.
* * * * TUESDAY, JULY 18, 2023 ~ VOL. CCLXXXII NO. 14
DJIA 34585.35 À 76.32 0.22%
What’s
News
Business & Finance
 Ford reduced prices on its
electric F-150 Lightning
pickup truck by up to nearly
17%, the latest sign that
swelling inventories and
fierce price competition are
softening the market for the
technology the auto industry
is betting its future on. A1
 Tesla plans to double the
size of its factory near Berlin
to produce up to one million
electric cars a year, an expan-
sion that could make the plant
the largest auto manufactur-
ing facility in Germany. B3
 Cathie Wood’s ARK has
written down its stake in
Twitter by 47% since Elon
Musk took the social-media
company private last year,
Wood said in an interview. B1
 Major U.S. stock indexes
posted gains, with the S&P
500, Nasdaq and Dow indus-
trials advancing 0.4%, 0.9%
and 0.2%, respectively. B11
 U.S.-based companies won
relief from two pieces of the
global minimum tax deal, and
the changes will delay or re-
duce the taxes they are set to
pay to foreign countries. A2
 China’s fading economic re-
covery has raised expectations
that limited new stimulus mea-
sures are on the way, includ-
ing interest rate cuts and more
easing in the housing market,
but some economists question
how effective they will be. A16
 Binance slashed its em-
ployee benefits last month
in the wake of falling profit,
a sign of the financial strain
hitting the crypto giant. B1
 Taylor Swift became the first
woman overall and first living
artist in nearly six decades to
have four albums on Billboard’s
top 10 list in a single week,
according to the magazine. B4
World-Wide
 A Ukrainian strike disabled
the only road bridge connect-
ing Russia with the occupied
Crimean Peninsula, again
hitting a major symbol of
Putin’s rule and constricting
Russian supplies to the front
lines in southern Ukraine. A1
 Russia said it was with-
drawing from an international
agreement that allowed
Ukraine to resume much of its
Black Sea grain exports. A6
 Moscow unexpectedly
seized the local operations
of Carlsberg and Danone, a
move that escalates economic
hostilities with the West. A6
 Biden spoke with Netanyahu
and the leaders agreed to meet
in the U.S. later this year, working
to ease tensions as the admin-
istration and some Democrats
have criticized moves by Israel’s
right-wing government. A5
 Three environmental groups
called on the EPA to shield the
public from the release of lead
from cables left behind by tele-
com companies, a hazard dis-
closed by The Wall Street Jour-
nal in a recent investigation. A3
 The FDA approved the
first drug to protect all in-
fants against respiratory
syncytial virus, or RSV, the
leading cause of hospitaliza-
tion of infants in the U.S. A3
 The Biden administration’s
potential curbs on sales of ad-
vanced semiconductors to China
could undermine new govern-
ment investments in domestic
chip-making, the U.S. chip-
industry trade group said. A4
 An Iowa judge blocked a
state ban on abortion after
about six weeks of pregnancy,
the first step in a legal battle
that is likely to make its way
to the state’s highest court. A4
CONTENTS
Arts in Review..... A11
Business & Finance B2
Business News....... B3
Crossword................. A11
Heard on Street.. B12
Markets...................... B11
s 2023 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 14244.95 À 0.9% STOXX 600 457.92 g 0.6%
REUTERS
A still image from video showed a section of the bridge split and listing to one side in the aftermath of the attack.
Ukraine Naval Drones Disable
Sole Russian Bridge to Crimea
BY YAROSLAV TROFIMOV
A Ukrainian strike disabled
the only road bridge connecting
Russia with the occupied Cri-
mean Peninsula, again hitting a
major symbol of President
Vladimir Putin’s rule and con-
stricting Russian supplies to the
front lines in southern Ukraine.
Deputy Prime Minister Ma-
rat Khusnullin of Russia said it
would likely take until mid-Sep-
tember to restore partial two-
way cargo traffic on the bridge,
and until November to fully re-
build the 12-mile-long structure.
Russia’s National Antiterror-
ism Committee said Kyiv used
two naval drones against the
bridge, hitting it at around 3
a.m. local time on Monday.
Ukrainian media, citing govern-
ment sources, also reported that
naval drones were involved.
Artem Degtyarenko, a
spokesman for Ukraine’s SBU
intelligence service, told news
Activists Move Quickly Europeans Become Poorer
To Shape AI Guardrails As Americans Get Wealthier
BY DEEPA SEETHARAMAN
Social media was more
than a decade old before ef-
forts to curb its ill effects be-
gan in earnest. With artificial
intelligence, lawmakers, activ-
ists and executives aren’t
waiting that long.
During the past several
months, award-winning scien-
tists, White House officials
and tech CEOs have called for
guardrails around generative
AI tools such as ChatGPT—the
chatbot launched last year by
Microsoft-backed startup
OpenAI. Among those at the
table are many veterans of the
continuing battle to make so-
cial media safer.
Those advocates view the
AI debate as a fresh chance to
INSIDE
OBITUARY
Angelo Mozilo,
Markets Digest...... B7
Opinion................ A13-15 Countrywide Financial’s
Personal Journal A9-10
Sports.......................... A12
former chief and a face
Technology................ B4 of the 2008 crisis. B1
U.S. News.............. A2-4
World News... A5-7,16
PERSONAL JOURNAL
> half because penguins are mo-
Late afternoon is the
new workday zone
when nothing
gets done. A9
WSJ.com HHHH $5.00
10-YR. TREAS. À 6/32 , yield 3.796% OIL $74.15 g $1.27 GOLD $1,952.40 g $7.70 EURO $1.1240 YEN 138.71
Ford Cuts
F-150 EV
Price as
Market
Cools Off
Reduction of nearly
17% comes amid
questions about
electric demand
BY NORA ECKERT
Ford Motor slashed prices
on its electric F-150 Lightning
pickup truck by up to nearly
17%, the latest sign that
swelling inventories and
fierce price competition are
softening the market for the
technology the auto industry
is betting its future on.
Ford said Monday the re-
ductions, which effectively
dropped the Lightning’s start-
ing price by almost $10,000, to
$49,995, were the result of
lower material costs and the
company having more factory
output. Some versions will get
a steeper price cut than others.
The Lightning is one of
other blow to Putin’s prestige in Ford’s highest-profile EV
BELARUS RUSSIA addition to creating formidable launches yet and is key to its
logistical hurdles for the Rus- growth plans as it aims to
sian war effort. Built at a cost transition more of its lineup
UKRAINE
of $4 billion after Russia an- away from the gasoline-pow-
Sea of Azov
nexed Crimea in 2014, the ered vehicles that continue to
ROMANIA Area of bridge has become a major drive the bulk of its profits.
detail symbol of his drive to wash Automakers globally have
away the humiliation he said been investing hundreds of
had been inflicted on Russia by billions of dollars to create
Kerch
the Soviet Union’s collapse. Pu- new electric models, build
RUSSIA tin personally opened it in 2018. battery factories and con-
Kerch Bridge
Ukraine damaged the bridge struct new EV plants. The
in October, hours after Putin’s capital binge—in part
Ke r
St
ch
ra i birthday. At the time, only one prompted by tightening car-
t
Black Sea
of the two road parts of the bon-emissions requirements—
CRIMEA
bridge collapsed, and alternat- has over the years generated
ing traffic on the second two- enthusiasm among investors
20 miles
lane part resumed hours later. seeking a growth opportunity
20 km
Khusnullin, who inspected in the wake of Tesla’s mete-
the site on Monday and re- oric rise in stock value.
agency Interfax Ukraine that of mass murder are necessarily ported to Putin, said the Along the way, auto execu-
all the details of how the at- short-lived,” said Mykhailo Pod- Please turn to page A6 tives have touted strong con-
tack had been organized olyak, an adviser to President sumer interest in their latest
would be made public after Volodymyr Zelensky of Ukraine.  Russia says it will abandon Please turn to page A2
Ukraine’s victory. Coming in the middle of Cri- the Ukraine grain deal... A6
“Any illegal structures used mea’s tourism season, Mon-  Moscow seizes Carlsberg,  Tesla plans big expansion
to deliver Russian instruments day’s strikes inflicted yet an- Danone operations........... A6 of German factory............ B3
influence how companies
make and market their prod-
ucts and to shape public ex- An aging population that values its free time set the stage
pectations of the technology.
They aim to move faster to
for economic stagnation. Then came Covid-19 and Ukraine.
shape the AI landscape and
learn from errors in the fight BY TOM FAIRLESS development minister, Adolfo Urso, con-
over social media. vened a crisis meeting in May over prices
“We missed the window on Europeans are facing a new economic re- for pasta, the country’s favorite staple, after
social media,” said Jim Steyer, ality, one they haven’t experienced in de- they jumped by more than double the na-
chief executive of Common cades. They are becoming poorer. tional inflation rate.
Sense Media, a child internet- Life on a continent long envied by outsid- With consumption spending in free fall,
safety organization that has for ers for its art de vivre is rapidly losing its Europe tipped into recession at the start of
years criticized social-media shine as Europeans see their purchasing the year, reinforcing a sense of relative eco-
platforms over issues including power melt away. nomic, political and military decline that
privacy and harmful content. The French are eating less foie gras and kicked in at the start of the century.
“It was late—very late—and drinking less red wine. Spaniards are stint- Europe’s current predicament has been
the ground rules had already ing on olive oil. Finns are being urged to use long in the making. An aging population
been set and industry just did saunas on windy days when energy is less with a preference for free time and job secu-
whatever it wanted to do.” expensive. Across Germany, meat and milk rity over earnings ushered in years of lack-
Activists and executives consumption has fallen to the lowest level in luster economic and productivity growth.
alike are pushing out a range of three decades and the once-booming market Then came the one-two punch of the
Please turn to page A4 for organic food has tanked. Italy’s economic Please turn to page A8
Divorce Parties Are a New Hot Lead Legacy Weighs on AT&T
Invite. ‘A Really Fun Funeral.’
Shares of AT&T slid to their lowest close in three decades,
extending recent losses after a Wall Street Journal investigation
i i i into toxic lead cables left behind by telecom companies. A3, B1
More of the newly uncoupled feel AT&T stock price
emboldened to celebrate; ‘End of an error’ $45
BY LANE FLORSHEIM are throwing themselves 40
Monday
blowout bashes to mark their
After Brandi Stellers final- liberation from unhappy mar- 35 $13.53
–6.7%
ized her divorce, she invited riages, almost like reverse
close friends to a soiree in bachelorette parties. “I 30
May. She mixed signature wanted to celebrate not a di-
cocktails, hung a “Bye Fe- vorce, but a new chapter, with 25
licia” banner and handed people whom I love who
out fake rose petals to want the best for me,”
toss in the air. says Stellers, who works
20
Party decorations in- at a cloud-computing
cluded a photo of a pair of company in Columbus, 15
penguins, torn down the Ohio.
LOWEST CLOSE SINCE FEBRUARY 1993
middle. For most of history, di- 10
“I ripped the penguins in vorce hasn’t been an event
touted to the world. Now, a
5
nogamous birds who are sup- culture shift is under way.
posed to mate for life,” she The U.S. divorce rate has 0 WEEKLY DATA
says. “Well, I’m not your been dipping, but
1995 2000 ’05 ’10 ’15 ’20
penguin anymore.” Parting those who get them
The newly uncoupled favors Please turn to page A8 Source: FactSet

A2 | Tuesday, July 18, 2023
U.S. Companies Win Global Tax Reprieve
New agreement will
delay until 2026
some potential tax
rises under the deal
BY RICHARD RUBIN
WAS H I N GT O N —U. S.-
based companies won relief
from two pieces of the global
minimum tax deal, and the
changes will delay or reduce
the taxes they are set to pay
to foreign countries.
Under the updated agree-
ment negotiated by the Trea-
sury Department, companies
will have an extra year—until
2026—before foreign countries
can start imposing new taxes
on any U.S. companies deemed
to pay too little tax in the U.S.
And the clean-energy tax cred-
its at the core of last year’s In-
flation Reduction Act will be
counted in a more favorable
way than some companies had
feared, offering certainty as a
tax-credit trading market gets
under way.
MONICA HERNDON/THE PHILADELPHIA INQUIRER/ASSOCIATED PRESS
OFF TRACK: A freight train derailed Monday in Whitemarsh Township, Pa., spurring precau-
tionary evacuations. No injuries were reported, and there was no known hazard to the public.
GEORGIA
Court Denies
Trump Motion
The Georgia Supreme
Court denied a motion by
Donald Trump’s lawyers to
essentially shut down the
criminal investigation into ef-
forts to overturn his 2020
election defeat in the state.
The motion, filed last
week, argued Trump’s rights
were violated by Fulton
County District Attorney Fani
Willis, who is handling the
probe, and the judge who
oversaw the process. It
sought to block Willis, a Dem-
ocrat, from further investigat-
ing Trump and to prohibit her
from using a report from an
investigative grand jury that
recommended unknown indi-
viduals face criminal charges.
The dismissal is a legal
win for Willis, whose office
can proceed with presenting
the case to a grand jury.
A Trump spokesman didn’t
immediately respond to a re-
quest for comment.
—Jan Wolfe
and Cameron McWhirte
The Organization for Eco-
nomic Cooperation and Devel-
opment, which is leading the
talks, detailed the changes Mon-
day in technical guidance after
negotiations among countries.
The U.S. and about 140
other jurisdictions agreed in
late 2021 to impose a 15% min-
imum tax on large companies
in each country where they
operate. Negotiators, including
Treasury Secretary Janet Yel-
len, hailed the deal as a land-
mark achievement in interna-
tional cooperation and a
bulwark against corporate tax
dodging.
But implementation has
been slow and messy.
The 15% minimum tax must
be calculated consistently
across countries and compa-
nies, requiring clear defini-
tions of income and taxes.
That has led to a series of
technical rules, including
Monday’s 91-page update.
Some countries—Japan,
South Korea and members of
the European Union—are forg-
ing ahead with minimum
U.S.WATCH
MISSOURI
Officer Arrested Woman Gored
Over Beating In Yellowstone
A suburban St. Louis police
officer charged with assault
and kidnapping for allegedly
beating a man until his jaw
broke was arrested Monday,
St. Louis County police said.
The charges stem from a
July 4 arrest that North-
woods officer Samuel Davis
made without informing dis-
patchers or writing a report,
according to the probable
cause statement.
St. Louis County police
said Davis, 26, handcuffed a
man, then turned off his own
body camera before driving
him to a secluded spot out-
side the north St. Louis town.
Davis then pepper-sprayed
the man, beat him with a ba-
ton and told him not to re-
turn to Northwoods.
Police arrested Davis on
Monday in Fayetteville, N.C.
Online court records and
the names of any lawyers
representing Davis weren’t
available Monday.
—Associated Press
U.S. NEWS
taxes under the deal, but the
U.S. isn’t. After negotiating
the deal, the Biden adminis-
tration couldn’t push the
changes through the Demo-
cratic-controlled Congress last
year. Republicans, who now
lead the House, oppose the
deal, calling it a global tax
surrender.
The U.S. has a 10.5% mini-
mum tax on
U.S. companies’
foreign income
that was cre- Implementation
ated in 2017 of the global
and a 15% mini-
mum tax on minimum tax
large compa-
nies’ global
deal has been
profits that was slow and messy.
enacted last
year. Neither
conforms to the
global deal, however. So as the
OECD hammers out the rules,
the U.S. has looked for ways to
make the country’s system fit
the international framework.
“The U.S. hasn’t done any-
thing to adopt these rules, and
yet it’s clear that they are still
WYOMING
A bison gored and signifi-
cantly injured an Arizona
woman in Yellowstone Na-
tional Park.
The attack happened Mon-
day morning in a field near
Lake Lodge on the north side
of Yellowstone Lake, park of-
ficials said.
The 47-year-old woman
from Phoenix was walking in
the field with another person
when they saw two bison.
The people turned to walk
away, but one of the bison
then charged and gored the
woman, causing significant
injuries to her chest and ab-
domen.
She was taken by helicop-
ter to Eastern Idaho Regional
Medical Center in Idaho Falls.
Park officials didn’t release
the woman’s name or condi-
tion. The attack was being in-
vestigated.
It was the first known bi-
son attack on a person in Yel-
lowstone in more than a year.
—Associated Press
able to exercise some leverage
over how these rules are being
adjusted to accommodate U.S.
considerations,” said Daniel
Bunn, president of the Tax
Foundation, a Washington
group that favors lower tax
rates and a simpler system.
If other countries move
ahead and the U.S. doesn’t,
the U.S. could lose $122 billion
in revenue over
a decade com-
pared with less
widespread im-
plementation,
according to
the nonpartisan
Joint Commit-
tee on Taxa-
tion.
Part of Mon-
day’s guidance
addresses a giveaway of the U.S. tax base
provision scheduled for 2025
called the Undertaxed Profits
Rule, or UTPR. The UTPR is a
way to make sure companies
based in countries outside the
deal still have to pay 15%.
Under the UTPR, a foreign
country can look at a com-
Ford Cuts
Price of
F-150 EV
Continued from Page One
EV entries, as the companies
set ambitious targets for con-
verting their lineups to elec-
trics. Now, Ford’s Lightning
price cut is the latest devel-
opment raising questions
about the strength of the
budding EV market.
The pace of sales overall
on EVs—while much stronger
than the broader car market—
slowed in the first half of this
year. Meanwhile, some car
companies are reporting ex-
cess inventory, a reversal of a
year earlier when many newly
released models had multi-
month wait lists.
Some automakers have
been cutting prices on top-
selling EV models.
Tesla reported a surge in
second-quarter deliveries that
was helped by sharp price
cuts and discounts rolled out
earlier this year. Also over the
weekend, Tesla began produc-
tion of its Cybertruck nearly
four years after the prototype
was introduced. The auto-
maker had a 60% share of the
U.S. electric-vehicle market
this year through June, ac-
cording to data from Motor
Intelligence.
Ford responded in January
to Tesla’s price cuts by lower-
ing the price on its Mustang
Mach-E electric SUV, a direct
rival to Tesla’s top-selling
Model Y. The Dearborn, Mich.,
car company reduced prices
yet again on Mach-E in May.
When introduced, the
Lightning had a starting price
tag of around $40,000.
However, Ford increased
the sticker price several times
during a period of strong de-
mand and to help offset
higher expenses related to
materials and the battery in-
puts.
Shares of Ford fell 5.9% to
$14.09 on Monday, following
news of the EV pickup’s price
cuts.
Ford Chief Executive Jim
Farley has expressed reti-
cence about price cuts on
EVs, citing concern that it
hurts resale values and the
brand image. Ford has been
able to raise Lightning prices
over the past year in part be-
cause there are few EV-truck
CORRECTIONS 
AMPLIFICATIONS
Beezer Clarkson is a part-
ner at Sapphire Partners. In
some editions Monday, a Page
One article about venture-cap-
ital funds incorrectly said
Clarkson is a partner at Sap-
phire Ventures, which is a
separate entity.
Consumer prices rose 4%
in the 12 months ending in
May. A June 26 Page One arti-
cle about auto-insurance rates
incorrectly said inflation,
which is the change in con-
sumer prices, rose 4%.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
.
* * THE WALL STREET JOURNAL.
pany’s tax rate in every coun- centives for companies to shift
try and, if that isn’t 15%, investment abroad.
charge more in taxes. For ex- Monday’s second major de-
ample, France could see that a cision affects the treatment of
U.S. tech company is paying a tax credits. Under the OECD
10% rate to the U.S. and re- rules, regular tax credits—
quire it to pay more to France. such as the research tax
Monday’s guidance delays that credit—are treated as tax re-
rule until 2026 in countries ductions. So a company using
where the tax rate is at least such an incentive might lower
20%. The U.S. corporate tax its rate below the 15% mini-
rate is 21%; the delay gives mum. It could thus effectively
Congress time to address this lose the benefit of the tax
with other expiring tax provi- credit because it would pay
sions in 2025. higher taxes to other coun-
“It made sense to create a tries as a result of having a
safe harbor to give jurisdic- low U.S. tax rate.
tions with different legislative U.S. lawmakers have ob-
processes time to adapt,” said jected, arguing that the deal
Manal Corwin, who leads the undermines Congress’ ability
OECD’s tax project. to offer tax incentives. Mon-
Congressional Republicans day’s guidance doesn’t change
oppose the global deal as a what happens to research
credits. But it acknowledges a
and warn that taxes will go up need to respond to the size
on U.S. companies, with the and scale of the IRA tax cred-
money going to foreign coun- its, which are worth hundreds
tries. The top Republicans on of billions of dollars and can
congressional tax-writing be sold from renewable-en-
committees said Monday that ergy developers without tax li-
the UTPR remains unworkable ability to companies looking
and warned that it creates in- for tax breaks.
options on the market.
“There’s a limit on how far
significantly increase produc-
tion. Ford has twice increased
we’ll go,” Farley said of the its factory-output target for
company’s price-cut strategy
at a Wall Street Journal event
in May. “I think it’s a worry-
the Lightning in the past cou-
ple of years and aims to build
about 150,000 electric trucks
ing trend.”
EV pricing has softened
throughout the year as some
a year at its plant in subur-
ban Detroit.
Tesla, too, is aiming to beef
automakers followed Tesla’s up the rate at which it churns
lead. Industrywide, the aver- out EVs, recently applying for
age price buyers paid for an approval to double the size of
EV decreased nearly 20% its factory near Berlin to pro-
from June 2022 to last duce up to one million EV
month, according to Cox. cars a year.
For gasoline-engine vehi- The auto industry is under
cles, prices have remained pressure to sell more EVs in
steady over the same period, part because of stiffening
increasing slightly to $48,808. government regulations in the
Electric cars have begun to U.S., Europe and China. The
back up at U.S. dealerships, Biden administration in April
according to research firm proposed some of the nation’s
Cox Automotive. There were toughest-ever restrictions on
92 days of unsold EV inven- car pollution, laying out new
tory at the end rules that ana-
of June, a mea- lysts said
sure of stock would require
availability The pace of about two-
based on re- sales overall on thirds of all
cent sales new vehicles
trends, com- EVs slowed in sold be EVs by
pared with a 2032.
51-day supply
the first half of Ford is los-
across all types this year. ing money on
of vehicles, ac- the EVs it sells.
cording to Cox. The company
The inven- projects this
tory numbers don’t include part of the business could
Tesla, which sells directly to lose $3 billion this year, a fig-
consumers. In the first quar- ure that it expects to be off-
ter, the value of Tesla’s fin- set by the profits earned on
ished goods—a measure that its gasoline-engine business.
reflects unsold vehicle inven- Tesla, which continues to
tory and those in transit to dominate the electric-vehicle
customers, among other prod- market globally, has been ag-
ucts available for sale—in- gressive in its efforts to grow
creased to about $4.6 billion, sales, even if it has come at
up from less than $1 billion the expense of near-term
the year before, securities fil- profitability.
ings show. Throughout the year, the
Boosting sales of the EV company has released a series
truck has become even more of price adjustments that
important as Ford aims to have effectively taken down
the cost of its vehicles be-
U.S. electric-vehicle sales, tween 14% and 28%, depend-
monthly ing on the model.
100,000 vehicles Tesla has more wiggle
room to lower prices because
its operating margins are
higher than those of its rivals,
80,000 including Ford.
Industrywide sales of elec-
tric vehicles in the U.S.
60,000 surged by 50% in the first half
of the year, cooling from a
71% rise in the year-earlier
40,000 period.
Ford’s EV sales increased
12% in the first half of the
year, but executives said the
20,000 growth rate would have been
higher if the two plants build-
ing the Mach-E and F-150
0 Lightning weren’t temporarily
June 2021 ’22 ’23 shut down for expansions.
—Will Feuer
Source: Motor Intelligence contributed to this article.
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EPA Is Urged New York City Gets a New Top Cop
To Take Action
On Lead Cables
BY SHALINI RAMACHANDRAN
AND SUSAN PULLIAM
Three environmental groups
called on the Environmental
Protection Agency to shield
the public from the release of
lead from cables left behind by
telecom companies.
In a letter Monday to the
EPA, the groups asked the fed-
eral agency to ensure the “im-
mediate removal” of all aban-
doned aerial lead-covered
cables hung up on poles and
lead infrastructure accessible
to children from the ground.
The groups also asked the EPA
to assess the risks of under-
water cables, giving priority
to those in areas the regulator
designates as important to
protect drinking water supply.
A Wall Street Journal in-
vestigation revealed that
AT&T, Verizon and other tele-
com companies have left be-
hind more than 2,000 toxic
lead cables on poles, under
waterways and in the soil
across the U.S. Journal testing
showed that dozens of spots
registered lead levels exceed-
ing EPA safety guidelines.
“Without EPA intervention,
we expect that the risk posed
by the cables will increase as
they further deteriorate and
release lead into the environ-
ment,” according to the letter
by the three nonprofit organi-
zations, the En-
vironmental
Defense Fund,
Clean Water Environmental
Action and Be- groups call for
low the Blue.
The Journal immediate
used testing in-
cluding isotopic
removal of toxic
analyses and infrastructure.
control sam-
pling to con-
firm that the
contaminating lead in some
locations most likely came
from the cables. Below the
Blue’s co-founders, who also
work at Marine Taxonomic
Services, helped the Journal
with environmental sampling
for its investigation.
The EPA and its adminis-
trator, Michael S. Regan,
didn’t immediately respond to
a request for comment.
The Journal found lead
leaching into soil directly un-
derneath aerial lead cables,
according to test results by in-
dependent accredited labora-
tories. The Journal identified
about 250 aerial lead cables
alongside streets and fields
next to schools and bus stops.
There are likely far more
throughout the country.
“If still in use, they should
How Benjamin Franklin Helped Foil Money Counterfeiting Early On
BY JO CRAVEN MCGINTY
The lightning rod. Bifocals.
Swim fins. Benjamin Franklin
is known for pioneering new
solutions for common prob-
lems.
A new analysis of Early
American paper money shows
he also played a vital role in
thwarting counterfeiters.
Franklin, who was a printer,
among his other roles, was
known for marking his early
paper money with images of
intricately veined leaves that
were nearly impossible for
counterfeiters to copy, using a
variety of fonts, some available
only to him, and intentionally
lacing the text with misspell-
ings.
But scientists say Franklin
took things a step further to
stave off fraudsters. Other dis-
tinguishing characteristics of
Franklin’s money—the new re-
search revealed through ad-
vanced atomic-level imaging
methods—were more subtle.
He used a unique black ink. His
paper glimmered. Blue threads
decorated the surface, and
finer fibers were woven in.
Researchers detailed the in-
novations in a paper published
Monday in the journal Pro-
ceedings of the National Acad-
emy of Sciences. The findings
describe previously unknown
methods Franklin developed to
safeguard printed money notes
against counterfeiting.
Khachatur Manukyan, re-
search associate professor of
physics and astronomy at the
be protected to prevent leach-
ing and abrasion from the
weather, marked as lead-
sheathed, and taken out of
service as soon as possible,
followed by removal,” accord-
ing to the letter, which was
viewed by the Journal. “EPA
should also ensure surface soil
contaminated by the aerial ca-
bles is removed or perma-
nently covered.”
Roughly 330 underwater
cable locations identified by
the Journal are in a “source
water protection area,” ac-
cording to an EPA review per-
formed for the Journal.
The groups appealed to
Regan to use EPA authority
under the “Superfund” law and
the Safe Drinking Water Act to
investigate the findings.
In response to the Journal’s
reporting, AT&T, Verizon and
USTelecom, an industry group,
said they don’t believe cables
in their ownership are a pub-
lic health hazard or a major
contributor to environmental
lead. They declined to provide
a full accounting of the num-
ber of lead cables in their net-
works to the Journal. They
said they would work together
to address any concerns re-
lated to lead cables.
Lead from cables and junc-
tion boxes where cables are
spliced is “accessible to the
public from the ground with
many near play-
g r o u n d s ,
schools, child-
care facilities,
and greenways,”
the letter said.
Following
the Journal in-
vestigation, a
Wall Street an-
alyst estimated
it could cost
$59 billion to
remove all the lead cables na-
tionwide.
Noting the EPA’s limited re-
sources, the groups urged the
agency to tap telecom compa-
nies responsible for the most
lead cables “to support the as-
sessment and actions needed
to protect the public from po-
tential exposure.”
In a congressional hearing
Thursday, Rep. Patrick Ryan
(D., N.Y.) called on the EPA to
compel a cleanup of any con-
tamination caused by the ca-
bles.
Listen to a Podcast
Scan this code
for a podcast on
the Journal’s
investigation into
the lead cables.
Scientists using a variety of microscopes identified specific pigments, minerals and fibers
used by Benjamin Franklin that staved off counterfeit Early American paper currency.
University of Notre Dame, led a
team that analyzed nearly 600
paper money notes printed in
America from 1709 to 1790.
The trove belongs to the Rare
Books and Special Collections
of the Hesburgh Library at
Notre Dame and includes legit-
imate bills produced by Frank-
lin and other Colonial printers
as well as fakes manufactured
by counterfeiters.
Franklin and his associates
held lucrative government con-
tracts to print the paper cur-
rencies of the Pennsylvania,
New Jersey and Delaware colo-
nies. Later, after Franklin re-
U.S. NEWS
BLUE WAVE: New York Mayor Eric Adams, center in sunglasses, on Monday introduced Edward A. Caban, waving, as the
city’s police commissioner. Caban succeeds Keechant Sewell, who resigned 18 months into the post.
FDA Approves First Drug to Protect
All Infants From Respiratory Virus
BY JARED S. HOPKINS
Parents have a new tool to
protect their newborns from a
common but potentially
deadly respiratory virus that
sends tens of thousands of ba-
bies to the hospital each year.
The Food and Drug Admin-
istration on Monday approved
the first drug to protect all in-
fants against respiratory syn-
cytial virus. RSV is the leading
cause of hospitalization of in-
fants in the U.S., killing as
many as 300 children under
the age of 5 each year.
The FDA said it approved
the drug Beyfortus from
Sanofi and AstraZeneca
based on studies that found it
safely prevented the lower re-
spiratory tract infections
caused by the virus.
Smoke From Canada Again Flows to U.S.
BY ALYSSA LUKPAT
Millions of people from the
Great Plains to the Northeast
were under air-quality alerts
Monday as smoke billowed
into the U.S. again from Cana-
dian wildfires that may con-
tinue to rage into the fall.
Forecasters said smoke
from western Canada was
sweeping from Montana
across the Midwest and into
tired, his associates carried on
with the novel techniques lead-
ing up to the Revolutionary
War, when the Continental
Congress ordered the first na-
tional currency to finance the
American Revolution. Their
bills bore their names—“B.
Franklin” or “Hall and Sellers,”
for example, identifying Frank-
lin, his former business part-
ner David Hall, and Hall’s sub-
sequent partner, William
Sellers.
The type of analysis
Manukyan’s team conducted is
common in physics and chem-
istry, he said, but is new for
Tuesday, July 18, 2023 | A3
The “approval addresses ents expressed worry to poll-
the great need for products to sters that RSV could seriously
help reduce the impact of RSV sicken their young children,
disease on children, families according to KFF, formerly
and the health care system,” known as the Kaiser Family
said Dr. John Farley, director Foundation.
of the infectious-diseases of- Infection affects the lungs
fice in the FDA’s drug division. and breathing passages in in-
RSV season lasts from the fants and older adults and of-
fall to the winter. Until now, ten causes mild, coldlike
most children were forced to symptoms. But it can lead to
fight off infections on their severe illness such as bronchi-
own, unless they were babies olitis or pneumonia, especially
deemed at high risk for severe in the young and elderly.
disease and eligible for a dif- Most children contract an
ferent drug, Synagis, from the RSV infection by the time they
drugmaker Sobi. are 2. Cases in babies and
RSV is a relatively common young children surged last fall
virus that many people hadn’t and winter, overwhelming
heard about until cases spi- emergency rooms and pediat-
raled last fall and winter. ric hospitals.
As cases swamped emer- An estimated 58,000 to
gency rooms late last year, 80,000 kids younger than 5
roughly three-quarters of par- are hospitalized because of
New York. The air quality was blown the smoke from Can-
predicted to be unhealthy in ada, which is in the middle of
some smoke-covered areas its most destructive wildfire
through Tuesday, but poten- season ever. Nearly 900 wild-
tially for several more days fires are burning across the
along the East Coast, the Na- country, and more than half of
tional Weather Service said. them are out of control, ac-
States including Michigan cording to Canadian fire offi-
and New York were under air- cials.
quality alerts. Canada is deploying federal
Hazy skies have become a troops to fight fires in British
familiar scene in the northern Columbia, where more than a
U.S. this summer. Winds have third of the country’s wildfires
Franklin and his associates
was made of graphite. The
blue threads in their bills were
dyed with indigo, a plant-
based pigment. Their paper
was strengthened with musco-
vite, a variety of mica.
Combined, the features cre-
ated bills that were more du-
rable and of a higher quality,
Manukyan said.
“He has small muscovite in-
side the paper early on,”
Manukyan said. “Then we see
it appear on the surface and
glimmer. No others had this
among those we analyzed. In-
digo-colored threads were
UNIVERSITY OF NOTRE DAME
unique to Benjamin Franklin’s
money. The black pigment is a
more vivid black than the
others.”
Bills produced by other
printers included in the analy-
sis used lamp-black or bone-
black ink; Prussian blue, a
mineral-based pigment; and a
more common type of paper
conservation science. strengthened with kaolinite, a
The researchers took sam- clay mineral.
ples from the paper money While it is difficult to know
and examined them in in- to what extent counterfeiting
creasingly fine detail using a occurred, it is evident that it
variety of microscopes, includ- was a concern.
ing a high-resolution model Some bills bore the warn-
that passed beams of elec- ing “To counterfeit is Death,”
trons through the samples to a reminder that making funny
produce images of the atomic money was a capital offense.
details. And Franklin, John Adams and
“We take a very, very tiny others expressed concern that
piece of money,” Manukyan the British government was
said. “It is a thousand times circulating fake bills to under-
tinier than a human hair. We mine the colonial economy
can image even single atoms.” and rebellion.
Researchers discovered Amid those concerns, the
that the black ink used by Continental Congress recalled
.
MICHAEL M. SANTIAGO/GETTY IMAGES
RSV infection annually, ac-
cording to the Centers for Dis-
ease Control and Prevention.
While Beyfortus isn’t a vac-
cine, it has a similar objective.
The injection gives infants an-
tibodies to neutralize the vi-
rus before their immune sys-
tems are mature enough to
generate them on its own.
Beyfortus usually will re-
quire only a single dose. Un-
der the FDA approval, infants
can take it at the beginning of
an RSV season or during if
they are born after it has
started. Children who are at
high risk for developing severe
RSV can receive a second dose
for a second RSV season if
they are under 2, Sanofi said.
Sanofi plans to make Bey-
fortus available in time for
this year’s RSV season.
are burning, the Canadian
government said Sunday.
Americans likely won’t get
a reprieve from the smoke un-
til September, when rain in
Canada should start to douse
the fires, said Paul Pastelok, a
senior meteorologist at Accu-
Weather.
“Because of the massive
amount of fires going on, it’s
going to take a little while,”
Pastelok said.
more than 41 million Conti-
nental dollars, swapping new
bills for two lots of compro-
mised notes.
While phony bills might
have been difficult for a regu-
lar person to spot—depending
on the quality of the fake—the
authenticity of cash could be
tested with a counterfeit de-
tector sheet.
“The original printer would
print the exact same notes
from the same plate on a blue
paper,” said Joseph E. Boling,
vice president of the American
Numismatic Association.
“Those notes weren’t num-
bered, and they were not
signed. With the detector
sheet in hand, [merchants]
could compare it” with circu-
lating bills, he said.
Today, modern currency in-
corporates safeguards that are
reminiscent of the techniques
Franklin pioneered.
The hundred-dollar bill,
which bears Franklin’s por-
trait, is protected by a 3-D
blue security ribbon that is
woven into the note. A pink
security thread is concealed in
the fiber. Color-shifting nu-
merals change from copper to
green. A hologram of the Lib-
erty Bell and a faint water-
mark tattoo the paper.
Even so, people still try to
get away with passing fakes.
Since October, the Secret
Service says, counterfeiters
have passed fake Benjamins
worth more than $52 million—
the largest total value of any
counterfeited U.S. bill today.
 .

A4 | Tuesday, July 18, 2023 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

Some of Trump’s 2020 Donors Defect Industry

BY JACK GILLUM
Ron DeSantis
Opposes
Nearly 5,000 people who
donated to Donald Trump’s re-
election campaign have held Nikki Haley
Curbing
back checks for the former
president this election cycle—
and instead have given to Re- Tim Scott Donations from those who
gave to Trump in 2020
Chip Sales
publican rivals. cycle but not current one,
To China
GIORGIO VIERA/AFP/GETTY IMAGES

Supporters of the prior by candidate

Vivek Ramaswamy

SCOTT OLSON/GETTY IMAGES

campaign but not the current
one donated about $4 million
to other GOP candidates since
January, according to a Wall Mike Pence BY ASA FITCH
Street Journal analysis of 0 0.5 1.0 1.5 $2.0 million
newly released campaign fi- The Biden administration’s
Note: WSJ analysis of donations to candidates' principal campaigns. Data excludes super PAC
nance data. Roughly half of donors and others whose contribution amounts may have been too low to be itemized. potential curbs on sales of ad-
that sum went to Florida Gov. Ex-President Donald Trump Source: Federal Election Commission Florida Gov. Ron DeSantis vanced semiconductors to
Ron DeSantis, who trails most China could undermine huge
closely behind Trump in sev- It is unclear the full extent have both energized his core seeking comment Sunday. submitted in recent days to new government investments
eral polls. of how many small-dollar do- supporters and turned off Even with newfound finan- the Federal Election Commis- in domestic chip-making, the
Former United Nations Am- nors last election cycle gave others. cial support from prior sion. The analysis identified U.S. chip-industry trade group
bassador Nikki Haley, Sen. Tim to Trump again, because dis- DeSantis benefiting most Trump donors, the DeSantis individual donors by names said Monday.
Scott (R., S.C.) and former Vice closure rules don’t require from apparent Trump defec- campaign has shown signs of and addresses who gave to The Biden administration is
President Mike Pence were contributors who gave $200 tors is in line with his cam- stalling in recent weeks. His Trump’s campaign or his considering a raft of new
among the other beneficiaries. or less to be made public. In paign message that the Flor- national poll numbers have other fundraising operations curbs on the sale of chips to
Trump still outraised his 2020, Trump recorded slightly ida governor is the only been largely flat, and the in the 2020 election cycle. China, aiming to disrupt Bei-
Republican opponents, accord- less money from those donors candidate who can beat Biden Florida governor is struggling Those names were then jing’s use of artificial intelli-
ing to federal data and figures overall than those who gave next fall. Nearly half of all of to gain traction in early pri- checked in recent donation gence for hacking and weap-
provided by the candidates. bigger amounts. DeSantis’s donations since he mary states. A recent poll of data to Trump or other Re- ons development. At the same
Trump’s campaign and an- Despite the fundraising ad- launched his campaign in May New Hampshire voters publican candidates. time, the administration is
other fundraising arm also vantage, the new figures indi- have come from voting pre- showed DeSantis having lost The analysis excluded su- rolling out $39 billion in
brought in more than $35 mil- cate that Trump’s support to cincts that supported Biden in 10 points since the previous per PACs, which can raise un- grants for new U.S. chip-mak-
lion in contributions from return to the White House 2020, the Journal’s analysis survey in March. limited sums of money, be- ing plants after the passage of
April through June. DeSantis isn’t cinched among Republi- found. While DeSantis clearly sits cause their reports aren’t due the Chips Act last year.
brought in $20 million last cans. “The generous support we in second place and many Re- until the end of July. Dona- “Allowing the industry to
quarter. The Trump campaign did received this quarter will be publican voters say they like tions to a candidate’s primary have continued access to the
At least 90,000 individuals see donations jump this critical as we continue to cap- him, an expansive field of campaign, however, are typi- China market, the world’s
gave to Republican candidates spring in the days following italize on the momentum candidates makes it harder cally the route of low-dollar largest commercial market for
so far this year, and more than the former president’s indict- shift” tied to DeSantis’s visits for him to consolidate sup- donors giving less than $200. commodity semiconductors, is
half donated to Trump. Trump ments by New York and fed- to the early caucus state of port among those looking to Those are often viewed as a important to avoid undermin-
also reported more cash on eral grand juries. His legal Iowa, campaign manager Gen- move past the former presi- better reflection of popular ing the positive impact of this
hand than any presidential troubles, including federal erra Peck said in a statement. dent. support. effort,” the Semiconductor In-
candidate, including President charges that he allegedly mis- A spokesman for Trump The Journal’s review drew —Anthony DeBarros dustry Association, the Wash-
Biden. handled classified documents, didn’t respond to an inquiry upon new campaign filings contributed to this article. ington industry body, said in a
written statement.
U.S. chip companies have

Monumental Heat Wave Bakes U.S. Judge in Iowa Issues long argued that the govern-
ment should carefully weigh
the impact of export restric-

Injunction Blocking tions, because sales in China

support investments in the
U.S. and help fund research

Six-Week Abortion Ban that sustains their technologi-

cal edge.
Chip companies, including
the AI-chip leader Nvidia, have
BY LAURA KUSISTO ter six weeks, a split that left been lobbying the administra-
in place a judge’s order perma- tion to refrain from stricter
An Iowa judge blocked a nently blocking the law. The export controls after a ratch-
new state ban on abortion after court, however, indicated it eting-up of tensions between
about six weeks of pregnancy, could consider the matter the U.S. and China that has
the first step in a legal battle again if lawmakers enacted a centered on the semiconductor
that is likely to make its way to new measure in light of the and electric-vehicle industries.
the state’s highest court. U.S. Supreme Court’s elimina- Nvidia’s chief financial officer
District Judge Joseph tion of federal constitutional warned of a “permanent loss
Seidlin issued a temporary in- protections for abortion last of opportunities for the U.S.
junction on Monday that pro- year. industry” in China if sales of
hibited enforcement of the ban In response, Reynolds called AI chips were prohibited.
that Republican Gov. Kim a special session of the state Restrictions the SIA de-
Reynolds signed into law late legislature, which passed a scribed as overly broad, am-
last week, saying recent deci- similar six-week ban a week biguous and at times unilat-
sions from the Iowa Supreme ago. Abortion providers filed eral “risk diminishing the U.S.
Court continued to protect at an immediate legal challenge semiconductor industry’s com-
least some measure of abortion before the governor had signed petitiveness, disrupting supply
access. the law. chains, causing significant
“This court does not get to The providers argued that market uncertainty, and
declare that our Supreme the bill was written in haste prompting continued escala-
Court got it wrong and then and contained a number of in- tory retaliation by China,” the
impose a different standard. consistencies. They also said SIA said. It called on the Biden
JIM LO SCALZO/EPA/ZUMA PRESS

Such would be an alarming ex- the law’s immediate effective administration to consult with
ercise of judicial activism,” date had created chaos as clin- industry before imposing more
Seidlin wrote. ics scrambled to see patients restrictions.
Abortion access in Iowa has before the governor signed it. The U.S. last October im-
been in flux for weeks, thanks The state responded that posed some of the most strin-
to a series of fast-moving legal the bill was designed to protect gent curbs yet on chips and
and political developments. In the lives of unborn children chip-making equipment, re-
June, the Iowa Supreme Court and delaying enforcement quiring chip companies to seek
CAPITAL IDEA: Visitors to the World War II Memorial cooled off Monday. Temperatures deadlocked on the fate of a would lead to irreparable licenses from the Commerce
reached the 90s in Washington and much of the country is in the grip of a heat wave. 2018 law banning abortion af- harm. Department to sell some of
their most advanced products
to Chinese customers. The

Early Push May, President Biden met with

the chief executives of compa-
nies including OpenAI, Micro-
discussion about regulation
didn’t really take off until after
discoveries of Russian interfer-
ness of AI companies to dis-
cuss major issues.
“We’re seeing some of the
that tracks how people experi-
ence AI systems. He hopes the
poll will influence how AI
measures are aimed at pre-
venting U.S. technology from
advancing China’s military

Made for AI soft and Google at the White

House. OpenAI CEO Sam Alt-
man has spent weeks meeting
ence and other issues in the
2016 U.S. election.
“Congress failed to meet the
people from trust and safety
teams from social media are
now at AI companies,” said L.
companies design and deploy
their products.
“We need to know that’s a
power.
“Our actions have been
carefully tailored to focus on

Guardrails with lawmakers and other

leaders globally to discuss AI’s
risks and his company’s idea
of safe regulation.
Continued from Page One Altman and Microsoft Pres-
projects and proposals to shape ident Brad Smith have both
understanding and regulation argued for a new regulatory
to address issues including AI’s agency that would license
potential for manipulation, large AI systems. Tesla CEO
misinformation and bias. Elon Musk, who announced
Common Sense is develop- last week the official launch of
ing an independent AI ratings his new AI startup, said in
and reviews system that will May that the government
assess AI products such as should convene an indepen-
ChatGPT on their handling of dent oversight committee, po-
private data, suitability for tentially including industry
children and other factors. executives, to create rules that
The nonprofit plans to launch ensure AI is developed safely.
the system this fall and spend The Federal Trade Commis-
between $5 million and $10 sion also is taking a hard look
million a year on top of its at AI. It is investigating
$25 million budget to fund whether OpenAI has “engaged
the project. in unfair or deceptive prac-
Other internet advocacy tices” stemming from false in-
groups including the Mozilla formation published by Chat-
Foundation are also building GPT, according to a civil
their own open-source AI subpoena made public this
tools and investing in startups past week. Altman said Open-
that say they are building re- AI is confident that it follows
sponsible AI systems. Some the law and “of course we will
firms initially focused on so- work with the FTC.”
cial media are now trying to Looming large over all this
sell services to AI companies activity is the growing feeling
to help their chatbots avoid among many activists and law-
churning out misinformation makers that years of efforts to
and other harmful content. regulate or otherwise change
Tech companies are racing social-media companies includ-
to influence regulation, dis- ing Facebook parent Meta Plat-
cussing it with global govern- forms, Twitter and TikTok
ments that are both wary of were unsatisfactory. Facebook
AI and eager to capitalize on was founded in 2004 and Twit-
its opportunities. In early ter in 2006, but widespread
moment on social media,” Sen.
Richard Blumenthal (D., Conn.)
said during a congressional
hearing on AI in May. “Now we
have the obligation to do it on
AI before the threats and the
risks become real.”
Though social-media execu-
tives in recent years called for
more regulation, no new U.S.
federal laws have been set that
require companies to protect
users’ privacy and data or that
update the
nearly three-de-
cade-old rules
for how plat-
forms police
content. In part
that is because
of disagree-
ments among
lawmakers over
whether compa-
nies should do
more to moder-
ate what is said on their plat-
forms or whether they already
have overstepped into stifling
free speech.
Some of the activists who
are veterans of those battles
have said two major lessons
from this era are that the com-
panies can’t be trusted to self-
regulate and that the federal
government is too gridlocked to
pass meaningful legislation.
“There’s a massive void,” Steyer
of Common Sense Media said.
Yet he and others said they
are encouraged by the willing-
Gordon Crovitz, co-founder of
NewsGuard, a company that
tracks and rates news sites.
choice platforms can make and
reward them for not making
the wrong choices,” Iyer said.
technology with national secu-
rity implications, and designed
to ensure that U.S. and allied
Crovitz, a former publisher of The Mozilla Foundation, a technologies are not used to
The Wall Street Journal, said nonprofit that builds the Fire- undermine our national secu-
these people seem much more fox internet browser, said it is rity,” a spokesman for the
empowered in their current building open-sourced models White House National Security
roles. “The body language is as alternatives to large private Council said.
‘we’ve been freed.’” AI models. “We need to build The spokesman added that
Large language models alternatives and not just advo- since passage of the Chips Act
such as GPT-4 are trained on cate for them,” Mark Surman, last year, “private companies
anything that can be scraped Mozilla’s president, said. have announced nearly $140
from the internet, but the data Steyer described the AI rat- billion in investments in the
contain large ings system being built at United States in semiconduc-
chunks of hate Common Sense as the most tor production, supply chains,
speech, misin- ambitious in the nonprofit’s and R&D over the next de-
Activists want formation and history. Tracy Pizzo Frey, a cade.”
regulations to other harmful consultant who previously In the wake of the U.S. ac-
content. So worked for Google and is help- tions, China has banned major
address AI’s these models ing craft the system, said companies from buying from
are further re- there is no set way to evaluate U.S. computer-memory com-
potentially fined after their the safety of AI tools. pany Micron, and recently im-
harmful side. initial training So far, Common Sense is posed restrictions on exports
to weed out looking at seven factors, in- of metals used in cellphone
some of that cluding how transparent com- communication chips.
bad content in panies are about what their The Biden administration is
a process called fine-tuning. systems can do and where now considering further re-
NewsGuard has been talk- they still have shortcomings. strictions that would snare AI
ing to AI companies about li- The nonprofit may factor in chips that Nvidia developed
censing its data—which Cro- how much information compa- for the Chinese market. It is
vitz called a “catalog of all the nies provide about their train- also considering cutting off
important false narratives that ing data, which companies in- Chinese access to AI chips
are out there”—for fine-tuning cluding OpenAI view as through cloud-computing com-
and to bolster AI models’ competitive secrets. panies.
guardrails against producing Frey said Common Sense The industry push comes as
just those types of misinfor- won’t ask for proprietary data the Biden administration tries
mation and false narratives. but needs information that to find new diplomatic open-
Ravi Iyer, a former product helps parents and educators ings with Beijing. Treasury
manager for Meta, is now at make informed decisions about Secretary Janet Yellen traveled
the University of Southern the use of AI. “There are no to Beijing this month amid a
California’s Marshall School of rules around what transpar- flurry of visits by U.S. officials,
Business and developing a poll ency looks like,” Frey said. with limited signs of progress.
 .

