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What’s
Trump Taunts Harris Over Her Racial Identity Powell
News Tees Up
Business & Finance Fed Rate
 The Fed’s Powell said offi-
cials could cut interest rates
Cut Next
at their meeting in September,
moving closer to a new phase
that seeks to avoid weakness
in the labor market amid signs
Month
inflation is heading lower. A1 Officials hold policy
 U.S. stocks and govern- benchmark steady
ment bonds rallied, with the
S&P 500, Nasdaq and Dow but signal progress
advancing 1.6%, 2.6% and in fighting inflation
0.2%, respectively, while the
yield on the 10-year Trea-
BY NICK TIMIRAOS
sury note fell to 4.107%. B1
CHARLES REX ARBOGAST/ASSOCIATED PRESS

 Boeing hired Robert Fed Chair Jerome Powell

“Kelly” Ortberg as its next said officials could cut interest
chief executive, picking an rates at their meeting in Sep-
aerospace veteran to steer tember, moving closer to a new
the jet maker through its phase that seeks to avoid weak-
manufacturing turbulence ness in the labor market amid
and a regulatory storm. A1 signs inflation is heading lower.
While Powell and his col-
 Meta Platforms is running
leagues didn’t commit to any
ads on Facebook and Insta-
such move when they held rates
gram that steer users to on-
ON STAGE: Former President Donald Trump, speaking of Vice President Kamala Harris at the National Association of Black steady on Wednesday, he ap-
line marketplaces for illegal
Journalists convention on Wednesday in Chicago, baselessly claimed that his election rival began identifying as a Black woman peared to suggest a cut was
drugs, months after The Wall
only in recent years. The session was moderated by ABC’s Rachel Scott, Semafor’s Kadia Goba and Fox News’s Harris Faulkner. A3 more likely than not during a
Street Journal reported that
news conference.
the social-media giant was

.
“The broad sense of the
facing a federal investiga-

Killings of Two Israeli Enemies

committee is that the economy

ly
tion over the practice. A1
is moving closer to the point at
 Meta said quarterly digi-
which it will be appropriate to
tal advertising grew rapidly
reduce our policy rate,” Powell
while the company’s invest-
ments in AI and the meta-
verse weighed on profit. B1
 Bill Ackman suspended the Raise Prospects for Wider War
on said. “A reduction in the policy
rate could be on the table as
soon as the next meeting in
September.”
initial public offering of a new Powell cited better news on
us ,

fund aimed at everyday inves- inflation, a desire to prevent a

l

tors after a lack of investor A pair of provocative nese militant group would feel Lebanon and tension rises and Lebanon’s Hezbollah all material rise in unemployment,
e
al a

demand forced him to shrink strikes that killed enemies of compelled to respond. Hours with Tehran, the war threat- gathered in Tehran, where and his view that policy is be-
his fundraising target. B1 Israel has pushed the Middle later, after midnight, Hamas ened to be evolving into the Hamas leader Haniyeh hugged ginning to more meaningfully
East to the brink of a wider political leader Ismail Hani- sort of regional battle on sev- new Iranian President Masoud slow activity during a 50-min-
ci on

 Delta’s Chief Executive Ed

yeh was killed in a mysterious eral fronts that U.S. diplomats Pezeshkian amid chants of ute news conference that did
Bastian said the airline took
By Summer Said, strike in Tehran, vastly com- have shuttled around the re- “Death to Israel.” little to dispel widespread ex-
a $500 million hit from the
Rory Jones plicating the calculus and rais- gion for months to prevent. Before dawn the next day, pectations in financial markets
CrowdStrike technology out-
and Carrie Keller-Lynn ing concerns about a regional The strikes came as Iran it was Haniyeh who was dead. of a rate reduction at the Fed’s
age that hurt its operations. B1
escalation to some of their used this week’s inauguration Israel didn’t claim responsibil- next meeting.
er s

 Accounting firm CBIZ war the U.S. has worked hard highest levels so far in nearly of its new president to show ity for the strike, but was U.S. stocks opened the day
agreed to acquire peer Mar- to head off. 10 months of war in Gaza. off the powerful collection of blamed for it by Iran, which sharply higher, then held on to
m er

cum in a $2.3 billion deal On Tuesday night, an Is- With Israel’s military eager militias it has assembled Please turn to page A5 Please turn to page A2
that would turn the latter’s raeli airstrike in Beirut killed to wind down its operations in around the Middle East. Rep-
tax and consulting prac- a top official with Hezbollah, the Gaza Strip as fighting in- resentatives of Palestinian Is-  Strike victim in Iran was Federal-funds rate target
tices public. B6 setting off concerns the Leba- tensifies on the border with lamic Jihad, Yemen’s Houthis Hamas’s top negotiator... A5
Wednesday
m rp

6%
World-Wide Unchanged

 A pair of provocative
Advertising America’s Inflation Fight 5

strikes that killed enemies of

For Illicit Widens a Split in Economy
co Fo

Israel has pushed the Middle 4

East to the brink of a wider
RECESSION
war that the U.S. has
worked hard to head off. A1
 One of the men killed, Is-
Drugs 3

mail Haniyeh, was the

strongest voice within a di-
vided Hamas advocating for
Persists on Some are battered, while others are benefiting
2

1
BY DAVID UBERTI
a cease-fire with Israel,
clashing at times with other
officials of the group in
Facebook The third year of America’s inflation fight
and middle-income Americans, exposing a di-
vision between people whose gains are being
whittled down by elevated inflation and bor- 0
heated discussions since the is widening a split at the heart of the econ- rowing costs and those who are benefiting
2016 ’18 ’20 ’22 ’24
war in Gaza began. A5 BY SALVADOR RODRIGUEZ omy. from high asset prices and bond returns. The
n-

The stock market is soaring, household crosscurrents are scrambling the outlook for
 The Defense Department Note: Midpoint of range
Meta Platforms is running wealth is at record levels and investment in- the U.S. consumer—a bedrock of economic Source: Federal Reserve
approved a plea bargain
ads on Facebook and Insta- come has never been greater. At the same growth, corporate business plans and Wall
with Khalid Sheikh Moham-
gram that steer users to on- time, some families’ pandemic-era savings are Street investments.  Bank of Japan raises key
med and two other Guan-
no

line marketplaces for illegal running dry, and delinquencies on credit card Inflation had damaged President Biden’s re- rate, driving up the yen... A6
tanamo detainees accused
drugs, months after The Wall and auto-loan payments have jumped. election bid long before he dropped out of the  Stocks, bonds climb after
of orchestrating the Sept. 11,
Street Journal reported that Warning signals are flashing for more low- Please turn to page A7 Fed meeting.......................... B1
2001, terrorist attacks. A3
the social-media giant was
 Trump attacked Vice facing a federal investigation
President Harris over her
race, baselessly suggesting
his election rival only began
over the practice.
The company has continued
to collect revenue from ads
PARIS 2024 Boeing Picks CEO,
identifying as a Black that violate its policies, which
woman in recent years. A3
 Sen. Mark Kelly’s experi-
ence running successfully to
ban promoting the sale of il-
licit or recreational drugs. A
review by the Journal in July
Records Huge Loss
the center in Arizona and his
willingness to buck his party
found dozens of ads marketing
illegal substances such as co-
For Latest Quarter
EMMANUEL DUNAND/AFP/GETTY IMAGES

caine and prescription opioids,

on immigration issues help
including as recently as Friday.
him stand out among Harris’s
A separate analysis over recent
possible running mates, the
months by an industry watch- BY SHARON TERLEP more than $1 billion a month.
vice president’s allies said. A4
dog group found hundreds of Ortberg is a Dubuque, Iowa,
 Rioters assaulted police, such ads. Boeing hired Robert “Kelly” native who graduated with a
burned cars and attacked a The ads show photos of Ortberg as its next chief exec- mechanical-engineering de-
mosque in northern England prescription-drug bottles, piles utive, picking an aerospace gree from the University of
after misinformation spread of pills or bricks of cocaine. veteran to steer the jet maker Iowa. He started his career as
about the identity of the sus- “Place your orders,” said an ad through its manufacturing a program manager in 1987 at
pect tied to a stabbing spree the Journal found in July. It SPORTS turbulence and a regulatory Rockwell Collins before climb-
that left three children dead. A6 included a photo of a razor- Jason Gay on the greatest stadium on Earth, storm, as the company re- ing the executive ranks to be-
blade and a yellow powder ar- ported a $1.44 billion loss for come its CEO in 2013.
 The Biden administration triathletes in the Seine, and more coverage. A11-12
ranged to spell out “DMT,” a the June quarter. As CEO, he led the company
suspended $95 million in
psychedelic drug. Ortberg ran one of Boeing’s through two large acquisitions
U.S. assistance to Georgia
The Journal reported in big suppliers, Rockwell Col- before selling Rockwell in
after Tbilisi adopted legisla-
tion on foreign agents that
March that federal authorities
were investigating Meta for
Lawmakers on Capitol Hill lins, until 2018, when it
merged with another aero-
2018 to United Technologies.
He ran the combined com-
critics say was inspired by a
Russian law used to crack
its role in the illicit sale of
drugs. The nonprofit Tech
Hunt for a Smoke-Filled Room space manufacturer and even-
tually ended up part of RTX.
pany’s aerospace unit for
about a year and then served
down on political dissent. A6
Transparency Project, which i i i He built a reputation on Wall as a special adviser to then-
investigates online platforms, Street as a savvy dealmaker RTX CEO Greg Hayes before
CONTENTS
Arts in Review.... A10
Heard on Street.. B12
Opinion................ A13-15
reviewed Meta’s ad library Shifts in GOP House leadership have foiled and worked closely with air- retiring in 2021. He remained
Business News....... B3 Personal Journal A8-9
from March to June and found lines and the Pentagon, before on the RTX board.
Crossword.................. A9 Sports................... A11-12 more than 450 illicit drug ads some cigar lovers; time for a smoke-in? abruptly retiring in 2021. Ortberg has a long and
Equities......................... B7 Technology................ B4 on Facebook and Instagram. The 64-year-old takes over sometimes tense history with
Finance & Markets B11 U.S. News.............. A2-4 “You don’t need the dark BY OWEN TUCKER-SMITH stubbed out on Capitol Hill, an American manufacturing his new employer. When he
From Page One..... A7 World News........ A5-6
web anymore when you can AND NATALIE ANDREWS where some lawmakers con- giant that is grappling with ran Rockwell, Boeing moved to
just buy a Facebook ad to sell tinue to proudly talk shop quality issues, production insource work on aircraft elec-
> dangerous drugs or even scam One of America’s last ha- over stogies. slowdowns, high-stakes labor tronics that was one of Rock-
people at a scale that wouldn’t vens of workplace smoking “I had a cigar with my in- negotiations and a plunging well’s biggest businesses, and
Please turn to page A2 faces a hazy future. terns this morning, and a cou- share price. Boeing has in- Please turn to page A7
Lighting up in the office is ple more in the afternoon,” curred nearly $25 billion in
s 2024 Dow Jones & Company, Inc.
 Meta sees AI costs surge largely taboo across the U.S., said Rep. Tom Cole, the unof- losses since 2020 and its oper-  Heard on the Street:
All Rights Reserved as digital-ad sales grow... B1 but the tradition hasn’t been Please turn to page A9 ations are burning through Tough turnaround job....B12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
Illicit-Drug
Ads Persist
On Facebook
Continued from Page One
have been possible through
the dark web,” said Katie Paul,
director of the Tech Transpar-
ency Project.
Meta uses artificial-intelli-
gence tools to moderate con-
tent, but the company’s tools
haven’t managed to stop such
drug ads, which often redirect
users to other platforms
where they can make pur-
chases. The use of photos to
showcase the drugs available
appears to make it possible
for the ads to bypass Meta’s
content-moderation systems.
Meta works with law en-
forcement to combat this type
of activity, a company spokes-
man said.

ZAYDEE SANCHEZ FOR WSJ (2)

The company’s content-
moderation teams were af-
fected by staff cuts in recent
years. The spokesman said the
company has quadrupled the
size of the team working on
safety and security since 2016.
“Our systems are designed Mikayla Brown thinks Meta is responsible for the drug-overdose death of her child, Elijah Ott, a 15-year-old from California who died last year after seeking
to proactively detect and en- drugs on Instagram. Below, Mikayla Brown and her family walk through a cemetery in Paso Robles, Calif., on their way to visit Elijah’s grave.
force against violating con-
tent, and we reject hundreds the ads are typically taken to families have suffered, and this
of thousands of ads for violat- private group chats on the app is why we invest so much…to
ing our drug policies,” the Telegram, which isn’t a Meta make sure no one has to go
spokesman said. “We continue property. When accessed, through the things your fami-
to invest resources and fur- these group chats typically lies have had to suffer.”

.
ther improve our enforcement show a stream of posts from
on this kind of content. Our the dealers that include pho-

ly
hearts go out to those suffer- tos of the drugs they offer, A parent’s story
ing from the tragic conse- menus with prices and in- Mikayla Brown, 34 years
quences of this epidemic—it structions for placing orders, old, is among the parents who
requires all of us to work to-
gether to stop it.”
On Wednesday Meta re-
ported second-quarter sales
according to the Journal’s re-
view and the Tech Transpar-
ency Project analysis.
Telegram representatives
on think Meta is responsible for
the drug-overdose death of
her child. Her son Elijah Ott, a
15-year-old sophomore in Cali-
rose 22%, to didn’t respond fornia who loved to skate-
us ,

$39.1 billion, to messages board and cook Cajun pasta

l

compared with seeking com- with his mother, died last Sep-
e
Photos showing
al a

a year earlier ment about the tember. After his death, Brown
as quarterly drugs appear to practice. said she found messages on
digital advertis- Some of the his phone showing how he
ci on

ing grew rap- make it possible private chats connected with an Instagram
idly, with ad- will include account selling illegal drugs
vertising
for ads to bypass posts that say and sought to purchase mari-
making up 98% Meta’s systems. “TD” or juana oil and a pharmaceutical
of the com- “Touchdown” to similar to Xanax.
er s

pany’s quar- indicate a suc- In his autopsy, Ott tested

terly revenue. cessful ship- the ads from its platform. with a few exceptions. The Su- drugs in the U.S. positive for the Xanax-like
m er

ment to a customer delivered Additionally, the company preme Court left core elements At a Senate hearing in Janu- pharmaceutical and a larger
via a shipping service. In some said it is using insights about of Section 230 unchanged after ary, a number of parents said amount of fentanyl, which was
Drug content cases, the ads link to private new adversarial tactics gar- deciding on two cases involv- they think Meta and other so- determined to be the cause of
When users click on the group chats on Meta’s Whats- nered from investigating these ing the law in 2023. cial-media companies are re- his death. Brown said she
Facebook pages or Instagram App encrypted messaging ser- ads to fan out and do addi- The Justice Department in sponsible for the deaths of thinks the drug bought by her
m rp

accounts associated with the vice, according to the Tech tional sweeps. the past has tried to extend the their children, including be- son was laced with fentanyl.
ads, those pages often include Transparency Project report. Lawmakers have been dis- reach of federal drug laws in a cause of illegal drug sales on A review by the Journal
nonsponsored photos or posts Meta disabled many of the cussing the need to hold tech- way that holds internet plat- social platforms that led to showed those accounts re-
of drug-related content. Some drug ads spotted by the Jour- nology companies responsible forms culpable when compa- overdoses from fentanyl, a syn- mained live on Instagram
of the accounts use names nal within 48 hours of when for what third parties post on nies use it to break the law. thetic opioid. months later. Meta disabled
co Fo

that make it clear they are for they went live, the spokesman their platforms. Efforts to do so In 2011, Google agreed to Chief Executive Mark Zuck- the accounts associated with
the transaction of drugs, such said. All of the ads have now have been complicated by Sec- pay $500 million for allowing erberg apologized at the hear- the dealer after being con-
as the ad for DMT, which was been removed for violating tion 230 of the Communica- online Canadian pharmacies to ing. “I’m sorry for everything tacted by the Journal.
posted by an account called Meta’s policies, and after be- tions Decency Act, which says place ads targeting U.S. con- you have all been through,” he “Because of this app, my
“DMT Vapes and Notes.” ing contacted, the company online platforms aren’t liable sumers, resulting in the unlaw- said. “No one should go child does not get to live,”
Users who click the links in banned the users who created for what third parties post, ful importation of prescription through the things that your Brown said.

CORRECTIONS 
Fed Tees Up they rapidly raised rates start-
ing two years ago to combat
high prices.
half of last year has resumed
and might be broadening.
“What we’re seeing right
decade high in 2022. They
feared rapid price increases
could lead high inflation to
ally carefully for that.”
Wage growth is cooling after
the reopening from the pan- AMPLIFICATIONS
September “The committee is attentive
to both sides of its dual man-
now is better than last year,”
when price growth slowed rap-
grow entrenched across the
economy, particularly if prices
demic ignited a rehiring frenzy.
Private-sector wage and sala-
n-

date,” the statement said, retir- idly but declines were concen- and paychecks rose in lockstep. ries grew 0.8% in the second In some editions Wednes-

Rate Cut ing language that for the past

two years described policymak-
ers as “highly attentive” to in-
trated in goods and not ser-
vices, said Powell. “This is a
broader disinflation.”
But recent data suggest that
hasn’t occurred. There were 1.2
job openings for every unem-
quarter, the Labor Department
said on Wednesday, the softest
rise since 2020.
day, the surname of Chris
Pereira, a former Huawei senior
director in public affairs, was
no

flation risks. In addition, recent earnings ployed worker in June, down Moreover, some industries misspelled as Peirera in a Page
Continued from Page One The stakes are high for Fed reports suggest corporate from a high of 2 when the Fed most sensitive to higher rates One article about the Chinese
their gains after the Fed’s news officials, who have been trying America is enjoying less pricing began lifting rates in March are facing more pressure. The telecommunications company.
conference. Treasury yields to navigate two risks. One is power as consumers tighten 2022 and back to levels seen be- number of housing units under
edged lower. that they ease too soon, allow- their belts and push back fore the pandemic. Powell said construction nationally pla- Readers can alert The Wall Street
Journal to any errors in news articles
While Wednesday’s decision ing inflation to become en- against hefty price increases of on Wednesday he no longer saw teaued in 2022, after borrowing by emailing [email protected] or
to leave rates in a range be- trenched at a level above their the last three years. the labor market as a source of costs soared, but residential by calling 888-410-2667.
tween 5.25% and 5.5%, a two- 2% target. The other is that McDonald’s said sales sput- inflation risk. “I would not like construction turned negative
decade high, was unanimous, they wait too long and the tered in the April-to-June quar- to see material further cooling earlier this year and was down
Powell suggested that at least economy crumples under the ter, falling nearly 1% from a in the labor market,” he said. nearly 8% in June from a year THE WALL STREET JOURNAL
one official had argued in favor weight of higher rates. year earlier, and sounded a While layoffs remain low, hir- earlier, the biggest drop since (USPS 664-880)
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Thursday, August 1, 2024 | A3

U.S. NEWS

Sept. 11 Figure
Mohammed
Accepts Deal

FROM LEFT: JANET HAMLIN/PRESS POOL, ROBERT GIROUX/GETTY IMAGES

Accused plotter and
two others agree to
serve life, avoiding
the death penalty
BY JESS BRAVIN

The Defense Department

approved a plea bargain with
Khalid Sheikh Mohammed and
two other Guantanamo detain-
ees accused of orchestrating
the Sept. 11, 2001, terrorist at- Khalid Sheikh Mohammed and two other detainees were allegedly abused in custody after being captured for their roles in the Sept. 11, 2001, attacks.
tacks that destroyed the World
Trade Center, killed nearly commission in 2008, but a mil- conduct by taking the death made as a result of torture,” that the decision to enter into provide justice,” he said.
3,000 people and launched itary judge rejected the move penalty off the table. The de- the lawyer, Alka Pradhan, said. a pre-trial agreement will be The agreement isn’t the end
America’s 20-year military because the legal basis for ac- fendants, who in earlier pro- Lawyers for Mohammed met with mixed reactions of the case. A sentencing hear-
campaign in Afghanistan. cepting pleas to a capital ceedings attempted to plead didn’t respond to requests for amongst the thousands of ing will still take place, afford-
In a Wednesday letter to charge was unclear. Moham- guilty, would in turn be spared comment. People familiar with family members who lost ing the families of 9/11 victims
victims of the attacks, military med, 59 years old, is the re- the executioner’s needle and the deal say it doesn’t provide loved ones.’’ the opportunity to describe the
prosecutors said the three de- puted mastermind of the Sept. instead serve life in prison. guarantees regarding the con- They added that “it is our attack’s impact on their lives,
fendants had agreed to plead 11 attacks, which involved Two other men also were ditions of confinement. collective, reasoned, and good- while the defendants will be
guilty in exchange for life sen- teams of suicide hijackers com- charged in the Sept. 11 plot All five defendants were faith judgment that this reso- permitted to present evidence
tences. Prosecutors had been mandeering four airliners and but weren’t part of the plea taken to Guantanamo Bay, lution is the best path to final- in favor of a more lenient sen-
seeking the death penalty, but crashing them into landmarks. agreement. One, Ramzi Bin- Cuba, in 2006 from the CIA’s ity and justice in this case.” tence, such as the alleged abuse
the alleged torture of the de- Mohammed was born in Ku- alshibh, was found last year so-called black sites overseas, President Biden learned of they faced while in custody.
fendants while in Central In- wait of Pakistani parents. In the by a military judge to be men- after a Supreme Court deci- the plea bargain Wednesday, a A person familiar with the
telligence Agency custody had 1980s, he studied mechanical tally incompetent to stand sion holding that the U.S. was National Security Council process said that additional
clouded proceedings for years, engineering in the U.S. before trial, due in part to his treat- required to provide enemy spokesman said. “The president negotiation between the par-
miring the parties in pretrial traveling to Afghanistan where ment in CIA custody. prisoners the minimal degree and the White House played no ties was likely over what testi-

.
hearings where government an Islamist insurgency fought to Another defendant, Ammar of humane treatment required role in this process. The presi- mony or evidence the defen-
lawyers sought to prevent in- establish Taliban control. He al-Baluchi, has been unwilling by the Geneva Conventions. dent has directed his team to dants could offer, as the CIA

ly
troduction of the alleged mis- eventually joined Osama bin to reach a deal without ob- Prosecutors and defense at- consult as appropriate with of- and other agencies continue to
treatment. Laden’s al Qaeda terrorist net- taining guarantees for medical torneys had come close to ficials and lawyers at the De- seek to limit disclosure of wa-
The Pentagon said that work, which was rooted in jiha- treatment and other condi- similar plea agreements in the partment of Defense on this terboarding and other inhu-
Brig. Gen. Susan Escallier, the
head of the military commis-
sion apparatus, called the con-
vening authority, had ap-
dists who fought in Afghanistan.
A plea bargain frees the
government from having to
defend its treatment of the
on
tions of his future confine-
ment, people familiar with the
matter said. “Ammar’s priority
has been very consistent on
past, but officials quashed the
deals. The current round of
negotiations began early in
2022, lawyers in the case said,
matter,” the spokesman said.
Senate Minority Leader
Mitch McConnell (R., Ky.) said
the defendants should have
mane treatment they allegedly
inflicted on their prisoners.
Nearly 800 detainees have
passed through Guantanamo
proved the plea deals. defendants after their capture this: Please exclude the tor- and accelerated in July. faced the death penalty. The Bay, most of whom were re-
us ,

Mohammed and his co- and the risk that a military ture-acquired evidence—and In their letter to Sept. 11 deal “is a revolting abdication leased during the George W.
l

defendants sought to enter judge or appellate court would that includes a recognition victims and their families, of the government’s responsi- Bush administration. Some 30
e
al a

guilty pleas before a military punish U.S. government mis- that those statements were prosecutors said they “realize bility to defend America and remain at the prison.
ci on

Trump Mocks Harris, Questioning Her Racial Identity

er s

BY JOSHUA JAMERSON election—a direct reflection of “The American people de- Donald Trump showed on vention is regularly attended in public polling this year when
Harris’s emergence as the ex- serve better,” she said. “The stage today is the same hostil- by thousands of reporters, edi- Biden was in the race. In an at-
m er

CHICAGO—Former Presi- pected Democratic nominee. American people deserve a ity he has shown throughout tors and media professionals tempt to continue to win over
dent Donald Trump attacked Harris, 59 years old, is the leader who tells the truth. A his life, throughout his term in from across the country. Trump support, Trump will hold a
Vice President Kamala Harris daughter of Indian and Jamai- leader who does not respond office, and throughout his took questions from a panel of rally Saturday in Atlanta, at the
over her race, baselessly sug- can immigrants. She grew up with hostility and anger when campaign for president.” three Black female journalists: same venue where thousands
gesting his election rival only in a predominantly Black confronted with the facts. We Rep. Byron Donalds (R., Rachel Scott of ABC News, Har- gathered Tuesday for a Harris
m rp

began identifying as a Black neighborhood in Berkeley, Ca- deserve a leader who under- Fla.), one of a handful of Black ris Faulkner of Fox News and event. The crowd for Harris
woman in recent years. lif., because, she said, her stands that our differences do Republicans in Congress, wrote Kadia Goba of Semafor. was predominantly Black.
“I didn’t know she was mother believed her daughters not divide us, on X: “Today at The tone of the Q&A was “I love the Black population
Black until a number of years would be seen as Black women they are an es- the NABJ Con- contentious from the start. of this country, I’ve done so
ago when she happened to and wanted them to have sential source of vention, Presi- Scott, the senior congressional much for the Black population
‘All of a sudden
co Fo

turn Black and now she wants strong role models around our strength.” dent Trump reporter for ABC, started by of this country,” Trump said
to be known as Black,” Trump them. Harris attended Howard Trump’s she made a turn took the incom- asking Trump why Black vot- at NABJ. He cited his adminis-
said Wednesday at the Na- University, a historically Black comments came ing fire from ers should back him given his tration’s work increasing
tional Association of Black institution in Washington, in real-time as and she became hostile report- prior incendiary comments on funding for historically Black
Journalists’ annual conven- D.C., and is a member of Alpha White House ers, held firm, race and gender, including colleges and universities.
tion. “So I don’t know, is she Kappa Alpha, a Black sorority. press secretary
a Black person,’ and articulated falsely claiming former Presi- Harris appears to have made
Indian, or is she Black?” “I’m Black, and I’m proud Karine Jean- Trump claimed. his plan to Make dent Barack Obama wasn’t progress in reviving the coali-
He continued: “I respect ei- of being Black,” Harris said in Pierre was hold- America Great born in the U.S. and treating tion of Black, Latino and young
ther one but she obviously 2019. “I was born Black. I will ing the daily Again for ALL Black journalists with hostility. voters who put Biden in the
doesn’t because she was In- die Black, and I’m not going to press briefing. AMERICANS.” “I don’t think I’ve ever White House in 2020. A Wall
dian all the way and then all make excuses for anybody be- “What he just said, what you Trump, last week in his been asked a question in such Street Journal poll conducted
of a sudden she made a turn cause they don’t understand.” just read out to me, is repul- first rally since President Bi- a horrible manner,” Trump re- in late July showed those vot-
and she became a Black per- Speaking at a Black Soror- sive, is insulting,” Jean-Pierre den dropped out of the race, sponded. “Are you with ABC? ers had greater support for her
n-

son. And I think somebody ity event in Houston Wednes- said. “No one has any right to had stepped up his attacks on Because I think they are a fake than they did for Biden in an
should look into that, too.” day night, Harris called tell someone who they are, Harris, calling her “a radical news network, a terrible net- Journal survey taken after his
Trump’s personal attacks on Trump’s appearance at the how they identify.” left lunatic who will destroy work.” June 27 debate performance.
Harris further thrust race and NABJ meeting, “the same old Michael Tyler, communica- our country.” Trump had seen increased —Alex Leary and
no

gender into the center of the show. The divisiveness and tions director for Harris’s The National Association of support among Black voters, a Catherine Lucey
contentious 2024 presidential the disrespect.” campaign, said: “The hostility Black Journalists’ annual con- core Democratic constituency, contributed to this article.

Vice President’s Policy on China Likely Wouldn’t Veer From Biden’s

BY JAMES T. AREDDY rights or climate concerns a novice on China. Once in of-
AND CHUN HAN WONG more than Trump, Biden-style fice, Trump hosted Xi at his
cooperation with allies is likely home, was feted in Beijing and
As vice president, Kamala here to stay no matter who the then spent months tussling
Harris stood on a Philippine next president is. with Chinese envoys to negoti-
ship in the South China Sea A Harris aide said the vice ate a trade pact.
and denounced Beijing’s at- president has visited Asia four Now, episodes such as Har-
tempts to assert control there times and met with the leaders ris’s chat with Xi on the side-
as “unlawful and irresponsi- of all five U.S. treaty allies in lines of a leadership conference
ble.” From Japan, she reaf- the Indo-Pacific. Harris has in Bangkok in 2022 are taking
firmed American support for also led U.S. delegations at on fresh significance as govern-
PHILIPPINE COAST GUARD/ASSOCIATED PRESS

Taiwan’s self-defense, angering summits in Asia, including the ment officials and other ob-
Chinese officials. one where she met Xi, and to servers scrutinize her record
But in her single, brief meet- foreign capitals where she reaf- for clues to her future policies.
ing with Chinese leader Xi Jin- firmed U.S. commitments to al- The aide said the meeting “con-
ping, Harris delivered a friend- lies and called out Beijing for tributed to the administration’s
lier message, urging open military and economic aggres- efforts to responsibly manage
communication between the sion, including the statements the competition with China.”
two rivals. in Japan and the Philippines. In step with Biden, Harris
Over almost eight years as a “The vice president has ded- has spoken more forcefully
senator and vice president, icated significant time and en- about supporting Taiwan than
Harris has offered only fleeting Vice President Kamala Harris is given a tour on board a Philippine Coast Guard vessel in 2022. ergy to strengthening our alli- Trump, who expressed a pref-
glimpses of how she would put ances and partnerships in the erence in a Bloomberg Busi-
her mark on America’s tense alysts in Washington and Bei- that China will surpass the U.S., South Korea and other regional Indo-Pacific, which has been a nessweek interview for the
relationship with China as jing. Harris’s past statements an apparent reference to its re- powers to counter Beijing’s as- critical part of our overall democratic island to “pay us
president. China strategy is and voting record as a senator cent economic slowdown that sertive behavior, said Lily strategy to outcompete China,” for defense.” Harris has also
among the big questions about also hint at her concerns about could subdue some congressio- McElwee, a fellow in China the aide said. met Taiwan’s current presi-
Harris’s foreign-policy priori- Chinese human rights and cy- nal anxiety about Chinese Studies at the Center for Stra- Limited attention in Chinese dent, Lai Ching-te, when both
ties as she races into a general ber theft, a contrast to Trump’s power. tegic and International Studies media to how Harris might were vice presidents visiting
election against former Presi- trade focus. But bilateral tensions remain in Washington. steer policy reflects that Beijing Honduras in 2022. From a U.S.
dent Donald Trump, who vows The next president will high over China’s indirect sup- “It’s almost certain that her isn’t taking an official position Navy vessel in Japan later that
to step up trade pressure on likely inherit a U.S.-China rela- port for Russia’s war in views have been shaped by her on the candidates and predic- year, Harris asserted that the
Beijing. tionship that has deteriorated Ukraine, Beijing’s military mus- role over the past few years,” tions both will be hawkish to- U.S. “will continue to support
Her thin foreign-policy re- since Trump was in office, cle flexing in Asia and its in- McElwee said, referring to the ward China. “The presidential Taiwan’s self-defense, consis-
cord suggests a President Har- though it has shown signs of creasing reliance on exports vice president’s intensive on- elections are the United States’ tent with our longstanding
ris would borrow heavily from stabilizing after a November that threaten to flood global the-job training in international own affairs. We have no com- policy.”
President Biden’s playbook, summit between Biden and Xi markets. affairs. ment on that,” a Chinese For- In each instance, the Chi-
which has framed China as an in San Francisco. From the Oval As president, Harris would McElwee said that while a eign Ministry spokeswoman nese Foreign Ministry said such
authoritarian challenger to U.S. Office last week, Biden also likely continue Biden’s bolster- President Harris might be in- said at a briefing. matters are China’s internal af-
pre-eminence, according to an- said it is no longer inevitable ing of alliances with Japan, clined to emphasize human Trump began his presidency fairs.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Thursday, August 1, 2024 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

Kelly’s Border Posture Helps His Résumé

Harris allies see the Sen. John Cornyn (R., known to fly himself. That was
Texas), who has traveled with how he learned about the gaps
senator as defusing Kelly to the border, said he in the wall near Yuma, Ariz.,
a potential liability likes Kelly and respects his which migrants were using as
service. But Cornyn called it a popular entry point to walk
as she seeks a No. 2 wishful thinking that a Kelly across the border and ask for
pick would help Harris neu- asylum. Kelly pressed the
In the summer of 2022, the tralize Republican criticisms White House, both in public
White House made an unusual on border security. and in private, to fill in the
announcement: The Biden ad- “The problems are with the gaps, and months before the
ministration planned to com- Biden-Harris administration,” 2022 midterms the Biden ad-
plete a section of former Presi- he said. ministration acquiesced. Once
Harris has sought to dis- construction to fill the gaps
By Michelle Hackman tance herself from the more started in January 2023, the
in Phoenix liberal immigration positions flow of migrants there stopped
and Lindsay Wise she took as a candidate ahead almost immediately.
in Washington of the 2020 Democratic presi- A series of floor speeches

LEAH MILLIS/REUTERS
dential primaries, instead tak- delivered by Kelly this year
dent Donald Trump’s border ing a harder line and saying preview how he might try to
wall—which President Biden she would do a better job than use his border expertise to flip
had campaigned against—to fill Trump at tamping down illegal the script on Republicans. He
several gaps in southwestern crossings. was irate that Republican law-
Arizona. Sen. Mark Kelly at President Biden’s June announcement of a border enforcement measure. Trump “has been talking a makers, at Trump’s urging,
Behind the surprise move big game about securing our had tanked a bipartisan deal
was Sen. Mark Kelly, an Ari- He is also the husband of for- out getting liberals mad,” said president to Biden’s record on border. But he does not walk that would have set up a new
zona Democrat now on the mer Rep. Gabby Giffords, who Democratic Rep. Ruben Gallego, the border and calls her Biden’s the walk,” she said at an At- system to adjudicate asylum
shortlist of potential running became a leading advocate for who is running for Arizona’s “border czar.” Republicans have lanta rally Tuesday. claims quickly and block ac-
mates for the expected Demo- gun control after she was se- other U.S. Senate seat. “We adopted the term to describe Kelly can point to a long re- cess to asylum completely if
cratic presidential nominee, verely injured in a mass shoot- don’t have to do this weird bal- Harris’s portfolio in the admin- cord of pushing his party on crossings climbed too high.
Kamala Harris. Kelly went on ing in 2011. ancing act that other people do istration addressing the root border issues. When Biden “I know some politicians
to win re-election to the Senate But it is Kelly’s experience because we actually under- causes of migration from Cen- planned to wind down Title see more advantage in shout-
that year despite illegal migra- running successfully to the stand where the true core val- tral America. A Wall Street 42, the pandemic-era border ing about problems than solv-
tion that Republicans blamed center in a border state, and in ues of your everyday voter is.” Journal poll found voters favor measure that blocked migrants ing them,” Kelly said in a
on Biden’s policies. particular his willingness to Allies of Harris hope Kelly’s Trump over Harris on immigra- from seeking asylum, Kelly speech in February. “Well, I’ll
Kelly possesses something of buck his party on immigration border record in particular tion policy, 53% to 40%. joined a bipartisan group of tell you this: If you come back
a dream political résumé. He is issues, that Harris allies said could serve as an effective coun- “We realize we’ve got to get senators on a bill that would to my state to do TV inter-
a former Navy combat pilot has helped him stand out. terweight to what is turning out operational control over the have delayed the policy’s sun- views at the border, you better
and NASA astronaut, a jugger- “A lot of times, Democrats to be Trump’s main line of at- border,” Kelly said on MSNBC set. be ready to explain why you
naut fundraiser and a twice- not from border states don’t tack against her. In Trump’s on Wednesday. “I realize this. Kelly has made repeated chose politics over addressing
victorious Democratic senator know how to talk about border first ad since Biden dropped out Kamala Harris realizes this,” he visits to border towns across the crisis staring you in the
from a key battleground state. security and immigration with- of the race, he yokes the vice said. Arizona—trips on which he is face.”

.
ly
At a Vance Rally, Fans Brush Off His Controversies on
BY ELIZABETH FINDELL Harris, the Democrats’ ex- tance of a running mate.
pected nominee, calling her “Historically, the vice presi-
RENO, Nev.—In the two “dangerously liberal.” He dent, in terms of the election,
us ,

weeks since JD Vance was slammed Harris for policies he does not have any impact. I
l

nominated by the GOP as Don- claimed had led to an influx of mean, virtually no impact,”
e
al a

ald Trump’s running mate, he migrants entering the country Trump said, appearing before
has been seen by many vot- illegally and said mass depor- Black journalists in Chicago.
ers—including some Republi- tations would take place if “You can have a vice president
ci on

cans—as a lightning rod for Trump was elected. He criti- who’s outstanding in every
controversy. cized free trade, globalization way,” he added, naming Vance
But the Nevadans who and the media. He sought to and referring to others on his
turned out this week to hear equate Harris with Biden, sug- shortlist. Ultimately, though,
Vance saw him as something gesting she acted for him be- “You’re voting for me. If you
er s

else: Trump’s handpicked heir. hind the scenes. like me, I’m going to win. If
“I came to see what the fu- “If you’re too dumb to real- you don’t like me, I’m not go-
m er

ture of the GOP looks like,” said ize that Biden couldn’t do the ing to win.”
ANDRI TAMBUNAN FOR WSJ

Kate Marsh, a 38-year-old local job or, more likely, if you’re too Harris campaign spokes-
property manager. “Vance is dishonest to admit it, you are woman Sarafina Chitika said
who Trump picked to carry us not fit to be commander in Tuesday that Vance’s past
on after he’s gone.” chief,” Vance said. comments “make it clear: he
m rp

Vance, a 39-year-old Ohio Like Trump, Vance favors and Donald Trump are not pro-
senator known for his “Hillbilly tighter borders, tariffs, more family, they are anti-women.”
Elegy” memoir, has been seek- isolationist foreign policy and JD Vance speaking Tuesday at his campaign event in the battleground state of Nevada. Marsh and others at the
ing to define himself on the government intervention in the rally largely shrugged off the
campaign trail since Trump economy. He has echoed flubs, Republicans have faced “That’s a lot of drama in the having second thoughts. knocks Vance has taken. Turn-
co Fo

chose him. The decision, which Trump’s antiestablishment questions as to whether Vance bubble here,” Schmitt said, re- “President Trump is thrilled ing out in bedazzled MAGA
came before President Biden message and, in his acceptance is the right person for the ferring to inside-the-Beltway with the choice he made with hats and T-shirts with photos
announced he would step out address, blasted Wall Street. ticket. speculation about whether Sen. Vance to be his running of a bleeding Trump after the
of the race, has since been sec- In the weeks since the pick, “Well, it’s too late to rethink Vance would be replaced. “I mate, and they are the perfect attempt on his life, they said
ond-guessed by some Republi- Vance has drawn unwanted at- it,” said Sen. Kevin Cramer (R., don’t think that’s real.” team to take back the White they had confidence in any
cans, as Vance is seen as a tention for several past com- N.D.), who had advocated for Trump has taken note of House,” said campaign spokes- Trump choice.
right-wing messenger who ap- ments, most notoriously for North Dakota Gov. Doug Bur- some of Vance’s comments and man Steven Cheung. Shawn Newman, 59, a truck
peals to Trump’s MAGA base saying in a 2021 interview that gum for the VP slot. Cramer the criticism that has accompa- Trump on Wednesday de- driver, said he tried to camp in
but might not to voters needed the country was being run by added that he isn’t worried nied them, according to people fended Vance’s statements the parking lot—as he has at
to win a close race in states “a bunch of childless cat ladies about the comments Demo- familiar with his thinking, and about people without children, Trump rallies—to be first in
such as Nevada. who are miserable at their own crats have pounced on. he is closely watching Harris to saying Vance strongly believes line to see Vance.
Vance dedicated most of a lives” and calling for people Sen. Eric Schmitt (R., Mo.) evaluate where things stand. in family. Asked if Vance could “Whoever Trump picks, I’m
fiery speech before a cheering without children to pay higher said Vance was a great pick But the Trump campaign step into the role of president going to stand behind, because
n-

crowd Tuesday in Reno to taxes. and dismissed private griping pushed back on any sugges- should something happen, everything Trump has said has
bashing Vice President Kamala In the face of the perceived among Republicans. tions that the GOP nominee is Trump played down the impor- come true,” Newman said.

U.S.WATCH
no

KYLE GRILLOT/AGENCE FRANCE-PRESSE/GETTY IMAGES (2)

SCORCHED EARTH: The Borel Fire in Southern California tore through the historic mining town of Havilah. The fire has burned more than 90 square miles of land north of Los Angeles.

MICHIGAN Democratic Gov. Gretchen NEW JERSEY Pointing to the high court’s SOUTH CAROLINA the death penalty less inhu-
Whitmer took over in 2019. precedents, Sheridan sug- mane, Justice John Few
Court Restores Republican Gov. Rick Sny-
Ban on AR-15 Rifle gested Congress and the
Death by Firing wrote in the majority opinion.
Minimum Wage der signed the rollback legis- Is Unconstitutional president could do more to Squad Ruled Legal As many as eight inmates
The Michigan Supreme lation before he left office, New Jersey’s ban on the curb gun-related violence na- South Carolina can execute may be out of traditional ap-
Court overruled the Legisla- triggering years of legal chal- AR-15 rifle is unconstitu- tionwide. “It is hard to accept death row inmates by firing peals. It is unclear when exe-
ture and reinstated major lenges that reached a climax tional, but the state’s cap on the Supreme Court’s pro- squad, lethal injection or the cutions could restart or
changes to the state’s mini- at the state’s highest court. magazines with more than 10 nouncements that certain electric chair, the state’s high whether lawyers for death
mum wage and paid sick- “Allowing the Legislature rounds passes constitutional firearms policy choices are court ruled, opening the door row inmates can appeal the
leave laws, a victory for low- to bypass the voters and re- muster, a federal judge said. ‘off the table’ when fre- to restart executions after ruling. The state hasn’t exe-
wage workers. peal the very same law it U.S. District Judge Peter quently, radical individuals more than a decade. cuted an inmate since 2011.
In a 4-3 decision, the court just passed in the same leg- Sheridan’s 69-page opinion possess and use these same All five justices agreed Gov. Henry McMaster said
said Republican lawmakers islative session thwarts the says he was compelled to firearms for evil purposes,” with at least part of the rul- the justices interpreted the
violated the state constitu- voters’ ability to participate rule as he did because of the he wrote. ing. But two of the justices law correctly, adding that the
tion. The laws were the re- in the lawmaking process,” Supreme Court’s rulings in Nine other states and the said they felt the firing squad decision ensures “lawful sen-
sult of a 2018 petition drive. Justice Elizabeth Welch firearms cases, particularly District of Columbia have was not a legal way to kill an tences can be duly enforced
The Legislature had two wrote. the 2022 Bruen decision that laws similar to New Jersey’s. inmate, and one of them felt and the families and loved
options: put the proposed Michigan’s minimum wage expanded gun rights. New Jersey has among the the electric chair is a cruel ones of the victims receive
laws on the ballot for voters now is $10.33 per hour. Sheridan’s ruling left both strictest gun laws in the and unusual punishment. the closure and justice they
to decide or simply adopt The sick leave provisions 2nd Amendment advocates country, particularly under The state allowing inmates have long awaited.”
them. GOP lawmakers chose mean many businesses will and the state attorney gen- Democratic Gov. Phil Murphy, to choose from the three exe- Lawyers for death row in-
to approve them—but then be required to provide work- eral planning appeals. The who has signed a number of cution methods is far from mates said they were review-
watered them down after ers with paid time off. judge temporarily delayed the measures into law. an effort to inflict pain but a ing the ruling before com-
that year’s election, before —Associated Press order for 30 days. —Associated Press sincere attempt at making menting. —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Thursday, August 1, 2024 | A4A

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A4B | Thursday, August 1, 2024 NY / NE THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * Thursday, August 1, 2024 | A5

WORLD NEWS
Strike in Iran Kills Top Hamas Negotiator
Ismail Haniyeh’s Hamas’s governing structure

death could upend Politburo

Leader: Ismail Haniyeh
talks with Israel July 31: Killed in Tehran
over a Gaza truce
Shura Council
Delegations abroad
In a divided Hamas, politi- Group that elects the Politburo
cal leader Ismail Haniyeh was
the strongest voice advocating
for a cease-fire, clashing at Imprisoned Palestinian
times with other Hamas offi- members’ affairs diasporic affairs
cials in heated discussions Leader: Salameh Katawi Leader: Khaled Meshaal
since the war in Gaza began.
A targeted strike in Tehran West Bank affairs
Gazan affairs
Leader: Saleh al-Arouri
By Omar Abdel-Baqui, Leader: Yahya Sinwar
Jan. 2: Killed in Beirut
Rory Jones and
Summer Said
VAHID SALEMI/ASSOCIATED PRESS

Izz ad-Din al-Qassam Brigades

killed Haniyeh after he attended Commanders:
the Tuesday inauguration of Marwan Issa (March: Killed in Gaza)
Iran’s new president—an attack and Mohammed Deif*
that could give Hamas’s hard-
liners more sway and further
Hamas government Social-welfare system
complicate cease-fire talks.
Leader: Prime Minister
Hamas and Iran confirmed Issam al-Da’alis
the death of Haniyeh, saying Ismail Haniyeh attends the swearing-in of Iranian President Masoud Pezeshkian in Tehran. Implements policy Independently operating cells
the leader was killed by Israel,
without offering details. Israel In a televised address into more hard-line positions ity in 2006, following Palestin-
hasn’t commented on the kill- Wednesday, Netanyahu vowed and makes striking a cease- ian legislative elections. He was
ing. Haniyeh is the highest- to respond strongly to more fire deal even more difficult, pushed out by U.S.-backed Security forces Ministries
ranking Hamas political official attacks on Israel. as the movement has lost an Mahmoud Abbas, the Palestin-
to be killed since the group’s Haniyeh, as Hamas’s overall important moderating voice,” ian Authority president and
Oct. 7 deadly attack in Israel. political leader, was part of a said Hugh Lovatt, a senior pol- head of the Fatah political Local authorities
The strike was one of two complex and sometimes secre- icy fellow with the Middle East party, leading to a deepened
outside of Gaza targeting tive Hamas leadership struc- and North Africa Program at political split between the rival *Believed to be dead but not confirmed
Sources: Council on Foreign Relations; Hamas (death of Ismail Haniyeh);
Hamas and Hezbollah officials ture that includes a military the European Council on For- factions. Hamas took over Gaza Israel Defense Forces (deaths of Saleh al-Arouri and Marwan Issa);
after a blast on Saturday killed wing and a political arm. eign Relations, a think tank. in 2007. The parties under Ab- staff reports (death of Mohammed Deif) ROSIE ETTENHEIM/WSJ
a dozen young people at a soc- During the Gaza war, Haniyeh was close to the bas and Haniyeh have remained

.
cer field in the Israel-controlled Hamas’s leader in the strip, spiritual founder of Hamas, unreconciled. Senior Fatah offi- Haniyeh, knew the group’s mil- Deif wasn’t killed. Israel killed
Golan Heights. The announce- Yahya Sinwar, has been viewed Sheikh Ahmed Yassin, whom cials on Wednesday condemned itary wing was planning an at- Deif’s deputy earlier this year.

ly
ment of Haniyeh’s death came as the key deci- Israel killed in the killing of Haniyeh. tack on Israel but were kept in In all, there are roughly 15
hours after Israel said it killed a sion maker, as 2004. He rose Born in Shati refugee camp the dark by Sinwar regarding people at any one time in the
senior Hezbollah leader in Bei- he has been through the in Gaza in 1962, Haniyeh spent the scale and timing, according senior political leadership,
rut, a strike that already risked closest to the It is the highest-
on ranks of the or- time in Israeli detainment in to Arab mediators between which determines the direc-
further expanding the war in U.S.-designated ranking death of ganization, first the 1980s and 1990s, before Hamas and Israel. tion of Hamas via consensus,
Gaza to the wider Middle East. terrorist group’s becoming being deported to Lebanon in Haniyeh found himself in a according to the European
The killing of Haniyeh would military wing on a Hamas political leader in Gaza, 1992 with hundreds of other delicate position in his politi- Council on Foreign Relations.
be viewed as a major win for the ground. But before taking Palestinian political figures cal role: Distancing himself Israel has vowed to hunt down
us ,

Israeli Prime Minister Benja- Haniyeh also

official since the on overall lead- and activists. He was allowed from the attack while attempt- Sinwar in Gaza, and he is the
l

min Netanyahu, who has vowed was seen as an war began. ership of the to return to Gaza shortly after, ing to portray to the public a biggest target remaining
e
al a

to take out Hamas leaders for important figure group’s political amid the signing of the Pales- unified Hamas. among the Hamas leadership.
launching the Oct. 7 attacks. in Hamas’s con- wing in 2017. tinian-Israeli Oslo Accords. He Haniyeh is now one of a se- Hamas chose Khaled Me-
Iran, the Middle East’s Shi- sensus-driven Haniyeh, who survived several life-threaten- ries of Hamas military and po- shaal to serve as the interim
ci on

ite power, backs both Hamas leadership, and his death is was physically larger in stature, ing attacks in Gaza. litical officials who have been head of the group’s political
and Hezbollah, and Haniyeh’s likely to complicate delicate was in charge of carrying Yas- As a senior Hamas official, killed or are believed to have office, according to Arab and
killing on Iranian soil is likely talks mediated by Arab nations. sin, who relied on a wheelchair, he played an important re- died since the start of the war. Hamas officials.
to heighten regional tensions The political and military up stairs, said Nasser Alkidwa, gional diplomatic role, spending The Israeli military earlier “Haniyeh was able to con-
just as the U.S. is pushing Is- wings of Hamas have at times a former Palestinian Authority extended periods in Turkey and in July launched a strike in front Sinwar because he is Ga-
er s

rael and Hamas to agree on a been divided. Haniyeh was official who had a relationship Egypt. He left Gaza in 2019 for Gaza on the group’s most se- zan. That is probably the weak
cease-fire in Gaza. Iran said it open to demilitarizing, espous- with Haniyeh. “That made him Qatar, where he ran Hamas’s nior military commander, Mo- point of Meshaal, who was
m er

was investigating the strike. ing more moderate views and indispensable,” he said. “They political affairs in exile. hammed Deif, and Israel has born in the West Bank,” said
Iranian President Masoud pressuring Sinwar and Hamas’s became close, and that was his Haniyeh was in Turkey at said there is reason to believe Alkidwa, the former Palestin-
Pezeshkian said Tehran would military wing to acquiesce to a entry point into the upper the time of the Oct. 7 attacks, the strike achieved its aim of ian Authority official.
defend its territorial integrity cease-fire deal in Gaza. ranks of the organization.” where footage shows him killing Deif. The Israeli mili- —Aresu Eqbali and
and make “terrorist occupiers “There is a risk that the re- Haniyeh became prime min- watching on television. Hamas tary hasn’t so far confirmed Benoit Faucon
m rp

regret their cowardly action.” moval of Haniyeh tips Hamas ister of the Palestinian Author- political leaders, including his death, and Hamas has said contributed to this article.

