.
* * * * * * TUESDAY, AUGUST 1, 2023 ~ VOL. CCLXXXII NO. 26
DJIA 35559.53 À 100.24 0.28%
What’s
News
Business & Finance
 Leading economic indica-
tors of manufacturing and
services activity in China
were weak in July, evidence
the world’s second-biggest
economy is losing momen-
tum even as authorities
demonstrate limited appe-
tite to reverse the trends. A1
 China’s tech sector is
showing the strain from last
year’s sweeping U.S. export
restrictions, which seek to
stall Beijing’s ambitions in
cutting-edge industries
such as artificial intelligence
and supercomputing. A8
 The eurozone economy
returned to modest growth
in the three months through
June, but persistent head-
winds could portend another
difficult economic winter for
the region this year. A7
 Major U.S. stock indexes
ended July’s final trading
session higher, with the S&P
500, Nasdaq and Dow notch-
ing monthly gains of 3.1%, 4%
and 3.3%, respectively. B11
 The extra reward for
holding stocks instead of
bonds has fallen to its low-
est level in 20 years, threat-
ening a recent hot streak
for major indexes. B1
 CVS Health said it is shed-
ding about 5,000 jobs to help
reduce costs as the retail phar-
macy giant sharpens its focus
on healthcare services. B1
 Private-equity firms Fran-
cisco Partners and TPG agreed
to buy New Relic in a deal
that values the software com-
pany at about $6.5 billion. B4
 Fox is closing Fox Bet, the
broadcaster’s sports-betting
venture, after it failed to
grow as quickly as more dom-
inant competitors in the U.S.
online-gambling market. B3
World-Wide
 Political groups supporting
GOP presidential contenders
reported having tens of millions
of dollars in the bank to help
their favored candidates, while
also footing the bill for expen-
sive advertising, polling opera-
tions and, in the case of Trump,
millions more in legal fees. A4
 A judge rejected Trump’s ef-
fort to halt the criminal investi-
gation he faces in Georgia over
interference in the 2020 pres-
idential election in the state,
saying the former president’s
allegations of prosecutorial
misconduct are meritless. A4
 The FBI’s access to a con-
troversial intelligence trove of
intercepted emails, texts and
other data should be curtailed
after missteps that have dam-
aged public and congressional
trust in the surveillance tool,
a White House panel of intel-
ligence advisers concluded. A3
 Coup leaders in Niger ar-
rested several ministers and
senior members of the party
of detained President Bazoum,
dealing a blow to efforts by
African nations to find a diplo-
matic solution to the crisis, as
Russia’s African allies declared
their support for the junta. A16
 A former business associ-
ate of Hunter Biden testified
before a Republican-led
House committee investi-
gating the business dealings
of the president’s son. A4
 The Biden administration
will keep the headquarters for
U.S. Space Command in Colo-
rado, reversing a Trump-era plan
to move it to Alabama. The de-
cision is likely to complicate a dis-
pute with a GOP senator over a
hold on military confirmations. A6
 Died: Paul Reubens, 70,
Pee-wee Herman creator. A2
CONTENTS
Arts in Review..... A11
Business & Finance B2,6
Business News....... B3
Crossword................. A11
Heard on Street.. B12
Markets...................... B11
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Islamic State Claims Deadly Pakistan Bombing China’s
Recovery
Shows
Signs of
Stalling
Manufacturing and
services sector data
indicate post-Covid
rebound is fading
BY STELLA YIFAN XIE
HONG KONG—Leading eco-
nomic indicators of manufac-
MOHAMMAD SAJJAD/ASSOCIATED PRESS
turing and services activity in
China were weak in July, evi-
dence the world’s second big-
gest economy is losing mo-
mentum as authorities
demonstrate limited appetite
to reverse the trends.
A range of economic chal-
lenges are dragging on China’s
MOURNING: Funerals were held Monday in Pakistan for victims of Sunday’s suicide bombing at a pro-Taliban election rally outlook, including youth unem-
that killed at least 54 people. Islamic State in Khorasan Province on Monday claimed responsibility for the attack. A16 ployment, deflationary pres-
sures and a prolonged housing
Shopping Malls Face Default,
market slowdown. The broader
Chinese economy barely grew
in the second quarter.
Newly published data sug-
gest the weakness continued
Fire Sales as Valuations Plunge
in July. The National Bureau
of Statistics said Monday its
purchasing managers index
remained in contraction for a
fourth straight month while a
measure of services activity
BY KATE KING “To look at it now, it’s dis- less than they were when mall mortgage-backed securities fell to its lowest level this
heartening,” said Waterford’s valuations peaked in late 2016, are underwater, meaning the year. The government also re-
WATERFORD, Conn.—Crys- top elected leader, First Se- said Vince Tibone, head of U.S. properties are worth less than ported disappointing readings
tal Mall’s parking lots used to lectman Rob Brule, who grew retail and industrial research the loans they back, said Kevin on employment, construction
be so crowded that parents up in this working-class town for real-estate research firm Fagan, head of commercial and exports.
would line up to drop off their and described the mall as the Green Street. real-estate economic analysis The data are some of the
teenagers near one of the en- social centerpiece of his youth. Now, as more than $14 bil- for Moody’s. newest for the second half of
trances rather than search for Crystal Mall’s cut-rate sales lion of loans backed by these In some cases, they are 2023 and the latest numbers
a spot. price shows how rapidly the properties comes due in the worth a lot less. Crystal Mall’s to show how a postpandemic
Now, the vast stretches of value of America’s regional next 12 months, according to former owner, Simon Property boost to the consumer econ-
cracked pavement surrounding malls has deteriorated in re- Moody’s Analytics, struggling Group, stopped making pay- Please turn to page A8
this 1980s-era regional mall on cent years due to changing malls are defaulting on their ments on $81 million in out-
Connecticut’s coast have more shopping habits, competition debt. With mortgage rates up standing CMBS debt during  Europe returns to slow
weeds than cars. Valued by an from other retail and the rise sharply, refinancing that debt the pandemic and last year growth..................................... A7
appraiser at $153 million as re- of online shopping. will be more challenging and handed back the keys to the  China’s tech woes grow
cently as 2012, Crystal Mall Older, low-end malls are expensive. property it had owned since amid U.S. curbs.................. A9
sold in June for just over $9.5 worth at least 50% and in About one-fifth of all malls 1999. The loan—which was in-  Heard on the Street: China’s
million in a foreclosure auction. some cases more than 70% financed through commercial Please turn to page A2 caution may be error.......B12
Hammer and Sickle Get Ukraine Makeover
The Rise of the Bots
Drives Hollywood’s
Epic Labor Drama
BY JESSICA TOONKEL TV and movies has become a
AND AMOL SHARMA hot-button issue in the biggest
Hollywood labor strike in 60
Alan Ruck, the actor who years. Ruck, like many writers
played Connor Roy in HBO’s and actors on the picket lines,
“Succession,” says he and a is worried the technology will
KIRILL CHUBOTIN/UKRINFORM/ZUMA PRESS
director friend tested out the replace jobs and produce low-
generative-AI tool ChatGPT a quality content.
few months ago over lunch, to Entertainment executives
see whether it could write a say bots won’t be penning
screenplay. scripts soon. But big compa-
They asked it to write a nies including Warner Bros.
scene about Ruck as a soldier Discovery, Paramount Global
in basic training. “It was s—,” and NBCUniversal are using AI
Ruck said. “It was every cliché Please turn to page A7
and hackneyed idea you could
NEW LOOK: Workers remove the Soviet hammer and sickle from Kyiv’s Motherland Monument imagine.”  Heard on the Street: A task
on Monday. It will be replaced by Ukraine’s tryzub, in the center. For news on Ukraine, A7. The potential use of AI in for ‘Barbenheimer’.......... B12
INSIDE
People Hire D-List Celebrities Miami Is Booming,
To Deliver Their Bad News
i i i But Population Falls
Personalized videos from actors aren’t
BY KONRAD PUTZIER over a multiyear period since at
reserved just for happy birthday messages AND DEBORAH ACOSTA least 1970, according to the Fed-
eral Reserve Bank of St. Louis.
Miami, a global hot spot The population loss in the
BY LINDSEY CHOO The message came via with ambitions to be a busi- state’s largest county stands JASON GAY
Cameo, an app on which ce- ness and financial hub, is driv- in contrast to the rest of Flor- Playoff fever beckons
The morning of her wed- lebrities sell videos and mes- ing away more residents than ida, which added more people
ding, Jessica Van Wagnen was sages tailored to fans, com- it is attracting. between 2021 and 2022 than
as the forlorn Orioles
lift themselves from
primping in her bridal suite in monly for birthdays or other Surging housing costs and a any other state.
Scottsville, N.Y., when her sis- milestones. fickle labor market, which by Home prices in Miami have the basement. A12
ter interrupted to insist she In an era when it’s now one measure still hasn’t recov- soared 53% since June 2020,
watch a video right away. possible to out- ered from the pandemic, are according to online listing site
Van Wagnen turned to source our most sending many locals packing. Zillow, the second most out of
her phone and saw sensitive commu- Miami-Dade lost 79,535 people the top 50 metropolitan hous-
Markets Digest...... B7 none other than her nications, such as through net migration to other ing markets after Tampa. The
BLOOMBERG NEWS
Opinion................ A13-15
Personal Journal A9-10
favorite reality-show using ChatGPT to parts of Florida or other states median asking rent has in-
Sports.......................... A12 star, James Kennedy write wedding between 2020 and 2022, ac- creased by 27% since 2019, ac-
Technology................ B4 of “Vanderpump vows, all sorts of cording to an analysis of U.S. cording to data company Co-
U.S. News.......... A2-4,6 Rules,” with a per- topics are being Census Bureau data by the Star, rising despite the
World News.. A7-8,16
sonalized message to Make a scene transmitted via Brookings Institution. shrinking population because
her, the bride. Cameo videos, in- Although foreign immigra- of a chronic shortage of af- BUSINESS & FINANCE
> “I heard you had a crazy cluding job resignations, tion offset some of the loss and fordable rental housing. Stellantis chief
time in New Orleans,” Ken- breakup talks and apologies. helped the county’s population It is easy to spot ways in
nedy said in the video. “Don’t Months earlier, Van Wag- rise slightly last year, Miami- which the city is booming. Ma-
executive vows to
worry, you looked great, and nen, 31, a project manager at a Dade County’s population still jor boulevards are littered with reverse Jeep’s market-
you did not look slutty, like a payroll company, had her shrank between 2019 and construction cranes and Miami share slide. B1
slutty skeleton.” Please turn to page A6 2022—its first population loss Please turn to page A4

A2 | Tuesday, August 1, 2023
Small-Business Loan System Streamlined
STEVE FREIHON
Natalie Freihon of Strange Bird Hospitality, shown at one of her restaurants, in New York
City, would like to take out an SBA loan to pay off a debt that carries a 28% interest rate.
Pee-wee Herman’s Creator Took Character
For Big Adventures on Stage, TV and Film
BY JENNIFER CALFAS
Paul Reubens, the actor best
known for his popular chil-
dren’s character Pee-wee Her-
man, has died. He was 70.
Reubens died from cancer
Sunday night at Cedars-Sinai
Medical Center
OBITUARY in Los Angeles,
PAUL after facing the
REUBENS disease for
1952-2023 years “with his
trademark te-
nacity and
wit,” according to a statement
from Kelly Bush Novak, his
longtime representative.
“I have always felt a huge
amount of love and respect
from my friends, fans and sup-
porters,” Reubens said in a
statement shared by Novak
following his death. “I have
loved you all so much and en-
CORRECTIONS  AMPLIFICATIONS
Dr. Miriam Grossman is a
psychiatrist who served as an
expert witness for Republicans
during congressional hearings
in June. A Page One article on
Monday about transgender
youth incorrectly identified her
as a psychologist. Also, in some
editions the article misspelled
LGBTQ as LGTBQ in the names
of two organizations, the LGBTQ
& HIV Project at the American
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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joyed making art for you.”
Reubens apologized to his fans
for not sharing his cancer di-
agnosis publicly.
The comedian rose to fame
in the 1980s with his zany por-
trayal of Pee-wee Herman. Reu-
bens created the character
while a member of the Ground-
lings, a famous Los Angeles im-
prov group, and first performed
“The Pee-wee Herman Show” at
the Groundlings Theatre in
1981. The show continued for
five months at the Roxy Theatre
and led to a special on HBO.
Reubens brought the charac-
ter to bigger audiences on film
and television in the following
years. He starred in and co-
wrote the 1985 comedy “Pee-
wee’s Big Adventure,” which
also served as Tim Burton’s fea-
ture film directorial debut. Reu-
bens then created “Pee-wee’s
Civil Liberties Union Foundation
and Funders for LGBTQ Issues.
CVS Health’s pharmacy
and consumer-wellness seg-
ment’s revenue for the quarter
ended March 31 rose 7.8% to
$27.92 billion. A May 4 Busi-
ness & Finance article about
CVS’s financial results incor-
rectly said the segment’s reve-
nue rose 12% to $25.88 billion.
U.S. NEWS
Playhouse,” a CBS television se-
ries that ran for five years, from
1986 to 1991, and resulted in
multiple Emmy awards.
Reubens told The Wall
Street Journal in 2014 he de-
cided not to continue “Pee-
wee’s Playhouse” because of
exhaustion. “I loved doing it
but I literally couldn’t do it
any longer,” he said.
Reubens was arrested in
1991 for indecent exposure at a
Florida adult movie theater.
He pleaded no contest and was
required to give 75 hours of
community service. “No expe-
rience like this has a positive
impact on anyone, but this
was an excellent resolution,
very fair and very reasonable,”
Richard E. Gerstein, Reubens’s
lawyer at the time, said in No-
vember 1991, the New York
Times reported.
A ‘Death
Spiral’ Hits
Local Malls
Continued from Page One
cluded in the CMBX 6 index
shorted by famous investor
Carl Icahn—is expected to liq-
uidate at a $70 million loss, or
about 87% of the outstanding
balance, according to
Moody’s.
Similar stories are playing
out across the country. In In-
diana, Muncie Mall backs a
$31 million loan but is worth
only $6 million after a March
appraisal, according to data
provider Trepp. The 52-year-
old mall was appraised at $73
million nine years ago and
nearly fully occupied as re-
cently as 2018.
Woodbridge Center, a 1.1-
million-square-foot mall in
central New Jersey, was ap-
praised at $86 million earlier
this year, a 76% drop from its
last prepandemic appraisal in
2014, according to Trepp. The
mall is in foreclosure on two
CMBS loans, with outstanding
balances totaling nearly a
quarter-billion dollars.
“We’ve seen dozens and
dozens of malls liquidated at
Overhaul eases the
entry for nonbank
lenders, prompting
worry about defaults
BY RUTH SIMON
AND PETER RUDEGEAIR
The federal program for
small-business lending is un-
dergoing its biggest makeover
in decades.
The Small Business Adminis-
tration is simplifying loan re-
quirements, automating more
of the process and expanding
the pool of nonbank lenders li-
censed to issue SBA loans. The
moves, many of which take ef-
fect Tuesday, will make it easier
for financial-technology firms
to participate.
SBA officials say they want
to boost credit to small busi-
nesses that have struggled to
get financing as banks favored
bigger commercial borrowers.
But the changes—and the deci-
sion to couple relaxed require-
ments with new lenders—have
drawn criticism from the indus-
try and members of Congress,
who say the revisions could
jeopardize the program by in-
creasing loan defaults.
“These are the most sweep-
ing changes I have seen in my
40-year career,” said Tony Wil-
kinson, chief executive of the
National Association of Govern-
ment Guaranteed Lenders, a
trade group for current SBA
lenders. One of lenders’ most
important jobs is to say no
when it is appropriate, he
added, rather than give small-
business owners loans they
can’t repay.
“Our system is not broken,”
Wilkinson said. “I don’t know
what they are trying to fix.”
Legislation sponsored by
Senate Small Business Commit-
tee Chairman Ben Cardin (D.,
Md.) and co-sponsored by rank-
ing member Joni Ernst (R.,
Iowa) would direct the SBA to
The incident kept the ac-
tor—and Pee-wee Herman—
out of the public eye for some
time. Reubens briefly made an
appearance as Pee-wee Her-
man to open the MTV Video
Music Awards in September
1991. “Heard any good jokes
lately?” Reubens, in character,
asked the audience.
In 2010, Reubens brought
“The Pee-wee Herman Show”
to Broadway. Pee-wee returned
to film with 2016’s “Pee-wee’s
Big Holiday,” produced by
Judd Apatow.
In a comment on the Insta-
gram post with news of Reu-
bens’s death, Apatow shared
his experience seeing “his ge-
nius and kindness up close”
while working on the film.
“He made the world so
happy,” Apatow wrote. “He is
irreplaceable.”
losses or had their values cut,”
said Manus Clancy, senior
managing director at Trepp.
Not all malls are on the
brink of disaster.
Newer, well-located proper-
ties with strong tenant rosters
are generating healthy foot
traffic and returns for inves-
tors. But even these high-qual-
ity malls have declined in
value by an estimated 50%
since 2016, Tibone said, mak-
ing malls one of the worst-
performing commercial real-
estate sectors over that
period.
Widespread department-
store closures beginning in
2018 hastened malls’ decline.
Large mall anchors like
Department store
closures in U.S. malls
400
300
200
100
0 this year.
2016 ’20 ’23*
*Estimate
Source: Green Street
THE WALL STREET JOURNAL.
conduct annual stress tests of
licensed small-business lending
companies, which aren’t over-
seen by federal banking regula-
tors, and add guardrails and
speed bumps to the processing
of loans by new nonbank licens-
ees. The legislation would also
make permanent a pilot pro-
gram aimed at helping under-
served borrowers secure small-
dollar loans.
SBA loans are crucial for
many entrepreneurs, who gen-
erally can borrow as much as
$5 million to start, buy, expand
or run a small business. Banks
and other approved financial
institutions make the loans.
Typically, the SBA promises to
cover as much as 85% of losses.
The SBA is authorized by
Congress to guarantee as much
as $34 billion in loans annually
through its main lending pro-
gram. Lenders issued $26 bil-
lion of these loans in the most
recent fiscal year, the SBA said.
“There’s $8 billion that went
underutilized,” at the same
time small businesses often say
they can’t get a loan, said a se-
nior SBA official. The agency
said the program hasn’t kept
pace with changes in how loans
are made and has missed the
opportunity to take in new
types of lenders.
To qualify for the SBA’s
guarantee, lenders must adhere
to standards that can make the
process cumbersome for bor-
rowers and unattractive to
some lenders.
Natalie Freihon, founder of
Strange Bird Hospitality, turned
to the SBA for financing after
the costs of opening her fourth
restaurant in New York state
were higher than she expected.
Freihon said she worked on her
application with an adviser for
three months before borrowing
$350,000 from a high-cost
lender.
“I just ran out of time,” said
Freihon, who still hopes to take
out an SBA loan to pay off the
debt, which carries a 28% inter-
Paul Reubens rose to fame in the 1980s with his zany character.
Macy’s, Bon-Ton, JCPenney
and Sears closed about 875 de-
partment stores between 2018
and the end of 2020, according
to Green Street, compared
with a combined 175 in 2016
and 2017.
“It really accelerated the
death spiral of the industry,”
Tibone said. “You start losing
department stores, that causes
sales and traffic at the center
to decline. Then more tenants
leave. It starts this awful cy-
cle.”
The death spiral at the
Crystal Mall started in 2018,
when anchor tenant Sears de-
clared bankruptcy and an-
nounced plans to close. Macy’s
shut its location three years
later. Overall revenue at Crys-
tal Mall declined 39% between
2018 and 2022, while expenses
fell only 10%, according to
Trepp.
“All the stores used to be
open, and everything used to
be nice and beautiful,” said
Melissa Rodriguez, 40 years
old, standing outside the
mall’s food court one recent
afternoon.
Now, many of the shops
have closed. One of her favor-
ite stores, Bed Bath & Beyond,
is shutting its location after
declaring bankruptcy earlier
Before the pandemic, Rodri-
guez said, she often visited the
mall twice a week but now
.
est rate. “The whole SBA pro-
cess is so time-consuming,” she
said. “Much more so than what
I have had to do for a tradi-
tional loan, for investors, for
leases or anything.”
Thousands of banks and
credit unions are certified to
make SBA loans, but a small
group issues most of them.
Under the new SBA rules,
lenders can use their own
standard credit policies to
make SBA loans of as much as
$500,000 instead of following
government guidelines. Lend-
ers are encouraged to check a
box to indicate why borrowers
can’t get credit elsewhere, a
crucial program requirement,
instead of providing a de-
tailed written explanation.
“What we are saying is do
not make SBA loans that
wouldn’t otherwise fit your
general underwriting and credit
criteria,” the senior SBA official
said. The SBA is taking over
some basic prescreening tasks,
such as fraud checks.
Some changes could make it
easier for entrepreneurs to
qualify for financing. For exam-
ple, lenders will be able to give
more weight to profit forecasts
for younger, growing businesses
and rely less on past perfor-
mance on loans of as much as
$500,000.
Other changes reduce or
eliminate the down-payment
requirement for some borrow-
ers and cut the chances they
will have to provide a lien on
their homes or other collateral.
Lenders don’t have to deter-
mine whether borrowers can
draw on their own wealth or
that of family members to meet
their funding needs.
The SBA would add three
nonbank lenders to the 14 al-
ready licensed to make SBA
loans above $350,000. Adding
new fintech and other nonbank
lenders has drawn criticism
from industry participants, who
say those lenders are under less
federal supervision than banks.
MICHAEL OCHS ARCHIVES/GETTY IMAGES
comes only once a month.
“It’s not like before,” she
said.
Christmas Tree Shops,
which shared an anchor space
with Bed Bath & Beyond, also
is closing following bank-
ruptcy. Once those retailers
vacate, JCPenney will be the
only anchor tenant left at
Crystal Mall.
Brule, Waterford’s first se-
lectman, said he would like to
see the property redeveloped
into a mixed-use site. He envi-
sions a hotel for tourists visit-
ing nearby Mystic and housing
for local firefighters and
teachers as well as employees
of the local submarine manu-
facturer, General Dynamics
Electric Boat. Maybe a hockey
rink or a bowling alley, some-
where for the town’s teenagers
to gather.
“That’s what this property
could be,” Brule said.
It is unlikely these dreams
for Crystal Mall will be real-
ized under its new owner, New
York-based investment firm
Namdar Realty Group. A com-
pany executive told Brule dur-
ing an introductory call that it
doesn’t redevelop properties,
Brule said.
Namdar Chief Executive
Igal Namdar said the company
plans to implement an “ag-
gressive leasing strategy to at-
tract a mix of national and lo-
cal tenants” to Crystal Mall.
 .

THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | A3

U.S. NEWS

California A Michigan Mural Gives New Meaning to ‘Eye Candy’

To Probe
Cars’ Data
Collection
BY BYRON TAU
AND CATHERINE STUPP

California’s new privacy

regulator said Monday it is
embarking on its first-ever en-
forcement action: a review of
the privacy practices of con-
nected automobiles.
The California Privacy Pro-
tection Agency—created under
a ballot initiative in 2020 and
the only regulator in the na-
tion solely dedicated to pri-
vacy issues—will examine the
growing amalgamation of data
collected by smart vehicles
and whether the business

DON CAMPBELL/THE HERALD-PALLADIUM/ASSOCIATED PRESS

practices of the companies
collecting that data comply
with state law.
“Modern vehicles are effec-
tively connected computers on
wheels. They’re able to collect
a wealth of information via
built in apps, sensors, and
cameras, which can monitor
people both inside and near
the vehicle,” Ashkan Soltani,
the agency’s executive direc-
tor, said.
U.S. regulators’ scrutiny of
the data lags behind such ef- FOR ART’S SAKE: Giant renderings of treats by artist Chris Stackowicz greet a passerby and friend beside a candy store in downtown Three Oaks, Mich.
forts in Europe, which has
forced automakers to update

Panel Wants FBI’s Spy-Tool Use Curbed

software to limit the collec-
tion and protect the privacy of
consumers.
Porsche provides a menu
on vehicle dashboards where
European drivers can give or
withdraw their consent for the
company to collect personal
data or share it with third-
party suppliers.
Regulators in Europe also
have opened investigations
into how the auto industry
uses personal information
from cars such as location
BY DUSTIN VOLZ
WASHINGTON—The Fed-
eral Bureau of Investigation’s
access to a controversial intel-
ligence trove of intercepted
emails, texts, and other elec-
tronic data should be curtailed
following serial missteps that
limited to foreign intelligence vital national security tools in The board also urged the
purposes, as is the standard at their possession, critical to administration to seek a new
other U.S. intelligence agen- preventing terrorism, thwart- certification from the Foreign
cies that can access the inter- ing cyberattacks and under- Intelligence Surveillance Court
cepted data, and no longer al- standing the aims of adversar- for counternarcotics purposes,
low hunts for evidence of a ies such as China and Russia. though the justification is
crime in non-national-security It allows the National Secu- largely redacted. The Biden ad-
cases. rity Agency to siphon streams ministration has publicly dis-
While critical of past FBI of electronic data from U.S. cussed Section 702’s value to
MICHAEL BROCHSTEIN/ZUMA PRESS

data.
In February, Tesla agreed to
offer a software update in Eu-
rope to change camera settings
in cars after the Dutch privacy
regulator investigated the
company. Tesla disabled vehi-
cles’ external security cameras
by default until a driver turns
on the function to record activ-
ity outside a car and changed
the camera settings so they
only save the last 10 minutes
of footage recorded from out-
side the cars, compared with
one hour of footage they previ-
ously had saved.
The Dutch regulator also
said it was a privacy violation
for the cameras to extensively
record people outside of cars
without their knowledge. The
Tesla update also included
features to warn people inside
and outside of cars that the
external cameras are record-
ing. Headlights blink if the
cameras are recording, and a
message is displayed on a
touch screen inside the cars.
have damaged public and con- abuses of the database, the technology providers such as combating fentanyl trafficking,
gressional trust in the surveil- board warned that not renew- Meta and Apple. The data, col- but a more explicit permission
lance tool, a White House ing the surveillance power, as lected in intelligence reposito- to use the tool for counternar-
panel of intelligence advisers some lawmakers have threat- ries, can then be searched cotics could broaden its utility,
has concluded. ened, would be catastrophic without a warrant by spy officials say.
The recommendation and by blinding intelligence agen- agencies including the FBI, The board was critical of
others made by the panel cies to myriad threats facing which has a robust counterin- the FBI’s history of wrongfully
come as a challenge to the Bi- the U.S. “If Congress fails to telligence mission. plumbing American data in
den administration, which has reauthorize Section 702, his- FBI Director Christopher Wray Though intended for the the Section 702 trove, which
spent months aggressively tory may judge the lapse of communications of foreign na- have included improper
lobbying lawmakers to pre- Section 702 authorities as one mendations for how we can tional-security suspects living searches of George Floyd pro-
serve the spying program, of the worst intelligence fail- secure this critical national se- overseas, the database also testers and sitting lawmakers,
which is set to expire at the ures of our time,” it said. curity authority and to work- holds information about and said reforms needed to be
end of the year. Democrats It wasn’t clear whether ing with Congress to ensure Americans, gathered, for ex- adopted and codified in law.
and Republicans have said the President Biden would embrace its reauthorization,” Biden’s ample, when a person living in The FBI has made signifi-
program, while valuable to na- the recommendation or the national security adviser Jake the U.S. communicates with an cant improvements in the past
tional security, threatens others made by the board. A Sullivan and deputy national intelligence target living over- two years by adopting a series
Americans’ privacy. senior administration official security adviser Jon Finer said seas. Searches of U.S. data are of internal changes, the board
At issue is the FBI’s access said the White House received in a joint statement. the chief concern of lawmak- said, but those were “insuffi-
to a cache of data collected the proposals within the past Section 702 is due to expire ers considering overhauls. cient to ensure compliance
under what is known as Sec- few weeks and regarded them at the end of the year, unless Other recommendations and earn the public’s trust.”
tion 702 of the Foreign Intelli- as potentially acceptable—in- Congress renews it. Top Biden made by the board include cre- An FBI spokeswoman said
gence Surveillance Act. The cluding the limit on non-na- administration officials have ating a requirement that the the bureau looked forward to
President’s Intelligence Advi- tional-security searches, which said the program—classified FBI and other agencies adopt a engaging with Congress on
sory Board, which consists of typically occur fewer than a details of which were revealed rule that all searches of U.S. the substance of the board’s
current and former officials couple dozen times a year. 10 years ago by former intelli- content be signed off by two report—but didn’t say
and security experts, recom- “We look forward to re- gence contractor Edward individuals—a standard that whether it would accept the
mended the FBI’s searches be viewing the board’s recom- Snowden—is among the most already exists at the NSA. recommended limitations.

College Applicants Scramble After Court’s Ruling

Automobiles represent the
latest frontier for regulators,
raising fresh questions about
who will control the data gen-
erated by vehicles as they
move through the world.
Numerous companies are in
a position to access the data—
including the automakers
themselves, companies that
make or run in-car navigation
or infotainment systems, sat-
ellite radio companies and in-
vehicle security and emer-
gency services providers.
Insurance companies have
also been encouraging con-
sumers to share information
about their driving behavior,
sometimes in exchange for a
discount.
All the data has commercial
potential. In some cases, it can
be used by insurers in deter-
mining how to set rates, eval-
BY MELISSA KORN here’s the words you can use, nity. Ross said he doesn’t think
here’s the words to not use,” much about how being His-
SirNira Davis-Burke is said Paul Harris, a college panic has shaped his identity,
stumped about how to proceed counselor at Alamo Heights in part because he lives in a
with her college applications High School in San Antonio. He community in Alexandria, Va.,
this fall. said students of color “now where he says diversity is the
The rising senior at Parkway kind of have to subtly signal to norm. But if any of the schools
Center City Middle College in an admissions office, ‘Here’s to which he is applying for en-
Philadelphia planned to check how I’m going to make your gineering programs offers that
the box noting that she is Afri- campus a more diverse place.’ extra essay, he said, he will still
can-American. She anticipated We’re all kind of winking and write it.
writing her application essay nodding at each other, but we Those tasked with advising
about lessons her grandfather can’t really say anything.” applicants are itching for more
taught her as he battled multi- That is an outsize burden to guidance themselves.
ple sclerosis. And she set her place on a subset of applicants, Sam Bigelow, director of
sights on a mix of predomi- said Aasiyah Beamon, a rising college counseling at the pri-
nantly white and historically senior at Lincoln College Prepa- vate Middlesex School in Con-
Black colleges to study nursing. ratory Academy, a public mag- cord, Mass., said he is curious
Now, she isn’t so sure about net school in Kansas City, Mo. how the new standard will al-
any of it. “It’s now put onto the stu- low for him to include in refer-
SIRNIRA DAVIS-BURKE

uate risk and gauge safe driv-
ing behavior.
It also can be used in urban
planning and traffic studies;
to help make real-estate deci-
sions such as where to open a
franchise or outlet; or be used
in economic forecasting. In
some cases, data brokers make
vehicle data available for
sale—stripping it of personal
information such as names.
Law-enforcement agencies
also can now obtain the his-
torical location of suspects,
usually with a warrant. The
sensors on modern cars have
raised national-security con-
cerns as well.
China in 2021 banned cer-
tain officials from owning or
driving Tesla vehicles citing
concerns that data the cars
gather could be a source of
national-security leaks, The
Wall Street Journal has re-
ported.
Should she focus her essay dent to display all the struggles ence letters information about
instead on something tied to that they went through and re- students’ identities and experi-
her experience as a Black live that trauma of growing up ences the same way he did be-
woman? Could she somehow in an underprivileged commu- fore the Supreme Court’s rul-
hurt her chances by doing so? nity or a marginalized commu- ing.
How will schools use the infor- The Supreme Court ruling curtailing how colleges can consider nity,” said Beamon, a Black “There’s so many question
mation in that check box? Do race in admissions has left SirNira Davis-Burke with questions. woman aiming to study neuro- marks here,” Bigelow said. “I’m
they still want someone who science at some of the nation’s eager for some nuts and bolts.”
looks like her on campus? That leaves rising high- will keep an optional check box most selective colleges. Colleges issued a flurry of
“Part of me wants to leave school seniors looking at the in which students can mark J.D. Ross, a rising senior at statements in the wake of the
race out of it. I want people to most selective schools in un- their race or ethnicity, but this West Potomac High School in Supreme Court ruling declar-
know me outside the color of charted territory. Most college year offered to send schools Belle Haven, Va., is sticking to ing their continued commit-
my skin. The other part of me applications go live on Aug. 1. applications that omit that sec- a months-old plan of writing ment to diversity, but rising se-
is kind of like, ‘Maybe you Yvonne Espinoza, an inde- tion, if so requested. his main essay about support- niors are worried they will
should write about this be- pendent college counselor in Admissions directors say ing a family member with men- show up on campus a year
cause you are already at the Austin, Texas, said some of her that even though a school can’t tal-health and substance-abuse from now and see a very differ-
lower end of the totem pole,’ ” clients of color initially thought consider race itself as a factor issues. He said that was a for- ent mix of students than they
Davis-Burke said, referring to their applications would be to tip the scales on whether an mative experience. had hoped for.
the social and economic chal- dismissed by admissions of- applicant gets in, some essay Some schools, including the Beamon, the student from
lenges faced by Black women fices if they mentioned their prompts not only allow but University of Virginia, Lehigh Kansas City, is rethinking her
in American society. race. “Like they needed to outright encourage more dis- University and University of list of target schools.
Colleges are scrambling somehow conceal that, or it cussion about their back- Vermont, are using optional She was heartened by the
this summer to respond to a would be a disadvantage to talk grounds, a nuanced way to give supplemental essays to invite messages from schools, but
Supreme Court ruling that about their life experiences if it applicants an opportunity to further reflections on what she still is worried she will ar-
sharply curtails how they can related to culture or race,” she mention how their race shaped shaped an applicant’s identity rive at college and find
consider an applicant’s race said. them. or how that identity can con- “there’s no one there that I
in admission decisions. The Common Application “I don’t have a playbook, tribute to the campus commu- can relate to.”
 .