THE WALL STREET JOURNAL. Tuesday, July 18, 2023 | A5

WORLD NEWS
Israeli Reserves Wary of Court Plan Biden,
Netanyahu
Fighter pilots among
those considering Agree to
not serving if judicial
changes go ahead Meet Later
BY DOV LIEBER This Year
TEL AVIV— Israeli Prime
Minister Benjamin Netanyahu BY ANDREW RESTUCCIA
is set for a second showdown AND WILLIAM MAULDIN
with a cohort of the country’s
military reservists as he WASHINGTON—President
pushes forward this week with Biden spoke with Israeli Prime
controversial legislation aimed Minister Benjamin Netanyahu
at overhauling the nation’s ju- and agreed to meet him in the
dicial system. U.S. later this year, working to
Hundreds of elite reservist ease tensions as the adminis-
air-force pilots are among tration and some Democrats
more than 1,000 reservists con- have criticized moves by Is-
sidering withholding their ser- rael’s right-wing government.
vice if the government passes The phone conversation
legislation that they consider a came ahead of a planned meet-
MATAN GOLAN/SOPA/ZUMA PRESS

threat to the country’s democ- ing between Biden and Israeli

racy and putting them at risk President Isaac Herzog, who is
of taking orders from unac- set to visit the White House and
countable leaders. A similar address Congress this week.
standoff in March triggered a In the call Monday, Biden
national firestorm, eventually and Netanyahu agreed to meet
forcing Netanyahu to place the in the U.S. this year, according
overhaul on hold. Subsequent to officials from both coun-
compromise talks with the op- Protests against the planned judicial overhaul, like this one in Haifa this month, have drawn hundreds of thousands of Israelis. tries, but neither side specified
position stalled last month. a time or a place. Biden didn’t
Fighter pilots play a crucial legislation, including the re- ish their mandatory service. there does not seem to be any- Sayeret Matkal. appear to extend a direct invi-
role in Israel’s frequent mili- servists, argue it would remove Unlike most reservists, pi- thing else. It’s done as a last Netanyahu in his cabinet tation to Netanyahu to visit
tary operations, setting the an important check on the lots must show up for rigor- resort,” said Capt. (res) Guy meeting Monday said those the White House, raising the
country up for a dangerous power of the executive branch. ous training exercises several Poran, one of the leaders of refusing to serve are breaking possibility that the leaders
clash between Netanyahu’s The renewed fight under- times a month, and they are the pilot’s protest movement. the law. The idea that chang- could meet in another setting,
government and some of the scores deep political tensions often integral to whatever op- As well as fighter pilots, ing the law regarding the use such as on the sidelines of
country’s most venerated citi- festering for months since Ne- erations Israel’s highly active more than 1,000 other reserv- of reasonableness would un- September’s United Nations
zen soldiers. tanyahu’s coalition began pur- military is conducting. ists, including from the mili- dermine Israeli democracy is General Assembly in New York.
In an interview with The suing a plan to weaken the Hundreds of reserve pilots, tary’s intelligence corps and “removed from reality and in- “They have agreed that
Wall Street Journal in late Supreme Court and give more following a meeting with legal commando units, have also tended to scare people over they will meet, probably be-
June, Netanyahu said that he power to elected officials. Un- experts last week, said that signed letters to their com- nothing,” he added. “In a de- fore the end of this year, and
would push ahead with the derlying the mass protests they are considering not manders in recent days mocracy, the military is subor- all the details of the wheres
overhaul but strip it of a pro- that have drawn hundreds of showing up for duty if the threatening to withhold their dinate to the elected govern- and the whens are still being
vision that would have given thousands of Israelis onto the government passes the bill, services if the government be- ment and not the opposite.” worked out,” said John Kirby,
the national legislature the streets for 27 straight weeks according to two former air- gins passing parts of the judi- The protesting reservists the White House National Se-
power to overturn rulings by are concerns about the direc- force officers spearheading cial overhaul. say only those who are in a curity Council’s coordinator
the Supreme Court. tion of Netanyahu’s govern- the air-force protest. “In the face of recent legis- voluntary stage of their re- for strategic communications.
Israel’s parliament, the ment, which analysts say is The renewed internal face- lative procedures that the gov- serve duty are threatening to The meeting likely will take
Knesset, could vote as early as the most right-wing and reli- off comes at a sensitive time ernment is advancing…while refuse service. place this fall, he added.
Sunday on a revised bill that gious in the country’s history. for the country. Iran is push- completely ignoring that this On Sunday night, Israeli It was the first time the
would restrict the Supreme Israel’s army has a core of ing its allies in the region to legislation is destroying the Defense Minister Yoav Gallant two leaders have spoken since
Court’s ability to strike down mandatory conscripts and attack Israel, and Israeli secu- shared basis of Israeli society met with the Israeli military March. The White House and
government or elected officials’ commissioned officers, but it rity officials warn tension on and tearing apart the nation, chief of staff and other senior the president have issued
decisions on the grounds of relies heavily on its wide-rang- its northern border with the our conscience does not per- military officials to discuss pointed criticisms of Netan-
reasonability, a term critics say ing reservists, military ana- Iran-backed Lebanese militant mit us to stand aside,” says a the possible repercussions of yahu’s push to overhaul Is-
is too nebulous and allows the lysts say. Officers who served and political group Hezbollah letter signed by over 300 re- the reservist protest and what rael’s judicial system and the
courts to overrule the will of in elite units are often called could spark a regional war. servists and sent to the com- would happen if their threats efforts of his government to
elected officials for political up for as much as a month of “They have to resort to this mander of Israel’s most elite are carried through, according expand settlements in Pales-
purposes. Those opposed to the duty a year well after they fin- extreme measure because and secretive commando unit, to two defense officials. tinian territories.

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 .

A6 | Tuesday, July 18, 2023 * * THE WALL STREET JOURNAL.

WORLD NEWS

Russia Says It Will Abandon Grain Deal

Kremlin offers to suppliers of wheat, corn and
sunflower oil. Western offi-
rejoin agreement if cials have accused Russia of
its demands on its using the threat of disrupted
food supplies to coerce other
own exports are met countries into siding with it
during the war.
BY JARED MALSIN The Russian invasion is one
Tayyip Erdogan, who helped
broker the deal, said he be-
lieves Russian President Vladi-
mir Putin wants to sustain the
agreement despite the an-
nouncement. He added that he
planned to speak with Putin
about the matter.
for crisis-hit countries such as
Sudan, Somalia and Afghani-
stan.
Russia suspended its par-
ticipation in the agreement
once before, after an attack on
a Russian naval base in Cri-
mea in October. Moscow re-

IGOR TKACHENKO/EPA/SHUTTERSTOCK
of a series of global shocks, in- Negotiations over a possi- joined the deal after Ukraine,
ISTANBUL—Russia said it cluding the Covid-19 pandemic ble continuation of the deal Turkey and the U.N. continued
was withdrawing from an in- and severe weather resulting took place in Istanbul on Mon- sending ships to and from
ternational agreement that al- from climate change, that day afternoon, a spokesman Odesa, ignoring the Russian
lowed Ukraine to resume pushed 122 million people into for the Ukrainian Embassy in suspension while diplomats
much of its Black Sea grain hunger between 2019 and 2022, Turkey said. raced to save the deal.
exports, raising concerns according to a report by U.N. Wheat futures rose 3.4% on U.S. Secretary of State Ant-
about a key link in the global agencies published this month. Monday, trading at $6.84 a ony Blinken said Ukraine’s
food supply chain. Ukrainian President Volod- bushel, and then fell later in partners would likely look to
Kremlin spokesman Dmitry A bulk carrier was loaded with wheat at the Black Sea port ymyr Zelensky on Monday the day. Some analysts said alternative, more expensive
Peskov told journalists on of Chornomorsk, near Odesa, Ukraine, in February. said the country was prepared Russia’s decision was seen in delivery routes.
Monday the deal had been ter- to “do everything we can” to the market as an attempt to Asked whether grain could
minated but that Russia would last year forced a halt to all 2022, permitting Ukrainian sustain the deal without Rus- boost prices. be shipped on the Black Sea in
rejoin the agreement if its de- exports from Ukraine’s main exporters to resume shipping sia’s participation by working Ukraine has exported more the absence of a deal, Blinken
mands were met, state news Black Sea ports, contributing corn, wheat, sunflower oil and with Turkey and the U.N., his than 32 million tons of food told reporters, “If Russia is
agency TASS reported. Russia to a surge in global food prices other goods from three ports spokesman said. products since shipments re- ending this initiative and
has repeatedly threatened to and raising fears that the war around the city of Odesa. The Ukrainian foreign minis- sumed last August. sending a message that grain
pull out of the agreement, de- could push millions of people Moscow’s decision to with- ter, Dmytro Kuleba, said he was The World Food Program cannot or other food products
manding that the West facili- closer to starvation. draw from the deal renews “holding urgent consultations bought more than 80% of its cannot leave Ukraine unim-
tate its food and fertilizer ex- The agreement among Rus- fears that Russia’s assault on with partners at the U.N.…on wheat this year from Ukraine peded, even if there are other
ports, which it says have been sia, Ukraine and Turkey, facili- Ukraine could again threaten next steps” following Russia’s through the Black Sea initia- options I think it would have a
hampered by sanctions. tated by the United Nations, global food security. Ukraine withdrawal from the deal. tive and has used the deal to profound chilling effect on the
Russia’s invasion of Ukraine was signed in Istanbul in July is one of the world’s largest Turkish President Recep charter ships carrying grain ability to pursue them.”

Ukraine Moscow Seizes

Disables
Bridge Local Operations
Continued from Page One
bridge’s pillars haven’t been
Of Foreign Giants
damaged, but that one span
will have to be completely re- BY GEORGI KANTCHEV tional companies have left or
placed. A parallel span, he AND SAABIRA CHAUDHURI substantially curtailed opera-
said, has been displaced by 70 tions in Russia, according to
to 80 centimeters (27 to 31 Russia unexpectedly seized the Chief Executive Leader-
inches), but still rests on a pil- the local operations of Carls- ship Institute, an arm of the
lar. Repair crews are trying to berg and Danone, two of the Yale School of Management
fix it in place and will test it world’s largest consumer- that has compiled a database
initially with vehicles up to goods companies, a move that of the corporate exodus since
three tons, the weight of a escalates economic hostilities the beginning of the war.
passenger car, and then up to with the West. Among the Western compa-
five tons, the weight of an av- In a decree signed by Presi- nies to remain are several
erage ambulance, hoping to re- dent Vladimir Putin on Sun- makers of food, drink and
open the lane for limited use. day, Russia placed Danone and household products. For exam-
The separate rail bridge, Carlsberg’s local operations ple, PepsiCo, Procter & Gamble
which sustained serious damage under temporary manage- and Unilever have been selling
in October, was only lightly ment, putting them under the a curtailed array of products
damaged in Monday’s blasts, control of the federal state in Russia since the invasion,
Khusnullin said. Rail services, property-management agency, describing these as essentials.
which are more important for Rosimushchestvo. Carlsberg in March 2022
military supplies, have resumed. The move is the second said it planned to exit Russia.
John Kirby, a spokesman time Russia has seized West- The Danish brewer was among
for the White House National ern assets in the Western
Security Council, said he the country companies with
doubted the strike would have since the Krem- the biggest ex-
a major impact on Russia’s ca- lin unveiled a Carlsberg and posure to Rus-
pacity for waging war, noting decree in April Danone had sia through its
the Russians have many other that allows the Baltika Brewer-
ways to supply forces in the state to take been planning ies business.
Crimean Peninsula. temporary con- Baltika has
Russia said two civilians trol of assets of
to exit from eight breweries
OSTOROZHNO NOVOSTI/ASSOCIATED PRESS

died on the bridge. “This is companies or Russia. in Russia and

yet another terrorist act of the individuals around 8,400
Kyiv regime,” Putin said at the from what employees
end of a videoconference with Moscow calls there, repre-
government officials on the unfriendly states. Russian offi- senting more than one in ev-
consequences of the attack. “A cials have said the seizures ery five members of Carls-
Russian response will occur. are in retaliation for similar berg’s total global workforce.
The ministry of defense is pre- moves by Western countries. Carlsberg only in June said
paring proposals accordingly.” In April, Russia took control of it had struck a deal to sell its
Putin responded to the Oc- utilities owned by Germany’s Russia business, adding that
tober attack by ordering waves A Ukrainian drone attack damaged parts of the Kerch Bridge connecting the Russian mainland Uniper and Finland’s Fortum. the process had been “very
of strikes on Ukrainian civilian to the Crimean peninsula. Russian publication Ostorozhno Novosti released the photo. The decree set up new hur- complicated.”
infrastructure that aimed to dles for foreign companies It warned that the deal go-
deprive Ukrainians of electric- of the Storm Shadow and the day the deal among Russia, sumer-goods companies, a trying to exit from the coun- ing through was subject to
ity, heating and water during Scalp cruise missiles supplied Turkey, the United Nations and move that escalates economic try, marking a step up in the regulatory approval by the
the winter. Those barrages, by the U.K. and France that Ukraine to allow the export of hostilities with the West. economic battle that is taking Russian government.
while causing rolling blackouts, greatly extended its range. grain and other food from Civilian air connections to place in parallel with the war The brewer on Sunday said
failed to destroy the country’s A Storm Shadow attack on Ukrainian ports was set to ex- Crimea ceased in February being fought on the battle- it hadn’t been given any offi-
energy system while prompt- the Chonhar Bridge in June pire. The agreement was struck 2022, as Putin launched the in- fields of Ukraine. cial information from Russian
ing the U.S. and allies to supply severed for 10 days the main in Istanbul a year ago, and peri- vasion of Ukraine. Alternative Many Western companies authorities about the decree,
Ukraine with modern air de- connection between Crimea odically renewed. Russia after connections to Russia through have struggled to wind up or its consequences.
fenses, such as Patriot and and southern Ukraine, on the the attack said it is withdrawing the rutted roads of occupied their operations in Russia and Danone, the largest dairy
SAMP-T antimissile systems. alternative road that has now from the deal, though negotia- parts of southern Ukraine’s the latest asset seizures serve company in Russia, hadn’t yet
Ukraine, which launched an become the main lifeline to tions continue and President Kherson, Zaporizhzhia and Do- as a warning shot to those found a buyer for its dairy and
offensive in southern Ukraine Russia. The Chonhar Bridge Recep Tayyip Erdogan of Turkey netsk regions are complicated, still looking to exit. Compa- plant-based arm in the country.
in June, has made only limited reopened on July 3. said he plans to speak to Putin and in some parts run rela- nies that said they would de- The French company said in Oc-
progress as its forces face ex- Ukraine successfully used about an extension. Ukraine ex- tively close to the front line. part last year have been tober that it had begun looking
tensive minefields and fortifi- such a strategy last fall, when ported more than 32 million With tens of thousands of struggling to find buyers and, for ways to sell the business.
cations, as well as Russian he- strikes on bridges across the tons of food since the agree- tourists stranded in Crimea, when they do, to close deals in On Sunday, Danone said it
licopter gunships. In recent Dnipro river and other logistic ment took effect last August. the Russian government said part because of sanctions. was “preparing to take all nec-
weeks, Kyiv focused on de- nodes pushed Russian forces Meanwhile, Russia on Sun- it would relax border checks Now there is another hurdle: essary measures to protect its
stroying Russian weapons de- out of the occupied southern day seized the local operations and abolish the curfew along the prospect of businesses be- rights as shareholder of Danone
pots, command centers and lo- city of Kherson. of Carlsberg and Danone, two the alternative roads in occu- ing seized. Russia, and the continuity of
gistics nodes, taking advantage Monday’s attack occurred on of the world’s largest con- pied southern Ukraine. More than 1,000 multina- the operations of the business.”

U.S. Deploys Advanced F-35 Jets, Destroyer to Middle East

BY MICHAEL R. GORDON guided-missile destroyer to
the scene. But Defense Secre-
WASHINGTON—The U.S. is tary Lloyd Austin decided that
sending F-35 jet fighters and a additional forces are needed to
Navy destroyer to the Mideast strengthen the U.S. position.
to bolster its forces after chal- “They are joining another
lenges by Iranian and Russian number of assets already in
forces in the region, U.S. offi- the region for securing those
cials said Monday. vital waterways,” said Penta-
The U.S. is using F-16 fight- gon Deputy Press Secretary Sa-
ers and A-10 attack planes to brina Singh, who didn’t say
fly armed patrols in the Per- how long the additional de-
sian Gulf to deter Iran from at- stroyer and aircraft would stay.
tempting to seize oil tankers. The U.S. military presence
The deployment of the addi- in the Mideast is a fraction of
tional forces, which will in- the American force deployed
clude more F-16s, follows Teh- there during the wars in Iraq
ran’s attempts this month to and Afghanistan, because the
seize two commercial oil tank- Pentagon has sought in recent
ers in the Strait of Hormuz. years to shift its strategic fo-
The Iranians backed away cus toward China and Russia.
after the U.S. dispatched a But Iranian actions have
prompted the Pentagon to Monday denounced the U.S. aircraft over Syria in what U.S. Muhajir, an Islamic State leader,
temporarily shift forces back move, saying it would contrib- officials contend appears to be U.S. Air Force commander for
to the Mideast. ute to insecurity and instabil- a calculated effort by Moscow the region Lt. Gen. Alexus
A senior American defense ity in the region. to pressure Washington to pull Grynkewich said on July 7.
official said last week that the “We advise the U.S. govern- back from the region. On Friday, a Russian pro-
U.S. has a detailed under- ment to avoid any provocative, Earlier this month, Russian peller-driven aircraft made re-
standing of which oil tankers non-constructive and destabi- aircraft confronted U.S. MQ-9 peated flights over the al-Tanf
are passing through the Gulf, lizing action in the region,” Reaper drones as they flew garrison, a U.S. base in south-
what cargo they are carrying, spokesman Nasser Kanaani over Western Syria in search eastern Syria, in an apparent
and who owns the vessels. said. “It is expected that other of an Islamic State target. effort to gather intelligence on
“We don’t just protect every- neighbors in the Persian Gulf’s The Russian aircraft the outpost.
one,” this official said without maritime domain consider dropped flares in front of the The arrival of the techno-
providing further details. “We their responsibility and give drones. One Russian pilot flew logically advanced F-35s, which
protect vessels that we have a necessary warnings to the U.S. in front of an American MQ-9 have yet to depart the U.S. for
national interest to protect.” administration to avoid pro- and fired its afterburner, a the Mideast, will fill a gap in
The U.S. moves have been voking and non-constructive threatening action that U.S. the U.S.’s high-end capabilities.
criticized by Iranian officials, actions.” officials said made it harder to The U.S. had deployed F-22s to
who say their actions are aimed Iran’s actions aren’t the only safely operate the Reaper. the region. But the F-22s, the
at discouraging smuggling and activities that have concerned That harassment continued Air Force’s most advanced air-
it is American forces that are U.S. commanders. The Russian for three days before the U.S. to-air fighters, are returning to
destabilizing the region. military, they say, has stepped zeroed in on its target and used a base in Europe, according to
Iran’s foreign ministry on up harassment of American the drones to kill Usamah al- U.S. officials.
 .

THE WALL STREET JOURNAL. Tuesday, July 18, 2023 | A7

WORLD NEWS

Kyiv’s Push
To Join EU
Will Be Tough
BY LAURENCE NORMAN
Ukraine’s bid for quick NATO
membership faced a setback
last week. Its path to member-
ship in the European Union
looks equally bumpy, despite
encouragement from Brussels.
said Fabian Zuleeg, chief execu-
tive of the European Policy
Centre in Brussels. “There is no
realistic plan on the table.”
The stakes for Ukraine are
huge. Failure to extend mem-
bership to Ukraine—especially
if Kyiv remains sidelined from

VIRGINIA MAYO/ASSOCIATED PRESS

The EU last summer
granted Ukraine official candi-
date status, opening the way
for eventual membership, one
of President Volodymyr Zel-
ensky’s biggest goals for his
country. Many EU officials and
leaders describe the prospect
of Ukraine joining the bloc as
a necessity, vital to anchoring
Kyiv in Western institutions,
whatever its future relation-
ship with NATO.
Yet, EU accession remains
years away, at best.
Ukraine knows that to win
EU membership, it must im-
plement sweeping and politi-
cally difficult overhauls to en-
trench democratic norms,
secure judicial independence
and reduce corruption.
Less discussed until recently
is how much the EU itself must
change if it wants to integrate
Ukraine—and possibly Mol-
dova, Georgia and a handful of
Balkan countries—into the bloc.
The EU would need to
agree to an overhaul of its
spending and changes to how
it makes decisions if enlarge-
ment is going to happen. Some
leaders, especially French
President Emmanuel Macron,
argue that a successful expan-
sion might require a broader
reordering of the bloc, with
member states achieving dif-
ferent levels of economic and
political integration.
“There is a general belief
that it is a geopolitical impera-
tive to bring Ukraine into the
EU, however that doesn’t nec-
essarily mean this will happen,”
NATO—would leave the coun-
try frozen out of Western insti-
tutions and exposed to Russian
influence and aggression for
decades, however the current
conflict between the two na-
tions ends. Ukrainians likely
would see it as a huge betrayal,
threatening the viability of
their pro-Western leadership.
Yet, EU accession—even for
countries not at war and with
stronger economies—is an ar-
duous process requiring years
of effort to adopt EU rules and
law. Enlargement also had lost
its zest among West Europe-
ans in the years before Rus-
sia’s invasion of Ukraine. A
perception that newer EU en-
trants, such as Hungary, were
backsliding on democratic
norms soured many voters on
expanding the bloc.
Ukraine’s next steps are
clear. The EU handed Kyiv
seven tasks to complete for ac-
cession negotiations to begin.
An initial report in June
showed progress in most areas,
including on the country’s me-
dia laws and the independence
of its Constitutional Court.
The European Commission,
the EU’s executive body, will
make a formal progress report
in the fall. If positive, diplo-
mats say there would be a
strong push for EU leaders to
agree in December to begin
negotiations.
In recent weeks, European
officials also began their first
discussions of what enlarge-
ment would entail for the bloc.
EU affairs ministers talked
Ukrainian President Volodymyr Zelensky was seen with European Union officials at a summit of the bloc in Brussels this year.
about the issue in June in Swe-
den, which at that time held the
bloc’s rotating presidency. A
week later, on the sidelines of a
Brussels summit, 10 EU leaders,
including Macron, Dutch Prime
Minister Mark Rutte and Ger-
man Chancellor Olaf Scholz,
discussed the issue. EU leaders
are expected to return to the
theme at an October summit.
Diplomats involved in talks
say conversations have fo-
cused on the questions that
need addressing. There were
some early conclusions.
One is that member states
have little desire to try changing
EU treaties to allow for a major
overhaul of the way member
states do business. Treaty
change likely would entail na-
tional referendums, something
most leaders want to avoid.
Second, it was clear that
member states need to start
making decisions in the next
couple of years to allow for
the possibility of enlargement
during the next decade. That
starts with negotiations on
the next multiannual EU bud-
get package, for which talks
likely will begin in 2025.
Many other questions re-
main unanswered. Failure to
NEW BLOC MEMBERS WOULD FACE FRESH RULES
In weighing Ukraine’s
membership in the Euro-
pean Union, the bloc must
rethink how it makes joint
decisions after enlarge-
ment, because it is already
hard with 27 members.
Some EU policies are de-
cided through special ma-
jorities, depriving member
states of a veto.
But many of the biggest
policy files require unanim-
ity.
In a speech last August,
settle them could slow or sty-
mie Ukraine’s hopes of mem-
bership. The biggest challenges
will be money, governance and
the enlargement process.
The entrance of Ukraine—
whose economy is about one-
fifth the size of its neighbor Po-
land’s and is largely agrarian—
would force a huge
readjustment of the EU’s biggest
spending areas: agricultural as-
sistance and grants for poorer
German Chancellor Olaf
Scholz said EU enlarge-
ment would require an end
to vetoes on foreign-policy
decisions and on taxation.
Those ideas, which must
be backed unanimously, are
controversial.
Smaller member states
have resisted majority deci-
sions on defense and secu-
rity matters.
Ireland, which hosts sev-
eral foreign multinational
companies, has led opposi-
EU regions. The bloc spends
about two-thirds of its seven-
year budget, totaling more than
$1.35 trillion, on those areas.
Some European officials
suggest that Ukraine’s entry
into the bloc would, under
current rules, turn every other
EU country into a net budget
contributor. Currently, every
member state pays into the
budget but poorer ones get
back billions of euros more in
tion to ending the veto on
tax policy.
The EU will have to decide
whether to try to bring
Ukraine and other EU aspi-
rants into the bloc together.
That would tie accession of
countries that make fast over-
hauls to the progress of lag-
gards. But European officials
worry that enlarging in sev-
eral rounds would leave those
whose road to membership is
slower exposed to Russian
pressure and interference.
EU spending than they pay in.
Each EU member will have a
veto over enlargement and the
bloc’s next budget.
“The whole architecture of
the EU has to change when you
want to integrate such a big
country as Ukraine,” said Ste-
fan Meister at the German
Council on Foreign Relations.
“You have to change the whole
subsidies system, which is the
most attractive part of the EU.”

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A8 | Tuesday, July 18, 2023
Parties
Help Untie
The Knot
Continued from Page One
feel freer to trumpet their
breakups. The number of
American adults who consider
divorce to be morally accept-
able has hit historic highs, ac-
cording to Gallup polls.
“Divorce used to be some-
thing to be ashamed of due to
societal pressures and stereo-
types,” says Nicole Sodoma, a
divorce lawyer who wrote the
book “Please Don’t Say You’re
Sorry.” “But today people have
really decided to nip that soci-
etal shame and instead em-
brace being divorced as an-
other stage of life that some
of us experience.”
On Etsy and Amazon,
brands sell splitsville swag, in-
cluding “End of an Error”
sashes, “Thank U Next” rose-
gold foil balloons, and “I do. I
did. I’m done” T-shirts. On
Pinterest, the online platform
for sharing creative ideas,
Europeans
Are Getting
Poorer
Continued from Page One
Covid-19 pandemic and Rus-
sia’s protracted war in
Ukraine. By upending global
supply chains and sending the
prices of energy and food
rocketing, the crises aggra-
vated ailments that had been
festering for decades.
Governments’ responses
only compounded the prob-
lem. To preserve jobs, they
steered their subsidies pri-
marily to employers, leaving
consumers without a cash
cushion when the price shock
came. Americans, by contrast,
benefited from inexpensive
energy and government aid
directed primarily at citizens
to keep them spending.
Export woes
In the past, the continent’s
formidable export industry
might have come to the res-
cue. But a sluggish recovery in
China is undermining that
growth pillar. High energy
costs and rampant inflation at
a level not seen since the
1970s are dulling manufactur-
ers’ price advantage in inter-
national markets and smash-
ing the continent’s once-
harmonious labor relations. As
global trade cools, Europe’s
heavy reliance on exports—
which account for about 50%
of eurozone GDP versus 10%
for the U.S.—is becoming a
weakness.
Private consumption has
declined by about 1% in the
20-nation eurozone since the
end of 2019 after adjusting for
inflation, according to the Or-
ganization for Economic Coop-
eration and Development, a
Paris-based club of mainly
wealthy countries. In the U.S.,
where households enjoy a
strong labor market and rising
incomes, it has increased by
nearly 9%. The European
Union now accounts for about
18% of all global consumption
spending, compared with 28%
for America. Fifteen years ago,
the EU and the U.S. each rep-
resented about a quarter of
that total.
Declining wages
Adjusted for inflation and
purchasing power, wages have
declined by about 3% since
2019 in Germany, by 3.5% in
Italy and Spain and by 6% in
Greece. Real wages in the U.S.
have increased by about 6%
over the same period, accord-
ing to OECD data.
The pain reaches far into
the middle classes. In Brus-
sels, one of Europe’s richest
cities, teachers and nurses
stood in line on a recent eve-
ning to collect half-price gro-
ceries from the back of a
truck. The vendor, Happy
Hours Market, collects food
close to its expiration date
from supermarkets and adver-
tises it through an app.
“Some customers tell me,
because of you I can eat meat
two or three times per week,”
said Pierre van Hede, who was
handing out groceries.
Karim Bouazza, a 33-year-
old nurse who was stocking
up on half-price meat and fish
for his wife and two children,
“search trends show that peo-
ple are gaining a new perspec-
tive of divorce,” says Swasti
Sarna, Global Director of Data
Insights at Pinterest.
Pinterest searches for “di-
vorce-party games” surged
80%, and searches for “divorce
cakes” rose 50% in June 2022
from a year earlier. There
were also jumps in searches
for divorce-party decorating
ideas (35%) and for “divorce
gifts” (30%).
“It was just this feeling of,
I’m not ashamed of this,” says
Nadine Adamson, a real-estate
broker who had a divorce
party. “I think being married
for more than 10 years in New
York—I was married for 12—is
a huge success.”
Adamson had friends from
Los Angeles fly to New York
and they booked the hotel
suite where she had stayed
when she got married.
The four of them burned
sage in the suite, to rid it of
negative vibes, filled the place
with balloons, dined out and
then had a sleepover.
Kris Marks, a mental-health
facilitator in Alberta, Canada,
says he initially felt conflicted
when a friend invited him to
celebrate a divorce. Marks was
The French are cutting back on foie gras and red wine, while similar belt-tightening is happening in many parts of Europe.
complained that inflation
means “you almost need to
work a second job to pay for
everything.”
Similar services have
sprung up across the region,
marketing themselves as a
way to reduce food waste as
well as save money. TooGood-
ToGo, a company founded in
Denmark in 2015 that sells
leftover food from retailers
and restaurants, has 76 mil-
lion registered users across
Europe, roughly three times
the number at the end of
2020. In Germany, Sirplus, a
startup created in 2017, offers
“rescued” food, including
products past their sell-by
date, on its online store.
Organic food
Spending on high-end gro-
ceries has collapsed. Germans
consumed 52 kilograms of
meat per person in 2022,
about 8% less than the previ-
ous year and the lowest level
since calculations began in
1989. While some of that re-
flects societal concerns about
healthy eating and animal
welfare, experts say the trend
has been accelerated by meat
prices which increased by up
to 30% in recent months.
Thomas Wolff, an organic-
food supplier near Frankfurt,
said his sales fell by up to 30%
last year. Wolff said he had
hired 33 people earlier in the
pandemic to handle strong de-
mand for pricey ecological
foodstuffs, but he has since let
them all go.
Ronja Ebeling, a 26-year-
old consultant and author
based in Hamburg, said she
saves about one-quarter of her
An elderly woman leaves a food-distribution center at a church in Berlin.
.
THE WALL STREET JOURNAL.
FROM PAGE ONE
also friends with the
ex-husband, and didn’t
think he knew about
which was suddenly
much emptier. She
and her sister Jenny
ing at me, as opposed to me
handling it,” she says.
At her celebration, music
the party.
“I had so many
thoughts, like, should
Dreizen founded the
website Fresh Starts
in 2021 for people go-
videos were projected onto a
wall, black balloons littered
the floor and candlesticks
we be celebrating the
end of a commit-
ment?” Marks says. “I
ing through the same
experience.
The company helps
dripped wax onto the empty
wine bottles that held them. A
white cake proclaimed “Just
went back and forth the newly unwed set Divorced” and guests danced
and I came to the con- up gift registries to into the wee hours. “It sort of
clusion that yes, the restocks. ended up as a really fun fu-
institution of marriage Lizzie Post, the co- neral,” McWhite says.
is what it is, but if author of “Emily Post For some, trying to cele-
you’re choosing to Etiquette: The Centen- brate can be a reminder of the
move on from it, that’s nial Edition,” says the loss.
a hard thing to do and Emily Post Institute “When you get divorced,
a fresh start should be doesn’t consider ei- you kind of lose half your
celebrated.” ther divorce parties or friends,” says Ayesha Vardag,
BRANDI STELLERS
His friend, who was post-divorce registries a divorce lawyer in London
married for 12 years, appropriate as of yet. whose friends encouraged her
threw a potluck dinner “Getting together to have a party after her own
and then the group with your friends after divorce. “It was just a huge
went out for a night Brandi Stellers at her divorce soiree, where finalizing a divorce pressure to be fun,” she says.
on the town. “It was guests threw fake rose petals in the air. and finding a way to Maja Proescholdt says her
me and another guy feel good about clos- divorce was lengthy enough
and maybe 10 women and it go for drinks,” reasons Marks. ing that chapter is a beauti- that by the time the paper-
was like being a fly on the “We just cope differently.” fully supportive thing,” she work was done, much of her
wall at a bachelorette party,” One can now find registry says. “I think calling it a di- grief had settled.
he says. Marks bought his sites that help divorcées re- vorce party feels a bit tact- Her sister supplied a “Fi-
friend a month of Bumble Pre- stock—since only one half of less.” nally Divorced” sash and the
mium as a present. the couple gets the pasta Allison McWhite, a legal as- group went out dancing,
Anecdotally, more women maker, the spice rack or the Le sistant, says planning her own where the club’s DJ called out,
than men hold outright di- Creuset cookware. divorce party ushered in a “Let’s have it for Maja’s di-
vorce bashes. After Olivia Dreizen Howell sense of control. “It seemed vorce party!”
“As a guy, we don’t call it a separated in 2019, she stayed for a long time that something “That was a top life mo-
divorce party, we call it ‘Let’s in the marital residence, was happening to me, charg- ment for me,” she says.
pushing for higher wages.
“Yes, we’re all worse off,” he
said, saying that seeking to
offset rising prices with
higher wages would only fuel
more inflation.
With European govern-
ments needing to increase de-
fense spending and given ris-
ing borrowing costs,
economists expect taxes to in-
crease, adding pressure on
consumers. Taxes in Europe
are already high relative to
those in other wealthy coun-
tries, equivalent to around
40-45% of GDP compared with
CYRIL MARCILHACY/BLOOMBERG NEWS 27% in the U.S.
Union ranks
The pauperization of Eu-
rope has bolstered the ranks
of labor unions, which are
picking up tens of thousands
of members across the conti-
nent, reversing a decadeslong
decline.
Higher unionization may
Americans have grown steadily richer since 2008, compared with 82% for the not translate into fuller pock-
while Europeans are becoming poorer. U.S., according to Interna- ets for members. That’s be-
tional Monetary Fund data. cause many are pushing work-
Average annual wages, in thousands That has left the average EU ers’ preference for more free
Adjusted for inflation and purchasing power
country poorer per head than time over higher pay, even in
$0 15 30 45 60 75 every U.S. state except Idaho a world of spiraling skills
and Mississippi, according to shortages.
U.S.
a report this month by the Eu- IG Metall, Germany’s big-
Germany ropean Centre for Interna- gest trade union, is calling for
tional Political Economy, a a four-day work week at cur-
U.K. Brussels-based independent rent salary levels rather than
France 2022 think tank. If the current a pay raise for the country’s
2019
trend continues, by 2035 the metalworkers ahead of collec-
Italy gap between economic output tive bargaining negotiations
2008
Spain
per capita in the U.S. and EU this November. Officials say
will be as large as that be- the shorter week would im-
Greece tween Japan and Ecuador to- prove workers’ health and
day, the report said. quality of life while at the
America’s economy is nearly Americans spend ever more same time making the indus-
twice the size of the eurozone’s. while Europeans’ consumption try more attractive to younger
They were similar in 2008. spending has stalled. Americans spend workers.
On the Mediterranean is- Kristian Kallio, a games de-
Gross domestic product, Final consumption land of Mallorca, businesses veloper in northern Finland,
current prices expenditure, current prices are lobbying for more flights recently decided to reduce his
$30 trillion $20 trillion to the U.S. to increase the working week by one-fifth to
number of free-spending 30 hours in exchange for a
25 U.S. American tourists, said Maria 10% pay cut. He now makes
15 Frontera, president of the Ma- about €2,500 per month.
20 U.S.
EU llorca Chamber of Commerce’s “Who wouldn’t want to work
15 10
tourism commission. Ameri- shorter hours?” Kallio said.
cans spend about €260 ($292) About one-third of his col-
10 Eurozone per day on average on hotels leagues took the same deal, al-
5 compared with less than €180 though leaders work full-time,
5 ($202) for Europeans. said Kallio’s boss, Jaakko
Weak growth and rising in- Kylmäoja.
0 0
terest rates are straining Eu-
2008 ’10 ’15 ’20 ’23 2008 ’10 ’15 ’20 ’23 rope’s generous welfare states,
Sources: Organization for Economic Co-operation and Development (wages); which provide popular health- Long bike rides
International Monetary Fund (GDP); World Bank (consumption) care services and pensions. Kallio now works from 10
Vivek Trivedi, a 31-year-old a.m. to 4.30 p.m. He uses his
income, partly because she & Gamble to luxury empire anesthesiologist living in free time for hobbies, to make
worries about having enough LVMH, which are making an Manchester, England, earns good food and take long bike
money for retirement. She ever-larger share of their sales about £51,000 ($67,000) per rides. “I don’t see a reality
spends little on clothes or in North America. year for a 48-hour workweek. where I would go back to nor-
makeup and shares a car with “The U.S. consumer is more Inflation, which has been mal working hours,” he said.
her partner’s father. resilient than in Europe,” Uni- about 10% or higher in the Igor Chaykovskiy, a 34-
Weak spending and poor lever’s chief financial officer, U.K. for nearly a year, is de- year-old IT worker in Paris,
demographic prospects are Graeme Pitkethly, said in April. vouring his budget, he says. joined a trade union earlier
making Europe less attractive The eurozone economy Trivedi said he shops for gro- this year to press for better
for businesses ranging from grew about 6% over the past ceries in discount retailers pay and conditions. He re-
consumer-goods giant Procter 15 years, measured in dollars, and spends less on meals out. cently received a 3.5% pay in-
Some colleagues turned off crease, about half the level of
their heating entirely over re- inflation. He thinks the union
cent months, he said. will give workers greater le-
verage to press managers.
Still, it isn’t just about pay.
Freezing eggs “Maybe they say you don’t
Noa Cohen, a 28-year old have an increase in salary, you
public-affairs specialist in have free sports lessons or
London, says she could qua- music lessons,” he said.
druple her salary in the same At the Stellantis auto fac-
job by leveraging her U.S. tory in Melfi, southern Italy,
passport to move across the employees have worked
Atlantic. Cohen recently got a shorter hours for years re-
10% pay raise after switching cently due to the difficulty of
jobs, but the increase was procuring raw materials and
completely swallowed by in- high energy costs, said Marco
MARKUS SCHREIBER/ASSOCIATED PRESS
flation. She says friends are Lomio, a trade unionist with
freezing their eggs because the Italian Union of Metal-
they can’t afford children. workers. Hours worked have
“It feels like a perma-freeze recently been reduced by
in living standards,” she said. around 30% and wages de-
Huw Pill, the Bank of Eng- creased proportionally.
land’s chief economist, “Between high inflation and
warned U.K. citizens in April rising energy costs for work-
that they need to accept that ers,” said Lomio, “it is difficult
they are poorer and stop to bear all family expenses.”

© 2023 Dow Jones & Company. All Rights Reserved.
ON THE
CLOCK
CALLUM
BORCHERS
T
he 4 p.m. meeting is can-
celed because half the
team can’t make it. You
send an email with what
would have been the
main discussion points,
and the replies roll in through the
evening and into the next morning.
A consensus that could have been
reached before dinner now forms
the following day.
The hours that bookend the tra-
ditional close of business have be-
come a dead zone at many compa-
nies, but employees aren’t just
blowing off work to relax for the
rest of the day. Workers say the 4-6
p.m. flex time they use to take a
turn in the kids’ carpool, hit the
gym or beat traffic often requires a
third shift at night to finish the
day’s tasks. They resent it when
leaders assume they aren’t putting
in eight or more hours of work, and
they’re loath to relinquish the free-
dom to set their own schedules.
Despite the return of teeth-
grinding commutes and overpriced
lunches, lots of workers are stick-
ing with the Covid-era habit of
clocking out early and making it up
later. By 4 p.m. on weekdays, golf
courses are packed, according to a
Stanford University study, as are
many New York City restaurants.
Microsoft researchers have
documented what they call a “tri-
ple peak” phenomenon in which
workers’ keyboard activity spikes
in the morning and afternoon,
then a third time around 10 p.m.
The tech giant predicts this pat-
tern is here to stay.
In a recent, one-month sample
of Microsoft Teams software us-
age, the share of virtual and in-
person meetings scheduled be-
tween 4 p.m. and 6 p.m. was down
7% from a year earlier, despite
widespread office returns.
CLOCKWISE FROM TOP: PHOTO ILLUSTRATION BY BLAKE CALE FOR THE WALL STREET JOURNAL, ISTOCK (2); ALBERT FONG; MERCEDES AYCINENA
Bosses can drag employees
back to their desks, but good luck
keeping them there until the end
of a 9-to-5 workday or beyond.
The 4-6 p.m. dead zone is one rea-
son so many executives are cranky
about hybrid work. They say it’s
the hardest time to reach people,
and things would be easier if ev-
erybody were present and ac-
counted for in person, even
though many workers seem to be
leaving offices earlier, too.
The Price
of Flexibility
For managers and co-
workers, one person’s hi-
atus can be another’s
headache.
“A lot of companies
have taken a loose ap-
proach under the belief
that we’re all adults, so
everyone will be self-dis-
ciplined and stay moti-
vated at whatever time
they’re working,” says Al-
bert Fong, vice president
of product marketing at
Kanarys, a maker of di-
versity-training software.
“That’s just not true.”
This Summer, Bus
Travel Is the Ticket
BY ETHAN M. STEINBERG
T
ravelers tired of delays, lost
luggage and long lines at the
airport are turning to another
mode they may never have consid-
ered before this summer: a bus.
More U.S. travelers are taking
intercity bus trips of all kinds, from
no-frills to deluxe options, data
from national and regional bus
companies show. Riding the bus is
often much cheaper than taking a
flight, and allows people to evade
airport hassles. But trips can take
far longer than advertised and dis-
ruptions can hit buses as surely as
they hit planes.
Flix North Amer-
ica, owner of Grey-
hound and FlixBus, Bus ridership
says ridership jumped jumped 63%
63% year-over-year
for the Fourth of July year-over-year
weekend, and 70%
over Memorial Day
for the Fourth of
weekend. Greyhound July weekend.
is the largest inter-
BEA OYSTER/THE WALL STREET JOURNAL
city bus carrier in the
U.S. By comparison,
air travel rose 11% for July Fourth
weekend and the same over Memo-
rial Day, Transportation Security
Administration data shows.
Air-travel misery sends people to
buses, bus executives say. Alex
Danza, chief executive of luxury-mo-
torcoach service Vonlane in Dallas,
PERSONAL JOURNAL.
Nothing Gets Done During
The New Workday ‘Dead Zone’
Late afternoon, when many colleagues vanish, is why so many managers dislike hybrid work
Flexibility can be a trap that
fuels our always-on work culture,
Fong adds. Instead of powering
through a late-afternoon gathering
and being done for the day, he of-
ten finds himself refreshing his
mobile inbox all evening or open-
ing his laptop on Sunday to catch
up on messages from colleagues
who work whenever.
Colette Stallbaumer, general
manager of Microsoft’s Future of
Work initiative, sums it up: “How
do we make it so that my flexibil-
ity isn’t your challenge?”
Ana Paula Calvo, an associate
partner at McKinsey & Co., says
says his phones rang off the hook
when Southwest Airlines melted
down late last year.
Another option
Lauren Steltzer, a user-experience
designer from Philadelphia, planned
to fly home from a trip to Charlotte,
N.C., at the end of June.
But her Frontier flight rolled back
to the gate after departing for the
tarmac, disembarked and was even-
tually canceled.
A spokeswoman for Frontier
says the flight was canceled due to
bad weather.
Steltzer’s itinerary, booked with
an all-you-can-fly
pass, was rebooked
for three days later.
But she couldn’t wait
and wasn’t willing to
pay for an earlier
flight, so she took a
Greyhound.
“I thought I would
sleep the whole
night, but every three
hours or so we had
to file off,” Steltzer
says of the bus. The trip lasted
more than 12 hours, and included a
two-hour wait at a transfer point.
But the ticket cost $140—less
than a last-minute flight. She says
she would make the same trip again.
Traveling by bus isn’t only a Plan
B. More road warriors are choosing
THE WALL STREET JOURNAL.
she considers how shifting her
hours can affect others. She some-
times works at night or on week-
ends to make up for bolting to day-
care many weekdays at 5:30 p.m.
At the start of any new project, she
does a norm-setting session to let
her team know there’s no pressure
for them to work off hours.
“People know that if I get back
to them at 11 at night, that doesn’t
mean I’m expecting them to reply
right away,” she says.
Albert Fong, above, says flexibility
can be a trap that fuels our
always-on work culture. CEO
Mercedes Aycinena, left, usually
leaves the office at 5 p.m.
bus travel from the outset to avoid
high fares and airport hassles, says
Ramin Shabanpour, a civil engineer-
ing professor who studies travel
behavior at the University of North
Florida.
Brandon Alexander made his first
Vonlane trip in late May. The 25-
year-old brand strategist from At-
lanta went to Nashville, Tenn., and
back. He enjoyed it enough to try it
again twice more. He paid $139 for
a one-way trip lasting four hours.
He felt almost like he paid too
little for the service he was treated
to on board. That included extra
neck pillows, blankets, eye masks
and snacks every 20 minutes.
Plus, he says, door-to-door tran-
sit time for the 250-mile trip was
equivalent to hopping on an air-
plane. The difference: no security
checks, waits at the gate and lower
It Can Wait
—Or Maybe It Can’t
Accommodating employees’ per-
sonal appointments—happy-hour
yoga, a teen’s tuba lesson—can be
necessary to recruit and retain top
talent, several business leaders tell
me. They add it sure makes get-
ting a quorum at meetings tough,
though. Others, especially child-
free workers, complain that their
workdays have become longer and
less predictable since it became
widely acceptable to take
breaks during normal busi-
ness hours.
Maria Banach, a pharma-
ceutical operations director in
Oregon, says she sometimes
wants to call a huddle to han-
dle a problem, only to learn
that someone on the team has
gone offline for a couple of
hours. That might not seem
very long, but her co-workers
are spread across several time
zones and their overlapping
business hours are limited. Is-
sues can linger overnight
when one or two people step
away early, Banach says, and
every day is precious.
Some executives have accepted,
even embraced, the reality that lit-
tle gets done from 4-6 p.m. An-
thony Stephan, chief learning offi-
cer of Deloitte U.S., says recorded
potential for lost luggage.
Rachel Barcellona, a 26-year-old
actress from New York, took high-
end bus service The Jet to Wash-
ington, D.C., for the first time in
June. After one trip, she says she’d
choose it over air travel. Her bus
trip felt like a first-class flight, she
says, but for $99.
Turning a corner
The bus industry could use good
news. Since 2020, between 30%
and 40% of small motor coach com-
panies in the U.S. have vanished
due to fewer travelers in the pan-
demic’s early days, according to Pe-
ter Pantuso, president of the Ameri-
can Bus Association.
Benjamin Blunt, CEO of Concord
Coach Lines in New Hampshire,
says his company raised fares be-
tween 10% and 15% in the past year,
.
Tuesday, July 18, 2023 | A9
tutorials are now a centerpiece of
the firm’s professional-develop-
ment program. Getting employees
together for an end-of-the-day
training session is seldom an op-
tion any more, he says. They hone
new skills when they feel like it.
Stephan, a father of five, holds
himself to a hard stop at 5 p.m. He
initially worried that others would
keep hustling after he called it a
day, but he now realizes others are
winding down early or right on
time. For emergencies, he tells his
team to put #criticalnow in an
email subject line. Most things can
wait until after his 5:15 a.m. work-
out the next morning, he figures.
At Komet U.S.A., a South Caro-
lina-based maker of dental equip-
ment, meetings after 4 p.m. or on
Friday afternoon are against com-
pany policy, except in special cir-
cumstances. Chief Executive Mer-
cedes Aycinena introduced those
calendar blocks last fall.
Aycinena, who has about 100
employees, usually leaves the of-
fice at 5 p.m. to spend time with
her three children and then re-
sumes work later as needed. She
lets subordinates shift their hours,
too, and credits flexibility with
helping reduce turnover from 50%
to 15% over the past year.
“I hate meetings after 4,” she
says. “My brain is done.”
Greyhound is the largest
intercity bus carrier in
the U.S. A ticket counter
in New York.
after having kept prices
steady since 2018. But
travelers have been
booking anyway, he says.
That is because even
a 50% jump in bus fares
takes a $25 ticket to
$37.50, Pantuso says.
Recent data suggests
that flying has gotten
cheaper. The consumer-
price index reports the
cost of airfare fell 18.9%
year over year in June.
Overall, bus travel has
grown more expensive—
by 1.8%—over the same
time frame, according to
the bus- and train-booking site
Wanderu, but there are exceptions.
The price for one common trip,
from New York to Boston, is down
by 22% from last summer, averag-
ing less than $40.
The cheap option doesn’t guaran-
tee smooth travel for passengers.
Peyton Grewell, 29, booked a 14-
hour Greyhound trip from Indianap-
olis to Marietta, Ga., in late June for
about $80 a ticket. Grewell’s bus,
after a planned stop in Nashville for
a transfer, was canceled and the
company could only rebook him on
a bus that was scheduled to arrive
13 hours later. He had little money
on him and no place to sleep, so he
ordered a $250 Uber instead. Grey-
hound declined to comment.
“I had like 50 pounds’ worth of
luggage in the middle of cornfields,”
he says. He plans to fly next time.
 .

