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What’s House Elects

News
Business & Finance
Speaker, Ends
 The UAW secured a tenta-
tive labor deal with Ford Motor,
potentially ending a six-week
GOP Impasse
strike at one automaker while
negotiations continue at Gen- Johnson, a staunch many eager to pass aid for Is-
eral Motors and Chrysler-par- rael and address a looming
ent Stellantis. The pact con- conservative, wins on government-funding deadline
tains a 25% wage increase first ballot after three next month.
during the span of the four- “The people’s House is back
year contract, including an 11% other nominees failed in business,” said Johnson in a
bump in the first year. A1 speech after he accepted the
WASHINGTON—The House gavel from Democratic leader
 A steep drop in shares of
elected Rep. Mike Johnson of Hakeem Jeffries of New York.
Alphabet, Amazon.com and
Louisiana as speaker on The new speaker said Republi-
other technology companies
Wednesday, with the staunch cans would “fight vigorously”
dragged the Nasdaq into cor-
conservative overcoming the with Democrats but would also
rection territory. The tech-
divisions that had paralyzed seek common ground.
heavy index slid 2.4% while the
Johnson’s victory brought
S&P 500 and the Dow fell 1.4%
By Lindsay Wise, to a close weeks of intraparty
and 0.3%, respectively. A1
Siobhan Hughes, fighting that had prompted
 The banks that financed Kristina Peterson some members to wonder
Musk’s $44 billion purchase of and Katy Stech Ferek whether any colleague could
Twitter are still struggling a thread the needle in the di-
year later to contain the dam- the chamber after a band of vided conference, or whether
age to their balance sheets Republican hard-liners some sort of deal with Demo-
and expect to take a hit of at ousted Kevin McCarthy three crats would be needed.
least roughly $2 billion, when weeks ago. Known for conservative
they sell the debt, people fa- The choice of Johnson, who stances on cultural issues and
CHIP SOMODEVILLA/GETTY IMAGES

miliar with the matter said. B1 led an effort to help former spending, Johnson breezed to
President Donald Trump try to victory in one round—unlike
 Meta Platforms reported
overturn the 2020 election re- McCarthy, who required 15
its largest quarterly revenue
sults, came after the House ballots back in January—
since going public more than a
GOP nominated and then bringing a measure of calm
decade ago as demand for ad-
dumped a series of leadership Please turn to page A4
vertising picked up and as it
candidates. With a speaker
continued to reap the benefits
now in place, lawmakers can  Social conservative, a
of cutting costs and develop-
Louisiana Republican Mike Johnson speaks to House members after winning a 220-209 vote. finally return to work, with Trump ally, takes helm... A4
ing new AI technology. B1
 Morgan Stanley said it
named Ted Pick as its next
chief executive to succeed
longtime CEO James Gorman,
ushering in a new era for the
UAW, Ford Reach Hamas Fighters Had Trained
Wall Street powerhouse. B1
 The Fed proposed lowering
by about 30% fees merchants
Tentative Labor Pact In Iran Before Israel Attack
pay to many banks when con-
BY NORA ECKERT overall increase, which will be
sumers shop with debit cards,
spread out over four years, TEL AVIV—In the weeks September, which were led by ial drones to disable Israeli
setting off a fight with banks
The United Auto Workers would put the top wage for leading up to Hamas’s Oct. 7 officers of the Quds Force, the observation posts and high-
that oppose the changes. B1
secured a tentative labor deal assembly workers at around attack on Israel, hundreds of foreign-operations arm of tech surveillance equipment.
 Boeing booked a $1.64 bil- with Ford Motor Wednesday $40 an hour. the Palestinian Islamist mili- Iran’s Islamic Revolutionary Some used paragliders to fly
lion third-quarter loss and night, potentially ending a six- Workers will also receive tant group’s fighters received Guard Corps, the people said. into Israel. Others rode on
lowered delivery goals this week strike at one automaker cost-of-living adjustments, specialized combat training in Senior Palestinian officials motorcycles, commonly used
year for its 737 jet. B3 while negotiations continue at which were suspended in and Iranian Brig. Gen. Esmail by Iranian paramilitary groups
General Motors and Chrysler- 2009, and the right to strike By Summer Said, Qaani, the head of Quds Force, but not by Hamas until Oct. 7.
World-Wide parent Stellantis. over plant closures, Browning Dov Lieber also attended, they said. U.S. officials said Iran has
The labor agreement, said. Terms of the deal addi- and Benoit Faucon More than 1,400 people, regularly trained militants in
which is subject to a member tionally cut the time it takes mostly civilians, were killed by Iran and elsewhere, but they
 The House elected Rep. vote before being ratified, for new hires to reach the top Iran, according to people fa- the Hamas fighters who have no indications of a mass
Mike Johnson of Louisiana as contains a 25% wage increase wage, to three years from miliar with intelligence re- poured across the border from Please turn to page A8
speaker with the staunch con- during the span of the con- eight in the contract that ex- lated to the assault. the Gaza Strip. Scores of oth-
servative overcoming the divi- tract, including an 11% bump pired last month, the UAW About 500 militants from ers were kidnapped and taken  Hamas hostage strategy is
sions that had paralyzed the in the first year, according to said. Hamas and an allied group, back to Gaza, where they are to extract concessions... A9
chamber after Republican hard- Chuck Browning, the UAW’s “We told Ford to pony up Palestinian Islamic Jihad, par- being held hostage.  Israel agrees to U.S. request
liners ousted Kevin McCarthy lead bargainer with Ford. The Please turn to page A2 ticipated in the exercises in Hamas attackers used aer- to delay Gaza invasion..... A9
three weeks ago. A1, A4
 In the weeks leading up to
Hamas’s Oct. 7 attack on Israel,
hundreds of the Palestinian Is-
lamist militant group’s fighters
Nasdaq Composite

14500
July 19
Recent closing high
14358.02 Weapons Flood West Bank,
received specialized combat
training in Iran, according to
people familiar with intelligence
14000 Fueling Fears of New War Front
related to the assault. A1, A9
 Israel has agreed to a re- 13500
quest from the U.S. to delay its
expected ground invasion of
Tehran and its allies operate a smuggling network that
Gaza so the Pentagon can put 13000
–10% from recent high
crosses hundreds of miles and at least four borders
air defenses in to protect U.S.
troops, according to U.S. offi- Wednesday BY SUNE ENGEL RASMUSSEN AND BENOIT FAUCON threat to Jordan, a staunch U.S. ally which
cials and people familiar with 12500 12821.22 borders Israel and the West Bank and has
the Israeli planning. A9
AMMAN, Jordan—Long before Hamas been struggling to contain a growing flow of
 A shooter killed at least 16 12000 militants burst out of their Gaza stronghold drugs and arms.
people at a restaurant and a to massacre scores of civilians with hand- “Iran wants to turn Jordan into a transit
bowling alley in Lewiston, Maine, guns and assault rifles, Iran and its allies area for weapons going into Israel,” said
and police were trying to locate a 11500 had accelerated efforts to smuggle weapons Amer Al-Sabaileh, founder of Security Lan-
40-year-old person of interest. A3 May 2023 June July Aug. Sept. Oct. into a different part of the Palestinian terri- guages, a counterterrorism think tank in
 The number of Anchorage tories, the West Bank. Amman. “But my fear is that the weapons
Source: FactSet Using drones, secret airline flights and a might be used in Jordan as well. Where is
residents without homes
land bridge that traverses hundreds of miles the easiest place in the Middle East to pun-
This edition of The Wall Street Journal was originally published in the United States and reprinted locally for regional distribution.

grew nearly 60% between

2019 and 2023 to an esti-
mated 1,760, more than big-
ger cities including Indianap-
Alphabet, Amazon and at least four national borders, the smug-
gling operation is raising the specter of a
new conflagration in the war between Israel
and Palestinians. It also poses a growing
ish the U.S. and the West? Jordan,” he said.
Iran is a patron of Hamas, which it over
the years has supplied with money, weapons
Please turn to page A8
olis; Louisville, Ky.; Baltimore,
and Oklahoma City. A3 Pull Down Nasdaq
 New York City officials have
Fliers Get Punchy Over Sharing INSIDE
discussed distributing tents to
newly arriving migrants and
creating encampments in parks
and other outdoor spaces. A3
Into Correction Level Armrests on Airplanes
i i i
 Hurricane Otis rammed into BY GUNJAN BANERJI in its cloud business. The
Mexico’s beach resort of Aca- company shed more than $166 Seat borders cause tiffs; ‘I had to passively
pulco as a Category 5 storm. A7 A steep drop in shares of Al- billion in market value, its
 Chinese leader Xi met with
phabet, Amazon.com and other biggest one-day loss ever. aggressively fight’ for elbow space
technology companies dragged Shares of Amazon.com and
California Gov. Newsom in Bei-
the Nasdaq Composite into cor- Nvidia also fell, lagging be- BY JOSEPH DE AVILA in a costume-jewelry com-
jing, part of a Chinese charm
rection territory Wednesday. hind the broader market, pany. “I just look at them, and
offensive that appears to be
The tech-heavy index slid while fintech company Affirm Suzanne Coppola hates an I give him a gentle push back.
laying the groundwork for Xi to
2.4% in a punishing session and payments company Block armrest hog. If it happens again, I then say,
meet with Biden soon. A10 PERSONAL JOURNAL
that pulled it down more than dropped sharply. If Coppola is taking a flight ‘Hey, this isn’t your space.’ It
10% from its recent high. Its The technology rout and her seatmate’s always gets a good More sons step in to
CONTENTS Markets Digest...... B7 losses accelerated in the after- Wednesday punctures a rally elbow spills over reaction.” care for parents, and
Arts in Review..... A13 Opinion................ A15-17
Business News.. B3,6 Personal Journal A11-12
noon, sending the gauge to that had dominated for much the armrest and Airline travelers many face a steep
Crossword................ A14 Sports.......................... A14 one of its worst one-day de- of the year. Many investors begins encroach- today face myriad
Capital Account..... A2 Technology........... B4-5 clines of the year. have piled into a handful of ing on her space, annoyances, includ- learning curve. A11
Heard on Street.. B12 U.S. News.............. A2-5 The S&P 500 fell 1.4%, clos- big tech stocks in a wager she knows how to ing cramped flights,
Markets...................... B11 World News...... A7-10
ing at its lowest level since that they will benefit from in- deal with it. seats that feel too
May. The Dow Jones Indus- novations tied to artificial in- She taps into small and fierce de- U.S. NEWS
> trial Average shed 105 points, Please turn to page A2 her roots as a New Talk to the elbow bates over whether Trump is called to the
or 0.3%. Yorker. to recline one’s witness stand and
Shares of Google parent Al-  Meta quarterly revenue is “Look, I’m a Brooklyn girl,” seat. Yet, our most persistent fined for out-of-court
phabet declined 9.5% after re- highest since listing......... B1 explains Coppola, a 71-year- etiquette gripe may be the
porting quarterly results that  It’s time to alter ‘Set It, old retiree in Winter Garden, lowly armrest, that thin bor- comments. A4
s 2023 Dow Jones & Company, Inc.
All Rights Reserved showed disappointing growth Forget It’ strategy..............B1 Fla., and previously a partner Please turn to page A12
A2 | Thursday, October 26, 2023 ***** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Fed Mum—and Powerless—on Deficit

F
ederal Reserve offi- said in April 2020. that, for the needs of the na- and there is no prospect of its the Fed to tighten monetary Which hasn’t prevented
cials say soaring Powell kept up his support tion, he had to weigh in on coming down meaningfully. policy. But the latest run-up suspicions of one. A decade
long-term bond through fall 2020. And while fiscal policy,” Paul Ryan, for- The resulting supply of Trea- in yields doesn’t reflect ago, under Chair Ben Ber-
yields are a key fac- he didn’t explicitly back Pres- mer Republican speaker of sury securities caught inves- higher expected growth, but nanke, the Fed bought bonds
tor in the economic ident Biden’s $1.9 trillion the House of Representatives, tors by surprise. a higher term premium—the (dubbed quantitative easing)
outlook and their interest- American Rescue Plan in told me. “I feel that need has Rising bond yields, though added return investors de- to support growth and nudge
rate decisions. They also say early 2021, he did play down arisen again but on the other only partially due to deficits, mand to hold long-term up too-low inflation. Republi-
the swelling federal deficit is concern that inflation could side of the ledger, on debt have also had destabilizing bonds instead of shorter- cans, including Ryan, accused
one reason yields are rising. result. and on spending.” spillovers in markets. They term Treasury bills. him of “bailing out” President
What they won’t say is His call for more fiscal sup- Biden and Trump, likely have reduced the value of That higher term premium Barack Obama’s deficits. The
that political leaders should port was, at the time, well- the major parties’ presiden- banks’ bondholdings, erod- is a restraint on borrowing Fed is now getting rid of
therefore do something about founded. The lockdowns in tial contestants ing banks’ sol- and spending now. As Rich- those bonds as part of its
the deficit. early 2020 represented an un- in next year’s vency. ard Clarida, a former vice campaign to get inflation
“We don’t comment on fis- precedented calamity. The Fed election, “are And while chair, put it, “Your past fiscal down (quantitative tighten-
cal policy,” Fed Chair Jerome had already cut short-term in- promising not Powell’s the Fed can’t excesses show up as a head- ing). Would Democrats accuse
Powell told a questioner after terest rates to near zero and to do anything reticence is argue that a wind today.” In other words, Powell of doing so to punish
a speech last week. “We was buying bonds to push about our lower deficit is the bond selloff is giving the congressional profligacy?
know that we’re on an unsus- down long-term rates; fiscal debt,” Ryan understandable. necessary to Fed an added reason not to Finally, the Fed should put
tainable path fiscally.” policy was the only lever left said. “That’s stave off an raise interest rates, not ex- its reputation on the line only
Powell’s reticence is un- to support the economy. five more years
But it is also imminent cri- actly an incentive for Wash- if it has any chance of accom-
derstandable. But it is also of this. The selective. sis, it can cer- ington to quit borrowing. plishing something. In the

N
selective. In 2020, when pan- onetheless, Powell’s Fed chair can’t tainly point early 1990s, Congress was

T
demic lockdowns tipped the outspoken support for sit by and say out that it hen, there is the risk less polarized and presidents
economy into a sharp, severe fiscal stimulus then is nothing.” would make it that if Powell has skin were more willing to make
contraction, Powell had a lot awkward now, for two rea- To be sure, the deficit is far easier to get inflation back in the fiscal game, crit- hard choices on debt. Today,
to say about fiscal policy. sons. First, given how strong from the disaster the pan- down to its 2% target. ics read ulterior motives into the parties are so polarized
After Congress passed and both the recovery and infla- demic was in 2020. But nor is And yet for all the reasons his actions. In 1990, the Fed, that they only listen to views
President Donald Trump tion turned out to be, much it some distant, hypothetical Powell might want lawmakers under Chairman Alan Green- they already agree with. Both
signed the $2.2 trillion Cares of the extra stimulus was un- threat. The gap in the fiscal to act on the deficit, he also span, cut rates after Presi- oppose cutting Social Security
Act, Powell repeatedly called needed and maybe counter- year ended Sept. 30, adjusted has reasons to keep quiet. For dent George H.W. Bush and or Medicare, the two biggest
for more stimulus. “This is productive. for student loan-related ac- starters, the implications for Congress reached a deficit spending programs, or raising
the time to use the great fis- Second, it stands in con- counting, hit $2 trillion, or monetary policy are a bit deal. Since then, the Fed has taxes on most Americans.
cal power of the United trast to his silence today—a 7.5% of gross domestic prod- counterintuitive. generally avoided so explicit For now, Powell’s advice
States to do what we can to silence some wish he would uct, a record outside war, re- Normally, a bigger deficit a link between monetary and would make little difference—
support the economy,” he break. In 2020, Powell “felt cession or national emergency, stimulates growth and causes fiscal policy. and possibly enemies.

Ford, UAW temporary workers. Company

executives have also warned
that significantly higher labor

In Tentative costs would hamper the auto-

maker’s ability to compete
with rivals that have non-

Labor Pact unionized workforces.

Since July, the UAW has
been bargaining individually
with the three car companies
Continued from Page One for new labor contracts that
and they did,” UAW President would take effect upon worker
Shawn Fain said in a video ad- ratification and run for more
dress Wednesday night. “We than four years. The union
won things nobody thought represents about 146,000 U.S.
was possible.” He added that factory workers at the three
the value of Ford’s offer in- companies.
creased 50% since the strike Fain initiated the strike in
was called on Sept. 14. mid-September with walkouts
Ford Chief Executive Jim at one factory for each com-
Farley said the company is pany, the first time in the
pleased to have reached a ten- union’s 88-year history that it
tative agreement and is fo- went on strike at all three au-
cused on getting people back tomakers.
to work. Since then, it has expanded
If approved by workers, the to include more than 45,000
deal marks the union’s biggest workers at eight assembly
contract gains in decades and plants and dozens of parts-
a resolution to Ford’s first distribution facilities.
UAW national strike in more The negotiations have been
MICHAEL SWENSEN/GETTY IMAGES

than 40 years. It covers 57,000 far more contentious than in

UAW-represented workers at years past, with UAW leaders
Ford’s U.S. operations. and executives clashing pub-
Ford’s tentative agreement licly.
puts pressure on GM and The UAW early on came out
Stellantis to reach deals. The with some aggressive de-
three companies have histori- mands, including a 40% wage
cally tried to match terms, hike over four years for its
particularly on key economic The labor agreement contains a 25% wage increase during the span of the contract, including an 11% bump in the first year. members that would be its
issues such as pay, retire- largest increase in recent
ment and health benefits, a who spent more than 30 years The UAW’s Ford council voting is under way. ity while they mess around memory.
process known as pattern at GM, including on labor needs to approve its tentative “We’re going back to work and lag behind.” It has also pressed the re-
bargaining. strategy. pact with the automaker be- at Ford to keep the pressure Ford has described its offer turn of cost-of-living adjust-
“It becomes a much more GM and Stellantis said they fore it can go to members for on Stellantis and GM,” Brown- to the union as its richest in ments to protect against infla-
existential fight if they truly are working with the UAW to a vote. Union leaders have ing said in the video. “The history, with record wage in- tion, better retirement
try to break the pattern,” said reach a tentative agreement called on striking Ford work- last thing they want is for creases and improved retire- benefits and the right to strike
Marc Robinson, a consultant as soon as possible. ers to return to the job while Ford to get back to full capac- ment benefits and terms for over plant closures.

Index performance on Wednesday streak since 2016, before an

epic rush to buy homes and
CORRECTIONS 
0.5%
fix them up during the pan-
demic sent shares to records.
AMPLIFICATIONS
Dow Jones Industrial Average
Some investors said the
0
market was due for a turbu- The USS Carney is a
lent stretch after the S&P 500 guided-missile destroyer. In
–0.5 and Nasdaq climbed for much some editions Wednesday, a
of the year. Page One article about Iranian-
“This volatility that we’re backed militia groups in the
–1.0
S&P 500 seeing in the market is noth- Middle East incorrectly called
ing unusual,” said Larry it a guided-missile cruiser.
BRENT LEWIN/BLOOMBERG NEWS

Adam, chief investment officer

–1.5 at Raymond James. Data released in July 2022
Still, Adam said he expects showed inflation was near 9%
bond yields to moderate and the previous month. A chart
Nasdaq Composite
–2.0 for the economy to slow in with a Page One article on
coming months. Tuesday showing the yield on
Overseas, the Euro Stoxx the 10-year Treasury note
–2.5 600 was up slightly. At mid- didn’t specify that the data re-
10 a.m. 11 noon 1 p.m. 2 3 4 Intel was one of the tech companies falling sharply in day Thursday in Asia, Japan’s leased in July 2022 were for
trading Wednesday, with its shares dropping about 5%. Nikkei 225 was down 2.1%, June.
Source: FactSet South Korea’s Kospi was down
estate groups. The Russell 2000 ket, which has been mired in 2.2% and mainland China’s CSI Readers can alert The Wall Street
Journal to any errors in news articles
is a harbinger of more tur- index of small companies, one of the worst downturns in 300 was down 0..5%. S&P 500
Nasdaq moil and a wake-up call that
the stock market’s stars—
which has been flashing a re-
cession signal, dropped 1.7%
recent memory and prone to
wild daily swings.
futures fell 0.7%.
by emailing [email protected] or
by calling 888-410-2667.

megacap tech stocks—are and sunk deeper into the red Some businesses are feel-
Sinks Into susceptible to sharp swings
after their results.
for the year.
Cloud results at Microsoft
ing the heat from the sharp
rise in mortgage rates, which
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

Correction “These are the crown jew-

els” of the stock market, said
Raheel Siddiqui, senior in-
gave its shares a boost. The
stock added 3.1%.
The market received other
have ascended alongside Trea-
sury yields.
Shares of TransUnion, one
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THE WALL STREET JOURNAL. ***** Thursday, October 26, 2023 | A3

U.S. NEWS

Maine Shooting
Rampage Leaves
At Least 16 Dead
A shooter killed at least 16 investigating at multiple loca-

BRIAN ADAMS FOR THE WALL STREET JOURNAL (3)

people in Lewiston, Maine, on tions, the state police said
Wednesday, according to a fed- earlier Wednesday.
eral law-enforcement official. The Androscoggin County
The city police said authori- Sheriff’s Office encouraged
businesses to lock down.
By Zusha Elinson, Jon People have been asked to
Kamp and Suryatapa avoid the areas of Lewiston
Bhattacharya and Auburn, a city bordering
Lewiston, a dispatcher from
ties were trying to locate Rob- the sheriff’s office told The
ert Card, 40 years old, as a Wall Street Journal. Police ap-
person of interest in the shoot- peared to be looking in the
ing. He is considered armed town of Lisbon, which borders Anchorage has seen tents and camps set up in parks and wooded areas, such as a campsite built by Lance Peterson, far right.
and dangerous, the police said. Lewiston, late in the evening,

Anchorage Scrambles to Shelter

The mass shootings took according to local media.
place at Schemengees, a restau- Lewiston, 36 miles north of
rant, and Sparetime Recreation, Portland, is home to about
a bowling alley 4 miles away. 38,500 people and is the

Its Homeless Ahead of Winter

The local sheriff’s depart- state’s second-largest city af-
ment released photos of a man ter Portland.
brandishing a semiautomatic Maine Medical Center in
rifle near what appears to be Portland said it was expecting
the entrance to the bowling al- one patient to be transported
ley. there from another hospital. Aid workers are spring, the main emergency
State police had asked peo- shelter was the Sullivan Arena,
ple to shelter in place. Law-  See WSJ.com for the latest trying to move 700 where a professional hockey
enforcement authorities were on the Lewiston shooting. people to hotels and team used to play. Converted to
hold up to 500 people during
makeshift facilities the pandemic, the arena was

New York Mayor Weighs BY JIM CARLTON

plagued by drug use, assaults
and other crime, prompting the
city to close it.

Giving Migrants Tents ANCHORAGE, Alaska—Every

year around this time, Alaska’s
biggest city prepares for the
Many people staying there
dispersed to homeless encamp-
ments around the city, includ-
freezing winter by getting ing one on a vacant lot across
BY JIMMY VIELKIND New York and other northern snowplows and deicing equip- from Rob Cupples’s five vaca-
cities. ment ready. It also has to get tion-cottage rentals.
New York City officials At a Tuesday press confer- hundreds of homeless people Cupples said he lost tens of
have discussed distributing ence, the mayor said his ad- off the streets. thousands of dollars because of
tents to newly arriving mi- ministration should be given The number of Anchorage fewer reservations and higher
grants and creating encamp- credit for providing food, residents without homes grew security costs.
ments in parks and other out- shelter and medical care for nearly 60% between 2019 and “Anchorage is a disaster at
door spaces, people familiar thousands of people. He also 2023 to an estimated 1,760. the moment,” Cupples said,
with deliberations among stressed that the city was at That is more than bigger cities looking at the tents and RVs on
Mayor Eric Adams and his a breaking point. While Ad- including Indianapolis; Louis- the other side of the street.
top advisers said. ams didn’t talk about a plan ville, Ky.; Baltimore and Okla- Anchorage’s Democratic-
Adams, a Democrat, on for tent distribution, he said homa City, based on point-in- controlled assembly, its version
Tuesday said the city has run he had recent discussions time counts conducted once Homeless advocate Rob Seay visits people living outdoors. of a city council, in 2021 autho-
out of hotels and other indoor with leaders in other coun- each year. rized construction of a congre-
sites to house more than tries about managing tent en- Allowing people to stay on Alaskans are without shelter ing, Peterson was grateful for a gate shelter for up to 150 peo-
65,000 people campments. the streets means likely injury because of rising housing costs. visit from homeless advocate ple, as part of a plan to rely on
in its care— “It’s not ‘if’ or death in a city that experi- But the city also faces a unique Rob Seay, who was passing out more dispersed facilities.
most of whom people will be ences an average of 20 days challenge: native people strug- fliers advertising shelter Bronson, a Republican who
crossed over The city sleeping on the annually below zero degrees gling with alcohol and drug ad- space. was elected mayor that year,
the Southern operates streets, it’s Fahrenheit. But an arena used diction or unemployment who “I was wondering when they pushed instead for construc-
border ille- when. We are to house those without homes arrive from small villages in would open, thank you,” said tion of a large tent that could
gally—and was shelters in at full capac- the past three winters was re- search of help. Peterson, whose main source of house up to 1,000 people tem-
looking for ity,” he said. cently closed, and political in- “They lack jails and support heat is a Duraflame log he porarily. But the assembly, con-
large outdoor
hotels as well as The city is fighting killed plans to build a services,” said Alexis Johnson, keeps burning next to the open cerned by its large size and
spaces as it a former airfield. now operating large new shelter. housing and homeless coordi- flap of his tent. cost estimates of as much as
plans the next shelters in ho- Now, as part of a plan ap- nator for Anchorage, where in- This year, 19 homeless peo- $16 million, opposed the proj-
phase of its re- tels as well as proved just a month before bit- digenous people comprise ple have left Anchorage en- ect, leaving the two sides at a
sponse. converted of- terly cold temperatures typi- about 40% of unsheltered resi- tirely, taking one-way flights stalemate.
The city has previously fice buildings and a former cally arrive, aid workers are dents. paid for by the city government “When you’ve got a house
erected large tents to shelter airfield. scrambling to get an estimated One of the Native Alaskan ar- to destinations including Dallas, divided, it makes it difficult to
hundreds of migrants, but The moderate mayor has 700 people living outdoors into rivals is Lance Peterson, who ran Phoenix and Los Angeles, as come up with a systemic plan
what is being considered now pleaded with federal officials a network of hotel rooms and away from his hometown on Ko- well as some Alaskan villages. that will deal with this,” said
would be more like a camp- for funding and policy other makeshift facilities. Some diak Island as a teenager. “The “We ensure they are going Alaska’s Republican governor,
site, the people familiar with changes that will let migrants are being offered one-way tick- village was small, and there to a location where there is a Mike Dunleavy.
the talks said. Asked for com- enter the legal workforce. The ets to the Lower 48 states. wasn’t much to do,” he said. support system already in Bronson said Anchorage has
ment, City Hall spokesman Biden administration granted “My focus is keeping people The 25-year-old said he place—someone is there to aid spent $161 million on home-
Fabien Levy said all options temporary status to about from freezing to death,” An- ended up living in a community them with housing,” said Den- lessness over the past three
were on the table for dealing 15,000 Venezuelans in New chorage Mayor Dave Bronson of tents and clapboard shelters ice Delgado, a captain with the years, with no permanent shel-
with the migrant crisis. York. said. in the woods off a busy An- Salvation Army, which admin- ter to show for it.
The Adams administration He has also bristled at crit- In Anchorage, a record 43 chorage highway, refurbishing isters the program. Instead, the Anchorage as-
has been swamped by the in- icism, often from progressive people have died from cold and discarded bicycles and other Finding a place for the rest sembly this month approved an
flux, which began last year members of his party, about other causes outdoors this goods for income. of Anchorage’s homeless popu- $8 million plan by the mayor to
and picked up when officials increasingly restrictive poli- year, compared with six in all But on a blustery day in lation to stay this winter has shelter 374 people this winter in
in border states began char- cies surrounding the care of of 2019. early October, with the first pitted local officials against two hotels and another 150 in
tering buses of migrants to the new arrivals. As in many states, more snowstorm of the season loom- each other. Until this past an unused city office building.
A4 | Thursday, October 26, 2023 HK JP TU ML SI IN UK FR MN PR * * THE WALL STREET JOURNAL.

U.S. NEWS

Social Conservative, a Trump Ally, Takes Helm

Johnson opposed amicus brief signed by 126
House Republicans supporting
same-sex marriage, a lawsuit filed by Texas’ attor-
abortion, aided legal ney general arguing that Texas
could challenge the election re-
effort to void election sults in four swing states won
by President Biden. The con-
WASHINGTON—In choosing servative Supreme Court re-
Mike Johnson as the new jected the lawsuit.
House speaker, Republicans At the time, Johnson heavily
have cast their lot with a little- lobbied fellow Republicans to
known congressman from Loui- sign onto the letter, suggesting
siana who made his name that Trump would be watching
pushing conservative positions to see who signed, which some
on cultural issues and played a members took as a threat. At
key role in unsuccessful legal the time, Democrats were so
efforts to overturn the results upset that one member, Rep.
of the 2020 election. Bill Pascrell (D., N.J.), argued
that then-House Speaker Nancy
By Eliza Collins, Pelosi (D., Calif.) should bar the
Siobhan Hughes and GOP signatories from taking
Katy Stech Ferek their seats, saying that they
were attempting to “obliterate
After 22 days without a public confidence in our demo-
speaker, House Republicans cratic system” by installing an
came together to elect Johnson “unelected dictator.”
for the post Wednesday after Johnson also joined with 146
three better-known nominees other Republicans in voting
failed to unite the conference. against certification of the
Johnson, 51 years old, repre- 2020 election results.
sents Louisiana’s deep-red Johnson’s selection as the

WIN MCNAMEE/GETTY IMAGES

Fourth District in the state’s party nominee took place the
northwest that includes same day that one of Trump’s
Shreveport, where he grew up. lawyers, Jenna Ellis, became
Johnson is the son of a fire- the third legal adviser to plead
fighter who was critically guilty in the Georgia racketeer-
burned and disabled in the line ing case involving Trump’s
of duty. He is the father of four 2020 efforts.
children of his own. Rep. Mike Johnson of Louisiana, center, was applauded by fellow Republicans Wednesday as they elected him House speaker. When a reporter asked
Johnson was elected to Con- Johnson at a press conference
gress in 2016 after serving in Diaz Balart (R., Fla.). person who “can pass their ex- Ukraine Security Assistance tee, which represents a spec- Tuesday night about his effort
the Louisiana Legislature. He Rep. Matt Gaetz (R., Fla.) treme litmus test to oppose Initiative. Johnson voted trum of House conservatives, to overturn the election, she
has been an attorney with a fo- has been seatmates with John- marriage equality, enact a na- against those measures. Johnson presided over a bud- was shouted down by some of
cus on social conservative is- son since the two were both tionwide abortion ban without Now that Johnson is get blueprint designed to bal- Johnson’s colleagues, with Rep.
sues, including defending the elected in 2016 and has served exceptions, gut Social Security speaker, the question is how ance the federal budget in 10 Virginia Foxx (R., N.C.) telling
state’s same-sex marriage ban with him on the oversight and and Medicare, support over- firmly rooted Johnson’s beliefs years. Among other things, it the reporter: “Shut up! Shut
before the Louisiana Supreme armed services committees. turning a free and fair elec- are about those funds, or pushed an idea long associated up!”
Court. His opposition to same- “He is not swampy,” said Gaetz, tion.” whether he is part of a peren- with former Republican House In the lead-up to Johnson’s
sex marriage and abortion, who launched the vote that Aguilar said Johnson had nial “vote no, hope yes” caucus. Speaker Paul Ryan to turn election, Republicans had ral-
along with support for reli- first ousted former House been called “the most impor- In a letter to his colleagues, Medicare into a “premium sup- lied around three other speaker
gious freedoms, has continued Speaker Kevin McCarthy (R., tant architect of the electoral Johnson proposed advancing a port” system in which benefi- nominees who all ultimately
to guide him as a legislator. Calif.). “He is not beholden to college objections,” and a Re- temporary spending measure ciaries would receive financial dropped out of the running af-
the lobbyists and special inter- publican member shouted until either Jan. 15 or April assistance to buy health insur- ter it became clear there wasn’t
ests.” “damn right.” 15—depending on what the ance through a regulated Medi- enough support to be elected
Got GOP moderates Democrats called Johnson conference would support, care exchange. The plan also on the House floor.
As vice chairman of the an extremist. They said his op- while working to advance the proposed raising the retire- Johnson isn’t known for bi-
House Republican Conference, position to abortion and efforts Opposed Ukraine aid eight individual appropriations ment age to 69. For people partisanship. He was ranked
Johnson was one of seven to overturn the 2020 election On paper, Johnson will mark bills that haven’t yet cleared born in 1960 and later, the cur- 429th out of 435 lawmakers in
elected leaders for the party. results had been losing issues a break from the prior House the House. Without a stopgap rent retirement age is 67. the 2021 bipartisan index kept
However, he was seen as far for Republicans in the 2022 Republican leadership team. measure, the government is set by the Lugar Center and the
enough removed from the top election. When at least one Re- McCarthy along with House to run out of money next McCourt School of Public Policy
positions that members looking publican who will have a tough Majority Leader Steve Scalise month. Pushed false claims at Georgetown University, situ-
for new leadership—even more election next year voted for (R., La.) and House Majority For next year, he proposed Johnson has been a strong ated among members of the
moderate lawmakers who Johnson, a Democratic voice Whip Tom Emmer (R., Minn.) passing a fiscal 2025 budget supporter of former President staunchly conservative House
might differ with him on some could be heard shouting “bye! all voted for the stopgap mea- resolution by April and keeping Donald Trump, who on Freedom Caucus. The measure
issues—were supportive of him bye!” sure that is keeping the gov- the House in session during Wednesday morning urged Re- scores how well members of
taking over. Rep. Pete Aguilar (Calif.), ernment funded through Nov. August if the House hadn’t publicans to support Johnson. opposite parties work together
“Mike Johnson is a person the chair of the House Demo- 17. All three also voted for $40 passed all of its fiscal 2025 ap- Johnson has played a key using bill sponsorship data.
who I think everybody re- cratic Caucus, said on the billion in aid to Ukraine in propriations bills by that time. role pushing Trump’s false —Jack Gillum, Kristina
spects, he’s a very principled House floor Wednesday that 2022, and again this year for When he served as head of claims of election fraud. In Peterson and Molly Ball
human being,” said Rep. Mario Republicans were choosing a about $300 million toward the the Republican Study Commit- 2020, Johnson organized an contributed to this article.

House Gets isiana and Jim Jordan of Ohio.

Trump threw his support
behind Johnson early
Johnson smiled and shook his
head while House Republicans
flanking him booed and jeered.
three speaker picks.
As an attorney, he de-
fended Louisiana’s same-sex

Speaker as Wednesday, encouraging law-

makers to “GET IT DONE,
FAST!” Jordan, McCarthy,
Johnson, 51 years old, was
first elected to Congress in
2016. A religious man, John-
marriage ban to the Louisiana
Supreme Court. In Congress,
he has continued to oppose

GOP Unites Scalise and Emmer also ral-

lied around Johnson.
“Mike has the least enemies
son drew on Scripture in his
floor remarks, telling lawmak-
ers that “God is the one that
same-sex marriage. Johnson
is also strongly opposed to
abortion access and has pro-
in this conference,” said Rep. raises up those in authority— posed legislation that would
Continued from Page One Ken Buck (R., Colo.) when he raised up each of you.” make it a federal crime to
JUSTIN SULLIVAN/GETTY IMAGES

and unity in the party not asked how Johnson managed In a nod to his sudden rise transport a minor across state
seen since Republicans took to secure the speakership. from relative obscurity, John- lines for an abortion.
over the House in the 2022 In contrast with previous son said in his speech that his Republicans who had engi-
elections. votes, Wednesday’s was wife, Kelly, hadn’t been able to neered the ouster of McCarthy
Rep. Blaine Luetkemeyer (R., drama-free. Earlier speaker make it to Washington. “We over what they called broken
Mo.) said Johnson “repre- nominees had watched closely couldn’t get a flight in time,” promises on spending and
sents all of us, not just a par- as members’ names were he said. other issues threw their sup-
ticular group within the con- called alphabetically and de- A sign with the name of Mike Johnson was installed over Johnson served in House port behind Johnson and said
ference” and called him a fections racked up, but Repub- the entrance to the speaker’s office soon after the vote. Republican leadership as a his election vindicated their
“really good manager.” licans all stuck together this deputy whip and vice chair- effort. Many colleagues had
Democrats cast Johnson as time. In the tally on the House the House. gether to find common man of the House Republican called the move led by Rep.
too conservative to lead the floor, Johnson received 220 Lawmakers will also have ground,” a White House offi- Conference. But lawmakers Matt Gaetz (R., Fla.) to vacate
chamber and said Republicans votes, to 209 for Jeffries. to grapple with the Biden ad- cial said. said Johnson benefited from the chair damaging to the
had squandered three weeks The new speaker faces a se- ministration’s $106 billion re- Johnson, a constitutional not being considered part of party and the House.
in their intraparty fighting. ries of pressing legislative is- quest to fund aid for Ukraine, lawyer, has a more stridently the core leadership team, Rep. Don Bacon (R., Neb.)
Rep. Pete Aguilar (D., Calif.) sues while managing the Re- Israel, Taiwan and manage the conservative record than whose decisions about policy said he received death threats
said Republicans were choos- publicans’ narrow 221-212 flow of migrants at the U.S. McCarthy. The new speaker issues—including the debt after voting repeatedly last
ing in Johnson a person who majority, in which any single border. Last month, 117 House served on Trump’s defense limit and spending levels— week to block Jordan’s speak-
“can pass their extreme litmus member can still force a vote GOP lawmakers, including team in his first impeachment have divided the party. Those ership bid. After Johnson’s
test” on issues such as same- to try to remove the speaker. Johnson, voted against $300 and led an effort to collect sig- disagreements culminated in election Wednesday, he said
sex marriage and abortion. Congress has a mid-November million in security assistance natures for an amicus brief in McCarthy’s removal and have the ordeal was worth it, to get
Johnson was House Repub- deadline to keep the govern- for Ukraine. support of a Texas lawsuit that hobbled efforts to find a re- past Jordan to Johnson.
licans’ fourth nominee for the ment funded. In a letter to his Senate Majority Leader sought unsuccessfully to over- placement.
post this month, chosen late colleagues, Johnson proposed Chuck Schumer (D., N.Y.) said turn the 2020 presidential elec- Johnson previously led the
Tuesday just hours after oppo- advancing a temporary spend- he looked forward to talking tion results by voiding 20 mil- Republican Study Committee, Watch a Video
sition by Trump helped sink a ing measure until either Jan. to Johnson about avoiding a lion votes in four other states. a broad group of conservative Scan this code
bid by Republican Whip Tom 15 or April 15, while working government shutdown. Presi- When a reporter asked members, and serves on the for a video on
Emmer of Minnesota. Intra- to advance the eight of 12 in- dent Biden called Johnson to Johnson late Tuesday whether House Judiciary Committee, Johnson’s
party feuds also blocked previ- dividual annual appropriations congratulate him and said he he stands by his efforts to try but has less experience in election as
ous picks Steve Scalise of Lou- bills that haven’t yet cleared looks forward to “working to- to overturn the 2020 election, leadership than the previous House speaker.

Trump Called to Witness Stand, Fined for Out-of-Court Comments

BY JACOB GERSHMAN James. During a break in the ring?” the judge asked. crat, to issue a gag order that
AND C. RYAN BARBER proceedings, Trump in the “You and Cohen,” said barred case participants from
camera-lined hallway accused Trump, speaking quietly. making public comments
NEW YORK—Trial proceed- the judge, New York Supreme “I find the witness is not about his staff.
ings in Donald Trump’s civil- Court Justice Arthur Engoron, credible,” the judge said. Trump removed the post
fraud trial took a surprise and the person “sitting along- Trump’s lawyers protested from the Truth Social plat-
turn Wednesday when the side of him” of being parti- the sanction. Chris Kise, a form, but the judge discovered
presiding judge summoned the san. Trump lawyer, said the law last week that a copy of it
former president to the wit- Engoron took Trump’s com- clerk’s front-and-center pres- hadn’t been removed from
ness stand to answer for com- ments as a reference to the ence during the trial fueled Trump’s campaign web-
ments he made in a court- judge’s law clerk, who has sat Trump’s suspicions. site. Engoron fined Trump
house hallway—and then fined beside him throughout the “Usually in my experience $5,000 and warned of stiffer
JANE ROSENBERG/REUTERS

him $10,000. trial. On the stand, Trump law clerks are not sitting right penalties for future violations,
The tense confrontation failed to persuade Engoron next to the judge,” Kise said. including possible imprison-
came during the second day of otherwise. He told the judge Trump, the Republican ment.
testimony by Michael Cohen, he thought the clerk was bi- front-runner for the 2024 Engoron said he was con-
Trump’s former lawyer and ased, but swore under oath presidential nomination, pre- cerned that Trump’s com-
fixer who is now a lead wit- that he wasn’t talking about viously criticized the law clerk ments could spark violence. “I
ness for Democratic New York her specifically in the hallway. on social media, prompting don’t want anyone killed,” he New York Supreme Court Justice Arthur Engoron questioned
state Attorney General Letitia “To whom were you refer- Engoron, elected as a Demo- said. ex-President Donald Trump in his civil-fraud trial Wednesday.
THE WALL STREET JOURNAL. **** Thursday, October 26, 2023 | A5

U.S. NEWS
U.S.WATCH
How Hospitals Improve Pediatric Readiness OBITUARY
‘Shaft’ Films Star
One emergency room
Roundtree, Age 81
in Colorado trained Richard Roundtree, the ac-
its staff and color- tion-movie hero best known
for starring in the “Shaft”
coded equipment movie franchise, has died. He
was 81 years old.
BY MELANIE EVANS As the detective John
Shaft, Roundtree became
One of the nation’s smallest known as the first Black action
hospitals is among the most star and was one of the faces
prepared to see children in an of the so-called blaxploitation
emergency. film genre in the early 1970s.
Three years ago, Grand In addition to starring in
River Health wasn’t close. The several “Shaft” films and a
25-bed hospital near the west- TV series, he acted in dozens
ern slope of the Colorado of films and TV shows, most
Rocky Mountains had scored a notably in the 1977 miniseries
low 51 on a 100-point test “Roots” and the 1974 disaster
measuring its readiness. film “Earthquake.”
The hospital turned things Roundtree’s talent agency,
ELI IMADALI FOR THE WALL STREET JOURNAL (2)

around in recent months, Artists & Representatives

however, by naming child- Agency, confirmed his death.
emergency coordinators, “His trailblazing career
color-coding equipment in the changed the face of enter-
E.R. for children of different tainment around the globe
sizes and training staff to per- and his enduring legacy will
form procedures on kids. be felt for generations to
It even had doctors and come,” the agency said.
nurses practicing how to cre- —Alyssa Lukpat
ate emergency airways in
the narrow throats of goats HEALTH
and sheep carcasses to repli- Grand River Health employees review the color codes that help emergency room staff find the correct size equipment and
cate children’s small airways. dosages for children. Research shows that children in critical condition are more likely to survive in a prepared emergency room.
Mpox Shot Backed
Grand River Health, which For Longer Term
scored a 97.5 on the pediatric- Like most emergency de- diation. Gay and bisexual men at
readiness test in June, shows partments, Grand River’s, in Feeney had identified, by high risk for mpox infection
how emergency rooms can Rifle, Colo., sees many more combing through hospital should get vaccinated for the
take simple and inexpensive adults than children. medical records, 19 children virus even after the current
steps to be ready to take care The unfamiliarity and inex- with head injuries who got CT outbreak ends, government
of young patients. Its experi- perience can impair proper scans. Medical guidelines indi- health advisers said.
ence also shows the important care. Nurses may not know cated at least half of the scans The committee’s recom-
role that health authorities where to find child-size tubes may not have been necessary. mendation on Wednesday
play when they push hospitals and other equipment, while Then she trained doctors now goes to the director to
to improve. doctors may not recognize se- on the guidelines, and the the Centers for Disease Con-
Research finds that chil- rious symptoms. hospital revised its computer- trol and Prevention.
dren in critical condition are Grand River Health em- ized protocols, which guides More than 30,000 U.S.
more likely to survive in a barked on its pediatric-im- doctors’ treatment decisions. mpox cases were reported last
prepared emergency room. provement efforts in late 2020 Meantime, the hospital year. The number dropped
But many departments at the urging of Dr. S. Nichole color-coded the medicines and dramatically this year, to
aren’t ready. The Wall Street Feeney. equipment stored on E.R. about 800. But because the
Journal has reported that hun- Feeney said she pushed for crash carts so nurses could virus doesn’t naturally circu-
dreds of children die or are se- the overhaul after learning quickly find what they needed. late in the U.S., any single case
verely injured because they during a meeting with coun- The red, green, yellow and counts as an outbreak, the
are taken to poorly prepared terparts from across Colorado medical groups say prepare sis abated, was one research- other colors—based on a CDC said.
emergency departments. that kids are more likely to die them to properly treat the ers say can make a huge dif- child’s height—correspond to A two-dose vaccine, Jyn-
The Journal also reported in unprepared emergency de- youngest patients. ference: appointing the color of stickers placed on neos is recommended primar-
that only half of states have partments and that the Uni- Grand River’s score of 51 on coordinators to oversee child bracelets worn by young E.R. ily for men who have sex with
either mandatory or voluntary versity of Colorado School of the child emergency-readiness emergency treatment. patients. men who have more than one
programs for certifying that Medicine was overseeing a test placed it among the least- Feeney took on the coordi- Grand River Hospital Chief sex partner, who have recently
an emergency department is new pediatric-readiness certi- prepared hospitals nation- nator job for the hospital’s Executive Jim Coombs said had a sexually transmitted
pediatric ready, and only 14% fication program. wide. physicians. One focus was re- the government-owned, tax- disease, or who are at higher
of emergency departments na- The program verifies One of the hospital’s first ducing the overuse of CT payer-supported hospital eas- risk for infections through sex-
tionwide have been deemed whether emergency depart- pediatric-improvement steps, scans on children, a cancer ily afforded the measures de- ual contact for other reasons.
ready. ments have taken steps that taken after the pandemic cri- risk because the scans use ra- spite a tight budget. —Associated Press

Thomas Faces Scrutiny Over T H E AY N R A N D C O L L E C T I O N

$267,230 Loan for Luxury RV A T L A S S H R U G G E D The only surviving original manuscripts in her own handwriting
BY JESS BRAVIN

WASHINGTON—Supreme
Court Justice Clarence Thomas
didn’t report on required fi-
nancial disclosure forms that a
friend forgave some or all of a
$267,230 loan, according to a
report released Wednesday by
Senate Finance Committee
J. SCOTT APPLEWHITE/ASSOCIATED PRESS

Chairman Ron Wyden.

“The new evidence ob-
tained by the Committee
raises a number of potentially
serious tax questions for Jus-
tice Thomas,’’ said the report
prepared by the committee’s
Democratic staff.
Thomas and his wife Vir-
ginia borrowed the money Clarence Thomas is the longest-serving Supreme Court justice.
from Anthony Welters, a long-
time friend who with Thomas over by Welters, who made a money borrowed from Welters,
came up in the Black conser- fortune in the healthcare in- who told the publication that “My philosophy…is the concept of man as a heroic being, with his
vative movement, to purchase dustry and later became a di- the loan had been satisfied but own happiness as the moral purpose of his life, with productive achievement
a luxury motor coach in 1999, rector of the Carlyle Group in- didn’t say whether it had been
according to the report. vestment firm. The report says repaid or forgiven.
as his noblest activity, and reason as his only absolute.”
“This is a $267,000 transac- that documents indicate that Under the tax code, gifts —AYN RAND in Atlas Shrugged
tion that has been kept secret Welters forgave the principal of and loan proceeds aren’t tax-
for decades. Finance Commit- the loan in 2008 after Thomas able income. But when a debt
The most important privately owned collection of original surviving manuscripts
tee members are finding out made at least one annual inter- is forgiven, the borrower gen- by AYN RAND including 20 of the 29 surviving pages of Atlas Shrugged, a group
the details at the same time as est payment of $20,042. erally must include that of her research books, the manuscript of her speech, “The Fascist New Frontier,”
everyone else,” said Wyden Thomas has used the vehi- amount as income and pay a blistering attack on the Democratic Party’s philosophy, and 24 handwritten
(D., Ore.). “Justice cle to vaca- taxes on it. manuscripts detailing her philosophy, totaling 261 pages, beginning with Atlas
Thomas should in- tion and to Thomas hasn’t disclosed his Shrugged, and continuing with her analysis of the issues confronting society in 1962.
form the committee build an tax returns, so it isn’t publicly
whether he reported The justice image that known whether he reported
this forgiven loan on borrowed the he is a man any income related to the ve- For inquiries, email: [email protected]
his tax returns and of simple hicle or not. In general, the In- $1,750,000 Full details of the collection at kennethwrendell.com
paid all income money in 1999 tastes with ternal Revenue Service has
taxes owed.” affinity for three years to audit a return
Thomas’s lawyer,
from a wealthy regular once it is filed and six years
Elliot Berke, disputed friend. people. for significant omissions of in-
Wyden’s report. “ Y o u come. It is unlikely that
“The loan was get to go Thomas would owe the gov-
never forgiven. Any to Wal- ernment money now because
suggestion to the contrary is mart parking lots and truck of the time that has passed.
false. The Thomases made all stops. Most people pass a Fly- As chairman of the Finance
payments to Mr. Welters on a ing J truck stop, a TA, Love’s, Committee, Wyden can request
regular basis until the terms of never think twice of it,” any taxpayer’s returns and au-
the agreement were satisfied in Thomas, 75 years old and the dit records from the IRS.
full,” Berke said. court’s longest-serving justice, Committee aides declined
The report is the latest dis- said in a 2020 documentary. to say whether such a request
closure that adds to the scru- “But for us, we’ve been there.” had been made, but Wyden
tiny faced by Thomas for ac- A series of press reports has said his findings would be
cepting free trips and other revealed a hidden side of shared with the Senate Judi-
financial dealings with conser- Thomas’s lifestyle, built on the ciary Committee “to evaluate
vative billionaires. He has vig- largess of wealthy figures who the ethics implications.”
orously defended not disclos- have given him opulent vaca- Disclosures regarding
ing those matters in past tions and provided financial as- Thomas’s conduct, along with
years, saying omissions were sistance. In August, the New that of some other justices,
due to inadvertent mistakes or York Times reported that have heightened scrutiny on the
legal guidance then in effect. Thomas had purchased the Supreme Court’s ethics rules. K E N N E T H W. R E N D E L L , I N C .
Wyden released a four-page used 40-foot-long Prevost Le —Richard Rubin The world’s preeminent dealer in historical manuscripts • Established 1959
report on documents turned Mirage XL Marathon with contributed to this article.
A6 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

Our friend and colleague, Evan Gershkovich, was detained by Russia

on March 29 during a reporting trip and accused of espionage. Evan,
The Wall Street Journal and the U.S. government vehemently deny the
allegation and have called for his immediate release.

Evan’s colleagues, friends and family will be sharing stories about

him each week.

To show support for Evan, please follow the latest updates at WSJ.com/Evan
and add the hashtag #IStandWithEvan across social media.

Today is Evan’s 32nd birthday, a day that he should be spending

celebrating with family and friends, watching the latest soccer match and
cracking jokes with his nearest and dearest.

But this birthday will be unlike all the ones that came before, and, we hope,
all those that will follow: Evan will mark the day in his cell at Moscow’s
Lefortovo prison, where he remains unlawfully detained on fabricated
espionage charges, held hostage by a regime that has also jailed, exiled,
and persecuted so many of his journalistic colleagues.

From the moment Evan was detained, we, his friends from childhood,
high school, and college, have been advocating for his release. Ever since
we watched with horror and disbelief as he was first led into a Moscow
courtroom, we have kept in touch with him through letters, keeping him up
to date on our lives as best we can. But many moments—his best friends’
engagements, weddings, and birthdays—have been stolen from him. And
for us, those events have been marked by Evan’s absence: he, too, has been
stolen from us.

Instead of celebrating Evan’s birthday with him today, we are recognizing

the day by rereading the letters we’ve received from him, preparing our
next batch of updates, stories, and packages for him, and redoubling our
efforts to raise awareness of his case. We continue to demand his freedom.
And we look forward to celebrating his next birthday together with him.

