report was later BY LIZA LIN of a Nvidia AI chip that the before it took effect.
found to have significantly un- company had tailored for sale “The goal of the AI diffu-
dercounted the people who TAIPEI—Nvidia Chief Exec- in China. Nvidia said it would sion rule as specified in the
died in the state’s nursing utive Jensen Huang said U.S. take a $5.5 billion charge over past was to limit AI diffusion.
homes early in the pandemic. export controls limiting the the issue. President Trump realizes that
Cuomo spokesman Rich Az- sale of advanced chips to Huang said China was the it’s exactly the wrong goals,”
zopardi said the former gover- China were a failure, contend- second-largest computer mar- Huang said.
nor “testified truthfully to the ing they have galvanized Bei- ket globally and would be a “America is not the only
best of his recollection about jing to push ahead faster with $50 billion AI market next provider of AI technology,” he
events from four years earlier, its own artificial-intelligence year. said. “If the United States
and he offered to address any technologies. Revenue from China, he wants to stay in the lead and
follow-up questions from the Nvidia has over the past said, could translate to tax the U.S. would like the rest of
Subcommittee—but from the four years lost market share dollars and jobs the world to
beginning this was all trans- to Chinese competitors be- for the U.S. build on Ameri-

$5.5B
parently political.” cause of the restrictions, “I think all can technology,
Azzopardi questioned the Huang said. along the ex- then we would
timing of the investigation. “The local companies are port control have to maxi-
“This is lawfare and election very talented and very deter- was a failure,” mize AI diffu-
interference plain and simple,” mined, and the export con- Huang said. Charge Nvidia is sion, maximize
he said. At the same
trols give them the spirit, en-
ergy and the government time, he
taking on curbs the theThe speed.”
removal
support to accelerate their de- praised Trump U.S. placed on export of the diffusion
velopment,” Huang said for reversing of AI chips to China. rule has bene-
Wednesday in Taipei, where one export-con- fited Nvidia
he is attending an industry trol plan that and countries Cigale
conference. Nvidia had crit- in places such Dining table, designed by Andrea Casati
The Biden administration icized. as the Middle East and South-
introduced measures crimping In the final days of the Bi- east Asia that otherwise
the ability of U.S. companies den administration, officials would have been curtailed in
to sell cutting-edge chips, released a draft of an AI diffu- their ability to build large AI
MICHAEL NAGLE/BLOOMBERG NEWS

chip-related equipment and sion rule that would have put facilities.
technologies to China over na- country caps on the sale of AI Days after the rule was
tional-security concerns. The chips around the globe, not pulled, American chip makers
curbs have particularly af- just to China. including Nvidia unveiled
fected Nvidia, the leader in The rule was aimed at mak- deals to sell hundreds of thou-
chips for AI applications. ing it harder for China to ac- sands of the most powerful
Many remain in place un- cess U.S. technology through chips in the United Arab Emir-
der President Trump, and the third countries. ates, Saudi Arabia and Qatar
Andrew Cuomo is running Trump administration added a The Trump administration during a visit by Trump and
for New York City mayor. control in April on the export rescinded the rule this month Huang to the region.
A4 | Thursday, May 22, 2025 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ******* THE WALL STREET JOURNAL.

U.S. NEWS

RFK to Call for Study of Child Vaccines

Food additives also briefed on a draft version of groups and some government U.S. childhood-vaccine schedule,  Child nutrition: The re- nutrition research at the Na-
the report. officials had pushed back which has grown to a dozen rec- port is expected to scrutinize tional Institutes of Health.
come under scrutiny The report, which is ex- against assertions that gly- ommended immunizations for ultra-processed foods, saying  Lobbyists: Kennedy and
in report; pesticides pected to be released as soon phosate, the active ingredient infants, from three in 1983. they have resulted in children allies have been critical of the
as Thursday, was compiled by in Roundup, made by Bayer, Kennedy and his allies have consuming too many highly influence of lobbyists on the
avoid unsafe label the Kennedy-led MAHA Com- and atrazine, a herbicide used suggested, often without evi- processed grains, sugars and regulation of food and phar-
mission, which President on grasses and corn, are likely dence, that higher childhood fat, as well as too many calo- maceuticals. But it is unusual
Health Secretary Robert F. Trump established in Febru- causes of childhood disease. chronic disease may be linked to ries overall. The report is likely for a government report to di-
Kennedy Jr.’s widely antici- ary. The people briefed on the The Environmental Protection the expanded vaccine schedule. to criticize the federal dietary rectly criticize lobbying ef-
pated “Make America Healthy draft version said that the Agency has said glyphosate Many public-health special- guidelines for not addressing forts, as the report is expected
Again” report is expected to planning was fluid and that isn’t likely to cause cancer. ists say the additions to the ultra-processed foods, accord- to do.
changes could be made. The MAHA report is ex- schedule mean that children ing to people familiar with it. The report is expected to
By Natalie Andrews, Here’s what to know: pected to call for a government are now protected against Kennedy has said he expects call out lobbying by the food,
Liz Essley Whyte  Pesticides: The report is health assessment of gly- more diseases. They also point the next update of the dietary chemical and pharmaceutical
and Josh Dawsey expected to raise questions phosate in 2026. out that the vaccines recom- guidelines will advise people to industries, detailing their cam-
about the health effects on  Childhood vaccines: The mended today use far fewer eat more whole foods and paign contributions, lobbying
criticize food additives, lobby- children from two common report echoes viewpoints long antigens—substances that trig- avoid packaged items and be spending and attempts to in-
ists and vaccines, but go easier weedkillers used by U.S. farm- held by antivaccine activists, in- ger an immune response—than released before summer’s end. fluence legislation, scientific
than expected on pesticides in ers, but stop short of labeling cluding those close to Kennedy. older vaccines because of tech- The MAHA report is also literature and medical training
farming, according to people them unsafe. Agriculture It calls for more study of the nology improvements. expected to call for increased for doctors.

Split GOP vatives who were frustrated

earlier Wednesday were less
vocal later in the day but
resources for the bottom 10%
of households by income while
giving more resources to those

Races to didn’t commit to voting yes.

“I believe we are going to
land this airplane,” Johnson
in the top 10%.
“You guys make Marie An-
toinette look down-to-earth,”

House Vote said during a hectic day of leg-

islating that saw the House
Rules Committee start a hear-
said Rep. Jim McGovern (D.,
Mass.) “This is, like, crazy. I
can’t believe that you’re doing
ing at 1 a.m. and continue past this.”
Continued from Page One sunset. He is trying to finish Republicans said they were
land swaps in Nevada and Utah the bill in the House before targeting waste and fraud in
would be eliminated. Memorial Day; it would then the safety-net programs.
House Speaker Mike John- go to the Senate, and Republi- Medicaid provides health-
son (R., La.) spent Wednesday cans are aiming to get it to care coverage to more than 70
negotiating what leaders hope Trump’s desk by July 4. million lower-income and dis-

NATHAN HOWARD/REUTERS
are the final details that un- Broadly, the bill would com- abled people. Under the new
lock the magic combination bine a mishmash of Republi- work requirements that would
ahead of a final vote that was can priorities into a single bill be imposed by the bill, most
expected early Thursday that carries the Trump childless adults without dis-
morning. He shuttled to the agenda. It would extend expir- abilities between the ages of
White House with hard-liners ing tax cuts and create new 19 and 64 would have to pro-
from the House Freedom Cau- tax cuts on top of that, such as House Speaker Mike Johnson (R., La.) was still trying Wednesday to corral conservative vide documentation that they
cus who demanded faster, a larger standard deduction, a Republican members behind the bill as he looked to hold a floor vote by early Thursday. worked 80 hours a month to
larger spending cuts and en- larger child tax credit and ver- qualify for Medicaid.
ergy tax credit phase-outs and sions of Trump’s campaign- “None of this is easy be- lican leaders say that faster said Rep. Warren Davidson The nonpartisan CBO esti-
then huddled with moderates trail promises to eliminate cause we’re in a narrow ma- economic growth from (R., Ohio), who on Wednesday mates that at least 8.6 million
who worry about ending the taxes on tips, overtime pay jority, but it’s critically impor- Trump’s policies would fill the evening came out against the people would lose coverage by
clean-energy tax credits too and Social Security benefits. tant that we deliver” policies gap and make it deficit-neu- legislation. “All this is the 2034 under the changes pro-
quickly. The bill would provide new to boost investment and tral, a point many economists same play with a bunch more posed by Republicans.
Passage of the legislation money for border security, wages, said House Majority dispute. smoke and mirrors,” he said. The new cap on the state
would mark a major win for national defense and support Leader Steve Scalise (R., La.). Conservatives have warned Democrats, meanwhile, and local tax deduction would
President Trump, a Republi- for farmers. To cover some— Before the final changes, that the bill front-loads tax highlighted the contrast be- start in tax year 2025, provid-
can, and a significant step to- but not all—of those costs, the bill was expected to in- cuts with 2028 expiration tween tax-cut extensions for ing an immediate boost to res-
ward extending his 2017 tax the bill would reduce spend- crease budget deficits by dates and delays spending high-income households and idents of high-tax states on
cuts and cementing other con- ing on Medicaid and nutrition about $2.7 trillion over a de- cuts, creating pressure for fu- spending cuts that would re- the tax returns they will file in
servative priorities. But in a assistance. Those changes in- cade, compared with a sce- ture Congresses to extend duce health-insurance cover- early 2026. The $40,000 cap
House where Republicans have clude new and tighter work nario where Congress does Trump’s proposals and further age and remove benefits for would start phasing down to
a narrow 220-212 majority and requirements, more frequent nothing. That figure was caus- postpone pieces of the mea- low-income households. They $10,000 once income reaches
Democrats are deeply opposed eligibility checks and shifts ing discomfort for some Re- sure that reduce deficits. pointed to a Congressional $500,000, and both numbers
to the plan, the measure could that would push more costs publicans as the national debt “This Congress, we control, Budget Office analysis show- would increase by 1% each
go down to the wire. Conser- to states. and bond yields climb. Repub- it actually grows the deficit,” ing that the bill would reduce year through 2033. ANNA MONEYMAKER/GETTY IMAGES

Rep. Gerry Connolly, who was recently diagnosed with esophageal cancer, was ranking member
of the Oversight committee. He was the third House Democrat to die in this session of Congress.

Stalwart Virginia Democrat Held

Key Oversight Post in Congress
BY GARETH VIPERS House Speaker Mike Johnson The district is solidly Dem-
AND KATY STECH FEREK (R., La.) slightly more breath- ocratic and is expected to re-
ing room as he tries to move main in the party’s hands. In
WASHINGTON—Congress- party-line legislation, includ- one of his final public state-
man Gerry Connolly, a power- ing the sweeping tax and ments, Connolly endorsed
ful Virginia lawmaker who spending bill the GOP is try- James Walkinshaw, his for-
was the top Democrat on the ing to pass. mer chief of staff, as his re-
House Oversight committee, Two seats that were held placement. Virginia Gov.
died weeks after announcing by Democratic Reps. Raul Gri- Glenn Youngkin, a Republi-
plans to retire. jalva of Arizona and Sylvester can, hasn’t announced a time-
OBITUARY He was 75 Turner of Texas, who both line for the election to fill the
Prediabetes captures GERRY years old. died in March, remain vacant. seat.
CONNOLLY C o n n o l l y, Connolly defeated New Connolly was elected to
1 in 3 adults. But you 1950-2025 who was diag- York Rep. Alexandria Ocasio- Congress in 2008 after more
nosed with Cortez for the top Democratic than a decade serving on the
can reverse it and prevent esophageal post on the House Oversight Fairfax County board of su-
or delay type 2 diabetes. cancer in November, died at and Accountability Committee pervisors.
his home in Fairfax, Va., on in December, putting him in a Born in Boston in 1950,
Take the 1-minute risk Wednesday morning sur- position to be a prominent an- Gerald Edward Connolly stud-
rounded by family, according tagonist of President Trump ied literature at Maryknoll
test today. to a statement. during his second term. College in Illinois and later
Connolly was a major fig- Connolly’s decision to seek graduated from Harvard with
ure in northern Virginia poli- that leadership position last an M.A. in public administra-
Be your own hero at tics for several decades, most fall divided Democrats, reig- tion in 1979.
DoIHavePrediabetes.org recently championing federal niting a debate over age, After graduating, he spent
workers in his district who health and the party’s prefer- a decade working on the staff
face job insecurity under the ence to fill leadership spots of the U.S. Senate Foreign Re-
Trump administration. He is on seniority. lations Committee, focusing
the third Democratic repre- By late April, Connolly said on policy including the over-
sentative to die since Con- his illness was forcing him to sight of international eco-
gress convened in January. step aside from the committee nomic issues, the Middle East
With Connolly’s passing, role and announced his plan and the United Nations.
the Republican-controlled to retire at the end of his con- He is survived by his wife,
House is split 220-212, giving gressional term. Cathy, and daughter, Caitlin.
 THE WALL STREET JOURNAL. * * * * * * * Thursday, May 22, 2025 | A5

U.S. NEWS

DHS Polygraphs Its Staffers, DOJ Moves to Drop

Citing Leaks to News Media Suits Against Police
BY SADIE GURMAN racial justice and policing.
The Justice Department said
BY MICHELLE HACKMAN The Trump administration it would also end ongoing in-
AND TARINI PARTI on Wednesday moved to drop vestigations of police agencies
Biden-era lawsuits alleging un- in at least six other cities, in-
WASHINGTON—In a small constitutional policing in Min- cluding Phoenix and Memphis,
interrogation room in Virginia neapolis and Louisville, Ky., retracting findings that officers
with a one-way mirror, employ- part of a broader effort to violated people’s rights.
ees from across the Depart- sharply curtail federal over- The about-face is the latest
ment of Homeland Security are sight of local law enforcement. in a series of efforts by the
being summoned and hooked The Biden administration Trump administration to re-
up to a polygraph machine. found agencies in both cities en- shape the Justice Department’s
They are asked to sit still gaged in patterns of discrimina- civil-rights division, which has
on a seat designed to measure tion and excessive force against traditionally worked to protect
uncomfortable body shifting, Black people and other minori- minority rights but has now
and to wear a blood pressure ties and sued them in an effort shifted its focus toward right-
cuff, an oxygen monitor and a to force change. But the Trump wing causes such as rolling
tube around their chests. The administration said those inves- back transgender rights, pro-
set up is standard for govern- tigations failed to adequately moting gun ownership and in-
ment polygraphs, but the line prove constitutional violations, vestigating elite universities.
ANDREW HARNIK/GETTY IMAGES

of questioning is more un- and it would be unfair for the “Federal micromanagement
usual: Have they been sharing federal government to mandate of local police should be a rare
information with the media? protracted and costly overhauls. exception and not the norm,”
Polygraph exams have long The cases in Minneapolis Harmeet Dhillon, head of the
been a routine tool used inside and Louisville were brought af- civil rights division, said.
intelligence agencies, includ- ter the police killings of George Despite the move, Minneap-
ing DHS, as part of security Floyd and Breonna Taylor in olis Police Chief Brian O’Hara
clearances, job applications Homeland Security Secretary Kristi Noem has personally requested testing of certain staffers. those respective cities, which said the police would abide by
and certain investigations. But sparked a national outcry over the terms of the agreement.
under Homeland Security Sec- asked to take polygraphs, the promised to “track down leak- authorities that I have under
retary Kristi Noem’s direction, people said. Those who have ers and prosecute them to the the Department of Homeland
they have been used to search
for leaks of information that
Noem and her top deputies
been asked to take exams range
from staffers in agency leader-
ship to employees in media of-
fullest extent of the law.”
McLaughlin declined to say
how many DHS employees
Security are broad and exten-
sive, and I plan to use every
single one of them to make
Judge Rebukes U.S. on
consider disloyal or embar-
rassing, according to current
and former officials familiar
fices within the department
who are authorized to speak
with reporters but are sus-
have been polygraphed since
Trump took office this year.
Many employees say it isn’t
sure that we’re following the
law, that we are following the
procedures in place to keep
South Sudan Deportees
with the practice. The infor- pected of shar- often clear who people safe, and that we’re
mation the employees are ac- ing unapproved is being se- making sure we’re following BOSTON—A federal judge proper notice. “I don’t see how
cused of leaking often isn’t information. lected for poly- through on what President said Wednesday that the anybody could say these indi-
classified, the people said. Current and graphs or why. Trump has promised.” Trump administration had vi- viduals had a meaningful op-
The exams are being admin- former DHS em-
The information Some view the Polygraphs differ in how olated a court order in deport- portunity to object,” he said.
istered by a little-known office ployees, who the employees exams as a fish- long they take to complete. ing at least seven men to The judge ordered the gov-
inside the Transportation Secu- have worked ing expedition, DHS employees have reported South Sudan on just hours no- ernment to give the men more
rity Administration, the part of under adminis- are accused of and many have exams taking anywhere from time to challenge their depor-
DHS known for screening pas-
sengers at airports. Under pre-
trations for both
parties, say they
leaking often said the seem-
ing randomness
90 minutes to four hours.
They have been found to be
By Mariah Timms, tations, including through
what is known as reasonable
Gretchen Tarrant Gulla
vious administrations, agents have not seen isn’t classified. has created a inconsistent and aren’t admis- and Michelle Hackman fear interviews, where they
within TSA’s polygraph pro- polygraphing chilling effect sible in most courts. can raise concern over poten-
gram worked on criminal or used at nearly inside the de- Madison Sheahan, the No. 2 tice earlier this week. tial persecution and fear of
administrative investigations, this scale. partment. official at Immigration and U.S. District Judge Brian torture where they are being
according to the department’s “There’s no precedent for Some employees have been Customs Enforcement, is close Murphy ordered the govern- sent. If their fears are found
website, and the program was this,” said Juliette Kayyem, placed on administrative leave to Noem and routinely threat- ment to be prepared to return to be reasonable, the govern-
used, for example, to test air- who served as an assistant following their polygraphs, ens to subject employees to a group of migrants after giv- ment must allow them at least
port employees accused of secretary at DHS during the while others have resigned polygraphs in meetings, offi- ing them an opportunity to 15 days to reopen immigration
theft of a passenger’s property. Obama administration. rather than take the exams, cials familiar with the matter contest their removals. He said proceedings over where they
Several employees at immi- “Under Secretary Noem’s according to people familiar said. And at times, Noem or at a court hearing in Boston can be sent, Murphy said.
gration agencies—along with leadership, DHS is unapologetic with the dynamics inside DHS. Corey Lewandowski, her top that the administration had vi- The Trump administration
the Federal Emergency Man- about its efforts to root out Asked during a March in- adviser, have personally re- olated a prior directive that said Wednesday that the men
agement Agency, a part of DHS leakers that undermine national terview on CBS if she is going quested polygraphing of cer- the administration couldn’t had been convicted of crimes
that President Trump has security,” said Tricia McLaugh- to continue to polygraph her tain employees or threatened deport people to third-party ranging from robbery to sex-
moved to dismantle—have been lin, spokeswoman for DHS. She employees, Noem said: “The polygraphs against them. countries without giving them ual assault and murder.
BEN CURTIS/ASSOCIATED PRESS

The Qatari jet is shown taking off from Palm Beach International Airport in February.

Pentagon United States Air Force a

plane,” Trump said, “I would
take it.”
pabilities or carry the ad-
vanced technology needed for
an airborne White House.

Accepts The Justice Department

cleared the proposed arrange-
ment with Qatar in a memo
Sen. Chuck Schumer of New
York, the chamber’s Demo-
cratic leader, said on the Sen-

Qatari Jet signed by Attorney General

Pam Bondi, a spokesman said.
The timetable to have the
ate floor that overhauling a
foreign luxury plane to serve
as Air Force One would cost
plane ready by year-end could billions of dollars and pre-
Continued from Page One be nearly impossible to meet dicted it would ultimately add
It isn’t clear under which unless Trump, a Republican, is up to more than the value of
legal provisions the plane willing to forgo many of the the plane itself.
would be transferred to the li- features that make Air Force “National security experts
brary, former officials said.
“If the United States gets to
keep the plane when he leaves
One distinctive, according to
industry experts and defense
and former Air Force officials.
from one end of the country
to the other agree: No matter
how many modifications are
RUBY R EVELRY
office, then it’s a gift to the Adapting a commercial air- made, or how much is spent, ROBERTO COIN BRACELET & EARRINGS
United States. If he gets to plane to transport the presi- or how intensely it is retrofit-
keep it, then it’s a gift to him dent and potentially serve as a ted, there will never be 100%
and a violation of the Consti- command-and-control center confidence that the plane is
tution unless Congress votes requires modifications to the secure,” he said. Famed designer. Exceptional gems. Bold design.
to approve it,” said Richard plane, multiple familiar with Schumer said he would Vibrant glamour and exceptional craftsmanship come together in this
Briffault, a Columbia Law presidential aircraft capabili- hold up the confirmation pro- bracelet and matching earrings by Roberto Coin. The bracelet is adorned with
School professor who special- ties said. The aircraft is cess for all political Justice
izes in government ethics. equipped with numerous clas- Department nominees until he 30 carats of vivid rubies and 3.25 carats of white diamonds, pavé set into a
A provision of the Constitu- sified defensive and communi- gets answers about the deal delightful floral pattern that radiates feminine flair. The matching earrings are
tion known as the Foreign cations systems. for the Qatari plane. equally exquisite, with 6 carats of rubies and 2 carats of diamonds. Each set in
Emoluments Clause bars “offi- Just repainting the donated The Wall Street Journal re- 18K white gold. Bracelet: 23/8” length. Earrings: 7/8” length. #32-0674 / 32-0691
cers…under the United States” aircraft could take six months, ported this month that the
from accepting gifts of titles the people said. Trump administration commis-
“of any kind” from a foreign Trump “is basically going to sioned defense contractor L3
government without congres- take that airplane as is with the Harris to retrofit the Qatari air-
sional consent. modest modifications achiev- craft. Last week, an L3 spokes- Learn more Learn more
Ronald Reagan’s presiden- able in a few months,” said person declined to comment. about this about these
tial library in California ac- Frank Kendall, Air Force secre- The current Air Force One
bracelet earrings
quired an earlier version of tary during the Biden adminis- was built in 1990. During
Air Force One in 2003 after tration. “He is getting some- Trump’s first term, Boeing
the plane was retired by the thing far less than Air Force won the $3.9 billion fixed-price
Air Force years after Reagan One, and the country is only Air Force One contract and at
left office. The transfer was going to get it for two years’ one point was expected to
approved by the Air Force sec- time. He can do it, but it is a have the replacement planes
retary during the George W. bad idea for a lot of reasons.” ready by last year. But it is
Bush administration. Some Republican lawmak- years behind schedule.
At the White House on ers have raised national secu- U.S. military officials said
Wednesday, Trump was asked rity concerns about using the they expected Boeing to de- 622 Royal Street, New Orleans • 877-677-2801 • [email protected] • msrau.com
by a reporter about Qatar giv- Qatari plane as Air Force One, liver the planes by 2027 at
ing the U.S. the luxury jet. Sit- warning that scrubbing it for the earliest but are planning Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
ting next to him, South African foreign surveillance technol- for a more likely 2029 time- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
President Cyril Ramaphosa ogy would be costly and diffi- line. A Boeing spokesperson
quipped, “I’m sorry I don’t cult. They have also ques- last week referred questions
have a plane to give you.” tioned whether the plane to the Air Force, which also
“If your country offered the would have the necessary ca- declined to comment.
A6 | Thursday, May 22, 2025 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Trump’s Private Club Business Design joint statement that their work
together grew out of friendship
and collaboration.

Guru Joins Altman has taken a number

Rakes In More Cash Than Ever

of steps to explore device and
hardware options, investing in

OpenAI 2020 in the startup Humane,

which launched what it called
the Ai Pin with OpenAI’s tech-
nology that failed to catch on
BY JOSH DAWSEY time. Zanker previously Continued from Page One with consumers.
AND EMILY GLAZER founded companies such as stake in the company late last Altman has long been fond
the Great American BackRub, year, people familiar with the of Apple and was eager to
Donald Trump’s private a group of massage stores. He matter said. OpenAI’s startup strike a deal with the iPhone-
clubs have emerged as a key is a frequent presence at Mar- fund also invested at the time. maker when the company
money-making venture for the a-Lago, Trump advisers say. The acquisition of the rest sought partnerships for the
president’s second term, and a Zanker didn’t respond to of Ive’s io puts an executive rollout of Apple Intelligence
hub for donors and favor- requests for comment. who helped change the rela- about a year ago. He has idol-
seekers alike. tionship between consumers ized Apple co-founder Steve
It now costs a record $1 and technology at the forefront Jobs even though Altman has
million to join Mar-a-Lago, New customers of development of devices that been outspoken in his criticism
Trump’s Florida resort, ac- In the days leading up to move consumers away from of smartphones and what he
cording to people familiar inauguration, Trump regularly screens. sees as toxic aspects of screen
KEVIN LAMARQUE/REUTERS

with the membership fees, up marveled at how many cus- Io’s staff of about 55 engi- addiction.
from about $500,000 during tomers he could bring to Mar- neers, scientists, researchers, OpenAI’s acquisition of io
his first term. a-Lago now that he was going physicists and product devel- points to its growing ambitions
The initiation fee at Trump’s to be president again, accord- opment specialists will become as a more consumer-centric
golf club in Bedminster, N.J. ing to visitors who heard the part of OpenAI, while Love- company focused on mass-
rose to $125,000, surging from remarks. Trump soon recog- From continues to operate in- market products and impact.
$75,000 in recent years, a per- Guests congregated at Mar-a-Lago during a Trump stay Feb. 18. nized how “hot” the club was, dependently. Altman recently hired Face-
son close to that club said. An- the visitors said. He then de- OpenAI will be a customer book and Instacart veteran Fi-
other Trump golf club, near Organizers asked prospec- rian at Rice University. cided to return almost every of LoveFrom and LoveFrom dji Simo, an operations-fo-
Mar-a-Lago in Florida, now tive guests to take part in back- After the announcement weekend. will receive a stake in OpenAI, cused executive, who’s tasked
charges more than $300,000 to ground checks, but the White last month of the May 22 din- These days, visitors to the people familiar with the matter with helping the company be-
join, according to people famil- House hasn’t extensively vetted ner, Democrats and govern- club say the crowd has said. The companies expect the come a profitable and publicly
iar with the matter. them, the people said. ment-watchdog groups con- changed and is stacked with transaction to close this sum- traded company.
Trump has encouraged Re- A White House official said demned it as possibly violating more people who want to see mer pending regulatory ap- While much of Ive’s work at
publican Party officials to hold the president’s assets are in a ethics rules. Trump’s own son, the president for business rea- proval. Apple revolved around the spe-
events at his clubs, where he trust managed by his children Eric Trump, was even taken sons, including cryptocurrency “I have a growing sense that cific look and feel of products
headlines official dinners and and added that the White aback when he heard about executives. everything I have learned over in the physical world, he also
cocktail parties. The clubs have House had nothing to do with the dinner, said people famil- Since Trump won the the last 30 years has led me to took greater responsibility for
in turn also attracted a new cli- the Thursday event. iar with his reaction. White House, five lobbyists this moment,” Ive said. Altman software issues on certain de-
entele of donors seeking to in- “The president left his real- Inside the White House, said they repeatedly were be- said he hopes the team can vices toward the end of his
fluence policy in the White estate empire to run for office Trump aides at the time hadn’t ing asked by clients how to “bring some of the delight, tenure there.
House, including cryptocur- and serve our country, and he plotted out his official schedule get into the club to potentially wonder and creative spirit that OpenAI has a content-li-
rency executives pushing for has sacrificed greatly in doing that far. Several aides with ac- see the president, particularly I first felt using an Apple Com- censing deal with The Wall
deregulation, advocates seeking so. Every decision he makes as cess to his calendar said they clients looking for exemptions puter 30 years ago.” Street Journal’s parent com-
pardons for allies, and business president is always in the best weren’t aware of such a dinner, on tariffs. Ive and Altman said in a pany, News Corp.
leaders looking for exemptions interest of the country,” said and some suspected it was po- Trump usually sits in the
from tariffs, among others. Karoline Leavitt, the White tentially fake. The Trump Or- center of the dining room,
One of the biggest such House press secretary. ganization had nothing to do where a velvet rope hanging on
events yet is set to take place A spokeswoman for the with the event, people familiar gold stands surrounds his ta-
Thursday at Trump’s golf Trump Organization didn’t re- with its planning said. ble. When Trump walks in,
course outside Washington, spond to requests for comment. Trump had agreed to do it, people clap. Attendees typically
when his cryptocurrency ven- telling aides it was a “private can’t approach his table, but he
ture is hosting a gala dinner for business engagement” that he may climb over the rope to
his $TRUMP memecoin’s big- Unprecedented had with Palm Beach, Fla., greet people or call them over.
gest holders. Many of the in- Presidential historians say businessman Bill Zanker, and Trump himself has encouraged

EVAN AGOSTINI/INVISION/ASSOCIATED PRESS

vestors are foreign, and some there has never been such a part of the promotion for his people to join as he walks
of the top givers have been moneymaking venture run by crypto coin. Trump dismissed about the patio, and the club is
promised official tours of the a president from inside the concerns from senior White near capacity.
White House, according to the White House. House staffers, people familiar So far this year, the Repub-
advertisement for the event. “Trump is our first billion- with the matter said, who are lican Party has held both its
He is forging ahead with the aire president and doesn’t planning to skip the event. spring donor retreat and its
event over the objections of seem content with that status. Trump has known Zanker, volunteer retreat at his clubs.
some of his own aides and law- He sees the next four years as who is responsible for the The organization usually holds
yers, who were initially a waste of time if he cannot company “Fight Fight Fight!” a multiday donor retreat in the
shocked that he had agreed to find a way to get richer out of that sells Trump-branded spring that features a range of
it, according to people familiar the endeavor,” said Douglas merchandise and shares prof- speakers. This year, Trump
with the event’s planning. Brinkley, a presidential histo- its with Trump, for a long was the only keynote speaker. Jony Ive left Apple in 2019 to found design firm LoveFrom.

Father’s Day U.S. WATCH

JUNE 15TH
YUKI IWAMURA/ASSOCIATED PRESS

WELCOME TO TOWN: U.S. sailors and Marines stand on the deck of USS New York as it
passes the Statue of Liberty during Fleet Week in New York City.

LOUISIANA NEW JERSEY OBITUARY

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THE WALL STREET JOURNAL. Thursday, May 22, 2025 | A7

WORLD NEWS
Little Food Aid Getting to Gazans Israeli
Troops Fire
Israel lifts blockade,
but limited deliveries
Hamas and ordinary Gazans.
On Monday, after airstrikes
that killed scores of people, Is-
Warning
face distribution
obstacles during war
rael ordered residents in the
southern city of Khan Younis
to evacuate ahead of an “un-
Shots Near
Inside their small apart-
ment in Gaza City this week,
precedented attack.” That
triggered hundreds of resi-
dents to take to the streets to
Diplomats
Marah Zant and 12 of her rela- denounce Hamas and urge an
tives had very little food left, end to the war. It was the lat- BY DOV LIEBER
just some rice, lentils and a est sign of a grassroots move-
single can of fava beans that ment that is defying Hamas. TEL AVIV—Israeli soldiers
OMAR AL-QATTAA/AGENCE FRANCE-PRESSE/GETTY IMAGES

they were trying to stretch for In other areas, many fled fired warning shots near a
three days. The plan: eat one, their shelters. Sharif al-Sheikh, large group of diplomats from
very small meal a day. a father of two, was displaced Europe, the Middle East and
for the fifth time since the war Asia who were touring the
By Suha Ma’ayeh, began after Hamas’s deadly at- West Bank city of Jenin,
Abeer Ayyoub and tack on Israel on Oct. 7, 2023. sparking criticism from par-
Sudarsan Raghavan Hundreds of people have been ticipating countries as Israel
killed in airstrikes since Friday, faces growing pressure to end
Then they heard that sev- according to Gazan health au- the war in Gaza.
eral trucks carrying food aid thorities. The airstrikes contin- Video from the incident
had entered Gaza for the first ued on Wednesday, and the au- showed diplomats, their staff
time in more than two thorities reported dozens of and Palestinian Authority per-
months. But that news, too, additional deaths. sonnel running for cover and
turned into disappointment. Palestinians waited to get a hot meal at a food-distribution point in Gaza City on Wednesday. On Tuesday, Sheikh and his into their vehicles amid the
“We didn’t see a single family, which included 10 more shooting.
thing,” said 21-year-old Zant, of humanitarian aid into Gaza partnership, a global hunger effort, which the U.S.-desig- relatives, were hungry and once The group was near the en-
who lives in the Sheikh Radwan and for an end to the war. watchdog, said last week. nated terrorist group denies. again without shelter. “My wife trance to Jenin’s refugee
area of the city. “No one around “The situation in the Gaza “The decision to allow lim- A U.S.-backed aid-distribu- and I haven’t eaten anything for camp, where Israeli forces
us received anything either.” Strip is increasingly worrying ited food aid to enter Gaza tion plan, supported by Israel, three days,” he said. “My wife have been carrying out a
After mounting U.S. and and painful,” he posted on X. barely scratches the surface of is in the works to resume de- gives me bread, but I refuse to monthslong operation that has
global pressure, Israel on Mon- Aid groups have for weeks what is needed,” said Zoe Dan- livering aid from distribution eat it. I leave it for the chil- emptied the area of its resi-
day allowed a limited amount warned that Gaza’s roughly iels, the IRC’s Gaza chief. She sites across Gaza. Eden Bar dren.” The markets have some dents.
of food aid into war-ravaged two million residents are fac- said Gazans need “consistent, Tal, director general of Israel’s food, but prices have soared out The incident comes amid
Gaza after enforcing a humani- ing severe shortages of food, sustained access to all essen- Ministry of Foreign Affairs, of his reach, he said. rising tensions between Israel
tarian-aid blockade since early fuel, medicine and clean water tial supplies—not just food said Monday that those sites Every morning, in front of and many of the countries
March. But ordinary Palestin- as stockpiles brought in dur- and medicine, but also water, should be operating in days. Farah Elhelo’s building in Gaza with diplomats present at the
ians and international-aid ing a fragile cease-fire earlier fuel and hygiene items. ” Stéphane Dujarric, spokes- City, hungry crowds arrive at a event, because of their criti-
agencies say not enough of it is this year run out. Nearly three In early March, Israel man for the U.N. Secretary- soup kitchen. By noon, the len- cism of Israel’s war in Gaza.
getting in. On Tuesday, Israel in five families can’t find banned the entry of all aid, General, said while more sup- tils and beans have run out and Many of the countries
permitted another 100 trucks bread or fresh food, and child medicines and other goods plies have come into Gaza, the fights erupt. On Monday, she called the incident serious and
to enter. The United Nations malnutrition is sharply rising, into the Gaza Strip after talks U.N. has struggled to get them heard screams. “I saw the crowd demanded an immediate in-
says at least 500 a day are says the International Rescue to extend the cease-fire to their warehouses and deliv- pushing, and I saw a child fall vestigation by Israel.
needed if a worsening humani- Committee. Nearly half a mil- stalled. Israeli Prime Minister ery points. The task of getting head first into one of the cook- The tour was organized by
tarian disaster is to be averted. lion people in Gaza face star- Benjamin Netanyahu’s govern- aid to the people who need it ing pots,” she said. “Each day, the Palestinian Authority.
Pope Leo XIV on Wednesday vation, the Integrated Food ment says Hamas steals aid is complicated by Israel’s of- someone gets burned…hands, There were diplomatic repre-
called for the unimpeded entry Security Phase Classification and uses it to support its war fensive, adding pressure on feet, from the chaos.” sentatives from roughly two
dozen countries on the tour,
including Egypt, Jordan,

As War Drags On, Opposition Grows in Israel

Spain, France, the U.K. and the
authority said.
European Union foreign-
policy chief Kaja Kallas said
the military had fired “warn-
BY ANAT PELED ter at the start of the war. need for this war,” he said. But ing shots” at the group and
The change in public opinion in the past year, it has “just said that “any threats on dip-
TEL AVIV—In the days fol- comes amid growing distrust of been very challenging to de- lomats’ lives are unaccept-
lowing the Hamas-led Oct. 7, Netanyahu’s management of fend Israel and to defend the able.”
2023, attack, Israelis were uni- the war. There are still hostages actions of the government.” She called on Israel to in-
fied in the belief that the coun- in Gaza, Hamas hasn’t been de- Rotem Sivan-Hoffmann, a vestigate and hold those re-
try had to fight back. More feated and there is no plan for radiologist and mother of sponsible accountable.
than 19 months later, many are what comes next. Polls consis- three, founded a movement Representatives of France
saying it is time to stop. tently show that Netanyahu and called “Ima Era,” consisting of and Italy said Israel’s ambas-
MAYA ALLERUZZO/ASSOCIATED PRESS

Support for the war was his right-wing coalition would mothers of combat soldiers sadors to those countries
widespread in the days after lose power if elections were calling on the government to would be summoned for a
the attack, but Israelis quickly held today. Many of his critics manage the war responsibly. clarification of the incident.
split over which of Israeli allege that he is prolonging the Her eldest son is waiting for The Israeli military said the
Prime Minister Benjamin Ne- war to appease his far-right orders to enter the enclave. diplomatic delegation strayed
tanyahu’s war aims should be partners on which his coalition “They are sending my son to from an approved route in an
given priority: Freeing the 251 relies. He denies the allegations. die for Netanyahu’s political active combat zone.
hostages taken that day or de- On Wednesday, Netanyahu survival and taking over Gaza,” “IDF soldiers operating in
feating Hamas. In January Protesters in Tel Aviv hold pictures of Palestinian children said the war in Gaza has taken she said. More people are join- the area fired warning shots
2024, the Israeli public was killed during Israel’s military operation in the Gaza Strip. so long because of battlefield ing the movement’s WhatsApp to distance them away,” the
nearly equally divided on the conditions. “No other army in groups and events, she noted. military said.
question, found polls con- hausted troops and their fami- One sign that Israelis are the world has met an urban Dalit Kislev Spektor, an- No injuries or damage was
ducted by the Jerusalem-based lies, and commanders say it is increasingly uncomfortable environment like this with other member of Ima Era, is reported, the military said.
Israel Democracy Institute. getting harder to recruit for with the war effort is a surge tens of thousands of terrorists intimately familiar with the Representatives of the coun-
Not so today. Polls show new rounds of fighting. Thou- in support for Yair Golan, the above ground, 50 meters be- toll on reservists. Since the tries present will be briefed
that about 70% of Israelis sup- sands of reservists and retired leader of what remains of the low ground, with a population start of the war, her husband on findings from an initial in-
port an end to the war in ex- veterans have signed public let- once-powerful Israeli left. His that supports them,” he said. and two sons have been serv- quiry, it added.
change for the release of the ters calling for the war to stop Democrats party would be the Hen Mazzig, a popular pro- ing in the military. Both of her France, the U.K. and Canada
remaining hostages. For in exchange for the captives. third or fourth largest in Israel Israeli online advocate with sons are currently in Gaza. this week threatened Israel
months after the attack, The shift is coming as Is- if elections were held today, over 700,000 followers across “Throughout the war, the with sanctions if it doesn’t
weekly protests in Tel Aviv rael is under increasing pres- some recent polls have shown. platforms who has defended feeling that we lost our way got stop a newly launched ground
and nationwide demanded Ne- sure from allies, including the “A sane country doesn’t the country’s military cam- stronger and stronger,” she said. operation inside the Gaza
tanyahu bring them home, but U.S., to end the fighting. This wage war against civilians, paign, called for an end to the “At a certain point the feeling Strip.
most protesters hardly ever week, the U.K., France and doesn’t kill babies as a pas- war on the social-media plat- was that the war was becoming The U.K. on Tuesday also
carried signs calling for an end Canada threatened conse- time, and doesn’t engage in form X this week, saying Trump a political war with unclear said it was suspending free-
to the fighting. Today, posters quences if Netanyahu pursued mass population displace- is right to pressure Israel to goals and this feeling reached trade talks with Israel.
all over Tel Aviv explicitly de- a new ground offensive in ment,” Golan said on Israeli stop the fighting in exchange its peak in the recent period,” Kallas on Tuesday said the
mand an end to the war. Gaza. A White House spokes- radio on Tuesday. That would for the release of hostages. she said, adding that she isn’t EU was considering reviewing
Repeated tours of duty for woman said President Trump have been unthinkable for a “I think in the first few opposed to fighting Hamas after its own trade agreements with
Israeli reservists have ex- wants the fighting to stop. Jewish-Israeli politician to ut- months we understood the the hostages are free. Israel.

South Africa Leader, Trump

Clash on ‘Genocide’ Claims
BY MERIDITH MCGRAW know you don’t want that.” that allows people to express
AND ALEXANDRA WEXLER Trump asked an aide to themselves,” Ramaphosa said.
dim the lights in the Oval Of- “Our government policy is
WASHINGTON—South Afri- fice so he could play a video completely, completely against
can President Cyril Rama- showing footage of opposition what he was saying.”
phosa came to Washington politician Julius Malema call- Ramaphosa evoked former
CHIP SOMODEVILLA/GETTY IMAGES

seeking what he called a reset ing for violence against white South African President Nel-
in relations with the U.S., but farmers. “Now, this is very son Mandela several times
his meeting with President bad,” Trump said, describing during the meeting and said
Trump in the Oval Office on the video. “These are people he wanted to talk about the
Wednesday devolved into a that are officials and they’re farmers but also “trade mat-
tense exchange over perceived saying kill the white farmer ters, investment matters.”
threats to white farmers in and take their land.” Trump said that apartheid
South Africa. Ramaphosa, who helped ne- was “terrible,” but that white
Trump has made unsub- gotiate the end of apartheid and South Africans were facing a President Trump and South African President Cyril Ramaphosa, second right, in the Oval Office
stantiated claims that white establish South Africa’s democ- new threat that he described
South Africans were the vic- racy in the 1990s, had said be- as “the opposite of apartheid.” South Africa. Since returning to office in Rubio in February skipped a
tims of a possible genocide. fore the meeting that he hoped Asked by a reporter if he Wednesday’s meeting wasn’t January, Trump has stopped G-20 foreign ministers meet-
During a lengthy back-and- to correct Trump’s view of what had made up his mind about entirely acrimonious: the two foreign aid to South Africa ing in South Africa, citing
forth in front of television is happening in South Africa. whether genocide was occur- men discussed the coming and invited Afrikaners, de- what he called the govern-
cameras, he suggested Rama- Although South Africa is one of ring, Trump said he hadn’t. Group of 20 meeting in South scendants of Dutch, German ment’s anti-Americanism.
phosa’s government wasn’t the world’s most violent coun- Earlier in the meeting, Trump Africa, and Ramaphosa brought and other settlers, to immi- Trump set 30% reciprocal tar-
doing enough to protect them. tries, Black people there are said of South Africa, “We have as a gift a book illustrating the grate to the U.S. as refugees iffs on South Africa in April,
“We have many people that murdered at higher rates than many people that feel they’re country’s golf courses. and become fast-track citi- then paused them for 90 days.
feel they’re being persecuted, whites. There is no evidence being persecuted and they’re But Trump’s surprise video zens. The first group of sev-
and they’re coming to the murders of white farmers in the coming to the United States. So presentation and the stack of eral dozen Afrikaners arrived
United States,” Trump said. country amount to a genocide. we take from many, many loca- news clippings he handed to for resettlement this month. Watch a Video
“They’re white farmers, and “What you saw in the tions, if we feel there is perse- Ramaphosa as evidence of his Elon Musk, the South Af- Scan this code
they’re fleeing South Africa, speeches that were being cution or genocide going on.” claims were at times reminis- rica-born billionaire and to watch the
and it’s a very sad thing to made—that is not government During an event at the White cent of his testy Oval Office Trump ally, was also present two presidents’
see. But I hope we can have an policy. We have a multiparty House this month, Trump said meeting with Ukrainian Presi- at the Oval Office meeting. exchange over
explanation of that, because I democracy in South Africa a genocide was taking place in dent Volodymyr Zelensky. Secretary of State Marco ‘genocide’ claims.
THE WALL STREET JOURNAL. Thursday, May 22, 2025 | A9

Brief Summary of Information about WEGOVY® (semaglutide) injection

Rx Only
This information is not comprehensive. How to get more information:
• Talk to your healthcare provider or pharmacist
• Visit www.novo-pi.com/wegovy.pdf to obtain the FDA-approved product labeling
• Call 1-833-Wegovy-1
What is the most important information I should know about WEGOVY®?
WEGOVY® may cause serious side effects, including:
• Possible thyroid tumors, including cancer. Tell your healthcare provider if you get a lump or swelling in your neck, hoarseness, trouble swallowing, or
shortness of breath. These may be symptoms of thyroid cancer. In studies with rodents, WEGOVY® and medicines that work like WEGOVY® caused thyroid
tumors, including thyroid cancer. It is not known if WEGOVY® will cause thyroid tumors or a type of thyroid cancer called medullary thyroid carcinoma (MTC) in
people.
• Do not use WEGOVY® if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC), or if you have an endocrine
system condition called Multiple Endocrine Neoplasia syndrome type 2 (MEN 2).
What is WEGOVY®?
• WEGOVY® is an injectable prescription medicine used with a reduced calorie diet and increased physical activity:
• to reduce the risk of major cardiovascular events such as death, heart attack, or stroke in adults with known heart disease and with either obesity or
overweight.
• that may help adults and children aged 12 years and older with obesity, or some adults with excess weight (overweight) who also have weight-related medical
problems to lose weight and keep the weight off.
• WEGOVY® contains semaglutide and should not be used with other semaglutide-containing products or other GLP-1 receptor agonist medicines.
• It is not known if WEGOVY® is safe and effective for use in children under 12 years of age.
Do not use WEGOVY® if:
• you or any of your family have ever had a type of thyroid cancer called MTC or if you have an endocrine system condition called MEN 2.
• you have had a serious allergic reaction to semaglutide or any of the ingredients in WEGOVY®.
Before using WEGOVY®, tell your healthcare provider if you have any other medical conditions, including if you:
• have or have had problems with your pancreas or kidneys.
• have type 2 diabetes and a history of diabetic retinopathy.
• have or have had depression or suicidal thoughts, or mental health issues.
• are scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation).
• are pregnant or plan to become pregnant. WEGOVY® may harm your unborn baby. You should stop using WEGOVY® 2 months before you plan to become
pregnant.
• Pregnancy Exposure Registry: There is a pregnancy exposure registry for women who use WEGOVY® during pregnancy. The purpose of this registry is
to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry or you may contact
Novo Nordisk at 1-877-390-2760.
• are breastfeeding or plan to breastfeed. It is not known if WEGOVY® passes into your breast milk. You should talk with your healthcare provider about the best
way to feed your baby while using WEGOVY®.
Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal
supplements. WEGOVY® may affect the way some medicines work and some medicines may affect the way WEGOVY® works. Tell your healthcare provider if you
are taking other medicines to treat diabetes, including sulfonylureas or insulin. WEGOVY® slows stomach emptying and can affect medicines that need to pass
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Know the medicines you take. Keep a list of them to show your healthcare provider and pharmacist when you get a new medicine.
How should I use WEGOVY®?
• WEGOVY® is injected under the skin (subcutaneously) of your stomach (abdomen), thigh, or upper arm. Do not inject WEGOVY® into a muscle
(intramuscularly) or vein (intravenously).
• Change (rotate) your injection site with each injection. Do not use the same site for each injection.
• Use WEGOVY® 1 time each week, on the same day each week, at any time of the day.
• If you take too much WEGOVY®, call your healthcare provider or Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away.
Advice is also available online at poisonhelp.org.
What are the possible side effects of WEGOVY®?
WEGOVY® may cause serious side effects, including:
• See “What is the most important information I should know about WEGOVY®?”
• inflammation of your pancreas (pancreatitis). Stop using WEGOVY® and call your healthcare provider right away if you have severe pain in your
stomach area (abdomen) that will not go away, with or without vomiting. You may feel the pain from your abdomen to your back.
• gallbladder problems. WEGOVY® may cause gallbladder problems including gallstones. Some gallbladder problems need surgery. Call your healthcare
provider if you have any of the following symptoms:
• pain in your upper stomach (abdomen) • yellowing of skin or eyes (jaundice) • fever • clay-colored stools
• increased risk of low blood sugar (hypoglycemia), especially those who also take medicines to treat type 2 diabetes mellitus such as an
insulin or a sulfonylureas. Low blood sugar in patients with type 2 diabetes who receive WEGOVY® can be both a serious and common side effect. Talk to
your healthcare provider about how to recognize and treat low blood sugar. You should check your blood sugar before you start taking WEGOVY® and while you
take WEGOVY®. Signs and symptoms of low blood sugar may include:
• dizziness or light-headedness • sweating • shakiness • blurred vision • slurred speech
• weakness • anxiety • hunger • headache
• irritability or mood changes • confusion or drowsiness • fast heartbeat • feeling jittery
• kidney problems (kidney failure). In people who have kidney problems, diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration) which may
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• severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use WEGOVY®. Tell your healthcare provider if you
have stomach problems that are severe or will not go away.
• serious allergic reactions. Stop using WEGOVY® and get medical help right away, if you have any symptoms of a serious allergic reaction including:
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• problems breathing or swallowing • fainting or feeling dizzy
• change in vision in people with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with WEGOVY®.
• increased heart rate. WEGOVY® can increase your heart rate while you are at rest. Your healthcare provider should check your heart rate while you take
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• depression or thoughts of suicide. You should pay attention to any mental changes, especially sudden changes in your mood, behaviors, thoughts, or
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• food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation).
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The most common side effects of WEGOVY® in adults or children aged 12 years and older may include:
• nausea • stomach (abdomen) pain • dizziness • gas • diarrhea
• headache • feeling bloated • stomach flu • vomiting • tiredness (fatigue)
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• runny nose or sore throat • low blood sugar in people with type 2 diabetes
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Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088.

Manufactured by: Novo Nordisk A/S, DK-2880 Bagsvaerd, Denmark

More detailed information is available upon request. PATENT Information: http://novonordisk-us.com/products/product-patents.html
Available by prescription only. WEGOVY ® is a registered trademark of Novo Nordisk A/S.
For more information, go to startWegovy.com or call 1-833-Wegovy-1. © 2025 Novo Nordisk All rights reserved. US25SEMO01320 May 2025
A10 | Thursday, May 22, 2025 * *** THE WALL STREET JOURNAL.

WORLD WATCH
PAKISTAN IRAN SPAIN
Suicide Car Bomber Man Executed Over Adviser to Former
Kills Five on Bus Embassy Attack Leader in Kyiv Slain
A suicide car bomber Iran on Wednesday exe- An adviser to former Ukrai-
struck a school bus in south- cuted a man who carried out nian President Viktor Yanuk-
western Pakistan on a 2023 attack on the Azerbai- ovych was shot and killed on
Wednesday, killing five peo- jan Embassy in Tehran, killing Wednesday outside the Amer-
ple, including three children, its security chief and wound- ican School of Madrid, where
and wounding 38 others, of- ing two others in an incident at least one of his children
ficials said, the latest attack that escalated tensions be- was enrolled, said Spanish au-
in the tense Balochistan tween the neighboring na- thorities and witnesses.
province. tions, state media reported. Andrii Portnov, 51 years
The province has been the The state-run IRNA news old, was shot as students
scene of a long-running in- agency reported the unidenti- were arriving, Spain’s Interior
surgency, with an array of fied man’s execution, without Ministry said.
separatist groups staging at- offering details, after his con- Portnov was a former politi-
tacks, including the out- viction. Typically, Iran hangs cian tied closely to Yanukovych,
lawed Balochistan Liberation its condemned. the pro-Moscow president of
Army, or BLA, designated a Iran had called the January Ukraine from 2010 until he was
terror group by the U.S. in 2023 attack a personal dis- ousted in a popular uprising in
2019. pute after the gunman’s wife 2014 after he shelved plans to
A local deputy commis- “disappeared” on a visit to bring the country closer to the
sioner, Yasir Iqbal, said the the embassy, but Azeri Presi- European Union and deepened
attack took place on the dent Ilham Aliyev called it a ties with President Vladimir
outskirts of the city of Khuz- “terrorist attack.” Baku ac- Putin’s Russia. Yanukovych’s
dar as the bus was taking cused Tehran of supporting ouster in February 2014 fol-
children to their military-run hard-line Islamists who tried lowed a brutal crackdown on
school there. to overthrow its government, antigovernment protesters.

