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What’s Biden: Time to ‘Pass the Torch’ Markets

News President says would end his re-election
campaign.
just recovered from a Covid-19
infection, delivered his speech
he flubbed subsequent public
appearances, cementing a view
Stumble
Business & Finance
‘democracy is at
stake’ in election
“The defense of democracy,
which is at stake, is more im-
portant than any title,” Biden
with a hoarse voice.
It is part of a wider effort
by Biden’s team to burnish his
among Democrats that he
would be unable to effectively
prosecute a case against
As Tech
and praises Harris
 A stock-market selloff in-
tensified, wiping out hundreds BY ANNIE LINSKEY
said. Without mentioning the
name of former President
Donald Trump, whom he has
accomplishments while in of-
fice and ensure that his contri-
butions don’t get lost, as the
Trump, the Republican presi-
dential nominee.
Biden referenced his age
Shares
of billions of dollars in value
from the Magnificent Seven
group of tech giants and push-
ing the Nasdaq down 3.6%.
WASHINGTON—President
Biden laid out why he decided
to “pass the torch” to Vice
characterized as a threat to
democratic institutions, Biden
cast his decision to leave the
race as self-sacrifice to protect
party moves on to Harris, who
has already locked up enough
support to be the Democratic
nominee. The Oval Office ad-
during his remarks. “There’s
also a time and a place for
new voices. Fresh voices. Yes,
younger voices,” the president
Swoon
The S&P 500 and Dow lost President Kamala Harris and the country. dress kicked off that effort. said. “And that time and place Magnificent Seven
2.3% and 1.2%, respectively. A1 what he hopes to accomplish Biden added: “I have de- Biden, 81 years old, imper- is now.”
in his final months in office as cided the best way forward is iled his candidacy when he Please turn to page A4 stocks lose most
 The red-hot hiring and
he addressed the nation from to pass the torch to a new gen- performed badly during a 90- value in a single day
rock-bottom unemployment
the Oval Office on Wednesday eration. That is the best way minute debate in June. The  How Harris gained Biden’s
that helped millions of work-
evening, his first formal re- to unite our nation.” president and his team ini- confidence............................. A4 amid doubts on AI
ers find new gigs, boost
marks since his dramatic an- Biden spoke for just over 10 tially dismissed the dismal de-  Vice president’s past hints
their wages and reinvent
nouncement Sunday that he minutes. The president, who bate as “one bad night.” But at economic policy........... A5 BY DAVID UBERTI
their careers are giving way
to more prosaic times. A1
A stock-market selloff inten-
 The NBA said it has signed sified on Wednesday, wiping
media-rights deals worth $77 out hundreds of billions of dol-
billion with Disney’s ESPN, lars in value from the Magnifi-
Amazon.com and Comcast’s cent Seven group of technology
NBCUniversal, turning away giants and pushing the Nasdaq
a last-minute bid from cur- Composite to its first decline of
rent rights holder Warner 3% or more in 400 trading
Bros. Discovery. B1 days.
After a frenzy over artificial
 Rupert Murdoch is en-
intelligence sent stocks to new
gaged in a legal fight with
heights in the first half of the
some of his children, as he
year, investors have suddenly
tries to hand control of his
grown more skeptical of its po-
media empire to his eldest
tential payoffs. Traders trained
son, Lachlan Murdoch. B1
those newfound doubts
 CrowdStrike said it had Wednesday on Tesla, where a
identified a quality-control delayed robotaxi rollout helped
flaw that led to outages for shares slide 12% in a move that
millions of Microsoft Win- reverberated across the tech-
dows users and how it got nology sector.
onto its systems. B4 The thrashing left the S&P
500 down 2.3%, or 128.61
 Reckitt Benckiser, the
points, its worst day since De-
DREW ANGERER/AGENCE FRANCE-PRESSE/GETTY IMAGES

consumer-goods giant, said

cember 2022, while the Dow
it would sell off some of its
Jones Industrial Average lost
home-care brands and
1.2%, or 504.22 points.
launch a strategic review of
The tech-heavy Nasdaq’s de-
its troubled infant-formula
cline of 3.6%, or 654.94 points,
unit Mead Johnson. B3
was its largest drop since Octo-
 Porsche’s profitability suf- ber 2022, when Federal Re-
fered in the first half of the serve officials were cranking
year as sales revenue and car up interest rates to tamp down
deliveries dropped. B3 inflation.
Stocks had climbed to re-
 Gucci owner Kering ex-
cords since then on the back of
pects earnings to continue
AI optimism. Then a cool infla-
falling in 2024 after both
‘Our enemies are your enemies,’ Israeli Prime Minister Benjamin Netanyahu told U.S. lawmakers. ‘Our fight is your fight.’ tion report this month con-
profit and revenue were hit
vinced many traders that rate
in the first six months. B3

World-Wide Netanyahu Defends Gaza War to Congress cuts are around the corner,
Please turn to page A6

Index performance Wednesday

0%
 Biden laid out in an ad- WA S H I N GT O N — I s ra e l i at Democrats and sometimes we defend ourselves on all 1,400 dead,” referring to the
dress from the Oval Office Prime Minister Benjamin Ne- lavishing praise on Trump. fronts, I know that America initial Israeli death toll in the –0.5
why he decided to “pass the tanyahu dived into a volatile He thanked Biden for sup- has our back.” Oct. 7 attacks by Hamas that Dow Industrials
torch” to Harris and what he moment in U.S. presidential porting Israel in its nine- Vice President Kamala Har- launched the Gaza war. Israel
–1.0
hopes to accomplish in his politics with a fiery address to month war but also sought to ris, the expected Democratic now says an estimated 1,200
final months in office. A1 Congress, defending his han- put the White House on the presidential nominee who people died in the attacks.
–1.5 S&P 500
 Israeli leader Netanyahu defensive, calling for the U.S. would normally preside over a Sen. Chuck Schumer (D.,
dived into a volatile moment By Lara Seligman, to “fast track” additional joint session, and dozens of N.Y.), who called for Netan-
Dov Lieber weapons shipments. He also Democratic lawmakers skipped yahu to be replaced in March –2.0
in U.S. politics with a fiery ad-
dress to Congress, defending and Sabrina Siddiqui urged the U.S. to help counter the speech, as did Republican over his handling of the Gaza
a growing threat from Iran, Sen. JD Vance, Trump’s vice- war, grimaced during parts of –2.5
his handling of the Gaza war
and appealing to Biden and dling of the war in Gaza and denouncing protesters against presidential nominee, who was the speech, and Rep. Rashida
Trump to back Israel against appealing to both President the Gaza war outside the Capi- at campaign events. Tlaib (D., Mich.), who has been –3.0
its Mideast enemies. A1 Biden and Donald Trump to tol as “anti-Israeli” and “Iran’s But House and Senate a strident critic of the war, Nasdaq Composite
 Health workers in Gaza back Israel against its Middle useful idiots.” members who did attend ap- held up a small black circular –3.5
worry the untreated sewage, East enemies. “Our enemies are your ene- plauded Netanyahu raucously, sign that said “war criminal.”
Netanyahu displayed his mies. Our fight is your fight. especially Republicans, giving Please turn to page A7 –4.0 Five-minute intervals
shortages of clean water, in-
sufficient food and other penchant for intervening in And our victory will be your him a standing ovation as the 10 a.m. noon 2 p.m. 4
U.S. politics honed over de- victory,” Netanyahu said in the prime minister walked off the  Disease threatens war-
problems from the war are
creating the risk that dis- cades, delivering pointed jabs jammed House chamber. “As dais to chants of “1,400 dead, battered Gaza..................... A7 Source: FactSet

eases could break out. A7

INSIDE Threats to Olympics

 The Winter Olympics will
return to Salt Lake City in
2034, bringing the Games to
Signs Grow
That Hottest Turn Paris Into
the U.S. for a fifth time and
back to a host city mired in
a bribery scandal over two
Job Market
Open-Air Fortress
decades ago. A3
 The gunman who tried to
kill Trump searched Google
a week before the shooting
In Decades
for information about the
assassination of President
John F. Kennedy in 1963. A3
Is Cooling Massive security force deployed to
 A surprise eruption of BY JEANNE WHALEN protect crowds, athletes, world leaders
steam in a Yellowstone Na- SPORTS BUSINESS & FINANCE
tional Park geyser basin that Americans’ once-in-a-gen- Baseball’s quest for Investors place a big BY MATTHEW DALTON Eiffel Tower. Archers will
sent people scrambling for eration job market has come AND NOEMIE BISSERBE loose arrows on the grassy
safety highlighted a little- to an end.
more parity has bet on a Beverly Hills esplanade by the Invalides, a
known hazard. A3 The red-hot hiring and worked—maybe a little office and retail PARIS—France is trans- 17th-century military com-
 Ukraine’s top diplomat
rock-bottom unemployment too well. A12 complex. B1 forming its capital city into plex that houses Napoleon’s
that helped millions of work- an open-air fortress, rolling tomb.
met with his Chinese coun-
ers find new gigs, boost their out the largest peacetime se- France’s plan to conduct
terpart for talks, as Kyiv
wages and reinvent their ca- curity operation in the coun- the Games at locales around
seeks Beijing’s support to end
the war on “just” terms. A16
reers are giving way to more
prosaic times. While the mar-
Zoos’ New Dilemma: try’s history to protect ath-
letes, residents and more
the city is intended to dem-
onstrate that Western de-
 China is tightening its
rules on the protection of
ket is still healthy by many
measures, signs of difficulty
Gorillas and Screen Time than 10 million visitors dur-
ing the Olympic Games.
mocracies, for all their tu-
mult, can host a
confidential information, in- are creeping in. i i i Officials say as many as monumental event that is
cluding intensified scrutiny on The unemployment rate 45,000 police, 10,000 sol- accessible to the public. The
international travel by people ticked up to 4.1% last month— Great apes have become interested diers and 22,000 private se- security challenge is as im-
privy to state secrets. A16 the first time it has crossed curity guards will keep mense as the scale of the
above 4% since 2021. That’s in watching videos of themselves on phones watch at the Paris Olympics, quadrennial contest that is
CONTENTS Markets...................... B11 still low by historical mea- which began Wednesday and expected to draw around
Arts in Review..... A11 Opinion................ A13-15
Banking & Finance B10 Personal Journal A9-10
sures, but it’s up from 3.4% spans the heart of the city— 10,500 athletes from more
Business News B3,5-6 Sports.......................... A12 early last year. BY SARA RANDAZZO the glass. The 380-pound ani- on streets, at landmarks and than 190 nations, along with
Crossword................ A12 Technology & Media B4 Workers have stopped quit- mal looked expectantly at a in the waters of the Seine 100 or so world leaders.
Equities......................... B7 U.S. News.............. A2-6 ting jobs at a frenzied pace, SAN DIEGO—The four hulk- man wearing a shirt bearing River. Authorities are preparing
Heard on Street.. B12 World News.. A7-8,16
and college grads are having a ing male gorillas roamed their the gorilla’s image as he Place de la Concorde, the for potential attacks by Isla-
hard time breaking into the zoo enclosure, sitting pen- pulled out his phone. city’s largest public square, mist militants, as well as
> market. The number of open sively on rocks overlooking a Ekuba stood on all fours is set up for BMX bike races, state-sponsored sabotage
positions for every unem- waterfall and climbing a and began watching videos— skateboarding and break- originating in Russia or Iran,
ployed person is back to the wooden structure. of himself and other gorillas. dancing, a French addition Please turn to page A8
prepandemic level of 1.2, down Suddenly, an 18-year-old “He really is watching! I to the Games. Sand-covered
s 2024 Dow Jones & Company, Inc.
from over 2 in 2022. western lowland gorilla wonder what he’s thinking,” beach volleyball courts are  Olympics officials to watch
All Rights Reserved Please turn to page A2 named Ekuba bounded up to Please turn to page A10 going up in front of the for athlete protests....... A12
A2 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
U.S. WATCH

SPENCER PLATT/GETTY IMAGES

BRONZE MENAGERIE: People played and posed for photos on the bronze octopus titled ‘The Arms of Friendship’, part of the ‘Wildlife Wonders’ exhibit of sculptures by artists Gillie and
Marc outside the Oculus World Trade Center in downtown Manhattan. The grouping is meant to encourage support for wildlife preservation and conservation.

NEW YORK The federal charges come PUERTO RICO set following a televised DETROIT Vasilije during an attempted
after Matar earlier this month drawing supervised by judges robbery in Highland Park.
Rushdie Attacker rejected an offer by state
Referendum’s Cost at Puerto Rico’s elections
Murder Conviction Clark has repeatedly ex-
Faces New Charges prosecutors to recommend a Draws Criticism commission. In ’87 Case Tossed pressed his innocence but ap-
A man charged with se- shorter prison sentence if he Plans to hold a nonbinding Regardless of the outcome A man who served nearly peals failed for years.
verely injuring author Salman agreed to plead guilty in referendum on Puerto Rico’s of the referendum scheduled 40 years in prison for a De- The effort took a major
Rushdie in a frenzied knife Chautauqua County Court, political status came under for the Nov. 5 general elec- troit-area murder won’t face turn in 2020, with assistance
attack in western New York where he is charged with at- scrutiny Wednesday for its tions, the island’s status won’t another trial after a judge from the Innocence Clinic at
faces new terrorism charges. tempted murder and assault. multimillion-dollar cost as elec- change. That would require threw out his conviction the University of Michigan
A three-count indictment “Mr. Matar plans on deny- tion officials announced the or- approval from the U.S. Con- based on new evidence. Law School. The Wayne
unsealed in U.S. District ing the accusations in the in- der and description of choices gress and the U.S. president. The decision by prosecu- County prosecutor’s office
Court in Buffalo on Wednes- dictment,” his attorney, Na- on the coming ballot. Jesús Manuel Ortiz, leader tors means Paul Clark, who uncovered a police mug shot
day charges Hadi Matar with thaniel Barone, said. The $1.3 million referendum of the main opposition Popu- has been out on bond since of a man who had been ar-
attempting to provide mate- Matar, 26 years old, has that critics have described as lar Democratic Party, said in May, is free — for good. rested in 1987 for a similar
rial support to Hezbollah, a been held without bail since “inconsequential” will feature recent days that the referen- “I just can’t believe it. I homicide in Highland Park.
militant group based in Leba- the 2022 attack, during three choices in the following dum is “a totally unjustified have waited for this day my The photo showed a large,
non and backed by Iran. The which he stabbed Rushdie order: independence with free expense at a time when the entire life,” said Clark’s fresh scar on the man’s face.
indictment didn’t detail what more than a dozen times as association; statehood and in- (island) is experiencing a real daughter, DeAngelic Clark, 36, That wound was significant:
evidence linked Matar to the the acclaimed writer was on- dependence. Under the free crisis in the cost of living.” who was born shortly after Vasilije was found with a
group. It also includes stage about to give a lecture association option, issues like Meanwhile, leaders of the he was sent to prison in 1987. knife in his hand when he
charges of committing terror- at the Chautauqua Institu- foreign affairs, U.S. citizenship Puerto Rican Independence Clark was convicted of was killed. Clark’s lawyer
ism transcending national tion. Knife wounds blinded and use of the U.S. dollar Party have gone to court to first-degree murder and sen- wasn’t given that mug shot
boundaries and providing ma- Rushdie in one eye. would be negotiated. challenge the referendum. tenced to life in prison for before the 1987 trial.
terial support to terrorists. —Associated Press The order of options was —Associated Press the fatal shooting of Trifu —Associated Press

CORRECTIONS 
Job Market tain white-collar jobs, have
plateaued or dipped after fe-
verish gains during the pan-
but ended up getting rejected.
“I asked the person why and it
was like, there were 3,000 ap-
substantially more than he
had ever earned.
From his HR perch he saw
bles have turned.
“As soon as a position is
open on LinkedIn, within an AMPLIFICATIONS
Signals a demic.
Dan Roth, a human-re-
sources professional in San Di-
plicants,” Roth said. “There
was nothing I could have
done.”
how big tech firms were
throwing money at software
programmers and others who
hour over 100 people have ap-
plied,” said Carren Jones, an
HR professional in the Phila- A photo caption with a U.S.

Cool Down ego, has been looking for work

since getting laid off from
Amazon.com in January 2023.
The grim search marks a
comedown from the heyday of
the labor shortage, when com-
could easily play employers
against each other. Some Am-
azon employees were leaving
delphia area who has been job
hunting for more than a year.
Her savings are dwindling and
News article on Monday about
gun rights misidentified the
weapons displayed as AR-15
Competition is so fierce that it panies were snapping up HR for higher pay elsewhere with some of her networking has rifles.
Continued from Page One is hard to get an interview, professionals to oversee brisk the intention of returning, just fallen through.
And while the risk of get- said the 39-year-old father of hiring of other workers. Roth to boost their compensation, “One HR professional who The name of Thrive Nutri-
ting laid off is still low, hiring twins. got hired full time at Amazon Roth recalled. “There was so was trying to help me land my tion Sciences was given incor-
has fallen beneath its pre- Six months ago, he had a in 2022 with a salary and bo- much hopping.” next opportunity, she wound rectly as Thrive Nutritional
Covid level. great meeting at Kickstarter nus totaling $170,000 a year, In some professions, the ta- up getting laid off,” Jones Sciences in a Personal Journal
Many economists see a job said. article on Wednesday about
market that has come back The low unemployment rate of the last several years has been rarely matched Ed Samuel, a career coach cooking oil made from algae.
into balance, though some and is more remarkable for how quickly it fell and how gradually it is now rising. in Kennett Square, Pa., said he
worry that conditions could has seen downward pressure Berkshire Hathaway has
continue worsening. “The la- Periods since 1950 when unemployment was lower than 4% for at least six months* on salaries for some executive lowered its holdings in BYD to
bor market cooled back to a positions, in fields including 4.94% of the Chinese electric-
strong place. This is a good la- 4.5% 1951 to 1953
cybersecurity. “You see jobs vehicle maker’s Hong Kong-
2018 to 2020
bor market. But it’s not clear posted on LinkedIn in the listed shares from 5.06%. In
if the cooling is done,” said 1966 to 1970 $175,000 to $225,000 range, 2008, Berkshire Hathaway
2021 to 2024
Claudia Sahm, chief economist 4.0 with job descriptions that are held nearly 40% of BYD’s Hong
at New Century Advisors, an almost identical to a position Kong-listed shares. A Business
investment firm. that would have been News article on Wednesday
Economists say the histori- $275,000 a few years ago,” he about the share sale didn’t
cally unusual dynamics that 3.5 said. make clear that these stakes
caused the boom—an economy Last week’s beige book, a referred to Hong Kong-listed
that shut down and then regular economic update from shares, not Berkshire’s stake
roared back to life during a 3.0 the Federal Reserve’s regional in BYD overall.
pandemic—were always going banks, reported that some em-
to be fleeting. ployers are still struggling to Readers can alert The Wall Street
Journal to any errors in news articles
“Frankly, I’m not sure that find skilled workers for manu- by emailing [email protected] or
labor market was ever sus- 2.5 One year Two years Three years Four years facturing, engineering, ac- by calling 888-410-2667.
tainable. It was built on the counting and other jobs.
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economist at the job-search were experiencing increased (Western Edition ISSN 0193-2241)
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fallen back to earth, hitting level a bit below pre-Covid Letters to the Editor:
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3% or so of the months before to find one,” said Sahm, the Need assistance with your subscription?
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 THE WALL STREET JOURNAL. Thursday, July 25, 2024 | A3

U.S. NEWS

Rally Gunman
Researched
JFK Killing

FROM TOP: JIM URQUHART/REUTERS, SPENSER HEAPS/ASSOCIATED PRESS

BY SADIE GURMAN his motive,” Wray said. “So
far, we have not found any ev-
WASHINGTON—The gun- idence of any accomplices or
man who tried to kill former co-conspirators, foreign or do-
President Donald Trump mestic.”
searched Google a week before Wray testified before the
the shooting for “How far House Judiciary Committee on
away was Oswald from Ken- Wednesday, a day after Secret
nedy,” referring to the 1963 Service Director Kimberly
presidential assassination, the Cheatle resigned in the wake of
clearest indication yet that the the agency’s most stunning fail-
20-year-old had been plotting ure since President Ronald Rea-
a similar attack. gan was shot in 1981.
Federal Bureau of Investiga- Crooks had been identified
tion Director Christopher Wray as suspicious more than an Celebrations broke out in Salt Lake City after the International Olympic Committee chose it a second time as host.
disclosed the gunman’s search hour before the shooting, mill-

Salt Lake City to Host Winter Games

at a congressional hearing ing about with a range finder—
Wednesday where he provided which resembles binoculars
new glimpses into what led up that hunters use to measure

In 2034, a Fifth Time for the U.S.

to the July 13 shooting at a distance to a target—and back-
Trump campaign rally in west- pack. But officers ultimately
ern Pennsylvania. lost sight of him, and the Secret
“That’s a search that obvi- Service allowed Trump to take
ously is significant in terms of the stage, even after agents had
his state of mind,” Wray said received several notifications of
during a congressional hearing. a person acting suspiciously. BY GARETH VIPERS
The gunman, Thomas Matthew Crooks started planning the
Crooks, researched President attack well before the rally, The Winter Olympics will
John F. Kennedy assassination Wray’s testimony made clear, return to Salt Lake City in
on July 6, a search of his laptop including by visiting the site a 2034, bringing the Games to
revealed—around the time he week earlier and on the morn- the U.S. for a fifth time and
registered to attend the rally. ing of the shooting. At about 4 back to a host city mired in a
“He was interested in public p.m. that day, less than two bribery scandal over two de-
figures more broadly, and, I hours before Trump was set to cades ago.
think this is important, starting speak, Crooks was able to fly a The 2002 Winter Games
somewhere around July 6 or so, drone over the vicinity for 11 were overshadowed by accu-
he became very focused on for- minutes, Wray said, confirming sations of bribery against
mer President Trump and this a Wall Street Journal report members of the International
rally,” the FBI director said. about the drone last week. Olympic Committee and a sep-
Multiple investigations are arate judging scandal involv-
under way into how Crooks was ing the figure skating compe-
able to open fire from the roof tition.
of a building roughly 400 feet Several IOC members were
away from where Trump spoke, eventually dismissed over ac-
killing one spectator, critically cusations they had accepted
KENT NISHIMURA/GETTY IMAGES

injuring two others and leaving cash and gifts from local offi-
the former president with a cials as part of the bidding
graze wound to the ear. A Se- process.
cret Service sniper team shot Utah Gov. Spencer Cox and
back, killing him. Salt Lake City Mayor Erin
Crooks fired at least eight Mendenhall were in Paris for
shots from an AR-15 rifle with a Wednesday’s announcement
collapsible stock, Wray said, a FBI Director Christopher Wray ahead of the 2024 Summer
feature that may explain why at a hearing Wednesday. Olympics opening ceremony.
no witnesses reported seeing “We have a history to-
him carrying the weapon be- Crooks was likely livestreaming gether,” Cox told the IOC at lighted a cauldron at the Rice- cluded college scholarships, of boats on the Seine will
fore the attack. He had pur- or viewing footage from the de- the ceremony. “We have been Eccles Stadium to mark the re- medical services, jobs, airline carry the Olympic athletes
chased a ladder the same day vice as it was flying about 200 good partners before and you turn of the games to the city. tickets, hotel accommodations through the city.
as the shooting, but authorities feet away from the stage. The can count on us.” Lake Placid, N.Y., hosted the and cash for IOC members and A vast security opera-
haven’t found it, Wray said. FBI reconstructed the drone’s The Games will be held in 1932 and 1980 Winter Games, relatives. tion has been launched in the
They believe instead that he flight path, but didn’t recover the city in February 2034, fol- while California’s Squaw Val- The payments occurred French capital, with authori-
used mechanical equipment on any video or pictures from the lowed by the Winter Paralym- ley hosted in 1960. starting in late 1991, shortly ties estimating the ceremony
the ground and piping on the device. pic Games the next month. Los Angeles is set to host after the city’s failed bid for will draw 300,000 spectators.
side of the building to get on “We’re still trying to figure The bidding committee was the Summer Olympics in 2028, the 1998 Winter Games, and Officials say as many as
the roof. out exactly what he saw,” praised for its proven ability while the next two Winter continued into 1996, after it 45,000 police, 10,000 soldiers
Searches of his cellphone Wray said. to host large-scale sporting Games will be held in north- had been awarded the 2002 and 22,000 private security
and other electronics and inter- Investigators found the events, and many of the ven- ern Italy in 2026 and the Games, the report said. guards will keep watch at the
views with hundreds of people drone in his car, along with two ues built and used in 2002 will French Alps in 2030. Accusations that the pairs’ Games.
paint only a murky portrait of a “relatively crude” homemade be repurposed for 2034, the The 2002 Games were figure skating competition had American police depart-
loner with few regular face-to- bombs that appeared to be de- IOC said. marred by a bidding scandal been fixed resulted in two ments are lending a hand for
face contacts, the director said. signed to be set off by remote “These venues carry on the that resulted in multiple inde- teams receiving gold medals the first time, including offi-
He revealed that Crooks bought control. Investigators found a prolific 2002 legacy that con- pendent investigations and for the event and led the In- cers from New York and Los
the rifle from his father, who transmitter on the gunman’s tinues to benefit the state of the sanction or expulsion of ternational Skating Union to Angeles, according to U.S. dip-
kept 14 legally purchased fire- body but, “at the moment it Utah and its people today,” several IOC members. The of- revise its scoring system. lomatic security service offi-
arms in the home they shared looks to us like, because of the CEO of the Salt Lake City-Utah ficial IOC report into the Salt The announcement of the cials who coordinated the ar-
about an hour south of the rally on-off position on the receivers, Committee for the Games Fra- Lake City scandal found that return of the Games to Salt rangements with France.
site in Butler, Pa. that if he had tried to detonate ser Bullock said after the win- some committee members had Lake City came ahead of the The U.S. also is sending
“It’s fair to say that we do those devices from the roof it ning bid was announced. received cash or gifts in ex- opening ceremony in Paris on bomb-sniffing dogs at the re-
not yet have a clear picture of would not have worked.” The University of Utah cess of $100,000. Gifts in- Friday, where a 4-mile parade quest of French authorities.

In Yellowstone, Surprise Eruption Causes a Stir

NATIONAL PARK SERVICE/ASSOCIATED PRESS

BILLINGS, Mont.--A sur- mated 100 feet into the air. “This drives home that monitoring system that was Bubble
prise eruption of steam in a The boardwalk damage was even small events--and this recently installed in another Sofa, designed by Sacha Lakic
Yellowstone National Park inspected by park staff, above. one in the scheme of things Yellowstone geyser basin. It
geyser basin sent people The park teems with gey- was relatively small, if dra- measures seismic activity, de-
scrambling for safety as large sers, hot springs and other hy- matic--can be really hazard- formations in the Earth’s sur-
rocks shot into the air. The drothermal features that at- ous,” said Michael Poland, lead face and low-frequency acous-
blast highlights a little-known tracts millions of tourists scientist at the Yellowstone tic energy that could signal an
hazard that scientists hope to annually. Some, like the fa- Volcano Observatory. “We’ve eruption.
be able to predict someday. mous Old Faithful, erupt like gotten pretty good at being —Associated Press
The hydrothermal explosion clockwork and are well under- able to understand the signs
on Tuesday in Biscuit Basin stood by scientists who moni- that a volcano is waking up
caused no injuries as dozens of tor the park’s seismic activity. and may erupt. We don’t have Watch a Video
people fled down the board- But Tuesday’s type of ex- that knowledge base for hy- Scan this code
walk before the wooden walk- plosion is less common and drothermal systems like the to see video of
way was destroyed. The blast understood, and potentially one in Yellowstone.” tourists fleeing
sent steam, water and dark- more hazardous given that Scientists are trying to the blast in
colored rock and dirt an esti- they happen without warning. change that with a fledgling Yellowstone.
 A4 | Thursday, July 25, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.

U.S. NEWS

Harris,
Trump
Exchange
Barbs at
Rallies
BY VIVIAN SALAMA
AND TARINI PARTI

Against the backdrop of a

sitting president relinquishing
his candidacy, Kamala Harris
and Donald Trump escalated
their attacks on one another,
setting up a brutal election
campaign with each side
ELIZABETH FRANTZ/REUTERS

painting the other as a threat

to the country’s future.
Both Harris and the former
president held events
Wednesday, looking to make
their case to the American
people as the latest polls show
President Biden addressed the nation Wednesday night, sitting at the Resolute Desk in the Oval Office, as his son Hunter and other family members looked on. a close contest—something
the Trump campaign dis-

Biden Says staff. They broke out into ap-

plause when the president fin-
ished speaking.
to the speech by posting on
social media. “Crooked Joe Bi-
den’s Oval Office speech was
his presidency, saying he still
hopes to make progress on
the Cancer Moonshot, his ef-
that Biden has addressed the
nation from the Oval Office, a
venue that presidents typically
missed as a brief “honey-
moon” for Harris.
Harris criticized Trump for

It’s Time to The president said that he

was grateful for his roughly 50
years in public service and
barely understandable, and
sooo bad!” Trump wrote.
Other Republicans are
fort to cure the disease that
killed his son Beau at age 46
and impacts millions of Amer-
use for only the most impor-
tant messages. He spoke from
there a little over a week ago,
handpicking three Supreme
Court justices “because he in-
tended for them to overturn

Pass Torch praised the American system

of government that allowed
him to rise to the pinnacle of
pushing for the president to
leave office immediately. “If
Joe Biden is not fit to run for
icans. He also said that he’ll
keep “calling out hate and ex-
tremism.”
after the assassination at-
tempt on Trump.
Members of Biden’s senior
Roe v. Wade.” Trump, in his
first rally since President Biden
dropped out of the race, called
power. “Nowhere else on earth president, he is not fit to serve He said there is still work staff stayed at the White Harris “a radical left lunatic
Continued from Page One could a kid with a stutter, as president,” said House he can do on stemming cli- House Wednesday evening to who will destroy our country.”
He only referred to the 59- from modest beginnings in Speaker Mike Johnson (R., La.) mate change and preventing be there as Biden gave the ad- Harris was in Indianapolis,
year-old Harris once. “She’s Scranton, Pennsylvania, and in a statement. “He must re- gun violence. And he plans to dress. where she called on thousands
experienced, she’s tough, Claymont, Delaware, one day sign the office immediately. push for ethics reforms to the Biden’s weekend exit of members of the Zeta Phi
she’s capable,” he said. Harris sit behind the Resolute Desk in November 5 cannot arrive Supreme Court. marked the third time that he Beta sorority to mobilize vot-
is the expected nominee for the Oval Office as president of soon enough.” On foreign policy, Biden has departed from a presiden- ers ahead of the November
the Democratic presidential the United States,” Biden said. White House press secre- said he would continue to fo- tial race. In 1987, he bowed out election, pointing to the
contest now that he has “But here I am.” tary Karine Jean-Pierre said cus on a peace deal in the of the 1988 campaign amid a group’s history of advocacy on
bowed out. He also praised the govern- that any suggestion of Biden Middle East, rally the coalition plagiarism scandal. He left the behalf of Black women. Zeta
As he spoke, Biden was ment that he has been a part leaving office before his term of countries trying to stop the 2008 presidential race after Phi Beta is one of the “Divine
joined in the Oval Office by of for all that time. “The great ends was “ridiculous.” She Russian invasion of Ukraine finishing poorly in the Iowa Nine,” a group of historically
members of his family includ- thing about America is here, also disputed that the White and work to secure the release caucuses. Black sororities and fraterni-
ing his wife, Jill Biden, their kings and dictators do not House purposefully hid any of Americans unjustly held But Biden’s defeat that year ties that includes Harris’s so-
daughter Ashley Biden and his rule. The people do. History is decline in Biden’s health. abroad. Wall Street Journal re- didn’t shadow him for long: He rority, Alpha Kappa Alpha.
son Hunter Biden along with in your hands. The power is in “There’s been no coverup,” porter Evan Gershkovich is was tapped to be Barack “In this moment, our na-
several of his grandchildren. your hands. The idea of Amer- Jean-Pierre said. among those being wrongly Obama’s vice presidential can- tion needs your leadership
His longtime adviser Mike ica—lies in your hands.” Biden gave some flavor of held, though Biden didn’t didate months later, and once again,” she told the so-
Donilon also was there along Trump, the Republican where he plans to focus over mention him by name. served in the second-highest rority. “In this moment, I be-
with other members of his nominee for president, reacted the remaining six months of It is only the fourth time office from 2009-17. lieve we face a choice be-
tween two different visions
for our nation: one focused on

How Harris Gained Biden’s Confidence

the future, the other focused
on the past.” She said she
would sign legislation to re-
store abortion rights.
Harris said that as presi-
BY TARINI PARTI who had high expectations for dent she would invest in af-
the first female vice president fordable child care, eldercare
WASHINGTON—Hours be- criticized her and the adminis- and paid family leave, while
fore President Biden tasked tration for not giving her a Trump, she argued, would take
Vice President Kamala Harris more prominent role. the country back. The vice
with her first public assign- The Democratic criticism of president pointed to Project
ment—helping with the admin- Harris began to die down in the 2025, a vision for the next Re-
istration’s response to the surge aftermath of the Supreme publican presidency that out-
of migrants at the southern Court’s decision to overturn lines conservative goals, put
border—White House staff Roe v. Wade. Harris took on a forward by some former
working on the issue were still more public role on a policy is- Trump administration officials.
unsure what exactly the an- sue—one she was well-versed Harris called it “a plan to
nouncement would say. in and built her career on. The return America to a dark past.”
Harris, then two months into vice president traveled the Trump has repeatedly tried
KAMIL KRZACZYNSKI/AFP/GETTY IMAGES

her tenure as vice president, country and kept abortion to distance himself from Proj-
was already reckoning with rights front and center. ect 2025, including on
sky-high expectations and in- Inside the White House, the Wednesday, when he wrote on
tense scrutiny. She wasn’t ex- vice president was frustrated social media: “I have nothing
pecting Biden to ask her to play that the administration wasn’t to do with, and know nothing
a similar role on immigration- prepared enough for the deci- about, Project 25.”
related diplomacy as he had sion, given they had time to Speaking in Charlotte, N.C.,
during the Obama administra- start preparing once Politico later Wednesday, Trump said
tion, people familiar with the published a leaked draft. When he “defeated” Biden, calling
discussions said. Her aides Kamala Harris boarded Air Force Two in Indianapolis, where she held a rally Wednesday. Biden left for a trip to Europe him “the worst president in
wanted to shield Harris as to attend global summits the the history of our country.”
much as they could from what president, navigated how best into the White House. makers to pass his legislative day after the decision, the ad- “He quit because he was
they knew had become a much to advise the president in pri- During her first foreign trip, agenda, her influence was more ministration struggled to come losing so badly in the polls, he
more politically toxic issue in vate, gain the trust of his allies when the White House asked on the inclusion of certain poli- up with a detailed plan and was down in every single
recent years. and help bolster his standing in Harris to deliver a message of cies rather than on the deal- messaging strategy. Harris poll,” Trump said.
The episode, which launched public. Biden, meanwhile, came deterrence to migrants in Cen- making. pressed for more specificity, ac- He quickly redirected his
the rockiest stretch of the vice to count on Harris’s question- tral America, some aides work- The vice president pushed cording to people familiar with speech to focus on Harris, la-
president’s tenure, illustrated ing in meetings and trust her ing on the issue warned against for the inclusion of funding to the matter. The president ap- menting the media’s focus on
the unfamiliarity between Har- counsel. it but were ignored. Even replace lead pipes in the infra- preciated Harris’s leadership on her and the enthusiasm of the
ris and Biden at the start of the During the 2020 campaign, though it expressed the admin- structure bill and investments abortion rights, and said so crowds at her rally, while “they
administration, with Biden Biden and Harris, who were liv- istration’s policy, it would come for historically Black colleges publicly. never mentioned our crowds.”
looking to his own experience ing in different cities and deal- across differently coming from and universities in the early But it was foreign-policy is- Trump also attacked her as
in that role to guide how Harris ing with pandemic restrictions, a daughter of immigrants. “Do months, people familiar with sues that helped the two estab- Biden’s “border czar” and
would fit into his administra- didn’t have much time to get to not come,” Harris said in Gua- the discussions said. She also lish more of a bond. linked her to everything from
tion. The assignment led to a know each other. Harris had temala, drawing immediate advocated for proposals that Harris entered the adminis- high inflation to Russia’s inva-
foiled first foreign trip to Cen- worked with the president’s backlash from immigration ad- didn’t ultimately pass, such as tration with little foreign-policy sion of Ukraine.
tral America for Harris, criti- late son Beau Biden while they vocacy groups and Democrats. an expanded child tax credit experience. As Harris started He contrasted his views on
cism from immigration advo- were serving as attorneys gen- In addition to her role on and investments in paid leave, building out her international the economy, abortion and im-
cates and an NBC interview eral in their states, but didn’t immigration, other jobs that child care and public housing. portfolio and became an active migration to those of Harris,
about the border that continues know the president personally were seen broadly as thank- As Biden faced pressure from participant in National Security saying that her “California so-
to haunt her. before the campaign. less—including voting rights, progressives to make a decision Council meetings, Biden often cialism would kill the Ameri-
“Beau was the kind of guy which she requested—started on student debt cancellation, looked to her to ask probing can dream.”
who inspired people to be a stacking up. At the staff level, Harris was one of the major in- questions, according to people Trump said his position on
A gradual shift better version of themselves,” tensions bubbled between the ternal backers of the idea and familiar with the discussions. abortion polls better with vot-
But over the years—and at Harris said during her first West Wing and her office. The helped Biden in his decision to Her back and forths with na- ers. “That’s because she is so
times at a cost to Harris’s own joint appearance with Biden as president’s inner circle was support it. tional security officials helped radical,” he said. “She wants
political capital—their relation- his running mate. “He really frustrated with media coverage inform Biden’s thinking. abortions in the eighth and
ship found firmer footing. was the best of us. And when I of Harris, including news of Since the start of the Israel- ninth month of pregnancy,” he
Though Harris never broke into would ask him, ‘Where’d this staff departures, and com- A more public role Hamas war, Harris has played a said, a false claim he has re-
Biden’s inner circle of longtime come from?’ he’d always talk plaints from her allies about Harris also interviewed the key role in urging the adminis- peated on the campaign trail.
advisers, their relationship be- about his dad.” how she was being used. finalists for Biden’s Supreme tration to articulate more em- Harris likely will need to
came warmer and grew into Harris entered the White But with travel still limited Court nomination and helped pathy toward Palestinians and pick her vice presidential run-
one of mutual respect, people House knowing she had to early in the administration, the president with his deci- focus on a postconflict plan. ning mate by Aug. 7, based on
close to both the president and prove her loyalty to Biden and Harris and Biden started to get sion. “I’ve been fortunate to The day after Biden bowed a virtual nomination proce-
vice president said. In the after- his top aides. Some of them to know each other one-on-one. have the advice of the—Vice out of the presidential race, dure approved Wednesday by
math of the president’s halting thought Harris’s ambitions They met for lunch weekly, if President Harris—and I mean Harris walked into her cam- the Democratic National Con-
debate performance, Harris be- would lead her to overshadow their schedules aligned. Biden, this sincerely—an exceptional paign headquarters in Wilming- vention’s rules committee.
came his strongest public de- the president and were still at times, popped into Harris’s lawyer,” Biden said while an- ton, Del. Hours earlier, it had Harris’s remarks on
fender, as other Democrats skeptical of her after she ques- office while she was on a Zoom nouncing his nomination of been the president’s. Signs with Wednesday were the latest in
called on him to step aside. tioned his busing policy and re- with staff, including once to Judge Ketanji Brown Jackson. her name now covered some of a series of events she’s held
On Sunday, the president lationship with segregationist present her with a mug with a For Harris, trying to estab- the walls. focusing on Black voters. Har-
tasked Harris with another job: senators during a 2019 Demo- drawing of Harris’s face on it. lish some internal clout—qui- Still self-isolating after test- ris’s speech before Zeta Phi
replacing him on the ticket as cratic primary debate. Harris Though she had served in etly—often came at the cost of ing positive for Covid-19, Biden Beta was scheduled before Bi-
the Democratic nominee. This terminated her political com- the Senate, Harris didn’t come losing external support, people called in to address campaign den’s announcement.
one, she more readily accepted, mittees and didn’t staff her top into the White House with as familiar with the issue said. staff who now worked for his With Trump making in-
locking in hundreds of dele- ranks with campaign aides to many longstanding relation- The vice president, who was vice president. “Embrace her,” roads with some Black voters,
gates within hours. assuage concerns from the ships on Capitol Hill as Biden still gaining the trust of the he said. according to polls, Harris had
The shift in their relation- president’s advisers about her did when he was vice president. president and his advisers, As Harris began, the presi- been working to shore up sup-
ship was gradual, as Harris, the bringing what was seen as a And while she was in the room didn’t publicly discuss most of dent added: “I’m watching you, port in the Black community
first female and Black vice messy presidential campaign with Biden as he pushed law- her efforts, even as Democrats kid. I love ya.” for the Biden campaign.
THE WALL STREET JOURNAL. Thursday, July 25, 2024 | A5

U.S. NEWS

Harris’s Past Hints

At Economic Policy
She has focused Before her time in the ad- still dealing with the fallout. As
ministration, she sometimes of last month, the Labor De-
on low-income differed with Biden—specifi- partment reported that con-
workers, women, cally in trade and climate-re- sumer prices were up 19.5%
lated policy—often by favoring since December 2020.
small businesses bigger governmental interven- The vice president under-

JIM LO SCALZO/EPA/SHUTTERSTOCK
tions in the economy. stands how high prices affect
Kamala Harris is well known She shed light on some of working families and has long
for her forceful defense of her economic priorities Mon- focused on measures aimed at
abortion rights, her role within day in an address to campaign easing those burdens, says a
the Biden administration on staff. As president, she said, former Harris adviser, who
immigration and border secu- she would push for paid family counseled on economic issues.
rity, and her legacy as a prose- leave and affordable child “What you see in that is a
cutor and attorney general of care. desire to really impact people’s
California. “Building up the middle lives on the ground,” the for- Kamala Harris says if elected president she would work to strengthen the middle class.
class will be a defining goal of mer adviser said, highlighting
By Jon Kamp, my presidency,” Harris said. issues such as reducing drug which calls for making corpo- idea—income support through Home prices are at record
Richard Rubin “Because we here know when prices and widening broadband rations and high-income tax credits—is a core piece of levels and rents remain stub-
and Justin Lahart our middle class is strong, access. households pay more while Biden-Harris economic policy. bornly high, making housing
America is strong.” Early in the administration, keeping taxes flat or cutting In 2021, Democrats expanded prices another political vulner-
But the economy is a central Spokespeople for the Harris Harris focused on helping them for households making the child tax credit and the ability for the Biden adminis-
election issue, and there, her campaign didn’t respond to a small businesses access forgiv- under $400,000 in income. earned-income tax credit for tration.
positions and policy goals ha- request for comment. able loans through the Pay- While she was a senator and childless workers. Those ex- Harris as a senator sought
ven’t yet been as clearly de- Harris’s most immediate check Protection Program, es- presidential candidate, Harris’s pansions expired at the end of to tackle high rental prices
fined. hurdle might be overcoming pecially in minority signature tax proposal was the 2021, but the Biden adminis- with legislation known as the
Her record does reveal, Americans’ dour views on the communities, said a former LIFT Act, which resembles a tration has said it wants to re- Rent Relief Act, which would
however, some clues about her economic legacy of her own White House aide. universal basic income and vive them. have provided a tax credit
priorities, including a focus on administration. Under Biden, Some aspects of Biden’s eco- would have cost about $3 tril- Like all other Senate Demo- mostly for renters who make
low-income workers, women, inflation spiked to a 40-year nomic legacy are more favor- lion over a decade. Harris’s crats, Harris in 2017 voted up to $100,000 and spend at
small businesses and middle- high in 2022. The effects able. The economy expanded, plan would have provided a against the Republican tax law least 30% of their gross income
class families. ranged from soaring prices at and job growth has been $3,000 tax credit for individu- that lowered individual and on rent and utilities. A group
As vice president, Harris the grocery store to Federal strong, bringing the share of als and $6,000 for married corporate tax rates and cur- of Democrats continue to push
has largely moved in lockstep Reserve interest-rate increases Americans in their prime couples. It would have phased tailed some tax breaks. As a for such legislation.
with President Biden on eco- that contributed to many working years—ages 25 to 54— out for middle-income and presidential candidate in 2020, She has also touted her role
nomic issues, and some ana- Americans finding it harder to who are employed to its high- higher-income households so she backed a full repeal. as California attorney general
lysts see this record as a road afford mortgages and purchase est level since 2001. Wage that only 10% of the benefits The Biden administration in negotiating settlements with
map. “In general, we think homes. growth has outstripped infla- went to the top 40% of house- position now calls for extend- mortgage lenders that went
she’ll pick up the Biden-Harris Inflation has cooled, and tion, especially so for low-in- holds, according to the Tax ing many of the tax cuts that well beyond an initial offer fol-
mantle,” policy analysts at many economists expect the come workers. Policy Center. expire after 2025 and pairing lowing the foreclosure crisis
Evercore ISI said in a note Fed will cut interest rates by As vice president, Harris The LIFT Act went nowhere that with tax increases on that stemmed from the
Tuesday. September. But Americans are has backed Biden’s tax agenda, in Congress, but its basic high-income households. 2007-09 recession.

Oil Billionaires Bet on Trump’s Energy Agenda

BY BENOÎT MORENNE magnates among some of long investigation into a re- action committee.
AND COLLIN EATON Trump’s biggest donors and cent deal by the executive’s Musk posted a meme on X
represent an increase from company, people familiar with in response to the article with
As Donald Trump accepted past election cycles. Their con- the meeting said Trump asked, the caption “Fake Gnus.” He
the GOP presidential nomina- tributions and those of an- “Can you wait five months?” later posted that he had cre-
tion last Thursday, he re- other oil billionaire, Tim Dunn Dan Eberhart, CEO of oil- ated a political-action commit-
minded the megawealthy cote- of CrownRock, topped $16 mil- field services company Canary, tee and that “funding to date
rie of oil tycoons backing him lion since October, compared attended the private meeting has been far below that level.”
why he is their man. with the more than $20 mil- and said he plans to give When he was president,
“We have more liquid gold lion the tycoons donated to $100,000 to help fund Trump’s Trump withdrew the U.S. from
under our feet than any other fund Trump’s 2016 and 2020 presidential run. the Paris Climate Agreement,
country by far, we are a nation bids combined. “Trump’s energy policies— rolled back Obama-era envi-
LEAH MILLIS/REUTERS

that has the opportunity to Energy policy is shaping up less regulation and favoring ronmental regulations and ap-
make an absolute fortune with as a key campaign issue. Some fossil fuels—are better for proved two controversial oil
its energy,” Trump said during of Trump’s allies immediately business and the economy,” pipelines. Some of his donors
his prime-time address. attacked Vice President Ka- Eberhart said. now expect him to follow a
The speech was music to mala Harris’s energy record The event raised $27 mil- more aggressive agenda .
the ears of oil billionaires Har- this week as she moved to nail Oil magnate Harold Hamm met with President Trump in 2019. lion for the Trump campaign, Many of Trump’s most ac-
old Hamm of Continental Re- down the Democratic nomina- Eberhart said, and the candi- tive oil-and-gas donors come
sources, Kelcy Warren of En- tion following President Bi- tion. Many of Trump’s top oil hosted a fundraiser for Trump date raised another $14 million from smaller or private com-
ergy Transfer, Jeffery den’s withdrawal from the backers are openly skeptical at a lavish hotel in Houston. At at a Dallas dinner the same panies. That gives them more
Hildebrand of Hilcorp, and race. Harris previously backed about the effects of climate a small private meeting after- day. The $41 million haul freedom to express support for
George Bishop of GeoSouthern a ban on fracking as a presi- change, in contrast with the ward with top industry execu- amounted to one of Trump’s controversial views on climate
Energy. dential candidate in 2019, but industry’s biggest companies, tives and politicians, Trump most prolific fundraising days change and other energy is-
Since March, they, together was also part of a Biden ad- and want to slash regulations went through a laundry list of this year. sues compared with their
with their spouses and compa- ministration that presided and subsidies for green energy. grievances he shared with the The oil magnates join other larger, publicly traded peers.
nies, have contributed at least over record oil production. “President Trump was pro- group, including subsidies for billionaires adding to Trump’s Bigger companies such as
$9.9 million to Trump-aligned The oil executives are bank- energy, you know, there’s no electric vehicles and permit- campaign coffers. The Wall Exxon Mobil and Chevron
committees and the Republi- ing on promises from the for- secret to that,” Hamm said in ting delays for natural-gas ex- Street Journal has reported avoid taking public positions
can National Committee, ac- mer president and his allies a television interview from the port projects. that Elon Musk has said pri- on U.S. presidential elections,
cording to Federal Election for an energy agenda that is GOP convention. When one chief executive vately he plans to commit and the oil giants’ PACs have
Commission data. more stridently pro-fossil fuel In May, Hamm, Warren, complained about the Federal around $45 million a month to donated to both Republicans
Those donations make the than Trump’s first administra- Hildebrand and Bishop co- Trade Commission’s months- a pro-Trump super political- and Democrats in the past.

Everyday Investors Pledge Crypto,

Hoping to Win Trump Support for It Live close to
work, but not
too close
BY CAITLIN OSTROFF by a college friend’s argument crypto in 2017, after watching former President Bill Clinton,
on Facebook that bitcoin’s dol- a Netflix documentary. Licker says he thought the Bi-
There is an often-repeated lar value would go higher. He views bitcoin as an in- den administration would do
rule that many crypto fans DiMartino bought a small vestment akin to gold, an as- the same with crypto. Search homes by commute time.
live by: HODL, or hold on for amount on CashApp—he liked set that will go up in value in “I thought that Biden
dear life. It is a crypto slang that bitcoin isn’t controlled by part due to its scarcity. Only would be more supportive. I
for buying and holding indefi- a government and transac- 21 million bitcoins will ever be couldn’t be more wrong,” he
nitely, even when markets go tions don’t need to be ap- created, more than 90% of said.
haywire. proved by a third party. which have already been Gerard Guillemette, an en-
Yet dozens of everyday in- (Those same characteristics mined. gineer living outside Boise,
vestors quickly answered the can make bitcoin and other Licker said he voted for Idaho, tries to spend his bit-
call when former President cryptocurrencies attractive for Trump in 2016 and for Biden coin whenever he can. Al-
Donald Trump became the illicit activities.) in 2020. Higher prices for gro- though some investors are
first major-party presidential The Dallas resident voted ceries and energy bills have betting that bitcoin’s value
candidate to accept crypto do- for Trump in led him to re- will go up, Guillemette sees it
nations in May. 2016 and 2020. think his sup- as a form of payment.
Trump has embraced When he saw port for the The 61-year-old has do-
crypto of late, an about-face the campaign ‘I wanted to Democrats, so nated bitcoin to the Atlas So-
from his presidency when he w e l c o m e encourage him he intends to ciety, a nonprofit focused on
derided it as “based on thin crypto, he cast his vote the philosophy of Ayn Rand,
air.” made his first to see that for Trump and purchased a U.K. soccer
His campaign revealed last donation to the again. club scarf using bitcoin.
week that it raked in about $3 former presi-
bitcoin is good,’ Due to infla- He has previously donated
million in various tokens dent. a donor says. tion, Licker to Trump’s campaign and to
through the end of June, most “I really said he has al- other Republican political-ac-
of which was donated by wanted to send ready had to tion committees. When he saw
crypto industry titans and a message to sell some bit- Trump open crypto donations,
professional investors. Trump that bitcoin is a good coin. He wants to keep his re- it brought together his pre-ex-
The individual investors thing for people, for America, maining bitcoin and instead isting support of the Republi-
who jumped in say they hope for himself, because he had opted to donate XRP, a token can nominee with his love of
to encourage Trump’s bur- been critical of it in the past,” developed to facilitate cross- bitcoin.
geoning support. DiMartino said. “I wanted to border payments. Licker said “It’s a merger of the same
These are some of their encourage him to see that bit- he wouldn’t base his support interests,” he said. “When you
stories: coin is good.” of a candidate on crypto pol- start using something, who-
Ricky DiMartino, a 40-year- Rob Licker, a ticket-vending icy alone, but he is pleased to ever is offering it is encour-
old media specialist for a machine agent for the Long Is- see Trump embrace digital as- aged to keep doing it. If peo-
Christian nonprofit, gave land Rail Road, opted to do- sets and has been surprised ple stopped eating McRibs
Trump $500 of bitcoin in mid- nate $100 of a cryptocurrency that the Democrats haven’t. sandwiches, McDonald’s
June. called XRP to Trump, rather Because the party sup- would stop selling them, but
DiMartino first bought bit- than give up his bitcoin. ported the growth of the In- they don’t, so McDonald’s
coin four years ago, persuaded The 52-year-old got into ternet back in the 1990s under keeps selling.”
A6 | Thursday, July 25, 2024 * ***** THE WALL STREET JOURNAL.