Friends of Evan Gershkovich

#IStandWithEvan

©2023 Dow Jones & Co, Inc. All rights reserved. 6DJ0088
THE WALL STREET JOURNAL. **** Thursday, October 26, 2023 | A7

WORLD NEWS
Otis Slams Acapulco as Category 5 Storm
Hurricane rapidly after the hurricane hit.
“The most harrowing thing
intensified before has just happened,” she said in
hitting Mexico’s a video posted on X, formerly
known as Twitter. “I hid in the
Pacific coast closet, and literally, to pray,
and meditate and try to calm
BY ANTHONY HARRUP myself down, although I was
overtaken by panic,” she said
MEXICO CITY—Hurricane after joining other guests in a
Otis rammed into Mexico’s hotel hall used as a shelter.
popular Pacific beach resort of Video footage of the Princess
Acapulco as a powerful Cate- Hotel showed windows blown
gory 5 storm, leaving in its out and the lobby filled with
wake widespread flooding and debris. Many city streets were
devastation. flooded with muddy water.
The hurricane, the most The Papagayo River, which

FRANCISCO ROBLES/AGENCE FRANCE-PRESSE/GETTY IMAGES

powerful storm to hit Mexico’s flows into the Pacific east of
Pacific coast since 2015, Acapulco, broke its banks and
ripped into buildings, tore off flooded homes, local residents
roofs and disrupted communi- told the Foro TV channel.
cations. Much of Acapulco, a Otis weakened rapidly
city of more than one million across the rugged coastal
people, was without electric- mountains of Guerrero state,
ity, telephone and internet and its remnants were moving
service Wednesday. over central Mexico with
“The hurricane hit very winds about 35 mph at 5 p.m.
hard,” President Andrés Manuel ET, the hurricane center said.
López Obrador said at a news A federal convoy of military
conference. “Communications trucks, medical emergency
have been completely lost.” and civil protection vehicles
Hurricane Otis intensified The storm on Wednesday left a trail of destruction in Acapulco and knocked out power to many of the city’s one million people. headed to Acapulco from Mex-
from tropical-storm ico City because there was no
strength to a major hurri- main highway to Acapulco from Acapulco to Zihuatanejo,” that surround the bay. Those videos of debris strewn across way to provide logistical sup-
cane within just 12 hours Tues- from Mexico City. referring to the beach resort working-class areas were hotel rooms and open areas, port and humanitarian aid by
day and made landfall early “Up to now we don’t have in Guerrero state about 125 badly hit by Hurricane Pauline flooded roads and buildings air, Mexico Civil Protection
Wednesday with maximum information about the loss of miles northwest of Acapulco. in October 1997, a Category 4 with damaged roofs. Chief Laura Velázquez told the
sustained winds of around 165 human life, but there’s no Acapulco, about 230 miles storm that left more than 200 Luisa Peña, a guest at the Milenio TV news channel.
miles an hour, the National communication, we don’t south of the capital Mexico people dead and 300,000 resi- upscale Princess Hotel in Aca- Cleanup teams opened part
Hurricane Center said. know,” the president said. City, is vulnerable to heavy dents homeless. pulco, said the ceiling in her of the highway to Acapulco
López Obrador said there “Our main worry is the coastal storms and mudslides in the Tourists posted online pic- room collapsed, windows were Wednesday afternoon, local
was significant damage on the road and the people living steep, densely populated hills tures of Hurricane Otis and broken and the floor flooded media reported.

WORLDWATCH
CANADA strips out volatile items such SOUTH AFRICA More than 550 mine work- RUSSIA will now be sent to Putin for
as food and energy. ers had been in the mine final approval.
Central Bank Holds Bank of Canada Gov. Tiff
Workers Held in since they went down late
Simulated Nuclear Putin has said that revok-
Main Rate Steady Macklem, whose mandate is to Mine Dispute Leave Sunday. An unknown number Strike Conducted ing Russia’s 2000 ratification
The Bank of Canada on set monetary policy to achieve Hundreds of miners who of them prevented the others Russia’s military conducted would “mirror” the stance of
Wednesday left its main in- and maintain 2% inflation, said spent three days under- from leaving as they de- a simulated nuclear strike in a the U.S., which signed but
terest rate unchanged at 5%, he would consider raising rates ground as part of a union dis- manded formal recognition of drill on Wednesday overseen didn’t ratify the nuclear-test
saying steeper borrowing again until there is “clear pute were leaving a gold their unregistered labor by President Vladimir Putin, ban.
costs are damping consump- downward momentum” in core mine in South Africa on union, the mine official said. hours after the upper house Russia’s Minister of De-
tion, and bringing supply and inflation. Wednesday, the union at the The union—the Association of parliament voted to rescind fense Sergei Shoigu said the
demand closer to balance. Canadian inflation peaked center of the standoff said. of Mineworkers and Con- the country’s ratification of a purpose of the drills was to
It warned that progress to- in June of last year at 8.1%. More than 100 miners who struction Union—said the global nuclear-test ban. practice “dealing a massive
ward hitting its 2% inflation The reading for September in- were held against their will by miners had stayed under- The bill to end ratification nuclear strike with strategic
target remains slow, with lit- dicated price increases slowed fellow employees of the mine ground willingly as a protest of the Comprehensive Nuclear offensive forces in response to
tle downward momentum to from the prior month to 3.8%. near Johannesburg escaped in support of the union. Test Ban Treaty, approved in a nuclear strike by the enemy.”
date on core prices, which —Paul Vieira earlier, a mine official said. —Associated Press the lower house last week, —Associated Press

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A8 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

WORLD NEWS

Iran Trained fenses in the region to protect

U.S. troops, according to U.S.
officials and people familiar
ates independently of Iran’s
elected government and its
conventional military, with its

Hamas with the Israeli planning.

The conflict risks spilling
over into a regional confronta-
own navy and business opera-
tions.
Iran has long provided

Militants tion with Iran and the web of

anti-Israel Islamist militant
groups that Iran backs, which
training to militants across
the Middle East, including
Gaza militants, Afghan merce-
spreads from Yemen and Iraq naries who fight in Syria, Hez-
Continued from Page One to Syria and Lebanon. bollah fighters from Lebanon,
training right before the attack. The Pentagon is rushing to Shiite forces from Iraq and the
U.S. officials and the people fa- deploy nearly a dozen air-de- Houthis from Yemen, said
miliar with the intelligence fense systems to the region, Saeid Golkar, an IRGC expert
said they had no information to including for U.S. troops serv- at the University of Tennessee
suggest Iran conducted train- ing in Iraq, Jordan, Kuwait, at Chattanooga.

IBRAHEEM ABU MUSTAFA/REUTERS

ing specifically to prepare for Saudi Arabia, Syria and the “This sort of operation is
the events of Oct. 7. United Arab Emirates, to pro- very difficult to do without
On Wednesday, Israel’s mil- tect U.S. troops from missiles Hezbollah and IRGC support.
itary offered some of its most and rockets. The rapid buildup Hamas does not have the ca-
blunt comments yet on Iran’s is meant to deter the Leba- pability to do that,” Golkar
role in aiding Hamas and nese Shiite militant group said.
other militant groups. “Before Hezbollah, which has been en- Norman Roule, who was the
the war, Iran directly assisted gaging in sporadic exchanges top U.S. intelligence official
Hamas with money, training of fire with Israeli troops on Iran has long provided training to militants across the Mideast, including to Hamas fighters. for Iran from 2008-2017, said
and weapons and technologi- Israel’s northern border, from the IRGC has long been in-
cal know-how,” said Rear further entering the fight. meeting in Beirut on Oct. 2 connection to the Hamas at- contacted Islamic Revolution- volved with training, funding
Adm. Daniel Hagari, the mili- Israel and the U.S. have with leaders of Hamas and tacks on Oct. 7 as it relates to ary Guard Corps and Hezbol- and supporting groups in the
tary’s chief spokesman. “Even sought to highlight Iran’s role Hezbollah. An adviser to the Iran. Again, that’s something lah officials abroad to inform region, but he said that didn’t
now, Iran is helping Hamas in supporting Hamas and Syrian government and a Eu- that we’ll continue to look them that the assault had mean Iran directed the Oct. 7
with intelligence.” other groups like Hezbollah ropean official gave the same closely at,” Pentagon spokes- started. attacks. “Rarely is it necessary
Since the attack, Israel has that are hostile to Israel. account of Iran’s involvement. man Air Force Brig. Gen. Pat Since then, the IRGC, Hez- for Iran to involve its person-
waged a major air campaign, But with the specter of a These accounts of the Oct. Ryder said last week. bollah, Hamas and other mili- nel,” he said.
striking thousands of targets wider war looming, the U.S. 2 meeting have been disputed Hamas officials have tias in the region said they —Warren S. Strobel
in Gaza, and has been prepar- has said it has no evidence by senior U.S. officials and boasted of Iran’s support since have been in close contact to in Washington
ing for an expected ground that Iran was directly involved others familiar with intelli- the attacks. “Hezbollah and coordinate their activities. Quds contributed to this article.
campaign. The country has in planning or approving the gence surrounding the attacks. Iran supported us with weap- Force commander Qaani was in
said its aim is to dismantle Oct. 7 attack. Several U.S. officials said ons, expertise, and technol- recent days in Lebanon to con-
Hamas and end its rule in The Wall Street Journal, Washington has “compelling” ogy,” Khaled Meshaal, a senior sult with Hamas and Hezbollah Watch a Video
Gaza. citing senior Hamas and Hez- intelligence indicating that Hamas official in Doha, said in officials, militant leaders and Scan this code
For now, Israel has agreed bollah officials, has reported Iranian leaders were surprised an interview with Al Arabiya. an IRGC adviser said. for a video
to a request from the U.S. to that the Quds Force helped by the Hamas assault. As the attack started on The IRGC reports directly about Hamas’s
delay any Gaza invasion so the plan the attack and agreed “The information that we Oct. 7, according to Western to Iran’s Supreme Leader Aya- maze of tunnels
Pentagon can place air de- that it could go ahead at a have does not show a direct and Egyptian officials, Hamas tollah Ali Khamenei. It oper- beneath Gaza.

Weapons a two-year crackdown on Pal-

estinians in the West Bank,
and settlers have attacked

Flood Into protesters and civilians. On

Friday, 13 Palestinians were
killed in a 30-hour long Israeli

West Bank military operation against mil-

itants in refugee camps in
Tulkarem. That came after 55
people were killed in the first
Continued from Page One week after Oct. 7, the deadliest
and training. But as Egypt has week for West Bank Palestin-
cracked down on smuggling ians since at least 2005, ac-
routes through the Sinai Pen- cording to the United Nations.
insula, which borders on the
Gaza Strip, Hamas has become
increasingly self-reliant on in- Slipping authority
digenously built weapons, es- Anger over the crackdown
pecially rockets. and the Gaza bombings, paired
The bulk of Iranian weap- with an increasingly heavily
ons to Palestinians go into the armed West Bank, poses a
ATEF SAFADI/EPA/SHUTTERSTOCK

West Bank, particularly to the problem for the governing Pal-

Palestinian Islamic Jihad, a estinian Authority, whose grip
militant group allied with on security has slipped as new
Hamas, according to a senior militant groups have jockeyed
Jordanian security official. for power, and residents re-
Both have been designated sort to violence rather than
terrorist organizations by the turn to law enforcement to re-
U.S., Europe and Israel. The solve internal disputes.
official said networks of An arms dealer in Al-Ram
smugglers, assisted by the The Allenby Bridge, above, in the West Bank said he sells
Syrian government and Ira- connects Jordan and the hundreds of weapons every
nian-backed militias like Hez- West Bank. Left, Palestinian month, mostly to people who
bollah, were growing. militants paraded in the city are organizing to defend their
of Nablus in August. villages in the absence of coor-
dinated Palestinian security.
Increased flow for about one-fourth of the The absence of a viable
“The weapons flow has re- price in the Palestinian terri- candidate to replace 87-year-
ally increased, specifically tories, according to licensed old Mahmoud Abbas, whose
over the past year. This is be- arms dealers in the capital, popularity has long been wan-
cause Iran has been much Amman. An AK-47 sells for as ing, adds to volatility in the
more focused on the West much as $20,000 in the West territory as loyalists of com-
Bank recently, and trying to Bank, and an M16 rifle for peting prospective candidates
arm some of the groups there, $30,000, according to an arms acquire arms and jostle for
NASSER ISHTAYEH/SOPA IMAGES/ZUMA PRESS

especially the Palestinian Is- dealer in the West Bank. power.

lamic Jihad, which is Iran’s “The country is awash with The Palestinian Authority
more direct partner,” said Mi- weapons,” said a gun shop didn’t reply to a request for
chael Horowitz, Israel-based owner in downtown Amman. comment.
head of intelligence at Le Beck Prices on the black market are
International, a risk consult- roughly the same as his: from
ing firm. $700 for a Czech 7mm to ‘Cycle of violence’
“This probably explains $4,200 for an Austrian Glock. Horowitz said an ignition of
part of the intelligence failure In May, a Jordanian law- the West Bank could lead to a
[during the Hamas attack], be- maker, Imad al-Adwan, was “cycle of violence,” with the
cause Israel was more focused detained trying to smuggle Israeli army deploying more
on the West Bank than Gaza,” more than 200 firearms, in- forces, and settlers carrying
Horowitz said. cludes advisers to Israeli po- Iranian smuggling Assessed route to West Bank cluding 12 assault rifles, out more revenge attacks
For more than a decade, lice, said in October that Is- routes across the Allenby Bridge into against Palestinians.
Iran has taken advantage of raeli border forces had TURKEY the West Bank. Israel extra- For Jordan, stemming the
upheaval and corrosion of confiscated antipersonnel dited Adwan to Jordan where flow of weapons is a Hercu-
government authority in the mines manufactured in Iran he faces trial and up to 15 lean task. The Kingdom is to
Middle East to cement its and Russia. Aleppo years in prison. He and 13 some extent a victim of its ge-
footprint in the region. Going across the Syrian bor- other defendants are expected ography. Its long northern
SYRIA
Through a network of loyal der into Jordan, the arms are IRAN to respond to the charges in border is largely unguarded
militias, Tehran has estab- hidden in trucks going through LEBANON
court this week. on the Syrian side, due to lack
lished a land corridor across official border crossings or car- Baghdad of cooperation from the Assad
Mediterranean
Iraq and Syria into Lebanon ried across the vast desert ex- Sea
Damascus government, and its frontier
and, via Jordan, into the West panses, which in the winter are WEST
Weapons caches with Israel isn’t protected by
Bank, allowing it to transport shrouded in fog and dust. BANK Palestinian groups have significant fencing, making it
Amman
troops, equipment and weap- GAZA
IRAQ built sizable caches of weap- a viable route for large-scale
Jerusalem Basra
ons to its allies in the Levant. ons. In July, Israeli forces car- smuggling.
Jordan, which has porous Smuggling by drone ISRAEL ried out their largest assault Jordan this year has made
borders to war-torn Syria, Drones, a new tool of war- JORDAN SAUDI ARABIA 100 miles on the West Bank in decades, nine weapons seizures on the
controlled by Iran’s ally fare for nonstate actors, are EGYPT targeting militant facilities border, compared to seven in
Bashar al-Assad, as well as to also handy for smuggling. In and weapons depots in Jenin 2022 and 21 in 2021, according
the West Bank, has long been February, Jordanian agents Source: Institute for National Security Studies that belonged to the Iran-al- to the senior security official.
vexed by the trafficking of caught the first unmanned lied Palestinian Islamic Jihad Years ago, at the peak of Is-
weapons and drugs through aerial vehicle from Syria car- by Mahan, an airline that has The Israeli army last year and Hamas, seizing about lamic State’s reign, many
its territory. rying hand grenades—four of been sanctioned by the U.S. said there had been a “signifi- 1,000 weapons and hundreds weapons smuggled into Jor-
them. A commercial drone, for flying militants and weap- cant rise” in detected at- of explosive devices. dan were destined for Sunni
bought cheap online and fairly ons from Iran to Syria. tempts to smuggle weapons Portions of the West Bank terrorist groups, but now they
Strained relations easy to maneuver, can also Soon after Qaani’s visit, the and drugs into Israel from are policed by the Palestinian are mostly traded for commer-
Jordanian officials have carry two assault rifles, and is airline, under the guise of de- Jordan and Egypt. From Authority, which is dominated cial gain, said Mohammad
complained to Syria, and ex- very difficult to detect, an- livering aid, began hauling March 2021 to April this year, by Fatah, a faction opposed to Afeef, a former president of
pressed their concerns to Euro- other Jordanian security offi- large quantities of weapons to Israeli police thwarted at least Hamas and the Palestinian Is- Jordan’s State Security Court.
pean allies, worried that weap- cial responsible for monitor- Syria, according to a Central 35 smuggling attempts from lamic Jihad. In the past two He warned that if security
ons flows into the West Bank ing the Syrian border said. Intelligence Agency operative Jordan, seizing more than 800 years, Palestinian police have continued to deteriorate, the
would strain its relations with “We only see drones by in the region, a Syrian govern- weapons, according to a tally seized about 600 to 1,000 high concentration of weapons
Israel, according to European chance,” he said. ment adviser and a European by the Washington Institute weapons annually in the West could in time benefit terrorist
and Middle Eastern officials. Iran has used other means security official. think tank. Bank, more than twice the sleeper cells. That should
Weapons smuggled into to transport weapons. In Feb- It is unclear how many “The Iranians are investing number before 2021, police worry the West, he said.
Jordan include Iranian repli- ruary, after a devastating weapons are smuggled into lots of efforts in inflaming all spokesman Louay Zreikat said, “Jordan is playing a pivotal
cas of U.S.-made Claymore an- earthquake in Turkey and the Palestinian territories, and arenas, in the north and the adding that about 60% of role in preventing smuggling
tipersonnel mines, M4-style Syria, Esmail Qaani, com- whether some of the weapons West Bank alike,” a spokesper- those weapons were used for of narcotics and weapons,”
assault rifles, TNT and other mander of Iran’s elite Quds end up in Gaza, via Israeli son for the Israel Defense self-protection or criminal ac- Afeef said. “It is a huge bur-
explosives and handguns, ac- Force, visited the Syrian city proper, though the majority Forces said. tivities. den for us.”
cording to the senior Jorda- of Aleppo, ostensibly to super- going through Jordan appears Traffickers in Jordan profit Following Hamas’ attack —Suha Ma’ayeh and Fatima
nian official. Terrorgence, an vise aid deliveries. Qaani flew destined for the West Bank, from the country’s black mar- earlier this month, Israeli se- AbdulKarim contributed to
information network that in- to Syria in an aircraft owned regional security officials say. ket in arms, where guns trade curity forces have intensified this article.
THE WALL STREET JOURNAL. **** Thursday, October 26, 2023 | A9

WORLD NEWS

Hamas’s Hostage
Strategy: Extracting
IsraeliConcessions
BY JARED MALSIN English translation provided by
AND SUMMER SAID the Israel Defense Forces of the
message it distributed in Gaza.
JERUSALEM—By setting Experts say Hamas could
free four hostages in pairs in free more civilian hostages in
recent days, Hamas is playing return for concessions like hu-
its most effective card for de- manitarian aid while holding on
laying an Israeli ground inva- to Israeli soldiers with the aim
sion of Gaza and extracting of eventually freeing a large

IBRAHEEM ABU MUSTAFA/REUTERS

concessions from the Israelis, number of Palestinian prison-
officials and analysts said, as ers in an exchange with Israel.
international pressure grows “Eventually it is the sol-
on Israel to negotiate the re- diers, male and female, who
lease of all the captives. are the core of the trade in
The militant group on those terms. So they have buf-
Wednesday told mediators it fers. They have degrees of
was willing to release a larger freedom of maneuver and they
group of the more than 200 can draw time,” said Tamir Palestinians combed the rubble Wednesday at the site of Israeli strikes on houses in Khan Younis in the southern Gaza Strip.
people held in Gaza, but dou- Hayman, a reserve brigadier

Israel Agrees to U.S. Request

bled down on its demand for a general in the Israeli military.
steady flow of humanitarian Within Israel, the release of
aid, including fuel, and for Is- the four hostages has brought
rael to reduce the intensity of the painful human drama sur-
its airstrikes, officials familiar rounding the hostage crisis to
with the talks said.
“It’s posturing and it’s to
keep the negotiations alive,”
said Tariq Kenney-Shawa, a
U.S. policy fellow at al-Sha-
the fore. The families of the
hostages have been urging Is-
rael to negotiate a deal, saying
they fear that their relatives
could be hurt in the continu-
To Delay Invasion of Gaza
baka, a Palestinian policy in- ing bombing of Gaza. The Pentagon is allies have been advising Is-
stitute based in California. “I think Hamas, they’re rael that a slower campaign
“What these piecemeal hos- playing a psychological game rushing to deploy against Hamas was the best
tage releases do is that it buys with us,” said Hadas Kalderon, air-defense systems course to limit civilian casual-
time for Hamas and it chips a 56-year-old from a kibbutz ties and develop a plan for
away at this initial interna- near Gaza, whose two chil- to the region what comes after a ground of-
tional support that Israel was dren—a boy age 12 and a girl fensive in Gaza, said U.S. and
enjoying.” age 16—and ex- Israel has agreed, for now, European officials.
By delaying husband were to a request from the U.S. to Threats to the U.S. troops
Israel’s ex- kidnapped. delay its expected ground in- are of a paramount concern,
Israel’s military

EVELYN HOCKSTEIN/REUTERS
pected ground “I’m very vasion of Gaza so the Penta- U.S. officials said. U.S. military
assault, even by called on Gaza afraid of any gon can put air defenses in and other officials believe that
a few more military action. the region to protect U.S. American forces will be at
weeks, Hamas residents to I’m afraid for troops, according to U.S. offi- heightened risk by various
would be able my children. cials and people familiar with Iran-backed militant forces
to better pre-
help it find the They’re still the Israeli planning. when the incursion begins.
pare to defend hostages. there in the The surge amounts to the
itself in Gaza, middle of a By Dion Nissenbaum, Friends and family on Wednesday mourned the death of a doubling of squadrons in the
ensuring the war. I’m terri- Gordon Lubold, woman and her two daughters in Israel after a Hamas attack. last two weeks, and is a sharp
group’s survival fied,” she said. Dov Lieber and reversal of U.S. disengagement
in the short term. Top Hamas officials have Omar Abdel-Baqui East, meant to deter Hezbol- demned the U.S.’s support for from the region in recent
Israel cut off all supplies of said the group doesn’t intend lah from further entering the Israel. Iran’s Supreme Leader years. It returns to the region
food, water, fuel and electric- to hold civilian hostages for The Pentagon is rushing to fight and help protect Ameri- Ayatollah Ali Khamenei said many of the military assets
ity to the Gaza Strip in re- months. Soldiers held as pris- deploy nearly a dozen air-de- can personnel and interests, Wednesday the U.S. was “or- taken out as the Pentagon
sponse to the Oct. 7 attacks by oners of war, however, would fense systems to the region, in- risks drawing Washington into chestrating” Israel’s bombing shifted its focus to China.
Hamas that killed 1,400 Israe- only be released in return for cluding for U.S. troops serving a larger regional conflict campaign in the Gaza Strip. The deployments underscore
lis. Since then, Israeli air- the release of the 6,000 Pales- in Iraq, Jordan, Kuwait, Saudi against Iranian proxies. U.S. officials have kept in U.S. alarm that Israel’s planned
strikes in the Palestinian en- tinian prisoners being held in Arabia, Syria and the United U.S. troops have come under close contact with their Israeli ground operation into Gaza
clave have killed more than Israel, they said. Arab Emirates, to protect U.S. rocket and drone attack from counterparts, offering military could spark a wider war, lead-
6,500 people, according to the A senior Hamas official in- forces from missiles and rock- Iranian-backed militias in Iraq advice, sharing intelligence and ing Iranian-backed militias in
Hamas-led local health minis- volved in the negotiations said ets. U.S. officials have so far and Syria, and in the Red Sea, advising on reducing civilian the region and even Iran itself
try. The rising death toll of the militant group has already persuaded the Israelis to hold the USS Carney destroyer in- casualties. In a call on Wednes- to step up drone and missile at-
Palestinian civilians in the en- downgraded their demands off on sending tanks and foot tercepted cruise missiles, and day, Biden and Israeli Prime tacks on U.S. bases, embassies
clave also erodes some of the and are no longer demanding soldiers into Gaza to end Hamas drones the Pentagon said were Minister Benjamin Netanyahu or other key infrastructure.
international support for the exchanging foreign women and rule until those moves can be launched by Yemeni Houthi discussed efforts to locate and Israeli forces battled on
Israeli offensive, according to children for Palestinian women made, as early as this week. forces, also backed by Iran. secure the release of hostages four fronts Wednesday, hitting
Kenney-Shawa. and children held in Israel. In- “Israel is going to move Hezbollah, too, is backed by in Gaza, including American targets in Lebanon, Syria, the
Israel allowed delivery of stead, the group asked for fuel ahead with the next stage in Iran and has exchanged deadly citizens, according to the West Bank and Gaza and
humanitarian aid to Gaza on and aid for Gazans. our campaign to destroy fire with Israel since Oct. 7. White House. “We are coordi- fighting off a sea incursion, in
Saturday, a day after the first Hamas likely also wants to Hamas in response to the Oct. In addition to the U.S. pos- nating with the U.S. on a very a sign the war is expanding.
two hostages were released by rid itself of some of the large 7 massacre, as our operational ture, Israel is factoring into its strategic and very detailed Meanwhile, the humanitar-
Hamas. But it has opposed group of hostages that are a needs require,” Israeli govern- planning calls for it to allow level,” said an Israeli official. ian crisis in Gaza continued to
shipments of fuel to Gaza out drain on its fast-depleting re- ment spokesman Eylon Levy fuel and more humanitarian In addition to military aid, mount, as Israel has prevented
of concerns that Hamas would sources as the fighting drags said Wednesday. He added that aid into Gaza, efforts to gather the U.S. has dispatched three fuel from entering the enclave
use it for military purposes. out, according to analysts and “many factors that are being intelligence, a continuing air- generals to Israel with experi- since Oct. 7. Israeli officials said
Amid growing pressure to officials familiar with the ne- taken into account,” including strike campaign meant to hob- ence fighting groups such as Tuesday that there were large
secure release of the hostages, gotiations. The militant group President Biden’s urging that ble Hamas and diplomatic ef- Islamic State to advise the Is- amounts of fuel under Hamas’s
the Israeli military called on didn’t expect to capture such Israel not act out of anger. forts to free more of the raeli military, the Israeli offi- control in Gaza, and that addi-
Gaza residents to help it find a large group of people, espe- “Israel is not shooting from roughly 200 hostages held by cial said. Israel also is consult- tional fuel could be taken by
them, promising money, pro- cially civilians, according to the hip,” Levy said. “We will Hamas, Israeli officials said. ing with the U.S. generals on the group’s military wing
tection and confidentiality to Hamas and Middle East offi- use our force judiciously.” Iran hasn’t openly detailed “all the arenas” of the war, rather than being used for
anybody who provides useful cials negotiating over the re- This rapid buildup of U.S. its relationships with its prox- the official said. trucks carrying aid and to gen-
information, according to an lease of the hostages. military forces in the Middle ies in the region, but has con- The U.S. and its European erate electricity at hospitals.

Australia, U.S. Pledge Innovation Alliance

BY ANNIE LINSKEY South Lawn, with Biden say-
AND MIKE CHERNEY ing the two countries are
“standing with Israel against
BRENDAN SMIALOWSKI/AGENCE FRANCE-PRESSE/GETTY IMAGES

President Biden sought to Hamas’s terrorism.” Albanese

prove he can keep the longer- said, “Australians condemned
term goal of countering China the atrocities, terror and piti-
in his sights as the Israel- less brutality of Hamas.”
Hamas conflict grinds on, The visit also occurred as
hosting Australia’s prime min- the House was emerging from
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series of high-level meetings.
The White House framed
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A10 | Thursday, October 26, 2023 ***** THE WALL STREET JOURNAL.

WORLD NEWS

Xi, Newsom Meet With Eye on U.S. Visit

Climate was focus U.S. climate envoy John Later in the week, he plans to
Kerry and his Chinese coun- go to an offshore wind facility—
of talks between terpart, Xie Zhenhua, are of which China builds more
China’s leader and planning to hold an in-person than any other country.
meeting in early November in While climate has been de-
California governor California, people familiar scribed by both countries as
with the discussions said. an area for bilateral coopera-
BY SHA HUA AND BRIAN SPEGELE Kerry’s office didn’t respond tion, it has emerged as an
to a request for comment. area of intense competition.

OFFICE OF THE GOVERNOR OF CALIFORNIA/ASSOCIATED PRESS

Chinese leader Xi Jinping Photos released by Newsom’s China dominates the supply
met with California Gov. Gavin office showed him shaking chain for green technologies,
Newsom in Beijing’s Great Hall hands warmly with Xi as Wang and has shown a willingness
of the People, part of a Chinese smiled in the background. Han to use it as leverage, as the
charm offensive that appears to addressed Newsom, the first U.S. and other allied coun-
be laying the groundwork for U.S. governor to meet with tries try to build and scale up
Xi to meet with President Biden China’s leader since former Cal- their domestic renewable-en-
in San Francisco in November. ifornia Gov. Jerry Brown in ergy industry.
China rolled out a red-car- 2017, as an “old friend.” Newsom has traveled out-
pet welcome for Newsom, who Xi hasn’t officially accepted side of California in recent
is on a weeklong trip in the Biden’s invitation to meet him months, increasing his na-
country promoting cooperation on the sidelines of the coming tional profile. His current trip
on climate change. The Califor- Asia Pacific Economic Cooper- helps position him as an inter-
nia Democrat took meetings ation summit in San Francisco, national figure and statesman.
with Chinese Foreign Minister but a drumbeat of diplomatic California Gov. Gavin Newsom met with Chinese leader Xi Jinping in Beijing on Wednesday. In reporting on his visit, Chi-
Wang Yi and Vice President activity is raising expectations nese media have portrayed
Han Zheng before his audience that it will take place. diplomatic charm offensive, sug- China and California have a California’s importance to him as a potential future face
with Xi on Wednesday. Wang is scheduled to meet gesting a willingness to engage,” long history of cooperation on China as a partner in tackling of the Democratic Party.
“I’m here with an open U.S. Secretary of State Antony said Matt Sheehan, a fellow at climate change—the one issue climate change expanded after Before his China trip, he
hand, not a closed fist,” Blinken in Washington this the Carnegie Endowment for In- that Beijing and Washington the U.S. withdrew from the visited Israel, meeting with
Newsom said after the meeting, week, with a remit to discuss ternational Peace, referring to a have been willing to discuss in Paris Agreement during the government officials and talk-
a nod to simmering tensions preparations for a Xi-Biden potential Biden-Xi summit. a time of otherwise deterio- Trump administration, said ing to people affected by the
between the U.S. and China. meeting, other people briefed Chinese officials have been rating ties. Launched by for- Mary Nichols, vice-chair of the Hamas attack. During his
Xi, asserting the importance on the plans said. Meanwhile, wary of San Francisco, a pro- mer California Gov. Arnold California-China Climate Insti- meeting with Xi, Newsom dis-
of ties between the two coun- basketball star Yao Ming and test-happy city that is home to Schwarzenegger in 2005, the tute, which is led by Brown, cussed how China could play a
tries, told Newsom that other Chinese sports, business large populations of overseas climate partnership has been the former governor. role in defusing tension in the
strengthened climate coopera- and cultural figures are visiting Chinese and Tibetans whom lauded by both sides for help- Newsom spent Tuesday region, his office said.
tion could become a “new New York this week for public Beijing fears could stage dem- ing China develop its electric- touring Shenzhen’s electric-bus Newsom said he discussed
highlight in the development of engagements. onstrations against Xi. Newsom vehicle mandate and establish fleet and learning about how the issue of human rights with
China-US relations,” according Xi’s meeting with Newsom is was mayor of San Francisco the world’s biggest emissions- the city of 12.5 million residents China’s foreign minister but
to the official Chinese readout. “consistent with China’s recent before being elected governor. trading program. built 40,000 charging stations. not with Xi.

Tensions Rise Over Rusty, Old Ship in South China Sea

BY NIHARIKA MANDHANA sels. On Sunday, a Chinese Chinese-occupied islands/reefs to comment on specific military tongbacal, a maritime-affairs dow of opportunity while the
coast-guard ship and maritime Other islands/reefs operations but said all of its ac- expert at the University of the U.S. is preoccupied with the
SINGAPORE—A dispute be- militia boat collided with Phil- CHINA tivities were done in coordina- Philippines College of Law. wars in Ukraine and the Middle
tween China and the Philip- ippine vessels that were headed TAIWAN tion with the Philippines. Beijing objects to repairs on East, security analysts said.
pines, a U.S. ally, is rapidly esca- to Second Thomas Shoal. The tensions in the region the Sierra Madre, which it has China’s tactics around Sec-
lating over an unusual military The stakes are high, not just have been rising as Manila con- asked the Philippines to tow ond Thomas Shoal have grown
Paracel Islands
outpost: A World War II era for the Philippines but also for PHILIPPINES
tends with a pressing problem: away. It has said it is inter- more aggressive this year.
ship that is riddled with holes, the U.S. President Biden said The Sierra Madre is in bad cepting boats because the In February, the Philippines
covered in rust and sitting atop Wednesday that any attack on SOUTH CHINA SEA shape after being exposed to Philippines is trying to trans- said its coast-guard crew was
a reef in the South China Sea. Philippine aircraft, vessels or VIET. Second Thomas Shoal the elements for nearly 25 port construction materials in temporarily blinded by the mil-
The decrepit ship, the BRP armed forces would invoke the Spratly years. The Philippines has addition to food and other ne- itary-grade laser flashed by
Sierra Madre, and the small countries’ mutual defense Islands made repairs incrementally, cessities. The Philippines says China’s coast guard. A few
detachment of marines aboard treaty. but the ship won’t stay intact it has a duty to support its months later, it was a water
are defending the Philippines’ “I want to be clear, I want forever—and some think its marines on the ship. cannon, slamming into a Phil-
claim to Second Thomas to be very clear,” he said at a BRUNEI days are numbered. “We have to make sure that ippine boat. In early October, a
Shoal, located about 100 miles joint news conference during a 200 miles “You can only repair it so vessel remains livable for our Chinese coast-guard ship came
off its west coast. The country visit to the White House by MALAYSIA INDO. 200 km much,” said Adm. Rommel troops that are stationed so close that the Philippines
grounded the ship on the reef Australian Prime Minister An- Ong, who retired as a vice there,” said Col. Medel Agui- said it had to throw a vessel
2½ decades ago to stave off thony Albanese. “The United commander of the Philippine lar, spokesman for the Philip- into reverse to avert a collision.
China’s expanding control States defense commitment to was over the horizon from the navy in 2019. pine armed forces. This weekend, collisions oc-
over the South China Sea. the Philippines is ironclad.” site of Sunday’s encounters be- If the ship starts to fall Any move by China to seize curred—not just one, but two.
The Philippines sends regu- U.S. national security ad- tween Chinese and Philippine apart, Chinese forces would Second Thomas Shoal would Some security analysts say
lar supplies to the marines on viser Jake Sullivan spoke to his ships—present, though keeping likely mobilize to take control put pressure on the U.S. to the U.S. could deploy ships to
the ship, and China is trying to Philippine counterpart Monday. its distance. An American patrol of Second Thomas Shoal, back up its ally—not just diplo- escort Philippine resupply
make those missions as diffi- The State Department called aircraft was at the scene during squeezing out the Philippines. matically but also militarily. convoys to Second Thomas
cult as possible. The Chinese China’s actions dangerous and a resupply run last month, a Beijing might be accelerating That could bring the U.S. into Shoal or even go a step fur-
coast guard has aimed a mili- unlawful, as did other U.S. offi- Philippine armed-forces spokes- the ship’s decline by trying to direct conflict with China, car- ther by helping to protect the
tary-grade laser and shot a wa- cials in separate comments. man said. A spokeswoman for block Manila from doing even rying huge risks for both pow- Philippines if it tries to erect
ter cannon at Philippine ves- Navy destroyer USS Dewey the U.S. Seventh Fleet declined patchwork repairs, said Jay Ba- ers. Beijing might see a win- structures there.

Armenia Is Seeking
Support From West
As Russian Ties Fray
BY YAROSLAV TROFIMOV conflict was until now focused
on Nagorno-Karabakh, a re-
YEREVAN, Armenia—Aban- gion that was controlled by
doned by its traditional Rus- Armenians but internationally
sian ally and squeezed be- recognized as part of Azerbai-
tween two hostile neighbors, jan, Western officials say they
Armenia is reaching out for fear that it could spread into
JUSTYNA MIELNIKIEWICZ FOR THE WALL STREET JOURNAL

Western support as it fears Armenia proper.

another war. Azerbaijani President Ilham
This week, the landlocked Aliyev has described most of
country of three million people Armenia, including the capital,
signed a deal to buy modern Yerevan, as historically Azer-
air defenses from France, mov- baijani lands that should be re-
ing to fill a key capability gap covered. Even though he re-
that allowed Azerbaijan to rout cently stated that Azerbaijan
Armenian forces in 2020. The has no territorial claims on Ar-
agreement came as some 3,000 menia, officials and state-con-
Turkish and Azerbaijani troops trolled media in Baku continue
began joint drills on both sides referring to most of Armenia
of Armenia. as “Western Azerbaijan.” Ali-
Bound to Russia by a mili- yev on Wednesday canceled People fled Nagorno-Karabakh last month after a cease-fire collapsed and Azerbaijan seized the area with little resistance.
tary alliance and an economic plans to meet Pashinyan for
union, Armenia is seeking new talks this month. ternational Criminal Court, Continuing Armenian mem-
partners because Moscow has A concern in Washington which has issued an arrest bership in the Russian-led mili-
failed to live up to its commit- and European capitals is that Caspian Sea warrant against Putin for al- tary bloc, the Collective Secu-
ments as an ally, especially Azerbaijan, with Turkish sup- Tbilisi RUSSIA leged war crimes in Ukraine. rity Treaty Organization,
GEORGIA
during Azerbaijan’s takeover port and Russian complicity, Russia’s TASS state news creates obstacles to deepening
of the Nagorno-Karabakh en- might attempt to conquer all agency, citing a high-placed of- military ties with the West, he
clave last month, said Arme- or parts of Armenia in the ficial, described Pashinyan as said. Despite these limitations,
AZERBAIJAN
nian Prime Minister Nikol Pa- coming months, creating a land ARMENIA Baku rapidly following the path of the U.S. last month conducted
shinyan. bridge between Azerbaijan and Yerevan NAGORNO- Ukrainian President Volodymyr the Eagle Partner exercise with
“These events have essen- Turkey. A parallel worry is that KARABAKH Zelensky and trying to turn Ar- Armenian forces involving
tially brought us to a decision Russia, whose state media and menia “into another Ukraine.” some 85 U.S. personnel, fo-
TURKEY
URKEY
that we need to diversify our officials have begun a vitriolic Ara Papian, a former Arme- cused on training for peace-
relationships in the security campaign against Pashinyan, NAKHCHIVAN nian ambassador to Canada keeping missions.
sphere,” the Armenian leader could be planning a coup to (AZER.) and a leader of a pro-Western A looming existential threat
said in an interview, adding oust the nation’s leader. 50 miles
party, said that only deeper se- means Armenia must avoid a
that he doesn’t see advantages “Territorial integrity of Ar- IRAN
50 km curity ties with the U.S. and break with Moscow, said Vahe
in the continuing presence of menia could be in jeopardy, and France, two nations with large Hovhannisyan, a former law-
Russian military bases in Ar- also its democracy,” warned Armenian diasporas, could al- maker and a leader of the Al-
menia. Lithuanian Foreign Minister Ga- revolutions.” Russia stood by of the enclave’s 100,000 ethnic low his country to survive ternative Projects Group oppo-
The predicament facing Ar- brielius Landsbergis. as oil-rich Azerbaijan defeated Armenians to flee their home- given the changing regional en- sition platform. “Completely
menia worries the U.S. and A former journalist and Armenian forces in 2020, re- land. vironment—and Moscow’s new spoiling relations with Russia
Western allies. In a world rav- one-time political prisoner taking areas that Armenians Pashinyan’s criticism of weakness. “It’s not in Russia’s without getting any Western
aged by violence, from who first came to power af- occupied for decades. A Rus- Moscow’s behavior, in particu- interests to back Armenia,” he guarantees about national se-
Ukraine to Gaza, the region is ter antigovernment protests in sian-guaranteed cease-fire col- lar in a speech at the European said. “And even if it wanted to curity…? This is a direct path
looming as another potentially 2018, Pashinyan has long been lapsed in September, as Azer- Parliament this month, has in- defend Armenia, it wouldn’t be to suicide,” he said. “We can-
explosive flashpoint in a long viewed with suspicion by Rus- baijan’s military seized flamed Russian wrath. So did able to, given that all its re- not turn Russia into an enemy.
arc of instability that runs sian President Vladimir Putin, Nagorno-Karabakh with little Armenia’s recent decision to sources are concentrated on Yes, it may not be a good ally.
through Eurasia. While the who abhors so-called “color resistance, forcing nearly all ratify the jurisdiction of the In- the Ukrainian front.” But it can be a formidable foe.”
 PERSONAL JOURNAL.
© 2023 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, October 26, 2023 | A11

TURNING
POINTS
CLARE
ANSBERRY

B
randon Will, 41, put his
writing career on hold
to become a full-time
caregiver to his mom.
He takes her on slow
walks, trying to encour-
age her without getting frustrated.
He arranges phone calls with her
friends, cleans, cooks, and helps
her dress and bathe. When she is
thirsty, he gets her water.
His mom, Janice Will, 72, has
Parkinson’s disease and can’t walk
unaided across the room. “It’s
very humbling,” Janice says. She
feels sad to have taken him away
from the life he was building in
New York.
More sons are stepping in to
care for parents. An estimated
18.7 million men cared for adults,
up from 16 million in 2015, ac-
cording to a 2020 report by AARP
and the National Alliance for
Caregiving, and about half of care-
givers provide care for parents or
parents-in-law.
While daughters outnumber
sons as caregivers, the gender gap
is shrinking. About 47% of adults,
ages 18 to 34, who care for some-
one with dementia, are men.
Caregiving is difficult for every-
one but it can take a particular
emotional and financial toll on

Caregiving Sons Face

 Brandon Will helps his mom,
sons because they tend to keep Janice Will, into the single-story
things to themselves, don’t seek home they share in Forest Park, Ill.
support, and feel uncomfortable
providing personal care. In many
cases, it’s often millennial men who
are taking on the responsibility just
as they are trying to establish their
professional and personal lives.
“We don’t see many resources
Steep Learning Curve cation so Brandon can get away.
The brothers are close but have
had rifts, mainly involving mis-
communication.
Their mom needed healthy and
tailored to men, who end up feel- Some who put lives on hold say they can feel unqualified, ill-equipped regular meals and what seemed to
ing isolated,” says Jason Resen- be a simple task of meal planning
dez, CEO of the National Alliance and preparation became over-
for Caregiving. say caregiving sons, and it’s hard felt weakness in her legs and ally understanding, he says, his whelming. “I was a person who
Three out of 10 caregiving men to accept that they can’t fix their arms. After three years of testing, explanations “still feel like my dog ate Hot Pockets into my 30s,”
say they have tapped their sav- parents’ age-related decline. she was diagnosed with Parkin- ate my homework” excuses. Brandon says.
ings to provide care, or reduced son’s in 2015. He says he has no regrets Darren tried to help by sending
the amount they can save, says New responsibilities Brandon had just been offered about becoming his mom’s care- cookbooks and emailing recipes,
Brendan Flinn, senior policy ad- Many, like Brandon, are thrust a publishing job in New York and giver, but there are financial and rather than what Brandon really
viser at the AARP Public Policy unexpectedly into the role of thought he could manage his personal consequences. needed: two or three recipes each
Institute, based on the 2020 care- caregiving. mom’s care by spending a month “These are my prime earning week and a grocery list.
giving report. Brandon was in graduate with her a few times a year. But years. I will always be working at “I thought I was helping, but
Sons who are caregivers say school in New York when his mom after Janice had a serious fall in a deficit now to catch up,” says he was looking for more-direct
they face a steep learning curve began having trouble. She couldn’t 2018, he knew she couldn’t live Brandon, who lives in Forest Park, help,” Darren says. Eventually,
and often feel unqualified and ill- keep up with the billing for her alone and they couldn’t afford full- Ill., with his mom. Darren arranged to have Meals on
equipped. Men like to “fix things,” small bulk-mailing company and time in-home care. There are consequences, too, Wheels delivered to his mom.
At first, he was em- for Janice, who championed her Both Brandon and Janice say
barrassed to tell friends son’s dreams. “It was quite a bur- their circle of friends has grown
he was returning to the den on me to be a burden on him,” smaller. Some of Janice’s dinner
Midwest to live with his she says. companions quit calling, because,
mom. “To a lot of peo- she thinks, of her inability to carry
ple, I looked like the Seeking support on smooth conversations. Bran-
millennial going back to Younger caregivers are frequently don’s friends have to visit at his
live with their parents,” torn between work responsibilities house, which isn’t always doable.
he says. and care. The Rosalynn Carter In- Some have kids.
He envisioned free- stitute for Caregivers found that Support groups have been in-
lancing full-time while 23% of caregivers ages 18 to 44 valuable. At one meeting, they
caring for Janice, but had to quit their full-time jobs, learned about a program called
Parkinson’s is progres- while 57% had to reduce their Dancing With Parkinson’s and now
sive and unpredictable. hours and work part-time, accord- attend each Thursday. “I love to
JAMIE KELTER DAVIS FOR THE WALL STREET JOURNAL (2)

Occasionally, he turned ing to a survey conducted in 2021. dance,” Janice says. Brandon also
down jobs because he “It’s very hard to plan for my joined an advocacy organization,
wasn’t sure he could future,” says Brandon, who is one Caring Across Generations, and he
meet a deadline or asked of three boys. and his mom started writing to-
for extensions when his His brother Darren Will, who gether, posting essays on a web-
mom had an emergency. lives and works in Los Angeles, site they call Our-Will-Power. Dar-
While people are gener- calls Janice daily and FaceTimes ren helped them make a video.
with her twice a week—on Sun- Brandon says he has put aside,
days to play brain-skill games and for now, aspirations to write
 Darren Will, who lives on Wednesday to watch “Friday young-adult novels and is working
in California, FaceTimes Night Lights,” giving Brandon un- on a memoir about his initial hesi-
with his mom to play interrupted time to work. He flies tance to become a caregiver. He
games and watch movies. to Chicago twice a year, using va- plans to call it “See If I Care.”

New Test Says It Can

half of his patients bring up the
test with him. About 10% of them
have taken it, he estimates.
Grail recommends the test for

Find Cancer, for $949 people with an elevated risk of can-

cer, such as those who are over the
age of 50 or who have genetic risk
factors.
BY ALEX JANIN risk of getting false positive or neg-
ative results. In one study, more Inside the research

D
octors, researchers and pa- than half of the people who got a The Galleri test returned a false
tient advocates are excited positive result didn’t have cancer. positive in less than 1% of all people
about a new blood test that screened, according to the final re-
promises to detect cancer early. ’Let’s wait and see’ sults of a company-funded study re-
They disagree about whether you Getting a false positive can cently published in the journal The
should actually use it yet. cause worry and lead to unneces- Lancet. Among people who got pos-
The $949 Galleri liquid biopsy sary and costly follow-up proce- itive results, 62% of them didn’t
can screen for more than 50 types dures. False negatives, which are have cancer. Grail says it is working
of cancers. It works by looking for a more likely for a test such as Gal- to improve the test’s positive pre-
shared cancer signal in DNA shed leri, could lead patients to skip rec- which really speaks to the unmet “That’s what happens when you dictive value, or the probability a
by tumors in the bloodstream. More ommended screenings. need and the urgency about this catch it early,” says Caro, 55. person with a positive result has
than 130,000 of the prescription- “If I feel good and I’m asymptom- new technology,” says Dr. Eric Klein, Galleri is one of few commer- cancer, in future versions.
only tests have been sold since Gal- atic and I have minimal risk for can- distinguished scientist at Grail. cially available tests known as mul- The NCI plans to begin a study in
leri became available in June 2021, cer, do I need to get this?” says Dr. Valerie Caro, a real-estate broker in ticancer early detection, or MCED. 2024 assessing whether MCED tests
according to the test maker Grail, a Lori Minasian, deputy director of Flagstaff, Ariz., first learned about None are Food and Drug Adminis- given to healthy patients can reduce
PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, ASSOCIATED PRESS

unit of the gene-sequencing com- the National Cancer Institute’s Divi- the test in a book by motivational tration-approved or recommended cancer-related deaths. Grail won’t
pany Illumina. sion of Cancer Prevention. “Let’s speaker and life coach Tony Rob- by the U.S. Preventive Services Task participate in that study, aa company
The Galleri test is one of many wait and see. I don’t think there’s bins. She was curious enough to Force. The American Academy of spokesperson says.
products tapping into affluent and enough evidence right now.” ask a doctor about it despite having Family Physicians says it recom- Dr. LaTasha Seliby Perkins, a
health-obsessed consumers’ appe- The company and the test’s pro- no symptoms. Two practitioners de- mends against mass screenings family-medicine doctor at MedStar
tite for data on their personal ponents say the potential benefit of clined to prescribe it before she got that aren’t evidence-based, includ- Georgetown University Hospital in
health. Some longevity and con- catching cancer earlier outweighs a prescription through Grail’s tele- ing routine use of MCED tests. The Washington, D.C., says she hasn’t
cierge doctors are offering the test those concerns. The company says health service in summer 2022. test, which isn’t covered by most in- offered the test because of concern
alongside other new, experimental it believes making these tests avail- The test flagged a possible cancer surance plans, is meant to supple- about the lack of FDA approval and
health screenings including full-body able will increase cancer detection signal in her gallbladder or pancreas, ment, not replace, recommended because it is simply too expen-
MRI and biological-age testing. and improve public health. If you and after several follow-up proce- cancer screenings, Grail says. sive. “For folks who are just trying
Despite the rise in sales and get a positive test result, the com- dures including an MRI and gallblad- At the longevity physician Dr. to make sure their needs are met, it
backing from some doctors, others pany says it isn’t a diagnosis and der-removal surgery, she learned Neil Paulvin’s independent practice, is going to be a hard sell to say,
in medicine are preaching caution. you should conduct an evaluation that a stage-two 4.3-cm cancerous the Galleri test is included as part ‘Can you spend $1,000 on this test
They say there is no research that with a healthcare provider. tumor was nestled in her gallbladder. of a comprehensive physical-exam that we’re not sure of its efficacy?’ ”
shows the current test will prevent “We still lose 600,000 people a A year later, she says, she credits package that can run from $5,000 Grail says it is working with sev-
cancer deaths and warn about the year due to cancer in the U.S., the test with saving her life. up to $20,000, he says. Roughly eral insurers to offer coverage.
A12 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

This Is How to Make a Budget know are silly and trivial, you
still have this sense of, ‘but I
want it, it’s mine. I want to keep
it with me and keep engaging
with it,’” he said.

You’ll Actually Stick With Spreadsheets seem to have the

same effect.
One barrier to the DIY ap-
proach: Spreadsheets feel like
Here’s why using pencil, not an app, to track your income and expenses can really pay off work. Few people understand how
to use spreadsheets well and even
fewer people want to learn how,
said Karl Jacob, founder of
LoanSnap, a fintech company that
lets homeowners consolidate high-
interest debt into mortgages.
His company launched earlier
this year Debt Wellness, a free, au-
tomated version of the spread-
sheet LoanSnap uses to keep tabs
on customers’ monthly cost of
debt. This and other automated
tools can save consumers time by
automating data entry. They are
also more accurate and better at
factoring in changing variables
such as interest rates, which have
risen rapidly over the past year,
Jacob said. Another benefit is the
ability to set up alerts to keep
people up-to-date.

Budgets don’t need to

be built from scratch
Thankfully, for those still inter-
ested in a bootstrap budget, you
don’t have to start from scratch.
There are many free templates
available online for Excel, Google
Sheets and paper worksheets.
Communities of DIY budgeters ex-
change personal templates in
money-focused Facebook groups
and other forums.
Thomas Frank built an elabo-
rate budget-spreadsheet template
he shares in YouTube videos. He
fine-tuned the layout he had first
designed in 2009 and now offers
features such as a housing-cost-
comparison tool that factors in re-
pairs, and a credit-card calculator
that shows how interest expenses
change with different payment
amounts.

L
BY IMANI MOISE visers say the DIY budgeters are ing with new clients group Aite-Novarica. “I spent years building this. I
on to something. Though millions is make them plug Though 90% of peo- know the ins and outs of it. It
atasha Jordan’s favorite of people have created accounts all their daily ex- Those who try ple between the feels like my baby,” he said. Frank
budgeting tool is a blank on apps such as Mint and Rocket penses into a apps tend not to ages of 24 and 54 acknowledged his template won’t
sheet of paper. Money, making the time and effort spreadsheet. The said they have be a good fit for everyone. Unless
The 39-year-old to log every transaction yourself pain of typing all the stick with them, linked an account to you also live in Denver, those who
from Durham, N.C., folds can help people stay in better tune data replaces the one of these tools, download the template will need
the page into three sec- with their finances. pain of handing over
according to 20% reported using to tweak most of the formulas to
tions twice, an act of organiza- The first thing Kenneth cash, he said. Taking a 2020 survey. them within the reflect your local taxes.
tional origami she refined over the Coombs, a financial adviser in more time to con- past three months, His spreadsheet also pays divi-
past decade. The folds create London, Ontario, does when work- sider each transac- the survey found. dends for his mental health, Frank
enough boxes to fill in nine tion can counteract More people say said. He knew he was facing burn-
months of income, expenses, debt frictionless payments with the they regularly use spreadsheets out during the pandemic when he
and savings by hand. A budgeting Google searches for wave of a card or smartphone that than these budgeting services was producing four YouTube vid-
app could save her hours and ef- 'free budget template' make it easier to spend mindlessly. from banks or third-party apps. eos a month, but couldn’t shake
fort, but she insists that the 100 “Now it’s ‘I remember seeing the feeling that he couldn’t afford
drudgery of doing it herself is Popularity peaked that number,’ not ‘I’ve tapped my to slow down. After tinkering in
The benefits
PHOTO ILLUSTRATION BY DAISY KORPICS/THE WALL STREET JOURNAL

what makes it actually work. in January 2023 card and bought something I don’t his spreadsheet, he realized he
80
An off-the-shelf program “is know how much it was,’” he said. of a DIY budget could halve his output and still
never going to have the oddities Expense-tracking apps that link People tend to feel more invested keep the lights on.
that might occur when I do it on 60 directly to your bank and credit in something they create them- “When you don’t have that
my own,” Jordan said of the bud- cards can help people monitor selves compared with an identical data, you can have a lot of guilt
geting apps. 40 where their money goes and how item someone else made, said Mi- or fear hanging over your head,”
When it comes to managing their spending habits change over chael Norton, a professor of busi- he said.
money, many find it pays to go low time. The apps can only help you ness administration at Harvard In addition to his spreadsheet,
20
tech—especially when inflation budget if they can keep your at- Business School. He dubbed this Frank uses a budgeting app to
makes it harder than ever to stick tention, Coombs said. Alerts from phenomenon “the IKEA effect” in manage his finances. The app fre-
to a budget. They prefer pencil, pa- 0 these apps can easily get lost in 2011 research that showed adults quently sends him emails and
per or old-fashioned spreadsheets 2014 ’16 ’18 ’20 ’22 the constant flow of notifications often become emotionally at- alerts, but he said his spreadsheet
to the free or low-cost expense- pushed to our devices each day. tached to something as simple as is better at keeping his attention.
Note: Numbers represent search interest relative to the
tracking tools offered by banks and highest point on the chart for the given region and time
Those who try the apps tend a bird made out of Legos—if they “Most of the time, I archive it
fintech companies. with 100 representing peak popularity. not to stick with them, according make it themselves. and don’t even look,” he said of
Researchers and financial ad- Source: Google Trends to a 2020 survey by research “Even with things that you the alerts.