KALILA/XINHUA/ZUMA PRESS
No group claimed respon- a charge Tehran denied. Portnov was deputy head
sibility for the attack, but Following the attack, the of the presidential office at
suspicion is likely to fall on embassy was closed and its that time and was involved in
ethnic Baloch separatists, staff left the country. Azer- drafting legislation aimed at
who frequently target secu- baijan reopened its embassy punishing participants of the
rity forces and civilians in in a different location in July uprising. Ukrainian officials
the region. 2024. didn’t comment on his killing. STAYING AFLOAT: People navigated through floodwater after heavy rain and overflow of the
—Associated Press —Associated Press —Associated Press Tuntang River in Sumberejo village in Demak Regency, Central Java, Indonesia, on Wednesday.

FROM PAGE ONE

CEOs Mixed chanan became Holt’s boss af-

ter he was named chief mer-
chant for Sam’s Club. A few
chanan told Walmart U.S.
Chief Executive John Furner
that he was leaving Walmart
supplements such as collagen
and melatonin. It was incor-
porated in July 2023 at her

Romance, months later, Holt was pro-

moted to lead the Sam’s Club
grocery business. The follow-
to become the CEO of Dallas-
based Michaels, according to
some of the executives.
then home address near
Houston, state records show.
In early 2024 she was

Business ing year, she left his group

when she was appointed chief
operating officer of the chain’s
Buchanan and his family
made plans to move to South-
lake, Texas, a western suburb
hired as CEO of Bed Bath &
Beyond after the homegoods
chain had emerged from
website. of Dallas. On Jan. 3, 2020, bankruptcy. By mid-June, she
Continued from Page One In Northwest Arkansas, a soon after they arrived, Bu- was out. The company said it
Kohl’s—which had become region where many inhabit- chanan filed for divorce—set- was part of a leadership reor-
public just the day before. ants have ties to Walmart or ting off legal proceedings that ganization, and she didn’t
Earlier that week, Kohl’s its suppliers, chatter circu- would later reveal the affair publicly comment at the time.
chairman and an outside law- lated about Buchanan’s close with Holt. She refocused on her coffee
yer had confronted Buchanan, relationship with Holt. That startup.
according to people familiar was in part because Bu- Meanwhile, Buchanan was
with the matter. The Kohl’s chanan, Holt and their chil- Move to Texas in discussions to join Kohl’s
board was investigating after dren spent time together Holt was exploring a new as its CEO. The chain was
an employee raised red flags. without their spouses, and in role in early 2020. She had looking for a new leader after
Buchanan had helped broker a part because Buchanan dis- been approached by Michaels years of sales struggles, pres-
deal for Kohl’s to sell products cussed his troubled marriage to serve in a top merchandis- sure from activist investors
from a coffee startup called with friends and co-workers, ing position reporting to the and strategy shifts. Days be-
Incredibrew. It was run by according to former and cur- CEO. But a nonpoach agree- fore Thanksgiving, Kohl’s said
Holt, and the CEO hadn’t dis- rent Walmart executives. ment with Walmart made the Buchanan was taking over in
closed their personal relation- His wife had a serious ill- move difficult, and Holt stayed January.
ship, violating the retailer’s at Walmart, where The Incredibrew capsules
ethics code. she was promoted started being sold at Michaels,
Kohl’s Chairman Michael around that time. nestled in the candy area near
JONATHAN ZIZZO

Bender had known Buchanan Her marriage was the cash registers. They were
and Holt for years. The three also troubled. She also being sold online. Some
executives had worked to- separated from her former Michaels employees
gether at Walmart a decade Ashley Buchanan, then-CEO of Kohl’s, reposted a husband in March told The Wall Street Journal
ago. But Bender, who led the LinkedIn post from Chandra Holt, whom he lived 2020, then filed for they wondered at the time
board that had hired Bu- with, about her coffee product. Buchanan didn’t divorce in October of why the chain was selling cof-
chanan a few months earlier, disclose the relationship when she became a supplier. that year. The couple fee since it doesn’t have a gro-
didn’t know they were a cou- would twice call off cery section.
ple. chants—the employees who with the situation. their divorce before In a series of LinkedIn
The lawyer demanded to choose which products to Buchanan and making it official in posts this year, Holt started
know: Was Buchanan dating buy—when Michaels decided Holt met a decade 2024, according to promoting Incredibrew. She
Holt? Yes, he replied. to sell Incredibrew at its ago in Bentonville, filings. said she had been working on
It was an admission of a re- stores. Ark., when she took In the summer of it for the past two years and
lationship that had been gos- After he was fired by a job in 2015 as a 2021, Holt left Wal- unveiled new products. In one
siped about for years among Kohl’s, Buchanan’s defense vice president with mart to become CEO video, she talked about the
employees, but kept out of was that he made introduc- Sam’s Club, the of Conn’s HomePlus, health benefits of the collagen
view of many corporate lead- tions for merchants but didn’t warehouse chain a regional homegoods infused coffee. “It’s amazing
ers and board members. First require them to buy particular owned by Walmart. retailer based near for hair, skin and nails as well
at Walmart, then crafts re- products, according to one Buchanan was run- Houston. as bone and joint health,” she
tailer Michaels and now person who spoke with him. ning Walmart’s dry As Buchanan and said.
Kohl’s. But it wasn’t really On May 1, Kohl’s said it grocery business at Holt moved their Buchanan reposted the
hidden. Both Buchanan and fired Buchanan for cause after the time. lives to Texas, they video, which appeared to have
Holt had filed for divorce from an investigation by outside Holt, a Minnesota mostly kept their ro- been filmed in front of a gas
their respective spouses in lawyers found he had violated native, had started mantic relationship fireplace in the home they
2020. Court records showed the company’s ethics code, her career at Target, quiet. They recom- share in the Vaquero Club
an extramarital affair with saying he had helped arrange where she spent a mended each other’s community. Holt said the
Holt had a role in Buchanan’s a deal to sell Holt’s coffee decade, then worked companies to poten- pods would be available on-
divorce. And the couple lived products. Buchanan had dic- a few years at Wal- tial hires, in some line at Walmart and Amazon.
openly at Vaquero, where they tated the payment terms, and greens. After she cases, without dis- At Kohl’s, Buchanan’s
play tennis together and share the order was for hundreds of joined Walmart, Holt closing their personal brusque management style
a $3 million stone house with Kohl’s stores, according to a and her then-hus- ties. For quickly
a koi pond and private pool. person familiar with the situa- band and young Conn’s, Holt ruffled
While a CEO doesn’t have tion. daughter moved into a home ness, so he went on many so- hired an executive feathers
to share his or her love life Kohl’s said the terms were in the Pinnacle Country Club, cial outings without her. He that had worked at CEOs are asked inside the
outside of work with the “unusual” and favorable to the a gated golf community near worried about his wife and the Michaels, where Bu- to disclose Menom-
board, most companies re- vendor. The investigation also Walmart’s headquarters that toll her illness took on their chanan was CEO. onee Falls,
quire executives to disclose found that he caused Kohl’s to is filled with its top execu- children, some of those execu- Top executives at potential W i s . ,
relationships that could result enter into a multimillion-dol- tives. tives said. Michaels said they headquar-
in potential conflicts of inter- lar consulting agreement at Buchanan lived around the Despite the troubles at didn’t know the pair
conflicts of ters. Bu-
est. Both Buchanan and Holt Boston Consulting Group, corner at Pinnacle with his home, Buchanan’s career was had a romantic rela- interest. chanan
had run major retail chains— where Holt was an adviser at then-wife and three daugh- advancing and he was viewed tionship until more had a resi-
she had been CEO of Bed Bath the time. ters. The Texas native had by some colleagues as a con- Walmart employees dence in
& Beyond and another retailer. In an interview that day, worked at Walmart since 2007 tender to take over as Sam’s later joined the com- Wisconsin
They had worked together and Holt said she has known Bu- and was a rising star within Club’s next CEO. In November pany, passing along gossip but it isn’t known how much
hired staff from each other’s chanan for 10 years. She said the executive team. He was 2019, Sam’s Club picked a new from Arkansas and as Bu- time he spent there.
companies. Holt had also they weren’t romantically in- known as a tough negotiator leader, but it wasn’t Bu- chanan’s divorce proceedings Within Buchanan’s first
started a coffee brand that volved when Michaels was with Walmart’s suppliers, and chanan. He was named to an- trickled into the open. months on the job, Kohl’s was
was being marketed to both looking to hire her and that as a blunt leader who gave his other executive role at Wal- In early 2021, shortly be- preparing to buy Incredibrew
Kohl’s and Michaels when Bu- her Incredibrew business direct reports autonomy. mart. fore Buchanan’s divorce was products. As part of the nor-
chanan was running them. hadn’t been compensated by At the start of 2017, Bu- Around Christmas 2019, Bu- finalized, private-equity firm mal process of vetting a new
Buchanan and Holt had Kohl’s. Apollo Global Management vendor, a Kohl’s employee
largely kept quiet with co- Boston Consulting agreed to purchase Michaels raised concerns, according to
workers and the companies Group said it was sur- and take it private in a $3.3 people familiar with the
that employed them about prised to learn of Holt’s billion deal. Buchanan stood probe. The board was notified
their romantic relationship, relationship with Bu- to receive $32 million from his and an outside law firm con-
according to people who chanan. “As a result of stake in the deal, according to ducted an investigation.
worked with them and court this non-disclosure, we divorce filings submitted by On April 30, Bender, the
documents. have terminated Chan- his ex-wife’s lawyer. Kohl’s chairman, and a lawyer
dra Holt’s contract,” His ex-wife sued to set called Buchanan to share the
BCG said in a statement aside their October 2020 set- findings of the investigation,
Recruiting for job at the time. The firm tlement plan and accused Bu- including the Incredibrew or-
Michaels tried to recruit said it had employed chanan of fraud for not dis- der and the arrangement with
Holt for a senior role soon af- Holt on a part-time ba- closing the coming BCG, surprising Buchanan.
ter Buchanan became CEO of sis to provide advice on transaction. Buchanan dis- That’s when they confronted
the crafts retailer in 2020, and retail topics. BCG said puted the claim in court. the CEO about his relation-
Buchanan didn’t disclose that she wasn’t involved in Terms of the pair’s final set- ship with Holt.
he had a personal relationship structuring the Kohl’s tlement aren’t known. The following morning,
with her at that time, accord- assignment or negotiat- Kohl’s issued a statement that
ing to one person familiar ing any contract terms. said Buchanan had been fired
LAURA COOPER/WSJ

with the matter. Holt didn’t The work for Kohl’s Incredibrew product for cause. Bender stepped
end up taking the job. hadn’t started by the Holt left Conn’s in October down as chairman to assume
Later on, Buchanan also time Holt’s contract 2022 and founded Incredi- the role of interim CEO while
didn’t disclose his relationship was terminated, accord- brew, a company that sells K- the retailer looks for a perma-
with Holt to some mer- ing to people familiar Incredibrew coffee near the checkout at a Michaels store. cup coffee pods infused with nent replacement.
 PERSONAL JOURNAL.
© 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, May 22, 2025 | A11

additional one or two things.”

Tim Best, chief executive of Re-
cruitMilitary, recommends saying
something like this: “I’m very ex-
cited about coming to work for
you, and I’m already thinking
about how to become successful as
a part of this team. As it relates to
the offer, are there any aspects
outside of the compensation that
are negotiable?”
Best’s company helps employ-
ers like Wells Fargo, John Deere
and thousands of others find qual-
ified veterans to fill jobs. He notes
many businesses take internal pay
equity more seriously than they
used to, which can limit hiring
managers’ ability to offer more
money to candidates.
Often, though, companies are
willing to sweeten the pot. This
can run from an extra week of va-
cation to a professional-develop-
ment plan that can pave the way
to an eventual promotion and
higher earnings, he says.

Held back by fear

With so much to be gained, why
doesn’t everyone try to bargain for
more? The unsatisfying answer
may be that people don’t negotiate
because…people don’t negotiate.
What I mean is, humans often
do what’s expected even when
they know doing something else
could be beneficial.
Patricia Cortes, a professor at
Boston University’s Questrom
School of Business, is working on
a research paper chronicling this

How to Negotiate a Job Offer

phenomenon. She surveyed
roughly 900 recent alumni and
found 20% of men and 12% of
women negotiated their first job
offers after completing their un-

When Firms Have Upper Hand

dergraduate business degrees.
Those who negotiated increased
their salaries by 10% on average.
Cortes shared these findings
with students and, on the premise
Even if a salary is set there are other concessions, like a signing bonus or more-flexible schedule that knowledge is power, figured
the gender gap would close when
the informed cohort graduated. It
offers as “best and final” right their salaries are winning other the same. If she couldn’t talk her didn’t. Instead, some women re-
ON THE away. The goal is to end a negotia- concessions, like a signing bonus, new employer into paying more, ported being less likely to negoti-
CLOCK tion before it starts. work-from-home day or bigger ti- she wanted to be sure she ate once they learned it was rela-
“That used to be very uncom- tle. Some are also accepting offers wouldn’t talk herself into settling tively uncommon to do so.
CALLUM mon,” says Chris Stambolidis, a as-is with an agreement to revisit for less than she’s worth. “They are influenced by what
BORCHERS former Amazon recruiter who ad- their pay later, after proving their Thorpe, 57, found room to ne- they believe is typical behavior,”

J
vises job applicants. “It was ex- value. gotiate things that mattered to Cortes says.
ob seekers are negotiating pected for you to at least go back The boldest job seekers are her, besides base pay. Her position Dorothy Mashburn, who
employment offers less of- and forth once or twice.” calling companies’ bluffs. was advertised as “director of coaches job seekers on interview
ten these days. That’s a mis- He says one client just got an Stambolidis says another client HR”; she successfully proposed and negotiation strategies, ob-
take, even if it’s understand- offer from Coinbase and was told turned down a $250,000 job offer “director of people and culture,” a serves that women are often more
able given the tepid state of the number was firm. Coinbase because it would have been a lat- title that better reflected her de- hesitant to counter. But plenty of
the labor market. confirmed it doesn’t negotiate sal- eral move. After initially saying it sire to shape workplace norms. men also balk and the reason, re-
By the time candidates get aries, saying its rigid offers are wouldn’t budge, the company She accepted the company’s in- gardless of gender, is usually fear
through nine rounds of interviews, higher than most competitors’ and called back a week later and of- office policy but countered with a of souring the relationship.
many feel lucky to get offers at fairer to all applicants. fered $280,000. request for occasional remote flex- That worry is overblown, she
all—or are too exhausted to coun- Businesses that have their pick In this case the gamble paid ibility when she travels to visit her says, as long as you are polite and
ter. But they could be missing out of qualified candidates can set a off, but it isn’t a strategy for ev- grandchildren. signal that you are trying to
on better benefits or a more flexi- price and stick to it. And after eryone. You have to be willing to And she asked about bonus po- bridge a divide. “No one’s going to
ble schedule. sometimes overpaying when talent walk away—and desirable enough tential. She was told the company be hotheaded about it and just re-
Just 31% of people who re- was harder to find a few years to be chased. hadn’t offered bonuses in the past scind the offer.”
cently changed jobs negotiated ago, companies seem to relish but wanted to develop an incen- Remember, too, that the hiring
their offers, according to their newfound, take-it-or-leave-it How to pull it off tive plan for executives, and she manager presenting the offer is
ZipRecruiter’s latest quarterly sur- position. Cynthia Thorpe started a job as a could help create it. likely feeling pressure to get the
ELENA SCOTTI/WSJ

vey of new hires. That’s down Still, there can be wiggle room human-resources executive in Ore- “You have to be reasonable as company’s first-choice candidate in
from 49% in last year’s fourth in supposedly nonnegotiable of- gon last month. She set a salary an applicant, but ask for what’s the door. So, your nerves about
quarter. fers. minimum during her search and important to you,” she says. “Ask closing the deal are probably shared
More companies are presenting Savvy hires who can’t drive up encourages other job seekers to do for your must-haves and maybe an by the person across the table.

BY KATHERINE BINDLEY
Tech Work Becomes Harder to Find demand, companies have adjusted

T
their expectations of them with re-
he uncertain economic climate spect to performance and seniority,
is adding to tech workers’
woes.
Those who have jobs are staying
Amid Shift to AI, Hiring Slowdown according to Sophie Novati, founder
of Formation, a job-placement and
fellowship company for engineers.
put, trying to figure out how they “They are responsible for ensur-
can stay relevant with the pivot to with one company and had to de- ing whatever code is being gener-
artificial intelligence and continued liver a presentation in front of a ated by this AI is going to meet the
threat of layoffs. Those job hunting panel, only to be told the company requirements of the organization,”
are finding recruiters insisting sal- had decided not to fill the role, cit- she says.
ary expectations be divulged in the ing changing priorities. It’s not you, William Wilkerson, 32, was laid off
first phone call, job postings pulled it’s us, he says they told him. last month from his job as a soft-
at the last minute and bots ruling Employment in technology fields ware engineer with Automattic, the
out their résumé before it lands in across all sectors fell by around company that owns WordPress and
front of a human. Companies are 214,000 jobs in April, according to Tumblr. He is doing contract work
prolonging their hiring processes, le- tech trade association CompTIA, while job hunting. He has noticed an
veraging contract workers or hold- which analyzes data from the Bu- uptick in roles looking for someone
ing out for candidates who check reau of Labor Statistics. who can integrate generative-AI
every single box—and then some. The tech unemployment rate workflows and tools, and a notice-
“It’s the great hesitation,” says dropped to 4.6% from 5% the able dearth of midlevel job openings.
George Denlinger, operational presi- month before, according to the BLS Even with AI experience—he says
dent of U.S. technology talent solu- data. But 5% to 6% of unemployed he built AI software to determine
tions with staffing firm Robert IT professionals left the sector in whether a piece of content was
Half. “The hiring process might be that period, says Victor Janulaitis, suitable to have ads next to it—
two to three times chief executive of Wilkerson worries about the odds
longer than it was a Janco Associates. of getting his résumé in front of a
year ago.” Tech companies con- person because AI systems in many
During times of ‘There are a lot tinue to trim head cases have replaced human review.
uncertainty, compa- of jobs, but count, putting fresh Luis von Ahn, CEO of language-learning app Duolingo, recently said the “If you don’t provide the correct
nies are gun-shy: talent back on the company was rethinking how it worked and pledged to be AI-first. little buzzwords, you’re not going to
They take their time, there are more market: Micro- get to the next step,” he says.
fill only critical roles
and raise the bar for
people looking’ soft last week shed
around 6,000 jobs.
Companies have also shifted
enormous resources to AI, leading
sponses from companies,” says An-
gela Jiang, who is working in San
During the past eight years, hir-
ing of AI talent has increased by
hiring, Denlinger for them. “It’s much more to cost-cutting elsewhere. That in- Francisco on a startup exploring the 640% in the U.S., according to data
says. They previously than the Amazons creases demand for related capabili- impact of AI on the labor market. from LinkedIn.
might have required and the Googles,” ties, with nearly 1 in 4 jobs posted Jiang worked at OpenAI until Annie Murray, who advises tech
six or seven different says Janulaitis. “It’s so far this year requiring AI skills. late last year, and recently held one- workers on compensation negotia-
skills for a given role but now may all the midsize companies where More CEOs are declaring their on-one meetings with more than 50 tions, says the only people who
want 10 or 12, “and those skills are there’s an IT department of 20 to companies AI-first: Duolingo CEO tech workers to answer their ques- seem immune to the current condi-
associated with things that align 100 people.” Luis von Ahn recently wrote in a tions about how to stand out in the tions are data scientists and re-
with AI,” he adds. Janulaitis, who analyzes BLS company email that head count will current job market. (There is a searchers in the AI space, and espe-
“There are a lot of jobs, but there data, says there has been “shrink- be approved only if a team can’t au- wait-list with 118 more people.) cially those with Ph.D.s.
are more people looking,” says age” in the size of the IT job market tomate more of its work and that AI One software engineer with a The lopsided supply and demand
Steve Levine, a 54-year-old on Long and that early-career coders have use will be considered during perfor- masters in computer science la- is leading to harsher tactics among
Island, N.Y., who was recently laid been hit especially hard because mance reviews. A recent survey of mented that he wasn’t landing in- recruiting teams: Candidates can no
KEVIN DIETSCH/GETTY IMAGES

off. “Lots of things that I’ve applied much of what they do can now be more than 250 technology leaders by terviews; others wanted to know longer push off sharing their salary
for and targeted that I’m very quali- done by AI. Robert Half found that 76% reported how to leverage their background to requirements at the earliest stages.
fied for, I don’t get any response.” “A job that has been eliminated a skills gap in their department. And be effective in an AI-related role. “Companies will not take no for
Levine has applied for around 50 from almost all IT departments is 65% said they were increasing the “People are just scared,” she says. an answer for that question,” says
sales-engineering and solutions-con- an entry-level IT programmer, an IT number of contract hires this year. “They don’t know where they fit in Murray. “The reason they’re doing it
sultant jobs since January. He re- analyst, someone who has got a de- “People that have advanced tech- this new world.” is to weed folks out if they’re too
cently made it to the final round gree in computer science,” he says. nical degrees are not getting re- While senior engineers are still in expensive.”
A12 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Americans Scale Back Vacation Plans

BY RACHEL LOUISE ENSIGN
AND ALLISON POHLE

S
ummer vacation is getting a
makeover.
Americans are planning to
Consumers uneasy about the economy still want to go on trips—just not the expensive kind
take time off this summer, but
their concerns about the economy tickets for vacations are the ones
are prompting them to swap air flying less.
travel and extravagant holidays for That is in line with recent
road trips and shorter vacations. spending trends. The top 10% of
Dan Ruswick, his sister and earners are propelling the econ-
mother were planning to take their omy, while middle-class and work-
annual trip to Comic-Con in San Di- ing-class Americans are cutting
ego at the end of July. They had back.
booked tickets to the event and a Luis Gonzalez, a 79-year-old re-
refundable hotel. The family, who tired engineer, usually taps his in-
lives in Illinois, was looking into vestment accounts to cover his va-
flights when the stock market cations. The recent plunge in stock
started dropping. In mid-April, they markets unnerved him.
canceled the trip, which they esti- Gonzalez and his wife, Elsie,
mated would cost about $2,500. will now drive from their home in
The market’s rebound and the St. Augustine, Fla., to visit family
tariff pause didn’t change Rus- in New York at the end of this
wick’s mind. “I don’t have faith month. He estimates the drive,
this is going to stay this way,” the which is about 15 hours each way,
29-year-old software engineer will cost them about $200 in mo-
said. tels plus gas. They usually fly to
He feels pinched, now that make the visit, but that would cost
prices for soda, meat and seem- $600 to $800 plus airport parking
ingly everything else are up signif- and dog boarding, he said.
icantly from a few years ago. His “It’s more inconvenient, but it’s
rent is also higher, and home- certainly a lot less money,” said
ownership feels out of reach. The Gonzalez.
family is now planning a road trip When Heather Huntington got
for later this summer to South Da- the news that the government
kota’s Black Hills. contracts she relies on for a third
American travelers plan to take of her income were halted, her
shorter trips this summer, with thoughts quickly turned to scrap-
41% surveyed taking a trip of three ping the $7,500 vacation she was
nights or fewer compared with planning. The Philadelphia profes-
37% last year, according to a Del- the tariffs sort of got everybody Transactions per household, because of tariffs, according to a sor used to help the recently dis-
oitte report. around the world mad at us,” Don selected categories survey of more than 2,000 travel- mantled U.S. Agency for Interna-
In many ways, the economy no Pratt said. He worried about a ers by market-research firm Future tional Development evaluate the
102
longer feels like it is veering into a chilly greeting if he showed up Partners conducted in mid-April. effectiveness of its projects.
five-alarm fire the way it might hoping to meet long-lost relatives. 101 Beginning in the past few She texted the close friends in
have a month ago. Stock markets So instead, they recently months, more travelers are using South Carolina whom she was
plunged after President Trump’s booked a trip to take their adult 100 points because they feel nervous hoping to visit: “Just an update
April 2 announcement of major son and his family to Walt Disney about the economy, Delta CEO Ed that our summer plans are on
99
tariffs, but they have since clawed World and Universal Studios Flor- Bastian said. “People are getting hold.”
back those losses. The most ex- ida. It will cost about half as much 98 ready to go for the summer and She said it was “the easiest
treme tariffs are now paused. as the European vacation. say, ‘Maybe we should use some of thing to immediately cut back on.”
But consumers are still feeling The share of Americans plan- 97 Services* our points versus dollars,’” he said. She and her family originally
gloomy, and many are sticking ning to take a vacation in the next 96 Restaurants Spending on airlines was down planned to stay in a large, pet-
with their more-modest vacations. six months slipped below 40% in Airlines and lodging 11% for the week ending May 10 friendly Airbnb near her home-
February for the first time since 95 compared with a year earlier, ac- town of Aiken, S.C., for four or five
Cool reception the pandemic, according to the cording to an analysis of Bank of weeks. She would fly with her
Retirees Don and Alice Pratt of Conference Board. It ticked up 94 America credit and debit cards. sons, who are 4 and 7, and her
Penfield, N.Y., budgeted $20,000 slightly to just above 40% in April, 2024 ’25 Some airlines said in April that they husband would drive down with
for a trip to Europe this fall. but that was down from more cut prices to attract customers. their dog.

DAISY KORPICS/WSJ, GETTY IMAGES

*Including restaurants
“We’ve been talking about Paris as than 44% a year earlier. Note: Index (2024=100) based on BOA card data. Now, she plans to drive with
long as we’ve been together, which Still, many flights and some Source: Bank of America Institute the children and stay for about a
is 54 years,” said Don Pratt, 75 lodging reservations aren’t refund- Class divide week. Her husband and dog will
years old. able, so not everyone is actually the full effect of the good-enough Airlines say international bookings stay home. She opted for a smaller
The couple sketched out a two- canceling. What’s more common vacation might not show up in the remain strong, as do reservations Airbnb.
week itinerary that included Eng- right now is people abandoning economy for some months. from the well-off customers who “I picked the cheapest one and
land and Scotland, where his an- travel plans that they didn’t for- About 12% of Americans said shell out for premium seats. Cus- the one that had the best cancella-
cestors lived centuries ago. “Then mally book yet. That means that they changed their vacation plans tomers booking domestic economy tion policy,” Huntington said.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 11 Parts of MMA
headgear
Gen Z Sees
13

16
14

17
15

18
12 Radical ’60s
gp. ‘Recession
Indicators’
14 Irish symbol
19 20 21 22 23 believed to
have been
24 25 26 27 introduced by
pagans Continued from Page One
28 29 30 simply spotlight a trend from
20 Bell-shaped
bloomer the precrisis late aughts that
31 32 33 34 35 has worked its way back
22 Stored, as around.
36 37 38 39 grain TikTokers aren’t the only
25 Embroidering Americans searching for clues
40 41 42 in unconventional data, noting
aid
that government reports on
43 44 45 27 Genealogy inflation and the labor market
display can offer an incomplete or
46 47 48 49 50 51 lagging picture of the econ-
29 Fluctuate
omy. Investors big and small The TikTok generation is finding signs of economic strife in
52 53 54 55 30 Education have parsed everything from everything from pop music to low-rise jeans and baby tees.
fundamentals credit-card delinquencies to
56 57 58 59 60 shipping containers at the of press-on nails might stem recession-affiliated fashion
31 Pet shop
purchases Port of Los Angeles. Former from customers cutting back trends—like business casual
61 62 63 Federal Reserve Chairman on manicures. and, yes, longer skirts—were
32 “Can I go Alan Greenspan famously fol- Others have observed that making a comeback. Maxi
64 65 66 now?” lowed sales of men’s under- declining tips at strip clubs— skirts had nearly quadrupled
33 Second halves wear, which fall when times subject of a viral tweet in in popularity over the past
are tough because, well, who’s 2022—could signal a decline week, while corporate fashion
FIT TO A T | By Jeff Stillman of double-
gonna know? in discretionary income. But a had shot up 39%. “This is MY
headers
Across 24 Star grouping 46 Genesis 3 Early cousin Pop culture isn’t bothering nightlife slowdown isn’t show- stock market,” she wrote.
consisting creator of lotto 38 Draw forth with those or even more tradi- ing up in the data: Revenue at A few weeks later, the ac-
1 Move on the
of Acrux, 42 Embroidery tional measures. People are bars and nightclubs in the U.S. tual stock market tanked. The
waves 47 Coolers, for 4 Gridder
Mimosa, style with eschewing Wall Street’s pre- increased between 2023 and S&P 500 fell 9% in one week
4 Monk short whose
Gacrux overlapping ferred examination of the 2024, according to a February following President Trump’s
music 48 Cable helmet Sahm Rule or Treasury yields report from IBISWorld, and is early April tariff announce-
and Imai bears a skull- threads
7 Brunch company to invent their very own. set to rise again this year. ment, though the market
26 Delete workers, at and-swords 44 Most “People need a narrative. Some “recession indica- eventually recovered.
order logo reasonable
28 Cubs times They need something they can tors” might have a less direct Some might call that a co-
13 Honest supporter? 5 Kimmel’s 45 Ran like the understand,” said Christopher relationship to economic be- incidence. Lapuerta sees it as
politician 52 Dapper fellow Clarke, an economist at Wash- havior. For example: the re- evidence that economic in-
successor as wind
30 Boris 53 Evening, in Oscars host ington State University. And if newed popularity of formal sight might be hiding in unex-
14 Owner of Godunov, e.g. 49 Don’t do the
Italia you’re an average person try- workwear. One theory is that pected places. “A correlation
the Jardines 6 “Listen, rite thing?
31 Mottled ing to understand the econ- people feel less secure in their is still interesting to look at,”
de la Reina 55 Letter-shaped my children”
mouser 50 Seiko omy, he said, “you’re not go- jobs and therefore more pres- she said.
archipelago aperture poem
competitor ing to use the yield curve.” sure to present themselves Can cultural shifts—in fash-
15 The human 34 Contend 56 Verb in an 7 Computers’ Even if pants styles or Pal- professionally. ion, film or music—actually
senses, e.g. O’Neill title 51 Angioplasty trow’s dietary tweaks did hap- It isn’t the first time people predict where the economy is
35 Trickster in brains
insert pen to precede the next down- have turned to fashion for fi- headed? Economists say it’s
16 Flu!y African folk 58 Apple variety 8 Emergency
tales 54 Friendly fille turn, correlation doesn’t equal nancial clues. Armchair econo- unlikely. But talk of recession
accessory 60 Big cheer group causation, as economic data mists have long cited the has a habit of turning into a
17 Brown 36 “I don’t give 9 Prefix with 56 Place for a nap wonks have often griped. One Hemline Index, which dates self-fulfilling prophecy: house-
61 Toddler’s
family ___!” skeleton 57 Railroad piece money manager once demon- back to the early 20th century holds or businesses can pull
wear
member 37 “Us” director strated that the production of and hypothesizes that back spending because of eco-
62 Potluck choice 10 Prehistoric 59 Show
butter in Bangladesh could women’s skirts get longer nomic concerns, eventually
18 Milk Jordan flier curiosity
63 Cooler technically “explain” much of when the economy is worse. spurring the very recession
dispensers 39 Boorish Previous Puzzle’s Solution the variation in the annual re- Research has challenged they feared. It’s one reason
19 Golden 64 No longer turns of the S&P 500. the theory. That hasn’t kept why Wall Street is so reticent
40 Start to boil green
A P S E P R E E N S G P S
Globe- D E P P H E L D O N O A T But meme indicators are data analyst Madé Lapuerta about “the R word.”
winning 41 Men 65 “We’re E R I E A V I A T E O L E sometimes connected to po- from tracking the trend. In that sense, it could be
shopping in I C E C R E A M V E N D O R tentially meaningful trends, Fashion “is closely linked that all this talk about reces-
musical film infested!” O D E AMA R A D O N
of 1983 the women’s J O U R N A L I S T B A K U like shifts in household spend- with how people are feeling,” sion indicators is actually the
department, 66 Business card S T P A T R O O M Y A M ing. Some observers point to said Lapuerta, who runs the biggest recession indicator of
21 Spots in la no. emptier bars and nightclubs Instagram account DataBut- them all.
sometimes D O GW A L K E R
mer M I C N E A T L I S P S as evidence that more con- MakeItFashion. “[Trends] “At the minimum, people
AMY LOMBARD FOR WSJ

43 Flock faction Down A L A S D R E S S MA K E R

23 Web R O Y A L T I A O P S sumers are cutting back. A don’t have to be the only indi- are anxious,” said Sean Mona-
address 45 Delivery 1 Labor output? I V E G O T T H E S C O O P skin-care company selling cator or the strongest one, but han, a trend forecaster. “Most
ender estimate 2 Winds in pits M E N T HW A R T U K E S eggs could be a sign that es- they tell us something.” of the time when people are
B I N S O I S E E S I R I sential goods are becoming At the end of March, she talking about the economy, it’s
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. A T E A U T H O R T E S T
luxuries, while the popularity warned followers that some a bad sign.”
 THE WALL STREET JOURNAL. Thursday, May 22, 2025 | A13

ARTS IN REVIEW
BY MICHAEL J. LEWIS View of the arch, built in the
1960s, and the 19th-century Old

T
St. Louis Courthouse, top; view of the west
his city’s Gateway Arch, entrance to the arch, bottom.
630 feet high, is the
world’s tallest and most addressed the Old Courthouse, a
slender. Together with good example of antebellum civic
the Washington Monu- bombast. It was begun in the
ment, the Eiffel Tower then-fashionable Greek Revival
and the Great Pyramid of Giza, style in 1839, but once its archi-
Eero Saarinen’s creation belongs tect saw the design of the U.S.
to that exclusive club of monu- Capitol’s cast-iron dome, he gave
ments that can be sketched in a the courthouse a scaled-down
few strokes. But in its utter sim- version. It was completed, even
plicity it surpasses them all, for it before its prototype was, in 1862.
is the only one you can draw with After a new courthouse opened
a single continuous line. in 1930, the older building was re-
The arch is the centerpiece of configured as a museum of sci-
the Gateway Arch National Park, ence and industry. The original
which has just completed an am- furnishings were removed, apart
bitious 15-year restoration cam- from some elements of the sec-
paign. Known as the CityArch- ond-story courtrooms; only the
River Project, the restoration cost lofty dome with its cycle of mu-
$380 million, of which $221 mil- rals is largely intact. Later the re-
lion was raised privately by the gional office of the National Park
Gateway Arch Park Foundation. Service moved into the build-
The final phase of the project ing. It is this stripped-down shell
addressed St. Louis’s Old Court- of a structure that Trivers, a local
house, where the Dred Scott case firm with experience in historic
began its long march through the preservation, was asked to reno-
court system in 1846. Saarinen vate.
had intended the courthouse to be The architects modernized the
an integral part of his design, windows and HVAC systems,
neatly framed by the arch and added a set of elevators, and im-
connected to it by a processional proved accessibility with unobtru-
passage. Such an eclectic combi- sive ramps. The work was con-
nation—a formal axis and a free- ducted so discreetly as to be
form sculpture—betrays his eclec- essentially invisible, as restora-
tic career path, training in Paris tion work should be. This $27.5
as a modern sculptor and then at million restoration campaign
Yale as a Beaux-Arts archi- marks the last phase of the
tect. The scheme had great formal CityArchRiver project; the Old
unity but Saarinen had not reck- Courthouse reopened to the pub-
oned with I-70, which was cut lic on May 3.
through the park even before con- The integration of the Old
struction of the arch began in Courthouse into the national park
1963, leaving the courthouse or- is likely to change its symbolic
phaned. The result was that cruel- meaning. When the idea of a me-
est of architectural objects, a morial along the Mississippi river-
grand portal that teases you with front was first mooted in 1933,
a vista and then shoves a barrier the name of Dred Scott—whose
in your way. suit for freedom culminated in the
This was the challenge faced— notorious Taney decision, which
and solved—by Michael Van Valk- ruled that black Americans “are
enburgh Associates, the promi- not included . . . under the word
nent firm of landscape architects ‘citizens’ in the Constitution”—
that won the CityArchRiver com- ARCHITECTURE REVIEW was never mentioned. The idea
mission in 2010. Their solution was to commemorate Thomas Jef-

Eero Saarinen’s Vision

was to bridge the interstate with ferson, the president who secured
an arm of the park, carrying its the Louisiana Purchase, which
landscape right up to the foot of was finalized in St. Louis in 1804,
the courthouse. Here arch and and which made the U.S. a conti-

Is Made Complete
courthouse at last achieved the nental power. Hence its original
spatial continuity that Saarinen name, the Jefferson National Ex-
had intended when he made his pansion Memorial.
designs in 1947. In 2018 that name was
Spatial continuity was also at changed to the Gateway Arch Na-
play in Mr. Van Valkenburgh’s tional Park, a strange inversion of
treatment of the arch itself, whose
A restoration of Gateway Arch National Park brings welcome continuity symbol and subject. It is as if the
west entrance leads to the under- Washington Monument were re-
T-B: BENJAMIN SCHERLISS/GATEWAY ARCH PARK FOUNDATION; GATEWAY ARCH PARK FOUNDATION

ground tram stop where you catch named the D.C. Obelisk. But then,
your disconcertingly oblique ride today national expansion is as
to the top. This entrance has been likely to be the subject of remorse
extended toward the Old Court- as of celebration. Nor is Thomas
house and enlarged by 46,000 Jefferson quite the unambiguous
square feet. The descent has been American icon he once was.
made more gradual, and softened Before leaving the Old Court-
by unobtrusive laylights overhead house, I climbed the same cast-
that compensate for the diminish- iron stairs that a cash-strapped
ing sunlight. To either side of the farmer climbed in 1859 to sign pa-
passage is a museum with free ad- pers of manumission for William
mission, with unusually informa- Jones, a slave he had acquired
tive exhibitions about the history from his in-laws. By selling the
of the city and the construction of man, he might have earned
the arch. There is even a full-scale $1,000. But in an act of quiet de-
mockup of the tram, so that dis- cency he chose to free him in-
abled visitors who cannot make stead. That farmer’s name was Ul-
the trip can experience it vicari- ysses S. Grant.
ously through live video cameras
that show the view from the sum- Mr. Lewis teaches architectural
mit. history at Williams and reviews
The final phase of the project architecture for the Journal.

OPERA REVIEW John Taylor Ward

and Rachel

A Company Deals
Kobernick in the
show, directed by
Sara Holdren.

With the Devil became exciting

only in her fervent
final plea, “Anges
purs.” Bass-baritone
BY HEIDI WALESON worth, had some smart theatrical John Taylor Ward
ideas. They savvily updated the tale was appropriately
New York of the aging professor who makes a sly and seductive as
HEARTBEAT OPERA’S radical ad- deal with the devil to regain his lost Mephistopheles;
aptations of classic titles can soar youth, eliminated choruses, ballets tenor Orson Van
or fall flat, but one constant has al- and some recitatives and zeroed in Gay II was an unnu-
ways been music director Dan on the characters and the tempta- anced Faust. Alex
Schlosberg, whose ingenious maver- tions they face. Ms. Holdren’s new, DeSocio played Val-
ick arrangements—such as Febru- contemporary English dialogue entin as a brute
ary’s “Salome” for eight clarinetists (“Dude, I’m working—no, I won’t do with a vulnerable
and two percussionists—never fail shots with you”), complete with ex- side, which worked
to stimulate. Until now. pletives, streamlined the plot and in the context;
For its production of Gounod’s deepened motivations. Siebel, a AddieRose Brown’s
“Faust,” now playing lovesick boy played velvety mezzo made
at the Baruch Per- by a mezzo in the Siebel’s “Si le bon-
forming Arts Center, original, became a fe- heur à sourire t’in-
Francisco Ladrón de Heartbeat male bartender who vite,” her attempt to
Guevara created a Opera adapts yearns for Margue- comfort Marguerite,
10-musician arrange- rite. Valentin’s a high point. Eliza
ment that was Gounod’s ‘Faust’ brotherly protective- Forest Entsminger devised a collec- Marguerite, who ordinarily prays for Bonet (a suburban cougar Marta)
coarse, un-French
and, unusual for this
in an inventive, ness of Marguerite
read as overbearing
tion of movable screens that could
suggest the bar or Marguerite’s
salvation and finds it in death (she
is in prison and set to be executed
and Brandon Bell (a barfly Wagner)
ably rounded out the cast along
company, sloppily uneven staging. from the start; he house, serve as backdrops for eerie for killing her baby; in this version, with Rowan Magee and Emma
performed under the also seemed to suffer shadow puppetry devised by Nick she has had a miscarriage, which Wiseman, the sinuous puppeteers.
leadership of violinist from PTSD when he Lehane, or, suddenly translucent, re- makes that even worse), gets a The singers were not helped by
Jacob Ashworth, returned from the veal characters lurking behind them. brief epilogue: She, Siebel and her the band; coordination and volume
Heartbeat’s artistic director. Poten- war in Act 4. Ms. Zhou also designed the lighting. neighbor Marta have a little back- balances were frequently off. A few
tially interesting timbral choices— Mephistopheles, dressed in a se- In this creepy depiction of the yard wine party—with the baby in a amusing touches—Mr. Ashworth
such as a harmonium—barely regis- ries of natty red outfits by Elivia perils of modern life, women still, in bassinet. This feminist reversal of playing licks on a mandolin, for some
tered; the trumpet dominated the Bovenzi Blitz, stood out as the devil theory, have the most to lose, and the usual death-of-the-heroine op- nostalgia, and the brightness of the
texture at its every appearance; and amid the otherwise contemporary Faust’s devil-assisted seduction of era scenario is heartwarming, if nar- xylophone, played by whoever hap-
the percussive piano added to the costuming, but his blandishments Marguerite is the heart of the op- ratively inconsistent. pened to be free—could not make up
generally bumptious atmosphere. represented evils that the charac- era. But his apparent remorse over The adaptation retained nearly all for the overall roughness of the mu-
It was too bad, because “Faust” ters were already primed to do. impregnating and then abandoning of Gounod’s many hit tunes. So- sical conception and execution.
ANDREW BOYLE

can use some rethinking, and direc- Aided by two black-clad puppeteers, her, to say nothing of killing her prano Rachel Kobernick was a
tor Sara Holdren, who created the he just made those bad choices eas- brother, certainly does him no good. staunch Marguerite with good Ms. Waleson writes on opera for
two-hour adaptation with Mr. Ash- ier. Set designers Yichen Zhou and And in Ms. Holdren’s production, French diction, but she let loose and the Journal.
A14 | Thursday, May 22, 2025 NY THE WALL STREET JOURNAL.

SPORTS
The Return of the Baddest,
Miller scored eight points in nine
seconds to lead a seemingly im-
possible comeback.
There were tussles, skirmishes,

Bloodiest Rivalry in Basketball

head-butts and mind games, an un-
spoken code of violence and retali-
ation. “If you hit Reggie,” Mitchell
said, “we weren’t going to hit the
guy who hit Reggie. We were going
The New York Knicks and Indiana Pacers spent the 1990s beating each other up in the to hit your best player.”
Nearly three decades later—
NBA playoffs. Three decades later, they’ll be at it again with a Finals berth on the line. and, in the Knicks’ case, a quarter-
century after their last
trip to the conference
BY ROBERT O’CONNELL finals—today’s players
seem to have inherited

W
hen the New the bad blood. “There’s
York Knicks definitely a sense of
and Indiana hatred for each other,”
Pacers square off in current Knicks center
the first game of their Karl-Anthony Towns
playoff series on said, smiling. “That
Wednesday, they’ll be makes a good rivalry.”
battling for a spot in There’s one thing
the NBA Finals. But for the Knicks and Pacers
fans and former play- of yesteryear can agree
ers of each team, on, though: this series
there’s something more should look quite dif-
important than a title ferent from the battles
shot on the line. they used to go
Up for grabs are through. The game has
bragging rights in one softened quite a bit
of the most bitter, since the ‘90s, and
bruising and bad- New York and Indiana
blooded rivalries the have changed with it.
NBA has ever seen. In fact, both the
For diehards on Pacers and the Knicks
both sides, this year’s ranked in the top 10 in
series feels like jump- scoring this season.
ing into a time ma- “This is the modern-
chine and warping day version,” Anthony
back to the 1990s, said. “When you look
when basketball was at how the game is
less about fast-breaks played and the skill
and 3-pointers and that’s involved, it’s re-
more about elbows ally impressive.”
lodged into ribcages Whichever team
and teeth. No matchup wins this installment,
better summed up that certain callbacks are all
rough-and-tumble era but certain. Miller, who
of the sport than the Knicks guard Jalen Brunson and Pacers guard Tyrese Haliburton are set to match up in the playoffs again. is covering the game
seemingly annual playoff show- for TNT, will jaw with Lee on the
downs between New York and In- pionship, falling to teams like Mi- and outsized figures. Patrick Ew- “Reggie was this larger-than-life sidelines once again. The occa-
diana. chael Jordan’s Bulls and Hakeem ing, the Knicks’ 7-foot Hall of figure—an antagonist.” sional hard foul will be adminis-
“It wasn’t basketball,” said Sam Olajuwon’s Rockets. But there Fame center, threw down dunks That wasn’t just the viewpoint tered. Big-time players will make-
Mitchell, a former Pacers guard seemed to be something bigger and swatted away shots. Spike of a guy who used to guard Miller. big time shots—this time, New
who survived three postseason se- than a trophy on the line. Lee gesticulated and kept up a His own teammates agree. “Reggie York’s clutch point guard Jalen
ries against the Knicks. “We just Indiana and New York had com- constant dialogue courtside, chat- played his best basketball,” Mitch- Brunson and Indiana’s last-second
beat the hell out of each other.” peting claims as the mecca of tering at whichever Indiana ell said, “when he was being an hero Tyrese Haliburton.
Between 1993 and 2000, the American basketball. The former player was in earshot. a—hole.” And somebody at some point

MICHAEL CONROY/ASSOCIATED PRESS

Knicks and Pacers met in six post- stood for the game’s small town At the middle of it all: the Pac- The blend of characters, talent will wrap his fingers around his
season series, each team winning romance—“Hoosiers” and Larry ers’ Reggie Miller, one of the and physical play created indelible own neck, telling the other team
three times. The games often de- Bird—and the latter for big-city greatest shooters in the history of highlights. There was the night in they’re choking the series away. “I
volved into rock fights, where both swagger. basketball—and arguably an even 1994 when Miller wrapped his don’t think it should happen in
sides struggled to score even 90 And for sheer drama, those better trash-talker. hands around his neck, making the Game 1, or even Game 2,” Anthony
points. Pacers-Knicks matchups couldn’t “The personalities played a huge “choke” sign to Lee sitting court- said. “But the reality is, we’re
Neither of the combatants be topped. They were master- role,” said former Knicks guard and side. There was the astonishing gonna see them. Yeah, there’s no
would ever go on to win the cham- pieces of physical play, big shots current TNT analyst Greg Anthony. flurry the next season, when question.