U.S. NEWS

Markets Lynch, chief investment officer

of Comerica Wealth Manage-
ment, wrote in a recent note.

Stumble on Many analysts believe

smaller firms, which tend to be
more exposed to higher rates

Tech Swoon in the form of floating-rate

debt, could be among the bene-
ficiaries of rate cuts. Yields on
10-year Treasurys, a rough
Continued from Page One proxy for investors’ rate expec-
spurring a shift of money to tations, held roughly steady
other sectors in what could be Wednesday at 4.285%.
a stock-market rotation of his- In commodity markets, oil
toric proportions. prices ticked up 0.8%, closing
Disappointing earnings re- at $77.59 a barrel, after trading
ports by Tesla and Alphabet Tuesday at their lowest level
provided the spark for Wednes- since early June. Copper fu-
day’s fireworks, which pushed tures retreated for an eighth
each member of the Magnifi- consecutive day.

FROM TOP: FLORENCE LO/REUTERS; JOAN CROS/NURPHOTO/REUTERS

cent Seven into the red. The The selloff extended to Asian
stocks collectively lost $768 bil- markets at midday Thursday.
lion in market value, according Japan’s Nikkei 225 was down
to Dow Jones Market Data, the 2.9%, the Shanghai Composite
biggest such wipeout on record had lost nearly 1% and South
since Meta Platforms went Korea’s Kospi had fallen 1.8%.
public as Facebook in 2012. Investors evaluating whether
Market reaction Wednesday the stock-market rotation has
to the Google owner’s earnings, legs will parse earnings Thurs-
which slightly outpaced esti- day, from companies including
mates but sparked AI-spending Northrop Grumman, Honeywell
concerns, showcased the sky- International and Norfolk
high bar for the group as inves- Southern. Colgate-Palmolive,
tors await results from Nvidia, Bristol Myers Squibb and 3M
Microsoft and others. are among those due Friday.
“You can’t just meet esti- For now, many traders ex-
mates. You have to beat esti- Qualcomm and Advanced Micro Devices, below, were among the stocks that are tied to the AI supply chain and saw big declines. pect more turbulence. The
mates,” said David Lundgren, Cboe Market Volatility Index,
portfolio manager at Little products. Super Micro Com- dynamic flipped to some ex- 5.2%, its biggest gain of the Russell 2000 index fell 2.1% known as Wall Street’s fear
Harbor Advisors. Referring to puter dropped 9.1%, while tent, with the S&P 500’s utili- year. Visa slipped by 4% after Wednesday, but its 11% outper- gauge, rose Wednesday at its
the unofficial projections Broadcom fell 7.6%. Qualcomm ties, consumer staples, health- the credit-card company re- formance of the S&P 500 over steepest rate since 2022.
shared on Wall Street, he and Advanced Micro Devices care and energy sectors all ported quarterly revenue the past 11 trading sessions is José Torres, senior econo-
added, “You have to beat the each fell by more than 6%. finishing in the green. growth that came in below an- the largest such margin in mist at Interactive Brokers, told
whisper number, frankly.” The ascendance of such tech Defense contractor Lock- alysts’ estimates. more than 24 years, according clients factors are lining up for
The vibe shift on Wednesday firms over the past 18 months heed Martin rose 2.8%, extend- As tech stocks have been to Dow Jones Market Data. a potentially violent correction
rippled through stocks linked to shielded indexes from other in- ing its post-earnings bump and battered in recent weeks, inves- “Equity market leadership to stocks to continue. “Risk-off
the emerging AI supply chain dustries that have underper- notching an all-time high. tors shifted money toward has experienced a dramatic sentiments are indeed dominat-
for semiconductors and other formed. On Wednesday, that AT&T logged an increase of small and midsize firms. The shift in recent weeks,” John ing Wall Street,” he said.

Magnificent Seven market cap

MARKET CAP
$16 trillion WEDNESDAY
Apple
$3.35T, –2.9%
12 Microsoft
$3.19T, –3.6%
Nvidia
$2.81T, –6.8%
8
Alphabet
$2.13T, –5.4%
Amazon
4 $1.88T, –3.0%
Meta
$1.17T, –5.6%
Tesla
0 $690.0B, –12.2%
Jan. Feb. March April May June July

Source: FactSet
 THE WALL STREET JOURNAL. * * * * * * Thursday, July 25, 2024 | A7

WORLD NEWS
Disease Threatens War-Battered Gaza
Untreated sewage,
lack of clean water, Munitions Debris
poor medical care Poses Risk
create risk of spread The Israeli military
said it has hit more than
BY CARRIE KELLER-LYNN 37,000 targets in Gaza
AND ABEER AYYOUB since October, which the
U.N. estimates might
TEL AVIV—The Israeli mili- have created nearly 40
tary’s declaration that it had million tons of debris.
found remnants of poliovirus in The rubble likely
sewage in the Gaza Strip was a hides a large amount of
reminder that nine months of unexploded ordnance.
war have unleashed threats be- Unrwa expects about
yond bombs and bullets. 8%-10% of all ordnance
The virus has been all but fired won’t detonate,
eradicated in most of the said Scott Anderson, the
world, but Gaza’s shattered director of Gaza affairs
public-hygiene facilities have for Unrwa. The U.N. or-
created an opening for it and ganization responsible
other pathogens. Health work- for removing unexploded
OMAR ASHTAWY/APA IMAGES/ZUMA PRESS

ers, including at the World ordnance mainly is tap-

Health Organization, worry the ing off areas where mu-
interlinked problems of un- nitions are found so ci-
treated sewage, shortages of vilians will avoid the
clean water, insufficient food, charges, rather than dis-
compromised medical facilities posing of the explosives.
and a lack of the basics for per- “We have nowhere to
sonal hygiene are exacerbating put the stuff we would
each other, creating the risk retrieve, and we have no
that diseases could break out. way to dispose of the
Chief among aid groups’ Trash and stagnant wastewater in Deir al-Balah in the central Gaza Strip are among the health hazards Palestinians face. stuff we would retrieve,”
concerns are waterborne infec- Anderson said.
tions, including hepatitis A and front of the Deir al-Balah base- are still functioning at some encroaching on areas that Is- Israel into Gaza, but these pipes Israeli officials have
cholera, which spread in the ment where Alaa Khatib and her capacity. International organi- rael’s military has designated as only supplied about a 10th of claimed that Hamas and
type of poorly sanitized, dense family fled from fighting else- zations are running nearly humanitarian zones. On Mon- Gaza’s water needs ahead of other militant groups
conditions many Palestinians where in Gaza. With clean water 200 health-service points day, Israel cut back part of the the war, and more is needed. likely pick up unex-
have been forced into in Gaza. scarce, her family has been serving about 300,000 people previously announced humani- Anderson said the water of- ploded Israeli munitions
There aren’t any active cases of washing with seawater, and her weekly in Gaza alongside at tarian zone of Al-Mawasi as it ten needs to be purified, and repurpose them to
polio, because of high levels of three children suffer from pain- least eight additional field began aggressive military action which is hard to do, as Unrwa make weapons that are
vaccination before the war, an ful rashes and hospitals, the there, saying Hamas had estab- says Israel’s military limits directed back at Israel.
Israeli official said. But local head lice. Sham- WHO says. But lished itself in the area and had highly concentrated chlorine
health authorities say more poo is too ex- aid workers say been launching rockets from the as a potential weapon.
than 1.7 million cases of various pensive to buy More than 1.7 they are ham- zone. Health authorities in Gaza Col. Elad Goren, the Israeli
infectious diseases have been at nearly $30 a million cases of pered by lim- said more than 70 people were military officer in charge of organizations describe moun-
recorded since the war began. bottle, she said. ited supplies. killed in the fighting. civil affairs in Gaza and the tains of solid waste piling up
“I’m most amazed we ha- “We are all infectious Arlan Fuller, Aid workers say disease and West Bank, said the military is on the streets. Many families
ven’t had an outbreak,” said suffering be- director of poor hygiene will continue to working to repair power lines are burning garbage to cook
Scott Anderson, the director of cause of the
diseases have Project HOPE’s take a toll long after the fight- that feed a major desalination amid a shortage of cooking gas,
Gaza affairs for the United Na- smell and the been recorded. emergency re- ing ends because of the high plant in Gaza and is coordi- and aid workers say the smoke
tions Relief and Works Agency, insects,” she sponse, said the level of degradation of infra- nating with Palestinian au- often hangs in the air.
one of the organizations said. ”No mat- o r ga n i z a t i o n structure. The U.N. estimates thorities to rebuild some wa- Israeli military reservists
charged with managing the ter how I de- has observed that about two-thirds of Gaza’s ter and sewer lines. who served in Gaza said the
humanitarian response in scribe it, it’s worse.” surgical teams operating with- water and sanitation infra- Fixing the sanitation prob- air is also thick with dust and
Gaza. He said raw sewage Medical services have been out bibs or scrub suits, and at structure has been destroyed. lem to head off outbreaks of debris from all the military ac-
flows in the streets near where severely hindered by the war. times with limited medica- Palestinians say they have to disease has been a priority for tivity that left many soldiers
Unrwa has set up its opera- The WHO says 66% of hospi- tions and insufficient suturing queue for hours in Gaza’s sti- the Biden administration in with lingering coughs. WHO
tions in central Gaza, and that tals and clinics weren’t opera- material for closing wounds. fling heat to fill jugs with meetings with Israel, Israeli of- reports nearly one mil-
he was infected with E. coli. tional as of mid-July and that The battlefield itself remains drinking water. Water is flow- ficials said. Trash collection lion cases of acute respiratory
Raw sewage also flows in just 16 permanent hospitals highly dangerous, and has been ing from three main lines from has been severely hindered. Aid infection since the war began.

Netanyahu secret funding from Iran.

He also rejected criticism
that Israel has intentionally
Netanyahu said he sup-
ported broadening the Abra-
ham Accords to other Arab

Implores targeted civilians in Gaza and

restricted the flow of humani-
tarian aid. “If there are Pales-
countries in the region, but
didn’t mention establishing
diplomatic relations between Bringing Communities
Congress tinians in Gaza who aren’t get-
ting enough food, it’s not
because Israel is blocking it, it’s
Israel and Saudi Arabia. The
White House has been work-
ing to broker such a deal for of Support to Students
because Hamas is stealing it.” months, but Riyadh has re-
Continued from Page One Over 39,000 Palestinians fused to agree to recognize Is-
Netanyahu used much of have now been killed in the rael without a cease-fire in
the first part of his speech to war, according to Gaza health Gaza and a withdrawal of Is-
highlight the Gaza war, point- authorities, who don’t say how raeli troops from the enclave.
ing out former hostages and many were combatants. Under pressure from the
Israeli soldiers in the audi- Netanyahu appealed to the White House almost since the
ence. He told the story of Noa U.S. to quickly send additional war began to outline a plan for
Argamani, standing next to weapons, an implicit reference postwar Gaza, Netanyahu said
Netanyahu’s wife, Sara, in the to the Biden administration’s little beyond what he has said
House chamber, who was res- decision to hold up a shipment before about Israel’s intentions
cued in June by Israeli special of 2,000-pound bombs. and provided few details.
forces along with three other “Give us the tools and we will He didn’t mention reviving
hostages seized on Oct. 7. finish the job,” Netanyahu said. talks on the creation of a Pal-
“As we speak, we’re ac- “Give us the tools faster and we estinian state in the West
tively engaged in intensive ef- will finish the job faster.” Bank and Gaza, a Biden ad-
forts to secure their release,” Netanyahu thanked Biden ministration objective.
Netanyahu said, referring to for his support to Israel, but Netanyahu spoke of what
talks on reaching a cease-fire he spent much more of his called his “vision” for Gaza af-
and release of the hostages. speech praising Trump, con- ter “our victory.” With the help
“Some of them are taking demning the “dastardly” as- of regional partners, he said,
place right now.” sassination attempt on Trump his goal is a “demilitarized and
Israel says there are now at a Pennsylvania campaign deradicalized” Gaza.
116 hostages abducted that rally this month The U.S. blueprint for post-
day remaining in Gaza, most He thanked Trump for bro- war Gaza envisions an infu-
of them Israeli, including dual kering the “historic” Abraham sion of aid from Gulf Arab
nationals. That total includes Accords that established dip- states and bringing in a peace-
hostages whom Israel has con- lomatic relations between Is- keeping force to maintain se-
cluded are no longer alive. rael and the United Arab curity after Israel withdraws.
In a forceful defense of Is- Emirates, Bahrain and several The Palestinian Authority,
rael’s conduct of the Gaza war, other Arab countries. He also which currently rules parts of
Netanyahu denounced what he applauded Trump for recog- the West Bank, would eventu-
called “anti-Israeli” protests nizing Israel’s sovereignty ally take over governance of
against the Gaza war on college over the Golan Heights, mov- Gaza, replacing Hamas, under
campuses and in cities across ing the American Embassy to the U.S. plan.
the U.S., accusing protesters of Jerusalem and “confronting —Gordon Lubold At Communities In Schools, we place knowledgeable and caring
antisemitism and of receiving Iran’s aggression.” contributed to this article.
adults inside schools. These site coordinators surround students
with a community of support to ensure they have access to
everything they need to engage in learning, graduate, and succeed
in life. We are there for them fostering life skills, providing mentor
support, academic enrichment and resources like school supplies,
meals, and access to technology.

See how we go all in for kids at CommunitiesInSchools.org

RICARDO MORAES/REUTERS

© 2023 Communities In Schools, Inc.

Israelis with relatives held hostage in Gaza watched Netanyahu speak on a screen in Tel Aviv.
A8 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

WORLD NEWS
KENYA SPAIN NEW ZEALAND
President Appoints Court Challenges Inquiry Finds
Rivals to Cabinet Catalan Amnesty Thousands Abused
Kenya’s president on Spain’s Supreme Court on New Zealand’s independent
Wednesday incorporated the Wednesday challenged the inquiry into decades of abuse
opposition in his new cabinet, constitutionality of an am- of children and vulnerable
appointing four ministers from nesty law pushed through by adults released a blistering fi-
the main opposition party in a the government this year to nal report Wednesday finding
bid to form a broad-based gov- potentially help thousands of the country’s state agencies
ernment that would address is- Catalan separatists. and churches failed to prevent,
sues raised in deadly protests. The Supreme Court can’t stop or admit to the mistreat-
President William Ruto strike down the amnesty, but ment of those in their care.
named the minority leader in it has asked the nation’s Con- The scale of abuse was “un-
parliament and opposition stitutional Court to weigh in. imaginable” with an estimated
leader Raila Odinga’s party Spain passed the amnesty 200,000 people abused over
chairman in his cabinet de- law in March to help the sepa- seven decades, many of them
spite a split in the opposition ratists in legal trouble for Māori, New Zealand’s indige-

EZRA ACAYAN/GETTY IMAGES

coalition. their roles in a failed 2017 se- nous people, the report said.
Weeks of turmoil have led cession attempt by elected of- In response, the govern-
to dozens of deaths, the fir- ficials of the northeastern re- ment agreed for the first time
ing of most cabinet members gion. The Supreme Court said that treatment of some chil-
and calls for Ruto’s resigna- it believes the amnesty vio- dren in a state-run hospital was
tion. Protests began with lates the principle of equality torture, and pledged an apology
Kenyans’ rejecting a proposed before the law guaranteed in to those abused in state, foster
DEADLY FLOODING: A man grasps a pole on a flooded Manila road. Monsoon rains whipped bill to raise taxes. Spain’s constitution. and religious care since 1950.
up by Typhoon Gaemi left at least 12 people dead and 600,000 displaced in the Philippines. —Associated Press —Associated Press —Associated Press

Paris Plays tured parliament. His govern-

ment resigned July 16, re-
maining only as a caretaker

Defense at until a new one is formed.

The potential for unruly
mass demonstrations over the

The Games elections adds to the pressure

on French police charged with
securing the Paris Games.
Unions have called for pro-
Continued from Page One tests to pressure Macron to al-
French officials said. Wars in low a leftist coalition to form
Ukraine and Gaza have magni- a new government after it
fied those threats, according won the largest number of
to Western officials and secu- seats in parliamentary elec-
rity experts. tions this month.
“The idea is really to have “We must be careful that
events in the heart of the city, our people don’t arrive at the
to allow access for as many Olympic Games exhausted or
people as possible,” said Nico- injured,” said Walder, the po-
las Nordman, security adviser lice union spokesman.
to the mayor of Paris. “That
means the security challenges
are clearly more significant Under orders
than doing this in a stadium.” A 40-year-old software de-
France is mobilizing nearly veloper, his wife and three
three times as many security children were asleep in their
personnel as the number de- Paris apartment last month
ployed for the London Olym- when a squad of French police

DMITRY KOSTYUKOV FOR WSJ

pics, the last one held in Eu- broke down his door. They
rope. handcuffed the man and or-
American police depart- dered him to reveal the pass-
ments for the first time are words to his computer and
lending a hand to an overseas phone.
Olympics host, including offi- The man had served 10
cers from New York, Los An- months in prison for spread-
geles and Fairfax County, ac- ing Islamic State propaganda French gendarmes patrolling the glass fence around the Eiffel Tower, the site of beach volleyball contests.
cording to U.S. diplomatic on social media in 2015 and
security service officials who 2016, and he was released Motorized access prohibited Regulated motorized access Competition sites will eventually be converted
coordinated the arrangements from parole in 2022. Police During opening ceremony During opening ceremony into commercial offices and
with France. The U.S. also is said they were investigating housing, some of it subsidized.
sending bomb-sniffing dogs at whether he was a threat to The new aquatics center will
the request of France. the Games. CITY BOUNDARY serve local residents.
Porte dee la Chapelle
a eA Arena
The thorniest security chal- Authorities spent two B m on rhythmic
Badminton, h mic gymnastics The idea to hold the open-
lenge will be protecting the hours searching his apartment ing ceremony on the Seine
opening ceremony on Friday, and found no incriminating Grand Palais came from Tony Estanguet,
expected to be the most-at- evidence, according to the Fencing, taekwondo the former Olympic canoeist
tended Olympics kickoff in man and his lawyer. Days Arc de
d Triomphe
T iomphe
Triom
Tr p La Concorde
r in charge of the Paris 2024 or-
Ba k
Basketball 3xx breaking,
3x3,
modern history. A 4-mile pa- later, the man received a no- cl ngg, skateboarding
BMX cycling, ganizing committee. He gave
rade of boats on the Seine will tice from the Interior Ministry his pitch to Macron during a
carry the Olympic athletes, forbidding him from visiting Trocadéro
Tr roo Eiffel
E
Eiff
iff
iff
ffeel
el Tower
T
Tooowe
ow
wer
w
we
e meeting in 2020.
who in past Games tradition- any sites of the Games. Race
R
Rac
a walk, lk PARIS “At the very beginning, it
Notre
No
o Da Dame
amee
ally marched through more The ministry ordered him r e
rac
cycling road race seemed to be a crazy and not
easily protected stadiums. to check in with his local po- Eiffel Tower Stadium
very serious idea,” Macron
Authorities estimate the lice station every morning at 8 Beach volleyball Bercy Arena said Monday. “But we decided
ceremony will draw 300,000 a.m. for the next three Invalides Basketball, artistic it was the right moment to
spectators. months, according to a copy of Individual
u l time
i e trial
rii l cycling
ling ggyy na
gymnastics, amp e
trampoline deliver this crazy idea and
“The security measures and the order reviewed by The Roola
Roland-Garros (start), marathon
ar h n (finish),
( iisshh) make it real.”
the resources deployed for the Wall Street Journal. SStadium
Sttadium
di m archery
er The Interior Ministry first
Tennis,
Te
TTennis
niis, boxing
bboo inn
Games’ opening ceremony are “I haven’t had any contact Champ-de-Mars Arena needed to make sure the plan
unprecedented,” said Bruno Le with radicalized people. I kept Parc des Princes Judo, wrestling for the ceremony could be car-
Se

Ray, a retired general who is away from all of that,” the ried out safely, Le Ray said.
ine

Soccer
in charge of Olympics security man said. At first, the Paris 2024 or-
Riv
er

for the Paris 2024 organizing “All of my old clients are S

South Paris
Pa
Par s ArArena ganizing committee hoped to
committee. calling me,” said the man’s H all, weightlifting,
Handball, w ghh tin welcome as many as 600,000
The banks of the Seine lawyer, Jean-François Morant, ttable tennis,
nnis,s, vvolleyball
l y ll spectators for the opening
were sealed off to the public a including more than 10 people ceremony. They cut that num-
Note: Shows restrictions from July 24-Aug. 11.
week ahead of the ceremony. seeking to challenge the ad- Certain Olympic events will close areas for shorter timeframes, which are not shown. ber in half, largely for security
During the event, police will ministrative orders in court. Source: French Ministry of Transportation EMMA BROWN/WSJ reasons.
be stationed every 6 feet or so “I can understand the Interior More than 100,000 people
along the river, said Loïc Ministry wants to secure the a person with a weapon and Western allies to station mili- man with planning an opera- are expected to watch from
Walder, a spokesman for games. But when they take other potential threats. Video tary personnel inside Ukraine, tion to sow disorder at the ticketed seats on the lower
UNSA, one of France’s largest measures that restrict free- cameras nationwide connect crossing a red line drawn by Olympics. banks of the Seine, closer to
police unions. Authorities are dom so much—this, I under- to a command center overseen the U.S. and some in Europe to The International Olympic the spectacle. Ticket prices for
clearing homeless encamp- stand less.” by the Interior Ministry. avoid directly confronting Committee announced Paris the most plum riverbank spots
ments that dot the river banks Interior Minister Gérald Officials said defending Moscow. was a candidate city in Sep- near the Eiffel Tower, Place de
and moving people into tem- Darmanin said 155 people against a cyberattack was a “They’re going to try and tember 2015. Two months la Concorde and the Louvre
porary housing. They will also were subject of such orders, priority because event tickets disrupt the Games,” said Dale later, Islamic State militants are selling for as much as
patrol the city’s catacombs, a and 164 “home visits” were will all be electronic. Hackers Buckner, chief executive of killed more than 130 people in €2,700, just under $3,000. The
maze of underground galleries conducted before the Games. targeted the opening cere- Global Guardian, which is pro- coordinated attacks across the city has been sending free
that contain the bones of mil- The government is using mony of the 2018 Winter viding security at the Olym- Paris region. The following tickets to Paris residents for
lions of Parisians. the Paris Olympics to test new Olympics in South Korea, pics for corporate delegations year, an Islamist radical drove the river’s upper banks.
The French military will security technology, including shutting down computer sys- and affluent families. “The ob- a truck through a packed Luxury conglomerate
close off surrounding airspace algorithmic video surveillance. tems at the stadium and frus- jective is to embarrass the boardwalk in Nice on Bastille LVMH, controlled by French
during the opening ceremony Computer programs analyze trating people trying to re- French government and put a Day, killing 86 people. billionaire Bernard Arnault—
and deploy antidrone squads live video streaming from trieve their e-tickets. stain on the Games.” The truck attack showed among the world’s wealthiest
throughout the Games. cameras throughout the coun- Russia is the main concern, French authorities said how an unarmed extremist individuals—is hosting an
The government also is un- try and alert police to fires, officials and security experts Tuesday they arrested and could produce mass casualties. opening ceremony party at its
spooling a massive dragnet to dangerous crowd movements, said. Macron has pushed charged a 40-year-old Russian French authorities canceled Cheval Blanc hotel, overlook-
shield the Games from poten- dozens of events around the ing the Seine.
tial terrorists and saboteurs. country for the rest of the During the Games, the
Police have sent administra- summer, concluding that secu- Seine will host open-water
tive orders forbidding people rity forces didn’t have the re- swimming, the triathlon and
deemed a security risk from sources to protect against other events. France spent
coming near Olympics events, such threats. $1.5 billion to limit sewage
interior ministry officials said. Despite the security chal- runoff, opening the river to
They are conducting more lenge, officials saw hosting swimming for the first time in
than one million background the Games as a way for France a century. The government
checks of people living around to bounce back. built a massive underground
and working in restricted ar- tank to store a mix of sewage
eas related to the Games. and rainwater that for de-
French security services Take the plunge cades flowed into the Seine af-
face the challenge of keeping In May 2017, two days after ter a heavy rainfall.
tabs on thousands of sus- Macron was sworn in, he French politicians have
pected Islamist extremists and hosted inspectors from the taken a dip in the river as a
people who have been con- Olympic Committee at the Ély- show of confidence, despite
victed of terror offenses since sée Palace to make the case test results showing bacteria
the deadly attacks in the for Paris. levels still exceed safety
country by Islamist militants Early on, French officials thresholds on some days.
in 2015 and 2016. said the Paris Games would “It’s great,” said Paris
YOAN VALAT/REUTERS

The Paris Games happen to help the development of Mayor Anne Hidalgo after her
coincide with one of France’s France’s blighted suburbs. The plunge in front of journalists
biggest political crises in de- Olympic Village and the media and onlookers. “Not only can
cades. Snap elections called by center were built in Seine- we welcome the games but
President Emmanuel Macron Saint-Denis, one of the coun- also swim in the Seine in the
have left France with a frac- French President Emmanuel Macron, center, watching members of the nation’s fencing team. try’s poorest districts. The site years to come.”
 PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, July 25, 2024 | A9

BY ANN-MARIE ALCÁNTARA  Accessories for accessories

I
include a Bogg Bag drink holder
t’s no longer enough to acces- that can fit a Stanley cup.
sorize with jewelry or to
match the day’s outfit with a
cute handbag. The new thing buzzy, says Jake Bjorseth, founder
is buying accessories for your of Trndsttrs, a Gen Z marketing
accessories. agency.
These include lip-balm holders In June, Rhode introduced new
that attach to Stanley tumblers, case and lip-tint colors, and
and charms to decorate the tum- opened a pop-up shop in New
bler and the lip balm. Bogg sells York. Young women waited in a
$20 cup holders that hook onto its line that stretched around the
beach bags, while kids across the block—even though they could buy
country (and many adults) are the new cases and some of the
fans of the themed Jibbitz charms beauty products online.
that adorn Crocs. People are even Trinity Ijoma, a 22-year-old re-
buying PopSockets for their Kin- cent mechanical-engineering grad-
dles and special bags to carry uate in Dallas, saw the new colors
them. on social media and wanted to
The baubles aren’t just a testa- check them out in person during a
ment to the wearer’s personality. visit to New York. She ended up
They also show how easy it is to spending about $53 for the lim-
buy stuff from Instagram and Tik- ited-edition guava spritz-colored
Tok. Nearly three out of every four case with a matching lip tint.
U.S. adults who are active on so- Ijoma no longer rummages
cial media have purchased some- through her purse to find her lip
thing they saw there, according to gloss—and gets plenty of compli-
a survey from buy-now-pay-later ments on her phone case.
service Citizens Pay.
People tend to go to Amazon Personality traits
and other retailers for items they Vivian Nguyen’s charm obsession
already know they want, while started in May. The 23-year-old
they go to social media for inspi- communications major from Hous-
ration and impulse buying, says ton punched a hole in her lip-balm
Forrester analyst Kelsey Chicker- tube to hang a keychain loop and
ing. “You’re discovering things charms, a trend she saw on Tik-
you probably didn’t know you Tok. She is planning a girls’ night
needed.” to make lip-gloss keychains with
It is easy to be tempted into her friends.
buying more accessories in the Nguyen thinks more people are
name of keeping up with trends. PERSONAL TECHNOLOGY accessorizing to express their per-
They are often cheap, and online sonalities post-Covid-19. “People

Accessories Now Come

shopping is frictionless. Just be- are just more comfortable with
cause someone bought a new bau- putting themselves out there
ble doesn’t mean they won’t buy now,” she says.
another in a week—especially if Social media is awash in videos

With an Accessory
they consider the purchases a way from influencers promoting prod-
to express their personalities on- ucts. Nearly half of Gen Z says a
line and off. product going viral is important to
According to data from con- them when considering whether to
sumer research firm GWI, 28% of buy something, data-intelligence
Americans who are interested in company Morning Consult says.
accessories want other people to Stanley cups, Bogg Bags and phone cases aren’t enough on their own After the pandemic, trends
like and notice what they wear. seem to shift at a faster clip, says
Liv Reese, a 21-year-old beauty Trey Hyde. The 18-year-old says
and lifestyle influencer in Boston, style. But after seeing people on four items, says Bogg founder Kim Buzzy releases he and his peers tend to switch
describes her style as maximalist. social media rave about the bag Vaccarella. The company, which One item that encapsulates social their accessories often to commu-
Last year, she came across Tik- and its decorative charms, she introduced its bag accessories in media’s influence on accessories is nicate their moods and how they
Tok videos of people accessorizing bought one. 2014, has seen a surge in bag dec- the Rhode Lip Case. Hailey Bieber, see themselves.
their Stanley tumblers with tiny “TikTok has a big influence on orating during the past two years, the beauty brand’s founder with Hyde, a fashion-business-man-
pouches to hold their credit cards, what I’m buying right now,” Agui- she says. Later this year, the com- the middle name Rhode, started agement student based in Kansas
and snack trays that balance on lar says. She switches her bag’s pany plans to introduce new ac- teasing the product on Instagram City, Mo., started off by hooking
top of the cups. She ended up buy- charms based on her mood, and cessories like a tray that sits on and TikTok weeks before it be- keychains onto his belt loops. He
ing a lip-balm holder and charm bought a second, smaller bag and top of the bag, she says. came available in February. The has since “Jane Birkinfied” his
with her initials, and made videos the Bogg Bevy drink holder for her Now that Bogg has sold over $35 iPhone case holds an $18 purses with trinkets and pins. He
about them. They are two of her Stanley cup. three million bags, and many peo- Rhode lip tint or treatment. It sold started off with a few keychains,
most popular TikToks. “People get to see who you ple carry them, Vaccarella consid- out in 25 minutes. but has since added more.
“It’s almost a hobby to deco- are,” Aguilar says, “based on the ers the accessories to be useful as At a time when everything “We’re the first generation to
rate and accessorize things,” charms you have on your bag.” identifiers. “It kind of lets you seems more expensive, small ac- actually grow up with social me-
Reese says. “It’s definitely a way Most Bogg customers acces- point out your Bogg Bag quickly,” cessories can be cheaper than new dia,” Hyde says, “so we’ve been
for you to express yourself and sorize their bags with more than she says. shoes or clothing, but equally conditioned to change quickly.”
show your personal style with
items that you’re already using.”

Conversation starters
CLOCKWISE FROM TOP: CHEYENNE ELLIS; LIV REESE (2); SYMULA MEDIA GROUP

Bogg Bags—square, rubberlike

totes that are popular among
beach and pool-goers—didn’t ini-
tially have accessories during their
2010 debut. But now people buy
$12 Bogg Bits charms with initials
or sports jersey numbers to stick
in the holes on the sides, much
like Croc Jibbitz.
Sabrina Aguilar, a 26-year-old
special-education teacher in Fire-
baugh, Calif., thought Bogg Bags
resembled Crocs, which aren’t her

 Liv Reese, who has dolled up her

phone cases and Stanley cup,
considers accessorizing a hobby.

puter, click on the three vertical

Should You Turn Off Google’s Cookies? dots in the top right near the ad-
dress bar. Select Settings and then
Privacy and security. Scroll down to
Third-party cookies. You
BY JOANNA STERN AND SHARA TIBKEN your login details and other can choose from three set-

G
preferences so you don’t have tings: allowing them, block-
oogle was going to dump its to put in your username and ing them or blocking them
cookie jar into the garbage. password every time you while in Incognito mode.
For now, it’s back on the shelf. come back to that website. Android phones give you
The company reversed course on Third-party cookies are the same options on their
Monday and said it isn’t getting rid the ones used for tracking mobile Chrome browsers,
of the software cookies that track you across different web- under More Settings.
you across the web. Instead, it says sites, typically for advertis- Those settings don’t affect
it will make it easier for you to turn ing—of spatulas and pretty your other apps. On an
them off. much everything else. This is iPhone or iPad, Chrome al-
So now what? Do you block why marketing companies ready has third-party track-
them yourself? Internet cookies pushed back on Google’s ing disabled, just like on
have long been a standard part of plans to get rid of them. Apple’s own Safari browser.
web browsers and a way advertis-
ers track potential customers who What’s Google doing What about other
view their products online. They’re here anyway? browsers?
the reason you see an ad for spatu- Google had said it was going Microsoft Edge for Win-
las on some random website after to ban third-party cookies dows, Mac and Android
you search for them on Amazon. from working in its Chrome has third-party cookie
So, yeah, if you like spatulas fol- browser, to better protect tracking on by default. You
lowing you around the internet and users’ privacy. can disable them entirely
companies keeping tabs on you, Now, it’s saying cookies by going to edge://settings/
keep cookie-ing on. If you don’t, turn are here to stay, but it’s go- content/cookies or by navi-
them off. Privacy is a big reason ing to be easier for you to gating to Settings, then
other browsers have moved away block them. The company Cookies and site permis-
from third-party cookies. wouldn’t detail exactly what you’ll App Tracking Transparency? Nowa- “The way Apple worded the lan- sions. Choose Manage and delete
Confused? Hungry? Here’s where see, but the U.K. competition regu- days, when you download a new guage of the prompt was to give cookies and site data, and then en-
things stand now. lator overseeing Google’s plans to iPhone app, you might see a pop-up users no reason to want to allow able the toggle for Block third-
block cookies said Google will pres- asking if you want the service to tracking,” he says. “People see no party cookies.
ELENA SCOTTI/WSJ, ISTOCK (2)

What are cookies? ent you with a prompt that asks if track you across other apps. Because downside in opting out and feel like Third-party cookies are blocked
There are two different types of in- you want cookies on or off. the top option says “Ask App Not to their data is being protected.” by Brave, Mozilla’s Firefox and Ap-
ternet cookies. First-party cookies are “We’re exploring an approach Track,” that’s what most people ple’s Safari on computers, iPhones
the best kind. Like your grandma’s that elevates user choice,” a Google choose, says Eric Seufert, an inde- How do I turn off cookie and iPads.
special chocolate-chip cookies, they spokesman said. pendent analyst who writes the Mo- tracking in Chrome? You could turn them on, but if
were made at home—that is, by the Sound familiar? Remember back bile Dev Memo newsletter. He ex- If you’re using Chrome on a Win- everything works fine without
website you’re using. They remember in 2021 when Apple came out with pects Google’s prompt to be similar. dows, Mac or Chromebook com- them, why bother?
A10 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Deciding When
To Step Back
Is Never Easy
How these stars and CEOS entered a new
phase of their lives; ‘something’s got to give’

BY CHIP CUTTER

I
ments, including the space com-
pany Blue Origin and the Wash-
t’s one of the toughest mo- ington Post.
ments in any career: deciding “Being the CEO of Amazon is a
when, and how, to leave a job. deep responsibility, and it’s con-
Plenty of people want to suming,” he wrote in a 2021 email
step down at the top of their to employees. “When you have a
professional game, yet they responsibility like that, it’s hard to
struggle in making a well-timed put attention on anything else.”
exit. Saying goodbye too soon
risks missing additional accom- Wayne Gretzky
plishments during a period of ca- Hockey legend Wayne Gretzky told
reer momentum. Some executives comedian Conan O’Brien that he
hold on for decades, well into felt it necessary to step off the ice
their 80s and 90s. when he realized his opponents
The debate preceding President started taking it easy on him.
Biden’s decision to withdraw from “I knew it was time to retire
the 2024 presidential race pushed when I was playing my last year
the topic of quitting into the cen- and people I was playing against,
ter of the national dialogue. The before they would hit me, they
debate, though, isn’t a new one. In would scream my name and say,
business, government, entertain- ‘Hey, heads up,’ or, ‘Wayne, get
ment and more, many have wres- out of the way,’ ” Gretzky said. “I
tled with how to step aside. remember thinking, ‘Wow, some-
Some, such as the comedian thing’s not right about this.’”
Jerry Seinfeld and the billionaire Gretzky called stepping down a
Jeff Bezos, left high-profile jobs or gut decision, and a difficult one.
projects long before some thought “I wish I could play a lot lon-
necessary. A look at why they did ger. I wish it’d keep going. The re- Jeff Bezos, Serena Williams and about two years later. tion letter and left for London, not
so, and how others articulated de- ality is, I’m probably smarter than Jerry Seinfeld all left high-profile During that period, Novak’s late wanting to be around people sec-
cisions to enter a new phase of I was 20 years ago, but I know I’m careers to begin anew. wife was dealing with health com- ond-guessing his decision.
their careers, can offer insights for not as good as I was 20 years ago, plications related to diabetes, and
anyone approaching a difficult ca- or even 10 years ago,” he said in a he wanted to care for her at home, Serena Williams
reer juncture. broadcast interview following his a different path. She had already he said in an interview. Novak of- Tennis superstar Serena Williams
final game in 1999. “Physically, long surpassed the average tenure ten spent 80% of each year on the announced her departure from the
Jerry Seinfeld and mentally, I could feel in my of a big-company CEO, and started road, flying to restaurants in Thai- sport in a first-person essay in
When the comedian in 1997 de- heart it was getting to the point a discussion with PepsiCo’s board land, Australia, China and Europe. Vogue in 2022, saying she wanted
cided to end his top-rated NBC sit- where I needed to make a change.” about transitioning out of her role. “I made the decision to step to focus on her family and other
com after nine seasons, despite lu- “You know what? It’s time to down because I basically told ev- interests, such as building her in-
crative offers from the network to Indra Nooyi make the change. Twelve years is erybody that I couldn’t put the vestment firm.

FROM TOP: DAVE COLE/WSJ, REUTERS, GETTY IMAGES, EVERETT COLLECTION; ZACH GIBSON/BLOOMBERG NEWS; BOB STRONG/AFP/GETTY IMAGES
renew the popular show, he did so Indra Nooyi spent 24 years at Pep- a long time, and I’d like to do uniform on like I used to,” he said. “I’m here to tell you that I’m
because he wanted to go out on a siCo, including a dozen as CEO, something different with my life, Novak felt he had developed a evolving away from tennis, toward
high note. until she stepped down in 2018. and let’s talk about how to effect stable of other executives who other things that are important to
“I didn’t want to be on a boat During her tenure, she survived an orderly transition,” she said. could take on the top role, making me,” she wrote in Vogue.
that was starting to struggle,” challenges from activist investors, the decision easier. She had been reluctant to admit
Seinfeld told the author Tim Fer- and could have conceivably stayed David Novak she needed to move on from tennis,
riss on a podcast in 2020. “I didn’t in the role for years to come. For about 17 years, David Novak Barry Sanders calling it a “taboo topic.” “I never
want to have that experience. Instead, she told The Wall led Yum Brands, owner of the Barry Sanders, a Heisman Trophy wanted to have to choose between
Even more than that, I didn’t want Street Journal in 2018, she picked fast-food giants Taco Bell, Pizza winner, played for the Detroit Li- tennis and a family,” she wrote.
the audience to have that Hut and KFC. In 2014, he an- ons as a running back for 10 sea- “But I’m turning 41 this month, and
experience.” nounced that he would step aside sons. When he decided to retire in something’s got to give.”
Seinfeld added: “I as CEO, becoming executive chair- 1999 at age 31, his exit took many
could also describe the TV man. He retired from that role by surprise. He had four years left Warren Buffett
series to you as a weather on his contract, and One notable figure has asked oth-
event that has an energy many still considered ers to speak up if they feel his ca-
that gathers and becomes him in the prime of his pabilities are declining.
cyclonic. But every storm career. Warren Buffett, the 93-year-old
blows itself out, and that In a statement at chairman and chief executive of
storm was about to run the time, he articu- Berkshire Hathaway, has re-
out of energy. So was I.” lated his thinking. mained in his role for decades.
“The reason I am retir- The company has outlined its suc-
Jeff Bezos ing is simple: My de- cession plans, with Greg Abel to
The Amazon.com founder sire to exit the game is follow Buffett as chief executive.
started the company in a greater than my desire When Buffett and his late busi-
Washington state garage to remain in it,” Sand- ness partner, Charlie Munger, were
30 years ago, and he ers said. “I have asked in a 2019 Yahoo Finance in-
stepped down as CEO in searched my heart terview how they would make the
2021, handing the reins to through and through choice to leave if they might not
a close lieutenant. Bezos and feel comfortable have the acuity to decide, Munger
became Amazon’s execu- with this decision.” said: “Warren has told people to
tive chair. His reasoning Speaking to the speak up when the time comes. If
in giving up the CEO role? Time. Indra Nooyi, former CEO of Journal in 2023, Sand- we’ve been rational all this way, do
Bezos wanted to devote energy to PepsiCo, above, and David Novak, ers added that he you think we’re not going to try and
his other projects and invest- right, who ran Yum Brands. faxed in his resigna- be rational right to the bitter end?”

Gorillas ance, however, said the

trend is one “we do not
condone and strongly
the animals videos. “Any
enrichment is good en-
richment,” she said.
died in San Diego this month at 52.
Today, there are around 350 goril-
las in accredited North American

Are Having discourage.”

Adam Chiu came over
to get a closer look at
Volunteer docents that
day appeared split, with
some smiling and chat-
zoos.
Some see the trend of gorillas
watching phone videos as the latest

Screen Time Ekuba’s video habit, sur-

prised. He concluded it
was cool. “It’s interesting
ting with superfans as
they showed videos, and
one saying she was told
human indignity foisted upon the
endangered gentle giants, which
spend most of their time in the wild
to see how similar they re- in training to discourage eating vegetation.
Continued from Page One ally are to us,” Chiu, who it. “I get that people want that sort
said Cecilia Lee, a visitor from Or- lives in San Francisco, The San Diego Zoo of connection,” said Beth Armstrong,
ange County. “Anything that brings said. “You look them in spokeswoman said: “We a conservationist who helped shape
us together is fascinating.” the eyes and see con- make a concerted effort to a pioneering gorilla program at the
Ekuba isn’t the only gorilla en- sciousness, there’s some- prevent guests from dis- Columbus Zoo beginning in the
thralled with devices. Across North thing there.” tracting the gorillas with 1980s. “But the reality is: What does
America, zoos have grappled with, Eleven-year-old Calla their screens, and if we do it do for the gorilla?” She wishes
and sometimes embraced, primates DaCruz stood riveted, tak- see this happening, we people would put down their phones
taking an interest in screen time. ing selfies and watching will step in to stop it.” In- and learn from watching the ani-
In Louisville, Ky., a 27-year-old as male gorillas swung stead of trying to connect mals, be it parenting tips or how to
gorilla named Jelani has been enam- from ropes and tussled. with apes through tech- navigate a tough social dynamic.
ored with phones for years, flicking She said she was surprised nology meant for humans, Decades ago, scientists debated
his finger or tapping the glass when to see a gorilla watching a guests should passively whether great apes could actually
he’s ready for a visitor to swipe to woman’s phone, but more observe them “as they be- recognize images in photos or vid-
the next shot. At the Toronto Zoo, amazed by their natural have like gorillas.” eos. Today, it’s abundantly clear
keepers have hung signs to dissuade instincts. “I’ve never seen By the 1930s, young they do, said Robert Shumaker, pres-
showing screens to gorillas, citing any other animal fight like gorillas were taken from ident and chief executive of the Indi-
disruption to their family dynamic. how they do.” African rainforests and anapolis Zoo and a great-ape re-
The interactions speak to man’s A few self-proclaimed transported to barred zoo searcher.
age-old attraction to gorillas, which gorilla groupies come al- enclosures with bare In the Indianapolis Zoo, chimpan-
share 98% of our DNA, and a desire most daily to the world- floors. The few born in zees and orangutans use touch
to connect with them. renowned San Diego Zoo, filming A gorilla checks out a phone in zoos were separated from their par- screens to learn to communicate us-
“They are a window to ourselves, and then showing the “home videos” June at the San Diego Zoo. ents and raised by humans. ing symbols and play cognitive
they really are,” said Ron Evans, to the apes. Seismic change for zoo gorillas games like tic-tac-toe. Shumaker
general curator at the Louisville Zoo. Four brother gorillas who live in ity. The man in the gorilla shirt took place from the late 1970s to said visitors who watch apes demon-
“Except for their superhuman a troop are sometimes shown videos (with a matching baseball hat) and 1990s. Scientists realized the key to strate mental abilities often come
strength.” of their mother, who resides apart a female regular refused to give the apes’ well-being would come away with more support for conser-
Evans said Jelani’s phone-watch- from them with a silverback male. their names, citing a fear of having from letting gorillas raise their vation efforts.
ing hasn’t been a detriment to the The separation reflects how gorillas zoo access removed. “This is my young, in sprawling enclosures that Shumaker said it doesn’t surprise
otherwise quiet life he leads with his would organize in the wild, where a happy place,” said the man, who gave an option to roam away from him, based on his research, that go-
troop-mate, Bengati, so they’ve al- single alpha male lives with several used nods and hand signals to try to the glare of visitors. rillas are engaging with phones.
lowed it in moderation. females and young offspring, while goad gorillas into photogenic Gorillas, who can live into their “But I would give the same advice
On a recent day in San Diego, mature males must go off on their moves. 50s or 60s in captivity, stopped be- to any great ape I know as I would
visitors marveled at the phone- own or band together as bachelors. Tears came to the woman’s eyes ing taken from the wild. One of the to anyone in my own family,” he
ADAM CHIU

watching gorillas. A spokeswoman The San Diego superfans prefer to as she said the zoo might want to last “founder” gorillas in U.S. zoos, said. “This can’t be all day for you.
for the San Diego Zoo Wildlife Alli- bond with the primates in anonym- block her and others from showing as those born in Africa are known, You’ve got to do other things.”
THE WALL STREET JOURNAL. NY Thursday, July 25, 2024 | A10A
A10B | Thursday, July 25, 2024 NY / NE THE WALL STREET JOURNAL.

