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What’s Hiring Slows Sharply in Summer

News Stocks and yields Street Journal had expected. edented outside of a reces- Nonfarm
f payrolls, cumulative change this year
Revisions cut down the jobs sion,” said Wells Fargo senior
Business & Finance fall after data growth originally reported for economist Sarah House. “Busi- 800 thousand Reported in July

revisions suggest a May and June by a combined nesses are standing pat with
258,000. That left May as hav- their head counts as they wait
 U.S. hiring slowed sharply weaker jobs market ing added just 19,000 jobs and to see what lies ahead.” &00
... in August

over the summer, with jobs June just 14,000. President Trump on Friday
figures for May and June re- BY RACHEL WOLFE A storm of changes is keep- afternoon said he had directed August revisions
vised downward and July’s AND JUSTIN LAHART ing business leaders cautious. his team to fire the top official 400
number falling short of Tariffs are weighing on manu- at the Bureau of Labor Statis-
economists’ expectations. A1 After months of uncertainty, facturing. Workplace raids are tics after the release of the soft
 Trump fired the top Bu- July’s job’s report is clear: The hurting immigrant-dependent data. That move raised con- 200
reau of Labor Statistics offi- U.S. economy is beginning to sectors like landscaping and cerns among economists and
cial after the government show signs of slowing. meatpacking. And cutbacks to former officials that it could
published the data showing The U.S. added a seasonally the federal workforce are open the door for American 0
that U.S. hiring slowed. A2 adjusted 73,000 jobs in July, squeezing government hiring. Please turn to page A2 Jan. 2025 Feb. March April May June July
 The weak jobs data and the Labor Department reported “To see three months in a
Note: Seasonally adjusted. Each month includes provisional data for previous month
Trump’s revamped tariff plan Friday, below the 100,000 that row of fewer than half of in-  Trump ousts statistician and revisions to the two months prior to that.
sent U.S. stocks sharply lower, economists polled by The Wall dustries adding jobs is unprec- over soft data..................... A2 Source: Labor Department
with the S&P 500, Nasdaq
and Dow shedding 1.6%, 2.2%
and 1.2%, respectively. B11
 Exxon Mobil and Chevron
Palestinians Swarm Aid Trucks Entering Gaza September
reported steep declines in
second-quarter earnings,
driven by lower oil prices, as
big foreign producers
Rate-Cut
brought on more barrels. B9
 Nintendo’s first-quarter net
Path Gets
profit jumped 19%, helped by
robust sales of the company’s
new Switch 2 console. B9
Clearer
 Shares of Universal Music
BY NICK TIMIRAOS
fell after second-quarter
earnings and free cash flow
The July jobs report could
missed expectations. B10
give Federal Reserve officials a
 Online marketplace Etsy sense of déjà vu.
is changing its marketing Last year, officials decided
strategy to answer a decline against cutting interest rates at
in buyers as consumers their July policy meeting, but
grow more cautious. B10 an employment report two days
later suggested the labor mar-
 Kimberly-Clark’s second-
ket wasn’t as strong as it
quarter adjusted profit came
looked. Officials made up for it
in above Wall Street esti-
by cutting rates by a half-per-
mates but sales fell short of
centage point, larger than the
analysts’ expectations. B10
traditional quarter point incre-
ment, at their subsequent
meeting in September.
World-Wide This past week, officials also
held rates steady, only to wake
up Friday to news that the la-
 The death toll from Rus- bor market unexpectedly cooled
sia’s aerial bombardment of during the past few months.
Ukraine’s capital Thursday
MAHMOUD ISSA/REUTERS

Traders increased the chances

rose to 31, making the strikes of a September rate cut to more
among the worst of the 3½- than 70% from 38% Thursday.
year war, with four more chil- The situations aren’t exactly
dren among the victims. A9 the same, of course. Last year,
 Trump said he would po- inflation was heading lower.
sition two nuclear subma- CHAOS: Palestinians climb on vehicles carrying relief supplies Friday in the northern Gaza Strip. A breakdown of law and This year, officials are worried
rines “in the appropriate re- order, with mobs ransacking aid trucks, is preventing food from reaching the most vulnerable people, aid workers say. A8 Please turn to page A2
gions” in response to
comments from former Rus-
sian President Dmitry Med-

‘Combat Cocktail’: Software IPO Left

vedev, escalating tensions as
the U.S. pressures Russia to
end the Ukraine war. A9

How We Overmedicate Vets $3 Billion on Table

 Former Epstein associate
Ghislaine Maxwell was trans-
ferred from a federal prison
in Florida to a lower-security
facility in Texas to serve her
20-year sentence. A6 BY CORRIE DRIEBUSCH holders want to raise as much
AND HANNAH ERIN LANG money as they can in their
 A Florida jury found Tesla To treat PTSD, the VA put hundreds of thousands of patients IPOs. But they also want the
was partly to blame for a fatal on multiple streams of medications—despite suicide risk Shares in software maker morale boost that comes with a
2019 collision involving a vehicle Figma posted eye-popping rise on the first day of trading.
equipped with the company’s BY SHALINI RAMACHANDRAN Griffin’s medical records reveal a long list gains in their stock-market de- The ideal first-day gains are
driver-assistance software, AND BETSY MCKAY prescribed over a decade, including medi- but Thursday. Also eye-pop- typically around 20% to 30%,
awarding the plaintiffs nearly cines for nightmares, migraines, anxiety, de- ping: the $3 billion the com- many bankers who work on
$329 million in damages. A6 After cycling through a dizzying array of pression and side effects including gastroin- pany left on the table by deals say. If gains exceed that
 The Trump administration psychiatric medications, Scott Griffin found testinal distress and erectile dysfunction. At underpricing its shares. amount by too much, whispers
blocked funding for a swath himself with the barrel of a gun in his times, he says he was on at least three and Figma and selling share- abound that bankers left
of public-health programs run mouth in November. as many as nine central nervous system holders raised $1.2 billion in money on the table.
by the Centers for Disease Diagnosed with post-traumatic stress dis- drugs at once. The Department of Veterans the IPO. They could have pock- Ahead of Figma’s offering,
Control and Prevention. A4 order, Griffin had served as a paratrooper Affairs continued several of the prescrip- eted much more had the initial IPOs this year rose an average
with special operations forces, witnessing tions after he was discharged in 2022. shares, priced at $33 apiece, 13% on their first day of trad-
 The Corporation for Public intense combat in Afghanistan, Syria and He experienced waking nightmares and been priced higher. ing, according to Dealogic.
Broadcasting said it would Iraq. Army doctors put him on a version of brain fog. Doctors never told him about Bankers often say pricing an Figma’s jumped 250%.
start to wind down its opera- what veterans call the “combat cocktail”: a risks from the drugs, he said. IPO is an art, not a science. Several factors likely played
tions after the elimination of its mix of powerful drugs taken simultaneously. Please turn to page A10 Companies and selling share- Please turn to page A6
federal funding last month. A3
 Trump is amassing an enor-
mous war chest, using his of-
fice to keep bringing in donors
Latest Weapons Against Wolves? EXCHANGE Superrich Buy Rolexes,
and looking ahead to next AC/DC and Scarlett Johansson
year’s midterm elections. A4
i i i $650 T-Shirts in Bulk
To protect livestock from the predators,
NOONAN BY SARAH SPELLINGS For luxury shoppers willing
Stop the ICE U.S. uses drones that blast alarming sounds to spend big, it is possible to
workplace raids A13 Every year, Lee Evans Lee have it all. Many buy multi-
BY JIM CARLTON by a wolf a night earlier and buys herself a new long teddy ples of the pieces they love,
AND ANGELA OWENS now the team planned to try coat from the Italian fashion from Loro Piana capes and Ce-
CONTENTS Markets.......................... B11 and find the culprit—using a brand Max Mara, a classic de- line jeans to Rolex watches, so
Books....................... C7-12 Obituaries................... C6 MACDOEL, Calif.—The fo- drone to scare it away with sign that currently starts at that every one of their homes
Business & Finance B9-10 Opinion................. A11-13
Design & Decor...... D7 Sports.......................... A14
rensics team piled out of AC/DC’s “Thunderstruck” $4,460. She keeps a few of has a reliable wardrobe of
Food........................ D9-10 Style & Fashion D2-4 pickup trucks and fanned into among other sounds. them in each of her homes: high-end essentials.
Gear & Gadgets.... D8 U.S. News.............. A2-6 the woods to hunt for clues Once endangered gray her primary house in San An- “I always want to look
Heard on Street.. B12 World News........ A8-9 behind a cold-blooded killing. wolves are terrorizing live- tonio, her vacation home in glamorous, I never compro-
“It is like a wildlife CSI we stock herds across the Ameri- Aspen and her ranch in Texas. mise style in a look for conve-
> are doing,” said Dustin Ran- can West, like the one on the This means she doesn’t have nience,” said Lee, the founder
glack, a USDA predator re- Prather Ranch here near the COUNTERPUNCH to worry about taking them of the fashion company Mrs.
searcher, kneeling to inspect Oregon border where owners The leaner, meaner with her when she travels. Momma Bear and a recre-
fresh paw prints that led to a Jim and Mary Rickert figure “If I’m carrying three teddy ational polo player. Her basics
pasture where hundreds of they have lost as many as 40 Chevron is ready to coats on an airplane, that go beyond white tees and
s 2025 Dow Jones & Company, Inc.
cows were nervously grazing. calves to the voracious carni- fight for its future. B1 would take up one gigantic jeans: She keeps Christian
All Rights Reserved A calf had been devoured Please turn to page A4 duffle bag,” she said. Please turn to page A6
A2 | Saturday/Sunday, August 2 - 3, 2025 * ******* THE WALL STREET JOURNAL.

U.S. NEWS
Trump Ousts Statistician After Soft Data
Move puts quality of have been considered the gold methods until the Trump ad- every month. But rarely are
standard for decades, the ministration disbanded it this the revisions as negative as
nation’s economic product of concerted efforts year. “She has no other inter- the ones in Friday’s employ-
readings, long a gold that began in the depths of est other than running a sta- ment report.
the Great Depression to better tistical agency at the highest Monthly payroll numbers
standard, in question understand how the economy level of confidence and service come from the Labor Depart-
works. Trump’s move throws to the American people.” ment’s Bureau of Labor Statis-
President Trump fired the the quality of America’s statis- Michael Strain, an econo- tics’ voluntary, monthly sur-
top Bureau of Labor Statistics tical apparatus into question. mist with the right-leaning vey of 121,000 businesses and
official after the government In his post, Trump claimed American Enterprise Institute, government agencies that em-
published new data showing he aimed to improve the data. wrote on social media that ploy roughly 26% of all non-
that U.S. hiring slowed sharply “Important numbers like this McEntarfer “has conducted farm employees. It extrapo-
this summer. must be fair and accurate, herself as BLS Commissioner lates the responses to produce
they can’t be manipulated for with great integrity. There is estimates for the whole work-
ALYSON FLIGG/U.S. DEPARTMENT OF LABOR

By Justin Lahart, political purposes,” he said. no evidence whatsoever that force.

Alex Leary But the immediate worry BLS data are politically bi- In a typical month, BLS
and Matt Grossman among economists and former ased.” hears back from around 60%
officials following Trump’s The firing comes as Trump of the establishments in its
Trump said BLS Commis- move was that it opened the and his allies have made the sample in time for that
sioner Erika McEntarfer would door for the economic data to case that independent agen- month’s jobs report. Most of
be “replaced with someone be distorted for political rea- cies should be under the pur- the rest normally respond in
much more competent and sons. Federal Reserve officials view of the White House, part the next month or two, lead-
qualified,” claiming in a so- rely on U.S. economic statis- of a broader effort to consoli- ing to routine revisions. Claire
cial-media post the govern- tics to make timely decisions date power. Mersol, an economist at the
ment’s jobs numbers were ma- on setting monetary policy, Erika McEntarfer at a BLS event last fall. The agencies that gather BLS, said the collection rate in
nipulated. while investors and businesses and publish official U.S. eco- the June establishment survey
“In my opinion, today’s depend on them to efficiently tially reported. The economy, by the Senate 86-8 in January nomic statistics, split across was normal at 59.5%.
Jobs Numbers were RIGGED in allocate capital. according to Friday’s report, 2024. Vice President JD the Labor Department and the Government agencies and
order to make the Republi- “Firing the Commissioner gained 73,000 jobs in July, Vance, then a senator, was Commerce Department, have large employers are overrepre-
cans, and ME, look bad,” of Labor Statistics when the falling short of expectations. among those voting for McEn- faced a resource crunch for a sented among respondents to
Trump wrote in a subsequent BLS revises jobs numbers Lori Chavez-DeRemer, who tarfer. She has had a long ca- decade that has increasingly the BLS establishment survey.
post. The White House de- down (as it routinely does) as Labor Secretary oversees reer in government, including raised data challenges. Fund- Much of the revision to May
clined to comment further. threatens to destroy trust in the BLS, wrote on social media positions with the Census Bu- ing from Congress has failed and June payroll numbers was
McEntarfer couldn’t be core American institutions, that she supports Trump’s de- reau, Treasury and White to keep up with inflation. Sur- due to public schools, which
reached for comment. and all government statistics,” cision to fire McEntarfer. She House, serving in that capac- veys that ask businesses and employed 109,100 fewer peo-
William Beach, whom Arindrajit Dube, an economics said that William Wiatrowski, ity as a senior economist on everyday people about hiring ple in June than BLS believed
Trump appointed to lead the professor at the University of the BLS’s deputy commis- the Council of Economic Ad- and prices have seen declining at the time. But the late re-
BLS during his first term, Massachusetts Amherst, wrote sioner, will serve as acting visers during the Covid-19 re- response rates as people lose sponses from other industries
praised McEntarfer’s integrity on social media. “I can’t stress commissioner during a search. covery, according to her biog- the habit of picking up the also skewed negative.
and her expertise in labor eco- how damaging this is.” Wiatrowski has worked in the raphy. phone for unexpected calls. In “Typically, the monthly re-
nomics. On Friday, the federal gov- Labor Department for de- “Erika is a statistical pro- the July report, the agency visions have offsetting move-
“She is a very fine analyst ernment reported a dramatic cades. fessional,” said David Wilcox, said, late replies from employ- ments within industries—one
and a good colleague,” Beach drop in the number of jobs McEntarfer was nominated an economic-policy veteran ers surveyed ended up pro- goes up, one goes down,” Mer-
said. created in May and to the post by then President who chaired a committee that ducing a massive revision. sol said. “In June, most revi-
U.S. economic statistics June—258,000 fewer than ini- Joe Biden and was confirmed advised the BLS on statistical Job-market data get revised sions were negative.”

Nonfarm payrolls, change from a month earlier

1.0 million July Report down at a time when price
pressures are firming up. The
Fed has been concerned about

Eases Path
July: 73,000 such a scenario since March,
0.8
when President Trump began
May 2025 change was revised announcing larger increases in
0.6

0.4
to 19,000, down from 144,000.
June 2025 was revised to
14,000, down from 147,000. To Rate Cut tariffs.
Fed officials have said they
are putting less emphasis on
0.2 headline job growth because it
Continued from Page One has been declining alongside
0 that price pressures could pick less growth in the labor force.
2022 ’23 ’24 ’25 up due to broad increases in When the supply of workers
tariffs that have been going declines, the unemployment
Healthcare & social assistance Payrolls for select sectors, change from a month earlier into effect since the spring. rate can hold steady or fall even
The latest jobs report shows if job growth slows. The unem-
80 thousand Revised slightly Figures from June’s release July’s release (with revisions) how a series of policy experi- ployment rate ticked up to 4.2%
higher in July ments in the early months of in July from 4.1% in June.
the Trump administration Still, Fed Chair Jerome Pow-
60
Retail trade Financial activities Private-educational State government Transportation could be slowing the economy ell this past week said the un-
services and warehousing and labor markets. They in- employment rate’s stability
40 clude a crackdown on immigra- could mask underlying weak-
tion that could reduce the num- ness. That is because when
ber of people available to work, fewer people seek work at the
20 an increase in tariffs that might same time that fewer jobs are
damp demand, and job cuts for available, the resulting equilib-
0 federal workers and other con- rium is inherently fragile.
May June July tractors and nonprofits that Powell referred six times at
Revised slightly rely on government partner- a news conference to “down-
lower ships. side risks” in the labor market,
Construction Arts, entertainment Local government Manufacturing Federal government Professional and White House advisers earlier suggesting that realized weak-
and recreation business services this year warned the economy ness could build a case for eas-
might go through some short- ing policy.
20 thousand term pain, or a “detox period,” “You don’t see weakening in
as they implemented the presi- the labor market, but I think
0 dent’s campaign promises. Con- you’ve got downside risks in a
gress also approved last month world where unemployment is
May June July
Trump’s signature tax-cut being held down because both
Note: Seasonally adjusted package. demand and supply are declin-
Source: Labor Department Revised slightly lower A key question for the Fed ing,” Powell said on Wednes-
will be whether the underlying day. “It’s worth paying close at-

U.S. Hiring lost about 540 points, or 1.2%,

and capped its worst week
since Trump’s “Liberation Day”
monthly employer survey in
time for the initial report.
Those that do are more likely
omist, said July’s report sug-
gests that some of the risks to
the labor market that Fed Chair
economy is weakening or
whether the recent slowdown
reflects the lagging but tempo-
tention to it. And we are.”
Two Fed governors, Michelle
Bowman and Christopher Wal-

Was Slower tariffs in early April. Yields

also fell as investors rushed to
buy Treasurys after the jobs
to be large, well-capitalized
and seasoned. Later responders
might be less equipped to han-
Jerome Powell highlighted at
Wednesday’s Fed meeting
might be coming to fruition.
rary effects of certain other
policy changes.
The big news in Friday’s re-
ler, dissented from the decision
to hold rates steady on
Wednesday, preferring to have

Last Month report.

Federal-government layoffs
continued to drag on payrolls,
dle challenges such as high tar-
iffs and the sharp slowdown in
the supply of immigrant labor.
“There have been a lot of
points of concern,” said House.
She pointed to a variety of fac-
port was that job growth for
May and June was revised
sharply lower. The slowdown in
lowered rates by a quarter-
point. In separate statements
released Friday morning, they
with that sector losing 12,000 As their responses come in, the tors. A huge share of hiring hiring through the middle of both pointed to the risk of a
Continued from Page One jobs. After 1.3% growth in numbers get revised lower. came from just a few indus- the year opens the door wider weaker labor market in calling
economic data to be distorted 2024, Kolko said, employment The weak jobs report is tries. Average weekly hours to a rate cut at the Fed’s Sep- for the Fed to resume rate cuts
for political reasons. in the sector has fallen at an likely to fuel investors’ bets on worked remained relatively tember meeting, though the that policymakers suspended at
The unemployment rate rose annualized rate of 5.5%. a Federal Reserve rate cut in low. And people are remaining Fed has plenty of time to de- the beginning of the year.
slightly to 4.2% from 4.1%. The “That is, of course, directly September. Fed officials will unemployed longer. cide. Officials will have one Fed governor Adriana Kugler
number of people unemployed linked to administration poli- have one more jobs report and “We think things are only more employment report be- announced Friday that she
for 27 weeks or longer in- cies,” said Kolko. two reports on consumer infla- going to weaken from here,” fore that gathering and two plans to resign from her post
creased to 1.83 million from Revisions have been consis- tion before the next meeting. said House. “Yes, you’re still more months of inflation data. next week. Her term as gover-
1.65 million in June. That latter tently negative in 2025, with Job growth has also mean- adding jobs, but not everyone At a minimum, the July jobs nor was set to expire early next
increase could reflect an envi- the Labor Department lowering ingfully slowed in immigration- can work in healthcare or edu- report underscores the high- year. The vacant seat opens a
ronment where layoffs have its initially reported job count dependent industries, such as cation.” wire act they face as the econ- slot for Trump to place his own
been low, but companies have every month through June. construction and landscaping. Tariffs are a piece of the omy appears to be cooling nominee on the Fed board.
been reluctant to hire, making June’s origi- A sharp de- puzzle, she said, but not the
it harder for people without nally reported crease in border only factor at play.
work to find employment.
The healthcare and social-
gain of 74,000
private-sector Report indicates crossings is
constraining the
Guy Berger, senior fellow at
labor-market think tank Burn-
CORRECTIONS  THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-
9660) (Central Edition ISSN 1092-0935)
assistance sectors accounted
for a large share of the new
jobs was cut to
just 3,000 on
the economy is number of peo-
ple from abroad
ing Glass Institute, said he
thinks the situation still may
AMPLIFICATIONS (Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211

jobs. Those sectors tend to do Friday. State beginning to coming into the not be as bad as it looks on the
Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal
well no matter how the econ- and local educa- labor force. surface. When the supply of Software company Figma
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omy is doing. tion numbers High-profile im- workers declines, the unem- had a market value close to Postmaster: Send address changes to
“The job market looks sig- were also much being squeezed. migration raids ployment rate can hold steady $70 billion late Thursday. In The Wall Street Journal, 200 Burnett Rd.,
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did before this report,” said inally reported. many workers The unemployment rate is One article about Figma’s Journal is subject to the applicable rate card,
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Jed Kolko, senior fellow at the When the at home. basically where it was two stock-market debut incor- Services Department, Dow Jones & Co. Inc., 1211
Avenue of the Americas, New York, N.Y. 10036.
Peterson Institute for Interna- June employment report was Based on a monthly Census months ago, he noted, even af- rectly said the market value The Journal reserves the right not to accept an
advertiser’s order. Only publication of an
tional Economics. Slow payroll released a month ago, it had survey of households, the Bu- ter such little new job cre- was about $47 billion. advertisement shall constitute final acceptance of
the advertiser’s order.
growth hasn’t kept up with shown an increase of 63,500 reau of Labor Statistics esti- ation. That tells him that only Letters to the Editor:
those looking for jobs, he said, state and local education jobs. mates that the foreign-born la- very low growth—or even no An EPA proposal said U.S. Fax: 212-416-2891; email: [email protected]
even as population growth is Economists at the time said bor force has declined by 1.65 growth—is needed right now temperatures peaked in the Need assistance with your subscription?
By web: customercenter.wsj.com;
also decelerating. that was likely a fluky gain at- million people since March, to keep the labor market 1930s. A Page One article on By email: [email protected]
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All three major stock in- tributed to seasonal swings while the U.S.-born labor force treading water. Wednesday about the Environ- Reprints & licensing:
dexes fell on Friday. The tech- that the Labor Department can has surged by 2.65 million. Still, Berger said, even with- mental Protection Agency in- By email: [email protected];
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heavy Nasdaq lost 2.2%, snap- struggle to adjust for. The re- “Native-born workers have out a surge in unemployment, correctly said the agency said WSJ back issues and framed pages: wsjshop.com
ping a streak of 19 trading days vised figures took that June job accounted for all job gains low growth will create a less global temperatures peaked Our newspapers are 100% sourced from
without a 1% move in either di- gain down to 7,500. since Inauguration Day,” Labor dynamic economy going for- then. sustainably certified mills.

rection, the longest such The recent trend in down- Secretary Lori Chavez-DeRe- ward—and make it harder for
stretch since July 2021. The ward revisions could reflect mer said in a statement touting job seekers. Readers can alert The Wall Street
Journal to any errors in news articles GOT A TIP FOR US?
S&P 500 was down 1.6%. The that not all businesses respond Friday’s numbers. “It’s miserable to be looking by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS
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 THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, August 2 - 3, 2025 | A3

U.S. NEWS

Officials Peak Paddling Where the Woods Meet the Water

At Fed Take
Jobs Data
In Stride
BY NICK TIMIRAOS

July’s jobs report rattled fi-

nancial markets and meaning-
fully raised the prospect that
the Federal Reserve will cut
interest rates at its next meet-
ing in September.
But two Fed officials on
Friday maintained that the
U.S. labor market is still well
balanced.
“What we’re seeing I would
describe over the past year as
a gentle gradual cooling of the
labor market, but still leaving
it in a still solid place,” New
York Fed President John Wil-
liams said in an interview. An
ally of Fed Chair Jerome Pow-
ell, he said he would go into
the September meeting with
“very much an open mind”
about cutting interest rates.

ANGELA OWENS/WSJ
Fed officials split over their
decision to hold rates steady
at their meeting on Wednes-
day, with two voting to cut.
Nine others supported the de- MOUNTAIN HIGH: Visitors to Glacier National Park in Montana guided their kayak across Swiftcurrent Lake at 4,878 feet above sea level on Friday.
cision to hold steady.
Even among those who fa-

Student Borrowers Face Higher Payments

vored taking no action in July,
a divide is emerging over
whether to worry more about
the labor market or inflation,
a challenge for Powell in forg-
ing consensus. BY OYIN ADEDOYIN Projected increase in lifetime loan payment for those enrolled in SAVE plan under new plans Groups that will have to pay the most
While the unemployment AND DALVIN BROWN
rate rose only to 4.2% from AGE GROUP RACE EDUCATIONAL ATTAINMENT
4.1%, soggier payroll figures Millions of student-loan
give Powell room to build borrowers are bracing for sig- 18–24 Overall: Black Graduate degree
$1,138 $5,069 $7,194
years old $3,694
agreement for a rate decrease nificantly higher monthly pay-
because they undercut a narra- ments after the Trump admin-
25–35 $3,004 Hispanic $3,530 Bachelor’s degree $3,738
tive that the labor market has istration moved to wind down
strong momentum. Officials one of the federal govern-
Associate’s degree or
will see one more month of job ment’s most affordable repay- 36–45 $5,057 White $3,129
some college
$1,624
data before their next meeting. ment options.
Unusually large downward Interest was set to start ac- 46+ $4,910 Other $4,705
revisions to job gains in May cruing again Friday for the
and June had been “really the nearly eight million people en-
news of this report,” said Wil- rolled in the Saving on a Valu- Source: The Wharton School, University of Pennsylvania
liams. “This is important in- able Education Plan, or SAVE.
formation…to understand the The Education Department loans are much more manage- The program was posi- from accruing interest. student-loan debt. Cornwell
direction of what we’re seeing said it is making the change to able and affordable. I can have tioned as an alternative form The Education Department switched to the SAVE plan
in supply and demand for la- comply with a federal court a kid, I can buy a house,’ ” of relief and slashed monthly is working through a backlog when it was introduced.
bor” and the labor market’s injunction that blocked the Ochoa said. “So then I did payments, in part by basing of nearly two million applica- “I’ve spent the last year in
cooler momentum. plan, which was introduced those things.” them on a lower percentage of tions from borrowers seeking this state of limbo,” Cornwell
A wider range of indicators under the Biden administra- Now, other repayment op- borrowers’ discretionary in- to switch repayment plans, ac- said.
including job openings and ini- tion. tions quote her monthly pay- come. cording to a May report filed She hadn’t been making
The loans remain in for- ments of $1,500. She plans to Many borrowers paid noth- in continuing litigation. payments while her loans
bearance while courts decide remain in forbearance until a ing under SAVE, and those Starting next summer, new were in forbearance, and re-
SAVE’s future, meaning bor- new payment program is with low balances were eligi- borrowers will have just two cently moved into another in-
rowers still aren’t required to launched next summer, which ble for forgiveness earlier options: a revised version of come-based plan so she can
make monthly payments. But will require a roughly $1,200 than under other programs. the existing standard plan or a make progress toward forgive-
the change, coupled with the monthly payment. But higher-education advo- new program called the Re- ness.
Trump administration’s plan President Trump’s tax law cates worried from the start payment Assistance Plan, or That plan, which is also
to eventually phase out the will eliminate most existing whether the plan would sur- RAP. scheduled to be phased out in
program as part of a retreat income-driven repayment vive. The program faced im- An analysis by the Wharton 2028, has raised her monthly
from federal student loans, plans next summer for new mediate legal challenges from School at the University of payments to roughly $300 a
ANDREW KELLY/REUTERS

has some borrowers casting borrowers, replacing them Republican-led states. A court Pennsylvania estimates that month, up from the less than
about for different options. with two repayment options. ruling last summer blocked borrowers’ lifetime loan pay- $100 a month under SAVE.
Jessica Ochoa, a 31-year-old Current borrowers will have parts of the program and ments will increase nearly Once she enrolls in the new
speech language pathologist in access to the eliminated plans SAVE borrowers were placed $3,700 on average under the RAP plan, Cornwell estimates
Murrieta, Calif., said her until July 1, 2028, though a in a no-interest forbearance. new plans. she will have to pay $700 a
The Fed’s John Williams $140,000 in graduate-school court ruling could end SAVE Earlier this year, a federal Shelly Cornwell, a 55-year- month.
loans carried monthly pay- sooner. appeals court issued a new in- old accountant in Creve Coeur, She’s putting aside money
tial claims for jobless benefits ments of just $592 under SAVE was introduced in junction blocking its imple- Ill., earned her bachelor’s de- from her paycheck to help
paint a picture of an economy SAVE—low enough to make 2023 after the Supreme Court mentation. gree in 2016. The degree al- cover the future expense. “I’m
that remains in the same slow- life’s milestones feel achiev- blocked former President Joe The Education Department lowed her to upgrade to a job hoping I don’t have to take on
to-hire, slow-to-fire equilib- able. Biden’s sweeping student-loan subsequently said it can no that nearly doubled her salary another part-time job,” she
rium that has been a feature “I realized, ‘Oh, wow, my forgiveness plan. longer keep SAVE borrowers but left her with $30,000 in said.
for the past year, Williams
said. “The labor market still is

PBS, NPR Umbrella Group

solid in my view,” he said.
Cleveland Fed President
Beth Hammack echoed that
assessment. In an interview
Friday with Bloomberg Televi-
sion, she said she sees “a
healthy labor market that’s
still well in balance, but with
To Shut Down Next Month
some disappointing signs that
we should watch very care- BY JOE FLINT
fully.” She added that weaker
job growth makes sense given The Corporation for Public
reduced immigration. Broadcasting said it would
White House economic ad- start to wind down its opera-
viser Stephen Miran said Fri- tions after the elimination of
day’s jobs report was “a dis- its federal funding last month.
appointment” but attributed The final nail in the coffin
much of the weakness to tech- was the Senate Appropriations
nical and temporary factors. Committee’s decision not to
In an interview, he said include any future funds for
ZACH GIBSON/GETTY IMAGES

about 60% of the downward CPB in a proposed bill this

revisions to May and June job past week.
gains were due to seasonal ad- The CPB said it informed its
justment issues. Policy uncer- staff Friday that the majority
tainty around tariffs had of positions would end at the
weighed on hiring, but its res- close of its fiscal year on Sept.
olution with recently an- 30. CPB has fewer than 100 CPB President and Chief Executive Patricia Harrison in 2017
nounced trade deals should al- staff members, a person famil-
low job growth to rebound in iar with the operations said. inating funding for public me- “The impact of the elimina-
coming months, he said. The nonprofit is the um- dia a priority. In April, he is- tion of this necessary public
Fed governors Michelle brella organization that over- sued an executive order calling media funding for local sta-
Bowman and Christopher Wal- sees government funding for for government funding to end, tions…is real and imminent,”
ler, who dissented in favor of the Public Broadcasting Ser- saying neither NPR nor PBS said Kate Riley, president and
a rate cut at Wednesday’s vice and National Public Ra- “presents a fair, accurate or CEO of America’s Public Tele-
meeting, issued statements dio. It distributes the majority unbiased portrayal of current vision Stations lobbying
before Friday’s report warning of its funding to roughly 1,500 events to taxpaying citizens.” group.
of weaker labor-market condi- public radio and TV stations As part of Trump’s rescis- Prior to the current admin-
tions if the Fed didn’t resume across the U.S., some of which sions package, $1.1 billion that istration, the CPB managed to
the rate cuts begun last year. might go dark without it. had been budgeted for the skirt extinction multiple times
Williams said it was natural “Despite the extraordinary CPB for the next two fiscal in its nearly 60-year history. It
to have divided views given el- efforts of millions of Ameri- years was clawed back. was created in 1967 when
evated uncertainty. His ap- cans who called, wrote, and Many public radio and tele- Congress passed the Public
proach reflects his view that petitioned Congress to pre- vision stations have said they Broadcasting Act. At the time,
the Fed still has work to do on serve federal funding for CPB, would face challenges to con- President Lyndon B. Johnson
inflation. He noted that a we now face the difficult real- tinue operating without the said that “today we rededicate
widely watched gauge that ex- ity of closing our operations,” federal funds. Executives are a part of the airwaves—which
cludes volatile food and energy said CPB President and Chief anticipating dramatic budget belong to all the people—and
prices is “still meaningfully Executive Patricia Harrison. cuts and are increasing their we dedicate them for the en-
above” the Fed’s 2% target. President Trump made elim- fundraising efforts. lightenment of all the people.”
 A4 | Saturday/Sunday, August 2 - 3, 2025 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ******** THE WALL STREET JOURNAL.

U.S. NEWS

Climate Skeptics Flex Their Policy Muscles

Report challenges industries and automakers un- ger than a scholarly argument Donald Wuebbles, a profes- presidential administrations,” global temperatures in the
der the Clean Air Act. over who has better data or sor emeritus of atmospheric the spokesman said. past few decades. He said the
decades of scientific “The science does not say models. The outcome will be sciences at the University of To permanently reverse the authors chose one table in the
findings to roll back what you think it says,” Ste- used in an expected court Illinois who co-led the 2017 endangerment finding, which supplementary material and
ven Koonin, a fellow at Stan- challenge that will determine Fourth National Climate As- has withstood several legal ignored the central finding of
an EPA judgment ford University’s Hoover Insti- decades of environmental sessment and contributed to challenges, the government the analysis.
tution and a theoretical rules on U.S. industries from the IPCC, said the DOE au- would likely need to present The other authors of the
BY ERIC NIILER physicist who contributed to transportation to utilities. thors have individually raised evidence that the finding’s as- DOE report include John
AND SCOTT PATTERSON the report, said in an inter- Energy Secretary Chris concerns over the years about sertion that greenhouse-gas Christy, a climatologist at the
view. “The reality of climate Wright, a former fracking ex- climate science in books, blogs emissions are harmful to hu- University of Alabama in
WASHINGTON—To make its science risks and benefits ecutive, commissioned the re- and media interviews, but not man health was faulty, accord- Huntsville; Judith Curry, an
case that climate regulations have been largely mispor- port. In 2023, he told the con- through the established route ing to legal and industry ex- independent researcher and a
should be tossed out, the trayed in the media, by the servative media nonprofit of publishing in peer-reviewed perts. former scientist at the Georgia
Trump administration asked a NGOs and many politicians,” PragerU that climate change journals. The Supreme Court ruled in Institute of Technology; Ross
group of five researchers who he said, referring to nongov- results in “as many positive “It’s not that there is an is- 2007 that greenhouse gases McKitrick, professor of eco-
are skeptical of established ernmental organizations. changes as there are negative sue with people challenging are considered air pollutants nomics at the University of
climate science to write a re- Among other assertions, changes.” the state of the science, but do under the Clean Air Act and Guelph; and Roy Spencer,
port for the Energy Depart- Koonin and his fellow authors The DOE report contradicts it in the right way,” Wuebbles that the EPA must make a sci- principal research scientist at
ment. said that increasing carbon di- many of the conclusions by said. entifically based determina- the University of Alabama in
The report challenges de- oxide is good for plant the Intergovernmental Panel The report was reviewed tion on whether these pollut- Huntsville and a policy adviser
cades of scientific findings growth, that temperatures in on Climate Change, a United internally by eight DOE scien- ants endanger public health to the Heartland Institute.
that emissions from cars, the U.S. are milder now than Nations-sponsored group of tists and administrators, a and welfare. Authors of the DOE report
power plants and factories are in the 1930s, that heat waves, scientists that has been meet- DOE spokesman said. The re- Zeke Hausfather, climate- defended their approach.
warming the planet and pos- floods, wildfires and other ex- ing since 1988; the National port “critically assesses many research lead at the payments “Our goal was simply to
ing risks to human health. The treme weather aren’t getting Climate Assessment, a con- areas of ongoing scientific in- company Stripe, said the au- bring an evidence-based per-
Environmental Protection worse, and that current com- gressionally mandated report quiry that are frequently as- thors of the DOE report mis- spective to understanding
Agency is using the report as puter models are inaccurate compiled by 14 agencies and signed high levels of confi- characterized a paper he what the climate is doing and
the scientific basis to roll back and can’t predict future atmo- peer-reviewed by outside ex- dence—not by the scientists wrote in 2019 that found cli- might do in the future,”
its so-called endangerment spheric warming. perts; and long-term observa- themselves but by the political mate models developed be- Christy said. “If we’ve made
finding, a legal tool that al- The authors’ dissent from tional data from U.S. and Eu- bodies involved, such as the tween 1970 and 2007 were ac- mistakes, we will certainly fix
lows the agency to regulate the scientific consensus is big- ropean climate agencies. United Nations or previous curate in predicting the rise of them.”

Trump Raises Funds

Like a First-Termer
Donald Trump is amassing a the discussions said the money
bigger political war chest than was expected to be spent on
any previous president, using promoting favored candidates,
his office to continually bring protecting vulnerable members
in donors and plotting how to of Congress and attacking
avoid expected losses in next Democrats. Some Trump advis-
year’s midterm elections. ers privately said they would
need to spend considerable
By Josh Dawsey, money to promote Trump’s
Anthony DeBarros and “Big, Beautiful” tax law be-
Rebecca Ballhaus cause it is unpopular with
swaths of the country. Trump’s
The Trump-aligned MAGA team plans to focus on ele-
ANGELA OWENS/WSJ (2)

Inc. super political-action com- ments they say polling shows

mittee raised $177 million in are more popular, such as no
the first half of the year, ac- taxes on tips or overtime.
cording to its filing Thursday An adviser familiar with
with the Federal Election Com- the operation said in some
A drone equipped with an infrared camera picks up a wolf approaching the Prather Ranch near Macdoel, Calif. mission. That is just $33 mil- weeks the emails can generate
lion less than a prior super a few million dollars. To make

How to wait,” said the 50-year-old

Wolf, settling into a camp
chair around 10 p.m. and
PAC supporting Trump hauled
in during the second half of
2024, in the midst of his cam-
the pitches more lucrative, the
team has tried to shape them
around what Trump is doing

Scare Away swatting mosquitoes.

Just after 2 a.m., Wolf and
a cohort picked up the signal
paign. Meanwhile, a web of
Trump fundraising committees,
including his leadership PAC
as president, the adviser said.
“Would you like a job for the
White House?” read another,

The Wolves of a radio collared wolf. It was

close. Wolf held an antenna in
the air as he tried to pinpoint
Never Surrender and the Re-
publican National Committee,
ended June with more than
promising those who give $35
or more a White House badge.
Other solicitations dangle a
its location. It was in the for- $350 million in cash—in line DOGE membership card, a
Continued from Page One est bordering the ranch, with totals during the election. copy of an executive order and
vores in just the past year. where he had noticed a trail Trump’s political operation a poll on whether Trump
“It’s basically like driving and paw prints earlier that has amassed commitments for should hang an “OFFICIAL
through Burger King, easy day. $1.4 billion, according to a DONOR LIST” in the Oval Of-
pickings for them,” said Mary, Wildlife biologist Colby Mc- person familiar with the mat- fice, which he hasn’t done, ac-
73. Adams was scanning the tree ter—roughly the same amount cording to officials. In some,
The wolf population has line when he spotted the as contributions in 2024 to he has offered Trump-branded
swelled since they were rein- Team member Luna Li enters information into a computer bright white silhouette of a Trump’s committees, super merchandise.
troduced in Yellowstone Na- for a drone operation at Wendy Gauthier’s Oregon ranch. wolf on the dark screen of his PAC and the Republican Party. His team has sent more
tional Park in 1995. Attacks drone controller. It was cross- Part of the than 700 such
on cattle and sheep have wolf was detected using a without having to be turned ing the field toward the cat- haul has been email pitches—
soared, with ranchers often drone, video showed it making off. One night recently, they tle. the result of or about five a
unable to harm the predators a dog-like bow as if to play. rolled up in three trucks on a McAdams’ drone hovered email solicita- Most presidents day—since tak-
because of their endangered The next time, a speaker ranch north of Klamath Falls. over the wolf as it ap- tions to small- after winning ing office, a re-
status. was added through which the They were on the lookout for a proached, a spotlight illumi- dollar donors in view by The
Riding to the rescue are pilot could bark commands, wayward wolf from California nating the sleek gray animal. which he has re-election stop Wall Street
drone cowhands, whose quad- startling them back into the with the collar CA102 that had It darted out of the light, but repeatedly of- Journal shows.
copters have thermal cameras woods. been tied to two cow kills, McAdams kept the drone fol- fered perks.
chasing money According to
that can reveal any wolf lurk- Wolf said one pilot was which team member Lori Mc- lowing closely behind. Millions of dol- aggressively. disclosures in-
ing in the darkness and bathe chasing a wolf when his Curdy had detected the night “Hey get out of here! Get!” lars also have cluded in the
it in a spotlight. A loud- drone, which cost as much as before using an antenna. McAdams sternly yelled to the flowed from emails, the
speaker broadcasts alarming $20,000, crashed into a tree. Ranch co-owner Wendy wolf via the microphone on fundraisers, of- money is di-
sounds like fireworks, gun- “It ripped a thermal camera Gauthier said she appreciates his drone’s controller. ten priced at more than $1 vided across Trump’s Never
shots and people arguing. One right off,” he said. the help. “It lets me sleep at “You see him? He totally million to attend, usually held Surrender PAC, as well as the
recording is of the fight be- And battery life was prob- night because my husband responded to it!” said Wolf. at Trump’s Mar-a-Lago resort RNC and a group that has ties
tween Scarlett Johansson and lematic. Since the drones can and I are the main ones who The wolf ran back into the in Florida and his golf club in to Vice President JD Vance,
Adam Driver in the movie fly only for about 20 minutes, take care of the cattle,” said trees. McAdams continued to Bedminster, N.J. One dinner is called Working for Ohio. The
“Marriage Story.” they sometimes had to return Gauthier, 53. follow it, when he noticed an- scheduled for Friday evening, leadership PAC didn’t respond
“I need the wolves to re- to base before they could CA102 didn’t turn up that other spot of movement. A according to an invitation re- to a request for comment.
spond and know that, hey, hu- thwart an attack. night, but the next day the second wolf.McAdams played viewed by The Wall Street The Trump team thinks it
mans are bad,” said Paul Wolf Butch Wampler, who helps team of six rendezvoused at a Five Finger Death Punch’s Journal. can use the extensive trove of
(that’s really his name), a run 1,500 head of cattle near hotel for a 40-mile drive to song “Blue on Black” as he Most presidents after win- data collected on Trump vot-
USDA district supervisor in Oregon’s Crater Lake National the Prather Ranch in Califor- used the drone to push the ning re-election stop aggres- ers to drive up turnout.
Oregon, who has led opera- Park, said a drone once tried nia where there had been a re- two wolves further into the sive fundraising, according to Trump had struggled in the
tions for a federal study of to frighten some wolves port of a calf kill the previous forest. strategists in both parties. past to get voters to show up
wolf hazing with drones since latched onto the back of a night. “Well, we probably saved a Trump, however, has been de- in elections when he wasn’t
2022. steer when it had to turn back “There’s a good chance calf today,” said Wolf. termined to keep raising his- on the ballot, including in the
The drones were deployed for a recharge. they’re going to be back to- The Rickerts said they were toric sums, according to people 2018 and 2022 midterm elec-
in the Klamath Basin of south- “They didn’t kill the steer, day,” Wolf said as the group grateful, but dubious how ef- who have spoken to him. He tions when Republicans un-
ern Oregon after 11 cows were but we had to put the steer arrived and set up for an all- fective the drones will be once has told advisers that if Demo- derperformed, said David
killed by wolves there in a 20- down the next day because he nighter. the wolves get used to them. crats win the House of Repre- Axelrod, a prominent Demo-
day period. Over the next 85 was wounded,” Wampler said. The herd dozed amid croak- “Hopefully they’re gonna be sentatives, they will investi- cratic strategist. This time, he
days when drones were on pa- Wolf and his team up- ing frogs as team members successful,” said 77-year-old gate and try to impeach him. said, the money is essential to
trol, only two were killed. graded to a model that could took turns at the controls of a Jim Rickert, “but I’m kinda Several people involved in having a chance.
There were some wrinkles get back into action faster by drone they kept on patrol. betting on the wolves, truth
to iron out. The first time a doing a battery “hot swap” “Now we hurry up and be known.” Cash on hand for Trump-related committees, as of June 30
MAGA Inc.*
U.S.WATCH $196.1 million
Republican National Committee
80.8
CONGRESS 87-9 vote. It separately cleared PUBLIC HEALTH cording to people familiar
Key Funding Bills a measure funding Congress’s
own operations as well as re-
White House Blocks with the matter.
Youth violence-prevention
Never Surrender†
38.5
Clear the Senate lated entities that audit fed- CDC Program Funds programs, research on pre-
The Senate late Friday eral spending and evaluate the The Trump administration venting gun injuries and Trump National Committee JFC
passed more than $180 bil- budgetary implications of fed- is blocking funding for a swath deaths, and efforts targeting 12.2
lion in funding for veterans eral laws. The legislation must of programs run by the Cen- diabetes, chronic kidney dis- Trump 47 Committee
programs, new military facili- go back to the House. ters for Disease Control and ease and tobacco use are
10.6
ties, the Agriculture Depart- The Senate passage of Prevention, the latest flash- among the programs that
ment and the Food and Drug three of the 12 annual spend- point in a push by the White won’t be fully funded. Trump Save America Joint Fundraising Committee
Administration, as lawmakers ing bills, if they clear the House to withhold money al- The amount withheld 9.5
moved to reassert their con- House and are signed into law, ready approved by Congress. could be as much as $200
trol over federal spending would help mute the impact The White House Office of million, according to one of Trump Make America Great Again Committee
amid challenges from the of any impasse over spending Management and Budget is- the people familiar with the 3.2
*A Trump-aligned super PAC
Trump administration. ahead of the new fiscal year, sued the directions in a foot- matter. Another estimated †Former Donald J. Trump for President 2024
Save America
The Senate approved the which begins Oct. 1. note on an appropriations more than $300 million. campaign committee converted to a leadership PAC
bulk of the spending in an —Siobhan Hughes memo this past week, ac- —Nidhi Subbaraman 2.7 Source: Federal Election Commission
A6 | Saturday/Sunday, August 2 - 3, 2025 * ****** THE WALL STREET JOURNAL.

U.S. NEWS

Maxwell Moved to Lower-Security Prison

Former Epstein and Maxwell’s lawyer, David about the interview “at the ap- House Oversight Committee ing conspiracy. His death was In a statement responding
Markus, confirmed her trans- propriate time.” Maxwell’s Chairman Rep. James Comer ruled a suicide. to that report, Bondi and
associate recently fer to a minimum-security lawyer estimated she an- (R., Ky.), who sent the sub- Before going into govern- Blanche said nothing in the
met with a Justice prison camp in Bryan, Texas, swered questions about poena, said in a letter to Max- ment, several Trump adminis- files warranted further inves-
from a low-security prison in roughly 100 people and said well’s lawyer on Friday that it tration officials had asserted tigation or prosecution. “As
Department official Tallahassee, but declined to she “didn’t hold anything didn’t intend to grant her im- that the Epstein files could part of our routine briefing,
comment on the reason. back.” munity nor share written hold secrets about powerful we made the President aware
BY C. RYAN BARBER Among other high-profile in- In the interview’s after- questions in advance. However, people implicated in the dis- of the findings,” they said. A
AND SADIE GURMAN mates at the Texas camp is math, Trump faced questions the committee would delay her graced financier’s crimes. White House spokesman
Theranos founder Elizabeth about whether he was consid- deposition until the Supreme The Justice Department un- called it “fake news.”
Ghislaine Maxwell, the for- Holmes, who was sentenced in ering commut- Court decides dertook a review of files re- The Justice Department
mer associate of convicted sex late 2022 to more than 11 years ing Maxwell’s whether to hear lated to the investigation of last month released an un-
offender Jeffrey Epstein, has in prison after being found sentence or her appeal of Epstein after taking office ear- signed memo saying that it
been transferred from a fed- guilty of running a yearslong granting her a Maxwell was her conviction, lier this year, involving hun- didn’t intend to make public
eral prison in Florida to a fraud scheme at her blood- pardon. “I’m al- convicted in the letter said. dreds of Federal Bureau of In- any further information public
lower-security facility in Texas testing company. lowed to do it, Markus, a vestigation agents and other from the FBI investigation
to serve her 20-year sentence, A Justice Department but it’s some- 2021 on sex- lawyer for Max- employees. into Epstein and his crimes.
her lawyer said. spokesman didn’t respond to a thing I have not well, said he Attorney General Pam Bondi That was met with a backlash
Maxwell met recently with request for comment. thought about,”
trafficking and appreciated the told Trump in May his name from Trump supporters who
the Justice Department’s sec- Maxwell, a British socialite Trump said. other offenses. c o m m i t t e e ’s appears multiple times in the saw the move as backtracking
ond-ranking official, Deputy who once dated Epstein, was House of willingness to documents, The Wall Street on a promise to make more in-
Attorney General Todd convicted in 2021 on sex traf- Representa- delay its ques- Journal reported. Many other formation about the case pub-
Blanche, for a two-day inter- ficking and other offenses for tives members tioning. “We high-profile figures were also lic.
view in Tallahassee, Fla. facilitating Epstein’s sexual have subpoenaed Maxwell in will continue to engage with named. Being mentioned in the The administration said it
Blanche, who previously abuse of underage teens. She hopes of questioning her. In Congress in good faith to find files isn’t an indication of already released all of the per-
worked as President Trump’s spoke with Blanche for roughly the days before her transfer to a way for Ms. Maxwell to share wrongdoing. Bondi and her tinent material that it could.
criminal-defense lawyer, ques- nine hours after receiving con- Texas, Maxwell’s lawyer told her information without com- deputy told the president at the After receiving blowback over
tioned Maxwell as the admin- ditional immunity to discuss lawmakers that she wouldn’t promising her constitutional meeting that the files contained the Justice Department memo,
istration confronted criticism the case, a person familiar agree to answer their ques- rights,” he said. what officials felt was unveri- officials have moved to unseal
from Trump supporters who with the discussions said. tions unless Congress met sev- Epstein died in 2019 in jail fied hearsay about many peo- grand-jury transcripts from
have called for the release of Blanche posted on social eral conditions, including im- after he was arrested a second ple, including Trump, who had the cases against Epstein and
all files related to Epstein. media that the Justice Depart- munity, or Trump grants her time and charged by federal socialized with Epstein in the Maxwell, in addition to having
A Bureau of Prisons official ment would share information clemency. prosecutors with sex traffick- past, some of the officials said. Blanche interview Maxwell.

Tesla Must Pay

$243 Million
In Fatal Crash
BY JOSEPH DE AVILA pany’s future to self-driving
cars and a new robotaxi busi-
A Florida jury found Tesla ness. Tesla is also confronting a
partly to blame for a fatal 2019 sales slump stemming in part
collision involving a vehicle to owner Musk’s foray into pol-
equipped with the company’s itics and his association with
driver-assistance software, President Trump.
awarding the plaintiffs nearly Benavides’s family and An-
The multiple-home life has enough complications already. Above, Miami Beach, Fla.; below, personal shopper Liz Thrash. $329 million in damages. gulo sued Tesla, arguing the
It marks the first time a jury automaker’s Autopilot technol-

High End purchase the Cocoon cardigan

more than once.
Taylor Hansen Hughes, a
has awarded damages in a law-
suit related to Tesla’s driver-as-
sistance features and a major
ogy had dangerous defects,
which should have been fixed.
Tesla said McGee, who had

Of Buying wardrobe stylist in New York,

said that when she’s working
with a client, she tries to avoid
setback for Elon Musk’s elec-
tric-vehicle company. The jury
concluded the automaker failed
dropped his cellphone and was
attempting to pick it up off the
floor of the car when the colli-

In Bulk true multiples. She said most

of her clients have two or
three closets, and she offers
to provide sufficient warnings
or instructions for its Autopilot
feature in the 2019 Tesla Model
sion occurred, was at fault.
“This driver was solely at
fault because he was speeding,
specific options for each loca- S involved in the accident, with his foot on the accelera-
Continued from Page One tion rather than defaulting to a making the car unreasonably tor—which overrode Autopi-
Louboutin heels, Bottega Ven- duplicate. dangerous. lot—as he rummaged for his
eta boots and cross-body “Their NYC wardrobe The jury awarded $129 mil- dropped phone without his
purses, jewelry from Gucci shouldn’t be the same as their lion in compensatory damages eyes on the road,” Tesla said.
and Dior, and Nick Fouquet Hamptons wardrobe [and] and $200 million in punitive “No car in 2019, and none to-
hats in all of her homes. that shouldn’t be the same as damages. Tesla day, would have
“I don’t know anyone who their middle-of-Texas ward- will have to pay prevented this
likes to pack, no matter how robe,” Hansen Hughes said. a third of the crash.”
much you travel, no matter “But honestly, it’s easier to compensatory The verdict is a The jury
how many assistants you just buy a double.” damages and all major setback found that Tesla
have,” said Nolan Meader, a Recently, a few of her cli- of the punitive was 33% at fault
for Elon Musk’s
FROM TOP: ZAK BENNETT FOR WSJ; HIGHLAND PARK VILLAGE

personal stylist and image ents have bought the Row’s damages—a to- for the crash
consultant in New York. “It’s a $650 Tommy T-shirt, Khaite’s tal of $243 mil- and McGee was
pain.” Danielle jeans and short-sleeve lion.
electric-vehicle responsible for
Meader, who has worked cashmere sweaters from Prada “Tesla de- company. the remainder.
with private clients for eight in numbers eclipsed only by signed autopilot The Bena-
years, said that once clients their many, many multiples of only for con- vides family
find the perfect white tee or Spanx’s $62 cotton shapewear trolled access previously sued
pair of jeans, they will buy shorts. “When it comes to un- highways yet deliberately chose McGee and settled with him.
multiples of it regardless of derpinnings, duplicates (and not to restrict drivers from us- U.S. District Judge Beth
price. triplicates) are nonnegotia- ing it elsewhere, alongside Elon Bloom in June dismissed some
“Whatever makes life eas- ble,” she said. Musk telling the world Autopi- of the claims filled by the
ier, they’ll do,” he said. It’s Hansen Hughes also has cli- lot drove better than humans,” plaintiffs alleging defective
“one less thought they have to ents who will buy multiples of said Brett Schreiber, an attor- manufacturing and negligent
have.” the same pattern, if not the ney for the plaintiffs. “Tesla’s misrepresentation. Those
Liz Thrash, director of per- same dress. Take a gown from lies turned our roads into test claims centered on whether
sonal shopping at Highland ing around $1,800). Slightly this way. Massimo Caronna, La DoubleJ, the Milanese tracks for their fundamentally Tesla falsely advertised what
Park Village, a luxury shop- more affordable favorites in- president and CEO of Brunello brand known for vivid prints. flawed technology, putting ev- its driver-assistance technology
ping center in Dallas, said she clude Veronica Beard’s $695 Cucinelli North America, said “The longer one will be at eryday Americans like Naibel is capable of.
often sees clients buy in mul- Miller Dickey jacket, Khaite’s in an email that many clients the main house for an occa- Benavides and Dillon Angulo in In California, regulators are
tiples. “I have a client who is Danielle jeans for around purchase multiples of apparel sion, and the shorter cotton harm’s way.” seeking to suspend or termi-
like, ‘I want five of these,’ and $600, Simkhai’s $475 Jazz and home goods, “and often one is at the lake house,” she Tesla said it planned to ap- nate Tesla’s licenses to sell ve-
it’s the exact same thing but it dress and $98 baby tees from for different homes or life- said. peal. “Today’s verdict is wrong hicles in the state for at least
goes in all different homes,” Frame. When she packs up the styles they move between.” For a client whose life in- and only works to set back au- 30 days, alleging the auto-
said Thrash. clothing, Thrash includes care While buying in multiples volves galas and other society tomotive safety and jeopardize maker has deceived consumers
She said she’s seen more of instructions, occasionally ty- doesn’t necessarily mean events, it even makes sense to Tesla’s and the entire indus- by falsely implying its cars
this bulk buying, whether the ing the guidelines to a hanger shoppers are stocking more buy multiples of designer try’s efforts to develop and im- could drive on their own. Tesla
clients are heading to vaca- with ribbon, so the house than one home, other brands cocktail dresses. Meader re- plement life-saving technol- has denied the allegations.
tion homes in mountain towns managers know how to best are observing the pattern, too. calls a client who loved an ogy,” Tesla said. Tesla has mostly avoided
like Aspen, or Mexican beach- care for the garments. Stephanie Unwin, president of embellished black-and-white The case stems from a crash civil trials involving its driver-
side destinations like Cabo Watch collectors will keep a Veronica Beard, said in an Valentino by Pierpaolo Picci- in Key Largo, Fla., where the assistance technology. It settled
San Lucas. standard style from Rolex or email that the company has oli. driver of a Tesla Model S, a lawsuit in 2024 that involved
“We’re here in Texas,” Audemars Piguet in each home, “seen hundreds of clients buy “The client felt incredible George McGee, hit a parked car a crash in 2018. The automaker
Thrash said, “and everyone Thrash said. In certain cities, the exact same item in the in the dress and she knew it that rammed two pedestrians. settled additional lawsuits in
wants to leave in the summer.” she added, they want a less ex- same size more than once, and was a guaranteed success,” he The crash killed Naibel Be- 2024 and 2025.
Key staples for her clients, pensive model they needn’t a notable group repeat this said. “Traveling with embel- navides Leon and severely in- A California jury in 2023
Thrash said, include Loro Pi- worry about. That might be a behavior four or more times.” lished pieces is difficult any- jured Dillon Angulo. found there wasn’t a manufac-
ana’s $5,750 cashmere Salz- casual Rolex instead of one At the Cali-chic Jenni Kayne, way, you don’t want to crush The renewed scrutiny of turing defect in the advanced
burg cape, Khaite’s $2,900 with diamonds in it. 25% of customers buy the them or have them get ruined. Tesla’s Autopilot feature poses driver-assistance system of a
Jodie dress and cardigans Some companies are aware Flynn sweater in two or more So she decided to get two of significant risk for the auto- Tesla that veered off and hit a
from Brunello Cucinelli (start- that clients are shopping in colors, and 20% of customers them.” maker, which has tied the com- tree in 2019.

Figma IPO aside as a buffer, Figma ended

up selling closer to 9%.
Additionally, Figma execu-
was in the top five most active
tickers on Interactive Brokers
on Thursday, according to
could run, but people close to
the deal said they were sur-
prised by the magnitude of it.
the company if they had sold
shares at the closing price
compared with the IPO price.
A gift fund set up for the
nonprofit Marin Community
Foundation sold all of its shares

Could Have tives wanted certain large in-

stitutional investors—often
coveted as long-term stock-
Steve Sosnick, the trading
platform’s chief strategist.
Sosnick said when invest-
Pricing mismatches were
much more common during
the dot-com era, when irratio-
One of the last times there
was so much money left on the
table was in cloud-storage
through the IPO, according to a
filing, pocketing roughly $440
million. But had the California

Been Better holders—to purchase stock in

the offering, and some of
those funds refused to pay
ment bankers price IPOs, they
primarily talk to institutions,
not individuals, which can
nal exuberance for speculative
tech companies and the advent
of electronic trading for indi-
company Snowflake’s 2020
IPO, when its share price more
than doubled, meaning money
foundation held on to its
shares, they could have been
worth around $1.5 billion.
much above the targeted price leave them working with in- vidual investors on sites like raised in the IPO could have While many of Figma’s ear-
Continued from Page One range, according to people complete data. E*Trade made demand hard to been $3.75 billion more. liest backers, including a
a role. The software company close to the deal. That forced a “I think they underesti- predict. When Priceline.com Figma’s shareholders who handful of venture-capital
and investors sold a small cap on the IPO price. mated the demand for this se- went public in 1999, its stock sold stock in the IPO still made firms, sold some of their hold-
number of shares—around Finally, animal spirits curity,” Sosnick said. “Once it jumped more than 300%. out well. Co-founder Dylan ings in the offering, many held
7%—creating a scarcity. Most emerged Thursday among in- gets moving, people start to Stablecoin issuer Circle In- Field sold 2.35 million shares on to most of their shares.
companies sell around 10% to dividual investors who placed jump on the moving train.” The ternet Group’s stock more than in the IPO, netting $77.6 mil- That means they have the pos-
15% of the company in IPOs. buy orders for Figma. Early es- company and its underwriters doubled in its June debut, a lion. He still owns a stake now sibility to sell at the higher
Including additional shares set timates suggest that Figma anticipated that the stock difference of $1.8 billion for worth roughly $6 billion. market price in the future.
A8 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Trump Faces Hurdles
As ‘President of Peace’
Chaos Hurts Aid Deliveries
Lawlessness in Gaza
BY MICHAEL R. GORDON talks with Iran, Tehran insists
AND ROBBIE GRAMER it would never go along with means food is looted
Trump’s core demand that it before it reaches
Since returning to the White rule out enriching uranium,
House, President Trump has which Iran would need to starving Palestinians
branded himself as the “presi- make a nuclear bomb.
dent of peace,” boasting that Elsewhere, his administra- BY FELIZ SOLOMON
he has averted half a dozen tion has mediated a peace deal
wars and repeatedly saying he between Rwanda and the Dem- JERUSALEM—About 10
deserves the Nobel Peace Prize. ocratic Republic of Congo miles stand between truck-
Yet six months into his term, aimed at ending yearslong loads of food and flour and the

BASHAR TALEB/AGENCE FRANCE-PRESSE/GETTY IMAGES

his record is decidedly mixed, fighting in eastern Congo. It is more than two million hungry
with scant headway in ending driving a new push to stop the Palestinians who need it. Yet
two of the world’s most intrac- war in Sudan, a conflict that only a trickle is reaching them.
table wars, Ukraine and Gaza. has triggered widespread eth- The biggest obstacle between
Trump has had his suc- nic-cleansing campaigns and stockpiles of food just beyond
cesses. He has leveraged eco- fueled one of the world’s worst the border and Gaza’s most vul-
nomic pressure to tamp down humanitarian crises. Diplomatic nerable people is a breakdown
a border clash between Cam- efforts to end those wars dur- of law and order. Chaotic mobs
bodia and Thailand and, his ing the Biden administration ransack every food-bearing
aides say, engaged in intensive ended without a resolution. truck that enters, aid workers
telephone diplomacy to avert It is still early in Trump’s say. The masses are largely
a war from spiraling between second term, but former offi- made up of desperate civilians,
India and Pakistan, two nu- cials and experts outside gov- armed criminals looking to sell
clear-armed powers. ernment say the president’s food on the black market—or a Palestinians carried bags of flour they got from aid trucks in the northern Gaza Strip on Friday.
“We have many cease-fires negotiating style is heavily de- dangerous mix of both.
going on. If I weren’t around, pendent on Trump’s personal Officials and aid groups pause in fighting in some
you would have six major relationships with world lead- have no control over where it parts of the strip and the cre-
wars going on. India would be ers and his threats to use eco- goes from there. U.S. Envoy Visits Distribution Site ation of humanitarian corri-
fighting with Pakistan,” nomic pressure or even force if Antoine Renard, a United dors. Israeli officials say the
Trump said this past week rebuffed. It also reflects impa- Nations official in Gaza, recalls Mideast envoy Steve He didn’t request meet- country isn’t blocking aid and
during his trip to Scotland. tience with long negotiations how a wave of gaunt-faced men Witkoff and U.S. Ambassa- ings with U.N. officials in is doing more to facilitate it.
But ending the fighting in aimed at addressing the fun- converged on his armored vehi- dor to Israel Mike Huckabee Gaza during his visit, said “The bottleneck, regarding
Ukraine and Gaza poses his damental causes of the world’s cle and the convoy of aid trucks toured a Gaza Humanitar- U.N. deputy spokesman Far- food reaching the people of
biggest diplomatic challenge. bitterest conflicts, often focus- following him as they tried to ian Foundation distribution han Haq. U.N. agencies have Gaza, is the U.N. agencies not
Paul Stares, ing instead on reach the central Gazan city of site in Rafah, which has provided aid throughout distributing the aid, not pick-
a senior fellow efforts to se- Deir al-Balah on Tuesday. The been nearly destroyed and Gaza since the start of the ing it up and not distributing
for conflict pre- cure cease-fires. vehicle rocked from side to is largely is a depopulated war, when conditions allow. it,” said a senior Israeli mili-
vention at the ‘Brokering Much of the side, as the men swarmed, jos- Israeli military zone. Hundreds of people have tary official.
Council on For- cease-fires focus on tling over the cargo, he said. Witkoff posted on X been killed by Israeli fire Until Israel recently eased
eign Relations, T r u m p ’ s “I’ve never seen anything that he spent over five heading to GHF sites, oper- some restrictions, the U.N.
said that while is not the same Ukraine policy even a little bit like this,” said hours inside Gaza to gain ated by an Israeli-backed also had difficulty getting aid
Trump’s hu- now is on Renard, who has worked with in at all. Part of the problem
manitarian im-
as building whether the the U.N.’s food agency, the
“a clear understanding of
the humanitarian situation
U.S. contractor. Israel and
GHF say they only fire stemmed from the overall un-
pulses were lasting peace.’ White House is World Food Program, for more and help craft a plan to de- warning shots, and that the workable conditions of de-
laudable, much prepared to take than 20 years and heads its op- liver food and medical aid toll has been exaggerated. stroyed roads, chronic fuel
of his approach the tough steps erations in the Palestinian ter- to the people of Gaza.” —Associated Press shortages and frequent fight-
has been “ad to match its in- ritories. “I have never, ever ing along what few routes
hoc and situational. creasingly tough-minded state- seen this level of despair.” were available, despite decon-
“Brokering cease-fires is ments. “The rhetoric is moving Israel and the U.N. have fliction efforts.
not the same as building last- in the right direction, but we’re traded blame for the worsening early March in what it said was looted before they reach their Medical workers say they
ing peace,” Stares said. “The not there,” said Daniel Fried, a hunger crisis that experts warn an effort to pressure Hamas. destination. It says the only are battling the worst hunger
latter usually requires lengthy former senior State Department is tipping into famine. Israel Israel says the group steals aid solution is to flood the Strip crisis to grip the enclave since
and painstaking diplomatic official who also served as the says the U.N. hasn’t distributed to fund its war effort, which with food until scarcity no the Hamas-led attack on Israel
engagement.” U.S. ambassador to Poland. the food that it allowed in. The Hamas denies. Aid groups say longer drives civilians to risk on Oct. 7, 2023, sparked the
Trump pledged on the cam- Trump has threatened to U.N. says Israel created impos- they have seen no evidence of their lives for a bag of flour, or war in Gaza.
paign trail to quickly end the impose high tariffs on nations sible conditions that put staff systematic diversion. provides an opportunity “Aid doesn’t reach people
fighting in Ukraine, which that trade with Russia to and civilians at risk, while im- Israel started letting in for militants and criminals to because of the chaos,” said
started in 2014 with Russia’s change Putin’s calculations. He peding their work with delays much smaller volumes of aid exploit their desperation. Nahid Shuhiber, who runs a
seizure of Crimea and attacks has agreed that the U.S. could and restrictions on movement. in late May as food supplies Under growing interna- transportation company that
in eastern Ukraine, and then sell weapon systems to Euro- At the core of the crisis is dwindled, but it hasn’t been tional pressure, Israel took provides trucks for aid agen-
in 2022 expanded to a full- pean nations so they could extreme food scarcity. Israel nearly enough. steps recently to ease the flow cies inside Gaza. Israel, he
scale invasion. On Thursday, provide Kyiv with arms from banned all aid and commercial The WFP says nearly 95% of of aid. It started with air- said, “is not interested in cre-
Trump said he was sending their own inventories. goods from entering Gaza in its trucks entering Gaza are drops, then announced a ating order.”
his envoy Steve Witkoff to But Trump also has mused
Russia after a visit to Israel. about washing his hands of
Trump’s repeated efforts to the conflict, and some of the
broker a cease-fire in Gaza have president’s staunchest allies
run aground in the six months are unsure how firm the
since he entered office. A White House is prepared to be
United Nations-backed group with Russia in the long term.
said the Gaza Strip is experi- On Gaza, a major question is
encing famine conditions, which whether the administration has
Israeli officials have denied. a broader strategy to secure a
That is just one of Trump’s durable peace. But Trump’s
Middle East diplomatic prob- idea to move Gaza’s population
lems. He said during his cam- to other countries remains a
paign he could seal a histori- nonstarter with Arab states
cal accord to rein in Iran’s and the enclave’s two million
nuclear program. But after inhabitants. Nor has the White
two months of diplomacy, he House spelled out a plan for
turned to airstrikes and joined how Gaza might be governed
Israel’s military campaign to after peace is achieved, and
set back Tehran’s nuclear pro- which Arab or international
gram. While the White House force would secure it if Hamas
says it is still ready for direct were to be dislodged.
GULSHAN KHAN FOR WSJ

Market
Insights. Lesotho’s textile industry, the largest private employer in the African nation, has seen orders dry up and production lines shut.

In the Tariffs Bring Disaster to Tiny Lesotho

Palm BY ALEXANDRA WEXLER July as Trump’s looming tar- register companies and the “When we’re done with this

of Your MASERU, Lesotho—Presi-

iffs devastated the country’s
textile industry. The land-
creation of a fund to support
new businesses, Shelile said.
order, it means we’re going
home,” said human-resources

Hand.
dent Trump promised Africa locked nation of 2.3 million By imposing tariffs, Trump manager Malefetsane Phahla.
that trade would replace aid people has prospered under a appears to be sidestepping the This week, Lieketseng Billy,
when he dismantled America’s 25-year-old American trade African Growth and Opportu- 44 years old, and other
foreign-assistance programs program that granted duty- nity Act, which allows 32 Afri- women waited outside the
Download the after taking office this year. free access to the U.S. market can countries to sell some Quantum Apparel factory in
Barron’s app But here in one of the world’s to dozens of African countries. 1,800 products in the U.S. Maseru, hoping for work. In
for investment poorest countries, his admin- “We took advantage of the duty-free. The law expires this June, Billy was laid off from
analysis, real istration is slashing both. trade concessions, being a year, and most experts don’t her sewing job at Ever Suc-
Trump, who disparaged Le- small country,” said Mokhethi expect the Republican-con- cessful. Now, she is struggling
time stock sotho as a place “nobody has Shelile, Lesotho’s trade minis- trolled Congress to renew it. to make ends meet.
picks, and ever heard of,” threatened the ter. “I did not expect for that Shelile said this past week “It’s been very difficult,” she
breaking tiny southern African country to be a reason to be punished.” he was in talks with the Office said. “I didn’t save anything
with 50% tariffs, among the The garment industry is the of the U.S. Trade Representa- when I was working.”
business highest for any single nation largest private employer in tive, pushing for lower tariffs. Textile factories typically
news. or territory. The administra- Lesotho, which has an annual Ever Successful Textile, a pay minimum wage, which
tion ultimately set a 15% tariff gross domestic product of just Chinese-owned factory in rose to the equivalent of about
on Lesotho, but much damage $2.3 billion. The U.S. accounts Maseru, Lesotho’s capital, em- $168 a month earlier this year.
has already occurred to the for nearly 20% of Lesotho’s ployed 650 people before the Billy is absorbing a double-
country’s textile industry. It is overseas sales, including tariffs were announced, with blow of tariff threats and aid
uncertain how many buyers clothing from brands such as 80% to 90% of its orders des- cuts. She’s HIV-positive, and
will return, leaving thousands Levi’s and Reebok. tined for the U.S. for years she has received six
of workers in limbo. The White House and the By the end of July, Ever months’ worth of antiretroviral
Lesotho’s garment exporters U.S. Trade Representative’s of- Successful’s payroll had medication at a time from a
were already closing up shop fice didn’t respond to requests plunged to 90 workers, who U.S.-supported clinic. But when
in the face of dwindling orders, to comment. were finishing up one final or- she went to pick up her medi-
while other countries with The disaster declaration der—black exercise pants for cation in June, she was given a
Download the App. more diplomatic resources has allowed the government the American market. Leso- three-month supply.
barrons.com/barronsapp rushed to secure new trade to reroute funds to programs tho’s winter was in full swing, “They told me when I come
deals with the White House. aimed at youth unemployment and the workers, mainly back, I should expect to maybe
The country’s government and economic stimulus, in- women, huddled in a corner of get a month’s medication or
declared a state of disaster in cluding the waiving of fees to the factory in hats and coats. even weeks,” she said.
 THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, August 2 - 3, 2025 | A9

WORLD NEWS

Ukrainian Death Toll Rises U.S. Will Reposition

Nuclear Submarines
Rescuers found more
WASHINGTON—President Former U.S. officials and
bodies, increasing Trump said he would position experts outside the govern-
fatalities from two nuclear submarines “in ment said it was striking that
the appropriate regions” in re- Trump appeared to be engag-
Thursday strike to 31 sponse to comments from for- ing in the sort of nuclear sig-
mer Russian President Dmitry naling that U.S. officials have
BY JANE LYTVYNENKO long criticized Russian Presi-
By Michael R. Gordon, dent Vladimir Putin for doing.
KYIV—The first official Robbie Gramer and Medvedev has long engaged
death toll from Russia’s aerial Alex Leary in provocative statements on
bombardment of Ukraine’s social media and in interviews
capital early Thursday stood Medvedev, escalating tensions against Ukraine’s leaders and
at six, including Matviy as the U.S. pressures Russia to Western officials who support
Marchenko, a 6-year-old boy end the Ukraine war. Kyiv. But his statements don’t
who died in an ambulance. Trump, in a Friday social- carry the same weight as pro-
By Friday morning, more media post, criticized Medve- nouncements by Putin.
than a day after the missile- dev, who recently said Trump’s “Trump hasn’t attacked Pu-
and-drone assaults, rescuers threat of new sanctions on tin, just Medvedev. But moving
sifting through the rubble of Russia is a “step towards war.” subs has certainly raised the
JUSTYNA MIELNIKIEWICZ FOR WSJ

collapsed buildings had raised “I have ordered two Nuclear stakes in what has been just a
the total killed to 31, making Submarines to be positioned in verbal mud fight,” said Jim
the strikes one of the worst the appropriate regions, just in Townsend, a former senior Pen-
bombardments of Russia’s 3!- case these foolish and inflam- tagon official on NATO policy.
year war. The dead included matory statements are more Trump’s latest threats come
four more children, one of than just that,” Trump wrote just a day after Secretary of
them 2 years old. on Truth Social. The White State Marco Rubio played
Russia’s relentless bombing House didn’t respond to a re- down Medvedev’s warnings.
campaign is taking a savage toll A residential building in Kyiv was damaged by debris from an intercepted Russian rocket. quest for more information. “He basically is not a relevant
on civilians across Ukraine, par- The U.S. routinely keeps player in Russian politics,” Ru-
ticularly in Kyiv, which has suf- a deal with the U.S. for the Russia left about an hour’s brothers, one of whom is in a strategic submarines at sea that bio said of Medvedev in a Fox
fered strikes for months. The purchase of replacement units. gap after the drones before hospital and the other safely carry nuclear-tipped ballistic News interview.
West is sending Ukraine addi- Ukrainians have been pushing firing eight cruise missiles at in summer camp, all attended missiles as part of its nuclear Trump’s social-media post
tional air-defense equipment, partners to provide the much- the capital. Five were inter- the school. Ivanchenko said deterrent. It isn’t clear whether contrasted with the more reas-
but hasn’t sent longer-range needed Patriots, which are the cepted, but three made a she isn’t sure whether the Trump was suggesting the U.S. suring comments the president
missiles that could help Ukraine only weapon capable of inter- whistling sound and they flew school can reopen. would put more of these sub- made this past week when he
target the launch sites and pro- cepting ballistic missiles. low over rooftops before hit- More than 300 rescuers marines to sea indicated he
duction facilities, which Kyiv is The Thursday strike used ting and turning the night sky pulled the wounded and the or why moving wanted to find
instead seeking to hit with its tactics Russians have de- a bright orange. One of the dead from rubble, said the head them to other a way to main-
own drones. ployed before. First, waves of missiles hit the apartment of Kyiv’s military administra- areas would add Move follows tain limits on
“Once again, this vile strike Shahed explosive drones were building, landing between the tion, Tymur Tkachenko. “These to U.S. nuclear war of words U.S. and Rus-
by Russia demonstrates the launched, arriving in the capi- fifth and sixth floors, collaps- are losses that we will not be firepower be- sian long-range
need for increased pressure on tal in waves. The moped-like ing a part of the structure, able to compensate,” he said. cause the ballis- between Trump nuclear weap-
Moscow and additional sanc- buzz of dozens of drones filled said Ihor Klymenko, Ukraine’s After the debris was tic missiles they ons after the
tions,” Ukrainian President Vo- the night sky. Russia used 309 interior minister, from the site cleared, residents were allowed carry are of in-
and former New START
lodymyr Zelensky said on so- attack drones in all, most of of the bombing on Friday. to return to some of their tercontinental Russian leader. treaty between
cial media. “They must target them against Kyiv. “The explosion was so pow- apartments to gather their be- range. Washington and
everything that enables such As the drones subsided, erful that it lifted up the top longings. For Lora Uvarkina, Another pos- Moscow expires
attacks to continue.” Kyiv residents emerged from floor and depressed the bot- whose warm, sunny home is sibility is that in February.
The bombardments have shelters and metro stations, tom floor,” he said. “And then now a mess of glass and rub- Trump was referring to nuclear- “Trump’s playing the ulti-
gone on even as President many making their way home, it all folded.” ble, the priorities were medica- powered U.S. attack submarines matum game with Russia: 50
Trump issued ultimatums to believing the attack was over. Ivanchenko immediately tion, documents and her cat, that could be moved closer to days or 10…He should remem-
Russian leader Vladimir Putin, Among them were residents drove over. Glass covered the Zefira, who remains missing. Russia to be used against Mos- ber 2 things: 1. Russia isn’t Is-
saying the fighting must end, of a nine-story apartment ground—the shock wave Uvarkina was home when cow’s strategic submarines if rael or even Iran. 2. Each new
while vowing to impose steep building in Borshchahivka, a knocked out every single win- the attack happened. She sur- there is a conflict, said a former ultimatum is a threat and a
tariffs and sanctions against working-class district in Kyiv, dow in the school. What she vived because the missile hit a senior Pentagon official. step towards war. Not be-
Moscow. “I think it’s disgusting who returned from the shelter remembers most are constant different part of the apart- The U.S. also has nuclear- tween Russia and Ukraine, but
what they’re doing,” Trump at a nearby school. “Some got cries for help. “People couldn’t ment block. Laying in her bed powered submarines that with his own country,” Medve-
said of Russia’s recent attacks. home quicker and went back understand what happened,” through the attack, she was carry nonnuclear cruise mis- dev wrote Monday on X.
Germany on Friday an- to sleep. And then there was she said. “Screams, cries, it’s kept awake by the sound of siles that can be used to strike Trump called Medvedev “the
nounced that it would deliver an air-raid alert again,” said horrible, to hear it.” buzzing in the sky. Until the targets on land, as the U.S. failed former President of
two Patriot air-defense sys- Tetyana Ivanchenko, the The 6-year-old boy who missile came, she said, “I was used in its attack on Iran’s Is- Russia,” adding, “He’s enter-
tems to Ukraine after reaching school’s deputy director. died there and his two older counting the Shaheds.” fahan nuclear facility in June. ing very dangerous territory!”