A10 | Tuesday, July 18, 2023 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

PERSONAL
TECHNOLOGY
NICOLE
What Meta’s Threads Thing that’s happening. For live
sports, buzzy TV shows and cur-
rent events, search is essential.
Right now, you can only look for
NGUYEN
Needs to Beat Twitter accounts.
 Bookmarks: Some posts offer

M
eta Platforms’
Twitter rival—
Threads—is an
overnight success.
To get its 100
million-plus users
coming back, the Instagram-
linked, text-focused app needs to
replicate what made Twitter great:
the quirky communities and rapid-
fire, real-time updates you can’t
find anywhere else.
For the latest Wimbledon
match and the “Succession” finale,
I remained glued to the takes on
Twitter. In California, it was the
first place I checked after an
earthquake. Fan-run subcultures,
such as those dedicated to Taylor
Swift or BTS, also thrive there.
Twitter’s declining usage and
limits on the number of posts us-
ers can read give an opening to al-
ternatives like Bluesky and Mast-
odon, but none are as popular as
Threads.
So far, though, using Threads is
like showing up at a hip party and
discovering there are no snacks or
music. The app will need a lot
more to beat Twitter.
A cautionary tale
Users are fickle, though, flocking
to new social platforms then aban-
doning them months later once
the novelty wears off. (Remember
BeReal?)
Everyone in my network—my-
self included—is jumping on the
helpful advice. Others link to long
articles. I just want to bookmark
Missing elements include a desktop app and separation from Instagram funny memes. A save-for-later
function, like those on Twitter and
Instagram, would be great for
parking your favorites.
 Trending subjects: Twitter high-
lights trending topics, a controver-
sial feature because such key-
words have been abused by
malicious users to coordinate ha-
rassment and sow disinformation.
Popular conversation topics can be
valuable when moderated, though.
When my area was hit with wild-
fires, I leaned heavily on Twitter’s
trending-topics page for updates.
For posters
Then there are those who actually
put stuff out there. They’re influ-
encers, writers, academics, celeb-
rities, brands and more—power
users who need power features.
 Instagram-Threads separation:
Threads is “an Instagram app,” as
stated in Apple’s App Store. The
two are closely linked. You can’t
join Threads without an Instagram
account. You can’t change your
name or username on one without
changing the other. The forced in-
tegration doesn’t work for those
who have siloed Instagram for
friends and family, and Twitter for
professional posts. It can feel like
showing up to a Wednesday meet-
ing in a going-out top.
You also can’t delete Threads
without deleting your Instagram
account. (Mosseri said the com-

PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (2)

Threads bandwagon. We’re still
feeling out what exactly Threads
is. What are people talking about?
Where are the memes? Is this just
another fad?
For now, it’s hard to tell. No
one is behaving badly—yet. The
app has what popular menswear
writer Derek Guy described as
“disturbing levels of earnestness
and positive vibes.” Adam Moss-
eri, head of Instagram, said the
company won’t encourage politics
and hard news on the new plat-
form, which could make it hard for
users to find things to spar about.
Threads can’t be a snoozefest if
it wants to last. And to get past
the speed bumps Twitter is now
hitting, Threads will have to com-
bat spam, harassment and other
ills. The app will need to focus on
two crucial factions: the posters
and the lurkers.
Mosseri said the company is
working on a laundry list of fea-
tures, including support for multi-
ple accounts and the ability to edit
posts. He added that “it’s going to
take a while to deliver all this.”
Adam, if you’re reading, here’s
what to prioritize:
For everyone
 Desktop app: The action hap-
pens in the mobile app. On the
web, you can only see an account’s
latest threads or an individual
thread—and only if you have the
right link. You can’t search, post
or even see your own feed in a
browser. Mosseri said a “web
presence” will come eventually.
For posters, it can be tough to
type thoughtful responses or work
quickly from the tiny keyboard on
your phone. For lurkers, a desktop
app opens accessibility and ease of
news watching. Plus, it makes it
easier to look at the app while
they pretend to work.
 Grouping by topic: An unfiltered
feed, which is currently what you
see on Threads, can be over-
whelming. On Twitter, you can
create lists of different types of
accounts you follow to get a snap-
shot of what’s happening on a par-
ticular topic.
 Chronological and following
feeds: Threads doesn’t let you
view your feed chronologically, or
only see posts from people you
follow—popular features of Twit-
ter. What you see right now is a
hodgepodge. Mosseri said Threads
will have more feed options in the
future.
For lurkers
Some of the most avid social-me-
dia users never post anything.
These lurkers need tools that
make it easier to consume what
others share.
 Searching for posts: A feature
to search for keywords within
posts is coming eventually, Moss-
eri said. This is how people find
The Conversation around The
pany is looking into a way for peo-
ple to delete Threads separately.)
 Drafts: Good posts can take time.
Twitter and Instagram have a place
for posts that aren’t ready for the
world. Threads needs one, too.
 Character count: Threads allows
500 characters in each post—but
it lacks a counter to say how close
you’re getting to that limit.
 Name changes: Instagram lets
users change display names twice
every 14 days. Twitter lets you do
it whenever you want. This en-
ables one of Twitter’s quirky
charms, demonstrated in the Octo-
ber ritual of users adopting
spooky Halloween alter egos.
Threads, let me bring back Nicole
NooOOOooOOyen.

Borrowers Brace for during the payment pause

for a down payment on a
house they bought earlier
Student Loans’ Return this year in Forney, Texas.

‘A distant memory’
BY JOE PINSKER her $300 monthly payments Rarely do consumers get a

T
ens of millions of fed-
eral student-loan bor-
rowers will soon owe
monthly payments for the
first time in more than three
years. Some of them aren’t
ready for it.
The payment and interest
pause put extra cash into
people’s pockets, but they
tended to spend it rather
than save it, according to re-
cent research. Some borrow-
ers are now con-
cerned about being
able to cover their
student-loan bills
this fall. Many of
those who feel fi-
nancially ready
have started dial-
ing back their
spending on coffee,
clothing and other
everyday pur-
chases.
The typical
monthly loan pay-
ment will be be-
tween $210 and
$314, Wells Fargo
estimated using
data collected in
2019. This amount
is equivalent to a
pay cut of about 4% to 5% off
U.S. median household in-
come before taxes, according
to the Wells Fargo analysis.
Some 37 million borrowers
saved about $195 billion from
the pause on payments as of
April 2022, the Federal Re-
serve Bank of New York esti-
mated. The return of loan
payments will take more of a
bite out of many borrowers’
budgets than a single year of
dramatic rises in inflation did.
From December 2021 to De-
cember 2022, the income of a
typical U.S. household de-
creased on average by 1%
when adjusting for inflation,
according to estimates from
the economists Thomas
Blanchet, Emmanuel Saez
and Gabriel Zucman.
Spending agita
Erica Baker, a 26-year-old
this fall.
She has already started to
scale back on buying coffee,
but even giving it up wouldn’t
make enough of a difference.
“I wish I could look at my fi-
nances and say, ‘You are
spending like an idiot and you
can cut back in all these
places, and then you’ll be able
to pay your student loans,’”
she said. “But I’m not.”
Apparel, entertainment
and travel are the top
Stacey Banks, 29, has
already started adjusting
her spending.
spending categories where
student-loan borrowers are
more likely than the typical
American consumer to say
they have postponed pur-
chases lately, according to a
March survey from UBS In-
vestment Bank.
Stacey Banks has already
started adjusting her spend-
ing in advance of resuming
her loan payments, which
will be $552 a month. At the
grocery store, she is now
opting for store-brand eggs
and shying away from cereal
that rose in price to $7.99.
“No more Talenti for me,”
Banks, a 29-year-old who
works at a financial-services
company, said of a high-end
gelato brand that she re-
yearslong reprieve from a re-
curring bill. Andrew Read, a
39-year-old software engi-
neer in Oviedo, Fla., said he
has lost touch with what it
was like to part with the
money for his student-loan
payments each month.
“It’s like a whole new bill
popping up,” Read said of
the $171 he estimates he
will start paying in the fall.
“It’s one thing skipping a
payment for a few months,
but it’s another
thing three years
later. It’s like a dis-
tant memory.”
Read said he is
financially ready for
the payments to
resume, but not all
borrowers will be.
One in five is at
higher risk, relative
to other borrow-
ers, of struggling
to make their
monthly payments
after the restart,
according to a re-
port from the Con-
sumer Financial
Protection Bureau.
Some borrow-
ers took the pay-
ment pause as an opportu-
nity to save the extra money
or use it to pay down other
debts.
But the more common re-
sponse was to spend it, ac-
cording to a working paper
from researchers at the Uni-
versity of Chicago.
Financial dilemma
Kate Vaccaro expects to pay
about $200 a month on her
federal loans this fall. That
will revive a question she
used to struggle with before
the payment pause, about
whether to put in more than
her required payment each
month to get rid of her debt
more quickly.
“Anything you’re about to
spend, it’s like a guilt of,
‘Should I be spending this
somewhere else?’” said Vac-
caro, a 28-year-old human-
STACEY BANKS

content strategist in Es- cently stopped buying. resources manager at a

canaba, Mich., is worried Banks and her boyfriend staffing and recruiting firm
about being able to make used the money she saved in New York City.
 .

THE WALL STREET JOURNAL. Tuesday, July 18, 2023 | A11

ARTS IN REVIEW

B
lur has had long MUSIC REVIEW | MARK RICHARDSON Darren” are whimsical and weary

Blur Returns With Wry,

stretches when it in equal measure, hinting at
seemed more or less friendships and romances that
broken up, and the four seem to have crumbled, but doing
members—frontman/ so from a place of isolation. Oth-
guitarist Damon Albarn, ers shift between scenes of politi-

Reflective British Rock

lead guitarist Graham Coxon, bass-
ist Alex James and drummer Dave
Rowntree—have a famously acri-
monious relationship. On releases
like 1994’s “Parklife”
and 1999’s “13,” that
tension boiled over into
classic albums that
tackled English life
from a perspective al-
ternately satirical and
sincere. And during this
run of top-shelf mate-
rial, which ran through
2003’s “Think Tank,”
the group continuously
experimented, veering
from lean, lo-fi rock to
orchestral pomp to
electronic-tinged groov-
iness. Though Blur was
a cornerstone of Brit-
pop when the scene
was at its height in the
mid-’90s, unlike most of
its peers from those
days it kept pushing
forward until the band
decided to move on to
other things for a while.
Over the past 20
years, Blur went from
being Mr. Albarn’s pri-
mary outlet to some-
thing he revisits only
when the mood strikes,
and those times are
met with joyous cele-
bration in the U.K. Just
over a week ago, the
band sold out two
nights in the 90,000-
seat Wembley Stadium
in London. But in the U.S., this im-
portant and adventurous rock
band has never quite broken
through commercially. Blur’s high-
est charting album here, 2015’s
DAMIEN MEYER/AGENCE FRANCE-PRESSE/GETTY IMAGES
triguing point of comparison.
This is Blur’s simplest and
most direct full-length release—
it’s light on sonic flourishes as it
nails the basics. And if the sense
cal collapse and broken relation-
ships, but Mr. Albarn delivers
such heavy sentiments with an
eye for the poetic and a good
dose of wit. “Where are you
now?” he asks at the start of the
stately “Russian Strings,” and
later sings, “The tenement blocks
came crashing down / With head-
phones on you won’t hear that
much.” On the sixth track, “The
Narcissist,” Mr. Albarn begins by
saying he looked in the mirror
and saw “so many people stand-
ing there,” and he seems to be
looking back on his failures and
pumping himself up to do better
next time. He delivers fractured
and delightfully amusing lines
over a chord progression and har-
monic structure that approach
perfection—each delicate musical
turn is both comfortably familiar
and surprisingly new.
The guitar work from Mr.
Coxon is striking and efficient
throughout. On “Goodbye Albert,”
he slides between a distorted lead
line that breaks apart as it un-
folds and a gaseous drone that
brings to mind the dreamy atmo-
spherics of Robert Fripp. And the
closing “The Heights” has a final
section that builds and builds un-
til it seems like it’s going to ex-
plode in a fireball of
noise; then it cuts out
suddenly, and, just like
that, the album is over.
“The Ballad of Darren” is
a brief record—10 tracks,
36 minutes—and at many
points it sounds disarm-
Alex James and Damon Albarn of ingly similar to “Cracker
Blur performing in France earlier Island.” Both releases
this month avoid extremes, tone
down the experimentation
It’s a funny and bittersweet of the past, and showcase

“The Magic Whip,” hit No. 24,
which happens to be the same
rank as the lowest charting of the
eight studio LPs by Gorillaz, the
project Mr. Albarn oversees along-
side visual artist Jamie Hewlett.
And several of the latter outfit’s
records have hit the Top 5. The
ninth Blur album, “The Ballad of
Darren” (Parlophone/Warner), out
Friday, arrives just five months af-
ter the most recent Gorillaz LP,
“Cracker Island,” offering an in-
of risk is in short supply, Blur
compensates with ace songwriting
and impressive economy. The
opening “The Ballad” has a lovely
piano line and a tempo that suits
its title, and the song itself is in
part about growing older and ad-
justing one’s expectations. Mr. Al-
barn sings of what happens when
“the ballad comes for you,” using
the quieter and more reflective
form as a metaphor for death, but
doing so with a wink.
sentiment—one the following
track, “St. Charles Square,” up-
ends completely. It is the album’s
only out-and-out rocker—a fairly
mellow one by the band’s stan-
dards—and it has an appealing
punch, with a nicely jagged guitar
refrain by Mr. Coxon. “Every gen-
eration has its gilded poseurs,”
Mr. Albarn sings, in a line that
would have hit very differently if
he’d delivered it in 1995. Then, it
might have been a sarcastic jab at
a jealous hater. Now, it comes
across as funny and knowing, from
an artist long past needing to care
what anyone else thinks.
Many lyrics on “The Ballad of
the power of a well-
crafted song above all.
While it’s hard not to miss
the dazzling cockiness of
Blur at its turn-of-the-mil-
lennium peak, the band’s
commitment to craft this
far into its existence is its
own marker of confidence.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on Twitter @MarkRichardson.

The WSJ Daily Crossword | Edited by Mike Shenk

ARTS CALENDAR 1 2 3 4 5 6 7 8 9 10 11 12 26 How corn is
planted
HAPPENINGS FOR THE WEEK OF JULY 18 13 14 15 16 27 Contract
negotiator
17 18 19
BY WSJ ARTS IN REVIEW STAFF ranski and Kiersey Clemons Opera 28 California-
providing the voice talent. “Henri VIII” (Fisher Center, 20 21 22 based
Film Annandale-on-Hudson, July sneaker
“Barbie” (July 21): The Bar- Theater 21-30): Part of the Bard Sum- 23 24 25 26 27 brand
bie girl finally invites viewers “Here Lies Love” (Broadway merScape festival, Camille
28 29 30 31 29 Single-celled
into her Barbie world in one Theatre, New York, opens Saint-Saëns’s opera about the
of the summer’s most antici- July 20): Talking Heads front- king’s quest to divorce Cathe-
animal
pated films. Margot Robbie man David Byrne might be rine of Aragon to wed Anne 32 33 34 30 Astronaut
plays the iconic Mattel cre- an odd if not totally surpris- Boleyn gets a new staging Grissom
ation with Ryan Gosling as ing name to associate with from Jean-Romain Vesperini. 35 36 37
31 “I don’t
her Ken in a film with more Broadway, especially after his Alfred Walker sings the title
stars than rooms in a Malibu hit show “American Utopia.” role with Lindsay Ammann 38 39 40 usually fall
Dreamhouse. America Fer- But Fatboy Slim? The two and Amanda Woodbury play- to peer
rera, Rhea Perlman, Kate teamed with choreographer ing his ill-fated wives. 41 42 43 pressure,
McKinnon, Issa Rae, Dua Annie-B Parson and director but...”
Lipa, Simu Liu, John Cena, Alex Timbers on a musical Art 44 45 46 32 Not futz
Helen Mirren, Michael Cera whose topic itself is uncon- “Edward Hopper & Cape with
and more play dress up in ventional: the rise and fall of Ann: Illuminating an Ameri- 47 48 49 50 51
the movie directed by Greta Filipino First Lady Imelda can Landscape” (Cape Ann 33 In action
Gerwig that she wrote with Marcos. Museum, Gloucester, Mass., 52 53 54 55 56 36 Nuance
Noah Baumbach. July 22-Oct. 16): Timed to
“Oppenheimer” open on the great 57 58 59 37 Bad-mouth,
(July 21): Another American informally
seismic cinema painter’s birthday, 60 61 62 39 The
event of the sum- this show of more 9,036-piece
mer, Christopher than 60 works ex- Colosseum,
Nolan’s long- amines a pivotal MUSICAL CODAS | By Harry Doernberg e.g.
awaited biopic point in his career Across 33 Perseid 52 Site for 7 Frank for
about the theo- when he visited 42 Not fulfilled,
1 ___facto meteor singles that’s vegans
retical physicist Cape Ann and as needs
shower mo. available in 8 Dismisses
who helped de- was taken by the 5 Relevant Hebrew 43 Derisive cry
velop the atomic beauty of its nat- 34 Capital of derisively
bomb stars Cillian ural and man- 8 “Obliviate” Pakistan’s 55 Canadian gas 46 Tread noisily
9 Ride at a
Murphy in the ti- made vistas. Also from Punjab brand child’s party 47 War
tle role alongside included are Hermione, e.g. province 56 Track shape veteran’s
other Hollywood works by Jose- 10 Scrape (out)
13 Bestselling 35 Self- affliction,
familiars like Em- phine N. Hopper, 57 Young’s 11 Lucy of
cookie centered for short
ily Blunt, Matt his muse and accounting “Shazam!
14 Lighthearted sorts partner 48 Puts to work
Damon, Robert Downey Jr., Ryan Gosling and wife, but also an accom- Fury of the
Florence Pugh, Rami Malek Margot Robbie in plished painter. tap on the 37 Cherished 58 Swarm 49 Finished
Gods”
and Kenneth Branagh. ‘Barbie’ nose (with)
38 Prepares to 12 Trip round the 50 Victoria’s
Other 16 Owner of drive
TV “Pikmin 4” (Nintendo Switch, 59 Viral GIF, e.g. track Secret
Bell Labs 39 “Hamilton” garment,
“The Deepest July 21): The acclaimed puzzle 60 He’s next to 15 Symposium
Breath” (Netflix, July 19): Music series, in which players rally 17 Spineless sort creator Abe on Mount group for short
Those with fears of the Jaboukie, “All Who Can’t groups of beleafed creatures 18 Letter before ___-Manuel Rushmore 51 Painter Paul
ocean should avoid Laura Hear Must Feel” (July 21): called Pikmin to overcome Miranda 21 Cow chow
Bravo and 61 Recipe amt. 52 Leave, in
McGann’s documentary Actor, writer and comedian challenges, is back with its Charlie 40 Small 22 Cookware
about freediving, a sport Jaboukie Young-White is first installment since 2013. 62 Pennsylvania coating slang
19 Outdo amphibian
where people try to dive as adding another line to his ré- city on a lake
deep as they can on a single sumé: recording artist. His Last Call 41 Music for a 25 Two-terminal 53 Rapping Dr.
20 Music for a Down electronic 54 “What’s
breath of air without any first album tackles the “Peter Pan Goes barn raising? maternity
safety equipment. She fol- struggles of growing up the Wrong” (Barrymore Theatre, ward? 1 The Hawkeye devices more...”
lows Italian champion Ales- child of immigrants and cele- New York, closes July 23): 23 Shaggy pack State
43 Radiator Previous Puzzle’s Solution
sia Zecchini as she tries to brates his sexuality. From the creators of the hit animal
sound 2 Stiffly S L U N G P A S S E I P O
set a record and navigate an comedy “The Play That Goes 24 Insect respectable T Y P E O O S T E R M A O
underwater tunnel deep be- Dance Wrong,” this production sees 44 Historic A S T R O I N A C R U N C H
repellent
low the Red Sea. “One Dance” (David H. Koch another group of devoted if stretch 3 Eighteen- F O O D D E S E R T F O E S
25 Day, to Diego wheeler F L A A V E R T C O T
“Praise Petey” (Freeform, Theater, New York, July less-than-capable theater folk 45 Zest O N E O P O S S U M
July 21): After her father 20-22): The Seoul Metropoli- trying to stage a show, this 28 Wife of a lord 4 “Silly me!” WE I R D S E V E N U S A
dies, a New York socialite tan Dance Theatre offers a time the 1904 J.M. Barrie 46 Start for E X T R E M E M E A S U R E S
becomes a different kind of contemporary take on tradi- classic “Peter and Wendy.” 30 Music for a Antonio or 5 Surprised way R A D V I S O R O P E D S
influencer when she takes tional Korean dance and mu- fairway? Diego to be taken E M E R I T A R R S
P O L M I G H T L E A
over his small-town cult in sic in this limited engage- For additional Arts Calendar
WARNER BROS.

32 Buddhist 47 Music for the 6 Shirt with few A B E L Y E L L OWC A R D

this animated series with ment choreographed by listings visit wsj.com. Write master Pilgrims? buttons M I N O R R O L E I L I A D
Annie Murphy, John Cho, Hyejin Jung with Sung Hoon to brian.kelly@wsj.com and M A D A L I G N T E R S E
Stephen Root, Christine Ba- Kim and Jae Duk Kim. julia.fischer@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. O S S P Y L O N H O S E D

A12 | Tuesday, July 18, 2023
This Tour de France Is a Great One
Tadej Pogacar and Jonas Vingegaard trade spectacular attacks into the race’s final days
MARTIN DIVISEK/EFE/ZUMA PRESS
Saint-Gervais
Mont-Blanc, France
Yes, your bike dork
sports columnist is cur-
rently meandering
through the Alps, but
I’ll avoid making a shaky proclama-
tion about whether or not this
Tour de France is an all-time Tour
de France.
This cuckoo race is 110 editions
old, with incomparable eras, scan-
dals and levels of crazy. Cyclists
used to smoke cigarettes, take
strychnine and cocaine, raid bistros
for food and fix their own tires.
Not long ago, a rider ran up a
mountain without his broken bike.
I’ll say this: It’s one of the most
exciting Tours I’ve seen. If you’re
not watching, you’ve got to check it
out.
We’re into week three, just six
stages left before Sunday’s finale in
Paris, I’m riding in a rented Cit-
Argentines in Miami
Cheer Messi’s Arrival
BY ROSHAN FERNANDEZ
LIONEL MESSI wasn’t always re-
vered as a hero in Miami.
In 2016, Argentina had just lost
its second consecutive Copa Amer-
ica final to Chile, a game in which
Messi missed a penalty kick in a
shootout. Once again, Messi, per-
haps his generation’s greatest soc-
cer player, had failed to bring home
a coveted international trophy for
his country. He soon quit the na-
tional team.
Customers at Max Alvarez’s Ar-
gentine restaurant in Miami would
come in “laughing at Messi and
talking s—about him,” says Alvarez.
It was shortly after, when
Messi’s stock with Argentines was
at perhaps its very lowest, that Al-
varez commissioned the first itera-
tion of a large Messi mural on the
side of his restaurant. His restau-
rant, Fiorito, was already named af-
ter the Buenos Aires
neighborhood where
July21
Argentine legend Di-
ego Maradona was
raised. Honoring
Messi was important,
too. Lionel Messi is set to Argentine history. In
Now, customers
no longer laugh at
make his debut for
Messi like they used Inter Miami in a
to, Alvarez says. With Leagues Cup match. levels of unemploy-
the superstar’s an-
nouncement that he
signed with Major
League Soccer’s Inter Miami, their
sentiment is the complete opposite.
After Messi won the 2022 World
Cup, they’re “super proud and
happy that he’s going to be here
with us in Miami.”
“We love him,” Alvarez, co-
founder of Fiorito, says now. “He
really represents who we are, and
we feel like we gotta support him,
no matter what.”
Today, Miami’s Argentine com-
munity feels that same excitement.
Greater Miami is home to one of
the largest populations of Argen-
tines in the U.S.: over 52,000 live in city. In Miami, you can get by
the Miami-Fort Lauderdale-Pom-
pano Beach metro area, according
to 2021 data from the U.S. Census
JASON GAY
roën with the Journal’s Joshua
Robinson, and neither one of us
has a clue who is going to take the
winner’s yellow jersey.
Actually, check that: We are
very confident the Tour will be
taken by one of two riders—the de-
fending champion, Jonas Vinge-
gaard of Denmark, or the 2020 and
2021 winner, Tadej Pogacar of Slo-
venia—but we have no idea which
one. Like zero. Could be Jonas.
Could be Tadej. It’s that close. They
feel that evenly matched.
This is rare. Stage races like the
Tour—where the “general classifi-
cation winner” is the cyclist with
the shortest accumulated time—
tend to be careful affairs in which
contenders take few chances until
late. It’s exceptional to get a phone
booth knife fight that goes back
and forth for the whole race, which
is why you run into old-timers on
steel Pinarellos who want to talk to
Bureau. And they are stoked about
his first season with Inter Miami,
where he was unveiled on Sunday
and will debut on July 21, donning
the No. 10 jersey last worn by his
former Argentine teammate Gon-
zalo Higuaín.
“I think he chose Miami because
he can feel at home here,” says Leo
Graziano, whose family founded a
group of Argentine restaurants and
markets in Miami.
Argentine immigration to Miami
has historically been correlated
with the nation’s economic hard-
ship. Graziano’s family, like many
others, left Argentina for Miami to
seek better economic opportunities.
After Graziano’s father, Mario, had
his butcher shops in Buenos Aires
robbed repeatedly, the family emi-
grated to Miami in 1989 and re-
started its business there.
Once some Argentines estab-
lished themselves in the Miami
area, it became a
“magnet” for others
to follow, explains
Eduardo Elena, a Uni-
versity of Miami pro-
fessor specializing in
2001, Argentina faced
an increased debt
burden, increased
ment and poverty.
For some who had
the resources to
leave, the result was emigration to
places like Miami.
“They were immigrating from
Argentina like crazy,” says Gabriela
Costanso Pasqueriello of Buenos Ai-
res Bakery in Miami. “I was like ‘I
feel like I’m in Argentina, don’t
you?’ There’s just so many Argen-
tines here.”
Now, for entirely different rea-
sons, Messi—who has vacationed in
the city before—moved to Miami as
well. And he’s finding some of the
same qualities that have long
drawn people from Argentina to the
speaking Spanish if you prefer. Ar-
gentines say the lifestyle is familiar
to their home country. And its loca-
SPORTS
you about Greg LeMond squeaking
past Laurent Fignon by eight sec-
onds in 1989.
At the moment, after 62½ hours
of racing, Vingegaard leads Pogacar
by 10 seconds. That’s a sliver. His
margin could have disappeared
Sunday, when Vingegaard and
Pogacar attacked each other on
Mont Blanc. It could have disap-
peared Saturday, when they at-
tacked each other on the Col de
Joux Plane, and a Pogacar offensive
was foiled by a slowing official mo-
torcycle on the course—a madden-
ing bungle of bike on bike crime.
Two skinny rivals keep trading
blows, holding zero back, putting
on a charismatic show. Not long
ago, cycling was in a boring place,
hung over from the Armstrong
years and dominated by dull super-
teams stuck to cautious strategies.
That’s not happening here. I’d com-
pare the Tadej-Jonas duel to a clas-
From left to right, Inter Miami managing owner Jorge Mas, Lionel Messi, Jose Mas, and co-owner David Beckham.
tion is geographically advantageous
to easily access both Argentina and
Europe.
“He’s going to be so welcomed
and so loved,” Pasquariello said.
Local Argentines could hardly
process the good news when it
emerged in early June that Messi
had signed with Inter Miami.
“It was something unbelievable,
and to be honest with you, I did not
believe that news was true,” Anibal
Costanso, the founder of Buenos Ai-
res Bakery and Pasqueriello’s fa-
ther, said in an interview translated
from Spanish.
To welcome him, Pasquariello
ordered custom-made pink T-shirts
with Buenos Aires Bakery’s logo on
the front and Messi’s name on the
back. They have pictures of Messi
with trophies from the World Cup
and the Copa America (which Ar-
gentina finally won in 2021).
There’s also a photo showing the
bakery’s founder, Costanso—who
has been to eight or nine World
Cups—meeting a young Messi be-
fore a game in Venezuela.
Buenos Aires Bakery has no
doubt that Messi will visit their
store at some point. Last year, they
catered facturas—traditional Ar-
gentine pastries—for the country’s
national team. Costanso says he has
one waiting for Messi, too.
sic haymaker prize fight, like Mar-
vin Hagler-Tommy Hearns—even if
Pogacar and Vingegaard are built
like a pair of coffee stirrers.
The race could change again on
Tuesday in what’s become a critical
individual time trial, a sleepy if ec-
centric exercise in which cyclists
pull on aerodynamic skinsuits, don
helmets which look like salad bowls
sold at the MoMA store, and ride
against the clock.
Pogacar is superb against the
clock, famously winning his first
Tour in a late time trial. Vinge-
gaard is elite, too. Decisive seconds
are there for the taking, and I can’t
wait to see who gets them.
That shows you what a bizarre
Tour this is. I’m excited to watch
an individual time trial. It’s like be-
ing excited to watch someone sit in
the dark and eat a sleeve of gra-
ham crackers.
All credit goes to Pogacar and
“The first thing I would give
him is a factura,” Costanso says,
when asked what would happen if
Messi came to his store.
Graziano says he would want
Messi to feel like he’s at a steak-
house in Argentina. Graziano’s res-
taurants import their wood for
grilling—quebracho—and their
meats from Argentina. They have a
distinct flavoring that can’t be rep-
licated without importing, he says.
Graziano, Pasquariello and Alva-
rez would all want Messi to try
their Milanesa, a popular, homey
dish in Argentina which is breaded
meat. Milanesa a la napolitana is
said to be Messi’s favorite food.
“The satisfaction for me would
be amazing if he chose to walk into
our store,” Costanso said. “We
would be very honored.”
Today, Miami’s Argentine popu-
lation is more spread out than it
used to be. The neighborhood
dubbed “Little Buenos Aires” in
North Beach, which boomed around
2001, only houses a handful of Ar-
gentine businesses now.
The community is still strong,
though. Some returned to Argen-
tina when the economy improved,
but many have stayed.
“Who doesn’t want to come
from Argentina to Miami? Every-
body does,” Pasquariello said. “I
.
THE WALL STREET JOURNAL.
Defending Tour champion Jonas
Vingegaard, left, holds a 10-second
lead over Tadej Pogacar, right.
Vingegaard, friends and champions
both. It’s a respectful rivalry
marked by moments of grace—like
in 2022, when the pair called a
truce during a sketchy mountain
descent, shook hands, and safely
rode together.
Pogacar, 24, is the lighthearted
contender, a Slovenian superstar
who smiles at finishes and makes
corny jokes on social media. Vinge-
gaard, a former fishmonger from
Denmark, is the steely 26-year-old
champ, clearly weighted by the
leader’s yellow jersey, but refusing
to surrender.
We should also talk about
Vingegaard’s and Pogacar’s team-
mates, who are essential players in
this drama. Cycling teammates
help set pace, ferry water and food,
and protect leaders from the wind,
saving them energy for a late kick.
Vingegaard has two “super do-
mestiques” on Jumbo—the Belgian
powerhouse Wout van Aert, and a
28-year-old mountain goat from
Durango, Colo., Sepp Kuss. Kuss
has been brilliant all Tour, and may
be the third-most important rider
in the race, critical to helping
Vingegaard’s chances in the climb-
ing stages.
Pogacar, meanwhile, has been
energized by UAE’s addition of
Adam Yates, an experienced
climber who has stayed by his side
through the Alps and has a chance
at finishing third in the overall
standings. Last year, Covid demol-
ished the UAE roster, leaving
Pogacar isolated in the Jumbo mob.
This year, the team battle is joined.
The fantasy, of course, is that
Pogacar and Vingegaard take the
suspense into next weekend, finish-
ing Saturday’s mountain stage
locked in a tie and—this would
make cycling fans go completely
bonkers—settling the yellow jersey
on the cobbles of Paris.
Tour tradition holds that the
Sunday finale is a ceremonial pa-
rade, with no attacks on the yellow
jersey leader—it’s one reason the
LeMond-Fignon duel, which fin-
ished with a time trial into Paris, is
so beloved, as LeMond seized con-
trol on the last day.
Could Tadej and Jonas carry
this all the way until the final right
hand turn off the Place de la Con-
corde onto the Champs-Élysées?
Je ne sais pas!
Purists will scoff that a Paris
yellow jersey finale is impossible, a
violation of protocol, but a bike
dork can dream. There’s a week
left in France and it’s already a
fantasy Tour. It just needs a win-
ner.
CRISTOBAL HERRERA-ULASHKEVICH/EPA/SHUTTERSTOCK
think that’s like the place to be.”
Those who stuck around are the
ones who prompted Argentina’s na-
tional team to start planning to
build a training facility in Miami,
an unprecedented move. The goal,
the Argentine soccer federation’s
chief commercial and marketing of-
ficer Leandro Petersen told The
Athletic, is to identify talented
players with Argentine roots who
now live in the U.S.
“We’ll continue to track those
players who leave Argentina at a
young age,” he said. “If not, they’ll
end up representing another coun-
try.”
The night Messi won the World
Cup in December, many Argentines
in Miami rushed to Collins Avenue,
once the heart of Little Buenos Ai-
res. They cried, hugged, sang and
danced. They banged drums,
climbed onto light posts and roofs,
paraded around with flags, and
called relatives in their home coun-
try who were celebrating too.
Collins Avenue, a major through-
way, had to be shut down. “Crazy,”
Alvarez said. “The closest thing to
what we feel back home.”
Now, the man who made that
celebration happen is coming to
join them. “For us in Miami, it’s
great,” Graziano said. “We’re ex-
pecting him.”

THE WALL STREET JOURNAL.
OPINION
‘No Labels’ Equals Trump?
It’s probably
not a good
sign when a
political party
tells voters
that it will
stand down if
MAIN
it looks likely
STREET
to make a dif-
By William
ference in the
McGurn
outcome of an
election. But
that’s what No Labels found-
ing chairman Joe Lieberman
did this weekend on ABC’s
“This Week.” Mr. Lieberman,
the Democratic former sena-
tor and vice presidential can-
didate, spoke on the eve of a
town hall meeting at St.
Anselm’s College in New
Hampshire—a popular venue
in an early primary state.
“We’re not in this to be
spoilers,” Mr. Lieberman
said. “If the polling next year
shows, after the two parties
have chosen their nominees,
that in fact we will help
elect one or another candi-
date, we’re not going to get
involved.”
It’s an odd statement of
purpose. Then again, this is a
party that believes that the
way to inspire voters is to call
itself an “insurance policy.”
The No Labels argument is
that America deserves a bet-
ter choice than Donald Trump
or Joe Biden.
But what does that mean?
Mr. Trump is polling at 53.8%
in the Real Clear Politics aver-
age. If he secures the GOP
nomination, it will be because
Republican voters chose him.
Ditto for Mr. Biden. He’ll
be his party’s nominee if he
China’s Economy Hits the Skids
The bad eco-
nomic news
from China
keeps coming.
Exports fell
12.4% in June.
Between 2012
GLOBAL
and 2022
VIEW
China added
By Walter
at least $10
Russell Mead
trillion more
to its debt
load than the U.S. Youth un-
employment is at record lev-
els, even as manufacturers re-
port severe labor shortages.
The residential property de-
velopers at the heart of
China’s long boom look in-
creasingly vulnerable, and lo-
cal governments who have
long relied on a red-hot real
estate market for revenue are
turning to Beijing with their
hands out.
Some look at the troubling
statistics and predict that
China is headed for a cata-
strophic market bust. Such
forecasts, for now, seem pre-
mature. The central govern-
ment still has a lot of money
to throw at its problems, and
the increasingly totalitarian
state that China is becoming
has many policy tools at its
disposal.
But while China’s economic
outlook is as uncertain as its
long boom is unprecedented,
foreign-policy strategists
should prepare for a world in
which China’s era of superfast
growth has come to an end.
Many factors have com-
bined to make it harder for
China to maintain the blister-
ing growth of the last genera-
tion. Beijing’s current turn to
more central control and
Gender Ideology Isn’t Kids’ Stuff
By Erica Komisar
A
campaign is under way
to introduce schoolchil-
dren to the latest ideas
about sexual orientation and
“gender identity.” Pupils in
New Jersey are expected to
understand the differences
between these concepts by
fifth grade. An official of the
National Education Associa-
tion, the largest U.S. teachers
union, recommends asking
preschoolers their “preferred
pronouns.” The NEA’s Les-
bian, Gay, Bisexual, Transgen-
der, Queer+ Caucus has a
reading list for elementary-
school children that includes
titles such as “My Princess
Boy” and “Jacob’s New
Dress.”
It’s important that children
learn to accept differences;
but indoctrinating them or
promoting an agenda is an-
other matter. Parents, many
of whom find such ideas ob-
jectionable or exotic, are of-
ten kept in the dark about
succeeds in getting more
votes than other Democrats.
It isn’t Mr. Biden’s fault that
the only ones willing to take
him on are gadflies such as
Robert F. Kennedy Jr. and
Marianne Williamson. If
heavyweight Democratic gov-
ernors such as Gavin Newsom
and Gretchen Whitmer don’t
get in, that’s on them.
In presidential races, third
parties typically represent
some overriding principle,
such as libertarianism or
green ideology, that support-
ers believe is insufficiently
represented. In 1992 H. Ross
Perot ran on a populist plat-
form of economic nationalism
and received almost 19% of
the total vote. But when a
third party’s defining issue is
that is it too good for the
matchup produced by the
other two parties’ voters—in
this case, Trump vs. Biden—
it can look like virtue signal-
ing.
No Labels points to polls
showing Americans also pre-
fer a different choice. The
problem is that what many of
these people really don’t like
is the other party’s candidate.
For example, a Republican
primary voter may prefer Ron
DeSantis or Nikki Haley over
Mr. Trump. But what that
voter may really object to is
the possibility that putting
Mr. Trump on the ticket may
help re-elect President Biden
to a second term. Such a
voter is almost certain to pull
the lever for Mr. Trump in a
general election.
The same is true of Demo-
crats. An AP poll of Demo-
Communist Party “leadership”
undermines the private-sector
dynamism that helped make
the country’s economy so for-
midable. China’s model of cen-
tral control tends to work less
efficiently as the economy be-
comes more complex. Its
workforce is getting more de-
manding even as its popula-
tion begins to decline. China’s
trading partners have become
more sensitive to Chinese
rule-breaking as Chinese pro-
ducers threaten to dominate
more global markets.
A secular slowdown in
China’s growth would be a
mixed blessing for the U.S.
On one hand, many in the
U.S. and abroad believe unre-
alistically that China will
surpass the U.S. and outpace
the rest of the world for de-
cades. Such projections fos-
ter arrogance inside China
and defeatism among those
seeking to manage its rise.
Belief that China’s economic
surge will continue indefi-
nitely also increases the ap-
peal of China’s model beyond
its borders and encourages
business and political leaders
to see good relations with
China as indispensable for
long-term prosperity.
But slowing Chinese
growth won’t end America’s
China problem. Its economy is
already large enough, and its
military and technological ca-
pacities great enough, that
China will remain a powerful
and disruptive global force for
the foreseeable future.
In the short term, a slowing
Chinese economy could in-
crease U.S.-China tension.
Pointing to U.S. tariffs and
what their children are being
taught, or told they have no
right to opt out if they are in-
formed. Parents around the
country have filed lawsuits al-
leging that school officials
withheld vital information
about their own children from
them.
Children develop at their
own pace. Many aren’t psy-
chologically or emotionally
ready to discuss or think
Psychologically and
emotionally, most
aren’t ready for it.
about their “identity.” I have
seen many young adolescents
overwhelmed by the need to
know “who and what I am” in
a heated and socially pres-
sured environment. I have
even had teen patients tell me
that “identifying as heteronor-
mative”—yes, they’ve been
trained to talk that way—is
cratic voters in April found
that fewer than half (47%)
want Mr. Biden to run again
in 2024. But 81% of these
same Democrats say they will
vote for him if he becomes
their party’s nominee.
Insurance policies are a
hard sell here. Nonetheless,
No Labels tried on Monday
with its town hall featuring
not only former politicians
like Mr. Lieberman but also
A third party calling
itself an ‘insurance
policy’ won’t exactly
stir voter passions.
incumbent West Virginia Sen.
Joe Manchin—a Democrat at
odds with the leftward lurch
of his party. Mr. Manchin is
often thought the ideal candi-
date for the top of a No La-
bels presidential ticket.
But Mr. Manchin also em-
bodies the No Labels di-
lemma. Although he has been
a thorn in the side of his
party, among his own West
Virginia voters he is known as
the man who caved when he
was most needed. His vote
last year saved President Bi-
den’s $700 billion Inflation
Reduction Act and hurt him
with his state’s voters. Mr.
Manchin, whose current term
ends in 2024, is also trailing
in the polls against his likely
Republican opponent for re-
election, former West Virginia
Gov. Jim Justice.
In New Hampshire the No
controls over exports of sensi-
tive technologies, Chinese
leaders will deflect the eco-
nomic blame onto Washing-
ton. That will increase xeno-
phobic feeling inside China,
creating political pressure for
more assertive foreign-policy
moves.
Longer term, the effects of
decelerating Chinese growth
would likely be, from a U.S.
standpoint, more benign. Truc-
ulent finger-pointing might be
China’s short-term response to
What happens next
isn’t clear, but the
era of torrid growth
is likely over.
economic stress, but in the
longer run many in China
would see better relations
with the West as necessary for
China’s economic health and
political stability.
Long-term slowing growth
would likely force China’s
leaders to focus more on in-
ternal issues. With an aging
population, a frustrated youn-
ger generation and wide gaps
between rich areas like
Shanghai and Shenzhen and
poorer ones in the “Rust Belt”
northeast and interior, Beijing
will find it much harder to
maintain political stability in
a time of slow growth. In-
creases in the Chinese de-
fense budget could be more
difficult to sustain politically,
given pressure to spend
scarce funds on domestic pri-
orities as the population ages
stressful in an environment
that idealizes being “queer.”
Preadolescent children are
only beginning to discover
who they are. All children
(adults too) have both mascu-
line and feminine parts of
their personalities, which
they should be free to explore
in play. If a girl doesn’t like
wearing dresses and a boy en-
joys playing with dolls, it’s
cruel and destructive to lead
them to believe they’re actu-
ally members of the opposite
sex.
The harm to children is
physical as well as psycholog-
ical. Medical societies and
some schools promote off-la-
bel puberty blockers and life-
altering surgeries for children
and adolescents diagnosed
with “gender dysphoria.” Se-
attle schools teach fourth-
graders that “some people de-
cide, with the help of their
doctor, to take medicine or
hormones to change puberty
on purpose to better match
their gender.” Side effects of
Labels leaders also talked up
their new policy booklet,
“Common Sense.” Named af-
ter the fiery Thomas Paine
pamphlet that helped ignite
the Revolutionary War, “Com-
mon Sense” is about what you
would expect from those sell-
ing an insurance policy.
In other words, there’s
something for everyone. Ex-
cept the passion of Paine’s
original. Oh, for one sentence
like this: “But where says
some is the King of America?
I’ll tell you Friend, he reigns
above, and doth not make
havoc of mankind like the
Royal Brute of Britain.”
By contrast, the new “Com-
mon Sense” hails “the pas-
sage of historic bipartisan
legislation like the 2021 Infra-
structure Investment and
Jobs Act” as an example of
what can be accomplished.
Still, with all its outward
obstacles and inward contra-
dictions, the No Labels move-
ment has achieved one signif-
icant victory. Ironically, it’s a
highly partisan one. The new
party is loathed by all the
Never Trumpers—from Lin-
coln Project co-founder Rick
Wilson to former Obama
strategist David Axelrod. They
see a third-party challenge
taking more votes away from
Mr. Biden than Mr. Trump.
They’re probably right.
But it’s a free country. If
No Labels wants to put for-
ward a candidate despite the
odds, it is free to do so. The
real lesson here is that par-
ties don’t get to choose the
other party’s candidate.
Write to mcgurn@wsj.com
and important social needs go
unmet.
A return to something like
Deng Xiaoping’s policy of
“peaceful rise” could appeal to
a Chinese leadership facing
limited economic options and
a restless population. With
“peaceful rise,” Beijing
avoided problems with neigh-
bors and the U.S. to minimize
foreign worries about China’s
growing power. A willingness
to discuss arms limits and
confidence-building measures
in the South China Sea could
signal a future Chinese deci-
sion to turn to a less confron-
tational path.
Other consequences of a
secular slowdown in China’s
growth rate would ripple
around the world. The wealth
gap between China and devel-
oping neighbors like India and
Indonesia would likely narrow.
Commodity producers in Latin
America and Africa would face
less demand for their products
from a slowing China, even as
Beijing reduces its commit-
ments to controversial projects
like its Belt and Road Initiative.
Global emissions targets could
be much easier to achieve if
China’s growth slows.
Nobody, including your
Global View columnist, really
knows how China’s economy
will perform two, three or 10
years into the future. Beijing
propagandists want to trum-
pet China’s inexorable, un-
stoppable rise. But China, like
Japan, likely will experience
slower growth as its economy
matures, and American policy
makers must be ready for the
opportunities that the shift
will create.
puberty blockers include
mood disorders, brain swell-
ing, seizures and cognitive
impairment.
The Florida Legislature
last year passed the Parental
Rights in Education Act,
which requires that class-
room discussion of sexual
matters be “age-appropriate”
and prohibits it altogether
before fourth grade. It’s a
good first step. Society needs
to respect the role of parents
and empower them to make
decisions that are best for
their families. For too long
we have put the needs of
adults over children when it
comes to child care, educa-
tion and safety—and now sex-
ual ideology.
Ms. Komisar is a psychoan-
alyst and author of “Being
There: Why Prioritizing Moth-
erhood in the First Three
Years Matters” and “Chicken
Little The Sky Isn’t Falling:
Raising Resilient Adolescents
in the New Age of Anxiety.”
.
Tuesday, July 18, 2023 | A13
BOOKSHELF | By Kyle Harper
The Warrior
King
Theoderic the Great
By Hans-Ulrich Wiemer
(Yale, 635 pages, $45)
I
f there was a Roman version of “1066 and All That,”
the satirical romp through English history, the year 476
would surely be one of those suspiciously bold lines in our
collective historical imagination. It was then that Romulus
Augustulus, the last Roman emperor, was deposed in the west.
On one side of his 10-month reign lay Antiquity. On the other,
the Middle Ages.
Where does that leave Theoderic the Great, the Ostrogothic
king who reigned in Italy from 493 until his death in 526?
Under the rule of this Gothic-speaking warrior, the Colosseum
still rang with the roar of spectators, crisp mountain water still
streamed through the aqueducts, and giants of Latin literature,
like Cassiodorus and Boethius, still served in the senate.
Hans-Ulrich Wiemer’s
“Theoderic the Great: King of
Goths, Ruler of Romans” is a
monumental exploration of
the life and times of this re-
markable leader. It is the most
important treatment of its
subject since Wilhelm Ensslin’s
1947 biography, and since Mr.
Wiemer’s book (here in John
Noël Dillon’s fluid English
translation) surpasses its
predecessor in breadth and
sophistication, the author can
claim the laurel of having
written the best profile of
Theoderic we have.
The story of Theoderic is epic and improbable. He was
born in 453 or 454 in the ever-contested Danubian border-
lands, probably in what is now the east of Austria, to an elite
Gothic warrior and a mother of obscure background. The
Gothic tribe to which Theoderic belonged had just emerged,
following the recent death of Attila, from a long spell of
domination by the Huns. In 461, the boy Theoderic was
shipped to Constantinople as insurance for a treaty. He spent
almost a decade, his formative youth, in the great metropolitan
capital of the Roman Empire.
Theoderic’s power derived less from his distinguished
ancestry or the Gothic respect for royal legitimacy, Mr. Wiemer
emphasizes, than from his success as a warrior. As an upstart
prince, he killed the Sarmatian King Babai with his own hands.
As a commander at the head of a fearsome Gothic army, he
proved a fickle ally for the eastern Roman Empire, whose
emperors were hardly models of loyalty themselves. In the
early 480s, he was named commander-in-chief by the Romans.
Within a few years, he was besieging Constantinople.
If his career had ended there, Theoderic’s name would
belong among the distinguished mercenary warlords of the
troubled fifth century. But fortune favors the bold, and
Theoderic had even grander ambitions. In 488, he set off with
some 100,000 followers—men, women and children—in an
armed wagon train on an uncertain journey from the banks of
the Danube (in what is now Bulgaria) to Italy. Their goals were
to unseat Odoacer—the deposer of Romulus Augustulus—and
to find for themselves a permanent home. Theoderic cornered
Odoacer and his forces in the major stronghold of Ravenna,
and the two signed a treaty by which they were meant to
share power. The treaty lasted all of about 10 days, before
Theoderic personally clove his rival in two (“with a single
sword stroke,” Mr. Wiemer tells us, “slicing him apart from
collarbone to hip”). From such sanguinary beginnings emerged
a generation of peace in Italy.
What makes Mr. Wiemer’s survey so rich is his mastery of
recent research on the twilight of antiquity. Theoderic’s reign
cuts to the heart of virtually every great debate among
scholars of this period. Were his Ostrogoths an essentially
Germanic tribe, or is ethnicity a fiction ever reconfigured by
contingent power dynamics?
Theoderic’s power derived from his success in
battle. He killed one king with his bare hands,
and used his sword to slice another rival in two.
For Mr. Wiemer, a professor of ancient history at the
University of Erlangen–Nuremberg, Ostrogoths were a
“community of violence” whose material basis was war and
plunder. But the author recognizes that the masses who
followed Theoderic on his Italian adventure were a people of
shared history and culture, setting them apart from the natives
in Italy and drawing them closer to other groups, such as the
Visigoths who had settled in Spain and Gaul.
Mr. Wiemer is convincing on the main lines of Theoderic’s
domestic and foreign policy. At home, Theoderic pursued
functional specialization between the Goths and the Romans.
The former were warriors (if also landowners), the latter
civilians. A two-track government reflected this essential
division of labor. Theoderic sought complementarity, not fusion.
Abroad, he sought legitimacy from the eastern Roman
capital, along with stability in the post-Roman west. By means
of strategic treaties and an astonishing network of marriage
alliances among the Vandals, Visigoths, Franks, Burgundians
and others, Theoderic emerged as the most powerful ruler
west of Constantinople. Thanks to opportunistic expansion, he
came to control wide swathes of the Balkans, much of southern
Gaul and (nominally) the Iberian Peninsula. In the early sixth
century, it would not have been obvious that the Frankish
kingdom would prove more enduring and consequential.
If there is a weakness in this book, it is in trying to explain
the mystery of how Theoderic’s achievement unraveled so
quickly and completely. Mr. Wiemer offers a good account of
the tumultuous final years, including the eternal stain of
Boethius’s execution under Theoderic’s orders. But there is too
little on the aftermath of Theoderic’s reign. A succession crisis,
then reconquest by Justinian, followed by the devastating
arrival of the bubonic plague (which Mr. Wiemer under-
estimates), brought the Ostrogothic experiment to an inglo-
rious end. The material traces of Gothic presence are famously
few in the archaeological record of Italy. The thorough demise
and relative invisibility of the Goths contrasts with the
Lombards, who arrived a generation later. They wrested much
of the Italian peninsula by force from the Romans and ruled for
two centuries—without a leader half as grand as Theoderic.
By some shadowy process, Theoderic’s memory was pre-
served, or distorted, in the legends of Dietrich of Bern. Later
still, his legacy acted as a cipher for modern ideas about
German identity. But in Mr. Wiemer’s sober biography, we are
afforded the chance to see a man and a moment that do not
easily conform to simple conceptions of Antiquity or the
Middle Ages.
Mr. Harper is a professor at the University of Oklahoma and
a member of the Fractal Faculty at the Santa Fe Institute.
 .