The Lowly traveler next to them dozes off and

messes with the volume button on
the armrest. One problem: With no
That allows the person
“to spread into my seat,
unfenced,” says Evans, 69.

Plane Armrest official rules to guide them, fliers

have a shaky understanding of what
their fellow passengers expect. It’s
“I think it has to be mutu-
ally agreed before some-
one can raise it up.”

Divides Fliers armrest anarchy.

In the recent YouGov poll, for in-
stance, six out of 10 people said that
Middle-seat passengers
are entitled to most of the
armrest on their seat, but
window, aisle and middle-seat pas- not all of it, says Pete
Continued from Page One sengers have equal claim to arm- Williams, a real-estate
der that separates us from our seat- rests. But nearly 20% of people said agent from Prescott, Ariz.
mate. middle-seat passengers have more of About two-thirds of the
The armrest elbows into our a right to the armrests compared armrest for the middle-
psyches to such a degree that poll- with fliers in other seats. seat passenger seems fair,
ster YouGov regularly surveys the “The person in the middle should he adds, and the remain-
American public on it, most recently have some choice because they are ing portion should go to
in May. Entrepreneurs have tried to putting up with more discomfort,” passengers in aisle and
capitalize on armrest awkwardness says Adrienne Escoe, 77, a re- window seats.
with inventions, such as a curved tiree in Irvine, Calif. “This common area
double-deck armrest, and the quan- Some travelers don’t want needs to be dealt with
dary has even entered academia. At their seatmates using the with a sense of decency,”
London’s Kingston University’s an- armrest at all. Others say says Williams, 77.
Armrest angst has elbowed
nual design competition this year, a passenger size is the deter- Erik Hammer, who is 52 and
into our psyches. Inventors
winning student entry provided a mining factor. works for a tech company, has de-
have taken note. Meet the
solution “to the never-ending battle “When you sit down, the veloped a strategy of armrest diplo-
Soarigami armrest divider.
for who gets to use the middle arm- biggest guy gets the arm- macy.
rest on planes.” (The invention al- rest,” says Steve Sawin, who “If my seatmate took the whole
lowed the armrest to be adjusted is 6-foot-3-inches tall, retired thing and is blocking me out, I’m
from slim to more accommodating.) from the medical-device gle armrest. gently going to move my arm and
“We decided on this idea after a manufacturing industry, and They raised some money tap theirs and apologize,” says Ham-
survey of staff and students found lives in Scarborough, Maine. and had it manufactured in mer, of Folsom, Calif. He is 6-foot-3
that narrow armrests were people’s “Size wins over.” China, Chang says. He and inches tall and has a tough time
biggest inconvenience when flying,” When a larger person sits his wife have sold more than squeezing into coach seats.
said Charlie John, one of the win- down next to him, Sawin, 74, 15,000 of the devices, which That apology starts a conversa-
ning students. surrenders the armrest. are described as “The Arm- tion about sharing the armrest,
A few months ago, travel-tips ex- “I just take that flight with rest Problem Solver” and re- Hammer says: “Every time I’ve done
pert Jess Bohorquez went viral on- crossed arms,” he says. tail for $19.99. that, it’s worked.”
line for calling out bad armrest Then there are travelers “It’s a nice conversation To Jacques Lahaie, 66, who works
manners. “If you have the distinct such as Liz Nickles, who works in University. It was a joke at first, he piece” on an airplane, Chang says. for a medical-device company and
luxury of having a window or aisle marketing and lives in New York says, involving the wearing of a Also, “if you bring a Soarigami along lives in Alpharetta, Ga., armrests are
seat,” she scolded, “do not take over City. She says there are no rules. backpack that came with its own and you offer it to the other person less about comfort and are more like
both armrests.” “It’s a free for all,” Nickles says. armrests. to use, and they refuse, then you a demarcation line.
“I had to passively aggressively “Usually it’s the first person who A few years later, Chang’s wife, kind of won the armrest fair and “I see the armrest as a fence that
fight seven hours for the armrest,” gets there, and you better hope they Grace, encouraged him to bring a square.” tells the passenger next to me, ‘This
one viewer responded. are smaller than you. It’s sort of like more realistic version of the idea to In Atlanta, Daryl Evans, who is is where your space ends and mine
Many airline passengers, stuck in a cage fight in the air.” life. She designed what they would semiretired from the advertising starts,’” Lahaie says. “Once you start
SOARIGAMI (2)

one place for hours, will face arm- Arthur Chang came up with an later name the Soarigami, a portable field, says what really annoys him is to put your elbow there, you always
rest tension, whether 10 minutes idea about making armrests easier divider shaped like a paper plane when someone raises the armrest touch the other passenger, which I
into the flight, or later, when the to share while in school at Cornell that allows two arms to fit on a sin- between them. don’t like, and I don’t want.”
 THE WALL STREET JOURNAL. Thursday, October 26, 2023 | A13

ARTS IN REVIEW
BY HEIDI WALESON

I
Houston
n 2000, Jake Heggie’s “Dead
Man Walking” launched a
flurry of activity in the cre-
ation and production of new
American operas. It became
one of the most produced
21st-century titles and made it to
the Metropolitan Opera last
month. On Friday, Houston Grand
Opera opened its season with the
world premiere—the company’s
75th—of Mr. Heggie’s most recent
work, “Intelligence.”
Like “Dead Man,” “Intelligence”
is based on a true story, this one
more than a century older. During
the Civil War, Elizabeth Van Lew, a
wealthy Richmond landowner, ran
a Union spy ring with the assis-
tance of Mary Jane Bowser, an en-
slaved woman in her household.
Mr. Heggie, librettist Gene Scheer
and director/choreographer Jawole
Willa Jo Zollar have blended his-
torical record and imagination to
fashion a tale centered on Mary
Jane’s journey toward finding the
truth of her traumatic past. The
path is logical, but that narrative
drive, full of heavy-handed fore-
shadowing, toward Mary Jane’s
discovery—a slave auction and the
forced separation of mother and
child 20 years earlier—feels for-
mulaic. The lengthy opera is an in-
ert, mechanical structure, its char-
acters and situations erected as
plot points rather than an authen- OPERA REVIEW
tic, developing story with dra-

‘Intelligence’: Songs for Spies

matic sweep.
The 80-minute first act is
crammed with information: We
meet Mary Jane, Elizabeth and Lu-
cinda, a mysterious woman who
seems to know a lot about Mary Jake Heggie’s new work follows two women running a Union espionage ring during the Civil War
Jane. A pair of cardboard villains—
Callie Van Lew, Eliza-
beth’s sister-in-law, and he threatens and fondles Mary Jane discovery. The spying tale fades
Travis Briggs, a Confed- as if he had every right to do so away, and the opera concludes
erate Home Guard—who was the one moment in the evening with uplift as Mary Jane, backed
embark on a romance that made the power dynamics of by the dancing ancestors, resolves
even though Callie’s hus- slavery visceral. Caitlin Lynch’s to tell her own story. Like the rest
band is off fighting for high soprano brought a slyness to of the opera, it’s logical, but pat.
The Cause are bent on Callie; mezzo J’Nai Bridges was a The design concept ingeniously
uncovering the suspected cipher as Lucinda; Nicholas New- evoked the opera’s multiple loca-
spying activities. Also in ton’s sumptuous bass-baritone gave tions: Mimi Lien’s set, a multilevel,
the mix are Wilson, Mary Henry authority; and tenor Joshua movable box with transparent
Jane’s husband, who is Blue was poignant as Wilson, sides, suggested hiding places and
part of the spy opera- whose love for Mary Jane means he secrets, as did John Torres’s mys-
tion, and Henry, Jeffer- will do anything for her. Kwamé terious lighting; Wendall K. Har-
son Davis’s butler, who Ryan was the capable conductor. rington’s shadowy projections de-
falls in love with Mary One unusual element in the picted the real (an oak tree, a
Jane. Events include a piece is its built-in dance compo- bookshelf) as well as the remem-
devious plan: Mary Jane nent, featuring eight members of bered (sheets transformed into
goes to work in Davis’s Urban Bush Women, ebulliently ship sails; daguerreotype por-
home, the Confederate choreographed by Ms. Zollar, the traits; slave auction posters; Afri-
White House, where she company’s founder. One dancer can fabric designs). The costumes,
can surreptitiously pick played Mrs. Davis; the others were originally designed by Carlos Soto
up information since no a continual presence, embodying and realized by Clair Hummel
one suspects that she is the ancestral roots that support (who also designed the dancers’
literate. She sets the Da- Mary Jane and Lucinda. In an costumes), contrasted sober pe-
vis house on fire as a early scene, they surrounded Mary riod authenticity for the living
distraction from her ac- Jane and helped her walk toward characters with vibrant colors and
tivities; Elizabeth, fear- the danger of her undercover role vivid details for the spirit dancers.
ing discovery of the spy ring, bur- her ignorance about her origins, J’Nai Bridges and Janai Brugger, in the Davis house; in Lucinda’s Ms. Zollar’s rudimentary scene di-
HOUSTON GRAND OPERA / MICHAEL BISHOP (2)

ies the journal that contains her doesn’t sound all that different surrounded by the dancers of aria “Who am I?” about the hor- rection exposed the static quality
codes and other secrets. The 50- from Elizabeth’s declaration, “I Urban Bush Women, top; Jamie rors of the slave trade, they of the libretto; her explosive cho-
minute Act 2 features murder, rev- didn’t know I could hate like this.” Barton and Ms. Brugger, above formed a single line behind her, reography appeared to belong to a
elation and apotheosis. The copious text abounds with ex- representing the trafficked and ex- different show altogether.
It’s a lot of material, and Mr. pressions of rage and terror, but ploited. In Act 2, as Mary Jane
Heggie’s music tends to be blandly we never hear it in the music, and contrasted with Jamie Barton’s gleans more information about her Ms. Waleson writes on opera for
pretty, with little to distinguish Mr. Heggie’s ensembles often go powerful mezzo (Elizabeth)—sup- past, their dances become more the Journal and is the author of
one character from another. Each on long past the moment when plied some variety of tone. The sole elaborate—and elaborately cos- “Mad Scenes and Exit Arias:
gets at least one obligatory aria, they’ve made their point. character with any real edge is Tra- tumed—accompanied by African The Death of the New York City
but Mary Jane’s opening song, a Only the singing—Janai Brug- vis, sung with verve by baritone drumming from the pit. They also Opera and the Future of Opera in
minor-key lament that establishes ger’s lyrical soprano (Mary Jane) Michael Mayes. The scene in which acted out Mary Jane’s culminating America” (Metropolitan).

DANCE REVIEW already has the spring and reach to

lend his dancing a courtly resonance.

Springing Through a Troupe’s History As the secondary ballerina, glamor-

ous soloist Chloe Misseldine grew in
confidence and expansiveness as she
proceeded through her
BY ROBERT GRESKOVIC its most eye-catching individual—an choreography’s fleet and
impact he repeated in other roles spinning aspects.
New York this season—was corps de ballet Paired with “Ballet

F
ormer American Ballet Theatre dancer Jake Roxander. With his pro- Imperial,” “The Dream”
principal dancer Susan Jaffe digious gifts for being airborne and (to Mendelssohn)—Fred-
has programmed three bills of for spinning through vertiginous, erick Ashton’s 1964 re-
one-act ballets for that company’s multiple turns that emulate gyro- duction of Shakespeare’s
fall season—the first she’s curated scopic mechanics, Mr. Roxander in- “A Midsummer Night’s
since becoming its artistic director spires audiences to react enthusias- Dream” for Britain’s
in 2022. One was designated as tically to his every appearance. Royal Ballet, first per-
“Classics Old and New,” while the In the company’s revival of Har- formed by ABT in
others feature selections of 20th- ald Lander’s “Études,” a showcase 2002—gives the season
and 21st-century creations. of dancing that upscales classroom an especially engaging
The first week’s programs in- exercises as stage spectacle, Mr. double bill. Ms. Murphy
cluded works acquired by ABT during Roxander took the more jump-filled revisited the central role
its 83-year history. Of these, Alexei of the two leading male roles and of Titania, Queen of the
Ratmansky’s “Piano Concerto No. 1” soared and spun with incomparable Fairies, excelling at play-
(to Dmitri Shostakovich) was specifi- ease and ebullience. This ballet, cre- ful yet rigorous dancing
cally created for the troupe in 2013, ated for Copenhagen’s Royal Danish with a regal hauteur. As
as a co-commission with San Fran- Ballet in 1948 and taken into ABT’s Oberon, her devious
cisco Ballet, and it received some of repertory in 1961, remains a crowd- King, Daniel Camargo,
the run’s most confi- pleaser with its audi- also returning to the
dent performances. ences reacting excit- role, rendered the part’s
Two impressive edly to its intricacies with compel-
casts, led by two This is American choreography as sphere of the cheering spectators. Jake Roxander and ABT dancers in ling strength and daring.
prominent couples, Ballet Theatre’s stunts rather than as Another ABT revival came in the Harald Lander’s 1948 ballet Making his debut in the role of
rendered Mr. Ratman- musically motivated form of George Balanchine’s “Ballet ‘Études,’ staged by Thomas Lund Puck, Mr. Roxander played the wily
sky’s stirring, often first fall season movements. Imperial” (1941, to Tchaikovsky), scamp with bounding elevation and
daringly physical ac- Knudåge Riisager’s which the company first performed ace. His costuming—soft tutus and spinning-top pirouettes that sug-
tivities. Acrobatic
programmed arrangement of Carl in 1988 and in which Ms. Jaffe formal tunics—is encrusted with icy- gested he was boring into the stage
overhead lifts and diz- by Susan Jaffe. Czerny’s methodical starred. In this new staging by for- clear sparkles. while simultaneously spiraling away
zying, dashing forays piano exercises keeps mer New York City Ballet soloist After its initial two outings, ABT from it. Elsewhere, bright of expres-
of group maneuvers the dancers fed with Colleen Neary, the company has a was still settling into the ballet’s sion and expert with pantomime,
revealed the men and accompaniment for scrupulous mounting of its demand- grandly intricate and often free-spir- Roman Zhurbin made the confused
women as fervent athletes, at times their drills at the barre and in the ing choreography, which features a ited classical paces, which ask for character of Lysander into a most
giving off a militaristic air. The dance center (as practice away from the leading and a secondary ballerina, a more sweeping than tidy executions. winning fellow.
teems with vitality, aided by George barre is known). In the central balle- prominent cavalier and an ensemble Of the featured dancers here, Isa- Three 21st-century dances will
Tsypin’s set, a riff on Soviet poster rina role, Gillian Murphy, who of 18 women and 10 men. bella Boylston proved more suited round out Ms. Jaffe’s season of
graphics, and Keso Dekker’s sleek, danced this part in previous ABT The ballet’s designs by Rouben to the commanding queenly lead. ABT’s newer and older dances.
gray-and-scarlet costumes, which stagings predating this year’s cur- Ter-Arutunian include a setting that As the central cavalier, opposite a Whether any of these will become
ROSALIE O’CONNOR

caught Jennifer Tipton’s lighting to rent revival by Thomas Lund, presents a chilly panorama of the somewhat lackluster and cautious company classics only time will tell.
create red-hot accents as if reflecting brought to the dazzle of her task a Peter and Paul fortress in St. Pe- Christine Shevchenko, Calvin Royal III
some out-of-view blast-furnace. cool gravity and sweet dignity that tersburg as if viewed through made elegant work of both his part- Mr. Greskovic writes about dance
Standing out in the first cast as helped temper the circuslike atmo- parted curtains in the Winter Pal- nered and solo dancing moments; he for the Journal.
A14 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

SPORTS
My friends, there is an JASON GAY ities. It isn’t like a school sits
important takeaway around and thinks, Well, we were
from the controversy
currently swirling
around the University of
Michigan football team, and it is
Much Ado About Michigan going to install a lazy river around
the weight room, but we realized
_____________ doesn’t have one, so
we just put in a tabletop Ms. Pac-
this: Jim Harbaugh has an undefeated team chasing a national title. Man.
No matter your opinion of this The most banal, predictable as-
situation—whether you believe
Allegations about against-the-rules spying threaten a dream season. pect of this controversy is that it’s
what’s being alleged (against-the- entirely avoidable. The big reason
rules spying on other teams) is seri- sign-stealing remains a thing in col-
ous, scandalous, mildly scandalous, then punting. There: I just saved formation regarding the University lege football is because they don’t
or a whole pile of nothing, even if you $1,200 in gas money.) of Michigan football program ille- use in-helmet communication sys-
you’re totally reserving judgment None of this is to diminish gally stealing signals, nor have I tems, as the NFL does. That’s why
until all facts are clear—if a contro- what’s being alleged to have hap- directed any staff member or oth- you have the sideline personnel
versy involves Jim Harbaugh and pened with Michigan, which is in- ers to participate in an off-cam- holding up crazy signs with num-
his fancy undefeated No. 2 Michigan deed serious, and may call into pus scouting assignment. I have bers and hieroglyphs and photo-
Wolverines…it is hilarious. question past results, including, im- no awareness of anyone on our graphs of platypuses and Abe Vi-
I say this not only as a lonely portantly, all of its victories against staff having done that or having goda; it’s what incentivizes
Wisconsin Badger in a Journal Wisconsin since 1892. In fact, if Ann directed that action.” personnel to spend hours probing:
newsroom thick with swaggering, Arbor would like to pre-emptively This does have the makings of a What does Abe Vigoda mean! De-
national championship-hungry Wol- surrender all of the university’s 52 Michigan classic what did they know/when ploying a common, widespread
verines, but also as a follower of wins over the Badgers (against, uh, head coach did they know it imbroglio, with the technology that allows coaches to
college football, a sport in which 17 losses) I will accept on behalf of Jim Harbaugh caveat: Sign-stealing is an abundant speak to players would drastically
glee over a rival’s difficulty is a cel- my alma mater. I’ll let them keep practice in college football, to the curtail if not eliminate the practice.
ebrated emotion. the 7-7 tie in 1921, just because I am point it’s become part of the Here’s what Nebraska’s head coach
That’s not a gallant opinion, but a reasonable person, not a hater. aura of successful teams. Matt Rhule, who recently held the
I am not alone. If you don’t feel Do these allegations undermine How could a sport that same position in the NFL, said this
Schadenfreude when your school’s the Wolverine dominance over has long embraced war week: “There should be 100% [hel-
nemesis is struggling/losing/under the past couple of seasons? I terminology (field met microphone technology]. You
siege, I dare say you don’t care can only hope so, but we generals, etc.) turn can get rid of all the stupid signs on
about college football. don’t have anywhere close away from the dark the sideline and the pictures of rock
On the specifics of the Michigan to a full set of facts. The art of spycraft? stars and all that stuff and we can
matter, what’s being alleged and in- investigation is ongoing, Game day sign-steal- just play football the way it was
vestigated—whether anyone con- and we have no official ing, reviewing side- meant to be.”
nected to Wolverines football broke confirmation of what line shots during Could the Wolverines face pun-
the rules by scouting games of ri- was allegedly done— televised game foot- ishment this season? This isn’t the
vals and filming sidelines, hoping to or not done—by an age to see if signs can first controversy to dog the team
glean information about signals, I analyst with the be corresponded with this year; Michigan sat Harbaugh
have a few thoughts: Michigan team, a plays…it happens. for the season’s first three games
Foremost, my heart goes out to Navy grad named The allegations with a self-imposed suspension
any individual or individuals who Connor Stalions, against Michigan are amid an ongoing NCAA investiga-
allegedly traveled around the heart- now suspended considered more egre- tion into alleged recruiting viola-
land, trying to stay awake and by the school. gious because it involves tions.
watch a comprehensive season of ESPN reported alleged advance scouting It’s possible the Big Ten or
Big Ten football. Riveting theater, Tuesday that on the road—a practice NCAA acts quickly here, but it’s
this is often not. If you’ve ever Stalions, who college football banned de- also possible an investigation lin-
wanted to pass three months of Sat- hasn’t made any cades ago. But as the Jour- gers long after the completion of
urdays falling asleep on your feet public comment regarding nal’s Laine Higgins wrote this season—past the Ohio State
watching failed runs, incomplete the allegations, purchased last weekend; the reason showdown, past Big Ten West divi-
screen passes, botched kicks and tickets at 12 Big Ten wasn’t morality about es- sion champ Wisconsin’s stunning
dropped interceptions, this would schools, and also for pionage; it was about win in the Big Ten championship,
be the experience for you. Ohio schools outside the confer- cost. Colleges didn’t want past the bowl games, Wisconsin’s
State vs. Michigan is one thing, and ence that were possible to create an advantage for shock victory over James Madison
yes, some Pac-12 glamour is on its championship contenders. schools rich enough to send in the college football playoff, and
way, but I would much rather watch We don’t know how—or scouts all over the beyond.
the marching bands at 2/3rds of if—this was scouting, or place, so they As someone who enjoys tweak-
these schools than the football. In how—or if—this alleged agreed to prohibit ing Michigan, and especially my
fact, if these allegations are proven scouting was accessed by in-person scouting Michigan colleagues, I’m not saying
true, a suitable punishment for ille- the team. We do know and filming. I don’t find this situation fun. It is

DYLAN WIDGER/USA TODAY SPORTS

gally scouting Big Ten football is: the Big Ten conference This is a rare certainly more fun than watching
being forced to watch more Big Ten felt compelled to an- instance of col- Wisconsin lose to Iowa in a game
football. nounce an NCAA in- lege football agreeing to that featured a Big Ten-tastic 18
(For most Big Ten teams, do sig- quiry and alert future any kind of financial fair- punts.
nals even matter? At least half of opponents. And we ness; there’s no level Even without a conclusion, a ri-
this league is simply running up the have a Harbaugh state- playing field moralizing val can savor it. It isn’t gracious,
middle, between the tackles, three ment: “I don’t have about advantages like but Michigan knows. It’s a college
times, for an average of 1.8 yards, any knowledge or in- coaching salaries or facil- football thing.

The WSJ Daily Crossword | Edited by Mike Shenk

12
1 2 3 4

13
5 6

14
7

15
8 9 10 11 25 Professor
who oversees
Slytherin
Scrappy Diamondbacks Are Set
16 17 18
House
27 In the coming
To Make Noise in World Series
days
19 20 BY LINDSEY ADLER perception that follows an un- chance of winning the NL
28 Delivery derdog: They’re just happy to pennant, according to Fan-
21 22 23 24 25 possibility Philadelphia be here at all. Graphs. That somehow
29 Paper pieces THE ARIZONA DIAMONDBACKS Mike Hazen, the general flipped into a shocking reality
26 27 28 30 Star are young and inexperienced. manager who built the Dia- on Tuesday night, when they
They won just 84 games dur- mondbacks, thinks his players celebrated on the field in
29 30 31 32 33 31 “___mañana” ing the regular season and have found a way to count Philadelphia.
32 Give up barely made it to the playoffs. themselves in when everyone The most familiar names
34 35 36 35 Recipient of They are one of the few else counts them out. It’s the on the Diamondbacks’ roster
Versailles championship-contending hard-to-distinguish, but im- may be veteran infielders
37 38 39 teams that can sincerely portant difference between Evan Longoria and Ketel
cheers
spout the maxim, “No one be- playing with the hope of win- Marte, and expected NL
40 41 42 43 36 Deep lieved in us.” ning and playing to win. The Rookie of the Year Corbin
depression Yet the Diamondbacks are young team’s assertiveness Carroll. Starting pitchers Zac
44 45 46 47 48 38 “Dido and heading for the World Series this October surprises Hazen, Gallen and Merrill Kelly have
Aeneas” on the back of a playoff run too. made statements this season.
49 50 51 composer that goes beyond disbelief. “If we’re just happy to be But some of the most impor-
Henry They have toppled big
52 53 54 55 names—the Milwaukee Brew-
41 Forward
ers, Los Angeles Dodgers and
56 57 58 thinker?
now the Philadelphia Phil-
42 “Wrong! All lies—with a team of players
59 60 61 wrong!” that few have heard of, out-
43 “You should side of Arizona.
not call in ___ The Diamondbacks on
UPTOWN | By Billy Ouska Tuesday beat the Phillies 4-2
to settle the
Across 35 Distrustful 52 Shelved, 7 Request for argument in Game 7 of the National
1 Tight-lipped 36 Move like so to speak more Time of two birds” League Championship Series.
55 Illustrated 8 Related to (Indian They’ll face the Texas Rang-
4 Pierre’s pal molasses
book series proverb) ers in the World Series begin-
7 Common 37 British Open egg cells
whose ning on Friday in Arlington,
thrush champ in 9 Where you 45 Samurai Tex.
2002 and characters might buy a with no
12 Fill until full Arizona had pushed the
include the screwdriver master
2012 series to seven games after
13 Eight-time triceratops
38 Gas, e.g. 10 Cards 46 “Holy cow!” the Phillies took a command-
NBA All-Star Brokenhorn
47 Of the pelvis ing 2-0 lead last week. The
Steve 39 Manhattan, 56 Swindler’s 11 Once called
Diamondbacks stymied them
15 Circumvent for one accomplice 12 Antlered 48 Prince at nearly every opportunity The Diamondbacks celebrate after winning the NLCS.
16 Nike, Mercury 40 Like some 57 Quick car animal known as thereafter, winning two
or Pandora, annoyed ride 14 Snarky “the Impaler” games in Phoenix before re- here, we get folded early in tant roles on the team have
e.g. drivers 58 Play the first laugh 50 Stats for QBs turning to Philadelphia to win the playoffs by a team that gone to guys like Kevin Gin-
18 Hardly guzzle card and RBs both remaining games in has a better edge than us,” kel, Andrew Saalfrank, Bran-
42 Pop-pop’s 17 Sommer of
front of the Phillies’ famously Hazen said before Game 7. don Pfaadt, and Gabriel Mo-
19 Sole spouse 59 Architect movies 51 Golfer’s
rowdy home crowd. The teams the Diamond- reno. The team that entered
vulnerability 44 Pizza chain Saarinen 20 Before debilitating
“We didn’t come cross- backs beat to reach this point the playoffs was a much more
21 Barely exist? founded by 60 ___-cone sunrise, say nervousness country to get our asses didn’t just seem to just have mature and prepared team
22 Finally grasps, immigrants 61 Key in the 23 Lightweight 52 Sugar suffix kicked,” said Diamondbacks one intangible advantage over than the one that was on the
with “to” Carmela and corner fliers 53 Home of the manager Torey Lovullo before the scrappy snakes. The other field just a few months prior,
Gennaro Kraken Game 6. teams—the Brewers, Dodgers, which posted a .333 winning
26 Country club Down 24 Stand in a
45 Sequel with Indeed, the Diamondbacks’ and Phillies—had a lot more percentage in July. The deci-
freebie 1 Pool call conference 54 Sundial
a climactic pitching staff held the Phillies playoff experience, many more sions that Hazen and the or-
27 Farm-based 2 Jazz fan, room numeral to just two runs in the Game notable names, and much bet- ganization made in response
bout in the
29 El cubo de dos perhaps Previous Puzzle’s Solution 7 showdown. They scored ter regular-season records to the team’s struggles set
USSR
32 Calm and 3 Would-be B A R E S T M C S C O D their four runs by being ag- than the Diamondbacks. them up for the success
49 Metaphor peacemaker A V E E N O B A H T O R E gressive on the bases and In fact, almost every World they’re seeing now.
mellow, in for America’s D A I K O N U S E R N E E moving runners around the Series team in history had a Ahead of the early August
slang standing as 4 Founder of G I N WO L F M E T E O R diamond. better record than Arizona. trade deadline, the Diamond-
33 Grp. dealing the first E L S B E E F I P A D
a beacon of B A N T A M S V I P S Arizona is riding the free- They became just the third backs acquired outfielder
with a lot of hope, and Shaker dom that accompanies a team team to win a league pennant Tommy Pham from the Mets.
B I F O L D L O T E S A U
baggage what can colony in O D O U L S O B P R O L E that plays without expecta- with 84 or fewer wins in a Additionally, Hazen acquired
34 Black literally be America M E O N H U H S U N N E D tions. The underdog doesn’t 162-game season, joining the closer Paul Sewald from the
B A L D AMU L E T S
ELSA/GETTY IMAGES

Worcester or found four 5 Imitated a take nearly as much heat 83-win 2006 St. Louis Cardi- Seattle Mariners. “Tommy
H UM S N A N O O V A
Stinking times in this goat T E A P O T T O O N P A S when they lose a critical nals and the 82-win 1973 New and Paul are literally not let-
Bishop, e.g. puzzle 6 Ideologies E R R R I C E R I V A L S game, and they tend to get York Mets. ting the young guys feel like
A I D S L U R A C C R U E more praise for pulling off a Entering the playoffs, the they should just be happy to
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. K E Y E Y E S E S T E T
win at all. Yet there’s often a Diamondbacks had a 6.4% be here,” Hazen said.
THE WALL STREET JOURNAL. Thursday, October 26, 2023 | A15

OPINION
Can Israel Win the Message War? BOOKSHELF | By Tunku Varadarajan

“The Palestin-
ian
have
people
been
just after the massacres that
this was no time for “false
equivalence.” It remains to be
A Continent
subjected to
56 years of
suffocating
occupation.”
seen if the Biden administra-
tion, especially the White
House, can hold the line
against false equivalence.
And Its Conceits
WONDER
—António Gu- Hamas’s release this week
LAND
terres, United of several of its some 200
Eurowhiteness
By Daniel
Nations Sec- hostages appears to be pri- By Hans Kundnani
Henninger

AMIR LEVY/GETTY IMAGES

re ta r y- G e n - marily another messaging ex- (Hurst, 248 pages, $19.99)

P
eral, Oct. 24 ercise. Hopes raised, Hamas
Political opposition has be- will negotiate for weeks as erhaps the most fatuous recent bestowal of the Nobel
come a learned reflex. What- the wind ebbs behind Israel’s Peace Prize was its award in 2012 to the European
ever you’re for, I’m against. world-opinion sails. Union for the “advancement of peace and reconcilia-
End of story. But the fact that U.N. Secretary-General Gu- tion” on the continent. The president of the EU’s executive
this same political reflex First responders in Israel search the Be’eri kibbutz, Oct. 22 terres gave a speech Tuesday body purred his acknowledgment in suitably self-satisfied
kicked in hours after Hamas’s condemning both Hamas and language. Europe shows, he said, “that it is possible for
videotaped mass slaughter of A question that persisted al-Ahli Arab Hospital in Gaza. Israel and called for “an im- peoples and nations to come together across borders,” as well
innocents on Oct. 7—the as- for days was: What did Hamas It has since been established, mediate humanitarian cease- as “to overcome the differences between ‘them’ and ‘us.’ ”
sertion that somehow Israel hope to achieve with what ob- including in a video analysis fire.” State Department Four years later, Britain left the EU, showing that it’s
drove Hamas to do it—begs viously would be seen as a by this newspaper, that Israel spokesman Matthew Miller also possible for peoples and nations to part company
for examination. coldly conceived plan to com- didn’t bomb the hospital. rightly said a cease-fire across borders. And in February 2022, less than a decade
There was a time years ago mit unspeakable atrocities— Note, though, how quickly the “would give Hamas the ability after the Nobel, a besieged Ukraine begged the EU for
when one explanation would other than the killing of blame-Israel assumption fell to rest, to refit, and to get immediate membership as a political counter to Vladimir
be that people weren’t fully Jews? into place among major news ready to continue launching Putin’s invasion. But the pooh-bahs in Brussels didn’t
aware of the scope or physical The answer has emerged outlets. It mattered that Is- terrorist attacks against Is- exactly rush to say yes. Instead, four whole months after
details of such mass killings. in the days since Oct. 7. It rael’s role in this bombing rael.” But a weather vane like Ukraine’s desperate knock on the door, they granted the
Consider the difficulties at the was in great part about the was disproved. But what mat- Mr. Guterres shows which way country something called “candidate status.” EU member-
start of World War II to con- messaging. tered to Hamas—via the in- the wind is blowing. It is up ship will come, Brussels said, once Ukraine fulfills an
vince some in the West, nota- “Messaging” has become credible Palestine Ministry of to President Biden to resist onerous raft of political and legal conditions, including the
bly in the U.S., that a plan to an everyday word normally Health—was establishing that the inevitable conventional passing of laws that protect minorities. We assume that
exterminate Jews was under associated with branding initial assumption. Israel was wisdom that both Hamas and Ukraine will rewrite its constitution to the EU’s satisfaction
way in Germany and Poland. campaigns. Messaging is an already being pushed off the Israel bear responsibility for once it’s done with fighting a war of survival. Until then, it
enormous industry whose moral high ground. any deaths that occur now. must live with the differences between “them” and “us.”
purpose is to shape public At this point, events From there we move to the Russia’s war in Ukraine, writes Hans Kundnani, was “a
The head of the U.N. opinion. Ultimately messaging quickly arrived at a familiar familiar modern policy goal strategic shock” for the EU. In “Eurowhiteness,” he tells us
is a euphemism for propa- juncture. The media and some known as “stop the killing.” that diehard “pro-Europeans” had come to believe that
is already mouthing ganda, a practice often cor- world governments were be- When that moment arrives, nasty things like invasions don’t happen in Europe. For them,
a new conventional rectly associated with the Na- ginning to “balance” the Hamas wins. the EU represents a “clean
zis’ Joseph Goebbels, the story. In the past 20 years or Also let off the hook will be break with the continent’s
wisdom about Hamas. Reich’s minister of propa- so, the U.S. press has adopted the American left—the Squad dark history” of military
ganda. Goebbels’s job was to the belief that it is obligated and the students and profes- conflict and nationalism. Pro-
manipulate the media of the to give equal space to groups sors whose reflex in the face Europeans—an ideological
Today omnipresent mass time, newspapers and film, to or movements asserting of the bloodletting was to de- group that Mr. Kundnani
media and personal video portray Nazism favorably. claims of injustice. Everyone fend or justify Hamas. That never defines in any great
make it impossible to be igno- It is clear now that a pri- in the political messaging fell outside even the elastic depth though he refers to it
rant of atrocities of the sort mary Hamas goal was to elicit business understands how norms of “balancing,” so throughout his book—also
that occurred in southern Is- an overwhelming Israeli mili- justice claims drive coverage. they’ve since evolved into a “imagine that they have
rael. There is no excuse not to tary response directed at Gaza Hamas’s massacres, while still more generic pose of concern overcome” not just war but
know the details. A striking itself, with Gazan civilian being reported, are now being for Gaza’s civilians. And a other ugly currents in Euro-
summing-up of all we have deaths expected. Hamas knew balanced—meaning diluted— pose it is. Whether protesting pean history. Such as racism.
seen and heard was given on that an Israeli reaction to the by the constant narrative of for Palestinians or any other Not true, Mr. Kundnani
Fox News by an Israeli worker atrocities, such as its current concern for the Palestinians. aggrieved group, the left sus- insists, playing moral spoilsport.
still recovering bodies. “I’m a bombing of Hamas sites inside However sincere that concern, tains the conceit that their Just as war persists in Europe,
child of Holocaust survivors,” Gaza, would in time produce a Hamas and Tehran couldn’t empathy carries greater moral so does a continental strain of
she said, “and I grew up hear- counterreaction in Europe and care less. authenticity than that of their racism, which he describes as “Eurowhiteness.” This word,
ing stories of the camps. I the U.S. That is starting to Defense Secretary Lloyd opposition. One thing we coined by a Hungarian-American sociologist who plies his
thought those were the worst happen. Austin surely saw this inevita- learned from Israel’s killing trade at Rutgers University, has been appropriated for his
stories. These stories are A pivotal messaging event ble balancing of blame coming fields is what a fraud that is. own purposes by Mr. Kundnani, a left-leaning British think
worse.” was the Oct. 17 “bombing” of when he said while in Israel Write [email protected]. tanker and policy analyst. It is an ugly word and an
unnecessary one. This book could have been written without
using it at all, especially since Mr. Kundnani deploys it as a

Biden’s Ad Blitz Is a Sign of Weakness synonym for Eurocentrism. Of course, Eurocentrism lacks
the (tawdry) allure of Eurowhiteness, which smuggles into
the European context a host of American polemics about
By Karl Rove the offense while GOP candi- bit of all four explanations. gutter Mr. Biden goes. race and the “privilege” that polemicists associate with race.

T
dates squabble. Maybe. But Then again, my hunch is The other option is for Mr. Mr. Kundnani also has the annoying—and specious—
he presidential election this looks more like fear of the ads failed and the poll are Biden to call it a day. Announce habit of conflating “ethnic” and “cultural,” rendered
may be more than a weakness. getting worse principally be- that America faces grave for- repeatedly as “ethnic/cultural,” as if there were no linguistic
year away, but Demo- Consider how all those cause we all see Mr. Biden’s eign challenges with wars in or sociological difference between the two terms. This
crats are spending historically tens of millions in ad spend- increasing frailty. The Aug. 31 Israel and Ukraine and growing allows him, glibly, to characterize cultural preferences—
early and lavishly to sway ing has worked out for Team CNN survey found only 28% of acrimony with China and big such as the importance placed by Eastern European
Americans in the battle- Biden so far. On April 1, be- respondents thought Mr. Bi- issues at home including infla- members of the EU on Christian values—as a form of racial
grounds states of Arizona, fore the ads started, Mr. Bi- den “inspires confidence,” tion, jobs, climate and a orientation. He then offers this as proof of Islamophobia.
Georgia, Michigan, Nevada, den’s job approval numbers in while 72% believed he didn’t. woman’s right to choose. These And since Islam is the religion practiced by asylum seekers
North Carolina, Pennsylvania the RealClearPolitics average When asked if Mr. Biden “has require all his energy and at- from Syria, Iraq, Afghanistan and so forth, an aversion to
and Wisconsin. were 43.2% approve, 53.9% the stamina and sharpness to tention. A re-election effort Muslim refugees on the part of Hungary and Poland—who
The first ad buy was a disapprove. As of Wednesday, serve effectively as president,” would divert him from these rebuffed German proposals to “relocate” thousands of
small Democratic National they were 41.2% approve, responsibilities, so he’s reluc- Muslims onto their territory—is perceived by Mr. Kundnani
Committee purchase in April 54.9% disapprove, a net 3- tantly ending his campaign. as a racist expression of Eurowhiteness. However
in six battleground states and point decline. Since it started in Democrats would (quietly) distasteful you may find Viktor Orbán, how can you
on cable. A $2.5 million buy of The RealClearPolitics aver- cheer in relief. Americans who disagree with his accusation of “moral imperialism” against
Biden digital ads followed age had Mr. Biden and Donald April, the polls have viewed him as a transitional Angela Merkel, who sought to foist onto Hungary the
later in the month. The Priori- Trump tied April 1 at 43% him moving in one figure would applaud. Foreign Muslim refugees she couldn’t quite cram into Germany?
ties USA PAC began running each. Wednesday, the ballot allies and adversaries would Mr. Kundnani’s unfortunate choice of leitmotif—
ads in six states in late April, was Mr. Trump 44.8%, Mr. Bi- direction: down. take it as a sign of strength. It Eurowhiteness—distracts us from the many good obser-
part of its $75 million com- den 44.1%. Worse, an Aug. 31 might encourage Republicans vations he makes in his short book (a plumped-up version of
mitment to help Joe Biden. In CNN poll had Nikki Haley at to nominate a new face. And an essay published in the New Statesman in February 2021).
May, the Biden super PAC, Cli- 49% to Mr. Biden’s 43%. Vot- only 26% replied yes while being ex-president at 82 isn’t These include discussions of Europe’s postwar superiority
mate Power and Way to Win ers are just getting to know 74% said no. That’s compared a bad gig. complex, which he ties artfully to the continent’s self-image
Action Fund spent more than her, and she’s already beating with 67% who said no in Mr. Biden’s national secu- as a “post-authoritarian” union of states, one that traces its
$20 million in a joint venture the president. Then last Fri- March and 51% last fall. The rity adviser, Jake Sullivan, history from the ancient Greeks and Romans to the present-
emphasizing the president’s day a Morning Consult poll core reason Mr. Biden’s num- wrote recently that the world day EU via the Renaissance and the Enlightenment.
plans for green energy jobs, showed Mr. Biden trailing Mr. bers aren’t getting better is needs a “sustained sense of
lower drug prices and a mid- Trump in five of seven states that no amount of advertising confidence in our capacity to
dle-class-centered economy. where Democrats ran ads dur- will change public opinion outcompete any country.” A The term ‘Eurowhiteness’ smuggles into
In August, the Biden cam- ing August. Mr. Biden was about his fitness for the Oval clean break by Mr. Biden the European context a host of American
paign began spending $25 ahead only in Nevada and tied Office. He won’t get better, would help create that sense
million on ads aimed at swing in Michigan. Brutal. only older. by allowing a new generation polemics about privilege and race.
voters in seven battlegrounds, Maybe Team Biden’s ads What are the president’s of mainstream Democrats to
including national cable spots didn’t work because events options? One is to go thermo- rise. It’d be a decision for the
aimed at Hispanic and black overshadowed them. Maybe nuclear on Mr. Trump, hoping history books. And much “Supporters of the EU,” Mr. Kundnani writes, “see it as
voters. Then, in early Septem- swing voters don’t pay atten- the mother of all negative cheaper than more useless inheriting the good in European history while rejecting the
ber, Biden’s super PAC an- tion to advertising until close campaigns beats him. That’s ads. bad.” He scoffs at this self-serving whitewash while also
nounced it was joining Cli- to the election. Maybe the dicey. The former president pricking the pomposity of European leaders who imagine
mate Power in a $13 million messages weren’t believable. has held his own in polls while Mr. Rove helped organize that the EU is a “normative” power in the world, a force for
ad blitz starting this month. Maybe they flopped because under four indictments. And if the political-action committee good that works to civilize international relations and
Supporters say this early voters trust Republicans more the GOP candidate isn’t Mr. American Crossroads and is global affairs, in contrast to the U.S. and China.
advertising is exploiting “an than Democrats on the econ- Trump, Republicans will have author of “The Triumph of The EU’s sense of moral loftiness is also expressed in its
inherent advantage” of Mr. Bi- omy, national security, crime a clear shot at the presidency William McKinley” (Simon & belief that Europe’s socioeconomic welfare model is a
den as incumbent by going on and immigration. Maybe it’s a no matter how far down in the Schuster, 2015). “humane alternative” (as Mr. Kundnani puts it) to a “more
brutal American form of capitalism.” Yet economic uniformity
has been achieved in the EU at the expense of political

How the Saudis Can Help debate, with monetary and fiscal policy uprooted from “the
space of democratic contestation” and entrusted entirely to
technocrats. Given the suffocation of all democratic debate
By Michael Segal that view is correct. Jews are to the current conflict, but ger ruled by Hamas, preferably on economic policy, Mr. Kundnani argues, it’s no surprise

T
indigenous to Israel, as shown there is a role for the Saudis. before Israel reduces Gaza to that the outlet for popular political expression has shifted
he core claim that by evidence from history, ar- Crown Prince Mohammed bin rubble. to cultural and social issues: burqas, immigrants and the
Hamas and its sympa- chaeology, linguistics and ge- Salman hopes to reshape the These are big steps, but the like. And it’s no surprise, either, that Euroskepticism is
thizers have used to jus- netics. Jews are closely related Middle East by building on the bold leader of the wealthy soaring, even in placid countries like the Netherlands.
tify attacks on Israel is that genetically to the Palestinian Abraham Accords. His ap- country that serves as the cus- The most eye-catching displays of so-called Euro-
the Jews are colonialists any- proach is to welcome Israel todian of Islam’s two holiest whiteness occur in the EU nations that were formerly in
where they live in Israel, in- and advance the rights of Pal- sites can take them. The the Soviet bloc. But to describe their chafing against
cluding the communities near MBS should endorse estinian Arabs. He shouldn’t be Hamas attack on Israel is likely Brussels’s rules on asylum and refugees as a sort of ethnic
Gaza that terrorists attacked expected to issue a statement to have been motivated in part insurrection is to mischaracterize their motives. These
this month. That, however, Israel’s right to exist of empathy for Israel in the by a desire to derail the Israel- countries—Poland and Hungary foremost—resent having
isn’t the only view in the Arab and assemble a force current environment, but there Saudi peace initiative. If MBS curbs placed on the precious national sovereignty they
world. A more congenial posi- are two things he should do to has the courage, he can use the recovered only after the Cold War. Did we, they ask, free
tion was stated in the lead-up to govern Gaza. advance his vision and salvage widely condemned actions of ourselves from the Soviets only to be told what to do by
to the Abraham Accords, when the current grim situation. Hamas and its backer Iran to hyper-progressive politicians in Western Europe who
Khalid bin Ahmed Al Khalifa, First, echo Khalid bin Ah- undercut them both and estab- believe they are on a civilizing mission?
Bahrain’s then foreign minis- Arabs, many of whom descend med’s statement and make lish the Saudis as visionaries Mr. Kundnani could have written a fine little book on the
ter, said that “Israel is part of from Jews who converted to clear that Jews are indigenous in the Middle East. warts and pretensions of the EU. If only he’d resisted the
the heritage of this whole re- Islam, and also to the Saudis. to the Middle East and that Is- Time is short, and the alter- siren call of race.
gion, historically,” and “the Those of us who work with ge- rael is part of the heritage of native is the abyss.
Jewish people have a place netic diseases see evidence of the Middle East. Mr. Varadarajan, a Journal contributor, is a fellow at
amongst us.” this kinship all the time. Second, offer to lead a force Dr. Segal is a neurologist the American Enterprise Institute and at NYU Law School’s
There is ample evidence There are no easy solutions to ensure that Gaza is no lon- and neuroscientist. Classical Liberal Institute.
A16 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Can Speaker Mike Johnson Govern? Israeli Victory, Gazan Surrender and Memory

A
fter three weeks of pointless but embar- U.S. interest in deterring Vladimir Putin’s Rus- Jerome Marcus argues that Israel’s day are deeply reminiscent of the Ho-
rassing intrigue, House Republicans fi- sian imperialism. Most of Mr. Johnson’s GOP col- goals with regard to Hamas should locaust and should be treated as
echo the Allies’ strategy toward Nazi such. Mr. Marcus reminds us that
nally hit on a consensus nominee for leagues see that, and his broader role as Speaker
Germany (“Israel Needs Uncondi- “history teaches us what Israel needs
Speaker. Congratulations to should take this into account, tional Surrender From Hamas,” op- to do,” and, by extension, what Israel
51-year-old Louisiana Rep. GOP agitators will have even if mounting evidence of a ed, Oct. 24). One wonders how the Bi- needs to commemorate.
Mike Johnson, who with a to give him leeway they Russia-Iran axis hasn’t den administration would respond if SARAH WAPNER
220-209 vote Wednesday won changed his mind. that principle were applied to the New York
the unenviable job of herding denied Kevin McCarthy. Another part of Mr. John- question of civilian casualties.
the cats, snakes and peacocks son’s job will be below the sur- Neither the U.S. nor Great Britain Unlike Nazi Germany, Hamas isn’t
in the GOP menagerie. face, and that’s where his pre- had a policy of refraining from neces- a state, even if it nominally has gov-
The question is whether the Republican mal- decessor did some of his best work. Mr. sary military action because of the erned Gaza. It is more like a partisan
contents will let him govern in a way they re- McCarthy had a record of recruiting Republicans risk of inadvertently harming enemy formation, with ideological links
fused his deposed predecessor, Kevin McCarthy. with diverse backgrounds to become candidates civilians. The British bombed Gestapo throughout the region that will re-
headquarters in the Danish city of main in place even after its suppres-
It won’t take long to find out. Government fund- for office, which is pivotal for winning and keep-
Aarhus, even though it was flanked sion. There is the further difficulty of
ing expires Nov. 17, and America’s friends in Is- ing a majority. Mr. Johnson lacks a record as a by civilian hospitals, and also in the getting a defeated Hamas to sign arti-
rael, Ukraine and Taiwan need military help to major fundraiser, which was another McCarthy middle of Copenhagen (125 Danes in a cles of surrender, much less expecting
defend themselves. strength. nearby school were killed). The U.S. it to abide by them. Israel won’t be
Mr. Johnson was first elected in 2016, repre- Democrats are already branding Mr. Johnson bombed the V-2 rocket factory in Bu- able to destroy Hamas ideologically
senting a district that voted for Donald Trump a MAGA ideologue, which is unfair. But he will chenwald in broad daylight, when it or even politically. It should limit its
by double digits. The optimistic case is that he have to explain his view of the 2020 election, could be assumed that Jewish prison- war aim to destroying Hamas’s capac-
might have the credibility on the right to get the given that he pushed an implausible lawsuit at ers would be in the factory, and hun- ity ever to wage war, and then create
GOP’s narrow majority to accept the modest the time asking the Supreme Court to decertify dreds were killed. American bombers some of the security arrangements
wins of divided government. Maybe it will take results in four swing states. When a reporter struck the industrial zone of that Mr. Marcus describes.
Auschwitz in August 1944, even EM. PROF. ALBION M. URDANK
a Speaker like Mr. Johnson to convince the dis- Tuesday tried to ask him a question on that, Re-
though 600 British POWs were University of California, Los Angeles
ruptive Republican rump that accepting partial publicans hooted it down, which isn’t a great housed there—and 38 were killed.
victory is better than a government shutdown start for retaking the suburbs. RAFAEL MEDOFF, PH.D. In 1945, households throughout
or an eventual spending omnibus. On the other hand, Mr. Johnson wrote a Wyman Institute for Holocaust Studies Germany hung white sheets from
Mr. McCarthy did the GOP a favor by averting “Commitment to Civility” that was signed in Washington their windows as a signal of acquies-
a shutdown that would have backfired on Repub- 2017 by dozens of his fellow freshmen. In a brief cence to the advancing Allied armies.
licans, but he needed Democratic votes to pass House speech Wednesday, he came off as gra- Mr. Marcus calls for the eradica- Soviet soldiers raped as many as two
a 45-day spending bill. That was the excuse used cious, funny and smart, and if he continues in tion of Hamas from Palestinian soci- million German women. This was the
to justify the revolt against him, though personal this tenor, he will be an asset for the GOP. ety, similar to the “de-Nazification” heartbreaking price that Germany
animus was the real driver. In a letter this week, Whatever the McCarthy mutineers might say, of Germany by the Allies after World paid for the choices of its elected
Mr. Johnson proposed a roadmap for passing the three weeks of turmoil have hurt the GOP’s War II. Let’s not forget another effort leaders and quiescent citizenry.
of the Allies after the war: the cre- Because Israel is the Jewish state,
spending bills, with a potential stopgap exten- image as a party that can competently govern
ation of Holocaust museums to docu- there will be no rape of the Palestin-
sion through early next year to gain the time to while acting as a political check on Mr. Biden. A ment Nazi atrocities and honor the ians. But bad choices, even demo-
do it. Good luck and Godspeed. big part of Mr. Johnson’s job is to bring order to survivors. cratic ones, have consequences. The
A second priority is rebuilding military deter- this Republican chaos. In the aftermath of the Oct. 7 po- necessary corrective of fire and lead
rence, including arms for Israel, Ukraine and Tai- The hard reality is that the GOP’s narrow ma- grom, the worst mass murder of Jews that will presently descend on Gaza
wan. Mr. Johnson was an early opponent of as- jority puts him in the same precarious position since the Holocaust, Israel’s Yad can properly end only with white
sistance to Kyiv. After voting against a $40 as his predecessor. If the agitators want Speaker Vashem holocaust museum should sheets and the destruction of Hamas.
billion package last year, he offered a litany of Johnson to succeed, and voters to keep them in consider creating a permanent exhibit Only then will the stage be set for a
red herrings, such as that “our own border is in power, they will spend the coming days working documenting the brutalization, muti- Palestinian Konrad Adenauer, who can
chaos,” and “mothers are struggling to find baby to fund the government and pocketing incre- lation, rape, burning and beheading lead his people to the peaceful pros-
formula.” mental conservative wins. If they don’t, they de- of Israeli men, women and children at perity that Israel has offered unflag-
the hands of Hamas and the Palestin- gingly since the day of its founding.
Such problems have nothing to do with the serve to lose, and they probably will.
ian civilians who joined it in that JED ARKIN
orgy of violence. The events of that Tel Aviv

The Disgrace of the United Nations

I Against the Censors—No Matter Which Ones
n the ever-expanding hall of shame for lowing year, as our friends at the New York Sun
propagators of global disorder, prepare a note in a sharp editorial.
special pedestal for United Nations Secre- Meanwhile, for decades the U.N., under the In “There’s More to Education enforce subjective standards to allow
tary-General António Gu- auspices of the U.N. Relief and Than Free Speech” (op-ed, Oct. 20), for free speech is dangerous. As Mr.
terres. His disgraceful re- The Secretary-General Works Agency (UNRWA) refu- Hillsdale College President Larry Arnn writes, “any rule can be abused.”
Arnn expresses disagreement with Without a written commitment to
marks Tuesday to the Security abandons Israel, a state gee agency exclusively for Pal-
the “warning” rating that my organi- free speech to rely on, students have
Council are an example of why estinians, has discouraged zation, the Foundation for Individual to hope the particular administrator
the U.N. can’t be counted on to the U.N. helped create. permanent resettlement by Rights and Expression (FIRE), handling their case will make the
keep the peace anywhere. refugees and runs schools that awarded Hillsdale. FIRE gives colleges choice to defend their speech. In our
Mr. Guterres’s comments teach children Israeli territory a warning rating when their policies cancel-culture era, no students should
amount to nothing less than an apologia for belongs to them. consistently state that other values have to worry that they could be pun-
Hamas terrorists, despite a few thin caveats. “It Far worse is Mr. Guterres’s parroting of what override a commitment to free ished or expelled when an online mob
is important to also recognize the attacks by amounts to a modern-day blood libel that Israel speech. Private institutions have ev- comes after them.
Hamas did not happen in a vacuum,” he said of is indiscriminately killing Palestinian civilians. ery right to do that, but we think stu- It is easy to say that people you
the Iran-backed terror group’s Oct. 7 invasion The Israel Defense Forces more than a week ago dents should know what they’re sign- disagree with shouldn’t have the
of southern Israel, which claimed more than tried to warn Gazans to flee the likely path of ing up for. power to restrict speech. It is harder
Hillsdale earns the rating because to say that people on your side
1,400 lives. an invasion; Hamas discouraged civilians from
it says student speech is subject to its shouldn’t be given that power either.
Lest anyone miss his point: “The Palestinian doing so and the U.N. criticized . . . Israel. standards of civility and morality. Mr. FIRE doesn’t pick sides—if speech is
people have been subjected to 56 years of suffo- Civilians are dying because Hamas deliber- Arnn argues that Hillsdale has to en- protected, we defend it, whether or
cating occupation. They have seen their land ately targeted Israelis and now uses Gazans as hu- force these standards for discourse to not someone thinks it isn’t civil.
steadily devoured by settlements and plagued man shields, as Mr. Guterres had to acknowledge flourish, and that we should have LAURA BELTZ
by violence; their economy stifled; their people Tuesday. By calling for Israel to accept a cease- faith they won’t be misapplied. But Director of policy reform, FIRE
displaced and their homes demolished.” fire, Mr. Guterres is effectively rewarding the ter- the idea that those in power need to Philadelphia
Although he allowed that these “grievances” rorists’ civilian-killing strategy while denying a
don’t justify the “appalling attacks by Hamas,” U.N.-approved state the same ability to defend it-
he warned that “those appalling attacks cannot self that every other country enjoys. Civilization: It’s Always a Time for Choosing
justify the collective punishment of the Pales- This false equivalence elevates Mr. Gu-
It shouldn’t pass unnoticed that of Every day now, a defective under-
tinian people.” We quote Mr. Guterres at length terres’s comments to the destructive from
three letters commenting on the issue standing of civil liberties and free ex-
in case readers assume someone in his position merely foolish. His message to the world’s of hiring pro-Hamas law students pression serves up more high-minded
couldn’t really have delivered a speech of this rogues is that if you go on a killing spree, the (Oct. 20), two object to the recom- advice about accommodating barbar-
sort. He did. U.N. will help justify your depredations. Will Mr. mendation that firms ensure they ians who embrace those concepts
Mr. Guterres seems to know little about the Guterres concoct some excuse if Beijing invades aren’t infiltrated by students advocat- only to the extent they are exploit-
institution he leads. A U.N. resolution passed Taiwan—or Philippine territory? This is how ing savagery. able in undermining the societies that
in 1947 recommended the partition plan for Pal- the U.N. makes itself a fellow traveler in the ad- Before what passes for higher edu- truly value them. To state the obvi-
estine that led to the creation of Israel the fol- vancing march of global disorder. cation in America descended into the ous one more time, free speech
mass production of idiocy, it could go needn’t be free.
without saying that some things are DAVID HOOPMAN
J.B. Pritzker and the Children better than others, and that civiliza-
tion depends on choosing the better
Monona, Wis.