20% BONUS USAGE The One Word Rule Change

For New Challenger 3500 Fractional Customers That Sent the NFL Into Chaos
BY ANDREW BEATON But the latest proposed met by a crowd of defenders,
solution might be far simpler: until receiving a shove from
WHEN NFL OFFICIALS gath- reinstituting language similar running back Reggie Bush
ered in early 2006 for some to what was removed back in that helped propel him for-
routine housekeeping, they 2006—which eventually gave ward for the score.
didn’t think twice about rise to something no one ex- There was no flag thrown,
streamlining a rule that pected. despite it technically violating
hardly ever came into play. “From that,” said NFL the rules. Even Notre Dame
It had been over a decade competition committee chair- coach Charlie Weis admitted
since any offensive player man Rich McKay, “came a afterward that in the same
had been flagged for improp- play like this.” situation, he’d want his play-
erly assisting the runner by It took nearly a century ers to do the same thing.
pushing him. So executives for the league to think long “Being perfectly honest
from the league office made and hard about a penalty that with you, I would hope that
what they thought was an in- dates back to the NFL’s for- my running back, with the
nocuous change: while the mation in 1920, when it game on the line, would take
rulebook would say that play- merely adopted the college that risk too,” Weis said.
ers couldn’t lift or pull a ball rulebook. Just months after that,
carrier, it no longer explicitly Over time, officials began the NFL purged the push lan-
stated that they couldn’t push to view the rule as useless. guage. It was hardly contro-
him.
“It was an afterthought,”
Thinking about flying private in the most popular super-midsize jet in says Mike Pereira, the NFL’s
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its class? Now is the perfect time to join the Challenger 3500 fractional at the time. “Removing basi-
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The fiasco in question is
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NFL owners on Wednes-
term, plus 2023 pricing on their purchase. day debated banning the con-
troversial push-play popular- Eagles quarterback Jalen Hurts scores on a ‘Tush Push.’
ized by the Philadelphia
Eagles. Commonly known as Unlike when the Eagles run versial. In fact, when Pereira
the “Tush Push,” it begins their push sneak from under wrote a book about his tenure
Whether you choose fractional ownership or the EMBARK jet card, you and ends with quarterback center, pushing usually oc- and delved into significant
Jalen Hurts taking the snap curred in the open field and rule changes, he didn’t even
will always have unlimited hours* in a day to fly, with the peace of mind and driving forward with the it was difficult to tell if some- bother listing it.
assistance of teammates one was really shoving the “It really didn’t get any
in knowing you’re receiving best-in-class service every step of the way. shoving him from behind. runner or someone else. discussion,” Pereira says.
The backlash to the play So officials simply stopped “And lo and behold, it became
comes from different corners. calling the penalty—and a huge topic of conversa-
Some believe it more closely Notre Dame fans are still tion.”
resembles rugby than football stewing over that. Because That’s because the Eagles
and doesn’t have a place in before the Tush Push, there have made it an integral part
America’s most popular was an all-time classic known of their offense.
sport. Others have theorized as the “Bush Push.” Since 2022, Philadelphia
it could pose a safety risk. When the Fighting Irish has converted 98 sneaks of 2
One thing everyone agrees hosted No. 1 USC in 2005, yards or fewer—more than
on is that it could eventually they held a three-point lead five times the rest of the
CHRIS SZAGOLA/ASSOCIATED PRESS

be legislated out of existence, with seven seconds left and league’s average, according to
even though they didn’t go the Trojans near the goal line. Stats.
[email protected] or call 800.225.2862 through with a ban Wednes-
day. Earlier this year, the
Then-USC coach Pete Carroll
appeared to call for a spike,
“We’ve been very open to
whatever data exists on the
*Based on customer’s allocation of doys with a maximum 14-hour crew duty day. Green Bay Packers proposed but it was a ruse—quarter- Tush Push,” owner Jeffrey
a rule change specifically back Matt Leinart instead Lurie said. “And there’s just
aimed at eliminating the tried to sneak the ball into been no data that shows it
Tush Push. the end zone. He was initially isn’t a very, very safe play.”
THE WALL STREET JOURNAL. Thursday, May 22, 2025 | A15

OPINION
How the GOP Can Win Medicaid BOOKSHELF | By Kyle Smith

By Karl Rove Here’s a possible script for it. Specifically, Democrats have ment entirely reasonable. Barry Diller’s
T
a Republican Medicaid offense: made it harder for states to It’s important that GOP

Lucky Life
hese are dark days Start by declaring a strong check their rolls frequently for candidates show compassion,
for Democrats. commitment to save the pro- ineligible Medicaid recipients. too. They must highlight the
Their party’s fa- gram. Because of Democratic For the sake of fairness and real people who depend on
vorability rating is policies, Medicaid is spending accountability, the GOP will Medicaid and who deserve
at a record low. Its hundreds of billions on peo- make it easier to find and re- help. Republicans must point
working-class support has col- ple it shouldn’t—those who move those who don’t qualify. to specific waste and fraud in
lapsed. A new book confirms are able-bodied and working- In sum, Republican reforms their districts or states. Per-
Who Knew
the White House covered up age. Republicans want this will help stop the government sonalizing the issue will make By Barry Diller
President Biden’s mental de- assistance to go to the people from wasting Medicaid dollars it easier for voters to support Simon & Schuster, 336 pages, $30
cline. The Democratic National it was meant for—the elderly that elderly and disabled what the GOP Congress is do-

B
Committee is embroiled in in- poor, disabled, and children Americans need. ing to make Medicaid sustain- arry Diller knows that a lot of people don’t buy his
ternecine war. President in low-income families. With- able. relationship with Diane von Fürstenberg, but he
Trump’s relentless forward out reform, the program on This won’t be easy. Any doesn’t care. In his memoir, “Who Knew,” the vet-
motion makes him look strong, which those Americans de- Democrats won’t let such messaging should be eran media executive explains how even he was surprised
while Democrats look weak pend is at risk of rapidly be- carefully tested in polls and fo- at his attraction to her shortly after they met in 1974. He
and woke. coming unsustainable. Republicans duck the cus groups to find the stron- speaks frankly about having had many homosexual rela-
But Republicans should be- The GOP should say that issue, so go on the gest words and most credible tionships, occasionally with noteworthy figures such as
ware. They have two big mes- able-bodied adults on Medic- arguments. Perhaps the Repub- Johnny Carson’s stepson and Michael Bennett (the chore-
saging problems. If not con- aid should be required to work offensive instead. lican House and Senate cam- ographer who conceived and directed 1975’s “A Chorus
fronted soon, they could or look for work. “No free- paign committees are already Line”), both of whom died of AIDS.
create major difficulties in the loaders” on a program meant doing this. If not, members in Mr. Diller writes movingly about his early fears that
2026 midterms. This column for the truly vulnerable is a On Tuesday, President battleground districts or states his sexuality would be used against him, describing it as
will address the first chal- powerful argument. A Feb. 25 Trump’s team posted on X a should do it themselves. an anvil hanging over his head by a thread. He never dis-
lenge, Medicaid. Kaiser Family Foundation poll video of him declaring: “We Democrats aren’t waiting cussed the matter with
The current House Republi- found 62% of Americans sup- don’t want any waste, fraud, or for the GOP to get its act to- his wealthy parents,
can proposal would cut the port “requiring nearly all abuse. Very simple—waste, gether. On Wednesday their whom he assumed
program’s spending by nearly adults to work or be looking fraud, abuse. Other than that, House Majority Forward super would be troubled by
$700 billion over the next de- for work” to qualify for Med- we’re leaving it.” That may be PAC circulated poll-tested at- such news from their
cade, according to preliminary icaid, while 38% were op- sufficient for the White House, tacks on Medicaid reforms to younger son. (Their
Congressional Budget Office posed. If told that such a re- but GOP candidates facing vot- help Democrats assail Republi- elder son, Donald, was a
analysis. That’s a big number. quirement “could ensure that ers next year need to do more. cans. drug addict who died at
GOP leaders, however, seem Medicaid is reserved for They must embrace reform and The GOP can’t ignore Med- 36.) Still, as Mr. Diller
disinclined to explain what groups like the elderly, people show they’re comfortable talk- icaid—Democrats won’t let rose through the ranks
they’ll cut and why. It’s as if with disabilities, and low-in- ing about Medicaid. They have them. Republicans have no in Hollywood, his prefer-
they believe that if they’re dis- come children,” it was 77% to shout from the mountaintops choice but to engage the issue ence was an open secret
cussing Medicaid, they’re los- support, 22% oppose. that Democrats oppose work thoughtfully and passionately. as far back as the 1970s,
ing. Also drive home that—un- requirements, favor giving It’s entirely possible for them when it was extremely
If so, that’s wrong. GOP si- like radical Democrats—Re- Medicaid to illegal aliens, and to pull it off if they try. rare for anyone in the
lence will make the inevitable publicans oppose illegal immi- won’t allow states to remove in- As difficult as tackling Med- public eye to acknow-
Democratic assault more pow- grants getting Medicaid. eligible recipients from their icaid on the campaign trail is ledge homosexuality.
erful. And Republicans have a House Energy and Commerce rolls. for Republicans, another, more Before meeting Ms.
lot of ammo with which to Committee Chairman Brett Republicans should admit difficult messaging challenge Von Fürstenberg, he
prevail on this front. The fed- Guthrie (R., Ky.) estimates that their changes will cost awaits. More about that next claims, he had never been
eral government admits it that 1.4 million illegal aliens some people coverage, then week. interested in women. But he is charming about their
made $543 billion in inappro- receive Medicaid. That isn’t endlessly drive home who bond, their breakup in the early 1980s and their reunion
priate Medicaid payments only wrong; it encourages those people are: illegal Mr. Rove helped organize in the ’90s. Since 2001 they’ve been happily married, and
from 2015 through 2024. more aliens to try to cross our aliens, able-bodied people the political-action committee few who read his book will think there is anything fake
Some experts think the real border illegally. who refuse to work, and oth- American Crossroads and is about their enduring love, which he calls “the bedrock of
number is $1.1 trillion. Either Make clear that Republicans ers who don’t qualify for Med- author of “The Triumph of my life.”
way, it’s close to what the GOP want to end fraud while Demo- icaid under existing law. Most William McKinley” (Simon & As though embodying a cliché, Mr. Diller started in the
wants to cut. crats are content to perpetuate Americans will find this argu- Schuster, 2015). mailroom at the William Morris Agency. Luck is his
superpower, and he doesn’t deny it. Thanks to his friend-
ship with the family of the actor Danny Thomas—who got

An End to Biden Injustice Against the Police Mr. Diller that William Morris gig—he had a lively dinner
discussion with Leonard Goldberg, the boyfriend of
Thomas’s actress daughter Marlo. Goldberg, then the vice
By Harmeet K. Dhillon difficult to end them, as evi- avail. Even Democratic politi- ries of disparate impact to president of current programming at ABC, took on Mr.
denced by a dozen existing po- cians including Ruben Gallego, support investigations or liti- Diller as his assistant in 1966.

I
have directed the Justice licing consent decrees that then a representative and now gation. Just as the new job was to begin, Goldberg became the
Department’s Civil Rights have been in place for an aver- a senator from Arizona, pro- I have also directed the new head of programming because his boss was fired. Mr.
Division to dismiss two age of a decade. tested and argued for more- Civil Rights Division to close Diller crows that, after being charged with improving
last-minute Biden-administra- Several analyses, including collaborative reform efforts in- its investigations into, and to ABC’s library of movies at age 25, he invented a new
tion lawsuits, against the Lou- by the Law Enforcement Legal stead of what Mr. Gallego rescind, the Biden-era findings form of television programming: the made-for-TV movie.
isville, Ky., and Minneapolis Defense Fund, show that these called a “tremendously expen- of constitutional violations by He was also, via “QB VII” (1974), among the first to air a
police departments. The suits policing consent decrees can sive” consent decree that the following additional local miniseries. By the time Mr. Diller left ABC in 1974, the
sought to subject both cities to be counterproductive to public would “pose a tremendous risk police departments: Louisiana network was tops in the ratings—a long way from when
sweeping, minutely detailed safety. Jurisdictions under the to public safety.” As time ran State Police; Memphis, Tenn.; he started, when an industry joke was, “the way to end
consent decrees that would in- policing consent decrees fre- out, the Biden Justice Depart- Mount Vernon, N.Y.; Oklahoma the Vietnam War? Put it on ABC—it’ll be over in thirteen
hibit local policing for years, quently see sharp increases in ment filed lawsuits against City; Phoenix; and Trenton, weeks.”
make area residents less safe, Louisville and Minneapolis af- N.J. Many of the Biden Civil Getting picked to run Paramount came out of nowhere.
and cost local taxpayers mil- ter President Trump’s election. Rights Division’s published re- Charles Bluhdorn, the chief executive of Paramount’s par-
lions of dollars. The government is Both Minneapolis and Lou- ports lambasting these depart- ent company, whom Mr. Diller met in the course of buy-
Using the threat of litiga- isville have said they will im- ments also praise them for re- ing movies for ABC, was annoyed with his studio chiefs
tion, the Biden Justice Depart- dropping lawsuits plement necessary “reforms” solving identified problems. Frank Yablans and Robert Evans after they made him
ment sought to force many against Minneapolis even without a federal court Notwithstanding our rever- look bad in a magazine piece, but couldn’t fire them
municipalities into such polic- order. But Minneapolis leaders sal of the Biden administra- without paying off their five-year contracts. So he created
ing consent decrees—federal and Louisville, Ky. have said publicly that the city tion’s flawed and unreliable a position above them for the television-contaminated Mr.
court-monitored settlements will oppose the U.S. motion to attacks on police, we reiterate Diller, correctly guessing both Yablans and Evans would
billed as “achieving reforms.” dismiss the underlying lawsuit that the Justice Department be so enraged as to quit.
On our review, it is clear that crime. An Axios review of po- and that they hope to see the plays an important role in pro- Though Paramount, like ABC, surged from also-ran to
the previous administration’s lice consent decrees found decree approved. Louisville tecting the civil rights of all industry leader while Mr. Diller was running it from
investigations and findings that “most police agencies in hasn’t agreed to the current Americans. This includes pro- 1974 to 1984, he doesn’t overstate his role in crafting
were based on faulty legal the- recent federally court-ordered U.S. motion but hasn’t op- tecting against constitutional the hits. Even after “Grease” (1978) was finished, for
ories, incomplete data and reform agreements saw vio- posed our prior motions for violations inflicted by law-en- instance, he thought it was a disaster right up until a
flawed statistical methods. lent crime rates skyrocket im- continuances. forcement officers. Nobody is blowout preview screening in Hawaii. “A pretty shoddy
Generally, policing consent mediately”—by as much as On Jan. 20, President above the law, not even the
decrees impose “reforms” far 61%. The Washington Post has Trump issued an executive or- police. Yet the overwhelming
more sweeping than any un- questioned the costs of moni- der mandating review of Mr. majority of police officers The veteran media executive had a string of
derlying allegations of uncon- toring, and the New York Biden’s weaponization of the should be free to continue successes in television, movies and then
stitutional conduct. These Times has questioned how federal government. After be- what they do best: protect and
consent decrees are costly to success is actually defined. ing sworn in last month, I im- serve their communities. The business. Yet he never sought to take the credit.
implement. Local police de- Ignoring these glaring prob- mediately ordered my senior Civil Rights Division will work
partments pay an average of lems, the Civil Rights Division leadership to report any and with, not against, our brave
$1 million a year to the inde- rushed to subject local police all problematic attempts by police. They risk their lives production,” he says, complaining that the grass “was
pendent monitors required by to federal control before the the Biden Justice Department daily to keep their communi- supposed to be bright and green and was mostly patchy
consent decrees, with large ju- close of the Biden administra- to inhibit local policing. After ties secure—the most funda- brown.” As for “Saturday Night Fever” (1977), Mr. Diller
risdictions paying between tion. My predecessor, Kristen this review, the current Civil mental of government services attributes its success to “a lot of kitchen helpers futz-
$100 million and $300 million Clarke, opened 10 investiga- Rights Division lacks confi- in a civilized society. ing around.” Those familiar with how Hollywood figures
in compliance costs over the tions within three years. Mem- dence in the data and methods ordinarily scramble to hog the credit will find such
decrees’ lifetime. Once in phis, Tenn., and her other in- used by the Biden team. The Ms. Dhillon is U.S. assistant humility refreshing.
place, they tend to suffer from vestigatory subjects division disavows any attempt attorney general for civil Mr. Diller tried for years to get Paramount to back a
mission creep, and it is very questioned this practice, to no to use the dubious legal theo- rights. fourth television network to compete with ABC, CBS and
NBC. Not long after leaving Paramount to become chair-
man and CEO of Twentieth Century Fox, he found himself

Christian Refugees Deserve a Break in a room with John Kluge, who had just bought a string
of independent television stations but was interested in
selling them, and Rupert Murdoch, who had just bought
By Luma Simms order is a commitment to help or national interest. Because combat anti-Christian bias. half of Mr. Diller’s company. Mr. Diller mentioned his idea
Christian refugees. According of their church communities, The administration’s dedi- of a fourth network to Mr. Murdoch (now chairman emer-

P
resident Trump signed to the nonprofit Open Doors, they wouldn’t be a significant cation to religious liberty, its itus of News Corp., which owns the Journal) and the lat-
an executive order on 4,476 Christians around the burden on American re- commitment to take seriously ter said, “Ha! Let’s go after this!” Later, in a cab, Mr.
Inauguration Day sus- world were killed for faith-re- sources. They would likely be the persecution of Christians, Murdoch told Mr. Diller, “What a great adventure! We’re
pending the U.S. Refugee Ad- lated reasons last year, and patriotic and grateful to be especially in Africa and the betting the company!” The Fox network was born.
missions Program. The order 4,744 were detained or im- rescued. Because the church is Middle East, and its under- The most entertaining revelations in the book are the
says that the secretaries of prisoned. Take Iranian Chris- by nature multinational, they standing of the role American asides, great stories that Mr. Diller tosses off, too briefly,
state and homeland security tians as an example. Those would assimilate to American interventionism played in de- in a line or two. Katharine Hepburn took him around to
may admit some refugees on a culture with greater ease than stabilizing regions with vul- several Los Angeles properties she had once owned so
case-by-case basis if it’s in the other groups. I speak from ex- nerable Christian populations that the two could sneak into their swimming pools. He
national interest and poses no Letting them in is perience as an Iraqi Christian could be taken as an openness also notes that he unexpectedly landed a Clint Eastwood
threat to the U.S. immigrant who grew up in an to helping Christians under picture, “Escape From Alcatraz” (1979), because his friend
Overall, this policy is a wel- consistent with U.S. Iraqi Christian immigrant threat of death. David Geffen, then the head of production at Mr. East-
come reprieve from the mass interests and Trump’s community in and around Los In most cases, the best so- wood’s longtime studio, Warner Bros., unwisely said he
movement of people into Angeles. lution to mass migration is to had “notes” for Mr. Eastwood. “Notes?” said the star,
America that the Biden ad- security priorities. Aiding Christian refugees promote the flourishing of according to Mr. Diller. “Fine—you can give them to me
ministration facilitated. The would be a natural fit for this people in their ancestral lands while I’m packing.”
goal behind the order is to administration. In his Febru- and countries of origin and So many are Mr. Diller’s successes that it isn’t until
create a refugee admissions who have converted to Chris- ary speech at the Interna- within their cultural heritage. the last few pages that we hear about IAC, a basket of in-
program in line with U.S. in- tianity from Islam and fled tional Religious Freedom Christians under threat of ternet companies that, together with its progeny, he val-
terests: one that enables refu- Iran would be severely perse- Summit, Vice President JD death, however, are a singular ues at more than $100 billion. Or the little island, chris-
gees to assimilate, boosts cuted if they were repatriated. Vance made it clear that the exception. The Trump admin- tened Little Island, he built on the Hudson River, or how
state and local involvement in Such people could easily be plight of persecuted Chris- istration should unabashedly he got Frank Gehry to design the sail-inspired IAC Build-
their resettlement and absorp- absorbed into well-assimilated tians would be a priority. In stand up for these Christians ing in Manhattan. All in all, not a bad run for a former
tion, doesn’t reduce the avail- Middle Eastern Christian com- establishing the Religious Lib- and welcome them to our mail boy, and if Mr. Diller not unreasonably paints him-
ability of resources intended munities in the U.S. erty Commission, the White shores. self as having made a lot of wise choices, he grants that
for Americans, and doesn’t Further, Christian refugees House highlighted the anti- he also has a knack for being in the right place at the
threaten public safety or na- meet the executive order’s re- Christian actions of the previ- Ms. Simms is a fellow at right time.
tional security. quirements. They would pose ous administration. Mr. Trump the Ethics and Public Policy
What’s missing from the no harm to America’s security also created a task force to Center. Mr. Smith is the Journal’s film critic.
A16 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Case of Bond Market Jitters There Is More to the Joe Biden Coverup Story
In your editorial “A Reckoning for from members of their own staff and

T
here will always be a market for Trea- formed and doles out special-interest goodies
sury bonds. The question is, at what via the tax code. the Biden Coverup” (May 19), you ar- heavily regulated his schedule for his
gue that people may react to my book peak hours. It’s also why his debate
price? On that score, markets delivered But it also features more spending restraint
with CNN’s Jake Tapper about former performance came as a shock to
an uncomfortable surprise than the Biden Democrats President Joe Biden’s decline by say- many voters but not to many of his
Wednesday and it’s essential Don’t fall for the line ever offered. Meanwhile, the ing “now they tell us.” We under- top aides.
that Washington learns the that extending current extension of the 2017 tax re- stand that reaction, but after speak- We believed this new reporting
right lessons. form is the biggest gesture ing with more than 200 people after needed to be out there, even if it only
What should have been a tax law is to blame. anyone in Washington is mak- the election—almost all of them Dem- came after the election when some
routine auction for 20-year ing in the direction of eco- ocrats—we discovered more to the Democrats were willing to be candid
debt with a face value of $16 nomic growth. It’s preposter- story from behind closed doors. with us. The book also builds on the
billion turned into a mini fiasco amid soft de- ous to argue that a bill that largely extends There’s a difference between a ver- great reporting of many other jour-
mand. The auction produced a yield of 5.014%, current law is suddenly causing investors to flee bal gaffe or a physical tumble in front nalists including the duo from the
slightly higher than expected and well above U.S. assets. of the cameras and privately not re- Journal—whom Mr. Tapper had on
membering longtime aides or a situa- his show in July 2024 to praise for
the roughly 4.6% benchmark set in a string of Preposterous, but that won’t stop the
tion where your own cabinet doesn’t the reporting they had done before
recent auctions. The yield on the 30-year Keynesian left and big-spending right from try- trust you to be available to handle a the debate. We hope people read the
bond drifted above 5% for the second time ing. The template is Britain in 2022, when a bad hypothetical crisis in the middle of book and make up their own minds.
this week and the 10-year note is near 4.6% market reaction to monetary-policy mistakes the night, which we report in our ALEX THOMPSON
and inching higher. and a moderately ambitious tax-cut package book. Mr. Biden could be uneven in Washington
This isn’t a financial crisis, and most of these from Prime Minister Liz Truss triggered a mini front of the cameras but worse out of Mr. Thompson is Axios’s national
jumps in yield remain modest. Still, equity in- financial panic in pension funds. There too the sight, which is why top White House political correspondent and co-author
vestors took notice, with major stock indexes actual fiscal policy was unsurprising—investors aides attempted to shield him even of “Original Sin.”
falling in response to the bond moves and mixed had known for weeks it was coming—but the
earnings forecasts from retailers. policy became a scapegoat for politicians and
It’s trendy to blame Washington for this mar- media commentators embarrassed by their own
ket fracas, and with cause. But first recognize lack of good ideas. Readers Debate: Is Chicago a City of GOATs?
the biggest problem that appears to be bother- The lesson for Republicans is not to back In “A Pope, a President and a another icon who belongs in the Chi-
ing markets: economic growth. Where will down from the pro-growth elements of their GOAT” (op-ed, May 13), Collin Levy cago honor society: Mike Krzyzewski,
growth come from to buoy consumer senti- agenda. If anyone wants to pare entitlement rhapsodizes about Chicago, writing: the legendary Coach K. This year the
ment, or to generate enough revenue to help spending in the budget bill, be our guest. Better “Can you think of another city in the Chicago native will be inducted into
Uncle Sam pay the bills? yet, President Trump could ditch his reciprocal world responsible for a pope, a presi- the U.S. Olympic and Paralympic Hall
Keep that question in mind as commentators tariff tax increases, fire trade adviser Peter Na- dent and the greatest basketball of Fame in recognition of his leading
and some politicians try to lay the blame for a varro, and reopen the U.S. for global business. player of all time?” The GOAT refer- the USA men’s basketball team to the
bond selloff entirely at the feet of the Republi- But if nothing else, don’t saddle the economy ence is to Michael Jordan. With no pinnacle of the sport, winning gold in
can Congress. The rap is that the budget bill with a $4.5 trillion tax increase by failing to choice in the matter under NBA draft 2008, 2012 and 2016, and two addi-
rules, MJ arrived in Chicago in 1984. tional world championships.
lawmakers are debating will blow out the defi- pass the budget bill.
Yet his greatness had been largely The Olympic accolade comple-
cit by another $3.3 trillion over 10 years. This After Ms. Truss was defenestrated, Britain baked in via his formative years in ments his inductions into the College
profligacy, the story runs, leaves bond investors sank into a high-tax, high-spending, high-infla- small-town North Carolina, not the Basketball Hall of Fame, his five
at the end of their tethers. tion malaise from which it has yet to recover. Windy City. NCAA national championships, 13 Fi-
This argument is a trap for Republicans. The If you still think global investors hate the Re- Three years before hitting the win- nal Four appearances and 1,202 ca-
bill now in Congress isn’t nearly as good as it publican budget, wait to see what happens if it ning shot in the NCAA championship reer victories, among others. His ex-
could be. It leaves entitlements largely unre- doesn’t pass. game, Mr. Jordan was cut from his cellence doesn’t end there. Years ago
high-school basketball team, yielding Coach K founded and continues to
a manic dedication to training that lead the Emily Krzyzewski Center in
The GOP’s SALT Folly led to a spot on the University of
North Carolina’s roster. I’ll go out on
Durham, N.C., an organization named
in honor of his mother that helps
a limb and venture that Laney High scores of young people each year at-

A
fter holding the tax bill hostage, House bill increases to $32,600 for couples) is bigger
School in Wilmington, and coaching tend college.
Republicans from high-tax states have than their itemized deductions. Texans pay no great Dean Smith, had more to do I have little doubt Pope Leo, Presi-
extorted an enormous increase in the income tax and on average $3,872 in property with Mr. Jordan’s success than did dent Obama and Mr. Jordan would
state-and-local tax deduc- tax. Why should they subsi- Chicago. Wilmington and Chapel Hill applaud Mr. Krzyzewski’s efforts. And
tion—not that they will get Republicans make it dize Democratic spendthrifts send their regards, Chicago. No if that’s not enough, the coach’s Pol-
much credit for it. Unlike the easier for Democrats in Albany? charge. ish heritage—about which, as Ms.
bill’s pro-growth provisions, Don’t be surprised if Demo- HARRISON L. PRICE Levy mentions, Chicago is quite
this giveaway to the affluent to raise state taxes. crats who run high-tax states Alexandria, Va. proud—should be a clincher for his
will have no economic payoff take advantage of Republican inclusion on the list.
and subsidizes profligate generosity by raising taxes Ms. Levy identifies a magnificent THOMAS J. WHITE
triumvirate of champions. Yet there is Durham, N.C.
Democratic-run states. even more. It will also relieve political pressure
Speaker Mike Johnson late Tuesday greased on Democrats to reduce taxes to prevent high
the wheels for the reconciliation bill’s passage earners from fleeing. Don’t expect Gov. Kathy
by cutting a deal with Republicans from New Hochul to send her thanks to Messrs. LaLota Harvard Should Have Stood Up for Prof. Fryer
York, New Jersey and California to raise the and Lawler. Kudos to Roland Fryer for pointing backbone to come to his defense.
state-and-local deduction to $40,000 with a 1% One irony is that Republicans are doing a fa- out the inconsistency of Harvard’s My family foundation was one of
annual inflation adjustment over 10 years. The vor for high-tax states that Chuck Schumer and “principled” response in standing up the largest funders of the Education
deduction would be phased out starting at Nancy Pelosi refused when Democrats con- to the demands of the Trump adminis- Innovation Laboratory, Mr. Fryer’s re-
$500,000 of income for couples. trolled Congress in 2021 and 2022. Recall how tration, while citing other examples of search lab, and rather than risk further
The Ways and Means bill raised the current Democratic Reps. Josh Gottheimer, Tom Suozzi, the university declining to uphold its public scrutiny of its dirty laundry, the
$10,000 cap to $30,000 for couples with a and Mikie Sherrill insisted they wouldn’t vote core values when such a stand of- university agreed to refund the unused
fended the politics of its core constitu- portion of our gift when Mr. Fryer was
phase-out at $400,000. This was already a big for a spending bill without more SALT.
ency (“Harvard Should Stand Up for It- suspended and his lab was forced to
and costly concession to Republicans represent- “No SALT, no deal,” they declared. The Build self More Often,” op-ed, May 9). close, something that is virtually un-
ing high-tax jurisdictions. The $30,000 limit Back Better bill that passed the House in 2021 Yet he omits the most obvious ex- precedented at Harvard. Happily, Mr.
would have fully covered the state-and-local tax included an increase in the SALT cap to ample: when then-faculty dean Clau- Fryer’s career is once again thriving.
bills for the vast majority of households in New $80,000. But Chuck Schumer omitted the provi- dine Gay attempted to cancel him Not so much for Ms. Gay.
York City’s suburbs. But New York Republicans sion in the Inflation Reduction Act, despite hav- over a spurious “MeToo” claim, JONATHON S. JACOBSON
Mike Lawler and Nick LaLota demanded an even ing promised to restore the full SALT deduction. which ultimately failed thanks to Mr. HighSage Ventures
higher price. Mr. Johnson conceded to the The “no SALT-no deal” Democrats voted for the Fryer’s perseverance. Despite a Boston
$40,000 limit. IRA anyway. mountain of evidence suggesting that
The higher SALT cap won’t increase the in- So it’s nothing short of hilarious that Mr. the charges against Mr. Fryer were
centive at the margin to save or invest, though Schumer is now attacking New York Republi- manufactured and flimsy, no one in Things Get Rocky in Denver
the Harvard administration had the
it will ease the high tax burdens of progressive cans for not getting enough concessions on Jared Diamond writes that Colo-
states. The higher cap amounts to an average SALT. “The so-called SALT deal is a humiliating rado Rockies fans “miraculously” still
$11,100 tax cut for the affluent in such high-tax failure,” he declared Wednesday. This under- support the team (“The Rockies Are a
A Smart Tip for the Idiot Box Major Disaster,” Sports, May 12). Yet
states, and it will raise the cost of the tax bill scores the folly of the Republican SALT caucus.
by hundreds of billions of dollars over 10 years Democrats will denounce them and the tax bill Joseph Epstein says to “Ask Your there are nuances to those Coors
Doctor About the Mute Button” (op- Field attendance numbers. At the Sat-
without any compensating revenue feedback they rode in on in any case.
ed, May 20) to avoid health-related urday night 21-0 embarrassment
from faster economic growth. Senate Republicans can cut this SALT extor- commercials. I have another solution: against San Diego that Mr. Diamond
Few voters in other states will benefit be- tion down to size in their bill, and the country I set my streaming system to record cites, casual observation showed that
cause the standard deduction (which the House should hope they do. all the shows I want to watch and about half of the attendees were
then fast-forward through the ads wearing Padres gear. This is the

Iran Holds Out for Nuclear Enrichment while I watch the programs. I begin
sports games about a half-hour into
them and tune into other programs
Rockies’ business plan: Come to the
ballpark, all you late arrivals to the
Colorado Front Range, and cheer for

I
ran’s rulers are unhappy with the direction Mr. Trump’s. He’s for “total dismantlement”— the day after they air. the team you loved in the area you
of nuclear talks, which is a sign President “that’s all I’d accept,” he told NBC. Even dovish Since pharmaceutical companies were priced out of. Dodgers, Giants,
Trump is pushing in the right places. No one Vice President JD Vance has explained that Iran still send sales forces to medical of- Cubs and Phillies all make their home
fices to pitch their products, it seems away from home in Denver. When our
is ever pleased to make far-reaching conces- has no need for domestic enrichment at any level;
the best policy would be to ban pre- high-school baseball team sold Rock-
sions, but those are what the U.S. and the world 23 states from Canada to the United Arab Emir- scription-drug TV ads. This would ies tickets as a fundraiser, we had a
need to get a deal worth making. ates produce civil nuclear energy without it. spare doctors from having their pa- difficult time getting rid of them ex-
“We are witnessing completely unreasonable Middle East envoy Steve Witkoff said on Sun- tients ask for specific meds and cept to fans of other teams.
and illogical positions from the Americans,” said day, “We have one very, very clear red line, and would most likely enable pharmaceu- Rockies fans, in reality, are dis-
Abbas Araghchi, Iran’s foreign minister, on Tues- that is enrichment. We cannot allow even 1% of tical companies to reduce the prices gusted by front-office decision-mak-
day. “Enrichment is absolutely nonnegotiable.” an enrichment capability.” White House press of said drugs as they’d be spending ing. The list of Colorado Rockies fans’
Ayatollah Ali Khamenei said the U.S. “should try secretary Karoline Leavitt said, “We are 100% less on advertising. grievances is long, but ownership still
not to talk nonsense” and called it a “big mis- committed to that red line.” Secretary of State CAROL ZINK fills seats.
take” for President Trump to demand an end to Marco Rubio often hammers the point. Holderness, N.H. ANDREW MACDONALD
Lafayette, Colo.
Iran’s enrichment of uranium. Iran’s protests suggest it is also receiving the
But ending enrichment is essential to block message, and its goal with the diplomatic dance
Iran’s easiest path to the bomb. “I don’t think is to break this consensus. It can’t exert pressure How to Solve ATC Shortages
nuclear talks with the U.S. will bring results,” with force—its air defenses are down and prox- Air-traffic controllers are essential
Pepper ...
Mr. Khamenei said, and for a few days Mr. ies in shambles, thanks to Israel—so it tries to to the U.S. airspace (“America’s Air And Salt
Araghchi pretended Iran wasn’t sure if it would do so with negotiating tactics, claiming the key Traffic Fiasco,” Review & Outlook,
THE WALL STREET JOURNAL
show up to a new round in Rome. On Wednes- U.S. demands make a deal impossible. May 6). The staffing shortage can be
day Omani mediators said talks will resume “But the red lines of a supplicant are not the solved the same way the airline-pilot
Friday. red lines of a superpower,” says Behnam Ben shortage was—by increasing the man-
The Iranians play games, but they know well Taleblu of the Foundation for Defense of Democ- datory retirement age to 65, the same
that negotiations are for now shielding their nu- racies. Mr. Trump already proved that by pres- as airline pilots. Why is there a dif-
ference anyway, considering the
clear program from attack and their currency suring Iran to return to negotiations.
stress is more on the pilot than the
from free fall. “This is an offer that will not last Iran long insisted it would never negotiate controller? That the union opposes
forever,” Mr. Trump has warned. Israel has held with Mr. Trump. It spent the Biden years talking such a change tells you a lot.
back to give his diplomacy a chance. about killing him. But after Mr. Trump resumed STEVE GRABEN
Iranian hopes that Mr. Trump would morph sanctions enforcement and built up a military Lantana, Texas
into Barack Obama and settle for a rerun of the threat that Iran had to take seriously, Iran came
2015 nuclear deal have met a setback. In recent to the table. Its other options are worse.
Letters intended for publication should
weeks a public consensus has emerged in the Re- Tehran may decide it can’t abandon enrich- be emailed to [email protected]. Please
publican Party and the Trump Administration ment or allow its centrifuges to be dismantled. include your city, state and telephone
for any nuclear deal: No enrichment. And it may call the U.S. and Israeli bluff on the number. All letters are subject to
Fifty-two of 53 Republican Senators signed a use of force, but that could be a mistake its lead- editing, and unpublished letters cannot “My comments section can beat up
be acknowledged.
letter to reinforce the point, which has also been ers come to regret. your comments section.”
THE WALL STREET JOURNAL. Thursday, May 22, 2025 | A17

OPINION

Tariffs Mean Electoral Defeat for the GOP

By Phil Gramm Under the Articles of Confedera- cal pressures, trade policy under 13
And Donald J. Boudreaux tion and the Constitution, the U.S. presidents reflected the belief that

T
government had no power to tax in- expanding trade benefits the U.S. The
he Trump administration come until 1913. Throughout the 19th 85-year bipartisan trade consensus
is looking for an exit century tariffs supplied 50% to 95% ended with the Trump tariffs in 2018.
strategy from the most of federal revenue, but government Those 2018 tariffs were tiny com-
destructive parts of its was small and its revenue demands pared with the tariffs announced in
trade war. The uncer- modest. the first 100 days of the second
tainty is heightening the risk of a While Alexander Hamilton wanted Trump administration. While numer-
recession. Millions of business sup- to promote manufacturing with sub- ous factors affect elections, tariffs
ply chains have been dismantled. sidies, which Congress opposed, he didn’t prove a winning political issue
The postwar trading system, re- was skeptical of high tariffs. No reve- in 2018, when Republicans lost the
sponsible for 80 years of peace and nue is collected on goods that aren’t House, or in 2020, when they lost the
prosperity, is in tatters. Some of the legally imported, and Hamilton Senate and White House.
damage is irreversible. But if his- feared that tariffs would encourage Even if Mr. Trump negotiated his
tory is any guide, the latest protec- domestic inefficiency. The rising de- tariff increase down to 10%, that
tionist experiment will soon be over. mand for revenue to fund public threefold increase in average U.S.

MARTIN KOZLOWSKI
works and a political effort to pro- tariff rates would raise consumer
tect U.S. producers led to the “Tariff prices, disrupt domestic production,
The debacle of 1932 is the of Abominations” in 1828, which im- slow economic growth and prove
posed an all-time high average tariff toxic to Republicans in the midterm
most famous example, but rate of 57.3%. In the following elec- elections, which are less than 18
Republican losses span the tions tariff supporters suffered dev- acted in October 1890, triggered a meant to protect agriculture, but months away.
astating electoral defeats as Andrew political bloodbath a month later during its adoption a flurry of The clearest exit from this road to
period 1842 through 2020. Jackson and the Democrats were when William McKinley and 92 other amendments broadened its coverage. economic perdition is to reduce the
swept into power. From 1830-60 av- Republican representatives lost their The tariff failed to provide relief to tariffs by negotiating real reciprocal
erage tariff rates fell by 70%, and in- seats and four Republican senators farmers and in the 1922 elections Re- trade agreements. The U.S. should do
While protectionists portray the dustrial production soared at an av- suffered the same fate. In 1892 Demo- publicans lost 77 seats in the House so in return for its trading partners
18th and 19th centuries as a happy erage annual rate of 6.2%. By 1860 crat Grover Cleveland was elected in and seven in the Senate. reducing tariffs on American goods
period when Americans prospered average U.S. tariffs were among the a landslide. By 1895 the average tariff The infamous Smoot-Hawley Tariff, and services. These reciprocal tariff
behind tariff protections, nothing is lowest in the world. rate had fallen by a third. enacted in 1930, helped transform a reductions would lower prices and
further from the truth. Americans In 1842 Congress adopted and In 1909 Republicans again raised financial panic into a worldwide de- expand production and economic
have historically hated high tariffs Whig President John Tyler signed tariffs with the passage of the Payne- pression. The 1932 elections were cat- growth for the U.S. and our trading
and never suffered them for long. Al- the so-called “Black Tariff,” the only Aldrich Tariff, and voters again re- aclysmic for the Republicans, giving partners. We will miss that exit un-
most 300 years ago American colo- significant effort to raise tariffs from volted, taking the White House, 117 Democrats control of the White House less members of Congress and the
nists revolted against repeated Brit- 1830-60. But less than three months House seats and 13 Senate seats for 20 years, the Senate for 44 of the administration remember that si-
ish efforts to impose tariffs on after the enactment of this tariff, the away from the Republicans in the next 48 years, and the House for 58 of lence is consent.
American imports. Colonists defied Whigs lost their majority in the 1910 and 1912 elections. The tariff the next 62 years. In 1934 Congress
the 1733 Molasses Tariff with wide- House and three seats in the Senate. was repealed and widespread hostil- adopted the Reciprocal Trade Agree- Mr. Gramm is a nonresident senior
spread smuggling. Crying “taxation In the 1844 elections they lost the ity to tariffs helped fuel the passage ments Act, which delegated power to fellow at the American Enterprise In-
without representation,” they Senate majority and the presidency. of the 16th Amendment allowing for President Franklin D. Roosevelt to ne- stitute. Mr. Boudreaux is a professor
mounted a crusade against the The tariff was repealed. the levying of federal income taxes. gotiate reciprocal trade reductions of economics at George Mason Uni-
1767-68 Townshend Acts that forced With the coming of the Civil War, Farm exports soared during World and back the world out of the Smoot- versity. They are the authors of “The
Parliament to repeal them. The Tea tariffs became a significant revenue War I, but by 1920 Europe was recov- Hawley Tariff. Triumph of Economic Freedom: De-
Act of 1773 sparked the Boston Tea source, but from 1870-90 average tar- ering and farm prices were falling. In From 1934 until 2018, while minor bunking the Seven Great Myths of
Party and was effectively repealed at iff rates fell by 30% and industrializa- 1922 Congress passed the Fordney- tariffs and trade restrictions were American Capitalism.” Mike Solon
Lexington and Concord. tion surged. The McKinley Tariff, en- McCumber Tariff, which was initially imposed to relieve occasional politi- contributed to this article.

Pakistan’s Diplomatic Victory Conceals Its Weakness

Nothing boosts a the region would achieve two inter- feud between the army and former an interview last week, Mr. Khan’s dia and Pakistan as peers and offer-
Pakistani general’s connected goals: curbing the Paki- Prime Minister Imran Khan, a 72- sons, who live in England, alleged ing to mediate their dispute over
flagging domestic stani army’s support for transna- year-old charismatic populist who that their father has been kept in Kashmir.
popularity like being tional jihadist groups and ensuring became prime minister with the solitary confinement and denied ba- But if you look past Indian embar-
able to claim he won that any subcontinental conflict army’s help in 2018 but later fell out sic rights such as medical care and rassment, the balance clearly tilts in
a confrontation with doesn’t go nuclear. America must with Mr. Munir’s predecessor, Qamar regular phone calls with family. New Delhi’s favor. India has shown
his country’s arch- also recognize that China’s military Javed Bajwa. Mr. Bajwa reportedly The persecution of Mr. Khan made that it can hit targets across Pakistan
EAST IS
enemy, India. Asim and diplomatic support for Pakistan helped oust Mr. Khan in 2022. Mr. Mr. Munir arguably the most unpop- at will, raising questions about the
EAST
Munir, Pakistan’s has made the subcontinent a site of Bajwa and Prime Minister Shehbaz ular Pakistani army chief in living effectiveness of Pakistan’s Chinese-
By Sadanand
army chief, has been U.S.-China competition. memory—that is, until India bombed made air defenses. Indian air de-
Dhume
on a victory lap Nearly three years ago, when Mr. nine “terrorist infrastructure” sites fenses largely neutralized hundreds
since President Munir became army chief—the most Its army chief has emerged on May 7 in retaliation for a terrorist of Pakistani drones and missiles.
Trump announced an abrupt end to powerful position in a country attack on Indian tourists in Kashmir. Prime Minister Narendra Modi on
a four-day subcontinental conflict where generals call the shots—he stronger after confronting The conflict has allowed Mr. Munir May 12 announced a new doctrine
May 10. On Tuesday the Pakistani was widely seen as an outsider with India, but his country has to reinvent himself as a hero. according to which India “will not
government promoted Mr. Munir to a shaky grip on power. Unlike many The version of events publicized differentiate between the govern-
field marshal, a self-promotion for of his predecessors, Mr. Munir en- shown its weakness. in Pakistan goes like this: First, India ment sponsoring terrorism and the
the country’s most powerful man. tered the army through the Officers lost at least five fighter jets in its masterminds of terrorism.” India
Mr. Munir has emerged stronger Training School rather than the initial attack on May 7, including says the current lull in fighting isn’t
from his confrontation with India, more prestigious Pakistan Military Sharif saw Mr. Munir as a safe pick three French-made Rafales, the most a permanent cease-fire but a tempo-
but the same can’t be said of his Academy. because Mr. Khan and Mr. Munir had advanced jet in India’s air force. Sec- rary “suspension of military opera-
country. Though Pakistan may have The son of a schoolteacher who clashed during the latter’s brief ten- ond, Mr. Trump’s Truth Social post tions.” In the coming months and
scored diplomatic points, beneath its doubled as an imam, Mr. Munir ad- ure as head of the country’s military announcing the cease-fire and his years, India will almost certainly
breathless claim of victory lie incon- vertises his piety. He uses the honor- spy agency in 2018-19. Mr. Munir had subsequent remarks about the con- seek to increase its capacity to pres-
venient facts. By striking terrorist ific hafiz, given to those who have reportedly angered the prime minis- flict handed Pakistan a clear diplo- sure Pakistan by building dams on
infrastructure and air bases deep in memorized the Quran. Unlike many ter by investigating alleged corrup- matic victory. shared rivers.
Pakistan’s heartland, and by sus- predecessors, Mr. Munir wasn’t tion by his wife. This account contains some truth. For now, the Pakistani army’s
pending a 65-year-old bilateral river trained in the U.S. or U.K. His foreign Despite Mr. Khan’s popularity, the India has admitted to losing fighter skilled public-relations machinery
water-sharing treaty, India has weak- exposure was mostly limited to serv- army outmaneuvered him. Since Au- jets, though it hasn’t said how many. may have turned the once-unpopular
ened Pakistan’s strategic position. ing in Saudi Arabia when that coun- gust 2023, Mr. Khan has been im- Reporting by the Washington Post army chief into a hero at home. But
For the U.S., the simmering con- try was still synonymous with hard- prisoned on a raft of charges, most suggests India likely lost at least two looked at dispassionately, it’s hard to
flict presents challenges and oppor- line Islam. of them widely seen by independent jets. And Mr. Trump has indeed set see how Field Marshal Asim Munir
tunities. A successful U.S. strategy in Mr. Munir became chief after a observers as politically motivated. In back Indian diplomacy by casting In- has made Pakistan any safer.

The Alienated ‘Knowledge Class’ Could Turn Violent

By Jukka Savolainen ally excluded. History suggests this journalist with degrees in philoso- ence, they often seek alternatives. ing educational institutions, the ad-
group may become a source of un- phy and sociology. Many Red Bri- For now, most are channeling their ministration risks creating a surplus

I
n the 1970s, Western democra- rest—and possibly violence. gades members in Italy held law or frustration through protests, digital of ideologically driven people with
cies faced a wave of political vio- Historian Peter Turchin illumi- political science degrees. Their radi- activism and ideological writing. But no outlet for their talents. Many are
lence. In the U.S., a radical left- nates this possibility with his calization stemmed not from pov- under certain conditions—state re- trained in critique, moral reasoning,
wing group called the Weather theory of “elite overproduction.” erty but from moral outrage and es- pression, widespread disillusionment and systems thinking—the very pro-
Underground bombed federal build- When societies generate more elite trangement from institutional file of earlier generations of radicals.
ings to protest the Vietnam War. In aspirants than there are roles to fill, power. Most won’t resort to violence, but
West Germany, the Red Army Fac- competition for status intensifies. Today, a similar form of status Societies that exile their history shows that a small, commit-
tion waged armed resistance against Ambitious but frustrated people frustration is building. The postwar ted vanguard can inflict enormous
what it saw as a fascist state. Italy’s grow disillusioned and radicalized. expansion of higher education has intellectuals risk turning damage.
Red Brigades kidnapped and assassi- Rather than integrate into institu- created a surplus of advanced de- them into revolutionaries. Granted, today’s left is more frag-
nated public figures, including for- tions, they seek to undermine them. gree holders. People with doctorates mented and less doctrinaire than in
mer Prime Minister Aldo Moro. Revolutions, in this view, are often far outnumber tenure-track posi- It happened in the 1970s. the 1970s. Surveillance, polarization
These groups shared a trait: Many fueled not by the downtrodden but tions. Many members of the Ameri- and the internet make underground
members were highly educated, mid- by the downwardly mobile children can intelligentsia face precarious organizing harder. Digital activism
dle- or upper-middle-class young of the elite. employment, rising debt and declin- or charismatic leadership—radical- tends to favor symbolic over violent
people. These weren’t the oppressed This framework helps explain the ing institutional pathways. Mean- ism can escalate. We already see resistance. Yet political violence of-
proletariat of Marxist theory, but the rise of 1970s radical leftist groups. while, the Trump administration’s hints in environmental sabotage, an- ten originates from isolated cells of
disillusioned children of privilege The Weather Underground emerged agenda has disproportionately archist organizing and violent disillusioned idealists. The condi-
and university lecture halls. from Students for a Democratic So- harmed the “knowledge class”: pol- clashes involving Antifa and far- tions for radicalization—grievance,
A similar dynamic could take root ciety, rooted in elite university cam- icy analysts, researchers, educators right groups. These remain on the peer networks, ideological justifica-
in the U.S. As the Trump administra- puses. Its leaders, including Bill Ay- and civil servants who once found fringe, but so were the Weather Un- tions—are already in place.
tion downsizes public agencies, dis- ers and Bernardine Dohrn, were stability in public institutions. derground and the Red Army Fac- The question is whether political
mantles DEI programs and slashes educated at the University of Michi- This is more than a mere bureau- tion in their early days. leaders will mitigate or exacerbate
academic research funding, it risks gan and the University of Chicago. cratic shake-up. When large numbers President Trump’s policies could the risks. Defunding and demonizing
producing a new class of people who In Germany, Ulrike Meinhof of the of educated, politically engaged peo- intensify this dynamic. By hollowing higher education may offer short-
are highly educated but institution- Red Army Faction was a prominent ple lose access to institutional influ- out state infrastructure and devalu- term political gains, but doing so
carries long-term dangers. By target-
ing perceived left-wing strongholds,

Notable & Quotable: Denny’s

some on the political right may cul-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY tivate the very radicalism they fear.
Lachlan Murdoch The wiser course is reform, not
Executive Chairman, News Corp Judge James C. Ho of the Fifth U.S. for 42 minutes but for 14 hours and demolition. Public universities and
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp Circuit Court of Appeals in an opinion 28 minutes.” . . . This charge is worth government institutions should be-
Emma Tucker Almar Latour concurring with an order in A.A.R.P. exploring. To get to 14 hours and 28 come more ideologically diverse,
Editor in Chief Chief Executive Officer and Publisher v. Trump, May 20 (citations omitted): minutes (rather than 42 minutes), the publicly accountable and economi-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Court was obviously starting the cally sustainable. But they must also
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, When they sought emergency re- clock at 12:34 a.m., rather than 12:48 be preserved as spaces for civic inte-
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; lief at 12:34 a.m. on April 18, Petition- p.m. (when Petitioners told the dis- gration. Societies that exile their in-
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; ers “were fully aware that the Dis- trict court for the first time that they tellectuals risk turning them into
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; trict Court intended to give the wanted a ruling before the Govern- revolutionaries.
Writing; Michael W. Miller, Features &
Weekend; Bruce Orwall, Enterprise; Artem Fishman, Chief Technology Officer; Government 24 hours to file a re- ment could respond). If today’s political class fails to
Philana Patterson, Audio; David Martin, Chief Revenue Officer, Business sponse.” At 12:48 p.m. on April 18, We seem to have forgotten that heed the lessons of the 1970s, tomor-
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
however, Petitioners “suddenly in- this is a district court—not a Denny’s. row’s insurgents may again emerge
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & formed the court that they would file This is the first time I’ve ever heard from the ranks of the overeducated
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; an appeal if the District Court did not anyone suggest that district judges and institutionally marginalized.
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer act within 42 minutes, i.e., by 1:30 have a duty to check their dockets at
1211 Avenue of the Americas, New York, N.Y., 10036 p.m.” . . . The Supreme Court charged all hours of the night, just in case a Mr. Savolainen is a professor of
Telephone 1-800-DOWJONES the district court with “inaction—not party decides to file a motion. sociology at Wayne State University.
A18 | Thursday, May 22, 2025 * * THE WALL STREET JOURNAL.