A14 | Tuesday, July 18, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Kerry Tilts at Chinese Coal Plants Out From the Morass of Racial Preferences

C
hina said Monday that its economy gigawatts, or about 68% of the world’s total coal It is unwise to hire an unqualified quire hard data and proof that we
nearly stalled to a 0.8% growth rate in capacity under development. person for a job (“Racial Preferences had tried a variety of interventions
Bred 50 Years of ‘Mismatch’” by over the course of several months.
the second quarter, but never fear, John As of April China also had 180 new coal
Heather Mac Donald, op-ed, July 11). Months, in the life of a high-school
Kerry is here. The U.S. climate mines or mine expansions Admitting someone to Harvard based student, are in short supply; any de-
envoy is in Beijing this week to The U.S. climate envoy proposed, permitted or under on race, not preparedness, is equally lay in providing services would cer-
tell Chinese officials that they pleads with Beijing to construction, the nonprofit foolish. It sets the student up for fail- tainly have a negative effect on a stu-
need to follow America in put- reported. These would pro- ure (when he or she might do well at dent’s academic success.
ting their economy further at hurt its economy. duce some 657 million metric other universities) and harms the To me, it was tantamount to telling
risk by moving away from fos- tonnes per year upon comple- qualified students who are excluded a nearsighted child that too many
sil fuels at a rapid pace. tion and could release as because of race by denying them the children of her racial background
Mr. Kerry said last week that he’ll discuss much as eight million tonnes of methane emis- opportunity to excel. Racial discrimi- were already wearing glasses, so she
cuts to methane emissions and coal, among sions a year. nation is a lose-lose proposition. couldn’t have a pair.
other items. Somehow we doubt his Chinese Some of China’s coal plants serve as back-up BILL DUNKELBERG ANDREA CEONZO
Cape Coral, Fla. Highland, N.Y.
counterparts will take Mr. Kerry’s advice, capacity for renewable energy. But the energy
though they might do their diplomatic best to think tank Ember noted in May that coal still John Aaron was educated at One outcome of the decision to
humor him. That’s how they’ve strung the accounted for 61% of China’s electricity genera- Southwestern Oklahoma State Univer- ban racial preferences in college ad-
world along on climate for years. tion last year. That’s down from 78% in 2000— sity, which is less selective than Har- missions will be a much-needed re-
China signed the 2015 Paris climate accord, but China’s “total power sector emissions were vard but offers a perfectly respect- duction in stress for many high-
but that deal gave Beijing a pass to increase its five times higher than in 2000 . . . due to rising able education. Mr. Aaron, the SOSU school students. As a parent of two
emissions until 2030. And that’s exactly what coal generation to meet soaring power de- graduate, was instrumental in saving children with different ethnic back-
it’s doing. According to the Climate Action mand,” Ember reported. both the Apollo 12 and 13 missions. grounds, I was struck by how they
Tracker, which monitors national progress un- All of this suggests the Communist Party Fortunately, NASA, unlike many felt about revealing this information.
der the Paris agreement, “China’s emissions un- won’t make climate concessions at the expense major corporations, didn’t succumb My child of Indian ethnicity was
to snobbish sensibilities in its hiring stressed about having her odds of ad-
der current policies remain sky high with no of economic growth, and you don’t have to take
practices. Many of our brightest and mission reduced if she revealed her
sign of substantial emission reductions before our word for it. In a January 2022 speech, Presi- best, of every skin tone, are educated ethnicity. My child of Hispanic ethnic-
the 2030 peaking timeline.” dent Xi Jinping said carbon goals shouldn’t outside elite colleges. ity was stressed about the moral im-
The Climate Action Tracker says that be- come at the expense of the “normal life” of Chi- JULIA LUTCH plications of receiving an unfair ad-
tween 2015 and 2022 China’s greenhouse gas nese people or energy or food security, accord- Davis, Calif. vantage by revealing his ethnicity.
emissions increased nearly 12%, while U.S. ing to a Reuters article citing the state-run Xin- BRIAN SUCKOW
emissions declined some 5%. China’s methane hua news service. When I was a high-school special- Palo Alto, Calif.
emissions rose about 3% from 2015 to 2021, the Carbon-neutrality goals “can’t be detached education teacher, the upstate New
latest year with good data, while the U.S. cut from reality,” Mr. Xi reiterated in March, ac- York school district in which I Racial preferences, in college ad-
them by 5%. cording to a South China Morning Post article worked was cited for having too high missions or government contracting,
Mr. Kerry will have an uphill climb on Chi- citing the state-run People’s Daily. “We can’t a percentage of black students classi- has been a loser in state referendums
fied as needing special-education ser- and in opinion polls among all races
nese coal in particular. The Climate Action toss away what’s feeding us now while what will
vices. I’ll never forget the dumb- and ethnic groups because the pro-
Tracker says China’s “coal production reached feed us next is still not in our pocket.” founded expressions on the faces of grams don’t require the beneficiaries
record levels in 2022 for the second year run- The post-Covid economic boom that China my fellow teachers as we were in- to have suffered harm but do require
ning,” and “coal is set to remain the backbone” expected isn’t happening. And data earlier this formed by administrators that we the displaced, almost always inno-
of China’s energy system. No kidding: Between year revealed that one in five Chinese youth are had to bring that number down. cent, to bear the program’s costs.
2020 and 2022, China added some 113 giga- jobless. Mr. Kerry can tilt at climate targets all Any future requests for classifica- PROF. DOUGLAS COATE
watts of new coal-fired power plants, according he wants, but Beijing isn’t going to risk the po- tion would be handled differently, Rutgers University–Newark
to S&P Global Commodity Insights. The entire litical upheaval of mass unemployment to meet and our recommendations would re- Newark, N.J.
world managed to retire some 187 gigawatts of emissions targets while raging wildfires in
coal plants between 2017 and 2022. North America offset any CO2 reductions.
As of January China had some 306 coal-fired The risk for U.S. interests is that the Biden
power stations proposed, permitted or under Administration will make consequential conces- When You Come to America, What’s in a Name?
construction, according to Global Energy Moni- sions on technology export controls, arms to Maggie Hroncich delightfully artic- and language. I left Croatia 45 years
tor, a nonprofit that tracks worldwide coal-fired Taiwan or something else of strategic impor- ulates the dilemma of those whose ago, and I am American because I
power projects of 30 megawatts or more. When tance in exchange for climate promises Beijing last names don’t line themselves up love this country and signed the
finished those plants would generate some 366 has no intention of keeping. in familiar Anglo-Saxon spelling for- Pledge of Allegiance when I was natu-
mations (“I Don’t Know How to Say ralized. Still, I proudly followed Croa-
My Own Last Name,” op-ed, July 13). tia’s metamorphosis into a demo-
The Biden Accounting Jobs Boom In my immigrant grandparents’ gen-
eration, the solution was more direct,
cratic state, its political ups and
downs and its soccer successes. Doing

F
or all of you recent graduates, we have
two words: tax accounting. We were
looking into the June jobs report and,
what do you know, tax preparation and account-
ing rank among the fastest growing fields in the
Biden economy.
Hiring in finance, information and many pro-
fessional services has slowed in recent months,
but the accounting, tax prep, bookkeeping and
payroll job category keeps growing at a solid
clip. The field has added 30,800 jobs this year,
and its 2.7% growth rate since January exceeds
that for professional business services (0.9%)
and even leisure and hospitality (1%).
By the time President Biden entered office,
the jobs lost at the start of the pandemic in ac-
counting, tax and payroll services had recovered.
Since January 2021 the field has added 138,400
jobs, compared to about 30,100 during the first
two and a half years of the Trump Administra-
tion. The Biden Presidency is springtime for
green eye-shades.
The GOP’s 2017 reform simplified the individ-
ual and corporate tax codes by eliminating many
credits and itemized deductions such as for mov-
ing expenses and alimony. Even while accoun-
Tin-Foil Logic for Tin-Mill Tariffs
tants had to spend time getting up to speed on
the changes, filing tax returns for the most part
wasn’t more onerous. Then came the Biden Ad-
ministration.
The March 2021 American Rescue Plan Act in-
cluded new or enhanced tax credits for health in-
surance, children, dependent care, paid leave and
employee retention. Most but not all have ex-
pired. The Inflation Reduction Act has also added
a panoply of green-energy tax credits with com-
plicated eligibility rules and “bonuses” tied to
union labor and a project’s location.
And don’t forget the law’s new 15% minimum
tax on corporate book income with exemptions
for green energy and other politically favored in-
vestments. Meantime, the club of rich nations
known as the Organization for Economic Coop-
eration and Development is preparing a global
corporate minimum tax for multinationals, and
the Biden Administration is planning to hire tens
of thousands of Internal Revenue Service agents
to audit more taxpayers.
All of this means more billable hours for ac-
countants. They may have the closest thing to
a recession-proof job in this current era of pro-
gressive government.
if self-denying: “Americanize” it.
Kempinsky became Kaye, Shlomowitz
metamorphosed into Sims. Prescott,
née Preschutto.
I’m glad Ms. Hroncich’s family
didn’t choose that route to accep-
tance, validating her point that “any-
one can become as thoroughly Ameri-
can as anybody else,” without
sacrificing your own heritage.
I realize not everyone can reap the
benefit I did of having Mel Brooks
turn your name into an intergalactic
blessing. “May the Hroncich be with
you” probably wouldn’t work as well.
ALAN M. SCHWARTZ
Teaneck, N.J.
The sad part to Ms. Hroncich’s
story is how some immigrants sup-
press their own identity. It seems
that later generations of her family
let go of the history and memories
from Croatia, depriving their children
of knowledge of their former culture
U.S. Disadvantage in International Shipping
A reader attributes the dearth of
U.S.-flag vessels in the international
trades to the Jones Act (Letters, July
so, I didn’t destroy “the patchwork
quilt that is America.”
RAOUL M. FISCHER
Surfside, Fla.
Ms. Hroncich’s op-ed resonates
with me. Within the collage of ethnic-
ities I possess, one is Portuguese. My
great-grandfather’s surname was Al-
ves. (I am told it is pronounced Al-
vesh.) He migrated from the Azores.
Once he came to America and
started a family, he changed the name
to Alvarez because he thought Alves
sounded too Spanish. Huh!
His children split on its pronuncia-
tion: One faction pronouncing it AL-
va-rez; the other al-VA-rez. I couldn’t
shake off a funny feeling hearing two
great-uncles pronounce their last
name differently. My grandmother
was spared the conundrum; she mar-
ried a Thompson.
JIM THOMPSON
Oakland, Calif.
tries levy no income taxes on the
owners of vessels under their flags
unless they are domestically owned.

L
11), a statute that, however effective Owners of U.S.-flag vessels don’t
ike subsidies for a favored business, tar- Exports of canned goods would decline while it may or may not be in its aim of compete on a level playing field. That
iffs on a product invariably lead to politi- imports would increase. An April study by Trade promoting U.S.-flag domestic ship- is why there are so few of them in
cal demands for more. The Trump steel Partnership Worldwide estimated that new du- ping, applies not at all to interna- the international trades.
tariffs have cost thousands of tional shipping. The lack of U.S.-flag ROBERT L. POSTER
ties would cost up to 39,780
Will Gina Raimondo vessels in international trade has a New York
jobs, yet Ohio steel manufac- downstream jobs while poten- few causes. First is our legal system,
turer Cleveland-Cliffs and the punish all Americans to tially creating a mere 66 new which makes liability for injury to
United Steelworkers (USW) ones in tin-mill production. mariners more expensive in court, What Took Them So Long?
are now demanding additional help Sherrod Brown? That means the tariffs could and results in a greatly increased cost
tariffs on tin-mill products. kill 600 jobs for each one they As a lawyer who worked on fraud
of insurance of U.S. flag vessels.
cases for over four decades, I can as-
Better stock up on canned soup create. Second is the unionization of all
sure you that securing documentary
before prices soar. Tariffs would also inflate canned-goods who work on U.S. vessels, which
evidence to prove financial wrongdo-
Cleveland-Cliffs and the USW in January peti- prices. An analysis by the Juday Group esti- causes the wage scale of their officers
ing is relatively easy: The proof is in
tioned the Commerce Department and the U.S. mated that canned-food prices would increase and crews to be a multiple of that of
the bank records. In the case of Hunter
International Trade Commission (ITC) to impose by 19% to 30%. Canned vegetable prices in the their competitors. Third is our tax
Biden (“Hunter’s Prosecutor Keeps
system, which requires ship operators
duties between 13.5% and 294.3% on imported U.S. have risen by nearly 30% since the start of Dodging,” Review & Outlook, July 11),
controlled by U.S. citizens to pay
tin-mill steel from eight countries. They claim the pandemic owing to higher energy and tin- taxes on all profits, wherever earned,
the fraud and tax-evasion investigation
foreign manufacturers are “dumping” steel used mill steel prices. Doesn’t the President purport should have taken six months to a
whether or not brought back to the
in canned goods on the U.S. market at less than to care about “food security”? year. That it took five years tells me
U.S.—a requirement almost unique to
the “fair value” price. Oh, and the tariffs would alienate such allies that, indeed, “something is rotten in
the U.S. Most countries don’t tax
the state of Denmark.”
This is nonsense, and they know it. U.S. can as Canada, Germany, the Netherlands, U.K., Tai- their citizens on unrepatriated funds,
SCOTT HOYNE
manufacturers rely on imported tin-mill for wan and South Korea, all countries targeted by and the flags-of-convenience coun-
Long Grove, Ill.
62% of their supply owing to a lack of domestic the tariff petition. They might retaliate with tar-
alternatives. Cleveland-Cliffs and U.S. Steel are iffs on U.S. exports. The tin-mill tariffs would
the only two significant domestic manufactur- make it harder for the Administration to rally a No to Academic Groupthink
ers, but they can’t produce the high-grade tin- free-world coalition to confront China over its Once again Ruth Wisse distin-
Pepper ...
mill that can and food manufacturers require trade policies. guishes herself with incisive prose And Salt
these days. “Tariffs on ally countries would be out of while clarifying insidious “corruption”
THE WALL STREET JOURNAL
Rather than invest in specialized tin-mill, U.S. step with the Administration’s efforts to rebuild in even the most esteemed elements
steel manufacturers such as Cleveland-Cliffs have and enhance relationships with these nations of the academy (“Harvard’s Stages of
prioritized making steel with higher margins. As and work on areas of mutual importance,” Vir- Grief Over Affirmative Action,” op-ed,
July 7). I admire her courage in dar-
a result, domestic tin-mill production capacity is ginia Sens. Mark Warner and Tim Kaine wrote
ing to challenge her colleagues’ wide-
expected to be about 45% lower by the end of this to Commerce Secretary Gina Raimondo on July spread presumptions of moral superi-
year than in 2017, the year before the Trump Ad- 6. The Administration’s decision on the tariffs ority, also known as groupthink.
ministration’s steel tariffs took effect. is due by Aug. 16. JOHN REDMOND
Tin-mill accounts for 2% of Cleveland-Cliffs’s Forty-four Members of Congress from both Greensboro, N.C.
steel sales volume. Were the Administration to parties are urging the Administration to reject
slap steep tariffs on imports, domestic produc- the tariffs. But Cleveland-Cliffs and the USW
Letters intended for publication should
tion wouldn’t come close to meeting demand. have in their corner Ohio Democratic Sen. be emailed to wsj.ltrs@wsj.com. Please
Prices would invariably rise, which would in- Sherrod Brown, who faces what could be a include your city, state and telephone
crease Cleveland-Cliffs’s margins. But higher tough re-election race next year. Will the Ad- number. All letters are subject to
prices would make U.S. can and food manufac- ministration punish Americans to help one editing, and unpublished letters cannot
be acknowledged.
turers less competitive. company and one Senator? “I just wear ruffage. I don’t eat it.”

THE WALL STREET JOURNAL.
Old-Fashioned Conservatism Stirs in Spain
By Joseph C. Sternberg
A
Madrid
specter is haunting Eu-
rope, but for a change it
isn’t communism. In-
stead the Continent is
experiencing a tentative
revival of conservatism. Spain,
which goes to the polls on July 23,
could be the next country to do
that most unusual of things these
days: Elect a mainstream party of
the center-right.
Incumbent Prime Minister Pedro
Sánchez, a Socialist, called the snap
election after his party’s heavy
losses in May’s local elections sug-
gested that his left-wing adminis-
tration had lost its popular man-
date. Sure enough, opinion polls
show the center-right Popular Party
under Alberto Núñez Feijóo in the
The center-right Popular
Party offers an agenda for
growth and a one-nation
cultural message.
lead, although the margin is nar-
rowing. That would set it up either
to govern alone or to form a coali-
tion government with the further-
right Vox, in which the Popular
Party would be very much in the
driver’s seat.
Vox isn’t the real story here,
though the prospect of the party en-
tering a ruling coalition has trig-
gered media histrionics here and
abroad thanks to elements of its
culture-war strategy. Vox is opposed
to flying gay pride flags on govern-
ment buildings, derides laws against
domestic violence for being biased
against male victims, and criticizes
FREE
EXPRESSION
By Gerard Baker
I
t might be the single biggest
irony of democratic politics that
the short-run performance of a
nation’s economy is the most reli-
able determinant of an incumbent
party’s electoral fortunes, even as
the actual policies pursued by that
party typically have only the most
tangential effects on the cyclical be-
havior of the economy in the years
it holds office.
Politics, like much of journalism
these days, is about mendacious
simplification and tendentious exag-
geration. So we must expect a presi-
dent to claim vindication for his pol-
icies when things go right just as we
must expect his opponents to claim
vindication when things go wrong.
And voters—or at least the dimin-
ishing number of those who change
their minds every four years—gen-
erally accept the paradigm.
But this shouldn’t blind us to the
fact that it is absurd to think that
an economy that generates $25 tril-
lion of activity every year works
like a hypersensitive machine, the
controls of which merely have to be
Affirmative Action Bred Hypocrisy and Victimhood
By Bobby Jindal
I
n the wake of the Supreme
Court’s decision striking down
affirmative action in college ad-
missions, liberals have vowed to
find workarounds. Conservatives
must continue to make the case for
merit as the logical organizing prin-
ciple for America.
The elevation of victimhood
over achievement has led many to
misrepresent their racial and gen-
der identities in pursuit of advan-
tages in professional and academic
positions. Students at selective
colleges are identifying as non-het-
erosexual at rates several times
higher than historic or national av-
erages, though University of Lon-
don political scientist Eric Kauf-
mann noted that there hasn’t been
a corresponding increase in sexual
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
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a law that allows individuals over
age 16 to change legal documents to
identify as a gender other than their
sex on their say-so alone.
The uproar is overdone. In a co-
alition government with the Popular
Party, the logic of democracy dic-
tates that only those matters where
a broader consensus exists will see
changes. Gay marriage will stay le-
gal, while gender self-identifica-
tion—where the socialist govern-
ment has marched well past the
mainstream—may go.
And Vox’s star may be fading
anyway. Polls suggest it’s likely to
win fewer seats in this election
than the 52 (in a 350-seat lower
house) it won in the last national
election in 2019. The party per-
formed well in some local contests
in May and is on track to enter co-
alition governments with the Popu-
lar Party in some provinces. But in
regions where it has negotiated
various forms of coalition with the
Popular Party before, Vox has
struggled to translate its sometimes
contradictory slogans into passable
legislation.
More surprising than Vox is the
Popular Party itself. The old main-
stream parties of the center-right
are falling apart across Europe.
France and Italy don’t have them to
speak of anymore. Angela Merkel
wrecked Germany’s Christian Demo-
cratic Union, long the anchor of Eu-
ropean conservatism, which now
faces a long road to electoral recov-
ery. Britain’s exhausted and adrift
Conservatives are set to get wiped
out in an election due next year. In
Sweden and Finland, center-right
parties govern only as plurality
parts of large coalitions.
Spain is one of two examples in
Western and Southern Europe
where the traditional mainstream
right is figuring out how to win
How to Think About ‘Bidenomics’
tweaked one way or the other by a
team of economic wizards in the
White House and Congress to pro-
duce glorious success or dismal
failure.
If you doubt this and insist on re-
taining a touching faith in some
critical role played by politicians in
the business cycle, you might pon-
der why, in the past 50 years, we
have had periods of growth, stagna-
tion, inflation and disinflation—and
everything in between—under ad-
ministrations and congresses vari-
ously committed to fiscal expansion
and fiscal restraint, regulatory ac-
tivism and regulatory retrenchment,
free trade and trade restrictions.
Conservatives especially should
be skeptical of the idea that the
color of an administration’s politics
drives immediate returns—not just
because such claims are at ideologi-
cal odds with belief in the central
role of the market in economic out-
comes, but also because, inconve-
niently, each of the past five reces-
sions in the U.S. has occurred under
a Republican president.
This isn’t to say, of course, that
government policy is irrelevant to
economic performance. In the short
term it can have marginal effects on
demand, especially at turning points
in the cycle—fiscal support in reces-
sions can be particularly helpful.
behavior tied to those identities.
I’ve heard of parents at elite pri-
vate high schools using genetic
testing services hoping to identify
any ethnic heritage that would
boost their children’s college appli-
cations and of young professionals
falsely identifying as bisexual for a
career boost.
Racial and gender quotas result
in liberals’ willful hypocrisy and
convoluted rationalizations when
they are confronted with the reality
that aptitudes, interests and effort
aren’t always evenly distributed
among their superficial and shifting
politicized racial categories. Liber-
als have translated their calls for
increased diversity into demands
that colleges admit and employers
hire black and Hispanic applicants
in proportion to their group’s share
of the U.S. population.
Robert Thomson
Chief Executive Officer, News Corp
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Chief Executive Officer and Publisher
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OPINION
Alberto Núñez Feijóo greets supporters in Burgos, Spain.
convincingly. Greece is the other,
following a landslide victory for
Kyriakos Mitsotakis of the New De-
mocracy party this spring. But
Greece is a special case, given its
uniquely awful economic crisis after
2010. Spain for all its problems is a
fairly normal, large country. What’s
the Popular Party’s secret?
One element is its willingness to
engage in the culture war in ways
that appeal to Vox voters while re-
maining within the centrist main-
stream of Spanish opinion. This is
most evident on issues that don’t reg-
ister as much in the Anglosphere.
National unity is a big one, in a
country with strong historical and
cultural divisions between regions
and a 20th-century history run
through with political violence. On
this point, the charge sheet against
Mr. Sánchez is that he has cozied up
to regional separatists, governed co-
operatively with Communists—
problematic in light of parts of that
And, in times of war or pandemic
(as we have seen very recently with
the latter), public intervention can
dramatically influence the level of
economic activity.
But in normal times, for at least
the last half-century, the business
cycle has been driven primarily by a
combination of global economic con-
ditions, internal and external supply
and demand shocks, and, most im-
portantly, monetary policy.
Don’t ask if the economy’s
stronger than it was four
years ago. Will it be stronger
in 2033 than it is today?
Wise politicians would seek to do
at the margins whatever can be
done to meet the immediate needs
of the economy while focusing most
of their energy on structural chal-
lenges, setting the broad fiscal and
regulatory conditions that will sup-
port sustainable growth in the long
run.
Like my colleagues on these
pages and most of our readers, I
suspect, I strongly support a struc-
tural approach that reflects and
builds on the unrivaled success of
Some logical conclusions of their
race-based approach that liberals are
loath to admit: Immigration and
medical school policies should be al-
tered to reduce the number of In-
dian-American physicians, and selec-
tive colleges, which generally already
require higher test scores for Asian-
American applicants, should raise
standards even higher so that Asian-
American and Jewish students aren’t
overrepresented on campus. When
asked about apparent dampened ide-
ological diversity among its student
population, a Harvard administrator
admitted to me in 2004 that evan-
gelical parents were less likely to
send their kids there and claimed
that was good for both the kids and
the school.
Privileging minority status in ad-
missions and hiring decisions inevi-
tably brings about a hierarchy of
competing victimhoods. Liberals
have moved beyond debating which
minority groups deserve preferential
treatment. They now create distinc-
tions within groups. Activists com-
plain that recent black immigrants,
their children, and children of bira-
cial couples are less deserving of
preferential treatment than descen-
dants of American slaves.
This unseemly debate raises un-
answerable questions: How should
we quantify and compare the an-
cestral loss of Holocaust survivors
to victims of American slavery to
those who suffered from European
colonization? The more important
question liberals should be con-
sidering: How long should we dis-
advantage those who didn’t com-
mit these evils and reward those
.
Tuesday, July 18, 2023 | A15
after some of the disappointments of
the Rajoy era. During Mr. Rajoy’s
time in office, 2011-18, Madrid had to
implement punishing Keynesian fiscal
policies to comply with EU rules after
the sovereign-debt crisis. Popular
Party supporters especially bristled
at the tax increases. This became the
heyday of a centrist party called Cui-
dadanos—“citizens”—that favored a
more free-market approach.
The media obsession with Vox
has obscured the Popular Party’s
success in re-absorbing many voters
CESAR MANSO/AFP/GETTY IMAGES
from Cuidadanos thanks to a rein-
vigorated economic program. This
includes promises of tax cuts, such
as elimination of a windfall profits
tax Mr. Sánchez imposed on banks
and energy companies, the end of a
wealth tax, and income-tax simplifi-
cation for individuals.
Mr. Feijóo himself isn’t precisely
a Ronald Reagan or Margaret
history—and has tried to reignite Thatcher, and economic policy
the left’s grievances about the hasn’t emerged as a major theme of
Franco dictatorship for political the campaign. But he seems to be
ends. heeding advisers who urge an em-
Former Prime Minister Mariano phasis on boosting investment and
Rajoy of the Popular Party frus- supply-side productivity, to make
trated some of his own partisans by sure the Popular Party remains a
appearing soft on some of these is- home for free-market conservatives.
sues. This demand for a one-nation It’s a conspicuous contrast to the
alternative—and not the anti-immi- way other parties of the right have
grant or anti-European Union views tried to shift leftward on economics
that drive other European populist to appear less threatening to voters,
parties—is what fueled the rise of and then lost.
Vox in the first place. If the Popular Party performs
Under Mr. Feijóo, who hails from well this weekend, it will be because
a region (Galicia) with its own lin- it has fused a one-nation cultural
guistic and cultural heritage, the message and a prosperity-focused,
Popular Party is trying to return to classically liberal economic program
its one-nation-conservatism roots. into a form of conservatism one
The tone, with a capacious view of used to take for granted in the
what the “nation” is, couldn’t be West. Imagine if that old formula
more different from the pinched and still turns out to be a winner.
divisive breed of “national conser-
vatism” championed elsewhere. Mr. Sternberg, a member of the
Meantime, the Popular Party aims Journal’s editorial board, writes the
to rebuild its credibility on economics Political Economics column.
the capitalist economy over the past Japan and Canada.
century or more—one that frees up Now, as I said, you can’t blame
individuals and business as much as the incumbent for claiming credit.
possible to generate the supply-side But a vindication for Bidenomics? Of
conditions that will elevate growth. course not.
I offer all this as a word of cau- First, it’s premature for the ad-
tion to conservatives seeking ways ministration to claim success. We
to respond to fanciful claims being have yet to see the full effect of the
made now for “Bidenomics.” Federal Reserve rate increases of
The absurdity of ascribing short- the past 18 months. It’s possible
term economic performance to a that, for the first time ever, such a
president’s policies has been on full sharp tightening of monetary policy
display under this incumbent. won’t produce much higher unem-
A disastrous initial period of rap- ployment and weaker growth. Possi-
idly accelerating post-pandemic in- ble but unlikely. More likely is that
flation and stagnating growth re- the economy is still adjusting to the
sulted in a first half of 2022 that strange conditions of the post-pan-
recorded some of the worst combi- demic world and will revert to nor-
nations of economic data in decades. mal behavior in the next year.
The economy shrank in the first two But the more important point is
quarters of 2022 and at midyear that, as with almost all other presi-
consumer prices were rising at a dential economics, the real effect
rate of more than 9%. That’s stagfla- isn’t on short-term demand manage-
tion we haven’t seen since the ment, but on the structural condi-
1980s. tion of the economy.
A year later, the picture is very Here, the legacy of Bidenomics is
different. The economy is generating much clearer: surging public debt,
solid, on-trend growth and continu- feeble productivity growth, a degra-
ing employment gains, but inflation dation of the nation’s energy capac-
has dropped, depending on your ity, and a return to industrial policy
preferred data, to somewhere be- based on the fantasy proposition
tween 3% and 4%. Even better, the that government can pick winners.
U.S. is outperforming almost all the Bidenomics should be judged, not
world’s major economies. Growth is on the inflation and unemployment
stronger here and inflation is lower rate in a year’s time, but on the
than in the eurozone, the U.K., economy’s potential in a decade.
who didn’t suffer them? and sexual minorities, our competi-
Organizing American society tion is focusing on math, science
around merit, rather than historic and innovation.
grievances, has produced tremen- Liberals insist on equality of out-
dous wealth and progress, made comes, not equality of opportunity,
America the destination for striv- and find patterns of racism every-
ers from around the world, and where. While liberals try to increase
served as the best antidote to in- the number of minority students
herited advantage. Immigrants re- enrolled in selective colleges by un-
lentlessly chasing the American dermining merit-based measures,
conservatives should fight to in-
crease the number of qualified mi-
The court’s decision nority applicants by giving parents
the power to choose the best K-12
gives conservatives an educational options for their chil-
opportunity to reaffirm dren. The quality of an American
child’s education is too often corre-
their commitment to merit. lated with his neighborhood and
family wealth. Giving all children
access to high-quality math, science
Dream know that their children can and humanities instruction is hard
achieve unparalleled success with- work and will involve taking on
out regard to ethnicity or family teachers unions, but this will do
history. Many immigrant parents more to boost America’s economy,
and other Horatio Alger-type suc- improve minority outcomes, and
cesses gratefully remind their chil- narrow inequality than tinkering
dren that their success could hap- with admissions policies at a few
pen only in America. colleges.
America must not discard this America’s history of treating
advantage in the face of intensified people differently based on race is
international competition. Ironi- a grievous sin. Conservatives must
cally, China embraced merit in be relentless in stamping it out and
place of ideological correctness to preventing its resurrection. The
unleash and transform its economy American ideal of a colorblind, up-
at the end of the 20th century. wardly mobile society, where suc-
Deng Xiaoping realized what Amer- cess is available without favor to all
ica’s liberals don’t: “When every- who harness their talents and work
thing has to be done by the book, tirelessly, is best achieved by re-
when thinking turns rigid and blind warding merit.
faith is the fashion, it is impossible
for a party or a nation to make Mr. Jindal was governor of Loui-
progress.” While American elites siana, 2008-16, and a candidate for
rewrite school curricula to empha- the 2016 Republican presidential
size systemic racism, victimhood nomination.
 .

A16 | Tuesday, July 18, 2023 THE WALL STREET JOURNAL.

WORLD NEWS

China’s Fading Upturn Tests Playbook U.S. Urges

Calm Over
Post-Covid rebound pected to announce another

has petered out,

endangering growth
bundle of measures. Many
economists expect them to be
limited in scope.
Taiwanese
target of around 5%
Rory Green, head of Asia
and China research at TS Lom-
bard in London, said he ex-
VP’s Visit
More stimulus is on the way pects officials to take steps to
to boost China’s sputtering ease funding strains at local The Biden administration is
economy, economists say. Just governments to free up financ- trying to head off trouble with
not the kind the country needs. ing for infrastructure invest- China over a U.S. visit by Tai-
ment. Steps could include is- wan’s vice president, with an
By Stella Yifan Xie in suing more bonds or prodding official saying the trip will be
Hong Kong and Jason banks to extend new loans.
Douglas in Singapore He said he also expects the By Joyu Wang in
government to announce small Taipei and Charles
China’s economy got a fresh measures to lift consumption, Hutzler in Washington
dose of bad news on Monday, such as handing out vouchers

AGENCE FRANCE-PRESSE/GETTY IMAGES

with growth in the second that need to be spent. But low key and urging Beijing not
quarter of the year slowing to Green doesn’t think such mea- to use it to raise tensions.
0.8% when compared with the ger support will be sufficient Lai Ching-te will stop in the
prior quarter—losing steam for most consumers. U.S. on his way to and from at-
just months after lifting strict More economists, and even tending the inauguration of
Covid-19 measures that had some former officials, have be- Paraguay’s president next
suppressed the economy for gun calling for Beijing to adopt month, Taiwan’s Vice Minister
the better part of three years. a new approach to stimulate of Foreign Affairs Alexander
The fading recovery has growth—one aimed at shoring Tah-ray Yui said on Monday.
raised expectations that Chi- China’s youth unemployment hit a record in June. Above, people attended a job fair in April. up consumer spending. Yui said Lai plans to arrive in
nese officials will unveil lim- In July, Mao Zhenhua, co- Paraguay in the morning of
ited new measures to juice while retail sales inched up individual consumers, many creasingly concerned and have director of Renmin Univer- Aug. 14, a day ahead of the in-
growth soon, including inter- just 0.2% from May. Beijing’s economists say. made some effort to shore up sity’s Institute for Economic auguration, but didn’t offer
est rate cuts and more easing full-year growth target of There is an expectation that, the economy. But measures so Research, called on officials to further information on his
in the housing market, in a bid around 5%—once viewed as “once you get into a deflation- far have fallen short of what is provide direct subsidies for itinerary while he is in the U.S.
to combat the rising risk of conservative—is now at risk ary environment with weak needed to provide a meaning- Chinese households to boost Such trips are often sensi-
deflation and growing signs of unless authorities respond confidence, that will prompt ful boost to the economy,” consumption. Zhang Jun, a tive given China’s hostility to
weak confidence among con- with more forceful measures, the officials to do more,” said economists at Capital Eco- professor at Fudan University, U.S. support for Taiwan. This
sumers and businesses. economists say. Mary Lovely, a senior fellow at nomics wrote in a note to cli- pointed out that China needs visit is particularly tricky for
The country’s gross domes- The problem for Chinese the Peterson Institute for In- ents, while cutting their fore- to raise household incomes to the Biden administration since
tic product grew 6.3% in the policy makers is that injecting ternational Economics. cast for full-year growth to boost domestic demand in- Lai is campaigning for presi-
second quarter when com- more credit into the market “The question is, ‘What can 5.5%, from 6% previously. stead of plowing more money dent and is deeply distrusted
pared with a year earlier, up and cutting interest rates they do that is going to be ef- The Wall Street Journal re- into infrastructure invest- by Beijing.
from the 4.5% growth rate in modestly, as they have been fective?’ ” she added. “Every- ported in June that Beijing ments. “This is how we’ve done it
the first quarter. But that doing in recent months, is where they turn, they’ll find was considering issuing “Well-targeted fiscal stimu- in the past,” Yui said on Mon-
healthy-looking figure was likely to have little effect, constraints.” roughly one trillion yuan, lus could be helpful in boost- day, in response to a question
aided by a comparison to a since few businesses and fam- Despite mounting evidence equivalent to about $140 bil- ing household consumption in about whether the trip could
period last year when Covid ilies want to borrow to fi- of a weakening recovery, Chi- lion, of bonds to help indebted the short run as well as draw China’s ire. He noted
lockdowns were hammering nance investment or spending. nese officials have so far local governments and boost growth rebalancing in the lon- that it would be the 11th time
supply chains and bringing al- Beijing’s traditional playbook avoided large-scale stimulus, business confidence. The spe- ger term,” said Eswar Prasad, a Taiwanese vice president
most all economic activity to a for propping up growth—by focusing instead on trimming cial bonds would be used to fi- professor of trade and eco- has stopped over in the U.S.,
halt. It was also far weaker spending on infrastructure key interest rates and easing nance infrastructure projects nomics at Cornell University saying there is “no justifica-
than the 6.9% expected by and supporting manufactur- curbs in the property market, and other initiatives aimed at and a former head of the In- tion for any harassment.”
economists polled by The Wall ers, rather than focusing on such as making more house- boosting economic growth, or ternational Monetary Fund’s A Biden administration of-
Street Journal. households—is also yielding holds eligible to buy homes in used to help local govern- China division. ficial said Sunday that Lai’s
Other troubling signs in- diminishing returns. a number of cities. ments repay their debt. trip would hew to past such
cluded youth unemployment Instead, China should pro- “It is unsurprising that pol- Top officials are due to  Heard on the Street: China’s visits, with no stop in Wash-
rising to a record in June, vide more direct support to icy makers are becoming in- meet this month and are ex- pivot needs time ............. B12 ington, that Beijing shouldn’t
take provocative actions in re-
sponse, and that the U.S. is

Sweltering Beijing Greets U.S. Climate Envoy

impartial in the election.
“We don’t take sides. We
won’t interfere in Taiwan’s
election, and we expect Bei-
jing not to interfere either,”
BY SHA HUA the official told reporters.
Chinese Foreign Ministry
SINGAPORE—Tempera- spokeswoman Mao Ning said
tures in a Chinese village hit a at a regular press briefing on
searing 126 degrees Fahren- Monday that Beijing has regis-
heit, the highest ever recorded tered an official diplomatic
in the country, on the same complaint with the U.S. over
day that U.S. climate envoy Lai’s travel plans, Reuters re-
John Kerry arrived in Beijing ported.
to try to revive stalled cooper- “China will pay close atten-
ation on climate change be- tion to the development of the
tween the world’s two largest situation and take resolute
emitters of carbon dioxide. and forceful measures to safe-
The record was set Sunday guard national sovereignty
in Sanbao, a remote township and territorial integrity,” Reu-
in China’s northwestern Xinji- ters quoted her as saying.
ang region, according to state Lai’s trip and his candidacy
media. complicate tentative attempts
Heat waves have been ravag- by Washington and Beijing
ing the globe in recent days. to restore high-level con-
Last week was the Earth’s hot- tacts and stabilize ties af-
test week on record, and fol- ter months of spiraling rancor.
lowed the hottest June on re- Taiwan, a democratic partner of
YING TANG/NURPHOTO/ZUMA PRESS

cord. China is particularly the U.S. but claimed by Beijing

vulnerable to rising tempera- as Chinese territory, has been at
tures as climate change acceler- the center of those tensions.
ates, Chinese officials have Officially, Lai’s trip is
warned. Annual temperatures known as a transit, in keeping
in China rose by an average of with decades-old commit-
0.16 degrees Celsius every de- ments by Washington to Bei-
cade since the start of last cen- jing not to maintain formal
tury, faster than the global av- People cool off at a mist machine in Shanghai. So far, Chinese media haven’t reported any human deaths from the heat wave. diplomatic relations with Tai-
erage, says this year’s Blue Book wan. Transit stops by Taiwan
on Climate Change of China goal of limiting global warm- and China to work together. and Washington on several at the end of the year. President Tsai Ing-wen in New
published by China’s Meteoro- ing since the preindustrial era Climate talks between the pressing issues, including the Some experts say the re- York and the Los Angeles area
logical Association this month. to well under 2 degrees Celsius U.S. and China stopped after reduction of coal use and emis- cent heat waves might stem in this spring drew stern warn-
Chinese media haven’t re- and preferably to 1.5 degrees. then-House Speaker Nancy sions of methane, a greenhouse part from El Niño, a climate ings from Beijing and revived
ported any human deaths from Climate experts warn that it is Pelosi’s trip to Taiwan last gas that escapes during gas pattern caused by warming of concerns that China would
this heat wave but said more likely global temperatures will summer but were revived three and oil production. The two ocean surface temperatures in stage threatening military ex-
than 4,000 chickens and 462 breach the 1.5 degrees Celsius months later. Kerry is expected sides also are expected to dis- the Pacific Ocean, which could ercises in response, as it did
pigs perished in the heat last threshold, and that mitigating to spend three days in Beijing cuss technical issues to pre- lead to a surge in global tem- after then-House Speaker
week after power failures. the worst effects of climate in an effort to reboot climate pare the ground before the peratures and disruptive Nancy Pelosi visited Tai-
The Paris Agreement set a change will require the U.S. cooperation between Beijing next climate summit, in Dubai weather and climate patterns. wan last August.