A4 | Tuesday, August 1, 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

DeSantis Would Press Ban of TikTok Republican

2024 PACs
BY ALEX LEARY China’s ByteDance, DeSantis

CONCORD, N. H.—Republi-
also cited the effect the service
can have on children, calling it
can presidential candidate Ron
DeSantis said that if elected he
would look at a national ban of
“very very toxic.” But he
stressed he wouldn’t go as far
as the Restrict Act, a biparti-
TikTok, the widely popular
video sharing app, citing a
growing threat to the U.S. from
san measure introduced in the
Senate that would allow the
president to take action
China. against an array of foreign
“I am inclined to not want software and services from
TikTok in the United States,” U.S. adversaries.
DeSantis told The Wall Street “At the end of the day I
Journal in an interview here don’t want big brother to be
following the release of his getting into everybody’s apps,”
economic plan that identifies he said. “It’s about vulnerabili-
confronting Beijing as a lead- ties to our country.”
ing priority. “I think it’s creat- It isn’t clear whether the
ing a security vulnerability for U.S. government actually could
us. I think they are mining a ban TikTok, which says it has
lot of data.” roughly 150 million American
The Florida governor also users. Lawmakers in both par-
said he would work to oust ties see the app as a danger
Federal Reserve Chairman Je- because of concerns that users’
rome Powell before his post data could be transferred to
expires in 2026 and said he the Chinese government.
would support rules governing In 2020, then-President
how the central bank sets in- Donald Trump tried to ban
terest rates. TikTok by executive order. Two
On TikTok, owned by federal judges expressed doubt
that the president had the
power to do so. The Biden ad-
ministration withdrew Trump’s
flurry of stops in early-voting
states and has turned to re-
leasing policy proposals.
DeSantis also would seek to
bar companies from sharing
critical technologies with
Raise Cash
order while continuing to scru-
tinize the app.
DeSantis also said he would
His economic plan calls for:
 Revoking China’s perma-
nent normal trade relations
China—which the Biden ad-
ministration already has taken
steps toward—and provide in-
By the Tens
support government aid for
critical sectors, again in the
context of growing competition
status.
 Banning the import of
Chinese goods made from sto-
centives for the repatriation of
U.S. capital from China through
tax abatements and other mea-
Of Millions
with China, singling out na- len intellectual property. sures to secure the supply
tional security. Congress last  Restricting pension-fund chain. BY JACK GILLUM
year carved out $52 billion for managers from considering DeSantis has increasingly AND ANTHONY DEBARROS
the semiconductor industry factors such as climate change criticized the Federal Reserve
and research. in investment decisions. and Powell, accusing it of fuel- Political groups supporting
“I wouldn’t get carried  Making universities re- ing inflation. Interest-rate Republican presidential con-
away,” he said, saying the gov- sponsible for student loans and hikes, he has said, have hurt tenders on Monday reported
ernment didn’t want to play allowing those loans to be dis- average Americans. having tens of millions of dol-
venture capitalists with future charged through bankruptcy. Last week, the Fed resumed lars in the bank to help their
technologies. “But I do think in The U.S.-China trade status interest-rate increases, bring- favored candidates, while also
things that are a matter of na- is rooted in a 1999 U.S.-China ing them to a 22-year high. In- footing the bill for expensive
tional survival we can be pact struck when Beijing pre- flation has retreated from a advertising, polling operations
thoughtful of how we’re incen- pared to join the World Trade 40-year high hit last summer, and—in the case of former
tivizing these industries to be Organization, and it provides with the consumer-price index President Donald Trump—mil-
here in the United States.” the most favorable trade terms climbing 3% in June from a lions more in legal fees.
DeSantis is seeking to re- and tariff rates. Trump levied year earlier. That is well below Never Back Down, the super
gain footing in the Republican huge tariffs on Chinese-made the June 2022 peak of 9.1%. PAC supporting Florida Gov.
presidential primary after goods in an attempt to gain le- Trump nominated Powell, Ron DeSantis, reported nearly
stumbles that have eroded his verage, but his trade deals who was given a second term $97 million on hand at the end
status as the top challenger to didn’t stimulate U.S. manufac- under President Biden. His of June. Make America Great
Trump. DeSantis has added a turing in their first few years. chairmanship expires in 2026. Again, Trump’s super PAC, re-
ported cash of about $31 mil-
lion. The two super PACs

Former Hunter Biden Business Associate Testifies

topped the field of presidential-
hopeful committees reporting
fundraising and expense totals
to the federal government.
The fundraising of
WASHINGTON—A former son’s business dealings and none of those conversations those so-called super political-
business associate of Hunter was not involved,” said Comer. ever had to do with any busi- action committees, which can
Biden testified Monday to Con- Hunter Biden’s legal team ness dealings or transactions,” raise unlimited sums and buoy
gress that President Biden and downplayed the importance of Goldman said. campaigns with independent
his son were in near daily the testimony. “It’s well Goldman also said that it expenditures on ads, are
communication and that the known that Hunter and his fa- wasn’t always clear that Joe among the biggest advantages
ther speak daily,” said attor- Biden was aware that he was the GOP has in its effort to
By Simon J. Levien, ney Abbe Lowell. “What Mr. on speakerphone with Hunter win back the White House.
Annie Linskey and Archer confirmed today was Biden’s associates. But the former president’s
Byron Tau that when those calls occurred Rep. Andy Biggs (R., Ariz.), fundraising apparatus appears
during Hunter’s business another member of Oversight, to be burning through cash.
younger Biden would occasion- meetings, if there was any in- said Archer testified that only Three Trump-related entities—
ally put his father on speaker- teraction between his father pleasantries were exchanged his super PAC, joint fundraising
phone at business dinners and and his business associates, it when Joe Biden was on the committee and leadership
in other situations, according was simply to phone. Still, PAC—collectively spent more
J. SCOTT APPLEWHITE/ASSOCIATED PRESS

to lawmakers present for the exchange small Biggs said he than $100 million during the
closed-door briefing. talk,” he said. was confident first half of the year, Federal
The associate, Devon Ar- The White GOP probes if that the testi- Election Commission data show.
cher, said Joe Biden and his House has de- president was mony impli- That figure can include trans-
son never discussed business nied that Presi- cated Biden in fers to other groups affiliated
on these calls, only engaging in dent Biden was involved in son’s his son’s busi- with Trump’s presidential run.
casual conversation about such a party to his ness activities. DeSantis’s Never Back Down
things as the weather. But the son’s business
business Archer’s tes- was the target of a complaint
testimony paints a more de- dealings. White dealings. timony covered by a campaign-finance watch-
tailed picture of how Hunter Devon Archer told a House panel Joe Biden was on speakerphone House spokes- a period when dog, which argued DeSantis and
Biden may have highlighted his at his son’s business dinners but just made casual conversation. man Ian Sams he and Hunter a state group violated federal
close relationship with his fa- said the GOP Biden served on law by transferring millions to
ther as part of his pitch to po- Archer appeared Monday in Committee on Oversight and probe amounted to an “evi- Burisma’s board of directors. it. Representatives for DeSantis
tential clients, and raises fresh front of a GOP-led panel prob- Accountability. dence-free wild goose chase” Comer said that Archer testi- and the PAC didn’t return in-
questions about how much Joe ing the business dealings of Comer said Archer testified and that the testimony Monday fied that Burisma’s owner quiries seeking comment.
Biden was aware of his son’s Biden’s son, the latest in a that there were about 20 didn’t show any wrongdoing. “placed constant pressure on Super PACs let individuals
overseas business ventures. long-running political drama phone calls including Joe Bi- While running for president, Hunter Biden” to “get help and corporations contribute
Republicans have been about the younger Biden’s den. The calls took place while Joe Biden said he had “never from D.C.” to tamp down Vik- unlimited sums to help a can-
probing whether Joe Biden globe-trotting consulting and Joe Biden was vice president spoken to my son about his tor Shokin, a Ukrainian prose- didate. They’re barred from
had any involvement in his investment work for Ukraine’s and included one during a overseas business dealings.” cutor who was investigating coordinating with the cam-
son’s business dealings. House Burisma energy company and dinner in Paris with a French Rep. Dan Goldman (D., N.Y.), Burisma for corruption. Joe paigns they support.
Speaker Kevin McCarthy (R., a variety of foreign entities in energy company and another also on Oversight, said Repub- Biden had called for the A Trump political action com-
Calif.) said Republicans are set places including China. in China with Jonathan Li, the licans had failed to show any ouster of Shokin because he mittee spent at least $21 million
to pursue an impeachment in- Archer testified that Joe Bi- CEO of Chinese private-equity involvement by President Bi- and others thought that the on legal fees as of the end of
quiry of President Biden to den was put on the phone to firm BHR. den in his son’s activities. prosecutor wasn’t aggressive June, an initial review showed
boost their investigatory pow- help Hunter Biden sell what Archer’s testimony “con- “This investigation is a com- enough. Monday. Previously, people fa-
ers. The White House has said he called “the brand,” accord- firms Joe Biden lied to the plete waste of time,” he said. Archer didn’t respond to miliar with the matter said the
Biden was never in business ing to Rep. James Comer (R., American people when he said Archer’s testimony was questions on his way out of the former president’s group spent
with his son. Ky.), who chairs the House he had no knowledge about his “very, very consistent that hearing Monday afternoon. about $40 million. A Trump
campaign spokesman didn’t re-
turn a request for comment.

Miami Population change by county, 2012=100

120
Median home price to median income ratio
9 Miami-Fort Lauderdale-
that has taken a nosedive.
Limited public transit and

Shrinks as 115
Travis County, Texas 8

7
West Palm Beach, Fla.
clogged roads also make it
hard to entice employers.
“We need to be a city that,
Judge Calls
It Booms 110
Maricopa County, Ariz.
Marico 6
below the skyline, can provide
a good quality of living,”
Ilcheva said.
Trump’s
Continued from Page One
105

100
Miami-Dade County
5

4
Still, there are reasons for
optimism. The influx of wealthy
residents and rising property
Complaints
office towers have a lower va-
cancy rate than other major
U.S. cities. Miami-Dade 95 San Francisco County 2
3 New York- Newark-
Jersey City, N.Y.-N.J.-Pa.
prices are boosting tax reve-
nues and a recent surge in new
construction could bring down
Meritless
County’s unemployment rate is 2012 ’14 ’16 ’18 ’20 ’22 1990 ’95 2000 ’05 ’10 ’15 ’20 housing costs over time. Rent
well below the national aver- growth has slowed and wages BY JAN WOLFE
age and it is creating new busi- Mean hourly wage by metro area* have increased. AND CAMERON MCWHIRTER
nesses at its fastest pace ever. Foreign immigration in-
San Francisco-Oakland-Hayward $45.37
But Miami risks following creased in 2022 from pandemic A judge rejected Donald
the same path as New York New York-Newark-Jersey City 37.77 lows and helped offset some of Trump’s effort to halt the
City and San Francisco, the the American exodus, though criminal investigation he faces
country’s financial and tech
Austin-Round Rock, Texas 30.72 Miami-Dade county’s popula- in Georgia, saying the former
centers, where the growth of All U.S. 29.76 tion still shrank by 21,664 from president’s allegations of
high-paying white collar jobs 2020 to 2022 even with the rise prosecutorial misconduct are
raised the cost of living, send- Phoenix-Mesa-Scottsdale 28.86 in new residents from overseas. meritless.
ing many of those cities’ work- Miami-Fort Lauderdale- 28.36 Some Miami residents who The ruling Monday by a
ing and middle-class residents West Palm Beach left enjoy a lower cost of living state court judge, which fol-
searching for a more afford- *Data are as of May 2022
but have been forced to make lows a similar decision from
able place to live. Sources: Federal Reserve Bank of St. Louis, U.S. Census Bureau (population change); Harvard Joint Center for Housing Studies (ratio);
other trade-offs. Natalie Pena the Georgia Supreme Court in
Despite the economic boom, U.S. Census Bureau (hourly wage) and her husband sold their early July, ends a long-shot
Miami-Dade has experienced a 1,100 square foot home in Mi- bid by Trump to derail Fulton
bigger loss as a share of total self. He sold his Miami home est share of “cost-burdened nomic Opportunity. ami for $440,000. In June, they County District Attorney Fani
population than the city of Bal- for $800,000 and bought a renters” of any major metro- The area can’t match the moved with their son to a larger Willis’s investigation into in-
timore and Wayne County, comparable one in the central politan area: 61% of its rental diverse economic base of cit- home in Ocala, which they pur- terference in the November
Mich., which includes Detroit, Florida city Ocala for $297,000. population are spending 30% ies such as New York, and Mi- chased for about half the price. 2020 presidential election.
over the two-year period. His savings in insurance alone or more of household income ami also has struggled to Still, she’s had some trou- Monday’s ruling was issued
“It’s the middle class, it’s add up to $5,460 a year, he said. on housing, according to a re- match the success of sunbelt ble finding a job. Her husband, by Fulton County Superior
our talent base, it’s our college His property taxes went from port released this year by the boomtowns such as Phoenix a barber, commutes 4½ hours Court Judge Robert McBurney,
graduates moving out for bet- $7,000 to under $2,000 a year. Joint Center for Housing Stud- and Austin in attracting facto- to Miami early on Wednesdays who oversaw a special grand
ter opportunities elsewhere,” “Here you see you can get ies at Harvard University. ries and big corporate head- to service his clients through jury investigation used to ad-
said Maria Ilcheva, census in- so much more bang for your High rents sting because quarters, which bring with Friday night. vance Willis’s investigation.
formation center lead at Flor- buck,” said Perez, who now the area’s hourly wage, though them thousands of jobs. Miami-Dade County’s popu- A Willis spokesman de-
ida International University’s works for D.R. Horton, a na- rising, was below the national Miami is attracting plenty lation doubled between 1970 clined to comment on the rul-
Jorge M. Perez Metropolitan tional home builder. average as of 2022 and a far of new companies. In 2022, and 2010, but growth slowed ing. Willis, an elected Demo-
Center. Miami was already one of cry from earnings in New York 127,895 business applications over the past decade. crat in Atlanta, has been
Jose Perez, a real-estate the country’s least affordable and San Francisco. were made in Miami-Dade “The people who built this investigating alleged election
broker who was born and metropolitan areas before the While unemployment is low, County, according to the U.S. city cannot afford to live in interference by Trump and his
raised in Miami, is among pandemic, which helped drive the county’s labor market by Census Bureau. That was their own homes that they allies for more than two
those who felt priced out. prices up even more. The Mi- one measure lags behind the down slightly from the previ- spent their entire lives in,” years. She said in April that
More than half his clients left ami metro area posted an an- rest of the state. The total num- ous year, but well above pre- said Billy Corben, a local resi- she plans to announce charg-
the area when the cost of liv- nual consumer-price inflation ber of employed people in Mi- pandemic levels. dent and gadfly documentar- ing decisions this summer,
ing began to soar. With in- of 6.9% in June, according to ami-Dade County was slightly But many tech and finance ian who often criticizes local and has told local law-en-
comes of between $70,000 and the U.S. Bureau of Labor Sta- below 2019 levels in May while firms are opening small or politicians’ push for rapid forcement leaders to prepare
$150,000, they were living pay- tistics. That is more than dou- it has increased for Florida as a satellite offices that employ growth. “Once those people for the “significant public re-
check to paycheck, he said. ble the national inflation. whole, according to data from few people. Others are focused are gone, then what is Miami? action” her announcement
Perez soon moved out him- The city also has the high- the Florida Department of Eco- on cryptocurrencies, a market What is left of this place?” could trigger.
 .

THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | A5

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A6 | Tuesday, August 1, 2023
Ultrasound Therapy
Can Aid Drug Delivery
BY DENISE ROLAND
Ultrasound, the decades-old
technology known for giving
early glimpses of unborn ba-
bies, could hold a key to a
problem that has long chal-
lenged drug developers: get-
ting medicines to hard-to-
reach places to treat diseases
like Alzheimer’s and cancer.
A cutting-edge approach
that combines ultrasound
waves with tiny bubbles of in-
ert gas injected into the blood-
stream can get more chemo-
therapy to tumor cells and
enable drugs to breach the
blood-brain barrier, one of the
most stubborn frontiers in the
human body. It is also being
explored as a new way to de-
liver gene therapy.
“There’s an extremely wide
variety of where this sort of
drug delivery or augmentation
with ultrasound and bubbles
can take us,” says Flemming
Forsberg, professor of radiol-
ogy and director of ultrasound
physics at Thomas Jefferson
University in Philadelphia. The
effectiveness of drugs in treat-
ing diseases like cancer, Alz-
heimer’s and Parkinson’s is of-
ten limited by poor
penetration into tissues, he
says, whether in the brain or
in tumors in other parts of the
body.
To get to the places they
are needed, many drugs must
move from the bloodstream
into surrounding tissue. The
ARVIN TEMKAR/ATLANTA JOURNAL-CONSTITUTION/ASSOCIATED PRESS
ONLINE: A new nuclear reactor at Plant Vogtle, southeast of Augusta, has begun commercial operations, Georgia Power said
Monday. The first new U.S. nuclear reactor built from scratch in decades can power up to 500,000 homes and businesses.
Star Videos
Relay Odd
Messages
Continued from Page One
bachelorette trip to New Or-
leans. There, her sister, Court-
ney Gramza, called her a
slutty skeleton during a
drunken tiff. The comment
had remained a sore spot.
Van Wagnen understood
the video as her sister’s mea
culpa—and it worked.
“Now I just find it to be like
the funniest thing in the
world,” she said.
Cameo users can select
from a grab bag of celebrities,
some famous, such as musi-
cian Kenny G or “Succession”
star Brian Cox, and others a
few paces from the limelight,
including former White House
press secretary Sean Spicer.
The talent set their own
prices, which range from a
dollar to as much as $2,000.
Last year, Christopher Gon-
zalez, a 35-year-old motion-
graphics designer, quit his job
by dropping into a company-
medicines have to travel
through the thin walls of the
capillaries, the body’s smallest
blood vessels, and reach the
target cells. This is tougher in
some parts of the body than
others. Some tumors are sur-
rounded by dense networks of
connective tissue that are hard
to penetrate. In the brain, the
capillary-wall cells are so
tightly packed that they form
a barrier that the vast major-
ity of drugs can’t get through.
The new approach relies on
targeted ultrasound waves
that cause vibrations in tiny
bubbles that are injected into
the bloodstream. The resulting
force—which some compare to
the way an opera singer’s
voice can make
a wine glass
quiver and even
s h a tte r— d i s - Cutting-edge
rupts the sur- approach can
rounding capil-
lary walls and get more
tissue, tempo-
rarily creating
chemotherapy
microscopic to tumor cells.
gaps that have
been shown to
ease the pas-
sage of drugs in early human
studies.
Some key questions must
be explored as research pro-
gresses, says Seung-Schik
Yoo, a researcher at Brigham
and Women’s Hospital and as-
sociate professor of radiology
at Harvard Medical School
who has done work in this
wide Slack channel a Cameo
video from William Hung, who
won over fans in season three
of “American Idol” in 2004.
“Hello everyone,” Hung
says in the video, “Christopher
is going to put in the notice to
leave the current job for a
new job in two weeks. He
found a new job. He’ll miss all
of you but you are all amazing
so don’t give up creating the
life you want.”
And then, with the briefest
transition—“Here is a song for
you!”—Hung crooned a few
lines from the tune “Just Do
It,” which includes the lyrics
“be what you want to be, do
what you want to do.”
Gonzalez said the video was
the best $30 he’s ever spent.
“I just thought it would be
such a weird, unconventional
way to transition from a job,”
he said.
Fortunately, his co-work-
ers—including his manager—
found the video funny.
Launched in 2017, Cameo
was valued at more than $1
billion in 2021—though more
recently a downturn has led to
significant layoffs. Competi-
tors include the U.K.-based
Thrillz, which offers personal-
ized messages, and California-
based Vidsig.
U.S. NEWS
area. One is ensuring that the
disruption doesn’t cause any
lasting damage to tissues. An-
other is figuring out how fre-
quently the procedure can be
applied—and if there is a limit
to the number of applications.
The procedure takes place
during drug dosing or soon af-
ter. Typically, the microbub-
bles are injected intravenously
while ultrasound, similar to
the type used for fetal imag-
ing, is applied at the target
site for around five minutes.
In one cancer trial, for in-
stance, the microbubbles and
ultrasound are administered
around an hour after chemo-
therapy begins, so that the
drug is at a high concentration
in the blood at
the time of the
procedure.
While the
microbubbles
flow through-
out the blood-
stream, the dis-
ruption in
tissue only oc-
curs in the part
of the body ex-
posed to the ul-
trasound wave. The effect is
temporary, lasting for as little
as an hour, and the microbub-
bles remain in the blood for
only around five minutes. The
tiny size of the bubbles means
they don’t pose a risk of caus-
ing dangerous blockages in
blood vessels, researchers say.
Early human trials are pro-
U.S.WATCH
FROM PAGE ONE
Cameo celebrity Robby
Berger, a 30-year-old sports-
content creator, recently got a
video request from a man who
wanted help asking for a di-
vorce. “That was one of the
most bizarre ones I’ve ever
had,” Berger said. “The hus-
band that requested it said
that it would soften the blow
that it came from me.”
Berger felt less awkward
because he sensed from the
instructions that both part-
ners knew the divorce was
coming and it seemed like
they wanted to end on a light
William Hung, center, formerly of ‘American Idol,’ helped someone quit a job. Cameo also
features famous people such as singer LeAnn Rimes and Brian Cox of ‘Succession.’
ducing encouraging results. In
a small study of patients with
glioblastoma—a type of brain
cancer—researchers found
that using the technology in
treatment with carboplatin, a
powerful chemotherapy, re-
sulted in six times the amount
of the drug in brain tissue that
was exposed to the targeted
ultrasound compared with un-
exposed brain tissue. In pa-
tients treated with paclitaxel,
another cancer drug, levels
were 3.7 times higher where
the procedure was applied.
Under normal circumstances,
both drugs are seldom used to
treat brain cancer because so
little can get across the blood-
brain barrier, according to
Adam Sonabend, associate
professor of neurological sur-
gery at Northwestern Univer-
sity, who was involved in the
trial.
note. He recorded a message
that made a few jabs at the
husband and sent it along.
In the past three years,
Cameo received almost 5,000
requests with the word “di-
vorce” in the instructions,
while almost 2,000 referenced
“breakup,” according to com-
pany data.
More than 5,500 requests
included the terms “apology”
or “I’m sorry” in the instruc-
tions, and more than 1,000
mentioned quitting a job.
Klaudia Fior, a 25-year-old
London-based freelance televi-
.
* *** THE WALL STREET JOURNAL.
CARTHERA (2)
Carthera’s ultrasound-emitting device for the brain is
embedded in titanium mesh, above, and emits ultrasound
waves when connected to a power source via a syringe-
like mechanism, shown at left.
In the glioblastoma trial, a cal trial that were exposed to
small device developed by ultrasound plus microbubbles
French company Carthera was during chemotherapy shrank
used to avoid the difficulty of more than those without the
passing ultrasound through ultrasound. The trial is still
the skull bone, which weakens under way at the Royal Mars-
the power of the sound waves, den Hospital in London, and
according to the company’s the results haven’t yet been
chief scientific officer, Michael peer-reviewed.
Canney. The ultrasound-emit- The company has devel-
ting device is embedded in ti- oped a formulation of mi-
tanium mesh used to recon- crobubbles mixed with tiny oil
struct a small gap in the skull droplets. When exposed to a
after surgery to remove the particular frequency of ultra-
tumor, and sits directly above sound, they combine to tem-
the brain. It emits ultrasound porarily form slightly larger
waves when connected to a bubbles in capillaries near the
power source via a syringe- target tissue. They press di-
like mechanism. The bubbles rectly against the capillary
and the drugs are injected into walls and stay there for lon-
the arm by intravenous infu- ger, strengthening and pro-
sion. longing the disruptive effects
Exact Therapeutics, a Nor- that allow drugs to pass into
wegian company, recently told the target tissue, Exact Thera-
investors that liver tumors in peutics Chief Executive Per
two patients in a Phase 1 clini- Walday says.
WASHINGTON PITTSBURGH
U.S. Space Command Jury to Deliberate
To Stay in Colorado On Death Penalty
The Biden administration A federal jury will begin de-
will keep the headquarters for liberating Tuesday morning on
U.S. Space Command in Colo- whether Robert Bowers will
rado Springs, Colo., reversing a receive the death penalty for
Trump-era plan to move it to killing 11 people at the Tree of
Huntsville, Ala. The decision is Life synagogue in 2018, the
likely to complicate a dispute deadliest antisemitic attack on
with a Republican senator U.S. soil.
over a hold on military confir- The jury heard closing argu-
mations. ments Monday.
“This decision is in the best The jury has been hearing
interest of our national secu- testimony since May in the
rity and reflects the presi- three-part trial. In June, the
dent’s commitment to ensur- jury found Bowers guilty of
ing peak readiness in the dozens of federal hate crimes
space domain over the next after hearing three weeks of
decade,” said Adrienne Wat- graphic testimony in which
son, a spokeswoman for the survivors of the Oct. 27, 2018,
National Security Council. massacre recounted the at-
The announcement comes tack inside the synagogue.
as the Biden administration Bowers, 50, was found
has been battling with Sen. guilty of 63 counts, including
Tommy Tuberville, a Republi- 11 counts of obstructing the
can from Alabama, over a free exercise of religious be-
Pentagon policy that pays for liefs resulting in death.
women to travel to other In July, the same jury heard
states to obtain reproductive further evidence and deter-
healthcare, including abortions, mined that Bowers should be
if the state to which they are eligible to receive a death sen-
assigned doesn’t allow access tence.
to those services. Most recently, in the trial’s
Tuberville has placed a hold third and final phase, jurors
on all U.S. military senior offi- heard victim impact state-
cer confirmations—more than ments from survivors and
280—as a way to pressure the family members of those
Pentagon to suspend the pol- killed, as well as hearing from
icy. defense witnesses.
—Gordon Lubold —Kris Maher
sion presenter with more than her husband “a valuable les-
350,000 followers on TikTok,
joined Cameo last August and
son.” His offense? He appar-
ently kept replaying Fior’s
said she’s received several re- own TikToks when the star
quests to convey touchy per-
sonal messages.
was showing more cleavage.
Fior agreed to do a video.
One customer said he had a
falling out with his best
friend, and hadn’t had contact
“If your girlfriend’s feeling
insecure to the point where
she’s writing in, you’re not do-
with him for two months. ing something right,” Fior
Could Fior help? said.
“It might break the ice if Jaron Myers, a 29-year-old
this message comes from comedian, got a request for a
you?! He will love it,” said the video to convey a woman’s
request, which Fior obliged. disinterest in a date.
Another Cameo customer “Hey Ethan, last weekend
told Fior she wanted to teach you met a girl named Mor-
gan,” Myers says in the video.
“You had told her that I’m
your favorite comedian and so
FROM LEFT: LORA OLIVE/ZUMA PRESS; MATT SAYLES/INVISION/AP; HBO
she hired me on Cameo to
break the news, that would
hopefully hit a little softer.”
“Thanks for being a fan,
man,” Myers wrapped up. “I
really hope that you find
somebody. Just not Morgan.
Leave that girl alone.”
From there, the requests
for him to do similar videos
kept coming.
“I hope that no one’s using
content creators to break up
with someone they’ve been
with for like 10 years,” Myers
said. “But if they are, my
Cameos are cheaper than
counseling I guess.”
 .

THE WALL STREET JOURNAL. NY Tuesday, August 1, 2023 | A6A

CONGRATULATIONS
TO NEW YORK’S
FOUR #1 HOSPITALS.
U.S. News & World Report named NewYork-Presbyterian,
Mount Sinai, NYU Langone Health and North Shore University
Hospital at Northwell Health among the top 22 hospitals in
the nation, and #1 in New York. We are proud to be a part of
this group, delivering excellent care to all New Yorkers.
 .

A6B | Tuesday, August 1, 2023 NY THE WALL STREET JOURNAL.


THE WALL STREET JOURNAL.
Strikes Kill Six More Ukrainian Civilians
Residents are angry,
resilient as Russia
continues attacks
far from front lines
BY IAN LOVETT
KRYVIY RIH, Ukraine—
When Tetiana Kucher heard
the first explosion Monday
morning, she stepped onto her
balcony and snapped a photo
of the smoke billowing up
about a mile away—the type
of scene she has grown used
to after 17 months of war.
The next missile hit her
building, killing at least six in-
cluding a mother and her 10-
year-old daughter, who lived
down the hall.
“Everything was shaking,”
said Kucher, 55 years old.
“Dishes were falling down.”
More than a year into the
war, Russian missiles and shells
are chewing away at Ukrainians
going about their daily business
in cities miles from the front
lines. Russia says it is targeting
military facilities, but the strike
in the industrial city of Kryviy
Rih in central Ukraine is the
latest of several attacks in the
past week that killed civilians
and damaged infrastructure.
The port city of Odesa repeat-
edly has been hit by Russian
missiles, which damaged its ca-
GDP, annualized
quarterly change
8% Eurozone
U.S.
6
4 for European goods could pave
2
0 clude the Ukraine war and
-2
2021 ’22 ’23
Note: Adjusted for inflation and seasonality
Sources: Commerce Department; Eurostat
AI Fuels
Hollywood
Labor Strife
Continued from Page One
tools in other ways and are
actively exploring new appli-
cations, from summarizing
scripts to special effects to
promotional marketing, people
familiar with the situation say.
Several studio executives
said AI tools could accelerate
storyboarding and set design.
Producers could use a digital
replica of an actor to make
tweaks to a scene without
having to reshoot it, studio ex-
ecutives said.
A promising application is
for dubbing of actors’ voices
in different languages. AI
could make the audio sound
like Ben Affleck or Harrison
Ford in Italian or German and
even adjust the movement of
their lips accordingly.
Some production workers
say this is all leading down a
dangerous path. Harry Yoon, a
film editor who has worked on
such movies as “Minari” and
“Shang-Chi and the Legend of
the Ten Rings,” said he is wor-
ried that AI models, if fed
enough data, could create a
decent first cut of a scene.
“Pretty soon executives will
be asking, ‘Why do we need
three editors on a series? Why
not two or one?’ ” he said.
Yoon said there is a value in
the slow process of humans
watching daily footage and
hearing lines over and over.
Entertainment giants have
talked to a range of AI players,
including OpenAI, text-to-video
specialist Runway, image-gen-
erator Stability Diffusion and
Adobe, as they explore how to
put the technology to use. En-
tertainment executives say
some jobs probably would be
at risk, but in other cases it
would just be a tool to make
jobs easier.
“AI raises hard, important
creative and legal questions for
everyone,” said the Alliance of
Motion Picture and Television
Producers, the group that ne-
gotiates on behalf of studios
and streamers. “So it’s some-
.
Tuesday, August 1, 2023 | A7
WORLD NEWS
slippers she had on when they
ran out of the building.
They would stay with her
mother tonight, they said, but
planned to move back when
they could. “It’s our home,”
Kucher’s husband, Serhiy Ku-
kol, said. “It’s hard to think
about leaving home.”
Yana Panyuta suffered minor
injuries: The blast threw her
against the wall of her home,
located behind the apartment
building, and she was briefly
knocked unconscious. When
she came to, she knew the drill.
ANATOLII STEPANOV/AGENCE FRANCE-PRESSE/GETTY IMAGES
She found her mother and their
dog, and got everyone out of
the area. A few hours later, she
was at the school, registering
as a victim in hopes of receiv-
ing compensation later. All 14
of the windows in her home
were blown out.
Viktoria Lupiychuk, 42, and
her mother also were waiting
to register. The women, along
with Lupiychuk’s 12-year-old
daughter, spent most of the
war in Poland, but returned to
Crews carry the body of a person found in a residential building that was partially destroyed by Russian missiles in Kryviy Rih. Kryviy Rih a few months ago,
hoping the acute threat faced
thedral, as well as critical infra- dent Volodymyr Zelensky wrote Hundreds of volunteers de- Kucher and her husband in the war’s early days was
structure for exporting grain. on Telegram. “But this terror scended on the area, sweeping stood across the street from now over.
At least four people were killed will not frighten us or break us.” up glass and handing out water. their building, waiting in line When she read of missile
by shelling in the southern city The missile ripped a 50-foot A dozen structures were dam- to get plastic covers for their strikes in other areas, she
of Kherson on Monday. hole in the apartment block aged by the explosion. Business- shattered windows. They thought, “It’s terrible, but you
“The enemy has been stub- and damaged buildings up to a men in shirt sleeves carried ply- weren’t sure when they would don’t think a missile will hit
bornly attacking cities, city cen- quarter-mile away. More than wood to cover broken windows. be allowed back inside, and your building.”
ters, shelling civilian objects 70 people were hurt, Ukrai- Victims, meanwhile, were Kucher was still wearing the —Nikita Nikolaienko
and housing,” Ukrainian Presi- nian officials said. trying to get on with their lives. pink socks and blue plastic contributed to this article.
Europe Returns to Slow Growth, but Headwinds Loom
BY PAUL HANNON the end of last year, the cur- the eurozone partly benefited weaker domestic demand,” In a separate release, Euro-
rency area’s economy returned from a freak 13.7% increase in European Central Bank Presi- stat said the annual rate of
Rising borrowing costs and to growth in the three months Ireland, whose GDP has gy- dent Christine Lagarde said consumer-price inflation fell
stagnating Chinese demand through June, show data re- rated following the fortunes of Thursday. “High inflation and to 5.3% in July from 5.5% in
leased by the European large U.S. drug companies do- tighter financing conditions June to reach its lowest level
the way for another miserable Union’s statistics agency Mon- miciled on the island. are dampening spending.” since the month before Rus-
economic winter for the euro- day. The combined gross do- The eurozone economy is Eurostat didn’t provide a sia’s invasion.
zone this year. mestic product of the 20 unlikely to return to the rates breakdown of the factors driv- With wages rising faster
These headwinds, which in- countries that use the euro of growth it recorded before ing the return to growth, but than in recent decades, some
grew at an annualized rate of Russia’s invasion of Ukraine figures from individual coun- parts of Europe may soon fol-
high inflation, mean the re- 1.1% in the second quar- sent energy and food prices tries indicate that consumer low the U.S. in seeing a return
gion is likely to keep under- ter. That modest pickup mir- surging and shattered business spending held up better than to growth in real wages. And
performing the U.S. for now, rored an acceleration in U.S. and household confidence. during the winter months, despite unusually high temper-
according to fresh data and economic growth during the “The near-term economic when high energy bills left atures, southern Europe is see-
recent sentiment surveys. same period, and contrasted outlook for the euro area has households with less to spend ing a return to prepandemic
After briefly shrinking at with a slowdown in China. But deteriorated, owing largely to on other goods and services. levels of international tourism.
FROM PAGE ONE
thing that requires a lot more
discussion, which we’re com-
mitted to doing.”
director at Topgolf Media, who
recently created a short film
with OpenAI’s DALL-E tool,
Warner has held discussions
with OpenAI about using Chat-
GPT for tasks such as creating
predicted AI tools will be re-
placing some creative jobs in
Hollywood within a year or
descriptions of shows on its
Max streaming service and
possibly, down the road, for
two. “The idea that you need
to secure a drone shot on the
Pacific Coast Highway at sun-
summarizing scripts submitted set with a specific color car
to studio executives for review, and the light in a certain way,
according to people familiar won’t be a thing people will
with the situation. have to do anymore,” he said.
Netflix is looking to hire an Evan Halleck, a visual-ef-
AI product manager who will fects specialist who used Run-
“define the strategic vision way’s tools to work on the Os-
for” the streamer’s machine- car-winning “Everything
learning platform, according to Everywhere All at Once,” said
a job posting. he loves that these
The unions in- tools allowed him
volved in the to reduce some te-
strike—the Screen Hollywood dious work. How-
Actors Guild and executives ever, he said, “I
Writers Guild of have fears that a
America—are say some 10-day gig might
pushing for better become a five-day
compensation in
jobs probably gig.”
the streaming era are at risk. AI tools already
and to shore up can handle some
their benefits. But work done by con-
they are also push- cept designers,
ing for protections from the who are hired by studios to All business. No red tape.
GET MIGHTY.
rise of AI tools. help illustrate a scene. “The
“It isn’t just a danger for thing that sucks about the vi-
creative labor in Hollywood. sual-effects industry as op-
It’s a danger for all labor ev- posed to writers or actors is
erywhere,” Ruck said. we don’t have a union,” said
AI company executives say Bilali Mack, a visual-effects su-
the point of their tools isn’t to pervisor who recently worked
replace creators, but to allow with Brendan Fraser on the Os-
them to have more time doing car-winning movie, “The
the creative parts of their jobs. Whale.”
“We only hear horror stories Mark Patch, a former visual-
and fairy tales,” said Cristóbal effects production worker, said
Valenzuela, chief executive of he is trying to organize people
Runway. “It’s much more nu- in a union for entertainment
anced than that…you can’t just industry workers. #5 Business Incentives Program in U.S.
type in ‘make me a movie,’ and The Motion Pictures Editors
it will create a movie.” Guild is addressing how AI #7 Overall Cost of Doing Business
Chad Nelson, chief creative could affect its members in a
#4 Speed of Permitting
coming report, according to a
letter the group sent to its mississippi.org
members earlier in July.
SAG says it wants to ensure
studios obtain “informed con-
sent” from actors before using
digital replicas of them, and of-
fer talent fair compensation.
The WGA has said it wants to
clearly define that “source ma-
VUK VALCIC/SOPA IMAGES/ZUMA PRESS
terial” and “literary material,”
which its members get com-
pensated for, can’t be AI-gen-
erated. The Alliance of Motion
Picture and Television Produc-
ers has said it has made robust
and fair proposals addressing
those concerns.
—Tom Dotan
A protester in London in July. contributed to this article.