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 THE WALL STREET JOURNAL. Thursday, July 25, 2024 | A11

ARTS IN REVIEW
ART REVIEW

An Island’s Fantasies of the Mainland

An exhibition spanning 300 years explores a fascinating aspect of Chinese culture’s influence on the art of Japan

BY MICHAEL J. HATCH ner. Even the brushwork Buson ap-

I
plies to the mountainside, a combi-
Washington nation of ropy parabolic arcs and
n 1937, as Japan’s army began hard staccato dashes, is loosely
a full invasion of mainland borrowed from Chinese Yuan dy-
China, Kosugi Misei nasty (1271-1368) painters.
(1881–1964) secluded himself But whereas Chinese album
in the mountains of central leaves were small, portable ob-
Japan to paint “Album of an jects, Japanese screens divided in-
Idle Person.” In one of its 10 small teriors, standing taller than the
scenes a hermit perches by a audiences that kneeled or sat at
stream and stares into the tangled floor level in front of them. Buson
wall of monochromatic branches takes advantage of this scale shift,
rising from the opposite shore. expanding the original composi-
Given the year, it’s diffi-
cult to avoid reading the
small figure as the
painter’s avatar and the
interlocked brushwork
patterns he faces as a
barrier against the tu-
mult of the outside
world. Yet how does our
understanding of Ko-
sugi’s refuge change
when we know he ap-
propriated his style, mo-
tifs and theme from Chi-
nese painting traditions,
even while Japan aimed
to colonize China?
The complicated rela-
tionship Japanese art-
ists had with mainland
Chinese culture from the
17th century through
the 20th is the subject
of “Imagined Neighbors:
Japanese Visions of
China, 1680-1980.” The
show, at the National
Museum of Asian Art,
brings together 39
paintings and three ce-
ramics from the recently
donated Mary and Che-
ney Cowles Collection to
explore Japanese literati
art, a term applied to
intertwined practices of
painting, poetry and cal-
ligraphy that relied on
allusions to classical
Chinese culture.
The Japanese celebra-
tion of Chinese culture
had longstanding prece-
dent before the 17th cen-
tury. For much of Japa-
nese history,
cosmopolitanism meant
a command of the new-
est mainland ideas, tech-
nologies and products.
But Japan’s isolation
throughout most of the Edo period Clockwise from above: ‘Land of the
(1603-1868) resulted in the increas- Immortals in the Northern
ingly liberal Japanese inventions of Mountains’ (1939), by Murakami
Chinese culture that are the central Kagaku; ‘Moon at Mount Emei’
subject of “Imagined Neighbors.” (late 1770s), by Yosa Buson; and
As the exhibition’s curator, Frank ‘Album of an Idle Person’ (1937), by
Feltens, put it to me, “the literati Kosugi Misei.
phenomenon in Japan, while in-
spired by Chinese artists, really be-
comes its own ecosystem.” tion formula across two hinged
Some of the most blatant rei- screen panels to envelop his view-
magining of China occurred in fold- ers. Seated within a Chinese scene,
ing screens, and the exhibition de- surrounded by Chinese brushwork,
votes one gallery to and reading the Chi-
this painting format. nese poem inscribed
Yosa Buson’s on the screen, 18th-
(1716–1783) two- Some artists century Japanese
panel screen, “Moon borrowed viewers experienced
at Mount Emei,” an idiosyncratic ver-
makes its Chinese Chinese motifs; sion of this famous nese literati to project their own modernizing via Western models, the blind these plantains form pre-
roots plain from the peak in southwest- imaginings. their bolder compositions prompt vents us from clearly comprehend-
start. It illustrates a
others freely ern China that they The earlier artworks may best complicated questions about the ing what, if anything, is going on.
famous eighth-cen- adapted them. could never see in reflect the show’s central theme effects that renewed access to Kagaku’s and Usen’s paintings
tury Chinese poem person. of invention in isolation, but the China had on centuries of accu- may seem aligned with European
of the same title by Artworks like post-isolation paintings, espe- mulated Japanese fantasy about modernism in the ways they deny
Li Bai (701–762) and Buson’s elicit ques- cially those from the start of the the mainland. audiences the pleasures of easy
uses a standard composition de- tions about what kinds of Chinese 20th century, stand out for me. In “Land of the Immortals in images. Yet these compositions
rived from Chinese album leaves of art Edo-period artists actually did Made while Japan was rapidly the Northern Mountains,” from were just as likely inspired by ear-
the Southern Song dynasty see. The exhibition, however, in- the 1930s, Murakami Kagaku lier 18th-century Chinese painting
(1127–1279): a scholar looking with tentionally excludes Chinese art- (1888–1939) pushes the of the so-called eccentric style, a
his companion from the bottom left works, allowing us to similarly ex- Installation view of ‘Imagined possibilities of literati landscapes term used to describe artists who
corner across an open expanse to a perience the lack of knowledge Neighbors’ at the National to the extreme. Chinese literati flouted compositional norms and
distant peak in the upper right cor- about China that encouraged Japa- Museum of Asian Art, below. tradition relied on recognizable preferred intentionally strange
citations of past subjects. From this perspective,
brushwork styles Japanese literati artworks reveal
and motifs that a narrative of East Asian modern-
cohered into clear ism wholly independent of West-
forms. But the wide, ern influence.
wet gray curves of The variety of formal invention
Kagaku’s peculiar on display in “Imagined Neigh-
brushwork create a bors” alone will surprise any fan
smoky rhythm that of painting, regardless of back-
nearly dissipates the ground knowledge about Japan.
very mountain it But this venue offers audiences
shapes, stopping just unique resonances with the exhibi-
shy of fully tion’s central themes of cultural
abstracted pattern. appropriation and invention.
Ogawa Usen’s Walk down the hall to James
NATIONAL MUSEUM OF ASIAN ART (3), NATIONAL MUSEUM OF ASIAN ART/KOSUGI SHŌTARŌ

(1868–1938) “Deso- McNeill Whistler’s “Harmony in

late Garden in Clear Blue and Gold: The Peacock
Autumn,” dated to Room,” created by the American
the 1920s, similarly artist in 1876-77, and you’ll find a
destabilizes our un- spectacle of Western imagination
derstanding of the about East Asia that was contem-
image it offers. Two poraneous with the Japanese lite-
dying plantain trees rati art of “Imagined Neighbors.”
punctuate the fore- Seen together, they remind view-
ground, rising from ers that indulging in fantasies
somewhere beyond about foreign culture could be as
the picture frame in transformative for modern West-
warm, ghostly orange ern artists as for East Asian ones.
tones to obscure our
view of the garden Imagined Neighbors: Japanese
beyond. The cat-like Visions of China, 1680-1980
creature lingering on National Museum of Asian Art,
the cool, dark boul- through Sept. 15
ders in the image
center ought to be Mr. Hatch teaches art history at
the focal point. But Trinity College.
A12 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

SPORTS
BY JARED DIAMOND AND LINDSEY ADLER
Baseball Grapples With Parity Problem
M
ajor League Baseball ex-
panded the postseason field
from 10 participants to 12 With about two months left in the regular season, all but a few teams remain in contention
two years ago in the hope that the
new format would keep more fans
invested in the sport as the sum-
mer dragged on. The theory was
that having more markets alive in
September would mean fewer peo-
ple changing the channel to watch
preseason football in August.
It seems the strategy has
worked—maybe even a little too
well.
There were 20 teams either
holding onto a playoff spot or
within 3½ games of one at last
week’s All-Star break, an all-time
record. Entering Wednesday’s play,
all but six teams were within 6½
games of the postseason, an almost
unfathomable level of parity—or
mediocrity, depending on your
perspective.
It means that with barely two
months remaining in the season,
two-thirds of the entire league is
essentially one productive weekend
away from vaulting into the Octo-
ber conversation.
The National League in particu-
lar is an unprecedented cluster, to
the point where simply finishing
with a record above .500 might be
enough to sneak into the playoffs.
Even so-so teams, like the Cincin-
nati Reds and Washington Nation-
als, are close enough to postseason
position to dream about playing Entering Wednesday’s play, all but six MLB teams were within 6½ games of the postseason, an almost unfathomable level of parity.
meaningful baseball on cool au-
tumn nights. team has an interest in being the as definite sellers, including the enormous success. The upstart Bal- the attention of the baseball world
In some ways, this is exactly last team standing.” Chicago White Sox, Miami Marlins timore Orioles and surging Hous- will turn to the postseason—and
what MLB wanted when the club But there’s a potential downside and Colorado Rockies. ton Astros desperately need pitch- the current format will no doubt
owners and players’ union agreed to having so many contending The upshot of all this is that ing. The surprising Cleveland once again emerge as the subject
to add two playoff teams in the teams—and it’s one that could re- any team willing to part with any Guardians could use another bat. of scrutiny.
sport’s most recent collective bar- veal itself in the next few days. player of value will be able to com- The New York Yankees have more Last fall, the 12-team system re-
gaining agreement. The July 30 trade deadline, mand an exorbitant return, which issues than could possibly be ceived plenty of criticism after all
In fact, the league proposed a which ideally would feature a could further slow activity. Inter- solved in a week. It’s unclear at of the top regular-season teams
14-team tournament but relented flurry of top players going from ested in Jesús Luzardo, the Marlins this point how any of them will be lost quickly. All three 100-win
following dissent from players in bad teams to good ones to generate left-hander with an ERA of 5.00? able to find reinforcements. squads—the Orioles, Los Angeles
what was a contentious negotia- attention to baseball for the stretch He won’t come cheap. Want Oak- Of course, there is still time for Dodgers and Atlanta Braves—went
tion. More teams in the playoffs run, could wind up being weirdly land Athletics slugger Brent teams to move off the bubble and a combined 1-9 in October. Not
creates more playoff games to sell boring. Rooker? Be prepared to pay. turn into sellers. One of those dom- long after, MLB commissioner Rob
to television networks, which re- And it isn’t just the entertain- And if you’re a team thinking inoes fell earlier this week, when Manfred said the results would
sults in more money in MLB’s cof- ment value that’s at stake—the log- about making a run at one of the Chicago Cubs president of baseball “motivate a conversation about
fers. jam could make it difficult for few true stars on losing teams— operations Jed Hoyer said that whether we have it right.”
The current situation stands in teams on the cusp of the playoffs like Tarik Skubal of the Detroit Ti- “unless things change dramati- Ultimately, the World Series
contrast to recent seasons, which to reel in the upgrades they need gers or Bo Bichette of the Toronto cally” between now and the end of featured the Texas Rangers and the
have featured a collection of haves to transform into genuine contend- Blue Jays—swallow hard. It’s going the month, he doesn’t expect to 84-win Arizona Diamondbacks, a

LM OTERO/ASSOCIATED PRESS
and have-nots with virtually no ers. to cost a collection of prospects make any trades to improve the matchup that drew the lowest tele-
middle class. Union chief Tony That’s because there is a whole that will make any responsible gen- 2024 roster. Suddenly, 32-year-old vision ratings on record. This year,
Clark said recently that while play- bunch of teams who think of them- eral manager break out in hives. Jameson Taillon, with a career ERA the Diamondbacks seem mediocre,
ers “still have concerns” about selves as buyers—but not enough As a result, it won’t be easy for of 3.92, could be one of baseball’s with a record right around .500.
competitive balance, new measures sellers for them to call. There are the best teams to fill their holes hottest commodities. But don’t count them out yet:
have made it so fans are no longer realistically only a handful of before the deadline, a time-hon- Once the trade deadline passes They’re only a game back of the
“questioning whether or not their teams that could now be described ored strategy that has resulted in and the calendar turns to August, wild card.

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13 22 Word with
day, bay or
The Paris Olympics Could
14 15 16 pay

17 18 19
25 Con man’s
con
Also Be the Protest Olympics
20 21 22 26 Dark BY RACHEL BACHMAN asked him, “‘What should we protest at the 1968 Mexico
27 Charged do?’” City Olympics. There, U.S.
23 24 EVERY TIME AN ATHLETE “They are totally con- sprinters John Carlos and
28 Character steps onto the podium at the flicted,” he added. “They Tommie Smith each thrust a
25 26 27 28 29 30 31 32 on El Al Paris Olympics this month, want to be good sports, they black-gloved fist in the air
planes officials will be watching want to be good role mod- while on the medal stand to
33 34 35 even more closely than els.” Tygart declined to say advocate for the civil rights
29 Make fun of
usual. What they’ll be look- what he told the swimmers, of Black people at home and
36 37 38 30 A cube has ing for is any sign of politi- but said he talked through abroad. They were expelled
twelve cal messaging at what could how to sound the alarm from the Games.
39 40 41 become the most fraught about what they see as a Since then, few protests
31 Needs a
break, Summer Games in a genera- deeply unfair situation. have generated as much at-
42 43 44 tion. The American swimming tention, but that hasn’t
perhaps
The Olympics officially community still remembers stopped athletes from seiz-
45 46 32 Doesn’t fold kick off on July 26 amid sev- the headlines branding 1976 ing their moment in the
33 Nonsense, in eral crises inside and spotlight.
47 48 49 50 51 52 53 54 outside the world of At the 2022 Beijing
Nottingham
sports. And athletes Winter Olympics, Vla-
55 56 57 37 Mayday plea haven’t been shy dyslav Heraskevych, a
38 Dentist’s about expressing Ukrainian athlete in
58 59 60 their views on topics the sliding sport of
demand
ranging from wars in skeleton, held up a
61 62 63 40 Fulminate the Middle East and sign that read, “No
41 Track great Ukraine, to the inclu- War in Ukraine” in
Zatopek who sion of Olympians front of TV cameras.
OLYMPIC GAMES | By Mike Shenk from Russia and the At the time, Heraskev-
won three
Across 25 Concert 47 Not following 4 “Sometimes a gold medals involvement of Chi- ych said he thought
souvenirs any religion, Great Notion” in the 1952 nese swimmers in an the risk was worth it.
1 Approach alleged doping scan- “If I can do some-
to a problem from the even on the writer Olympics
early 2000s? Sabbath? dal. thing to stop war, I
5 Closer’s stat 5 Tropicana 43 Cracker Jack But once Paris can sacrifice some-
(marriage) (wisdom) Field setting, bit 2024 begins, those thing in my life,” he
10 Notice 33 Radio dial 55 Like fairways, familiarly
44 Back down athletes will be told said. Days later, Russia
14 Exertion 34 Smart guy often 6 Many an to keep their opin- invaded Ukraine.
aftereffect 56 Shake, as a Omani 47 Radiator ions quiet. Heraskevych has
35 Random attachment International since become a critic
15 Rome tail 7 Star in Lyra
number Olympic Committee of the IOC’s decision to
district with generator 57 Between jobs 48 McGregor of
8 On any “Big Fish” rules forbid athletes allow some Russian
a famed
36 Just 58 Jacob’s twin occasion from protesting on athletes cleared by the
fountain 49 Good battler the field of play or IOC to compete as
37 Move with 59 Irish export 9 Robin, e.g.
16 Ill-fated 50 Ma’s ma on the medal stand. Tommie Smith and John Carlos in 1968. neutrals in Paris. The
priestess of stealth 60 Canadian 10 Dwindled That creates a di- IOC has said that,
Greek myth 38 Scary brute coin with a 51 Yemeni port lemma for the ath- among other things,
11 Zest source
schooner on 52 Polish letes who see the Games as U.S. Olympian Shirley Ba- Russian athletes who “ac-
17 Game 39 Tech. sch. the reverse 12 Paperless test the biggest possible platform bashoff as “Surly Shirley” tively support” the war and
stopper, study writing
61 Focus of a 13 Olympic diver to raise awareness of issues for implying that the East those who are contracted to
sometimes 40 Brings in 53 “Sesame close to their hearts. German women she was the Russian or Belarusian
pitching Daley
18 Summoned Street” Travis Tygart, CEO of the competing against were us- military or national security
41 They’ve scout? 21 Co-star of youngster
to the U.S. Anti-Doping Agency, has ing performance-enhancing agencies cannot compete.
been wielded 62 Magic show Garland,
emergency 54 Penetrating been feuding with the World drugs. History would later If athletes with those ties
in the volunteer, at Bolger and Anti-Doping Agency over show that many of those make it into the Paris Games
ward, Olympics 55 Got together
times Haley what he sees as its mishan- athletes were doping. despite the screening pro-
perhaps since 1900
63 School Previous Puzzle’s Solution dling of a number of doping Under IOC rules, Olympic cess, Heraskevych said, then
19 Package in 42 Big cat positives among Chinese athletes are allowed to ex- athletes would be justified in
founded by G R A D E R D E S Z A C H
the copier who’s chaotic R E D O N E E S Q A L O E swimmers, some of whom press themselves on social protesting.
room Henry VI U N I T E D P L UM P S U M
and self- will be competing in Paris. media, in interviews or in What might happen to
Down M A E E A T A E S O P S Tygart said American ath- the host city outside of athletes deemed to violate
20 Headline destructive? P L U C K Y C H A R M
about a (messages) 1 Protector L E E K L I E D O W N
letes are frustrated but feel Olympic venues or the ath- the IOC’s policy is unclear.
streaking during S A V O R S O S I D E A pressure from sports govern- letes’ village. On the field of Although the Olympic char-
45 Word with P L A Y I T O N T H E L I N E ing bodies and their spon- play or medal stand, how- ter says it could kick ath-
cucumber? tight or 17-Across A M I E E G O A U N T S sors to “shut up and go per- ever, “No kind of demonstra- letes out of the Games or
STF/ASSOCIATED PRESS

(war) loose 2 Amazonian R A N D A L L P A C T form and compete.” tion or political, religious or even force them to return
P L E A D T H E W A Y
23 Scarf, say 46 German fruit M E D U S A G A T O D E At the U.S. Olympic racial propaganda is permit- medals, the IOC has no re-
24 Family article 3 Styling P L A T E F E E A D O R E S swimming trials in Indianap- ted,” according to the Olym- cent history of doing that.
E MM A I A N C U R D L E olis, Tygart said, several ath- pic Charter’s Rule 50. —Louise Radnofsky
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. G O S H B U T H O R S E S letes who made the team That rule grew out of the contributed to this article.
THE WALL STREET JOURNAL. Thursday, July 25, 2024 | A13

OPINION
Why Kamala Could Win BOOKSHELF | By Andrew R. Graybill

An assump-
tion in Repub-
lican circles is
his moving words about the
attempt on his life, Mr. Trump
gave a shopworn, meandering
it reveals a potentially fatal
Trump flaw.
Donald Trump is the Dr. Je-
said less—than Barack Obama.
Turns out the job fell to Nancy
Pelosi, the most skilled politi-
Beast of Burden,
that Kamala
Harris can’t
win, and it is
reasonable to
stump speech. After all his tra-
vails, controversies and wars
with the Democrats, this was a
chance to show himself to the
kyll and Mr. Hyde of American
politics. Most of the time, he
displays unusual talents to ad-
vance his own interests. But
cian of our times at getting
people to go where they don’t
want to go. But the Obamas—
Barack and Michelle—will be
Partner in Battle
WONDER
LAND think so. She
becomes the
entire country as the presi-
dent. Instead he gave them
once in front of a big crowd—
even the convention corona-
back.
One of Mr. Trump’s most re-
The Horse
By Daniel
carrier of the something familiar—Trump. tion—a switch flips and he be- markable recent achievements By Timothy C. Winegard
Henninger
Biden eco- If Mr. Trump couldn’t pull comes Mr. Hyde, uncontrolla- has been gaining the support Dutton, 544 pages, $35

D
nomic bur- himself together to deliver a bly going off-script and raving of black and Hispanic voters,
dens; her performance in of- solid 60-minute case for his about whatever enters his especially younger males. uring the winter of 1786-87 in a camp near present-day
fice has been poor; her candidacy then, there is no mind. That, too, is the product of his Calgary, Alberta, an elderly Indian warrior described to
favorables are worse than Mr. reason to expect he will do so record at creating private job a British fur trader how his people, the Blackfeet, had
Biden’s; she is a committed in the campaign ahead. opportunities. To win, Ms. initially encountered the horse five decades before. As the old
woman of the left and likely no This election will be de- Donald Trump could Harris needs to pull those vot- man explained, the Blackfeet had become alarmed when they
match for the ascendant, post- cided by independent and un- ers back to the Democratic first heard rumors about the animal, “for we had no idea of
assassination-attempt Donald decided voters in seven states. have closed the deal Party. She can’t easily do that, horses and could not make out what they were” until they
Trump. Whatever they knew about Mr. with his acceptance but the still-charismatic Mr. discovered the corpse of a fallen steed that had belonged to
All true. Focus, however, on Trump before the assassina- Obama can. an enemy tribe. “He put us in mind of a stag that had lost his
another assumption: that this tion attempt is what they’re speech. He didn’t. I would look for the Obama horns; and we did not know what name to give him. But as
is Mr. Trump’s election to lose. going to know for the next sev- sphinx to re-emerge in the he was a slave to man, like the dog, which carried our things,
Also true, but the smart money eral months. Which means that campaign as a Harris proxy to he was named the big dog.” In time, the Blackfeet acquired
won’t skip past those last two Ms. Harris, for all her liabili- An example: Notwithstand- talk black men back into the horses of their own, which revolutionized their society by
words—“to lose.” ties, has a good chance of mak- ing abortion, the campaign’s party. Michelle will join the annihilating distance and facil-
Of the cascade of recent ing this election competitive. biggest issue remains the un- candidate in reaching out to itating the hunt.
historic events, history may She could win. popular Biden-Harris economy suburban women. If Mr. Trump This “centaurian pact” is at
record the most determina- Track records matter in po- and inflation. Mr. Trump’s eco- loses, the Obamas will ascend the heart of the historian
tive was Mr. Trump’s accep- litical forecasting. An estab- nomic record when president, to the Democratic Mt. Rush- Timothy Winegard’s sprawling
tance speech at the Republi- lished reality is that Trump as compiled toward the end of more. And maintain an open and instructive “The Horse: A
can convention. elections are close (including his term by his Council of Eco- phone line to the Oval Office. Galloping History of Human-
The idea that it was Mr. down the ballot). With the mil- nomic Advisers, is impressive. The Harris campaign plans ity.” The author, who teaches
Trump’s election to lose lions of votes cast in 2016, Mr. But Mr. Trump struggles to a nonstop ad hominem assault at Colorado Mesa University
emerged after the assassina- Trump barely beat Hillary present his own economic on Mr. Trump. Convicted, “will and has written, among other
tion attempt. Mr. Trump sur- Clinton. After four years as achievement with anything re- take us back” and all that. The volumes, a study of the rela-
vived, rose triumphant and sat president, Mr. Trump narrowly sembling clarity. It’s a hodge- rationale for going low is it tionship between people and
at the convention looking like lost to Mr. Biden, a multiple podge of claims. will make Mr. Trump go even mosquitoes, argues that “the
a man who by God’s grace was loser in previous White House The off-script discontinuity lower against “the first black human-horse dyad is the most
alive to carry on. With Mr. Bi- runs. What reasons has Mr. of Mr. Trump’s presentation woman to run for president.” dominant animal coalition ever
den refusing to admit reality Trump given voters—despite style, at times entertaining, That in turn will be the offset witnessed,” thanks to human
about himself or his election that golden convention oppor- didn’t matter when his oppo- against Mr. Trump’s gains with ingenuity, on the one hand, and
prospects, and his party in dis- tunity—to give him a landslide nent was the even more dis- the public from the assassina- the horse’s “freak-of-nature fusion of size, strength, stam-
array, Mr. Trump had been victory in 2024? continuous Mr. Biden. Ms. Har- tion attempt. ina, and speed” on the other. Mr. Winegard notes that the
handed the election on a silver Mr. Trump has proved he ris may yet give voters her Mr. Trump had a chance to animal developed a suite of evolutionary advantages,
platter. possesses political gifts. Amid signature word salads, but close the deal with his accep- including teeth and jaws suited to chewing grass; a diges-
All he had to do was deliver unending assault, he has with the stakes this high, don’t tance speech. He didn’t. If tive tract efficient in breaking down cellulose; enormous
a statesmanlike acceptance shown resilience, adaptability, bet on it. She’ll fix that. Trump-rally mode is as good eyes set far back on the head, allowing for excellent periph-
speech and pocket the elec- fortitude and now even cour- During the silent Biden as it’s going to get, she has a eral vision even while grazing; and toes that became
tion, with or without Mr. Biden age. I am emphasizing his con- coup, no name came up more chance. hooves, ideal for both plains and pastures.
in the race. Instead, once past vention speech because I think often—and no major figure Write [email protected]. Horses were domesticated approximately 5,500 years
ago, on the Pontic-Caspian Steppe, a swath of grassland
stretching from Eastern Europe to Central Asia. The earli-

Harris Saves Democrats From Certain Defeat est human adopters used the animal as a resource, consum-
ing its meat and milk and fashioning tools from its bones,
but they found equines helpful, too, in transporting people
By Karl Rove cratic enthusiasm has ener- turned into a meandering positive agenda. Blasting Ms. and goods. Yet it was on the battlefield that the animal’s

D
gized fundraising. Ms. Harris mess that likely didn’t convert Harris for hiding Mr. Biden’s impact proved decisive. The horse was the ultimate force
onald Trump has led received $81 million in her a single undecided voter. mental and physical decline is multiplier, such that, according to the author, it “dominated
the 2024 race for a first 24 hours in the race, ac- That could prove a real a waste of time. Swing voters the art of war for almost four thousand years.” Foot
long time. He has gen- companied by $150 million in misfire by Mr. Trump if Ms. will be more interested in the soldiers were no match for cavalry, especially after the
erally led in the RealClearPoli- pledges for her super PAC. Harris has a successful speech future. Republicans who de- invention of the stirrup, by the Chinese, in the fourth
tics national average since The Trump campaign’s recent to close out a unified conven- mand Mr. Biden’s resignation century, which enhanced the rider’s control and allowed for
Sept. 12, 2023. As for Joe Bi- financial edge could be gone. tion and then immediately should be careful what they the wearing of heavier armor and the wielding of bigger
den, since his catastrophic de- She’s aiming for tough op- hits the campaign trail hard, wish for. If that happened, Ms. weapons. (For a sense of the mounted warrior’s advantage,
bate performance on June 27, eratives to lead her campaign, drawing big, enthusiastic Harris would immediately see the charge of the Rohirrim in the 2003 movie “The
it has been clear that he was grabbing Biden campaign crowds. Democrats could go have much greater stature as Lord of the Rings: The Return of the King.”)
headed for a massive defeat. chairwoman Jennifer O’Malley into Labor Day ahead in the the new president. Attacking In America, where horses originated but died out some
But after Mr. Biden’s with- Dillon and reportedly talking Ms. Harris’s replacement of time before 5000 B.C., the species was reintroduced by the
drawal Sunday, Democrats are to Barack Obama’s 2008 man- Mr. Biden on the ticket as Spanish in the late 15th century, leading to the ascendance
now back in the game. ager, David Plouffe. Ms. O’Mal- A younger face atop “undemocratic” and “a coup” of the nomadic indigenous cultures that flourished on the
Vice President Kamala Har- ley Dillon and Mr. Plouffe is similarly ineffective. Refer- Great Plains, groups like the Arapaho, Cheyenne and Sioux.
ris’s elevation has unleashed could present a formidable the ticket makes it a ring to her as a “DEI hire”— Equines were prized as well in the urban industrial society
enormous enthusiasm among challenge to Susie Wiles and real race again. Can diversity, equity and inclu- that emerged in the United States after the Civil War, so
Democrats. In an instant, the Chris LaCivita, Mr. Trump’s sion—is stupid and ugly and much that, as Mr. Winegard declares, the animal’s “final
issue of Mr. Biden’s age and honchos. Team Trump adapt? alienates voters. curtain call, between 1870 and 1920 . . . was also the Age of
mental and physical deteriora- Ms. Harris’s vice-presiden- It’s been a staggering few the Horse.” In the 1890s, New York City was home to more
tion was gone as a candidate tial choice looms. Will she try months, from Mr. Trump’s than 100,000 horses (which produced millions of pounds of
in his 80s stepped aside for to broaden her appeal with an race, having consolidated and conviction and Mr. Biden’s manure daily). Today there remain an estimated 58 million
one in her 50s. experienced governor or energized their party and historically bad debate perfor- horses worldwide, and, as the author puts it, they are still
A younger face leading the member of Congress who ap- made modest inroads among mance to the attempted assas- “an integral part of what it means to be human.”
Democratic ticket could bring pears ready for the top job if swing voters. A week ago, that sination of Mr. Trump, Mr. Bi-
back voters who saw Mr. Bi- something happens? Such a was unthinkable. den’s abrupt withdrawal and
den as out of touch and old— pick would raise public esti- Still, Ms. Harris has big Ms. Harris’s coronation. Horses brought to those who tamed them the
the young in particular. Mr. mations of her judgment, es- problems. Her vice-presiden- It’ll take time to absorb all gifts of strength, speed and stamina. Their
Biden’s exit means that Mr. pecially by comparison with tial tenure is associated with that’s been thrown at us. But
Trump will be the oldest Mr. Trump. one of the Biden administra- when it sinks in, what’s been a use in combat would transform the art of war.
presidential nominee in U.S. The Democrats’ Chicago tion’s most conspicuous fail- close race is likely to stay that
history. convention will test her candi- ures: the chaotic southern way, albeit with its underlying
Ms. Harris will attack Mr. dacy. Republicans had the ad- border. Nor can she escape re- dynamics greatly changed. Mr. Winegard’s prose style is beguiling, characterized by
Trump with more vigor and vantage of holding their con- sponsibility for Mr. Biden’s How this contest shakes out pithy chapter titles (from “Eat Like a Horse” to “Riders on
precision than Mr. Biden could fab first. Mr. Trump’s other disasters, from inflation will still depend on how can- the Storm”), clever analogies (likening mounted traders to
and prosecute the abortion is- favorable ratings and ballot and the Afghanistan with- didates conduct themselves in “the FedEx, UPS, or Amazon Prime of their age”) and memo-
sue more effectively. The Sept. numbers rose, perhaps out of drawal to out-of-control the next 100 or so days. They rable details (“all modern Thoroughbreds trace their lineage
10 debate, which looks likely sympathy following the at- spending and antienergy poli- may be among the most inter- to just three stallions” imported to England from the Middle
to happen, won’t be the walk tempted assassination. Can cies. She’s to the left of Mr. esting and consequential in East between 1686 and 1730). But on occasion his writerly
in the park for Mr. Trump that Democrats now showcase Biden; the electorate isn’t. American history. gifts disappear beneath waves of information that threaten to
the first debate was. Borrow- party unity and make their And after flaming out in her drown the reader. The dawn of intensive agriculture, the
ing from Bill Clinton’s 1996 case as effectively as Republi- 2020 primary run, it’s ques- Mr. Rove helped organize education of Alexander the Great and bone-hunting in the
playbook, Ms. Harris is por- cans did? tionable how likable a candi- the political-action committee American West all connect in meaningful ways to the history
traying herself as a bridge to Ms. Harris’s acceptance date she is. American Crossroads and is of the horse, but the depth of such treatments (and others)
the future and Mr. Trump as a speech could provide a real Team Trump should keep author of “The Triumph of by the author can be enervating.
bridge to the past. contrast to Mr. Trump’s, going after these policy William McKinley” (Simon & What’s more, he has a tendency to overreach. To be sure,
The turnaround in Demo- which after a riveting start points, while offering its own Schuster, 2015). some of the author’s bolder assertions ring true enough
and help crystallize his thesis about the bond between peo-
ple and horses. “The Horse” also showcases the author’s

A Not-So-Fond Farewell to Joe Biden keen ability to turn a phrase like “history marched forward
to the cadence of drumming hoofbeats.” But sometimes Mr.
Winegard tries to squeeze too much from the evidence. For
By Joseph Epstein inflation and worked sedu- ing. During speeches he is im- the intrusion of woke culture, example, after describing the Norman Conquest and

I
lously to lower it. He claims prisoned by the teleprompter; and with it the fall in prestige connecting it to the eventual rise of the British Empire, he
’m pleased that Joe Biden to have enlarged and held interviews often find him of American institutions of wryly observes that, “In this sense, the modern world
has left the 2024 presi- the North Atlantic Treaty Or- clutching his notes. When he higher education. During the order—and, of course, William Shakespeare, James Bond,
dential race. I’ll be even ganization together. He leans in to whisper what he same years antisemitism the Beatles, and Harry Potter—was birthed in 1066 by
more delighted when his term claims to have created mil- takes to be crucial senti- found a home in the Demo- William and his heavy cavalry horses at Hastings.” The
ends. Even though the old boy lions of new jobs. None of ments, as if speaking in ital- cratic Party, where identity associative logic is amusing but not very convincing.
has limited his interviews and these claims hold up under ics, he doesn’t deliver. He has politics took a firm hold. All For all the benefits of the horse to humanity so ably
public appearances more than even cursory investigation. managed to seem, somehow, this while Mr. Biden pursued sketched by Mr. Winegard, his book is also attuned to the
any other president in the fragile yet unsympathetic. the electrification of our vehi- downsides of this pact, from the cycles of devastating con-
modern era, I long ago had Democrats hold that Mr. cles and was off chasing cli- flict it produced and intensified to the problem of waste
more than my fill of him. The old boy’s winking Biden has forgone a second mate change. management. In this way, the author is in conversation (if
After more than 50 years Irish charm never presidential term out of self- If America is one day to unwittingly) with the biologist Barry Commoner, whose
in government, Mr. Biden has lessness, on behalf of the have the equivalent of the Ro- 1971 classic, “The Closing Circle: Nature, Man, and Technol-
become the emblematic poli- worked on me. American people, for the man historians, our Suetonius ogy,” posits four laws of ecology, the last of which is “There
tician, which is no compli- greater good of the country. is likely to emphasize Mr. Bi- is No Such Thing as a Free Lunch.” As Commoner
ment. He came into office Of late I have heard him re- den’s plagiarism as well as explained, “in ecology . . . every gain is won at some cost.”
promising to heal the rifts di- He frequently recounts un- ferred to as “lovable.” Not a the cocaine found in his So it was with the Blackfeet and other native nations that,
viding the country, and in- interesting advice his work- word about how he became White House. Our Tacitus may thanks to the advent of the horse, reigned supreme on the
stead widened them by his ing-class father gave him. He rich while in political office, dwell on his contribution mid-continental grasslands of North America for much of
own leftward political turn. never misses a chance to tell owning several costly homes, through ignorance to the de- the 18th and 19th centuries. In the end, the price of a
He continues to call himself you that he lost his son Beau, a Corvette and who knows cline of the American empire. horse-based culture proved high. It replaced earlier social
Catholic yet is blithely pro- who served in Iraq but didn’t how many other cars, nor of As for me, I have come to conventions with a militaristic society that featured
choice on abortion. Every- die there. No Irishman is ever a son and brother, not to view him as the Russian peo- “constant intertribal raiding and warfare” and depended on
thing about him—his ideas, taken in by Irish charm. If I speak of grandchildren, who ple were said to view the czar, the availability of vast bison herds to survive. This is but
his language, his very smile— am any measure, it doesn’t have also grown rich as his that is, may he live and be one of many valuable lessons from Mr. Winegard’s ambi-
seems fake. work so well on Jews either. star ascended. well but not too close to me. tious and entertaining synthesis.
Mr. Biden doesn’t lie as So many of Mr. Biden’s Many say Mr. Biden’s term
often as Donald Trump, but sentences begin with the as president has been his- Mr. Epstein is author, most Mr. Graybill is a professor of history at Southern
his lies are grander. He word “look.” A great many toric. And so, I suppose, it has recently, of “Never Say You’ve Methodist University. He is writing a book about the Texas
claims to have inherited high others never find their end- been. His years in office saw Had a Lucky Life.” Longhorn.
A14 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Kamala Harris Confounds the GOP Harris Dodges Scrutiny on Her Way to the Top

D
emocrats are newly energized as they another false note. The decision to have chil- Regarding your editorial “What Ka- to end the suffering of the Palestin-
rally behind Kamala Harris for Presi- dren is intensely personal and often a matter mala Harris Believes” (July 23): In ians in Gaza is for Hamas to surren-
2018 Sen. Harris questioned whether der all the hostages, lay down its
dent, which is no surprise after their of chance as much as choice, and the attack un-
Brian Buescher was fit to serve on weapons and end its avowed quest to
weeks of despond over Presi- derscores the culturally cen- the U.S. District Court in Nebraska kill its neighbors. The war would end
dent Biden. Yet Republicans Her strong start sorious side of the GOP that because he belonged to the Knights of the very next day.
seem suddenly and oddly on seems to have caught alienates many voters. She has Columbus, a Catholic charitable and Ms. Harris is falling into the trope
the back foot, as if they didn’t two stepchildren. It’s possible fraternal organization founded in of blaming Israel for all that is wrong
think this could happen. The Republicans by surprise. to stress the virtue of families, 1882. She said the knights take “ex- in the region. It is Hamas against
U.S. now has a presidential and children, without sound- tremist” positions, i.e., they adhere to whom our common humanity should
race that Donald Trump and ing like moral scolds. church teaching on marriage and compel us to act.
the GOP could lose. Some Republicans think they can win by por- family, including the right to life. JUDY SHAPIRO
The relief rally among Democrats is palpable traying Ms. Harris as “weird,” as if her laugh “Were you aware that the Knights of Phoenix
even without new polling data. Money is flow- is disqualifying. But that only works if a candi- Columbus opposed a woman’s right
to choose when you joined the organ- Regarding your editorial “It’s Ka-
ing into the Democratic campaign, there is nary date plays into the critique. So far on the stump
ization?” she asked. mala Harris by Acclamation” (July
a voice of party dissent about the coronation she’s performing better than she did in 2019 or At the time she was roundly criti- 23): I don’t want to hear any more
of the Vice President, and the press corps is al- in her early days as Vice President. Too many cized, and not only by Catholics, and about the GOP being a “threat to de-
ready trumpeting her as an historic figure. All Republicans seem to have bought the triumphal Judge Buescher was confirmed. It is mocracy” after what a small number
of this is before the Democratic convention in claims in the conservative press that Ms. Harris incredible that Vice President Harris, of Democratic Party elites have done.
August that will introduce her to the public in can’t win. Of such media-bubble overconfidence a former state attorney general, The senior party officials convinced
the most favorable terms. are defeats made. didn’t know that the Constitution ex- President Biden to withdraw, thereby
Ms. Harris is shrewdly now pitching the The GOP fumbling suggests that the party pressly forbids a religious test for negating the millions of voices of all
campaign as the future versus the past, a new didn’t believe Democrats would make a candi- public office (Article VI, Section 3). who voted for him in the primaries,
generation versus the old, contrasting her rela- date switcheroo. But when the Democratic es- I am a Catholic and a proud mem- after also doing everything they
ber of the Knights of Columbus. It is could to prevent others from running
tive youth at age 59 with the 78-year-old Mr. tablishment makes a decision, it moves with
one thing to disagree with a religious against him in those primaries. Now
Trump. That has often worked for Democrats— ruthless dispatch to preserve its hold on power. organization’s beliefs. It is quite an- these same party officials are anoint-
recall JFK, Bill Clinton and Barack Obama. Tossing Mr. Biden aside so late in the campaign other to say that no member of that ing his successor without allowing
Nikki Haley warned Republicans that the first was historic, but it wasn’t a surprise. organization is fit to serve in public the people to have any say about who
party to select a nominee from the next gener- i i i office. they want to represent them. Sound
ation would have a political advantage this None of which is to say that Ms. Harris is a ROGER RITTER like democracy to you?
year, and here we are. juggernaut. She will have to prove she is up to Alexandria, Va. MARGARET SWANSON
The burst of Democratic enthusiasm caused the role of Commander in Chief even as she will Asheville, N.C.
Mr. Trump’s pollster, Tony Fabrizio, to issue a have to defend the Biden foreign-policy record. Ms. Harris is concerned about Gaza
public memo on Tuesday warning about the Mr. Trump still has the advantage of strength and says, “Our common humanity Did you hear the deafening roar of
coming “Harris Honeymoon” in the polls. He versus weakness amid global turmoil. compels us to act.” But why does she apologies to special counsel Robert
conclude that our action should be to Hur? Neither did I.
said this is expected and nothing to worry The Veep’s biggest vulnerability is that she
pressure Israel to call a cease-fire in JIM BARBER
about. But such an admission is highly unusual is a product of California’s progressive political Gaza? The quickest and only sure way Mesa, Ariz.
for a campaign that never concedes a polling hothouse. She has never had to appeal to mod-
disadvantage. It suggests the campaign knows erate voters nationwide. This shows in the
the enthusiasm gap that had favored Republi- many left-wing positions she took as a state At-
cans may have vanished. torney General and Senator that are unpopular
The puzzle is why all of this seems to have in middle America.
Democrats Are Jubilant to Have a New Leader
confounded Republicans. They’re grasping for We told you about some of them earlier this Matthew Hennessey doesn’t seem Oval Office. President Biden went
attack lines that aren’t likely to work or are week, and Republicans will have reams of video to realize how most Democrats are from being an albatross to a hero.
counterproductive. One bad argument is that to inform voters about her extreme views. Re- feeling in this moment (“Democrats SARA STEVENSON
Ms. Harris is “a DEI candidate.” That may liter- publicans turned “Massachusetts Democrat” Will Pay for the Biden Big Lie,” op-ed, Austin, Texas
July 22). July 21 was the best fund-
ally have been true in 2020 when Mr. Biden into an epithet to defeat Michael Dukakis and
raising day in history for the Demo- Democrats like me will rejoice that
promised to appoint a woman as his running John Kerry, and they will try to do the same cratic Party. We are ecstatic that we Mr. Biden has stepped aside because
mate. But diminishing her in this way now, after with her California history. She would be wise are all rallying around Vice President it was apparent to us (and just about
she’s been VP for four years, will alienate to make some prominent policy moves to the Kamala Harris and that President Bi- everyone else) that the president was
women and the minority voters the GOP is try- political middle. den did the noble thing by withdraw- in decline. This doesn’t mean that the
ing to attract. One wild card will be candidate performance, ing from the race and putting his next party’s nominee will suffer any
Another misfire is asserting that Mr. Biden especially in debate. Mr. Trump defeated the de- country first. That’s something the electoral consequences.
should resign now since he isn’t running for re- clining Joe Biden in a walkover, but Ms. Harris GOP front runner could never even After all, the ostensible cover up
election. Voters can distinguish between the won’t be so easy. The former President will have imagine doing. As we all rallied failed in a key way: little was actually
next six months and the next four years, and in to make a case on policy, rather than personal around Mr. Biden four years ago, all covered up. While former President
the possible contestants have now en- Donald Trump successfully duped his
any case Mr. Biden is now yesterday’s man. Ms. insults, and that isn’t his strength. The economic
dorsed Mr. Biden’s pick: Ms. Harris. supporters into supporting his “big
Harris is the candidate to beat. and security fundamentals still favor Mr. Trump, I wrote here that I felt gaslit by lie,” Democrats can claim no such
Calling out Ms. Harris for being childless is but this is now a competitive race. the Democratic leadership after achievement—and thankfully so. The
watching the presidential debate, but party can now move on and throw its
all is forgiven as I celebrate with my support behind a new nominee who
A Dirty Nantucket Wind Ride unified party and again feel hope for overcomes the president’s obvious

T
the future. I, for one, will cold call, and well-known shortcomings.
here’s no such thing as clean energy, as lower marginal cost. Smaller turbines can be knock on doors and do everything in JAMES J. BERNSTEIN
the liberal gentry on Nantucket are noneconomic, but larger ones are difficult to in- my power to put Ms. Harris in the Philadelphia
learning after an offshore wind turbine stall and manufacture.
blade snapped and littered The inconvenient truth is
beaches with debris. Somehow A turbine-blade break that all sources of energy in- The Limits of the Indian Immigrant Experience
the uproar among progressives pollutes the beaches of volve economic and environ- Tunku Varadarajan rightly points African-Americans who were born
is more muted than after an oil mental trade-offs. Solar and out how, as an immigrant-group, the into poverty, educated at subpar
spill or train derailment. the liberal gentry. wind require far more land or Indian American diaspora has “pros- schools and discriminated against at
Beaches on Nantucket, ocean space than fossil-fuel pered without quotas and grievances” every turn in the job market. Such a
Mass., were shut down last production, and their compo- (“J.D. Vance and the Indian American reaction shows a lack of regard for
week after sharp fiberglass and green foam from nents are junked after 10 to 20 years. Manufac- Dream,” op-ed, July 17). He concludes American history as well as an ab-
the broken blade washed up on shore. Several turing solar panels and wind turbines also re- with: “Unapologetic about their drive sence of empathy, which, ironically, is
truckloads of debris have been collected, and the quires loads of energy, largely from coal in to thrive, they are rightly scornful of the essence of Indian spiritual no-
federal government ordered the wind project to China. Wind turbines kill birds, including some those who would say that America is tions of dharma and karma.
stop producing power until the cause of the endangered species, and noise from offshore a place that thwarts people on the KUMBLE SUBBASWAMY, PH.D.
basis of race.” Chancellor emeritus
break is determined. Natural gas power will have turbines may affect whales.
As a proud and successful member University of Massachusetts, Amherst
to ride to the electric grid’s rescue again. Donald Trump mentioned some renewable of the Indian American immigrant
This is the second major break in recent power pitfalls in an interview with Bloomberg community, I am unapologetic about
months involving GE Vernova’s Haliade-X tur- News published last week, albeit not with great my group’s drive to thrive but em- Jersey’s ‘National Disgrace’
bines, which are nearly as tall as the Eiffel clarity. “It always amazes me that people that phatically not scornful of those who
In 2017, Gov.-elect Phil Murphy
Tower. Another blade broke on a turbine off the consider themselves to be green, in terms of en- say that America is a place that
showed up at the train station in
coast of England. GE Vernova and Siemens ergy,” he said. thwarts people on the basis of race.
Summit, N.J., and stated that NJ
Gamesa have also struggled with defective on- Meantime, Commerce Secretary Gina Rai- Mr. Varadarajan leaves out that most
Transit was a “national disgrace” that
shore turbines, with some toppling over and re- mondo last week announced $27 million in of the Indian immigrants to this
was “in need of a wholesale make-
quiring expensive repairs. grants for removing marine debris, which she country came as highly educated pro-
over.” Six-and-a-half years, several
fessionals seeking better opportuni-
Manufacturing defects are more common in said “can present significant threats to the wa- leadership changes and billions of
ties. Some also came with the sup-
new technologies, though one problem for wind ter quality, habitats and economic opportunity.” port of already established family-run
wasted dollars later, we still have
projects is that developers are commissioning Too bad none will go to cleaning up the disaster what by any objective measure is un-
businesses (motel owners and such).
bigger turbines that can produce more power— on Nantucket, which Democrats are ignoring acceptable service (“New Jersey’s
No one should be scornful of those
and capture more government subsidies—at a because it undermines their climate agenda. Trains Are Late, and NJ Transit Bil-
lions Short” by Matthew Skrod, Cross
Country, July 20).
We Can Send More Weapons,
Netanyahu Makes Israel’s Case to Congress But Ukraine Needs Fighters
With our dysfunctional state gov-
ernment, no NJ Transit rider expects

W
the service to improve any time soon.
hen an ally is at war, the least its rounding Israel in Gaza, Lebanon and Syria, and George Barros’s point that “Biden
After this most recent fare hike, our
leader deserves is a hearing. The law- “seizing control of Yemen, threatening the strate- Gives Putin a Sanctuary” (op-ed, July
local leaders need to look in the mir-
19) is a good one. But his solution, al-
makers who boycotted the speech by gic straits at the mouth of the Red Sea.” He asked, ror. A “national disgrace” will be
lowing Ukraine to use U.S. weapons
Israel’s Prime Minister to Congress on Wednes- “Would Iran be less aggressive when sanctions to strike inside Russia, comes too
looking back at them.
day revealed more about themselves than they are removed and its economy is stronger?” DANIEL DUGAN
late. We should have adopted that
did about Benjamin Netanyahu. We know the answer. The Biden Administra- Summit, N.J.
policy at the beginning of this con-
Had they listened, they might have learned tion filled Iran’s coffers by ceasing to enforce oil flict. At this point, the big-picture
why Israel fights. They also would have heard sanctions, and Iranian aggression increased. view is that even if the U.S. and
from Mr. Netanyahu that “Israel has enabled Tehran’s proxies laid waste to Israel’s south and NATO ship an unlimited supply of Pepper ...
more than 40,000 aid trucks to enter Gaza. have made its north a no-man’s land. weapons, Ukraine is now starting to
That’s half-a-million tons of food and more than Vice President Kamala Harris declined to pre- run out of Ukrainians, and there is
And Salt
3,000 calories [a day] for every man, woman and side over the joint meeting of Congress, the first nothing we are willing to do that will THE WALL STREET JOURNAL

child in Gaza” before Hamas’s theft. They could she has declined, to address a sorority. Sen. J.D. solve that problem.
Unless Ukraine greatly expands its
have considered how “the ability of all democra- Vance skipped to campaign. Rep. Nancy Pelosi
pool of conscript soldiers, which it
cies to fight terrorism will be imperiled” by the boycotted, saying she wishes Mr. Netanyahu seems reluctant to do, or NATO
constraints international institutions seek to im- would “open his eyes” and make a hostage deal. starts sending troops to fight di-
pose on Israel. He’d like to—is the criticism that he won’t give rectly against Russia, which it will
“The war in Gaza could end tomorrow if in to Hamas at any price? not do, some kind of negotiated set-
Hamas surrenders, disarms and returns all the Sen. Bernie Sanders called Mr. Netanyahu a tlement with Russia will result. Not
hostages,” Mr. Netanyahu said. But if they don’t, “war criminal.” Rep. Jamaal Bowman said he because it is a desirable outcome, but
Israel will fight until victory. “Give us the tools should be arrested. Joining them in boycott were because it is the only possible re-
faster, and we’ll finish the job faster,” he said. dozens of Democrats, including Sen. Chris Van maining solution.
The implication that President Biden’s decision Hollen, who has tried to cut off all weapons to KURT HARRIS
Rockford, Ill.
to delay weapons transfers has dragged out the Israel while its enemies keep shooting.
war is true, but it was wisely left unsaid. While protesters in Washington tore down
Letters intended for publication should
Mr. Netanyahu thanked Mr. Biden and Donald and burned U.S. flags, chanting “Allahu akbar,” be emailed to [email protected]. Please
Trump—and all Americans—for their support. Mr. Netanyahu argued, “Our enemies are your include your city, state and telephone
Democrats are still sore, however, from his 2015 enemies, our fight is your fight, our victory will number. All letters are subject to “We need brand new eyes envisioning
address criticizing the Iran nuclear deal. The be your victory.” The American people know editing, and unpublished letters cannot brand new concepts through
be acknowledged.
Prime Minister warned then that Iran was sur- that. Do their leaders? the same old budgets.”
THE WALL STREET JOURNAL. Thursday, July 25, 2024 | A15

OPINION

For a Vice President, It’s Hard to Succeed

By Robert B. Zoellick the No. 2 should advance to the top partners to do more.

K
job. Ms. Harris must answer those Fifth, every presidential candidate
amala Harris probably questions while telling her story. must demonstrate an understanding
hasn’t had time to re- She can highlight that the Demo- of the centrality of national defense.
flect on the election of cratic Party has recognized the Every China hawk had better ante up
1988—the last time a yearning for generational change. for a larger defense budget. Yet Ms.
vice president succeeded She should also take a stand on po- Harris should add that neither Mr.
directly to the presidency by elec- litical culture: Bush ripped Mr. Duka- Trump nor Joe Biden modernized the
tion (and the first time since Mar- kis for vetoing a 1977 bill that would Defense Department effectively. She

SHEPARD SHERBELL/CORBIS VIA GETTY IMAGES

tin Van Buren in 1836). George H.W. have required Massachusetts teach- must make clear that America can’t
Bush’s campaign offers lessons for ers to lead their classes in the afford to fall behind.
today, even if the circumstances are Pledge of Allegiance. Ms. Harris Sixth, Ms. Harris should own
different. should likewise corner Mr. Trump on the future. Unlike her 78-year-old
When I joined the Bush campaign whether he’ll accept the results of a opponent, she should welcome the
to oversee policy and speeches in free and fair election—a vital princi- potential of artificial intelligence
July 1988, some polls had the vice ple of democracy. She should also to improve productivity, medicine,
president 17 points behind his oppo- look for ways to distance herself education and America’s innova-
nent. Bush had to step out from un- from woke politics while treating tive advantage. Ms. Harris can em-
der President Ronald Reagan’s con- her electoral base respectfully. phasize, contrary to the Republi-
siderable shadow. As understudy, Selecting a running mate is the can platform, that the U.S. and
Bush’s task was to capitalize on the first independent decision a presi- George W. Bush at the 1988 Republican National Convention. close partners can lead on AI while
dential candidate can make. Bush keeping critical infrastructure safe,
chose Sen. Dan Quayle of Indiana. scoring Mr. Dukakis’s weaknesses. economic disaster—and one more protecting against bioweapons and
George H.W. Bush was Mr. Quayle was young and brought Ms. Harris has at least seven op- example of his ineffective posturing, cyberattacks.
congressional experience and con- portunities to pursue a similar ap- like his expensive, failed wall. Finally, I hope, perhaps forlornly,
the only one elected since tacts to the ticket. Ms. Harris’s pick proach. She has already spoken en- Third, Ms. Harris should face in- that Ms. Harris will acknowledge
Martin Van Buren. There should highlight her centrism and ergetically on abortion. She can flation frustrations head on. Infla- that a budget deficit of 7% of gross
desire to draw Americans closer to- punch at Mr. Trump’s judicial ap- tion and interest rates are coming domestic product and federal debt
are lessons for Harris. gether. A governor from another part pointees, who provided the votes to down. But Mr. Trump’s high tariffs, near the postwar high of 104% of
of the country would bring executive overturn Roe v. Wade. Ms. Harris’s hostility to beneficial immigration, GDP put the U.S. at risk. The interest
skill and supportive perspectives. position will be that Democrats calls for a weak dollar and attacks expense now approximates defense
benefits of Reagan’s legacy while Ms. Harris has to be careful not stand for safe care and a woman’s on the Federal Reserve would reig- and Medicare spending. In addition
distinguishing himself as a new simply to follow President Biden’s right to make decisions about her nite inflation. Ms. Harris should to her tax plans, Ms. Harris should
leader. And Bush had to define his campaign handbook of stressing the own body. She would also be wise to signal how she will help Americans state she will seek spending re-
Democratic opponent, Massachu- danger of a Trump presidency. She show respect for other views on life, compete and use trade positively straint and at least a re-examination
setts Gov. Michael Dukakis. needs to show policy substance— treating abortion as a sad circum- through digital accords, the re- of Mr. Biden’s profligate industrial
With his convention speech, Bush and that she’s up to the job—while stance while encouraging adoption. newal of the African Growth and policies.
reintroduced himself to the American drawing contrasts with both Mr. Second, Ms. Harris needs to coun- Opportunity Act and the extension Vice President Bush erased his
public. His speechwriter, Peggy Noo- Trump’s views and frequently un- ter a vulnerability: illegal immigra- of the U.S.-Mexico-Canada trade initial 17-point deficit and won by 8,
nan, listened closely to the vice presi- moored behavior. tion. Bush turned environmentalism pact. carrying 40 states with 426 electoral
dent so his public statements hewed Pollster Bob Teeter designed such to his advantage with an event in Fourth, Ms. Harris should ex- votes. Vice President Harris has time
to how he expressed himself pri- an approach for Bush in 1988. Mr. Boston Harbor and an agenda on plain the strategic stakes in to win if she runs her own cam-
vately. In her drafts she tried to avoid Dukakis was running on his compe- clean air, safe beaches and wetlands. Ukraine to sharpen the contrast be- paign, not Mr. Biden’s.
the pronoun “I,” knowing he had long tence while skating over substance. Ms. Harris should acknowledge the tween her and Mr. Trump—who is
ago internalized his mother’s instruc- In September and October, Bush de- administration’s failures, while infatuated with Vladimir Putin— Mr. Zoellick served as White
tion not to brag. The speech began voted time to a series of policy pressing the specifics of the biparti- and to highlight the danger of J.D. House deputy chief of staff
with Bush’s personal story. He then themes, giving positive and contrast san Senate bill spearheaded by Sen. Vance’s retreat to isolationism. By (1992-93), U.S. trade representative
explained what his mission would be speeches and using visuals that rein- James Lankford (R., Okla.) that Mr. pressing Europe harder on transfer- (2001-05), deputy U.S. secretary of
as president. forced his message. By November, Trump torpedoed. Then she should ring frozen Russian assets to state (2005-06) and World Bank
People need to know why a candi- Bush had succeeded in presenting blast Mr. Trump’s promise of mass Ukraine, Ms. Harris could show that president (2007-12). He is author of
date wants to be president and why his own serious agenda and under- deportation as a humanitarian and she recognizes the need for alliance “America in the World.”