I
ones. It is essential to repeat these
llinois Gov. J.B. Pritzker says he wants his the renewal if they read the polls because it’s pop- obvious truths today because they’ve Extremism, California-Style
state to continue its Invest in Kids scholar- ular. A recent survey from the Illinois Policy Insti- evidently become controversial to a
ship program, but only if he doesn’t have to tute shows 59% of Democrats support Invest in Regarding your editorial “Glenn
swath of our intelligentsia.
spend political capital to pass it. Kids with 28% opposed. Sup- Youngkin’s Plan to Save Gas Cars”
The Illinois Governor port is 65% among black Illi- (Oct. 19): 35% of new cars sold in Cal-
That’s the message between the
ifornia must be electric by 2026.
lines of his statement last week can save a scholarship ics. noisans and 61% among Hispan- An Answer to Alan Blinder: What do auto makers do if people
that he wouldn’t block the pro- The program has a waiting People Vote Their Wallets don’t buy them? Do they reduce the
gram, which gives scholarships program. Will he? list of 30,000 students. cost of electric cars and increase the
to more than 9,000 low-income The political obstacle as I am perplexed by Alan Blinder’s
cost of gas cars? What happens when
inability to understand why the pub-
students, if someone else in ever is the teachers unions that Californians go to Nevada to buy
lic is unhappy with the economy
Springfield can make it happen. don’t want competition for the failing public (“The Economy is Great. Why Do
cars? Does California ban cars not
“I will support it if it comes to my desk to ex- schools they control. In 2022, 32% of Illinois 8th sold in California?
Americans Blame Biden?” op-ed, Oct.
tend the program in whatever form,” Mr. Pritz- graders were proficient in reading and 29% could MARK MITCHELL
19), and not for the first time. The
ker said. “I mean, I can’t imagine it would show not read at the “basic” level for their grade. Only Santa Rosa Beach, Fla.
answer is easy: The average standard
up in some form that I would be unwilling to. 26% were proficient in math and 38% were below of living for earners is down since
But again, the reality is that the legislature basic, according to the National Assessment of President Biden took office.
needs to go through this process.” Educational Progress. Between January 2021 and Sep- Pepper ...
Illinoisans don’t need the refresher on how A joint statement from Illinois Federation of tember 2023, average weekly earn-
ings rose 11%, while the consumer-
And Salt
a bill becomes a law, but they do need the Gover- Teachers President Dan Montgomery and Illinois
nor to do more than duck and cover. He could Education Association President Al Llorens said price index increased 18%. Both THE WALL STREET JOURNAL
figures are from the U.S. Bureau of
start by asking Democrats in Springfield to re- “Illinois cannot afford to support two school sys-
Labor Statistics.
new the program during their six-day veto ses- tems” and that Mr. Pritzker is “going against the Presidents always receive credit for
sion that begins this week. values of the Democratic Party, which clearly good times and blame for bad times
Under amended legislation filed Tuesday, the stands opposed to vouchers.” on their watch, whether it is wholly
program would be cut back to reduce the overall Unions claim the program is draining money fair or not. My recommendation to
tax credit available to $50 million from $75 mil- from public schools, but that isn’t true. Since the Prof. Blinder is to watch people’s wal-
lion. Contributions up to $5,000 would qualify program began in 2017 under former Gov. Bruce lets and what they can buy with
for a 100% tax credit. Contributions over $5,000 Rauner, Illinois public school funding has in- what’s in them. It’s as simple as that.
would have their tax credit reduced to 55% from creased $1.98 billion, even as student test scores EM. PROF. MICHAEL L. WALDEN
75%. Donations over $5,000 earmarked for chil- have remained stagnant. North Carolina State University
dren in areas designated as “underserved” by Mr. Pritzker, Illinois Senate President Don Raleigh, N.C.
the Illinois Department of Commerce and Eco- Harmon, House Speaker Emanuel Chris Welch
Letters intended for publication should
nomic Opportunity would qualify for a 65% tax and Chicago Teachers Union President Stacy Da- be emailed to [email protected]. Please
credit. Those areas have 35% of children living vis Gates chose private schools for their chil- include your city, state and telephone
below 130% of the poverty line. dren. Invest in Kids families may have lower in- number. All letters are subject to
The tax credit adjustments are painful reduc- comes than the politicians, but they deserve the editing, and unpublished letters cannot
be acknowledged.
tions, but Democrats in Springfield will support same opportunity. “Apparently I’m replaceable.”
THE WALL STREET JOURNAL. Thursday, October 26, 2023 | A17

OPINION

Can China Help in the Middle East?

tate market and a potential financial tor in the destabilization of the re-
crisis. If China does want to play a gion and the growing danger to
major role, it is well prepared to do American allies.
GLOBAL VIEW so. Because of a planned handover The Biden administration has pur-
By Walter Russell between China’s 44th and 45th naval sued a largely effective anti-China pol-
Mead escort task forces in the People’s icy. It has fostered alignments among

A
Liberation Army Navy, both forces America’s regional allies, imposed se-
s Team Biden contemplates are currently active in the Persian vere constraints on China’s access to
the ruins of its Middle East Gulf, making Beijing, temporarily, the cutting-edge technologies, and pres-
diplomacy and scrambles leading naval presence in the strate- sured European allies to stiffen their

LIAN YI/XINHUA/ASSOCIATED PRESS

to throw more U.S. military gic waterway. posture toward Beijing.
assets into the region in On paper, Team Biden and Team These moves, one suspects, haven’t
the hope of deterring Iran, it is look- Xi seem to want pretty much the inspired China’s leaders with much af-
ing to an unlikely partner. China’s same things in the Middle East. fection for President Biden or a desire
Foreign Minister Wang Yi will be in China’s envoy Zhai Jun is touring the to support his re-election. And oppo-
Washington this week for talks with Middle East, Chinese state media re- sition to the U.S.-based world system
Secretary of State Antony Blinken ports, to promote dialogue, achieve lies deep in the DNA of the Chinese
and White House national security a cease-fire and restore peace, as Communist Party. Mr. Xi seems influ-
adviser Jake Sullivan. well as to promote a two-state solu- Jake Sullivan and Foreign Minister Wang Yi in Malta, Sept. 16. enced by the party’s most hard-line
tion. That sounds a lot like what Mr. and totalitarian elements.
Blinken says. America’s economic, diplomatic and lems are probably concentrating Rescuing Mr. Biden from a pickle
It is a more formidable The outreach to China over the military assets on the greater threat minds in Washington and Beijing in the Middle East may not be all
Middle East comes amid other signs of a rising China. Potentially, the about options for at least a period of that high on Mr. Xi’s priorities. More
potential adversary than of a warming trend in Sino-American new policy could be exactly the op- détente. likely, China hopes that a weakened
Russia or Iran but shares relations. Since Messrs. Sullivan and posite: an attempt to park China to One hopes for the best, but as the America, facing a cascade of interna-
Wang met last spring in Vienna, the focus more effectively on Russia and Biden administration has learned, tional threats, torn by internal polar-
interests with the U.S. American secretaries of state, Trea- Iran. parking adversaries is harder than it ization and dissension, and heading
sury and commerce and climate envoy From the standpoint of a rattled looks. China doesn’t want the Middle for a contentious election is losing
John Kerry have all visited Beijing. administration frantically trying to East consumed in a regional war that its ability to manage international
Mr. Wang’s visit was originally Messrs. Sullivan and Wang reunited in respond to a string of unanticipated causes a global energy crisis, but it crises.
part of a diplomatic process prepar- Malta last month. Mr. Xi himself sent events, there’s a lot to be said for does want to break American power Having seen how great a price
ing the way for a trip by President Xi a friendly message that was read at working with Beijing. China, while a in the region. President Obama Team Biden has been willing to pay in
Jinping to next month’s Asia-Pacific the Oct. 24 dinner in New York of the more formidable potential adversary turned to Russia to bail him out of trying to park Russia and Iran and
economic summit in San Francisco. National Committee on U.S.-China Re- than Russia or Iran, has common in- his embarrassing predicament after how slow Washington has been to
But as Mr. Blinken underlined in re- lations. He called the U.S.-China rela- terests with the U.S. that the two he blew off his own red line against grasp the adversarial nature of these
marks to the United Nations Security tionship crucial to the world and ex- more radical adversaries lack. Both Syria’s use of chemical weapons in relationships, the Chinese may be
Council on Tuesday, America wants pressed Chinese willingness to China and America like global eco- its civil war. Russia duly “cooper- tempted to toy with the administra-
help from China to prevent a wider cooperate with the U.S. to respond to nomic stability and quiet in the Mid- ated” by collecting at least some of tion as Vladimir Putin and Iran did,
war in the Middle East. global challenges. dle East. Both countries benefit from Syria’s chemical-weapons stockpile, pocketing more concessions for an
It isn’t a totally crazy idea. China Turning to China for help in the a world that is open to commerce but the price to American power and agreement that never quite comes.
imports a lot of Middle Eastern oil, Middle East would be a shift from and investment. prestige was far higher than Mr. There is only one thing we can be
and supply shortfalls and price hikes the Biden administration’s initial for- Team Biden’s experiences with a Obama understood. To this day, the sure of. The hungrier Team Biden
won’t help a Chinese economy strug- eign policy. Its early goal was to park world in flames and Team Xi’s wor- position Russia gained in Syria by looks, the more expensive China’s
gling with the collapse of its real-es- Russia and pacify Iran to concentrate ries about China’s economic prob- “helping” Mr. Obama is a major fac- “help” will be.

We’re Still Paying for the Federal Reserve’s Blunders

By Mickey D. Levy wages in the leisure and hospitality fects. Tens of millions of homeowners Following costly delays, the Fed’s than simply the personal consump-

T
sectors. The tax bite on middle- and who locked in mortgages at rates be- aggressive rate increases have slowed tion expenditure index, which in-
he Federal Reserve is relieved high-income earners is further reduc- low 3% between 2020 and 2021 are demand and begun to reduce infla- cludes Medicare and Medicaid and
inflation is receding and hopes ing their after-tax real wages. now unwilling to sell. The result is a tion. But even excluding food and en- other components financed by the
it will fall to 2%. Meantime, Yet lower-income households have shortage of homes on the market and ergy, core inflation remains double government and third parties.
households and businesses are stuck been harmed the most. They spend a higher prices. Combined with ele- the central bank’s 2% target. A broad The bigger concern is dysfunc-
with high prices and costs and braced higher share on food, shelter and en- vated mortgage rates, that has driven reacceleration of growth in the third tional fiscal policy. The cumulative
for further increases. The consumer- ergy, whose price indexes have risen the housing-affordability index to its quarter underlines the need for the effects of the inflation-indexed enti-
price index, which measures out-of- 24.9%, 20.2% and 32.6%, respectively, lowest level since the mid-1980s and Fed to maintain restrictive monetary tlement programs—Social Security,
pocket household expenses, is 18.9% from their pre-pandemic levels in De- put homeownership out of reach for policy. This is particularly true amid Medicare, Medicaid and others—are
higher than its pre-pandemic level, cember 2019. Food inflation has de- many. That in turn has impaired la- the fiscal stimulus provided by the the primary sources of persistent
and prices of some essentials have celerated sharply from its double- bor mobility, historically an impor- 2021 bipartisan infrastructure bill, deficits, yet they’re considered off
risen higher. Businesses face steep op- digit peak, and agricultural prices are tant factor for production and labor- the Chips Act and the Inflation Re- the table even during the most ran-
erating and borrowing costs to boot. receding, but the costs of production market efficiencies. duction Act’s array of tax credits, corous debt-ceiling skirmishes. In
Despite some policy makers’ rosy and distribution continue to rise. The which are generating measurable in- 2021 a single Democrat, West Vir-
outlook, the public isn’t pleased. The nearly one-third rise in retail energy creases in government and private- ginia’s Sen. Joe Manchin, stopped
unemployment rate is near record costs is hard to avoid. Ditto the 30% Inflation has come down, sector investment and jobs. Congress from passing the Build Back
lows, but consumer confidence and increases in car insurance and re- Presumably chastened by its mon- Better Act, which promised an extra
President Biden’s approval ratings pairs. Surprisingly, medical-care cost but prices are still high, etary-policy and bank-supervisory $5 trillion in spending and $1.5 tril-
are depressed. The bill for the Fed’s increases have lagged, up only 7.2% and Congress is spending blunders, the Fed seems to have lion in taxes. Never mind the neces-
lower-for-longer interest-rate strat- over the same period. learned its lessons and has shifted its sity to normalize rates and confront
egy and excessive deficit spending is Rental costs continue to rise in at an unsustainable rate. forward guidance to higher rates for a sharply mounting debt.
coming due. lagged response to the 46.1% surge in longer. Chairman Jay Powell has re- Another fiscal year has com-
The changes in relative prices and home prices. Renters are paying the jected the idea of raising the inflation menced without Congress passing a
the distributional effects of the surge price while predominantly higher-in- President Biden isn’t alone. British target above 2%, but even reaching budget. Where is this heading, and at
in prices are revealing. Increases in come homeowners have benefited Prime Minister Rishi Sunak and Ger- that level allows “letting bygones be what costs to economic perfor-
wage and salaries in the employment from appreciating home values fueled man Chancellor Olaf Scholz are both bygones” with prices continuing to mance? Whatever the answers, Fed
cost index, the broadest measure of by the Fed’s extended monetary eas- lagging in opinion polls because of rise far above their pre-pandemic members should be more circum-
compensation, haven’t kept pace with ing. Their household net worth has economic woes. Yet their nations’ in- path. spect about the consequences of their
the CPI and have resulted in a decline risen sharply as the S&P 500 has ap- flation has been attributable primar- More corrective actions are policies and fiscal-policy makers
in real wages. According to the Bureau preciated 34%. Retirees are largely ily to higher energy prices and supply needed. The Fed must revamp its should develop a sustainable strate-
of Labor Statistics, increases in aver- protected by inflation-indexed pen- disruptions. The dynamic is different strategic framework that prioritizes gic plan.
age hourly earnings of lower-income sions and government-subsidized in the U.S., where excessive deficit employment it can’t control and bi-
earners have outpaced those of mid- medical care. spending, zero rates and the Fed’s as- ases its policy toward inflation above Mr. Levy is a visiting scholar at the
dle- and high-income earners, reflect- The Fed’s lower-for-longer strat- set purchases, along with supply con- 2%. It should also broaden its infla- Hoover Institution and member of the
ing labor shortages and faster rising egy has had other unintended side ef- straints, are to blame. tion target to include the CPI rather Shadow Open Market Committee.

Both Parties Can Agree on America’s Nuclear Peril

By John Bolton a plus, but the bipolar standoff with threat. In Oct. 19 Senate testimony, ica “should continue the practice the commission encourages interim

‘U
Moscow always mattered most. With Mr. Kyl estimated total new costs for and policy of not directly targeting improvements, such as potentially
nanimous” and “bipartisan” China now forming a tripolar nuclear such a project to be 5% of the Penta- civilian populations.” and swiftly reconverting B-52s ren-
outcomes are rare in to- world, bipolar deterrence calcula- gon and Energy Department budgets, Naive isolationist elements in dered incapable of carrying nuclear
day’s Washington. “Amer- tions, strategy and nuclear hardware in large part because of political both parties will argue that the U.S. weapons under the New Start Treaty,
ica’s Strategic Posture,” the recent are simply inapposite. leaders’ sustained failure to modern- can address the new nuclear environ- to sustain the deterrent force during
report from the congressional com- Days after the paper’s release, the ize nuclear capabilities. ment through arms-control agree- this vulnerable transition. We must
mission on U.S. nuclear capabilities Pentagon published its own finding “America’s Strategic Posture” re- ments. That is a distant dream. Fur- hedge against delays due to unpre-
and defense strategies, merits those that a tripolar nuclear scenario effec- affirms the logic of maintaining the ther strategic-arms treaties are dictable, incrementally funded ap-
laurels. Led by Madelyn Creedon, a tively exists, well ahead of our pre- nuclear triad of delivery systems: propriations, particularly the com-
senior Clinton and Obama adminis- dictions. This reality raises questions ground-based missiles, long-range mon—and harmful—practice of using
tration official, and former Sen. Jon that demand strategic responses. bombers and ballistic-missile subma- To deter threats from continuing resolutions.
Kyl, a Republican, the commissioners Will the U.S. face entirely separate rines. The triad undergirds deter- America’s aging nuclear weapons
prepared a 145-page report that war- Chinese and Russian threats, or will rence by “presenting an intractable China and Russia, the U.S. and inadequate life-extension pro-
rants urgent review by anyone seek- Moscow and Beijing act in coordina- targeting problem for adversaries.” needs to modernize and grams cast doubt on the stockpile’s
ing a safe future for America. tion? What do two peer nuclear foes Nuclear-force resilience is more reliability and safety. To be credible,
The bottom line is that the U.S. mean for U.S. pre-emptive or second- crucial when facing threats from recapitalize its arsenal. a deterrent must satisfy the “always/
faces “two nuclear peer adversaries strike capabilities? How many new two adversaries, not one. To help never rule”: “Nuclear weapons must
for the first time” in a rapidly ex- targets in China—or elsewhere— fashion the structure and size of the always work when they are supposed
panding threat environment. Main- must we now put at risk? future nuclear force, the report essentially irrelevant and dangerous to, and never detonate when they are
taining and improving our nuclear- Precise estimates of force require- identifies strategic principles from unless and until the U.S. has “a strat- not supposed to.” At some point
deterrence force against China and ments and budget levels are cur- which to derive military require- egy to address the two-nuclear-peer within a few years, the U.S. will need
Russia will require significant effort. rently impracticable, although signif- ments. That includes maintaining an threat environment” and its “related to conduct underground nuclear
Since the nuclear era began, Wash- icant growth in nuclear weapons and assured second-strike capability and force requirements are established,” tests. Even highly sophisticated sim-
ington’s thinking, strategizing and delivery systems is inevitable. Our directing nuclear strategy at what the commission says. Without know- ulations aren’t enough.
budgeting have assumed only one capabilities and the entire nuclear- Moscow and Beijing prize most: ing what we need, we can hardly Finally, the commissioners empha-
significant nuclear threat. Rogue- enterprise infrastructure needs mod- their leaders and the security insti- start negotiating it away. size nonnuclear capabilities, particu-
state capabilities weren’t insignifi- ernization, upgrading and recapital- tutions keeping them in power. The While the U.S. modernizes, up- larly “integrated air-and-missile de-
cant, and nuclear-capable allies were ization to meet the Sino-Russian commission emphasizes that Amer- grades and enlarges its capabilities, fense systems” for homeland and
theater-focused protection. The re-
port may at last end the debate on

Notable & Quotable: Sullivan

“deterrence by denial,” the core pur-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY pose of strategic and tactical missile
Rupert Murdoch Robert Thomson defenses. The commission recom-
Executive Chairman, News Corp Chief Executive Officer, News Corp White House national security ad- have de-escalated crises in Gaza and mends national missile-defense sys-
Emma Tucker Almar Latour viser Jake Sullivan writing for the No- restored direct diplomacy between tems “that can deter and defeat coer-
Editor in Chief Chief Executive Officer and Publisher
vember/December issue of Foreign the parties after years of its ab- cive attacks by Russia and China,”
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Affairs (these passages were deleted sence. . . . We have acted militarily to Ronald Reagan’s seminal vision.
Charles Forelle, Deputy Editor in Chief Daniel Bernard, Chief Experience Officer;
Mae M. Cheng, EVP, General Manager,
from the online version, published protect U.S. personnel, and we have “America’s Strategic Posture” cov-
Elena Cherney, News; Chip Cummins, Newswires;
Andrew Dowell, Asia; Brent Jones, Culture, Leadership; David Cho, Barron’s Editor in Chief; this week): enhanced deterrence, combined with ers many other issues, but mark
Training & Outreach; Alex Martin, Print &
Jason P. Conti, General Counsel, Chief diplomacy, to discourage further [Ira- these words: unanimous and biparti-
Compliance Officer; Dianne DeSevo, Chief People
Writing; Michael W. Miller, Features & Weekend; Officer; Frank Filippo, Chief Transformation The president inherited a region nian] aggression. . . . The progress is san. This isn’t congressional perfor-
Emma Moody, Standards; Prabha Natarajan, Officer; David Martin, Chief Revenue Officer, that was highly pressurized. . . . U.S. fragile, to be sure. But it is also not mance art; it’s a fire bell in the night.
Professional Products; Philana Patterson, Audio; Business Intelligence; Elizabeth O’Melia, Chief troops were under regular attack in an accident.
Michael Siconolfi, Investigations; Financial Officer; Dan Shar, EVP, General
Amanda Wills, Video Manager, Wealth & Investing; Ashok Sinha, SVP, Iraq and Syria. . . . Such attacks, at The region is quieter than it has Mr. Bolton is author of “The Room
Head of Communications; Josh Stinchcomb, EVP least for now, have largely been for decades.. . . [Mr. Biden’s] ap- Where It Happened: A White House
Paul A. Gigot & Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page stopped. . . . proach returns discipline to U.S. pol- Memoir.” He served as the presi-
Sherry Weiss, Chief Marketing Officer
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
The Israeli-Palestinian situation is icy. It emphasizes deterring aggres- dent’s national security adviser,
1211 Avenue of the Americas, New York, N.Y., 10036 tense, particularly in the West Bank, sion, de-escalating conflicts, and 2018-19, and ambassador to the
Telephone 1-800-DOWJONES but in the face of serious frictions, we integrating the region. United Nations, 2005-06.
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Meta’s Sales Jump as Ads Rebound Morgan

Growth of 23% in ing new AI technology. have been encouraged by im- ber of non-AI projects and rate in Azure, its cloud unit,
Stanley
revenue is largest
year over year since
Meta’s sales increased to
$34.1 billion, up more than
23% compared with a year ago.
That represents Meta’s third
provements to its ad-targeting
capabilities and advancements
in artificial intelligence. Its
turnaround in advertising has
shift people toward working
on AI endeavors, he added.
Microsoft and Google par-
ent company Alphabet both
exceeded expectations, buoyed
in part by demand for AI ser-
vices. Microsoft shares rose
3% Wednesday.
Names
third quarter of 2021
BY SALVADOR RODRIGUEZ
quarter in a row of rising rev-
enue after the company saw
its business shrink for most of
been a key factor in its re-
bound after Apple in 2021 im-
plemented privacy changes
reported surging revenue,
with Google noting accelera-
tion in ad growth though it
Meta shares initially rose in
after-market trading before
falling after Chief Financial
CEO
2022. The 23% increase is that erased $10 billion of reve- was weighed down by lower- Officer Susan Li warned that
Facebook parent Meta Plat- Meta’s largest year-to-year nue for Meta in 2022. than-expected growth in its the company had seen softer Morgan Stanley said
forms reported its largest growth in revenue since the AI will be Meta’s biggest in- cloud-computing unit. Growth advertising spending in the Wednesday it named Ted Pick
quarterly revenue since going third quarter of 2021. vestment area in 2024 in in the business, which over- fourth quarter that correlated as its next chief executive to
public more than a decade ago The company’s fortunes terms of engineering and com- sees the servers powering the with the start of the Middle succeed longtime CEO James
as demand for advertising have begun to turn around puting resources, Zuckerberg company’s artificial-intelli- East conflict. That is captured Gorman, ushering in a new era
picked up and the company during what Chief Executive said. To avoid allocating a lot gence programs, slowed to in the company’s revenue out- for the Wall Street power-
continued to reap the benefits Mark Zuckerberg has called a of new employees, the com- 22%, and Alphabet shares fell look for the October-to-De- house.
of cutting costs and develop- “year of efficiency.” Investors pany will deprioritize a num- almost 9%. Microsoft’s growth Please turn to page B4
By AnnaMaria
Andriotis,

It’s Time to Alter Cara Lombardo

10-year real annual return for U.S. stocks by Real value of $1,000 invested in
starting quintile of Shiller price/earnings ratio a 60/40 stock-and-bond portfolio* and David Benoit
$20,000
Cheapest Pick, who leads Morgan

‘Set It, Forget It’ 2 15,000

1982-2020 Stanley’s investment-banking
and trading operations, was
one of three finalists selected
as possible successors for Gor-

Portfolio Strategies 3

4
10,000

5,000
man, who said in May he would
step down from the CEO role
he has held since 2010.
Please turn to page B2
Most
BY SPENCER JAKAB stering bond funds. A classic expensive

Investors, you’re not in

Kansas anymore.
60/40 stock-bond split owning
that proportion of the S&P 500
index and 10-year Treasury
0% 2 4 6

Cyclically adjusted stock valuation vs. Treasury yields

8 10 0 1966-81
Loans
For four decades, patient
savers able to grit their teeth
through bubbles,
notes earned a respectable
15.3% in 2020.
But there are few free
Shiller price/earnings ratio
40 times
10-year U.S. Treasury yield
15%
To Acquire
ANALYSIS crashes and geo-
political upheaval
won the money game. But the
lunches in finance. Squeezing
those impressive returns out
of a worldwide economic ca- 30
Twitter
formula of building a nest egg
by rebalancing a standard mix
of stocks and bonds isn’t going
lamity added to the U.S. gov-
ernment’s already considerable
bill after the global financial 20
10
Vex Banks
to work nearly as well as it crisis. Federal debt held by the
has. public mushroomed from less 5 BY ALEXANDER SAEEDY
Now, longer-term Treasury than $5 trillion in mid-2007 to 10 AND CARA LOMBARDO
yields have hit their highest more than $21 trillion in 2020.
levels in 16 years, causing their Meanwhile, overnight interest The banks that financed
value to plummet, and stocks rates were pushed down to a 0 Monthly 0 Monthly Elon Musk’s $44 billion pur-
are expensive. So investors once-unthinkable zero percent, 1970 ’80 ’90 2000 ’10 ’20 1970 ’80 ’90 2000 ’10 ’20 chase of Twitter are still
need to lower their expecta- where they would stay until *S&P 500 and 10-year Treasury note struggling a year later to con-
tions and play defense. early 2022. Sources: Professor Robert Shiller; Aswath Damodaran; WSJ calculations (real annual return, $1,000 invested); FactSet (Treasury yield) tain the damage to their bal-
The summer of 2020 was That combination attracted ance sheets.
the point when the classic “set millions of new stock investors: Suddenly the best invest- had posted gaudy returns be- Reserve to play catch-up Seven banks including Mor-
it and forget it” stock-and- Young people, stuck at home ments were in companies that fore, and it was usually a sign through a series of rate in- gan Stanley, Bank of America
bond portfolio was as good as during the pandemic with extra were earning little to no that money had become too creases. and Barclays lent Musk
it got. Investors who didn’t savings, opened brokerage ac- money but had a great story cheap. It had never been free, The last time inflation be- around $13 billion to buy
panic earlier that year when counts and initially ran circles about how they would one day. though. came so high it stubbornly Twitter a year ago this coming
Covid-19 crushed stocks around their elders. The “buy By January 2021 an index of By last year, the massive stayed there for years. The Fed Friday. Under normal circum-
cheered the quickest return to the dip” mantra that had unprofitable companies main- budget deficits and zero-per- finally broke its back by push- stances, they would have un-
a bull market in history. Like- served investors so well took tained by Goldman Sachs had cent interest rates had stoked ing overnight interest rates loaded the debt to Wall Street
wise, long-term Treasury on an obscene modifier with rallied nearly 300% in nine the highest inflation in 40 above 19% in 1981. Interest investment firms soon there-
yields plunged to a record, bol- the acronym “BTFD.” months. Junky investments years. This forced the Federal Please turn to page B11 Please turn to page B2

Fed Floats Deep Cuts to

Debit-Card Swipe Fees
WASHINGTON—The Fed- be on the way. The Fed said it
eral Reserve proposed lower- would modestly increase a
ing by about 30% the fees fraud-prevention fee.
merchants pay to many banks The Wall Street Journal
when consumers shop with last week reported that the
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES

debit cards, setting off a fight Fed would propose reducing

with banks that oppose the fees.
changes. Interchange fees are paid
by merchants—from national
By Andrew Ackerman, retailers to local shops—when
AnnaMaria Andriotis consumers shop with their
and David Benoit debit cards. The fees are pock-
eted by banks and other finan-
At present, merchants pay cial institutions that issue
large card issuers such as JP- those cards.
Morgan Chase and Bank of Merchants say swipe fees
America 21 cents plus 0.05% for credit and debit cards
of the transaction amount, drive up costs for U.S. shop-
which is the level set by the pers. Merchants often tack on Toyota Motor’s concept models, the FT-Se, left, and the SUV-type FT-3e displayed at the Japan Mobility Show in Tokyo.
Fed in 2011. The Fed can lower at least some of the cost of
the cap if it determines the
costs for processing debit-card
payments are declining, but it
had never previously done so.
these fees into the sticker
prices they charge consumers.
Banks say there is no evidence
that reduced fees will mean
Auto Executive Says EV Reality Is Setting In
Wednesday’s plan would lower prices for consumers.
reduce the fees to 14.4 cents The Fed said Wednesday BY RIVER DAVIS Toyoda, who stepped down Toyoda told reporters at the spite discounts on plug-in mod-
plus 0.04% of the transaction that its data show costs to this year as Toyota chief exec- Japan Mobility Show, formerly els, unsold inventory is starting
amount. Going forward, the debit-card issuers have de- Toyota Motor Chairman utive after nearly 14 years, has the Tokyo Motor Show, which to stack up at dealerships.
proposal envisions adjusting clined in recent years, which is Akio Toyoda, when asked long said the auto industry opens this week. The pullback in buyer inter-
the fees every other year, sug- why regulators want to lower about electric-vehicle chal- should hedge its bets by con- From Tesla to Ford Motor, est is a worrisome sign for an
gesting more reductions could Please turn to page B11 lenges including a recent lull tinuing to invest in hybrid automakers in recent months industry that is sinking billions
in U.S. demand, said the indus- gasoline-electric cars and have issued warnings about a of dollars in new factories and
try was coming to recognize other options. As EV sales mo- slowdown in demand for EVs, battery-making facilities and is

INSIDE that there isn’t a single answer

to reducing carbon emissions.
“People are finally seeing re-
mentum lags behind in the
U.S. and more buyers gravitate
to hybrids, he may be enjoying
which are generally more ex-
pensive than traditional gaso-
line-powered cars and need to
facing tougher regulations on
tailpipe emissions globally.
In the latest sign that car
ality,” Toyoda said Wednesday, an “I told you so” moment. be recharged regularly. companies are walking back
speaking in his capacity as the “There are many ways to Higher interest rates are their plans, General Motors
head of the Japan Automobile climb the mountain that is making them more unafford- and Honda Motor said
Manufacturers Association. achieving carbon neutrality,” able for many buyers, and de- Please turn to page B2

Exxon, Chevron Invest at Home Amid Global Strife

JANE ROSENBERG/REUTERS

BY BENOÎT MORENNE biggest oil finds in the South Exxon Mobil, which this ments are complicated by the
American country of Guyana month acquired Pioneer Natu- threat of expanding regional
As the world becomes more and allows it to double down on ral Resources in a $60 billion conflicts, from Ukraine to the
dangerous, the two largest shale by expanding its presence merger that anchors its future Middle East.
BUSINESS NEWS CRYPTOCURRENCY Western crude producers are to North Dakota. Both regions to the prolific Permian Basin of In a call with analysts to
Boeing cuts its 737 FTX founder focusing their investments are established oil producers West Texas and New Mexico. discuss the Pioneer deal earlier
closer to home. with limited geopolitical ten- The back-to-back acquisi- this month, Exxon Chief Execu-
delivery goal for year Sam Bankman-Fried Chevron on Monday said sions, affording Chevron new tions signal that the oil majors tive Darren Woods said that
and posts a loss for to take the stand in that it was acquiring Hess in a reserves with fewer risks. are increasingly turning their diversification allowed the
the quarter. B3 fraud trial. B10 $53 billion deal that gives it ac- The deal follows a megadeal attention to the Western Hemi- company to manage geopoliti-
cess to one of this century’s in the U.S. shale patch by sphere as international invest- Please turn to page B2
B2 | Thursday, October 26, 2023 **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A General Motors..............A1,B12 Nvidia................................................A1

Oil Majors
P
Shift Their
Affirm................................................A1 Glen Point Capital..............B10
Alphabet...............................A1,B12 H Pioneer Natural Resources
Amazon.com................................A1 Heineken........................................B3 ................................................................ B1
Anheuser-Busch InBev......B6
B
Bank of America.....................B1
Hess....................................................B1
Home Depot...............................A2
I
Plug Power.................................B11
S
Scholastic......................................B6
Focus
Barclays...........................................B1
Intel....................................................A2 Siemens Energy.....................B11
Block...................................................A1 Continued from page B1
International Business Silver Lake...................................B4
BMW.................................................B2 Machines...................................A2
cal risks but that Exxon also
SolarEdge Technologies..B11
Boeing..............................................B3 had to make sure that it had
J Spirit AeroSystems..............B3
BYD.....................................................B2 access to low-cost production,
JPMorgan Chase.....................B1 Stellantis.........................................A1
C including in the U.S.
K T Chevron’s announcement was
Carnival...........................................B6
Chevron............................................B1 Kering.............................................B12 Texas Instruments................A2 made two weeks after Israel or-
Cnooc................................................B2 L T-Mobile.........................................B4 dered the company to shut
ConocoPhillips...........................B2 Toyota Motor.............................B1 down natural-gas production at
LVMH Moët Hennessy
Constellation Brands...........B6 Louis Vuitton.......................B12
TransUnion........................A2,B12 one of its two major offshore
U platforms in the Eastern Medi-

LIZ HAMPTON/REUTERS
D M
Unilever...........................................B6 terranean as the war between
Deutsche Bank...............A2,B11 Mastercard.................................B11 Israel and Hamas escalated.
E Mattel...............................................B3 V
The order was a reminder
Endeavor........................................B4 Mercedes-Benz.........................B2 Verizon Communications of the risks oil majors face in a
Enphase Energy.....................B11 Meta Platforms........................B1 ............................................................... B4 region marred by violence that
Exxon Mobil.................................B1 Microsoft.....................A2,B5,B12 Vestas Wind Systems......B11
has previously jeopardized am- A Colorado Chevron site. Global conflicts are leading U.S. oil majors to invest closer to home.
F-G Morgan Stanley........................B1 Visa...................................................B11
bitious energy projects.
First Solar...................................B11 N W The companies also face in- worth of assets as it shrinks its Both Exxon and Chevron sive Willow oil-and-gas project
Ford Motor............................A1,B1 Netflix..............................................B4 Walt Disney................................B4 vestors’ demands that they fo- global footprint and focuses on said their recent shale acquisi- in the U.S. Arctic. The decision
cus on returns and steer away its more valuable assets. It has tions would strengthen U.S. angered environmentalists but
from the potentially profitable sold out of projects in Chad and energy security, reflecting con- sent a signal to producers that
INDEX TO PEOPLE but costly and risky frontier
exploration of untested regions
Cameroon and made progress
on its goal to shed additional
cerns that oil supplies may be-
come harder to come by as war
the administration likely
wouldn’t skewer them for
that vaulted them to their holdings in Iraq and Nigeria. rages in Ukraine and diplomats making fossil fuel investments
A Katz, Mike....................................B4 Sewing, Christian.................B10 global status. The company pulled out of rush to the Middle East to try close to home.
Adam, Larry................................A2 Kreiz, Ynon...................................B3 Shapiro, Mark............................B4 “The age of frontier basin, Russia, where it had spent to prevent a regional confla- Chevron and Exxon have
Allen, Todd...................................B6 L Siddiqui, Raheel.......................A2 breakthrough basin exploration years establishing a foothold, gration involving Israel and played down concerns that U.S.
B LeBlanc, Raoul..........................B2 Sievert, Mike..............................B4 may be done,” said Raoul Le- once cultivating ties with Rus- Iran-backed forces. antitrust regulators would
Simkowitz, Dan........................B2 Blanc, an analyst at S&P Global sian President Vladimir Putin. Guyana’s proximity to the block either deal, saying the
Bankman-Fried, Sam........B10 M
Simmons, Caroline...............B11 Commodity Insights. The Kremlin wiped out Exxon’s U.S. and relatively stable poli- tie-ups will benefit consumers
Belknap, Geoff..........................B5 Marks, Howard.......................B11 Soros, George.........................B10 Exxon and Chevron built stake in a major oil-and-gas tics are similarly appealing to by ensuring domestic energy
Bracey, Esi Eggleston.........B6 Musk, Elon............................B1,B4 Stock, Marty...............................B6 their businesses for decades by project there after the com- the oil companies. The country supplies.
Braams, Conny.........................B6 P T scouring the globe for explora- pany tried to exit from the has exhibited respect for con- Exxon and its partners,
C Phillips, Neil..............................B10 tion opportunities as investors venture following Russia’s in- tracts for oil concessions there, Hess and China’s Cnooc, have
Toyoda, Akio................................B1
Calhoun, Dave...........................B3 Pichai, Sundar.........................B12 pressured the companies to vasion of Ukraine. allowing Exxon and Chevron to revved up Guyana’s oil produc-
Pick, Ted..........................................B1
W add to their booked reserves, a Meanwhile, Chevron since tout their investments as low- tion from nothing in 2019 to
Cartwright, Christopher..B12
Pruzan, Jonathan...................B2 Webber, Simon.......................B11 key metric used by sharehold- 2019 has unloaded assets in risk projects that will deliver 400,000 barrels a day. The
E White, Dana................................B6 ers to value the producers. Azerbaijan, Denmark, the U.K. new oil barrels to the U.S., po- partners expect to be pumping
R
Emanuel, Ari...............................B4 Woods, Darren..........................B1 As a result, oil giants oper- and Brazil, among other tentially lowering gasoline 1.2 million barrels a day by
Ramjee, Shaniel.....................B11
G Y ated in far-flung locales rife places. prices, analysts said. 2027, making it one of the
S with what is known in industry As the companies have re- “This gives you, as majors, world’s fastest-ever oil devel-
Gorman, James.........................B1 Yaccarino, Linda.......................B2
Saperstein, Andy....................B2 parlance as aboveground risk. treated, their overall produc- an important foothold in re- opments.
J-K Sato, Koji.......................................B2 Z The emergence of U.S. shale tion volumes have shrunk. gions that are also of strategic Hess owns a share of nearly
Jope, Alan.....................................B6 Schumacher, Hein..................B6 Zuckerberg, Mark....................B1 eased some of the pressure as Exxon produced about 3.7 mil- importance for the U.S.,” Caro- one-third in the estimated 11
companies were able to drill in lion barrels of oil equivalent a lyn Kissane, a clinical profes- billion barrels of oil and gas
their own backyards, where day last year, down about 17% sor at New York University’s found off the shores of Guyana.

Morgan firm and head of institutional

securities.
Succession planning at Mor-
frackers didn’t have to worry
about wars or sudden regime
changes.
from 2011, its annual peak.
Chevron’s international output
fell 3% last year after conces-
Center for Global Affairs, said
of the recent deals.
President Biden ran on a
By acquiring Hess, Chevron
also gains a foothold in North
Dakota’s Bakken Shale, a ma-

Stanley gan Stanley has been under

way for some time. A 2021 re-
shuffling set up a four-way
In recent years, large West-
ern oil companies have packed
up and left places such as South-
sions in Thailand and Indone-
sia expired.
Following the Pioneer deal,
platform to stop new oil pro-
duction but encouraged compa-
nies to drill more after the war
ture basin where relatively few
investments are required to
maintain production, said

Names CEO race that also included Jona-

than Pruzan, who was chief op-
erating officer until he left in
east Asia, West Africa, Russia
and parts of Latin America.
Exxon has planned since
about 45% of Exxon’s produc-
tion will come from the U.S.,
up from roughly 31% before it,
began in Ukraine, which pushed
gasoline to record levels.
Earlier this year, he ap-
S&P’s LeBlanc. Hess produced
181,000 barrels of oil and gas a
day in the region in the second
January. 2018 to sell at least $15 billion according to JPMorgan Chase. proved ConocoPhillips’s mas- quarter of the year.
Continued from page B1 Pick has long been seen as a
At the company’s annual top contender. In 2018, when
meeting in May, Gorman said
he planned to step down as
CEO within a year and noted
he was overseeing the bank’s
trading unit, Morgan Stanley
also put him in charge of its in-
Banks Are ing the largest pieces, which
include Morgan Stanley, Bank
of America, Barclays and
ready anticipating.
Bankers close to the deal
said that Musk’s capricious
ship, partly to help support
the hefty interest payments it
must pay on the debt, and
the board had three internal
candidates to replace him but
didn’t name them. Gorman,
vestment bank.
Known by colleagues as
brash and hands-on, Pick has
Stuck With MUFG. BNP Paribas, Société
Générale and Mizuho were
also involved.
management and a weakening
advertising market could
point to a junk-bond rating, a
Chief Executive Linda Yacca-
rino has said she expects X
will turn a profit next year.
who currently chairs the bank’s
board, will become executive
chairman.
been credited with reviving
Morgan Stanley’s stock-trading
arm after the financial crisis
X Loans After holding the debt for a
year—an eternity in the cor-
porate-finance world—the
designation reserved for com-
panies at higher risk of de-
faulting. Musk himself said
Musk’s debt package in-
cluded $6.5 billion in term
loans, $6 billion split equally
Pick, who will take over as and has overseen a turnaround banks, which had hoped they last year that X was near the between secured and unse-
CEO on Jan. 1, is co-president of the firm’s troubled fixed-in- Continued from page B1 could sell it by Labor Day, brink of bankruptcy after he cured bonds and a $500 mil-
and head of institutional secu- come unit. after. But investor appetite for have recently begun prepara- took over. lion revolving line of credit.
rities and co-head of corporate “He’s wicked smart and he’s Twitter, which Musk has since tions to try to unload at least Twitter pre-Musk was rated X’s unsold debt ranks
strategy. The other executives very street smart,” Gorman renamed X, has cooled since some of it, the people said. junk, despite carrying signifi- among the largest and lon-
who were in the running for told The Wall Street Journal. the billionaire took over, forc- First they must secure a cantly less debt than it does gest-held “hung” deals. Banks
the top job were Andy Saper- Pick would be taking over ing the banks to hold the debt rating from the likes of now. were in similar pickles in pe-
stein, co-president and head of what is viewed as one of Wall on their own balance sheets at Moody’s and S&P, a quality Given that X is no longer riods such as 2007-08, when
wealth management, and Dan Street’s steadiest institutions a discounted value. seal investors such as mutual publicly traded, it doesn’t dis- investors lost confidence in
Simkowitz, head of investment at a time its chief rival, Gold- The banks currently expect funds and loan managers typi- close its financials, though the financial system during
management and co-head of man Sachs, is struggling to find to take a hit of at least 15%, or cally require. If X receives a Musk has said the platform’s the financial crisis. They
corporate strategy. its footing. Morgan Stanley’s about $2 billion, when they low credit rating, it would be advertising revenue has plum- eventually managed to sell bil-
Saperstein will become head luster dimmed when it re- sell the debt, people familiar hard for the banks to sell the meted since he bought it. lions of debt backing major
of wealth and investment man- ported a steep decline in in- with the matter said. That debt to a broad investor base The company has slashed takeover deals as markets
agement and Simkowitz will vestment-banking revenue last would mean hundreds of mil- without taking an even bigger thousands of jobs and other calmed down but were forced
become co-president of the week, falling short of rivals. lions in losses for those hold- loss than what they are al- costs under his owner- to swallow big losses.

Reality of
EVs Sets In
For Industry
Continued from page B1
Wednesday they are ditching a
partnership aimed at develop-
ing lower-priced EVs. The auto-
YOSHIO TSUNODA/AFLO/ZUMA PRESS

makers had expected to pro-

duce millions of cars fitted
with GM’s Ultium batteries.
GM executives have said de-
veloping more affordable EVs
is critical to broadening their
appeal, and scaling up their
battery technology, including
through partnerships, is one Toyota Motor Chairman Akio Toyoda, center, at the Japan Mobility Show on Wednesday.
way to help reduce costs.
GM this week abandoned a runners including Tesla and els that consumers can buy to- will make car buyers most
target to build 400,000 EVs by China’s BYD. Toyota’s CEO, Koji day, at least in some coun- happy, he said, and “if regula-
mid-2024, citing uncertainty Sato, has said the carmaker tries. With their slower tions are created based on
in the EV market and the need will accelerate development of rollouts, Japanese brands ideals, it is regular users who
to ensure it can build these parts and manufacturing await judgment on whether are the ones who suffer.”
new models profitability. methods optimized for EVs. they failed to catch the wave EV sales rose 49% globally
Japanese automakers, most At the Tokyo event, Japa- in time or correctly read the in the first half of this year,
prominently Toyota, have nese automakers showcased general population’s readiness down from 63% growth a year
been more vocal than their concept EVs, many of which to make the EV shift. earlier, according to market-
Western peers about the chal- aren’t due in showrooms until One favorable sign for Toy- research firm Canalys. Of all
lenges EVs face in the near the latter half of the decade. ota: Its head of sales in North EVs, 55% were sold in China.
term, including high costs, re- Toyota displayed two EV America said recently the mar- In the U.S., some dealers
source crunches and limited concept cars due for release ket for hybrids is “smoking say the first wave of buyers
charging infrastructure. after 2026, as well as an elec- hot” and the company is try- willing to try an EV has passed
In China, the world’s larg- tric pickup and a version of its ing to make as many of the ve- and remaining buyers are de-
est car market by vehicle Land Cruiser expected to hicles as possible. Last month, terred by high prices and the
sales, Western and Japanese launch within the next few Toyota had a little more than a limited range of many EVs.
companies face local challeng- years. Honda Motor’s joint week’s worth of Prius hybrids
ers and an EV price war. venture with Sony showed off in stock, compared with more
While the early stages of the a prototype of its Afeela EV than two months’ supply of its Watch a Video
EV revolution shake out, Toy- due to be delivered in 2026. electric SUV, the bZ4X. Scan this code
ota and others have been lean- The handful of foreign au- “I have continued to say for a video on
ing on hybrid vehicles as a tomakers at the show—includ- what I see as reality,” said how the push
bridging technology and study- ing BYD, Mercedes-Benz and Toyoda. Someone needs to for EVs affects
ing the operations of front- BMW—showed electric mod- convey to the industry what UAW’s future.
THE WALL STREET JOURNAL. ***** Thursday, October 26, 2023 | B3

BUSINESS NEWS

Boeing Cuts Delivery Goal for 737s Heineken

Backs
Jet’s target for the
year is lowered Outlook
while production
woes spur loss For 2023
BY SHARON TERLEP BY MICHAEL SUSIN

Boeing’s turnaround will Heineken backed its full-

have to wait. year guidance after third-
Hamstrung by a snafu in- quarter revenue slightly
volving misdrilled holes on its missed market expectations,
737 jet fuselages, the plane as the group focus on improv-
maker booked a $1.64 billion ing business performance
ELLEN M. BANNER/THE SEATTLE TIMES/ASSOCIATED PRESS

third-quarter loss and lowered amid a slowing demand.

delivery goals this year for the The Dutch brewer said ad-
narrowbody jet, which ac- justed net revenue before ex-
counts for the bulk of the ceptional items and amortiza-
company’s output. tion—one of its preferred
Boeing reported negative metrics—rose to €8.015 bil-
cash flow from its operations lion, equivalent to $8.49 bil-
for the quarter ended Sept. lion, in the quarter from €7.79
30. Boeing met quarterly ex- billion last year. A company-
pectations for sales and exec- compiled consensus forecast
utives kept their full-year and had seen net revenue before
medium-term financial guid- exceptional items and amorti-
ance unchanged. zation at €8.11 billion.
MAX production has been A 737 MAX on a Renton, Wash., assembly line. Boeing expects to produce 38 of the planes a month by year-end. The company backed its ex-
running at roughly half the pectations for the full year of
company’s target while Boeing Boeing’s net profit/loss Monthly deliveries of Boeing’s 737 MAX aircraft end, a crucial milestone as stable to mid-single-digit or-
and one of its largest suppli- $1 billion 50 planes
Boeing’s customers face de- ganic growth in operating
ers race to fix misdrilled holes layed deliveries. The company profit before exceptional items
on the jet’s fuselage. is working to recover from the and amortization.
–$1.64B 15
“We’ve had no shortage of 0 pandemic and the MAX crisis, Total organic beer volumes
40
challenges this year,” Chief when two crashes of the jet in fell 4.2% in the quarter as the
Executive Dave Calhoun said 2018 and 2019 grounded the group is being affected by
during a call with analysts. -1 fleet around the world for al- weak consumer demand
The company said Wednes- 30 most two years. across several regions. This
day that this year it would de- -2 Boeing’s sales rose 13% to compares with the drop of
liver between 375 and 400 of $18.1 billion in the quarter. Its 4.3% expected by the market.
the 737 jets. It previously set 20 net loss was narrower than a Volumes in the Americas
out to deliver 400 to 450 this -3 year ago, when the company grew 6.3% led by growth in
year, and executives said in lost $3.3 billion. Analysts Brazil and Mexico, while Eu-
September that they believed 10 polled by FactSet expected a rope volumes fell 9%, affected
they could hit that tar- –4 loss of $1.5 billion. by adverse weather during
get. Boeing said Wednesday Boeing’s defense unit con- July and August.
that it still expected to deliver –5 0 tinued to weigh on the busi- In the nine-month period,
70 to 80 787s. 2021 ’22 ’23
ness, reporting a quarterly net revenue increased 5.8% to
2021 '22 '23
Earlier this month, Boeing loss as it booked more ex- €22.53 billion while net profit
and the supplier, Spirit Aero- Sources: S&P Capital IQ (profit/loss); the company (deliveries) penses on converting the two fell to €1.92 billion from €2.2
Systems, expanded the scope 747 jumbo jets that will serve billion.
of fuselage inspections to in- will be able to substantially “We would go much higher ture that rewards speaking up as Air Force One, as well as on “Whilst inflation-led pricing
clude hand-drilled holes in ad- boost 737 production in the fi- and much faster if it were about problems means the a satellite contract. is tapering, we observe a slow-
dition to those made using an nal two months of the year. strictly a demand question,” company is finding more Boeing and Spirit AeroSys- down of consumer demand in
automated drill. The production shortfall Calhoun said. things in need of repair. tems this month reached a various markets facing chal-
Boeing says there is no im- comes as aerospace manufac- Boeing shares fell 2.5% to “I have heard those outside tentative pact for price in- lenging macro-economic con-
mediate flight-safety concern turers and suppliers try to $177.73 on Wednesday. our company wondering if creases on Spirit’s 787 work ditions. In this context, we will
tied to the Spirit defect. But meet soaring demand for “When we set our recovery we’ve lost a step. I view it as and decreases for 737 MAX fu- stay the course on executing
rooting out and repairing the postpandemic travel. Euro- plans, we knew issues would quite the opposite,” Calhoun selages. Boeing would advance our strategy, remain vigilant
misdrilled holes is compli- pean discount carrier Ryanair come up along the way,” Cal- wrote. Spirit more cash and amend on costs and focus on rebal-
cated and time-consuming. recently cut its winter sched- houn wrote in a message to Boeing expects to hit a tar- the terms of existing advances ancing our growth,” Chair and
Executives said Wednesday ule, citing Boeing delivery de- employees. He said improved get of producing 38 of its 737 under the deal, boosting the Chief Executive Dolf van den
that they believe the company lays. quality procedures and a cul- MAX jets a month by year- supplier’s sales through 2025. Brink said.