A8 | Tuesday, August 1, 2023
Beijing’s Forbidden City Is Drenched With Heavy Rainstorms
RAIN-SOAKED: The Inner Golden River flows inside the Forbidden City after storms lashed the area. At least five people have died in flooding and a landslide in eastern China in recent weeks.
China’s Tech Woes Grow Amid U.S. Curbs
Export restrictions
seek to stall Beijing’s
ambitions in AI and
supercomputing
BY DAN STRUMPF
AND CLARENCE LEONG
HONG KONG—China’s tech
sector is showing the strain
from last year’s sweeping U.S.
export restrictions, which seek
to stall Beijing’s ambitions in
cutting-edge industries such as
artificial intelligence and su-
percomputing.
Semiconductor imports to
China are falling. Chinese com-
panies say they are struggling
to get key components and ma-
chinery. And chipsets that have
been remodeled to make them
less powerful so they fall
within U.S. rules are now
threatened by the possibility of
additional restrictions.
The distress signals show
Washington’s nine-month-old
policy of denying Beijing ac-
Economic
Recovery
Weakens
Continued from Page One
omy in springtime has dissi-
pated in the face of challenges
like youth unemployment that
tops 21%. Along with more
signs of weak construction
and real estate purchasing,
they are a reminder that China
can’t be counted on to signifi-
cantly benefit a global econ-
omy concerned about sustained
inflation and lower growth, in
particular in Europe.
Authorities in China appear
reluctant to intervene in sig-
nificant ways, even as the pat-
tern of weakness saps per-
sonal and business confidence
in ways that risk worsening
the downturn.
A 31-point plan published
earlier in July aimed at shoring
up the private sector and im-
proving business sentiment ap-
Taiwan Amps Up Drills to Deliver Warning on Chinese Strikes
BY JOYU WANG
TAINAN, Taiwan—Balls of
flame exploded in front of two
residential buildings, one lean-
ing precariously against the
other, on the outskirts of this
city overlooking the Taiwan
Strait. Columns of firefighters
rushed to the smoldering
wreckage to extinguish the fire
and start a frantic search for
survivors.
A voice rang out through
nearby loudspeakers to nar-
rate the scene for a crowd of
assembled onlookers.
“An assault carried by the
Chinese causes a bus to over-
turn, several buildings to tilt
and collapse, and many people
are trapped,” said the woman.
“The city of Tainan suffers in-
cess to the most advanced
semiconductors and the tools
to make them is starting to
bite, despite loopholes and
workarounds keeping some key
components flowing.
The restrictions also show
the obstacles facing China in
developing domestic alterna-
tives for some of the most
sought-after foreign semicon-
ductor technologies.
“The controls appear to be
making it harder and costlier
for China to gain certain in-
puts,” said Emily Benson, a se-
nior fellow specializing in
trade and technology at the
Center for Strategic and Inter-
national Studies think tank.
Customs data released by
Beijing in July highlighted the
reality for Chinese buyers of
high-end chips: Imports of
semiconductors fell by 22% in
value terms during the first six
months of 2023 from a year
earlier. Imports of chip-manu-
facturing equipment dropped
by 23%.
Leading chip-manufacturing
peared limited in scope to
economists. They were also
cool to new measures unveiled
Monday by China’s state plan-
ning agency to build more
CONTRACTING EXPANDING
shopping malls in remote areas,
promote neighborhood redevel-
opment and push local govern-
ments to encourage car sales.
Such actions smack of
boosting investment when
debt is a problem, as opposed
to measures like tax cuts or
subsidies that might put cash
directly in the hands of con-
sumers and spur more imme-
diate consumer activity.
“Looking forward, policy
support is needed to prevent
China’s economy from slipping
into a recession,” economists
from London-based Capital Eco-
nomics told clients in a note.
The primary data point
published Monday, China’s of-
ficial manufacturing purchas-
ing managers index, edged up
to 49.3 in July from 49 in
June—but remained below the
50 mark that separates expan-
sion from contraction. The
number was slightly better
than a reading of 49 expected
by economists surveyed by
discriminate missile attacks.”
This and other scenes of
simulated mayhem, all deliv-
ered with cinematic produc-
tion values, were part of a di-
saster response drill
conducted in the southern Tai-
wanese city last week to coin-
cide with multiday military ex-
ercises focused on a Communist Party leaders in
hypothetical Chinese invasion.
The drills and exercises are
held every year and always in-
volve an element of theatrical-
ity, but this year’s were larger,
louder and more coordinated.
The aim, participants and ana-
lysts said, was to drive home a
clear message: War could
break out at any moment.
It’s a sentiment Taiwan’s
President, Tsai Ing-wen, has
been cautious about delivering
$0
Taiwan
South Korea
Malaysia
Japan
Vietnam
U.S.
Philippines
Thailand
Singapore
Ireland
All others
regions accounted for the lion’s
share of the decline in semi-
conductor imports. Taiwan,
home to Taiwan Semiconduc-
tor Manufacturing Co., the
world’s largest chip maker, ac-
counted for about 40% of the
drop in China’s chip imports
during the first five months of
the year. South Korea, home to
Samsung, SK Hynix and other
chip giants, accounted for al-
most one-third. The U.S. re-
strictions affect foreign com-
China's official purchasing
managers indexes
60
55
50
45
40
35
30
2020
Source: China's National Bureau of Statistics
The Wall Street Journal.
More than a contrast to
U.S.’s performance following
Covid, the sagging economy in
China poses risks within and
beyond its borders. That is par-
ticularly true as deflation pres-
sures become more apparent.
Falling prices, as weak cor-
porate performance prompts
competition and price cutting,
would pull China’s economy
lower still, as companies lose
in the past, wary of sowing
panic that could weaken the
economy. But as Chinese mili-
tary activity intensifies around
the island and the war in
Ukraine highlights the impor-
tance of a well-prepared popu-
lation, Taipei’s calculations
have begun to shift.
Beijing consider Taiwan part
of China and have vowed to
take the self-ruled island un-
der their control, by force if
necessary, despite having
never ruled there. Chinese
leader Xi Jinping regards re-
solving the Taiwan issue as
central to his so-called China
Dream of national rejuvena-
tion, saying it’s a task “that
should not be passed from
generation to generation.”
WORLD NEWS
10 20 30 40 50 60
Value of chip imports to China, in billions
January through May of each year
2023 2022
Source: China General Administration of Customs
panies that use U.S. chip-
making tools—which virtually
all of them do.
There are likely other fac-
tors at play behind drooping
semiconductor imports.
China’s economy is slowing
amid weaker global demand.
Beijing has also invested heav-
ily in domestic technology in-
dustries in a push for greater
self-reliance, though that will
take time to bear fruit. In the
meantime, China lacks the abil-
money, see customers hold
back orders and cut their own
workforces. And while cheaper
products from China would
appeal to consumers around
the world, deflation would
also mean the massive coun-
try has less buying power for
goods produced abroad.
Chinese officials, and some
economists, reject notions that
the economy is on the brink of
deflation. After all, Beijing still
projects 5% expansion in the
Manufacturing gross domestic product in
Nonmanufacturing 2023, which would exceed
rates in most major nations.
’21 ’22 ’23
Still, China’s string of dis-
appointing economic statis-
tics, and signs of waning con-
fidence in everything from
home values to employment
prospects, suggest to other
economists that after decades
of continued expansion the
country may be due for the
kind of reckoning seen in
other economies, including
Japan in the 1990s.
Debt fueled much of China’s
growth in recent years be-
cause the economy has pri-
marily been investment-led as
the government built bridges,
There are no signs that a
military confrontation is immi-
nent, but tensions across the
100-mile-wide Taiwan Strait
separating the island from
China have increased in recent
years as relations between
Taipei and Washington have
grown tighter. Some military
analysts warn that Taiwan’s
population, which has lived
under the theoretical threat of
Chinese invasion for decades,
doesn’t fully appreciate the in-
creased risk of conflict.
Watch a Video
Scan this code
for a video on
how Taiwan is
preparing to
defend itself.
* ***** THE WALL STREET JOURNAL.
70 ity to make the most advanced
chips, with key elements in
their supply chain controlled
by the U.S. and its allies.
Japan on July 23 restricted
the export of crucial semicon-
ductor-manufacturing equip-
ment, following curbs an-
nounced by the Netherlands.
Last month, the largest
listed subsidiary of Inspur,
China’s top maker of servers
used to develop AI, issued a
warning to investors: Citing
tight supply, the company said
it is struggling to get chips
critical to powering its AI serv-
ers, the powerful machines
used in laboratories and tech
companies to develop ad-
vanced AI.
Unable to access the latest
chips, China’s AI contenders
risk falling behind in a sector
that Beijing has said it aims to
lead the world in by 2030. UBS
said it expects global demand
for AI products to reach $300
billion by 2027, up from $28
billion last year.
Other Chinese companies
railways, housing and other
physical works. Authorities
have failed to implement poli-
cies viewed as necessary to
generate the kind of consumer
power that might put expan-
sion in the $18 trillion econ-
omy on a healthier course.
As the initial metric China
produces about its economy
each month, the PMI is con-
sidered a leading indicator.
Subindexes to the PMI
pointed to a fifth-straight
month of contraction in em-
ployment and the lowest read-
ing on business activity in ser-
vices since December, when
Beijing scrapped its draconian
Covid lockdown measures. A
subindex on construction
dropped to 51.2 in July—the
lowest number since February
2020—from 55.7 the previous
month.
Capital Economics predicts
global demand for Chinese-
made goods will cool further
and weaken the nation’s ex-
ports. Monday’s data under-
scored that risk, as a PMI sub-
index of new export orders
dropped to a six-month low,
though total new orders im-
Anti-landing drills were held near a major Taiwanese port on
Thursday. This year’s drills were larger and more coordinated.
.
JIN LIANGKUAI/XINHUA/ZUMA PRESS
are facing challenges getting
parts. In late June, China’s
leading maker of memory
chips, Yangtze Memory Tech-
nologies, urged suppliers to
show “integrity” and deliver
machinery parts it had already
purchased.
The U.S. export rules an-
nounced last Oct. 7 included
caps on the power of certain
processors used in AI applica-
tions and in supercomputers,
as well as restrictions on the
types of chip-making machin-
ery, components and software
China can import.
While selling top-end chips
and tools to Chinese buyers
may no longer be an option,
some Western companies are
benefiting from China’s accel-
erating buildup of domestic
chip capacity. ASML, the Dutch
maker of lithography machines
that are critical to chip mak-
ing, posted a 27% rise in sec-
ond-quarter revenue, driven in
part by sales to China.
—Yoko Kubota in Beijing
contributed to this article.
proved slightly.
Robert Carnell, an econo-
mist at ING, expects that an-
other sharp fall in the nonman-
ufacturing PMI, which also
softened in July, could push it
close to contraction territory,
which would offset any im-
provement in manufacturing.
Economists say the Chinese
leadership is signaling more
policy support in the pipeline,
though action has been piece-
meal. “So far, that has not
translated into the sort of siz-
able fiscal policy stimulus many
in the market have become
used to expecting,” Carnell said.
“We don’t think it is coming.”
China’s top decision-making
body, the Politburo, last week
acknowledged that housing
policies need to be adjusted.
China Real Estate Information
Corp., a private data firm, said
Monday that the 100 largest
developers in the country sold
$49 billion worth of private
housing in July, a third less
than June and the lowest
monthly sum for three years.
—Xiao Xiao,
Grace Zhu and Cao Li
contributed to this article.
JOYU WANG/THE WALL STREET JOURNAL

© 2023 Dow Jones & Company. All Rights Reserved.
FAMILY
& TECH
JULIE
JARGON
A
pple’s Screen Time
controls are failing
parents.
The company’s
cloud-based Family
Sharing system is de-
signed in part for parents to re-
motely schedule off-limits time
and restrict apps and adult con-
tent on their children’s iPhones,
iPads and iPod Touch models.
Trouble is, parents are finding
that when they use their iPhones
to set restrictions on their kids’
devices, the changes don’t stick.
“We are aware that some users
may be experiencing an issue
where Screen Time settings are
unexpectedly reset,” an Apple
spokeswoman said. “We take these
reports very seriously and we have
been, and will continue, making
updates to improve the situation.”
Downtime, found in Settings un-
der Screen Time, is the tool par-
ents use to define the hours each
day that a kid’s device is limited or
completely unusable. But when
they check the setting lately, they
often see the times they scheduled
have reverted to a previous setting,
or they see no restrictions at all.
This can go unnoticed for days
or weeks—and kids don’t always
report back when they get extra
time for games and social media.
Apple previously acknowledged
the bug, calling it “an issue where
Screen Time settings may reset or
not sync across all devices.” How-
ever, the company had reported
the issue fixed with iOS 16.5,
which came out in May. In
our testing, the bug per-
sists, even with the new
public beta of iOS 17.
Broken controls,
broken promise
When Apple introduced
Screen Time in 2018, it
held the promise of an
easy fix for parents’ de-
vice-monitoring strug-
gles—no third-party soft-
ware needed to set limits,
no futzing with your
router to shut off the in-
ternet at night. The bug,
however, is sending many
parents in search of those
clunky alternatives, or
considering a switch to
Android devices.
Tim Baker, a marketing
executive in Nutley, N.J.,
discovered the problem late last
FROM TOP: ILLUSTRATION BY KIERSTEN ESSENPREIS; TIM BAKER
year, after the release of iOS 16.
He typically got requests from his
two kids for extra time, and
thought it was odd that he wasn’t
hearing from them. He checked
the kids’ Screen Time settings and
saw the Downtime limits he had
established were gone.
Baker didn’t really think his
kids, ages 10 and 13, could have
guessed the passcode, but he
changed it anyway just to be sure.
The problem persisted. “Some-
times I could go for a couple of
weeks and be fine and other times
Easing Midlife Crises
Offers Big Returns
BY ANNE TERGESEN
A
mericans want their midlife
crisis to be more productive.
This presents, for more com-
panies, coaches and consultants, a
multimillion-dollar opportunity.
Some programs are online and
charge a couple of hundred dollars.
Others take place in exotic spots
and feature luxury accommodations,
yoga and surfing classes for thou-
sands of dollars. Discounts are
sometimes available.
Fueling the businesses are longer
lifespans, leading more people to
search for meaningful pursuits in
their 40s, 50s and 60s. Some psy-
chologists call this period a second
adulthood when identity-shaping
roles, from executive to full-time
parent to caregiver, can fall away,
causing some to re-evaluate.
“Transition is a skill we need to
master in an era of increased lon-
gevity and change,” said Chip Con-
ley, co-founder of Modern Elder
Academy, or MEA, which offers on-
line and in-person workshops.
Some studies show life satisfac-
tion reaches a low point around the
mid-40s, perhaps because of stress
linked to the demands of work and
family. That juggle, coupled with lit-
tle time for self-reflection, leaves
many people unsure how to ap-
proach their next chapter.
ISTOCK
Instructors in midlife programs
PERSONAL JOURNAL.
Apple’s Parental Controls Fail
Screen Time settings aren’t sticking; the company says it’s working ‘to improve the situation’
I had to reset things two or three
times a week,” says Baker, a 25-
year Apple devotee.
Baker echoes other parents,
saying he relied on Apple’s Screen
Time settings to keep his kids
away from age-inappropriate con-
tent and put a check on time spent
online. “I want them to get their
dopamine hits from other things,
and I don’t want to be grabbing
their phones all the time,” he says.
Enterprising kids have been
known to find ways around paren-
tal controls. Baker and other par-
ents I interviewed say their kids
explore topics including psychologi-
cal development in midlife and age-
ism, which can cause people to be-
lieve they are “irrelevant, over the
hill, and that their best years are
behind them,” said Conley.
He created MEA after working at
Airbnb, where the home-sharing
company’s young founders dubbed
him a modern elder at age 52. The
workshops aim to help participants
learn to better navigate stressful
transitions, including layoffs, divorce
and the death of loved ones.
Space for self-reflection
Like the academic programs several
universities have launched for
adults nearing the end of careers,
most midlife courses bring together
groups of eight to 50 people.
“These programs give people the
space and structure to consider not
just what, but who they want to be
at this stage,” said Barbara Wax-
man, a gerontologist who teaches
at MEA.
Nadia Al Yafai, 46, said she dis-
covered Midlife ReThink, a $385 on-
line program, after being laid off
from a U.K. insurer. The program
proved transformational, she said,
adding that meeting others who felt
similarly unanchored comforted her.
Started in 2020 by Avivah Wit-
tenberg-Cox, a coach and consultant
who specializes in gender and gen-
erational balance in the workforce,
THE WALL STREET JOURNAL.
Tim Baker has had trouble getting
Screen Time settings to stick for
his kids, Daphne, left, and Knox.
aren’t hacking the system.
In one Apple discussion page,
more than 2,300 people indicated
they were having the same prob-
lem as the person who posted
about Screen Time limits not stick-
ing. Dozens of parents have also
complained about the problem on
a popular private parenting and
tech Facebook group. Many others
have emailed me about it lately.
the program consists of three 90-
minute online sessions for about 25
participants.
“A lot of people suffer through
transitions on their own, as if this is
some terrible thing they are going
through,” said Wittenberg-Cox. “Com-
munity is the key to helping people
realize it’s normal and fairly predict-
able at this age and stage to get
restless” and crave change, she said.
Al Yafai said an exercise that
asked her to define what she wants
from the next seven years led her
to start a consulting business.
“I went from feeling a bit lost at
not being part of my old world any-
more to realizing there’s this new
world of people doing really inter-
esting things,” she said.
‘We still have value’
Reboot Partners, which provides
workshops and coaching on career
and other transitions, has organized
Despite Apple’s stated fix for
iOS 16.5, lots of parents who are
running the latest software say
they’re still having problems. The
Baker family’s devices are all run-
ning the latest update, pushed out
last week. Baker has already had
to redo his Screen Time settings.
My editor Wilson Rothman,
who oversees the Journal’s per-
sonal-tech coverage, has seen the
problem firsthand. He checks
Downtime repeatedly when adjust-
ing hours for his kids, to make
sure the change takes hold. Now
running the public beta of iOS 17
on his iPhone, he says it took
three tries to change one of his
children’s Downtime hours.
Imperfect alternatives
Baker says he’s looking into third-
party apps to manage screen time,
but has privacy concerns with
non-Apple software and doesn’t
want to pay for something Apple
provides free.
One workaround would be to
set screen limits directly on the
kids’ devices, which is what I do
with my kids. But it can be annoy-
ing to set multiple devices for
multiple kids.
Zhurang Zhao, an engineer in
San Diego, has encountered simi-
lar problems getting the controls
to stick for his 16-year-old daugh-
ter. He says he contacted Apple
tech support by phone three
times, starting late last year.
two weekend-long retreats this
year, in Santa Fe, N.M., and Sag
Harbor, N.Y., for $1,895. Participants
visualize their perfect life and dis-
cuss fears and motivations around
change, said co-founder Jaye Smith.
On an oceanfront campus in Mex-
ico’s Baja California Sur, MEA
teaches courses on re-creating ca-
reers, embracing midlife and optimiz-
ing longevity. It also offers week-
slong online programs on transitions,
purpose and reframing retirement
for $395 to $1,250. It plans to open a
campus in Santa Fe next year.
Lisa Fitzpatrick said MEA, which
she first attended in 2019, helped
her face down barriers to success.
Dr. Fitzpatrick, 55, was launching
Grapevine Health, which publishes
online health information for low-in-
come communities. She relished the
opportunity to interact with Conley,
a veteran entrepreneur.
The Washington, D.C., resident
.
Tuesday, August 1, 2023 | A9
The first two representatives
he spoke to didn’t offer a fix, he
said. The third suggested he fac-
tory-reset his phone then restore
the apps and data from a backup.
That seemed to do the trick—for a
few days, then the problem re-
turned. He finally gave up and be-
gan using Qustodio, an app that
offers subscription plans starting
at $54.95 a year.
While he says it works well, he
adds, “I am very disappointed that
I had to spend money on a third-
party solution.”
Mark Rowe, a father of four and
chief executive of a healthcare
company near Boston, had similar
trouble. He has been checking the
settings closely since his kids have
been out of school for the summer.
When he checked the Family Shar-
ing settings for his 15-year-old
daughter last week, he saw the op-
tion to limit adult websites was
unchecked. “I would never have
turned that off, and she doesn’t
have my passcode,” he says.
The problems have made him
wonder whether he should switch
to Android devices. His kids have
Chromebooks and he says he
hasn’t noticed problems with
Google’s Family Link parental
controls.
“It’s frustrating that something
that’s so simple and should work
doesn’t,” Rowe says. “How much
time can I spend on this every
week?”
More programs are
guiding people in search
of more-meaningful
pursuits.
said an exercise to identify
self-limiting beliefs helped
her conquer a fear of being
too old to start a business.
She returned to Baja five
times to attend workshops
on entrepreneurship and
healthcare.
For that first visit, she
received a scholarship for a
seven-day stay that now
costs $4,000 to $5,500.
Finding a purpose
Some programs explore
next acts or spirituality.
Dallas-based Halftime Institute’s
offerings include a two-day, $2,500
couples retreat and a $25,000 year-
long program. The latter features
in-person and online sessions, as
well as one-on-one coaching on re-
lationships, health, faith and finding
one’s calling.
“Not everyone who goes through
it is Christian but that’s the per-
spective we come from,” said Co-
Chief Executive Jim Stollberg. “We
talk about a calling, rather than a
purpose.”
Consultant Carolyn Buck Luce
leads a group of women through a
weekslong online program called
the Decade Game that costs
$2,250. It challenges participants to
set goals to guide their next decade
in areas including education and
purpose. “It’s about being able to
declare the purpose you were called
to,” Luce said.

A10 | Tuesday, August 1, 2023
E-Bike Battery Fires Can Be Deadly.
Here’s How to Prevent One in Your Home.
To stay safe, don’t mix and match chargers, purchase aftermarket batteries or charge in extreme temperatures
PERSONAL
TECHNOLOGY
NICOLE
NGUYEN
T
wo years ago, an e-bike
became my de facto gro-
cery-run and commuting
vehicle. I loved not wor-
rying about gas or park-
ing tickets. My parents
bought two of their own to ride
around town. Now, I’m concerned
about the uptick in battery fires.
Around the world, more e-bikes
are bursting into flames. An apart-
ment building in San Francisco’s
Sunset District caught fire in May.
In June, flames spread from a
street-level bike-repair shop in New
York to upper-floor apartment
units, killing four people. Another
fire near Cambridge, England, killed
a woman and her two children.
Firefighters suspect these tragic
blazes share the same cause: faulty
batteries in electric bikes.
The pandemic and a drop in the
prices of e-bikes and other battery-
powered vehicles have caused
sales to surge. Between 2020 and
2022, the U.S. imported more than
twice as many e-bikes, from
450,000 to 1.1 million, according to
the industry trade group Light
Electric Vehicle Association. People
similarly rushed to buy e-scooters,
which have also caused a number
of explosions.
The New York Fire
Department investi-
gated 30 e-bike fires
in 2019. Last year,
that number jumped
to 220. The London
Fire Brigade said it
has been called to an
e-bike or e-scooter
fire every two days
this year.
Apartment com-
plexes are banning e-
bikes. Even restau-
rants are prohibiting
them. At Brain Food,
a cafe in Brooklyn, a
sign next to an outlet
reads: “Only for
charging laptops and
cellphones, not your
electric scooter or
bike.”
That’s not to say
any e-bike or e-scooter will spon-
taneously combust. There are ways
to reduce the risk.
Cheap no-name batteries and
chargers pose a particular risk.
The charging environment’s tem-
perature also matters. Here’s why
battery fires are so dangerous and
how to protect yourself.
Why batteries explode
Most e-bikes have rechargeable
lithium-ion batteries, the same
that power smartphones and lap-
tops. All these batteries have the
potential to fail when damaged,
overcharged or operated in ex-
treme temperature conditions. E-
MY RIDE A . J. BAIME
A Buffalo Soldier’s
Harley Fits the Bill
Nathan “Motown” Mack, 58, of
El Paso, Texas, a retired U.S. Army
sergeant major and the president of
the National Association of Buffalo
Soldiers & Troopers Motorcycle Club,
on his 2016 Harley-Davidson Road
Glide Ultra, as told to A.J. Baime.
I
started riding motorcycles when I
was 16. When I joined the military
and I could afford to have my own
bike, I became fascinated with the
freedom that it gave me. One day, I
was riding and I saw some Buffalo
PERSONAL JOURNAL.
bike batteries, though, are much
bigger—between 50 to 100 times
more—than the ones in our per-
sonal electronics, and pose a
greater risk.
On May 20, a folding bike in a
South London apartment began
smoking, then within seconds an
inferno erupted. According to Dom
Ellis, deputy commissioner for the
London Fire Brigade, the bike’s
owner purchased it secondhand to
commute to work and bought an
aftermarket battery from an un-
specified online marketplace.
Lithium-ion batteries are popu-
lar because they’re easily re-
chargeable. But if something fails,
Soldiers on the road. The more I
learned about them, the more I liked
what they did and what they stood
for. So after retiring from the mili-
tary in 2008, I joined.
Founded in 1993, the Buffalo Sol-
diers Motorcycle Club is composed
of over 5,000 men and women of
all races, but predominantly African-
American, who ride and like to do
good in our communities. We call it
“doing good in the hood.” We have
law enforcement, retired law en-
forcement, veterans, active-duty
military, dentists, teachers, doctors
and lawyers, all like-minded people
dedicated to our mission—ride, edu-
cate and serve.
The club takes its name from the
9th and 10th Horse Cavalry, “Buffalo
The owner of a burned e-bike in
London, left, was using an
aftermarket battery pack. A New
York City e-bike fire, right, killed four.
they can overheat, said Anna Ste-
fanopoulou, professor of mechani-
cal engineering at the University
of Michigan.
This kicks off a vicious cycle
called thermal runaway. The melt-
ing battery materials fuel the
flames, emitting more heat, and
that heat also creates a flammable
gas, she said. In other words, when
a battery breaks down, the fire is
self-sustaining and hot.
Soldier” regiments of African-Ameri-
can soldiers formed as part of the
U.S. military in 1866. Some say the
name came from their fierce fight-
ing. Others say it was because these
soldiers had hair like the hide of a
buffalo. As club mem-
bers, we call ourselves
soldiers and troopers, we
ride iron horses, and we
like to educate people
about that heritage.
I have ridden motorcy-
cles in every state except
Maine and Delaware. I
have ridden across Can-
ada and in Germany. I
have other bikes, but this
summer I am riding my
2016 Harley-Davidson
Road Glide Ultra. This
Electric cars also contain lith-
ium-ion batteries, but fires are less
common compared with e-bikes.
Cars have cooling systems and
their batteries are more protected,
she said. (Any EV battery replace-
ments would also likely take place
through an authorized facility.)
E-bikes, on the other hand,
don’t have temperature regulators
and their batteries are more ex-
posed to the environment and pos-
sible impact, so minor manufactur-
ing flaws can become problems,
Stefanopoulou added. She said the
cheaper batteries can suffer from
defects and low quality control.
E-bike riders also tend to use
bike is very comfortable and set up
for long distances. It has navigation
[GPS], a nice sound system and
saddle bags for luggage. It is built
to ride long miles with not a lot of
maintenance. Oil changes and tires,
and that’s it—keep it rolling.
The bike is not just for traveling.
It is an attention getter, a conversa-
tion starter. It helps me to break the
ice, so I can meet strangers in com-
munities I go to and begin the work
of making a difference for people.
A few weeks ago, I left my home-
town of El Paso and rode all the
way to Ohio on this 2016 Harley.
From there, I rode to Milwaukee to
take part in a 120th anniversary cel-
ebration of Harley-Davidson. From
Milwaukee, I rode to Chicago, where
our club founder Kenneth “Dream
.
THE WALL STREET JOURNAL.
their batteries more aggressively.
A huge battery in an electric car
can last more than 200 miles, and
drivers top them off regularly. E-
bike commuters are used to drain-
ing their batteries again and again
throughout the week, which can
add to the stress.
How to prevent fires
Protecting your home starts with
choosing an e-bike from a reputable
brand with a well-designed safety
system and safety certifications.
The New York City Council re-
cently passed a law requiring all
mobility devices sold in the city,
including electrified bikes and
scooters, to meet Underwriters
Laboratories (aka UL) electrical
and fire-safety standards. The
mandate takes effect in September.
Wherever you live, looking for
certification—typically a UL logo
on the underside of a removable
battery or charger—is a good idea.
It should have one of these rat-
ings: the UL 2849 standard for a
bike’s overall system, including
battery, charger and drivetrain, or
the UL 2272 standard for just the
battery pack.
A good battery system will shut
off charging if it detects something
amiss in temperature, voltage or
current, said Kunal Kapoor, senior
manager for quality and compli-
ance for Bosch, which provides UL-
certified electric components to
more than 100 e-bike brands.
In addition to
making sure your
bike meets safety
standards, Kapoor
CLOCKWISE FROM TOP: PHOTO ILLUSTRATION BY RACHEL MENDELSON/THE WALL STREET JOURNAL, ISTOCK (4); SPENCER PLATT/GETTY IMAGES; LONDON FIRE BRIGADE
recommends these
best practices:
 Use the original
battery and charger.
If you need an extra,
stick to the same
brand.
 Check the bat-
tery and battery plug
for damage. If you see
frayed cables on the
charger or a bulge on
the battery, hear
crackling or hissing,
or smell something
sulfuric, don’t charge
the e-bike.
 Don’t leave your
charging e-bike or
battery unattended.
Limit charging sessions to an hour.
 Don’t keep your bike near
flammable materials.
It’s also important to read the
safety manual for instructions. Rad
Power, for example, recommends
charging batteries only at temper-
atures between 41 and 77 degrees
Fahrenheit. That could be a chal-
lenge in some places.
If your bike does catch on fire,
call emergency services immedi-
ately. Don’t trust a household fire
extinguisher to do more than put
out a small flame. And remember,
these fires can spread quickly, so
evacuate and leave the firefighting
to the professionals.
Nathan ‘Motown’ Mack’s 2016
Harley features navigation and a
103-cubic-inch V-Twin engine.
Maker” Thomas lives. From there, I
rode to Detroit to visit family. And
from there, to Tampa, Fla., for the
Buffalo Soldiers Motorcycle Club’s
NOLIS ANDERSON FOR THE WALL STREET JOURNAL (3)
national convention. (We partnered
with Harley-Davidson on a program
to bring 1,500 new backpacks
stuffed with school supplies to ele-
mentary-school kids in Tampa.)
On that last trip, I rode 14 hours
through the rain. One of the most
important things about this bike? It
is reliable. It will not let me down.
I like riding now even more than I
did when I first fell in love with mo-
torcycles. Because now, I can afford
to really ride. And that’s what we do.
 .

THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | A11

ARTS IN REVIEW

T
ravis Scott was a divi-
sive figure in the rap
world even before the
2021 tragedy at his
hometown Astroworld
Festival in Houston, in
which a crowd-crush incident dur-
ing his set led to 10 deaths and
hundreds of injuries. Though Mr.
Scott—born Jacques Webster in
1991—was enormously popular,
with two No. 1 studio albums and
four No. 1 singles, his rapid rise
was often greeted with skepticism
by hip-hop aficionados, who felt
that his music was light on sub-
stance and that his lyrics had little
to say. He was further criticized
for his reaction to the concert di-
saster after he offered a jumbled
apology via video that didn’t seem
to match the gravity of the situa-
tion, and some believed that he
bore personal responsibility, given
his onstage encouragement of fan
intensity. Though the rapper was
never formally accused of wrong-
doing, he’s mostly kept a low pro-
file in the two years since, con-
tributing to a handful of singles by
other artists.
That all changed last week with
the announcement and release of
“Utopia” (Cactus Jack/Epic), Mr.
Scott’s fourth studio album and
the follow-up to his smash 2018 LP
“Astroworld.” His timing is good.
So far, 2023 has been short on
“event” records in hip-hop, and as
Rolling Stone reported early in
July, it’s been a weak year for the
genre on the charts. Mr. Scott has
a chance of single-handedly
changing the narrative with a col-
lines like “Go Ted Bundy, then go
home and play Al Bundy” that are
both clumsy and mean nothing in
Travis Scott particular.
performing in But while such groaners crop
Miami in July up regularly on “Utopia,” the al-
bum’s sonic wonders provide bal-
ance. The gorgeous “My Eyes” fea-
tures the voice and glitchy
electronics of Justin Vernon of
Bon Iver and an equally great
cameo from soulful English singer
Sampha on a song that conveys
mournful resignation. And the
The album features a
psychedelic sound,
his signature vocals
and major guests.
menacing “Meltdown,” with an
opening rap by Drake, has a pro-
gressive structure that feels like
three tracks in one, as it moves
from eerie string samples to the
thick bass growl of rap subgenre
drill and ends with a coda of
strummed acoustic guitar. Beyoncé
drops in for a fleet rap to open the
brisk and jazzy “Delresto
(Echoes)” and then switches to
singing as Mr. Scott joins her
while Mr. Vernon once again con-
tributes vocals.
One reason rap is faltering on
the charts is because regional
MUSIC REVIEW | MARK RICHARDSON scenes have been ascendant. Hip-
hop today is a fragmented and

A Welcome Rap Spectacle

lection that is epic in terms of
both its content—at 73 minutes
it’s quite long for a hip-hop re-
cord—and its star-studded guest
list. “Utopia” is deliberately
framed as a blockbuster, the kind
of release every fan of the genre is
forced to engage with. And while
it won’t do anything to change the
minds of those who have ques-
tioned Mr. Scott’s writing skill, it’s
a consistently strong and occa-
sionally thrilling collection of
songs.
Mr. Scott’s two greatest assets
ALEXANDER TAMARGO/GETTY IMAGES
Travis Scott’s album is a genre highlight during an otherwise sleepy year
dozens of producers, songwriters
and guest vocalists appear on the
record, Mr. Scott and studio col-
laborators, including Mike Dean
(Kanye West, the Weeknd), have
assembled the pieces into a coher-
ent whole.
“Modern Jam,” is produced by
Guy-Manuel de Homem-Christo,
better known as one half of Daft
Punk, and the sleekly minimal
pulse is the perfect backdrop for
Mr. Scott’s melodic verses. The
song is an “I’m back!” statement,
teller are clear, his voice is one of
the most distinctive in rap this
century. It’s gravelly and slightly
nasal at the same time, and it’s
both a deeply physical sound and
one that lends itself well to elec-
tronic processing. This combina-
fast-moving genre with innumera-
ble variations based on geography
and shared aesthetics, and a lot of
the music is created at home by
the young. “Utopia” is fun in part
because it pushes forcefully
against that lo-fi trend. It’s a
highly polished and sophisticated
production that probably involved
some expensive studio bills, never
mind the cost of features by big
names like the Weeknd, SZA and
21 Savage. Yes, it’s too long and
ultimately doesn’t have a lot to
say, but take a long drive with

are his taste in production and the
resonance of his voice. Since the
beginning of his career, he’s ex-
pressed admiration for rock and
pop artists with an experimental
streak, such as Björk and Radio-
head, and “Utopia,” like “Astro-
world” before it, is packed with
lushly psychedelic beats. Though
The first track, “Hyaena,”
opens the set with a quaking
bassline and drums that sound
like a herd of cattle stomping over
a smashed steel gate, and after ef-
fortless high-speed rapping from
Mr. Scott it concludes with a sam-
ple from Funkadelic’s “Maggot
Brain.” Another early highlight,
and he’s not saying anything par-
ticularly profound—“Know it’s
been a year since I seen the road /
Had me inside like I’m on parole”
is a representative couplet—but
“Modern Jam” lives up to the bill-
ing of its title.
While Mr. Scott’s limitations as
a line-by-line lyricist and story-
tion gives Mr. Scott’s rapping a fu-
turistic sheen, and he always
comes across as “new” even when
you listen to tracks from several
years ago. That said, he tends to
skim the surface when he raps and
frequently makes the most obvious
choices. On the fifth cut, “God’s
Country,” that means delivering
“Utopia” turned up loud and you’ll
understand why we’ll probably be
hearing tunes from it in public
spaces for many months.
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 13 25 Arrive at

HAPPENINGS FOR THE WEEK OF AUGUST 1

26 Spouse of
14 15 16
un oncle
17 18 19 27 Mayors’
BY WSJ ARTS IN REVIEW STAFF ally trying—in Joachim noses up at Broadway. The domains
Back’s dark comedy based classic 1980s sci-fi comedy 20 21
FILM on a short novel by Jonas gets a stage adaptation from 28 Completely
“Teenage Mutant Ninja Karlsson. its original creators, Bob Gale 22 23 29 Small hill
Turtles: Mutant and Robert Zemeckis, and
Mayhem” (Aug. 2) TV music from Grammy winners 24 25 26 27 28 29 30 31 30 Bert’s TV
Cowabunga! Michelangelo, “Physical,” season 3 Alan Silvestri and Glen Bal- buddy
Donatello, Leonardo and Ra- (Apple TV+, Aug. 2) lard. Casey Likes and Roger 32 33 34
31 Wise ones
phael are back at it, chowing After three seasons, Annie Bart star in the John Rando-
down on pizza, fighting Weisman’s drama set in the directed production. 35 36 37 36 Descended,
bruisers and trying to fit into world of ’80s aerobics will as a water
the human world with the hang up its leg warmers. This Music 38 39 40 park chute
help of April in the latest in- final sweat session finds Quavo, “Rocket Power”
stallment of the classic fran- Zooey Deschanel joining a (Aug. 4) 41 42 43 44 37 Features
chise. Jeff Rowe directs the cast that includes Rose Byrne, The Migos cofounder is of some
back with his second solo out- 45 46 recliners
ing, the first music he’s re- 40 Buildings
leased since the 2022 killing of 47 48 49 50 51 52 53
with haylofts
Migos member Takeoff. With a
title that acknowledges Take- 54 55 56 42 Diamond
off’s own solo recording (“The sides
Last Rocket”), the LP points in 57 58 59
43 It guarantees
an emotional yet empowering
direction. 60 61 62 accts.
44 White-
Art plumed
“Arghavan Khosravi: SQUEEZE PLAY | By Mike Shenk herons
Black Rain” Across 32 Noted 54 Aid in saving 9 Pair for a
(Rose Art Museum, Waltham, AFL-CIO disk space, as slalom 47 Sound of a
Mass., Aug 3-Oct. 22) 1 Fan sound leader George displayed by competitor fizzling-out
When Iranian artist Argha- the circled firecracker
5 Hoodwinks 33 “Picnic”
van Khosravi arrived in the letters 10 Program
48 Italy replaced
U.S. in 2015, she worked 10 Sought by playwright for a
57 Greek group it with the
mostly on a small scale. Since MPs, maybe meeting
34 Org. opposed euro
then, her art has grown in
14 Queen by Everytown 58 Tailor’s 11 Headed out
size and scope, with her most 49 Rickman of
Margrethe II, for Gun measure
impressive pieces incorporat- 12 Sometime “Die Hard”
ing painting, sculpture and for one Safety
59 Casual earlier
collage. Drawing from classi- 50 Former
15 Jason 35 Hunger signal farewell
cal Persian miniatures (sev- 13 Unsavory name of
Arghavan Khosravi’s ‘The Battleground’ (2022) Bateman/ 36 Septet in the 60 Offerings MGM+
eral of which will also be on look
Laura Linney Big Dipper from some
view), she explores the chal- 51 Brit’s backside
TV series salons 18 Instruct
computer-animated film Rory Scovel and Paul Sparks. lenges faced by women under 37 Dragged out
whose star-stuffed voice “The Lost Flowers of Alice Iran’s oppressive regime and morally 52 Thailand,
16 Gift from a 61 Vetoes
cast includes Hannibal Bu- Hart” (Prime Video, Aug. 4) the complications of being a parent 38 Play division 19 Quiet before
ress, John Cena, Jackie Chan, Sigourney Weaver and Muslim in America. Now 62 Urban blanket moment
17 Bottle 39 Reinhart 53 Dog from
Ice Cube, Post Malone, Seth Alycia Debnam-Carey (“Fear she’s receiving her first com-
up one’s who plays Down 23 He’s first to Kansas
Rogen, Paul Rudd and Maya the Walking Dead”) star in prehensive museum survey.
Rudolph. this Australian series, span- unhappiness Betty on tell Harry
1 Dict. entries 55 Avril-juin
ning many years, about an Last Call “Riverdale” Potter that
20 Like the go-between
“Passages” (Aug. 4) abused then orphaned girl “Parade” (Bernard B. Jacobs 2 Drag with he’s a wizard
fortississimo 40 Contradict
The latest from Ira Sachs who moves in with her Theatre, New York, closes effort 56 Pester
(“Love Is Strange”) is a tan- grandmother and pieces to- Aug. 6) movement, 41 Professional 24 Oscars org. persistently
most likely 3 Dope
gled romantic drama about a gether family secrets. Asher Ben Platt stars in a revival rugby team
Previous Puzzle’s Solution
gay couple whose marriage Keddie, Leah Purcell and of Alfred Uhry and Jason 21 Member of of South 4 Proving to be
S U P C I N E M A P D F
is put in peril when one part- Charlie Vickers are among Robert Brown’s show about a special Yorkshire false A L E C P R O P E L R E O
ner begins an affair with a the cast in Sarah Lambert’s Leo Frank, a Jewish factory team, in A N C H O R S T O R E E V A
45 Throws in 5 Scale start B A S I N I C K J A I L
younger woman. Franz seven-part adaptation of superintendent in Atlanta football D E C K T H E H A L L S
Rogowski, Ben Whishaw and Holly Ringland’s novel. who was lynched after being 46 Warning 6 Six-Day War F R E E G A N L O D G E
Adèle Exarchopoulos star. wrongly convicted of the 22 Son of Bob from a weapons L A S S MO A B R E E D S
RACHEL UFFNER GALLERY, N.Y.

Theater murder of a 13-year-old girl Cratchit watchdog E T C B OWD O WN B E L

“Corner Office” (Aug. 4): “Back to the Future: The in 1913. 7 Breathe A C A R E S A R I A R G O
An awkward new em- Musical” (Winter Garden 23 Cargo 47 Tranquil heavily A P A R T O F A N A G E
compartment S T E R N WA R N I N G
ployee played by Jon Hamm Theatre, opens Aug. 3) For additional Arts Calendar 50 Sincerely 8 Hectic hosp. A C R E O S U D E A L T
discovers a secret room that Marty McFly and Doc listings visit wsj.com. Write to 24 Reservoirs zealous areas R H O S H I P B U I L D E R
helps him succeed in busi- Brown might not need roads, brian.kelly@wsj.com and G E O R I D E R S S A G A
ness—with and without re- but they won’t turn their julia.fischer@wsj.com. ▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. E R M S T E E R S M O P

A12 | Tuesday, August 1, 2023
JASON GAY
The Baltimore Orioles Are Soaring
A forlorn American League franchise lifts itself from the basement. Playoff fever beckons.
FROM TOP: SCOTT TAETSCH/GETTY IMAGES, ROB CARR/GETTY IMAGES
Baltimore
Good morning from
Baltimore, where the
mighty, mighty Ori-
oles own the best re-
cord in the American
League, are now perched atop the
AL East, and may have drained the
final puffs of East Coast media hub
entitlement out of the last-place
New York Yankees.
The Yanks look like expensive
duds, but the Birds are soaring.
The tantalizing, maaaaybe jinx-y
playoff ticket email arrived the
other day—place your deposit for
next year, if you want priority ac-
cess to the 2023 postseason. ESPN
showed its makeup-powdered face
at Camden Yards on a Sunday
night for the first time in eons.
The other day, my kid’s 94-degree
summer baseball practice broke
into a spontaneous chant in honor
of Baltimore’s second-year catcher
sensation:
Ad-ley Rutsch-man!
Ad-ley Rutsch-man!
The same practice featured an
8-year-old catcher teaching him-
self to switch hit, just because
Rutschman does it, too. (Did you
see the All-Star Home Run
Derby?)
That’s when you know you’re in
Pac-12 Seeks to Survive
Conference Consolidation
BY LAINE HIGGINS
TELEVISION MONEY has turned
the Southeastern Conference and
the Big Ten into college-sports
empires in recent years. Now, the
relative lack of broadcast cash has
created a crisis for another of the
industry’s legacy powerhouses: the as others expanded and cut ex-
Pac-12.
Colorado last week said it
would leave the Pac-12 to join the
Big 12 for the 2024-25 season. The
Buffs’ move comes just a year af-
ter UCLA and Southern California
announced their
blockbuster depar-
160
tures from the
Pac-12 for a much
richer future in the
Big Ten.
In the span of a Number of Pac-12 titles made deals to add
year, the Pac-12 has
lost a quarter of its
across all sports since UCLA
members and is 2006-07 are the most deal is worth ap-
suddenly closer to of any Division I league proximately $7.5
its roots as the
Pac-8 than it is to
the 16-team super
conferences that the Big Ten and
SEC have built.
“Pac-12, Pac-10, whatever it is
in the future—all the best,” Colo-
rado regent Lesley Smith said af-
ter the board voted to rejoin the
Big 12, the conference for which it
competed from 1996-2010.
The Pac-12’s recent history has
been defined by the pursuit of
television revenue. Former com-
missioner Larry Scott tried—and
failed—to expand to 16 members
in 2010. When he negotiated the
conference’s current broadcast
deal with ESPN and Fox, the 12-
year $3 billion deal was a high wa- nue across the Power Five,” he
ter mark for the industry. Like its
competitors, the conference also
created its own TV network to air
a playoff town: When kids are imi-
tating batting stances, the local
club is actually an upbeat conver-
sation topic, games are nightly
theater, a glorious ballpark is fi-
nally refilling and a hope that
flickered last season has grown
into a full-sized mania.
This baseball outfit was pure
misery not long ago—110 losses in
2021, 108 in 2019 and 115 in 2018.
The regal Ripken era was long
dead and gone. You could sit in a
desolate Oriole Park, read a book,
hear the players sneeze, and have
a choice of foul balls roll to your
toes.
But the Orioles finished the
2022 season 83-79, flirting with
wild-card scenarios into Septem-
ber. This year they have been star-
tlingly consistent, opening the sea-
son with a 5-for-5 Rutschman
romp over Boston and hanging
with formerly first-place Tampa
Bay all season before overtaking
the Rays a week ago.
This isn’t a fluke. The O’s are
happening.
As of Monday morning, Balti-
more sits 64-41, tops in the AL and
the second-best record in all of
MLB, behind only the sizzling At-
lanta Braves. A 9-3 rout Sunday
over the Yankees—in which the
games of its many sports. But the
Pac-12 Network struggled with
distribution, and football viewer-
ship was held back by late West
Coast kickoff times on Saturday
nights.
As the deal wore on, the con-
ference fell far behind—especially
traordinary new broadcast deals
that stand to enrich all of their
members. The SEC cut a new TV
deal that will generate upward of
$800 million annually, according
to a person familiar with the 10-
year deal, and
stands to bring in
even more when
Texas and Okla-
homa join the ros-
ter. The Big Ten
and USC, and
its latest broadcast
billion over seven
years.
George Kliavkoff,
a media executive widely credited
for launching online streaming
platform Hulu, who succeeded
Scott in 2021, is left trying to ne-
gotiate a new broadcast deal at a
time when the conference is
shrinking and hasn’t announced a
plan to stop the bleeding.
Kliavkoff has made a point of
noting that the conference’s strug-
gles come against a backdrop of
success. The league hasn’t won a
national title in football or men’s
basketball in years, but it has won
a lot of others. Even though it was
in “last place with respect to reve-
noted, its 160 championships since
2006-07 are the most of any Divi-
sion I league. Indeed, the most re-
SPORTS
Orioles enjoyed complimentary
batting practice, scoring seven
first-inning runs—gave Baltimore a
series win and sent a lot of visit-
ing pinstripes home early in the
Amtrak Sad Car.
These Birds aren’t Goliaths.
They still occupy a discount nest,
with a bottom-of-the-league pay-
Colorado last week said it would leave the Pac-12 Conference to join the Big 12 for the 2024-25 season.
cent school year marked the 17th
consecutive year that the Pac-12
has led or tied for the most NCAA
championships across all sports
among Division I conferences.
But money matters more than
shiny trophies, which is a big rea-
son why UCLA and USC bolted last
summer. Their exits destabilized
the Pac-12 and made it harder for
Kliavkoff to course correct with a
favorable new media deal. Rather
than extend the current contract,
he opted to go to the open market
and has spent the better part of
last year trying to strike a deal, a
task that just got harder with the
Buffaloes’ defection.
The revenue gap the Pac-12 is
facing is also on the cusp of grow-
ing larger. According to tax re-
cords, the Pac-12 brought in $385
million in revenue from its televi-
sion partners during the 2021-22
fiscal year and disbursed an aver-
age of $37 million to each school.
The Big Ten doesn’t break out
roll barely a fifth of the $364 mil-
lion inferno the Mets may just
dump onto eBay. Instead they have
won via an innovative alternative,
novel to Major League Baseball
and professional sports in general:
They kind of have a plan.
Specifically, they have youth,
lots of it, led by Rutschman, a 25-
its annual television revenue, but
it did distribute an average of $58
million to its 14 members during
that same period. The SEC gener-
ated $540 million from television
and radio broadcast rights and
disbursed $49.9 million on average
to members. The figures for both
the Big Ten and SEC will grow
substantially when the leagues’
new contracts take effect in 2024.
In February, the Pac-12 said in a
statement that a broadcast deal
would materialize in the “very
near future.” Five months later,
it’s still not done.
According to people familiar
with the matter, Kliavkoff recently
planned to show definitive num-
bers to the Pac-12 CEO Group,
which includes presidents and
chancellors from the member in-
stitutions. He didn’t, though the
commissioner did tell reporters
that the Pac-12 had “significant in-
terest from potential partners in-
cluding both incumbents and new
.
THE WALL STREET JOURNAL.
Top, Gunnar Henderson, right, and
Adley Rutschman. Bottom,
Anthony Santander celebrates.
year old former No. 1 pick called
up to great hype in 2022 and deliv-
ering ever since. He’s surrounded
by key contributors that Baltimore
developed like Anthony Santander
(18 home runs, including a walk-
off Friday), Cedric Mullins (out,
but due to come off the injured list
soon), Austin Hays and this year’s
dream, the Bunyanesque rookie
shortstop Gunnar Henderson. More
is to come; the Orioles system is
considered tops in the league.
Vibes abound. There’s dugout
fun with players drinking from a
celebratory (water!) funnel and a
“Bird Bath” in left field with nota-
ble guests dousing eager paying
fans with a hose. (Sunday’s Mr.
Splash: Maryland Gov. Wes
Moore.) There’s a lights-out closer,
Félix Bautista, who walks out of
the bullpen to a whistle of “Farmer
in the Dell,” famously deployed by
the vigilante Omar Little in the
Baltimore HBO saga “The Wire.”
It’s an upbeat story in a major-
league season that’s full of them.
The league announced the other
day that attendance is up nearly
9%—a lot of that due to a new
pitch clock shaving a merciful half-
hour off game times, but also be-
cause of buzzing hives like Balti-
more, Cincinnati and Arlington,
Texas.
Baseball is better when it’s
rocking in less obvious places. It’s
just the truth.
The Orioles still have work.
Their margin over the Tampa Bay
Rays remains thin, and not a sin-
gle team in the division is under
.500, not even the cellar-dwelling
Yankees. The Blue Jays
are the Blue Jays and
Red Sox fans are starting
to get chatty. Baltimore’s
bullpen has been iffy
lately outside of Bautista,
and they still need more
quality starting pitching.
Of course, few teams
don’t.
Oriole madness has
reached the point where
there was genuine talk
over whether prospect-
rich Baltimore should go
all-in for a Shohei Ohtani
trade, even if it meant
only two months of free-
agent-to-be Ohtani at
Camden Yards. That’s
cooled off now that the
Angels say Ohtani is no
longer on the market.
(It honestly wasn’t a
bad idea.)
Barring a meltdown,
Baltimore should remain
a contender. September will be
cooking, Orioles orange will com-
pete with all that Ravens purple,
and those merry fans in left field
will have to decide how they feel
about getting doused when it’s 52
degrees and windy.
I think Baltimore will be OK
with it. The Birds are real.
RON CHENOY/USA TODAY SPORTS
traditional television and most im-
portantly digital media.”
In a statement Thursday night,
the Pac-12 said it was eyeing ex-
pansion. There’s just one problem:
There are few potential new mem-
bers, like San Diego State or
Southern Methodist University,
that could tangibly increase the
size of the league’s media rights
pie.
Two weeks ago, Kliavkoff told
reporters that “the longer we wait
for the media deal, the better our
options get.” That might not be
true anymore.
There may not be a scenario in
which the Pac-12 closes the reve-
nue gap with its peers. A sports
media consultant with experience
negotiating collegiate contracts
said that a broadcast deal that
pays out $30 million per school
would constitute a major win.
That would keep the Pac-12 in last
place among major conference
revenue-wise.

THE WALL STREET JOURNAL.
OPINION
Devon Archer Throws a Curve
Up to now the
big question
about Joe Biden
and 2024 has
been whether
he’ll be physi-
cally up for the
MAIN
STREET debates.
former Hunter
But
By William
Biden business
McGurn
associate Devon
Archer’s closed-
door testimony to the House
Oversight Committee on Mon-
day, on the heels of Hunter’s
failed plea, raises another
question: Will the president
have to apologize for mislead-
ing the public during the 2020
debates, when he categorically
denied his son’s influence-ped-
dling overseas?
All this would have gone
away if Hunter’s plea agree-
ment hadn’t blown up in fed-
eral court. Prosecutors told
the court that Hunter might
still be charged with failing to
register as a foreign agent.
Then came Mr. Archer’s
Monday testimony. According
to a statement by Chairman
James Comer, Mr. Archer tes-
tified that Joe Biden joined
phone conversations with
Ukrainian energy giant Bu-
risma, a Hunter client, to “sell
the brand.” Mr. Archer further
said that Burisma pressured
Hunter to get help from “D.C.”
regarding prosecutor Viktor
Shokin, for whose firing Vice
President Biden pushed.
This doesn’t prove Joe Bi-
den discussed business terms
or shared in any profits. But at
The Delicate U.S. Task of Courting India
New Delhi
With India
slated to pass
Germany and
Japan to be-
come the
world’s third
GLOBAL
largest econ-
VIEW
omy by the
By Walter
end of this de-
Russell Mead
cade, getting
India right has
become a critical task for
American policy makers.
But a week of talks with
political, religious and busi-
ness leaders aligned with the
ruling Bharatiya Janata Party
has reminded me how difficult
this relationship can be. The
U.S. and India are both de-
mocracies. They are both ea-
ger to offset Chinese power in
Asia without war. But the dif-
ferences between the two so-
cieties are profound. It will
take skill, patience and under-
standing to make the relation-
ship work.
There is much about India
that most Americans don’t
understand, and few Ameri-
cans know India well enough
to explain it to the rest of us.
Indian democracy is even
more complicated and messier
than the American variety,
and elements of Indian life,
ranging from communal vio-
lence to reflexive suspicion of
both capitalism and the U.S.,
anger, puzzle and frustrate
Americans trying to engage.
Under the current BJP
government, Indian authori-
ties have taken some contro-
versial steps. Opposition
leader Rahul Gandhi was de-
prived of his parliamentary
seat following a relatively mi-
nor legal finding. Indian offi-
cials have used tax laws to
FDR Made the Depression Great Again
By Jason Taylor
A
n exotic bird landed on
American soil 90 years
ago Tuesday. At first
the public celebrated the Blue
Eagle emblem, symbol of
President Franklin Roose-
velt’s ambitious agenda to
improve the economy. The ea-
gle became ubiquitous in
store fronts, advertisements
and movie trailers. In Sep-
tember 1933, 1.5 million peo-
ple lined the streets of New
York City for a nine-hour Blue
Eagle parade.
But few mourned when the
bird was scrapped after two
years. Instead of working its
promised wonders, that “buz-
zard,” as Henry Ford called it,
helped put the “Great” in the
Great Depression.
The tragedy is that during
Roosevelt’s first months in of-
fice the U.S. economy made
tremendous strides. Between
March and July 1933, employ-
ment, production and spend-
ing all increased sharply. The
nation seemed to be on a
the very least, it exposes Mr.
Biden’s gaslighting of the
American people in 2020.
Hunter featured promi-
nently in both presidential de-
bates because Donald Trump
kept bringing him up. The first
mention came in the Sept. 29
debate in Cleveland. After Mr.
Biden criticized President
Trump’s China policy, the in-
cumbent said:
“China ate your lunch, Joe.
And no wonder your son goes
in and, wha—he takes out
billions of dollars. He takes
out billions of dollars to
manage. He makes millions of
dollars. And also, while we’re
at it, why is it just out of cu-
riosity, the mayor of Mos-
cow’s wife gave your son 3½
million dollars?”
He then asked: “What did
he do with Burisma?”
Altogether Mr. Biden de-
clared “that is not true” or
words to that effect eight
times. He said seven times
that Mr. Trump’s assertions
were “discredited,” sometimes
“totally discredited.” Near the
end he added, “My son did
nothing wrong at Burisma.”
Mr. Trump wouldn’t let it
rest: Hunter “made a fortune
in Ukraine, in China, in Mos-
cow and various other places.”
Mr. Biden again denied it:
“That is simply not true.”
Mr. Biden counted on a com-
pliant press to move on, and it
largely did. But then the Bidens
came up against Judge Maryel-
len Noreika. She confirmed
with Hunter Biden himself that,
harass critics ranging from a
well-known think tank (Cen-
tre for Policy Research) to
the BBC and limited the abil-
ity of Indian nongovernmen-
tal organizations (including
Christian groups) to receive
money from abroad. Authori-
ties have at times been slow
to respond to complaints by
religious minorities about vi-
olent attacks or discrimina-
tory state legislation.
Government and party offi-
cials argue that Indian reali-
ties are complicated. They
claim Mr. Gandhi’s forced exit
was a judicial matter, that
state rather than federal au-
thorities are responsible for
many of the decisions that
trouble international human-
rights groups, and that past
governments under the BJP’s
political rivals have done the
same or worse. They make
some valid points, but the
chorus of criticism from
American human-rights or-
ganizations continues to grow.
Unless handled intelligently
on both sides, problems like
this could throw a wrench
into diplomatic relations. The
reflexive American response
to perceived democratic back-
sliding—a mix of high-minded
lectures and threats of sanc-
tions—infuriates Indians,
whose skepticism about
American virtue has deep
roots. No Indian government
can afford to be seen bowing
to foreign demands.
Indians are sometimes
right about American hypoc-
risy and arrogance; Ameri-
cans are sometimes right
about misguided Indian poli-
cies. Even so, the two coun-
tries must work together. We
need to find ways to address
highway to recovery, largely
thanks to Roosevelt’s policies.
But what good policy giv-
eth, bad policy taketh away. In
June 1933 Roosevelt signed
the National Industrial Recov-
ery Act (NIRA), which re-
quired firms to meet with
competitors and construct a
“code of fair competition.”
How the blue eagle,
symbol of a 1933 law,
had its wings clipped.
Over two years, 557 codes
were implemented in indus-
tries ranging from steel to
fishing tackle.
These codes permitted col-
lusive actions that would oth-
erwise violate antitrust law.
Businesses that were found vi-
olating the codes—say, charg-
ing a price below the code-
specified one—could face hefty
fines and imprisonment. For
their membership in govern-
ment-enforced cartels, firms
contrary to his father’s asser-
tions, he did receive a small
fortune from Ukrainian and
Chinese firms.
Then there’s the $3.5 mil-
lion 2014 wire transfer from
Elena Baturina, widow of the
former Moscow mayor, that
Mr. Trump harped on.
Hunter’s lawyer has said his
client had no interest in and
Joe Biden’s denials
about Hunter are now
disproven. What will
he say in the debates?
wasn’t a co-founder of the re-
cipient firm. But Mr. Archer is
linked to the firm—and he also
knows how Hunter’s deals
were structured. Maybe we’ll
learn more from the tran-
script.
Mr. Biden continued issuing
absolute denials in the second
debate, on Oct. 22. Again Mr.
Trump wouldn’t let it rest. “If
this stuff is true about Russia,
Ukraine, China, other coun-
tries, Iraq—if this is true, then
he’s a corrupt politician,” he
said. Mr. Trump then brought
up the “laptop from hell,”
prompting Mr. Biden to imply
it wasn’t Hunter’s.
“Look,” he said, “there are
50 former national intelli-
gence folks who said that
what this, he’s accusing me
of, is a Russian plan. They
have said that this has all the
sensitive issues in order to
keep the focus on the larger
interests that unite us.
This is where the scarcity
of real Indian expertise in
America creates problems.
Hundreds of thousands of
young Americans have lived
and studied in China over the
past 30 years, but a relative
handful went to India. An
even smaller number studied
Indian languages. While many
The two very different
democracies are only
partially united by a
common language.
educated Indians speak Eng-
lish, a large majority do not
comfortably read or write in
it, and without access to the
vernacular press and public,
American ideas about Indian
politics and culture are inevi-
tably skewed.
During the Cold War, Amer-
icans and our principal allies
understood that the Atlantic
Community and the U.S.-
Japan relationship needed
people-to-people ties to be-
come enduring and strong.
Governments funded lan-
guage-study programs and
promoted exchanges. Civil-so-
ciety groups ranging from Ro-
tary clubs and local chambers
of commerce to universities
and foundations joined in a
prolonged effort to build the
West into a community. This
wasn’t always easy in the
wake of World War II—Ameri-
can relationships with Ger-
many and Japan were not ex-
actly love matches.
were forced to raise hourly
wages.
The Blue Eagle insignia,
with its accompanying mes-
sage, “We do our part,” was
created to ensure compliance
with the NIRA. Companies
that violated the act’s labor or
cartel rules were barred from
publicly displaying the Blue
Eagle. FDR urged Americans
to boycott them.
Predictably, the NIRA was a
disaster. Companies re-
sponded to forced wage in-
creases by scaling back em-
ployment. And colluding firms
did what cartels generally
do—they restricted output
and raised prices.
While manufacturing out-
put rose an unprecedented
78% between March and July
1933, it fell sharply after the
Blue Eagle’s arrival. By No-
vember two-thirds of the re-
covery gains were lost. Output
didn’t pick up until a year
later, when business owners,
irritated by the Blue Eagle,
quit “doing their part” and
openly violated the codes,
characteristics—four—five
former heads of the CIA, both
parties, say what he’s saying
is a bunch of garbage.”
This was also untrue. The
“50 former national intelli-
gence folks” Mr. Biden invoked
did suggest the laptop could
be Russian disinformation. But
we now know the laptop was
Hunter’s—and the former intel
officials were the ones spread-
ing disinformation.
In short Mr. Biden wasn’t
telling the truth about Hunter
during the debates, and there
is no way to defend those an-
swers today. In the runup to
next year’s election, we are
likely to learn even more as
the congressional investiga-
tions continue.
Even the Biden White
House recognizes that the
president’s blanket denials are
no longer credible. No doubt
it’s why press secretary Karine
Jean-Pierre recently switched
the official party line from
“the president never discussed
his son’s business with him” to
“the president has never been
in business with him.”
The real danger for Mr. Bi-
den in the 2024 debates is if
the Republican candidate asks
him the obvious: “Mr. Presi-
dent, we have learned since
2020 that almost everything
you claimed about your son’s
business overseas the last
time you were on this debate
stage was untrue. Why should
the American people believe
anything you say now?”
Write to mcgurn@wsj.com.
Building the U.S.-India rela-
tionship will take at least as
much work. While India al-
ready sends hundreds of thou-
sands of students to American
universities, and the Indian-
American community operates
effectively as ambassadors
and interpreters between the
two cultures, a much broader
engagement is needed.
Government can do its
part. Washington should step
up funding for the study of
Indian languages and history.
It should simplify the process
for issuing visas to Indian
scholars, journalists and
businesspeople and work
with Indian officials to pro-
mote cooperation between
universities and other civil-
society groups in the two
countries.
But government action
alone won’t be enough. A gen-
eration of young Americans
needs to study and live in In-
dia, learning local languages
and cultures. Programs bring-
ing young Americans to India
to teach English while learn-
ing about Indian culture and
history would help both coun-
tries. Businesses should invest
in deepening the ties that will
enable the economic relation-
ship between the two coun-
tries to reach its full poten-
tial. Philanthropy needs to
make the relationship a prior-
ity, providing universities and
think tanks with the resources
to build up their India-focused
programs.
Deepening our relationship
with India enhances American
security and promotes Ameri-
can economic growth. Invest-
ing in that relationship should
be one of our highest national
priorities.
overwhelming the enforce-
ment offices.
By the time the Supreme
Court ruled the NIRA uncon-
stitutional in May 1935, even
Roosevelt had acknowledged
privately that this “whole
thing is a mess.” After the
Blue Eagle’s demise, the na-
tion’s recovery resumed and
manufacturing output rose
50% over the next 18 months.
While it’s impossible to say
exactly how the U.S. economy
would have fared without the
NIRA’s enactment, we do
know one thing: The Great De-
pression would’ve been a lot
less depressing. As he signed
the NIRA, FDR said it was
“the most important and far-
reaching legislation ever en-
acted.” It was important, far-
reaching and disastrous.
Mr. Taylor is an economic
professor at Central Michigan
University and author of “De-
constructing the Monolith: The
Microeconomics of the Na-
tional Industrial Recovery
Act.”
.
Tuesday, August 1, 2023 | A13
BOOKSHELF | By James B. Meigs
The World
In a Whirligig
The Science of Spin
By Roland Ennos
(Scribner, 271 pages, $28)
M
ore than a few authors have found success with
books that look at a broad swath of history, ideas
or science through the lens of a single topic. The
trend might have begun with James Gleick’s “Chaos” (1987),
which explored the surprising role of randomness in nature.
Less abstractly, Mark Kurlansky took a tight-focus approach
in “Cod” (1997) and Mary Roach in “Stiff” (2003), a book
about, of all things, cadavers.
Roland Ennos elevates this approach to dizzying heights
in “The Science of Spin.” The notion that lots of things
spin—everything from toy tops to hurricanes—might seem
pedestrian. But Mr. Ennos, a professor of biological sciences
at the University of Hull, wants us to understand that spin
is fundamental. It plays a
part in the functioning of
our bodies and the design
of our infrastructure. It can
also, of course, be found in
the orderly motion of our
planet and, indeed, of the
universe. Mr. Ennos hopes
that “The Science of Spin”
will enable readers to “finally
be able to understand what
really makes the world go
round.”
He begins by recounting
how British engineers under-
estimated the power of spin
when designing the ground-
breaking Sopwith Camel biplane during World War I. In a
traditional aircraft, the motor is mounted to the fuselage
and spins a shaft with a propeller at one end. In the Camel,
the shaft was locked to the airframe while the entire
motor spun furiously, along with a conjoined propeller.
This odd design had several advantages and one big
disadvantage: The enormous rotational force of the motor
tended to send inexperienced pilots into rapid death
spirals.
Having chastened the reader not to take the physics of
spin lightly, Mr. Ennos rewinds his story roughly to the
beginning of time. We learn how the big bang “formed
huge swirls in the clouds of gas that it produced.” The
eddies acted as nuclei for the formation of stars, galaxies
and all the rest. “Spin,” he writes, “is the very reason our
universe is here at all.”
Mr. Ennos endeavors to persuade us—the Sopwith
Camel episode aside—to be thankful that our universe
has so much spinning in it. The chaotic cloud of gas that
evolved into our orderly solar system could have done so
only by spinning. We are particularly blessed by the way
our home planet spins at just the right speed. Its rotation
creates Earth’s magnetic envelope, which keeps us safe
from deadly solar radiation. On Earth’s surface it seems
that everything from the atmosphere to ocean currents is
in a state of spin, constant mixing and stirring processes
that moderate temperatures, reduce wind speeds and regu-
late rainfall. In short, spin makes the world “a marvelous
place in which to live.”
Mr. Ennos really gets rolling when he describes how
much of human flourishing through history has involved
harnessing the power of spin. We learn how Paleolithic
people used bow drills—wooden spindles that could be
spun rapidly by a loosely strung bow—to start fires, drill
the holes needed for making tools and even perform simple
dentistry. Finding new ways to spin things made early
civilization possible: Winding cotton and wool fibers into
thread allowed us to start wearing fabrics instead of animal
skins. Long before the Industrial Revolution, humanity’s
crucial inventions usually involved rotation: grindstones,
potter’s wheels, treadmills and all manner of pumps.
From early on, humanity’s key inventions involved
rotation: grindstones, potter’s wheels, treadmills,
pumps. The wheel, though, has been overrated.
Not that Mr. Ennos’s story is simple tech triumphalism.
Contrarians especially will enjoy his account of what he
calls “the underwhelming wheel.” People often regard the
invention of the wheel as the paradigm of a world-changing
innovation. In fact, Mr. Ennos says, wheels—at least the
kinds used for transportation—weren’t all that useful
through most of human history. Before the development of
engineered roads, the ground was just too rough to make
wheeled transport much of an improvement over walking
or riding on horseback. The Incas, Mayans and Aztecs
created toys that rolled on four wheels, Mr. Ennos notes,
but they never created adult-size versions. Without metal
tools, it wasn’t possible to make durable wheels out of
wood.
The pace of Mr. Ennos’s narrative quickens with the
advent of the Industrial Revolution. Water wheels power
cotton gins and weaving machines, and turbines spin faster
still. Steam engines evolve year by year as an increasingly
mobile power source, until steam is supplanted by diesel
and gasoline. Trying to keep up may leave some readers’
heads, well, spinning.
Mr. Ennos’s final chapters explore the ways in which
humans embody rotational mechanics in work and leisure.
We see how pitchers and golfers wind up before unspooling
as much energy as possible into the balls they put in play.
Mr. Ennos wants us to understand the human body as a
sort of machine, one with hinges and levers that amplify
rotational forces. Our “complex jointed bodies,” he says,
are in many ways superior to mechanical systems.
“The Science of Spin” moves too fast to spend much time
getting to know the people behind the story. When Mr.
Ennos discusses figure skating, for instance—a sport that
seems to be almost nothing but spin—he breaks down what
happens when a skater pulls in her arms to accelerate
rotation. The physics are fascinating. But one wishes that
he had interviewed a figure skater to ask: How does it feel?
Mr. Ennos closes by bemoaning the fact that many
scientists lack an “intuitive feel for the science of spin.”
Too often, he says, they turn to equations to model the
behavior of spinning objects when they should start with
close observation. School children, he argues, should be
given more time to experiment with tops and gyroscopes.
These simple toys can teach us about the beautifully
balanced, dynamic nature of our universe. And, whether
we are tossing a Frisbee or designing an airplane, that’s
something we should all take a little time to appreciate.
Mr. Meigs is the former editor of Popular Mechanics and
a senior fellow at the Manhattan Institute.
 .