China Can’t Evade the Iron Laws of Economics

By John Lee next phase of Chinese economic waste, competition, and subsequently domi- lems of overcapacity, indebtedness jing’s greater goal of further central-

X
market distortion and failure. nate domestic and global markets. and inefficiency that Mr. Xi is seeking izing power and economic activity
i Jinping seeks “high quality” To give Mr. Xi his due, rapid eco- Mr. Xi seeks to apply this ap- to alleviate. under his command.
rather than “high speed” nomic expansion isn’t always an indica- proach to technologically important Another contradiction of econom- Finally, there is a broader problem
growth, he told the Chinese tor of national economic health. Dou- and advanced sectors as part of his ics looms for Mr. Xi’s best-laid plans. that weighs on Mr. Xi’s ambition. He
Communist Party’s Third Plenum, bling down on the discredited fixed- high-quality-growth mantra. The The only way China can achieve sus- openly criticizes predecessors for ide-
held last week to decide the country’s investment approach would make problem is that there is no escaping tainable growth is by rapidly increas- ological laxness and impurity and for
economic policy over the next five matters worse. Beijing’s new “high- the iron laws of economics. The mas- ing private consumption, which has leaving China vulnerable to domestic
years. Some observers say this is quality growth” model is based on stim- sive assistance that the government been persistently below 40% of gross and external threats. He insists that
simply rationalizing the Chinese ulating domestic consumption through provided to Chinese firms on solar domestic product. That makes it one letting individuals and firms choose
economy’s problems—enormous gov- rising wages and growing household in- led to a predictable oversupply of of the lowest among major econo- their paths will lead to national dis-
ernment and corporate debt, an in- comes. The theory is that the govern- mies. Wages are the major source of traction and decay. As the argument
flated property sector, and disap- ment can achieve this by supporting disposable income for Chinese house- goes, China can achieve national reju-
pointing growth in private and handpicked firms in high-tech and Xi shifts to ‘high quality’ holds. Beijing is trying to upend clas- venation, including the conquest of
household consumption—which have green sectors that will improve the sical trade economics by achieving Taiwan, only if the country is prepar-
gotten worse under Mr. Xi’s watch. quality of China’s economy. from ‘high speed’ growth. rising wages for all while also domi- ing for the struggle ahead.
Others counter that Mr. Xi is doing Although that reasoning is seduc- He will preside over a new nating exports of high-tech and high- But Mr. Xi’s tightening grip on the
the right thing by focusing on high- tive, the Chinese political economy is value products and services. This economy is making China brittler.
tech sectors such as semiconductors, too flawed for it to work. China’s ear- phase of failure. goes against China’s own experience, Rather than overcoming flaws in the
artificial intelligence, aeronautics and lier approach to solar panels is in- in which it became an exporting su- Chinese political economy, Mr. Xi is
renewables to underpin a high-qual- structive. In the previous decade, perpower thanks to lower-cost inputs exacerbating them. He is also deep-
ity growth model. Chinese entities with the support of panels domestically and in global than those of its competitors. ening the resentment felt in America
Perhaps Mr. Xi is trying to make a the government and lending institu- markets. Even as global demand fell, If Mr. Xi really wanted to super- and other major economies against
virtue out of necessity. Up to now, tions bought international solar com- Chinese companies ramped up pro- charge growth in productivity, wages Chinese predatory and distortive pol-
China has relied on a “high debt, high panies and invited leading foreign duction of panels to remain in busi- and household income, he could do it icies. This means that an ever more
leverage, high turnover” model that firms to establish operations in ness, and this was possible only due through the systematic transfer of vulnerable China will face an ever
created rapid growth based on enor- China. At great expense, and even be- to even more subsidies worth billions economic access and opportunity more hostile environment of its own
mous levels of fixed investment in in- fore Mr. Xi’s era, the Chinese strategy of dollars. China did achieve its ob- away from state-owned firms and making.
frastructure and housing. That system to bolster a given sector has been to jective of dominating the global so- nominated national champions to-
is flaming out. But rather than adroitly acquire, develop or steal world-class lar-panel industry. But applying this ward the much more efficient and in- Mr. Lee is a senior fellow at the
managing an intentional slowdown to technology and capabilities, support state-led approach to an ever-ex- novative private sector. But this Hudson Institute. He served as senior
usher in a new era of sustainable the creation of entire supply chains panding list of advanced and green would foster a powerful independent national security adviser to the Aus-
growth, Mr. Xi is presiding over the inside the country, eliminate overseas sectors will only worsen the prob- business class and undermine Bei- tralian foreign minister, 2016-18.

If Republicans Don’t Win, Get Ready for a Tax Hike

By Mike Pence businesses at a competitive disad- nesses quickly became globally com- Starbucks, Chipotle and many the statistical definition of a middle-
And Pat Toomey vantage with most of the world. The petitive again, corporate inversions other corporations boosted hourly class family—increased by nearly

T
nearly 39% corporate tax rate—35% ground to a halt, and nearly $2.5 tril- pay, provided bonuses and intro- $5,000 in two years. More than six
he 2017 Tax Cuts and Jobs Act federally and around 4% on average lion of previously stranded earnings duced new benefits, such as higher million people were lifted off food
isn’t broken and doesn’t need at the state level—was the highest were invested back in the U.S. matching contributions to 401(k) re- stamps, and incomes rose in every
fixing. But many of its provi- among member countries of the Or- Domestically, the legislation cre- tirement plans. Small businesses metropolitan area in the U.S. for the
sions are set to expire in 2025—and ganization for Economic Cooperation ated a 20% tax exemption on income flourished, too, and many reported first time in nearly three decades.
Democrats are threatening to let it and Development. earned by most small and medium- significant growth for the first time. Growth was so significant that gov-
happen. That would deliver a serious Many American multinational size businesses. It also nearly dou- ernment revenue as a percentage of
blow to the U.S. economy and under- companies kept foreign subsidiaries’ bled the estate and gift tax exemp- gross domestic product increased,
mine the economic gains the legisla- profits overseas to avoid punitive tion, and it reduced rates for all The 2017 Tax Cuts and driven by higher earnings and boom-
tion prompted. U.S. taxes. Others moved their head- individuals and families. At the same ing business activity.
Recall what Donald Trump inher- quarters abroad to reduce their time, it simplified their tax filings by Jobs Act helped produce More than six years after the
ited in 2017. The economy remained overall tax burdens. These so-called increasing the standard deduction, the Trump boom. Many TCJA took effect, tax revenue has ex-
weak almost a decade after the corporate inversions were economi- meaning that 90% of Americans no ceeded CBO projections from June
2008-09 financial crisis. The Obama cally rational, but they cost the U.S. longer need to itemize. provisions expire in 2025. 2017. By 2023 annual tax revenue
years had offered only lethargic re- jobs, investment and tax revenue. The results were incontrovertible: had recovered from the Covid-19 re-
covery, and amid weak growth from The TCJA changed this dramati- Within two years, the U.S. gained an cession and returned to its historical
2009 to 2016 the Congressional Bud- cally by reducing the federal corpo- extraordinary seven million jobs and Less than a year after the TCJA’s en- average of about 16.5% of GDP.
get Office still painted a bleak eco- rate rate to 21%, modernizing the achieved the lowest unemployment actment, the National Federation of It’s clear that today’s ballooning
nomic picture. taxation of profits earned by foreign rate in half a century. Unemployment Independent Business’s small-busi- deficit stems not from insufficient
That was due in large part to our subsidiaries of U.S. companies, and rates for African-Americans, Asian- ness optimism index hit the highest taxation but from a massive surge in
outdated and inefficient tax code, broadening the profit base on which Americans and Hispanics reached re- level ever recorded. spending. President Biden and con-
which put American workers and lower rates apply. American busi- cord lows. Real median household income— gressional Democrats want to spend
more, which would lead to the high-
est sustained levels of spending as a

Notable & Quotable: Czar

percentage of GDP in American his-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY tory. Democrats’ proposed tax hikes
Lachlan Murdoch are unlikely to generate the revenue
Executive Chairman, News Corp Stef W. Kight writing for Axios, and in the White House over how in- to pay for these plans—but they
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp July 24: volved Harris would be, with Republi- might tip the economy into a long-
Emma Tucker Almar Latour cans and some news outlets, includ- awaited recession.
Editor in Chief Chief Executive Officer and Publisher Driving the news: In the past few ing Axios, giving Harris the unofficial The TCJA was the most successful
Liz Harris, Managing Editor DOW JONES MANAGEMENT: days, the Trump campaign and Re- monicker of “border czar.” tax reform in at least 30 years. Ide-
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, publicans have tagged [Vice Presi- • Shortly after, the border surge ally, Democrats would join with Re-
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
dent Kamala] Harris repeatedly with had grown into a full-blown humani- publicans to make all of it perma-
Taneth Evans, Associate Editor; Brent Jones, Compliance Officer; Dianne DeSevo, Chief People the “border czar” title—which she tarian and political crisis. nent. If not, we’ll have to rely on a
Culture, Training & Outreach; Alex Martin, Print Officer; Jared DiPalma, Chief Financial Officer; never actually had. . . . • The “border czar” narrative Republican sweep in November—and
& Writing; Michael W. Miller, Features & Artem Fishman, Chief Technology Officer; How we got here: In March 2021, stuck, especially in conservative cir- Republican unity next year—to ex-
Weekend; Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, Biden tapped Harris to lead the ad- cles, and calls mounted in spring tend it for as long as possible.
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, SVP, Head of ministration’s coordination with Gua- 2021 for Harris to visit the border. . . .
Communications; Josh Stinchcomb, EVP & Chief temala, Honduras and El Salvador, Editor’s note: This article has been Mr. Pence served as vice president
Paul A. Gigot Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
which were key sources of migration updated and clarified to note that Ax- of the United States, 2017-21. Mr.
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
to the border. ios was among the news outlets that Toomey, a Republican, served as a
1211 Avenue of the Americas, New York, N.Y., 10036 • The announcement led to near- incorrectly labeled Harris a “border U.S. senator from Pennsylvania,
Telephone 1-800-DOWJONES immediate confusion in the media czar” in 2021. 2011-23.
A16 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

China Casts Itself as Peacemaker Beijing

Tightens
Ukrainian, Chinese
envoys discuss a Regulations
path to ending the
conflict with Russia To Protect
BY ISABEL COLES
AND AUSTIN RAMZY
Its Secrets
Ukraine’s top diplomat met BY CHUN HAN WONG
with his Chinese counterpart
Wednesday for hours of talks SINGAPORE—China’s gov-
in his first such high-level visit ernment is tightening its rules
to the country since Russia’s on the protection of confiden-
2022 full-scale invasion, as tial information, including in-
Kyiv seeks Beijing’s support to tensified scrutiny on interna-
end the war on “just” terms. tional travel by people privy
Chinese Foreign Minister to state secrets, as concerns
Wang Yi reiterated Beijing’s about espionage rise amid an
calls for a diplomatic solution increase in global tensions.
to the war during the meeting The changes also put a
in the southern Chinese city of heavier burden on the country’s
Guangzhou with his Ukrainian internet companies to stop
KOSTIANTYN LIBEROV/LIBKOS/GETTY IMAGES

counterpart, Dmytro Kuleba, leaks of sensitive information.

who said his country would ne- Published this week, the
gotiate when Moscow is ready new regulations offer direc-
to engage “in good faith.” tion to authorities in imple-
“No such readiness is cur- menting China’s state-secrets
rently observed on the Russian law, which was updated in
side,” Kuleba said, according February as part of Chinese
to the Ukrainian Foreign Min- leader Xi Jinping’s efforts to
istry. A Kremlin spokesman shore up safeguards against
said Moscow “has always threats to national security.
maintained its openness to the The eastern Ukrainian city of Toretsk was heavily damaged in attacks by the Russian military as the war continues to rage. The changes require state
negotiation process.” agencies to draft lists of state
Efforts to kick-start dia- weapons to Russia, and says it sure on Moscow to end the signaled their willingness to the war enters its third sum- secrets related to their areas of
logue between Russia and strictly controls the trade of war on Kyiv’s terms. Xi was in- negotiate.” mer, but a majority of respon- responsibility. The agencies
Ukraine have faltered during a dual-use goods. vited to the summit by Zel- For Ukraine, the talks come dents oppose the current also are required to ensure that
war that has upended Euro- Beijing has sought to portray ensky but didn’t attend. Bei- as questions grow about con- cease-fire conditions laid out personnel who handle classified
pean security and triggered itself as a global peacemaker. jing had said that any peace tinued U.S. support for Kyiv’s by Putin. Those entail the information get permission and
commodity price shocks world- This week, it also hosted a conference should be endorsed war effort if former President complete Ukrainian with- undergo confidentiality train-
wide. Several nations have at- meeting of Palestinian rival fac- by both Ukraine and Russia, Donald Trump recaptures the drawal from the four regions ing before traveling abroad.
tempted to broker peace talks. tions including Hamas and Fa- which wasn’t invited. White House. that are partially occupied by All entities defined as “net-
While officially professing tah, which have been estranged “The best Ukraine can hope In his public comments fol- Russia, including several major work operators”—a category
neutrality in response to the for years. Representatives of the for is a patching up of relations lowing the talks with Kuleba, cities still under Kyiv’s control. that includes internet compa-
war, China has been a key part- 14 groups signed a deal to work with China,” Wang didn’t Putin also has demanded nies and network-infrastruc-
ner in helping Russia weather toward unity and establish an said Lucian Kim, criticize the Western sanctions be lifted, ture vendors—must establish
Western economic sanc- interim reconciliation govern- a senior Ukraine U.S., which and that Kyiv agree to a neu- mechanisms for detecting and
tions imposed in response to ment, but with few details on analyst at the There likely will China has ac- tral status and abandon plans dealing with leaks of confiden-
the invasion. Trade between how that would happen. China International be little progress cused of fueling to join the North Atlantic tial information and other se-
the countries has soared, with has called for a cease-fire in Crisis Group. the war by pro- Treaty Organization as a pre- crecy breaches, according to
China buying up Russian oil Ukraine and issued a statement “China has al- until after the viding weapons condition for talks. the new regulations. They must
and gas, while providing con- with Brazil in May on resolving ready indicated to Ukraine. In- Zelensky has presented his cooperate with authorities in
sumer goods that are hard for the war. Russia describes its which side it’s
November stead, he em- own list of 10 demands, which investigations and regulatory
Russia to buy from the West. war on Ukraine as a “special backing.” U.S. election. phasized the the Kremlin isn’t entertaining, actions related to state secrets.
Chinese leader Xi Jinping and military operation,” and China Wang didn’t six-point peace including the withdrawal of “State secrets have become
Russian President Vladimir also only refers to it as a “cri- allude to that proposal on Russian troops before peace increasingly digitalized and
Putin declared a “no-limits” sis”—a description Wang con- summit or Zel- Ukraine that talks begin, the restoration of networked, and the risks of
friendship shortly before the tinued to use Wednesday. ensky’s criticism on Wednes- China issued with Brazil in May, Ukrainian control over occupied leaks and thefts have become
war, and see mutual benefit in The talks in Guangzhou day, according to a description which called for no escalation of territory and the prosecution of more diverse and hidden,” of-
resisting Western pressure. come on the heels of a public of the meeting from China’s the fighting and for all parties alleged Russian war crimes. ficials from China’s Justice
U.S. and European officials feud between Zelensky and Foreign Ministry. to avoid provocation. China’s There may be little progress Ministry and the National Ad-
also have accused China of China during a visit last month “China believes that all Foreign Ministry on Wednesday until the outcome of the U.S.’s ministration of State Secrets
providing Russia with dual- to Singapore, when he accused conflicts must be resolved by said the Ukrainians had “care- November election, Kim said. Protection told the govern-
use equipment such as micro- Beijing of lobbying countries returning to the negotiating fully studied” the proposal. “There’s understanding in Mos- ment-run Xinhua News
chips and drone parts to help to boycott a peace conference table,” Wang said. “Recently, A recent poll indicated that cow and in Kyiv that nothing Agency. “The struggle between
Moscow rebuild its military. in Switzerland through which the Russian and Ukrainian support for peace talks among substantial is going to change theft and antitheft has steadily
China has denied supplying Ukraine sought to build pres- sides have, to varying degrees, Ukrainians has increased as until there’s clarity” on the vote. manifested as competition and
confrontation in scientific and
technological capabilities.”

Canada Cuts Rate, Frets Over Downside Risks

Many of the new provisions
reinforce existing practices.
Foreign travel by Communist
Party and government offi-
cials already faces tight scru-
BY PAUL VIEIRA Bank of Canada sock away more of their earn- does not fall too much, even as an overall weak portrait of the tiny, and internet companies
overnight target rate ings to finance loan payments. we get inflation down to target.” economy, with the share of are accustomed to scrubbing
OTTAWA—The Bank of Bank of Canada Gov. Tiff The central bank said it firms citing labor shortages as sensitive information from
Canada delivered a second 5% Macklem said central bank of- doesn’t expect the slack in the a headwind to growth falling to their platforms.
straight cut to its main inter- ficials are “increasingly confi- economy to be fully absorbed the lowest level since 2009. Em- The updated rules never-
est rate after a quarter-point dent” that inflation is on a until 2026. In an accompanying ployers continue to add work- theless underscore a sweeping
4
reduction in June, and sig- path toward its 2% target, quarterly forecast, the bank said ers, but at a much slower pace counterespionage campaign Xi
naled there likely is more to which he expects to reach it anticipates growth to pick up, than the immigration-fueled has launched to tighten the
come as officials grow in- 3 next year. The central bank with household spending recov- growth in the labor force. country’s defenses amid inten-
creasingly worried about sets rate policy to achieve and ering in the second half of 2025 Macklem said the labor sifying geopolitical competi-
downside economic risks. maintain 2% inflation. as “lower interest rates ease data indicate job seekers are tion with the U.S. and other
On Wednesday, the Bank of 2 Inflation in June decelerated debt payments,” and housing taking longer to find work, Western powers. Within its
Canada lowered its target for to 2.7% after a hotter-than-ex- construction accelerating as and the job-vacancy rate has borders, Beijing has waged a
the overnight rate to 4.5% from pected rise in the previous high-funding costs become less dropped sharply. “Overall, in- publicity campaign to urge
1
4.75%. It was the first Group of month, and has slowed sharply binding amid lower rates. dicators suggest some slack in public vigilance against efforts
Seven central bank to cut inter- from a 3.4% reading in Decem- All 14 economists surveyed the labor market,” he said, to steal state secrets.
est rates after global authori- 0 ber. Core inflation, which last week by The Wall Street adding wage growth also is The revised regulations take
ties raised borrowing costs rap- 2018 ’19 ’20 ’21 ’22 ’23 ’24
strips out volatile items like Journal predicted a quarter- showing sings of slowing. effect on Sept. 1. Under the new
idly to tame historically high food and energy, has remained point rate cut on Wednesday. The Bank of Canada expects rules, authorities can order net-
inflation. The European Central Source: Bank of Canada below 3% for several months The majority of analysts sur- growth to slow in the second work operators to take reme-
Bank quickly followed suit, but and the central bank expects veyed expect the policy rate to quarter, to 1.5% annualized dial actions on matters related
this month it opted to keep its in the developed world—deals that to cool to about 2.5% in end 2024 at 4%, and move from 1.7% in the first quarter. to state secrets, as well as im-
main interest rate unchanged. with sharply higher rates. the second half of the year. lower still next year to 3%. When adjusted to reflect pop- pose financial penalties on en-
In contrast, Canada’s cen- The Bank of Canada said “With the [inflation] target in Expectations for another ulation growth of more than tities and individuals that don’t
tral bank cut for a second time, the amount of spare capacity sight and more excess supply in rate cut gained momentum af- 3%, the bank said per-capita perform their duties in protect-
reflecting a weakening back- in the economy has increased, the economy, the downside risks ter weak jobs data for June, GDP is anticipated to contract ing secrets and stopping leaks.
drop as the economy—which, the labor market has “cooled are taking on increased weight which showed an increase in by 1.5% in the second quarter. Network operators can be fined
as a share of gross domestic significantly,” and consump- in our monetary policy delibera- the unemployment rate to a 29- Economic growth, Macklem as much as 500,000 yuan, or
product, has among the high- tion has stagnated as pent-up tions,” Macklem said. “We need month high of 6.4%. A quarterly said, “remains weak relative about $69,000; individuals can
est private-sector debt levels demand fades and households growth to pick up so inflation Bank of Canada survey painted to population growth.” be fined up to 100,000 yuan.

Bank of Canada Sees No Slowdown in Population Growth

BY PAUL VIEIRA ter costs, inflation is either at central bank said, because the
or just below the central bank’s share of temporary immigrants
OTTAWA—The Bank of Can- 2% target, economists say. in Canada is higher, at 6.8%, rel-
ada revised higher its projec- The bank cut interest rates ative to when the government
tion for the country’s popula- Wednesday, noting that eco- unveiled its plan, “and the
tion growth, saying it is nomic activity has been weak share is expected to continue
unclear when the Liberal gov- relative to the country’s 3%- rising over the near term.”
ernment’s plan to curtail visas plus annual population growth. The central bank added
to temporary workers and stu- In March, Canada announced there is “considerable uncer-
dents would materialize. plans to reduce the number of tainty” regarding inflows of
The change is notable be- temporary work and student temporary-visa holders, not-
cause a number of economists visas it issues, and sharply cut ing federal officials won’t be
say that population growth— their percentage of the popula- revealing details until the fall.
the highest among Group of tion—at the time, 6.2%—to 5%. The central bank’s population
Seven countries by a wide mar- In the spring, the Bank of assumptions “will be revised
gin—has allowed Canada to es- Canada forecast population as further measures are an-
cape a recession, or two consec- growth for people ages 15 and nounced,” it said.
utive quarters of negative older to slow from 3.3% this Canada’s population grew
BLAIR GABLE/REUTERS

growth. On the flip side, the year to an average of 1% over 3.2% in 2023, to 40.7 million
number of newcomers entering both 2025 and 2026. In its new people, or the fastest expansion
Canada has exposed the coun- quarterly forecast, it expects over a 12-month period since
try’s underlying shortage of population growth this year to the late 1950s. Excluding tem-
housing units, and pushed reach 3.3% and expand 1.7% on porary immigration, population
monthly rents to their highest average in 2025 and 2026. would have increased by 1.2% Canada’s population grew 3.2% in 2023, to 40.7 million people, or the fastest expansion over
level in decades. Excluding shel- A revision was necessary, the last year, Statistics Canada said. a 12-month period since the late 1950s. People celebrated Canada Day in Ottawa on July 1.
 BUSINESS & FINANCE
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Thursday, July 25, 2024 | B1

Beverly Hills Deal Makes a Splash Brokers’

Assault
Investor brothers
buy Rodeo Drive
office complex with
Claims
prime retail space Lingered
BY KATE KING

Los Angeles-based investors

are paying $208 million for an
For Years
office complex in Beverly Hills, BY EMILY GLAZER
Calif., betting the buildings’ AND KATHERINE CLARKE
ground-floor retail in the ex-
clusive shopping district is Around 2003, a teenage
worth all the empty cubicles student at the prestigious Mi-
that come with it. ami Country Day School said
Brothers Justin and Tyler she was invited with a friend
Mateen closed Monday on the to a house party by students
Wilshire Rodeo Plaza, which from a nearby high school.
encompasses several buildings When the girls arrived,
and an underground parking they realized they were the
garage at the southern end of only guests. After drinking
the famed Rodeo Drive shop- some Bacardi 151 offered to
ping corridor. her, the woman now recalls,
It is the city’s largest prop- she was led into a bedroom by
erty transaction since the the Alexander brothers—Tal,
YASARA GUNWARDENA FOR WSJ

Montage Beverly Hills hotel Oren and Alon—as well as one

sold for $415 million in 2019, of their friends.
according to MSCI, but only She was pushed down on a
slightly above what the seller, bed, and the boys held her
investment firm Nuveen, paid arms and legs in an X shape.
for the property in 2006. She remembers struggling and
The buyers benefited from a didn’t know what to do, so she
push by institutional investors The transaction spans nearly 300,000 square feet in buildings at the southern end of the famed Rodeo Drive shopping corridor. tried to play along. They tried
to reduce their office expo- to take her pants off. She re-
sure, which lowered both com- than the overall Los Angeles much values have fallen, Nu- to rent or purchase prime lo- nearly 94% occupied, accord- members seeing a camcorder.
petition and the overall price, office market, where vacancy veen was in contract to sell cations. In Beverly Hills, ing to real-estate firm CoStar Someone opened the door, and
said Justin Mateen, a co- has topped 24.4% this year, ac- this same complex for more French fashion house Chanel Group, a slight increase from she ran out. Two friends of
founder of the dating app Tin- cording to real-estate firm than $300 million but that reopened its Rodeo Drive flag- 2019. the woman confirmed her ac-
der who began investing in Cushman & Wakefield. deal fell through at the onset ship last year after doubling Sandwiched between the count, which she shared with
commercial real estate with Still, more than one-fifth of of the pandemic. its footprint. In February, Saks Beverly Wilshire hotel and them at the time.
his brother about a decade Beverly Hills office space was Retail, by contrast, has re- Fifth Avenue opened a Saks Fifth Avenue, Wilshire Sexual-assault allegations
ago. vacant as of the second quar- bounded strongly from the women’s store in the former Rodeo Plaza spans one city against Tal and Oren Alexan-
Office properties in Beverly ter, up from 11.2% at the same pandemic, with luxury retail- Barneys department store. block with just under 300,000 der, two of the country’s top
Hills have held up a bit better time in 2019. In a sign of how ers in particular spending big The city’s retail space is Please turn to page B2 real-estate agents, sent shock
waves through the world of
luxury real estate. Two

Murdoch Trust Plan Triggers Family Legal Battle

women filed lawsuits in March
accusing Oren and his twin
brother, Alon, 37, of rape. A
subsequent lawsuit—and ac-
counts by women shared with
Rupert Murdoch is engaged family’s substantial stakes in slated to inherit some control Any restructuring of the pany in his desired direction. The Wall Street Journal—con-
in a legal fight with some of News Corp, parent of The Wall of the trust. trust would have significant The family battle has been tained similar allegations
his children, as he tries to Street Journal, and Fox News That has sparked a legal implications for decision-mak- years in the making. Murdoch against Tal, 38.
hand control of his media em- parent Fox Corp. Under the battle that is playing out in a ing at the top of the Murdoch has always sought to keep his To many in the brothers’ or-
trust’s terms, when Murdoch Nevada probate court, a per- empire, including any major media enterprise in the family’s bit, the lawsuits came as no
By Amol Sharma, dies, voting control would pass son familiar with the case mergers or other strategic hands, and he brought several surprise. The assertions
Jeffrey A. to four children—Lachlan, said. Murdoch has argued that transactions News Corp and of his children into the busi- swirled around them for
Trachtenberg James, Elisabeth and Prudence. the changes he is seeking to Fox pursue. ness over the years. At one roughly two decades, a Journal
and Jessica Toonkel Recently, the elder Mur- make to the trust are war- As it stands, the siblings point he dubbed Lachlan “first investigation shows, starting
doch sought to amend the ranted because they will be in would each have a say on how among equals,” and as time when they were high-school
pire to his eldest son, Lachlan, trust to consolidate power in the interest of all stakehold- to exercise influence with the went on that became apparent. students in Miami and later in
a battle with major ramifica- Lachlan Murdoch’s hands, ac- ers, some of the people famil- family’s roughly 40% voting Lachlan began his career at New York as Oren’s and Tal’s
tions for the future of the mo- cording to people familiar iar with the situation said. stakes in each company. If News Corp in 1994 and rose careers took off at Douglas El-
gul’s two companies. with the situation. He encoun- The New York Times earlier Lachlan Murdoch consolidates through the ranks. He liman, the large national bro-
Murdoch, 93 years old, con- tered stiff resistance from the reported on the legal battle control of the trust, he could abruptly left in 2005 after kerage known for its associa-
trols a trust that holds the three other children who were within the Murdoch family. move faster to push the com- Please turn to page B4 Please turn to page B6

Tesla Auto NBC, ESPN, Amazon

Woes Crash Pay $77 Billion for NBA
Musk’s BY ISABELLA SIMONETTI
AND JOE FLINT
for a streaming package.
The league said it rejected a

AI Dreams The National Basketball As-

sociation said it has signed
proposal from Warner to keep
basketball games on its TNT
network, setting the stage for
landmark media-rights deals a potential legal showdown.
BY STEPHEN WILMOT worth $77 billion with Dis- TNT had exercised a clause in
ney’s ESPN, Amazon.com and its contract that gave it the
Tesla finally has financial Comcast’s NBCUniversal, right to match a rival bid.
GENE BLEVINS/ZUMA PRESS

results to support the argu- turning away a last-minute “Warner Bros. Discovery’s
ment that it is more than a bid from current rights holder most recent proposal did not
car company. They still don’t Warner Bros. Discovery. match the terms of Amazon
go anywhere near justifying The new 11-year deals, Prime Video’s offer and, there-
the latest run-up in the stock. which go into effect following fore, we have entered into a
The electric-vehicle pio- the 2024-25 season, will more long-term arrangement with
neer’s second-quarter num- Cards tied to Sony’s PlayStation platform have been available for years. than double the fees the NBA Amazon,” the league said in a
bers, reported late Tuesday, receives each season. statement.
missed analysts’ expectations
at most levels. The automo-
tive gross-profit margin ex-
cluding regulatory credits—a
Gamers Are Next Big Thing Disney has agreed to pay an
average fee of $2.6 billion a
year to keep NBA games on
ESPN and ABC, up from $1.5
TNT said it doesn’t believe
the NBA can reject its match
of Amazon’s offer and added
that the league has “grossly

HEARD ON
c l o s e l y
watched mea-
THE STREET sure of under-
For the Credit-Card Industry billion a year under the cur-
rent deal. NBCUniversal
agreed to pay $2.5 billion a
misinterpreted our contractual
rights…and we will take ap-
propriate action.”
lying profit- year to air games on NBC and The rich price of the deal
ability in the core vehicle BY JOSH MITCHELL Annual U.S. videogame sales collaboration with the game its Peacock streaming service, underscores how critical sports
business—came in at 14.6%, AND ANGEL AU-YEUNG $60 billion
console’s parent company, Mi- while Amazon Prime Video rights have become for media
compared with consensus ex- crosoft. Cards tied to Sony’s has offered $1.9 billion a year Please turn to page B5
pectations of 16%, according Matt Hertzog spends 50 rival PlayStation platform
to RBC’s calculation. The hours a week playing Xbox. 50 have been available for years,
stock fell more than 12% on
Wednesday.
Tesla offered financing
That makes the 37-year-old
part of a key target market for
big financial firms.
40
first via Capital One and more
recently through Bread Finan-
cial’s Comenity Bank.
INSIDE
deals during the quarter to Banks are seeking out mil- 30 Hertzog, a New Jersey pro-
make its vehicles more af- lennial and Gen Z customers gram manager for a health-
fordable. These boosted deliv- in the $57 billion-a-year vid- care company, was an early
eries, which came in above eogame industry. Leading the 20 adopter of the Xbox card. Six
expectations earlier this charge is Barclays, a big months ago, he signed up for
month, but at the expense of player in U.S. credit cards, 10 a card with a $10,000 limit
ANDREW KELLY/REUTERS

gross margin, as it now turns which wants to do with gam- and a 19% annualized interest
out. Further down the income ers what card companies long 0 rate.
statement, the hit to margins ago did with airline passen- 2005 ’10 ’15 ’20 ’23
He instantly got $50 in
was exacerbated by high op- gers: boost loyalty, and spend- points for buying games. He
Note: Includes hardware,
erating costs, but some of ing, by offering customers re- software and in-game purchases
said incentives like these have
this will unwind. The com- wards when they charge their Source: Circana via Entertainment led him to spend more, includ-
pany reported $622 million of card. Software Association ing on in-game purchases
restructuring charges for the JPMorgan Chase, the na- such as virtual currencies. Re- CONSUMER GOODS TECHNOLOGY
quarter, reflecting mass lay- tion’s biggest bank by assets technology companies and cently, he charged $200 to buy Reckitt Benckiser aims Former quarterback
offs following a terrible first and top credit-card provider, banks are also running adver- Sega’s Dreamcast, a retro con-
quarter. has invested in startup Tilia, tisements during games, tar- sole, and two games.
to sell some brands, Colin Kaepernick
One bright spot was the which provides a platform for geting millennials. “The rewards you get with with Air Wick and launches an AI
energy business, which sells players to make in-game pur- Last fall, Barclays intro- the Xbox card are very lucra- Calgon on the table. B3 company. B4
Please turn to page B11 chases. Meanwhile, financial- duced an Xbox Mastercard, in Please turn to page B4
B2 | Thursday, July 25, 2024 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A easyJet............................................B2 PepsiCo.........................................A10
Acrisure.........................................B11 Energy Transfer......................A5 Puma...............................................B12
Adidas............................................B12 Fox.......................................................B1 Q
Advanced Micro Devices.A6 Gap...........................................B4,B12 Qualcomm....................................A6
Alphabet..............................A6,B12 GeoSouthern Energy..........A5
R
Amazon.com...........A10,B1,B12 H
AMC Entertainment............B4 Reckitt Benckiser...................B3
Hermès............................................B3 Ryanair............................................B2
American Airlines..................B4 Hilcorp..............................................A5
Apple.................................................B5 S
AT&T..........................................A6,B2 J Skechers.......................................B12
B JPMorgan Chase.....................B1 Snowflake....................................B11
Banco de Sabadell..............B12 K Sony....................................................B1
Kering...............................................B3 Super Micro Computers..A6
Banco Santander.................B10 Swatch.............................................B3
Barclays...........................................B1 KKR.....................................................B2
Synchrony Bank......................B4
Berkshire Hathaway.........A10 L T
BNP Paribas...................B10,B12 Lockheed Martin....................A6
Bread Financial.........................B1 Tenet Healthcare....................B2
Lululemon...................................B12 Tesla............................................A1,B1
Broadcom......................................A6 LVMH Moët Hennessy
Burberry.........................................B3 T-Mobile.........................................B2
Louis Vuitton.................B2,B3
C U-Y
M-P
Comcast...........................................B1 Under Armour........................B12
Meta Platforms.............A6,B12 UniCredit.....................................B10
Compagnie Financiere
Microsoft.....................A6,B4,B12 Visa....................................................A6
Richemont................................B3
MillerKnoll....................................B6 Volkswagen.................................B3
Continental Resources......A5
News Corp....................................B1 Walt Disney.................................B1
CrowdStrike.................................B4
Nike..................................................B12 Warner Bros. Discovery....B1
D-G Nvidia...............................................A6 Wells Fargo.................................B4

CHRIS RATCLIFFE/BLOOMBERG NEWS

Deutsche Bank............B10,B12 Palantir Technologies........B11 Yum Brands.............................A10

INDEX TO PEOPLE
A H Novak, David............................A10
Abel, Greg..................................A10 Hamm, Harold..........................A5 Ohanian, Alexis........................B4
Aron, Adam.................................B4 Harris, Michael........................B11 P
B Hartley, Jason...........................B5 Palus, Jean-Francois............B3 The budget carrier logged a 16% jump in quarterly earnings, fueled by increased passenger numbers and higher revenue.
Hildebrand, Jeffery...............A5 Pichai, Sundar.........................B12
Barash, Matt..............................B5
K

EasyJet Sees Record Summer

Bastian, Ed..................................B4 Pinault, François-Henri......B3
Bieber, Hailey.............................A9 Koromilas, Dimitrios............B5 Pollard, Monique..................B12
Bezos, Jeff.................................A10 Krebs, Chris.................................B4 R
Bishop, George.........................A5 Kurtz, George............................B4 Reingen, Anke........................A10
Bonnafe, Jean-Laurent...B10 L S
Botin, Ana..................................B10
Buffett, Warren.....................A10
Bunker, Nick................................A2
C
Cantino, Stefano.....................B3
Lundgren, David......................A6
Lundgren, Johan.....................B2
Lynch, John.................................A6
M
Sahm, Claudia...........................A2
Samant, Rahul..........................B4
Seufert, Eric................................A9
Sewing, Christian.................B12
Stutz, Jeff.....................................B6
As Its Pricing Holds Steady
Mateen, Justin..........................B1
Cohen, Steve..............................B6
Mateen, Tyler.............................B1 T BY PIERRE BERTRAND revenue. The airline’s ticket- further ahead, 20% of its first- pretax profit on £2.65 billion
Cinelli, John.................................B2 price environment was ex- quarter flights had been sold, in revenue, according to Visi-
Milicevic, Ana............................B5 Thill, Brent.................................B12
D Murdoch, Lachlan...................B1 Torres, José.................................A6 Budget carrier easyJet said pected to be similar to last an increase of 2 percentage ble Alpha consensus.
De Sarno, Sabato...................B3 Murdoch, Rupert.....................B1 Tuttle, John................................B11 it was targeting a record sum- year’s, he added. points from a year earlier, Revenue per seat rose 1% in
DeWalt, Dave.............................B5 Musk, Elon..........................A5,B11 V-W mer performance and that Earlier this week, Ryanair, easyJet said. the quarter and revenue per
Dunn, Tim.....................................A5 N-O Vaccarella, Kim.........................A9 ticket prices were holding Europe’s largest airline by The airline flew 25.32 mil- seat in the fourth quarter was
E-F Nealon, Denny..........................B4 Warren, Kelcy............................A5 firm, contrasting sharply with passenger numbers, said aver- lion passengers in the quarter expected to continue to climb,
Eberhart, Dan............................A5 Neumann, Adam.....................B6 Wesley, Matthew.................B11 a warning on weakening fares age fares had fallen 15% in the ended June 30, 8% more than easyJet said.
Fuhrman, Alex..........................B6 Nooyi, Indra..............................A10 Williams, Greg.........................B11 from peer Ryanair earlier this three months to the end of last year, while capacity grew EasyJet raised its pretax
week that sent European air- June and that pricing was de- 7% on year, easyJet said. profit guidance for easyJet
line stocks sliding. teriorating. Headline pretax profit, Holidays to more than £180

AT&T’s Profit
The London-listed airline EasyJet said its bookings which strips out exceptional million from more than £170
didn’t see any sign of air- were continuing to rise and and other one-off items, rose million previously. The divi-
travel demand softening, easy- that it had so far booked 69% 16% to £236 million, or about sion reported pretax profit of
Jet Chief Executive Johan of its fourth-quarter flights, a $304.6 million, while revenue £73 million in the third quar-

Falls 20% Despite

Lundgren said in a media call year-over-year increase of 1 grew 11% to £2.63 billion, with ter, up from £49 million a year
after the company posted a percentage point. The airline increases in both passenger earlier.
16% jump in third-quarter has sold 1.5 million more seats and ancillary revenue. EasyJet’s London-listed
earnings, fueled by increased for the peak summer season Analysts had expected shares climbed 3% in Wednes-

More Customers
passenger numbers and higher than last year, it said. Looking £219.3 million in quarterly day’s trading.

BY DREW FITZGERALD AT&T’s quarterly postpaid

Beverly they were harder to find.
The offices in Wilshire Ro-
deo Plaza’s buildings along

AT&T’s quarterly earnings

fell 20%, as the price of a con-
phone net additions
800 thousand Hills Deal Wilshire Boulevard are almost
fully leased, with current ten-
ants including Merrill Wealth
tinuing network overhaul
overshadowed growing profits
from wireless and fiber-optic
600 2Q 2024
Makes Stir Management and
agency William Morris En-
deavor.
talent

customers. +419,000 Another building along

The Dallas telecom giant Continued from page B1 South Rodeo Drive has more
added 419,000 postpaid phone square feet of mostly office vacancy. The Mateens said
connections over the second 400 space. they are considering different
quarter, easily topping the The Mateens said they plan uses for some of their office
285,000-phone estimate of an- to nearly double the buildings’ space, including a hotel or
alysts polled by FactSet. The retail footprint to close to members-only social club.
postpaid lines—wireless cus- 200 75,000 square feet and to Such a conversion in Bev-
tomers who pay for service af- spend “in the low tens of mil- erly Hills is no guarantee. Eu-
ter each billing cycle—are a lions” on top of the purchase ropean luxury conglomerate
key gauge of growth in the price to spruce up the build- LVMH, owner of Dior and
cellphone carrier’s main profit 0 ings. Louis Vuitton, tried and failed
center. 2022 ’23 ’24 The complex’s retail space to open a hotel on Rodeo Drive
The company’s shares rose Source: the company has only one occupant, high- after buying a property there
around 5% to $19.16 in end designer Vera Wang. The for $245 million in 2018. Vot-
Wednesday’s trading. The recent demise of the federal Mateens said the former ers last year rejected the pro-
stock was already up about 6% Affordable Connectivity Pro- owner signed only short-term posed hotel, which would have
for this year through Tuesday. gram, which paid many eligi- leases while trying to sell the been LVMH’s first Cheval
Overall net income fell to ble subscribers $30 toward property. They expect to easily Blanc property in the U.S.
$3.6 billion from $4.49 billion their monthly service until it sign long-term retail tenants. The Mateens said they be-
a year earlier. Total revenue ran out of funding. “This is where retailers lieved they could get city ap-
slipped 0.4% to $29.8 billion, The company added want to be,” Tyler Mateen proval to open a hotel at the
reflecting an industrywide 239,000 fiber-optic broadband said. “There will always be de- property. But even if they
slowdown in smartphone lines and eked out a slight mand.” don’t, they believe their new
sales. gain in overall broadband and A spokeswoman for Nuveen property can survive as of-
MATEENS

The bottom-line result in- DSL connections. AT&T has in- said that while the firm signed fices.
cluded a $480 million charge vested heavily in new fiber some short-term leases, it also “It is the best location in
tied to asset impairments, lines and said Wednesday that had been looking for credit- Beverly Hills,” Justin Mateen The deal is Los Angeles’s largest property transaction since
abandonments and restructur- nearly 40% of those customers worthy long-term tenants but said. 2019. It encompasses several buildings and a parking garage.
ing. The company in December also use its wireless service.
said it would swap its Nokia Free cash flow totaled

Tenet Healthcare Posts Gains

cellular equipment with newer $4.58 billion, up from $4.21 Tenet Healthcare stock price
gear mostly from rival sup- billion a year earlier. The re-
$150
plier Ericsson. Executives said cent figure reflected the com-
the change would make the pany’s dwindling reliance on
network more adaptable—and some vendor-financing ar-
cost-efficient—in the long run. rangements. BY MELANIE EVANS end earnings, sending its months from the same period
AT&T’s prepaid-phone busi- Net debt totaled $126.9 bil- 145 shares higher. a year earlier.
ness gained a net 35,000 con- lion at the end of the quarter Shares of Tenet Healthcare Tenet’s revenue for the sec- Adjusted admissions, a key
nections. The cheaper pay-as- after the company repaid $2.2 climbed Wednesday after the ond quarter reached $5.1 bil- measure of hospital business
you-go lines grew despite the billion of long-term debt. national hospital and surgery- lion, beating the $5 billion an- that includes outpatient ser-
140 center chain reported strong alysts had anticipated. The vices, increased 2.4% and rev-
demand and beat analysts’ ex- company reported adjusted enue per adjusted admission
Listen to a Podcast: The Economics pectations. earnings per share of $2.31 for rose 5.7%, thanks in part to
Of the Olympic Games The company is the second the quarter, up from the ex- improved pricing, the com-
135 national hospital chain this pected $1.90. Tenet raised its pany said.
week to report strong revenue earnings outlook for the year. Hospitals have won price
and earnings as a result of The company shed some increases in recent contract-
healthy demand from patients hospitals this year, a drag on ing with health insurance
130 and an improved labor mar- overall hospital revenue, but companies, to offset sharply
July 18 July 24 ket. HCA Healthcare Tuesday admissions to hospitals in its rising labor costs that fol-
reported busier hospitals and portfolio for at least a year lowed disruption from the
Source: FactSet raised its guidance for year- were up 5.2% in the past three pandemic.
JUSTIN SETTERFIELD/GETTY IMAGES

T-Mobile, KKR Team Up to Acquire Metronet

BY MICHAEL SUSIN The wireless broadband will make a reinvestment to erations and customers will be
provider expects to invest retain a minority position, and fully switched to T-Mobile.
T-Mobile said it entered around $4.9 billion to acquire its founder John Cinelli will Metronet is expected to
into a definitive agreement to a 50% equity stake in the joint also retain a minority position reach 6.5 million homes by the
From broadcast rights to sponsorships and establish a joint venture with venture and 100% of Metro- once the deal closes. end of 2030 from the current
tourism, who stands to win big financially the investment firm KKR to net’s residential fiber retail Following the transaction’s reach of 2 million homes and
from the Paris Olympic Games? Scan this acquire Metronet as the com- operations and customers. close, Metronet will become a businesses.
code for a podcast with senior sports pany aims to increase its fi- The joint venture will also wholesale services provider The transaction is expected
reporter Rachel Bachman. ber solution offer to U.S. con- acquire Oak Hill Capital’s ex- for its retail customers, and to close in 2025, subject to
sumers. isting stake. Oak Hill Capital its residential fiber retail op- certain conditions.
 THE WALL STREET JOURNAL. Thursday, July 25, 2024 | B3

BUSINESS NEWS

Reckitt to Sell
Some Brands
In Home Care
Air Wick, Calgon are £4 billion in revenue, Barclays
said in a note to clients.
tagged as noncore; Reckitt said the reorganiza-
infant-formula unit tion would remove manage-
ment layers and the global
is under review business-unit structure, mov-
ing toward a category structure
BY ELENA VARDON in three regions, resulting in
cost savings.

JENS SCHLUETER/GETTY IMAGES

Reckitt Benckiser, the con- The group expects to incur
sumer-goods giant that makes around £1 billion in cash re-
Lysol and Durex condoms, said structuring and transformation
it would sell off some of its costs over the period to the
home-care brands and launch a end of 2027.
strategic review of its troubled From the start of next year,
infant-formula unit Mead John- the company will report its re-
son as it seeks to streamline its sults under three divisions— Porsche said it would refocus its efforts on gas-powered vehicles, after cutting its electric-vehicle targets on Tuesday.
business with a major over- Reckitt, Essential Home and
haul. Mead Johnson, it said.
Reckitt said Wednesday that
it aimed to exit its portfolio of
home-care brands that are no
longer core by the end of 2025
Shares in London rose
nearly 2% on Wednesday. Since
the start of the year, the stock
had shed 16%, dragged down by
Porsche Profits Bruised by Tough
as it refocuses on its high-mar-
gin “powerbrands,” like Lysol,
in a bid to be more efficient.
the Mead Johnson litigation,
disappointing results and
shareholder pressure.
China Market, High Supplier Costs
The London-listed group The review is evidence of
said it would consider all op- management getting a grip, BY DAVID SACHS Porsche vehicle deliveries by region in the first half
PCT.
ity measure—stood at 15.7% in
tions for brands such as Air RBC Capital Markets analysts 2024 2023 CHANGE the first half compared with
Wick, Calgon and Cillit Bang, said. Citi said the “shrinking to Porsche’s profitability suf- 18.9% a year prior. But its sec-
North
which brought in £1.9 billion, growth” narrative is appealing fered in the first half of the
America
t6% ond-quarter margin was 17%,
or around $2.45 billion, of sales but will take time. year as sales revenue and car the company said.
in 2023. Alongside its strategic up- deliveries dropped amid a soft Porsche’s operating profit
Reckitt also will consider date, Reckitt published second- performance in China and the Europe* s6 fell 20.5% to €3.06 billion. Still,
strategic options for its Mead quarter results and trimmed its high costs of supplies and new- the performance exceeded ana-
Johnson nutrition business, revenue guidance for 2024 due car launches. lysts’ expectations of €2.94 bil-
which faces litigation in the to supply disruptions at a key The German premium car- China t33 lion, according to Visible Alpha
U.S. In March, Reckitt was or- logistics facility for Mead John- maker said Wednesday that the consensus.
dered to pay $60 million in son caused by tornado damage sales decline hurt profit in the Revenue fell 4.8% to €19.46
Rest of
compensation related to the earlier this month. Reckitt now first half, though the second world t2 billion. Porsche delivered about
death of a premature baby that expects like-for-like revenue quarter proved better. 156,000 vehicles in the first half,
was fed its Enfamil Premature growth of between 1% and 3%, The Volkswagen-owned down 6.8% from a year earlier.
24 product. compared with previous guid- company flagged high costs Germany s22 Automotive net cash flow in
While a disposal of the unit ance of growth in the range of from suppliers and investments the first half was €1.12 billion,
is likely, a sale will be challeng- 2% to 4%. in new-model launches, and 0 thousand 10 20 30 40 down from €2.22 billion on
ing until litigation issues have For the three months ended noted a tough market in China, *Excluding Germany Source: the company year. Analysts had pegged the
been resolved, according to an- June 30, the company posted where less-expensive, locally cash figure at €1.14 billion.
alysts. £3.43 billion in net revenue, in made electric cars are under- Porsche will refocus its ef- gional sales mix and new prod- On Tuesday, Porsche cut its
“These actions allow the line with estimates taken from cutting European manufactur- forts on gas-powered vehicles, uct launches, like the all-elec- financial forecasts for the year,
company to focus capital a company-compiled consen- ers as trade tensions persist. it added, after cutting its elec- tric Macan due in September. but didn’t blame the revisions
against brands that offer the sus. Net revenue like-for-like “The Porsche AG Group con- tric-vehicle targets on Tuesday. Porsche’s first-half net profit on the first-half performance.
best long-term opportunity for was flat—falling short of esti- tinues to face a highly chal- Despite the performance, slipped to €2.15 billion, or Instead, the company cited im-
growth,” Reckitt said. mates of 0.1% growth—as lenging macroeconomic envi- Porsche said its strategy of fa- about $2.33 billion, from €2.77 pending production slowdowns
Altogether, the group is re- growth in its hygiene and ronment and various voring high-margin car sales billion, it said. caused by a shortage of alloys
viewing just over one-quarter health businesses offset de- geopolitical tensions,” the com- over high sales volume is intact The operating return on due to flooding at an aluminum
of the company, representing clines in nutrition. pany said. thanks to a more balanced re- sales margin—a key profitabil- supplier’s facility.
ALBERTO MADDALONI/REUTERS

The company is overhauling its biggest brand, Gucci, in pursuit of less-seasonal designs.