WORLD WATCH
BADAN GEOLOGI/ASSOCIATED PRESS

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making him a revered figure The rest of a 20-member On Wednesday, the U.S. View a video
among many Colombians. But group of Cambodian soldiers Treasury Department an- of this ring
rights abuses by army and captured on Tuesday remain in nounced sanctions against De
right-wing paramilitary groups Thai hands. Cambodian officials Moraes for alleged suppres-
tarnished his image. are demanding their release. sion of freedom of expres-
On Friday, the 73-year-old Cambodian officials say their sion, and Trump signed an
head of the conservative soldiers approached the Thai executive order imposing a
Democratic Center Party was position to offer post-fighting 50% tariff on Brazilian goods.
sentenced after he was con- greetings. Thai officials said the The U.S. cited what it de-
victed Monday of bribery and Cambodians appeared to have scribed as the “political per-
abuse of process. He says he hostile intent and entered what secution” of Bolsonaro as the
will appeal. Thailand considers its territory, reason for its actions. The ex-
Uribe, a cattle rancher and so were taken prisoner. president is facing trial for al- 622 Royal Street, New Orleans, LA • 888-767-9190 • [email protected] • msrau.com
former mayor of Medellín, A Cambodian Defense legedly orchestrating a plot
was a close ally of the Bush Ministry spokesperson con- to stay in power after losing Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
and Obama administrations firmed the soldiers were the 2022 election. According Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
as Colombia forced the FARC handed over and urged the to De Moraes, the proceed-
rebels into ever more remote Thai side to promptly repatri- ings, are expected to con-
areas. ate the remaining personnel. clude by the end of the year.
—Juan Forero —Associated Press —Associated Press
A10 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

Drugged for Decades Dick Johnson, who joined the Navy in 1989, was diagnosed with bipolar disorder. After he was medically Veterans with PTSD prescribed
discharged in 1994, the VA put him on a heavy regimen of psychiatric drugs that made matters worse. multiple central nervous system
drugs concurrently†
Medications Medicated with Divorce Second PTSD Divorce with Retires with Side effects of After cutting back
prescribed, by lithium, which with first marriage diagnosis second wife disability from medications lead to ICU meds, joins support 250,000
class and date* makes him wife power plant visit. Seeks help outside groups and shares
severely ill VA to taper off meds his experience Two
200,000 drugs
Mood stabilizers
Lithium 150,000 Three

Anti-psychotics Seroquel 100,000

Four
50,000 Five+
Anti-anxiety

Anti-depressant 0
2009 2019
1995 2000 2005 2010 2015 2020 2024
†Based on Department of Veterans Affairs data
*Doesn’t include all medications, including those prescribed for short durations. Source: General Hospital Psychiatry journal

How We
Over-Drug
Veterans
Continued from Page One
“I became a government lab
rat,” Griffin, 37, said. “The
pills didn’t do anything. They
would just make you numb
and like a zombie, and it made
it far worse.”
Hundreds of thousands of
veterans with PTSD have been
prescribed simultaneous doses
of powerful psychiatric drugs.
The practice, known as
“polypharmacy,” can tranquil-
ize patients to the point of
numbness, cause weight gain
and increase suicidal thoughts
when it involves pharmaceuti-
cals that target the central
nervous system, according to Scott Griffin, above left, turned to alternative medicines for relief from his PTSD symptoms. Erika Downey once asked a friend to take away her gun. After
scientific studies and veter- getting off his meds, Doug Gresenz, below, suffered complications from falls and a foot injury so severe that doctors ultimately had to amputate it.
ans’ accounts.
The VA’s own guidelines and benzodiazepines. (Central years for a VA psychotherapy
say no data support drug com- nervous system drugs affect appointment.
binations to treat PTSD. The the brain and spinal cord; psy- Only 15% of veterans diag-
Food and Drug Administration chiatric medications are a nosed with depression, PTSD
warns that combining certain subset of CNS drugs). CLOCKWISE FROM TOP LEFT: NATE SMALLWOOD FOR WSJ; MADELINE GRAY FOR WSJ; ANNIE RICE FOR WSJ or anxiety are offered psycho-
medications such as opioids The VA has long been therapy in lieu of medication,
and benzodiazepines can aware of the risks of overpre- according to a 2019 report by
cause serious side effects, in- scribing, and has internal re- the Government Accountabil-
cluding death. search since at least 2016 ity Office.
showing the potential harms, Navy veteran Dick Johnson,
including increased risk of in the VA system for three de-
Wreaking havoc suicide. The internal polyphar- cades and diagnosed with
Nonetheless, prescribing macy data “was pretty con- PTSD and bipolar disorder,
cocktails of such drugs is one cerning,” said Dr. Shereef El- was prescribed more than 25
of the VA’s most common nahal, who headed the VA different central nervous sys-
treatments for veterans with health system until early this tem drugs, sometimes on six
PTSD, and the number of vet- year. He recalled a veteran ad- concurrently, his medical re-
erans on multiple psychiatric vocate who told him about cords show. He blames them
drugs is a growing concern at three veterans on more than for the collapse of his two
the agency, according to inter- five psychiatric drugs each marriages.
views with more than 50 vet- who died by suicide, one after “They pretty much de-
erans, VA health practitioners, the other. They had been stroyed my life,” Johnson said.
researchers and former offi- “walking around like zombies” When he worsened on one
cials, and a review of VA med- before they took their own antipsychotic and experienced
ical records and studies. lives, the advocate told him. intense withdrawal tapering
Polypharmacy has multiple The VA’s use of psychiatric off, VA doctors tried to patch
definitions when it comes to drugs has come under scru- him up with a cocktail of
central nervous system drugs. tiny from members of Con- other medicines including
The VA defines it as taking gress and advocacy groups as benzodiazepines. In 2006, he
five or more medications at the veteran suicide rate is primary treatment for trau- azepines cold turkey and be- care on stimulants without a started a prolonged dose of
the same time, while some roughly double that of U.S. matized service members and gan to taper off the other diagnosis justifying it. “Then Seroquel, a powerful antipsy-
medical researchers say it’s adults who didn’t serve. veterans returning from de- drugs. the VA has the burden of try- chotic, to get off benzodiaz-
two or more and the American ployment. But in the 1990s, Within a couple of weeks, ing to undo it.” epines. His weight soared and
Geriatrics Society defines it as Defense Department research- he collapsed, unable to use his A Pentagon official said he developed diabetes. Quit-
three or more. Slow to change ers observed that high doses legs. He developed a stutter several medications are some- ting Seroquel “nearly killed”
There is an emerging medi- Yet the agency has been often yielded poor clinical out- and extreme light sensitivity. times necessary for patients him. He’s still tapering off
cal consensus among VA doc- slow to mandate changes. It comes, and, along with the Violent spasms led to another with multiple medical prob- Paxil and Tegretol today, using
tors and researchers that tak- has failed to implement na- VA, ultimately advised against fall, which caused complica- lems or who are treatment-re- a jewelry scale and sandpaper.
ing multiple central nervous tionwide electronic systems to their long-term use on veter- tions that resulted in a severe sistant, adding that “records
system drugs can wreak havoc alert doctors when they pre- ans in 2004. foot injury and, eventually, an are reviewed to determine if
on patients. Interactions be- scribe multiple psychiatric Still, against the guideline, amputation last year. the treating provider has pro- A path forward
tween such drugs aren’t well drugs, despite evidence from the VA has doled out benzodi- The VA recommends any vided clinical justification for After years on psychiatric
understood, and their effects its own studies that these azepines to more than 1.7 mil- one of three antidepressants the use of polypharmacy.” Ser- drug regimens prescribed by
in combination can be unpre- alerts improve care. The VA lion patients with PTSD diag- for PTSD—sertraline (Zoloft), vice members and their fami- military and VA doctors, a
dictable and extreme. doesn’t uniformly require noses since 2005, its own data paroxetine (Paxil) and venla- lies are offered “a robust and growing number of veterans
The VA maintains that the written informed consent for show. It took nearly a decade faxine (Effexor). But doctors comprehensive array” of men- are taking healing into their
best treatment for PTSD is all psychiatric drugs with sui- for the use of those drugs to are free to prescribe other ad- tal health programs, the offi- own hands, often exploring
talk therapy. But therapists cide risk, something that vet- start to decline. ditional drugs off-label—and cial said. unconventional treatments.
are scarce, so overwhelmed erans groups and some mem- At the same time, prescrip- many do. Many veterans said they are
doctors default to pills. Be- bers of Congress are urging. tions to veterans with PTSD “It’s super normal to see frustrated and angry that the
cause there is no single drug Some veterans who have re- rose for other powerful psy- someone on five or six medi- Psychosis risk country spends heavily train-
designed specifically to treat sisted taking cocktails of chiatric drugs. cations,” said Mary Neal Psychiatric drugs work by ing them to be lethal, but
PTSD, veterans often end up drugs say they were warned After his best friend’s sui- Vieten, a retired Navy psy- affecting levels of chemical there’s little support for their
on drug cocktails as multiple by VA and military doctors cide in 2013, Iraq war veteran chologist who has worked messengers in the brain called fragile mental health as they
specialists try to ease a vari- that refusing them could jeop- Doug Gresenz was diagnosed with thousands of members of neurotransmitters, which send reintegrate back into society.
ety of symptoms, according to ardize their eligibility for dis- with PTSD and borderline per- the military and veterans. signals between nerve cells Scott Griffin, the former
VA clinical staff, studies, and ability benefits. sonality disorder “That’s like and other cells in the body. special operations soldier who
veterans. “I’ve been mortified by and eventually an everyday Layering on several central contemplated suicide last
practically every veteran I’ve put on six psy- t h i n g . ” nervous system agents at once year, reached out to a group
seen having been prescribed chotropic drugs. ‘I became a Trauma has can magnify their effects. called Veterans Exploring
‘Chasing your tail’ multiple psychiatric medica- After one medi- government lab been medical- Combining an antipsychotic Treatment Solutions, or VETS,
“When it comes to the chal- tions, often without a timely cation’s dosage ized, she said. drug that activates dopamine after the episode. Their sug-
lenge of polypharmacy in referral to therapy or without was increased, he rat,’ said one “They’re act- receptors with one that blocks gestion: ibogaine, a powerful
these populations, it’s con- any referral at all,” said Janie attempted sui- ing as if the dopamine can exacerbate psy- psychedelic derived from an
stantly chasing your tail,” said Gendron, a therapist who cide and was
veteran. ‘Like a problem is in chosis, said Dr. Sanket Raut, a African plant and illegal in the
Dr. Ryan Vega, a chief health- worked for the Defense De- hospitalized. zombie.’ the person,” research fellow specializing in U.S., but only after getting off
care innovation official at the partment and has seen hun- When he pro- she said. In- polypharmacy at Gallipoli his current medications. When
VA until 2023, who still treats dreds of active-duty service tested the vol- stead, it’s a Medical Research in Brisbane, Griffin asked his VA prescriber
veterans. “We have medica- members and veterans. ume of medica- normal re- Australia. By the same token, for help tapering, “he point-
tions that treat those symp- A VA spokesman said the tions there, he said VA doctors sponse to an overwhelming benzodiazepines and opioids blank refused,” Griffin said.
toms but are we addressing agency is looking into the is- questioned his commitment to experience, she said. taken together can increase He embarked on a grueling
the root cause?” sues raised by the Journal, recovery and told him he The culture of combat cock- the risk of overdose. self-taper. “I was white knuck-
Nearly 60% of VA patients and that the Trump adminis- needed the pills to lead a nor- tails begins for some who are “They give out these giant ling. I broke my teeth from
with PTSD were taking two or tration is seeking to address mal life. “I was guilt-tripped,” diagnosed with PTSD while paper bags filled with medi- clenching,” he recalled, bat-
more central nervous system serious problems it has identi- he said. still on active duty. In the mil- cine after your first psychia- tling intense vertigo and sui-
drugs at the same time in fied in veterans’ healthcare In 2016 alone, VA doctors itary, too, drugs have long trist appointment,” said Erika cidality.
2019, the latest year for which that weren’t solved by the Bi- prescribed him more than a been given priority over psy- Downey, a 35-year-old retired After 12 hours of altered
data are publicly available, ac- den administration. dozen drugs, including antide- chotherapy, according to many Army sergeant with PTSD. consciousness on ibogaine in
cording to a VA study. That VA Secretary Doug Collins pressants, antipsychotics, mus- veterans, former VA officials Women are more likely to be Mexico, Griffin took 5-MeO-
works out to more than said at a congressional hear- cle relaxants and medications and therapists. prescribed multiple drugs con- DMT, a psychoactive com-
520,000 patients, up 62% from ing in May that the agency is for nightmares, anxiety, pain Some veterans enter VA currently against guidelines, pound most famously found in
a decade earlier, driven by a pursuing the potential use of and sleep, medical records care dependent on psychiatric VA researchers have found. Colorado River toads’ poison,
near doubling of the number alternative therapies, such as show. Over little more than a drugs that they were pre- Downey’s bouts of suicidal which he says was a profound
of VA patients with PTSD due psychedelics, to offer more op- decade, he received more than scribed to improve combat ideation while taking antide- spiritual experience. Since re-
to more combat tours and bet- tions and reduce the risk of two dozen central nervous sys- readiness. They include Air pressants, benzodiazepines turning home in March, he has
ter screening. suicide among veterans. tem medications. He recalled Force veterans given “stop- and stimulants were so bad discarded his pills, prays daily
One silver lining high- The rise of the combat complaining to VA doctors that and-go” pills—stimulants fol- she once called a friend to and spends time with family.
lighted by the study was that cocktail for PTSD has its roots he was “so doped up” he would lowed by sleeping pills. come take away her gun. After Says Griffin, “How does
the percentage of PTSD veter- in the overreliance on a single have accidents before getting Michael Valentino, who was that, she decided talk therapy bark from a tree and venom
ans on five or more CNS medi- class of drugs: benzodiaz- to the bathroom. chief pharmacist at the VA un- would be the best medicine. off the back of a toad beat all
cations declined to 7% from epines. By the 1970s, the mili- “I remember thinking: I’m til 2021, said he grew alarmed She weaned herself off the this crap, all these pharma-
12%, largely due to internal ef- tary and VA relied heavily on literally poisoning myself,” he by the rising numbers of ser- drugs on her own over two ceuticals they push down your
forts to deprescribe opioids Valium and, later, Xanax as a said. In 2018, he quit benzodi- vice members entering VA years. She had to wait three throat?”
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | A11

OPINION
THE WEEKEND INTERVIEW with Daniel Libeskind | By Tunku Varadarajan

Ground Zero, Mamdani and ‘Jewish Memory’

I
New York World Trade Center, also known as at a sweatshop, where she stitched
f Zohran Mamdani is elected the Freedom Tower, stands 1,776 fur collars onto coats. Young Daniel
mayor of New York, Daniel feet high. “It’s a symbolic number. I went to Bronx Science, a high
Libeskind would like to used 1,776 for the Declaration of In- school for the gifted, where he re-
bring him to Ground Zero dependence. It’s not the highest calls standards being so high that
and tell him a thing or two building in the world, but it’s the they were given “science texts to
about tolerance. “He’s clearly not building with the best height. The read in German and Russian, in ad-
someone to trust when it comes to height of aspiration, liberty.” dition to English.” They lived in
his relation to Jewish issues,” Mr. When I suggest that 1776 is an public housing in the Bronx, incul-
Libeskind says. “I am worried if American invocation, not a Jewish cating in Mr. Libeskind a “lifelong
he’s elected.” one, he insists that it is his “very belief in equality and democracy.”
The Jewish Mr. Libeskind, 79, is Jewish embrace of America.” He This sense of living “among or-
the architect who designed the recalls something his immigrant fa- dinary people” informed his design
master plan to develop the space ther used to tell him: “People who for Ground Zero. “The design had
laid to waste in Lower Manhattan arrive in America, whoever they to emerge from a democratic pro-
on Sept. 11, 2001—in a terrorist at- are, should kiss the ground of cess, taking account of all the inter-
tack that took 2,753 lives there. He America.” His father grew up in ests and concerns of all stakehold-
is distressed by Mr. Mamdani’s re- prewar Lodz, the Polish city that ers”—particularly the families of
fusal to disavow the slogan “global- had the second-highest number of victims. During the public presen-
ize the intifada.” He says he would Jews, after Warsaw, “in real pov- tations in the Winter Garden in
stand with Mr. Mamdani at Ground erty. His parents’ shop sold potato 2003, it was evident that Mr. Libe-
Zero and say: “This site represents peels—not potatoes, but peels of skind connected much more effec-
New York and America. It shines potatoes.” After the family emi- tively with the families than did his
with the promise of liberty, a grated to America in 1959, Mr. competitors, “many of whom
promise that no group will ever be Libeskind’s father worked in a seemed to have this abstract, ego-
singled out for criticism or oppro- photo-printing shop for decades, driven sense of what they had to
brium.’ ” New York, he says, “gives “very close to where they would do.” Huxtable recognized this, too,
you an equal future, no matter build the Twin Towers.” lived with his family. This house pieces of bread. When the war writing that Mr. Libeskind’s design
where you come from or what your “So I felt the whole site needed was the centerpiece of “The Zone ended, they made the journey back “struck a common nerve. . . . You
religion is. Mamdani has no right to make a patriotic statement,” Mr. of Interest” (2023), a historical to Lodz, arriving when his mother could tell by the sustained applause
to his slogans, and to seek to polar- Libeskind says. He remembers tak- drama about the idyllic life led by was 8½ months pregnant. “I was and tears that this was what peo-
ize and divide our city.” ing flak from other architects and the Höss family in the shadow of born in a homeless shelter, because ple really wanted.”
Mr. Libeskind would also tell Mr. elite critics. “They didn’t like the the death camp. Mr. Libeskind told my father was away looking for any We end our conversation on a
Mamdani that he lost most of his 1,776. They thought it was corny. me he disliked the film. “It is too surviving relatives. I always say surreal note. “Did I tell you of the
relatives in the Holocaust—“85 peo- Or irrelevant. They’d roll their eyes silent about the scale of humilia- that if you are born in a homeless dream I had after going to
ple,” all Polish Jews. “Virtually the when I spoke of it. ‘What does that tion and human suffering,” he said shelter, that qualifies you to be an Auschwitz?” On the night of Jan.
extermination of the entire family have to do with anything?’ one of in January, “and was done from the architect.” 27, exhausted from the raw and of-
on both my mother’s and father’s them asked me.” Herbert Mus- perpetrator’s point of view, which The widespread antisemitism on ten harrowing ceremony to com-
side, with the exception of two champ, the New York Times’s ar- turned the Holocaust into a back- U.S. campuses and in European cit- memorate the camp’s liberation,
aunts who had gone to Palestine, chitecture critic, pilloried his de- ground while making murder look ies in the wake of Oct. 7 ignites in Mr. Libeskind went to bed in his
and an uncle and aunt who survived sign. (The Journal’s Ada Louise almost casual.” Mr. Libeskind all his childhood Katowice hotel. In his dream, he
Auschwitz.” He names the last two: Huxtable praised it lavishly.) memories of Jew-hatred in postwar saw a photograph of a little girl:
“Nehemiah, my mother’s brother, When competing for the Ground Poland. The Libeskind family lived “Very accurate. Her face, I could
and my father’s sister Rózia.” Zero commission, he recalls, “some The architect behind the in Lodz from 1946 through 1957, describe it in a black-and-white
of my competitors mocked my ear- when they were able to leave Po- photo, standing in her black shoes
nestness and my evident love of redeveloped World Trade land for Israel. “All I remember of with her dress. I think the girl was
America. I used to refer to the Center talks of his work, my life in Poland until the age of 11 maybe 5 years old.”
Statue of Liberty as something that is antisemitism. Any Jew who left
his love of America, and
H
inspired my design and wore an Poland, by the way, had the same aunted by the image, he
American flag pin in my lapel. They his coming of age in the experience. My fundamental expe- called his sister Ania, “the
said all this was cheesy, cornball.” rience was of the endemic anti- archivist of the family.” He
In his memoir, “Breaking Ground” shadow of the Holocaust. semitism on the streets, in school, described the girl in his dream—
(2004), Mr. Libeskind writes of and among neighbors in our apart- the floral pattern of her frock, her
how he was disparaged by Rafael ment block.” knee-length white socks, her heavy
Viñoly, the architect who headed While the new building will Mr. Libeskind was a musical shoes, the ball she cupped in her
the consortium that lost to Mr. stand alongside the house where prodigy. His parents wanted him to hand, the detail that she was
Libeskind in the finals. “Libeskind Höss lived, Mr. Libeskind is also play the piano. “I played the accor- standing on a chair: “I dreamt this
and his slurry wall,” he recalls Vi- tasked with remaking the interior dion instead. The reason, you will little girl.”
ñoly saying of the exposed founda- of the house itself, which has few find, is an interesting one.” In “It’s not a dream,” his sister
tions in the site’s crater that had Nazi features anymore. (A Polish truth, it’s heartbreaking. “My par- said. “You saw the photograph we
become a Libeskind leitmotif— family owned and lived in the ents were too afraid to bring a pi- have in our family album of our un-
“he’s turning the whole thing into house for most of the eight de- ano into the apartment because of cle’s child. She was murdered in
his own personal Wailing Wall.” cades after the war.) In an inter- our neighbors. Because of antisemi- Auschwitz.” The photo of the girl,
I first met Mr. Libeskind in Kato- view at his Manhattan studio, Mr. tism. So they bought me an accor- Rachel Libeskind, was taken in
wice, Poland, on Jan. 26, the day Libeskind explains what he’ll do dion instead—a ‘hidden piano,’ 1936.
Rachel Libeskind in 1936. before the commemoration at with the house, which still has an they called it. That was my destiny. “I asked my sister, ‘Could I have
nearby Auschwitz-Birkenau of the aura of menace. “My philosophy To play the accordion, because to seen this photo recently?’ ” She
No wonder Mr. Libeskind is 80th anniversary of the concentra- would be: use the traces of evil his- have had a piano would have been said no, “with all her archivist’s au-
“driven by the theme of Jewish- tion camp’s liberation. Many of his tory to make sure they are not lost, a horrible thing for the neighbors, thority. The last time I saw it, she
ness” in his architecture. His child- 85 relatives who’d perished in the but are also shields against future unbearable, proof of how evil the supposed, was when I was around
hood was spent “in that void of the Holocaust had met their deaths at evils.” He won’t be “cleansing” the Jews are.” Pianos were expensive, 9 years old. She’s certain I can’t
Holocaust.” His Canadian wife, Auschwitz, and he was queasy house so much as “retrieving its and would have marked the Libe- have seen it after that. Seventy
TOP: BARBARA KELLEY/ BOTTOM: COURTESY DANIEL LIBESKIND

Nina Lewis, a tiny, bustling dynamo about visiting. But he also had an memories for the conscience of the skinds as uppity. “Envy. Hatred. We years ago. It’s such a strange thing.
who manages his affairs, is also air of purpose: He was there to world.” were already different. Bringing a She was probably murdered six or
Jewish. “Jewishness informs my oversee a brand-new building just Mr. Libeskind still sounds “very piano in would have made us even seven years after the photo was
work totally. How could it not?” outside the camp, commissioned foreign,” as he puts it, speaking more different, since nobody else taken.”
He’s a “late bloomer”—words he from him by the Counter Extrem- with what he calls a “Polish-Jewish had one.” I sense the wound in Mr. “How did it come to life? I’m not
utters with a certain pride—and his ism Project, an American nonprofit. accent that sounds strange with my Libeskind, still unhealed all these a mystic. But it’s mystical.” Or is it,
first major building wasn’t opened It will serve as a research center American patriotism.” He was born decades later. perhaps, that indelible imprint that
to the public until he was 56. This where scholars can study ways to in Lodz in 1946 to parents who’d After two years in Israel, the he describes as Jewish memory?
was the Jewish Museum in Berlin, combat antisemitism and other both spent the war years in Soviet family—who spoke no Hebrew and
which opened on Sept. 9, 2001. forms of extremism. labor camps. They met and married were “shushed on the streets of Tel Mr. Varadarajan, a Journal con-
“Memory Foundations,” his mas- The project had just purchased in Kyrgyzstan in 1943. His elder sis- Aviv when we spoke Yiddish”—mi- tributor, is a fellow at the Ameri-
ter plan for Ground Zero, is also the house—right outside the origi- ter, Ania, was born on a collective grated to New York. His father had can Enterprise Institute and at New
Jewish in character. “Memory,” he nal Auschwitz gates—where the farm there, the family subsisting arrived earlier and got a job; his York University Law School’s Clas-
says, emphatically, “is Jewish.” One camp’s commandant, Rudolf Höss, on nettle soup and occasional mother found “stinky, dirty” work sical Liberal Institute.

High-Tax California Is the Nation’s Cigarette-Smuggling Capital

California isn’t only happy to provide. California then The Golden State’s policies also Lower-taxed states are a major smuggling. New York is second be-
the No. 1 state for banned menthol cigarettes, which encourage public corruption. Last source of cigarettes to high-taxed cause of its own heavy-handed poli-
illegal immigrants. make up roughly a third of the na- year a former prison guard was in- ones. Wyoming’s smuggling export cies and its proximity to low-tax Vir-
It’s also the top tion’s cigarette sales, along with dicted for his role smuggling to- rate is 55%. Idaho’s is 28%. In other ginia. Massachusetts, with its high
state for illegal cig- other flavored tobacco products, in bacco into Solano State Prison, near words, for every 100 cigarettes con- taxes and ban on flavored tobacco
arettes. The reason late 2022. Sacramento. The state struggles to sumed in those states, an additional and other nicotine products, is
is clear: heavy- Cue the rapid rise in crime. In keep tobacco, narcotics and cell- 55 and 28, respectively, are bought ranked third. These states may think
CROSS
COUNTRY handed government. May, Customs and Border Protection phones out of prisons. What makes there and smuggled into other they’re improving public health, but
The Golden State officials in Southern California con- its leaders think they can keep a states. It doesn’t strain credulity to smoking hasn’t meaningfully de-
By Michael
has banned some fiscated 150,000 illegal cigarettes tidal wave of illicit cigarettes and suggest that many of these lower- clined, while crime is on the rise. In
LaFaive and
popular cigarettes from cruise-ship passengers disem- other nicotine products out of the taxed smokes end up in California. the war on smoking, common sense
Todd
while jacking up barking from Mexico. In April the hands of nonincarcerated Califor- As far back as 2003 Californians is losing.
Nesbit
taxes on the smokes state attorney general charged five nians? California has many major were busted shipping illegal ciga-
that remain. The re- people with a $24 million tax fraud ports, bonded warehouses, the Mex- rettes in from as far away as Vir- Mr. LaFaive is senior director of
sult has been a rise in crime, lost for allegedly illegally importing un- ican border, and nearby states with ginia. Even at that distance illegal fiscal policy at the Mackinac Center
revenue and yet another lesson in taxed cigarettes. But these smoke lower tax rates, all of which can be trade is profitable. for Public Policy. Mr. Nesbit is an
unintended—yet entirely predict- busts are the exception to the rule. exploited by smugglers to save or California isn’t alone in suffering assistant professor of economics at
able—consequences. Most smuggled cigarettes make it make a buck at California’s expense. from high levels of inbound cigarette Ball State University.
More than half of cigarettes into consumers’ hands.
smoked in California—53%, to be ex- We aren’t the only researchers to
act—evaded or avoided the state’s
cigarette mandates and levies.
That’s a stunning rise from a decade
conclude that California has a smug-
gling problem. A 2022 study found
that even before the menthol ban
The Transformative ‘Tollbooth’
and $2 tax hike, 36% of respondents By Mike Kerrigan report was due, and my mother, it was “more important to know
said they had brought cigarettes whose quirky sense of humor had whether there will be weather than
A levy of nearly $3 a pack
L
into California from elsewhere in ooking for a book in my study never steered me wrong, knew I’d what the weather will be.” I so en-
the previous year. A 2023 study of recently, another caught my like the book. joyed parsing the puns and ideating
has spawned a lucrative discarded cigarette packs conducted eye: “The Phantom Tollbooth,” She was right. Reading it trans- the idioms that I didn’t consider
black-market trade in across California found that of Norton Juster’s children’s novel. The ported me, too, as if I were there that I was learning. It just took see-
15,000 cigarette packs collected, classic, illustrated by equally gifted with Milo and his mates Tock, the ing old things in a new way.
out-of-state smokes. 45% didn’t bear the state’s tax cartoonist Jules Feiffer, achieved time-sensitive watchdog, and Hum- As a boy, Juster suffered from
stamp. the impossible for preadolescent bug, the grandiloquent insect. Char- synesthesia, a neurological condi-
Cigarette smuggling isn’t the only me. Through master-class wordplay acters met on the long road to Wis- tion in which a sensory experience
ago, when 28% of cigarettes were unintended consequence of high and drawings, it made learning cool. dom, one and all, were refreshingly creates the illusion of a different
smuggled into the Golden State. It taxes. Across the country, heavy- Milo, a bored boy, is transported unconventional. There was Alec sense being activated. Descriptions
also takes California past New York, handed cigarette policies have led to through a magic tollbooth to Lands Bings, the boy born in the air, who of a colorful sunrise heard as a sym-
where we estimate that 52% of ciga- delivery-truck heists, armed retail Beyond and a divided Kingdom of grew down rather than up and phony became a feature of his writ-
rettes are smuggled. thefts, and even a murder-for-hire Wisdom, which can be restored to whose feet would touch the ground ing. His unorthodox outlook im-
What changed? A 2017 California plot. It’s likely that similar crimes harmony only by the return of ban- only in full adulthood. parted a worldly wisdom on restless
law raised the cigarette tax from 87 are happening in California. The ished princess-sisters Reason and And then there was my personal readers, not only about learning but
cents to $2.87, which gave smokers state’s higher taxes and broader Rhyme. He accomplishes the rescue. favorite—the Whether Man. This di- about life itself.
an incentive to find cheaper op- bans make smuggling especially lu- Like Milo, I didn’t care much for minutive gentleman, the poorest of
tions—which out-of-state and trans- crative, thereby increasing the like- classroom learning as a listless 9- prognosticators, was untroubled by Mr. Kerrigan is an attorney in
national smugglers were more than lihood of more brazen lawbreaking. year-old. But a fourth-grade book his inability to predict rain. To him, Charlotte, N.C.
A12 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Trump Economy Stumbles FDA’s Reversal on Gene Therapy Helps My Son
Thank you for your editorial “On In 2024 my husband and I became

P
resident Trump has now imposed his Trump sticks to his deals. But some of the big-
new tariff regime on the world, and the gest U.S. trading partners—Mexico, Canada, Sarepta, a Welcome FDA Reversal” concerned about our son Cayse’s per-
(Review & Outlook, July 30). As a sistent tiptoe walking. In December,
triumphalism is palpable in MAGA land. China and India—remain in tariff limbo. Brazil
parent of an 11-year-old son with we got the life-changing diagnosis:
But maybe hold the euphoria, will pay 50%, though it has a Duchenne muscular dystrophy, I know Duchenne muscular dystrophy.
as this week’s reports on jobs Trump has his new trade surplus with the U.S. the devastation this diagnosis brings. DMD has no cure, and there are
and the economy suggest the And what did Switzerland
new golden age may take a
world tariff order, ever do to Mr. Trump to de-
I also know the hope that gene ther-
apy such as Elevidys can bring. Such
few treatment options. After careful
thought, we decided this April to
while to appear. but jobs and growth serve 39%? Charge too much therapies have helped my son, An- move forward with gene therapy.
Friday’s labor report ar- for a watch? drew, fight back against a disease On Cayse’s 5th birthday, July 9, we
rived with a particular jolt,
don’t look so good. Mr. Trump and his support- that once offered no chance to do so. got the call that he had been approved
with a mere 73,000 net new ers are hailing the trade deals I’m concerned about the recent de- for insurance coverage for Elevidys.
jobs in July. Even more bear- as the dawn of a new world bate surrounding Elevidys and gene On July 18, we got heartbreaking
ish were the downward revisions of 258,000 trading order that will be better for American therapies like it. The death of any pa- news: The U.S. Food and Drug Admin-
tient participating in a clinical trial is istration had halted shipment of the
jobs in May and June. Job gains over the last workers. And it’s true that the rest of the world
heartbreaking. Such tragedies and therapy.
three months are barely more than 100,000. has declined to retaliate, China excepted. The regulatory reactions to them risk Then, on July 28, I got the mes-
The details in the report provide little solace. U.S. market is so large that these countries casting a shadow over therapies like sage that the FDA had lifted the hold
The jobless rate ticked up only to 4.25% from seem willing to absorb the 15% tariff hit rather Elevidys. for ambulatory patients. I cried tears
4.1%, but that was in part because the labor than risk even higher tariffs from Mr. Trump if As with any medical innovation, of relief.
force continued to shrink. The labor participa- they did retaliate. there are risks. The families who We’re finalizing insurance paper-
tion rate fell again to 62.2% and is now down But what matters will be the economic re- fight to get access to these therapies work and hoping Cayse will receive
half a percentage point in a year. sults over time. The U.S. economy is resilient, for their children understand and ac- his dose in September. It’s been an
Employers aren’t laying off workers, but and perhaps it can absorb a new average tariff cept the risks. What we can’t accept emotional rollercoaster, but through
they have all but stopped new hiring. Notably, rate from 15%-20%, up from 2.4% when he took is a future where bureaucracy and it all our little boy remains the
most of the new jobs are in healthcare and so- office in January. There will also be a clamor overcaution shut the door on hope. same—a joyful, dirt-playing, field-
My son and others like him deserve a walking country boy. We’re so thank-
cial assistance, which rely heavily on govern- for wide exceptions. future in which innovation is allowed ful that gene therapy will give him a
ment spending. This continues the Biden-era But the tariff tax increase in dollar terms at to reach them. chance at a longer, healthier life.
trend that Trumponomics was supposed to Mr. Trump’s current rates will be close to $360 NATE PLASMAN JENNIFER BLAIR
change. Not so far. billion a year. That’s among the largest tax in- Lombard, Ill. Sumrall, Miss.
The much-advertised rebirth of U.S. manu- creases in recent history. Republicans have
facturing also hasn’t arrived. The economy shed spent decades building credibility as the antitax
11,000 manufacturing jobs in July, following a party, but now they’re going along with Mr.
loss of 26,000 in May and June. The ISM Manu- Trump’s tariffs on the fiction that only foreign- U.S. Drug Innovation and Deadly Diagnoses
facturing Index fell again in July to 48, the fifth ers will pay them. Let’s see how well that plays
straight month below 50. when prices on tariffed goods increase. Your editorial on “Why Vinay Regulatory Affairs administrator. I
Prasad Had to Go at FDA” should be a helped negotiate with the FDA to al-
One labor market problem may be the crack- i i i
wake-up call for anyone who cares low patients with life-threatening dis-
down on migrant workers. The foreign-born Mr. Trump seems to understand that the jobs whether federal bureaucrats get to eases to access promising new medi-
workforce has fallen by about a million since report signals trouble because on Friday he or- decide if promising new medicines cines, even those still being tested.
Mr. Trump took office. The National Foundation dered the firing of the head of the Bureau of La- are available to desperately ill people Despite resistance from some FDA
for American Policy, a nonpartisan think tank, bor Statistics. He claims the numbers are being before years of testing are completed staff, the initiative was successful. A
says immigrants accounted for over half of the politically manipulated, but he offered no proof. (Review & Outlook, July 31). new policy came into force: the com-
labor force increase in each of the last three de- BLS has its problems, but the timing suggests The history of that question dates mon-sense practice of allowing seri-
cades. Fewer workers means fewer new jobs as he’s shooting the messenger. There are bound to the early 1960s, when FDA scien- ously ill and dying people with little
employers conclude they can’t fill them. to be monthly revisions when tariff and depor- tists prevented Americans from ac- to lose to accept knowingly the risk
i i i tation policies are so volatile. cessing a foreign drug for pregnant of choosing a promising but not yet
How much of this jobs and growth slowdown Mr. Trump’s other scapegoat is the Federal women, thalidomide, that caused sig- fully proved medicine.
nificant injuries to unborn fetuses, Your editorial questions whether
owes to Mr. Trump’s tariffs? It’s hard to say for Reserve, which he says has been too late to cut
resulting in tragic deformities. As a that policy is under attack by the new
sure. But it has occurred in the wake of Mr. interest rates. Maybe that will prove to be true, consequence of that cautionary tale, FDA administration. You cite disturb-
Trump’s April 2 tariff shock, his rapid backtrack but the Fed also has to navigate Mr. Trump’s the FDA embraced more strict proto- ing recent actions and statements,
from the highest rates, and then his willy-nilly tariff uncertainty and the large fact that infla- cols as a prerequisite to allowing any particularly by Dr. Prasad. His resig-
threats and deal-making with the world. The tion is still above its 2% target. Every public new drug to be on the market. nation this past week amid mounting
policy uncertainty has surely affected business opinion poll says voters remain unhappy about During the 1980s, when new drugs criticism is welcome news. A return to
hiring and investment. How can you hire or in- the price increases they’re paying. were under development for those stricter government control would be
vest if you don’t know what your cost of goods A saving grace, we hope, is that the new tax with HIV and AIDS, the question a setback for those who believe that,
will be, or from which supplier you will be able law and deregulation will reduce business costs arose whether someone with a clearly in appropriate circumstances, people
to buy at a competitive price? and lift investment. But Mr. Trump can help by impending death could be allowed to should make their own health deci-
On that score, Mr. Trump’s latest tariff blast stopping his trade war. If he won’t roll back his take a promising but not yet fully sions. Let’s hope FDA Commissioner
proven drug. The FDA’s strict safety Marty Makary institutes policies that
this week hasn’t put an end to the uncertainty. tariffs, at least he can declare that he’s content standards meant the answer was no. allow more autonomy for Americans.
Much of the world will now pay 15%, if Mr. with where they are and has no plans for more. During the Reagan administration,
Vice President George H.W. Bush led JAY PLAGER

Trump’s Submarine Message to Russia regulatory relief activities, with which

I assisted as Office of Information and
Former OIRA administrator
Longboat Key, Fla.

T
he U.S. submarine force is known as the warning. The Biden Administration tolerated
silent service because the job is to lurk far too much nuclear blackmail from Russia and The Natural Response Is ‘Fight, Fight, Fight’
undetected all over the world, and so calibrated its every move in Ukraine on fear of
it’s notable that President escalation. Who can forget Mr. Peggy Noonan advocates a mea- No. He is a fighter. His was a natu-
Trump on Friday announced The President is showing Biden musing about a poten- sured response to the political fights ral response at a moment when his-
of the day in “Trump Never Says ‘No’ tory hung in the balance.
that he’d move two nuclear he won’t be cowed by tial nuclear Armageddon at a to a Fight, Fight, Fight” (Declarations, WILLIAM J. DOUGLAS
subs after a non-nuclear so- fundraiser in 2022? Jul 26). The drip, drip, drip of gov- Wayne, Pa.
cial-media exchange with a nuclear blackmail. Then again, Mr. Trump’s ernment growth and progressivism
Russian politician. madman theory has its limits. for generations has undermined our Ms. Noonan is correct that we’re
“Based on the highly pro- Let’s hope he’s keeping lines society. To think that a measured re- ill-served by our president’s perpet-
vocative statements of the Former President open to Moscow so there is no escalation based sponse to the left’s excesses would ual pugilism. We would be better off
of Russia, Dmitry Medvedev,” Mr. Trump on misjudgments about intentions. Mr. Putin result in real change defies experi- with a measured conservatism that
wrote, “I have ordered two Nuclear Submarines wouldn’t get much benefit if he used tactical ence and belief. pursues needed change while re-
to be positioned in the appropriate regions, nukes in Ukraine, on the battlefield or in world I hope that President Trump and specting the social fabric that binds
just in case these foolish and inflammatory opinion, not that he cares much about the lat- his ilk are temporary. They and their our nation together.
behavior are a reaction to our mis- LARRY CIOLORITO
statements are more than just that. Words are ter. He is even less prepared for a NATO con-
treatment and should hold power Darnestown, Md.
very important, and can often lead to unin- frontation with his weak and overextended war only long enough to move our coun-
tended consequences.” economy. try back to the center—or maybe a Peggy Noonan is way off the mark.
The Commander in Chief is responding to But even rhetorical exchanges over weapons little further right until things bal- President Trump’s reaction is normal
Mr. Medvedev’s smashmouth online threats, that could create mass destruction are worth ance out. It’s about time. and understandable given the attacks
most recently that Mr. Trump’s truncated dead- avoiding. Mr. Trump earlier this summer re- T. BRYAN BARD that he has suffered. Mr. Trump may
line to negotiate an end to the war in Ukraine buked Mr. Medvedev for “casually throwing Boiling Springs, Pa. have many undesirable personality
was a “threat and a step towards war. Not be- around the ‘N word’ (Nuclear!)” and he was cor- traits, but lack of courage is not one
tween Russia and Ukraine, but with his own rect then. He’s also right to be losing patience The man escaped death by a frac- of them.
country.” with Mr. Putin’s murderous Ukraine campaign tion of a centimeter and had been ha- BOB FITZGERALD
rassed for years by frivolous lawfare Chicago
Mr. Trump is moving submarines as a deter- and he can show that seriousness by imposing
actions. Would this ever stop? His op-
rent signal, and perhaps the Kremlin needs the secondary sanctions and arming Kyiv. ponents’ message was clear: Quit!
Quit! Quit! So, when he stood up after Am I Getting a Bit Too Old
Democrats Against a Higher Minimum Wage the assassination attempt, what did
you expect him to say? “It’s OK”?
“Don’t worry”?
For Bazooka Bubble Gum?
Like Bob Greene, I too could suc-

F
ile this under the category of progres- of 2025, according to an industry survey. cumb to Proustian nostalgia by reac-
sives mugged by reality: On Monday the “There was an activist who told me, ‘To get quainting my jaws with bubble gum
District of Columbia’s City Council voted to the other side, sacrifices have to be made,’” A Big Win for Energy and AI after going decades without it (“Ba-
to slow a rising minimum wage an owner of Brookland’s Finest zooka Joe, We Meet Again,” op-ed,
I’m pleased that the U.S. Environ-
for tipped workers, which has As restaurants close, Bar and Kitchen, which shut af- mental Protection Agency, led by Lee
July 31).
But if you’re of a certain age, you’ll
ravaged restaurants. To adapt D.C. punts paying tipped ter 11 years, told a local Fox Zeldin, is bringing about a “Climate
have trouble reading the miniature
an old adage for a young Wash- station. “Well, I would have Regulation Liberation Day” (Review &
comic strip inside the wrapper, and,
ington clientele, there’s no such servers $17.95 an hour. preferred it not be my staff Outlook, July 30).
worse, keeping dental work inside
thing as a free brunch. that got sacrificed.” Aside The Journal has extensively cov-
your head.
Tipped workers, including from the closures, patrons ered the rise of artificial intelligence.
BILL APPLE
One obvious fact is that AI consumes
restaurant servers, are often paid at a special have also noticed higher menu prices and new New York City
enormous amounts of electricity.
lower hourly wage, but then they earn much “service charges.” Some say renewable energy can meet
higher take-home pay. D.C. voters passed a ballot One irony is that for many servers the sup- this need, but simple calculations
initiative in 2022 to raise the tipped minimum posed pay raise has been a pay cut in disguise. show this claim is foolish.
Pepper ...
wage (then $5.35) to match the city’s ordinary In one survey cited by the restaurant associa- Some AI proponents are anti-fossil And Salt
wage floor (now $17.95) by 2027. At this point, tion, 79% of tipped workers said they were get- fuels and anti-nuclear, but it is likely
THE WALL STREET JOURNAL
the tipped wage mandate has already nearly ting less money in tips, and 56% were working that increased power generation from
doubled to $10. fewer hours. Overall earnings for a median fossil fuels in the U.S. will be needed
As restaurants with thin margins struggled tipped worker in D.C. have dropped 5% since if AI is to fulfill expectations.
to eat the payroll increases, Democratic Mayor 2023, or about $1,800 a year, according to the The EPA’s move to challenge the
Muriel Bowser called to repeal the change and Employment Policies Institute. finding that carbon dioxide is a “pol-
lutant” requiring pervasive regula-
revert the tipped wage to $5.95. The City Council D.C.’s epiphany is the latest loss for One Fair
tion is a major step toward giving
didn’t go that far, but it did cap the final increase Wage, an activist group that has pushed to end the U.S. a boost in the AI race
at 75% of the full minimum, while delaying that separate minimum wages for tipped workers. against China.
endpoint until 2034. This summer’s jump to $12 Massachusetts voters rejected a ballot proposal JIM MILLER
is canceled. in November, and Michigan lawmakers rolled Southlake, Texas
It’s welcome relief. More than 50 D.C. restau- back a tipped-wage phaseout in February.
rants have shut down this year, according to the But an effort succeeded in Chicago, which
Letters intended for publication should
local trade association, which puts the city on pace started eliminating its tip credit last summer. be emailed to [email protected]. Please
to break its record for closings—which was set last Restaurant owners say that change is already include your city, state and telephone
year. Before the city delayed this summer’s in- resulting in job losses. How many times must number. All letters are subject to
crease, two in five full-service, casual restaurants Democratic cities and states relearn the laws of editing, and unpublished letters cannot “Don’t you go fetal on me
be acknowledged.
warned that they were likely to close by the end economics? when we’re talking.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | A13

OPINION

Stop the ICE Workplace Raids

We are about work. We respect it. out the people busing tables, cooking,
We have an almost mystical attach- taking orders—we won’t back that.
ment to the idea of it. We think “hard You can’t really be American and
worker” means “good American.” back that. If the Trump administra-
DECLARATIONS Why do we work? To support our- tion doesn’t know that it doesn’t
By Peggy Noonan selves. To belong to something. To know a lot.

T
build wealth. To be integrated into I have opposed illegal immigration
here have been reports all life, whether we think of it like that in this space for more than two de-
over of Immigration and or not. To pursue a vocation or be cades, have urged the border be
Customs Enforcement raids part of an admirable profession. To closed, that the nation digest, absorb
in workplaces—restaurants, not be alone. and in time adjudicate. I was beaten
construction sites, farms. It’s in our DNA. Whether you came about the head in the George W. Bush
In a June ICE raid at an Omaha, Neb., here on the Mayflower or landed at era for opposing so-called compre-
meatpacking plant, more than 100 JFK five years ago, you arrived with hensive immigration plans. I think it

MARIO TAMA/GETTY IMAGES

employees suspected of using false the expectation of work. You as- is important right now for hard-liners
IDs were taken away. The owner of sumed its necessity. This has never like me to say that while stopping ille-
the plant told the New York Times changed in our history. gal immigration is any nation’s right
that some of them had been with him There is a mystical element to it. and duty, we also have to hold in our
for decades—they were “salt-of-the- When you earn your keep honestly, heads that if you look around—and I
earth, incredible people who helped you are putting something into the mean no offense—we have the best
build this company.” world. You are pouring yourself in. It An ICE raid at a fair near Camarillo, Calif., July 10. immigrants in the world. Our actions
is an act of devotion whether you should reflect that.
know it or not. The old Catholic saves a surplus with which to buy I end this section by quoting Studs The ones who came here legally
Hard-liners on illegal priests used to say “Laborare est tools or land for himself, then labors Terkel in his landmark 1974 oral his- came to work, from doctoral candi-
immigration should orare”—to work is to pray. You aren’t on his own account another while, tory, “Working,” on which he worked date to Uber driver. The great major-
distracted from God when you work; and finally hires another new begin- for years. Work “is about a search . . . ity of those who came illegally over
understand Americans you’re honoring him, whether you’re ner to help him.” That is how things for daily meaning as well as daily the southern border are in close tune
won’t back removing a professor at Harvard or a kind- grow and lives become better. bread, for recognition as well as with the majority of Americans both
hearted clerk at the DMV. It feels Frontier thinking met and meshed cash, for astonishment rather than culturally and in terms of their essen-
people from honest jobs. soulless only if you forget you have a with the immigrant ethic: You’re free torpor; in short, for a sort of life tial understanding of the meaning of
soul. Work is an act of stewardship. It here and the streets are paved with rather than a Monday through Friday life. (Go to the 4 p.m. Sunday Spanish
helps things continue. gold, I will get me and mine a piece. sort of dying.” language mass at New York’s St. Pat-
The administration believes its Americans have always had a How could such a nation not be pre- Americans feel they’ve been rick’s Cathedral to see dignity of de-
toughness delivers a message—don’t moral vision of it. We pushed away occupied with work? overrun the past five years with five votion, and also the future of the
come here illegally—and of course it from old Europe and its titles, tradi- The great novelist Willa Cather million or 10 million people flooding church.)
would. But there are other ways to tions and ways. The New England wrote of the 19th-century immigrants in illegally across the border, be- Immigrants, legal and not, keep my
deliver it. Donald Trump’s presence settlers looked for freedom of faith, who settled the Nebraska plains, cause the Biden administration town going. I know them, they work
alone has delivered it, and the border and the sterner among them came bringing together the immigrant and didn’t mind it. Officials could have themselves hard and are all about
is pretty much closed. In these raids to see labor as connected to the di- frontier experiences. In “My Antonia” stopped or slowed it but didn’t. family, and they touch my heart
the administration is making a grave vine. “God helps those who help the title character, a strong and un- They know their reasons and live (sorry to be corny) and if you’re read-
moral and political mistake. themselves.” Success was a mark of defeatable Bohemian immigrant, says with the political consequences of ing this you know they touch your
The American people want crimi- favor. after some years on hungry farms, “I their vast carelessness. Mr. Trump heart too, and you’re for them.
nals, thugs and abusers in the coun- The German sociologist Max We- can work like mans now. . . . School appears to have controlled that bor- The border appears to be closed;
try illegally thrown out, full stop. But ber spoke of the Protestant ethic, in all right for little boys. I help make der, and begun to get the bad guys hypervigilance is no longer in order;
workers who are living constructive which every honest trade seemed this land one good farm.” The narra- out. Good. But even his greatest it’s past time to show a filial connec-
lives, who are contributing, who help connected to a moral calling. That old tor, Jim Burden, says Nebraska’s im- supporters won’t be long reconciled tion and appreciation.
keep America up and operating each ethic met and meshed with the ideals migrants brought not only an expec- to work raids. Stop picking on them. Cease and
day? No. of the American frontier—physical la- tation of hard work and the ability to We like and admire people who desist. Get the bad guys, not the good
The Trump White House is given bor, self reliance and giving it your all endure it, but also a special kind of work because that’s who we came guys.
so much credit for understanding would make this land and make you. cooperation, which he characterized from, and because we root for the un- The American people won’t sup-
America, but if they’re storming Here is Abraham Lincoln in 1859: as being a good neighbor in hard derdog and have eyes and can see in port these raids. It is wicked to re-
workplaces, they don’t understand “The prudent, penniless beginner in times. Their entire lives had been this drama who the underdog is. move a man or woman from an honest
America. the world labors for wages a while, hard times. When you raid a restaurant and drag job. And we aren’t a wicked people.

Columbia University Can Lead a New Era of Civil Rights

By John O. McGinnis presenting themselves as scholars Some might object that the Co- hiring under Title VII (which bars since Students for Fair Admissions
committed to viewing their disci- lumbia agreement will offer little employment discrimination), includ- v. Harvard (2023) suggest that in-

C
olumbia University has signed pline through the prism of identity. new benefit, since universities are ing for faculty positions. stitutions are finding ways to side-
what may be the most sweep- But selecting the best talent from already barred from discriminating Nevertheless, racial preferences step the ruling.
ing civil-rights compact in the the entire pool, rather than filtered based on race or sex in faculty hir- have been used in faculty hiring, of- Columbia’s new commitment to
modern history of higher education. by race, sex or diversity statement, ten justified by the argument that colorblind policies, and the en-
On top of the more than $220 mil- maximizes intellectual diversity, as the faculty should reflect the racial forcement mechanism behind it,
lion the school has consented to pay the best candidates can’t be pre- It pledges to restore composition of the student body if represents the first serious effort
the government, the agreement sub- dicted in advance. Meritocracy func- it is to serve as mentors and role in a generation to restore the prac-
jects every admissions office and tions like a pricing system, in that it merit in hiring, and that models. It is therefore essential that tice of hiring on merit. If the inde-
hiring committee to a single, color- gathers and concentrates scattered could yield dividends in Columbia’s independent monitor pendent monitor does his job cor-
blind mandate. No decision may information about the most quali- have access to the full faculty- rectly, the connection between
turn on race, sex or ethnicity. fied candidates. Preferences con- viewpoint diversity. screening process to stamp out dis- ideological conformity and unlaw-
An independent monitor—armed strain that discovery process. crimination. ful preferences will begin to break
with audit authority—can inspect Agreements like that with Colum- There is convincing evidence down. It could be an important way
all data related to staff hiring and bia may also change the ideological ing. Unlike past Supreme Court rul- that little will change without such to revitalize the American univer-
admissions at the university to en- makeup of the faculty hiring pro- ings that allowed limited race-based monitoring. Admissions officers sity system and intellectual free-
sure its promise is kept. Though cess. Conservatives who oppose af- preferences in admissions under Ti- and counselors still openly tell pro- dom.
this formal monitoring period lasts firmative action have been excluded tle VI (which governs educational spective students to keep writing
only three years, the data it com- from these committees due to con- operations by institutions that re- about race on their applications. Mr. McGinnis is a professor of
pels will provide a baseline that cerns that their presence might hin- ceive federal funds), the court has Remarkably stable racial demo- constitutional law at Northwestern
makes future discrimination easier der preferential hiring practices. never granted similar leeway for graphics at many elite colleges University.
to detect, harder to deny, and risk-
ier to undertake.
The document Columbia signed
doesn’t include an explicit require-
ment for “viewpoint diversity’’—
Advice for the Late-Arriving Russiagate Scribes
something the Trump administra- Four things should ately calling attention to its efforts, I have a longish perspective on working for Mr. Trump.
tion sought in its demand letter to be understood by which would have been disastrous if these matters. In December 2016, I But it’s also easy to be put off now
Harvard. That is just as well, be- the pro-Trump the goal were to elect Mr. Trump. wrote a column under the headline by the hyperventilation of certain
cause such a requirement would re- media as it blows Obama intelligence director James “Obama Sanctions Trump, er, Putin” nonconformist or Trump-friendly
place the spontaneous, merit-based a gasket over Rus- Clapper isn’t stupid but he counted already mocking the obvious effort to outlets over documents hand-deliv-
competition of ideas with coercive siagate. on the press being stupid when he link Mr. Trump with the Kremlin. ered to them by the Trump adminis-
bureaucratic allocation and grant 1. Official acts reasoned that, because Mr. Trump’s Following weeks would see eye-roll- tration years after the fact. The truth
BUSINESS
the government dangerous power are interesting for victory margin was minuscule, Russia ing columns about U.S. intelligence triumphed long ago thanks to non-
WORLD
over thought. their connection to must have accounted for it. The un- partisan government servants like
By Holman W.
Instead, by dismantling identity the real scheme, avoidable actual logic of the situa- the Justice Department inspector
Jenkins, Jr.
preferences and the bureaucracy that the unofficial dis- tion: Mr. Trump’s victory would have Trump would have won general and special counsel and even
polices them, the settlement revives information opera- been bigger if Russia hadn’t made it- the Robert Mueller task force, which
the only mechanism that reliably tion mounted by FBI, CIA and Obama self a club with which he could be without Russia. How the at least didn’t fabricate evidence
broadens the spectrum of ideas: an officials against an incoming adminis- very effectively pummeled by the CIA pulled the FBI’s against Mr. Trump. Today’s unre-
open, merit-based tournament. tration. The wiretap on trivial Trump Clinton campaign. dressed failure is the rot in the tradi-
The institutional pressure to associate Carter Page? Important be- 3. Lost in the records is a simple strings is the untold story. tional media. Bob Woodward told his
hire minorities and women at cause it let dozens around Washing- human fact. In every meeting of Washington Post colleagues the
these institutions has had signifi- ton know and leak that an investiga- James Comey and his CIA colleagues, Steele dossier was garbage. He was
cant ideological effects. According tion was under way. The FBI’s his FBI aides, and the Obama White agencies trying to “punish Americans ignored. The paper’s then-editor
to a study, published in 2018 by decision to brief President-elect House after Nov. 8, 2016, he was the for how they voted” and reliving my complained (twice) in his memoir
the Journal of Legal Studies, white Trump on the existence of the Steele guy who put Mr. Trump in the White own experience as a youthful re- that his reporters misled him about
male law professors at universities dossier? Important because it enabled House with his bizarre, chaotic and porter chasing down obviously fake the dossier.
are predominantly liberal—with CNN and others to broadcast its un- improper actions as FBI chief. This documents at the end of the Soviet This week, if I’m not mistaken,
minority and female professors supported allegations. I could go on. will turn out to explain a lot. Union. certain pro-Trump outlets are get-
leaning even further to the left. See the Jan. 18, 2016, transcript of 4. Jailing people isn’t necessary I was both early and unhysterical ting ready to recapitulate the error
Empirical evidence developed by Mr. Obama’s off-the-record briefing of now to save the republic or deter fu- and remain unhysterical for the ob- or cynicism of FBI and press, conve-
Nathan Honeycutt and others progressive journalists. ture miscreants. The guilty agencies vious reason. The clucks on MSNBC niently misinterpreting Russian “in-
shows that mandatory “diversity, 2. The red herring about whether will be chastened for a generation at may continue to lionize Messrs. telligence” documents. The latest
equity and inclusion” statements the Kremlin was trying to elect Don- least over their colossal self-own. If Comey and Clapper as well as Obama come via a newly declassified in-
screen out ideologically heterodox ald Trump is just that—a red herring. you revel in Mr. Trump’s empower- CIA chief John Brennan. History spector general’s report. A Russian
scholars. In March 2017, the Obama intelligence ment as the dominant figure of our won’t. When I didn’t suspect Adam source or sources in 2016 are seen
Many applicants thus gained ad- leadership testified that Russia’s era, know where to send the muffin Schiff was secretly working for the speculating about the Clinton email
vantages in the hiring process by “loudness” was intentional, deliber- baskets: Mr. Comey. Russians, I suspected he was secretly imbroglio and a Clinton intent to
tar Mr. Trump with Russia. Cue a
furor. The FBI “knew” (because the

Notable & Quotable: Campus

Russians knew) what the Clinton
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY campaign was up to.
Lachlan Murdoch Uh huh. The FBI already knew. The
Executive Chairman, News Corp Eric Kaufmann writing for Tablet, many Jewish students from the far largely fictional documents’ signifi-
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp July 16: left, and, to a lesser degree, from the cance may lie elsewhere, in their ex-
Emma Tucker Almar Latour left in general. . . . When the encamp- ploitation by the CIA to prod Mr.
Editor in Chief Chief Executive Officer and Publisher The encampments increased Jew- ments went up on elite campuses, Comey down a cascade of ill-fated
Liz Harris, Managing Editor DOW JONES MANAGEMENT: ish self-censorship while reducing it Jewish students abandoned the far actions, most pregnantly his initial
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, for conservatives. . . . Why would left in droves. The share of Jewish intervention in the Clinton email
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; Jewish elite students feel more inhib- Ivy League students who identify as case. Who wrote the Russian memos?
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; ited at precisely the time conserva- “very liberal” on a 7-point ideology Of actual use might be stylometry, or
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; tive students feel freer? The main scale declined from 40% before the statistical analysis of the originals, to
Writing; Michael W. Miller, Features &
Weekend; Bruce Orwall, Enterprise; Artem Fishman, Chief Technology Officer; reason seems to be that student-led encampments to 13% after they ap- see if they might have come from a
Philana Patterson, Audio David Martin, Chief Revenue Officer, Business cancel culture pivoted from focusing peared. The proportion of “strong known U.S.-based informant.
Intelligence; Dan Shar, EVP, General Manager,
on race and gender to foregrounding Democrats” tanked from 37% to 14% To finish on a clinical note, I
Paul A. Gigot Wealth & Investing; Ashok Sinha, Chief
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & Israel-Palestine. . . . This took heat off while the Republican share rose from wrote on June 29, 2018, that what
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; conservative students and placed it 12% to 18%. Ivy League Jews went began with an investigation of the
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer on Jews. . . . from being well to the left of the me- FBI would end in an investigation of
1211 Avenue of the Americas, New York, N.Y., 10036 One result of the left’s pivot to Is- dian Ivy League student to leaning the CIA. That moment, hopefully, has
Telephone 1-800-DOWJONES rael-Palestine has been to alienate right of the average. arrived.
A14 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

SPORTS
BY JARED DIAMOND

S
an Diego Padres general
manager A.J. Preller
doesn’t carry himself
like the typical baseball
executive.
He largely eschews
the quarter-zip-and-khaki pants
combination that has become the
de facto uniform for the vast ma-
jority of his peers. Instead, he can
often be seen traipsing around the
ballpark rocking oversized basket-
ball shorts and a bucket hat.
That’s because he’s too busy
wheeling and dealing to bother
with putting on anything else.
Over more than a decade of
running the Padres’ front office,
the 48-year-old Preller has earned
the reputation as the game’s ulti-
mate gunslinger. At a time when
most organizations are obsessed
with efficiency, discipline and sus-
tainability—sometimes to the
point of austerity—Preller is the
exact opposite. He spends lavishly
on expensive free agents in one of
the sport’s smallest media mar-
kets, swings wild trades usually
reserved for fantasy leagues and
rarely hesitates to risk the future
for immediate success.
This season’s trade deadline,
which passed on Thursday, was
the perfect encapsulation of what
has turned Preller’s Padres into
such an outlier.
The biggest prize was fireball-

He’s Baseball’s Boldest Executive.

ing closer Mason Miller, who came
to the Padres from the Athletics
along with left-handed starter JP
Sears. Miller, 26, is one of the

He Just Shook Up the Season.

hardest throwers in baseball, re-
sponsible for 774 pitches at 100
miles an hour or above since the
beginning of 2024. Nobody else
even has 500.
Miller’s arrival transforms what San Diego Padres general manager A.J. Preller made five deals at the trade deadline in a
was already the best bullpen in
the major leagues into an unstop-
madcap effort to deliver the team its first World Series championship in franchise history
pable force—and the Pa-
dres now control his rights unexpectedly support
until 2030. one of the highest pay-
It came at an enormous rolls in baseball.
cost. To land Miller, Preller “We understand,”
parted ways with four mi- Preller said, “you’ve got
nor-leaguers, including 18- to give up good players
year-old shortstop Leo De to get good players.”
Vries, whom MLB.com What the Padres ha-
ranks as the No. 3 prospect ven’t done yet is win a
in all of baseball. World Series—one of five
And Preller wasn’t done. franchises still in pursuit
Hours later, the Padres ac- of a first ever ring. Prel-
quired slugging first base- ler is trying. In an era of
man Ryan O’Hearn and baseball marked by re-
outfield wizard Ramón builds and nebulous
Laureano from the Balti- “competitive windows,”
more Orioles for six more as GMs often say, the Pa-
KELLEY L COX/GETTY IMAGES; GREG FIUME/GETTY IMAGES; LINDSEY WASSON/ASSOCIATED PRESS

minor-leaguers. dres have just one mode:

By the time the clock all-in, every year.
struck 6 p.m. ET, the Pa- San Diego wasn’t the
dres had completed five only team that was busy
trades involving 22 players. around the trade dead-
They had added seven ma- line. The Houston Astros
jor leaguers and cleaned Padres general manager A.J. Preller, left, acquired A’s closer Mason Miller, reunited with Carlos Correa, a
out a large chunk of their top, and Orioles slugger Ryan O’Hearn, above, in deals on Thursday. stalwart on three of their recent
farm system. pennant-winning squads. The New
Not many modern GMs would with the juggernaut known as the October, the Padres had the Dodg- of other prospects Preller has York Yankees reshaped their bull-
have been willing to give up so Los Angeles Dodgers. Peter Sei- ers on the ropes after jumping out dealt over the years includes Trea pen with David Bednar, Camilo
much in a single season. But A.J. dler, the Padres’ late owner, once to a 2-1 lead in a best-of-five divi- Turner and Max Fried. Doval and Jake Bird. The Seattle
Preller isn’t like many modern described the Dodgers as “that sion series, only to lose two But the Padres have largely Mariners brought in slugger Eu-
GMs. dragon up the freeway that we’re straight. Now they’re hoping for a been rewarded by their boldness. genio Suárez.
“If you’re going to win a cham- trying to slay.” rematch. They are on their way to their But it was the Padres who
pionship,” Preller said afterward, After their moves on Thursday, Not all of Preller’s aggressive fourth consecutive winning season caused the biggest shock waves.
“you can’t have, really, any weak the Padres are undoubtedly get- trades have worked out. Two of after finishing under .500 every And when the madcap day was fi-
links.” ting closer. They entered Friday the prospects they sent to the year from 2011 through 2019. They nally over, the man who loves his
For a franchise like the Padres, holding on to the third wild-card Washington Nationals for Juan have been in the top five in atten- bucket hats felt he had earned
winning doesn’t come easily. They spot in the NL and sitting just Soto in 2022—pitcher MacKenzie dance in each of the past five himself a nap.
play in the National League West, three games behind the Dodgers Gore and outfielder James Wood— years, leading to increased reve- “I feel better than I look right
putting them in direct competition for first place in the division. Last have developed into stars. The list nues that have allowed them to now,” Preller said.

MLB’s Nascar Game Is Set to Break Attendance Record

BY WILL DEHMEL AND JARED DIAMOND the Birmingham Black Barons.
At the Field of Dreams, Fox
IT WAS THE SUMMER OF 2021, opened the broadcast with a chills-
and the telephone lines and email inducing moment—Kevin Costner,
inboxes at Major League Baseball’s the star of the 1989 film, emerging
headquarters were buzzing. from the cornfield and onto the di-
The Chicago White Sox and New amond, followed by the White Sox
York Yankees had just played a and Yankees players. At Rickwood,
thriller on a diamond built into an Fox showed the top of the fifth in-
Iowa cornfield straight out of the ning in black and white, along with
movie “Field of Dreams.” The event other effects to emulate a telecast
was an immediate smash, drawing from the 1950s.
the most viewers for any regular- “You can never satiate the fans’
season contest since 2005 and in- interest in doing bigger and better
jecting a surge of adrenaline into things,” Yolkut said. “We continue
an otherwise sleepy time of the to want to meet that interest.”
year. There are challenges when it
Now, officials from nontradi- comes to specialty games, particu-
tional venues around the country larly for players. One-off events like
were reaching out to MLB with a the Speedway Classic require teams
version of the same question: What to travel to an unfamiliar city for a
would it take to hold a game at our single game and play on a field that
place? might not be as pristine as a typi-
“We are open for business when cal MLB park. But those concerns
it comes to ideas about where we are secondary to baseball’s larger
put our special event games,” said campaign to present America’s pas-
Jeremiah Yolkut, MLB’s senior vice time in surprising new ways.
president for global events. “We From the end of the NBA Finals
want to bring the game to more in late June to the start of college
people.” The Atlanta Braves and Cincinnati Reds are set to meet on the infield of Bristol Motor Speedway on Saturday. football in late August, baseball
On Saturday night, MLB will un- owns the sports calendar. The
veil perhaps its wildest location breaking the all-time record previ- with MLB after 35 years because menting with nontraditional ven- problem is that it might also be the
yet: a place where rubber is usually ously set at Cleveland Stadium in the network no longer believed that ues for nearly a decade. The Fort dullest part of the season.
burned at 200 miles per hour in- 1954. a package that largely revolved Bragg military base in North Caro- Patrick Crakes, a sports media
stead of sitting on the pitcher’s “You have to continue to meet around Sunday Night Baseball was lina hosted a game in 2016. The Lit- consultant and former Fox Sports
mound. The Atlanta Braves and fans with what they want,” Yolkut worth the $550 million it was pay- tle League Classic in Williamsport, senior executive, believes that
Cincinnati Reds will meet on the said. “People want these experi- ing annually. Pa., began a year later and has other sports will recognize that
EARL NEIKIRK/ASSOCIATED PRESS

infield of Bristol Motor Speedway, a ences that are above and beyond a These “specialty games” are since developed into an annual tra- there is a summertime hole and
racetrack in Bristol, Tenn., usually normal offering that you give them more than just a novelty. They are dition in the home city of the Little eventually adjust their schedules to
reserved for Nascar. on a regular basis.” quickly becoming an important League World Series. Last season, fill it. For now, though, it’s up to
And it’s about to draw the larg- It’s no secret that baseball has part of the league’s business—with MLB held a tribute to Willie Mays baseball to make the most of it.
est crowd in history for a regular- struggled at times to attract a na- MLB actively searching for weirder and the Negro Leagues at Rickwood “There has to be innovation in
season baseball game. More than tional audience to its regular sea- and more creative sites. Field in Alabama, America’s oldest scheduling somehow that takes ad-
85,000 tickets have been sold, son. ESPN opted out of its deal The league has been experi- ballpark and the former home of vantage of these periods,” he said.
 BUSINESS | FINANCE |

DJIA 43588.58 g 542.40 1.23%

Game Time
Sales of Switch 2
boost Nintendo
profit B9

TECHNOLOGY | MANAGEMENT
NASDAQ 20650.13 g 2.2%
EXCHANGE THE WALL STREET JOURNAL.
STOXX 600 535.79 g 1.9% 10-YR. TREAS. À 1 4/32 , yield 4.218%
* * **

OIL $67.33 g $1.93

Seeking Search
Etsy crafts a new
marketing
strategy B10

Saturday/Sunday, August 2 - 3, 2025 | B1

GOLD $3,347.70 À $54.50 EURO $1.1589 YEN 147.41
LARS LEETARU, ISSEI KATO/REUTERS (NINTENDO)

THE LEANER, MEANER CHEVRON

C
hief Executive Mike Wirth clear strategy, they said. Quarterly market capitalization
had a stern message for “We are ‘nice’ even when desired
Chevron’s 40,000 employ- results or behaviors are not achieved,” $550 billion
CEO Mike Wirth is ees in February: Stop be- according to McKinsey’s summary of
500
ing so nice to each other. employee feedback, which was re-
overhauling the oil Leaders need to be viewed by The Wall Street Journal. Exxon Mobil
450
giant’s ‘nice’ corporate more decisive, take ac- “We emphasize collaboration and in-
countability for failures clusion to build strong teams…but we
culture, getting tougher and have uncomfortable conversations do not have direct, uncomfortable con-
400

not just on his about poor performance, Wirth and

his lieutenants said during a virtual
versations needed to deliver results.”
Chevron executives turned to
350

employees but also on companywide meeting. A change in at- McKinsey last year as its shares 300
titude could keep Chevron from falling lagged behind rival Exxon Mobil’s
rivals and the politicians behind its competitors, they said, ac- amid headwinds in key parts of its oil
250

standing in his way cording to people who attended the business. Its major oil project in Ka- 200
meeting. zakhstan had hit costly snags. As oil
The effort to overhaul Chevron’s prices moderated, drilling slowed in Chevron
150
corporate culture emanated from a re- the Permian Basin, the largest U.S. oil
port the company commissioned from field. And, most notably, its $53 billion 100
BY COLLIN EATON consulting firm McKinsey that found acquisition of Hess was stalled after a 2015 ’20 ’25
employees were frustrated. The com- shocking move by Exxon to try to in-
pany wasn’t innovative, and it lacked a Please turn to page B5 Source: FactSet

Work for Mark Zuckerberg?