Deaths Are Wednesday it didn’t believe

escalation was inevitable or
punishment,” he said. “We con-
sider it our duty to seek revenge
retaliations from escalating.
Whether the killings this
fire. On Wednesday, Hezbollah
confirmed Shukr’s death.
Group. But, she said, the coun-
tries have entered uncharted
co Fo

imminent and said the admin- for his blood as he was mar- week will tip the balance is Other tense moments during territory, “so there’s definitely

Raising War istration was working hard to

prevent a wider war.
The week opened with
tyred in the territory of the Is-
lamic Republic of Iran.”
The Middle East has tee-
unclear. Israel is now bracing
for responses both on its own
territory and on Israeli and
the Gaza war have been con-
tained. Hamas’s deputy political
leader, Saleh al-Arouri, also was
going to be a response.”
Netanyahu has faced grow-
ing calls to take a more aggres-

Tensions global diplomats led by the

U.S. working to prevent a Sat-
urday rocket strike that killed
tered on the edge of a regional
war since the Hamas-led Oct.
7 attacks that left 1,200 peo-
Jewish targets abroad, said
former Israeli National Secu-
rity Council head Yaakov
killed in an Israeli strike in Bei-
rut that didn’t draw Hezbollah
further into the war.
sive approach to deter Hezbol-
lah from firing on Israel’s
border. Tens of thousands of Is-
12 young people in the Israeli- ple dead and sparked the con- Amidror. Iran in the past has “I don’t think Iran’s going raelis who left their homes
Continued from Page One controlled Golan Heights from flict in Gaza. Hezbollah began targeted Israelis abroad and to go to war over the killing of near Lebanon at the start of the
along with Hezbollah threat- spiraling into a broader war. firing rockets into Israel the Hezbollah has targeted Jewish a Hamas leader in the same war in Gaza are still displaced,
ened to retaliate. With Israel under pressure to following day, and the two institutions internationally. way that Hezbollah didn’t re- and Hezbollah’s attacks have
“We are on the verge of a retaliate forcefully, their ef- sides have exchanged fire on a Speaking in Singapore, Sec- act to the Saleh Arouri assas- caused increasing casualties.
large, large-scale escalation,” forts were focused on how to near-daily basis since then. retary of State Antony Blinken sination,” said Mairav Zon- —Michael R. Gordon
n-

said Danny Citrinowicz, who find a target that would be An Israeli strike on Iranian said the U.S. wasn’t warned by szein, a senior Israel analyst and Aresu Eqbali
served as head of the Iran important but not so provoca- military leaders gathered at a Israel ahead of Haniyeh’s kill- for the International Crisis contributed to this article.
branch for Israeli military in- tive as to force a heavy re- diplomatic building in Damas- ing. The U.S. was still focused
telligence and is now a fellow sponse, negotiators involved cus, Syria, in April provoked a on getting Israel and Hamas
no

with the Tel Aviv-based Insti- in the process said. massive response by Iran, to agree to a cease-fire in
tute for National Security Hezbollah signaled repeat- which fired more than 300 Gaza, Blinken said.
Studies. “Iran is leading the edly that hitting Beirut or a missiles and drones in a rare U.S. and Arab mediators
axis, and they cannot protect senior official would cross red direct attack on Israeli soil. A have tried for months to nego-

All real listings.

one of the leaders of the axis lines, the negotiators said. coalition led by the U.S. tiate a cease-fire deal to end
coming for Pezeshkian’s inau- When Israel crossed both, U.S. helped Israel fend off that at- the fighting in Gaza and re-
guration.” and Arab diplomats involved tack, and a limited assault on turn hostages taken on Oct. 7,
Israeli Prime Minister Ben-
jamin Netanyahu said in a
in efforts to defuse tensions
were concerned the violence
Iran by Israel ended the ex-
change and left a wary stasis.
hoping an agreement would
cool the overall tensions in the Only RealListings. TM

televised address Wednesday could escalate. Iranian-backed militias in Middle East.

night that challenging days The strike in Tehran, Hez- Iraq and Yemen have fired “All I can tell you right now Realtor.com only shows you homes for sale
were ahead for the country bollah’s main backer, added a drones and missiles at Israel, is that nothing takes away sourced directly from professionals.
and vowed to respond to any dangerous new variable to the including a drone launched by from the importance of get-
more attacks by Iran, Hamas, equation. Iranian Supreme the Yemen-based Houthi mili- ting to the cease-fire,” Blinken
Hezbollah or the Houthis. Leader Ayatollah Ali Khamenei tia that hit Tel Aviv, prompt- said. “We have been working
“Israel will exact a very suggested on Wednesday that ing Israel to bomb a Houthi- to try to prevent the conflict
heavy price for any aggres- Iran would retaliate. controlled Yemeni port. from spreading.”
sion from any arena,” Netan- “The criminal and terrorist U.S. diplomats have criss- Part of Hamas’s political
yahu said. Zionist regime with this action crossed the region in an effort leadership, Haniyeh was
The White House said on prepared the ground for a harsh to keep the various strikes and viewed as a more moderate
member of the U.S.-designated
terrorist group compared with
Yahya Sinwar, the movement’s
leader in Gaza who is close to
its military wing and consid-
ered by Israel as the main
wartime decision maker.
Haniyeh was pushing to
end the fighting in Gaza to en-
sure the survival of the Isla-
mist group and its influence in
the broader Palestinian na-
tional movement, according to
cease-fire mediators.
His killing and that of Hez-
bollah military commander
Fuad Shukr could tilt the di-
rection of the conflict in Gaza
ABEDIN TAHERKENAREH/EPA/SHUTTERSTOCK

in favor of more-militant
voices who have appeared less
willing to agree to a cease-

Watch a Video
Scan this code
for a video on
the rise of
Hezbollah in
Protesters waved Palestinian flags in Tehran on Wednesday after the strike blamed on Israel. the Middle East.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Thursday, August 1, 2024 * **** THE WALL STREET JOURNAL.

WORLD NEWS

Maduro Taps Army to Stay in Power

How many Japanese yen
$1 buys
¥150

152
Venezuelan leader
154
employs patronage,
156 fear in exchange for
loyalty from officers
158
BY JUAN FORERO
160
If anyone in Venezuela won-
dered where the country’s mili-
162 tary stood after Sunday’s con-
May 2024 June July tested presidential election,
Note: Scale inverted to show
Gen. Vladimir Padrino was un-
strength of the yen equivocal after convening top
Source: Tullett Prebon generals and railing in a 13-
minute speech about antigov-

BOJ Raises ernment lackeys backed by U.S.

imperialism.
“We reaffirm our most abso-

Key Rate, lute and unconditional loyalty

to Nicolás Maduro,” Padrino
said.

Driving Up Dressed in jungle camou-

flage, surrounded by other gen-
erals standing ramrod straight

The Yen behind him, Padrino and the

other officers shouted, “Chávez
Lives,” referring to the late so-
cialist leader, Hugo Chávez,

AFP/GETTY IMAGES
BY MEGUMI FUJIKAWA who preceded Maduro.
The 61-year-old Maduro col-
TOKYO—The Bank of Japan lected 3.2 million votes to 7.1
on Wednesday raised its million for former diplomat Ed-
benchmark interest rate and mundo González, according to Gen. Vladimir Padrino, center, pledged his support on Tuesday to Venezuela’s leader despite contested election results.
cited concerns about the his- data from voting stations com-
torically weak yen, leading to a piled by the opposition and the election by the Supreme former colonel in the National per echelon includes former economic engine, the state oil
jump in the Japanese currency. made public in a database. Court, though he didn’t note Guard, ensuring that through military officer Diosdado Ca- company.
The decision was the latest But the regime insists Ma- that he stacked the body with fraudulent elections Maduro bello, considered by some ob- They and others have dem-
sign of a rethink among central duro won—though it hasn’t re- his allies. would remain in power. servers to be Venezuela’s sec- onstrated unwavering loyalty
banks about the effects of leased the voter tabulations as In Colombia, President Gus- “Chávez changed every- ond-most powerful person, and to Maduro. And they have all

.
higher interest rates on eco- required by electoral law—and tavo Petro joined other Latin- thing,” he said by phone from Remigio Ceballos, the minister grown wealthy in power, U.S.
nomic growth. Gov. Kazuo Ueda is now counting on a sprawling American presidents in calling Venezuela. “It was all about of Interior and Justice, an ad- prosecutors and officials say.

ly
embraced a view spreading security service to suppress an on Venezuela to release de- loyalty. And it was about loy- miral in the naval reserves. Those who step out of line—
among Japanese officials that a angry population. tailed voter tabulations. alty no matter what.” For Maduro, building strong whether they are military offi-
rate increase, normally seen as That structure, which in- In his 11 years in office, Ma- Chávez called the system a ties with the high command in cers or even ministers—must
constricting the economy, could
instead help growth by pushing
up the yen and reassuring con-
sumers who have had to pay
cludes officer corps that are re-
warded with business opportu-
nities ranging from food
imports to gold mining and
onduro has en-
joyed little of
the popularity
of Chávez, a Maduro also
civic-military al-
liance—which
Maduro deep-
ened and ex-
the armed forces, the National
Guard, the Bolivarian National
Police and intelligence services
has been essential to his sur-
contend with a pervasive intel-
ligence apparatus that is over-
seen by Cuban military advis-
ers and has detected and
more for imported goods. trafficking of contraband, form tank com- relies on U.S. panded, in large vival. Though the army is the quashed numerous conspira-
us ,

Ueda, alluding to the yen’s a tightly controlled line of de- mander who led part by also in- ultimate arbiter, he deploys the cies, say former military offi-
l

recent fall to its lowest level fense built on patronage and a a failed coup rivals such as corporating a guard and the police, with help cers and government officials.
e
al a

since 1986, said: “We acknowl- dose of fear that can keep Ma- before being range of armed from the intelligence services, Maduro also counts on the
edged it as an important risk” duro in power regardless of swept into
Russia and China groups steeped to crack down on demonstra- economic and diplomatic sup-
potentially pushing up infla- discontent at home and U.S. power after a to keep control. in the cocaine tors, as he did this week with port of powerful countries that
ci on

tion and hurting growth. pressure. 1998 election. trade, including fatal results. are adversaries of the U.S. Rus-
He called it “one of the rea- “I think Maduro is going to But before the National Other powerful figures in- sia has provided military advis-
sons for the policy decision,” a hang on,” said Javier Corrales, dying of cancer Liberation clude Jorge Rodríguez, Ma- ers and technicians, as well as
rare comment because Japa- author of books on Venezuela in 2013, Chávez left behind a Army, a Colombian insurgency duro’s point man in interna- modern hardware, such as Suk-
nese central bank governors and a professor at Amherst cadre of officers who were that provides security in gold tional negotiations who is hoi Su-30 fighters. China has
er s

traditionally have maintained College. “He has the interna- placed throughout the adminis- mines in Colombia and patrols calling for the arrest of bankrolled Venezuela with tens
that exchange rates aren’t a tional allies, he has the military tration involved in every sector the border with that country, González, and members of the of billions of dollars in loans.
m er

factor in their decisions. support, the Venezuelan oppo- of the economy, from oil to said Corrales. Supreme Court, whose stamp And Latin America’s two big-
After Ueda’s news confer- sition is not an armed insurrec- contraband of gasoline and co- The security apparatus is of approval on government pol- gest countries, Brazil and Mex-
ence, the Japanese currency tion, and the protests are sub- caine, U.S. and Colombian law led by an army of some 150,000 icies provide the trappings of ico, whose leftist leaders are
strengthened to between 150 siding.” enforcement say. active soldiers, equipped with legality. Maduro allies run the sympathetic to Venezuela’s re-
yen and 151 yen to the dollar. A Maduro said Wednesday In return, the officers pledge modern armament provided by electoral board, the prosecu- gime, haven’t questioned elec-
m rp

day before, one dollar bought that he had asked for audit of to safeguard the regime, said a Russia. The government’s up- tor’s office and the country’s toral fraud.
more than 154 yen. In the
month to July 29, the govern-

Rioters Attack U.K. Police

ment spent about $36 billion
intervening in currency mar-
co Fo

kets to prop up the yen, show

data released Wednesday.

During Vigil Over Stabbing

In Wednesday’s move, the
Bank of Japan raised its
benchmark interest rate to
0.25%, further unwinding the
monetary stimulus policy it
has pursued for most of the BY NICHOLAS HATCHER to the scene of the Monday at- could be used to identify a sus-
past quarter-century. The tack, and onlookers told media pect under the age of 18. Police
benchmark rate previously Rioters assaulted police, they saw screaming children have said they don’t believe the
was set between 0% and 0.1%. burned cars and attacked a covered in blood being brought attack was terrorism-related.
The bank said it gradually mosque in northern England out of a property on a residen- Misinformation started to
would reduce the amount of its after misinformation spread tial street just before midday. spread on social media after
GETTY IMAGES
n-

government bond purchases by about the identity of the sus- Bebe King, 6 years old; Elsie the attack, with several far-
half to ¥3 trillion a month by pect tied to a stabbing spree Dot Stancombe, 7; and Alice right figures suggesting the
early 2026, about $20 billion. that left three children dead. Dasilva Aguiar, 9, died. suspect was a Muslim who had
The steps, spurred by In Southport, a seaside town Eight other children suf- arrived in the U.K. illegally. Police in Southport, England, hold back protesters near a burning
no

higher inflation in Japan, about 15 miles north of Liver- fered stab wounds, and five “There has been much police vehicle. About 53 officers were injured in the mayhem.
mark a return to what offi- pool, 53 police officers were in- were hospitalized in critical speculation and hypothesis
cials have described as a more jured during the riots Tuesday condition along with two around the status of a 17-year- said local lawmaker Patrick showed hundreds of rioters
normal monetary policy. In night, according to Merseyside adults who are believed to old male who is currently in Hurley. “They were using the hurling bricks, bottles and flares
March, the Bank of Japan authorities. Rioters pulled have tried to protect the young police custody and some indi- horrific incident…for their own at officers. Police are asking the
ended the world’s last nega- down garden walls and threw victims, authorities said. viduals are using this to bring political purposes,” he said. public for information and addi-
tive interest-rate policy and bricks at officers as police ve- A 17-year-old has been violence and disorder to our The unrest began at about tional video footage to help
said it would stop trying to hicles were torched. Five men charged with the murders of streets,” said Alex Goss, assis- 7:45 p.m. time and the crowd identify more of the rioters.
control Japanese government have been arrested in connec- the three children, local police tant chief constable of was dispersed around mid- “I saw lots of people starting
bond yields. tion with the riot, police said. said. He is also facing 10 Merseyside Police. “We have night, Merseyside Police said. to arrive down my road, many
Ueda said the bank would The unrest came after three counts of attempted murder. already said that the person A Section 60 order, which of them wearing masks,” local
continue to raise interest young girls were killed, and Police said he was from arrested was born in the U.K.” gives officers enhanced pow- councilor Mike Sammon said.
rates if data confirm the several others injured, during Banks, a nearby village. Au- As people gathered for a vigil ers to stop and search individ- “I heard a loud bang and I
economy and prices are mov- an attack at a Taylor Swift- thorities didn’t name him. U.K. in Southport on Tuesday, pro- uals, was in place Wednesday, think someone had thrown a
ing in line with the bank’s themed dance event. law prohibits law enforcement testers whipped up by extrem- officials said. brick at the mosque, and then
projections. Armed officers were called from releasing information that ists began to arrive in the town, Footage from Southport they charged the police.”

WORLD WATCH EUROPEAN UNION GERMANY GEORGIA

Inflation Picks Up, Joblessness Steady, U.S. Suspends
Hits Rate-Cut Hopes Offers Bright Spot $95 Million in Aid
Inflation unexpectedly Germany’s unemployment The Biden administration
heated up in the eurozone in rate held steady in July, a sig- on Wednesday suspended $95
July, presenting a fresh chal- nal that, despite the economy million in U.S. assistance to
lenge to policymakers looking sinking into a contraction in Georgia after its Parliament
for signs that eurozone price the second quarter, a robust adopted legislation related to
rises are easing sustainably. jobs market might be one of foreign agents that critics say
Consumer prices were 2.6% the country’s key hopes for was inspired by a Russian law
higher on year in July, picking any rebound this year. used to crack down on politi-
up pace from in June, accord- The adjusted unemployment cal dissent and that sparked
ing to EU figures released rate was 6.0% in July, data weeks of mass protests.
Wednesday. That defied from the Federal Employment Secretary of State Antony
economists’ expectations for Agency showed Wednesday, Blinken said he paused the
a slight decrease in inflation having climbed to that level in aid, which would directly ben-
over the month, and leaves June from 5.9% in May, where efit the government, follow-
the rate further from the Eu- it had been for six months. ing a review of assistance
ropean Central Bank’s elusive Economists polled by The Wall that he ordered in May after
PAWEL SUPERNAK/EPA/SHUTTERSTOCK

2% target. Street Journal had expected the law passed.

Inflation rose over the the rate to remain the same in He said he took the action
month in Germany, France July. But in a signal of mild in response to “anti-demo-
and Italy, the eurozone’s softening of the jobs market, cratic” actions the govern-
three largest economies. the claims rise was a little ment has taken.
The higher rate might give higher than expected, at The U.S. also has imposed
pause to the central bank as 18,000 in July on a seasonally visa bans on several Georgian
it mulls its next steps on the adjusted basis, above econo- politicians and law-enforce-
direction of interest rates in mists’ consensus of 15,000 and ment officials for suppressing
MARKING 80 YEARS: Honor guards at the Warsaw Uprising Monument celebrate the 80th the 20-member eurozone. down from 20,000 in June. free speech.
anniversary of the World War II operation by the Polish resistance against German occupation. —Joshua Kirby —Ed Frankl —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Thursday, August 1, 2024 | A7

FROM PAGE ONE

Economic
Divide

CLOCKWISE FROM LEFT: SAWYER ROQUE FOR WSJ (2); MADDIE MCGARVEY FOR WSJ
Widens
Continued from Page One
race. Now, analysts expect Vice
President Kamala Harris will
broadly pitch an extension of
his agenda, even as many vot-
ers blame it for exacerbating
price pressures. Former Presi-
dent Donald Trump, mean-
while, has proposed policies in-
cluding tax cuts and tariffs that
many economists warn could
buoy inflation going forward.
While voters decide who
they fault for price hikes and
which candidate might offer
remedies, America’s economy
continues to defy expectations Clockwise from top: Joseph
of a slowdown and muscle Einhorn, who recently
ahead of other wealthy nations. launched a high-end personal
The U.S. job-creation machine shopping app; Jace Lehner,
has boosted wages, recently who has cut back spending;
outpacing inflation. Investors and Mohammad Razvi, CEO
are now growing more hopeful of the nonprofit Council of
that the Federal Reserve can Peoples Organization.
tame inflation without wreak-
ing widespread havoc. stitute, said low-income cus-
But that could hinge on the tomers’ spending remains
continued resilience of con- robust as wage gains continue
sumers—and whether spending outpacing inflation. Still, there
by high-earners can counteract are soft pockets among Gen Z
slowdowns elsewhere. As econ- and Millennials who can’t fall
omists await interest-rate cuts back on savings or assets.
that could relieve pressure, the “Any sign of a weakening in
cumulative impact of higher wages would be kind of a
prices and borrowing costs is warning light,” he said.
starting to curb some Ameri- The resulting pressure
cans’ ability to keep up. would likely be greatest for

.
“This is the most money households’ budgets. A UBS De Franco is increasingly tracking down products like to shop, Chief Executive Officer those who have been battered
we’ve ever made and this is the analysis of federal data showed eyeing bonds or money-market Rolexes, helicopters and a Mohammad Razvi said. The by higher interest rates in the

ly
brokest we’ve ever felt,” said excess savings accumulated funds that can return 5% annu- $36,000 crocodile-skin Gucci nonprofit, which provided form of adjustable-rate mort-
Nicole Lewis, a mother of three during the pandemic have been ally with little risk. “You can’t trunk to add to the app, with meals to just dozens before the gages or credit-card debt. At an
who lives north of Flint, Mich. fully depleted for the bottom go wrong with that,” said De the goal of getting them to cli- pandemic, has largely trans- annual rate accounting for sea-
Pay raises since the pan-
demic helped Lewis and her
husband, now a city manager,
double their earnings to what
40% of earners. Now, delin-
quency rates for credit cards
are higher than at any point
since the aftermath of the
on
Franco, who has a vacation
home in Pennsylvania and is
visiting Montana’s Glacier Na-
tional Park later this year.
ents faster and cheaper than
otherwise possible. Some cus-
tomers may even see the prod-
ucts as vessels to hold their
formed itself into a food bank
to keep up with demand.
Blocks away from where
people line up for the group’s
sonal swings, Americans in
June were on pace for $531 bil-
lion in personal interest ex-
penses in 2024, according to
had previously seemed unat- Great Recession in 2010, ac- wealth. canned goods and produce on the St. Louis Fed. That’s up
us ,

tainable: more than $90,000 a cording to BCA Research. The “It’s nothing like the world Fridays, developers built a new 77% from two years earlier.
l

year. But price hikes for every- unemployment rate then was Wealth effect we grew up in,” Einhorn said. apartment complex in which
e
al a

thing from groceries to auto in- more than double its level now. On top of stocks’ artificial While spending by the the smallest unit recently listed
surance still forced the couple Even as the economy powers intelligence bonanza, Ameri- wealthy could buoy demand on StreetEasy—a 456-square- Ballooning debt
to siphon funds from savings. ahead, some retailers are re- cans are earning investment in- across the economy, high earn- foot one-bedroom—was adver- Credit-card bills piled up so
ci on

The 35-year-old Lewis now porting slowing sales growth in come at a seasonally adjusted ers’ historic gains in dollar tised at $460,000. high for Amber Plunkett early
buys many basics on credit, a sign that some shoppers are rate of about $3.7 trillion annu- terms may also come with a “Are you kidding me?” Razvi this year that she and her hus-
juggling cards to protect her trading down for cheaper items ally, according to June Com- downside if they prop up infla- said. “This is not Manhattan.” band took out a lower-rate
credit score without letting or pulling back entirely. Wage merce Department data. That tion. That would upend Wall While the cost of eating at loan from their credit union to
outstanding debt snowball. gains are moderating, while is $770 billion more than Janu- Street bets on rate cuts antici- home has largely held steady in help pay down balances. After
er s

Trips to the beach and bowling unemployment has inched up- ary 2020. Although Wall pated as soon as September. recent months, according to debt ballooned again with in-
alley are out. Shopping at thrift ward in recent months from Street’s recent pullback from Fed Chair Jerome Powell has the federal data, grocery store terest expenses and unex-
m er

stores is in. She is now leaving 50-year lows. Additional slack tech has slammed stock prices, said that the central bank in- sales have ticked lower as part pected car repairs, the couple
her job as a medical assistant in the tight labor market could the S&P 500 remains 16% tends to stick to its current of a broader slowdown in retail took out a home-equity line of
to become a teaching aide, a usher in more pain. higher than the policy until in- growth. Spending at restau- credit on their $230,000 house
gig that will come with a $1 an “The upshot here is that it is start of this flation ticks re- rants and bars has been basi- to catch up.
hour pay bump while helping going to be harder to avoid a year. liably closer to a cally flat since late last year. “We just couldn’t see any
m rp

her cut back on child care. recession,” said Peter Berezin, Pointing ‘We feel longstanding 2% “That is something we defi- other way out,” said Plunkett,
“The top whatever-percent chief global strategist for BCA largely to the like we’re target. nitely don’t do anymore,” said who lives north of Lansing,
has all this money,” Lewis said. Research. “You don’t need a big soaring market, “The ulti- Jace Lehner, a mother of three Mich. “There’s no money left in
“Those people don’t live like slowdown in consumer spend- Goldman Sachs worse off mate pain who lives about 50 miles north the bank account before the
most Americans.” ing to cause problems for the estimates that a would be a long of Columbus, Ohio. next check comes.”
than when we
co Fo

economy.” so-called wealth period of high Lehner and her husband The combined income of the
Initial shock
An alternate reality is play- effect will drive started out.’ inflation,” Pow- work on their roughly 2,400- 41-year-old office assistant and
ing out among America’s high a 0.3 percentage ell said at a acre family farm, growing her husband, who installs heat-
Wage gains have kept full- earners. In addition to paper point growth in June news con- crops like corn and soybeans ing and cooling systems, has
time workers’ weekly median gains from stocks and home consumption ference. “It is while raising cattle and hogs. grown in recent years to more
earnings roughly steady since values, Americans are pocket- over the next year as high lower-income people, people As the couple has drawn down than $130,000 annually. The
early 2020, when taking price ing more cash than ever from earners continue spending who are at the margins of the savings, they have also pulled sum is far more than average
hikes into account, according to dividends and interest, helping through inflation. Citigroup re- economy, who have the worst back on grocery spending. households in the state. Still, a
the Labor Department. But many wealthy people keep pace ported in July that affluent experience, who experience the Instead, the 28-year-old Leh- vicious cycle of credit-card
Lewis and many others who with inflation, if not outrun it. customers are driving spending worst pain from inflation.” ner increasingly trades home- debt has forced Plunkett to find
have earned raises say they are Anthony Chan, a former JP- growth. Economists have been en- grown food such as ground more ways to cut back: wash-
still fighting their way back Morgan managing director who The proportion of cash of- couraged in recent months as beef or steaks with nearby ing bigger loads of laundry,
from the initial inflationary is now chief economist at the fers on existing homes in June the Fed’s preferred inflation farmers in exchange for eggs, cooking meals with fewer in-
n-

shock after the pandemic hit. corporate analytics firm grew from 26% to 28% over the gauge, the personal consump- milk and more. “We’re getting gredients, skipping presents at
Middle- and lower-income BrightQuery, believes a two- previous 12 months, even as tion-expenditures index, has by, but it’s close,” she said. family birthday parties.
Americans generally faced track economy is coming into nationwide prices notched re- eased to a 2.5% increase from a Some analysts and banks The mother of six said she
faster inflation than the afflu- focus. “Right now,” he said, cords. American tourists are year ago. That doesn’t mean say that household finances are still often pulls out the plastic
no

ent from 2006 to 2023, accord- “you clearly are seeing this big splurging on trips everywhere price levels have dropped. largely holding up as the U.S. for necessities like groceries,
ing to a Labor Department divergence.” from domestic locales to south- Perhaps nowhere is the re- economy returns to prepan- bills for which can top $1,000
analysis, thanks in large part to Financial markets have pro- ern Europe, pushing airlines to sulting pain greater than in the demic norms. Overall debt is every other week.
housing and insurance prices. vided extra juice to big savers ramp up luxury offerings such housing market, where a long- still low by historical stan- “We have never lived like
New York Fed researchers say and longtime investors like as exclusive lounges. awaited slowdown is just start- dards, while some credit-card this before,” Plunkett said. “We
aggressive moves to fight infla- James De Franco, a retired “There’s no more sticker ing to take hold. companies have reported that dreamed about being here,
tion also disproportionately pharmacist who has owned his shock,” said Joseph Einhorn, In Brooklyn, many of the an uptick in delinquencies about buying a house, to get a
hurt the poor through higher home on Long Island in New who recently launched a high- roughly 2,500 people who turn stems from tighter lending mortgage and make the
borrowing costs and a weaker York for decades. “Because of end personal shopping app to the Council of Peoples Or- standards rather than con- amount of money we’re mak-
labor market. my assets, I’m actually making called Long Story Short. Mem- ganization for food each week sumer weakness. ing. And we feel like we’re
Those slow-moving factors more money than the inflation bership fees: $1,000 a month. cite housing costs as a key rea- David Tinsley, senior econo- worse off than when we
have ground down many rate is harming me,” he said. Einhorn spends his days son they can no longer afford mist at the Bank of America In- started out.”

project to replace the planes liver fewer planes than ini-

Boeing that will fly as Air Force One
and issues with other Penta-
Boeing’s quarterly net profit/loss
$4 billion
Five-year performance
100%
S&P 500
tially forecast this year amid
challenges procuring engines,
gon programs. fuselages and cabin equip-
Hires CEO, Boeing continues to build
fewer of its bestselling 737
2 75 ment.
Boeing and Airbus continue

Posts Loss MAX jets as it weeds out qual-

ity issues in the wake of Janu-
ary’s midair near-catastrophe,
0

–2
50

25
to book strong orders for new
planes from airlines looking to
upgrade their fleets. Delivery
though the pace of delivery delays mean their backlogs
Continued from Page One picked up in June. 2Q 2024 are growing. Airbus delivered
–4 0
Boeing actively lobbied against The company is also grap- –$1.44B 323 planes by the end of June,
Ortberg’s sale of the company pling with supplier shortages while Boeing delivered 175.
to United Technologies. Boeing that are slowing production of –6 –25 The new Boeing boss will
had previously sought to buy its lucrative wide-body aircraft. face the task of integrating
Rockwell itself before dropping The company burned –8 –50 one of its key suppliers. Boe-
out of the process. through $4.3 billion in the lat- Boeing ing recently reached a $4.7
Ortberg ran Rockwell’s mil- est quarter, more than in the –10 –75 Weekly data billion stock deal to buy Spirit
itary and commercial arms, March quarter when it took a AeroSystems, the fuselage
2018 ’19 ’20 ’21 ’22 ’23 ’24 2020 ’21 ’22 ’23 ’24
navigating some of the chal- $3.9 billion hit. supplier Boeing split off two
lenges faced by Boeing. “There Brian West, the company’s Sources: the company (profit/loss); FactSet (performance) decades ago that has been at
is much work to be done, and finance chief, warned on the center of quality issues on
I’m looking forward to getting Wednesday that Boeing will taking will help stabilize our anie Pope, was then named company agreed to hire an in- 737 jets.
started,” Ortberg said. burn more cash this year than operations,” he said. Calhoun chief of Boeing’s commercial dependent monitor to oversee In a regulatory filing, Boe-
The latest quarterly results previously thought, driven in will stay on as a special adviser plane unit, where she will re- its efforts to improve compli- ing said it would pay Ortberg
show the challenge he faces part by the production delays to the board until March 2025. main under Ortberg. ance and safety programs for $17.25 million in cash and
when he takes over on Aug. 8. and decisions to take on more Boeing upended its succes- Ortberg also inherits fed- the next three years. stock for taking the job, plus
Boeing reported on Wednes- inventory from parts makers. sion plan this year after a eral probes, congressional in- Much of the aerospace in- $22 million a year, of which
day another big loss as the He said Boeing is building and door plug fell off an Alaska quiries and regulatory scru- dustry is confronting supply- roughly $4.5 million would be
quality crisis in its commer- delivering more planes, which Airlines flight on Jan. 5, bring- tiny. In July, Boeing agreed to chain disruptions, from jet-en- in cash and the rest in equity.
cial-jet business was com- should help ease its cash woes ing new scrutiny to its quality plead guilty to misleading air- gine maker GE Aerospace to Although the agreement is
pounded by troubles in its this year. controls. The company said in safety regulators in the run-up rival jet maker Airbus. This open-ended, the company said
military business. Departing CEO David Cal- March that Calhoun would to two deadly 737 MAX week, Airbus posted a 78% it wouldn’t apply its manda-
The aerospace giant was houn said the company is mak- step down by the end of the crashes in 2018 and 2019. drop in second-quarter profit tory retirement age to Ortberg
stymied in part by its troubled ing progress. “The steps we’re year. His heir-apparent, Steph- As part of the deal, the and told investors it would de- until April 2031.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Thursday, August 1, 2024

PERSONAL JOURNAL. THE WALL STREET JOURNAL. * * * ** © 2024 Dow Jones & Company. All Rights Reserved.

BY JACOB PASSY  Americans are learning to love

A
trains, prompting growth in rail
renaissance for services across the U.S.
American rail travel is
upon us.
Amtrak is on track Brightline only operated in South
to set an annual record Florida. Brightline’s total 2024
for ridership as of revenue year-to-date in June was
June. The national passenger rail- $94.8 million, up from $30.2 mil-
road has served 24.1 million riders lion the previous year. The pri-
since the beginning of its fiscal vately held company says it is on
year in October, up 18% from a the path to profitability.
year earlier. And travelers aren’t “We actually didn’t have
just flocking to Amtrak’s Northeast enough capacity to meet the exist-
Corridor. ing demand” for both longer-dis-
In Florida, the privately owned tance service to Orlando and local
rail service Brightline has tripled service in South Florida, says Mike
its revenue in a year with strong Reininger, Brightline’s chief execu-
ridership on its Miami-to-Orlando tive, so it increased prices and is
high-speed route. Brightline has adding seats and cars.
begun construction on a high- Rubin York, a 31-year-old engi-
speed link between the Los Ange- neer who lives in an Orlando sub-
les area and Las Vegas. urb, was wowed by Japan’s exten-
In addition, the government is sive rail service during his
spending more to improve the in- honeymoon. When he needed to
frastructure that could expand rail go to Fort Lauderdale, Fla., for a
services further. The hope is that conference, he chose Brightline.
this spending will ease the burden The train trip from Orlando to
on congested highways. South Florida was longer than a
Industry analysts say that in- flight, but the trip’s cost was in
terest in rail travel has long been line with flying on a low-cost air-
strong, but limited access to rail line, he says, and a more pleasant
services has kept ridership down. experience.
Today, riders say they feel rail is He appreciated being able to
often more reliable than driving breeze through the station onto
and flying, and is more environ- the train, as opposed to dealing
mentally friendly. with serpentine lines at airport se-
Kevin Chang, a 30-year-old curity, and the free Wi-Fi meant
Minneapolis-area healthcare re- he could get work done during the
cruiter, is a convert. journey.
During a recent trip to the Pa- When he arrived in Fort Lau-
cific Northwest, he opted to take derdale, he wasn’t nearly as ex-

How Train Travel

the Amtrak Cascades service from hausted as he might have been

.
Seattle to Vancouver, British Co- had he dealt with the traffic on
lumbia. His trip home on Amtrak’s I-95, he says.

ly
Empire Builder gave him a front-
Infrastructure barriers

Is Making a Comeback
row seat to Glacier National Park’s
stunning vistas as the train cut Rail travel in the U.S. is still mar-
through Montana’s Big Sky country.
“I really fell in love with just
staring out the window of the
train,” Chang says. “I never would
on ginal compared with air travel.
Over two million people pass
through security checkpoints at
U.S. airports on a typical summer
have had that opportunity had I Rails offer alternative to road, airport congestion, plus stunning views day.
us ,

just flown over it.” That is more than everyone

l

When Amtrak who took Amtrak trains in or out

e
al a

launched its new Bo- New lines of Boston’s South Station for the
realis rail service be- Brightline, the high- full 2023 fiscal year.
tween Minnesota’s speed rail operator in Growing rail service is no easy
ci on

Twin Cities and Chi- car-centric Florida, feat. Building new routes or ex-
cago in May, Chang introduced service panding existing ones requires co-
was among its first from Miami to Or- ordination with freight operators
riders. In roughly two lando last September. and may need support from state

CLOCKWISE FROM TOP: BRIAN FINKE; RICARDO RAMIREZ BUXEDA/ORLANDO SENTINEL/AP; KEVIN CARTER/GETTY IMAGES
months, over 26,000 The full route takes officials.
er s

people have traveled around 3.5 hours— Dreamstar Lines, a startup

on the new Borealis about the same as seeking to develop a luxury over-
m er

route, exceeding Am- driving. night rail service in California,

trak’s expectations. As of the end of signed a memorandum of under-
June, Brightline has standing with freight railroad
Recovery served more than Union Pacific earlier this year re-
Amtrak’s intercity 765,000 passengers on garding use of its tracks. The
m rp

rail services, along trips to or from Or- agreement brings the company
with most other mass lando in 2024. These closer to launching service be-
transit, experienced a journeys now account tween the Los Angeles metropoli-
significant decline in ridership  Many Amtrak routes, including  Privately owned high-speed rail for more than half of Brightline’s tan area and the Bay Area, says
during the height of the pandemic. the Pacific Surfliner along the operator Brightline launched total ridership in Florida. Dreamstar co-founder Joshua Dom-
co Fo

The exception was long-distance Southern California coast, have service to Orlando, Fla., last year. That passenger growth reflects inic. Dreamstar aims to begin oper-
rail routes such as the Empire posted a surge in ridership. As of June, more than 765,000 the quality of the Brightline expe- ations by the end of 2025, he says.
Builder, which runs from Chicago passengers have taken trips on rience, says Sohail Husain, a policy Rail operators are highly reli-
to Portland, Ore. Their trains fea- Brightline to or from Orlando. analyst at the Eno Center for ant on government funding. The
ture private accommodations, al- to Amtrak adding two more daily Transportation, a Washington, most of Amtrak’s routes don’t turn
lowing people to socially distance. round-trips to the route. Amtrak’s D.C., think tank. Brightline’s sta- a profit.
More recently, rail and other Pacific Surfliner service, which runs turned to or exceeded prepandemic tions feature sleek architecture The Infrastructure Investment
forms of travel have bounced back along the coast of Southern Califor- levels, studies show, and the rise of and bars and lounges that are and Jobs Act that President Biden
broadly. All but two of Amtrak’s nia, has recorded a 34% uptick in hybrid-work setups has upended reminiscent of what travelers find signed in 2021 included $66 billion
routes have posted higher rider- ridership during that same period. typical travel patterns. Addition- in major airports. in rail funding, most of which is
ship this fiscal year compared Frustrated drivers are increas- ally, many places across the coun- As Brightline has expanded its for expanding rail service through
with 2023. ingly considering rail as an alter- try have had a reduction in bus Florida route, it has raised its federal grants. Brightline received
The number of riders on the native, says Amtrak President service. “Rail has really become fares. The average price per pas- over $3 billion in grants for its
n-

Cascades route so far this fiscal Roger Harris. sort of the reliable option in many senger in June was $55.11, com- new rail line between Las Vegas
year has risen 48%, owing in part Congestion on highways has re- of these communities,” says Harris. pared with $18.10 in 2023, when and Southern California.
no

Journal to insurance industry trade

Big Umbrella Policies Now Harder to Get association American Property

Casualty Insurance Association for
comment.
“Consumers need in-
BY VERONICA DAGHER A driver, for example, who had a creasing amounts of insur-

T
serious collision with another vehi- ance coverage as inflation
he extra insurance meant to cle three years ago that might have has made cars and homes
cover extreme situations for faced a $240,000 claim, within the more expensive to repair
which regular car and home $250,000 liability limit of many pol- and replace and recent nat-
policies aren’t enough is now icies. If that same accident were to ural disasters have caused
needed more often. take place today, chances are the record-breaking losses,” said
Umbrella insurance usually kicks claim would be higher than Michael Richmond Crum,
in after the limits on people’s other $250,000 and trigger the driver’s senior director of personal
policies are exhausted. It protects umbrella policy—assuming they had lines and counsel at APCIA.
your assets from lawsuits related to one, said Saurabh Khemka, co-presi-
events such as someone slipping on dent of underwriting at insurance Coverage needed?
your icy driveway, a neighbor’s child data-analytics company Verisk. Robert Stromberg, a finan-
injured on your backyard trampo- The increase in umbrella claims cial planner in Abington,
line, claims of defamation after an has led some insurance companies Pa., typically tells clients to
online post, and most commonly to raise premiums and be less likely have coverage equal to at
from serious car accidents. to grant higher limits. least their net worth, but
Claims that a few years ago Lee McWhirter, an independent that amount may need to
would have been fully covered by insurance broker in Chevy Chase, increase based on factors
auto and home policies are trigger- Md., recently had a client who such as car type and
ing people’s umbrella coverage more wanted to increase his umbrella pol- hobbies.
often, say insurance analysts and icy to $10 million from $5 million. If your net worth has
brokers. Financial-services company He was denied a limit increase be- decreased or you’re not
and insurance provider USAA said cause of a minor car accident a few driving as much, it may
there has been a 45% increase in $1 years ago. About two years ago, this being saddled with higher auto and You generally have to meet mini- not be as necessary, they said. Pure
million umbrella claims opened in client wouldn’t have had a problem home insurance premiums. mum levels of liability coverage from Insurance said car accidents, many
2023 compared with 2021. increasing his limits, she said. Around two years ago or so, the your auto and home policies to be el- of which involved teen drivers, were
The increase is partly due to infla- highest premiums Regina Neenan igible for umbrella insurance. If your a top cause for umbrella claims
tion, which has ebbed from its high Umbrellas aren’t as cheap would see for a million dollars of home insurance has only $100,000 among its members last year.
point a few years ago but remains a Insurance agents and brokers say umbrella insurance was around of personal liability, you may need to Josh Trubow has clients who had
continuing concern for some parts of customers are having a harder time $350. This year, the highest pre- increase that to $300,000 to get an $4 million of umbrella coverage when
consumers’ budgets. Insurance has getting approved for higher limits of mium Neenan’s seen clients pay for umbrella policy from many carriers, they were working, but by age 85,
been particularly pricey. coverage. Many people are paying that same coverage was nearly said Kimberly Palmer, an insurance they have drawn down on their sav-
PARKER ESHELMAN/WSJ, ISTOCK (2)

The cost of umbrella insurance higher premiums. The average an- $900, the financial planner in Fort specialist at NerdWallet. ings and are no longer driving. They
was hit hard by rising prices for re- nual premium for umbrella policies Collins, Colo., said. For years, David Shear paid about have since lowered their umbrella
pairs and medical bills and bigger in the U.S. rose by about 7% to It is often cheaper to bundle your $200 a year for his $1 million um- policy to $2 million, said Trubow, a fi-
legal settlements. And, while car $328 in 2022 from 2019, according umbrella policy with auto and home brella insurance with Geico. The Los nancial planner in Waltham, Mass.
and home insurance premiums also to Verisk. insurance policies. Many umbrella Angeles retiree has been asked to He typically doesn’t recommend
surged, one thing that didn’t change While still relatively cheap, peo- policies require you to hold your car pay $545 this year. while he paid dropping the coverage entirely as it
is the coverage limits on most peo- ple are feeling the sting of bigger and home policies with them before $275 in 2021 for the same coverage. often also pays for your defense in
ple’s policies. bills, especially as they’re already they’ll write you an umbrella policy. Geico referred The Wall Street court if needed.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, August 1, 2024 | A9

PERSONAL JOURNAL.

Road Worrier
Offers Lessons
From EV Life
Range anxiety’s not real, leasing can be gamble
There are also some things to
PERSONAL not love. If you’re considering the
TECHNOLOGY EV jump, here are my five biggest
JOANNA surprises and lessons from the
STERN past year.

M
Public charging is rare
y electric vehicle Before I drove EVs, my nightmares
and I are about to were vivid. I’d be stuck on the side
celebrate our first of a highway with a dead battery,
anniversary. Please frantically googling “how to hitch-
send a 150-kilowatt hike without looking suspicious.”
cake and your fin- Now, I mostly charge in my ga-
est bottle of car wax. rage. In fact, most EV own-
Yes, last summer I tested five ers—83%—regularly charge at
EVs under $60,000. I ended up home, according to data-analytics
leasing a Ford Mustang Mach-E, company J.D. Power. Getting the week, to rotate tires, check brakes, and Apple Watch app with fea- 70% of their range, according to a
and have continued documenting right electrical outlet and charger top off wiper fluid and give the tures. But the majority of the up- study by Recurrent, provider of a
my ad-EV-ntures. can be pricey, but over time it costs whole car and its battery a once- dates were unnoticeable to me. range-monitoring tool for EVs.
While you hear a lot about less than gas, especially if you over. I haven’t experienced any terri-
electric vehicles these days—They charge at night or on weekends Not all EV owners I speak to ble software glitches. (Ahem, Lease, don’t look back
aren’t selling! They’re dragging with off-peak electricity pricing. have been as lucky as me. I often Chevy Blazers!) Most of the time I Leasing my Mach-E was the right
down profits! They’re destroying The game-changer was when hear about tire issues, specifically rely on Apple CarPlay, yet more thing, and more are doing it. Leas-
our country!—life has been pretty Tesla opened up its charging net- frequent flats caused by the extra and more I want software that’s ing made up over 35% of new EV
great for my EV and me. work to Ford, Rivian and other EV weight of a battery. deeply integrated with the car financing in the first quarter of
Like any couple in the honey- makers. On longer road trips, I now data. And Ford’s own software just 2024, up significantly from 12% in
moon phase, we often stare long- pull into one of the many reliable Software matters doesn’t compare to what the EV 2023, according to global data com-
ingly at each other, wondering Tesla stations, attach a dongle and One of the promises of the r-EV- newcomers offer. pany Experian. It makes sense for
what all the worry is about. Range start fast charging. Granted, I’m olution was cars that work like Farley acknowledged the draw- such fast-moving tech. When my

.
anxiety? Not a thing—definitely driving mostly in the Northeast our phones. With big built-in back, citing the drain on resources lease expires in two years, I expect
not when it’s warm out. Missing where there are plenty of stations. screens and wireless connectivity, and the vastness of the Ford better batteries, chips and more.

ly
the rumble of an internal combus- an over-the-air software update lineup. “It requires a lot of work to My one EV regret: I just leased
tion engine? Nope. Regrets about Driving vs. maintenance could change not only the inter- write software for the whole fleet, at the wrong time. I probably
skipping the Tesla? Not since Every time I go back to driving a face but how you drive it—or how not just our EV fleet,” he said. could have knocked $100 off my
March, when I was able to start
charging at Tesla stations.
“Have any of these people
driven these vehicles before they
on
gas-powered car, I feel like I’m go-
ing back in time. “What?! Speak
up, kids! I can’t hear you over the
engine!”
it drives itself.
The divide, though, is between
the new EV companies and the leg-
acy automakers. In April, for exam-
Winter is hell
Even during honeymoons, there
are some cold showers. I was
monthly bill if I waited. In May
2024, EV incentives—aka dis-
counts—were 15% to 30% of
sticker price, according to Bar-
say they love them or hate them?” Beyond the silent-movie ride of ple, Rivian released a feature that warned that frigid temperatures— clays analyst Dan Levy, with many
us ,

Ford Chief Executive Jim Farley an EV, there’s the crazy accelera- routes you to the most reliable along with jacking up the heat— of them focused on leasing.
l

told me in a recent interview. “Here tion and super smooth drive. I’ve charger based on reviews and other would degrade battery and range “The supply-demand situation
e
al a

I am, this petrol person who just also gotten so used to one-pedal information collected from Rivians performance but not that I’d has completely flip-flopped,” Levy
loves getting in his electric truck.” driving—speeding and slowing on the road. And it seems like Tes- watch the percentage drop every told me. “We’ve seen more prod-
Farley would say that. He’s got with only the accelerator. I have to las get a new tweak every week. minute or so on a drive home ucts hit the market. The deals
ci on

some EVs to sell. I don’t. I’m also remember to hit the brakes when According to Ford, my Mach-E from the Poconos on a cold rainy we’ve seen are crazy.”
not pushing personal politics or I’m not in an EV. has received over 24 software up- January day. Great. Just great.
ELENA SCOTTI/WSJ

macroeconomic theories. I’m just Even more surprising was how dates since September 2023. One My Mach-E typically gets about EVs aren’t perfect—yet—but
a tech fan, here to tell you there’s little maintenance my Mach-E has enabled access to more than 270 miles of range, but in the win- my Mach-E’s strongest qualities
a lot to love about these battery- needed. No oil change or check-en- 15,000 Tesla Superchargers. The ter, it feels closer to 200. In freez- outweigh its worst. It’s what keeps
er s

powered, cutting-edge cars. gine light. Our first service is this company also updated its iPhone ing conditions, EVs only get about our charge alive.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

A Smoke D.C., has dictated that “virtu- for sound public-health rea-
m rp

1 2 3 4 5 6 7 8 9 10 11 12 13 14 24 On ___ (trying
ally all establishments and sons,” said Rep. Katie Porter to lose)
businesses with employees (D., Calif.). “I don’t believe 15 16

Break on be smoke-free.” But lawmak- you should be able to smoke 25 Reentry

ers have kept federal build- anything in this building.” destination
17 18
ings in the Capitol campus The debate over smoking 26 Agree to store

the Hill
co Fo

exempt for the most part. has gotten lawmakers fired 19 20 cookies?
While they’ve always been up for centuries. In 1896, two
able to light up in their of- representatives co-sponsored 27 Core belief
21 22
fices, many lawmakers want an amendment that banned 28 Star
Continued from Page One to be closer to the action. smoking in the House cham- 23 24 25 26 27 28 29 30
ficial dean of congressional And smoke-filled rooms have ber. Smoking up until then
29 Maze Craze
producer
cigar enjoyers. “The smoking often been the place where was only limited during ses- 31 32 33 34
lamp is still lit in 2207 Ray- policymakers hash out dis- sions on the floor and in the 30 Bare
burn—I can assure you of agreements, relax and bond galleries. “This provision will 35 36 37 minimum
that,” the Republican added, over the shared appreciation be a great step toward the
33 “Oath and
referencing his D.C. office. for a good cigar. preservation of the health of 38 39 40 41
A series of leadership Horace Cooper, an aide to members of this body,” David Honor” author
shifts in the GOP-led House former House Republican Henderson (R., Iowa) said. 42 43 44 45 Cheney
n-

of Representatives, including Majority Leader Dick Armey, When Nancy Pelosi be- 36 Onetime
those involving the Oklaho- recalled that when a record came speaker in 2007, she 46 47 home to
man, could jeopar- banned smoking in Shamu
dize the practice. the posh speakers’ 48 49 50 51 52 53 54
39 Nova ___
no

Top committee lobby, just outside of

chairs get plush Cap- the House chamber. 55 56 (from Halifax,
itol offices, deemed Lighting up in law- say)
hideaways, that put makers’ hideaways 57 58 40 Tolerated
them a quick walk to inside the Capitol
the House floor for and around the com- 59 60 41 Cockney’s
votes. When Cole be- plex has remained at home
came chairman of their own discretion. 43 Magazine buy
the House Appropri- The issue isn’t di- HORSING AROUND | By Alan Siegel
ations Committee in vided purely down 45 Con’s dream
Across 31 It shares a 55 Dutch island 6 Mob member
April, he left behind partisan or even 45-mile off the 48 Architect
the hideaway where gender lines, though 1 Some are 7 Carpenter’s Mies van
checkered border with Venezuela collection
he hosted cigar en- most advocates are der ___
British coast
thusiasts during his Republican and male. 8 Singapore 8 “How sad!”
Columbia 49 Grab ___
days chairing the When the congres- shower 56 Sprayed-on
Rules Committee. sional cigar caucus 32 Sincere color 9 Church pew (snooze)
The thick smoke that was formed in 2021, 15 Empire entreaties makeup, 50 Cath., Prot.,
whose 57 Artist with often
wafted down the hallways Policymakers on Capitol Hill three of the 30 representa- etc.
capital was 34 Time for the museums in
then required changes to the have long hashed out tives were women. All were 10 Mushrooms
Nineveh 2024 Jeux Vitebsk, 51 ___ Everyone
Capitol’s ventilation system. disagreements or bonded Republicans. The informal whose tops
Cole decided to allow out- over the shared appreciation group now counts some Dem-
Olympiques Belarus, and (game rating)
16 Back in the Nice, France turn to black
going Appropriations Chair for a good cigar. ocrats among its members. day 35 Put on goo 52 Start for
Kay Granger (R., Texas) to The Senate lacks the same 58 Opportunity sphere
17 Enticing 36 Unpleasant 11 Tennis star
keep her office—leaving his number of freshmen were level of cigar enthusiasm. for an aspiring
words for a furor called “The 53 Horse’s pace,
fellow smokers no obvious elected in 1994, Armey’s of- Sen. Josh Hawley (R., Mo.) comic
place to congregate near the fice used a room just off the scoffed at the idea that his shopaholic 37 Orange Punisher” which can be
Capitol dome. Some are House floor to gather new colleagues in the House were County MLB 59 Contingent found jumping
18 Acid response to a 12 Opposite of across black
sending up smoke signals. members and discuss pol- in crisis. “I’m sure the cigar neutralizers team, on bueno
“We need to gather all the icy—all over cigars. smokers can sort themselves scoreboards request squares in
cigar smokers, which are “Smoking a cigar is not an out,” he said, chuckling. 19 Some 60 Measles, 13 Opposed to, rows 3, 6, 10
many,” said Rep. Guy Re- addictive behavior,” Cooper Reschenthaler said his desktop 38 Ran into in hillbilly talk and 14 of this
essentially
schenthaler, a Pennsylvania said. With the GOP’s slim plan to storm Johnson’s of- widgets 39 Confiscate 14 Not neg. grid
Republican who frequented majority, he added, “it would fice is a “Plan D or E.” He Down
20 Orders to 40 Round units 23 Little Havana 54 Some SASEs
Cole’s gatherings. “We need be a plus to find circum- hopes it won’t come to that. attack 1 House in
to go into Mike Johnson’s of- stances where members and Cole will officially take the 42 Odysseus, for Hermosillo setting 55 A followers
fice, light up cigars and re- their staff can get better re- hideaway in the Capitol if 21 Enzyme one
suffix 2 When a host Previous Puzzle’s Solution
fuse to leave until Tom Cole lations with other members Republicans keep the House
44 Ultrafast wants a H O V E L S E G G O R S O
gets a hideaway.” and their staff.” majority in November. 22 Govt. A N I S E S R E O M E N U
data transfer 3-Down,
Senior House leadership Other House members, es- Some cigar enthusiasts
TOM WILLIAMS/CQ-ROLL CALL/GETTY IMAGES

prosecutors L A S T I N G R E M I N D E R
aides familiar with the situa- pecially nonsmokers, aren’t hope to find a middle
unit briefly D I E M O N E T I Z E
tion said Cole was offered a convinced. Some say they ground: a place where mem- 23 Oscar- 46 Market index L A T E S T C R A Z E O R C
3 Post to a host O R OM E O MO N A E
Capitol office—the one used don’t want their colleagues bers can enjoy a cigar to- nominated
P E R R OM C OM K E T O
by Granger—but as he de- creating an unsafe environ- gether without disrupting 2023 Leonard 47 Urgent signal 4 One of many L A T I N MA S S
clined, there isn’t another ment. Smoking is the leading their colleagues. Bernstein 48 Kestrel or kite involved in MA A S H A N G R Y M I D
space. He is welcome to re- cause of preventable disease Does such a place exist? biopic batting M R C U B I N S E AM
51 Destruction AM C L AM A Z E C L A S S
serve the speaker’s balcony, and death in the U.S., accord- “Yeah,” said Rep. Garret
27 Of current of fracking 5 Che Guevara’s B R I A N E N O A D S
where smoking is allowed. ing to the Surgeon General. Graves (R., La.), a nonsmok- L A U G H I N G O U T L O U D
interest rigs, e.g. first name
For nearly 20 years mu- “Bans on smoking in the ing, outgoing congressman. O R E O MD S S H O WM E
nicipal law in Washington, workplace are widespread “Outside.” ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. U S S R E S T D AM S E L
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A10 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

ARTS IN REVIEW
BY DAVID MERMELSTEIN

T
La Jolla, Calif.
his quaint seaside
community prides itself
on spectacular ocean
views and an air of
sunny nonchalance. The
mystery novelist
Raymond Chandler retired here in
1946, later reportedly commending
it as “a nice place—for old people
and their parents.” It’s also home
to SummerFest, a gem of a
chamber-music festival now in its
38th season.
But not until 2019 did the La
Jolla Music Society, which pres-
ents SummerFest, possess a dedi-
cated venue. The opening of the
Conrad Prebys Performing Arts
Center right in the heart of this
“village” gave music lovers a
nearly 500-seat theater with ex-
cellent sightlines and sublime
acoustics, the latter courtesy of
Yasuhisa Toyota, best known in
the U.S. for helping refine the
sound at the Walt Disney Concert
Hall in Los Angeles.
That year also marked the ar-
rival of a new music director for
SummerFest, the Israeli-American
pianist Inon Barnatan, a gifted and
imaginative artist with a taste for
broadening horizons. He also pos-
sesses a talent for drawing like-
minded musicians of the first rank
to join this venture—21 concerts
through Aug. 24 this time. Just as
important, he crafts cleverly juxta-
MUSIC REVIEW  Augustin Hadelich, Inon
posed programs that challenge au- Barnatan and Macintyre Taback in
diences without alienating them.
This season’s first concert, on
Friday evening, distilled Mr. Bar-
natan’s approach, with the devil as
Broadening Horizons the opening night concert.