Gucci Owner Kering’s Results

Hit by Revamp, China Woes
BY ANDREA FIGUERAS The result was dragged lion, down 20% year over year
lower by a 25% drop in Asia in reported terms, while ana-
Gucci owner Kering ex- Pacific, which excludes Japan, lysts had forecast €2.08 bil-
pects earnings to continue a steeper fall than the 19% it lion, according to Visible Al-
falling in the remainder of the reported for the region in the pha.
year after both profit and rev- previous quarter. Second-quarter trends were
enue were hit in the first six Kering is the latest luxury in line with those of the previ-
months, with its flagship company to report sluggish ous three months, including a
brand pushing ahead with a demand in China—the indus- continuing marked decrease in
turnaround at a tough time try’s growth engine—as con- the Asia-Pacific region.
for the luxury industry. sumers there cut back on In an effort to get the
The French luxury-goods spending or shift it to Japan brand back on track, the com-
group—home to other brands drawn by a weaker yen. The pany appointed Sabato De
such as Balenciaga and Yves company posted a 27% reve- Sarno as its new creative chief
Saint Laurent—said Wednes- nue increase in Japan for the last year. It reshaped other
day that it anticipates recur- second quarter. parts of the label’s leadership,
ring operating income in the LVMH Moët Hennessy with new executives including
second half to be down by Louis Vuitton reported Jean-Francois Palus as chief
around 30% compared with weaker-than-expected results executive and Stefano Cantino
the year-earlier period, re- for the first half on Tuesday, as deputy CEO.
flecting uncertain demand for confirming investors’ worries Some analysts expect the
luxury goods in the coming about stalling demand in planned launches of De
months and a slowdown dur- China and prompting share Sarno’s collections to revive
ing the first half. drops across the industry. Last the brand in the second half of
For Kering, the downturn week, Cartier owner Riche- the year. However, others be-
comes in the midst of its ef- mont, Burberry Group and lieve the turnaround will take
forts to revamp its biggest Swatch Group all reported time, especially in a context of
brand, Gucci, in pursuit of sharp falls in China sales. slowing demand for luxury
less-seasonal designs to target “In a challenging market goods, as consumers concen-
higher-spending, aesthetically environment, which adds trate their spending on estab-
conservative customers. pressure on our top line and lished brands.
The company booked reve- profitability, we are working “Gucci’s new offering,
nue of €4.5 billion, or $4.88 bil- assiduously to create the con- rolled out in stores in line
lion, for the second quarter, ditions for a return to with plans, is well received,
down 11% compared with the growth,” Kering Chairman and while sales of carryovers re-
same period last year. The re- Chief Executive Francois- mained lower,” the company
sult fell short of consensus ex- Henri Pinault said. said.
pectations of €4.6 billion as Gucci recorded second- French rival Hermès will
measured by Visible Alpha. quarter revenue of €2.01 bil- publish results on Thursday.
 B4 | Thursday, July 25, 2024 * **** THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA

CrowdStrike Cites Quality-Control Flaw Cinema

BY GARETH VIPERS
AND JAMES RUNDLE
testify before lawmakers.
CrowdStrike in the report
Share performance,
past five days
former director of the U.S. Cy-
bersecurity and Infrastructure
Endeavor accounted for the
majority of canceled U.S.
Chain
CrowdStrike, the cyberse-
curity company that upended
computer systems across the
said it now plans to do more
testing of the type of update
that caused the crashes before
sending them out. The com-
0%

–5
Security Agency, which is
charged with hardening federal
and critical-infrastructure de-
fenses against hackers.
flights.
The outage knocked out
Delta’s crew-tracking IT sys-
tems, leaving the carrier un-
AMC
world last week, said it had
identified a quality-control
flaw that led to outages for
pany also plans to gradually
roll out updates to larger
groups of users—known as a
–10
Microsoft “My concern is that we’re
on the cusp of a crisis of confi-
dence in this digital infrastruc-
able to locate pilots and atten-
dants and match them to
scheduled flights.
Says Loss
millions of Microsoft Windows “canary deployment”—so it can ture that we’re all so reliant In a video to employees af-
users and how it got onto its
systems.
In an incident report pub-
check for problems.
Staging the process is cru-
cial, said Dave DeWalt, manag-
–15 upon,” he said.
Around 8.5 million devices
were affected by the outage,
ter the outage, Chief Informa-
tion Officer Rahul Samant said
Delta had to manually repair
Expected
–20
lished Wednesday, the com- ing director of venture-capital CrowdStrike CrowdStrike said in a state- over 1,500 systems that had
pany said a bug in a quality- firm NightDragon and the for- ment on Monday. Many of been taken offline in a com- BY ROBB M. STEWART
control tool it uses to check mer chief executive of cyberse- –25 those were part of wider cor- plex, time-consuming restart
system updates for mistakes curity company McAfee. porate IT systems, meaning the process. AMC Entertainment Hold-
allowed a critical flaw to be Updates with the power to impact was felt much more Federal transportation offi- ings expects to swing to a
–30 10-minute intervals
pushed to users’ machines. crash systems should first en- widely. cials later launched an investi- loss in the latest quarter in
That errant software update ter a quarantined area, he said. July 18 19 22 23 24 On Monday, the company gation into the airline’s han- the wake of the prolonged
caused worldwide disruption There, they can be tested for Source: FactSet warned customers that bad ac- dling of the situation. Hollywood actors and writers
Friday, leading to tens of thou- issues before being rolled out tors were trying to exploit the In a statement Wednesday, strikes last year, though it
sands of flights being delayed to wider company systems. actly how they perform tests event. CrowdStrike said in a Delta CEO Ed Bastian said the flagged a recovery in movie-
or canceled, and paralyzing op- “A full-blown rollout from a and detail their processes to blog post it had identified a company had made progress going last month.
erations at businesses and or- security vendor to every cus- ensure their content is safe, malicious file being sent toward restoring normal oper- The movie-theater opera-
ganizations from financial in- tomer within minutes is very said Chris Krebs, chief intelli- around by hackers posing as a ations. Cancellations were ex- tor said preliminary second-
stitutions and government dangerous,” said DeWalt, who gence and public policy officer ‘quick fix’ to the problem. pected to be minimal on quarter results point to a
agencies to medical centers has been in regular contact at SentinelOne, a CrowdStrike Among the tens of thou- Wednesday with operations loss of about $32.8 million
and school districts. with Kurtz, his former em- rival. sands of disrupted flights, fully restored by Thursday, he against a year-earlier profit
CrowdStrike’s stock has ployee at McAfee, since Fri- “The biggest issue is that Delta Air Lines was hit particu- added. Delta was offering reim- of $8.6 million, much nar-
plunged in the days since. day’s botched update. there’s a real lack of transpar- larly hard. The carrier canceled bursements and travel vouch- rower than the $159.3 million
Chief Executive George Kurtz, The global outages on Fri- ency in a number of these com- more than 5,000 flights over ers to those affected. loss penciled in by analysts.
who has apologized for the in- day are likely to put more pres- panies that are providing these the weekend, and on Monday, —Sam Schechner That is expected to translate
cident, has been summoned to sure on vendors to explain ex- critical services,” said Krebs, Delta and its regional affiliate contributed to this article. into a loss per share of about
10 cents for the three months
to the end of June, against

Football’s Kaepernick year-earlier earnings of 6

cents.
The Leawood, Kan.-based

Launches AI Firm
company forecast revenue
would decline to about $1.03
billion for the quarter from
$1.35 billion last year, in line
with the mean estimate of
BY ANDREW BEATON use Lumi to generate graphics analysts polled by FactSet.
to accompany their text. Or, Last year’s strikes cut into
As former NFL quarterback conversely, an illustrator could the number of movies being
Colin Kaepernick built out me- work with the platform to released in theaters in the
dia and publishing companies help pair art with words. early months of 2024, a
in recent years, he found that The rapid and widespread trend the company had
creators looking to get into proliferation of AI has been a warned could occur.
those businesses often run source of tension within cre- Chairman and Chief Exec-
into a series of roadblocks ative communities. Now that utive Adam Aron said the
along the way. anyone with internet access weakness masked what ap-
Now he is developing a can load a website or app that pears to be an upward trajec-
playbook that seeks to give ac- can create unique images or tory in moviegoing, with a
cess and opportunity to story- respond to prompts, some significant rise in daily reve-
tellers who have found the in- have feared it will put people nue in June compared with
dustry difficult to break into. out of jobs en masse. Others April and May. The industry
Kaepernick is launching a have criticized platforms for box office for June was 1.4%
new artificial-intelligence stealing their work to train below that of April and May
company that aims to use their models. combined, and Aron said the
technology to help people Kaepernick says he believes improvement has continued
clear some of those barriers. those concerns are valid and into July.
Lumi Story AI, which is that Lumi helps address them Aron said AMC is confi-
backed by Reddit co-founder because it turns creators into dent that industrywide movie
Alexis Ohanian’s venture-capi- the beneficiaries of AI. revenue for the second half
LEON BENNETT/GETTY IMAGES

tal firm Seven Seven Six, Lumi launched a beta ver- of this year and into 2025
plans to use AI’s capabilities sion on Wednesday focused on and 2026 will continue to
to give aspiring creators tools comic books, but it plans to show increasing strength.
to which they might otherwise expand its product offerings AMC is set to release
not have access. down the road, even to allow quarterly results after mar-
For example, a comic book people to create and sell mer- kets close Aug. 2.
author might not have the chandise based off their —Robb M. Stewart
‘AI should be empowering and enhancing creators,’ Colin Kaepernick says. skills to illustrate it, but could work.
AMC Entertainment quarterly
net income/loss
son, once seemed to be the whether James could execute change and reshaping the Corp before launching a TV
Murdoch heir apparent. But relations
between him and his father
such a power play, but it was
viewed warily.
democratic process to dis-
courage hyperpartisanship.
production company, Shine,
that she sold to the family
$0 million

–50
deteriorated over the years, James has been critical, at James and Kathryn Mur- company in 2011. She later
Family in and after Lachlan returned
and the elder Murdoch sold a
times, of Murdoch-owned
media outlets. When he left
doch have been particularly
concerned by what they see as
launched another production
outfit, Sister. Prudence, Mur-
–100

Trust Battle chunk of Fox to Disney in

2019, James’s career hit a
roadblock.
the News Corp board in 2020,
he said it was “due to dis-
agreements over certain edi-
an extreme turn Fox News
took in the age of Donald
Trump, according to people
doch’s oldest child, has played
a relatively quiet role inside
News Corp and Fox.
–150

–200
Recently, James had begun torial content published by familiar with the matter. Rupert Murdoch made a
Continued from page B1 to tell associates that he the company’s news outlets Rupert Murdoch stepped push in 2022 to reunite the –250 2Q estimate:
–$32.8M
clashing with other senior Fox could gain effective voting in- and certain other strategic down as chair of News Corp two wings of his empire
executives and feeling under- fluence over the trust by op- decisions.” and Fox in November 2023, through a merger. But he –300
cut by his father, but returned erating in a bloc with his sis- He and his wife, Kathryn, leaving Lachlan as sole chair backed away from the plan,
years later, and continued his ters, some people familiar are ardent environmentalists of News Corp and executive which drew resistance from –350
climb, eventually becoming with the situation said. Inside who have designed their phi- chair and CEO of Fox. some major investors. 2022 ’23 ’24
the CEO of Fox. Rupert Murdoch’s orbit, there lanthropy and their investing Elisabeth Murdoch held —Keach Hagey Sources: S&P Capital IQ; the company
James, Murdoch’s younger was skepticism about around fighting climate various positions at News contributed to this article.

Card Issuers 2019 and last year, to $57.2

billion, according to ESA.
More than half of Americans
slightly to reach more bor-
rowers.
Xbox’s tens of millions of
that goes up to 850.
Hertzog, who said his an-
nual outlay on videogames
His generation’s habits are
also shifting. Millennials are
turning to cards as they start
credit histories—can be tricky.
Wells Fargo has lost up to $10
million a month on a card tar-

Target now play videogames.

“The gaming space is enor-
mous and booming,” said
subscribers skew younger
than airline customers,
Nealon said, making them
runs to about $2,000, is one
such customer. He has strong
credit, a stable and decent-
families, buy homes and cope
with rapid inflation. Their
share of U.S. credit-card debt
geting younger borrowers that
offered perks for paying rent,
partly because it overesti-

Xbox Users Denny Nealon, head of Bar-

clays’s U.S. consumer division.
“What we love about that is
more likely to carry a balance
and pay interest. Nealon said
the bank targets clients with
paying job, and is a dedicated
gamer. He plays Xbox every
night before and after tucking
surpassed that of baby boom-
ers for the first time in 2023,
according to TransUnion.
mated how many users would
carry a balance, The Wall
Street Journal reported.
the fact it skews a little bit credit scores slightly below his 8-year-old son into bed. He Still, guessing the behavior Barclays hasn’t disclosed
Continued from page B1 younger.” its current average of about pays off his balance in full of consumers—particularly details of its Microsoft ar-
tive for me,” said Hertzog. When Microsoft, a long- 750, a high score on a scale each month. younger ones with shorter rangement.
Barclays and others are tar- standing investment-banking In such partnerships, banks
geting a critical demographic. client, reached out about a po- usually pay the partner a
Millennials—or those now in tential card for gamers, Bar- bounty—perhaps $250 or so—
their late 20s through early clays liked the idea, Nealon for each sign-up, Javelin’s
40s—have turned to plastic said. An Xbox executive said Riley said. Each customer pur-
later than prior generations, last year that it started the chase then generates a so-
industry analysts say, partly partnership because it had called interchange fee.
due to a 2009 law that banned heard from players that they Most of Barclays’ inter-
aggressively marketing cards wanted more value for their change fees fund customer re-
to college students. purchases. wards, a Barclays spokesman
More broadly, the global fi- Barclays has long offered said. Unlike airline cards, the
nancial crisis led banks to rewards cards in partnership Xbox card doesn’t charge an
tighten credit and made con- with airlines such as Ameri- annual fee. That means the
sumers more resistant to debt, can Airlines and JetBlue. Ac- bank is counting heavily on in-
said Brian Riley, co-head of count holders tend to be older, terest payments to make
payments at Javelin Strategy upper-income and savvy, money, the Barclays spokes-
& Research. charging daily expenses to man said.
Videogames offer one way rack up points but quickly Mike Perri, another New
to reach a millennial audience. paying off balances to avoid Jersey millennial, said he
Many are keen gamers, play- paying interest. charges $75 to $85 a month on
ing on Xbox, PlayStation and The bank has looked be- his Xbox card, which he pays
PATRICK T. FALLON/AFP/GETTY IMAGES

on their mobile phones with yond airlines to offer a off in full with autopay each
games such as Candy Crush broader range of rewards month. “The card is good for
Saga. Gamers’ average age is cards, buying a credit-card exactly what I use it for and
36, according to the Entertain- portfolio from Synchrony not much else,” Perri said. “Is
ment Software Association, a Bank to offer cards for cus- this a great rewards card for
trade group. tomers of clothing retailer the average person? Probably
Gaming surged during the Gap in 2021. Earlier this year, not. But if you maximize it for
pandemic, when lockdowns executives told investors that what I do, which is for Xbox
kept consumers indoors. Gam- Barclays planned to loosen purchases, it’s definitely
ing outlays grew 32% between card-underwriting standards Gaming surged during the pandemic; more than half of Americans now play videogames. good.”
 THE WALL STREET JOURNAL. * * * * Thursday, July 25, 2024 | B5

BUSINESS NEWS

Marketers Eye Google’s Cookies Reversal

Expanded consumer cookies would force them to those from Apple to allow app diminish.
shift spending to its digital-ad tracking, for instance. “Marketers should continue
choice to stop the products. “We don’t have the details preparing for a future where
tracking tools offers What followed was years of and regulators may have a say data privacy is increasingly
delays and disagreements with in this. If we see the type of prioritized,” said Dimitrios Ko-
a marketing hurdle the industry and regulators. opting out we have seen with romilas, director of platform
“Google was being pulled in [Apple’s App Tracking Trans- services for Europe, the Mid-
BY MEGAN GRAHAM multiple directions. The com- parency], Privacy Sandbox and dle East, and Africa at data-
pany had to thread the needle other cookieless options will marketing company Acxiom.
After a yearslong saga in- between offering a more pri- be important tools,” said Hart- “Those who have been proac-
volving squabbles with the vacy-centric approach to web ley. “If not, advertisers will tive in exploring alternatives
larger ad industry and regula- browsing while not disrupting have to decide if cookies are will be better positioned to
tors, Google is ending a plan the ad tech ecosystem to the right for them based on their adapt when changes do inevi-
to eliminate third-party track- point that antitrust concerns goals, brand values, etc.” tably occur, particularly given
ing cookies on its Chrome could be raised,” Raymond Gupta said people in the ad the changing regulatory land-

JEFF CHIU/AP
browser. James analysts wrote in a re- industry are wondering how scape and shifts by other ma-
The marketing world is search note this week. “In the user choice will look—whether jor players in the industry.”
now trying to figure out how end, the company seems to prompts are opt-in or opt-out, The decision to not elimi-
such tracking would fare if have satisfied nobody.” A Google event in California earlier this year. Google opted what language is used, how nate cookies outright may pro-
consumers have more choice Following delays from to end efforts to eliminate cookies from its Chrome browser. much control publishers have vide an illusion of respite for
to stop it. Google and concerns from the over prompts, and whether some media owners that ha-
Four years ago, Google said U.K. Competition and Markets mance with Privacy Sandbox phaseout of the cookie. While prompts appear on every web- ven’t had resources to adopt
it would phase out support for Authority, plans to eliminate solutions.” no longer as urgent as feared, site or just once and apply alternatives, said Milicevic.
third-party cookies, which log third-party cookies have Though Google’s immediate that effort may not have been across all sites. “Marketers need to have a
the activity of internet users seemed less than solid, some plan to eliminate cookies isn’t for naught,” they wrote. No matter what the opt-out resilient strategy that’s not
across websites so advertisers industry watchers said. moving forward, industry on- They added that, “Depend- procedure looks like, advertis- overly dependent on a single
can target them with relevant “In the last six months, lookers say efforts to move in ing on the alternative frame- ers should be ready to not rely company, a single channel, or
ads and track the effectiveness there has been a growing feel- that direction weren’t for work that Google will offer to heavily on cookies as time a single piece of obsolete tech-
of those ads. The insights can ing that this was very possi- nothing. users seeking privacy-first passes, according to some ex- nology—like cookies,” she
be valuable to advertisers but ble,” Shiv Gupta, founder of ad “I have been very vocal web browsing, industry partic- ecutives. said.
have generated consumer pri- tech education company U of about saying I believe cookies ipants may be able to use this “It’s fun to speculate what Smart marketers will keep
vacy concerns. Digital, said of Google drop- are going away, and Google is work to reach these opted-out [the cookie prompt] will ulti- trying to test different ap-
Instead of eliminating those ping its plan to end third- going to do away with cook- users on a contextual or co- mately look like—regardless of proaches to connect with con-
third-party cookies, Google party cookies. ies,” Gupta said. “My stance hort-based framework.” the end result, the practical sumers, said Matt Barash, a
will present users with a Jason Hartley, head of me- on that doesn’t change…The Whether consumers accept outcome here is that the longtime ad tech industry ex-
prompt to decide whether to dia innovation at marketing plan is still to do away with cookies likely will depend on cookie-addressable universe of ecutive.
retain third-party cookies, ac- agency PMG, said there had cookies. The plan is just to do how Google chooses to prompt users will be getting smaller “Change is inevitable and
cording to the U.K. competi- been skepticism among regu- it in a way that can appease them. Google in a post said it and smaller every day,” said the most important will be
tion regulator that has been lators and the wider ad indus- people and authorities and would propose an updated ap- Ana Milicevic, a principal and how the efficacy of campaigns
overseeing the search giant’s try about the viability of pawn off the responsibility of proach that would involve “a co-founder at Sparrow Advis- are measured in an undefined
plan to block cookies, leaving Google’s Privacy Sandbox, cookie deprecation to users, in new experience in Chrome ers, a management consulting future state,” he said. “Privacy
marketers to wonder how that which refers to the company’s a way—[with] user consent.” that lets people make an in- firm specializing in ad tech. is a consumer’s inherent right
will work, and how they will set of technologies to replace Raymond James analysts formed choice that applies She also serves as an indepen- and their choice to opt in or
reach consumers if they opt ad targeting and measurement say user choice means across their web browsing, dent director sitting on the out of personalization has his-
out en masse. features. Google’s planning likely wasn’t and they’d be able to adjust board of adtech infrastructure torically been overly compli-
Google first announced its “Surprising, but not shock- in vain. that choice at any time.” company ID5. cated by design. It’s clear that
intention to phase out third- ing,” Hartley said. “The issues “Much technical effort has Advertising industry execu- Regardless of the cookie the pendulum will swing in
party cookies in 2020. Privacy were complex and solutions been expended and ink spilled tives and experts say they deadline no longer being im- the consumer’s favor and ad
advocates were enthusiastic, weren’t obvious. Recent tests about the preparations that have questions about what minent, advertising executives tech companies will have to
but many advertisers objected, suggested that there was still advertisers and publishers that will look like, and how said marketers shouldn’t ex- continue to plan to do more
saying Google’s plan to replace a significant gap in perfor- were making to deal with the closely prompts will resemble pect the desire for privacy to with less signal.”

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CLASS ACTION

LEGAL NOTICE

UNITED STATES DISTRICT COURT 2016, AND JUNE 12, 2020, INCLUSIVE, AND WERE
SOUTHERN DISTRICT OF TEXAS DAMAGED THEREBY, YOUR RIGHTS ARE AFFECTED
HOUSTON DIVISION BY THE SETTLEMENT OF THIS LITIGATION.
To share in the distribution of the Net Settlement Fund, you
DELAWARE COUNTY Civil Action
must establish your rights by submitting a Proof of Claim
EMPLOYEES RETIREMENT No. 4:21-cv-02045 and Release form (“Proof of Claim”) by mail (postmarked
SYSTEM, Individually and on no later than October 16, 2024) or electronically via
CLASS ACTION
Behalf of All Others Similarly the website (no later than October 16, 2024).1 Failure
Situated, Plaintiff, vs. to submit your Proof of Claim by October 16, 2024, will
CABOT OIL & GAS subject your claim to rejection and preclude you from
CORPORATION, et al., receiving any of the recovery in connection with the
Settlement of this Litigation. If you are a Class Member
XAVI LOPEZ/SOPA IMAGES/ZUMA PRESS

Defendants.
and do not request exclusion from the Class (as described
SUMMARY NOTICE OF PENDENCY AND below), you will be bound by the Settlement and any
PROPOSED SETTLEMENT OF CLASS ACTION judgment and releases entered in the Litigation, including,
but not limited to, the Judgment, whether or not you submit
TO: ALL PERSONS OR ENTITIES WHO a Proof of Claim.
PURCHASED OR OTHERWISE ACQUIRED
CABOT OIL & GAS CORPORATION The Notice, which more completely describes the Settlement
(“CABOT”) COMMON STOCK BETWEEN and your rights thereunder (including your right to object
FEBRUARY 22, 2016, AND JUNE 12, 2020, to the Settlement), the Proof of Claim, the Stipulation
INCLUSIVE, AND WERE DAMAGED (which, among other things, contains definitions for the
THEREBY (“CLASS” OR “CLASS MEMBERS”) capitalized terms used in this Summary Notice), and
The Spanish investigation is adding to a list of headaches that Apple is facing in Europe. other important documents, may be accessed online at
THIS NOTICE WAS AUTHORIZED BY THE www.CabotOilSecuritiesLitigation.com, or by writing to:

Spanish Antitrust Officials

COURT. IT IS NOT A LAWYER SOLICITATION.
PLEASE READ THIS NOTICE CAREFULLY AND Cabot Oil Securities Litigation
IN ITS ENTIRETY. Claims Administrator
c/o JND Legal Administration
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 P.O. Box 91217

Probe Apple’s App Store

of the Federal Rules of Civil Procedure and an Order of Seattle, WA 98111
the United States District Court for the Southern District
of Texas (“Court”), that the above-captioned action Inquiries should NOT be directed to Defendants, the Court,
(“Litigation”) has been certified as a class action, except or the Clerk of the Court.
for certain persons and entities who are excluded from
the Class by definition as set forth in the Stipulation of Inquiries, other than requests for the Notice or for a Proof of
Settlement dated June 3, 2024 (“Stipulation”) and the Claim, may be made to Class Counsel:
detailed Notice of Pendency and Proposed Settlement of
BY MAURO ORRU petitive practices. to work with the Spanish Class Action (“Notice”). The Stipulation and Notice can be
ROBBINS GELLER RUDMAN & DOWD LLP
The CNMC has the power Competition Authority to un- Ellen Gusikoff Stewart
viewed at www.CabotOilSecuritiesLitigation.com. 655 West Broadway, Suite 1900
Spanish antitrust officials to fine companies up to 10% derstand and respond to their YOU ARE ALSO HEREBY NOTIFIED that Delaware San Diego, CA 92101
launched an investigation of their global sales for the concerns.” County Employees Retirement System and Iron Workers Telephone: 800/449-4900
into Apple, saying the iPhone year. Apple reported nearly The Spanish investigation District Counsel (Philadelphia and Vicinity) Retirement [email protected]
maker might be imposing un- $383.29 billion in sales in the adds to a growing list of and Pension Plan (together, “Plaintiffs”), and defendants
KESSLER TOPAZ MELTZER & CHECK, LLP
fair conditions on developers fiscal year ended Sept. 30, headaches that Apple is fac- Cabot, Dan O. Dinges, and Scott C. Schroeder (collectively,
Andrew L. Zivitz
“Defendants”) have reached a proposed settlement of the
who rely on its App Store to 2023, meaning it faces a mul- ing in Europe. Last month, Litigation on behalf of the Class for $40 million in cash
280 King of Prussia Road
distribute their applications. tibillion-dollar fine if CNMC the EU said the company Radnor, PA 19087
(“Settlement”). If approved by the Court, the Settlement
Telephone: 610/667-7706
The country’s National officials conclude it stifled might be in breach of its digi- will resolve all claims in the Litigation.
[email protected]
Markets and Competition competition. tal-competition law, alleging YOU ARE ALSO HEREBY NOTIFIED that a hearing
Commission, known as CNMC, “Today, Spanish developers that the company’s App Store will be held on October 24, 2024, at 3:00 p.m., before the IF YOU DESIRE TO BE EXCLUDED FROM THE
Honorable Lee H. Rosenthal at the United States District CLASS, YOU MUST SUBMIT A REQUEST FOR
said it is probing Apple’s of all sizes compete on a level wasn’t allowing developers to EXCLUSION SUCH THAT IT IS POSTMARKED BY
Court, Southern District of Texas, Houston Division, Bob
treatment of developers to playing field on the App freely direct customers to al- Casey United States Courthouse, 515 Rusk Street, Houston, OCTOBER 3, 2024, IN THE MANNER AND FORM
ascertain whether the tech gi- Store,” an Apple representa- ternative ways to make pur- TX 77002, to determine whether: (1) the Settlement of the EXPLAINED IN THE NOTICE. IF YOU PROPERLY
ant is engaging in anticom- tive said. “Apple will continue chases. above-captioned Litigation as set forth in the Stipulation EXCLUDE YOURSELF FROM THE CLASS, YOU WILL
for $40 million in cash should be approved by the Court as NOT BE BOUND BY ANY RELEASES, JUDGMENTS,
fair, reasonable, and adequate; (2) the Judgment as provided OR ORDERS ENTERED BY THE COURT IN THE

NBA Signs
under the Stipulation should be entered dismissing the LITIGATION AND YOU WILL NOT RECEIVE ANY
fans in the United States and Amazon will offer 66 regu- Litigation with prejudice; (3) to award Plaintiffs’ Counsel BENEFITS FROM THE SETTLEMENT. EXCLUDING
around the world,” NBA Com- lar-season games, “play-in” attorneys’ fees and expenses out of the Settlement Fund (as YOURSELF FROM THE CLASS IS THE ONLY OPTION
missioner Adam Silver said. tournament games and early defined in the Notice) and, if so, in what amounts; (4) to THAT MAY ALLOW YOU TO BE PART OF ANY

$77 Billion
award Plaintiffs their costs and expenses in representing OTHER CURRENT OR FUTURE LAWSUIT AGAINST
Executives for the media playoff coverage, plus six con- DEFENDANTS OR ANY OF THE OTHER RELEASED
the Class out of the Settlement Fund and, if so, in what
companies said the NBA would ference finals series. amounts; and (5) the Plan of Allocation should be approved DEFENDANT PARTIES CONCERNING THE CLAIMS
help them boost and retain As part of the agreement, BEING RESOLVED BY THE SETTLEMENT.

In Deals
by the Court as fair, reasonable, and adequate.
subscribers for their plat- media deals were also secured There exists the possibility that the Court may decide to IF YOU ARE A CLASS MEMBER, YOU HAVE THE
forms, and reach younger and for the WNBA on Disney, NBC- change the date and/or time of the Settlement Hearing, RIGHT TO OBJECT TO THE SETTLEMENT, THE
more diverse audiences. Universal and Amazon. conduct the hearing by video or telephonic conference, or PLAN OF ALLOCATION, THE REQUEST BY CLASS
NBCUniversal’s package will The NBA’s decision not to otherwise allow Class Members to appear at the hearing COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES
by telephone or videoconference, without further written NOT TO EXCEED 33-1/3% OF THE $40 MILLION
Continued from page B1 include 100 games per regular accept TNT’s match is the lat- SETTLEMENT AMOUNT AND EXPENSES NOT
notice to the Class. It is important that you check the
companies, helping them draw season across NBC and Pea- est development in a drawn- website, www.CabotOilSecuritiesLitigation.com, before TO EXCEED $1,750,000, PLUS INTEREST ON
the audiences needed to sustain cock as well as first- and sec- out and public battle between making any plans to attend the Settlement Hearing. Any BOTH AMOUNTS, AND/OR THE REQUEST FOR
their traditional TV businesses, ond-round playoff games and the league and its oldest media updates regarding the Settlement Hearing, including any AN AWARD TO PLAINTIFFS FOR THEIR COSTS
even as they prepare for a fu- six conference finals series. partner. TNT has carried the changes to the date or time of the hearing or updates AND EXPENSES. ANY OBJECTIONS MUST BE
regarding in-person or telephonic appearances at the FILED WITH THE COURT AND SENT TO CLASS
ture dominated by streaming. Disney is taking on a NBA for over three decades. hearing, will be posted to the website. Also, if the Court COUNSEL AND DEFENDANTS’ COUNSEL BY
The deals—each of which smaller package of games than TNT’s parent, Warner, is requires or allows Class Members to participate in the OCTOBER 3, 2024, IN THE MANNER AND FORM
has a substantial streaming under its current deal. Its grappling with a declining ca- hearing by telephone or videoconference, the access EXPLAINED IN THE NOTICE.
component—embody a seismic package will include 80 regu- ble business and a hefty debt information will be posted to the website.
BY ORDER OF THE COURT
shift in the way consumers are lar-season games per season, load and has been in cost-trim- IF YOU PURCHASED OR OTHERWISE ACQUIRED UNITED STATES DISTRICT COURT
watching sports. Amazon’s en- the NBA Finals, and early- ming mode. Though the NBA CABOT COMMON STOCK BETWEEN FEBRUARY 22, SOUTHERN DISTRICT OF TEXAS
try points to the growing round playoff contests and contracts are pricey, losing
power of technology compa- conference finals series in 10 basketball games would make 1
Proofs of Claim, requests for exclusion, objections, and other correspondence that are legibly postmarked will be treated as
nies in sports. seasons, the league said. All it harder for TNT to position received on the postmark date. Please be advised that the U.S. Postal Service may not postmark mail which is not presented
in person.
The media rights deals games will be available on itself as a must-have network
“will maximize the reach and ESPN’s upcoming direct-to- worthy of earning carriage fees www.CabotOilSecuritiesLitigation.com
accessibility of NBA games for consumer streaming service. from distributors.
B6 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

BUSINESS NEWS

Office Chair and Couch Demand Is Back

MillerKnoll, after a MillerKnoll’s organic orders,
change from a year earlier*
two-year rut, saw
5%
corporate-client and
retail orders grow 0

BY JENNIFER WILLIAMS
–5
Businesses and shoppers
who for the past two years –10
pulled back on outfitting their
homes and offices are back to
buying chairs, couches and –15
desks, which may be a boon
for MillerKnoll.
The global design company, –20 Quarterly
which sells everything from 2023 ’24

LYNDON FRENCH FOR THE WASHINGTON POST/GETTY IMAGES

Eames chairs to desks, rugs
*Excludes currency fluctuations, acquisitions
and lamps under the brands and disposals
Herman Miller, Knoll and De- Source: the company
sign Within Reach, for the
first time in a couple of years ized in the form of real demand
recorded organic order growth improvement once the eco-
in the three month-period nomic skies clear,” he said.
ended June 1. “We think we’re getting close
Two of MillerKnoll’s major to that point.”
customer groups slowed their Difficulties have plagued
furniture buying in recent home- and office-furnishing
years. Businesses cut plans to companies for years, analysts
order office equipment when said, with executives at furni-
workplaces emptied during ture companies including RH,
the pandemic, a drop-off that As companies rethink workspaces, nontraditional furnishings such as lounge chairs are gaining favor, according to MillerKnoll’s CFO. Wayfair and workspace furni-
lingered in the face of hybrid ture maker Steelcase having
work. Meanwhile, consumers enue, and global retail custom- flected as much, “but we U.S. businesses offer work-loca- quarter ended in June com- trouble spurring demand. For
who bought furniture with ers. “We’re reaching a point of hadn’t yet turned the page to tion flexibility as of the three- pared with a year earlier. To some that is changing, with
abandon in the early days of inflection,” said Chief Finan- order growth,” Stutz said. month period ended in June, keep customers’ interest, the Steelcase logging order growth
Covid pulled back as the econ- cial Officer Jeff Stutz. That came in the following up from 58% in the year-ago company is investing in design in the past three quarters.
omy and a frozen housing “Growth in this industry is quarter. Companies in the period, according to the services and increasing both “It’s obviously been a really
market in the U.S. put a never a convenient straight Americas saw organic order Scoop’s Flex Index report on the number of stores and tumultuous couple of years
damper on home-improvement line—there tends to be some growth of around 5%. The up- more than 9,000 companies. products, possibly adding coming out of Covid,” said
purchases. fits and starts at the early part turn wasn’t limited to a few As companies rethink work- more dining tables, rugs and Alex Fuhrman, a senior re-
MillerKnoll executives have of a recovery—but we’ll take large projects and was across spaces, nontraditional office outdoor furnishings, Stutz search analyst at Craig-Hallum
been working to spur orders. it,” he said. “And we have to industries, according to Stutz. furnishings such as sofas, cof- said, declining to say how Capital Group.
While revenue was down 7% in keep that moving forward.” And it stretched beyond desks, fee tables, outdoor furniture much MillerKnoll is investing But the order growth re-
the latest quarter from the To do that, the company is filing cabinets and office and lounge chairs are increas- in these efforts. corded in MillerKnoll’s last
previous year, organic or- adapting to new needs from chairs to items for healthcare ingly in favor, according to Even with organic orders quarter, he noted, was crucial
ders—a measure that strips customers and expanding its facilities, such as lobby and in- Stutz. flat on the company’s interna- to backing up the company’s
out the effects of currency offerings. room patient seating, the CFO Retail shoppers, too, are tional business, a rebound in earlier signals, he said.
fluctuations, acquisitions and In its fiscal quarter ended said. The company managed to coming back, buying more up- the Americas business and re- “It was an important quar-
disposals, and an extra week March 2, MillerKnoll signaled eke out an $11 million profit, holstered furniture, dining ta- tail segment brought overall ter for the company’s credibil-
in fiscal 2023—rose. And it is that the order environment an increase of 1.2% over the bles and chairs and bedroom organic order growth of nearly ity to really show that those
starting in two important ar- might finally be turning. Inter- year-ago quarter. furnishings, the CFO said. 3%. Stutz is optimistic the rise signs they were seeing, that
eas: corporate clients in the nal signals, such as winning Hybrid-specific furnishings MillerKnoll saw organic order will continue. “Our sense is orders were turning around,
Americas, which make up more projects and an uptick in are now a big focus of the busi- growth of nearly 1% in the that there is still some pent-up really did come to fruition,”
about 50% of MillerKnoll’s rev- interest to initiate them, re- ness, Stutz said. Nearly 70% of global retail segment for the demand that we will see real- said Fuhrman.

Assault March lawsuits.

Tal and his brother Oren
are known for selling some of
mitted to having sexual inter-
course with the victim,” ac-
cording to the report. The
it is common for executives to
attend social events hosted by
agents.

Claims the most lavish homes in New

York, Miami and Aspen, Colo.
They worked for Douglas Elli-
attorney has since died.
The representative for the
police department said they
Three former members of
the brothers’ team at Douglas
Elliman told the Journal that

Lingered man for more than a decade

before starting their own com-
pany, Official, in 2022.
had no comment since it was
an old case and the lead inves-
tigator retired.
Oren frequently bragged about
his sex life. One team member
said Oren would show pictures
In the real-estate industry, of him and his brothers with
Continued from page B1 the brothers had a reputation naked women that he said
tion with hit reality shows like as ambitious, hungry young New York years they had been with.
“Million Dollar Listing.” Alon is agents who used aggressive Another woman said The extent to which people
DAVID X PRUTTING/BFA/SHUTTERSTOCK

an executive at the family’s tactics to secure a deal or land around 15 years ago in New at Douglas Elliman were
private security firm. a big client—and who used so- York, Tal tried to force himself aware of sexual-assault allega-
Women and friends from all cial media and the press to on her. She said she and Tal tions against the brothers is
chapters of the brothers’ lives propel their names into the met at the SL night club and unclear.
told the Journal they were as- headlines. They did business went back to his apartment, More than a decade ago,
saulted or knew of others who with titans in the finance where they made out while Oren warned at least one se-
were. This account, which in- world, notably helping billion- she was partially undressed. nior executive at the firm that
cludes previously unreported aire hedge-fund manager Ken They smoked marijuana. Oren he might be publicly accused
incidents, is based on inter- Griffin purchase a nearly $240 and another friend were there, of sexual assault, the execu-
views with more than 50 peo- million apartment in 2019, Tal Alexander, left, and brother Oren have brokered some of entered the bedroom and shut tive said. The former execu-
ple who came in contact with setting a record for a residen- the biggest real-estate transactions in the country. the door. Tal became more tive said he dismissed the con-
the Alexanders during those tial property in the U.S. They rough with her, his friend versation at the time and
periods and on documents re- represented clients such as attend our school, we are sad- had taken Xanax but she didn’t started taking photos and she didn’t look into the situation
viewed by the Journal. WeWork co-founder Adam dened to learn about these al- have her underwear or purse began to panic. She said she further, nor did he inform any
The reporting gives a de- Neumann, New York Mets leged incidents from 20 years after leaving the house. was allowed to leave and re- other high-level executives or
tailed picture of the nature owner Steve Cohen, and Jared ago,” said Miami Country Day At Krop on Monday, a members Tal and the others human resources. In the real-
and extent of the allegations, Kushner and Ivanka Trump. spokeswoman Paula Montoya. group of the boys approached laughing the whole time. estate industry, agents are in-
which include incidents dating “The safety and well-being of her and handed her her purse. She said she went to the dependent contractors, mean-
back to high school where stu- our entire community—cur- She started crying and a secu- hospital soon after to see if ing they aren’t subject to the
dents at the time said the Warnings rent students and alumni rity guard approached her and she was drugged and tried to same level of scrutiny that is
brothers sometimes filmed en- More than half a dozen alike—are of the utmost im- a friend, suggesting she go to report the incident to the New common for employees at
counters with women. Two other women and men who at- portance to Miami Country a guidance counselor. She said York City police at the time. other types of companies.
complaints were brought to tended Miami Country Day said Day School and we condemn she told the guidance coun- She was told that because she The spokesman for Douglas
police, and three women people were frequently warned sexual assault in the strongest selor what happened and the consented to consuming mari- Elliman said the firm had no
sought medical attention. It by fellow students to be careful terms.” counselor called the police, juana she didn’t have a case. knowledge of the warning and
shows more than a decade around the Alexander brothers. Around 2001, a 15-year-old who came to the school. The The Journal confirmed the ac- no complaints were ever filed
ago, a top executive at Doug- The girls were Krop student friend of the woman who was count based on correspon- to human resources about the
las Elliman was warned by told by their went to a gath- also a student at Krop con- dence from the time. brothers.
one brother that an allegation friends not to ering with Tal firmed the account, which she At Douglas Elliman, the In recent weeks, Douglas
against him would surface. accept drinks Tal and Oren and other was told at the time. brothers were favorites of Elliman sent an email to its
from them at Alexander are friends. She Past and current Krop ad- Chairman Howard Lorber, staff warning that they
house parties, said Tal ministrators didn’t respond to who frequently directed busi- shouldn’t speak to the media
Federal probe the people say. known for selling brought her requests for comment. An op- ness to them or recommended about the Alexander brothers.
The Federal Bureau of In- The warnings into a room and erator at the school said most them to developers for high- The Alexander brothers
vestigation is working with continued
some of the most raped her. She administrators are out until profile projects, according to have made efforts to prevent
the New York City Police De- through the lavish homes. said she tried mid-August. current and former Elliman the allegations against them
partment as it probes the alle- years. to push him off agents. Lorber attended Oren’s from becoming public.
gations against the Alexan- “I’m just and screamed and Alon’s 27th birthday A lawyer for Oren and Alon
ders. The Journal reported the writing to let no, but he per- Police reports party, with Lorber saying in a attempted for many months to
FBI probe earlier this month. you know if you’re a girl and sisted. She was led out of the The North Miami Beach Po- video reviewed by the Journal negotiate a settlement with
Authorities have shared with you know this guy [Tal] you house in a state of undress as lice Department investigated that he was “proud to be asso- Kate Whiteman, one of the
some of the women and wit- need to be really, really care- Tal threw some of her clothes the incident, interviewing sev- ciated with” the brothers. women who filed suit against
nesses that they are probing ful,” according to 2010 corre- out after her. She said she got eral male students, including In a statement, a spokes- them in March, according to
allegations of conduct from spondence reviewed by the her clothes and walked home Oren and Alon, according to man for Douglas Elliman said people familiar with the situa-
the past couple of years that Journal sent from one woman a few blocks away. She said the police report and a repre- that no executive at the firm tion. The parties couldn’t set-
could have criminal implica- to another. she didn’t report the incident sentative for the department. favored the brothers and that tle on terms, according to
tions. A spokesman for the FBI Many of the allegations fol- because she didn’t want to According to the report, be- those people.
declined to comment, and the low a similar pattern: Women bring more attention to it. An- sides her Xanax consumption After news of the lawsuits
NYPD didn’t respond to re- or girls were told of a house other student was told of the the freshman was given an broke, one woman who alleged
quests for comment. party or gathering over the account by a person who was “unknown alcoholic beverage” Oren sexually assaulted her in
The brothers have denied weekend, and when they ar- present at the time. at the house. She was later ac- 2017 commented that it was a
the allegations made in the rived, they were the only Oren and Alon were part of companied by a detective to long time coming on an Insta-
lawsuits. Their lawyers have guests. At times, the brothers a group of high-school stu- the Jackson Memorial Hospi- gram post by the real-estate
said they were unaware of any or friends would videotape or dents who allegedly gang tal’s rape-treatment center trade publication The Real
federal probe. Oren and Tal photograph the sexual en- raped a Krop high-school and examined by a doctor, ac- Deal detailing lawsuits against
stepped down from their roles counters, according to the freshman in 2003, said the ac- cording to the report. The re- the brothers.
at Official, a real-estate com- women and two men who saw cuser, who was 14 at the time. port was shared with the de- Oren reached out directly
PAUL PORTER/BFA/SHUTTERSTOCK

pany they co-founded. videos in high school. She said she remembers multi- tective. to the woman, according to
“Tal fully denies these alle- Tal and his brothers at- ple boys including Oren and They brought their findings messages reviewed by the
gations and will continue to tended the public Dr. Michael Alon raping her in what they to the Miami Dade State At- Journal. “Nice comments on
vigorously defend against M. Krop Senior High School in called running a train, or when torney’s Sexual Battery Unit. instagram,” he texted her,
them,” according to a statement Miami and were friends with multiple men have sex with a An assistant state attorney at adding that their prior
from Tal’s lawyers Deanna Paul some students at the private woman one after the the time dismissed it “due to friendly messages in the text
and Milton Williams. A lawyer school. Tal was one grade other. That night, she said, the inconsistencies of the chain would tell the real story.
representing Oren and Alon, Is- above his twin brothers, ac- family members brought her to statements made by the vic- “Your pathetic,” he wrote
abelle A. Kirshner, declined to cording to a yearbook entry a local hospital. She said she tim, contradicting witnesses, A third brother, Alon to her.
comment. She previously de- reviewed by the Journal. doesn’t remember what they insufficient evidence, and the Alexander, works for the —Jim Oberman
nied the claims in the two “While the accused did not did at the hospital and that she fact that the defendants ad- family’s private security firm. contributed to this article.
THE WALL STREET JOURNAL. * * * Thursday, July 25, 2024 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
39853.87 t 504.22, or 1.25% Trailing P/E ratio 26.51 25.95 5427.13 t 128.61, or 2.31% Trailing P/E ratio * 24.21 20.37 17342.41 t 654.94, or 3.64% Trailing P/E ratio *† 31.89 32.72
High, low, open and close for each P/E estimate * 19.92 19.00 High, low, open and close for each P/E estimate * 22.69 20.68 High, low, open and close for each P/E estimate *† 28.62 30.47
trading day of the past three months. Dividend yield 2.14 2.01 trading day of the past three months. Dividend yield * 1.32 1.53 trading day of the past three months. Dividend yield *† 0.81 0.69
All-time high 41198.08, 07/17/24 All-time high 5667.20, 07/16/24 All-time high: 18647.45, 07/10/24