WORLD NEWS

Trump Privately Says Putin U.K. Prices Top Target,

As ECB Warns of Risk
Isn’t Ready to End the War BY ED FRANKL
AND PAUL HANNON

U.K. inflation rose further

U.K. consumer prices,
change from a year earlier
10%

U.S. president made above the Bank of England’s

target in April as businesses
the acknowledgment raised their prices in response
8

after speaking with to higher payroll taxes and in-

creased utility charges, an ex-
the Russian leader pected move that will none-
6
April 2025
theless reinforce the central 3.5%
BY BOJAN PANCEVSKI bank’s caution.
4
AND LAURENCE NORMAN Consumer prices rose 3.5%
in April compared with a year
On a call Monday, President earlier, the highest rate of in-
2
Trump told European leaders flation since January 2024
that Russian President Vladimir and up from the 2.6% of
Putin isn’t ready to end the war March this year, the U.K.’s Of-
0
because he thinks he is win- fice for National Statistics
ning, according to three people said on Wednesday. Econo- 2023 ’24 ’2%
familiar with the conversation. mists polled by The Wall Source: U.K. Office for National Statistics
The acknowledgment was Street Journal expected 3.4%.
what European leaders had The jump from March was the fect, and the minimum wage
long believed—but it was the largest increase in annual in- rose. Businesses appear to have
first time they were hearing it flation since October 2022. passed some of that increase in
KREMLIN/REUTERS

from Trump. It also ran coun- The inflation rate was well labor costs on to consumers. A
ter to what Trump often has above the BOE’s 2% target, rise in utilities prices, which are
said publicly, that he believes and more than a percentage regulated by the government,
Putin genuinely wants peace. point higher than in the U.S. helped drive services inflation
The White House declined President Vladimir Putin, right, seen in a Kremlin handout photo, visited Russia’s Kursk region and the eurozone. The BOE up to 5.4%, from 4.7% in March.
to comment, and referred to Wednesday for the first time since Moscow claimed it drove Ukrainian forces out of the area. has lowered its key rate more Food prices rose 3.4% on year,
Trump’s social-media post slowly than its European up from 3% growth in March.
Monday about his conversa- and EU Commission President day—which included Macron, chancellor, took office earlier peers, and while it cut its key BOE policymakers had ex-
tion with Putin: “The tone and Ursula von der Leyen. It was in Merz, Meloni and U.K. Prime this month. Merz has been rate to 4.25% this month, that pected a rebound in the pace
spirit…were excellent.” part the culmination of a Euro- Minister Keir Starmer—that much more willing to confront left it 2 percentage points of price increases, noting at
Although Trump appears to pean diplomatic offensive that he would dispatch Secretary Putin than his left-leaning higher than the European their May meeting that infla-
have come around to the idea started some 10 days earlier, of State Marco Rubio and spe- predecessor, Olaf Scholz. Central Bank’s deposit rate. tion would peak at around
that Putin isn’t ready for aimed at getting Trump to cial envoy Keith Kellogg to Merz’s coalition also man- The ECB on Wednesday said 3.5% in the third quarter of
peace, that hasn’t led him to pressure Putin. talks that are now expected to aged to amend Germany’s con- a sharp increase in uncertainty this year. But they expect in-
do what the Europeans and While the effort ultimately take place at the Vatican. On stitution to allow the country about government policies flation to ease to their target
Ukrainian President Volod- didn’t succeed in getting Monday, Trump appeared to greater latitude in borrowing ranging from trade to defense by early 2027 as energy prices
ymyr Zelensky have been argu- Trump to do that through addi- be noncommittal about a U.S. to spend on the military and has put the financial system at fall and the impact of the rise
ing he should do: Double down tional sanctions, Europeans saw role, according to one of the support for Ukraine. risk. In its twice-yearly report in payroll taxes fades.
on the fight against Russia. some upside to the outcome. people briefed on the call. When Trump spoke Sunday on the eurozone’s financial sys- The data mark an uncom-
Trump held a call with Euro- The process helped clarify for Some of the Europeans on with European leaders, ahead tem, the central bank also fortable reading for BOE poli-
pean leaders on Sunday—a day everyone, including Trump, the call Monday insisted that of the Putin call, he signaled warned again that investors cymakers, and likely the death
before his two-hour conversa- where Putin stood: He is unwill- the outcome of any talks at the U.S. might join Europe in might be too complacent about knell for a rate cut at the next
tion with Putin. He indicated ing to stop the war at this the Vatican must be an uncon- sanctioning Russian energy the threats posed by tariff hikes. meeting in June, Deutsche
then that he could impose sanc- stage. And for the Europeans, it ditional cease-fire. But Trump exports and bank transactions. President Trump’s April 2 Bank’s chief U.K. economist,
tions if Putin refused a cease- helped underscore that it now again demurred, saying he Sen. Lindsey Graham (R., announcement of higher tariffs Sanjay Raja, said in a note.
fire, according to people famil- largely is up to them to support didn’t like the term “uncondi- S.C.), a close Trump ally, said on imports from around the “While the bar may be
iar with the conversation. Ukraine. Europeans don’t be- tional.” He said he had never Wednesday he had gathered 81 world surprised investors and higher for an August rate cut
By Monday, he shifted lieve the Trump administration used that term, although he co-sponsors for a bill that would led to big falls in asset prices. than previously thought, it’s
again. He wasn’t ready to do will stop U.S. weapons exports used it when calling for a 30- significantly ratchet up energy While prices have since re- likely that the majority of the
that. Instead, Trump said he as long as Europe or Kyiv pays day truce in a post on his and other sanctions on Moscow. bounded, the ECB said greater monetary policy committee
wanted to proceed quickly with for them, the people said. Truth Social platform on May The Sunday call left some uncertainty about U.S. policy will look past this if inflation
lower-level talks between Rus- “This isn’t my war,” Trump 8. The Europeans eventually with the impression that extends to a wide range of ar- expectations start to recede as
sia and Ukraine at the Vatican. said Monday after his Putin agreed to drop their insistence Trump just might support eas beyond trade, and includes we expect them to ahead of
The call Monday included call. “We got ourselves entan- on the adjective. fresh sanctions if Putin didn’t international cooperation, de- the August decision, the labor
Zelensky, French President Em- gled in something we shouldn’t Europe’s diplomatic offen- agree to a truce. But those fense, and regulation. market continues to loosen as
manuel Macron, German Chan- have been involved in.” sive to get Trump to pressure hopes were dashed a day later. The U.K. inflation rate rose we expect, and pay settle-
cellor Friedrich Merz, Italian Trump indicated in a call Russia escalated when Merz, The talks in the Vatican are as an increase in payroll taxes ments continue to come in
Prime Minister Giorgia Meloni with European leaders Sun- the conservative German expected to start in mid June. announced in October took ef- lower,” he argued.

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 BUSINESS & FINANCE
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S&P 5844.61 g 1.61% S&P FIN g 2.05% S&P IT g 1.78%

* * * * * *

DJ TRANS g 2.70% WSJ $ IDX g 0.37%

THE WALL STREET JOURNAL. Thursday, May 22, 2025 | B1
2–YR. TREAS. yield 4.016% NIKKEI (Midday) 36967.13 g 0.89% See more at WSJ.com/Markets

Phillips 66, Activist Split Target’s

Heated Boardroom Battle Sales Fall
As DEI

ALLISON DINNER/EPA/SHUTTERSTOCK
Elliott Investment The outcome shows that investment in the company. A
wins two of four
new director seats it
shareholders wanted some
change but rejected Elliott’s
call for a more sweeping board
few months later, Phillips 66
and the firm came to an agree-
ment on a new board member
Boycott
sought at oil refiner
BY LAUREN THOMAS
makeover.
For Elliott, the battle at Phil-
lips 66 marked the firm’s first
activist fight in the U.S. to go
and said they would work to-
gether to name a second direc-
tor, but that never happened.
This past February, Elliott
Stings
all the way to a shareholder disclosed it had amassed an The vote shows shareholders want some change at Phillips 66. BY SARAH NASSAUER
Phillips 66 and Elliott In- vote. In 2013, a proxy fight at even larger stake, valued at
vestment Management split a Hess ended up settling on the more than $2.5 billion. Wednesday’s vote, Cornelius Nigel Hearne. Target’s troubles are
heated boardroom battle that day of the vote. Elliott ultimately nominated and Heim are slated to join “As one of Phillips 66’s larg- mounting.
culminated Wednesday, with The firm initially sought four individuals to Phillips 66’s Phillips 66’s board, with Phil- est investors, Elliott will con- The retailer said a laundry
the activist winning two of the strategic improvements at Phil- board: Brian Coffman, Sigmund lips 66 keeping its own Bob tinue to actively engage with list of problems dragged down
four seats it wanted on the oil lips 66 in late 2023, when it Cornelius, Michael Heim and Pease (who was blessed by El- the company while holding its quarterly sales, including a
refiner’s board. disclosed a roughly $1 billion Stacy Nieuwoudt. After liott in a prior settlement) and Please turn to page B10 boycott by shoppers who dis-
agreed with its decision this
year to end some diversity

Navigating Myriad Streaming Choices Gets Messier

programs.
Target’s sales have been
tepid for years. In the three
months ended May 3, they got
even worse, with comparable
BY ISABELLA SIMONETTI Profitability for each company’s direct-to-consumer segment or streaming service, quarterly $% billion
sales falling 3.8%—a steeper
AND NATE RATTNER drop than analysts expected.
Comcast Paramount Disney Warner Bros. Discovery Netflix 4 The company on Wednesday
The streaming revolution Peacock1 Segment2 Segment3 Segment1 2 lowered its financial forecast
has entered its next era. It is for the fiscal year, citing un-
Note: Each company reports direct-to-consumer profitability differently. Data are for calendar quarters. Disney fiscal year ends in September.
one of abundant choices for $1 billion 1
certainty around tariffs, the
consumers—and green shoots economy and consumer de-
of profitability for entertain- mand.
ment companies. 0 0 “We’re not satisfied with
Consumers have a seem- these results,” Target Chief
ingly endless array of services −1 −1
Executive Brian Cornell said
and pricing levels to choose on a call with reporters.
from these days, including ad- 202% ’24 ’25 Target’s quarterly sales fell
supported tiers and bundles in part because of softer
Streaming subscriptions U.S. subscriber adds and cancellations among premium streaming services 6
that package different services Please turn to page B2
per U.S. household 5
together for a discount. It is a 0 10 million 20 %0 40 50
dizzying menu of options, but 5 SUBSCRIBER ADDS
one that is starting to yield
real profits for entertainment
companies.
4
%
1Q 2023

2Q 2023
6.1 million
NET ADDS CANCELLATIONS China Firms
Disney‘s entertainment
streaming business, home to
2
1 3Q 2023
6.5
Bank on
Hulu and Disney+, has swung
to a profit in recent quarters,
and Warner Bros. Discovery
0
2007 ’10 ’15 ’20 4Q 2023
7.2
8.4
Buying Trump
has seen significant gains.
Other competitors are still
Streaming services with more
than 500,000 U.S. subscribers
1Q 2024
5.1
Memecoin
working toward consistent di- 25 2Q 2024
rect-to-consumer business 20 3.7 BY VICKY GE HUANG
profitability. 15 3Q 2024
Disney is betting that by 4.1 Some small Chinese compa-
continuing to stitch its mar- 10 nies are betting President
4Q 2024
quee services together, it will 5 13.9 Trump’s memecoin will help
attract customers who want a 0 them save their shares from los-
1Q 2025
comprehensive streaming 2007 ’10 ’15 ’20 5.4 ing a place on U.S. exchanges.
bundle. Warner’s streaming A technology company
service, Max, which is return- called GD Culture Group said
Share of U.S. TV-viewing time, by distributor 7 12 %
ing to the name HBO Max, is YouTube on May 12 that it had struck a
evolving into more of a pre- $300 million funding deal to
mium add-on than a one-stop Disney
help it amass a stockpile of
shop for content. 10% cryptocurrencies, including
Premium streaming ser- Paramount bitcoin and the president’s
vices have aggressively cut memecoin, $TRUMP. The an-
costs, in part by making fewer NBCUniversal nouncement sent up shares of
8
shows and films. They are in- Netflix GD Culture, which is based in
creasingly joining with rivals Fox New York but operates in
on bundles and trying to juice 6 Warner Bros. Discovery China, by 14%.
revenue with password-shar- Three days later, Chinese
ing limits as well as expanding Nov. 202% 2024 2025 garment maker Addentax
ad businesses. 1
Adjusted earnings before interest, taxes, depreciation and amortization 2 Adjusted operating income before depreciation and amortization 3 Operating income for the Entertainment direct-to-consumer Group said it was in discus-
The number of streaming segment. As a result of the restructuring of Disney Media and Entertainment Distribution, starting with the fourth quarter of its 2023 fiscal year, Disney changed how it reported its financials for that sions with unnamed crypto
business. 4 Net income for the whole company 5Average among households that subscribe to at least one paid service 6Includes Apple TV+, Discovery+, Disney+, Hulu, Max, Netflix, Paramount+,
subscriptions that viewers Peacock and Starz. Excludes free tiers and select bundles and distributors. 7 Broadcast and cable content viewed through services such as YouTube TV is credited to its respective distributor. As of March. holders to buy up to $800 mil-
Please turn to page B6 Sources: the companies (profitability); Ampere Analysis (subscriptions per household, services with more than 500,000); Antenna (adds and cancellations); Nielsen (share of viewing time) Please turn to page B10

Medtronic to Separate INSIDE Boeing Aims to Appease Regulators

Its Diabetes Business By Making Problems Easier to Report
BEATA ZAWRZEL/NURPHOTO/GETTY IMAGES

BY JARED S. HOPKINS of Minneapolis, will complete BY SHARON TERLEP safety chief Don Ruhmann, plant and installed a production
the process of separation speaking to reporters about the cap on 737 MAX planes.
Medical-device maker within 18 months. The trans- Boeing is out to prove it can changes. An internal reporting system
Medtronic plans to separate action will allow the diabetes police itself. Boeing needs to convince that Boeing put in place after
its diabetes business into a business to grow faster, and The jet maker said it has Federal Aviation Administration the MAX crashes invited em-
stand-alone company, the for Medtronic to accelerate overhauled two flawed-but-crit- officials that it ployees to anon-
company said, in a move that growth of its remaining divi- ical internal systems in which is capable of ymously report
splits off a division that had sions, Medtronic Chief Execu- employees flag potential safety turning out concerns.
struggled but recently re- tive Geoff Martha said in an CRYPTO issues and manufacturing prob- glitch-free air- Jet maker needs I m p l e -
turned to growth. interview. SEC files lawsuit lems. planes. The to convince FAA mented in 2019
Under Medtronic’s plan, the “To realize the full potential The changes are part of Boe- company has and dubbed
new unnamed company will of what we’re sitting on here,
against startup ing’s response to last year’s been under officials it can Speak Up, em-
also be publicly traded, it’s going to need more focus Unicoin and its nearly catastrophic fuselage close watch by ployees have
Medtronic said. The diabetes than we can provide, and more executives for fraud. B6 panel blowout on an Alaska Air- federal regula-
turn out glitch- said they
business generated nearly $2.8 investment,” he said. lines flight. The company has tors ever since a free airplanes. viewed the sys-
billion in sales in its most re- By getting out of diabetes, said it aims to change a culture pair of fatal tem as opaque
cent fiscal year, ending in April, Medtronic, one of the world’s HEARD ON THE that employees, regulators and crashes of its and risky, either
up 10.7% from the prior year. largest makers of medical de- STREET Boeing’s own executives say has 737 MAX planes because they
Medtronic reported more than vices, will be free to focus on historically discouraged em- in 2018 and 2019. After the could be ignored or potentially
$34 billion in sales last year. its more-profitable segments
There is no relief rally ployees from flagging problems. Alaska Airlines incident, the draw the ire of their supervi-
Galway, Ireland-based making devices for cardiovas- in sight for the oil “We’re trying to add addi- FAA stepped up supervision of sors.
Medtronic, which operates out Please turn to page B2 market. B11 tional guardrails,” said Boeing the company’s Renton, Wash., Please turn to page B2
B2 | Thursday, May 22, 2025 * ***** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in

Bloomberg Outage Hits Traders

today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Fannie Mae.................................A2 OpenAI...................................A11,B4

Fox.......................................................B6 P

And Government-Bond Auctions

Abbott..............................................B2
Freddie Mac................................A2
Addentax........................................B1 Phillips 66......................................B1
Alphabet.......................................B11 G Publicis............................................B3
Amazon.com...............B2,B4,B6 GD Culture....................................B1 S
Apple..................................................A1 K State Street.............................B10
B Kohl’s..............................................A10 Super Micro Computer.....B4 BY MAURO ORRU glitch, which lasted about Consulting. At the end of last During the disruption,
T AND BEN DUMMETT two hours, to an internal year, Bloomberg had more which lasted for the bulk of
L
Baidu.................................................B4 problem and was still trying than 355,000 terminal users, the morning trading session
Target................................................B1
ByteDance....................................B4 Li Auto............................................B4 Bloomberg’s financial ter- to figure out the root cause, a placing it among the top in the U.K., prices across as-
TJX......................................................B2 minals, an essential tool for person familiar with the mat- three financial-data providers set classes weren’t updating,
BlackRock...................................B10 M
Blue Owl Capital....................B4 Marathon Petroleum........B10
U many professional investors, ter said Wednesday. alongside LSEG and S&P including those for stocks,
Marks & Spencer...................B4 Urban Outfitters.....................B3 suffered an outage early The terminal is the center- Global, the consulting firm currencies and debt, said one
Boeing...............................................B1
Wednesday, disrupting trad- piece of Michael Bloomberg’s estimates. London-based hedge-fund
C Medtronic.......................................B1 V
ing and some offerings of closely held Wednes- manager.
Microsoft..............................A11,B4
Canada Goose...........................B3
Valero Energy.........................B10 government bonds. namesake com- day’s glitch A Bloomberg spokesman
N Vanguard.....................................B10 The terminal, which costs pany. Founded held up debt said the company’s instant
Chevron........................................B10
Netflix...............................................B6 W tens of thousands of dollars a in 1981, the The terminal sales in Eu- chat service that many trad-
Coinbase Global.......................B6
Comcast..........................................B2
News Corp..........................B6,B11 Walmart.................................B2,B3 year, is one of the most firm has grown glitch on rope. The U.K. ers and investors use to com-
widely employed platforms into a jugger- Debt Manage- municate with each other
E
NIO......................................................B4
Nvidia...............................................A3
Walt Disney.................................B1
Warner Bros. Discovery....B1
for traders to access live naut provider Wednesday ment Office, wasn’t affected by the dis-
prices, data and news they of financial which was auc- ruption.
Elliott Management.............B1 O X need to inform their invest- data and busi-
held up debt tioning bonds Financial markets are oc-
F Omnicom.......................................B3 XPeng...............................................B4 ment decisions. ness news with sales in Europe. due in 2031, casionally buffeted by out-
“Our systems are return- estimated an- gave investors ages at exchanges or at trad-
ing to normal operations and nual revenue of an extra 90 ing-and-data platforms.
INDEX TO PEOPLE terminal functionality has
been restored following a
more than $13
billion, according to Forbes.
minutes to bid.
It ultimately concluded the
Bloomberg terminals went
down a decade ago, prompt-
service disruption earlier to- Bloomberg himself is worth auction successfully, selling ing the U.K. to delay a debt
A Furner, John.............................A10 Martha, Geoff............................B1 day,” said Ty Trippet, a close to $105 billion, accord- the equivalent of $5.7 billion buyback.
Adam, Larry................................A2 G McClory, Daniel.....................B10 Bloomberg spokesman. A ing to Forbes. of bonds. Bloomberg has an agree-
Ahn, Luis von...........................A11 Gu, Hongdi Brian...................B4 Musk, Elon...................................A7 help-desk representative had The company charges In Portugal, a similar debt ment with Dow Jones, the
Altman, Sam.......................A1,B4 N earlier described the problem $28,300 a year for each ter- sale that was due to take publisher of The Wall Street
H as a global terminal issue af- minal for firms with multiple place in the late morning was Journal, to distribute news.
B Hayne, Richard.........................B3 Nathanson, Michael...........B11 fecting some clients. subscriptions, according to pushed back into the after- The companies’ newswire
Bender, Michael....................A10 He, Junjie......................................B4 Nieuwoudt, Stacy...................B1 Bloomberg attributes the Burton-Taylor International noon. services compete.
Best, Tim.....................................A11 Hearne, Nigel..............................B1 Novati, Sophie.........................A11
Heim, Michael............................B1 P

NBC Bids for MLB Rights Medtronic

Beveridge, Neil........................B11
Birol, Fatih.................................B10 Huang, Jensen..........................A3
Pease, Bob....................................B1
Bowden, Neil..............................B3 I-J Plunkett, Rich............................B2

To Separate
Buchanan, Ashley...................A1 Ive, Jony..........................................A1 R

Dropped by Disney’s ESPN A Key Unit

C Janulaitis, Victor....................A11
Raja, Sanjay..............................A18
Carson, Jonathan...................B6 K
Roberts, Brian...........................B2
Coffman, Brian..........................B1 Klippsten, Cory.......................B10 Ruhmann, Don..........................B1
Cornelius, Sigmund...............B1 Konanykhin, Alex....................B6
S
Cornell, Brian..............................B1 L BY JOE FLINT control of them after the 2028
Sadoun, Arthur.........................B3
D Lashier, Mark..........................B10
Simo, Fidji.....................................A6 AND JARED DIAMOND season. Continued from page B1
Dallara, Que................................B2
Liang, Charles............................B4 NBC is offering signifi- cular, neuroscience and medi-
Struyven, Daan.......................B11
M Comcast’s NBCUniversal cantly less than what ESPN cal surgery.
Denlinger, George.................A11 T has made an offer to Major pays, the people said, in part “These are higher-margin
F Machin, Stuart..........................B4
Thorpe, Cynthia......................A11 League Baseball to take over because it isn’t seeking the in- markets than the diabetes
the package of regular-season ternational and radio rights space and they better leverage
and postseason games from that the Disney-owned sports our core strengths as a com-
which ESPN is walking away, network licenses from MLB or pany,” Martha said.
Watch a Video: Why Small Businesses offering much less than its ri- the rights to highlight clips. That includes its new
Can’t Quit China val currently pays, people fa- When ESPN told the league PulseSelect and Affera prod-
AL BELLO/GETTY IMAGES

miliar with the matter said. it was likely to opt out of its ucts, which use one of the hot-
ESPN in February exercised rights package, the network test technologies in the indus-
a clause to opt out of the final said it was willing to pay $200 try, a means of administering
three years of its $550 mil- million annually in a renegoti- bursts of electricity or pulsed-
lion-a-year contract after the ated pact, but the league de- field ablation to treat irregu-
2025 season. The move ended NBC is offering significantly clined, The Wall Street Jour- lar heartbeats in patients. It
a 35-year partnership with less than what ESPN pays nal previously reported. also sells Symplicity Spyral, a
MLB and put the rights into for the rights. NBC also has rights to air device to treat hypertension.
play for others. National Football League and, Medtronic’s diabetes prod-
If the bid is successful, NBC Major League Commissioner starting later this year, Na- ucts are sold directly to pa-
would air games on Sunday Rob Manfred has also dis- tional Basketball Association tients and consist of wearable
night, the slot ESPN has occu- cussed a potential deal with games on Sundays. It would and disposable devices. The
MADELINE MARSHALL

pied since 1990. Games would Brian Roberts, chief executive air some baseball games on rest of Medtronic sells more
also appear on NBC’s sister of NBC parent Comcast, peo- the broadcast network and complex devices such as surgi-
streaming service Peacock. ple familiar with the matter others on Peacock when NBC cal instruments and implants
NBC is also interested in said. is carrying other sports. commercially to physicians
ESPN’s rights to the first A deal with NBC would give Separately, Versant, the and hospitals.
round of the postseason and MLB a prominent home on an- company comprising NBCUni- The separation caps a
Scan this code for a video: Trump’s tariffs the annual Home Run Derby. other broadcast network versal cable channels includ- yearslong campaign by
are designed, in part, to motivate companies The NBC offer was made known for carrying big-time ing USA Network, is also in- Medtronic to turn around its
to manufacture in the U.S. But many small earlier this month, but MLB sporting events. The league terested in potentially diabetes franchise since it got
businesses, like puzzle company Le Puzz, are and NBC had been talking for plans to overhaul how it man- acquiring a baseball package. a warning letter from the
finding that to be nearly impossible. several weeks before that, one ages its national and local Versant isn’t part of NBC’s Food and Drug Administration
of the people involved said. rights and aims to consolidate discussions with MLB. in 2021 regarding product
safety issues for its MiniMed
insulin pumps. The letter de-

Boycott Comparable-store sales, change from

a year earlier
Share-price performance,
year to date
layed the FDA’s clearance of
the MiniMed 780G insulin
pump until 2023.

Bruises
8% 20% The company has rolled out
RICHARD TSONG-TAATARII/MINNESOTA STAR TRIBUNE/ZUMA PRESS

other new products, and this

6 Walmart
Walmart* 10 year reported the fifth consec-

Target 4

2
0
utive quarter of double-digit
growth in its diabetes divi-
sion. Diabetes products in-
clude its MiniMed insulin
Continued from page B1 –10 pump, which is part of a sys-
spending on discretionary 0 tem that automatically deliv-
items and a broad decline in –20 ers insulin to patients based
consumer confidence, Cornell –2 Target on real-time monitoring of
said. Some retailers, like Wal- –%0 their blood-sugar levels, and
mart and T.J. Maxx parent –4 pens that connect with smart-
Target
TJX, are benefiting from these phones to help patients take
trends because consumers are –6 –40 timely insulin injections.
looking for deals. TJX said 2022 ’2% ’24 ’25 Jan. 2025 May Among the division’s de-
Wednesday that its compara- *Excludes fuel Note: Latest quarter ended May 3 for Target; May 2 for Walmart Comparable sales fell 3.8% in vices in the works are next-
ble sales rose 3% in the latest Sources: the companies (sales); FactSet (performance) Target's latest quarter. generation insulin pumps and
quarter. smart pens. The company also
Target once was among the “played a role in our first- resort,” he said. get’s comparable sales that earned Target the nick- joined with Abbott in 2024 to
most outspoken corporate sup- quarter performance” but that Last week, Walmart said it growth—a tally of spending in name “Tarzhay.” develop a glucose sensor that
porters of Black and LGBTQ he couldn’t estimate the size would raise prices because of established stores and from “Retail is the world of fast will work with Medtronic’s
rights. But in January the re- of its impact. Target is focused tariffs, prompting President online orders—has lagged be- followers,” he said Wednesday products.
tailer ended its workforce and on being a place where “our Trump to criticize the com- hind Walmart for 13 straight on a call with analysts. “We’ve The new company will have
supplier diversity programs, guests and our teams and our pany. Target said it would quarters. got to be reliable. We’ve got to 8,000 employees and be based
after paring back its LGBTQ- partners feel included,” he work to offset tariff-related Shoppers last year com- be consistent.” The company in Northridge, Calif., where
themed merchandise in 2023. said. costs by negotiating with sup- plained about Target’s bare plans to add thousands of in- the diabetes business is lo-
Church pastors, a former The retailer aims to keep pliers, diversifying what it shelves, long checkout lines, teresting new products to its cated, Medtronic said. It will
state senator in Ohio, a Minne- price increases as small as sells, adjusting the timing of dull merchandise and products offerings and is “making be led by Que Dallara, head of
apolis civil-rights lawyer and possible as tariffs increase the orders, shifting production to locked to prevent theft. changes in how we operate to Medtronic’s diabetes business
other supporters of corporate cost of imported goods, Cor- other countries and, when Cornell said Target needs to carry forward the magic of since joining in 2022.
diversity policies called for a nell said. necessary, raising prices. move fast to stay ahead of ‘Tarzhay’ for today’s con- Medtronic shares closed
Target boycott, and word “We have many levers we Target has been losing competitors that are copying sumer,” Cornell said. down 2.3% Wednesday.
spread on social media. Cor- can use to mitigate this im- ground for years to both Wal- its strategy of offering trendy, Shares of Target fell 5.2% to
nell said that the boycott pact, and price is the very last mart and Amazon.com. Tar- low-price items—an approach $93.01 on Wednesday. Medtronic segment revenue
&%5 billion

Boeing complaint.
The Speak Up system has
been made easier to navigate
it impossible for outside regula-
tors to root out every potential
defect as a jet rolls down the
said. “Ideally,” he said, ”it’s
something you’d like to be
zero.”
internal reporting systems, the
company said it has beefed up
training for factory workers, in-
%0
Diabetes

Medical

Works On and now allows employees to line. The FAA doesn’t allow Boe- stalled limits on work done out 25 Surgical
track the status of their com- Workers tasked with doing ing employees to sign off on its of sequence and put in place
plaint to see how it has been inspections on behalf of the behalf any work involving MAX digital tracking of tools so they 20

Its Safety handled, Boeing said. Reports FAA now report issues to an jets or 787 wide-bodies. Ruh- don’t get misplaced. Neuro-
to Speak Up more than tripled engineering leader with exper- mann said the company isn’t While the jet maker has science
15
last year from 2023. tise in jet certification and pushing for its employees to made progress in its operations,
Boeing also said it has re- safety rather than to the person win back inspection authority a disconnect remains between
10
Continued from page B1 worked an inspection program heading their particular pro- on those programs. upper management and the fac-
Among the changes unveiled in which the FAA regularly del- gram. The change, Boeing said, Boeing outlined its efforts as tory floor, said Rich Plunkett, Cardio-
this week, a third party at the egates some regulatory tasks to removes the potential for a con- part of an annual safety report. who heads strategic develop- 5 vascular
company will investigate claims company employees. flict of interest. The report is required under a ment for Boeing’s engineers’
made through the internal re- The sheer size of Boeing’s Boeing has received fewer settlement of a shareholder union. 0
porting system. Previously, a manufacturing operations—its reports from employees claim- lawsuit over its handling of the “My optimism meter hasn’t 2020 ’25
person’s direct manager could Renton plant employs around ing interference in their work MAX crashes. risen that far,” he said. “I am an Note: Fiscal year ended April 26
be tasked with looking into the 12,000 factory workers—make on behalf of the FAA, Ruhmann In addition to overhauling its engineer.” Source: S&P Capital IQ; the company
THE WALL STREET JOURNAL. * * * * * Thursday, May 22, 2025 | B3

BUSINESS & FINANCE

Walmart Cuts Jobs in Restructuring Move

BY SARAH NASSAUER to criticize the company. The and Walmart Connect, its ad- fully in recent years, investing
company reported strong vertising business. in worker wages for its inter-
Walmart plans to cut sales growth for the latest The changes will lead to national business and Sam’s
around 1,500 corporate jobs quarter, and executives said the elimination of around Club warehouse chain, as well
in a U.S. restructuring aimed they would work to manage 1,500 jobs, according to a per- as increasing wages for store
at trimming its expenses and profits to keep prices as son familiar with the matter. and regional managers.
speeding up decision-making. steady as possible. “Reshaping our structure At the same time, it has
Walmart and other retail- The layoffs “reflect a focus allows us to accelerate how cut some roles and perks for
ers have been cutting costs, on business priorities and our we deliver and adapt to the corporate workers and used

ALLISON DINNER/EPA/SHUTTERSTOCK
putting pressure on suppliers, growth strategy, and are not changing environment around automation to reduce labor in
shifting production to other related to tariffs,” a Walmart us,” two senior Walmart exec- its supply chain.
countries and increasing spokeswoman said. utives wrote in a memo to Walmart employs around
prices to offset the cost of The company told employ- staff. 1.6 million U.S. workers, most
tariffs. ees Wednesday that it will re- In addition to the job cuts, of them in its stores. Its cor-
Last week, Walmart said shape some of its teams in they said they were creating porate workforce represents a
that it would raise some global technology operations, some new roles. small share of the total.
prices because of tariffs, e-commerce fulfillment man- Walmart has worked to Walmart shares are up
prompting President Trump agers that support U.S. stores, shift its labor spending care- 6.7% in the year to date. The company reported strong quarterly sales growth.

Canada Goose’s Results Beat Estimates EU Starts

BY ADRIANO MARCHESE peak winter selling season is were boosted by Canada Canada Goose also cred- up from C$5 million. On a
Probe of
Canada Goose sales unex-
still months away.
Chief Financial Officer Neil
pectedly rose in the latest Bowden said the past few
Goose’s direct-to-consumer
sales, which rose nearly 16%,
despite a warning in the pre-
ited lower staffing levels and
a reduction in its inventory,
which was down for the sixth
per-share basis, profit rose to
28 Canadian cents a share, up
from 5 cents a share. Ad-
China Tire
quarter, as consumers months have been turbulent
showed little hesitation to due to the constantly chang-
spend on pricey coats and ing global trading environ-
vious quarter that this sales
channel would be a drag on
the year’s results.
consecutive quarter as the
company aligned its stock
with demand, for its latest
justed earnings of 33 cents a
share topped expectations of
23 cents a share, according to
Imports
apparel despite a deteriorat- ment, which provides limited Sales increases of 8.2% in results. FactSet.
ing consumer backdrop. visibility. “At this time, we do North America and 15.2% in For the fourth-quarter to- Total revenue came in at BY MAITANE SARDON
The Cana- not believe it is Asia-Pacific offset a 14.8% de- tal profit rose to $27.1 million C$384.6 million, up 7.4%. An-
dian maker of prudent to pro- cline in Europe, Middle East Canadian dollars, or the alysts polled by FactSet ex- The European Union

75%
high-end coats vide a financial and Africa. equivalent of $19.5 million, pected sales to fall slightly. launched an antidumping inves-
on Wednesday outlook for the tigation into tires for cars and
posted a 7.4% year,” he said. light trucks imported from
increase in The com- China.
fourth-quarter The portion of pany said it is The European Commission,
sales, ahead of in good shape the EU’s executive arm, on
consensus esti-
the company’s to manage Wednesday said it started the
mates for a products exempt through the probe after an official complaint
slight drop. Ex- from U.S. tariffs impact of tar- was raised by the EU tire indus-
ecutives added iffs at the mo- try, which said Chinese imports
that trends re- ment, as 75% are being sold at unfair price.
main positive of its products “If the investigation confirms
into the current quarter, pro- are made in Canada and are that the EU tyre industry suf-
viding relief from worries currently exempt from any fers from injury or threat of in-
that luxury spending would U.S. tariffs because of compli- jury because of dumped imports
take a hit amid broader eco- ance with the U.S.-Mexico- from China, the Commission
nomic uncertainty. Canada trade agreement. may impose anti-dumping du-
Canada Goose shares ral- Other items made in Europe, ties on imports if these are
lied 20% to close at $10.67 while subject to higher levies, found to be in the interest of
each on Wednesday, bringing will have a minimal affect on the EU,” it said.
year-to-date gains to 6%. the company’s finances. The Commission expects to
Still, the company with- Canada Goose is planning conclude the probe within 14
MARK BLINCH/REUTERS

held any formal guidance for some modest price increases months, when definitive mea-
the current fiscal year that on existing styles, and will sures can be imposed. However,
began April 1, primarily be- take strategic pricing actions it might impose provisional an-
cause of the uncertain con- on new products as well, tidumping duties in the next
sumer environment around Bowden said. eight months if provisional re-
the globe and the fact that its The latest quarter’s results The latest quarter’s results were boosted by Canada Goose’s direct-to-consumer sales. sults establish dumping, it said.

Publicis to Buy Captiv8 to Advance

Its Push Into Influencer Marketing
BY ADRIÀ CALATAYUD media. While influencer mar- doun said in an earnings call
keting still represents a rela- with analysts in April that
Publicis Groupe said it is tively small part of the over- the influencer-marketing
buying Captiv8, a platform all market, its fast growth market was booming and that
that connects influencers and has drawn big ad groups. the company’s exposure to
brands, in a deal that steps Companies like WPP and this and other fast-growing
up its push into influencer- Stagwell have made acquisi- segments like advanced TV
marketing services. tions in the segment in re- and retail media helped it
The acquisition is valued cent years. Meanwhile, Omni- make up for cuts in tradi-
at $150 million, a person fa- com Group said in April it tional ad spending.
miliar with the terms said. would consolidate all its in- With the Captiv8 deal,
Paris-based fluencer-mar- Publicis aims to bolster its
Publicis is keting capabili- influencer-marketing offering
seeking to tap ties globally by integrating it with Influ-
in to growing Spending on under the Creo ential as part of its connected
demand for in- influencer brand. media segment.
fluencer-mar- Influencer Publicis said it would com-
keting services. marketing hit an marketing bine Captiv8’s technology and
The Captiv8 spending in the social-commerce capabilities
deal builds on
estimated $9.15 U.S. is expected with Influential’s scale and
its recent pur- billion last year. to surpass $10 client services and with the
chases of Influ- billion for the identity data of its Epsilon
ential, a Las first time in business.
Ve g a s - b a s e d 2025, doubling California-based Captiv8
marketing company that bro- in size relative to 2021, ac- offers artificial intelligence-
kers contracts between ad- cording to market-research powered technology and ser-
vertisers and online influenc- firm Emarketer. vices that enable brands to
ers, and BR Media Group, a Spending on influencer unify, manage and measure
Brazilian influencer market- marketing reached an esti- their influencer strategies. It
ing and content business mated $9.15 billion last year, has a network of 15 million
Brands are increasingly up 24% from 2023, and is creators globally, Publicis
turning to influencers and projected to grow 15% to said.
content creators to promote $10.52 billion this year, Emar- In February, Publicis said
products and services on so- keter said. it had earmarked up to 900
cial media, as consumers Publicis Chairman and million euros, or $1.02 billion,
shift away from traditional Chief Executive Arthur Sa- for acquisitions this year.

Urban Outfitters Posts Upbeat Sales Figures

BY KATHERINE HAMILTON consumer sentiment. cents a share.
Urban Outfitters showed Revenue came in at $1.33
Urban Outfitters posted demand for its products hold- billion, topping the $1.29 bil-
double-digit percent sales ing up in recent months, with lion expected by analysts.
growth for the first quarter, sales rising 11% in the first Broken out by brand, same-
sending its shares up 15% in quarter on a 5% increase in store sales increased 7% at
after-hours trading. same-stores sales. Profit im- Anthropologie, 3% at Free
Revenue grew at each of its proved across each brand. People and 2% at the com-
main brands, an upbeat sign “Despite the noise in the pany’s namesake brand.
as other retailers said macro- headlines and the broader Company executives said
economic uncertainty was economic uncertainty, our that the second quarter is off
damping demand. customers continued to show to a solid start and the com-
The readout from the fash- resilience,” Chief Executive pany expects total sales to rise
ion conglomerate, which in Richard Hayne said. “We ha- at a high single digit rate. An-
addition to its namesake ven’t seen any signs of a de- alysts were looking for 7.3%
brand owns the Anthropologie mand slowdown. growth, according to FactSet.
and Free People chains, comes For the quarter ended April Other retailers warning of
as competitors are posting 30, Urban Outfitters posted a tough quarters ahead due to
mixed results over recent profit of $108.3 million, or tariffs.
weeks. The broader retail in- $1.16 a share, compared with Shares of Urban Outfitters
dustry is weighing how to re- $61.8 million, or 65 cents a rose $68.50 in aftermarket
spond to new tariffs and share, a year earlier. Analysts trading Wednesday, which is
watching how the trade war polled by FactSet expected a above the record the com-
and market volatility weigh on profit of $78.2 million, or 82 pany hit on Friday.
 B4 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Super Micro to Lift

Production Capacity
BY LIZA LIN businesses turn to the tech-
nology to make processes
TAIPEI—Super Micro more efficient and productive.
Computer plans to expand its Companies such as Microsoft
server production capacity in and Amazon.com have com-
the U.S. as global demand for mitted billions of dollars to
artificial intelligence acceler- build out data centers to train
ates, its chief executive offi- and deploy AI models around
cer said. the world.
“AI demand is growing Still, Super Micro cut its
very rapidly,” CEO and chair- sales outlook for fiscal 2025
man Charles Liang said in an this month, as some custom-
interview with The Wall ers delayed orders of servers
DANIEL COLE/REUTERS

Street Journal on Monday. and other computer products

“There are a lot of opportuni- due to heightened economic
ties to grow in the U.S., Eu- uncertainty resulting from
rope, Japan.” tariffs imposed by the U.S. on
The San Jose, Calif.-based other countries.
The data center, which is slated for completion next year, is expected to be the largest used by OpenAI. server maker will consider ex- The server maker now ex-
panding production in states pects sales of $21.8 billion to

OpenAI Data Center Secures Funds

such as Missis- $22.6 billion
sippi and for its fiscal
Texas, espe- year ending
cially if Presi- The server June 30, down
dent Trump maker will weigh from a prior
BY BERBER JIN data-center project as part of frustrated that the tech giant scarce. continues to outlook of
the latest financing. wasn’t keeping up with de- This month, Altman posted push for local- manufacturing $23.5 billion to
A Texas data center that the The data center, which is mand. Last spring, it struck a a photo of him visiting the Abi- ization, Liang $25 billion.
startup Crusoe is building for slated for completion next deal with Oracle to use the lene site on X, wearing an Ora- said.
in Texas and Liang ac-
OpenAI has secured $11.6 bil- year, is expected to be the larg- Abilene site after receiving the cle construction vest: “great to In February, Mississippi. knowledged
lion in new funding commit- est used by OpenAI. Each of signoff from Microsoft. see progress on the first star- Super Micro, Trump’s efforts
ments, expanding a site that is the buildings will run up to Longer term, OpenAI aims gate in abilene with our part- which sells to try and
core to increasing the ChatGPT 50,000 Nvidia Blackwell chips, to build and operate its own ners at oracle today. will be the servers used move the sup-
maker’s long-term computing which are commonly used for network of data centers. In biggest ai training facility in for generative AI, unveiled ply chain for high-end semi-
capabilities. training large language mod- January, Chief Executive Sam the world,” he wrote. plans to build its third cam- conductors and AI infrastruc-
The funding, a mixture of els. Altman unveiled a $500 billion Crusoe began construction pus in San Jose. ture home, but said the U.S.
debt and equity, will expand The development of the Abi- infrastructure project called on the Abilene site last June Super Micro makes the leader faced challenges.
the data center to eight build- lene site is a key step in reduc- Stargate alongside the Japa- after Oracle agreed to lease the bulk of its servers in Califor- “America is expensive,” he
ings from two and increase the ing OpenAI’s reliance on Mi- nese tech investor SoftBank data center for 15 years. nia. Liang said the company said. “America has not done
total amount secured for the crosoft in the race to build the and cloud firm Oracle. OpenAI OpenAI separately struck an was eyeing manufacturing in production for about 30
project to $15 billion, Crusoe next generation of AI models. said at the time that it was agreement with Oracle to rent the other states as costs in years, so its infrastructure
said. Both Crusoe and invest- For years, the startup exclu- evaluating sites across the servers from the facility. Oracle Silicon Valley rise. and people are not accus-
ment firm Blue Owl Capital sively relied on Microsoft for country for Stargate, though plans to supply the data center The company is seeking to tomed to manufacturing jobs
are contributing cash to the its computing power, but grew details have so far been with the Nvidia chips. tap the global AI bonanza, as anymore.”

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UCC PUBLIC SALE NOTICE

PLEASE TAKE NOTICE THAT Jones Lang LaSalle Brokerage, Inc. (“JLL”), on behalf of ECDF Sub LLC (the
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(the “Pledged Entity”) as set forth in that certain Pledge and Security Agreement, dated as of March 31, 2024
(the “Pledge Agreement”), together with certain rights and property representing, relating to, or arising from the
Interests (collectively, the “Collateral”).
The Sale will take place on June 24, 2025 at 2:30 p.m. Eastern Time in compliance with Uniform
Commercial Code Section 9-610 (i) in person at the offices of Moritt Hock & Hamroff LLP, 1407 Broadway, 39th
Floor New York, NY 10018 and (ii) virtually via online video conference. The URL address and password for the
online video conference will be provided to all registered participants.
The Sale is being made in connection with the foreclosure on a pledge of the Collateral to the Secured Party
BY JIAHUI HUANG
by Pledgor under the Pledge Agreement, pursuant to which Pledgor has granted to Secured Party a first priority
lien on the Collateral as collateral for certain Recourse Obligations (as such term is defined in that certain Limited
Liability Company Agreement of NOLA Sky JV, LLC dated as of March 31, 2024 executed by Pledgor and Secured China’s XPeng projected
Party (the “Operating Agreement”)). It is the understanding of Secured Party (but without representation or
another strong quarter as it
ETHAN WANG/REUTERS

warranty of any kind by Secured Party as to the accuracy of the following) that Pledgor is in default of its obligations
under the Operating Agreement.
It is the understanding of Secured Party (but without representation or warranty of any kind by Secured Party as
halved its net loss and more
to the accuracy of the following) that (i) the Pledgor owns the Pledged Interests, (ii) the Pledged Interests constitute than doubled its revenue in
the principal asset of the Pledgor, (iii) Secured Party owns 100% of the preferred interests in Pledged Entity (the
“Preferred Interests”) and is the preferred member under the Operating Agreement; (iv) the Preferred Interests the first quarter, bringing the
are not included in the Sale; (v) the Sale will not modify or extinguish the Preferred Interests and attendant rights
under the Operating Agreement, which are and will remain senior to the Pledged Interests and attendant rights
electric-vehicle maker closer
under the Operating Agreement; (vi) Pledged Entity is the sole member and manager of RVP Phase 1 Mezz, LLC, to profitability.
a Delaware limited liability company; (vii) RVP Phase 1 Mezz, LLC owns 100% of the limited liability company
interests in the RVP Phase 1, LLC, a Delaware limited liability company (the “Property Owner”), (viii) the Property The Guangzhou-based car- The search-engine giant has pushed into new areas such as AI and autonomous driving.
Owner is the owner of the real property located at 2705 Rancho Drive, Las Vegas, NV 89130 and certain related
maker said Wednesday that

Baidu’s Quarterly Revenue

rights, and (ix) the Property is encumbered by a mortgage lien granted by the Property Owner as security for a
mortgage loan (the “Mortgage Loan”) made pursuant to that certain Loan Agreement, dated as of June 3, 2022
and amended from time to time (the “Mortgage Loan Agreement”).
its net loss for the first quar-
An online datasite for the Sale (the “Datasite”) is available at the following link: www.2705NRanchoDrive ter was 664 million yuan,
LasVegasUCCSale.com. The Datasite will include certain relevant information that Secured Party possesses
concerning the Pledgor, the Pledged Entity, the Collateral, and the Mortgage Loan (collectively, the “Disclosed equivalent to $92 million, nar-
Materials”) as well as the Terms of Sale for Public Auction relating to the Sale of the Collateral (the “Terms of
rowing sharply from 1.37 bil-

Rises on Robust AI Business

Sale”). Access to such information will be conditioned upon execution of a confidentiality agreement which can
be found on the Datasite. To participate in the auction, prospective bidders must confirm their ability to satisfy
the Requirements in the manner described in the Terms of Sale, and following such confirmation, such qualified
lion yuan a year earlier.
participants will be provided a URL and password enabling access to the video conference for the Sale. No The improved bottom line
information provided, whether in the Datasite or otherwise, shall constitute a representation or warranty of any
kind with respect to such information, the Collateral or the Sale. Participants are encouraged to review all Disclosed came as the company’s reve-
Materials and perform such due diligence as they deem necessary in advance of the Sale.
The Interests will be offered in a single lot. The Interests are being sold strictly on an “AS IS AND WHERE IS” nue more than doubled to
BASIS, AND (i) WITHOUT ANY REPRESENTATIONS OR WARRANTIES (WHETHER EXPRESSED OR IMPLIED) OF ANY 15.81 billion yuan, driven by BY TRACY QU Baidu’s quarterly revenue, cloud customers and the com-
KIND MADE BY THE SECURED PARTY (OR ANY OTHER PERSON ACTING FOR OR ON BEHALF OF THE SECURED
PARTY), INCLUDING,WITHOUT LIMITATION,WITH RESPECT TO THE EXISTENCE OR NONEXISTENCE OF OTHER LIENS, strong sales, it said. change from a year earlier pany’s AI monetization, Citi an-
THE QUANTITY, QUALITY, CONDITION OR DESCRIPTION OF THE INTERESTS, THE PROPERTY, AND/OR THE VALUE
OF ANY OF THE FOREGOING, AND (ii) WITHOUT ANY RECOURSE WHATSOEVER AGAINST THE SECURED PARTY (OR XPeng’s gross margin Chinese search-engine giant 1%% alysts said in a recent note.
ANY OTHER PERSON ACTING FOR OR ON BEHALF OF THE SECURED PARTY). Without limiting the foregoing, any
purchaser must purchase the Interests subject to requirements of the Mortgage Loan Agreement and the governing
climbed to 15.6% from 12.9% a Baidu snapped a three-quarter Baidu’s flagship AI product,
documents of the Pledged Entity (including its Operating Agreement). year earlier and 14.4% in the run of falling revenue, posting the Ernie chatbot, made waves
There are specific requirements for any potential bidder in connection with obtaining information, bidding on the
Collateral and purchasing the Collateral (collectively, the “Requirements”), including without limitation complying prior quarter. Vehicle margins a rise for the first three when it was released but now
with: (1) the Mortgage Loan Agreement and other Mortgage Loan documents, including without limitation in each
case any requirements contained therein for a sale and transfer of the Collateral, (2) the Pledged Entity’s governing improved to 10.5%, aided by months of the year as it devel- 10 faces growing competition
documents, and (3) the Terms of Sale.
The Secured Party reserves the right to require a showing of financial ability from prospective bidders prior to
continuing cost control and ops new growth drivers in AI. from startup rivals such as
the date of the Sale. If a prospective bidder is a special purpose entity or an entity with creditworthiness that is, economies of scale from vol- The Beijing-based internet DeepSeek, as well as other tech
in the Secured Party’s reasonable judgment, insufficient to support the requirements herein, the Secured Party
reserves the right to require additional credit support in the form of a guaranty by a creditworthy affiliate of such ume growth, the company company said Wednesday that giants like Alibaba Group and
% 1Q 2024
prospective bidder or other appropriate credit support.
said. first-quarter revenue rose 3% ByteDance. Ernie Bot’s
The Collateral includes unregistered securities under the Securities Act of 1933, as amended (the “Securities +3%
Act”), and Secured Party reserves the right to restrict participation in the Sale to prospective bidders that represent “We have made significant to 32.45 billion yuan, equiva- monthly active users ranked
that the Collateral will not be sold, assigned, pledged, disposed of, hypothecated or otherwise transferred without
the prior registration in accordance with the Securities Act and the securities laws of all other applicable improvements in cost reduc- lent to $4.49 billion. That com- eighth in April among Chinese
jurisdictions, unless an exemption from such registration is available.
Secured Party may, prior to the Sale described herein, assign all of its right, title and interest in and to the Pledge tion,” said Hongdi Brian Gu, pared with an estimate of 30.43 0 chatbots, according to
Agreement to an affiliate, and in the case of such assignment the assignee shall be considered the “Secured Party”
for all purposes hereunder. Secured Party reserves the right to credit bid, set a minimum reserve price, reject all
vice chairman of XPeng. “Our billion yuan compiled by Fact- aicpb.com, a Chinese website
bids and terminate or adjourn the sale to another time, without further notice. All bids (other than credit bids of strong free cash flow genera- Set, and expectations that reve- that tracks AI products.
Secured Party) must be for cash with no financing conditions and the successful bidder must deliver immediately
available good funds (1) for the Required Deposit (as defined in the Terms of Sale) on the date of the Sale, and (2) tion will enable sustainable in- nue would fall as Baidu grap- In a reflection of its chal-
for the balance of the purchase price for the Collateral on the closing date prescribed by the Terms of Sale. The
vestments in AI technology ples with weak demand for its –% lenges, Baidu’s Hong Kong-
winning bidder must pay all transfer taxes, recording fees, stamp duties and similar taxes as may be required to
be paid under applicable law in connection with the purchase of the Collateral. and product R&D.” core advertising business. 2023 ’24 ’2% listed stock fell 1.9%. Shares of
For questions and inquiries, please contact Mark Wintner at Jones Lang LaSalle Brokerage, Inc., NV RE License
# BS.1002282, Telephone No.: (310) 407-2118, Email: [email protected] XPeng has stood out in Net profit rose to 7.72 billion Source: S&P Capital IQ the company are up a modest
China’s competitive and over- yuan from 5.45 billion yuan, 4% this year, compared with
BANKRUPTCIES crowded EV space thanks to beating the 3.745 billion yuan to find new avenues of growth Alibaba’s nearly 50% surge and
its leading autonomous-driv- expected by analysts in the in recent years. Slowing de- the Hang Seng Tech Index’s
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
(prevailing Eastern Time) on the date that is thirty (30)
days from the date on which the Debtors mail notice of ing technology and robust FactSet poll. mand for advertising—the more than 20% jump.
In re: AKOUSTIS TECHNOLOGIES, Chapter 11 the amendment to the Schedules (or another time period as sales. “AI Cloud continued its ro- company’s traditional earnings The company is also trying
INC., et al.,1 Case No.24-12796 (LSS) maybefixedbytheCourt)(the“AmendedSchedulesBarDate”).
Debtors. (Jointly Administered) Proofs of claim must be sent by U.S.first class mail,overnight, High sales volumes have bust growth in the first quar- engine—has pushed it into new to expand its robotaxi business
NOTICE OF ESTABLISHMENT OF BAR DATES or hand delivery to Akoustis Technologies, Inc. et al. Claims
Processing, c/o Stretto, Inc., 410 Exchange, Suite 100, Irvine, CA
supported margins, though ter, which provides solid sup- areas such as AI and autono- to more overseas locations. It
FOR FILING PROOFS OF CLAIMS, INCLUDING
SECTION 503(b)(9) CLAIMS 92602 or completed electronically through Stretto’s website, the company has yet to post a port to our overall revenue mous driving. has been in talks with Switzer-
(THE GENERAL BAR DATE IS JUNE 17,2025 AT
5:00 P.M. (PREVAILING EASTERNTIME))
https://cases.stretto.com/Akoustis. Proofs of claim sent by
facsimile,telecopy,or electronic mail will not be accepted and will profit since its founding in while we accelerate the AI Investors are focusing on land’s PostAuto, a unit of Swiss
PLEASETAKE NOTICE OFTHE FOLLOWING: not be considered properly or timely filed for any purpose in the 2014. transformation across our mo- the momentum of Baidu’s AI Post that provides public bus
Chapter11Cases.
On December 16, 2024 (the“Petition Date”), the Debtors filed
voluntary petitions for relief under chapter 11 of the Bankruptcy ANY PERSON OR ENTITYTHAT IS REQUIREDTO FILE A PROOF OF Yet the market consensus is bile ecosystem,” said Junjie He, cloud business, viewed as the services, to launch its Apollo
Code with the United States Bankruptcy Court for the District CLAIM INTHE CHAPTER 11 CASESWITH RESPECTTO A PARTICULAR
CLAIM AGAINSTTHE DEBTORS,BUTTHAT FAILSTO DO SO PROPERLY
that it will likely become prof- interim CFO of Baidu. next big driver of profit. Uncer- Go robotaxi service in the Eu-
of Delaware (the “Court”). On May 12, 2025, the Court entered
an order [D.I. 555] (the “Bar Date Order”)2 establishing certain BY THE APPLICABLE BAR DATE, SHALL NOT BE TREATED AS A itable in the fourth quarter of Baidu, once the most promi- tainty about U.S. tariffs has ropean nation, The Wall Street
deadlines for the filing of proofs of claim in the Chapter 11 Cases CREDITOR WITH RESPECT TO SUCH CLAIM FOR PURPOSES OF
VOTINGANDDISTRIBUTION. 2025, analysts say. nent name among Chinese tech raised concerns about the pace Journal reported earlier this
of the following debtors and debtors in possession (together,the
“Debtors”): Debtor, Case No., EID#(Last 4 Digits): AKOUSTIS A copy of the Bar Date Order and proof of claim form may be The auto company deliv- companies, has been struggling of adoption among Baidu’s month.
obtained by contacting the Debtors’ Claims Agent, in writing,
TECHNOLOGIES, INC., 24-12796 (LSS), 9046; AKOUSTIS, INC.,
24-12797 (LSS), 5617; GRINDING AND DICING SERVICES, INC., at Akoustis Technologies, Inc., c/o Stretto, Inc., 410 Exchange, ered 129,053 units in the first
24-12798 (LSS), 7929; RFM INTEGRATED DEVICE INC., 24-12799 Suite 100, Irvine, CA 92602, or online at https://cases.stretto. four months of the year, more