Mattel’s Sales Get a Boost FEEL THE FRESH AIR

From ‘Barbie’ Hit Movie WHENEVER
BY BEN GLICKMAN

Mattel’s bet on “Barbie” is

paying off, with the big-screen
hit lifting the toy maker out of
its quarterly sales slump.
Mattel’s quarterly
net profit/loss
$800 million
Quarterly revenue, change
from a year earlier
50%

40
YOU LIKE
600
The movie boosted sales of 30
dolls, accessories and Dream-
3Q 2023
houses, fueling a 9% increase 400
20
+9%
in third-quarter sales that
topped Wall Street’s estimates. 3Q 2023 10
The El Segundo, Calif., com- 200 $146M
pany said Wednesday that bet- 0
ter toy sales lifted its adjusted
-10
profit for the quarter, and it 0
anticipates the momentum -20
from “Barbie” to continue into
the crucial holiday season. -200 -30
“The movie opened the ap- 2021 '22 '23 2021 '22 '23
erture for Barbie. Barbie now
appeals for more fans, a Sources: S&P Capital IQ; the company
broader demographic,” Chief
Executive Ynon Kreiz said. building sets and games. or 41 cents a share, compared
“The success of the movie will Mattel is expecting strong with $290 million, or 80 cents a
be an important contributor” demand for its toys in the holi- share, a year earlier. The results
to holiday results. day season, despite forecasting include a noncash charge estab-
“Barbie” raked in over $1.4 a downturn in the toy industry. lishing a valuation allowance on
billion at the box office since The company has an- foreign deferred tax assets.
its July debut, according to nounced development of a Adjusting for certain one-
Box Office Mojo. slate of other movies based on time items, such as restruc-
The film’s distinct pink color its toy brands, including proj- turing costs and product re-
palette and viral marketing ects based on Barney, Hot calls, Mattel logged a profit of
campaign made it one of the Wheels, Magic 8 Ball and Polly $1.08 a share, more than the
biggest films of the year, as the Pocket. Kreiz is confident 86 cents expected by analysts,
movie industry struggled to re- Mattel can replicate the according to FactSet.
turn to its prepandemic allure. brand-boosting success of Sales came in at $1.92 bil-
Mattel’s third-quarter results Barbie. lion, topping analyst estimates
provided the first sign that its “We see this as a showcase, of $1.84 billion.
movie invest- as a template,” Despite the revenue beat,
ment was flow- Kreiz said. Mattel maintained its top-line

SIDE WINDOW DEFLECTORS

ing through to “We’re not say- outlook for the year, which
its sales, which ‘We see this as a ing that every calls for sales to be at the
had fallen in showcase, as a movie will be same level as last year.
each of the past the next Barbie, The company raised its ad-
four quarters. template,’ said but we intend to justed per-share earnings out-
Gross billings apply the same look to between $1.15 and When you’re out for a drive, the weather shouldn’t decide when
for Barbie
Chief Executive methodology.” $1.25 a share, up a nickel on
toys—a metric Ynon Kreiz. Mattel has either end, owing to better- you get a taste of fresh air. WeatherTech’s custom-fitting, OEM-
that reflects been grappling than-anticipated margins as look Side Window Deflectors install in the window channel
sales to retailers with falling some costs drop.
before adjust- sales over the Still, the guidance raise was and allow fresh air to circulate while you drive. Discover more
ments—rose 16% year on year past year as retailers have disappointing, according to D.A. custom-fitting solutions at WeatherTech.com.
in the quarter, helping lift the looked to slim down bloated in- Davidson analyst Linda Bolton
company’s doll category 27%. ventories. Those challenges are Weiser. Despite topping ad-
The company previously said largely behind the company, justed earnings guidance by
it expects about $125 million Kreiz said. some 22 cents, the company
revenue linked to “Barbie,” Retailer inventories of Mat- lifted outlook by 5 cents, imply-
which includes a box-office cut tel toys were down in the dou- ing weaker adjusted profit for Auto. Home. Pet. Find Your Fit. 1-800-441-6287
and toy sales. ble digits in the third quarter, the fourth quarter.
Hot Wheels, one of Mattel’s according to Kreiz, while the Shares fell 6.8% to $18.74 in © 2023 MacNeil IP LLC
signature brands, posted strong company’s own inventories fell after-hours trading Wednesday.
sales, rising 22% from a year 27% year on year. The stock is up almost 13% this
earlier. That helped offset a In the third quarter, Mattel year, compared with a 9% rise
sharp drop in action figures, posted earnings of $146 million, in the S&P 500 index.
B4 | Thursday, October 26, 2023 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Silver Lake Aims to Take Private T-Mobile Scraps

Hollywood Agency Titan Endeavor Plan to Raise Prices
BY JESSICA TOONKEL
AND JOE FLINT
the mixed martial arts league,
and the Professional Bull Rid-
For Some Customers
ers league.
Private-equity giant Silver Those acquisitions were BY DREW FITZGERALD T-Mobile’s postpaid phone net
Lake said it is working on a driven in part out of concerns customer additions
proposal to take private En- that the talent representation T-Mobile US said it is 3Q 2023: 850,000
deavor Group Holdings, the business was entertaining a scrapping a program that 900 thousand
owner of talent agencies WME phase of slower growth. Like would have forced some cus-
and IMG. all talent agencies, Endeavor’s tomers into more expensive 800
“Silver Lake firmly believes WME has been hit hard by the wireless plans after the pro- 700
in Endeavor’s business and is strikes that have closed pro- posed changes triggered heavy
not interested in selling its duction in the entertainment blowback. 600
shares in Endeavor to a third- industry for the past several Details of the planned up- 500
KYLE GRILLOT/BLOOMBERG NEWS

party nor in entertaining bids months. grades surfaced on Reddit ear-

for assets that are a part of Endeavor also was forced lier this month after T-Mobile 400
Endeavor,” the firm wrote in a to divest its content produc- started training its support 300
statement. Silver Lake owns tion business as part of a new staff to respond to customer
about 71% of the voting stake agreement with the Writers questions. The carrier said it 200
in Endeavor. Guild of America. Besides no planned to shift a small num- 100
The announcement from longer being able to produce ber of people to newer service
Silver Lake came after En- content, it also doesn’t receive tiers unless they opted out by 0
deavor on Wednesday said it Ari Emanuel, chief executive of Endeavor Group Holdings. so-called packaging fees for contacting the company. The 1Q 2Q 3Q 4Q 1Q 2Q 3Q
was exploring strategic oppor- TV series and movies that in- newer plans would have of- 2022 '23
tunities for the company that dent and Chief Operating Offi- shareholders.” clude a significant number of fered more features but gener- Source: the company
could include a sale of assets. cer Mark Shapiro said in an Besides TKO and WME, En- WME clients. Packaging fees ally cost customers an addi-
Endeavor said it had no plans interview. deavor also controls the have been very lucrative for tional $5 to $10 per line. plans since many of the state
to sell its majority interest in Asked if the WME talent sports and modeling agency the talent agencies. “I think we’ve learned that and federal agreements tied to
TKO Group Holdings, which agency was likely to be sold or IMG, which has partnerships Along with CAA, WME has particular test cell isn’t some- the takeover expired earlier
resulted from the merger of spun off, Shapiro said, “no one with several major sports a formidable roster of top-tier thing that our customers are this year.
Endeavor’s Ultimate Fighting should assume anything.” leagues as well as a signifi- actors and writers including going to love,” Chief Executive The company has avoided
Championship with World Endeavor’s shares rose 24% cant events business. Dwayne Johnson, Ben Affleck, Mike Sievert said Wednesday some of its competitors’
Wrestling Entertainment. That in after-hours trading. In the years before it went Tyler Perry, Oprah Winfrey, during the company’s third- steeper rate increases—
venture was spun out into a Ari Emanuel, CEO of En- public in 2021, Endeavor “Law & Order” creator Dick quarter earnings call. “We had though it has at times raised
separate company last month. deavor, said in a statement, sought to expand beyond its Wolf and the reality jugger- planned it as a test cell, and fees—as it continues to seek
“We believe we are signifi- “We believe an evaluation of representation business. The naut Kardashian family. En- then we aren’t doing it, be- government officials’ approval
cantly undervalued, and we strategic alternatives is a pru- company acquired a number deavor in 2014 acquired IMG, cause I think we’ve got plenty on other matters.
are exploring all options,” En- dent approach to ensure we of companies including Ulti- which represents many fash- of feedback.” T-Mobile planned to start
deavor Group Holdings Presi- are maximizing value for our mate Fighting Championship, ion models and sports stars. The reversal comes as the notifying customers about the
nation’s second-largest wire- potential service changes last
less carrier continues to ma- week. Sievert later said in a

Meta’s the company launched to com-

pete with the business for-
merly known as Twitter, which
2023 total expenses to be in
the range of $87 billion to $89
billion, narrowing from a pre-
Meta Platforms quarterly
revenue, change from a year
earlier
ture following its 2020 take-
over of Sprint. The company
counted nearly 118 million
message to employees that the
program hadn’t yet launched
but would start informing cus-

Revenue billionaire owner Elon Musk

rebranded as X.
Meta posted a net profit of
vious forecast of between $88
billion and $91 billion. The
company said it estimates its
60%
3Q 2023
+23%
customers, including high-
speed internet users and con-
nections for smart devices, in
tomers “in the near future.”
By Wednesday, the company
said those notifications won’t

Surges $11.6 billion for the third quar-

ter—more than double its net
profit from a year prior and
2024 total expenses to be be-
tween $94 billion and $99 bil-
lion.
40
the third quarter.
The company said revenue
was $19.25 billion, down about
go out at all.
Mike Katz, T-Mobile’s mar-
keting president, said the
up from $7.8 billion in the Meta’s Reality Labs, the di- 1% from a year ago and below company will keep experi-
Continued from page B1 April-to-June quarter. vision building the hardware the $19.34 billion that analysts menting with new price strat-
cember period, she said. Advertising made up 98.5% and software of its metaverse 20 were expecting, according to egies to simplify its offerings.
Thus far in 2023, Meta has of Meta’s revenue in the quar- effort, posted sales of $210 FactSet. Quarterly profit was Verizon earlier this year re-
seen its shares more than dou- ter. The company’s advertising million for the quarter, a de- $2.14 billion, or $1.82 a share, duced the number of unlim-
ble as of Tuesday’s close. That revenue rose to $33.6 billion. cline of 26.3% compared with 0 up from $508 million, or 40 ited data plans it offers—and
put it on pace for its best year Meta said its average ad price a year ago. Wall Street was ex- cents a share, last year. Ana- removed some add-on fea-
on record as Zuckerberg has fell 6% year over year. In the pecting Meta’s hardware divi- lysts surveyed by FactSet ex- tures—in a bid to make them
focused on cost-cutting, devel- same quarter last year, the av- sion to report revenue of $319 pected earnings of $1.70 a less confusing and reinvigo-
oping new generative AI tech- erage price per ad decreased million for the quarter, accord- –20 share. rate revenue growth.
nology and the introduction of by 18%. ing to analysts surveyed by 2019 ’20 ’21 ’22 ’23 T-Mobile has had a freer —Will Feuer
Threads, a microblogging app Meta said it expects its FactSet. Source: the company hand to adjust its wireless contributed to this article.
THE WALL STREET JOURNAL. Thursday, October 26, 2023 | B5

TECHNOLOGY WSJ.com/Tech

LinkedIn Tests AI for Security Questions

Chatbot cuts wait Response times to employ- sometimes struggle to under- information. Compliance ex-
ees’ questions on the chatbot stand what is allowed under perts typically need to com-
time for responses, were found to be about five corporate security policies, plete long questionnaires be-
potentially helping seconds or less, which com- Belknap said. The chatbot fore companies agree to work
pares with around 15 minutes makes it more likely that em- together.
seal business deals when a human helper re- ployees won’t skip required “If we give an inconsistent
sponded, according to a security steps because it answer, or if we give an in-
BY CATHERINE STUPP spokeswoman for the company. speeds up the process, he said. complete answer, it might re-
Early tests show the chat- “Our internal customers are sult in a deal being delayed
LinkedIn is testing how bots are around 90% accurate. big fans of getting easy, quick for weeks or months or maybe
generative artificial intelli- By speeding up the process questions answered this way a deal falling through,”
gence could help employees of answering cybersecurity because it limits the amount Belknap said.
and external suppliers get an- questions, the new tool helps of things that you have to Generative AI could relieve
swers about cybersecurity pol- other teams such as market- meet with an expert about pressure on employees and
icies within ing, sales or product manage- now,” he said. help with repetitive, menial
CYBERSECURITY seconds, po- ment, Belknap said. When the final version of tasks, freeing workers to do

SPENCER SELVIDGE/REUTERS
tentially cut- “Security has to be a busi- the chatbot is released, more challenging things,
ting wait times for business ness differentiator, security LinkedIn plans to track how Belknap said. But for now, em-
deals or decisions to imple- has to be part of your strate- many of its interactions with ployees need to oversee how it
ment new tools. gic plan to grow your busi- employees require little to no works to make sure it doesn’t
The Microsoft-owned pro- ness,” he said. human engagement, according create problems like giving
fessional networking platform Belknap said he is looking to the spokeswoman for the out wrong information.
has developed a chatbot that into other ways generative AI LinkedIn’s Geoff Belknap says the chatbot makes it more company. “The risks are still high,”
responds to employees’ ques- could help his cybersecurity likely that employees won’t skip required security steps. About a dozen LinkedIn cy- he said. “I don’t want my AI
tions on cybersecurity. team defend the company bersecurity workers interpret that’s talking to customers to
LinkedIn’s security team spent against hackers, such as by nies have banned or restricted AI need to double down on internal policies and make give out racist answers or
around four months this year detecting malware. employees’ use of generative making sure employees review sure colleagues in other de- wrong answers.”
building a first version of the Cybersecurity leaders at AI because of security risks. any outcomes and are pro- partments implement them

WSJ PRO
chatbot using OpenAI’s large other big companies have Samsung temporarily vided with training on the properly. The chatbot helps
language models and, recently, been dabbling with generative banned employees from using risks, said Ari Lightman, pro- ensure that staff get consis-
the company started experi- AI since it emerged last year. OpenAI’s ChatGPT after it fessor of digital media and tent answers to their inqui-
menting with it. Toy maker Mattel is experi- found that staff had leaked marketing at Carnegie Mellon ries, Belknap said.
LinkedIn is testing a similar
tool with suppliers, said Geoff
menting with using generative
AI to help cybersecurity staff
sensitive information to the
platform in April.
University. “CISOs need to
keep their guard up,” he said.
LinkedIn uses a similar AI
tool to help suppliers and
CYBERSECURITY
Belknap, chief information se- do tedious tasks like parse Cybersecurity leaders that LinkedIn employees outside business partners get faster wsj.com/pro/cybersecurity
curity officer. large data sets. Some compa- do experiment with generative the cyber and tech groups and more consistent security

Biden Moves to Embrace AI as National Security Tool

WASHINGTON—President while also leveraging the gov- tech industry itself, and top ex- Congress. ing social media, emails and officials.
Biden is expected to sign an ernment’s purchasing power to ecutives have urged govern- A significant focus of the or- chats to find threats. It also “AI is fundamentally a dual-
executive order next week ad- steer companies to what it ment regulation. der will be on development of could be helpful in finding pat- use technology,” Anne Neu-
dressing rapid advances in ar- considers best practices. One person briefed on the AI as a national security tool. terns within intelligence re- berger, the president’s deputy
The White House began in- order said it is expected to use The order could include a ports that humans might miss. national security adviser for
By John D. McKinnon, viting people this week to an the National Institute of Stan- classified annex that deals with Security researchers and in- cyber and emerging technol-
Sabrina Siddiqui and event on “safe, secure and dards and Technology to national security uses, some telligence officials have said ogy, said at a Council for For-
Dustin Volz trustworthy AI,” according to strengthen industry bench- people familiar with the matter that AI can be an instrument eign Relations event this week.
people familiar with the mat- marks around testing and eval- said. Some of it could focus on to vastly improve cyber de- “There are specific scenarios I
tificial intelligence, laying the ter. A spokeswoman for the uating AI systems. The admin- offensive deployment. fenses for businesses, critical won’t go into here that keep
groundwork for Washington’s White House declined to com- istration also is expected to A related area of focus for infrastructure, government me up at night regarding using
embrace of AI as a tool in the ment. use the order to tighten and the executive order concerns agencies and individuals. But it AI for particularly effective ad-
national security arsenal while The order comes as the ad- formalize the government’s cybersecurity threats posed by also could be weaponized by versary offensive cyber weap-
also pressuring companies to ministration seeks to maintain oversight of AI commitments the rise of artificial intelli- foreign governments and crim- ons against us. And on the de-
develop the technology safely. U.S. momentum on orderly de- that major U.S. tech companies gence, according to current inal hackers to write malware, fensive side, AI could
The order, which hasn’t velopment of AI in the face of made in July, particularly and former U.S. officials famil- more easily automate intrusion potentially solve some of the
been finalized and was de- growing fears over it, including around national security, iar with the matter. attempts and quickly respond intractable cybersecurity prob-
scribed by people briefed on its its potential to displace work- though some observers ques- AI is expected to become an to evolving security defenses. lems—like, how do you rapidly
expected contents, is aimed at ers or increase national secu- tion the extent of the govern- important resource in identify- Those scenarios are top areas detect an anomalous attack?”
establishing guideposts for fed- rity threats. Many of those ment’s enforcement powers ab- ing vulnerabilities, finding of concern for senior Biden ad- —Deepa Seetharaman
eral agencies’ own use of AI, worries have come from the sent new authority from phishing attempts and explor- ministration national security contributed to this article.

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B6 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

BUSINESS NEWS

Scholastic Reverses Decision Unilever’s

U.S. Chief
To Separate Gender, Race Books Set for
BY JEFFREY A. TRACHTENBERG
New Role
Scholastic has reversed a BY SUZANNE VRANICA
decision to put certain books AND SAABIRA CHAUDHURI
about gender and race into a
separate collection that ele- Unilever, one of the world’s
mentary schools can choose largest advertisers, is set to
whether or not to offer dur- name its U.S. head Esi Egg-
ing book fairs, after the pub- leston Bracey as its new mar-
lisher faced criticism that the keting chief, according to peo-
LINDSEY NICHOLSON/UCG/UNIVERSAL IMAGES GROUP/GETTY IMAGES

move helped facilitate censor- ple familiar with the matter.

ship. Bracey currently leads the
The company on Wednes- consumer-goods giant’s busi-
day said the new collection— ness in the U.S. as well as serv-
which it created out of con- ing as its North America per-
cern for its book-fair hosts sonal care head. She will now
after some U.S. states put re- take on the duties of Conny
strictions in place about what Braams, who stepped down in
kinds of books could be made August.
available in schools—would be In her new role as chief
discontinued starting in Janu- growth and marketing officer at
ary. the owner of Ben & Jerry’s ice
“Even if the decision was cream and Hellmann’s mayo,
made with good intention, we Bracey will oversee one of the
understand now that it was a world’s biggest advertising bud-
mistake to segregate diverse gets. Unilever spent €7.8 billion,
books in an elective case,” El- Amanda Gorman’s book, below, was one of the titles put in a new collection for book fairs that Scholastic operates. equivalent to about $8.3 billion,
lie Berger, president of Scho- on branding and marketing in-
lastic Trade Publishing, laws create an almost impos- Poet Amanda Gorman last vestments last year, according
wrote in a letter to authors sible dilemma: back away week said on X, the social-me- to its annual report. The com-
and illustrators, a copy of from these titles or risk mak- dia platform formerly known pany ranks as the world’s ninth
which was reviewed by The ing teachers, librarians, and as Twitter, that her book largest advertiser, according to
Wall Street Journal. “We sin- volunteers vulnerable to being “Change Sings” was one of the the industry publication Ad
cerely apologize to every au- fired, sued, or prosecuted,” titles that Scholastic put into Age.
thor, illustrator, licensor, ed- Scholastic said earlier this its new collection for elemen- Unilever has been boosting
ucator, librarian, parent, and month in a statement explain- tary-school fairs. marketing spending lately. Ana-
reader who was hurt by our ing its rationale for the collec- “It honestly feels like a be- lysts expect advertising to be-
action.” tion. “We cannot make a deci- trayal,” Gorman wrote. come a bigger priority under
Berger said ahead of the sion for our school partners PEN America, a literary and new Chief Executive Hein Schu-
discontinuation of the collec- around what risks they are free-speech organization, said macher as the company works
tion next year, the company willing to take.” last week that while it recog- to regain market share across a
was looking for “an alternate In a statement on Wednes- nized Scholastic was in a po- number of categories.
way to get a greater range of day announcing its decision to tential bind because of state Since joining Unilever in
books into the hands of chil- discontinue the new collec- laws and local pressures, the 2018, Bracey has leaned into so-
dren.” tion, the company said: “It is move was a mistake because it called purpose-driven market-
Scholastic, one of the unsettling that the current di- deprived students of the op- ing, which became the founda-
world’s largest publishers and visive landscape in the U.S. is portunity to encounter diverse tion of the company’s
VIKING BOOKS FOR YOUNG READERS

distributors of children’s creating an environment that stories. marketing efforts under former
books, had said the decision to could deny any child access to Jonathan Friedman, direc- CEO Alan Jope but attracted
create the new collection books, or that teachers could tor of PEN America’s Free Ex- criticism from some prominent
came after several states be penalized for creating ac- pression and Education pro- investors. Bracey has champi-
passed legislation that prohib- cess to all stories for their gram, welcomed the oned Dove’s efforts to promote
its certain kinds of books from students.” company’s decision to reverse the Crown Act, a proposed fed-
being in schools—mostly titles Scholastic, whose most-fa- course. eral ban on discrimination
that feature LGBT individuals mous titles include the “Harry “Scholastic recognized that, against people in the workplace
or engage with the presence Potter” novels in the U.S. as as difficult a bind as this per- based on their hairstyle or tex-
of racism in the U.S. well as the “Magic School fairs are conducted by school Scholastic faced a backlash nicious legislation created, the ture. The act was passed by the
“Because Scholastic Book Bus” series, has operated book personnel, volunteers and par- when it created the new col- right answer was not to be- House of Representatives last
Fairs are invited into schools, fairs for decades, making ent-teacher organizations, lection, which it had called come an accessory to censor- year. She co-founded the Mele
where books can be purchased them an institution for par- with schools sharing in the “Share Every Story, Celebrate ship,” Friedman said on Tues- skin-care brand after noticing a
by kids on their own, these ents and children alike. Those proceeds. Every Voice.” day. gap in the market for products
designed for people of color.
Under Bracey’s leadership in

Court Finds Carnival Negligent in Covid Cruise

the U.S., Unilever has been try-
ing to jump-start growth, in
part by shuffling its portfolio.
The company earlier this year
sold its Suave line of beauty
BY MIKE CHERNEY the globe in early 2020, and the According to the ruling from plaintiff out-of-pocket medical Vicky Antzoulatos, who is joint and personal care products and
cruise industry eventually sus- the Federal Court of Australia, expenses amounting to about head of class actions at Shine has also acquired frozen Greek
Cruise operator Carnival pended operations and posted Carnival knew or should have 4,400 Australian dollars, or Lawyers, which represented yogurt brand Yasso.
was negligent and should have steep losses. known that there was height- about $2,800, plus interest. the plaintiff. Bracey has spent decades in
canceled a cruise in the early Carnival logged its first ened risk of coronavirus infec- However, the cruise operator A Carnival Australia spokes- the consumer products busi-
days of the Covid-19 pandemic, quarterly profit since the pan- tion aboard the ship. refunded passengers for the person said the company had ness. Earlier in her career she
an Australian court found, in a demic last month, but the com- The ship left Sydney in trip, and the court declined to seen the judgment and is con- worked at Unilever’s rival
class-action lawsuit brought by pany’s stock is still a long way March 2020 after completing a award the plaintiff additional sidering it. “The pandemic was Procter & Gamble. While at
a passenger who contracted from pre-Covid levels. Shares prior voyage in which passen- damages for distress and dis- a difficult time in Australia’s P&G, Bracey worked on soap
the disease. of cruise operators took a hit gers got sick with a flu-like ill- appointment. history, and we understand and household cleaning prod-
Many passengers aboard recently after Carnival warned ness. More than two dozen “Today is a warning for how heartbreaking it was for ucts, notably helping to create
cruises tested positive for the that rising fuel prices would passengers eventually died. cruise companies to put pas- those affected,” the company Febreze, conceived of as a fab-
virus as Covid-19 swept around weigh on its earnings. The court awarded the sengers ahead of profits,” said said. ric refresher.

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The Marketplace Bud Light Gets Win, Reclaims UFC From Modelo
To advertise: 800-366-3975 or WSJ.com/classifieds
BY KATIE DEIGHTON for,” UFC CEO Dana White said.
The news represents a
NOTICE OF SALE BUSINESS OPPORTUNITIES Not everyone is switching change of direction for Modelo,
from Bud Light to Modelo. UFC which has for years positioned
is doing just the opposite. itself as a beer for those with a
NOTICE OF PUBLIC SALE • Property to be Sold TEXAS OIL LEASES FOR SALE The mixed martial arts “fighting spirit” and tangibly
Public Sale No.1: Tuesday, October 31st, 2023 SHACKELFORD & SCURRY COUNTIES TEXAS
10:00 a.m.EST 9000 PRIME LEASEHOLD ACRES league on Tuesday named An- illustrated that tagline with its
Asset Type for Lots 1-11: Subprime PROVED RESERVE 1.0MM BBL
Asset Type for Lots 12-22: Zero Factor - RMBS heuser-Busch InBev’s Bud UFC partnership. The brewer
NON-PRODUCING 2.4MM BBL
Lot # CUSIP Issue Original Face UNDEVELOPED 3.6MM BBL Light as its official beer in the and league partnered with
1 04542BJS2 ABFC 2004-HE1 M4 4,351,256
2 04542BHH8 ABFC 2004-OPT4 M5 2,000,000
PROBABLE .6MM BBL U.S., parting ways with Modelo nonprofit Rebuilding Together
TOTAL RESERVES 7.6MM BBL
3 004421QV8 ACE 2005-WF1 M7 141,845
[email protected] | (813) 467-7119
in a deal contrary to recent to renovate combat sport
4 59020UJG1 CBASS 2004-CB6 B2 793,120
5 126673XU1 CWL 2005-AB1 M3 4,000,000 American drinking trends. gyms, for instance.
6 32027NQP9 FFML 2005-FF1 B1 204,675 Anheuser-Busch also was But Modelo’s latest ads have
ALI HAIDER/EPA/SHUTTERSTOCK

7 36242DNX7 GSAMP 2004-OPT B1 410,000 CAREERS named as the UFC’s official moved away from literal repre-
8 59020URA5 MLMI 2005-WMC1 B2 7,500,000
9 61746RHX2 MSAC 2004-WMC2 B3 2,000,000 global beer partner. sentations of fighters, as they
10 76110WQ90 RASC 2005-EMX1 M5 2,075,354
11 81375WBT2 SABR 2004-OP2 B3 500,000
Acmetel- Marketing Analyst (US): The multiyear marketing had done in the past. Recent
12 04542BKY7 ABFC 2005-HE1 M7 4,000,000 Acmetel- Marketing Analyst- Oakbrook Terrace, contract, which begins in the commercials have featured
13 05569QAK0 BNCMT 2007-2 M5 4,500,000 IL- Collect, identify, summarize and provide
14 14453EAJ1 CARR 2006-RFC1 M5 3,000,000 market data analysis to achieve quantitative new year, is the latest of Bud fans at a football game and a
15 32027NUS8 FFML 2005-FF7 M7 1,000,000 and qualitative marketing decisions. Develop Light’s plays to reclaim its spot tortilla-cooking grandmother,
16 36242D2D4 GSAMP 2005-AHL M4 3,000,000 and implement procedures to draw appropriate
17 542514KG8 LBMLT 2005-1 M8 5,500,000 conclusions for advertisement needs, business as the top-selling beer in the for instance.
18 59020UBN4 MLMI 2004-WMC2 B1 2,000,000 opportunities and risk management. Skills Req. U.S., an accolade it lost in May Bud Light had sponsored the league until 2017. Modelo’s deal with UFC ex-
19 64352VFU0 NCHET 2004-1 M5 5,743,000 Must have knowledge of business intelligence
20 68389FHY3 OOMLT 2005-3 M7 3,100,000 and data analysis software (Power BI, Tableau,
to Constellation Brands’ Mod- pires at the end of this year, a
21 76110W4M5 RASC 2005-AHL1 M7 2,000,000 Microsoft Excel), SQL programming, R and Data elo Especial. earlier this month. it spent during the same pe- representative for Modelo said.
22 75405MAM6 RASC 2005-EMX3 M7 5,550,000 mining software- Google Analytics. Edu. Req.
Dock Street Capital Management LLC, on behalf of Wells Fargo Bachelor’s degree in Business Administration,
“The UFC move is a good But Bud Light has fought riod in 2022, according to ad- “We are excited to kick off
Bank, National Association, in its capacity as trustee (the Business Management, plus 24 months of exp. one” for Bud Light, said Anjali back with marketing dollars. measurement company the next chapter of Modelo’s
“Trustee”),will be conducting a public sale of certain collateral Alternate-Master of Science degree in Marketing
pledged to the Trustee. The Collateral (as defined herein) Analytics.
S. Bal, an associate professor of Anheuser-Busch in May said iSpot.tv. growth, capitalizing on our un-
will be offered and sold by the Trustee without recourse,
representations, or covenants, express or implied, being made
marketing at Babson College. it would triple Bud Light’s U.S. Bud Light, a long-term matched leadership position
by the Trustee with respect to the Collateral (except as to title Please submit resume via email to: hr@ “This is a growing sport that is media budget during the sum- sponsor of the National Foot- across the industry as we in-
to the Collateral) or with respect to any other information acmetel.com, ATTN: Marketing Analyst - 2196
then in the Trustee’s possession, including without limitation appealing to younger genera- mer, a period it historically ball League, in August also an- vest in the right partnership
any offering circular or other financial information. Location tions in a nonpolitical manner, hadn’t heavily advertised nounced a multiyear deal with opportunities that further ac-
of Sales. The sales will be held at 575-B Riverside Avenue,
Westport, CT 06880. Additional Information. Please be and focuses on what the brand throughout. That marketing in- the Washington Commanders celerate our momentum and
advised that the sale of each security listed above may be is known for—sports, enter- vestment continued into the more than a year after the two bring to life consumer passion
made only to the best bidder who is also a qualified bidder and

THE
may be subject to a reserve level. For additional information, tainment, excitement and so- critical beer-drinking football parted ways following contro- points,” the representative
including with respect to qualified bidder status,and to obtain
copies of an Investor Representation and Confidentiality cialization.” season, when the company versies at the NFL team. said.
Agreement,contactDavidCrowleorJeffreyHoltmanbyemailat
[email protected] or [email protected],
respectively,by phone at (212) 457-8258,by facsimile at (212)
MARKETPLACE A marketing partnership
with the transgender influ-
committed to showing up “ev-
erywhere that NFL fans are”
This week’s UFC deal is an-
other partnership comeback:
Bud Light’s deal is unlikely
to derail Modelo’s marketing
457-8269 or by mail addressed to 575-B Riverside Avenue,
Westport, CT 06880. Disclaimer. The Trustee is authorized ADVERTISE TODAY encer Dylan Mulvaney in April with a campaign that aims to Bud Light sponsored the league strategy, according to Marty
at such sale, if the Trustee deems it advisable or is required by and a subsequent consumer showcase the beer’s place for the better part of a decade Stock, who worked with Mod-
applicable law to do so: (i) to restrict the prospective bidders
on or purchasers of any of the above identified securities (the boycott dented Bud Light’s for- among American traditions, until 2017, when Modelo took elo from 2018 until 2021 as
“Collateral”) to be sold to those who will represent and agree
that they are purchasing for their own account for investment (800) 366-3975 tunes, while Modelo’s consis- Todd Allen, Bud Light’s vice on the title of its official beer. CEO of advertising agency Cav-
and not with a view to the distribution or resale of any of such tent marketing efforts helped it president of marketing, said in “There are many reasons alry.
assets, (ii) to verify that each certificate for each security to For more information visit: climb above the Anheuser- August. why I chose to go with An- “From sponsorship deals to
be sold that has not been registered under the Securities Act
of 1933 bears a legend substantially to the effect that such wsj.com/classifieds Busch beer for the first time The beer brand spent an es- heuser-Busch and Bud Light, creative execution, Modelo
security has not been registered under the Securities Act of
1933, as amended, and may not be disposed of in violation of months later. Sales of Modelo timated $31.3 million on na- most importantly because I isn’t flashy,” Stock said. “They
the provisions of said Act, (iii) to disclaim and to refuse to give
any warranty (other than as to title), and (iv) to impose such
continued to accelerate into tional TV advertising between feel we are very aligned when care that it works and they’ll
other limitations or conditions in connection with any such sale © 2023 Dow Jones & Company, Inc. the year’s final quarter, Con- Aug. 24 and Oct. 23, 56% more it comes to our core values and commit 100% once they choose
astheTrusteedeemsnecessaryoradvisable. All Rights Reserved.
stellation’s chief executive said than the estimated $20 million what the UFC brand stands a direction.”
THE WALL STREET JOURNAL. Thursday, October 26, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
33035.93 t 105.45, or 0.32% Trailing P/E ratio 23.72 19.90 4186.77 t 60.91, or 1.43% Trailing P/E ratio * 20.14 18.27 12821.22 t 318.65, or 2.43% Trailing P/E ratio *† 29.89 23.07
High, low, open and close for each P/E estimate * 18.47 16.77 High, low, open and close for each P/E estimate * 19.48 16.57 High, low, open and close for each P/E estimate *† 26.52 20.97
trading day of the past three months. Dividend yield 2.19 2.24 trading day of the past three months. Dividend yield * 1.68 1.79 trading day of the past three months. Dividend yield *† 0.87 0.99
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384 Session high

35600 4600 14300
DOWN UP
t

Session open Close

65-day moving average 65-day moving average
Close Open 35100 4500 14000
t

Session low
34600 4400 13700

34100 4300 13400

65-day
moving average 33600 4200 13100

33100 4100 12800

Bars measure the point change from session's open

32600 4000 12500
July Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 911,863,154 9,554,057
Industrial Average 33267.91 32989.72 33035.93 -105.45 -0.32 35630.68 31819.14 3.8 -0.3 5.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 255,641,277 2,985,389
Transportation Avg 14209.16 13804.17 13890.32 -347.66 -2.44 16695.32 13094.43 3.5 3.7 5.3 Most-active issues in late trading Decl. volume* 646,299,093 5,744,952
Utility Average 822.98 813.43 820.88 1.61 0.20 1002.11 783.08 -7.6 -15.1 -2.8 Volume After Hours Issues traded 2,980 316
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41946.92 41448.69 41498.87 -644.47 -1.53 45969.67 37494.26 7.6 7.7 5.3 Advances 683 95
Meta Platforms META 9,171.4 305.00 5.47 1.83 320.50 283.62
Barron's 400 924.74 912.49 914.58 -10.17 -1.10 1036.97 881.58 -0.6 -0.6 6.3 Declines 2,230 196
Invesco QQQ Trust I QQQ 6,650.8 349.93 -0.41 -0.12 351.70 336.34
Unchanged 67 25
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 5,997.7 417.68 0.13 0.03 420.78 417.26 New highs 12 4
Nasdaq Composite 13042.52 12804.30 12821.22 -318.65 -2.43 14358.02 10213.29 16.9 22.5 3.5 RTX RTX 5,003.1 78.40 -0.01 -0.01 78.77 77.50 New lows 421 28
Nasdaq-100 14643.69 14362.24 14381.64 -364.21 -2.47 15841.35 10679.34 26.1 31.5 7.1 Apple AAPL 4,562.8 170.49 -0.61 -0.36 182.14 162.70 Closing Arms† 0.80 0.93
Kenvue KVUE 4,321.1 20.10 0.37 1.88 20.12 19.50 Block trades* 4,019 119
S&P
-1.43
Warner Bros. Discovery A WBD 3,717.1 9.73 … unch. 10.26 9.72
500 Index 4232.42 4181.42 4186.77 -60.91 4588.96 3719.89 9.3 9.0 6.5 Nasdaq NYSE Arca
ProShares UltraPro QQQ TQQQ 3,342.4 32.66 -0.11 -0.34 33.12 32.53
MidCap 400 2371.80 2344.78 2346.60 -37.04 -1.55 2728.44 2346.60 -1.8 -3.4 5.2 Total volume*4,599,855,371 378,789,448
SmallCap 600 1085.37 1074.62 1076.40 -13.74 -1.26 1315.82 1076.40 -7.8 -7.0 4.9 Percentage gainers… Adv. volume*1,086,563,573 98,320,111
Endeavor Group Holdings EDR 1,804.7 22.17 4.45 25.11 22.44 17.72 Decl. volume*3,451,688,878 280,000,265
Other Indexes
Sunnova Energy Intl NOVA 217.6 8.95 0.94 11.74 9.00 7.08 Issues traded 4,429 1,813
Russell 2000 1668.17 1649.85 1651.43 -28.07 -1.67 2003.18 1651.43 -8.5 -6.2 0.2
Advances 1,187 241
NYSE Composite 15025.76 14899.50 14914.12 -111.64 -0.74 16427.29 14455.67 2.6 -1.8 4.2 Flex Ltd FLEX 583.5 25.45 2.23 9.60 25.99 21.22
Declines 3,056 1,558
Value Line 512.40 504.16 504.48 -7.92 -1.55 606.49 504.48 -5.2 -5.9 0.8 ServiceNow NOW 254.5 556.15 25.98 4.90 566.00 515.00
Unchanged 186 14
NYSE Arca Biotech 4747.24 4603.68 4638.91 -108.33 -2.28 5644.50 4638.91 -5.3 -12.2 -4.8
NETSTREIT NTST 559.2 14.33 0.62 4.52 14.33 13.71
New highs 22 23
NYSE Arca Pharma 893.65 881.84 886.10 -1.03 -0.12 925.61 791.91 11.1 2.1 11.0 ...And losers New lows 598 232
KBW Bank 72.52 71.32 72.30 -0.22 -0.30 115.10 71.96 -29.6 -28.3 -3.7 Align Technology ALGN 400.1 194.01 -59.68 -23.52 258.13 193.60 Closing Arms† 1.23 0.43
PHLX§ Gold/Silver 116.75 113.83 113.83 -1.89 -1.64 144.37 96.97 6.3 -5.8 -7.8 Edwards Lifesciences EW 473.4 63.40 -4.94 -7.23 69.00 60.75 Block trades* 25,561 2,056
PHLX§ Oil Service 90.90 89.29 90.03 -1.44 -1.58 98.76 69.29 10.0 7.4 45.0 Mattel MAT 535.9 18.75 -1.36 -6.76 21.01 18.11 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3309.32 3190.76 3205.84 -138.10 -4.13 3861.63 2292.85 34.9 26.6 10.7 Pure Storage Cl A PSTG 52.9 31.00 -2.19 -6.60 33.40 30.80 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 21.24 18.86 20.19 1.22 6.43 27.39 12.82 -26.0 -6.8 -9.8 Arista Networks ANET 133.6 173.90 -12.19 -6.55 196.20 172.00 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 637.78 –6.12 –0.95 5.4 Abri SPAC I ASPA 27.05 14.45 114.68 38.40 8.70 169.2 reAlpha Tech AIRE 60.59 -39.41 -39.41 575.41 23.01 ...
MSCI ACWI ex-USA 279.54 0.05 0.02 –0.6 Blue Hat Interactive BHAT 2.90 0.73 33.64 3.00 0.36 226.6 Forbion European Cl A FRBN 12.01 -6.19 -34.01 29.00 9.25 18.4
MSCI World 2772.11 –29.85 –1.07 6.5 Cassava Sciences SAVA 18.58 3.81 25.80 45.43 12.32 -47.7 Vicor VICR 39.05 -14.14 -26.58 98.38 36.37 -18.5
MSCI Emerging Markets 920.78 0.21 0.02 –3.7 Jaguar Global Growth I JGGCU 7.35 1.45 24.58 12.38 4.90 -27.9 Momentus MNTS 2.70 -0.95 -26.03 79.50 1.03 -95.6
Americas MSCI AC Americas 1582.64 –23.61 –1.47 8.6 The9 ADR NCTY 5.36 0.98 22.37 16.80 3.33 -32.2 Foremost Lithium Resource FMST 2.15 -0.75 -25.86 10.00 1.77 -68.8
Canada S&P/TSX Comp 18947.85 –38.64 –0.20 –2.3 BioXcel Therapeutics BTAI 2.83 0.49 20.94 34.13 2.23 -76.5 DarioHealth DRIO 1.53 -0.53 -25.73 6.78 1.46 -65.3
Latin Amer. MSCI EM Latin America 2185.96 –9.24 –0.42 2.7 Bitdeer Techs BTDR 3.72 0.62 20.00 14.75 2.77 -63.9 Lipella Pharmaceuticals LIPO 1.69 -0.56 -24.89 ... ... ...
Brazil BOVESPA 112829.97 –931.93 –0.82 2.8 NioCorp Developments NB 5.14 0.85 19.81 11.03 3.32 -39.8 Alphatec Holdings ATEC 10.10 -2.72 -21.22 19.14 8.83 -3.8
Chile S&P IPSA 3108.94 –23.67 –0.76 –2.0 Stagwell STGW 4.82 0.79 19.60 9.23 3.92 -35.5 MAIA Biotechnology MAIA 1.63 -0.40 -19.70 5.22 1.42 -50.6
Mexico S&P/BMV IPC 48766.33 487.53 1.01 0.6 Stride LRN 52.52 8.02 18.02 54.35 30.66 59.8 Heliogen HLGN 1.73 -0.42 -19.53 71.75 1.70 -97.2
EMEA STOXX Europe 600 435.27 0.18 0.04 2.4 Scholar Rock Holding SRRK 9.02 1.36 17.75 13.00 5.56 12.8 Mountain Crest IV Cl A MCAF 8.63 -2.07 -19.35 10.88 8.44 -13.2
Eurozone Euro STOXX 425.29 –0.02 –0.004 3.7 Ikena Oncology IKNA 4.12 0.61 17.38 7.64 1.94 34.2 Hanryu Holdings HRYU 2.71 -0.65 -19.35 9.50 2.62 ...
Belgium Bel-20 3314.34 –26.13 –0.78 –10.5 GDEV GDEV 2.80 0.41 17.15 8.50 2.15 -56.1 Enova International ENVA 36.14 -8.04 -18.20 58.64 31.85 13.3
Denmark OMX Copenhagen 20 2139.75 4.62 0.22 16.6 Universal Security UUU 3.90 0.56 16.77 3.97 1.50 15.2 SunPower SPWR 4.06 -0.90 -18.15 24.97 3.82 -76.7
France CAC 40 6915.07 0.31 6.8 Procaps Group PROC 2.84 0.38 15.45 7.75 1.95 -59.3 USANA Health Sciences USNA 45.45 -9.98 -18.00 69.60 44.01 -20.0
21.42
Germany DAX 14892.18 12.24 0.08 7.0
Israel Tel Aviv 1617.02 –4.41 –0.27 –10.0
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 27428.60 –144.14 –0.52 15.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 722.24 0.51 0.07 4.8
Oslo Bors All-Share 1483.62 ProShares UltraPro QQQ TQQQ 160,703 56.3 32.77 -7.32 47.14 16.10 Abri SPAC I ASPA 2,018 24716 27.05 114.68 38.40 8.70
Norway –5.19 –0.35 8.9
Nuvve Holding NVVE 152,421 20964.7 0.24 61.27 2.64 0.13 Data Knights Acqn Cl A DKDCA 1,449 5540 7.10 12.34 13.51 5.50
South Africa FTSE/JSE All-Share 70274.34 –303.91 –0.43 –3.8
0.10 ProSh UltraPro Shrt QQQ SQQQ 146,879 11.0 21.80 7.34 63.57 16.38 Amer Century Multisector MUSI 450 5287 40.76 -1.10 44.28 40.74
Spain IBEX 35 8984.80 9.00 9.2
Tesla TSLA 105,505 -8.2 212.42 -1.89 299.29 101.81 Investcorp Europe I Cl A IVCB 275 3123 10.93 0.18 11.39 10.18
Sweden OMX Stockholm 757.48 –3.89 –0.51 –3.1
0.23 Direxion Dly SCOND 3 BL SOXL 105,206 64.2 14.97 -12.15 28.75 7.53 Congress SMid Growth ETF CSMD 197 2674 22.95 -2.32 26.00 22.95
Switzerland Swiss Market 10400.93 24.12 –3.1
Turkey BIST 100 7424.97 –565.45 –7.08 34.8 Snap SNAP 93,973 272.1 9.19 -5.36 13.89 7.86 WT U.S. Total Div Fd DTD 525 1828 58.63 -0.65 64.55 57.62
U.K. FTSE 100 7414.34 24.64 0.33 –0.5 SPDR S&P 500 ETF Trust SPY 93,342 16.2 417.55 -1.44 459.44 368.79 Gl X SuperDividend US DIV 2,474 1706 15.62 -0.70 19.76 15.32
U.K. FTSE 250 16870.71 –0.73 –10.5 Alphabet Cl A GOOGL 83,472 212.8 125.61 -9.51 141.22 83.34 Amplify BlackSwan Growth SWAN 474 1656 23.06 -1.50 26.39 23.05
–123.39
micromobility.com MCOM 81,546 94.1 0.04 7.36 27.70 0.03 Liberty Rscs Acqn Cl A LIBY 136 1522 10.90 0.09 11.06 10.05
Asia-Pacific MSCI AC Asia Pacific 152.24 0.28 0.18 –2.2
Ford Motor F 73,343 54.4 11.54 1.32 15.42 10.90 PIMCO Ultra Sh Gov Active BILZ 242 1446 100.75 0.00 106.62 100.04
Australia S&P/ASX 200 6854.30 –2.56 –0.04 –2.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2974.11 11.87 0.40 –3.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17085.33 93.80 0.55 –13.6
India S&P BSE Sensex 64049.06 –0.81 5.3
Scan this code
–522.82
Japan NIKKEI 225 31269.92 207.57 0.67 19.8 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3078.78 –5.10 –0.17 –5.3 and track most-active stocks,
South Korea KOSPI 2363.17 –20.34 –0.85 5.7 new highs/lows, mutual funds Currencies
Taiwan TAIEX 16358.89 49.13 0.30 15.7 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1401.70 10.67 0.77 –16.0
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004069 24575 4.0
CREDIT MARKETS Argentina peso .0029350.0980 98.1 Europe
Brazil real .2002 4.9961 –5.5 Czech Rep. koruna .04278 23.376 3.6
Canada dollar .7248 1.3798 1.8 Denmark krone .1416 7.0633 1.7
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Chile peso .001082 924.48 9.0 Euro area euro 1.0567 .9464 1.3
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000239 4187.55 –13.6 Hungary forint .002747 364.02 –2.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007163 139.61 –1.4
A consumer rate against its 30-year mortgage, Rate Mexico peso .0546 18.3275 –6.0 Norway krone .0893 11.1972 14.2
benchmark over the past year Tradeweb ICE 6.00% Uruguay peso .02508 39.8750 –0.3 Poland zloty .2362 4.2343 –3.3
Bankrate.com avg†: 8.22% 14% Euro Asia-Pacific Russia ruble .01064 94.000 27.5
Wednesday Close s
First National Bank 6.63% t 5.00 Sweden krona .0897 11.1493 6.8
Australiadollar .6307 1.5855 8.1
30-year fixed-rate 8.00% Waverly, IA 319-266-2000 7 Switzerland franc 1.1151 .8968 –3.1
China yuan .1367 7.3172 6.1
t mortgage 4.00 Turkey lira .0355 28.1372 50.5
Elizabethton Federal Savings Bank 6.88% t s Hong Kong dollar .1278 7.8219 0.2
6.75 0 Yen Ukraine hryvnia .0273 36.6500 –0.5
India rupee .01203 83.096 0.4
Johnson City, TN 423-952-2560 One year ago 3.00 WSJ Dollar Index UK pound 1.2113 .8256 –0.1
s Indonesia rupiah .0000630 15884 2.0
5.50 The First National Bank of Groton 6.88% 2.00 –7 Japan yen .006657 150.23 14.6 Middle East/Africa
10-year Treasury Groton, NY 607-898-5871 Kazakhstan tenge .002097 476.81 3.0 Bahrain dinar 2.6522 .3771 unch
t note yield 4.25 1.00 Macau pataca .1240 8.0619 0.2 Egypt pound .0324 30.9011 24.8
El Dorado Savings Bank 7.00% –14
1 3 6 1 2 3 5 7 10 20 30 Malaysia ringgit .2092 4.7800 8.5 Israel shekel .2460 4.0645 15.3
South Lake Tahoe, CA 800-874-9779 2022 2023
3.00 New Zealand dollar .5803 1.7232 9.4 Kuwait dinar 3.2313 .3095 1.1
Florence Savings Bank 7.00% month(s) years
N D J FMAM J J A S O Pakistan rupee .00357 280.300 23.6 Oman sul rial 2.5976 .3850 –0.01
Florence, MA 800-644-8261 maturity Philippines peso .0176 56.800 2.0 Qatar rial .2746 3.642 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7290 1.3717 2.3 Saudi Arabia riyal .2666 3.7513 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007392 1352.89 7.2 South Africa rand .0522 19.1414 12.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0030601 326.79 –11.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.25-5.50 3.00 l 5.50 5.25 Taiwan dollar .03086 32.410 5.8
Yield (%) 52-Week Total Return (%) Thailand baht .02760 36.230 4.7 WSJ Dollar Index 100.76 0.30 0.30 4.35
Prime rate* 8.50 8.50 6.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.31 3.02 l 5.33 5.22 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2023.130 5.080 5.100 5.120 3.610 –0.705 –5.990
Money market, annual yield 0.61 0.59 0.24 l 0.62 0.42
Five-year CD, annual yield 2.84 2.81 2.26 l 2.86 2.23 U.S. Treasury Long, Bloomberg 2722.820 5.230 5.160 5.280 3.610 –8.020–16.288 Commodities
30-year mortgage, fixed† 8.22 8.17 6.36 l 8.22 5.19 Aggregate, Bloomberg 1884.880 5.700 5.710 5.740 4.180 0.360 –5.693 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 7.35 7.26 5.54 l 7.37 4.80 Fixed-Rate MBS, Bloomberg 1833.470 6.030 6.020 6.050 4.140 –0.998 –5.942
Jumbo mortgages, $726,200-plus† 8.26 8.24 6.35 l 8.26 5.18 DJ Commodity 1004.55 4.49 0.45 1071.61 930.59 -3.29 -4.21
High Yield 100, ICE BofA 3247.927 9.002 9.008 9.101 7.022 6.134 0.510 Refinitiv/CC CRB Index 283.10 1.25 0.44 290.29 253.85 2.08 1.93
Five-year adj mortgage (ARM)† 7.02 6.88 5.33 l 7.02 3.79
Muni Master, ICE BofA 543.437 4.281 4.213 4.281 2.757 2.168 –2.428 Crude oil, $ per barrel 85.39 1.65 1.97 93.68 66.74 -2.87 6.39
New-car loan, 48-month 7.68 7.53 6.10 l 7.68 3.55
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 762.221 8.746 8.766 8.842 7.102 6.850 –5.008 Natural gas, $/MMBtu 3.010 0.039 1.31 7.308 1.991 -46.31 -32.74
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. 1984.10 9.10 0.46 2048.00 1627.30 19.24 9.03
B8 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, October 25, 2023
Metal & Petroleum Futures March'24 3,760 3,814 s 3,752 3,772 8 94,078
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Open High hi lo Low Settle Chg interest Dec 167.75 169.05 160.95 162.30 –5.85 79,712 months.
March'24 166.65 168.05 160.80 162.05 –5.05 60,244
Copper-High (CMX)-25,000 lbs.; $ per lb. Wednesday Wednesday Wednesday
3.5720 –0.0380
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Oct 3.5925 3.5925 3.5700 612 Copper,Comex spot 3.5720 Wheat,No.2 soft red,St.Louis-u 5.7800
Dec 3.6315 3.6490 3.5820 3.5910 –0.0330 139,157
March 27.60 28.00 s 27.28 27.63 .10 442,059 Energy Iron Ore, 62% Fe CFR China-s *118.6 Wheat - Hard - KC (USDA) $ per bu-u 6.8200
May 26.27 26.62 s 25.96 26.29 .09 142,013
Gold (CMX)-100 troy oz.; $ per troy oz. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 71.250 Steel, HRC USA, FOB Midwest Mill-s *760.0 Wheat,No.1soft white,Portld,OR-u 6.9750
Oct 1971.20 1985.30 1971.20 1984.10 9.10 40
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Jan 44.75 45.00 s 44.75 44.95 .26 2,111 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.000 Battery/EV metals Food
Nov 1972.00 1988.80 1971.00 1985.50 8.70 1,488 BMI Lithium Carbonate, EXW China, =99.2%-v,w 22675
March 44.69 … 2,607 Metals
Dec 1982.70 1998.60 1973.60 1994.90 8.80 369,929 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 20550 Beef,carcass equiv. index
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Feb'24 2002.20 2018.50 1993.60 2015.00 8.90 49,161 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5069 choice 1-3,600-900 lbs.-u 288.63
Dec 82.78 84.16 82.73 83.81 .88 104,834
April 2023.90 2037.80 2013.10 2034.40 8.90 21,851
March'24 84.70 85.78 84.58 85.51 .83 63,111 Engelhard industrial 1978.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4247 select 1-3,600-900 lbs.-u 263.64
June 2041.40 2057.80 2033.20 2054.30 8.90 12,193
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Handy & Harman base 1983.30 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 563 Broilers, National comp wtd. avg.-u,w 1.1319
Palladium (NYM) - 50 troy oz.; $ per troy oz. Nov 393.45 Handy & Harman fabricated 2201.46 Butter,AA Chicago-d 3.3000
Oct 1127.00 –3.70 2
391.50 397.50 391.50 2.65 2,027 Fibers and Textiles Cheddar cheese,bbl,Chicago-d 170.00
Jan'24 386.70 392.00 s 384.60 386.30 1.70 7,307 LBMA Gold Price AM *1967.40
Dec 1132.50 1150.50 1118.00 1133.60 6.10 19,617 LBMA Gold Price PM *1963.65 Burlap,10-oz,40-inch NY yd-n,w 0.7300 Cheddar cheese,blk,Chicago-d 173.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Krugerrand,wholesale-e 2063.78 Cotton,1 1/16 std lw-mdMphs-u 0.8006 Milk,Nonfat dry,Chicago lb.-d 121.00
Oct 904.80 20.20 48 Maple Leaf-e 2083.62 Cotlook 'A' Index-t *94.35 Coffee,Brazilian,Comp-y 1.6488
Jan'24 892.50 917.00 885.00 912.40 20.50 79,190 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9675
American Eagle-e 2083.62
Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 113-310 114-060 111-040 111-070 –2-10.0 1,554,284 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1650
Mexican peso-e 2400.59
Oct 22.780 22.790 22.580 22.877 –0.103 16 March'24 111-300 –2-10.0 67 Flour,hard winter KC-p 16.90
Austria crown-e 1948.11 Grains and Feeds
Dec 23.060 23.160 22.690 23.007 –0.109 95,782 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Hams,17-20 lbs,Mid-US fob-u 0.83
Austria phil-e 2083.62
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 110-090 110-160 108-090 108-130 –1-19.0 1,363,980 Bran,wheat middlings, KC-u,w 145 Hogs,Iowa-So. Minnesota-u 76.32
March'24 110-080 110-140 108-080 108-110 –1-19.0 2,776 Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.3650
Dec 83.69 85.56 82.08 85.39 1.65 314,893 Corn,No. 2 yellow,Cent IL-bp,u 4.5100
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 22.8500 Pork loins,13-19 lb MidUS-u 1.1167
Jan'24 82.99 84.85 81.44 84.69 1.72 185,453 Corn gluten feed,Midwest-u,w 158.7
Dec 106-140 106-180 105-180 105-215 –22.0 4,623,950 Handy & Harman base 22.8490 Corn gluten meal,Midwest-u,w 562.0 Steers,Tex.-Okla. Choice-u n.a.
Feb 82.24 84.02 80.77 83.86 1.72 100,882
March'24 106-245 106-275 105-310 105-315 –22.0 2,695 Handy & Harman fabricated 28.5610 Cottonseed meal-u,w 345 Steers,feeder,Okla. City-u,w 256.75
March 81.60 83.25 80.15 83.08 1.69 107,780
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% LBMA spot price *£18.6200 Hominy feed,Cent IL-u,w 142
June 79.68 81.38 78.56 81.22 1.65 174,854 Fats and Oils
Dec 104-152 104-182 104-020 104-037 –11.2 5,565,146 (U.S.$ equivalent) *22.7400 Meat-bonemeal,50% pro Mnpls-u,w 440
Dec 76.90 78.33 76.02 78.20 1.40 150,929
104-117 104-130 –12.5 Coins,wholesale $1,000 face-a 19694 Oats,No.2 milling,Mnpls-u 4.5325 Degummed corn oil, crude wtd. avg.-u,w n.a.
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'24 104-275 104-290 5,893
Nov 3.0433 3.0469 2.9501 3.0305 –.0144 26,352 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Other metals Rice, Long Grain Milled, No. 2 AR-u,w 35.88 Grease,choice white,Chicago-h 0.5300
Dec 2.9586 2.9698 2.8766 2.9591 –.0034 75,486 Dec 101-069 101-081 101-038 101-045 –2.7 4,198,809 LBMA Platinum Price PM *887.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'24 101-189 101-188 101-146 101-150 –3.2 8,465 Platinum,Engelhard industrial 900.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 430.40 Soybean oil,crude;Centl IL-u,w 0.5614
Nov 2.2744 2.2951 2.2250 2.2842 .0166 31,507 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Palladium,Engelhard industrial 1150.0 Soybeans,No.1 yllw IL-bp,u 12.5300 Tallow,bleach;Chicago-h 0.5750
Dec 2.2581 2.2813 2.2118 2.2688 .0161 106,851 Oct 94.6700 94.6725 94.6700 94.6700 394,415 Aluminum, LME, $ per metric ton *2146.5 Wheat,Spring14%-pro Mnpls-u 8.7075 Tallow,edible,Chicago-u 0.5700
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 94.6650 94.6700 94.6650 94.6650 560,111
Nov 2.975 3.034 2.954 3.010 .039 24,081 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Dec 3.331 3.406 3.317 3.376 .054 174,954 Aug 94.6600 94.6600 94.6575 94.6575 10,989 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Dec 94.5600 94.5650 94.5450 94.5550 –.0050 1,523,290 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 10/24
Jan'24 3.569 3.650 3.559 3.620 .056 223,797
Source: Dow Jones Market Data
Feb 3.507 3.586 3.497 3.553 .052 63,855
March 3.242 3.315 3.233 3.283 .043 157,045 Currency Futures
April 3.055 3.116 3.038 3.090 .042 97,190 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Nov .6692 .6696 t .6673 .6686 –.0006 1,235 Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures Dec .6731 .6733 t .6710 .6723 –.0006 256,824
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Nov .7279 .7284 t .7244 .7250 –.0036 152
Tracking Bond Benchmarks
Dec 483.50 486.00 476.75 480.00 –4.00 627,459
March'24 497.75 500.25 491.50 494.50 –3.50 360,594
Dec .7283 .7289 t .7247 .7253 –.0036 181,232 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds
Nov 1.2165 1.2176 1.2109 1.2117 –.0046 1,692
Dec 389.00 394.50 383.75 393.25 3.50 2,601 Total Total
Dec 1.2163 1.2179 1.2110 1.2119 –.0046 228,382
March'24 408.75 412.75 404.75 411.25 2.00 1,106 return YTD total Yield (%) return YTD total Yield (%)
Swiss Franc (CME)-CHF 125,000; $ per CHF close return (%) Index Latest Low High close return (%) Index Latest Low High
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.1260 1.1274 1.1213 1.1216 –.0042 58,268
Nov 1293.00 1301.25 1278.00 1288.25 –7.00 152,035 March'24 1.1377 1.1391 1.1330 1.1334 –.0042 651 Mortgage-Backed Bloomberg Fixed Income Indices
Jan'24 1312.75 1320.75 1297.50 1308.50 –6.00 249,437 Broad Market Bloomberg Fixed Income Indices
Australian Dollar (CME)-AUD 100,000; $ per AUD
Soybean Meal (CBT)-100 tons; $ per ton. Nov .6360 .6404 .6311 .6313 –.0049 252 1884.88 -3.1 U.S. Aggregate 5.700 4.180 5.740 1833.47 -5.0 Mortgage-Backed 6.030 4.140 6.050
Dec 433.60 439.40 s 424.80 429.20 –5.00 161,782 Dec .6368 .6412 .6317 .6320 –.0049 193,845
417.30 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1817.02 -4.3 Ginnie Mae (GNMA) 6.010 4.170 6.020
Jan'24 422.30 426.80 413.80 –5.50 128,652 Mexican Peso (CME)-MXN 500,000; $ per MXN
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov .05433 –.00025 85 2808.44 -2.0 U.S. Corporate 6.370 4.830 6.430 1073.61 -5.2 Fannie mae (FNMA) 6.040 4.140 6.050
Dec 51.33 52.65 51.15 52.60 1.28 150,761 Dec .05428 .05432 .05386 .05401 –.00025 194,431
Jan'24 50.81 51.82 50.54 51.75 1.10 98,032 Euro (CME)-€125,000; $ per € 2793.48 0.4 Intermediate 6.290 4.730 6.350 1676.20 -3.7 Freddie Mac (FHLMC) 6.140 4.090 6.190
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 1.0599 1.0614 1.0574 1.0575 –.0023 3,863
-2.3 Muni Master 4.281 2.757 4.281
Nov 16.08 16.12 15.90 16.12 .01 2,869 Dec 1.0614 1.0630 1.0589 1.0590 –.0023 681,886 3526.88 -6.8 Long term 6.530 5.010 6.600 543.44
Jan'24 16.34 16.38 16.15 16.31 –.06 7,111 532.59 -3.4 Double-A-rated 5.700 4.320 5.760 388.22 -2.5 7-12 year 4.071 2.392 4.071
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures
Dec 580.00 586.25 567.00 568.50 –12.00 226,723 747.05 -1.3 Triple-B-rated 6.630 5.080 6.700 428.26 -3.3 12-22 year 4.722 3.257 4.722
Mini DJ Industrial Average (CBT)-$5 x index
March'24 607.00 613.50 595.00 596.25 –11.25 98,442 Dec 33345 33389 33098 33150 –119 104,098 High Yield Bonds ICE BofA 396.42 -3.8 22-plus year 5.253 4.020 5.258
Wheat (KC)-5,000 bu.; cents per bu. March'24 33642 33701 33418 33458 –132 472
Dec 662.75 667.75 t 648.50 649.00 –14.00 117,612 Mini S&P 500 (CME)-$50 x index 483.78 4.4 High Yield Constrained 9.470 7.781 9.560 Global Government J.P. Morgan†
March'24 670.75 676.50 t 658.75 659.50 –12.25 61,066 Dec 4269.50 4273.50 4203.75 4209.75 –61.50 2,130,086 -2.0 Global Government 3.790 2.680 3.810
463.64 10.3 Triple-C-rated 15.004 13.413 16.916 511.08
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'24 4316.00 4320.00 4250.00 4255.75 –62.50 22,108
Oct 239.975 240.525 239.150 239.975 .550 2,490 Mini S&P Midcap 400 (CME)-$100 x index 3247.93 4.3 High Yield 100 9.002 7.022 9.101 751.19 -1.6 Canada 4.150 2.880 4.260
Jan'24 235.725 237.700 235.425 236.550 1.700 21,316 Dec 2391.20 2394.70 t 2354.80 2357.20 –37.50 39,875
Cattle-Live (CME)-40,000 lbs.; cents per lb. March'24 2374.30 –38.30 1 422.96 4.2 Global High Yield Constrained 9.344 7.868 9.636 331.78 -0.4 EMU§ 3.741 2.461 3.790
179.750 181.125 Mini Nasdaq 100 (CME)-$20 x index
Oct 180.950 181.475 1.125 1,663
Dec 14828.00 14855.00 14444.00 14478.25 –368.25 250,690 325.76 5.4 Europe High Yield Constrained 7.875 6.646 8.178 614.00 -0.9 France 3.580 2.290 3.630
Dec 179.475 180.000 178.350 179.425 .800 109,985
March'24 15035.25 15039.00 14638.00 14663.25 –371.50 2,216 U.S Agency Bloomberg Fixed Income Indices 439.39 -0.9 Germany 2.960 1.730 3.030
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index
Dec 66.500 68.150 65.725 67.500 1.125 90,928
Dec 1688.50 1689.60 t 1657.80 1660.90 –28.00 516,911 1706.93 1.0 U.S Agency 5.340 4.130 5.390 273.67 -1.5 Japan 1.220 0.710 1.240
Feb'24 69.600 71.300 t 69.175 70.700 1.225 50,238 March'24 1706.10 1706.60 t 1675.50 1678.20 –28.30 1,142
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. June 1707.00 1724.70 t 1695.80 1695.30 –29.40 3 1518.95 1.5 10-20 years 5.320 4.120 5.370 472.49 -1.5 Netherlands 3.270 1.970 3.320
Nov 480.00 484.50 479.00 482.00 2.50 3,794 Mini Russell 1000 (CME)-$50 x index
Jan'24 485.00 489.50 t 483.00 486.50 2.00 4,818 Dec 2310.70 2332.70 2297.80 2300.50 –35.80 6,749
2993.24 -5.9 20-plus years 5.700 4.300 5.740 740.19 -5.4 U.K. 4.820 3.120 4.880
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index 2516.11 -0.6 Yankee 6.060 4.670 6.110 762.22 -0.8 Emerging Markets ** 8.746 7.102 8.842
Oct 16.86 16.89 16.85 16.89 .01 3,640 Dec 106.05 106.40 105.97 106.35 .27 42,143
Dec 17.56 17.65 17.36 17.38 –.18 4,361 March'24 105.62 105.98 105.59 105.96 .27 522 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Cocoa (ICE-US)-10 metric tons; $ per ton. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Dec 3,722 3,781 3,716 3,735 6 126,156 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Inventories, imports and demand for the week ended October 20. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 0 2 4 6 8 10 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 5.000 U.S. 2 5.121 s l 5.103 5.129 4.477
and demand data are available monthly only. 3.875 10 4.952 s l 4.840 4.541 4.109
0.250 Australia 2 4.344 s l 4.227 4.039 3.473 -78.0 -89.2 -98.9
Inventories, 000s barrels Imports, 000s barrels per day
3.000 10 4.731 s l 4.703 4.323 4.088 -22.5 -12.4 -1.5
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 3.509 s l 3.467 3.495 2.001 -161.6 -165.2 -246.2
3.500 10 3.525 s l 3.461 3.339 2.700 -143.1 -136.5 -140.3
Crude oil and
petroleum prod 1,265,613 ... 1,266 1,225 1,270 1,272 7,716 ... 7,771 8,419 8,011 8,195 3.100 Germany 2 3.137 s l 3.104 3.235 1.971 -198.8 -201.5 -249.1
Crude oil 2.600 10 2.883 s l 2.827 2.799 2.175 -207.3 -199.9 -192.8
excluding SPR 421,120 unch. 420 440 420 447 6,013 ... 5,942 6,180 6,125 6,204
3.600 Italy 2 4.050 s l 3.977 3.959 2.734 -107.5 -114.2 -172.9
Gasoline 223,457 ... 223 208 225 219 653 ... 706 655 717 533
Finished gasoline 17,415 -300 16 14 17 21 82 ... 62 61 101 97 4.350 10 4.914 s l 4.839 4.649 4.361 -4.2 1.3 25.8
Reformulated 19 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 0.082 t l 0.099 0.031 -0.008 -504.2 -502.0 -447.0
Conventional 17,396 ... 16 14 17 21 82 ... 62 61 101 97 0.800 10 0.861 s l 0.854 0.731 0.257 -409.6 -397.2 -384.6
Blend. components 206,042 ... 207 193 208 198 571 ... 644 594 616 436
0.000 Spain 2 3.619 s l 3.588 3.626 2.215 -150.5 -153.1 -224.7
Natural gas (bcf) 3,626 ... 4 3 3 4 ... ... ... ... ... …
3.550 10 4.006 s l 3.944 3.870 3.278 -95.1 -88.2 -82.5
Kerosene-type
3.500 U.K. 2 4.844 s l 4.792 4.562 3.317 -28.1 -32.7 -114.5
jet fuel 41,769 ... 43 36 43 39 135 ... 52 371 120 137
Distillates 112,087 -1,100 114 106 115 126 116 ... 77 139 100 223 4.250 10 4.613 s l 4.540 4.332 3.631 -34.3 -28.6 -47.2
Heating oil 7,638 ... 8 8 8 9 0 ... 0 0 0 1 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 104,448 ... 106 98 108 58 116 ... 77 139 100 222
Residual fuel oil 27,350 ... 27 30 27 30 107 ... 129 243 103 179
Other oils 316,003 ... 316 295 317 302 589 ... 761 734 753 783
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,616,887 ... 1,617 1,627 1,622 1,861 -3,136 ... -2,885 -3,007 -2,763 265
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Deutsche Bank DB 1.686 5.98 March 19, ’26 101 –21 n.a.
Chubb CB 6.500 6.07 May 15, ’38 112 –14 n.a.
Total petroleum Toyota Motor Credit TOYOTA 5.400 5.43 Nov. 10, ’25 28 –10 41
4250
product 20,102 ... 21,897 20,587 20,206 20,075 Natural gas, Cooperatieve Rabobank RABOBK 5.500 5.69 Oct. 5, ’26 74 –9 86
lower 48 states
Finished t 3250 Credit Suisse CS 5.000 6.42 July 9, ’27 152 –8 n.a.
motor gasoline 8,864 ... 8,943 8,930 8,601 8,949 Banco Santander SANTAN 5.179 6.84 Nov. 19, ’25 172 –8 n.a.
Kerosene-type 2250 Vodafone VOD 6.150 6.75 Feb. 27, ’37 180 –6 182
Five-year average International Business Machines IBM 3.300 5.61 May 15, ’26 63 –5 78
t