No. 1 (titled “Kreutzer Sonata” af-

.
On the California Coast
chief conceit. The pianist’s own ter the Tolstoy novella), selections
fierce reading of Liszt’s “Me- from the haunting solo-piano work

ly
phisto” Waltz No. 1 opened the bill, “On an Overgrown Path,” and the
followed by Tartini’s “Devil’s Trill,” Sonata for Violin and Piano. All
with Mr. Barnatan, now at the were played with the utmost con-
harpsichord, joined by Macintyre La Jolla Music Society’s SummerFest returns for an enriching new season
on viction and concentration by
Taback on cello and, in the central Messrs. Kenney and Swensen and
role, the celebrated Mses. Lark and Li (the string
German-American work requiring a lin, written for the great French quartet); Mr. Adès (the short pi-
violinist Augustin narrator—Martin violinist Jacques Thibaud and ano pieces); and Messrs. Hadelich
us ,

Hadelich, a Sum- Butler’s settings of played with gripping immediacy and Adès (the sonata). I found my-
l

merFest regular three of Roald and apt soulfulness by Mr. Ha- self deeply moved multiple times.
e
al a

since 2010. After Dahl’s wry verses delich. Mr. Adès himself per- (May I never forget Mr. Adès’s
winningly disguis- from “Dirty formed the piano part of his piece, transporting, time-stopping ac-
ing that work’s ob- Beasts” (marred augmented by, in addition to Mr. count of the Allegro from Book II
ci on

stacles, Mr. Ha- by poor amplifica- Simpson, two younger artists of “Overgrown Path.”)
delich returned to tion pitting Mr. emerging as leading musical Several musicians from the
the stage alone Burstein against lights, the cellist Jay Campbell and opening weekend (beyond Mr. Bar-
with an impeccable the musicians)— the violinist Alexi Kenney. He then natan, who appears throughout
account, technically the remainder of immediately followed it by joining SummerFest) return in the coming
er s

and stylistically, of the weekend’s pro- Mr. Barnatan for an intoxicating days, including Messrs. Adès,
Paganini’s familiar gramming was account of the two-piano version Campbell and Kenney. They will be
m er

Caprice No. 24. pure music. On of Ravel’s “La Valse,” a work close joined by various others, among
But it was a Saturday, the to Mr. Adès’s heart, as anyone them the pianist Joyce Yang and
performance of scores varied who has heard him conduct the the rising Scottish guitarist Sean
Stravinsky’s “The widely. Some were orchestral version can attest. Shibe, in programs no less inven-
Soldier’s Tale,” co- almost atavistic: Sunday’s concert concluded tive than those that have passed.
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gently conducted by the English  British composer and pianist Saint-Saëns’s “Danse Macabre,” with a puzzling string-quintet re- The remainder of the season of-
composer and musical polymath Thomas Adès, whose work ‘Catch’ featuring Messrs. Hadelich and casting of Beethoven’s “Kreutzer” fers yet more enticements: the vi-
Thomas Adès, that stole the show. featured a wandering clarinetist. Barnatan; Schubert’s “Death and Sonata, originally for violin and olinists James Ehnes, Erin Keefe,
Written for septet and narrator (in the Maiden” Quartet, performed piano. It was preceded by a recent Stefan Jackiw, Simone Porter and
this case, the Broadway actor by four artists—Andrew Wan and Adès effort, reworking material in Blake Pouliot; the cellists Alisa
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Danny Burstein, affecting a Paul Had Messrs. Adès and Burstein Tessa Lark, violins; Teng Li, viola; suite form from his Shakespeare- Weilerstein and Paul Wiancko; the
Giamatti-ish demeanor), the piece and the band proved any less com- and Jonathan Swensen, cello—who inspired opera “The Tempest,” pianist Conrad Tao; the clarinetist
is frequently augmented by addi- pelling, most people’s attention complemented each other marvel- with Mr. Adès and Mr. Hadelich Anthony McGill; and the conduc-
tional artistry, which on this occa- would have been focused entirely ously. Others were novel: Mr. making a case for music I have yet tor Ludovic Morlot—all in pro-
sion fell to a small outfit called on the paper puppets and the pen- Adès’s cheeky early work for four to appreciate. But the bill’s all- grams certain to stimulate even
KEN JACQUES (2)

the Paper Cinema, whose work, all and-ink drawing of Nicholas Rawl- players, “Catch,” with its literally, Janáček first half was the sort of jaded ears.
executed live opposite the musi- ing, the outfit’s co-founder and ar- and hilariously, wandering clari- thing one usually just dreams of
cians, was projected onto a large tistic director. netist, a game Mark Simpson; experiencing, consisting of three Mr. Mermelstein is the Journal’s
screen at the rear of the stage. With the exception of another Ysaÿe’s Sonata No. 2 for solo vio- masterpieces: the String Quartet classical music critic.
n-

FILM REVIEW Hollywood satire.

The Scenic Delights

Overcoming the list-
less direction of Her-
no

bert Ross, the terrific

cast includes Dyan

Of ‘Vacation Noir’
Cannon as a talent
agent, Raquel Welch
as a movie star and
James Mason as a
washed-up director.
BY ZACHARY BARNES a lake at one point and encourages Murder, clever clues

O
him to swim. But as he struggles to and a growing suspi-
n vacation, the rules don’t stay afloat, she regards him with a cion that the game’s
quite apply. No boss beckons. merciless apathy, as unmoving as gossip may not be as
No chores demand comple- the trees that line the water of the made-up as it seems
tion. Days turn languorous, even New England paradise all around combine with a ’70s
louche, as the stern whispers of pro- them. riot of white pants,
priety get lost in the roar of waves, That temptation to simply leave mohair, slim-fitting
the polyglot chatter of new acquain- someone to die—a murder of omis- turtlenecks and sau-
tances, the clink of cocktail glasses. sion—similarly colors Roy Ward cer-sized sunglasses.
In such a permissive atmosphere, a Baker’s “Inferno” (1953), starring One could call it dated;
bit of criminal behavior is all but Robert Ryan as a millionaire who one should call it a de-
bound to slither in. breaks his leg while light.
And so the Criterion hiking in the desert For a more chilling
Channel’s new “Vaca- with his wife and an- European sojourn, try
tion Noir” collection, The collection other man. Though René Clément’s “Pur-
streaming just in ranges from an overused voice- ple Noon,” the first
time for the hot, over damps its dra- can monuments.”) When a pair of  Alain Delon in ‘Purple Noon’ film adaptation of Patricia High-
woozy days of Au- Niagara Falls to matic effect, the film innocent young lovers arrives at (1960), based on the novel ‘The smith’s “The Talented Mr. Ripley.”
gust, offers a selec- remains fairly grip- their rented cabin by the falls for a Talented Mr. Ripley.’ Alain Delon puts his vulpine beauty
tion of films featuring
the sunny ping thanks to the belated honeymoon, they discover to its ideal use as Tom Ripley, dis-
out-of-office murder, Mediterranean. hardened, spite- that it’s already occupied by a mys- ably less to “The Maltese Falcon” or patched to Italy by the father of
adultery and deceit, fueled efforts of terious, mercurial couple, George “Kiss Me Deadly” than it does to Philippe Greenleaf to find the free-
be it on the Italian Ryan, among the (Joseph Cotten) and Rose (Mon- Christie-esque parlor-game myster- wheeling young man and bring him
coast, at a lakeside most brilliantly mean roe). While director Henry Hatha- ies. (Rian Johnson has also cited it home. But Ripley has other plans,
lodge in Maine, or in the mists of men of classic Hollywood. He here way wasn’t among the great artists as an influence on his “Knives Out” and the movie becomes a sleek, qui-
Niagara Falls. After all, what good is portrays a character whose bitter- of the studio system, he does his series.) etly vicious portrait of a sociopath
a summer getaway without a crime ness is equaled only by his resource- best Hitchcock impression behind A shaggy-haired James Coburn who can’t bear to let vacation end.
to get away with? fulness, as he realizes that his wife the camera, bringing genuine style plays a movie producer who invites And yet it must, eventually. But
The earliest entry in the collec- and the other man (her lover, as it and psychosexual force to a murder various industry figures to his yacht “Vacation Noir,” which also includes
tion (which includes 13 titles span- turns out) have not gone for help, plot unfurled in view of one of the on the Riviera for a week to play a films like Orson Welles’s “The Lady
ning nearly 30 years) is “Leave Her as promised, but have left him to country’s oldest vacation destina- game in which each player gets a From Shanghai,” the Joan Crawford
to Heaven,” John M. Stahl’s shock- roast beneath the circling vultures tions. card containing an imagined bit of vehicle “Female on the Beach” and
ing Technicolor drama of 1945. It of the Mojave. Two later titles in the collection, gossip; the others must endeavor to the Delon thriller “La Piscine,” can
stars Gene Tierney as Ellen Berent, Another film from 1953, the “Purple Noon” (1960) and “The root it out. The screenplay is by Ste- at least seem to extend it for a
who marries a young novelist and seamy, steamy “Niagara,” sets its Last of Sheila” (1973), leave the phen Sondheim, a legendary lover of while. There might be a murderer
gradually reveals a vicious and con- drama of marital betrayal at an U.S. behind altogether for the sunny puzzles, and “Psycho” actor Anthony lurking behind the waterfall, though,
CRITERION COLLECTION

suming envy toward other people in iconic site, and stars an iconic ac- but sophisticated environs of the Perkins (who also starred in the or cyanide in the swimming pool—so
her husband’s life, including even tress: Marilyn Monroe, for whom Mediterranean. Among all the films made-for-TV Sondheim musical relax at your own risk.
his disabled younger brother. One of the movie proved an early hit. here, “The Last of Sheila” probably “Evening Primrose” in 1966), and to-
the iciest femmes fatales in movie (Critic Dave Kehr called it a “hyp- stretches the definition of “noir” the gether they concoct an intricate Mr. Barnes is the Journal’s assistant
history, Ellen takes the boy out onto notic contemplation of two Ameri- most, as the movie owes consider- whodunit that doubles as a dishy Arts in Review editor.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Thursday, August 1, 2024 | A10A

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10B | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

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fatherhood.gov
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, August 1, 2024 | A11

PARIS 2024
JASON GAY

The Greatest Stadium on Earth

The beach volleyball complex at the Paris Olympics is a temporary stunner for the people–and also for the ‘gram
FROM TOP: PAUL KITAGAKI, JR./ZUMA PRESS; LOUISE DELMOTTE/ASSOCIATED PRESS

.
ly
on
Well, they absolutely It’s For the ‘Gram. As in Insta- a true Parisian would never, and
us ,

crushed this one. gram, Facebook, TikTok, group advises you instead to visit a
l

The first few days chat, or whatever other social me- hunting museum in the 3rd Ar-
e
al a

of the Olympic dia apparatus you and your family rondissement. What I am saying
Games are always a can’t stop using. Eiffel Tower Sta- is this: This stadium, which will
bit of a crabby com- dium recognizes that modern exis- be used for blind football (a ver-
ci on

plaint fest: This is a mess, they did tence is not merely about living sion of soccer) in the Paralym-
this wrong, this is too small, this is life to its fullest; it’s also about pics, is a way to experience The
too warm, the beds are hard, the showing everybody else that Eiffel without actually going Full
food is weird, I can’t believe they’re you’re living life to its fullest. Oth- Eiffel, and it will be completely
making me swim in the Seine. erwise, what’s the point? You’re a worthwhile. (The Tower is a gen-
er s

But this? Paris nailed this, nobody at ETS if you haven’t gone uine wonder!) Best of all, at
straightaway: to the rafters to take a selfie of night, on the hour, they turn
m er

The Beach Volleyball Stadium. yourself with the Tower in the down the stadium lights for the
Formally, Eiffel Tower Stadium, background, and you’re definitely Eiffel Tower’s own sparkly light
because from any vantage point in- supposed to post it within minutes show. It’s the best.
side this joint, you can’t miss the on social media for PEAK SUM-
next door neighbor soaring out of MERTIME TRAVEL ENVY POINTS, It Gets What the Olympics Are
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the manicured earth– which is the whole reason they About. Because of television, and
WOWOWOW!–7,000 tons of iron, made social media, right? No sin- too many documentaries, people
1,083 feet tall, La dame de fer, now gle photo you will take at the 2024 think the Olympic Games are sup-
137 years young. Games says it better: I’m in Paris, posed to be fancy trumpets, tradi-
Other outdoor stadiums offer I’m cultured, I’m living my best tion and prestige. Here’s what the
co Fo

sumptuous views. Washington’s life, and please don’t ask me the Olympics really are: a garish chil-
Husky Stadium looks out onto pic- Eiffel Tower Stadium is the site of beach volleyball at the Paris Games. score of any of the beach volley- dren’s birthday party for adults.
turesque Union Bay. Colorado’s Fol- Above: Spain’s Pablo Herrera Allepuz hits a serve during a match. ball games. They are noisy, overpriced, ex-
som Field sits in the shadow of the hausting, with meh food and no
Rockies. Citi Field, home of the Socially Acceptable Eiffel Tower- beer. But they’re wildly entertain-
New York Mets, offers an intimate LET ME GIVE THE REASONS: they have an inexplicable charac- ing for Snobs. Look, I love a good ing if you’re willing to calm down
view of congestion at LaGuardia ter walking around in orange tourist destination just as much and loosen up, and that’s what
Airport and even the Grand Central It’s a Vibe: Beach volleyball is fun. scuba gear and a bubble maker; as the next fanny packer. I liked Eiffel Tower Stadium does as well
Parkway. It’s beach volleyball, even at the they have an English-speaking P.A. going to the top of the Empire as any stadium at these Games or
This is better. Much better. Olympics. They don’t mind it be- announcer screaming instructions State Building when I lived in before. Sitting there is a blast, it’s
Situated on the Champ de Mars, ing noisy, loud and distracted. like a DJ at a corporate off-site. New York City. I happily walked beautiful, and people who are
Eiffel Tower is the drop-dead gor- Half the crowd seems like it’s And they have beach volleyball! around Times Square! (Don’t tell lucky enough to attend won’t for-
geous sports arena you never bumbled in after three Aperol Best of all: You can wear shorts anyone.) I believe the Eiffel get it. Also this: It’s temporary!
n-

thought Earth needed, for a sport Spritzes. They crank pop music and feel appropriately dressed, Tower is an incredible sight, and They’re tearing this sucker down
seldom considered outside of the (want to hear Timmy Trumpet, or and not like a vulgar American. At nobody should feel self-conscious when the 2024 Games are done.
Olympic cycle, and it is absolutely a mash-up of Carly Rae Jepsen’s least that’s what I told myself, about wanting to visit. Still, many Perfect. The Eiffel Tower will re-
the must-have ticket for these “Call Me Maybe” and Amy Wine- wearing shorts, looking like a vul- of us have that Francophile pal main. But we’ll always have beach
no

Games. house’s “Rehab”? Yes you do!); gar American. who advises us to steer clear, that volleyball.

‘It Didn’t Taste Great.’

Olympic Triathletes Dive
Into the River Seine
BY JARED DIAMOND AND LAINE HIGGINS “It didn’t taste great,” Ainsley
Thorpe of New Zealand said. “It’s a
Paris little bit brown.”
FRANCE SPENT $1.5 BILLION to At around 8 a.m. in Paris on
turn the Seine, the famously filthy Wednesday, 55 women dove into
river that flows through the heart the Seine, battling murky waters
of Paris, into a body of water that and vicious currents for 1,500
human beings could enter without meters, before returning to dry
contracting illness. Olympic orga- land to continue the triathlon.
nizers envisioned a postcard scene, The good news: Nobody vomited
with athletes swimming in the or encountered anything too unsa-
shadow of the Eiffel Tower and the vory in the river—so far, at least.
golden dome of Les Invalides. The men followed at 10:45 a.m.,
Now, after years of debate, roughly 27 hours later than
countless E. coli tests, and one ma- planned. France’s Cassandre Beau-
jor event postponed, the reviews grand and Great Britain’s Alex Yee
are finally in. wound up winning gold medals.
As of early Wednesday morning,
nobody knew for certain whether Nobody vomited or encountered anything too unsavory in the Seine during Wednesday’s Olympic triathlon.
the triathlon would even take place.
Medal Count The men’s competition was initially
Country Gold Silver Bronze Total scheduled for Tuesday, but officials There was no backup plan for of probiotics in the last month,” she that Netflix movie,” she said.
China 9 7 3 19 pulled the plug because of unac- the triathlon. If the situation didn’t said. Spivey was referring to “Under
France 8 10 8 26 ceptably high levels of bacteria. improve Wednesday, there was a She might need them. Spivey Paris,” a French film released in
Japan 8 3 4 15 Heavy rain had fallen onto the chance the event would become a also consumed more water than she June about a shark named Lilith
Australia 7 6 3 16 French capital over the weekend, duathlon. It wasn’t until raceday at would’ve liked, mostly because of who lurks in the Seine. In a climac-
Great Britain 6 6 5 17 resulting in sewage flowing straight 4 a.m. that the participants found another aspect of swimming in the tic scene, the creature attacks dur-
South Korea 6 3 3 12 into the Seine. out for sure that the Seine was Seine. She said the current was so ing a major triathlon that the fic-
United States 5 13 12 30 That represented a nightmare clean enough to proceed. strong that at one point she felt tional Paris mayor refused to cancel
scenario for organizers, who long “Hopefully it’s all right,” said like she was on a treadmill and despite warnings that it might be
LISA LEUTNER/REUTERS

Italy 3 6 4 13
Canada 2 2 3 7 insisted that their audacious idea to U.S. triathlete Seth Rider, “because wondered if the swim would be hazardous.
Germany 2 2 2 6 have athletes swim in the Seine I think I swallowed, like, a liter of called off. In reality, the Seine isn’t a suit-
wouldn’t only work, but would cre- water.” Ultimately, though, Spivey had able habitat for sharks. But for one
*As of 5 p.m. ET on Wednesday
ate one of the signature moments His teammate, Taylor Spivey, an even bigger concern. day, at least, it was suitable for hu-
For the latest medal count, go to WSJ.com/Sports
of these Olympics. had a plan for that. “I’ve taken lots “I’m more afraid of sharks, like mans.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

PARIS 2024

He Was Crushing
The Olympics.
Then His Paddle
Got Crushed.
BY STU WOO

Paris
It was the perfect start to the Olympics for the
world’s best table-tennis player. After years of toiling in
China’s grueling training program, Wang Chuqin finally
won a gold medal in mixed doubles—the first of three
events he was expected to dominate in Paris.
But before the celebration was even over, his triple-
medal prospects changed in a flash: A photographer ac-
cidentally stepped on his paddle, snapping its handle.
Elation turned to fury. Wang shouted at photogra-
phers. A coach physically restrained him. “I lost control of
my emotions a little,” he said shortly afterward. “I believe
I’ll still be able to play well with my backup paddle.”
ALBERT GEA/REUTERS

Less than 24 hours later, it turned out Wang was

wrong. In the marquee men’s single tournament, the
world No. 1 with paddle No. 2 was on the losing end of
one of the biggest upsets in Olympic table-tennis history.
In the round of 32, the top-seeded Wang dropped the
Eli Dershwitz, left, of the U.S. in action against Csanad Gemesi of Hungary during the 2024 Paris Olympics. first two sets to No. 19 Truls Moregard, of Sweden. He
battled back to even it, before dropping the last two sets

Literally Everyone On This

in the best-of-seven match, shocking the Asian nation
that has absolutely dominated its national pastime on
the global stage.
Since table tennis became an Olympic sport in 1988,

Olympic Team Went to Harvard Chinese players have won 32 out of a possible 37 gold
medals. Countries can enter up to two athletes for sin-
gles, and the past four finals for both men and women
have been all-Chinese affairs.
BY ANDREW BEATON AND BEN COHEN “We’re not super nerdy, but for some fencing program was built around re- Now, for the first time since 1992, there will be fewer
reason, we get that stereotype,” said cruiting elite talent from across the than two Chinese men on the podium. And many Chi-
Paris Team USA saber fencer Elizabeth Tarta- globe—and born from a scandal.

H
nese fans and table tennis analysts blame it all on one
arvard is known for producing kovsky—a Harvard alumna. Schneider was hired as Harvard’s photographer’s misstep.

.
American presidents, Nobel Prize What is shocking is that Harvard fencing coach in 2019 after her prede- In a way, the mistake was at least partly Wang’s fault.
winners and people who love to hasn’t traditionally been a school that cessor was swept up in the Varsity

ly
In South Paris Arena, a barrier separates photographers
remind you that they went to Harvard. sends its best and brightest to Team Blues college-admissions debacle. As from athletes on the playing field. But just before Wang
It’s not known for churning out the USA. Before the eight current Olympi- soon as she got the job, she asked Der- and playing partner Sun Yingsha celebrated by holding
world’s greatest athletes. In fact, Har- ans, it had a total of nine Olympic fenc- shwitz, her former training partner, to up the Chinese flag for the cameras, he tossed his pad-
vard is about as much of a factory for
American sports talent as the Sor-
bonne.
So how is there an entire U.S. team
on
ers in its history—and only five since
World War II. In that time, Harvard’s
law school put more alumni on the Su-
preme Court.
be one of her assistants. His résumé
was impeccable. A recent Harvard grad-
uate, Dershwitz was the world’s No. 1
saber fencer while he was still in
dle over the barrier and into the photographer area.
Wang smiled for the cameras—until he learned of the
accident.
Table tennis is a game of millimeters, and no two pad-
at the Olympics that consists exclusively But now Harvard has become a fenc- school. dles feel the same, even if they’re the same make and
us ,

of guys from Harvard? ing powerhouse. This year, the Crimson It’s not always easy to be an Ivy model.
l

There are four fencers on the Ameri- won the NCAA fencing title for the sec- League student and a fencer on the in- “It really messes with you mentally,” said Barbara Wei,
e
al a

can men’s saber team: three Harvard ond time ever. In the past three years, ternational circuit. Sometimes, it means an American ping-pong commentator. “Even if it’s only
alumni and one incoming Harvard Harvard’s fencers have won six individ- doing problem sets on the way to 1% off, it matters because table tennis is all about the
freshman. The Crimson in red, white ual titles under coach Daria Schneider, Brown. Other times, it means finishing
ci on

margin. It’s a very precise sport.”

and blue were favored to medal before an NCAA saber champion herself—not homework on a plane from Bulgaria. The loss doesn’t end Wang’s Olympics. He will still
they were upset on Wednesday by Iran. But Dershwitz was living proof that you compete in the team event. Sadly for him, there’s no
But the first all-Harvard team at the could be a student and be the best coming back for the paddle.
Olympics accounts for only half of the fencer on the planet. And he was key to
school’s fencers in Paris. There are six It’s important to Schneider’s plan.
er s

representing the U.S. and two more for remember that fencing She wanted Dershwitz to coach Har-
Canada in the Grand Palais, the ornate vard’s fencers—and she didn’t want him
is basically chess with
m er

exhibition hall that has been trans- to lower his standards for a bunch of
formed into the world’s most spectacu- college athletes. They would have to
lar fencing venue.
swords. raise their level to keep up with him.
This week, it has also become a Har- “We just were really relentless about
vard satellite campus. not letting them settle into the habits of
m rp

It’s not just that Harvard has more a junior-level fencer,” Schneider said.
fencers at the Olympics than other col- at Harvard but Columbia. “We demanded senior-level greatness
leges. Harvard has more fencers at the “When I was looking at colleges, the from them.”
Olympics than most countries. decision was more like where should I What the members of Schneider’s
There are 53 nations with fencers go where I won’t get worse,” Schneider first recruiting class never imagined is
co Fo

here—and the delegation from Cam- says. that they would one day be Dershwitz’s
bridge, Mass. is bigger than 42 of them. Scruggs got so much better at Har- teammates at the Olympics.
There are so many Harvard fencers vard that she went from being ranked But by the time Saron and Dolegie-
running around here with swords that 81st in the world before her freshman wicz enrolled at Harvard in 2019, there
there has already been Crimson-on- year to 58th, 18th and 4th going into may not have been anywhere better in
Crimson bloodshed. In a matchup of a her senior year, after her stunning run the world to be a saber fencer than a
Harvard senior and sophomore, Ameri- to a silver medal here. She lost to one of gym outside Boston.
can foilist Lauren Scruggs beat Canada’s the greatest American fencers ever, When they came to Harvard, they
Jessica Guo on her way to an improba- reigning gold medalist Lee Kiefer, a got coached by Dershwitz—and had to
ble silver medal. four-time NCAA champion at Notre fence against him. It was like having a
To understand why there are so Dame—and now a student in medical Nobel laureate as their personal tutor.
many Olympic fencers coming from school. Colin Heathcock was born in China,
Harvard, it’s important to remember Eli Dershwitz, Colin Heathcock, grew up in California, trained in France
ISABEL INFANTES/REUTERS
n-

that fencing is basically chess with Mitchell Saron and Filip Dolegiewicz and competed for Germany before
swords. A sport that demands stabbing lost on Wednesday, but Harvard’s ath- switching to the U.S.—and he’s still only
and strategizing rewards cerebral ath- letes might be hauling more medals 18 years old.
letes, so it’s not surprising that the U.S. back to campus by the time they’re With his freakish talent, he could
no

team has one fencer from Stanford, two done, as Scruggs and Guo compete have gone anywhere.
from Columbia, four from Notre Dame, again on Thursday and Tartakovsky But he’s moving into a Harvard dorm
five from Princeton and six from Har- takes the piste on Saturday. room because he wants to study math, China’s Wang Chuqin was upset by Sweden’s Truls
vard. The transformation of America’s top behavioral economics—and fencing. Moregard in a table tennis match in the round of 32.

He went on to win tournaments

This American’s Quest around the world. In 2020 in Las
Vegas, he became the first recurve
For a Gold Took Him to archer in history to score a perfect
900.
Part of a bow-hunting family in
Mysterious Energy Healer Arizona, Ellison began shooting
using toy equipment when he was
a baby. “I’ve always had a bow in
BY GEORGI KANTCHEV six years ago was the one he suf- my hand,” he said.
fered to his shooting hand. “It felt In 2010 he appeared on the TV
Paris like bolts of lightning when I show ‘MythBusters’ to test the
BRADY ELLISON ARRIVED IN shot,” he said legend that an ancient Greek ar-
Paris as America’s best hope to He was examined by several chery machine was more accurate
win individual gold in men’s ar- doctors and underwent MRIs. No- than humans. Ellison helped the
chery for the first time in nearly body knew what was wrong. His MythBusters team conclude that
three decades. doctors advised him to quit the the story was plausible.
He wouldn’t be here if it wasn’t sport and he considered working In Paris, Ellison is going after
for a Slovenian healer. in a copper mine. the only title missing from his ré-
Ellison, who turned heads at “I wasn’t winning any interna- sumé. He has three Olympic med-
the 2016 Rio Games for his resem- tional events and I wasn’t shoot- als—team silvers from 2012 and
blance to Leonardo DiCaprio, has ing enough,” he said. “Everything 2016, and individual bronze in
won pretty much everything there kinda came apart and I was like, 2016. In 2022, he broke the world
is to win in his sport. Everything, I’m done, I can’t compete like this, record in the double-70 event,
that is, except an Olympic gold. He I can’t continue to suck.” Brady Ellison is aiming to win an Olympic gold medal in archery. consisting of two 70m rounds shot
hopes to clinch it in Paris, his fifth That’s when Ellison’s wife, ar- consecutively. The previous record
Olympics. cher Toja Ellison from Slovenia, holder: also Ellison.
But to get here, Ellison, 35, had advised him to go to her homeland view it with skepticism, saying Ellison said that Filipic imme- If he wins in Paris, he’d become
to overcome a series of painful in- and meet a former police investi- that if it helps athletes all, it’s diately diagnosed his injury—with- the oldest gold medalist in the
juries and chronic health issues. gator-turned energy healer named likely due to a placebo effect. In out even being told where it was. men’s individual event since ar-
As a child, he suffered from a Stanko Filipic. that way, it’s not dissimilar to After Ellison received treatment in chery returned to the Olympics in
blood disease and was forced to A rock star in the country’s al- other therapies that have been the tiny Slovenian town of Sveti 1972. But after seeking out a mys-
wear leg braces. ternative medicine scene, Filipic questioned by scientists but Jurij ob Ščavnici, Ellison and his terious healer to revive his ar-
In Rio, he dislocated his knee- specializes in bioenergetics: a trusted by Olympians. Michael wife were feted by the local mayor chery career, that’s one target he’s
ALEX PANTLING/GETTY IMAGES

cap after coming out of the method which combines bodywork Phelps was a believer in cupping, and serenaded by barefoot guitar- happy to leave to chance.
shower and slipping on the wet with psychotherapy and has its a sort of deep tissue massage. ists. “I’ve been chasing an Olympic
floor. At the Pan-American games roots in the psychoanalysis of Sig- “People most often look for me Afterward, Ellison was able to gold for a long time and I’ve had
last year, he injured a shoulder mund Freud. when they have exhausted their shoot hundreds of arrows without great opportunities at it,” he said.
joint and his collarbone. It’s fair to say that bioenerget- options in official medicine,” Fili- a problem. “Which is more than I “So if it’s going to happen, it’ll
But the injury that nearly made ics isn’t an established part of pic told Slovenian media. “I like had shot pain free in four or five happen and if it doesn’t, it
him call time on his career some sports medicine. Many doctors challenges.” years,” he said. doesn’t.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, August 1, 2024 | A13

OPINION
Vance Derangement Syndrome BOOKSHELF | By Hamilton Cain

Franklin

first vice
D.
R o o s e v e l t ’s
ning for the job by—what
else?—attacking Mr. Vance. It
has been quite a fusillade, ap-
hammering as background
noise. For weeks, the Demo-
crats ripped the Heritage
Glenn Youngkin, Nikki Haley
and Doug Burgum minimize
their presence in that world
Let’s Make a
president,
H o u s e
Speaker John
Nance Garner,
proaching what you might call
Vance Derangement Syndrome.
Mr. Walz went on MSNBC’s
“Morning Joe” last week and
Foundation’s policy-heavy
Project 2025, a blueprint Mr.
Trump ostentatiously dis-
owned. This week, the docu-
for good reason. Live by the
social-media sword, and odds
are you’ll die by it someday.
It seems unlikely that the
Deal, Dr. Faustus
WONDER
LAND famously said
the vice presi-
said of Messrs. Vance and
Trump: “These guys are just
ment’s director, Paul Dans, re-
signed. Life spans in
Democrats’ Vance Derange-
ment Syndrome will survive
Devil’s Contract
By Daniel
dency “isn’t weird.” I will admit, that was Trumpville can be short. as long as its clinical Trump By Ed Simon
Henninger
worth a inspired. Mr. Trump lies One may legitimately ask: precursor. Mr. Vance is at bot- Melville House, 336 pages, $28.99

P
bucket of awake nights thinking of Did the Trump campaign need tom a policy wonk who says
warm spit.” words to whack his opponents the Vance controversy? The he’s never happier than when erhaps the most memorable villain of the
Times change. We have en- with. “Weird”—both vague 2024 presidential campaign is discussing or debating ideas. Renaissance, real or imagined, is Dr. Faust, he of the
tered an era of insatiable po- and ominous—has been sit- about one thing: assembling He will get his chance to do diabolical bargain, the necromancer who bartered his
litical appetites, and the news ting largely unused in the po- 270 electoral votes. Both that if he debates whichever soul for money and prestige and (in some versions) the
cycle is consuming the vice litical toolbox, and Mr. Walz Trump elections, in 2016 and safe white male Ms. Harris ravishing Helen of Troy. He comes to us, cowled in a
presidency. Out of the vice- grabbed it. The “weird” J.D. chooses to balance her ticket. sinister mystique, through canonical works by Goethe and
presidential bucket have Vance went viral, and the That probably eliminates Christopher Marlowe, and even Hollywood films such as “O
emerged Democratic presi- Harris campaign and its allies Attacking Trump’s Pennsylvania’s Jewish gover- Brother, Where Art Thou?”
dential nominee Kamala Har- adopted it instantly. nor, Josh Shapiro, whom left- Yet beneath the legend an actual German alchemist lived
ris, Donald Trump’s instantly Mr. Beshear attacked by running mate as weird wing film director and influ- and breathed, a conjurer who practiced his taboo craft in
controversial running mate, ridiculing Mr. Vance’s widely is the Democrats’ encer Michael Moore assailed the early 16th century. Most accounts include the initial
Sen. J.D. Vance, and now a admired memoir about Appa- days ago for unstintingly sup- transaction: Mephistopheles, Lucifer’s lieutenant, promises
one-week sprint among five lachia, “Hillbilly Elegy,” telling latest big idea. porting Israel and for “cru- wealth, fame and more in exchange for his soul after death.
white guys to top Ms. Harris’s CNN’s Kaitlan Collins, “He elly” criticizing anti-Israel Faust greedily accepts, the
shortlist. claims to be from eastern college students. A Shapiro pleasures of sin trumping the
She is expected to pick her Kentucky, tries to write a 2020, have been close. He pick would require courage sacrifices of salvation. Give
running mate within days. book about it to profit off our needs to add votes in seven from Ms. Harris. So he’s likely the devil his due: Eventually,
The betting list includes Ari- people.” swing states this year. How out. Lucifer claims his prize.
zona Sen. Mark Kelly, three Mr. Kelly transformed Mr. many was the selection of the Who will it be? Tim Walz is Ed Simon’s provocative, if
governors—Pennsylvania’s Vance’s resurrected wisecrack Trumpian Mr. Vance going to the most eager attack dog. clunky, “Devil’s Contract”
Josh Shapiro, Kentucky’s to Tucker Carlson about add that Mr. Trump didn’t al- Mark Kelly is a decorated mil- traces the cultural history of
Andy Beshear and Minne- “childless cat ladies” into ready have locked down? itary veteran and astronaut, the Faust myth at its broadest:
sota’s Tim Walz—and Trans- what sounded like fear of the The cleanup after the cat- and for the problem with his the resonant idea of a human
portation Secretary Pete nuclear apocalypse: “What I women flap has been familiar. résumé consult the Michael making a deal with darkness,
Buttigieg. really worry about is what he Conservative commentators Moore wing of the party. most powerfully personified in
Two other shortlisters, would do being one heartbeat elaborated on Mr. Vance’s se- Andy Beshear would leave Ms. the tale of the German wizard,
Michigan Gov. Gretchen Whit- away from the presidency.” rious concerns about low U.S. Harris with more of the cha- which haunts us to this day.
mer and North Carolina Gov. Speaking of one heartbeat birthrates. Mr. Trump himself risma burden than she can Faust is one of our greatest
Roy Cooper, have shut the away, here was Mr. Buttigieg: gave Laura Ingraham a brief, probably carry. That leaves archetypes of hubris,
door on consideration, likely “I think when you have no ex- fairly thoughtful comment on my favorite for the Harris personifying humanity’s delusions

.
recalling Garner’s bucket. If ecutive experience at all, cer- remaining single. Edith Whar- veep pick, Pete Buttigieg. in the face of supernatural forces. Throughout the
Ms. Harris wins, so much for tainly not in public adminis- ton would have agreed. Here, I’m thinking only of Renaissance, scientific revolutions triggered powerful

ly
her running mate’s hopes of tration, and very little Mr. Vance’s defenders will the high entertainment that churchmen to double down on the power of demons and
running in 2028. If she loses, experience in public office in say his critics made a moun- a Buttigieg-Vance debate other unseen agents of hell: “Such were the paradoxical
the guy in the sidecar disap- general, that’s a real concern.” tain out of a molehill. The would provide. Pete’s perma- vagaries of the sixteenth and seventeenth centuries, when
pears as an accessory to the
Trump disaster.
Almost all the remaining
pretenders to the lower Demo-
This from the former mayor
of South Bend, Ind., with
three undistinguished years
as transportation secretary.
on
problem is the molehills are
everywhere amid social media
and TV talk that depends on
overstatement, mockery and
nent Cheshire-cat grin vs.
J.D.’s scowl. I’d take that
over a bucket of warm spit
any day.
the line between philosophy and magic, science and
necromancy was wafer-thin.” These conflicts between faith
and reason attached to the person of the historical Johann
Georg Faust, whose celebrity spread rapidly in the decades
cratic throne have been run- Don’t dismiss this partisan belligerence to get attention. Write [email protected]. following his death, sometime around 1540.
us ,

As Mr. Simon notes, Faust appeared in “letters,

l

pamphlets, and books during his ostensible life-time” and,

e
al a

Presidential Marathon Becomes a Sprint in later years, in “the novels, plays, operas, movies, and
comics that mark his apotheosis.” The magician features in
Martin Luther’s “Table Talk” (1566), which is, according to
ci on

By Karl Rove social media. Her vice-presi- But now Republicans ap- cans did it at their convention Mr. Simon, “the first time Faust is connected to an infernal

T
dential search has introduced pear to be sharpening their fo- by featuring ordinary people contract.” In the early 1590s, Marlowe translated the story
his presidential election interesting Democratic stars cus. They are pivoting to de- talking about inflation, the to the stage, the pinnacle of Elizabethan theater, in Mr.
was one of America’s to the public. And she’s shed- fining Ms. Harris as a San border and the lack of respect Simon’s view, and a fiendish upstaging of the playwright’s
longest: Donald Trump ding some troublesome views, Francisco radical, starting for America around the world. august peer: Marlowe is “the Rolling Stones to
er s

announced his run for re-elec- for instance saying that she no with her statements during Mr. Trump must show self- Shakespeare’s Beatles; Martin Scorsese to the Bard’s Steven
tion Nov. 15, 2022, and Joe Bi- longer opposes fracking. the 2020 Democratic primary control and patience in explor- Spielberg; Brooklyn to his Manhattan.”
m er

den announced his April 25, Ms. Harris has begun defin- and moving to the Biden-Har- ing the Harris record. He Critical interpretation shifted profoundly with the
2023. But with Mr. Biden’s ing herself in appearances and ris record. needs to forgo his long rally flowering of German Romanticism and Johann Wolfgang von
withdrawal and replacement ads as a prosecutor who put Tuesday, the Trump cam- speeches regurgitating what Goethe’s “Faust” (1808-32)—a two-part verse drama that
by Vice President Kamala Har- “murderers and abusers be- paign launched a $12 million, he considers his greatest hits sprang from the original story into a heady consideration of
ris, it suddenly became one of hind bars,” a state attorney six-state ad barrage. It led and instead zero in on a single theological, philosophical and political ideas. “The Faust
m rp

the shortest. With less than general who took on big with an effective ad on border issue at a time. The most ef- legend’s cultural history can be divided into the period
100 days before voting closes, banks, and a vice president security, slamming Ms. Harris fective way to do that is by before and after Goethe,” Mr. Simon asserts. “Not even
the race is essentially tied. who forced drug companies to as Mr. Biden’s failed “border showcasing Americans who Marlowe was as influential in disseminating the theme, for
The RealClearPolitics aver- cut prices. All the while she czar” whose policies allowed have personally suffered under Goethe made the Faustian bargain a fit subject for tragedy,
age of nine polls conducted af- attacks Mr. Trump for favoring 10 million to cross the border Biden-Harris policies next to having drawn from the compendium of folklore and
co Fo

ter Mr. Biden’s exit puts Mr. tax cuts for billionaires and illegally and led to 250,000 Mr. Trump at his appearances transformed the tale into something considered Literature
Trump ahead nationally by 2 the repeal of ObamaCare. deaths from fentanyl and vio- and letting their stories help
percentage points, 48.1% to Still, she hasn’t yet devel- lent crimes committed by mi- him make the case.
46.1%. It’s probably even oped an effective broader nar- grants. Her vulnerability on Unlike highly energized How a folk legend surrounding a German
closer. One poll in the RCP av- rative about the GOP ticket. this issue is obvious in how rally attendees, the attention alchemist gave rise to one of humanity’s
erage was an outlier, giving Calling Mr. Trump and his friendly media that called Ms. span of the low-information
Mr. Trump a 7-point lead, running mate, Sen. J.D. Vance, undecided or low-turnout vot- greatest archetypes of hubris and delusion.
while the eight other surveys “weird” won’t work. The at- ers who will decide the race is
had him 1 point down to 4 tack’s substance—for example, The Trump-Biden short. Only repeating a subject
points up. Mr. Vance’s strange remarks will convert them, a big chal- with a capital L.” Through the 19th century, other writers
Ms. Harris’s rise has been about childless women—will race was as long as it lenge for the Trump campaign. incorporated Faustian themes in a host of stories that in-
stunning. RCP puts her ahead hurt. But calling them “weird” felt. Trump-Harris is No presidential election has clude, most notably, the Brothers Grimm’s “Rumpelstiltskin”
in Michigan and in striking likely won’t be enough to sway been even remotely like this (1812), Mary Shelley’s “Frankenstein” (1818) and Hans
over in 100 days.
n-

distance in all other swing swing voters. To them, all pol- one. It’s been a dizzying sum- Christian Andersen’s “The Little Mermaid” (1837).
states. Her favorability rating iticians are weird. mer with unprecedented Mr. Simon is at his most inventive when he links
in a July 28 poll by Morning Mr. Trump has seemed dis- events. A marathon has turned Faustian tradeoffs with a panoply of real events and
Consult was up to 50%, higher tracted by his running mate’s Harris the “border czar” when into a sprint, leaving less time figures. He ticks them off confidently: the Salem witch
no

than either Mr. Biden or Mr. past statements and frustrated Mr. Biden appointed her to to create impressions and cor- trials of 1692; the 19th-century virtuoso violinist Paganini
Trump has ever been in this that the media’s attention has that role now protest Team rect mistakes. The quality of (“Because of his exemplary skill with a bow, Paganini was
campaign. shifted off him with Ms. Har- Trump’s using the term. each campaign matters a lot. long rumored by concertgoers to have entered into an
Since Mr. Biden withdrew, ris’s entry. He’s been making It’s one thing to run an ad, The political talent of each infernal bargain”); even the 1939 nonaggression pact
Ms. Harris has seamlessly needless mistakes. By equivo- however effective. It’s another nominee matters more. between Hitler and Stalin (“maybe a mutual Faustian
turned his campaign apparatus cating on whether he’ll still to magnify the message bargain where both parties are necromancer and demon”).
into hers. She deftly grabbed show up to ABC’s Sept. 10 through earned media—i.e., in- Mr. Rove helped organize Each binding agreement harks back to medieval notions
the endorsement of party presidential debate, he wasted dependent coverage from the political-action committee about good and evil, brokering a compromise between
leaders. Her success in fund- valuable time that he could newspapers, broadcasters and American Crossroads and is warring impulses. In Mr. Simon’s telling, our modern deals
raising and generating grass- have spent attacking Ms. Har- the like. That requires disci- author of “The Triumph of have arcane roots. The perspective is a colorful twist on
roots enthusiasm swamped ris’s left-wing views. It left pline to focus on issues so that William McKinley” (Simon & compacts we’ve participated in—mortgages, auto rentals,
both traditional coverage and him looking weak. they can’t be ignored. Republi- Schuster, 2015). marriage licenses.
This interesting thread is easy to lose as “Devil’s
Contract” skips among artists, thinkers and eras, as though

Not All Octogenarians Are as Feeble as Biden Mr. Simon has struck his own ambitious pact: a pile-on of
names and references for critical plaudits. Michelangelo,
Adorno, Thomas Mann—Mr. Simon lectures as if from
By Richard Vedder occupationally capable older fall before the end of this visit a federal balanced-bud- behind a podium. He highlights the eroticism that oozes

P
citizens to work longer. century. get constitutional amendment from various sources, but his examples tease rather than
resident Biden’s debate That’s already happening American public policy, as such as is found in most illuminate. His sentences sometimes lapse into word salads:
meltdown vividly dem- to some extent. The propor- manifested in the positions of states. “While Agrippa and Paracelsus anxiously explained how
onstrated that cognitive tion of workers over 65 is in- both major political parties, One way to help alleviate their practical magic was not of the black variety, the
and other skills decline with creasing, and the Bureau of seems totally oblivious to the problem of an inadequate teufelsbücher lustily detail Faust’s machinations with the
age. But a combination of de- Labor Statistics projects that these challenges. The federal number of younger workers is chthonic.”
mographic trends and federal the median working age of all government is behaving more to import them—to increase He’s stronger when he brings the conjurer into the 20th
fiscal irresponsibility make it workers will have risen by the inflow of highly produc- century. Early on he drops the noun “crossroads”—a
imperative that America make nearly three years between tive immigrants. The financial foreshadowing of his later discussion of Robert Johnson
better use of its senior citi- 2002 and 2032. Many of us are still imperatives of a nearly bank- (1911-38), who allegedly sold his soul at a rural crossroad to
zens’ productive skills. Not all As the standard of living rupt Social Security system create the blues. Mr. Simon cites the bargain across popular
old people lose it like Mr. Bi- rises over time, shouldn’t it going strong, and with will also likely force us to genres: the musical “Damn Yankees,” Roman Polanski’s
den. Henry Kissinger was become more affordable for an aging population, raise the standard retirement movie “Rosemary’s Baby” and the Charlie Daniels Band’s
writing important books well older workers to retire, leav- age, meaningfully increase 1979 hit, “The Devil Went Down to Georgia,” which Mr.
into his 90s, and Konrad Ad- ing the production of goods America needs us. payroll taxes, reduce pen- Simon airily dismisses as “Dixie-fried pablum . . . execrable.”
enauer served ably as West and services to the young? sions, trim Medicare or But it’s that condescension that trips him up. “In its
Germany’s chancellor until he But the supply of young peo- maybe all of the above. In the compromises and contracts, its negotiations and night-
was 87. Several frequent con- ple is shrinking. The number irresponsibly than ever, hav- meantime, let’s celebrate mares, America is the Faustian Republic,” he writes. Mr.
tributors to these pages are of live births in the U.S. de- ing spent more than it re- those who are able to work Simon also coins the term “Faustocene” to describe our
older than Mr. Biden, includ- clined from 4.3 million in ceives in revenues every sin- beyond 65. I’m happy to be era—as we routinely gamble, as he sees it, with demons of
ing Lance Morrow (84), Phil 1960 to 3.6 million last year, gle year for well over two among the octogenarians for our making. Perhaps it’s inevitable that he would include
Gramm (82), Joseph Epstein a 15% drop, even though the decades, so that interest pay- whom working adds to the dangers lurking amid high tech and artificial intelligence:
(87) and me (83). U.S. population nearly dou- ments on the $35 trillion na- quality of life while helping “A whiff of sulfur has comingled with silicon.” I commend
The American population bled during the same period. tional debt now exceed relieve a growing national his passion while remaining skeptical of his patronizing
is aging rapidly. In the middle In the middle of the last cen- spending on national defense. problem. tone and excess of references. And yet he persuasively
of the last century, there were tury, the average life expec- Congressmen and presidents argues for Faust as a cornerstone—possibly an epitaph—of
almost eight working-age (16 tancy at birth in the U.S. was resemble alcoholics, drug ad- Mr. Vedder is a distin- modernity. Somewhere beneath Mr. Simon’s tangled
to 65) Americans for every- 67, compared with about 78 dicts or unruly teenagers guished professor of econom- verbiage, a brilliant work struggles to be born.
one over 65. I estimate that today. These trends are pres- whose unregulated behavior ics emeritus at Ohio Univer-
by 2050 that ratio will shrink ent worldwide, with plane- requires significant outside sity and senior fellow at the Mr. Cain is the author of “This Boy’s Faith: Notes From a
to 3 to 1. Hence the need for tary population projected to modification. It’s time to re- Independent Institute. Southern Baptist Upbringing.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Israel Returns Fire on Iran Politics, Decency and ‘Childless Cat Ladies’

I
ran swore in a new President to chants of under military pressure. Israel recently killed Thank you, Allysia Finley, for your Without children of her own, Ms.
“Death to America” and “Death to Israel” Hamas military chief Mohammed Deif. The sensible words on July 29 (“In Defense Harris doesn’t know who she really is.
of Kamala Harris and the Childless Cat Making abortion the centerpiece of
on Tuesday. But within hours death arrived Hamas politicians remaining in Qatar now know
Ladies,” Life Science). I, too, wasn’t her campaign doesn’t help matters.
for Iran’s proxy allies, in their lives are also on the line impressed by Sen. J.D. Vance’s com- As a mother and a stepmother, I
strikes that show Israel’s ene- Hezbollah and Hamas if they continue to resist Is- ments about “childless cat ladies.” His can tell you there’s a difference be-
mies aren’t safe anywhere. leaders fall. The U.S. can rael’s reasonable terms. Al sarcastic remarks, sarcasm being an- tween the two. Stepkids can teach
The media is fretting about a Qaeda and ISIS aren’t allowed ger in disguise, were mean and re- you how to be a better person, but
broader war, but that war is help by standing firm. “political wings” with terror- vealed him as a moral scold. there is no substitute for pushing a
already here and it’s as likely ist diplomats in expensive Since my first vote in 1968 for person out of your own body and
the strikes have a deterrent suits. Why should Hamas be Richard Nixon, I’ve been an enthusi- looking the baby in the eyes and hav-
effect on Tehran, even as it responds. treated differently? astic Republican. The conventions ing to know that his or her life liter-
Israel killed Fuad Shukr, Hezbollah’s top mil- The U.S. had warned Israel not to strike Bei- were always great to watch and re- ally depends on you.
itary commander, in a precision air strike on rut after the soccer-field bombing, but Israel sulting candidates worthy of support. The future gets really real that day,
No more. As I watched strong Repub- and everything you ever did before
south Beirut on Tuesday. Some hours later Is- can’t grant the terrorists a safe zone while its
licans drop out of the race this year, never mattered. Being afraid to take
mail Haniyeh, Hamas’s top political leader, was north remains a no-go zone. Hezbollah started my heart sank. that leap is maybe not a quality we
killed by an attack on his floor of a residence shooting on Oct. 8, in support of Hamas’s mas- Now the top of the ticket has two want in a leader.
in Tehran, of all places. Israel hasn’t taken re- sacre, and it hasn’t stopped, more than 6,000 sarcastic men who can’t exhibit self- NICOLE BRENDING
sponsibility for the Tehran strike, but that’s the rockets and missiles later. control in public. Issues such as our St. Paul, Minn.
Occam’s razor explanation. After the soccer-field attack, White House defense spending and national debt
Shukr was wanted by the U.S. and Israel. The spokesman John Kirby said, “We certainly don’t aren’t even mentioned. Instead, we If we are wagering tax money on
State Department had a $5 million bounty on believe that, as horrific as this attack was, that have insults hurled at single women what lifestyles or family arrange-
his head for his “key role” in “planning and it needs to result in any kind of escalation.” and childless women. Sounds like a ments should be encouraged to pro-
launching the 1983 attack on the U.S. Marine More of the same, then, after Hezbollah kills 12 losing proposition to me. mote a free and prosperous society,
Corps barracks in Beirut” that killed 241 U.S. children and keeps firing? As the mother of three, I have met it’s not clear to me that Mr. Vance’s
many of my daughters’ friends who own background would be an obvious
service members. He has been leading the de- Iran is pledging revenge, as it always does. are childless. It is a heartbreak for bet. Despite growing up in the multi-
velopment of Hezbollah’s missile arsenal and But the strikes demonstrate that a larger con- most of them. Some of them dreamed generational dysfunction he de-
had helped command Hezbollah’s forces in flict would not be one-sided and Iran itself of marriage, which never happened. scribes in “Hillbilly Elegy,” however,
Syria, aiding the Assad regime in slaughtering could be targeted. That includes the leadership Many of them love kitties and treasure Mr. Vance has achieved great success
its own people. The 12 Druze children killed on in Tehran. Will Iran put key assets at risk for these pets. To have Mr. Vance make a in multiple fields at a relatively
a soccer field Saturday in Israel’s Golan Heights its Arab proxies, or does that only work the mean joke about a portion of our pop- young age.
will be Shukr’s last victims. other way around? ulation that he should be courting Society should respect and encour-
Haniyeh’s terror career was nearly as long; The U.S. can help Israel prevent a larger war strikes me as cruel and inexcusable. age parenthood. But delving into the
it was always someone else’s turn to put on the by putting pressure on Hezbollah and Iran. Ex- VIRGINIA MULHERN theoretical merits of hillbillies versus
suicide vest. He crafted the political strategy pediting weapons to Israel, including deep-pen- Grass Valley, Calif. cat ladies does little to build a soci-
ety into which people would wish to
behind Hamas’s takeover of Gaza. Since 2017 he etrating bombs that would put Iran’s nuclear
Mr. Vance’s comments may have bring children.
has lived in luxury hotels in Turkey and Qatar, facilities at risk, would send a message, as been inelegant (part of it is genera- JOHN NINOMIYA
where he celebrated Hamas’s Oct. 7 massacre would enforcing oil sanctions again.