M&S Says Hack Cost $400 Million

com/Akoustis. The Bar Date Order can also be viewed on the
(LSS),1138.
Pursuant to the Bar Date Order, each person or entity Court’s website at www.deb.uscourts.gov. If you have questions than four times the sales vol-
(including, without limitation, each individual, partnership, concerning the filing or processing of claims, you may contact
the Debtors’ claims agent, Stretto, Inc., at (855) 316-4019 (U.S./ ume a year earlier.
joint venture, corporation, estate, and trust) that holds or seeks
to assert a claim (as defined in section 101(5) of the Bankruptcy Canada)or(714)881-5615(International). XPeng’s strong sales mo-
Code) against the Debtors that arose,or is deemed to have arisen,
prior to the Petition Date (including, without limitation, claims
Dated: May 13, 2025, Wilmington, Delaware, LANDIS RATH
& COBB LLP, /s/ Joshua B. Brooks , Matthew B. McGuire (No. mentum and pipeline of new
entitled to administrative priority status under section 503(b) 4366),Matthew R.Pierce (No.5946),Joshua B.Brooks (No.6765), models have buoyed senti- BY ELENA VARDON cost mitigation, insurance and ment charge linked to its
919 Market Street, Suite 1800, Wilmington, Delaware 19801,
(9)3 of the BankruptcyCode),no matter how remote or contingent
such right to payment or equitable remedy may be,MUST FILE A Telephone:(302) 467-4400,Email:[email protected],pierce@ ment toward the company. Its trading actions, the company investment in Ocado Retail.
PROOF OF CLAIM on or before 5:00 p.m. (prevailing Eastern lrclaw.com, [email protected] -and- K&L GATES LLP, Jeffrey
T. Kucera (admitted pro hac vice), Carly S. Everhardt (admitted
Hong Kong-listed shares have U.K. retailer Marks & Spen- said on Wednesday. Revenue rose 6% to £13.82
Time), on June 17, 2025 (the “General Bar Date”), by sending
an original proof of claim form to Stretto, Inc. (“Stretto”), or by pro hac vice), Southeast Financial Center, Suite 3900, 200 South rallied 66% so far this year, cer warned that it expects a The retailer said it was still billion on growth in its food,
completing the online proof of claim form available at https://
cases.stretto.com/Akoustis, so that it is actually received on or
Biscayne Blvd.,Miami,Florida 33131,Telephone:(305) 539-3300,
Email: [email protected], carly.everhardt@klgates. compared with the 23% gain $400 million hit on its operat- working on restoring its sys- fashion, home and beauty seg-
before the General Bar Date; provided that, solely with respect com -and- Margaret R. Westbrook (admitted pro hac vice), 301 for Li Auto and the 12% de- ing profit from the cyberat- tems, operations and cus- ments, while adjusted operat-
Hillsborough Street, Suite 1200, Raleigh, North Carolina 27603,
to governmental units (as defined in section 101(27) of the
Bankruptcy Code), the deadline for such governmental units to Telephone:(919) 743-7300,Email:margaret.westbrook@klgates. cline for NIO. Shares of New tack it suffered in April, with tomer propositions in what re- ing profit increased 17% to
file a proof of claim against the Debtors is June 15,2025 at 5:00 com, CounseltotheDebtorsandDebtorsinPossession York-listed XPeng climbed 13% online disruption likely to con- mains of its fiscal first half, £984.5 million, it said.
p.m.(prevailingEasternTime)(the“GovernmentalBarDate”). The Debtors in these chapter 11 cases, along with the last
on Wednesday following its tinue into July. which ends in September, and “We started the new finan-
1

All entities holding claims against the Debtors arising from four digits of each Debtor’s federal tax identification number,are:
the rejection of executory contracts and unexpired leases of the
Debtors are required to file proofs of claim by the later of (a) the
Akoustis Technologies, Inc.(9046), Akoustis, Inc.(5617), Grinding results. M&S was forced to pause is confident its performance cial year as we finished the
and Dicing Services, Inc. (7929), and RFM Integrated Device Inc.
General Bar Date and (b) 5:00 p.m. (prevailing Eastern (1138). The Debtors’ corporate headquarters is located at 9805 For the second quarter, online shopping and took on can recover in the second half. last, with sales growth ahead
Time) on the date that is thirty (30) days following entry
of an order approving the rejection of any executory
NorthcrossCenterCourt,SuiteA,Huntersville,NC28078. XPeng said it expects deliver- extra waste, logistics and stock The warning came along- of budget across both busi-
2
Capitalized terms used but not otherwise defined herein shall
contract or unexpired lease of the Debtors (the “Rejection havethemeaningsascribedtosuchtermsintheMotion. ies to rise sharply to between management costs after the cy- side the company’s results for nesses,” Chief Executive Stu-
DamagesBarDate”).
All entities asserting claims against the Debtors that are
3
Section 503(b)(9) of the Bankruptcy Code provides priority 102,000 and 108,000 vehicles berattack in late April, it said. the year ended March 29. M&S art Machin said.
status for“the value of any goods received by the debtor within 20
affected by an amendment or supplement to the Schedules
are required to file a proof of claim or amend any previously days before the date of commencement of a case under this title and revenue to grow to be- The estimated £300 million, or reported a 24% slump in pre- M&S declared a full-year
filed proof of claim in respect of the amended scheduled claim in which the goods have been sold to the debtor in the ordinary
courseofsuchdebtor’sbusiness.” 11U.S.C.§503(b)(9).
tween 17.5 billion yuan and $401.8 million, hit to its fiscal tax profit to £511.8 million be- dividend of 3.6 pence, up from
by the later of (a) the General Bar Date and (b) 5:00 p.m.
18.7 billion yuan. 2026 operating profit excludes cause of a noncash impair- 3 pence the previous year.
B6 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

BUSINESS NEWS

SEC Sues Crypto Startup Unicoin for Fraud

BY CAITLIN OSTROFF Chief Executive Alex Ko- Unicoin falsely said its to- The SEC similarly alleged
AND ALEXANDER OSIPOVICH nanykhin said. kens were “SEC-compliant,” Unicoin overstated the value
Unicoin promoted its plans “SEC-registered” or “U.S. reg- of transactions in Argentina,
The Securities and Ex- to launch a token through ads istered” as it convinced more Thailand and the Bahamas.
change Commission sued Uni- at airports and on thousands than 5,000 investors to pur- It has been unclear how ag-
coin, a crypto startup, alleging of New York City taxis, as well chase certificates, according gressive the SEC will be in pur-
that the company and its ex- as testimonials from former to the SEC’s complaint. suing enforcement actions
ecutives misled investors pro athletes. The agency said Unicoin mis- against crypto companies un-
while raising more than $100 The company said it was led investors about having bil- der Trump, who has pledged to

ANGEL GARCIA/BLOOMBERG NEWS

million to launch a digital to- planning to launch a token lions of dollars of assets to back promote the industry while his
ken that it touted as safe, sta- called unicoin, which would be its tokens, saying its real-estate family has pursued their own
ble and backed by real-world backed by real estate and eq- and equity interests were worth crypto business ventures.
assets such as land in Antigua uity interests in pre-IPO com- a fraction of the amounts pro- The SEC’s investigation of
and the Bahamas. panies. It has yet to actually moted by the company. Unicoin started under the Bi-
The lawsuit, filed late Tues- launch the token and instead In late 2023, for instance, den administration. Under
day, is one of the SEC’s first sold certificates that conveyed Unicoin announced that it had Trump, the agency has dropped
major enforcement actions future rights to the token. acquired two properties in a number of Biden-era lawsuits
taken against a crypto firm The company’s website pre- Antigua valued at $680 mil- Unicoin’s booth at the 2023 European Blockchain Convention. against crypto firms such as
since President Trump—a sup- viously suggested that inves- lion, despite not having an ap- Coinbase Global, which were
porter of the digital-currency tors could get returns in excess praisal and executives having might be under $40 million. ate threat to the public inter- accused of registration viola-
industry—took office. of 9,000,000% for their uni- doubts about the seller’s valu- One executive shared links est” after he failed to respond tions but not fraud.
“The SEC’s allegations are coins, the SEC said in its com- ation of the parcels, the SEC to court records with another to 10 complaints of profes- Konanykhin, the Unicoin
blatantly false. I intend to plaint. Unicoin removed the said. The agency cited internal showing that New York dis- sional misconduct, the SEC CEO, said the SEC’s lawsuit “un-
prove in court that they con- language from its website ear- communications between Uni- barred the seller’s representa- said. Despite such red flags, dermines President Trump’s ef-
stitute yet another case of lier this year after The Wall coin executives suggesting tive for the properties in they followed through with forts to turn America into the
gross abuse of power,” Unicoin Street Journal asked about it. that the land’s real value 2002, calling him “an immedi- the Antigua deal. Crypto Capital of the World.”

Streaming Subscriber cancellation rate, monthly*

Netflix Disney+
10%
Hulu Paramount+ Peacock Max
reasons Disney has leaned into
bundles, for example, is to re-
duce churn.

Choices 5
While premium streaming
services duke it out for cus-
tomers and viewing time,

Get Messy 202% ’25

0
Google’s YouTube has as-
cended.
More Americans are turn-
ing to the video-sharing ser-
Continued from page B1 vice to watch their favorite
Share of national U.S. sports TV rights deals†
juggle has risen sharply, ac- podcasts, talk shows and
cording to Ampere Analysis. NFL NBA MLB NHL College sports clips.
The number of services with a Paramount Paramount YouTube accounted for 12%
significant base of customers Disney 17.3 Disney Comcast Disney Fox Disney Disney 22.4 of U.S. TV-viewing time in
has held steady in recent 23.2% 38.1% 35.7 29.4% 38.9 64.0% 38.0% March, according to Nielsen
years. data, more than any other en-
More services are coming tertainment company.
soon. Fox is launching its own Comcast Google Live sports remains among
direct-to-consumer service 16.4 (YouTube the most valuable program-
owner) 16.4 Fox Comcast
with sports, news and enter- Warner Bros. Discovery WBD ming on TV, and it has a role
Fox Warner Bros. Discovery 15.7 13.7 8.7
tainment content later this Amazon Amazon 36.0 in accelerating the transition
16.4 28.6
year. (Fox and The Wall Street 9.0 26.2 to streaming.
Journal’s parent company, Still, sports rights are in-
News Corp, share common Netflix Apple Roku The CW creasingly split up across plat-
*Cancels in a given month divided by subscribers at the end of the prior month. U.S. only. †As of May 9. Data are for the 2025-26 seasons for all leagues other than MLB, which is for the 2025 season.
ownership.) Warner Bros. Dis- Based on the share of total rights deal value paid by each company. forms, and can’t-miss shows
covery’s CNN plans to launch Sources: Antenna (cancellation rate); Ampere Analysis (sports rights) are everywhere. Viewers have
its own streaming service, little choice but to subscribe
years after closing a prior at- on more solid footing, “The Streamers on the whole are or sporting events. For events— streaming services to several services to stay in
tempt called CNN+. And Dis- consumer experience around adding more subscribers than streamers that means they are saw a significant jump in net the loop.
ney’s ESPN is this fall making managing subscriptions is one they are losing, according to constantly adding and losing adds to 13.9 million. For example, starting next
all of its networks’ content of the areas that still needs a Antenna. meaningful numbers of sub- Netflix has industry-lead- season, select NBA games will
available in a much-antici- lot of settling,” said Jonathan But consumers cycle in and scribers. ing customer retention, while be exclusive to Amazon.com’s
pated new direct-to-consumer Carson, chief executive of the out of streaming services fre- In the December 2024 other services continue to Prime Video service and NBC-
service, also known as ESPN. subscription analytics com- quently, timing their subscrip- quarter—a period jam-packed seek new ways to keep sub- Universal’s Peacock streaming
While streamers are now pany Antenna. tions to popular show releases with streamed sporting scribers long term. One of the service.

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Connecting top decision makers in this expansive role to examine

their biggest challenges and plan the path to a profitable tomorrow.

Member Voices | Two of our members respond to the question below:

How should CCOs consider adjusting their compliance

programs in response to the retreat from globalization?

Paul C. Harris Nili Shayrina Saat

Executive Vice President, Chief Sustainability Group Chief Risk Of!icer
and Compliance Of!icer IHH Healthcare
HII
“As a CCO based in the Southeast Asia region,
“Among other things, the retreat from globalization is I am pivoting our compliance program to address
creating a pressurized global trade environment, the evolving risks and regulatory landscapes by
fast changing and increasingly complex import and strengthening local and regional focus as domestic
export laws, and shifting enforcement priorities oversight is tightened and globalization is replaced
from regulators. CCOs should actively ensure their by regionalization. Continued assessment of supply
compliance programs are focused on addressing, and chain risks becomes critical as localizing supply chain
that resources are appropriately allocated to, these means the onboarding of new vendors that require
shifting risks. Even for companies with well-established due diligence. We will also be monitoring any shift in
trade compliance programs, CCOs should ensure the sanctions regimes and trade policies.”
programs are not operating on autopilot.”
© 2025 Dow Jones & Co., Inc. All rights reserved. 6DJ0737

Membership is by invitation: [email protected]

The Wall Street Journal news organization was not involved in the creation of this content.
THE WALL STREET JOURNAL. * * Thursday, May 22, 2025 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
41860.44 t 816.80, or 1.91% Trailing P/E ratio 23.68 27.70 5844.61 t 95.85, or 1.61% Trailing P/E ratio * 23.82 23.83 18872.64 t 270.07, or 1.41% Trailing P/E ratio *† 31.54 31.05
High, low, open and close for each P/E estimate * 20.10 19.32 High, low, open and close for each P/E estimate * 22.12 21.62 High, low, open and close for each P/E estimate *† 27.35 27.35
trading day of the past three months. Dividend yield 1.70 2.12 trading day of the past three months. Dividend yield * 1.30 1.35 trading day of the past three months. Dividend yield *† 0.75 0.81
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

44500 6000 20000
65-day moving average 65-day moving average
65-day moving average
43000 5800 19000

41500 5600 18000

Session high 40000 5400 17000

DOWN UP
Session open Close
t

38500 5200 16000

Close Open
t

Session low 37000 5000 15000

Bars measure the point change from session's open

35500 4800 14000
Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,152,783,675 17,131,227
Industrial Average 42439.27 41785.22 41860.44 -816.80 -1.91 45014.04 37645.59 5.5 -1.6 10.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 107,638,478 10,620,861
Transportation Avg 14858.31 14540.51 14559.22 -403.42 -2.70 17754.38 12637.04 -4.2 -8.4 2.6 Most-active issues in late trading Decl. volume*1,039,258,775 6,176,964
Utility Average 1049.67 1031.79 1033.69 -16.91 -1.61 1079.88 898.82 9.4 5.2 1.4 Volume After Hours Issues traded 2,828 298
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 58672.02 57589.60 57721.98 -1023.95 -1.74 61024.05 49067.76 9.5 -1.2 13.7 Advances 282 98
Navitas Semiconductor NVTS 42,926.0 5.57 3.66 191.62 6.51 1.88
Barron's 400 1280.25 1259.26 1260.78 -25.53 -1.98 1356.99 1058.38 9.4 0.7 11.5 Declines 2,522 190
SPDR S&P 500 ETF Trust SPY 7,954.9 583.06 0.20 0.03 588.92 550.78
Unchanged 24 10
Nasdaq Stock Market NVIDIA NVDA 6,060.2 131.45 -0.35 -0.27 137.82 129.27 New highs 54 4
Nasdaq Composite 19241.41 18799.20 18872.64 -270.07 -1.41 20173.89 15267.91 12.3 -2.3 18.5 Ardagh Metal Packaging AMBP 5,025.7 3.80 0.02 0.53 3.81 3.71 New lows 63 11
Nasdaq-100 21482.98 21002.09 21080.36 -287.01 -1.34 22175.60 17090.40 12.7 0.3 21.2 Manulife Financial MFC 4,753.0 30.77 … unch. 30.82 30.68 Closing Arms† 0.81 0.23
NIO ADR NIO 4,383.9 3.95 0.01 0.25 3.97 3.93 Block trades* 5,566 181
S&P
-1.61
Direxion TSLA Bull 2X TSLL 4,331.3 13.85 -0.22 -1.56 14.08 13.80
500 Index 5938.37 5830.91 5844.61 -95.85 6144.15 4982.77 10.1 -0.6 14.4 Nasdaq NYSE Arca
AT&T T 4,305.9 27.54 0.07 0.25 27.63 27.42
MidCap 400 3049.31 2985.42 2987.64 -81.59 -2.66 3390.26 2560.93 -0.1 -4.3 7.8 Total volume*11,112,467,118 374,257,492
SmallCap 600 1301.81 1273.49 1275.26 -37.19 -2.83 1544.66 1106.12 -3.9 -9.4 2.9 Percentage gainers… Adv. volume*4,421,981,931 102,705,770
Navitas Semiconductor NVTS 42,926.0 5.57 3.66 191.62 6.51 1.88 Decl. volume*6,675,575,094 270,898,232
Other Indexes
Star Equity Holdings STRR 454.1 2.58 0.41 18.90 3.49 2.25 Issues traded 4,566 2,234
Russell 2000 2087.07 2043.18 2046.56 -59.02 -2.80 2442.03 1760.71 -1.7 -8.2 4.9
Advances 847 311
NYSE Composite 19942.21 19592.14 19607.81 -334.40 -1.68 20272.04 17188.46 7.5 2.7 9.1 Urban Outfitters URBN 653.5 69.00 9.40 15.77 70.48 59.19
Declines 3,610 1,914
Value Line 591.42 575.37 575.89 -15.53 -2.63 656.04 495.50 -4.2 -5.7 1.2 Pitney Bowes PBI 117.4 10.20 1.10 12.09 10.89 9.02
Unchanged 109 9
NYSE Arca Biotech 5696.12 5560.34 5571.02 -117.92 -2.07 6318.63 5060.12 4.6 -3.0 6.9
Lumen Technologies LUMN 4,267.7 4.27 0.46 12.07 4.77 3.81
New highs 129 181
NYSE Arca Pharma 913.82 898.79 899.17 -11.31 -1.24 1140.17 860.88 -13.1 -3.8 2.4 ...And losers New lows 117 27
KBW Bank 128.84 125.57 125.62 -3.98 -3.07 140.59 100.09 18.6 -1.5 5.7 CEL-SCI CVM 84.4 3.39 -1.12 -24.83 4.59 3.31 Closing Arms† 0.35 0.36
PHLX§ Gold/Silver 190.24 187.74 189.33 2.08 1.11 195.33 133.93 30.8 38.0 13.5 Hyperscale Data GPUS 420.4 6.07 -1.00 -14.14 7.20 5.89 Block trades* 106,170 1,625
PHLX§ Oil Service 57.02 55.42 55.45 -1.74 -3.04 92.31 50.70 -35.0 -23.6 -9.3 Sable Offshore Cl A SOC 130.5 30.30 -2.05 -6.34 32.35 30.05 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 4949.27 4775.15 4802.71 -88.07 -1.80 5904.54 3562.94 -6.3 -3.6 18.5 GCL Global Holdings GCL 126.3 2.67 -0.13 -4.64 2.80 2.62 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 21.05 17.77 20.87 2.78 15.37 52.33 11.93 69.8 20.3 -10.8 Humana HUM 102.5 235.00 -10.77 -4.38 248.08 229.00 Arms of less than 1 indicates buying demand; above 1
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 873.95 –7.67 –0.87 3.9 CFSB Bancorp CFSB 13.68 5.49 67.03 13.78 6.34 107.3 Wolfspeed WOLF 1.28 -1.85 -59.11 30.86 0.82 -95.4
MSCI ACWI ex-USA 367.63 1.85 0.51 12.8 Hyperscale Data GPUS 7.07 2.46 53.36 14.71 1.23 -45.8 UroGen Pharma URGN 4.17 -3.37 -44.69 20.70 3.42 -68.7
MSCI World 3829.82 –40.21 –1.04 3.3 Kindly MD KDLY 22.83 7.61 50.00 31.45 0.65 ... Siyata Mobile SYTA 5.21 -2.98 -36.39 885.58 0.93 -98.7
MSCI Emerging Markets 1174.56 7.10 0.61 9.2 DeFi Development DFDV 35.53 10.04 39.41 37.59 0.48 2700.8 Elong Power Holding ELPW 4.50 -2.07 -31.51 12.60 0.56 -58.6
Americas MSCI AC Americas 2211.42 –35.19 –1.57 –0.02 Edible Garden EDBL 4.99 1.39 38.61 62.50 1.80 -91.3 NetClass Technology Cl A NTCL 8.85 -3.96 -30.91 51.80 4.59 ...
Canada S&P/TSX Comp 25839.17 –216.46 –0.83 4.5 Aether Holdings ATHR 16.16 3.76 30.32 17.24 4.63 ... Jaguar Health JAGX 4.26 -1.58 -27.05 219.15 4.02 -97.8
Latin Amer. MSCI EM Latin America 2256.30 –23.02 –1.01 21.8 GCL Global Holdings GCL 2.80 0.64 29.63 15.55 1.76 -74.6 Diginex DGNX 66.45 -21.55 -24.49 155.00 3.60 ...
Brazil Bovespa 137881.27 –2228.36 –1.59 14.6 Upexi UPXI 12.77 2.89 29.25 22.57 1.90 35.9 NWTN NWTN 1.81 -0.53 -22.65 4.26 0.30 -55.0
Chile S&P IPSA 4394.42 … Closed 21.6 Apollomics Cl A APLM 6.76 1.44 26.95 36.75 4.47 -76.3 Webus International WETO 2.50 -0.73 -22.60 4.30 2.34 ...
Mexico S&P/BMV IPC 58568.01 256.86 0.44 18.3 Marwynn Holdings MWYN 10.22 2.01 24.48 10.88 2.25 ... Rain Enhancement Tech RAIN 5.40 -1.47 -21.34 13.70 1.75 -50.2
EMEA STOXX Europe 600 553.82 –0.20 –0.04 9.1 GT Biopharma GTBP 2.66 0.50 22.86 5.02 1.72 -47.0 ZK International Group ZKIN 2.78 -0.71 -20.34 6.30 0.82 -42.9
Eurozone Euro STOXX 572.91 0.05 0.01 13.4 WeRide ADR WRD 10.26 1.81 21.42 44.00 6.03 ... Neuraxis NRXS 3.20 -0.79 -19.80 6.20 1.33 10.0
Belgium Bel-20 4523.38 18.59 0.41 6.1 Creative Realities CREX 2.43 0.40 19.70 5.20 1.28 -27.7 Bolt Projects Holdings BSLK 3.90 -0.95 -19.59 340.40 3.86 -98.2
Denmark OMX Copenhagen 20 1811.66 2.35 0.13 –13.8 Canada Goose Holdings GOOS 10.67 1.75 19.62 14.75 6.73 -22.5 GrShr 2x Long RDDT Daily RDTL 12.22 -2.78 -18.53 25.34 9.72 ...
France CAC 40 7910.49 –0.40 7.2 CoreWeave Cl A CRWV 107.39 17.15 19.00 109.49 33.52 ... Conduit Pharmaceuticals CDT 4.72 -1.03 -17.91 4905.00 4.72 -99.9
–31.93
Germany DAX 24122.40 0.36 21.2
Israel Tel Aviv 2626.73
86.29
–16.42 –0.62 9.7
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 40551.22 28.78 0.07 18.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 933.32 2.27 0.24 6.2
Norway Oslo Bors All-Share 1793.71 0.52 9.1 Greenlane Holdings GNLN 1,429,681 1498.7 0.01 26.32 21.80 0.01 VicSh WestEnd Economic BMDL 810 12767 24.59 -0.65 26.33 24.35
9.30
0.68 Polyrizon PLRZ 713,550 1342.7 0.01 3.85 4.80 0.0048 Simplify US Plus Upside SPUC 286 3165 41.18 -2.35 45.48 32.30
South Africa FTSE/JSE All-Share 93397.44 634.22 11.1
Spain IBEX 35 14307.60 –15.80 –0.11 23.4 Healthcare Triangle HCTI 356,280 461.5 0.01 -17.53 1.90 0.01 Direxion Dly PANW Bull 2X PALU 204 2852 21.35 -14.08 25.02 14.82
967.82
Biodesix BDSX 354,150 15961.4 0.40 45.90 2.04 0.17 Indxpts Yd Focused Fixed YFFI 203 1643 9.81 -0.61 10.28 9.66
Sweden OMX Stockholm –5.29 –0.54 1.4
NVIDIA NVDA 268,906 -4.6 131.80 -1.92 153.13 86.62 Canada Goose Holdings GOOS 13,703 1368 10.67 19.62 14.75 6.73
Switzerland Swiss Market 12380.36 –27.67 –0.22 6.7
Turkey BIST 100 9398.93 –115.08 –1.21 –4.4 Petros Pharmaceuticals PTPI 257,323 3398.4 0.07 -46.45 17.00 0.06 Centuri Holdings CTRI 4,983 1269 18.39 -6.17 28.65 14.46
U.K. FTSE 100 8786.46 5.34 0.06 7.5 Digital Ally DGLY 257,134 1130.5 0.03 -16.67 64.00 0.03 TCW Senior Loan ETF SLNZ 366 1257 47.47 0.79 48.09 46.00
20949.67 Wolfspeed WOLF 251,856 779.7 1.28 -59.11 30.86 0.82 Simplify MBS ETF MTBA 3,034 1252 49.41 -0.58 51.97 49.10
U.K. FTSE 250 –146.77 –0.70 1.6
D-Wave Quantum QBTS 221,062 221.0 15.36 -7.25 17.80 0.75 UroGen Pharma URGN 9,656 1154 4.17 -44.69 20.70 3.42
Asia-Pacific MSCI AC Asia Pacific 195.54 1.36 0.70 7.7
Direxion TSLA Bull 2X TSLL 208,090 4.0 14.07 -5.57 41.50 6.29 VicSh Core Plus Interm Bd UBND 1,953 1116 21.38 -0.33 22.43 21.09
Australia S&P/ASX 200 8386.80 43.47 0.52 2.8
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3387.57 7.10 0.21 1.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 23827.78 146.30 0.62 18.8
India BSE Sensex 81596.63 0.51 4.4
Scan this code
410.18
Japan NIKKEI 225 37298.98 –230.51 –0.61 –6.5 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3882.55 0.05 0.001 2.5 track most-active stocks,
South Korea KOSPI 2625.58 23.78 0.91 9.4 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 21803.91 277.88 1.29 –5.3 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1179.81 –9.33 –0.78 –15.7
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003850 25973 1.9
CREDIT MARKETS Argentina peso .00091147.6031 11.3 Europe
Brazil real .1771 5.6460 –8.7 Czech Rep. koruna .04550 21.977 –9.7
–3.6 .1519 6.5845 –8.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race
Canada dollar
Chile peso
.7215 1.3860
.001060 943.71 –5.1
Denmark krone
Euro area euro 1.1331 .8826 –8.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000240 4167.00 –5.4 Hungary forint .002811 355.75 –10.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007846 127.45 –8.3
A consumer rate against its 5-year CDs Mexico peso .0516 19.3722 –7.0 Norway krone .0983 10.1736 –10.6
benchmark over the past year 6.00% Uruguay peso .02404 41.5950 –4.8 Poland zloty .2670 3.7449 –9.4
Bankrate.com avg†: 1.71% One year ago 12% Asia-Pacific Sweden krona .1044 9.5746 –13.5
Federal-funds GTE Financial Credit Union 4.07% t 5.00 Yen Switzerland franc 1.2120 .8251 –9.1
Australiadollar .6435 1.5540 –3.8
target rate Turkey lira .0257 38.8585 9.9
s
6.00% Tampa, FL 888-871-2690 6 China yuan .1388 7.2025 –1.3
t 4.00 Ukraine hryvnia .0241 41.4500 –1.4
KS StateBank 4.10% t Hong Kong dollar .1277 7.8322 0.8
4.00 0 UK pound 1.3419 .7452 –6.7
3.00 India rupee .01168 85.602 0.03
Manhattan, KS 785-587-4000 Tradeweb FTSE Middle East/Africa
Indonesia rupiah .0000612 16353 0.5
Synchrony Bank 4.15% Wednesday Close
2.00 2.00 –6 s s Japan yen .006960 143.68 –8.6 Bahrain dinar 2.6537 .3768 –0.1
t Draper, UT 866-226-5638 WSJ Dollar Index Euro Kazakhstan tenge .001964 509.08 –3.0 Egypt pound .0200 49.9413 –1.8
Five-year CD yields 0.00 1.00 Macau pataca .1239 8.0710 0.8 Israel shekel .2815 3.5530 –2.4
America First FCU 4.20% –12
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2342 4.2700 –4.5 Kuwait dinar 3.2596 .3068 –0.5
Riverdale, UT 801-627-0900 2024 2025
–2.00 New Zealand dollar .5939 1.6838 –5.8 Oman sul rial 2.5984 .3848 –0.04
Popular Direct 4.20% month(s) years
J ASOND J FM A M Pakistan rupee .00355 281.750 1.2 Qatar rial .2744 3.645 –0.02
Miami Lakes, FL 800-274-5696 maturity Philippines peso .0180 55.606 –4.3 Saudi Arabia riyal .2666 3.7509 –0.1
2024 2025
3-yr chg Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7759 1.2889 –5.6 South Africa rand .0557 17.9637 –4.8
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) South Korea won .0007274 1374.83 –7.0

Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 3.50

Corporate Borrowing Rates and Yields Sri Lanka rupee .0033386 299.53 2.2 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 95.91 –0.36–0.37 –6.67
Taiwan dollar .03328 30.048 –8.4
Prime rate* 7.50 7.50 7.50 l 8.50 3.50 Yield (%) 52-Week Total Return (%) Thailand baht .03054 32.740 –4.6 Sources: Tullett Prebon, Dow Jones Market Data
Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.27 4.30 4.27 l 5.40 3.49
Money market, annual yield 0.45 0.46 0.40 l 0.56 0.37 U.S. Treasury, Bloomberg 2222.150 4.340 4.340 4.810 3.630 3.592 0.353 Commodities
Five-year CD, annual yield 1.71 1.71 1.62 l 1.71 0.56 Pricing trends on someClose Wednesday
raw materials, 52-Week
or commodities YTD
U.S. Treasury Long, Bloomberg 2974.880 5.120 5.010 5.120 3.990 –2.873 –6.247 Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 6.93 6.85 6.68 l 7.59 1.46
15-year mortgage, fixed† 6.23 6.15 6.02 l 7.02 1.44 Aggregate, Bloomberg 2115.850 4.870 4.860 5.220 4.100 3.846 1.183
DJ Commodity 1052.22 2.51 0.24 1095.84 942.52 -1.64 2.92
Jumbo mortgages, $726,200-plus† 7.03 7.00 6.75 l 7.69 1.56 Fixed-Rate MBS, Bloomberg 2087.340 5.330 5.260 5.520 4.340 4.027 0.834
Five-year adj mortgage (ARM)† 6.18 6.29 5.88 l 6.70 2.32 FTSE/CC CRB Index 298.57 0.39 0.13 316.63 265.48 1.12 0.62
High Yield 100, ICE BofA 3907.675 6.626 6.596 7.793 6.208 8.712 7.999
New-car loan, 48-month 7.19 7.21 7.18 l 7.94 2.75 Crude oil, $ per barrel 61.57 -0.46 -0.74 83.88 57.13 -20.63 -14.15
Muni Master, ICE BofA 587.398 3.810 3.788 4.179 3.074 1.209 2.413
Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 3.368 -0.059 -1.72 4.491 1.904 18.51 -7.29
banks.† Excludes closing costs. EMBI Global, J.P. Morgan 920.607 7.604 7.568 8.073 7.084 6.763 5.961
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 3309.30 29.00 0.88 3411.40 2299.20 38.51 25.87
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Thursday, May 22, 2025 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks
Metal & Petroleum Futures Dec 9,696 9,801 9,382 9,606 –108 26,000
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. Money Rates May 21, 2025
Open High hi lo Low Settle Chg interest July 370.00 375.20 366.40 370.30 1.00 59,174
Sept 367.00 372.00 363.50 367.45 1.05 39,710 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
May 4.6500 4.6565 4.6225 4.6380 0.0185 1,983 guide to general levels but don’t always represent actual transactions.
July 17.38 17.78 17.36 17.70 .36 330,250
July 4.6765 4.7120 4.6485 4.6720 0.0180 101,365 Week —52-WEEK— Week —52-WEEK—
Gold (CMX)-100 troy oz.; $ per troy oz.
Oct 17.55 17.95 17.55 17.86 .33 170,169 Inflation Latest ago High Low Latest ago High Low
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. April index Chg From (%)
May 3293.40 3317.50 3290.20 3309.30 29.00 479
July 37.00 37.00 37.00 36.99 –.16 566 level March '25 April '24 Britain 4.25 4.25 5.25 4.25 13 weeks 4.285 4.300 5.255 4.175
June 3293.00 3327.20 3287.00 3313.50 28.90 176,844
Jan'26 37.00 37.00 37.00 37.00 … 1,214 Australia 3.85 4.10 4.35 3.85 26 weeks 4.140 4.105 5.170 4.000
July 3306.90 3340.00 3301.30 3326.70 28.90 4,837
Cotton (ICE-US)-50,000 lbs.; cents per lb. U.S. consumer price index
Aug 3321.20 3355.50 3315.20 3341.90 29.30 197,036
July 66.10 66.39 65.61 66.07 –.05 112,105 Overnight repurchase Other short-term rates
Sept 3342.00 3368.90 3333.00 3356.80 29.70 113 All items 320.795 0.31 2.4
Dec 68.75 68.98 68.27 68.71 –.03 96,543 U.S. 4.28 4.37 5.45 4.00
Oct 3349.50 3383.10 3342.50 3370.00 30.00 14,803 Core 326.815 0.27 2.8 Week 52-Week
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 264.30 276.70 260.85 274.20 10.90 5,543 U.S. government rates Latest ago high low
May 946.50 960.00 942.00 1046.60 25.00 1
Sept 259.95 268.95 259.95 266.90 6.90 2,067 International rates
June 1027.50 1055.00 1008.00 1049.00 24.90 10,970 Discount Call money
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Week 52-Week 4.50 4.50 5.50 4.50 6.25 6.25 7.25 6.25
May 982.70 983.50 982.70 1082.60 28.80 10 Latest ago High Low
July 1060.20 1089.70 s 1047.70 1084.40 29.00 68,497 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Federal funds Commercial paper (AA financial)
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 115-170 115-260 113-100 113-140 –2-06.0 1,857,810 Prime rates Effective rate 4.3300 4.3300 5.3400 4.3200 90 days n.a. n.a. 5.37 4.19
May 33.045 33.575 33.045 33.463 0.483 421 Sept 115-100 115-200 113-030 113-080 –2-06.0 115,624 U.S. 7.50 7.50 8.50 7.50 High 4.5500 4.5500 5.6500 4.3700
July 33.275 33.780 33.125 33.646 0.472 108,510 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Canada 4.95 4.95 7.20 4.95 Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 112-150 112-230 110-240 110-250 –1-25.0 1,699,583 Japan 1.875 1.875 1.875 1.475 Bid 4.3200 4.3200 5.3300 4.3200 4.27 4.30 5.40 4.27
July 62.27 64.19 61.28 61.57 –0.46 310,129 Sept 112-030 112-120 110-110 110-130 –1-27.0 152,689 Offer 4.3300 4.3300 5.3600 4.3300
Aug 61.66 63.47 60.74 61.03 –0.41 169,913 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Policy Rates Value 52-Week
Latest Traded High Low
Sept 61.05 62.81 60.25 60.52 –0.37 172,431 June 110-045 110-105 109-135 109-160 –22.5 4,633,676 Euro zone 2.40 2.40 4.50 2.40 Treasury bill auction
Oct 60.60 62.35 59.86 60.15 –0.35 113,969 Sept 110-055 110-115 109-145 109-160 –24.0 597,095 Switzerland 0.75 0.75 2.00 0.75 4 weeks 4.220 4.225 5.285 4.215 DTCC GCF Repo Index
Dec 60.30 61.96 59.63 59.90 –0.31 242,472 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Treasury 4.306 56.200 5.471 4.286
Dec'26 61.10 62.33 60.54 60.77 –0.22 132,417 June 107-222 107-260 107-097 107-115 –11.7 6,258,235 Notes on data: MBS 4.317 74.512 5.526 4.294
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Sept 107-257 107-297 107-125 107-142 –12.7 967,007 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
June 2.1363 2.1822 2.1166 2.1391 .0102 54,378 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Weekly survey
July 2.1004 2.1449 2.0845 2.1044 .0103 89,659 June 103-114 103-127 103-084 103-088 –2.6 3,955,503 vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 103-202 103-217 103-169 103-175 –2.8 288,877 Rate is as of May 20, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Latest Week ago Year ago
June 2.1549 2.1946 2.1278 2.1498 –.0023 56,120 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
July 2.1125 2.1480 2.0858 2.1051 .0003 125,002 May 95.6700t 95.6700 95.6700
95.6725 752,217
funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Freddie Mac
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. July 95.6900t 95.6800 95.6850
95.6900 375,625 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 30-year fixed 6.81 6.76 7.02
June 3.415 3.513 3.336 3.368 –.059 52,680 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Tullett Prebon Information, Ltd. 15-year fixed 5.92 5.89 6.28
July 3.759 3.840 3.678 3.737 –.030 236,656 March 95.6500 95.6550 95.6500 95.6525 .0025 1,037,109
Sept 3.807 3.891 3.735 3.794 –.020 125,752 June 95.6850 95.6900 t 95.6775 95.6825 –.0025 1,219,874
Oct
Jan'26
3.877
4.930
3.965
5.044
3.813
4.909
3.870
4.977
–.017
.010
111,778
124,632 Currency Futures Bonds | wsj.com/market-data/bonds/benchmarks
March 4.178 4.285 4.163 4.224 .022 96,459
Japanese Yen (CME)-¥12,500,000; $ per 100¥
June .6941 .6999 .6940 .6983 .0044 337,676
Tracking Bond Benchmarks
Agriculture Futures Sept .7021 .7071 .7013 .7055 .0044 26,494 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD highs and lows for different types of bonds
July 454.50 462.00 453.50 461.00 6.50 679,970 June .7197 .7249 .7197 .7235 .0046 261,637
Total Total
Dec 448.50 456.00 448.25 455.50 7.00 475,456 Sept .7236 .7282 .7232 .7269 .0047 2,996
YTD total return YTD total
return Yield (%) Yield (%)
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ close return (%) Index Latest Low High close return (%) Index Latest Low High
July 358.00 360.00 355.50 359.50 3.00 2,154 June 1.3392 1.3470 s 1.3388 1.3431 .0050 186,972
Dec 348.75 352.00 348.75 351.50 1.75 390 Sept 1.3414 1.3476 s 1.3394 1.3437 .0050 7,878 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
2115.85 1.2 U.S. Aggregate 4.870 4.100 5.220 2087.34 1.1 Mortgage-Backed 5.330 4.340 5.520
July 1052.75 1067.50 1052.75 1062.75 9.75 348,836 June 1.2110 1.2219 1.2106 1.2157 .0068 72,329
Nov 1041.00 1056.75 1041.00 1052.25 11.25 232,530 Sept 1.2265 1.2358 1.2249 1.2298 .0069 458 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2056.94 1.2 Ginnie Mae (GNMA) 5.310 4.460 5.580
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 292.40 294.40 291.50 294.10 1.50 282,921 June .6425 .6472 .6421 .6444 .0026 176,056 3216.60 0.8 U.S. Corporate 5.380 4.640 5.650 1230.09 1.1 Fannie mae (FNMA) 5.340 4.310 5.500
Dec 304.00 307.50 303.70 307.20 2.80 128,831 Sept .6437 .6481 .6432 .6454 .0026 1,146
3194.76 2.2 Intermediate 5.040 4.400 5.560 1902.30 1.4 Freddie Mac (FHLMC) 5.210 4.150 5.450
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 49.50 50.30 49.50 49.83 .33 238,342 June .05172 .05174 .05138 .05143 –.00023 135,992 4047.09 -2.1 Long term 6.150 5.070 6.150 587.40 -1.2 Muni Master 3.810 3.074 4.179
Dec 50.02 50.70 49.97 50.33 .36 166,961 Sept .05115 .05119 .05085 .05089 –.00022 976
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € 605.70 0.5 Double-A-rated 5.030 4.260 5.250 417.43 -0.3 7-12 year 3.586 2.858 4.016
July 12.82 13.23 12.82 13.16 .46 10,363 June 1.1303 1.1382 1.1299 1.1352 .0060 734,463
468.30 -2.6 12-22 year 4.388 3.469 4.704
876.10 0.8 Triple-B-rated 5.600 4.850 5.840
Sept 13.07 13.41 13.03 13.36 .41 1,610 Sept 1.1373 1.1450 1.1372 1.1422 .0062 17,272
Wheat (CBT)-5,000 bu.; cents per bu. High Yield Bonds ICE BofA 441.92 -3.6 22-plus year 4.887 3.959 5.143
July 546.00 556.25 545.00 549.25 3.25 260,410 Index Futures Global Government J.P. Morgan†
581.02 2.1 High Yield Constrained 7.602 6.975 8.654
Sept 559.75 570.50 559.00 563.75 4.00 104,488 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. June 42742 42742 41853 41947 –825 77,588 593.27 0.5 Triple-C-rated 12.756 11.050 14.946 545.04 0.1 Global Government 3.720 3.010 3.740
July 536.00 547.75 535.25 540.50 4.25 166,961 Sept 43024 43107 42191 42281 –833 1,196
3907.68 3.1 High Yield 100 6.626 6.208 7.793 828.08 -0.04 Canada 3.350 2.820 3.770
Sept 550.00 561.50 549.50 554.75 4.75 62,828 Mini S&P 500 (CME)-$50 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 5953.50 5958.25 5847.75 5861.25 –98.50 2,043,675 507.71 2.2 Global High Yield Constrained 7.302 6.808 8.254 362.28 -0.1 EMU§ 3.178 2.726 3.403
May 296.250 296.625 295.550 296.300 .300 4,247 Sept 6006.00 6012.75 5901.00 5914.25 –99.75 62,872
Aug 297.925 297.925 295.575 296.425 –1.075 41,516 Mini S&P Midcap 400 (CME)-$100 x index 383.03 1.9 Europe High Yield Constrained 5.604 5.219 6.567 657.41 0.3 France 3.320 2.900 3.530
Cattle-Live (CME)-40,000 lbs.; cents per lb. June 3077.60 3077.80 2989.90 2994.90 –82.90 39,566
June 213.250 214.325 212.825 214.150 .975 66,966 Sept … 3100.10 3019.90 3018.20 –82.10 n.a. U.S Agency Bloomberg Fixed Income Indices 465.24 -1.0 Germany 2.670 2.080 2.860
Aug 207.850 208.800 207.400 208.650 .800 153,488 Mini Nasdaq 100 (CME)-$20 x index 1876.02 1.8 U.S Agency 4.490 3.960 5.160 260.01 -3.8 Japan 2.000 1.220 2.000
Hogs-Lean (CME)-40,000 lbs.; cents per lb. June 21414.75 21558.50 21072.75 21156.75 –290.50 275,488
June 99.850 100.600 99.175 99.525 –.500 43,411 Sept 21647.75 21780.75 21293.00 21376.75 –294.00 3,764 1670.32 2.1 10-20 years 4.410 3.920 5.160 506.92 -1.3 Netherlands 2.880 2.290 3.060
July 103.550 103.975 102.225 102.525 –1.025 84,475
Mini Russell 2000 (CME)-$50 x index
June 2109.40 2110.80 2046.80 2051.50 –59.30 432,154 3394.68 -0.6 20-plus years 5.320 4.240 5.320 782.40 0.02 U.K. 4.990 4.030 5.070
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Sept 2121.10 2128.00 2064.20 2068.40 –59.70 3,396
July 596.50 597.50 593.00 596.00 –3.00 6,774 Mini Russell 1000 (CME)-$50 x index 2851.87 1.9 Yankee 5.040 4.380 5.480 920.61 2.6 Emerging Markets ** 7.604 7.084 8.073
Sept 618.50 622.00 615.50 621.00 –1.50 936 June 3210.00 3259.30 3200.70 3208.10 –55.40 6,155 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 18.53 18.59 18.51 18.55 .02 4,485 June 99.85 99.85 99.20 99.44 –.54 29,191
June 19.00 19.70 18.96 19.63 .68 4,463 Sept 99.45 99.45 98.80 99.03 –.52 995
Cocoa (ICE-US)-10 metric tons; $ per ton.
July 10,807 10,949 10,410 10,719 –155 41,469 Source: FactSet
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Macro & Market Economics
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Watching the Gauges: U.S. Supply and Demand Coupon (%) Maturity, in years
3.750 U.S. 2 4.016 s
Latest(l) 0 1 2 3
l
4 5 6 Previous
3.969
Month ago
3.751
Year ago
4.831
Latest Prev Year ago

Inventories, imports and demand for the week ended May 16. Current figures are in thousands of barrels or 4.250 10 4.595 s l 4.479 4.404 4.414
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 4.750 Australia 2 3.437 t 3.437 3.306 3.967 -54.0 -87.0
l -58.7
and demand data are available monthly only.
2.750 10 4.458 s l 4.409 4.244 4.263 -14.1 -8.2 -15.8
Inventories, 000s barrels Imports, 000s barrels per day 0.000 France 2 1.985 s l 1.958 1.877 3.051 -203.9 -201.9 -178.6
3.200 10 3.311 s l 3.261 3.233 2.982 -128.8 -123.0 -143.9
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 1.700 Germany 2 1.874 s l 1.846 1.693 2.985 -215.1 -213.1 -185.2
Crude oil and 2.500 10 2.654 s l 2.607 2.473 2.503 -194.6 -188.4 -191.8
petroleum prod 1,223,076 ... 1,218 1,250 1,217 1,274 7,676 ... 7,649 8,742 7,569 8,709 2.550 Italy 2 2.109 s l 2.080 2.039 3.511 -191.5 -189.7 -132.6
Crude oil
3.650 10 3.644 s l 3.610 3.650 3.811 -95.6 -88.1 -61.0
excluding SPR 443,158 -800 442 459 441 468 6,089 ... 5,841 6,663 5,871 6,403
Gasoline 225,522 ... 225 227 225 231 747 ... 822 773 729 906 0.700 Japan 2 0.722 t l 0.734 0.643 0.342 -330.2 -324.3 -449.5
Finished gasoline 16,294 -1,100 16 16 15 19 147 ... 413 165 198 160 1.400 10 1.521 t l 1.523 1.289 0.985 -307.8 -296.8 -343.6
Reformulated 25 ... 0 0 0 0 0 ... 0 0 0 0 2.500 Spain 2 2.053 s 2.038 1.923 3.193 -193.9 -164.4
l -197.1
Conventional 16,269 ... 16 16 15 19 147 ... 413 165 198 160
Blend. components 209,228 ... 209 211 210 212 600 ... 410 608 531 747 3.150 10 3.259 s l 3.230 3.172 3.280 -134.0 -126.1 -114.1

Natural gas (bcf) 2,255 ... 2 3 2 2 ... ... ... ... ... … 4.125 U.K. 2 4.076 s l 4.058 3.920 4.307 5.2 8.1 -53.1
4.250 10 4.761 s l 4.705 4.570 4.127 16.2 21.4 -29.4
Kerosene-type
jet fuel 42,109 ... 42 43 41 41 52 ... 144 251 106 200 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Distillates 104,132 -1,300 104 117 106 128 141 ... 179 98 134 261
Heating oil
Diesel
6,099
98,033
...
...
6
97
7
109
6
99
8
60
0
141
...
...
0
179
2
95
0
127
0
261
Corporate Debt
Residual fuel oil 23,227 ... 24 29 24 32 60 ... 98 81 125 123 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Other oils 306,886 ... 307 288 305 291 506 ... 464 767 515 744 expectations
Net crude, petroleum Investment-grade spreads that tightened the most…
products, incl. SPR 1,623,569 ... 1,618 1,619 1,616 1,779 -2,397 ... -3,303 -2,634 -3,011 -640 Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Weekly Demand, 000s barrels per day Natural gas storage Walt Disney DIS 7.125 4.40 April 8, ’28 39 –16 n.a.
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Svenska Handelsbanken … 4.375 4.37 May 23, ’28 36 –8 n.a.
Current change week ago avg avg –6
New York Life Global Funding … 4.550 5.15 Jan. 28, ’33 61 67
Total petroleum Aflac AFL 6.450 5.84 Aug. 15, ’40 131 –5 n.a.
Natural gas, 4250
product 20,031 ... 19,441 20,030 19,625 18,509 lower 48 states Athene Global Funding … 5.583 5.06 Jan. 9, ’29 94 –4 n.a.
Finished
t
3250 MassMutual Global Funding II … 4.550 4.71 May 7, ’30 60 –4 64
Toyota Motor Credit … 4.350 4.33 Oct. 8, ’27 32 –4 46
motor gasoline 8,644 ... 8,794 9,315 8,813 8,784
t