Singapore Is Rattled by Rare Graft Probe and Resignations

BY CHUN HAN WONG requests for comment.
A week earlier, Singapore’s
SINGAPORE—It has been a anticorruption agency arrested
tough month for the party the transport minister and a
that has ruled Singapore since well-connected billionaire for
it became a nation in 1965. questioning in the country’s
A high-level corruption most high-profile graft probe
probe and the resignations of in nearly four decades.
two ruling-party lawmakers Authorities haven’t accused
over an extramarital affair have the minister, S. Iswaran, or
rocked the Southeast Asian billionaire hotelier Ong Beng
city-state, where the political Seng of wrongdoing, and the
elite have built their legitimacy men have been released on
on a reputation for clean gov- bail. Iswaran didn’t respond to
ernment and moral rectitude. questions. A spokesperson for
On Monday, Singapore’s Ong declined to comment.
prime minister said two law- Those revelations came on
makers from his People’s Action the heels of a public outcry
Party, including the speaker of over two other government
parliament, resigned from the ministers and their leasing of
legislature and the party be- state-owned luxury bunga-
cause of an “inappropriate rela- lows, which sparked debate
tionship” between the pair. The about wealth inequality and
prime minister’s office released spurred an anticorruption re-
the two lawmakers’ resignation view into whether the two
letters, in which they apolo- ministers acted improperly in
gized. They didn’t respond to renting the properties. The re-
view, ended in June, cleared
them of misconduct.
Singapore leaders have
sought to quickly repair the
damage, reiterating their zero-
tolerance stance on graft, and
assuring citizens that the ruling
party would punish misconduct.
Prime Minister Lee Hsien
Loong acknowledged it can be
“politically embarrassing and
costly” for the party to deal
with misconduct by its senior
members. “No system can be
completely infallible,” he said.
“Sometimes things go wrong,
you have to find out and you
have to put it right.”
Allegations of corruption and
other misconduct involving se-
nior ruling party members are
rare in Singapore, which enjoys
a reputation for probity that
has helped make it a darling of
investors globally. Corruption
watchdog Transparency Inter-
national ranked Singapore as
Asia’s least corrupt nation in parliament after Monday’s tions of extramarital affairs.
2022 and fifth globally—behind resignations. It has 80 law- On Monday, Prime Minister
Denmark, Finland, New Zealand makers in a legislature with 93 Lee said the speaker of parlia-
and Norway. elected seats, though this in- ment, Tan Chuan-Jin, and law-
Local officials say Singa- cludes the transport minister, maker Cheng Li Hui had an
pore achieved such probity in whom the prime minister has “inappropriate relationship,”
part by paying government told to take leave while the which continued after the pre-
ministers high salaries, which corruption probe continues. mier had counseled them in
can exceed $800,000 annually The main opposition Work- February to stop. While Tan
for an entry-level minister. ers’ Party has nine elected resigned then, Lee allowed the
This practice, officials say, legislators. Separately Mon- speaker to stay on temporarily
helps prevent corruption by day, the Workers’ Party said it to prepare his departure, ac-
reducing the incentive to was looking into a video that cording to the prime minister.
abuse power for personal gain. suggested “an inappropriate Lee said he recently re-
Political analysts say that exchange” between two senior ceived information that
the recent wave of allegations party members, after the foot- “strongly suggested that the
likely would hurt popular sup- age—which appeared to show relationship had continued,”
port for the ruling party. “It’s a man and woman holding after which he decided Tan
a perfect storm for the PAP. hands at a restaurant—circu- had to leave immediately.
The party is facing its severest lated on social media. The two Legislative elections aren’t
political crisis—one where the members, one of whom is a due until 2025, and Lee said
public trust and confidence is lawmaker, didn’t respond to Monday he has no plans to
at real risk of eroding,” said requests for comment. call an immediate vote. The
Eugene Tan, an associate pro- In the past, both the PAP vacancies left by the two out-
fessor of law at Singapore and the Workers’ Party have going ruling-party lawmakers
Management University. had lawmakers quit or dis- will be covered by other legis-
The PAP still dominates missed after they faced allega- lators in their districts.
 BUSINESS & FINANCE
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S&P 4522.79 À 0.39% S&P FIN À 1.00%
ARK Fund Writes Down Twitter Stake by 47%
Wood says she
remains bullish on
the stock long term
despite the move
BY JACK PITCHER
Cathie Wood’s ARK Invest-
ment Management has writ-
ten down its stake in Twitter
by 47% since Elon Musk took
the social-media company pri-
vate last year, Wood said in
Shale Industry
Sheds Drill Rigs
At Breakneck Clip
BY MARI NOVIK
AND BENOÎT MORENNE
The shale patch is shedding
rigs at the fastest pace since
the height of the Covid-19 pan-
demic despite healthy oil
prices.
Behind the drop in rigs is a
tale of the haves and the have-
nots. Private companies, which
added rigs at a breakneck pace
as the pandemic abated, have
drilled up many of their best
remaining wells, forcing them
to decelerate.
Meanwhile, their larger, pub-
lic brethren aren’t tweaking
their drilling programs as they
sit on larger inventories of pre-
mium, undrilled wells.
The number of rigs drilling
for oil and gas has dropped to
about 670 from around 800 at
the beginning of the year, with
private drillers accounting for
roughly 70% of the decrease,
Hong Kong Banks Resist City’s Fervor for Crypto
BY ELAINE YU
HONG KONG—Crypto firms
used to talk about disrupting
the financial system. Now
some of them are struggling
to find traditional banks that
will take their money.
That is so even in Hong
Kong, where government offi-
cials and regulators have
launched a charm offensive to
win crypto business. Their ef-
forts have included scrapping
INSIDE
AUTOMOBILES
Tesla says it will
double the size of its
German plant to make
a million EVs a year. B3
AT&T Stock Price Hits
Lowest Level Since ’93
BY HANNAH MIAO
Shares of AT&T dropped to
their lowest closing price in
three decades, extending recent
losses following a Wall Street
Journal investigation into toxic
lead cables left behind by tele-
communications companies.
AT&T’s stock fell 6.7% on
Monday to $13.53 a share, its
lowest close since February
1993. Shares have declined 13%
since the investigation pub-
lished July 9 revealed how tele-
com companies like AT&T have
left behind more than 2,000 old
lead-encased cables across the
U.S., relics of the old Bell Sys-
* * * * *
S&P IT À 1.33% DJ TRANS g 0.01%
an interview.
“We take fair valuation
very seriously and absolutely
have had to write that [Twit-
ter] down,” Wood said Friday.
“The write-down is not repre-
sentative of our fundamental
outlook and belief in the long-
term return on investment we
believe that it will have for
our shareholders.”
Wood is still bullish on
Twitter’s long-term outlook.
She said her fund updates its
internal valuations of private
according to David Deckelbaum,
an analyst at investment bank
TD Cowen.
The slowdown augurs tepid
U.S. crude-production growth
for the rest of the year, analysts
said. Even though larger public
companies mostly aren’t shed-
ding oil rigs, they aren’t grow-
ing rapidly either, as they ad-
here to investors’ desire for
capital restraint. The Energy
Information Administration ex-
pects domestic growth output
to increase by fewer than
300,000 barrels a day in 2024
from this year.
Taylor Sell, chief executive
of Element Petroleum, said the
company’s break-even—or the
price needed to fund drilling
without a loss—had increased
by between $5 and $10 to reach
between $55 and $60 a barrel,
in part because the cost of ma-
terials such as steel pipes re-
Please turn to page B2
a yearslong ban on cryptocur-
rency trading by small inves-
tors and launching a new li-
censing regime for crypto
exchanges.
The one snag: Crypto still
makes a lot of banks in Hong
Kong nervous.
At least two global banks
with operations in the city
have ruled out any activity di-
rectly linked to crypto trading,
according to bankers. Many
banks have also resisted open-
MUSIC INDUSTRY
Swift makes history
with four albums on
Billboard’s Top 10 at
the same time. B4
tem’s regional telephone net-
work.
Journal testing found nu-
merous cables leaching lead
into soil and water at levels ex-
ceeding regulatory safety
guidelines. Wall Street analysts
have since raised questions
about liabilities related to the
cables and the potential impact
on companies’ bottom lines.
Some firms have downgraded
their ratings on some telecom
stocks.
“It’s really the fear of the
unknown,” said Frank Louthan
IV, a managing director and
telecommunications-services
Please turn to page B2
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.04%
companies frequently.
“I would love to get more
stock at these price levels ac-
tually, but no one wants to let
any go. So that tells you some-
thing,” she added.
ARK owns a small stake in
Twitter through its venture
fund, which is open to the
public and includes public-
market and private invest-
ments.
Twitter is dealing with a
heavy debt load and a steep
drop in advertising following
Number of drilling rigs in the
Permian basin
350
300
Public
Private
250
200
150
100
50
0 40
2021 ’22 ’23
*Front-month contract
ing accounts that will hold the
money of crypto exchanges’
clients, leading to a direct ap-
proach by government offi-
cials eager to help these ex-
changes get started.
Hong Kong regulators’ diffi-
culties are a sign of how tough
life has become for a group of
firms that were once con-
vinced they would change the
nature of finance.
When Sam Bankman-Fried,
founder and then-chief execu-
Tycoon Was Face of Mortgage Industry
BY JAMES R. HAGERTY
AND CHRISTINA REXRODE
Angelo Mozilo, who built
Countrywide Financial into
the largest U.S.
OBITUARY home-mort-
ANGELO gage company
MOZILO and then was
1938-2023 forced to sell it
during the
housing col-
lapse of 2008, has died. He
was 84 years old.
His death was confirmed by
his family, who said it was due
Carvana Shares Soar, but Bonds Are Worry
BY BEN FOLDY
Carvana is a hot stock again,
a reminder of its pandemic
glory days. But the used-car
seller’s bonds are signaling a
high risk of default.
It could be that neither
market is sending the right
message. Instead, the best
guide to Carvana’s future
could be its past and how its
largest shareholder succeeded
when his used-car dealer was
struggling, while leaving some
investors frustrated.
Carvana is controlled by Er-
nie Garcia II, the father of
Carvana Chief Executive Ernie
Garcia III. The elder Garcia
owns DriveTime Automotive
Group, where Carvana began
spinning off in 2015.
More than two decades ago,
Please turn to page B4
2–YR. TREAS. yield 4.732%
Musk’s $44 billion leveraged
buyout. Advertising revenue
is down roughly 50% and the
company has negative cash
flow, Musk said in a tweet
Saturday.
The company also faces a
threat from the new micro-
blogging app Threads, which
was launched by Meta Plat-
forms this month as a direct
competitor to Twitter. Twitter
has alleged that Meta might
have stolen intellectual prop-
erty, which Meta denied.
Annual net change in U.S. crude-oil production
1.5 million barrels a day
1.0
0.5
0
–0.5
–1.0
2010
Crude-oil futures prices*
$120 a barrel
100
80
60
2021
Sources: Enverus (rigs); Energy Department (production); FactSet (prices)
tive of cryptocurrency ex-
change FTX, spoke via video
link at a Hong Kong fintech
conference last October, one
of the topics was “how to
identify and balance the risk
of emerging technologies that
will truly disrupt the financial
industry.”
Since then, FTX has col-
lapsed, Bankman-Fried has
been arrested and U.S. regula-
tors have sued Binance and
Coinbase, two other big ex-
to natural causes.
As home prices soared in
the early 2000s and then be-
gan to wobble, Mozilo ap-
peared frequently on televi-
sion and became the face of
the mortgage industry. The
son of a Bronx butcher, he em-
phasized his long experience,
starting as a messenger for a
New York lender when he was
14. Countrywide for decades
had survived housing busts
that sank rival mortgage lend-
ers and could do so again,
many investors believed.
Carvana grew around humorous ads and by dispensing cars from glass vending machines.
NIKKEI (Midday) 32418.25 À 0.08% See more at WSJ.com/Markets
Threads, which is linked to In-
stagram, has signed up more
than 100 million users.
“We think they can coex-
ist,” Wood said of Threads
and Instagram. “I think
Threads has lit the competi-
tive fire or taken it up a notch
and it will be good for Twit-
ter. We also think that longer
term, Elon and team are very
serious that they’re going to
turn this into an everything
app.”
Musk has said that buying
Forecasts
’15 ’20
’22 ’23
changes, as well as crypto
lender Celsius. In January, a
group of U.S. regulators in-
cluding the Federal Reserve
said that issuing or holding
cryptocurrencies “is highly
likely to be inconsistent with
safe and sound banking prac-
tices.”
One fear for banks in Hong
Kong is that cryptocurrencies
will be used to launder money,
said Rocky Mui, a Hong Kong-
Please turn to page B11
“I’m fairly confident that
we’re not going to do anything
stupid,” he told The Wall
Street Journal in 2004 when
asked about the risks of a
housing bubble. “We have a
history of not doing anything
stupid.”
Yet Countrywide, like many
other lenders, embraced risk-
ier types of loans. By August
2007, Wall Street worried that
Countrywide might go bank-
rupt.
In January 2008, Bank of
America agreed to buy Coun-
.
Tuesday, July 18, 2023 | B1
Twitter will help him create
“an everything app” that
could marry information with
entertainment and grow to
over a billion users in five to
10 years if successful.
Other assets managers in-
cluding Fidelity Investments
have significantly written
down their Twitter invest-
ments. Fidelity valued Twitter
at one-third of what Musk
paid for it as of April 28, ac-
cording to a monthly disclo-
sure.
Binance
Cited Drop
In Profit as
It Cut Staff
Benefits
BY CAITLIN OSTROFF
AND PATRICIA KOWSMANN
’24
Binance slashed its em-
ployee benefits last month in
the wake of falling profit, a
sign of the financial strain hit-
ting the crypto giant.
The company told employ-
ees that it would stop offering
certain benefits, effective June
19, including mobile-phone re-
imbursement, fitness reim-
bursement and work-from-
home expenses, among other
items, according to former
employees and an internal
message from Binance viewed
by The Wall Street Journal.
“Considering the current
market environment and regu-
latory climate that has unfor-
tunately led to a decline in
profit, we have to be more
prudent with our spending,”
the message read. It added
that more cost-cutting could
come.
The company cut more
than 1,000 employees in re-
cent weeks and has plans to
cut more, the Journal reported
Friday. Several hundred addi-
tional customer-service em-
ployees were cut last week,
former employees said.
In a company meeting Fri-
day—Binance’s sixth anniver-
sary—founder and Chief Exec-
utive Changpeng Zhao told
staffers that Binance was still
profitable and had experi-
enced no effect from a Securi-
ties and Exchange Commis-
Please turn to page B11
trywide for what seemed like
a bargain-basement price, at
least compared with its year-
earlier valuation.
It was no bargain. The ac-
quisition ended up costing
Bank of America tens of bil-
lions of dollars in real-estate
losses, legal expenses and set-
tlements with regulators.
Mozilo retired from Coun-
trywide, at age 69, a few
months after the sale to Bank
of America. Later, the Securi-
ties and Exchange Commission
Please turn to page B2
JANE HAHN FOR THE WALL STREET JOURNAL
 .

B2 | Tuesday, July 18, 2023 * **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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

A EnCap Flatrock Midstream Pioneer Natural Resources

Apollo Global Management ..............................................................B11 ............................................................... B2
............................................................... B4 EOG Resources........................B2 PNC Financial Services...B12
ARK Investment Exxon Mobil..............................B11 S
Management...........................B1 F Sanofi...............................................A3
AstraZeneca................................A3 Saphire Ventures...................A2
FedEx................................................B3
AT&T.................................A3,B1,B11 Standard Chartered............B11
Ford Motor...................................A1
B Frontier Communications State Street..............................B12
Bank of America.....................B1 ............................................................... B2 T
Bank of China..........................B11 H Tencent............................................B3
Binance............................................B1 Tesla..................................................B3
Brookfield Properties..........B3 HSBC................................................B11
Twitter..............................................B1
Buckeye Partners.................B11 J
U
C JPMorgan Chase.........B11,B12
U.S. Bancorp.............................B12

FROM TOP: MARK WILSON/GETTY IMAGES; JOE BUGLEWICZ/BLOOMBERG NEWS

Carvana............................................B1
Carlsberg.......................................A6
Cava....................................................A1
Citigroup......................................B12
Citizens Financial.................B12
Comcast..........................................B4
D-E
Danone............................................A6
DriveTime Automotive.......B1
Element Petroleum...............B1
L
V
Lumen Technologies...........B2
M&T Bank..................................B12 Verizon Communications
..............................................A3,B2,B11
Marathon Oil..............................B2
Volkswagen.................................B3
Meta Platforms.....A4,A10,B1
Volvo Cars....................................B3
N
W-Z
Nissan Motor.............................B3
Wells Fargo......................B11,B12
O-P Western Alliance..................B12
OpenAI..............................................A1 Zions Bancorp.........................B12

INDEX TO PEOPLE
A Garcia, Ernie III.........................B1 Rothman, Andy......................B12
Altman, Sam..............................A4 H Russo, Todd...............................B11
Antonelli, Michael................B11 Hoopes, Celia............................B11 S
B I Schulman, Brett....................B12
Angelo Mozilo, second from right, testifies at a House Oversight and Reform Committee hearing in 2008.
Bankman-Fried, Sam...........B1 Iyer, Ravi........................................A4 Sell, Taylor.....................................B1
Seng, Ong Beng....................A16
C
Clarkson, Beezer.....................A2
Crovitz, L. Gordon..................A4
L
Lenz, Michael.............................B3
Louthan, Frank IV...................B1
Smith, Brad.................................A4
Surman, Mark...........................A4
Mortgage “It was hard to be taken se-
riously as an Italian-Ameri-
can,” Mozilo said in the video

D
Deckelbaum, David................B1
M
Mui, Rocky....................................B1
V
Van Dijk, Bob.............................B3 Tycoon interview. “You always had
the issue of mafia come up.
How can an Italian rise to this
W
Dietrich, John.............................B3
Dimon, Jamie..........................B12
F-G
Musk, Elon............................A4,B1
P
Pitkethly, Graeme..................A8
Wen, Kenny.................................B3
Whitaker, Jarrod.....................B3
Dies at 84 level, legally? So I had to work
a little harder.”
Mozilo took pride in finding
Wood, Cathie..............................B1
ways to make mortgages to
Pruett, Steven...........................B2
Farley, Jim....................................A2 Continued from page B1 deserving borrowers who
Foran, Brian..............................B12 R Z accused him of fraud, saying might not get a loan else-
Garcia, Ernie II...........................B1 Richardson, Stephen..........B11 Zhao, Changpeng....................B1 he had offered rosy assess- where, including minority and
ments of Countrywide while working-class families. For ex-
dumping nearly $140 million ample, for borrowers who

AT&T, the company has been modern-

izing its network for two de-
cades and only a small percent-
of Countrywide stock.
In 2010, he agreed to settle
the SEC’s charges without ad-
lacked credit histories from
payments on loans or credit
cards, Countrywide looked at

Telecom age of the existing network

currently includes
sheathed cable. Verizon has
lead-
mitting or denying wrongdo-
ing. He also agreed to pay
$67.5 million in penalties. The
telephone bills or credit with
local grocers.
Mike McMahon, a former

Shares Fall started its own testing of sev-

eral sites and is “taking these
concerns regarding lead-
bulk of that was covered by
indemnities from Bank of
America. The mortgage banker retired from Countrywide, at age 69,
analyst who covered Country-
wide and knew Mozilo for de-
cades, recalled a time when
sheathed cables very seriously,” In interviews in 2018 and a few months after the sale to Bank of America. the Countrywide CEO spoke to
Continued from page B1 he said. 2020, Mozilo told the Journal a group of mortgage bankers
analyst at Raymond James. Frontier declined to com- he had been unfairly singled the Bronx. He got early work in 1960. in the early 1980s.
“It’s very difficult to quantify ment. A representative of Lu- out for blame in the aftermath experience slicing chickens He met Phyllis Ardese, a “He said, ‘You can go into a
how much of this network is men directed requests for com- of the housing bust. “I was and making sausages at his fa- community-college student, on Mercedes dealership and drive
out there. It’s difficult to quan- ment on its stock-price very visible,” he said. “Any- ther’s butcher shop. “It was a sidewalk in the Bronx, away in 60 minutes, and you
tify the cost. It’s difficult to movement to trade association time I was asked to go on TV, tough work,” he recalled in a promptly asked her for a date can hide the car, it’s on
quantify the liability.” USTelecom. I did it.” As a result, he said, video interview recorded and soon was tutoring her in wheels. But it takes you two
Shares of Verizon Commu- “We have not seen, nor have “When the s— hit the fan, ev- when he won an award from algebra. They married in 1961. months to get a mortgage
nications pulled back 7.5% on regulators identified, evidence erybody looked at me.” the Horatio Alger Association In 1968, when he was 29 loan.’ And he said, ‘That has
Monday, their worst one-day that legacy lead-sheathed tele- His multimillion-dollar pay- in 2004. “I years old, to change.’”
performance since October com cables are a leading cause checks also attracted notice. didn’t like any Mozilo and an In the early 1990s, Country-
2008, and closed at their low- of lead exposure or the cause “People are reviled if they aspect of it. older colleague, wide and other lenders em-
est level since September 2010. of a public health issue,” a make what people think is too And so it kept ‘At one time, David Loeb, braced “low doc”—or low doc-
Verizon was the worst-per- USTelecom spokesperson said much,” he told the Journal in me in school.” I was a prophet formed a mort- umentation—loans that
forming stock in the Dow Jones in a statement. 2007. In his view, he added, “If He worked gage business. required little proof of income.
Industrial Average. Wall Street downgrades in anybody makes a billion dol- his way of low-doc,’ Mozilo said he Mozilo soon said the industry
Frontier Communications the sector continued Monday, lars, that’s America. That’s through high chose the name had gone too far. “At one time,
Parent, which owns networks as analysts at Citigroup on terrific!” school and col-
he told the Countrywide to I was a prophet of low-doc,”
acquired from legacy Bell com- Monday reduced their ratings Mozilo might have kept his lege at a Man- Journal in 1991. signal his ambi- he told the Journal in 1991.
panies, dropped 16%. Lumen on AT&T, Frontier and Tele- reputation intact if he had fol- hattan mort- tion to create “The problem is that it went
Technologies, another telecom phone and Data Systems to lowed through with plans to gage company, the first nation- much too far. Human beings
company with Bell assets, shed “neutral/high risk” while re- step down from his CEO post gaining exper- wide home- are basically rotten. If you
8.1%. maining “neutral” on Verizon. at the end of 2006, when he tise in many parts of the busi- mortgage lender. give them an opportunity to
AT&T, Verizon, Frontier and “The industry’s historical was widely admired as the ness. Mozilo moved to Southern screw up, they will.”
Lumen together have lost use of lead sheathed cabling is most successful mortgage He graduated from high California and began calling He dropped out of public
about $36 billion in market likely to remain an overhang banker of his generation. In- school at a Roman Catholic on real-estate brokers and view after retiring in 2008 but
value since the publication of for the stocks and valuation stead, he agreed to extend his school in the Bronx, the making home loans. At first, continued to defend his re-
the WSJ investigation, accord- for at least a few months and contract. In retrospect, he Mount Saint Michael Acad- he couldn’t afford to buy a cord.
ing to Dow Jones Market Data. potentially longer until the considered that a mistake. emy, and considered going to home for his family and set- “I loved what we did,”
AT&T didn’t immediately re- market can better measure the Angelo Robert Mozilo, a seminary. Instead, he stud- tled for a rental house in Glen- Mozilo told the Journal in
spond to requests for comment financial risk,” Citigroup ana- whose grandparents emi- ied philosophy, theology and dale, Calif. Back in New York, 2018. “We changed the lives of
about the share slide. A Veri- lyst Michael Rollins wrote in a grated from Italy, was born on marketing at Fordham Univer- Loeb sold the loans to savings millions and millions of people
zon spokesman said in an email report. Dec. 16, 1938, and grew up in sity, where he earned a degree banks. in a positive way.”

Shale Patch
Sheds Rigs For a Company
At Fast Clip This Old, We Move
Continued from page B1
Pretty Fast.
mains high, at roughly 40%
more than 18 months ago, he
said.
Element last December
dropped its only active rig as
the company sought to save its
best wells for more auspicious
times or for a potential buyer,
Sell said. “We are not drilling
NICK OXFORD/REUTERS

right now to protect inventory,”

he said, adding that the com-
pany would put a new rig to
work in September to test new
acreage.
As pandemic lockdowns In the Permian, private drillers’ share of rigs has shrunk to 42%, a level not seen since May 2021.
lifted and economies reopened,
smaller drillers tried to deploy have revealed that many of the vate-company pullback in shale drillers—weak natural-gas
rigs to tap soaring oil prices. remaining wells private compa- regions across the country. In prices have eaten away at their
Russia’s invasion of Ukraine, nies have to drill aren’t profit- the Permian, private drillers’ cash flows, executives said.
which pushed the U.S. bench- able without higher oil prices, share of rigs has shrunk to 42%, Companies are also dealing
mark past $120, saw private op- say industry executives and an- according to Enverus—a level with limited pipeline capacity,
erators in the Permian Basin of alysts. “We are much more sen- not seen since May 2021. leaving some no choice but to
New Mexico and West Texas sitive about which locations we Inflation and less-productive flare a large chunk of gas pro-
commandeer about half of the drill,” said Steven Pruett, CEO wells have increased the aver- duction that they can’t bring to
rigs in that region, fueling a of Elevation Resources. age break-even for companies market, they said.
quick rebound in U.S. oil pro- Small frackers have largely in the Delaware portion of the “$70-$80 [oil] is fine—if we
duction. exhausted their best wells, The Permian more than 34% since can just get paid for our natural
But declining commodity Wall Street Journal reported 2021 to $43 a barrel, according gas,” Pruett said.
prices, combined with persis- last year. Most smaller produc- to Enverus. In the Permian’s Public companies, by con-
tent inflation, has squeezed pri- ers in the Permian Basin of Midland region, the average trast, have kept on churning When you’ve been
vate operators’ margins. U.S. West Texas and New Mexico on break-even increased more than out crude through falling oil
crude prices have declined average have around six years 39% over that same period, to prices. While they have been in- around this long,
about 40% from their peak last of drilling locations that could $47 a barrel. creasingly wrestling with capri- you build a reputation.
year, and natural-gas prices generate returns at low prices, While U.S. oil prices have av- cious wells, large producers
have dropped to about $2.60 according to data provided to
Learn about ours.
eraged about $75 a barrel since have enough runway not to let
per million British thermal the Journal by energy-analytics the beginning of the year—a concerns about their catalog of
units, down from more than firm Enverus. level that generally allows prof- wells dictate the pace of drill-
$9.80 in 2022. Those dynamics The result has been a pri- itable operations for smaller ing, analysts said.

THE WALL STREET JOURNAL.
PATRICK PLEUL/DPA/ZUMA PRESS
The proposed expansion would increase the factory’s workforce to around 22,500 employees from more than 10,000 today.
Tesla Plans to Create Largest
Auto Factory in Germany
BY WILLIAM BOSTON
BERLIN—Tesla is planning
to double the size of its factory
near Berlin to produce up to
one million electric cars a year,
an expansion that could make
the plant the largest auto man-
ufacturing facility in Germany.
The electric-car maker has
applied for approval to expand
its existing factory in the east-
ern state of Brandenburg, to in-
crease production capacity for
vehicles and batteries, accord-
ing to documents filed in recent
days with local officials.
Tesla has received tentative
approval for some changes to
the plant but full approval is
pending completion of an envi-
ronmental-impact study that
will be subject to input from lo-
cal citizens. Local officials will
post Tesla’s application online
from this week, and local resi-
dents will have the chance to
Prosus, Tencent’s Biggest Shareholder,
Shrinks Its Stake but Is Sticking to China
BY ALEXANDRA WEXLER
AND RAFFAELE HUANG
Prosus, the biggest share-
holder of Tencent Holdings, is
one of the last foreign investors
holding a big stake in a major
public Chinese company, even
as others scale back their expo-
sure to China. The Amsterdam-
listed investment company’s
CEO plans to keep it that way.
Prosus currently holds about
26% of Tencent, a stake valued
at roughly $112 billion. The
company, which has been
slowly selling its stake to fund
a buyback, said it expects its
Tencent stake to shrink 2 to 3
percentage points a year while
the buyback continues, ending
this year around 24% to 25%.
“We want to stay long-term
shareholders in Tencent,” Pro-
sus Chief Executive Bob van
Dijk said in an interview with
The Wall Street Journal, adding
that the company is confident
about Tencent’s business and
bullish about China’s consumer
internet industry. The sector
appears to be reaching the end
of Beijing’s more than two-
year-long regulatory clamp-
down.
The European investment
company has ridden Tencent’s
stocks through ups and downs
Market capitalization
$1.2 trillion
1.0
0.8
0.6
0.4
0.2
0 would slowly sell its Tencent
2020 ’21
Source: FactSet
* *
BUSINESS NEWS
raise objections. A public hear- Tesla began producing its
ing could take place in October Model Y at the plant on the
to discuss any issues. outskirts of the German capital
When Tesla initially built the early last year. The popular all-
factory, environmental groups electric SUV was the bestselling
slowed down the process as vehicle in Europe in the first
they fought with the company quarter, according to Jato Dy-
over the potential impact of the namics, a consumer research
plant on local forests and wild- group. In March, Tesla tweeted
life, as well as the amount of that production at the plant had
water that the facility would reached 5,000 vehicles a week.
drain from local sources. While Tesla is still dwarfed
Addressing potential envi- by Germany’s big auto brands
ronmental concerns, a spokes- in overall sales, Tesla’s Model Y
woman for Tesla said the ex- and Model 3 were the bestsell-
pansion wouldn’t require ing all-electric vehicles in Eu-
additional fresh water from lo- rope in the first quarter, hand-
cal sources because the plant ily outpacing Volkswagen’s ID.3
has facilities to recycle waste- and ID.4., according to Jato.
water to provide additional wa- In the first five months of
ter for increased production. the year, Tesla sold 138,294 new
The proposed expansion cars in the European Union, its
would increase the factory’s free trade association partners
workforce to around 22,500 and the U.K., growing its share
employees from more than of total new vehicle sales in the
10,000 today, the spokeswoman region to 2.6%, according to
added. data from the European Auto-
in recent years. tech downturn.
$112B
Tencent’s mar-
ket cap neared
$1 trillion in
Other early
believers
China,
in
espe-
2021, but has cially those who
since lost more Value of the have made bil-
than half its lions by invest-
value.
investment ing in the coun-
Prosus’ CEO company’s 26% stake try’s decadelong
also said Ten- in Tencent internet boom,
cent’s business have become
is domestically more defensive.
focused and They have
therefore less likely to come scaled back investments or, in
under scrutiny overseas. “What one case, separated their China
they do is much less vulnerable investments from U.S. ones.
to tensions than other compa- Longtime China investor Ti-
nies,” he said. “It’s not as if ger Global Management hit
they’re selling hardware to the pause on investing in Chinese
U.S.” equities late last year, the Jour-
Similar to SoftBank Group, nal reported. Still, Tiger said in
which led a $20 million invest- its annual letter to investors
ment round in Chinese e-com- that it is watching for invest-
merce company Alibaba Group ment opportunities after China
Holding in 2000, Prosus’ par- exited its pandemic policies,
ent Naspers paid $34 million even as it maintains “a high bar
for its original one-third stake for exposure to China,” accord-
in Tencent in 2001. Since then, ing to people familiar with the
Tencent has become the firm.
world’s biggest videogame Sequoia Capital said in June
company by revenue. It also op- that it would separate its China
erates the popular messaging and U.S. businesses as the firm
app WeChat. has come under increasing
Recently, SoftBank exited pressure from officials in
much of its onetime more than Washington over its China
30% stake in Alibaba after business.
many of its investments in Prosus has additional rea-
startups went sour during a sons to stick with Tencent and
pare its stake slowly.
The investment company is
majority-owned by Naspers, a
Share-buyback
plan announced firm based in Cape Town,
South Africa, that focuses on
consumer internet businesses
Naspers such as e-commerce, online
payments and food delivery.
Prosus
Prosus and its parent count
Tencent on dividends from the Tencent
stake. It isn’t easy for Prosus to
find an investment opportunity
as good as Tencent, said Kenny
Wen, an analyst at asset man-
ager KGI Asia in Hong Kong.
“Without the profit contribu-
tion from Tencent, its bottom
line looks disappointing,” Wen
said.
In June 2022, Prosus said it
shares to fund buybacks of its
’22 ’23
and Naspers’s shares, scrapping
a promise that it wouldn’t sell
mobile Manufacturers’ Associa-
tion. That put the Austin,
Texas-based company ahead of
established manufacturers such
as Nissan and Volvo.
The European market for
electric vehicles has slowed
some, but sales growth remains
strong. During the first five
months of this year, according
to the latest data available,
sales of all-electric vehicles rose
42.3% to 730,137 vehicles in the
EU, the European Free Trade
Association and the U.K., data
from the manufacturers associ-
ation shows. In May, battery
electric vehicles accounted for
nearly 14% of new car sales, the
association said.
Germany’s IG Metall labor
union welcomed the prospect of
additional jobs at Tesla’s Grün-
heide plant. However, the union
also noted that the company
has laid off some employees
and contract workers.
stock in Tencent until 2024.
The move was aimed at helping
address a valuation gap be-
tween Prosus and the value of
its stake in Tencent.
Tencent’s market capitaliza-
tion is equivalent to about $430
billion. Prosus’ stake in Ten-
cent, is more than the entire
market capitalization of Prosus,
equivalent to about $95 billion.
The Naspers and Prosus
buybacks don’t solve the struc-
tural issue of the discount, but
they give shareholders value by
purchasing stock at a dis-
counted price relative to the
actual value of the Tencent
stake, Prosus executives say.
A spokesperson for Tencent
said the number of Tencent
shares Prosus sold as part of
the buyback accounts for a
fraction of its average daily
traded volume.
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*ANNUAL PERCENTAGE YIELD (APY): APY is accurate as of 6/29/23. APY is subject
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© 2023 Synchrony Bank
Tuesday, July 18, 2023 | B3
New York City
Renters, Builders
Flock to Bronx
BY MAGGIE EASTLAND
New York’s rental market of
the moment is in the Bronx,
where a cluster of new luxury
apartments along the Harlem
River and competitive prices
are drawing crowds.
Developers are pouring
money into new buildings in
the Bronx, especially in the
popular Mott Haven neighbor-
hood, where much of the new
supply is poised to open. Even
global giants such as Brook-
field Properties are developing
multifamily towers in the area,
which boasts riverfront views
of the Manhattan skyline.
New York renters have
taken notice. Online traffic
for Bronx rental listings in
June ranked the highest for
any location in the Northeast,
according to the apartment-
search company RentCafe.
Listing traffic for the Bronx
has increased nearly 50%
since last year. Online users of
RentCafe have added twice as
many Bronx apartments to
their favorites list this June as
they did a year earlier.
The new renter interest re-
flects how expensive and sup-
ply-constrained the rest of the
city has become. Apartment
inventory has been declining
in Manhattan, Brooklyn and
Queens this year.
The median Manhattan rent
hit a record $4,395 in May and
reached $3,400 in Brooklyn, ac-
cording to StreetEasy. Across
the Hudson River, Jersey City,
Median asking rent in Mott Haven
$3,000
2,000
1,000
0
2019 ’20
Note: Monthly data, through May
’21
FedEx Picks Ex-CEO
Of Atlas as Finance Chief
BY MARK MAURER
AND SABELA OJEA
FedEx named an airline ex-
ecutive as its new finance
chief, as the parcel-delivery
giant works to merge its Ex-
press and Ground delivery
networks.
The Memphis, Tenn., com-
pany on Monday named John
Dietrich chief financial officer
and executive vice president,
effective Aug. 1. He will suc-
ceed Michael Lenz, who will
be retiring July 31.
Dietrich, with three de-
cades of experience in the avi-
ation and air-cargo industries,
most recently was chief execu-
9-MONTH CD
5.05
No minimum balance
.
N.J., logged double-digit-per-
centage rent increases and
sharper rent growth than in
Manhattan last year.
Rent in the newly devel-
oped Mott Haven area has
grown 31% since May 2019.
The median for May 2023,
$2,950, is still reasonable
compared with the pricier
boroughs but, according to
StreetEasy data, is the most
expensive in the Bronx. The
region is attracting attention
for its emerging skyline, cre-
ated as developers seize a rare
opportunity to develop water-
front properties with short
commutes to Manhattan.
“Mott Haven, that’s where
it started really exploding.
They started building apart-
ments to attract the profes-
sional crowd,” said Josh Pfe-
ifer, executive at the property
manager Blue Hill Realty, who
has worked in the Bronx for
the past two decades.
Previously an industrial
district used for such things
as piano manufacturing, vehi-
cle repair and coal storage,
Mott Haven and its riverfront
were rezoned for residential
investment in 2009 and 2017.
“From a transportation
standpoint, it’s an excellent
opportunity, and you have
rare opportunities to build on
the waterfront,” said Jarrod
Whitaker, senior vice presi-
dent of residential operations
for RXR, a real-estate com-
pany that is building an apart-
ment tower in Mott Haven.
’22 ’23
Source: StreetEasy
tive of privately held air-
freight and aviation services
company Atlas Air Worldwide.
He was Atlas’s chief operating
officer, overseeing all aspects
of the company’s global opera-
tions, from 2006 until assum-
ing the CEO position in 2020.
Dietrich is set to receive an
annual base salary of
$919,000, along with a signing
bonus of $200,000 and a tar-
get bonus opportunity equal
to 120% of his base salary paid
during fiscal 2024, a filing
said. FedEx in recent months
has been trimming flight
hours and retiring aircraft as
it navigates a slowdown in
shipping volumes.
%
APY*

B4 | Tuesday, July 18, 2023
Swift Makes History
On Billboard’s Top 10
Pop star is first
female artist to have
four albums on the
list in the same week
BY JENNIFER CALFAS
Taylor Swift has a few new
accolades thanks to her newly
released “Speak Now (Taylor’s
Version).”
The singer-songwriter is the
first woman overall and first
living artist in nearly six de-
cades to have four albums on
Billboard’s top 10 list in a single
week, according to the maga-
zine. “Speak Now (Taylor’s Ver-
sion)” is also the superstar’s
12th album to hit No. 1 on the
Billboard charts, the most of
any female artist.
Three other Swift al-
bums—2022’s “Midnights,”
2019’s “Lover” and 2020’s
“Folklore”—round out her pres-
Watch a Video
Scan this code
to see a video
about how
Taylor Swift
made her fortune.
Peacock Raises Prices as Streaming Services Seek Profit
A scene from Peacock’s ‘Bel-Air.’ The price increase is the
first since NBCUniversal launched Peacock in 2020.
Carvana
Bonds Are
Worry
Continued from page B1
the company that became
DriveTime went public and
boomed. It borrowed money,
grew fast and then stumbled.
Later, Garcia II took it private
and the company thrived,
making him a rich man. Drive-
Time’s investors sued, saying
they hadn’t been treated
fairly.
Carvana’s creditors are
watching closely. They took
the unusual step of signing a
pact to cooperate against the
family, wary of company ef-
forts to remove assets from
Carvana. They hired private
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ence on Billboard’s top 10 list Swift’s broad catalog. Swift’s
for the week of July 22. Herb set list heavily features albums
Alpert, the Grammy Award- she hadn’t yet performed on
winning trumpeter, held that tour, including “Lover,” “Folk-
many albums on Billboard’s top lore,” “Evermore,” and “Mid-
10 in a single week back in nights,” as well as bonus tracks
1966, according to Billboard. she released with her other re-
Prince posthumously had five recorded albums. The event,
albums in the top 10 shortly af- which has seen overwhelming
ter his death in 2016. demand, is on track to become
The Billboard 200 chart the biggest tour in history and
rankings will be published on could gross over $1 billion.
the magazine’s website Tues- The new “Speak Now,” re-
day, according to Billboard. leased on July 7, marks the
Swift, who now has 12 third time Swift has rerecorded
chart-topping albums, has sur- an older album; she released
passed Barbra Streisand for “Fearless (Taylor’s Version)”
the most No. 1 albums by a and “Red (Taylor’s Version)” in
woman, according to Billboard. 2021. These albums are part of
The Beatles hold the most a yearslong effort for her to re-
chart-topping albums with 19, claim her back catalog and es-
Jay-Z has 14 and Drake has 12, tablish more control over her
according to Billboard. The musical legacy without the
magazine began charting al- rights to her earlier releases.
bums weekly in 1956. “I recorded this album when
A representative for Swift I was 32 (and still growing up,
didn’t respond to a request for now) and the memories it
comment. brought back filled me with
Swift released her latest re- nostalgia and appreciation,”
recorded album in the middle Swift said of the new album in
of her “Eras Tour.” The tour, an Instagram caption earlier
with 52 dates in stadiums this month. “For life, for you,
across the U.S. and 54 shows for the fact that I get to reclaim
scheduled abroad, features a my work. Thank you a million
more than three-hour-long set times, for the memories that
list with songs from across break our fall.”
BY JOE FLINT
NBCUniversal is raising the
price of its Peacock streaming
service by as much as $2 a
month, the latest sign that en-
tertainment companies are
putting a greater emphasis on
profitability after years of
costly investments.
The price increase comes as
Peacock continues to lose
CASEY DURKIN/PEACOCK/GETTY IMAGES
money and has been spending
more on live sports and origi-
nal content.
The service, which has
about 22 million subscribers,
had a $704 million loss before
interest, taxes, depreciation
and amortization in the first
quarter.
NBCUniversal parent Com-
cast has said it expects Pea-
investigators to tally up the
Garcias’ wealth, according to
people familiar with the mat-
Much of Carvana’s nearly $6
billion in bonds trade below
70 cents on the dollar. Inves-
ter. A debt-restructuring pro-
posal from the company went
nowhere.
tors have several suits against
Carvana alleging that the Gar-
cias have run the company to
The companies themselves
are as intertwined as the Gar-
cia men. Carvana leases prop-
benefit themselves over share-
holders.
More than two decades ago,
erties and sources cars from DriveTime was in a similar
its onetime parent. Other spot. The stock was trading at
companies in the web of fam- a fraction of its initial-public-
ily businesses service Car- offering price.
vana’s loans and sell insurance For Garcia II, the used-car
products to Carvana custom- industry was a second act. In
ers. The deals between the the early 1990s, he pleaded
companies generate hundreds guilty to a charge of felony
of millions of dollars of reve- bank fraud relating to his in-
nue for the family business. volvement in sham deals with
Carvana is working to exe- Charles Keating Jr. in the Lin-
cute a turnaround, and stock coln Savings & Loan scandal.
investors are betting it will In light of what prosecutors
succeed. After trading near $4 called “extraordinary assis-
at the start of the year, Car- tance” with the investigation,
vana’s shares have soared to Garcia II was sentenced to a
about $40, still around 90% $50 fine and three years pro-
off its 2021 all-time high. bation. He also declared bank-
Bondholders are skeptical. ruptcy.
As he emerged from the
scandal, Garcia II bought a
rental-car business, Ugly
Duckling, out of bankruptcy
and rebuilt it as a network of
subprime used-car dealer-
ships. The company charged
high interest rates to buyers
with bad credit and was quick
to repossess cars from delin-
quent borrowers.
The business had several
similarities to Carvana. Both
companies sold off loans to in-
vestors—and profits from the
deals turbocharged both of
their earnings. And like Car-
vana, the company sold equity
and debt to expand, going
from seven dealerships to 76
within four years.
By 2001, Ugly Duckling was
losing money amid a broader
economic slowdown.
Some shareholders alleged
that Garcia II was depressing
the value of Ugly Duckling’s
shares. The board had
launched buyback programs
and exchanged equity for
debt, increasing Garcia’s own-
ership stake. The company
also cheaply moved some of
Ugly Duckling’s assets to
Verde Investments, Garcia II’s
private company. In one in-
stance, Ugly Duckling sold 17
properties to an unrelated en-
tity for $27.4 million and then
The singer also surpassed Barbra Streisand for most No. 1 albums by a woman.
cock’s losses to peak at around
$3 billion in 2023, then
steadily improve.
The price for Peacock’s pre-
mium plan will increase $1 a
month to $5.99, while the ad-
vertising-free service tier will
increase by $2 a month to
$11.99. The change will go into
effect immediately for new
customers and on Aug. 17 for
existing subscribers.
In a statement, NBCUniver-
sal said the price increase will
allow it to continue to invest
in strong programming and
remain competitive in the
marketplace. It is the first
price increase since Peacock
launched in 2020.
Peacock has bet heavily on
expensive sports to differenti-
ate itself from other stream-
Carvana’s share price,
year to date
$40
30
Monday
$36.53
–3.1%
20
10
0
Jan. 2023
*Issue amount of the bond offering was $600 million. Data through July 14
leased them back. The follow-
ing year, Verde acquired the
properties from the entity for
$24.7 million. In 2002, Garcia
II succeeded in a third at-
tempt to take the company
private, paying shareholders
less than half of the com-
pany’s IPO price five years
earlier. He settled with Ugly
Duckling investors who al-
leged improper self-dealing.
Garcia II swapped the Ugly
Duckling name for DriveTime,
and by 2005, the company re-
ported profit of $83 million.
Son Ernie III joined the
family business as a teenage
intern before attending Stan-
ford University, where he met
several future Carvana co-
founders and executives. His
idea for Carvana was simple:
Take the fragmented world of
used cars, put it online and
scale it up to drive down
costs.
The company began as a
subsidiary of DriveTime. Driv-
eTime’s secret sauce was sell-
ing cars to risky borrowers
and aggressively repossessing
the vehicles if they fell behind
on their payments. In 2014,
around 45% of the company’s
loans were delinquent at any
given time, according to the
Consumer Finance Protection
Bureau.
DriveTime that year paid
$8 million to settle accusa-
tions including that it
hounded borrowers at work.
The company neither admitted
nor denied wrongdoing.
Carvana aimed more up-
market and built a customer-
* *** THE WALL STREET JOURNAL.
ing platforms.
Besides simulcasting NBC’s
“Sunday Night Football” fran-
chise, Peacock also streams
Premier League soccer and
carries Notre Dame and Big
Ten football.
It is spending about $110
million to have exclusive
rights to a National Football
League playoff game in the
2023-24 season, The Wall
Street Journal previously re-
ported.
Peacock has also spent
more on original shows and
has found some success with
the detective series “Poker
Face,” which received four
Emmy nominations this
month, including a best ac-
tress nod for star Natasha Ly-
onne.
One of Carvana’s outstanding bonds
Price of a 5.875% bond due October 2028*
120 cents on the dollar
100
80
60
40
20
0
July 2021 ’22
focused brand around humor-
ous ads and dispensing cars to
buyers from huge glass “vend-
ing machines” that doubled as
giant advertisements. But the
company also told potential
investors that its connection
to DriveTime gave it an “un-
fair advantage,” according to
people familiar with the mat-
ter. When it couldn’t raise
cash from Silicon Valley, it
turned to DriveTime and the
senior Garcia.
Carvana said in the summer
of 2016 that it raised $160 mil-
lion in a fundraising led by an
unidentified institutional in-
vestor. A filing later disclosed
that Garcia II contributed $100
million to the round.
When Carvana went public
in 2017, the elder Garcia re-
tained control of the com-
pany’s equity. The younger
Garcia controlled an addi-
tional 28%. When the pan-
demic hit, the company’s on-
line sales model boomed.
Carvana’s share price more
than quadrupled and the elder
Garcia sold $3.6 billion of
stock.
But shareholders also be-
gan filing suits alleging that
the business was providing
extra benefits to the Garcias.
In one ongoing suit, share-
holders criticized the board
for authorizing Garcia III to
run a private share sale early
in the Covid pandemic in
which both he and his father
purchased a combined $50
million in stock at a roughly
10% discount to the market
price. The two men coordi-
.
WSJ.com/Tech
REPUBLIC RECORDS/ASSOCIATED PRESS
Over the past two years,
most major streaming services
have raised prices in the U.S.
In January of this year, War-
ner Bros. Discovery’s Max
platform monthly fee jumped
$1 to $15.99.
Last year, Netflix increased
the prices for all of its plans.
The basic package increased
$1 to $9.99 a month and the
standard plan went up by
$1.50 to $15.49 a month.
Walt Disney also raised
prices on its Disney+ and Hulu
platforms last year. Disney+
with ads costs $7.99 a month,
,while an ad-free version in-
creased $3 to $10.99 a month.
Hulu’s ad-free service raised
its price $2 to $14.99 a month
and the version with ads went
up $1 to $7.99 a month.
’23
Source: FactSet
nated beforehand, according
to court filings. The com-
pany’s filings warn investors
that the Garcias’ interests
might not be aligned with
those of public shareholders.
The disclosures warned that
the Garcias could make an ac-
quisition that substantially in-
creased Carvana’s debt.
That is what happened last
year, when Carvana bought
used-car auction company Ad-
esa. Lenders balked at the $3
billion the company wanted to
borrow to fund the purchase.
Carvana turned to Apollo
Global Management, a savvy
Wall Street lender that bought
hundreds of millions of high-
yield bonds on what it thought
were favorable terms.
Carvana’s business tanked,
and by the end of the year, the
shares had declined 97%. The
company hired restructuring
advisers known for aggressive
maneuvers to raise capital
while stripping collateral from
lenders. Apollo’s bonds sud-
denly seemed much riskier.
Creditors saw the hand of
Garcia II, whose large owner-
ship stake gives him the most
to protect from dilution
through a share sale or debt-
for-equity swap. Carvana did
propose a debt swap that
would have forced losses on
lenders. The offer went no-
where. At the same time, the
company split off the Adesa
assets into a new subsidiary,
saying the assets no longer
guaranteed the unsecured
bonds the company used to
buy them.
 .

THE WALL STREET JOURNAL. Tuesday, July 18, 2023 | B5

worldchemicalforum.com
 .

B6 | Tuesday, July 18, 2023 THE WALL STREET JOURNAL.

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UNDERDOGS OVERCOME. Not a real disaster site.

 .