.
tional), but any leader of the free Sedona, Ariz.
and dragged out hostage negotiations. Sending U.S. warships to the eastern Medi- world, man or woman, should be scru-

ly
The assassinations send a powerful message. terranean, as after Oct. 7, would also make Iran tinized on this point (“J.D. Vance’s My wife wanted to have children
Even with Hezbollah on highest alert, Israel think twice about Hezbollah’s next move. De- Basket of Deplorables,” Review & Out- but couldn’t, which she learned after
knew the precise location of a top leader. Re- fense Secretary Lloyd Austin’s statement that look, July 27). Having kids is a life-al- delivering a stillborn daughter. She

the inauguration of Iran’s new president. Israel

on
markably, Israel was able to locate and kill U.S. forces are ready to help defend Israel from
Haniyeh in Iran’s capital, where he had attended missile attacks was strong and overdue.
i i i
tering experience, as Mr. Vance points
out. It can make someone go from lib-
eral to conservative, godless to God-
fearing, carefree and reckless to fo-
voted for Mr. Trump in 2016 and
2020. Mr. Vance thinks she is unwor-
thy because she is childless. Such
gratuitous cruelty renders him un-
has shown it has the intel and military capabil- Israel’s one-off strikes and statements signal
cused and responsible. Without that worthy of our votes.
us ,

ity to strike at the center of Tehran, which that it would rather not fight a larger war, but
experience, a person is unawakened to GREG BYRNE
l

funds and guides the proxies waging war on the the high-value targets suggest it isn’t shrinking his or her potential. Oracle, Ariz.
e
Jewish state. in fear either. If this does escalate to an even
al a

The press is fretting that the strikes will fur- larger war, it will be Iran’s doing.
ther delay negotiations over a Gaza cease-fire, Israel has a right to defend itself, but more
ci on

and perhaps they will. But the evidence has than that it has the right and ample cause to de-
shown that Hamas gives ground when it is most feat the terrorists who won’t let it live in peace.
The Missing Piece of Harris’s Israel Speech
In her speech after meeting with words about supporting Israel and its
Israeli Prime Minister Benjamin Ne- right to defend itself.
Donald Trump and the Black Journalists tanyahu, Vice President Kamala Harris PAUL KONING
er s

spoke at some length about the “deal” New Boston, N.H.

H
that the White House had constructed
alf of politics is showing up, even for a black college. Mr. Trump’s answer stepped on his
m er

to “end the war” (“Kamala Harris’s Ms. Harris stated that she con-
roomful of critics. That’s the best way own best campaign message. Gift to Hamas” by Amit Segal, op-ed, demns “antisemitism, Islamophobia,
to think about Donald Trump’s appear- Mr. Trump has a good case that his economic July 30). She described what Israel and hate of any kind.” Her habit of
ance at the National Associa- policies helped black voters in would be required to do under that coupling antisemitism with Islamo-
tion of Black Journalists He meets his critics his first term, especially com- deal—retreat, stop fighting, retreat phobia and all else dilutes the mes-
m rp

(NABJ) convention in Chicago head on. Where was pared to the Biden-Harris infla- further, stop fighting permanently. sage and, in many cases, gives the
on Wednesday. tion that has cut real wages. Mr. Not once in that narrative of the haters the status of victim. To Jewish
In her opening question to Kamala Harris? Trump also cited his support deal did she mention the Hamas ter- ears, her formulation sounds much
Mr. Trump, Rachel Scott from for historically black colleges rorists. What would they be required like how “All Lives Matter” must
ABC News told Mr. Trump that and universities, as well as low to do? Would they rule Gaza again? sound to African-American ears.
co Fo

This wasn’t an encouraging sign, EZRA KATZEN

“a lot of people” didn’t think he should be in- inflation, robust economic growth, and border
even though she spoke nice-sounding Hod Hasharon, Israel
vited. “You have pushed false claims about some controls as reasons to support him.
of your rivals . . . saying they were not born in That’s an argument journalists should want
the United States”; told “four Congresswomen to hear and report to inform the public, instead
of color . . . to go back to where they came from”; of arguing to deplatform candidates they don’t
Who’s Blago Lecturing on Chicago Politics?
and “attacked black journalists” saying the ques- like in the tradition of university cancel culture. Regarding former Illinois Gov. Rod prove my identity and residence be-
tions they asked were “stupid and racist,” Ms. In the run-up to the event, journalist Imara Blagojevich’s op-ed “Biden Gets the fore I could vote. This is the Chicago
Scott said. Jones tweeted that “When I accepted my NABJ Chicago Treatment” (July 23): All I Way of which Mr. Blagojevich speaks
Mr. Trump called the question “rude” and Journalist of Distinction award in 2022, I said can say is, boy, talk about the pot when he tries to blame Mr. Obama for
“disgraceful,” but he had to know this wouldn’t that we have to resist our training which says calling the kettle black. his own crimes, for which he was pro-
be a love-fest. Mr. Trump also said, oddly, that that the truth always has two sides.” That’s not DAN DALTON nounced guilty.
Redlands, Calif. I know Chicago politics. There are
Kamala Harris was “always of Indian heritage” journalism; it’s politics.
n-

many voices of reason and clarity

and he “didn’t know she was black until a num- Ms. Scott said the NABJ is working to sched- My old high-school basketball- about transparency and honest gov-
ber of years ago when she happened to turn ule an event with Kamala Harris in September. team buddy, Mr. Blagojevich, hit the ernment that need to be heard. Mr.
black and now she wants to be known as black.” Ms. Harris originally declined the association’s nail on the head in describing former Blagojevich’s isn’t one of them.
That’s the identity politics trap Democrats invitation to appear in person, and she’s doing JIM FITZGERALD
no

President Barack Obama’s role in the

want Mr. Trump to fall into, and he dove right almost no interviews these days where she ouster of President Biden. Smart Chi- Chicago
in. Ms. Harris is multiracial and was a member might get a hard question. Give the NABJ credit cago politicians ascribe to the time-
of the Congressional Black Caucus as a Senator for standing by its invitation to both candidates, tested saying: “I don’t believe in coin-
and went to Howard University, a historically and Mr. Trump for facing a hostile crowd. cidences.” Root Causes at the Border
MARK A. MCCARTHY
According to the mainstream
Palatine, Ill.
media, Vice President Kamala Harris
Doctor Jay Is on the Way When he was made Democratic
wasn’t the border czar, but she was
in charge of diplomacy for root

F
ward committeeman by his father-in-
ederal Reserve Chairman Jerome Pow- based on its own economic models that infla- causes of the border crisis (“Notable
law, machine pol Dick Mell, the first
ell’s message to markets Wednesday tion is coming under control. & Quotable: Czar,” July 25). So what
thing Mr. Blagojevich did was chal-
was that Doctor Jay is on the way to de- All of this may even be true. For reasons no did she accomplish through diplomacy
lenge the voting credentials of the
with the so-called Northern Triangle
liver an interest-rate cut in one fully understands, infla- registered Republicans in the ward. I
countries? Did she help eliminate or
September. Investors cheered, The Federal Reserve tion is moderating without the had to go to City Hall, in person, to
diminish the root causes? Maybe
while the rest of us will wait seems confident it can recession Keynesian econo- someone will ask her.
to see how this plays out. mists think disinflation usu- WILLIAM DERRYBERRY
The Federal Open Market cut rates in September. ally requires. One conse- Software Is a ‘Single Point’ Locust Grove, Va.
Committee held short-term quence is that the real interest Single-point failure. That’s the
rates in place as expected and rate for a given nominal rate main take-away from the CrowdStrike The media is correct: Ms. Harris
will maintain the pace of reduction of its bal- rises as inflation slows. With several specters disaster (“CrowdStrike Is Too Big to was never the border czar. She was
ance sheet. But investors’ real hope was for a still hanging over the economy—overleveraged Fail” by Jonathan Welburn, op-ed, and is the border czarina.
hint about the September meeting, and they commercial real estate being the largest—the July 23). My local hospital system has JOHN SOLTIS
been down for a month because of a Cranford, N.J.
certainly got it. Fed may not want to risk waiting too much lon-
ransomware attack. Software is a sin-
The FOMC statement introduced new lan- ger to cut rates. gle-point failure. You can fix this by
guage about how members will be “attentive to We’re agnostic about the merits of a quarter- having multiple independent systems
the risks to both sides” of the Fed’s dual price- point rate cut in September. Interest rates air-gapped with the main system.
Pepper ...
stability and maximum-employment mandate. aren’t high by historical standards, and com- It is more expensive but more resil- And Salt
Mr. Powell said in his press conference that “I modity and asset prices suggest financial condi- ient. Say some party takes down our
THE WALL STREET JOURNAL
think we’re in a good place here,” regarding disin- tions aren’t especially tight. Most of what ails electric grid in San Diego (as hap-
flation and the labor market. He said three times the economy is uncertainty about regulatory pened in 2011). If each power plant
that a rate cut is “on the table” for September, policy, taxation and the ill effects of govern- had its own backup software system,
albeit if the “totality of data” cooperates. ment overspending rather than restrictive mon- it could prevent a complete blackout.
Mr. Powell’s reasons for this apparent confi- etary policy. But it’s also hard to see that a small For electricity, backup systems ought
to cover water plants, hospitals and
dence are plausible. He noted that recent data rate cut in September would trigger a new infla-
refrigeration, not Netflix, cellphones
point to disinflation in goods and services, in tionary spiral at this point. or videogames. We don’t have a
contrast to a run of slower inflation data last If there’s a risk here, it has more to do with backup plan anywhere in the country.
year concentrated in goods. the market reaction Mr. Powell knew he’d stim- WILLIAM THAYER
The Fed held rates stable then and rightly so, ulate with today’s statements. He’s encouraged San Diego
as inflation bounced back in the first quarter. investors to all but assume they’ll get a rate cut
The Fed still wants to make sure disinflation is in September. He can be sure their disappoint-
Letters intended for publication should
firmly established this time, which is a good ment will be vocal—less than two months be- be emailed to [email protected]. Please
reason for Mr. Powell to resist calls from Demo- fore an election—if he doesn’t deliver. The Fed include your city, state and telephone
cratic Party pundits to cut rates sooner and has boxed itself into policy mistakes in this way number. All letters are subject to
faster. But a softer labor market now as com- before, so here’s hoping the Fed’s good luck con- editing, and unpublished letters cannot “Polly wants a
be acknowledged.
pared to then also boosts the Fed’s confidence tinues this time. Chateau Cheval Blanc.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, August 1, 2024 | A15

OPINION

Marxism and the Xi-Putin Link Netanyahu

By Leon Aron it,” Marx famously wrote. It follows
Decides, and

C
that Mr. Xi has emphasized Marx’s
hina is Russia’s lifeline. It
supplies almost all key im-
“unremitting fight to overturn the
old world and establish a new one.”
Haniyeh
ports for the Russian war The new world order, Mr. Xi has
machine: microelectronics
for missiles, tanks and air-
vowed, “cannot be just dominated
by capitalism and the West, and the
Is Gone
craft; machine tools for ammunition time will come for a change.” It’s
production; and nitrocellulose, a telling that Fidel Castro once hailed By Daniel Pipes

I
critical explosive ingredient for ar- Mr. Xi as “one of the strongest and
tillery shells. A Group of Seven most capable revolutionary leaders” srael followed two opposite poli-
communiqué in June identified Chi- he had ever met. cies toward Hamas since Oct. 7:
nese support as indispensable to The prospect of revolutionary destroy the organization and
Russian military aims, and leaders change is all the more alluring be- make a deal with it. This unfortu-
at last month’s North Atlantic cause of what Mr. Xi has described nate two-track approach resulted in
Treaty Organization summit in as “once in a century” and “pro- many costs to Israel. The killing of

EPA/SHUTTERSTOCK
Washington labeled China the “deci- found” changes sweeping the world. Ismail Haniyeh Wednesday perhaps
sive enabler” of Russia’s war Explaining Mr. Xi’s address before marks the end of this protracted in-
against Ukraine. the 2017 Party Congress, the Peo- decision.
Western nations must put to rest ple’s Daily, the Central Committee’s The former policy, victory over
the pipe dream of enlisting Xi Jin- A celebration of the 200th anniversary of Karl Marx’s birth in Beijing. official newspaper, argued that Hamas, has wide appeal and is artic-
ping’s China to restrain Vladimir Western dominance of international ulated often by Prime Minister Ben-
Putin’s Russia. Mr. Xi won’t seek to teachings retain their “vigor and vi- ism’s “practical character,” with relations has become “hard to sus- jamin Netanyahu. I count 182 men-
end the Ukraine war with “one tality” and remain the party’s “guid- which the party “arms itself.” The tain,” as have the “Western values” tions by him of “victory” in 63
phone call,” as Finnish President Al- ing theory.” Marxist theory of history, he has intrinsic to international relations. discrete statements. “Our victory is
To celebrate Marx’s 200th birth- emphasized, quoting Lenin, who Enter Mr. Putin’s war. Beyond ob- your victory,” he said June 6 on
day in 2018, Mr. Xi gave an address was quoting Engels, “is not a vious geopolitical gains, a Russian French television. “Our victory is the
To Xi Jinping, a Russian titled “Marx’s Theory Still Shines rigid dogma” but rather a “guide victory would offer a powerful vin- victory of Israel against antisemi-
With Truth.” The Marxist theory of to action.” dication of the Marxist theory of tism. It is the victory of Judeo-
victory over Ukraine would history of which Mr. Xi spoke, China did take action. “Hide your history. A demoralized and de- Christian civilization against barba-
vindicate the Marxist known as historical materialism, strength and bide your time,” Deng graded West would be Exhibit A of rism. It is the victory of France.”
postulates the inexorable develop- Xiaoping, another devoted Marxist the decay of “bourgeois democra-
theory of history. ment of society’s “forces of produc- and the father of post-Mao eco- cies,” validating what the Central
tion.” The changed “economic base” nomic reform, decreed in the 1980s. Committee has called the party’s Israel has wavered between
scraps the old “superstructure”— China’s gross domestic product was place on the “right side of history
exander Stubb has suggested. That’s politics, culture, values—and re- then less than $350 billion. By the and the side of human progress.” ‘total victory’ and pursuit
because Mr. Xi’s motive for support- places it with a new system befit- time Mr. Xi assumed power in late Mr. Xi’s inspirations—Lenin, Sta- of a deal. The strike in Iran
ing Mr. Putin’s war is bound up ting economic progress. The 2012, China’s GDP had grown more lin, Mao—all forged or expanded
with passionate ideological convic- overthrow of capitalism and the on- than 24-fold, to $8.53 trillion. By communist regimes during or fol- may end that argument.
tion. Namely, Mr. Xi is a fervent set of communism are inevitable last year, that figure had in turn lowing wars. Stalin’s 1939 pact with
Marxist. consequences of this process. more than doubled, to $18 trillion. Hitler also offers an uncanny paral-
No Chinese Communist Party Some comrades, Mr. Xi said at Having unleashed the “forces of lel to Mr. Xi’s support for Mr. Putin: Mr. Netanyahu speaks of “com-

.
general secretary since Mao has the start of his rule, may regard production,” Mr. Xi proclaimed in a communist state aiding a fascist plete victory,” “total victory,” “clear
pledged allegiance to Marxist doc- communism as “beyond reach,” his 2018 address on Marx’s birth- state in its war on the capitalist victory,” “absolute victory,” “decisive

ly
trine with such ardor. For Mr. Xi, even “illusory,” but that’s due to day, the party had achieved in a West. victory” and “full victory.” He wore
China’s “rejuvenation,” the legiti- their “infirm” appreciation of his- brief window a degree of economic Driven by what the People’s Daily a “Total Victory” baseball cap on his
mizing leitmotif of his rule, has torical materialism. He asserted success that it took the West centu- has called a “powerful sense of mis- flight to the U.S. last week and at his
been inseparable from rekindling
devotion to Marx’s teachings. Less
than two months into his tenure as
general secretary, Mr. Xi enjoined
on
that reality has repeatedly proved
Marx and Friedrich Engels’s analy-
sis of the basic contradictions of
capitalist society is true. That
ries to reach. Apparently, the time
had come to adjust Deng-designed
“superstructure.” In growing “pros-
perous,” Mr. Xi said, China was “be-
sion,” the faithful Marxist in Bei-
jing, who holds a doctorate in Marx-
ist theory, will stand by Russia in
pursuit of a victory that his dogma
visit with Donald Trump.
But Mr. Netanyahu also pursues
the latter policy: negotiate with
Hamas and permit it to survive in
the party’s Central Committee to “capitalism is bound to die out coming strong”—strong enough, he foretells. exchange for the release of Israeli
us ,

“keep up with the living soul of and socialism is bound to tri- explained separately, to be “willing hostages. In agreeing to haggle with
l

Marxism.” Communism, he said, is umph,” he said, is “the irreversible and able to contribute more to man- Mr. Aron is a senior fellow at the Hamas, Mr. Netanyahu heeds the de-
e
al a

the party’s “highest ideal and its ul- general trend of social and histori- kind.” American Enterprise Institute and mands of two powerful lobbies.
timate goal.” Mr. Xi has since called cal development.” Here, too, Marx pointed the way. author of “Riding the Tiger: Vladi- Western and many Arab govern-
Marx the “greatest thinker in hu- Historical materialism is key to Philosophers “only interpret” the mir Putin’s Russia and the Uses of ments want a hostage deal, which
ci on

man history” and declared that his what Mr. Xi has extolled as Marx- world, but “the point is to change War.” they see as the best way to prevent
a regional conflagration. Fighting al-
ready includes Iran, Syria, Lebanon,

Polar Bears, Dead Coral and Other Climate Fictions Jordan, Saudi Arabia, Gaza, the Red
Sea and Yemen; governments fear
er s

that further expansion would drag in

By Bjorn Lomborg any point since records began in coverage twists policy illogically. strophic. The costs of all the extreme their forces.
m er

W
1986, with 2024 setting a new record. Whether from heat or cold, the most policies campaigners push for are A domestic lobby pressures Is-
hatever happened to polar This good news gets a fraction of the sensible way to save people from much worse. All told, politicians rael’s government to make the re-
bears? They used to be all coverage that the panicked predic- temperature-related deaths would across the world are now spending turn of hostages its paramount goal.
climate campaigners could tions did. be to ensure access to cheap, reliable more than $2 trillion annually—far Its members march in the streets,
talk about, but now they’re essen- More recently, green campaigners electricity. That way, it wouldn’t be more than the estimated cost from occupy parliament, recruit opposi-
m rp

tially absent from headlines. Over were warning that small Pacific is- only the rich who could afford to climate change that these policies tion parties, and spin conspiracy
the past 20 years, climate activists lands would drown as sea levels keep safe from blistering or frigid prevent each year. theories. This lobby includes mili-
have elevated various stories of cli- rose. In 2019 United Nations Secre- weather. Unfortunately, much of cli- Scare tactics leave everyone—es- tary leaders. “The release of all hos-
mate catastrophe, then quietly tary-General António Guterres flew mate policy makes affordable energy pecially young people—distressed tages is the supreme mission of the
dropped them without apology when all the way to Tuvalu, in the South all the harder to obtain. and despondent. Fear leads to poor war, before any other mission and at
co Fo

the opposing evidence becomes over- Pacific, for a Time magazine cover policy choices that further frustrate the top of our priorities,” Maj. Gen.
whelming. The only constant is the shot. Wearing a suit, he stood up to the public. And the ever-changing (res.) Noam Tibon told a rally. Maj.
scare tactics. his thighs in the water behind the Activists’ tales of doom narrative of disasters erodes public Gen. Amos Gilad (res.) declared: “No
Protesters used to dress up as polar headline “Our Sinking Planet.” The trust. victory is possible over Hamas if it
bears. Al Gore’s 2006 film, “An Incon- accompanying article warned the is- never pan out, but they Telling half-truths while piously later turns out that not everything
venient Truth,” depicted a sad cartoon land—and others like it—would be leave us poorly informed pretending to “follow the science” possible was done to retrieve them.
polar bear floating away to its death. struck “off the map entirely” by ris- benefits activists with their fundrais- An exchange is a matter of national
The Washington Post warned in 2004 ing sea levels. and feed bad policy. ing, generates clicks for media out- security.”
that the species could face extinction, About a month ago, the New York lets, and helps climate-concerned For nearly 10 months, Mr. Netan-
and the World Wildlife Fund’s chief Times finally shared what it called politicians rally their bases. But it yahu equivocated between victory
scientist claimed some polar bear “surprising” climate news: Almost all Activists do the world a massive leaves all of us poorly informed and and hostages. He ordered a military
populations would be unable to repro- atoll islands are stable or increasing disservice by refusing to acknowl- worse off. assault on Gaza that much reduced
duce by 2012. in size. In fact, scientific literature edge facts that challenge their in- Hamas’s capabilities even as he sent
n-

Then in the 2010s, campaigners has documented this for more than a tensely doom-ridden worldview. Mr. Lomborg is president of the emissaries to foreign cities to hash
stopped talking about them. After decade. While rising sea levels do There is ample evidence that man- Copenhagen Consensus, a visiting fel- out a deal with it. He spoke of “total
years of misrepresentation, it finally erode land, additional sand from old made emissions cause changes in cli- low at Stanford University’s Hoover victory” while trying not to provoke
became impossible to ignore the coral is washed up on low-lying mate, and climate economics gener- Institution and author of “Best his foreign allies or domestic foes.
no

mountain of evidence showing that shores. Extensive studies have long ally finds that the costs of these Things First: The 12 Most Efficient Indecision also staved off the possi-
the global polar-bear population has shown this accretion is stronger than effects outweigh the benefits. But the Solutions for the World’s Poorest and bility of the governing coalition col-
increased substantially. Whatever climate-caused erosion, meaning the net result is nowhere near cata- our Global SDG Promises.” lapsing during wartime. Mr. Netan-
negative effect climate change had land area of Tuvalu and many other yahu postponed difficult choices.
was swamped by the reduction in small islands is increasing. But if indecision had an inner
hunting of polar bears. The popula-
tion has risen from around 12,000 in
the 1960s to about 26,000.
Today, killer heat waves are the
new climate horror story. In July
President Biden claimed “extreme
High Court Term Limits logic, it had three major costs.
First, it condemned the hostages to
more suffering. They didn’t win re-
The same thing has happened with
activists’ outcry about Australia’s
Great Barrier Reef. For years, they
heat is the No. 1 weather-related
killer in the United States.”
He is wrong by a factor of 25.
Are a Waste of Wisdom lease, either through a deal or
through an Israeli victory. To quote
Tikvah, an organization of hostage
shouted that the reef was being killed While extreme heat kills nearly 6,000 By Nathan Lewin Louis Brandeis may have written families: “The most correct and ef-

I
off by rising sea temperatures. After Americans each year, cold kills his most memorable defenses of fective way of retrieving the hos-
a hurricane extensively damaged the 152,000, of which 12,000 die from ex- t’s easy to make a legalistic case personal liberty in his early years tages is by applying uncompromis-
reef in 2009, official Australian esti- treme cold. Even including deaths against President Biden’s pro- on the bench, alongside Holmes. Yet ing pressure on Hamas, until the
mates of the percent of reef covered from moderate heat, the toll comes to posal to impose 18-year term he is sealed in every lawyer’s mind hostages become a liability for
in coral reached a record low in 2012. less than 10,000. Despite rising tem- limits on Supreme Court justices. for his majority opinion in Erie Rail- Hamas instead of an asset.”
The media overflowed with stories peratures, age-standardized extreme- History, however, can be the most road v. Tompkins (1938), decided in Second, indecision exacerbated
about the great reef catastrophe, and heat deaths have actually declined in persuasive teacher. If Mr. Biden’s his 22nd year as a justice, which re- dissension within the Jewish state,
scientists predicted the coral cover the U.S. by almost 10% a decade and folly had always been the law of the versed an almost century-old rule where an unending argument
would be reduced by another half by globally by even more, largely be- land, we wouldn’t have some of our that had governed litigation in fed- among Israelis grew heated and
2022. The Guardian even published cause the world is growing more wisest jurists’ most compelling eral courts. even violent.
an obituary in 2014. prosperous. That allows more people judgments. One genius of our Constitution is Third, it damaged the security of
The latest official statistics show a to afford air-conditioners and other The first John Marshall Harlan its recognition of varying terms for Israelis. The country that once made
completely different picture. For the technology that protects them from was in his 19th year as a justice in federal office-holders. Articles I and “no negotiating with terrorists” its
past three years the Great Barrier the heat. 1896 when he dissented from the II prescribe that representatives be mantra and pulled off the 1976 En-
Reef has had more coral cover than at The petrified tone of heat-wave court’s blunder in Plessy v. Fergu- elected for two years, presidents for tebbe raid now called the return of
son, which approved separate rail- four and senators for six. Article III hostages “the supreme mission.”
way accommodations “for the white specifies that all officials exercising This makes abduction a powerful
and colored races.” In a lone dis- the federal “judicial power”—“both tool of warfare and implicitly invites
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY sent, he declared that “our Constitu- of the supreme and inferior further kidnapping.
Lachlan Murdoch tion is color-blind.” courts”—retain their authority “dur- The drama and chutzpah of killing
Executive Chairman, News Corp Oliver Wendell Holmes took his ing good behaviour.” That is, for Haniyeh on a ceremonial visit to Iran
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp Supreme Court seat in 1902. life. appears to end the indecision. Mr.
Emma Tucker Almar Latour Twenty-one years later he dissented Alexander Hamilton wrote in Fed- Netanyahu has thrown down the
Editor in Chief Chief Executive Officer and Publisher in Adkins v. Children’s Hospital, a eralist No. 78 that the judiciary was gauntlet, indicating that Israel in-
Liz Harris, Managing Editor DOW JONES MANAGEMENT: decision that nullified a federal law “the weakest of the three depart- tends to crush Hamas and win
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, prescribing minimum wages for ments.” He also warned that “peri- rather than negotiate with it and
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
women employed in the District of odical appointments” of federal permit it to survive.
Taneth Evans, Associate Editor; Brent Jones, Compliance Officer; Dianne DeSevo, Chief People Columbia. judges would “be fatal to their nec- As ever, victory requires greater
Culture, Training & Outreach; Alex Martin, Print Officer; Jared DiPalma, Chief Financial Officer; Hugo Black completed his 18th essary independence,” and that bravery and sacrifices, making it the
& Writing; Michael W. Miller, Features & Artem Fishman, Chief Technology Officer; year on the high court in 1955. Six- judges shouldn’t have “too great a more difficult choice. As ever, it
Weekend; Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, teen years later, he issued a pas- disposition to consult popularity.” alone offers success.
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, SVP, Head of sionate defense of a free press in Experience on the bench generates
Communications; Josh Stinchcomb, EVP & Chief New York Times Co. v. U.S. (1971), wisdom that term limits would Mr. Pipes is president of the Mid-
Paul A. Gigot Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
the Pentagon Papers case. The swiftly eradicate. dle East Forum and author of “Is-
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
Founding Fathers, he wrote, in- rael Victory: How Zionists Win Ac-
1211 Avenue of the Americas, New York, N.Y., 10036 tended that the press “serve the Mr. Lewin is a Washington law- ceptance and Palestinians Get
Telephone 1-800-DOWJONES governed, not the governors.” yer with a Supreme Court practice. Liberated.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

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 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

© 2024 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Thursday, August 1, 2024 | B1
S&P 5522.30 À 1.58% S&P FIN g 0.19% S&P IT À 3.95% DJ TRANS À 0.44% WSJ $ IDX g 0.56% 2–YR. TREAS. yield 4.337% NIKKEI (Midday) 38094.24 g 2.58% See more at WSJ.com/Markets

Stocks, Bonds Climb After Fed Meeting

Broad-based rally The tech-heavy Nasdaq Zhiwei Ren, a portfolio port for clues on how the la- Index performance on Wednesday
Composite jumped 2.6%, its manager at Penn Mutual Asset bor market is holding up. 3.0%
sweeps financial best day since February. The Management, said he is now For much of July, traders
markets, ending a S&P 500 added 1.6%. The Dow nearly certain of a September across Wall Street were Nasdaq Composite
Jones Industrial Average rate cut. Moreover, he said gripped by the giant rotation 2.5
turbulent month added 0.2%. that Fed officials indicated that shook the U.S. stock mar-
July’s star performer, the they want to keep economic ket. The anticipation of lower
2.0
BY GUNJAN BANERJI Russell 2000 index of small growth humming along. interest rates in coming
companies, added 0.5%, lag- “The market definitely likes months has turbocharged cy-
Stocks and government ging behind the other indexes that,” Ren said. clical corners of the market, 1.5
bonds rallied on the final trad- after racing past them in re- Investors have gotten sev- as well as smaller U.S. stocks, S&P 500
ing day of July, capping a cent weeks. The Russell eral bits of good news on the which tend to be more sensi-
1.0
topsy-turvy month for global soared 10% in July, its best economy in recent weeks. The tive to borrowing costs.
markets with big gains. showing of the year. latest read on U.S. gross do- The S&P 500 and Dow
All three major indexes Part of what has driven the mestic product showed that added 1.1% and 4.4%, respec- 0.5
opened sharply higher, hold- Russell higher is a drop in growth smashed expectations tively, for the month. The Nas-
ing on to gains after the Fed- government-bond yields, in the prior quarter, while in- daq lost 0.8%. Dow Jones Industrial Average
0
eral Reserve held interest which continued Wednesday flation has been falling Still, trading Wednesday
rates steady and Chairman Je- after the Fed’s decision. steadily. Fed officials acknowl- showed that investors aren’t
rome Powell signaled the cen- The 10-year Treasury yield edged progress in the inflation giving up on tech behemoths –0.5 Five-minute intervals
tral bank is prepared to cut fell to 4.107% on Wednesday, fight at the latest meeting. just yet. Nvidia shares, the 10 a.m. 11 noon 1 p.m. 2 3 4
them in September if inflation capping its biggest monthly Now, investors will be pars- poster child for the artificial-
keeps moving lower. decline of 2024. ing Friday’s monthly jobs re- Please turn to page B11 Source: FactSet

Ackman Pauses
Fund IPO After

.
Limited Interest

ly
on BY PETER RUDEGEAIR

Bill Ackman pressed pause

on the initial public offering of
der the ticker PSUS.
“This question has inspired
us to re-evaluate PSUS’s struc-
ture to make the IPO invest-
PATRICK T. FALLON/AFP/GETTY IMAGES

a new fund aimed at everyday ment decision a straightforward

us ,

investors after a lack of inves- one. We will report back once

l

tor demand forced him to dra- we are ready to launch a re-

e
al a

matically shrink his fundrais- vised transaction.”

ing target. The move caps—for now, at
The U-turn came after the least—one of the most bizarre
ci on

billionaire investor spent weeks public offering processes in

touting plans to launch “a com- years.
pany that will be of note in the Ackman kicked off the fund’s
Some passengers were stranded at airports in the days following the CrowdStrike outage or struggled to book new travel. public markets,” would hold an- roadshow earlier this month
nual meetings similar to Berk- with grand ambitions. The $25
er s

Delta Says Outage Cost $500 Million

shire Hathaway’s and eventu- billion target was multiples of
ally be added to an index like what the largest-ever fund of its
m er

the S&P 500. type raised in its IPO. He

Ackman originally aimed to pitched it as a way to democra-
raise around $25 billion in the tize access to a successful
Canceled Delta flights BY ALISON SIDER litigator David Boies, chair- ment: “We are aware of the offering, hoping to capitalize on hedge-fund strategy for ordi-
man of the firm Boies Schiller reporting, but have no knowl- his social-media celebrity, be- nary investors.
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1,500 flights Delta Air Lines Chief Exec- Flexner, and notified Crowd- edge of a lawsuit and have no fore lowering the target to Ahead of the fund IPO, Ack-
July 19-23 utive Ed Bastian said the car- Strike and Microsoft to pre- further comment.” Microsoft around $2 billion this week. man sold a roughly $1 billion
1,250 5,497 flights rier took a $500 million hit pare for litigation, according didn’t comment. Ackman said in a press re- stake in his hedge-fund firm,
canceled from the CrowdStrike tech- to letters reviewed by The CrowdStrike has said that a lease that he is rethinking the Pershing Square, with a vision
1,000 nology outage that hurt its op- Wall Street Journal. bug in a quality-control tool structure of the closed-end that included increasing the
co Fo

erations. Bastian said in a CNBC in- that it uses to check system fund, Pershing Square USA, to assets that it managed by
750 With more than 5,000 flight terview Wednesday from Paris updates for mistakes allowed address concerns from potential many billions of dollars. That
cancellations over several that the airline has no choice a critical flaw to be pushed to investors. sale was meant to lay the
days, Delta faced deeper dis- but to seek to recover its millions of machines running Many closed-end funds, groundwork for an eventual
500
ruption and took days longer losses. Microsoft Windows. The out- which sell a fixed number of public listing of his hedge-fund
than rivals to get back on “Between not just the loss age hit 8.5 million devices, the shares to the public, trade at firm, which the stake sale val-
250 track after the outage knocked of revenue, but the tens of cybersecurity company has a discount to the net value of ued at about $10.5 billion.
key systems offline. The U.S. millions of dollars per day in said, but the problems experi- their holdings. Ackman said But drumming up investor
0 Department of Transportation compensation and hotels. We enced within corporate infor- that investors’ principal interest in the Pershing Square
July 5 19 31 is investigating how the air- did everything we could to mation-technology systems question was whether they USA IPO was slow-going, he
line handled the disruption take care of our customers widened the impact. The out- would be better off waiting said in a letter to Pershing
Note: Data on Wednesday as of 4 p.m. ET and
reflect cancellations in mainline operations. and its customer response. over that time,” he said. age temporarily grounded ac- to invest in Pershing Square Square shareholders last week.
Source: FlightAware Delta has hired prominent CrowdStrike said in a state- Please turn to page B2 USA after it goes public un- Please turn to page B10
n-

T-Mobile Has a New Meta’s AI

no

Side Gig: Fiber Internet Costs Leap

BY DREW FITZGERALD pieced together through sev-
eral wireless company merg-
As Its Ad
T-Mobile US is sneaking
into the cable industry’s back-
yard.
ers, hasn’t had to build out a
fiber network as its biggest ri-
vals have and now is playing
Sales Gain
The second-biggest cell- catch-up on the ground.
phone carrier by subscribers AT&T and Verizon are BY SALVADOR RODRIGUEZ
has pieced together at least spending billions of dollars to
five partnerships with fiber- grow their existing fiber-optic Meta Platforms on Wednes-
MICHAEL TUREK FOR WSJ

optic internet providers that networks and add to the mil- day said quarterly digital ad-
could serve millions of custom- lions of broadband clients they vertising grew rapidly while
ers in the coming years. Those already serve, mostly in re- the company’s investments in
deals, added to the roughly five gions covered by their histori- artificial intelligence and the
million homes and businesses cal landline-telephone infra- so-called metaverse weighed
already linked to its 5G broad- structure. Cable-TV providers, on profits.
band service over the air, put meanwhile, are adding wireless Harvard’s Wyss Institute says it aims to cut the amount of sugar the body absorbs from food. The company’s rising ex-
the Bellevue, Wash., company phone services. penses have come as a result of

Researchers Develop Ways

on the cusp of becoming a ma- “It’s kind of a land grab,” the company’s all-in approach
jor home internet provider in said BNP Paribas telecom ana- toward capitalizing on the AI
its own right. lyst Sam McHugh, adding that boom sweeping the tech indus-
T-Mobile US, which was Please turn to page B4 try. Meta increased its mini-

INSIDE
To Reduce Harm of Sugar mum spending guidance for
2024, and its capital expendi-
tures surged about 33% after
the company said in April that
BY JESSE NEWMAN scientists to help develop a volves a drink mix containing costs would rise by up to $10
sugar substitute that would en- microscopic sponges that soak billion for infrastructure in-
A guilt-free chocolate bar, full able the food giant to cut the up sugar in the stomach at vestments to support its AI
ISAAC LAWRENCE/AFP/GETTY IMAGES

of sugar, could someday land at sweetener from its food with- mealtime. Even researchers still ambitions.
a supermarket near you. out losing its benefits. The sci- working to reduce sugar are “Meta AI is on track to be
The chocolate would look and entists had a different idea— peddling new technologies, like the most used AI assistant in
taste normal, and contain the save the sugar but devise a way individual sugar crystals modi- the world by the end of the
same amount of sugar. But an to make it healthier. fied to dissolve more quickly in year,” said Chief Executive
enzyme, encased in an edible “The problem is not the sugar the mouth, making food taste Mark Zuckerberg.
substance and added to the bar, itself,” says Sam Inverso, direc- sweeter. Meta released its latest large
would reduce how much sugar is tor of business development Some sugar occurs naturally language model, Llama 3.1, last
absorbed into the bloodstream, partnerships at the Wyss Insti- in our foods, like fruit and dairy week, and it made Meta AI
BUSINESS NEWS FINANCE and even turn it into a fiber that tute. “The problem is that we eat products. But much of it is added available in more languages
Solid sneaker sales HSBC’s profit beats is good for your gut. too much sugar.” by manufacturers to processed and markets. Zuckerberg said
The product is the brainchild The sugar-to-fiber enzyme is food and drinks, such as cereal the amount of computing re-
boost earnings at Wall Street forecasts of scientists at Harvard Univer- among the latest technologies and soda. U.S. regulators in re- sources required to train Llama
Adidas as its rebound as the lender lifts its sity’s Wyss Institute for Biolog- dreamed up to deal with Amer- cent years have begun cracking 4 will likely be almost 10 times
year continues. B3 outlook. B11 ically Inspired Engineering. In ica’s sugar habit without ditch- down on added sugar, in 2016 re- more than what Meta used to
2018, Kraft Heinz tapped the ing sugar itself. Another fix in- Please turn to page B2 Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Thursday, August 1, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A
Adidas..............................................B3
Dreamstar Lines.....................A8
E
N
Nestlé...............................................B3
Lufthansa Sees a Troubled Period
Advanced Micro Devices EQT.....................................................B4 Nike....................................................B3
.............................................................B12
G
Novartis..........................................B3 High costs of a
Airbus.............................................B12
Air France-KLM.......................B2 Grant Thornton........................B6
Nvidia......................................B1,B12
strike and aircraft
O
Alphabet..............................B2,B12 GSK.....................................................B3
OneStream...................................B6
delivery delays
Amazon.com.....................B4,B12 H weigh on earnings
Apple.................................................B2 P
HSBC................................................B11
AstraZeneca................................B3 PDD....................................................B4
K BY PIERRE BERTRAND
AT&T...................................................B1 R
B KKR............................................B4,B6
Kraft Heinz...................................B1 Roche................................................B3 Deutsche Lufthansa said
Bank of Japan..........................A6 RTX............................................A1,B12 challenges at its flagship airline
Biolumen........................................B2 L would continue to weigh on
S
Blommer Chocolate..............B2 Luckin Coffee...........................B12 earnings after profit slipped in

UTE GRABOWSKY/DPA/ZUMA PRESS

Sanofi...............................................B3
BNP Paribas................................B1 Lufthansa......................................B2 the second quarter, as the sec-
Boeing.............................A1,B2,B12 Shein.................................................B4 tor struggles to cash in on ris-
M
Broadcom....................................B12 Spirit AeroSystems............B12 ing travel demand.
Marcum..........................................B6
C Starbucks....................................B12 The German carrier group
Mayer Hoffman McCann
T said Wednesday that issues at
CBIZ...................................................B6 ............................................................... B6
Tesla..................................................B6
Lufthansa Airlines mean the
CrowdStrike..................................B1 McDonald's................................B12 group’s third-quarter adjusted
D T-Mobile..........................................B1
Meta Platforms.......A1,B1,B12 earnings before interest and
Danone............................................B3 Micron Technology..............B11 V taxes are expected to fall on Despite Lufthansa’s troubles, bookings through October were over 10% higher than a year ago.
Delta Air Lines..........................B1 Microsoft......................B1,B2,B12 Verizon Communications.B1 year. In July, the company
warned that it would be diffi- prices and average yields in the Deutsche Lufthansa’s 91% of its prepandemic level,
cult for Lufthansa Airlines to first six months of the year. but the group’s load factor—a
INDEX TO PEOPLE
adjusted earnings*
break even in 2024. “Our most important airline, measure of how full an airline’s
€1.5 billion
Lufthansa is the latest Euro- Lufthansa, was particularly af- planes are—was 82%, slightly
pean airline group to report fected in the first half of the below its prior-year level.
A Grisko, Jerry................................B6 Porter, Cameron....................B10 weaker profitability as carriers year,” CEO Carsten Spohr said. Nevertheless, demand for
1.0
Ackman, Bill.................................B1 H Q struggle to reap the gains of “This is because, in addition to 2Q 2024 travel remained strong, Luf-
Angermayer, Christian....B10 Harris, Roger..............................A8 Quinn, Noel................................B11 strong demand for travel. Air the effects of market develop- €686M thansa said, noting that book-
Attieh, Talal..............................B10 Hayes, Greg.......................A1,B12 R France-KLM last week re- ments, there were special ef- 0.5 ings up to the end of October
B Husain, Sohail...........................A8 Rausing, Magnus.................B10 ported a sharply lower net fects such as the high strike were more than 10% higher
Bastian, Ed...................................B1 K Reininger, Mike........................A8 profit for the second quarter, costs, further delays in aircraft than a year ago.
Berezin, Peter............................A7 Kempczinski, Chris................A2 S while low-cost rival Ryanair cut deliveries and the resulting in- 0 Third-quarter capacity is ex-
Berry, Sheena............................B3 L
its pricing outlook for the all- efficiencies, as well as struc- pected to amount to around 96%
Shanahan, Pat........................B12
Boies, David.................................B1
Sievert, Mike..............................B4
important summer season. tural problems of the airline.” of its precovid level but the com-
Levy, Dan.......................................A9
C Spohr, Carsten..........................B2 Lufthansa Airlines swung to On July 12, Deutsche Luf- –0.5 pany assumes yields will be a
Lewin, Robert............................B6
Calhoun, Dave.................A7,B12 Stankey, John............................B4 a first-half adjusted earnings thansa said it was launching a low single-digit percentage be-
M loss, after operational ineffi- turnaround plan which aims to low their 2023 levels.
Caso, Chris.................................B12 Su, Lisa.........................................B12
Coombs, Andrew...................B11
McHugh, Sam............................B1
T ciencies, unfavorable market increase efficiency, reduce –1.0 The group said net profit fell
Monteyne, Bruno....................B3 developments and aircraft de- complexity and improve quality to 469 million euros, equivalent
D Tinsley, David............................A7 2023 ’24

.
Musk, Elon...................................B6 livery delays weighed on per- at its flagship airline. to $507.3 million, in the second
Topinka, John.............................B2 *Before interest and taxes Note: €1 = $1.08
Dadhania, Piral.........................B3 N formance. As part of the plan, the quarter from €881 million a

ly
Source: the company
Dominic, Joshua......................A8 W
Nadella, Satya.........................B12 In addition, the group— group said it would reduce the year prior, although revenue
E Nuttall, Scott.............................B6 Walmsley, Emma...................B3
which counts Austrian Airlines, airline’s fleet size, aiming to The move comes as the climbed 7% to €10.01 billion.
Wein, Jeffrey..............................B6
Elhedery, Georges................B11 O-P Brussels Airlines, Swiss and cut its long-haul plane types group flew around 36 million As disclosed last month, ad-
Y
Esser, Juergen...........................B3
F-G
Farley, Jim....................................A9
Foulkes, David...........................A2
Ortberg, Robert.........................A1
Osvaldik, Peter.........................B4
Palmer, Kimberly....................A8
Pope, Stephanie.............A7,B12
Z
Zuckerberg, Mark............A2,B1
on
Young, Steve..............................B2
Eurowings among its carriers—
said that an increase in avail-
able seat capacity contributed
to a normalization in ticket
and decommission the Airbus
A340-300, A340-600 and
A330-200 and the Boeing
747-400 sub-fleets by 2028.
passengers in the quarter, up
from 33.3 million a year prior,
while the group’s capacity grew
11% on year. Capacity stood at
justed EBIT—Lufthansa’s pre-
ferred measure of profitabil-
ity—slumped 37% to €686
million.
us ,
l

Meta AI saw their share prices dip as Meta Platforms quarterly Ray-Ban Meta smart glasses,
Delta Takes pling with the technology vul-
e
al a

they reported rising AI costs. net income are set to increase “meaning- nerabilities of their operations
Meta’s shares have risen by 2Q 2024 fully” in the remainder of following the outage. In his
$15 billion
$13.5B
Costs Leap, almost 50% in the past 12 2024 as Meta continues to
A Big Hit first public appearance since
ci on

months, a rally fueled by break- build out software and hard- the event, Bastian described
throughs in artificial-intelli- 12 ware. Zuckerberg has for the episode as a “wake-up

Ads Gain gence technology that have im-

proved its ad-targeting
capabilities. Those advance-
years extolled the virtues of a
metaverse, or a virtual space
where he expects people to
On Outage call,” saying the airline is re-
viewing the technology in its
operations.
er s

9
ments in AI have helped Meta work and spend time in the The scale of disruption was
Continued from page B1 overcome challenges posed by future. The division had an Continued from page B1 uncharacteristic for Delta,
m er

train Llama 3. Future models privacy changes implemented operating loss of $4.5 billion tivity across a range of busi- which prides itself on running
6
will grow beyond that, he said. by Apple in 2021 that erased for the period. nesses, organizations and a punctual and reliable opera-
“At this point, I’d rather risk $10 billion of revenue for the The company announced institutions like banks and tion and looks to appeal to
building capacity before it is social-media company in 2022. that it is raising its forecast restaurants, colleges and gov- premium customers.
3
needed rather than too late The company’s sales in- for its minimum 2024 capital ernment agencies. Restarting the airline’s
m rp

given the long lead times for creased to $39.1 billion, up 22% expenditures from $35 billion “You’ve got to test this vast, interconnected systems
spinning up new inference compared to a year prior. The to at least $37 billion, but it stuff,” Bastian said. “You can’t after the outage was a com-
projects,” Zuckerberg said. revenue growth was down 0 maintained its maximum fore- come into a mission-critical plex and time-consuming pro-
Shares rose by about 5% in compared to the January-to- 2020 ’21 ’22 ’23 ’24 cast for expenditures at $40 24/7 operation and tell us you cess, Delta executives have
after-hours trading, suggesting March period, when Meta re- Sources: S&P Capital IQ; the company billion. have a bug. It doesn’t work.” said. Even after most of
co Fo

that improved sales forecasts ported annual revenue growth Overall, Meta posted a net Rival airlines also were Delta’s tools were up and run-
and profits outweighed con- of more than 27%. Advertising analyst expectations of $38.3 profit of $13.5 billion for the thrown into disarray in the ning again, some took much
cerns about spending increases made up 98% of Meta’s second- billion, according to FactSet second quarter. That was up immediate aftermath of the longer to sync.
for investors. quarter revenue. data. about 73.1% compared with outage, resulting in thousands Delta has said its crew-
Meta’s peers met with a Third-quarter revenue is ex- Operating losses in Meta’s the net profit that the com- of canceled flights beyond tracking system was hope-
different reaction. Microsoft pected to be between $38.5 bil- Reality Labs unit, which pro- pany posted for the same pe- Delta. lessly backlogged after the
and Google parent Alphabet lion and $41 billion, ahead of duces the Quest headset and riod in 2023. Some passengers were hourslong outage—unable to
stranded at airports in the en- get caught up and pair pilots
suing days or struggled to and flight attendants with

Making needed in smaller quantities, to

the point of making the food it-
self smaller. “If you were to take
causes the cage to expand, free-
ing the enzyme to float through
its holes and start converting
For now, the enzyme works
better in solid food than in a liq-
uid. Producing it in large quanti-
book new travel as a result.
Bastian chalked Delta’s slower
recovery time up to what he
flights. Bastian said Wednes-
day that Delta was heavily ex-
posed to Microsoft and

Sugar the sugar out of a brownie, you sugar to fiber. ties and at low cost is still a way said was heavier exposure to CrowdStrike—the carrier had
n-

don’t have much left,” Young The Wyss Institute’s goal for off—currently it is 100 times as Microsoft and CrowdStrike. 40,000 servers that had to be
says. its enzyme product was to re- expensive as raw sugar, Inverso Companies are still grap- manually reset, he said.