Kerosene-type Five-year average 2250 BNP Paribas … 3.500 4.83 Nov. 16, ’27 83 –3 n.a.
for each week
jet fuel 1,651 ... 1,525 1,651 1,687 1,434
1250 …And spreads that widened the most
Distillates 3,412 ... 3,777 3,883 3,565 3,588
Intesa Sanpaolo* … 6.625 5.86 June 20, ’33 126 14 125
Residual fuel oil 292 ... 243 131 203 227 250 Citigroup C 5.300 6.30 May 6, ’44 118 11 120
Propane/propylene 841 ... 416 806 809 ... M J J A S O N D J F M A
UnitedHealth UNH 3.850 4.69 June 15, ’28 68 10 44
Other oils 5,192 ... 4,687 4,244 4,548 ... 2024 2025
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Newmont Corporation* NEM 5.875 5.42 April 1, ’35 83 9 88
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires 9
Siemens Financieringsmaatschappij* … 4.400 5.87 May 27, ’45 76 75
Prudential Funding … 3.125 4.75 April 14, ’30 64 8 66
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Banco Santander … 6.033 5.76 Jan. 17, ’35 116 8 116
Closing Chg YTD John Deere Capital … 4.900 4.79 March 7, ’31 65 7 62
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)

Wednesday, May 21, 2025 Closing Chg YTD SchwabUS LC SCHX 23.07 –1.70 –0.5 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) SchwabUS LC Grw SCHG 27.17 –1.63 –2.5 Bond Price as % of face value
Closing Chg YTD SPDR S&PMdCpTr MDY 546.20 –2.67 –4.1 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 63.25 –0.38 20.5 SPDR S&P Div SDY 134.09 –1.86 1.5
iShNatlMuniBd MUB 103.68 –0.48 –2.7 TechSelectSector XLK 229.28 –1.88 –1.4 0.81
CommSvsSPDR XLC 100.87 –0.75 4.2
iSh1-5YIGCpBd IGSB 52.14 –0.29 0.9 VanEckSemicon SMH 241.47 –1.66 –0.3
Genworth Financial GNW 6.500 7.01 June 15, ’34 96.650 n.a.
CnsmrDiscSel XLY 211.65 –2.03 –5.7
DimenUSCoreEq2 DFAC 33.97 –1.93 –1.8 iSh1-3YTreaBd SHY 82.39 –0.06 0.5 VangdSC Val VBR 187.89 –2.76 –5.2 United States Cellular USM 6.700 5.48 Dec. 15, ’33 108.250 0.57 107.750
EnSelSectorSPDR XLE 82.05 –1.84 –4.2 iShRussMC IWR 88.13 –2.34 –0.3 VangdExtMkt VXF 181.00 –2.65 –4.7
iShRuss1000 IWB 320.31 –1.67 –0.6 VangdDivApp VIG 195.60 –1.75 –0.1 Liberty Interactive … 8.500 65.84 July 15, ’29 21.000 0.50 18.500
FinSelSectorSPDR XLF 50.29 –2.05 4.1
iShRuss1000Grw IWF 393.54 –1.48 –2.0 VangdFTSEAWxUS VEU 65.02 –0.44 13.3
HealthCrSelSect XLV 131.58 –2.32 –4.4
iShRuss1000Val IWD 187.19 –1.98 1.1 VangdFTSEDevMk VEA 54.90 –0.54 14.8 Teva Pharmaceutical Finance … 6.150 6.25 Feb. 1, ’36 99.200 0.45 98.350
IndSelSectorSPDR XLI 141.32 –1.69 7.3
iShRuss2000 IWM 203.21 –2.81 –8.0 VangdFTSE EM VWO 47.71 –0.25 8.3
InvscNasd100 QQQM 211.21 –1.40 0.4
iShS&P500Grw IVW 101.94 –1.48 0.4 VangdFTSE Europe VGK 76.37 –0.52 20.3 Rakuten … 9.750 7.56 April 15, ’29 107.250 0.26 n.a.
InvscQQQI QQQ 513.04 –1.39 0.4
iShS&P500Value IVE 188.10 –1.80 –1.5 VangdGrowth VUG 407.34 –1.49 –0.8 0.16
InvscS&P500EW RSP 175.59 –2.18 0.2
iSh7-10YTreaBd IEF 93.15 –0.69 0.8 VangdHiDiv VYM 127.75 –1.81 0.1
TransAlta … 6.500 7.51 March 15, ’40 91.077 92.500
iShBitcoin IBIT 61.79 1.44 16.5
iShBrdUSDHYCpBd USHY 36.68 –0.68 –0.3
iShShortTreaBd SHV 110.31 0.01 0.2 VangdInfoTech VGT 601.18 –1.92 –3.3 Mauser Packaging Solutions Holding … 7.875 7.30 April 15, ’27 101.000 0.01 101.000
iSh20+YTreaBd TLT 83.97 –1.71 –3.8 VangdIntermBd BIV 75.35 –0.62 0.8
iShCoreDivGrowth DGRO 61.54 –1.80 0.3
iShCoreMSCIEAFE IEFA 81.75 –0.58 16.3
iShUSTreasuryBd
iSh0-3MTreaBd
GOVT
SGOV
22.51
100.59
–0.51 –2.0
0.01 0.3
VangdIntrCorpBd
VangdIntermTrea
VCIT
VGIT
80.52
58.68
–0.80
–0.37
0.3
1.2 …And with the biggest price decreases
iShCoreMSCIEM IEMG 57.34 –0.14 9.8 JPMNasdEqPrem JEPQ 52.16 –0.63 –7.5 VangdLC VV 268.57 –1.68 –0.4
iShCoreMSCITotInt IXUS 75.07 –0.45 13.5 JanusHendersonAAA JAAA 50.58 ... –0.3 VangdMegaGrwth MGK 339.94 –1.56 –1.0 Paramount Global PARA 6.875 6.93 April 30, ’36 99.547 –1.60 99.585
iShCoreS&P500 IVV 585.67 –1.66 –0.5 JPM EqPrem JEPI 55.92 –0.67 –2.8 VangdMC VO 267.58 –2.13 1.3
iShCoreS&P MC IJH 59.76 –2.69 –4.1 Rockies Express Pipeline … 7.500 7.85 July 15, ’38 97.131 –1.59 n.a.
JPM UltShIncm JPST 50.53 –0.02 0.3 VangdRealEst VNQ 87.40 –2.66 –1.9
iShCoreS&P SC IJR 104.64 –2.76 –9.2 PacerUSCashCows COWZ 53.67 –1.92 –5.0 VangdRuss1000Grw VONG –1.51 –1.19
iShCoreS&PTotUS ITOT 127.27 –1.81 –1.0
101.25 –2.0 Telecom Italia Capital … 7.200 6.76 July 18, ’36 103.400 103.094
ProShUltPrQQQ TQQQ 67.94 –4.16 –14.1 VangdS&P500ETF VOO 535.77 –1.67 –0.6
iShCoreS&PUSGrw IUSG 139.59 –1.54 0.2 SPDRBbg1-3MTB BIL 91.63 0.01 0.2 VangdST Bond BSV 77.94 –0.17 0.9 Occidental Petroleum OXY 6.450 6.84 Sept. 15, ’36 96.973 –1.02 98.471
iShCoreS&PUSVal IUSV 91.07 –1.92 –1.6 SPDR DJIA Tr DIA 418.75 –1.93 –1.6 VangdSTCpBd VCSH 78.62 –0.27 0.8
iShCoreTotUSDBd IUSB 45.15 –0.64 –0.1 SPDR Gold GLD 305.82 0.74 26.3 VangdShortTrea VGSH 58.47 –0.05 0.5 QVC … 5.950 16.44 March 15, ’43 40.000 –0.86 36.938
iShCoreUSAggBd AGG 96.82 –0.66 –0.1 SPDRPtfDevxUS SPDW 39.34 –0.53 15.3 VangdSC VB 226.83 –2.77 –5.6
iShEdgeMSCIMinUSA USMV 93.00 –1.32 4.7 SPDRS&P500Value SPYV 50.44 –1.83 –1.4 VangdTaxExemptBd VTEB 48.73 –0.41 –2.8 Bath & Body Works BBWI 6.750 6.91 July 1, ’36 98.758 –0.74 100.010
iShEdgeMSCIUSAQual QUAL 176.12 –1.59 –1.1 SPDRPtfS&P500 SPLG 68.57 –1.66 –0.5 VangdTotalBd BND 71.88 –0.62 –0.0
iShGoldTr IAU 62.59 0.76 26.4 Whirlpool WHR 5.150 7.01 March 1, ’43 81.250 –0.70 82.000
SPDRS&P500Growth SPYG 88.25 –1.53 0.4 VangdTotIntlBd BNDX 48.83 –0.45 –0.4
iShiBoxx$IGCpBd LQD 105.66 –1.11 –1.1 SPDR S&P 500 SPY 582.86 –1.69 –0.5 VangdTotIntlStk VXUS 66.64 –0.46 13.1
iShMBS MBB 91.41 –0.70 –0.3 SchwabIntEquity SCHF 21.33 –0.61 15.3 VangdTotalStk VTI 286.77 –1.74 –1.0 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCIACWI ACWI 122.75 –1.24 4.5 SchwabUS BrdMkt SCHB 22.47 –1.75 –1.0 VangdTotWrldStk VT 122.28 –1.25 4.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE EFA 87.97 –0.59 16.3 SchwabUS Div SCHD 26.01 –1.77 –4.8 VangdValue VTV 169.88 –1.79 0.3 Source: MarketAxess
THE WALL STREET JOURNAL. * * Thursday, May 22, 2025 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Grainger GWW 1081.38 -10.15 Philips PHG 23.43 -0.53 s NatWest NWG 13.96 0.02 QuestDiag DGX 170.48 -7.76 SproutsFarmers SFM 164.68 -3.34Uber UBER 88.67 -3.20
Stock Market listed securities. Prices are consolidated from trades reported by various GAP PAC 227.89 0.22 s KoreaElecPwr KEP 10.75 0.17 Nebius NBIS 38.92 -0.22 StandardAero SARO 28.38 -0.62 Ubiquiti UI 393.56 -9.86
market centers, including securities exchanges, Finra, electronic communications
networks and other broker-dealers. The list comprises the 1,000 largest companies ASUR ASR 346.01 5.24 t KraftHeinz KHC 26.63 -1.27 NetApp NTAP 99.57 -1.49 R S StanleyB&D SWK 66.48 -4.06 UltaBeauty ULTA 404.75 -9.65
based on market capitalization. GrupoCibest CIB 41.22 -0.96 Kroger KR 68.90 -0.60 NetEase NTES 120.53 -0.46 RBC Bearings RBC 366.80 -6.50 Stantec Unilever
STN 100.23 -1.52 UL 63.46 0.17
GpoFinGalicia GGAL 61.89 -1.73 Kyndryl KD 39.35 -0.78 s Netflix NFLX 1194.63 2.61 Starbucks UnionPacific UNP 223.62 -4.71
SBUX 82.98 -2.61
Underlined quotations are those stocks with large changes in volume compared s RB Global RBA 107.95 -1.10
Guidewire GWRE 210.84 -4.46 s LatamAirlines LTM 36.52 -0.36 Neurocrine NBIX 120.56 -2.40 StateStreet STT 95.53 -2.21 UnitedAirlines UAL 73.33 -3.00
with the issue’s average trading volume. s RELX RELX 55.10 0.11
HCA Healthcare HCA 381.81 -4.24 LKQ LKQ 40.38 -1.21 NewOrientalEduc EDU 47.51 -0.72 SteelDynamics STLD 132.21 -3.17UnitedMicro UMC 8.05 0.20
Boldfaced quotations highlight those issues whose price changed by 5% or more if RPM RPM 112.81 -1.72
HDFC Bank HDB 72.93 -0.14 LPL Financial LPLA 377.95 -6.25 NYTimes A NYT 54.79 -0.58 Stellantis UPS B
STLA 10.57 -0.18 UPS 95.85 -1.70
their previous closing price was $2 or higher. s RTX RTX 134.95 -2.23
HP HPQ 28.61 -0.37 L3HarrisTech LHX 232.59 1.77 Newmont NEM 52.64 0.34 Steris UnitedRentals URI 695.80 -19.67
STE 246.33 -4.14
RalphLauren RL 273.88 -6.32
Footnotes: HSBC HSBC 59.34 -0.65 Labcorp LH 241.34 -9.46 NewsCorp B NWS 32.35 -0.43 StifelFinancial SF US
94.50 -2.72 Bancorp USB 42.89 -1.52
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four RangeResources RRC 39.32 -0.40
H World HTHT 35.36 -1.10 LamResearch LRCX 82.79 -1.50 NewsCorp A NWSA 27.94 -0.39 STMicroelec STM 25.25 -0.62 US Steel X 42.02 0.84
quarters. RaymondJames RJF 148.46 -4.16
s Haleon HLN 11.10 0.08 LamarAdv LAMR 114.91 -3.66 NextEraEnergy NEE 71.54 -2.87 Stryker UnitedTherap UTHR 309.68 0.11
SYK 379.75 -9.80
RealtyIncome O 55.25 -0.95
Stock tables reflect composite regular trading as of 4 p.m. ET and Halliburton HAL 19.90 -0.58 LasVegasSands LVS 40.31 -0.63 Nextracker NXT 57.86 -1.13 SumitomoMits SMFG 14.91 0.20 UnitedHealth UNH 302.98 -18.60
changes in the official closing prices from 4 p.m. ET the previous day. Reddit RDDT 95.85 -9.79
HamiltonLane HLNE 161.72 -7.98 Leidos LDOS 158.94 -1.36 Nike NKE 59.98 -2.58 SummitTherap SMMT 25.41 1.02 UnitySoftware U 20.81 -1.42
RegalRexnord RRX 134.66 -6.02
HarmonyGold HMY 15.34 -0.05 Lennar A LEN 105.63 -3.81 NiSource NI 38.85 -0.66 SunComms SUI 120.94 -3.18 UniversalHealthB UHS 190.15 -5.58
RegencyCtrs REG 71.34 -1.79
HartfordIns HIG 129.62 -1.59 Lennar B LEN.B 101.33 -3.64 Nokia NOK 5.34 0.03 SunLifeFinancial SLF 63.11 -0.36
UnumGroup UNM 80.30 -1.71
Wednesday, May 21, 2025 Net Net RegenPharm REGN 604.62 -10.17
Hasbro HAS 66.28 -1.38 LennoxIntl LII 569.95 -27.10 Nomura NMR 5.96 -0.01 SuncorEnergy SU 35.14 -0.08
VICI Prop VICI 31.36 -0.56
Stock Sym Close Chg Stock Sym Close Chg RegionsFinl RF 21.32 -0.93
Net HealthEquity HQY 98.80 -2.39 LeonardoDRS DRS 40.67 -0.87 Nordson NDSN 196.47 -5.93 Sunoco SUN 55.19 -0.79
Vale VALE 9.65 -0.13
Stock Sym Close Chg ReinsGrp RGA 203.75 -4.49
Boeing BA 203.21 -4.46 Diageo DEO 113.94 -0.35 t HealthpeakProp DOC 16.83 -0.66 LiAuto LI 29.12 0.87 NorfolkSouthern NSC 239.42 -4.66 SuperMicroComp SMCI 41.65 -1.12ValeroEnergy VLO 127.80 -4.41
Reliance RS 299.78 -4.16
Heico HEI 268.84 -8.28 LibertyBroadbandA LBRDA 97.28 -1.74 NorthernTrust NTRS 105.34 -1.98 Suzano SUZ 9.42 0.07
VeevaSystems VEEV 235.00 -5.78
A B C Booking
BoozAllen
BKNG 5293.31 -17.37
BAH 128.42 -1.27
DiamondbkEner FANG 136.31 -2.04
Dick's DKS 175.92 -7.15 HeicoA HEI.A 212.55 -6.66 LibertyBroadbandC LBRDK 98.34 -1.99 NorthropGrum NOC 473.90 -2.70
RenaissanceRe RNR 244.32 -2.08
Symbotic SYM 26.74 -1.50
Ventas VTR 63.62 -1.35
RentokilInit RTO 23.25 -0.42
BostonSci BSX 104.64 -1.90 DigitalRealty DLR 167.29 -2.84 HenrySchein HSIC 72.08 -1.05 LibertyFormOne C FWONK 97.69 0.85 NorwegCruise NCLH 17.22 -0.95 SynchronyFinl SYF 57.24 -2.60 VentureGlobal VG 10.40 ...
AAON AAON 100.51 -4.02 RepublicSvcs RSG 252.19 ...
Hershey HSY 151.29 -4.41 LibertyLiveA LLYVA 75.55 -1.06 Novartis NVS 112.78 0.50 Synopsys SNPS 501.46 -14.15
Veralto VLTO 100.49 -1.53
AECOM ACM 107.44 -1.52 BristolMyers BMY 47.00 -0.87 Disney DIS 110.46 -1.90 ResMed RMD 245.78 -2.36
Hess HES 130.16 -1.89 LibertyLiveC LLYVK 76.44 -1.03 NovoNordisk NVO 68.20 ... Sysco SYY 72.23 -1.49
VeriSign VRSN 281.08 0.24
AES AES 10.13 -1.11 s BritishAmTob BTI 44.46 0.02 DocuSign DOCU 85.43 -4.30 RestaurantBrands QSR 69.42 -1.38
HessMidstream HESM 38.09 -0.74 LibertyFormOne A FWONA 89.67 0.37 NuHoldings NU 11.99 -0.78 VeriskAnalytics VRSK 312.33 -0.77
Aflac AFL 103.54 -1.50 BrixmorProp BRX 24.79 -0.78 DollarGeneral DG 100.78 -1.42
AGCO AGCO 101.97 -4.53 Broadcom AVGO 229.73 -1.95 DollarTree DLTR 88.92 -1.70 HewlettPackard HPE 17.54 -0.18 EliLilly LLY 724.95 -22.06 Nucor NUE 111.72 -3.28
Revvity RVTY 89.83 -3.75
RexfordIndlRealty REXR 34.02 -1.10
T U V Verizon VZ 43.75 -0.47
LincolnElectric LECO 194.37 -6.70 Nutanix
AGNC Invt AGNC 8.80 -0.39 BroadridgeFinl BR 239.09 -3.59 DominionEner D 56.53 -1.47 Hilton HLT 246.76 -6.65 NTNX 80.00 -1.42 RioTinto RIO 61.98 -0.26 TC Energy TRP 49.84 -0.22 VertexPharm VRTX 435.32 -11.86
Linde LIN 455.50 -4.35 Nutrien VRT 103.61 -2.78
ASE Tech ASX 9.81 -0.10 BrookfieldAsset BAM 57.30 -1.52 Domino's DPZ 480.49 -12.58 Hims&HersHealth HIMS 58.00 -3.21 NTR 59.68 1.00 Rivian RIVN 16.34 -0.58 TD Synnex SNX 121.34 -2.81 Vertiv
Lineage LINE 45.47 -2.14 nVentElectric NVT 64.02 -2.09 VTRS 8.48 -0.40
ASML ASML 737.17 -11.59 Brookfield BN 56.95 -2.03 Donaldson DCI 68.89 -1.56 Hologic HOLX 54.82 -1.65 Robinhood HOOD 63.86 -1.05 TE Connectivity TEL 159.51 -2.67 Viatris
HomeDepot HD 370.84 -6.21 LithiaMotors LAD 305.66 -13.29 NVIDIA NVDA 131.80 -2.58 Viking VIK 43.08 -1.65
AST Space ASTS 23.83 -1.20 BrookfieldInfr BIP 32.30 -0.56 DoorDash DASH 204.77 -0.41 s Roblox RBLX 81.16 -0.55 Telus TU 16.02 0.07
LiveNationEnt LYV 144.17 -2.12
AT&T T 27.47 -0.31 BrookWealth BNT 57.07 -1.73 Dover DOV 178.92 -5.35 HondaMotor HMC 29.83 0.23 RocketCos. RKT 12.24 -0.93 TIM TIMB 17.51 0.09 VinFastAuto VFS 3.53 -0.01
ATI ATI 75.17 -0.99 Brown&Brown BRO 110.99 -1.46 Dow DOW 28.75 -1.04 Honeywell HON 221.87 -3.19 s LloydsBanking LYG 4.20 -0.01 O P Q RocketLab RKLB 25.17 -0.83 TJX TJX 131.03 -3.90 ViperEnergy VNOM 40.46 -0.90
HormelFoods HRL 29.42 -0.72 Loar LOAR 82.56 -0.44 Visa V 358.30 -8.54
AXIS Capital AXS 100.99 -1.84 Brown-Forman B BF.B 34.71 -0.67 Doximity DOCS 50.75 -2.25 Rockwell ROK 301.77 -6.32 TKO TKO 159.84 -2.90
DR Horton DHI 119.58 -3.10 LockheedMartin LMT 470.28 -5.54 OGE Energy OGE 44.21 -0.70 Vistra VST 152.07 -4.96
AbbottLabs ABT 133.05 -2.15 Brown-Forman A BF.A 34.47 -0.82 DrReddy'sLab RDY 14.33 -0.17 OKE 81.83 -1.88 RogersComm B RCI 25.87 -0.02 T-MobileUS TMUS 240.76 -0.45
Loews L 87.73 -1.20 ONEOK VOD 10.42 0.03
TPG 47.27 -2.63 Vodafone
AbbVie ABBV 181.80 -3.05 BuildersFirst BLDR 108.38 -6.24 DraftKings DKNG 35.54 -0.53 HostHotels HST 14.76 -0.38 s
LogitechIntl LOGI 86.71 0.16 ON Semi ON 43.66 -0.60 RoivantSciences ROIV 10.91 -0.13 TPG
Accenture ACN 317.72 -2.46 BungeGlobal BG 78.20 -2.20 Dropbox DBX 28.59 -0.08 HoulihanLokey HLI 172.84 -4.58 VornadoRealty VNO 37.24 -1.58
Lowe's LOW 227.37 -3.88 O'ReillyAuto ORLY 1370.49 -15.73 Roku ROKU 69.56 -1.85 T.RowePrice TROW 95.09 -2.00
Acuity AYI 261.42 -8.22 BurlingtonStrs BURL 258.31 -9.78 DukeEnergy DUK 116.44 -0.87 HowmetAerospace HWM 162.76 -2.34 VulcanMatls VMC 270.54 -2.79
OccidentalPetrol OXY 41.13 -0.77 Rollins ROL 57.00 -0.31 TaiwanSemi TSM 191.76 -1.69
Hubbell HUBB 381.91 -7.17 Lucid LCID 2.77 -0.19
Adobe ADBE 414.03 -3.58 CACI 472.63 -4.66 Duolingo DUOL 514.30 -11.43
AdvDrainageSys WMS 111.04 -7.35
CACI Intl
CAVA CAVA 83.69 -5.69 DuPont DD 67.91 -1.03 HubSpot HUBS 621.25 -20.50 lululemon LULU 317.56 -9.61 Okta OKTA 122.06 -3.48 RoperTech ROP 572.81 -5.40 Take-TwoSftwr TTWO 226.76 -10.74
RossStores ROST 152.68 -1.56 TakedaPharm TAK 14.32 0.05
W X Y Z
Humana HUM 245.77 -9.54 LyondellBasell LYB 56.55 -1.97 OldDomFreight ODFL 164.19 -5.41
AdvMicroDevices AMD 112.06 -1.45 CBRE Group CBRE 120.87 -7.45 DutchBros BROS 64.90 -2.56 OldNatlBncp ONB 20.67 -0.93 RoyalBkCanada RY 125.82 -0.66 TalenEnergy TLN 235.39 -5.82 WEC Energy WEC 106.54 -1.03
JBHunt JBHT 139.37 -5.65
s Aegon AEG 6.98 -0.05 CDW CDW 181.82 -6.28 Dynatrace DT 53.60 0.35
HuntingtonBcshs HBAN 15.32 -0.62
M N OldRepublic ORI 37.58 -0.82 RoyalCaribbean RCL 237.75 -11.45 Tapestry TPR 79.72 -2.80 W.P.Carey WPC 60.36 -0.70
AerCap AER 112.36 -0.82 CF Industries CF 89.35 1.43 EMCOR EME 463.77 -8.75 OmegaHealthcare OHI 36.46 -1.06 RoyalGold RGLD 179.70 2.14 TargaResources TRGP 160.37 -1.56 WPP WPP 39.62 -0.88
AffirmA AFRM 47.24 -2.50 CGI A GIB 107.59 -0.66 ENI E 29.44 -0.18 HuntingIngalls HII 223.38 -4.64 Macom Tech MTSI 121.37 -2.14 RoyaltyPharma RPRX 32.83 -0.26 Target TGT 93.01 -5.11 Wabtec WAB 200.81 -3.94
Omnicom OMC 73.53 -2.56
AgilentTechs A 108.91 -4.57 CH Robinson CHRW 97.18 -2.89 EOG Rscs EOG 111.38 -1.20 HyattHotels H 126.80 -5.43 M&T Bank MTB 179.95 -5.79 s Rubrik RBRK 87.75 -1.26 TechnipFMC FTI 29.88 -0.77 WalgreensBoots WBA 11.18 -0.05
OnHolding ONON 59.14 -0.53
AgnicoEagleMines AEM 115.63 3.06 CME Group CME 281.74 3.87 EPAM Systems EPAM 183.60 -2.29 ICICI Bank IBN 33.81 -0.19 MGM Resorts MGM 31.37 -1.53 RyanSpecialty RYAN 68.84 -1.75 TeckResourcesB TECK 35.64 -0.32 Walmart WMT 96.43 -1.37
Oracle ORCL 157.18 -3.13
AgreeRealty ADC 74.93 -0.89 CMS Energy CMS 70.76 -1.22 EQT EQT 55.71 -0.43 ICL Group ICL 6.46 -0.11 MPLX MPLX 50.65 -0.73 s Ryanair RYAAY 55.05 0.96 TeledyneTech TDY 489.23 -6.21 WarnerBrosA WBD 8.95 -0.28
Orix IX 20.56 0.08
AirProducts APD 269.67 -6.00 CNA Fin CNA 47.50 -0.66 ESAB ESAB 125.56 -3.34 IDEX IEX 181.16 -7.10 MSCI MSCI 560.10 -11.11 SAP SAP 298.41 -0.86 s Ericsson ERIC 8.86 0.09 WarnerMusic WMG 26.58 -0.61
OtisWorldwide OTIS 97.63 -0.58
Airbnb ABNB 127.52 -4.61 CNH Indl CNH 12.85 -0.51 EastWestBncp EWBC 90.67 -3.67 IdexxLab IDXX 500.87 -16.29 MagnaIntl MGA 35.61 -0.68 S&P Global SPGI 510.27 -12.67 TelefonicaBras VIV 9.73 -0.05 WasteConnections WCN 195.93 -0.10
Ovintiv OVV 35.92 -1.02
AkamaiTech AKAM 76.42 -1.07 CRH CRH 95.08 -1.64 EastGroup EGP 166.44 -4.67 s ING Groep ING 21.44 -0.12 MakeMyTrip MMYT 100.64 -3.11 SBA Comm SBAC 231.90 -1.88 Telefonica TEF 5.13 0.06 WasteMgt WM 234.11 0.22
OwensCorning OC 134.98 -6.18
AlamosGold AGI 26.10 0.57 CSX CSX 30.49 -0.74 EastmanChem EMN 81.48 -0.87 IQVIA IQV 137.29 -7.66 ManhattanAssoc MANH 187.97 -3.88 SEI Investments SEIC 83.83 -1.76 TelekomIndns TLK 16.71 0.06 Waters WAT 347.36 -14.74
PDD PDD 116.20 -1.18
Albertsons ACI 22.04 0.06 CVS Health CVS 62.11 -1.63 Eaton ETN 322.33 -5.92 ITT ITT 149.06 -3.61 ManulifeFinl MFC 30.77 -0.72 SK Telecom SKM 20.68 0.14 TempusAI TEM 58.14 -4.29 Watsco WSO 458.42 -11.49
PG&E PCG 17.40 -0.34
Alcon ALC 87.54 -0.53 CadenceDesign CDNS 317.55 -3.00 eBay EBAY 71.58 -1.01 IcahnEnterprises IEP 8.49 -0.04 Maplebear CART 46.91 -0.20 SS&C Tech SSNC 78.53 -1.86 Tenaris TS 32.88 -0.43 WattsWater WTS 238.02 -5.81
PNC Finl PNC 172.27 -5.21
t AlexandriaRlEst ARE 68.57 -3.61 CAE CAE 24.72 -1.19 Ecolab ECL 260.95 -1.43 t Icon ICLR 126.62 -5.46 MarathonPetrol MPC 156.70 -3.92 SailPoint SAIL 17.18 -0.61 s TencentMusic TME 16.99 -0.02 WebsterFin WBS 50.79 -1.86
POSCO PKX 43.30 -0.22
Alibaba BABA 123.59 -1.57 CamdenProperty CPT 115.53 -3.30 Ecopetrol EC 8.45 -0.12 IllinoisToolWks ITW 244.65 -5.29 Markel MKL 1864.55 -34.21 Salesforce CRM 282.28 -5.78 TenetHealthcare THC 162.83 -5.83 WellsFargo WFC 73.19 -2.33
PPG Ind PPG 111.24 -2.55
AlignTech ALGN 171.91 -10.67 Cameco CCJ 52.17 -0.23 EdisonIntl EIX 56.94 -1.37 Illumina ILMN 79.37 -4.84 MarketAxess MKTX 219.64 -2.29 Samsara IOT 45.65 -1.66 Teradyne TER 78.98 -2.44 Welltower WELL 148.30 -2.92
PPL PPL 34.62 -0.27
Allegion ALLE 141.96 -1.72 t Campbell's CPB 34.23 -1.46 EdwardsLife EW 76.10 -1.73 ImperialOil IMO 72.05 0.12 Marriott MAR 260.69 -6.65 Sanofi SNY 52.90 0.01 Tesla TSLA 334.62 -9.20 WescoIntl WCC 166.07 -5.77
PTC PTC 169.13 -4.11
AlliantEnergy LNT 61.86 -1.30 CIBC CM 66.80 0.03 Elastic ESTC 90.65 -3.52 Incyte INCY 64.78 -0.52 Marsh&McLen MMC 229.01 -1.80 Schlumberger SLB 33.87 -0.70 TetraTech TTEK 35.60 0.15 WestPharmSvcs WST 208.95 -6.48
Paccar PCAR 94.33 -2.17
AllisonTransm ALSN 103.84 -2.44 CanNtlRlwy CNI 106.10 -1.35 ElbitSystems ESLT 395.93 -10.91 Infosys INFY 18.16 -0.08 MartinMarietta MLM 560.04 -3.58 SchwabC SCHW 87.58 -1.60 TevaPharm TEVA 16.55 -0.23 WestAllianceBcp WAL 71.85 -3.75
PackagingCpAm PKG 190.79 -2.78
Allstate ALL 205.31 -2.81 CanadianNatRscs CNQ 30.73 0.05 ElectronicArts EA 150.50 -1.42 IngersollRand IR 81.19 -1.73 MarvellTech MRVL 60.11 -1.31 Sea SE 163.26 0.85 TexasInstruments TXN 185.42 -3.29 WesternDigital WDC 49.49 -1.14
PalantirTech PLTR 120.58 -5.01
AllyFinancial ALLY 33.93 -1.73 CdnPacKC CP 81.02 -0.97 ElevanceHealth ELV 400.12 -12.37 Ingredion INGR 138.35 -2.60 Masco MAS 63.01 -2.89 Seagate STX 104.43 -2.54 TexasPacLand TPL 1355.66 -15.05 WesternMidstrm WES 38.49 -0.65
PaloAltoNtwks PANW 181.26 -13.22
AlnylamPharm ALNY 292.58 0.90 CapitalOne COF 186.93 -9.02 Embraer ERJ 47.79 -0.89 Insmed INSM 66.02 -2.49 Masimo MASI 149.39 -6.78 Sempra SRE 76.83 -1.40 TexasRoadhouse TXRH 187.10 -4.26 t Westlake WLK 73.66 -2.54
PanAmerSilver PAAS 24.10 0.30
Alphabet A GOOGL 168.56 4.58 EmersonElec EMR 116.15 -1.84 s Insulet PODD 324.50 -2.97 MasTec MTZ 155.34 -2.89 ServiceIntl SCI 77.45 -0.20 Textron TXT 73.38 -2.67 Weyerhaeuser WY 25.18 -1.03
CardinalHealth CAH 153.31 -1.46 ParamountA PARAA 22.57 -0.23
Alphabet C GOOG 170.06 4.74 Enbridge ENB 45.57 -0.04 Intel INTC 20.69 -0.58 Mastercard MA 569.54 -11.57 ServiceNow NOW 1014.76 -7.08 ThermoFisher TMO 398.28 -15.47 WheatonPrecMtls WPM 85.27 2.29
Carlisle CSL 389.00 -14.34 ParamountB PARA 11.89 0.02
Altria MO 59.45 -0.45 EncompassHealth EHC 119.85 -1.88 InteractiveBrkrs IBKR 205.27 -5.07 McCormickVtg MKC.V 72.50 -1.35 ServiceTitan TTAN 123.50 -3.21 ThomsonReuters TRI 195.17 -0.90 Williams WMB 57.93 -0.84
Carlyle CG 43.85 -2.86 ParkerHannifin PH 661.78 -18.27
Amazon.com AMZN 201.12 -2.95 EnergyTransfer ET 17.76 -0.38 ICE ICE 174.72 -1.57 McCormick MKC 72.54 -1.67 SharkNinja SN 97.29 -3.30 3M MMM 149.40 -4.75 Williams-Sonoma WSM 167.92 -4.60
CarMax KMX 63.34 -3.44 PAYX 156.22 -1.45
Ambev ABEV 2.51 -0.01 EnsignGroup ENSG 146.06 -3.09 InterContHtls IHG 117.63 -2.93 McDonald's MCD 316.44 -3.36 Paychex Shell SHEL 66.36 -0.26 Toast TOST 42.84 -1.48 WillisTowers WTW 310.83 -1.91
Carnival CCL 22.04 -0.86
MCK 718.73 -0.46 PaycomSoftware PAYC 257.25 -3.44
s
Amcor AMCR 9.18 -0.12 Entegris ENTG 72.43 -3.84 IBM IBM 260.87 -6.08 McKesson SherwinWilliams SHW 353.94 -5.16 TollBros TOL 104.01 -0.50 Wingstop WING 322.48 -5.30
Carnival CUK 19.92 -0.75 PCTY 196.54 -4.02
Amdocs DOX 91.72 0.73 Entergy ETR 82.57 -1.76 IntlFlavors IFF 77.07 -0.81 Medpace MEDP 295.77 -10.85 Paylocity Shift4Paymts FOUR 87.34 -2.92 TopBuild BLD 279.85 -11.38 WintrustFinl WTFC 118.13 -3.89
CarpenterTech CRS 230.29 -4.86 PYPL 71.65 -0.96
s AmerSports AS 37.00 -0.37 EnterpriseProd EPD 31.79 -0.40 IntlPaper IP 48.66 -1.35 Medtronic MDT 84.41 -1.96 PayPal ShinhanFin SHG 38.80 0.29 TorontoDomBk TD 64.78 -0.02 Wipro WIT 2.90 -0.01
CarrierGlobal CARR 72.09 -2.86 Pearson PSO 16.53 0.02
Interpublic IPG 24.28 -0.93 s MercadoLibre MELI 2601.97 22.76 Shopify SHOP 102.32 -4.11 TotalEnergies TTE 58.83 -0.57 Wix.com WIX 152.34 -29.40
Ameren AEE 96.50 -2.08 Carvana CVNA 292.09 -10.20 Equifax EFX 258.52 -18.50
AmericaMovil AMX 17.59 ... Intuit INTU 659.98 -11.18 Merck MRK 76.98 -0.99 Pegasystems PEGA 99.57 -3.72 SimonProperty SPG 158.12 -4.82 ToyotaMotor TM 184.47 -1.89 WoodsideEnergy WDS 13.80 -0.13
CaseysGenStores CASY 450.43 -8.21 Equinix EQIX 859.14 -12.06
AEP AEP 102.93 -0.80 IntuitiveSurgical ISRG 547.07 -10.09 MetaPlatforms META 635.50 -1.60 PembinaPipeline PBA 37.31 -0.27 SkechersUSA SKX 62.02 -0.04 TractorSupply TSCO 50.04 -1.56 Woodward WWD 207.87 -5.33
Caterpillar CAT 342.51 -6.98 Equinor EQNR 23.62 -0.04
AmerExpress AXP 286.00 -10.17 InvitatHomes INVH 33.58 -0.74 MetLife MET 77.90 -2.43 PenskeAuto PAG 162.16 -3.92 Skyworks SWKS 71.35 -1.93 TradeDesk TTD 74.47 -2.59 WooriFinl WF 39.12 0.08
Celestica CLS 114.03 1.37 Equitable EQH 51.84 -1.87 PNR 97.33 -2.44
AmericanFin AFG 122.86 -2.86 IonQ IONQ 33.54 -1.77 Mettler-Toledo MTD 1133.26 -52.74 Pentair SmithAO AOS 67.12 -2.50 Tradeweb TW 145.37 -1.44 Workday WDAY 268.54 -5.30
CelsiusHldg CELH 36.58 -1.50 EquityLife ELS 64.09 -1.25 PEN 270.39 -10.74
AmHomes4Rent AMH 37.91 -0.69 IronMountain IRM 96.12 -4.42 MicrochipTech MCHP 59.25 -1.55 Penumbra Smith&Nephew SNN 28.72 -0.69 s TraneTech TT 424.86 -4.94 WynnResorts WYNN 91.50 -2.27
Cemex CX 7.01 -0.02 EquityResdntl EQR 68.93 -2.18 PEP 130.15 -1.65
AIG AIG 82.63 -1.45 ItauUnibanco ITUB 6.65 -0.11 MicronTech MU 95.84 -2.26 PepsiCo SmithfieldFds SFD 23.00 -0.25 TransDigm TDG 1407.98 -21.59 XP XP 18.65 0.09
Cencora COR 291.36 -1.57 ErieIndemnity ERIE 353.99 -14.93 PerformanceFood PFGC 84.65 -2.86
AmerTowerREIT AMT 213.73 -1.67 Microsoft MSFT 452.57 -5.60 Smucker SJM 112.53 -2.42 TransUnion TRU 82.43 -7.96 XPO XPO 120.63 -3.81
CenovusEnergy CVE 13.26 -0.02 EssentialUtil WTRG 38.89 -0.42
AmerWaterWorks AWK 143.48 -0.34 Centene CNC 60.74 -1.22 EssexProp ESS 277.83 -9.67 J K L MicroStrategy MSTR 402.69 -14.23 PermianRscs PR 12.97 -0.29
SmurfitWestrock SW 44.49 -1.45 Travelers TRV 271.15 -2.56 XcelEnergy XEL 69.92 -2.40
Ameriprise AMP 511.12 -7.77 MidAmApt MAA 156.04 -4.31 PetroleoBrasil PBR 11.91 -0.11 Snap SNAP 8.28 -0.25 Trimble TRMB 70.76 -1.55 XPeng XPEV 22.25 2.56
CenterPointEner CNP 37.22 -0.24 EsteeLauder EL 63.66 -2.42 JD.com JD 33.65 -0.30
Ametek AME 177.68 -3.12 Middleby MIDD 145.01 -7.10 PetroleoBrasilA PBR.A 11.22 -0.08 Snap-On SNA 322.12 -4.61 Trip.com TCOM 62.25 -1.13 Xylem XYL 125.66 -1.35
CentraisElBras EBR 7.28 -0.09 EvercoreA EVR 224.07 -12.43 JPMorganChase JPM 261.04 -4.64 PFE 23.04 -0.48
Amgen AMGN 271.34 -3.67 MitsubishiUFJ MUFG 13.81 0.10 Pfizer Snowflake SNOW 179.12 -3.76 TruistFinl TFC 39.12 -1.56 YPF YPF 35.93 -0.57
CharterComms CHTR 415.44 -8.05 Everest EG 340.53 -6.98 Jabil JBL 165.20 -2.31
s Amphenol APH 85.69 -0.60 MizuhoFin MFG 5.47 0.17 PhilipMorris PM 174.64 0.52 SOQUIMICH SQM 33.50 -0.73 Twilio TWLO 114.55 -3.01 Yum!Brands YUM 146.43 -2.60
CheckPoint CHKP 220.95 0.03 Evergy EVRG 66.31 -1.17 JackHenry JKHY 182.98 -3.04
AnalogDevices ADI 222.22 -2.27 Mobileye MBLY 15.78 -0.27 Phillips66 PSX 111.78 -9.12
SoFiTech SOFI 12.80 -0.47 TylerTech TYL 566.82 -7.41 YumChina YUMC 42.78 -1.22
Chemed CHE 571.22 -10.26 EversourceEner ES 63.96 -1.59 JacobsSolns J 126.31 -1.81
AngloGoldAsh AU 43.23 -0.14 Moderna MRNA 25.80 -2.19 Pilgrim'sPride PPC 50.91 -0.30 Solventum SOLV 72.76 -1.94 TysonFoods TSN 56.31 -0.44 ZTO Express ZTO 17.03 -0.47
CheniereEnergy LNG 229.31 -3.64 ExactSciences EXAS 56.89 -0.92 JamesHardie JHX 23.87 -0.86 PinnacleFinPtrs PNFP 105.69 -4.16
s AB InBev BUD 68.80 0.24 MolinaHealthcare MOH 319.62 -6.53 Somnigroup SGI 64.58 -1.70 UBS Group UBS 31.97 -0.31 ZebraTech ZBRA 287.92 -9.05
CheniereEnerPtrs CQP 57.11 -1.31 Exelixis EXEL 43.72 -0.64 JefferiesFinl JEF 48.32 -2.36
AnnalyCap NLY 18.78 -0.91 MolsonCoorsB TAP 55.64 -1.31 PinnacleWest PNW 91.10 -1.46 Sony SONY 24.89 -0.91 UDR UDR 40.65 -1.35 Zillow C Z 65.25 -1.93
Chevron CVX 135.56 -1.71 Exelon EXC 44.19 -0.07 J&J JNJ 153.18 -0.48 PINS 32.22 -0.04
Ansys ANSS 343.00 -3.00 monday.com MNDY 291.90 -10.17 Pinterest SouthState SSB 87.89 -2.69 U-Haul UHAL 61.51 -2.76 Zillow A ZG 64.42 -1.91
Chewy CHWY 43.57 -0.55 s ExpandEnergy EXE 114.71 -0.21 JohnsonControls JCI 97.21 -0.44
AnteroMidstream AM 18.57 -0.26 Mondelez MDLZ 65.26 -0.61 PlainsAllAmPipe PAA 16.65 -0.35 Southern SO 89.66 -1.17 U-Haul N UHAL/B 54.68 -2.03 ZimmerBiomet ZBH 92.74 -2.61
Chipotle CMG 50.79 -0.68 Expedia EXPE 159.34 -3.18 JonesLang JLL 215.43 -13.33 PlainsGP PAGP 17.76 -0.33
AnteroResources AR 39.11 -0.66 MongoDB MDB 185.01 -3.93 SoCopper SCCO 90.93 -0.74 UL Solutions ULS 71.54 -0.22 Zoetis ZTS 161.44 -2.21
Chubb CB 290.42 -1.54 ExpeditorsIntl EXPD 113.47 -2.93 JuniperNetworks JNPR 35.99 -0.15
Aon AON 358.06 -4.37 MonolithicPower MPWR 678.62 -21.55 PlanetFitness PLNT 104.06 0.65 SouthwestAir LUV 31.76 -0.74 UMB Fin UMBF 102.37 -3.83 ZoomComms ZM 82.27 -0.83
ChunghwaTel CHT 43.95 0.16 ExtraSpaceSt EXR 145.41 -6.65 KB Financial KB 70.84 1.43 POOL 302.76 -11.69
s MonsterBev MNST 63.10 0.11 Pool
s APi Group APG 46.10 0.18 Church&Dwight CHD 95.83 -1.02 ExxonMobil XOM 103.66 -1.29 Spotify SPOT 643.00 -15.61 US Foods USFD 76.13 -1.71 s Zscaler ZS 248.72 -3.23
KE Holdings BEKE 18.36 -0.25 Moody's MCO 472.78 -14.21 Primerica PRI 272.08 -6.49
ApolloGlbMgmt APO 130.68 -8.61 Ciena CIEN 79.92 -1.13 F5 FFIV 286.26 -0.64 KKR KKR 117.76 -6.38 MorganStanley MS 125.30 -3.83 PrimoBrands PRMB 31.90 -0.50
Apple AAPL 202.09 -4.77 Cigna CI 317.09 -7.91 FTAI Aviation FTAI 114.52 -4.78 KLA KLAC 778.94 -11.35 Morningstar MORN 305.82 -4.62 PrincipalFinl PFG 77.36 -3.17
AppliedIndlTechs AIT 224.14 -5.27 CincinnatiFinl CINF 146.52 -3.65 Fabrinet FN 226.97 -1.32
ApplMaterials AMAT 162.23 -3.50
AppLovin APP 358.35 -4.70
Cintas CTAS 221.05 -1.82 FactSet
FairIsaac
FDS 464.31 -5.85
FICO 1707.94-319.06
KT
Kanzhun
KT
BZ
19.39 -0.13
17.90 -0.21
Mosaic MOS 35.54 0.01 ProcoreTech PCOR 67.31 -2.32
MotorolaSol MSI 426.44 3.51 Procter&Gamble PG 165.43 -0.21 Cash Prices Wednesday, May 21, 2025
CiscoSystems CSCO 63.20 -0.22 Kaspi.kz KSPI 80.85 -1.45 MrCooper COOP 125.50 -6.16 Progressive PGR 281.00 -4.63
Aptargroup ATR 156.45 -2.08 Citigroup C 73.42 -2.48 Fastenal FAST 81.46 -0.46 Kellanova K 82.13 -0.38 MuellerIndustries MLI 77.41 -0.48 Prologis PLD 104.67 -4.06
These prices reflect buying and selling of a variety of actual or “physical”
Aptiv APTV 66.96 -0.53
Aramark ARMK 38.94 -0.84
CitizensFin CFG 39.64 -1.66 FederalRealty FRT 93.86 -2.58 Kenvue KVUE 24.00 -0.13 MurphyUSA MUSA 442.97 -13.43 PrudentialFinl PRU 101.80 -4.07 commodities in the marketplace—separate from the futures price on an
CleanHarbors CLH 228.12 -5.38 FedEx FDX 216.81 -4.33 KeurigDrPepper KDP 33.59 -0.28 NICE 162.02 -4.46 Prudential PUK 22.74 -0.39
ArcelorMittal MT 30.84 -0.30 Clorox CLX 131.87 -3.64 FergusonEnts FERG 178.64 -3.41
NICE exchange, which reflects what the commodity might be worth in future
KeyCorp KEY 15.61 -0.68 NIO NIO 3.94 -0.02 PSEG PEG 77.89 -1.48
ArchCapital ACGL 92.85 -1.34 Cloudflare NET 156.52 -0.90 Ferrari RACE 496.12 -2.90 KeysightTech KEYS 162.47 -0.33 NNN REIT NNN 41.09 -0.74 PublicStorage PSA 295.86 -11.96 months.
ADM ADM 48.30 -1.35 Coca-Cola KO 71.85 0.16 Ferrovial FER 52.58 -0.05 KimberlyClark KMB 141.07 -0.56 NRG Energy NRG 155.47 -4.21 PulteGroup PHM 99.10 -2.21 Wednesday Wednesday
AresMgmt ARES 158.98 -7.05 Coca-ColaCon COKE 1137.97 -22.03 FidNatlFinl FNF 54.16 -2.27 KimcoRealty KIM 20.61 -0.69 NVR NVR 7078.09-128.69 PureStorage PSTG 55.40 -1.14
argenx ARGX 584.95 6.64 FidNatlInfo FIS 79.17 -1.43
AristaNetworks ANET 92.43 -3.24
CocaColaEuropac CCEP 88.94 0.38
FifthThirdBncp FITB 37.59 -1.48
KinderMorgan KMI 27.47 -0.51 NXP Semicon NXPI 205.35 -4.73 QXO QXO 17.06 -1.29 Energy Grains and Feeds
CognizantTech CTSH 79.99 -1.00 KinrossGold KGC 14.64 0.27 Nasdaq NDAQ 80.64 -1.19 Qiagen QGEN 42.32 -0.38
Arm ARM 130.45 -0.59 Coherent COHR 79.56 0.11 FirstCitizBcshA FCNCA 1841.77 -76.43 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 79.000 Bran,wheat middlings, KC-u,w 75
KinsaleCapital KNSL 464.03 -12.32 Natera NTRA 151.09 -3.44 Qualcomm QCOM 151.31 -2.51
AscendisPharma ASND 158.10 -3.47 FirstHorizon FHN 19.43 -0.63 Corn,No. 2 yellow,Cent IL-bp,u 4.4200
CoinbaseGlbl COIN 258.99 -2.39 Klaviyo KVYO 33.01 -1.00 NationalGrid NGG 73.57 0.15 QuantaServices PWR 341.23 -3.73 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300
Assurant AIZ 192.63 -8.02 FirstSolar FSLR 163.37 -3.85
ColgatePalm CL 91.67 -0.32 Corn gluten feed,Midwest-u,w 107.0
AsteraLabs ALAB 92.17 -2.29 Comcast A CMCSA 35.10 -0.49 FirstEnergy FE 42.27 -0.46 Metals Corn gluten meal,Midwest-u,w 437.8
AstraZeneca AZN 69.68 -0.24
Atlassian TEAM 209.17 -5.32
ComfortSystems FIX 465.25 -7.32
CommerceBcshrs CBSH 63.19 -1.80
FirstService FSV 173.04 -3.30
Fiserv FI 162.22 -3.65
IPO Scorecard Gold, per troy oz Cottonseed meal-u,w n.a.
Hominy feed,Cent IL-u,w 114
AtmosEnergy ATO 156.96 -2.14 CommvaultSys CVLT 174.40 -5.11 Flex FLEX 41.18 -1.09 Performance of IPOs, most-recent listed first Engelhard industrial 3306.00
Meat-bonemeal,50% pro Mnpls-u,w 190
AuroraInnov AUR 6.06 -0.19 s SABESP SBS 20.88 -0.11 Floor&Decor FND 74.42 -4.80 % Chg From % Chg From LBMA Gold Price AM *3238.45
Autodesk ADSK 292.93 -2.91 Oats,No.2 milling,Mnpls-u 4.0950
ConagraBrands CAG 22.48 -0.61 FlutterEnt FLUT 239.96 -6.93 Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day LBMA Gold Price PM *3261.55
Autoliv ALV 100.54 -0.74 Rice, Long Grain Milled, No. 2 AR-u,w 34.88
ConocoPhillips COP 87.15 -2.54 FEMSA FMX 107.43 -0.41 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Krugerrand,wholesale-e 3464.10
s ADP ADP 322.63 -0.17 Sorghum,(Milo) No.2 Gulf-u n.a.
ConEd ED 105.22 -0.49 FordMotor F 10.48 -0.24 Maple Leaf-e 3546.98
AutoZone AZO 3872.60 -7.55 FTNT 102.84 -1.95
Armada Acquisition II 10.02 0.2 ... Arrive AI 9.43 –27.5 –28.8 SoybeanMeal,Cent IL,rail,ton48%-u,w 288.90
ConstBrands A STZ 185.70 -3.67 Fortinet
AACIU May 21/$10.00 ARAI May 15/$13.00 American Eagle-e 3546.98
Avalonbay AVB 201.74 -6.85
ConstellationEner CEG 287.11 -5.29 Fortis FTS 48.15 0.36 Soybeans,No.1 yllw IL-bp,u 10.4800
Mexican peso-e 4276.59
Avantor AVTR 12.55 -0.92 Cooper COO 79.37 -2.13 Fortive FTV 70.10 -1.85 OFA Grp 4.68 17.0 ... Renatus Tactical Acquisition I 11.45 14.5 2.3 Wheat,Spring14%-pro Mnpls-u 8.4425
Austria crown-e 3252.29
AveryDennison AVY 180.12 -3.85 Copart CPRT 61.09 -0.53 FoxB FOX 50.85 -1.31 OFAL May 21/$4.00 RTACU May 15/$10.00 Wheat,No.2 soft red,St.Louis-u 5.4175
s AxonEnterprise AXON 735.38 -7.37 Austria phil-e 3480.68 Wheat - Hard - KC (USDA) $ per bu-u 5.5050
CorceptTherap CORT 75.80 -0.42 FoxA FOXA 55.14 -1.36 ProCap Acquisition 10.70 7.0 ... Thayer Ventures Acquisition II 10.07 0.6 0.3
BCE BCE 21.47 -0.19 Core&Main CNM 52.69 -0.84 Franco-Nevada FNV 165.67 1.11 Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 6.3000
BHP Group BHP 49.34 -0.38 PCAPU May 21/$10.00 TVAIU May 15/$10.00 Engelhard industrial 33.4000
CorebridgeFin CRBG 31.71 -1.21 FranklinRscs BEN 21.61 -0.56
BJ'sWholesale BJ 117.50 -1.58 s CoreWeave CRWV 107.39 17.15 s FreedomHolding FRHC 177.89 -5.18 Columbus Circle Capital I 10.12 1.2 0.2 Antalpha Platform Holding 12.72 –0.6 –22.3 Handy & Harman base 33.4250 Food
BP BP 28.88 -0.32
FreeportMcM FCX 38.01 -0.39 CCCMU May 16/$10.00 ANTA May 14/$12.80 Handy & Harman fabricated 41.7810
Corning GLW 48.18 0.20
BWX Tech BWXT 107.39 -2.82 Beef,carcass equiv. index
Corpay CPAY 328.00 -12.83 s FreseniusMedCare FMS 29.80 -0.05 Wen Acquisition 10.39 3.9 –0.7 Churchill Capital X 10.39 3.9 0.8 LBMA spot price *£24.3200
BXP BXP 64.99 -2.61 choice 1-3,600-900 lbs.-u 345.46
s Corteva CTVA 68.96 -0.22 FrontierComms FYBR 36.77 -0.06 WENNU May 16/$10.00 CCCXU May 14/$10.00 (U.S.$ equivalent) *32.5000
Baidu BIDU 85.48 -3.86 FullTruck YMM 11.91 -0.18 select 1-3,600-900 lbs.-u 331.68
CoStar CSGP 73.96 -2.41 Coins,wholesale $1,000 face-a 25205
BakerHughes BKR 36.65 -0.69 Broilers, National comp wtd. avg.-u,w 1.3529
Costco COST 1025.30 -11.52
Ball BALL 53.83 -0.50 G H I Sources: Dow Jones Market Data; FactSet Other metals
CoterraEnergy CTRA 24.49 -0.39 Butter,AA Chicago-d 2.3425
s BBVA BBVA 15.33 -0.24 LBMA Platinum Price PM *1025.0
Coupang CPNG 27.38 0.26 s GE Aerospace GE 233.54 -1.72 Cheddar cheese,bbl,Chicago-d 186.25
BancoBradesco BBDO 2.47 -0.01
Crane CR 170.64 -4.57
LBMA Palladium Price PM *996.0 Cheddar cheese,blk,Chicago-d 193.50
GE HealthCare GEHC 69.58 -2.27
Dividend Changes 1071.0
BancodeChile BCH 31.27 0.24 Platinum,Engelhard industrial
BancSanBrasil BSBR 5.26 -0.10
Credicorp BAP 200.47 1.60 s GE Vernova GEV 453.03 2.99 Milk,Nonfat dry,Chicago lb.-d 122.50
CredoTech CRDO 60.45 -1.66 Palladium,Engelhard industrial 1040.0 Coffee,Brazilian,Comp-y 3.7781
BcoSantChile BSAC 25.20 -0.12 GFLEnvironmental GFL 49.58 -0.38
CrowdStrike CRWD 434.74 -7.51 GSK GSK 38.54 0.14
Aluminum, LME, $ per metric ton *2458.5 Coffee,Colombian, NY-y 3.9566
s BancoSantander SAN 7.92 -0.04 Amount Payable /
CrownCastle CCI 101.52 -1.40 Gallagher AJG 337.53 -2.80 Copper,Comex spot 4.6380 Eggs,large white,Chicago-u,w 3.6150
BankofAmerica BAC 43.25 -1.44 Company Symbol Yld % New/Old Frq Record
BankMontreal BMO 103.38 -0.15
Crown Holdings CCK 98.37 -0.67 GameStop GME 28.05 -0.46 Iron Ore, 62% Fe CFR China-s *100.1 Flour,hard winter KC-p 15.35
CubeSmart CUBE 41.57 -1.85 Steel, HRC USA, FOB Midwest Mill-s *885.0
BankNY Mellon BK 88.90 -1.20 Gaming&Leisure GLPI 46.38 -0.92 Increased Hams,17-20 lbs,Mid-US fob-u n.a.
Cullen/Frost CFR 126.58 -4.92
BankNovaScotia BNS 51.54 -0.11 Gap GAP 27.51 -0.20 Nicolet Bankshares NIC 0.9 .32 /.28 Q Jun13 /Jun02 Battery/EV metals Hogs,Iowa-So. Minnesota-u 90.69
Cummins CMI 323.21 -8.34 Garmin GRMN 200.74 -3.02
s Barclays BCS 17.57 -0.28
s Curtiss-Wright CW 415.43 -3.61 Northrop Grumman NOC 2.0 2.31 /2.06 Q Jun18 /Jun02 BMI Lithium Carbonate, EXW China, =99.5%-v,w 8825 Pork bellies,12-14 lb MidUS-u n.a.
BarrickMining B 18.82 0.15 Gartner IT 442.91 -4.99 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 8875 Pork loins,13-19 lb MidUS-u 1.0473
CyberArkSoftware CYBR 354.07 -1.19 GenDigital GEN 27.60 -0.81
BaxterIntl BAX 30.43 -1.03 Reduced BMI Cobalt sulphate, EXW China, >20.5% -v,w 6603 Steers,Tex.-Okla. Choice-u n.a.
GeneralDynamics GD 277.70 -3.87
BectonDicknsn BDX 173.14 -3.53 D E F GeneralMills GIS 53.36 -1.43
Carter's CRI 9.9 .25 /.80 Q Jun20 /Jun02 BMI Nickel Sulphate, EXW China, >22%-v,k 3814 Steers,feeder,Okla. City-u,w 357.25
BeiGene ONC 236.49 -0.37
GeneralMotors GM 49.37 -0.84 Valley Natl Bncp Pfd B VLYPO 9.2 .5143 /.5162 Q Jun30 /Jun13 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435
BellRing BRBR 62.14 -3.18 DTE Energy DTE 136.11 -2.28 Fats and Oils
BentleySystems BSY 47.31 -0.75 DT Midstream DTM 102.47 -2.08 Genmab GMAB 20.52 0.19
Stocks Fibers and Textiles
Berkley WRB 73.20 -0.35 Danaher DHR 186.81 -10.96 Genpact G 43.67 -0.77 Degummed corn oil, crude wtd. avg.-u,w n.a.
Darden DRI 203.14 -3.90 GenuineParts GPC 125.09 -2.93 AIFU AIFU 1:20 /May21 Burlap,10-oz,40-inch NY yd-n,w 0.8775 Grease,choice white,Chicago-h 0.5450
BerkHathwy B BRK.B 507.03 -1.71
BerkHathwy A BRK.A 761380-940.00 Datadog DDOG 113.69 -2.60 GileadSciences GILD 107.72 -1.39 Lyra Therapeutics LYRA 1:50 /May28 Cotton,1 1/16 std lw-mdMphs-u 0.6432 Lard,Chicago-u n.a.
BestBuy BBY 70.15 -1.00 DaVita DVA 140.85 -4.92 GitLab GTLB 47.60 -2.56
Foreign Cotlook 'A' Index-t *77.60 Soybean oil,crude;Centl IL-u,w 0.4870
Biogen BIIB 126.82 -3.73 Dayforce DAY 57.55 -1.28 GlobalPayments GPN 75.72 -4.01 Hides,hvy native steers piece fob-u n.a. Tallow,bleach;Chicago-h 0.5850
BioMarinPharm BMRN 58.48 -1.45 DeckersOutdoor DECK 123.36 -5.48 GlobalFoundries GFS 37.75 -1.37 BW LPG BWLP 22.2 .28 Q Jun12 /May30
Wool,64s,staple,Terr del-u,w 3.01 Tallow,edible,Chicago-u n.a.
BioNTech BNTX 99.09 -2.63 Deere DE 514.66 -11.67 GlobeLife GL 120.20 -1.99 Elbit Systems ESLT 0.6 .60 Q Jul07 /Jun24
Birkenstock BIRK 55.01 -1.43 DellTechC DELL 111.93 -2.30 GlobusMedical GMED 59.28 -2.32 Vodafone Group ADR VOD 6.6 .23549 SA Aug01 /Jun06
BLK 972.83 -24.88 DeltaAir DAL 48.27 -1.71 GoDaddy GDDY 183.49 -4.66 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
BlackRock Note: Dividend yields as of 3:30 p.m. ET Brookes; H=American Commodities Brokerage Co;
Blackstone BX 137.49 -6.71 DescartesSystems DSGX 113.47 -0.67 GoldFields GFI 22.02 0.03 Sources: FactSet; Dow Jones Market Data K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
BlockHR HRB 58.17 0.16 s DeutscheBank DB 28.45 -0.02 GoldmanSachs GS 593.46 -13.06 S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
Block XYZ 55.44 -1.90 DevonEnergy DVN 31.50 -0.67 Grab GRAB 4.81 -0.13 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Coffee Organization; Z=not quoted. *Data as of 5/20
BlueOwlCapital OWL 18.13 -0.92 DexCom DXCM 84.89 -2.45 Graco GGG 84.62 -2.14 spin-off. Source: Dow Jones Market Data