THE WALL STREET JOURNAL. * Tuesday, July 18, 2023 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34585.35 s 76.32, or 0.22% Trailing P/E ratio 22.83 18.28 4522.79 s 17.37, or 0.39% Trailing P/E ratio * 19.98 20.57 14244.95 s 131.25, or 0.93% Trailing P/E ratio *† 31.67 24.68
High, low, open and close for each P/E estimate * 18.64 16.30 High, low, open and close for each P/E estimate * 20.37 16.43 High, low, open and close for each P/E estimate *† 29.32 20.97
trading day of the past three months. Dividend yield 2.06 2.25 trading day of the past three months. Dividend yield * 1.55 1.68 trading day of the past three months. Dividend yield *† 0.71 0.91
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

34600 4500 13900

34200 4400 13500

33800 4300 13100

33400 4200 12700

Session high
DOWN UP
t

Session open Close

33000 4100 12300
Close Open
t

65-day moving average 65-day moving average

Session low 32600 4000 65-day moving average 11900

Bars measure the point change from session's open

32200 3900 11500
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* 778,422,041 7,809,643
Industrial Average 34665.15 34418.72 34585.35 76.32 0.22 34589.77 28725.51 11.3 4.3 9.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 432,212,756 5,713,442
Transportation Avg 15872.75 15709.36 15824.93 -2.02 -0.01 15940.63 11999.40 19.2 18.2 16.9 Most-active issues in late trading Decl. volume* 335,480,786 1,650,222
Utility Average 925.96 916.10 916.26 -11.29 -1.22 1061.77 838.99 -3.5 -5.3 3.4 Volume After Hours Issues traded 3,056 323
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 45384.03 45067.31 45279.75 211.70 0.47 45279.75 36056.21 17.7 17.5 11.3 Advances 1,664 175
SPDR S&P 500 ETF Trust SPY 6,553.3 450.50 -0.35 -0.08 462.57 446.15
Barron's 400 1012.26 997.84 1009.55 10.01 1.00 1023.20 825.73 14.9 9.7 13.6 Declines 1,292 123
Bank of America BAC 3,555.3 29.58 0.18 0.61 29.59 29.37
Unchanged 100 25
Nasdaq Stock Market iShares MSCI ACWI ETF ACWI 3,191.8 97.93 … unch. 97.93 97.54 New highs 138 4
Nasdaq Composite 14274.41 14138.01 14244.95 131.25 0.93 14244.95 10213.29 25.4 36.1 10.7 Flywire FLYW 3,048.7 33.81 0.16 0.48 34.90 33.57 New lows 21 6
Nasdaq-100 15745.67 15576.51 15713.28 147.68 0.95 15713.28 10679.34 32.3 43.6 13.9 Amazon.com AMZN 2,806.0 133.50 -0.06 -0.04 133.60 125.32 Closing Arms† 1.08 0.55
Energy Transfer ET 2,748.1 12.97 … unch. 12.98 12.96 Block trades* 3,890 113
S&P
Invesco QQQ Trust I QQQ 2,739.5 382.35 -0.26 -0.07 382.61 370.28
500 Index 4532.85 4504.90 4522.79 17.37 0.39 4522.79 3577.03 18.1 17.8 11.9 Nasdaq NYSE Arca
Snap SNAP 2,254.1 13.49 0.02 0.15 13.54 13.44
MidCap 400 2696.91 2664.43 2690.82 16.88 0.63 2726.61 2203.53 17.0 10.7 13.6 Total volume*4,593,167,946 215,261,643
SmallCap 600 1250.72 1233.84 1246.20 9.54 0.77 1315.82 1064.45 9.6 7.7 13.7 Percentage gainers… Adv. volume*2,864,323,061 131,248,863
FB Financial FBK 54.8 34.48 4.28 14.17 36.75 30.02 Decl. volume*1,682,088,984 80,858,091
Other Indexes
Eversource Energy ES 81.6 77.59 5.41 7.50 77.59 72.02 Issues traded 4,524 1,784
Russell 2000 1958.05 1926.64 1951.27 20.18 1.04 2021.35 1655.88 12.2 10.8 9.8
Advances 2,765 1,225
NYSE Composite 16085.43 15977.24 16054.17 13.94 0.09 16122.58 13472.18 11.5 5.7 9.0 Mondelez Intl Cl A MDLZ 513.3 77.32 5.38 7.48 77.32 71.70
Declines 1,599 534
Value Line 586.53 581.04 585.13 2.12 0.36 606.49 491.56 10.7 9.1 8.7 Babcock Wilcox Ents BW 57.4 5.95 0.24 4.20 5.95 5.71
Unchanged 160 25
NYSE Arca Biotech 5381.09 5320.38 5354.94 29.48 0.55 5644.50 4390.11 14.4 1.4 -3.9
Medtronic MDT 71.5 90.20 3.49 4.02 90.20 86.22
New highs 221 247
NYSE Arca Pharma 849.10 842.83 845.01 -4.09 -0.48 892.45 737.84 2.5 -2.6 7.9 ...And losers New lows 88 16
KBW Bank 83.40 82.03 83.16 0.88 1.07 115.55 71.96 -20.1 -17.5 4.4 Masimo MASI 103.1 111.34 -35.82 -24.34 147.50 105.25 Closing Arms† 1.02 1.53
PHLX§ Gold/Silver 127.59 125.28 127.26 0.11 0.09 144.37 91.40 21.6 5.3 -3.2 CEL-SCI CVM 412.0 2.33 -0.53 -18.53 2.87 2.01 Block trades* 31,697 932
PHLX§ Oil Service 87.62 86.18 87.29 0.55 0.63 93.94 56.08 42.8 4.1 37.6 Acumen Pharmaceuticals ABOS 486.7 8.80 -0.92 -9.47 9.99 8.56 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3855.48 3729.05 3837.31 86.90 2.32 3837.31 2162.32 43.2 51.5 22.9 PPG Industries PPG 113.2 139.06 -12.14 -8.03 151.68 139.06 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.00 13.43 13.48 0.14 1.05 33.63 12.91 -46.7 -37.8 -19.3 Nexa Resources NEXA 301.2 4.52 -0.29 -5.95 4.81 4.52 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 697.00 0.78 0.11 15.1 ProMIS Neurosciences PMN 6.19 3.38 120.28 8.95 2.39 9.2 UTime UTME 0.96 -1.50 -60.98 3.40 0.65 -31.4
MSCI ACWI ex-USA 310.35 –1.34 –0.43 10.3 BridgeBio Pharma BBIO 32.04 13.82 75.85 34.28 6.55 265.8 BYND Cannasoft Ents BCAN 1.34 -1.78 -56.99 16.38 1.31 -72.2
MSCI World 3021.96 4.02 0.13 16.1 Acumen Pharmaceuticals ABOS 9.72 3.44 54.78 11.31 3.52 65.6 Jiuzi Holdings JZXN 1.51 -1.79 -54.24 15.40 1.39 -88.5
MSCI Emerging Markets 1027.76 –0.73 –0.07 7.5 Prestige Wealth PWM 17.00 5.33 45.67 31.88 4.60 ... Apellis Pharmaceuticals APLS 52.46 -32.04 -37.92 94.75 42.15 17.2
Americas MSCI AC Americas 1716.06 7.09 0.41 17.8 GreenPower Motor GP 5.02 1.54 44.25 6.05 1.67 53.5 Knightscope KSCP 1.66 -0.50 -23.15 3.87 0.36 -42.6
Canada S&P/TSX Comp 20226.79 –35.28 –0.17 4.3 Lixte Biotechnology LIXT 7.53 2.10 38.67 27.00 4.32 -3.5 Chijet Motor CJET 3.37 -0.88 -20.71 13.02 2.27 -66.3
Latin Amer. MSCI EM Latin America 2463.52 –4.99 –0.20 15.8 Quantum-Si QSI 3.24 0.82 33.88 4.43 1.36 16.5 Virios Therapeutics VIRI 1.93 -0.49 -20.25 9.11 0.22 -69.1
Brazil BOVESPA 118219.46 508.92 0.43 7.7 Rockwell Medical RMTI 4.19 1.00 31.35 6.24 0.84 250.1 60 Degrees Pharma SXTP 3.07 -0.75 -19.63 8.65 3.00 ...
Chile S&P IPSA 3496.76 32.05 0.93 10.2 argenx ADR ARGX 484.43 105.35 27.79 498.63 333.07 32.9 Consolidated Comm Hldgs CNSL 3.12 -0.73 -18.88 7.56 2.10 -52.7
Mexico S&P/BMV IPC 53623.27 –147.53 –0.27 10.6 Healthcare Triangle HCTI 4.64 0.99 27.12 10.89 1.11 -44.8 Marti Technologies MRT 1.66 -0.38 -18.63 17.72 1.58 -83.4
EMEA STOXX Europe 600 457.92 –2.91 –0.63 7.8 Nova Lifestyle NVFY 2.81 0.59 26.58 6.85 1.83 -21.1 Leslie's LESL 5.46 -1.24 -18.51 17.13 5.43 -63.6
Eurozone Euro STOXX 459.32 –2.88 –0.62 12.0 Freedom Acquisition I FACT 9.50 1.84 24.02 16.00 7.13 -3.5 Eterna Therapeutics ERNA 2.36 -0.45 -16.01 12.80 1.90 -81.0
Belgium Bel-20 3685.24 121.89 3.42 –0.4 Vinco Ventures BBIG 2.49 0.47 23.27 38.80 1.12 -87.9 Frontier Comms Parent FYBR 12.05 -2.26 -15.79 30.83 11.65 -52.8
Denmark OMX Copenhagen 20 2015.49 9.26 0.46 9.8 SunCar Tech Cl A SDA 10.90 2.05 23.16 45.73 3.80 7.2 INmune Bio INMB 9.47 -1.43 -13.12 11.26 5.75 -2.2
12.6 ZimVie ZIMV 13.12 2.24 20.59 20.33 5.05 -25.5 Intelligent Bio Solutions INBS 2.60 -0.39 -13.07 32.00 2.09 -82.9
France CAC 40 7291.66 –82.88 –1.12
Germany DAX 16068.65 –36.42 –0.23 15.4
Israel Tel Aviv 1805.12 6.71 0.37 0.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 28608.54 –54.76 –0.19 20.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 773.45 –5.48 –0.70 12.3
–0.9 Mullen Automotive MULN 250,859 36.9 0.16 2.04 28.50 0.10 Lixte Biotechnology LIXT 4,444 18810 7.53 38.67 27.00 4.32
Norway Oslo Bors All-Share 1349.78 –13.38 –0.98
ViewRay VRAY 200,978 5860.2 0.07 -81.17 4.96 0.07 Acumen Pharmaceuticals ABOS 28,944 9682 9.72 54.78 11.31 3.52
South Africa FTSE/JSE All-Share 77253.51 –497.00 –0.64 5.8
Spain IBEX 35 9438.00 –0.30 –0.003 14.7 AT&T T 160,174 292.2 13.53 -6.69 21.53 13.48 BridgeBio Pharma BBIO 47,220 2452 32.04 75.85 34.28 6.55
5.8 Tesla TSLA 130,768 -3.9 290.38 3.20 314.67 101.81 Portage Fintech Acqn A PFTA 2,050 1817 10.41 0.68 10.65 9.70
Sweden OMX Stockholm 827.58 –3.70 –0.45
2.3
Ford Motor F 98,952 67.7 14.09 -5.94 16.68 10.90 Franklin FTSE India FLIN 1,727 1632 31.53 0.45 31.61 26.82
Switzerland Swiss Market 10976.20 –133.99 –1.21
Turkey BIST 100 6600.46 162.72 2.53 19.8 Verizon Communications VZ 97,109 374.0 31.46 -7.50 51.17 31.25 Simplify Agg Bd Plus AGGH 225 1420 22.70 0.49 24.98 21.20
U.K. FTSE 100 7406.42 –28.15 –0.38 –0.6 Faraday Future FFIE 88,711 4.3 0.29 13.03 7.85 0.15 Brilliant Acquisition BRLI 131 1347 11.58 -0.39 15.38 10.47
U.K. FTSE 250 18404.43 –162.38 –0.87 –2.4 ProSh UltraPro Shrt QQQ SQQQ 85,143 -28.1 17.08 -2.68 69.55 16.95 Ituran Location Ctrl ITRN 373 1200 25.38 8.00 27.52 20.35
Nikola NKLA 83,707 41.1 2.33 3.56 8.97 0.52 Apellis Pharmaceuticals APLS 20,260 1187 52.46 -37.92 94.75 42.15
Asia-Pacific MSCI AC Asia Pacific 168.28 –0.47 –0.28 8.1
Canopy Growth CGC 75,625 324.5 0.37 -2.66 4.77 0.35 Vanguard Materials VAW 896 1145 183.82 0.10 189.76 146.72
Australia S&P/ASX 200 7298.50 –4.58 –0.06 3.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3209.63 –28.07 –0.87 3.9 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19413.78 … Closed –1.9
0.80 9.4
Scan this code
India S&P BSE Sensex 66589.93 529.03
Japan NIKKEI 225 32391.26 … Closed 24.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3254.43 5.81 0.18 0.1 and track most-active stocks,
South Korea KOSPI 2619.00 –9.30 –0.35 17.1 new highs/lows, mutual funds Currencies
Taiwan TAIEX 17334.29 50.58 0.29 22.6 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1528.77 10.85 0.71 –8.4
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004230 23640 0.04
CREDIT MARKETS Argentina peso .0037266.6943 50.9 Europe
Brazil real .2080 4.8083 –9.0 Czech Rep. koruna .04726 21.162 –6.2
Canada dollar .7577 1.3199 –2.6 Denmark krone .1508 6.6294 –4.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001222 818.48 –3.5 Euro area euro 1.1240 .8897 –4.8
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000249 4015.00 –17.2 Hungary forint .003005 332.73 –10.9
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007645 130.81 –7.6
A consumer rate against its New car loan Mexico peso .0598 16.7247 –14.2 Norway krone .0994 10.0624 2.6
benchmark over the past year 5.00% Uruguay peso .02629 38.0400 –4.8 Poland zloty .2529 3.9543 –9.7
Bankrate.com avg†: 7.30% t 12% Asia-Pacific Russia ruble .01109 90.131 22.2
Colonial Savings, FA 5.49% Tradeweb ICE 4.00 WSJ Dollar Index Euro Sweden krona .0975 10.2515 –1.8
Prime rate s s Australiadollar .6817 1.4669 –0.03
8.00% Garland, TX 972-495-4032 Monday Close 6 Switzerland franc 1.1623 .8604 –7.0
t China yuan .1394 7.1720 4.0
3.00 Turkey lira .0379 26.3506 41.0
First Command Bank 5.74% t Hong Kong dollar .1280 7.8148 0.1
7.00 0 s Ukraine hryvnia .0272 36.7500 –0.3
One year ago 2.00 India rupee .01219 82.056 –0.8
Fort Worth, TX 888-763-7600 Yen UK pound 1.3073 .7649 –7.5
Indonesia rupiah .0000668 14975 –3.8
t 6.00 First Savings Bank of Hegewisch 5.95% 1.00 –6 Japan yen .007209 138.71 5.8 Middle East/Africa
New car loan Chicago, IL 773-646-4200 Kazakhstan tenge .002247 445.10 –3.8 Bahrain dinar 2.6529 .3770 –0.03
5.00 Firstrust Bank 5.99% 0.00 –12 Macau pataca .1242 8.0540 0.1 Egypt pound .0324 30.9044 24.8
Malaysia ringgit .2202 4.5405 3.1 Israel shekel .2752 3.6342 3.1
Philadelphia, PA 800-220-2265 1 3 6 1 2 3 5 7 10 20 30 2022 2023
4.00 New Zealand dollar .6324 1.5813 0.4 Kuwait dinar 3.2673 .3061 0.02
InstitutionforSavingsinNewburyport 5.99% month(s) years
A S ON D J FMAM J J Pakistan rupee .00358 279.000 23.1 Oman sul rial 2.5971 .3850 0.01
Newburyport, MA 978-462-2344 maturity Philippines peso .0184 54.430 –2.2 Qatar rial .2747 3.640 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7565 1.3218 –1.4 Saudi Arabia riyal .2666 3.7505 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007908 1264.51 0.2 South Africa rand .0554 18.0397 6.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031017 322.40 –12.3
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.00-5.25 5.00-5.25 1.50 l 5.25 5.00 Taiwan dollar .03223 31.030 1.3
Yield (%) 52-Week Total Return (%) Thailand baht .02889 34.620 unch WSJ Dollar Index 94.86 0.0410.044 –1.75
Prime rate* 8.25 8.25 4.75 l 8.25 5.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.05 5.06 1.52 l 5.09 4.94 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2128.210 4.290 4.470 4.560 2.840 –2.182 –4.845
Money market, annual yield 0.55 0.55 0.11 l 0.55 0.29
Five-year CD, annual yield 2.84 2.84 1.56 l 2.86 2.15 U.S. Treasury Long, Bloomberg 3244.270 4.040 4.180 4.570 3.060 –8.904–12.831 Commodities
30-year mortgage, fixed† 7.32 7.43 5.26 l 7.43 4.17 Aggregate, Bloomberg 1998.240 4.760 4.940 5.210 3.370 –1.231 –4.111 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.62 6.70 4.62 l 6.70 3.90 Fixed-Rate MBS, Bloomberg 1983.090 4.760 4.940 5.380 3.300 –1.833 –3.591
Jumbo mortgages, $726,200-plus† 7.37 7.48 5.19 l 7.48 4.18 DJ Commodity 974.64 -9.57 -0.97 1113.32 930.59 -7.87 -7.06
High Yield 100, ICE BofA 3320.573 7.819 8.151 8.753 6.786 8.391 2.646 Refinitiv/CC CRB Index 267.90 -2.89 -1.07 301.75 253.85 -6.51 -3.54
Five-year adj mortgage (ARM)† 6.21 6.23 4.11 l 6.26 3.14
Muni Master, ICE BofA 570.753 3.271 3.367 3.936 2.419 1.593 –0.891 Crude oil, $ per barrel 74.15 -1.27 -1.68 104.22 66.74 -27.73 -7.61
New-car loan, 48-month 7.30 7.59 5.05 l 7.64 3.04
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 806.153 7.541 7.861 9.159 7.084 9.445 –2.875 Natural gas, $/MMBtu 2.512 -0.027 -1.06 9.680 1.991 -66.41 -43.87
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1952.40 -7.70 -0.39 2048.00 1623.30 14.23 7.29
 .

B8 | Tuesday, July 18, 2023 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

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

Metal & Petroleum Futures Dec 834.25 851.00 815.75 820.00 –13.50 52,131 Dec 1.1790 1.1844 1.1778 1.1817 .0026 369 Mini S&P Midcap 400 (CME)-$100 x index
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 2690.70 2716.10 2681.80 2709.90 18.20 38,584
Contract Open
Aug 246.175 249.950 245.300 249.250 2.600 21,680 July .6817 .6840 .6789 .6813 –.0027 285 Dec 2725.10 18.30 n.a.
Open High hi lo Low Settle Chg interest
Sept 248.500 252.025 248.050 251.425 2.200 14,309 Sept .6851 .6854 .6801 .6837 –.0018 148,514 Mini Nasdaq 100 (CME)-$20 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 3.8880 3.8880 3.8135 3.8320 –0.0900 1,617 Sept 15690.00 15882.75 s 15661.50 15840.75 146.50 251,724
Aug 180.550 181.600 s 179.700 180.125 –.050 73,243 July .05931 –.00035 8 Dec 15886.25 16078.25 s 15862.00 16037.75 146.50 6,789
Sept 3.9270 3.9270 3.8115 3.8440 –0.0890 119,263
Oct 182.500 183.350 181.675 182.250 –.375 133,247 Sept .05896 .05914 s .05846 .05895 –.00002 238,733
Gold (CMX)-100 troy oz.; $ per troy oz. Mini Russell 2000 (CME)-$50 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Sept 1943.10 1973.20 1938.00 1965.30 21.10 526,669
July 1954.00 1956.50 1946.60 1952.40 –7.70 58 102.425 102.500 102.325 102.350 .375 9,560
July July 1.1232 1.1248 s 1.1204 1.1225 –.0010 532
Aug 1958.60 1963.60 1949.00 1956.40 –8.00 240,346 Dec 1957.40 1992.00 1957.40 1984.70 21.00 1,920
Oct 84.225 84.600 81.475 82.325 –1.275 72,754 Sept 1.1266 1.1285 s 1.1239 1.1278 .0009 756,555
Sept 1968.80 1972.90 1959.10 1966.00 –8.00 557 Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. March'24 2002.90 20.60 3
Oct 1977.20 1982.50 1968.50 1975.50 –7.90 19,234 Sept 580.50 590.00 579.50 585.00 5.50 4,463 Index Futures Mini Russell 1000 (CME)-$50 x index
Dec 1998.20 2002.10 1987.90 1995.10 –7.90 218,713 Nov 584.00 595.50 584.00 591.00 7.00 1,309 Sept 2494.00 2505.40 s 2487.80 2499.80 12.00 8,026
Feb'24 2015.30 2022.00 2008.50 2015.50 –7.80 10,607 Milk (CME)-200,000 lbs., cents per lb. Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. July 13.80 13.85 13.80 13.83 .01 7,358 Sept 34647 34850 34580 34763 85 97,283 Sept 99.67 99.87 99.45 99.53 –.08 37,511
July 1276.20 18.40 5 Aug 15.05 15.45 15.04 15.31 .22 7,350 Dec 34955 35157 34899 35079 90 301
Dec 99.31 99.45 99.22 99.24 –.08 479
Sept 1268.50 1298.50 1248.00 1281.10 14.70 14,851 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P 500 (CME)-$50 x index
Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 4536.00 4565.75 s 4528.00 4553.75 17.00 2,241,106
Sept 3,351 3,374 3,323 3,359 7 153,405
July 965.20 966.30 965.00 977.80 3.80 25 Dec 4582.75 4615.50 s 4577.50 4603.25 17.00 15,139 Source: FactSet
Dec 3,346 3,373 3,323 3,359 14 109,535
Oct 982.30 991.30 973.00 987.50 3.20 63,691 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 158.05 158.05 155.50 154.75 –7.20 72
July
Sept
24.920
25.155
24.920
25.155
24.840
24.815
24.844 –0.170
25.018 –0.176
200
121,842
Sept 160.05 161.45 155.10
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
155.80 –5.00 91,530 Bonds | wsj.com/market-data/bonds/benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Oct 24.36 24.39 23.64 23.80 –.52 378,770
Aug 75.02 76.09 73.84 74.15 –1.27 138,498 March'24 24.49 24.50 23.79 23.95 –.51 218,112 Tracking Bond Benchmarks
Sept 74.88 76.00 73.78 74.08 –1.24 364,200 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Oct 74.65 75.76 73.60 73.89 –1.16 213,578 Sept 38.94 … 818 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Dec 74.05 75.12 73.12 73.41 –1.01 229,434 Cotton (ICE-US)-50,000 lbs.; cents per lb. highs and lows for different types of bonds
June'24 71.80 72.78 71.15 71.44 –0.72 122,552 Oct 82.27 83.29 82.27 83.49 .83 81 Total Total
Dec 69.78 70.60 69.25 69.55 –0.50 124,235 Dec 81.22 82.55 81.01 82.13 .91 122,276 return YTD total Yield (%) return YTD total Yield (%)
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. close return (%) Index Latest Low High close return (%) Index Latest Low High
Aug 2.5825 2.6227 2.5488 2.5642 –.0337 50,332 Sept 272.50 275.40 272.50 273.90 1.40 7,637
Nov 264.00 264.15 263.40 264.45 1.15 912 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 2.5758 2.6127 2.5454 2.5584 –.0310 73,374
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 2.4 1983.09 2.4 Mortgage-Backed 4.760 3.300 5.380
Interest Rate Futures 1998.24 U.S. Aggregate 4.760 3.370 5.210
Aug 2.6287 2.6629 2.6045 2.6317 –.0120 70,944
Sept 2.5683 2.6025 2.5464 2.5714 –.0111 104,434 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1955.86 2.6 Ginnie Mae (GNMA) 4.820 3.320 5.370
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 134-140 135-160 133-300 134-210 2.0 1,512,978 1166.71 2.3 Fannie mae (FNMA) 4.750 3.300 5.390
Aug 2.548 2.580 2.484 2.512 –.027 108,685
2969.95 3.4 U.S. Corporate 5.440 4.280 6.130
Dec 137-070 136-040 136-200 2.0 14
Sept 2.541 2.569 2.477 2.504 –.026 319,272 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2864.35 2.8 Intermediate 5.420 4.050 6.050 1787.21 2.3 Freddie Mac (FHLMC) 4.800 3.300 5.370
Oct 2.648 2.669 2.581 2.606 –.025 108,352 Sept 126-080 127-040 126-010 126-180 4.0 1,245,209
Nov 3.089 3.108 3.021 3.028 –.047 95,275 3970.12 4.6 Long term 5.480 4.690 6.370 570.75 2.6 Muni Master 3.271 2.419 3.936
Dec 126-210 127-090 126-090 126-260 4.0 281
Jan'24 3.739 3.765 3.682 3.685 –.054 82,733 2.2
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 576.54 3.3 Double-A-rated 4.800 3.630 5.320 406.98 7-12 year 2.929 2.325 3.794
March 3.405 3.419 3.337 3.338 –.059 72,576 Sept 112-140 112-295 112-130 112-230 5.0 4,750,981
Dec 113-065 113-175 113-015 113-115 5.5 5,444 790.95 3.8 Triple-B-rated 5.710 4.620 6.440 459.41 3.8 12-22 year 3.620 2.991 4.428
Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA 433.71 5.2 22-plus year 4.276 3.700 5.131
Corn (CBT)-5,000 bu.; cents per bu. Sept 107-152 107-252 107-147 107-220 3.7 5,297,877
Dec 108-107 108-127 108-047 108-100 4.0 89 493.20 6.4 High Yield Constrained 8.400 7.409 9.623 Global Government J.P. Morgan†
Sept 512.00 519.75 496.25 499.25 –7.25 415,066
Dec 519.25 526.50 503.25 506.00 –7.75 564,960 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 530.18 1.6 Global Government 3.130 2.010 3.250
Sept 101-271 101-313 101-271 101-298 1.0 3,680,565
468.38 11.4 Triple-C-rated 13.620 12.836 16.916
Oats (CBT)-5,000 bu.; cents per bu.
Sept 403.75 414.00 401.00 406.50 2.00 1,304 Dec 102-156 102-161 102-150 102-166 1.0 213 3320.57 6.7 High Yield 100 7.819 6.786 8.753 770.11 0.8 Canada 3.540 2.720 3.780
Dec 418.75 428.00 416.25 421.25 2.00 2,428 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July 94.8875 94.8875 94.8825 94.8825 –.0025 329,687 428.16 5.5 Global High Yield Constrained 8.530 7.593 9.945 339.85 2.0 EMU§ 3.265 1.594 3.490
Soybeans (CBT)-5,000 bu.; cents per bu.
Aug 94.6950 94.6950 94.6850 94.6850 –.0050 370,075 628.73 1.4 France 3.140 1.410 3.310
Aug 1490.75 1497.00 1477.75 1484.00 3.75 65,323 323.71 4.8 Europe High Yield Constrained 7.380 5.952 8.508
Nov 1385.00 1388.75 1369.00 1378.00 7.25 308,739
Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
April 94.9525 94.9550 94.9525 94.9525 ... 45,236 U.S Agency Bloomberg Fixed Income Indices 448.62 1.2 Germany 2.550 0.770 2.760
Soybean Meal (CBT)-100 tons; $ per ton.
Dec 94.6650 94.7150 94.6650 94.6950 .0150 1,305,760
Aug 426.60 435.00 424.90 434.40 10.60 66,587 1726.27 2.1 U.S Agency 4.830 3.060 5.080 282.96 1.9 Japan 0.850 0.570 1.060
Dec 405.00 410.10 401.40 409.40 8.40 194,600
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures 1526.03 1.9 10-20 years 4.840 3.020 5.100 485.65 1.3 Netherlands 2.810 1.080 3.000
Aug 65.05 66.39 64.30 64.76 –.29 67,422 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3335.81 4.5 20-plus years 4.650 3.600 5.240 749.27 -4.3 U.K. 4.540 2.100 4.700
Dec 60.97 61.94 59.90 60.34 –.42 189,414 July .7204 .7247 .7174 .7193 –.0012 3,284
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept .7281 .7319 .7244 .7283 .0008 231,157 2618.04 3.3 Yankee 5.230 3.970 5.840 806.15 4.9 Emerging Markets ** 7.541 7.084 9.159
Sept 15.45 15.56 15.00 15.37 –.12 7,352 Canadian Dollar (CME)-CAD 100,000; $ per CAD
July .7566 .7598 .7558 .7586 .0015 548 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Nov 15.53 15.59 15.32 15.44 –.09 1,027
Sept .7568 .7604 .7563 .7592 .0015 142,218 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £
Sept 666.00 689.25 651.00 653.75 –7.75 150,834 July 1.3097 1.3109 1.3053 1.3088 –.0015 1,349
Dec 687.50 708.25
Wheat (KC)-5,000 bu.; cents per bu.
671.00 673.75 –7.00 87,474 Sept 1.3098 1.3112
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.3054 1.3085 –.0021 241,997 Global Government Bonds: Mapping Yields
Sept 829.00 847.50 811.00 815.25 –13.75 76,778 Sept 1.1678 1.1735 1.1664 1.1706 .0026 41,304 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
Country/ Spread Under/Over U.S. Treasurys, in basis points
Cash Prices | wsj.com/market-data/commodities Monday, July 17, 2023 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3
Yield (%)
4 5 Previous Month ago Year ago Latest Prev Year ago
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 4.625 U.S. 2 4.732 t l 4.749 4.720 3.135
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3.375 10 3.796 t l 3.818 3.768 2.929
months. 3.250 Australia 2 4.083 s l 4.078 4.206 2.591 -64.2 -66.9 -53.8
Monday Monday Monday 4.500 10 3.991 t l 4.002 4.036 3.424 19.1 17.0 50.5
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 10.4825
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.3075 0.000 France 2 3.392 t l 3.398 3.246 0.387 -133.4 -134.9 -274.2
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 62.000 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.7025 3.000 10 3.016 t l 3.037 2.974 1.738 -78.4 -79.5 -118.1
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.0750
2.800 Germany 2 3.200 t l 3.209 3.117 0.459 -152.5 -153.8 -267.0
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 42600 Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 40875 2.600 10 2.483 t l 2.513 2.475 1.133 -131.7 -132.0 -178.6
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 5520 Beef,carcass equiv. index
3.400 Italy 2 3.838 t l 3.841 3.638 1.257 -88.8 -90.5 -187.1
Engelhard industrial 1949.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4554 choice 1-3,600-900 lbs.-u 287.00
Handy & Harman base 1949.60 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 640 select 1-3,600-900 lbs.-u 257.62 4.350 10 4.168 t l 4.171 4.030 3.260 36.9 33.9 34.1
Handy & Harman fabricated 2164.06 Broilers, National comp wtd. avg.-u,w 1.2197
Fibers and Textiles 0.005 Japan 2 -0.035 l -0.035 -0.065 -0.065 -476.1 -478.2 -319.4
LBMA Gold Price AM *1956.50 Butter,AA Chicago-d 2.5600
LBMA Gold Price PM *1953.70 Cheddar cheese,bbl,Chicago-d 140.75 0.400 10 0.480 l 0.480 0.404 0.235 -332.0 -335.2 -268.4
Burlap,10-oz,40-inch NY yd-n,w 0.7300
Cheddar cheese,blk,Chicago-d 149.50
Krugerrand,wholesale-e 2031.12 Cotton,1 1/16 std lw-mdMphs-u 0.8049 0.000 Spain 2 3.512 s l 3.496 3.348 0.855 -121.3 -125.1 -227.3
Maple Leaf-e 2050.65 Milk,Nonfat dry,Chicago lb.-d 111.50
Cotlook 'A' Index-t *91.90 Coffee,Brazilian,Comp-y 1.6018 3.550 10 3.526 t l 3.526 3.381 2.281 -27.4 -30.6 -63.8
American Eagle-e 2050.65 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9168 0.625 5.161 t
Mexican peso-e 2362.73 Wool,64s,staple,Terr del-u,w n.a. U.K. 2 l 5.202 4.938 1.907 43.6 45.5 -122.1
Eggs,large white,Chicago-u 1.1150
Austria crown-e 1917.33 4.250 10 4.434 t 4.450 4.413 2.091 61.8 -82.8
Grains and Feeds Flour,hard winter KC-p 21.40 l 63.4
Austria phil-e 2050.65
Hams,17-20 lbs,Mid-US fob-u 1.09
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 98.46
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Engelhard industrial 24.7500 Bran,wheat middlings, KC-u,w 143 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base
Handy & Harman fabricated
24.8670
31.0840
Corn,No. 2 yellow,Cent IL-bp,u 5.3600 Pork loins,13-19 lb MidUS-u 1.3367 Corporate Debt
Corn gluten feed,Midwest-u,w 158.6 Steers,Tex.-Okla. Choice-u n.a.
LBMA spot price *£18.8900 Corn gluten meal,Midwest-u,w 527.9
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Steers,feeder,Okla. City-u,w 274.38
(U.S.$ equivalent) *24.7700 Cottonseed meal-u,w 353 expectations
22161 Fats and Oils
Coins,wholesale $1,000 face-a Hominy feed,Cent IL-u,w 182 Investment-grade spreads that tightened the most…
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a. Spread*, in basis points
LBMA Platinum Price PM *977.0 Oats,No.2 milling,Mnpls-u 4.1650 Grease,choice white,Chicago-h 0.6000 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Platinum,Engelhard industrial 975.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 1283.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.6990 –62
Coca–Cola KO 3.450 4.42 March 25, ’30 60 63
Aluminum, LME, $ per metric ton *2225.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 435.80 Tallow,bleach;Chicago-h 0.6500
Copper,Comex spot 3.8320 Soybeans,No.1 yllw IL-bp,u 15.0200 Tallow,edible,Chicago-u n.a. 4.150 7.95 Aug. 8, ’25 318 –11
KeyCorp KEY 335
Barclays BACR 4.375 5.83 Jan. 12, ’26 148 –10 n.a.
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;
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
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 7/14 Toronto–Dominion Bank TD 4.108 5.29 June 8, ’27 127 –8 n.a.
Source: Dow Jones Market Data
National Australia Bank NAB 4.900 4.91 June 13, ’28 88 –7 101
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks HSBC Holdings HSBC 4.300 5.60 March 8, ’26 125 –4 100

Money Rates July 17, 2023 Verizon Communications VZ 2.625 5.03 Aug. 15, ’26 70 –4 n.a.
John Deere Capital … 4.750 4.70 June 8, ’26 35 –3 30
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
…And spreads that widened the most
Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low 15
Sumitomo Mitsui Financial SUMIBK 5.464 5.49 Jan. 13, ’26 115 n.a.
June index Chg From (%)
level May '23 June '22 Japan 1.475 1.475 1.475 1.475 Federal funds 11
Altria MO 5.375 5.81 Jan. 31, ’44 170 170
Policy Rates Effective rate 5.0900 5.0900 5.1000 1.5900
U.S. consumer price index Morgan Stanley MS 3.625 5.27 Jan. 20, ’27 125 10 117
Euro zone 4.00 4.00 4.00 0.00 High 5.4000 5.4000 5.4000 1.7000
All items 305.109 0.32 3.0 5.0600 5.0600 5.0800 1.5500
Switzerland 2.25 2.25 2.25 0.25 Low 9
Core 308.910 0.26 4.8 JPMorgan Chase JPM 4.125 5.26 Dec. 15, ’26 91 76
Britain 5.00 5.00 5.00 1.25 Bid 5.0800 5.0700 5.0800 1.5800
Australia 4.10 4.10 4.10 1.35 Offer 5.1000 5.0900 5.1200 1.6000 9
International rates Verizon Communications VZ 4.862 5.77 Aug. 21, ’46 165 148
Overnight repurchase Treasury bill auction 8
Week 52-Week PacifiCorp BRKHEC 6.250 6.08 Oct. 15, ’37 228 212
Latest High Low
U.S. 5.11 5.11 5.14 1.52 4 weeks 5.210 5.150 5.840 1.980
ago
13 weeks 5.250 5.250 5.300 2.470 BHP Billiton Finance BHP 4.875 4.98 Feb. 27, ’26 65 6 58
Prime rates U.S. government rates 26 weeks 5.250 5.270 5.290 2.850
Caterpillar Financial Services … 4.350 4.79 May 15, ’26 45 6 43
U.S. 8.25 8.25 8.25 4.75 Discount
Canada 6.95 6.95 6.95 3.70 5.25 5.25 5.25 1.75
Secondary market
Fannie Mae High-yield issues with the biggest price increases…
30-year mortgage yields Bond Price as % of face value
Key Interest Rates 30 days 6.192 6.617 6.812 4.321 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Data are annualized on a 360-day basis. Treasury yields are per annum, 60 days 6.193 6.643 6.988 4.390 0.53
Ford Motor Credit … 4.134 6.10 Aug. 4, ’25 96.280 94.398
on actively traded noninflation and inflation-indexed issues that are Other short-term rates 0.42
adjusted to constant maturities. Data are from weekly Federal Reserve Hughes Satellite Systems … 6.625 11.13 Aug. 1, ’26 88.668 87.780
Week 52-Week
release H.15. Latest high low Intesa Sanpaolo ISPIM 5.017 7.59 June 26, ’24 97.713 0.36 97.050
ago
Week Ended 52-Week Week Ended 52-Week
Jul 14 Jul 7 High Low Jul 14 Jul 7 High Low Rockies Express Pipeline ROCKIE 6.875 7.73 April 15, ’40 92.000 0.25 90.311
Call money
6-month 5.53 5.53 5.53 2.88
Federal funds (effective) 1-year 5.36 5.42 5.42 3.01
7.00 7.00 7.00 3.50 0.25
Teva Pharmaceutical Finance Netherlands … 3.150 6.58 Oct. 1, ’26 90.250 88.625
5.08 5.08 5.08 1.58 2-year 4.76 4.95 4.95 2.94 Commercial paper (AA financial) 0.12
Commercial paper 3-year 4.40 4.62 4.62 2.91 Transocean RIG 6.800 10.05 March 15, ’38 75.327 73.625
5-year 4.11 4.29 4.32 2.80 90 days 5.22 5.29 5.32 2.29
Nonfinancial 7-year 4.01 4.15 4.23 2.78 Telecom Italia TITIM 5.303 7.17 May 30, ’24 98.450 0.10 97.031
1-month 5.14 5.11 5.14 1.80 10-year 3.89 3.98 4.12 2.72
Secured Overnight Financing Rate
2-month 5.17 n.a. 5.21 1.99
4.16 5.05 5.06 5.09 1.52 4.000 5.89 Nov. 15, ’23 99.390 0.06
3-month n.a. n.a. 5.20 2.35
20-year 4.19 4.44 3.19 Ball BALL 99.300
Financial Value 52-Week
Treasury yields (secondary market) Latest Traded High Low …And with the biggest price decreases
1-month 5.15 5.12 5.15 1.89
2-month 5.25 5.22 5.26 2.48 1-month 5.18 5.13 5.62 1.74
3-month 5.25 5.22 5.25 2.25 DTCC GCF Repo Index –1.50
3-month 5.24 5.27 5.27 2.45 Ford Motor F 4.750 6.64 Jan. 15, ’43 79.500 76.250
6-month 5.26 5.27 5.27 2.78 Treasury 5.103 14.276 5.195 1.530
Discount window primary credit –0.73
TIPS MBS 5.144 85.850 5.199 1.563 Teva Pharmaceutical Finance … 6.150 7.35 Feb. 1, ’36 90.270 n.a.
5.25 5.25 5.25 1.75
5-year 1.94 2.08 2.08 0.14 Notes on data: Dish DBS … 7.750 27.67 July 1, ’26 61.500 –0.63 62.500
Treasury yields at constant 7-year 1.76 1.87 1.87 0.18
maturities U.S. prime rate is the base rate on corporate
10-year 1.64 1.72 1.72 0.24
loans posted by at least 70% of the 10 largest Venture Global Calcasieu Pass VENTGL 4.125 6.55 Aug. 15, ’31 85.000 –0.63 85.317
1-month 5.36 5.30 5.81 1.79 20-year 1.64 1.67 1.70 0.53 U.S. banks, and is effective May 4, 2023. Other
3-month 5.48 5.45 5.52 2.31 Long-term avg 1.77 1.77 1.94 0.87 prime rates aren’t directly comparable; lending
CSC Holdings CSCHLD 5.250 16.47 June 1, ’24 91.250 –0.50 92.000
practices vary widely by location; Discount rate
Notes on data: is effective May 4, 2023. Secured Overnight
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Financing Rate is as of July 14, 2023. DTCC GCF Occidental Petroleum OXY 6.200 6.21 March 15, ’40 99.918 –0.33 97.534
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Repo Index is Depository Trust & Clearing
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in Bausch Health BHCCN 11.000 19.11 Sept. 30, ’28 73.938 –0.31 72.223
primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett Intelsat Jackson Holdings INTEL 6.500 7.68 March 15, ’30 93.918 –0.28 92.482
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET.
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *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.
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Source: MarketAxess
 .