Healthier Reducing sugar often requires

retooling decades-old recipes,
duce the sugar absorbed from
food by 30%, though it has the
says.
Kraft Heinz is evaluating pos-
no

and substitutes can entail higher potential to remove even more sible applications for the en-
costs, regulatory hurdles or con- than that, Inverso says. zyme, though it won’t have own-
Continued from page B1 sumer backlash. The enzyme’s ability to turn ership or exclusive rights to it,
quiring food-and-beverage mak- Kraft Heinz, for instance, has sugar into fiber is also key, as according to John Topinka, an
ers to disclose on nutrition labels pledged to cut 60 million pounds most Americans don’t get nearly R&D lead at the company who
how much sugar has been added of sugar from its products by enough fiber in their diet, says spearheaded the collaboration
to products. Regulators this year 2025. Adama Sesay, a senior engineer with the Wyss Institute. The en-
put limits on added sugar in The company in 2022 at the Wyss Institute who zyme could be game-changing,
school meals and are weighing a launched a major renovation of worked on the project. he says, because it avoids one of
requirement that food high in its juice drink, Capri Sun, cutting After initial funding, Kraft the biggest challenges that
substances like sugar must say sugar across its original varieties Heinz is no longer financing the comes with many alternative
so on the front of their packag- by an average of 40% and swap- project. The Wyss Institute is sweeteners: the need to signifi-
ing. ping in monk fruit instead. Many now licensing the technology to cantly tweak the tried and true
“Sugar is the new tobacco,” consumers didn’t like the a company to help bring its en- recipes behind iconic food
says Steve Young, managing change, and sales of the product zyme product to market, a pro- brands.
partner at private-equity firm weakened. The company is now cess that entails additional test- Other companies are trying
Manna Tree Partners, which in- adding back in some sugar. ing and work to secure similar methods. San Francisco-
vests in food companies. Enter the Wyss Institute’s regulatory approval. based startup Biolumen recently
Food-and-beverage compa- plan to lessen sugar’s harmful ef- Inverso says that the aim is launched a product called Monch
nies are ramping up work on fects. Its enzyme, used by plants for the product to be available to Monch, a drink mix made of fi-
new products with little to no to create stalks, is encased in U.S. food manufacturers within brous, microscopic sponges de-
added sugar—and trying to re- spherical nanoparticles—tiny the next two years, and that signed to soak up sugar and pre-
duce it in existing ones—as con- mesh-like cages made of pectin other encapsulated enzymes vent it from reaching the
sumers grow more aware of its
ubiquity, including in unexpected
that allow the enzyme to be
added to food without being ac-
could follow: products that re-
duce lactose absorption after
bloodstream.
At mealtime, consumers can Read the Paper
foods like salad dressing and
condiments, Young says.
tivated until it reaches the intes-
tine. Once there, a change in pH
drinking milk, or cut gluten after
eating bread.
blend a teaspoon of Monch
Monch, which has no taste, smell You Love
Artificial sweeteners such as
aspartame came into vogue
years ago as a fix for calorie-con-
or color, into drinks from water
to wine. Once it has reached the
stomach, the sponges start to
on Any Device
scious consumers, but scrutiny swell and sequester sugar, re-
Access your daily paper anytime, anywhere
over their safety has dented ducing its burden on the body,
with our Print Edition app or website. Enjoy
their popularity. More recently, says Dr. Robert Lustig, Biolu-
convenient access to full-page articles for
some food companies have men’s co-founder and chief med- easy reading and more.
sought to replace sugar with ical officer.
natural ingredients like stevia Chicago-based Blommer
and monk fruit, which are so Chocolate recently launched a DOWNLOAD TH E APP
sweet that they can add flavor line of reduced-sugar chocolate WSJ.com/printapp
without contributing calories. and confectionery products
But slashing sugar has run made with Incredo, a sugar VISIT ON DESKTOP
into roadblocks. Sugar does that has been physically altered WSJ.com/ereader
more than just sweeten food. It to taste sweeter using a min-
acts as a preservative, while add- eral carrier that dissolves
ing texture, bulk and, often, a faster in saliva and targets the
caramel color when heated. Al- sweet-taste receptors on the
INCREDO

ternative sweeteners can come tongue. Incredo’s use enables

with an aftertaste, and some manufacturers to use up to
substitutes don’t work because Blommer Chocolate recently launched a line of reduced-sugar 50% less sugar, the company ©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ9245
their intensity means they are items made with Incredo, a sugar altered to taste sweeter. says.
THE WALL STREET JOURNAL. Thursday, August 1, 2024 | B3

BUSINESS NEWS

GSK Lifts
Guidance
Solid Sneaker Sales Boost Adidas
Company has higher
As Drug profits, as it looks to
leverage Olympics,
Sales soccer tournaments

Increase BY ANDREA FIGUERAS

A firm pace in sneaker sales

is spurring higher profits at
BY HELENA SMOLAK Adidas as the company looks
AND MAURO ORRU to get back on track from re-
cent years’ stumbles.
GSK upgraded its sales and The German sportswear gi-
earnings forecasts for the year ant made a net profit of 190
after HIV and cancer treat- million euros, equivalent to
ments lifted sales ahead of an- $205.5 million, in the second
alysts’ expectations in the sec- quarter, up from €84 million in
ond quarter, making it the the year-earlier period, it said
latest major pharmaceutical Wednesday. The company con-
company to raise its guidance. firmed prereleased figures of
The British pharmaceutical sales up nearly 9% to €5.82 bil-
giant said Wednesday it now lion, with footwear revenue
expects sales growth of 7% to leading the charge.
9% this year compared to a Adidas and its fiercest rival
previous forecast in the upper Nike have both invested heav-
range of 5% to 7%. Meanwhile, ily in efforts to cash in from a
core operating profit—a summer of high-profile sport-
closely watched measure of ing events including the Paris
profitability—is expected to Olympics as well as soccer

MINA KIM/REUTERS
grow between 11% and 13%, up championships in Europe and
from 9% to 11% previously. For South America. Adidas’s mar-
core earnings per share, GSK keting expenses rose 15% in
expects growth of 10% to 12% the quarter on the back of
from 8% to 10% previously. large-scale activations around Adidas’ stock has risen more than 30% since January, recovering from a decline after it ended its collaboration with Kanye West.
GSK joins Anglo-Swedish ri- major sports events, as well as
val AstraZeneca, Swiss peers new product launches. revenue. The better inventory Adidas net sales, change from analyst Piral Dadhania said in contributing around €50 mil-
Roche, Novartis and France’s The company didn’t quan- management “represents a a year earlier a note to clients. lion, Adidas said.
Sanofi in raising forecasts for tify the benefits of the soccer healthy foundation to support 12% The company’s improve- Adidas backed its guidance
the year following their latest tournaments, which ended last future top-line growth,” Adi- ment contrasts with the situa- for 2024, which it has updated
2Q 2024

.
earnings. GSK’s upgrade comes month, but noted huge interest das said. 9 tion of U.S. peer Nike, which in twice since the beginning of
after the company posted from fans. Apparel sales were Coupled with sector chal- €5.82B June warned that it expected the year. It aims to book a

ly
+8.9%
higher sales in the second boosted over the quarter by lenges, the company has been 6 to book declining sales for its sales increase in the high sin-
quarter, with specialty medi- jerseys related to the champi- in transition after terminating fiscal year. Nike cited weaker gle digits and roughly €1 bil-
cines benefiting from new onships, the respective win- in 2022 its successful deal 3 consumer trends, notably in lion in operating profit. In the
product launches in oncology
and HIV.
Sales climbed 13% to 7.88
billion pounds, equivalent to
ners of which, Spain and Ar-
gentina, were both sponsored
by Adidas.
“We now look forward to
on
with rapper Kanye West,
known as Ye, following the art-
ist’s spate of erratic behavior
and antisemitic comments.
0

–3
China.
Adidas’s sales in Europe
grew in the double digits in
the second quarter, while in
medium term, Adidas hopes to
reach an operating margin of
10%, from 5.9% in the most re-
cent quarter.
$10.11 billion, beating the £7.51 see this continue with great Adidas partnered with Ye in Greater China they rose nearly “The improved brand mo-
us ,

billion that analysts had ex- Olympics in Paris. The start 2013 to design Yeezy-branded –6 10%. But the company posted a mentum with our consumer
l

pected, according to a market has been sensational,” Chief sneakers, and severing ties drop in North America sales happened faster than we had
e
al a

consensus provided by the Executive Bjorn Gulden said, with the rapper and the lucra- –9 due to the significantly smaller expected,” Gulden said.
company. adding that he sees boosted tive label scuppered the com- Yeezy business. The company’s original tar-
GSK’s HIV sales grew 13% to sentiment for the brand glob- pany’s profitability. –12 The company decided to sell gets for the year, set out in
ci on

£1.76 billion, boosted by strong ally. The debacle weighed heav- 2022 ’23 ’24 its remaining Yeezy inventory January, seemed low and left
demand for Dovato and Juluca Inventories fell by €1 billion ily on Adidas’s financial per- Note: €1 = $1.08 rather than write it off, though room for upgrades, analysts at
treatments as well as long-act- on year, the company said. formance last year and deci- Sources: S&P Capital IQ; the company this income stream still lags Stifel said in a research note at
ing medicines such as Cabe- Like other sporting-goods mated its share price, with the prior-year revenue from the the time.
nuva and Apretude. In oncol- names, Adidas has lately grap- company admitting that it had than 30% since January. label, the company said. Quar- “Gulden has consistently
er s

ogy, sales more than doubled pled with high inventories, needed to regain trust among “Adidas is undergoing fairly terly operating profit doubled managed expectations to be in
to £356 million, lifted by particularly in North America, retailers. The stock has recov- significant change behind the on year to €346 million, with a position to beat and raise,”
strong demand for Jemperli, a which have acted as a drag on ered this year, rising more scenes,” RBC Capital Markets the remaining Yeezy inventory they said.
m er

treatment in combination with

chemotherapy for patients
with endometrial cancer.

AGING
Chief Executive Emma
m rp

Walmsley said the company

had completed investments to
develop new mRNA vaccines,
ultra-long-acting HIV medi-
SPARKS
CREATIVITY,
cines and a new medicine for
co Fo

severe asthma.
GSK’s specialty medicines

NOT MENTAL
sales grew 22% to £3.02 billion,
beating consensus of £2.86 bil-
lion. However, vaccine sales of

DECLINE.
VINCENT ISORE/IP3/ZUMA PRESS

nearly £2 billion undershot

forecasts of £2.20 billion.
Sales of its respiratory syn-
cytial virus vaccine, Arexvy, Some things come with age.
which was launched in the Some others don’t.
third quarter of last year and
generated 20% of 2023 sales,
made just £62 million in the The French food company lifted prices by 1% in the second
n-

second quarter due to ex- quarter, a smaller rise than the 1.5% expected by analysts.
pected waning seasonal de-
mand, GSK said. U.S. health of-
ficials in June narrowed their
recommendation of the shot to
Danone Backs Outlook
no

a smaller age range and more

at-risk patients, weighing on
sales.
As Price Increases Ease
Sales of GSK’s best-selling
shingles vaccine, Shingrix, fell BY DOMINIC CHOPPING activity and an acceleration in
4% to £832 million amid lower volume growth.
demand in the U.S. The 36% Danone on Wednesday said Sales grew 4% on a like-for-
Shingrix sales decline in the that shoppers bought more of like basis in the second quar-
U.S. will likely be sustained its branded products in the ter, driven by 2.9% growth in
due to falling demand and second quarter as it eased the volumes, while first-half like-
changes from U.S. health offi- pace of price increases. for-like sales also increased Learn the warning
cials, Intron Health analysts The French food company 4% as volumes rose 2.1%, all signs of Alzheimer’s.
said in a note to clients. behind Activia yogurt and coming in higher than ex-
Sheena Berry, healthcare Evian water said that like-for- pected.
analyst at Quilter Cheviot, said like sales growth in the sec- Danone earnings continue
Shingrix was the “standout ond quarter was primarily the market trend, with a big
disappointment” even though driven by volumes rather than beat in volumes and a big
GSK delivered another solid price increases, marking a miss in pricing, Bernstein ana-
quarter. change from the price-led lyst Bruno Monteyne said in a
GSK said it now expects a growth of recent years. note to clients.
low to mid-single digit per- Packaged-food producers “Market doubts of what
centage increase in vaccine are trying to entice customers pricing pressures will do to
sales this year, below a previ- back by easing the rate of most consumer stocks in com-
ous forecast of a high single- price hikes after a couple of ing quarters will get stron-
digit to low double-digit per- years of raising prices to ger,” he said.
centage increase. cover an inflation-led surge in However, Danone Chief Fi-
GSK shares in London were costs. nancial Officer Juergen Esser
down 2% at 1,512 pence on Danone lifted prices by an sought to reassure analysts on
Wednesday. average of 7.4% last year, but a call Wednesday, saying that
In the second quarter, net said it would ditch broad- pricing will remain positive in
profit slipped to £1.17 billion. based pricing earlier this year the second half of the year.
However, core operating as inflation began to normal- The company reported a
profit, more closely watched ize, and instead focus on se- first-half recurring net
by analysts and investors, lective price increases on only profit—which excludes excep-
climbed 18% to £2.51 billion on specific products while tional items—of €1.16 billion,
the back of higher sales across switching from price-led or about $1.26 billion, up 2.6%
product lines and regions. growth to volume-led growth. year over year, as reported
Core earnings per share— It increased prices by 1% in sales fell 2.9% to €13.76 bil-
one of the company’s preferred the second quarter, a smaller lion.
metrics, which strips out ex- rise than the 1.5% expected by A company consensus had
ceptional and other one-off analysts. forecast recurring net profit
items—rose 13% rates to 43.4 In the first six months, of €1.11 billion on sales of
pence. Danone raised prices by 2%, €13.66 billion.
GSK declared a second- the same level as peer Nestlé, Danone still expects like-
quarter dividend of 15 pence a which last week said pricing for-like sales growth of be-
share, and said it still expects had come down at a faster tween 3% and 5% in 2024 and
to pay a 60-pence dividend for pace than it had expected, a moderate improvement in
the full year. noting increased promotional recurring operating margin.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Temu Suppliers Cry Foul

Merchants protest Temu’s worldwide users majority of our merchants ex- Temu late last year, he has lost
perience success under these $41,000, laid off all his workers
penalties that they 250 million
guidelines, benefiting from in- and built up tens of thousands
say have left some creased sales and positive cus- of dollars in debt. Protesting
tomer feedback,” the spokes- merchants said they counted
of them bankrupt 200 man said. more than 400 suppliers at the
The shopping app backed by demonstration.
BY SHEN LU Chinese e-commerce company Sellers say that after they
150 PDD Holdings has enjoyed a ship products to Temu, the
Bargain site Temu has won meteoric rise globally in the company conducts quality and
over hundreds of millions of past two years. With 234 mil- size checks and returns items
customers around the world 100 lion users in more than 70 not meeting standards.
with its rock-bottom-priced countries, Temu has provided a Earlier this year, suppliers
hairpins and pet toys. Some new avenue for Chinese facto- such as Xiang said they started
suppliers say consumers’ gains ries and wholesalers to sell to notice frequent penalties
50
are coming at their expense. products to the world. amounting to as much as five
A throng of Chinese mer- Competition with other e- times the shipment price of
chants who supply Temu commerce sites such as Ama- their products. The penalty no-
stormed a company affiliate’s 0 zon.com and Shein is fierce, tices usually cited subpar qual-
office Monday in Guangzhou, 2023 ’24 and suppliers face constant ity or sizes or colors failing to
southern China, to protest Source: Sensor Tower pressure to lower prices with- meet shoppers’ expectations,
what they consider unfair pen- out compromising service. but Temu didn’t provide docu-
alties that left some bankrupt. arise if Temu finds fault with Temu allows buyers to get mentation or offer a way for
Video clips provided by pro- the products delivered or if full or partial refunds without sellers to appeal, according to
testers showed scores of angry consumers complain about having to return their items in suppliers.

XIANG SHIHUA
merchants at the office whis- their merchandise and demand certain cases. Articles and vid- “We have no visibility into
tling and demanding a resolu- a refund. eos that teach consumers how return information and no con-
tion, with police maintaining A spokesman for Temu con- to receive free goods from tact with shoppers,” said Ke
order. It was one of a number firmed that the merchants Temu have circulated widely Ling, a Temu supplier based in Monday’s protest at a Temu affiliate’s office in Guangzhou.
of economy-related protests in were unhappy over Temu’s online, and suppliers believe Dongguan, near Guangzhou. “I
China as the country grapples handling of after-sales issues they are bearing the brunt of will willingly accept fines if you on goods, citing the need to re- “We were forced to sign
with sluggish growth and a and said they were disputing the generous return policy. show me evidence. How can serve some of the money in those contracts,” Ke said.
real-estate downturn. an amount totaling several mil- “The more you sell, the you not provide any documen- case of after-sales disputes. “There’s no way to proceed in
Suppliers said that many lion yuan, equivalent to around more penalties you pay,” said tation at all?” Ke said that when she the system without doing so.”
Temu merchants have shut $1 million or less. Xiang Shihua, a Guangzhou- The Temu spokesman said, started supplying Temu in The Temu spokesman said:
down factories and incurred The spokesman said Temu’s based garment-factory owner. “We prioritize transparency early 2023, there was no men- “Merchants are not obligated
debts after Temu started im- policies ensured a high level of “We’re all neck-deep in debt.” and clearly communicate our tion of penalties in contracts. to sell on Temu and are free to
posing hefty penalties over customer service and penalties Xiang, who participated in rules and penalties.” Later the contracts were fre- leave the platform at any time.”
what the platform deemed af- were needed to maintain a Monday’s protest, said that The suppliers also said quently updated and penalties —Clarence Leong
ter-sales issues. Such issues high-quality marketplace. “The since he started supplying Temu holds back full payment started piling on, she said. contributed to this article.

.
T-Mobile ture with private-equity giant less boom that never bore the ing down their fiber-optic am- tomers, a slight increase from CEO John Stankey said on a

ly
KKR. The deal, expected to costly job of maintaining a ma- bitions to Wall Street. the previous year. call with analysts. “Why a race
close next year, followed a jor landline phone system. In- “We love being the nation’s “We want to be and we con- to convergence? Because that’s

Tries Fiber $950 million investment an-

nounced earlier this year with
private-equity firm EQT and
vestors rewarded T-Mobile
on
over the past decade for re-
maining a pure-play wireless
leading, mostly wireless, pure-
play company,” Chief Executive
Mike Sievert said during a re-
tinue to be very focused on
wireless,” said T-Mobile Chief
Financial Officer Peter Os-
a good way to make money,
and it’s a good way to keep
customers in the fold.”

Internet Lumos, a broadband company

covering the mid-Atlantic re-
gion.
network with a knack for
growing its customer base.
The wireless market has
cent JPMorgan investor con-
ference, adding that the com-
pany has “no real interest” in
valdik in an interview Wednes-
day.
T-Mobile’s more-cautious
T-Mobile hasn’t shied away
from trumpeting its at-home
broadband service to the pub-
us ,

The wireless company has since shifted to a more defen- any big deals that would add public approach to the cable lic. The company heavily mar-
l

Continued from page B1 struck at least three other fi- sive posture. Most Americans debt to the company’s balance business makes it an outlier. kets its “5G Home Internet”
e
al a

telecom companies are rushing ber-optic partnerships without already use one of the three sheet. AT&T has called building more service, a focus of its past two
into neighborhoods where resi- disclosing much about their fi- top cellphone networks. A The company on Wednesday fiber-optic lines a priority and Super Bowl advertising spots.
dents aren’t happy with their nancials or operating metrics. richer opportunity awaits com- reported 406,000 additional in- said that bundling broadband Put together with its 5G
ci on

cable provider and don’t yet All told, its wired broadband panies willing to make the up- ternet subscribers in the sec- with mobile-phone service—a broadband service, T-Mobile’s
have fiber-optic service avail- service is marketed in eight front investment to reach tens ond quarter, a smaller increase trend that industry players call expanding web of physical fi-
able. states and includes customers of millions of U.S. households than a year earlier, when it “convergence”—helps its bot- ber lines could help the com-
T-Mobile claimed more turf around big markets like Denver with fewer options for home- added 509,000 customers to its tom line. AT&T said nearly 40% pany reach more than 17 mil-
recently when it agreed to pay and New York City. internet service. high-speed internet plans. of its home-internet customers lion homes by 2030, according
er s

$4.9 billion for a stake in Mid- The fiber business is unfa- Far from crowing about the Meanwhile, its cellular division also buy its wireless service. to New Street Research.
western broadband provider miliar territory for a company expansion, T-Mobile executives expanded further, adding “Our combined customers —Nicholas G. Miller
m er

Metronet through a joint ven- with roots in the 1990s wire- have spent the past year play- 777,000 postpaid phone cus- are happier customers,” AT&T contributed to this article.
m rp
co Fo

Shadow Men:
n-

Inside Wagner,
no

Russia’s Secret
War Company
2024 Emmy Nominee

WAT C H N OW
© 2024 Dow Jones & Co., Inc. All rights reserved. 6DJ0489
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, August 1, 2024 | B5

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

U.S. Accounting Firms

Plan $2.3 Billion Tie-Up
Deal between CBIZ companies. cum’s consulting and tax ser- with regulatory requirements.
CBIZ is the only publicly vices businesses, while its audit Certified public accountants
and Marcum would

LE BASKOW/REUTERS
traded accounting services pro- practice would be acquired by are required to represent the
create the industry’s vider in the U.S. The privately Mayer Hoffman McCann, a primary ownership of an ac-
held Marcum is known for its Kansas City, Mo.-based firm counting firm, ranging from
seventh-biggest firm work with blank-check compa- with which CBIZ has had a ser- 50% to fully owned depending
nies, for which it has drawn vice agreement for more than on the state, according to CPA
BY MARK MAURER regulatory scrutiny. 25 years. licensing laws in the U.S. Marcum CEO Jeffrey Wein said very little will change for clients.
The Marcum brand will be Under that existing agree- The private partnership
CBIZ has agreed to acquire retired upon the deal’s closing, ment, MHM leases equipment, model is intended to preserve $25 million fee if either share- from a year earlier.
Marcum in a $2.3 billion deal CBIZ Chief Executive Jerry overhead and workers for its auditors’ independence and holders reject the deal or the New York-based Marcum
that would turn the latter ac- Grisko said in an interview. audit work from CBIZ and CBIZ protect firms from certain com- board changes its recommenda- had more than 400 U.S. public-
counting firm’s tax and con- The deal would allow both receives a majority of MHM’s pliance requirements that could tion of the deal. Marcum may company audit clients, includ-
sulting practices public and firms to grow across business revenue. threaten the objectivity of the have to pay a $22 million ter- ing special-purpose acquisition
mark another structural shake- lines. For example, CBIZ would CBIZ, which focuses on in- firms’ auditors. mination fee if its partners companies, the largest amount
up outside of the Big Four. expand its presence in areas in surance and financial services, Grisko said he expects all or don’t approve the deal in a for a firm outside of the Big
Cleveland, Ohio-based CBIZ which Marcum has a larger op- said it will pay about half in most of Marcum’s audit part- timely manner. Four, as of Jan. 30, according to
on Wednesday said the agree- eration such as Washington, stock and the remainder in its ners will remain partners, CBIZ, through its audit arm research firm Ideagen Audit
ment between the accounting D.C., and Nashville, Grisko said. common stock, with the deal while its nonaudit partners will MHM, and Marcum rank 11th Analytics.
firms, if completed, would cre- “In order for us to be competi- expected to close in the fourth become managing directors at and 13th among accounting In an email to clients
ate a combined firm with about tive in the war for talent, we quarter. Consideration for the CBIZ. The merger agreement firms, respectively, in terms of Wednesday, Marcum Chief Ex-
$2.8 billion in annual U.S. reve- need to offer a compelling transaction would include $1.1 contains a termination right for net U.S. revenue at $1.35 billion ecutive Jeffrey Wein said very
nue—the seventh-largest ac- value proposition to our work- billion in cash and 14.4 million both companies if the transac- and $1.33 billion, according to little will change as they be-
counting firm in the U.S., sur- force,” he said. “Joining to- shares of CBIZ common stock, tion isn’t consummated by May Inside Public Accounting, a come CBIZ clients. “You will
passing Grant Thornton. gether will allow us to be more based on a per-share price of 1 of next year. practice-management resources continue to work with the same
The firms both specialize in competitive in that environ- $76.84. CBIZ may have to pay a $48 provider. professionals and partners you
providing audit, advisory and ment.” Marcum’s audit business will million termination fee if debt CBIZ reported net income of have come to know and trust,”
tax services to midsize, private CBIZ would acquire Mar- remain privately held to comply financing isn’t obtained, or a $121 million in 2023, up 14.8% he said.

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Of Tesla’s Autopilot Risks

.
BANKRUPTCIES

ly
UNITED STATES BANKRUPTCY COURT efforts; any Avoidance Actions held by any of the Debtors or their Estates; any intercompany
To understand safety issues software processing images meanwhile, cites its obligation
MIDDLE DISTRICT OF FLORIDA transactions performed by any of the Debtors; the Debtors’ Chapter 11 Cases (including surrounding Tesla’s Autopilot, from onboard cameras to de- to protect personal privacy un-

IN RE:
RED LOBSTER MANAGEMENT LLC,1

RED LOBSTER RESTAURANTS LLC,

ORLANDO DIVISION
www.flmb.uscourts.gov
Chapter 11 Cases
Case No. 6:24-bk-02486-GER
Lead Case
Jointly Administered with
Case No. 6:24-bk-02487-GER
on
the Filing thereof and any relief obtained by the Debtors therein; the formulation,
preparation, dissemination, negotiation, or Filing of the Plan, the Plan Supplement, the
DIP Facility, the Disclosure Statement, or the Bidding Procedures Order (and the procedures
approved thereby; any Restructuring Transaction, contract, instrument, release, or other
agreement or document (including any legal opinion requested by any Person regarding any
transaction, contract, instrument, document or other agreement contemplated by the Plan
or the reliance by any Released Party on the Plan or the Confirmation Order with respect
The Wall Street Journal under-
took a comprehensive analysis
of crash data, uncovering pre-
viously obscured details by
tect obstacles, although some
models use a radar backup.
Other vehicle manufacturers
use cameras but also radar and
der federal law as a justifica-
tion for withholding specific in-
formation such as the exact
date, address, ZIP Code and lo-
RLSV, INC., Case No. 6:24-bk-02488-GER combining heavily redacted lasers to detect obstacles di- cation of the crash.
us ,

to the Plan in lieu of such legal opinion created or entered into in connection with the
RED LOBSTER CANADA, INC., Case No. 6:24-bk-02489-GER Plan or the Bidding Procedures Order; the solicitation of votes on the Plan, the pursuit of
RED LOBSTER HOSPITALITY LLC, Case No. 6:24-bk-02490-GER federal filings with local police rectly. Elon Musk, Tesla’s chief • Tesla has reported over
l

Confirmation of the Plan, the pursuit of Consummation of the Plan, the implementation of
RL KANSAS LLC, Case No. 6:24-bk-02491-GER
the Plan, including the issuance or distribution of Securities or any other property pursuant records. executive, has said such sen- 1,200 Autopilot-related
e
RED LOBSTER SOURCING LLC, Case No. 6:24-bk-02492-GER
al a

RED LOBSTER SUPPLY LLC, Case No. 6:24-bk-02493-GER to the Plan; or any other act or omission, transaction, agreement, event, or other occurrence
RL COLUMBIA LLC, Case No. 6:24-bk-02494-GER related or relating to any of the foregoing taking place on or before the Plan Effective Date sors are unnecessary. Tesla crashes to NHTSA since 2021:
other than Claims and liabilities resulting therefrom arising out of or relating to any act
RL OF FREDERICK, INC.,
RED LOBSTER OF TEXAS, INC.,
Case No. 6:24-bk-02495-GER
Case No. 6:24-bk-02496-GER or omission of a Released Party that constitutes actual fraud, willful misconduct, or gross By Paul Overberg, says that drivers are instructed These incidents represent
Emma Scott that while Autopilot is en- about 80% of all crashes re-
ci on

RL MARYLAND, INC., Case No. 6:24-bk-02497-GER negligence, in each case, solely to the extent determined by a Final Order of a court of
RED LOBSTER OF BEL AIR, INC., Case No. 6:24-bk-02498-GER competent jurisdiction.
RL SALISBURY, LLC, Case No. 6:24-bk-02499-GER Notwithstanding anything to the contrary in the foregoing, the releases set forth above and Frank Matt gaged, they must keep their ported to the regulator involv-
RED LOBSTER INTERNATIONAL HOLDINGS LLC,
Debtors.
Case No. 6:24-bk-02500-GER do not release (i any postPlan Effective Date Claims or obligations of any Person under
the Plan, the Confirmation Order with respect to the Plan, any Restructuring Transaction,
hands on the steering wheel ing autonomous-driving tech-
NOTICE OF JOINT HEARING TO CONSIDER (I FINAL APPROVAL CONCERNING any Definitive Document, or any document, instrument, or agreement (including those The Journal analyzed filings and remain ready to retake nology.
set forth in the Plan Supplement executed to implement the Plan or (ii the Equityholder
ADEQUACY OF THE DISCLOSURE STATEMENT FOR DEBTORS’ JOINT CHAPTER 11 PLAN OF
RED LOBSTER MANAGEMENT LLC AND ITS DEBTOR AFFILIATES AND (II CONFIRMATION Litigation Claims. that manufacturers are re- control at all times. The Journal matched 222 of
OF DEBTORS’ JOINT CHAPTER 11 PLAN OF RED LOBSTER MANAGEMENT LLC AND Article VIII.A.3 of the Plan: Releases by Holders of Claims Against the Debtors quired to submit to the Na- • Autopilot crashes also in- these crashes to local police re-
er s

ITS DEBTOR AFFILIATES (INCLUDING THE APPROVAL OF CERTAIN RELEASE, Except as otherwise expressly set forth in the Plan or the Confirmation Order, on and after
EXCULPATION, AND INJUNCTION PROVISIONS CONTAINED THEREIN the Plan Effective Date, in exchange for good and valuable consideration, the adequacy of tional Highway Traffic Safety volve veering: The Journal ports. Tesla attributes its crash
PLEASE TAKE NOTICE THAT on July 29, 2024, the United States Bankruptcy Court for the Middle which is hereby confirmed, each Released Party is, and is deemed to be, hereby conclusively,
District of Florida (the “Court”) entered an order (the “Disclosure Statement Order”): (a) authorizing absolutely, unconditionally, irrevocably and forever, released by each Releasing Party from Administration when cars also found a number of crashes count in NHTSA’s data to the
m er

the above-captioned debtors and debtors in possession (collectively, the “Debtors”) to solicit votes
on the Joint Chapter 11 Plan of Red Lobster Management LLC and Its Debtor Affiliates [ECF No. 733]
any and all Causes of Action, whether known or unknown, foreseen or unforeseen, matured crash while using autonomous occurred when Autopilot was widespread use of its vehicles
or unmatured, existing or hereafter arising, contingent or non contingent, in law, equity,
(including any exhibits and schedules thereto and as may be modified, amended, or supplemented, the contract, tort, or otherwise, including any derivative claims asserted on behalf of the driving technology. However, engaged and the vehicle lost and Autopilot technology, as
“Plan”);2 (b) conditionally approving the Disclosure Statement for the Joint Chapter 11 Plan of Red Lobster
Management LLC and Its Debtor Affiliates [ECF No. 734] (including any exhibits and schedules thereto
Debtors, that such Person would have been legally entitled to assert (whether individually
or collectively, based on or relating to, or in any manner arising from, in whole or in part:
the public versions of these re- traction, including cases on well as its superior crash de-
and as may be modified, amended, or supplemented, the “Disclosure Statement”) as containing
“adequate information” pursuant to section 1125 of the Bankruptcy Code; (c) approving the solicitation
any of the Debtors (including the capital structure, management, ownership, or operation ports are heavily redacted, ob- wet pavement, veering off the tection and reporting systems.
thereof; any security of any of the Debtors or any of the Reorganized Debtors; the subject
scuring key details like the road. Tesla says that such cases The company maintains that
m rp

materials and documents to be included in the solicitation packages; and (d) approving procedures
for soliciting, receiving, and tabulating votes on the Plan and for filing objections to the Disclosure matter of, or the transactions or events giving rise to, any Claim that is treated in the
Statement and the Plan. Plan; the business or contractual arrangements between any Debtor and any Released
Party; the assertion or enforcement of rights and remedies against any of the Debtors;
crash narrative and even the may occur when “environmen- “Autopilot has been used by
PLEASE TAKE FURTHER NOTICE THAT the joint hearing at which the Court will consider final approval
of the Disclosure Statement and confirmation of the Plan (the“Confirmation Hearing”) will commence the Debtors’ in or outof court restructuring efforts; any Avoidance Actions held by any exact date. tal factors contribute to the millions of drivers to safely
of the Debtor(s or their Estates; intercompany transactions between or among a Debtor
on September 5, 2024 at 10:00 a.m. (Prevailing Eastern Time, before the Honorable Grace E.
Robson, in the United States Bankruptcy Court, George C. Young Federal Courthouse, 400 W. and another Debtor; the Chapter 11 Cases; the Canadian Proceeding; the formulation, To gain a clearer picture, the crash, such as with heavy rains drive billions of miles” and has
Washington Street, Courtroom 6D, 6th Floor, Orlando, Florida 32801. preparation, dissemination, negotiation, or Filing of the Disclosure Statement, the Bidding Journal filed public records re- and hydroplaning.” prevented “innumerable”
All parties that anticipate making substantive arguments, introducing evidence or examining Procedures Order, the Plan, or the Plan Supplement; any Restructuring Transaction,
witnesses must attend the hearing in person unless otherwise permitted by the Court. Remote contract, instrument, release, or other agreement or document created or entered into in quests for police crash data- • NHTSA findings echo crashes.
co Fo

appearances are only permitted pursuant to the procedures set forth in the Order Regarding Attendance
at Hearings [ECF No. 223].
connection with the DIP Facility, the Disclosure Statement, the Bidding Procedures Order,
the Plan, or the Plan Supplement; the Filing of the Debtors’ Chapter 11 Cases; the Filing of
bases with agencies in more WSJ analysis: The Journal’s • Tesla tightly controls ac-
PLEASE BE ADVISED: THE CONFIRMATION HEARING MAY BE CONTINUED FROM TIME TO TIME BY THE the Canadian Proceeding; the Disclosure Statement, the Plan, the solicitation of votes with than a dozen states. Reporters findings align with a recently cess to crash data:
COURT OR THE DEBTORS WITHOUT FURTHER NOTICE OTHER THAN BY SUCH ADJOURNMENT BEING respect to the Plan, the pursuit of Confirmation of the Plan, the pursuit of Consummation
ANNOUNCED IN OPEN COURT OR BY A NOTICE OF ADJOURNMENT FILED WITH THE COURT AND SERVED of the Plan, the administration and implementation of the Plan, including the issuance or spent months compiling these released NHTSA analysis that Teslas store video and oper-
ON ALL PARTIES ENTITLED TO NOTICE. distribution of securities pursuant to the Plan, the distribution of property under the Plan records into a unified database identified a trend of “avoidable ating data that can be trans-
CRITICAL INFORMATION REGARDING VOTING ON THE PLAN or any other related agreement, or any cancellation of debt income realized in connection
Voting Record Date. The Voting Record Date was July 28, 2024, which was the date for determining with the Plan; or upon any other act or omission, transaction, agreement, event, or other and matching them with corre- crashes” involving Teslas strik- mitted to the company’s serv-
which holders of Claims in Classes 3 and 4, as applicable, are entitled to vote on the Plan.
Voting Deadline. The deadline for voting on the Plan is August 28, 2024 at 4:00 p.m. (Prevailing
occurrence related or relating to any of the foregoing taking place on or before the Plan
Effective Date, other than Claims and liabilities resulting therefrom arising out of or relating
sponding NHTSA submissions. ing visible obstacles or running ers. Owners can review their
Eastern Time (the “Voting Deadline”). If you received a Solicitation Package, including a Ballot and to any act or omission of a Released Party that constitutes actual fraud, willful misconduct, This process allowed the off wet roads after losing trac- own vehicle’s video on its dash-
intend to vote on the Plan you must: (a) follow the instructions carefully; (b) complete all of the required or gross negligence, each solely to the extent as determined by a Final Order of a court of
information on the Ballot; and (c) execute and return your completed Ballot according to and as set forth competent jurisdiction. Notwithstanding anything to the contrary in the foregoing, the Journal to learn details about tion. board. And Tesla says that it
in detail in the voting instructions so that it is actually received by the Debtors’solicitation agent, Epiq
Corporate Restructuring, LLC (the “Solicitation Agent”) on or before the Voting Deadline. A failure to
releases set forth above do not release (i any party of any obligations related to customary
banking products, banking services or other financial accommodations (except as may be
more than 200 Tesla Autopilot- Tesla says it disagreed with lets owners download logs of
follow such instructions may disqualify your vote.
CRITICAL INFORMATION REGARDING OBJECTING TO THE PLAN
expressly amended or modified by the Plan or any other financing document under and involved crashes, revealing pre- NHTSA’s analysis and pointed operating data that include
as defined therein, (ii the Equityholder Litigation Claims, or (iii any postPlan Effective
ARTICLE VIII OF THE PLAN CONTAINS RELEASE, EXCULPATION, AND INJUNCTION PROVISIONS, AND Date obligations of any Person under the Plan, the Confirmation Order, any StandAlone viously unknowable patterns by out that the agency didn’t seek hundreds of readings and con-
ARTICLE VIII.A.3 CONTAINS A THIRDPARTY RELEASE. THUS, YOU ARE ADVISED TO REVIEW AND
CONSIDER THE PLAN CAREFULLY BECAUSE YOUR RIGHTS MIGHT BE AFFECTED THEREUNDER.
Restructuring Transaction, any Definitive Document or any document, instrument, or delving into the detailed narra- a recall. ditions that are time stamped
agreement (including those set forth in the Plan Supplement executed to implement the
Plan Objection Deadline. The deadline for filing objections to final approval of the Disclosure Plan, including the Purchase Agreement or any Claim or obligation arising under the Plan. tives and diagrams in police re- Instead, Tesla says it volun- to the millisecond.
n-

Statement and confirmation of the Plan is August 28, 2024 at 4:00 p.m. (Prevailing Eastern Time
(the“Plan Objection Deadline”). All objections to the relief sought at the Confirmation Hearing must:
Entry of the Confirmation Order shall constitute the Bankruptcy Court’s approval, pursuant
to Bankruptcy Rule 9019, of the third party release, which includes by reference each of the
ports. tarily issued a software update However, getting full details
(a) be in writing; (b) conform to the Bankruptcy Code, Bankruptcy Rules, the Bankruptcy Local Rules, and related provisions and definitions contained in the Plan, and, further shall constitute the Here are some of the key for up to two million vehicles of what the cameras record
any orders of the Court; (c) state, with particularity, the name of the objecting party, the basis and nature Bankruptcy Court’s finding that the third party release by those creditors or interest holders
of any objection to the Plan and the specific grounds thereof, and, if practicable, a proposed modification who vote to accept the Plan is: (I the good and valuable consideration and substantial findings: last year that would improve and how they process those
to the Plan that would resolve such objection; and (d) be filed with the Court on or before the Plan
Objection Deadline.
contributions provided by the Released Parties; (II a good faith settlement and compromise
of the Claims released by the third party release; (III in the best interests of the Debtors and
• Autopilot struggles with driver warnings and attentive- images to make Autopilot work
no

Please be advised that Article VIII of the Plan contains the following release, exculpation,
and injunction provisions:3
all holders of Claims and Interests; (IV fair, equitable and reasonable; (V given and made obstacles: While many crashes ness when Autopilot was in op- requires expert access to the
after due notice and opportunity for a hearing; and (IV a bar to any of the Releasing Parties
Select Plan Provisions
asserting any Claim released pursuant to the third party release. involved incidental collisions, a eration. vehicle’s computer. Tesla says
Select Defined Terms
“Exculpated Parties” means (a) the directors and officers of each of the Debtors and the members of Article VIII.A.4 of the Plan: Exculpation from Claims Relating to the Plan number occurred when Teslas • Tesla and NHTSA with- it shares information when re-
Except as otherwise specifically provided in the Plan or the Confirmation Order with
any board of managers or directors of each Debtor, and in each case, who served the Debtors in such
capacities at any time between the Petition Date and the Plan Effective Date; (b) all Professionals and respect to the Plan, no Exculpated Party shall have or incur liability for, and each Exculpated on Autopilot struck clearly visi- hold information from the quired by police or in lawsuits.
agents retained by the Debtors in the Debtors’Chapter 11 Cases; (c) the Committee and those individual
members of the Committee who vote to accept the Plan; (d) all Professionals and agents retained by
Party is hereby exculpated from, any Claims and Causes of Action related to any act or
omission occurring between and including the Petition Date and the Plan Effective Date in
ble obstacles or ran off the public: Despite NHTSA guide- —John West
the Committee in the Debtors’ Chapter 11 Cases; (e) the Plan Administrator and GUC Trustee; and (f) connection with, relating to, or arising out of: the Debtors’ Chapter 11 Cases (including the road at T intersections, sug- lines encouraging transparency, contributed to this article.
with respect to each Person described in clauses (a) through (e) of this definition, each of such Person’s Filing thereof; the Canadian Proceeding (including the Filing thereof; the formulation,
employees, directors, managers, partners, committee members, attorneys, representatives, successors, preparation, dissemination, negotiation, Filing, or termination of the Plan, the Disclosure gesting challenges with the both Tesla and the agency itself
assigns, heirs, executors, estates, and nominees, solely in their capacity as such. Statement, the Bidding Procedures Order, the DIP Facility, or any contract, instrument, system’s ability to navigate withhold key information from
“Released Party” means, in its capacity as such, each of: (a) the Debtors’ Professionals; (b) the current
officers of each of the Debtors and the Debtors’ current manager and/or director, Mr. Lawrence Hirsch;
release or other agreement or document created or entered into in connection with
the Debtors’ Chapter 11 Cases or Canadian Proceeding, whether or not included in the these scenarios. the public about crashes. Watch a Video
(c) the DIP Lenders and the DIP Agent and their respective Related Parties; (d) the Prepetition Term Plan Supplement or constituting a Definitive Document; the Restructuring Transactions
Loan Parties and their respective Related Parties; (e) the Purchaser; (f) the Committee and those contemplated by the Plan and any prepetition transactions relating to any of the foregoing; In several crashes, the ob- Tesla blocks the release of Scan this code
individual members of the Committee, solely in their capacities as such, who vote to accept the Plan;
(g) the Committee’s Professionals; (h) the Plan Administrator and GUC Trustee; and (i) in each case, the
the pursuit of Confirmation of the Plan, the pursuit of Consummation of the Plan, the stacles included one or more descriptive details about its re- for a video on
administration and implementation of the Plan, including the issuance and distribution of
respective Related Party of each of the foregoing Persons.
“Releasing Parties” means, in its capacity as such, each of: (a) the DIP Lenders and the DIP Agent; (b) Securities pursuant to the Plan, or the distribution of property under the Plan; the Purchase police or fire vehicles with ported crashes, saying those how Tesla’s
the Prepetition Term Loan Parties; (c) all holders of Claims eligible to vote on the Plan that vote to accept Agreement; or any other related act or omission, transaction, event, or other occurrence
taking place on or before or in connection with the Plan Effective Date, except for Claims
emergency lights flashing. details amount to confidential hidden autopilot
the Plan; (d) the Purchaser; (e) the Committee and those individual members of the Committee, solely
in their capacities as such, who vote to accept the Plan; and (g) the Plan Administrator and GUC Trustee. and liabilities resulting therefrom related to any act or omission that is determined in a Autopilot relies mostly on business information. NHTSA, data is extracted.
Article VIII.D of the Plan: Term of Injunctions or Stays Final Order by a court of competent jurisdiction to have constituted actual fraud, willful
Unless otherwise provided in the Plan or in the Confirmation Order, all injunctions or stays in effect misconduct, or gross negligence by an Exculpated Party.
in the Chapter 11 Cases pursuant to sections 105 or 362 of the Bankruptcy Code or any order of the The Exculpated Parties shall be entitled to reasonably rely upon the advice of counsel with

KKR Increases Its Investments,

Bankruptcy Court in effect on the applicable Confirmation Date (excluding any injunctions or stays respect to their duties and responsibilities pursuant to the Plan in all respects.
contained in the Plan or the Confirmation Order), shall remain in full force and effect until the Plan ADDITIONAL INFORMATION
Effective Date. All injunctions or stays contained in the Plan or the Confirmation Order shall remain in full Obtaining Solicitation Materials. The materials in the Solicitation Package are intended to be
force and effect in accordance with their terms. self-explanatory. If you should have any questions or if you would like to obtain additional solicitation
Article VIII.A.5 of the Plan: Injunction materials (or paper copies of solicitation materials if you received a flash drive), free of charge, please

Forecasts a ‘Sweet-Spot Year’

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THE PLAN OR THE CONFIRMATION ORDER feel free to contact the Debtors’ Solicitation Agent, by: (a) calling the Solicitation Agent at (888) 754-
WITH RESPECT TO THE PLAN, ALL PERSONS WHO HAVE HELD, HOLD, OR MAY HOLD ANY CLAIMS 0507 (toll free) or (971) 257-5614 (international), (b) emailing [email protected], and
OR CAUSES OF ACTION AGAINST, OR INTERESTS IN, ANY OF THE DEBTORS THAT HAVE BEEN referencing “Red Lobster Management LLC” in the subject line, (c) visiting the Debtors’ website at
RELEASED, DISCHARGED, OR ARE SUBJECT TO RELEASE OR EXCULPATION HEREUNDER ARE https://dm.epiq11.com/case/redlobster/info, and/or (d) writing to the Solicitation Agent at Red Lobster
PERMANENTLY ENJOINED, FROM AND AFTER THE PLAN EFFECTIVE DATE, FROM TAKING ANY OF
THE FOLLOWING ACTIONS AGAINST ANY OF THE DEBTORS, THE REORGANIZED DEBTORS, THE Management LLC., c/o Epiq Ballot Processing, P.O. Box 4422, Beaverton, OR 97076-4422. You may also
WIND-DOWN DEBTORS), THE GUC TRUSTEE, AS APPLICABLE, OR ANY OF THE OTHER EXCULPATED obtain copies of any pleadings filed in these Chapter 11 Cases for a fee via PACER at: http://www.flmb.
PARTIES OR ANY OF THE RELEASED PARTIES: 1) COMMENCING OR CONTINUING IN ANY MANNER uscourts.gov.
ANY ACTION OR OTHER PROCEEDING OF ANY KIND ON ACCOUNT OF OR IN CONNECTION WITH Please be advised that the Solicitation Agent is authorized to answer questions about, and provide
ANY SUCH CLAIM, CAUSE OF ACTION OR INTEREST; 2) ENFORCING, ATTACHING, COLLECTING, OR additional copies of, solicitation materials, but may not advise you as to whether you should vote to
RECOVERING BY ANY MANNER OR MEANS ANY JUDGMENT, AWARD, DECREE, OR ORDER AGAINST accept or reject the Plans. BY MARIA ARMENTAL On Wednesday, KKR re- market fees, Chief Financial Of-
ANY OF THE EXCULPATED PARTIES OR RELEASED PARTIES ON ACCOUNT OF OR IN CONNECTION
WITH ANY SUCH CLAIM, CAUSE OF ACTION OR INTEREST; 3) CREATING, PERFECTING, OR
The Plan Supplement. The Debtors will file the Plan Supplement (as defined in the Plan) by the
deadline set in the Disclosure Statement Order, and will serve notice on all holders of Claims entitled
ported a strong second-quarter ficer Robert Lewin said. He
ENFORCING ANY LIEN OR ENCUMBRANCE OF ANY KIND AGAINST ANY OF THE EXCULPATED to vote on the Plan, which will: (a) inform parties that the Debtors filed the Plan Supplement; (b) list KKR boosted its investments performance, including record cited some realization events in
PARTIES, RELEASED PARTIES OR THEIR PROPERTY ON ACCOUNT OF OR IN CONNECTION WITH the information contained in the Plan Supplement; and (c) explain how parties may obtain copies of
OR WITH RESPECT TO ANY SUCH CLAIM, CAUSE OF ACTION OR INTEREST; AND 4) ASSERTING the Plan Supplement. in the June quarter, putting fee-related earnings. The the current quarter like the ini-
ANY RIGHT OF SETOFF OR SUBROGATION AGAINST ANY OBLIGATION DUE FROM ANY OF THE
EXCULPATED PARTIES, RELEASED PARTIES OR AGAINST THEIR PROPERTY ON ACCOUNT OF OR IN
BINDING NATURE OF THE PLAN: some $23 billion to use, while prized recurring-revenue tial public offering of financial
IF CONFIRMED, THE PLAN SHALL BIND ALL HOLDERS OF CLAIMS OR INTERESTS TO THE
CONNECTION WITH ANY SUCH CLAIM, CAUSE OF ACTION OR INTEREST UNLESS, WITH RESPECT
TO SETOFF, SUCH HOLDER HAS FILED A MOTION REQUESTING THE RIGHT TO PERFORM SUCH
MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WHETHER OR NOT SUCH HOLDER WILL wrapping up its second-highest stream derived from managing software company OneStream.
RECEIVE OR RETAIN ANY PROPERTY OR INTEREST IN PROPERTY UNDER THE PLAN, HAS FILED A
SETOFF ON OR BEFORE THE PLAN EFFECTIVE DATE OR FILED A PROOF OF CLAIM THAT ASSERTS PROOF OF CLAIM OR INTEREST IN THESE CHAPTER 11 CASES, OR FAILED TO VOTE TO ACCEPT OR quarterly fundraising haul at assets reached $755.4 million “Our aggregate pipeline is as
OR PRESERVES ANY SUCH RIGHT, AND UNTIL SUCH MOTION HAS BEEN GRANTED OR THE FILED
PROOF OF CLAIM IS ALLOWED.
REJECT THE PLAN OR VOTED TO REJECT THE PLAN. $32 billion. for the quarter, up 25% from a good as we’ve ever seen it, and
UPON ENTRY OF THE CONFIRMATION ORDER WITH RESPECT TO THE PLAN, ALL HOLDERS OF
CLAIMS AND CAUSES OF ACTION AGAINST, AND INTERESTS IN, ANY OF THE DEBTORS AND THEIR
Dated: July 29, 2024, Respectfully submitted, /s/ Paul Steven Singerman, Paul Steven Singerman,
Florida Bar No. 378860, BERGER SINGERMAN LLP, 1450 Brickell Avenue, Suite 1900, Miami, FL 33131,
“So far, 2024 feels like it year earlier. that includes 2021, when we
RESPECTIVE RELATED PARTIES SHALL BE ENJOINED FROM TAKING ANY ACTIONS TO INTERFERE Telephone: (305) 755-9500, Email: [email protected] – and – Nicolette C. Vilmos, could be a sweet-spot year, Overall, revenue in the quar- generated roughly $850 million
WITH THE IMPLEMENTATION OF THE PLAN OR THE SALE TRANSACTION. Florida Bar No. 469051, BERGER SINGERMAN LLP, 111 North Magnolia Avenue, Suite 1450, Orlando, FL
Article VIII.A.2 of the Plan: Releases by the Debtors 32801, Telephone: (407) 743-7900, Email: [email protected], Filer’s Attestation: Pursuant where values are attractive and ter rose to $4.17 billion from of revenue [in our] capital mar-
Notwithstanding anything in the Plan to the contrary, pursuant to section 1123(b of
the Bankruptcy Code, in exchange for good and valuable consideration, the adequacy of
to Local Rule 1001-2(g)(3) regarding signatures, Paul Steven Singerman attests that concurrence in the filing
of this paper has been obtained; W. Austin Jowers (pro hac vice admitted), Jeffrey R. Dutson (pro hac vice
activity levels are high” Scott $3.63 billion a year earlier, and kets business,” Lewin said.
which is hereby confirmed, on and after the Plan Effective Date, each Released Party is,
and is deemed to be, hereby conclusively, absolutely, unconditionally, irrevocably, and
admitted), Sarah L. Primrose (FL Bar No. 98742), Christopher K. Coleman (pro hac vice admitted), Brooke Nuttall, KKR’s co-chief execu- net income fell to $667.9 mil- KKR ended the quarter with
L. Bean (pro hac vice admitted), KING & SPALDING LLP, 1180 Peachtree Street, NE, Suite 1600, Atlanta,
forever released by each of the Debtors, their respective Estates, and any Person seeking
GA 30309, Telephone: (404) 572-4600, Email: [email protected], [email protected], sprimrose@ tive, said in a conference call lion, or 72 cents a share, from about $601 billion in assets un-
to exercise the rights of any of the Debtors or their Estates (including any successors to any
of the Debtors or their Estates or any Estate representatives appointed or selected pursuant kslaw.com, [email protected], [email protected] – and – Michael Fishel (pro hac vice with analysts to discuss the $844.5 million, or 94 cents a der management, up 4% from
admitted), KING & SPALDING LLP, 1100 Louisiana, Suite 4100, Houston, TX 77002, Telephone: (713)
to section 1123(b(3 of the Bankruptcy Code, in each case, on behalf of themselves and
their respective successors, assigns, and representatives, and any and all other Persons who 751-3200, Email: [email protected], [Counsel for Debtors and Debtors-in-Possession] firm’s performance. share. On an adjusted basis, the previous quarter. The firm
may purport to assert any Cause of Action, derivatively, by, through, for, or because of any 1
The Debtors in these Chapter 11 Cases, along with the last four digits of each Debtor’s federal tax Nuttall cited industry data earnings available for distribu- raised $32 billion in the period,
of the foregoing Persons, from any and all Claims and Causes of Action, whether known or identification number are Red Lobster Management LLC (6889); Red Lobster Sourcing LLC (3075);
unknown, foreseen or unforeseen, matured or unmatured, existing or hereafter arising, Red Lobster Supply LLC (9187); RL Kansas LLC (2396); Red Lobster Hospitality LLC (5297); Red Lobster showing the level of deal activ- tion to shareholders rose to the second-highest quarterly
contingent or noncontingent, in law, equity, contract, tort or otherwise, that any of the
Debtors, their Estates, the Reorganized Debtors or WindDown Debtor(s, as applicable, or
Restaurants LLC (4308); RL Columbia LLC (7825); RL of Frederick, Inc. (9184); RL Salisbury, LLC (7836); ity, including public-market $971.9 million, or $1.09 a share, tally behind a record $59 bil-
RL Maryland, Inc. (7185); Red Lobster of Texas, Inc. (1424); Red Lobster of Bel Air, Inc. (2240); RLSV,
any successors to or representatives of the foregoing appointed or selected pursuant to
section 1123(b(3 of the Bankruptcy Code, would have been legally entitled to assert in Inc. (6180); Red Lobster Canada, Inc. (4569); and Red Lobster International Holdings LLC (4661). The listings and lending, was up from $652.6 million, or 73 cents lion raised in the second quar-
their own right (whether individually or collectively or that any holder of any Claim against Debtors’principal offices are located at 450 S. Orange Avenue, Suite 800, Orlando, FL 32801.
2
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
meaningfully, but said the a share, boosted by a number ter of 2021.
or any Interests in, any of the Debtors could have asserted on behalf of any of the Debtors
or their Estates, based on, relating to, or in any manner arising from, in whole or in part: Disclosure Statement, the Plan or the Disclosure Statement Order, as applicable, or as the context numbers understate the activ- of investment sales. KKR shares climbed nearly
otherwise requires.
any of the Debtors (including the capital structure, management, ownership, or operations
thereof; any Security of any of the Debtors; the subject matter of, or the transactions or 3
The Plan provisions referenced herein are for summary purposes only and do not include all provisions of ity the firm is seeing, setting The third quarter is shaping 3% in Wednesday’s trading.
events giving rise to, any Claim, Cause of Action or Interest; the business or contractual
arrangements between any Debtor and a Released Party; any of the Debtors’ restructuring
the Plan that may affect your rights. If there is any inconsistency between the provisions set forth herein
and the Plan, the Plan governs.
the stage for a busy second half up to be one of the strongest —Connor Hart
of the year. for the firm in terms of capital contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * Thursday, August 1, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
40842.79 s 99.46, or 0.24% Trailing P/E ratio 25.04 25.71 5522.30 s 85.86, or 1.58% Trailing P/E ratio * 23.60 22.43 17599.40 s 451.98, or 2.64% Trailing P/E ratio *† 30.91 34.63
High, low, open and close for each P/E estimate * 19.53 19.61 High, low, open and close for each P/E estimate * 22.10 20.97 High, low, open and close for each P/E estimate *† 28.25 29.15
trading day of the past three months. Dividend yield 2.09 2.02 trading day of the past three months. Dividend yield * 1.36 1.56 trading day of the past three months. Dividend yield *† 0.84 0.75
All-time high 41198.08, 07/17/24 All-time high 5667.20, 07/16/24 All-time high: 18647.45, 07/10/24