Not Even for $1 Billion.
Loyalties and big personalities rule in talent wars
BY BERBER JIN AND KEACH HAGEY

As Mark Zuckerberg sought to

play catch-up in the generative
AI race, he reached out a few
months ago to OpenAI’s former
chief technology officer, Mira
Murati, and offered to buy her
Drugstore smoothies have names like Velvet Rope, Raw Linen and Zero Gravity. fledgling startup, Thinking Ma-
chines Lab.
When she said no, the Meta

L.A. Is Going Nuts for a $33 Smoothie chief executive responded by

launching a full-scale raid. In the
following weeks he approached
more than a dozen of Murati’s
Erewhon and others fire up the blenders and lines wrap around the block roughly 50 employees to sound
them out about jumping ship.
His chief target: Andrew Tulloch,
BY SARA ASHLEY O’BRIEN “If you went to a bar and you now even higher. As employees a leading researcher and co- Mira Murati turned down Meta’s
paid $20 to $30 for a drink, no one fire up blenders, lines are wrap- founder at the startup. approach to buy her startup
THE MILLION DOLLAR SMOOTHIE would bat an eyelid,” she said. “If ping around the block. To peel him off, Zuckerberg
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES

at SunLife Organics doesn’t actu- you spend that much money on a “Brands like Erewhon helped dangled a billion-dollar package
ally cost $1 million. But for Leanne smoothie, people are appalled.” push the standard up,” said L.A. that could, with top bonuses and package is predicated on a stock
Citrone, a hairstylist in Los Ange- Smoothies, once a staple of the native Jeremy Fall, a celebrity chef extraordinary stock perfor- rising. He added that Meta is not
les, it’s become an indulgence that organic hippie diet, have become a who in July unveiled his new mance, have been worth as interested in acquiring Thinking
costs her up to $100 a week. luxury good in cities like Los Ange- “clean-ingredient” kitchen concept much as $1.5 billion over at least Machines.
Starting at $22 and made on the les, with prices rivaling sit-down called Drugstore. “I think we’re six years, according to people fa- Even in Silicon Valley, where
spot, the fruit beverage contains meals. The high-end grocer Ere- continuing to push it.” Its summer miliar with the matter. star engineers have long wielded
around a dozen ingredients, in- whon has created nationwide fever pop-up in the Hamptons sells col- Tulloch said no. None of his outsize economic power, turning
cluding bananas, raw cashew but- for its brightly colored drinks, orful 20-ounce smoothies for $20, colleagues left either. down nine-figure pay packages is
ter, raw plant protein, raw cacao some made in collaboration with which carry names like Velvet Meta spokesman Andy Stone rare. But as the battle royal for AI
nibs, olive oil, maca and cow’s milk brands and celebrities. If people Rope, Raw Linen and Zero Gravity. called the description of the of- talent escalates, the companies
DRUGSTORE

colostrum. Citrone makes modifi- thought those smoothies were Fall calls the drinks, which come fer “inaccurate and ridiculous” with the biggest war chests are
cations that raise the total to $25. pricey, at around $20, the bar is Please turn to page B12 and said that any compensation Please turn to page B4
 B2 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

EXCHANGE

THE SCORE | THE BUSINESS WEEK IN 6 STOCKS

Tech Giants Get Bigger,

Whirlpool Takes a Tumble
META PLATFORMS
 Two tech giants got even bigger this past
META week. Facebook parent Meta Platforms on
11% Wednesday posted quarterly sales and profit that
beat expectations. The company reported revenue
growth of 22%, a strong showing as Meta’s ad business
continues to fuel its artificial-intelligence ambitions. Meta
shares jumped 11% Thursday. Meanwhile, Microsoft
posted strong results late Wednesday, bolstered by cloud
computing and massive AI demand. The results lifted Mi-
crosoft’s market value above $4 trillion, making the tech
giant the second-ever company to reach the milestone val-
uation. Microsoft shares closed 3.9% higher Thursday.
Team USA, including Alexander Wang, fourth from right, and Tiger Zhang, with the red panda on his head.

Performance this past week

SCIENCE OF SUCCESS | BEN COHEN
$0.0%

The High-Schoolers Who Just Beat

7.% Meta Platforms
Microsoft
%.0 S&P 500 Index

The World’s Smartest AI Models

Apple
2.%

–2.%
At the math Olympics, these teenagers got higher scores than OpenAI and
–%.0
Google DeepMind. Even they think this may be the last time humans prevail.
–7.%
Mon. Tues. Wed. Thurs. Fri.
The smartest AI the students and having coordina- social media, the embargo was
Source: FactSet models ever made tors grade their solutions with the lifted and DeepMind told the
just went to the same rubric. world about its own triumph—and
most prestigious They were eager for the chal- that its performance was certified
competition for lenge. AI models are trained on by the IMO.
UNITEDHEALTH APPLE young mathemati- unfathomable amounts of informa- Not long ago, it was hard to
cians and managed tion—so if anything has been done imagine AI rivals dueling for glory

 UnitedHealth posted an-

other disappointing quar-  American shoppers snapped
up Apple’s iPhones ahead
to achieve the kind of break-
through that once seemed mirac-
ulous.
before, the chances are they can
figure out how to do it again. But
they can struggle with problems
like this.
In 2021, a Ph.D. student named
Alexander Wei was part of a study
UNH its ter on Tuesday and said
annual results will
AAPL ofpricepotential tariff-related
hikes, pushing iPhone They still got beat by the they have never seen before. that asked him to predict the state
7.5% miss its original fore- 2.5% sales up by over 13% last world’s brightest teenagers. As it happens, the IMO process of AI math by July 2025—that is,
cast. The lackluster re- quarter. An exemption for Every year, a few hundred elite is specifically designed to come up right now. When he looked at the
sults come as health insurers strug- smartphones from tariffs on China is high-school students from all over with those original and unconven- other forecasts, he thought they
gle with rising costs and regulatory expected to lapse soon. Apple could the planet gather at the Interna- tional problems. were much too optimistic. As it
changes. The company recently con- also face steep import taxes for tional Mathematical Olympiad. If a problem under consider- turned out, they weren’t nearly
firmed it was under civil and crimi- iPhones made in India after President This year, those brilliant minds ation is similar to “any other optimistic enough. Now he’s living
nal investigation by the Justice De- Trump announced new levies on that were joined by Google DeepMind problem published anywhere in proof of just how wrong he was:
partment. Both of the probes involve country Wednesday. Chief Executive and other companies in the busi- the world,” it gets tossed, said Wei is the research scientist who
its Medicare billing practices. United- Tim Cook said Apple’s tariff costs will ness of artificial intelligence. They IMO president Gregor Dolinar. The led the IMO project for OpenAI.
Health shares dropped 7.5% Tues- rise to about $1.1 billion in the current had all come for one of the ulti- problems also have to be interest- Google called its result a major
day, extending this year’s selloff. quarter. Apple shares lost 2.5% Friday. mate tests of reasoning, logic and ing and beautiful, he said. By the advance, though not because
creativity. time students take the exam, the DeepMind won gold instead of sil-
The famously grueling IMO list of a few hundred suggested ver. Last year, the model needed
exam is held over two days and problems has been whittled down the problems to be translated into
$16 per share 10% gives students three increasingly
difficult problems a day and more
to six.
The DeepMind team kept im-
a computer programming language
for math proofs. This year, it oper-
UnitedHealth’s adjusted Increase in Apple’s than four hours to solve them. The proving the AI system it would ated entirely in “natural language”
earnings forecast for 2025. overall quarterly sales, questions span algebra, geometry, bring to IMO, a version of Google’s without any human intervention.
Analysts expected $20.64 per which came in at number theory and combinato- advanced reasoning model Gemini DeepMind also crushed the exam
share, according to FactSet. $94 billion. rics—and you can forget about an- Deep Think. It was still making within the IMO time limit of 4 ½
swering them if you’re not a math tweaks in the days leading up to hours after taking several days of
whiz. You’ll give your brain a the competition. computation just a year ago.
workout just trying to understand The effort was led by Thang Lu- You might find all of this com-
them. ong, a senior staff research scien- pletely terrifying—and think of AI
Because those problems are tist who narrowly missed getting as competition. The humans be-
both complex and unconventional, to IMO in high school with Viet- hind the models see them as com-
the annual math test has become a plementary.
useful benchmark for measuring “This could perhaps be a new
AI progress from one year to the calculator,” Luong said, “that pow-
next. In this age of rapid develop- ers the next generation of mathe-
ment, the leading research labs maticians.”
dreamed of a day their systems
would be powerful enough to meet
the standard for an IMO gold Problem 6
medal, which became the AI Speaking of that next genera-
equivalent of a four-minute mile. tion, Qiao Zhang is a 17-year-old
The unthinkable occurred last student in Los Angeles on his way
month when an AI model from to MIT to study math and com-
Google DeepMind earned a gold- puter science. As a young boy, his
medal score at IMO by perfectly family moved to the U.S. from
solving five of the six problems. In China and his parents gave him a
another dramatic twist, OpenAI choice of two American names. He
also claimed gold despite not par- picked Tiger over Elephant.
ticipating in the official event. The His career in competitive math
companies described their feats as began in second grade, when he
As higher tariffs take hold, Whirlpool expects rivals to raise prices. giant leaps toward the future— The question that stumped the AI entered a contest called the Math
even if they’re not quite there models. The answer is below. Kangaroo. It ended at the math
yet. Olympics next to a hotel in Aus-
WHIRLPOOL Performance this past week In fact, the most remarkable tralia with actual kangaroos.
part of this memorable event is nam’s team. He told DeepMind ex- When he sat down at his desk


%%
Whirlpool on Monday that 26 students got higher scores ecutives to expect bronze or silver. with a pen and lots of scratch pa-
posted a quarterly sales on the IMO exam than the AI sys- He adjusted his expectations per, Zhang spent the longest
0 tems. when DeepMind’s model nailed all amount of time during the exam
WHR decline, as Chief Executive
Marc Bitzer said results Among them were four stars of three problems on the first day. on Problem 6. It was a problem in
13% were hurt by Asian man- –% S&P 500
the U.S. team, including Qiao (Ti- The simplicity, elegance and sheer the notoriously tricky field of com-
ufacturers rushing to get ger) Zhang, a two-time gold med- readability of those solutions as- binatorics, the branch of mathe-
goods into the U.S. ahead of tariffs. –$0 alist from California, and Alexan- tonished mathematicians. The matics that deals with counting,
Still, the company—which makes its der Wang, who brought his third next day, as soon as Luong and his arranging and combining discrete
appliances in North America, Latin Whirlpool straight gold back to New Jersey. colleagues realized their AI cre- objects, and it was easily the hard-
–$%
America and India—expects an even- That makes him one of the most ation had crushed two more est on this year’s test. The solu-
tual boost from the trade policies. As –20 decorated young mathematicians proofs, they also realized that tion required the ingenuity, cre-
higher tariffs take hold, Whirlpool ex- of all time—and he’s a high-school would be enough for gold. ativity and intuition that humans
Mon. Tues. Wed. Thurs. Fri.
pects competitors to raise prices. senior who can go for another They celebrated their monu- can muster but machines cannot—
Whirlpool shares fell 13% Tuesday. Source: FactSet gold at IMO next year. mental accomplishment by doing at least not yet.
But in a year, he might be deal- one thing the other medalists “I would actually be a bit
ing with a different equation alto- couldn’t: They cracked open a bot- scared if the AI models could do
MATHEMATICAL ASSOCIATION OF AMERICA, INTERNATIONAL MATHEMATICAL OLYMPIAD

gether. tle of whiskey. stuff on Problem 6,” he said.

PALO ALTO NETWORKS NOVO NORDISK “I think it’s really likely that AI To keep the focus on students, Problem 6 did stump DeepMind
is going to be able to get a perfect the companies at IMO agreed not and OpenAI’s models, but it wasn’t

 Cybersecurity firm Palo

Alto Networks has struck  Is Novo Nordisk losing its
lead in the weight-loss
score next year,” Wang said.
“That would be insane prog-
ress,” Zhang said. “I’m 50-50 on
to release their results right away.
But as soon as the Olympiad’s
closing ceremony ended, one com-
just problematic for AI. Of the 630
student contestants, 569 also re-
ceived zero points. Only six re-
PANW its biggest deal yet. The
company said it agreed to
NVO market? The Danish
maker of Ozempic and it.” pany declared that its AI model ceived the full credit of seven
5.2% buy Israeli cybersecurity 22% Wegovy cut its guidance So given those odds, will this be had struck gold—and it wasn’t points. Zhang was proud of his
provider CyberArk Soft- on Tuesday and an- remembered as the last IMO when DeepMind. partial solution that earned four
ware for $25 billion, confirming an nounced a new boss, naming Maziar humans outperformed AI? It was OpenAI. points—which was four more than
NICK HAGEN FOR THE WALL STREET JOURNAL

earlier Wall Street Journal report. Palo Mike Doustdar as chief executive of- “It might well be,” said Thang The company wasn’t a part of almost everyone else.
Alto has been on the hunt for firms ficer. The appointment of a new Luong, the leader of Google Deep- the IMO event, but OpenAI gave At this year’s IMO, 72 contes-
to buy, in its efforts to build up a big- leader comes as Novo struggles to Mind’s team. its latest experimental reasoning tants went home with gold. But
ger company that can handle a cli- protect its market share against model all six problems and en- for some, a medal wasn’t their
ent’s full range of security needs. The brand-name competitors like Eli Lily listed former medalists to grade only prize. Zhang was among
acquisition, if finalized, would mark and take on compounding pharma- DeepMind vs. OpenAI the proofs. Like DeepMind’s, Ope- those who left with another keep-
one of the biggest technology take- cies that make knockoff versions of This year, the IMO officially in- nAI’s system flawlessly solved five sake: victory over the AI models.
overs so far this year. Palo Alto its drugs. Novo shares tumbled 22% vited a select group of tech com- and scored 35 out of 42 points to
shares fell 5.2% Tuesday. Tuesday. —Francesca Fontana panies to their own competition, meet the gold standard. The answer to problem 6 is 2,112.
giving them the same problems as After the OpenAI victory lap on
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | B3

EXCHANGE

He Was a Fan of
Strava Before
He Was Its CEO
Michael Martin needs to convince his
fellow athletes to pay for premium features
BY HALEY ZIMMERMAN

M
Michael Martin
ichael Martin is a
lifelong athlete,  First job: Lifeguard
but these days,  Current running
he can’t join a shoes: Nike Invincibles
run club. He’s
tried, and the minute he  Favorite San
mentions his day job, every- Francisco running route:
body else stops running. Marina Green to Chrissy
That’s because Martin, 52, is Field up to Fort Point
the chief executive of the and the Golden Gate
popular running and cycling Bridge
app Strava.  Strava followers: 273
“I consider feedback a
gift,” Martin said, “but, oh  Fitness tracker of
my gosh, the run club will choice: Apple Watch
stop and I will just get all of Ultra 2
this feedback about the prod-
uct and what they want it to
do next.” It’s impossible, it
seems, to find runners with- China.
out a workout-ending cacoph- “He can really ingratiate
ony of opinions on Strava. himself with a team,” said
“Strava or it didn’t hap- Matt Salazar, who worked
pen” is the app’s unofficial alongside Martin at Nike and
motto, and over 150 million later followed him to Strava
users—the closely held com- as the company’s chief tech-
pany calls them “athletes”— nology officer. “He will do
take the slogan to heart. Ev- whatever it takes.”
ery day, they record runs, That includes humbling
bike rides and over 40 other himself. Early into his time
types of athletic activities, abroad, spotlight-shy Martin
which they post to inspire, found himself in costume and
impress and one-up their on stage, acting the lead role
friends on the app. in a cultural performance put
Athletes look for romantic on by his team—with only six
partners on Strava. They plan months of Mandarin lessons
special routes to create draw- under his belt.
ings on the app’s maps. Seri- In China, Martin was un-
ous cyclists race for the fast- able to access the Strava app.
est times biking up particular While he was gone, the app “It was like an unrequited development on every other Bousquet said. blogger.
hills. There’s even a website exploded. love affair where I loved it, feature to build Dark Mode. The investment paid off. The decision also brought
for inputting fake runs. The San Francisco-based but I didn’t feel like I was “It was a multimonth, all- Martin’s YouTube video an- the Strava team together. “It
Martin has been posting company was founded in getting enough out of it.” hands-on-deck investment,” nouncing the Dark Mode built a lot of faith in him,”
on Strava since 2016—well 2009 by Michael Horvath and Martin took the helm at said Salazar, the CTO. While launch was a hit, and the fea- Bousquet said of Martin.
before he became CEO in Jan- Mark Gainey, longtime best Strava at the beginning of many on the team were ex- ture showed fans that Strava “There’s a track record of
uary 2024—so he has long friends and former Harvard last year after Horvath—one cited, some engineers were was finally adapting. “It him trying to do what’s best
understood its culture. Now rowing teammates. For its of the app’s co-founders— skeptical of the decision to made a big splash,” said for the company and people
his challenge is to convince first 10 years, Strava enjoyed stepped down from the role. put longtime projects on ice, Maker, the exercise-tech see it in the results.”
fans of the company’s fun, dedicated but niche popular- “Strava needs a CEO with the
free social network to pay up ity among serious athletes. experience and skills to help
for a subscription. Then the Covid-19 pandemic us make the most of this next
Martin’s plan relies on a hit, people replaced indoor chapter,” Horvath said in a
new member of the Strava gyms with running, and 23 statement.
community: Athlete Intelli- million new users down- The app’s pandemic-era
gence, an artificial-intelli- loaded Strava in 2020, ac- hot streak had cooled and
gence “coach” that Martin’s cording to SensorTower, a download growth was flag-
team introduced last year. market-intelligence firm. ging. Martin was already a
Strava hopes fans will sub- That amounted to 120% user veteran of the exercise-app
scribe for the premium-only growth in a single year. business, thanks to his time
feature. Over that time, though, overseeing Nike’s Run Club,
Some serious athletes have Strava’s subscriber base grew then a top running app. Run
been skeptical. “There isn’t a increasingly frustrated by the Club’s marquee feature was
lot of relevance to it,” said app’s issues and lack of new an automated audio coach
Lizi Brooke, a nationally features. which delivered tips and en-
ranked British pro cyclist. “Things were going well couragement into runners’
“For example, if you’ve gone on paper for Strava, in terms earbuds.
for a gravel ride, and obvi- of signing up new users,” “Having that sort of coach-
ously you’re a lot slower on said Ray Maker, who runs the ing in your ear was really, re-
gravel, it will say, ‘Slower popular sports tech blog ally powerful,” Martin said.
than your normal speed.’” DCRainmaker. “But they But he thinks it’s no substi- We celebrate the life of Donald Gant as an
The feature was intended weren’t going super well in tute for friends and col-
for beginners, Martin
said, and his team
leagues cheering a
runner on like they do
esteemed partner alumnus of Goldman Sachs
underestimated how on Strava. “That’s the
it would alienate ex- most effective at get- whose partnership has had a lasting impact
perienced athletes. In ting you out there to
May and June, Strava be more active,” he on the firm and its people.
bought Runna and said.
The Breakaway, two Strava now domi-
apps that generate nates Nike Run Club
bespoke AI plans for on the Apple App
more serious train- Store’s leaderboards.
ing. In May, the company
announced new fund-
We recognize his significant contribution to
“It’s difficult to
serve both people raising from its exist-
who are getting ing investors at a $2.2
our Investment Banking division in
started and people billion valuation, led
who are experts,” by Sequoia Capital. particular, having served the firm’s major
Martin said. “We’re A paid Strava plan
here for that chal- costs $79.99 a year, up clients for over 30 years.
lenge, but it is defi- from $59.99 in 2022.
nitely a challenge.” The company relies on
Long before Martin subscribers for 90% of
was CEO, he was a its revenue, as users’
sometimes-dissatis- engagement time on
fied Strava user.
He swam competi-
the app is typically
brief and there’s little
Donald Gant
tively as a high- opportunity to show
schooler in Pitts- them ads. Strava has 1928 – 2025
burgh, and ran only On Strava, Michael Martin shares his runs, been profitable since
when his swim coach including those he does with his team. 2022, Martin told Ya-
sent him on punish- hoo Finance this year.
ment jogs in the Paid memberships
freezing Pennsylvania winter. terms of keeping the existing are a tough sell lately, as con-
He started using Strava in users happy.” sumers look to rein in their
2016 as a tech executive at Strava’s two functions—so- spending. “Even my wife will
NBCUniversal in L.A. “I cial networking and workout come to me and say, ‘There’s
wanted to get into running,” tracking—sometimes clashed, so many subscriptions,’” Mar-
he said. But none of the apps like when casual users acci- tin said. “I have to remind
he tried made his runs less of dentally set impossibly fast her I’m in the subscription
a lonely slog. cycling records on e-bikes. business.”
Then he realized his And the app’s “freemium” Within months of starting
friends were all on Strava. model irked longtime users at Strava, Martin had a tough
“That really changed things by relegating core features call to make.
pretty profoundly for me,” he behind a paywall. Users had long clamored
said. Running was no longer Among those frustrated for a “Dark Mode” version of
KELSEY MCCLELLAN FOR WSJ, STRAVA

solitary. was Martin himself, who by the app, with black back-
Martin left NBCUniversal 2022 had returned from grounds to match the visual
in 2016 to run digital prod- China and taken a role at option in Apple’s iOS. It was
ucts at Nike, including its YouTube. a deceptively difficult request
Run Club app, until 2019. “I fired up Strava again, that required reprogramming
Then he moved to Shanghai and I was kind of upset be- every screen in the app, one
to lead the company’s direct- cause the app hadn’t really at a time.
to-consumer business in changed that much,” he said. Martin decided to pause
 B4 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

EXCHANGE
STREETWISE | JAMES MACKINTOSH

You Don’t Need to Worry About Idiots Betting on Meme Stocks

did matter, both on the way up
Speculators are again and more recently on the way
throwing cash at penny down.
Such speculation can also lead
stocks. The inevitable to badly allocated capital, as
shown when the last round of
crash won’t hurt the meme stocks, led by GameStop
wider market. and AMC, issued billions of dollars
of new shares. The stocks col-
lapsed anyway.
Meme stocks are Yet, this mostly passes big in-
back from the dead. vestors by. There aren’t any penny
Penny shares are stocks in the S&P 500, and there
soaring. Stocks that was no pattern showing that
leap and crash by cheaper shares among big compa-
multiples of the mar- nies did better or worse in July.
ket are desirable Back in 2021, private traders
again. July in summary: wild spec- helped inflate full-blown bubbles
ulation. in green stocks, SPACs and money-
Should investors who don’t losing technology stocks alongside
want to gamble on daily stock the meme excitement, yet the
moves, or three-times leveraged wider market was entirely unaf-
versions of them, worry about fected when those bubbles burst.
this? Equally, Keynes was just wrong
There are two reasons for con- when he warned that Wall Street’s
cern. The first is that excessive speculative fervor worked less
gambling in the market leads to well at providing capital to the
unsustainably high prices that right parts of the economy than
have to crash. GameStop and AMC the more cautious British ap-
Entertainment Holdings, the stars proach of investing for income.
of the meme-stock boom in 2021, What critics call “casino capi-
are down 74% and 99% respec- talism” and a willingness to take
tively from their peaks. If specula- big risks helped finance U.S.
tion has lifted the market as a Median U.S. stock-price performance Share-price performance, Krispy Kreme is one of growth companies—and even the
whole, it will eventually sink it, by decile of starting share price, over the past month the faces of the newest U.K. government is now trying to
too. over the past month* meme-stock mania. kindle animal spirits among vot-
The second concern goes back ers, worrying that the City of Lon-
to something the economist John 1%% %00% don institutions are failing to pro-
Maynard Keynes wrote in 1936— Up to July 23 Opendoor Tech. vide speculative capital to the
that when “enterprise becomes All of July 400 Kohl’s also of the size of losses in the British economy.
the bubble on the whirlpool of Since July 23 Krispy Kreme last week, when the boom went Long-running sentiment sur-
10
speculation,” capital will flow to Rocket Cos. into reverse and the cheapest veys from the American Associa-
the wrong companies, damaging 300 stocks fell 6%. tion of Individual Investors and
growth and jobs. Institutional investors and any- Investors Intelligence are much
Both worries are reasonable, % one who understands stock issu- more positive than earlier this
200
but neither is the right reason for ance can rightly say this is farci- year, but not excessively so. Fu-
concern at the moment. cal. The only times the price tures traders are skewed toward
A lot has been written about 100 matters is when it stays below $1 bullish calls, but not nearly as
what my colleague Spencer Jakab 0 long enough to be delisted because much as they were in 2021. My
dubbed the DORK stocks from of stock-exchange rules, or is so guess is that retail traders helped
the tickers of Krispy Kreme, Open- 0 high that a single share is out of push up the S&P when they
door Technologies, Rocket and reach for a buyer (and even then, bought the dip from April on, but
DIMITAR DILKOFF/AGENCE FRANCE-PRESSE/GETTY IMAGES

Kohl’s, the riders of the new meme –% –100 retail brokers now sell fractional that they didn’t have that much
roller coaster. They are merely the shares). A company can double or impact in July.
1 2 3 4 % 6 7 8 9 10 July 202% Aug. 1
public face of a summer boom in halve the price (or more) by a It’s reasonable to worry that
lowest highest
bets by private traders. simple stock split or reverse split, stocks are too expensive, that
Andrew Lapthorne, head of *Through July 29 Sources: LSEG (median); FactSet (performance) with no impact on the percentage earnings are likely to take a hit
quantitative research at Société of the company and implied share from tariffs, that the economy,
Générale, points to gains of 10% or of the profit that any shareholder while superficially strong, has
so from betting on rises in the That this is the purest of specu- July 23, when the new meme owns. The share price shouldn’t many weak spots, and that excite-
most-shorted stocks, companies lative gambling is most obvious in stocks peaked, while the 10th with matter. ment about artificial intelligence
with the weakest balance sheets the performance of penny shares: the highest price rose only 1.4%. A lot of private traders either is overdone. But when it comes to
and the highest-volatility stocks in The 10th of the market with the The starting share price was by don’t understand this or don’t meme stocks and penny shares,
the midst of massive trading. “The lowest share price at the start of far the best predictor of perfor- care. In July, they were right, and the boom and bust has little over-
volumes are mental,” he said. July had a median gain of 16% by mance during the month—and the pros were wrong: Share price spill to the rest of the market.

Thanks for the $1 Billion

Job Offer. I’m Gonna Pass.
Continued from page B1 Chinese researcher who spent three
finding the cash cannon only gets years at OpenAI, to lead Meta’s
them so far. new superintelligence team.
While some AI researchers act The OpenAI researchers who
like free agents, bouncing between have so far rebuffed Meta’s ad-
labs in pursuit of more pay and vances chose to remain because
power, quite a few display an un- they believed OpenAI was the clos-
wavering allegiance to their chosen est to reaching artificial general in-
leaders, larger-than-life figures telligence, wanted to work at a
who, in the tech industry, carry the smaller company and were wary of
single-name cachet of rock stars. having the fruits of their labors go
The idiosyncratic cultures of the toward a product that was primar-
different startups bind employees ily driven by advertising, according
to one another. Meanwhile, after to people familiar with the matter.
years of poaching en ronde, the Zuckerberg has recruited even
companies involved are getting sav- fewer researchers from Anthropic,
vier about playing defense. the $170 billion startup led by
OpenAI and startups launched Dario Amodei, who took some of
by its alumni like Murati are the OpenAI’s top talent with him when
frequent targets of Zuckerberg’s re- he left five years ago to start it.
cruiting blitz. From the earliest All of Anthropic’s seven co-
days of the AI race, pioneers lured founders are still at the company.
researchers with the promise of Many of them met Amodei through ber, has her own band of apostles. ing “AI systems more widely under- Originally from Australia,
getting to work for the historic the tightknit world of effective al- Originally from Albania, she joined stood, customizable and generally Tulloch graduated from the Univer-
mission of creating artificial gen- truism over a decade ago, a social OpenAI when it was a small re- capable.” Murati recently said the sity of Sydney, where he had the
eral intelligence, or a system that is movement that grew popular search lab, helped launch its first company was “building multimodal highest GPA among science stu-
smarter than a human at most among researchers for its early product and came to run almost AI that works with how you natu- dents. He worked on machine
tasks. It was OpenAI, whose co- concerns that AI could go rogue every aspect of the company as rally interact with the world,” and learning at Facebook for 18 months
founders include Sam Altman, Elon and destroy humanity. Some of CTO. would share its first product in the before starting graduate school at
Musk and Ilya Sutskever, that them lived in a group house in San At OpenAI, she was known for “next couple months.” The startup Cambridge. He then moved to Cali-
turned that mission into a quasi-re- Francisco, debating the most effec- her emotional intelligence and lack has leased an office in one of the fornia to work at Facebook’s AI Re-
ligious quest, with its nonprofit tive way to give away their wealth of ego, which earned her the loy- quieter parts of San Francisco’s search Group, eventually becoming
charter to ensure that the work and the risk that AI posed. alty of the research and engineer- Mission District, just a couple a distinguished engineer, one of the
benefits humanity. Zuckerberg has hired at least ing staff. At Thinking Machines, blocks away from OpenAI. highest technical roles at the com-
Meta has reached out to more two employees from the startup— she has instituted a similarly ego- pany. “He was definitely known as
than 100 of OpenAI’s employees. It Joel Pobar and Anton Bakhtin— less reporting hierarchy as OpenAI an extreme genius,” said Mike Ver-
has hired at least 10. On July 25, both of whom previously spent and SSI, where even senior re- nal, a former Facebook executive
Zuckerberg picked Shengjia Zhao, a multiple years working at Meta. searchers are listed as a “Member As the battle for AI who overlapped with Tulloch.
Sutskever has built the startup of Technical Staff” in a nod to the talent escalates, the In 2016, a few years after
he co-founded last year, Safe Su- flat, collegial culture of Bell Labs, Tulloch joined Facebook, OpenAI’s
perintelligence, or SSI, in a way one of the inspirations behind companies with the president Greg Brockman tried to
that makes it relatively poach- OpenAI. biggest war chests are hire him as one of the organiza-
proof. Unlike Amodei, Sutskever When she started Thinking Ma- tion’s first employees, writing in an
didn’t pick off a large group of chines in February, more than 20 finding cash only gets email to Elon Musk that he was
EMIL LENDOF/WSJ, ISTOCK, JACK GUEZ/AFP/GETTY IMAGES

OpenAI researchers to join him. OpenAI colleagues followed her, in- them so far. getting $800,000 a year at Face-
Most of Sutskever’s staffers cluding co-founder John Schulman, book and would likely try to negoti-
aren’t well-known in Silicon Valley, who had decamped to Anthropic ate up. At the time, OpenAI was of-
in part because the company is just a few months prior. Many of fering new recruits a $175,000
looking for promising technologists Murati’s researchers came from Wired has previously reported annual salary with a $125,000 an-
with new ideas whom Sutskever OpenAI’s post-training team, the some of the details of Meta’s out- nual bonus.
can mentor. They are discouraged research division that built Chat- reach to Thinking Machines’ talent. “Andrew is very close to saying
from mentioning SSI on their GPT and was in charge of teaching Tulloch, listed as a co-founder at yes. However, he’s concerned about
LinkedIn profiles, in part to prevent AI models how to communicate Thinking Machines, was the subject taking such a large paycut,” Brock-
other companies from trying to with humans. of a spirited recruitment campaign man wrote on Feb. 21.
snatch them away. Earlier this year, What exactly Murati is building from Zuckerberg and Alexandr He didn’t join OpenAI then.
Sutskever rebuffed an offer from remains a closely guarded secret Wang, the newly appointed head of Tulloch eventually came aboard
Zuckerberg to buy SSI. even to some of her investors, who Meta’s superintelligence lab, both seven years later, when ChatGPT
Ilya Sutskever has taken steps Murati, who spent six years at recently poured $2 billion into the of whom peppered him with mes- was already a viral sensation and
that poach-proof his company. OpenAI before leaving last Septem- company. Its stated mission is mak- sages asking him to join. the startup’s valuation soared.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | B5

EXCHANGE

No More
Mr. Nice
Oil CEO
Continued from page B1
tervene in the deal.
Now, the $310 billion oil giant, the
second largest in the U.S. behind Exxon,
is getting tougher not just on its em-
ployees but also on rivals, political de-
tractors and anyone else it encounters.
After outlining a sweeping reorgani-
zation of its business units on the Feb-
ruary call, Chevron announced plans to
cut roughly 8,000 jobs, or up to 20% of
its workforce, through 2026, part of a
plan to save up to $3 billion. And two
weeks ago, the Hess deal finally closed.
“I’m incredibly proud of Chevron’s
culture and wouldn’t trade it for any-
body else’s,” Wirth said in a statement
to The Wall Street Journal this past
week. “We’re working to further
strengthen our culture with an even
sharper focus on performance by exe-
cuting faster and more efficiently, sim-
plifying our organization, and deliver-
ing targeted innovation.”
For over a century, Chevron was Cal-
ifornia’s quintessential oil company, fos-
tering a more genteel and mellow cor-
porate environment than that of its Chevron held firm. It never restarted A view of the Chevron Quarterly net profit/loss
bigger rival, the more rigid and often li- talks after Exxon filed for arbitration, oil refinery in Richmond,
$20 billion
tigious Exxon of Texas. Chevron had even as it waited more than a year for Calif., in June. Chevron
long been considered by industry veter- the process to begin. moved its headquarters 15
Chevron Exxon Mobil
ans the more comfortable, collaborative Meanwhile, investors were clamoring from California to Texas
place to work. It still aims to adhere to about Chevron’s growth prospects with- last year. 10
principles that boil down to treating out Hess and questioning whether it
people fairly, but with a sharper focus would need to land another megadeal if 5
on delivery. Exxon prevailed.
Chevron’s corporate history traces Losing Hess would have marked the 0
back to 1876, when wildcatters drilled second major transaction that Wirth
California’s first successful oil well in failed to close as CEO. He backed away –5
the Santa Susana Mountains, north of from a potential bidding war with Occi-
Los Angeles. The subsequent oil boom dental Petroleum in 2019 over Ana- –10
drove the economic development of darko Petroleum.
California. Chevron eventually became Chevron ultimately prevailed in the –15

$53
the state’s largest employer, with its arbitration dispute last month—but it
logo on every other gas station, its wasn’t without some hard feelings. –20
name in opera playbills and museum “It has been a long process, and it 2015 ’20 ’25

billion
brochures, and its leaders enjoying easy didn’t need to be,” Wirth said in an in-
access to the state’s governors and law- terview July 18, the day Chevron closed Sources: S&P Capital IQ; the companies
makers. the Hess acquisition. “It should have
In the 1990s, Chevron embraced a been resolved quicker. The outcome
movement that was popular in Califor- was never in doubt.”
Chevron’s from California or went to college in and encourage fossil-fuel export deals.
nia and became the first major oil com- “After 2027, it was very murky if acquisition of California,” which contributed to a Chevron’s lobbying efforts with Pres-
pany to include sexual orientation in its they had anything in the funnel,” Jean Hess more open-minded and neighborly atti- ident Trump and his cabinet secretaries
equal-employment-opportunity policies. Ann Salisbury, an analyst at Bank of tude at the company, said Edward paid off again last month, this time in
It extended benefits to same-sex cou- America, said of Chevron. Now, with Chow, a Chevron executive for over 20 South America.
ples, despite opposition in other places the Hess deal completed, Chevron is po- years until 1999. “Now, to me, it feels In May, the Trump administration
where it operated like sitioned to “close much more like another oil company. The dis- pulled Chevron’s Biden-era license to

$310
Texas and Mississippi. of the gap” with Exxon. tinction between Exxon and Chevron pump oil in Venezuela to clamp down
Wirth, 64, has been To do that, Chevron has narrowed in terms of corporate cul- on socialist dictator Nicolás Maduro.
an engineer and Chev- is aiming to become ture.” Chevron has taken political risks to
ron employee for over leaner and meaner. By the time Wirth decamped for remain active in the South American
40 years and rose to
chairman and CEO in
2018. At the time, Chev-
ron was facing cost
Exxon has long been
known as a merit-driven
organization that
doesn’t shy away from a
billion
Chevron’s
more fossil-friendly Texas from Chev-
ron’s campus in San Ramon, east of San
Francisco, Chevron’s relationship with
the Golden State and Democratic Gov.
country, which has one of the world’s
largest oil reserves, and has argued its
presence keeps China and Russia out of
the region.
overruns on large proj- fight. With its army of market Gavin Newsom had broken down. A week ago, the Trump administra-
ects. Wirth was seen as lawyers and its exten- California acted more aggressively tion abruptly reversed course and said
a cost-conscious execu- sive time in court—most capitalization than any other state to steer consumers it would allow Chevron to continue
tive, having led the com- often because of law- away from fossil fuels and claimed oil pumping oil in Venezuela after a pris-
pany’s refining and suits filed against it by companies were price gouging. In re- oner swap released the 10 remaining
chemicals business—in cities and states over sponse, Chevron’s executives launched a Americans who were detained by the
which margins are criti- CEO Mike Wirth has climate change—it has public-relations campaign in California government. On an earnings call Friday,

300
cal—for almost a de- been a Chevron been likened by some to that blamed lawmakers for the state’s Wirth told analysts that a limited
cade. employee for more a law firm that produces high prices. The campaign included big amount of Venezuelan crude will start
The deal for Hess, than 40 years. oil. signs with QR codes at Chevron gas sta- flowing to the U.S. this month, “consis-

thousand
first announced in Octo- Exxon suffered a rare tions that urged drivers to complain di- tent with U.S. sanctions policy.”
ber 2023, was seen by stumble during the pan- rectly to lawmakers starting around Wirth has work to do to keep inves-
Wall Street as critical to securing Chev- demic when the company booked a $20 2022. tors happy as oil companies struggle to
ron’s long-term oil reserves and profits billion loss for 2020. Chevron’s market In November, Wirth said California’s attract shareholders. The S&P 500’s en-
while cementing Wirth’s legacy as a value briefly eclipsed Exxon’s for the
Barrels a day of state government was putting bureau- ergy sector has shrunk to a tiny per-
transformational leader. Instead, Exxon first time that October. Later, Exxon crude oil that crats in charge of key parts of the econ- centage of the overall index, and many
stepped in and essentially said not so lost a bruising proxy fight to a little- Chevron was omy, a move that “hasn’t worked in investors became skeptical of frackers’
fast. It asserted a right of first refusal known activist, prompting its execu- pumping in other socialist states.” ability to make money during America’s
to bid for Hess’s 30% stake in a genera- tives to double down on protecting In January, about three weeks after shale boom. Oil prices have slipped this
tional oil discovery in Guyana—a move their turf. Last year, the company sued Venezuela President Trump suggested the U.S. year on fears that tariff fights could
that stunned Chevron executives and two sustainability investors for making as of mid-year should rename the Gulf of Mexico the squeeze fuel demand and as big pro-
the oil community at large. climate-related shareholder proposals. Gulf of America, Wirth told investors ducers in the Middle East put more oil
Exxon has a 45% stake in the project The investment firms backed off, and at Chevron would begin calling the region into circulation.
in Guyana and serves as the operator of this year’s annual meeting, Exxon en- the Gulf of America. “That’s the posi- On Friday, Chevron executives said
vessels pumping about 650,000 barrels countered no shareholder proposals. tion of the U.S. government now,” he Hess will add billions of dollars to its
of oil a day there. By 2027, daily pro- Exxon’s move to block the deal be- said. cash flow. But there will be cost cuts.
duction is expected to reach 1.2 million tween Chevron and Hess was especially Wirth has built strong ties with sev- Chevron recently informed Texas regu-
barrels, making it one of the most cov- pugnacious. Analysts said Exxon had eral officials in the Trump administra- lators it plans to cut 575 jobs in Hous-
eted projects in the world as many oil little to lose—and was successful on Chevron expects its tion. The oil industry has enlisted the ton as part of the merger.
fields deplete and new exploration can some level by stalling Chevron’s capture production in the administration in fights against clean- The aim is to enable workers “to get
take decades to pay off. of a slice of Guyana’s riches. Permian Basin, below car rules, drilling restraints and climate things done in a simpler way,” Mark
For nearly two years, Chevron’s ac- Wirth moved Chevron’s corporate left, to remain steady laws from New York to California. Nelson, vice chairman of Chevron, said
CLOCKWISE FROM TOP: JOHN G MABANGLO/EPA/SHUTTERSTOCK, OSCAR B. CASTILLO FOR WSJ, DANIEL ACKER/BLOOMBERG NEWS, CALLAGHAN O’HARE/REUTERS

quisition of Hess hung in limbo while headquarters last year from California, around 1 million Meanwhile, the financial world has all on the call.
the companies battled over the Guyana where it had resided for more than 140 barrels a day as it but turned away from the environmen- “I expect to see more than just cost
crown jewel. years. Relations had soured with the cuts spending there. tal concerns that pervaded banks and reductions,” he said. “I expect to see
Early on, analysts, bankers and in- state government. In moving to Hous- big investment firms in the Biden years, performance improvement across the
vestors predicted Chevron would nego- ton, Chevron joined Exxon and much of The Hess deal gave easing pressure on oil producers. Exec- system.”
tiate some offering to Exxon—perhaps a the rest of the industry. Chevron a 30% stake utives are trying to use their political
percentage of Hess’s stake, for instance- Throughout its history, Chevron had in the Guyana project, sway to push for the U.S. government  Chevron and Exxon both log steep
—to avoid arbitration. “attracted a lot of people who were below right. to streamline permitting for pipelines second-quarter profit declines ..... B9
B6 | Saturday/Sunday, August 2 - 3, 2025 * ***** THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies
43588.58 Trailing P/E ratio 24.08 24.57 6238.01 Trailing P/E ratio * 24.81 25.43 20650.13 Trailing P/E ratio *† 32.67 30.65 and commodities performed around the world for the week.
t 542.40 P/E estimate * 21.10 19.75 t 101.38 P/E estimate * 23.82 22.17 t 472.32 P/E estimate *† 29.95 27.92
Index Currency, Commodity, Exchange-
or 1.23%
Dividend yield 1.67 2.15
or 1.60%
Dividend yield * 1.21 1.36 or 2.24% Dividend yield *† 0.69 0.83 vs. U.S. dollar traded in U.S.* traded fund
All-time high: Nymex crude 3.33%
All-time high Current divisor All-time high
21178.58, 07/28/25
45014.04, 12/04/24 0.16268413125742 6389.77, 07/28/25 Nymex RBOB gasoline 2.68
iSh 20+ Treasury 1.61
45000 6500 22000 S&P 500 Utilities 1.52
iSh 7-10 Treasury 0.99
21000 WSJ Dollar Index 0.82
44000 6300
VangdTotalBd 0.64
20000 iShiBoxx$InvGrdCp 0.59
43000 6100
iShNatlMuniBd 0.47
Comex gold 0.36
Session high 42000 5900 19000
VangdTotIntlBd 0.34
DOWN UP
Session open Close
iSh TIPS Bond 0.31
t

41000 5700 18000 Japanese yen 0.18

65-day moving average Close Open 65-day moving average 65-day moving average
t

iSh 1-3 Treasury 0.13

40000 5500 17000 S&P 500 Communication Svcs 0.01
Session low
Bars measure the point change from session's open iShJPMUSEmgBd unch.
39000 5300 16000 -0.05 Indonesian rupiah
June July June July June July -0.06 S&P/ASX 200
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index -0.39 South Korean won
-0.57 FTSE 100
-0.60 Chinese yuan
Major U.S. Stock-Market Indexes Trading Diary -0.61 Norwegian krone
Latest 52-Week % chg Volume, Advancers, Decliners -0.62 Canadian dollar
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.63 iShiBoxx$HYCp
Dow Jones Total volume*1,239,673,654 17,938,283 -0.74 S&P/BMV IPC
Industrial Average 43781.77 43340.68 43588.58 -542.40 -1.23 45014.04 37645.59 9.7 2.5 9.9 Adv. volume* 340,046,836 5,664,560 -0.76 Indian rupee
Transportation Avg 15432.71 15054.29 15104.24 -342.04 -2.21 17754.38 12637.04 -1.8 -5.0 1.1 Decl. volume* 884,184,738 10,931,510 -0.78 IBEX 35
Utility Average 1113.59 1094.62 1107.90 6.87 0.62 1107.90 953.88 8.8 12.7 2.7 Issues traded 2,843 296 -0.81 Bovespa Index
Total Stock Market 62014.66 61328.06 61627.03 -1036.38 -1.65 63196.67 49067.76 16.4 5.5 14.2 Advances 851 94 -0.94 Shanghai Composite
Barron's 400 1322.68 1303.26 1316.75 -20.93 -1.56 1356.99 1058.38 14.7 5.2 11.2 Declines 1,927 193 -1.06 BSE Sensex
Unchanged 65 9 -1.13 Swiss franc
Nasdaq Stock Market New highs 35 2 -1.14 S&P 500 Consumer Staples
Nasdaq Composite 20865.63 20560.17 20650.13 -472.32 -2.24 21178.58 15267.91 23.1 6.9 18.6 New lows 96 13 -1.17 U.K. pound
Nasdaq-100 22972.47 22673.88 22763.31 -454.81 -1.96 23356.27 17090.40 23.4 8.3 20.7 Closing Arms† 1.05 0.98 -1.24 Lean hogs
Block trades* 6,181 164 -1.31 Euro area euro
S&P
500 Index 6287.28 6212.69 6238.01 -101.38 -1.60 6389.77 4982.77 16.7 6.1 14.8 Nasdaq NYSE Arca -1.40 Australian dollar
MidCap 400 3126.13 3064.98 3104.60 -46.65 -1.48 3390.26 2560.93 5.3 -0.5 7.3 Total volume*9,667,420,544 546,583,622 -1.41 S&P 500 Information Tech
SmallCap 600 1336.73 1306.97 1323.05 -22.05 -1.64 1544.66 1106.12 -2.0 -6.0 2.1 Adv. volume*3,432,026,716 205,885,381 -1.58 NIKKEI 225
Decl. volume*6,202,448,101 340,558,558 -1.64 S&P 500 Energy
Other Indexes -1.67 Mexican peso
Issues traded 4,678 2,330
Russell 2000 2192.94 2143.43 2166.78 -44.87 -2.03 2442.03 1760.71 2.7 -2.8 4.8 -1.72 S&P/TSX Comp
Advances 1,222 745
NYSE Composite 20458.44 20131.76 20267.69 -190.76 -0.93 20950.45 17188.46 11.6 6.1 9.9 Declines 3,341 1,579 -1.92 FTSE MIB
Value Line 605.14 590.32 595.89 -9.25 -1.53 656.04 495.50 1.5 -2.5 1.5 Unchanged 115 6 -1.96 South African rand
NYSE Arca Biotech 5707.66 5594.22 5703.29 14.53 0.26 6318.63 5060.12 0.1 -0.7 6.5 New highs 50 31 -2.17 Nasdaq Composite
NYSE Arca Pharma 909.34 887.94 906.46 18.53 2.09 1140.17 860.88 -14.3 -3.0 3.3 New lows 229 39 -2.19 Nasdaq-100
KBW Bank 141.02 137.59 139.71 -3.34 -2.33 146.11 103.52 31.4 9.6 8.9 Closing Arms† 0.66 0.56 -2.36 S&P 500
PHLX§ Gold/Silver 208.13 204.45 206.50 2.29 1.12 217.56 136.24 41.9 50.5 24.1 Block trades* 70,047 2,160 -2.37 Nymex natural gas
PHLX§ Oil Service 60.03 57.89 58.66 -2.09 -3.45 83.71 50.70 -29.9 -19.2 -4.0 * Primary market NYSE, NYSE American NYSE Arca only.
-2.40 KOSPI Composite
-2.50 Corn
PHLX§ Semiconductor 5583.43 5418.32 5527.61 -80.31 -1.43 5787.32 3562.94 20.0 11.0 22.9 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An -2.57 STOXX Europe 600
Cboe Volatility 21.90 17.39 20.38 3.66 21.89 52.33 12.77 -12.9 17.5 -3.7 Arms of less than 1 indicates buying demand; above 1 -2.75 Bloomberg Commodity Index
Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.
-2.92 Dow Jones Industrial Average
-2.95 Euro STOXX
International Stock Indexes Percentage Gainers... -3.27 DAX
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -3.33 Nymex ULSD
-3.35 S&P 500 Industrials
Performant Healthcare PHLT 7.64 4.09 115.21 7.74 2.17 114.3
World MSCI ACWI 917.39 –12.23 –1.32 9.0 -3.47 Hang Seng
Fundamental Global FGF 38.30 17.51 84.22 39.75 14.21 53.2
MSCI ACWI ex-USA 373.97 –2.63 –0.70 14.8 -3.47 S&P 500 Real Estate
Avidia Bancorp AVBC 14.64 4.64 46.40 14.95 10.00 ...
MSCI World 4022.69 –53.35 –1.31 8.5 4D Molecular Therap FDMT 6.42 1.92 42.67 17.41 2.24 -60.1 -3.53 S&P MidCap 400
MSCI Emerging Markets 1226.18 –17.05 –1.37 14.0 Sensei Biotherapeutics SNSE 10.33 2.85 38.03 17.40 5.00 -20.6 -3.67 Comex silver
Americas MSCI AC Americas 2358.16 –1.59 6.6 Lixiang Education ADR LXEH 2.88 0.76 35.85 50.08 1.15 7.5 -3.68 CAC-40
–38.22
GrShr 2x Long RDDT Daily RDTL 42.41 10.55 33.11 45.74 9.72 ... -3.70 Soybeans
Canada S&P/TSX Comp 27020.43 –239.35 –0.88 9.3
Mega Fortune MGRT 3.26 0.80 32.52 4.00 1.50 ... -3.75 S&P 500 Financials
Latin Amer. MSCI EM Latin America 2224.92 –6.85 –0.31 20.1
Workiva Cl A WK 84.30 20.47 32.07 116.83 60.50 16.8 -3.86 S&P 500 Health Care
Brazil Bovespa 132437.39 –633.66 –0.48 10.1
I-Mab ADR IMAB 2.62 0.61 30.35 3.44 0.60 107.9 -3.95 S&P SmallCap 600
Chile S&P IPSA 4250.34 –12.89 –0.30 17.6
Alphatec Holdings ATEC 13.77 3.19 30.15 13.89 4.88 118.6 -3.99 Wheat
Mexico S&P/BMV IPC 56900.07 –497.86 –0.87 14.9
Evoke Pharma EVOK 4.69 1.06 29.20 12.32 1.94 -11.7 -4.17 Russell 2000
EMEA STOXX Europe 600 535.79 –10.32 –1.89 5.5 Banzai International Cl A BNZI 3.60 0.71 24.57 112.00 0.65 227.0 -4.54 S&P 500 Consumer Discr
Lixte Biotechnology LIXT 4.87 0.90 22.67 4.88 0.64 118.9 -5.40 S&P 500 Materials
Eurozone Euro STOXX 552.10 –14.39 –2.54 9.3
Concord Medical Svs ADR CCM 6.00 1.02 20.48 10.77 3.80 -32.0
Belgium Bel-20 4565.37 –70.75 –1.53 7.1 -7.70 Dow Jones Transportation Average
Denmark OMX Copenhagen 20 1473.40 –26.82 –1.79 –29.9 Percentage Losers -23.49 Comex copper
Latest Session 52-Week *Continuous front-month contracts
France CAC 40 7546.16 –225.81 –2.91 2.2
Company Symbol Close Net chg % chg High Low % chg
Germany DAX 23425.97 –639.50 –2.66 17.7 Sources: FactSet (indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Psyence Biomedical PBM 2.36 -2.67 -53.08 343.71 2.36 -99.3 THE WALL STREET JOURNAL
Israel Tel Aviv 3009.94 … Closed 25.7
ATA Creativity Global ADR AACG 1.08 -1.14 -51.35 2.30 0.50 79.7
Italy FTSE MIB 39942.82 –1044.87 –2.55 16.8
Zynex ZYXI 1.27 -0.97 -43.27 9.42 1.23 -84.9 Methodology
Netherlands AEX 884.87 –17.19 –1.91 0.7 Healthcare Triangle HCTI 4.75 -3.02 -38.86 473.10 1.37 -97.2 Performance reflects price change (except DAX, Bovespa, and Tel Aviv 35, which
Norway Oslo Bors All-Share 1857.07 –23.20 –1.23 12.9 TTEC Holdings TTEC 3.09 -1.89 -37.95 7.23 3.00 -55.5 reflect total returns). Commodities are represented by the continuous front-month
South Africa FTSE/JSE All-Share 97744.15 –0.79 16.2 futures contract. Bond exchange-traded fund performance may diverge from that of
–775.36 Silexion Therapeutics SLXN 9.28 -5.66 -37.88 1830.28 7.82 -99.4 their underlying index. Bond categories are represented by the following ETFs: U.S.
Spain IBEX 35 14126.70 –270.30 –1.88 21.8 Recon Technology RCON 2.81 -1.69 -37.56 7.16 1.40 61.5 Bonds Total Market: Vanguard Total Bond Market; 1-3 Yr U.S. Treasurys: iShares 1-3
Sweden OMX Stockholm 955.07 –16.36 –1.68 0.1 Defiance Targt 2X Lg RIOT RIOX 12.91 -7.19 -35.77 36.00 5.15 ... Year Treasury; U.S. 7-10 Yr Treasurys: iShares 7-10 Year Treasury; 20+ Yr U.S.
Treasurys: iShares 20+ Year Treasury; Treasury Inflation-Protected Securities (TIPS):
Switzerland Swiss Market 11836.00 … Closed 2.0 GrShr 2x Long COIN Daily CONL 34.79 -17.36 -33.29 73.88 9.21 -3.5 iShares TIPS; Investment Grade Corporate Bonds: iShares iBoxx $ Investment Grade
Turkey BIST 100 10746.98 3.78 0.04 9.3 Leverage 2X Lg COIN Dly COIG 34.66 -17.14 -33.09 71.99 9.35 ... Corporate; High Yield Corporate Bonds: iShares iBoxx $ High Yield Corporate; Municipal
Bonds: iShares National Muni; International Bonds: Vanguard Total International;
U.K. FTSE 100 9068.58 –64.23 –0.70 11.0 Happy City Holdings HCHL 2.80 -1.22 -30.35 7.25 2.39 ...
Emerging Market Bonds: iShares J.P. Morgan USD Emerging Markets.
U.K. FTSE 250 21699.34 –263.49 –1.20 5.2 Magnachip Semiconductor MX 2.96 -1.14 -27.80 5.73 2.51 -46.8
Fluor FLR 41.42 -15.35 -27.04 60.10 29.20 -12.8 Scan this code
Asia-Pacific MSCI AC Asia Pacific 204.13 –1.08 –0.53 12.4 STKd 100% MSTR APED 24.21 -8.41 -25.79 43.30 8.99 ...
Australia S&P/ASX 200 8662.00 –80.84 –0.92 6.2 Insperity NSP 45.07 -14.51 -24.35 96.45 45.07 -52.9 Get real-time U.S. stock quotes and
track most-active stocks, new highs/lows
China Shanghai Composite 3559.95 –13.26 –0.37 6.2
Hong Kong Hang Seng 24507.81 –265.52 –1.07 22.2
Most Active Stocks and mutual funds.
Volume % chg from Latest Session 52-Week
India BSE Sensex 80599.91 –585.67 –0.72 3.1 Company Symbol (000) 65-day avg Close % chg High Low Available free at WSJMarkets.com
Japan NIKKEI 225 40799.60 –270.22 –0.66 2.3 Erayak Power Solution RAYA 568,117 3291.7 0.08 41.41 3.35 0.06
Singapore Straits Times 4153.83 –19.94 –0.48 9.7 Lobo EV Technologies LOBO 422,558 14661.9 0.79 118.69 3.52 0.35
South Korea KOSPI 3119.41 –126.03 –3.88 30.0
Direxion Dly Semi 3 Bear SOXS 276,139 89.3 8.01 3.76 53.43 6.85 Currencies
Tenon Medical TNON 234,923 109796.9 1.46 43.14 15.79 0.85
Taiwan TAIEX 23434.38 –108.14 –0.46 1.7 U.S.-dollar foreign-exchange rates in late New York trading
NVIDIA NVDA 203,249 5.0 173.72 -2.33 183.30 86.62
Thailand SET 1218.33 –24.02 –1.93 –13.0 * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
US$vs, US$vs,
Fri YTDchg Fri YTDchg
Sources: FactSet; Dow Jones Market Data 5,000 shares =Has traded fewer than 65 days Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Thailand baht .03078 32.490 –5.4
Vietnam dong .00003814 26220 2.9
Argentina peso .00071363.7062 32.3
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .1804 5.5427 –10.4 Europe

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7253 1.3788 –4.2 Czech Rep. koruna .04717 21.201 –12.9
U.S. consumer rates notes and bonds major U.S. trading partners Chile peso .001032 969.33 –2.5 Denmark krone .1553 6.4408 –10.6
Money Market/Savings Accts Colombiapeso .000242 4124.64 –6.4 Euro area euro 1.1589 .8629 –10.6
A consumer rate against its
Ecuador US dollar 1 1 unch Hungary forint .002911 343.47 –13.6
benchmark over the past year 6.00%
Bankrate.com avg†: 0.44% One year ago 12% Mexico peso .0530 18.8611 –9.4 Iceland krona .008102 123.43 –11.2
t 5.00 Uruguay peso .02487 40.2150 –7.9 Norway krone .0978 10.2255 –10.2
Popular Direct 4.20% WSJ Dollar Index
6 Poland zloty .2713 3.6866 –10.8
Federal-funds 6.00% Miami Lakes, FL 800-274-5696
s Asia-Pacific
4.00 Sweden krona .1036 9.6511 –12.8
target rate Australiadollar .6473 1.5449 –4.4
t America First FCU 4.25% Switzerland franc 1.2436 .8041 –11.4
4.00 0
t
3.00 China yuan .1387 7.2118 –1.2 Turkey lira .0246 40.6475 15.0
Riverdale, UT 801-627-0900
Tradeweb FTSE Friday Close Hong Kong dollar .1274 7.8495 1.0 Ukraine hryvnia .0239 41.8500 –0.5
Money market 2.00 Quontic Bank 4.25% 2.00 –6 India rupee .01147 87.167 1.9
s
s UK pound 1.3280 .7530 –5.8
account yields Astoria, NY 800-908-6600 Euro Indonesia rupiah .0000611 16368 0.6
t Yen Middle East/Africa
0.00 1.00 –12 Japan yen .006784 147.41 –6.2
Vio Bank 4.31% Bahrain dinar 2.6525 .3770 –0.03
Oklahoma City, OK 888-999-9170 1 3 6 1 2 3 5 7 10 20 30 2024 2025
Kazakhstan tenge .001842 542.98 3.4
Egypt pound .0205 48.6879 –4.2
–2.00 month(s) years Macau pataca .1236 8.0890 1.1
CFG Bank 4.32% Israel shekel .2929 3.4144 –6.2
ASOND J F M A M J J A maturity Malaysia ringgit .2338 4.2775 –4.3
Kuwait dinar 3.2745 .3054 –0.9
2024 2025 Baltimore, MD 888-205-8388 New Zealand dollar .5917 1.6900 –5.5 Oman sul rial 2.5990 .3848 –0.1
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Pakistan rupee .00352 283.690 1.9 Qatar rial .2747 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Philippines peso .0173 57.729 –0.6 Saudi Arabia riyal .2666 3.7513 –0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Singapore dollar .7757 1.2892
South Korea won .0007199 1389.04
–5.6
–6.0
South Africa rand .0554 18.0367 –4.4
Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 2.00 Yield (%) 52-Week Total Return (%) Sri Lanka rupee .0033199 301.21 2.7 Close Net Chg % Chg YTD%Chg
Prime rate* 7.50 7.50 7.50 l 8.50 2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Taiwan dollar .03359 29.770 –9.2 WSJ Dollar Index 95.75 –1.03–1.07 –6.81
SOFR 4.39 4.30 4.26 l 5.38 2.12
U.S. Treasury, Bloomberg 2288.060 4.000 4.180 4.640 3.630 3.088 0.966 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.44 0.45 0.40 l 0.56 0.31
U.S. Treasury Long, Bloomberg 3149.170 4.800 4.930 5.120 3.990 –2.434 –5.088
Five-year CD, annual yield
30-year mortgage, fixed†
1.70
6.81
1.70
6.79
1.62
6.68
l
l
1.73
7.42
-0.14
1.54 Aggregate, Bloomberg 2189.490 4.480 4.640 5.110 4.100 3.790 1.747
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 6.06 6.08 6.00 l 6.82 1.40
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Bloomberg 2165.650 4.920 5.070 5.520 4.340 3.706 1.292
Jumbo mortgages, $726,200-plus† 6.87 6.86 6.75 l 7.49 1.67 DJ Commodity 1047.69 -9.05 -0.86 1115.06 942.52 9.53 2.47
High Yield 100, ICE BofA 4005.397 6.493 6.145 7.793 6.082 8.894 8.017
Five-year adj mortgage (ARM)† 6.26 6.19 5.88 l 6.58 2.15 FTSE/CC CRB Index 295.28 -4.49 -1.50 316.63 265.48 9.31 -0.49
New-car loan, 48-month 7.21 7.20 6.81 l 7.86 2.16 Muni Master, ICE BofA 592.608 3.644 3.720 4.179 3.074 –0.470 1.397 Crude oil, $ per barrel 67.33 -1.93 -2.79 80.06 57.13 -8.42 -6.12
Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 958.541 7.179 7.261 8.038 7.084 8.326 7.395 Natural gas, $/MMBtu 3.083 -0.023 -0.74 4.491 1.904 56.74 -15.14
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 3347.70 54.50 1.65 3439.20 2389.10 38.01 27.33
THE WALL STREET JOURNAL. * * * * * Saturday/Sunday, August 2 - 3, 2025 | B7

MARKET DATA
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Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Dec 276.80 281.00 275.00 280.50 4.50 292,893 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept 110-310 112-110 110-235 112-065 1-04.5 4,930,762 Aug .05320 .05316 .05268 .05269 –.00033 122
Contract Open Dec 110-315 112-110 110-250 112-070 1-05.0 25,642 Sept .05274 .05309 .05243 .05253 –.00033 171,265
Aug 55.45 55.47 54.42 54.72 –.86 767
Open High hi lo Low Settle Chg interest 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per €
Dec 54.74 54.99 53.78 53.90 –.84 269,675
Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 108-037 109-042 108-000 109-007 27.2 6,957,890 Aug 1.1430 1.1608 1.1405 1.1537 .0098 3,082
Aug 4.3890 4.4020 4.3805 4.4125 0.0820 2,782 Sept 12.34 t 12.40
12.15 12.25 –.03 10,420 Dec 108-077 109-090 108-060 109-057 27.5 74,366 Sept 1.1450 1.1631 1.1424 1.1559 .0098 809,714
Sept 4.4330 4.4510 4.3640 4.4355 0.0810 84,318 Nov 12.54 t 12.63
12.40 12.49 –.03 1,369 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Sept 103-155 104-010 103-149 103-307 15.0 4,534,737 Index Futures
Aug 3286.20 3360.60 3281.00 3347.70 54.50 5,296 Dec 103-232 104-087 103-225 104-066 15.2 9,817
Sept 523.00 526.00 t 516.25 516.75 –6.50 227,936
Sept 3300.20 3376.80 3290.80 3360.50 52.90 4,685
Dec 542.50 545.25 t 536.25 537.00 –5.50 147,222
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini DJ Industrial Average (CBT)-$5 x index
Oct 3314.60 3389.40 3304.00 3373.20 52.10 67,093 Aug 95.6750 95.6825 t 95.6725 95.6775 .0025 654,279 Sept 44269 44323 43464 43710 –595 84,065
Nov 3330.20 3403.60 3330.20 3387.50 51.60 451
Wheat (KC)-5,000 bu.; cents per bu. Oct 95.7750 95.9250 95.7750 95.8900 .1150 338,805 Dec 44596 44650 43781 44018 –620 1,057
Sept 525.75 529.75 517.00 518.75 –7.50 151,846 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Dec 3342.70 3416.90 3331.40 3399.80 51.20 326,056 Mini S&P 500 (CME)-$50 x index
Jan'26 3354.50 3415.00 3351.60 3413.80 51.00 45 Dec 544.50 548.25 536.75 538.50 –6.25 83,375 May 95.6550 95.6550 95.6525 95.6550 .0025 9,158 Sept 6359.50 6373.50 6239.50 6264.50 –109.75 1,913,818
Palladium (NYM) - 50 troy oz.; $ per troy oz. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 95.7650 95.9700 95.7600 95.9350 .1700 1,319,881 Dec 6427.00 6428.75 6293.00 6317.00 –114.00 17,883
Aug 1264.50 1266.00 1264.00 1207.90 11.80 115 Aug 332.300 334.725 330.200 334.575 3.200 19,216 Mini S&P Midcap 400 (CME)-$100 x index
Sept 1219.50 1245.00 1181.00 1218.10 11.80 16,650 Sept 332.250 334.400 329.750 333.925 2.375 33,803 Currency Futures Sept 3169.00 3172.50 3075.30 3115.30 –49.80 37,670
Platinum (NYM)-50 troy oz.; $ per troy oz. Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec … 3186.90 3118.10 3139.70 –47.60 n.a.
Aug 1263.80 1304.00 17.60 Aug 229.500 230.875 228.300 230.125 2.350 42,642 Japanese Yen (CME)-¥12,500,000; $ per 100¥
1289.00 1315.20 301
Aug .6643 .6800 t .6637 .6774 .0129 723
Mini Nasdaq 100 (CME)-$20 x index
Oct 1297.00 1332.60 1271.10 1316.90 17.80 70,159 Oct 224.425 225.075 222.475 223.675 .525 170,098 Sept 23308.50 23347.50 22775.00 22883.75 –481.25 279,687
Silver (CMX)-5,000 troy oz.; $ per troy oz. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept .6667 .6822 .6658 .6796 .0130 344,745
Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec 23578.75 23583.00 23016.50 23109.00 –495.25 1,504
Aug 36.345 36.765 36.345 36.787 0.235 72 Aug 107.050 107.500 106.200 107.350 .225 26,266 Mini Russell 2000 (CME)-$50 x index
Sept 36.780 37.240 36.400 36.929 0.217 112,751 Oct 89.250 90.400 87.925 90.050 .475 128,790 Aug .7220 .7260 .7220 .7243 .0014 424
Sept .7236 .7281 .7220 .7253 .0014 206,880 Sept 2217.30 2223.50 2146.80 2173.10 –47.10 421,025
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 2232.00 2240.30 2163.10 2189.20 –48.60 892
Sept 69.35 69.58 67.05 67.33 –1.93 353,388 Sept 692.00 698.50 689.50 695.50 3.50 6,336
British Pound (CME)-£62,500; $ per £
Aug 1.3206 1.3308 t 1.3145 1.3228 .0008 562 March'26 2305.00 2255.10 2199.00 2210.20 –45.50 13
Oct 68.25 68.46 65.93 66.20 –2.00 231,212 Nov 707.50 712.00 707.50 711.00 3.00 1,953 Mini Russell 1000 (CME)-$50 x index
Sept 1.3206 1.3316 1.3147 1.3232 .0008 208,372
Nov 67.35 67.56 64.99 65.28 –2.04 155,645 Milk (CME)-200,000 lbs., cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Sept 3434.50 3475.90 3412.80 3425.60 –59.90 5,624
Dec 66.60 66.83 64.26 64.57 –2.03 255,712 Aug 17.13 17.30 17.10 17.20 .07 3,517
June'26 64.99 65.14 62.81 63.13 –1.82 131,790 Sept 1.2375 1.2526 1.2302 1.2442 .0064 76,928 U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 17.55 17.84 17.51 17.74 .14 5,537 Dec 1.2514 1.2661 1.2444 1.2577 .0059 461 Sept 99.81 100.06 98.41 98.93 –.81 31,133
Dec 64.18 64.34 62.32 62.59 –1.57 160,211 Cocoa (ICE-US)-10 metric tons; $ per ton.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 99.40 99.60 98.11 98.53 –.79 728
Sept 8,540 8,590 8,149 8,232 –274 29,589 Aug .6428 .6489 .6420 .6442 .0009 681
Sept 2.3985 2.4051 2.2850 2.2999 –.0960 107,648 Dec 7,750 7,820 7,507 7,554 –187 33,414
Oct 2.3935 2.3984 2.2802 2.2959 –.0949 55,242 Sept .6434 .6499 .6424 .6446 .0009 168,900 Source: FactSet
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 294.10 297.05 283.65 284.20 –11.60 59,571
Sept 2.1737 2.1776 2.1030 2.1186 –.0553 135,496
Dec 287.25 290.30 277.10 277.55 –11.15 56,591
Oct 2.0290 2.0303 1.9567
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
1.9682 –.0586 69,974
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
Sept 3.100 3.131 3.051 3.083 –.023 282,353 Oct 16.35 16.42 16.12 16.18 –.17 387,081
Oct
Nov
3.191
3.557
3.230
3.598
3.150
3.532
3.188 –.013
3.574 .007
168,628
130,830
March'26 16.99 17.05 16.74 16.78
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
–.19 224,139
Global Government Bonds: Mapping Yields
Sept 37.20 37.20 37.20 37.20 … 645
Jan'26 4.485 4.519 4.455 4.503 .006 153,383
Jan'26 36.65 36.65 36.65 36.65 … 1,507
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
March 3.773 3.806 3.755 3.794 .003 118,919
April 3.569 3.596 3.550 3.584 –.001 98,802 Cotton (ICE-US)-50,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Oct 65.34 65.48 t 64.39 64.42 –1.19 318
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Agriculture Futures Dec 67.30 67.41 66.34 66.36 –.89 157,336
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4 5 6 Previous Month ago Year ago Latest Prev Year ago
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Corn (CBT)-5,000 bu.; cents per bu. Sept 243.00 251.45 235.15 235.15 –25.00 4,937 3.875 U.S. 2 3.702 t l 3.952 3.776 4.163
Sept 394.00 396.25 388.75 389.50 –4.50 544,779 Nov 240.00 244.25 227.15 230.30 –16.40 2,087
Dec 413.25 416.00 410.00 410.75 –3.00 669,939 4.250 10 4.218t l 4.360 4.250 3.977
Oats (CBT)-5,000 bu.; cents per bu. Interest Rate Futures 4.750 Australia 2 3.390 s l 3.358 3.194 3.868 -32.0 -60.5 -29.0
Sept 353.75 357.25 349.50 350.25 –3.00 496
Dec 352.25 354.25 347.25 348.25 –2.75 2,499 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2.750 10 4.326 s l 4.273 4.126 4.098 10.6 -10.2 11.6
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 117-010 118-300 116-050 118-270 1-17.0 1,948,621 0.750 France 2 2.177 t 2.211 2.125 2.724 -175.2 -143.4
Aug 962.00 965.25 962.00 961.75 … 1,369
l -153.3
Dec 116-210 118-210 115-310 118-190 1-17.0 7,075
Nov 990.00 994.50 986.00 989.25 … 448,439 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3.200 10 3.356 s l 3.351 3.257 2.989 -86.4 -102.4 -99.3
Soybean Meal (CBT)-100 tons; $ per ton. Sept 114-000 115-270 113-100 115-220 1-16.0 1,739,990
Aug 262.00 267.60 261.60 267.50 5.70 1,690 Dec 113-160 115-130 113-000 115-100 1-16.0 9,334
1.900 Germany 2 1.931 t l 1.971 1.854 2.483 -177.9 -199.2 -167.5
2.600 10 2.680 t l 2.696 2.575 2.250 -154.1 -167.9 -173.2
2.550 Italy 2 2.133 t l 2.168 2.063 3.094 -157.7 -179.5 -106.4
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 3.650 10 3.518 s l 3.507 3.444 3.644 -70.2 -86.8 -33.8
Closing Chg YTD 0.900 Japan 2 0.811 t l 0.827 0.739 0.465 -289.9 -313.6 -369.3
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
1.500 10 1.553 t l 1.556 1.392 1.035 -266.8 -281.9 -294.7
Closing Chg YTD SchwabUS Div SCHD 26.38 –0.45 –3.4
Friday, August 1, 2025
ETF Symbol Price (%) (%) SchwabUS LC SCHX 24.63 –1.64 6.3 2.500 Spain 2 2.040 t l 2.092 1.999 2.811 -167.1 -187.2 -134.7
Closing Chg YTD SchwabUS LC Grw SCHG 29.54 –2.25 6.0
ETF Symbol Price (%) (%) iShMSCIEAFEValue EFV 63.26 –0.11 20.6 SPDR S&PMdCpTr MDY 567.09 –1.48 –0.4 3.150 10 3.188 t l 3.210 3.161 3.086 -103.2 -116.6 -89.6
CommSvsSPDR XLC 106.12 –1.20 9.6 iShNatlMuniBd MUB 104.11 0.50 –2.3 TechSelectSector XLK 257.07 –2.16 10.6
CnsmrDiscSel XLY 216.09 –2.41 –3.7 iSh1-5YIGCpBd IGSB 52.72 0.54 2.0 VanEckSemicon SMH 283.95 –1.67 17.3 4.125 U.K. 2 3.796 t l 3.886 3.847 3.715 8.6 -7.7 -44.3
iSh1-3YTreaBd SHY 82.66 0.50 0.8 VangdSC Val VBR 195.41 –1.44 –1.4
DimenUSCoreEq2 DFAC 36.05 –1.61 4.2
iShRussMC IWR 92.39 –1.41 4.5
4.250 10 4.530 t l 4.573 4.458 3.892 31.0 19.8 -9.0
EnSelSectorSPDR XLE 85.59 –1.86 –0.1 VangdExtMkt VXF 193.64 –2.08 1.9
FidWiseBTC FBTC 98.66 –3.12 20.9
iShRuss1000 IWB 341.56 –1.67 6.0 VangdDivApp VIG 204.09 –0.96 4.2 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
XLF iShRuss1000Grw IWF 431.91 –1.93 7.6 VangdFTSEAWxUS VEU 66.38 –0.33 15.6
FinSelSectorSPDR 51.40 –1.85 6.4
iShRuss1000Val IWD 192.76 –1.36 4.1 VangdFTSEDevMk VEA 56.02 –0.36 17.1
HealthCrSelSect XLV 131.13 0.54 –4.7
Corporate Debt
iShRuss2000 IWM 214.92 –2.04 –2.7 VangdFTSE EM VWO 49.54 –0.52 12.5
IndSelSectorSPDR XLI 149.74 –1.49 13.6
iShS&P500Grw IVW 111.72 –1.91 10.0 VangdFTSE Europe VGK 75.26 –0.52 18.6
InvscNasd100 QQQM 228.02 –1.96 8.3
iShS&P500Value IVE 194.44 –1.29 1.9 VangdGrowth VUG 445.04 –2.23 8.4
InvscQQQI QQQ 553.88 –1.97 8.3
iShS&P100 OEF 307.18 –2.03 6.3 VangdHiDiv VYM 132.90 –0.92 4.2 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
InvscS&P500EW RSP 181.56 –1.13 3.6
iShBitcoin IBIT 64.22 –3.17 21.1
iSh7-10YTreaBd IEF 95.68 1.15 3.5 VangdInfoTech VGT 674.40 –2.33 8.5 expectations
iSh20+YTreaBd TLT 87.82 1.42 0.6 VangdIntermBd BIV 77.41 1.02 3.6
iShBrdUSDHYCpBd
iShCoreDivGrowth
USHY
DGRO
37.18
64.13
0.00
–0.79
1.1
4.5
iShUSEqFactRotat DYNF 55.03 –1.71 7.4 VangdIntrCorpBd VCIT 83.04 0.85 3.5 Investment-grade spreads that tightened the most…
iShUSTech IYW 177.24 –2.24 11.1 VangdIntermTrea VGIT 59.75 0.98 3.0 Spread*, in basis points
iShCoreMSCIEAFE IEFA 81.70 –0.21 16.2 iShUSTreasuryBd GOVT 22.95 0.85 –0.2 VangdLC VV 287.20 –1.66 6.5
iShCoreMSCIEM IEMG 59.90 –0.71 14.7 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
iSh0-3MTreaBd SGOV 100.39 0.03 0.1 VangdMegaGrwth MGK 371.84 –2.29 8.3
iShCoreMSCITotInt IXUS 76.35 –0.40 15.4 JPMNasdEqPrem JEPQ 53.81 –1.55 –4.6 VangdMC VO 281.94 –1.42 6.7
iShCoreS&P500 IVV 624.65 –1.61 6.1 Siemens Funding* … 4.350 3.92 May 26, ’28 25 –12 36
JanusHendersonAAA JAAA 50.57 –0.01 –0.3 VangdRealEst VNQ 88.92 –0.25 –0.2
iShCoreS&P MC IJH 62.09 –1.49 –0.4 JEPI –0.91 –5
iShCoreS&P SC IJR 108.46 –1.65 –5.9
JPM EqPrem 55.61 –3.3 VangdRuss1000Grw VONG 111.18 –1.97 7.6 UBS … 7.500 4.05 Feb. 15, ’28 38 53
JPM UltShIncm JPST 50.55 0.19 0.4 VangdS&P500ETF VOO 571.45 –1.65 6.1
iShCoreS&PTotUS ITOT 135.80 –1.68 5.6 ProShUltPrQQQ TQQQ 82.92 –6.00 4.8 VangdST Bond BSV 78.60 0.61 1.7 Nomura Holdings … 2.679 4.72 July 16, ’30 93 –4 93
iShCoreS&PUSGrw IUSG 152.63 –1.90 9.5 SPDRBbg1-3MTB BIL 91.47 0.04 0.0 VangdSTCpBd VCSH 79.42 0.55 1.8
iShCoreTotUSDBd IUSB 46.18 0.78 2.2 SPDR DJIA Tr DIA 435.72 –1.27 2.4 VangdShortTrea VGSH 58.64 0.50 0.8 Banco Santander … 5.439 4.70 July 15, ’31 73 –3 78
iShCoreUSAggBd AGG 99.14 0.87 2.3 SPDR Gold GLD 309.11 2.03 27.7 VangdSC VB 237.58 –1.64 –1.1
iShEdgeMSCIMinUSA USMV 92.34 –0.29 4.0 SPDRPtfDevxUS SPDW 39.80 –0.30 16.6 VangdTaxExemptBd VTEB 48.83 0.59 –2.6 Altria MO 4.500 5.95 May 2, ’43 115 –2 116
iShEdgeMSCIUSAQual QUAL 182.33 –0.97 2.4 SPDRS&P500Value SPYV 52.12 –1.34 1.9 VangdTotalBd BND 73.59 0.87 2.3 –2
iShGoldTr IAU 63.29 2.06 27.8 SPDRPtfS&P500 SPLG –1.60 BNDX
Wells Fargo WFC 3.900 5.63 May 1, ’45 72 75
73.15 6.1 VangdTotIntlBd 49.41 0.35 0.7
iShiBoxx$IGCpBd LQD 109.63 0.89 2.6 SPDRS&P500Growth SPYG 96.76 –1.83 10.1 VangdTotIntlStk VXUS 68.24 –0.34 15.8 Medtronic MDT 4.625 5.37 March 15, ’45 59 –1 61
iShMBS MBB 93.72 1.06 2.2 SPDR S&P 500 SPY 621.72 –1.64 6.1 VangdTotalStk VTI 305.74 –1.66 5.5
iShMSCIACWI ACWI 128.32 –1.26 9.2 SchwabIntEquity SCHF 21.69 –0.46 17.2 VangdTotWrldStk VT 128.41 –1.17 9.3 New York Life Global Funding … 4.150 4.09 July 25, ’28 41 –1 38
iShMSCI EAFE EFA 87.29 –0.26 15.4 SchwabUS BrdMkt SCHB 23.97 –1.64 5.6 VangdValue VTV 175.51 –0.86 3.7
…And spreads that widened the most
Caterpillar Financial Services … 1.100 4.01 Sept. 14, ’27 26 12 18
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Fifth Third Bancorp FITB 8.250 5.83 March 1, ’38 160 11 146
Parker–Hannifin PH 6.250 5.21 May 15, ’38 97 11 n.a.
Money Rates August 1, 2025 Goldman Sachs GS 6.750 5.59 Oct. 1, ’37 133 10 127
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Royal Bank of Canada RY 5.000 4.68 Feb. 1, ’33 44 10 n.a.
guide to general levels but don’t always represent actual transactions. Devon Financing … 7.875 5.05 Sept. 30, ’31 125 9 n.a.
Week —52-WEEK— Week —52-WEEK—
Inflation
June index
Latest ago
Chg From (%)
High Low Latest ago High Low High-yield issues with the biggest price increases…
level May '25 June '24 Federal funds Commercial paper (AA financial) Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Effective rate 4.3300 4.3300 5.3300 4.3200 90 days 4.25 4.26 5.19 4.19
U.S. consumer price index High 4.5500 4.5500 5.6500 4.3700 Occidental Petroleum OXY 6.450 6.09 Sept. 15, ’36 102.849 1.12 101.163
All items 322.561 0.34 2.7 Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate
Bombardier … 7.450 6.12 May 1, ’34 108.911 0.85 n.a.
Core 328.364 0.26 2.9 Bid 4.3200 4.3200 5.3300 4.3200 4.39 4.30 5.38 4.26
Paramount Global* PARA 6.875 6.24 April 30, ’36 104.871 0.60 104.100
International rates Offer 4.3300 4.3300 5.3600 4.3300
Value 52-Week
Latest Traded High Low Liberty Interactive … 8.500 88.96 July 15, ’29 14.438 0.19 15.500
Week 52-Week
Treasury bill auction
Sealed Air SEE 6.875 5.74 July 15, ’33 107.155 0.09 107.250
Latest ago High Low 4 weeks 4.290 4.245 5.285 4.000 DTCC GCF Repo Index
13 weeks 4.235 4.240 5.145 4.175 Treasury 4.378 67.560 5.465 4.286 Rakuten … 9.750 6.60 April 15, ’29 110.160 0.07 109.809
Prime rates 26 weeks 4.120 4.115 4.930 4.000 MBS 4.388 84.792 5.487 4.294
U.S. 7.50 7.50 8.50 7.50
Other short-term rates
…And with the biggest price decreases
Canada 4.95 4.95 6.70 4.95 Weekly survey –4.52
Japan 1.875 1.875 1.875 1.475 Xerox … 6.750 16.78 Dec. 15, ’39 46.103 55.590
Week 52-Week Latest Week ago Year ago
Latest ago high low DISH DBS … 5.125 15.22 June 1, ’29 71.500 –2.75 71.250
Policy Rates
Freddie Mac Transocean RIG 7.500 11.19 April 15, ’31 84.742 –2.33 86.250
Euro zone 2.15 2.15 4.25 2.15 Call money
Switzerland 0.50 0.50 1.75 0.50 30-year fixed 6.72 6.74 6.73 –2.06
6.25 6.25 7.25 6.25
Hughes Satellite Systems … 6.625 41.12 Aug. 1, ’26 74.000 72.846
Britain 4.25 4.25 5.00 4.25 15-year fixed 5.85 5.87 5.99
Australia 3.85 3.85 4.35 3.85 Paramount Global PARA 4.375 6.85 March 15, ’43 74.936 –0.93 75.549
Notes on data:
Bath & Body Works BBWI 6.875 6.53 Nov. 1, ’35 102.500 –0.66 103.390
Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective December 19, 2024. Other prime rates aren’t directly comparable; lending practices Teva Pharmaceutical Finance … 6.150 5.99 Feb. 1, ’36 101.250 –0.61 n.a.
U.S. 4.37 4.35 5.45 4.00 vary widely by location; Discount rate is effective December 19, 2024. Secured Overnight Financing
Rate is as of July 31, 2025. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Bausch Health … 11.000 9.95 Sept. 30, ’28 102.750 –0.25 100.500
U.S. government rates average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-
funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *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.
Discount Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
4.50 4.50 5.50 4.50 Tullett Prebon Information, Ltd. Source: MarketAxess