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
NatWest NWG 14.13 0.1 UYScutiAcqn UYSCU 10.19 0.3 BigTreeCloudWt DSYWW 0.02 -21.9 FemtoTech FMTO 4.50 -6.0 LogProstyle LGPS 0.82 -6.6 Sadot SDOT 1.18 -3.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Netflix NFLX 1211.22 0.2 UnvlTechInst UTI 35.99 -0.2 BoltProjects BSLK 3.86 -19.6 Fluent FLNT 1.98 -7.4 MackenzieRealty MKZR 0.97 -5.8 SCWorx WORX 0.42 -9.9
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest NeuroPace NPCE 18.98 0.8 VeronaPharma VRNA 75.60 -0.9 BorrDrilling BORR 1.59 -4.7 FordMotor6.2%Nt FpB 19.87 -1.9 Magnera MAGN 12.04 -5.8 SeraPrognostics SERA 1.90 -9.4
session. % CHG-Daily percentage change from the previous trading session. NewGold NGD 4.31 3.4 ViaRenewablesPfdA VIASP 25.18 -0.9 BrandEngageWt BNAIW 0.01 -33.3 Fortrea FTRE 4.19 -10.4 MainzBiomed MYNZ 2.05 -10.3 ShuttlePharm SHPH 0.18 -7.2
NuvveHoldingWt NVVEW 0.14 131.7 VistaGold VGZ 1.30 2.5 BrazilPotash GRO 1.29 -8.3 Founder FGL 0.70 -22.3 MannKind MNKD 4.14 -4.2 SigmaLithium SGML 5.42 -5.3
Wednesday, May 21, 2025 OFA Group OFAL 9.79 17.0 VizslaSilver VZLA 2.70 4.7 BrookfldBRP7.25Nt BEPJ 23.53 -1.0 GCT Semiconductor GCTS 1.03 -9.3 Marcus&Millichap MMI 28.02 -4.0 SiloPharma SILO 0.44 -8.8
OR Royalties OR 25.15 2.3 Vodafone VOD 10.51 0.3 BrookfieldNts2084 BIPJ 22.19 -1.1 GEN Restaurant GENK 3.55 -5.9 MicroCloudHologram HOLO 5.70 -8.3 Silynxcom SYNX 1.66 -6.2
52-Wk % 52-Wk % 52-Wk % SmithDouglas SDHC 16.31 -2.4
OkyoPharma OKYO 1.98 -10.8 Willdan WLDN 51.50 1.4 CN Energy CNEY 2.53 -6.7 GlobalMedREIT GMRE 6.26 -5.1 ModivCare MODV 0.87 -7.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SolarBank SUUN 1.70 -7.5
PaycomSoftware PAYC 261.69 -1.3 Zscaler ZS 253.94 -1.3 CO2EnTransitionWt NOEMW 0.04 -2.3 GoHealth GOCO 5.93 -6.7 MorganStanleyPfdA MSpA 20.50 -0.8
CoeurMining CDE 7.98 -0.5 GSRIIIAcqn GSRTU 10.79 0.9 Prenetics PRE 8.58 10.8 CableOne CABO 148.10 -10.2 GoldenHeaven GDHG 4.70 -15.1 MorganStanleyPfdL MSpL 19.30 -1.9 SouthernNts2020C SOJE 17.25 -2.1
Highs ColombierAcqnIIA CLBR 13.91 2.7 GigCapital7Wt GIGGW 0.10 ... ProCapAcqn PCAPU 11.20 7.0 Lows Caesarstone CSTE 1.78 -5.8 GoldenMatrix GMGI 1.37 -4.7 Movano MOVE 0.55 -19.0 Stagwell STGW
SuncoastSelGrw SEMG
4.68
25.15
-5.8
-0.9
ColombierAcqnIIWt CLBR.WS 2.54 5.0 Haleon HLN 11.15 0.7 ProtagenicWt PTIXW 0.49 183.3 Campbell's CPB 34.21 -4.1 HealthcareRealty HR 14.36 -4.1 NetPower NPWR 1.50 -5.7
Aegon AEG 7.09 -0.7 AIFU AIFU 1.50 -7.2 Sweetgreen SG 12.81 -10.6
ColumbusAcqnRt COLAR 0.20 15.1 HalladorEnergy HNRG 19.71 3.2 RB Global RBA 109.25 -1.0 Carter's CRI 31.46 -12.6 HealthpeakProp DOC 16.82 -3.8 NaborsIndustries NBR 24.40 -8.7
Aether ATHR 17.24 30.3 AlxOncology ALXO 0.41 -4.6 TNF Pharm TNFA 0.15 -14.1
SABESP SBS 21.10 -0.5 ING Groep ING 21.76 -0.6 RELX RELX 55.58 0.2 Cel-Sci CVM 3.85 -11.7 Helm&Payne HP 15.21 -5.6 NewGenIvf NIVF 2.56 -9.3
AldelFinII Wt ALDFW 0.53 30.0 AT&T Nts 2066 TBB 21.73 -1.2 TOP Ships TOPS 5.26 -2.7
CoreWeave CRWV 109.49 19.0 Immucell ICCC 6.45 10.8 RTX RTX 138.82 -1.6 CenturyComm CCS 51.75 -4.2 HiRollerTech ROLR 2.01 -8.6 NextEraEnerDebU NEEpU 24.81 -0.2
AmerSports AS 38.42 -1.0 ATN Intl ATNI 13.79 -2.6 TelomirPharm TELO 2.11 -7.0
Corteva CTVA 69.42 -0.3 Insulet PODD 329.33 -0.9 RedViolet RDVT 50.13 1.1 CERoTherap CERO 0.52 -8.9 HighestPerf MAAS 3.19 -14.4 NineEnergy NINE 0.51 -10.2
Amphenol APH 87.22 -0.7 Curtiss-Wright CW 423.77 -0.9 Intellicheck IDN 4.77 7.1 AirJouleTech AIRJ 3.92 -8.7 3D Systems DDD 1.61 -6.9
RithmAcqn RAC.U 10.20 -0.1 Clarus CLAR 3.02 -1.9 Hongli HLP 0.72 -38.4 OFA Group OFAL 3.75 17.0
AB InBev BUD 69.05 0.4 D-WaveQuantum QBTS 17.80 -7.2 IntercorpFinSvcs IFS 36.40 ... AlexandriaRlEst ARE 68.53 -5.0 TopKingWin WAI 1.75 -5.9
Roblox RBLX 83.04 -0.7 Clene CLNN 2.40 -3.8 HudsonPacProp HPP 1.87 -4.5 OfficePropIncm OPI 0.18 -8.5
APi Group APG 48.08 0.4 Dave DAVE 201.16 -1.2 iRhythmTechs IRTC 142.99 -0.9 AmFinDeb AFGE 16.24 -2.0 TreasureGlobal TGL 1.50 -5.6
Rubrik RBRK 89.84 -1.4 CN Finance CNF 0.57 -9.1 Icon ICLR 126.40 -4.1 OncolyticsBio ONCY 0.41 -2.0
Argan AGX 197.63 1.8 AmSharedHosp AMS 2.38 -0.4 TruGolf TRUG 0.20 -5.1
DaveWt DAVEW 1.32 -4.5 KingswayFin KFS 11.84 1.0 Ryanair RYAAY 55.63 1.8 Co-Diagnostics CODX 0.25 -7.3 Imunon IMNN 0.40 -9.8 Outbrain OB 2.66 -4.0
ArisMining ARMN 6.40 1.5 AppliedDNA APDN 0.56 -2.8 TwistBiosci TWST 28.37 -7.9
DeFiDevt DFDV 37.59 39.4 KoreaElecPwr KEP 10.86 1.6 SellasLifeSci SLS 2.07 -12.4 CompassPfdA CODIpA 11.09 -7.4 InspiraTechWt IINNW 0.13 -7.0 Paysafe PSFE 11.74 -5.5
ArmadaAcqnII AACIU 10.05 0.2 ArborRealty ABR 9.00 -9.3 UWM UWMC 3.93 -6.4
DeutscheBank DB 29.07 -0.1 LatamAirlines LTM 37.26 -1.0 SanJuanBasin SJT 6.91 5.4 CompassPfd CODIpB 12.75 -10.8 IspireTechnology ISPR 2.47 0.4 PerfectMoment PMNT 0.63 -3.8
AssetEntities ASST 10.90 3.9 ArborRealtyPfdE ABRpE 16.30 -1.1
UroGenPharma URGN 3.42 -44.7
DuneAcqnII IPODU 10.05 ... Life360 LIF 63.68 -0.1 Sezzle SEZL 104.10 ... CompassPfdC CODIpC 12.44 -11.0 JELD-WEN JELD 3.56 -7.5 PetrosPharm PTPI 0.06 -46.5
ADP ADP 323.66 -0.1 VyneTherap VYNE 1.00 -13.0
DycomInds DY 228.66 15.8 LifeMD LFMD 11.39 1.2 Sibanye-Stillwater SBSW 5.97 3.2 ArriveAI ARAI 9.38 -4.7 ConduitPharm CDT 4.72 -17.9 JackintheBox JACK 19.88 -9.3 Polyrizon PLRZ 0.00 3.8
AxonEnterprise AXON 748.80 -1.0
Veritone VERI 1.62 -5.7
EdibleGardenWt EDBLW 0.36 229.6 Limbach LMB 129.40 -1.1 SizzleAcqnII SZZLU 10.08 0.1 AspireBiopharma ASBP 0.22 -6.5 CostamareBulkers CMDB 9.40 -4.6 JPMorganPfdDD JPMpD 23.95 -1.5 PrudentialNts2060 PFH 16.75 -2.4 BerkleyDeb60 WRBpG 15.82 -1.7
BBVA BBVA 15.66 -1.5 Evertec EVTC 38.56 -1.6 LloydsBanking LYG 4.26 -0.2 Sprott SII 57.76 0.4 AtheneDeb2064 ATHS 24.45 -1.1 Criteo CRTO 26.36 -3.8 JPMorganPfdGG JPMpJ 19.42 -1.8 Pulmonx LUNG 3.10 -6.3 BerkleyDeb61 WRBpH 15.49 -2.3
BancoSantander SAN 8.03 -0.5 EvolvTech EVLV 6.15 7.4 Marwynn MWYN 10.88 24.5 Strattec STRT 54.01 5.4 AtlasClear ATCH 0.19 -11.2 Currenc CURR 0.51 -18.9 JPMChasePfdJJ JPMpK 18.50 -1.7 PursuitAttract PRSU 27.28 -4.2 Walker&Dunlop WD 67.14 -6.2
Barclays BCS 17.89 -1.6 EvolvTechWt EVLVW 0.59 3.6 MercadoLibre MELI 2625.11 0.9 TMCthemetals TMC 4.84 -1.8 Azul AZUL 0.45 -13.3 CyclacelPharm CYCC 1.53 -10.3 JPMorganPfdMM JPMpM 17.25 -2.1 QVCA QVCGA 0.10 -4.3 WebusIntl WETO 2.34 -22.6
BiosigTech BSGM 3.45 7.8 ExpandEnergy EXE 116.46 -0.2 MetalphaTechnology MATH 2.91 18.1 TMCtheMtlsWt TMCWW 1.09 12.3 B&G Foods BGS 4.02 -3.1 CytekBiosci CTKB 2.47 -6.8 JPMChasePfdLL JPMpL 18.91 -1.9 RackspaceTech RXT 1.11 -5.8 WenAcqn WENNU 10.31 -0.4
BitcoinDepotWt BTMWW 0.20 13.4 FGMergerII FGMCU 9.98 -0.1 MicroStrategyPfdA STRK 101.13 0.8 Ericsson ERIC 8.99 1.0 BankofAmNt66 MERpK 25.11 -0.6 DigitalAlly DGLY 0.03 -16.7 KWaveMedia KWM 1.56 -0.6 reAlphaTech AIRE 0.49 -4.9 Wendy's WEN 11.58 -5.1
BritishAmTob BTI 44.79 ... FennecPharm FENC 8.41 1.5 MicroStrategyPfdA STRF 102.30 1.9 TencentMusic TME 17.30 -0.1 BankofAmPfdGG BACpB 24.14 -1.4 DocGo DCGO 1.28 -7.9 KalarisTherap KLRS 2.88 -10.5 Renovaro RENB 0.28 -0.3 Westlake WLK 73.63 -3.3
CFSB Bancorp CFSB 13.78 67.0 FreedomHolding FRHC 185.00 -2.8 Microvast MVST 3.85 -5.3 ThredUp TDUP 7.34 -1.8 BankofAmPfdKK BACpM 21.28 -1.6 ECDAutoDesign ECDA 0.26 -9.4 KraftHeinz KHC 26.62 -4.6 ReShapeLife RSLS 5.00 -13.5 WiMiHologram WIMI 3.30 -9.9
Calix CALX 47.31 0.4 FreseniusMedCare FMS 30.46 -0.2 MillicomIntl TIGO 37.09 -0.2 ThumzupMedia TZUP 9.74 9.6 BkofAmericaPfdNN BACpO 17.24 -1.6 ESSTech GWH 1.78 -6.1 KrystalBiotech KRYS 125.34 -3.7 RingEnergy REI 0.74 -4.2 WingYipFood WYHG 1.22 -5.2
CapitalBancorp CBNK 34.31 -2.1 FuelTech FTEK 1.80 3.9 MillroseProp MRP 28.99 -1.7 TraneTech TT 433.60 -1.1 BankofAmPfdPP BACpP 16.23 -1.9 EvolentHealth EVH 8.00 -8.8 LGI Homes LGIH 51.57 -5.3 RumbleON RMBL 1.91 -2.9 Wolfspeed WOLF 0.82 -59.1
CapCleanEn CCEC 24.33 -1.4 GE Aerospace GE 237.30 -0.7 MirionTech MIR 18.90 3.4 TranslationalDev TDAC 10.24 0.5 BankofAmPfdQQ BACpQ 16.61 -1.5 FatBrandsPfdB FATBP 2.70 -6.9 LeeEnterprises LEE 6.78 -4.6 SCETrustVIIPfd SCEpM 22.02 -0.2 ZoozPower ZOOZ 1.11 -9.2
ChainBridgeBncp CBNA 27.89 -0.3 GE Vernova GEV 463.00 0.7 MonsterBev MNST 63.49 0.2 TvardiTherap TVRD 33.66 18.0 BankofAmPfdSS BACpS 18.70 -1.8 FoxoTech FOXO 0.57 -10.5 Lifeward LFWD 1.18 -5.6 SKK SKK 0.55 -2.1 ZimVie ZIMV 8.52 -4.1
B10 | Thursday, May 22, 2025 * ** THE WALL STREET JOURNAL.

MARKETS

Critical Minerals Supply Faces Risk STOCK

SPOTLIGHT
Target
China and other key and refining,” said Fatih Birol, Investment in critical tial raw materials used in exposed to supply risks. An The retailer posted weaker-
executive director of the IEA. minerals mining high-tech manufacturing, from IEA review of global mining than-expected sales and cut
players tightened However, capital costs in al- $54.6B green-energy technologies to projects points to a 30% sup- its annual forecast, citing
their grip on market ternative regions are typically $60 billion +5%* artificial intelligence and de- ply deficit by 2035, driven by uncertainty around tariffs
50% higher than those for es- fense. The term isn’t scientific, declining resource quality, ris- and consumer demand.
in recent years tablished producers, while a 50 but each country defines its ing capital costs and limited Shares fell more than 5%.
surge in export restrictions— own list of critical minerals new discoveries.
BY GIULIA PETRONI now affecting more than half based on strategic and eco- “Let’s not forget that it Lowe’s
40
of the 20 critical minerals—is nomic priorities. takes about 17 years from the The home-improvement
Critical mineral supplies are adding pressure to supplies. Demand for key minerals discovery of a mine to having retailer maintained its annual
increasingly concentrated in a “The uncertainty over tar- 30 crucial to the energy transition the first product produced,” outlook, though sales fell last
handful of countries, with the iffs and the broader economic has surged in recent years, Birol said. “So we’re seeing quarter. Shares slipped 1.7%.
threat of disruption growing outlook is creating a challeng- 20 mainly driven by electric vehi- major challenges for the avail-
as export bans multiply and ing environment for investors, cles, battery storage, renew- ability and price of copper in TJX
diversification efforts face stiff potentially deterring some %0 ables and grid networks. In the years to come.” T.J. Maxx’s parent held its
hurdles, according to a report critical mineral supply proj- 2024, lithium demand jumped Governments worldwide are annual guidance for
on the sector by the Interna- ects, including for minerals nearly 30%, while demand for ramping up efforts to secure comparable sales, assuming
tional Energy Agency. like copper and lithium which 0 nickel, cobalt, graphite and critical mineral supplies U.S.-China tariff levels hold.
The grip of key players on face medium-term supply defi- 202% ’22 ’23 ’24 rare earths rose 6% to 8%. through public funding, strate- Its earnings outlook for this
the market has tightened in cits,” the agency said. *Change from previous year Source: IEA Meanwhile, investment mo- gic partnerships and policy re- quarter missed expectations,
recent years. China is the lead- After the U.S. imposed new mentum has slowed. Capital forms. sending shares 2.9% lower.
ing refiner for 19 of the 20 tariffs on China last month, creases, but it is not taken for spending on critical minerals The U.S. issued executive
strategic minerals tracked by Beijing tightened export con- granted that this won’t be a grew just 5% in 2024, down orders to expedite permitting Wolfspeed
the IEA and accounted for up trols on rare earths, worrying major headache,” Birol said. from 14% a year earlier. Explo- and increase investments in The semiconductor-
to roughly 80% of global sup- manufacturers and accelerat- “Many countries now are ration activity plateaued in domestic projects, calling for component maker is
ply growth of copper and lith- ing their search for non-Chi- putting an emphasis on critical 2024—marking a pause in the the mining of the deep sea as preparing to file for
ium between 2020 and 2024. nese suppliers. Some rare- minerals in trade policies and upward trend seen since part of a broader effort to bankruptcy in a matter of
“If countries want to catch earth exports have resumed negotiations…I very much 2020—and startup funding be- break China’s dominance over weeks. Its shares plummeted
up with China, they have to this month, but uncertainty re- hope that, as a result of that, gan to show signs of cooling. the sector. The Trump admin- 59%.
make sure government policies mains high. we will see more diversifica- Among critical minerals istration also struck a deal giv-
are there to support new en- “For the time being, we ha- tion.” needed for the energy transi- ing the U.S. access to Ukraine’s Alphabet
trants, both in terms of mining ven’t seen major price in- Critical minerals are essen- tion, copper is one of the most mineral wealth. Shares of Google’s parent
rallied 2.8%, following losses
Tuesday after it unveiled a

China Firms more transactions like this cer-

tainly because crypto is hot.”
The moves demonstrate
Share-price performance,
year to date
%00% GD Culture Group
Price of $TRUMP memecoin

$50
Companies switched from
whatever they were doing to-
ward cryptocurrencies, with
series of AI initiatives.
Investors are concerned
artificial intelligence may

Buy Trump how Trump’s embrace of

crypto has unlocked new ave-
nues for companies and inves- 75
Addentax Group

40
the most notorious instance
being Long Island Iced Tea
changing its name to Long
undermine Google’s lucrative
search business.

Memecoin tors to profit from his brand.

GD Culture and Addentax an-
nounced their plans to buy
50
30
Blockchain.
The Chinese companies are
by no means the only busi-
Palo Alto Networks
The cybersecurity company’s
sales outlook missed
$TRUMP just days before 25
nesses to latch on to Trump’s expectations; shares fell 6.8%.
Continued from page B1 many of the memecoin’s big- crypto venture to boost their
lion of $TRUMP tokens and gest holders were rewarded 20 own fortune. Freight Technol- Carter’s
bitcoin. Addentax’s stock for their investments with an 0 ogies, a Houston-based logis- The children’s clothing
didn’t quite get the same invite to a gala dinner with the tics company, said it has pur- company slashed its dividend,
boost, falling about 7% that president. The event, which %0 chased $2 million of the citing the need to invest in
–25
Thursday after an intraday will be held Thursday, has $TRUMP memecoin to expand its business amid tariffs and
surge of more than 150%. been described as an ethics and diversify its crypto trea- a challenging market. Shares
–50 0
GD Culture and Addentax nightmare by government sury. Freight Technologies said fell more than 12%.
share more than just ties to watchdog groups. Jan. 2025 March May Feb. 2025 May last month that it had entered
China and a mutual affinity for In March, Nasdaq informed Sources: FactSet (performance); CoinDesk (memecoin) into an agreement with an un- Toll Brothers
the president’s memecoin: GD Culture that it violated a named institutional investor to The homebuilder backed its
They are both in danger of be- rule requiring listed compa- ness days. On March 3, the presidential victory last year issue up to $20 million in con- annual outlook, despite softer
ing delisted from Nasdaq, a nies to maintain a minimum of company said it was back in for no apparent reason other vertible bonds to fund its ac- demand and a fall in profit
major U.S. exchange. And by $2.5 million in shareholders’ compliance with this Nasdaq than that the stock’s name quisition of $TRUMP tokens. last quarter. Its shares closed
promoting investments in equity, or its value as deter- rule. But on Monday, Adden- sounds like “Trump Big Wis- Some crypto executives down 0.5%.
crypto (and Trump), these mined by the difference be- tax’s shares slipped below $1 dom Win” in Mandarin. were skeptical of such moves.
companies might simply be tween its assets and liabilities. again. The Shenzhen, China- Bankers say the big pur- “A corporate treasury’s job VF Corp.
grasping for ways to raise GD Culture didn’t respond to a based company had a market chases of $TRUMP by Chinese is to preserve and build value The owner of Vans and The
their stock prices and hold on request for comment on cap of $4 million. firms are the latest example in for shareholders over time, not North Face posted lower-
to their U.S. listings, securi- whether the company has re- At least one Chinese com- a long list of similar transac- to speculate on the latest than-expected quarterly
ties-industry executives said. gained compliance with the pany has accidentally bene- tions where small-cap compa- memecoins,” said Cory Klipp- revenue. The company
“They want to invoke the T exchange. fited from its unexpected asso- nies try to attach themselves sten, chief executive of bitcoin accelerated production and
word so they get a lift and a Last year, Addentax’s stock ciation with the Trump brand. to the latest hot trend to rean- financial services firm Swan shipments into the U.S.
bump,” said Daniel McClory, dropped below the $1 mini- Wisesoft, a Chinese software imate their moribund stock Bitcoin. “However, if a loop- during the 90-day tariff
head of China at Boustead Se- mum price required by Nasdaq company that has no connec- prices. hole exists for purchasing in- pause. Shares skidded 16%.
curities, an investment bank. “I to maintain a listing on the tion to the president, surged Such examples are rife in fluence, expect it to be ex-
bet we’re going to see a lot venue for more than 30 busi- as Trump inched closer to previous crypto bull runs. ploited.”
THURSDAY'S EVENTS:
Existing home sales are due

Phillips 66 Ahead of Wednesday’s vote,

the cards had been falling in
Elliott’s favor: The firm re-
at 10 a.m.
Also expected are
preliminary purchasing

And Elliott ceived the backing of the proxy

adviser Institutional Share-
holder Services, along with
managers index data for
manufacturing and services.

Split Vote similarly favorable backings

from both Glass Lewis—which
backed three of Elliott’s nomi-
EARNINGS EXPECTED:
Analog Devices and
nees—and Egan-Jones, which
Continued from page B1
Ralph Lauren report
recommended support for all
management and the board ac- four of Elliott’s candidates. early. Intuit reports
countable,” Elliott said Elliott pulled off its partial after the bell.
Wednesday. victory without the backing of
In its latest efforts, Elliott the big three institutional in-
has been pushing the oil re- vestors—BlackRock, Vanguard AUCTION RESULTS
PIERRE LARRIEU/HANS LUCAS/REUTERS

Here are the results of Wednesday's Treasury

finer to sell or spin off its mid- and State Street—according to auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
stream business—which it says people familiar with the mat- difference between that price and the face value.
could be worth more than $40 ter. (Collectively, they own 17-WEEK BILLS
billion—along with the com- about 23% of shares.) It got Applications $192,742,597,500
pany’s chemicals joint venture about 40% of Phillips 66 em- Accepted bids
" noncompetitively
$60,198,039,800
$621,047,600
with Chevron. Chevron re- ployees voting in favor of its " foreign noncompetitively $0
cently said it is open to buying four nominees, the people Auction price (rate) 98.601750
(4.230%)
Phillips 66’s stake in that busi- added. Coupon equivalent 4.350%
ness. Phillips 66 has a staggered Bids at clearing yield accepted 42.13%
Cusip number 912797QV2
Phillips 66 has a market Phillips 66’s and Chevron’s joint venture in Texas. Chevron has said it is open to buying board, which means only some The bills, dated May 27, 2025, mature on Sept. 23,
value of nearly $50 billion. Phillips 66’s stake in the business. directors are up for election ev- 2025.
A 138-page slide deck pub- ery year. Elliott was also push- 20-YEAR BONDS
lished by Elliott in April argued liott’s suggestions “misguided.” 66 Chief Executive Mark Lash- started making moves to clean ing the company to declassify Applications $41,578,796,000
that Phillips 66 should focus on The company also said that ier said Wednesday that the up its business on its own. Last its board, another issue on the Accepted bids
" noncompetitively
$18,190,439,100
$215,459,800
its core business of turning pursuing a midstream separa- shareholder vote “reflects a be- week, the company announced ballot box Wednesday. " foreign noncompetitively $0
crude oil into fuel and that the tion and a sale of its interests lief in our integrated strategy the sale of a majority stake in Initial estimates on Wednes- Auction price (rate) 99.407798
(5.047%)
business has lagged behind in CPChem “would expose and a recognition that our its 970 Jet gasoline stations day revealed that the declassi- Interest rate 5.000%
peers Valero Energy and Mar- shareholders to unnecessary early results do not yet reflect across Germany and Austria to fication proposal didn’t win Bids at clearing yield accepted
Cusip number
41.02%
912810UL0
athon Petroleum. risk in pursuit of uncertain and the full potential of our plan.” private equity for about $1.6 enough support again, Phillips The bonds, dated June 2, 2025, mature on May 15,
Phillips 66 has called El- speculative valuations.” Phillips Phillips 66 has already billion. 66 said. 2045.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
FIDZroLgCpIx 20.89 -0.35 -0.1 Puritn 24.33 -0.28 -1.6 LgCpGwth 78.76 -1.05 -1.2 Putnam Funds Class Y MidCpAdml 331.52 -7.01 1.9 TgtRe2060 53.50 -0.62 4.4
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GlexUSIdxInstPre 16.44 -0.07 14.0 SAIUSMinVolIndFd 21.96 -0.30 2.4 JPMorgan R Class PutLargCap 35.28 -0.62 2.7 MuHYAdml 10.29 -0.04 -2.0 TgtRet2055 58.06 -0.66 4.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s GrowthCompanyK6 29.29 -0.39 -3.7 SAIUSQtyIdx 21.62 -0.31 1.6 CoreBond 10.12 -0.06 1.4 Schwab Funds MuIntAdml 13.33-0.03 -0.5 TgtRetInc 13.38 -0.09 2.7
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- IntlIdxInstPrem 55.31 -0.37 16.3 SrsBlChGroRetail 18.90 -0.27 -4.7 CorePlusBd 7.10 -0.04 1.4 1000 Inv r 125.54 -2.16 -0.3 MuLTAdml 10.47-0.04 -1.9 Welltn 43.12 -0.51 1.2
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes LgCpGwId InstPre 38.47 -0.59 -1.8 SrsEmrgMkt 20.33 ... 11.0 Lord Abbett I IntI Sel r 26.27 -0.19 16.2 MuLtdAdml 10.82-0.01 1.0 WndsrII 44.76 -0.75 1.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete MidCpInxInstPrem 33.81 -0.82 0.1 SrsGlobal 16.16 -0.07 14.0 ShtDurInc p 3.86 -0.01 2.0 S&P Sel 90.16 -1.48 -0.1 MuShtAdml 15.75 -0.01 1.2 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SAIUSLgCpIndxFd 23.21 -0.38 -0.1 SrsGroCoRetail 23.07 -0.31 -3.8 Metropolitan West TSM Sel r 98.44 -1.74 -0.7 PrmcpAdml r 167.06 -2.91 0.4 ExtndIstPl 338.94 -9.30 -4.3
tracked. NS-Fund didn’t exist at start of period. SeriesBondFd 8.85 -0.05 1.3 SrsIntlGrw 19.21 -0.22 10.2 TotRetBdI NA ... NA Strategic Adviser RealEstatAdml 123.85 -3.44 -0.9 IdxIntl 21.37 -0.09 13.1
SeriesOverseas 15.63 -0.13 16.3 SrsIntlVal 14.68 -0.10 23.2 MFS Funds StratAdCorInFnd NA ... NA SmCapAdml 108.68 -3.08 -5.2 MdCpGrAdml 114.06 -2.50 4.6
SerLTTreBdIdx 5.13 -0.09 -2.0 TotalBond 9.37 -0.06 1.3 IIE 38.57 -0.29 14.0 StratAdFidCoreS 8.97 -0.06 1.3 SmGthAdml 92.27 -2.59 -6.1 MdCpVlAdml 83.09 -1.71 -0.2
Wednesday, May 21, 2025 SmCpIdxInstPrem 25.54 -0.74 -7.7 Fidelity SAI MFS Funds Class I StratAdFidEmr 13.28 ... 9.6 STBondAdml 10.21 -0.01 2.3 SmValAdml 80.74 -2.29 -4.6
Net YTD Net YTD Net YTD TMktIdxInstPrem 160.09 -2.84 -0.7 FidSaiInfltnFnd 10.04 -0.05 2.5 GrowthI 199.26 -2.98 -1.2 StratAdFidUS 17.37 -0.29 0.2 STIGradeAdml 10.37 -0.02 2.4 TotBd2 9.34 -0.05 1.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TotalMarketIndex 20.25 -0.35 -0.6 TotalBd 8.87 -0.06 1.3 ValueI 50.35 -0.91 3.7 StratAdIntlFnd NA ... NA STIPSIxAdm 25.01 -0.02 3.2 TotIntlInstIdx r 142.94 -0.62 13.1
TtlIntIdxInstPr 15.25 -0.06 13.6 Fidelity Selects Natixis Funds StratAdMunBond 8.58 -0.03 -1.7 TotBdAdml 9.46-0.06 1.3 TotItlInstPlId r 142.97 -0.63 13.1
AB Funds Artisan Funds LgCo 38.82 -0.63 -0.1 USBdIdxInstPrem 10.20 -0.06 1.2 Semiconductors r 30.12 -0.61 -4.9 InvGradeBdY 9.65 -0.07 0.8 StratAdvFidIntl 13.75 -0.09 16.5 TotIntBdIdxAdm 19.54 -0.07 0.4 TotSt 139.57 -2.47 -0.7
MuniIncmShares 10.86 -0.04 -1.1 IntlVal Inst 51.52 -0.25 9.7 US CoreEq1 42.75 -0.78 -0.8 Fidelity Advisor Tech 34.39 -0.60 -4.2 LSGrowthY 29.44 -0.42 -0.4 TIAA/CREF Funds TotIntlAdmIdx r 35.74-0.16 13.1 VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 38.01 -0.72 -1.2 TotBdFdClZ 9.35 -0.06 1.3 Fidelity Strategic A Northern Funds EqIdxInst 40.78 -0.72 -0.6 TotStAdml 139.61-2.47 -0.7 DevMktsIndInst 17.64 -0.10 15.2
LgCpGrAdv 109.72 -1.39 0.3 AggBdInst 9.65 -0.06 1.3 US Small 45.97 -1.27 -5.8 Fidelity Advisor I StratAdEmrMrt NA ... NA StkIdx 59.34 -0.97 -0.1 IntlEqIdxInst 25.57 -0.19 16.2 TxMCapAdml 301.03 -5.04 -0.2 DevMktsInxInst 27.57 -0.17 15.2
American Century Inv CorBdInst 10.01 -0.06 1.3 US SmCpVal 44.21 -1.33 -8.5 Total Bd 9.35 -0.06 1.2 First Eagle Funds Old Westbury Fds LrgCpGrIdxInst 65.77 -1.00 -1.8 TxMIn r 17.61-0.11 15.2 ExtndInst 137.34 -3.77 -4.3
Ultra 89.92 -1.48 -3.6 IntBdInst 10.37 -0.03 2.3 US TgdVal 31.89 -0.95 -6.8 Fidelity Freedom GlbA 74.29 -0.53 10.8 LrgCpStr 20.34 -0.21 2.6 VANGUARD ADMIRAL USGroAdml 184.54 -2.94 -0.3 FTScinst 40.08 -0.66 -1.0
American Funds Cl A ShtTBdInst 9.52 ... 2.1 USLgVa 48.91 -0.99 -0.3 Freedom2030 K 17.89 -0.17 4.2 Franklin A1 Parnassus Fds 500Adml 540.21 -8.84 -0.1 ValAdml 66.28-1.22 0.9 GrwthInst 209.70 -3.17 -0.6
AmcpA 42.90 -0.70 0.4 BlackRock Funds Dodge & Cox Idx2030InsPre 20.73 -0.21 3.3 IncomeA1 2.35 -0.02 1.9 ParnEqFd 60.47 -0.97 1.6 BalAdml 47.75 -0.62 0.5 WdsrllAdml 79.42-1.32 1.1 InPrSeIn 9.38 -0.05 2.6
AMutlA 56.79 -0.84 3.3 HiYBlk 7.07 -0.03 2.3 Balanced 105.20 -1.17 5.1 Idx2035InsPre 24.06 -0.25 3.6 FrankTemp/Frank Adv PGIM Funds Cl Z CAITAdml 11.15 -0.02 -0.6 WellsIAdml 60.53-0.64 1.8 InstIdx 475.82 -7.79 -0.1
BalA 34.88 -0.40 1.9 HiYldBd Inst 7.07 -0.02 2.2 Income 12.41 -0.08 1.3 Idx2040InsPre 25.56 -0.30 4.2 IncomeAdv 2.32 -0.02 1.5 TotalReturnBond NA ... NA CapOpAdml r 187.55 -3.43 -0.9 WelltnAdml 74.45-0.90 1.3 InstPlus 475.82 -7.79 -0.1
BondA 11.10 -0.07 1.3 BlackRock Funds III Intl Stk 58.77 -0.32 17.8 Idx2045InsPre 27.05 -0.33 4.5 FrankTemp/Franklin A PIMCO Fds Instl DivAppIdxAdm 53.11 -0.93 0.4 WndsrAdml 70.14-1.53 -0.7 InstTStPlus 97.52 -1.72 -0.6
CapIBA 73.83 -0.62 7.8 iShS&P500IdxK 685.20 -11.23 -0.1 Stock 261.18 -4.36 3.1 Idx2050InsPre 27.11 -0.33 4.5 DynaTech A 174.26 -2.62 -0.2 TotRt NA ... NA EMAdmr 39.64 +0.02 7.9 VANGUARD FDS MidCpInst 73.23 -1.55 1.9
CapWGrA 67.15 -0.71 6.0 BlackRock Funds Inst DoubleLine Funds Fidelity Invest Growth A 134.16 -2.15 0.5 PIMCO Funds A EqIncAdml 89.61 -1.58 2.3 DivdGro 35.57 -0.56 0.8 MidCpIstPl 361.18 -7.64 1.9
EupacA 59.55 -0.39 10.9 StratIncOpptyIns 9.53 -0.02 2.5 TotRetBdI 8.68 -0.04 1.7 Balanc 29.38 -0.36 -0.1 RisDv A 89.61 -1.51 0.9 IncomeFd NA ... NA ExplrAdml 99.96 -2.81 -6.4 IntlVal 41.87 -0.40 11.4 SmCapInst 108.68 -3.07 -5.2
FdInvA 83.20 -1.17 3.3 Calamos Funds Edgewood Growth Instituti BluCh 215.83 -3.18 -5.0 Guggenheim Funds Tru PIMCO Funds I2 ExtndAdml 137.35 -3.77 -4.3 LifeGro 45.96 -0.49 4.1 SmCapIstPl 313.69 -8.88 -5.2
GwthA 75.63 -1.27 1.6 MktNeutI 15.30 -0.01 2.6 EdgewoodGrInst 44.46 -0.91 0.3 BluChpGr K6 35.51 -0.52 -3.6 TotRtnBdFdClInst 23.36 -0.14 1.5 Income NA ... NA GroIncAdml 101.73 -1.58 -0.2 LifeMod 32.40 -0.30 3.4 STIGradeInst 10.37 -0.02 2.4
HI TrA 9.65 -0.05 1.3 CausewayInst Federated Hermes Int Contra 21.56 -0.20 3.3 Harbor Funds PIMCO Funds Instl GrwthAdml 209.68 -3.17 -0.6 PrmcpCor 33.70 -0.63 0.8 STIPSIxins 25.03 -0.02 3.2
ICAA 59.00 -0.86 2.6 CausewayInst 21.50 -0.22 15.8 TtlRtnBdI 9.29 -0.06 1.1 ContraK 21.64 -0.20 3.4 CapApInst 113.51 -1.59 -0.1 IncomeFd NA ... NA HlthCareAdml r 71.30 -1.38 -5.5 STAR 28.25 -0.32 2.8 TotBdInst 9.46 -0.06 1.3
IncoA 25.84 -0.25 6.5 Columbia Class I Fidelity CpInc 10.15 -0.06 1.8 JHF III DispVal Price Funds HYCorAdml r 5.43 -0.02 2.7 TgtRe2020 27.24 -0.19 2.9 TotBdInst2 9.34 -0.05 1.3
N PerA 65.93 -0.75 6.2 DivIncom I 33.67 -0.51 2.5 500IdxInstPrem 203.26 -3.33 -0.1 GroCo 38.64 -0.53 -4.2 DispValMCI 27.29 -0.60 1.3 BlChip 185.29 -2.52 -0.5 InfProAd 23.02 -0.12 2.5 TgtRe2025 19.30 -0.16 3.3 TotBdInstPl 9.46 -0.06 1.3
NEcoA 61.85 -0.91 1.2 Dimensional Fds Contrafund K6 32.18 -0.31 3.7 InvGrBd 9.87 -0.06 1.6 John Hancock DivGro 79.52 -1.32 3.7 InfTechIdx 307.87 -6.00 -3.1 TgtRe2030 39.17 -0.36 3.4 TotIntBdIdxInst 29.33 -0.10 0.4
NwWrldA 84.10 -0.52 9.1 EmMktCorEq 25.01 +0.02 7.6 ExtMktIdxInstPre 86.92 -2.39 -4.4 LowP 41.49 -0.82 1.8 BondR6 13.25 -0.08 1.1 Growth 103.00 -1.39 -2.3 IntlGrAdml 113.81 -1.05 12.1 TgtRe2035 24.86 -0.24 3.7 TotStInst 139.63 -2.47 -0.7
SmCpA 67.65 -1.11 0.4 IntlCoreEq 17.82 -0.10 15.8 FidSer5 7.47 -0.07 1.7 Magin 14.70 -0.21 4.0 JPMorgan I Class LgCapGow I 81.42 -1.28 -1.0 ITBondAdml 10.20 -0.06 2.3 TgtRe2040 44.88 -0.47 3.8 ValueInst 66.27 -1.22 1.0
TxExA 12.09 -0.04 -1.3 IntSmCo 22.35 -0.11 15.4 FidSerInt 8.59 -0.03 -0.6 NASDAQ 239.74 -3.43 -2.1 CoreBond 10.11 -0.06 1.5 Putnam Funds Class A ITIGradeAdml 8.57 -0.06 2.0 TgtRe2045 30.87 -0.34 4.0 WCM Focus Funds
WshA 63.03 -1.04 2.7 IntSmVa 26.38 -0.08 20.4 FidSerToMarket 19.02 -0.33 -0.6 OTC 20.27 -0.24 -5.6 EqInc 24.12 -0.50 1.3 PutLargCap p 35.27 -0.62 2.6 LarCapAd 135.74 -2.21 ... TgtRe2050 52.04 -0.59 4.4 WCMFocIntlGrwIns 25.57 -0.15 17.5
THE WALL STREET JOURNAL. Thursday, May 22, 2025 | B11

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Google Needs to Convince Investors It’s Got the Hang of AI

Ambitious pace of launches doesn’t overcome worries about breakups and new competition

No company can match Google’s new features and services. big tech by a significant margin, Share price as a multiple rate cloud business—another dis-
ability to get artificial intelligence But those add-on services don’t trading at around 17 times forward of forward earnings tribution point for AI services—
in front of the masses. That’s not always take hold. And Google’s earnings, compared with an aver- has grown by 45% during that
always enough. breadth still hasn’t stopped at age of 29 times for its peers. Valu- Amazon time.
The internet titan spent two least some search users from grav- ation alone won’t win over inves- And Google might not actually
hours at the opening of its annual itating toward AI chatbots like tors if they remain convinced that Microsoft be running that far behind its new
developers conference on Tuesday ChatGPT and Perplexity. Mean- government penalties and compe- generative-AI competitors. A sur-
showcasing its latest AI develop- while, the federal government is tition mean Google’s best days are Apple vey by Morgan Stanley of Ameri-
ments. These include 3-D video pressing two antitrust cases seek- behind it. “Until the regulatory cans 16 and up found that 40% of
calls, real-time language transla- ing to break the company up, dust settles and Alphabet’s future respondents reported in March
tion and digital assistants that use threatening some of its vital distri- search share, particularly in com- Nvidia that they used Google’s Gemini at
AI to prepare users for tests or bution channels. mercial queries, becomes more least once a month, which was
projects. Google is also bringing an The twin threats of AI displace- certain, Alphabet investors remain Meta only 1 percentage point lower than
“AI mode” to its ubiquitous search ment and a forced breakup amount in this uneasy state,” wrote Mi- the number saying they used Chat-
engine for U.S. users, which can to a new existential risk for the chael Nathanson of MoffettNa- S&P 500 GPT that much.
produce deeper answers to que- company. The stock of Google’s thanson in a recent report. The same survey, though, found
ries, well beyond a sea of links. parent, Alphabet, fell Tuesday af- It helps that Google has been Alphabet that ChatGPT had a strong edge
Google powers about 90% of the ter its I/O conference keynote and here before. The stock was previ- with the younger crowd, as 68% of
world’s searches now, and its An- is now down 13% this year. It is ously at this valuation level in 0 times 10 20 %0 16- to 24-year-olds reported using
droid operating system runs the only megacap tech company to early 2023, after the public launch Source: FactSet the chatbot, compared with 46%
nearly three-quarters of smart- have lost market value over the of ChatGPT and the partnership for Gemini. That is valuable mind-
phones in use globally, according past 12 months. between OpenAI and Microsoft humming. The company’s annual share that Google still needs to
to data from Statcounter. That, News Corp, owner of The Wall created the impression that Google advertising revenue has risen 20% win over. The company that has
along with other widely used tools, Street Journal, has a commercial was now playing catch-up in AI. to about $270 billion since Chat- long maintained search dominance
such as Gmail and the Chrome in- agreement to supply content on Google responded by aggressively GPT’s launch, a sign that it re- knows all too well how internet
ternet browser, create a massive Google platforms. launching its own AI features mains strong in searches with habits can be hard to break.
platform for Google to distribute Alphabet is now the cheapest while keeping its core business commercial intent. Google’s corpo- —Dan Gallagher

There Is No Relief Rally in Sight for Oil

Index and crude-oil futures The S&P 500 put fears about the OPEC watchers were perplexed ter President Trump said he is Twitter in 2009. He found that
performance since the start of April trade war behind it last week, re- by the timing and had competing close to a deal with Iran over its Trump is less likely to post about
10% couping all of its 2025 losses. But theories about what was going on. nuclear-enrichment program. If de- oil sanctions once prices go above
oil has been left in the dust—and The Saudi-led cartel may be tente with Iran eventually leads to $60 a barrel.
5
S&P 500 probably won’t catch up. abandoning its two-year effort to sanctions being lifted, even more The posts also suggest that his
The price of a barrel of crude prop up the oil price to focus on oil could hit the market. preferred oil price, based on bench-
has fallen 13% to around $65 since winning market share. Or it is pun- The flip side, according to Bern- mark U.S. WTI prices, is between
0
President Trump’s “Liberation ishing members that constantly stein analyst Neil Beveridge, would $40 and $50 a barrel, Struyven
Day.” Energy investors have gone breach their production quotas like be if Trump doesn’t get what he found.
–5 from worrying that a trade war Kazakhstan. Another theory: Ri- wants from Tehran and slaps addi- Energy makes up 8% of the U.S.
could trigger a global recession and yadh is trying to curry favor with tional sanctions on its oil exports. inflation basket. A lower oil price
–10 Brent crude* hurt oil demand, to fretting about President Trump, who promised This would drain some excess sup- could offset some of the inflation
supply. voters sub-$2-a-gallon gasoline on ply, help balance the market and that tariffs are expected to cause,
–15 The oil market already had too the campaign trail. Whatever the boost energy prices. easing strain on American consum-
many barrels on its hands this year. reason, it is a negative for oil Except the White House proba- ers. A rebound in the oil price looks
–20 Then, OPEC+ surprised the market in prices. bly doesn’t want a rally. Goldman unlikely if the White House sees
April by announcing it would reverse Unpredictable diplomacy is an- Sachs analyst Daan Struyven ana- low energy costs as a safety valve
April 2025 May
its production curbs faster than ex- other wild card for investors. The lyzed the president’s energy-related for chaotic trade policies.
*Most-active contract Source: FactSet pected, releasing even more oil. oil price fell 2.4% last Thursday af- social-media posts since he joined —Carol Ryan

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 © 2025 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, May 22, 2025 | R1

JOURNAL REPORT

CUSTOMER EXPERIENCE
KARAN SINGH

Meet My Favorite ChatGPT and other tools have made

my shopping more fun and more
efficient—and a lot less annoying for

Shopping Companion the humans in my life

Ever: AI
I
HAVE given up alcohol, carbohydrates casional online find, and I have a few girl-
and nail-biting, but there’s one habit I friends who are up for an hour of shopping
can’t seem to quit: shopping. I spend a Please turn to page R2
significant portion of my nonworking
hours on the hunt for the right-sized Alexandra Samuel is a technology researcher and
BY ALEXANDRA SAMUEL
toothbrush holder, the ideal ottoman or co-author of “Remote, Inc.: How to Thrive at
the perfect pair of red boots. Work…Wherever You Are.” She can be reached at
My husband is happy to weigh in on the oc- [email protected].

thing new.
Inside
Getting Bored With Your The challenge, of course, is
that this race to something new is Read All About It?