jet fuel 1,726 ... 1,469 1,682 1,599 1,492 for each week 1250
Distillates 4,069 ... 4,416 3,878 3,993 4,064 …And spreads that widened the most
Residual fuel oil 264 ... 341 170 300 262 250 Duke Energy DUK 5.000 5.81 Dec. 8, ’25 68 114 72
Propane/propylene 826 ... 1,493 720 908 ... N D J F M A M J J A S O Bank of Nova Scotia BNS 5.250 6.31 June 12, ’28 146 74 144
Other oils 4,355 ... 5,235 5,208 4,807 ... 2022 2023 JPMorgan Chase JPM 5.625 6.49 Aug. 16, ’43 128 70 n.a.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. 64
Sumitomo Mitsui Financial SUMIBK 6.184 6.80 July 13, ’43 157 163
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires
Morgan Stanley MS 4.350 6.59 Sept. 8, ’26 162 12 146
Pfizer 4.300 6.20 June 15, ’43 92 11 77
Exchange-Traded Portfolios | WSJ.com/ETFresearch
PFE
John Deere Capital … 5.150 5.42 Sept. 8, ’26 45 5 39
Closing Chg YTD American Honda Finance … 4.600 5.92 April 17, ’30 98 5 n.a.
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Wednesday, October 25, 2023 Closing Chg YTD SPDR S&PMdCpTr MDY 428.79 –1.54 –3.2 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) SPDR S&P Div SDY 111.46 –0.35 –10.9 Bond Price as % of face value
Closing Chg YTD TechSelectSector XLK 163.31 –1.18 31.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 49.59 –0.12 –0.5 VangdInfoTech VGT 406.76 –1.65 27.3
CnsmrDiscSelSector XLY 150.39 –2.02 16.4 iSh1-3YTreaBd SHY 80.88 –0.11 –0.4 VangdSC Val VBR 150.07 –1.18 –5.5 Navient NAVI 5.875 7.74 Oct. 25, ’24 98.251 0.42 98.000
CnsStapleSelSector XLP 67.94 0.34 –8.9 iShRussMC IWR 65.54 –1.65 –2.8 VangdExtMkt VXF 133.48 –2.16 0.5
iShRuss1000 IWB 228.89 –1.46 8.7 VangdDivApp VIG 153.06 –0.33 0.8 Prime Security Services Borrower PRSESE 5.750 7.21 April 15, ’26 96.760 0.26 96.250
DimenUSCoreEq2 DFAC 25.27 –1.25 4.1
EnSelSectorSPDR XLE 87.39 –0.18 –0.1 iShRuss1000Grw IWF 262.03 –2.08 22.3 VangdFTSEAWxUS VEU 50.01 –0.89 –0.3 OneMain Finance OMF 6.875 7.75 March 15, ’25 98.860 0.24 98.500
iShRuss1000Val IWD 145.88 –0.86 –3.8 VangdFTSEDevMk VEA 42.02 –0.87 0.1
FinSelSectorSPDR XLF 32.10 –0.37 –6.1 0.22
iShRussell2000 IWM 163.72 –1.65 –6.1 VangdFTSE EM VWO 37.88 –1.07 –2.8 Howmet Aerospace HWM 5.950 7.21 Feb. 1, ’37 89.319 89.341
HealthCareSelSect XLV 126.51 –0.89 –6.9
iShS&P500Grw IVW 67.07 –1.71 14.6 VangdFTSE Europe VGK 55.81 –0.89 0.7
IndSelSectorSPDR XLI 97.71 –1.28 –0.5
iShS&P500Value IVE 149.64 –1.08 3.2 VangdGrowth VUG 266.78 –2.26 25.2 Graphic Packaging GPK 3.500 7.03 March 15, ’28 86.872 0.20 86.527
InvscNasd100 QQQM 144.13 –2.44 31.6
iShSelectDiv DVY 104.49 –0.36 –13.4 VangdHlthCr VHT 229.08 –1.06 –7.6 ZF North America Capital ZFFNGR 4.750 7.32 April 29, ’25 96.402 0.18 95.900
InvscQQQI QQQ 350.34 –2.45 31.6
iSh7-10YTreaBd IEF 89.26 –0.88 –6.8 VangdHiDiv VYM 100.55 –0.51 –7.1
InvscS&P500EW RSP 135.50 –1.10 –4.1 Ford Motor Credit … 4.134 7.27 Aug. 4, ’25 94.875 0.13 94.760
iShShortTreaBd SHV 110.40 ... 0.4 VangdIntermBd BIV 70.80 –0.66 –4.7
iShCoreDivGrowth DGRO 48.31 –0.35 –3.4
iShTIPSBondETF TIP 102.52 –0.42 –3.7 VangdIntrCorpBd VCIT 74.26 –0.66 –4.2 United States Cellular USM 6.700 7.60 Dec. 15, ’33 93.712 0.11 94.375
iShCoreMSCIEAFE IEFA 61.85 –0.88 0.3
iSh20+YTreaBd TLT 83.45 –2.23 –16.2 VangdIntermTrea VGIT 56.30 –0.51 –3.7
iShCoreMSCIEM IEMG 46.03 –1.29 –1.4
–0.62 –4.6
iShUSTreasuryBd GOVT 21.67 VangdLC VV 191.20 –1.47 9.8
iShCoreMSCITotInt IXUS 57.68 –0.91 –0.3 iSh0-3MTreaBd SGOV 100.60 ... 0.5 VangdMC VO 198.04 –1.42 –2.8 …And with the biggest price decreases
iShCoreS&P500 IVV 419.51 –1.42 9.2 JPMEquityPrem JEPI 52.35 –0.96 –3.9 VangdMC Val VOE 125.19 –0.84 –7.4
iShCoreS&P MC IJH 234.05 –1.50 –3.2 JPM UltShIncm JPST 50.16 –0.04 0.1 VangdMBS VMBS 42.34 –0.96 –7.0 Bath & Body Works BBWI 6.875 8.64 Nov. 1, ’35 86.994 –1.51 88.688
iShCoreS&P SC IJR 88.29 –1.21 –6.7 –0.68 –2.15 –13.9
iShCoreS&PTotUS ITOT 91.44 –1.54 7.8
PacerUSCashCows100 COWZ 47.91 3.6 VangdRealEst VNQ 71.05 Dish DBS … 7.750 24.94 July 1, ’26 67.750 –1.00 67.970
ProShUltPrQQQ TQQQ 32.77 –7.32 89.4 VangdS&P500ETF VOO 383.71 –1.41 9.2
iShCoreTotalUSDBd IUSB 42.78 –0.67 –4.8 SPDRBbg1-3MTB BIL 91.74 0.01 0.3 VangdST Bond BSV 74.84 –0.17 –0.6 Occidental Petroleum OXY 6.200 6.97 March 15, ’40 92.561 –0.99 93.090
iShCoreUSAggBd AGG 92.00 –0.74 –5.1 SPDR DJIA Tr DIA 330.35 –0.33 –0.3 VangdSTCpBd VCSH 74.75 –0.15 –0.6
iShEdgeMSCIMinUSA USMV 71.69 –0.22 –0.6 American Airlines AAL 11.750 7.91 July 15, ’25 106.028 –0.47 106.256
SPDR Gold GLD 183.72 0.42 8.3 VangdShtTmInfltn VTIP 47.01 –0.09 0.6
iShEdgeMSCIUSAQual QUAL 130.27 –1.58 14.3 –0.73 –0.10 –0.5 –0.47
iShGoldTr IAU 37.51 0.46 8.4
SPDRPtfDevxUS SPDW 29.79 0.3 VangdShortTrea VGSH 57.51 Transocean RIG 6.800 10.69 March 15, ’38 71.722 73.000
SPDRS&P500Value SPYV 40.14 –1.11 3.2 VangdSC VB 176.81 –1.79 –3.7
iShiBoxx$HYCpBd HYG 72.20 –0.54 –1.9 SPDRPtfS&P500 SPLG 49.10 –1.46 9.2 VangdTaxExemptBd VTEB 47.36 –0.34 –4.3 Ford Motor Credit … 4.389 7.39 Jan. 8, ’26 94.000 –0.37 93.426
iShiBoxx$IGCpBd LQD 99.09 –0.91 –6.0 SPDRS&P500Growth SPYG 58.13 –1.67 14.7 VangdTotalBd BND 68.26 –0.76 –5.0 Advance Auto Parts AAP 5.900 7.37 March 9, ’26 96.856 –0.27 96.920
iShMBS MBB 85.92 –0.93 –7.4 SPDR S&P 500 SPY 417.55 –1.44 9.2 VangdTotIntlBd BNDX 47.44 –0.59 0.0
iShMSCIACWI ACWI 89.83 –1.27 5.8 SchwabIntEquity SCHF 32.73 –0.79 1.6 VangdTotIntlStk VXUS 51.49 –0.94 –0.4 Navient NAVI 6.750 8.57 June 15, ’26 95.776 –0.27 96.440
iShMSCI EAFE EFA 66.52 –0.72 1.3 SchwabUS BrdMkt SCHB 48.38 –1.53 8.0 VangdTotalStk VTI 206.36 –1.48 7.9
iSh MSCI EM EEM 36.74 –1.32 –3.1 SchwabUS Div SCHD 68.54 –1.07 –9.3 VangdTotWrldStk VT 90.12 –1.30 4.6 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCIEAFEValue EFV 47.09 –0.32 2.6 SchwabUS LC SCHX 49.29 –1.48 9.2 VangdValue VTV 134.13 –0.52 –4.4 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 100.97 –0.43 –4.3 SchwabUS LC Grw SCHG 71.55 –2.17 28.8 WisdTrFRTrea USFR 50.27 0.01 ... Source: MarketAxess
THE WALL STREET JOURNAL. * Thursday, October 26, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. IQVIA IQV 181.22 -5.47 Maplebear CART 25.16 -1.24 PPL PPL 24.38 0.24 ServiceIntl SCI 53.81 -0.35 t Teleflex TFX 185.37 -4.20 Veralto VLTO 70.79 -1.22
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. ITT ITT 92.58 -1.63 MarathonOil MRO 28.12 -0.04 PTC PTC 137.97 -1.69 ServiceNow NOW 530.17 -24.22 Ericsson ERIC 4.42 -0.01 VeriSign VRSN 206.47 -0.40
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four IcahnEnterprises IEP 17.35 -0.40 MarathonPetrol MPC 147.35 -1.28 Paccar PCAR 84.53 -0.30 Shell SHEL 66.86 0.19 TelefonicaBras VIV 9.06 -0.07 VeriskAnalytics VRSK 228.13 -2.01
that include primary market trades as well as quarters. Icon ICLR 225.28 -11.21 Markel MKL 1461.62 -10.95 PackagingCpAm PKG 148.88 -0.05 SherwinWilliams SHW 238.61 3.63 Telefonica TEF 3.75 -0.09 Verizon VZ 33.69 -0.61
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. t IDEX IEX 187.00 -5.74 MarketAxess MKTX 214.08 -21.84 PalantirTech PLTR 15.59 -1.05 ShinhanFin SHG 25.99 0.01 t TelekmIndonesia TLK 22.75 -0.43 VertexPharm VRTX 363.04 -6.34
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing IllinoisToolWks ITW 225.97 2.91 Marriott MAR 188.43 -1.71 PaloAltoNtwks PANW 244.79 -7.28 ShockwaveMed SWAV 212.40 -2.13 TempurSealy TPX 38.90 -0.95 Vertiv VRT 37.39 -1.64
Nasdaq ISE. standards t Illumina ILMN 113.93 -2.17 Marsh&McLen MMC 188.88 -0.10 t ParamountA PARAA 13.90 -0.37 Shopify SHOP 48.49 -3.86 Tenaris TS 32.37 -0.19 Viatris VTRS 8.97 -0.14
The list comprises the 1,000 largest companies lf-Late filing ImperialOil IMO 58.69 0.79 MartinMarietta MLM 410.34 -6.08 t ParamountB PARA 10.94 -0.21 SimonProperty SPG 104.98 -0.99 TencentMusic TME 6.89 -0.25 t VinFastAuto VFS 5.21 0.28
based on market capitalization. q-Temporary exemption from Nasdaq t Incyte INCY 54.25 -0.70 MarvellTech MRVL 47.55 -1.94 ParkerHannifin PH 367.52 -5.76 SiriusXM SIRI 4.36 -0.08 Teradyne TER 87.91 -3.70 Vipshop VIPS 14.18 -0.47
Underlined quotations are those stocks with requirements. Informatica INFA 19.50 -0.81 Masco MAS 48.33 -0.81 Paychex PAYX 112.19 -4.93 SkechersUSA SKX 47.96 -0.66 Tesla TSLA 212.42 -4.10 Visa V 236.85 2.20
large changes in volume compared with the t-NYSE bankruptcy Infosys INFY 16.38 -0.40 Mastercard MA 386.31 -0.60 t PaycomSoftware PAYC 248.08 -13.37 Skyworks SWKS 88.57 -2.95 TetraTech TTEK 149.02 0.50 Vistra VST 32.78 0.08
issue’s average trading volume. v-Trading halted on primary market. IngersollRand IR 59.36 -0.32 MatadorRscs MTDR 61.44 -1.40 Paylocity SmithAO AOS 65.19 -1.45 TevaPharm TEVA 8.21 0.02 VMware VMW 148.26 -2.43
PCTY 177.59 -8.91
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Insulet PODD 139.64 -1.36 MatchGroup MTCH 34.94 -1.94 t PayPal t Smith&Nephew SNN 21.91 -0.32 t TexasInstruments TXN 141.79 -5.13 Vodafone VOD 9.04 -0.21
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, PYPL 51.49 -2.75
Intel INTC 32.83 -1.76 Mattel MAT 20.11 -0.10 Pearson PSO 11.11 0.02 Smucker SJM 114.50 1.97 TexasPacLand TPL 1859.01 46.86 VoyaFinancial VOYA 65.58 -0.72
previous closing price was $2 or higher. or securities assumed by such companies. InteractiveBrkrs IBKR 79.73 -0.66 McCormickVtg MKC.V 64.81 1.81 PembinaPipeline PBA 30.60 -0.08 Snap SNAP 9.19 -0.52 TexasRoadhouse TXRH 96.44 0.35 VulcanMatls VMC 203.37 -1.78
ICE ICE 106.73 -0.20 McCormick MKC 64.38 2.08 PenskeAuto PAG 142.35 -1.21 Snap-On SNA 250.20 -3.84 Textron TXT 74.36 -0.67
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and InterContinentl IHG 72.65 0.55 McDonald's MCD 258.03 0.76 Pentair PNR 57.38 -2.09 Snowflake SNOW 142.40 -8.72 t ThermoFisher TMO 433.18 -25.08 W X Y Z
changes in the closing prices from 4 p.m. the previous day. IBM IBM 137.08 -0.71 McKesson MCK 453.00 0.95 Penumbra PEN 198.66 -7.39 SOQUIMICH SQM 50.90 -0.83 ThomsonReuters TRI 121.78 -1.17
IntlFlavors IFF 66.10 0.02 Medpace
WEC Energy WEC 82.32 0.74
MEDP 258.52 -13.76 PepsiCo PEP 162.35 0.16 SoFiTech SOFI 7.08 -0.30 3M MMM 89.39 -0.73
IntlGameTech IGT 28.18 -2.26
WEX WEX 180.45 -6.38
Wednesday, October 25, 2023 Net Net Medtronic MDT 71.40 -0.56 PerformanceFood PFGC 56.08 0.80 Sony SONY 82.70 -1.52 Toast TOST 16.56 -1.19
W.P.Carey WPC 52.51 -0.94
Net Stock Sym Close Chg Stock Sym Close Chg IntlPaper IP 33.12 -0.14 MercadoLibre MELI 1190.98 -31.01 PermianRscs PR 14.96 0.07 Southern SO 66.61 0.16 Toll Bros TOL 68.16 -1.61 WPP WPP 41.58 -0.95
Interpublic IPG 27.69 -0.21 Merck MRK 103.63 0.60 PetroleoBrasil PBR 15.60 0.05 SoCopper SCCO 69.57 -1.68 TopBuild BLD 218.49 -9.28
Stock Sym Close Chg Brown-Forman B BF.B 55.97 -0.38 EQT t SouthwestAir LUV 23.60 -0.30 Wabtec WAB 104.06 4.12
EQT 42.02 -0.51 Intuit INTU 483.03 -22.79 MetaData AIU 1.01 -0.01 PetroleoBrasilA PBR.A 14.40 -0.01 Toro TTC 80.35 -0.96
WalgreensBoots WBA 21.67 0.30
t Bruker BRKR 57.53 -1.27 EastWestBncp EWBC 52.69 0.26 IntuitiveSurgical ISRG 266.61 -10.78 MetaPlatforms META 299.53 -13.02 t Pfizer PFE 30.73 0.30 SouthwesternEner SWN 7.11 -0.01 t TorontoDomBk TD 55.77 -0.17
A B C BuildersFirst BLDR 106.22 -4.29 EastGroup EGP 157.83 1.02 InvitatHomes INVH 30.32 -0.79 MetLife MET 58.96 -0.25 PhilipMorris PM 90.03 -0.80 Splunk SPLK 147.49 -0.18 TotalEnergies TTE 65.61 0.41
Walmart WMT 162.76 -0.49
WarnerBrosA WBD 9.73 -0.35
AECOM ACM 76.22 0.12 Bunge BG 102.18 1.46 t EastmanChem EMN 69.03 -1.65 IonisPharm IONS 44.37 -1.91 t Mettler-Toledo MTD 975.26 -16.55 Phillips66 PSX 110.74 -1.19 Spotify SPOT 161.82 -8.81 ToyotaMotor TM 175.18 1.06 WarnerMusic WMG 31.84 -0.46
AES AES 14.68 0.15 BurlingtonStrs BURL 120.09 -0.07 Eaton ETN 195.23 -4.41 IronMountain IRM 58.37 -1.28 MicrochipTech MCHP 71.38 -4.65 PinnacleWest PNW 74.37 0.02 StanleyBlackDck SWK 77.25 -2.12 TractorSupply TSCO 198.07 -0.15 WasteConnections WCN 137.41 3.03
CACI Intl CACI 322.09 -0.60 eBay EBAY 39.30 -1.69 ItauUnibanco ITUB 5.38 -0.01 MicronTech MU 66.50 -1.57 Pinterest PINS 25.56 -1.23 Stantec STN 60.81 -0.86 TradeDesk TTD 71.67 -4.85
Aflac AFL 78.26 0.50 WasteMgt WM 164.07 9.44
Starbucks SBUX 94.00 -0.62
AGCO 113.16 0.89 t CBRE Group CBRE 65.76 -1.07 Ecolab ECL 158.67 -1.58 Microsoft MSFT 340.67 10.14 PioneerNatRscs PXD 245.16 0.21 Tradeweb TW 83.39 -0.08 t
AGCO J K L MidAmApt MAA 127.38 -2.40 PlainsAllAmPipe PAA 15.50 -0.08 StateStreet STT 64.02 -0.72 TraneTech TT 184.42 -2.14
Waters WAT 242.30 -6.88
Ansys ANSS 270.74 -6.57 CCC Intelligent CCCS 11.09 -0.37 Ecopetrol EC 12.16 0.11 Watsco WSO 340.51 -6.63
CDW 198.70 -1.19 EdisonIntl t
25.12 -0.13 Middleby MIDD 113.35 -2.40 PlainsGP PAGP 16.05 0.02 SteelDynamics STLD 99.84 -1.78 TransDigm TDG 818.28 -12.79
APA APA 41.02 0.02 CDW EIX 63.30 -0.76 JD.com JD Stellantis WeatherfordIntl WFRD 92.98 0.47
CF Industries CF 80.88 0.52 EdwardsLife EW 68.34 -2.15 JPMorganChase JPM 140.40 -0.77 MitsubishiUFJ MUFG 8.23 0.11 Pool POOL 319.07 -2.74 STLA 18.89 0.13 t TransUnion TRU 46.23 -3.51 WebsterFin WBS 36.96 -0.16
ASE Tech ASX 7.46 -0.26 Steris STE 213.00 -4.21
ASML ASML 583.34 -17.41 CGI A GIB 95.72 -2.61 Elastic ESTC 75.53 -5.27 Jabil JBL 121.78 -2.69 MizuhoFin MFG 3.37 0.03 Primerica PRI 195.16 -2.76
Stevanato STVN 31.07 -1.53
Travelers TRV 164.73 6.81 WellsFargo WFC 39.03 -0.25
15.19 -0.34 t CH Robinson CHRW 82.73 -1.02 ElbitSystems ESLT 188.98 2.03 JackHenry JKHY 141.96 -1.60 Mobileye MBLY 33.96 -1.43 PrincipalFinl PFG 66.88 -0.18 Trimble TRMB 47.24 -1.21 Welltower WELL 82.67 -1.62
AT&T T 55.44 -3.02
t
132.80 0.41 Moderna MRNA 76.76 -3.00 ProcoreTech PCOR 61.39 -3.23 StifelFinancial SF TriNet TNET 108.92 -4.01
AbbottLabs ABT 93.57 -1.24 CME Group CME 214.08 -0.17 ElectronicArts EA 125.72 -1.94 JacobsSolns J STMicroelec STM 38.99 -0.80
WescoIntl WCC 123.66 -2.30
MolinaHealthcare MOH 336.45 2.68 Procter&Gamble PG 150.60 0.70 Trip.com TCOM 34.54 -0.12
AbbVie ABBV 145.26 -1.05 CMS Energy CMS 54.45 0.81 ElevanceHealth ELV 450.07 -2.52 JamesHardie JHX 24.65 -0.66 Stryker SYK 259.06 -6.00
WestPharmSvcs WST 358.00 -11.72
AcadiaHealthcare ACHC 74.88 -0.14 CNA Fin CNA 40.52 0.66 EmersonElec EMR 88.83 -1.91 JazzPharm JAZZ 130.12 -0.93 MolsonCoorsB TAP 57.68 -0.63 Progressive PGR 156.43 0.19 TruistFinl TFC 27.96 0.40 WesternDigital WDC 42.18 -0.78
CNHI 11.08 -0.03 Enbridge ENB 32.26 0.13 JefferiesFinl JEF 32.15 -0.49 monday.com MNDY 128.66 -9.83 t Prologis PLD 98.74 -2.96 SumitomoMits SMFG 9.60 0.12 Twilio TWLO 51.21 -2.41
Accenture ACN 292.68 -3.41 CNH Indl t SunComms SUI 102.97 -2.13 WesternMidstrm WES 27.73 0.10
Adobe ADBE 521.14 -18.42 CRH CRH 53.50 -0.94 EncompassHealth EHC 62.03 -0.47 J&J JNJ 151.57 0.34 Mondelez MDLZ 65.69 0.14 PrudentialFinl PRU 89.31 -0.62 TylerTech TYL 366.64 -7.52 Westlake WLK 113.19 -2.10
MDB 329.33 -22.71 Prudential PUK 20.10 -0.32 SunLifeFinancial SLF 45.49 -0.14 TysonFoods TSN 45.37 -0.10
AdvDrainageSys WMS 104.97 -3.22 CSX CSX 29.60 -0.08 Endeavor EDR 17.72 -0.36 t JohnsonControls JCI 48.10 -0.62 MongoDB WestRock WRK 34.63 -0.09
MonolithicPower MPWR 399.73 -18.27 PublicServiceEnt PEG 60.59 0.11 SuncorEnergy SU 33.22 0.36 UBS Group UBS 23.79 -0.04
AdvMicroDevices AMD 96.06 -5.61 CVS Health CVS 68.53 -0.44 EnergyTransfer ET 13.69 -0.06 JuniperNetworks JNPR 25.03 -0.15
SuperMicroComp SMCI 253.99 -8.63
Weyerhaeuser WY 28.61 -0.33
Aegon AEG t
4.68 -0.01 CadenceDesign CDNS 231.03 -6.38 EnphaseEnergy ENPH 94.35 -0.49 KB Financial KB 40.08 -0.97 MonsterBev MNST 50.08 0.03 t PublicStorage PSA 237.99 -4.66 t UDR UDR 33.99 -0.73 WheatonPrecMet WPM 43.45 -0.21
MCO 314.26 8.65 PulteGroup PHM 71.02 -0.63 Suzano SUZ 10.45 -0.02 t U-Haul UHAL 50.27 -0.26
AerCap AER 58.70 -0.99 CAE CAE 20.69 -0.52 Entegris ENTG 86.67 -4.52 KBR KBR 58.16 0.01 Moody's Whirlpool WHR 125.61 -1.44
SynchronyFinl SYF 27.70 0.33
103.40 -2.24 t CaesarsEnt CZR 38.54 -3.12 Entergy 71.40 -0.16 PureStorage PSTG 33.19 -0.78
t AgilentTechs A ETR 92.56 0.16 KKR KKR 54.88 -1.34 MorganStanley MS U-Haul N UHAL/B 48.73 -0.13 Williams WMB 34.46 ...
Synopsys SNPS 455.26 -12.77
agilon health AGL 18.25 -0.63 CamdenProperty CPT 91.49 -2.20 EnterpriseProd EPD 27.46 -0.09 KLA KLAC 454.84 -15.42 Morningstar MORN 220.07 -3.11 t Qiagen QGEN 36.87 -0.52 US Foods USFD 37.10 -0.10 Williams-Sonoma WSM 152.77 -3.54
MOS 33.36 -0.80 Qorvo QRVO 86.20 -2.64 Sysco SYY 65.74 0.42 UWM UWMC 4.79 -0.11
AgnicoEagleMines AEM 48.81 -0.63 Cameco CCJ 39.25 0.44 Equifax EFX 164.17 -5.53 Kanzhun BZ 15.18 -0.53 Mosaic WillisTowers WTW 207.74 -0.15
AirProducts APD 274.48 -2.76 CampbellSoup CPB 40.90 1.30 Equinix EQIX 682.24 -21.91 KarunaTherap KRTX 167.30 -2.38 MotorolaSol MSI 280.51 -0.93 Qualcomm QCOM 104.78 -4.61 Uber UBER 42.35 -1.84
T U V t Ubiquiti
WillScotMobile WSC 38.22 -0.13
Airbnb ABNB 118.50 -3.51 t CIBC CM 34.94 -0.18 Equinor EQNR 33.36 0.33 Kellanova K 50.96 0.70 MurphyOil MUR 45.39 -0.17 QuantaServices PWR 168.23 0.98 UI 113.58 -1.69 Wipro WIT 4.54 -0.01
AkamaiTech AKAM 102.60 -1.67 t CanNtlRlwy CNI 106.24 0.57 Equitable EQH 26.18 -0.94 Kenvue KVUE 19.73 -0.25 MurphyUSA MUSA 356.55 3.22 QuestDiag DGX 125.47 1.89 s TAL Education TAL 10.23 0.06 UiPath PATH 15.14 -0.86 WoodsideEnergy WDS 22.08 -0.07
t Albemarle ALB 135.32 -3.92 CanadianNatRscs CNQ 64.28 0.60 EquityLife ELS 64.43 -0.66 KeurigDrPepper KDP 29.10 -0.01 NICE NICE 156.48 -2.21 TC Energy TRP 34.35 0.31 UltaBeauty ULTA 377.98 -1.13 Woodward WWD 120.65 -1.49
Albertsons ACI 21.82 0.05 t CdnPacKC CP 69.74 0.29 EquityResdntl EQR 55.75 -1.33 KeyCorp KEY 9.81 ... NIO NIO 7.60 -0.49 R S TD Synnex SNX 90.24 -1.00 Unilever UL 48.53 -0.01 WooriFinl WF 27.36 -0.08
Alcon ALC 70.91 -2.16 CapitalOne COF 88.97 -0.23 ErieIndemnity ERIE 294.34 2.00 t KeysightTech KEYS 120.47 -1.77 NNN REIT NNN 35.18 -0.37
RBC Bearings RBC 220.29 -5.71 TE Connectivity TEL 116.48 -1.58 UnionPacific UNP 205.22 -0.22 Workday WDAY 207.21 -5.16
t AlexandriaRlEst ARE 91.99 -3.58 CardinalHealth CAH 93.53 0.11 EssentialUtil WTRG 33.02 -0.22 KimberlyClark KMB 118.78 -1.72 NOV NOV 19.45 -0.43
RB Global RBA 62.85 -0.49 Telus TU 16.15 -0.12 UnitedAirlines UAL 34.85 -0.29 WyndhamHtls WH 73.18 -0.97
Alibaba BABA 81.03 -1.84 Carlisle CSL 237.15 -4.40 EssexProp ESS 210.26 -4.44 t KimcoRealty KIM 16.38 -0.44 NRG Energy NRG 41.83 -0.24
RELX RELX 34.64 0.10 Ternium TX 37.72 0.15 UnitedMicro UMC 7.14 -0.30 WynnResorts WYNN 88.94 -2.48
AlignTech ALGN 253.69 -11.77 Carlyle CG 27.56 -0.70 t EsteeLauder EL 134.55 -3.47 KinderMorgan KMI 16.79 -0.06 NVR NVR 5377.29 -8.23
RLI RLI 135.51 -1.34 TFI Intl TFII 108.83 2.07 t UPS B UPS 146.93 -2.39 XP XP 20.04 -0.83
t Allegion ALLE 96.52 -0.59 CarMax KMX 60.53 -1.47 t Etsy ETSY 62.96 -1.63 KinrossGold KGC 5.31 -0.08 NXP Semicon NXPI 175.94 -7.67 RPM RPM 89.86 -1.73 TIM TIMB 15.12 -0.20 UnitedRentals URI 399.15 -7.20 XPO XPO 69.31 -1.88
AlliantEnergy LNT 49.54 0.10 Carnival CCL 11.27 -0.18 Everest EG 396.69 -0.41 KinsaleCapital KNSL 425.64 -1.48 Nasdaq NDAQ 49.49 0.03 TJX TJX 88.95 -0.51 US Bancorp USB 31.29 -0.10 XcelEnergy XEL 59.47 0.39
RTX RTX 78.41 0.03
Allstate ALL 125.19 0.90 Carnival CUK 10.18 -0.13 Evergy EVRG 48.90 -0.04 Klaviyo KVYO 28.40 -0.72 NationalGrid NGG 59.61 -0.15 RalphLauren RL 114.15 -2.53 TKO TKO 78.64 -1.86 US Steel X 32.40 -0.08 XPeng XPEV 14.11 -1.23
AllyFinancial ALLY 23.44 0.68 CarrierGlobal CARR 47.04 -1.11 EversourceEner ES 54.22 0.19 Knight-Swift KNX 49.45 -0.80 t NatWest NWG 5.12 -0.04 T-MobileUS TMUS 140.99 -0.08 UnitedTherap UTHR 224.50 -2.73 t Xylem XYL 87.76 -1.68
RangeResources RRC 34.23 -0.25
t AlnylamPharm ALNY 159.49 -4.47 CaseysGenStores CASY 268.86 2.87 ExactSciences EXAS 61.81 -3.95 Philips PHG 18.22 -0.59 NetApp NTAP 72.48 -1.36
RaymondJames RJF 91.83 -2.84 TPG TPG 26.88 -0.78 UnitedHealth UNH 530.21 5.21 YPF YPF 11.27 0.03
Alphabet C GOOG 126.67 -13.45 Catalent CTLT 39.43 -3.05 Exelixis EXEL 19.88 0.27 KoreaElecPwr KEP 6.00 0.04 NetEase NTES 104.91 -1.09
RealtyIncome O 49.28 -0.32 t T.RowePrice TROW 93.47 -2.45 UnitySoftware U 25.69 -1.76 Yum!Brands YUM 120.31 0.40
Alphabet A GOOGL 125.61 -13.20 Caterpillar CAT 244.94 -4.61 Exelon EXC 39.00 0.14 KraftHeinz KHC 32.08 0.37 Netflix NFLX 411.25 -2.48
RegalRexnord RRX 115.28 -3.12 TaiwanSemi TSM 87.64 -4.00 UnivDisplay OLED 144.81 -9.35 YumChina YUMC 52.80 -0.80
Altria MO 42.82 0.28 Celanese CE 112.94 -3.23 Expedia EXPE 95.97 -1.32 Kroger KR 44.29 0.68 Neurocrine NBIX 108.23 -1.02
RegencyCtrs REG 57.82 -1.35 TakeTwoSoftware TTWO 137.07 -5.62 UniversalHealthB UHS 122.21 -2.32 ZTO Express ZTO 23.75 -0.04
Amazon.com AMZN 121.39 -7.17 CelsiusHldg CELH 167.69 -3.24 ExpeditorsIntl EXPD 108.88 -3.30 t LKQ LKQ 46.92 -0.35 NewFortressEner NFE 31.72 -0.58 RegenPharm REGN 797.04 -7.24 TakedaPharm TAK 14.50 -0.08 UnumGroup UNM 48.17 -0.18 t ZebraTech ZBRA 198.91 -7.00
Ambev ABEV 2.46 -0.04 Cemex CX 6.00 0.06 t ExtraSpaceSt EXR 103.08 -3.39 LPL Financial LPLA 216.21 -3.83 s NewOrientalEduc EDU 64.59 1.79 t RegionsFinl RF 14.06 -0.11 Tapestry TPR 27.86 -0.06 VF VFC 17.95 0.03 Zillow C Z 38.19 -1.18
Amcor AMCR 8.56 -0.07 Cencora COR 189.12 0.11 ExxonMobil XOM 108.59 0.20 L3HarrisTech LHX 175.74 2.72 NY CmntyBcp NYCB 10.10 -0.21 ReinsGrp RGA 145.92 -1.02 TargaResources TRGP 85.35 -0.14 VICI Prop VICI 27.56 -0.39 Zillow A ZG 37.24 -1.13
Amdocs DOX 80.03 -0.11 CenovusEnergy CVE 19.84 0.17 F5 FFIV 151.68 3.44 LabCorp.ofAmerica LH 197.69 -0.96 NYTimes A NYT 40.82 -0.98
RelianceSteel RS 247.17 0.17 Target TGT 110.36 1.68 VailResorts MTN 209.81 -3.58 ZimmerBiomet ZBH 103.64 -1.20
Ameren AEE 76.85 0.49 Centene CNC 68.71 -0.98 FMC FMC 55.77 -0.34 LamResearch LRCX 583.34 -20.68 Newmont NEM 36.76 -1.69
RenaissanceRe RNR 218.88 0.90 TechnipFMC FTI 19.93 -0.50 Vale VALE 12.72 -0.12 Zoetis ZTS 163.67 -3.45
AmericaMovil AMX 16.67 -0.17 CenterPointEner CNP 27.46 0.14 FTI Consulting FCN 183.93 -0.65 LamarAdv LAMR 80.98 -2.03 NewsCorp B NWS 21.32 -0.94 RentokilInit RTO 27.34 -0.98 TeckResourcesB TECK 35.17 -0.13 ValeroEnergy VLO 126.86 -1.94 t ZoomVideo ZM 60.35 -1.79
AmerAirlines AAL 11.04 -0.17 CentraisElBras EBR 6.85 -0.07 FactSet FDS 424.18 -5.73 LambWeston LW 88.81 0.02 NewsCorp A NWSA 20.55 -0.91 TelecomArgentina TEO 5.64 0.06 VeevaSystems VEEV 194.78 -2.41 ZoomInfoTech ZI 15.72 -0.51
AEP AEP 75.36 0.62 CeridianHCM CDAY 65.16 -4.28 FairIsaac FICO 825.10 -37.02 LasVegasSands LVS 47.20 -0.44 NextEraEnergy NEE 56.46 1.34 t Repligen RGEN 124.42 -15.36
TeledyneTech TDY 373.28 -12.91 Ventas VTR 41.32 -1.06 Zscaler ZS 157.61 -7.18
RepublicSvcs RSG 147.58 4.28
AmerExpress AXP 143.52 -0.90 ChampionX CHX 31.06 -2.70 Fastenal FAST 57.08 -0.15 LatticeSemi LSCC 68.84 -3.97 Nike NKE 103.54 -1.64
ResMed RMD 140.50 -1.77
AmericanFin AFG 108.46 -0.04 t CharlesRiverLabs CRL 172.69 -10.96 FederalRealty FRT 85.71 -1.93 Lear LEA 129.68 -0.64 NiSource NI 25.31 0.08
RestaurantBrands QSR 67.28 0.27
AmHomes4Rent AMH 32.70 -0.70 ChartIndustries GTLS 146.70 -4.13 FedEx FDX 235.21 -6.47 LegendBiotech LEGN 63.98 -2.63 Noble NE 45.96 -0.79
t Revvity RVTY 99.69 -2.19
AIG AIG 60.96 1.09 CharterComms CHTR 423.73 -7.45 Ferguson
AmerTowerREIT AMT 161.93 -1.30 CheckPoint CHKP 133.60 -2.68 Ferrari
FERG 152.19 -0.67 Leidos
RACE 299.31 -1.59 Lennar B
LDOS 91.32 0.31 Nokia
LEN.B 94.82 -1.99 Nomura
NOK 3.21 -0.01
NMR 3.84 0.01
t RexfordIndlRealty REXR 41.65 -1.82
RioTinto RIO 63.11 0.69
New Highs and Lows
AmerWaterWorks AWK 116.50 -1.27 Chemed CHE 507.00 -0.10 FidNatlFinl FNF 37.37 -0.17 Lennar A LEN 103.07 -1.86 Nordson NDSN 210.71 -3.16
Rivian RIVN 17.02 -0.41
t LII 339.30 -6.21 t NorfolkSouthern NSC 185.79 -10.45
AmericoldRealty COLD 25.58 -0.58 CheniereEnergy LNG 167.95 -0.05 FidNatlInfo FIS 48.85 -1.65 LennoxIntl
RobertHalf RHI 73.56 1.43 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
Ameriprise AMP 307.14 -6.35 CheniereEnerPtrs CQP 55.21 -0.43 FifthThirdBncp FITB 23.03 0.05 LiAuto LI 33.90 -0.88 t NorthernTrust NTRS 63.06 -0.49
Robinhood HOOD 9.03 -0.29 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
Ametek AME 139.66 -1.31 ChesapeakeEner CHK 86.65 -0.28 FirstCitizBcshA FCNCA 1301.67 -6.08 LibertyBroadbandC LBRDK 87.23 -2.54 NorthropGrum NOC 483.26 4.82 Roblox RBLX 31.10 -1.62 session. % CHG-Daily percentage change from the previous trading session.
Amgen AMGN 272.16 -3.96 Chevron CVX 155.87 -0.78 FirstSolar FSLR 151.36 -4.54 LibertyBroadbandA LBRDA 87.10 -2.57 Novartis NVS 95.43 0.52
CHWY 16.87 -0.25 FirstEnergy FE 35.76 0.06 LibertyGlobal B LBTYB 16.05 -0.30 NovoNordisk NVO 97.43 -0.09 RocketCos. RKT 7.21 -0.13
Amphenol APH 79.66 0.40 Chewy Rockwell ROK 263.32 -2.54
AnalogDevices ADI 159.79 -5.14 Chipotle CMG 1841.87 -13.22 FirstService FSV 137.99 -2.00 t LibertyGlobal C LBTYK 16.72 -0.47 NuHoldings NU 7.98 -0.10
RogersComm B RCI 37.67 -0.16
Wednesday, October 25, 2023
18.77 0.08 ChordEnergy CHRD 167.49 0.15
Fiserv FI 114.12 -1.33 t LibertyGlobal A LBTYA 15.40 -0.42 Nucor NUE 144.60 -2.57
AngloGoldAsh AU RoivantSciences ROIV 8.54 -0.18 52-Wk % 52-Wk % 52-Wk %
AB InBev BUD 53.74 0.32 Chubb CB 215.65 4.21 FiveBelow FIVE 177.02 -0.22 LibertyFormOne C FWONK 65.32 -2.71 Nutanix NTNX 35.14 -1.42
Roku ROKU 58.50 -2.92 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
t AnnalyCap NLY 15.07 -0.60 ChunghwaTel CHT 35.71 -0.18 FleetCorTech FLT 230.89 -9.90 LibertyFormOne A FWONA 57.65 -2.41 Nutrien NTR 56.07 -0.66
Rollins ROL 34.33 0.67
Flex FLEX 23.22 -0.61 LibertySirius C LSXMK 24.45 -0.32 nVentElectric NVT 46.70 -0.78 OxusAcqnA OXUS 11.09 0.2 ActiniumPharm ATNM 5.34 1.5
AnteroResources AR 28.12 0.09 Church&Dwight CHD 92.24 0.66
Aon AON 319.65 -0.12 ChurchillDowns CHDN 108.43 -3.02 Floor&Decor FND 78.85 -1.91 LibertySirius B LSXMB 24.41 -1.48 NVIDIA NVDA 417.79 -18.84
RoperTech ROP 481.21 -1.34
RossStores ROST 115.54 -0.27
Highs SculptorCapMgmt SCU
SGEN
12.48 1.8 AcumenPharm
217.51 -0.4 AdicetBio
ABOS
ACET
3.25 -4.1
ApolloGlbMgmt APO 81.40 -2.60 Ciena CIEN 40.85 -0.71 FomentoEconMex FMX 100.42 -0.03 LibertySirius A LSXMA 24.35 -0.31 t RoyalBkCanada RY ASPAU
Seagen 1.22 -6.9
AppFolio APPF 176.25 -5.19 Cigna CI 303.89 -0.75 FordMotor F 11.54 0.15 Light&Wonder LNW 73.97 -4.04 O P Q 79.11 -0.30
RoyalCaribbean RCL 82.22 -0.26
AbriSpacI
AbriSPACI ASPA
28.99 158.4
38.40 114.7
ShenandoahTel SHEN 24.80 10.5 AdTheorentWt ADTHW 0.02 -5.5
SproutsFarmers SFM 44.43 0.5 AdvanceAuto AAP 47.73 3.3
Apple AAPL 171.10 -2.34 CincinnatiFinl CINF 98.39 -1.43 Fortinet FTNT 55.94 -1.60 EliLilly LLY 586.46 -5.97 AlmacenesExito EXTO 6.92 1.2
ApplMaterials AMAT 130.11 -4.79 Cintas CTAS 501.51 -4.31 Fortis FTS 39.48 -0.03 LincolnElectric LECO 164.48 -3.52 OGE Energy OGE 34.23 0.27 RoyalGold RGLD 107.07 -1.84 Strats GSG GJS GJS 22.80 2.1 AdvanSix ASIX 26.77 0.1
ONEOK OKE 66.27 -0.33 RoyaltyPharma RPRX 27.30 -0.34 BlueHatInt BHAT 3.00 33.6
LRN 54.35 18.0 AerovateTherap AVTE 9.86 -10.7
Fortive FTV 64.60 -5.65 Linde LIN 364.38 -2.88 Stride
Applovin APP 36.15 -2.32 CiscoSystems CSCO 52.40 -0.61 ON Semi ON 81.16 -3.93 RyanSpecialty RYAN 45.96 -0.42 DataKnightsA DKDCA 13.51 12.3 TAL Education TAL 10.58 0.6 AEternaZentaris AEZS 1.51 -6.5
Aptargroup ATR 122.37 -0.56 t Citigroup C 38.61 -0.32 FortuneBrands FBIN 55.23 -1.86 LithiaMotors LAD 234.38 -15.11 OReillyAuto ORLY 874.92 2.92 Ryanair DataKnights DKDCU 11.99 7.1 AEVA
FoxA FOXA 30.25 -0.20 RYAAY 88.42 -1.43 TristarAcqnI TRIS.U 10.80 3.2 AevaTech 0.51 -6.2
Aptiv t
APTV 89.37 -1.42 CitizensFin CFG 23.47 -0.11 LiveNationEnt LYV 77.70 -0.90 FTACEmeraldAcqn EMLDU 11.80 -0.9 AMG
FoxB FOX 27.83 -0.25 LloydsBanking LYG OccidentalPetrol OXY 63.27 0.74 SAP SAP 130.71 -2.96 UnvlSecInstr UUU 3.97 16.8 AffiliatedMgrs 120.22 -1.4
Aramark ARMK 26.31 -0.20 CivitasRscs CIVI 77.22 -0.06 2.00 0.06 Frontline FRO 21.60 0.5 AFMD
Franco-Nevada FNV 137.48 -0.91 LockheedMartin LMT 447.69 6.79 Okta OKTA 67.42 -4.49 S&P Global SPGI 349.13 1.19 UraniumEner UEC 5.97 -0.3 Affimed 0.32 -2.5
ArcelorMittal MT 21.89 -0.23 CleanHarbors CLH 154.24 -1.20 OldDomFreight ODFL 371.01 -14.89 SBA Comm SBAC 195.71 -1.37 GoalAcqns PUCK 10.95 2.0 WilliamsRowland WRAC.U 15.47 -0.1 AgapeATP ATPC 0.81 -9.6
FranklinRscs BEN 22.26 -0.30 Loews L 63.80 0.51
ArchCapital ACGL 83.49 0.07 Cleveland-Cliffs CLF 15.83 0.18 OldRepublic ORI 26.83 -0.09 SEI Investments SEIC 54.40 -0.11 HCM Acqn HCMAU 11.20 9.7 WorldwideWebb WWACU 11.60 -3.4 Agenus AGEN 0.73 3.1
t ADM ADM 71.05 1.58 Clorox CLX 121.97 0.35 FreeportMcM FCX 33.84 -0.58 s LogitechIntl LOGI 76.76 -0.40 OmegaHealthcare OHI 33.58 -0.16 SK Telecom SKM 20.46 -0.22 InnovativeIntlA IOAC 14.75 -17.8 AgilentTechs A 100.08 -2.1
AresMgmt ARES 101.27 -3.13 Cloudflare NET 56.49 -3.14 FreseniusMed FMS 16.66 -0.69 Lowe's LOW 186.09 -0.15
Omnicom OMC 74.39 -0.10 SS&C Tech SSNC 49.36 -0.47
Inter INTR 4.90 2.8
Lows Agiliti AGTI 5.07 -5.3
FullTruck YMM 6.89 -0.11 Lucid LCID 4.17 -0.07 LianBio LIAN 3.88 14.6 AGIO
argenx ARGX 472.00 -9.20 Coca-Cola KO 56.12 0.48 OnHolding ONON 24.77 -1.25 Saia SAIA 370.43 -10.88 AgiosPharm 19.99 -3.5
AristaNetworks ANET 186.09 -4.40 Coca-ColaEuro CCEP 58.78 0.12 Futu FUTU 56.06 -3.58 lululemon LULU 396.70 -6.67 Lifevantage LFVN 8.69 -0.7 ADC Therap ADCT 0.65 -8.3 Agriforce AGRI 1.84 -6.1
OpenText OTEX 33.12 -0.27 Salesforce CRM 197.06 -7.16
ARM 49.44 -2.93 t Cognex CGNX 34.99 -0.82 LyondellBasell LYB 89.24 -2.52 LogitechIntl LOGI 78.20 -0.5 AGNC Invt AGNC 6.98 -7.4 Agrify AGFY 1.38 -12.7
Arm
ArrowElec ARW 109.86 -2.26 CognizantTech CTSH 64.09 -1.06
G H I Oracle ORCL 101.43 -1.77 Samsara IOT 22.16 -1.52 MachNaturalRscs MNR 19.20 -3.5 AMTD Digital HKD 4.18 -3.9 AkeroTherap AKRO 11.70 -1.1
AspenTech AZPN 176.87 -2.53 CoinbaseGlbl COIN 77.79 -4.28 GE HealthCare GEHC 64.51 -0.16 M N Orange
Orix
ORAN 11.51 0.08 Sanofi
IX
SNY 53.09 0.76
89.12 -1.22 SareptaTherap SRPT 107.24 -6.18
NatureSunshine NATR 19.20 -0.3 AMTD IDEA AMTD 0.70 -14.6 AkoustisTechs AKTS 0.51 -7.7
Assurant AIZ 149.00 2.15 ColgatePalm CL 73.41 0.57 GFLEnvironmental GFL 29.46 0.11 t M&T Bank NewOrientalEduc EDU 66.80 2.9 ARBIOT ARBB 1.21 -0.8 AlaskaAir ALK 31.48 -0.8
MTB 111.66 0.54 OtisWorldwide OTIS 75.47 -1.80 Sasol SSL 12.90 -0.22 NewRelic NEWR 86.49 0.1 AXT AXTI 2.13 -3.2 AlbanyIntl AIN 79.86 -0.8
AstraZeneca AZN 64.21 -0.36 Comcast A CMCSA 42.75 -0.71 GSK GSK 36.05 0.07 MGM Resorts MGM 34.63 -2.03 Ovintiv OVV 48.73 0.17 Schlumberger SLB 56.62 -0.38 Northann NCL 7.04 7.5 Ayro AYRO 1.54 -10.1 Albemarle ALB 133.22 -2.8
Atlassian TEAM 178.59 -12.01 SABESP SBS 11.98 -0.13 Gallagher AJG 231.10 -0.11 MinisoGroup MNSO 26.91 -1.20 OwensCorning OC 110.60 -12.75 SchwabC SCHW 49.37 -0.46 OverseasShip OSG 4.78 2.6 AclarisTherap ACRS 4.55 -6.2 Continued on Page B10
AtmosEnergy ATO 108.35 -0.32 ConagraBrands CAG 27.75 0.68 Gaming&Leisure GLPI 45.11 -0.82 MPLX MPLX 36.15 0.11 PDD PDD 107.49 -0.85 Sea SE 43.97 -1.31
Autodesk ADSK 200.21 -4.83 Confluent CFLT 26.62 -2.58 Garmin GRMN 101.74 -0.60 MSCI MSCI 479.63 -8.42 PG&E PCG 16.17 -0.02 Seagate STX 67.10 -1.00
Autoliv ALV 97.09 1.09 ConocoPhillips COP 120.41 0.46 Gartner IT 331.66 -5.64 MagnaIntl MGA 49.92 -0.90 t PNC Finl PNC 111.29 0.01 s Seagen SGEN 216.64 -0.81
ADP
AutoZone
ADP 218.33 -22.12 ConEd ED 88.31 0.34 GenDigital GEN 16.50 -0.57 ManhattanAssoc MANH 193.06 3.48 POSCO
AZO 2436.12 19.58 ConstBrands A STZ 234.02 -0.65 GeneralDynamics GD 242.40 9.40 ManulifeFinl MFC 17.30 -0.11 PPG Ind
PKX 81.32 -7.24 SelectiveIns SIGI 104.60 0.64
PPG 121.48 -1.37 Sempra SRE 70.17 0.39
Borrowing Benchmarks
Avalonbay AVB 165.18 -4.12 ConstellationEner CEG 112.03 -2.24 GeneralElec GE 111.20 -2.42
Avangrid AGR 29.74 -0.35 Cooper COO 315.22 -6.29 GeneralMills GIS 65.65 2.00
wsj.com/market-data/bonds/benchmarks
Avantor AVTR 19.35 -0.83 Copart CPRT 43.63 -0.90 t GeneralMotors GM 29.01 0.45
IPO Scorecard
AveryDennison AVY 168.33 -4.74 Core&Main CNM 29.30 -0.41 Genmab
AvisBudget CAR 167.17 -5.16 CorebridgeFin CRBG 19.91 -0.82 t Genpact G
GMAB 29.05 -0.47
33.42 -0.40 Money Rates October 25, 2023
AxonEnterprise AXON 207.87 -5.46 Corning GLW 26.78 -0.08 Gentex GNTX 29.80 -0.25 Performance of IPOs, most-recent listed first
BCE BCE 37.12 -0.42 Corteva CTVA 48.63 0.22 GenuineParts GPC 128.43 -0.36 % Chg From % Chg From Key annual interest rates paid to borrow or lend money in U.S. and
BHP Group BHP 56.67 0.45 CoStar CSGP 70.91 -3.26 Gerdau GGB 4.29 -0.02 Company SYMBOL Wed's Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
BILL BILL 92.35 -9.11 Costco COST 549.99 -1.85 GileadSciences GILD 78.39 0.24 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
international markets. Rates below are a guide to general levels but
BJ'sWholesale BJ 69.88 -0.57 CoterraEnergy CTRA 28.23 -0.13 GitLab GTLB 42.30 -3.58
Mach Natural Resources LP 18.34 –3.5 ... Global Mofy Metaverse 7.54 50.8 47.8
don’t always represent actual transactions.
BP BP 39.06 0.27 Coty COTY 9.67 0.04 GlobalPayments GPN 105.61 -5.89
BWX Tech BWXT 75.53 0.24 Coupang CPNG 17.25 -0.86 GlobalFoundries GFS 51.59 -2.80 MNR Oct. 25/$19.00 GMM Oct. 10/$5.00
Week —52-WEEK—
Baidu BIDU 107.98 -3.45 Credicorp BAP 127.53 2.05 Globant GLOB 170.95 -8.78
60.59 505.9 –85.1 La Rosa Holdings 1.57 –68.6 –55.1 Inflation
BakerHughes BKR 34.02 -0.46 CrowdStrike CRWD 175.38 -7.44 GlobeLife GL 112.03 0.75 reAlpha Tech Latest ago High Low
Ball BALL 45.46 -0.51 CrownCastle CCI 87.26 -0.86 t GlobusMedical GMED 46.66 -2.63 AIRE Oct. 23/$10.00 LRHC Oct. 10/$5.00 Sept. index Chg From (%)
BancoBilbaoViz BBVA 7.78 -0.01 CrownHoldings CCK 79.27 -2.33 GoDaddy GDDY 72.88 -1.96 Northann Corp. 7.04 40.8 53.0 Primech Holdings 1.93 –51.8 30.4 level Aug. '23 Sept. '22 Secondary market
BancoBradesco BBDO 2.47 -0.14 t CubeSmart CUBE 33.28 -0.96 GoldFields GFI 13.45 -0.18
BancodeChile BCH 19.63 -0.12 Cummins CMI 218.58 -0.62 t GoldmanSachs GS 296.76 -2.42 NCL Oct. 19/$5.00 PMEC Oct. 10/$4.00
U.S. consumer price index Fannie Mae
BancSanBrasil BSBR 5.37 -0.08 Curtiss-Wright CW 198.03 -0.33 Grab GRAB 3.20 -0.08 Webuy Global Ltd. 3.82 –4.5 –28.5 Quetta Acquisition 10.11 1.1 0.2 30-year mortgage yields
BcoSantChile BSAC 17.26 -0.12 CyberArkSoftware CYBR 158.68 -8.47 Graco GGG 69.80 -0.93 WBUY Oct. 19/$4.00 QETAU Oct. 6/$10.00
All items 307.789 0.25 3.7
BancoSantander SAN 3.61 0.09 Grainger GWW 677.41 -9.30 Core 310.817 0.23 4.1 30 days 7.338 7.387 7.495 5.244
BanColombia CIB 25.14 -0.07 D E F GraphicPkg GPK 20.64 0.27 Birkenstock Holding 39.20 –14.8 –2.5 Spark I Acquisition 10.13 1.3 0.4 60 days 7.381 7.417 7.554 5.250
t BankofAmerica BAC 25.55 0.08 Grifols GRFS 7.76 -0.32 BIRK Oct. 11/$46.00 SPKLU Oct. 6/$10.00 International rates
t BankMontreal BMO 75.95 -0.50 DTE Energy DTE 97.94 0.24 GpoAeroportSur ASR 209.90 4.50
BankNY Mellon BK 41.85 0.08 t Danaher DHR 192.65 -4.19
Guidewire GWRE 86.23 -3.20 Other short-term rates
t BankNovaScotia BNS 40.58 -0.33 Darden DRI 142.20 0.11 HCA Healthcare HCA 225.36 -4.76 Sources: Dow Jones Market Data; FactSet Week 52-Week
Barclays BCS 6.51 -0.02 t DarlingIngred DAR 40.59 0.46 t HDFC Bank HDB 57.30 0.24 Latest ago High Low Week 52-Week
BarrickGold GOLD 16.58 0.02 Datadog DDOG 81.59 -6.27 HF Sinclair DINO 53.81 -0.80 Latest high low
ago
t Bath&BodyWks BBWI 28.12 -0.72 DaVita DVA 78.60 -2.51 HP HPQ 26.03 -0.13 Prime rates
BaxterIntl BAX 32.16 -0.41 DeckersOutdoor DECK 492.40 -3.70 HSBC
BectonDicknsn BDX 255.57 -3.64 Deere DE 371.91 -1.66 H World
HSBC 37.58 -0.10
HTHT 36.54 -0.66
Dividend Changes U.S. 8.50 8.50 8.50 6.25 Call money
BeiGene BGNE 166.48 -6.48 DellTechC DELL 66.34 -0.61 Haleon HLN 8.22 -0.04 Canada 7.20 7.20 7.20 5.45 7.25 7.25 7.25 5.00
BentleySystems BSY 48.90 -1.37 DeltaAir DAL 31.41 -0.61 Halliburton HAL 40.38 0.15 Amount Payable / Japan 1.475 1.475 1.475 1.475
Berkley WRB 67.06 0.30 DentsplySirona XRAY 31.81 -0.84 HartfordFinl HIG 71.89 1.50 Company Symbol Yld % New/Old Frq Record Commercial paper (AA financial)
BerkHathwy B BRK.B 336.90 -1.73 DescartesSystems DSGX 71.35 -1.19 Hasbro HAS 54.75 -0.24 Policy Rates
BerkHathwy A BRK.A 512400-3849.90 DeutscheBank DB 10.80 0.74 HealthEquity HQY 72.12 0.31 Increased 90 days n.a. n.a. 5.54 3.83
BerryGlobal BERY 54.17 -1.55 DevonEnergy DVN 47.85 0.38 HealthpeakProp PEAK 16.40 -0.56 American Elec Power Euro zone 4.50 4.50 4.50 1.25
AEP 4.4 .88 /.83 Q Dec08 /Nov10 Secured Overnight Financing Rate
BestBuy BBY 67.59 -0.40 DexCom DXCM 84.35 -2.00 Heico HEI 160.45 2.89 Switzerland 2.25 2.25 2.25 1.00
HEI.A 128.43 2.38 Associated Banc 5.7 .22 /.21 Q Dec15 /Dec01
ASB
t Bio-Techne TECH 61.28 -2.35 Diageo DEO 153.94 -0.20 Heico A
Britain 5.25 5.25 5.25 2.25 5.30 5.31 5.33 3.02
t Bio-RadLab A BIO 290.07 -13.64 DiamondbkEner FANG 164.68 1.42 t HenrySchein HSIC 67.77 0.47 Getty Realty GTY 6.8 .45 /.43 Q Jan11 /Dec28
t Biogen BIIB 246.72 -5.39 Dick's DKS 107.24 0.41 Hershey HSY 194.47 4.18 Global Partners GLP 8.9 .685 /.675 Q Nov14 /Nov08 Australia 4.10 4.10 4.10 2.60
Value 52-Week
BioMarinPharm BMRN 81.77 -1.58 DigitalRealty DLR 116.96 -2.51 Hess HES 154.40 -0.82 Hess Midstream HESM 8.2 .6175 /.6011 Q Nov14 /Nov02 Latest Traded High Low
BioNTech BNTX 95.25 -0.55 t DiscoverFinSvcs DFS 80.60 -0.47 HessMidstream HESM 30.18 -0.14 MPLX Overnight repurchase
MPLX 9.4 .85 /.775 Q Nov13 /Nov03
Birkenstock BIRK 39.20 0.38 Disney DIS 80.59 -1.97 HewlettPackard HPE 15.14 -0.15 U.S. 5.35 5.36 5.40 3.03 DTCC GCF Repo Index
t BlackRock BLK 608.68 -3.71 t DocuSign DOCU 39.39 -1.15 Hilton HLT 150.75 1.10
NextEra Energy Partners NEP 13.0 .8675 /.854 Q Nov14 /Nov06
Blackstone BX 91.91 -3.26 DolbyLab DLB 79.46 -1.13 Hologic HOLX 66.62 -1.25 Truist Finl Pfd. I TFCpI 7.3 .3919 /.38857 Q Dec15 /Nov10 Treasury 5.347 20.376 5.399 3.034
BlockHR HRB 42.06 -0.49 DollarGeneral DG 119.47 2.93 HomeDepot HD 280.93 -2.38 Unifirst UNF 0.8 .33 /.31 Q Jan04 /Dec07 U.S. government rates MBS 5.377 59.010 5.418 3.099
Block SQ 41.72 -3.63 DollarTree DLTR 108.30 0.27 HondaMotor HMC 32.30 0.07 Visa Cl A V 0.9 .52 /.45 Q Dec01 /Nov09
BlueOwlCapital OWL 12.21 -0.38 DominionEner D 40.54 0.19 t Honeywell HON 178.09 -3.37 Discount Notes on data:
Boeing BA 177.73 -4.63 Domino's DPZ 349.91 -3.68 HormelFoods HRL 32.12 1.16 Foreign 5.50 5.50 5.50 3.25 U.S. prime rate is the base rate on corporate
Booking BKNG 2812.92 -22.45 Donaldson DCI 58.00 -0.57 DR Horton DHI 100.66 -1.10 Canadian National Railway CNI 2.2 .57341 Q Dec28 /Dec07 loans posted by at least 70% of the 10 largest
BoozAllen BAH 119.41 -0.32 DoorDash DASH 72.28 -4.08 HostHotels HST 15.60 -0.17 Federal funds
Capital Product Partners CPLP 4.4 .15 Q Nov13 /Nov06 U.S. banks, and is effective July 27, 2023. Other
BorgWarner BWA 38.13 -0.27 Dover DOV 130.08 -2.25 HoulihanLokey HLI 96.94 -1.16 prime rates aren’t directly comparable; lending
BostonProps BXP 52.16 -1.66 Dow DOW 47.54 -1.70 HowmetAerospace HWM 43.23 -0.27 Eaton Corp. PLC ETN 1.8 .86 Q Nov24 /Nov06 Effective rate 5.3400 5.3400 5.3500 3.0900
practices vary widely by location; Discount rate
BostonSci BSX 49.99 -0.97 DrReddy'sLab RDY 66.11 -0.67 Hubbell HUBB 279.89 -2.37 INVESCO IVZ 6.4 .20 Q Dec04 /Nov10 High 5.6500 5.6500 5.6500 3.2700 is effective July 27, 2023. Secured Overnight
BristolMyers BMY 56.61 0.49 DraftKings DKNG 27.35 -1.84 HubSpot HUBS 411.69 -21.81 TechnipFMC FTI 1.0 .05 Q Dec06 /Nov21 Low 5.3200 5.3100 5.3300 3.0500 Financing Rate is as of October 24, 2023. DTCC
BritishAmTob BTI 29.86 0.13 Dropbox DBX 26.31 -1.00 Humana HUM 522.77 6.42
Broadcom AVGO 849.63 -31.48 DukeEnergy DUK 88.15 0.39 JBHunt JBHT 170.04 -2.63 Special
Bid 5.3300 5.3300 5.3300 3.0700 GCF Repo Index is Depository Trust & Clearing
BroadridgeFinl BR 169.99 -2.86 Duolingo DUOL 151.85 -8.92 HuntingtonBcshs HBAN 9.47 -0.06 Earthstone Energy Cl A Offer 5.3600 5.3500 5.3700 3.0900 Corp.'s weighted average for overnight trades in
ESTE ... .1446 Nov06 /Oct31 applicable CUSIPs. Value traded is in billions of
BrookfieldAsset BAM 29.80 -0.90 DuPont DD 71.64 -1.16 HuntingIngalls HII 215.06 0.73
Brookfield BN 29.81 -1.14 Dynatrace DT 44.58 -2.79 HyattHotels H 101.36 -0.84
Gladstone Investment GAIN 7.4 .88 Dec15 /Dec05 Treasury bill auction U.S. dollars. Federal-funds rates are Tullett
t BrookfieldInfr BIP 22.42 -0.38 EMCOR EME 191.60 -1.22 ICICI Bank IBN 22.04 -0.38 Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
4 weeks 5.305 5.325 5.840 3.190
BrookfieldRenew BEPC 23.93 -0.44 ENI E 32.59 0.19 ICL Group ICL 4.87 -0.08 Sources: Federal Reserve; Bureau of Labor
Brown&Brown BRO 69.02 -0.68 EOG Rscs EOG 129.73 -0.21 IdexxLab IDXX 412.68 -18.09 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 13 weeks 5.310 5.340 5.345 4.000 Statistics; DTCC; FactSet;
Brown-Forman A BF.A 57.06 -0.35 EPAM Systems EPAM 214.54 -8.46 ING Groep ING 12.68 -0.08 spin-off. 26 weeks 5.325 5.335 5.350 4.390 Tullett Prebon Information, Ltd.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
IntlIdxInstPrem 42.45 -0.26 3.1 SrsEmrgMkt 15.90 -0.17 1.8 LgCpGwth 51.81 -1.26 15.8 NHoriz 47.19 -1.58 1.9 MuShtAdml 15.51 ... 1.6 WellsI 23.13 -0.12 -3.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 25.58 -0.54 23.1 SrsGlobal 12.52 -0.09 1.4 JPMorgan R Class R2025 15.08 -0.14 3.1 PrmcpAdml r 147.98 -2.83 13.1 Welltn 38.87 -0.46 2.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 25.42 -0.42 -1.6 SrsGroCoRetail 17.04 -0.45 23.7 CoreBond 9.61 -0.06 -2.3 R2030 22.67 -0.24 3.7 RealEstatAdml 100.72 -2.15 -11.1 WndsrII 39.08 -0.45 5.6
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 17.39 -0.26 10.4 SrsIntlGrw 14.71 -0.10 3.2 CorePlusBd 6.74 -0.05 -2.4 R2040 25.69 -0.32 5.2 SmCapAdml 84.69 -1.56 -2.5 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.39 -0.06 -3.0 SrsIntlVal 10.64 -0.03 6.1 Lord Abbett I Putnam Funds Class A SmGthAdml 69.83 -1.89 -0.5 ExtndIstPl 249.83 -5.44 1.4
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 11.23 -0.09 3.4 TotalBond 8.86 -0.07 -1.8 ShtDurInc p 3.78 ... 2.5 PutLargCap p 28.64 -0.17 2.5 STBondAdml 9.80 -0.02 1.2 IdxIntl 16.53 -0.13 1.0
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 4.98 -0.10 -12.8 Fidelity SAI Metropolitan West Schwab Funds STIGradeAdml 9.87 -0.02 1.7 MdCpGrAdml 79.25 -1.72 3.0
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 20.55 -0.35 -4.9 TotalBd 8.38 -0.06 -1.7 TotRetBdI 8.41 -0.07 NA 1000 Inv r 90.26 -1.40 NA STIPSIxAdm 23.58 -0.02 2.2 MdCpVlAdml 64.84 -0.58 -5.9
TMktIdxInstPrem 115.45 -1.79 9.1 U.S.TreBdIdx 8.27 -0.06 -2.8 TRBdPlan 7.89 -0.06 NA S&P Sel 64.90 -0.95 NA TotBdAdml 8.98 -0.07 -2.9 SmValAdml 64.48 -0.76 -3.9
TotalMarketIndex 14.59 -0.22 9.3 Fidelity Selects MFS Funds TSM Sel r 71.11 -1.10 NA TotIntBdIdxAdm 19.03 -0.06 1.8 TotBd2 8.88 -0.06 -2.8
Wednesday, October 25, 2023 TtlIntIdxInstPr 11.82 -0.09 0.9 Semiconductors r 21.02 -0.91 44.2 IIE 29.13 -0.16 3.5 TIAA/CREF Funds TotIntlAdmIdx r 27.65 -0.22 1.1 TotIntlInstIdx r 110.59 -0.87 1.1
Net YTD Net YTD Net YTD USBdIdxInstPrem 9.64 -0.07 -3.0 Softwr 24.53 -0.53 24.8 MFS Funds Class I EqIdxInst 29.62 -0.46 NA TotStAdml 100.43 -1.55 9.1 TotItlInstPlId r 110.62 -0.87 1.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Tech 24.53 -0.49 37.5 GrowthI 157.73 -3.39 19.3 IntlEqIdxInst 19.69 -0.12 NA TxMCapAdml 215.66 -3.31 10.1 TotSt 100.41 -1.55 9.0
Total Bd 8.85 -0.06 -1.8 First Eagle Funds ValueI 45.69 -0.17 -3.1 LrgCpGrIdxInst 45.59 -0.95 23.0 TxMIn r 13.50 -0.11 1.8 VANGUARD INSTL FDS
AB Funds Artisan Funds US CoreEq1 31.43 -0.42 6.7 Fidelity Freedom GlbA 59.86 -0.55 3.3 Natixis Funds VANGUARD ADMIRAL DevMktsIndInst 13.52 -0.10 1.9
MuniIncmShares 10.03 -0.03 -4.0 IntlVal Inst 41.97 -0.10 8.8 US CoreEq2 28.29 -0.34 5.4 USGroAdml 122.95 -3.64 21.3
FF2030 14.95 -0.16 2.2 Franklin A1 LSGrowthY 20.98 -0.55 28.9 500Adml 386.54 -5.62 10.4
ValAdml 52.31 -0.30 -2.6 DevMktsInxInst 21.13 -0.16 1.9
AB Funds - ADV Baird Funds US Small 37.22 -0.48 -3.0 FF2040 9.29 -0.10 4.9 IncomeA1 2.13 -0.01 -1.7 Northern Funds BalAdml 40.55 -0.49 4.3 ExtndInst 101.24 -2.20 1.4
LgCpGrAdv 82.22 -1.47 NA AggBdInst 9.08 -0.07 -2.8 US SmCpVal 37.81 -0.38 -2.5 WdsrllAdml 69.34 -0.79 5.7
Freedom2030 K 14.95 -0.16 2.3 FrankTemp/Frank Adv StkIdx 44.55 -0.65 10.4 CAITAdml 10.74 -0.01 -1.4 GrwthInst 137.36 -3.13 25.8
American Century Inv CorBdInst 9.39 -0.06 -2.1 US TgdVal 26.44 -0.29 -2.3 WellsIAdml 56.04 -0.29 -3.0
Freedom2035 K 12.99 -0.14 3.6 IncomeAdv 2.10 -0.02 -2.1 Old Westbury Fds CapOpAdml r 161.32 -3.26 10.4 InPrSeIn 9.05 -0.04 -1.7
Ultra 67.59 -1.72 22.5 BlackRock Funds USLgVa 39.92 -0.33 -2.2 LrgCpStr WelltnAdml 67.12 -0.80 2.9
Freedom2040 K 9.30 -0.11 4.9 FrankTemp/Franklin A 15.29 -0.20 4.9 DivAppIdxAdm 41.52 -0.15 2.2 InstIdx 349.72 -5.09 10.5
American Funds Cl A HiYldBd Inst 6.58 -0.01 4.7 Dodge & Cox Growth A 111.48 -2.17 9.1 Parnassus Fds EMAdmr WndsrAdml 67.90 -0.57 0.2
Idx2030InsPre 17.12 -0.18 2.1 31.57 -0.26 -1.2 InstPlus 349.71 -5.09 10.5
AmcpA 33.27 -0.67 10.9 BlackRock Funds III Balanced 93.44 -0.72 2.7 Idx2035InsPre VANGUARD FDS
19.31 -0.22 3.3 RisDv A 82.55 -0.27 0.8 ParnEqFd 51.08 -0.65 9.3 EqIncAdml 79.90 -0.28 -3.6 InstTStPlus 72.20 -1.11 9.1
AMutlA 47.09 -0.19 -1.5 iShS&P500IdxK 491.20 -7.14 10.5 GblStock 13.40 -0.16 6.3 Idx2040InsPre 19.77 -0.24 4.3 Guggenheim Funds Tru PGIM Funds Cl Z ExplrAdml 85.59 -1.87 -1.5 DivdGro 34.00 -0.08 -2.7 MidCpInst 54.18 -0.81 -1.8
BalA 29.12 -0.25 2.3 BlackRock Funds Inst Income 11.63 -0.08 -1.8 Idx2045InsPre 20.58 -0.25 4.5 TotRtnBdFdClInst 21.99 -0.15 -1.8 TotalReturnBond 11.12 -0.07 NA ExtndAdml 101.24 -2.21 1.4 IntlVal 36.52 -0.31 2.2 MidCpIstPl 267.20 -4.00 -1.8
BondA 10.63 -0.08 -3.8 EqtyDivd 17.77 -0.04 0.4 Intl Stk 44.90 -0.17 4.2 Fidelity Invest Harbor Funds PIMCO Fds Instl GNMAAdml 8.56 -0.08 -4.3 LifeCon 19.04 -0.16 1.5 SmCapInst 84.69 -1.55 -2.5
CapIBA 60.36 -0.31 -2.2 StratIncOpptyIns 8.95 -0.02 1.0 Stock 218.33 -2.55 3.2 Balanc 24.25 -0.31 7.2 CapApInst 81.57 -2.04 30.0 AllAsset 10.23 -0.05 NA GrwthAdml 137.35 -3.13 25.8 LifeGro 37.23 -0.41 4.3 SmCapIstPl 244.45 -4.48 -2.5
CapWGrA 53.88 -0.46 5.9 TotRet 9.26 -0.07 -3.1 DoubleLine Funds BluCh 147.39 -3.99 31.9 Harding Loevner TotRt 7.95 -0.07 NA HlthCareAdml r 83.46 -0.95 -4.0 LifeMod 27.96 -0.27 2.9 STIGradeInst 9.87 -0.02 1.8
EupacA 49.69 -0.37 1.6 Calamos Funds TotRetBdI 8.21 -0.07 -3.4 BluChpGr K6 22.87 -0.61 32.4 IntlEq 23.09 -0.14 -1.4 PIMCO Funds A HYCorAdml r 5.05 ... 2.9 PrmcpCor 29.41 -0.49 8.2 STIPSIxins 23.60 -0.02 2.2
FdInvA 64.57 -0.89 9.1 MktNeutI 14.53 -0.04 6.6 Edgewood Growth Instituti Contra 14.73 -0.28 23.6 Invesco Funds A IncomeFd 9.97 -0.05 1.1 InfProAd 22.23 -0.09 -1.7 STAR 24.61 -0.35 2.7 TotBdInst 8.98 -0.07 -2.8
GwthA 57.51 -1.18 16.2 Columbia Class I EdgewoodGrInst 36.65 -0.74 17.1 CpInc 9.04 -0.03 4.5 EqIncA 9.58 -0.07 -1.0 PIMCO Funds I2 IntlGrAdml 88.39 -2.07 -2.2 TgtRe2020 25.91 -0.20 2.2 TotBdInst2 8.88 -0.06 -2.8
HI TrA 8.86 -0.01 3.2 DivIncom I 28.42 -0.15 -0.3 Federated Hermes Int GroCo 28.13 -0.75 25.0 Invesco Funds Y Income 9.97 -0.05 1.3 ITBondAdml 9.58 -0.06 -2.5 TgtRe2025 17.14 -0.16 2.8 TotBdInstPl 8.98 -0.07 -2.8
ICAA 45.34 -0.57 11.0 Dimensional Fds TtlRtnBdI 8.86 -0.07 -3.5 InvGrBd 9.32 -0.08 -2.2 DevMktY 35.54 -0.38 1.7 PIMCO Funds Instl ITIGradeAdml 7.93 -0.05 -1.6 TgtRe2030 32.38 -0.32 3.2 TotIntBdIdxInst 28.55 -0.10 1.8
IncoA 21.53 -0.08 -2.7 5GlbFxdInc 10.11 ... 3.9 Fidelity LowP 39.91 -0.30 -0.4 JHF III DispVal IncomeFd 9.97 -0.05 1.4 LarCapAd 96.57 -1.46 11.0 TgtRe2035 20.08 -0.21 3.8 TotStInst 100.45 -1.54 9.1
N PerA 51.40 -0.61 8.6 EmgMktVa 26.88 -0.16 4.4 500IdxInstPrem 145.41 -2.11 10.5 Magin 10.80 -0.20 13.1 DispValMCI 24.32 -0.31 -0.4 Price Funds LTGradeAdml 6.93 -0.11 -7.6 TgtRe2040 35.47 -0.39 4.3 ValueInst 52.31 -0.30 -2.6
NEcoA 48.59 -0.90 11.7 EmMktCorEq 20.35 -0.16 3.3 Contrafund K6 20.56 -0.38 22.3 NASDAQ 163.21 -4.04 23.7 John Hancock BlChip 134.30 -3.05 29.7 MidCpAdml 245.26 -3.67 -1.8 TgtRe2045 23.93 -0.28 4.9 WCM Focus Funds
NwWrldA 68.60 -0.58 3.2 IntlCoreEq 13.43 -0.11 1.8 ExtMktIdxInstPre 63.81 -1.39 1.4 OTC 15.88 -0.40 23.8 BondR6 12.51 -0.09 -2.8 DivGro 64.42 -0.30 1.4 MuHYAdml 9.71 -0.02 -2.4 TgtRe2050 39.75 -0.46 5.2 WCMFocIntlGrwIns 19.56 -0.25 -0.5
SmCpA 55.11 -0.91 -1.8 IntSmCo 16.63 -0.22 -2.6 FidSerInt 8.32 -0.03 0.8 Puritn 20.96 -0.29 3.6 JPMorgan I Class Growth 78.88 -1.75 28.0 MuIntAdml 12.86 -0.02 -1.5 TgtRe2060 40.83 -0.48 5.2 Western Asset
TxExA 11.55 -0.02 -1.9 IntSmVa 18.82 -0.22 2.2 FidSerToMarket 13.75 -0.21 9.2 SAIUSMinVolIndFd 17.31 -0.07 4.6 CoreBond 9.59 -0.07 -2.4 LgCapGow I 58.44 -1.28 27.3 MuLTAdml 9.99 -0.02 -2.9 TgtRet2055 44.34 -0.52 5.1 CoreBondI 9.80 -0.08 NA
WshA 52.28 -0.39 4.3 LgCo 28.57 -0.41 10.5 GrowthCompanyK6 18.95 -0.49 23.1 SAIUSQtyIdx 17.34 -0.32 14.3 EqInc 21.01 -0.07 -5.4 MidCap 90.22 -2.12 1.7 MuLtdAdml 10.51 ... 0.4 TgtRetInc 12.22 -0.08 1.4 CorePlusBdI 8.55 -0.09 NA
B10 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Bankman-Fried to Take the Stand Deutsche