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 Stock
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Chagee CHA 21.16 -3.9 GlobusMedical GMED 51.79 ... MersanaTherap MRSN 6.37 -3.6 OstinTech OST 0.07 -8.1 ResourcesConnect RGP 4.78 -5.5 SproutSocial SPT 16.40 -3.6 VoyagerTech VOYG 37.51 -2.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ChansonIntl CHSN 0.07 -7.5 GoldenSunHlth GSUN 1.82 2.2 MicroAlgo MLGO 8.52 -1.2 OtisWorldwide OTIS 84.25 -0.9 Revvity RVTY 85.80 0.4 SRxHealthSolutions SRXH 0.34 -4.9 WF WFF 0.81 -10.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low CharterComms CHTR 263.56 -1.7 GoodTimesRest GTIM 1.36 -4.9 MidAmApt MAA 138.67 -1.7 OxfordIndustries OXM 36.25 -3.2 RingEnergy REI 0.72 -4.6 SteakholderFds STKH 0.80 -7.0 WPP WPP 26.62 -1.1
in the latest session. % CHG-Daily percentage change from the previous trading session. Chemed CHE 408.42 1.3 GreenPowerMotor GP 0.28 6.7 MilestoneSci MLSS 0.38 -10.5 PMGC ELAB 1.92 -6.7 RobertHalf RHI 35.22 -4.3 Waldencast WALD 1.68 -4.5
SturmRuger RGR 31.64 -7.1
ChinaNaturalRscs CHNR 3.21 -6.1 GridDynamics GDYN 7.53 -16.4 Mobile-health MNDR 0.94 -2.6 ParkHaBio PHH 0.63 -8.7 RobotConsulting LAWR 1.50 -7.2 SunCarTechA SDA 2.13 -1.8 WeaveComms WEAV 6.75 -6.4
Friday, August 1, 2025 Chipotle CMG 42.46 -0.8 HamiltonBeach HBB 13.15 -14.6 MolinaHealthcare MOH 153.01 -1.7 Park-Ohio PKOH 15.52 -4.4 RyanSpecialty RYAN 55.77 -5.5 SunCokeEnergy SXC 7.18 -2.2 Wendy's WEN 9.76 1.1
52-Wk % 52-Wk % 52-Wk % Cigna CI 256.89 -1.9 Hanesbrands HBI 3.96 -0.5 MurphyUSA MUSA 345.23 -0.1 PAVmed PAVM 0.51 -8.7 S&W Seed SANW 0.90 -40.1 Sweetgreen SG 11.84 -7.4 WestFraserTimber WFG 68.63 0.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ClearwaterAnalytic CWAN 19.93 ... Haoxin HXHX 1.11 -8.1 Myomo MYO 1.83 -3.1 Paysafe PSFE 11.37 -6.0 SOS SOS 2.25 -2.4 WesternUnion WU 7.90 -1.6
Sylvamo SLVM 44.49 -1.8
LifewayFoods LWAY 27.36 6.6 AptevoTherap APVO 2.65 -3.9 ClearwaterPaper CLW 21.94 -1.4 HappyCity HCHL 2.39 -30.3 MyriadGenetics MYGN 3.76 1.8 PennyMacMtg PMT 11.70 0.1 SPS Commerce SPSC 103.18 -4.6 TEN Holdings XHLD 0.30 -4.8 WheelerREIT WHLR 3.27 0.6
Highs LixteBiotech LIXT 4.88 22.7 AquaMetals AQMS 0.34 2.2 ClipperRealty CLPR
ColgatePalm CL
3.39 -1.1
82.70 -0.4
HealthCatalyst HCAT
HealthStream HSTM
3.48 -3.6
25.36 -1.9
NIQGlbIntel
NatlStorage
NIQ
NSA
16.85 -8.2
29.02 0.5
Pitanium
Playstudios
PTNM
MYPS
1.05 1.7
1.08 -5.2
Sadot
Safe&Green
SDOT
SGBX
0.85 -2.4
0.23 -56.8
TTEC TTEC 3.00 -38.0
WideOpenWest WOW
WintergreenAcqnRt WTGUR
3.26 -0.9
0.11 10.7
LloydsBanking LYG 4.44 3.3 ArcosDorados ARCO 6.51 -1.7 TelixPharm TLX 12.90 -4.0
AcornEnergy ACFN 28.73 12.8 ColumbiaSportswr COLM 48.11 -12.9 Heartbeam BEAT 1.00 -9.7 NeoGenomics NEO 4.72 6.6 ProCapAcqn PCAPU 10.46 -1.0 SafetyInsurance SAFT 69.05 -1.5 Wix.com WIX 128.54 -5.2
MrCooper COOP 180.57 11.9 ArdentHealth ARDT 10.10 -3.6 Ten-League TLIH 0.55 ...
Agric&NatSolns ANSCU 11.90 10.5 Commerce.com CMRC 4.47 -6.1 HeliusMedical HSDT 6.01 -11.7 NewCenturyLogistic NCEW 0.68 -5.4 ProficientAuto PAL 6.36 -4.8 SanaraMedTech SMTI 23.53 ... XCFGlobal SAFX 1.28 -5.7
Netstreit NTST 18.93 0.4 ArgoBlockchainNts ARBKL 2.70 -4.3 TianRuixiang TIRX 0.90 -4.7
AlgonquinNt2079 AQNB 26.22 -1.2 ConcordeIntl CIGL 1.70 -7.9 Hotel101Glbl HBNB 2.01 -5.6 NewEraHelium NEHC 0.40 -4.0 Profusa PFSA 0.51 -16.2 ScanTechAI STAI 0.56 -9.8 XIAO-I AIXI 1.60 -5.0
NorthropGrum NOC 587.88 1.7 AstranaHealth ASTH 21.43 -9.6 TreasureGlobal TGL 0.88 -4.4
Alphatec ATEC 13.89 30.2 Confluent CFLT 16.56 -3.0 HuachenAIPkg HCAI 0.70 -7.1 NewGenIvf NIVF 0.35 -8.0 ProgressSoftware PRGS 45.93 -4.2 ScinaiImmun SCNI 1.40 0.7 XortxTherap XRTX 0.66 0.4
nVentElectric NVT 89.91 14.6 Astrotech ASTC 5.25 -6.9 Tronox TROX 2.95 6.6
AlphaTimeWt ATMCW 0.05 21.6 Copart CPRT 45.05 0.4 Huntsman HUN 9.03 -5.1 NexPointResidentl NXRT 29.98 -1.3 ProspectCapital PSEC 2.96 -4.2 ScullyRoyalty SRL 5.51 -5.4 XcelBrands XELB 1.02 -19.1
OkyoPharma OKYO 3.15 14.8 Aterian ATER 1.16 -3.7
Altria MO 62.65 -0.3 22ndCentury XXII 2.44 -10.5
1RT Acqn ONCHU 10.60 1.0 AtlIntl ATLN 1.45 1.3 Corvel CRVL 86.32 -2.1 HyperscaleData GPUS 0.64 -8.0 NextNRG NXXT 1.24 -4.5 PsyenceBiomed PBM 2.36 -53.1 SevenHillsRlty SEVN 10.01 -2.0 XilioTherap XLO 0.62 0.2
AEP AEP 114.38 0.4 CrossTimbers CRT 8.80 -2.4 IndaptusTherap INDP 7.30 -10.5 TwoHarbors TWO 9.67 0.3
Oshkosh OSK 133.86 3.2 AtlasClear ATCH 0.14 -27.8 NuvveHolding NVVE 0.48 -9.0 Pulmonx LUNG 1.59 -12.5 Shineco SISI 0.12 -4.5 Xperi XPER 5.73 -3.7
AmerHlthcrREIT AHR 39.30 0.6 D.BoralARC I BCARU 9.95 -0.1 IndepRealty IRT 16.59 -0.1 OPKO Health OPK 1.11 -7.0 QualigenTherap QLGN 2.00 -1.4 ShoulderInnov SI 13.05 -5.3 TysonFoods TSN 51.85 0.4 YorkvilleAcqnA YORK 10.45 -0.8
PerformantHlthcr PHLT 7.74 115.2 authID AUID 3.55 -7.4
AngelOakMtgNt30 AOMD 25.00 0.3 DXC Tech DXC 12.24 -5.5 IndigoAcqnRt INACR 0.12 -7.1 OSR OSRH 0.62 -6.7 QuidelOrtho QDEL 22.05 -0.9 SilexionTherap SLXN 7.82 -37.9 UPS B UPS 84.28 -1.9 Youlife YOUL 1.69 -2.9
PlumAcqnIVWt PLMKW 0.28 1.9 AvalonGloboCare ALBT 1.87 11.3
AppFolio APPF 320.36 19.4 DatavaultAI DVLT 0.49 -4.8 Innospec IOSP 77.58 -1.7 OceanPal OP 0.11 -9.6 RCI Hospitality RICK 34.71 -1.5 SimplyGoodFoods SMPL 30.02 -1.3 UnitedHealth UNH 234.60 -4.7 YouxinTechnologyA YAAS 0.36 2.7
Qudian QD 4.10 -2.2 AvanosMedical AVNS 10.86 -1.7
AvidiaBancorp AVBC 14.95 46.4 Diageo DEO 97.10 -0.5 Insperity NSP 45.07 -24.4 OldDomFreight ODFL 141.73 -5.0 RLI RLI 65.14 -0.2 SkyQuarry SKYQ 0.47 -1.1 Upbound UPBD 19.65 0.4 ZJK Industrial ZJK 3.00 1.2
RBC Bearings RBC 405.18 3.2 Avantor AVTR 10.83 -15.5
BestSpacIAcqn BSAAU 10.31 1.9
AxaltaCoating AXTA 27.58 -1.8 Dogness DOGZ 7.42 -3.2 InspireMedical INSP 123.25 1.3 OneLiberty OLP 21.94 -1.2 Ralliant RAL 43.49 -2.9 SkylineBuilders SKBL 0.52 0.8 ValarisWt VAL.WS 3.20 -5.4 ZW DataAction CNET 0.96 -14.9
ResMed RMD 281.90 2.7
BRileyFinlNt2026 RILYG 18.69 1.4
Azitra AZTR 0.16 -2.9 Dow DOW 21.79 -6.4 IntensityTherap INTS 0.19 -13.7 Ontrak OTRK 0.23 1.5 Rapid7 RPD 20.22 -3.6 SmartPowerr CREG 1.32 -17.0 Vericel VCEL 33.09 2.0 ZiffDavis ZD 28.55 -5.2
RithmAcqnWt RAC.WS 0.67 34.0
BanzaiIntlWt BNZIW 0.03 -1.6 BRT Apartments BRT 14.17 -0.2 Dreamland TDIC 3.11 -4.1 IntlMoneyExpress IMXI 8.58 -3.1 Oragenics OGEN 1.23 -0.8 RedHillBio RDHL 1.18 -8.4 Smith&Wesson SWBI 7.73 -2.6 VerisResidential VRE 13.69 -1.7 ZipRecruiter ZIP 3.89 -5.7
SPX Tech SPXC 198.75 7.7
BlueWaterIII Wt BLUWW 0.25 47.1 BankFinancial BFIN 10.92 -1.4 ECDAutoDesign ECDA 0.13 -7.4 IterumTherap ITRM 0.72 0.1 OrientalRise ORIS 0.10 -12.1 Renovaro RENB 0.25 1.2 SotherlyHtlsPfd SOHON 15.34 -3.0 ViemedHealthcare VMD 5.93 -2.6 zSpace ZSPC 2.40 -2.5
SpringValleyII SVIIU 12.41 10.7
BootBarn BOOT 183.60 -0.6 BaxterIntl BAX 21.33 0.9 EONResources EONR 0.28 6.5 JakksPacific JAKK 16.87 -3.2 Orion OEC 9.15 -4.6 ReposiTrak TRAK 15.12 -2.1 SpiritAviation FLYY 3.75 -3.4 VividSeats SEAT 1.42 -6.5 Zynex ZYXI 1.23 -43.3
TalenEnergy TLN 384.92 0.1
BorgWarner BWA 37.57 2.0 BeyondAir XAIR 2.75 -4.0 EagleBancorp EGBN 15.47 -0.8 J-Star YMAT 3.80 -0.7
TerraPropNts2026 TPTA 21.90 1.8
BritishAmTob BTI 54.91 1.2 BioceresCrop BIOX 3.30 1.5 EastmanChem EMN 56.78 -19.0 JaguarHealth JAGX 1.93 -2.9
TitanAcqnA TACH 10.38 ...
CVR Partners UAN 98.08 1.0 BiodexaPharm BDRX 5.85 -14.6 eHealth EHTH 3.20 -5.6 JamfHolding JAMF 7.36 -6.8
TizianaLife TLSA 2.60 -4.8
CecoEnvl CECO
ChefsWarehouse CHEF
46.07 0.4
68.94 -1.7
USCellularNts2069 UZD
VillageFarms VFF
25.72 -0.1
1.54 8.5
BioVie
Birks
BIVI
BGI
5.74 0.4
0.68 -5.6
ElevanceHealth ELV 273.84 -3.0
EmployersHldgs EIG 38.19 -5.2
JeffersonCap JCAP
K-TechSolns KMRK
15.98 -3.6
1.19 -13.6
Dividend Changes
ChengheAcqnIIWt CHEB.WS 0.18 -10.6 BlueFoundryBncp BLFY 8.24 -1.9 Endava DAVA 11.80 -6.7 Kaspi.kz KSPI 75.90 -3.5
WEC Energy WEC 111.07 1.1 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.
Cloudflare NET 211.27 -3.6 Bluemount BMHL 3.40 7.1 Enovis ENOV 25.70 -4.0 Kforce KFRC 33.28 -1.8
Willdan WLDN 86.25 -1.5
Cooper-Standard CPS 30.82 9.3 BoiseCascade BCC 81.89 -0.5 EnovixWt ENVXW 2.22 -40.7 KronosWorldwide KRO 5.11 -2.8
XcelEnergy XEL 74.13 ... Amount Payable / Amount Payable /
Cuprina CUPR 8.29 3.3 BollingerInnov BINI 0.03 -15.8 EnphaseEnergy ENPH 31.13 -2.9 LKQ LKQ 29.02 0.6
ZurnElkayWater ZWS 44.98 1.6 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
DelekLogistics DKL 48.00 -3.9 BrenmillerEner BNRG 1.64 -3.5 EntradaTherap TRDA 5.62 -1.4 La-Z-Boy LZB 34.89 -1.6
DuneAcqnII IPOD
DynagasLNG PfdA DLNGpA
10.10 0.1
26.95 0.5
Lows BrookfldBRP7.25Nt BEPJ
BrookfieldNts2084 BIPJ
24.61 0.5
24.32 0.2
ErnexaTherap ERNA
Escalade
1.53 -9.8
ESCA 11.76 -4.1
LakeShoreBio LSB
LandstarSystem LSTR
0.70 -11.0
128.10 -3.7
Increased Bollinger Innovations
Flora Growth
BINI
FLGC
1:250
1:39
/Aug04
/Aug04
EldoradoGold EGO 21.82 2.4 ACI Worldwide ACIW 40.45 -4.3 Brown&Brown BRO 90.55 1.0 Evolus EOLS 8.65 2.6 Lavoro LVRO 1.82 3.3 American States Water AWR 2.5 .504 /.4655 Q Sep03 /Aug15
Evergy EVRG 71.63 1.1 AMC Networks AMCX 5.41 -6.0 CIMG IMG 0.20 -6.2 Exponent EXPO 63.81 -0.9 LeeEnterprises LEE 4.50 -6.5 Boise Cascade BCC 1.0 .22 /.21 Q Sep17 /Sep02 Foreign
Figma FIG 142.92 5.6 AMN Healthcare AMN 17.36 -2.7 CN Energy CNEY 1.97 -5.4 FoxoTech FOXO 0.14 -4.9 Leslie's LESL 0.35 -2.8 Excelerate Energy EE 0.8 .08 /.06 Q Sep04 /Aug20
Acadian Asset Management AAMI 0.1 .01 Q Sep26 /Sep12
Fortis FTS 50.56 1.9 Accenture ACN 254.20 -4.4 CPI Card PMTS 18.32 -3.4 FactSet FDS 389.08 -2.9 LifeStanceHealth LFST 3.74 -4.8 North Eur Oil Royalty Tr NRT 9.4 .26 /.20 Q Aug27 /Aug15
Brookfield Infrastructure BIP 5.5 .43 Q Sep29 /Aug29
FundamentalGlbl FGF 39.75 84.2 ActelisNtwks ASNS 0.45 -6.2 CSP CSPI 10.02 -1.2 FairIsaac FICO 1350.00 -3.9 Limoneira LMNR 14.40 0.6 Perdoceo Education PRDO 1.7 .15 /.13 Q Sep12 /Sep02
GeniusSports GENI 11.84 3.8 AcurxPharm ACXP 0.29 -5.8 Cenovus Energy CVE 2.2 .14466 Q Sep29 /Sep15
CSW Industrials CSW 242.00 -5.5 FangddNetwork DUO 1.70 -2.5 lululemon LULU 191.44 -3.6 Reinsurance Grp America RGA 2.0 .93 /.89 Q Aug26 /Aug12
HCMIIIAcqn HCMAU 10.11 0.9 Addentax ATXG 0.36 -18.5 CTRL Group MCTR 1.86 -9.7 FastTrack FTRK 0.50 -5.1 MackenzieRealty MKZR 0.50 -12.6 Fortis FTS 3.4 .44483 Q Sep01 /Aug19
ResMed RMD 0.8 .60 /.53 Q Sep18 /Aug14
IDACORP IDA 126.33 -0.8 Aditxt ADTX 1.02 -5.5 Cabot CBT 70.41 -0.2 ForesightAuto FRSX 0.36 -2.8 MainzBiomed MYNZ 1.30 -22.2 Gildan Activewear GIL 1.8 .226 Q Sep15 /Aug21
Silvercrest Asset Mgmt A SAMG 5.0 .21 /.20 Q Sep19 /Sep12
I-Mab IMAB 3.44 30.3 AdvancedBiomed ADVB 0.42 -7.6 CanFiteBiopharm CANF 0.63 -2.0 FranklinCovey FC 18.58 -5.5 MajesticIdeal MJID 1.46 -8.0 Granite REIT GRP.U 4.4 .20491 M Aug15 /Jul31
Indivior INDV 21.09 4.2 AdvFlowerCap AFCG 4.28 -1.4 Capstone CAPS 1.29 -13.3 FreightTech FRGT 1.45 -4.5 Marsh&McLen MMC 196.27 -0.7 Reduced HSBC Holdings ADR HSBC 5.4 .50 Q Sep26 /Aug15
Insmed INSM 108.89 1.3 AlgomaSteelWt ASTLW 0.19 -14.7 Carlsmed CARL 13.56 -3.3 Freshpet FRPT 64.69 -3.6 MartenTransport MRTN 11.77 -2.6
Healthcare Realty Trust HR 7.5 .24 /.31 Q Aug28 /Aug14 Janus Henderson Group JHG 3.8 .40 Q Aug28 /Aug11
iRadimed IRMD 66.50 13.4 AlkamiTech ALKT 20.42 -8.1 CarMax KMX 55.37 -1.1 Funko FNKO 3.48 -6.5 MaxCyte MXCT 1.97 -1.0 TC Energy TRP 5.1 .61481 Q Oct31 /Sep29
iRhythmTechs IRTC 168.32 17.7 AlzamendNeuro ALZN 2.06 -2.2 Carter's CRI 23.38 -2.4 Gartner IT 326.93 -3.0 McCormick MKC 69.84 -0.5 Stocks Unilever ADR UL 3.2 .5175 Q Sep12 /Aug15
KiniksaPharm KNSA 32.15 5.7 AmericoldRealty COLD 15.45 -2.3 CastleBiosci CSTL 14.61 -3.3 GlobaTerraWt GTERW 0.10 ... McGrawHill MH 15.16 -4.8
Acurx Pharmaceuticals ACXP 1:20 /Aug05 Note: Dividend yields as of 3:30 p.m. ET
KochavDefense KCHV 10.10 -0.4 AmphastarPharm AMPH 20.39 1.2 Cenntro CENN 0.48 -7.3 Globant GLOB 79.48 -5.3 MercerIntl MERC 2.83 -18.6
LatamAirlines LTM 43.70 -1.5 Anghami ANGH 0.25 -9.0 Centerspace CSR 53.05 -0.4 Globavend GVH 5.10 -8.9 MerchantsBncpPfdE MBINL 22.68 -0.3
Aqua Metals AQMS 1:10 /Aug04 Sources: FactSet; Dow Jones Market Data
B8 | Saturday/Sunday, August 2 - 3, 2025 * ***** THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed 3.05 114.82 54.57 Fortinet FTNT ... 40 97.36 -2.54 2.72 38.77 26.39 MatchGroup MTCH 2.3 17 33.60 -0.67 -7.69 95.77 61.90 Sempra SRE 3.2 18 80.97 -0.71
securities. Prices are consolidated from trades reported by various market centers, including securities s 20.01 50.56 40.32 Fortis FTS 3.4 21 49.89 0.92 -7.28 85.50 70.08 McCormickVtg MKC.V 2.6 24 70.28 -0.46 -2.49 89.37 70.46 ServiceIntl SCI 1.6 21 77.83 1.52
exchanges, Finra, electronic communications networks and other broker-dealers. The list comprises the -17.61 62.77 45.49 Fortive FTV 0.7 21 46.55 -1.38 t -7.82 86.24 69.84 McCormick MKC 2.6 24 70.28 -0.35 -13.75 1198.09 678.66 ServiceNow NOW ...115 914.37 -28.75
14.33 58.74 36.09 FoxA FOXA 1.0 14 55.54 -0.22 4.48 326.32 265.33 McDonald's MCD 2.3 27 302.89 2.82 10.62 131.33 79.81 ServiceTitan TTAN ... dd 113.79 -2.92
1,000 largest companies based on market capitalization. 10.91 55.00 33.72 FoxB FOX 1.1 13 50.73 -0.41 22.62 737.89 464.42 McKesson MCK 0.5 27 698.80 5.26 15.37 123.00 60.50 SharkNinja SN 0.0 36 112.32 -3.78
Underlined quotations are those stocks with large changes in volume compared with the issue’s 37.49 179.99 112.70 Franco-Nevada FNV 0.9 50 161.68 2.35 27.35 501.30 250.05 Medpace MEDP ... 31 423.09 -4.11 14.92 74.18 58.55 Shell SHEL 3.9 17 72.00 -0.21
average trading volume. 18.04 25.36 16.25 FranklinRscs BEN 5.3 35 23.95 -0.05 11.84 96.25 79.29 Medtronic MDT 3.2 25 89.34 -0.90 1.02 400.42 308.84 SherwinWilliams SHW 0.9 34 343.41 12.53
39.39 186.23 75.11 FreedomHolding FRHC ...128 182.17 -3.65 39.72 2645.22 1646.00 MercadoLibre MELI ... 58 2375.92 2.03 -1.77 127.50 57.45 Shift4Paymts FOUR ... 34 101.94 -1.06
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous 5.12 52.61 27.66 FreeportMcM FCX 1.5 30 40.03 -0.21 -20.30 120.30 73.31 Merck MRK 4.1 12 79.29 1.17 43.77 52.00 28.76 ShinhanFin SHG 2.6 7 47.27 -1.43
closing price was $2 or higher. 11.00 30.46 17.93 FreseniusMedCare FMS 2.3 22 25.13 -0.21 28.10 784.75 450.80 MetaPlatforms META 0.3 27 750.01 -23.43 11.54 129.38 48.56 Shopify SHOP ... 96 118.60 -3.61
5.48 39.21 24.43 FrontierComms FYBR ... dd 36.60 -0.14 -9.61 89.05 65.21 MetLife MET 3.1 12 74.01 -1.94 -6.70 190.13 136.34 SimonProperty SPG 5.2 24 160.68 -3.11
Footnotes: -1.48 13.85 6.66 FullTruck YMM 0.8 21 10.66 -0.89 -2.16 1521.01 946.69 Mettler-Toledo MTD ... 30 1197.23 -36.45 -6.31 78.85 44.50 SkechersUSA SKX ... 15 63.00 -0.25
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four quarters. 15.71 82.87 34.12 MicrochipTech MCHP 2.7 dd 66.36 -1.23 -23.67 110.76 47.93 Skyworks SWKS 4.1 26 67.69 -0.85
Stock tables reflect composite regular trading as of 4 p.m. ET and
GHI 24.62 129.85 61.54 MicronTech MU 0.4 19 104.88 -4.26 3.23 92.06 58.83 SmithAO AOS 1.9 20 70.41 -0.38
24.34 555.45 344.79 Microsoft MSFT 0.6 38 524.11 -9.39 25.43 31.84 23.69 Smith&Nephew SNN 2.3 33 30.83 0.27
changes in the official closing prices from 4 p.m. ET the previous day. 61.51 274.94 150.20 GE Aerospace GE 0.5 38 269.38 -1.70 26.59 543.00 102.40 MicroStrategy MSTR ... 32 366.63 -35.23 ... 24.68 18.43 SmithfieldFds SFD 4.1 ... 24.32 0.20
-10.65 94.80 57.65 GE HealthCare GEHC 0.2 14 69.85 -1.47 t -9.43 173.38 138.67 MidAmApt MAA 4.3 29 140.00 -2.43 -1.70 125.42 93.30 Smucker SJM 4.1 dd 108.25 0.91
99.59 677.29 150.01 GE Vernova GEV 0.2157 656.50 -3.79 18.77 15.03 8.75 MitsubishiUFJ MUFG 2.5 13 13.92 0.02 -17.66 56.99 37.01 SmurfitWestrock SW 3.1 67 44.35 -0.03
Friday, August 1, 2025 YTD 52-Week Yld Net 11.76 52.00 37.58 GFLEnvironmental GFL 0.1 dd 49.78 -0.56
% Chg Hi Lo Stock Sym % PE Last Chg 19.43 6.24 3.45 MizuhoFin MFG 2.4 12 5.84 -0.06 -15.97 13.28 7.08 Snap SNAP ... dd 9.05 -0.38
11.06 44.67 31.71 GSK GSK 4.3 18 37.56 0.41 -30.07 22.51 10.48 Mobileye MBLY ... dd 13.93 -0.31 -6.39 373.89 266.56 Snap-On SNA 2.7 17 317.79 -3.40
YTD 52-Week Yld Net 55.02 33.17 6.89 GalaxyDigital GLXY ... dd 26.88 -1.53
-1.96 83.32 54.22 CarrierGlobal CARR 1.3 27 66.92 -1.70 -33.61 91.99 23.15 Moderna MRNA ... dd 27.61 -1.96 32.78 229.27 107.13 Snowflake SNOW ... dd 205.02 -18.48
% Chg Hi Lo Stock Sym % PE Last Chg 80.85 413.33 118.50 Carvana CVNA ... 92 367.78 -22.39 0.11 351.23 274.25 Gallagher AJG 0.9 43 284.17 -3.08 t -46.70 365.23 153.01 MolinaHealthcare MOH ... 8 155.13 -2.74 -1.54 45.89 29.36 SOQUIMICH SQM 0.0 17 35.80 -0.95
-29.48 35.81 18.73 GameStop GME 0.0 48 22.10 -0.35
ABC 31.94 531.24 350.52 CaseysGenStores CASY
18.17 441.15 267.30 Caterpillar CAT
0.4 36 522.78
1.4 21 428.69
3.22
-9.33 -4.17 52.59 44.48 Gaming&Leisure GLPI 6.8 18 46.15 0.57
-15.89 64.66 46.94 MolsonCoorsB TAP
6.41 342.64 188.01 monday.com MNDY
3.9 10 48.21 -0.51
...254 250.54 -11.75
37.86 25.11 6.01 SoFiTech
8.58 85.92 54.26 Solventum
SOFI
SOLV
... 43 21.23
... 33 71.73
-1.35
0.37
3.99 118.56 84.75 AECOM ACM 0.9 24 111.08 -1.66 110.99 214.47 40.25 Celestica CLS ... 42 194.74 -5.12 6.05 246.50 160.71 Garmin GRMN 1.6 27 218.73 -0.03 7.03 76.06 53.95 Mondelez MDLZ 3.1 23 63.93 -0.76 27.34 75.69 45.58 Somnigroup SGI 0.8 46 72.19 -0.19
2.80 20.30 9.46 AES AES 5.3 9 13.23 0.26 69.78 48.47 21.10 CelsiusHldg CELH ...142 44.72 -0.62 t -32.19 584.01 326.93 Gartner IT ... 20 328.54 -10.11 -5.09 370.00 140.78 MongoDB MDB ... dd 220.97 -16.92 15.17 26.95 15.96 Sony SONY 1.2 20 24.37 0.05
-5.17 115.50 95.97 Aflac AFL 2.4 15 98.09 -1.27 48.94 8.79 4.89 Cemex CX 1.0 8 8.40 -0.30 5.15 31.72 22.74 GenDigital GEN 1.7 28 28.79 -0.70 32.77 959.64 438.86 MonolithicPower MPWR 0.8 20 785.62 74.38 -6.76 114.27 77.74 SouthState SSB 2.6 14 92.76 -1.41
28.34 309.35 218.65 Cencora COR 0.8 33 288.35 2.27 24.88 197.18 99.50 Generac GNRC ... 32 193.63 -1.06 12.29 64.45 43.32 MonsterBev MNST ... 39 59.02 0.27 15.39 96.44 80.46 Southern SO 3.1 25 94.99 0.51
21.53 121.16 73.79 AGCO AGCO 1.0 85 113.61 -4.36 17.93 322.50 239.20 GeneralDynamics GD 1.9 21 310.74 -0.87
2.93 10.85 7.85 AGNC Invt AGNC 15.2 29 9.48 0.05 -2.11 20.04 10.23 CenovusEnergy CVE 2.2 15 14.83 -0.40 5.90 531.93 378.71 Moody's MCO 0.8 43 501.28 -14.45 2.32 118.64 74.11 SoCopper SCCO 2.9 20 91.66 -2.50
-57.23 80.59 25.11 Centene CNC ... 6 25.91 -0.16 -23.26 75.90 48.59 GeneralMills GIS 5.0 12 48.94 -0.04 10.63 145.48 90.94 MorganStanley MS 2.9 16 139.09 -3.37 -11.36 37.96 23.58 SouthwestAir LUV 2.4 45 29.80 -1.13
-0.60 11.37 6.94 ASE Tech ASX 2.6 21 10.01 0.51 -1.39 61.24 38.96 GeneralMotors GM 1.1 8 52.53 -0.81
-0.47 945.05 578.51 ASML ASML 0.9 26 689.82 -4.89 22.31 39.30 25.41 CenterPointEner CNP 2.3 27 38.81 -0.01 -19.11 365.00 250.34 Morningstar MORN 0.7 29 272.42 -4.04 70.53 30.63 10.05 Sportradar SRAD ...143 29.57 ...
148.63 60.95 17.11 AST Space ASTS ... dd 52.46 -0.71 18.88 7.83 5.45 CentraisElBras EBR 4.1 9 6.80 0.04 4.36 28.43 17.23 Genmab GMAB ... 12 21.78 0.11 43.69 38.23 22.36 Mosaic MOS 2.5 30 35.32 -0.69 40.18 785.00 300.57 Spotify SPOT ...151 627.15 0.61
21.87 29.19 18.64 AT&T T 4.0 16 27.75 0.34 -9.58 236.88 91.86 CharlesRiverLabs CRL ... dd 166.91 -2.73 9.88 144.49 104.01 GenuineParts GPC 3.2 22 128.30 -0.58 -5.52 507.82 388.90 MotorolaSol MSI 1.0 36 436.71 -2.27 21.26 182.00 91.36 SproutsFarmers SFM ... 32 154.08 2.54
4.14 220.03 101.60 ChartIndustries GTLS 22.53 119.96 72.43 GileadSciences GILD 2.8 24 113.18 0.89 s 81.50 180.57 80.35 MrCooper COOP ... 20 174.26 18.54 12.52 34.38 21.31 StandardAero SARO ...132 27.86 -0.69
39.39 96.20 39.23 ATI ATI ... 27 76.72 -0.22 ... 37 198.75 -0.08
-30.36 120.00 65.93 GlobalPayments GPN 1.3 13 78.04 -1.91
12.54 141.23 107.11 AbbottLabs ABT 1.9 16 127.29 1.10 t -22.78 437.06 263.56 CharterComms CHTR ... 7 264.69 -4.67 5.02 96.81 62.74 MuellerIndustries MLI 1.2 13 83.34 -2.03 -16.58 110.88 53.91 StanleyB&D SWK 5.0 21 66.98 -0.67
1.01 234.35 169.01 CheckPoint -14.75 47.69 29.77 GlobalFoundries GFS ... dd 36.58 -0.81 -10.14 200.65 137.19 NICE NICE ... 21 152.61 -3.44 38.51 113.50 73.18 Stantec STN 0.6 45 108.66 -0.70
9.86 218.66 163.81 AbbVie ABBV 3.4 93 195.22 6.20 CHKP ... 25 188.58 2.38 23.06 144.00 86.10 GlobeLife GL 0.8 11 137.24 -3.23
t -27.41 398.35 254.20 Accenture ACN 2.3 20 255.37 -11.73 10.91 257.65 167.66 CheniereEnergy LNG 0.8 17 238.31 2.43 14.91 7.71 3.02 NIO NIO ... dd 5.01 0.14 -4.81 117.46 72.72 Starbucks SBUX 2.8 38 86.86 -2.30
4.35 345.30 216.81 Acuity AYI 0.2 24 304.83 -6.52 7.00 68.42 47.00 CheniereEnerPtrs CQP 5.6 14 56.84 -0.83 -20.72 216.00 144.72 GoDaddy GDDY ... 30 156.47 -5.11 85.80 169.24 65.11 NRG Energy NRG 1.0 26 167.63 0.87 10.64 114.28 72.81 StateStreet STT 3.1 12 108.59 -3.16
4.53 168.96 132.04 Chevron CVX 4.5 17 151.40 -0.24 93.86 26.36 12.98 GoldFields GFI 1.7 19 25.59 1.23 -5.11 9964.77 6562.85 NVR NVR ... 16 7760.68 211.19 7.28 155.56 103.17 SteelDynamics STLD 1.6 18 122.37 -5.19
-21.79 587.75 332.01 Adobe ADBE ... 22 347.80 -9.89 23.92 737.88 437.37 GoldmanSachs GS 2.3 16 709.57 -14.02
-1.59 166.03 93.92 AdvDrainageSys WMS 0.6 20 113.76 -0.99 7.23 48.62 19.75 Chewy CHWY ... 40 35.91 -0.79 1.00 259.74 148.09 NXP Semicon NXPI 1.9 25 209.92 -3.85 -32.64 16.92 8.39 Stellantis STLA 8.8 dd 8.79 -0.10
42.15 182.50 76.48 AdvMicroDevices AMD ...126 171.70 -4.61 ... 44.94 28.21 ChimeFinl CHYM ... dd 32.63 -1.78 1.69 5.72 2.98 Grab GRAB ...181 4.80 -0.09 23.10 97.06 64.33 Nasdaq NDAQ 1.1 37 95.17 -1.05 10.37 252.79 200.98 Steris STE 1.1 36 226.87 0.38
17.66 7.36 5.42 Aegon AEG 4.9 15 6.93 -0.17 t -29.49 66.74 42.46 Chipotle CMG ... 38 42.52 -0.36 -2.03 92.86 72.06 Graco GGG 1.3 29 82.58 -1.40 -14.98 183.00 92.14 Natera NTRA ... dd 134.58 0.92 56.16 270.38 93.50 SterlingInfr STRL ... 31 263.05 -4.54
-3.22 306.91 252.16 Chubb CB 1.5 12 267.40 1.36 -11.54 1227.66 893.99 Grainger GWW 1.0 24 932.44 -107.10 20.87 74.82 55.82 NationalGrid NGG 4.2 19 71.82 1.43 4.80 120.64 73.27 StifelFinancial SF 1.7 21 111.17 -2.95
13.24 118.07 82.21 AerCap AER 1.0 7 108.37 1.12 44.89 11.14 6.19 Grifols GRFS 1.3 22 10.78 0.08
69.00 295.90 102.25 AeroVironment AVAV ...169 260.07 -7.57 16.23 47.03 36.61 ChunghwaTel CHT 3.0 29 43.76 0.36 35.10 14.55 8.08 NatWest NWG 3.9 9 13.74 -0.24 0.36 33.47 17.25 STMicroelec STM 1.2 37 25.06 -0.37
9.05 82.53 22.25 AffirmA AFRM ... dd 66.41 -2.15 -10.22 116.46 90.99 Church&Dwight CHD 1.3 40 94.01 0.24 30.61 241.62 146.62 GAP PAC 3.4 25 228.55 -1.24 87.73 58.16 14.09 Nebius NBIS ... dd 52.00 -2.43 4.93 406.19 314.93 Stryker SYK 0.9 50 377.79 -14.94
-15.51 153.84 96.43 AgilentTechs A 0.9 28 113.50 -1.31 4.50 101.44 44.89 Ciena CIEN ...123 88.63 -4.21 18.01 360.00 248.88 ASUR ASR 9.2 14 304.03 0.72 -12.90 135.45 71.84 NetApp NTAP 2.1 18 101.10 -3.03 4.00 16.74 10.74 SumitomoMits SMFG 2.7 12 15.07 -0.07
60.11 129.77 69.72 AgnicoEagleMines AEM 1.3 21 125.22 0.86 t -5.04 370.82 256.89 Cigna CI 2.3 14 262.23 -5.15 40.02 46.81 30.25 GrupoCibest CIB 14.8 13 44.12 0.70 42.71 141.45 75.85 NetEase NTES 2.2 18 127.31 -2.99 51.70 36.91 8.88 SummitTherap SMMT ... dd 27.07 0.70
1.73 161.75 123.02 CincinnatiFinl CINF 2.4 13 146.19 -1.32 -21.52 74.00 23.53 GpoFinGalicia GGAL 0.0 5 48.91 -1.56 29.99 1341.15 587.04 Netflix NFLX ... 49 1158.60 -0.80 1.08 147.83 109.22 SunComms SUI 3.3 12 124.30 0.27
-2.86 341.14 243.69 AirProducts APD 2.5 41 281.75 -6.13 32.21 263.20 132.01 Guidewire GWRE ...566 222.88 -3.34
-2.58 163.93 99.88 Airbnb ABNB ... 32 128.02 -4.39 21.24 229.24 180.78 Cintas CTAS 0.8 50 221.50 -1.05 -5.56 157.40 84.23 Neurocrine NBIX ... 38 128.91 0.68 1.74 66.81 46.41 SunLifeFinancial SLF 3.8 15 60.37 -0.63
... 298.99 64.00 CircleInternet CRCL ... ... 168.10 -15.42 18.93 417.14 289.98 HCA Healthcare HCA 0.8 15 356.97 2.98 0.46 58.16 44.83 NYTimes A NYT 1.4 29 52.29 0.40 9.42 41.95 30.79 SuncorEnergy SU 4.1 11 39.04 -0.42
-22.24 106.80 67.51 AkamaiTech AKAM ... 25 74.38 -1.93 20.54 79.61 57.24 HDFC Bank HDB 0.9 24 76.98 0.21
34.87 31.00 15.74 AlamosGold AGI 0.4 30 24.87 0.57 13.36 69.78 44.50 CiscoSystems CSCO 2.4 28 67.11 -0.97 68.16 66.57 36.86 Newmont NEM 1.6 11 62.59 0.49 4.34 59.88 48.00 Sunoco SUN 6.8 10 53.67 -1.64
-0.15 23.20 17.00 Albertsons ACI 3.1 12 19.61 0.39 30.46 96.91 53.51 Citigroup C 2.6 14 91.83 -1.87 20.86 49.92 24.66 HF Sinclair DINO 4.7 dd 42.36 -1.58 5.63 30.75 23.38 NewsCorp A NWSA 0.7 34 29.09 -0.23 85.83 66.44 17.25 SuperMicroComp SMCI ... 31 56.64 -2.33
3.51 101.10 80.48 Alcon ALC 0.4 39 87.87 0.32 6.99 49.98 32.60 CitizensFin CFG 3.6 14 46.82 -0.90 -25.07 39.80 21.21 HP HPQ 4.7 9 24.45 -0.35 9.27 35.41 26.04 NewsCorp B NWS 0.6 39 33.25 -0.17 -8.00 10.98 8.41 Suzano SUZ 2.8 dd 9.31 0.04
-22.08 125.63 67.37 AlexandriaRlEst ARE 6.9 dd 76.01 -0.42 1.75 267.11 178.29 CleanHarbors CLH ... 33 234.17 -1.64 24.08 65.75 39.41 HSBC HSBC 5.3 12 61.37 0.07 -1.80 86.10 61.72 NextEraEnergy NEE 3.2 25 70.40 -0.66 114.47 55.75 16.32 Symbotic SYM ... dd 50.85 -3.10
38.07 148.43 73.87 Alibaba BABA 0.9 16 117.07 -3.56 -24.20 171.37 117.35 Clorox -5.45 42.98 27.03 H World HTHT 5.0 22 31.23 0.01 54.86 67.87 30.93 Nextracker NXT ... 15 56.57 -1.69 3.89 73.76 40.55 SynchronyFinl SYF 1.8 8 67.53 -2.14
CLX 4.0 19 123.10 -2.46 1.26 11.42 8.86 Haleon HLN 1.8 22 9.66 0.23
-34.53 262.87 127.70 AlignTech ALGN ... 23 136.52 7.51 s 85.84 211.27 69.26 Cloudflare NET ... dd 200.11 -7.57 -1.39 90.62 52.28 Nike NKE 2.1 35 74.62 -0.07 27.46 651.73 365.74 Synopsys SNPS ... 45 618.65 -14.82
26.36 166.37 116.57 Allegion ALLE 1.2 23 165.13 -0.79 10.60 74.38 60.62 Coca-Cola KO 3.0 24 68.86 0.97 -20.56 32.81 18.72 Halliburton HAL 3.1 10 21.60 -0.80 15.86 42.90 30.53 NiSource NI 2.6 23 42.59 0.14 4.47 82.23 67.12 Sysco SYY 2.7 21 79.88 0.28
-10.79 146.09 105.21 Coca-ColaCon COKE -0.18 203.72 123.98 HamiltonLane HLNE 1.5 27 147.79 -4.51 -8.58 5.48 3.70 Nokia NOK 3.4 21 4.05 -0.03
10.70 66.54 55.17 AlliantEnergy LNT 3.1 23 65.47 0.46 0.9 19 112.41 0.66
3.62 213.18 168.36 Allstate ALL 2.0 9 199.77 -3.48 26.64 100.67 71.49 CocaColaEuropac CCEP 2.3 29 97.27 0.35 73.20 18.77 7.97 HarmonyGold HMY 1.0 15 14.22 0.76
12.43 132.09 103.96 HartfordIns HIG 1.7 11 123.00 -1.39
15.37 7.20 4.66 Nomura NMR 5.0 8 6.68 0.03 TUV
2.83 43.86 29.52 AllyFinancial ALLY 3.2 24 37.03 -0.52 -8.21 90.82 65.52 CognizantTech CTSH 1.8 14 70.59 -1.17 ... 266.86 165.03 Nordson NDSN 1.5 27 209.25 -4.96
33.48 78.83 49.00 Hasbro HAS 3.8 dd 74.63 -0.53 17.11 288.11 201.63 NorfolkSouthern NSC 2.0 19 274.85 -1.80 3.95 51.99 37.42 TC Energy TRP 5.1 16 48.37 0.49
70.75 402.43 205.87 AlnylamPharm ALNY ... dd 401.80 9.56 8.51 113.60 45.58 Coherent COHR ... dd 102.79 -4.81 20.10 149.76 92.23 TD Synnex SNX 1.2 16 140.85 -3.54
-0.26 208.70 142.66 Alphabet C GOOG 0.4 20 189.95 -2.91 26.74 444.64 142.58 CoinbaseGlbl COIN -5.10 116.65 65.01 HealthEquity HQY ... 66 91.06 -5.94 23.96 133.00 80.81 NorthernTrust NTRS 2.5 15 127.06 -2.94
... 30 314.69 -63.07 -17.27 23.26 16.64 HealthpeakProp DOC 7.3 71 16.77 -0.17 41.24 212.76 116.30 TE Connectivity TEL 1.4 42 201.93 -3.82
-0.09 207.05 140.53 Alphabet A GOOGL 0.4 20 189.13 -2.77 t -8.14 109.30 82.70 ColgatePalm CL 2.5 24 83.51 -0.34 s 24.96 587.88 426.24 NorthropGrum NOC 1.6 22 586.44 9.83
36.74 328.63 216.68 Heico HEI 0.1 76 325.09 -1.71 -4.78 29.29 14.21 NorwegCruise NCLH ... 18 24.50 -1.06 15.04 17.27 13.24 Telus TU 7.0 28 15.60 -0.50
s 18.15 62.65 48.86 Altria MO 6.6 12 61.78 -0.16 -13.35 45.31 31.44 Comcast A CMCSA 4.1 5 32.52 -0.71 59.86 20.78 11.32 TIM TIMB 7.0 14 18.80 0.42
-2.11 242.52 151.61 Amazon.com 7.70 73.45 48.12 Comerica CMA 4.3 13 66.61 -0.96 38.26 260.00 171.42 HeicoA HEI.A 0.1 60 257.28 -0.81 18.49 124.83 96.06 Novartis NVS 2.9 17 115.30 1.56
AMZN ... 33 214.75 -19.36 -1.76 82.49 60.56 HenrySchein HSIC ... 21 67.98 0.33 4.30 135.85 107.71 TJX TJX 1.3 30 126.00 1.47
17.84 2.63 1.76 Ambev ABEV 6.7 13 2.18 ... 63.96 718.40 272.93 ComfortSystems FIX 0.3 36 695.30 -8.00 -43.98 139.74 46.90 NovoNordisk NVO 2.4 14 48.19 1.12
11.61 208.03 140.13 Hershey HSY 2.9 25 189.01 2.88 16.31 16.14 9.01 NuHoldings NU ... 27 12.05 -0.17 16.54 182.60 102.46 TKO TKO 0.9 96 165.61 -2.40
-1.17 11.48 8.37 Amcor AMCR 5.5 17 9.30 -0.05 -3.84 72.75 52.69 CommerceBcshrs CBSH 1.8 14 59.92 -1.28 7.46 276.49 185.39 T-MobileUS TMUS 1.5 22 237.20 -1.21
14.83 44.14 33.59 HessMidstream HESM 6.9 16 42.52 -1.01 18.82 170.52 97.59 Nucor NUE 1.6 25 138.67 -4.40
-0.76 95.41 78.61 Amdocs DOX 2.5 18 84.49 -0.87 19.10 200.68 127.35 CommvaultSys CVLT ...100 179.73 -10.22 -11.14 72.98 37.52 TPG TPG 3.1 dd 55.84 -1.23
30.58 40.21 10.11 AmerSports AS ... 98 36.51 -1.03 36.15 22.18 13.87 SABESP SBS 2.8 7 19.51 0.23 -7.21 24.66 11.96 HewlettPackard HPE 2.6 20 19.81 -0.88 147.80 53.50 6.88 NuScalePower SMR ... dd 44.43 -5.78
5.53 279.46 196.04 Hilton HLT 0.2 40 260.84 -7.24 17.87 83.36 43.35 Nutanix NTNX ...103014 72.11 -3.06 -8.87 125.81 77.85 T.RowePrice TROW 4.9 12 103.06 1.61
14.55 104.10 78.91 Ameren AEE 2.8 23 102.11 0.98 -33.30 33.24 18.18 ConagraBrands CAG 7.6 8 18.51 0.25 19.10 248.28 133.57 TaiwanSemi TSM 1.0 27 235.21 -6.41
25.51 18.51 13.10 AmericaMovil AMX 2.9 19 17.96 -0.11 -6.46 116.08 79.88 ConocoPhillips COP 3.4 12 92.76 -2.58 158.68 72.98 13.47 Hims&HersHealth HIMS ... 91 62.55 -3.63 30.86 65.08 43.70 Nutrien NTR 3.7 55 58.56 -0.76
-6.84 84.67 51.90 Hologic HOLX ... 28 67.16 0.34 s 31.87 89.91 41.70 nVentElectric NVT 0.9 26 89.88 11.46 19.83 245.07 135.24 Take-TwoSftwr TTWO ... dd 220.58 -2.15
s 23.15 114.38 89.91 AEP AEP 3.3 17 113.58 0.44 17.05 114.87 87.28 ConEd ED 3.3 19 104.44 0.94
HD 2.5 25 373.66 6.15 6.95 15.53 12.80 TakedaPharm TAK 4.1 48 14.16 0.44
-0.85 329.14 220.43 AmerExpress AXP 1.1 21 294.27 -5.04 -24.81 261.06 159.35 ConstBrands A STZ 2.5 dd 166.18 -0.86 -3.94 439.37 326.31 HomeDepot 29.36 183.30 86.62 NVIDIA NVDA 0.0 56 173.72 -4.15
9.74 34.51 23.41 HondaMotor HMC 3.6 9 31.33 0.09 s 87.63 384.92 98.50 TalenEnergy TLN ... 39 378.01 0.44
-10.60 150.19 114.73 AmericanFin AFG 2.6 13 122.42 -2.48 52.33 354.01 155.60 ConstellationEner CEG 0.5 36 340.77 -7.07
-5.96 41.41 31.68 AmHomes4Rent AMH 3.4 33 35.19 0.50 -22.91 112.38 65.00 Cooper COO 0.0 34 70.87 0.18
-3.62 242.77 179.36 Honeywell
-10.36 33.80 27.59 HormelFoods
HON 2.1 25 217.71 -4.64
HRL 4.1 21 28.12 0.03
OPQ 62.73 110.44 35.23 Tapestry TPR
-8.73 218.51 122.56 TargaResources TRGP
1.3 28 106.31
2.5 30 162.92
-1.72
-3.49
5.77 88.07 69.00 AIG AIG 2.3 17 77.00 -0.63 t -20.70 64.38 45.05 Copart CPRT ... 30 45.51 0.18 9.89 46.91 38.42 OGE Energy OGE 3.7 19 45.33 -0.09 -26.19 167.40 87.35 Target TGT 4.6 11 99.77 -0.73
15.64 243.56 172.51 AmerTowerREIT AMT 3.1 77 212.10 3.71 23.12 65.97 37.22 Core&Main CNM ... 29 62.68 -0.96 7.50 199.85 110.44 DR Horton DHI 1.1 12 150.30 7.46
-11.36 19.36 12.22 HostHotels HST 5.2 16 15.53 -0.19 -21.32 118.07 75.47 ONEOK OKE 5.2 15 78.99 -2.09 22.05 38.05 22.11 TechnipFMC FTI 0.6 17 35.32 -1.05
17.05 155.50 118.74 AmerWaterWorks AWK 2.3 26 145.72 5.48 15.20 36.41 23.69 CorebridgeFin CRBG 2.8 27 34.48 -1.08 -9.88 78.61 31.04 ON Semi ON ... 39 56.82 0.46 -22.01 54.13 28.32 TeckResourcesB TECK 1.2118 31.61 -0.85
-5.81 582.05 385.74 Ameriprise AMP 1.3 16 501.52 -16.67 9.29 198.78 137.99 HoulihanLokey HLI 1.3 32 189.79 -0.87
... 187.00 33.52 CoreWeave CRWV ... ... 104.14 -9.99 25.38 100.60 73.11 O'ReillyAuto ORLY ... 35 99.12 0.80 17.36 570.56 397.78 TeledyneTech TDY ... 30 544.69 -6.33
1.16 198.33 145.02 Ametek AME 0.7 29 182.36 -2.49 68.47 193.26 85.39 HowmetAerospace HWM 0.3 54 184.26 4.49
30.58 63.91 37.18 Corning GLW 1.8 66 62.05 -1.19
1.87 481.35 299.43 Hubbell HUBB 1.2 28 426.74 -10.74 -12.14 59.31 34.78 OccidentalPetrol OXY 2.2 18 43.41 -0.53 -10.05 8.99 6.41 Ericsson ERIC 2.5 14 7.25 0.03
13.90 339.17 253.30 Amgen AMGN 3.2 27 296.88 1.78 -6.51 400.81 265.06 Corpay CPAY ... 22 316.40 -6.65 236.74 80.42 5.35 Oklo OKLO ... dd 71.49 -5.10 49.93 11.96 7.46 TelefonicaBras VIV 2.8 18 11.32 0.10
50.19 108.85 54.77 Amphenol APH 0.6 42 104.31 -2.20 24.95 77.41 50.30 Corteva CTVA 1.0 43 71.17 -0.96
-28.45 881.13 434.84 HubSpot HUBS ... dd 498.51 -21.14
-2.54 382.72 206.87 Humana HUM 1.4 19 247.26 -2.61 20.72 127.57 70.56 Okta OKTA ...148 95.13 -2.67 29.85 5.48 3.89 Telefonica TEF 4.6 dd 5.22 0.08
... 56.29 48.01 Amrize AMRZ ... ... 51.01 -0.11 32.14 97.15 68.26 CoStar CSGP ...371 94.60 -0.59 t -19.59 233.26 141.73 OldDomFreight ODFL 0.8 28 141.85 -7.40 8.45 21.00 13.15 TelekomIndns TLK 5.9 12 17.84 0.24
4.35 247.72 158.65 AnalogDevices ADI 1.8 60 221.71 -2.92 3.96 1078.23 793.00 Costco COST 0.5 54 952.52 14.18
-18.22 200.40 122.79 JBHunt JBHT 1.3 25 139.56 -4.49
-1.41 18.45 11.91 HuntingtonBcshs HBAN 3.9 12 16.04 -0.39 -6.01 24.49 16.82 OldNatlBncp ONB 2.7 12 20.40 -0.71 62.59 91.45 31.36 TempusAI TEM ... dd 54.89 -1.70
111.27 51.93 22.45 AngloGoldAsh AU 2.1 21 48.76 2.51 -7.20 29.95 22.30 CoterraEnergy CTRA 3.6 14 23.70 -0.69 -0.77 39.84 33.00 OldRepublic ORI 3.2 10 35.91 -0.26 -8.28 40.87 27.24 Tenaris TS 0.0 9 34.66 -0.28
14.04 72.13 45.94 AB InBev 42.79 293.14 158.88 HuntingIngalls HII 2.0 20 269.83 -9.03
BUD 1.4 16 57.10 -0.57 30.76 31.64 18.16 Coupang CPNG ...208 28.74 -0.69
-12.41 168.20 102.42 HyattHotels H 0.4 18 137.50 -3.47 25.80 140.25 86.05 Ollie'sBargain OLLI ... 42 138.04 1.41 80.97 22.50 9.41 TencentMusic TME 1.5 24 20.54 -0.45
12.08 22.11 16.59 AnnalyCap NLY 13.7 20 20.51 0.18 27.51 203.89 127.04 Crane CR 0.5 37 193.49 -2.28 5.55 44.41 35.04 OmegaHealthcare OHI 6.7 25 39.95 1.05 25.24 185.25 109.82 TenetHealthcare THC ... 10 158.09 -3.19
22.80 19.09 13.12 AnteroMidstream AM 4.9 20 18.53 0.18 29.01 240.00 153.27 Credicorp BAP 4.6 12 236.50 -0.50
12.66 34.56 27.26 ICICI Bank IBN 0.6 20 33.64 -0.06
-23.97 238.22 153.36 IDEX IEX 1.8 26 159.12 -4.39 -17.35 107.00 68.37 Omnicom OMC 3.9 10 71.11 -0.94 -17.28 144.16 65.77 Teradyne TER 0.5 36 104.16 -3.27
-3.94 44.02 24.53 AnteroResources AR ... 23 33.67 -1.26 60.04 118.95 22.50 CredoTech CRDO ...386 107.56 -3.99 -14.13 64.05 34.59 OnHolding ONON ... 66 47.03 -1.54 -25.06 488.54 182.00 Tesla TSLA ...175 302.63 -5.64
-1.59 412.97 322.94 Aon AON 0.8 30 353.46 -1.50 30.54 517.98 200.81 CrowdStrike CRWD ... dd 446.66 -7.91
29.53 579.47 356.14 IdexxLab IDXX ... 49 535.54 1.23
44.93 23.90 15.09 ING Groep ING 4.4 ... 22.71 -0.65 46.68 260.87 118.86 Oracle ORCL 0.8 56 244.42 -9.35 -9.94 51.20 27.27 TetraTech TTEK 0.7 44 35.88 -0.86
46.25 36.55 20.50 APi Group APG ... 83 35.07 -1.00 17.76 120.92 84.20 CrownCastle CCI 4.0 dd 106.88 1.79 7.55 25.17 17.75 Orix IX 2.9 11 22.85 0.30 -30.22 22.80 12.46 TevaPharm TEVA ... dd 15.38 -0.07
-16.27 189.49 95.11 ApolloGlbMgmt APO 1.5 24 138.29 -7.03 18.70 109.48 75.98 Crown Holdings CCK 1.1 21 98.15 -1.21
17.91 21.85 11.60 Invesco IVZ 4.1 22 20.61 -0.40
-7.15 252.88 134.65 IQVIA IQV ... 26 182.45 -3.41 s 37.31 133.86 76.82 Oshkosh OSK 1.6 14 130.54 4.01 -3.55 221.69 139.95 TexasInstruments TXN 3.0 33 180.86 -0.20
s 29.36 320.36 189.01 AppFolio APPF ... 58 319.15 51.77 -6.88 55.14 34.24 CubeSmart CUBE 5.2 24 39.90 0.99 t -8.29 106.83 84.25 OtisWorldwide OTIS 2.0 22 84.93 -0.76 -15.48 1769.14 736.75 TexasPacLand TPL 0.7 47 934.80 -33.33
-19.18 260.10 169.21 Apple AAPL 0.5 31 202.38 -5.19 -7.49 147.64 100.31 Cullen/Frost
14.81 170.16 105.64 ITT ITT 0.9 26 164.04 -5.92
CFR 3.2 13 124.20 -3.21 3.58 17.27 7.27 IcahnEnterprises IEP 22.3 dd 8.98 -0.15 -2.67 47.18 29.80 Ovintiv OVV 3.0 17 39.42 -1.76 1.41 206.04 148.73 TexasRoadhouse TXRH 1.5 28 182.97 -2.16
10.32 282.98 188.71 AppliedIndlTechs AIT 0.7 26 264.18 -7.32 2.08 387.90 260.02 Cummins CMI 2.2 18 355.84 -11.78 -19.82 214.53 123.41 OwensCorning OC 2.0 49 136.56 -2.87 0.97 91.48 57.70 Textron TXT 0.1 17 77.23 -0.54
10.67 215.70 123.74 ApplMaterials AMAT 1.0 22 179.99 -0.07 39.09 499.30 258.85 Curtiss-Wright CW 0.2 44 493.58 3.36
-20.63 328.35 125.10 Icon ICLR ... 17 166.44 -2.75
-0.49 279.13 214.66 IllinoisToolWks ITW 2.4 22 252.31 -3.66 13.48 155.67 87.11 PDD PDD ... 12 110.06 -3.39 -10.99 627.88 385.46 ThermoFisher TMO 0.4 27 463.04 -4.64
17.09 525.15 60.67 AppLovin APP ... 68 379.17 -11.53 24.27 452.00 230.00 CyberArkSoftware CYBR ... dd 414.00 2.53 -30.03 21.72 12.97 PG&E PCG 0.7 13 14.12 0.10 25.38 218.42 150.01 ThomsonReuters TRI 1.2 42 201.08 0.17
-10.03 178.03 130.85 Aptargroup -29.16 156.66 68.70 Illumina ILMN ... 12 94.66 -8.05
ATR 1.3 24 141.35 -15.79 -3.61 216.26 145.12 PNC Finl PNC 3.7 13 185.88 -4.39 11.87 164.15 119.31 3M MMM 2.0 20 144.41 -4.81
8.55 75.41 47.19 Aptiv APTV 0.0 11 65.65 -2.99 DEF 35.26 86.26 58.76 ImperialOil
9.44 83.95 53.56 Incyte
IMO 2.1 12 83.32 -0.15
INCY ... 17 75.59 0.70 19.79 74.01 39.40 POSCO PKX 2.7 27 51.94 -2.70 28.01 49.55 22.10 Toast TOST ...199 46.66 -2.18
13.88 44.49 29.92 Aramark ARMK 1.0 33 42.49 -0.07 -12.57 137.24 90.24 PPG Ind PPG 2.7 19 104.44 -1.06 -3.21 169.52 86.67 TollBros TOL 0.8 9 121.91 3.55
33.81 34.90 20.52 ArcelorMittal MT 1.5 9 30.95 -0.68 14.71 140.39 115.59 DTE Energy DTE 3.1 20 138.51 0.10 -5.01 28.14 15.65 Informatica INFA ...5240 24.63 -0.07
6.22 114.50 69.82 DT Midstream DTM 3.0 28 105.61 2.88 -25.14 23.63 15.82 Infosys INFY 2.6 21 16.41 -0.31 9.86 36.99 29.97 PPL PPL 3.1 27 35.66 -0.03 20.86 436.99 266.26 TopBuild BLD ... 19 376.30 5.87
-4.71 116.47 82.49 ArchCapital ACGL 0.0 9 88.00 1.94 15.36 219.69 133.38 PTC PTC ... 50 212.11 -2.70 36.27 75.58 51.25 TorontoDomBk TD 4.1 11 72.55 -0.33
6.59 62.61 40.98 ADM ADM 3.8 19 53.85 -0.33 -14.14 279.90 171.00 Danaher DHR 0.6 42 197.09 -0.07 -17.11 106.03 65.61 IngersollRand IR 0.1 59 74.98 -9.65
9.00 228.27 140.10 Darden DRI 2.8 23 203.49 1.82 -8.13 155.44 118.84 Ingredion INGR 2.5 13 126.37 -5.17 -7.25 118.81 84.65 Paccar PCAR 1.4 17 96.48 -2.28 8.55 70.50 52.78 TotalEnergies TTE ... 11 59.16 -0.39
3.28 200.49 110.63 AresMgmt ARES 2.5106 182.83 -2.70 -14.98 250.82 172.72 PackagingCpAm PKG 2.6 19 191.41 -2.34 -7.67 201.00 155.00 ToyotaMotor TM 3.0 8 179.69 0.72
9.56 689.13 475.65 argenx ARGX ... 34 673.80 3.47 -5.10 170.08 81.63 Datadog DDOG ...294 135.60 -4.38 s 57.43 108.89 60.40 Insmed INSM ... dd 108.69 1.41
-7.40 179.60 131.76 DaVita DVA ... 14 138.48 -1.89 9.13 329.33 173.00 Insulet PODD ... 51 284.91 -3.49 103.98 160.89 21.23 PalantirTech PLTR ...674 154.27 -4.08 8.61 63.99 46.85 TractorSupply TSCO 1.6 28 57.63 0.68
6.37 133.57 59.43 AristaNetworks ANET ... 50 117.57 -5.65 -4.99 210.39 142.01 PaloAltoNtwks PANW ... 99 172.88 -0.72 -26.76 141.53 42.96 TradeDesk TTD ...105 86.08 -0.88
11.53 182.88 80.00 Arm ARM ...210 137.58 -3.79 -23.91 82.69 48.01 Dayforce DAY ...346 55.27 -2.40 -3.69 27.55 17.66 Intel INTC 0.0 dd 19.31 -0.49
-49.11 223.98 93.72 DeckersOutdoor DECK ... 16 103.35 -2.82 44.02 66.82 25.92 InteractiveBrkrs IBKR 0.5 33 63.61 -1.95 33.63 31.03 17.86 PanAmerSilver PAAS 1.5 32 27.02 ... 4.67 152.65 104.99 Tradeweb TW 0.4 53 137.04 -1.51
33.39 191.74 117.92 ArmstrongWorld AWI 0.7 28 188.52 0.35 24.38 13.59 9.95 ParamountB PARA 1.5 dd 13.01 0.44 18.93 476.19 298.15 TraneTech TT 0.9 35 439.25 1.17
26.74 183.00 111.09 AscendisPharma ASND ... dd 174.48 0.98 18.24 533.78 340.20 Deere DE 1.3 24 500.98 -23.39 23.88 187.38 142.29 ICE ICE 1.0 35 184.60 -0.23
10.48 147.66 66.25 DellTechC DELL 1.6 20 127.32 -5.37 -8.21 137.25 91.56 InterContHtls IHG 1.4 30 114.67 -1.49 -12.06 24.50 18.00 ParamountA PARAA 1.0 dd 19.61 0.52 25.07 1623.83 1176.31 TransDigm TDG 0.0 54 1585.00 -23.46
-12.54 230.55 164.63 Assurant AIZ 1.7 15 186.48 -0.82 11.96 745.35 488.45 ParkerHannifin PH 1.0 27 712.13 -19.77 -0.71 113.17 66.38 TransUnion TRU 0.5 46 92.05 -3.14
-1.02 147.39 36.22 AsteraLabs ALAB ...559 131.10 -5.63 -15.45 69.98 34.73 DeltaAir DAL 1.5 7 51.15 -2.06 13.75 296.16 181.81 IBM IBM 2.7 41 250.05 -3.10
-8.05 124.31 90.61 DescartesSystems DSGX ... 63 104.46 -1.30 -17.82 106.77 65.85 IntlFlavors IFF 2.3 dd 69.48 -1.55 -0.63 161.24 122.07 Paychex PAYX 3.1 30 139.34 -4.99 7.24 277.83 206.43 Travelers TRV 1.7 11 258.32 -1.92
12.87 87.67 61.24 AstraZeneca AZN 2.1 28 73.95 0.86 10.47 267.76 152.46 PaycomSoftware PAYC 0.7 32 226.44 -5.10 16.95 86.42 48.65 Trimble TRMB ... 13 82.64 -1.25
-24.83 326.00 135.29 Atlassian TEAM ... dd 182.96 -8.82 90.79 34.14 13.70 DeutscheBank DB 1.0 10 32.53 -0.45 -13.77 60.36 43.27 IntlPaper IP 4.0 dd 46.41 -0.33
-1.80 46.04 25.89 DevonEnergy DVN 3.0 7 32.14 -1.08 -13.49 33.05 22.51 Interpublic IPG 5.4 21 24.24 -0.36 -9.04 223.80 142.00 Paylocity PCTY ... 45 181.43 -3.45 -11.70 77.18 38.23 Trip.com TCOM 0.5 18 60.63 -1.32
11.88 167.45 126.08 AtmosEnergy ATO 2.2 22 155.81 -0.11 -21.37 93.66 55.85 PayPal PYPL ... 14 67.11 -1.65 -0.97 49.05 33.56 TruistFinl TFC 4.8 12 42.96 -0.75
-10.32 10.77 3.25 AuroraInnov AUR ... dd 5.65 -0.16 1.94 93.25 57.52 DexCom DXCM ... 56 79.28 -1.49 23.49 813.70 532.64 Intuit INTU 0.5 63 776.15 -8.98
t -23.34 142.73 97.10 Diageo DEO 4.2 15 97.46 -0.49 -7.44 616.00 425.00 IntuitiveSurgical ISRG ... 67 483.12 2.03 -7.13 17.90 13.10 Pearson PSO 2.1 18 14.97 0.74 12.10 151.95 56.85 Twilio TWLO ... dd 121.16 -7.84
0.49 326.62 223.03 Autodesk ADSK ... 64 297.02 -6.09 23.18 60.96 29.84 Pegasystems PEGA 0.1 50 57.40 -1.31 0.87 661.31 513.52 TylerTech TYL ... 83 581.65 -2.91
17.61 118.98 75.49 Autoliv ALV 3.1 12 110.31 -1.24 -10.80 202.87 114.00 DiamondbkEner FANG 2.7 9 146.14 -2.52 -5.10 37.80 29.37 InvitatHomes INVH 3.8 68 30.34 -0.31
-9.64 254.59 166.37 Dick's DKS 2.3 15 206.77 -4.74 -8.74 54.74 6.22 IonQ IONQ ... dd 38.12 -1.75 0.68 43.44 34.13 PembinaPipeline PBA 5.5 17 37.20 0.01 t -8.55 66.88 51.85 TysonFoods TSN 3.8 20 52.53 0.23
2.63 329.93 256.47 ADP ADP 2.1 30 300.44 -9.06 10.38 186.33 134.05 PenskeAuto PAG 3.0 12 168.26 0.85 20.94 38.42 25.75 UBS Group UBS 1.9 24 36.67 -0.66
20.51 3919.50 2898.57 AutoZone AZO ... 26 3858.86 90.48 -2.89 198.00 129.95 DigitalRealty DLR 2.8 45 172.21 -4.23 -10.45 130.24 72.33 IronMountain IRM 3.3229 94.13 -3.23
4.71 124.69 80.10 Disney DIS 0.9 24 116.59 -2.52 39.50 6.95 4.42 ItauUnibanco ITUB 5.3 9 6.29 0.02 -0.02 110.71 74.25 Pentair PNR 1.0 27 100.62 -1.58 -10.92 47.55 36.61 UDR UDR 4.4101 38.67 -0.62
-16.15 239.29 180.40 Avalonbay AVB 3.8 23 184.44 -1.84 2.33 310.00 163.63 Penumbra PEN ... 64 243.01 -9.26 -17.34 79.03 56.28 U-Haul UHAL 0.0 34 57.11 -0.75
-17.90 107.86 48.80 DocuSign DOCU ... 14 73.84 -1.80
t -46.08 27.83 10.82 Avantor AVTR ... 11 11.36 -2.08
-11.39 224.38 157.00 AveryDennison AVY 2.3 19 165.82 -1.95 43.14 126.98 66.43 DollarGeneral DG 2.2 21 108.53 3.63 JKL -8.40 180.91 127.60 PepsiCo PEP 4.1 25 139.28
18.86 103.50 63.24 PerformanceFood PFGC ... 42 100.50
1.36
0.10
-19.83 73.97 50.05 U-Haul N
44.15 74.15 46.79 UL Solutions
UHAL/B
ULS
0.4 30 51.35
0.7 43 71.90
-0.65
-1.22
24.93 830.21 279.02 AxonEnterprise AXON ...180 742.47 -13.02 53.08 115.99 60.49 DollarTree DLTR ... dd 114.72 1.17 15.57 18.02 10.19 JBS JBS 14.6 14 13.73 -0.07
12.16 61.97 48.07 DominionEner D 4.4 23 60.41 1.96 -5.08 16.33 10.01 PermianRscs PR 4.4 8 13.65 -0.51 -3.96 129.94 82.00 UMB Fin UMBF 1.5 12 108.39 -1.60
1.68 36.17 20.28 BCE BCE 11.8 86 23.57 0.24 -10.85 47.82 24.13 JD.com JD 3.2 8 30.91 -0.58 -1.32 15.73 11.03 PetroleoBrasil PBR 16.7 10 12.69 -0.05 23.45 85.11 50.49 US Foods USFD ... 38 83.28 -0.05
3.89 63.21 39.73 BHP Group BHP 4.8 11 50.73 0.06 11.06 500.55 396.06 Domino's DPZ 1.5 27 466.17 2.96 20.72 301.29 190.90 JPMorganChase JPM 1.9 15 289.37 -6.87
5.23 78.95 57.45 Donaldson DCI 1.7 24 70.87 -1.10 -2.03 14.44 10.28 PetroleoBrasilA PBR.A 18.3 9 11.60 -0.02 44.08 97.72 54.84 Uber UBER ... 15 86.91 -0.84
23.09 121.10 76.33 BJ'sWholesale BJ ... 26 109.98 4.08 51.88 232.84 95.84 Jabil JBL 0.1 42 218.56 -4.61 -11.46 31.32 20.91 Pfizer PFE 7.3 17 23.49 0.20 28.69 473.72 156.94 Ubiquiti UI 0.6 47 427.15 -8.32
7.41 35.55 25.22 BP BP 6.0 dd 31.75 -0.40 48.05 252.87 106.21 DoorDash DASH ...325 248.35 -1.90 -4.58 196.00 160.23 JackHenry JKHY 1.4 28 167.28 -2.54
-6.73 222.31 143.04 Dover DOV 1.2 11 174.97 -6.17 35.41 186.69 113.15 PhilipMorris PM 3.3 31 162.96 -1.09 16.74 523.68 309.01 UltaBeauty ULTA ... 20 507.73 -7.28
34.21 153.53 84.21 BWX Tech BWXT 0.7 48 149.50 -2.43 5.16 149.00 105.15 JacobsSolns J 0.9 38 139.08 -2.79 4.98 140.85 91.01 Phillips66 PSX 4.0 29 119.60 -3.98 6.65 65.87 54.32 Unilever UL 3.2 25 60.47 2.04
-13.10 90.11 54.22 BXP BXP 6.13264 64.62 -0.81 t -45.70 55.67 21.79 Dow DOW 6.4 dd 21.79 -1.50 -16.00 43.57 19.72 JamesHardie JHX ... 26 25.88 -0.06
7.38 85.21 25.00 Doximity DOCS ... 52 57.33 -1.42 5.60 57.16 40.09 Pilgrim'sPride PPC 0.0 9 47.93 0.54 -3.79 258.07 204.66 UnionPacific UNP 2.5 19 219.40 -2.57
2.16 116.25 74.71 Baidu BIDU ... 9 86.13 -1.74 -28.69 82.68 39.28 JefferiesFinl JEF 2.9 21 55.91 -1.75 6.97 96.50 81.47 PinnacleWest PNW 3.9 18 90.68 0.96 -12.90 116.00 37.02 UnitedAirlines UAL ... 8 84.57 -3.74
6.07 49.40 32.25 BakerHughes BKR 2.1 14 43.51 -1.54 -11.72 16.89 12.26 DrReddy'sLab RDY 0.5 17 13.94 -0.28 111.07 18.55 4.66 JobyAviation JOBY ... dd 17.16 0.50
17.55 53.61 28.69 DraftKings DKNG ... dd 43.73 -1.31 30.21 40.90 23.68 Pinterest PINS ... 14 37.76 -0.84 4.93 8.95 5.61 UnitedMicro UMC 5.5 14 6.81 -0.03
3.65 68.12 43.51 Ball BALL 1.4 30 57.14 -0.12 15.70 169.99 140.68 J&J JNJ 3.1 18 167.33 2.59 5.39 21.00 15.57 PlainsAllAmPipe PAA 8.4 19 18.00 -0.25 t -32.99 145.01 84.28 UPS B UPS 7.8 13 84.50 -1.66
71.40 16.79 9.23 BBVA BBVA 3.8 9 16.66 -0.07 14.08 125.27 105.20 DukeEnergy DUK 3.5 21 122.91 1.27 34.90 112.63 64.31 JohnsonControls JCI 1.4 32 106.48 1.48
4.55 544.93 145.05 Duolingo DUOL ...169 338.99 -7.56 4.68 22.30 16.61 PlainsGP PAGP 7.9 26 19.24 -0.36 22.03 903.61 525.91 UnitedRentals URI 0.8 22 859.62 -23.32
36.31 2.88 1.71 BancoBradesco BBDO 5.7 7 2.44 0.01 4.82 288.50 194.36 JonesLang JLL 0.0 24 265.35 -5.01 8.84 114.47 68.75 PlanetFitness PLNT ... 51 107.61 -1.58 -8.13 53.98 35.18 US Bancorp USB 4.6 11 43.94 -1.02
21.65 31.84 22.05 BancodeChile BCH 5.7 11 27.59 0.27 -8.28 90.06 53.77 DuPont DD 2.3 dd 69.94 -1.96 36.52 92.39 46.38 KB Financial KB 2.5 7 77.68 -1.47
8.27 86.88 26.96 DutchBros BROS ...147 56.71 -2.56 -9.47 395.60 282.22 Pool POOL 1.6 28 308.67 0.53 -16.60 417.81 266.98 UnitedTherap UTHR ... 11 294.28 19.58
19.95 5.77 3.75 BancSanBrasil BSBR 4.6 17 4.69 -0.03 -1.19 26.05 12.92 KE Holdings BEKE 1.7 34 18.20 -0.22 -4.40 307.91 230.98 Primerica PRI 1.6 18 259.48 -6.15 t -53.00 630.73 234.60 UnitedHealth UNH 3.7 10 237.77 -11.79
22.64 25.53 18.19 BcoSantChile BSAC 4.3 10 23.13 0.12 -7.07 63.00 39.30 Dynatrace DT ... 32 50.51 -2.10 -3.62 170.40 86.15 KKR KKR 0.5 68 142.55 -4.03
37.62 667.64 319.49 EMCOR EME 0.2 26 624.67 -2.82 -12.09 35.84 20.16 PrimoBrands PRMB 1.5 dd 27.05 -0.56 41.66 38.96 13.89 UnitySoftware U ... dd 31.83 -1.53
84.21 8.98 4.27 BancoSantander SAN 2.0 9 8.40 -0.21 40.71 945.87 551.33 KLA KLAC 0.9 29 886.64 7.61 -2.43 91.97 68.39 PrincipalFinl PFG 4.1 15 75.53 -2.30 -9.16 243.25 152.33 UniversalHealthB UHS 0.5 9 162.98 -3.47
3.89 49.30 33.06 BankofAmerica BAC 2.5 13 45.66 -1.61 24.16 34.74 24.65 ENI E 4.4 20 33.97 -0.07 31.31 21.61 13.18 KT KT 4.4 22 20.38 0.19
-4.88 138.18 102.52 EOG Rscs EOG 3.5 11 116.60 -3.42 -17.20 88.92 49.46 ProcoreTech PCOR ... dd 62.04 -9.59 -4.52 84.48 51.80 UnumGroup UNM 2.6 8 69.73 -2.08
14.19 115.66 76.98 BankMontreal BMO 4.1 14 110.82 0.38 35.22 20.81 10.57 Kanzhun BZ 0.0 33 18.66 -0.30 -10.14 180.43 149.91 Procter&Gamble PG 2.8 23 150.65 0.18 13.35 34.29 27.98 VICI Prop VICI 5.2 13 33.11 0.51
29.91 103.16 60.93 BankNY Mellon BK 2.1 15 99.81 -1.64 -35.42 269.00 138.15 EPAM Systems EPAM ... 21 150.99 -6.72 t -19.59 131.62 75.90 Kaspi.kz KSPI 7.0 7 76.16 -2.74
13.51 61.02 30.02 EQT EQT 1.2 28 52.34 -1.41 0.62 292.99 208.13 Progressive PGR 0.2 16 241.09 -0.95 9.47 12.04 8.05 Vale VALE 7.7 7 9.71 0.18
3.20 57.07 43.67 BankNovaScotia BNS 5.3 16 55.44 -0.17 -1.30 83.22 61.47 Kellanova K 2.9 21 79.92 0.09 -0.75 132.57 85.35 Prologis PLD 3.9 29 104.91 -1.87 8.64 155.12 99.00 ValeroEnergy VLO 3.4 55 133.18 -4.13
43.72 20.07 10.22 Barclays BCS 2.2 6 19.10 -0.52 3.17 113.95 68.27 EastWestBncp EWBC 2.4 12 98.80 -1.45 1.12 25.17 18.11 Kenvue KVUE 3.8 39 21.59 0.15
0.92 192.21 137.67 EastGroup EGP 3.5 35 161.97 -1.27 -15.03 130.55 90.38 PrudentialFinl PRU 5.4 22 100.71 -2.87 33.82 296.72 177.41 VeevaSystems VEEV ... 60 281.35 -2.85
37.87 21.95 15.11 BarrickMining B 1.9 16 21.37 0.25 3.74 38.28 30.12 KeurigDrPepper KDP 2.8 30 33.32 0.67 56.96 25.60 14.39 Prudential PUK 1.9 15 25.02 -0.50 14.62 71.36 55.24 Ventas VTR 2.8156 67.50 0.32
t -24.69 40.49 21.33 BaxterIntl BAX 3.1 dd 21.96 0.20 t -35.62 114.50 56.78 EastmanChem EMN 5.6 8 58.79 -13.82 2.98 20.04 12.72 KeyCorp
14.89 399.56 231.85 Eaton ETN 1.1 38 381.29 -3.43
KEY 4.6 dd 17.65 -0.27 5.30 95.22 74.67 PSEG PEG 2.8 24 88.97 -0.82 ... 25.50 6.75 VentureGlobal VG 0.4 23 14.92 -0.41
-22.26 251.99 163.33 BectonDicknsn BDX 2.4 34 176.37 -1.88 -1.21 186.20 119.72 KeysightTech KEYS ... 37 158.68 -5.23 -6.86 369.99 256.60 PublicStorage PSA 4.3 30 278.89 6.95 2.85 115.00 83.86 Veralto VLTO 0.4 29 104.75 -0.08
22.31 59.25 36.51 BentleySystems BSY 0.5 73 57.12 -0.86 48.09 92.79 54.55 eBay EBAY 1.3 20 91.74 -0.01 -0.31 150.45 124.10 KimberlyClark KMB 3.9 18 130.64
17.60 34.20 14.79 EchoStar
6.02 7.21 149.47 88.07 PulteGroup PHM 0.8 9 116.75 3.83 28.22 310.60 172.49 VeriSign VRSN 1.2 32 265.37 -3.50
61.88 308.87 155.75 BeOneMed ONC ... dd 299.01 -2.12 SATS ... dd 26.93 -5.66 -11.48 25.83 17.93 KimcoRealty KIM 4.8 25 20.74 -0.49 -11.26 73.67 34.51 PureStorage PSTG ...147 54.51 -5.01 -1.29 322.92 259.22 VeriskAnalytics VRSK 0.7 42 271.89 -6.82
18.34 76.38 53.65 Berkley WRB 0.5 16 69.25 0.44 11.39 274.17 221.62 Ecolab ECL 1.0 35 261.01 -0.75 2.55 31.48 19.68 KinderMorgan KMI 4.2 23 28.10 0.04 QXO 0.0 dd 19.33 7.23 47.35 37.59 Verizon VZ
4.67 11.04 7.21 Ecopetrol EC 20.2 5 8.29 -0.11 21.57 24.69 10.61 QXO -0.73 6.3 10 42.88 0.12
4.49 812855 609578 BerkHathwy A BRK.A ... 13 711480 -8370.00 74.87 16.52 7.84 KinrossGold KGC 0.7 13 16.21 0.21 9.03 51.88 37.63 Qiagen QGEN 0.5120 49.94 0.60 126.49 105.50 18.51 VeronaPharma VRNA ... dd 105.18 0.09
4.32 542.07 406.11 BerkHathwy B BRK.B ... 13 472.84 0.96 -33.45 88.77 47.73 EdisonIntl EIX 6.2 8 53.13 1.01 -4.44 531.79 405.00 KinsaleCapital KNSL 0.2 23 444.49 3.80 -3.53 182.10 120.80 Qualcomm QCOM 2.4 14 148.19 1.43 14.76 519.88 377.85 VertexPharm VRTX ... dd 462.13 5.26
-25.27 103.71 54.99 BestBuy BBY 5.9 16 64.12 -0.94 7.16 83.00 59.41 EdwardsLife EW ... 54 79.33 0.02 -27.93 49.55 22.12 Klaviyo KVYO ... dd 29.72 -1.38 25.03 424.94 227.08 QuantaServices PWR 0.1 61 395.17 -10.96 24.63 155.84 53.60 Vertiv VRT 0.1 68 141.59 -4.01
20.87 31.77 12.72 Bilibili BILI ... dd 21.89 -0.93 -19.68 118.84 69.00 Elastic ESTC ... dd 79.58 -4.12 4.50 32.91 21.48 Philips PHG 3.1 dd 26.46 0.26 13.25 182.38 144.87 QuestDiag DGX 1.9 20 170.85 3.44 -29.24 13.55 6.85 Viatris VTRS 5.4 dd 8.81 0.07
-23.80 81.30 46.01 Bio-Techne TECH 0.6 67 54.89 0.16 80.19 476.04 177.85 ElbitSystems ESLT 0.5 59 465.01 -1.70 90.84 14.79 6.68 KoreaElecPwr KEP 0.4 5 13.13 -0.61 30.64 59.97 30.56 Viking VIK ... 47 57.56 -1.16
-13.71 213.50 110.03 Biogen BIIB ... 13 131.95 3.95
-11.55 94.85 52.93 BioMarinPharm BMRN ... 22 58.14 0.29
7.37 168.50 115.21 ElectronicArts EA 0.5 39 157.08
t -25.55 567.26 273.84 ElevanceHealth ELV 2.5 12 274.66
4.59
-8.42
-10.75 36.53 25.44 KraftHeinz KHC 5.8 dd 27.41
114.97 61.43 17.91 KratosDefense KTOS ...449 56.71
-0.05
-1.99
RS -25.41 56.76 34.71 ViperEnergy VNOM 3.3 10 36.60 -1.06
54.96 61.65 26.04 Embraer ERJ 0.1 26 56.84 -0.74
7.38 375.51 254.51 Visa V 0.7 33 339.35 -6.12
-5.80 131.49 76.53 BioNTech BNTX 0.0 dd 107.34 -0.16 16.70 74.11 50.69 Kroger KR 2.0 19 71.36 1.26 s 33.65 405.18 260.53 RBC Bearings RBC ... 52 399.80 12.46 50.90 213.05 66.50 Vistra VST 0.4 33 208.05 -0.49
-13.27 64.78 40.56 Birkenstock BIRK ... 34 49.14 -0.95 25.12 47.20 32.00 Emera EMA 4.3 23 46.77 0.30 5.14 44.20 21.34 Kyndryl KD ... 35 36.38 -1.39 20.01 111.70 70.38 RB Global RBA 1.1 53 108.26 ... 29.09 11.66 8.00 Vodafone VOD 4.2 dd 10.96 0.15
6.51 1130.66 773.74 BlackRock BLK 1.9 26 1091.80 -14.21 14.40 150.27 90.06 EmersonElec EMR 1.5 34 141.78 -3.73 s 55.04 43.70 21.83 LatamAirlines LTM 1.5 11 42.76 -0.63 13.58 56.33 43.45 RELX RELX 1.7 39 51.59 -0.30 6.88 298.31 215.08 VulcanMatls VMC 0.7 38 274.94 0.27
-1.17 200.96 115.66 Blackstone BX 2.5 46 170.40 -2.56 8.89 47.44 36.50 Enbridge ENB 5.8 24 46.20 0.91 13.29 403.57 187.19 LPL Financial LPLA 0.3 25 369.91 -25.82 -4.51 141.79 95.28 RPM RPM 1.7 22 117.51 0.10
-12.90 99.26 44.27 Block
65.33 39.09 9.02 BloomEnergy
XYZ ... 18 74.03 -3.23
BE ...7813 36.72 -0.67
17.52 123.13 82.74 EncompassHealth EHC 0.7 22 108.53
-9.19 21.45 14.60 EnergyTransfer ET 7.4 13 17.79
-1.58
-0.25
32.33 280.03 193.09 L3HarrisTech LHX 1.7 31 278.26 3.44 35.51 158.79 112.27 RTX
27.18 306.34 155.96 RalphLauren
RTX
RL
1.7 34 156.81
1.2 25 293.77
-0.76
-4.98
WXYZ
14.03 283.47 209.38 Labcorp LH 1.1 29 261.50 1.42
-19.00 26.73 14.55 BlueOwlCapital OWL 4.8334 18.84 -0.51 14.22 158.45 118.73 EnsignGroup ENSG 0.2 27 151.75 1.75 33.42 102.59 56.32 LamResearch LRCX 1.0 23 96.37 1.53 -1.03 43.50 27.29 RangeResources RRC 1.0 18 35.61 -1.11 s 17.23 111.07 86.76 WEC Energy WEC 3.2 21 110.24 1.16
25.37 242.69 128.88 Boeing BA 0.0 dd 221.90 0.06 -23.62 119.95 60.75 Entegris ENTG 0.5 39 75.66 -2.80 -0.68 139.88 99.84 LamarAdv LAMR 5.1 29 120.91 -1.34 4.96 174.32 104.23 RaymondJames RJF 1.2 16 163.03 -4.10 19.27 66.64 52.91 W.P.Carey WPC 5.5 43 64.98 0.82
8.41 5839.41 3180.00 Booking BKNG 0.7 37 5386.29 -117.77 18.27 91.46 57.58 Entergy ETR 2.7 22 89.67 -0.76 1.75 56.60 30.18 LasVegasSands LVS 1.9 26 52.26 -0.14 5.92 64.88 50.71 RealtyIncome O 5.7 51 56.57 0.71 -1.42 216.10 147.66 Wabtec WAB 0.5 28 186.89 -5.16
-14.76 190.59 98.95 BoozAllen BAH 2.0 13 109.70 2.37 -1.98 34.63 27.37 EnterpriseProd EPD 7.1 11 30.74 -0.25 10.51 202.90 123.62 Leidos LDOS 1.0 16 159.20 -0.45 15.42 230.41 49.13 Reddit RDDT ...163 188.64 28.05 24.76 13.25 8.08 WalgreensBoots WBA 0.0 dd 11.64 ...
18.01 108.94 71.88 BostonSci BSX ... 63 105.41 0.49 -5.83 309.63 199.98 Equifax EFX 0.8 47 239.99 -0.24 -11.49 186.23 98.42 Lennar A LEN 1.7 10 115.98 3.80 -3.83 185.28 90.56 RegalRexnord RRX 0.9 43 149.19 -3.69 9.01 105.30 66.67 Walmart WMT 1.0 42 98.49 0.51
72.63 48.68 21.72 BridgeBioPharma BBIO ... dd 47.37 0.10 -18.15 994.03 701.41 Equinix EQIX 2.4 76 771.75 -13.42 -11.27 168.22 94.09 Lennar B LEN.B 1.8 9 111.44 4.26 -4.67 78.18 63.44 RegencyCtrs REG 4.0 33 70.48 -0.92 21.76 13.87 6.64 WarnerBrosA WBD ... dd 12.87 -0.30
-21.80 63.33 42.96 BristolMyers BMY 5.6 18 44.23 0.92 7.43 28.29 21.41 Equinor EQNR 4.3 8 25.45 -0.30 -0.56 689.44 500.10 LennoxIntl LII 0.9 26 605.87 -3.13 -21.54 1211.20 476.49 RegenPharm REGN 0.6 14 558.87 13.41 -7.65 36.64 25.56 WarnerMusic WMG 2.5 33 28.63 -0.63
s 49.64 54.91 34.12 BritishAmTob BTI 5.4 30 54.35 0.67 6.19 56.61 36.46 Equitable EQH 2.2 14 50.09 -1.26 28.97 49.31 22.73 LeonardoDRS DRS 0.9 45 41.67 0.07 5.82 27.96 17.74 RegionsFinl RF 4.3 12 24.89 -0.44 8.74 201.66 169.36 WasteConnections WCN 0.7 75 186.57 -0.10
24.50 306.95 128.50 Broadcom AVGO 0.8109 288.64 -5.06 -9.52 76.60 58.15 EquityLife ELS 3.4 33 60.26 0.34 5.21 33.12 17.44 LiAuto LI ... 24 25.24 -0.86 -16.99 233.81 159.25 ReinsGrp RGA 2.0 15 177.33 -15.12 13.42 242.58 199.69 WasteMgt WM 1.4 34 228.88 -0.28
8.21 257.65 206.28 BroadridgeFinl BR 1.4 37 244.65 -2.86 -12.56 78.83 59.41 EquityResdntl EQR 4.4 24 62.75 -0.45 -14.11 97.36 54.62 LibertyBroadbandC LBRDK ... 10 60.11 -1.21 5.26 347.44 250.07 Reliance RS 1.7 21 283.43 -6.70 -21.75 423.56 279.62 Waters WAT ... 26 290.31 1.55
10.37 63.53 38.18 BrookfieldAsset BAM 2.9 43 59.81 -1.86 -14.91 547.00 332.34 ErieIndemnity ERIE 1.6 30 350.75 -5.49 -14.00 95.91 53.72 LibertyBroadbandA LBRDA 0.0 10 59.91 -1.22 -2.81 300.00 219.00 RenaissanceRe RNR 0.7 6 241.83 -1.91 -8.24 571.41 418.31 Watsco WSO 2.8 33 434.85 -16.03
13.72 68.75 42.21 Brookfield BN 0.6230 65.33 -1.72 5.12 41.78 33.18 EssentialUtil WTRG 3.6 17 38.18 1.38 20.21 85.67 34.56 LibertyLiveA LLYVA ... dd 80.01 -1.79 -6.32 34.07 19.60 RentokilInit RTO 2.4 36 23.72 -1.05 27.41 263.07 177.59 WattsWater WTS 0.8 30 259.02 -3.30
-2.04 36.50 25.72 BrookfieldInfr BIP 5.5565 31.14 -0.06 -10.06 317.73 243.85 EssexProp ESS 4.0 21 256.72 -3.46 6.78 106.26 72.69 LibertyFormOne C FWONK ... dd 98.94 -1.41 14.93 258.75 193.75 RepublicSvcs RSG 1.1 34 231.21 0.56 47.16 68.50 20.41 Wayfair W ... dd 65.22 -0.42
13.74 68.87 42.31 BrookWealth BNT 0.0 ... 65.33 -1.60 21.42 103.44 48.37 EsteeLauder EL 1.5 dd 91.04 -2.30 5.69 96.40 66.26 LibertyFormOne A FWONA ... dd 88.82 -1.30 s 22.09 281.90 199.92 ResMed RMD 0.8 29 279.20 7.26 1.43 63.99 39.43 WebsterFin WBS 2.9 11 56.01 -1.64
t -9.59 125.67 90.55 Brown&Brown BRO 0.7 27 92.24 0.87 6.07 324.06 148.63 EvercoreA EVR 1.1 27 294.01 -7.13 21.32 88.31 35.26 LibertyLiveC LLYVK ... dd 82.57 -1.66 4.36 74.09 58.71 RestaurantBrands QSR 3.6 23 68.02 0.16 10.73 84.83 50.15 WellsFargo WFC 2.3 13 77.78 -2.85
-24.30 49.89 25.53 Brown-Forman B BF.B 3.2 16 28.75 -0.10 -8.59 407.30 320.00 Everest EG 2.4 17 331.34 -4.46 -1.25 972.53 677.09 EliLilly LLY 0.8 63 762.33 22.26 t -20.95 129.50 85.80 Revvity RVTY 0.3 37 88.23 0.33 31.91 168.84 110.74 Welltower WELL 1.8137 166.24 1.17
-24.20 48.59 26.11 Brown-Forman A BF.A 3.2 16 28.57 -0.07 s 16.25 71.63 57.28 Evergy EVRG 3.7 19 71.55 0.75 28.63 244.30 161.11 LincolnElectric LECO 1.2 27 241.14 -2.36 -7.09 52.61 29.68 RexfordIndlRealty REXR 4.8 27 35.92 -0.61 12.45 219.06 125.20 WescoIntl WCC 0.9 16 203.49 -3.47
-8.92 203.14 102.60 BuildersFirst BLDR ... 20 130.18 3.05 14.14 69.01 52.28 EversourceEner ES 4.6 28 65.55 -0.55 9.73 487.49 408.65 Linde LIN 1.3 33 459.41 -0.85 1.43 72.08 51.67 RioTinto RIO 6.7 9 59.65 -0.12 -26.96 352.33 187.43 WestPharmSvcs WST 0.4 36 239.26 ...
0.31 102.58 67.40 BungeGlobal BG 3.6 8 78.00 -1.76 -15.00 72.83 39.97 ExactSciences EXAS ... dd 47.76 0.81 -27.69 88.78 40.49 Lineage LINE 4.6 dd 42.35 -0.80 -6.92 17.15 9.50 Rivian RIVN ... dd 12.38 -0.49 -8.63 98.09 57.05 WestAllianceBcp WAL 2.0 10 76.33 -1.23
-4.17 298.88 212.92 BurlingtonStrs BURL ... 34 273.18 0.22 11.89 49.62 23.21 Exelixis EXEL ... 18 37.26 1.04 12.85 157.75 87.33 LiveNationEnt LYV ... 50 146.14 -1.56 168.12 113.44 13.98 Robinhood HOOD ... 51 99.90 -3.15 69.89 78.80 28.83 WesternDigital WDC 0.5 15 76.55 -2.14
14.07 588.26 318.60 CACI Intl CACI ... 22 460.93 0.36 18.68 48.11 35.94 Exelon EXC 3.6 17 44.67 -0.27 s 60.29 4.44 2.56 LloydsBanking LYG 3.6 ... 4.36 0.14 116.09 150.59 35.30 Roblox RBLX ... dd 125.03 -12.76 2.47 43.33 33.60 WesternMidstrm WES 9.2 12 39.38 -0.44
-25.27 172.43 70.00 CAVA CAVA ... 70 84.30 -3.71 2.43 123.34 69.12 ExpandEnergy EXE 2.3264 101.97 -2.81 -13.36 618.95 410.11 LockheedMartin LMT 3.1 24 421.01 0.03 46.89 21.38 10.06 RocketCos. RKT 0.0 dd 16.54 1.77 -34.21 153.34 68.55 Westlake WLK 2.8 25 75.43 -3.87
17.25 161.03 105.17 CBRE Group CBRE ... 43 153.94 -1.80 -4.44 207.73 110.20 Expedia EXPE 0.9 21 178.06 -2.16 6.61 93.23 75.16 Loews L 0.3 15 90.29 -0.25 75.93 53.44 4.20 RocketLab RKLB ... dd 44.81 -1.11 -10.91 34.02 24.10 Weyerhaeuser WY 3.3 65 25.08 0.03
-2.98 231.38 137.31 CDW CDW 1.5 21 168.86 -5.52 3.50 131.59 100.47 ExpeditorsIntl EXPD 1.3 19 114.65 -1.59 8.89 105.65 64.73 LogitechIntl LOGI 1.3 21 89.67 -3.21 20.54 360.92 215.00 Rockwell ROK 1.5 43 344.50 -7.21 63.76 96.83 53.05 WheatonPrecMtls WPM 0.7 68 92.10 0.59
7.31 104.45 67.34 CF Industries CF 2.2 12 91.56 -1.27 -6.89 184.87 121.03 ExtraSpaceSt EXR 4.7 30 139.30 4.94 -8.27 287.01 206.38 Lowe's LOW 2.1 19 226.40 2.83 9.63 41.84 23.18 RogersComm B RCI 4.2 17 33.69 0.29 11.36 63.45 40.41 Williams WMB 3.3 32 60.27 0.32
-12.66 122.79 92.85 CGI A GIB 0.4 18 95.48 -0.95 1.92 126.34 97.80 ExxonMobil XOM 3.6 15 109.64 -2.00 t -49.44 423.32 191.44 lululemon LULU ... 13 193.33 -7.20 7.59 104.96 48.33 Roku ROKU ... dd 79.98 -14.18 1.34 219.98 125.33 Williams-Sonoma WSM 1.4 21 187.67 0.62
10.20 116.16 84.68 CH Robinson CHRW 2.2 26 113.86 -1.46 22.25 334.00 184.81 F5 FFIV ... 27 307.43 -5.99 -28.07 99.36 51.11 LyondellBasell LYB 10.3 17 53.42 -4.51 24.57 58.65 45.34 Rollins ROL 1.1 57 57.74 0.47 0.49 344.14 271.01 WillisTowers WTW 1.2218 314.77 -1.04
20.90 290.79 196.62 CME Group CME 3.8 27 280.76 2.48 -4.67 181.64 75.06 FTAI Aviation FTAI 0.9 34 137.32 -0.29 4.28 595.17 499.47 RoperTech ROP 0.6 38 542.11 -8.29 27.53 433.86 204.00 Wingstop WING 0.3 61 362.45 -14.89
11.15 76.45 63.97 CMS Energy
-9.26 52.36 43.29 CNA Fin
CMS 2.9 22 74.08 0.28
CNA 4.2 13 43.89 -0.44
43.35 332.61 148.55 Fabrinet
t -18.52 499.87 389.08 FactSet
FN ... 35 315.20
FDS 1.1 28 391.33
-8.53
-11.57
MN -9.43 163.60 122.36 RossStores
6.72 134.25 102.89 RoyalBkCanada RY
ROST 1.2 22 137.01
3.2 14 128.61
0.47
0.15
-0.55 142.04 89.10 WintrustFinl
-24.29 3.79 2.63 Wipro
WTFC 1.6 12 124.02
WIT 4.2 20 2.68
-3.96
-0.04
10.06 14.27 9.28 CNH Indl CNH 2.0 15 12.47 -0.49 t -30.63 2402.51 1350.00 FairIsaac FICO ... 54 1381.07 -55.65 4.93 152.50 84.00 Macom Tech MTSI ... dd 136.31 -0.83 36.22 355.91 130.08 RoyalCaribbean RCL 0.8 24 314.25 -3.62 8.01 18.44 11.26 WoodsideEnergy WDS 7.0 9 16.85 -0.08
2.94 110.97 74.03 CRH CRH 1.6 20 95.24 -0.21 26.38 48.10 32.04 Fastenal FAST 1.9 44 45.44 -0.69 -1.61 225.70 150.75 M&T Bank MTB 2.9 12 184.99 -3.71 15.77 191.78 125.69 RoyalGold RGLD 1.2 25 152.64 1.22 55.80 267.44 145.98 Woodward WWD 0.4 41 259.29 2.21
8.49 37.10 26.22 CSX CSX 1.5 22 35.01 -0.53 -22.83 308.53 194.29 FedEx FDX 2.7 14 217.10 -6.39 3.17 42.53 25.30 MGM Resorts MGM 0.0 20 35.75 -0.70 45.47 37.56 24.05 RoyaltyPharma RPRX 2.4 15 37.11 0.31 64.58 57.97 29.44 WooriFinl WF 4.1 6 51.43 -1.46
39.16 72.51 43.56 CVS Health CVS 4.3 17 62.47 0.37 27.99 228.80 146.00 FergusonEnts FERG 1.5 28 222.15 -1.18 8.34 54.87 39.95 MPLX MPLX 7.4 12 51.85 -0.65 34.10 103.00 28.60 Rubrik RBRK ... dd 87.65 -7.30 -13.88 294.00 199.81 Workday WDAY ...123 222.22 -7.16
18.81 376.44 221.56 CadenceDesign CDNS ... 97 356.97 -7.60 2.68 519.10 391.54 Ferrari RACE 0.8 45 436.24 -7.15 308.27 65.84 10.02 MP Materials MP ... dd 63.69 2.19 t -9.83 77.16 55.77 RyanSpecialty RYAN 0.82594 57.85 -3.34 25.27 112.36 65.25 WynnResorts WYNN 0.9 29 107.93 -1.10
11.62 30.13 15.95 CAE CAE 0.0 31 28.33 -0.20 21.77 56.43 37.93 Ferrovial FER 0.0 10 51.18 0.08 -7.10 642.45 486.74 MSCI MSCI 1.3 37 557.40 -3.96 42.51 63.91 38.39 Ryanair RYAAY 1.2 15 62.12 -0.15 38.02 20.64 10.82 XP XP 16.1 11 16.36 0.21
-7.83 127.69 102.35 CamdenProperty CPT 3.9 98 106.95 -2.25 0.78 66.72 50.61 FidNatlFinl FNF 3.5 14 56.58 0.15 -1.12 47.22 30.39 MagnaIntl MGA 4.7 10 41.32 0.32 14.94 313.28 194.93 SAP SAP 0.7 47 283.00 -3.70 -9.42 161.00 85.06 XPO XPO ... 41 118.79 -1.50
41.91 80.32 35.00 Cameco CCJ 0.1 83 72.93 -2.00 -2.98 91.98 66.51 FidNatlInfo FIS 2.0 49 78.36 -1.05 -18.27 123.00 76.95 MakeMyTrip MMYT ...106 91.77 -1.82 9.56 558.86 427.14 S&P Global SPGI 0.7 42 545.66 -5.44 s 8.81 74.13 57.24 XcelEnergy XEL 3.1 20 73.47 0.03
-22.80 52.80 29.39 Campbell's CPB 4.8 21 32.33 0.41 -3.24 49.07 32.25 FifthThirdBncp FITB 3.6 13 40.91 -0.66 -20.57 312.60 140.81 ManhattanAssoc MANH ... 60 214.66 -5.00 12.15 252.64 192.55 SBA Comm SBAC 1.9 30 228.57 3.85 52.71 27.16 6.60 XPeng XPEV ... dd 18.05 -0.16
13.52 74.63 47.55 CIBC CM 3.5 13 71.78 0.34 -9.48 2412.93 1473.62 FirstCitizBcshA FCNCA 0.4 11 1912.64 -82.12 -0.85 33.07 23.30 ManulifeFinl MFC 4.0 16 30.45 -0.51 4.81 93.96 62.38 SEI Investments SEIC 1.1 16 86.45 -1.67 22.55 144.83 100.47 Xylem XYL 1.1 37 142.18 -2.44
-8.52 121.12 91.65 CanNtlRlwy CNI 2.8 18 92.86 -0.59 5.96 23.00 14.34 FirstHorizon FHN 2.8 14 21.34 -0.47 13.50 53.44 29.84 Maplebear CART ... 31 47.01 -0.96 4.99 24.58 19.84 SK Telecom SKM 5.1 10 22.09 -0.10 -22.11 47.43 16.18 YPF YPF 0.0 8 33.11 -0.43
0.32 37.91 24.65 CanadianNatRscs CNQ 4.9 12 30.97 -0.73 4.39 262.72 116.56 FirstSolar FSLR ... 16 183.97 9.24 18.66 183.10 115.10 MarathonPetrol MPC 2.2 23 165.53 -4.66 s 34.94 198.75 115.00 SPX Tech SPXC ... 44 196.36 13.97 8.35 163.30 122.13 Yum!Brands YUM 2.0 29 145.36 1.21
0.70 87.72 66.49 CdnPacKC CP 0.8 23 72.88 -0.67 8.57 44.97 37.58 FirstEnergy FE 4.1 19 43.19 0.48 11.80 2075.91 1491.03 Markel MKL ... 12 1929.87 -78.42 11.15 89.73 66.83 SS&C Tech SSNC 1.2 27 84.23 -1.25 -3.07 53.99 28.50 YumChina YUMC 2.1 20 46.69 0.01
16.35 232.45 128.22 CapitalOne COF 1.2 17 207.47 -7.53 8.16 201.10 153.13 FirstService FSV 0.6 63 195.80 -1.42 -8.46 307.52 204.55 Marriott MAR 1.0 29 255.35 -8.48 ... 26.35 15.05 SailPoint SAIL ... dd 20.62 -1.72 3.48 27.50 16.34 ZTO Express ZTO 3.4 13 20.23 0.54
31.90 168.44 96.05 CardinalHealth CAH 1.3 24 156.00 0.78 -34.12 238.59 128.22 Fiserv FI ... 23 135.33 -3.61 t -6.89 248.00 196.27 Marsh&McLen MMC 1.8 24 197.78 -1.42 -25.00 369.00 230.00 Salesforce CRM 0.7 39 250.74 -7.59 -13.20 427.75 205.73 ZebraTech ZBRA ... 32 335.24 -3.78
-4.42 481.26 311.41 Carlisle CSL 1.1 20 352.52 -2.19 28.99 53.97 25.11 Flex FLEX ... 22 49.52 -0.35 11.88 633.23 441.94 MartinMarietta MLM 0.5 33 577.86 2.98 -17.58 61.90 31.40 Samsara IOT ... dd 36.01 -2.02 8.31 89.39 41.67 Zillow C Z ... dd 80.20 0.65
16.28 63.74 33.02 Carlyle CG 2.4 20 58.71 -1.95 -21.45 124.68 66.01 Floor&Decor FND ... 40 78.31 1.67 -32.59 127.48 47.09 MarvellTech MRVL 0.3 dd 74.45 -5.92 -3.07 60.12 44.73 Sanofi SNY 3.4 12 46.75 1.11 8.91 86.58 40.30 Zillow A ZG ... dd 77.16 0.41
t -31.53 91.25 55.37 CarMax KMX ... 15 55.98 -0.63 -16.02 60.10 29.20 Fluor FLR 0.0 4 41.42 -15.35 -5.15 86.70 56.55 Masco MAS 1.8 18 68.83 0.70 -13.80 46.16 31.11 Schlumberger SLB 3.4 11 33.05 -0.75 -14.21 116.71 89.22 ZimmerBiomet ZBH 1.1 20 90.62 -1.03
16.65 31.01 13.78 Carnival CCL 0.0 16 29.07 -0.70 15.93 309.77 175.59 FlutterEnt FLUT ...104 299.62 -2.64 -6.87 194.88 101.61 Masimo MASI ... dd 153.95 0.16 29.08 99.59 61.15 SchwabC SCHW 1.1 26 95.53 -2.20 -9.54 200.33 139.70 Zoetis ZTS 1.4 26 147.38 1.59
18.08 28.29 12.65 Carnival CUK 0.0 14 26.58 -0.62 4.07 114.33 81.08 FEMSA FMX 2.3 33 88.97 -1.49 27.85 194.00 89.96 MasTec MTZ ... 52 174.05 -15.16 45.34 172.65 55.00 Sea SE ...108 154.21 -2.44 -13.04 92.80 55.06 ZoomComms ZM ... 21 70.97 -3.08
51.89 290.84 119.69 CarpenterTech CRS 0.3 35 257.78 8.39 9.29 11.97 8.44 FordMotor F 5.5 14 10.82 -0.25 6.33 594.71 439.59 Mastercard MA 0.5 38 559.89 -6.58 79.37 157.45 63.19 Seagate STX 1.9 23 154.81 -2.20 55.35 318.46 153.45 Zscaler ZS ... dd 280.27 -5.29