Current divisor 0.15221633137872

41200 5800 18600
Session high
DOWN UP
40500 5600 18000
t

Session open Close

Close Open
t

39800 5400 17400

Session low

39100 5200 16800

65-day moving average

65-day moving average 38400 5000 16200

65-day moving average

37700 4800 15600

Bars measure the point change from session's open

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

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* 969,270,301 12,365,864
Industrial Average 40258.44 39807.45 39853.87 -504.22 -1.25 41198.08 32417.59 12.2 5.7 4.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 232,651,445 5,068,999
Transportation Avg 15692.52 15400.72 15464.40 -191.42 -1.22 16695.32 13556.07 -7.0 -2.7 1.6 Most-active issues in late trading Decl. volume* 732,072,180 7,238,881
Utility Average 970.59 955.67 968.17 16.34 1.72 968.17 783.08 2.0 9.8 2.3 Volume After Hours Issues traded 2,862 301
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 54672.36 53793.09 53837.39 -1289.83 -2.34 56206.02 40847.04 17.8 12.7 5.6 Advances 494 83
Ford Motor F 14,628.1 12.17 -1.50 -10.97 13.72 11.91
Barron's 400 1199.55 1174.54 1174.85 -24.70 -2.06 1212.12 907.97 14.1 9.6 5.0 Declines 2,314 206
Chipotle Mexican Grill CMG 13,878.1 52.98 1.20 2.32 60.00 51.05
Unchanged 54 12
Nasdaq Stock Market SPDR S&P 500 ETF Trust SPY 12,986.0 542.11 0.88 0.16 542.46 540.99 New highs 112 6
Nasdaq Composite 17747.06 17313.52 17342.41 -654.94 -3.64 18647.45 12595.61 22.8 15.5 5.3 NVIDIA NVDA 12,133.1 114.50 0.25 0.22 118.00 107.33 New lows 28 8
Nasdaq-100 19482.55 19005.47 19032.39 -721.95 -3.65 20675.38 14109.57 22.8 13.1 8.0 Intel INTC 8,801.1 31.78 0.08 0.25 31.89 31.65 Closing Arms† 0.73 0.39
AT&T T 7,330.3 19.11 -0.05 -0.26 19.17 19.09 Block trades* 4,194 138
S&P
Coupang CPNG 5,473.2 19.99 0.07 0.35 20.03 19.91
500 Index 5508.04 5419.98 5427.13 -128.61 -2.31 5667.20 4117.37 18.8 13.8 7.1 Nasdaq NYSE Arca
Apple AAPL 4,954.1 217.70 -0.84 -0.38 218.80 211.10
MidCap 400 3061.42 2997.76 2998.48 -60.20 -1.97 3115.02 2326.82 9.9 7.8 3.9 Total volume*6,735,566,138 299,286,657
SmallCap 600 1416.26 1384.31 1384.75 -26.31 -1.86 1418.30 1068.80 8.8 5.0 1.6 Percentage gainers… Adv. volume*2,794,907,225 74,305,232
Viking Therapeutics VKTX 1,053.7 61.54 11.13 22.08 62.00 50.09 Decl. volume*3,911,095,245 224,647,816
Other Indexes
ServiceNow NOW 517.3 783.00 52.13 7.13 785.00 693.00 Issues traded 4,337 1,971
Russell 2000 2246.85 2195.37 2195.37 -47.89 -2.13 2263.67 1636.94 10.9 8.3 -0.2
Advances 1,005 253
NYSE Composite 18518.34 18299.74 18308.42 -209.92 -1.13 18781.22 14675.78 11.5 8.6 3.4 Steelcase SCS 52.0 14.36 0.78 5.74 14.36 13.57
Declines 3,191 1,698
Value Line 609.92 598.89 599.02 -10.90 -1.79 620.59 498.09 0.9 0.9 -3.1 Magnite MGNI 453.1 14.98 0.71 4.98 15.00 14.21
Unchanged 141 20
NYSE Arca Biotech 5625.33 5556.57 5587.47 18.02 0.32 5623.08 4544.40 5.4 3.1 -1.0
Capitol Federal Finl CFFN 66.4 6.82 0.32 4.92 6.82 6.20
New highs 170 23
NYSE Arca Pharma 1064.48 1053.90 1063.00 2.73 0.26 1089.62 845.32 21.5 16.8 11.5 ...And losers New lows 117 38
KBW Bank 114.71 112.72 112.86 -0.89 -0.78 114.67 71.71 26.3 17.5 -2.3 Edwards Lifesciences EW 804.6 73.00 -13.95 -16.04 88.25 72.34 Closing Arms† 0.44 0.41
PHLX§ Gold/Silver 153.77 149.28 149.37 -1.34 -0.89 157.70 102.94 17.0 18.8 3.3 MaxLinear MXL 307.1 18.75 -3.54 -15.88 22.29 17.90 Block trades* 61,651 1,460
PHLX§ Oil Service 89.51 87.35 87.35 -2.17 -2.42 98.76 76.90 -4.5 4.1 16.5 Ford Motor F 14,628.1 12.17 -1.50 -10.97 13.72 11.91 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 5330.91 5098.43 5105.65 -292.25 -5.41 5904.54 3185.18 38.0 22.3 15.9 Robert Half RHI 53.3 58.50 -6.32 -9.75 64.82 57.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 18.46 15.18 18.04 3.32 22.55 21.71 11.86 36.8 44.9 1.6 Teradyne TER 88.7 132.00 -11.54 -8.04 151.50 131.15 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 802.58 –13.65 –1.67 10.4 Pieris Pharmaceuticals PIRS 15.05 7.07 88.60 41.78 6.20 -12.5 Azitra AZTR 1.17 -3.80 -76.46 119.10 1.08 -99.0
MSCI ACWI ex-USA 333.80 –1.28 –0.38 5.4 QXO QXO 123.96 44.66 56.32 290.00 23.92 362.5 Next Technology Holding NXTT 2.57 -3.25 -55.84 14.34 1.83 -70.0
MSCI World 3515.97 –64.90 –1.81 10.9 OneStream Cl A OS 26.85 6.85 34.25 27.95 20.00 ... BloomZ BLMZ 2.45 -1.85 -43.02 4.30 2.25 ...
MSCI Emerging Markets 1082.44 –4.52 –0.42 5.7 KORE Group Holdings KORE 3.11 0.78 33.48 6.55 1.30 -50.2 Nuwellis NUWE 2.49 -1.66 -40.00 98.35 2.28 -97.3
Americas MSCI AC Americas 2039.89 –48.10 –2.30 12.5 Inspire Veterinary Ptrs IVP 6.76 1.63 31.77 410.00 1.23 ... Nova Minerals ADR NVA 4.80 -2.11 -30.54 6.92 4.60 ...
Canada S&P/TSX Comp 22639.57 –174.18 –0.76 8.0 1847 Holdings EFSH 2.65 0.64 31.59 299.00 1.81 -99.0 Lamb Weston Holdings LW 56.42 -22.20 -28.24 111.88 56.23 -44.6
Latin Amer. MSCI EM Latin America 2202.81 –33.02 –1.48 –17.3 Alpha Teknova TKNO 3.27 0.76 30.28 4.27 1.16 -3.5 GrShr 2x Long TSLA Dly TSLR 15.51 -5.24 -25.25 33.78 7.45 ...
Brazil Bovespa 126422.73 –167.11 –0.13 –5.8 Tradr 2X Sh TSLA Daily TSLQ 31.66 6.33 24.99 47.92 22.95 ... T-Rex 2X Lg Tesla Dly TSLT 14.08 -4.71 -25.07 27.97 6.76 ...
Chile S&P IPSA 3531.41 –20.34 –0.57 1.8 T-Rex 2X Invr Tesla Dly TSLZ 17.79 3.54 24.84 60.65 12.25 ... Direxion TSLA Bull 2X TSLL 10.29 -3.41 -24.89 18.40 4.94 -40.9
Mexico S&P/BMV IPC 53168.41 –539.33 –1.00 –7.3 GrShr 2x Sh TSLA Daily TSDD 11.23 2.23 24.78 38.44 7.74 ... Bausch Health BHC 5.81 -1.76 -23.25 11.46 3.96 -38.6
EMEA STOXX Europe 600 512.30 –3.17 –0.62 7.0 Four Seasons Educ ADR FEDU 16.35 3.15 23.86 18.62 7.49 64.3 Chijet Motor CJET 3.90 -1.18 -23.23 96.00 2.93 -95.5
Eurozone Euro STOXX 502.31 –5.00 –0.99 5.9 Project Engy Reimagined PEGR 11.47 2.17 23.33 15.00 7.40 10.4 Akanda AKAN 1.61 -0.42 -20.69 42.00 1.55 -93.4
Belgium Bel-20 4047.18 9.03 0.22 9.2 PROG Holdings PRG 42.25 7.62 22.00 44.81 26.39 1.4 Sage Therapeutics SAGE 10.38 -2.70 -20.64 41.67 9.76 -71.3
Denmark OMX Copenhagen 20 2712.33 –29.75 –1.08 18.8 Nutriband NTRB 9.25 1.51 19.51 9.60 1.53 129.0 Catheter Precision VTAK 1.82 -0.43 -19.20 8.40 1.75 -72.5
–0.4 InspireMD NSPR 2.93 0.47 19.11 3.85 1.81 -13.6 Alta Global Group MMA 2.40 -0.54 -18.37 5.25 2.12 ...
France CAC 40 7513.73 –84.90 –1.12
Germany DAX 18387.46 –170.24 –0.92 9.8
Israel Tel Aviv 2058.53 –9.88 –0.48 10.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 34471.65 –166.10 –0.48 13.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 903.46 –11.51 –1.26 14.8
Norway Oslo Bors All-Share 1664.60 –7.18 –0.43 9.6 Selina Hospitality SLNA 1,205,295 3081.7 0.05 75.77 1.62 0.02 Pieris Pharmaceuticals PIRS 5,821 25809 15.05 88.60 41.78 6.20
NVIDIA NVDA 317,540 -18.6 114.25 -6.80 140.76 39.23 Regencell Bioscience RGC 1,450 6317 13.50 -9.76 32.44 3.03
South Africa FTSE/JSE All-Share 80595.14 –111.30 –0.14 4.8
Sangamo Therapeutics SGMO 262,207 11646.9 0.56 39.55 1.48 0.29 Overlay Shares LC OVL 619 2961 43.36 -2.74 45.66 31.73
Spain IBEX 35 11210.10 –2.60 –0.02 11.0
ProSh UltraPro Shrt QQQ SQQQ 200,186 55.7 9.06 10.76 23.34 7.14 Overlay Shares Hedged LC OVLH 246 2878 32.19 -1.30 33.14 25.76
Sweden OMX Stockholm 993.67 –8.19 –0.82 10.1
Tesla TSLA 166,105 66.9 215.99 -12.33 278.98 138.80 Principal U.S. Mega-Cap USMC 1,465 2624 53.32 -2.45 55.90 40.73
Switzerland Swiss Market 12203.17 –75.65 –0.62 9.6
Turkey BIST 100 10991.57 –97.96 –0.88 47.1 NuZee NUZE 134,882 23590.2 3.35 225.24 12.39 1.01 iSh JPX-Nikkei 400 JPXN 157 2162 73.48 -1.90 76.22 60.73
U.K. FTSE 100 8153.69 –13.68 –0.17 5.4 Tellurian TELL 107,708 149.7 0.95 0.85 1.72 0.36 Bausch Health BHC 62,998 2143 5.81 -23.25 11.46 3.96
U.K. FTSE 250 20950.84 –140.65 –0.67 6.4 Direxion Dly SCOND 3 BL SOXL 88,938 62.0 42.90 -15.10 70.08 14.01 Overlay Shares Sh Trm Bd OVT 536 2098 22.06 -0.22 22.34 20.46
Maxeon Solar Technologies MAXN 86,656 51.7 0.21 -2.84 27.75 0.17 Next Technology Holding NXTT 961 1934 2.57 -55.84 14.34 1.83
Asia-Pacific MSCI AC Asia Pacific 182.51 –0.21 –0.12 7.7
Direxion TSLA Bull 2X TSLL 84,822 100.9 10.29 -24.89 18.40 4.94 SFL SFL 12,711 1921 11.88 -14.84 14.62 9.43
Australia S&P/ASX 200 7963.70 –7.43 –0.09 4.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2901.95 –13.42 –0.46 –2.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 17311.05 –158.31 –0.91 1.5
10.9
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India BSE Sensex 80148.88 –280.16 –0.35
Japan NIKKEI 225 39154.85 –439.54 –1.11 17.0 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3460.82 –0.34 –0.01 6.8 track most-active stocks,
South Korea KOSPI 2758.71 –15.58 –0.56 3.9 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22871.84 … Closed 27.6 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1298.08 –3.46 –0.27 –8.3
All are available free at WSJMarkets.com US$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 .00003946 25344 4.4
CREDIT MARKETS Argentina peso .0011927.9960 14.8 Europe
Brazil real .1768 5.6549 16.5 Czech Rep. koruna .04265 23.445 4.8
Canada dollar .7241 1.3810 4.3 Denmark krone .1453 6.8842 1.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001055 947.78 8.3 Euro area euro 1.0842 .9224 1.8
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000247 4047.50 4.4 Hungary forint .002756 362.88 4.5
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007251 137.92 1.4
A consumer rate against its New car loan Mexico peso .0545 18.3641 8.2 Norway krone .0907 11.0288 8.4
benchmark over the past year 6.00% Uruguay peso .02497 40.0550 2.5 Poland zloty .2523 3.9640 0.7
Bankrate.com avg†: 7.86% Tradeweb FTSE 16% Asia-Pacific Sweden krona .0927 10.7854 6.8
First Command Bank 5.74% Wednesday Close5.00 Switzerland franc 1.1297 .8852 5.2
Australiadollar .6582 1.5193 3.5
10.00% Fort Worth, TX 888-763-7600 t 8 WSJ Dollar Index Turkey lira .0305 32.8245 11.4
China yuan .1377 7.2627 2.1
4.00 Ukraine hryvnia .0242 41.2500 8.1
s
Firstrust Bank 5.99% t Hong Kong dollar .1281 7.8087 –0.02
Prime rate 9.00 0 UK pound 1.2907 .7748 –1.3
India rupee .01194 83.748 0.7
t Philadelphia, PA 800-220-2265 One year ago 3.00 Middle East/Africa
s Indonesia rupiah .0000616 16242 5.5
8.00 PNC Bank 6.89% 2.00 –8 s Euro Japan yen .006498 153.89 9.1 Bahrain dinar 2.6532 .3769 –0.01
t Washington, DC 888-PNC-BANK Yen Kazakhstan tenge .002110 473.85 4.1 Egypt pound .0207 48.3308 56.3
7.00 WilmingtonSavingsFundSociety,FSB 6.99% 1.00 –16 Macau pataca .1243 8.0470 –0.1 Israel shekel .2739 3.6506 1.3
New car loan Malaysia ringgit .2140 4.6725 1.7 Kuwait dinar 3.2704 .3058 –0.5
Wilmington, DE 888-973-7226 1 3 6 1 2 3 5 7 10 20 30 2023 2024
6.00 New Zealand dollar .5929 1.6866 6.6 Oman sul rial 2.5975 .3850 unch
Cambridge Savings Bank 7.06% month(s) years
A S O ND J FMAM J J Pakistan rupee .00359 278.625 –0.9 Qatar rial .2746 3.641 –0.1
Cambridge, MA 888-418-5626 maturity Philippines peso .0171 58.590 5.8 Saudi Arabia riyal .2666 3.7515 0.04
2023 2024
Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7444 1.3434 1.8 South Africa rand .0545 18.3448 0.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007228 1383.50 6.9
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0032935 303.63 –6.3 Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 99.30 -0.16-0.16
Federal-funds rate target 5.25-5.50 5.25-5.50 5.00 l 5.50 5.25 Taiwan dollar .03055 32.729 6.6 3.62
Yield (%) 52-Week Total Return (%) Thailand baht .02772 36.080 4.9 Sources: Tullett Prebon, Dow Jones Market Data
Prime rate* 8.50 8.50 8.25 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.34 5.35 5.06 l 5.40 5.29
Money market, annual yield 0.47 0.50 0.46 l 0.64 0.39
U.S. Treasury, Bloomberg 2175.550 4.390 4.300 5.120 4.040 2.428 –3.352 Commodities
Wednesday 52-Week YTD
Five-year CD, annual yield 2.84 2.87 2.77 l 2.88 2.39 U.S. Treasury Long, Bloomberg 3093.430 4.610 4.440 5.280 4.060 –4.431–11.278 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 7.28 7.27 7.01 l 8.28 4.22 Aggregate, Bloomberg 2066.170 4.840 4.740 5.740 4.490 3.479 –3.009
15-year mortgage, fixed† 6.70 6.66 6.34 l 7.42 4.36
DJ Commodity 985.67 -1.16 -0.12 1079.94 934.97 -2.88 2.91
Fixed-Rate MBS, Bloomberg 2040.220 5.100 4.960 6.050 4.620 3.140 –2.719
Jumbo mortgages, $766,550-plus† 7.36 7.36 7.07 l 8.33 4.27 FTSE/CC CRB Index 279.75 -0.68 -0.24 300.23 258.09 -0.40 6.04
High Yield 100, ICE BofA 3681.010 6.736 6.702 9.101 6.683 10.652 2.294
Five-year adj mortgage (ARM)† 6.49 6.51 6.20 l 7.16 3.66 Crude oil, $ per barrel 77.59 0.63 0.82 93.68 68.61 -1.51 8.29
Muni Master, ICE BofA 589.172 3.381 3.372 4.311 3.038 2.816 –0.830
New-car loan, 48-month 7.86 7.86 7.26 l 7.94 3.74 Natural gas, $/MMBtu 2.117 -0.070 -3.20 3.575 1.575 -20.56 -15.79
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 874.171 7.841 7.760 8.842 7.205 8.358 –2.013
banks.† Excludes closing costs. Gold, $ per troy oz. 2413.30 8.70 0.36 2462.40 1816.60 22.57 17.01
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
B8 | Thursday, July 25, 2024 * ** THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, July 24, 2024
Metal & Petroleum Futures Dec 7,308 7,430 7,119 7,153 –137 46,683 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Contract Open Coffee (ICE-US)-37,500 lbs.; cents per lb. from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Open High hi lo Low Settle Chg interest Sept 238.00 238.60 230.55 231.15 –7.95 107,251 Wednesday Wednesday Wednesday
Dec 236.90 236.90 229.55 230.10 –7.40 69,519 Aluminum, LME, $ per metric ton *2264.0 Wheat,No.2 soft red,St.Louis-u 5.2500
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Energy
July 4.1330 4.1380 4.1075 4.0990 –0.0470 875 Copper,Comex spot 4.0990 Wheat - Hard - KC (USDA) $ per bu-u 5.9750
Oct 18.20 t 18.31
17.86 17.91 –.25 344,464 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 74.000 Iron Ore, 62% Fe CFR China-s *100.4 Wheat,No.1soft white,Portld,OR-u 5.7750
Sept 4.1660 4.1780 4.0760 4.1090 –0.0515 136,099
March'25 18.54 t 18.62
18.20 18.23 –.28 192,385 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 13.900 Steel, HRC USA, FOB Midwest Mill-s *645.0
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Food
July 2421.00 2421.00 2411.60 2413.30 8.70 84 Battery/EV metals
Sept 37.48 37.48 37.48 37.48 … 1,943 Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 11825 Beef,carcass equiv. index
Aug 2410.70 2433.00 2397.00 2415.70 8.40 183,461
March'25 37.01 37.01 37.01 37.01 … 2,179 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 11050 choice 1-3,600-900 lbs.-u 296.96
Sept 2422.60 2445.00 2410.10 2428.70 8.50 1,303 Cotton (ICE-US)-50,000 lbs.; cents per lb. Gold, per troy oz
Oct 2432.60 2456.70 2420.90 2439.60 8.60 48,443 Engelhard industrial 2423.00 BMI Cobalt sulphate, EXW China, >20.5% -v,w 3864 select 1-3,600-900 lbs.-u 277.78
Oct 68.01 68.01 t 65.90 67.01 –1.02 373 BMI Nickel Sulphate, EXW China, >22%-v,m 3933 Broilers, National comp wtd. avg.-u,w 1.3118
Dec 2458.10 2481.10 2444.90 2464.00 8.80 303,842 69.48 69.53 t 67.50 68.65 –.83 160,090
Handy & Harman base 2421.45
Dec
Handy & Harman fabricated 2687.81 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 485 Butter,AA Chicago-d 3.0900
Feb'25 2486.40 2504.10 2469.80 2487.30 8.80 18,055 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
*2404.45 Cheddar cheese,bbl,Chicago-d 197.50
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 431.25 437.35 423.50 423.95 –9.20 7,835
LBMA Gold Price AM Fibers and Textiles Cheddar cheese,blk,Chicago-d 194.00
July 1019.00 1040.50 s 1011.00 922.00 12.90 3 LBMA Gold Price PM *2403.10
Nov 425.50 430.65 420.00 420.40 –6.05 1,385
Krugerrand,wholesale-e 2503.59 Burlap,10-oz,40-inch NY yd-n,w 0.8200 Milk,Nonfat dry,Chicago lb.-d 123.50
Sept 911.50 933.00 906.50 924.00 12.90 25,048 Coffee,Brazilian,Comp-y 2.4028
Maple Leaf-e 2527.67 Cotton,1 1/16 std lw-mdMphs-u 0.6201
Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Cotlook 'A' Index-t *80.90 Coffee,Colombian, NY-y 2.5973
July 961.00 961.00 950.00 958.80 13.80 5 American Eagle-e 2527.67
Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 2.3550
956.50 973.40 951.60 969.60 13.80 71,400 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Mexican peso-e 2910.48
Oct Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC-p 17.00
Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 125-130 125-300 124-000 124-030 –1-20.0 1,659,457 Austria crown-e 2362.64
Hams,17-20 lbs,Mid-US fob-u n.a.
Dec 126-040 126-080 124-240 124-240 –1-19.0 6 Austria phil-e 2527.67 Grains and Feeds
July 29.000 29.000 28.985 29.116 –0.016 85 Hogs,Iowa-So. Minnesota-u 90.35
Sept 29.420 29.630 29.065 29.316 –0.015 119,807 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Silver, troy oz. Pork bellies,12-14 lb MidUS-u 1.5936
Bran,wheat middlings, KC-u,w 80
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 118-260 119-090 117-290 118-010 –1-00.0 1,682,374 Engelhard industrial 29.6000 Pork loins,13-19 lb MidUS-u 1.2544
Corn,No. 2 yellow,Cent IL-bp,u 3.8600
Sept 77.45 78.19 76.98 77.59 0.63 405,218 Dec 118-280 119-110 118-010 118-040 –1-00.0 5,511 Handy & Harman base 29.3150 Corn gluten feed,Midwest-u,w 107.6 Steers,Tex.-Okla. Choice-u 188.00
Oct 76.35 77.08 75.93 76.58 0.66 211,604 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 36.6440 Corn gluten meal,Midwest-u,w 431.1 Steers,feeder,Okla. City-u,w 304.75
Nov 75.47 76.22 75.13 75.79 0.69 118,329 Sept 110-240 111-045 110-195 110-215 –6.5 4,578,544 LBMA spot price *£22.5200 Cottonseed meal-u,w 335
111-065 111-170 111-010 111-020 –6.5 6,967 (U.S.$ equivalent) *29.0550 Fats and Oils
Dec 74.78 75.49 74.44 75.12 0.71 236,517 Dec Hominy feed,Cent IL-u,w 105
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 22411 Meat-bonemeal,50% pro Mnpls-u,w 335 Degummed corn oil, crude wtd. avg.-u,w n.a.
June'25 72.19 72.88 71.97 72.58 0.69 120,330
Dec 70.34 70.95 70.11 70.66 0.64 129,547 Sept 107-080 107-180 107-072 107-095 –.7 6,455,571 Other metals Oats,No.2 milling,Mnpls-u 3.8975 Grease,choice white,Chicago-h 0.4900
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 107-305 107-305 107-215 107-232 .5 7 LBMA Platinum Price PM *950.0 Rice, Long Grain Milled, No. 2 AR-u,w 36.25 Lard,Chicago-u n.a.
Aug 2.4232 2.4586 2.4141 2.4524 .0425 34,005 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA Palladium Price PM *911.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 358.30 Soybean oil,crude;Centl IL-u,w 0.4656
Sept 2.4414 2.4762 2.4308 2.4690 .0419 100,392 Sept 102-156 102-205 102-151 102-179 1.6 4,438,631 Platinum,Engelhard industrial 963.0 Soybeans,No.1 yllw IL-bp,u 11.1300 Tallow,bleach;Chicago-h 0.5200
Dec 102-280 103-007 102-277 102-305 1.7 151 Palladium,Engelhard industrial 955.0 Wheat,Spring14%-pro Mnpls-u 7.8075 Tallow,edible,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Aug 2.4377 2.4680 2.4247 2.4515 .0374 56,146 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Sept 2.3971 2.4279 2.3850 2.4129 .0372 128,172 July 94.6725 t 94.6700 94.6700
94.6725 386,315
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Aug 94.6800 t 94.6750 94.6850 .0050 540,983
94.6900 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/23
Aug 2.153 2.170 2.102 2.117 –.070 39,762 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Source: Dow Jones Market Data
Sept 2.190 2.208 2.139 2.158 –.066 361,250 May 94.6300 94.6300 t 94.6300 94.6350 .0025 3,054
Oct 2.310 2.325 2.254 2.268 –.077 142,782 Dec 95.3150 95.3700 95.3100 95.3450 .0250 1,117,322
Nov
Jan'25
2.780
3.590
2.781
3.599
2.711
3.527
2.725 –.091
3.546 –.092
145,518
132,707 Currency Futures Bonds | wsj.com/market-data/bonds/benchmarks
March 3.078 3.093 3.027 3.040 –.074 119,229 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Aug .6452 .6557 .6436 .6519 .0067 469 Tracking Bond Benchmarks
Agriculture Futures Sept .6481 .6585 .6463 .6546 .0067 304,546 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Aug .7260 .7263 t .7244 .7245 –.0020 391
highs and lows for different types of bonds
Sept 401.50 409.50 399.00 403.75 1.25 585,918
Sept .7266 .7269 .7249 .7251 –.0020 309,615 Total Total
Dec 416.50 423.75 414.50 418.00 .75 691,420 YTD total YTD total
British Pound (CME)-£62,500; $ per £ return Yield (%) return Yield (%)
Oats (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High
Sept 339.00 342.00 330.50 332.75 –8.25 1,168 Aug 1.2901 1.2939 1.2881 1.2906 … 374
Dec 334.00 337.00 324.00 327.00 –7.00 4,011 Sept 1.2914 1.2943 1.2883 1.2909 … 276,044 Mortgage-Backed Bloomberg Fixed Income Indices
Broad Market Bloomberg Fixed Income Indices
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept 1.1293 1.1400 1.1282 1.1363 .0071 91,846 2066.17 0.2 U.S. Aggregate 4.840 4.490 5.740 2040.22 0.1 Mortgage-Backed 5.100 4.620 6.050
Aug 1115.25 1123.25 1104.50 1111.00 –6.50 64,760
Dec 1.1405 1.1519 1.1402 1.1484 .0071 655
Nov 1075.00 1080.25 1062.75 1064.00 –11.50 434,371 U.S. Corporate Indexes Bloomberg Fixed Income Indices 2011.92 -0.01 Ginnie Mae (GNMA) 5.140 4.640 6.020
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
Aug 342.70 347.90 340.40 343.40 .70 50,731 Aug .6619 .6620 t .6582 .6584 –.0035 587 3133.30 0.4 U.S. Corporate 5.340 5.020 6.430 1201.23 0.2 Fannie mae (FNMA) 5.090 4.620 6.050
Dec 319.60 326.30 316.00 320.60 1.50 250,600 Sept .6624 .6625 .6586 .6588 –.0034 223,900
Mexican Peso (CME)-MXN 500,000; $ per MXN 3055.99 2.0 Intermediate 5.170 4.950 6.350 1854.10 0.5 Freddie Mac (FHLMC) 5.010 4.540 6.190
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
46.66 46.66 45.91 46.02 –.64 47,870 Aug .05432 .05486 .05412 .05417 –.00070 67 589.17 0.2 Muni Master 3.381 3.038 4.311
Aug 4094.55 -2.9 Long term 5.680 5.160 6.600
Dec 45.13 45.15 43.97 44.10 –1.03 234,301 Sept .05462 .05463 .05381 .05393 –.00070 197,132
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Euro (CME)-€125,000; $ per € 594.96 -0.8 Double-A-rated 4.970 4.540 5.760 415.51 -0.7 7-12 year 3.148 2.721 4.097
Sept 14.69 15.06 14.65 14.79 .06 8,809 Aug 1.0861 1.0880 1.0840 1.0851 –.0015 1,764
Sept 1.0882 1.0894 1.0852 1.0865 –.0015 659,061 848.09 0.9 Triple-B-rated 5.530 5.250 6.700 477.86 0.4 12-22 year 3.662 3.388 4.742
Nov 15.01 15.28 14.90 15.02 .07 973
Wheat (CBT)-5,000 bu.; cents per bu. High Yield Bonds ICE BofA 454.13 1.1 22-plus year 4.215 4.070 5.274
Sept 542.50 555.50 537.25 547.00 4.25 208,093 Index Futures
548.13 4.2 High Yield Constrained 7.615 7.565 9.560 Global Government J.P. Morgan†
Dec 567.75 579.50 561.75 571.00 3.25 130,748 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. Sept 40575 40583 40053 40110 –505 90,108 535.25 5.6 Triple-C-rated 13.178 12.616 15.455 539.23 -0.8 Global Government 3.480 2.950 3.810
Sept 566.00 575.75 560.00 567.50 .75 128,290 Dec 40965 40992 40459 40510 –504 931
Dec 582.00 592.25 576.50 583.75 .50 73,742 Mini S&P 500 (CME)-$50 x index 3681.01 3.9 High Yield 100 6.736 6.683 9.101 805.98 0.4 Canada 3.410 3.090 4.260
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 5585.00 5585.00 5462.00 5472.00 –127.25 2,027,810
4.8 Global High Yield Constrained 7.419 7.396 9.440 353.75 -0.7 EMU§ 3.161 2.669 3.790
Dec 5642.25 5649.50 5524.00 5533.25 –129.25 17,350
478.18
Aug 258.750 259.100 256.275 257.125 –1.625 13,275
Sept 258.500 258.775 256.050 256.700 –1.900 13,510 Mini S&P Midcap 400 (CME)-$100 x index 360.46 4.2 Europe High Yield Constrained 6.211 6.207 8.022 645.29 -2.3 France 3.220 2.540 3.630
Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 3079.40 3085.60 3018.00 3020.30 –59.60 36,796
Aug 186.300 187.150 185.975 186.900 .600 46,353 Dec … 3099.20 3053.20 3037.40 –59.60 n.a. U.S Agency Bloomberg Fixed Income Indices 460.98 -1.4 Germany 2.520 2.020 3.030
186.000 186.600 185.250 186.275 .150 140,982 Mini Nasdaq 100 (CME)-$20 x index
Oct
Sept 19883.00 19883.00 19168.75 19203.25 –721.75 242,308
1811.07 1.6 U.S Agency 4.760 4.380 5.390 269.58 -3.4 Japan 1.470 0.790 1.490
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec 20130.00 20136.25 19412.50 19443.25 –732.00 1,569 1604.15 1.8 10-20 years 4.750 4.360 5.370 500.64 -1.7 Netherlands 2.760 2.260 3.320
Aug 93.025 94.375 92.975 93.775 .125 37,905
Oct 76.300 78.075 76.200 78.025 .900 104,758
Mini Russell 2000 (CME)-$50 x index
Sept 2262.80 2274.50 2212.10 2214.60 –47.40 482,209 3414.79 -1.1 20-plus years 4.910 4.500 5.740 794.29 -2.2 U.K. 4.390 3.790 4.880
Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Dec 2281.00 2297.60 2235.90 2237.80 –47.90 435
Sept 487.00 498.50 485.50 494.00 3.00 8,591 Mini Russell 1000 (CME)-$50 x index 2759.44 1.2 Yankee 5.110 4.860 6.110 874.17 3.0 Emerging Markets ** 7.841 7.205 8.842
Nov 500.50 511.50 500.50 507.00 3.00 1,247 Sept 3016.70 3051.00 2979.70 2983.30 –71.30 6,504 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
July 19.89 19.90 19.81 19.86 –.02 3,569 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept 104.22 104.29 103.85 104.12 –.05 38,412
Aug 20.38 20.50 20.26 20.43 .17 3,608 Dec 103.89 103.89 103.50 103.75 –.05 406
Cocoa (ICE-US)-10 metric tons; $ per ton.
Sept 8,225 8,485 8,123 8,227 –59 47,274 Source: FactSet
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Macro & Market Economics
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Watching the Gauges: U.S. Supply and Demand Coupon (%) Maturity, in years
4.375 U.S. 2 4.415 t
Latest(l) 0 1 2 3 4
l
5 6 Previous
4.482
Month ago
4.734
Year ago
4.893
Latest Prev Year ago

Inventories, imports and demand for the week ended July 19. Current figures are in thousands of barrels or 4.375 10 4.285 s l 4.240 4.248 3.855
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 4.250 Australia 2 4.173 t l 4.192 4.044 4.089 -30.8 -85.2
-24.9
and demand data are available monthly only.
3.750 10 4.337 t l 4.359 4.227 3.996 4.8 10.4 12.5
Inventories, 000s barrels Imports, 000s barrels per day 2.500 France 2 2.887 t l 2.935 3.107 3.304 -153.5 -156.6 -163.7
3.000 10 3.159 s l 3.130 3.130 2.945 -113.0 -112.5 -92.5
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 2.900 Germany 2 2.668 t l 2.780 2.824 3.028 -175.4 -172.0 -191.2
Crude oil and 2.600 10 2.446 s l 2.443 2.422 2.427 -184.3 -181.2 -144.4
petroleum prod 1,291,466 ... 1,296 1,276 1,289 1,300 8,847 ... 8,804 8,520 8,710 8,938 3.200 Italy 2 3.252 s l 3.252 3.516 3.715 -117.0 -124.8 -122.6
Crude oil
3.850 10 3.803 s l 3.760 3.928 4.022 -48.6 -49.5 15.1
excluding SPR 436,485 -1,200 440 457 443 453 6,871 ... 7,037 6,367 6,804 6,720
Gasoline 227,422 ... 233 218 230 231 778 ... 728 754 781 855 0.400 Japan 2 0.374 s l 0.353 0.309 -0.050 -404.8 -414.7 -499.1
Finished gasoline 16,702 -700 17 15 17 20 144 ... 22 146 102 105 1.100 10 1.078 s l 1.063 0.991 0.451 -321.2 -319.2 -341.9
Reformulated 21 ... 0 0 0 0 0 ... 0 0 0 0 2.800 Spain 2 2.982 t l 3.006 3.140 3.418 -144.0 -149.4 -152.3
Conventional 16,681 ... 17 15 17 20 144 ... 22 146 102 105
Blend. components 210,720 ... 216 202 214 211 634 ... 706 608 680 749 3.450 10 3.254 s l 3.244 3.289 3.434 -103.5 -101.2 -43.7