Bank Sees
FTX founder will
make rare move of
testifying in his own
Payouts
defense this week Expanding
BY JAMES FANELLI
AND CORINNE RAMEY

FTX founder Sam Bank-

Into 2025
man-Fried will testify at his BY PIERRE BERTRAND
criminal trial, his defense
team said Wednesday, in what Deutsche Bank said it an-
many legal observers see as a ticipates being able to acceler-
Hail Mary attempt to persuade ate and expand shareholder
jurors that he never intended returns to 2025 and beyond
to defraud the crypto ex- after third-quarter revenue
change’s customers out of bil- rose but net profit fell on ris-
lions of dollars. ing costs and taxes.
“We are going to put on po- The German bank said on
JANE ROSENBERG/REUTERS

tentially three witnesses, then Wednesday that it made €1.03

our client is also going to be billion, or $1.09 billion, in at-
testifying,” lawyer Mark Co- tributable net profit for the pe-
hen told the New York federal riod compared with €1.12 bil-
judge presiding over the case lion a year ago, on revenue
during a virtual hearing. that grew 3% to €7.13 billion.
Bankman-Fried will likely tes- FTX founder Sam Bankman-Fried stands during his fraud trial over the collapse of FTX on Oct. 16 in New York. The result compares with ex-
tify over Thursday and Friday, pectations of €1.07 billion in
Cohen said. Federal prosecu- not to take the stand because overwhelming portrait of ish real estate purchases. fraud trial, she was convicted net profit and €7.1 billion in
tors said they would rest their of the perils of cross-examina- Bankman-Fried as a dismis- Bankman-Fried has few, if last year of four of the 11 third-quarter revenue, accord-
case Thursday morning. tion, when prosecutors can sive and image-obsessed boss any, remaining close allies criminal counts she faced. Ju- ing to a bank-provided consen-
Bankman-Fried was grill defendants about their who doctored balance sheets who have intimate knowledge rors said after the trial they sus of analysts’ average views.
charged last year with stealing past comments and actions. and lied to the public. of FTX and could testify on his didn’t find her credible. Deutsche said it has been
billions of dollars from FTX But some former prosecutors Some of his former top behalf. Taking the stand al- A federal judge found that able to reduce its risk-
customers while lying to in- and defense attorneys have deputies told the jury that lows him to tell a jury his ver- former Indiana congressman weighted assets and antici-
vestors and lenders. He faces said that testifying is Bank- they worked with Bankman- sion of events: that while he Stephen Buyer, who testified pates being able to further re-
seven criminal counts, includ- man-Fried’s only chance of Fried to steal FTX funds so made mistakes, he acted in at his insider-trading trial, duce them by around €10
ing fraud and money-launder- changing the momentum of the money could be used to good faith. lied on the stand. Earlier this billion. When including a lower
ing charges. He has pleaded the trial. cover risky bets by the ex- It is relatively rare for de- year the judge sentenced anticipated Basel III impact,
not guilty. Over three weeks, a parade change’s sister hedge fund, fendants to take the stand. Af- Buyer, who was convicted of around €3 billion in additional
Typically, criminal-defense of witnesses have provided pay back loans and bankroll ter Theranos founder Eliza- four securities fraud counts, capital could be freed, it said.
attorneys advise their clients testimony that painted an celebrity commercials and lav- beth Holmes testified in her to 22 months in prison. “We believe that our en-
hanced capital outlook will
support accelerated and ex-

Ex-Fund Boss Guilty in Currency-Rate Rigging

panded distributions to share-
holders while increasing our
ability to invest in our plat-
forms to boost growth and
profitability,” Chief Executive
BY DAVE MICHAELS profit on his options contract. lieved the currency would who were never prosecuted. gained after Ramaphosa was Officer Christian Sewing said.
“A jury unanimously found strengthen as a result of a 2017 Phillips was convicted of elected to steer the ANC, the The bank said it has dis-
A London hedge-fund man- that Neil Phillips intentionally leadership vote that deter- commodities fraud and faces a exchange rate didn’t immedi- tributed around €1.57 billion
ager accused of manipulating manipulated the foreign ex- mined the next president of maximum sentence of 10 years ately get to 12.50. to shareholders over 2022 and
the foreign-exchange market change, or ‘FX’ market—the South Africa. Phillips said he in prison. A judge will decide “Need to trade thru 50,” the first nine months of the
was convicted Wednesday of world’s largest decentralized fi- didn’t manipulate the exchange his sentence at a later phase. Phillips wrote in one of the 2023. It said it is on track to
fraud in a trial that opened a nancial market—in order to rate but was trading to en- Glen Point bought a foreign- chats that prosecutors cited. reach its target of more than
window into a complex corner trigger a $20 million windfall hance the value of his wager. exchange option from Morgan With just a few days until €1 billion in distribution in
of the global currency-trading for his hedge fund under a bar- “We are extremely disap- Stanley in October 2017, ahead the option expired, Phillips, sit- 2023 and €1.75 billion com-
business. rier option,” Manhattan U.S. pointed by the verdict and be- of the election for leader of the ting in South Africa, directed a prising 2022 and 2023 and
A federal jury in Manhattan Attorney Damian Williams said. lieve strongly that Neil Phil- African National Congress. The bank in Singapore to sell dol- said that further share buy-
deliberated for less than a day “The policing of the financial lips is innocent contract, known lars for rand until the rate backs are anticipated in 2024.
before finding Neil Phillips markets is critical to the health of the one as a barrier op- crossed that price, prosecutors Deutsche Bank said its third-
guilty of commodities fraud. and sanctity of our economy.” charge on tion, was writ- said. It was easier to move the quarter after-tax profit was
The jury acquitted Phillips, the Sentencing is set for March 14. which he was The trial focused ten to pay off if price because it was the day down 3% on year, reflective of a
former chief investment offi- The case against Phillips found guilty,” on a $20 million the exchange after Christmas and the Lon- 30% effective tax rate compared
cer of Glen Point Capital, of a was prosecutors’ latest move to said his attor- rate touched don and U.S. markets were with 23% in the prior year.
separate conspiracy charge. rein in practices in the unregu- ney, Sean foreign- 12.50 rand per quiet, the government said. Net interest income, the
The trial focused on a $20 lated foreign-exchange market, Hecker. “We dollar. “He cheated by manipulat- difference between what lend-
million foreign-exchange op- which trades $7.5 trillion will continue to
exchange Phillips be- ing the exchange rate to win ers earn from loans and pay
tions trade that Glen Point en- around the clock. The Justice fight for the options trade. lieved the rate that bet,” prosecutor Kiersten for deposits, and a key profit
tered in 2017. Phillips had a Department brought a series of right result.” would approach Fletcher said during last driver for retail banks, came
bullish view on the South Afri- criminal cases over the past Phillips, who that level if week’s opening statements. to €3.34 billion—a 9% decline
can rand, and the contract decade that accused bank trad- launched Glen Cyril Rama- In the same time frame compared with a year prior
paid off because that currency ers of coordinating their efforts Point Capital in London in 2015 phosa, the candidate seen as that Phillips sold $725 million and a 7% fall compared with
strengthened against the U.S. to rig currency rates. The with backing from financier more friendly to business, won to buy rand, Morgan Stanley the second quarter.
dollar. But prosecutors argued world’s biggest banks paid over George Soros, grew up in South the ANC election, according to bought nearly $600 million Deutsche Bank said nonin-
Phillips rigged the outcome by $10 billion in fines worldwide Africa and began his career court records. Ramaphosa did while selling rand, according terest expenses in the quarter
trading so much of the dollar- to resolve the probes. trading at a series of banks, in- win and later became presi- to court filings. Phillips ar- rose 4% from the year earlier
rand currency pair in Decem- Phillips, 53 years old, argued cluding Morgan Stanley. He dent of South Africa. gued that both parties traded to €5.16 billion, comprising
ber of that year that he delib- that his trading was a legiti- was executive producer of a Prosecutors used some of for legitimate, self-interested nonoperating costs such as lit-
erately moved the exchange mate part of his overall strat- 2021 documentary about thou- Phillips’s words against him at reasons as the price of the as- igation and restructuring
rate past the level needed to egy betting on the rand. He be- sands of Nazi war criminals the trial. While the rand set neared the 12.50 barrier. charges.