Old Products? You Don’t not only environmentally waste-

ful, but it is expensive—and in-
Research finds that people who
listen to the news, rather than

Have to Replace Them creasingly more so thanks to in-

flation. And yet, we crave
read it, don’t process as well. R4

newness as much as ever. So how

do we do this in a world where
We constantly feel compelled to buy BY finding happiness through new
new stuff when we get bored with what JEFF GALAK possessions is increasingly waste-
we have. There’s a better way. ful and expensive?
To answer that question, it’s What Baseball Needs
useful to first define what a prod-
Five suggestions, from a writer’s
W HO among us hasn’t tired of
our possessions? Our phones
were once full of exciting new fea-
even our once-loved couch now
seems dreary and worn out.
This phenomenon, known as
uct is. Research indicates that our
Please turn to page R2
daughter, for how the sport can
reach the younger generation. R5

tures, but now seem dated. Our hedonic decline, is all around us. Jeff Galak is an associate
cars were an expression of our- New products and experiences professor of marketing at Buyer’s Remorse A Skin-Care Quest
selves when we bought them, but are exciting and bring us joy, but Carnegie Mellon University’s Is there a downside to hearing A man who finally decided to get
now remind us of just how much old ones quickly fall out of favor Tepper School of Business. He can positive word-of-mouth on a serious about his skin (and tried a
our priorities have changed. And and just leave us wanting some- be reached at [email protected]. product that you’ve bought? R4 bucket of serums) tells all. R6-7
R2 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

JOURNAL REPORT | CUSTOMER EXPERIENCE

Her Perfect brands that it said offer “1-inch

heel shoes that say I am not your
the practical matter of which TV
mount would actually fit: Even
ried stares.)
AI not only steers me to
ally feel comfortable on that
sofa. So for the people in my life:
auntie unless your auntie is Ru- though I asked GPT to review the where I want to go, but it also Sorry, I will still need you from
Shopping Paul.” And when I decided it was
time to replace the dog’s grimy
assembly instructions and prod-
uct measurements before I made
can answer technical questions
in those moments when I’m
time to time.

Buddy: collar with something more be-

coming, the AI recommended
my purchase, as soon as I took
the mount out of the box I real-
overwhelmed in the store, such
as when I can’t figure out which Checking out

Artificial
something in oxblood or olive ized the AI had completely mis- light switch is compatible with The fact that AI is such a great
green, and “ideally not smelling calculated, and I had to take the my smart-home setup, or which shopping helper—some might
like wet despair.” mount back to the store. cord covers probably won’t catch say “enabler“—poses its own

Intelligence Even better, AI can guide me

with images as well as text. I’m
fire in my living room. (That’s
the kind of question that I also
risks. It isn’t like I actually need
to be encouraged to shop; if any-
not great at visualizing things in Shopping with an AI google, because AIs can get their thing, I could use a little more
my head, so I have made a lot of Once the AI has set the stage, facts wrong.) restraint, especially when it
Continued from page R1 regrettable home purchases when I’m ready to hit the stores. In the AI can be helpful in spotting comes to the impulse purchasing
here or there, but I’ve never I couldn’t picture how something dark days before AI, I relied on other retail red flags, too. It’s that gets triggered when I see a
found a shopping buddy who can would look in our space. Now I primitive tools like a shopping easy for me to get tempted by great deal on AAA batteries at
match my retail stamina. the checkout counter, or read
Until, that is, AI came into my those alluring words “one-hour
life. I now have access to the al- delivery” on a website.
ways-on, always-informed, al- So I have taught my own cus-
ways-enthusiastic shopping sup- tom GPT assistant that there are
port that I have long dreamed certain categories of spending I
about. AI is there to make sure I need to resist—especially boxes
buy the right stuff, and it never and bins, because I have so many
complains that its feet are tired. empty storage containers that
Artificial-intelligence tools have they now take up their own stor-
transformed my shopping experi- age area in my home. When I
ence—making it (with a few mention that I’ve strolled into
tweaks and a few caveats) more the storage area in my local
fun, focused and efficient. housewares store, the AI spits
out advice like, “Before one more
cent is spent on new containers,
Planning you must conduct The Great Bin
I’ve never been the type to sim- Audit of 2025. Because odds are,
ply hop in the car and go to the you already have the exact clear
store when I need something. I plastic organizational ecosystem
treat each of my retail quests of your dreams somewhere in
like a carefully planned military your house.” If one of my family
campaign. I’ve spent hours re- members gave me that lecture,
searching the best sources of I’d feel indignant, but when it
100% dark chocolate, and days comes from an AI that I’ve spe-
constructing spreadsheets and cifically configured for “shopping
evaluating my options when buy- restraint mode,” it’s easier to ac-
ing a car or a TV. cept.
In AI, I finally have a research As long as I let the AI know
assistant who can support these what kind of retail help I need, it
endeavors—sans mockery from can be as great at providing re-
the people in my life. When straint as it is in providing en-
shopping for a car recently, after couragement. Honestly, if my
I had exhausted my husband, I husband had been with me when
turned to ChatGPT, feeding it I recently spotted a charmingly
reams of articles and reviews kitschy statue in our local drug-
and asking for summary tables store, our living room would now
that synthesized all that infor- use AI to generate mock-ups, like list in my phone, but I am now apparent deals like the new-in- house a 3-foot-tall astronaut. But
mation into some easily digest- a furniture layout for our living freed from the drudgery of actu- box TVs offered by a Facebook when I shared the photo with
ible comparison tables. (Cue the room, or to preview the relative ally looking at my phone while I Marketplace seller with hundreds GPT, the AI helpfully asked,
mockery.) That’s how I figured merits of open versus closed shop. Instead, I ramble a list of of positive reviews. Thankfully, I “Where would this even go? Like,
out which of our top contenders shelving for the bathroom. items into ChatGPT’s voice inter- thought to share his profile and is there a spot in your home that
had enough headroom to accom- When I recently went shop- face, or paste a text list into the past reviews with an AI, which is lacking a space explorer hold-
modate my 6-foot-1 son, enough ping for a TV that could fit in- ChatGPT app, and then I get the suggested the smattering of one- ing a moon lamp?”
cargo space to fit our dog crate, side our living-room cabinets, my AI to organize my shopping list star reviews and fraud alerts Unfortunately the innate en-
offered Airplay and USB-C charg- husband lost interest as soon as by store, department or aisle. were cause for concern, and thusiasm of AI means it can only
ing, and most important, were we had figured out which TVs of- Now, I can literally talk to my pointed out that there was no go so far in reining in my retail
available in red. fered the best picture and sound. shopping list while I’m in store. I warranty on the purchases. That madness. Except for the areas
But AI goes well beyond pro- ChatGPT, on the other hand, was ask questions like, “I’m now in was just what I needed to rule where I’ve specifically told the
viding informational support; it’s prepared for an open-ended con- the aisle with all the electrical out a high-risk purchase and go AI to tame my spending, it al-
also endlessly patient and just versation about how our TV an- supplies; can you remind me if the conventional retail route in- ways thinks that everything I
gets me. When I demanded work- gle would affect our family’s there’s anything I need here, or stead. show it is splurge-worthy. That’s
worthy shoes that would feel just viewing habits, the aesthetics of can I skip this aisle?” and One big caveat: There is only exactly why it’s so important to
as comfortable as sneakers, the different mounting heights and “Which aisle is most likely to so far that I’m prepared to trust take the AI’s shopping wisdom
GIACOMO BAGNARA

AI patiently endured my criti- the strategy for reorganizing our have raw sauerkraut?” (This the aesthetic opinions of some- with a grain of salt—because at
cisms of its old-ladyish sugges- board-game collection to fit the strategy works best if you’re ei- one (something?) who never has the end of the day, it’s me and
tions, and then redeemed itself new TV. ther 10 feet from the nearest to worry how its butt looks in not the AI that will be paying the
by introducing me to shoe Where it let me down was on shopper, or impervious to wor- bluejeans or whether it would re- credit-card bill.

sider updating elements like floor product, but without destroying its vorite products for longer: Engage

The Secret to Making Your mats or even getting a new paint

job—both of which are far less ex-
pensive than buying a new car.
core essence.
What’s key is that novelty has
been shown to stave off hedonic
with them in novel ways.
In one study, research partici-
pants were tasked with eating pop-
Old Products Feel Like New decline. This suggests that simple
acts like moving furniture to a new
corn either one kernel at a time
using their hands, or, in the novel
Rearrange spaces layout, rearranging where you consumption version, one kernel at
Sometimes the mere act of rearrang- hang clothes in your closet, or a time using chopsticks. What they
Continued from page R1 taste exactly the same, simply see- ing objects can have a similar effect even just choosing to park your car found was that eating popcorn
brains can view possessions not as ing different colors of candies to fully replacing them, in terms of on the other side of the garage, with chopsticks, something that is
fixed entities but as collections of made people happier for longer. how happy they make us. could result in your seeing your certainly unconventional, can make
features. So a phone isn’t just the In other words, even when For instance, in one study, re- living room, wardrobe and car as people enjoy the popcorn more and
object that runs apps and make products stay the same, all that is search participants were shown a relatively new. for a longer time than if they sim-
calls, but also includes the case to often needed is to change some su- variety of common objects (say, a ply consume them as they nor-
protect it. A couch isn’t just a perficial feature of them. If your lamp), but the images were cut up mally would.
cushy seat, but also includes throw phone feels outdated, try a new into smaller parts that, for some, Consuming in a new way Now there’s nothing special
pillows and blankets. case that reflects current trends or were rotated in a novel way What happens when you can’t buy about chopsticks here, but rather
That definition points to three personal interests rather than (maybe the lampshade was upside an accessory or rearrange your life what is special is the novelty of us-
solutions to our core problem: If spending hundreds or thousands of down). The researchers found they just to stay happy? There’s yet one ing them in a way that is unusual.
the joy from our possessions fades dollar on a totally new phone. Or if were able to create novelty by more thing psychology teaches us This can be true for all sorts of
because they feel stagnant, how do your car seems uninspiring, con- merely rearranging aspects of a that can keep us enjoying our fa- consumption experiences like
we reignite that joy without drinking your morning cup of cof-
succumbing to wasteful and fee but focusing on how it looks
costly consumption? rather than how it tastes. Or lis-
tening to a great album of music,
but on shuffle mode instead of how
Modify accessories the artist chose to sequence the
Rather than replacing per- songs. Or any other way that you
fectly good and usable pos- can inject novelty into the con-
sessions, consider simply sumption experience to make it
changing the accessories feel fresh, even when the content
that go with them. In most being consumed is unchanged. By
cases, accessories are far less doing so, you give new life to the
costly than the core object same old products and possessions
and often have a much that were beginning to bore you.
smaller environmental foot- Ultimately, finding happiness
print. with material goods isn’t solely
For instance, in one of my about acquiring more; it’s about
unpublished studies, 100 re- deriving joy from what we already
search participants ate own. Recognizing that satisfaction
M&M’s either of the same is influenced as much by percep-
color (for instance, all blue) tion as by reality allows us to step
or of a variety of colors. off the hedonic treadmill. Instead
What I found was that sim- of feeling compelled to replace, we
ply eating M&M’s in varied can learn to refresh.
colors resulted in the can- In a world where costs are esca-
ADRIÁN A. ASTORGANO

dies’ tasting better and en- lating and sustainability is increas-

joyment of the entire con- ingly crucial, reimagining our exist-
sumption experience lasting ing possessions isn’t just a budget-
longer. That is, despite the friendly strategy—it’s a more
fact that blue and red M&M’s fulfilling way to live.
R4 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

JOURNAL REPORT | CUSTOMER EXPERIENCE

You Could Listen to This Article or Read It.

It Could Make a Big Difference. Research shows that listening to the news
could lead to a shallower understanding—
and a more-negative impression
BY SHIRI MELUMAD formation. It is less forgiving of Words like “danger” and “dead,”
momentary lapses of attention. for example, are more attention- threat of a new pandemic is are more vulnerable to drawing

S
Should we become distracted grabbing than “safe” and “alive.” likely to be interpreted as more negatively biased interpretations
TREAMING audio has while listening, we’ve typically alarming when we hear it com- of news than readers of the same
been a godsend for already fallen behind. pared with when we read it. This content. Hence, in an era of ram-
people who want to Luckily, humans have devel- Privileging the negative will be even more pronounced if pant misinformation, how we
keep up with the news. oped an efficient workaround for Which brings us back to the we listen while multitasking, such consume the news matters just
Rather than sitting and this limitation: We listen selec- news—something often replete as when driving or exercising. as much as what we consume.
reading an article, we tively. When listening to a pod- with negative information. Be- The notion that humans natu- So, the next time you grab
increasingly listen to cast, we don’t need to encode ev- cause we listen selectively, when rally pay more attention to nega- your headphones to listen to a
news podcasts on-demand while ery single word to comprehend we hear a news story we are tivity helps explain why most news story, be aware that your
walking, audiobooks while cook-
ing and audio transcriptions of
news articles while driving.
But while streaming audio has
clearly made news more available,
does it also change our under-
standing of it? The answer is yes.
In my research I find that con-
sumers who listen to news are
often left with an understanding
of it that is not only shallower,
but also more extreme and nega-
tive compared with those who
read the same story.
When presented with a news
article about the risks and bene-
fits of a shampoo ingredient, for
example, those who listened
walked away believing that the
ingredient was more toxic than
those who read it. The differ-
ences didn’t stop there. Com-
pared with readers, listeners
were also less willing to try the
product themselves or recom-
mend it to loved ones, and when
asked to describe the shampoo
to other consumers, they empha-
sized its risks with few mentions
of its benefits.

Word processing
Why might listening to news de-
grade our comprehension com-
pared with reading?
Psychologists have long known
that processing information
through listening—particularly
more-complex narratives—isn’t
always easy. When we read, if
there is a word we don’t under- the overall meaning; rather, we more susceptible to the negativ- misinformation is negative, why ears may not be telling the whole
stand, or if we get momentarily give priority to the information ity bias—that is, to attending to it spreads across people, and story. In fact, you might consider
distracted, we can easily pause that’s most noteworthy or atten- just its negative aspects while why some are prone to believing whether you’d be better off read-
and reread to better comprehend tion-grabbing. overlooking positive or qualify- it even when proven false. ing it.
it. But listening rarely affords What type of information ing information. My research suggests that the
that luxury. When listening, our might that be? Studies show that When reading, in contrast, it is rise of streaming audio could be Shiri Melumad is an associate
brain has to process a fire hose negative information tends to easier to process content in a worsening these problems. Be- professor of marketing at the
SAM CHIVERS

of auditory inputs, one word af- stand out to us more than posi- more balanced way. Hence, an ar- cause our brains are even more Wharton School at the University
ter another, with little control tive information—a phenomenon ticle describing concerns about attuned to negative information of Pennsylvania. She can be
over the rate of the incoming in- known as the “negativity bias.” an economic downturn or the when listening than reading, we reached at [email protected].

T When Positive Word-of-Mouth Can

HINK BACK to the
last time you
bought a new tech
gadget—a smart-

Have Negative Consequences

phone, say, or a
3-D printer, or a
smartwatch. You
likely bought it in
part because you heard or read
good things about the device
from friends or online reviews. Consumers are more interested in buying a product they hear great things making their experience with the
It makes sense: Decades of re- app less positive overall.
search have shown how positive about. But there’s a hidden downside to all the good vibes. What’s more, this phenome-
word-of-mouth can lead consum- non isn’t limited to technology
ers to buy a product. What is products. For example, in one
less well known is whether such BY SARAH G. MOORE AND DAVID L . ALEXANDER word-of-mouth about it. study we asked participants to
word-of-mouth continues to in- imagine going to try a new and
fluence consumers after they unusual type of cuisine after
have made a purchase. they felt, the more cautious they the most and learn to use them Explaining the downside hearing lots of great things
Our research examined this were in using their new prod- the best. Why does hearing too much pos- about the restaurant (or not).
question—and found a potential uct—they read the instructions We confirmed these findings itive word-of-mouth have this Again, we found that hearing
downside to positive word-of- more and used fewer product in a second survey, conducted in downside? To answer that ques- more positive word-of-mouth
mouth. features. 2016, when we also identified ad- tion, we recently did some more ahead of time made participants
Unfortunately, being cautious ditional downsides: Consumers experiments. In one study, we worry about how their experi-
isn’t the best way to learn to use who had heard more positive had participants imagine they ence would be—and this made
A time machine to 2004 a new technology product; word-of-mouth were less satis- were buying a 3-D printer, and them order more cautiously.
We became interested in this adopters who explore and take fied with their product and were that they had heard lots of posi- So how can companies retain
question after seeing an intrigu- risks enjoy their new products more likely to spread negative tive word-of-mouth about the the benefits of positive word-of-
ing finding in a survey we printer ahead of time (or mouth but avoid the downsides
conducted way back in not). We found the same we observe?
2004. We surveyed consum- downsides as in our previ- One possible answer is to
ers who were about to ous studies. But this time, avoid emphasizing performance
adopt a new entertainment our experiment also let us and competence in their adver-
or communication product examine the reason. tising—and encouraging consum-
(in 2004, this included DVD We found that it all ers spreading word-of-mouth to
players, flat-screen TVs and comes down to social pres- do the same. Sharing stories
broadband internet). We sure. about learning and exploring
asked how many people In short, as adopters while using a new product, and
they had heard talking hear more positive word- even about temporary failures
about the product before of-mouth from others while learning, could lessen the
they bought it, as well as about a new product pressure to perform, and help
how anxious and worried (“This app is awesome!!”), consumers successfully and hap-
they felt about using their it makes them both more pily use their new product.
new product. likely to buy and more
We found that these two likely to worry that they Sarah G. Moore is a professor of
measures were positively won’t be able to use the marketing at the Alberta School
correlated: The more peo- app as well as other peo- of Business, University of
ple had heard others talk- ple. Will they be able to Alberta. David L. Alexander is
MARIA JESUS CONTRERAS

ing about their new prod- experience its full awe- an associate professor of
uct, the more worried and someness? Ironically, this marketing at the Opus College of
anxious they felt about us- worry and caution makes Business, University of St.
ing it. What’s more, the them less likely to fully ex- Thomas. They can be reached at
more worried and anxious plore and learn the app, [email protected].
 THE WALL STREET JOURNAL. Thursday, May 22, 2025 | R5

JOURNAL REPORT | CUSTOMER EXPERIENCE

How Baseball Can Attract

She adds: “This is not an orig-
inal thought, but sports is a uni-
versal language, so why not find
a creative way to bring that to
life.”

More Young Adult Fans 5. Own Sunday night

“Make Sunday night must-watch
TV for baseball,” Amanda says.
“Make it bigger than the game
itself.”
This too copies the NFL, in
I asked my sports-savvy daughter what works that combines all the Canada and the U.S. had three which its stand-alone night
the game can do to attract her and her cohort. games, for all fans, onto one fights in the first nine seconds. games also showcase singers,
platform. This platform would The fans loved it. The NBA’s in- dancers and celebrities. Think of
She offered five ideas. also allow viewers to watch the season tournament is mocked by what Prince, Beyoncé and count-
most dramatic moments, in real purists (different uniforms, dif- less other performers have done
time, of any given game. This is ferent court designs), but it’s an- for the NFL. Granted, baseball
BY JAMES S. HIRSCH she follows sports news each day what the NFL has done, bril- other example of doing some- doesn’t have a Super Bowl, and
on social media and podcasts liantly, with its RedZone channel. thing different. it doesn’t have halftime shows,

M
and streams sports radio. “Baseball needs its own type MLB introduced a “rivalry but it can still integrate pop cul-
AKE THE Even for someone who loves of RedZone,” Amanda says, “and weekend” this season, in which ture into the broadcast, with
product more baseball, she acknowledges the I’d call it Full Count.” teams squared off this past Fri- performances before games or
accessible. disconnect she feels in watching day-to-Sunday in a three-game even between innings. Amanda
Tap in to pop the game. “For myself and for series. But the matchups were notes how Taylor Swift’s dating
culture. Le- everyone else who is young, it’s 2. Forge media based more on geography (Dodg- of Travis Kelce expanded foot-
verage diver- just hard to wait for the next partnerships to elevate ers-Angels) or historical connec- ball’s appeal to a new audience.
sity. pitch,” she says. “Our generation story lines tions (Red Sox-Braves) than his- There are surely young female
Marketing isn’t wired like that.” The MLB is stuck in an anti- torical animus. Exploit those pop stars who love baseball—or
suggestions on how to boost the Amanda also believes that quated media model, in which bitter rivalries—Yankees-Red who love an MLB player—who
sales of cars, clothes or comput- MLB needs to do more to appeal television-bound fans coalesce Sox, Cardinals-Cubs, Dodgers-Gi- could be highlighted.
ers? None of the above. It’s how to women in particular, namely around their favorite teams, ants—or create new ones, “Whenever culture and sports
to drive interest in Major League by recognizing that women and while Amanda and her peers live Amanda says, and have these overlap, you grow the sport,”
Baseball, particularly among men don’t have the same priori- through their phones and co- teams play a best-of-seven series Amanda says.
young fans and women. ties. She argues that women, in alesce around their favorite sto- in July. Give the winner a trophy, Amanda believes the broad-
When I was growing up in the general, care more about story ries and players. “Living in New while all games count as part of casts themselves should be
1970s, professional baseball rev- lines than statistics and place a York, I could be in a bar, and a the regular-season record. spiced up. (ESPN broadcasts
eled in its standing as America’s higher value on the off-field con- Cardinal player could walk in, “MLB needs to get people car- MLB’s Sunday-night games,
national pastime. The NFL has duct of players. and I would have no idea who ing about baseball after the NBA though the broadcast deal will
long since assumed that mantle, “I don’t like having football that is,” Amanda says. “But finals are over in July, and they terminate after this season.) And
and what was once baseball’s players on my fantasy team when Justin Fields signs with should own that space,” Amanda here again, the NFL offers a
special charm—its leisurely pace who’ve beaten up their wives or the Jets, it’s breaking news, and says. The All-Star Game “seems model. “ManningCast,” in which
and pastoral setting—now seems kids,” she says, “but most men he’s not even a good player.” like a lost cause,” but “young Peyton and Eli Manning provide
anachronistic in a technology- don’t care about that. They just Amanda says MLB should join people are excited to consume alternative commentary to Mon-
driven culture that prizes rapid want the points.” with podcasts and social-media new things.” day-night NFL games on ESPN,
action and instant gratification. At my request, Amanda of- outlets “that this generation has a huge following, not only
Not surprisingly, baseball’s fered five suggestions on how cares about.” MLB did reach out because of the chemistry be-
biggest challenge lies with young MLB can better reach her gener- to young “influencers” to pro- 4. Leverage diversity tween the brothers but because
adults. A Gallup poll in Decem- ation. mote last year’s World Series on MLB takes immense pride in of the personalities who join
ber 2023 asked respondents social media, but the engage- breaking the color barrier in pro- them on the show.
what sport was their favorite. Of ment needs to be ongoing. fessional sports, and it has long “Have a broadcast where
those aged 18-29, only 5% chose 1. Make the games Amanda cites Caleb Pressley’s showcased its nonwhite players, Obama sits down for Sunday-
baseball, compared with 28% for more accessible “Sundae Conversation” series on including last year’s promotion night baseball, or Travis Kelce,
football, 13% for basketball and Young fans expect their sports YouTube, the “Pardon My Take” of Mookie Betts, Giancarlo Stan- or Kevin Durant,” Amanda says.
26% for “other sports.” entertainment to be streamlined, podcast and the Barstool web- ton and others during the World “Make it as blue sky as possible,
MLB, to its credit, imple- integrated and quickly accessible site as the types of outlets Series. But to Amanda, the mar- with as many stars and celebri-
mented new rules in 2023 to on all their devices. That is not through which MLB could reach keting of MLB still feels “very ties as possible. Make it must-
shorten the length of games and the MLB model. Instead, the young fans. Partnerships, white” for a league whose inclu- see television.”
increase action, and last year the league is a regional sport, driven Amanda says, need to revolve sion of white, Hispanic, Black While it pains me, as a long-
league saw its highest atten- by regional sports networks that around individual players and be and Asian players is a unique time baseball fan, that the game
dance numbers since 2017—but serve local fans. It does have continuous—for example, a dif- strength. This diversity is partic- itself is no longer must-see tele-
the total was still a 10% decrease MLB.com, which streams the ferent player joins the same ularly appealing to 20-some- vision, I get the point: More pi-
from its attendance peak in games, but for most teams, sports podcast every week dur- things who were raised to be- zazz is needed. I also recognize
2007. blackout restrictions prevent ing the season. lieve that broad representation that some of Amanda’s ideas,
What’s MLB to do? It isn’t a fans from streaming these was a positive attribute, and for such as a comprehensive broad-
question of star power: The games in their own city. Yankee MLB, with stars such as Ohtani, cast platform, would face hur-
league already has superb play- fans who live in New York City, 3. Bring back rivalries Aaron Judge and Juan Soto, that dles. But I love her faith in the
ers and, in Shohei Ohtani, a for example, must watch their “The teams don’t hate each belief is validated. game and her belief that its sub-
once-in-a-generation talent. team on the YES Network, so other like they used to,” Amanda Amanda believes MLB should tle beauty can still inspire her
Meanwhile, the league can only those fans have little reason to says. MLB “should do what col- more aggressively, and cre- generation.
adjust the rules so much before pay for the other games on lege football does and have a ri- atively, leverage its diversity, Former presidents in the
alienating longtime fans. MLB.com. valry week in July.” which would be consistent with broadcast booth? Rappers during
Instead, MLB needs to change “The average fan is never in- The other professional sports the league’s role as a civil-rights the seventh-inning stretch?
how it reaches young fans who centivized to watch an out-of- leagues have already discovered pioneer while also expanding its Why not.
were raised on Wii, Club Penguin market game,” Amanda says. “If the benefits of highlighting rival- audience today. Dream big and play ball.
and “High School Musical.” That it’s a Tuesday night and your ries. In hockey this year, the 4 “Why not a commercial in
excludes me, but I knew whom to game is a blowout, where do you Nations Face-Off, involving Can- which Ohtani and Soto are going James S. Hirsch is an author
ask. My daughter, Amanda, is 26, go?” ada, Finland, Sweden and the back and forth in their native whose books include “Willie
MICHELLE KWON

and she has been an avid base- Amanda says that MLB should U.S., was wildly successful, even languages,” Amanda suggests, Mays: The Life, the Legend.”
ball fan since she was a kid. Now create a streamlined product though the rivalry reached ab- “and then they use English to He can be reached at
working for a sports-betting site, with the regional sports net- surd levels. A game between teach us what they said.” [email protected].
R6 | Thursday, May 22, 2025 THE WALL STREET JOURNAL.

JOURNAL REPORT | CUSTOMER EXPERIENCE

The writer using a Kiehl’s is “firmness,” anyway? And who
avocado mask. He tried is doing the measuring?
2,160 applications of 136
different elixirs.
A trip to Kiehl’s
A few weeks into my journey, I
visited the Kiehl’s flagship store.
It’s just down the avenue from
my house in Manhattan and I
love its old-time apothecary vibe.
On display is an Indian-brand
motorcycle once owned by Aaron
Morse, an accomplished chemist
and military pilot who turned a
family drugstore into a success-
ful skin-care company. The bike
is strategic: It’s there to make
fellows like me feel welcome.
(Time to dispel an urban myth:
The squalene used in Kiehl’s
products comes from olives, not
shark livers.)
One of the Kiehl’s technicians
offered a free skin analysis. Clad
in a laboratory coat, he led me
nose first into a device that mea-
sures things like wrinkles, skin
texture and pore sizes. No sur-
prise: My skin was judged to be
limp, plastered with blotches,
and pepper-sprayed with sun
damage. C-minus at best.
I had great luck with virtually
everything sold by Kiehl’s, which
is now a L’Oréal Group brand.
But I did blunder a few times in
my selections elsewhere. I ended
up mailing a $200 bottle of Sis-
ley Paris’s Ecologic Compound to
my sister because it made me
smell like my grandmother. I had
a similar experience with the re-
nowned La Mer. I was attracted
because I’m a sailor, because I
was curious about its algae-
based “miracle broth” and be-
cause I could borrow some from
my wife. But it felt heavy on my
face and made me smell like my
other grandmother.
The way I scrubbed my facade
(normally a vigorous frenzy of
hand soap and bubbles) also
needed revamping. Cleansers
should have a medium pH and be
gentle so as not to upset or
abrade the uppermost layer of
skin. This membrane is composed
of flattened dead cells that
slough off at the rate of thou-
sands per minute. The cells, in
turn, are held together by fats.
This skinny veneer is called “the
moisture barrier.” Like the cover-
ing on a grape, but smarter, it de-
fends against environmental as-
saults and too much evaporation.
According to Kiehl’s, as much
as 80% of the cleansers sold can
damage this all-important face
shield. Once mangled by a harsh
soap or exfoliant, it can take
many days to recover.

A 70-Year-Old Man’s Search With coaching from Sarah

Karaolides, another member of
my support group and a two-
time winner of Allure’s top celeb-

For Younger-Looking Skin

rity aesthetician award, I learned
to be more zen-like in my cleans-
ing routine. Vanicream was the
soapless cleanser I selected after
learning that it is the preferred
choice in clinical trials (because
it doesn’t pollute the product be-
Could ‘antiaging’ products aimed at women reverse some of the of the label. Given that water ac- ing tested). It costs about $14.
counts for 80% of most products,
damage years of sun and surgery had done to my face? anything that’s not at least 1% of
a concoction might be there sim- C in the morning
ply so the seller can make some I tried to steer clear of industry
BY JOHN KOTEN skin. To ward off any backslid- something I was raised to do. I sort of proclamation. hysteria and stick with the ba-
ing, I also wanted to discover grew up believing a guy’s visage To separate the best creams sics. Garshick advised me that a

I
products I loved using. should display hard-bitten mas- from the crop, I scoured back is- topical vitamin-C serum is a
T ALL BEGAN six My quest took me from inex- culinity, ideally with a scar or sues of Vogue, Glamour and Al- must in the morning. It’s a pow-
months ago following pensive but good drugstore two. Last year, in response to a lure for top picks. Dr. Marisa erful nutrient and protective an-
the 20th surgery to brands like L’Oreal’s CeraVe and study conducted for CeraVe, 47% Garshick, my dermatologist and tioxidant. Of the three most com-
slice skin cancer off my LaRoche Posay to luxury brands of the U.S. males who responded a member of my all-female advi- monly used types, L-ascorbic
face. With the encour- with obscene prices in fancy- said they would rather “hand sory board, warned: “It’s a wild acid is the most potent but also
agement of my derma- pants containers. I set a $400 per wash their laundry for a month west out there, John. Be careful.” the most unstable. Many brands
tologist, I resolved, at item limit, but did score a small than start a face care routine.” Weed-whacking my way combine it with or substitute
long last, to get serious sample of Auteur’s bewitching But this may be changing. through the marketing hype, I other forms of C. Adding vitamin
about nursing my aging “Composition No. 1” serum. It Young men now constitute the encountered one website after E and ferulic acid to the mix
countenance. costs $1,190 a bottle pre-tariffs. I fastest-growing segment of the another festooned with an- helps maximize effectiveness.
Thus I set out on a journey had just enough to give it three face-care market, and celebrities nouncements like this one: “98% The Irish portion of my skin
into the sometimes baffling but shots at seduction and it proved like David Beckham, Machine of users experienced improve- kept rebelling from the acids as I
also magical world of women’s quite lovely. But I ended up de- Gun Kelly and Dwayne “The ments in firmness after two tried different C products. Finally,
face care. Over time, I purchased ciding I’d get more for my money Rock” Johnson have launched days.” Yet it was rare to find any I donned SkinMedica’s C+E serum.
enough toners, essences, serums if I bought a new band saw. product lines. Men also have be- support for these boasts. There It proved to be my cup of C be-
and creams to fill a 2-gallon gun responding to the increasing are almost no footnotes, no links cause it delivers the vitamin in a
bucket. I completed 2,160 appli- number of medical-grade con- to actual data, no descriptions of gentle time-release form. Vitamin
cations of 136 different elixirs. Hard-bitten masculinity sumer products anchored in sci- survey methodologies. And what C must be protected by sunscreen
I shunned products claiming Skin aging (which starts around entific advancements.
to be “uniquely formulated” for age 20) is a multifaceted, slow- I needed to sweep the old prej-
men. These reminded me of motion car wreck. Assaulted by udices aside to save my own skin.
those cutesy pink tool kits aimed the environment, the sun and But at first, I found the thou-
at female do-it-yourselfers, offer- other factors, skin becomes less sands of choices out there over-
ing little more than a screw- and less adept at producing its whelming. Many product names
driver and a wrench. I wanted own hyaluronic acid, collagen, seemed inscrutable. “HA5”?
the full arsenal. L’Oréal alone elastin and growth factors—all of What’s that? “Triple Lipid Re-
has 20 skin-care brands, each which play roles in the skin’s store”? Is fat now a good thing?
with their own product lines; Es- health. Communication between Ingredient lists proved equally
FROM TOP: BOBBY DOHERTY FOR WSJ; JOHN KOTEN (2)

tée Lauder has 14. In the skin cells also breaks down and confounding. Anyone for “glacial
game, shopping in the men’s sec- causes chaos. Meanwhile, dys- glycoproteins” or “punica grana-
tion is like opting for a popgun functional senescent cells, also tum extract”? Liquid oxygen?? I
instead of a bazooka. known as zombies, multiply and thought that was for rockets.
I was especially eager to find release toxic missiles that cause I learned to check ingredients
out whether “antiaging” prod- other cells to become similarly claims to see if the touted com-
ucts really can reverse the skin’s impaired. The result: wrinkles, ponent was actually near the top
battle with time. I happen to be sagging, dryness and discolor-
proud of the hard-earned chasms ation. Over time, even the skin’s
jackhammered into my mug, and DNA gets corrupted.
I see no need to camouflage my How to fight back? Messing The day of his 20th cancer
age; what I wanted was healthier with women’s face creams isn’t surgery, and six months later.
 THE WALL STREET JOURNAL. Thursday, May 22, 2025 | R7

JOURNAL REPORT | CUSTOMER EXPERIENCE

or it will quickly lose its mojo. that’s also popular among the been using a novel peptide to human tissue that have been cul- did to evaluate the impact of
The best time to swab on a FaceTime set. The South Korean communicate with cells to regen- tured in a lab. Growth factors are various cosmetic ingredients on
retinoid is in the evening. That’s government supports skin-care erate human organs. It now naturally occurring proteins that, mood. I use the version called
when the skin’s repair apparatus research as a source of national churns out the primary ingredi- among other things, stimulate Sérénité. It’s chill.
goes into hyperdrive and the sun pride and I found that products ent for a brand called Sweet collagen and elastin production. Skin-care companies focus
can’t trigger a retinoid’s UV am- from brands like Corsx, Innisfree Chemistry. It sells for $170 a bot- They are widely used by doctors much of their attention on the
plifying effects. Tretinoin, sold and Dominus all had stellar for- tle. Another is One Skin, a prod- in wound healing. feel of their products in hopes of
by prescription and one of the mulations and were reasonably uct with a peptide named OS-01 Not counting all-important pleasing the 1,000 nerve endings
strongest of the retinoid creams, priced. The niacinamide in that its creators say can zap sunscreen applications, moistur- found in each square inch of
was first deployed in skin care in Dominus cream wiped out so toxic senescent cells. izers are the final step in a rou- skin. And, for me, when it came
1943. For all of the billions of many of my brown age spots Then there’s Plated, which my tine. I enjoyed these luscious to feel, there was no topping
dollars spent by the industry on that I no longer recognize the sister’s facialist calls “crazy bad- concoctions so much I ended up Rich Cream, made by Augustinus
R&D since then, scientists world- Bader, a London-based skin-care
wide have yet to find another in- company named after a German
gredient that surpasses a retin- scientist who is prominent in the
oid in efficacy. In a survey field of wound repair. I tried
published just last month in the moisturizers from France, South
Journal of the American Acad- Africa, Spain, Japan, Iceland, Ko-
emy of Dermatology, cosmetic rea, Australia, Germany and the
dermatologists gave retinoids a U.S. Not one left my face feeling
96.8% approval rating, topping a as natural and fresh as this one.
list of 318 skin care ingredients. It quickly absorbed and never in-
Nearly everything Tretinoin truded during the day. Along
does is good for the skin, though with seemingly every Hollywood
it doesn’t hydrate. Some people celebrity, I now apply Rich
have a hard time tolerating even Cream every day, even though it
weaker-strength retinoids sold costs $305 a bottle.
over the counter, but there’s a
natural, more-gentle alternative
called Bakuchiol that is nearly as My better mood
effective and has anti-inflamma- The thing that surprised me
tory properties. I sometimes use most was the positive impact
both in combination. regular face care started having
During the dry winter months, on my mood. I learned that a
I learned to use hyaluronic acid routine to begin and end the day
serums to keep my skin moist. can be a powerful meditative
This is a humectant that traps up transition. Modern science now
to 1,000 times its weight in wa- confirms what most women have
ter. A bottle from the Ordinary known since Cleopatra bathed in
(an Estée Lauder brand) costs milk: Happy skin sends happy
$10. My favorite humectant, messages to the brain via the
though, turned out to be Au- senses.
teur’s Definitive Hyaluron Activa- So how is my skin doing after
tor serum, which costs 31 times six months of renovation? It took
more. Like all high-end products, weeks before I could detect
it emphatically doesn’t perform whether anything at all was hap-
31 times better than its lower- pening beyond covering myself
cost rivals. But it does contain in goop. Three months in,
five different molecular weights though, people were asking
of hyaluronic acid to reach dif- where my old face had gone. I
ferent layers of the skin. (Hey, now shake my head in wonder-
HA5, now I get it.) ment when I look in the mirror.
I need to mention another hu- It’s hard to believe the smooth,
mectant lest the TikTok mobs moistened, even-toned, and
hunt me down. It’s Corsx Snail Creams of the crop: ass.” Its maker, Rion Aesthetics, trying more than 30 kinds. I ac- more-elastic sheathing that looks
Mucin, a South Korean marvel A few of the author’s favorites. obtained its star ingredients tually tingled the first time I back at me. I don’t know if my
that is exactly what it says it is. from the Mayo Clinic after scien- tried one from Laboratories skin is biologically younger, but
Hard as it may be to believe, I tists and technicians noticed im- Filorga out of Paris. It was pink, it certainly looks it. I had learned
actually enjoyed smearing snail backs of my hands. provements in their skin after smooth and gauzy soft, with a that all skin care is “antiaging.”
slime trails on my face. Only a Korean skin care has become handling extracts from blood delicate whisper of an aroma. I The other day, I got another
manly man would be brave such a big deal that L’Oréal, Es- platelets—the tiny EMTs that ar- liked a moisturizer from Environ, skin analysis at Kiehl’s. This time
enough to do this, right? (Except, tée Lauder and Groupe L’Occi- rive the moment skin bleeds. a South Africa company with a there was no need for alarm
of course, the millions of young tane all now own a South Korean Sweet Chemistry, Plated and focus on vitamin A. It comes in bells. I had squeaked into B-plus
people on TikTok whose brains skin-care brand. OneSkin offered what I found capsules you squeeze like a pim- territory, but this technician gave
haven’t fully formed.) Many new discoveries will was the best documentation for ple for each dose. A new brand me extra credit for being a gee-
BOBBY DOHERTY FOR WSJ

likely come from bioengineering the science behind their prod- launched this year by Sisley Paris zer and awarded me an A.
peptides to convey precise mes- ucts. Another was SkinMedica. is called Neuraé. I found its tex-
What brown spots? sages to the nano-thin command Its TNS Serum is the one I now ture nothing if not sensual. Its John Koten is a writer in New
I spent six weeks experimenting post that envelops every cell. I smear on most. It contains selling point, though, is the 10 York. He can be reached at
with a 10-step Korean routine visited a lab in Brooklyn that has growth factors synthesized from years of research Sisley says it [email protected].

A
FTER AROUND
age 20, human
The Ingredients to Look For cyl ascorbate offer better
skin penetration and shelf
not penetrate the skin unless
encapsulated or paired with

When Buying Skin Creams

skin slowly has a life. Pairing C with E and fer- technologies like liposomes.
harder time look- ulic acid improves efficacy.
ing after itself.
But there’s help • WSJ: Why not just dump Peptides and CBD
out there—too much of it in Advice From a Dermatologist all these ingredients into • WSJ: Peptides are being
fact. one cream? heavily featured in the mar-
There aren’t quite a zillion keting maelstrom out there.
creams, serums and other po-
George Washington University’s Adam Friedman • FRIEDMAN: It’s not that But there seem to be hun-
tions promising to take care simple. The delivery system dreds of different kinds
of your aging face, although offers his take on vitamin B3, CBD and more is as important as the drug with new ones being pro-
it often seems like there are. itself. These ingredients have duced every day.
To evaluate which of these different solubility profiles (oil
elixirs work best, it pays to sons why dehydrated skin is ingly popular activity called counter forms like retinalde- vs. water), pH requirements • FRIEDMAN: Peptides are
know something about the dysfunctional skin. “slugging.” This messy act hyde or retinol can be gen- and stability characteristics. A short chains of amino acids
key ingredients to look for. involves applying gloppy tler and still effective. highly acidic vehicle needed that act like text messages
As a 70-year-old man on • WSJ: Humectants can play Vaseline as the final step in for ascorbic acid, for in- to your skin cells—triggering
a quest to improve my aging an important role helping to a routine. It’s certainly un- . stance, would destabilize collagen synthesis, reducing
face, my go-to expert was trap and retain moisture. derstandable why no one Age spots peptides or degrade certain inflammation or modulating
Dr. Adam Friedman, the chair Which ones work best? seems to be doing this dur- • WSJ: I’ve become a big vi- lipids. The formulation vehi- pigment.
of the dermatology depart- ing the day, but is it a tamin B3 fan because it cle—not just the active ingre-
ment at George Washington • FRIEDMAN: Glycerin, hy- sound practice? made my age spots go away. dients—is the science. This is • WSJ: Some of the claims
University. Friedman is a aluronic acid, sodium PCA why I generally recommend seem exaggerated to me.
consultant, a researcher in and urea. Urea deserves spe- • FRIEDMAN: Ingredients • FRIEDMAN: Yes, niacin- products from large brands
the field and holder of a cial attention—it’s not just a like petrolatum [petroleum amide is very versatile. It that have the resources and • FRIEDMAN: The peptide
“Beauty Genius” award from humectant, but activates jelly] or other oils physically strengthens barrier function, expertise to do it right. must be stable, delivered in
Elle magazine. channels that facilitate wa- block water loss. Petrolatum, reduces hyperpigmentation, sufficient concentration and
Here are edited experts of ter and glycerol transport in particular, has been shown regulates oil and even has • WSJ: So, drat, there’s no survive skin penetration.
a conversation with Friedman. across cell membranes. Stud- to reduce water loss by up anti-inflammatory effects. chance of avoiding a multi- Many brands throw peptides
ies show urea-based topicals to 98% and even accelerate stage routine. OK, let’s turn into creams at trace levels
can increase epidermal thick- barrier recovery by stimulat- • WSJ: Next up is one that to growth factors, which and tout unproven claims.
Stay hydrated ness and gene expression of ing the skin’s ability to make should be applied every sound like something I
• WSJ: Let’s focus on what’s key proteins in the top layer its own lipids. I prefer partial •WSJ: Let’s end with epige-
in the jars—the ingredients of skin. occlusives like silicone deriv- netics—is it hype or hope?
that really matter for skin atives. They don’t fully ob-
health. Where should we • WSJ: Apparently, smear- struct water loss but have a It all starts with hydration • FRIEDMAN: Epigenetics ex-
start? ing fats on my face is also a better feel and are much less plores how environmental
good thing for skin health. likely to block pores. and your skin’s moisture factors influence gene ex-
• ADAM FRIEDMAN: With pression without altering
hydration. It is critical to
healthy skin. Achieving it re-
• FRIEDMAN: Correct. To re-
inforce the “mortar” that
• WSJ: How about vitamins
A, B, C and E?
barrier, Dr. Friedman says. DNA itself. Skin aging isn’t
just genetic—it’s epigenetic.
quires not just dumping on holds cells together, we de- UV radiation, pollution and
moisture, but supporting the ploy ceramides (especially • FRIEDMAN: Each of these stress all impact gene ex-
biologic processes that cre- Ceramide NP and EOP), cho- plays a unique and synergis- morning followed by sun- could use to be 6-foot-2. pression related to collagen
ate and maintain the stra- lesterol, squalane and linoleic tic role. Vitamin A (retinoids) screen: vitamin C. breakdown, inflammation and
tum corneum, the outer layer acid. Some ingredients like is a dermatologist’s multitool • FRIEDMAN: Growth factors pigmentation. These are still
of skin that’s also commonly oat oil can also stimulate ce- and the gold standard for • FRIEDMAN: Ascorbic acid [GFs] are naturally occurring early days, but brands are
referred to as “the moisture ramide production—turning photodamage and acne. It is a potent antioxidant and proteins that signal cells to developing topicals that can
barrier.” Enzymes play a criti- on the faucet instead of just boosts collagen production helper molecule in collagen grow, divide and repair. In “switch on” youthful gene ex-
cal role in keeping this bar- refilling the pool, which I ac- and cell turnover. Prescrip- production. But here’s the skin care, they aim to mimic pression patterns. It’s a thrill-
rier intact. But they cannot tually prefer. tion retinoids (like tretinoin catch—ascorbic acid is unsta- these natural regenerative ing frontier—but right now,
function without water. And or trifarotene) are backed by ble in water and light. Stabi- processes. Delivery matters: I’d still call it early science.
that’s just one of many rea- • WSJ: There’s an increas- decades of data. Over-the- lized forms like tetrahexylde- Topically applied GFs may —John Koten