A14 | Tuesday, August 1, 2023 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

DeSantis’s Unstable Economic Fusion Racial Preferences Are Entrenched in U.S. Law

R
on DeSantis is trying to recharge his As for college, he wants to stop government There are reasons to be skeptical of the 1964 Civil Right Act’s Title VI
2024 campaign, and his economic subsidies for “useless degrees” by making “uni- Judge Glock’s claim that “Racial Pref- funding-cutoff threat, will now go
erences in Contracting Face Legal looking for “disparities” to “remedy.”
speech in New Hampshire on Monday versities, not taxpayers, responsible for the
Peril” (op-ed, July 26). First, Presi- Let’s be realistic. Someday, some-
was a reasonable place to loans their students accrue.” dent Lyndon Johnson’s Executive Or- one might write an accurate summary
start. Offering voters a sub- He wants 3% growth, Less helpfully, he’d make stu- der 11246 from 1965 created the Office of the status of affirmative action as a
stantive agenda, while talking but not all of his ideas dent loans dischargeable in of Federal Contract Compliance Pro- practical matter in America. The left
about Florida’s successes, is a bankruptcy. This looks de- grams. It explicitly calls for “affirma- won’t like it because it will show how
more presidential look than would help get there. signed to compete for the tive action” and has always been used big the left has won out, despite all
brawling with Disney. youth vote with Mr. Biden’s to push corporations to hire minori- its whining to the contrary. The right
Mr. DeSantis wants the U.S. debt forgiveness, but it would ties and women. Any GOP president won’t like it for the same reason.
to aim for 3% growth, which is a good and encourage more debt. since could have erased it; none did. PROF. THOMAS POWERS
achievable target, and his agenda lays out poli- Mr. DeSantis undercuts his growth message Second, Congress has supported Carthage College
cies to get there. The best way to help all Ameri- with other policies that appear driven by politics affirmative action by statute and in Kenosha, Wis.
budgetary provisions, using minority
cans, especially those with lower incomes, is instead of economics. While assailing carveouts
set-asides and creating Offices of Mr. Glock correctly notes that
with policies that support faster growth and sta- in the tax code, he calls for bringing U.S. capital Small and Disadvantaged Business “white contractors often use minority
ble prices, so that real incomes rise. President back from China with the help of “strategic tax Utilization that pervade the federal ‘front companies’ to win contracts.”
Biden’s failure on that front is one of his chief abatements.” Mr. DeSantis’s program also adopts government to help minorities garner Often, however, this works the other
vulnerabilities. Donald Trump’s unjustified alarmism about “our government contracts. (A recent way. After they win the contract, the
Mr. DeSantis’s economic plan calls for “ambi- ever-increasing trade deficits.” The trade deficit court case Mr. Glock mentions didn’t minority or “set aside” firms hire
tious tax and regulatory reform,” including mak- with China has been falling. undo these efforts.) nonminority firms to complete the
ing permanent “full immediate expensing” for He promises to “create a fair labor market,” Third, the federal government is work because they have superior ex-
businesses. Ditto for today’s tax rates on per- including by “limiting unskilled immigration.” an affirmative-action employer and perience and expertise.
sonal income. The 2017 tax law’s provisions on But unemployment is at record lows in many has been since 1971, when the Civil JOE C. FREEMAN
both are scheduled to expire during the next states. In New Hampshire, it’s 1.8%. The problem Service Commission caved to pres- West Lake Hills, Texas
sure from the Equal Employment Op-
President’s term. at the moment is too many unfilled jobs. By the portunity Commission. As to minority set-asides in gov-
To his credit, Mr. DeSantis doesn’t fall for the way, immigrants were “the sole source of growth Fourth, in 1979, the Supreme Court ernment contracts, the disparate im-
Beltway fad of right-wing income redistribution in the U.S. working-age population in 2021 and upheld affirmative action in private- pact is on taxpayers. With our pro-
via the tax code, such as child tax credits. This 2022,” according to a recent study. Good luck sector employment. gressive income tax, that group is
would do nothing for growth and cost hundreds getting to 3% economic growth if the workforce Fifth, this past February the Biden becoming an oppressed minority.
of billions of dollars. Instead he says he’d sim- is shrinking. administration added another layer. GREGORY MARSHALL
plify the tax code further, while purging “K Sometimes Mr. DeSantis sounds like an opti- “Agency Equity Teams,” relying on Marietta, Ga.
Street carveouts and loopholes.” This is the right mistic believer in economic freedom, arguing
instinct, though we await specifics. that the way to produce broad prosperity is to
The agenda assails “profligate federal spend- get government out of the way. With the next
ing that has inflated prices and plunged our na- breath, he’s a Trumpian who wants industrial Ohio’s Sen. Brown Replies on Tin-Mill Tariffs
tion to the brink of insolvency.” It says Mr. De- policy, speaks ominously of “large corpora- The editorial board’s devotion to merce Department investigate and
Santis’s appointee to lead the Federal Reserve tions,” and pits the middle class against “elites.” fair economic competition apparently uncover illegal dumping of underval-
would “focus on maintaining a stable dollar in- The Governor is trying to advance conservative doesn’t extend to the steel industry, ued or subsidized products. The peo-
stead of the political pressures of the day.” Sta- policy while simultaneously appealing to Mr. which we know has been on the re- ple whose livelihoods hang in the bal-
ble money is essential to rising incomes, and Trump’s base. It’s the kind of fusionism that ceiving end of unfair trade practices ance of these investigations aren’t
GOP candidates should make it the basis for any would have taxed Robert Oppenheimer. by foreign competitors that consis- U.S. senators. They are the steelwork-
economic program. The best of Mr. DeSantis’s agenda highlights tently cheat our trade rules (“Tin-Foil ers Steubenville, Ohio, and Weirton,
Mr. DeSantis wants to “mandate work re- his appeal as a successful Governor who knows Logic for Tin-Mill Tariffs,” July 18). W.Va., and all American workers, who
quirements for welfare programs,” which is es- good policy and can deliver results. But to sell There is nothing political about should be able to compete on a level
pecially needed after the rolls multiplied during it he’ll have to focus more on growth than on our antidumping and countervailing- playing field.
duty laws. Nonpartisan economists, SEN. SHERROD BROWN (D., OHIO)
Covid. He’d also unleash U.S. energy production, grievance. He needs a vision for American re-
attorneys and analysts at the Com- Cleveland
as all the GOP candidates would. Education is an- newal that transcends Mr. Biden’s plans to use
other strong point, one that resonates with his big government for income redistribution and
record in Florida. The plan says he’d “support Mr. Trump’s desire to use it for political “retri-
school choice nationwide,” while focusing on vo- bution.” What made Florida’s economy great
How ‘DEI’ Is Used to Undermine Higher Ed
cational education and apprenticeships. wasn’t “strategic tax abatements.” As a retired California Community tem has lost the focus of what higher
Colleges (CCC) accounting professor, I education is supposed to provide. I
applaud the courage and integrity of hope Prof. Johnson’s bravery will mo-
Hunter Was Selling the Biden ‘Brand’ Prof. Daymon Johnson to stand
against the nonsensical regulations
tivate others to speak out and defend
academic integrity.

E
veryone knows Hunter Biden wasn’t sell- been intimidated to mess with Burisma legally” imposed on him promoting the politi- MARK J. FRONKE
cized diversity agenda (“‘Antiracists’ Long Beach, Calif.
ing his expertise in energy markets when because of the Biden connection, Mr. Comer vs. Academic Freedom,” Review &
he teamed up for lucrative gigs with en- says. Outlook, July 22). Campus activists who want to limit
ergy companies from Ukraine Mr. Archer also confirmed During my final years, it was sug- expression inconveniently face clear
and China. But then what was Devon Archer confirms that Burisma executives put gested that I lower my grading stan- university rules that protect aca-
he selling? The answer, as pro- that the President’s son verage heavy pressure on Hunter to le- dards from a traditional scale (90% = demic freedom. So they are working
vided Monday by Hunter’s for- his connections to han- A, 80% = B) to “promote equity” and to amend the rules to require em-
mer business partner Devon was influence-peddling. dle an investigation into the accommodate students who weren’t ployees to promote certain ideologi-
Archer, was the Biden “brand.” company by former Ukrainian prepared for the rigors of the course. cal principles. Then they claim that
Mr. Archer testified behind prosecutor Viktor Shokin. Joe My standard response was to suggest academic freedom can only be under-
closed doors to the House Oversight Committee, Biden has publicly taken credit for getting Mr. that the American Institute of Certi- stood in light of their new rules, and
fied Public Accountants and Califor- cite this new “understanding” to mar-
and we await the transcript to see his complete tes- Shokin fired—based on claims that the prosecutor
nia State Board of Accountancy aren’t ginalize dissenters like Prof. Johnson.
timony. But according to a summary released by investigating corruption was himself corrupt. likely to lower the standards required Cases like these also demonstrate
Oversight Chairman James Comer, Mr. Archer con- Mr. Comer says Mr. Archer also told the com- for licensure to “promote equity.” why state legislative efforts to limit
firmed that Hunter was promoting the Biden fam- mittee that Joe Biden attended other Hunter There were many other examples of the teaching of “divisive concepts”
ily name and the political access it implied. business meetings in person—in Beijing and in institutional efforts to support foolish are misguided. Such rules also limit
This is no great surprise given what we’ve al- Washington, D.C.—with Chinese and Russian notions of equity and inclusion that expression, abandon the best argu-
ready learned about Hunter Biden’s work with businesspeople. This runs against President Bi- clearly didn’t benefit student success. ments against campus activists, and
Burisma, the Ukrainian energy firm, and CEFC den’s claims that he never discussed those busi- Some were straightforwardly politi- alienate faculty who share concerns
China Energy. Mr. Archer told the committee ness dealings with his son. cal, such as encouraging faculty and about the politicization of higher ed-
that Hunter put his father, then serving as Vice Dan Goldman, a Democrat who heard the tes- staff to sign a statement supporting ucation. Organizations such as Het-
President, on speakerphone during business timony, says Mr. Archer told the committee that the Black Lives Matter movement. erodox Academy and FIRE, which
Now, it seems, the entire CCC sys- connect and support ideologically di-
meetings more than 20 times, in order to sell the Bidens never discussed business on those
verse faculty committed to fostering
“the brand.” calls, so the testimony was much ado about a culture of open expression and in-
Mr. Archer believed scandal-plagued “Bu- nothing. But it’s highly unlikely that Hunter Legacy Admissions Serve a quiry, have a better model for coun-
risma would have gone out of business if ‘the wanted to talk with his father about the weather. tering illiberal campus trends.
brand’ had not been attached to it,” according He knew what he was selling, and we’ll see what Purpose Worth Promoting PROF. KEITH J. HAND
to Mr. Comer’s account. “People would have else we learn as the House keeps looking. Darcy Stamler (Letters, July 27) University of California Law, San Francisco
asks whether, in light of taxpayer-
funded support of private universities,
The Yellow Road to Bankruptcy their legacy admissions are “any easier
to defend.” The answer is yes, on
We’re Still Backed Up on TV

W
In “The Talent Strikes Back” (Dec-
grounds of history and the need to
hen struggling Yellow Corp. sought billions of taxpayer dollars and enormous dis- larations, July 22), Peggy Noonan
maintain cultural diversity. Institutions
financial concessions from its union cretion to hand them out, it is understandably such as Princeton retain at their core
quotes an unnamed studio executive
employees this year, Teamsters Pres- difficult for the Executive Branch to resist the who states, “The endgame is to allow
an older elite culture, which is a part
ident Sean O’Brien refused and urge to do so.” things to drag on until union mem-
of the founding heritage of this coun-
tweeted the image of a grave- High labor and debt Members of Congress who try, while at the same time creating
bers start losing their apartments and
stone in a cemetery with “Yel- lobbied for the loan worried losing their houses.” The guy must be
costs bring down the opportunities for the children of more
a real jerk. Another factor not in the
low” on it. Congratulations, that a Yellow bankruptcy recent arrivals to partake of this cul-
union’s favor is the high inventory of
Mr. O’Brien. The trucking firm venerable trucking firm. would accelerate a death spi- ture and thereby to experience social
shows. My wife and I still have two
said Sunday it is preparing to ral at the Teamsters’ Central mobility. (The education also helps.)
years’ worth of “Succession” to catch
file for bankruptcy, and some States multi-employer pen- Legacy admissions help maintain
up on, as well as a number of great
22,000 Teamsters could lose their jobs. sion fund. Yellow is one of the biggest employ- the original line of culture and permit
shows out there our friends have
alumni who have benefited from so-
The 99-year-old Yellow was the country’s ers in the plan. urged us to watch. It could be a cou-
cial mobility to pass on their legacy of
third largest less-than-truckload carrier, com- After Yellow secured the Treasury loan, the achievement to their progeny. There
ple of years before we would notice a
bining shipments from multiple customers on Teamsters blocked company efforts to reduce lack of entertainment opportunities.
is nothing wrong with tax dollars con-
a single trailer. Trucking competition heated up labor costs. As trucking volumes fell this year, I feel sorry for SAG-Aftra members.
tributing to this worthy project.
after Congress deregulated the industry in Yellow struggled to pay its health and pension They could be in for a long strike.
EM. PROF. ALBION M. URDANK
1980. Yet Yellow’s labor agreements with the obligations. It also has $1.75 billion in debt ma- RICH STANKO
University of California, Los Angeles
Omaha, Neb.
Teamsters have made it less competitive with turing over the next year and a half that would
non-union rivals. be difficult to refinance amid tighter credit con-
During the early 2000s, Yellow took advan- ditions. When the Teamsters threatened to Who Escapes Punishment?
tage of cheap financing to acquire competitors. strike in mid-July, Yellow customers bolted. Its Collier Gwin (“I Lost My Temper.
Pepper ...
But a heavy debt load nearly drove it bankrupt finances then rapidly deteriorated, and bank- San Francisco Has Lost Its Mind,” op- And Salt
during the 2008 financial panic. Creditors ex- ruptcy is the result. ed, July 20) is learning that the only
THE WALL STREET JOURNAL
changed debt for equity, but Yellow’s hefty la- Mr. O’Brien may have belatedly realized he way a civilized society’s laws work is
bor costs continued to drag it down. Losses overplayed his hand. Yellow’s troubles may if they are respected by the people.
mounted. Yellow restructured again in 2019 have played a role in his decision last week to We now seem to punish those who
with the help of a $600 million loan. cut a new deal to avoid a strike at United Parcel respect law and order, because they
are willing to be subjected to the law,
Then the pandemic hit. Yellow’s speculative Service. Despite Yellow’s failure, the Teamsters
while those with no respect for the
credit rating prevented it from tapping the Fed- pensions are secure thanks to the Biden Admin- law are permitted to flout it without
eral Reserve’s corporate credit facilities. Lob- istration’s $36 billion bailout last year of the consequences.
bied by Congress, the Trump Administration ex- Central States fund. One question is whether PAUL CRAVEN
tended Yellow a low-cost $700 million “national the pension rescue encouraged the Teamsters Greer, S.C.
security loan” to make pension and healthcare to give no quarter to Yellow.
payments and capital investments. The trucking firm’s collapse is another re-
Letters intended for publication should
Democrats now criticize the Trump Adminis- minder that mergers aren’t always successful, be emailed to wsj.ltrs@wsj.com. Please
tration for misusing the Cares Act’s national-se- especially those that pile up debt. While the include your city, state and telephone
curity loan program. But as a Congressional Fed’s normalizing of monetary policy may con- number. All letters are subject to
Oversight Commission report noted in June, tribute to corporate casualties, it will also steer editing, and unpublished letters cannot “Somehow I missed the orgy
be acknowledged.
“whenever Congress gives the Executive Branch investment to better-managed businesses. of reckless consumption.”

THE WALL STREET JOURNAL.
Climate Change Hasn’t Set the World on Fire
By Bjorn Lomborg
O
ne of the most common
tropes in our increasingly
alarmist climate debate is
that global warming has
set the world on fire. But
it hasn’t. For more than two decades,
satellites have recorded fires across
the planet’s surface. The data are un-
equivocal: Since the early 2000s,
when 3% of the world’s land caught
fire, the area burned annually has
trended downward.
In 2022, the last year for which
there are complete data, the world
hit a new record-low of 2.2% burned
area. Yet you’ll struggle to find that
reported anywhere.
It turns out the percentage
of the globe that burns
each year has been
declining since 2001.
Instead, the media acts as if the
world is ablaze. In late 2021, the
New York Times employed more
than 40 staff on a project called
“Postcards from a World on Fire,”
headed by a photorealistic animation
of the world in flames. Its explicit
goal was to convince readers of the
climate crisis’ immediacy through a
series of stories of climate-change-
related devastation across the world,
including the 2019-20 wildfires in
Australia.
This summer, the focus has been
Alabama’s New Congressional Map Fits the Justices’ Ruling
By Ilya Shapiro
T
he legal left recently took a
break from assailing the Su-
preme Court’s integrity to
defend its honor. After the high
court invalidated Alabama’s con-
gressional map, lawmakers re-
sponded by drawing a new one that
doesn’t include two majority-black
districts, but instead reduces the
black majority in one district a few
points and expands the minority in
another to about 40%. The media
talking point is that the state is
“defying” the justices.
This charge is a case of gaslight-
ing. It is also a remarkable act of
projection, because the challengers
to Alabama’s new map are asking a
federal district court to defy the
justices by ordering racially pro-
portionate redistricting, which the
Supreme Court rejected.
Allen v. Milligan, which the high
court decided June 8, wasn’t a
complete triumph for bright-line
rules in redistricting, but it did
bring clarity to a notoriously mud-
dled area of law. A key problem
here is that the 14th Amendment’s
Equal Protection Clause frowns on
treating people differently based on
By Blake Hurst
‘B
idenomics” will take us
back to the future, to hear
White House national secu-
rity adviser Jake Sullivan tell it. In
an April speech at the Brookings In-
stitution, Mr. Sullivan heralded a
“new Washington consensus” based
on a robust “vision of public invest-
ment” that rejects the mistaken be-
lief that markets always allocate
capital efficiently.
Much of the public investment
that Mr. Sullivan fondly recalls from
America’s “postwar years” ended up
in agriculture. Given the administra-
tion’s interest in reviving that tradi-
tion, a recap of farm policy as I’ve
experienced it over the past 50 years
might be helpful.
I was in high school in 1973 when
President Richard Nixon embargoed
soybean exports to slow the increase
in food prices. Seven years later, I
had just begun to farm when Presi-
dent Jimmy Carter embargoed grain
exports to the Soviet Union to pro-
test its invasion of Afghanistan.
President Ronald Reagan lifted that
embargo but was faced with the con-
sequences of a farm policy that for
many years had held the price of
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on Canada’s wildfires, the smoke
from which covered large parts of
the Northeastern U.S. Both the Cana-
dian prime minister and the White
House have blamed climate change.
Yet the latest report by the United
Nations’ climate panel doesn’t attri-
bute the area burned globally by
wildfires to climate change. Instead,
it vaguely suggests the weather con-
ditions that promote wildfires are be-
coming more common in some
places. Still, the report finds that the
change in these weather conditions
won’t be detectable above the natural
noise even by the end of the century.
The Biden administration and the
Times can paint a convincing picture
of a fiery climate apocalypse because
they selectively focus on the parts of
the world that are on fire, not the
much larger area where fires are less
prevalent.
Take the Canadian wildfires this
summer. While the complete data
aren’t in for 2023, global tracking up
to July 29 by the Global Wildfire In-
formation System shows that more
land has burned in the Americas than
usual. But much of the rest of the
world has seen lower burning—Af-
rica and especially Europe. Globally,
the GWIS shows that burned area is
slightly below the average between
2012 and 2022, a period that already
saw some of the lowest rates of
burned area.
The thick smoke from the Cana-
dian fires that blanketed New York
City and elsewhere was serious but
only part of the story. Across the
world, fewer acres burning each year
has led to overall lower levels of
race—see Students for Fair Admis-
sions v. Harvard—while Section 2
of the Voting Rights Act sometimes
requires consideration of race, spe-
cifically to enable minority voters
the ability to elect “candidates of
their choice.” These competing re-
quirements often put states in a
position where they risk being sued
for using race both too much and
not enough, often at the same time.
It’s the plaintiffs who are
defiant. The court never
ordered the creation of a
second black district.
Importantly, everyone agrees
that there is no Section 2 violation
merely because a districting map
doesn’t reflect the state’s racial de-
mographics. Section 2 would vio-
late the Constitution if applied that
way, as Justice Brett Kavanaugh re-
inforced in his concurring opinion.
The majority, in an opinion by
Chief Justice John Roberts, agreed
with Alabama that Section 2 “never
require[s] adoption of districts that
I Wouldn’t Bet the Farm on ‘Bidenomics’
grain above market-clearing levels.
The resulting surpluses meant
countless plywood bunkers full of
rotting corn across the Midwest. We
solved that problem in 1983, when
Uncle Sam paid us to leave as much
as 50% of our land idle in the infa-
mous payment-in-kind program.
Farm policy was a mess; we farmers
went fishing.
That mess also was evident in
how the government ran farm pol-
icy elsewhere. Beginning with the
Great Depression, Washington paid
farmers not to sit idle but to farm
crops that were already in excess.
The government doled out subsidies
for crops commensurate with their
acreage base—the historical average
of land planted for each crop. Even
though prices at the grain elevator
and in the futures market were tell-
ing us to stop farming certain
crops, no one dared heed the num-
bers for fear of losing handouts. We
therefore continued to plant exactly
as much corn as we had the year
before.
As we say in Missouri, that was
crazy as a bedbug. No matter how
much our families valued hard work
and thrift, we always passed down
the imperative of “protecting your
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OPINION
Global burned area 2001-22
3.2 %
3.0
2.8
2.6
2.4
2.2
2.0
2001 '05 '10
Source: NASA
smoke, which today likely prevents
almost 100,000 infant deaths annu-
ally, according to a recent study by
researchers at Stanford and Stock-
holm University.
Likewise, while Australia’s wild-
fires in 2019-20 earned media head-
lines such as “Apocalypse Now” and
“Australia Burns,” the satellite data
shows this was a selective narrative.
The burning was extraordinary in
two states but extraordinarily small
in the rest of the country. Since the
early 2000s, when 8% of Australia
caught fire, the area of the country
torched each year has declined. The
2019-20 fires scorched 4% of Austra-
lian land, and this year the burned
area will likely be even less.
That didn’t stop the media from
cherry-picking. They ran with a
study from the World Wildlife Fund
that found the 2019-20 fires im-
pacted—meaning took habitat or
food from, subjected to heat stress,
killed, or injured, among other
things—three billion animals. But
violate traditional redistricting
principles.”
The chief justice further ex-
plained that this “exacting” princi-
ple requires Section 2 plaintiffs to
show that the map they are chal-
lenging has produced discrimina-
tory effects “on account of race”
rather than on account of legiti-
mate principles like drawing com-
pact districts and keeping together
“communities of interest.” To do
this, they must produce an alterna-
tive map that includes an addi-
tional majority-minority district
while also following the traditional
principles at least as well as the
challenged map does.
As the court explained, “devia-
tion from” such a map “shows it is
possible that the State’s map has a
disparate effect on account of race”
(emphasis in original). But a state
doesn’t have to split more county
lines or racially gerrymander cities,
for instance, even if declining to do
so makes it harder for candidates
favored by minorities to win.
The plaintiffs in Allen convinced
the justices that their challenge to
Alabama’s previous map was likely
to succeed because they produced
an alternative map that the court
base.” Washington’s industrial policy
aided that ethic and thankfully was
amended when Congress passed the
Freedom to Farm Act in 1996.
Two years earlier, Congress re-
formed the crop-insurance program.
It did so by increasing subsidies in
the hope that insurance would help
prevent future ad hoc disaster pro-
grams and that subsidized insurance
I’ve spent half a century
in agriculture, and I’ve
seen the benefits of respect
for the free market.
would help support farm incomes
without distorting markets. That
hasn’t always been successful—gov-
ernment is prone to a special kind of
generosity when droughts and floods
come in even-numbered years—but
crop insurance has become the ma-
jor financial support the federal gov-
ernment offers farmers.
In January 1994, the North Ameri-
can Free Trade Agreement went into
effect, followed by other trade pacts,
Notable & Quotable: CNN and ‘the Big Lie’
Judge Raag Singhal ordering the
dismissal of a defamation claim in
Trump v. CNN, July 29 (citations
omitted):
[Donald] Trump alleges that “the
Big Lie” refers to a Nazi “propaganda
campaign to justify Jewish persecu-
tion and genocide.” Like Trump and
CNN personalities Ashleigh Banfield
and Paul Steinhauser, the Court finds
Nazi references in the political dis-
course (made by whichever “side”) to
be odious and repugnant. But bad
rhetoric is not defamation when it
does not include false statements of
fact. CNN’s use of the phrase “the Big
"World on fire"
'15 '20
this study looked mostly at the two
states with the highest burning, not
the rest of Australia. Nationally,
wildfires likely killed or harmed six
billion animals in 2019-20. That’s
near a record low; in the early 2000s
fires harmed or killed 13 billion ani-
mals annually.
It’s embarrassingly wrong to
claim, as climate scientist Michael
Mann did recently, that climate pol-
icy is the “only way” to reduce fires.
Prescribed burning, improved zoning
and enhanced land management are
much faster, more effective and
cheaper solutions for fires than cli-
mate policy. Environmental Protec-
tion Agency modeling showed that
even with a drastic reduction in
emissions it would take 50 to 80
years before we’d see a small impact
in the area burned in the U.S.
In the case of American fires,
most of the problem is bad land
management. A century of fire sup-
pression has left more fuel for stron-
ger fires. Even so, last year U.S. fires
found to match that map on tradi-
tional principles while increasing
black representation. When the
state argued that the alternative
map broke up the Gulf Coast re-
gion, the plaintiffs responded that
they instead kept together a differ-
ent community, known as the Black
Belt. The “heart of their case” was
that the Legislature’s original map
discriminated by prioritizing ma-
jority-white Gulf counties while
breaking up the majority-black
counties in the Black Belt. The Su-
preme Court accepted that argu-
ment, finding that because both
maps were equivalent on tradi-
tional principles, the challengers
had met their burden in raising
Section 2 suspicions.
The Legislature went back to the
drawing board with that guidance.
Its new map answers the plaintiffs’
call to unite the Black Belt but also
keeps the Gulf region together. It is
thus superior to both of the dueling
maps the Supreme Court consid-
ered, each of which broke up one
community of interest. By respect-
ing neutral principles, the new map
produces districts that are fairer,
more sensible and more competi-
tive than they’ve been in decades.
which significantly increased com-
mercial opportunities for American
farmers. Those arrangements have
borne great fruit: U.S. agriculture ex-
ports stood at $196 billion in 2022,
up from $62.8 billion in 1997.
In his Brookings speech, Mr. Sulli-
van lamented that this era of policy
“championed tax cutting and deregu-
lation, privatization over public ac-
tion, and trade liberalization as an
end in itself.” Yet farm policy during
this time moved haltingly toward
letting farmers plant in response to
market signals, and the results were
quite positive. The changes ended
the half-century-long policy of pay-
ing farmers to store government-
created surpluses of grain and led to
a massive increase in exports. We’ve
hardly seen a return to the free mar-
ket in agriculture, but attention to
the market has led to a globally
competitive and productive agricul-
tural sector.
Government investment in agri-
culture has invariably had unin-
tended consequences. Critics say
federal programs often subsidize
successful farmers at the expense of
taxpayers. Supporters say the pro-
grams have saved family farmers,
Lie” in connection with Trump’s elec-
tion challenges does not give rise to
a plausible inference that Trump ad-
vocates the persecution and genocide
of Jews or any other group of people.
. . . And even if the phrase “the Big
Lie” could somehow plausibly compel
a reasonable viewer to perceive
Trump as “Hitler-like,” or “authori-
tarian”, such terms are not state-
ments of fact subject to defamation
laws “because of the tremendous im-
precision of the meaning and usage
of such terms in the realm of political
debate. . . .” A connotation or impli-
cation is only actionable if it is “prov-
ably false.” Being “Hitler-like” is not
.
Tuesday, August 1, 2023 | A15
burned less than one-fifth of the av-
erage burn in the 1930s and likely
only one-tenth of what caught fire in
the early 20th century.
When reading headlines about
fires, remember the other climate
scare tactics that proved duds. Polar
bears were once the poster cubs for
climate action, yet are now estimated
to be more populous than at any
time in the past half-century. We
were told climate change would pro-
duce more hurricanes, yet satellite
data shows that the number of hurri-
canes globally since 1980 has trended
slightly downward.
Global warming is a real chal-
lenge. Over the next century the
costs associated will be the equiva-
lent of one or two recessions. The
common-sense response would be to
recognize that both climate change
and carbon-cutting policies incur
costs, then negotiate a balance that
puts the most effective measures
first.
Surveys repeatedly show that
most voters are unwilling to support
the very expensive climate policies
activists and green politicians have
proposed. Overheated headlines
about climate Armageddon are an at-
tempt to scare us into supporting
them anyway, at the cost of sensible
discussion and debate.
Mr. Lomborg is president of the
Copenhagen Consensus, a visiting fel-
low at Stanford University’s Hoover
Institution and author of “False
Alarm: How Climate Change Panic
Costs Us Trillions, Hurts the Poor,
and Fails to Fix the Planet.”
That satisfies both the Voting
Rights Act and Constitution, even if
it doesn’t satisfy Democrats.
The challengers’ only retort, am-
plified by media commentary, is to
demand racial spoils in redistrict-
ing. Unlike in 2021, and despite the
Supreme Court’s guidance, they no
longer try to show that there are
alternatives to the 2023 map that
match it on traditional principles
while creating an additional major-
ity-minority district. Instead, they
demand precisely what the court
made clear Section 2 “never re-
quires”—“adoption of districts that
violate redistricting principles.”
In short, contrary to the media’s
prevailing narrative, it is those who
oppose the Alabama Legislature’s
new maps who are defying the Su-
preme Court.
Mr. Shapiro is director of consti-
tutional studies at the Manhattan
Institute and author of “Supreme
Disorder: Judicial Nominations and
the Politics of America’s Highest
Court.” He writes the Shapiro’s
Gavel Substack newsletter.
Gerard Baker is away.
protecting hardworking people who
wouldn’t have survived without gov-
ernment help. Economists have
found that the excess profits that
come from farm programs are bid
into land prices, artificially inflating
them and thus favoring established
farmers over new entrants. Some ob-
servers complain that certain agri-
cultural policies, like ethanol man-
dates, encourage demand, while
others, like subsidized crop insur-
ance, increase supply.
The architects of government
farm programs believed their efforts
were necessary for the common
good. The policy mishmash they pro-
duced reveals how difficult it is both
to define the common good and craft
policies that foster it.
The recent past hasn’t been a tri-
umph of free markets, but neither
was the era of public investment for
which Mr. Sullivan yearns. One thing
is certain: The experiences of farm-
ers like me have been vastly im-
proved by respecting how markets
allocate capital in a productive and
efficient manner.
Mr. Hurst is a corn, soybean and
greenhouse farmer.
a verifiable statement of fact that
would support a defamation claim.
Trump argues that a motion to
dismiss is not the proper avenue for
evaluating the defamatory nature of
CNN’s comments. The Court dis-
agrees. “Whether the defendant’s
statements constitute defamation . . .
is a question of law for the court to
determine.” “Whether the publication
is defamatory becomes an issue of
fact for the jury only where the publi-
cation is susceptible of two reason-
able interpretations, one of which is
defamatory.” CNN’s statements while
repugnant, were not, as a matter of
law, defamatory.