Natural gas (bcf) 3,209 ... 3 3 3 3 ... ... ... ... ... … 0.125 U.K. 2 3.990 t l 4.025 4.190 4.928 -43.2 -47.5 -1.3
4.250 10 4.160 s l 4.128 4.084 4.255 -12.9 -12.7 38.4
Kerosene-type
jet fuel 46,875 ... 47 41 45 42 73 ... 57 120 102 99 Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
Distillates 125,313 1,100 128 118 124 137 112 ... 108 160 113 179
Heating oil
Diesel
7,263
118,049
...
...
8
120
7
111
7
117
8
64
1
110
...
...
0
108
0
160
1
112
1
178
Corporate Debt
Residual fuel oil 26,261 ... 28 28 27 31 81 ... 74 157 63 128 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Other oils 320,928 ... 315 306 315 308 847 ... 718 896 759 852 expectations
Net crude, petroleum Investment-grade spreads that tightened the most…
products, incl. SPR 1,665,878 ... 1,670 1,623 1,662 1,848 -1,776 ... -1,283 -2,411 -1,978 125 Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Weekly Demand, 000s barrels per day Natural gas storage Northrop Grumman NOC 4.750 5.53 June 1, ’43 98 –5 95
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Anglo American Capital … 4.000 5.07 Sept. 11, ’27 87 –4 n.a.
Current change week ago avg avg
Metropolitan Life Global Funding I … 3.450 4.77 Dec. 18, ’26 35 –4 n.a.
Total petroleum BlackRock BLK 3.200 4.53 March 15, ’27 33 –3 35
4250
product 21,033 ... 19,430 21,276 20,574 20,107
JPMorgan Chase JPM 4.850 5.22 Feb. 1, ’44 65 –3 66
Finished Natural gas, 3250 –3
t lower 48 states
Protective Life Global Funding* … 5.467 4.93 Dec. 8, ’28 82 79
motor gasoline 9,456 ... 8,783 8,939 9,265 9,084 t Sumitomo Mitsui Financial … 5.558 5.29 July 9, ’34 101 –3 109
Five-year average 2250
Kerosene-type –2
for each week John Deere Capital … 2.800 4.66 Sept. 8, ’27 42 26
jet fuel 1,758 ... 1,434 1,812 1,716 1,527
1250
Distillates 3,861 ... 3,585 3,718 3,657 3,781 …And spreads that widened the most
Residual fuel oil 381 ... 162 411 277 282 250 Duke Energy Carolinas … 6.100 5.59 June 1, ’37 130 23 n.a.
Propane/propylene 1,018 ... 543 834 772 ... A S O N D J F M A M J J 14
International Business Machines IBM 3.500 4.88 May 15, ’29 71 66
Other oils 4,560 ... 4,923 5,564 4,889 ... 2023 2024
BAE Systems … 5.800 5.72 Oct. 11, ’41 109 12 n.a.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Lowe's LOW 6.875 4.98 Feb. 15, ’28 82 8 n.a.
Nationwide Building Society* … 4.850 5.02 July 27, ’27 78 8 68
Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs Ally Financial ALLY 8.000 6.10 Nov. 1, ’31 183 7 174
Closing Chg YTD AstraZeneca AZN 4.375 5.37 Nov. 16, ’45 81 7 n.a.
Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET ETF Symbol Price (%) (%)
Chubb INA Holdings … 6.000 5.25 May 11, ’37 97 7 88
SchwabUS LC Grw SCHG 98.33 –3.63 18.5
Wednesday, July 24, 2024 Closing Chg YTD
SPDR S&PMdCpTr MDY 547.57 –1.92 7.9
Closing Chg YTD ETF Symbol Price (%) (%)
SPDR S&P Div SDY 131.63 –0.02 5.3 High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) iSh1-5YIGCpBd IGSB 51.56 ... 0.6 TechSelectSector XLK 215.88 –4.14 12.2
Bond Price as % of face value
CommSvsSPDR XLC 83.12 –2.61 14.4 iSh1-3YTreaBd SHY 82.01 0.05 –0.0 VanEckSemicon SMH 240.98 –5.45 37.8
iShRussMC IWR 82.69 –1.65 6.4 VangdSC Val VBR 191.34 –1.85 6.3
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
CnsmrDiscSel XLY 181.30 –4.09 1.4
iShRuss1000 IWB 296.52 –2.27 13.1 VangdExtMkt VXF 174.12 –2.48 5.9
DimenUSCoreEq2 DFAC 32.57 –2.02 11.4
iShRuss1000Grw IWF 353.88 –3.80 16.7 VangdDivApp VIG 185.93 –1.24 9.1 Bausch Health … 11.000 12.40 Sept. 30, ’28 95.500 2.75 94.000
EnSelSectorSPDR XLE 90.34 0.01 7.8
iShRuss1000Val IWD 178.82 –0.69 8.2 VangdFTSEAWxUS VEU 58.93 –1.27 5.0
FinSelSectorSPDR XLF 42.58 –1.37 13.2
217.85 –2.15 8.5 United Airlines UAL 5.450 5.29 Aug. 15, ’38 101.000 0.38 n.a.
HealthCrSelSect XLV 149.87 0.83 9.9
iShRuss2000 IWM VangdFTSEDevMk VEA 49.92 –1.25 4.2
iShS&P500Grw IVW 90.01 –3.73 19.9 VangdFTSE EM VWO 43.35 –1.05 5.5 0.20
IndSelSectorSPDR XLI 123.19 –2.15 8.1
iShS&P500Value IVE 186.63 –0.30 7.3 VangdFTSE Europe VGK 67.40 –0.93 4.5
Carnival CCL 6.650 6.08 Jan. 15, ’28 101.750 n.a.
InvscNasd100 QQQM 190.72 –3.57 13.2
InvscQQQI QQQ 463.38 –3.59 13.2
iShSelectDiv DVY 127.51 0.35 8.8 VangdGrowth VUG 362.86 –3.72 16.7 Teva Pharmaceutical Finance Netherlands III … 3.150 5.82 Oct. 1, ’26 94.586 0.03 94.700
iSh7-10YTreaBd IEF 94.35 –0.22 –2.1 VangdHiDiv VYM 121.62 –0.50 8.9
InvscS&P500EW RSP 167.15 –1.17 5.9
iShShortTreaBd SHV 110.43 0.01 0.3 VangdInfoTech VGT 560.26 –3.93 15.8 0.02
iShBitcoin IBIT 37.42 0.21 ...
iShTIPSBond TIP 106.80 –0.30 –0.6 VangdIntermBd BIV 75.47 –0.22 –1.2
Occidental Petroleum OXY 6.450 5.73 Sept. 15, ’36 106.263 106.691
iShCoreDivGrowth DGRO 58.98 –0.54 9.6
iSh20+YTreaBd TLT 91.52 –1.08 –7.4 VangdIntrCorpBd VCIT 80.51 –0.33 –0.9
iShCoreMSCIEAFE
iShCoreMSCIEM
IEFA
IEMG
73.38
52.91
–1.22
–1.12
4.3
4.6
iShUSTech IYW 144.27 –4.29 17.5 VangdIntermTrea VGIT 58.68 –0.07 –1.1 …And with the biggest price decreases
iShUSTreasuryBd GOVT 22.70 –0.18 –1.5 VangdLC VV 247.79 –2.44 13.6
iShCoreMSCITotInt IXUS 67.88 –1.19 4.5
iShCoreS&P500 IVV 544.21 –2.26 13.9
iSh0-3MTreaBd SGOV 100.63 0.01 0.4 VangdMegaGrwth MGK 303.53 –3.84 17.0 Transocean RIG 7.500 8.49 April 15, ’31 95.000 –0.59 96.000
JPM EqPrem JEPI 56.34 –1.00 2.5 VangdMC VO 245.81 –1.54 5.7
iShCoreS&P MC IJH 59.94 –1.95 8.1 –0.51
iShCoreS&P SC IJR 114.13 –1.84 5.4
JPM UltShIncm JPST 50.51 0.04 0.6 VangdRealEst VNQ 88.32 –1.47 –0.0 Service Corp International SCI 7.500 6.01 April 1, ’27 103.625 104.103
PacerUSCashCows COWZ 55.42 –1.04 6.6 VangdRuss1000Grw VONG 91.09 –3.72 16.8
iShCoreS&PTotUS ITOT 118.71 –2.33 12.8 ProShUltPrQQQ TQQQ 65.45 –10.78 29.1 VangdS&P500ETF VOO 497.29 –2.29 13.8 Bath & Body Works BBWI 6.875 6.67 Nov. 1, ’35 101.625 –0.50 101.875
iShCoreS&PUSGrw IUSG 124.18 –3.72 19.3 SPDRBbg1-3MTB BIL 91.72 0.03 0.4 VangdST Bond BSV 77.16 0.01 0.2
iShCoreTotUSDBd IUSB 45.50 –0.28 –1.2 SPDR DJIA Tr DIA 398.67 –1.19 5.8 VangdSTCpBd VCSH 77.77 0.01 0.5 Teva Pharmaceutical Finance Netherlands III … 4.100 6.64 Oct. 1, ’46 70.750 –0.50 71.125
iShCoreUSAggBd AGG 97.70 –0.31 –1.6 SPDR Gold GLD 221.80 –0.35 16.0 VangdShortTrea VGSH 58.24 0.07 –0.2
iShEdgeMSCIMinUSA USMV 85.31 –0.36 9.3 SPDRPtfDevxUS SPDW 35.42 –1.28 4.1 VangdSC VB 225.98 –2.12 5.9 Paramount Global … 6.875 7.40 April 30, ’36 95.901 –0.44 n.a.
iShEdgeMSCIUSAQual QUAL 168.47 –2.33 14.5 SPDRS&P500Value SPYV 49.99 –0.32 7.2 VangdTaxExemptBd VTEB 50.34 –0.24 –1.4
iShGoldTr IAU 45.31 –0.40 16.1 SPDRPtfS&P500 SPLG 63.64 –2.26 13.8 VangdTotalBd BND 72.49 –0.29 –1.4 DISH DBS … 5.875 33.21 Nov. 15, ’24 92.313 –0.44 94.000
iShiBoxx$IGCpBd LQD 107.58 –0.61 –2.8 SPDRS&P500Growth SPYG 77.92 –3.74 19.8 VangdTotIntlBd BNDX 48.98 –0.20 –0.8
iShMBS MBB 92.56 –0.16 –1.6 SPDR S&P 500 SPY 541.23 –2.27 13.9 VangdTotIntlStk VXUS 60.65 –1.25 4.6 Optics Bidco* … 6.000 6.70 Sept. 30, ’34 94.905 –0.34 95.500
iShMSCIACWI ACWI 112.02 –1.97 10.1 SchwabIntEquity SCHF 38.76 –1.27 4.9 VangdTotalStk VTI 267.53 –2.25 12.8
iShMSCI EAFE EFA 78.91 –1.26 4.7 SchwabUS BrdMkt SCHB 62.82 –2.30 12.8 VangdTotWrldStk VT 112.63 –1.92 9.5 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iSh MSCI EM EEM 42.10 –1.45 4.7 SchwabUS Div SCHD 80.70 0.27 6.0 VangdValue VTV 164.24 –0.62 9.9 Note: Data are for the most active issue of bonds with maturities of two years or more
iShNatlMuniBd MUB 107.02 –0.28 –1.3 SchwabUS LC SCHX 64.00 –2.28 13.5 WT FRTrea USFR 50.47 ... 0.5 Source: MarketAxess
THE WALL STREET JOURNAL. * * Thursday, July 25, 2024 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq HDFC Bank HDB 59.69 -0.85 Knight-Swift KNX 48.98 -0.46 Moody's MCO 433.81 -18.08 PinnacleWest PNW 83.51 0.95 Smucker SJM 116.78 1.68 UDR UDR 41.50 -0.51
Stock Market listed securities. Prices are consolidated from trades reported by various HF Sinclair DINO 48.53 0.59 Philips PHG 25.97 0.04 MorganStanley MS 101.97 -1.53 Pinterest PINS 38.81 -2.01 SmurfitWestRock SW 48.86 -0.25 UFP Inds UFPI 119.28 -3.42
market centers, including securities exchanges, Finra, electronic communications HP HPQ 37.82 0.11 KoreaElecPwr KEP 7.02 -0.07 Morningstar MORN 305.00 -3.92 PlainsAllAmPipe PAA 18.36 -0.62 Snap SNAP 13.58 -0.75 U-Haul N UHAL/B 61.70 -0.85
networks and other broker-dealers. The list comprises the 1,000 largest companies HSBC HSBC 42.87 -0.36 KraftHeinz KHC 33.05 0.25 Mosaic MOS 28.56 -0.11 PlainsGP PAGP 19.31 -0.59 Snap-On SNA 270.07 -4.71 U-Haul UHAL 65.00 -0.40
based on market capitalization. H World HTHT 30.63 -0.08 Kroger KR 54.18 0.34 MotorolaSol MSI 390.60 -5.95 Pool POOL 327.19 -10.87 UL Solutions ULS 44.15 -0.60
Snowflake SNOW 125.62 -6.98
Underlined quotations are those stocks with large changes in volume compared Haleon HLN 8.97 0.13 LKQ LKQ 44.48 -0.92 MuellerIndustries MLI 65.63 -1.26 Primerica PRI 248.24 -3.12 t SOQUIMICH SQM 37.81 -0.92 US Foods USFD 50.76 -2.05
with the issue’s average trading volume. Halliburton HAL 32.99 -0.50 LPL Financial LPLA 227.00 6.50 MurphyUSA MUSA 499.39 -7.24 PrincipalFinl PFG 83.73 -1.24 SoFiTech SOFI 7.10 -0.33 UWM UWMC 7.60 -0.21
HamiltonLane HLNE 139.19 -2.69 L3HarrisTech LHX 237.15 -2.87 NICE NICE 180.94 -3.06 ProcoreTech PCOR 67.99 -2.01 Solventum SOLV 58.09 1.45 Uber UBER 66.14 -1.38
Boldfaced quotations highlight those issues whose price changed by 5% or more if
HartfordFinl HIG 101.94 0.02 Labcorp LH 209.49 2.40 NIO NIO 4.30 -0.18 Procter&Gamble PG 168.00 1.38 Sony SONY 89.19 -2.48 Ubiquiti UI 165.41 -5.29
their previous closing price was $2 or higher.
Hasbro HAS 59.42 1.14 LamResearch LRCX 909.87 -49.82 NNN REIT NNN 45.46 -0.63 Progressive PGR 215.44 -0.46 Southern SO 82.67 1.32 t UltaBeauty ULTA 369.61 -19.68
Footnotes: HealthpeakProp DOC 20.76 -0.26 LamarAdv LAMR 118.14 -3.28 NRG Energy NRG 74.19 -2.42 Prologis PLD 123.08 -2.60 SoCopper SCCO 104.18 -1.51 Unilever UL 56.54 -0.73
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four Heico HEI 227.10 -4.12 t LambWeston LW 56.42 -22.20 s NVR NVR 8404.49-195.43 PrudentialFinl PRU 123.38 -1.05 SouthwestAir LUV 26.61 -0.57 UnionPacific UNP 237.38 -2.12
quarters. Heico A HEI.A 180.41 -2.60 Lantheus LNTH 113.66 -1.86 NXP Semicon NXPI 254.40 -7.90 Prudential PUK 17.69 -0.28 s Spotify SPOT 336.52 5.73 UnitedAirlines UAL 46.02 -2.20
Stock tables reflect composite regular trading as of 4 p.m. ET and HenrySchein HSIC 70.29 0.30 t LasVegasSands LVS 40.32 -0.81 Nasdaq NDAQ 62.73 -0.40 PublicServiceEnt PEG 75.95 0.36 SproutsFarmers SFM 83.15 -0.71 UnitedMicro UMC 7.49 -0.27
changes in the official closing prices from 4 p.m. ET the previous day. Hershey HSY 192.10 2.16 LatticeSemi LSCC 54.87 -2.30 Natera NTRA 106.10 -0.42 PublicStorage PSA 295.55 -6.42 StanleyBlackDck SWK 86.39 -1.70 t UPS B UPS 128.53 0.85
Hess HES 147.01 0.23 LegendBiotech LEGN 59.67 -0.21 NationalGrid NGG 62.82 0.78 PulteGroup PHM 122.56 -3.11 Stantec STN 86.85 -0.46 UnitedRentals URI 715.82 -28.12
HessMidstream HESM 37.51 -0.90 Leidos LDOS 150.10 -4.84 NatWest NWG 8.71 -0.13 PureStorage PSTG 58.32 -2.92 Starbucks SBUX 74.68 -1.58 US Bancorp USB 44.77 -0.78
Wednesday, July 24, 2024 HewlettPackard HPE 20.05 -0.49 Lennar B LEN.B 157.21 -3.69 NetApp NTAP 125.70 -3.50 Qiagen QGEN 42.01 0.56 StateStreet STT 82.96 -0.85 US Steel X 39.59 0.11
Net Net
Hilton HLT 214.60 -6.06 Lennar A LEN 168.79 -3.86 NetEase NTES 94.43 1.08 Qorvo QRVO 120.04 -5.10 SteelDynamics STLD 123.29 -3.33 UnitedTherap UTHR 331.59 -5.15
Net Stock Sym Close Chg Stock Sym Close Chg UnitedHealth UNH 559.75 5.05
Hologic HOLX 78.34 0.24 LennoxIntl LII 541.15 -28.06 Netflix NFLX 635.99 -6.77 Qualcomm QCOM 181.07 -12.28 Stellantis STLA 19.60 -0.50
Stock Sym Close Chg HomeDepot HD 350.31 -9.31 LiAuto LI 18.84 -0.91 Neurocrine NBIX 145.88 0.44 QuantaServices PWR 251.92 -12.54 Steris STE 231.72 0.02 UnivDisplay OLED 224.07 -7.16
Boeing BA 180.07 -6.41 DigitalRealty DLR 151.66 -3.43
Booking BKNG 3805.78-113.42 DiscoverFinSvcs DFS 140.26 0.66 HondaMotor HMC 31.17 -1.02 LibertyBroadbandC LBRDK 55.69 -1.64 NewOrientalEduc EDU 74.39 -1.22 QuestDiag DGX 143.91 2.95 s StifelFinancial SF 84.58 2.22 UniversalHealthB UHS 185.97 0.67
A B C BoozAllen BAH 154.09 -6.20 Disney DIS 89.80 -1.14 Honeywell HON 213.65 -3.73 LibertyBroadbandA LBRDA 54.81 -1.98 NYTimes A NYT 54.53 -0.76 STMicroelec STM 39.54 -0.72 UnumGroup UNM 53.58 -0.37
AECOM ACM 87.36 -2.44 BostonSci BSX 77.76 -0.83 DocuSign DOCU 53.80 -2.31 HormelFoods HRL 31.51 0.33 LibertyFormOne A FWONA 72.86 -0.81 Newmont NEM 47.70 0.63 R S Stryker SYK 340.42 -1.31 VICI Prop VICI 30.21 -0.24
DR Horton DHI 171.07 -5.49 LibertyFormOne C FWONK 79.32 -1.12 NewsCorp B NWS 28.21 -0.85 SumitomoMits SMFG 14.03 -0.17 t Vale VALE 10.67 -0.10
AES AES 17.31 -0.25 BristolMyers BMY 44.66 1.68 DollarGeneral DG 117.05 -3.35 RBC Bearings RBC 284.12 -7.49 ValeroEnergy VLO 148.82 1.95
Aflac AFL 94.14 -0.18 BritishAmTob BTI 33.38 0.03 DollarTree DLTR 103.69 -3.32 HostHotels HST 17.18 -0.75 LibertyLiveC LLYVK 37.38 -1.42 NewsCorp A NWSA 27.31 -0.79 SunComms SUI 122.39 -1.14
RB Global RBA 79.47 -0.95 s Vaxcyte PCVX 85.16 1.21
AGNC Invt AGNC 9.94 -0.38 Broadcom AVGO 151.34 -12.43 DominionEner D 52.13 1.41 HoulihanLokey HLI 142.77 -1.82 LibertyLiveA LLYVA 36.34 -1.26 NextEraEnergy NEE 75.41 3.30 SunLifeFinancial SLF 49.39 -0.29
RELX RELX 45.03 -0.32 VeevaSystems VEEV 184.25 -2.47
Ansys ANSS 310.55 -9.53 BroadridgeFinl BR 203.15 -2.40 Domino's DPZ 424.73 1.79 HowmetAerospace HWM 79.59 -2.82 LibertySirius C LSXMK 22.77 -0.06 t Nike NKE 71.09 -2.31 SuncorEnergy SU 38.04 -0.05
RPM RPM 110.88 -3.15 s Ventas VTR 53.53 -0.03
72.20 -1.26 HUBB 356.98 -22.62 LibertySirius A LSXMA 22.80 -0.04 NiSource NI 31.01 0.45 Sunoco SUN 55.11 -1.76
APA APA 30.28 -0.41 BrookfieldAsset BAM 41.11 -1.01 Donaldson DCI Hubbell
RTX RTX 104.83 -0.14 Veralto VLTO 99.30 -1.14
Brookfield BN 45.85 -1.20 DoorDash DASH 102.46 -3.30 HubSpot HUBS 473.33 -15.14 Light&Wonder LNW 102.59 -3.28 Nokia NOK 3.67 -0.04 SuperMicroComp SMCI 711.56 -71.66
ASE Tech ASX 10.60 -0.51 RalphLauren RL 163.91 -3.10 VeriSign VRSN 174.97 -1.29
31.04 -0.16 Dover DOV 176.33 -4.04 Humana HUM 386.30 0.43 EliLilly LLY 859.88 -18.41 Nomura NMR 5.90 -0.26 Suzano SUZ 9.37 -0.14
ASML ASML 872.75 -60.06 BrookfieldInfr BIP RangeResources RRC 31.79 -1.30 VeriskAnalytics VRSK 276.55 -1.57
BrookfieldRenew BEPC 28.51 -0.19 Dow DOW 53.32 -0.75 JBHunt JBHT 163.80 -1.33 LincolnElectric LECO 197.41 -9.84 Nordson NDSN 235.99 -3.88 SynchronyFinl SYF 49.88 -0.93
AT&T T 19.16 0.95 RaymondJames RJF 112.22 0.41 Verizon VZ 39.67 0.78
Brown&Brown BRO 97.56 -0.49 DrReddy'sLab RDY 80.07 -0.83 HuntingtonBcshs HBAN 14.92 -0.15 Linde LIN 443.76 -3.65 NorfolkSouthern NSC 221.34 -2.94 Synopsys SNPS 553.33 -35.00
ATI ATI 60.30 -2.70 RealtyIncome O 57.26 -0.23 VertexPharm VRTX 490.80 0.48
HuntingIngalls HII 265.30 -1.39 LiveNationEnt LYV 92.67 -2.93 NorthernTrust NTRS 86.45 ... SYY 71.20 -1.98
AbbottLabs ABT 107.26 3.34 Brown-Forman A BF.A 44.64 0.11 DraftKings DKNG 35.86 -1.92 Reddit RDDT 62.95 -4.89
Sysco
Vertiv VRT 78.59 -12.41
150.31 -4.76 LloydsBanking LYG 3.01 -0.02 NorthropGrum NOC 442.12 -0.18
ABBV 176.21 3.06 Brown-Forman B BF.B 43.72 0.22 Dropbox DBX 23.49 -0.17 HyattHotels H
AbbVie
s RegalRexnord RRX 145.75 -6.27 T U V Viatris VTRS 11.70 0.20
Bruker BRKR 64.08 1.95 s DukeEnergy DUK 108.60 1.48 ICICI Bank IBN 28.62 -0.49 LockheedMartin LMT 515.20 13.91 NorwegCruise NCLH 19.22 -1.10
Abercrombie&Fitch ANF 154.05 -7.35 RegencyCtrs REG 64.79 -1.63 Viking VIK 34.54 -2.21
IdexxLab IDXX 471.34 0.93 Loews L 77.92 -0.43 Novartis NVS 109.29 1.59
Accenture ACN 328.68 -1.65 BuildersFirst BLDR 154.12 -9.76 Duolingo DUOL 163.80 -15.30 RegenPharm REGN 1060.86 5.29 s TC Energy TRP 41.40 ... VinFastAuto VFS 4.06 -0.33
BungeGlobal BG 112.09 1.24 DuPont DD 79.59 -0.59 ING Groep ING 18.36 -0.19 LogitechIntl LOGI 88.64 -0.76 NovoNordisk NVO 131.60 -1.68
AcuityBrands AYI 246.22 -11.38 RegionsFinl RF 22.11 -0.28 TD Synnex SNX 116.29 -1.41 Visa V 254.17 -10.62
16.58 -0.22 Lowe's LOW 231.67 -5.49 NuHoldings NU 12.54 -0.33
ADBE 531.04 -14.97 BurlingtonStrs BURL 246.39 -8.62 Dynatrace DT 42.86 -1.23 Invesco IVZ s ReinsGrp
Adobe RGA 218.54 -2.70 s TE Connectivity TEL 156.85 5.45 Vistra VST 72.58 -7.49
CACI Intl CACI 447.51 -11.81 elfBeauty ELF 174.51 -2.92 IQVIA IQV 238.75 -0.04 Lucid LCID 3.28 -0.20 Nucor NUE 154.79 -6.76
AdvDrainageSys WMS 163.34 -7.64 Reliance RS 293.82 -7.34 Telus TU 15.76 0.07 Vodafone VOD 9.06 -0.02
CAVA 77.92 -4.67 ITT ITT 136.83 -4.94 t lululemon LULU 272.06 -9.31 Nutanix NTNX 48.92 -1.26
AdvMicroDevices AMD 144.63 -9.37 CAVA EMCOR EME 356.73 -22.48
NTR 49.45 -0.14
RenaissanceRe RNR 224.70 -1.16 TFI Intl TFII 153.00 -0.96 VulcanMatls VMC 250.51 -9.64
CBRE Group CBRE 98.30 -0.86 ENI E 30.22 -0.14 IcahnEnterprises IEP 17.24 -0.28 LyondellBasell LYB 95.28 -0.80 Nutrien
Aegon AEG 6.26 -0.08 RentokilInit RTO 31.00 -0.56 TJX TJX 111.25 -2.17
CDW 229.21 -0.94 Icon ICLR 331.77 -0.46 nVentElectric NVT 71.29 -6.29
AerCap AER 93.21 -2.28 CDW EOG Rscs EOG 125.10 0.20
M N RepublicSvcs RSG 199.67 0.63 TKO TKO 107.05 1.47 W X Y Z
CF Industries CF 71.48 0.96 EPAM Systems EPAM 205.04 -2.29 IDEX IEX 198.71 -5.19 NVIDIA NVDA 114.25 -8.34
AffirmA AFRM 26.46 -2.88 ResMed RMD 206.20 -3.33 T-MobileUS TMUS 176.89 0.33
CGI A GIB 107.09 -0.41 EQT EQT 35.10 0.05 IllinoisToolWks ITW 239.30 -3.76 WEC Energy WEC 83.56 1.81
134.16 3.51 Macom Tech MTSI 101.59 -4.91 RestaurantBrands QSR 69.92 -1.29 TPG 47.51 -1.50
AgilentTechs A
AgnicoEagleMines AEM 74.63 -0.80
CH Robinson CHRW 90.21 -0.42 EagleMaterials EXP 227.40 -12.67 Illumina ILMN 116.29 0.69
M&T Bank MTB 171.68 -0.49
O P Q RevolutionMed RVMD 46.50 -0.27
TPG
T.RowePrice TROW 114.38 -2.63 WEX WEX 178.79 -6.79
CME Group CME 197.25 -0.19 s EastWestBncp EWBC 84.41 0.68 ImperialOil IMO 70.11 0.79 W.P.Carey WPC 58.51 -0.47
AirProducts APD 260.20 4.20 MGM Resorts MGM 42.44 -1.34 ONEOK OKE 82.16 -1.07 Revvity RVTY 111.61 1.57 TaiwanSemi TSM 159.80 -10.02
CMS Energy CMS 62.47 1.07 s EastGroup EGP 185.40 -4.55 Incyte INCY 66.91 1.11 WPP WPP 47.74 -0.74
Airbnb ABNB 144.23 -4.52 MKS Instrum MKSI 123.40 -8.08 ON Semi ON 70.11 -3.28 RexfordIndlRealty REXR 48.54 -0.87 TakeTwoSoftware TTWO 152.89 1.18
CNA Fin CNA 47.20 -0.07 EastmanChem EMN 96.38 -1.06 Informatica INFA 23.99 -0.92 Wabtec WAB 157.28 -10.83
AkamaiTech AKAM 95.22 -0.84 MPLX MPLX 42.62 -0.39 O'ReillyAuto ORLY 1050.71 1.70 RioTinto RIO 63.49 -0.04 TakedaPharm TAK 13.58 -0.08
CNH Indl CNH 9.88 -0.19 Eaton ETN 299.60 -22.34 Infosys INFY 21.86 -0.22 WalgreensBoots WBA 11.16 -0.07
Albemarle ALB 90.88 -0.60 MSA Safety MSA 192.02 -3.11 OccidentalPetrol OXY 60.07 -0.34 Rivian RIVN 16.27 -1.23 Tapestry TPR 39.84 -1.32
CRH CRH 79.67 -2.59 eBay EBAY 53.66 0.42 IngersollRand IR 95.75 -4.50 Walmart WMT 70.60 -0.05
Albertsons ACI 20.19 -0.02 MSCI MSCI 534.20 -11.81 Okta OKTA 92.69 -3.36 Robinhood HOOD 21.41 -1.46 TargaResources TRGP 131.62 -4.31
CSX CSX 33.20 -0.44 s Ecolab ECL 245.43 -1.29 Ingredion INGR 118.64 0.78 WarnerBrosA WBD 8.47 -0.15
s Alcon ALC 92.41 1.48 MagnaIntl MGA 42.70 -1.09 OldDomFreight ODFL 194.62 0.77 Roblox RBLX 39.96 -1.12 Target TGT 146.45 -3.82
CVS Health CVS 58.54 0.57 Ecopetrol EC 10.60 -0.04 Insmed INSM 74.43 -1.56 WarnerMusic WMG 29.91 -2.11
AlexandriaRlEst ARE 115.57 -5.84
PODD 194.38 -2.38 MakeMyTrip MMYT 90.87 -6.04 OldRepublic ORI 31.94 -0.40 RocketCos. RKT 14.67 -0.48 TechnipFMC FTI 27.29 -0.96
CadenceDesign CDNS 266.34 -16.65 EdisonIntl EIX 76.04 0.93 Insulet WasteConnections WCN 179.71 -0.98
Alibaba BABA 75.80 -0.30
Intel INTC 31.70 -1.25 ManhattanAssoc MANH 249.83 23.83 s OmegaHealthcare OHI 36.39 -0.56 Rockwell ROK 263.07 -9.08 TeckResourcesB TECK 45.17 -0.63
CaesarsEnt CZR 34.21 -2.57 EdwardsLife EW 86.95 -0.10 WasteMgt WM 217.38 -1.35
AlignTech ALGN 244.80 -5.85 ManulifeFinl MFC 25.67 -0.47 Omnicom OMC 90.75 -1.52 RogersComm B RCI 37.02 -0.56 TeledyneTech TDY 417.00 14.83
CamdenProperty CPT 113.08 0.08 Elastic ESTC 110.42 -6.97 InteractiveBrkrs IBKR 118.12 -3.95 Waters WAT 305.31 4.48
Allegion ALLE 127.86 0.68 Maplebear CART 33.97 -1.31 OnHolding ONON 38.50 -2.02 RoivantSciences ROIV 10.75 -0.26 Teleflex TFX 224.57 1.20
Cameco CCJ 46.49 -0.87 ElbitSystems ESLT 183.91 -2.67 ICE ICE 147.51 -1.06 Watsco WSO 480.44 -23.66
AlliantEnergy LNT 55.66 1.01 MarathonOil MRO 27.86 0.02 OntoInnovation ONTO 197.93 -13.98 Roku ROKU 55.59 -6.50 Ericsson ERIC 6.55 -0.09
CampbellSoup CPB 46.47 0.89 ElectronicArts EA 141.18 -0.81 InterContinentl IHG 104.23 -3.04 WeatherfordIntl WFRD 121.55 -12.24
Allstate ALL 172.34 -1.26 MarathonPetrol MPC 167.55 3.58 OpenText OTEX 30.74 -0.65 Rollins ROL 49.95 ... TelefonicaBras VIV 8.67 -0.01
CIBC CM 50.12 -0.53 ElevanceHealth ELV 512.12 9.70 IBM IBM 184.02 -0.08 WebsterFin WBS 46.36 0.35
AllyFinancial ALLY 42.24 -0.04 Markel MKL 1565.20 1.77 Oracle ORCL 138.77 -4.34 RoperTech ROP 531.97 -42.30 Telefonica TEF 4.46 ...
CanNtlRlwy CNI 115.80 -4.18 EmersonElec EMR 114.08 -3.54 IntlFlavors IFF 98.08 -0.96 WellsFargo WFC 59.44 -0.23
AlnylamPharm ALNY 236.48 2.19 MarketAxess MKTX 218.04 -3.21 Orange ORAN 11.08 0.21 RossStores ROST 142.09 -1.69 TelekmIndonesia TLK 18.98 -0.42 s
CanadianNatRscs CNQ 34.43 -0.27 Enbridge ENB 36.57 0.11 IntlPaper IP 46.28 0.36 Welltower WELL 109.55 -0.04
Alphabet C GOOG 174.37 -9.23 Marriott MAR 235.04 -7.27 Orix IX 116.20 -3.41 RoyalBkCanada RY 110.31 -0.20 TempurSealy TPX 50.20 -1.47
CdnPacKC CP 81.06 -0.93 s EncompassHealth EHC 88.92 2.17 Interpublic IPG 29.57 -0.36 WescoIntl WCC 164.61 -6.90
Alphabet A GOOGL 172.63 -9.16 CapitalOne COF 146.41 0.91 Marsh&McLen MMC 217.48 -1.56 OtisWorldwide OTIS 91.43 -6.95 RoyalCaribbean RCL 164.51 -6.22 Tenaris TS 31.03 -0.23
Endeavor EDR 27.32 -0.06 Intra-Cellular ITCI 77.27 -0.93 WestPharmSvcs WST 323.77 7.59
AltairEngg ALTR 87.56 -4.30 CardinalHealth CAH 96.71 0.87 MartinMarietta MLM 537.83 -27.24 Ovintiv OVV 45.64 -0.65 RoyalGold RGLD 137.37 -0.94 TencentMusic TME 14.72 -0.56 s
EnergyTransfer ET 16.18 -0.22 Intuit INTU 620.24 -16.86 WestAllianceBcp WAL 76.59 -1.40
Altria MO 49.42 0.30 Carlisle MarvellTech MRVL 64.35 -4.04 OwensCorning OC 174.65 -5.23 RoyaltyPharma RPRX 28.67 0.18 s TenetHealthcare THC 145.34 6.66
CSL 412.27 -17.21 EnphaseEnergy ENPH 116.91 13.27 IntuitiveSurgical ISRG 454.02 -1.04 WesternDigital WDC 72.01 -0.95
Amazon.com AMZN 180.83 -5.58 Carlyle 44.74 -1.74 Masco MAS 70.58 -0.69 PDD PDD 131.87 -1.21 RyanSpecialty RYAN 58.61 -0.53 Teradyne TER 143.54 -8.73 WesternMidstrm WES 40.81 -1.26
CG EnsignGroup ENSG 136.60 0.67 InvitatHomes INVH 35.97 -0.52
Ambev ABEV 2.10 -0.02 CarMax MasTec MTZ 105.66 -4.08 PG&E PCG 18.25 0.09 Ryanair RYAAY 95.02 -0.13 Tesla TSLA 215.99 -30.39 WLK 141.26 -3.75
KMX 79.90 -0.45 Entegris ENTG 124.72 -6.68 IronMountain IRM 96.90 -4.04 Westlake
Amcor AMCR 10.08 0.01 Carnival CCL 18.19 -0.88 Mastercard MA 432.45 -9.27 PNC Finl PNC 177.40 -1.22 SAP SAP 209.40 -5.36 TetraTech TTEK 206.06 -2.61 Weyerhaeuser WY 29.87 -0.39
Entergy ETR 111.86 1.51 ItauUnibanco ITUB 6.05 -0.08
Amdocs DOX 83.15 0.10 Carnival CUK 16.68 -0.86 MatadorRscs MTDR 61.68 0.76 t POSCO PKX 62.50 -1.99 S&P Global SPGI 481.66 -13.90 TevaPharm TEVA 16.50 -0.45 WheatonPrecMtls WPM 59.94 -0.40
EnterpriseProd EPD 29.70 -0.29 PPG 125.24 -1.48 SBA Comm SBAC 205.45 -1.88
Ameren AEE 77.04 1.96 CarrierGlobal CARR 65.99 -2.28
AmericaMovil AMX 17.13 -0.19 Carvana Equifax EFX 260.89 -4.10 J K L MatchGroup MTCH 32.99 -1.36 PPG Ind
McCormickVtg MKC.V 73.38 -0.41 PPL PPL 29.17 0.40 SEI Investments SEIC 66.25 -1.44
TexasInstruments TXN 198.28 -0.01 Williams WMB 42.49 -1.59
CVNA 123.42 -5.69 TexasPacLand TPL 793.47 -6.48 Williams-Sonoma WSM 151.15 -4.89
s AEP AEP 95.02 1.38 CaseysGenStores CASY 374.13 -2.56 Equinix EQIX 794.15 -8.82 JD.com JD 25.76 -0.43 McCormick MKC 74.23 0.29 PTC PTC 172.32 -5.45 SK Telecom SKM 21.64 0.14 TexasRoadhouse TXRH 165.46 -6.77 WillisTowers WTW 267.00 0.60
AmerExpress AXP 240.99 -5.91 Catalent Equinor EQNR 26.05 -0.13 JPMorganChase JPM 208.59 -1.74 McDonald's MCD 253.37 -0.68 Paccar PCAR 98.90 1.80 SPS Commerce SPSC 205.36 -3.29 Textron TXT 90.12 -2.01
CTLT 58.40 -0.02 WillScotMobile WSC 40.99 -1.22
AmericanFin AFG 124.56 -0.65 Caterpillar Equitable EQH 41.68 -0.74 Jabil JBL 111.05 -1.12 McKesson MCK 589.99 4.25 s PackagingCpAm PKG 193.28 0.46 SS&C Tech SSNC 67.33 -0.38 ThermoFisher TMO 574.73 22.49
CAT 336.04 -8.13 Wingstop WING 370.53 -14.62
AmHomes4Rent AMH 35.71 -0.86 Celanese EquityLife ELS 65.66 -0.68 JackHenry JKHY 167.93 0.86 Medpace MEDP 381.88 24.58 PalantirTech PLTR 26.60 -2.21 Saia SAIA 482.56 0.27 ThomsonReuters TRI 163.50 -1.50
CE 136.13 -2.72 Wipro WIT 5.87 -0.09
AIG AIG 75.26 -1.62 CelsiusHldg CELH 45.64 -1.83 EquityResdntl EQR 70.01 -0.85 JacobsSolns J 142.93 -8.35 Medtronic MDT 79.97 0.57 PaloAltoNtwks PANW 324.24 -11.32 Salesforce CRM 249.78 -6.28 3M MMM 103.25 -1.48 Wix.com WIX 161.47 -7.27
AmerTowerREIT AMT 209.39 -0.13 Cemex ErieIndemnity ERIE 383.53 -4.67 JamesHardie JHX 34.94 -1.20 MercadoLibre MELI 1642.55 -49.68 PanAmerSilver PAAS 22.71 -0.21 Samsara IOT 35.41 -2.45 Toast TOST 24.80 -2.24
CX 6.21 -0.28 WoodsideEnergy WDS 17.96 -0.18
AmerWaterWorks AWK 142.40 1.91 Cencora EssentialUtil WTRG 41.07 0.53 JefferiesFinl JEF 54.60 -1.20 Merck MRK 125.92 1.54 ParamountA PARAA 22.30 -0.09 Sanofi SNY 51.20 0.77 TollBros TOL 130.28 -4.94
COR 225.98 1.72 Woodward WWD 177.17 -6.66
AmericoldRealty COLD 29.08 -0.32 CenovusEnergy CVE 19.42 -0.05 s EssexProp ESS 285.96 -5.10 J&J JNJ 156.28 3.93 MetaPlatforms META 461.27 -27.42 ParamountB PARA 11.65 -0.09 SareptaTherap SRPT 146.00 -1.64 TopBuild BLD 436.81 -17.06 WooriFinl WF 31.75 -1.00
Ameriprise AMP 424.25 2.86 Centene EsteeLauder EL 99.80 -0.16 JohnsonControls JCI 67.54 -1.58 MetLife MET 74.52 -0.67 ParkerHannifin PH 529.26 -22.40 Schlumberger SLB 48.03 -1.02 Toro TTC 95.47 -0.41
CNC 66.12 1.23 Workday WDAY 220.52 -5.52
Ametek AME 166.95 -4.92 CenterPointEner CNP 29.02 0.32 EvercoreA EVR 236.39 -7.79 JonesLang JLL 232.04 -4.26 Mettler-Toledo MTD 1384.56 22.96 Parsons PSN 77.81 -1.45 SchwabC SCHW 64.08 -1.06 TorontoDomBk TD 57.47 -0.58 t WynnResorts WYNN 80.97 -2.30
Amgen AMGN 335.61 2.37 CentraisElBras EBR Everest EG 381.54 -3.32 JuniperNetworks JNPR 36.77 -0.41 MicrochipTech MCHP 86.57 -3.14 Paychex PAYX 123.24 -0.47 Sea SE 65.21 -1.77 TotalEnergies TTE 67.26 0.07
6.62 -0.07 XP XP 17.50 -0.66
AmkorTech AMKR 38.96 -2.13 CerevelTherap CERE 43.37 -0.03 Evergy EVRG 56.22 1.00 KB Financial KB 59.34 -3.31 MicronTech MU 110.28 -3.97 PaycomSoftware PAYC 158.58 -6.84 s Seagate STX 109.53 4.23 ToyotaMotor TM 197.20 -3.59 XPO XPO 110.00 -1.41
EversourceEner ES 63.03 2.21 KBR KBR 66.39 -2.20 Microsoft MSFT 428.90 -15.95 Paylocity PCTY 142.31 -4.48 s Sempra SRE 79.12 1.39 TractorSupply TSCO 262.52 -7.84
Amphenol APH 61.99 -4.27 CharlesRiverLabs CRL 222.41 2.13 XcelEnergy XEL 56.36 1.22
AnalogDevices ADI 224.62 -5.70 CharterComms CHTR 312.66 -7.38 ExactSciences EXAS 47.85 -1.55 KE Holdings BEKE 13.64 -0.19 MicroStrategy MSTR 1672.69 -49.08 PayPal PYPL 58.07 -1.64 SentinelOne S 23.41 -1.02 TradeDesk TTD 89.32 -11.58 XPeng XPEV 8.05 -0.35
AngloGoldAsh AU 27.67 -0.40 s CheckPoint CHKP 180.07 10.07
Exelon EXC 36.47 0.60 KKR KKR 115.73 -2.23 MidAmApt MAA 143.41 -0.30 s Pearson PSO 13.14 -0.05 ServiceIntl SCI 74.53 -0.48 Tradeweb TW 108.10 -1.87 Xylem XYL 136.71 -4.01
AB InBev BUD 60.55 -0.15 Chemed Expedia EXPE 128.49 -4.18 KLA KLAC 755.77 -51.89 MitsubishiUFJ MUFG 11.21 -0.20 PembinaPipeline PBA 38.26 -0.12 ServiceNow NOW 730.87 -34.65 TraneTech TT 332.84 -12.12 YPF YPF 19.69 -0.78
CHE 547.48 6.17
AnnalyCap NLY 19.90 -0.42 CheniereEnergy LNG 174.91 -1.97 ExpeditorsIntl EXPD 124.03 0.16 Kaspi.kz KSPI 131.52 -0.19 MizuhoFin MFG 4.41 -0.09 PenskeAuto PAG 155.20 0.96 SharkNinja SN 71.22 -0.59 TransDigm TDG 1245.48 -41.65 Yum!Brands YUM 125.95 -0.51
AnteroResources AR 29.84 -0.62 CheniereEnerPtrs CQP 52.64 -0.90
ExtraSpaceSt EXR 161.87 -4.61 Kellanova K 57.23 0.62 t Mobileye MBLY 22.29 -1.02 s Pentair PNR 83.80 -3.39 Shell SHEL 71.18 -0.13 TransUnion TRU 77.63 -2.16 t YumChina YUMC 29.35 -0.53
Aon AON 298.20 -0.23 ChesapeakeEner CHK 77.66 -2.31 ExxonMobil XOM 115.01 1.60 Kenvue KVUE 18.17 0.24 Moderna MRNA 118.19 -3.06 PepsiCo PEP 168.17 1.89 SherwinWilliams SHW 332.02 -12.48 Travelers TRV 207.73 -0.80 ZTO Express ZTO 19.42 0.06
APi Group APG 36.36 -1.80 Chevron F5 FFIV 170.44 -3.36 KeurigDrPepper KDP 32.77 0.14 MohawkInds MHK 127.18 -0.88 PerformanceFood PFGC 63.53 -4.15 s ShinhanFin SHG 38.54 -0.79 Trex TREX 76.50 -3.05 ZebraTech ZBRA 322.09 -9.11
CVX 155.07 0.98 s
ApolloGlblMgmt APO 121.72 -3.12 Chewy FTAI Aviation FTAI 109.25 1.41 KeyCorp KEY 15.79 -0.07 MolinaHealthcare MOH 288.72 1.82 PermianRscs PR 15.32 -0.35 Shopify SHOP 59.27 -3.39 Trimble TRMB 55.70 -1.41 Zillow C Z 47.50 -3.75
CHWY 24.15 -0.72
AppFolio APPF 256.60 -13.42 Chipotle FTI Consulting FCN 230.49 3.30 KeysightTech KEYS 135.99 -3.18 MolsonCoorsB TAP 53.37 0.48 PetroleoBrasil PBR 14.47 -0.10 SimonProperty SPG 149.89 -6.93 Trip.com TCOM 45.28 -0.98 Zillow A ZG 46.27 -3.65
CMG 51.78 -0.77
Apple AAPL 218.54 -6.47 ChordEnergy CHRD 170.78 -1.52 Fabrinet FN 224.51 -17.26 KimberlyClark KMB 140.51 4.63 monday.com MNDY 229.84 -6.65 PetroleoBrasilA PBR.A 13.34 -0.05 SiriusXM SIRI 3.99 0.19 TruistFinl TFC 43.61 -0.54 ZimmerBiomet ZBH 110.55 0.55
AppliedIndlTechs AIT 204.69 -4.79 Chubb FactSet FDS 403.21 -12.93 KimcoRealty KIM 20.90 -0.45 Mondelez MDLZ 66.40 0.39 Pfizer PFE 29.98 0.48 SkechersUSA SKX 64.02 -1.08 Twilio TWLO 56.40 -3.63 ZionsBancorp ZION 50.98 -1.55
CB 260.04 -3.21
ApplMaterials AMAT 206.53 -13.12 ChunghwaTel CHT 36.65 0.02 FairIsaac FICO 1559.24 -68.88 KinderMorgan KMI 21.05 -0.57 MongoDB MDB 244.54 -12.00 s PhilipMorris PM 111.44 1.88 Skyworks SWKS 113.65 -3.85 TylerTech TYL 515.80 -10.57 Zoetis ZTS 179.66 0.28
Fastenal FAST 67.31 -0.59 KinrossGold KGC 8.85 -0.18 MonolithicPower MPWR 787.88 -58.53 Phillips66 PSX 138.17 1.10 SmithAO AOS 80.76 0.29 TysonFoods TSN 59.38 0.15 ZoomVideo ZM 58.16 -1.26
AppLovin APP 78.68 -5.13 Church&Dwight CHD 100.35 0.14
FederalRealty FRT 107.25 -2.44 KinsaleCapital KNSL 372.15 -2.29 MonsterBev MNST 49.59 -0.72 s Pilgrim'sPride PPC 40.10 0.63 Smith&Nephew SNN 28.69 0.17 UBS Group UBS 30.00 -0.54 Zscaler ZS 181.82 -9.25
Aptargroup ATR 144.14 -1.90 ChurchillDowns CHDN 137.25 -4.43
342.21 6.04
FedEx FDX 298.28 -2.52
Aptiv APTV 67.08 -1.51 Cigna CI
Ferguson FERG 208.36 -3.84
Aramark ARMK 33.21 -0.43 CincinnatiFinl CINF 120.03 -1.17
CTAS 754.05 -1.99 Ferrari RACE 413.67 -9.50
22.24 -0.30 Cintas
ArcelorMittal MT
ArchCapital ACGL 96.40 0.17 CiscoSystems CSCO 46.85 0.49
Ferrovial
FidNatlFinl
FER 41.74 -0.51
FNF 53.15 -1.60 Dividend Changes Borrowing Benchmarks
ADM ADM 62.65 0.43 Citigroup C 63.66 -1.00
AresMgmt ARES 144.51 -6.28 s CitizensFin CFG 42.22 -0.08
FidNatlInfo FIS 75.33 0.23 wsj.com/market-data/bonds/benchmarks
s FifthThirdBncp FITB 40.98 -0.28 Amount Payable /
argenx ARGX 464.36 -8.51 CleanHarbors CLH 227.32 -6.05
s FirstCitizBcshA FCNCA 1862.27 -10.84 Company Symbol Yld % New/Old Frq Record
AristaNetworks ANET 325.87 -20.78 Clorox CLX 132.80 0.24
FirstHorizon FHN 16.36 -0.18
Arm ARM 157.68 -14.02 Cloudflare
AscendisPharma ASND 134.01 -0.75 Coca-Cola
NET 76.00 -4.97
KO 65.81 0.85
FirstSolar FSLR 221.33 -1.68 Increased Money Rates July 24, 2024
FirstEnergy FE 40.42 0.54
AspenTech AZPN 187.45 -1.71 CocaColaCon COKE 1104.96 -10.91 s Artisan Ptrs Asset Mgmt APAM 6.3 .71 /.61 Q Aug30 /Aug16
Assurant AIZ 169.88 -2.57 Coca-ColaEuro CCEP 73.00 0.19
Fiserv FI 161.16 3.94
Capital Bancorp CBNK 1.3 .10 /.08 Q Aug21 /Aug05
Key annual interest rates paid to borrow or lend money in U.S. and
CGNX 50.27 -0.51 Flex FLEX 31.76 2.04
t AsteraLabs ALAB 47.15 -5.46 Cognex international markets. Rates below are a guide to general levels but
Floor&Decor FND 91.08 -2.85 Enterprise Finl Services EFSC 2.0 .27 /.26 Q Sep30 /Sep16
AstraZeneca AZN 79.71 0.54 CognizantTech CTSH 72.69 -1.20
Atlassian TEAM 167.60 -7.52 Coherent COHR 70.17 -2.97 Fluor FLR 47.16 -2.24 NBT Bancorp NBTB 2.8 .34 /.32 Q Sep13 /Aug30 don’t always represent actual transactions.
FlutterEnt FLUT 195.01 -8.03
s AtmosEnergy ATO 125.90 1.36 CoinbaseGlbl COIN 245.06 -12.57 PennyMac Finl Svcs PFSI 1.2 .30 /.20 Q Aug23 /Aug13 Week —52-WEEK—
96.60 0.05 FomentoEconMex FMX 111.09 -5.92 Inflation
Autodesk ADSK 239.45 -6.78 ColgatePalm CL Wells Fargo WFC 2.7 .40 /.35 Q Sep01 /Aug09 Latest ago High Low
FordMotor F 13.67 -0.16
Autoliv ALV 97.81 -0.42 Comcast A CMCSA 38.09 -0.42 June index Chg From (%)
ComfortSystems FIX 299.88 -29.25 Fortinet FTNT 56.64 -1.30
ADP ADP 247.10 -1.25 Stocks
AutoZone AZO 2941.73 20.20 CommerceBcshrs CBSH 63.69 -0.31
Fortis FTS 40.89 0.59 level May '24 June '23 Other short-term rates
SABESP SBS 15.64 -0.07 Fortive FTV 70.40 -6.28 Evogene EVGN 1:10 /Jul25
Avalonbay AVB 206.06 -2.13
FortuneBrands FBIN 69.04 -2.28 U.S. consumer price index Week 52-Week
Avangrid AGR 35.50 -0.01 ConagraBrands CAG 29.86 0.59 EzFill Holdings EZFL 1:2.5 /Jul25
Confluent CFLT 24.37 -1.01 FoxA FOXA 37.09 0.02 Latest ago high low
Avantor AVTR 22.37 1.20
FoxB FOX 34.47 -0.08 SenesTech SNES 1:10 /Jul25 All items 314.175 0.03 3.0
AveryDennison AVY 214.79 -5.77 ConocoPhillips COP 111.10 0.27 Core 319.003 0.12 3.3
95.88 2.63 Franco-Nevada FNV 125.67 0.86
AxaltaCoating AXTA 34.37 -0.62 ConEd ED Foreign Call money
FranklinRscs BEN 22.88 -0.33
AxonEnterprise AXON 313.11 -6.44 ConstBrands A STZ 246.88 0.90 Banco BBVA Argentina ADR ... .51336 Aug09 /Aug02
BCE BCE 33.16 0.27 ConstellationEner CEG 175.08 -14.79
FreeportMcM FCX 44.18 -1.09 BBAR
International rates 7.25 7.25 7.25 7.00
COO 91.99 1.32 FreseniusMedCare FMS 20.16 0.30 Bank of Butterfield NTB 4.6 .44 Q Aug19 /Aug05
BHP Group BHP 54.43 -0.64 Cooper
BJ'sWholesale BJ 89.29 -1.85 Copart CPRT 51.16 -1.16 FullTruck YMM 7.89 -0.20 Canadian National Railway CNI 2.1 .614 Q Sep27 /Sep06 Week 52-Week Commercial paper (AA financial)
34.65 -0.30 Core&Main CNM 50.78 -2.52 China Automotive Systems ... .80 Aug22 /Jul30 90 days n.a. n.a. 5.53 5.14
BP BP
BWX Tech BWXT 100.02 -5.72 CorebridgeFin CRBG 29.00 -0.66 G H I CAAS Latest ago High Low
GLW 43.95 -0.11
Dr. Reddy's Labs ADR RDY 0.5 .40685 A Jul30 /
BXP BXP 67.02 -2.16 Corning GE Aerospace GE 162.30 -9.70 Prime rates Secured Overnight Financing Rate
Corpay CPAY 285.98 -3.40 INVESCO IVZ 4.9 .205 Q Sep04 /Aug16
Baidu BIDU 88.75 -1.62 GE HealthCare GEHC 79.69 -1.13
BakerHughes BKR 34.90 -0.75 Corteva CTVA 53.82 -0.57 GE Vernova GEV 162.90 -7.59 TechnipFMC FTI 0.7 .05 Q Sep04 /Aug20 U.S. 8.50 8.50 8.50 8.25 5.34 5.35 5.40 5.06
Ball BALL 62.06 -0.65 CoStar CSGP 76.35 1.51 GFLEnvironmental GFL 39.48 0.18 Canada 6.95 6.95 7.20 6.95
COST 830.82 -21.29 Special Value 52-Week
BBVA BBVA 10.88 -0.23 Costco GSK GSK 39.30 0.46 Japan 1.475 1.475 1.475 1.475 Latest Traded High Low
BancoBradesco BBDO 2.04 -0.04 CoterraEnergy CTRA 25.79 -0.34 s Gallagher AJG 274.32 1.10 Frequency Electronics FEIM ... 1.00 Aug29 /Aug08
BancodeChile BCH 23.69 -0.07 Coty COTY 9.58 -0.37 GameStop GME 24.01 -1.49 MidCap Financial Invt MFIC 10.7 .20 Aug15 /Aug05
CPNG 19.92 -0.68 Policy Rates DTCC GCF Repo Index
BancSanBrasil BSBR 5.01 -0.10 Coupang Gaming&Leisure GLPI 48.56 -0.33
BcoSantChile BSAC 20.15 -0.14 s Crane CR 151.77 -4.99 Gap GPS 21.33 -0.69 Note: Dividend yields as of 3:30 p.m. ET Euro zone 4.25 4.25 4.50 4.00 Treasury 5.382 37.050 5.504 5.115
BancoSantander SAN 5.05 0.11 Credicorp BAP 172.00 -0.03 Garmin GRMN 172.84 0.74 Sources: FactSet; Dow Jones Market Data Switzerland 1.75 1.75 2.25 1.75 MBS 5.408 30.720 5.689 5.146
BanColombia CIB 32.83 -0.62 Crocs CROX 129.38 -1.92 Gartner IT 457.42 -10.08 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Britain 5.25 5.25 5.25 5.00
BankofAmerica BAC 42.19 -0.22 CrowdStrike CRWD 258.14 -10.74 GenDigital GEN 25.20 -0.09
BankMontreal BMO 86.25 -1.21 CrownCastle CCI 105.47 1.18 Generac GNRC 152.06 -5.96 spin-off. Australia 4.35 4.35 4.35 4.10 Weekly survey
BankNY Mellon BK 63.90 0.27 Crown Holdings CCK 85.03 0.66 GeneralDynamics GD 284.67 -9.79 Latest Week ago Year ago
BankNovaScotia BNS 45.74 -0.39 CubeSmart CUBE 47.09 -1.41 GeneralMills GIS 65.51 1.52 Overnight repurchase
Barclays BCS 11.70 -0.25 Cummins CMI 281.57 -2.08 GeneralMotors GM 46.49 0.11 IPO Scorecard U.S. 5.43 5.43 5.48 5.04 Freddie Mac
BarrickGold GOLD 18.46 -0.11 Curtiss-Wright CW 279.21 -4.83 Genmab GMAB 27.88 -0.06
Bath&BodyWks BBWI 34.35 -2.68 CyberArkSoftware CYBR 258.13 -6.66 Gentex GNTX 32.49 -0.74 Performance of IPOs, most-recent listed first 30-year fixed 6.77 6.89 6.78
BaxterIntl BAX 35.49 0.22 GenuineParts GPC 135.74 -1.47 % Chg From % Chg From U.S. government rates 15-year fixed 6.05 6.17 6.06
BectonDicknsn BDX 237.34 3.01
D E F GileadSciences GILD 73.50 2.33 Wed's
Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Discount
BeiGene BGNE 163.56 6.03 DTE Energy DTE 117.91 2.01 GitLab GTLB 51.96 -3.09 Notes on data:
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
BentleySystems BSY 48.51 -0.77 Danaher DHR 265.76 1.58 GlobalPayments GPN 98.38 -1.53 5.50 5.50 5.50 5.25 U.S. prime rate is the base rate on corporate
Berkley WRB 52.29 0.08 Darden DRI 139.43 -0.77 GlobalFoundries GFS 51.71 -2.06 BloomZ 2.45 –43.0 ... Ardent Health 16.75 4.7 4.3 loans posted by at least 70% of the 10 largest
BerkHathwy A BRK.A 650080-1500.00 Datadog DDOG 117.32 -5.89 Globant GLOB 192.01 2.01 BLMZ July 24/$4.30 ARDT July 18/$16.00 Federal funds U.S. banks, and is effective July 27, 2023. Other
BerkHathwy B BRK.B 432.80 -1.21 DaVita DVA 143.81 1.95 GlobeLife GL 88.28 -1.28 prime rates aren’t directly comparable; lending
BestBuy BBY 87.73 -1.22 Dayforce DAY 51.29 -1.83 GlobusMedical GMED 72.66 -0.72 OneStream 26.85 34.3 ... TWFG 21.80 28.2 –1.0 Effective rate 5.3300 5.3300 5.3500 5.0900
practices vary widely by location; Discount rate
Bio-Techne TECH 77.61 1.10 DeckersOutdoor DECK 846.04 -36.39 GoDaddy GDDY 143.21 -4.46 OS July 24/$20.00 TWFG July 18/$17.00 High 5.6500 5.6500 5.6500 5.4000 is effective July 27, 2023. Secured Overnight
Bio-RadLab A BIO 309.91 4.69 Deere DE 369.39 -2.13 GoldFields GFI 16.40 -0.16 Primega Group Holdings 3.84 –4.0 –9.0 Launch One Acquisiton 9.96 –0.4 0.1 Low 5.3100 5.3100 5.3300 5.0700 Financing Rate is as of July 23, 2024. DTCC
Biogen BIIB 226.03 1.74 DellTechC DELL 116.12 -9.73 GoldmanSachs GS 486.70 -5.45 Bid 5.3300 5.3300 5.3300 5.0800 GCF Repo Index is Depository Trust & Clearing
PGHL July 23/$4.00 LPAAU July 12/$10.00
BioMarinPharm BMRN 84.63 0.20 DeltaAir DAL 42.94 -0.67 Grab GRAB 3.36 -0.02 Corp.'s weighted average for overnight trades in
BioNTech BNTX 83.14 -2.36 DescartesSystems DSGX 98.64 -2.28 Graco GGG 81.08 -0.98 Artiva Biotherapeutics 11.80 –1.7 –1.7 SIM Acquisition I 9.98 –0.3 –0.1 Offer 5.3500 5.3500 5.3700 5.1100 applicable CUSIPs. Value traded is in billions of
Birkenstock BIRK 55.42 -0.10 DeutscheBank DB 15.43 -1.61 Grainger GWW 932.63 -18.67 ARTV July 19/$12.00 SIMAU July 10/$10.00 U.S. dollars. Federal-funds rates are Tullett
BlackRock BLK 827.65 -17.04 DevonEnergy DVN 45.58 -0.38 GraphicPkg GPK 27.32 -0.38 Treasury bill auction Prebon rates as of 5:30 p.m. ET.
Blackstone BX 137.63 -5.99 DexCom DXCM 111.94 -0.19 GpoAeroportuar PAC 163.36 0.62 QMMM Holdings 4.03 0.8 –1.0 EShallGo 1.84 –54.0 –43.6
QMMM July 19/$4.00 EHGO July 2/$4.00 4 weeks 5.270 5.270 5.325 5.230 Sources: Federal Reserve; Bureau of Labor
BlockHR HRB 55.85 -0.60 Diageo DEO 129.64 1.17 GpoAeroportSur ASR 309.93 -3.92
Block SQ 61.71 -5.18 DiamondbkEner FANG 198.83 0.47 Guidewire GWRE 144.21 -1.70 13 weeks 5.190 5.195 5.345 5.190 Statistics; DTCC; FactSet;
BlueOwlCapital OWL 19.35 -0.43 Dick's DKS 201.40 -3.23 HCA Healthcare HCA 343.94 3.77 Sources: Dow Jones Market Data; FactSet 26 weeks 4.990 4.985 5.350 4.975 Tullett Prebon Information, Ltd.

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FlagShipAcqn FSHPU 10.12 ... NVR NVR 8695.00 -2.3 ReinsGrp RGA 223.49 -1.2 Veritex VBTX 25.22 -1.7 DigitalBrands DBGI 1.27 -11.0 Polaris PII 71.90 -6.8
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American FranklinWireless FKWL 4.26 2.7 NatlHealthInv NHI 76.00 0.4 ReposiTrak TRAK 19.27 -2.6 ViantTech DSP 12.10 -1.7 DunxinFinl DXF 0.13 -14.6 PrestoAutomation PRST 0.06 10.3
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest FrequencyElec FEIM 14.23 0.9 NatlHealthcare NHC 133.06 -1.3 RiverNorthCapPfd RMPLp 25.25 ... Waystar WAY 23.99 -2.6 EuropeanWax EWCZ 8.63 -2.0 Primech PMEC 0.49 3.1
session. % CHG-Daily percentage change from the previous trading session. GCMGrosvenorWt GCMGW 0.88 -1.8 NewburyStAcqn NBSTU 12.39 -0.8 S&T Bancorp STBA 44.29 1.8 WeisMarkets WMK 73.32 -0.4 FirstWatchRest FWRG 14.56 -3.9 Primega PGHL 3.60 -9.0
Gallagher AJG 276.83 0.4 NextDecade NEXT 8.52 -0.2 STAG Indl STAG 40.68 -1.6 Welltower WELL 111.39 ... ForzaX1 FRZA 0.31 -8.9 RedRobin RRGB 5.46 -6.9
Wednesday, July 24, 2024 GencorInds GENC 22.46 -1.8 NicoletBankshares NIC 104.10 -2.7 SabraHealthcare SBRA 16.89 -0.4 WesBanco WSBC 34.25 -0.6 FreightTech FRGT 0.23 -3.6 SIMPPLE SPPL 0.40 -2.5
GermanAmBncp GABC 41.56 -0.7 NortheastBank NBN 72.63 -1.9 Seagate STX 113.57 4.0 WestAllianceBcp WAL 79.58 -1.8 GRI Bio GRI 1.30 -14.1 SMX SMX 4.52 -7.9
52-Wk % 52-Wk % 52-Wk % GlacierBancorp GBCI 45.69 -3.3 NorthrimBanCorp NRIM 71.84 -1.7 Sempra SRE 79.48 1.8 WesternAlliancePfd WALpA 19.59 0.1 GamerPakistan GPAK 0.15 6.5 SaversValue SVV 9.24 -1.0
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GolarLNG GLNG 36.52 -2.2 NorthwestBcshs NWBI 14.02 -1.3 ShinhanFin SHG 39.65 -2.0 WhitestoneREIT WSR 14.49 -2.4 Gaxos.ai GXAI 1.93 -7.8 SciSparc SPRC 0.51 3.3
BylineBancorp BY 29.35 -1.4 ElmeComms ELME 16.96 -1.1 GraniteConstr GVA 68.71 -2.6 NorthwestPipe NWPX 37.98 -1.5 SierraBancorp BSRR 30.83 1.9 WillisLease WLFC 86.99 1.5 GreenwaveTech GWAV 1.47 -0.7 SeelosTherap SEEL 0.46 -0.8
Highs CNB Fin PA
CNO Financial
CCNE
CNO
26.87
31.07
-2.0
-1.4
EmergentBiosol EBS
Enact ACT
13.97
34.11
10.6
-0.2
GreatLakesDredge GLDD
Group1Auto GPI
9.93
338.00
-3.7
6.9
NovaGoldRscs
Nutriband
NG
NTRB
4.88
9.60
1.3
19.5
SimmonsFirstNat SFNC
SiriusPoint SPNT
21.81
13.94
-1.9
-0.7 Lows
GroceryOutlet GO
GromSocialEnts GROM
18.82 -3.3 SigningDaySports
0.32 0.5 60DegreesPharm SXTP
SGN 0.19 -12.5
0.17 -4.2
ABMIndustries ABM 55.24 0.4 HMN Fin HMNF 26.72 0.3 NutribandWt NTRBW 2.50 27.9 SmartFinancial SMBK SOQUIMICH SQM 37.31 -2.4
COPTDefenseProp CDP 27.92 -1.0 EncompassHealth EHC 89.80 2.5 28.51 -2.2
AethlonMedical AEMD 0.34 -13.5 GryphonDig GRYP 0.97 -4.4
AbacusLifeWt ABLLW 1.15 22.1 HanmiFinancial HAFC 20.90 -6.2 OGE Energy OGE 37.99 1.0 SouthState SSB SonimTech SONM 3.24 -9.4
Cal-MaineFoods CALM 69.44 3.1 EnovaIntl ENVA 79.06 4.1 94.07 -1.7
AfricanAgriculture AAGR 0.14 -9.1 HelenofTroy HELE 54.88 -3.3
Agric&NatSolnsA ANSC 10.32 0.1 HarborOneBncp HONE 13.62 -1.4 OP Bancorp OPBK 11.75 0.7 SouthernStBcsh SSBK SonnetBio SONN 0.82 2.0
CapitalBancorp CBNK 25.72 4.9 EnterpriseFinSvcs EFSC 54.88 -1.2 32.90 1.7
Ainos AIMD 0.68 -4.3 HeliusMedical HSDT 0.77 -6.7
Alcon ALC 92.78 1.6 HeritageCommerce HTBK 10.53 -2.2 OldNatlBncp ONB 20.38 -1.6 SLND
CapitalCityBank CCBG 35.47 1.5 Enviri NVRI 10.96 -1.3 Spire SR 67.11 0.8
Akanda AKAN 1.55 -20.7 HepionPharm HEPA 0.73 -4.5 Southland 3.80 -1.7
Alexander's ALX 244.51 -2.1 HighwoodsProp HIW 29.96 1.6 Old2ndBcp OSBC 17.31 -1.4 SpiritAirlines SAVE 2.70 -2.1
CRS EQBK Spotify SPOT 346.23 1.7 HIHO
AllianceResource ARLP 26.13 1.0
CarpenterTech 126.36 -2.7 EquityBcshs 41.83 -2.4
HomeBancShares HOMB 28.45 -1.4 OmegaHealthcare OHI 37.13 -1.5 AltaGlobal MMA 2.12 -18.4 HighwayHldgs 1.85 3.7
TNFA
CarterBkshrs CARE 17.32 0.1 EsquireFinancial ESQ 59.08 -1.2 StifelFinancial SF 87.19 2.7 AlternusCleanEner ALCE 0.29 -16.3 iHuman IH 1.57 -2.6 TNF Pharm 1.62 9.9
Allot ALLT 3.41 -5.6 HopeBancorp HOPE 13.26 -2.1 Omeros OMER 5.68 -0.4 TANH
CatalystPharm CPRX 17.99 -0.3 EssexProp ESS 292.37 -1.8 StockYardsBncp SYBT 63.27 4.4 AlticeUSA ATUS 1.61 -9.6 Infobird IFBD 2.58 -4.8 Tantech 0.47 -8.6
AlphaStarAcqn ALSA 13.34 1.4 HorizonBancorp HBNC 15.56 -1.8 1895Bancorp BCOW 8.90 1.2 Taoping TAOP 0.59 3.1
CellebriteDIWt CLBTW 3.71 -0.6 EvergreenA EVGR 11.59 0.3 SynchronossNts26 SNCRL 22.75 5.3 AmerSports AS 10.75 -0.3 Inventiva IVA 2.36 -6.8
AlphaStarAcqn ALSAU 13.70 1.6 HorizonTechNts26 HTFB 24.85 0.3 OneLiberty OLP 26.69 -1.0 ThunderPower AIEV 0.80 -8.0
CellebriteDI CLBT 13.85 -2.0 Evergreen EVGRU 14.21 -1.7 TC Energy TRP 41.89 ... AmerAirlines AAL 10.12 -3.0 iQIYI IQ 3.03 -3.2
AlphaVestAcqn ATMV 11.09 0.1 IndependentBank IBTX 56.73 -2.3 OneStream OS 27.95 34.3 TianRuixiang TIRX 1.82 -17.7
CtrlPlainsBcshs CPBI 12.20 -1.4 FS Bancorp FSBW 43.50 2.6 TE Connectivity TEL 159.98 3.6 AmerBatteryTech ABAT 0.95 -4.4 Lakeside LSH 2.42 5.8
AmalgamFin AMAL 32.80 -0.2 IndlLogistics ILPT 5.18 -0.8 OriginBancorp OBK 37.56 -2.1 TonixPharm TNXP 0.52 -7.2
CheckPoint CHKP 184.58 5.9 FTACEmeraldA EMLD 11.39 2.2 TaskUs TASK 17.36 -0.9 AptoseBiosci APTO 0.58 -0.6 LambWeston LW 56.23 -28.2
AEP AEP 95.57 1.5 IntlBcshs IBOC 68.46 -1.2 OrrstownFinSvcs ORRF 34.73 4.8 TopWealth TWG 0.65 4.3
ChemomabTherap CMMB 1.58 15.0 FTAI Aviation FTAI 113.98 1.3 TenetHealthcare THC 151.00 4.8 AscentSolar ASTI 0.08 -5.9 LasVegasSands LVS 40.17 -2.0
AmerisBancorp ABCB 61.92 -2.4 IntlGeneralIns IGIC 16.91 -1.5 PACS Group PACS 34.88 -0.4 TrinityCapNts2029 TRINI 24.76 -0.2
ChurchillCapIXWt CCIXW 0.41 ... FarmersBancp FMAO 28.52 -2.6 TerrenoRealty TRNO 69.53 -2.0 AsteraLabs ALAB 46.55 -10.4 LionGroup LGHL 0.33 -1.4
AnaptysBio ANAB 37.50 -0.2 Investar ISTR 18.50 1.3 PackagingCpAm PKG 199.00 0.2 TrinityCapNts2029 TRINZ 24.96 -0.2
CitizensFin CFG 43.08 -0.2 FarmersNatlBanc FMNB 15.25 0.4 TheBancorp TBBK 51.75 -2.8 AtlasClear ATCH 0.40 -24.3 LoopIndustries LOOP 1.47 -8.4
ApolloGlbPfdA APOpA 68.42 -2.3 JacksonFinl JXN 86.09 -2.6 ParTechnology PAR 55.66 -3.7 TruGolf TRUG 0.93 7.1
ArbutusBiopharma ABUS CityHolding CHCO 124.68 -0.5 FifthThirdBncp FITB 41.85 -0.7 ThirdCoastBcshs TCBX 25.24 ... Atomera ATOM 3.52 -4.1 lululemon LULU 268.78 -3.3
3.92 1.0 Kingstone KINS 6.54 -2.8 ParkNational PRK 188.71 ... UsanaHealth USNA 40.51 -3.2
ArmstrongWorld AWI ClearwaterPaper CLW 56.28 1.4 51TalkOnlineEd COE 18.20 12.7 TizianaLife TLSA 1.10 11.1 Azitra AZTR 1.08 -76.5 MBIA MBI 4.45 -4.5
130.23 -2.7 KornFerry KFY 72.52 -0.8 PathwardFinl CASH 65.99 -0.4 UltaBeauty ULTA 364.67 -5.1
ArrowFinancial AROW ColliersIntl CIGI 133.85 -1.4 FinInstitutions FISI 24.26 -0.4 TowerSemi TSEM 44.18 4.2 BP Prudhoe BPT 1.55 -6.0 Markforged MKFG 0.39 -3.3
32.02 0.8 LTC Properties LTC 38.04 -0.9 Paysafe PSFE 21.49 -2.8 UPS B UPS 124.80 0.7
AshfordHospPfdH AHTpH 17.14 1.8 ColonyBankcorp CBAN 14.08 1.4 FirstBanCorp FBP 22.02 -1.8 LegacyHousing LEGH PSO
TowneBank TOWN 32.90 -1.7 BauschHealth BHC 3.96 -23.2 MelcoResorts MLCO 5.79 -4.4 VBI Vaccines
27.49 -2.6 Pearson 13.31 -0.4 VBIV 0.45 -4.7
AtlUnionBkshs AUB CmntyTrBcp CTBI 51.78 -0.6 FirstBancorpNC FBNC 40.50 -0.8 LeMaitreVascular LMAT PNTG Transcat TRNS 147.12 -1.9 BloomZ BLMZ 2.25 -43.0 Mobileye MBLY 22.05 -4.4 VCIGlobal
41.22 -0.4 91.76 0.3 Pennant 29.94 -0.3 VCIG 0.41 -3.9
AtlasPfdH ATCOpH 25.30 0.1 Conduent CNDT 4.18 -3.9 FirstBank FRBA 15.30 -0.1 LigandPharm LGND 105.35 0.6 Pentair PNR 88.47 -3.9 TransMedics TMDX 156.05 -4.0 BridgerAerospace BAER 2.81 -0.6 MullenAuto MULN 1.21 -10.2 VOXX Intl VOXX 2.46 -2.7
AtmosEnergy ATO 125.99 1.1 ContextTherap CNTX 2.29 0.9 FirstBusey BUSE 28.77 -3.2 LincolnEduc LINC 14.47 -1.1 PerformantFin PFMT 3.47 -5.0 TriPointe TPH 47.15 -2.6 BrookfldBRP7.25Nt BEPJ 24.62 0.1 Neo-Concept NCI 0.57 -1.1 Vale VALE 10.64 -0.9
AxosFinancial AX 74.56 -1.3 Corvel CRVL 303.73 1.2 FirstBusFinSvcs FBIZ 44.17 -1.7 LiquiditySvcs LQDT 21.44 -0.7 PerimeterSolns PRM 9.15 -2.8 TrinityIndustries TRN 33.70 -1.1 Bumble BMBL 8.70 -4.9 Netcapital NCPL 0.09 0.6 VastaPlatform VSTA 2.87 0.2
BancFirst BANF 108.74 -1.7 CostamarePfdC CMREpC 27.19 -2.2 FirstCitizBcshA FCNCA 1885.00 -0.6 LockheedMartin LMT 519.59 2.8 PhilipMorris PM 111.69 1.7 TristarAcqnIWt TRIS.WS 0.27 33.3 CCSC Tech Intl CCTG 1.76 -6.8 NextTechnology NXTT 1.83 -55.8 Verastem VSTM 2.54 -17.5
Bladex BLX 34.45 -4.3 Crane CR 157.37 -3.2 FirstCmwlthFin FCF 17.70 3.0 LumentFinance LFT 2.69 1.1 PiedmontOfficeA PDM 8.67 0.7 TristarAcqnI TRIS 11.22 ... Carmell CTCX 0.87 ... Nike NKE 71.08 -3.1 VerbTech VERB 0.09 -4.4
BankFirst BFC 95.08 0.1 CrossFirstBkshs CFB 18.90 -2.0 FirstCommBkshs FCBC 44.95 -0.8 MDU Rscs MDU 26.93 -1.7 Pilgrim'sPride PPC 40.34 1.6 Trustmark TRMK 34.97 -2.4 Carter's CRI 59.06 -1.9 NioCorpDevelopWt NIOBW 0.10 -2.4 VintageWineEstates VWE 0.06 -35.1
BarHarborBkshs BHB 33.24 -2.7 DT Midstream DTM 76.01 -1.1 FirstComSC FCCO 22.51 -0.8 MRC Global MRC 14.86 -3.5 PioneerBancorp PBFS 11.38 1.3 TutorPerini TPC 26.88 -5.0 Castellum CTM 0.14 -9.3 NovaMinerals NVA 4.60 -30.5 VintageWineEstWt VWEWW 0.00 -46.5
BarrettBus BBSI 35.60 -0.2 Daktronics DAKT 15.26 -3.4 FirstFinBncpOH FFBC 27.09 -1.4 MaquiaCapAcqnWt MAQCW 0.15 14.9 Popular BPOP 105.01 -3.5 TwistBiosci TWST 59.60 -4.8 CatheterPrec VTAK 1.75 -19.2 NukkleusWt NUKKW 0.01 37.6 VisionMarineTech VMAR 0.40 ...
BayCom BCML 24.71 -0.9 Deluxe DLX 24.66 -2.6 FirstFinBkshs FFIN 37.95 -1.6 MayvilleEngg MEC 19.50 -1.7 PrimorisSvcs PRIM 56.83 -2.7 TyraBiosciences TYRA 22.20 -3.8 Cemtrex CETX 0.20 -3.7 Nukkleus NUKK 0.26 -16.6 Volcon VLCN 2.51 -15.8
BerkshireHills BHLB 28.22 -1.3 DiamedicaTherap DMAC 3.81 6.1 FirstFinIN THFF 46.27 -3.0 MerchantsBancorp MBIN 51.62 0.1 PriorityTech PRTH 6.47 -0.8 UMH Prop UMH 17.97 -1.6 ChijetMotor CJET 2.93 -23.2 Nuwellis NUWE 2.28 -40.0 VSeeHealth VSEE 3.00 -18.3
BioLifeSolns BLFS 23.32 -1.8 Dole DOLE 14.17 1.7 FirstInterBanc FIBK 32.55 -2.2 MidPennBancorp MPB 27.22 -1.2 ProsperityBcshs PB 72.60 2.4 Unitil UTL 60.00 2.0 ConnectMTech CNTM 1.11 -19.0 POSCO PKX 62.50 -3.1 WabashNational WNC 20.00 -9.5
BridgewaterBcshs BWB 14.48 -1.7 DukeEnergy DUK 108.92 1.4 FirstMerchants FRME 40.94 -2.3 MidWestOneFin MOFG 28.60 -1.8 ProtagonistTherap PTGX 42.62 9.5 USCB Financial USCB 15.67 1.5 Conn's CONN 0.31 -31.0 PS Intl PSIG 1.67 -10.4 Wolfspeed WOLF 18.90 -9.7
BrightSpring BTSG 12.37 -1.1 DyneTherap DYN 44.47 -0.6 FirstMidBcshs FMBH 39.66 -1.2 MineralsTechs MTX 90.30 -1.5 Q32Bio QTTB 36.60 12.4 UtdCmtyBks UCBI 31.19 0.4 CorsairGaming CRSR 7.96 -2.1 PSQ PSQH 2.67 -4.5 WynnResorts WYNN 80.66 -2.8
Brink's BCO 109.48 -2.3 ECB Bancorp ECBK 13.94 0.9 FirstSavingsFin FSFG 19.74 0.9 MistrasGroup MG 9.94 -2.4 RBB Bancorp RBB 23.50 0.3 UrbanEdgeProp UE 20.16 -2.0 CrownElectrokin CRKN 3.36 -5.9 PapaJohn's PZZA 39.90 -2.0 Yalla YALA 4.27 -3.2
BrixmorProp BRX 24.97 -2.2 EastWestBncp EWBC 87.75 0.8 FirstUnited FUNC 27.70 ... MyriadGenetics MYGN 28.90 ... RGC Resources RGCO 23.70 -5.4 Vaxcyte PCVX 86.14 1.4 CrownLNG CGBS 0.70 11.6 PatriotNatBncp PNBK 1.39 -2.3 YumChina YUMC 29.03 -1.8
Broadstone BNL 17.91 -0.2 EastGroup EGP 192.61 -2.4 Fiserv FI 161.73 2.5 NB Bancorp NBBK 18.28 -1.9 RadianGroup RDN 35.93 -1.1 Ventas VTR 54.51 -0.1 CueBiopharma CUE 0.69 -6.3 PhioPharm PHIO 3.35 -4.5 ZKH ZKH 2.86 -7.8
BrookdaleSrLiving BKD 8.12 0.4 Ecolab ECL 248.41 -0.5 FiveStarBncp FSBC 29.94 -2.6 NSTS Bancorp NSTS 10.49 0.6 Regis RGS 34.84 10.3 Vericel VCEL 53.85 -1.0 DianaShipping DSX 2.72 -0.7 PixieDustTech PXDT 1.30 -3.5 ZoomInfoTech ZI 11.03 -5.2
 B10 | Thursday, July 25, 2024 * **** THE WALL STREET JOURNAL.