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 Fund
Net YTD
NAV Chg %Ret
Edgewood Growth Instituti Idx2050InsPre 28.51 -0.26 9.9 Franklin A1 Northern Funds StratAdIntlFnd NA ... NA SmCapAdml 113.88 -1.83 -0.4 WndsrII 46.37 -0.73 5.6
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. EdgewoodGrInst 46.55 -0.55 5.0 Fidelity Invest IncomeA1 2.40 -0.01 5.5 StkIdx NA ... NA StratAdMunBond NA ... NA SmGthAdml 97.62 -1.68 -0.5 VANGUARD INDEX FDS
Fidelity Balanc 31.08 -0.27 6.1 FrankTemp/Frank Adv Old Westbury Fds StratAdvFidIntl 13.97 -0.04 18.3 STBondAdml 10.31 +0.06 4.0 ExtndIstPl 362.53 -7.59 2.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
500IdxInstPrem216.78 -3.51 6.8 BluCh 241.62 -5.89 6.4 IncomeAdv 2.38 -0.01 5.7 LrgCpStr NA ... NA TIAA/CREF Funds STIGradeAdml 10.49 +0.05 4.5 IdxIntl 21.90 -0.07 16.7
and s apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply,
Contrafund K6 35.34 -0.72 13.8 BluChpGr K6 39.86 -0.87 8.2 FrankTemp/Franklin A Parnassus Fds EqIdxInst 43.58 -0.73 6.3 STIPSIxAdm 25.17 +0.09 4.7 MdCpGrAdml123.00 -2.35 12.9
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 93.24 -1.96 2.6 Contra 23.59 -0.48 13.1 DynaTech A 191.94 -4.51 9.9 ParnEqFd 64.11 -1.06 7.7 IntlEqIdxInst 25.85 ... 17.5 TotBdAdml 9.70 +0.08 4.7 MdCpVlAdml 85.91 -0.74 3.7
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSer5 7.69 +0.06 5.6 ContraK 23.68 -0.48 13.1 Growth A 144.29 -2.20 8.1 PGIM Funds Cl Z LrgCpGrIdxInst 72.29 -1.43 7.9 TotIntBdIdxAdm 19.71 +0.01 1.9 SmValAdml 83.97 -1.28 -0.3
available due to incomplete price, performance or cost data. NE-Not released by LSEG; FidSerInt 8.67 +0.01 0.8 CpInc 10.54 -0.07 6.6 RisDv A 94.59 -0.77 6.7 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotIntlAdmIdx r 36.63 -0.13 16.8 TotBd2 9.57 +0.08 4.6
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FIDZroLgCpIx 22.38 -0.38 7.0 GroCo 43.04 -1.03 6.7 TotRtnBdFdClInst 23.96 +0.17 5.2 TotRt NA ... NA BalAdml 50.13 -0.36 6.0 TxMCapAdml320.68 -5.25 6.6 TotItlInstPlId r146.52 -0.50 16.8
Friday, August 1, 2025 GlexUSIdxInstPre 16.88 -0.06 17.1 InvGrBd 10.13 +0.09 5.1 Harbor Funds PIMCO Funds A CAITAdml 11.25 +0.04 0.9 TxMIn r 17.99 -0.03 18.6 TotSt 148.85 -2.50 6.2
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LgCpGwId InstPre 42.29 -0.83 8.0 NASDAQ 262.68 -6.00 7.3 DispValMCI 28.78 -0.30 6.8 Income NA ... NA EMAdmr 41.08 -0.34 12.1 WdsrllAdml 82.25 -1.29 5.7 DevMktsInxInst 28.16 -0.04 18.6
AB Funds NwWrldA 87.32 -0.98 13.3 DivIncom I 34.85 -0.28 6.5 LgCpVlIdxIstPrem 18.99 -0.25 5.2 OTC 22.78 -0.46 6.1 John Hancock PIMCO Funds Instl EqIncAdml 92.60 -0.86 6.4 WellsIAdml 62.28 +0.07 5.7 ExtndInst 146.90 -3.08 2.6
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CapIBA 76.15 -0.19 11.8 HiYldBd Inst 7.18 -0.01 5.2 US SmCpVal 46.17 -0.88 -4.0 Fidelity Advisor Fidelity SAI Metropolitan West Schwab Funds ITIGradeAdml 8.85 +0.07 6.4 TgtRe2025 20.09 -0.06 7.5 STIGradeInst 10.49 +0.05 4.5
CapWGrA 70.20 -0.90 11.4 BlackRock Funds III US TgdVal 33.06 -0.62 -2.9 TotBdFdClZ 9.60 +0.07 4.9 FidSaiInfltnFnd 10.24 +0.06 5.4 TotRetBdI NA ... NA 1000 Inv r 134.35 -2.23 6.7 LarCapAd 145.04 -2.43 7.2 TgtRe2030 40.90 -0.19 8.0 STIPSIxins 25.19 +0.09 4.8
EupacA 59.29 -0.46 13.5 iShS&P500IdxK730.32-11.85 6.8 USLgVa 50.76 -0.67 4.0 Fidelity Advisor I TotalBd 9.10 +0.06 4.8 MFS Funds IntI Sel r 26.57 +0.01 17.5 MidCpAdml 349.20 -4.59 7.7 TgtRe2035 26.01 -0.15 8.5 TotBdInst 9.70 +0.08 4.7
FdInvA 87.85 -1.58 11.7 BlackRock Funds Inst Dodge & Cox GrOppI 220.49 -5.25 11.4 Fidelity Selects IIE 38.41 -0.29 13.6 S&P Sel 96.44 -1.57 6.8 MuHYAdml 10.26 +0.04 -1.5 TgtRe2040 47.04 -0.34 8.8 TotBdInst2 9.57 +0.08 4.6
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HI TrA 9.82 -0.02 4.4 Calamos Funds Income 12.73 +0.10 5.1 Freedom2030 K 18.73 -0.08 9.1 Tech 39.38 -0.97 9.7 GrowthI 215.14 -4.82 8.7 Strategic Adviser MuLTAdml 10.45 +0.04 -1.4 TgtRe2050 54.73 -0.54 9.8 TotIntBdIdxInst 29.58 +0.02 1.9
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IncoA 26.47 -0.09 9.8 CausewayInst Stock 263.73 -4.05 4.6 Idx2035InsPre 25.18 -0.12 8.4 StratAdEmrMrt NA ... NA Natixis Funds StratAdFidCoreS 9.20 +0.06 4.8 MuShtAdml 15.86 +0.01 2.5 TgtRet2055 61.06 -0.60 9.8 ValueInst 68.48 -0.59 4.9
N PerA 69.30 -0.81 11.6 CausewayInst 22.40 -0.13 20.7 DoubleLine Funds Idx2040InsPre 26.84 -0.20 9.4 First Eagle Funds InvGradeBdY 9.88 +0.07 4.5 StratAdFidEmr 13.95 -0.15 15.6 PrmcpAdml r177.01 -2.13 6.4 TgtRetInc 13.74 +0.01 6.3 WCM Focus Funds
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | B9

BUSINESS & FINANCE

Oil Giants Log Steep Fall in Profits Sales of
Switch 2
Exxon and Chevron
are hit by anemic
according to FactSet.
The oil giant returned $9.2
billion to shareholders in divi-
calls the Gulf of America), as
well as from its chemicals busi-
ness. Its free cash flow climbed
sector “consolidation plays”
that don’t create real value for
investors. “Frankly, we’re not
Boost
prices as OPEC
pumps more crude
dends and share repurchases.
It’s also on track to buy back
$20 billion of its shares this
15% from the prior quarter to
$4.9 billion even as oil prices
dropped 10%, said Eimear Bon-
interested in buying volume,”
Woods said of buying compa-
nies just to add barrels to its
Nintendo’s
BY COLLIN EATON
year.
Meanwhile, Chevron’s quar-
terly profit was down about
ner, Chevron’s finance chief.
Exxon is looking at buying
other oil companies, Chief Ex-
list of reserves.
Woods said that despite re-
cent U.S. policy changes on
Earnings
Exxon Mobil and Chevron 44% to $2.5 billion from the ecutive Darren Woods said in curbing greenhouse-gas emis-
reported steep declines in their same period a year earlier. Its an interview after losing its sions, the company continues Videogame maker
second-quarter earnings Fri- per-share earnings of $1.45 challenge to Chevron’s $53 bil- to work to reduce its emissions
expects to sell 15

APU GOMES/GETTY IMAGES

day, driven by lower oil prices, missed analysts’ expectations lion deal for Hess. in the sprawling Permian Basin
as big producers in the Middle of $1.64. “I think there are opportuni- of West Texas and New Mex- million units of new
East and elsewhere brought on Chevron is producing 1 mil- ties out there for us,” Woods ico, and elsewhere.
more barrels. lion barrels of oil daily from said. “We’re working to see if The backdrop is that the device this year
Prices also fell following the Permian Basin, the largest we can’t bring some of those to Trump administration has
President Trump’s raft of tariff U.S. oil field, as of the second fruition.” done much to roll back prior BY KOSAKU NARIOKA
proposals and have yet to fully quarter. The company is Exxon CEO Darren Woods The bar for an attractive oil- U.S. efforts to curb climate
recover. For Exxon, second- steadying its Permian output patch deal is high, he said, change. This week, for exam- Nintendo’s net profit
quarter profits were the lowest from here as it gives priority to uation in coming months—and pointing to Exxon’s $60 billion ple, the Environmental Protec- jumped in the first quarter,
in more than three years. Chev- cash flow. years—is poised to close much purchase of West Texas frack- tion Agency said it is looking to topping market expectations,
ron’s net income was the low- Chevron recently prevailed of the gap with Exxon’s on ing giant Pioneer Natural Re- rescind a major scientific find- driven in part by strong sales
est since the fourth quarter of in a prolonged arbitration dis- metrics watched closely by in- sources in 2023 as one that ing on greenhouse-gas emis- of its new Switch 2 console.
2023. pute with Exxon over Chev- vestors. brought together the right in- sions that undergirds U.S. envi- The Japanese videogame
Exxon’s earnings in the sec- ron’s $53 billion deal to buy The company is also benefit- gredients, including talented ronmental regulations. maker said on Friday that it
ond quarter fell 23% to $7.1 bil- Hess, which has a 30% stake in ing from a number of large oil workforces, to boost share- “We’re very aggressively had sold more than 6 million
lion from the same period a an Exxon-led project in Guy- projects that have come online holder returns. pursuing management of those units of the Switch successor
year earlier. Its per-share earn- ana. The deal cleared almost over the past year, including in Woods said he would call emissions,” Woods said. “That globally in the seven weeks
ings of $1.64 beat analysts’ ex- two years after it was struck. Kazakhstan and the Gulf of some of the more recent oil- doesn’t change with the politi- since its June 5 launch.
pectations of $1.56 per share, Analysts say Chevron’s val- Mexico (which the U.S. now and-gas deals seen across the cal party in office.” The company is now boost-
ing production because of
strong demand, though it said

Tech’s AI Spending Spree Gets Wall Street Blessing it still expects to sell 15 mil-
lion units of the new device
this fiscal year.
The robust early demand
propelled Nintendo’s earnings
The AI arms race is acceler- Capital expenditures, quarterly* As a percentage of sales, annual data† vestments are benefiting their for the three months ended in
ating as the major tech com- $100 billion 40% core business. Meta says it is June, with revenue more than
panies add to their already Meta
leading to higher prices for doubling to 572.36 billion yen,
gargantuan levels of spending. Meta
ads and more usage of its equivalent to $3.80 billion.
The bets are paying off for in- Google
Microsoft apps. Net profit rose 19% from a
vestors, but not for all em- 75
Microsoft
30 Tech companies’ capital ex- year earlier to ¥96.03 billion,
ployees. Amazon penditures aren’t all going to beating analysts’ estimates for
AI. Amazon also spends billions a 20% drop in a poll by data
By Rolfe Winkler, on capital to build up its logis- provider Visible Alpha.
50 20 Google
Nate Rattner and tics network. Yet AI invest- Gains from sales of invest-
Sebastian Herrera Amazon ments are taking up a larger ment securities helped the
portion of its capital costs. bottom line.
Alphabet’s Google, Micro- 25 10 One glaring exception to Shares in the Tokyo-listed
soft, Amazon and Meta Plat- the AI boom is Apple, which company ended 0.7% lower
forms are set to spend nearly spends a fraction of the other ahead of the results, but re-
$400 billion this year on capi- Apple companies and finds itself lag- main more than a third higher
tal expenditures, largely to 0 0 ging behind in AI. Late Thurs- this year, fueled by hopes that
build their artificial-intelli- 2018 ’19 ’20 ’21 ’22 ’23 ’24 ’25 2013 ’15 ’20 ’25 day, Apple reported solid the new console will boost
gence infrastructure. That is *Data are for calendar quarters and include finance leases. †2025 data are based on full-year estimates; data are for calendar years.
iPhone sales for its June quar- earnings. The stock hit a re-
more than the European Union Sources: the companies (expenditures, sales); the companies and Visible Alpha (2025 estimates) ter, with its shares increasing cord high in late June.
spent on defense last year. about 3% on the news. The Switch 2, Nintendo’s
Those firms and others tech companies primarily use drive spending even higher. It whether their large invest- Inside Apple, some re- first new gaming device in
plan to boost outlays even to build their AI models. It provides tax relief for compa- ments will pay off. Luria said searchers are demoralized, say eight years, features a larger,
more. Morgan Stanley projects was the first company to sur- nies that front-load invest- company profits haven’t kept people familiar with their more responsive screen with
$2.9 trillion in spending from pass $4 trillion in market cap- ments, freeing up cash flow to pace with their spending thinking. They struggle to get more powerful processing and
2025 to 2028 on chips, servers italization. Its shares are up increase spending even more. spree to date, though he is op- access to data to train next- graphics performance and al-
and data-center infrastruc- more than 28% this year. CK The infrastructure demands timistic that increased pro- generation AI models. The lows players to chat or share
ture. The investments, the Apple, another Magnificent are so huge, though, that com- ductivity will ultimately jus- company takes privacy so se- their game screen with friends
bank says, will contribute as Seven tech company, spends panies don’t have enough cash tify the spending. riously user data is highly online.
much as 0.5% of U.S. gross do- far less on AI and is facing to pay for the investments, ac- Amazon shares fell 7% af- protected, even internally. The original Switch was a
mestic product growth this Wall Street pressure to build cording to Morgan Stanley, termarket Thursday and And Apple moves slowly, runaway success for Nintendo
year and next. up its capabilities. Investors which estimates a $1.5 trillion closed lower Friday in part updating software running on following its launch in 2017. A
The investments are help- say Apple needs to develop a financing gap. because the company’s latest its devices only a couple of pandemic-driven boom in
ing power big increases in the convincing AI strategy of its Already on the losing end quarterly results indicated its times a year, compared with gaming amplified the popular-
companies’ profits, pushing own if it wants smartphone are many of the companies’ cloud business, which hosts AI rivals who push updates often. ity of the console, but sales of
some of their share prices to buyers to upgrade their de- workers, nearly 100,000 of models, isn’t growing as fast Mark Zuckerberg is exploit- the aging device eventually
records. vices faster. whom have been laid off since as smaller rivals’. Chief Execu- ing ennui inside Apple’s AI declined.
Wall Street often looks Companies are splurging 2022, according to tracking tive Andy Jassy expressed op- unit, poaching disaffected en- Nintendo sold 8.7 million
down on excessive corporate because artificial intelligence website Layoffs. Among them timism the unit will perform gineers with pay packages Switch 2 software copies in
spending. But not here. Micro- promises to remake the lucra- are software engineers, whose better. that can run into the hun- the latest quarter, with racing
soft and Meta shares soared tive tech market. The big tech work is being rapidly replaced Investors in AI startups like dreds of millions of dollars, game “Mario Kart World”—
Thursday after they reported companies want to be among by AI. OpenAI aren’t pressing the say people familiar with them. which was released on the
earnings—and their sizable the AI leaders. But AI requires The AI investments are “a profitability issue yet, content What Apple can point to is same day as the hardware—
capital spending—reaching intensive data-crunching, forc- tremendous hit on margins,” to pour in more money so long its efficiency. It generates far accounting for about two-
market capitalizations of $4 ing tech companies to spend said Gil Luria, an analyst with as valuations keep rising. more in sales and profit from thirds of the sales. It contin-
trillion and nearly $2 trillion, big on construction of new D.A. Davidson. Tech-company Other investors, however, have its capital outlays, compared ues to expect to sell 45 million
respectively. data centers. cost cutting, he said, is meant warned that the AI boom has with its rivals. And with a lean copies this fiscal year.
Also booming is Nvidia, The recently passed One Big to soften the bottom-line blow. become a speculative frenzy. employee base, it has avoided The videogame maker also
which designs the chips that Beautiful Bill Act is expected to One risk for companies is Some companies say AI in- large layoffs entirely. maintained its top- and bot-
tom-line forecasts for the full
year, expecting revenue to

Quantum Computing Promises to Change the World climb 63% to ¥1.9 trillion and
net profit to rise 7.6% to ¥300
billion.
The company said that
BY ISABELLE BOUSQUETTE ising, Davis said. while there have been some
changes in the operating envi-
With commercial-grade ronment, such as U.S. tariffs,
quantum computers inching Cheaper insurance their impact on its earnings
closer to reality, industries are Allstate CEO Tom Wilson outlook isn’t significant at this
already investigating their im- said quantum computing could point.
pact on everything from food to help insure more properties at Nintendo has been diversi-
medicine to streaming football better prices. Allstate already fying its revenue streams with
games. has digital images of nearly ev- some success, offering differ-
Quantum computers are ex- ery roof in America, and quan- ent forms of entertainment by
pected to power certain compu- tum could simulate the impact leveraging its popular charac-
tations that would take today’s of certain weather on each spe- ters and game titles.
ANGELA WEISS/AFP/GETTY IMAGES

conventional computers years cific property over a period of The videogame maker plans
to solve, if they could at all. years or decades, offering much to produce new films based on
Several companies promise more specific prices, he said. the “Super Mario” and “The
commercial systems in the com- Today’s pricing models are Legend of Zelda” game series,
ing years, including IBM, which simpler and don’t take into ac- looking to build on previous
plans to deliver the world’s first count every possible risk factor, box-office success. A Nin-
full scale fault-tolerant machine the company said. But Quantum tendo-themed zone opened at
by 2029. “Quantum today is could be poised to help. Universal Epic Universe in Or-
kind of where GPUs were in IBM is planning to deliver the world’s first full scale fault-tolerant machine by 2029. “It would just run billions of lando, Florida, in May.
2012,” said IBM Chief Executive simulations,” he said. “Quantum First-quarter intellectual
Arvind Krishna, referring to the and cable that deliver internet speeds for the highest number molecule it’s looking to create, computing could help us get the property-related income de-
chip that powered the AI boom. to 31.5 million homes and busi- of people is something conven- there’s a countless number of right price for every house…And clined 4.4% to ¥16.7 billion.
“In 2012, nobody was counting nesses. That means that for any tional computers struggle with. possible combinations of nucle- that’s impossible to do with to-
on GPUs as a big business. But I piece of data to travel from But “that’s something that otide building blocks and se- day’s algorithms.” Nintendo’s quarterly profit
think it’s going to go faster.” Point A to Point B, there’s a Quantum could do extremely quences, according to Wade Da- ¥200 billion
Companies today are work- near infinite number of combi- well,” Nafshi said. vis, head of Digital for Business
ing to figure out which of their nations, said Elad Nafshi, Com- at Moderna. How many combi- And…some big risks
business cases are best suited cast’s chief network officer. nations exactly? For the Quantum computers also
for quantum computing, even Data going into New York, Better medicine Covid-19 vaccine there were 10 have the potential to break the
150
¥96.03B
rewriting some scenarios as for example, could travel along Moderna is looking into to the power of 623 different cryptography we use today to +19%*
quantum software designed for the George Washington Bridge, whether quantum could help it options just for a fragment of secure our data. Businesses are
future machines. the Lincoln Tunnel or the Am- develop medicines that would an mRNA molecule, Davis said. now working to implement new 100
Here are ways quantum trak train tracks, he said. And work effectively in smaller So it’s virtually impossible to quantum-safe encryption stan-
could change the world: the fastest route also depends doses, with fewer side effects brute-force calculate what an dards, at the guidance of the
on other factors such as and be more cost effective to optimal nucleotide sequence National Institute of Standards 50
whether there’s a fiber cut produce. would be, he said. “All comput- and Technology.
Faster internet somewhere, or a big surge of Moderna makes medicine by ers currently existing today go- Still, a threat known as “har-
Comcast said quantum could data into New York while every- producing mRNA molecules ing for a trillion years couldn’t vest now, decrypt later,” means 0
help it deliver the fastest inter- one streams the Giants game. that teach the body how to produce that result.” that bad actors could already be
FY2024 ’25 ’2%
net to the largest number of Being able to calculate, in make a specific protein. Those But it’s a problem Moderna collecting encrypted data they
*From a year earller
customers who need it at any real time, all those variables to proteins then help the immune is investigating with early tests plan to decrypt at a later point Note: Latest fiscal quarter ended June 30;
given time. The company oper- determine the optimal flow of system target certain diseases. on IBM’s small-scale quantum once quantum computers be- ¥1 billion = $6.6 million
ates over a million miles of fiber data and deliver it at the fastest But for each given mRNA computer, and results are prom- come capable. Sources: S&P Capital; the company
B10 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Etsy Turns From TV Ads Toward Online

Online seller shifts and influencer marketing as Etsy’s marketing spending,
part of an effort to attract quarterly
its marketing more customers while care- $212M
strategy as shoppers fully managing its marketing $300 million +16%*
budget. Many marketers have
grow more cautious made versions of that shift, 250
particularly if they are priori-
BY PATRICK COFFEE tizing near-term sales or other 200
results over long-term brand
The online marketplace building. 150
Etsy is changing its marketing Etsy’s reliance on search
strategy to answer a decline in ads is a concern as search en- 100
buyers as consumers grow gines grow less and less reli-
more cautious. The bigger and able as traffic sources, accord-
50
longer-term question may be ing to a research note from
how artificial intelligence analysts at market research
changes who comes to shop. firm MoffettNathanson. The 0

KEVIN DIETSCH/GETTY IMAGES

Etsy increased its overall company above all needs to 2023 ’24 ’25
marketing spending by 16% to find a way to attract more *Change from a year earlier
$212 million in the second buyers, the analysts wrote. Source: the company
quarter, President and Chief “Etsy needs to show they have
Growth Officer Kruti Patel not slowly exhausted the po- growth on a shrinking user
Goyal said this past week on tential customer base,” they base,” he said. “Etsy’s losing
the company’s earnings call. said. users due to a mix of broader
But television’s share of the Etsy has also focused on Etsy Chief Executive Josh Silverman said the company focused efforts on retaining loyal buyers. economic headwinds and plat-
Etsy brand’s U.S. media budget personalizing emails and push form-specific friction points
is falling, from about one-third notifications in an effort to re- should increase to nearly 100% with an influencer-driven pany’s platforms, which in- that are turning off casual
at the end of last year toward tain loyal buyers, Chief Execu- by the end of this year from Pride campaign, for example. clude Depop, totaled 93.3 mil- buyers.”
less than a tenth by the end of tive Josh Silverman said on 40% in the latest quarter, he It has also promoted Peter lion in the second quarter, But the company has one
2025, Goyal estimated. the earnings call. The propor- said. It hasn’t abandoned Semple, Depop’s acting chief down 3.4% from a year earlier. more strategy in mind: attract-
The brand is investing more tion of its messages that cater branding, however, showcas- executive and former chief But the company added 4.8 ing artificial-intelligence
heavily in search, paid social to individual consumers ing individual makers who sell marketing officer, to the CEO million buyers in the period agents that have been asked to
on Etsy in a recent campaign role on a permanent basis. and reactivated 6.5 million find something for a con-
ADVERTISEMENT themed “Keep Commerce Hu- “If it can turn Depop into a lapsed buyers. sumer.
man.” It also used the WNBA household name, Etsy could Quarterly revenue also grew Such traffic remains too
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
All-Star Game to introduce a
fashion collection co-designed
chip away at rivals like Posh-
mark and cement its place in
3.8% to $672.7 million, partly
because of more brand adver-
small to even analyze well, but
Etsy already seems to be cap-
by star players. the expanding secondhand tising on Depop, according to turing its share, Silverman
The company is also more economy,” said Zak Stambor, Etsy’s earnings report. said on the call.
RESIDENTIAL REAL ESTATE heavily advertising its fashion senior retail and e-commerce Etsy still faces a tough mar- “When it comes to agentic
resale site Depop to raise its analyst at research firm eMar- ketplace moving forward as shopping, as you’ve heard me
awareness and establish a keter. consumers have prioritized es- say before, we believe Etsy is

auction
ONLINE long-term presence in the Results may take a few sentials and grown more cau- uniquely positioned to benefit
market. quarters to take hold, accord- tious with their discretionary due to our sellers’ massive set
Etsy in June marketed De- ing to executives. spending, Stambor said. of unique and highly differen-
pop to New York City residents Active buyers on the com- “It’s hard to build long-term tiated inventory,” he said.

THE PRIMM HOUSE EARNINGS WATCH

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(866) 924-5294 The record label behind Taylor Swift reported earnings before interest, tax, depreciation and amortization that missed views.
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Record Label’s euros, equivalent to $17.1 mil-
lion, from an internet service
heading into the results fol-
lowing a strong first quarter,
strated a welcome resur-
gence and publishing contin-
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provider settlement, analysts and ING said this second- ued its impressive double-
Shares in Universal Music at ING said. quarter report could serve as digit growth trajectory,
fell Friday after second-quar- Negative free cash flow of a reminder of the volatility of subscription revenue
COMMERCIAL REAL ESTATE
ter earnings and free cash €179 million compared with a quarterly Ebitda and free [growth], though solid at
flow missed expectations. consensus that had looked cash flow performance. 8.5% in the second quarter,

ISLAND
The record label behind for a positive figure of €412 In the company’s music lacked the element of posi-
Taylor Swift reported earn- million, while free cash flow publishing business, the ad- tive surprise to consensus
ings before interest, tax, de- visibility at the full-year level justed Ebitda margin fell to that characterized last quar-

FOR SALE
preciation and amortization remains low, the bank added. 23.0% from 23.9%, pressured terly results,” analysts at
that missed expectations by Shares fell 5.2% to €24.06 by revenue and repertoire Deutsche Bank said.
an estimated 2.8% when ex- in European trading. mix. —Dominic Chopping
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Results Beat Views Slip on Divestitures Profit Climbs Updates Forecast
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Revenue slid 41%, to $142 earnings of $1.66 a share. lion from €8.3 billion. Operat- logged second-quarter net in-
million. Analysts surveyed by Sales slipped 1.6% to $4.16 ing profit before exceptional come of $46 million, or 11
COMMERCIAL REAL ESTATE BUSINESS OPPORTUNITIES FactSet forecast revenue of billion, on negative effects items, IAG’s preferred metric, cents a share, compared with
$112.5 million. from a combination of the rose 35% to €1.68 billion. Pre- $45 million, or 11 cents a
LAND GRAB ALERT mortgage REIT The decline in sales was pri- sale of its personal protective tax profit was €1.51 billion, up share, in the prior-year pe-

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245+/- PRISTINE ACRES FULLY Return vaccine sales, which fell to $114 last year and its exit from IAG said its 2025 capacity billion from $2.03 billion.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | B11

MARKETS

PGIM Fund
For Direct
Markets Reel From Jobs Report, Tariffs
U.S. stocks and bond we were expecting about two Index performance this past week Investors rushed to Trea-

Lending yields fall sharply and

investors bet the Fed
months ago that wasn’t show-
ing up in the data,” said Scott
Duba, chief investment officer
1%
surys after the jobs report,
sending yields tumbling. The
yield on the 10-year Treasury

Raises will cut rates soon

at Prime Capital Financial.
Even before the release of
the jobs data, stock futures
0
note fell to 4.218%, according
to Tradeweb, from 4.360% on
Thursday. Shorter-term

$4.2 Billion BY ROSHAN FERNANDEZ

AND SAM GOLDFARB
had slumped after Trump
signed an executive order late
Thursday that would raise
–1
yields, which are especially
sensitive to shifts in the inter-
est-rate outlook, fell even
Weak jobs data and Presi- tariffs on imports from scores Nasdaq composite more. The 2-year yield slid
BY ISAAC TAYLOR dent Trump’s revamped tariff of nations beginning on Aug. –2 0.25 percentage point to
S&P 500
plan sent stocks and bond 7. Dow industrials 3.702%—its largest drop since
Life insurer Prudential Fi- yields sharply lower on Fri- Adding to the uncertainty a year ago, when traders also
–%
nancial’s PGIM investment day, giving investors reason to facing investors, Trump also responded to a weak July jobs
management arm has raised ramp up bets that the Federal directed his team Friday af- report.
$4.2 billion for its latest mid- Reserve will cut interest rates ternoon to fire the top Bureau 10-minute intervals Wall Street’s fear gauge
–4
dle-market direct-lending to jump-start economic of Labor Statistics official, as- saw its largest percentage in-
fund, underscoring a trend of growth. serting without evidence that Mon. Tues. Wed. Thurs. Fri. crease since early April as the
investor capital flowing to this U.S. monthly job growth the government’s jobs num- Source: FactSet market jolted out of its recent
core segment of the private- slowed to a lower-than-ex- bers have been manipulated tranquil period. The Cboe Vol-
credit market. pected 73,000 in for political purposes. tariffs in early April. proach overly cautious in a atility Index, which uses op-
The PGIM Senior Loan Op- FRIDAY’S July. Massive All three major indexes fell Traders on Friday saw an statement released Friday tions to measure short-term
portunities II fund is the sec- MARKETS downward revi- on Friday. The tech-heavy over 85% chance that the Fed morning. Michelle Bowman, expectations for how volatile
ond commingled private- sions to previous Nasdaq lost 2.2%, snapping a will cut rates at its next meet- the other, said the Fed’s hesi- the S&P 500 will be, was up
credit pool that the asset months’ job totals suggested streak of 19 trading days ing, up from 38% on Thursday, tance to cut rates could lead 22% to 20.38.
manager has made available that the labor market hasn’t without a 1% move in either according to futures pricing to a deterioration in the labor “That risk concern is back
to investors to support its been nearly as resilient as in- direction, the longest such data from CME Group. The market. Their remarks came in the market,” said Holzer.
midmarket direct-lending vestors had hoped in the face stretch since July 2021. The Fed met earlier in the week before the jobs report release. The VIX level is still relatively
strategy. The firm held a first of Trump’s tariff onslaught— S&P 500 was down 1.6%. The and decided to hold interest “The two dissenters are modest compared with peri-
close for the fund in 2023. undercutting a narrative that Dow Jones Industrial Average rates steady. probably getting a little bit ods of acute market stress.
Investors “continue to see had propelled stocks to new lost about 540 points, or 1.2%, Christopher Waller, one of more sympathy,” said Arnim Gold futures, which inves-
value in the illiquidity pre- heights. and capped its worst week two governors who dissented, Holzer, global macro strate- tors flock to as a haven asset,
mium evident in private The report “feels like what since the “Liberation Day” called the wait-and-see ap- gist at Easterly EAB. rose 1.7% on Friday.
credit, in part as a fixed-in-
come replacement,” a person

Perella Strikes Deal for Devon Park Advisors

familiar with the matter said.
The new vehicle exceeded
the $2.4 billion raised for a
predecessor fund, which was
closed by February 2022, by
about 75%. BY LAUREN THOMAS vate-equity deals, which in- be led by Costello. geopolitical uncertainties
clude continuation funds, are Perella Chief Executive Of- dented that excitement,
Perella Weinberg, one of on pace to exceed $200 billion ficer Andrew Bednar said in bringing its market value to
Nonbank funding Wall Street’s boutique invest- in value this year alone, which an interview that the firm has $1.8 billion. Deal activity has
The firm has already in- ment banks, has struck a deal would notch a fresh all-time historically worked mostly picked up recently.
vested a “substantial portion” for secondary advisory firm high after a record haul of with public companies on cor- Perella’s recent deal man-
of the latest PGIM fund’s capi- Devon Park Advisors, Perella such deals in 2024. porate deals. But the volume dates include advising Black-
tal, with a portfolio that now executives told The Wall Terms of the deal, an- of requests from new clients Rock on its acquisitions of
includes a diverse mix of loans Street Journal. nounced Friday morning, seeking help on secondary HPS Investment Partners and
to sponsored and nonspon- It marks Perella’s first foray aren’t being disclosed. transactions has been picking Global Infrastructure Partners.
sored borrowers across U.S., into the market for continua- Devon Park was launched up, he said. “This private mar- It also advised Shockwave
THE MILKEN INSTITUTE

European and Australian issu- tion funds, vehicles that allow in 2021 by Jonathan Costello, ket has exploded, and I don’t Medical on its $13 billion sale
ers, the person said. private-equity firms to hold a secondaries veteran who think that’s going away,” Bed- to Johnson & Johnson last
The asset manager believes on to a business while giving previously ran PJT Park Hill’s nar said. year.
these three geographic areas investors in the original fund global secondaries business. Perella saw both record Perella was founded in
offer growth for direct lending a chance to cash out. Devon Park specializes in ad- revenue and shareholder re- 2006 by three Wall Street vet-
as companies seek alternative It is a bet that Perella vising sponsors on continua- Perella Chief Executive turns in 2024. Shares in Per- erans: Joseph Perella, Peter
forms of capital from nonbank doesn’t see activity in the tion fund transactions across Andrew Bednar says the ella and its peers surged last Weinberg and Terry Meguid.
sources without turning to the space slowing down soon. real estate, private equity and private market has exploded. year in hopes of a dealmaking In 2016, the firm bought the
public capital markets, the Higher interest rates and re- private credit. revival under the Trump ad- energy-focused boutique bank
person added. cent uncertainty over tariffs The deal should allow Per- ited partners. Devon Park’s 15 ministration. Tudor Pickering Holt. The
This opportunity is amplified have made many firms reluc- ella to better serve the needs employees are expected to Its shares are down 16% bank went public in 2021 via a
when nonsponsored, family- tant to sell companies or take of its alternative asset man- form Perella’s Private Funds year-to-date after President blank-check firm when such
owned companies are included. them public. Secondary pri- agement clients and their lim- Advisory business, which will Trump’s trade war and other vehicles were all the rage.
These kinds of businesses often
remain at an early stage of tak-
ing direct loans from nonbank
lenders and require more flexi-
ble capital.
In the U.S., PGIM estimates
that more than 90% of roughly
200,000 midmarket compa-
nies aren’t backed by outside
institutional investors.