A16 | Tuesday, August 1, 2023
Coup Leaders in Niger Detain Ministers
Arrests could impede
diplomacy by African
and Western nations
to resolve the crisis
BY BENOIT FAUCON
AND GABRIELE STEINHAUSER
Coup leaders in Niger on
Monday arrested several min-
isters and senior members of
the party of detained President
Mohamed Bazoum, dealing a
blow to efforts by African na-
tions to find a diplomatic solu-
tion to the crisis that has
shaken one of the U.S.’s main
counterterrorism allies as Rus-
sia’s African allies declared
their support for the junta.
Among those arrested were
oil minister Mahamane Sani
Mahamadou—the son of Ba-
zoum’s predecessor, Mahama-
dou Issoufou—and Mining Min-
ister Ousseini Hadizatou, as
well as Foumakoye Gado, presi-
dent of the executive commit-
tee of the Nigerien Party for
Democracy and Socialism, said
people familiar with the arrests.
The country’s interior, defense
Israel’s Arab Citizens Stay on Sidelines Muslim Nations Seek
Of Protests Against Judicial Overhaul Quran-Burning Ban
BY DOV LIEBER
AND ARI FLANZRAICH
TEL AVIV—Hundreds of
thousands of Israelis for
months have been taking to the
streets against Prime Minister
Benjamin Netanyahu’s divisive
plans to curb the powers of the
country’s Supreme Court.
Some call it a struggle for
the Jewish state’s soul, cast-
ing the battle in almost cos-
mological terms as they fight
to preserve what they say is
the only brake against an au-
thoritarian government.
The country’s two million
Arab citizens—more than a
fifth of the population—have
largely kept out of it.
At first glance, their absence
is curious. The Supreme Court
has been one of the strongest
defenders of Arab civil rights.
The government’s plan to limit
the power of the court and
hand more control to elected
officials could arguably hurt Is-
TILES TO GO BEFORE SHE SLEEPS: Louise Brewis cleans the Minton floor at St. George’s Hall in Liverpool, England, before it goes on public display this summer for the first time in four
years. The handcrafted Victorian mosaic of 30,000 Minton tiles was laid in 1852 but has been hidden under a wood floor to preserve it against damage from use during events.
PAKISTAN
Islamic State Claims
Deadly Bombing
Islamic State on Monday
claimed responsibility for a
suicide bombing in Pakistan
that killed at least 54 people
including five children at a
pro-Taliban cleric’s rally in one
of the worst attacks in the
country in recent years.
The Islamic State in Khor-
asan Province made the claim
on its Amaq website. It said
the Sunday attack was part
of the group’s continuing war
against forms of democracy
it deems to be against Islam.
Supporters of Niger’s junta rallied Sunday outside the National Assembly in Niamey, the capital.
and transport ministers were
arrested last week, they said.
“The aim of the arrests was
to decapitate the [NPDS] to
avoid the organization of mass
protests,” said a senior member
of Bazoum’s party. “They also
want to use them as hostages in
rael’s minorities the most, legal
experts say, by paving the way
for legislation aimed at disen-
franchising Arab citizens.
Israel’s Arabs, though, say
that they have long felt alien-
ated from the state and that
the debates about the future
of the Jewish people don’t
have much to do with their
day-to-day problems, such as
crime and unemployment.
Many say they already feel like
second-class citizens. “Arabs
don’t participate because they
don’t feel a part of the state,
but more like an appendage,”
said Abed Kaboub, a 41-year-
old lawyer from the mixed
Arab-Jewish city of Jaffa.
Netanyahu’s government
says the overhaul is needed to
recalibrate a judicial system
that grabbed too much power
and leans too far to the left.
Protesters often speak of
equality for all, including the
country’s Arab population. But
they also play heavily off Zion-
Hours earlier, hundreds of
mourners in the northwest-
ern town of Bajur carried cas-
kets draped in colorful cloths
to burial sites following the
attack at an election rally for
a pro-Taliban cleric.
Officials said the bombing
also wounded nearly 200.
The attack appeared to re-
flect divisions between Islamist
groups, which have a strong
presence in the district in Khy-
ber Pakhtunkhwa province that
borders Afghanistan. It tar-
geted the Jamiat Ulema Islam
party, which has ties to the Af-
ghan and Pakistani Taliban.
—Associated Press
WORLD NEWS
case of military intervention.”
The arrests are bound to
complicate efforts by the Afri-
can leaders—supported by
Washington and Niger’s for-
mer colonial power France—to
restore Bazoum to power. At
stake is how much the U.S. can
ist ideals, portraying Israel as
the homeland for the Jewish
people.
Many Arab citizens argue
that the demonstrators’ chants
of democracy ring hollow be-
cause they don’t address Is-
rael’s occupation in the West
Bank, where two million Pales-
tinians live under a mix of Is-
raeli military rule and the fal-
tering Palestinian Authority.
The weekly demonstra-
tions, which have taken place
for 30 weeks straight, attract
a small crowd of anti-occupa-
tion protesters who wave Pal-
estinian flags. The National
Protest Movement, an um-
brella organization for many
of the groups that have dem-
onstrated nationwide, said:
“By recognizing the unique
challenges faced by different
communities and valuing di-
verse perspectives, we strive
to build bridges of trust and
solidarity.”
The lack of participation in
WORLDWATCH
LEBANON
Death Toll Hits 9
In Clashes at Camp
The death toll rose to nine
Monday in three days of
clashes between Palestinian
factions at a refugee camp in
Lebanon that have pitted
members of Palestinian Pres-
ident Mahmoud Abbas’ Fatah
party against Islamist groups.
A Lebanese lawmaker an-
nounced a cease-fire agree-
ment late Monday but some
gunfire continued afterward,
and earlier efforts to broker a
truce failed to stop the
shooting and shelling through
* * THE WALL STREET JOURNAL.
Were the State Department to
determine a coup successfully
took place, U.S. laws would re-
strict American defense aid to
Niger. The U.S. has spent more
than $500 million equipping
and training Niger’s military
since 2012. The country hosts
American commandos who have
advised Nigerien special forces
during combat missions against
local affiliates of al Qaeda and
Islamic State. About 1,100 U.S.
troops are stationed in Niger.
Neighboring Nigeria and
AGENCE FRANCE-PRESSE/GETTY IMAGES
other West African countries
are considering using military
force to return the president to
power. A senior State Depart-
ment official declined to say
whether the U.S. supports an
intervention, saying it is a
tricky question in part because
an attack on Niger’s presidential
guard could endanger Bazoum.
At an emergency summit
continue its military involve- on Sunday, leaders from the
ment in Niger, a key American Economic Community of West
hub for counterterrorism op- African States said they would
erations and drone flights be- give Niger’s military junta,
tween Libya, Mali and Nigeria. which is led by Gen. Omar
On Monday, the State De- Tchiani, the head of the presi-
partment said it didn’t believe dential guards, one week to
the coup had succeeded yet. back down. Failing that, the
BY SUNE ENGEL RASMUSSEN
AND HUMZA JILANI
the protest movement follows
a longstanding policy of some LONDON—The world’s larg-
Arab citizens of Israel to boy- est grouping of Muslim na-
cott the political process, part tions demanded that Sweden
of an antipathy to the idea of and Denmark ban desecrations
a Jewish state. Historically, of the Quran, the latest stage
Arab citizens have voted at a in what is turning out to be a
much lower rate in national clash between the Scandina-
elections than Jewish Israelis. vian countries’ free-speech
Other Arab citizens say the principles and the West’s abil-
protests don’t address their ity to build a broader coalition
specific concerns, including to counter Russian aggression
high levels of poverty and after its invasion of Ukraine.
crime in Arab towns. At an extraordinary summit,
Israel’s Supreme Court has held virtually, the 57 members
struck down laws aimed at of the Organization of Islamic
limiting the rights of Palestin- Cooperation said recent burn-
ians and Arab citizens. Still, ings of the Quran in Scandina-
groups fighting for equal via represent a “culture of ha-
rights for Arab citizens say tred and racism, and a
they have lost the majority of manifestation of Islamopho-
cases brought before the bia.” While the group stopped
court. This includes a law to short of calling for a boycott of
effectively allow small Jewish Danish and Swedish goods, the
communities in areas with OIC demanded the “criminal-
large Arab populations to ban ization of such extremist pro-
Arabs from moving in, on the vocative acts.”
basis of preserving shared A wave of demonstrations
communal values. has seen protesters in Den-
the narrow streets of the Ein UNITED KINGDOM
el-Hilweh camp in southern
Lebanon.
North Sea Energy
The violence began Satur- Leases Expanded
day when an unknown gun- Britain said it would grant
man tried to kill Palestinian hundreds of new oil-and-gas li-
militant Mahmoud Khalil but censes in the North Sea in a
instead fatally shot his com- bid for energy independence,
panion. Full-blown clashes ignoring calls from environ-
erupted Sunday when Islamic mental campaigners and the
militants shot and killed a United Nations to stop the de-
Palestinian military general velopment of new fossil-fuel
from the Fatah group, Abu projects.
Ashraf al Armoushi, and The plans announced Mon-
three escorts as they were day by Prime Minister Rishi
walking through a parking Sunak include a pledge to in-
lot, according to a Palestinian vest £20 billion pounds ($25.7
official. billion) in carbon capture and
—Associated Press storage projects as Sunak
.
leaders of the group, known as
Ecowas, said they would take
more forceful measures to re-
turn Bazoum to power.
The West African leaders
also announced painful finan-
cial and trade sanctions, includ-
ing the suspension of the sale of
electricity and fuel to Niger.
But the bloc’s decision is
facing opposition from other
military leaders in the region
who also came to power
through coups and are siding
with Russia. In a joint state-
ment late Monday, Burkina
Faso and Mali said they sup-
port the Niger junta. They
said they would assist the
coup plotters in Niamey, the
capital, if they are attacked.
“Any military intervention
against Niger will be consid-
ered as a declaration of war
against Burkina Faso and
Mali,” said in the statement.
On Saturday, the European
Union and France said they
had suspended financial sup-
port for Niger’s government.
Kremlin spokesman Dmitry
Peskov on Monday called for
“the rapid restoration of the
rule of law in the country.”
mark and Sweden burn copies
of the Quran outside the em-
bassies of Muslim nations in
recent days. The protests have
been sparsely attended. In
Sweden, several of the demon-
strations were staged by an
Iraqi refugee who had his ap-
plication for residency denied.
But they have provoked uproar
in parts of the Islamic world,
opening a crack between the
West and influential Muslim
nations as Europe and the U.S.
look to build a wider alliance
to minimize Russia’s influence.
The incidents have
prompted Stockholm and Co-
penhagen, both of which pride
themselves on free speech as
well as religious tolerance, to
say they would examine ways
to ban Quran desecrations.
Both countries outlaw hate
speech against specific indi-
viduals and groups but con-
sider Quran burnings to be le-
gal criticism of religion,
though they have been at
pains to distance themselves
from the desecrations.
PETER BYRNE/PA WIRE/ZUMA PRESS
maintained the government’s
commitment to eliminate net-
carbon emissions by 2050.
Sunak said Britain would
still need fossil fuels even af-
ter the country reaches its
net-zero target. He said it
was better to produce oil and
natural gas at home rather
than rely on foreign leaders.
U.N. scientists and environ-
mental campaigners are call-
ing on governments to accel-
erate the transition away
from fossil fuels after a sum-
mer of record temperatures,
drought and floods linked to
man-made climate change.
—Associated Press
 BUSINESS & FINANCE
.

© 2023 Dow Jones & Company. All Rights Reserved. * * * * * THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | B1
S&P 4588.96 À 0.15% S&P FIN À 0.44% S&P IT À 0.13% DJ TRANS g 0.47% WSJ $ IDX À 0.14% 2–YR. TREAS. yield 4.874% NIKKEI (Midday) 33418.53 À 0.74% See more at WSJ.com/Markets

Property Deals Trip Up CrowdStreet CVS

To Shed July, the newly named chief re-
Company raised $4
billion by promising
big returns, but some
structuring officer of the proj-
ects alleged that the buildings
were never purchased and all
deals went bust
but $127,000 of the investor
money was transferred to other
accounts, including some be-
BY SHANE SHIFFLETT
AND BEN FOLDY
longing to Nightingale’s chief
executive officer.
CrowdStreet promoted the
One of the biggest platforms Nightingale offerings despite
that promised to give small in- several potential red flags. The
vestors access to major real-es- developer omitted results from
tate projects missed red flags two bad deals from the track
and funneled cash into firms record shown to investors. An
that fabricated their past. Now arbitration clause in the deals’
it is facing deals gone bust operating agreements stipu-
where $63 million of customer lated that disputes would be
cash has gone missing. settled by a rabbinical court.
CrowdStreet raised $4 bil- A lawyer for Nightingale and
lion for property developers by its CEO, Elie Schwartz, declined
touting big returns, but many to comment. CrowdStreet Chief
deals fell short. Executive Tore Steen, who the
The deals that went bust in- company said Monday it was
volved a real-estate developer replacing, declined last week to
called Nightingale Properties, answer whether his company
which raised money to buy of- bore any responsibility for the
fice buildings in Atlanta and missing money, saying, “Crowd-
Miami. In a bankruptcy filing in Street did not commit the fraud
Annual amount raised in
completed deals featured on
CrowdStreet’s marketplace
$250million
200
150
100
50
$175,000
0 deals that were aborted or still
2015 ’17
*As of July 7
Source: Wall Street Journal
analysis of CrowdStreet data
here.” Steen’s departure was
earlier reported by The Re-
alDeal.
CrowdStreet is one of the
largest of several platforms that
enable small investors to band
together to buy office buildings,
hotels and other types of com-
mercial real estate. Developers
made pitches to investors in
webcasts, while a CrowdStreet
representative stepped in to an-
nounce when the “Invest Now
button” had been activated.
Developers pay fees to ad-
vertise their deals, and inves-
tors can buy slivers of equity
for as little as $25,000. Spon-
sors of more than 770 deals
have raised more than $4 bil-
lion on the platform. A Wall
Street Journal review of 104
completed deals and other
’19 ’21 ’23* in process found that many
failed to meet returns sug-
gested in sales pitches. When
developers fell short of funds,
they asked investors to pony up
more cash or risk losing their
investments.
CrowdStreet also helped
raise cash for a firm that lied
about its track record to inves-
tors, according to the Securities
and Exchange Commission and
Justice Department, and whose
chief executive was later sen-
tenced to prison for fraud for
the fundraising.
The Journal analyzed data
on expected and realized re-
turns of 104 completed deals
from the sale of property or in-
vestor redemptions, which the
company posted from 2013 to
August 2022.
The Journal analysis found
that more than half of those in-
vestments promoted on Crowd-
Street’s platform failed to meet
their target returns. Hundreds
of CrowdStreet users lost some
$34 million on 19 deals that un-
derperformed as of this July,
according to the analysis. A
dozen of those deals lost nearly
100% of investor funds.
CrowdStreet also hosted suc-
cessful deals. More than 20
deals outperformed projected
return rates by at least 10 per-
centage points. Hundreds of
others are still outstanding. It
Please turn to page B2
5,000 Jobs,
Acts to Cut
Other Costs
BY NGAI YEUNG
CVS Health said it is shed-
ding about 5,000 jobs to help
reduce costs as the retail
pharmacy giant sharpens its
focus on healthcare services.
The healthcare giant on
Monday said that the jobs af-
fected are primarily corporate
positions. CVS said it doesn’t
expect customer-oriented
roles in stores, pharmacies
and clinics will be affected in
the layoff plan.
Chief Executive Karen
Lynch said the changes would
enable CVS to “be at the fore-
front of a once-in-a-generation
transformation in health care,”

Solar-Panel Maker Hits Subsidies Jackpot

according to a staff memo re-
viewed by The Wall Street
Journal.
The company is cutting
down on travel expenses and
BY PHRED DVORAK its use of consultants and ven-
dors, the memo said. It is also
Of all the beneficiaries of stopping certain business ini-
the U.S.’s green-energy push, tiatives and using technology
few have hit the jackpot like to increase productivity. Em-
First Solar. ployees affected will receive
The Arizona-based solar- Please turn to page B6
panel manufacturer expects to
receive as much as $710 mil-
lion this year—nearly 90% of
forecast operating profit—from
subsidies the U.S. government
Stocks’
rolled out a year ago to en-
courage domestic renewables
production. One analyst esti-
Edge Over
mates the incentives could be
worth more than $10 billion
for the company over the next
Bonds Is
decade.
First Solar expects to have
as much as a 60% share of the
Shrinking
U.S. market for large-scale so-
SYLVIA JARRUS FOR THE WALL STREET JOURNAL

lar installations this year, BY SAM GOLDFARB

largely a result of government
policies that are pushing clean- The extra reward for hold-
energy developers to buy more ing stocks instead of bonds
made-in-America components. has fallen to its lowest level in
The company’s shares have 20 years, threatening a recent
more than doubled to $207.69 hot streak for major indexes.
by Monday’s close since the One method for gauging the
beginning of 2022, despite a value of stocks is to compare
string of earnings disappoint- their earnings yield—calcu-
ments during that period. lated by dividing a company’s
Since the passage of the Infla- First Solar expects to receive as much as $710 million in U.S. subsidies this year. A company manufacturing plant in Ohio. expected earnings over the
tion Reduction Act last August, next year by its stock price—
First Solar has promised so far ing the company has worked First Solar quarterly net profit/loss Share-price and index performance since 2022 to the yield on government
to plow more than $2.8 billion for years to build factories and bonds, considered the closest
$200 million 200%
into new manufacturing and a supply chain in the U.S. He thing to a risk-free return. The
research facilities in the U.S., says the current U.S. energy First Solar difference, sometimes called
including a new factory an- policy is helpful. 150 the equity-risk premium,
150
nounced last Thursday. The Biden administration’s shows how much investors are
Some industry executives signature climate legislation 100 being compensated for the ad-
attribute the company’s good could ultimately provide $1 100 ditional risk of owning stocks.
fortune to luck and sharp el- trillion in support for clean-en- And right now, that isn’t
bows as it pushed for policies ergy projects, largely through 50 much.
that would give it an advan- tax credits tied to benchmarks 50 The gap between the earn-
tage against low-cost competi- such as the amount of wind 0 ings yield of the S&P 500 and
tors from countries such as power generated or solar pan- the yield on the 10-year U.S.
S&P 500
China, which controls more els produced. So far, it has 0 government bond dropped to
–50
than 80% of the global supply helped spur around $110 billion around 1.1 percentage point
chain for solar panels. in announcements for factories last week, its narrowest since
First Solar Chief Executive and other facilities to make ev- –100 -50 2002. The spread to the yield
Mark Widmar credits persis- erything from wind turbines to 2019 ’20 ’21 ’22 ’23 2022 ’23 on the 10-year Treasury infla-
tence and smart strategy, say- Please turn to page B4 Sources: S&P Capital IQ (profit/loss); FactSet (performance) Please turn to page B2

Banks Stem Exodus INSIDE Stellantis’s Jeep Plots Escape

With Broker Deposits From String of Sales Declines
BY GINA HEEB AND BEN EISEN banks that operate with high
concentrations of brokered BY RYAN FELTON
Midsize and small banks in deposits, which are viewed as
the second quarter largely a sort of “hot” money. They The Jeep brand has gone
stabilized or even reversed are more likely to become upmarket in recent years with
the deposit exodus they suf- flighty in periods of distress, several pricey new vehicles. Its
fered earlier this year. To do since banks don’t get a loyal market share has gone in the
BRITTANY GREESON FOR THE WALL STREET JOURNAL

so, many had to rely on depos- customer out of the transac- other direction.
its that flowed through third- tion. MEDIA The rugged American brand
party brokers. Many smaller banks had to Fox Corp. is that spawned the modern SUV
Brokered deposits are a lean more heavily on brokered has posted lower sales for
quick and easy way banks can deposits, compared with both
winding down its eight straight quarters. Since
bolster their balance sheets in the first quarter and a year sports-betting site. mid-2018, Jeep has surren-
a pinch. A bank can go to a ago, because higher interest B3 dered significant market share,
firm such as Morgan Stanley rates have given customers falling from sixth to ninth in
or Fidelity to find people to more places to earn good re- sales among top U.S. brands.
invest in its certificates of de- turns. The decline came as Jeep
posit, often for large amounts. The high-profile collapses pushed into new vehicle cate-
BRENDAN MCDERMID/REUTERS

But brokered deposits are this year of several midsize gories, including a pickup-
typically much more expen- lenders, starting in March, truck version of its popular The brand has logged lower sales for eight straight quarters.
sive for banks. They can come also scared some customers Wrangler and the Grand Wag-
with interest rates of 5% or away from all but the most oneer, a large, luxury SUV line. Like most major automak- market-share slide and vowed
more, putting pressure on mega of megabanks. The Fed- priced above $90,000. But Jeep ers, Jeep gave priority to out- to reverse it.
profit margins. eral Reserve last week raised has faced stiffer competition in put of its priciest, most-profit- “We need to do a better job
“Clearly, capital isn’t free,” rates again, to a 22-year high. its core markets, like compact able vehicles over the past in Jeep, mostly Jeep in the
KeyCorp Chief Executive Other regional banks that and midsize SUVs, as automak- three years as supply-chain U.S.,” Tavares said during a
Christopher Gorman said. The ramped up their use of bro- MARKETS ers target those categories disruptions left dealership lots conference call discussing the
Cleveland-based bank has re- kered deposits in the second The S&P 500 finishes with new offerings. near empty and consumers Netherlands-based auto-
cently increased its brokered quarter include Truist Finan- Amid the sales decline was spent record sums for new maker’s results for the first
deposits, though they remain cial and M&T Bank.
July with its fifth a bright spot for Jeep’s parent wheels. half of 2023.
a small portion of overall So did smaller banks that straight monthly company, Stellantis: The price Still, last week, Stellantis He said the brand slipped
funding. have been hit hard by the tur- increase. B11 customers paid for Jeeps has Chief Executive Carlos Tavares recently with ineffective mar-
Regulators are wary of Please turn to page B6 soared, helping the bottom expressed concern over Jeep’s Please turn to page B2
 .

B2 | Tuesday, August 1, 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 G R
Property The Nightingale deal for the
Atlanta Financial Center was
one of CrowdStreet’s largest
Adobe...............................................A7
Alkermes.....................................B12
Apple.................................................A9
GlassPoint....................................B4
Goldman Sachs........................B6
H
Reata Pharmaceuticals...B12
S
Schlumberger...........................B11
Deals Bite ever. Potential investors re-
ceived an email from Crowd-
Street’s chief investment officer

CrowdStreet with the subject line: “$10B En-

Ares Management................B6 Halliburton..................................B11 Simon Property........................A1
B HBT Financial............................B6 SoFi Technologies......B11,B12 terprise Sponsor Brings Trophy
Bed Bath & Beyond............A2 K Sony.................................................B12 Asset with Huge Potential in
Biogen............................................B12 KeyCorp...........................................B1
Stellantis.........................................B1 Hot Market.” Nightingale raised
Blackstone....................................B6 Sterling Bancorp.....................B6 Continued from page B1 around $54 million from 654
M T
ByteDance....................................A4 often takes at least three years CrowdStreet investors for the
M&T Bank.....................................B1 before investors can realize a shimmering glass-covered of-
C Taiwan Semiconductor
MG Capital Management
Chevron.........................................B11
Manufacturing......................A8 return on investments. fice building in Atlanta’s Buck-
............................................................... B2 Toyota Motor.............................B2
Comcast.......................................B12 Mubadala Investment.......B6
A spokeswoman for the plat- head neighborhood. The devel-
Truist Financial.........................B1
Comerica........................................B6 form said the company sees oper also raised around $8
N U
CrowdStreet.................................B1 deals that realize returns above million for a Miami building.
Namdar Realty.........................A2 UBS....................................................A8 estimates as well as below and CrowdStreet assessed Night-
CVS Health..................................A2
Netflix...............................................A7 W
F has generated $307 million in ingale in its highest tier as an
Nightingale Properties.......B1
First Solar......................................B1 Walt Disney.....................B11,B12 profits for investors. “enterprise” sponsor, indicating
O Warner Bros. Discovery....A1 Several developers ran into it had a national footprint and
Flutter Entertainment.......B3
ON Semiconductor..............B11 unexpected costs or underesti- a portfolio worth more than $5

KEN RUINARD/THE INDEPENDENT-MAIL/ASSOCIATED PRESS

Ford Motor..................................B2
Fountain Residential
Partners......................................B2
Fox.......................................................B3
Western Alliance Bancorp
P ............................................................... B6 mated their cash needs because billion. The listing projected an
Paramount Global..................A1 Z of supply shortages, rising internal rate of return of 28.1%,
Peoples State Bank.............B6 Zions Bancorp.................B6,B11 prices or higher interest rates. among the highest for a project
Between 2020 and 2021, on the platform.

INDEX TO PEOPLE Fountain Residential Partners

raised $45 million on Crowd-
Street for three off-campus stu-
“All that kind of worked to-
gether to create a feeding
frenzy around this investment,”
A Icahn, Carl.....................................A2 S dent-housing projects at Clem- said Peter Campbell, a Louisi-
son University, the University of ana neuroscientist who put
Arougheti, Michael...............B6 J Schwartz, Elie............................B1
Arkansas and Louisiana State $100,000 into the deal last
B Jacobsen, Brian........................B2 Shen, Philip.................................B4
University, including one that summer. Nightingale paid
K Soon-Shiong, Patrick...........B3
Brule, Rob......................................A1 needed major overhauls and CrowdStreet a fee for using its
Sigurdsson, Tomas...............B4
Buckley, Paul..............................B6 Knight, Natalie..........................B2 another that was essentially marketplace and was set to pay
Smith, Jaye..................................A9
C Krebs, Michelle.........................B2 uninhabitable for months after Fountain Residential Partners raised funds on CrowdStreet for more than $2.1 million to it af-
Steen, Tore....................................B1
Carnell, Robert.........................A8 L a flood. Cost overruns led Foun- off-campus student-housing projects at Clemson University. ter the deal closed.
Stollberg, Jim.............................A9
Carter, Lance..............................B6 Langer, Susan.........................B12 tain to ask CrowdStreet inves- Last summer, the Journal re-
Stovall, Nathan........................B6
Cattanach, Scott.....................B6 Little, Brent.................................B2 tors for an additional $12.4 mil- company, it said higher interest that returned four times the ported that some investors
T lion and in September were rates have historically in- S&P 500’s performance over 10 soured on the investment after
Cirne, Lew.....................................B4 Lynch, Karen................................B1
Clancy, Manus...........................A2 M
Tavares, Carlos..........................B1 told to expect a call to raise creased property values. Prop- years. It said investors in the discovering Nightingale had
Creutz, Doug............................B12 Tibone, Vince..............................A1 millions more. erty values typically fall when new fund were “100 percent omitted losing a building to a
MacGregor, Rod.......................B4
D Tomsic, Steve............................B3 “It looks like we’re going to rates rise and have declined protected from loss.” MG Capi- lender the year prior and a $25
Maxwell, Nyle............................B2
Denner, Alex.............................B12 U need another $20 million to fin- 15% since the Federal Reserve tal raised $1.8 million from million default from investor
Molchanov, Pavel...................B4
Drury, Ivan....................................B2 Morrison, Jim............................B2 Urbanowicz, Tim.....................B2 ish the project,” said Fountain began raising interest rates last CrowdStreet investors of the materials. At the time, a
V CEO Brent Little in a September year, according to the Green $35 million in total it raised for spokesman for CrowdStreet
F N
webinar for the Arkansas proj- Street Commercial Property the fund. The 23 investors in said that the omissions were
Fagan, Kevin................................A1 Namdar, Igal...............................A2 Valenzuela, Cristóbal...........A7
ect. Price Index. the deal recovered about one- benign and inessential and in-
Freihon, Natalie.......................A2 Nelson, Chad..............................A7 VanCronkhite, Bryant........B11
Little blamed the overruns In 2018, MG Capital Man- third of their money, according vestors were offered their
G-I O-R Viehbacher, Chris.................B12
on materials, including lumber agement, which said it was to CrowdStreet. In 2021, the money back if they wanted it.
Gorman, Christopher............B1 O'Brien, Tom..............................B6 W prices that shot up during the “the largest owner-manager of SEC and Justice Department Steen told the Journal that
Hoi, Wong Kok........................B11 Rowe, Mark.................................A9 Widmar, Mark............................B1 pandemic. The company didn’t debt-free individual luxury charged MG Capital and its the company had analyzed the
disclose the need for more properties in Manhattan,” manager with securities fraud. undisclosed deals as part of its
funds to complete repairs for pitched a new fund to Crowd- MG Capital’s funds had falsified process but didn’t think de-

Bond Value alysts say risk premiums revert

to average over time—typically
because prospects for corpo-
months because “we felt it
would send panic which wasn’t
necessary,” he said.
Street investors. CrowdStreet’s
chief investment officer said of
MG at the time, “We exclusively
reports to conceal huge losses,
and its prior funds never ex-
isted, the government said. MG
faults or foreclosures should
prevent developers from listing
on the platform.