BANKING & FINANCE

BNP Paribas Performance Deutsche Bank

Fueled by Equities Trading Warns of a Hit
French lender said Revenue grew 4% on year on loans and what it pays cli- enue in the quarter, 3% ahead
From Real Estate
to €12.27 billion, surpassing ents for deposits—with im- of the previous year, on posi-
the segment offset expectations of €11.93 billion, pacts from inflation hedges in tive market-performance ef- BY ADRIÀ CALATAYUD ward hitting its 2024 revenue
weakness in its it said. France that are set to neutral- fects and net asset inflows, it guidance of €30 billion and
Its corporate and institu- ize in the third quarter. said. Management has been Deutsche Bank increased that its quarterly adjusted
domestic retail arm tional banking division— BNP Paribas said it also ex- beefing up this division its guidance for full-year costs, which exclude litigation
which the group is betting on pects the headwinds from Bel- through its recent acquisition credit losses, warning that it expenses, remain in line with
BY ELENA VARDON to gain market share and gian government bonds and of life-insurance joint venture expects continued pressure its target for the year as well.
drive growth—posted a 12% European Central Bank man- Neuflize Vie and purchase of a from exposure to commercial Deutsche Bank swung to a
BNP Paribas reported sec- revenue increase, boosted by datory reserves to start to stake in Belgian insurer Ageas real estate, at a time a boost second-quarter net loss of
ond-quarter earnings ahead of performance of its markets fade in the second half of the and in French insurer Scor. from high interest rates be- €143 million compared with a
expectations, driven by a business, particularly its eq- year. “BNP Paribas is well placed gins to unwind. profit of €763 million in the
surge in equities trading at its uity and prime brokerage ser- Shares of BNP Paribas slid in the new phase of the eco- The German lender antici- same period last year.
global market division that vices division. A sharp in- about 1% Wednesday and nomic cycle and accordingly pates its office credit portfo- This was its first quarterly
offset softness in its domestic crease in market activity and traded around €64, with ana- confirms its 2024 trajectory,” lio to remain under pressure net loss since 2020 and
retail business. client demand led the unit’s lysts attributing the pressure Chief Executive Jean-Laurent in the second half, despite mainly reflected a €1.3 billion
The French lender on 57.5% on-year revenue surge to the lender’s mixed French Bonnafe said. some signs of stabilization in hit from legal provisions re-
Wednesday said its net profit to €1.15 billion. retail revenue, which also was The Paris-based group tar- the U.S. commercial real-es- lated to its takeover of Post-
for the three months ended For its retail business, the hit by higher costs from an gets revenue growth of 2% tate sector that was hit hard bank.
June 30 was €3.395 billion, eurozone’s largest bank by unspecified “specific credit higher on 2023’s distributable by the pandemic and higher In April, Deutsche Bank
equivalent to $3.69 billion, market capitalization reported situation.” revenue of €46.9 billion and borrowing costs, it said said it might have to pay up
beating the €2.91 billion esti- broadly stable revenue from The bank’s insurance and forecasts that net income will Wednesday. to €1.3 billion to shareholders
mate taken from a company- net interest income—the dif- asset-management branch top its previous year’s €11.2 Deutsche Bank’s multiyear of Postbank, which it bought
compiled consensus. ference between what it earns brought in €1.47 billion in rev- billion. turnaround effort got a boost more than a decade ago, after
in recent quarters from higher a German court indicated that
interest rates, but that tail- elements of their claims could
wind is now losing steam as be considered valid.
central banks move to cut The bank’s after-tax profit
rates while the commercial fell to €52 million from €940
real-estate sector remains un- million a year before, while
der stress. revenue climbed 2% to €7.59
The bank said it now ex- billion, it said.
pects provisions for credit Analysts expected Deutsche
losses to represent more than Bank to report an after-tax
0.30 percentage point of its loss of €81 million on revenue
average loan book this year. It of €7.44 billion, according to
had previously guided for that consensus estimates compiled
figure to be at the higher end by the bank.
of a range of 0.25 to 0.30 per- Net interest income—the
centage points. Commercial difference between how much
real-estate provisions are im- it makes lending and how
proving at a slower pace than much it pays on deposits—
expected, Deutsche Bank said. dropped 16% to €3.02 billion,
In European trading, shares but Deutsche Bank said it was
in Deutsche Bank dropped 8%, essentially flat across all of its
but were still up more than key banking book segments.
16% since the start of the
year. Deutsche Bank’s
For the second quarter, the quarterly net profit/loss
bank’s provisions for credit
€1.25 billion
losses amounted to €476 mil-
lion, equivalent to $516.7 mil-
lion, up 19% compared with 1.00
the year earlier. It said loan-
loss provisions were mainly 0.75
driven by commercial real es-
BRAIS LORENZO/BLOOMBERG NEWS

tate. 0.50
While Deutsche Bank’s new
loan-loss guidance is in line 0.25
with consensus expectations,
the revised outlook will raise
0
some questions, RBC Capital
Markets analyst Anke Reingen
wrote in a note to clients. –0.25
The lender said on Wednesday that it now expects its revenue growth in the high single-digit percentages for 2024. Despite the revised projec- 2023 ’24
tion for credit losses, the Note: €1 billion = $1.09 billion

Spanish Bank Santander Raises Outlook

lender said it is on track to- Source: the company

For 2024 After Posting Record Results UniCredit Lifts Revenue

Forecast for Year After
BY PIERRE BERTRAND
AND ELENA VARDON
mate and a 10% increase com-
pared with the same quarter
the previous year.
Banco Santander’s
quarterly net profit
€3.5 billion
quarter, leading it to lift its
outlook for the year. It now
expects a RoTE of over 16%
Strong Second Quarter
Banco Santander raised its Revenue dynamics trended against previous guidance of
revenue and efficiency outlook well in the period, especially in 3.0 16%. BY PIERRE BERTRAND on year to €3.57 billion.
for the year after good perfor- fees, with its Spain and U.S. In terms of expenses, San- Analysts had expected net
mances in Spain and the U.S. markets showing particularly 2.5 tander’s efficiency ratio fell UniCredit raised its reve- profit of €2.38 billion on €6
led it to report a better-than- strong performances, Jefferies 2.6 percentage points to nue guidance for the year after billion in revenue, according to
expected second quarter. analysts wrote in a note to cli- 2.0 41.6%—its best ratio in 15 second-quarter earnings rose, a bank-provided consensus.
The Spanish bank—the ents. Income from fees rose 6% years, it said—as it continues beating analysts’ expectations. On the back of the quarterly
country’s largest by market year over year to €3.24 billion 1.5 to execute on its plan to invest The Italian increase, Uni-
capitalization—posted a record on good commercial dynamics in technology and control bank said Credit said it

$2.91B
net profit of €3.21 billion, and customer activity, Santan- 1.0 costs. It updated its guidance Wednesday that plans to distrib-
equivalent to $3.48 billion, for der reported. for a ratio of around 42% for net profit rose ute around €1.4
the period. The results were up This partly offset a miss in 0.5 the year compared with below to €2.68 billion, billion in in-
20% from a year ago and beat the income it makes from the 43% previously. equivalent to terim divi-
estimates of €3.16 billion taken difference between what it 0 Santander’s fully loaded $2.91 billion, dends, which it
Equivalent profit
from a Visible Alpha poll. earns on loans and what it 2023 ’24 core equity Tier 1 ratio—a from €2.31 bil-
The lender said on Wednes- pays clients for deposits, which measure of financial strength— lion in the same
that Italy’s UniCredit said would be
later defined in
Note: €1 billion = $1.09 billion
day that it now expects its rev- brings in the bulk of revenue Source: the company stood at 12.5% at the end of period a year recorded for the October.
enue growth in the high single- and mostly comes from its re- June compared with 12.3% at ago, on revenue second quarter The bank
digit percentages for 2024, tail and consumer business. geopolitical environment, we the end of March, in line with that grew 6.1% also raised its
compared with previous guid- The bank posted €11.47 billion are confident that we will de- its target of a ratio of over 12% to €6.33 billion. revenue guid-
ance of mid-single-digit per- in net interest income—short liver on the more ambitious for 2024. Net interest ance for the
centage growth. The group of expectations of €11.91 bil- targets set out today,” Chair Shares in Madrid advanced income—the difference be- year. It now expects revenue
surpassed expectations by re- lion—partly due to an infla- Ana Botin said. more than 3% to €4.71 on tween what a bank earns on to exceed €23 billion. It had
porting €15.67 billion in reve- tion-adjusted foreign-exchange Return on tangible equity— Wednesday. The stock has loans and what it pays clients previously guided for 2024
nue for the quarter, slightly hit in Argentina. or RoTE, a key profitability gained 24% since the start of for deposits, and a major revenue at around €22.5 bil-
ahead of a €15.5 billion esti- “In the context of a volatile metric—was 16.8% for the the year. source of revenue—rose 1.9% lion.

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 50.35 -0.61 NA SAIUSMinVolIndFd 20.89 -0.22 NA CoreBond 10.19 -0.02 0.9 LgCapGow I 77.54 -2.54 NA MuLTAdml 10.90 -0.01 NA TgtRetInc 13.33 -0.08 NA
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. LgCpGwId InstPre 34.54 -1.37 NA SAIUSQtyIdx 22.60 -0.63 NA EqInc 24.53 -0.10 7.8 MidCap 103.39 -1.97 NA MuLtdAdml 10.83 ... NA Welltn 44.25 -0.71 NA
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s MidCpInxInstPrem 32.03 -0.56 NA SrsBlChGroRetail 18.90 -0.75 NA LgCpGwth 71.65 -2.91 19.1 R2030 25.68 -0.33 NA MuShtAdml 15.76 ... NA WndsrII 47.14 -0.72 NA
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SAIUSLgCpIndxFd 22.62 -0.54 NA SrsEmrgMkt 18.54 -0.30 NA JPMorgan R Class Putnam Funds Class A PrmcpAdml r 176.55 -3.61 NA VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesBondFd 8.92 -0.02 NA SrsGlobal 14.74 -0.19 NA CoreBond 10.21 -0.02 1.1 PutLargCap p 35.50 -0.26 NA RealEstatAdml 125.15 -1.93 NA ExtndIstPl 325.96 -8.38 NA
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SeriesOverseas 14.20 -0.24 NA SrsGroCoRetail 23.79 -0.92 NA CorePlusBd 7.20 -0.01 1.6 Putnam Funds Class Y SmCapAdml 108.19 -2.41 NA IdxIntl 19.50 -0.24 NA
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SerLTTreBdIdx 5.49 -0.06 NA SrsIntlGrw 18.11 -0.40 NA Lord Abbett I PutLargCap 35.51 -0.26 NA SmGthAdml 89.35 -2.45 NA MdCpGrAdml 98.45 -2.48 NA
tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 27.30 -0.59 NA SrsIntlVal 12.88 -0.14 NA ShtDurInc p 3.86 ... NA Schwab Funds STBondAdml 10.10 ... NA MdCpVlAdml 80.34 -0.71 NA
TMktIdxInstPrem 149.29 -3.57 NA TotalBond 9.46 -0.03 NA Metropolitan West 1000 Inv r 116.60 -2.80 NA STIGradeAdml 10.26 ... NA SmValAdml 82.22 -1.51 NA
TotalMarketIndex 18.88 -0.45 NA Fidelity SAI TotRetBdI 8.99 -0.02 NA S&P Sel 83.80 -1.99 NA STIPSIxAdm 24.22 ... NA TotBd2 9.42 -0.02 NA
Wednesday, July 24, 2024 TtlIntIdxInstPr 13.97 -0.17 NA TotalBd 8.96 -0.02 NA TRBdPlan 8.43 -0.02 NA TSM Sel r 91.91 -2.20 NA TotBdAdml 9.54 -0.02 NA TotIntlInstIdx r 130.46 -1.59 NA
Net YTD Net YTD Net YTD USBdIdxInstPrem 10.26 -0.03 NA U.S.TreBdIdx 8.70 -0.02 NA MFS Funds TIAA/CREF Funds TotIntBdIdxAdm 19.59 -0.04 NA TotItlInstPlId r 130.49 -1.59 NA
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Advisor I Fidelity Selects IIE 34.81 -0.38 5.7 EqIdxInst 38.20 -0.91 NA TotIntlAdmIdx r 32.62 -0.40 NA TotSt 130.13 -3.10 NA
Total Bd 9.44 -0.03 NA Semiconductors r 32.63 -1.91 NA MFS Funds Class I IntlEqIdxInst 23.31 -0.30 NA TotStAdml 130.16 -3.10 NA VANGUARD INSTL FDS
AB Funds WshA 60.66 -1.04 11.7 US CoreEq2 36.39 -0.76 12.8 Fidelity Freedom Softwr 26.42 -0.91 NA GrowthI 206.21 -7.67 19.8 LrgCpGrIdxInst 60.70 -2.41 NA BalInst 47.53 -0.74 NA
MuniIncmShares 11.22 -0.01 NA Artisan Funds US Small 47.46 -1.01 7.6 FF2030 TxMCapAdml 278.72 -6.73 NA
17.58 -0.24 NA Tech 34.21 -1.43 NA ValueI 51.46 -0.28 9.1 VANGUARD ADMIRAL
TxMIn r 16.05 -0.20 NA DevMktsIndInst 16.07 -0.20 NA
AB Funds - ADV IntlVal Inst 49.34 -0.42 7.4 US SmCpVal 48.18 -0.89 8.0 FF2040 11.44 -0.20 NA First Eagle Funds Natixis Funds 500Adml 501.00 -11.87 NA DevMktsInxInst 25.12 -0.31 NA
LgCpGrAdv 106.52 -3.48 NA Baird Funds US TgdVal 33.66 -0.64 6.3 Freedom2030 K 17.56 USGroAdml 168.37 -7.21 NA
-0.24 NA GlbA 69.05 -0.59 9.4 LSGrowthY 26.34 -1.04 NA BalAdml 47.53 -0.74 NA ExtndInst 132.08 -3.40 NA
American Century Inv AggBdInst NA ... NA USLgVa 48.61 -0.25 10.2 Freedom2035 K 15.59 ValAdml 64.07 -0.40 NA
-0.24 NA Franklin A1 Northern Funds CAITAdml 11.37 ... NA GrwthInst 186.76 -7.31 NA
Grwth 55.63 -2.19 14.5 CorBdInst NA ... NA Dodge & Cox StkIdx WdsrllAdml 83.61 -1.28 NA
Freedom2040 K 11.44 -0.21 NA IncomeA1 2.37 ... NA 55.78 -1.32 NA CapOpAdml r 198.26 -4.07 NA InPrSeIn 9.37 -0.03 NA
Ultra 86.89 -3.44 NA BlackRock Funds Balanced 104.70 -0.30 NA Idx2030InsPre 20.03 DivAppIdxAdm 50.46 -0.63 WellsIAdml 61.42 -0.20 NA
-0.26 NA FrankTemp/Frank Adv Old Westbury Fds NA InstIdx 446.78 -10.58 NA
American Funds Cl A HiYldBd Inst 7.10 -0.01 5.1 Income 12.49 -0.05 NA Idx2035InsPre 23.01 -0.34 NA IncomeAdv 2.34 ... NA LrgCpStr NA ... NA EMAdmr 36.30 -0.40 NA WelltnAdml 76.41 -1.23 NA
InstPlus 446.77 -10.59 NA
AmcpA 41.74 -1.13 11.6 BlackRock Funds III Intl Stk 51.85 -0.50 NA Idx2040InsPre 24.10 -0.42 NA FrankTemp/Franklin A Parnassus Fds EqIncAdml 90.98 -0.42 NA WndsrAdml 75.79 -0.58 NA InstTStPlus 92.69 -2.20 NA
AMutlA 55.39 -0.58 9.5 iShS&P500IdxK 636.08 -15.05 17.3 Stock 260.79 -1.64 10.2 Idx2045InsPre 25.30 ParnEqFd VANGUARD FDS
-0.46 NA DynaTech A 155.73 -6.86 NA 61.72 -1.36 12.2 ExplrAdml 109.26 -2.16 NA MidCpInst 67.24 -1.09 NA
BalA 34.47 -0.55 8.5 BlackRock Funds Inst DoubleLine Funds Idx2050InsPre 25.34 -0.47 NA Growth A 138.09 -3.45 NA PGIM Funds Cl Z ExtndAdml 132.09 -3.40 NA DivdGro 38.87 -0.30 NA MidCpIstPl 331.62 -5.37 NA
BondA 11.25 -0.02 0.3 StratIncOpptyIns 9.43 -0.01 2.8 TotRetBdI NA ... NA Fidelity Invest RisDv A 93.60 -1.29 NA TotalReturnBond NA ... NA GroIncAdml 103.72 -2.70 NA IntlVal 41.70 -0.46 NA SmCapInst 108.19 -2.40 NA
CapIBA 69.60 -0.47 6.5 TotRet 9.85 -0.03 NA Edgewood Growth Instituti Balanc 29.24 -0.52 NA Guggenheim Funds Tru PIMCO Fds Instl GrwthAdml 186.75 -7.31 NA LifeGro 44.48 -0.70 NA SmCapIstPl 312.28 -6.93 NA
CapWGrA 65.13 -1.32 9.3 Calamos Funds EdgewoodGrInst 48.76 -1.59 NA BluCh 210.53 -8.32 NA TotRtnBdFdClInst 23.50 -0.05 NA AllAsset 11.12 -0.05 NA HlthCareAdml r 95.43 +0.27 NA LifeMod 32.01 -0.39 NA STIGradeInst 10.26 ... NA
EupacA 56.91 -1.09 6.5 MktNeutI 14.64 -0.04 3.8 Federated Hermes Int BluChpGr K6 32.25 -1.27 NA Harbor Funds TotRt 8.56 -0.02 NA HYCorAdml r 5.41 -0.01 NA PrmcpCor 35.50 -0.56 NA STIPSIxins 24.23 -0.01 NA
FdInvA 80.18 -2.04 13.3 Columbia Class I TtlRtnBdI 9.41 -0.02 NA Contra 19.61 -0.64 NA CapApInst 111.32 -4.63 NA PIMCO Funds A InfProAd 23.00 -0.07 NA STAR 28.11 -0.41 NA TotBdInst 9.54 -0.02 NA
GwthA 72.30 -2.36 14.5 DivIncom I 32.97 -0.18 9.4 Fidelity ContraK 19.68 -0.64 NA Harding Loevner IncomeFd 10.57 -0.01 NA InfTechIdx 286.75 -11.86 NA TgtRe2020 28.09 -0.23 NA TotBdInst2 9.42 -0.02 NA
HI TrA 9.68 -0.01 5.5 Dimensional Fds 500IdxInstPrem 188.55 -4.46 NA CpInc 9.92 -0.09 NA IntlEq 26.48 -0.34 NA PIMCO Funds I2 IntlGrAdml 108.90 -2.56 NA TgtRe2025 19.43 -0.21 NA TotBdInstPl 9.54 -0.02 NA
ICAA 57.00 -1.35 14.2 EmgMktVa 31.33 -0.26 7.4 Contrafund K6 28.09 -0.91 NA GroCo 38.87 -1.50 NA Invesco Funds Y Income 10.57 -0.01 NA ITBondAdml 10.21 -0.02 NA TgtRe2030 37.81 -0.47 NA TotIntBdIdxInst 29.40 -0.06 NA
IncoA 24.61 -0.14 6.5 EmMktCorEq 23.76 -0.25 6.9 ExtMktIdxInstPre 83.20 -2.14 NA InvGrBd 9.94 -0.03 NA DevMktY 39.25 -0.63 NA PIMCO Funds Instl ITIGradeAdml 8.58 -0.03 NA TgtRe2035 23.76 -0.33 NA TotStInst 130.18 -3.10 NA
N PerA 61.65 -1.55 10.3 IntlCoreEq 15.99 -0.18 6.0 FidSer5 7.59 -0.04 NA LowP 47.84 -0.56 NA JHF III DispVal IncomeFd 10.57 -0.01 NA LarCapAd 125.31 -3.01 NA TgtRe2040 42.50 -0.65 NA ValueInst 64.07 -0.39 NA
NEcoA 61.23 -1.82 13.5 IntSmCo 20.24 -0.21 5.9 FidSerInt 8.59 -0.02 NA Magin 14.25 -0.52 NA DispValMCI 29.09 -0.40 NA Price Funds LTGradeAdml 7.68 -0.07 NA TgtRe2045 29.03 -0.48 NA WCM Focus Funds
NwWrldA 79.02 -1.49 5.3 IntSmVa 23.00 -0.24 9.6 FidSerToMarket 17.77 -0.43 NA NASDAQ 220.49 -8.32 NA John Hancock BlChip 179.28 -7.04 NA MidCpAdml 304.39 -4.92 NA TgtRe2050 48.63 -0.85 NA WCMFocIntlGrwIns 24.68 -0.55 NA
SmCpA 67.54 -1.40 1.9 LgCo 36.01 -0.86 14.6 GlexUSIdxInstPre 14.99 -0.19 NA OTC 21.80 -0.93 NA BondR6 13.44 -0.04 NA DivGro 77.83 -1.10 NA MuHYAdml 10.73 -0.01 NA TgtRe2060 50.00 -0.87 NA Western Asset
TxExA 12.43 -0.01 1.3 US CoreEq1 40.57 -0.88 13.2 GrowthCompanyK6 27.36 -1.07 NA Puritn 25.70 -0.53 NA JPMorgan I Class Growth 100.67 -3.84 NA MuIntAdml 13.62 ... NA TgtRet2055 54.26 -0.95 NA CorePlusBdI 9.24 -0.03 NA
 THE WALL STREET JOURNAL. Thursday, July 25, 2024 | B11

MARKETS

NYSE’s Longtime IPO Pitchman to Exit

John Tuttle helped bell-ringing ceremonies. take the company public, but
Tuttle stopped being the hasn’t set a timetable for the
persuade companies NYSE’s primary IPO salesman IPO.
to list on Big Board in 2022, after the exchange The Pittsburgh Steelers re-
hired a new global head of named their home venue Ac-
rather than Nasdaq capital markets, Michael Har- risure Stadium in 2022 after
ris, to lead IPO sales. the company struck a 15-year
BY ALEXANDER OSIPOVICH But Tuttle retained his role naming-rights deal with the
as head of listings, a job that National Football League
John Tuttle, a veteran ex- includes managing relation- team.
ecutive at the New York ships with the exchange’s
Stock Exchange who gained 2,400 listed companies as
prominence as its top sales- well as issuers of exchange- AUCTION RESULTS
Here are the results of Wednesday's Treasury
man for attracting initial traded funds. Tuttle also is auctions. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
public offerings, plans to head of NYSE Institute, a pol- difference between that price and the face value.
leave the NYSE after 17 icy-advocacy arm of the ex- 17-WEEK BILLS
years. change. Applications $180,163,555,500
Tuttle is set to begin a new The NYSE has lately strug- Accepted bids $60,185,659,700
" noncompetitively $604,915,300
job as president of Acrisure, gled to maintain its crown as " foreign noncompetitively $100,000,000
a Michigan-based insurance the traditional destination for Auction price (rate) 98.309208
(5.115%)
brokerage and real-estate ser- the biggest debuts in the U.S. Coupon equivalent 5.275%
vices company, on Sept. 1, the stock markets. Bids at clearing yield accepted 28.34%
Cusip number 912797MD6
company said. Acrisure an- For the past five years,
The bills, dated July 30, 2024, mature on Nov. 26,

EMILY ASSIRAN FOR WSJ

nounced the hire Wednesday Nasdaq has beaten the NYSE 2024.
after it was earlier reported in terms of total capital TWO-YEAR FRNs
by The Wall Street Journal. raised in IPOs, according to Applications $99,291,932,700
$31,654,132,700
As vice chairman of NYSE, Dealogic. The NYSE has fared Accepted bids
" noncompetitively $53,376,700
Tuttle helped persuade com- better this year, though, with Spread 0.182%
panies such as Palantir Tech- $12.2 billion raised through Bids at clearing yield accepted
Cusip number
89.90%
91282CLA7
nologies and Snowflake to Tuesday, compared with $8.9 Tuttle will become president of Acrisure, an insurance brokerage and real-estate services firm. The floating-rate notes, dated July 31, 2024, mature
list on the 232-year-old ex- billion for Nasdaq, Dealogic on July 31, 2026.
change rather than its cross- data shows. Tony Blair to the Dalai Lama. replace retiring Democratic tions in more than 20 coun- FIVE-YEAR NOTES
town rival, Nasdaq. During Before joining the NYSE in Tuttle started at the NYSE as Sen. Debbie Stabenow. He tries. Applications $171,829,552,700
Accepted bids $73,859,602,700
the record-breaking IPO 2007, Tuttle worked in the a member of the exchange’s didn’t end up running. The closely owned com- " noncompetitively $199,781,000
frenzy of 2020 and 2021, Tut- State Department under the global affairs team. Acrisure, founded in 2005, pany was valued at $23 bil- " foreign noncompetitively $4,000,000
Auction price (rate) 99.458270
tle was a familiar face on the George W. Bush administra- Last year, Tuttle held dis- has grown through acquisi- lion when it last raised (4.121%)
bell podium overlooking the tion, traveling to far-flung cussions with Republican tions to become one of the money from outside investors Interest rate 4.000%
Bids at clearing yield accepted 96.28%
NYSE trading floor in lower destinations such as Sudan Party strategists about pursu- world’s largest insurance bro- in 2022. Acrisure Chairman Cusip number 91282CLC3
Manhattan, joining companies and helping organize visits by ing a U.S. Senate seat from kerages, with $4.3 billion in and Chief Executive Greg Wil- The notes, dated July 31, 2024, mature on July 31,
as they celebrated IPOs with foreign leaders ranging from his home state of Michigan to revenue last year and opera- liams has said he would likely 2029.

Private Secondary Market Rises as Deal Buildup Breaks

BY ROD JAMES from Jefferies Financial Group, $132 billion record set in 2021. buyer-seller gap. involved the sale of partial fund The market for deals led by
one of the largest secondary- A flood of secondary deals In this year’s first half, the stakes rather than whole posi- fund sponsors, where firms
The market for secondhand market brokers. has long been anticipated after average collection of buyout tions. This allowed fund inves- give all their fund participants
stakes in private funds is on Soaring levels of capital ear- volatile stock markets and fund stakes sold at a 6% dis- tors to generate much-needed the chance to cash out while
track for a record year as marked to buy private assets surging interest rates slowed count to its holding value, com- cash through a sale without secondary buyers step in, rose
mounting liquidity problems and a rally in public equities, the pace as 2022 wore on. But pared with 10% in last year’s severing their ties to managers 56% to $28 billion compared
drive sellers to unload private- buoying a benchmark for valu- a rally largely failed to emerge first half and 13% in the 2022 they favor, said Matthew Wes- with the same period a year
equity, venture-capital and ing secondary assets, drove up last year as rates stayed higher period, Jefferies said. ley, global head of Jefferies’ ago, Jefferies said.
other alternative investments. the average bid for private fund for longer while buyers and Sales instigated by fund in- private-capital group. The increase stemmed
Global secondary deals stakes, giving investors known sellers struggled to agree on vestors, so-called LP-led deals, “Sponsors generally view partly from a record amount of
reached roughly $68 billion in as limited partners license to prices. accounted for $40 billion of the LPs selling a strip of a fund as available capital, helped by the
the first half, up 58% from $43 sell, the investment bank Greater certainty around the first-half total this year, equiva- more positive than the sale of a entrance into the market of
billion in total value during the noted. direction of rates and a rally in lent to 59% of overall transac- whole stake, because it gener- new buyers such as fund man-
first six months of last year Jefferies said that it expects stocks caused secondaries pric- tion value, the investment bank ally means the selling LP is not agers Astorg and Leonard
and a record for the period, ac- total deal value to exceed $140 ing to move sharply higher in said. fully exiting the sponsor rela- Green & Partners, as well as
cording to newly released data billion for the year, eclipsing a the past year, helping close the Around half of these deals tionship,” Wesley said. technology investor Accel-KKR.

Tesla’s quarterly operating profit/loss Tesla’s share price since the end of May
$4 billion $280
AGM Second- Robotaxi
260
quarter event delay
3 deliveries

240
2
220
1
200

0
180

–1 160
2013 ’15 ’20 ’24 June 2024 July
Sources: FactSet (share price, profit/loss); the company (profit/loss)

Tesla Woes car company have some

grounding in the numbers,
rather than merely in the ex-
A UBS analysis earlier this
month argued that the mar-
ket has valued the company’s

Crash Musk pansive vision of chief execu-

tive Elon Musk.
Tesla’s second-quarter de-
automotive business fairly
consistently at between $200
billion and $300 billion over

AI Dreams livery update already made the past four years, with

The Paper
the strength of the energy other initiatives accounting
business clear, so this could for the rest of its wildly fluc-
be one reason why investors tuating market value, which
Continued from page B1 have warmed to the stock now stands at roughly $790
battery storage units and so- lately. But the 35% rally since billion. The brokerage down-

You Know.
lar panels, where revenue last month’s annual general graded its recommendation to
doubled compared with the meeting also seems con- sell on the basis that the
second quarter of last year. nected to hopes for invest- post-AGM rally had, at that
The “services and other” ments in artificial intelligence point, taken the proportion of
business, which includes used and autonomy. It was brought Tesla’s valuation represented

Now Digital.
Tesla sales, parts, insurance to an abrupt halt earlier this by cars below its four-year
and the charging network, month when Bloomberg re- average of 30%.
also grew strongly, with reve- ported that Tesla was delay- One might quibble with the
nue up 21%. Together these ing a highly anticipated Au- details, but the basic insight
units brought in revenue of gust robotaxi event that will seems sound: It is a good idea
$5.6 billion, 22% of the com- likely tease details about its to unload Tesla shares when
pany total and enough to help autonomy program. On Tues- hopes for unproven busi-
it unexpectedly report top- day, Tesla confirmed the new nesses such as autonomy Access your daily paper anytime, anywhere with our
line growth. date as Oct. 10. completely overshadow tangi- Print Edition App. Enjoy convenient access to full-page
While the services opera- How to factor businesses ble fundamentals. Every quar- articles for easy reading and more.
tion is closely related to the at radically different stages of ter, after all, the company is
core automotive one, energy technological development forced to report actual num- WSJ members have exclusive access. If you haven’t yet,
storage is a business with in- into one stock valuation is bers, bringing AI-crazed in- activate your digital account today at WSJ.com/connect
dependent potential. At last, perhaps the essential problem vestors crashing back to to start exploring.
claims that Tesla isn’t just a for Tesla investors. earth.

D O W N L OA D T H E A P P
WSJ.com/printapp
DOUGLAS R. CLIFFORD/ZUMA PRESS

©2023 Dow Jones & Co. Inc. All rights reserved. 3DJ7980 3DJ8921

The EV pioneer’s second-quarter numbers missed analysts’ expectations at most levels.

B12 | Thursday, July 25, 2024 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

Nike, Adidas Don’t Want to Share Podium

Olympic Games typically don’t supercharge sales for sportswear, but brands don’t want to miss chance to reach billions of viewers

The Paris Olympic Games are al-

most here and top brands like Nike
and Adidas are ready for airtime. So
are the underdogs.
Marketing and sponsorships, es-
pecially for well-known brands,
are partly about playing defense.
Leaving a top athlete or team
without your logo opens up room
for competitors to take that space.
But betting on the right athlete
can mean striking gold.
One of the most successful exam-
ples is Nike’s contract with Michael
Jordan, whose namesake brand gen-
erates nearly $7 billion of annual
revenue and is growing faster than
the rest of the company. It is little
wonder brands often duke it out for
top teams. This year, Nike nabbed
Adidas’s role as the official kit sup-
plier for the German national soccer
team after reportedly offering more
than €100 million a year, equivalent
to $108.4 million—more than double

GAO JING/XINHUA/ZUMA PRESS

what its rival was paying—accord-
ing to a German newspaper.
The Paris Olympics is a huge op-
portunity to get exposure. More
than three billion viewers tuned in
for each of the past two Olympics. A
similar number in 2024 would mean
about 37% of the world’s population Nike Olympic gear in Paris in April. About 64 Olympic track-and-field athletes promoted Nike in social media, while 39 highlighted Adidas.
is watching. Sports- and entertain-
ment-intelligence platform Sponsor- almost directly with the size of sports, the event will be a much- that its unaided brand awareness in Olympics promoted Nike in social
United counts 368 sportswear sportswear brands’ marketing bud- needed opportunity to reconnect its the U.S. is “in the low 30s.” On is media, while 51 promoted Puma and
brands that are buying sponsorships gets. Nike, which by far has the brand with its athletic roots. the official sponsor for Team Swit- 39 highlighted Adidas, according to
or media with Olympics entities. most to spend, has the largest vol- Yet big brands splurge during zerland, Lululemon for Team Can- SponsorUnited. On, Brooks and
Nike, which spent $4.3 billion on ume of top athlete or team sponsor- Olympic years. Nike clearly ada and, while Hoka doesn’t have a Hoka collectively have 13.
marketing and sponsorships last fis- ships, according to analysis from stepped up marketing spending country-level sponsorship, it spon- Underdog brands can get an in-
cal year, said it expects operating Citi Research, which looked at the during the quarters corresponding sors some track-and-field athletes stant boost when they pick the right
costs to rise by a mid-single-digit top leagues of sports with the most to the 2012 London and 2016 Rio who will be participating. Gap- athletes, though keeping the mo-
percentage in the three-month pe- viewership. Adidas and Puma take Olympics, though it didn’t for the owned Athleta has a roster of mentum going is difficult without a
riod starting in June as it boosts ad- second and third place, respectively, 2020 Tokyo event, which took American athletes—including gym- compelling product. Under Armour
vertising for the Euro Cup and the on both of those metrics. place during the heart of the pan- nast Simone Biles and swimmer Ka- signed Stephen Curry in 2013 after
Paris Olympics. In an interview with Compared with sports such as demic. Sales did spike during the tie Ledecky—as brand ambassadors. his deal with Nike lapsed. Though
Reuters this year, a Nike marketing basketball and soccer, where view- Olympics quarters in 2012 and Smaller brands have a better shot Curry’s shoe flew off the shelves in
executive said the Paris Olympics ership and participation are both 2016 for Nike, but the effect was at shining in sports with low view- the earlier years, a later version was
would be the company’s “largest high, marketing at the Olympics has small and temporary. Similarly, ership but high participation, such mocked for being too bland and Un-
media spend” and the “biggest mo- less-tangible benefits. Adidas Chief Adidas hasn’t seen notable revenue as running. der Armour hasn’t gained signifi-
ment for Nike in years.” Executive Bjørn Gulden said on an spikes during Olympics quarters. “It’s unsurprising that brands like cant market share in basketball.
Adidas, which spent about €2.5 earnings call in March that the The bigger opportunity during On and Hoka have gained momen- Skechers saw double-digit-percent-
billion on marketing last year, Olympics aren’t a very “commercial the Olympics might be for less- tum from focusing on running,” said age sales growth in its running-foot-
flagged higher advertising ex- event” because people generally known brands whose logos many Monique Pollard, equity analyst at wear line after Meb Keflezighi won
penses this year, citing major don’t buy replicas of Olympics viewers will be seeing for the first Citi. “You don’t need to spend a lot the Boston Marathon in 2014 wear-
sporting events. Running-footwear sports uniforms. Rather, Gulden said time. Footwear brand On has a [on running sponsorships], whereas ing the brand’s shoes, but the effect
brand On said it would focus its the Olympics is a platform to launch brand awareness of about 12% in basketball can become really quite was short-lived. Spending on the
marketing budget on the summer technologies and to showcase the the U.S., while Hoka has 25% aware- expensive.” Olympics could end up being a low-
Olympic months. brand in smaller sports. For Nike, ness, according to Bernstein’s sur- Big brands still win on volume. return investment for most brands,
Unsurprisingly, the number of top whose CEO acknowledged this year vey of sportswear shoppers. Lulu- About 64 track-and-field athletes but the cost of failing to medal is
athlete sponsorships corresponds that it lost its “sharp edge” in lemon said in its June earnings call who will be participating in the too high. —Jinjoo Lee

Google Fails to ‘Wow’ as AI Bills Mount

It’s good to be Google these days. Share-price performance, year to date Alphabet’s capital expenditures* “Look, obviously we are at the months to close.
But it isn’t easy, and it will keep early stage of what I view as a very Google also is going back to the
40% Alphabet $50 billion
getting harder. transformative area,” Alphabet drawing board on a long-running
Second-quarter results from Amazon Chief Executive Sundar Pichai said plan to phase out the use of inter-
parent company Alphabet Tuesday 30 Microsoft during Tuesday’s earnings call net tracking technology known as
40
afternoon showed strength in ad- Apple when asked by an analyst about the cookies, despised by privacy advo-
vertising and cloud revenue along company’s AI investments. He cates but depended upon by adver-
with record operating profit as the 20 added that “the risk of underinvest- tisers.
Silicon Valley titan, once known 30 ing is dramatically greater than the Google was building up an alter-
for lavish employee perks, contin- 10 risk of overinvesting for us here,” native technology called privacy
ues to clamp down on most costs, not mentioning the record amounts sandbox, but that plan drew a lot of
save for those designed to build 20 of capex that tech rivals Microsoft, opposition from advertisers and
out capabilities in generative arti- 0 Amazon.com and Meta Platforms regulators worried that it would
ficial intelligence. are pouring into the same thing. further cement the company’s inter-
But the results also offered “no 10 Google has the resources: Alpha- net advertising dominance. Google
–10
excitement,” in the words of Jeffer- bet’s net cash pile of nearly $98 bil- said Monday it would instead offer
ies analyst Brent Thill. Overall reve- lion is substantially bigger than users a prompt to allow them to opt
nue exceeded Wall Street’s consen- –20 0 those of even its deep-pocketed out of cookie tracking.
sus projection by just 0.6%—the Jan. 2024 July 2015 ’20 ’25 peers. But putting that money to That move is unlikely to dent
lowest beat percentage in at least work is getting to be a challenge. Google’s powerful search ad busi-
five years, according to FactSet. *2024-25 are projections Source: FactSet The Wall Street Journal reported ness. But that and the failed Wiz
YouTube advertising revenue also Monday that Google’s talks to ac- talks show the growing constraints
came in lower than analysts ex- challenging second half of the year. breather anytime soon, even as quire cybersecurity startup Wiz the company is operating under as
pected. Alphabet’s previous report, For one thing, comparisons will be Google has pared back other costs have fallen apart. The purported regulators look even more closely at
three months ago, offered bigger tougher as the second half of last and even brought its head count $23 billion deal would have been Big Tech’s position, and judges and
positive surprises in both revenue year had Google nearly recovered down by more than 1,300 positions Google’s largest yet and most cer- juries start weighing in. A verdict in
and earnings growth, with the an- from an earlier advertising slump. in the most recent quarter. Alpha- tainly would have drawn the type of the federal government’s antitrust
nouncement of the company’s first- Google also didn’t fully ramp up its bet said Tuesday that capex will be close regulatory scrutiny that has case against Google is expected be-
ever dividend thrown in for good spending on AI infrastructure until at or above $12 billion a quarter for lately been keeping tech mergers in fore the end of the year and could
measure. Alphabet’s stock had well into the second half of 2023; the second half of the year, likely limbo for 18 months or more. result in a ruling that would seek a
jumped nearly 17% since that re- capital expenditures in the first half leading to a total outlay of more Such an uncertain payoff report- breakup of the $250-billion-a-year
port; the shares gave up about 5% in of 2023 were barely half of the than $49 billion for the year—84% edly was a concern among Wiz and advertising juggernaut.
Wednesday’s trading. $25.2 billion the company has spent higher than what the company has its investors; Google’s acquisition of Google’s latest results were good,
Tuesday’s results also set the in the first half of this year. averaged annually over the past five Fitbit in 2021 for less than one- but good isn’t always enough.
stage for what might be a more That spending won’t be taking a years. tenth that price took nearly 15 —Dan Gallagher

Markets Hate on Deutsche Bank Again

Deutsche Bank became a punch- telegraphed ahead of time. Strip- of its peers, since it jettisoned that Commissions and fee income in equity and prime services activ-
ing bag for investors on Wednesday, ping out this one-time impact, business as part of its cleanup plan. rose 12% during the second quarter ity. Its stock has probably been
as it often used to be before Chief profit before taxes was 21% higher U.S. commercial real estate was a due to a big rebound in dealmak- oversold as a result of fears sur-
Executive Christian Sewing took than a year earlier, and above ana- pain point as well. ing, which was a bright spot for rounding the French election. And
over in 2018. This time, it hardly lysts’ forecasts. Still, the main point of contention the top U.S. investment banks after on Tuesday, Banco de Sabadell’s
seems warranted. Deutsche Bank stock fell roughly seems to have been that investors a long dry spell. It shows that the earnings came in above projections
The bank’s U.S. stock fell 9.5% af- 8% in Frankfurt to its lowest close were expecting the lender to do German lender’s recent efforts to and pointed to continuing strength
ter Germany’s biggest lender re- since March. more share buybacks during the beef up its corporate financial ad- among Spanish small- and me-
ported its lowest net income since its It was also well known that second half of the year, and were visory business have started to pay dium-size firms.
basket-case days of 2019. This was fixed-income and currency trading left disappointed. off. After burning investors for a de-
the result of a €1.3 billion, or roughly revenue, which fell 3%, faced a The reaction seems overdone. Ex- Like the U.S., Europe may be on cade and a half, European banks
$1.4 billion, litigation provision re- tough comparison with the second cluding the litigation provision, the cusp of a sustained recovery in have finally started to deliver re-
lated to the takeover of Postbank in quarter of 2023. As was the fact Deutsche Bank’s return on tangible mergers and acquisitions. Much wards. Nothing in the latest string
the wake of the 2008 financial crisis. that Deutsche Bank wouldn’t benefit equity was 7.8%, which makes Sew- else is also going well: BNP of financial reports suggests this is
The Postbank issue should have from the recent rebound in equity ing’s 10% target for 2025 look at- Paribas posted excellent numbers coming to an end.
been mostly priced in, since it was sales and trading that helped some tainable, if far from a done deal. on Wednesday, boosted by a surge —Jon Sindreu