THE WALL STREET JOURNAL. * Tuesday, July 18, 2023 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. DR Horton DHI 128.05 -2.26 MarvellTech MRVL 64.56 1.11 s Primerica PRI 205.90 4.58 T-MobileUS TMUS 138.00 -1.68 TylerTech TYL 421.75 10.77 s Wabtec WAB 112.66 0.73
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. HostHotels HST 17.44 0.04 s Masco MAS 60.47 0.49 PrincipalFinl PFG 80.57 1.43 TPG TPG 30.43 0.08 TysonFoods TSN 51.88 -0.45 WalgreensBoots WBA 29.12 -0.08
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s HoulihanLokey HLI 102.74 1.02 Masimo MASI 147.16 -2.41 ProcoreTech PCOR 73.78 1.66 T.RowePrice TROW 117.87 1.39 UBS Group UBS 21.06 0.15 Walmart WMT 154.85 0.19
that include primary market trades as well as quarters. HowmetAerospace HWM 50.20 0.80 MasTec MTZ 115.44 0.30 Procter&Gamble PG 148.99 -1.06 TaiwanSemi TSM 104.79 -0.35 UDR UDR 42.84 -0.53 WarnerBrosA WBD 12.31 -0.09
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Hubbell HUBB 331.96 1.96 s Mastercard MA 402.20 -0.31 Progressive PGR 121.95 5.16 s TakeTwoSoftware TTWO 152.71 2.71 U-Haul UHAL 60.40 0.28 WarnerMusic WMG 29.52 0.65
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing HubSpot HUBS 557.33 1.97 MatchGroup MTCH 48.49 0.42 Prologis PLD 127.98 0.23 TakedaPharm TAK 15.27 -0.11 U-Haul N UHAL/B 53.90 -1.08 WasteConnections WCN 141.48 0.06
Nasdaq ISE. standards
The list comprises the 1,000 largest companies lf-Late filing Humana HUM 434.41 -0.52 Mattel MAT 21.49 0.05 PrudentialFinl PRU 92.50 0.95 Tapestry TPR 42.95 -0.71 US Foods USFD 43.84 -0.09 WasteMgt WM 167.76 -0.80
based on market capitalization. q-Temporary exemption from Nasdaq JBHunt JBHT 183.38 0.08 McCormickVtg MKC.V 87.48 0.93 Prudential PUK 27.79 -0.25 TargaResources TRGP 77.70 -0.33 UWM UWMC 5.96 -0.06 Waters WAT 269.83 -0.94
Underlined quotations are those stocks with requirements. HuntingtonBcshs HBAN 11.40 0.15 McCormick MKC 85.75 -0.02 PublicServiceEnt PEG 62.92 -0.92 Target TGT 130.01 -0.91 Uber UBER 45.51 0.76 Watsco WSO 371.04 6.39
large changes in volume compared with the t-NYSE bankruptcy HuntingIngalls HII 233.08 4.73 McDonald's MCD 294.68 -0.26 PublicStorage PSA 300.57 -1.07 TechnipFMC FTI 17.52 0.21 Ubiquiti UI 180.71 -1.00 Wayfair W 70.60 1.09
issue’s average trading volume. v-Trading halted on primary market. HyattHotels H 119.10 2.10 McKesson MCK 411.67 2.17 PulteGroup PHM 81.70 -0.81 TeckResourcesB TECK 41.65 0.13 UiPath PATH 18.45 0.91 WebsterFin WBS 41.38 0.39
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s ICICI Bank IBN 23.83 0.50 s Medpace MEDP 247.36 4.15 s PureStorage PSTG 38.50 0.58 TeledyneTech TDY 414.67 3.14 UltaBeauty ULTA 472.72 0.07 WellsFargo WFC 44.74 1.18
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ICL Group ICL 5.96 0.14 Medtronic MDT 86.71 -0.94 Qiagen QGEN 45.76 -0.26 Teleflex TFX 247.25 1.39 Unilever UL 52.43 0.06 Welltower WELL 79.28 -0.70
previous closing price was $2 or higher. or securities assumed by such companies. s IdexxLab IDXX 551.84 14.95 MercadoLibre MELI 1179.17 43.45 Qorvo QRVO 107.38 2.51 t Ericsson ERIC 4.92 -0.11 UnionPacific UNP 209.86 -1.13 WescoIntl WCC 172.24 -0.07
ING Groep ING 14.45 0.09 Merck MRK 105.57 -1.77 Qualcomm QCOM 123.40 0.84 TelefonicaBras VIV 8.45 ... UnitedAirlines UAL 53.33 -0.01 WestFraserTimber WFG 88.34 0.81
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Invesco IVZ 17.60 -0.13 MetaData AIU 1.13 0.03 QuantaServices PWR 199.31 3.18 Telefonica TEF 4.07 0.04 UnitedMicro UMC 7.95 0.14 WestPharmSvcs WST 383.62 -1.51
changes in the closing prices from 4 p.m. the previous day. IQVIA IQV 221.37 0.27 MetaPlatforms META 310.62 1.75 QuestDiag DGX 139.91 -0.53 TelekmIndonesia TLK 25.88 -0.29 UPS B UPS 182.74 -2.52 WesternDigital WDC 39.14 -0.52
ITT ITT 97.26 0.12 MetLife MET 59.00 0.84 s TempurSealy TPX 45.02 1.05 UnitedRentals URI 451.49 6.04 WesternMidstrm WES 27.19 -0.16
IcahnEnterprises IEP 32.69 -0.05 Mettler-Toledo MTD 1328.46 -3.47 R S Tenaris TS 31.87 0.04 US Bancorp USB 35.26 -0.07 Westlake WLK 125.00 -0.77
Monday, July 17, 2023 Net Net Icon ICLR 245.04 -1.21 s MicrochipTech MCHP 92.18 2.46 TencentMusic TME 7.38 -0.21 WestRock WRK 29.41 -0.32
Stock Sym Close Chg Stock Sym Close Chg RB Global RBA 61.82 0.65 TenetHealthcare THC 80.65 -1.25 UnitedTherap UTHR 234.26 2.26 Weyerhaeuser WY 34.33 0.25
Net IDEX IEX 210.60 1.01 MicronTech MU 65.16 1.08
RELX RELX 33.40 0.09 s Teradyne UnitedHealth UNH 484.08 3.91
Stock Sym Close Chg t IllinoisToolWks ITW 251.17 1.60 Microsoft MSFT 345.73 0.49 TER 116.25 3.16 UnitySoftware U 46.08 1.74 WheatonPrecMet WPM 44.43 -0.29
BristolMyers BMY 61.85 -0.09 s DrReddy'sLab RDY 63.18 1.28 RH RH 364.99 -11.98 Tesla TSLA 290.38 9.00 UniversalHealthB UHS 153.44 -0.24 Whirlpool WHR 151.70 -2.09
Illumina ILMN 184.14 -3.01 MidAmApt MAA 153.49 -2.69
BritishAmTob BTI 32.88 -0.17 DraftKings DKNG 31.24 0.69 R1 RCM RCM 18.49 0.02 s TetraTech
A B C Broadcom AVGO 910.35 21.77 Dropbox DBX 27.81 0.52
ImperialOil IMO 48.70 -0.28 Middleby MIDD 141.72 -2.23
RPM
TTEK 172.19 1.58 UnumGroup UNM 48.49 1.22 Williams
RPM 92.03 1.14 TevaPharm TEVA 8.02 -0.19
WMB 33.01 -0.37
BroadridgeFinl BR 166.73 -1.26 DukeEnergy DUK 91.78 -1.23
Incyte INCY 61.08 -0.68 MitsubishiUFJ MUFG 7.56 ...
RalphLauren RL 125.99 0.61 TexasInstruments TXN 183.40 2.55 VF VFC 19.11 -0.08 Williams-Sonoma WSM 125.14 -1.69
AECOM ACM 87.32 0.68 Infosys INFY 17.29 0.25 MizuhoFin MFG 3.19 -0.01 WillisTowers WTW 229.64 -0.23
AES AES 21.38 -0.22 BrookfieldAsset BAM 32.86 -0.17 DuPont DD 72.58 -0.03 RaymondJames RJF 106.62 1.50 TexasPacLand TPL 1401.26 32.26 VICI Prop VICI 31.55 0.04
WillScotMobile WSC 47.86 0.82
IngersollRand IR 66.29 0.17 Mobileye MBLY 43.36 1.34
Aflac AFL 70.38 0.80 Brookfield BN 34.21 -0.15 Dynatrace DT 54.98 0.36 RaytheonTech RTX 96.32 0.15 TexasRoadhouse TXRH 114.77 0.76 VailResorts MTN 244.03 -0.75 Wipro WIT 5.05 0.13
Ingredion INGR 109.22 0.70 Moderna MRNA 122.60 1.25 Vale VALE 14.07 -0.22
AGCO AGCO 136.23 1.42 BrookfieldInfr BIP 35.78 -0.41 s EMCOR EME 189.08 1.40 RealtyIncome O 61.29 0.47 Textron TXT 67.45 0.06 Wolfspeed WOLF 66.76 2.29
InspireMedical INSP 325.91 -0.17 MohawkInds MHK 112.80 0.47
s Ansys ANSS 347.83 3.58 BrookfieldRenew BEPC 32.12 0.06 ENI E 29.86 -0.03 RegalRexnord RRX 150.91 2.23 ThermoFisher TMO 525.26 -4.10 ValeroEnergy VLO 113.71 0.23 WoodsideEnergy WDS 24.46 0.12
Insulet PODD 287.96 -2.93 MolinaHealthcare MOH 299.91 1.36 VeevaSystems VEEV 206.87 -1.82
s Brown&Brown BRO 69.89 1.17 EOG Rscs EOG 118.68 -0.25 RegencyCtrs REG 63.84 0.44 ThomsonReuters TRI 132.64 -0.07
APA APA 36.33 -0.31
Brown-Forman A BF.A 68.05 -0.67 EPAM Systems EPAM 242.89 0.95
Intel INTC 34.37 1.22 MolsonCoorsB TAP 67.99 0.71
RegenPharm REGN 721.61 3.09 3M Ventas VTR 47.91 -0.16 Woodward WWD 120.40 1.04
ASE Tech ASX 8.26 0.12
Brown-Forman B BF.B 66.68 -0.86 EQT EQT 38.46 0.25
InteractiveBrkrs IBKR 83.80 -0.83 monday.com MNDY 184.57 10.01 RegionsFinl RF 19.20 0.25 Toast
MMM 101.70 -0.60 VeriSign VRSN 215.31 -1.32 Workday WDAY 228.25 4.34
ASML ASML 754.49 0.47 ICE ICE 116.64 -0.87 Mondelez MDLZ 71.94 -0.34 TOST 25.85 0.77 s VeriskAnalytics VRSK 229.97 1.18 WW Ent WWE 107.12 -0.91
t AT&T T 13.53 -0.97 Bruker BRKR 73.48 -0.61 EastWestBncp EWBC 57.74 0.82 ReinsGrp RGA 142.43 2.12 Toll Bros TOL 82.72 -0.80 t Verizon WynnResorts WYNN 107.02 -2.49
s InterContinentl IHG 71.33 0.53 MongoDB MDB 409.17 10.49 VZ 31.46 -2.55
AbbottLabs ABT 107.00 -0.93 s BuildersFirst BLDR 142.96 1.80 EastGroup EGP 185.76 0.26 RelianceSteel RS 285.38 2.94 s TopBuild BLD 278.67 0.90 s VertexPharm VRTX 357.98 5.24 XP XP 23.45 0.59
Bunge BG 101.71 2.04 EastmanChem EMN 86.51 -0.41
IBM IBM 134.24 0.84 s MonolithicPower MPWR 588.72 23.71 RenaissanceRe RNR 197.22 5.07 Toro
AbbVie ABBV 134.83 -1.18 IntlFlavors IFF 79.48 -0.62 TTC 103.03 -0.91 Vertiv s XPO XPO 62.21 1.49
BurlingtonStrs BURL 168.31 1.06 s Eaton ETN 205.96 2.50 MonsterBev MNST 57.29 -0.02 RentokilInit RTO 40.58 0.42 TorontoDomBk TD VRT 26.35 ...
AcadiaHealthcare ACHC 73.09 -2.21 IntlPaper IP 30.99 -0.41 s Moody's MCO 356.41 3.26 63.89 0.46 Viatris VTRS 10.01 -0.15
XcelEnergy XEL 63.21 -1.06
Accenture ACN 319.78 4.01 CACI Intl CACI 346.79 -0.46 eBay EBAY 47.19 0.69 Repligen RGEN 152.12 1.63 TotalEnergies TTE 57.02 -0.27 XPeng XPEV 14.07 0.05
Interpublic IPG 40.29 0.97 MorganStanley MS
s ActivisionBliz ATVI 93.21 3.14 CBRE Group CBRE 88.14 1.15 s Ecolab ECL 187.57 -0.89 86.37 0.59 RepublicSvcs RSG 150.14 0.16 ToyotaMotor TM 159.45 0.30 Vipshop VIPS 17.45 0.26
Xylem XYL 110.63 1.18
s Intuit
RMD 220.77 -1.58 TractorSupply TSCO 210.81 -4.13 s Visa
INTU 490.82 6.83 Morningstar MORN 209.08 0.05 V 243.99 0.83
CDW CDW 189.61 3.22 Ecopetrol EC 10.75 0.10 ResMed YPF 15.24 0.76
Adobe ADBE 522.00 7.17
CF Industries CF 73.93 0.19 EdisonIntl EIX 69.89 -0.58
s IntuitiveSurgical ISRG 353.84 -0.16 Mosaic MOS 35.76 0.02 s RestaurantBrands QSR 77.26 -0.03 s TradeDesk Vistra VST 26.13 -0.21 YPF
AdvDrainageSys WMS 121.54 2.59 InvitatHomes INVH 35.33 -0.07 MotorolaSol MSI 291.49 0.43 TTD 90.69 2.69 s VMware VMW 159.22 2.99 Yum!Brands YUM 135.74 0.18
AdvMicroDevices AMD 118.32 2.38 s CGI A GIB 106.56 -0.46 EdwardsLife EW 92.65 -0.73 Revvity RVTY 121.00 -1.81 Tradeweb TW 69.54 0.28 Vodafone YumChina YUMC 60.25 0.24
IridiumComm IRDM 60.13 -0.19 NICE NICE 210.90 4.94 VOD 9.49 -0.08
Aegon CH Robinson CHRW 94.85 -0.75 ElbitSystems ESLT 211.50 4.27 RexfordIndlRealty REXR 54.19 -0.75 s TraneTech TT 198.85 2.54 VoyaFinancial VOYA 74.15 0.79 ZTO Express ZTO 27.12 ...
AEG 5.24 ... s IronMountain IRM 61.28 1.77 NIO NIO 10.56 0.02
AerCap AER 64.83 0.76 CME Group CME 185.25 -0.88 s ElectronicArts EA 138.25 0.91 RioTinto RIO 67.32 -1.21 TransDigm TDG 886.25 -2.50 s VulcanMatls VMC 223.71 -1.04 ZebraTech ZBRA 309.51 0.23
ItauUnibanco ITUB 5.94 0.10 NNN REIT NNN 43.17 ...
AgilentTechs A 118.25 -1.50 CMS Energy CMS 60.00 -0.95 ElevanceHealth ELV 437.17 -1.56 Rivian RIVN 23.99 -0.83 TransUnion TRU 79.94 0.52 Zillow C Z 53.75 0.52
CNA Fin CNA 38.03 0.28 EmersonElec EMR 91.32 -0.77 NOV NOV 18.16 0.27
AgnicoEagleMines AEM 52.63 0.03
CNH Indl CNHI 15.25 0.29 Enbridge ENB 36.48 -0.30
J K L NRG Energy NRG 36.35 -0.10 s
RobertHalf RHI 83.38 0.70 Travelers
Robinhood HOOD 12.49 0.11 Trex
TRV 168.59 2.64 W X Y Z Zillow A ZG 52.80 0.41
AirProducts APD 299.28 0.65 s NVR TREX 70.70 0.81 ZimmerBiomet ZBH 140.66 -1.71
CRH CRH 57.54 0.18 Endeavor EDR 22.69 -0.50 JD.com JD 37.78 -0.36 NVR 6408.98 12.43 Roblox RBLX 44.46 1.46 Trimble
s Airbnb ABNB 145.36 2.02 s NXP Semi NXPI 219.62 7.08
TRMB 53.72 0.32 WEC Energy WEC 89.52 -1.88 Zoetis ZTS 170.73 -1.46
AkamaiTech AKAM 92.46 0.14 CSX CSX 33.22 -0.41 EnergyTransfer ET 12.97 0.07 s JPMorganChase JPM 153.38 3.61 RocketCos. RKT 10.17 -0.23 Trip.com TCOM 36.97 0.06 WEX WEX 192.89 -0.77 ZoomVideo ZM 72.84 2.25
CVS Health CVS 71.17 -0.21 EnphaseEnergy ENPH 189.67 11.73 s Jabil JBL 112.77 1.16 Nasdaq NDAQ 50.90 0.29 s Rockwell ROK 342.58 1.35 TruistFinl
Albemarle ALB 237.66 2.39 TFC 33.43 0.33 W.P.Carey WPC 69.66 0.40 ZoomInfoTech ZI 28.89 1.60
s CadenceDesign CDNS 244.44 3.70 Entegris ENTG 111.74 4.10 JackHenry JKHY 168.32 1.57 NationalGrid NGG 67.59 -0.34 RogersComm B RCI 43.94 -0.62 Twilio
Albertsons ACI 22.00 0.07 TWLO 66.47 -0.42 WPP WPP 56.07 0.50 Zscaler ZS 151.82 6.39
CAE CAE 21.88 -0.12 Entergy ETR 98.74 -1.14 JacobsSolns J 122.10 -1.12 NatlInstruments NATI 56.54 -0.08 RoivantSciences ROIV 11.80 0.13
Alcon ALC 84.28 -0.55 NatWest NWG 6.50 0.12
AlexandriaRlEst ARE 117.48 -2.09 CaesarsEnt CZR 52.47 -0.21 EnterpriseProd EPD 26.68 0.14 s JamesHardie JHX 27.62 -0.17 Roku ROKU 75.84 1.82
CamdenProperty CPT 110.75 -1.20 s Equifax EFX 237.14 0.62 JazzPharm JAZZ 126.18 -0.51 NetApp NTAP 78.02 0.15 s Rollins ROL 44.59 0.05
Alibaba BABA 93.41 -1.15 s NetEase
s
s
AlignTech
Allegion
ALGN 370.36 3.48
ALLE 124.19 1.45
Cameco CCJ 31.63
CampbellSoup CPB 44.94
0.09
-0.45
s Equinix
Equinor
EQIX 807.57
EQNR 29.37
1.84
0.14
JefferiesFinl JEF 35.54
J&J JNJ 159.07
0.23
-0.80 s Netflix
NTES 106.22
NFLX 450.05
0.88
8.14
RoperTech ROP 476.53 -1.10
RossStores ROST 110.25 -1.33
New Highs and Lows
CIBC CM 43.25 0.41 Equitable EQH 27.69 0.37 JohnsonControls JCI 69.37 0.66 Neurocrine NBIX 96.00 0.89 RoyalBkCanada RY 97.85 0.99
AllegroMicro ALGM 51.98 2.11 NewOrientalEduc EDU 45.36 -0.29
AlliantEnergy LNT 53.30 -0.86 CanNtlRlwy CNI 117.56 -0.77 EquityLife ELS 67.22 -0.18 JonesLang JLL 168.66 1.83 RoyalCaribbean RCL 98.76 1.00
CanadianNatRscs CNQ 55.90 -0.71 EquityResdntl EQR 67.85 -0.66 NY CmntyBcp NYCB 11.80 0.25 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American
t Allstate ALL 102.41 1.23 JuniperNetworks JNPR 29.33 0.11 RoyalGold RGLD 120.52 -0.59
CdnPacKC CP 79.77 -0.81 ErieIndemnity ERIE 205.66 -1.07 Newmont NEM 44.62 -0.36 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest
AllyFinancial ALLY 27.60 0.11 KB Financial KB 38.73 0.46 RoyaltyPharma RPRX 30.65 -0.08 session. % CHG-Daily percentage change from the previous trading session.
CapitalOne COF 113.43 1.88 EssentialUtil WTRG 40.91 -0.27 KBR KBR 65.21 1.03 NewsCorp B NWS 20.64 0.24 RyanSpecialty RYAN 45.07 0.26
AlnylamPharm ALNY 202.83 5.73 NewsCorp A NWSA 20.40 0.19
Alphabet A GOOGL 124.65 -0.77 CardinalHealth CAH 93.47 0.33 EssexProp ESS 242.53 -2.91 KKR KKR 60.68 0.12 Ryanair RYAAY 109.72 -1.33
Carlisle CSL 268.74 1.77 EsteeLauder EL 192.65 -0.98 s KLA KLAC 490.38 15.59 NextEraEnergy NEE 72.66 -0.54 s SAP SAP 144.99 0.64 Monday, July 17, 2023
Alphabet C GOOG 125.06 -0.64 Nike NKE 108.71
Carlyle CG 34.06 -0.01 Etsy ETSY 93.40 1.15 KarunaTherap KRTX 209.66 -2.16 0.76 s S&P Global SPGI 417.39 1.37 52-Wk % 52-Wk % 52-Wk %
Altria MO 45.38 -0.11
CarMax KMX 83.69 0.29 Everest EG 359.02 6.36 Kellogg K 66.72 -0.84 NiSource NI 27.47 -0.47 SBA Comm SBAC 226.15 -17.62 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Amazon.com AMZN 133.56 -1.12 t Nokia
Carnival CCL 17.71 0.48 Evergy EVRG 59.45 -0.71 Kenvue KVUE 24.89 -0.05 NOK 3.85 -0.13 SEI Investments SEIC 62.18 0.59
Ambev ABEV 3.04 ... Booking BKNG 2954.99 2.9 Equinix EQIX 811.99 0.2
Carnival CUK 16.08 0.42 EversourceEner ES 72.18 -0.64 Nomura NMR 3.96 ...
Amcor
Amdocs
AMCR 9.88 -0.05
DOX 96.55 -0.53 s CarrierGlobal CARR 54.56 0.72 ExactSciences EXAS 97.57 0.70
KeurigDrPepper KDP 31.61
KeyCorp KEY 10.29
-0.05
0.13 Nordson NDSN 247.27 0.81 s
SK Telecom SKM 19.87 -0.24
SPS Commerce SPSC 193.73 4.07 Highs BootBarn
BoozAllen
BOOT
BAH
93.46 3.1 EssentGroup
114.74 0.9 EverspinTech
ESNT
MRAM
48.82 1.6
10.14 7.3
Carvana CVNA 36.53 -1.17 Exelon EXC 41.78 -0.24 KeysightTech KEYS 170.43 3.42 NorfolkSouthern NSC 233.18 -1.60 SS&C Tech SSNC 60.62 -0.06 AAON AAON 104.76 4.4 BridgeBioPharma BBIO
Ameren AEE 84.43 -1.04 34.28 75.9 EvolvTech EVLV 6.98 12.4
CaseysGenStores CASY 248.81 5.63 Expedia EXPE 121.14 2.57 KimberlyClark KMB 134.54 -0.59 NorthernTrust NTRS 70.47 -0.72 s STAG Indl STAG 37.97 0.16 AAR AIR 59.07 0.1 Brown&Brown 70.28 1.7 EvolvTechWt EVLVW 1.65 17.3
AmericaMovil AMX 21.27 -0.18 BRO
Catalent CTLT 46.46 -0.19 ExpeditorsIntl EXPD 122.01 0.41 KimcoRealty KIM 20.64 0.13 NorthropGrum NOC 454.24 3.60 s Saia SAIA 370.72 6.62 AcadiaPharm ACAD 33.74 4.0 143.04 1.3 EyePointPharm EYPT 11.63 0.4
AmerAirlines AAL 18.18 0.04 BuildersFirst BLDR
AEP AEP 85.48 -1.74 Caterpillar CAT 257.46 1.84 ExtraSpaceSt EXR 156.42 0.66 KinderMorgan KMI 17.13 -0.08 NorwegCruise NCLH 20.76 0.34 Salesforce CRM 228.00 -1.33 AGNC InvtPfdD AGNCM 22.85 -0.9 CGI A GIB 107.58 -0.4 FTAI Aviation FTAI 33.35 2.2
Novartis NVS 98.94 0.11 Ansys ANSS 348.71 1.0
AmerExpress AXP 175.39 2.00 Celanese CE 121.04 1.20 ExxonMobil XOM 101.38 0.44 s KinsaleCapital KNSL 375.25 8.09 Samsara IOT 28.37 1.42 ActivisionBliz CadenceDesign CDNS 245.24 1.5 FairIsaac FICO 840.71 1.6
ATVI 93.67 3.5
AmericanFin AFG 116.18 1.43 s CelsiusHldg CELH 151.91 -1.20 F5 FFIV 148.11 1.25 Knight-Swift KNX 54.00 -0.96 NovoNordisk NVO 160.95 0.81 Sanofi SNY 52.89 0.21 AcumenPharm ABOS Camtek CAMT 43.64 5.7 Ferrari RACE 329.88 ...
11.31 54.8
Cemex CX 7.35 0.03 FMC FMC 95.41 0.18 Philips PHG 22.80 0.07 NuHoldings NU 7.87 0.15 SareptaTherap SRPT 107.29 -0.54 Acushnet CarmellTherap CTCX 13.31 -0.6 FirstCitizBcshA FCNCA 1369.77 3.5
AmHomes4Rent AMH 36.36 -0.01 GOLF 58.04 0.2
54.71 1.3 FirstLightWt FLAG.WS 0.24 60.9
CenovusEnergy CVE 16.90 -0.35 FactSet FDS 420.10 9.37 KoreaElecPwr KEP Nucor NUE 167.43 0.66 CarrierGlobal CARR
AIG AIG 59.10 1.45 7.89 -0.10 Sasol SSL 12.92 -0.22 Adecoagro AGRO 10.52 9.5
Centene CNC 65.07 -0.56 s FairIsaac FICO 837.24 12.79 Nutrien NTR 60.61 0.02 CelsiusHldg CELH 157.28 -0.8 Fiserv FI 129.15 0.4
AmerTowerREIT AMT 186.26 -7.71 KraftHeinz KHC 35.51 -0.34 Schlumberger SLB 56.51 -0.62 Adeia ADEA 11.92 2.8
CenterPointEner CNP 29.68 s nVentElectric NVT 53.88 0.77 CenturyComm CCS 78.44 -0.5 FluenceEnergy FLNC 29.98 5.1
AmerWaterWorks AWK 144.07 -2.14 -0.44 Fastenal FAST 57.28 -0.20 Kroger KR 46.54 0.10 SchwabC SCHW 58.64 0.12 AdvEnergyInds AEIS 121.01 3.2
NVIDIA NVDA 464.61 9.92 ChampionX CHX 34.43 0.9 Flywire FLYW 33.66 2.8
AmericoldRealty COLD 32.59 0.27 CentraisElBras EBR 7.90 -0.02 FederalRealty FRT 100.77 0.50 LKQ LKQ 58.62 0.43 Sea SE 62.74 0.24 AdverumBiotech ADVM 2.23 10.9
ChartIndsPfdConvB GTLSpB 67.28 3.5 Forestar FOR 24.24 -0.3
CeridianHCM CDAY 70.64 2.74 FedEx FDX 254.73 -2.72 LPL Financial LPLA 225.84 5.36 Seagate STX 60.95 -0.62 AehrTestSys AEHR 52.72 6.6
Ameriprise AMP 343.00 3.69
AmerisourceBrgn ABC 192.14 0.72 CharlesRiverLabs CRL 209.34 1.78 Ferguson FERG 159.57 -1.31 L3HarrisTech LHX 197.97 2.28 O P Q Seagen SGEN 197.60 -0.40 Airbnb ABNB 147.40 1.4
ChinaLiberalEduc CLEU
ChurchillVII A CVII
1.70 9.1 Fortinet
10.80 4.2 FranklinElec
FTNT
FELE
80.60 1.7
106.55 1.2
CharterComms CHTR 374.81 -0.66 s Ferrari RACE 328.71 -0.07 AlamoGroup ALG 198.58 3.3
Ametek AME 157.90 0.36 LabCorp.ofAmerica LH 212.59 -0.18 OGE Energy OGE 35.60 -0.75 Sempra SRE 146.12 -2.32 Cimpress CMPR 65.00 2.3 FreedomAcqnI FACT 16.00 24.0
CheckPoint CHKP 127.30 FidNatlFin AlignTech ALGN 371.99 0.9
Amgen AMGN 227.84 0.41 1.78 FNF 37.97 0.19 s LamResearch LRCX 660.07 21.51 ONEOK OKE 63.41 -0.32 SensataTech ST 46.24 0.77 Allegion Cintas CTAS 505.00 1.5 FreseniusMed FMS 26.85 2.1
ALLE 124.58 1.2
AmkorTech AMKR 29.61 0.41 Chemed CHE 549.05 10.61 FidNatlInfo FIS 58.36 -0.81 LamarAdv LAMR 102.20 0.63 s ServiceCorp SCI 65.73 -1.35 AllisonTransm CipherMiningWt CIFRW 1.05 9.6 FriedmanInds FRD 14.00 0.2
ON Semi ON 104.33 4.65 ALSN 58.73 1.1
Amphenol APH 85.18 0.57 CheniereEnergy LNG 154.99 1.09 FifthThirdBncp FITB 27.31 0.33 LambWeston LW 113.00 0.29 s ServiceNow NOW 592.38 12.00 Alphatec ATEC 19.14 1.4 CleanSpark CLSK 7.60 -1.0 Frontdoor FTDR 34.43 0.6
OReillyAuto ORLY 968.96 7.55
CheniereEnerPtrs CQP 48.34 0.30 s FirstCitizBcshA FCNCA 1364.00 46.23 LandstarSystem LSTR 194.42 -0.39 Shell SHEL 60.81 0.13 AmerEquity AEL 53.77 0.4 Cognex CGNX 58.63 2.6 GATX GATX 130.51 ...
AnalogDevices ADI 196.36 4.39 OccidentalPetrol OXY 59.29 -0.09
1.17 36.3 GRAVITY GRVY 82.48 -1.6
AngloGoldAsh AU 22.44 0.15
ChesapeakeEner CHK 80.85 -0.27 FirstIndRlty FR 54.51 -0.30 LasVegasSands LVS 59.40 -1.54 Okta OKTA 70.85 0.16 s SherwinWilliams SHW 267.83 0.79 Andersons ANDE 48.09 2.5 ColombierAcqnWt CLBR.WS
Chevron CVX 153.44 -0.14 FirstSolar FSLR 206.71 15.41 28.69 0.9 CommVaultSys CVLT 76.87 0.8 Gambling.com GAMB 12.13 1.4
AB InBev BUD 57.60 -0.59 LatticeSemi LSCC 96.45 4.30 s OldDomFreight ODFL 383.28 5.51 ShinhanFin SHG 27.09 0.25 APi Group APG
ChewyA CHWY 37.90 -0.09 FirstEnergy FE 81.42 0.8 Cooper COO 399.62 -0.9 Gartner IT 371.82 2.3
AnnalyCap NLY 20.11 0.11 39.24 -0.51 Lear LEA 148.19 -1.96 OldRepublic ORI 25.77 0.36 ShockwaveMed SWAV 271.33 1.76 ApolloGlbMgmt APO 94.77 0.1 GeneralElec GE 112.15 0.8
Chipotle APPF 194.50 2.5 Copart CPRT
Aon AON 337.49 0.98 CMG 2127.51 71.53 FirstService FSV 159.21 -0.53 LegendBiotech LEGN 70.04 0.58 Olin OLN 53.24 -0.83 Shopify SHOP 68.68 0.23 AppFolio Crane CR 94.39 1.3 GibraltarInds ROCK 63.40 1.7
ApellisPharm APLS 52.46 -32.04 Chubb CB 191.67 3.34 s Fiserv FI 128.51 0.51 Leidos LDOS 90.48 0.65 SimonProperty SPG 121.65 0.37 ArchCapital ACGL 81.39 4.7
OmegaHealthcare OHI 32.22 ... ArcturusTherap ARCT 37.50 3.4 CyberArkSoftware CYBR 167.00 1.7 Graco GGG 87.94 1.3
s ApolloGlbMgmt APO 80.94 0.65 ChunghwaTel CHT 37.16 -0.25 FiveBelow FIVE 200.81 1.84 Lennar B LEN.B 118.08 -2.83 s SiriusXM SIRI 4.94 0.19 CBAY 12.33 0.3 GreenBrickPtrs GRBK 58.44 4.8
Omnicom OMC 98.23 1.94 AresAcqn AAC.U 10.80 0.4 CymaBayTherap
s Church&Dwight CHD 98.39 -0.43 FleetCorTech FLT 258.48 -0.51 Lennar A LEN 130.39 -2.85 SiteOneLandscape SITE 168.89 -3.08 argenx 38.27 1.2 GreenPowerMotor GP 6.05 44.3
AppFolio APPF 193.16 4.67 s OnHolding ONON 35.27 2.13 ARGX 498.63 27.8 DXP Ents DXPE
Apple AAPL 193.99 3.30 ChurchillDowns CHDN 132.74 -1.32 Flex FLEX 28.21 0.31 s LennoxIntl LII 340.46 4.33 SkechersUSA SKX 52.90 0.67 ArloTech Darden DRI 169.72 1.1 HCM Acqn HCMAU 10.77 3.1
OpenText OTEX 41.90 0.34 ARLO 11.54 5.4
ApplMaterials AMAT 145.50 2.76 Cigna CI 281.16 -1.60 Floor&Decor FND 110.49 -0.66 LiAuto LI 38.19 1.19 Skyworks SWKS 114.92 3.17 ArrowrootAcqnA ARRW 10.54 0.3 DexCom DXCM 138.40 0.1 HSBC HSBC 40.75 0.9
Oracle ORCL 118.89 -0.38
Applovin APP 28.46 0.31 CincinnatiFinl CINF 98.36 0.47 FomentoEconMex FMX 108.45 0.03 LibertyBroadbandC LBRDK 81.86 -0.40 s SmithAO AOS 75.00 0.59 ArtisanPtrsAsset APAM 42.28 1.3 DigitalHealth DHAC 11.85 1.3 HamiltonLane HLNE 86.28 2.1
s Orange ORAN 11.80 0.05
42.32 1.0
Aptargroup ATR 119.26 0.91 Cintas CTAS 503.67 7.31 FordMotor F 14.09 -0.89 LibertyBroadbandA LBRDA 81.56 -0.31 Smith&Nephew SNN 30.85 -0.16 AtriCure ATRC 53.97 1.1 DrReddy'sLab RDY 63.45 2.1 HeritageCrystal HCCI
Orix IX 92.36 -0.02
Aptiv APTV 109.23 -1.78 CiscoSystems CSCO 50.81 0.43 s Fortinet FTNT 80.28 1.36 LibertyGlobal C LBTYK 18.85 -0.15 Smucker SJM 148.48 0.43 AvadelPharm AVDL 16.85 -1.2 DreamFinders DFH 26.69 2.1 HeritageGlobal HGBL 4.08 6.9
Citigroup C 46.26 0.51
OtisWorldwide OTIS 88.54 -0.18 DuneAcqnA DUNE 10.02 0.1 HoulihanLokey HLI 103.13 1.0
Fortis FTS 42.84 -0.51 LibertyGlobal A LBTYA 17.89 -0.07 Snap SNAP 13.47 0.32 AvePointWt AVPTW 1.40 10.9
Aramark ARMK 43.52 1.69 Ovintiv OVV 39.32 1.07 elfBeauty ELF 118.68 2.6 Hovnanian HOV 110.96 -0.1
CitizensFin CFG 28.08 0.30 Fortive FTV 74.74 0.57 LibertyFormOne C FWONK 74.88 0.87 s Snap-On SNA 294.76 1.80 AvitaMedical RCEL 21.70 -0.6
ArcelorMittal MT 27.99 -0.01 s OwensCorning OC 134.89 2.51 ACLS 193.61 6.9 EMCOR EME 189.67 0.7 ICICI Bank IBN 23.87 2.1
s ArchCapital ACGL 80.61 3.61 CleanHarbors CLH 167.22 1.95 FortuneBrands FBIN 74.44 0.74 LibertyFormOne A FWONA 67.90 0.69 PDD PDD 79.10 -0.39 Snowflake SNOW 184.21 3.42 AxcelisTechs EXP 191.99 2.1 IdexxLab IDXX 554.26 2.8
Cleveland-Cliffs CLF 16.82 0.06 FoxA FOXA 33.44 0.25 BancoBilbaoViz BBVA 8.04 1.4 EagleMaterials
ADM ADM 79.56 1.36 LibertyBraves A BATRA 42.99 0.63 PG&E PCG 17.83 0.01 SOQUIMICH SQM 79.00 0.82 EGP 186.29 0.1 IES Holdings IESC 58.65 1.6
Clorox CLX 153.51 -1.05 BeaconRoof BECN 85.56 1.0 EastGroup
AresMgmt ARES 100.95 -0.09 FoxB FOX 31.35 0.22 LibertyBraves C BATRK 41.50 0.43 SoFiTech SOFI 9.48 0.40 BelFuse B ETN 206.59 1.2 InFinTAcqnA IFIN 10.88 0.2
PNC Finl PNC 127.16 1.37 BELFB 62.23 5.3 Eaton
s ARGX 484.43105.35 Cloudflare NET 71.18 4.64 Franco-Nevada FNV 146.10 0.17 LibertySirius B LSXMB 33.75 0.75 SolarEdgeTech SEDG 283.85 10.29 BelFuse A 189.30 -0.5 InflectionPointII IPXXU 10.30 1.2
argenx s POSCO PKX 93.55 7.05 BELFA 66.85 7.3 Ecolab ECL
AristaNetworks ANET 170.42 4.84 Coca-Cola KO 60.81 -0.09 FranklinRscs BEN 28.90 0.46 LibertySirius C LSXMK 33.95 0.54 Sony SONY 93.57 1.18 Belden BDC 99.05 1.3 ElectronicArts EA 140.30 0.7 InstalledBldg IBP 147.65 0.2
Coca-ColaEuro CCEP 65.14 -0.42
PPG Ind PPG 151.20 1.46
ArrowElec ARW 143.32 0.49 FreeportMcM FCX 40.46 -0.62 LibertySirius A LSXMA 34.00 0.60 Southern SO 70.18 -1.20 BentleySystems BSY 55.37 2.2 EnergyRecovery ERII 30.57 4.1 IntegralAd IAS 20.00 4.8
s Cognex CGNX 58.56 1.48 s PPL PPL 26.45 -0.31
AspenTech AZPN 177.12 -0.35 FreseniusMed FMS 26.76 0.55 LifeStorage LSI 139.82 0.64 SoCopper SCCO 75.89 -0.89 Biohaven BHVN 26.64 9.7 EnerSys ENS 112.62 1.2 IntlGameTech IGT 32.88 1.2
s PTC PTC 146.55 1.88
AstraZeneca AZN 67.05 -0.33 CognizantTech CTSH 68.44 -0.16 FullTruck YMM 7.32 0.11 EliLilly LLY 447.14 -2.32 SouthwestAir LUV 36.27 -0.09 Biote BTMD 7.52 7.9 Eneti NETI 13.54 ... Intuit INTU 492.74 1.4
Coherent COHR 51.14 0.68 Paccar PCAR 87.56 1.90
71.49 16.1 ENVA 56.71 2.2 IntuitiveSurgical ISRG 355.54 ...
Atlassian TEAM 180.43 1.46 s LincolnElectric LECO 202.67 2.85 Splunk SPLK 111.07 2.12 BlackKnight BKI EnovaIntl
AtmosEnergy ATO 119.69 0.25 CoinbaseGlbl COIN 105.55 0.24 G H I Linde LIN 382.11 3.53 s
PackagingCpAm PKG 133.99 -0.22
s Spotify SPOT 179.17 7.14 Blackbaud BLKB 78.04 1.4 EnPro NPO 142.56 1.4 IronMountain IRM 61.62 3.0
ColgatePalm CL 75.58 -0.86 PalantirTech PLTR 17.40 1.00 BoiseCascade BCC 100.44 1.2 Equifax EFX 240.33 0.3 Continued on Page B11
Autodesk ADSK 213.73 -0.41 GE HealthCare GEHC 81.19 -0.63 LithiaMotors LAD 312.37 -1.23 PaloAltoNtwks PANW 250.05 8.79
StanleyBlackDck SWK 97.23 0.89
Comcast A CMCSA 42.09 0.08 s Stantec
Autoliv ALV 91.97 -0.64 GFLEnvironmental GFL 37.58 -0.03 s Littelfuse LFUS 305.54 3.94 ParamountB PARA 15.36 -0.60
STN 68.01 0.20
ADP ADP 233.72 4.25 SABESP SBS 11.27 -0.07 LiveNationEnt LYV 94.29 -0.17 Starbucks SBUX 100.93 -0.68
GSK GSK 34.51 -0.02 ParamountA PARAA 17.82 -0.55
Exchange-Traded Portfolios | WSJ.com/ETFresearch
AutoNation AN 177.07 1.00 ConagraBrands CAG 32.28 -0.62 LloydsBanking LYG 2.33 0.05 StateStreet STT 66.51 -1.59
Confluent CFLT 37.38 GXO Logistics GXO 65.25 1.03 ParkerHannifin PH 400.95 4.75
0.91 LockheedMartin LMT 469.97 5.66 SteelDynamics STLD 106.94 0.58
AutoZone AZO 2544.23 -12.36 Gallagher AJG 217.20 3.32 Paychex PAYX 121.03 0.17
Avalonbay AVB 194.07 -3.84 ConocoPhillips COP 106.44 -0.65 Loews L 60.11 0.67 Stellantis STLA 18.66 -0.10
ConEd ED GameStop GME 22.82 -0.15 PaycomSoftware PAYC 358.99 3.98
92.42 -0.66 LogitechIntl LOGI 63.77 0.90 Steris STE 228.35 -0.73
Avangrid AGR 37.68 -0.36 Gaming&Leisure GLPI 48.31 -0.26 Paylocity PCTY 217.53 0.60
Avantor AVTR 20.63 -0.27 ConstBrands A STZ 254.56 -0.91 Lowe's LOW 227.97 -0.77 Stevanato STVN 31.69 0.12 Largest 100 exchange-traded funds, latest session
ConstellationEner CEG 96.18 Garmin GRMN 106.40 -0.29 PayPal PYPL 73.49 1.39
1.18 Lucid LCID 7.03 0.33 STMicroelec STM 52.77 0.29
AveryDennison AVY 176.78 -1.64
s s Gartner IT 371.07 8.40 Pearson PSO 10.96 0.02
AvisBudget CAR 236.27 1.83 Cooper COO 393.97 -3.39 lululemon LULU 383.69 3.28 Stryker SYK 298.62 -3.81 Monday, July 17, 2023 Closing Chg YTD
s Copart CPRT 93.74 GenDigital GEN 18.87 -0.14 PembinaPipeline PBA 30.57 -0.25
0.10 LyondellBasell LYB 90.89 -0.11 SumitomoMits SMFG 9.05 0.03 ETF Symbol Price (%) (%)
AxaltaCoating AXTA 32.88 0.21 Generac GNRC 142.88 ... PenskeAuto PAG 175.40 0.53 Closing Chg YTD
AxonEnterprise AXON 196.16 3.92 Core&Main CNM 31.33 -0.02 SunComms SUI 133.46 -2.11
GeneralDynamics GD 216.37 1.05 Pentair PNR 65.94 0.07 ETF Symbol Price (%) (%) 2.77 161.5
BCE BCE 43.71 -0.57 CorebridgeFin CRBG 18.78 0.14
s GeneralElec GE 111.14 0.86 M N Penumbra
SunLifeFinancial SLF 51.57 0.48
PEN 313.49 -1.44
ProShUltPrQQQ
SPDRBbg1-3MTB
TQQQ
BIL
45.24
91.63 0.01 0.2
BHP Group BHP 61.11 -0.99 Corning GLW 33.60 0.04 SuncorEnergy SU 28.70 -0.22 CnsmrDiscSelSector XLY 175.63 0.41 36.0
GeneralMills GIS 74.31 -0.70 M&T Bank MTB 131.35 0.56 PepsiCo PEP 185.63 -2.58 SPDR DJIA Tr DIA 345.85 0.20 4.4
BILL BILL 130.17 5.12 Corteva CTVA 54.59 0.34 SuperMicroComp SMCI 302.05 6.67 CnsStapleSelSector XLP 74.06 –0.30 –0.7
GeneralMotors GM 38.75 -1.25 MGM Resorts MGM 48.19 -0.07 PerformanceFood PFGC 60.98 0.85 SPDR Gold GLD 181.56 0.07 7.0
BJ'sWholesale BJ 63.75 1.02
Cosan CSAN 16.24 0.14 Suzano SUZ 9.20 -0.07 DimenUSCoreEq2 DFAC 27.66 0.51 13.9
Genmab GMAB 40.68 0.66 MKS Instrum MKSI 108.89 1.46 PetroleoBrasil PBR 13.50 -0.03 SPDRPtfDevxUS SPDW 33.26 –0.03 12.0
BP BP 35.32 -0.20
CoStar CSGP 90.61 1.32 SynchronyFinl SYF 35.51 0.61 EnSelSectorSPDR XLE 81.29 –0.20 –7.1
Genpact G 39.32 0.07 MPLX MPLX 34.40 -0.10 PetroleoBrasilA PBR.A 12.05 -0.01 SPDRS&P500Value SPYV 43.94 0.07 13.0
Baidu BIDU 149.66 0.45 Costco COST 552.96 6.26 Synopsys SNPS 461.18 7.07 FinSelSectorSPDR XLF 34.58 0.96 1.1
Gentex GNTX 30.42 -0.33 MSCI MSCI 499.25 2.07 Pfizer PFE 35.86 -0.46 SPDRPtfS&P500 SPLG 53.02 0.40 17.9
BakerHughes BKR 34.65 0.30 CoterraEnergy CTRA 25.52 0.05 Sysco SYY 73.41 0.31 HealthCareSelSect XLV 131.10 –0.46 –3.5
GenuineParts GPC 166.67 0.73 MagellanMid MMP 63.77 -0.23 PhilipMorris PM 98.95 -0.55 SPDRS&P500Growth SPYG 62.04 0.62 22.4
Coty COTY 12.37 0.15 IndSelSectorSPDR XLI 109.02 0.38 11.0
Ball BALL 55.97 -0.31 Gerdau GGB 5.66 0.03 MagnaIntl Phillips66
s BancoBilbaoViz BBVA 8.04 0.11
Coupang CPNG 17.92 0.31
GileadSciences GILD 77.48
MGA 59.04 -0.07
0.29 s ManhattanAssoc MANH 204.40 3.53
PSX 99.04
PinnacleWest PNW 82.43
-1.42
-0.77
T U V InvscQQQI QQQ 382.61 0.93 43.7
SPDR S&P 500
SchwabIntEquity
SPY
SCHF
450.84
36.37
0.35 17.9
–0.05 12.9
Credicorp BAP 155.44 3.81 InvscS&P500EW RSP 152.35 0.19 7.9
BancoBradesco BBDO 3.01 0.04 GitLab GTLB 52.99 0.90 ManulifeFinl MFC 19.23 0.37 s Pinterest PINS 29.15
TC Energy 0.44
CreditAcceptance CACC 553.65 -0.19 TRP 38.51 -0.56 SchwabSrtTRmUSTrsr SCHO 48.11 0.06 –0.3
BancodeChile BCH 21.26 0.01 Global-EOnline GLBE 44.53 0.46 MarathonOil MRO 23.96 -0.12 iShCoreDivGrowth DGRO 51.84 0.19 3.7
Crocs CROX 127.10 3.06 PioneerNatRscs PXD 207.00 -1.92
TD Synnex SNX 98.12 0.59 SchwabUS BrdMkt SCHB 52.75 0.42 17.7
BancSanBrasil BSBR 6.23 0.09 GlobalPayments GPN 112.30 0.34 MarathonPetrol MPC 118.13 -0.28 iShCoreMSCIEAFE IEFA 68.93 –0.09 11.8
CrowdStrike CRWD 152.73 3.33 PlainsAllAmPipe PAA 14.41 0.07
TE Connectivity TEL 142.77 1.53 SchwabUS Div SCHD 73.19 –0.26 –3.1
BcoSantChile BSAC 19.74 0.08 GlobalFoundries GFS 68.10 1.38 Markel PlainsGP t Telus
PAGP 15.19 0.10
iShCoreMSCIEM IEMG 51.09 0.20 9.4
CrownCastle CCI 109.99 -5.66 MKL 1394.19 14.67 TU 18.13 -0.24 SchwabUS LC SCHX 53.41 0.38 18.3
BancoSantander SAN 3.85 0.01 Globant GLOB 196.82 5.10 MarketAxess MKTX 255.30 4.76 iShCoreMSCITotInt IXUS 64.18 ... 10.9
CrownHoldings CCK 88.67 -0.71 PlugPower PLUG 12.76 Ternium 0.62 TX 43.62 -0.17 SchwabUS LC Grw SCHG 77.33 0.86 39.2
BanColombia CIB 29.27 0.58 GlobeLife GL 110.92 1.06 Marriott iShCoreS&P500 IVV 453.33 0.37 18.0
CubeSmart CUBE 46.55 0.12 MAR 191.29 1.90 Polaris TFI Intl
PII 129.43 1.57 TFII 110.20 0.80 SPDR S&PMdCpTr MDY 491.16 0.67 10.9
BankofAmerica BAC 29.40 0.29 GoDaddy GDDY 77.46 0.48 s Marsh&McLen MMC 188.38 1.66 TIM
PolestarAuto PSNY 4.63 0.11 TIMB 14.56 -0.14 iShCoreS&P MC IJH 268.47 0.61 11.0
Cullen/Frost CFR 110.13 1.63 SPDR S&P Div SDY 123.34 0.28 –1.4
BankofMontreal BMO 92.22 0.45 GoldFields GFI 15.37 0.01 MartinMarietta MLM 458.12 0.56 TJX iShCoreS&P SC IJR 102.22 0.80 8.0
Cummins CMI 255.12 2.95 Pool POOL 360.02 -3.99 TJX 85.10 0.18 TechSelectSector XLK 178.24 1.28 43.2
BankNY Mellon BK 43.54 1.01 GoldmanSachs GS 327.20 1.01 iShCoreS&PTotUS ITOT 99.80 0.44 17.7
Curtiss-Wright CW 188.61 0.35 UtilitiesSelSector XLU 66.08 –1.15 –6.3
BankNovaScotia BNS 49.69 0.30 Grab GRAB 3.62 ... iShCoreTotalUSDBd IUSB 45.45 0.13 1.2
VangdInfoTech VGT 454.44 1.33 42.3
Barclays BCS 8.22 0.06
D E F s Graco GGG 87.40 1.09 iShCoreUSAggBd AGG 98.05 0.11 1.1
VangdSC Val VBR 169.75 0.63 6.9
BarrickGold GOLD 17.36 0.01 Grainger GWW 764.00 0.65 iShESGAwareUSA ESGU 99.34 0.46 17.2
Bath&BodyWks BBWI 36.15 0.96
Bausch+Lomb BLCO 20.64 -0.22
DTE Energy DTE 110.66
Danaher DHR 237.76
-2.29
-2.77
GraphicPkg GPK 23.94
Grifols GRFS 9.82
-0.11
0.37
Dividend Changes iShEdgeMSCIMinUSA USMV 74.38 0.07 3.2
VangdExtMkt
VangdDivApp
VXF
VIG
154.55
163.41
0.93 16.3
0.37 7.6
iShEdgeMSCIUSAQual QUAL 138.02 0.56 21.1 VangdFTSEAWxUS VEU 55.66 –0.05 11.0
BaxterIntl BAX 46.55 -0.31 s Darden DRI 169.25 1.81 GpoAeroportuar PAC 184.62 0.49 iShGoldTr IAU 37.04 0.05 7.1
BectonDicknsn BDX 256.64 -2.75 Amount Payable / VangdFTSEDevMk VEA 47.18 –0.04 12.4
DarlingIngred DAR 65.70 1.95 GpoAeroportSur ASR 287.65 0.77 iShiBoxx$HYCpBd HYG 75.24 0.19 2.2 VangdFTSE EM VWO 41.98 0.12 7.7
BeiGene BGNE 197.90 1.57 Datadog DDOG 112.77 4.24 HCA Healthcare HCA 291.86 -4.70 Company Symbol Yld % New/Old Frq Record iShiBoxx$IGCpBd LQD 107.63 0.17 2.1
s BentleySystems BSY 55.10 1.18 VangdFTSE Europe VGK 63.08 –0.14 13.8
DaVita DVA 104.53 0.79 HDFC Bank HDB 70.55 2.99 iShJPMUSDEmBd EMB 87.07 0.15 2.9
Berkley WRB 60.53 1.60 DeckersOutdoor DECK 547.45 3.97 HF Sinclair DINO 46.06 -0.15 Increased VangdGrowth VUG 291.16 0.67 36.6
iShMBS MBB 93.55 0.33 0.9 VangdHlthCr VHT 242.64 –0.43 –2.2
BerkHathwy A BRK.A 5235006092.48 Deere DE 420.60 5.99 HP HPQ 32.82 0.03 Aptargroup ATR 1.4 .41 /.38 Q Aug17 /Jul27 iShMSCIACWI ACWI 97.93 0.26 15.4
BerkHathwy B BRK.B 344.25 3.16 DellTechC DELL 54.70 -0.72 s HSBC 0.37 JM Smucker
VangdHiDiv VYM 106.71 0.08 –1.4
HSBC 40.73 SJM 2.9 1.06 /1.02 Q Sep01 /Aug18 iShMSCI EAFE EFA 73.77 –0.12 12.4 VangdIntermBd BIV 75.32 0.09 1.3
BerryGlobal BERY 65.65 0.46 DeltaAir DAL 46.80 0.31 H World HTHT 43.44 -0.89 KB Home KBH 1.5 .20 /.15 Q Aug17 /Aug03 iSh MSCI EM EEM 41.06 0.12 8.3
BestBuy BBY 82.27 2.04 DentsplySirona XRAY 40.57 -0.34 Haleon HLN 8.36 -0.04 VangdIntrCorpBd VCIT 78.98 0.11 1.9
NNN REIT NNN 5.2 .565 /.55 Q Aug15 /Jul31 iShMSCIEAFEValue EFV 49.89 –0.02 8.7 VangdLC VV 206.46 0.35 18.5
Bilibili BILI 16.64 -0.10 DeutscheBank DB 11.03 0.28 Halliburton HAL 37.36 0.47 iShNatlMuniBd MUB 106.83 0.11 1.2 VangdMC VO 226.14 0.54 11.0
Bio-Techne TECH 82.80 -1.42 DevonEnergy DVN 48.92 0.02 HartfordFinl HIG 72.22 1.72
Bio-RadLab B BIO.B 387.55 16.45 s DexCom DXCM 137.45 0.13 Hasbro HAS 64.00 -0.10
Reduced iSh1-5YIGCorpBd IGSB 50.23 0.14 0.8 VangdMC Val VOE 141.37 0.14 4.5
iSh1-3YTreaBd SHY 81.20 0.04 0.0 VangdMBS VMBS 46.06 0.35 1.2
Bio-RadLab A BIO 387.71 -8.86 Diageo DEO 176.08 -1.45 HealthcareRealty HR 18.88 -0.10 Sabine Royalty Tr UBI SBR 13.5 .3205 /.32591 M Jul31 /Jul17
iShRussMC IWR 75.05 0.52 11.3 VangdRealEst VNQ 85.57 –0.65 3.7
Biogen BIIB 278.40 -0.53 DiamondbkEner FANG 135.47 -0.19 HealthpeakProp PEAK 21.17 -0.23
iShRuss1000 IWB 248.45 0.46 18.0
BioMarinPharm BMRN 86.67 0.80 Dick's DKS 133.68 -1.25 Heico HEI 173.42 2.93 Foreign VangdS&P500ETF VOO 414.21 0.35 17.9
iShRuss1000Grw IWF 283.01 0.74 32.1 VangdST Bond BSV 75.74 0.09 0.6
BioNTech BNTX 107.21 -1.03 DigitalRealty DLR 118.21 -0.07 Heico A HEI.A 137.79 2.39 Aon AON 0.7 .615 Q Aug15 /Aug01
s BlackKnight BKI 71.15 9.89 iShRuss1000Val IWD 159.18 0.06 5.0 VangdSTCpBd VCSH 75.75 0.08 0.7
DiscoverFinSvcs DFS 120.37 1.81 HenrySchein HSIC 80.23 -0.16 Banco Sant Brasil ADR BSBR 5.2 .08407 Aug23 /Jul24
BlackRock BLK 727.87 -0.16 Disney DIS 85.56 iShRussell2000 IWM 193.58 1.07 11.0 VangdShtTmInfltn VTIP 47.21 0.08 1.1
-3.06 Hershey HSY 239.45 0.58
Blackstone BX 104.39 0.36 DocuSign DOCU 52.76 0.04 Hess HES 134.50 -0.76
Knot Offshore Partners KNOP 2.0 .026 Q Aug10 /Jul27 iShS&P500Grw IVW 71.68 0.58 22.5 VangdShortTrea VGSH 57.81 0.03 –0.0
Block SQ 78.06 2.60 DolbyLab DLB 89.03 -0.35 HessMidstream HESM 30.27 -0.01 Methanex MEOH 1.8 .185 Q Sep30 /Sep16 iShS&P500Value IVE 163.88 0.06 13.0 VangdSC VB 204.76 0.70 11.6
BlueOwlCapital OWL 11.68 0.14 DollarGeneral DG 161.13 -2.03 HewlettPackard HPE 17.05 0.18 iShSelectDiv DVY 114.44 –0.56 –5.1 VangdTaxExemptBd VTEB 50.27 0.20 1.6
Boeing BA 211.87 -1.25 DollarTree DLTR 149.11 1.20 Hilton HLT 149.00 1.22 Special iSh7-10YTreaBd IEF 96.69 0.17 1.0 VangdTotalBd BND 72.65 0.11 1.1
s Booking BKNG 2949.66 82.74 DominionEner D 51.31 -1.33 Hologic HOLX 78.96 -1.36 Spirit Airlines SAVE ... .10 Jul31 /Jul25 iShShortTreaBd SHV 110.22 0.01 0.3 VangdTotIntlBd BNDX 48.66 0.10 2.6
s BoozAllen BAH 114.34 1.05 Domino's DPZ 389.74 5.08 HomeDepot HD 316.05 -0.45 iShTIPSBondETF TIP 107.33 0.19 0.8 VangdTotIntlStk VXUS 57.49 0.05 11.2
BorgWarner BWA 45.40 -0.22 Donaldson DCI 62.09 0.25 HondaMotor HMC 30.16 -0.07 Sources: FactSet; Dow Jones Market Data iSh20+YTreaBd TLT 101.34 0.05 1.8 VangdTotalStk VTI 224.80 0.38 17.6
BostonProps BXP 60.91 -0.55 DoorDash DASH 85.34 1.38 Honeywell HON 208.17 2.03 iShUSTreasuryBd GOVT 22.91 0.15 0.8 VangdTotWrldStk VT 99.11 0.28 15.0
BostonSci BSX 52.61 -0.42 Dover DOV 148.90 0.58 HorizonTherap HZNP 104.00 0.06 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: JPMEquityPrem JEPI 55.38 0.11 1.6 VangdValue VTV 142.88 0.04 1.8
BoydGaming BYD 71.05 -0.80 Dow DOW 52.43 -0.49 HormelFoods HRL 39.39 -0.74 spin-off. JPM UltShIncm JPST 50.09 ... –0.1 WisdTrFRTrea USFR 50.46 0.06 0.4