Narrows rate earnings dim, not because

investors get frightened by val-
uations on their own.
Little declined to comment.
CrowdStreet marketing ma-
terials provided rosy assump-
work with leading sponsors on
commercial real estate offerings
that meet our strict market-
Capital’s chief executive, who
pleaded guilty to securities
fraud for the fundraising and
CrowdStreet allowed inves-
tors to fund the deal through
February, but several say they

Stocks’ Edge “I haven’t found a very

strong statistical relationship
between the earnings yield
tions of real-estate returns. In a
pitch for a private real-estate
investment trust run by the
place requirements.”MG Capi-
tal’s offering materials said the
firm had overseen two funds
was sentenced to 60 months in
prison, and MG Capital settled
with the SEC.
began asking for their money
back from both CrowdStreet
and Nightingale.
relative to the 10-year Trea-
Continued from page B1 sury—whether it’s real or
tion-protected security, seen by
some analysts as the better
benchmark because corporate
nominal—and future returns
over, say, a one- or three-year
horizon,” said Brian Jacobsen,
Jeep Aims Jeep brand share of vehicle
sales in the U.S.
7%
Top 10 vehicle brands in the U.S., by 2023 unit sales*
Ford 960,708
earnings tend to adjust with
inflation, has similarly fallen to
its lowest level since 2003, at
chief economist of Annex
Wealth Management.
Investors have another
To Reverse 6
Toyota
Chevrolet
889,108
845,581
around 3.5 percentage points.
The risk premium first
started shrinking in the sec-
source of hope: Risk premiums
could normalize because bond
yields fall rather than stock
Sales Slide 5

4
Honda
Nissan
557,890
447,885
ond half of last year. In that prices. Stoking this optimism, 3 4.1% Hyundai 394,613
period, stocks stabilized from many believe that the Fed is Continued from page B1
an early-year selloff, even as finally done raising short-term keting tactics and didn’t al- 2 Kia 394,333
bond yields kept climbing in interest rates. ways have the right versions of Tesla† 336,892
response to the Federal Re- Yields on U.S. Treasurys popular models available at 1
serve raising interest rates to largely reflect investors’ ex- dealerships. The company in- Monthly
Jeep 335,487
fight inflation. This year, the pectations for short-term tends to gain back market 0
2018 '19 '20 '21 '22 '23 Subaru 304,089
premium has continued to rates over the life of a bond. share in the coming year, he
dwindle for slightly different Even if the Fed has reached added. *Through June †Estimate Source: Motor Intelligence
reasons: Bond yields haven’t the end of its tightening cam- Jeep’s decline in sales high-
risen as much, but stocks have paign, bond yields could rise lights a price-versus-growth Ivan Drury, an Edmunds ana- Factory constraints nar- improving, they can move
taken flight—lifted by inves- further if the central bank question facing many auto ex- lyst. rowed Wrangler availability, higher without resorting to big
tors’ growing optimism about keeps rates at current levels ecutives. As factory schedules Some dealers say the higher but sales have been trending discounts.
the economy. for longer than investors an- gradually return to normal, prices have left behind some higher recently, and the com- Stellantis Chief Financial
Whatever happens to ticipate. greater availability has begun Jeep customers, who are also pany expects that trend to Officer Natalie Knight said
change it, there is a consensus Still, the consensus is that to take the edge off those re- pressured by higher interest continue, said Jim Morrison, market share and pricing are
on Wall Street that the equity- both rates and bond yields cord prices. rates jacking up monthly pay- senior vice president for Jeep both important for the indus-
risk premium can’t stay this should eventually decline. Car companies are trying to ments. in North America. try. “It’s not an either-or,” she
low forever. That view is embedded in find a sweet spot that pre- “The aggressive pricing that Executives say that while said. “It’s about finding a bal-
For stock prices relative to current bond yields. As of Fri- serves some of that pricing Stellantis has taken in the last Jeep sales are poised to keep ance.”
earnings to be back to where day, the yield on the benchmark power while also sustaining seven or eight months has
they were at 10-year Trea- healthy sales, analysts say. something to do with” the
the start of the sury inflation- Last decade, after then-par- market-share decline, said
2022 selloff protected secu- ent company Chrysler filed for Nyle Maxwell, a Texas-based
“when interest Analysts say rity was around bankruptcy, the brand’s popu- dealer and chairman of a Stel-
rates are 2x, 3x
higher than
risk premiums 1.6%, according
to Tradeweb.
larity soared as Jeep went lantis dealer-advisory council.
global, gobbling up market Jeep customers have histor- Products for
they were re- revert to However, the share as more consumers em- ically skewed toward lower
ally doesn’t add
up,” said Tim
average over five-year TIPS
yield was 1.9%,
braced its rugged off-road credit scores, analysts say, and
SUVs. many of those buyers have
Every Need.
Urbanowicz, time. implying that in- The average price paid for a been pushed out of the current
head of re-
search and in-
vestors expect
real short-term
Jeep also has surged, jumping new-car market. At the end of
36% over the past three years May, Jeep buyers who took out
And Everyone.
vestment strat- rates to be lower to around $55,000. The higher a car loan had an average rate
egy at Innovator ETFs. in the second half than in the price tag reflects the tight in- of 8.5%, higher than at com-
Investors and analysts also first half of the next 10 years. ventories during the pandemic petitors such as Ford Motor
tend to agree that an ultralow Meanwhile, most Fed offi- and the brand’s new higher- and Toyota Motor, according
risk premium doesn’t mean cials estimated in June that priced models. to Cox data.
that this year’s stock rally has real interest rates will eventu- Jeep inventories on dealer- “They had a high percent-
reached its conclusion. ally settle at a level no higher ship lots have built up in re- age of subprime buyers, and
For one thing, they point than 0.5%. cent months, though. The level those have gone away,” said
out, risk premiums have got- Jacobsen, of Annex Wealth of unsold Jeep supply is more Michelle Krebs, a Cox analyst.
ten much lower before—in Management, said he thinks than double the industry aver- Stellantis said it had no com-
the dot-com bubble of the the 10-year TIPS yield could fall age, according to research firm ment on its percentage of sub-
late 1990s. Back then, the gap to 0.75% or 1% over the next 12 Motor Intelligence. The brand prime customers.
between the S&P 500’s earn- to 18 months. That would mean started spending more to pro- Jeep’s status as an off-road-
ings yield and inflation-ad- investors are rewarded more vide discounts to customers in ing brand also has been chal-
justed Treasury yields briefly for owning stocks, assuming in- June, according to Cox Auto- lenged by new entrants into
collapsed entirely, according dexes don’t rally much further. motive. the market, particularly the
to some measures. But it would also mean that Stellantis says it has several Ford Bronco, which was re-
Looking back at history, an- bond prices have climbed. months of presold orders to fill launched in 2021 to compete
and, citing high demand, it is with the Wrangler SUV.
S&P 500 earnings yield premium cranking up factories that About 2.5% of Wrangler
over inflation-protected Treasurys make the Jeep Wagoneer, owners who traded in their ve-
10 percentage points Grand Wagoneer and Grand hicle in the first half of 2023
Cherokee to churn out more bought a Bronco, according to
vehicles seven days a week. Edmunds data, among the
8 Dealers and analysts say highest rates after Jeep and
loftier prices have contributed Stellantis’s Ram pickup-truck
6 to the sales slowdown. In the brand.
second quarter of this year, Wrangler’s sales fell 11% in
4 Jeep sold the Grand Cherokee 2022 and declined again in the
and Wrangler midsize SUVs for first half of this year, by about
several thousand dollars more 15%, to 84,642.
Individual & Worksite, Annuities,
2 than competitor models, ac- Bronco sales, mean- Stop Loss, Voluntary Benefits,
cording to data from Edmunds, while, jumped in 2022—its Medicare Supplement,
0 a car-shopping resource. first full year on the market—
“When it comes to midsize, and rose about 7% in the first and more.
2005 ’10 ’15 ’20 ’23
Note: Shows S&P 500 one-year forward earnings yield minus
really one of the most crucial half of this year, although they
yield on 10-year Treasury inflation-protected security components to their business, remain below that of Wrangler,
Sources: Factset (S&P 500); Tradeweb (TIPS yield) they’re very expensive,” said with 58,580 sold.

THE WALL STREET JOURNAL.
Fox to Wind Down Its Sports-Betting Site
Venture struggled
to attract customers
and failed to grow
as quickly as rivals
BY WILL FEUER
AND KATHERINE SAYRE
Fox is closing Fox Bet, the
broadcaster’s sports-betting
venture, after it failed to grow
as quickly as more dominant
competitors in the nascent
U.S. online-gambling market.
Fox and its partner, Fan-
Duel owner Flutter Entertain-
ment, said Monday that they
would wind down Fox Bet be-
tween July 31 and Aug. 31. Fox
Bet said it had stopped ac-
cepting bets.
The decision to shut Fox
Bet comes amid a reckoning
Hospitals Use Bankruptcy as Leverage With Regulator
BY AKIKO MATSUDA
Beverly Hospital near Los
Angeles tried and failed for
years to sell itself. It turned
the corner when it filed for
bankruptcy.
The chapter 11 filing in
April gave the hospital opera-
tor some leverage against the
state’s attorney general, who
has the authority to mandate
prospective buyers to main-
tain costly services such as
emergency and charity care,
and to accept patients covered
by government-backed health-
care programs.
Such requirements had
stunted Beverly’s earlier sale
attempts. As its finances wors-
ened, the hospital faced the
rising possibility of shutting
down, leaving tens of thou-
sands of low-income patients
in the city of Montebello with-
out healthcare services.
About two months after
Beverly filed for bankruptcy,
North Carolina-based Ameri-
can Healthcare Systems Foun-
dation agreed to buy the non-
TIME
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among sports-betting compa-
nies that are under pressure
to turn a profit. Companies
are cutting costs after years of
extensive spending on market-
ing campaigns as new states
legalized sports betting.
Sports-betting app FanDuel,
which leads the U.S. in market
share, has become a prized as-
set for global gambling com-
pany Flutter, while Fox Bet has
struggled to attract customers.
FanDuel and its rival Draft-
Kings have more than 70% of
the online sports-betting mar-
ket, according to Eilers & Kre-
jcik Gaming, an industry con-
sulting firm, leaving little
room for other companies.
Brands with familiar casino
names such as Caesars and
BetMGM have trailed behind.
Fox Bet, meanwhile, has
been near the bottom, holding
The nonprofit Beverly Hospital outside Los Angeles filed for bankruptcy in April.
profit hospital for $100
million, keeping the 202-bed
facility open. And unlike pre-
vious would-be buyers, AHS
was able to swiftly negotiate
terms of conditions with the
FLIGHT GATE
BUSINESS & FINANCE
less than 1%.
Fox Bet was available in
Colorado, Michigan, New Jer-
sey and Pennsylvania. The
business also operated a free-
to-play game, called Fox Bet
Super 6. Fox said it would re-
tain future use of the brands,
and plans to offer a new Fox
Bet Super 6 game later this
summer. Fox and News Corp,
the parent of Wall Street
Journal publisher Dow Jones,
share common ownership.
Online sports betting in the
U.S. generated $7.5 billion in
revenue last year, while online
casino games produced about
$5 billion. Flutter has said it
expects the online gambling
market to grow to $40 billion
by 2030.
Last year, Flutter reported
that its U.S. operations includ-
ing FanDuel and Fox Bet had
attorney general.
Bankruptcy has “facilitated a
dynamic whereby the state At-
torney General’s Office had to
come to the table to work with
us,” said Justin Bernbrock, a
STATUS
.
Tuesday, August 1, 2023 | B3
$3.2 billion in revenue and a
$313 million loss in earnings
before interest, taxes, depreci-
ation and amortization.
Fox still has the option to
buy an 18.6% stake in FanDuel.
Chief Financial Officer Steve
Tomsic told analysts on a Feb-
ruary conference call that Fox
would like to see Fox Bet grow,
but that Flutter was ultimately
responsible for investing in it.
Fox launched Fox Bet in
2019 through a partnership
BEA OYSTER/THE WALL STREET JOURNAL
with the Stars Group. As part
of the deal, Fox bought a
roughly 5% stake in the Stars
Group for $236 million, and
won the right to buy a 50%
stake in the company’s U.S.
business within 10 years.
Shares in Fox rose 0.6% to
$33.45 on Monday. Flutter
shares added 0.9% in London The decision to shut Fox Bet comes amid a reckoning among
trading. sports-betting companies under pressure to turn a profit.
merger of nonprofit hospitals, hospitals may try to seek
said Katie Gudiksen, executive bankruptcy protection.
editor of the Source on Health- In 2015, hedge fund Blue-
care Price and Competition, a Mountain Capital Management
research project at the Univer- took control over the Daugh-
sity of California College of the ters of Charity Health System
Law, San Francisco. in a complex transaction that
The states’ stringent review provided the system with a
process meant to protect the $250 million cash infusion, and
public and ensure acquirers renamed it Verity Health Sys-
would continue providing es- tem. The hedge fund in 2017
sential healthcare services. sold its majority stake to health
But critics say the irony is by entrepreneur Patrick Soon-
enforcing these requirements, Shiong’s NantWorks, which
sales have fallen through and placed the healthcare provider
at least one hospital has had under bankruptcy protection in
ASHLEY LANDIS/ASSOCIATED PRESS
to shut down, causing patients 2018. The owner blamed the
to lose healthcare altogether. “cumulative effect of condi-
So far, Gudiksen said, Cali- tions” previously imposed by
fornia was the first state where the attorney general for locking
the federal bankruptcy system the hospital system “into a fail-
is being used to challenge the ing business model.”
state’s review process. In bankruptcy, Verity man-
But these legal challenges aged to sell its six nonprofit
could become more prevalent hospitals to different opera-
in the coming years as many tors in the following years af-
lawyer for Beverly Hospital. hospitals struggle financially ter a California bankruptcy
California is among 10 as a result of the Covid-19 judge ruled certain require-
states in the nation that have pandemic and may need res- ments from then-Attorney
established a review system, in cue mergers. To counter attor- General Xavier Becerra
which attorneys general can neys general’s stringent re- shouldn’t be a liability as-
impose conditions or block a view process, more nonprofit sumed by the buyers.
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B4 | Tuesday, August 1, 2023 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Software Firm to Go Private at $6.5 Billion

New Relic strikes The transaction for $87 a
share in cash would take San
deal with private- Francisco-based New Relic off
equity shops TPG, the public markets roughly
nine years after it made its
Francisco Partners debut at $23 a share.
New Relic shares rose 13.4%
BY ROBB M. STEWART in trading Monday, to close at
AND MARIA ARMENTAL $83.97. The stock touched a
record $125.97 in November
Private-equity firms Fran- 2021, but by May 2022, the
cisco Partners and TPG have shares traded for less than
agreed to buy New Relic in a $45 each.
deal that values the software Take-privates have been a
company at about $6.5 bil- popular strategy for private-
lion. equity firms, even in a pe-
riod of depressed deal mak-
ing. Last year, the value of
take-private deals by U.S.
private-equity firms reached
$207.1 billion, the highest
level in 15 years, according
to analytics provider Pitch-
Book Data.
While the number of deals
this year has kept up with last
year’s pace, with 43 take-pri-
vate transactions announced
or completed by June 15, the
total value involved con-
tracted sharply, dropping to
just under $90 billion from
$147.2 billion, PitchBook said.
And the median deal value has
dropped to $482.9 million this
year, which is less than half of
last year’s $1.7 billion level,
PitchBook said.
As for the New Relic trans-
action, the company’s direc-
tors and major shareholders,
who include founder and Ex-
ecutive Chairman Lew Cirne,
Jana Partners and HMI Capital
Management, support the
deal, New Relic said.
The transaction is expected
to close late this year or early
in 2024, subject to the ap- have worked together on
proval of shareholders and other deals. In 2021, the firms
regulatory clearances. TPG is acquired cloud-based software
investing through its TPG business Boomi from Dell
Capital buyout strategy. Technologies for $4 billion in-
The Wall Street Journal in cluding debt.
May reported that the buyout In early July, TPG agreed to
firms teamed up to negotiate buy Forcepoint’s government
a deal with New Relic, which cybersecurity business from
provides observability soft- Francisco Partners for $2.45
ware that lets owners of soft- billion. Francisco will retain a
ware applications and web- minority stake in the unit and
sites track the performance continue to own and manage
of their products and ser- Forcepoint’s commercial cy-
vices. bersecurity business as a sep-
Francisco Partners and TPG arate operation.

X Sign Removed
From Twitter Site
BY LINDSEY CHOO done without a permit, ac-
cording to a complaint found
Workers dismantled an X on the city’s Department of
sign from the top of the San Building Inspection website. A
Francisco headquarters of the company representative told
company formerly known as the agency that the sign was
Twitter after residents com- temporary for an event, the
plained and the city issued a complaint shows.
violation notice for lacking a X didn’t comment on why
permit. the sign was being removed.
X, as the company is now It is the latest twist in
known, put up the sign Friday Musk’s overhaul of the name,
and drew complaints from res- logo and décor of the social-
idents over its brightness and media company since he an-
the soundness of the structure nounced the rebranding in re-
over the following days. The cent weeks. It is also the
city said that it received 24 second time in a week the city
complaints related to the sign and X have clashed over sign-
after it was put up, citing the age on the building, emblem-
lights and stability. The lack of atic of a rebrand that was
a permit could pose a risk to abrupt and has been met with
public safety and historic a mixed response.
JUSTIN SULLIVAN/GETTY IMAGES

preservation, the city said. A week ago, workers began

“SHUT IT OFF!! It is cur- dismantling Twitter signage
rently flashing rapidly and ex- on the headquarters. That
tremely brightly. It is creating drew scrutiny from police who
a massive nighttime nuisance said they were looking into
and making it hard to sleep,” a whether the street was being
person wrote in a complaint to improperly blocked. They later
Workers dismantle a large X logo on the roof of the headquarters of the company formerly known as Twitter on Monday. the city. Work on the roof was said no crime was committed.

Solar Startup Pivots to New Strategy Based on Decarbonizing

BY YULIYA CHERNOVA relaunched the business.
The new version of Glass-
A solar startup that has Point has raised $8 million in a
gotten a second lease on life is Series A round led by new in-
back with a new strategy vestor 300PPM. Former Aus-
aimed at helping it better tralian Prime Minister Malcolm
cope with future downturns. Turnbull participated in the fi-
GlassPoint, which sells so- nancing, along with Tomas
lar-generated steam for indus- Sigurdsson, former chief oper-
trial uses, is one of several ating officer of Alcoa.
businesses chasing climate- GlassPoint’s current valua-
tech ideas that struggled in the tion is a fraction of the com-
past, but now expect better re- pany’s peak of more than
sults amid greater focus on $400 million in 2017, accord-
carbon-emissions reductions. ing to MacGregor. The com-
“The biggest thing that’s pany is smaller, with about a
different is the macro environ- dozen employees, down from
ment. Decarbonization is on hundreds previously.
everybody’s agenda,” said The new funding shows
GlassPoint Chief Executive New York-based GlassPoint’s
Rod MacGregor, a company progress. Yet new difficulties
co-founder who was CEO in its stand in the way of its capital-
first iteration. intensive business. It must
Founded in 2009, Glass- fund ambitious future projects
Point was liquidated in 2020. as the cost of capital is rising.
MacGregor, with other inves- GlassPoint develops solar
tors, bought out its assets and thermal technology that relies
on mirrors focusing sunlight
onto pipes filled with water,
heating that water to make
steam. Its technology is at the
heart of the Miraah in Oman,
one of the largest solar ther-
mal plants in the world, pro-
ducing steam that helps re-
cover heavy crude oil.
MacGregor ran GlassPoint
through 2017, when he was
asked by the board to step
down, he said. In 2020, Glass-
Point’s then-investors, among
them Royal Dutch Shell and the
Oman Investment Authority, de-
cided to fold the business, citing
low oil prices and the economic
crisis sparked by the pandemic.
A year later, MacGregor cooper-
ated with BlackRock to buy the
company’s assets.
The rebooted GlassPoint
changed its business model.
Instead of selling equipment
to customers, the company
plans to sell long-term con-
tracts for the steam it gener-
ates. That will create recur-
ring revenue.
The company has expanded
from a focus on oil and gas re-
covery to selling steam for a
range of industrial uses. De-
mand would come from indus-
trial conglomerates that are
under pressure to decarbonize
their processes and would
want steam from solar heat,
MacGregor said.
Last year, GlassPoint signed
a memorandum of understand-
ing with the Saudi Arabia state
mining company, Ma’aden
Group, to develop a 1.5-giga-
watt project that would use so-
lar-generated steam for one of
the intermediate products in
aluminum production. That
project alone would exceed the
total global installed capacity
of solar heat projects for indus-
trial processes, a niche market
right now. Last year, about 30
megawatts of solar heat for in- said, but both are undermined
dustrial processes projects by the rising cost of money and
were installed worldwide, ac- rising costs in general.
cording to the Solar Heat MacGregor acknowledged
Worldwide report made in col- that costs are “moving in the
laboration with the Interna- wrong direction,” but said the
tional Energy Agency. Saudi project remains attrac-
The project would cost well tive. GlassPoint expects to de-
over $1 billion, MacGregor said. velop projects in the U.S. as
Financing for large renew- well, he added.
able-power projects, which GlassPoint’s supporters be-
typically involves debt, has be- lieve it will be able to raise
come more expensive in the project financing, partly be-
current environment of rising cause it has mature technol-
rates, said Baysa Naran, a man- ogy, and also because greener
ager at Climate Policy Initia- end products, such as alumi-
tive, a climate-change-focused num, used in electric cars and
analysis and advisory group. smartphones, may command a
“All sectors, including the so- premium.
lar sector, are getting affected “There will be financing for
by the high cost of capital,” said these projects. It’s not just
Naran. The U.S. and other gov- nice to have, it’s part of the
ernments have introduced new goal of net zero,” said Howar
policies to support renewable Talabany, founding partner
energy, and subsidies such as and head of business develop-
tax credits under the U.S. Infla- ment at 300PPM, the firm that
tion Reduction Act help, she led GlassPoint’s Series A.

eligible for the incentives.
Subsidies “Lots and lots of companies
are trying to get on the gravy
train—in the solar industry, in
Give Lift to the battery industry, in lithium
mining,” says Pavel Molchanov,
founded in 1999, makes solar ing First Solar could help boost
panels using a technology
called thin-film, by which lay-
the company’s sales further,
because the company esti-
ers of photovoltaic chemicals mates 90% of the pieces that
are spread onto glass in a pro-
cess that is faster, cheaper and
go into its newest panel are al-
ready made in America.

Panel Maker a renewables analyst at Ray-

mond James. But in terms of
the amount of incentives it can
reap now, “First Solar really
Continued from page B1 stands out.”
simpler than the procedure for
common silicon-based panels.
That technology helped the
First Solar is trying to take
advantage of its moment. The
company is tapping into buy-
company compete with the big ers’ demand for U.S.-made
Chinese solar-panel makers equipment by amending con-
SYLVIA JARRUS FOR THE WALL STREET JOURNAL

battery components, according Making solar panels, like a
to an analysis by The Wall lot of other clean-energy com-
Street Journal. ponents, is a commoditized,
Most of those projects in- low-margin business in which
volve overseas clean-energy gi- companies vie to drive down
ants; many won’t be finished prices. For years, that meant
for years. First Solar is one of factories fled to low-cost
a handful of big U.S.-based places such as China or South-
manufacturers with sizable east Asia.
U.S. factories that are already First Solar, which was
ADVERTISEMENT
and their suppliers.
First Solar also changed
business models when needed,
says Widmar, who joined the
company in 2011 and has
steered it through several
slumps.
The company built factories
in cheaper locations such as
Malaysia and Vietnam, where
it hosted more than 80% of its
manufacturing capacity as late
as 2018.
At the same time, the com-
tracts to stipulate that its pan-
els will be produced domesti-
cally, charging a premium for
that feature.
It is pushing customers
hungry for panels to sign mul-
tiyear contracts, accumulating
an order backlog the company
estimates at more than $20
billion.
The company also is invest-
Since the Inflation Reduction Act passed, First Solar has ing heavily in research into
vowed to plow over $2.8 billion into new facilities in the U.S. new solar technologies, and it
is building new factories rap-

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pany lobbied in the U.S.
against cheap Asian imports,
pushing to slap duties on solar
components made by Chinese
companies. Some in the indus-
try say such policies have
boosted solar costs in the U.S.
and could slow the rollout of
renewables.
Those protectionist mea-
sures combined with pandemic
shipping bottlenecks to boost
First Solar’s U.S. sales. The
company is likely to provide
more than half the panels sold
for large-scale solar installa-
tions in the U.S. this year, com-
pared with around one-third
before the pandemic, Widmar
estimates.
During the first three
months of this year, as the U.S.
government considered green
tax-credit details, the company
spent $270,000 on lobbying—
nearly 80% of its entire 2022
spend, according to data col-
lated on OpenSecrets.org.
First Solar’s lobbying efforts
have primarily been aimed at
securing a level playing field
versus cheap Chinese manufac-
turers that get subsidized by
their government, Widmar
says. The U.S. needs to focus
on goals beyond lowering
panel costs, such as energy se-
curity, he says. “We believe
that this should not be an envi-
ronment of solar at any cost.”
Rules governing the tax
credits are still being com-
pleted. First Solar says it
should be able to qualify for a
series of lucrative credits idly.
linked to its U.S. panel produc- First Solar expects to have
tion. more than 20 gigawatts of
The credits could be valued global manufacturing capacity
at $11 billion over the next de- by the end of 2025, four times
cade, according to a report by what it had at the end of 2018
Philip Shen, managing partner and 1½ times the amount of
at boutique investment bank large-scale solar the U.S. in-
Roth Capital Partners. That is stalled last year. Nearly half of
roughly equivalent to the last that will be in the U.S.
four years of sales. “It’s a moment of opportu-
First Solar has yet to re- nity,” Widmar says.
ceive any credits, but it is al- —Scott Patterson
ready counting future credits’ contributed to this article.
value on its books.
A key question is the defini-
tion of a U.S.-made solar panel Watch a Video
for tax-credit purposes, which Scan this code
could unlock a lucrative incen- for a video on
tive meant to spur renewables China’s clout in
developers to buy more home- the solar-panel
made equipment. Rules favor- industry.
 .

THE WALL STREET JOURNAL. Tuesday, August 1, 2023 | B5

This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of common stock of TriNet Group, Inc. (the “Company”). The tender offer (as defined below) is made solely by the Offer to Purchase,
dated August 1, 2023, and the related Letter of Transmittal, as they may be amended or supplemented from time to time. The information contained or referred to therein is incorporated herein by reference. In making the
tender offer, the Company is not aware of any U.S. State where the making of the tender offer is not in compliance with applicable law. If, however, the Company becomes aware that the making of the tender offer or the
acceptance of shares pursuant to the tender offer is not permitted by administrative or judicial action pursuant to a U.S. State statute (“State Law”), the Company will make a good faith effort to comply with the
applicable State Law. If, after such good faith effort, the Company cannot comply with the applicable State Law, the tender offer will not be made to the holders of shares in that U.S. State. In making the tender offer,
the Company will comply with the requirements of Rule 13e-4(f)(8) promulgated under the Exchange Act (as defined below). In any U.S. State where the securities or Blue Sky laws require the tender offer to
be made by a licensed broker or dealer, the tender offer shall be deemed to be made by or on the Company’s behalf by one or more registered brokers or dealers licensed under the laws of such U.S. State.

Notice of Offer to Purchase for Cash

by
TriNet Group, Inc.
Up to 5,981,308 Shares of its Common Stock At a Purchase Price of $107.00 Per Share
TriNet Group, Inc., a Delaware corporation (the “Company”), hereby offers to purchase for cash up to 5,981,308 shares of its issued and outstanding common stock, par value $0.000025 per share (the “shares”),
at a price of $107.00 per share (the “Purchase Price”), less any applicable withholding taxes and without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase (together with any
amendments or supplements thereto, the “Offer to Purchase”), the related Letter of Transmittal and the other materials filed as exhibits to the Tender Offer Statement on Schedule TO-I that it has filed with the
U.S. Securities and Exchange Commission (the “Commission” or the “SEC”) (such materials, collectively, as they may be amended or supplemented from time to time, the “tender offer materials”). The terms and
conditions set forth in the tender offer materials collectively constitute the “tender offer.”

THE TENDER OFFER, THE PRORATION PERIOD AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME,
AT THE END OF THE DAY ON AUGUST 28, 2023, UNLESS THE TENDER OFFER IS EXTENDED OR TERMINATED (THE “EXPIRATION DATE”).
The tender offer is not conditioned upon any minimum number of shares being tendered. The tender offer is, however, subject to other conditions, including the Financing Condition, as defined in
the Offer to Purchase.
On July 30, 2023, the Company entered into a repurchase agreement (the “Repurchase Agreement”) with AGI-T, L.P., a Delaware limited partnership, and A-A SMA, L.P., a Delaware limited partnership
(both affiliates of the Company’s largest stockholder, Atairos Group, Inc., and collectively, “Atairos”), which beneficially owned 21,450,259 shares of the Company’s common stock (representing approximately
36% of the Company’s outstanding shares) as of July 27, 2023. Pursuant to the Repurchase Agreement, the Company agreed to purchase for cash 3,364,486 shares, as such number may be increased pursuant to
the Repurchase Agreement, from Atairos at the Purchase Price (the “Share Repurchase”). If the tender offer is not fully subscribed, but at least 3,644,859 shares are properly tendered and not properly withdrawn
pursuant to the tender offer, the 3,364,486 shares to be repurchased from Atairos pursuant to the Repurchase Agreement will be increased such that the Company repurchases from Atairos an additional number of
shares equal to the difference between (i) 5,981,308 shares, which is the maximum number of shares the Company is offering to repurchase in the tender offer, and (ii) the number of shares the Company repurchases
pursuant to the tender offer; provided that such increase does not cause Atairos to beneficially own less than 33% of the Company’s outstanding shares immediately following the closing of the Share Repurchase
(taking into account the shares purchased in the tender offer), which percentage may be further reduced to 30% at Atairos’ sole discretion. If the Company decides to exercise the Two Percent Upsize Option (as
defined in the Offer to Purchase), Atairos has agreed to proportionally increase the number of shares it sells pursuant to the Share Repurchase, up to an additional 429,005 shares, so as to continue to beneficially
own approximately 36% of the Company’s outstanding shares immediately following the closing of the Share Repurchase (taking into account the shares purchased in the tender offer). If the tender offer is not fully
subscribed and fewer than 3,644,859 shares are properly tendered and not properly withdrawn pursuant to the tender offer, the Company will repurchase that number of shares properly tendered and not properly
withdrawn pursuant to the tender offer and the Company will repurchase only 3,364,486 shares from Atairos under the Repurchase Agreement. Pursuant to the Repurchase Agreement, Atairos has agreed that it will
not, directly or indirectly, purchase or sell shares from the date of the Repurchase Agreement until the 11th business day after the Expiration Date. The Share Repurchase is scheduled to close on the 11th business
day following the Expiration Date, or September 13, 2023. See Section 11 of the Offer to Purchase. The Share Repurchase is conditioned upon, among other matters, the completion of the tender offer, which, in
turn, is subject to certain conditions, including the Financing Condition.
Assuming that the conditions to the tender offer are satisfied or waived and the tender offer is fully subscribed, the Company would purchase 5,981,308 shares pursuant to the tender offer and 3,364,486 shares
pursuant to the Share Repurchase for an aggregate of 9,345,794 shares, representing approximately 16% of the Company’s outstanding shares as of July 27, 2023.

If more than 5,981,308 shares are properly tendered in the tender offer and not properly withdrawn, the Company reserves the right to exercise the Two Percent Upsize Option. The Company also expressly reserves
the right, in its sole discretion, to purchase additional shares of its common stock or to change the Purchase Price subject to applicable legal and regulatory requirements. See Section 1 of the Offer to Purchase.

The Company will pay the Purchase Price for shares properly tendered and not properly withdrawn pursuant to the tender offer, taking into account the total number of shares tendered. Upon the terms and subject
to the conditions of the tender offer, if less than 5,981,308 shares are properly tendered and not properly withdrawn prior to the Expiration Date, the Company will buy all shares properly tendered and not properly
withdrawn.