Current divisor 0.15221633137872

41200 5800 18600
Session high
DOWN UP
40500 5600 18000
t

Session open Close

Close Open
t

39800 5400 17400

Session low

39100 5200 16800

65-day moving average

65-day moving average 38400 5000 16200

65-day moving average

37700 4800 15600

Bars measure the point change from session's open

37000 4600 15000
Apr. May June July May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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*1,259,803,495 21,409,415
Industrial Average 41198.63 40655.89 40842.79 99.46 0.24 41198.08 32417.59 15.8 8.4 5.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 711,142,981 15,456,531
Transportation Avg 16323.41 15965.22 16083.86 70.54 0.44 16396.15 13556.07 -1.8 1.2 3.6 Most-active issues in late trading Decl. volume* 528,539,780 5,871,782
Utility Average 990.71 980.99 988.09 1.48 0.15 988.09 783.08 7.3 12.1 2.9 Volume After Hours Issues traded 2,876 310
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 55223.57 54589.07 54862.65 792.89 1.47 56206.02 40847.04 21.4 14.8 6.3 Advances 1,762 200
NVIDIA NVDA 22,434.0 119.58 2.56 2.19 119.90 115.94
Barron's 400 1227.71 1201.01 1212.11 11.10 0.92 1212.12 907.97 18.4 13.0 5.8 Declines 1,049 98
Kenvue KVUE 12,523.8 18.49 … unch. 18.55 18.38
Unchanged 65 12
Nasdaq Stock Market Amcor AMCR 8,402.8 10.67 0.14 1.33 10.67 10.53 New highs 369 12
Nasdaq Composite 17693.98 17438.60 17599.40 451.98 2.64 18647.45 12595.61 25.9 17.2 6.3 Meta Platforms META 6,793.2 500.61 25.78 5.43 515.00 474.00 New lows 22 5
Nasdaq-100 19426.62 19162.91 19362.43 566.16 3.01 20675.38 14109.57 26.0 15.1 9.0 SPDR S&P 500 ETF Trust SPY 6,753.5 551.85 1.04 0.19 552.94 550.33 Closing Arms† 1.12 1.51
AES AES 6,412.5 17.68 -0.11 -0.62 18.00 17.68 Block trades* 5,017 158
S&P

.
1.58
Pfizer PFE 5,117.6 30.62 0.08 0.26 30.67 30.47
500 Index 5551.51 5493.75 5522.30 85.86 5667.20 4117.37 22.4 15.8 7.9 Nasdaq NYSE Arca

ly
Bank of America BAC 5,079.7 40.44 0.13 0.32 40.45 40.27
MidCap 400 3143.02 3082.33 3098.13 18.32 0.59 3115.02 2326.82 15.1 11.4 4.6 Total volume*6,292,564,015 373,992,267
SmallCap 600 1464.59 1424.45 1435.83 7.72 0.54 1435.83 1068.80 13.5 8.9 2.3 Percentage gainers… Adv. volume*4,388,398,895 237,566,221
CareDx CDNA 79.0 24.78 4.79 23.96 27.00 19.99 Decl. volume*1,845,914,318 131,771,714
Other Indexes
Russell 2000
NYSE Composite
Value Line
2300.00 2242.77 2254.48
18841.48 18580.58 18710.01 129.43
625.76 611.05 617.45
11.34

4.41
on
0.51
0.70
0.72
2263.67 1636.94
18781.22 14675.78
620.59 498.09
14.6
15.7
5.3
11.2
11.0
4.0
0.4
4.1
-2.4
MediaAlpha
Olo
Carvana Cl A
MAX
OLO
CVNA
114.2
130.6
17.49

1,636.6 152.15
5.67
2.82
0.89
18.92
19.22
18.62
18.98
6.07
14.20 155.50 117.00
14.67
4.78
Issues traded
Advances
Declines
Unchanged
4,385
2,585
1,620
180
1,988
1,686
289
13
NYSE Arca Biotech 5828.42 5702.95 5740.22 28.77 0.50 5740.22 4544.40 9.6 5.9 -0.04
Sunnova Energy Intl NOVA 616.9 8.05 0.98 13.86 8.28 7.07
New highs 295 394
us ,

NYSE Arca Pharma 1055.89 1044.93 1048.78 0.81 0.08 1089.62 845.32 20.8 15.2 11.0 ...And losers New lows 99 23
l

KBW Bank 116.07 114.47 114.57 -0.88 -0.76 115.45 71.71 31.0 19.3 -2.1 3,629.2 3.39 -1.41 -29.38 4.80 2.81 Closing Arms† 0.67 3.03
e
ALX Oncology ALXO
al a

PHLX§ Gold/Silver 153.12 150.62 152.33 3.85 2.59 157.70 102.94 27.9 21.2 1.9 Alphatec Holdings ATEC 286.4 8.10 -2.00 -19.80 10.18 7.34 Block trades* 43,111 2,219
PHLX§ Oil Service 92.82 91.18 91.95 1.63 1.80 98.76 76.90 -0.5 9.6 18.4 Udemy UDMY 126.6 7.47 -1.77 -19.16 9.70 7.47 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 5240.58 5088.44 5233.18 343.03 7.01 5904.54 3185.18 41.0 25.3 16.0 Teladoc Health TDOC 2,096.9 8.00 -1.43 -15.16 9.60 7.90 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 16.77 15.71 16.36 -1.33 -7.52 21.71 11.86 1.7 31.4 -3.6 Arm Holdings ADR ARM 3,586.8 125.90 -18.27 -12.67 151.87 124.20 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

er s

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
m er

World MSCI ACWI 814.16 12.73 1.59 12.0 NuZee NUZE 5.98 2.28 61.62 12.39 1.01 -26.9 Cetus Capital Acquisition CETU 2.22 -3.65 -62.18 16.00 2.08 -78.4
MSCI ACWI ex-USA 336.44 5.22 1.58 6.3 Windtree Therapeutics WINT 9.12 3.44 60.56 30.06 2.81 -62.2 Imunon IMNN 1.35 -1.97 -59.34 3.65 0.48 6.3
MSCI World 3571.57 57.20 1.63 12.7 Lakeside Holding LSH 3.80 1.43 60.34 5.37 2.10 ... Vaccinex VCNX 5.10 -2.96 -36.72 64.89 4.43 -91.8
MSCI Emerging Markets 1084.77 13.17 1.23 6.0 DallasNews DALN 4.55 1.29 39.57 5.13 2.98 -6.6 PepGen PEPG 11.43 -5.55 -32.69 19.30 3.72 104.5
m rp

Americas MSCI AC Americas 2076.41 32.49 1.59 14.5 Powell Industries POWL 183.63 50.38 37.81 209.14 72.51 114.7 Sigmatron SGMA 3.35 -1.62 -32.60 7.89 2.61 -46.0
Canada S&P/TSX Comp 23110.81 286.14 1.25 10.3 IM Cannabis IMCC 3.51 0.91 34.93 8.10 1.13 -42.0 Definitive Healthcare DH 3.90 -1.84 -32.06 11.60 3.19 -65.9
Latin Amer. MSCI EM Latin America 2198.62 30.41 1.40 –17.4 Molecular Partners ADR MOLN 8.58 2.21 34.59 12.70 3.32 41.2 AvidXchange AVDX 8.94 -3.78 -29.72 13.56 6.88 -19.5
Brazil Bovespa 127651.81 1512.60 1.20 –4.9 Concord Medical Svs ADR CCM 7.88 1.68 27.02 26.70 3.82 -50.2 Rimini Street RMNI 2.22 -0.93 -29.52 3.44 2.01 -15.9
Chile S&P IPSA 3491.67 –13.86 –0.40 0.7 Cassava Sciences SAVA 22.22 4.65 26.47 32.10 8.79 5.9 Macrogenics MGNX 3.76 -1.49 -28.38 21.88 3.14 -23.3
co Fo

Mexico S&P/BMV IPC 53093.97 768.55 1.47 –7.5 Stardust Power SDST 14.90 3.08 26.06 28.38 6.59 38.7 ARYA Sciences Acqn IV ARYD 6.64 -2.32 -25.92 11.57 6.25 -37.6
EMEA STOXX Europe 600 518.18 4.10 0.80 8.2 GrShr 2x Long NVDA Dly NVDL 59.34 12.24 25.99 91.70 11.94 296.0 Big 5 Sporting Goods BGFV 2.05 -0.69 -25.18 8.97 1.80 -74.7
Eurozone Euro STOXX 503.93 2.80 0.56 6.3 Direxion NVDA Bull 2X NVDU 94.71 19.25 25.51 146.87 20.18 ... GrShr 2x Sh NVDA Daily NVD 2.20 -0.73 -24.91 31.45 1.74 ...
Belgium Bel-20 4130.20 –12.20 –0.29 11.4 Altisource Asset Mgmt AAMC 3.13 0.58 22.75 25.88 1.68 -87.6 Salarius Pharmaceuticals SLRX 2.56 -0.74 -22.42 7.92 1.35 -66.2
Denmark OMX Copenhagen 20 2751.58 36.69 1.35 20.5 Radware RDWR 22.66 4.16 22.49 22.74 13.53 41.5 Alto Neuroscience ANRO 10.78 -2.95 -21.49 24.00 9.40 ...
7531.49 0.76 –0.2 Applied Digital APLD 4.86 0.88 22.11 9.08 2.36 -42.1 Community Healthcare Tr CHCT 21.76 -5.75 -20.90 36.71 21.38 -39.9
France CAC 40 56.55
Germany DAX 18508.65 97.47 0.53 10.5
Israel Tel Aviv 2011.77 6.54 0.33 7.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 33763.86 –144.16 –0.43 11.2 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 920.62 12.63 1.39 17.0
Oslo Bors All-Share 1684.40 1.15 10.9 NVIDIA NVDA 461,446 23.3 117.02 12.81 140.76 39.23 Brandywine Dynamic US LCVDVAL 2,650 24490 13.75 0.57 13.81 11.13
Norway 19.21
1.93 noco-noco NCNC 296,966 100274.2 0.29 87.58 10.70 0.12 AllianzIM US LC Bf20 Aug AUGW 1,193 8888 28.08 -0.09 28.18 23.81
South Africa FTSE/JSE All-Share 82765.12 1566.48 7.6
n-

ProSh UltraPro Shrt QQQ SQQQ 240,559 83.7 8.59 -8.91 23.34 7.14 OneAscent Emg Mkts OAEM 713 7047 29.94 1.79 31.43 25.63
Spain IBEX 35 11065.00 –137.60 –1.23 9.5
1003.41 0.44 11.1 Presto Automation PRST 203,385 804.8 0.04 11.14 3.87 0.03 iShares Asia 50 ETF AIA 2,835 4784 66.82 3.26 71.95 52.02
Sweden OMX Stockholm 4.44
0.29 10.6
Faraday Future FFIE 144,328 -32.7 0.35 10.76 83.64 0.04 Xtrkrs Russ 1000 US Qual QARP 469 4748 50.30 0.58 50.99 39.42
Switzerland Swiss Market 12317.44 35.42
Turkey BIST 100 10638.58 –53.10 –0.50 42.4 Advanced Micro Devices AMD 113,641 120.2 144.48 4.36 227.30 93.12 FT Active Factor MdCp AFMC 626 4608 31.47 0.49 31.74 22.30
no

U.K. FTSE 100 8367.98 93.57 1.13 8.2 Primech Holdings PMEC 98,808 35638.9 0.83 57.70 4.18 0.49 JPM BetaBld US SC Equity BBSC 518 4302 67.35 0.39 68.80 48.57
U.K. FTSE 250 21600.71 168.20 0.78 9.7 Direxion Dly SCOND 3 BL SOXL 94,943 67.9 44.39 19.20 70.08 14.01 JPM BetaBld US MC BBMC 755 3281 92.86 0.66 93.62 69.79
ProShares UltraPro QQQ TQQQ 85,239 70.2 68.28 8.74 85.20 30.47 SPDR S&P 500 Fossil Fuel SPYX 1,969 2477 45.23 1.82 46.32 33.32
Asia-Pacific MSCI AC Asia Pacific 183.61 3.94 2.19 8.4
Lumen Technologies LUMN 75,077 465.9 3.15 17.98 3.44 0.78 CoreCommodity Natrl Rscs CCNR 251 2429 25.52 1.39 25.97 24.92
Australia S&P/ASX 200 8092.30 139.12 1.75 6.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2938.75 59.45 2.06 –1.2 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17344.60 341.69 2.01 1.7
81741.34 0.35 13.2
Scan this code
India BSE Sensex 285.94
Japan NIKKEI 225 39101.82 575.87 1.49 16.8 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3455.94 14.18 0.41 6.7 track most-active stocks,
South Korea KOSPI 2770.69 32.50 1.19 4.3 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22199.35 –24.22 –0.11 23.8 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1320.86 12.77 0.98 –6.7
All are available free at WSJMarkets.com US$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 .00003961 25248 4.0
CREDIT MARKETS Argentina peso .0011930.8446 15.1 Europe
Brazil real .1770 5.6510 16.5 Czech Rep. koruna .04259 23.480 4.9
Canada dollar .7242 1.3809 4.2 Denmark krone .1451 6.8933 1.7
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001060 943.55 7.8 Euro area euro 1.0826 .9237 2.0
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000247 4053.80 4.6 Hungary forint .002747 363.99 4.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007231 138.29 1.7
A consumer rate against its 30-year mortgage, Rate Mexico peso .0537 18.6165 9.7 Norway krone .0919 10.8762 6.9
benchmark over the past year 6.00% Uruguay peso .02485 40.2450 3.0 Poland zloty .2524 3.9622 0.7
Bankrate.com avg†: 7.24% 16% Asia-Pacific Sweden krona .0939 10.6520 5.4
30-year fixed-rate Marathon Bank 6.13% One year ago 5.00 Switzerland franc 1.1391 .8779 4.3
Australiadollar .6541 1.5288 4.2
mortgage t 8.00% Wausau, WI 715-845-7331 t 8 WSJ Dollar Index Turkey lira .0302 33.1579 12.5
t China yuan .1385 7.2191 1.5
4.00 .0244 41.0500 7.6
s
Ukraine hryvnia
Fidelity Bank Trust 6.25% Hong Kong dollar .1280 7.8130 0.04
6.00 Tradeweb FTSE UK pound 1.2856 .7778 –1.0
0 India rupee .01195 83.699 0.6
Dubuque, IA 563-557-2300 Wednesday Close 3.00 Middle East/Africa
s Indonesia rupiah .0000615 16249 5.6
4.00 ACNB Bank 6.38% 2.00 –8 s Euro Japan yen .006667 149.99 6.3 Bahrain dinar 2.6532 .3769 –0.01
t
Gettysburg, PA 888-334-2262 Yen Kazakhstan tenge .002105 475.08 4.3 Egypt pound .0206 48.5591 57.0
10-year Treasury 2.00 1.00 Macau pataca .1242 8.0510 –0.04 Israel shekel .2655 3.7670 4.5
note yield Community Bank and Trust 6.38% –16
Malaysia ringgit .2177 4.5945 –0.01 Kuwait dinar 3.2735 .3055 –0.6
Joplin, MO 800-397-5550 1 3 6 1 2 3 5 7 10 20 30 2023 2024
0.00 New Zealand dollar .5952 1.6801 6.2 Oman sul rial 2.5974 .3850 ...
Farmers State Bank 6.38% month(s) years
A S O ND J FMAM J J Pakistan rupee .00359 278.725 –0.9 Qatar rial .2747 3.641 –0.1
Marion, IA 319-390-2534 maturity Philippines peso .0171 58.339 5.3 Saudi Arabia riyal .2665 3.7518 0.05
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7485 1.3360 1.2 South Africa rand .0549 18.2022 –0.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007303 1369.25 5.8
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0033069 302.40 –6.6 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 98.81 –0.56–0.56 3.10
Federal-funds rate target 5.25-5.50 5.25-5.50 5.25 l 5.50 5.25 Taiwan dollar .03058 32.705 6.5
Yield (%) 52-Week Total Return (%) Thailand baht .02813 35.550 3.4 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.33 5.34 5.30 l 5.40 5.28
Money market, annual yield 0.48 0.47 0.46 l 0.64 0.40
U.S. Treasury, Bloomberg 2206.840 4.190 4.390 5.120 4.040 4.135 –2.996 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.84 2.84 2.77 l 2.88 2.39 U.S. Treasury Long, Bloomberg 3200.030 4.400 4.610 5.280 4.060 –0.074–10.509 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.24 7.28 7.01 l 8.28 4.22 Aggregate, Bloomberg 2096.770 4.640 4.840 5.740 4.490 5.101 –2.635
15-year mortgage, fixed† 6.47 6.70 6.34 l 7.42 4.16
DJ Commodity 975.97 12.46 1.29 1079.94 934.97 -1.45 1.90
Fixed-Rate MBS, Bloomberg 2072.320 4.880 5.100 6.050 4.620 4.886 –2.281
Jumbo mortgages, $766,550-plus† 7.33 7.36 7.07 l 8.33 4.28 FTSE/CC CRB Index 278.12 3.38 1.23 300.23 258.09 0.59 5.42
High Yield 100, ICE BofA 3691.091 n.a. 6.736 9.101 6.671 11.511 2.360
Five-year adj mortgage (ARM)† 6.48 6.49 6.34 l 7.16 3.62 Crude oil, $ per barrel 77.91 3.18 4.26 93.68 68.61 -1.99 8.74
Muni Master, ICE BofA 589.913 3.396 3.381 4.311 3.038 3.970 –0.793
New-car loan, 48-month 7.86 7.86 7.26 l 7.94 3.80 Natural gas, $/MMBtu 2.036 -0.090 -4.23 3.575 1.575 -17.80 -19.01
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 7.841 n.a. n.a. n.a. n.a.
banks.† Excludes closing costs. Gold, $ per troy oz. 2426.50 21.50 0.89 2462.40 1816.60 25.25 17.65
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Thursday, August 1, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, July 31, 2024
Metal & Petroleum Futures Dec 7,043 7,133 6,900 6,991 –83 50,164 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Open High hi lo Low Settle Chg interest Sept 230.50 235.40 227.10 229.20 –1.60 106,230 Wednesday Wednesday Wednesday
Dec 229.20 234.00 226.05 228.15 –1.45 77,643 Aluminum, LME, $ per metric ton *2161.5 Wheat,No.2 soft red,St.Louis-u 5.0775
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Energy
Aug 4.0765 4.1790 4.0695 4.1600 0.0970 3,512 Copper,Comex spot 4.1600 Wheat - Hard - KC (USDA) $ per bu-u 5.7900
Oct 19.18 19.32 18.75 18.94 –.18 336,546 Iron Ore, 62% Fe CFR China-s *99.0 5.7000
Sept 4.0950 4.2095 4.0865 4.1765 0.0925 124,349 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 75.000 Wheat,No.1soft white,Portld,OR-u
March'25 19.47 19.63 19.11 19.31 –.13 198,993 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Steel, HRC USA, FOB Midwest Mill-s *655.0
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Food
Aug 2407.10 2447.60 2402.80 2426.50 21.50 21,325 Battery/EV metals
Sept 37.24 37.24 37.24 37.24 … 1,865 Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 11375 Beef,carcass equiv. index
Sept 2420.80 2461.20 2415.40 2438.50 20.90 5,123
March'25 37.00 37.00 37.00 37.00 –.01 2,184 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 10825 choice 1-3,600-900 lbs.-u 299.75
Oct 2432.40 2472.60 2425.70 2449.30 20.90 57,324 Cotton (ICE-US)-50,000 lbs.; cents per lb. Gold, per troy oz
Dec 2455.60 2496.60 2449.20 2473.00 21.10 388,330 Engelhard industrial 2420.00 BMI Cobalt sulphate, EXW China, >20.5% -v,w 3864 select 1-3,600-900 lbs.-u 283.08
Oct 68.35 68.36 67.16 67.98 –.17 386 BMI Nickel Sulphate, EXW China, >22%-v,m 3726 Broilers, National comp wtd. avg.-u,w 1.2981
Feb'25 2478.90 2518.40 2472.50 2496.40 21.50 21,343 69.46 69.64 68.29 68.99 –.56 160,213
Handy & Harman base 2426.30
Dec
Handy & Harman fabricated 2693.19 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Butter,AA Chicago-d 3.1275
April 2496.30 2538.00 2492.80 2516.10 21.70 8,464 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
*2389.15 Cheddar cheese,bbl,Chicago-d 197.50
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 427.40 429.45 419.30 420.90 –4.45 6,883
LBMA Gold Price AM Fibers and Textiles Cheddar cheese,blk,Chicago-d 191.50
Aug 873.50 873.50 t 873.50 922.60 44.60 3 LBMA Gold Price PM *2390.25
Nov 420.85 424.20 415.05 416.60 –4.20 1,916
Krugerrand,wholesale-e 2521.21 Burlap,10-oz,40-inch NY yd-n,w 0.8175 Milk,Nonfat dry,Chicago lb.-d 124.50
Sept 880.00 927.00 879.50 925.20 43.50 26,975 Coffee,Brazilian,Comp-y n.a.
Maple Leaf-e 2545.45 Cotton,1 1/16 std lw-mdMphs-u 0.6298
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Cotlook 'A' Index-t *79.60 Coffee,Colombian, NY-y n.a.
Aug 955.00 957.10 955.00 982.20 17.20 90 American Eagle-e 2545.45
Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 2.6750
969.90 989.00 969.10 986.40 15.40 69,400 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mexican peso-e 2930.91
Oct Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC-p 16.15
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 127-100 129-110 126-300 127-310 24.0 1,643,938 Austria crown-e 2379.24
Hams,17-20 lbs,Mid-US fob-u n.a.
Dec 128-240 129-270 127-250 128-210 26.0 22 Austria phil-e 2545.45 Grains and Feeds
Aug 28.715 28.885 28.715 28.778 0.413 601 Hogs,Iowa-So. Minnesota-u 91.77
Sept 28.540 29.185 28.390 28.938 0.413 105,457 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.7648
Bran,wheat middlings, KC-u,w 81
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 120-080 121-260 119-310 120-250 19.0 1,692,220 Engelhard industrial 28.7000 Pork loins,13-19 lb MidUS-u 1.2701
Corn,No. 2 yellow,Cent IL-bp,u 3.6600
Sept 75.24 78.66 75.18 77.91 3.18 335,749 Dec 120-110 121-290 120-030 120-290 20.0 6,766 Handy & Harman base 28.8150 Corn gluten feed,Midwest-u,w 110.4 Steers,Tex.-Okla. Choice-u n.a.
Oct 74.37 77.54 74.26 76.84 2.96 232,569 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 36.0190 Corn gluten meal,Midwest-u,w 429.4 Steers,feeder,Okla. City-u,w 303.25
Nov 73.68 76.73 73.62 76.05 2.79 132,039 Sept 111-180 112-105 111-150 111-260 8.0 4,740,387 LBMA spot price *£21.6900 Cottonseed meal-u,w n.a.
111-300 112-255 111-300 112-085 8.5 13,726 (U.S.$ equivalent) *27.8800 Fats and Oils
Dec 73.13 76.08 73.07 75.42 2.65 238,132 Dec Hominy feed,Cent IL-u,w 108
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 22090 Meat-bonemeal,50% pro Mnpls-u,w 335 Degummed corn oil, crude wtd. avg.-u,w n.a.
June'25 71.21 73.51 71.01 72.98 2.08 126,924
Dec 69.68 71.47 69.64 71.06 1.66 132,013 Sept 107-242 108-085 107-215 107-285 4.5 6,565,167 Other metals Oats,No.2 milling,Mnpls-u 4.0125 Grease,choice white,Chicago-h 0.4900
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 108-100 108-235 108-052 108-115 5.0 453 LBMA Platinum Price PM *957.0 Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Lard,Chicago-u n.a.
Aug 2.3480 2.4209 2.3458 2.4155 .0787 2,552 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA Palladium Price PM *893.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 374.30 Soybean oil,crude;Centl IL-u,w 0.4441
Sept 2.3719 2.4558 2.3672 2.4383 .0796 121,302 Sept 102-207 102-269 102-185 102-218 1.1 4,401,139 Platinum,Engelhard industrial 975.0 Soybeans,No.1 yllw IL-bp,u 10.3000 Tallow,bleach;Chicago-h 0.5200
Dec 103-027 103-096 103-010 103-042 1.7 972 Palladium,Engelhard industrial 926.0 Wheat,Spring14%-pro Mnpls-u 7.5900 Tallow,edible,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Aug 2.3945 2.4898 2.3945 2.4820 .0949 6,413 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Sept 2.3567 2.4626 2.3529 2.4425 .0982 137,384 July 94.6725t 94.6700 94.6700
94.6725 408,173
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Aug 94.6825t 94.6725 94.6725 –.0100 574,007
94.6825 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/30
Sept 2.120 2.149 2.023 2.036 –.090 379,892 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Source: Dow Jones Market Data
Oct 2.241 2.261 2.149 2.162 –.082 149,097 May 94.6300 94.6350 t 94.6300 94.6325 –.0025 3,054
Nov 2.685 2.704 2.621 2.635 –.063 156,095 Dec 95.3800 95.4400 95.3450 95.3950 .0150 1,176,335
Dec
Jan'25
3.218
3.504
3.235
3.526
3.168
3.465
3.192 –.038
3.484 –.037
91,342
135,607 Currency Futures Bonds | wsj.com/market-data/bonds/benchmarks
March 2.986 3.003 2.946 2.975 –.020 121,254 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Aug .6575 .6702 s .6519 .6664 .0119 383 Tracking Bond Benchmarks
Agriculture Futures Sept .6594 .6731 .6543 .6692 .0120 300,519 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
Aug .7224 .7257 .7220 .7253 .0029 311
highs and lows for different types of bonds
Sept 387.75 390.50 t 381.00 382.75 –6.00 560,382
Sept .7231 .7264 .7226 .7259 .0029 344,495 Total Total
Dec 404.50 406.50 t 397.75 399.75 –5.25 692,237
return YTD total return YTD total
British Pound (CME)-£62,500; $ per £ Yield (%) Yield (%)
Oats (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High
Sept 326.25 330.25 324.00 326.25 .25 959 Aug 1.2844 1.2866 1.2824 1.2858 .0023 266
Dec 318.25 322.75 317.00 319.75 2.75 4,049 Sept 1.2839 1.2871 1.2826 1.2861 .0023 255,047 Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept 1.1387 1.1462 1.1382 1.1433 .0054 84,639 2096.77 1.6 U.S. Aggregate 4.640 4.490 5.740 2072.32 1.6 Mortgage-Backed 4.880 4.620 6.050
Aug 1027.25 1048.50 t 1020.50 1028.50 1.25 2,727
t 1015.00 1022.50 Dec 1.1519 1.1582 1.1504 1.1554 .0055 706
Nov 1020.25 1031.00 1.25 420,751 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2041.40 1.4 Ginnie Mae (GNMA) 4.930 4.640 6.020
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Aug 351.00 356.00 349.20 354.10 2.10 6,828 Aug .6540 .6559 t .6484 .6548 .0006 679 3181.77 1.9 U.S. Corporate 5.140 5.020 6.430 1221.18 1.7 Fannie mae (FNMA) 4.860 4.620 6.050
Dec 318.00 321.50 314.40 315.70 –2.30 241,753 Sept .6545 .6564 .6487 .6553 .0007 203,195
Mexican Peso (CME)-MXN 500,000; $ per MXN 3086.01 3.0 Intermediate 4.960 4.950 6.350 1882.73 2.0 Freddie Mac (FHLMC) 4.750 4.540 6.190
Soybean Oil (CBT)-60,000 lbs.; cents per lb.

.
42.90 43.47 42.67 43.30 .55 2,798 Aug .05300 .05378 .05272 .05372 .00052 38 589.91 0.3 Muni Master 3.396 3.038 4.311
Aug 4204.05 -0.3 Long term 5.490 5.160 6.600
Dec 41.87 42.56 41.77 42.32 .42 243,294 Sept .05291 .05361 .05240 .05349 .00052 194,782

ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € 606.57 0.8 Double-A-rated 4.770 4.540 5.760 415.72 -0.7 7-12 year 3.185 2.721 4.097
Sept 15.14 15.31 15.05 15.25 .02 7,944 Aug 1.0828 1.0860 1.0812 1.0836 .0014 2,132
Sept 1.0840 1.0876 1.0825 1.0850 .0015 652,760 861.80 2.3 Triple-B-rated 5.330 5.250 6.700 478.44 0.5 12-22 year 3.688 3.388 4.742
Nov 15.29 15.53 15.29 15.50 .03 1,130
Wheat (CBT)-5,000 bu.; cents per bu. High Yield Bonds ICE BofA 455.47 1.4 22-plus year 4.184 4.070 5.274
Index Futures
Sept
Dec

Sept
Dec
523.00
547.50

548.75
565.25
534.00
558.50
Wheat (KC)-5,000 bu.; cents per bu.
557.75
573.75
515.50
541.00

539.00
555.50
527.25
552.00

549.00
565.75
3.25 209,073
3.00 135,512

–1.25 129,562
–.50 81,336
Sept
Dec
on
Mini DJ Industrial Average (CBT)-$5 x index
40781
41217
Mini S&P 500 (CME)-$50 x index
41427
41827
40754
41170
41073
41484
114
116
91,240
936
550.14
541.97
3691.09
6.9
4.6 High Yield Constrained 7.605 7.565 9.560
Triple-C-rated
4.2 High Yield 100
n.a. 12.616 15.455
n.a. 6.671 9.101
Global Government J.P. Morgan†
544.91
816.75
0.2
1.8
Global Government
Canada
3.330 2.950 3.810
3.200 3.090 4.260
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 5454.75 5588.50 5451.50 5558.00 85.50 2,022,330
479.93 5.2 Global High Yield Constrained 7.422 7.391 9.440 n.a. n.a. EMU§ n.a. n.a. n.a.
us ,

Aug 256.975 257.750 255.800 257.250 .275 9,811 Dec 5515.25 5650.50 5513.25 5620.00 86.75 21,620
Sept 256.750 257.825 255.550 257.100 .150 15,407 Mini S&P Midcap 400 (CME)-$100 x index 361.34 4.4 Europe High Yield Constrained 6.274 6.172 8.022 651.86 -1.3 France 3.090 2.540 3.630
l

Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 3102.70 3164.40 s 3095.30 3120.10 19.90 37,365
-0.5
e
Dec … 3192.60 s 3130.80 3148.40 17.80 n.a. U.S Agency Bloomberg Fixed Income Indices 465.48 Germany 2.390 2.020 3.030
al a

Aug 187.275 187.500 186.525 187.125 –.575 32,897

Mini Nasdaq 100 (CME)-$20 x index
Oct 187.050 187.250 185.875 186.675 –.775 147,207
Sept 18865.75 19648.00 18861.75 19505.25 569.00 252,587 1824.67 2.3 U.S Agency 4.580 4.380 5.390 269.78 -3.3 Japan 1.470 0.930 1.490
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 19110.00 19882.75 19100.25 19747.25 573.75 3,940
1613.80 2.4 10-20 years 4.570 4.360 5.370 506.32 -0.5 Netherlands 2.630 2.260 3.320
ci on

Aug 91.375 92.350 91.075 92.275 1.075 26,654 Mini Russell 2000 (CME)-$50 x index
Oct 75.075 76.050 74.500 75.925 1.150 106,469 2263.00 2320.50 s 2253.10 2273.00 13.90 472,029 1.5
Sept 3506.18 20-plus years 4.690 4.500 5.740 804.71 -0.9 U.K. 4.250 3.790 4.880
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 2281.70 2343.70 s 2277.90 2297.20 14.40 556
Sept 503.50 512.00 497.00 502.00 1.00 8,291 Mini Russell 1000 (CME)-$50 x index 2791.66 2.3 Yankee 4.910 4.860 6.110 n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
Nov 514.00 526.00 513.50 517.00 3.00 1,559 Sept 3030.00 3052.80 2997.60 3036.40 46.00 6,432
*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
Sept 104.23 104.31 103.62 103.86 –.46 38,775 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Aug 20.70 20.76 20.43 20.53 –.18 3,249
103.77 103.78 103.37 103.47 –.46 491
er s

Sept 21.71 21.83 s 21.17 21.25 –.46 4,531

Dec
Cocoa (ICE-US)-10 metric tons; $ per ton.
Source: FactSet
Global Government Bonds: Mapping Yields
Sept 8,125 8,250 7,960 8,092 –44 41,709
m er

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
4.375 U.S. 2 4.337 t
Latest(l) 0 1 2 3 4 5 6 Previous
4.359
Month ago
4.718
Year ago
4.874
Latest Prev Year ago
m rp

l
Inventories, imports and demand for the week ended July 26. Current figures are in thousands of barrels or 4.375 10 4.107t l 4.143 4.342 3.956
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. 4.250 Australia 2 3.893 t l 4.095 4.175 4.038 -27.4 -82.0
-45.3
Natural-gas import and demand data are available monthly only.
3.750 10 4.128 t l 4.275 4.322 4.058 1.7 13.6 9.9
Inventories, 000s barrels Imports, 000s barrels per day 2.500 France 2 2.760 t l 2.803 3.126 3.306 -158.6 -156.6 -155.2
3.000 10 3.013 t l 3.061 3.253 3.030 -107.8 -92.9
co Fo

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
-109.8
Current change week ago avg avg Current change week ago avg avg 2.700 Germany 2 2.523 t l 2.566 2.842 3.038 -182.3 -180.3 -182.0
Crude oil and 2.600 10 2.306 t l 2.344 2.501 2.491 -180.6 -179.5 -146.8
petroleum prod 1,289,025 ... 1,291 1,266 1,291 1,303 9,184 ... 8,847 8,637 8,854 8,656 3.200 Italy 2 3.103 t l 3.145 3.564 3.687 -124.3 -122.4 -117.1
Crude oil
3.850 10 3.647 t l 3.711 4.071 4.102 -46.4 -42.8 14.3
excluding SPR 433,049 -200 436 440 439 454 6,953 ... 6,871 6,668 6,905 6,517
Gasoline 223,757 ... 227 219 228 229 917 ... 778 945 798 806 0.400 Japan 2 0.458 s l 0.372 0.358 0.010 -388.8 -399.7 -484.8
Finished gasoline 16,328 -1,300 17 17 17 20 196 ... 144 92 135 176 1.100 10 1.061 s l 0.997 1.048 0.603 -305.0 -314.2 -335.6
Reformulated 16 ... 0 0 0 0 0 ... 0 0 0 0 2.800 Spain 2 2.839 t l 2.891 3.199 3.435 -147.8 -142.3
-150.7
Conventional 16,312 ... 17 17 17 20 196 ... 144 92 135 176
Blend. components 207,429 ... 211 202 212 209 722 ... 634 852 664 630 3.450 10 3.119 t l 3.170 3.386 3.511 -99.2 -97.0 -44.8

Natural gas (bcf) 3,231 ... 3 3 3 3 ... ... ... ... ... … 0.125 U.K. 2 3.806 t l 3.862 4.218 4.981 -54.0 -50.7 12.4
4.250 10 3.970 t l 4.050 4.177 4.309 -14.1 -8.9 35.0
Kerosene-type
n-

jet fuel 47,180 ... 47 41 46 41 64 ... 73 60 85 152 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Distillates 126,847 -400 125 117 126 136 140 ... 112 113 125 146
Heating oil
Diesel
7,421
119,426
...
...
7
118
7
110
7
119
9
64
3
137
...
...
1
110
0
113
1
124
9
136
Corporate Debt
Residual fuel oil 25,856 ... 26 28 27 31 89 ... 81 48 74 167 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
no