European push
Credit-fund managers have
JEFFREY DEAN/BLOOMBERG NEWS

increasingly turned to Europe

as the U.S. direct-lending mar-
ket has become increasingly
crowded.
“Recently, our private-
credit team has leaned into
significant opportunities in
European lending with less
competition, leading to strong Boston Beer product sold to consumers fell 5% in the quarter.
relative value,” Carlyle Group
Chief Executive Harvey
Schwartz told analysts during
the firm’s first quarter earn-
ings call. Washington-based
Boston Beer’s Koch
Carlyle’s evergreen private-
credit operations have com-
mitted more than twice as
To Return as CEO
much capital compared with
year-earlier levels, he added. BY LAURA COOPER tions at the company during
Prudential’s asset manager his 17-year tenure.
aims to target areas where “a Boston Beer founder Jim The CEO shuffle comes at a
deep middle-market universe Koch is returning to the C- hard time for the beer indus-
of issuers exists, and the regu- suite as the brewer’s chief ex- try, which is reeling from
latory environment promotes ecutive plans to step down younger generations turning
strong secured creditor roughly 16 months into his to THC-infused drinks,
rights,” the person said. “Each tenure. weight-loss drugs curbing de-
of these markets share that Koch, the company’s chair- mand for brews and consum-
dynamic coupled with struc- man, previously held the CEO ers tightening their spending.
tural growth in issuance.” role from the company’s Boston Beer has been hit by
founding in 1984 until 2001. the downturn. The amount of
While he hasn’t occupied the product sold to consumers, or
More capital raised CEO role in years, he still depletions, fell 5% in the second
Capital raised for private speaks on quarterly earnings quarter from a year earlier. The
credit globally in this year’s calls and is of- company said
first quarter amounted to ten tapped for last month that
$260 billion, according to re- his expertise on poor weather
search provider PitchBook craft beer, a The beer contributed to
Data. In comparison, the quar- category he industry has the decline.
terly average for last year’s helped create
been hit by a
Products deliv- Prediabetes captures
global haul stood at $233.9 when brewing ered to whole-
billion. Samuel Adams
downturn in salers, known as 1 in 3 adults. But you
Direct-lending funds con- Boston Lager in shipments, fell
tinued to attract outsize help- his kitchen. consumption. 1% and the
can reverse it and prevent
ings of investor capital. Such Current CEO brewer expects or delay type 2 diabetes.
vehicles accounted for more Michael Spill- steeper declines
than 70% of all capital raised ane will step this year. Take the 1-minute risk
for private-credit funds last down on Aug. 15 from the Other beer and spirits mak-
year, according to a report maker of Samuel Adams, ers are seeing turnover in
test today.
from market watcher Preqin. Twisted Tea and Angry Or- their C-suites as well. In April,
In June, PGIM said it would chard cider for personal rea- Molson Coors Beverage, maker
bring together its fixed-in- sons, according to the com- of Miller High Life and Coors
Be your own hero at
come and private-credit busi- pany. He has served on Boston Light, said CEO Gavin Hatters- DoIHavePrediabetes.org
nesses spanning public and Beer’s board of directors since ley was stepping down at the
private markets, creating a 2016 and became president end of the year. Diageo, which
credit platform with assets of and CEO on April 1, 2024. He produces Casamigos tequila
nearly $1 trillion. The Newark, will remain on the board as a and Guinness beer, said in
N.J.-based operation has a nonexecutive director. July its CEO, Debra Crew,
team of roughly 1,450 invest- Before taking the reins at would leave her post, with
ment professionals that serve the brewer, Spillane was pres- Chief Financial Officer Nik
both retail and institutional ident of consumer creation at Jhangiani filling the top role
clients. Nike and held various posi- until a successor is named.
B12 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Buying a Swiss Watch in America Is

America is still an emerging Value of Swiss watch annual exports
market when it comes to luxury
watches. Now, tariffs could upset a 5 billion Swiss francs
rare bright spot for Swiss watch

About to Get a Lot More Expensive

U.S. Hong Kong
companies.
4
U.S. watch collectors are con-
tinuing to spend even as other na-
tionalities pull back. Swatch, 3
which owns brands such as Omega
and Longines, said sales in Amer-
ica rose by “double digits” in the High tariffs threaten demand in the U.S., formerly a solid luxury watch market 2
first half of the year. Sales of
Richemont’s specialist watches, in-
cluding Vacheron Constantin and 1
IWC Schaffhausen, have increased
more than 10% in the Americas re-
gion for three consecutive quar- 0
ters. 2018 ’20 ’25*
U.S. imports of Swiss watches *Data is through June
have been subject to a 10% base- Note: 1 Swiss Franc=$1.23
line tariff since April. But in a new Source: Federation of the Swiss Watch Industry
executive order late Thursday,
President Trump raised that rate
to 39%, even higher than the 31% tors on its latest earnings call that
levy initially threatened in April. U.S. consumers have been willing
The rate could still be negoti- to accept the hikes so far because
ated down or questioned by the they consider the situation “home-
courts. Implementation of the new made [by] the American govern-
tariffs was also delayed until Aug. ment.”
7. But the trade war was already But watchmakers have to tread
having an indirect impact on carefully on price hikes because of
watch brands. The value of the the large and professional resale
Swiss franc has appreciated by 11% market. Almost a third of all
against the dollar this year as in- global watch sales are preowned,
vestors park money in havens. according to WatchCharts, the
They have also piled into gold, highest share of any luxury goods.
which is up more than 25%. The resale business hit an in-
This creates a triple whammy flection point around 2017, when it
for American watch collectors. To- became so big that it began to in-
day they pay 14% more for a yel- fluence what happens in the pri-
low gold Rolex Daytona than they mary market. Data from second-
did in 2024. Watch brands had to hand websites shows consumers
raise prices on many models in which brands hold their value, so
the second quarter to prevent tar- can boost sales of new watches
iffs, costlier gold and currency that look like a good investment.
fluctuations from eating into But there are downsides: a readily
profit margins. available supply of cheaper pre-
The price increases could dent owned watches makes it riskier
demand in the industry’s hottest for watchmakers to raise prices in
market. Watch exports to America U.S. imports of Swiss watches have been subject to a 10% baseline tariff since April. It’s now bumped to 39%. their own stores.
have grown 14% annually since An analysis by Morgan Stanley
2019, nearly three times faster and WatchCharts shows that de-
than the global average. Booming Adding to the appeal of the U.S. look under the hood and the num- consumers has also hurt the in- mand for used watches is rising
stocks and cryptocurrencies are market is that American watch ber of units exported has col- dustry. The U.S. overtook Hong faster than for new watches. This
part of the story. But there is also collectors are about a decade lapsed by 45%. Kong as the top destination for is probably a sign that some shop-
untapped potential in the U.S. younger than average. And there Swiss brands have lost market Swiss watch exports in 2020. Sales pers are defecting to the resale
According to Brian Duffy, chief is a fanatical online community share since the launch of the Ap- to Chinese shoppers slumped dur- market, where they think there is
executive officer of luxury retailer where watch fans parse complica- ple Watch a decade ago. The most ing the pandemic and never quite better value for money. Prices for
Watches of Switzerland, invest- tions and hunt down discontinued pain has been felt in models that recovered. But trends were disap- secondhand watches have been
ment in U.S. watch retail infra- models. An unusually high share cost less than $625, where vol- pointing even before Covid 19— falling for 13 consecutive quarters
structure was neglected after the of U.S. sales come from serious umes have fallen nearly 60%, Beijing’s crackdown on gifting lux- as supply has increased.
2008-09 global financial crisis. watch connoisseurs: 45% of based on data from the Federation ury goods to corrupt government Watch stocks have been a very
Twenty years ago, Americans Watches of Switzerland’s U.S. of the Swiss Watch Industry. officials began in 2012, and gradu- volatile investment. Swatch’s
spent as much as the British on sales, compared with only a quar- Sales of expensive models have ally crimped a booming market. share price is down around 60%
luxury watches per head. By 2016, ter in the U.K. held up much better, especially These trends have made Swiss from where it was on the eve of
IAN WEST/ZUMA PRESS

this had fallen to 40% of the U.K.’s Tariffs are only the latest chal- watches made by privately owned watchmakers more dependent on the Apple Watch launch. Tariffs
per capita spend, he says. The gap lenge in a difficult decade for the brands Rolex, Patek Philippe and the U.S. Brands hope Americans give investors another reason to
is closing again as watch brands Swiss watch industry. The value of Audemars Piguet that limit supply will swallow the tariff-related bide their time before jumping
upgrade their retail networks and Switzerland’s watch exports has and have long waiting lists. price rises and continue to spend. back in.
offer better service. increased a fifth since 2015. But Weak demand from Chinese Swatch’s management told inves- —Carol Ryan

EXCHANGE

L.A. Is Going
Crazy for a
$33 Smoothie
Continued from page B1
in vivid hues and contain various supple-
ments and adaptogens, “functional bever-
ages.” In addition to its Hamptons pop-up,
Drugstore plans to open three permanent lo-
cations in New York City, as well as two in
Los Angeles this fall.
Maria Sass, who runs the brand market-
ing agency Sass Marque, said that Erewhon
is “the Hermès grocery store, and their
smoothies are the Birkin bag.” She goes
there for smoothies at least twice a week;
her favorite is the Hailey Bieber Strawberry
Glaze Skin Smoothie, which contains colla-
gen peptides and sea moss.
“The organic ingredients that they use—
adaptogens, imported superfoods, things like
that—you pay a premium for it,” Sass said.
On a Saturday afternoon in early July,
more than two dozen people were waiting
around the tonic bar for their smoothie or- The Hailey Bieber Strawberry Glaze Skin Smoothie from Erewhon, left. The Billion Dollar Smoothie at SunLife Organics, right, costs $33.
ders at Erewhon’s newest location in Man-
hattan Beach. The estimated wait time was
25 to 45 minutes. is on the rise as the cost of ingredients of all Khalil Rafati, the founder of SunLife Or- he tries to keep SunLife’s prices accessible
In a statement, Erewhon said it has been kinds have risen. The highest-priced ganics, said the Billion Dollar Smoothie was but that his premium ingredients are worth
“setting the standard for wellness since smoothie item on the menu at SunLife Or- inspired by an “offensively fit” male model the price. Plus, he said, lots of people spend
1968, with a commitment to organic prac- ganics, which started in Los Angeles in 2011 who frequented the cafe with his actress the same or more on drinks that are objec-
tices and knowing where our food comes and now has cafes in seven other states, is girlfriend. Rafati recalled asking him about tively unhealthy, like cocktails.
from.” the Billion Dollar Smoothie, which costs $33. his diet, and the model offered to help Ra- “It’s expensive to be healthy, but in my
Kenneth Thomas, visiting from Chicago, (There’s also a bowl version that costs $40.) fati design a drink that suited his prefer- experience being unhealthy is 1,000 times
was in line with his “It’s extremely energiz- ences. It eventually joined the menu, fol- more expensive in the long run,” he said.
brother. They ordered the ing and it feels light, and lowed by the Billion Dollar Bowl. “I’m acutely familiar with the high cost of
Hailey Bieber and Travis I’m just able to really con- “It’s intensive. It takes like 15 minutes to low living.”
Scott Storm Storm ‘If you went to a bar quer the day after I have make. The cost of that bowl is like four Brittany Louks, a brand and talent agency
smoothies. “I heard all and you paid $20 to one,” said Eric Podnar, a times what it costs to make a regular bowl, founder and a native of Los Angeles, says
about the hype,” Thomas brow specialist, of the Bil- and I’d rather not sell them,” Rafati said. she’s been going to SunLife for a decade.
$30 for a drink, no one lion Dollar Smoothie. “It’s a But interest in the Billion and Million Dollar She typically gets the Athlete, a $15
SHUTTERSTOCK / SITARA LALANI, SUNLIFE ORGANICS

said. Tapping into the Tik-

Tok virality of these col- would bat an eyelid.’ good way to get all the fan- menu items has helped the brand. “I didn’t smoothie that contains creatine. (It cost
laborations, Erewhon in- tastic nutrients and vita- realize that it was going to make some of $10.95 in 2018, according to an old menu,
troduced a $140 Smoothie mins right upfront. You those smoothies the most popular just be- and contained glutamine instead of cre-
Box to its menu in, allow- start your day off with a cause of the name.” atine.) She adds cacao nibs ($2) and substi-
ing influencers and regular-old fans to taste- win. Maybe not monetarily, but nutritionally Some customers have criticized SunLife’s tutes the grass-fed whey protein for plant-
test six smoothies in a single visit. you do.” most expensive drinks on social media. based protein.
From “Make America Healthy Again” ad- Podnar said “there were some months “Should a smoothie be $23 dollars? No,” But Louks said some people in her circle
herents to wellness influencers on social where I was probably getting a Billion Dollar said Julia Thompson, who works in the fash- had already moved on to the next wellness
media, people are increasingly seeking foods every day.” More recently, he’s been making ion industry in New York City. “Was it $15 trends.
and supplements that are “clean” and pro- his own blended drinks at home with bone or $16 good? Sure. It just wasn’t $23 good.” “A lot of my friends are now switching to
mote holistic health. The price of smoothies broth. Rafati, a former homeless drug addict, says meat,” she said.
 CULTURE | SCIENCE |
R U A Boomer?
It turns out that
the way I text makes
me look old C3

POLITICS | HUMOR
REVIEW THE WALL STREET JOURNAL. * * **
Political Upheaval
On the reign and fall
of Iran’s last shah
Books C7

Saturday/Sunday, August 2 - 3, 2025 | C1

SHURAN HUANG FOR WSJ

Senator Katie Britt walks with her 13-year-old son Ridgeway after a vote on Capitol Hill in Washington, DC, in July.

The Conservative Women Who Are

‘Having It All’
BY PAMELA PAUL Politicians and other prominent women 88%, respectively) say that being a

A
parent is either one of the most im-
ccording to the on the right are juggling work and portant or the most important aspect
gospel of TikTok,
conservative
family on their own terms. They credit of their identity.
For most women, whatever their
women are a mix grit, religious faith, family support and politics, housewifery is a nonstarter;
of wives, pro-na- outside a wealthy elite, the two-in-
talists and wide-
a laser-like focus on priorities. come household is just economic real-
eyed aspirants to ity. But another reality is that many
the “princess treatment.” But a very women, conserva-
different ideal looks more like May tives and liberals
Mailman, an over-full-time working alike, genuinely
mother whom others on the right moving company, get the kids out of don’t feel as conflicted as progressive want a career— ‘I would reject
speak about with awe. bed, change their diapers, bathe and women because we structured our whether for their that you can’t
At 37, Mailman is the deputy as- feed them and put them to bed, while lives from the get-go so we could po- sense of self, their
sistant to Donald Trump and senior making sure to run the dishwasher. tentially do both.” desire to contrib- be a good mom
policy strategist at the White House.
Pregnant with her third child, she
Yes, Mailman is missing out on much
of her kids’ early years, but she
The much-heralded (and oft-dis-
puted) idea that women can “have it
ute financially or
as a way to pursue
and be good at
flies home to Houston on Friday doesn’t second guess or feel guilty all” is often seen as a liberal ideal, their passion. your job.’
nights to spend the weekend with about her choices. She feels lucky. “I while being a housewife—or as it’s Conservative KAROLINE LEAVITT
her family. Once, she gave a major don’t have a victimhood mentality,” now known, a stay-at-home mother— women just tend White House press secretary
interview one week postpartum, ter- she said. “You have to exert a certain is upheld as a conservative one. But to see their lives
rified she’d leak on camera. Her first locus of control and focus on the while opinions about how “the other in a different light.
child, not yet 3, has already been on things you can handle without obsess- side” thinks can veer toward carica- In interviews with over a dozen high-
14 flights. ing over what you can’t.” ture on both ends of the political powered conservative women, they
“People say to me, ‘When you’re “In theory, I would love to be a spectrum, real life is more compli- said that the trad-wife lifestyle was
home, I hope you can really connect trad wife,” Mailman said. “When I cated. According to a Pew Research never a choice they seriously consid-
with your kids’ and I’m like, ‘You’re wrote down qualities I wanted in a Center report on parenting in Amer- ered for themselves. All said that they
crazy. When I’m home, I’m constantly husband, one was to make more ica today, nearly as many Republican always knew they wanted children
attached to my phone,’” Mailman said money than me because I wanted the mothers (67%) work outside the and that they also wanted a meaning-
in an interview. freedom to stay home so that I home as Democratic mothers (70%). ful career. As for what makes this jug-
During the week, her nanny and wouldn’t feel trapped. And that’s who And majorities of both Democratic gle work for them, they credited a
her husband David, who owns a tree- I married. Maybe conservative women and Republican parents (86% and Please turn to the next page

Inside
ENTERTAINMENT
A Dog’s MY MONDAY MORNING WATER THERAPY

Live-action comedies
have almost vanished Purpose Star chef Giada
De Laurentiis on
For Jill Bialosky
the stresses of
from movie theaters. Writer Aatish Taseer her immigrant life become
Can the new ‘Naked remembers Zinc, the childhood and manageable
shepherd-lab mix
Gun’ reboot bring the who helped him start finding strength when she’s
genre back to life? C3 a new life. C4 in the kitchen. C14 swimming. C5
C2 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

REVIEW

Conservative
Working
Mothers on
‘Having It
All’
Continued from the prior page
combination of grit, religious faith,
familial and community support and
a laserlike focus on planning and
priorities.
The past decade has seen the rise
of many conservative women in
high-profile jobs in government, the
media and corporate America.
There’s Supreme Court Justice Amy
Coney Barrett, 53, former South Car-
olina Governor and Ambassador to
the U.N. Nikki Haley, 53, and Sen. Ka-
tie Britt of Alabama, 43. All have
held high-pressure jobs while raising
a family, despite having financial re-
sources that gave them the option
not to work.
Last year, White House press sec-
retary Karoline Leavitt returned to
work just four days after giving
birth when Trump announced his
candidacy. “I would reject that you
can’t be a good mom and be good at
your job,” Leavitt said on a re-
cent podcast. “It’s not for every-
body. And it takes a lot of work and
will and faith and prayer, and it’s
hard. But it can be done.”
In interviews, several conserva-
tives pointed to others leading the
way, like Arkansas Gov. Sarah Huck-
abee Sanders, 42, who feels honored
to be considered a role model. “I
love what I do. I love being a parent.
And I want other moms to know
that they can do both these things,”
Sanders told me.
“At the end of the day, being a
mom is really hard—and being a
mom and working brings a whole
other set of difficulties and chal-
lenges,” said Sanders, who has three Clockwise from top: White House press secretary Karoline Leavitt
children. “But in the conservative with her husband and son at the White House Easter Egg Roll in April;
world, one of the most common Megyn Kelly and her husband at the 2025 Time100 Gala in New York
things that you hear is that the in April; deputy assistant to the president May Mailman video chats
value of the family and the value of with her family.
our faith is incredibly important,
and that gives us a level of support
and purpose and takes away from Not surprisingly, books, TV and Forum, a conservative think tank,
the anxiety. I know that I’m not do- movies frequently depict mothers and a mother of five, conservative
ing this on my own.” on the brink, teetering between re- women don’t tend to wring their
sentment and entrapment on one hands over how their roles differ
Mission Driven end—and sanity and self-fulfillment from those of men. In lieu of the
In 2021, when Katie Britt was on the other. Stories about “mater- gender-neutral “parent,” they re-
considering whether to run for Sen- nal rage” reflect those frustrations. flexively use the words “mother”
ate, both her kids were heading into In the novel and movie “Nightbitch,” and “father.” They believe that the
middle school. She relished braiding a beleaguered mother turns into a maternal impulse fundamentally
her daughter’s hair in the morning dog. In Miranda July’s novel “All shapes women’s priorities.
and attending all her kids’ games. Fours,” a perimenopausal woman “The traditional leftist feminist is
Before making the decision, she and flees the constraints of an unsup- often aggrieved that women have
her husband prayed for guidance portive society. this unique relationship with their
about what it would mean for her “Motherhood is not fun. This is children,” Lukas said, which she around not only puts everyone in a that makes me more traditional, re-
to spend so much time in Washing- awful. Kids will ruin your life. That’s thinks makes them more troubled good mood, she said. It also helps turning to the wider family dy-
ton. “Just missing those moments what you read in their magazines by career trade-offs or the “mother- them focus on what she calls their namic.”
and newspapers and what they hear hood wage gap.” As Lukas put it, larger mission: creating a better fu- Many echoed this Hillaryesque
from their friends,” said political “Most conservative women, instead ture for all families with policies “it takes a village” approach. For
‘The world is full commentator Megyn Kelly, the of resenting that they have to make that emphasize welfare-to-work, Britt, it’s the friends reminding her
mother of three kids between the a choice, feel grateful that they have adoption and maternal health. that she needs to order new sports
of voices saying ages of 11 and 15, characterizing choices to make.” One common complaint among uniforms for her kids. For Clark, it’s
this can’t work.’ what she sees as the liberal take. To Both Lukas and Danielle Critten- many left-leaning women is the lack her mom, who moved across the
her mind, liberals are self-involved den, author of the 1999 book, “What of public support in the U.S. for street two weeks ago. Multiple
KATIE BRITT
to their own detriment, obsessing Our Mothers Didn’t Tell Us: Why working mothers. Shouldn’t the women said the single best advice
U.S. Senator
over whether to have children, ob- Happiness Eludes the Modern government be doing more in terms they got was “Don’t be afraid to ask
sessing over their kids once they Woman,” emphasize that this de- of providing child care and other re- for help.” And every woman inter-
have them and obsessing about ev- bate is largely an elite discussion. sources? These conservative women viewed was quick to acknowledge
and not being present for every- erything they’re giving up in the “It’s still true that most women take more of a bootstraps approach. that none of this is easy.
thing,” Britt recalled in an inter- process. work as cashiers and men as truck They believe the onus is on them, Of course, not every conservative
view. “I really wrestled with it. The “Whereas in the conservative drivers,” Crittenden told me. “The their families and their communi- woman is traditional in all senses.
world is full of voices saying this world, especially among people of women most likely to stay home are ties, not on the state, to make fam- Some are on their second mar-
can’t work.” faith, you hear all about the re- those who had a high-power career, ily life work. riages. Some got married later in
But her daughter, then 10, ap- wards of motherhood and that gets then married high-power men, re- “I don’t think about what excuses life, though almost all wished they’d
proached her one day and said, reinforced,” said Kelly. “For us, hav- gardless of political affiliation. It’s a might be out there because I just found the right partner earlier. (On
“Mom, you have to do this.” ing a family is a no-brainer. It’s luxury item, like owning thorough- know what I need to do, and I get average, according to surveys, Re-
“I don’t think you understand part of your life plan and you know breds.” the job done,” said Shannon Clark, a publicans favor marrying and hav-
what a hard thing this is,” Britt re- that from an early age. It’s a ques- That said, Crittenden laments the senior vice president at the security ing children at a younger age than
called saying, to which her daughter tion of when and how and not inability of many women to talk and intelligence firm Palantir. Clark, Democrats.)
replied: “But Mom, doesn’t God call whether.” openly about gender and sex differ- 44, who has two children under Just like many women on the
CLOCKWISE FROM TOP: CHIP SOMODEVILLA/GETTY IMAGES; LUIZ RAMPELOTTO/ZUMA PRESS; SHURAN HUANG FOR WSJ

on you to do hard things?” “The public message you hear in ences. “The maternal impulse to be four, credits her parents, a teacher left, they revel in the flexible, re-
That’s when Britt says she knew the culture is ‘Your life is over if self-sacrificing is often criticized as and construction worker who mote work arrangements normal-
to push ahead—and to push hard. In you have a baby and you’ll never ac- subverting your identity, but really, worked overtime to pay for her edu- ized by the pandemic. Many are en-
high school, she’d been both cheer complish anything,’” said Emily it’s a superpower. We’re not being cation. “I learned that if there are thusiastically free-range when it
captain and valedictorian, while Zanotti 43, a copywriter and full- taught to look at motherhood as an things you want in life, you have to comes to child rearing. And like
holding down an after-school job. At time working mother of four in enriching and rewarding thing. In- put in time and effort. It’s not a free many Brooklyn parents, they refer
the University of Alabama, she’d Nashville and a self-described stead, it’s looked at as a sacrifice.” ride.” to their husbands as partners. De-
been president of her sorority and “hardcore Catholic.” “But what I al- Yet nearly all of these conserva- spite the pronatalist rhetoric of JD
of the student government. “My ways heard from fellow conserva- It Takes a Village tive women emphasized the crucial Vance and others on the right, con-
husband and I both have this atti- tives was to pursue a voca- In the governor’s office in Little role played by their husbands. “The servatives aren’t having dramati-
tude of rolling up our sleeves and tion and have a family, because Rock, Gov. Sanders recently imple- best advice I’ve gotten so far is hav- cally more children than liberals. On
getting to work,” she said, even if that’s one of the greatest things you mented a “Bring Your Baby to ing a partner who is more than will- average, Democrats have 1.53 chil-
that means missing out on some big can do to contribute to the future.” Work” program that allows moth- ing to be side by side,” said AshLee dren, compared with 1.86 for Re-
moments in their kids’ lives and ers—and fathers—to bring their Strong, 40, who has two children publicans.
watching their games via lives- Sex Matters kids to the office during their first under two with her husband, a “In this day and age, being a
tream. Conservative women are firm in six months. The goal is to help ease rancher. “We’re on the same team.” mom is harder than it’s ever been
There are plenty of good reasons their belief that childbearing is a the transition back to work so that After working as press secretary to before,” Sanders said. “I’m going to
why the “it’s impossible being a big part of womanhood. To their employees don’t feel like they have then-Speaker of the House Paul sound more generous toward liberal
woman” narrative is so resonant. De- mind, feminists, progressives and to constantly choose between work Ryan in Washington, D.C., she women than you might expect, but
spite increased workplace flexibility, contemporary gender theorists have and parenthood. (State employees moved back to Montana, where she I think all of us should be less judg-
most employees still feel like they de-emphasized—even denied—sex get 12 weeks of paid maternity runs a small business. mental. It would probably do all of
are on duty all the time, quality child differences in ways that don’t re- leave.) “I don’t do this alone,” Strong ex- us a lot of good to recognize that
care is expensive and hard to find, flect their lives or worldview. “I wanted to promote not just plained. “Not only my husband, but we’re all, including me, just trying
and women still put in more hours According to Carrie Lukas, presi- family values but family itself,” also my mom and my mother-in-law to make it through some days and
than men on the domestic front. dent of the Independent Women’s Sanders told me. Having babies and my sisters-in-law help. Maybe keep our heads above water.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | C3

REVIEW

Can ‘The Naked Gun’ Save the

than another “Jurassic World” se-
quel, because you don’t know if
they’ll be funny until you shoot them.

Endangered Big-Screen Comedy?

“There haven’t been a lot of great
comedies made to judge if people
will go or not go,” said Judd Apa-
tow, one of Hollywood’s most influ-
ential comedic filmmakers for two
decades, with credits including “An-
chorman,” “Knocked Up” and “The
Last year, Hollywood didn’t release a single live-action comedy. Is the problem 40-Year-Old Virgin.” Since the pan-
with audiences, new technology or the studios themselves? demic, he’s made just one comedy
released in theaters.
Feig’s last two films were re-
leased straight-to-streaming by Am-
azon, but test audiences and critics
watched them in theaters. “The au-
diences go nuts,” he said. Online,
the feedback was more mixed. Feig
thinks he knows why: “Because
you’re watching it in a vacuum.
You’re being denied the experience

For people who

care about
comedy, it feels
like the most
consequential
release of the
summer.

of something that was engineered

for a group to watch together.”
The idea for the new “Naked
Gun” movie came when MacFarlane
worked with Neeson on a single
scene in “Ted 2.” The Irish actor
was best known for action movies
like “Taken” and “Batman Begins,”
but MacFarlane was impressed with
his ability to get laughs by playing
a comedy scene with total sincerity.
It was the same deadly serious
approach that made Nielsen so
funny amid his absurd surroundings
in “The Naked Gun” and “Airplane.”
“I remember thinking this is the
BY BEN FRITZ Neeson as Drebin’s son. Like its pre- only actor alive who might be able

B
decessors, the movie sacrifices to pull off a reboot of ‘The Naked
efore a recent advance character and plot logic for nonstop Gun,’” MacFarlane said in an inter-
screening of “The Na- jokes, which range from satirical to view. “Because he has that Robert
ked Gun” on the Para- absurd to middle-school bathroom Mitchum, Gregory Peck gravitas.”
mount Pictures lot, level. One of the funniest bits di- Reviews for the movie have been
producer Seth MacFar- rectly addresses the franchise’s overwhelmingly positive, but expec-
lane offered the audience some in- awkward history with Simpson. tations for its opening are modest.
troductory guidance. For people who care about com- Pre-release surveys and ticket sales
“For those of you who don’t re- edy, it feels like the most conse- indicate it will open close to $20
member…there used to be these quential release of the summer. If million in the U.S. and Canada. The
movies called ‘comedies,’” the “Fam- this movie can’t work, what hope is second “Naked Gun” had a similar
ily Guy” creator said. “And it’s been left for the genre? “I’m really just opening in 1991, when the average
so long since one came out that Par- praying that ‘The Naked Gun’ does ticket cost $4.21.
amount asked me to explain to you well,” said Paul Feig, who directed Comedies rarely perform well
that it’s supposed to be funny.” “Bridesmaids” and “The Heat.” overseas since humor is culturally
Amid Hollywood’s many strug- Comedy is thriving online. You- specific, which is why they’re usu-
gles over the past few years, the de- Tube and TikTok are full of sketches ally made cheaply. The new “Naked
FROM TOP: EVAN AGOSTINI/ASSOCIATED PRESS; UNIVERSAL PICTURES/EVERETT COLLECTION

cline of the big-screen comedy may Top: Liam Neeson at the premiere of ‘The Naked Gun’ in New York, July and stand-up bits. Netflix regularly Gun” cost about $42 million.
be the most disheartening. I’m not 28. Above: From left, director Judd Apatow, Amy Schumer and Bill Hader releases stand-up specials and co- Some of the biggest comedies in
talking about action films with on the set of ‘Trainwreck,‘ a 2015 comedy hit. medic films straight-to-streaming, history, from “My Big Fat Greek
quippy lines or animated movies including last week’s “Happy Wedding” to “Bridesmaids” to the
with double entendres for parents. I Gilmore 2.” The Adam Sandler se- first “Naked Gun,” became hits only
mean live-action movies whose pri- Poehler, and MacFarlane’s “Ted 2.” we’re losing the experience of laugh- quel was watched 46.7 million times after they debuted, as word spread
mary purpose is to make adults and Flash forward to 2024 and Holly- ing communally in a movie theater. in its first three days and had the that they were genuinely funny. Par-
teenagers laugh as much as possible wood studios released zero live ac- The original three “Naked Gun” biggest opening weekend ever for a amount executives hope similarly
in 90 minutes. Think “Caddyshack,” tion comedies. This week’s reboot of films, released between 1988 and Netflix original film in the U.S. strong buzz will give the new “Na-
“There’s Something About Mary” or “The Naked Gun” is just the second 1994, made Leslie Nielsen’s inept cop If smartphones and internet-con- ked Gun” a long life in theaters, and
anything with Will Ferrell. one in theaters this year, after Janu- Frank Drebin a legend for comedy nected TVs are giving people all the have invited influencers and come-
Just 10 years ago, major Holly- ary’s modest hit “One of Them fans of a certain age. I was 12 when laughs they want, there’s probably no dians to early screenings for that
wood studios released 18 such mov- Days.” The few hugely successful “The Naked Gun 2 !” came out, and hope that theatrically released come- purpose.
ies, by my subjective count. And comedies this decade have been I still remember laughing uproari- dies can come back. But it’s also pos- “A lot of the reaction has been
they were a thriving business. Eight genre hybrids like the superhero se- ously at a two-minute sequence in sible that amid the disruption caused people who are just surprised
grossed more than $100 million ac- quel “Deadpool & Wolverine” and which O.J. Simpson is dragged un- by the evaporation of DVD sales, the there’s something with so many
cording to Comscore, including the toy adaptation “Barbie.” derneath one vehicle after another pandemic and the streaming boom jokes in it,” MacFarlane said. “It’s
“Trainwreck” with Amy Schumer, Whether because of digital com- across the streets of L.A. and bust, studios have gotten too kind of amusing because you’re like,
“Sisters” with Tina Fey and Amy petition or Hollywood’s timidity, The new “Naked Gun” stars Liam timid. Comedies are always riskier guys, that’s what a comedy is.”

The Way I Text Is Deeply texts like they were passenger-

pigeon missives from an aging

Uncool, But I Don’t Care relative? Were my texts the

equivalent of a birthday card
with a crinkled five dollar bill
and stick of stale Juicy Fruit
I know BY JOHANNA GOHMANN war front. “I feel like I need to inside? Cringe emoji!
cue up fiddle music and zoom Of course, I could easily
all about AS A WOMAN rounding the in Ken Burns-style just asking solve this problem by leaving
emojis bend to 50, I am well aware you for a dentist rec,” he said. out punctuation. But the
and voice there are technological trends He suggested I try sending writer in me simply can’t do it.
that I don’t understand and voice memos instead. Appar- Plus, it feels completely absurd
memos, so likely never will. ently that’s what all the kids to pretend I am too cool for an
why do my As the robots are coming do now. I nodded, while qui- ellipsis. I am a harried, middle-
friends say for us all anyway, I am usually etly thinking he may as well aged mother who is regularly
not too bothered by it. But I tell me to press my thoughts ing Bea Arthur. on the Titanic” granny who trying to shoot off all manner
I write like was recently informed that the onto a vinyl record and drop it But doesn’t everyone screw found it necessary to add a of messages: about work, and
a Boomer? way I text makes me look…old. through his mail slot. up GIFs from time to time? semicolon. the insane state of the world,
The way I text? What I concede my texts can run No, it had to be something “Do you use punctuation in and that I am “two blocks
was old about my texting? My long, but that’s mainly be- else, some small but telling texts?” I asked my husband. away so go ahead and order
phone uses a regular font and cause I write in full, complete detail that made my messages He shrugged with the aloof me a rosé.” I don’t have time
does not bear letters the size sentences and avoid acro- look like they’d been pecked cool of James Dean flicking a to feign insouciance!
of baby carrots. I also feel I nyms—largely because I can out by Bea Arthur herself. cigarette into the gutter. (Ac- No, I’m afraid this must be
have a decent grasp of emojis never quite remember what “You need to stop with the tually, with that reference, yet another marker of my de-
and understand that if a work they are. (I regularly have to punctuation Boomer,” my maybe I am a boomer?) scent into the uncool.
colleague suggests meeting for Google SMH and then, once friend wrote. “Nope,” he muttered. Weirdly, I find I don’t care.
dinner, I should not respond reminded, SMH.) Boomer! My parents are What? Even my nerd hus- Being young is often about
with an eggplant, no matter Is the problem my GIF de- boomers! What was she talk- band knew this? But he didn’t feeling open and free, with no
how much I’m craving baba livery incompetence? In this, I ing about? And where was her know what a thirst trap was! I real end in sight. But as a fully
ganoush. What on earth was I do indeed aspire to do better. comma before “boomer?” had to explain it to him after grown adult, I know that ev-
getting wrong? When a friend wrote recently Doesn’t everyone use punc- showing him a photo of a erything leads eventually to a
Was it the length? A friend that she was having a hard tuation in texts? shirtless Hugh Jackman! full stop. As much as we might
did once remark that even day, I somehow failed to prop- I quickly scanned my mes- I suddenly felt like I was at a like to pretend otherwise
when I’m sending the simplest erly respond with an animated sages and discovered that no, junior-high dance and had just
KAITLIN BRITO

of messages, I tend to over- GIF of the Golden Girls hug- they don’t. It seemed I was the incorrectly used “phat” to try Johanna Gohmann is a humor-
write, like I’m sending some ging each other and sent in- only clueless, 200-year-old “let to compliment my crush. God, ist, essayist and children’s
quill and ink update from the stead a frozen still of a frown- me tell you about my voyage was everyone receiving my book author.
C4 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

REVIEW

BY AATISH TASEER first had an intimation of

I
Zinc’s leave-taking during a
n a city like New York, January we spent in Charles-
where the ground is ton toward the end of the
always shifting under pandemic. Taking him in the
your feet, nothing mornings to White Point Gar-
says you belong more den, with its live oaks and
than having a dog. The sim- views of Fort Sumter, seeing
ple morning ritual of taking him potter about woodenly,
your furry ball-and-chain on his joints turgid with arthritis,
a leash from apartment to
park or dog run is the surest
way (perhaps even more than
a stroller) to distinguish Zinc’s
yourself from all the tran- ongoing war
sience and anonymity by
firmly stating that “I, in fact, with the
live here.” sprinklers in
Ten years ago, when I first
moved to New York because
Central Park
I’d fallen in love, an 85-pound drew crowds.
shepherd-lab mix called Zinc
helped me make the city my
own. He had been rescued I felt a catch in my heart and
from a kill shelter in the thought, “It won’t be long
South by two pious older now.” Yet nothing in that
women who ran an organiza- quiet acknowledgment of the
tion called “A Paw and a natural order of things is any
Prayer.” Zinc, it could be said, preparation for the end when
was part of my dowry. it comes.
My husband Ryan and I met I returned from a writing
on a dating app in 2014. He assignment in the south of
was from Tennessee, in his last Spain, one June day, in 2022,
year at NYU Law School. I was to see Zinc’s handsome face
from New Delhi, India, visiting bloated beyond all recogni-
Aatish Taseer
the city for what I thought tion, as if he had been stung
and his dog Zinc
would only be a summer of by a swarm of bees. We went
in 2022.
love. Nothing in our back- back and forth between diag-
grounds (not his in the evan- noses and misdiagnoses, until
gelical South, nor mine in feu- finally our vet confirmed that
dal Punjab) suggested we it was lymphoma. The scarci-
would find each other. We
didn’t know a soul in common.
The city was a crucible of
The Life-Giving Power of a ties of the pandemic meant
that there were no appoint-
ments available with an on-

Dog Named Zinc

chance and good fortune. It cologist until September.
made our life together possi- By then, it would be too
ble, but it was also a place of late—and, besides, did we re-
flux and transitoriness, dark- ally want to put a 12-year-old
ened by the fear that the life dog who had lived so charmed
two individuals have willed a life through the horrors of
into being can slip through As my husband and I built a life together in New York, chemotherapy? We did what
their fingers. Months into our our 85-pound shepherd-lab mix was our anchor. we could to make him com-
courtship, Ryan announced fortable and gave him a sum-
that he had a dog—at the time mer of love (and bacon). He
living with his mother in Tennes- able. People communicated road-tripper and went up ate his last meal from my hand—
see—who he absolutely had to bring with me through him, some- and down the Eastern Sea- Mulligatawny soup of all things!—
to New York. “Two boys and a dog” times with smiles and small board with us, from the one autumn evening, as his appetite
was how he sold me on his dream of talk, occasionally with Bay of Fundy in coastal and mobility began to fail. The next
our life together. nerves and neuroses. Canada to Sullivan Island day, as he lay immobile in one of his
I remember, as if it were yester- He was similarly anchor- near Charleston, S.C. I see favorite spots in our house, the vet
day, that November day of autumn ing for Ryan and me. In him now, asleep on the came and put him to sleep.
sunshine when, from the window of those first days of marriage, blue pleather seat of an We, who choose to have these
a yellow cab, I first set eyes on when two people lack ex- MTA train, when we were magnificent creatures grace our
Zinc, sitting alertly at Ryan’s feet tended family or commu- too poor to afford a car; lives with their abridged time on
on the corner of 73rd and Colum- nity, a locus of affection now again, when we had earth, must begin again. It is not
bus. He was black-and-tan, with a outside themselves allows saved enough to buy a sec- given to us to wallow interminably
thick double coat and giant straw- their best qualities to shine ond-hand Audi. or let grief settle so deeply that we
colored paws. His amber eyes were through. Zinc was that third Zinc gave our life an in- lose the ability to tie the thread of
framed in two tiny diamonds of point. By loving him, we ner cohesion through those the past to the future. Their last lit-
black, as if kohled. loved each other. first uncertain steps of mar- tle gift to us is a lesson in the inevi-
Zinc and I were both dimly aware Zinc even had a star turn ried life, bringing humor tability of death and renewal, cre-
of being new arrivals to this great in New York. Within months and affection, wanting noth- ation and decay. “Thou know’st ‘tis
city and, on those first mornings, of arriving, he had been pho- ing more in return than to common,” Gertrude tells Hamlet,
from our mouse-infested apartment tographed by Elias Weiss be included in everything. “all that lives must die/Passing
to Central Park, we mapped it out Friedman, proprietor of “The My favorite memory of him through nature to eternity.”
together, staking our claim over its Dogist,” with his 7 million is at Christmas one year in In the garden behind me at our
unfaithful earth, fetch throw by Instagram followers, and Tennessee when he stole my country house outside the city, a
fetch throw. In those off-leash hours soon appeared in his book mother-in-law’s ham while two-and-a-half-year-old chocolate
in the park, New York is a city apart on a page entitled “Beautiful we were at church, ate it in lab called Cuzco now runs about
from the one on the outside. It’s Blends.” Zinc’s ongoing war its entirety and then, still where Zinc once did. At the edge of
older, whiter, more intimate. with the sprinklers in Cen- Zinc vs. a sprinkler in Central Park. covered in its juices, gazed the grass, below a stone urn, a gran-
FROM TOP: DAVID RAWLE; AATISH TASEER

In the other places I had lived— tral Park drew crowds of out at us with an “I-regret- ite plaque reads, “Zinc,
Britain, India—I knew how I came spectators who filmed him nothing” defiance, even as 07.06.2010—09.12.2022, Two Boys
off, but here, as James Baldwin slaying their elliptical jets of water, As the years rolled by, and the secretly he was beginning to feel and a Dog Forever.”
writes, in “Notes of A Native Son” of as if they were dragons. He loved improbable miracle of a life in New quite ill.
his time in France, “I did not know late night guerrilla swims in the York acquired a modicum of stabil- The tragedy of canine lives that Aatish Taseer is the author of sev-
what they saw when they looked at park’s lake and was never happier ity, Zinc (or the Brigadier, as we intersect with our own only for a eral works of fiction and nonfic-
me.” Zinc, who had the protective- than after a blizzard, when his ursine liked to call him) shepherded us while is amplified when it comes to tion. His new book, “A Return to
ness of a shepherd and the sweet- form could be seen describing arcs through changes in apartments and a shepherd, whose very dharma dic- Self: Excursions in Exile,” has just
ness of a lab, made me approach- through several feet of snow. our work lives. He was a wonderful tates he never leave your side. I been published by Catapult Books.

SCIENCE SHORTS years later, where they diver-

sified again, and one lineage
A Horse-Sized grew gigantic.
Finally, some of those

Dinosaur Paved the Way larger tyrannosaurs returned

to North America about 70

For Tyrannosaurs million years ago, and their

descendants became T. rex,
the apex predator that domi-
nated the North American
A fossil BY AYLIN WOODWARD “We’re not landscape.
sure how Whether tyrannosaurs were
that was THE CLOSEST KNOWN ances- many moved solitary or traveled together
mislabeled tor of tyrannosaurs has turned at a time—it remains up for debate, but ev-
for decades up in an unexpected location: could’ve been idence from bone beds and
A museum in Mongolia, where a very slow A Tyrannosaurus trackways suggest that some
shows the bones had been stored and thing or very rex skeleton. tyrannosaur species lived in
how T. Rex mislabeled for about 50 years. rapid—but groups, according to Thomas
The newly identified speci- once a breed- Holtz, a University of Mary-
evolved men is named Khankhuuluu ing population made it across, two partial skeletons showed vores called allosaurs, Voris land paleontologist who
and spread mongoliensis, after the Mon- they started to colonize very that Khankhuuluu was some- said. By 80 million years ago, wasn’t involved in the new
across the golian words for “dragon abruptly,” said Jared Voris, a thing new. the fossil record shows, tyran- research.
prince.” About the size of a University of Calgary paleon- Once the researchers com- nosaurs had assumed domi- Khankhuuluu and how it
globe. horse, it lived 86 million years tologist and lead author of a pared the specimen to the age, nance, growing an order of relates to its peripatetic de-
ago in what is now the Gobi study published in Nature de- characteristics and locations magnitude in size and eclips- scendants has helped rewrite
Desert. scribing Khankhuuluu. “Mi- of other known tyrannosaurs, ing the allosaurs. the evolutionary history of
The discovery provides in- gration was a key factor in they were able to place it on Part of the change, accord- tyrannosaurs, said Darla Zele-
sights into how dinosaurs di- the evolution of these ani- the dinosaurs’ family tree, ing to the study authors, was nitsky, a University of Cal-
versified and spread across mals.” shedding light on millions of made possible by Khankhuu- gary paleontologist and study
the globe. These two-legged Voris spotted the bones years of evolution. luu or a close cousin moving co-author.
predators with puny arms during a recent visit to the About 145 million years into North America about 85 “If it wasn’t for the migra-
and bone-crushing teeth mi- collections of the Mongolian ago, tyrannosaurs and their million years ago, where its tion of tyrannosaurs between
DARLA ZELENITSKY

grated between Asia and Academy of Sciences, where ancestors began as fleet- descendants diversified into both continents, these big
North America across land they had been held since the footed hunters that were the multiple types of tyranno- apex predators as we know
bridges, just like the earliest 1970s, attributed to an already size of deer or dogs, hunting saurs. Some made their way them—like T. rex—probably
humans. known species. An analysis of in the shadow of larger carni- back to Asia several million wouldn’t exist,” she said.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | C5

REVIEW

Finding Therapy in a Pool Lane

The tang of chlorine and the feel of water make the stresses and tragedies of life more manageable.

BY JILL BIALOSKY cute boys to attract. their lips sat drinking Dunkin’ Do- when your life collapses, was a bar- Her last years were in a care home

T
We worshiped the lifeguard I’ll nuts coffee every morning and sent rage of complicated emotions. in Cleveland, where she suffered
oday I went swimming call Dan, with his curly black hair, me off to work. I was locked up, as if zipped in a from Alzheimer’s. Pandemic restric-
at my neighbor’s pool. tanned skin and baby smooth six- I swam at the local Y to manage spacesuit to protect against an un- tions meant I couldn’t be with her
Their water is from the pack. I could spend hours craning my fears about whether I could inhabitable atmosphere. I swam when she passed, or even attend her
sea so my skin isn’t my head to stare at him perched on make it as a poet in a city where through shame and devastation. gravesite funeral. I swam through
itchy from the chlorine his lifeguard chair. When I dove off the streets smelled of rain-soaked Who was I now that I was no longer my sorrow, guilt and disorientation.
when I get out. With each breast- the diving board, I made sure to garbage, rotting bodega fruit and a big sister, that I was no longer a I swam through missing her.
stroke, I feel the stress and worries keep my toes pointed and my arms burning kebabs and the relentless mother, after carrying my baby Swimming became a way for me
released from my body. I can think stretched to a perfect V, then I through 32 weeks of pregnancy? to connect with her. I’d think of
or not think. I’m in heaven. swam my most graceful crawl. I wish I had found a spiritual an- happier times, hearing her laugh,
I suppose I’m a Type-A cliché. Maybe he was watching. With each swer. Instead I found chlorine and seeing her smile, as I frog-kicked
My brain is always ticking off the In college, I did laps at the uni- wet hair. (I was less vain then; now and looked out at the blue summer
boxes. I worry about whether I’m versity pool, then trudged up the breaststroke, I breaststroke my way out of get- sky. Sometimes I spoke to her in my
doing enough in my job, as a hill to my dorm room with damp I feel the stress ting my head wet to protect my mind. Maybe she could hear me.
mother, as a wife, a sister, a friend. hair that nearly froze in the winter hair.) We can’t stop tragedies from
Even on vacation, I feel that tug of chill. When I swam, my mind went
and worries I went on a mission to find the happening, or prevent the pain that
uselessness if I don’t have my eyes blank. I did not think about the test released from my best pool in New York City. My fa- comes with heartbreak. They are in-
on a manuscript I should be reading
for work or the novel I’m writing. I
I was worried about or if someone
found me interesting or whether I
body. I can think vorite was at the Peninsula Hotel,
not far from my office, which
escapable consequences of what
makes life meaningful.
don’t relax well. Except when I’m in had enough money to pay my tu- or not think. granted access then to anyone will- Some people alleviate their suf-
water. ition bill. ing to buy a daily pass. The pool fering with a therapist, which at
I’m a swimmer. When I was a kid In graduate school, I swam out was sunken, and the room smelled times in my life has been essential.
in the quiet suburbs of Cleveland, I my broken heart day after day, noise of cars, ambulances and con- like chlorine and peppermint mist. Others find relief in long, candid so-
joined the Aqua Jems, where we week after week. My boyfriend struction rattled me. At lunch hour, it was usually empty. cial-media posts. For me, therapy
performed water ballets—somer- dumped me for the beautiful blonde There was the year I lost myself I’d swim for 20 minutes, then sit isn’t enough. I need to swim
saulting, back-flipping, raising our poet he had met—and trashed as and could tell no one. Or rather, I on one of the lounge chairs on a through it all. It’s about passing the
legs while lying on our backs to stuck-up—when we were dating. was afraid to tell anyone, not even thick, white, plush towel and close time, feeling my strength and find-
Handel’s “Water Music.” Lesson learned. If a guy knocks an- my closest friends or my husband (I my eyes. In this post-exertion calm, ing relief in grasping the pool edge
As a teenager, when I wasn’t other girl in your company, it’s be- had burdened him enough, surely). I had enough time to cry for 15 min- on the other side.
working, I spent my summer days cause he’s smitten with her. This was the year my daughter died utes before showering, zipping up
at the local pool. My love-struck When I first moved to New York just after birth when her lungs col- my spacesuit and returning to work, Jill Bialosky is a poet, novelist, es-
friends and I would lay on our tow- City, I lived in a crappy SRO with a lapsed. Five months earlier my dar- all within my lunch hour. sayist and book editor. Her latest
GETTY IMAGES

els in our bikinis, listen to our tran- galley kitchen, where the old Zieg- ling sister, who was 10 years youn- I swam again in the months after book is “The End Is the Beginning:
sistor radios play “Let’s Get It On” feld Follies ladies with purple hair ger than me, took her own life. my mother died in early 2020, at A Personal History of My
or “Killing Me Softly” and look for and red lipstick scribbled around Grief, or whatever the word is for the start of the Covid-19 pandemic. Mother.”

EXHIBIT

Fashion Plates
AT THE START OF THE 20TH CENTURY, the Lumière broth- themselves by the sea in full-color blazers and formal dress.
FROM LEFT: BASSETLAW MUSEUM, NOTTINGHAMSHIRE; INTERNATIONAL CENTER OF PHOTOGRAPHY, GIFT OF JOHN B. TREVOR

ers in France perfected autochrome, a color photography pro- The artist Gustav Klimt parades his trademark indigo-colored
cess using grains of dyed potato starch to filter the hues. The artist’s smock in a 1910 picture; in 1922, the novelist Colette
technique became obsolete in the 1930s, and concern about poses warily with her French bulldog.
damaging the images by exposing them to light means that Albert Kahn, a banker and collector, sent color photogra-
millions of autochrome images remain in storage, unseen. phers around the world to capture local cultures, hoping to
In the new book “The Color of Clothes” (Thames and Hud- contribute to global understanding. His 72,000 autochromes
son), fashion historian Cally Blackman presents 370 auto- included one of 17-year-old Marie-Yvonne von Schoen, daugh-
chromes documenting the fashion of the 1910s and 1920s. ter of a baroness, in what may have been her first adult eve-
We’re used to seeing images from this period in black and ning dress. She wore it in 1914, a few weeks before World War
white, so it’s a shock to see a family in 1913 Britain sunning I broke out and the world changed. —Peter Saenger

A 1913
autochrome
of a beach in
Devon, An autochrome portrait of
England. Caroline Trevor, ca. 1911.
C6 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

REVIEW

OBITUARIES largely by nannies, according to a 1999 book,

“Legacy: A Biography of Moses and Walter Annen-
berg” by Christopher Ogden, whose research in-
WALLIS ANNENBERG |1939-2025 cluded interviews with Wallis and other family
members. Her father worked 14-hour days run-
ning his publishing empire, which then also in-

She Donated Huge Sums of

cluded the Philadelphia Inquirer. Her mother
“wanted to party and have fun,” Wallis Annenberg
told Ogden.
Walter Annenberg wrote letters to his children

Her Family’s Wealth about the virtues of hard work and self-discipline.
In a letter to Wallis when she was 17, he warned of
the dangers of alcohol, which, he wrote, “brings on
a looseness in tongue as well as in character.”

Trying marriage
The daughter of Walter Annenberg—a media titan and former ambassador to After her parents divorced, young Wallis and her
Great Britain—she focused much of her giving in the Los Angeles area. brother moved with their mother to Washington,
D.C. Enrolled at the National Cathedral School, she
felt out of place. As the daughter of a secular Jew-
BY JAMES R. HAGERTY ish father, she was “the only girl who couldn’t say

W
the Apostles’ Creed when everybody stood up to
allis Annenberg had her whole life recite it,” she told Ogden.
to be rich but only the last 23 years Her C high-school average was too low for ad-
to give away large amounts of her mission into the most prestigious colleges her fa-
family’s fortune. She donated to ther hoped she would attend. She ended up at the
hundreds of causes, some of them
surprising, and relished her role as a benefactor.
Annenberg, the daughter of Walter Annenberg,
a publisher and diplomat, died Monday, July 28, at
her home in Los Angeles. She was 86 and had been
undergoing treatment for lung cancer.
Among her many projects in Southern Califor-
nia, she funded a treehouse in Torrance that is ac-
cessible to people with disabilities; a beach house
open to the public in Santa Monica; a landscaped
bridge, now under construction, that will allow
mountain lions and other wildlife to cross over 10
lanes of traffic on the 101 freeway in Agoura Hills,
near Los Angeles; and a center in the Koreatown
section of Los Angeles where older people mingle
with youngsters and take part in such diversions The Wallis Annenberg Center for the Performing
as drum circles and belly dancing. Arts in Beverly Hills.
She became a vice president of the Annenberg
Foundation after her father died in 2002 and then
rose to chairman and chief executive after the death Pine Manor Junior College in Wellesley, Mass.,
of her stepmother, Leonore Annenberg, in 2009. where she thrived as an honor student. After two
In a CBS television interview in 2013, Wallis An- years there, she was admitted to Columbia Univer-
nenberg said that it wasn’t hard to run a founda- sity, where she planned a major in philosophy. She
tion. “I have great judgment when it comes to peo- dropped out of Columbia after meeting Seth Wein-
ple,” she said. “That is probably the most valuable garten, a medical student at Yale who later became

FROM LEFT: WWD/PENSKE MEDIA/GETTY IMAGES; PHILLIP FARAONE/GETTY IMAGES; JASON MERRITT/GETTY IMAGES FOR WALLIS ANNENBERG CENTER FOR THE PERFORMING ARTS
gift I inherited from Walter Annenberg, the ability a neurosurgeon. They married in 1960.
to size up the human being. That’s my genius.” Growing up, she told Ogden, “the message I got
The foundation has given away nearly $2 billion was that a woman’s life begins when she gets mar-
since she became chief executive, a spokeswoman ried, so I figured, what the hell, I’ll try it.”
said. Much of her giving was Her brother, Roger, who had attended Harvard
in the Los Angeles area, where and had been diagnosed with schizophrenia, died
she had lived since the 1970s. by suicide in 1962. She was shattered by the loss of
One of her best-known her closest confidant.
causes is the Wallis Annen- Wallis Annenberg had four children with Wein-
berg Center for the Perform- garten. She went through a period of alcohol and
ing Arts in Beverly Hills, cre- drug abuse before finding successful treatment, ac-
ated by transforming a cording to Ogden’s book, and later was on the
former post office and board of the Betty Ford Center, an addiction-treat-
opened in 2013. ment clinic now known as the Hazelden Betty Ford
She didn’t apologize for Foundation.
putting her name on projects. The couple divorced in 1975. Her survivors in-
Relative to the hundreds of clude her children—Lauren Bon, Roger Weingarten,
causes supported, she said in Wallis Annenberg in 2019, above, and with Gregory Weingarten and Charles Weingarten—and
a 2009 Vanity Fair interview, Seth Weingarten in 1973, left. five grandchildren.
“our name isn’t on that many After her divorce, Wallis Annenberg worked for
projects.” her father’s TV Guide magazine, where her job in-
Her passions included
watching football, an interest
nenberg, who published the Daily
Racing Form and other horse-
The cluded using her social network to line up interviews
and find story ideas. She was frustrated, however,
sparked by her father. “Not racing guides, was imprisoned foundation when some of the magazine’s executives treated her
many people knew more about
football than Wallis Annen-
for income-tax evasion in 1940, a
trauma that helped spur the
has given “like I wasn’t there,” she told Vanity Fair.
News Corp acquired Triangle, including TV
berg,” said David Dreier, a for- family’s zeal for philanthropy. away nearly Guide, for $3 billion in 1988 but sold the magazine
mer Republican U.S. represen- Her father, Walter Hubert An- $2 billion a decade later. (News Corp’s Dow Jones publishes
tative from California and nenberg, headed Triangle Publi- The Wall Street Journal.)
friend of the family. He said cations, which published TV since she Annenberg’s philanthropy was honored with a
she was a major supporter of his plan to erect a Guide and Seventeen magazine and owned televi- became National Humanities Medal in 2022. In the CBS in-
memorial to fallen journalists at the National Mall sion and radio stations. He served as U.S. ambassa- terview, she said that she disliked the phrase “give
in Washington. dor to Britain during the Nixon administration. Her
chief money away” and much preferred “use it wisely.”
mother was Bernice Veronica (Dunkelman) Annen- executive. She was well aware that many invitations she re-
Raised by nannies berg, known as Ronny and said to resemble Ava ceived for A-list society events were due to her sta-
Wallis Huberta Annenberg was born July 15, Gardner. She was the daughter of a Canadian men’s tus as a major donor.
1939, in Philadelphia. The family’s name was often clothing retailer, David Dunkelman. “Isn’t it wonderful,” she said, “to be invited to ev-
in the news. Her paternal grandfather, Moses An- Wallis and her brother, Roger, were raised erything and not have to go?”

SARAH ASPINALL | 1945-2025 jects and pictures were for the good
times, and in the bad times, they

A Model and Socialite Who

went,” she told the Telegraph.
Alongside her sons, Aspinall raised
dozens of gorillas, tigers and chee-

Lived Without a Safety Net tahs, bottle-feeding them in her silk

pajamas. She brought her “babies” to
society lunches and her sons’ board-
ing schools, driving her BMW with ti-
A member of BY CHARLEY LOCKE ings was ‘never trust safety nets.’” gers in the back seat. “She never
Aspinall’s survivors include three showed any fear,” said Bassa Aspinall.
British AT THE AGE OF 25, Lady Sarah Aspi- sons and numerous wild animals that Tragedy struck in 1995 when her
aristocracy, nall—as she would one day be she also considered her children. oldest son, Jason, was paralyzed from
she shared known—was watching the Dutch Soon after her husband died, Aspi- a motorbike crash at 28, the same age
Grand Prix in the Netherlands when nall—a model and icon of the Swing- his father was when he died.
her husband’s she saw smoke rising over the dunes. ing Sixties—began dating John Aspi- “Life never prepares you for this
passion for Her husband, the race-car driver Piers nall. The founder of the Clermont sort of thing, and it doesn’t matter
Courage, had crashed, dying immedi- Club, a private gambling club in Lon- whether you’ve been through it be-
wild animals. ately when his car burst into flames. don, he made and lost fortunes gam- fore,” Aspinall told Adam Cooper, who
For Aspinall, who died on June 17 bling. But his true passion was wild wrote a biography of Piers Courage.
at her home in Cape Town, South Af- animals. He raised lions, gorillas, ti- John Aspinall contracted face can-
rica, at the age of 80, becoming a gers and bears (many purchased from cer in the late 1990s. Sarah Aspinall
widow at 25 was just the end of a the pets department at Harrods). An icon of the Swinging Sixties with a became a full-time caretaker until his
first act in a life marked by adven- “His world was so over-the-top, so taste for tigers, pictured in 1968. death in 2000 and continued to de-
ture, risk and financial volatility. wonderful, that it brought laughter vote herself to her animals, including
She was born Lady Sarah Curzon and purpose back into her life,” said a Siberian tiger who loved to jump
on Jan. 25, 1945, to Francis Curzon, a Bassa Aspinall of his father. They increasingly spent their time at onto her back.
MIKE MCKEOWN/DAILY EXPRESS/GETTY IMAGES

member of the British Parliament, “He took you along because he was Howletts, an estate in Kent, and Port In 2018, she moved to Cape Town
and Sybil Boyter Johnson—or the 5th so exciting, whether you agreed with Lympne, an estate for grazing ani- to live near Bassa, his wife and their
Earl Howe and Countess Howe. She him or not,” Sarah Aspinall said of mals, including rhinos and antelope. children. She enjoyed going to Bassa’s
was an only child doted on by her fa- her husband to the Telegraph. (The Aspinall Foundation runs both, nature reserve by the coast, and espe-
ther, who was also a champion race- As the family acquired more wild and they are open to the public.) cially bringing her binoculars out at
car driver. animals, they became increasingly un- John Aspinall’s gambling bought dawn to study pawprints on the sand
“While most girls grew up with popular in their Belgravia neighbor- vast estates, but when he lost his for- from the wild leopards that had re-
governesses and ponies, she grew up hood in London. John Aspinall had to tunes, Sarah Aspinall would sell her cently returned to the area: creatures
More stories at trackside,” said her son Bassa Aspi- walk the tigers at 3 a.m. so they jewelry to pay for the gorillas’ kum- that, against the odds, had found
WSJ.com/obituaries nall. “One of her father’s favorite say- wouldn’t attack the neighbors’ dogs. quats. “John took the view that ob- their own way home.
 BOOKS
A Feather in Her Cap Changing the Tune
Roxie Laybourne was A biography of
a pioneer in forensic Gustav Mahler finds
ornithology C9 clarity in chaos C11

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A Sudden Fall
The shah of Iran was considered to be an unshakable monarch. How did America’s intelligence community get it so wrong?
King of Kings
By Scott Anderson
Doubleday, 512 pages, $35
BY TUNKU VARADARAJAN

I
N AUGUST 1977, five months before the
start of the Iranian Revolution, the CIA
put out a secret report on Iran. It
offered the assessment that the Ameri-
can-allied shah, Mohammad Reza Pah-
lavi, “will be an active participant in Iranian life
well into the 1980s.” There would be, it further
declared, “no radical change in Iranian political
behavior in the near future.”
Talk about clueless. On Jan. 16, 1979, the
shah and his family fled by plane for Egypt,
abandoning Iran to the medieval-minded Aya-
tollah Ruhollah Khomeini, supreme religious
leader of an Islamist revolution that endures to
this day—somewhat the worse for wear, no
doubt, but just as malevolent toward the West
as it was in the startling days of its birth.
Scott Anderson cites this blithe CIA report
on the very first page of “King of Kings,” a
book whose title is the English rendition of the
Farsi word shahanshah, as Pahlavi called him-
self. (He was also Light of the Aryans, and
Shadow of God on Earth.) Mr. Anderson is a
first-rate writer of histories, best known for
“Lawrence in Arabia” (2013), about the fabled
military adventurer who fought alongside the
Arabs against the Ottomans in World War I,
and “The Quiet Americans” (2020), on a quar-
tet of American spies who defined the shape
and nature of espionage at the dawn of the
Cold War.
“King of Kings” is a sweeping, gripping
book, one that makes past times and dead
people (often weird, complex and evil) spring
to life with its narrative verve and attention
to detail. It seeks to tell “a new version of an
old tale”—that of the shah’s eclipse and Kho-
GETTY IMAGES

meini’s violent triumph—and to “answer some

of the riddles of why the Iranian Revolution
played out as it did.” It’s an event that ranks
among the most seminal in history. If we were BEFORE THE STORM President Jimmy Carter meets with Mohammad Reza Pahlavi, the shah of Iran, in 1977.
to make a list, writes Mr. Anderson, of “that
small handful of revolutions that spurred he transformed Iran materially and culturally: Mr. Anderson’s book attempts to answer and so it did not.” Instead, the author writes,
change on a truly global scale in the modern Per capita income, Mr. Anderson tells us, questions that have tormented historians and successive administrations “happily bought
era, that caused a paradigm shift in the way increased 20-fold during his reign; the literacy American policymakers since the collapse of into his fictions, both of himself and of his
the world works,” we’d place the Iranian Rev- rate quintupled; the average lifespan jumped to the shah’s rule in January 1979. If he were as nation”—fictions that were scripted in a royal
olution alongside the American, French and much of an autocrat as he was thought be, echo chamber in which no discordant voice or
Russian ones. and if the Savak was so oppressive, why did fact was admitted.
At the time of his flight from Iran, and Even as he pushed to modernize he fall, and why was his fall so swift? Or, as The most riveting quality of Mr. Ander-
before the full import of the Khomeinist hor- Mr. Anderson puts it, “why did the shah so son’s book derives from its reliance on inter-
rors had become apparent, the shah was a man
Iran, the shah ruled as if he utterly fail to act to save himself as the walls views with three important players in what
who’d been demonized in the Western liberal were a king from a former era. closed in?” One counterintuitive answer, the he describes in his subtitle as “a story of
imagination. Mr. Anderson points out that author suggests, is that the shah “simply hubris, delusion and catastrophic miscalcula-
Americans were in a state of “moral indigna- lacked the easy brutality, the unswerving tion.” These are Gary Sick (now 90), who was
tion and deep cynicism” in the second half of 56 from 27; half a million Iranians obtained col- killer instinct” of other despots in the region the principal White House aide for Persian
the 1970s, disillusioned by the Vietnam War lege degrees abroad; women were dramatically such as Saddam Hussein. Mr. Anderson tells Gulf affairs from 1976 to 1981; Michael
and Watergate and tired of “the offenses of emancipated (in contrast to their equally dra- us that in early 1978, Saddam even “offered to Metrinko (now 78), a young State Department
American-allied dictatorships around the matic regression and repression after the Ira- liquidate” Khomeini—then in exile in Iraq—as official who headed the U.S. consulate in the
globe.” These included Ferdinand Marcos in the nian Revolution). Even in a reckoning of brutal- “a personal favor to the shah,” only to have northwestern Iranian city of Tabriz; and
Philippines, Augusto Pinochet in Chile and, ity, says Mr. Anderson, the shah was outdone the latter demur. Farah Pahlavi, the shahbanou, or queen—the
inevitably, the shah in Iran, all of whom, Mr. by the revolution: By reliable estimates, the A more jarring question—which survives to shah’s widow.
Anderson says, received more negative cover- number of political dissidents killed by the this day as a source of acute American embar- Now 86, Farah Pahlavi divides her time
age in the U.S. media than Cambodia’s Pol Pot shah’s secret service, the Savak, in the decade rassment—was why the all-powerful U.S. did between an apartment in Paris and a house in
or Cuba’s Fidel Castro. leading up to his exit stands at less than 100. not “see the danger to one of its most vital the suburbs of Washington, D.C. The relative
The shah did himself no favors. A virtually By contrast, “as many as 8,000 Iranians were allies until it was too late?” Mr. Anderson’s stability of her life these past decades has been
absolute monarch, he hired and fired ministers executed in the first four years of Islamic rule, answer, in effect, was that the shah was “so in sharp contrast to her first 1½ years in exile,
at will and tolerated little dissent. Lost in the with as many as 5,000 more killed in a single profoundly important to the United States when she and the shah—unwanted visitors
negative narrative, however, was the fact that week” in July 1988 during a purge of “leftists.” that it couldn’t conceive of life without him— Please turn to page C8

The Bomb Eighty years on, after countless books,

documentaries and major motion pic-
tures, is there anything more to be said
versity of Chicago; the British MAUD
Committee that passed along to the
Americans a model on how to turn that

And Its on the subject?

Happily for both authors, the
chain reaction into a weapon of devas-
tating and decisive impact; and finally

Builders
answer is yes. By going deeper into the the creation of the Manhattan Project
personal details and reminiscences of in the summer of 1942. Mr. Graff
a generation that is all but lost to us reminds us of why the project was so
now, Mr. Graff and Mr. MacGregor named and located: According to the
The Devil Reached have made the story more human, project’s founders, “if you’re trying to
Toward the Sky especially when the weapon’s essential
By Garrett M. Graff inhumanity threatens to overshadow
Avid Reader, 608 pages, $35 everything else. The project’s name was
The two books complement each
other. The bulk of “The Devil Reached
meant to be innocuous.
The Hiroshima Men Toward the Sky” focuses on the physi- ‘We might have called it
By Iain MacGregor cal making of the bomb itself, while Hoboken, but we called
Scribner, 448 pages, $32 “The Hiroshima Men” gives us the
context in which it was used: the 3½- it Manhattan.’
BY ARTHUR HERMAN year epic fight to the finish between

A
the U.S. and Japan in the Pacific.
FTER THREE decades of Familiar names, including Gen. Leslie hide something, you can hide it in New
uneasy slumber since the Groves, J. Robert Oppenheimer and York City a lot easier than you can hide
end of the Cold War, Paul Tibbets—the pilot of the Enola it in Washington.” As for the name, the
atomic weapons are back Gay—appear in both accounts almost original Laboratory for the Develop-
in the headlines. There stereo-optically, allowing readers to ment of Substitute Materials “was
were Vladimir Putin’s threats to use get a deeper understanding of each bound to arouse curiosity.” Manhattan
GETTY IMAGES

them in Ukraine or send them up into person. Project was less suspicious by compari-
space. They appeared suddenly on the Mr. Graff’s approach is disconcert- son. “We might have called it Hoboken,
“escalation ladder” when tensions ing at first. His subtitle describes the but we called it Manhattan.”
flared up between India and Pakistan. book as an oral history; in fact, each TRINITY TEST An atomic bomb detonates in Alamogordo, N.M., in 1945. The personnel behind the project
And it was the looming threat of a chapter is a compilation of snippets had to take what was still a lab experi-
rogue nuclear-weapons program that from interviews, memoirs and the per- of important events based on multiple a very large number; the speed of light ment—using unstable elements such as
forced President Trump to use B-2s in sonal testimony of figures from Presi- reactions and observations. squared is a ridiculously large number. plutonium and uranium isotope 235 to
Iran to extinguish that threat, at least dent Truman and Hiroshima’s police Mr. Graff starts with the earliest So a very small amount of mass con- trigger the chain reaction necessary for
for now. chief down to the last survivors of the theorizing about the possibility of verts to a relatively large amount of a massive and unprecedented release
The time certainly looks ripe for not Hiroshima attack and the man respon- nuclear fission, including Albert Ein- energy”—enough in fact to incinerate of energy—and convert it into a usable
one but two books on the dropping of sible for box lunches at the plant in stein’s formula E=mc2, which formed tens of thousands of people in a single weapon, first against the Germans,
the very first atomic bomb, on Aug. 6, Hanford, Wash., that made the pluto- the theoretical basis of the bomb. As Japanese city. who were believed to be on the verge
1945, with Garrett Graff’s “The Devil nium for the bomb used at Nagasaki. In succinctly explained by Glenn Seaborg, Then we hear from those who trans- of doing the same, and then, after Ger-
Reached Toward the Sky” and Iain the end, the approach works. Each a chemist from the University of Cali- lated atomic-fission theory into action, many surrendered, Imperial Japan.
MacGregor’s “The Hiroshima Men.” chapter provides a composite picture fornia, Berkeley: “The speed of light is with the first chain reaction at the Uni- Please turn to page C8
C8 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

BOOKS
‘What, I wonder, does the reader know of large families? More important, how much can he stand hearing on the subject?’ —J. D. SA L I N G E R

FIVE BEST BOOKS ON LARGE FAMILIES

The Downfall
Christopher J. Scalia Of the Shah
Of Iran
The author of ‘13 Novels Conservatives Will Love
(but Probably Haven’t Read)’ Continued from page C7
everywhere—were buffeted from Egypt to Morocco
to the Bahamas and Mexico before being permitted
The Vicar of Wakefield to enter the U.S. for the shah’s medical treatment.
By Oliver Goldsmith (1766) Their next stop was Panama, where, Mr. Anderson

1
tells us, the queen had to ward off the unwelcome
Long one of the most popular works of sexual attentions of the country’s strongman, Omar
the 18th century, the poet and play- Torrijos, as well as those of his sidekick, Manuel
wright Oliver Goldsmith’s only novel Noriega. (The shah died in Cairo in July 1980.)
blends sentiment and satire, drama and Allied to these firsthand accounts—of, for
comedy. The vicar of the title is Dr. Charles instance, Mr. Sick’s clashes with Zbigniew Brze-
Primrose, who lives happily in the idyllic Eng- zinski, President Carter’s national-security adviser;
lish parish of Wakefield with his wife and six of Mr. Metrinko’s details of beatings at the hands
children until an unscrupulous merchant runs of his captors when he was taken hostage at the
off with the family’s savings. The ensuing cat- U.S. Embassy in Tehran in November 1979; and of
alog of catastrophes would earn Job’s sympa- the queen’s despairing inability to persuade her
thy: The Vicar’s oldest son George must leave husband to loosen his grip on the reins of power—
the family to find work in London; his second are exquisite portraits of other pivotal partici-
son, Moses, is cheated by a con man; his pants. These include Ebrahim Yazdi, an expatriate
daughter Olivia elopes, is abandoned, and then Iranian pharmacologist living in Houston who
(apparently) dies; another daughter is kid- came to be one of Khomeini’s closest aides, rising
napped; the family’s new home burns down. to the position of foreign minister in the Islamic
Unable to pay rent to his malicious landlord, regime before resigning when the U.S. Embassy
Dr. Primrose is sent to jail. Yet the vicar main- was seized.
tains his faith until the villain behind much of Also compelling—for their obtuseness, in
the family’s misery is exposed. Dr. Primrose is particular—are two American officials: Henry
frequently torn between standing up for his Precht, the State Department’s Iran country
principles and making life for his family eas- director, and William Sullivan, the U.S. ambassador
ier. Although his attempts to protect his chil- in Tehran in the run-up to the revolution. Both
GETTY IMAGES

dren often fall short, his affection for them men suffered from the delusion that moderate
never wavers: “There is but one way in this forces within the revolution would prevail over
life of wounding my happiness,” he declares, Khomeini and his hardliners. They believed, as Mr.
“and that is by injuring them.” Anderson describes it, that “Iran was simply too
12 children in Montclair, N.J., during the early Conn., and Camden, S.C. Frequently invoking sophisticated a nation, its people too progressive
20th century. This warm memoir, coauthored his father’s creed of “God, family, coun- and worldly, to stay in the thrall of a medievalist
Pride and Prejudice by two of Lillian and Frank’s children, brims try . . . and in that order,” he celebrates the cabal for very long.” How wrong they were, and
By Jane Austen (1813) with anecdotes about their parents’ efforts to clan’s accomplishments, reckons with its mis- how reckless.