New Highs and Lows Stock

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Continued From Page B9 52-Wk % 52-Wk % FourCornersProp FCPT 20.64 -1.7 IntelliaTherap NTLA 24.24 -8.5 MedicennaTherap MDNA 0.24 -5.0 PainReform PRFX 2.26 0.5 S&T Bancorp STBA 24.51 ... TelesisBio TBIO 0.73 -10.1
FrequencyTherap FREQ IntercorpFinSvcs IFS MGTX PanbelaTherap PBLA
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Frontier ULCC
0.22 -8.4
Intercure INCR
18.88 -1.8 MeiraGTx
MesaAir MESA
3.49 11.1
Paragon28 FNA
0.70 -0.8 SITE Centers SITC 11.08 -3.6 TempoAutomation TMPO 0.13 -11.0
3.82 -1.3 1.06 -5.8 0.57 -3.9 8.23 -7.4 SabineRoyalty SBR 57.84 -2.2 TenonMedical TNON 0.13 -5.8
Stock Sym Hi/Lo Chg BionanoGenom BNGO 1.25 -7.1 Cushman&Wkfd CWK 6.24 -0.9 FullHouse FLL 3.77 -4.8 InvescoMtg IVR 6.39 -7.5 MetaMaterials MMAT 0.12 -9.5 ParamountPfdA PARAP 15.25 -0.9 SacksParenteGolf SPGC 0.83 -7.1 TerrenoRealty TRNO 50.42 -2.2
BioNexusGene BGLC 0.41 -1.6 Cyngn CYN 0.32 -0.7 GamcoGlbGoldPfB GGNpB 21.17 -0.1 InvestorsTitle ITIC 128.53 -3.5 Mettler-Toledo MTD 931.43 -1.7 ParamountB PARA 10.89 -1.9 TBNK
AlexandriaRlEst ARE 91.65 -3.7 SagaComm SGA 18.95 -0.8 TerritorialBncp 7.31 -1.4
Bio-RadLab A BIO 288.12 -4.5 Dana DAN 12.31 -0.2 GNTpA NVTA MVSTW PARAA
AlgonquinPower AQN 4.90 -0.6 GAMCO PfdA 21.18 -1.1 Invitae 0.51 -5.5 MicrovastWt 0.13 -8.3 ParamountA 13.89 -2.6 SanaBiotech SANA 2.80 -5.7 TexasInstruments TXN 140.13 -3.5
BlackRock BLK 603.49 -0.6 Danaher DHR 183.25 -2.1 GEN Restaurant GENK NVIV MIDD PXMD
AlgonquinPwrUn AQNU 18.15 -0.1 9.10 -7.4 InVivoTherap 0.75 3.0 Middleby 112.90 -2.1 PaxMedica 0.16 -14.2 SandySpringBncp SASR 19.30 -1.1 TherapeuticsMD TXMD 2.03 -3.7
BlueFoundryBncp BLFY 7.08 -3.6 DanimerScientific DNMR 1.35 -9.3 GRI Bio GRI iRhythmTechs IRTC MilestonePharm MIST PaycomSoftware PAYC TMO
Alithya ALYA 1.40 -0.7 1.04 -1.4 75.24 -6.0 2.41 -4.7 248.00 -5.1 SangamoTherap SGMO 0.47 -1.2 ThermoFisher 415.60 -5.5
BostonOmaha BOC 14.31 0.1 DaqoNewEnergy DQ 23.58 -3.6
Alkermes ALKS 22.01 -7.4 GabelliEqPfdG GABpG 20.83 0.4 IridiumComm IRDM 36.90 -2.2 MisterCarWash MCW 5.13 -4.1 PayPal PYPL 51.23 -5.1 SarcosTech&Robotic STRC 0.48 -4.3 TheseusPharm THRX 2.20 -5.6
Box BOX 23.57 -1.5 DareBioscience DARE 0.40 -0.7 GABpH ISUN MiX Telematics MIXT PeapackGladFin PGC DDD
AllarityTherap ALLR 0.58 -4.5 GabelliEqPfdH 20.90 -0.3 iSun 0.16 -9.2 5.19 -2.4 21.58 -5.5 SarcosTechRobotWt STRCW 0.01 -15.8 3D Systems 3.55 -10.9
BoydGaming BYD 52.42 -11.8 DarioHealth DRIO 1.46 -25.7
Allbirds BIRD 0.84 -6.9 Galapagos GLPG 32.50 -2.9 JBG SMITH Prop JBGS 12.88 -3.7 MobiquityTechs MOBQ 0.50 -13.8 PebblebrookPfdG PEBpG 17.01 -3.0 Satellogic SATL 0.78 -6.8 TitanMachinery TITN 23.04 0.7
BraemarHtlsPfdD BHRpD 15.50 -3.7 DarlingIngred DAR 38.97 1.1 TR
Allegion ALLE 95.94 -0.6 Galecto GLTO 0.51 0.7 JackintheBox JACK 61.65 -1.5 Moderna MRNA 75.89 -3.8 PebblebrookPfdH PEBpH 15.39 -1.5 SaveFoods SVFD 2.04 -1.9 TootsieRoll 29.07 0.6
BranchOutFood BOF 1.50 2.5 Daseke DSKE 4.31 -0.9
AllianceBernstein AB 28.04 -1.7 GalmedPharm GLMD 0.36 ... JanuxTherap JANX 6.14 -6.6 MohawkInds MHK 76.37 -0.6 PebblebrookPfdE PEBpE 17.13 -4.7 SaverOne2014 SVRE 0.43 4.0 TopgolfCallaway MODG 12.37 -2.6
BriaCellTherapWt BCTXW 0.92 -16.1 DecipheraPharm DCPH 9.90 -2.7
Allient ALNT 27.00 -1.6 Generac GNRC 83.63 -1.9 Jet.AI JTAI 1.77 -10.0 MolecularPtrs MOLN 3.61 -10.2 PennyMacMtg PMT 10.52 -1.6 SaversValue SVV 14.00 -1.0 TorontoDomBk TD 55.22 -0.3
BrightSphere BSIG 15.72 -2.2 DefinitiveHlthcr DH 6.13 -4.9 ToughBuiltInds TBLT 0.14 -4.1
AllogeneTherap ALLO 2.65 -4.3 GenAmInv pfB GAMpB 23.95 -0.6 JetBlue JBLU 4.19 -2.6 MoneyHero MNY 1.80 -2.6 Peraso PRSO 0.14 -6.1 SCWorx WORX 1.90 -6.0
BrightSpire BRSP 5.20 -2.2 DesktopMetal DM 0.98 -4.4 TAC
AlloVir ALVR 1.34 -4.2 GeneralMotors GM 27.71 1.6 JohnMarshallBncp JMSB 14.38 0.3 Monro MNRO 22.72 5.8 Perficient PRFT 52.30 -4.3 Seer SEER 1.73 -3.8 Transalta 7.44 -0.5
Broadstone BNL 13.75 -2.3 Deswell DSWL 2.24 -1.3 TMDX
AlnylamPharm ALNY 158.96 -2.7 GenerationBio GBIO 0.86 ... JohnsonControls JCI 47.90 -1.3 MonteRosaTherap GLUE 2.44 -3.1 PerimeterSolns PRM 3.04 -1.3 SemiLEDS LEDS 1.12 -11.6 TransMedics 39.56 -4.4
BrookfieldBus BBUC 15.05 -4.0 DiamondHillInvt DHIL 149.54 -0.7 TRU
AlpineIncmProp PINE 14.25 -1.8 GeneticTech GENE 0.66 -1.5 JohnsonOutdoors JOUT 48.50 -0.5 MontroseEnvl MEG 23.48 -5.8 Perrigo PRGO 28.81 -0.2 Semtech SMTC 15.06 -5.1 TransUnion 45.95 -7.1
BrookfieldBusPtr BBU 13.44 -6.1 DigitalBrands DBGI 4.34 -3.8 TNL
AltaEquipment ALTG 9.35 -7.2 Genpact G 33.10 -1.2 Joint JYNT 7.99 -0.5 MorganStanleyPfd1 MSpI 23.25 -1.3 PetcoHealth WOOF 3.06 0.6 SenesTech SNES 0.30 -7.9 Travel+Leisure 32.10 -1.8
BrookfieldInfr BIPC 27.10 -5.9 DigitalTurbine APPS 4.68 -6.3 TMCI
Amarin AMRN 0.69 -6.1 Genprex GNPX 0.22 -4.1 JonesLang JLL 119.46 -2.5 MountainCrestIV MCAF 8.44 -19.3 PetMedExpress PETS 9.21 ... SenmiaoTech AIHS 0.34 -3.2 TreaceMed 9.29 -4.2
BrookfieldInfr BIP 22.38 -1.7 DigitalOcean DOCN 20.83 -5.3 Trevena TRVN 0.53 -1.3
Ambarella AMBA 45.69 -4.7 Gentherm THRM 51.06 1.3 KulrTech KULR 0.34 -1.4 Movano MOVE 0.79 3.4 Pfizer PFE 30.22 1.0 SensataTech ST 34.28 -2.1
BPP 5.75%Pfd3A BPYPN 10.25 -4.3 DiscoverFinSvcs DFS 79.74 -0.6 TRIB
Ameresco AMRC 27.71 -5.8 GeoVaxLabs GOVX 0.47 -4.2 Kaman KAMN 18.43 0.4 MustangBio MBIO 1.52 -8.2 PhibroAnimal PAHC 10.75 -3.8 SenseiBiotherap SNSE 0.57 2.0 TrinityBiotech 0.44 -11.0
BrookfieldPropPf2A BPYPO 11.55 -4.0 DocuSign DOCU
AmerBatteryTech ABAT 4.60 -16.7 38.91 -2.8 Getaround GETR 0.23 1.9 KaryopharmTherap KPTI 0.80 -13.0 MySize MYSZ 0.60 -1.1 PhioPharm PHIO 1.23 3.9 SensusHealthcare SRTS 2.17 2.3 TrinityIndustries TRN 20.04 -4.4
Bruker BRKR 56.46 -2.2 Dogness DOGZ TPVG
AmRltyInv ARL 12.18 -3.6 0.34 3.9 GlobalNetLease GNL 7.59 -1.9 KearnyFinancial KRNY 6.45 0.9 NGM Biopharm NGM 0.85 -0.1 Phreesia PHR 13.17 -8.1 SentiBiosciences SNTI 0.28 -2.4 TriplePtVent 9.16 -1.9
BuzzFeed BZFD 0.28 -2.8 Dominari DOMH DCFC
AmericanRebel AREB 0.41 -6.7 1.84 ... GlobusMedical GMED 46.41 -5.3 KenonHoldings KEN 18.44 -5.5 NanoXImaging NNOX 5.04 -6.9 PhysiciansRealty DOC 11.03 -1.8 ShiftPixy PIXY 6.90 2.4 TritiumDCFC 0.22 -11.2
CBRE Group CBRE 64.81 -1.6 DOMO TRKA
AmerVanguard AVD 8.78 -0.4 Domo 8.12 -2.6 Gogo GOGO 10.97 -0.9 KerosTherap KROS 27.08 -5.2 NanoVibronix NAOV 0.88 -8.4 PiedmontLith PLL 28.86 -4.6 Shineco SISI 0.10 -8.2 TroikaMedia 0.62 -12.0
CEVA CEVA 16.86 -2.5 DormanProducts DORM 71.72 -0.3 TroikaMediaWt TRKAW 0.01 -37.8
AmylyxPharm AMLX 16.03 -5.1 GoldenEnt GDEN 31.78 -4.0 KeyTronic KTCC 3.78 -4.0 NatlStorage NSA 28.09 -1.2 PiedmontOfficeA PDM 5.02 -4.2 ShoalsTech SHLS 14.64 -2.9
CH Robinson CHRW 81.94 -1.2 DouglasElliman DOUG TROX
Angi ANGI 1.65 -2.3 1.79 -4.7 GoldenSunEduc GSUN 0.43 6.4 KeysightTech KEYS 119.42 -1.4 NatWest NWG 5.09 -0.8 PlanetLabsWt PL.WS 0.19 -1.5 ShoreBancshares SHBI 9.66 0.6 Tronox 10.37 -1.8
CPS Tech CPSH 2.50 0.8 TRMK
AnnalyCap NLY 15.00 -3.8 Dun&Bradstreet DNB 8.97 -2.4 GoldmanSachs GS 295.03 -0.8 KezarLifeSci KZR 0.82 -2.6 Navient NAVI 14.10 -5.7 PliantTherap PLRX 13.20 -0.1 Sibanye-Stillwater SBSW 4.86 -5.8 Trustmark 18.96 -5.7
CadrenalTherap CVKD 0.45 -4.3 TC
ApogeeTherap APGE 14.92 -5.5 CaesarsEnt DyneTherap DYN 6.50 -4.3 GoPro GPRO 2.54 -1.5 KimcoRealty KIM 16.34 -2.6 NektarTherap NKTR 0.45 2.7 PlusTherap PSTV 0.97 -7.3 SidusSpace SIDU 0.09 -7.5 TuanChe 0.37 -1.4
CZR 38.50 -7.5 DynexCapital DX 9.63 -4.0 23andMe ME 0.61 -1.0
ApollomicsA APLM 0.76 -18.1 Calix GorillaTech GRRR 0.79 -0.4 Kirkland's KIRK 1.57 ... Nelnet NNI 83.51 -1.8 PolarPower POLA 0.73 -13.0 SilganHoldings SLGN 38.11 -5.8
CALX 32.42 -4.3 EPR PropPfdE EPRpE 24.84 -2.0 TwinRidgeCap TRCA.U 6.98 35.0
AppliedDNA APDN 0.79 0.3 CambiumNtwks GrabWt GRABW 0.24 -11.1 KodiakSciences KOD 1.40 -3.4 NeptuneWellness NEPT 0.72 -5.3 Polaris PII 84.80 -3.0 Silicom SILC 22.03 -1.6
CMBM 4.37 -2.6 EzgoTech EZGO 0.10 -6.8 TwinRidgeCapA TRCA 6.50 12.1
AppreciateWt SFRWW 0.00 -45.7 CamdenNational GrafTechIntl EAF 3.18 2.2 KornitDigital KRNT 13.70 -9.1 NerdWallet NRDS 6.38 -3.6 PolestarAuto PSNY 2.07 -5.5 SiliconLabs SLAB 95.15 -4.1
CAC 26.52 1.3 TWO
Appreciate SFR 0.09 -17.7 CIBC CM 34.35 -0.5
EagleBncpMT EBMT 11.40 0.3 GreenDot GDOT 11.30 -6.4 Koss KOSS 2.70 2.2 Netgear NTGR 10.40 -4.7 PolestarAutoWt PSNYW 0.23 -13.6 SilkRoadMed SILK 6.12 -3.4 TwoHarbors 9.83 -4.8
Eargo EAR 1.68 -6.1 GreenGiant GGE Kubient KBNT Netstreit NTST Polished.com POL SimmonsFirstNat SFNC 2U TWOU 1.99 -6.9
AquaBountyTech AQB 2.73 -12.5 CanNtlRlwy CNI 104.00 0.5
0.67 -14.6 0.21 ... 13.66 -1.9 1.84 -7.5 13.36 -2.6
EasterlyGovtProp DEA 10.33 -2.9 GreenbrookTMS GBNH KuraOncology KURA Nevro NVRO Porch Group PRCH UDR UDR 33.93 -2.1
ADM ADM 69.31 2.3 CdnPacKC CP 68.92 0.4
0.18 14.7 7.41 -3.0 15.09 -2.0 0.50 0.4 SingingMachine MICS 0.61 -10.0
EastmanChem EMN 68.89 -2.3 GreenwichLife GLSI KymeraTherap KYMR NY Mortgage NYMT PortmanRidge PTMN U-Haul UHAL 49.62 -0.5
Arcimoto FUV 0.62 -1.7 Cannae CNNE 16.45 -2.0
7.64 -3.0 11.32 -9.5 7.40 -3.9 17.00 0.8 60DegreesPharm SXTP 0.66 -6.9
Ebix EBIX 5.20 -9.3 Greif B GEF.B LavaTherap LVTX NewAmstPharma NAMS PotlatchDelt PCH U Power UCAR 2.73 -3.7
ArdaghMetalWt AMBP.WS 0.03 -30.0 CanoHealth CANO 0.10 -0.7
62.52 0.1 1.20 -12.0 5.68 -6.6 41.92 -2.8 SiyataMobile SYTA 1.42 -11.9
EchoStar SATS 13.62 -2.4 GromSocialEnts GROM LKQ LKQ Newegg NEGG PowerbridgeTech PBTS UsanaHealth USNA 44.01 -18.0
ArenaGroup AREN 3.25 -5.3 CanooWt GOEVW 0.05 -10.9
1.16 -13.2 46.60 -0.7 0.56 -3.2 0.52 -8.9 SkeenaRscs SKE 3.74 -8.3
EdibleGarden EDBL 0.52 -3.3 GrowGeneration GRWG USD Partners USDP 0.32 -4.3
AresAcqnII Wt AACT.WS 0.20 7.0 CapitalCityBank CCBG 26.12 -2.1 2.04 -6.0 LM Funding LMFA 0.33 18.0 NexPointResidentl NXRT 28.30 -4.3 PrecisionBio DTIL 0.28 -1.0 SkyWaterTech SKYT 5.06 -7.6
ElectriqPower ELIQ 0.64 -13.7 USGoldMining USGO 5.56 -7.6
ArmadaHoffler AHH 9.88 -0.6 CaraTherap CARA 1.20 -3.9 GrupoTelevisa TV 2.33 -2.1 LXP Industrial LXP 7.89 -3.8 Next.e.GO EGOX 0.93 -10.2 PreludeTherap PRLD 2.05 -1.9 SmartforLife SMFL 0.60 -4.6
Emcore EMKR 0.42 -4.1 Ubiquiti UI 112.29 -1.5
ArmourResREIT ARR 14.22 -4.9 CardioDiag CDIO 0.19 -7.0 HDFC Bank HDB 56.43 0.4 LXP Ind Pfd C LXPpC 42.48 -1.6 NextCure NXTC 0.98 -11.8 Premier PINC 19.20 -1.8 Smith&Nephew SNN 21.90 -1.4
Emeren SOL 2.49 -1.2 uniQure QURE 5.84 -5.7
ArqitQuantum ARQQ 0.40 -9.1 Carecloud CCLD 0.97 -3.8 Hanryu HRYU 2.62 -19.3 LaRosa LRHC 1.55 -9.2 Nextdoor KIND 1.71 -3.4 Prenetics PRE 0.38 -0.3 SocietalCDMO SCTL 0.36 -2.0
EmergentBiosol EBS 2.11 -6.2 UnitedGuardian UG 5.97 -0.5
Arrival ARVL 0.91 -4.8 CareDx CDNA 4.90 -9.4 HarleyDavidson HOG 28.74 -1.4 LakelandBcp LBAI 10.65 1.1 NextPlayTech NXTP 0.45 -21.0 PreneticsWt PRENW 0.02 -44.7 Sohu.com SOHU 8.00 -0.5
EnantaPharma ENTA 8.68 -2.2 UPS B UPS 146.01 -1.6
ArtesianRscs A ARTNA 38.76 ... CarriageSvcs CSV 21.70 -1.7 HawaiianHoldings HA 3.70 -4.0 LandmarkBncp LARK 16.49 -3.8 NightHawkBio NHWK 0.38 -3.5 PresidioProperty SQFT 0.57 -1.2 SolidBiosci SLDB 1.99 -4.2
EncoreCapital ECPG 39.59 -3.2 UnivLogistics ULH 22.22 -1.7
AsensusSurg ASXC 0.21 -4.9 CarterBkshrs CARE 10.43 -1.1 HealthcareSvcs HCSG 8.75 -9.5 Lands'End LE 6.09 -9.1 908Devices MASS 5.30 -1.6 PrestigeWealth PWM 2.10 5.8 SolidPowerWt SLDPW 0.10 -13.2
EnergyRecovery ERII 15.11 -16.4 Upexi UPXI 1.12 0.8
Ashland ASH 74.48 -1.5 CarverBancorp CARV 1.27 -7.3 HlthcrTrAmerPfdA HTIA 9.94 -14.9 Largo LGO 2.40 -5.9 nLIGHT LASR 8.19 -3.4 PrimeMedicine PRME 5.88 -10.6 SonderWt SONDW 0.01 -7.1
Enhabit EHAB 7.53 -5.3 UtahMedProducts UTMD 78.56 -1.8
AspenInsPfd AHLpD 17.06 -1.7 CelldexTherap CLDX 23.14 -3.9 HeartTestLabs HSCS 0.23 -18.9 Latham SWIM 2.04 ... noco-nocoWt NCNCW 0.01 -20.5 ProFrac ACDC 8.60 ... SonnetBio SONN 1.10 -28.7
EnlivexTherap ENLV 1.27 -4.4 VBI Vaccines VBIV 0.45 -1.7
Assertio ASRT 2.15 -4.4 Centerspace CSR 50.53 -2.5 HeartcoreEnts HTCR 0.75 1.4 Lazard LAZ 27.37 -4.2 NorfolkSouthern NSC 183.09 -5.3 Prologis PLD 98.25 -2.9 Sonos SONO 9.84 -8.8
Vacasa VCSA 6.86 -1.7
Aterian ATER 0.27 -5.2 CenturyAluminum EnphaseEnergy ENPH 90.60 -0.5 Heliogen HLGN 1.70 -19.5 Leggett&Platt LEG 23.01 ... NorthernTrust NTRS 62.44 -0.8 ProSomnus OSA 0.60 -18.8 SouthwestAir LUV 23.58 -1.3
CENX 5.76 -4.1 ValensSemiconWt VLN.WS 0.04 -26.2
ATRenew RERE 1.38 ... CenturyTherap EnterpriseFinSvcs EFSC 32.97 0.5 HenrySchein HSIC 66.45 0.7 LendingClub LC 5.09 -2.6 NorthfieldBanc NFBK 8.52 ... ProtaraTherap TARA 1.24 -10.6 SperoTherap SPRO 1.00 -1.9
IPSC 1.44 2.1 ValensSemicon VLN 2.01 -7.2
AtriCure ATRC 34.20 -4.4 ChargeEnt Envestnet ENV 36.05 -7.6 HertzGlobal HTZ 10.05 -2.0 LendingTree TREE 10.37 -5.4 NotableLabs NTBL 2.50 1.8 Prothena PRTA 39.60 -6.1 SpirePfdA SRpA 21.62 -1.1
CRGE 0.33 -4.3 Valhi VHI 11.77 -2.3
Atrion ATRI 320.04 -3.8 ChargePoint EnvoyMedical COCH 1.29 -17.2 HighwoodsProp HIW 17.06 -5.0 Leslie's LESL 4.45 -2.3 NovaBayPharm NBY 0.32 -6.9 ProvidentFinSvcs PFS 13.43 1.2 Sportradar SRAD 8.29 -5.9 VentyxBiosciences
CHPT 2.59 -5.8 VTYX 15.17 0.4
Auddia AUUD 0.19 -7.0 CharlesRiverLabs CRL 170.90 -6.0 EstablishLabs ESTA 30.82 -6.7 Hillenbrand HI 37.62 -0.5 LibertyGlobal A LBTYA 15.31 -2.7 Novanta NOVT 128.24 -5.2 PublicStoragePfH PSApH 22.41 -1.0 SprucePower SPRU 3.81 -6.3 VerbTech VERB 0.33 -15.3
AudioCodes AUDC 7.50 -3.3 CheetahNetSupply CTNT 1.17 -7.7 EsteeLauder EL 133.38 -2.5 Hilltop HTH 26.78 0.6 LibertyGlobal C LBTYK 16.68 -2.7 NurixTherap NRIX 4.23 -8.6 PublicStorage PSA 236.13 -1.9 Staffing360 STAF 0.58 4.9 VerbTechWt VERBW 0.01 -48.0
AuraBiosciences AURA 7.80 -8.7 Chemours CC 23.49 -2.0 EternaTherap ERNA 1.42 0.7 HiltonGrandVac HGV 35.35 -2.9 LigandPharm LGND 49.75 -3.1 Nuvei NVEI 13.86 -10.4 PurpleInnovation PRPL 1.01 -13.6 Stagwell STGW 3.92 19.6 VerintSystems VRNT 19.15 -3.2
AvanosMedical AVNS 17.70 -2.6 CherryHillMtg CHMI 2.77 -3.8 Etsy ETSY 60.89 -2.5 HitekGlobal HKIT 1.37 -2.7 LionElectricWt LEV.WS 0.10 -8.6 Nxu NXU 0.04 -5.3 Qiagen QGEN 36.53 -1.4 StandardMotor SMP 31.28 0.3 VersusSystems VS 0.15 -3.8
AvenueTherap ATXI 0.39 -22.2 ChesapeakeUtil CPK 87.05 0.2 Everi EVRI 10.65 -2.9 HomeBancShares HOMB 19.61 -1.2 Lipocine LPCN 2.37 -2.8 ONE Gas OGS 60.92 -2.5 QilianIntl QLI 0.54 -6.4 Star STHO 10.90 -3.1 ViaRenewables VIA 5.22 4.2
AvidBioservices CDMO 6.46 -6.1 ChimeraInvPfdA CIMpA 17.58 -1.8 EVgo EVGO 2.11 -4.3 HomeStreet HMST 4.43 -2.3 LivePerson LPSN 2.34 -6.9 Oatly OTLY 0.48 -5.5 QuakerHoughton KWR 138.97 -1.9 Starbox STBX 0.62 -16.0 Vicor VICR 36.37 -26.6
AvidityBio RNA 4.98 -3.8 ChinaAutoSys CAAS 3.14 -3.4 ExcelFinAcqn XFINU 9.58 0.2 Honeywell HON 177.98 -1.9 loanDepot LDI 1.18 -7.7 OceanBiomedicalWt OCEAW 0.07 -12.5 QualigenTherap QLGN 0.71 -8.5 Stem STEM 3.16 -4.5 View VIEW 3.52 -7.6
Axogen AXGN 3.71 -5.3 Cingulate CING 0.41 -16.6 ExlService EXLS 25.17 -2.4 HudsonGlobal HSON 15.38 -2.2 Lovesac LOVE 14.19 -3.2 OceanFirstFin OCFC 12.01 -1.3 QuantumComp QUBT 0.82 -6.7 Stericycle SRCL 39.83 -0.3 VinceHolding VNCE 1.06 -4.3
BCB Bancorp BCBP 9.40 -0.9 Citigroup C 38.26 -0.8 Expensify EXFY 2.62 -2.6 Huntsman HUN 22.65 -2.3 LucyScientific LSDI 0.26 -0.3 Ocugen OCGN 0.37 -5.0 QuidelOrtho QDEL 63.46 -3.8 StockYardsBncp SYBT 36.93 -0.5 VinFastAuto VFS 4.59 5.7
BOK Fin BOKF 62.44 -10.6 CitizensFin CFG 22.99 -0.5 ExtraSpaceSt EXR 102.30 -3.2 Hurco HURC 20.27 -1.1 LumentFinPfdA LFTpA 16.27 -0.5 Olin OLN 44.37 -1.4 QurateRetailA QRTEA 0.43 -1.0 Stran SWAG 0.91 1.1 ViractaTherap VIRX 0.60 -6.6
Babcock&Wilcox BW 2.39 -1.2 CityOfficeREIT CIO 3.51 -3.8 Eyenovia EYEN 1.11 -3.3 HycroftMiningWt HYMCW 0.01 -43.2 Lumentum LITE 36.72 -4.2 Olo OLO 5.29 -5.7 RCI Hospitality RICK 50.43 -0.1 Stratasys SSYS 10.13 -10.6 ViraxBiolabs VRAX 0.24 -9.2
Baijiayun RTC 2.82 -12.9 ClearmindMed CMND 0.12 -7.1 FreyrBattery FREY 3.13 -3.5 ICU Medical ICUI 103.56 -4.5 LuminarTech LAZR 3.36 -9.9 OmegaFlex OFLX 72.39 -1.3 REE Automotive REE 2.30 -6.3 SunComms SUI 102.74 -2.0 VirginGalactic SPCE 1.41 -7.2
Bakkt BKKT 1.01 -1.9 ClipperRealty CLPR 4.55 -6.5 FreyrBatteryWt FREY.WS 0.44 -14.1 Invesco IVZ 12.48 -3.4 LutherBurbank LBC 7.73 0.5 Omnicell OMCL 35.21 -4.0 RGC Resources RGCO 15.63 -0.9 SunCountryAir SNCY 12.57 -5.8 ViridianTherap VRDN 10.93 4.2
Bally's BALY 8.12 -6.0 CocrystalPharma COCP 1.61 1.2 Farmmi FAMI 1.26 -6.6 IO Biotech IOBT 0.95 -9.4 LytusTech LYT 0.13 -0.7 Ondas ONDS 0.32 -6.4 RH RH 224.08 -2.4 SunnovaEnergy NOVA 7.62 -6.1 VishayPrecision VPG 30.65 -0.4
BankofAmerica BAC 25.18 0.3 Cognex CGNX 34.82 -2.3 FederatedHermes FHI 30.39 -2.4 ITTechPkg ITP 0.31 -6.1 M&T Bank MTB 109.23 0.5 1895Bancorp BCOW 6.15 -2.9 Rafael RFL 1.45 -1.4 SunPower SPWR 3.82 -18.1 Vivakor VIVK 0.61 -6.3
BankMontreal BMO 75.58 -0.7 CognitionTherap CGTX 1.02 4.9 FibroGen FGEN 0.49 3.2 i3Verticals IIIV 18.48 -5.3 MGO Global MGOL 0.54 -1.8 180DegreeCap TURN 3.80 -0.5 RayonierAdvMatls RYAM 2.69 -1.1 SunRun RUN 8.43 -8.5 WaFd WAFD 23.36 0.4
BankNovaScotia BNS 40.32 -0.8 Cohen&Steers CNS 50.10 -1.9 FidNatlInfo FIS 48.16 -3.3 IdealPower IPWR 7.76 -4.2 MiraPharm MIRA 2.20 -10.8 111 YI 2.06 0.2 Reading A RDI 1.95 -1.5 Sunworks SUNW 0.32 -9.9 Warrantee WRNT 0.35 -7.9
Banner BANR 39.31 1.8 CoherusBioSci CHRS 2.90 -11.2 FinwardBancorp FNWD 19.05 -2.7 IDEX IEX 184.85 -3.0 MSP Recovery LIFW 1.05 -6.5 OneSpan OSPN 8.13 -7.1 ReadyCapital RC 9.25 -1.8 SuperLeagueEnt SLE 1.04 -11.9 Waters WAT 231.90 -2.8
BarnesGroup B 30.31 -1.0 CommerceBcshrs CBSH 43.50 -0.7 FirstBancorpNC FBNC 26.00 1.4 Illumina ILMN 110.50 -1.9 MSP Recovery Wt LIFWZ 0.02 -35.3 OneWaterMarine ONEW 22.30 -0.7 RegionalHealth RHE 2.08 -0.5 SuperiorIndsIntl SUP 2.49 -6.1 WestFraserTimber WFG 64.52 -2.5
Bath&BodyWks BBWI 27.87 -2.5 CommunityHlthcr CHCT 27.47 -1.9 FirstBancorp FNLC 22.33 ... Immunic IMUX 1.06 -2.7 MachNaturalRscs MNR 18.02 -3.5 Ooma OOMA 10.92 1.4 RegionalMgmt RM 22.76 -3.7 SupernusPharm SUPN 23.18 -3.1 WestportFuelSys WPRT 5.10 -0.8
Beachbody BODY 0.20 -1.2 CompassMinerals CMP 24.05 -3.1 FirstCmwlthFin FCF 11.16 -2.9 Impinj PI 48.39 -6.4 MagicEmpire MEGL 0.86 -3.0 OrchidIsland ORC 6.08 -3.6 RegionsFinl RF 13.72 -0.8 SutroBioph STRO 2.66 1.4 WiSA Tech WISA 0.16 -6.2
BeamGlobal BEEM 5.47 -2.1 CompassTherap CMPX 1.74 -1.1 FirstFinBncpOH FFBC 17.23 -6.5 Incyte INCY 53.47 -1.3 MagicSoftware MGIC 9.84 -2.5 OrmatTech ORA 63.15 -1.1 RelayTherap RLAY 5.97 -4.6 SynovusFinl SNV 24.40 -0.5 Wolfspeed WOLF 30.53 -4.4
BeautyHealth SKIN 4.60 -4.7 CompleteSolaria CSLR 0.96 -0.9 FirstFinBkshs FFIN 22.84 0.5 IndepRealty IRT 12.92 -2.6 Magnachip MX 7.25 -2.9 OutsetMedical OM 3.13 -7.4 Renalytix RNLX 1.05 -0.9 SyraHealth SYRA 1.22 -16.3 WorldKinect WKC 19.59 -2.3
Beneficient BENF 0.59 0.3 ConduitPharm CDT 1.27 -14.4 FirstIndRlty FR 40.72 -2.6 Infinera INFN 3.04 -3.8 MainzBiomed MYNZ 2.05 -4.6 OxfordIndustries OXM 86.79 0.3 RepareTherap RPTX 3.65 -7.0 TCBioPharmWt TCBPW 0.00 ... XomaPfdA XOMAP 21.97 -2.1
BensonHill BHIL 0.26 -9.6 ConsensusCloud CCSI 20.38 -3.0 FirstInterBanc FIBK 20.81 0.2 InfoSvcs III 4.01 -1.9 MaravaiLifeSci MRVI 6.29 -3.3 OxfordLane OXLC 4.73 -2.5 Repligen RGEN 124.12 -11.0 TDCX TDCX 4.69 -3.1 XWELL XWEL 1.78 -6.3
BeyondMeat BYND 5.64 -7.3 ContextLogic WISH 3.73 -2.0 FirstSeacoastBncp FSEA 6.52 -0.2 Ingevity NGVT 38.10 -2.9 Marcus&Millichap MMI 26.81 -0.9 PAM Transport PTSI 16.02 -4.7 Replimune REPL 13.41 0.7 TelusIntl TIXT 6.03 -1.4 Xencor XNCR 17.72 -2.3
BicycleTherap BCYC 14.87 -4.7 Volaris VLRS 5.52 0.5 FirstWesternFin MYFW 12.85 -1.6 InnovAge INNV 5.15 1.1 MarriottVacations VAC 88.18 -2.8 PENN Entmt PENN 18.43 -8.6 RetailOppor ROIC 11.22 -4.3 T.RowePrice TROW 93.34 -2.6 Xerox XRX 12.06 -3.7
Bio-Techne TECH 60.90 -3.7 CousinsProperties CUZ 17.41 -3.6 FiscalNote NOTE 1.21 -8.3 InnovativeIntlA IOAC 8.23 -17.8 MasTec MTZ 59.08 -2.3 PMV Pharm PMVP 1.23 -3.9 RetractableTechs RVP 1.02 0.9 TTEC TTEC 20.86 -2.5 Xylem XYL 87.74 -1.9
BioAtla BCAB 1.24 -3.7 CreativeMedia CMCT 3.58 -3.5 FlexSolInt FSI 1.90 -0.5 Inogen INGN 4.37 -0.7 Mativ MATV 12.67 0.9 PNC Finl PNC 109.40 ... Revvity RVTY 96.70 -2.1 TalisBiomed TLIS 4.38 -3.2 YSBiopharma YS 0.48 -8.0
BioCryst BCRX 5.40 -4.0 CrownCrafts CRWS 4.19 -0.7 Fonar FONR 12.52 -3.7 Inotiv NOTV 1.89 -6.8 MaxeonSolar MAXN 6.64 -8.6 PRA Group PRAA 12.44 -8.0 RexfordIndlRealty REXR 41.61 -4.2 TechTarget TTGT 25.09 -2.9 ZebraTech ZBRA 196.13 -3.4
Biofrontera BFRI 2.73 ... CubeSmart CUBE 33.19 -2.8 ForemostLithium FMST 1.77 -25.9 Inseego INSG 0.32 -5.0 MaxLinear MXL 18.31 -5.5 PacBiosciCA PACB 6.70 -7.9 RibbonComms RBBN 1.86 -2.6 TeladocHealth TDOC 16.55 -3.9 ZeviaPBC ZVIA 1.75 -4.3
Biogen BIIB 244.61 -2.1 Cullen/Frost CFR 82.25 -1.4 ForteBiosci FBRX 0.48 -2.6 IntegraLifeSci IART 33.44 -5.0 Mediaco MDIA 0.50 -24.7 PaciraBioSci PCRX 26.86 -3.5 RockyMtnChoc RMCF 4.02 -0.7 Teleflex TFX 183.75 -2.2 ZipRecruiter ZIP 10.27 -2.7
BioLifeSolns BLFS 9.26 -3.3 CuriosityStream CURI 0.53 -7.3 Fossil FOSL 1.59 -0.9 IntegraResources ITRG 0.71 -8.8 MedicalProp MPW 4.44 -5.1 PagSeguroDig PAGS 7.22 -2.5 RoyalBkCanada RY 78.21 -0.4 TelekmIndonesia TLK 22.63 -1.9 ZoomVideo ZM 60.27 -2.9
THE WALL STREET JOURNAL. Thursday, October 26, 2023 | B11

MARKETS

The Shine Comes Off

Clean-Energy Stocks
Rising interest rates equities portfolio manager at funding to buy equipment such

SYLVIA JARRUS FOR THE WALL STREET JOURNAL

Schroders. as solar panels and wind tur-
weigh on the sector, He said the industry’s long- bines, which is then repaid
including iShares term prospects are still good. “I over time by electricity sales.
think this is a low point in the As much as 80% of such proj-
clean-energy ETF cycle,” Webber added. ects are financed by debt, ac-
The Biden administration’s cording to a 2020 U.S. govern-
BY ANNA HIRTENSTEIN Inflation Reduction Act of 2022 ment report. Pricier loans eat
allocates close to $400 billion into projects’ expected returns,
Clean-energy stocks have to clean-energy development making it less attractive to em-
fallen out of favor, with pres- through direct funding and tax bark on new developments.
sures created by rising interest credits. This program has at- Rising rates also hurt riskier
rates outweighing supportive tracted more than $120 billion investments such as nascent A worker inspects solar panels at a First Solar plant in Walbridge, Ohio.
government policies. in project proposals, according clean-energy technologies. Cur-
The iShares Global Clean to ING. rent interest rates are used by equipment are struggling with Performance, year to date
Energy ETF closed at the low- Meanwhile, the European bankers and investors in calcu- softening demand and say that 40%
est level since July 2020. The Union is also endeavoring to lating what future cash flows installers have built up high Index and ETF Nasdaq Composite
exchange-traded fund invests build up its ability to generate should be worth today. For backlogs of inventories, result-
in renewable-energy companies homegrown energy and reduce more speculative investments, ing in lower orders. 20
and utilities in line with a its dependence on natural-gas whose value is based largely on Many buyers of solar panels
benchmark compiled by S&P imports—the EU learned a far-off future cash flows, for houses finance them using S&P 500
Dow Jones Indices, including tough lesson from disrupted higher rates result in a lower loans, making these purchasers 0
First Solar and Plug Power. It Russian supplies following the valuation. also sensitive to higher interest
has plunged 32% this year. Ukraine invasion. The bloc’s While tech stocks have felt rates.
Some stocks have fallen lawmakers passed a bill last this pressure for a while, ex- SolarEdge, which makes in- –20
even harder. U.S.-listed En- month that boosted its renew- citement over artificial intelli- verters for converting current
phase Energy has shed 64% in able-energy target for 2030. gence has shielded some com- generated by solar panels, iShares Global Clean Energy ETF
2023, while competitor So- The clean-energy sector panies, said Shaniel Ramjee, a slashed its revenue forecasts –40
larEdge Technologies has broadly falls into two catego- multiasset-fund manager at last week. The move sparked a Jan. 2023 Oct.
sunk 71%. Excluding stocks that ries: companies that make or Pictet Asset Management. record 27% collapse in its
have been ejected from the S&P deploy capital-intensive infra- “There isn’t much overlap be- shares and prompted a string Share-price
20%
500, SolarEdge ranks as the in- structure, such as wind tur- tween AI and clean tech, of price-target cuts and ratings
dex’s worst performer this bines or solar panels; and those though,” he added. downgrades from analysts at
year. that are developing new tech- Other problems are further banks such as Goldman Sachs 0
Supply-chain problems and nology. Both groups come un- spooking investors. and Deutsche Bank. Vestas Wind
waning demand have added to der pressure from higher Munich-based Siemens En- Some fund managers expect Systems
the challenges created by higher rates. ergy scrapped its profit out- the turbulence to be short- –20
borrowing costs. The result: a The Federal Reserve has look in June after its wind unit lived, and see this as a good
stock-market selloff despite com- lifted its key interest rate to a said turbine components were time to buy. –40
mitments by the U.S. and other 22-year high. In turn, market- failing more often, while execu- “Nothing has changed in the
large economies to foster sus- based interest rates such as tives at Danish wind-turbine long-term picture. So this Enphase Energy
tainable power generation. government bond yields— manufacturer Vestas Wind might be an interesting oppor- –60
“The policy backdrop is very which help set borrowing costs Systems have warned of per- tunity, now that valuations
supportive. But there are head- across the economy—have sistent supply-chain disrup- have really come down,” said SolarEdge Technologies –80
winds. Clean tech is a very in- surged. tions that will last through the Caroline Simmons, chief invest-
Jan. 2023 Oct.
terest-rate-sensitive sector,” Renewables projects typi- rest of this year. ment officer at UBS Global
said Simon Webber, a global cally need a lot of upfront Some makers of home solar Wealth Management in the U.K. Source: FactSet

Time to of Oaktree Capital Manage- When stocks have been in

ment, wrote in a recent note to the most-expensive quintile of
clients. valuations, as they are now,
that the Fed could reverse
course and push rates down
again if today’s high rates cause
what seems like much cheaper
prices.
The next decade might not
Appeal
Rethink An earlier generation had a they have produced real an-
completely different experi- nual returns over the following
ence. In the mid-1960s, stock decade of just 2.7% on average.
a recession or a stock-market
meltdown. That could stoke
1970s-style inflation, or worse.
be pretty, but with work it can
be less ugly. Sought in
Strategies valuations were at their most So investors could feel even
expensive level in decades more pain.
based on a cyclically adjusted Bonds, the yin to stocks’
Investors can prepare by
lowering their return expecta-
tions and playing defense. Reg-
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
Nasdaq
Continued from page B1
rates’ long descent over the
formula devised by Nobel yang in a balanced portfolio,
Prize-winning economist Rob- are the real wild card. Even
ert Shiller. And stocks were after their recent slump, in-
ularly rebalancing a mix of
safer and riskier assets still
trumps market-timing, though
difference between that price and the face value.

Applications
Accepted bids
17-WEEK BILLS
$165,951,426,600
$56,367,869,100
Diversity
next four decades, along with a
general disgust with stocks
that had left them at their
pricey just as
inflation began
to take off.
vestors
concerned the
huge pile of
are perhaps not with the same as-
sets. With much less volatile
short-term Treasury bills
" noncompetitively
" foreign noncompetitively
Auction price (rate)
$666,255,800
$1,816,000,000
98.236486
(5.335%)
Rules Fight
cheapest in half a century,
were the wind in markets’
sails.
An investor who put $1,000
The result: A
family setting
aside $1,000 for
their toddler’s
16
Number of years
federal
combined with
debt

rapidly rising
rates could pro-
yielding more than long-term
bonds at the moment, inves-
tors can snag a decent return
without being blindsided by a
Coupon equivalent
Bids at clearing yield accepted
Cusip number
5.521%
52.69%
912797JF5
The bills, dated Oct. 31, 2023, mature on Feb. 27, 2024.
BY ALEXANDER OSIPOVICH

A conservative group seek-

FIVE-YEAR NOTES
into a 60/40 portfolio at the education at duce financing further jump in rates. $122,956,296,800 ing to throw out Nasdaq’s
end of 1981, even after adjust- the end of 1965
since longer-dated strains for the Ironically, the traditionally
Applications
Accepted bids $52,000,027,800 board-diversity rules has ap-
in a 60/40 port- Treasury yields have U.S.
" noncompetitively $209,796,800
ing for inflation, had $18,728 govern- risky part of the 60/40 portfo- " foreign noncompetitively $0 pealed for a new hearing of
by the end of 2020. The port- folio ended up hit this level. ment. The in- lio could be safer, relatively Auction price (rate) 99.894701 its legal challenge after losing
(4.899%)
folio would have lost money in with $785 in terest bill alone speaking. Interest rate 4.875% in court last week.
only five of those years. No real terms by is likely to Stocks cratered in the infla- Bids at clearing yield accepted 48.22% The Alliance for Fair Board
Cusip number 91282CJF9
wonder even pros on Wall her senior year cross a once- tionary 1970s, but they are Recruitment on Wednesday
The notes, dated Oct. 31, 2023, mature on Oct. 31,
Street treat a classic balanced of high school in January 1982. unthinkable trillion dollars an- more resilient to inflation than 2028. filed a petition for a so-called
portfolio like gospel. Things aren’t looking much nually in a few years—more bonds. Investors also don’t TWO-YEAR FRNs en banc rehearing by the Fifth
“You have to have been better today. Last year was one than all nondefense discre- have to just buy the pricey S&P Applications $83,981,529,300 U.S. Circuit Court of Appeals.
working for more than 43 of the worst ever in real terms tionary spending. 500, which is dominated by the Accepted bids $26,000,037,300 A new hearing would allow
" noncompetitively $25,529,300
years, and thus be over 65, to for a 60/40 portfolio, and the How high might rates have Magnificent Seven tech stocks. Spread 0.170% the group to make its case be-
have seen a prolonged period beatings could continue. to rise to keep attracting Small-capitalization, emerging- Bids at clearing yield accepted 23.22% fore an appeals court domi-
Cusip number 91282CJD4
that was otherwise,” investor Shiller’s valuation metric is enough of the world’s savings? market and value stocks offer The floating-rate notes, dated Oct. 31, 2023, mature
nated by Republican-ap-
Howard Marks, the co-founder still higher than it was in 1966. One unnerving possibility is the benefit of diversification at on Oct. 31, 2025. pointed judges.
The group says Nasdaq’s
rules amount to an unlawful

Fed Floats racial and gender quota. Last

week, a panel of three Fifth
Circuit judges—all appointed

Cuts to by Democratic presidents—

ruled against the group. The
ruling upheld a 2021 decision

Swipe Fees by the Securities and Ex-

change Commission to ap-
prove Nasdaq’s diversity
rules.
Continued from page B1 In its petition, the Alliance
the fees. For an average trans- for Fair Board Recruitment
action of $50, Wednesday’s argued that the agency’s deci-
proposal would have the effect sion violated the U.S. consti-
of lowering swipe fees by tution. “The SEC’s approval...
about 28%, Fed officials said. undoubtedly authorizes and
The Fed now will collect encourages discrimination,” it
public comment that would wrote.
likely include heavy lobbying The group is a Texas non-
from card issuers and mer- profit founded by anti-affir-
chants and congressional at- mative action activist Edward
ALYSSA SCHUKAR FOR THE WALL STREET JOURNAL

tention. It would require a fi- Blum, who spearheaded the

nal vote by the central bank’s successful legal challenge to
governors to be implemented. race-conscious university ad-
Fed governor Michelle Bow- missions policies. In 2021, his
man dissented from Wednes- group—along with another
day’s vote, saying she feared right-leaning group, the Na-
the cumulative effect of a raft tional Center for Public Policy
of regulatory changes—includ- Research—sued the SEC over
ing the lower debit fees and the agency’s approval of Nas-
higher capital requirements— daq’s rule.
“could pose ongoing risks to The groups are targeting a
the health of certain financial pair of Nasdaq listing rules
institutions and the overall Merchants now pay large card issuers 21 cents plus 0.05% of the transaction amount when consumers pay with debit cards. that have drawn the exchange
U.S. banking system.” into the hot-button issue of
A section of the 2010 Dodd- nience store that challenged revenue collected by banks cards, in large part by ramping fintech companies have been corporate diversity. One rule
Frank law called the Durbin the existing cap as too high. and other issuers plummeted up travel rewards and other joining with small banks so requires Nasdaq-listed compa-
amendment gave the Fed the Banks subject to the cap re- after the fee cap kicked in, but perks. Card networks set inter- that they can offer generous nies to disclose the gender
power to set caps for banks ceived $16.6 billion of these has been rising in recent years change fees for credit cards, debit-card rewards programs and ethnic makeup of their
and other financial institu- fees in 2022, according to as more people shift from and they are much higher and to consumers. boards. The other, which is
tions with $10 billion or more trade publication Nilson Re- shopping with cash to cards. more lucrative for banks than The Fed said Wednesday being phased in over several
in assets. port. The banks say the fees The Fed fee cap had big im- the debit-card fees. that its proposal to lower the years, sets minimum diversity
Merchants have been ask- help pay for keeping debit-card plications on the payments The debit-fee cap also cre- debit swipe fees could have targets for boards.
ing the Fed to lower debit in- transactions safe from fraud. sector. Networks such as Visa ated a two-tiered system be- mixed results on consumers. It For most U.S. companies,
terchange fees for years, and Previous Fed research has and Mastercard had a lot of tween issuers. Small banks could allow merchants to pass the ultimate target will be to
the Supreme Court agreed to shown costs for operating their power to set debit inter- and other card issuers that on savings to shoppers, but it have at least one female di-
hear a case seeking to force debit cards are going down, change fees taken away from aren’t subject to the fee cap could also result in banks in- rector and one director who
the Fed to do so. The case was and the central bank said it them. reap debit-interchange fees creasing fees tied to debit identifies as a racial minority
brought by a North Dakota- would review the cap. Banks started pushing cus- that can run north of 1.5% of cards or deposit accounts, the or as lesbian, gay, bisexual,
based truck stop and conve- Debit-card interchange-fee tomers more toward credit the transaction amount. Many regulator said. transgender or queer.
B12 | Thursday, October 26, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

General Motors Finds Itself in a Jam

Automaker is stuck between dwindling profit on gas guzzlers and uncertain prospects for electric and autonomous vehicles

General Motors is still churn-

ing out healthy profit—just not on
the electric vehicles or potentially
autonomous ones that investors
care most about.
GM’s third-quarter results on
Tuesday came in better than ex-
pected. Net income of roughly $3.1
billion was down 7% from a strong
quarter last year, but higher than
the $2.5 billion consensus that an-
alysts had penciled in, according
to FactSet.
That is despite an estimated
$200 million hit to operating
profit from the United Auto Work-
ers strike. Another $600 million of
costs is expected in the fourth
quarter, and counting. After GM
reported its results, the union
asked workers to down tools at
one of the company’s plants in
Texas. Throughout its campaign,
the UAW has drawn an explicit
link between its demands and the
Detroit automakers’ strong results.
GM reported record profit after
the 2020 lockdowns, as American
consumers splurged on the limited
CARLOS OSORIO/ASSOCIATED PRESS

numbers of vehicles they could

find. Wall Street long assumed
that business will normalize—or
worse, in a highly cyclical indus-
try—as better product availability
and higher car-loan rates force
manufacturers to discount while
labor costs rise.
There were signs of normaliza- A worker uncrates an LG battery at GM’s facility in Lake Orion, Mich. How the EV-margin game plays out will be significant for its profit.
tion in GM’s numbers: The mix of
vehicles it sold was less lucrative
than a year ago, and lower used- Tesla’s costs and Detroit’s. margins in the low-to-mid-single- based Cruise posted an operating seems a bit unfair when the com-
vehicle values hit its leasing arm. Unlike Ford, GM doesn’t split digit range in 2025. It laid out this loss of $732 million in the quarter, pany carries on turning out good
But these effects were balanced by out its EV business, so investors underwhelming ambition last No- widening from $497 million a year results, and investors give Tesla’s
strong pricing and limited dis- don’t know just how bad its losses vember, before Tesla started cut- ago, on minimal revenue. Cruise efforts to make cars autonomous
counting, as well as the benefit of are. But the company is sending ting its prices aggressively. Falling didn’t have a great day either on the benefit of every doubt.
higher output as supply issues re- alarming signals. It scrapped EV- lithium costs since then are a Tuesday, after the California De- Sentiment could improve a bit
ceded. GM’s revenue grew about production targets Tuesday and boon, and GM is embracing lower- partment of Motor Vehicles sus- when GM reaches an agreement
5% year over year to a third-quar- said it was slowing its growth cost iron-phosphate battery chem- pended its autonomous-driving with the UAW. For the stock to
ter record. plans. It wants time to incorporate istry that it long rejected. How permit. Like Tesla, GM is in a bat- make lasting gains, though, the
Profit fell because of rising engineering changes that should this EV-margin game plays out tle with regulators to show that company needs to convince inves-
costs, and not just because of the boost the profitability of its pro- will matter more for its profit over its driverless technology is safe tors that it has an edge with new
strike. Among the reasons given duction platform. It needs to limit the coming years than whatever for public roads. technologies. A slower rollout of
by GM was its increased output of any risk of overproduction that deal it agrees with the UAW. After another 2% fall on Tues- EVs might strengthen the com-
EVs. This is a point of particular might force it to follow Tesla The other technology GM is los- day, GM shares trade at little more pany’s profit next year, but it
sensitivity to investors given the down the route of cutting prices. ing a lot of money on is autono- than four times earnings, lower weakens GM’s position as an in-
new technology’s growth pros- For now, GM is sticking with a mous taxis, through its majority- than at almost any point in its dustry leader.
pects and the vast gap between target of making EV operating owned Cruise business. Bay Area- postbankruptcy history. That —Stephen Wilmot

Microsoft Gets a Leg Up on Google in AI Kering’s

Two early movers on artificial
intelligence have a way to go be-
Quarterly cloud-segment revenue,
change from previous year
Share-price performance,
past year
businesses that are more inclined
to pay early on for technology that
Picky
fore the technology starts generat-
ing significant business. But if
their latest quarterly results are
60%
Azure
40%
ChatGPT launch
can help automate everything from
coding to spreadsheet analysis to
PowerPoint creations. The com-
Shoppers
any indication, it may be Micro-
soft’s game to lose.
Microsoft and Google parent Al-
50

40
Google Cloud 30

20
Microsoft
pany said Tuesday that more than
one million users are paying to use
its AI-enabled CoPilot feature. That
Shun Gucci
phabet saw improvements to their may jump significantly as the tool
core businesses during the Sep- 30 10 becomes generally available to us- After a three-year free-for-all,
tember quarter according to re- Alphabet ers of its Microsoft 365 suite of shoppers are getting choosy about
sults posted by the companies late 20 0 software next month. which luxury brands they will buy.
Tuesday. Google’s ad revenue grew Google’s Bard chatbot was de- Shares in Paris-listed Kering,
9% year over year to $59.6 billion 10 –10 scribed by Chief Executive Sundar which owns Gucci and Bottega
during the quarter, beating Wall Pichai on Tuesday as “an early ex- Veneta, fell around 5% after the
Street’s expectations and up from 0 –20 periment and complementary ex- company reported a 9% drop in
the 3% growth reported for the 2021 ’22 ’23 Jan. 2023 Oct. perience” to the search engine third-quarter sales compared with
June period. That was helped by Note: Microsoft’s fiscal year ends in June 30. that is the company’s dominant a year earlier.
YouTube’s ad revenue, which rose Sources: the companies (revenue); FactSet (performance) business. Shoppers in Europe have grown
12% for its quickest pace in nearly Still, a long race awaits both and cautious about spending and sales
two years. It probably isn’t a coin- strength in other areas. The sharp having lost 6% since the com- an expensive one at that. Microsoft in the company’s North America
cidence that this was during a pe- drop in PC sales seen earlier this pany’s last report. The stock of had a record $9.9 billion in capital region dropped 21%. Kering’s stock
riod in which Hollywood’s strikes year moderated, giving a strong Google’s parent slid more than 6% expenditures during the quarter, has lost almost one-fifth of its
resulted in fewer new TV shows boost to the operating earnings for after having jumped 14% since its while Google’s capex bill topped $8 value since January.
and movies. Microsoft’s segment that includes last report. The results will likely billion, which the company noted It is another sign that demand
But it was different for Google’s its Windows operating system. The reignite the debate from earlier was “somewhat muted” due to the in the luxury-goods industry is pe-
cloud business, where revenue segment, which contains the com- this year about which company is timing of supplier payments. Both tering out after a record year in
grew 22% year over year to $8.4 pany’s suite of business software, in a better position to capitalize are expecting to see those bills rise 2022.
billion. That was 3% below Wall delivered its highest operating on the growing interest around in the months ahead. Both name- Kering’s larger competitor
Street’s forecasts and contrasted margin in at least a decade. Micro- generative AI. Microsoft’s aggres- checked Nvidia’s H100 chips—the LVMH Moët Hennessy Louis Vuit-
sharply with the trend for Micro- soft projected better-than-expected sive adoption of ChatGPT’s tech- expensive and much-in-demand ton released a disappointing set of
soft’s much larger cloud business, revenue and operating income for nology drove its stock to outper- processors powering GenAI capa- results earlier this month, which
where its Azure public cloud ser- the December quarter, boosted by form Alphabet’s for the first half bilities in data centers. Wall Street knocked the value of luxury
vice saw revenue jump 29% to an its acquisition of Activision Bliz- of this year. But Google has long sees capital expenditures for the stocks.
estimated $16.7 billion during the zard. Google, per its longstanding been using AI to power its inter- tech duo topping $30 billion during Kering is trying to revive its top
same quarter. Azure’s growth was practice, refrained from giving any net-search business and has been this year, more than four times the label, Gucci, just as the environ-
up 3 percentage points from the financial forecast. moving quickly to catch up. average of the 100 largest spenders ment gets tough. Last month, the
June quarter, while Google Cloud The differing results caused a Microsoft has an advantage on the S&P 500. brand’s new designer showed his
lost six points of growth in the sharp reversal for both stocks. Mi- given that the majority of its exist- In the AI world, you have to first collection, but it’s too early
same period. crosoft’s share price rose nearly ing business comes from selling spend an awful lot of money to to say whether it has been a suc-
Microsoft’s results showed 4% in after-hours trading after software and cloud services to make money. —Dan Gallagher cess.
In an unflattering comparison,
Kering reported on the same day
as Birkin handbag maker Hermès,

Credit Bureaus Feel Hit From Fewer Consumer Loans which grew sales by 16% over the
same period. The emerging trend
this reporting season is that clas-
sic and very expensive brands
When banks lend less, borrow- that business—especially via re- down in banks’ consumer lending. ing even as “demand for credit re- seem to be doing fine. Sales at
ers feel it. So do the companies gional banks, many of which are “When you look at the perfor- mains strong despite elevated Italian label Brunello Cucinelli
that help banks make loans. deliberately making fewer con- mance of mid-market banks and costs.” grew 21% in the latest quarter.
Shares of TransUnion, one of sumer loans as part of their asset smaller banks, the pinch on new It said lenders have noted Trendier brands like Saint Laurent
the three major credit-reporting “diets.” credit origination is quite pro- “cracks have appeared across con- and Alexander McQueen, both
agencies, fell 23% Tuesday after TransUnion undershot its quar- nounced,” TransUnion Chief Exec- sumer lending, especially in the owned by Kering, aren’t faring as
its earnings report—and dropped terly revenue guidance, cut its ex- utive Christopher Cartwright told lower credit tiers.” TransUnion well.
further Wednesday. pectations for the full year and analysts Tuesday. “And so it’s re- also pointed to dwindling pan- Kering’s stock is one of the
TransUnion helps provide credit withdrew its 2025 financial tar- ally this macro retreat that we’ve demic-era savings and a view the cheapest in the luxury goods in-
scoring and related information gets. Executives cited lower U.S. seen in the lending that’s impact- labor market is deteriorating dustry, trading at just 13 times
and tools to lenders as they make mortgage activity, including a ing the business fundamentals.” somewhat. projected earnings.
underwriting decisions. So its rev- more than 30% decline in inquiries More broadly, this signals ac- The news hit shares of Experian But as shoppers grow selective,
enues are partly driven by loan in- in 2023, which is unsurprising cess to credit for many consumers and Equifax, TransUnion’s peers. that may not be the bargain it ap-
quiries and volumes. given the surge in mortgage rates. is shrinking. TransUnion said When banks sneeze, credit bureaus pears.
The company expects less of But they flagged a broader slow- tighter loan conditions were com- can catch a cold. —Telis Demos —Carol Ryan*