Other oils 320,970 ... 321 310 317 311 914 ... 847 724 772 759 expectations
Net crude, petroleum Investment-grade spreads that tightened the most…
products, incl. SPR 1,664,122 ... 1,666 1,613 1,665 1,850 -2,320 ... -1,776 -3,142 -1,831 265 Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Weekly Demand, 000s barrels per day Natural gas storage Verizon Communications VZ 4.125 4.67 March 16, ’27 49 –9 57
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals –8
Royal Bank of Canada RY 4.950 4.69 Feb. 1, ’29 71 72
Current change week ago avg avg
Deutsche Bank DB 5.414 4.94 May 10, ’29 102 –6 95
Total petroleum
4250 Memorial Sloan–Kettering Cancer Center … 4.200 5.06 July 1, ’55 70 –6 n.a.
product 20,724 ... 21,033 20,023 20,484 20,228
Natural gas, Mount Nittany Medical Center … 3.799 5.22 Nov. 15, ’52 84 –6 n.a.
Finished 3250
t lower 48 states Telefonica Emisiones … 5.213 5.90 March 8, ’47 147 –6 148
motor gasoline 9,250 ... 9,456 8,838 9,222 9,334 t
Five-year average
Kerosene-type 2250 UBS AG New York … 1.250 5.00 Aug. 7, ’26 64 –6 65
for each week
jet fuel 1,704 ... 1,758 1,731 1,683 1,575 Barclays … 4.950 5.53 Jan. 10, ’47 110 –5 104
1250
Distillates 3,725 ... 3,861 3,826 3,659 3,788
Residual fuel oil 333 ... 381 152 299 282
…And spreads that widened the most
250
Propane/propylene 716 ... 1,018 885 786 ... A S O N D J F M A M J J Danske Bank … 4.375 4.88 June 12, ’28 87 13 n.a.
Other oils 4,996 ... 4,560 4,591 4,836 ... 2023 2024 National Bank of Canada … 5.600 4.84 Dec. 18, ’28 82 9 93
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Banco Santander … 5.439 5.21 July 15, ’31 126 6 119
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Credit Agricole … 3.250 5.46 Jan. 14, ’30 145 5 143
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs BHP Billiton Finance … 5.000 5.34 Sept. 30, ’43 90 4 91
Closing Chg YTD Berkshire Hathaway Finance … 4.400 4.97 May 15, ’42 52 4 45
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
Citigroup C 6.625 5.32 June 15, ’32 121 4 111
SchwabUS LC Grw SCHG 99.87 2.57 20.4
Wednesday, July 31, 2024 Closing Chg YTD
ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 566.09 0.57 11.6
Walt Disney DIS 3.800 4.65 March 22, ’30 63 4 n.a.
Closing Chg YTD SPDR S&P Div SDY 134.83 0.11 7.9
ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 51.87 0.23 1.2 TechSelectSector XLK 218.80 4.24 13.7
CommSvsSPDR XLC 85.79 1.19 18.1 iSh1-3YTreaBd
iShRussMC
SHY
IWR
82.34
84.94
0.21
0.41
0.4
9.3
VanEckSemicon
VangdSC Val
SMH
VBR
246.99
198.33
7.63
0.45
41.2
10.2
High-yield issues with the biggest price increases…
CnsmrDiscSel XLY 187.49 1.55 4.9
iShRuss1000 IWB 301.90 1.47 15.1 VangdExtMkt VXF 179.44 0.85 9.1 Bond Price as % of face value
DimenUSCoreEq2 DFAC 33.33 1.25 14.0
EnSelSectorSPDR XLE 93.21 0.42 11.2 iShRuss1000Grw IWF 358.19 2.65 18.1 VangdDivApp VIG 189.79 0.82 11.4 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iShRuss1000Val IWD 183.39 0.21 11.0 VangdFTSEAWxUS VEU 60.13 1.64 7.1
FinSelSectorSPDR XLF 43.74 –0.25 16.3
HealthCrSelSect XLV 149.63 –0.37 9.7
iShRuss2000 IWM 223.86 0.58 11.5 VangdFTSEDevMk VEA 50.91 1.47 6.3 Transocean RIG 7.500 8.17 April 15, ’31 96.576 1.01 95.000
iShS&P500Grw IVW 91.29 2.71 21.6 VangdFTSE EM VWO 44.29 1.93 7.8
IndSelSectorSPDR XLI 127.86 1.12 12.2
InvscNasd100 QQQM 193.76 2.91 15.0
iShS&P500Value IVE 190.70 0.22 9.7 VangdFTSE Europe VGK 68.46 0.88 6.2 Bath & Body Works BBWI 6.950 7.30 March 1, ’33 97.810 0.76 98.788
iShSelectDiv DVY 130.10 –0.02 11.0 VangdGrowth VUG 367.30 2.45 18.1
InvscQQQI QQQ 471.07 2.96 15.0
InvscS&P500EW RSP 171.60 0.47 8.7
iSh7-10YTreaBd IEF 96.07 0.73 –0.3 VangdHiDiv VYM 124.33 0.67 11.4 Rockies Express Pipeline … 6.875 7.03 April 15, ’40 98.550 0.57 98.288
iShShortTreaBd SHV 110.54 0.01 0.4 VangdInfoTech VGT 568.01 3.50 17.4
iShBitcoin IBIT 37.18 –0.99 ...
iShCoreDivGrowth DGRO 60.30 0.42 12.0
iShTIPSBond TIP 108.18 0.55 0.6 VangdIntermBd BIV 76.61 0.60 0.3 Bausch Health … 11.000 13.04 Sept. 30, ’28 93.550 0.55 95.500
iSh20+YTreaBd TLT 94.81 1.02 –4.1 VangdIntrCorpBd VCIT 81.69 0.52 0.5
iShCoreMSCIEAFE IEFA 74.78 1.41 6.3 146.33 19.2
iShUSTech IYW 3.49 VangdIntermTrea VGIT 59.42 0.56 0.2 0.50
iShCoreMSCIEM IEMG 53.94 2.06 6.6 iShUSTreasuryBd GOVT 23.01 0.57 –0.1 VangdLC VV 252.34 1.55 15.7
Carnival CCL 6.650 6.36 Jan. 15, ’28 100.899 101.750
iShCoreMSCITotInt IXUS 69.19 1.63 6.6 100.72 0.4
iShCoreS&P500 IVV 553.32 1.56 15.8
iSh0-3MTreaBd SGOV 0.01 VangdMegaGrwth MGK 307.01 2.52 18.3
QVC … 5.950 10.86 March 15, ’43 61.079 0.48 60.953
JPM EqPrem JEPI 57.48 0.77 4.5 VangdMC VO 251.88 0.68 8.3
iShCoreS&P MC IJH 61.97 0.60 11.8
iShCoreS&P SC IJR 118.34 0.59 9.3
JPM UltShIncm JPST 50.60 0.02 0.7 VangdRealEst VNQ 90.41 –0.35 2.3
Walgreen … 4.400 7.73 Sept. 15, ’42 67.817 0.44 70.250
PacerUSCashCows COWZ 57.82 0.23 11.2 VangdRuss1000Grw VONG 92.18 2.68 18.1
iShCoreS&PTotUS ITOT 121.02 1.47 15.0 ProShUltPrQQQ TQQQ 68.28 8.74 34.7 VangdS&P500ETF VOO 505.93 1.58 15.8
iShCoreS&PUSGrw
iShCoreTotUSDBd
IUSG
IUSB
126.08
46.12
2.58
0.52
21.1
0.1
SPDRBbg1-3MTB
SPDR DJIA Tr
BIL
DIA
91.80
408.49
0.02
0.27
0.4
8.4
VangdST Bond
VangdSTCpBd
BSV
VCSH
77.63
78.23
0.25
0.22
0.8
1.1
…And with the biggest price decreases
iShCoreUSAggBd AGG 99.11 0.54 –0.1
iShEdgeMSCIMinUSA USMV 87.04 0.31 11.5
SPDR Gold GLD 226.55 1.81 18.5 VangdShortTrea VGSH 58.48 0.24 0.3
Optics Bidco … 6.375 6.63 Nov. 15, ’33 98.250 –0.68 n.a.
SPDRPtfDevxUS SPDW 36.12 1.49 6.2 VangdSC VB 233.40 0.63 9.4
iShEdgeMSCIUSAQual QUAL 171.78 1.86 16.7 SPDRS&P500Value SPYV 51.04 0.14 9.5 VangdTaxExemptBd VTEB 50.60 0.24 –0.9
ZF North America Capital … 4.750 6.32 April 29, ’25 98.867 –0.23 99.000
iShGoldTr IAU 46.30 1.78 18.6 SPDRPtfS&P500 SPLG 64.72 1.54 15.8 VangdTotalBd BND 73.52 0.55 –0.0
iShiBoxx$IGCpBd LQD 109.56 0.58 –1.0 SPDRS&P500Growth SPYG 79.04 2.70 21.5 VangdTotIntlBd BNDX 49.61 0.36 0.5 –0.08
iShMBS MBB 93.92 0.59 –0.2 SPDR S&P 500 SPY 550.81 1.63 15.9 VangdTotIntlStk VXUS 61.88 1.64 6.8
Bath & Body Works BBWI 9.375 5.90 July 1, ’25 103.049 103.547
iShMSCIACWI ACWI 114.13 1.64 12.1 SchwabIntEquity SCHF 39.52 1.46 6.9 VangdTotalStk VTI 272.57 1.48 14.9
iShMSCI EAFE EFA 80.36 1.41 6.6 SchwabUS BrdMkt SCHB 64.02 1.47 15.0 VangdTotWrldStk VT 114.86 1.56 11.6 *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.
iSh MSCI EM EEM 42.95 2.19 6.8 SchwabUS Div SCHD 82.58 –0.27 8.5 VangdValue VTV 168.01 0.56 12.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 107.68 0.25 –0.7 SchwabUS LC SCHX 65.16 1.64 15.5 WT FRTrea USFR 50.28 –0.02 0.1 Source: MarketAxess
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * Thursday, August 1, 2024 | 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 FactSet FDS 413.09 -3.73 Interpublic IPG 32.17 0.20 MotorolaSol MSI 398.92 3.59 RenaissanceRe RNR 231.91 2.02 SunLifeFinancial SLF 49.61 -0.31 UnitedAirlines UAL 45.42 -1.19
Stock Market listed securities. Prices are consolidated from trades reported by various FairIsaac FICO 1600.00 11.50 Intra-Cellular ITCI 78.72 0.62 s MuellerIndustries MLI 70.94 0.61 RentokilInit RTO 31.00 0.37 SuncorEnergy SU 39.92 1.51 UnitedMicro UMC 8.37 0.94
market centers, including securities exchanges, Finra, electronic communications Fastenal FAST 70.75 -0.14 Intuit INTU 647.35 11.55 MurphyUSA MUSA 504.92 -0.18 Repligen RGEN 167.35 6.76 Sunoco SUN 54.92 -0.21 UPS B UPS 130.37 1.34
networks and other broker-dealers. The list comprises the 1,000 largest companies FederalRealty FRT 111.65 -2.26 IntuitiveSurgical ISRG 444.61 11.92 NICE NICE 181.00 0.89 RepublicSvcs RSG 194.32 1.96 SuperMicroComp SMCI 701.65 35.34 UnitedRentals URI 757.10 20.02
based on market capitalization. FedEx FDX 302.25 1.37 InvitatHomes INVH 35.27 0.28 NIO NIO 4.44 0.02 ResMed RMD 213.25 5.21 Suzano SUZ 9.54 0.02 US Bancorp USB 44.88 -0.59
Underlined quotations are those stocks with large changes in volume compared s Ferguson FERG 222.65 3.91 s IronMountain IRM 102.56 1.27 NNN REIT NNN 44.89 -0.63 RestaurantBrands QSR 69.99 0.90 SynchronyFinl SYF 50.79 -0.20 US Steel X 41.09 0.86
with the issue’s average trading volume. Ferrari RACE 413.01 2.74 ItauUnibanco ITUB 6.02 -0.11 NOV NOV 20.82 0.36 s Revvity RVTY 125.61 -1.55 Synopsys SNPS 558.32 32.43 UnitedTherap UTHR 313.29 -24.25
Ferrovial FER 39.82 -2.72 NRG Energy NRG 75.17 1.84 RexfordIndlRealty REXR 50.11 0.60 Sysco SYY 76.65 0.21 UnitedHealth UNH 576.16 -0.17
Boldfaced quotations highlight those issues whose price changed by 5% or more if s FidNatlFinl FNF 55.41 0.37 J K L NVR NVR 8607.48 -54.50 RioTinto RIO 65.16 1.63 UnivDisplay OLED 222.62 6.84
their previous closing price was $2 or higher. FidNatlInfo FIS 76.83 0.09
JD.com JD
NXP Semicon NXPI 263.16 11.48
26.39 0.03 Nasdaq
Rivian RIVN 16.41 0.19 T U V UniversalHealthB UHS 213.76 -1.34
Footnotes: s FifthThirdBncp FITB 42.34 0.08 NDAQ 67.68 -1.47 Robinhood HOOD 20.57 0.17 s UnumGroup UNM 57.53 3.25
JPMorganChase JPM 212.80 -2.39 Natera NTRA 102.39 4.64 Roblox RBLX 41.52 s TC Energy TRP 42.41 0.47 VICI Prop VICI 31.26 -0.16
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four FirstCitizBcshA FCNCA 2087.69 -40.82 0.49
Jabil JBL 112.67 3.32 NationalGrid NGG 64.45 0.50 s TD Synnex SNX 119.17 1.00 Vale VALE 10.85 0.16
quarters. FirstHorizon FHN 16.73 -0.10 RocketCos. RKT 16.19 0.04
JackHenry JKHY 171.48 -0.93 NatWest NWG 9.54 0.05 TE Connectivity TEL 154.33 1.38 ValeroEnergy VLO 161.72 -1.76
FirstSolar FSLR 215.99 5.10 Rockwell ROK 278.65 3.22
Stock tables reflect composite regular trading as of 4 p.m. ET and s JacobsSolns J 146.35 0.16 NetApp NTAP 126.98 4.41 Telus TU 16.14 0.15 Vaxcyte PCVX 78.89 -1.01
FirstEnergy FE 41.91 0.11 RogersComm B RCI 38.65 0.34
changes in the official closing prices from 4 p.m. ET the previous day. JamesHardie JHX 36.16 0.57 NetEase NTES 92.11 0.46 TFI Intl TFII 155.75 2.61 VeevaSystems VEEV 191.93 -1.70
FirstService FSV 174.56 -0.96 s RoivantSciences ROIV 10.85 0.18
JefferiesFinl JEF 58.47 0.78 Netflix TJX TJX 113.02 -0.22 s
s Fiserv FI 163.57 0.46 NFLX 628.35 5.77 Roku ROKU 58.21 0.77 Ventas VTR 54.44 -0.42
J&J JNJ 157.85 -3.48 Neurocrine NBIX 141.57 0.39 TKO TKO 109.35 -0.39 Veralto VLTO 106.56 -0.50
Flex FLEX 32.15 0.91 s Rollins ROL 47.91 -0.06
JohnsonControls JCI 71.54 2.51 NewOrientalEduc EDU 62.82 -6.43 T-MobileUS TMUS 182.28 6.92 VeriSign VRSN 187.01 0.05
Wednesday, July 31, 2024 Net Net Floor&Decor FND 98.00 2.26 RoperTech ROP 544.75 -0.06
JonesLang JLL 250.90 2.65 NYTimes A NYT 53.59 0.18 s TPG TPG 50.99 0.72 VeriskAnalytics VRSK 261.75 -24.24
Stock Sym Close Chg Stock Sym Close Chg Fluor FLR 48.10 1.17 s RossStores ROST 143.23 0.48
Net JuniperNetworks JNPR 37.69 -0.27 s Newmont NEM 49.07 1.66 T.RowePrice TROW 114.21 1.51 Verizon VZ 40.52 0.48
FlutterEnt FLUT 197.40 4.77 s RoyalBkCanada RY 111.74 0.60
Stock Sym Close Chg KB Financial KB 65.21 0.25 NewsCorp B NWS 28.49 0.13 TaiwanSemi TSM 165.80 11.26 s VertexPharm VRTX 495.72 -6.88
BarrickGold GOLD 18.51 0.37 ConagraBrands CAG 30.32 -0.06 FomentoEconMex FMX 110.25 2.05 RoyalCaribbean RCL 156.72 -0.22
KBR KBR 66.59 0.48 NewsCorp A NWSA 27.58 0.16 TakeTwoSoftware TTWO 150.53 0.53
Bath&BodyWks BBWI 36.75 0.14 Confluent CFLT 25.02 0.73 FordMotor F 10.82 -0.02 RoyalGold RGLD 138.12 1.58 Vertiv VRT 78.70 5.67
A B C BaxterIntl BAX 35.82 -0.09 ConocoPhillips COP 111.20 1.29 Fortinet FTNT 58.04 0.54 s
KE Holdings BEKE 13.85 0.34 NextEraEnergy NEE 76.39 2.11
KKR KKR 123.45 3.46 Nike RoyaltyPharma RPRX 28.17 -0.37 TakedaPharm TAK 13.88 0.23 Viatris VTRS 12.06 -0.07
BectonDicknsn BDX 241.06 -0.68 ConEd ED 97.52 -0.64 Fortis FTS 41.84 0.59 NKE 74.86 0.54 RyanSpecialty RYAN 61.59 -0.13 Tapestry TPR 40.09 0.32 Viking VIK 35.70 0.18
AECOM ACM 90.61 0.38 KLA KLAC 823.07 64.18 NiSource NI 31.25 0.09 TargaResources TRGP 135.28 1.89
BeiGene BGNE 166.58 9.60 ConstBrands A STZ 245.16 1.86 Fortive FTV 71.85 0.65 Ryanair RYAAY 101.30 -0.53 VinFastAuto VFS 3.94 ...
AES AES 17.79 0.24 Kaspi.kz KSPI 130.13 0.63 Nokia NOK 3.92 ... Target TGT 150.41 2.46
BentleySystems BSY 48.74 0.88 ConstellationEner CEG 189.80 21.11 FortuneBrands FBIN 80.81 -0.59 SAP SAP 211.60 4.84 Visa V 265.67 2.57
Aflac AFL 95.38 0.02 Kellanova K 58.15 0.60 Nomura NMR 6.19 0.20 s TechnipFMC FTI 29.50 0.49
Berkley WRB 55.13 -0.33 Cooper COO 93.33 0.64 FoxA FOXA 38.04 -0.38 S&P Global SPGI 484.73 -3.78 Vistra VST 79.22 10.22
AGNC Invt AGNC 10.01 -0.02 Kenvue KVUE 18.49 -0.26 Nordson NDSN 250.33 1.72 TeckResourcesB TECK 49.01 1.59
BerkHathwy B BRK.B 438.50 -2.76 Copart CPRT 52.33 0.61 FoxB FOX 35.43 -0.37 SBA Comm SBAC 219.54 1.60 Vodafone VOD 9.36 -0.07
Ansys ANSS 313.63 9.18 KeurigDrPepper KDP 34.28 0.16 NorfolkSouthern NSC 249.56 -0.15
BerkHathwy A BRK.A 659210-2913.87 Core&Main CNM 53.47 0.50 Franco-Nevada FNV 128.96 1.84 SEI Investments SEIC 67.84 0.17 TeledyneTech TDY 421.86 -2.12 s VulcanMatls VMC 274.51 4.51
APA APA 31.19 0.16 KeyCorp KEY 16.13 -0.12 NorthernTrust NTRS 88.65 -0.30 Teleflex TFX 220.92 -1.79
BestBuy BBY 86.52 1.17 CorebridgeFin CRBG 29.55 -0.20 FranklinRscs BEN 22.87 0.06 KeysightTech KEYS 139.57 3.62 NorthropGrum NOC 484.32 -2.41 SK Telecom SKM 22.43 0.31
ASE Tech
ASML
ASX 10.02
ASML 936.70
0.34
76.46 Bio-Techne TECH 81.59 -0.38 Corning GLW 40.01 0.27 FreeportMcM FCX 45.41 1.56 KimberlyClark KMB 135.05 -1.33 NorwegCruise NCLH 18.43 -0.13 SPS Commerce SPSC 215.42 7.70 s Ericsson ERIC 6.89 0.02 W X Y Z
Bio-RadLab A BIO 338.36 -1.87 Corpay CPAY 291.82 -5.82 FreseniusMedCare FMS 19.29 -0.34 SS&C Tech SSNC 72.95 -0.51 TelefonicaBras VIV 8.59 0.24
AT&T T 19.25 0.27 KimcoRealty KIM 21.73 -0.30 Novartis WEC Energy WEC 86.06 0.46
Biogen BIIB 213.20 1.31 Corteva CTVA 56.10 0.57 FullTruck YMM 7.60 0.09 KinderMorgan KMI 21.13 -0.30 NovoNordisk NVO 132.63 3.40
NVS 111.48 -0.45 s STAG Indl STAG 40.81 0.14 Telefonica TEF 4.54 -0.02
s ATI ATI 67.71 2.14 Saia SAIA 417.85 9.24 TelekmIndonesia TLK 17.84 0.13 WEX WEX 183.45 -0.74
BioMarinPharm BMRN 84.33 -0.06 CoStar CSGP 78.02 -0.46 KinrossGold KGC 9.06 0.32 NuHoldings NU W.P.Carey
AbbottLabs ABT 105.94
AbbVie ABBV 185.32
0.62
-1.46 BioNTech BNTX 86.20 -0.54 Costco COST 822.00 11.97 G H I KinsaleCapital KNSL 457.07 -4.83 Nucor
12.13 0.11 Salesforce CRM 258.80 0.87 TempurSealy TPX 52.35 0.36
WPP
WPC 57.81
WPP 48.34
-2.99
0.13
Birkenstock BIRK 59.11 0.19 CoterraEnergy CTRA 25.80 0.10 NUE 162.94 3.51 Samsara IOT 38.28 1.34 s TempusAI TEM 43.28 -2.69
Accenture ACN 330.62 1.42 GE Aerospace GE 170.20 2.72 Knight-Swift KNX 54.43 0.10 Nutanix NTNX 50.51 1.61 Wabtec WAB 161.15 1.77
s BlackRock BLK 876.50 3.91 Coty COTY 9.95 0.13 Philips PHG 28.18 -0.24 Nutrien Sanofi SNY 51.81 0.12 Tenaris TS 31.84 0.41
AcuityBrands AYI 251.35 2.33 GE HealthCare GEHC 84.63 1.98 NTR 51.20 0.45 TencentMusic TME 14.18 0.28
WalgreensBoots WBA 11.87 -0.29
Blackstone BX 142.15 0.81 Coupang CPNG 20.75 0.42 KoreaElecPwr KEP 7.35 0.15 nVentElectric NVT 72.63 3.08 SareptaTherap SRPT 142.24 -0.80
Adobe ADBE 551.65 12.94 GE Vernova GEV 178.24 15.54 TenetHealthcare THC 149.70 -0.46
Walmart WMT 68.64 -0.55
s BlockHR HRB 57.94 -0.13 Crane CR 160.42 9.00 KraftHeinz KHC 35.21 1.37 Schlumberger SLB 48.29 0.68
AdvDrainageSys WMS 177.04 3.57 GFLEnvironmental GFL 38.82 0.51 NVIDIA NVDA 117.02 13.29 WarnerBrosA WBD 8.65 -0.13
Block SQ 61.88 1.79 Credicorp BAP 170.64 -1.61 Kroger KR 54.50 -0.20 SchwabC SCHW 65.19 0.28 Teradyne TER 131.16 9.82
AdvMicroDevices AMD 144.48 6.04 GSK GSK 38.77 -1.00 WarnerMusic WMG 30.01 0.04
BlueOwlCapital OWL 19.07 0.01 Crocs CROX 134.37 1.76 Sea SE 65.70 0.66 Tesla TSLA 232.07 9.45
Aegon AEG 6.45 0.02
Boeing BA 190.60 3.74 CrowdStrike CRWD 231.96 -1.69
s Gallagher AJG 283.49 -1.51 LKQ LKQ 41.50 0.65
LPL Financial LPLA 221.52 -0.06
O P Q Seagate STX 102.17 3.07 TetraTech TTEK 213.24 1.71
WasteConnections WCN 177.77
WasteMgt WM 202.66
1.41
1.56
AerCap AER 93.95 0.95 GameStop GME 22.67 0.27 Sempra SRE 80.06 -0.16 s TevaPharm TEVA 17.43 1.02
AffirmA AFRM 28.29 0.83 Booking BKNG 3715.01 -5.98 CrownCastle CCI 110.08 0.66
s L3HarrisTech LHX 226.89 -0.85 s OGE Energy OGE 38.77 -0.05 Waters WAT 336.28 8.62
Gaming&Leisure GLPI 50.20 -0.05 s ServiceIntl SCI 79.91 -0.10 TexasInstruments TXN 203.81 4.12
AgilentTechs A 141.40 1.91 BoozAllen BAH 143.31 4.49 Crown Holdings CCK 88.70 1.34 Labcorp LH 215.44 2.38 ONEOK OKE 83.33 0.54 Watsco WSO 489.49 8.35
Gap GPS 23.48 0.70 ServiceNow NOW 814.39 15.59 s TexasPacLand TPL 844.90 18.57
s AgnicoEagleMines AEM 77.17 2.01 BostonSci BSX 73.88 -0.15 CubeSmart CUBE 47.58 -1.15 LamResearch LRCX 921.24 66.38 ON Semi ON 78.25 4.28 WeatherfordIntl WFRD 117.86 3.17
Garmin GRMN 171.25 -8.09 SharkNinja SN 76.85 0.02 s TexasRoadhouse TXRH 174.61 0.74
BristolMyers BMY 47.56 -1.49 Cullen/Frost CFR 117.06 -2.63 LamarAdv LAMR 119.86 0.11 O'ReillyAuto ORLY 1126.34 -14.56 WebsterFin WBS 49.62 0.27
AirProducts APD 263.85 -0.38 s Gartner IT 501.19 2.42 Shell SHEL 73.22 1.25 Textron TXT 92.90 0.84
BritishAmTob BTI 35.64 -0.15 Cummins CMI 291.80 2.76 LambWeston LW 60.02 0.50 OccidentalPetrol OXY 60.82 0.55 WellsFargo WFC 59.34 -0.67
Airbnb ABNB 139.56 0.57 s GenDigital GEN 25.99 0.22 s ThermoFisher TMO 613.34
BrixmorProp BRX 25.47 -0.91 s Curtiss-Wright CW 294.70 9.23 Lantheus LNTH 104.83 -4.94 Okta OKTA 93.94 1.12 SherwinWilliams SHW 350.80 -1.04 -1.72 Welltower WELL 111.25 -0.99
AkamaiTech AKAM 98.28 0.40 s Generac GNRC 155.68 0.11 s ShinhanFin SHG 43.33 0.43 ThomsonReuters TRI 161.92 1.29
Albemarle ALB 93.67 1.16 Broadcom AVGO 160.68 17.16 CyberArkSoftware CYBR 256.38 -0.02 LasVegasSands LVS 39.67 0.20 OldDomFreight ODFL 210.18 5.15 WescoIntl WCC 174.95 4.16
GeneralDynamics GD 298.71 5.70 Shopify SHOP 61.20 2.00 3M MMM 127.55 0.80
Albertsons ACI 19.83 0.13 s BroadridgeFinl BR 214.00 -1.39 LegendBiotech LEGN 56.39 -0.46 s OldRepublic ORI 34.62 0.14 WestPharmSvcs WST 306.17 6.86
s Alcon ALC 94.00 0.58 s BrookfieldAsset BAM 43.63 0.38 D E F GeneralMills GIS
GeneralMotors GM
67.14 -0.91
44.32 0.09 Leidos LDOS 144.40 -1.58 OmegaHealthcare OHI 36.40 -0.13 SimonProperty SPG 153.44 -1.37 Toast TOST 26.16 0.20 s WestAllianceBcp WAL 80.46 0.02
s Brookfield BN 48.75 0.90 s Lennar A LEN 176.93 -3.52 s Omnicom OMC 98.04 0.12 SimpsonMfg SSD 192.09 0.35 s TollBros TOL 142.71 -0.38 WesternDigital WDC 67.05 3.87
AlexandriaRlEst ARE 117.29 -1.73 s DTE Energy DTE 120.53 -0.10 Genmab GMAB 28.29 0.08 SiriusXM SIRI 3.45 -0.04 s TopBuild BLD 478.54 -0.55
BrookfieldInfr BIP 31.58 0.28 s Lennar B LEN.B 164.96 -3.32 OnHolding ONON 41.42 2.60 WesternMidstrm WES 40.92 0.22
Alibaba BABA 78.85 0.85 s Danaher DHR 277.08 1.89 GenuineParts GPC 147.11 0.02 SkechersUSA SKX 65.13 0.73 Toro TTC 95.73 -0.17
AlignTech ALGN 231.88 0.72 BrookfieldRenew BEPC 28.10 0.53 s LennoxIntl LII 583.50 9.47 OntoInnovation ONTO 191.30 13.41 Westlake WLK 147.86 2.24
Darden DRI 146.29 -1.85 GileadSciences GILD 76.06 -1.99 Skyworks SWKS 113.62 -4.07 TorontoDomBk TD 59.03 -0.01
s Allegion ALLE 136.81 -2.53 s Brown&Brown BRO 99.43 -0.41 GitLab GTLB 51.23 1.10 LiAuto LI 19.74 0.96 OpenText OTEX 31.53 0.38 Weyerhaeuser WY 31.76 ...
Datadog DDOG 116.44 1.76 SmithAO AOS 85.04 -0.09 TotalEnergies TTE 67.78 0.21
AlliantEnergy LNT 55.66 0.01 Brown-Forman A BF.A 45.59 0.35 DaVita DVA 136.62 0.15 GlobalPayments GPN 101.64 -0.18 LibertyBroadbandC LBRDK 67.39 -0.21 Oracle ORCL 139.45 3.78 WheatonPrecMtls WPM 59.76 0.88
Brown-Forman B BF.B 45.16 0.70 LibertyBroadbandA LBRDA 66.22 -0.47 Orange Smith&Nephew SNN 28.78 0.02 ToyotaMotor TM 193.55 0.44 Williams WMB 42.94 -0.01
s AllisonTransm ALSN 88.59 0.37 Dayforce DAY 59.28 5.60 GlobalFoundries GFS 51.01 1.49 ORAN 11.11 0.04
Smucker SJM 117.95
Bruker BRKR 68.51 0.57 LibertyLiveC LLYVK 39.02 0.28 s Orix IX 120.94 4.15 -1.01 TractorSupply TSCO 263.32 1.58 Williams-Sonoma WSM 154.68 5.46
Allstate ALL 171.12 -2.47 DeckersOutdoor DECK 922.63 11.40 Globant GLOB 194.71 0.65 SmurfitWestRock SW 44.84 -1.90 TradeDesk TTD 89.88 0.04
s AllyFinancial ALLY 45.01 0.48 BuildersFirst BLDR 167.37 -0.26 Deere DE 371.98 0.21 GlobeLife GL 92.74 -1.72 LibertyFormOne A FWONA 73.97 -0.56 OtisWorldwide OTIS 94.50 0.68 WillisTowers WTW 282.28 -2.14
BungeGlobal BG 105.23 -9.33 LibertyLiveA LLYVA 37.77 0.27 Ovintiv OVV 46.44 0.46 Snap SNAP 13.32 0.23 Tradeweb TW 111.68 1.56 WillScot WSC 41.00 0.04
AlnylamPharm ALNY 237.46 3.65 DellTechC DELL 113.68 5.07 GlobusMedical GMED 71.96 0.96 Snap-On SNA 287.03 1.79 s TraneTech TT 334.28 5.45
Alphabet C GOOG 173.15 1.29 s BurlingtonStrs BURL 260.32 2.86 GoDaddy GDDY 145.45 1.65 LibertyFormOne C FWONK 80.87 -0.49 s OwensCorning OC 186.38 4.35 Wingstop WING 373.88 -2.69
DeltaAir DAL 43.02 -0.21 Snowflake SNOW 130.38 1.50 TransDigm TDG 1294.22 30.06
Alphabet A GOOGL 171.54 1.25 s CACI Intl CACI 461.48 8.85 GoldFields GFI 17.16 0.69 LibertySirius A LSXMA 22.62 -0.24 PDD PDD 128.89 5.73 Wipro WIT 6.16 ...
DescartesSystems DSGX 101.65 1.00 SOQUIMICH SQM 38.06 0.33 s TransUnion TRU 90.26 0.37
Altria MO 49.01 -1.54 CAVA CAVA 84.22 2.78 DeutscheBank DB 15.56 -0.23 s GoldmanSachs GS 509.03 3.36 LibertySirius C LSXMK 22.51 -0.27 PG&E PCG 18.25 -0.08 Wix.com WIX 155.93 0.84
s CBRE Group CBRE 112.71 0.71 Light&Wonder LNW 107.20 1.93 PNC Finl PNC 181.10 -0.88 SoFiTech SOFI 7.54 0.12 Travelers TRV 216.44 -3.98 WoodsideEnergy WDS 18.24 0.67
Amazon.com AMZN 186.98 5.27 DevonEnergy DVN 47.03 0.86 Grab GRAB 3.30 ... Solventum SOLV 58.88 -0.07 Trex TREX 83.63 -0.87
Ambev ABEV 2.06 -0.03 CDW CDW 218.11 -14.36 DexCom DXCM 67.82 -1.88 Graco GGG 85.05 0.24 EliLilly LLY 804.27 14.06 POSCO PKX 65.44 -0.03 Woodward WWD 155.99 4.26
CF Industries CF 76.39 -0.04 LincolnElectric LECO 205.41 -6.07 PPG Ind PPG 126.98 -0.23 Sony SONY 88.59 0.21 Trimble TRMB 54.54 0.34 WooriFinl WF 35.24 0.57
s Amcor AMCR 10.53 0.05 Diageo DEO 124.75 -0.64 Grainger GWW 976.81 10.45 s SouthState SSB 98.97
CGI A GIB 113.97 5.25 Linde LIN 453.50 2.65 PPL PPL 29.72 -0.25 -0.03 Trip.com TCOM 42.53 0.56 Workday WDAY 227.12 0.64
Amdocs DOX 87.47 -0.38 DiamondbkEner FANG 202.31 4.23 s GraphicPkg GPK 30.10 1.01 s Southern SO s TruistFinl
Ameren AEE 79.27 -0.25 CH Robinson CHRW 89.05 -0.29 s Lineage LINE 87.88 0.76 PTC PTC 177.85 1.38 83.52 0.14 TFC 44.69 -0.25 WynnResorts WYNN 82.82 0.31
Dick's DKS 216.35 6.58 GpoAeroportuar PAC 159.99 4.61 SoCopper SCCO 106.61 5.46 Twilio TWLO 59.13 0.12
AmericaMovil AMX 16.72 0.23 CME Group CME 193.71 -3.49 GpoAeroportSur ASR 300.49 3.42 LiveNationEnt LYV 96.19 1.57 Paccar PCAR 98.66 1.61 XP XP 17.11 -0.21
DigitalRealty DLR 149.49 4.45 SouthwestAir LUV 26.94 -0.10 TylerTech TYL 568.11 -6.44
s AEP AEP 98.12 -0.02 s CMS Energy CMS 64.80 -0.31 s LloydsBanking LYG 3.03 0.02 s PackagingCpAm PKG 199.87 2.13 XPO XPO 114.89 2.46
DiscoverFinSvcs DFS 143.99 -0.73 Guidewire GWRE 150.07 0.37
s CNA Fin CNA 49.16 -0.57 s LockheedMartin LMT 541.92 4.26 PalantirTech PLTR 26.89 0.52 Spotify SPOT 343.94 13.59 TysonFoods TSN 60.90 -0.01 XcelEnergy XEL 58.28 -0.35
AmerExpress AXP 253.04 0.56 Disney DIS 93.69 -0.10 s HCA Healthcare HCA 363.05 1.70 SproutsFarmers SFM 99.89 4.01 UBS Group UBS 30.18 0.17
Loews L 79.95 -0.53 PaloAltoNtwks PANW 324.73 7.22 Xylem XYL 133.50 0.02

.
AmericanFin AFG 130.96 0.03 CNH Indl CNH 10.65 0.48 DocuSign DOCU 55.48 0.05 HDFC Bank HDB 60.01 0.10
CRH CRH 85.70 1.64 LogitechIntl LOGI 90.57 1.72 PanAmerSilver PAAS 22.98 0.85 s StanleyBlackDck SWK 105.62 -0.43 UDR UDR 40.07 -0.78 YPF YPF 19.94 0.99
AmHomes4Rent AMH 36.09 -0.05 DollarGeneral DG 120.39 0.39 HF Sinclair DINO 51.47 -0.04 s Stantec STN 87.99 2.58 s UFP Inds UFPI 131.93 -3.41
Lowe's LOW 245.51 4.11 ParamountA PARAA 22.90 0.16 Yum!Brands YUM 132.83 0.66

ly
AIG AIG 79.23 0.22 CSX CSX 35.10 0.08 DollarTree DLTR 104.34 -0.99 HP HPQ 36.09 0.57
CVS Health CVS 60.33 -2.85 Lucid LCID 3.52 0.05 ParamountB PARA 11.42 0.18 Starbucks SBUX 77.95 2.01 U-Haul N UHAL/B 63.73 0.68 YumChina YUMC 30.24 0.21
AmerTowerREIT AMT 220.40 -2.65 DominionEner D 53.46 0.25 s HSBC HSBC 45.15 1.62 StateStreet STT 84.97 -0.73 U-Haul UHAL 66.79 0.26
AmerWaterWorks AWK 142.36 CadenceDesign CDNS 267.66 14.55 lululemon LULU 258.66 2.66 ParkerHannifin PH 561.16 9.95 ZTO Express ZTO 18.95 0.31
-1.31 Domino's DPZ 428.70 -0.45 H World HTHT 30.00 0.38 s UL Solutions ULS 50.53
CaesarsEnt CZR 39.95 3.05 LyondellBasell LYB 99.46 1.20 s Paychex PAYX 128.02 0.10 SteelDynamics STLD 133.22 4.37 4.64 ZebraTech ZBRA 351.19 3.07
AmericoldRealty COLD 29.89 -0.04 Donaldson DCI 74.82 0.08 Haleon HLN 9.15 0.05 t Stellantis STLA 16.69 -0.06
CamdenProperty CPT 110.75 -1.04 PaycomSoftware PAYC 166.79 1.32 US Foods USFD 54.39 0.01 Zillow C Z 48.70 -0.55
Ameriprise AMP 430.07 -1.80
Ametek AME 173.48 1.13 Cameco CCJ 45.49 1.21
DoorDash
Dover
DASH 110.72
DOV 184.26
3.51
-0.25 s
Halliburton HAL 34.68 0.38
HamiltonLane HLNE 144.37 0.97
M N Paylocity PCTY 150.07 1.42 Steris STE 238.76 1.52 s UWM UWMC 8.40 0.07 Zillow A ZG 47.40 -0.35
s StifelFinancial SF 88.67 0.85 Uber UBER 64.47 1.38
Amgen
Amphenol

AngloGoldAsh AU
AB InBev
AnnalyCap
AMGN 332.47
APH 64.26
AnalogDevices ADI 231.38
28.08
BUD 59.50
NLY 19.91
-0.81
2.32
6.80
0.79
-0.08
-0.20
s
CampbellSoup CPB 46.86 -0.77
CIBC CM 51.69 0.41
CanNtlRlwy CNI 115.75 0.57
CanadianNatRscs CNQ 35.48 1.30
CdnPacKC CP 83.82 1.70
CapitalOne COF 151.40 -0.85
Dow

Dropbox
DOW 54.47
DrReddy'sLab RDY 81.28
DraftKings
DBX 23.92
DukeEnergy DUK 109.27
s DuPont DD
on
DKNG 36.95

83.70
0.78
0.65
1.08
-0.61
-0.63
3.29
s
s
s
HartfordFinl HIG 110.92 -0.86
Hasbro

Heico
Heico A
HAS 64.46 -1.05
HealthpeakProp DOC 21.82 -0.02
HEI 241.34 2.68
HEI.A 190.11 2.38
HenrySchein HSIC 71.94 -0.50
M&T Bank

MPLX
MSCI
MagnaIntl
MTB 172.17 -1.44 s
MGM Resorts MGM 42.97 0.19 s

MPLX 42.82 -0.29 s

MSCI 540.76 -5.50
MGA 44.37 0.64
PayPal
Pearson

Pentair
PepsiCo
PYPL 65.78 1.78
PSO 13.51 0.13
PembinaPipeline PBA 38.74 0.33
MKS Instrum MKSI 125.90 6.64 s PenskeAuto PAG
174.11 9.23
PNR 87.87 -0.29
PEP 172.67 -0.51
PerformanceFood PFGC 69.00 0.19
s
STMicroelec STM 33.76
Stryker SYK 327.45
SumitomoMits SMFG 14.48
SunComms SUI 126.73
1.17
-2.77
0.82
-0.51
s Ubiquiti UI
UltaBeauty ULTA 364.89
s Unilever UL
UnionPacific UNP 246.73
185.57

61.40
8.57
-2.64
0.34
1.30
ZimmerBiomet ZBH 111.35
ZionsBancorp ZION 51.67
Zoetis
ZoomVideo ZM
Zscaler
ZTS 180.04
60.40
ZS 179.35
-0.02
-0.24
-1.79
-0.65
2.60

AnteroResources AR 29.02 ... CardinalHealth CAH 100.83 0.57 Dynatrace DT 43.92 -0.89 Hershey HSY 197.48 3.51 MakeMyTrip MMYT 93.59 0.25
PermianRscs PR 15.34 0.17
IPO Scorecard
us ,

Aon AON 328.51 -0.23 Carlisle CSL 418.58 1.42 elfBeauty ELF 172.58 2.29 Hess HES 153.42 1.73 ManhattanAssoc MANH 255.38 0.38
APi Group APG 37.89 0.67 s Carlyle CG 49.74 1.22 PetroleoBrasil PBR 14.27 0.21
EMCOR EME 375.44 16.97 HessMidstream HESM 37.48 -0.24 ManulifeFinl MFC 26.63 0.53
PetroleoBrasilA PBR.A 13.16 0.15 Performance of IPOs, most-recent listed first
l

s ApolloGlblMgmt APO 125.31 2.67 CarMax KMX 84.44 0.12 ENI E 32.05 0.29 HewlettPackard HPE 19.91 0.90 Maplebear CART 34.49 0.25
AppFolio Carnival CCL 16.66 -0.46 Pfizer PFE 30.54 -0.85
APPF 221.48 1.95 EOG Rscs EOG 126.80 0.65 Hilton HLT 214.67 -4.09 MarathonOil MRO 28.05 0.41 s % Chg From % Chg From
e
PhilipMorris PM 115.16 0.46
al a

Apple AAPL 222.08 3.28 Carnival CUK 15.33 -0.38 EPAM Systems EPAM 215.13 1.42 Hologic HOLX 81.61 -0.90 MarathonPetrol MPC 177.02 -1.27 Wed's
s CarrierGlobal CARR 68.11 0.68 Phillips66 PSX 145.48 -1.69 Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
AppliedIndlTechs AIT 218.19 1.33 EQT EQT 34.51 -0.30 HomeDepot HD 368.16 4.47 Markel MKL 1638.85 -6.84
ApplMaterials AMAT 212.20 15.46 Carvana CVNA 133.23 6.45 s EagleMaterials EXP 272.30 Pilgrim'sPride PPC 41.23 -0.23 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
6.70 HondaMotor HMC 32.30 0.67 MarketAxess MKTX 223.53 -0.49 s
CaseysGenStores CASY 387.84 0.30 s EastWestBncp EWBC 87.89 PinnacleWest PNW 85.59 0.14
AppLovin APP 77.10 2.27 -0.36 Honeywell HON 204.75 2.11 Marriott MAR 227.30 -11.47 Concentra Group Holdings 23.31 –0.8 3.7 OneStream 27.85 39.3 3.7
Pinterest PINS 31.95 -5.40
ci on

Aptargroup ATR 146.98 1.23 Catalent CTLT 59.34 0.30 EastGroup EGP 186.99 -0.64 HormelFoods HRL 32.11 0.09 s Marsh&McLen MMC 222.57 0.15
Aptiv APTV 69.39 Caterpillar CAT 346.20 4.48 s PlainsAllAmPipe PAA 18.19 -0.10 CON July 25/$23.50 OS July 24/$20.00
1.76 EastmanChem EMN 103.33 0.06 DR Horton DHI 179.93 -0.51 MartinMarietta MLM 593.35 8.33
s PlainsGP PAGP 19.10 -0.10
Aramark ARMK 34.27 0.03 Celanese CE 141.15 1.70 Eaton ETN 304.79 17.55 HostHotels HST 17.51 -0.29 MarvellTech MRVL 66.98 4.18 Pool POOL 374.04 1.54 DT Cloud Star Acquisition 10.04 0.4 0.1 Primega Group Holdings 5.03 25.8 19.2
ArcelorMittal MT 22.86 0.64 CelsiusHldg CELH 46.83 0.52 s eBay EBAY 55.61 0.21 s HoulihanLokey HLI 150.25 1.59 s Masco MAS 77.85 -0.47 Primerica DTSQU July 25/$10.00 PGHL July 23/$4.00
Cemex CX 6.42 0.14 PRI 251.77 0.65
ArchCapital ACGL 95.78 -2.42 Ecolab ECL 230.69 1.83 s HowmetAerospace HWM 95.70 1.89 MasTec MTZ 110.03 3.66 PrincipalFinl PFG 81.51 -0.32
ADM ADM 62.01 -0.49 Cencora COR 237.88 6.85 Ecopetrol EC 10.72 0.26 Hubbell HUBB 395.65 15.85 Mastercard MA 463.71 16.26 ProcoreTech PCOR 71.03 0.22 Lineage 87.88 12.7 255.8 Artiva Biotherapeutics 11.80 –1.7 –1.7
s AresMgmt ARES 153.20 3.62 CenovusEnergy CVE 20.13 0.57 s EdisonIntl EIX 80.01 0.63 HubSpot HUBS 497.03 9.01 MatchGroup MTCH 38.14 4.45 Procter&Gamble PG 160.76 -0.94 LINE July 25/$78.00 ARTV July 19/$12.00
argenx ARGX 515.87 6.66 Centene CNC 76.92 -0.18 EdwardsLife EW 63.05 -0.59 Humana HUM 361.61 -42.91 McCormickVtg MKC.V 77.05 0.05 Progressive PGR 214.12 -1.56
AristaNetworks ANET 346.55 35.13 CenterPointEner CNP 27.75 -0.76 Elastic ESTC 109.67 3.15 JBHunt JBHT 173.15 0.99 McCormick MKC 77.01 0.14 Prologis Orangekloud Technology 5.06 6.5 –11.2 QMMM Holdings 4.10 2.5 0.7
er s

CentraisElBras EBR 7.01 0.20 PLD 126.05 -0.04 ORKT July 25/$4.75 QMMM July 19/$4.00
Arm ARM 144.17 11.21 ElbitSystems ESLT 179.98 -0.52 HuntingtonBcshs HBAN 14.95 -0.20 McDonald's MCD 265.40 -1.04 PrudentialFinl PRU 125.32 -0.64
AscendisPharma ASND 133.50 -0.44 s CerevelTherap CERE 44.96 0.33 s ElectronicArts EA 150.94 1.82 HuntingIngalls HII 279.98 0.22 s McKesson MCK 617.02 7.30 Prudential
AspenTech AZPN 187.95 -1.96 CharlesRiverLabs CRL 244.10 -1.19 ElevanceHealth ELV 532.03 -4.23 HyattHotels H 147.33 -4.07 Medpace
PUK 18.20 0.49
MEDP 382.52 4.26 s PublicServiceEnt PEG 79.77 1.77 BloomZ 1.59 –63.0 –35.1 Ardent Health 17.87 11.7 11.3
Assurant AIZ 174.87 -0.97 CharterComms CHTR 379.72 -3.35 EmersonElec EMR 117.11 1.41 ICICI Bank IBN 29.11 0.23 Medtronic MDT 80.32 -0.49 PublicStorage PSA 295.92 -8.45 BLMZ July 24/$4.30 ARDT July 18/$16.00
m er

AstraZeneca AZN 79.15 1.25 CheckPoint CHKP 183.45 1.02 Enbridge ENB 37.42 0.21 IdexxLab IDXX 476.12 1.43 MercadoLibre MELI 1668.90 42.75 s
PulteGroup PHM 132.00 -1.18
Atlassian TEAM 176.57 2.19 Chemed CHE 570.16 4.01 s EncompassHealth EHC 92.94 0.21 ING Groep ING 18.13 -0.02 Merck MRK 113.13 -2.12 Sources: Dow Jones Market Data; FactSet
PureStorage PSTG 59.93 3.43
s AtmosEnergy ATO 127.88 -0.34 CheniereEnergy LNG 182.64 0.76 Endeavor EDR 27.42 0.05 Invesco IVZ 17.26 0.04 MetaPlatforms META 474.83 11.64
CheniereEnerPtrs CQP 52.66 -1.15 s Qiagen QGEN 44.49 -0.22
Autodesk ADSK 247.52 4.18 EnergyTransfer ET 16.27 0.06 IQVIA IQV 246.23 0.66 MetLife MET 76.85 0.10
s Qorvo QRVO 119.80 0.34
Autoliv ALV 101.14 1.80 ChesapeakeEner CHK 76.33 0.09 EnphaseEnergy ENPH 115.11 5.74 s ITT ITT 141.46 0.64 Mettler-Toledo MTD 1521.03 11.47
s ADP ADP 262.62 4.88 Chevron CVX 160.47 0.90 EnsignGroup ENSG 140.75 -4.68 IcahnEnterprises IEP 17.65 0.19 MicrochipTech MCHP 88.78 2.24 Qualcomm
QuantaServices
QCOM 180.95 14.01
PWR 265.38 13.78 Borrowing Benchmarks
m rp

AutoZone AZO 3133.69 25.29 Chewy CHWY 24.18 -0.63 Entegris ENTG 118.29 -4.05 Icon ICLR 328.44 -2.07 MicronTech MU 109.82 7.26
Avalonbay AVB 204.92 -1.22 Chipotle CMG 54.32 1.75 s Entergy ETR 115.97 -0.37 IDEX IEX 208.48 0.41 Microsoft MSFT 418.35 -4.57 QuestDiag DGX 142.30 -0.59
wsj.com/market-data/bonds/benchmarks
Avangrid AGR 35.67 ChordEnergy CHRD 171.66 2.31 EnterpriseProd EPD 28.86 IllinoisToolWks ITW 247.28 -2.06 MicroStrategy MSTR 1614.44 10.37
s Avantor AVTR 26.75
0.09
-0.90 Chubb CB 275.66 -1.00 s Equifax EFX 279.37
-0.18
1.10 Illumina ILMN 122.60 0.10 MidAmApt MAA 139.77 -1.54
R S
AveryDennison AVY 216.83 1.05 ChunghwaTel CHT 37.15 0.53 Equinix EQIX 790.24 21.47 ImperialOil IMO 71.56 1.91 s MitsubishiUFJ MUFG 11.62 0.59 RBC Bearings RBC 290.84 -0.83
AxaltaCoating AXTA 35.65
AxonEnterprise AXON 300.01
0.45
-4.71
Church&Dwight CHD 98.01 -1.42
ChurchillDowns CHDN 143.56 0.61
Equinor
s Equitable
EQNR 26.56
EQH 43.61
0.63
0.42
Incyte INCY 65.07 -2.72
Informatica INFA 23.94 -0.13
s MizuhoFin MFG 4.62
Mobileye
0.30 RB Global
MBLY 21.00 1.00 RELX
RBA 79.63 0.24
RELX 47.23 -0.13
Money Rates July 31, 2024
BCE BCE 33.73 0.17 Cigna CI 348.67 -4.10 EquityLife ELS 68.68 0.13 Infosys INFY 22.13 -0.48 Moderna MRNA 119.22 0.38 s RPM RPM 121.46 1.85
BHP Group BHP 55.53 1.42 s CincinnatiFinl CINF 130.62 0.44 EquityResdntl EQR 69.63 0.06 IngersollRand IR 100.40 1.53 s MohawkInds MHK 161.07 -1.03 s RTX RTX 117.49 0.61
Key annual interest rates paid to borrow or lend money in U.S. and
s
co Fo

BJ'sWholesale BJ 87.96 -0.56 Cintas CTAS 763.94 -2.23

CiscoSystems CSCO 48.45 0.31
s ErieIndemnity ERIE 441.15 -1.48 s Ingredion INGR 124.37 0.63 MolinaHealthcare MOH 341.27 -9.46 RalphLauren RL 175.59 2.46 international markets. Rates below are a guide to general levels but
BP BP 35.39 0.58 EssentialUtil WTRG 40.65 -0.04 Insmed INSM 72.75 -0.16 MolsonCoorsB TAP 52.85 -0.41 RangeResources RRC 31.23 -0.16
BWX Tech BWXT 99.49 1.70 Citigroup C 64.88 -0.99 EssexProp ESS 278.36 -2.44 s InstalledBldg IBP 270.35 0.76 monday.com MNDY 229.81 2.07 RaymondJames RJF 116.00 0.49 don’t always represent actual transactions.
BXP BXP 71.31 -1.32 CitizensFin CFG 42.67 -0.11 EsteeLauder EL 99.61 0.17 Insulet PODD 194.35 0.56 Mondelez MDLZ 68.35 1.30 RealtyIncome O 57.43 -0.94 Week —52-WEEK—
Baidu BIDU 88.57 -0.17 s CleanHarbors CLH 238.73 14.31 Etsy ETSY 65.14 0.62 Intel INTC 30.74 0.61 MongoDB MDB 252.36 7.01 Reddit RDDT 60.85 2.41 Inflation Latest ago High Low
s BakerHughes BKR 38.72 0.48 Clorox CLX 131.93 0.20 s EvercoreA EVR 250.39 3.23 InteractiveBrkrs IBKR 119.27 0.31 MonolithicPower MPWR 863.09 81.24 RegalRexnord RRX 160.68 2.22
Ball BALL 63.83 0.58 Cloudflare NET 77.50 1.47 Everest EG 392.87 s ICE ICE 151.56 0.26
June index Chg From (%)
3.43 MonsterBev MNST 51.45 -0.12 RegencyCtrs REG 67.34 -1.05
BBVA BBVA 10.54 -0.40 Coca-Cola KO 66.74 -0.94 Evergy EVRG 58.00 0.29 InterContinentl IHG 101.33 -2.86 s Moody's MCO 456.48 -1.58 RegenPharm REGN 1079.19 1.39 level May '24 June '23 Other short-term rates
BancoBradesco BBDO 2.02 -0.04 s CocaColaCon COKE 1145.89 5.34 EversourceEner ES 64.91 -1.05 IBM IBM 192.14 1.10 MorganStanley MS 103.21 0.38 RegionsFinl RF 22.37 -0.36
BancodeChile BCH 23.92 0.38 Coca-ColaEuro CCEP 73.77 0.54 ExactSciences EXAS 45.68 -0.90 IntlFlavors IFF 99.48 -0.16 Morningstar MORN 317.65 -5.73 s ReinsGrp RGA 225.43 -0.36 U.S. consumer price index Week 52-Week
BancSanBrasil BSBR 5.07 -0.05 Cognex CGNX 49.62 0.75 Exelon EXC 37.20 -0.02 IntlPaper IP 46.48 0.56 Mosaic MOS 29.77 0.20 Reliance RS 304.56 2.56 Latest high low
All items 314.175 0.03 3.0 ago
BcoSantChile BSAC 20.08 0.52 CognizantTech CTSH 75.68 -0.14 Expedia EXPE 127.67 -0.86
BancoSantander SAN 4.85 -0.05 Coherent COHR 69.68 4.53 ExpeditorsIntl EXPD 124.82 -0.14 Core 319.003 0.12 3.3
BanColombia CIB 33.32 0.73 CoinbaseGlbl COIN 224.36 -0.10 ExtraSpaceSt EXR 159.62 -3.48
Call money
BankofAmerica BAC 40.31
BankMontreal BMO 84.33
-0.97
1.83
ColgatePalm CL 99.19 -1.30
Comcast A CMCSA 41.27 0.46
ExxonMobil XOM 118.59
s F5 FFIV 203.64
0.42
2.98
New Highs and Lows International rates 7.25 7.25 7.25 7.25
BankNY Mellon BK 65.07 -0.17 ComfortSystems FIX 332.42 26.73 FTAI Aviation FTAI 111.45 1.55
Week 52-Week Commercial paper (AA financial)
BankNovaScotia BNS 46.67 0.31 s CommerceBcshrs CBSH 64.71 -0.20 FTI Consulting FCN 217.97 -5.51
Barclays BCS 11.92 -0.07 SABESP SBS 15.63 ... Fabrinet FN 220.56 8.52 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Latest ago High Low 90 days n.a. n.a. 5.53 5.14
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
session. % CHG-Daily percentage change from the previous trading session. Prime rates Secured Overnight Financing Rate
n-

U.S. 8.50 8.50 8.50 8.50 5.33 5.34 5.40 5.30

Wednesday, July 31, 2024
Dividend Changes 52-Wk % 52-Wk % 52-Wk %
Canada 6.95 6.95 7.20 6.95 Value 52-Week
Amount Payable / Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Japan 1.475 1.475 1.475 1.475 Latest Traded High Low
Company Symbol Yld % New/Old Frq Record APOpA BLK
ApolloGlbPfdA 68.66 1.6 BlackRock 885.10 0.4 Policy Rates DTCC GCF Repo Index
Highs AppliedIndlTechs AIT 223.15 0.6 BlockHR HRB 58.63 -0.2
no

Increased Aramark ARMK 34.73 0.1 BootBarn BOOT 137.48 2.7 Euro zone 4.25 4.25 4.50 4.25 Treasury 5.471 46.870 5.504 5.142
ABMIndustries ABM 56.30 -0.2
Clorox CLX 3.7 1.22 /1.20 Q Aug30 /Aug14
AcresCmclRlty ACR 14.70 -0.9
Arcosa ACA 95.50 1.3 Bowhead BOW 29.33 0.7 Switzerland 1.75 1.75 2.25 1.75 MBS 5.482 62.900 5.689 5.322
Howmet Aerospace HWM 0.3 .08 /.05 Q Aug26 /Aug09 ArdentHealth ARDT 18.08 5.0 BreadFinancial BFH 55.68 0.3 Britain 5.25 5.25 5.25 5.00
ACRESCmclPfdD ACRpD 24.05 7.3
ARES BSIG
Southern Missouri Bncp SMBC 1.6 .23 /.21 Q Aug30 /Aug15 AG Mortgage Nts MITP 25.50 0.4
AresMgmt
Argan AGX
155.53
81.05
2.4
1.8
BrightSphere
BrightSpring BTSG
26.57
12.79
1.6
-2.1
Australia 4.35 4.35 4.35 4.10 Weekly survey
AG Mortgage MITT 7.86 -0.9
Reduced ArisWater ARIS 17.91 3.5 BrightSpringUn BTSGU 49.93 -2.1 Latest Week ago Year ago
AGNCInvPfdG AGNCL 24.50 2.3
ArmourResPfdC ARRpC 22.49 0.5 BrightView BV 14.80 3.1 Overnight repurchase
CVR Partners UAN 8.9 1.90 /1.92 Q Aug19 /Aug12 AST Space ASTS 21.28 18.0
AST Space Wt ASTSW 10.37 27.6
ArmstrongWorld AWI 134.90 -0.6 Brink's BCO 113.63 -1.2 U.S. 5.45 5.43 5.48 5.25 Freddie Mac
AsburyAutomotive ABG 277.13 4.7 BroadridgeFinl BR 216.86 -0.6
Stocks ATI ATI 68.92 3.3
AtlantaBravesC BATRK BrookfieldAsset BAM 30-year fixed 6.78 6.77 6.81
Evoke Pharma EVOK 1:12 /Aug01
AXIS Capital AXS 78.74 1.7
AtmosEnergy ATO
44.15
128.73
-0.6
-0.3 Brookfield BN
44.38
49.44
0.9
1.9
U.S. government rates 15-year fixed 6.07 6.05 6.11
AcadiaRealty AKR 22.51 1.6
AultAllPfdD AULTpD 33.69 1.6 BrookfieldReinsur BNRE 49.31 2.3
Foreign AccelEnt ACEL 12.61 10.1
ADP ADP 269.49 1.9 BrookfieldReinsA1 BNRE.A 48.63 1.4
Discount Notes on data:
Acushnet GOLF 74.77 -0.3
BP ADR BP 4.9 .48 Q Sep20 /Aug09 AffiliatedMgrs AMG 189.81 0.4 AutoNation AN 197.18 6.3 Brown&Brown BRO 100.35 -0.4 5.50 5.50 5.50 5.50 U.S. prime rate is the base rate on corporate
Enbridge ENB 7.3 .6605 Q Sep01 /Aug15 Agilysys AGYS 114.12 1.3 AvanosMedical AVNS 24.77 4.2 BurkeHerbert BHRB 70.00 -0.2 loans posted by at least 70% of the 10 largest
Pearson ADR PSO 2.2 .09497 SA Sep19 /Aug09 AgnicoEagleMines AEM 77.54 2.7 Avantor AVTR 28.00 -3.3 BurlingtonStrs BURL 263.12 1.1 Federal funds U.S. banks, and is effective July 27, 2023. Other
Alcon ALC 95.12 0.6 AvePoint AVPT 11.07 0.2 CACI Intl CACI 464.63 2.0 prime rates aren’t directly comparable; lending
Ryanair Holdings ADR RYAAY 1.8 .96289 Sep30 /Aug09 AvePointWt AVPTW 1.93 2.2 CBRE Group CBRE 114.51 0.6 Effective rate 5.3300 5.3300 5.3500 5.3100
Allegion ALLE 141.99 -1.8 practices vary widely by location; Discount rate
Scorpio Tankers STNG 2.1 .40 Q Sep13 /Aug15 AllisonTransm ALSN 89.50 0.4 Avista AVA 39.82 -0.9 CMS Energy CMS 65.17 -0.5 High 5.6500 5.6500 5.6500 5.5500 is effective July 27, 2023. Secured Overnight
Transalta Corp TAC 2.1 .0433 Q Oct01 /Sep01 AllyFinancial ALLY 45.46 1.1 BakerHughes BKR 39.05 1.3 CNO Financial CNO 35.23 1.6 Low 5.3100 5.3100 5.3300 5.3000 Financing Rate is as of July 30, 2024. DTCC
BaldwinInsurance BWIN 44.87 -1.1 CNX Resources CNX 27.33 -0.7
AltEnergyA AEAE 12.40 4.8 Bid 5.3300 5.3300 5.3300 5.3100 GCF Repo Index is Depository Trust & Clearing
Special AltEnergyAcqn AEAEU 13.04 7.5 Bally's BALY 17.44 -0.1 COPTDefenseProp CDP 29.30 -0.4
Offer 5.3500 5.3500 5.3700 5.3300 Corp.'s weighted average for overnight trades in
Amcor AMCR 10.62 0.5 BancFirst BANF 110.80 -0.8 CSW Industrials CSWI 325.75 8.3
Hercules Capital HTGC 7.4 .08 Aug20 /Aug13 applicable CUSIPs. Value traded is in billions of
AmericanAssets AAT 27.55 2.7 BankUnited BKU 39.51 0.1 CTO Realty CTO 20.28 -0.4
Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
Note: Dividend yields as of 3:30 p.m. ET AEP AEP 98.92 ... BarrettBus BBSI 36.99 -0.1 Cactus WHD 64.21 1.3
Prebon rates as of 5:30 p.m. ET.
Sources: FactSet; Dow Jones Market Data AmerExpress AXP 256.24 0.2 BeaconRoofing BECN 105.42 2.7 Cadeler CDLR 26.14 1.6 4 weeks 5.285 5.270 5.325 5.230
AmericanWoodmark AMWD 106.57 -0.3 BeazerHomes BZH 34.89 -1.1 CamdenNational CAC 43.44 0.7 Sources: Federal Reserve; Bureau of Labor
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: ApogeeEnt APOG 70.35 1.4 BelFuse A BELFA 93.75 4.8 CIBC CM 52.03 0.8
13 weeks 5.145 5.190 5.345 5.145 Statistics; DTCC; FactSet;
spin-off. ApolloGlblMgmt APO 126.45 2.2 BenchmarkElec BHE 48.58 17.6 Continued on Page B10 26 weeks 4.930 4.990 5.350 4.930 Tullett Prebon Information, Ltd.