2
make their home work like a finely tuned takes, and mourns its losses. “Within the bo- Mr. Anderson also highlights the aching
Our love for the courtship between machine. Frank instituted a family council som of the family, we were a quarrelsome incompetence of U.S. diplomacy toward Iran. The
Elizabeth Bennet and Mr. Darcy makes modeled after an employee board, supple- bunch,” he writes, “outside, we closed ranks. State Department had barely any Farsi speakers;
it easy to forget that Jane Austen’s mented schoolwork with home instruction to We were mavericks and proud of it.” Mr. Metrinko was one of a very few of the hun-
novel derives much of its conflict from help the children skip grades, and even dreds of American officials stationed in Iran who
the members of Elizabeth’s family. After all, filmed their children’s tonsillectomies to could speak the language; and no attempt was ever
the irresponsible behavior of their “ignorant, study how doctors could work more effi- As I Lay Dying made by anyone at the embassy in Tehran to
idle, and vain” younger siblings nearly ruins ciently. My own family adopted one Gilbreth By William Faulkner (1930) transcribe and translate any of the hundreds of

5
Elizabeth’s and her sister Jane’s marital pros- tactic: When bored by dinner conversation, Khomeini’s venomous taped sermons. As a result,
pects, and youngest daughter Lydia’s “wild Frank would ask the entire table, “Is this is of Anse Bundren may be humpbacked embassy staffers were totally reliant on what
giddiness” precipitates a family crisis. (Aus- general interest?” Gilbreth and Carey write of and shiftless, but he’s a man of his people like Yazdi—the Texas-returned Khomeini
ten, the second-youngest of eight children, their father, “One reason he had so many word. He told his wife Addie that he’d confidante—told them about his master. And
should have known better than to perpetuate children . . . was that he was convinced any- make the trek from their farm to bury naturally, it suited him (and the regime) to convey
such unfair stereotypes of junior siblings.) thing he and Mother teamed up on was sure her in her hometown of Jefferson, Miss., and only a watered-down, sugar-coated—essentially
These crises arise in large part from parental to be a success.” that’s exactly what he’s going to do, come hell mendacious—version of Khomeini’s intent to
shortcomings: Mr. Bennet is too detached and or high water. Borrowing its title from a 1925 interlocutors.
Mrs. Bennet is too silly and indulgent. Eliza- translation of Homer and set in fictional On his deathbed in Turkey in 2017, Yazdi, long
beth, on the other hand, immediately charms An American Family Yoknapatawpha County, William Faulkner’s cast out by the regime, expressed profound
readers (and eventually Mr. Darcy) and first- By Reid Buckley (2008) novel follows the Bundrens on their 40-mile regret. Asked if he would join Khomeini again if

4
born Jane is well-mannered—though perhaps odyssey to bury Addie. Anse and his five chil- he could wind the clock back to 1977, Yazdi
too guarded for her own good. The love these Reid Buckley was the eighth of Aloïse dren—daughter Dewey Dell and sons Darl, replied “never. Never would I do that.” Contrast
two sisters share provides a powerful emo- and William F. Buckley’s 10 children. Cash, Vardaman, and Jewel (who Anse does that with Sadegh Khalkhali, Khomeini’s hanging
tional counter-melody to the central romantic His siblings included William Jr., the not know is another man’s child)—undertake judge, a portly cleric who sent as many as 8,000
plot. “You are too good,” Elizabeth admits to founder of National Review and a a tragicomic funeral procession that goes on prisoners to their death. He, too, harbored
Jane, “I feel as if I had never done you justice, major figure in the post-World War II conser- for nine days. The family is waylaid by fires, regrets, expressed in an interview in 1995.
or loved you as you deserve.” vative movement; James, a one-term senator feuds, drowned horses, broken limbs, a preg- “Lately,” he said, “I have been thinking how few
for New York who also served on the D.C. Cir- nancy, and the aforementioned high water. people I killed. There were just so many ripe for
cuit Court of Appeals; and Priscilla, a journal- The Bundrens themselves—including Addie execution who escaped me.”
Cheaper by the Dozen ist and managing editor at National Review. after she’s died—narrate these events in This was the side that wrought the revolution
By Frank B. Gilbreth Jr. and Ernestine Gilbreth Reid, who died in 2014 at age 83, recounts stream-of-consciousness chapters that show- —one that the U.S. didn’t see coming until it was
Carey (1948) how his parents began their family in Mexico, case their distinct personalities. Among the too late to do anything but write modern Iran’s

3
as the risk-taking patriarch pursued his for- concerns they explore are family obligations obituary.
Lillian Moller Gilbreth and Frank Gil- tune in oil before being run out of the coun- and the relative meaning of sanity. Cash
breth were industrial engineers who try by a revolutionary government. With the muses, “Sometimes I think it ain’t none of us Mr. Varadarajan, a Journal contributor, is a fel-
pioneered the field of motion study— help of excerpts written by siblings, Reid re- pure crazy and ain’t none of us pure sane un- low at the American Enterprise Institute and at
expertise they applied to raising their flects on life at the family’s homes in Sharon, til the balance of us talks him that-a-way.” NYU Law School’s Classical Liberal Institute.

A Mission come together without Groves. “General

Groves is the biggest S.O.B. I have ever
worked for,” remembered Col. Kenneth
The story of how the bomb was
brought to its final destination some
6,200 miles away over Japan is where
Motors and the mastermind behind the
mobilization of American industry—
the so-called Arsenal of Democracy.
complete issue of the New Yorker mag-
azine. The article horrified many
Americans and outraged others. Upon

That Ended D. Nichols, who was involved in both

the Manhattan Project and Groves’s
Mr. MacGregor’s “The Hiroshima Men”
takes over the story.
Knudsen became a lieutenant general
to help the Army with manufacturing
publishing Hersey’s article, Harold
Ross, the magazine’s co-founder and

In a Flash
other masterpiece, the building of the The one plane able to carry the problems, including getting the B-29 editor, confessed: “I don’t think I’ve
Pentagon. “He is most demanding. He is bomb was the B-29 Superfortress. In literally off the ground. ever got as much satisfaction out of
most critical. He is always a driver, both books we meet Col. Paul Tibbets, Nonetheless, what comes through anything else in my life.”
never a praiser.” But, Nichols continued, the most skilled handler of the highly from “The Hiroshima Men” is how Interestingly, one of those who
Continued from page C7 “if I had to do my part of the atomic temperamental plane—a plane that, as inexorable the Air Force machinery approved of Hersey’s article was
Mr. Graff takes us through the con- bomb project over again and had the Gen. Curtis LeMay, the man who had was in achieving the final result, from Groves himself. As Mr. MacGregor
struction of the project’s big three privilege of picking my boss I would directed the B-29’s firebomb raids over the nine months of secret training writes, Groves believed it confirmed
facilities. Oak Ridge, in Tennessee, with pick General Groves.” Tokyo, put it, had “as many bugs as the flights for Tibbets and his B-29 crew to his belief that the U.S. Army needed to
its 2,000 cyclotrons used to make the As both Mr. Graff and Mr. Mac- entomological department of the the arrival of the bomb itself at the Air keep its monopoly on nuclear technol-
necessary uranium isotope. Hanford, for Gregor emphasize, Groves’s relentless Smithsonian.” Force base at Tinian, in the western ogy. “Otherwise, he argued, it invited
processing the plutonium; the camp drive was inspired in part by why he Pacific, and then the fateful flight over destruction of a similar level on its
quickly grew to become “the fourth- took the assignment in the first place. Hiroshima. Both authors remind us own cities and people.”
largest city in Washington State” (“You “If you do the job right,” he was told by ‘Night turned into day’ that until then Hiroshima had been Groves lost on both counts. Control
would get up in the morning and walk his superior officer, Lt. Gen. Brehon spared the hideous destruction of the of the bomb passed from the Army to
through your barracks and there’s about Somervell, “it will win the war.” Groves in a stunning display of firebomb raids that had devastated the civilian Atomic Energy Commis-
twenty more barracks that weren’t never doubted that judgment. nuclear power during Tokyo and other Japanese cities, even sion; Stalin’s spies at Los Alamos
there last night”). And the most famous At 5:29 a.m. on July 16, 1945, came though Hiroshima was an important helped make sure the Soviet Union
site of all, Los Alamos. the first test, codenamed Trinity.
the famous Trinity test. military assembly point with major acquired the bomb. But Groves’s point
It was there, in the middle of the After the nerve-wracking countdown, manufacturing facilities. It was “a mili- is still acutely relevant today, when a
New Mexico desert, that hundreds of and all the doubts about whether tary capital, full of army and navy facil- standard thermonuclear device can
scientists and engineers gathered Trinity would even work, “all of a Tibbets would guide the Enola Gay, ities,” one former student remembers. have as much as 100 times the destruc-
under Oppenheimer’s overall direction, sudden, the night turned into day,” named after his mother, on the final Some residents even wondered if the tive power of the bomb dropped on
while Groves was the project’s driving one witness recalled. Joan Hinton, a and most momentous mission of the city had been spared by some extraor- Hiroshima. Can we doubt that a regime
force 15 hours a day, seven days a Los Alamos physicist who was not war in the Pacific. The Pacific theater dinary grace of God. such as Iran or North Korea would not
week. Mr. Graff gives us fascinating cleared for the Trinity test, watched had been an unending series of hor- They were wrong. There is nothing hesitate to inflict the same destruction,
snippets about the man who has since from 25 miles away. “It was like being rors, from the bloodshed and brutality to choose between the two accounts of if given the chance?
become the symbol of the entire bomb at the bottom of an ocean of light,” of Guadalcanal to Iwo Jima and finally the dropping of the bomb and the hor- Eighty later, we have to admire the
project. In addition to Oppenheimer’s Hinton recalled. “We were bathed in Okinawa, where in three months some rific effect on Hiroshima’s inhabitants, ingenuity dedicated to designing the
brittle brilliance, what the physicist it from all directions.” It’s the same 50,000 Americans had been killed or as well as on future generations of Jap- bomb and building it on a heroic scale,
Rudolf Peierls remembered best about initial reaction described by school- wounded and 36 Navy ships sunk by anese from the effects of radiation. while still deploring the terrible cost.
him were his “strong views on ques- children who witnessed the blast at Japanese kamikazes. American war But here Mr. MacGregor gives us an By forcing Japan’s surrender, it may
tions of style in food and drink. Marti- Hiroshima on Aug. 6—the same sud- planners asked themselves: If this is unexpected hero in the person of John ultimately have saved tens of millions
nis had to be strong. Coffee had to be den and intense unearthly light of the cost of taking one small island, how Hersey. From the start of “The Hiro- of Japanese lives. But in the end, it is
black. When coffee was served” at his purples, greens and yellows: “I won- many more will die taking Japan itself? shima Men” Mr. MacGregor follows the Tibbets who summed it up best: “The
house, “there was never any cream or dered if a fire had been set in my Mr. MacGregor gives us a full war correspondent as he crisscrosses A-bomb ended the war and brought
sugar on the table.” As for the marti- eyes,” said one survivor. In the end, account of the making of the B-29, a the Pacific, covering the fighting at the boys home, and that was what
nis, the first time Peierls dined with the searing memory of a blinding project almost as complex and costly Guadalcanal, then volunteering to visit counted.”
the Oppenheimers he could barely walk flash of light is what binds together as the building of the atomic bomb Hiroshima nine months after the blast.
from the table. those who made the bomb, those who itself, although unaccountably he Hersey’s unvarnished account of the Mr. Herman is author of “Freedom’s
All the scientific brilliance and swirl- dropped it and those who suffered leaves out the crucial role of William apocalyptic destruction and human Forge: How American Business Pro-
ing egos, however, would never have under it. Knudsen, a former president of General suffering caused by the bomb filled a duced Victory in World War Two.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | C9

BOOKS
‘Birds are, perhaps, the most eloquent expression of reality.’ —ROGER TORY PETER SON

Feathers for Clues

The Feather Detective including the U.S. Fish & Wildlife Ser-
By Chris Sweeney vice’s expert for cases involving feathers.
Her testimony helped convict Robert
Avid Reader, 320 pages, $30
Miles, a former grand dragon of the
BY JULIE ZICKEFOOSE United Klans of America, by connecting

A
him to the feathers used in the April
GROUP of ornithologists, 1971 beating and tar-and-feather assault
all male save for one, of R. Wiley Brownlee, a Michigan high-
were enjoying a mixed- school principal and civil-rights activist.
seafood stew in a South Laybourne was also instrumental in
Carolina Lowcountry res- bringing to justice three gamekeepers
taurant when Roxie Laybourne lifted the accused in 1988 of slaughtering nearly
bones from the bottom of her bowl and 400 native raptors—hawks, owls and
identified them, in her measured North vultures—and tossing their carcasses
Carolina drawl, as having come from a into a “kill pit” on a private Charlottes-
Lesser scaup. One of the other ornitholo- ville, Va., hunting reserve. Mr. Sweeney
gists at the table snorted derisively that describes Laybourne working in the
no one could state, with that kind of field, “using the unlatched bed of a
confidence and from the evidence of a pickup truck as a makeshift lab table” to
few bones, what diving duck was used identify the “numerous federally pro-
for the broth. To which another dining tected birds removed from the pits.” The
companion responded by firmly cutting “stench of death” was almost unbear-
him off: “If Roxie Laybourne says those able to the others at the scene, but Lay-
bones are from a Lesser scaup, you’d bourne, “unbothered by the odor,” was
best believe they are.” The story, told to sure “to inform everyone within earshot
me by John Trott, a natural-history edu- that, factually speaking, dead mammals
cator and mutual friend, encapsulates smell much worse than dead birds.”
the everyday dichotomy Laybourne In this grim reality, Laybourne found
endured: that of being a powerful her strangely specific calling. Intimately
authority in an unlikely package. familiar with birds and feathers of all
kinds, and at home in the vast specimen
range of the National Museum of Natu-
In the investigation of ral History (now more commonly known
as the Smithsonian), she was preadapted
disasters or crimes, a to examine the evidence that would
feather can be evidence. soon pile up in drifts in her borrowed
Enter Roxie Laybourne. museum lab space.
Laybourne, who died in 2003 at the
age of 92, was constantly on the hunt
for a successor. Mr. Sweeney expertly
Laybourne was an expert in the field weaves in the stories of Laybourne’s
of forensic ornithology, a sort of avian mentees—from an African-American
CSI. She came to the field after Eastern teen in the 1960s to an FBI investigator
Air Lines Flight 375, en route from Bos- to, ultimately, her anointed successor at
ton to Philadelphia, crashed into Boston the Smithsonian, Carla Dove—to create
Harbor on Oct. 4, 1960, killing 62 of the a biography that reads like a novel.
72 people on board. Witnesses described Interspersed with details of her often
seeing a flash of fire from one of the rough personal life, the book moves at a
CHIP CLARK, SMITHSONIAN INSTITUTION

plane’s engines before the aircraft brisk and enjoyable clip, with smart
abruptly lifted, then plunged vertically writing and an affectionate, warts-and-
into the water. all view of a gifted scientist and some-
In the aftermath, a flock of European times struggling human being—flawed,
starlings was found scattered across the as are we all, but with her intellectual
end of the runway. The prevailing belief, and investigative powers in perfect
held by the Federal Aviation Administra- alignment with the work to be done.
tion, was that bird strikes were rare and At the XIX International Ornithologi-
didn’t warrant much concern. Only the WING WOMAN Roxie Laybourne took on her first case as a forensic ornithologist in 1960. She proved to be a natural. cal Congress, held in Ottawa in 1986,
windshield was at risk; the massive jet Laybourne examined the bird paintings
engines were thought to be capable of thought to herself, there had to be the and repairing old ones, was in demand cope) for sexing live cranes of any spe- I was showing there in the hope of snag-
ingesting and processing birds with equivalent of a human fingerprint, a to investigate other bird strikes. Her cies—even precious whooping cranes. ging some book-illustration gigs. She
barely a shudder. unique identifier that differentiated a new career as a forensic ornithologist She also designed and sewed restrain- told me she liked the way I drew the
The FAA turned to Laybourne, a 50- Buff-breasted Sandpiper from a Wilson’s was launched. ing jackets for the big, dangerous birds birds’ feet and faces. But what she said
year-old ornithologist at the National Plover or a Red-tailed Hawk from a Can- Laybourne proved to be a natural that would gently immobilize them about perseverance stuck with me.
Museum of Natural History in Wash- ada Goose.” Laboriously drawing the detective. She was always looking to during the procedure. “Keep at it, and do the best work you
ington, D.C., to investigate. “The idea microstructures of feather down on identify obscure anatomical features to As word of Laybourne’s contributions possibly can. Don’t worry about whether
that a few hollow-boned birds could index cards, then matching them to aid in the study and identification of to the Eastern Air Lines investigation someone said something mean to you
destroy a massive piece of machinery known specimens in the museum’s vast birds. By the early 1960s, for instance, spread, other strike reports began piling because you’re a woman. Keep your
and kill scores of people in the process collection, Laybourne cracked a wildly there were only 39 whooping cranes up on her desk. It soon became apparent head down, do your best and you will
was terrifying,” writes Chris Sweeney complex code. left on the planet. Seven of them were that Flight 375’s fate was no fluke. Now float to the top.” Nearly 40 years later,
in “The Feather Detective: Mystery, She soon confirmed that the bits of in zoos. To optimize captive-breeding aeronautical engineers across the coun- reading Chris Sweeney’s lively biogra-
Mayhem, and the Magnificent Life of feathers found inside the jet’s engines opportunities, it was vital to know the try were desperately trying to learn the phy, I’d say those words ring true as the
Roxie Laybourne.” matched those of the starlings found sex of the birds. Practicing on dead species most frequently hit, and their guiding force in Roxie’s own life.
Laybourne “buried her face in her on the runway, supporting the conclu- sandhill cranes brought down by hunt- size and weight, to figure out how to
microscope and lost herself in the tan- sion that they had been the cause of ers, Laybourne found subtle differences birdproof the engines—something that Ms. Zickefoose is the advising editor of
gles of beta-keratin and melanin that are the crash. Suddenly, Laybourne, who between male and female cranes. She has yet to be accomplished. BWD magazine and a co-author of the
the building blocks of feathers. Some- had been occupied up to that point then designed a minimally invasive Laybourne’s investigative expertise second edition of “Bird Watching for
where in these microstructures, she mostly with preparing bird specimens protocol and instrument (the cloacas- led her to a number of other roles, Dummies.”

Welcome apore, where they joined their

closest friends for an arrangement
in which the families would share
SHORTCUTS: PARENTING
BY BARBARA SPINDEL Raised research which suggests that lis-
tening to children without judg-
ment can help prevent them from

To the “childcare, playdates, and parent-

ing each other’s kids.” To Be adopting extreme views later in
life. Some of the material, such as

Birth Party Resilient

In the episode that gives the psychologist Carol Dweck’s frame-
book its title, Ms. Lopes watched work for nurturing a “growth
as her child was admonished by mindset” rather than a “fixed
one of the other parents for his mindset,” has been widely
Please Yell at My Kids misbehavior. Such an outsourcing Hello, Cruel World! reported in other venues. In some
By Marina Lopes of family discipline would make By Melinda Wenner Moyer cases, the guidance, such as not
her American acquaintances signaling to your children that you
Balance, 288 pages, $30 Putnam, 320 pages, $30
“uneasy,” she writes, but she val- care about achievement above all
ues it as part of belonging to a else, is common sense.
MARINA LOPES suspects that “proverbial village.” MELINDA WENNER MOYER The author is most helpful on
many Americans would be horri- The author bolsters her own found herself facing a situation the difficult question of how to
fied by the “birth parties” popular experience with examples and that will be familiar to many par- manage children’s use of digital
in Brazil, at which expectant research from China, Malaysia, the ents: wakeful nights dominated by technology. There’s ample evi-
mothers host guests—sometimes Netherlands and elsewhere. Topics worries about her children. “Was I dence of tech’s detrimental effects
dozens of them—in their hospital include Sweden’s generous letting them watch too much You- on children’s well-being, but Ms.
delivery rooms. In some cases, parental-leave policy and France’s Tube? Were they resilient enough? Moyer seeks to calm parents’
friends and relatives observe subsidized daycare programs. In How could I turn them into critical fears, urging them “to recognize
scheduled caesarean sections from Singapore, we learn, the promi- thinkers?” Concerns about the that the impacts of technology
viewing galleries. nent role of grandparents in child- state of the world they would have are not predetermined, all nega-
In “Please Yell at My Kids: care is recognized through govern- to face didn’t help. Rather than tive, and inevitable.” She empha-
What Cultures Around the World ment housing grants offered to toss and turn, Ms. Moyer, a sci- sizes that the internet-connected
Can Teach You About Parenting in adults living within 3 miles of their ence journalist, turned to research world has its benefits for young
Community, Raising Independent parents (a prospect that may also to deal with her fears. The results people, citing the importance of
Kids, and Not Losing Your Mind,” horrify some Americans). appear in “Hello, Cruel World! Sci- online communities to young peo-
Ms. Lopes contrasts such gather- Despite her global focus, Ms. ence-Based Strategies for Raising ple who’ve been bullied and the
ings with the seclusion typical of Lopes ends up having much to Terrific Kids in Terrifying Times.” abundance of internet resources
childbirth in the United States. say about the U.S., where parents, Having read thousands of stud- that teach skills such as cooking.
Attending a festive birth event in she argues, are ill-served by ies and interviewed hundreds of She also offers practical advice,
São Paulo, she hears the new- Americans’ insistence on self- mental-health experts and educa- including a psychologist’s recom-
born’s grandmother, holding both reliance and individualism. “Par- tors, Ms. Moyer aims to guide par- mendation to allow children
the infant and a glass of wine, tell enthood is hard everywhere. But ents as they help children culti- access to only as much technol-
her grandson, “you see, darling. in America, it is broken,” she vate healthy friendships, learn ogy as they need to maintain
Life’s a party.” writes. When Ms. Lopes and her media and financial literacy, their friendships.
Ms. Lopes, a journalist who family returned to the U.S. after develop resilience and more. Her The world might indeed be
was born in Brazil and raised in four years in Singapore, she advice boils down to three broad cruel, but Ms. Moyer’s hopeful
Miami, samples a range of parent- determined to carry on with what directives: “Prepare more than guide insists that parents can raise
ing approaches from around the she’d learned there and else- you protect,” “listen more than children not merely to endure it
world. Her own is included: Dur- where, and to replace the you lecture” and “comfort more but to improve it.
GETTY IMAGES

ing the Covid-19 pandemic, Ms. stressed-out grind of American than you chide.”
Lopes moved with her husband parenting with “community, bal- Much of the content is illumi- Ms. Spindel reviews frequently for
and children from Florida to Sing- ance, and, most of all, fun.” nating. Ms. Moyer describes the Journal.
 C10 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

BOOKS
‘Many a book is like a key to unknown chambers within the castle of one’s own self.’ —FRAN Z KAFKA
GETTY IMAGES

WEST BERLIN 1968 The setting for Burhan Sönmez’s novel about the implications of Kafka’s literary legacy.

Book of Betrayal
Lovers of Franz K. Brod inadvertently claims the life of an can no longer be erased, but Max Kafka’s legacy—the dying author or the As Milan Kundera contends in “Tes-
By Burhan Sönmez innocent young student, Ernest Fischer. Brod . . . may pay the price.” executor who granted him immortality taments Betrayed” (1993), literature is
Initially, the authorities suspect an Mr. Sönmez, whose previous novels by violating his request? “a realm where moral judgment is sus-
Other Press, 144 pages, $22
ideological motive. “It seems that an have dealt with Turkish repression, What begins as a noirish police pended.” Mr. Sönmez tests that suspen-
BY BENJAMIN BALINT antisemitic group has begun a campaign envelops the reader in claustrophobic procedural, complete with sardonic dia- sion, challenging us to consider the

‘D
of aggression against prominent writers interrogations and courtroom scenes, in logue and cigarette smoke curling implications of our infatuations with lit-
E A R E S T and intellectuals,” the prosecutor sur- which Kafka’s own thematic preoccupa- beneath fluorescent lights, soon shifts erary figures and the lengths to which
MAX . . . burn all mises, “and they picked Max Brod as tions—including bureaucratic opacity into a story driven as much by ethical we might go to preserve—or possess—
my diaries, manu- their first target. It would be a good and the inscrutability of authority—are conundrum as by the apparatus of the objects of our fascination. “Lovers
scripts, letters . . . start for them. Mr. Brod is someone suspense. of Franz K.” reminds us that Kafka’s un-
completely and who fled the Nazis during the war and Mr. Sönmez avoids easy judgments, knowability remains vulnerable to ven-
unread.” When Max Brod, in 1924, settled in present-day Israel. Besides his The man who ensured preferring instead to steep his tale in triloquism. It suggests that Kafka’s re-
defied Franz Kafka’s dying wish to con- writing, he is recognized for his dedica- broader quandaries: Is literature a cul- sistance to final interpretation—his
sign his papers to flames, he committed tion to the Zionist ideal.” that Kafka’s work would tural inheritance that we can legiti- refusal to be claimed—is flattened in
a betrayal that had enduring literary The novella swiftly leads the reader survive its author is mately claim against the wishes of its the effort to preserve his contested
consequences. His act of disobedience away from this hypothesis when it creator? Does the impulse to rescue inheritance. It suggests, in other words,
secured Kafka’s literary immortality emerges that the assailant, Ferdy Kap-
punished for his deed. genius from itself represent an act of that Brod’s betrayal inaugurated an
precisely by violating the author’s lan—a German-Turkish radical love or a hunger to possess? Kaplan’s unending cycle of trespass.
explicit desire for oblivion. This trans- orphaned by World War II and raised in tragic error—like Brod’s—is to believe Perhaps Brod’s betrayal was an
gression—literature’s archetypical bro- Istanbul—attacked Brod not because of vividly invoked. Kaplan’s zealous Kafka’s meaning can be fixed, his ambi- unavoidable sacrilege, necessary for the
ken promise—gives Burhan Sönmez his heritage but for a literary transgres- attempt to shield Kafka’s integrity re- guities resolved. The novella asks survival of Kafka’s creations. Perhaps
fertile ground for his brief and beguiling sion. Kaplan condemns Brod with sults in the death of Fischer—the very whether the more profound betrayal Kafka, as the real Brod believed, fore-
novella, “Lovers of Franz K.,” translated fanatic fervor, branding him—through sort of arbitrary injustices that Kafka isn’t Brod’s dereliction but readers’ saw and tacitly accepted this betrayal
from Kurdish by Sami Hêzil. the prosecutor’s recounting—as a trai- himself chronicled. ceaseless compulsion to claim Kafka’s as inevitable. By transforming Kafka
Mr. Sönmez, the president of PEN tor “more treacherous than the traitors The fictional Brod, in testimony sub- elusive essence for themselves. into dogma, however, Kaplan and other
International and a former human- during the war” for forcing Kafka into mitted to the court, confesses profound Still, the novella’s intellectual ambi- admirers commit a deeper betrayal
rights lawyer in Istanbul, situates his immortality by editing, altering and ulti- regret. “Kafka was my God and I had tion never eclipses its narrative allure. still. Kafka’s voice, once heard, could
fiction amid the political convulsions of mately publishing his friend’s unfinished disregarded his will,” he writes, tor- Mr. Sönmez’s prose, gracefully spare in never truly be silenced. But if Kafka
West Berlin in the fevered summer of manuscripts. The assailant portrays mented not simply by public condemna- Mr. Hêzil’s translation, evocatively chan- cannot escape immortality, neither can
1968. In this invented scenario, an aged Brod neither as selfless savior nor faith- tion but by genuine guilt over his intru- nels Kafka himself, who hovers ghost- we escape the responsibility of reading
and frail Max Brod, Kafka’s literary ful steward of his friend’s unfinished sive preservation of Kafka’s legacy. In like over a trial in which Brod’s betrayal, him without conflating admiration and
executor and former confidant, arrives works but as a posthumous ventrilo- his letter, Brod accepts the reproach of Kaplan’s obsession and even readers’ appropriation.
from Tel Aviv to give a talk on Kafka, quist who made Kafka’s voice market- his critics, and even wishes he had died own engagement with Kafka become
only to be shot by an assailant and able. Kaplan’s sentiments echo a letter in the attack. This twist lends the part of the same continuum: a series of Mr. Balint is the author of “Kafka’s
wounded. The intended assassination of he read in a literary magazine: “Kafka novella its moral perplexity: Who owns transgressions against Kafka’s writings. Last Trial.”

A Troubling Gift From the Enemy

SAMUEL HAWLEY’S “Daikon” a history of Japanese conquest in 1899. The novel is narrated by her into the black market, where on the Mansfield sisters, five
(Avid Reader, 352 pages, in the 16th century) and he is a 25-year-old Grace Inderwick, forged paintings—especially orphaned girls being raised on a
$29.99) springs from a hypo- fluent explainer of complex sub- who was grudgingly taken into those with taboo subjects, such farm by their blind, over-
thetical. What if the U.S. military jects. The captured bomb is her uncle’s household after both as Courbet’s erotic “Le Sommeil” whelmed grandfather. The sisters
had deployed not two but three technologically identical to the her parents were sent to a luna- (1866)—fetch large sums. In their are fiercely independent,
atomic bombs to be used against one used on Hiroshima. It con- tic asylum. A curse seems to skulking and secrecy, Grace and eccentric and “untamed,” so that
Japan during World War II? tains rings of enriched uranium have fallen on Inderwick Hall, the man who might be Charles when the village’s meddling fer-
When Mr. Hawley’s absorbing that are shot at each other whose heirs all appear to have have an unusual connection; be- ryman, angry at their lack of
alternative history begins, an inside a tube, a process not died young. Then word arrives yond the enigmas of identity, the docility, spreads an outrageous
attempted U.S. attack goes hay- unlike the firing of a gun. Kan is that Grace’s eldest cousin, tension in “The Original” arises rumor about them, he finds a
FICTION wire: The B-29 aircraft carrying staggered by the design that is Charles, thought to have per- from the question of whether receptive audience. What the fer-
SAM SACKS the first of these bombs is shot at once ingenious and almost they will act as enemies or co- ryman says is that he witnessed
down over Japan, leaving an rudimentary. THIS WEEK conspirators. the girls turn into wild dogs.
undetonated weapon with The story barrels ahead “It felt like someone amongst In the months that follow,
world-altering destructive power urgently, as the bombings of Daikon us was the mad one, but none of during which Little Nettlebed is
in the hands of the enemy. Hiroshima and Nagasaki take By Samuel Hawley us knew who,” Grace thinks as plagued by drought and, omi-
But will the Japanese under- place while Kan is working. Sag- the line between truth and fal- nously, unexplained animal
stand what they have and know ara becomes desperate to launch The Original sity becomes richly muddled like attacks, resentment of the Mans-
An how to use it? The novel centers a reprisal that will thwart Japan’s By Nell Stevens pigments of oil paint. But near fields becomes dangerously
alternate on two men who are uneasily “surrender faction” and extend the midway point of “The Origi- inflamed. Ms. Purvis, whose
history allied by the discovery at the the war to its brutal, bitter end. The Hounding nal” some of the unknowns sur- prose style is clipped and flinty,
crash site. Lt. Col. Shingen Sagara Kan finds himself bound to the By Xenobe Purvis rounding Charles are abruptly keeps a shrewd distance from
of World is a staunch militarist who recog- bomb’s fate, and thus to the revealed. The novel changes the sisters, refusing to conclu-
War II nizes the bomb as one of the dev- war’s. He has a connection to the from a mystery to an exploration sively dispel the claims of their
imagines astating “new-type” weapons U.S., having studied physics under ished at sea 13 years before, is in into the reasons for all the dis- metamorphoses. She instead
that have been rumored about Robert Oppenheimer at Berkeley. fact alive and in Rome. He sembling, which involve the inhabits the perspectives of char-
an but generally thought to be years He is also deeply affected by the comes to England, a strangely illicit desires portrayed in some acters sympathetic to them—a
atomic from arrival. He conscripts Keizo death of his daughter, who was imprecise replica of the man of Grace’s forgeries. A more ear- farmhand, a neighbor, a bar-
weapon Kan, a physicist in Project Ni-Go killed in the U.S. Air Force’s fire- Grace remembers, and a nasty nest and sentimental story maid—who nevertheless find it
(Japan’s less successful version of bombing of Tokyo. Duty, anger, struggle to prove and disprove emerges. As the book’s tone difficult to resist the temptation
falling the Manhattan Project), to study sorrow, conscience and even hope his identity begins within the lightens, so does its perspective to scapegoat. Goaded by anger
into the the bomb and prepare it for im- mix together to form the novel’s family and its hangers-on. on copies, which evolve from and alcohol, the villagers begin
wrong mediate use against the country bracingly intimate ending. Even Novelists are never more in being instruments of deceit to a to transform into vengeful
that created it. in alternative histories, it is star- control than when playing means of multiplying beauty, “a beasts—an irony that Ms. Purvis
hands. “Daikon”—the word, meaning tling to consider how single around with would-be impostors propagation of love.” hammers home perhaps too
radish, becomes the bomb’s decisions can decide worldwide and counterfeits, and Ms. Stevens Oxfordshire, apparently a hot- forcefully. But she is excellent at
codename—unfolds like a detec- outcomes. thickens the atmosphere of de- bed of scandal, is the setting of evoking the fear of the unknown
tive novel, as Kan works back- The prospect of fraudulence ception by making Grace a gifted Xenobe Purvis’s first novel, “The and the lure of the mob. “Lies
ward to grasp how the weapon enlivens Nell Stevens’s “The copyist—though she has no skill Hounding” (Henry Holt, 240 could be told with such liberat-
was made. Mr. Hawley has previ- Original” (Norton, 336 pages, at creating original artwork, she pages, $26.99). In the early 18th ing ease,” a character guiltily
ously written nonfiction (includ- $28.99), set in a gloomy country is brilliant at reproducing exist- century in a village called Little reflects. “They tasted better on
ing “The Imjin War” from 2005, estate in Oxfordshire, England, ing paintings. The talent brings Nettlebed, suspicion has fallen the tongue than hard facts.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | C11

BOOKS
‘The composer’s eye . . . bends on music the look of the initiate.’ —T H O M A S M A N N

The Music of Angst and Beauty

Gustav Mahler
By Stephen Downes
Reaktion, 224 pages, $22
BY TIM PAGE

L
EONARD BERNSTEIN wrote an
influential article for the maga-
zine High Fidelity in 1967 titled
“Mahler: His Time Has Come,”
which he later revised and pub-
lished in his collection “Findings” (1982). It
has more than a dollop of silliness: Bernstein
invokes “the Tweedledum armaments race,”
“the plague of McCarthyism,” “the Hiss-
Chambers travesty” and other banalities, all
leading to the proclamation: “Only after all
this can we finally listen to Mahler’s music
and understand that it foretold all.”
This invites parody—did it also foretell the
Hartford Circus Fire? But, as is so often the
case with Bernstein, underneath the grandilo-
quence he was on to something important.
For several decades after Mahler’s death in
1911, he was championed by a cluster of dis-
tinguished conductors (Bruno Walter, Leopold
Stokowski, Alban Berg and Arnold Schoen-
berg, among others) but remained largely
unappreciated by the public.
Then in the middle of the 20th century,
Mahler suddenly achieved broad popularity
across the world of classical music. Perhaps
the frenzied emotional turmoil of the 1960s,
or the gradual improvement in stereo tech-
nology that could accommodate his huge
soundscapes, played a part in this. But Bern-
stein himself did more for Mahler than any-
body had before—including making the first
complete recorded set of his symphonies and
offering brilliant exegeses on the man and his
work for the televised “Young People’s Con-
certs” on CBS. Suddenly Mahler’s music sold
out programs not only in New York, Vienna
and London but in sophisticated concert
BRIDGEMAN IMAGES

series in cities and college towns throughout

the world.
There have been more than 100 books
about Mahler, ranging from “The Mahler
Album” (1995), a handsome collection of MUSIC MASTER Gustav Mahler in Vienna, ca. 1907.
every photograph of the composer known to
exist, to the encyclopedic multivolume biogra- illustrated and critical but fair-minded about ing the New York Philharmonic regularly, not other figures who have all but vanished from
phy by the musicologist Henry-Louis de La Mahler’s wife, the complicated Alma (a com- least in further developing his own under- the American canon. But for a serious reader
Grange (3,600 pages in the original French, poser herself, she was the lover and muse to standing of orchestration. He was constantly willing to do some work, the book will pro-
published from 1979 to 1984, then trimmed a a succession of geniuses). While acknowledg- searching for ideal realizations in the concert vide rewards.
bit for translation). We now have another, in ing Mahler’s surfeit of angst, Mr. Downes also hall of the orchestral sounds he heard in his Interpretations of Mahler’s works have
the form of Stephen Downes’s “Gustav Mah- calls attention to the abundant grace and lyri- head, in his own pieces as much as with Bee- changed since the days of the emotive Bern-
ler.” Do we need it? cism that may be found in the composer’s thoven,” Mr. Downes explains. stein. As moved as I was by his recordings
The answer is yes, and for a few reasons. best music and makes the important point and concerts, he had a tendency to turn
Books about Mahler tend to beget more books that only one of his symphonies ends in Mahler into a lapel shaker—the sort of wild-
about Mahler—those who revere this com- unbridled despair. The composer combined eyed, fraught stranger we have all crossed
poser feel a calling to write about him, each of I was especially pleased by the author’s the street to avoid. Later conductors have
them carrying, to use Walt Whitman’s words, defense of Mahler’s use of cowbells in the
elegant lyricism with a allowed him more ease. Such artists as
their “special flag or ship-signal.” None of the sixth and seventh symphonies. This has been dose of unruly wildness. Christoph von Dohnányi, Riccardo Chailly
composers who were Mahler’s rough contem- derided as something akin to tourist kitsch. and Edo de Waart (whose beautiful but
poraries and in some cases his equals—Rich- Mr. Downes applies an effective jujitsu to this obscure RCA recordings comprise my favor-
ard Strauss, Jean Sibelius, Leo! Janáček—have interpretation. “They may bring a landscape The German conductor Otto Klemperer, the ite set of the symphonies) pay the composer
inspired anywhere near so much literature. of Alpine tourism into the concert hall,” Mr. author continues, once recalled working with the highest compliment—treating him not
Moreover, although neither of the two films Downes writes, “but by their very placement Mahler during rehearsals for the premier of as a gloomy prophet but rather as a gifted
that have been based on his life are at all reli- in symphonic forms and the sound-world of Symphony No. 8. Mahler remarked: “If, after and highly original musician from another
able—Ken Russell’s abysmal “Mahler” (1974) is the orchestra they are invasive, imprecise, my death, something doesn’t sound right, time, whose scores deserve thoughtful,
sensationalistic throughout, and Luchino Vis- unruly and disruptive, and therefore paradox- then change it. You have not only the right steady-handed appraisal and interpretation
conti’s “Death in Venice” (1971), although suf- ically unsettling.” In other words, hardly but the duty to do so.” for our own.
fused with the “Adagietto” from Symphony No. “Come to sunny Austria!” Few composers have trusted their inter- Mahler’s time has been with us for more
5, transformed the hero of Thomas Mann’s Mr. Downes also describes Mahler’s read- preters as Mahler did Klemperer. than half a century now; he shows no signs
novella from an elderly author to a middle- ing, the growth of his aesthetic taste, his One caveat. For better or worse, Mr. of going away any time soon.
aged composer—they have helped keep Mahler travel habits and his conducting, as revealed Downes’s book is very European. The author,
a fresh topic of conversations. to people who worked with him (he left no a professor of music at Royal Holloway, Uni- Mr. Page is a professor emeritus of musicol-
“Gustav Mahler” is succinct, steeped in the recordings, and piano rolls are not to be versity of London, assumes a familiarity with ogy at the University of Southern California
cultures that Mahler grew up among, richly trusted). Mahler “gained much from conduct- E.T.A. Hoffmann, Arthur Schopenhauer and and the author of “Parallel Play.”

This Girl repeats himself (see Patrick Modiano or

John Irving). He might like to use the
same ingredients, but the dishes he
both the publication and his industry
have fallen on hard times. Igor drinks,
complains and derisively describes
small cohort of authors (including
Mark Haddon and, arguably, J.D. Salin-
ger) who have successfully and mov-
Igor is realistic about his ability to
effect change: “Labor’s my jam. You
can actually make a difference with

Is More serves are varied and surprising. Just as

there are many things you can do with
Anne Mom (with whom he also has a
young son) as his “tradwife” because
ingly captured the perspective of a
young person with autism.
labor. Geopolitics is a joke.” Yet, in the
end, this crusading journalist cannot

Than a Pawn
eggs, there are many things you can do she isn’t currently working, the better The world-building is cleverly done get his own house in order, and he
with American disillusionment. to raise his children. and not over-egged. Vera has a digital proves to be corruptible. “A family is
In Mr. Shteyngart’s slight, compelling worth more than a country, isn’t it?”
new novel, “Vera, or Faith,” the flawed reflects Vera. But for her father the self
Vera, or Faith writer figure of Russian background is is worth even more than that.
By Gary Shteyngart Igor Shmulkin. He is a difficult father to The plot lurches forward when Vera
Random House, 256 pages, $28 the neurodiverse Vera, in a near-future misinterprets an overheard conversa-
United States where a constitutional tion between her parents that seems to
BY TOBY LICHTIG amendment is being considered. The

R
amendment is popularly known as
EADERS OF Gary “Five-Three,” and would increase the A child in search of
Shteyngart’s novels political power of those white citizens
have come to expect whose roots go back to the founding,
her birth mother has
certain themes and plot their votes being counted as “five-thirds some digital helpers.
turns. Guaranteed to of a regular vote.” Vera and her family
figure are the lives of Russian émigrés live in a still-progressive-ish place that
in America and the culture clash that seems to be New York while, elsewhere indicate that her birth mother is both
arises from such hybrid identities. in the country, “Cycle Through” states alive and in danger. With Kaspie guid-
Expect, too, a second immigrant com- monitor women for signs of pregnancy ing her, she sets off on a madcap
munity (perhaps Korean or Indian) to (and abortion). There are tests at inter- (though rather well-thought-out) mis-
GETTY IMAGES

add another angle. state borders. sion to track her mother down. The
Also likely to be found: elements of The narrative unfolds through the reader is swept happily along, though
near-futurism, or alternative versions close-third-person viewpoint of the 10- things do begin to fray toward the end,
of our present world, complete with a year-old Vera—a hugely engaging char- and the denouement—which includes
nuanced though often jaded view of acter and the novel’s driving force—as The setup is vivid. Vera’s voice is companion in the form of Kaspie, an Vera’s full origin story—further picks
technological development, as in she navigates a bewildering world of persuasive and credible (bar the occa- artificial intelligence-powered chess- at the seams of credibility.
“Super Sad True Love Story” (2010). A new words, social cues and erotic sional authorial lapse) and her combi- board, who has some biases about its Emotionally and morally, we are on
backdrop of creeping authoritarianism urges. (The word “autism” is never nation of misunderstanding and owner’s background (it was made in firmer ground. Anne Mom emerges as
that began, in Mr. Shteyngart’s oeuvre, used but all the signs are there.) Partic- perspicacity feels perfectly judged. Korea). The family car, too, has an AI a hero; Vera, too; while pure ego, in the
as satire has more recently felt like ularly consternating are her parents, She is an accomplished school debater personality, but it is less intelligent form of Igor, is shown to be degener-
social realism, from “Absurdistan” who seem to bicker ceaselessly. “Anne (not least when arguing for “Five- than Kaspie. Mr. Shteyngart’s political ate. In this charming not-quite
(2006) to “Lake Success” (2018). And Mom” is actually Vera’s adoptive Three” against her own ethnic inter- imagination is precisely calibrating, parable—that somehow eschews
we frequently get obnoxious or gro- mother, the child’s Korean-American ests), yet the complexities of school giving us a world that’s only a little mawkishness—love wins out. So does
tesque figures, sardonically drawn to birth mother having taken off when alliances are beyond her, and she can- more extreme than our own, with a innocence and, with it, a good measure
resemble Mr. Shteyngart himself. Diffi- she was a baby. Anne Mom is an enti- not always control her impulses, phys- Commonwealth of Illiberal States at of hope.
cult parents. Funny Jewish names. tled Boston Brahmin and Igor (who ically or mentally. “Down, Monkey the heart of Europe and an America on
Neurodiversity. Vera simply calls “Daddy”) is a Brain!” she chides herself, as her the brink (the Russians wholeheartedly Mr. Lichtig is the fiction and politics
Mr. Shteyngart is not, however, the schlub—but a talented one: the propri- thoughts accelerate out of control. In support “Five-Three” as a dent in con- editor of the Times Literary
kind of novelist who recycles and etor-editor of a left-wing magazine. But creating her, Mr. Shteyngart joins a stitutional democracy). Supplement.
C12 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

BOOKS
‘Paint what you see, and look with your own eyes.’ — GILBERT STUART

Pictures From a Revolution

The Painter’s Fire
By Zara Anishanslin
Harvard, 400 pages, $32.95
BY JULIA M. KLEIN

H
ISTORY, WE’RE TOLD, is written
by the victors. It is also shaped
by the evidence that survives.
For that reason, the loss of an
artist’s works may consign his
story, or hers, to the margins.
But from those margins, it can, with dili-
gence and imagination, be reclaimed. That is
the most invigorating takeaway from Zara Anis-
hanslin’s “The Painter’s Fire: A Forgotten His-
tory of the Artists Who Championed the Ameri-
can Revolution.”
Ms. Anishanslin, an associate professor of
history and art history at the University of Dela-
ware, revels in unexpected connections. She
aims to expand our understanding of the role of
art in the American Revolution, while spotlight-
ing nontraditional artists and the trans-Atlantic
nature of their enterprise. “Revolutionary-era
patriotism was far more cosmopolitan, geo-
graphically broad, and diverse than it is often
remembered to be,” she writes.

Artists on both sides of the

Atlantic captured America’s
struggle for independence
in paintings and sculpture.

The best-known names in colonial and early-

American art are John Singleton Copley, Charles
Willson Peale, Gilbert Stuart, John Trumbull and
Benjamin West, all well represented in U.S.
museums. But Ms. Anishanslin focuses on three
other artists whose work, celebrated in their
day, did not “survive the havoc of history.”
Her principal characters are Robert Edge Pine
(ca. 1726-88), an acclaimed British painter with
revolutionary sympathies and likely African
ancestry; Prince Demah (ca. 1745-78), an
enslaved portraitist who studied with Pine in
London and later served in the colonial army;
and Patience Wright (1725-86), a wax sculptor
and one of Pine’s portrait subjects.
GETTY IMAGES

Wright, who lived in London and then Paris

during the Revolution, was a patriot spy,
though, in the author’s estimation, not a very
good one. She used her wax heads to exchange ARTIST AND MUSE A portrait of Patience Wright (ca. 1782) attributed to Robert Edge Pine.
messages with her sister, Rachel Wells, in Phil-
adelphia. While in England, she also sent let- Her book’s title derives from the poem “To But fusing history, art history and group chusetts, Demah lived and painted on his own
ters to Benjamin Franklin in Paris containing S.M. A Young African Painter, On Seeing His biography is a challenging endeavor. Ms. Anis- in a liminal state that Ms. Anishanslin calls
political intelligence and even a promise to Works,” by the enslaved poet Phillis Wheatley. hanslin’s narrative tends to meander, detouring “unfreedom”—neither fully free nor entirely
raise an army for an invasion of London. Her Wheatley, one of the singular figures of her from the three artists at its core to discourses enslaved. While he was at liberty to paint, Ms.
correspondence was frequently intercepted by age, wrote of “the painter’s and the poet’s fire,” on how race was viewed in Britain, the practice Anishanslin hypothesizes that he must have
the British, who didn’t take it seriously enough a metaphor for the inspiration that could lead of tarring and feathering, the long ordeals of turned over at least some of his profits to the
to arrest her. to “deathless glories” and “immortal fame.” As various loyalists and patriots, and the sequence Barneses.
Wright’s wax exhibitions were wildly popular, the epigraph to “The Painter’s Fire,” the lines of events and controversies that ultimately Such surmise may be inevitable, given the
Demah had his admirers and Pine (whose seem ironic, given the obscurity of Ms. Anis- sparked the American Revolution. Not every gaps in the historical record. But Ms. Anishans-
mixed-race heritage is evidenced by William hanslin’s subjects. reader will enjoy following the arcane byways in lin occasionally pushes conjecture too far.
Hogarth’s dark-skinned image of Pine’s father) Another irony: One of Ms. Anishanslin’s which the author delights. When Pine paints Washington in Continental
was successful as both a portraitist and a his- claims is that the engraving of Wheatley that As has become customary among historians, Army garb, Ms. Anishanslin writes that “it is
tory painter. But the widespread disappearance serves as the frontispiece to her poetry collec- Ms. Anishanslin takes pains to stress the agency intriguing to consider whether part of his
of their works, Ms. Anishanslin tells us, all but tion was not based on a portrait by that very of her enslaved black characters. The point is to desire to portray Washington as a military
erased the three artists from the record. “S.M.,” or Scipio Moorhead, as others have con- play down the notion that they were victims of commander had to do with his pupil Prince
Most of Wright’s wax figures were destroyed cluded. The author argues, in part from visual forces beyond their control (though at times Demah’s military service.” Surely the choice to
by fire, leaving only a single life-size wax statue, clues, that the image more likely derives from a they surely were) or, alternatively, the beneficia- depict Washington, the war’s victor and its
of the pro-American British politician William likeness by the better-known Demah, who, like ries of white savior figures. In the case of most famous soldier, in martial regalia requires
Pitt, now in Westminster Abbey. Much of Pine’s Moorhead, was a Boston neighbor of Wheatley’s. Demah, “it was assuredly Prince himself who no such imaginative leap.
work also burned, though surviving paintings Ms. Anishanslin is a clear writer and impres- made his artistic talents known,” Ms. Anishans- Quibbles aside, Ms. Anishanslin’s quirky trib-
are displayed at Mount Vernon and in the sive researcher. She nimbly traces the intricate lin writes, “rather than his enslavers ‘discover- ute to these little-known artistic lives serves as a
National Portrait Gallery in London and Wash- connections among her principals and others— ing’ them.” timely prologue to next year’s semiquincenten-
ington. Demah’s canvases, too, have largely been from the famous (John and Abigail Adams, Christian and Henry Barnes did at least rec- nial celebrations, as well as a reminder of the
lost, but one of his portraits, of the merchant George Washington) to the mostly forgotten ognize those talents and facilitate Demah’s evanescence of fame.
William Duguid, hangs in New York’s Metropoli- (such as Ebenezer Smith Platt, imprisoned by study abroad. Like a proud parent, Christian
tan Museum of Art. These are among the bread- the British for treason, and later married to Barnes boasted that Demah’s artistic skills Ms. Klein is a cultural reporter and critic in
crumbs Ms. Anishanslin follows. Wright’s daughter Elizabeth). exceeded even those of Copley. Back in Massa- Philadelphia.

When the Elders in Our Lives Were Young

‘EVERYONE HAS A story that is leavens sad moments with com- the grandfather urging: “Come depend on the child. Here dream- that is all his own, but in his
much bigger than the part you forting ones. For example, Alice’s on, Peggy, let’s go.” And it is her like fine-art illustrations accom- depiction of the ghost he surely
can see,” a young girl realizes in disability meant she couldn’t turn to feel tired. After their pany a meandering text that owes a debt of gratitude to the
“Before She Was My Grand- frisk in the waves with her sis- exciting (but age-appropriate and raises more questions than illustrator Jon Klassen. The single
mother” (Enchanted Lion, 52 ters, but she could sit on the low-key) outing, her legs “don’t answers, offering an enigmatic eye of Aggie’s annoying house-
pages, $19.99), a picture book sand “collecting stones and move quickly any more.” experience to readers ages 6 and mate is deadpan, lashless, brow-
written and illustrated with shells.” For the modern 5- to 8- older. Those willing to take their less and humorously implacable,
characteristic sublimity by year-old, accustomed to the THIS WEEK time with Olga Dugina’s pictures and looks as though it came
Giselle Potter. Here is a tender absent presence of adults on will notice all manner of curious straight from a Klassen book.
account of a child’s connection their phones, the most striking Before She Was My things: bejeweled monkeys, a That said, the Klassen eye—which
CHILDREN’S with a grandparent, which also moment may come at the begin- Grandmother cherub atop a lion, a still life with here I suppose we should call the
BOOKS tells of the older woman’s life ning, when the child says that By Giselle Potter realistic fish and fowl. The author, Forsythe eye—is reliably funny. It
MEGHAN before the girl was born. During her grandmother “makes me feel Beth Kephart, meanwhile, asks: won’t stay funny if everyone
COX GURDON their visits, the grandmother, important when she looks into Peggy Goes for a Walk “Who would you meet as you starts using it, but we’re not
Alice, uses items from a box of my eyes and listens carefully to By Tonka Uzu traveled along? To whom would there yet.
memorabilia to evoke aspects of everything I have to say.” you sing your best traveling Young children who are
her past. A nesting doll reminds In “Peggy Goes for a Walk” The Land of Faraway song?” in what is less a storybook beginning to grasp the concept
Two her of how she’d been wheel- (Post Wave, 24 pages, $15.99), a By Beth Kephart than a kind of guided meditation. of rhymes are the natural con-
little chair-bound and unable to run grandfather shows similar Illustrated by Olga Dugina Matthew Forsythe sets realism stituency for “The Bear and the
like other children because her relaxed attentiveness on an aside in “Aggie and the Ghost” Hare and the Fair” (Nosy Crow,
girls joints were stiff. (“Sometimes, autumn ramble in the woods Aggie and the Ghost (Simon & Schuster, 64 pages, 32 pages, $17.99), a picture book
learn to Alice felt just like her wooden with his little granddaughter. By Matthew Forsythe $19.99), a picture book for 4- to with illustrations so brash they
see their doll.”) Brass binoculars recall the Written and illustrated by Tonka 8-year-olds about a girl who practically biff you in the face.
grand- time she was sent away from Uzu, this simple book for children The Bear and the Hare moves into her own mushroom- “This is the bear/ asleep in the
her family to a sanatorium in ages 3 to 5 begins with the girl, and the Fair shaped cottage and discovers chair/ in the lair,” writes Em
parents Switzerland, in hopes of a cure. Peggy, rushing off in her red rain- By Em Lynas that it already has a spectral Lynas, as Matt Hunt shows the
in a new What might sound like a trou- boots and yellow overalls. “Come Illustrated by Matt Hunt occupant. The ghost is cute, a snoozing animal about to be
light. bled history feels anything but on, let’s go!” she calls back to floating cyclops that looks some- yanked from sleep by an excited
heavy in this buoyant and Grandpa, whose “legs are Certain books are not for how familiar, but to the girl it is a hare crying: “I want to go to the
appealing book. The lightness slower.” Together the pair find everyone. “The Land of Far- nuisance. It will not leave Aggie fair, Bear!” The homophones get
comes partly from Ms. Potter’s mushrooms, listen to a wood- away” (Creative Editions, 32 alone, and it refuses to abide by no more complicated, but com-
signature style of art, with its pecker, lie in the leaves and feel pages, $19.99), for instance, is such simple rules as “no haunting plication is not the point of this
marzipan colors and naif figures; the patter of rain. By the end, sufficiently unusual to be either after dark.” Mr. Forsythe uses a jolly opportunity for toddlers to
it comes also from the way she their roles are reversed. Now it is absorbing or off-putting; it will wonderful smudgy color scheme see and say words that rhyme.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
NUMBER PUZZLES SOLUTIONS TO LAST
WEEK'S PUZZLES
1. Starbucks CEO 6. A proposed mega- Cell Blocks Cell Blocks
Brian Niccol said merger would form Divide the grid
the company is America’s first coast- into square or
giving up on its to-coast railroad rectangular blocks,
For previous
mobile-order, operator. Who wants each containing
weeks’ puzzles,
pickup-only to team up? one digit only.
and to discuss
stores. Why? Every block must
strategies with
A. CSX and Union contain the number
of cells indicated by other solvers, go
A. Customers Pacific to WSJ.com/
missed waiting in line. B. Union Pacific and the digit inside it.
puzzles.
B. The stores weren’t fast Norfolk Southern
enough. C. Norfolk Southern and BNSF Killer Sudoku
C. Low turnover meant throw- D. BNSF and CSX Level 4 Suko
ing out lots of old coffee. 7 9 1 4 6 8 2 3 5
D. The stores were lacking in 2 5 4 7 1 3 9 6 8
7. At a Hindu temple in Bali,
human warmth. 8 3 6 9 2 5 4 1 7
monkeys swipe phones from
tourists, trading them back in 1 4 3 5 7 6 8 9 2
2. A magnitude 8.8 earth- exchange for what? 5 6 8 2 9 1 3 7 4
quake—one of the largest ever Killer Sudoku Level 1 9 2 7 8 3 4 1 5 6
recorded—struck which Russian A. Mangos 4 1 2 6 5 9 7 8 3
18 5 14 8 22 11 As with standard
peninsula? 6 8 9 3 4 7 5 2 1
B. Figs Sudoku, fill the
3 7 5 1 8 2 6 4 9
C. Peanuts 16 7 15
grid so that every
A. Kamchatka D. Bitcoin column, every row
B. Kanin 6 13
and every 3x3 box Double Trouble
C. Kigilyakh contains the digits B F F SC U B S M A B U P T U R N S
D. Kurgalsky 8. An odd coalition including 16 14 13 8 4 13
1 to 9. Each set of O R A LU S E S E D U N O O N E O N
RFK Jr. is fighting to save 400 3 9 15 6 cells joined by
T E R IT O W N H A L L D OW N F A L L
T E R MI P A I N I G O K I L O
ostriches in British Columbia. dotted lines must
3. Who just became the world’s O P I M E E R K A T B E E R H A T
Why does Canada want to 7 8 17 20 add up to the M A GMA N E I L S O O T F O P
second $4 trillion company?
euthanize the birds? target number in S HO G I A L I B I M Y S T A R S
17 9 10 12
S TR I D E R N U R S E U P K E Y
A. Amazon its top-left corner. BA C K L O T J A C K P O T S E G O
B. Aramco A. To alleviate a feather Within each set G AL S O N D E C K A S I S G A P
8 13 21 5
C. Microsoft shortage of cells joined by P U RS E S S T O L E S A X O N S
B. To mollify locals disturbed R A F T I N A P R E B I D H A L O
D. GameStop dotted lines, a digit
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

15 7 I N IT T O Y L A N D B O Y B A N D
by noise and odors cannot be repeated. E A GE R P E A C E S E A R A C E
C. Part of the flock has had S C HM E A R O K R A S N A D A L
FROM TOP: MICHAEL REAVES/GETTY IMAGES; ABDEL MAJID BZIOUAT/AGENCE FRANCE-PRESSE/GETTY IMAGES

4. Kamala Harris ruled out a avian flu. T O T C L O D T I E R N U K E S

MO B B O S S J O B L O S S E V E
run—for what office? D. To suppress an outbreak of Suko E S A U C A N A L P A Y OMA R
avian mycoplasmosis Place the numbers B A L L P A R K H A L L MA R K R O T I
A. Senator from California 1 to 9 in the spaces so that
I V O T E N O I K E I S E E C L E F
N E WS D A Y B E N N O D S A D D S
B. Governor of California the number in each circle is
C. President equal to the sum of the four
D. Democratic National Puzzle Building
surrounding spaces, and
Committee Chair each color total is correct. S T I F F R E M E M B E R
I G N O R E R OMA N C E
5. Autonomous trucks are D I P L O M A V E E A R L
driving highways at night to E S U D G I S E N S E U A
haul cargo between Dallas and A T T E S T E O U T F O X
Houston—using what R I D E F O R T T R I C H
technology to “see”? ACROSS 1. S + TIFF 5. RE + MEMBER 11. IGNORE (anag.) 12. R + OMAN + CE M N A D I C O N D O N C O
14. DIPLOMA (anag.) 15. EARL (anag.) 17. SENSE (“cents” hom.) 18. AT + TEST O G R E E R O G A F E U D
A. Radar 19. O(UTFO)X (“tofu” anag.) 22. bRIDE 24. RI + CH 27. OGRE (anag.) 28. F + EUD (rev.) A S T R A Y L A R N O L D
29. fAST + RAY 36. PAUSE (“paws” hom.) 39. LAW + N 40. FLORIDA (anag.) 41. ELEGANT
B. Sonar L G P A U S E T O G P T B
(“element” with ME changed to GA) 42. A TON + AL 43. NAMELESS (anag.) 44. S(W)ELL
C. Lasers L A WN R A F L O R I D A
DOWN 1. SIDEARM (anag.) 2. I(NPU)T (“pun” anag.) 3. FOLD (2 defs.)
D. Satellite imaging 4. F(R)OGS 5. REMIT (rev.) 6. E(R)ASE 7. M(OV)E (“V + O” rev.) 8. MAESTRO (anag.) E L E G A N T A T O N A L
9. EC + RU (rev.) 10. R + E + LAX 13. MEN + U 16. S(T)INGS 20. FINE (2 defs.) N A M E L E S S SW E L L
21. OC + CULT (“CO” rev.) 23. DARTh 25. DERANGE (anag.) 26. ODDBALL (anag.)
Answers are listed below the 30. AURA (“or a” hom.) 31. LE(F)TS 32. AT LASt 33. ROOTS (“routes” hom.) The location is FORT TICONDEROGA, captured by
crossword solutions at right. 34. OPINE (anag.) 35. GA + LA (rev.) 37. S + AN + E 38. G + ROW Ethan ALLEN and Benedict ARNOLD in May 1775.

Answers to News Quiz: 1.D, 2.A, 3.C, 4.B, 5.C, 6.B, 7.A, 8.C
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 43 Have ___ to grind

44 Nomadic 1
18 19 20 21 22
quarters
23 24 25 26 47 Beethoven’s 2
“___ Joy”
27 28 29 30 31
49 Pertaining to part 3
32 33 34 35 of the lung
36 37 38 39 40 41 42 43 44 52 Tenant’s text 4
53 Geek
45 46 47 48 49 50 5
54 Online greeting
51 52 53 54 55 56 57 58
55 Writer Ruth with 6
59 60 61 62 63 three Edgar
Awards 7
64 65 66 67 68 69
57 Salami source?
70 71 72 73 62 High guy 8
74 75 76 77 78 79 80 81 65 Move like a drone
67 Street in 9
82 83 84 85 86 87 mysteries
88 89 90 91 92 93 69 Iconic anime set 10
in Neo-Tokyo
94 95 96 97 98 99
71 Make a second 11
100 101 102 103 104 105 106 record of
72 Mirthful 12
107 108 109 110 111
73 Frank
112 113 114 115 116 117 118 119
74 Chocolate-
13
caramel candies
120 121 122 123 124
from Hershey 14
125 126 127 128
75 Drag racing pro
Enders
Loop-the-Loop | by Patrick Berry
129 130 131 132
76 Marine Answers fit into this grid in two 5 • Best Director winner for Loops
prospector? ways, Rows and Loops. Each Row
Jobs ’R’ Us | by Michael Priestley “Oppenheimer” • Render germ-free (8)
79 Leaves for contains two consecutive answers
Across 46 End for smack 94 Florida’s “Horse Down Canada? clued in order of appearance. The • Cultivate • Like bargains that cost your
1 Transition points or switch Capital of the 1 Restrain 80 Deplete answer to each Loop clue will
World” 6 • Jewelry items of ancient soul (8)
6 Bowler material 48 Spill the beans 2 Lyft alternative 81 Twilled fabric occupy one of the grid’s heavily
96 Popular apple outlined loops, starting in any
Egypt • Chapel Hill athletes (3,5)
10 Wise guy 50 “Goosebumps” 3 Mets slugger 84 Takes to the
writer variety square and reading clockwise or • Parishioner’s offering
14 One of 100 in Juan stratosphere • Hailing from Beirut (8)
51 Life coach on 98 Mambo legend 86 Muscle counterclockwise, as shown in the
Winnie-the- 4 Con quest? 7 • Driver in Hollywood
social media? Puente manipulator CIRCULAR example. • On the coast (10)
Pooh’s wood 5 Add fuel to
56 Skyline obscurer 99 Move with effort 89 Pain-relieving • Falsely accused
18 Kriegsmarine 6 Blaze indicator U C I R • 2005 animated film initially
vessel 58 Three-time 100 Where to swig a plant
sarsaparilla 7 Mtn. statistic L R I C C U 8 • Powerhouse NCAA team set in the Central Park Zoo
19 Troy story MLB All-Star 91 Neighborhood
Longoria 8 Permitted A R C R A L from Florida (10)
21 Wheat pasta of 102 Freeway that was home
Japanese cuisine 59 What you wish entrances 9 Home runs, in to the Brooklyn Loop clues are ordered by length • Lexicographical • Make up (10)
you could do to a 105 Beast’s abode sports slang Dodgers (shown in parentheses after each
22 Blow one’s own disturbing sight 10 “You Can’t Hurry clue) but otherwise randomly, so
concerns • 1996 movie in which Julia
horn 106 King prawn of the 93 Publisher Nast
60 Dorothy, to Em Muppets Love” singers, 95 Top-tier use the Row answers to determine 9 • Rack up, as costs Roberts plays Dr. Jekyll’s
23 Smartly with “the”
old-fashioned 61 Fivers, informally 107 Bill of fare 97 “The Lincoln where each Loop belongs. housemaid (4,6)
11 Commotion • What a castaway’s
24 Right-hand page 63 Tel. no. add-on 108 Attacks by force Highway” author Timid types, derisively (6-4)
12 Dinner Towles clothing gets reduced to •
of a volume 64 Holiday that 110 Limburger cheese summoner Place for target practice
25 Koi container begins with a feature 101 Cares for 10 • Subside •
Seder 13 Provides 103 Utah city named (5,5)
26 Heroic tale 112 Small cake funding for • Relentless
66 Flea market unit servings for a Canadian
27 Babbling critic? 14 Categorical fur trader • It’s one hour behind the
68 Brightest star in 115 Janitor? 11 • Hearty partner West Coast (6,4)
30 Retire Scorpius 15 Undersea herder? 104 Canoodle
32 Some summer 120 Needle source
16 Word with road Rows • Clark Kent’s childhood
70 Dishonest diner 106 Do some • Coach who offers lessons
babies employee? 121 Crewmate of or roid gamboling 1 • Amount often negotiated sweetheart (2 wds.) (10)
33 Beasts in the Chekov and
74 Take in 17 “Yikes!” 109 Strike à la 12 • Expedition hiree
“Jurassic Park” Uhura • Good opinion • Idly eating (8,2)
77 “Hanging Up” 20 Wooden rod Samson
films 123 Revealing shout • One might be built on a
author Ephron 28 Unimaginative 111 Heart, e.g. 2 • Hudson who’s the • Nasolabial folds, colloquially
35 Really amazing 124 Garden guardian beach
78 Hostility dog name 112 Unimaginative daughter of Goldie Hawn (5,5)
36 Leather’s 125 Finished dog name
82 What Cortés and 29 Way out 13 • Threadbare
counterpart in a 126 Important ages • Computer that looks like • Paul McCartney’s last album
Pizarro sought 31 Players may 113 Roman historian
Stevie Nicks song
83 Wriggling 127 Two foursomes break them 114 “Whatever you it’s just a monitor (Hyph.) • Tag numbers? with Apple Records (4,2,3,3)
39 Energy
swimmers 128 Didn’t sit by 34 Edmund Pettus say”
41 Yucky gunk 3 • 1920s dance involving 14 • Pile of poker chips • They often bug people (6,6)
85 South American 129 Banks on Bridge setting 116 Cheers for el toro
42 “A Sunday shoulder movement
savanna runways 36 Advantage 117 “Rosanna” band • Baja barroom • Fall location? (6,2,4)
Afternoon on the
Island of La
87 Clear of writing 130 Rogen of “The 37 Solo 118 Sinister sign • Instances of shoplifting
Fabelmans” Get the solutions to this week’s Journal Weekend Puzzles in next
s

Grande Jatte” 88 Turkish currency 38 Taxonomic level 119 Cincinnati squad 4 • Slasher film effect
painter 90 Gable or 131 Jerry Adler’s role below phylum 122 Muscle targeted Saturday’s Wall Street Journal. Solve crosswords and acrostics
45 Right-angled gambrel, e.g. in “The Sopranos” 40 Single-minded on a rowing • Signed agreement, online, get pointers on solving cryptic puzzles and discuss all of the
bend 92 Road builder? 132 Bright colors believer machine slangily (2 wds.) puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

REVIEW

MY MONDAY MORNING | BY AVA MANSON

Giada De
Laurentiis
Doesn’t Want to
Judge Your
Cooking
The chef’s grandfather told her not to take
jobs just for the paycheck. ‘I think I’ve left a lot
of money on the table over the years,’ she says.

F
rom the moment she What are you reading or watch-
wakes up, Giada De Lau- ing?
rentiis is thinking about I am binge-watching “Your
numbers. The first thing Friends & Neighbors.” I love the
she does is check re- whole premise of the show. I
ports on her four restaurants from watched my own renovation show.
the night before. Then she puts on I don’t have the patience to
a pedometer to track the 8,000 read, so I listen to audiobooks. I’m
steps she aims to get that day. listening to Barbra Streisand’s.
Despite initial concerns from
her film producer grandfather Your new kitchen renovation
Dino De Laurentiis, the four-time show came out in June. Is there a
Emmy winner rose to fame as one luxury kitchen appliance or fea-
of the most prominent faces on ture you think is worth it?
early-2000s Food Network. Her I love a pot filler. I hate taking a
first show, “Everyday Italian,” pre- pot, having to go to the sink, fill-
miered in 2003. “When I started at ing it, lifting it, putting it back
Food Network, chefs weren’t down. Also, this isn’t always pos-
stars,” she says. “All of a sudden sible in people’s kitchens, [but] I
we became these icons that no- love wall ovens, rather than ovens
body could have predicted.” under the stove. That whole idea
Since leaving the network in of bending down to lift something
2023, she spends a lot of time up, it’s backbreaking. And I’m lov-
working on Giadzy, her Italian in- ing an integrated sink. You take
gredient line. “It pushes me to use whatever the material of the
a part of my brain I never use, and countertop is, and it flows seam-
I feel smarter.” lessly to the sink. you’ve shown up in those spaces? You left Food Network in 2023 af- grandmother used to do it. In my
De Laurentiis, 54, lives in Los I was 7 years old when my family ter 20-plus years. How did you mind, it’s for old people. But it’s
Angeles with her boyfriend and 17- If you could be a guest on any in- moved. In the ’70s, it was a com- know that it was time? incredibly grounding in a way I
year-old daughter, Jade. Her latest ternet cooking show, which would pletely different culture. I have a It was probably time earlier than didn’t even realize.
show, “Giada in My Kitchen,” pre- it be? strange name. My mom made that, but I was too afraid. I felt like
miered in June on Prime Video. [My daughter] really wants me to weird lunches that I don’t think are I had hit the pinnacle of what I I don’t think it’s just for old peo-
Here, she discusses impostor syn- do “Hot Ones,” which I cannot do. I weird—things that didn’t exist could do there. My career trans- ple. I knit, and it makes me feel
drome, her secret hobby and the have such a sensitive stomach. I here. I flunked the first grade be- formed into competition and judg- connected to my ancestors.
internet cooking show she’d never think it would destroy me. cause I couldn’t speak well enough ing [and] I don’t know that I want Kind of like cooking, when you’re
go on. to pass. It gives you impostor syn- to be a judge of other people’s cook- trying to figure out how your
When was the first time you felt drome for the rest of your life. ing. It didn’t feel good. grandma or great-grandma made
What time do you wake up on successful? Trust that I have worked on it for something special. It connects you
Mondays and what’s the first When I opened my Las Vegas res- years of therapy, but I don’t think What about running Giadzy has to that person.
thing you do? taurant. I think I was one of the it ever goes away. been the most enjoyable for
6 a.m. First thing that I do, embar- first female celebrity chefs to have you? What is a piece of advice that has
rassingly, is check data. I get nightly a restaurant in her name on the It’s interesting you say that, I’d The data. Understanding how peo- stayed with you?
reports on all my restaurants, so I Strip. I felt like it was the first time never guess by watching you. ple buy, why they buy and how the Don’t take jobs based on money. My
check the numbers. I know that’s that my other chef friends took me When I’m cooking in the kitchen is algorithm works. grandfather used to say that to me.
not what I’m supposed to do. I’m seriously. when I feel the strongest, the most Make sure that you can wake up ev-
supposed to tell you I meditate. powerful. It’s a male-dominated In your opinion, what is the dish of ery day and look at yourself in the
You moved from Italy to the U.S. field still, although there’s a lot the summer? mirror and be proud of what you
Do you have coffee or breakfast? as a kid without knowing English. more room for women. You’re al- Either a pasta salad or a caprese. put out in the world. I think I’ve left
No, I work out first. While I’m on In your adult life you’ve spoken ways like, “What do I have to do to a lot of money on the table over the
RAY KACHATORIAN

the treadmill, I’ll digest the data. I about situations where you’ve stay here?” We all deal with how Do you have any hobbies you think years.
do that, then an hour of either yoga felt like the odd one out in pro- [to] reinvent yourself and stay true would surprise people?
or mat Pilates. I try not to take any fessional settings. Did your child- to who you are and hope that I started to take up knitting. It’s This interview has been edited and
calls before 10 or 11. hood experience affect how you’re not misunderstood. very soothing and methodical. My condensed for clarity.