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
Fidelity NASDAQ 180.37 +1.66 36.8 JPMorgan I Class HelSci 89.91 -0.12 0.1 MuShtAdml 15.62 ... 1.6 WellsI 24.70 +0.02 2.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. 500IdxInstPrem 157.01 +0.60 18.9 OTC 17.13 +0.08 33.5 CoreBond 10.21 +0.01 NA LgCapGow I 61.74 +0.30 34.5 PrmcpAdml r 155.06 +0.59 18.5 Welltn 41.26 +0.05 8.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s Contrafund K6 21.36 +0.13 27.0 Puritn 23.24 +0.09 14.3 EqInc 22.39 +0.03 NA MidCap 102.46 +0.68 15.5 RealEstatAdml 121.32 -0.76 6.0 WndsrII 41.68 +0.06 12.7
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- ExtMktIdxInstPre 73.70 +0.70 17.1 SAIUSQtyIdx 18.43 +0.10 20.4 LgCpGwth 56.85 +0.47 NA NHoriz 55.64 +0.68 20.1 SmCapAdml 98.11 +0.71 12.5 VANGUARD INDEX FDS
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes FidSerToMarket 14.94 +0.07 18.6 SrsEmrgMkt 17.60 +0.01 12.7 JPMorgan R Class R2025 16.05 +0.03 9.8 SmGthAdml 83.46 +0.70 18.8 ExtndIstPl 289.50 +2.79 17.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete GrowthCompanyK6 21.22 +0.22 37.9 SrsGlobal 13.89 -0.01 12.5 CoreBond 10.23 +0.01 NA R2030 24.32 +0.06 11.3 STBondAdml 9.93 +0.01 1.8 IdxIntl 18.43 -0.02 12.0
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not InflPrBdIndInsPr 9.22 +0.02 2.3 SrsGroCoRetail 18.95 +0.20 37.6 CorePlusBd 7.20 +0.01 NA R2040 27.84 +0.09 14.0 STIGradeAdml 10.02 ... 2.3 MdCpGrAdml 91.55 +0.84 18.8
tracked. NS-Fund didn’t exist at start of period. IntlIdxInstPrem 47.07 -0.09 14.3 SrsIntlGrw 16.76 ... 17.5 Lord Abbett I Schwab Funds STIPSIxAdm 23.67 +0.02 1.9 MdCpVlAdml 73.23 +0.10 5.7
LgCpGwId InstPre 27.58 +0.21 32.7 SrsIntlVal 11.28 ... 12.5 ShtDurInc p 3.82 ... 2.2 1000 Inv r NA ... NA TotBdAdml 9.57 +0.01 2.6 SmValAdml 72.91 +0.46 8.1
MidCpInxInstPrem 28.94 +0.15 12.0 TotalBond 9.45 ... 3.5 Metropolitan West S&P Sel NA ... NA TotIntBdIdxAdm 19.45 +0.03 3.5 TotBd2 9.46 +0.01 2.6
Monday, July 17, 2023 SAIUSLgCpIndxFd 19.97 +0.07 18.8 Fidelity SAI TotRetBdI 9.09 +0.01 2.7 TSM Sel r NA ... NA TotIntlAdmIdx r 30.83 -0.03 12.1 TotIntlInstIdx r 123.30 -0.10 12.1
Net YTD Net YTD Net YTD SeriesBondFd 8.95 ... 2.5 TotalBd 8.94 ... 3.6 TRBdPlan 8.53 +0.01 2.8 TIAA/CREF Funds TotStAdml 109.45 +0.51 18.5 TotItlInstPlId r 123.33 -0.10 12.1
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SeriesOverseas 12.74 -0.04 17.3 U.S.TreBdIdx 8.74 +0.01 2.1 MFS Funds EqIdxInst 32.16 +0.15 18.5 TxMCapAdml 233.87 +1.01 19.0 TotSt 109.43 +0.51 18.4
AB Funds Artisan Funds 5GlbFxdInc 10.07 +0.01 2.4 SerLTTreBdIdx 5.96 +0.01 3.4 Fidelity Selects IIE 32.62 -0.14 15.9 IntlEqIdxInst 21.80 -0.04 14.1 TxMIn r 15.15 -0.02 13.5 VANGUARD INSTL FDS
SmCpIdxInstPrem 24.18 +0.25 11.8 Semiconductors r 25.81 +0.63 77.1 MFS Funds Class I VANGUARD ADMIRAL
USGroAdml 138.27 +1.35 36.5 DevMktsIndInst 15.17 -0.02 13.6
MuniIncmShares 10.95 ...3.5 IntlVal Inst 44.95 -0.01 16.5 EmgMktVa 29.39 +0.09 12.2
AB Funds - ADV Baird Funds EmMktCorEq 22.39 +0.03 12.5 TMktIdxInstPrem 125.45 +0.59 18.6 Softwr 26.48 +0.18 34.8 GrowthI 168.34 +0.71 27.0 500Adml 417.48 +1.60 18.8
ValAdml 55.75 +0.05 3.1 DevMktsInxInst 23.71 -0.03 13.6
LgCpGrAdv 87.92 +0.48 25.7 AggBdInst 9.71 +0.01 2.7 IntlCoreEq 14.95 -0.02 12.5 TotalMarketIndex 15.84 +0.07 18.7 Tech 27.45 +0.39 53.9 ValueI 48.66 +0.16 2.7 BalAdml 43.78 +0.15 12.0
WdsrllAdml 73.94 +0.12 12.7
ExtndInst 117.31 +1.13 17.1
First Eagle Funds Northern Funds CAITAdml 11.24 ... 2.4 GrwthInst 149.91 +1.03 37.1
American Century Inv CorBdInst 10.00 +0.01 3.0 IntSmCo 18.96 -0.04 10.3 TtlIntIdxInstPr 13.14 -0.01 12.2 WellsIAdml 59.82 +0.04 2.7
GlbA 64.20 -0.14 10.7 StkIdx 48.11 +0.18 18.8 CapOpAdml r 169.94 +0.69 16.3 InPrSeIn 9.51 +0.02 2.2
Ultra 74.76 +0.62 35.5 BlackRock Funds IntSmVa 20.70 -0.01 11.7 USBdIdxInstPrem 10.28 +0.01 2.5 WelltnAdml 71.25 +0.09 8.6
Franklin A1 Old Westbury Fds DivAppIdxAdm 44.34 +0.17 8.7 InstIdx 377.70 +1.45 18.8
American Funds Cl A HiYldBd Inst 6.82 -0.01 6.5 LgCo 30.84 +0.12 18.8 Fidelity Freedom
EMAdmr WndsrAdml 73.73 +0.11 8.8
IncomeA1 2.29 ... 4.2 LrgCpStr 16.74 +0.05 14.8
34.83 ... 8.1 InstPlus 377.70 +1.45 18.9
AmcpA 36.73 +0.16 22.4 BlackRock Funds III US CoreEq1 34.11 +0.16 15.4 FF2020 13.87 +0.02 8.9 EqIncAdml 85.03 +0.07 1.9
VANGUARD FDS
InstTStPlus 78.68 +0.37 18.5
AMutlA 50.00 +0.03 4.2 iShS&P500IdxK 530.50 +2.04 18.8 US CoreEq2 30.82 +0.15 14.4 FF2025 12.87 +0.03 9.9 FrankTemp/Frank Adv Parnassus Fds DivdGro 36.27 +0.01 3.8
ExplrAdml 99.80 +0.69 14.9 MidCpInst 61.86 +0.31 11.8
BalA 30.93 +0.06 8.3 BlackRock Funds Inst US Small 42.44 +0.35 10.3 FF2030 16.22 +0.04 10.9 IncomeAdv 2.27 ... 4.3 ParnEqFd 54.87 +0.09 17.2 IntlVal 41.02 -0.07 14.8
ExtndAdml 117.32 +1.13 17.1 MidCpIstPl 305.11 +1.58 11.8
BondA 11.38 +0.01 1.8 EqtyDivd 19.59 +0.01 7.7 US SmCpVal 41.68 +0.24 7.0 FF2035 14.14 +0.03 12.7 FrankTemp/Franklin A PGIM Funds Cl Z LifeCon NA ... NA
GNMAAdml 9.25 +0.02 2.5 RealEstaInstl 18.78 -0.11 6.0
CapIBA 65.03 -0.05 4.7 StratIncOpptyIns 9.22 +0.01 2.7 US TgdVal 29.56 +0.21 8.8 FF2040 10.15 +0.02 14.6 Growth A 123.58 +0.65 20.9 TotalReturnBond 11.83 ... NA
GrwthAdml 149.90 +1.03 LifeGro NA ... NA
37.1 SmCapInst 98.10 +0.70 12.5
CapWGrA 58.52 -0.03 14.6 TotRet 9.99 +0.01 NA USLgVa 42.94 +0.05 4.6 Freedom2030 K 16.22 +0.04 10.9 RisDv A 89.57 +0.09 8.7 PIMCO Fds Instl
HlthCareAdml r 88.39 -0.15 1.7 LifeMod NA ... NA STIGradeInst 10.02 ... 2.3
EupacA 55.89 -0.14 14.3 Bridge Builder Trust Dodge & Cox Idx2030InsPre 18.58 +0.03 10.8 Guggenheim Funds Tru AllAsset NA ... NA HYCorAdml r 5.24 -0.01 5.0 PrmcpCor 30.99 +0.09 14.0 STIPSIxins 23.68 +0.02 1.8
FdInvA 69.33 +0.24 16.8 CoreBond 8.90 ... 2.8 Balanced 98.15 +0.16 7.2 Idx2035InsPre 21.04 +0.04 12.5 TotRtnBdFdClInst 23.49 +0.01 3.6 TotRt 8.53 +0.02 NA InfProAd 23.35 +0.05 2.1 STAR NA ... NA TotBdInst 9.57 +0.01 2.6
GwthA 62.78 +0.31 26.9 CorePlusBond 8.81 +0.01 3.1 GblStock 14.33 +0.04 13.6 Idx2040InsPre 21.66 +0.05 14.3 Harbor Funds PIMCO Funds A IntlGrAdml 106.26 +0.95 17.5 TgtRe2020 NA ... NA TotBdInst2 9.46 +0.01 2.6
HI TrA 9.22 -0.01 5.3 Intl Eq 12.36 ... 15.3 Income 12.39 ... 3.5 Fidelity Invest CapApInst 88.83 +0.71 41.5 IncomeFd 10.48 +0.01 4.5 ITBondAdml 10.20 +0.01 2.8 TgtRe2025 NA ... NA TotBdInstPl 9.57 +0.01 2.6
ICAA 48.32 +0.13 17.9 LargeCapGrowth 20.97 +0.07 22.7 Intl Stk 48.70 +0.03 13.0 Balanc 26.24 +0.08 15.4 Harding Loevner PIMCO Funds I2 ITIGradeAdml 8.45 +0.01 3.7 TgtRe2030 NA ... NA TotIntBdIdxInst 29.18 +0.04 3.6
IncoA 23.01 -0.01 3.2 LargeCapValue 15.99 +0.02 7.1 Stock 231.73 +0.72 9.2 BluCh 163.05 +1.35 45.0 IntlEq 26.45 +0.01 12.9 Income 10.48 +0.01 4.7 LarCapAd 104.29 +0.44 19.4 TgtRe2035 NA ... NA TotStInst 109.47 +0.51 18.5
N PerA 56.78 +0.13 20.0 MunicipalBond 9.81 ... 2.7 DoubleLine Funds Contra 15.30 +0.10 28.4 Invesco Funds Y PIMCO Funds Instl LTGradeAdml 7.95 ... 4.5 TgtRe2040 NA ... NA ValueInst 55.75 +0.05 3.1
NEcoA 52.74 +0.36 21.2 Calamos Funds TotRetBdI 8.84 +0.02 2.8 CpInc 9.40 -0.01 7.1 DevMktY 40.42 -0.10 15.6 IncomeFd 10.48 +0.01 4.8 MidCpAdml 280.05 +1.44 11.8 TgtRe2045 NA ... NA WCM Focus Funds
NwWrldA 75.89 +0.01 14.2 MktNeutI 14.56 +0.02 6.3 Edgewood Growth Instituti GroCo 31.38 +0.32 39.4 JHF III DispVal Price Funds MuHYAdml 10.48 +0.01 4.3 TgtRe2050 NA ... NA WCMFocIntlGrwIns 22.87 -0.03 16.3
SmCpA 64.45 +0.06 14.9 Columbia Class I EdgewoodGrInst 41.39 +0.26 32.2 InvGrBd 9.97 +0.01 3.4 DispValMCI 26.83 +0.10 9.9 BlChip 143.80 +0.97 38.9 MuIntAdml 13.50 +0.01 2.6 TgtRe2060 NA ... NA Western Asset
TxExA 12.22 +0.01 2.9 DivIncom I 29.96 +0.09 4.6 Federated Hermes Int LowP 48.99 +0.13 6.1 John Hancock DivGro 68.36 +0.15 7.3 MuLTAdml 10.75 ... 3.6 TgtRet2055 NA ... NA CoreBondI 10.67 ... NA
WshA 54.90 +0.16 9.1 Dimensional Fds TtlRtnBdI 9.49 +0.01 2.3 Magin 11.56 +0.10 21.0 BondR6 13.46 +0.01 3.2 Growth 84.20 +0.57 36.7 MuLtdAdml 10.72 +0.01 1.7 TgtRetInc NA ... NA CorePlusBdI 9.53 +0.01 NA
 .

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THE WALL STREET JOURNAL. * * * * * Tuesday, July 18, 2023 | B11

MARKETS

EnCap
Flatrock
Stocks Rise Before Earnings Week
Sells Its Weak Chinese
growth data bruise
lenders aren’t expected to
show such strong results,
banks of all stripes helped
Index performance on Monday
1.2%
further.
Michael Antonelli, market
strategist at Baird, said he

Carbon Unit overseas equity

markets, oil prices
lead indexes higher Monday.
Shares of Wells Fargo, which
on Friday reported a 57%
1.0
Nasdaq Composite
would be closely watching
earnings results in coming
weeks to see how individual
jump in profit for the second stocks respond to results that
0.8
BY LUIS GARCIA BY SAM GOLDFARB quarter from a year earlier, are better than expected.
rose 2.7%, while JPMorgan After a quiet day Monday, a
Private-equity manager En- Stocks rose, riding mo- Chase gained 2.4%. The KBW 0.6 clutch of major companies are
Cap Flatrock Midstream sold mentum from last week’s en- Nasdaq Regional Banking in- scheduled to report earnings
Elysian Carbon Management couraging reports on inflation dex climbed 2%. S&P 500 over the remainder of the
less than two years after back- and bank earnings. Telecom stocks fell sharply 0.4 week, including Bank of Amer-
ing the carbon-capture and Initially weighed down by for a second consecutive ses- ica before the market opens
storage startup, benefiting from data showing the Chinese sion, reaching multiyear lows, 0.2 on Tuesday, Tesla and Netflix
higher demand for emission- economy barely grew in the amid continued fallout from on Wednesday, and the re-
collection systems from energy- second quarter, U.S. stock in- The Wall Street Journal’s in- Dow Jones Industrial Average gional lender KeyCorp on
infrastructure operators. dexes gathered strength in vestigation into toxic lead ca- 0 Thursday.
Oklahoma City-based Ely- early trading and then built bles left behind by the compa- Early Tuesday, Japan’s Nik-
sian develops projects that col- on those gains as the day pro- nies. –0.2 Five-minute intervals kei 225 was up 0.1%, Hong
lect carbon dioxide at power- gressed. Shares of AT&T sank 6.7% Kong’s Hang Seng Index was
generation and other industrial MONDAY’S The Dow to $13.53, their lowest close 10 a.m. 11 noon 1 p.m. 2 3 4 down 1.7%, the Shanghai Com-
sites and transport it for stor- MARKETS Jones Indus- since 1993, and Verizon Source: FactSet posite was down 0.5% and
age underground. San Antonio- trial Average shares fell 7.5% to $31.46, their South Korea’s Kospi was down
based EnCap Flatrock backed added 0.2%. The S&P 500 rose lowest since 2010. The de- 600 slipping 0.6%. continue raising interest rates 0.6%. S&P 500 futures fell
Elysian in late 2021 with a 0.4%, while the Nasdaq Com- clines followed demands by In the bond market, the at its meeting next week, and 0.1%.
$350 million commitment. posite advanced 0.9%. environmental groups that the yield on the benchmark 10- higher rates could still trip up
Buyer Buckeye Partners in Stocks got a boost last Environmental Protection year U.S. Treasury note set- the economy in ways that
Houston owns oil-and-gas in- week, finishing with gains by Agency ensure “immediate re- tled at 3.796%, according to might not be widely expected, AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
frastructure assets across 27 all three major indexes, after moval” of all abandoned aerial Tradeweb, compared with these investors argue. All bids are awarded at a single price at the market-
states and sees Elysian as an data showed that the con- lead-covered cables hung up 3.818% Friday. Yields, which “We did see some of that clearing yield. Rates are determined by the difference
between that price and the face value.
opportunity to offer a service sumer-price index rose less on poles. fall when bond prices rise, slid with the banking crisis in
that is in demand, said Chief than anticipated in June. That Monday’s soft Chinese data overnight following the Chi- March, but the market seems 13-Week 26-Week
Executive Todd Russo. Buck- report was followed by simi- had more of an impact outside nese data but recovered some to have forgotten all about Applications $207,309,978,400 $181,671,291,100
eye customers such as opera- larly hopeful data on supplier of U.S. equities. Analysts said of their declines in U.S. trad- that,” said Celia Hoopes, a Accepted bids $70,174,561,800 $62,616,891,100
" noncomp $2,440,700,700 $2,601,476,600
tors of refineries, commodity prices. the data were a factor behind ing due in part to a solid read- portfolio manager at Brandy- " foreign noncomp $200,000,000 $0
traders and other fossil-fuel- On Friday, the country’s a drop in oil prices, with U.S. ing on New York state manu- wine Global. Auction price (rate) 98.672917 97.345833
(5.250%) (5.250%)
related businesses want such biggest banks reported better- crude falling 1.7% to $74.15 a facturing activity. Other analysts, though, said 5.409% 5.483%
services to reduce their car- than-expected earnings, barrel. It also dragged down Despite the encouraging that stocks could still have Bids at clearing yield accepted 73.97% 66.20%
912797FB8 912797GD3
bon emissions, he added. buoyed by resilient consumer global stock indexes, with the economic data recently, some room to run if inflation con-
Both issues are dated July 20, 2023. The 13-week bills
“We’ve always thought that borrowing. Shanghai Composite declining investors remain cautious. The tinues to ease and the risk of mature on Oct. 19, 2023; the 26-week bills mature on
carbon capture and storage While smaller and midsize 0.9% and the Stoxx Europe Federal Reserve is expected to a near-term recession recedes Jan. 18, 2024.
makes a lot of sense for Buck-
eye,” Russo said. “We wanted
to find the right group that we
thought could push it.” He de-
clined to comment on the de-
Hong Kong
tails of the deal.
The transaction marks En-
Cap Flatrock’s second sale of a
Banks Wary
company it owns in the past
few months. The firm invests
in energy infrastructure and
Of Crypto
in March agreed to sell pipe-
line operator Lotus Midstream Continued from page B1
to Energy Transfer for about based partner at law firm Clif-
$1.45 billion. ford Chance, adding that it
Russo highlighted Elysian’s will take time for banks to up-
experienced management team date their anti-money-laun-
and the projects the company dering processes to incorpo-
is developing in places such as rate checks on crypto

PETER PARKS/AGENCE FRANCE-PRESSE/GETTY IMAGES

Texas and Illinois as factors companies.
that appealed to Buckeye. “For Another big question is
us, [Elysian] is something of a how banks should analyze the
plug-and-play [asset]. If we risk of crypto firms. These
were to try to build carbon companies often have uncon-
capture inside our midstream ventional—and sometimes un-
business,” it would take much clear—business plans, mean-
longer, he said. ing banks cannot simply apply
Other energy infrastructure risk-management frameworks
operators are also buying car- from other sectors.
bon-capture businesses to ac- “There’s a push to bank
celerate their use of emis- these clients, but the risk
sions-reducing systems. Exxon models that are associated Some banks fear cryptocurrency will be used to launder money; others are unsure of how to weigh risk. An exchange office.
Mobil is acquiring Denbury, with this line of business are
an operator of carbon-dioxide still something that’s being fied exchanges, which could nal, a spokesperson at the dollar bank notes. rently has to sell crypto assets
pipelines, in a $4.9 billion deal developed,” said Stephen provide a degree of comfort to monetary authority said Representatives from Citi- to get foreign currency, which
announced last Thursday. Richardson, the Asia head of banks during the application banks shouldn’t reject an ac- bank, Singapore’s DBS Group it then deposits in a bank
Exxon is one of several Fireblocks, a provider of process, he said. count opening just because and China Construction Bank overseas. After that, the com-
large energy companies that crypto and blockchain tech- To become regulated in of the sector a firm operates were also present, according pany transfers the money back
pledged to spend billions of nology. Hong Kong, a crypto-trading in, and said banks should try to people with knowledge of to Hong Kong, converting it to
dollars to develop carbon-cap- Hong Kong’s Securities and platform also needs to main- to meet the legitimate busi- the meetings. About 100 peo- the local currency. This added
ture and storage projects, af- Futures Commission started tain enough assets—at least a ness needs of licensed com- ple from banks, professional step is because the company’s
ter recent tax incentives gave accepting applications from year’s worth of operating ex- panies in the broader virtual- services firms and more than Hong Kong banks won’t accept
a boost to the sector. crypto exchanges last month. penses in cash, short-term asset sector. It also said that 80 virtual-assets-related com- funds directly sourced from
Buckeye, owned by infra- To get a license, an exchange government debt and depos- anti-money-laundering sys- panies attended, according to crypto.
structure-focused asset man- is required to have one or its—to prove its financial tems in Hong Kong are con- the HKMA. Not all of the city’s banks
ager IFM Investors, expects more segregated accounts at soundness. sistent with international A large global bank recently are so squeamish. The local
Elysian to lift its revenue authorized banks for handling The Hong Kong Monetary standards. changed its position and is unit of China’s Bank of Com-
while benefiting from its cus- and storing their clients’ Authority, the de facto central The monetary authority now considering opening basic munications and a local vir-
tomer base and geographic money. bank, has suggested banks and the securities regulator accounts for crypto exchanges tual bank called ZA Bank
reach, Russo said. Buckeye’s That has created a “chicken consider opening basic operat- have also organized two meet- applying for a license, subject moved quickly to offer ser-
assets include more than and egg” situation, Mui said: ing accounts for crypto ex- ings between crypto ex- to the usual anti-money-laun- vices to crypto firms after the
5,000 miles of pipelines, 135 Exchanges need those bank changes that are seeking li- changes and banks to discuss dering and due-diligence re- city unveiled plans to develop
petroleum-product terminals accounts to get a license, but censes, so that they can at the issue of opening accounts. views, said a person familiar the sector earlier this
and tanks that can store banks may want to open ac- least pay rent and salaries Banks that attended include with the matter. year. The European Union re-
roughly 130 million barrels of counts only for licensed firms. while their applications are HSBC, Standard Chartered To pay salaries from funds cently agreed on its own
liquid petroleum products. The securities regulator plans being vetted. and the Bank of China, all of derived from crypto income, crypto framework, and other
“When we think about Ely- to address this by issuing ap- In response to a query which have an important sta- one firm with hundreds of em- countries are trying to appeal
sian and carbon capture, we see provals-in-principle to quali- from The Wall Street Jour- tus as issuers of Hong Kong ployees in Hong Kong cur- to the industry.
a lot of synergies,” Russo said.
He cited Buckeye’s engineering
and construction as well as lo-
gistics capabilities, adding the
company’s rights to run pipe-
Binance months and that he wasn’t
sure if and when benefits
would be reinstated.
nance operated illegally in the
U.S. The Justice Department
has a continuing probe into the
“We are still hiring,” he added.
Some of the employees let
go last week were sent termi-
the terms of the document con-
fidential, relinquish all claims
of any nature against the com-
lines through certain areas
could speed up permits for Ely-
sian’s projects in those areas.
Cuts Staff A Binance spokesman said
the company is “looking at
certain products, business
exchange that has made execu-
tives wary of its future.
Binance has said it intends
nation agreements with an of-
fer of two months’ salary in
BNB, Binance’s own token, if
pany and agree not to make
any negative statements about
Binance. The Binance spokes-
Some analysts question
whether systems to capture and
store carbon emissions will be
Benefits units, staff benefits and poli-
cies to ensure our resources
are allocated properly to re-
to defend its platform and
fight the charges in court and
that it would continue oper-
they signed the letter, accord-
ing to documents viewed by
the Journal. In the agreement,
man said those were normal
clauses in any termination.
Binance, the largest crypto-
as efficient at scale as other flect the evolving demands of ating. Binance said the severance currency exchange by trading
technologies aimed at curbing Continued from page B1 users and regulators.” Zhao said in a tweet Friday was “a gesture of goodwill.” In volume, had a global work-
air pollution. They point to sion lawsuit, according to Lawsuits from the Commod- that the cuts were part of a the U.S., some received a force of 8,000 earlier this
challenges, such as resistance to people who attended the ity Futures Trading Commis- push to “increase talent den- month of severance in dollars year. It kept hiring through
the construction of new pipe- meeting. Yet Zhao also said sion and the SEC have taken a sity.” He said “the numbers re- for signing it. the collapse of several digital-
lines needed to transport the that there could be additional toll on Binance’s bottom line. ported by media are all way In signing the letter, em- asset firms, including rival ex-
captured gas to storage sites. layoffs every three to six Both agencies allege that Bi- off,” but didn’t give a figure. ployees were required to keep change FTX.

New Highs and Lows Stock

52-Wk %
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Continued From Page B9 52-Wk % 52-Wk % ProMISNeurosci PMN 8.95 120.3 StealthGas GASS 4.74 3.1 VulcanMatls VMC 226.19 -0.5 Birks BGI 4.65 -3.6 HubCyberSecurity HUBC 0.33 15.4 ProSomnus OSA 1.96 -2.4
PureCycle PCYO 11.95 6.2 SterlingInfr STRL 59.93 0.7 Wabtec WAB 113.16 0.7 BowenAcqn BOWNU 10.09 -0.3 PyrogenesisCda PYR 0.60 -2.8
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
PureStorage PSTG 38.77 1.5 TMT Acqn TMTC 10.29 0.1 WattsWater WTS 186.20 1.4 BristolMyers BMY 61.41 -0.1
Infobird IFBD 0.59 -22.3
RegionalHlthPfdA RHEpA 1.30 -18.8
InhibikaseTherap IKT 2.63 -5.0
Stock Sym Hi/Lo Chg MYR Group MYRG 147.29 1.1 NetEase NTES 106.32 0.8 QuanexBldg NX 27.75 2.5 TabulaRasaHlth TRHC 9.12 8.2 XPO XPO 62.28 2.5 CLPS CLPS 0.98 -7.3 Inogen INGN 8.58 2.5 RevelationBio REVB 0.72 -2.4
ManhattanAssoc MANH 206.06 1.8 Netflix NFLX 456.68 1.8 Qudian QD 2.35 6.4 TakeTwoSoftware TTWO 153.72 1.8 Yelp YELP 42.53 10.2 Cal-MaineFoods CALM 43.29 0.5 IntegratedMedia IMTE 0.27 -6.4 SafeguardSci SFE 1.40 -2.8
Itron ITRI 74.21 3.1
Marsh&McLen MMC 189.24 0.9 NobelWt NE.WS.A 31.15 1.6 RF Acqn A RFAC 11.49 1.2 TaylorMorrison TMHC 51.96 0.2 CanopyGrowth CGC 0.35 -2.7 Jiuzi JZXN 1.39 -54.2 SalemMedia SALM 0.89 -2.3
IvanhoeElectric IE 16.69 2.6
JPMorganChase JPM
Jabil JBL
153.75
113.36
2.4
1.0
Masco
MasoniteIntl
MAS 60.73
DOOR 104.61
0.8
2.2
NubiaBrand
nVentElectric
NUBIU
NVT
10.80
54.06
1.2
1.4
ReataPharm RETA
RestaurantBrands QSR
111.24 1.2
78.08 ...
Tecnoglass
TempurSealy
TGLS
TPX
54.14 1.1
45.13 2.4
Lows CarmellTherap
Castellum
CTCX
CTM
6.00
0.40
-0.6
-1.6
Leslie's LESL
LocalBountiWt LOCL.WS
5.43
0.03
-18.5
-44.4
SarcosTechRobotWt STRCW
Shineco SISI
0.03
0.25
-17.3
-3.9
Mastercard MA 404.00 -0.1 ON Semi ON 104.88 4.7 Robinhood HOOD 12.85 0.9 Teradyne TER 117.25 2.8 ABVC Bio ABVC 0.35 -9.8 CherryHillMtg CHMI 4.10 -1.2 LumenTech LUMN 1.69 -8.1 60DegreesPharm SXTP 3.00 -19.6
JackintheBox JACK 99.36 -1.1
28.60 -0.6 MatthewsIntl MATW 48.27 -2.4 OldDomFreight ODFL 385.91 1.5 Rockwell ROK 343.67 0.4 TetraTech TTEK 172.76 0.9 AT&T T 13.48 -6.7 CitizensHolding CIZN 11.80 -2.1 LytusTech LYT 0.40 -2.2 SiyataMobile SYTA 0.05 -4.7
JamesHardie JHX
Medpace MEDP 247.75 1.7 Ollie'sBargain OLLI 71.61 2.6 Rollins ROL 44.83 0.1 Thermon THR 27.93 0.5 ATN Intl ATNI 33.61 -5.0 ClearwayEnergyC CWEN 26.82 -0.2 MSP Recovery LIFW 0.25 -1.5 SmartforLife SMFL 0.63 -1.2
JFrog FROG 30.82 4.1
MeridianLink MLNK 22.69 2.1 Omnicom OMC 98.53 2.0 RushEnt A RUSHA 62.51 -0.1 ThorIndustries THO 109.57 0.7 AadiBioscience AADI 5.55 0.2 ClearwayEnergyA CWEN.A 25.24 -0.6 Mannatech MTEX 11.52 -0.5 SocietyPass SOPA 0.46 -4.9
KB Home KBH 54.68 -0.3
MeritageHomes MTH 146.64 ... OnHolding ONON 35.56 6.4 RUSHB 69.98 -0.2 TTSH 6.20 4.1 AbacusLife ABL 7.13 -2.9 DBGI 0.57 -4.1 SparkNetworks LOV 0.22 -7.8
KLA KLAC 493.53 3.3 RushEnt B TileShop DigitalBrands MartiTech MRT 1.58 -18.6
Mesoblast MESO 5.12 -0.1 OneMain OMF 47.12 1.6 33.58 1.0 22.97 1.3 AcurxPharm ACXP 2.04 -0.7 0.09 -11.3 SunOpta STKL 5.91 -2.3
KairousAcqn KACL 11.13 1.2 RxSight RXST TimkenSteel TMST EBET EBET MetalSkyStarWt MSSAW 0.01 -17.2
MCHP 92.79 2.7 ONTO 118.11 3.7 AFTR.WS 0.03 -12.9 Telus TU 18.06 -1.3
KimballElec KE 29.68 1.8 MicrochipTech OntoInnovation SAP SAP 145.10 0.4 TopBuild BLD 280.67 0.3 AfterNextWt EudaHealth EUDA 0.60 -4.9 micromobility.com MCOM 0.10 3.8
MLR 37.70 1.0 OTTR 82.97 1.4 ALCY 10.18 -0.6 TelusIntl TIXT 9.87 -1.7
KinsaleCapital KNSL 380.86 2.2 MillerIndustries OtterTail S&P Global SPGI 418.64 0.3 TradeDesk TTD 91.66 3.1 AlchemyInv1 A Embecta EMBC 19.99 -5.2 MiratiTherap MRTX 34.47 -2.6
7.61 13.3 135.24 1.9 ALLR 2.90 3.0 T Stamp IDAI 0.88 -7.3
KodiakGasSvcs KGS 16.44 0.2 MiMedx MDXG OwensCorning OC SPS Commerce SPSC 194.55 2.1 TraneTech TT 199.83 1.3 AllarityTherap EsportsEnt GMBL 0.75 -20.2 Nautilus NLS 1.05 -3.7
Ericsson ERIC 4.87 -2.1
LGI Homes LGIH 139.36 0.8 ModineMfg MOD 37.98 -1.3 POSCO PKX 94.06 8.2 STAG Indl STAG 38.04 0.4 TransMedics TMDX 94.89 2.8 Allstate ALL 100.57 1.2 FLJ FLJ 0.20 -9.8 Nokia NOK 3.83 -3.3 TivicHealth TIVC 0.04 -28.9
LamResearch LRCX 663.83 3.4 MonolithicPower MPWR 595.98 4.2 PROS PRO 34.54 3.6 Sagimet SGMT 16.58 ... TriPointe TPH 33.75 -0.6 AltamiraTherap CYTO 0.35 -4.4 FOXOTechnologies FOXO 0.15 -4.2 Novan NOVN 0.15 -70.5 TrancntlRlty TCI 34.48 -0.5
LatchWt LTCHW 0.24 13.4 Moody's MCO 357.11 0.9 PTC PTC 146.84 1.3 Saia SAIA 371.97 1.8 TsakosEnergyPfdE TNPpE 25.40 0.4 Altimmune ALT 3.16 -3.0 FangddNetwork DUO 0.39 -52.5 Novocure NVCR 39.26 1.6 UcommuneIntl UK 0.45 0.8
Latch LTCH 2.30 16.1 MoonLakeImm MLTX 60.26 6.1 PalantirTech PLTR 17.59 6.1 ServiceNow NOW 594.99 2.1 UFP Inds UFPI 101.91 1.9 AmericanRebel AREB 1.81 1.1 Femasys FEMY 0.37 -5.7 NuSkinEnts NUS 28.67 -2.3 UnitedGuardian UG 7.24 -3.2
LennoxIntl LII 342.18 1.3 MorphoSys MOR 8.24 3.6 PampaEnergia PAM 45.27 4.9 SherwinWilliams SHW 268.26 0.3 Upstart UPST 53.87 13.7 AmeriServFin ASRV 2.41 -2.8 FlowersFoods FLO 23.87 -1.0 Onfolio ONFO 0.90 -9.3 Vaccinex VCNX 0.29 3.9
Light&Wonder LNW 70.34 1.9 MrCooper COOP 53.37 1.4 PathwardFinl CASH 53.55 1.8 SifyTech SIFY 3.19 14.0 UrstadtBiddleA UBA 22.12 0.6 Aptorum APM 2.26 -4.1 FreedomAcqnI FACT 7.13 24.0 Optinose OPTN 0.90 -2.1 Verizon VZ 31.25 -7.5
Limbach LMB 28.24 2.7 MuellerIndustries MLI 90.00 3.0 PatrickIndustries PATK 84.55 1.1 SimpsonMfg SSD 148.76 1.8 VeecoInstr VECO 27.18 3.9 AshfordHospPfdD AHTpD 16.69 -1.1 FrontierComms FYBR 11.65 -15.8 OsiskoDevtWt ODVWW 0.93 -50.4 ViaRenewables VIA 6.21 -2.0
LincolnElectric LECO 203.47 1.4 MurphyCanyonA MURF 10.82 -0.7 PegasusDigA PGSS 10.80 0.2 SmithAO AOS 75.50 0.8 VeriskAnalytics VRSK 230.74 0.5 AtlanticAmerican AAME 1.80 -1.1 GRI Bio GRI 3.70 -6.1 PerimeterSolns PRM 5.28 4.6 ViewRay VRAY 0.07 -81.2
Littelfuse LFUS 306.74 1.3 NMI Holdings NMIH 27.13 2.0 Pegasystems PEGA 56.98 1.4 Snap-On SNA 297.26 0.6 VerraMobility VRRM 20.77 1.0 Auddia AUUD 0.37 -1.4 GalmedPharm GLMD 1.34 -6.2 PhoenixNewMedia FENG 1.68 ... ViscogliosiBrosWt VBOCW 0.00 -7.7
MDC Holdings MDC 49.03 -0.1 NVR NVR 6445.00 0.2 PennyMacFin PFSI 76.49 3.2 Spotify SPOT 179.42 4.2 VertexPharm VRTX 359.34 1.5 ByndCannasoft BCAN 1.31 -57.0 GoldenMinerals AUMN 1.39 -5.2 PowerbridgeTech PBTS 0.35 -6.9 VivosTherap VVOS 0.29 -1.2
MGIC Investment MTG 16.35 1.7 NXP Semi NXPI 221.25 3.3 Pinterest PINS 29.42 1.5 St.Joe JOE 53.93 0.5 Visa V 245.37 0.3 BeyondAir XAIR 3.71 0.5 GreenbrookTMS GBNH 0.33 -13.7 Precipio PRPO 0.33 -0.7 Waldencast WALD 6.24 -3.4
M/I Homes MHO 92.59 -0.2 Navient NAVI 19.41 0.5 Primerica PRI 207.83 2.3 Stantec STN 68.20 0.3 VMware VMW 160.43 1.9 BilanderAcqnWt TWCBW 0.04 -12.5 HighPeakEnerWt HPKEW 5.18 -1.9 ProcapsWt PROCW 0.08 24.5 ZivoBiosci ZIVO 1.82 2.2
 .

B12 | Tuesday, July 18, 2023 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

The Next Chipotle Faces a Tall Order

Average rate on interest-
bearing deposits
3.5%

Citigroup
3.0
JPMorgan Chase
Comparisons between Cava and the fast-casual dining juggernaut look stretched aside from a hot IPO 2.5
Wells Fargo

Since it went public a month But, just like the investors looking grow even faster, noting in a secu- Cava’s growth hasn’t been com- 2.0
ago, there have been several men- for “the next Apple,” they need to rities filing that it anticipates hav- pletely organic. In 2018, it bought
tions of the Mediterranean-food appreciate the slim chances of his- ing more than 1,000 U.S. locations Zoës Kitchen, a publicly listed 1.5
purveyor Cava as “the next Chi- tory repeating. by 2032, a 16% rate of compound fast-casual chain in the same Med-
potle”—high praise indeed in the At any given time, there are a annual growth—not dissimilar to iterranean category, for $300 mil- 1.0
fast-casual restaurant category. In- handful of innovative, fast-grow- Chipotle’s as a younger public lion. It converted 151 of them to
vestors need to be realistic. ing restaurant concepts. But most company, Schulman noted. Cava outlets, accounting for more
The similarities are striking: new restaurant concepts stall be- The most bullish characteristic than half of its current restaurant 0.5
Both chains doubled on the days fore they can get the access to of a novel restaurant concept is count. Opening new restaurants
of their initial public offerings, public markets that Cava did. And what the industry calls a lot of consumes a lot more of manage- 0
with Cava fetching the same $22 a there are reasons not to chase the “white space”—unfilled demand ment’s time and energy and re- 1Q 2Q 3Q 4Q 1Q 2Q
share that Chipotle did back in story now that it went public, too. for a desirable type of food. That quires more significant investment 2022 '23
2006. Like Chipotle, Cava sits a The main one is price: While might well exist for Cava if copy- than acquiring existing ones. Source: the companies
half step above fast food, allowing Chipotle attracted a few skeptics cats don’t emerge, but there have Keeping executives motivated
it to charge more for custom 17 years ago, its market value af- been many new culinary ventures matters and, in a category as
meals using quality ingredients,
but without expensive table ser-
vice. Once a subsidiary of
ter its initial surge was $1.43 bil-
lion; it was profitable and had
more than 450 restaurants. Cava
that remained niche players.
Can harissa, falafel and tahini
conquer Americans’ palates the
tough as restaurants, the sort of
growth and buzz Cava has gener-
ated is no accident. Buying Zoës
Big Banks’
McDonald’s, Chipotle made early
investors a fortune.
Cava Chief Executive Brett
has 263 restaurants, isn’t yet prof-
itable and had a market value of
$5.4 billion at Friday’s close.
way familiar burritos did in Chi-
potle’s case? As evidence that it
can, Schulman cites a number of
Kitchen certainly was a master-
stroke. Even so, that deal should
give Cava investors pause. Why
Results Had
Schulman said he thought his
company could follow in its foot-
steps, becoming “the next large-
One could argue that an inves-
tor who paid even that higher
multiple for Chipotle back then
Cava’s locations—Fayetteville,
Ark.; Pensacola, Fla.; and Lancas-
ter, Pa.—that aren’t in cosmopoli-
are they paying about 16 times as
much per restaurant as public in-
vestors did five years ago for a
Bad News
scale cultural cuisine category.”
The chain has a great origin story,
and it struck the right tone in its
would have done well given the
growth it delivered with 3,187 res-
taurants at year-end, good for
tan coastal cities. And restaurant-
level economics are good: Cava
had an average unit volume of
similar restaurant concept? Zoës
had issues, but Cava’s valuation is
literally an order of magnitude
For Smaller
pitch to investors. Cava touted a
“scalable data driven growth en-
gine,” lending itself a tech aura.
compound annual growth of 11.8%.
It opened almost as many in 2022
as Cava has. Cava thinks it can
around $2.5 million recently, com-
pared with $2.8 million for cate-
gory-leading Chipotle.
higher. The chain needs to sell a
lot of falafel to justify these num-
bers. —Spencer Jakab
Lenders
A surge of profits at some of the
nation’s largest banks might make

China’s Economic Pivot Needs Time

people forget that there was a
banking crisis earlier this year. But
just offstage, reminders are lurk-
ing—and they might grab the spot-
light as regional banks begin to re-
China’s economy is sputtering, port this week.
but its electric-vehicle industry— JPMorgan Chase and Wells
and a few other choice sectors— Fargo on Friday reported year-
are roaring. Does that matter? over-year net income growth of
One way to think about the 67% and 57%, respectively. That is
country’s economic policy making hardly what anyone would call
over the past three years is as a troubling. Yet the KBW Nasdaq
huge bet against internet-platform Bank Index dropped more than 2%
businesses and property compa- on the day, and shares of trust bank
nies and a big bet on semiconduc- State Street, which also reported
tors, batteries and other “hard Friday, fell 12%.
tech.” The result is now playing What were investors focusing
out, without the benefit of the on? It was likely the numbers
Covid-induced electronics-export around deposits. Deposit costs
surge that helped paper over eco- jumped sharply at all four banks
nomic cracks in the early 2020s. that reported on Friday, which also
It doesn’t seem to be going very included Citigroup. On average, the
well. But over time, the story rates on interest-bearing deposits
might play out differently. were around one-fifth higher than
AGENCE FRANCE-PRESSE/GETTY IMAGES

China’s economic output in the they were in the first quarter. That
second quarter was up 6.3% from was a slower pace of increase than
a year earlier—impressive, if not from the fourth quarter to the first.
for the fact that last spring Shang- However, base interest rates set by
hai was locked down and a good the Federal Reserve didn’t rise as
chunk of the economy had ground much during the second quarter—
to a halt. China will still probably so the pace of deposit-rate in-
achieve its growth target of creases accelerated relative to the
around 5% for 2023, but the pros- increase in the average federal-
pects beyond that are cloudy. Most China’s economy still has pockets of strength, including electric vehicles, clean power and batteries. funds rate.
worrying is the continued weak- No banks are safe from the pres-
ness in private investment and and e-commerce. The computer The export numbers for EVs are batteries, followed by stronger sure, it appears. In response to a
consumption. and electronics industry employed astonishing and, along with mar- growth in the mid-to-late 2020s as question on Friday from analysts
But that weakness obscures around twice as many people as ket share gains in Russia, appear these new sectors grow to scale. about customer demands for higher
some pockets of strength, includ- the auto industry did in May, ac- to be pulling up big parts of The extent of structural damage rates, JPMorgan Chief Executive Ja-
ing electric vehicles, clean power cording to CEIC. The internet-plat- China’s auto supply chain with in the meantime will be signifi- mie Dimon warned everyone to an-
and batteries, which are all indus- form economy accounts for about them. June exports of motor vehi- cantly influenced by the aggres- ticipate more on this front. “There
trial policy favorites. In the first one-quarter of urban jobs, accord- cles and vehicle parts were up siveness of Beijing’s fiscal and is very little pricing power in most
half, fixed-asset investment in ing to Andy Rothman of Matthews 40% from a year earlier. Exports monetary support. So far, the sig- of our business, and betas are going
electrical machinery and equip- Asia. Computer and phone exports of lithium-ion batteries were up nals aren’t particularly encourag- to go up,” he said, with “beta” re-
ment was up 39% from a year ear- came to more than $24 billion in 42% in May. ing. But it would still be unwise to ferring to how much of an increase
lier; in autos, it was up 20%. And May, far exceeding the combined One possible scenario is a pe- write off China over the medium in base interest rates banks pass
overall private-sector manufactur- $14 billion for lithium-ion batter- riod of subpar growth and high term—even with all its structural, along to customers. Brian Foran, an
ing investment was up 8.6% in the ies, electric vehicles and solar youth unemployment as the econ- demographic and political head- analyst at Autonomous Research,
first five months, easily outpacing cells. omy slowly heals from the wounds winds—as long as it keeps domi- wrote in a Friday note that this
overall factory investment. But given how quickly those lat- to the property, software and gen- nating a few of the key industries outlook coming from the biggest
For now, these new industries ter industries are growing, that eral services sectors and as the la- that will shape the global economy bank in the country was “a definite
are small compared with recent could start to change in a few bor force reorients itself toward in the years to come. curb your enthusiasm moment.”
leaders such as phones, computers years —if China can keep its lead. new job engines like autos and —Nathaniel Taplin On top of that, there continued
to be a shift out of banks’ “golden”
deposits, which are those that col-
lect no interest at all. Excluding JP-
Morgan, whose numbers were
Companies Brace for Terrible, No- Good Earnings skewed by taking on First Republic
Bank’s customers, overall deposits
at the reporting banks on Friday
were down 1% quarter over quarter
When companies were raising year earlier, economists’ estimates S&P 500 quarterly earnings per goods-oriented companies, this is by period end. Noninterest-bearing
prices faster than their costs were suggest. Global nominal GDP has share, change from a year earlier difficult because customers are deposits were down over 7% at
going up, it was called greedfla- been growing too. So S&P 500 sales moderating purchases. Also, with those same banks.
100%
tion. But with profit margins col- are lagging behind the economy. supply chains steadier, competition For banks such as JPMorgan,
lapsing, it is beginning to look as Some of this is an energy story— is heating up. Take the case of the Citigroup and Wells Fargo, these
though businesses are having a fuel prices are down a lot from last 80 makers of branded consumer sta- deposit trends have a number of
sudden fit of generosity. year and that is hitting energy com- ples, which did well early in the offsets. Wells Fargo, for example,
Companies are starting to report panies. But excluding energy compa- 60 pandemic not just because flush- still has nearly 30% of its deposits
their second-quarter results, and nies, S&P 500 revenues are expected feeling customers were gravitating in noninterest-bearing accounts,
from the looks of it, this earnings to show an increase of 2.8%. Exclud- 40 toward their higher-priced goods, which include things such as con-
season will be bad. Analyst esti- ing energy items, growth in nominal but because private-label makers’ sumers’ checking accounts. The big
mates point to earnings per share at GDP would be stronger too. The 20 supply-chain problems were more banks also do more of the kinds of
companies in the S&P 500 falling by problem remains that the stock mar- intense. Now private-label offerings lending that offset those funding
8.1% from a year earlier, according ket is focusing more on companies are easier to find, and consumers cost increases, namely credit cards,
0
to Refinitiv. It probably won’t end that produce and sell goods than the are coming back to them. whose interest rates float higher.
up that bad because estimates are service economy is. Not only have That companies would like to But many regional banks, or
almost always too pessimistic by the consumers been redirecting more of -20 raise prices faster than costs those more reliant on faster-moving
time earnings season gets under their spending to services, but goods 2021 '22 '23 shouldn’t be surprising. After all, commercial deposits, might not
way, but a decline seems likely. And inflation aside from energy items Note: Second quarter 2023 reflects analyst estimates back in the 18th century, the econo- have had the same lines of defense.
don’t forget that earnings per share cooled sharply. As of May, Com- Source: Refinitiv mist Adam Smith laid out how eco- At trust bank State Street, nonin-
is typically flattered by the retiring merce Department figures show nomic actors behave in their own terest-bearing deposits fell more
of shares through buybacks and the nominal U.S. consumer spending on of companies struggled to hire self-interest. The other thing Smith than 20% at the end of the second
like. Analysts estimate S&P 500 net goods excluding energy items was workers after the pandemic hit, and said was that competition acted as a quarter from the end of the first.
income fell 11.4%. Revenues are esti- on pace to be up 4% versus a year while the payroll reduction helped regulator of self-interest, with the Those deposits fell only about 7% at
mated to have fallen by 0.9%. This earlier, while nominal spending on on profit margins, these employers interplay of the two acting as an in- Wells Fargo.
points to a decline in profit margins. services excluding energy services couldn’t stay short-staffed forever. visible hand guiding the economy. When regional banks such as
Before getting to that, let’s reflect was on pace to be up about 8%. Some might be hoarding labor be- So maybe what we’re seeing now is PNC Financial Services, Western
on how bad the revenue figure is. One of companies’ first instincts cause many of the workers you fire that competition for customers and Alliance, Citizens Financial, M&T
The economy is growing slowly, when faced with flagging sales is to today would have ample opportuni- labor is regulating away a portion of Bank, U.S. Bancorp and Zions Ban-
but it is growing, and while inflation reduce costs—especially labor costs. ties to find work elsewhere. Worse, companies’ hefty profit margins. corp start reporting this week,
is cooling, it remains high. U.S. nom- To some extent, companies have they are often in competition for Of course, they would still love to these will be key risks to watch for.
inal gross domestic product—GDP been trying to do this, as evidenced workers with services providers, raise prices and reduce labor costs. If State Street is any indication, in-
not adjusted for inflation—looks as by all the layoffs targeting tech and which is putting pressure on wages. But all businesses have a plan until vestors may react harshly to any
though it was around 5% higher in white-collar jobs. But in a tight labor Another instinct is to raise prices the invisible hand punches them in disappointments on deposits.
the second quarter than it was a market that poses a challenge. A lot to keep up with rising costs. But for the mouth. —Justin Lahart —Telis Demos