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
IntlIdxInstPrem 51.24 +0.78 8.6 SAIUSMinVolIndFd 21.16 +0.10 13.3 CoreBond 10.30 +0.05 2.3 LgCapGow I 78.81 +1.75 19.8 MuLTAdml 10.92 +0.02 1.3 TgtRetInc 13.51 +0.11 5.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 34.99 +0.92 18.6 SAIUSQtyIdx 22.96 +0.44 18.6 EqInc 25.09 +0.07 10.4 MidCap 106.58 +0.65 6.5 MuLtdAdml 10.84 ... 1.5 Welltn 44.95 +0.52 9.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 32.91 +0.14 9.9 SrsBlChGroRetail 19.13 +0.57 22.5 LgCpGwth 72.63 +2.23 20.8 R2030 26.12 +0.28 9.1 MuShtAdml 15.77 ... 1.8 WndsrII 48.17 +0.33 13.3
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 23.02 +0.36 16.7 SrsEmrgMkt 18.77 +0.41 8.3 JPMorgan R Class Putnam Funds Class A PrmcpAdml r 176.89 +2.81 13.1 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 9.04 +0.05 1.8 SrsGlobal 15.01 +0.26 8.4 CoreBond 10.32 +0.06 2.5 PutLargCap p 36.27 +0.15 18.1 RealEstatAdml 128.04 -0.55 4.5 ExtndIstPl 335.53 +2.43 9.7
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 14.44 +0.20 11.3 SrsGroCoRetail 24.14 +0.74 24.0 CorePlusBd 7.27 +0.04 3.0 Putnam Funds Class Y SmCapAdml 111.69 +0.61 10.1 IdxIntl 19.88 +0.33 8.0
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.67 +0.06 -1.3 SrsIntlGrw 18.54 +0.35 8.2 Lord Abbett I PutLargCap 36.29 +0.16 18.4 SmGthAdml 91.91 +0.78 8.5 MdCpGrAdml 100.44 +1.17 6.6
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 28.04 +0.15 12.1 SrsIntlVal 13.10 +0.20 12.3 ShtDurInc p 3.87 +0.01 3.6 Schwab Funds STBondAdml 10.16 +0.03 2.5 MdCpVlAdml 82.64 +0.21 11.2
TMktIdxInstPrem 152.16 +2.21 15.7 TotalBond 9.58 +0.05 2.5 Metropolitan West 1000 Inv r 118.78 +1.78 16.0 STIGradeAdml 10.32 +0.03 3.3 SmValAdml 85.11 +0.27 11.2
TotalMarketIndex 19.24 +0.28 15.8 Fidelity SAI TotRetBdI NA ... NA S&P Sel 85.28 +1.33 16.7 STIPSIxAdm 24.34 +0.07 3.2 TotBd2 9.54 +0.05 1.6
Wednesday, July 31, 2024 TtlIntIdxInstPr 14.22 +0.24 8.1 TotalBd 9.07 +0.04 2.6 TRBdPlan NA ... NA TSM Sel r 93.68 +1.36 15.7 TotBdAdml 9.67 +0.06 1.7 TotIntlInstIdx r 132.99 +2.24 8.1
Net YTD Net YTD Net YTD USBdIdxInstPrem 10.40 +0.05 1.7 U.S.TreBdIdx 8.81 +0.04 1.4 MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.79 +0.03 1.6 TotItlInstPlId r 133.03 +2.25 8.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Fidelity Selects IIE 35.55 +0.49 7.9 EqIdxInst NA ... NA TotIntlAdmIdx r 33.26 +0.56 8.1 TotSt 132.60 +1.89 15.6
Total Bd 9.57 +0.05 2.4 Semiconductors r 33.45 +2.50 37.9 MFS Funds Class I IntlEqIdxInst NA ... NA TotStAdml 132.63 +1.90 15.6 VANGUARD INSTL FDS
AB Funds WshA 62.14 +0.77 14.4 US CoreEq2 37.23 +0.47 15.4 Fidelity Freedom Softwr 26.80 +0.14 -1.3 GrowthI 209.88 +4.66 22.2 LrgCpGrIdxInst 61.48 +1.61 18.6 BalInst 48.34 +0.52 10.1
MuniIncmShares 11.25 +0.01 3.7 Artisan Funds US Small 49.03 +0.31 11.1 FF2030 TxMCapAdml 283.99 +4.23 15.6
17.90 +0.22 8.5 Tech 34.77 +1.38 22.0 ValueI 52.89 +0.17 12.1 VANGUARD ADMIRAL
TxMIn r 16.38 +0.28 8.0 DevMktsIndInst 16.40 +0.27 7.9
AB Funds - ADV IntlVal Inst 50.64 +0.29 10.2 US SmCpVal 49.97 +0.31 12.0 FF2040 11.66 +0.18 11.6 First Eagle Funds Natixis Funds 500Adml 509.88 +7.97 16.7 DevMktsInxInst 25.64 +0.43 8.0
LgCpGrAdv 107.65 +2.62 16.0 Baird Funds US TgdVal 34.92 +0.24 10.3 Freedom2030 K 17.89 USGroAdml 171.47 +4.48 16.9
+0.23 8.6 GlbA 70.69 +0.73 12.0 LSGrowthY 27.01 +0.65 16.3 BalAdml 48.33 +0.52 10.1 ExtndInst 135.96 +0.98 9.7
American Century Inv AggBdInst 9.85 +0.05 2.1 USLgVa 49.97 +0.08 13.3 Freedom2035 K 15.88 ValAdml 65.55 +0.37 13.9
+0.22 9.9 Franklin A1 Northern Funds CAITAdml 11.38 +0.01 0.9 GrwthInst 189.03 +4.48 18.4
Grwth 56.07 +1.28 15.4 CorBdInst 10.19 +0.05 2.5 Dodge & Cox StkIdx WdsrllAdml 85.44 +0.58 13.3
Freedom2040 K 11.67 +0.18 11.7 IncomeA1 2.40 +0.01 6.5 56.77 +0.89 16.6 CapOpAdml r 198.70 +3.01 10.9 InPrSeIn 9.49 +0.05 2.6
Ultra 87.61 +2.45 17.6 BlackRock Funds Balanced 106.66 +0.03 8.1 Idx2030InsPre 20.39 DivAppIdxAdm 51.52 +0.42 WellsIAdml 62.32 +0.29 5.0
+0.24 8.0 FrankTemp/Frank Adv Old Westbury Fds 12.5 InstIdx 454.69 +7.10 16.7
American Funds Cl A HiYldBd Inst 7.11 +0.01 5.3 Income 12.69 +0.07 2.7 Idx2035InsPre 23.43 +0.30 9.3 IncomeAdv 2.38 +0.01 6.6 LrgCpStr 19.95 +0.37 14.9 EMAdmr 36.87 +0.62 8.4 WelltnAdml 77.62 +0.90 9.9
InstPlus 454.69 +7.11 16.7
AmcpA 42.63 +0.72 14.0 BlackRock Funds III Intl Stk 52.32 +0.39 6.4 Idx2040InsPre 24.57 +0.36 10.8 FrankTemp/Franklin A Parnassus Fds EqIncAdml 92.78 +0.40 11.7 WndsrAdml 78.08 +0.09 9.0 InstTStPlus 94.45 +1.35 15.7
AMutlA 56.75 +0.35 12.2 iShS&P500IdxK 647.34+10.10 16.7 Stock 268.15 +0.10 13.3 Idx2045InsPre 25.79 ParnEqFd VANGUARD FDS
+0.38 11.4 DynaTech A 159.33 +6.09 19.1 62.82 +0.79 14.2 ExplrAdml 111.73 +0.71 8.2 MidCpInst 68.91 +0.46 9.1
BalA 35.20 +0.49 10.8 BlackRock Funds Inst DoubleLine Funds Idx2050InsPre 25.84 +0.39 11.4 Growth A 141.26 +2.98 15.2 PGIM Funds Cl Z ExtndAdml 135.97 +0.98 9.7 DivdGro 39.53 +0.08 8.2 MidCpIstPl 339.84 +2.24 9.1
BondA 11.38 +0.05 1.5 StratIncOpptyIns 9.50 +0.03 3.5 TotRetBdI NA ... NA Fidelity Invest RisDv A 95.31 +0.56 8.3 TotalReturnBond NA ... NA GroIncAdml 105.28 +1.74 17.3 IntlVal 42.51 +0.60 5.3 SmCapInst 111.69 +0.61 10.1
CapIBA 71.07 +0.57 8.8 TotRet 9.99 +0.06 2.4 Edgewood Growth Instituti Balanc 29.69 +0.37 11.2 Guggenheim Funds Tru PIMCO Fds Instl GrwthAdml 189.02 +4.48 18.4 LifeGro 45.27 +0.59 10.3 SmCapIstPl 322.38 +1.77 10.1
CapWGrA 66.17 +1.04 11.0 Calamos Funds EdgewoodGrInst 49.46 +1.03 13.1 BluCh 213.10 +6.44 23.0 TotRtnBdFdClInst 23.78 +0.10 2.5 AllAsset NA ... NA HlthCareAdml r 95.47 +0.20 11.4 LifeMod 32.54 +0.36 8.1 STIGradeInst 10.32 +0.03 3.3
EupacA 57.87 +0.96 8.3 MktNeutI 14.67 -0.03 4.0 Federated Hermes Int BluChpGr K6 32.71 +1.06 21.9 Harbor Funds TotRt NA ... NA HYCorAdml r 5.43 +0.01 3.8 PrmcpCor 35.67 +0.46 12.4 STIPSIxins 24.36 +0.07 3.2
FdInvA 82.22 +1.55 16.2 Columbia Class I TtlRtnBdI 9.52 +0.04 1.9 Contra 19.90 +0.44 23.8 CapApInst 113.04 +3.29 17.2 PIMCO Funds A InfProAd 23.31 +0.14 2.7 STAR 28.62 +0.31 7.6 TotBdInst 9.67 +0.06 1.7
GwthA 73.72 +1.49 16.7 DivIncom I 33.61 +0.15 11.5 Fidelity ContraK 19.97 +0.44 23.8 Harding Loevner IncomeFd 10.66 +0.04 3.8 InfTechIdx 290.83 +9.93 17.8 TgtRe2020 28.49 +0.24 6.0 TotBdInst2 9.54 +0.05 1.6
HI TrA 9.70 +0.03 5.9 Dimensional Fds 500IdxInstPrem 191.89 +3.00 16.7 CpInc 10.00 +0.08 6.6 IntlEq 26.89 +0.40 3.6 PIMCO Funds I2 IntlGrAdml 111.09 +2.59 9.1 TgtRe2025 19.74 +0.20 7.4 TotBdInstPl 9.67 +0.06 1.7
ICAA 58.35 +0.81 16.9 EmgMktVa 31.83 +0.48 9.1 Contrafund K6 28.49 +0.64 23.7 GroCo 39.43 +1.21 23.5 Invesco Funds Y Income 10.67 +0.05 4.1 ITBondAdml 10.36 +0.06 2.2 TgtRe2030 38.44 +0.43 8.3 TotIntBdIdxInst 29.70 +0.05 1.7
IncoA 25.10 +0.13 8.6 EmMktCorEq 24.16 +0.44 8.7 ExtMktIdxInstPre 85.64 +0.61 9.7 InvGrBd 10.08 +0.05 2.3 DevMktY 39.89 +0.87 3.3 PIMCO Funds Instl ITIGradeAdml 8.70 +0.05 2.9 TgtRe2035 24.17 +0.29 9.3 TotStInst 132.65 +1.90 15.7
N PerA 62.68 +0.99 12.1 IntlCoreEq 16.31 +0.25 8.1 FidSer5 7.75 +0.06 2.3 LowP 49.22 +0.48 11.7 JHF III DispVal IncomeFd 10.67 +0.05 4.2 LarCapAd 127.48 +1.98 16.4 TgtRe2040 43.25 +0.55 10.1 ValueInst 65.54 +0.37 13.9
NEcoA 62.58 +1.53 16.0 IntSmCo 20.69 +0.32 8.3 FidSerInt 8.69 +0.02 0.9 Magin 14.59 +0.39 22.1 DispValMCI 30.08 +0.10 9.9 Price Funds LTGradeAdml 7.88 +0.07 -0.2 TgtRe2045 29.56 +0.40 10.9 WCM Focus Funds
NwWrldA 79.76 +1.21 6.3 IntSmVa 23.53 +0.37 12.2 FidSerToMarket 18.12 +0.27 15.7 NASDAQ 223.77 +5.76 17.7 John Hancock BlChip 182.25 +4.90 22.0 MidCpAdml 311.93 +2.05 9.1 TgtRe2050 49.53 +0.70 11.5 WCMFocIntlGrwIns 25.19 +0.36 10.7
SmCpA 69.09 +0.81 4.3 LgCo 36.65 +0.57 16.6 GlexUSIdxInstPre 15.26 +0.26 8.4 OTC 22.00 +0.55 20.3 BondR6 13.62 +0.07 2.6 DivGro 79.61 +0.48 13.0 MuHYAdml 10.75 +0.02 2.6 TgtRe2060 50.93 +0.73 11.5 Western Asset
TxExA 12.45 +0.02 1.5 US CoreEq1 41.49 +0.56 15.8 GrowthCompanyK6 27.81 +0.90 23.9 Puritn 26.09 +0.43 12.9 JPMorgan I Class Growth 102.38 +2.62 18.2 MuIntAdml 13.64 +0.02 1.0 TgtRet2055 55.27 +0.78 11.5 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Thursday, August 1, 2024 * * THE WALL STREET JOURNAL.

BUSINESS & FINANCE

New Venture Firm Steel Atlas Hopes Ackman

around $2.5 billion to $4 billion
so far, well below his initial am-
bitions.

Pauses He also named some inves-

To Build on Saudi-U.S. Alignment Fund IPO

tors he said planned to partici-
pate in the IPO and some he
said weren’t. Such details typi-
cally are closely guarded and
Ackman wrote the letter assum-
BY YULIYA CHERNOVA ingly important factors: global startup Transmutex; Washing- nections to Saudi Arabia: At- ing it would remain private.
geopolitical realignment and ton, D.C.-based GenLogs, which tieh grew up in Jeddah and Continued from page B1 But the following day, the
New York-based Steel Atlas, mutual technological inter- is developing a sensor network his family’s business, Attieh The fund was expected to mir- fund disclosed the letter in a se-
which hopes to match U.S. and ests,” Porter said. for freight; and Austin, Texas- Steel, has been operating in ror his main stock-picking fund, curities filing, apparently after
European startups with Steel Atlas was founded based Group1.ai, creating bat- the country for decades. which invests in companies like determining it needed to be
funders and deployment op- last year by General Partners teries that use an alternative On the geopolitical front, Chipotle Mexi- made available
portunities in Saudi Arabia, Porter and Talal Attieh. Back- chemistry to lithium ion that Saudi Arabia is emerging as a can Grill and oc- to other poten-
has raised its first venture ers of its fund included isn’t reliant on minerals con- key partner for the West, as casionally adds tial IPO inves-
fund of $10 million. Apeiron, the private invest- trolled by China. the world realigns its partner- macroeconomic The move caps tors. The embar-
Cameron Porter, co-founder ment firm of entrepreneur Porter said the Saudi gov- ships, Porter says. hedges. one of the most rassing snafu
of Steel Atlas, says venture in- Christian Angermayer; Unti- ernment is confronting cli- Steel Atlas writes checks of He asked the allowed the of-
vestors are spending a lot of tled, a fund of funds run by mate change and investing in $750,000 to $1.25 million and shareholders— bizarre IPO fering to pro-
time in Persian Gulf states, in-
cluding Saudi Arabia, and
Magnus Rausing, of the Tetra
Pak conglomerate; and global
industries that would diversify
its economy’s reliance on oil.
then plans to reinvest via spe-
cial-purpose vehicles.
a mix of institu-
tions and high-
processes in ceed but helped
push back the
searching for capital isn’t the industrial asset owners and Meanwhile, a lethargic Steel Atlas is also planning net-worth years. planned IPO
only reason. Saudi Arabia’s operators with a focus on market has venture-backed to create an industrial holding individuals—to date by around
government has set goals that Saudi Arabia. startups in the West looking company based in the Middle participate in a week. It was
dovetail with those of venture The firm’s portfolio includes for reliable capital and loca- East that would invest in the the IPO “the originally set to
investors in the West, he said. climate-tech and industrial tions to build their first scale- physical projects related to its sooner the better” to “improve begin trading early this week.
“We view this alignment as companies. Among them are up facilities. portfolio company technolo- the strength.” He suggested the —Juliet Chung contributed to
being driven by two increas- Geneva-based nuclear energy Steel Atlas has strong con- gies, Porter said. IPO was on track to raise this article.

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
Continued From Page B9 52-Wk % 52-Wk % LandBridge LB 33.38 5.7 NortheastBank NBN 74.85 -0.1 RayonierAdvMatls RYAM 6.84 3.4 TopBuild BLD 495.68 -0.1 Aditxt ADTX 1.11 ... LionElectric LEV 0.67 -15.9
33.97 -0.8
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Lazard LAZ 49.78 2.1 NortheastCmBncp NECB 23.23 -0.1 RealBrokerage REAX 6.11 -0.5 TowneBank TOWN Agriforce AGRI 0.07 -2.1 LionGroup LGHL 0.30 5.6
LegacyHousing LEGH 29.31 0.8 NorthernOil&Gas NOG 43.80 6.3 ReinsGrp RGA 227.28 -0.2 TraneTech TT 351.41 1.7 AmericanLithium AMLI 0.43 0.4 LixiangEduc LXEH 0.24 -20.2
Stock Sym Hi/Lo Chg EncompassHealth EHC 94.38 0.2 HMN Fin HMNF 26.90 ...
LendingClub LC 12.87 11.8 NorthwestPipe NWPX 38.50 2.1 ResideoTech REZI 23.43 1.3 TransUnion TRU 91.71 0.4 AquaMetals AQMS 0.30 -1.1 LogicMark LGMK 0.45 -7.4
EnerSys ENS 112.53 1.7 HNI HNI 56.13 0.3 TrinityCapNts2029 TRINI 25.20 -1.0
CareDx CDNA 20.34 6.6 Lennar A LEN 182.53 -2.0 OGE Energy OGE 38.94 -0.1 Revvity RVTY 128.15 -1.2 ArmadaAcqnI AACI 8.10 -9.0 Markforged MKFG 0.37 -1.9
Ennis EBF 24.37 1.1 HSBC HSBC 45.53 3.7 TFC 45.31 -0.6
Carlyle CG 50.92 2.5 Lennar B LEN.B 169.40 -2.0 OceaneeringIntl OII 30.45 3.0 RithmCapital RITM 11.85 0.7 TruistFinl AtlasClear ATCH 0.33 -7.2 mF Intl MFI 0.71 -5.6
EnovaIntl ENVA 88.42 0.9 HackettGroup HCKT 27.68 1.6 TrustcoBank TRST 36.51 -0.4
CarpenterTech CRS 148.49 3.2 LennoxIntl LII 594.65 1.6 OldNatlBncp ONB 20.43 -0.7 RocketCos. RKT 16.65 0.2 BanzaiIntl BNZI 0.12 -11.2 MicroAlgo MLGO 1.25 6.0
Enpro NPO 176.13 1.2 HamiltonLane HLNE 146.69 0.7 Trustmark TRMK 35.72 -0.4
CarriageSvcs CSV 32.56 0.3 LibertyLatAmA LILA 10.82 1.4 OldRepublic ORI 34.98 0.4 RyderSystem R 143.17 0.6 Beyond BYON 11.06 -7.8 NGL EnergyPfdB NGLpB 23.51 -1.4
Entergy ETR 117.00 -0.3 HanmiFinancial HAFC 20.92 1.7 TyraBiosciences TYRA 23.12 2.7
CavcoIndustries CVCO 426.41 -1.3 LibertyLatAmC LILAK 10.93 1.2 Omnicom OMC 98.71 0.1 SB Financial SBFG 16.75 3.5 Big5SportingGds BGFV 1.80 -25.2 NWTN NWTN 0.93 -1.1
Enviri NVRI 11.92 5.8 Harrow HROW 26.21 7.3 UFP Inds UFPI 136.93 -2.5
Centerspace CSR 71.50 1.2 LigandPharm LGND 112.13 -1.0 OneMain OMF 54.94 -1.7 SLGreenRealty SLG 68.92 ... BigTreeCloud DSY 1.00 1.9 NaborsEnerIIWt NETDW 0.05 -46.0
ePlus PLUS 93.48 0.5 HealthpeakProp DOC 22.19 -0.1 UL Solutions ULS 50.62 10.1
CentralPacFin CPF 27.48 0.4 LincolnNational LNC 34.02 -0.8 OneSpan OSPN 15.19 1.6 STAG Indl STAG 41.63 0.4 Bionomics BNOX 0.58 -9.8 Neo-Concept NCI 0.48 -4.9
Equifax EFX 282.50 0.4 HeartlandFinUSA HTLF 56.56 2.3 UMB Fin UMBF 105.21 3.0
CenturyComm CCS 107.90 ... Lineage LINE 89.85 0.9 OneSpaWorld OSW 17.30 -4.1 SableOffshoreA SOC 17.30 0.4 BluejayDiag BJDX 0.47 -6.8 Netcapital NCPL 0.07 -16.5
Equitable EQH 44.50 1.0 HeartlandPfdB HTLFP 25.99 1.9 UMH Prop UMH 18.04 0.2
CerevelTherap CERE 44.99 0.7 LiquiditySvcs LQDT 22.87 2.3 Orix IX 120.99 3.6 SableOffshoreWt SOC.WS 5.81 4.9 BrenmillerEner BNRG 0.72 -4.9 NouveauMonde NMG 1.51 -1.6
EquityBcshs EQBK 42.02 -2.0 Heico HEI 242.65 1.1 UMH PropPfdD UMHpD 24.17 3.1
ChengheAcqnIIA CHEB 10.05 0.8 LockheedMartin LMT 547.00 0.8 OrrstownFinSvcs ORRF 36.14 -1.2 Sanmina SANM 76.84 2.4 CCC Intelligent CCCS 10.05 -7.0 NovaBayPharm NBY 0.59 -7.1
ErieIndemnity ERIE 445.30 -0.3 Heico A HEI.A 190.73 1.3 Unitil UTL 62.53 0.1
ChimeraInvPfdA CIMpA 23.90 6.1 LouisianaPacific LPX 100.65 -0.6 OwensCorning OC 189.24 2.4 ScanSource SCSC 53.29 2.3 CN Energy CNEY 0.27 -2.5 OneConnectFin OCFT 1.51 -1.9
EsquireFinancial ESQ 62.50 3.2 HerambaElecWt PITAW 0.19 26.4 US Lime&Min USLM 86.47 3.1
ChimeraInvPfdD CIMpD 25.05 1.1 MGE Energy MGEE 89.19 0.3 OxfordLaneNts2030 OXLCI 25.83 0.3 ScottsMiracleGro SMG 82.11 11.9 CaliberCos CWD 0.53 1.5 PS Intl PSIG 1.06 -18.4
EssentGroup ESNT 64.05 0.4 HerculesCapital HTGC 21.78 -0.5 UWM UWMC 8.62 0.8
CincinnatiFinl CINF 131.08 0.3 MGIC Investment MTG 25.35 0.3 PACS Group PACS 36.18 1.0 SelectMedical SEM 40.50 ... Cemtrex CETX 0.18 2.1 PSQ PSQH 2.55 -0.8
EvansBancorp EVBN 35.47 4.3 HeritageFin HFWA 23.82 ... UWM Wt UWMC.WS 0.50 19.2
Cinemark CNK 23.86 3.1 M/I Homes MHO 173.86 -0.5 PCConnection CNXN 72.76 1.7 SelectWater WTTR 11.91 0.9 Centogene CNTG 0.25 1.9 PSQ Wt PSQH.WS 0.33 -16.9
EvercoreA EVR 254.74 1.3 HighwoodsProp HIW 31.33 1.0 Ubiquiti UI 189.09 4.8
Cintas CTAS 773.95 -0.3 Macatawa MCBC 15.16 -0.9 PacGE pfG PCGpG 19.08 5.0 ServiceIntl SCI 80.37 -0.1 CERoTherap CERO 0.14 ... Penumbra PEN 148.00 -3.5
ExlService EXLS 35.70 ... HinghamSvg HIFS 257.86 -0.9 Unifirst UNF 197.88 0.1
CleanHarbors CLH 240.45 6.4 Maris-Tech MTEK 1.76 5.5 PackagingCpAm PKG 201.74 1.1 ServisFirst SFBS 82.50 1.6 CetusCapitalAcqn CETUU 2.52 -62.9 PerionNetwork PERI 7.85 3.1
F5 FFIV 205.92 1.5 HomeBancShares HOMB 28.99 -1.7 Unilever UL 61.63 0.6
ClimbGlbl CLMB 74.16 2.0 Marsh&McLen MMC 223.64 0.1 Parsons PSN 91.44 18.4 ShinhanFin SHG 43.67 1.0 CetusCapitalAcqn CETU 2.08 -62.2 PhioPharm PHIO 3.12 -4.5
FTAI Infra FIP 10.46 5.2 HomeTrustBcshs HTBI 36.39 1.9 UnitedBkshrsWV UBSI 39.93 0.1
CloverHealth CLOV 1.97 -0.5 Masco MAS 79.54 -0.6 PatrickIndustries PATK 131.91 ... ShoeCarnival SCVL 43.45 1.4 ChinaPharma CPHI 0.19 -7.5 Roadzen RDZN 1.33 1.3

.
FederalSignal FSS 102.18 1.2 DR Horton DHI 185.43 -0.3 UtdCmtyBksPfdI UCBIO 24.93 ...
CoastalFinl CCB 53.54 -0.5 Mativ MATV 19.58 2.6 Paychex PAYX 129.92 0.1 Shyft SHYF 17.56 1.3 ChromocellTherap CHRO 1.05 -5.2 SEALSQ LAES 0.63 0.6
Ferguson FERG 225.63 1.8 HoulihanLokey HLI 153.08 1.1 UnvlStainless USAP 39.81 14.0
CocaColaCon COKE 1159.67 0.5 Matson MATX 135.79 0.4 Pearson PSO 13.60 1.0 SilganHoldings SLGN 52.11 5.5 CommunityHlthcr CHCT 21.38 -20.9 Santech STEC 0.25 -8.6

ly
FidNatlFinl FNF 56.39 0.7 UNM 58.17 6.0
CodereOnline CDRO 8.50 7.0 HowmetAerospace HWM 96.93 2.0 Maximus MMS 93.97 -0.1 Pegasystems PEGA 72.74 -1.4 SmartFinancial SMBK 28.83 1.1 UnumGroup ConduitPharm CDT 0.21 5.9 SciSparc SPRC 0.44 -8.1
FifthThirdBncp FITB 42.91 0.2 UPBD 38.72 -0.1
Cohen&Steers CNS 87.77 1.7 HumacyteWt HUMAW 3.46 13.6 McKesson MCK 621.07 1.2 PembinaPipeline PBA 38.95 0.9 SmithDouglas SDHC 34.20 -0.2 Upbound Conn's CONN 0.31 -0.5 SeelosTherap SEEL 0.38 -2.8
FirstBancshares FBMS 34.40 0.1 UrbanEdgeProp UE 21.28 -2.0
CommerceBcshrs CBSH 65.86 -0.3 Hyster-Yale HY 84.44 0.4 MercuryGeneral MCY 61.00 1.8 PennyMacNts28 PMTU 25.95 -0.1 SouthState SSB 101.32 ... CrownElectrokin CRKN 2.65 -2.7 SingingMachine MICS 0.52 -7.8
FirstBank FRBA 15.70 0.3 UTime WTO 1.43 ...
CommercialMetals CMC 61.26 0.9 ITT ITT 144.44 0.5 MeritageHomes MTH 210.58 -0.2 PenskeAuto PAG 179.72 5.6 Southern SO 83.70 0.2 CrownLNG CGBS 0.55 -14.5 60DegreesPharm SXTP 0.14 -10.6
FirstBusFinSvcs FBIZ 47.23 0.2 Valhi VHI 21.25 2.7
CommunityHlthSys CYH 5.48 1.9 Imax IMAX 21.19 2.2 MetLife MET 77.50 0.1 Pentair PNR 89.63 -0.3 SoMO Bancorp SMBC 58.03 3.3 DefinitiveHlthcr DH 3.19 -32.1 SiyataMobile SYTA 0.25 -27.1
FirstCommBkshs FCBC 45.93 -0.7 VaronisSystems VRNS 57.00 -0.8
CommvaultSys CVLT 155.33 1.0 IndependentBank IBTX 60.53 -0.3 MetroCityBkshs MCBS 32.50 -0.9 Perficient PRFT 75.50 ... SouthsideBcshs SBSI 36.10 0.2 DianaShipping DSX 2.51 -5.2 SmartforLife SMFL 1.68 -13.2
Conduent

CorceptTherap
Corvel
CNDT
ConstructionPtrs ROAD
CorbusPharm CRBP
CORT
CRVL
CousinsProperties CUZ
4.20
66.78
61.90
39.75
321.46
27.97
-1.7
3.8
-0.3
7.1
-4.1
1.1
FirstIndRlty
FirstEnergy

Fiserv
FiveStarBncp
FR
FE
FirstSunCapBncp FSUN
FI
FSBC
FocusImpactBH3A BHAC
FranklinElec FELE
55.65
42.14
42.99
164.54
30.17
12.80
108.39
-0.6
0.3
4.5
0.3
-0.3
4.9
0.7
IndlLogistics
Ingredion

Innoviva
InsightEnt
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INGR
InnovativeIndProp IIPR
INVA
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IBP
on
5.45
125.26
125.45
19.10
228.07
281.04
-0.2
0.5
-0.6
-0.8
0.1
0.3
Mettler-Toledo MTD
MidPennBancorp MPB
MidWestOneFin MOFG
MillerIndustries MLR
MillerKnoll
MitsubishiUFJ
MLKN
MUFG
1545.88
29.84
30.00
69.75
31.73
11.72
0.8
2.3
0.9
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3.0
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PerimeterSolns PRM
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PM
PiedmontOfficeA PDM
PinnacleWest
PiperSandler
PNW
PIPR
3.71
9.84
116.27
8.96
86.16
280.45
2.8
4.0
0.4
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0.2
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SpiritAeroSys

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StepStone
StevenMadden SHOO
SPR
StanleyBlackDck SWK
Stantec STN
SCS
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37.08
108.15
88.25
14.74
51.07
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...
-0.4
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0.9
0.6
2.0
Ventas
Veritex
Vertex
VertexPharm
VTR
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VERX
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55.21 -0.8
25.84 -0.2
40.05 1.5
507.80 -1.4
32.00 3.9
0.05 256.1
DigiAsia
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ICE ICE 152.96 0.2 4.63 6.9 15.15 0.1 90.00 1.0 VistaOutdoor VSTO 41.11 -0.4
CrossFirstBkshs CFB 19.22 0.1 FrontierComms FYBR 29.47 2.4 MizuhoFin MFG PostalRealty PSTL StifelFinancial SF ForzaX1 FRZA 0.31 -2.1 SyntecOptics OPTX 1.46 -2.5
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InvenTrust IVT 28.57 1.7 VulcanMatls VMC 278.79 1.7

Curtiss-Wright CW 297.53 3.2 FullerHB FUL 87.67 0.4 ModineMfg MOD 123.92 18.9 PrecisionDrilling PDS 79.07 6.8 StoneX SNEX 84.40 1.3 FractylHealth GUTS 3.08 -20.4 TCBioPharm TCBP 0.56 -32.4
InvestorsTitle ITIC 213.00 2.4 WaFd WAFD 36.52 -0.7
DNOW DNOW 15.65 0.2 287.60 -0.5 Moelis MC 70.00 -1.6 PreludeTherap PRLD 6.76 7.2 Stride LRN 76.33 -0.1 FuelCell FCEL 0.49 2.6 Ternium TX 34.01 -2.2
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Gallagher AJG WeisMarkets WMK 76.62 0.7

DTE Energy DTE 120.88 -0.1 Gaming&Leisure GLPI 50.74 -0.1 IronMountain IRM 103.41 1.3 MohawkInds MHK 164.06 -0.6 PriceSmart PSMT 92.76 1.7 SumitomoMits SMFG 14.53 6.0 GenerationIncm GIPR 2.60 -5.3 TalkspaceWt TALKW 0.04 -20.2
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DT Midstream DTM 76.35 1.0 JacksonFinl JXN 89.63 0.4 MonarchCasino MCRI 80.22 -0.4 PrimorisSvcs PRIM 57.72 5.6 SummitMidstream SMLP 38.05 3.7 GeniusGroup GNS 0.18 -8.5 TenXKeaneAcqn TENK 9.54 -5.7
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Gartner IT 509.15 0.5 WestAllianceBcp WAL 82.48 ...

Danaher DHR 280.26 0.7 GatesIndustrial GTES 19.07 4.9 JanusHenderson JHG 37.48 1.7 Moody's MCO 462.66 -0.3 PrincetonBncp BPRN 39.21 1.2 SunCokeEnergy SXC 11.85 7.6 Genprex GNPX 1.68 -6.7 TevogenBio TVGN 0.63 -1.5
JefferiesFinl JEF 59.08 1.4 WesternAlliancePfd WALpA 20.00 0.3
Deluxe DLX 24.87 1.5 GenDigital GEN 26.37 0.9 Moog A MOG.A 200.92 0.5 ProficientAuto PAL 21.01 -0.8 TC Energy TRP 42.72 1.1 GreenwaveTech GWAV 1.16 -9.2 TopKingWin TCJH 0.26 -3.9
JohnsonControls JCI 75.36 3.6 WeycoGroup WEYS 35.24 2.3
Dole DOLE 15.00 -0.1 GencorInds GENC 24.88 3.7 MuellerIndustries MLI 72.68 0.9 ProsperityBcshs PB 74.05 -0.7 TPG TPG 51.62 1.4 GpoAvalAcc AVAL 2.07 2.4 TreasureGlobal TGL 1.31 3.0
WholeEarthBrds FREE 4.88 ...
DonnelleyFin DFIN 71.01 -2.9 JuniperNetworks JNPR 38.07 -0.7 NB Bancorp NBBK 19.27 -0.2 PublicServiceEnt PEG 81.00 2.3 TPG RE FinPfdC TRTXpC 18.73 5.6 GryphonDig GRYP 0.87 -5.1 TristarAcqnI TRIS 9.38 -12.7
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Generac GNRC 169.57 0.1 WisdomTree WT 12.00 1.1

DouglasEmmett DEI 16.57 1.9 Gildan GIL 41.23 0.8 KB Financial KB 65.77 0.4 NMI Holdings NMIH 42.01 0.4 PulteGroup PHM 135.62 -0.9 TWFG TWFG 25.72 2.1 Hempacco HPCO 0.68 2.6 TristarAcqnI TRIS.U 8.35 -8.9
WolverineWwide WWW 15.24 2.4
Ducommun DCO 65.89 0.5 GladstoneComm GOOD 15.32 -0.4 KB Home KBH 88.31 0.4 NatlCineMedia NCMI 6.12 0.5 QCR Holdings QCRH 79.61 -0.8 TaylorMorrison TMHC 69.62 -1.5 HighwayHldgs HIHO 1.80 0.5 UcommuneIntl UK 1.68 -2.2
WorldKinect WKC 28.60 -1.1
DuPont DD 85.12 4.1 GlblNetLeasePfdE GNLpE 22.39 2.3 KKR KKR 128.79 2.9 NationalFuelGas NFG 59.11 0.2 Qomolangma QOMOU 13.40 2.4 TechnipFMC FTI 29.68 1.7 HothTherap HOTH 0.62 2.6 VCIGlobal VCIG 0.29 -4.0
WorthingtonSteel WS 41.01 3.6
DycomInds DY 188.53 2.1 GoldmanSachs GS 517.26 0.7 Kadant KAI 363.40 -1.4 NatlHealthInv NHI 76.66 -0.4 Qomolangma QOMO 12.75 3.2 Ericsson ERIC 6.96 0.3 HubCyberSecurityWt HUBCZ 0.01 -28.6 Velo3D VLD 2.57 -5.8
ZetaGlobal ZETA 21.84 2.1
ESCO Tech ESE 125.54 1.1 GrandCanyonEduc LOPE 157.41 0.4 Karooooo KARO 40.87 10.2 NatlHealthcare NHC 138.49 0.3 QomolangmaRt QOMOR 0.23 21.1 TellurianNts2028 TELZ 24.49 0.3 ImmunoPrecise IPA 0.77 -4.9 VintageWineEstates VWE 0.05 -13.1
Zumiez ZUMZ 26.02 0.2
EagleMaterials EXP 279.69 2.5 GraniteConstr GVA 69.66 0.6 Kernel KRNLU 13.98 17.6 NaturalGrocers NGVC 27.60 3.8 RBB Bancorp RBB 24.05 -2.3 TempusAI TEM 47.09 -5.9 Infobird IFBD 2.31 -1.2 WW Intl WW 1.02 -5.3
14.15 9.5
EastWestBncp EWBC
eBay EBAY
89.75
55.86
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GPK
GCBC
30.66
37.25
3.5
1.0
KernelA
KewauneeSci
KRNL
KEQU 55.62 2.5
Nelnet
NewJerseyRscs NJR
NNI 114.26
47.34
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REV
RLI
REVG
RLI
29.89
151.47
0.4
0.2
TenXKeaneAcqn TENK
TevaPharm TEVA
12.31
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InteractStrength TRNR
0.17
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EdisonIntl EIX 80.52 0.8 GreenlightCapRe GLRE 13.96 0.9 KornFerry KFY 75.30 0.6 NewYorkMtgPfdF NYMTL 21.14 2.6 RPM RPM 122.92 1.5 TexasPacLand TPL 852.22 2.2 ARBIOT ARBB 0.36 -4.7 JaguarHealth JAGX 1.11 6.0 XTI Aerospace XTIA 0.27 -5.3
ElPolloLoco LOCO 12.20 1.2 Group1Auto GPI 373.19 4.7 KratosDefense KTOS 22.96 0.7 Newmark NMRK 13.25 2.1 RTX RTX 118.22 0.5 TexasRoadhouse TXRH 176.66 0.4 AryaSciencesIV ARYD 6.25 -25.9 Jet.AI JTAI 0.24 -12.4 Yalla YALA 4.21 1.2
ElectronicArts EA 153.51 1.2 Guidewire GWRE 153.85 0.2 LSI Inds LYTS 17.33 5.2 Newmont NEM 49.36 3.5 RXO RXO 32.82 -0.6 TheBancorp TBBK 53.48 1.4 Ayro AYRO 0.70 -0.8 Jewett-Cameron JCTCF 4.01 -1.2 Zeekr ZK 16.73 -0.1
Embraer ERJ 31.40 1.9 HASustInfrCap HASI 34.00 -0.9 LXP Industrial LXP 10.57 -1.5 NexPointResidentl NXRT 44.67 -0.1 RadianGroup RDN 37.86 -0.2 ThermoFisher TMO 620.63 -0.3 AboveFood ABVE 1.16 -3.6 KaivalBrands KAVL 0.92 -11.5 Zentek ZTEK 0.94 -0.1
m er

EmployersHldgs EIG 48.50 1.2 HCA Healthcare HCA 366.10 0.5 La-Z-Boy LZB 45.23 1.1 NexstarMedia NXST 187.27 0.2 Radware RDWR 22.74 22.5 TollBros TOL 146.75 -0.3 AboveFoodWt ABVEW 0.02 15.4 LanvinWt LANV.WS 0.02 -0.3 ZeppHealth ZEPP 0.57 -0.5
m rp
co Fo

It’s always been

easier for me
to help others
n-

than to
no

help myself

As a Veteran, when someone raises their hand for help, you’re often one of the first ones to
respond. But it’s also okay to get help for yourself. Maybe you want or need assistance with
employment, stress, finances, mental health or finding the right resources. No matter what it
is, you earned it. And there’s no better time than right now to ask for it. Don’t wait. Reach out.

Find resources at VA.GOV/REACH

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Thursday, August 1, 2024 | B11

FINANCE & MARKETS

HSBC’s Profit Beats Wall Street Forecasts

Lender lifts outlook officer, would succeed Quinn HSBC’s Hong Kong-listed
on Sept. 2. share price
and plans $3 billion The departing chief had a
HK$90 Noel Quinn
buyback as CEO rocky start, taking over per- named
manently just as the pan- interim CEO
prepares to exit demic hit and angering share- 80
holders by suspending a
BY JOSH MITCHELL dividend. He went on to re- 70
shape the bank.
LONDON—HSBC Holdings HSBC shifted away from re- 60
reported solid profit and an- tail banking in key Western
nounced another big payout markets such as Canada, the 50
to shareholders, lifting the U.S. and France, while ex-
global bank’s shares ahead of panding in Asia and the Mid- 40
Chief Executive Noel Quinn’s dle East. Since 2019, HSBC

CHRISTOPHER PIKE/BLOOMBERG NEWS

retirement. said Wednesday, it has handed
30 Monthly
The bank, Europe’s biggest $54 billion to shareholders
by market value, said net through dividends and buy- 2015 ’20 ’24
profit hit $6.4 billion in the backs. Shares in HSBC have Note: HK$10= $1.28
spring. While that was a risen more than a third since Source: FactSet
slight decline from the April- Quinn became permanent CEO
June period a year earlier, it in March 2020. ments of the world to make
far exceeded analyst expecta- High interest rates have sure that we help their econo-
tions. boosted profitability, but ana- mies develop, we help their
HSBC pledged to return an- lysts remain skittish about economies connect,” Quinn Noel Quinn is retiring as CEO after more than four years.
other $3 billion to sharehold- how the lender will perform if said. “We’ve been doing that
ers through a new share buy- and when global interest rates for 158 years. The landscape tainly beating me on that Quinn said the bank is in- the second quarter from a
back, and boosted its financial subside. of the world has changed eco- one.” creasingly earning money year earlier.
targets for next year. Meanwhile, the bank— nomically significantly in that HSBC is highly influenced from fee-based businesses, Elhedery said he plans to
HSBC stock rose 4% in Lon- whose business depends time, politically in that time, by interest rates because it is making it less sensitive to keep the same strategy.
don on Wednesday, after the partly on connecting compa- and we’ll continue to very such a big retail and commer- rates. Those business lines in- Citigroup analyst Andrew
upbeat earnings report. nies around the globe—is much focus on our customers cial lender in the U.K. and clude managing the wealth of Coombs said in a note to cli-
Quinn surprised investors bracing for heightened geopo- and helping with international Hong Kong. high-income clients in Hong ents, “The new CEO inherits
in April when he said he litical tension between the connectivity.” Higher global rates, due to Kong and mainland China, ad- the bank in a much stronger
would retire after more than U.S. and China if Republican He added that Elhedery will central banks’ efforts to rein vising businesses as they ex- position and with the ‘pivot to
four years as CEO to achieve a presidential nominee Donald have one key advantage over in inflation, have widened the pand in new regions, and han- Asia’ largely complete the fo-
better work-life balance. The Trump reclaims the White him in that regard: “I only gap between what HSBC pays dling commercial transac- cus going forward appears to
bank said this month Georges House this November. speak English; he speaks six depositors and charges bor- tions. Earnings outside of net be even more on international
Elhedery, its chief financial “We work with all govern- languages. So I think he’s cer- rowers. interest income rose 12% in connectivity.”

.
Stocks and At midday Thursday,
Japan’s Nikkei Stock Average

ly
was down 2.6% a day after the

on Bonds Rise Bank of Japan raised interest

rates and put forward a plan
to reduce bond buying. S&P

On Fed 500 futures were up 0.6%,

while Nasdaq 100 futures were
0.8% higher.
us ,

Continued from page B1

l

intelligence trade, surged 13%. AUCTION RESULTS

e
al a

Here are the results of Wednesday's Treasury

Micron Technology added auction. All bids are awarded at a single price at the
7.1%. Other semiconductor market-clearing yield. Rates are determined by the
difference between that price and the face value.
companies
ci on

WEDNESDAY’S also rallied, 17-WEEK BILLS

MARKETS reversing Applications

Accepted bids
$194,568,256,000
$60,189,044,400
AMIT DAVE/REUTERS

some of the " noncompetitively $549,516,900

" foreign noncompetitively $0
sharp swoons that occurred in Auction price (rate) 98.317472
July. (5.090%)
er s

Coupon equivalent 5.249%

The Europe Stoxx 600 rose Bids at clearing yield accepted 61.16%
0.8% on Wednesday and 1.3% Cusip number 912797ME4
m er

Micron Technology shares rose 7.1%. A Micron stall at the Vibrant Gujarat Global Trade Show in Gandhinagar, India, in January. in July. The bills, dated Aug. 6, 2024, mature on Dec. 3, 2024.

ADV ERTISEMEN T
m rp
co Fo

Member Voices
The Wall Street Journal CMO Network connects the decision-makers behind the world’s most
influential brands to discuss what — and who — is driving today’s trends and chart the path forward.
n-

In the past two years, what’s the the full-funnel impact of our When faced with a new challenge,
biggest lesson you’ve learned marketing investments. what’s your decision-making
about marketing through process, and where do you turn
economic uncertainty? Building brand trust, which is for trusted information or advice?
no

paramount in home improvement, is

Understanding changing customer another area of focus. We are working I seek various perspectives, leveraging
priorities to move beyond selling on a brand refresh that will highlight my network inside and outside of the
and become a trusted partner. our core beliefs and promise of “done organization to tackle new challenges.
For Leaf Home, a national home right at every step.” The new website Gathering domain expertise and diverse
improvement company, that means and brand identity will unify all our viewpoints is key to understanding the
Nina George analyzing trends in customer data product lines under a parent brand that context and drivers of the situation
and combining them with “boots helps people protect and enhance their before reaching a solution.
Chief Growth Oficer, on the ground” insights from our most important asset — their home.
teams who are in direct contact One of the best pieces of advice
Leaf Home
with homeowners. We’re seeing What shifts do you see happening I’ve received from a mentor is that
homeowners prioritize projects that in marketing and advertising in unpacking and solving a complex
protect and increase property value, the next ive years? problem requires investing in an
simplify maintenance and enhance adequate level of resources. This
their living experience. We respond to I expect an acceleration of current approach to understanding the
these needs with a service-oriented trends driven by advancements in problem enables me to develop
and solution-focused approach that technology. I anticipate most brands sustainable solutions, rather than
builds trust and lasting relationships. will leverage generative AI to create quick ixes for urgent issues.
content and advertising creative. AI
What priorities rise to the top will also improve the effectiveness of Tell us about a milestone that
for you in your role as CGO digital media campaigns and marketing shaped your career path.
Membership is by invitation: during times like this? automation. Enhanced predictive
[email protected] analytics will help brands anticipate A deining milestone in my career
Maximizing return on our marketing consumer needs and behaviors, leading was my irst GM role with P&L
investments is a top priority. Customers to more targeted marketing efforts. accountability. Relying on teams
Read the extended version: are increasingly omnichannel, and the outside my reporting structure was
CMONetwork.wsj.com/ factors inluencing their purchases As the landscape shifts further invaluable in shaping my perspectives
membervoicesleafhome are constantly evolving. We cultivate online, a brand’s ofline and in- around cross-functional work. Success
a marketing culture at Leaf Home person presence will be an important was deined by the collective efforts
that thrives on experimentation and differentiator. These changes should of the marketing, engineering, creative
exploring new platforms, channels lead to more eficient marketing and operations teams in supporting
and user experiences. We leverage costs and better ways for brands to our ability to meet revenue goals. The
emerging technology and continuously connect customer experiences across experience shaped me into a CGO who
evaluate our media mix to understand different touchpoints. wears the company hat irst.
The Wall Street Journal news
organization was not involved
in the creation of this content. © 2024 Dow Jones & Co., Inc. All rights reserved. 6DJ7987
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Thursday, August 1, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Boeing’s New Pilot Faces Rough Skies Microsoft AI

Aims Create
CEO-in-waiting ticks many boxes required to fix the jet maker, but has the turnaround job of the decade
A Pricey
Reality
The leadership change at Boe- Boeing’s share price Commercial aircraft Commercial aircraft
ing bodes well for the radical over the past 10 years manufacturers long-term manufacturers inventories*
transformation that the plane debt as a share of total assets
maker requires. But outflying a $500 50% $100 billion
troubled culture and growing debt Dennis Muilenburg Dave Calhoun
pile will be tough. takes over takes over Boeing Boeing Microsoft’s artificial-intelligence
On Wednesday, the Arlington, 400 40 ambitions are putting up big num-
Va., manufacturer said Robert 75 bers. Just not in the right column.
“Kelly” Ortberg will become its The $3 trillion software giant’s
next chief executive and president 300 30 fiscal fourth-quarter results late
on Aug. 8, succeeding Dave Cal- 50 Tuesday showed a couple notable
houn, who served both roles since 200 20 trends. Revenue growth in its
January 2020. Airbus cloud business slowed during the
The stock rose 2% on Wednes- Airbus
25 June quarter, with the Intelligent
day as investors decided this news 100 10 Cloud segment missing Wall
was enough to offset disappoint- Street’s projections for the first
ing second-quarter results. A $1.4 time in nearly two years, accord-
billion net loss, compared with ex- 0 0 0 ing to FactSet data. Microsoft
pectations of $913 million, was the 2015 ’18 ’21 ’24 2015 ’20 ’24 2015 ’20 ’24 spent $19 billion in cash capital
result of Boeing’s building fewer *Airbus figures at current exchange rates. €1 =$1.08 Source: FactSet expenditures and equipment pur-
commercial aircraft—quality is- chased under finance leases dur-
sues slowed deliveries of the MAX, notion of wanting to change a lot based avionics manufacturer Rock- The big difference is that Air- ing the quarter. That is equivalent
while supplier shortages affected of folks,” he said. “He knows full well Collins in 1987, he became its bus hasn’t had to load itself up to what the company used to
the 787 Dreamliner—as well as well we are in a recovery mode.” president and CEO in 2013. He un- with debt to ride through the spend in a year—five years ago.
losses in its defense programs. Still, signaling a fresh start dertook some big acquisitions and storm. With Boeing’s latest $10 The blowout spending isn’t a
Ortberg beat two other well-po- should be a priority for the incom- gained a reputation as a likable billion bond issuance, its long- shock; Microsoft and its tech peers
sitioned candidates to the top job. ing boss. A reluctance to raise leader who frequented the factory term debt at the end of June have been broadcasting their plans
One was Pat Shanahan, CEO of problems with management ap- floor, and accumulated experience added up to $53.2 billion. This since last year to invest heavily in
aerostructures supplier Spirit pears to be part of Boeing’s cul- dealing with regulators and the equals 37% of its total assets, the generative-AI opportunity. But
AeroSystems, which Boeing agreed ture. Changing it will need clear Pentagon. Rockwell was known for when at the start of 2019, it was Microsoft’s total cloud revenue of
to purchase. The other contender signals from the very top. being an innovative firm, as op- 9%. Airbus’s current ratio is 8%. $36.8 billion was about 2% short of

.
was the plane maker’s head of com- Building planes that don’t fall posed to the more procedure-fo- Admittedly, this debt pile could analysts’ estimates, while revenue
mercial aircraft, Stephanie Pope. apart is just the first step toward cused United Technologies Corp. be quickly reduced if Boeing meets growth at its Azure public cloud

ly
The decision to hire a true out- regaining ground lost to European that bought it in 2018. its production targets, or if it unit came in at the low end of the
sider seems wise. Calhoun’s at- rival Airbus in recent years. Boe- UTC combined Rockwell with its manages to run down its huge $86 company’s own projection. That
tempts to pull the company out of ing’s long-term future will depend other aerospace division to form billion inventory, which has contrasted with stronger-than-ex-
its nosedive since the 2019
grounding of the 737 MAX were
always compromised by his long
stint as a director. Continuing pro-
on the launch of groundbreaking
new aircraft, notably a “clean
sheet” narrow-body jet to replace
the 737 in the 2030s. The com-
on Collins Aerospace, and in 2020
merged with Raytheon to become
RTX Corp. Ortberg left in 2021,
just as he was touted by some as a
swelled because of undelivered
jets and the plane maker’s at-
tempts to support its parts suppli-
ers. It comes as a relief for inves-
pected cloud revenue growth re-
ported last week by Google.
Microsoft’s shares slipped
nearly 3% after the results in af-
duction snafus on his watch, par- pany needs to revive the culture of potential successor to former CEO tors that the firm is for now ter-hours trading Tuesday. That
us ,

ticularly the blowout of a door innovation and dialogue with cus- Greg Hayes, who retired this May. sticking to its target to make 38 implies a worse quarter than it
l

plug during an Alaska Airlines tomers that made the 777 program Now, he will finally get a shot at MAX aircraft a month by year-end. was; the company’s other business
e
al a

flight this January, further dented a roaring success in the 1990s—all leading an aerospace giant, albeit But any production goals are pre- units exceeded expectations, and
the confidence of investors and, while integrating Spirit and grap- a troubled one. carious in the industry’s current Microsoft wrapped up the fiscal
even more important, of airlines pling with supply shortages. Supply snags are turning this state. year with a record $109 billion in
ci on

and lessors. On paper at least, Ortberg has into a bad year for Airbus, too. On As much as Ortberg looks like operating income. That equates to
On Wednesday, Calhoun told the credentials, including in-depth Tuesday, having pushed back its the right person to right Boeing’s an annual operating margin of
Wall Street analysts he doesn’t ex- engineering and supply-chain delivery targets for 2024, it posted course, the financial legacy of a 44.6%—a level the company hasn’t
pect Ortberg to undertake a big knowledge. Until not long ago, he a 78% drop in second-quarter tumultuous half decade will weigh seen in more than two decades.
shake-up of senior management. “I was one of the aviation industry’s earnings compared with a year heavily. Microsoft affirmed on its earnings
er s

don’t think he’s coming in with a rising stars. Having joined Iowa- earlier. —Jon Sindreu call Tuesday that it plans to de-
liver another year of double-digit
m er

growth in both revenue and oper-

ating income for fiscal 2025.

AMD Finally Makes Some Good Noise

But investors who were once
willing to write blank checks to
big tech companies that invest in
m rp

AI are more wary of late. Micro-

soft, Amazon.com, Google parent
One of the worst things about Alphabet and Facebook parent
competing with Nvidia these days Meta Platforms have seen their
is the assumption that no one can stocks slide an average of 10%
co Fo

compete with Nvidia. from their highs reached in early

That assumption has been kill- July. That compares with a gain of
ing Advanced Micro Devices of more than 4% over the past month
late—at least its stock. Prior to its for the S&P 500 Equal Weighted
second-quarter report late Tues- Index. The four tech giants are
day, the chip maker more com- dumping record amounts of capex
monly known as AMD had seen its into AI, which has yet to grow into
share price fall 6% since the start a significant enough revenue
of the year. source to merit disclosure by any
That seriously lagged behind of them.
the broader chip category and was Microsoft comes the closest in
particularly weak for a chip com- this regard. The company said
pany well exposed to the hot AI Tuesday that AI services contrib-
n-

market. uted 8 points to Azure’s revenue

Nvidia’s already booming stock growth for the June quarter, com-
has more than doubled in value pared with a 7-point contribution
again this year, while Broadcom in the March quarter. The com-
ANNABELLE CHIH/BLOOMBERG NEWS
no

shares have surged nearly 40%. pany said on its call Tuesday that
The PHLX Semiconductor Index its recent shortfall in cloud reve-
was up nearly 18% for the year nue was mostly due to weakness
ahead of AMD’s report. in a few European territories. It
Why the glum mood? The past said it expects Azure growth to
few months have seen reports and pick back up in the December
rumors about customers canceling quarter—a disclosure that helped
orders or delaying shipments of moderate some of the stock’s
AMD’s new data-center proces- AMD lifted its forecast for this year’s sales of its AI chips by 13% to more than $4.5 billion. CEO Lisa Su, above. losses following the report.
sors—something analysts refer to But the spending on AI will con-
as “noise in the supply chain.” over year and exceeding Wall Analysts widely expect the com- $19 billion in capital expenditures tinue to garner outsize interest
Nvidia’s strong product road- Street’s estimates. The company pany to exceed $5 billion in AI in the June quarter went specifi- from investors, given its outsize im-
map in this area doesn’t help. Not also raised its forecast for this chip sales for the year. And that cally towards components needed pact on the cash-flow statement.
coincidentally, AMD’s stock peaked year’s sales of its AI chips to more would still be a pittance compared to power AI in its data centers. Microsoft’s total capital outlay with
in early March—right before than $4.5 billion—an increase of to the $105 billion in data-center “We believe customers want an- leases equated to nearly 23% of rev-
Nvidia announced its coming AI 13% from its forecast three months sales Nvidia is projected to hit this other supplier in this market, and enue for the just-ended fiscal year
Blackwell chips at its developers ago. year. But demand for AI compo- thus far AMD appears to be exe- compared with an average of 14%
conference. “I wouldn’t really pay attention nents is still hot, and overall sup- cuting,” Chris Caso of Wolfe Re- over the previous five years. Chief
That helped set a low bar for to all that noise in the system,” ply is still tight. Microsoft con- search wrote Wednesday morning. Executive Satya Nadella said on
AMD’s report. And the company CEO Lisa Su said on AMD’s earn- firmed as much with its own Distant second may not be a bad Tuesday’s call that Microsoft has
cleared it, with its data-center rev- ings call. AMD’s stock jumped results late Tuesday, during which place to be. the “demand signal” to justify those
enue more than doubling year more than 4% Wednesday. it noted that about half the record —Dan Gallagher investments and can always scale
back plans to fill up data-center in-
frastructure with servers—thus
saving on expensive components

China’s Luckin Gets Bitter Reaction to Weak Results such as Nvidia’s chips—if that sig-
nal changes. The AI spending wars
are far from over. —Dan Gallagher

Microsoft’s capital spending

A gigantic coffee chain released week, it opened a 14% in China, due to rival America’s one day. Mean- as a percentage of revenue

21%
some disappointing quarterly re- store in Beijing that both lower checks while, land grabs are expensive.
25%
sults Tuesday and its shares fell in put it over the and fewer visits. Starbucks put a hopeful spin on
response. 20,000 mark, up While earnings per the lousy results and its investors
No, this isn’t about Starbucks, from 8,214 at the share fell 6.1% from seem to agree for now. 20
which reported earnings late that start of last year. But Drop in same-store a year earlier at But if they see the mug as half-
day. Its shares climbed by nearly that growth from it
3% on Wednesday as investors and many other local
sales at Luckin self- Starbucks, the equiv-
alent drop at Luckin,
full in the Middle Kingdom, then
why not respond better to the
15
were relieved the report wasn’t and international operated branches in in yuan terms, was company that is taking a bigger fi-
worse. chains has saturated the latest quarter about twice as much. nancial hit for much faster 10
With its stock down 21% this the Chinese market The reaction to growth? Three years ago, the two
year through Tuesday, some for now. Luckin’s results is companies had about the same 5
clearly saw a buying opportunity, Same-store sales more of what you store count in China. By the end of
much as with McDonald’s a day at self-operated branches fell by a would expect: Its American depos- this year, Luckin will have about
earlier. The chain that disap- painful 21% in the latest quarter. itary shares fell 6.5% Tuesday and three times as many. 0
pointed was Luckin Coffee, with Starbucks, which has bet big on extended that drop slightly on One group of investors is wrong FY2016 ’20 ’24
most of its stores in China. China and boasts more than 7,300 Wednesday. and should expect tears in their
Note: Includes capital expenditures and assets acquired
Luckin is big and growing much stores there, wasn’t much better, China’s middle class may well coffee. under finance leases. Fiscal year ended in June.
more quickly than Starbucks. Last with comparable sales dropping develop a takeout-coffee habit to —Spencer Jakab Source: Visible Alpha