MASTERPIECE | ‘CALYX KRATER WITH THE DEATH OF AKTAION’ (C. 430 B.C.), BY THE DINOS PAINTER

A Greek Feat of Clay

BY CATHERINE GOODMAN place the dogs at differing dis-
tances from the viewer—fore-
WHILE STANDING MID-ASCENT ground, middle ground and back-
on Mount Zas, the highest summit ground—which amplifies the terror
in the Greek Cyclades, a trail guide at hand. Actaeon is surrounded.
advised me and my family to peer frame for his narrative by painting with energy, softness and fluid- has distilled this complicated tale Although working with 2-dimen-
out across the vast Aegean Sea. figural bands across the top and ity—with life. Muscles contort, of pride, power and punishment sional figures and limited color ca-
Through the salty haze, a small is- bottom of the bowl. On one side of tendrils of hair curl as if drenched into a single scene. He has done pabilities, the Dinos Painter cap-
land emerged. “That is called the calyx krater, a man, perhaps a in sweat, and arched feet break this by reducing the story to its tures the agony, shock and
Icaria,” she said. “Where Icarus king, stands between two women. from the ground line to create the essentials, opting for an easily leg- humanity of this young man on
flew too close to the sun.” On the opposite side, Artemis en- illusion of movement. ible arrangement of figures and the verge of death while nonethe-
In my mind’s eye I saw the sur- acts her revenge. The triumph of this vase lies in having the narrative read from left less alluding to the inevitable. Be-
face of the still sea ripple, opening The Dinos Painter was active in the masterly way the Dinos Painter to right, its gripping tale told as if side Actaeon, two companions flee
to swallow the flailing body of the Greece during the late unrolling on an an- into the hilly terrain. The painter
boy with the faulty feathered fifth century. He be- cient Greek scroll. foreshortens the calf of the far-
wings. Icarus’ fatal fall, fueled by longed to a genera- On the far left, Ar- thest figure to emphasize the dis-
arrogance and unnatural ambition, tion of Attic vase paint- temis calmly observes the tance between him and the grue-
stayed with me every step on our ers who brought increased workings of her wrath. She some assault. These minuscule
way to the top. naturalism to the art, deco- holds a lighted torch, signal- details, when spotted within the
While the boy’s conceit has be- rating ceramics with intricate ing the arrival of twilight, larger scene, help communicate
come a widely cited cautionary details, elaborate ornamenta- the time of the hunt. Beside the entire story—from hubristic
tale, it is just one of many ancient tion and complex composi- her, Hecate, a winged figure hunter to vulnerable victim.
Greek myths that warn against hu- tions. The introduction of from the underworld, While many ancient potters and
bris. A Greek vase from about 430 red-figure painting lunges toward the brag- painters meditated on the malevo-
B.C. by the Dinos Painter in the around 530 B.C., a tech- ger, impatient for his im- lent consequences of pride—from
Michael C. Carlos Museum at Em- nique that enabled art- pending death. The Dinos portrayals of Niobe, who lost her
ory University relates a compara- ists to use a brush to ap- Painter renders Actaeon children, to Icarus, who lost his
bly harrowing story about the per- ply pigment to the vase as neither man nor deer, life—few rival the Dinos Painter’s
MICHAEL C. CARLOS MUSEUM, EMORY UNIVERSITY/BRUCE M. WHITE

ils of pride in its depiction of instead of laboriously incis- but both. At this moment, portrayal of Actaeon and Artemis.
Actaeon and Artemis. The subject ing details in the clay, had he is predominantly human The scene is both grounded and
comes from a tale in which Act- radically changed the medium. with soft flesh and tense mus- grandiose, with lively figures
aeon boasted that his hunting This innovation offered new rep- cles, but the fateful transforma- whose emotions—fury and fear—
skills surpassed those of the god- resentational possibilities such as tion has begun as antlers sprout dance across the ceramic surface
dess. As penalty for his insolence, varied profiles, anatomical accu- from his forehead and his ears and imbue the complicated narra-
he was transformed by her into a racy and experiments with per- grow points. tive with a potent energy. The ca-
stag to be eaten alive. spective—features that the Dinos In the center, Actaeon flails des- lyx krater offers a painful pleasure
The vase takes the form of a ca- Painter commands on his ceramic perately as he fights against his in its realism and a reminder to all
lyx krater, a large vessel commonly vessel. transformation and attempts to of how quickly a predator might
used in Greek symposia for mixing He wasn’t the only artist of the thwart attacks from three ravenous become prey.
wine and water, and resembles the time to experiment with sophisti- hounds swarming because they
form of a chalice with two han- cated scenes. But what sets him At this moment, Actaeon is smell a stag. The Dinos Painter uti- Ms. Goodman is a Robert L.
dles. The Dinos Painter creates a apart is that he imbues his figures neither man nor deer, but both. lizes the red-figure technique to Bartley Fellow at the Journal.
 OFF DUTY
Grateful One Helluva
Dead Beer? Hatchback
When bands and The new
breweries VW Golf R has
collaborate range like Ariana
D10 Grande D8
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | D1

BLOOM AND BUSTLE Crowds gather to witness the spring rapeseed flower bloom in Huangling Village, a tourist site that high-speed rail has made more accessible from Chinese cities.

SEE CHINA, RAPIDLY

MATTHEW KRONSBERG; GETTY IMAGES (TRAIN GRAPHIC)

From left: Cutting-edge trains parked at Wuhan Railway Station; evening traffic whizzes past the 14th-century bell tower in Xi’an, the capital of Shaanxi Province.

A
BY MATTHEW KRONSBERG cappuccino and soup dumplings. “We’re not on
Amtrak anymore, Toto,” I thought as I briefly considered
S I ROCKETED out of Shanghai adding a set of “‘Mao Zedong steam train building
aboard a train at nearly 200 miles blocks” to my order.
China can intimidate an hour, the speed reduced the trees So began a weeklong solo trip through central
outside my window to greenish China that saw me traversing more than 2,000 miles
travelers wary of language blurs. I had the out-of-body sense without boarding a single domestic flight. For efficiency,
barriers and its vast size. that I was fast-forwarding my way scope and snacks, China’s high-speed rail system—the
through China. largest and fastest-growing in the world—proved the
But its high-speed train The ride felt decidedly more lan- ideal way to explore a country that can intimidate
network—and clever apps guid when I turned my attention from the window. A first-time visitors like me.
smartly uniformed attendant was passing out snack To plan the trip, I had to dive headlong into China’s
—make a multi-stop trip boxes, but I craved something more substantial and made digital universe, which is parallel to but largely walled off
easier than ever. my way to the Starbucks-equipped snack bar to order a Please turn to page D6
JANELLE JONES FOR WSJ; STYLING BY SARAH ADAMS; TALENT IS EMILY MENDES/MUSE (WATCHES)

Inside

BEST
DRESSED
Peak
tomatoes
will thank
you for this
topping
trick
D9

HIT THE SMALL TIME RECOVER YOUR BASES HE KINGS OF SNEAKERS

Women are rejecting bulky Rolexes for Reupholstering chairs and sofas can be a Elvis wore them. Canvas-and-rubber kicks,
slender, tender tickers D3 genius, thrifty move D7 how great thou (still) art. D4
D2 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

How much should I expect to
spend if I want to look stylish?
According to the U.S. Bureau of photographer in New York, esti-
Labor Statistics, the average mates that he spends $2,500 a
American man spends $553 total year on his closet. The 26-year-
on apparel and footwear each old buys some designer items
year. More money doesn’t neces- but said he’s relatively thrifty. “I

1
sarily buy better style, but men either wait for a sale or a really
who don’t have an eagle good deal where I’m like,
eye for thrifting will OK, I have to get this,”
likely need to spend said Haggray, who
$1,200 to $2,500 a hits up the Brimfield
year to look good, flea market in Mas-
said Lauren A. sachusetts for work-
Rothman, a stylist wear jackets. At the
in Washington, D.C. extreme end of the
To budget effectively, spectrum, Larry Curran,
she advises shopping only a dapper stylist and fashion
twice a year, “once when it gets consultant in New York, spends
hot and once when it gets cold.” “in the low six figures” on his
That approach reduces the risk of wardrobe annually. His big-ticket
random impulse purchases. items: bespoke sunglasses from
Building a wardrobe from Maison Bonnet and rakish suits
scratch? Expect to pay $4,000 to by luxury labels Husbands Paris
$5,000, said New York stylist and London’s Adret. “I pick out
Turner Allen. things that are special to me,”
Geoff Haggray, a well-dressed said the 40-year-old.

Any tips for judging

4
BURNING QUESTIONS an item’s quality
in-store?

The Price Is
Peek inside the garment. “You can
tell a lot about the quality…by the
stuff you don’t see when you’re wearing it,” said
Harris. Carter Altman, the Detroit-born, London-

Right: Style
based designer behind menswear brand Carter
Young, suggests inspecting the inside seams: “If it’s
sewn cleanly and you don’t see any loose threads,
that’s usually a pretty good sign that someone

Edition
took care to quality-control the garment.” Other
signs of careful construction include tidily-sewn
buttons and patterns that match up across seams.
Don’t just chuck something on in the changing
room, said Rothman. “Live in it for five minutes:
move around, sit down, cross your legs. Make sure
Want to look stylish but not get ripped off ? seams aren’t pulling. See if the fabric holds its shape

2 How much does a T-shirt In this shopper’s guide, Ashley Ogawa Clarke or starts sagging.” Allen suggests holding fabric up
to the light to check for flimsiness. “If it’s uninten-
that won’t sag cost? tackles how much to pay for menswear. tionally see-through, that’s usually a red flag.”
Expect to pay $35-$65 for a quality, durable
T-shirt, said Allen. At that price, he said, you’re
paying for decent materials like soft Supima cot-

3
ton and design details such as double-stitching at
the collar and sleeves to prevent warping. Tell me about some brands that
Curran rates $650 T-shirts from luxury brand
the Row, but his favorites are the $40 tees by deliver bang for your buck
Pennsylvanian brand Camber. He finds the heavy- Haggray rates TCB Jeans, a Japanese
duty designs extremely comfortable and says brand whose jeans start around $150.
they wear well over time. Sewn using vintage machines, they
At Bows and Arrows, a boutique in Berkeley, boast appealingly puckered hems. “They
Calif., the “Our T-shirt” by Lady White Co. is a hit, are definitely worth the price,“ said
said the store’s founder Jerry Harris. A 2-pack Haggray, citing the research the brand
costs $110. Made within a 10-mile radius of Lady “put into creating the perfect jeans.” An-
White Co.’s Los Angeles headquarters, from other jeans-maker that delivers: South
North Carolina cotton, the tee has earned raves Korean label Amomento. We like this
for its tubular construction (think: no side- straight-leg, 100% cotton pair, which
seams), which drapes better on the body and of- hangs beautifully and costs under $200.
fers extra comfort. “They’re a generous weight Curran swears by classic $150
but not thick—I’ve had multiples in darker colors Clarks Wallabees lace-ups, buying a
that I’ve been wearing [a lot] since 2018 proba- pair every few years. Allen likes Meer-
bly,” said Harris. The collar, a reinforced “binded” min, a Spanish brand that offers
design with a double line of stitching, holds its Goodyear-welted shoes at very rea-
structure, he added. Another gem: Buck Mason’s sonable prices. (Shoes with Goodyear-
“Toughknit” tees ($88 for two). Cut from mid- welting are durable and can easily

5
weight Supima, they also boast reinforced col- be resoled.) Its loafers cost around
lars—and lack side seams. $200. Its boots, made from shell cor- What’s the difference
dovan, a luxe horse leather, cost under
$500—“a rare price for a material
between a $100 and a
that typically starts around $300 dress-shirt?
$900,” said Allen. “Sometimes, nothing!” said Rothman. “Honestly,
In-store brands deliver sometimes the biggest difference is just the
some of the best value, branding.” For a basic option she likes Uniqlo’s $40
said Rothman. Private la- dress shirts; she also takes clients to Charles Tyr-
bels from Nordstrom and s whitt for button-ups that begin at $109—they’re
Macy’s often use the Amomento “solid quality and consistently stylish.” At the pric-
same factories as de- Straight Leg ier end, she favors Eton’s roughly $250 designs.
signer brands, she said. Jeans, $185 at Proper Cloth, a New York brand specializing in
Steals from Nord- Mr Porter custom-fit shirts ranging from around $100 to
Buck Mason strom’s own brand in- $350, is also worth a look. Pricing mostly depends
Toughknit Tubular clude $15 dress socks  on material, said founder and CEO Seph Skerritt. A
Tee, 2 Pack for $88 and $25 cotton tees. Nordstrom cheaper shirt will usually come in a standard fabric
Private labels “are not 100% Linen like cotton broadcloth. Shirts that cost $350,
flashy, but they’re reli- Button-Up meanwhile, feature fabrics “from the top mills in
able, and in my expe- Shirt, $90 the world, like David & John Anderson, which uses
rience [offer] some ultra-premium Sea Island cotton [for] a stronger
of the best staples.” and silkier feel.”

Why should
I shop for 7 What’s worth
splurging on?
All the experts we consulted
Another worthy investment:
leather shoes. At Bows and Ar-
rows, Harris does well with
French brand Paraboot, whose
designer mentioned jackets. “It’s lace-ups can cost $500-

brands when the first thing people

see, it pulls your
plus. “People come into
the store with really
I can get whole look to-
gether, and if you
old beater pairs and
they look amazing.
perfectly invest in some-
thing good qual-
Stuff that looks
better with age is
fine jeans at ity it’ll last a de- always worth it.”
Costco? cade or more,”
said Allen. Spend
A wild card
splurge: socks!
PAUL TULLER (ILLUSTRATIONS); MR. PORTER (AMOMENTO); J.CREW (PARABOOT)

With jeans, a distinctive design on something Haggray buys $38

and fit can raise the price, said that will “break plush cotton pairs
Altman, whose cool, preppy in” or patinate by Rototo. “I got
brand is gaining traction among over time, like a two pairs when I
menswear enthusiasts. His leather or denim was studying
bestselling $295 “Big Ben” jacket. Smock, the in- abroad. I’d never
jeans feature premium Japa- house brand from seen socks that
nese denim cut into a generous, Mohawk General thick and comfort-
subtly bowlegged silhouette Store in L.A., makes a able. It was almost
that you won’t find at big-box $1,250 brown Italian- s like putting on a slip-
stores. Still, cheaper jeans can leather jacket with Polo Ralph Lauren per,” he said. “I wore

6
look perfectly good. Altman roomy pockets, two- Leather Flight them for three years
sometimes wears straight-leg, way zippers and raw- Jacket, $1,298 before they started
100% cotton Wranglers that silk lining. We also like getting holes. Recent
cost around $60 at Walmart. the vintage feel of this Paraboot Michael pairs haven’t lasted
”They are just a great price for Polo Ralph Lauren Leather Derby Shoes, quite as long, but
a great quality product.” sheepskin flight jacket. $635 at J.Crew they’re still worth it.”
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | D3

STYLE & FASHION

Tinier
 AROUND WE GO The
earliest iteration of a Cartier
Baignoire—a top-selling style
—appeared in 1912. Cartier

Tickers
Baignoire Watch, $14,700;
Ritique Bracelet, $1,390;
Naomi Nomi Shirt, $268

Bucci a permanent fixture on

her wrist. “Anything with
beads and fabric gives a re-
Women are reaching again laxed vibe and lived-in feel.”
for ladylike, delicate watches—and Early-adopters of the rela-
tively lithe look were able to
calling time on chunky, score bargains. “My friend
‘borrowed from the boys’ styles got a Cartier Baignoire [on
the RealReal] for about
$1,300 five years ago because
BY FREYA DROHAN tona. What’s trending now: the demand just wasn’t

F
cocktail watches, bangle there,” said Wallner of the
OR YEARS New bracelets, delicate straps and iconic style, characterized by
York publicist demure faces. The “wrist a curvaceous face allegedly
Yael Fraynd was stack”—the bracelets with inspired by a bathtub.
enamored of which women pair these tick- Today, used Baignoires
oversize, heavy ers—is also lightening up. No start at around $10,000 on the
watches. These days? She more heavy bangles and cuffs resale website. (Noticing the
covets “delicate” faces that piled halfway up to the elbow. buzz, Cartier officially rere-
are “small, curved and femi- Brynn Wallner, a watch ex- leased the Baignoire in 2023.)
nine.” Ahead of her 40th pert and founder of the The good news? Many
birthday, Fraynd says she’s women’s luxury watch web- throwback styles “are still
hunting for a watch that site Dimepiece, calls the shift undervalued,” said Wallner.
reads as jewelry, subtler than a natural progression. Jew- She recommends starting
the borrowed-from-the-boys elry-like cocktail watches, she your search by focusing on
clunkers she once favored. notes, were omnipresent 14K and 18K gold, gem-set
Until about six months from the 1920s to the 1980s cocktail styles. “Because
ago, Natasha Gabbayan, a as complements to ultrafemi- they’re older, they tend to be
Los Angeles vintage clothing nine evening wear. They were really well made and the de-
dealer, routinely borrowed relegated to junk drawers in sign is so considered. Just
her dad’s 40 mm stainless the androgynous, minimalist make sure the safety clasp is
’90s, when uber-thin leather still working.”
bands and tiny round faces To score forgotten favor-
‘My friend got a took over. In the early 2000s, ites from less expensive fash-
macho styles muscled in. ion brands like Anne Klein
Cartier Baignoire for “Back then, all the super- and Fendi, you might want to
$1,300 five years ago models were wearing big devote some time to hunting
because the demand Rolex Daytonas,” Wallner for vintage finds at thrift
said. “Choosing big, mascu- stores and flea markets.
just wasn’t there.’ line watches was rebelling As for the real bargains?
against what was being sold Consider a jewelry-leaning
to women.” watch and wear it mainly
steel Rolex. Now the 29- Wallner attributes the re- Alexis Hoopes, the vice scratches it,” she considers fragile species of watch: as...jewelry.
year-old is rummaging cent swing back to toy-size president of global fashion at bespoke accessorizing a strings of pearls and beads, If you want it for time-
through her mom’s drawers, timepieces to the pandemic eBay, reports that searches smart way to modernize a and leather or fabric cords. keeping, confirm with the
scouring for slender finds lockdown, when women be- for cocktail watches jumped vintage model. Gabbayan likes to team a seller or a watch repair shop
from the 1990s. “It’s as if a gan craving a hint of glamour. by over 170% year-over-year The trick is to accent stra- vintage watch from Chico’s that the mechanics are
watch and a bracelet had a When so many were sitting in in June 2025. “Shoppers are tegically. If a watch is pre- or Alfred Durante with a thin sound, says Wallner. But “if
baby,” she said of one dia- front of computers taking gravitating toward these cious, avoid adding bracelets gold chain, avoiding heftier, it’s just for the look, there’s
mond-studded discovery—a Zoom calls in sweats, “a retro timepieces—particularly with sharp corners or pro- more aggressive pieces in no shame in that.”
18K-gold Audemars Piguet. watch was an effortless way hard-to-find ones that tell a truding stones to your “wrist her bid to “protect the glass
“It feels fancy but also pow- to instantly elevate an outfit,” story,” she said. stack,” Wallner and others ad- face of the watch.” On Page D1: Cartier Baignoire
erful. Because it’s small, I she said. “People, myself in- Gem, an online vintage vise. Diamonds and platinum To keep her timepieces in Watch, $14,700; Ritique
feel safer wearing it.” cluded, wanted something marketplace, is similarly see- especially can scratch softer stylish company, Wallner has Bracelet, $1,390; Luis Morais
In the women’s watch ‘girlier’ than all of the men’s ing increased interest in gold cases and bands. Better made a woven 18K gold and Bracelet, $984; Naomi Nomi
world, dainty is the new Day- watches that were out there.” throwback bracelet and ban- bets to complement the more- silk bracelet by Carolina Shirt, $268
gle styles by Gucci, Seiko,
Omega and Fossil, says
founder Liisa Jokinen.
Explaining the appeal, the
New York publicist Fraynd
points to the styling options
a smaller watch affords. “Be-
cause it doesn’t take up so

Podcast
much real estate on the
wrist,” she said, “it gives
you more freedom to layer
and play with different

Artwork
bracelet styles without it
feeling ‘too much.’”
Although, Wallner notes,
“a lot of watch professionals
say not to stack your watch
because it damages and

SMALL WONDERS Vintage,

feminine timepieces feel
modern paired with classic
button-up shirts. Left: Bulova
Watch Company Vintage
Watch, $3,000 at 1stDibs.com;
Miraki Jewels Bracelet,
starting at $310; Banana
Republic Shirt, $150. Below:
March Hare Kimsey Double
Wrap Watch, $389; Dorsey
Bracelet, starting at $345;
Brooks Brothers Shirt, $118

Finance Advice
for Everyday Life
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minutes to help you make better decisions about managing your money.

Listen wherever you get your podcasts.

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D4 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

BY CAITLIN CARLSON

S
CATWOMAN IN A HAT
O LONG Brigitte Bar- Halle Berry earlier this summer.
dot in a barely there
string bikini. Hello
Anne Hathaway in
a full-body swimsuit.
Today, some celebrities—and
women whom the paparazzi
don’t routinely photograph in bath-
ing suits—are keeping their bodies
covered beach- or poolside. They’re
donning comically large sunhats,
long-sleeved high-necked swimsuits
and full-body onesies to protect
their skin from sun damage.
Hathaway was photographed
boating on the Amalfi Coast in
what looked like tie-dyed water- Los Angeles TV writer Caroline
proof long underwear. Halle Berry Goldfarb loves to be sun-safe.
posted a photo of herself in a sun
hat the size of a beach umbrella. A dermatologist, said women who
cowboy hat that Kate Hudson wore pay for cosmetic procedures often
in a hot tub was also gargantuan. wear sun-protective clothing, too.
Meanwhile, in Indonesia, Michelle “If [women are] spending money
Monaghan chose a long-sleeved on procedures and lasers, they of-
swimsuit with a mock turtleneck. ten want to protect the investment
and that’s one way to protect it,”
she said. Dermatologists add that,
‘The skin on our hands while sunscreen is great, it’s im-
perfect. They recommend pairing
is really thin... I want to it with sun-protective clothing,
do everything I can to hats and sunglasses.
keep my hands looking But, there can be too much of a
good thing. Don’t become so sun-
sexy and fresh.’ averse that you put yourself at
risk for vitamin D deficiency. “We
do know that there are important
“We’re seeing more people wear benefits to some sun exposure,”
long sleeves to the beach,” said said Jennifer Chwalek, a dermatol-
Laura Low Ah Kee, who co- ogist at UnionDerm in New York.
founded Left On Friday, a swim- Some dermatologists are asking
wear brand known for its long- whether avoiding the sun at all
sleeved options like the one costs is overly aggressive. Paler-
Monaghan sported. mino, the esthetician, said that
The coverup comes as more you shouldn’t hide from nature so
women are shielding themselves obsessively that you become “Gol-
from the damage the sun can lum and so vitamin D deficient
wreak, both in terms of skin can- that you develop rickets.”
cer and aging. More sun exposure Some women aren’t ditching
raises your risk of skin cancer and their bikinis by choice. Melanoma
causes skin to lose elasticity and diagnoses have forced them to
wrinkle sooner, according to the layer up.
National Institutes of Health. After she had skin cancer sur-
Not all clothing is equal when it gery to remove melanoma, Sarah
comes to shielding the skin from Buxton founded the swimwear
the sun. Items with a high Ultravi-
olet Protection Factor (UPF),
which indicates how much UV ra-
diation can reach the skin through
The Great Coverup brand Tutublue, which sells swim
leggings and rashguards and made
the tied-dyed set Hathaway wore.
To protect her skin in the sun,
the fabric, offer the best protec- This summer, in the name of health and style, women are trading bikinis for Buxton designed her own full-body
tion. Dermatologists recommend suit. After she began wearing it,
clothing with a UPF of 40 or full-body swimsuits and hats as big as beach umbrellas “people came at me from every-
above, combined with sunscreen where [saying] ‘Where’d you get
that’s at least SPF 30. an array of sun protective gear looking sexy and fresh.” it’s ugly, I’m not wearing it,” she that? What is that?’” she said.
Daise, a New York-based cloth- poolside, including hats (“the big- Equally cautious: Charlotte Pal- said. “If it’s cute and protects my Cleveland resident Leah Alexis
ing line of UPF shirts and dresses, ger the brim the better”) and rash- ermino, a writer, licensed estheti- skin? I’m on board.” Adams used to favor bikinis. But
was founded by two childhood guards. “I’ve also researched bur- cian and co-founder of skin care These women don’t worry about after being diagnosed with mela-
best friends after they discovered kinis,” Goldfarb said. “They’re so company Dieux. On a recent vaca- covering up their sex appeal along noma, she wears UPF 50+ dresses
their linen and cotton shirts and unbelievably chic and Muslim tion to Italy with her boyfriend, with their skin, saying they feel and long-sleeved swimsuits, as
dresses weren’t protecting them women and designers are truly Palermino wore a long-sleeved great in their sun-protective gear. well as a plethora of different hats
from the sun as well as they icons of full-body swim coverage.” shrug from the brand MBM on the Natalie Broussard, a scuba diver and sunglasses, in the sun. “Think-
thought. The brand sells long- She doesn’t slack on sun protec- beach. She also covered up her who lives in Wisconsin, says her ing about sitting in a tanning lay-
sleeve playsuits and shirts with a tion after she leaves the sand ei- one-piece swimsuit while boating skintight swimsuit of long pants out chair and just baking, I do not
HALLE BERRY; CAROLINE GOLDFARB

UPF of 35 or higher. ther, wearing sleeves with thumb- with a long-sleeved button-up and and a long-sleeve shirt is “super miss that,” she said.
Women are also wearing sun-pro- holes while driving that cover her pants from Claudent. “I definitely cute,” and not “something my Still, she sometimes succumbs
tective accessories, including super- arms and part of her hands. “The use UPF clothing more than I did grandma would wear.” to wearing a bikini on vacation
sized visors, sun sleeves and gloves. skin on our hands is really thin and in the past just because when you Dermatologists are thrilled with with her husband. “But I will wear
Caroline Goldfarb, a Los Angeles they’re receiving direct penetrative sweat a lot or it’s really hot out, the swimwear shift and the in- a bikini with a long beach wrap or
TV writer and co-founder of Fish- rays,” Goldfarb said. “I want to do it’s hard to reapply [sunscreen],” creased attention on skin protec- a coverup with a hat and obviously
wife, a tinned-fish company, wears everything I can to keep my hands she said. Still, she’s discerning: “If tion. Amy Wechsler, a New York a ton of sunscreen,” she said.

Sneakers Good Enough for Elvis and Brad Pitt

Why a trio of classic sneaker makers founded by a tire company feels cool again

tthink: Balenciaga’s Triple S). “A lot of sneakerheads look for

The fashion world is also em- YOU WON’T TIRE OF styles rooted in streetwear,” said Til-
brracing refreshingly low-key canvas THESE / STANDOUTS FROM ler. “Our customer is more the fashion
snneakers: Prada and Dior recently THE LEGACY NAMES guy meets a gearhead. He loves the
seent styles down men’s runways. clean look and the nod to heritage.”
Bu ut the old-school brands are inex- According to Elizabeth Semmel-
peensive. Expect to pay $100 or less hack, shoe historian and author of
for P.F. Flyers and Jack Purcells; “Out of the Box: The Rise of
Se eaVees start at $80. (All three de- Sneaker Culture,” fans of these
clined to share sales figures.) shoes want time-tested, durable
Jack Purcell is named for a world designs and might subconsciously
cha ampion badminton player who be rejecting innovation.
wo orked with B.F. Goodrich on a For his part, Stowers, the hairstyl-
cou urt shoe in 1935. Elvis danced in  ist, appreciates SeaVees’ apparent
Jacck Purcells, and today’s models, Converse Jack Purcell invincibility. “I’m on my feet all day
disstinguished by a black “smile” on Canvas Low-Top, $70 and I still have old pairs that are
the e toe cap, are showing up on pick- covered in bleach from doing hair,”
leball courts. he said. “They never wear out.” On-
H
High-top P.F. Flyers were created line, devotees of these legacy brands
ith arch support in 1937—the P.F. praise features such as thick but
tands for “posture foundation”—and breathable military-grade canvas and
te
er marketed to basketballers. A grrippy rubber outsoles. (Jack Purcells
addemark detail: a circular patch by ccan be machine washed to remove
e ankle. In 2021 millennial entre- canvas stains; SeaVees and P.F. Fly-
neur Kassia Davis purchased the
n ers recommend spot cleaning.)
sston-based brand from New Bal- Many models, with their thick toe
e, which her father chairs. Now
e caps, faintly suggest a broad-nosed

JAILHOUSE ROCKING IN JACK PURCELLS Elvis wears the sneakers in 1957. . . Flyers is collaborating with cult bull shark. Crucially, the rubber trim
P.F. Flyers Center Hi
sneaker artists like Sal “Kickstra- is heated before being bonded to the
Classic, $70
“I ALWAYS TELL my wife that I’m brands, eager to apply its rubber ex- domis” Amezcua to up its coolness. canvas, a process known as vulcani-
living in the wrong time,” said Evan pertise to another industry. (Jack SeaVees was introduced in 1964 zation. Originally developed in the
Stowers, 39, who owns 16 pairs of Purcell is now a line within Converse, as an everyday-kicks brand, and re- tire industry, it makes the sneakers
retro-chic canvas sneakers. “I’m nos- which is a subsidiary of Nike, Inc.; vived in 2008 by CEO Steven Tiller resilient and flexible.
talgic for when things were made the others are privately owned.) after he scored a vintage pair in To- Pitt has paired SeaVees with
with quality,” added the St. George, In the everyday-sneaker land- kyo. This June, SeaVees reunited pink linen pants, while comedian
Utah, hairstylist. scape, this OG trio feels newly rele- with the tire company on a 60th Aziz Ansari has sported Jack Pur-
His brand of choice, California- vant, and less obvious than Chuck anniversary sneaker that mimics cells with chinos. James Dean opted
based SeaVees, shares an unusual Taylors. “They’re making a come- the original style, down to the alu- for cuffed baggy pants with his Pur-
history with fellow makers of sleek back because not every guy can minum eyelets. Canvas isn’t Sea- cells. “Whether a man identifies as

canvas sneakers, P.F. Flyers and Jack rock a chunky sneaker. That takes a Vees’ only option: Brad Pitt is often a sporty guy or a finance guy, these
SeaVees Men’s Legend
ALAMY (ELVIS)

Purcell. Decades ago, the tire manu- bold personality,” said celebrity styl- snapped in its Huntington Middies, simple styles are really a sneaker
Sneaker, $90
facturer B.F. Goodrich Company (as ist Abby Arad, alluding to bulky a suede-and-rubber slip-on. (The for all,” said Arad.
it was then called) founded all three styles that dominated for years brand does not send Pitt shoes.) —Monica Corcoran Harel
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | D5

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D6 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

Chugging Through China at 200 M.P.H.
Continued from page D1
from ours (see “Scaling the Great
Firewall”). At first, I found plan-
ning the trip myself dizzying—you
can only book most routes starting
two weeks in advance—but I
wanted to break free of the group-
trip bubble and interact with my
fellow passengers.
That first morning I was headed
for Wuyuan, a rural county about
300 miles to the southwest, famed
for the rapeseed flowers that car-
pet the hills and valleys in yellow
come spring. I planted myself at
Wuyuan Skywells, a 300-year-old
mansion in the village of Yancun
that’s been elegantly renovated
into a 14-room inn by British expat
Ed Gawne and his wife, Selina,
who grew up nearby.
Upon my arrival, Ed took me on
a hike to the village of Kengtou
along an overgrown postal path.
As part of the hotel’s “Local Lady’s
Lunch Club” program, guests are
brought into villagers’ homes to
try local dishes. Our spread in-
cluded pork with freshly dug
spring bamboo, and hu doufu, a
comforting combination of soft
tofu and leafy greens cooked to a
porridge-like consistency. The rice
wine, a specialty of the area,
flowed generously.
Ed told me I’d be in for a very
different experience when, the
next morning, I hired a driver to
take me to Huangling, a famed
“ancient village,” about an hour
away. I should, he cautioned, ex-
pect “unbridled capitalism” in that
popular tourist site, and “huge
crowds mixed with social media
culture.” Ed was right. But explor-
ing the terraced village among the BY ALL THE TRAINS IN CHINA Clockwise from above: a trail in Yancun, a small village that the author reached RUSSIA
selfie-snapping, flower-crowned by train from Shanghai; xiao mian noodles in Chongqing; the Terracotta Army, outside the city center of Xi’an, Chinese rail network

throngs gave me a fun glimpse consists of thousands of clay soldiers thought to have been built to guard the tomb of a deceased emperor. KAZAK.
into China’s massive domestic MONGOLIA

tourism industry.
Beijing
j g
When I first planned this trip, I
had been beguiled by viral videos
Xi'an
that showcase the intensely vertical, C H I N A
Shanghai
Shan
nghai
Wuhan
labyrinthine topography of Chong- CChongqing
hongqing
qing, China’s largest municipality. Wuyuan
Wuyu
uann

The 750-mile train ride to the city

INDIA
took 10 hours, including a one-hour Hong Kong
H
stopover—plenty of time to try, with South
discouraging results, to expand my Indian Ocean China Sea

vocabulary beyond ni hao (hello). Source: OCHA (China railways) CAMILLE BRESSANGE/WSJ

That evening, as I entered

Chongqing’s futuristic Central Busi-
ness District, another of the city’s
great calling cards—spicy food—an-
nounced itself. The chile-scent of
hot pot perfumed the air, while
sixty-one stories above, the space-
themed NOVA Planet High Altitude
River View Hotel offered sweeping

Texting a person a foot

away made me feel like
a teenager, but it also
left me with souvenirs
of the people I met.

views of skyscrapers covered in illu- people I encountered. Everyone I myself transfixed by both the fas- Swiss could learn a thing or two process. I also put myself on wait
minated animations, straight out of met was unfailingly friendly and cinating history and the exuberant about punctuality from Chinese lists for the day’s remaining trains.
“Blade Runner.” The next two days helpful, despite any political ten- commercialism of the gift shops trains.) While the city’s reputation The app told me I had a 70.4%
were a blur of exquisitely fiery xiao sions that might have arisen from and restaurants just outside the in the West is forever tied to chance of success.
mian noodles and long, aimless that morning’s tariff news. museum complex. Covid-19, Wuhan is also famous for Once it became clear the algo-
walks through the city. Xi’an welcomed me with an ee- I had come to China to experi- its breakfasts. My plan was to rithm had been overly optimistic, I
For my next leg I splurged on rie orange sky, the effect of a ence train travel at its most futur- gorge on its celebrated morning booked a hotel near the station
business class, the top tier on Chi- sandstorm, but the skies were blue istic, but I craved a taste of the fare, then take a train back to and went to explore Wuhan by
nese trains. For the roughly six- again by morning. I had hired country’s past too. So, for my next Shanghai that afternoon. night. I walked the cobblestone
hour trip to Xi’an, a $184 ticket Wenqi Zhang, founder of the ser- segment, I opted to go old school. On Shanhaiguan Road, known as streets of the Victorian-era Han-
snagged me a lie-flat seat compa- vice LocalFun Xi’an, to show me China’s dusky-green sleeper a “snack street,” I joined the lon- kou concession area. Surreal,
rable to what you’d find in a pre- around the Dongcangmen market. trains are older and slower than gest lines I could see. The first dreamlike moments unfurled be-
mium airplane cabin. Quick to share knowledge and their aerodynamic descendants. For turned out to be for re gan mian, fore me: In a Louis Vuitton coat
My conversations with seatmates opinions on the city’s food scene, $56, I booked a bed in a four-bunk or hot dry noodles slicked with ses- and wraparound sunglasses, a
all followed a similar pattern. Using she steered me away from predict- cabin, and settled in for a 10.5-hour ame sauce; the second, for a wok- woman walked an alpaca; a young
a translation app on their phone, able tourist moves: say, asking for trip that a high-speed train could fried carb bonanza called doupi. man operated a bustling espresso
they’d show me a greeting. I would peppers on your roujiamo, a sort make in less than half that time. Picture a giant crepe, sealed with stand out of his car’s open trunk.
respond via Google Translate, and of Chinese hamburger. When I boarded, I found an older an egg and topped with sticky rice, Somehow hungry again, I was
we’d go back and forth this way, be- Having eaten my fill by 11 a.m., I couple already asleep on the bottom mushrooms, bamboo and pork. drawn down a dark alley by the
fore ultimately changing over to was ready to visit Xi’an’s most fa- bunks, their teenage granddaughter Then, at a tiny cafe called the Here, light of a restaurant called Under
WeChat, a messaging app that auto- mous residents. About 26 miles on a top bunk, watching TikTok- I lingered for too long among the the Bridge Downtown. There, I en-
matically translated our back-and- from the center of town, I joined style videos at full volume. I piles of literary journals. By the joyed a comforting, homestyle
forth messages. the throngs lining up to see the climbed onto my bunk, popped in time I left for the station, I was braise of beef and five-spice-
Texting a person a foot away thousands of terracotta warriors, some earplugs and drifted off for a running perilously late. scented tofu.
from me made me feel like a teen- sculptures originally built to guard surprisingly restful sleep. Stuck in traffic, I rescheduled The next morning, I made it to
ager, but it was also effective, and an emperor’s tomb around 2,200 We arrived in Wuhan exactly as myself on the Trip.com app for a the station with plenty of time to
left me with digital souvenirs of the years ago. As at Huangling, I found scheduled at 8:29 a.m. (Even the train the next morning, a simple spare. I had another train to catch.

Scaling the Great Firewall wrong.) If you use an iPhone, you’re all set. Apple part-
ners with Gaode Maps, a Chinese company for its
You can’t access most of the apps you know and Maps app. Android users will have to download Gaode’s
love in China. Here’s what to download instead. Amap, which has English functionality and is reliable.

THE CHINESE GOVERNMENT blocks access to apps Communications To call WeChat just a messaging app
like Google Maps, YouTube and Instagram across the is to minimize its pervasive role in Chinese society. You
country. But that doesn’t mean you need to opt into a might also find yourself using it to locate a restaurant,
digital detox. In their stead, you’ll find a whole other on- order a meal there and pay for it. Automatic translation
line universe. Here’s what you need to know. features are simplistic but extremely helpful.
MATTHEW KRONSBERG; KIERSTEN ESSENPREIS (ILLUSTRATION)

Connectivity You can buy a local SIM card in China, Payments Trying to pay for everything with either cash
which gets you a Chinese phone number, but you’ll be or credit cards in China will merely frustrate both you
hemmed in by the “Great Firewall,” so you’ll also need a and would-be recipients. AliPay and WeChat Pay,
Virtual Private Network service like Mullvad VPN to ac- China’s largest payment platforms, are essential for
cess the many blocked apps. An easier route: Sign up for many transactions.
an eSIM like Airalo. While you won’t get a phone number
this way, an eSIM lets you connect to the wider world. Booking While you can save a little money by booking
(You might still want a VPN to use with hotel Wi-Fi.) hotels, flights and train trips directly, the convenience of
using Trip.com to create an itinerary is well worth the
Maps Android user? Brace yourself: Google Maps is modest fees it charges. The app, which even lets you
among the essential apps that do not work in China. buy an eSIM, is also useful for booking entry to muse-
(Even if you skirt restrictions, location data is often ums and finding local tours.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | D7

DESIGN & DECORATING

That’s a Wrap
ago, says Atlanta designer Lauren nies tend to be local, family-run
Lowe. That’s why it’s worth scour- and off the radar. “If they have an
ing estate sales, auctions or resale Instagram account, they’re proba-
sites like Facebook Marketplace bly pricey or trade only,” cau-
for secondhand sofas made by tioned Hunter. Best bet: Rely on
Reupholstering furniture can score you custom looks at wallet-friendly prices. quality companies like Baker and word-of-mouth referrals or an on-
George Smith, and having them re- line equivalent, like Yelp reviews.
It can also be confusing. Here, pros break down the basics. covered to suit your taste. While designers often guard their
While fabric and labor won’t be sources ferociously, Lowe suggests
cheap, a $4,000 to $5,000 invest- asking antique stores, which fre-
ment could ultimately yield the quently get items recovered, for
sort of heirloom-quality sofa that recommendations. For smaller,
sells for $15,000 shippable jobs, like cushions, con-
at retail. sider craftspeople on Etsy.
BEFORE At the other
end of the spec- How much will it cost? Prices can
trum, New York vary widely depending on the cost
designer Jennifer of fabric, the scope and complex-
Hunter suggests ity of the job and even where the
using new fabric work is done. “I know some de-
to give generic signers who actually send pieces
budget items ex- to Texas to be recovered because
TIM WILLIAMS (CHAIR AFTER); ESSENTIALS FOR LIVING (CHAIR BEFORE); RIKKI SNYDER; STYLING BY FRANCES BAILEY (BENCH AFTER); JENNIFER HUNTER (BENCH BEFORE)

tra oomph. “Say even with freight, it’s cheaper

you find a great than doing it in New York City,”
silhouette at CB2 said Hunter.
for $300 that According to 2025 data from
only needs 2 yards of fabric,” she Angie’s List, most projects fall be-
said. “Recovering is a way to get a tween $370 and $1,145. Accent
piece no one else will have.” chairs might be in the $200-$1000
Designer Lizzie Bailey of Story range, while sofas generally run
Street Studio took that tack in a into the low to mid thousands.
recent home-office overhaul in
Westchester County, N.Y. (left). By
opting for stock chairs whose A $4,000 to $5,000
cushions can be easily recovered,
she said, you can give a space a
investment can yield
tailored look without the sticker a heirloom-quality
shock and long lead times of fully sofa—the sort that
custom furniture.
Sentimental value can also justify costs $15,000 new.
the effort. A client of Marblehead,
Mass., designer Jen Dulac inherited
a beloved armchair from her grand- What about fabric? First consider
mother—only to have it shredded how the item will be used: Is it an
by her house cat. Dulac recovered occasional perch or a sofa that
the piece in a Barclay Butera paisley doubles as a climbing gym? “Mar-
and reused the original down seat tindale rating” refers to a fabric’s
to give it that “gather-you-up-in-a- durability; generally, you want a
hug feeling.” Now in its second act, rating of 15,000- 20,000 or above.
the chair has become a favorite Lowe says that heavyweight linen is
reading spot. always a stylish and sturdy choice.
Nervous about
Where do I find spills? “You can
an upholsterer? make almost any
This can be fabric ‘perfor-
tricky. Uphol- mance’ by having it
stery is a dying backed or treated
art and the re- with stain guard,”
DESK SET Story Street Studio added new fabric to an inexpensive stock chair to give this office a custom look. maining compa- said Hunter.

BY SARAH KARNASIEWICZ have to settle for routine, beige Got any secret

I
polyester cushions. tricks? That Schu-
N THE AGE of mass-pro- You can, however, avoid both macher ikat you’ve
duced “fast furniture,” boring and budget-busting design BEFORE got your eye on?
you’re lucky if you can with a workaround: Reupholstery. We’re sorry to re-
find, say, an armchair A key decor tool, recovering furni- port it costs $207
that’s well-built and styl- ture with new fabric is among the Designer a yard—and a typi-
ish, or stylish and wallet-friendly. simplest, yet most dramatic up- Jennifer cal couch requires
Rarely, if ever, said the pros we grades—whether the piece in ques- Hunter used around 16. Happily,
polled for this story, will you hit tion is a sturdy but stuffy piece new upholstery says Hunter, there
the bull's-eye on all three. you already own or a bland new to help turn a are plenty of other
If you want a new sofa from a buy that just needs personality. beat-up bench ways to give furni-
heritage brand like Baker or That said, the process can over- into a boudoir ture a “designer”
George Smith that still handcrafts whelm the uninitiated. To help de- focal point. look without drop-
its wares from quality materials, mystify it, we asked designers for ping a ton of coin.
expect to pay at least $6,000 and their top tips. For instance, recover most of a
more often double or triple that. piece in an inexpensive solid but
Meanwhile bargains tend to How do I know what’s worth splurge on contrast fabric for the
skew basic. You might be able to reupholstering? Remember, value back of a chair or piping for a
nab a trendy bobbin-leg armchair is relative. Pieces from the big- couch. “There’s so much you can do
on Wayfair for $285, but at a name mass-market retailers aren’t on a shoestring,” she said. “You
price like that, you’ll probably what they were even 10-20 years just need the vision.”

From Hellstrip to Boulevard Garden 10 houses in the 154-home

development have similarly
replaced their hellstrip turf.
horticulturist at Gardens on
Spring Creek in Fort Collins,
Colo., cautions that flowers
land typically owned by the
town, you’ll want to assess
how rules protecting driver
That skinny patch of earth between street and sidewalk in front of Some call this bit of real es- live briefly and sometimes and pedestrian sightlines
tate a parking strip, median or prove irresistible to passersby: might affect your choice of
your property can be dull as dirt—or the envy of your block boulevard, but author and “You have to be OK with plant heights. And know
landscape designer Lauren occasional pillaging.” that if utilities under
Springer coined the term hell- Instead, she focuses the hellstrip need
strip in the 1990s. Why so mostly on foliage ‘Neighbors work, the backhoe
hellish? Such narrow beds typ- such as the archi- say it’s like will show up,
ically feature poor, compacted tectural spikes of walking sometimes with-
soil that’s rarely irrigated. yucca, fine through out notice.
Their enemies include snow- grasses and tex- a meadow.’ What about
plows and road salt. Springer tural ground covers greenery-blighting
beautified her skinny roadside like creeping Veronica dogs? Marrs has ob-
plot in Windsor, Colo., 40 years and thyme. She also champi- served an elegant solution: a
ago, ushering in a front-yard ons tough, native perennials single vinyl fence post sur-
revolution, despite her neigh- over annuals. Unless they rounded with gravel. “It looks
bors’ skepticism. self-sow, annuals require decorative, but it keeps dogs
Andrew Marrs, a landscape more fertilizer and mainte- out of the planting because
designer in Bloomington, Ind., nance than repeat performers. they concentrate on marking
calls such sidewalk gardens Before altering a hellstrip, the post.” —Sal Vaglica
“literally the curb appeal of
your house.” He often com-
poses hellstrips to echo a
home’s foundation plantings
and, like Whitehead, some-
times cultivates both sides of
the paved path. This helps the
sidewalk disappear when
viewed from the street.
Among his favorite tech-
niques: bunching species and
LEADING EDGE Standout frontage by Andrew Marrs, a Bloomington, Ind., landscape designer. repeating them.
“When you’re speeding by
WHEN RENEE and Larry Kristen Whitehead devised After two summers—and in a car, an individual plant
Hartsook moved to a Long- and the Hartsooks executed, some battling with the HOA— won’t have the same impact
ANDREW MARRS; KRISTEN WHITEHEAD

mont, Colo., home with 9,000 would replace the thirsty stuff they achieved a front yard as a group of five or seven,”
square feet of Kentucky blue- with a drought-tolerant xeri- and curbside garden that said Marrs, who peppered the
grass that needed frequent scape. First up: that patch of beautifully bracket the side- Bloomington beds shown at
irrigation, they only lasted one earth between the road and walk and teem with drought- left with recurring clusters of
summer before they began sidewalk known as the “hell- tolerant grasses, shrubs and pink bee balm, salvias and or-
yanking out turf. A $900 strip.” The couple started there perennials. “Neighbors say it’s namental grass. “A flower or
monthly water bill will do that. “partly to ease our HOA into like walking through a texture that repeats through-
The new plan for the yard, the realization that the grass meadow,” Renee said. The out gives a sense of rhythm.”
which local landscape designer was going away,” said Renee. couple estimates that another Springer, who is also staff A dry-tolerant strip in Longmont, Colo., by Kristen Whitehead.
 D8 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

VOLKSWAGEN

SMALL WONDER The Golf R, a performance variant of VW’s GTI hatchback, boasts the company’s fizziest four-cylinder engine, pumping out 328 hp at 5,850-6,500 rpm.

tires (235/35s). Gaylord Perry put

RUMBLE SEAT / DAN NEIL more schmutz on his spitball.
Inside, the value proposition
is unstinting, highlighted by

A VW Hatchback That Gives

Nappa leather seat upholstery;
heated and ventilated front seats;
Harman Kardon audio system
with nine speakers; panoramic

The Lie to Boomer Nostalgia sunroof; and 12.9-inch touch

screen with navigation.
Among the few tick-able boxes:
The optional Black Edition package
adds exterior accents and badging
IN A GIFT to gearhead posterity, charged, direct-injected, dual over- and carbon fiber interior trim.
Car and Driver magazine has pub- head-cam 2.0-liter, pumping out 2025 VW GOLF R Noir, naturellement.
lished an archive of car reviews, 328 hp from 5,850-6,500 rpm, and And yet, despite the upgrades
comparison tests, columns and 295 lb-ft of leverage between and pallets of added creature com-
features going back to the 1950s. 2,000-5,850 rpm. This thing has fort, the R weighs just 3,450
The Greatest Generation of auto- Ariana Grande range. pounds, only 53 pounds more than
mobile writers—John Phillips, Pat- The EA888’s fuel injectors oper-
rick Bedard, Csaba Csere, Brock ate at 5,076 psi, almost 75%
Yates, David E. Davis—rides again. higher than the previous units. At Compared to this
A few minutes among these leg- full chat the R is drinking fuel
ends will sweep away the cobwebs from a fire hose.
modern descendant, the
of nostalgia. No, Virginia, cars As the revs fall off, a bolus of earlier generation Golf
didn’t used to be better. Were they popping and crackling works its R32 might as well have
more affordable? Sure. More re- way through the exhaust—some of
pairable? Also fair. But as to which is synthetically generated been wood-fired.
whether automobiles were once and pumped through the car’s
better built, safer, faster, quieter, sound actuator, depending on the
more comfortable, durable, capa- drive mode. the R32. The R’s power-to-weight
ble and efficient? Generally, no. The turbo-four is paired with a ratio pencils out to about 10.3 lb/
Compare our guest, the 2025 7-speed dual-clutch automatic hp; whereas the R32 burdens every
VW Golf R—a performance variant transmission, with handsome man- hp with 14.1 pounds.
of the GTI hatchback, now in its ual-shift paddles at the steering No surprise, the R leaves its
eighth generation—with its pro- wheel. Further downstream is the Base price $47,100 drive Curb weight 3,450 honored ancestor for dead off the
genitor, the Golf R32, circa 2004. 4Motion AWD system, sluicing up Price, as tested $48,621 Power/torque 328 pounds (est) line, storming to 60 mph in the
An icon of hot-hatch hagiography, to 50% of engine torque to the Powertrain Turbo- hp/5,850-6,500 0-60 mph 4.4 seconds low four-second range, about sec-
the R32 extracted 240 hp out of its rear wheels, with only a few hun- charged and intercooled, rpm/295 lb-ft at EPA fuel economy ond-and-a-half quicker than the
Audi-built 3.2-liter V6. Thanks to dred milliseconds’ notice. direct-injection 2.0-liter 2,000-5,850 rpm 22/31/25 mpg, city/high- R32. Given C&D’s traditional one-
Car and Driver’s scrupulous scales, A recent addition, by way of DOHC inline-four; Length/wheelbase/ way/combined foot rollout at the start and a !-
we know the R32 weighed 3,397 the Mark 8 GTI donor car, is seven-speed dual clutch width/height Cargo capacity 20/35 mile dragstrip, the R will cross the
pounds. Using the most precise torque vectoring. Multi-plate automatic transmission; 169.1/103.5/70.4/57.8 cubic feet (behind line 1.9 seconds before the R32. So
sundials then available, the maga- clutches integrated into the rear on-demand all-wheel inches 2nd/1st row seat backs) much for nostalgia.
zine recorded 0-60 mph accelera- differential “vector” torque to the A lot of things besides horse-
tion at a then-credible 6.0 seconds. left or right rear wheel, based on power go into the R’s EV-like ac-
But compared to its modern vehicle speed, throttle position, ting—if not encouraging—the mula D racing. It’s better at celeration, including human per-
descendant, the R32 might as steering position, yaw rate and car to fishtail purposefully, spinning doughnuts in parking formance-enhancing automation.
well have been wood-fired. Under other inputs. trailing clouds of glory. Despite lots. Progress! The launch-control function
the R’s plunging hood is one In Drift mode, the split can the name, Drift mode is not, VW A quarter-century ago, C&D’s ar- (baked into the track-only Special
fantastic four-cylinder: a turbo- go to 100%, left or right, permit- says, trained for arena-style For- chives remind us, the U.S. market drive mode) assures optimum re-
was crowded with fast, fun, func- sults every time. Drivers need
tional and affordable hot hatches. only lift the brake and drop the
Today, you can count them on one hammer. Nor do they need pedal
hand: Golf R, the sublime Honda perfect upshifts. The algorithm
Civic Type R, the Toyota GR Corolla has that handled, too.
and—if we’re counting EVs—the In a lot of ways the R—built on
Hyundai Ioniq 5 N. the MQB platform, first intro-
Where have all the flowers duced in 2012—feels deeply famil-
gone? It wasn’t demand but the iar. The hardware is largely the
business case that evaporated. same. It’s the software that keeps
Ford, for example, pulled the plug getting better, smarter and faster,
on its popular Focus and Fiesta helping the R stay relevant. The
hatchbacks because management speed-sensitive, electronically as-
decided it could only lose money sisted steering of the R is way
on small cars in the U.S. better than the old hydraulic-as-
Given the Trump administra- sisted rudder.
tion’s war on sporty, spendy Euro- The R gives up a few things to
pean hatches, VW is importing the its forebear. The turbo-four is
R in only one fully loaded specifi- mighty but noisy, even at idle. The
cation. You will know it by the illu- high-pressure injectors’ tickety-
minated light bar and rondel tick might send the sensitive
across the nose; the ground-hug- screaming into the night. Back in
ging lower body skirts; and the the day, the naturally aspirated V6
two-piece roof spoiler. It looks chimed like a well-oiled music box.
pretty boss. Other notes: The R’s doors sound
Got stance? The R positively hollow. The cabin materials and ap-
looms over 19-inch forged alloy pointments look and feel cheaper
wheels, through which big, bright- than in pre-Dieselgate VWs.
The new Golf R is more taut and blue brake calipers play peek-a- I miss the old plaid seat
tuned, for better road holding. boo. Wrapped around the wheels upholstery, too. If worsted-wool
are broad, exquisitely thin summer could talk.

The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, August 2 - 3, 2025 | D8A

ADVERTISEMENT

“Shanghai Day” Lights Up Lincoln Center in New York

Art as a Bridge: A Transpacific Cultural Resonance
Co-presented by Lincoln Center for Shanghai Day marked a world-class into a “Shanghai Cultural Pavilion.” Intan-
the Performing Arts and Center for the presentation of Haipai culture. Innovative gible heritage booths offered hands-on
China Shanghai International Arts Festival, interpretations of traditional Chinese arts experiences: papercutting, knot buttons,
on July 26 Summer for the City’s Shanghai offered immersive and interactive experi- calligraphy, traditional qipao, handmade
Day ignited a cultural wave in New York ences that reshaped global perceptions. cotton crafts, vegetarian treats from Long-
City. From afternoon until late at night, a Inside the David H. Koch Theater, hua Temple, and dazzling cloisonné candy
vibrant array of performances and inter- the Shanghai Grand Theatre premiered boxes from Lao Feng Xiang. A “Guochao
active experiences—fusing classics with its original dance Lady White Snake to Punk” Peking Opera makeup booth was
innovation, fashion with tradition, and U.S. audiences for the first time. Drawing particularly popular, with New Yorkers
youth with passion—took place across from the Chinese solar terms for musical lining up for custom opera face designs.
the Lincoln Center campus, drawing an inspiration, the performance blended tra- Nearby, Zi-Ka-Wei Library showcased
estimated audience of thousands. ditional Chinese instruments with West- Shanghai-themed creative products
This spectacular artistic exchange ern orchestration and electronic sounds. that condensed cultural meaning into
opened a vivid window for New York- Visually symbolic elements such as clocks modern design.
ers to experience the diverse vitality of and geometric forms illustrated spatial At Damrosch Park, the Arknights
Shanghai-style culture. shifts and emotional depth. The perfor- Concert—produced in collaboration with
Li Ming, President of Center for the mance integrated ballet, classical Chinese globally renowned composers like Ga-
China Shanghai International Arts Fes- dance, and modern dance into a fluid reth Coker—offered an electrifying mix of
tival, stated: “We are honored to bring cross-genre dialogue. Artistic director electronic, folk, and symphonic sounds.
Haipai (Shanghai-style) culture to this Tan Yuanyuan led an elite team to deliver Audiences were transported into immer-
global stage at the invitation of Lincoln a stunning fusion of ballet grace, flowing sive game worlds through high-impact
Center. Through this unique artistic cele- water sleeves, and poetic stage aesthetics musical storytelling.
bration, we hope to showcase the charm inspired by Jiangnan, presenting an an- Meanwhile, the Dance Floor trans-
of Shanghai and the creativity of Chinese cient legend in an entirely renewed form. formed into a summer dance stage. Chi-
artists to a worldwide audience.” In the lobby of the David Rubenstein na’s new generation of dancers energized
Mariko Silver, President and CEO of Atrium, the Shanghai Animation Film the crowd with breaking, popping, and
Lincoln Center for the Performing Arts, Studio’s classic The Monkey King: Uproar locking. Their specially choreographed
said: “We invite New Yorkers and visitors in Heaven captivated audiences with vivid global hit Spread Your Wings sparked
to explore different cultures and deepen colors and Chinese mythological charm. spontaneous dancing among the audi-
their connection to creativity from across In the family zone, the Shanghai Chinese ence. Jazz trumpeter Li Xiaochuan bridged
the globe here at Lincoln Center. Today’s Orchestra presented Stories of Chinese East and West with original compositions
events are such a beautiful example of Zodiac using suona, pipa, and other folk reflecting the evolving “Chinese sound.”
cross-cultural exchange and artistic instruments, accompanied by water ink As the evening deepened, a “Silent Disco”
discovery for audiences of all ages. We animation from Zhang Lelu that delighted allowed hundreds of attendees to dance
are so glad to be working with the Center children and invited them to engage with freely in isolated headphone worlds—
for the China Shanghai International traditional instruments. blending erhu, pipa, and electronic bass.
Arts Festival.” As night fell, the garden transformed

This content was created and paid for by Attencity LLC. The Wall Street Journal news organization was not involved in the creation of this content.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 2 - 3, 2025 | D9

EATING & DRINKING

Pinot Blanc and Albariño as well, in Sparkling and a Splash
addition to the Pinot Noirs she of Red
makes. “I think Pinot always has a In 2018 the Oregon Wine Board
place here, but it’s my personal counted around 20 producers of tra-
opinion that we have more than ditional Champagne-method spar-
enough Pinot planted,” Fox said. kling wine in the state; by 2021, that
One of the top wines of my tast- number had climbed to roughly 60,
ing and one of the best domestic and it’s expected to jump again in
Chardonnays I’ve tasted all year, the 2025. So far, few of these sparkling
2023 Walter Scott La Combe Verte wines, mostly made in small quanti-
Willamette Valley Chardonnay ($45) ties, can be found outside the state.
was truly a pleasure to drink— Indeed, the only Oregon sparklers
sleek, beautifully balanced, a gener- I found in metro New York were
ously textured yet precise white from Argyle. This pioneer of Oregon
from a highly regarded winery with sparkling wine was established in
a particular focus on Chardonnay. 1987 and made famous by wine-
Walter Scott winemaker and co- maker and co-founder Rollin Soles
owner Ken Pahlow actually pro- (who remained winemaker until
duces more Chardonnays (10) than 2013 and now makes wine under his
he does Pinot Noirs (9). “We believe Roco label). I found the Pinot Noir-
the Willamette Valley is the best dominant 2022 Argyle Willamette
place on the planet for cool-climate Valley Brut ($25) particularly ap-
Chardonnay outside Burgundy,” said pealing, soft and approachable, with
Pahlow, who has steadily increased notes of green apple and brioche.
his production of Chardonnay over Because no Oregon tasting would
the years. The La Combe Verte is be complete without Pinot Noir, I
Walter Scott’s entry-level bottling; purchased three. All were solidly
the single-vineyard Chardonnays
can run upward of $100.
More Oregon producers are Oregon Pinot Noir has
“hopping on the bandwagon” when
it comes to Chardonnay with money
always received the lion’s
in mind, according to Pahlow. “They share of attention and
just make Chardonnay because they praise. I set out to get a
need the SKU in their lineup or they
see bigger dollars than producing broader perspective.
MITCH BLUNT

Pinot Gris,” he said.

While Chardonnay might be more
popular worldwide, in Oregon, Pinot made, but the toothsome 2023 Ro-
Gris was the white grape to take serock Drouhin Oregon Eola-Amity
ON WINE / LETTIE TEAGUE
hold first. Laurent Montalieu, a na- Hills Pinot Noir ($38) stood out,
tive of Guadeloupe raised partly in with all the hallmarks of a good Ore-
Bordeaux, arrived in Oregon and gon Pinot: snappy red fruit and juicy

Pinot, Again? Oregon soon became a partner and wine-

maker in WillaKenzie Estate, pro-
ducing his first Pinot Gris in 1995.
In 2000, he co-founded Soléna
acidity, lightly framed in French oak.
The Roserock property is the
most recent Oregon acquisition of
the Drouhin family of Burgundy.

Contains Multitudes. Estate, intending to produce a

small amount of Pinot Noir as a
“garagiste” winemaker, but his
friends, who loved his WillaKenzie
Among the earliest pioneers in Ore-
gon Pinot Noir, the Drouhins began
producing it in the 1980s. Today Vé-
ronique Drouhin oversees winemak-
Pinot Gris, encouraged him to pro- ing both in Burgundy and in Oregon.
SOME YEARS AGO I was invited away the most planted grape, too, on whites for my tasting, though I duce Pinot Gris too. It was also a “It took quite some time for the rest
to a dinner party for Oregon na- with 28,264 planted acres devoted bought a few Oregon Pinot Noirs matter of cash flow, as Pinot Noir of the U.S. to realize and recognize
tives in suburban New York. The to it. Far behind in second place, Pi- too—call it a control group. typically requires (much) longer the high and consistent quality of
Oregon-born host had erroneously not Gris accounts for just 6,483 aging in barrel than Pinot Gris. I Oregon Pinot Noir,” Drouhin said.
assumed I was Oregonian, because, acres under vine—though that num- The Great White Northwest found another favorite in the 2023 “But now it is considered as one of
months earlier, I’d brought a bottle ber is nearly double what it was in Two of my early favorites were Soléna Willamette Valley Pinot the best wine regions in the world
of Oregon Chardonnay to a dinner 2014. Third-place grape Chardonnay both made by longtime Oregon Gris ($14), lush with notes of for growing Pinot Noir, along with
we’d both attended. It wasn’t a to- is also gaining, at 3,482 acres as of winemaker Kelley Fox. Inspired by melon and citrus. Nicely balanced Burgundy and New Zealand.”
tally outlandish conclusion; Oregon 2024, more than twice what it was “Alpine wines,” according to Fox, between ripe fruit and fresh acid- Although I was ultimately disin-
Chardonnay was still fairly ob- a decade prior. From Chenin Blanc the delicious 2023 Kelley Fox Wil- ity, it’s a well-made wine at a very vited from that Oregonian dinner
scure outside the Beaver State to Grüner Veltliner, Pinot Blanc, Al- lamette Valley Grüner Veltliner accessible price. when I revealed that I was born in
back then. Happily, such wines are bariño and Riesling, other white ($39) was lush and inviting, bigger Like so many of his Oregon Indiana, my recent tasting made
much easier to find today along grapes, too, are redefining wine- and higher in alcohol than its Aus- peers, Montalieu has continued to this much clear: It’s time the rest
with Oregon whites like Pinot Gris, making in Oregon. trian peers, even a bit tropical. expand his portfolio. He will soon of the U.S. recognizes the high
Riesling and Grüner Veltliner. Because Oregon Pinot Noir has The 2023 Kelley Fox Willamette release his first barrel-fermented quality of the whites and sparkling
Pinot Noir has long been the always received the lion’s share of Valley Chardonnay ($29), mean- Chenin Blanc, which he will sell wines from Oregon and gets an op-
state’s signature grape. Accounting attention and praise, I set out to get while, was a rich, wonderfully strictly at his winery tasting portunity to taste them as well.
for 58% of Oregon’s total grape pro- a broader perspective on the state’s well-balanced white. room along with his winery-only
duction in 2024, it’s still far and vinous offerings. I focused mostly Fox’s portfolio currently includes sparkling wine.  Email Lettie at [email protected].

OENOFILE / OREGON WINES YOU SHOULD KNOW NOW

2023 Kelley Fox 2023 Walter Scott 2022 Argyle 2023 Roserock 2023 Soléna
Willamette Valley La Combe Vert Willamette Valley Brut Eola-Amity Hills Willamette Valley
Grüner Veltliner $39 Willamette Valley $25 Argyle winery has Pinot Noir $38 Pinot Gris $14 Soléna
This is the third vintage Chardonnay $45 Ken been synonymous with Long established in the co-proprietor and wine-
of Grüner from Kelley Pahlow focuses on pro- traditional Champagne- state, the Burgundian maker Laurent Monta-
Fox. Her take on the ducing great Chardon- method sparkling wine Drouhin family added lieu has been making
grape may be richer nay. This outstanding for nearly four decades. the Roserock property Pinot Gris in Oregon
and a bit bolder than entry-level offering, Notes of citrus and to their Oregon portfolio for more than three de-
those of her Austrian beautifully balanced be- toast mark this very in 2013. This supple, ele- cades. His take on the
peers. “I let the grapes tween bright acidity and pleasurable, soft, me- gant Pinot, with notes grape is decidedly lus-
get golden,” said Fox. “I lush fruit, is a blend of dium-bodied, Pinot Noir- of red cherry and spice, cious and fruity, with a
went for lush.” fruit from six vineyards. dominant sparkler. offers excellent value. bright balancing acidity.

VEGETABLE INTELLIGENCE

So Nice, We Dressed It Twice

ELIZABETH COETZEE/WSJ; FOOD STYLING BY THU BUSER; PROP STYLING BY VANESSA VAZQUEZ; JULIE HOUTS (TOMATO)

Tomato-salad season is upon us. This chef knows the

juiciest heirlooms benefit from a maximalist approach.

I WAS SURPRISED recently when souped-up mayonnaise dressing. I

my 4-year-old daughter told me what guess you can see where this is going.
she wanted on her morning toast: Let’s take those juicy heirlooms
butter and olive oil. “Both at the and dress them with both kinds of
same time?” I asked. She stood firm: sauce. (At the same time!) Start
“Yes, Dad, both at the same time.” with store-bought mayo and whisk
Butter is delicious. in paprika plus lemon
Olive oil is delicious. zest and juice for
Why not have both? some zing. Spread
I’ve since applied this the mayo dressing
thinking more over a serving plate
broadly. It’s what and layer the tomato
makes this simple slices on top. Then
recipe a tomato-sea- quickly whisk to-
son game-changer. gether vinegar, sugar,
My wife is a Tomatoes’ deep salt and pepper—or,
farmer, and I cook umami flavor really make it even easier
for a living. This pops with a double on yourself and
time of year, we dressing of mayo plus shake the ingredients
have thousands of seasoned vinegar. in a jar. Pour this
pounds of tomatoes seasoned vinegar
stacked high in over the tomatoes. SAUCY MOVE This might be the most luscious and easiest tomato salad you’ll ever make.
crates on the farm and more com- Finish with a handful of fresh herbs.
ing out of the fields and green- The night I debuted this salad, Tomato Salad With 4 ripe heirloom tomatoes basil, marjoram and/or and arrange over mayo.
houses daily. Just about every night the kid declared she’d be eating only Two Dressings 1/
4 cup apple cider vinegar tarragon 3. In a small jar or other lid-
I grab a few to make some form of sausage for dinner. “But this was Total Time 10 minutes 1 tablespoon sugar ded container, combine vin-
tomato salad for dinner. your idea,” I told her. “It’s so smart!” Serves 4-6 1 teaspoon salt 1. In a medium bowl, stir to- egar, sugar, salt and pepper
Sometimes it’s a sprightly cherry- The will of the 4-year-old did not Freshly ground black gether mayonnaise, lemon to taste. Seal and shake un-
tomato salad with a bright vinai- waver. But the tomato salad had 4 cup mayonnaise pepper zest and juice, and paprika. til sugar dissolves. Pour vin-
3/

grette. Other nights, it’s thick, juicy the adults at the table swooning. Zest and juice of 1 lemon 1/
4 cup chopped mixed Spread over a platter. egar over tomatoes. Sprin-
heirloom-tomato slices with a —Ian Knauer 1 teaspoon paprika herbs such as chives, 2. Thickly slice tomatoes kle with herbs and serve.
D10 | Saturday/Sunday, August 2 - 3, 2025 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

These Beers Really Rock MUSICAL BREWS / 5 BAND

CANS TO ROCK OUT WITH

1 | Dogfish Head
From Grateful Dead Juicy Pale Ale to Iron Maiden’s Trooper, collaborations between breweries and Grateful Dead
bands are producing beverages that strike a chord whether or not you’re a fan of the band Juicy Pale Ale
(5.3% ABV) Fruity
El Dorado and
BY JOSHUA M. BERNSTEIN
Azacca hops mini-

E
mize bitterness in
ACH YEAR, Dogfish this hazy pale ale, for maxi-
Head brewery devel- mum appeal to drinkers
ops scores of beers, (Deadhead or not) who avoid
hoping for a hit. The more-aggressive IPAs. 6 (12-
key note could be fra- ounce) cans, $12
grant hops, or a stylistic twist.
This February, the Delaware brew- 2 | Juice Runners
ery got drinkers’s attention by cel- Paloma Remix (5.9%
ebrating a legendary jam band’s ABV) Earlier this year,
60th anniversary. hip-hip duo Run the
Grateful Dead Juicy Pale Ale’s Jewels launched the
fruity flavor reverberated with fans Juice Runners line
of the band and its spinoff, Dead & with this sparkling Pal-
Company, which is touring this oma riff made with
year. Venues dispense drafts and mezcal, grapefruit and lime
cans sporting the Dead’s skull logo. juices, and smoked sea salt. 12
“We tapped into this cult follow- (12-ounce) cans, $60
ing,” said Dogfish Head co-founder
3 | Hanson Brothers
Beer Mmmhops IPA
‘We’re finding creative (6.3% ABV) The
band Hanson’s brand
ways to make beer a now partners with
part of tours.’ Illinois brewery
Destihl. The refor-
mulated Mmmhops
Sam Calagione. The collaboration hits a tropical note with hops
is the brewery’s fastest-growing like Krush and Citra. 4 (16-
beer in its 30-year history. ounce) cans, $11
Beer and music have long been a
popular pairing. Now bands are col- 4 | Short’s Brewing
laborating with breweries on beers, GLASSES HIGH Iron Maiden’s Bruce Dickinson toasts fans with Trooper, the ale he developed with Robinsons Brewery. Thirst Mutilator
hop waters and other drinks sold at Grape (0% ABV)
shows and stores. “It’s an extension The brand, like the 50-year-old band member and beer-business known as Run the Jewels, founded Bluegrass star Billy
of the experience,” said Julian Ya- band, continues to acquire fans: partner Taylor Hanson, who DJs af- their beverage company Juice Run- Strings helped cre-
koo, co-founder and CEO of nonal- U.S. sales are up more than 7% this terparties that also feature his beer. ners to release drinks that “reflect ate the NA hop wa-
coholic-beer company DrinkSip year over last. And Kennedy works Some bricks-and-mortar brewer- our tastes,” said El-P, who enjoys ters named for his
with Iron Maiden tribute bands to ies are doubling as concert venues, mezcal and rum. The first release is song “Thirst Mutila-
Buy-In From the Bands ensure that venues serve Trooper. guided by their musician owners. In a canned Paloma cocktail sold at tor.” In the best way, this one’s
Simply licensing a name and like- The sibling pop-rock trio Hanson, 2023, rapper and bandleader Kemet Whole Foods and stops on this sum- like sparkling Kool-Aid. 6 (12-
ness doesn’t guarantee sales. best known for the 1997 single Coleman co-founded Vine Street mer’s tour with Wu-Tang Clan. ounce) cans, $9
“Somebody within a band has to “MMMBop,” founded Hanson Broth- Brewing Co. in Kansas City, Mo., Partying like a rock (or rap) star
love beer,” said Rick Kennedy, U.S. ers Beer in 2013 with the release of which regularly collaborates on isn’t for everyone. DrinkSip’s artist 5 | 311 Stealing
brand manager for the Trooper label Mmmhops pale ale. In 2014 the beers with local artists, such as series partners with bands such as Hoppy Hours Hazy
from British heavy metal band Iron band launched a beer-fueled music rapper Joey Cool, and hosts jazz 311 and Deftones on non-alcoholic IPA (less than .5%
Maiden. In 2013, lead vocalist Bruce festival, Hop Jam, and it continues bands and other live acts. beers sold at concerts and online. ABV) 311 bassist
Dickinson worked with the U.K.’s to incorporate its beer into con- “We’re able to ship directly to 46

JOHN MCMURTIE/ IRON MAIDEN

Aaron “P-Nut” Wills
Robinsons Brewery to develop certs. Fans at shows last fall could Something for Every Fan states,” said Yakoo. The tagline of helped select the
Trooper, a malty ale named for the try Pink Moonlight, a limited-edi- Musicians are branching out into the non-alcoholic, berry-flavored hops for this NA
song “The Trooper.” The Trooper tion peach IPA inspired by a Nick other beverages too. This year, after beer KittiePig, a collaboration be- hazy IPA. The name references
line now includes brews ranging Drake song Hanson has covered. working with breweries on more tween metal bands Kittie and We the song “Stealing Happy
from lager to IPA, brewed in Austra- “We’re finding creative ways to than 40 beer collaborations, El-P Are Pigs, succinctly states the ap- Hours.” 12 (12-ounce) cans, $35
lia, Spain, Brazil and beyond. make beer a part of tours,” said and Killer Mike, the hip-hop duo peal: “All headbang, no hangover.”

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BOOK NOW. OFFER EXPIRES AUGUST 27, 2025.

CALL 844 -837-1324 | OCEANIACRUISES.COM/ WJ | CONTACT YOUR TR AVEL ADVISOR

Terms, conditions, restrictions, and capacity controls apply. Summer of Choice expires 8/27/25. Up to 2 Category Upgrade and savings of up to 40% offers are available for select categories on select sailings, subject to change and capacity controlled. Number of
categories upgraded varies based on cruise and category booked. Shipboard Credit in an amount up to US$800 varies by voyage length and is per stateroom. Mention Code SUM. Please visit www.OceaniaCruises.com for complete Terms & Conditions. AUG250262