If the conditions to the tender offer have been satisfied or waived and more than 5,981,308 shares have been properly tendered and not properly withdrawn prior to the Expiration Date, the Company will purchase
shares in the following order of priority:

• first, from all stockholders of “odd lots” (holders of fewer than 100 shares) who properly tender all of their shares, complete the section entitled “Odd Lots” in the Letter of Transmittal and, if applicable, the
Notice of Guaranteed Delivery and do not properly withdraw them prior to the Expiration Date;

• second, subject to the conditional tender provisions described in Section 6 of the Offer to Purchase, on a pro rata basis, with appropriate adjustments to avoid purchases of fractional shares, from all other
stockholders who properly tender shares and do not properly withdraw them before the Expiration Date; and

• third, if necessary to permit the Company to purchase 5,981,308 shares (or such greater amount as the Company may elect to purchase, subject to applicable law), from stockholders who have tendered shares
conditionally (for which the condition was not initially satisfied) by random lot, to the extent feasible. To be eligible for purchase by random lot, stockholders whose shares are conditionally tendered must
have properly tendered all of their shares and not properly withdrawn them prior to the Expiration Date. See Section 6 of the Offer to Purchase.

All shares tendered and not purchased pursuant to the tender offer, including shares not purchased because of proration and conditional tender provisions of the Offer to Purchase, will be returned to the tendering
stockholders or, in the case of shares delivered by book-entry transfer, credited to the account at the Book-Entry Transfer Facility (as defined in the Offer to Purchase) from which the transfer had previously been
made, at the Company’s expense promptly following the Expiration Date and the guaranteed delivery period.

Assuming that the conditions to the tender offer are satisfied or waived and the tender offer is fully subscribed, the Company 5,981,308 shares pursuant to the tender offer, representing approximately 10% of its
outstanding shares as of July 27, 2023. If more than 5,981,308 shares are properly tendered in the tender offer and not properly withdrawn, the Company reserves the right to exercise the Two Percent Upsize Option.
The Company also expressly reserves the right, in its sole discretion, to purchase additional shares of its common stock or to change the Purchase Price subject to applicable legal and regulatory requirements. See
Section 1 of the Offer to Purchase.

The Company expressly reserves the right to extend the tender offer at any time and from time to time by oral or written notice to the Depositary (as defined in the Offer to Purchase) and by making a public
announcement of such extension, in which event the term “Expiration Date” shall mean the latest time and date to which the tender offer, as so extended by the Company, shall expire. During any such extension,
all shares previously tendered and not properly withdrawn will remain subject to the tender offer and to the right of the tendering stockholder to withdraw such stockholder’s shares.
Stockholders wishing to tender their shares must follow the procedures set forth in Section 3 of the Offer to Purchase and in the Letter of Transmittal. Stockholders wishing to tender their shares but who are
unable to deliver them physically or by book-entry transfer prior to the Expiration Date, or who are unable to make delivery of all required documents to the Depositary prior to the Expiration Date, may tender their
shares by complying with the procedures set forth in Section 3 of the Offer to Purchase for tendering by Notice of Guaranteed Delivery. The proration period is the period for accepting shares on a pro rata basis in
the event that the tender offer is oversubscribed. The proration period will expire at the Expiration Date.

Tenders of shares made pursuant to the tender offer may be withdrawn at any time prior to the Expiration Date, and unless previously accepted for payment as provided in the Offer to Purchase, may be withdrawn
after 12:00 Midnight, New York City time, at the end of the day on August 28, 2023. To be effective, a written transmission notice of withdrawal must be timely received by the Depositary at one of its addresses set
forth on the back cover of the Offer to Purchase and must specify the name of the person who tendered the shares to be withdrawn, the number of shares to be withdrawn, and the name of the registered holder of
the shares, if different from that of the person who tendered such shares. If the shares to be withdrawn have been delivered to the Depositary, a signed notice of withdrawal with signatures guaranteed by an Eligible
Institution (as defined in the Offer to Purchase) must be submitted prior to the release of such shares. In addition, such notice must specify, in the case of shares tendered by delivery of certificates, the name of the
registered holder (if different from that of the tendering stockholder) and the serial numbers shown on the particular certificates evidencing the shares to be withdrawn or, in the case of shares tendered by book-entry
transfer, the name and number of the account at the Book-Entry Transfer Facility to be credited with the withdrawn shares.
For purposes of the tender offer, the Company will be deemed to have accepted for payment (subject to any “odd lot” (holders of fewer than 100 shares) priority, proration and conditional tender provisions of
the Offer to Purchase), shares that are properly tendered and not properly withdrawn, only when, as and if the Company gives oral or written notice to the Depositary of its acceptance of the shares for payment
pursuant to the tender offer.

Payment for shares tendered and accepted for payment pursuant to the tender offer will be made only after timely receipt by the Depositary of certificates for such shares (or a timely confirmation of a book-entry
transfer of such shares into the Depositary’s account at the Book-Entry Transfer Facility), a properly completed and duly executed Letter of Transmittal with any required signature guarantees, or an Agent’s Message
(as defined in the Offer to Purchase) in connection with book-entry delivery, and any other documents required by the Letter of Transmittal.
The Company will announce the preliminary results of the tender offer, including price and preliminary information about any expected proration, on the business day following the Expiration Date. However,
the Company does not expect to announce the final results of any proration or the Purchase Price and begin paying for the tendered shares until at least three business days after the Expiration Date.

The purpose of the tender offer and the Share Repurchase is to repurchase shares at the same Purchase Price from stockholders that participate in the tender offer and from Atairos.
The Company’s Board of Directors, the Finance and Audit Committee and the Disinterested Directors (each defined in the Offer to Purchase) have each determined that it is in the best interests of the Company
and its stockholders (including stockholders other than Atairos) to deploy capital by repurchasing shares of its common stock pursuant to its share repurchase program, and that at this time, the tender offer described
in the Offer to Purchase, together with the Share Repurchase, is a prudent and effective way to do so and to provide value and increased liquidity to its stockholders. See Section 2 of the Offer to Purchase for
additional information on the purpose of the tender offer and the Share Repurchase.

The Company’s directors, executive officers and affiliates are entitled to participate in the tender offer on the same basis as all other stockholders. Certain of the Company’s directors and executive officers,
including the Chairperson of the Board of Directors and the Chief Executive Officer, have each advised the Company that they currently intend to participate in the tender offer, but none of the Company’s affiliates
currently intend to participate in the tender offer. See Section 11 of the Offer to Purchase. Each of them may change their intentions at any time and no assurance can be given that any of them will or will not
participate in the tender offer. The equity ownership of the Company’s directors, executive officers and affiliates who do not tender their shares in the tender offer, and the equity ownership of other stockholders
who do not tender their shares pursuant to the tender offer, will proportionately increase as a percentage of the Company’s issued and outstanding shares following the consummation of the tender offer. However,
pursuant to the Repurchase Agreement the Company entered into with Atairos (which is an affiliate of the Company and its director Michael J. Angelakis), assuming the tender offer is fully subscribed, the Company
will purchase 3,364,486 shares from Atairos on the 11th business day following the Expiration Date such that Atairos would continue to beneficially own approximately 36% of the Company’s outstanding shares
immediately following the closing of the Share Repurchase (taking into account the shares purchased in the tender offer). Pursuant to the Repurchase Agreement, Atairos has agreed that it will not, directly or
indirectly, purchase or sell shares of the Company’s common stock from the date of the Repurchase Agreement until the 11th business day following the Expiration Date. See Section 11 of the Offer to Purchase.

The receipt of cash for the tendered shares generally will be treated for U.S. federal income tax purposes either as (1) consideration received in a sale or exchange of the tendered shares or (2) a distribution in
respect of the stockholder’s shares. If stockholder is a U.S. Holder (as defined in Section 13 of the Offer to Purchase), generally, they will be subject to U.S. federal income taxation upon the receipt of cash in
exchange for the shares that you tender. See Section 13 for additional information.

The information required to be delivered by Rule 13e-4(d)(1) under the U.S. Securities Exchange Act of 1934, as amended, is contained in the Offer to Purchase and the Schedule TO, both of which are
incorporated herein by reference.
The Offer to Purchase and the related Letter of Transmittal contain important information that should be read before any decision is made with respect to the tender offer.

Questions or requests for assistance may be directed to D.F. King & Co., Inc., the Information Agent for the tender offer, at its telephone number and address set forth below. Requests for additional copies of the Offer to
Purchase, the related Letter of Transmittal, the Notice of Guaranteed Delivery or the other tender offer materials may be directed to the Information Agent at the telephone number and address set forth below. Stockholders
may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the tender offer. To confirm delivery of shares, stockholders are directed to contact the Depositary.

The Dealer Managers for the Tender Offer are:

Morgan Stanley & Co. LLC BofA Securities, Inc. Truist Securities, Inc.
1585 Broadway One Bryant Park 3333 Peachtree Road NE, 11th Floor
New York, NY 10036 New York, NY 10036 Atlanta, GA 30326
Toll-Free: 855-483-0952 Toll-Free: (888) 803-9655 Toll-Free: (855) 382-6151

The Information Agent for the Tender Offer is:

D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Banks & Brokers May Call: (212) 269-5550
All Others Call Toll-Free: (800) 431-9643
Email: tnet@dfking.com

TriNet Group, Inc.

August 1, 2023

B6 | Tuesday, August 1, 2023
Ares Sets $2 Billion Target for Fund CVS to
Eliminate
Pool set to buy
stakes in private
funds holding utility,
transport assets
BY ROD JAMES
Ares Management is raising
its first infrastructure-second-
aries investment vehicle since
entering the market through an
acquisition in 2021, setting a
$2 billion fundraising goal for
the private-equity pool.
With Ares Secondaries In-
frastructure Solutions Fund
III, the listed asset manager
known for credit investing
aims to buy stakes in private
funds holding utility, trans-
portation, communications
and renewable energy assets,
among others, according to
public documents prepared for
the Boston Retirement Sys-
tem, an $8.5 billion pension.
Ares will use Fund III to buy
stakes in “relatively mature”
infrastructure funds, which are
likely to divest assets in the
near term and bring relatively
quick returns to investors, ac-
Banks Add
Brokered
Deposits
Continued from page B1
moil, such as Western Alli-
ance Bancorp, Zions Bancorp
and Comerica.
Banks collectively had more
than $1 trillion in brokered
deposits in the first quarter,
according to the latest avail-
able data from the Federal De-
posit Insurance Corp. That
figure almost certainly in-
creased in the second quarter.
“You’ve seen them abso-
lutely explode in terms of
growth,” said Nathan Stovall,
director of financial institu-
tions research at S&P Global
Market Intelligence.
THE RISE OF
SUPERHERO CINEMA
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©2023 Dow Jones & Co., Inc. All rights reserved. 6DJ0037
Ares CEO Michael Arougheti expects a first close for the fund over the next several quarters.
cording to the documents pre-
sented to the Massachusetts
capital’s pension system.
Speaking with analysts on
its first-quarter earnings call,
Ares Chief Executive Michael
Arougheti said he expects a
first close for the fund “over
Reliance on brokered de-
posits could grow as the race
for customers keeps intensify-
ing. Total deposits still fell at
many banks in the second
quarter compared with a year
earlier—even at megabanks
and some of the big regional
powerhouses.
Some regulators and bank-
ers say brokered deposits can
encourage lenders to take ex-
cessive risks, such as issuing
nontraditional loans to make
up for the high cost of this
funding.
The FDIC can charge higher
insurance premiums on bro-
kered deposits, and banks that
fall below certain capital lev-
els aren’t allowed to accept
brokered deposits.
The FDIC has previously
tied heavy reliance on bro-
kered deposits to a higher
probability of bank failures.
For some banks, the cost of
brokered deposits can be
BUSINESS & FINANCE
the next several quarters.”
Ares acquired secondaries
firm Landmark Partners in
2021 for $1.08 billion, adding
more than $18 billion of pri-
vate equity, real estate and in-
frastructure assets to the
credit specialist’s operations,
Total brokered deposits across banks, quarterly
$1.20 trillion
1.00
0.80
0.60
0.40
0.20
0 Bloomington, Ill.-based HBT
2006 ’10
Note: Changes to FDIC rules in 2021 resulted in fewer deposits that
would have previously been considered ‘brokered’ being reported as such.
Source: Federal Deposit Insurance Corp.
worth it. The holding com-
pany of Peoples State Bank,
based in Wausau, Wis., said it
recently increased both its
brokered deposits and its bor-
rowings from the Federal
Home Loan Bank system, an-
which also include buyouts.
Predecessor fund Landmark
Infrastructure Partners II col-
lected $915 million from inves-
tors by the time it closed in
May 2021, below its target of
$1.5 billion.
With assets of $360 billion,
’15 ’20
other higher-cost source of
funding.
Brokered and other time
deposits made up 8.5% of total
deposits in the second quar-
ter, versus 7.2% in the first.
CEO Scott Cattanach said
LISTEN NOW
* *** THE WALL STREET JOURNAL.
Ares invests in infrastructure
deals and provides financing
for infrastructure transactions
carried out by other investors,
according to its website.
In March, Ares and United
Arab Emirates sovereign
wealth investor Mubadala In-
vestment Co. said they
planned to form a $1 billion
joint venture to buy stakes in
private-credit funds.
The infrastructure second-
aries market is dominated by
a handful of large asset man-
PATRICK T. FALLON/BLOOMBERG NEWS
agers, including Ardian and
Goldman Sachs Group. In
2022, Paris-based Ardian said
it had raised the largest infra-
structure secondaries fund in
the world, closing on $5.25
billion for its Ardian Second-
ary Fund VIII Infrastructure.
Ares plans to do deals of $10
million to $350 million through
its third infrastructure-second-
aries vehicle, according to the
pension documents. The firm
has an internal rate of return
target of 11% to 14% for fund in-
vestments, and aims to pro-
duce returns of 1.65 times in-
vested capital net of fees, the
documents show.
that Peoples, with $1.4 billion
in assets, turned to high-cost
funding because it had strong
demand for commercial loans.
Despite paying more for the
funding, the bank earned net
interest income by lending it
out at a higher rate.
“We monitor it closely, but
we don’t consider it to be a
failure of what we’re trying to
accomplish,” Cattanach said.
“We consider it another fund-
ing source of growth.”
Lance Carter, CEO of
’23 Financial, parent company of
Heartland Bank & Trust, said
his bank recently turned to
brokered deposits as a fund-
ing source for the first time in
more than 15 years.
While Heartland didn’t
have an immediate liquidity
need, it didn’t want to have to
sell securities on its balance
sheet that have lost value due
to rising rates.
.
5,000 Jobs
Continued from page B1
severance pay, benefits and
help with landing a new job
elsewhere.
The Woonsocket, R.I., com-
pany employed over 300,000
workers, primarily in the U.S.
as of the end of last year, ac-
cording to a securities filing.
CVS operates over 9,000 re-
tail locations and 1,100 walk-in
clinics nationwide. It also
owns one of the country’s big-
gest health insurers and the
nation’s largest pharmacy-
benefit manager.
The company is transition-
ing its business to play a
larger role in treating patients.
The layoff announcement
comes days before CVS is due
to release its quarterly earn-
ings report. The company re-
ported revenue rose in the
March quarter from the prior
year, but it downgraded its fi-
nancial outlook for the year
due, in part, to costs to ac-
quire and integrate recent ac-
quisitions.
“It’s not something we
would rely on as a long-term
part of our funding base,”
Carter said. “Like anything
else, in moderation it’s good.”
Other bankers are skepti-
cal. Tom O’Brien, CEO of Ster-
ling Bancorp in Southfield,
Mich., said that years ago, his
bank relied heavily on bro-
kered deposits. It recouped
the higher interest cost by
making unconventional mort-
gages at lofty rates.
After the bank got into reg-
ulatory trouble and brought in
O’Brien to turn things around,
he focused partly on building
liquidity. As a result, the bank
didn’t need to turn to high-
cost funding when the crisis
hit in March.
“In my experience, all these
troubled banks, they fund too
expensively,” he said. “And be-
cause they fund too expen-
sively, they take too much risk
on the assets.”
 .

THE WALL STREET JOURNAL. * Tuesday, August 1, 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
35559.53 s 100.24, or 0.28% Trailing P/E ratio 25.74 19.52 4588.96 s 6.73, or 0.15% Trailing P/E ratio * 20.42 22.20 14346.02 s 29.37, or 0.21% Trailing P/E ratio *† 34.63 26.92
High, low, open and close for each P/E estimate * 19.61 17.43 High, low, open and close for each P/E estimate * 20.97 18.01 High, low, open and close for each P/E estimate *† 29.15 22.76
trading day of the past three months. Dividend yield 2.01 2.13 trading day of the past three months. Dividend yield * 1.50 1.59 trading day of the past three months. Dividend yield *† 0.75 0.83
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

35200 4600 14500
Session high
DOWN UP
34700 4500 14000
t

Session open Close

Close Open
t

34200 4400 13500

Session low

33700 4300 13000

33200 4200 12500

65-day moving average 65-day moving average

65-day moving average
32700 4100 12000

Bars measure the point change from session's open

32200 4000 11500
Apr. May June July May June July Apr. May June July
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,205,629,959 14,156,447
Industrial Average 35566.95 35430.22 35559.53 100.24 0.28 35559.53 28725.51 8.4 7.3 10.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 811,499,106 11,835,600
Transportation Avg 16717.04 16543.03 16616.42 -78.90 -0.47 16695.32 11999.40 13.5 24.1 18.5 Most-active issues in late trading Decl. volume* 385,048,529 1,819,619
Utility Average 937.99 927.08 931.22 -1.52 -0.16 1061.77 838.99 -9.1 -3.7 3.9 Volume After Hours Issues traded 3,066 333
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 46010.33 45815.03 45969.67 123.18 0.27 45969.67 36056.21 11.0 19.3 11.3 Advances 2,150 203
SPDR S&P 500 ETF Trust SPY 10,306.9 457.94 0.15 0.03 458.09 456.31
Barron's 400 1037.80 1032.03 1036.97 4.94 0.48 1036.97 825.73 8.2 12.7 13.7 Declines 807 120
Intel INTC 10,037.8 35.76 -0.01 -0.03 35.80 34.30
Unchanged 109 10
Nasdaq Stock Market Viatris VTRS 6,872.9 10.60 0.07 0.66 10.62 10.53 New highs 152 7
Nasdaq Composite 14370.91 14292.75 14346.02 29.37 0.21 14358.02 10213.29 16.0 37.1 10.1 Huntington Bancshares HBAN 5,681.5 12.26 0.02 0.16 12.26 12.15 New lows 8 6
Nasdaq-100 15803.55 15702.74 15757.00 6.07 0.04 15841.35 10679.34 21.8 44.0 13.1 iShares China LC ETF FXI 3,501.8 30.42 ... unch. 30.48 30.22 Closing Arms† 0.95 0.26
Kimco Realty KIM 3,460.1 20.00 -0.26 -1.28 20.40 20.00 Block trades* 4,466 124
S&P
0.15
Palantir Technologies PLTR 3,216.6 19.98 0.14 0.71 20.20 19.75
500 Index 4594.22 4573.14 4588.96 6.73 4588.96 3577.03 11.4 19.5 11.9 Nasdaq NYSE Arca
Amcor AMCR 2,919.8 10.33 0.07 0.68 10.35 10.19
MidCap 400 2733.30 2717.21 2728.44 11.56 0.43 2728.44 2203.53 8.6 12.3 13.5 Total volume*4,934,441,750 236,594,479
SmallCap 600 1282.58 1272.97 1282.43 11.34 0.89 1315.82 1064.45 3.2 10.8 14.0 Percentage gainers… Adv. volume*3,867,417,391 183,159,016
Arista Networks ANET 1,668.6 176.50 21.41 13.80 177.55 154.50 Decl. volume*1,021,826,152 50,227,416
Other Indexes
Emergent Biosoltns EBS 500.6 7.58 0.70 10.17 8.21 6.88 Issues traded 4,587 1,814
Russell 2000 2003.62 1984.80 2003.18 21.64 1.09 2021.35 1655.88 6.4 13.7 10.6
Advances 2,832 1,352
NYSE Composite 16448.00 16363.26 16427.29 64.03 0.39 16427.29 13472.18 7.5 8.2 9.6 SBA Communications SBAC 151.3 232.20 13.25 6.05 234.80 218.45
Declines 1,572 432
Value Line 596.73 592.23 596.65 4.42 0.75 606.49 491.56 4.7 11.2 9.2 Tupperware Brands TUP 1,583.3 4.47 0.20 4.68 4.56 4.22
Unchanged 183 30
NYSE Arca Biotech 5348.37 5303.87 5326.48 -12.67 -0.24 5644.50 4390.11 12.7 0.9 -2.0
Nuveen Growth Opps ETF NUGO 688.0 24.66 1.10 4.67 24.66 23.53
New highs 142 198
NYSE Arca Pharma 879.06 872.03 875.61 -3.45 -0.39 892.45 737.84 6.6 0.9 10.1 ...And losers New lows 64 13
KBW Bank 89.87 88.80 89.34 0.32 0.36 115.55 71.96 -17.3 -11.4 6.2 ZoomInfo Technologies ZI 2,482.8 21.07 -4.50 -17.60 25.57 18.50 Closing Arms† 0.48 1.02
PHLX§ Gold/Silver 128.00 124.80 127.06 2.79 2.25 144.37 91.40 17.7 5.1 -6.3 Harmonic HLIT 339.5 12.65 -2.27 -15.21 14.92 11.58 Block trades* 34,952 1,003
PHLX§ Oil Service 93.69 92.36 93.50 1.91 2.08 93.94 56.08 40.9 11.5 38.0 Rambus RMBS 187.4 57.50 -5.11 -8.16 63.50 53.39 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3875.17 3843.05 3861.63 9.87 0.26 3861.63 2162.32 29.7 52.5 21.8 DoubleVerify DV 104.4 38.74 -3.36 -7.98 42.49 38.23 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 14.09 13.57 13.63 0.30 2.25 33.63 12.91 -40.3 -37.1 -17.7 Comstock Resources CRK 82.2 11.82 -0.93 -7.29 12.75 11.70 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 707.11 1.60 0.23 16.8 Symbotic SYM 63.54 21.36 50.64 64.14 8.75 240.7 View VIEW 10.40 -4.00 -27.78 152.40 6.08 -92.3
MSCI ACWI ex-USA 314.69 0.85 0.27 11.9 Archer Aviation ACHR 6.73 1.95 40.79 6.87 1.62 61.4 BioNexus Gene Lab BGLC 2.23 -0.77 -25.67 17.88 0.96 -81.9
MSCI World 3064.30 6.46 0.21 17.7 Tupperware Brands TUP 4.27 1.19 38.64 12.86 0.61 -43.3 Birks Group BGI 3.09 -1.06 -25.54 10.02 2.78 -40.0
MSCI Emerging Markets 1046.91 3.71 0.36 9.5 GoodRx Holdings GDRX 9.24 2.49 36.89 10.37 3.82 46.9 Silicom SILC 29.42 -9.63 -24.66 50.00 29.00 -26.5
Americas MSCI AC Americas 1742.64 4.12 0.24 19.6 Jin Medical International ZJYL 14.23 3.67 34.75 20.80 4.84 ... Alset Capital Acqn Cl A ACAX 5.77 -1.83 -24.08 12.27 5.50 -41.8
Canada S&P/TSX Comp 20626.64 107.27 0.52 6.4 XIAO-I ADR AIXI 9.19 2.04 28.53 9.20 4.30 ... Aptose Biosciences APTO 3.10 -0.94 -23.27 13.80 2.91 -71.7
Latin Amer. MSCI EM Latin America 2562.17 5.69 0.22 20.4 iClick Interactive ADR ICLK 3.07 0.68 28.45 7.07 1.36 -39.8 Marker Therapeutics MRKR 5.05 -1.42 -21.95 9.68 0.67 63.0
Brazil BOVESPA 121942.98 1755.87 1.46 11.1 Fifth Wall Acqn III Cl A FWAC 15.05 3.30 28.09 20.12 9.77 54.0 Surf Air Mobility SRFM 2.04 -0.51 -20.00 5.00 2.00 ...
Chile S&P IPSA 3608.03 31.24 0.87 13.7 Evelo Biosciences EVLO 10.47 1.88 21.89 65.80 0.49 -75.1 Apellis Pharmaceuticals APLS 25.75 -6.27 -19.58 94.75 24.97 -53.8
Mexico S&P/BMV IPC 54819.05 –91.88 –0.17 13.1 AEON Biopharma AEON 7.85 1.35 20.77 14.68 5.64 -20.2 Bluejay Diagnostics BJDX 6.40 -1.43 -18.26 24.80 3.80 -71.2
EMEA STOXX Europe 600 471.35 0.57 0.12 10.9 Innoviz Technologies INVZ 4.10 0.69 20.23 6.21 2.09 2.5 Checkpoint Therapeutics CKPT 2.59 -0.51 -16.45 14.90 1.84 -76.2
Eurozone Euro STOXX 470.20 –0.18 –0.04 14.7 fuboTV FUBO 3.37 0.56 19.93 8.14 0.96 34.8 Territorial Bancorp TBNK 11.84 -2.31 -16.30 25.50 9.57 -47.1
Belgium Bel-20 3776.61 –11.78 –0.31 2.0 SoFi Technologies SOFI 11.45 1.90 19.90 11.70 4.24 80.0 Okyo Pharma OKYO 1.87 -0.33 -15.00 7.00 0.92 -21.1
Denmark OMX Copenhagen 20 2030.75 39.46 1.98 10.7 Foresight Autonomous ADR FRSX 3.15 0.52 19.77 5.88 1.75 -17.0 TeraWulf WULF 2.92 -0.50 -14.62 4.04 0.54 111.6
7497.78 0.29 15.8 Leju Holdings ADR LEJU 2.42 0.39 19.21 9.84 1.03 31.5 Genesis Unicorn Cap Cl A GENQ 8.34 -1.42 -14.55 13.38 7.25 -16.3
France CAC 40 21.31
Germany DAX 16446.83 –22.92 –0.14 18.1
Israel Tel Aviv 1871.26 2.70 0.14 4.1
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 29644.71 144.51 0.49 25.0 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 792.00 –2.27 –0.29 14.9
Oslo Bors All-Share 1417.75 0.86 4.0 Mullen Automotive MULN 238,357 10.6 0.13 4.17 23.98 0.10 iSh Curr Hdgd MSCI Japan HEWJ 6,862 4653 34.01 0.62 41.04 26.08
Norway 12.12
South Africa FTSE/JSE All-Share 78977.89 470.99 0.60 8.1 SoFi Technologies SOFI 209,997 281.6 11.45 19.90 11.70 4.24 Fifth Wall Acqn III Cl A FWAC 1,416 3426 15.05 28.09 20.12 9.77
Spain IBEX 35 9641.50 –43.60 –0.45 17.2 Tupperware Brands TUP 171,729 1546.3 4.27 38.64 12.86 0.61 Silicom SILC 547 3387 29.42 -24.66 50.00 29.00
844.63 –0.14 8.0 Yellow YELL 148,841 5819.2 1.76 148.97 8.51 0.43 Franklin US Treasury Bd FLGV 1,087 3169 20.64 0.06 22.16 20.28
Sweden OMX Stockholm –1.16
5.4
Nikola NKLA 144,783 120.2 2.67 17.62 8.97 0.52 Global X E-commerce ETF EBIZ 303 3040 20.84 1.81 21.37 13.94
Switzerland Swiss Market 11309.25 –8.49 –0.08
Turkey BIST 100 7216.96 149.68 2.12 31.0 Palantir Technologies PLTR 140,868 77.7 19.84 11.40 20.00 5.92 MSG Sports MSGS 4,329 2813 212.75 0.24 215.79 136.61
U.K. FTSE 100 7699.41 5.14 0.07 3.3 NIO ADR NIO 116,284 96.0 15.30 3.80 22.74 7.00 Franklin US Core Bond FLCB 2,910 2017 21.30 0.06 22.63 20.35
19143.76 0.10 1.5 FOXO Technologies FOXO 100,042 8842.7 0.20 49.78 11.00 0.13 GoodRx Holdings GDRX 23,271 1673 9.24 36.89 10.37 3.82
U.K. FTSE 250 19.62
T2 Biosystems TTOO 93,481 73.8 0.15 27.16 15.00 0.05 Gl X FTSE Southeast Asia ASEA 225 1633 15.72 1.35 15.84 13.26
Asia-Pacific MSCI AC Asia Pacific 170.76 0.74 0.44 9.6
ProSh UltraPro Shrt QQQ SQQQ 85,732 -27.7 16.91 -0.29 69.55 16.38 Avista AVA 9,961 1534 38.64 -0.82 45.29 35.72
Australia S&P/ASX 200 7410.40 6.75 0.09 5.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3291.04 15.11 0.46 6.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 20078.94 162.38 0.82 1.5
66527.67 0.56 9.3
Scan this code
India S&P BSE Sensex 367.47
Japan NIKKEI 225 33172.22 412.99 1.26 27.1 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3373.98 2.81 0.08 3.8 and track most-active stocks,
South Korea KOSPI 2632.58 24.26 0.93 17.7 new highs/lows, mutual funds Currencies
Taiwan TAIEX 17145.43 –147.50 –0.85 21.3 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1556.06 12.79 0.83 –6.7
All are available free at WSJMarkets.com US$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 .00004222 23688 0.2
CREDIT MARKETS Argentina peso .0037273.6463 54.8 Europe
Brazil real .2116 4.7258 –10.6 Czech Rep. koruna .04604 21.723 –3.7
Canada dollar .7581 1.3191 –2.7 Denmark krone .1476 6.7768 –2.5
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001189 840.73 –0.9 Euro area euro 1.0999 .9092 –2.7
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000256 3906.50 –19.4 Hungary forint .002841 352.03 –5.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007620 131.24 –7.3
A consumer rate against its Five-year ARM, Rate Mexico peso .0597 16.7454 –14.1 Norway krone .0987 10.1312 3.3
benchmark over the past year 5.00% Uruguay peso .02654 37.6800 –5.7 Poland zloty .2497 4.0046 –8.5
Bankrate.com avg†: 6.30% 12% Russia ruble .01094 91.435 24.0
Tradeweb ICE Asia-Pacific
t

5-year Florence Savings Bank 4.75% Monday Close 4.00

sWSJ Dollar Index Sweden krona .0950 10.5291 0.9
Australiadollar .6717 1.4888 1.5
adjustable-rate 6.50% Florence, MA 800-644-8261 6 Switzerland franc 1.1472 .8717 –5.8
China yuan .1400 7.1433 3.6
mortgage (ARM) 3.00 Turkey lira .0371 26.9360 44.1
Grow Financial FCU 5.63% s Hong Kong dollar .1282 7.7981 –0.1
t 5.50 Euro Ukraine hryvnia .0271 36.9500 0.3
0 India rupee .01215 82.286 –0.6
Hillsborough, FL 800-839-6328 t 2.00 UK pound 1.2835 .7791 –5.7
5-year Treasury Indonesia rupiah .0000663 15092 –3.1
STAR Financial Bank 5.75% One year ago Middle East/Africa
note yield 4.50 1.00 –6 Japan yen .007029 142.27 8.5
t s
Fort Wayne, IN 765-622-4185 Yen Kazakhstan tenge .002249 444.60 –3.9 Bahrain dinar 2.6532 .3769 –0.04
3.50 Texas Bank and Trust Company 5.75% 0.00 –12 Macau pataca .1244 8.0355 –0.2 Egypt pound .0324 30.9025 24.8
Malaysia ringgit .2207 4.5305 2.8 Israel shekel .2728 3.6655 4.0
Longview, TX 903-237-5500 1 3 6 1 2 3 5 7 10 20 30 2022 2023
2.50 New Zealand dollar .6209 1.6106 2.3 Kuwait dinar 3.2569 .3070 0.3
Star One Credit Union 5.88% month(s) years
A S ON D J FMAM J J Pakistan rupee .00349 286.788 26.5 Oman sul rial 2.5973 .3850 ...
Sunnyvale, CA 408-742-2801 maturity Philippines peso .0182 54.900 –1.4 Qatar rial .2747 3.640 –0.7
2022 2023
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7521 1.3296 –0.8 Saudi Arabia riyal .2665 3.7518 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007823 1278.28 1.3 South Africa rand .0559 17.8756 5.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0031229 320.22 –12.9
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 5.25-5.50 5.00-5.25 2.25 l 5.50 5.25 Taiwan dollar .03180 31.448 2.6
Yield (%) 52-Week Total Return (%) Thailand baht .02921 34.230 –1.1 WSJ Dollar Index 96.30 0.1370.142 –0.26
Prime rate* 8.50 8.25 5.50 l 8.50 5.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 5.30 5.05 2.25 l 5.31 5.20 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2115.230 4.430 4.390 4.560 2.840 –4.006 –5.268
Money market, annual yield 0.56 0.55 0.12 l 0.56 0.30
Five-year CD, annual yield 2.86 2.85 1.83 l 2.86 2.17 U.S. Treasury Long, Bloomberg 3202.480 4.130 4.050 4.570 3.060 –11.208–13.923 Commodities
30-year mortgage, fixed† 7.38 7.32 5.26 l 7.43 4.22 Aggregate, Bloomberg 1990.070 4.850 4.830 5.210 3.370 –3.371 –4.462 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 6.66 6.63 4.62 l 6.70 3.91 Fixed-Rate MBS, Bloomberg 1970.990 4.850 4.810 5.380 3.300 –4.665 –3.816
Jumbo mortgages, $726,200-plus† 7.43 7.36 5.19 l 7.48 4.22 DJ Commodity 1013.35 -0.12 -0.01 1113.32 930.59 -5.53 -3.37
High Yield 100, ICE BofA 3335.871 n.a. 7.787 8.753 6.786 4.963 1.957 Refinitiv/CC CRB Index 282.18 1.69 0.60 301.75 253.85 -1.37 1.60
Five-year adj mortgage (ARM)† 6.30 6.26 4.11 l 6.30 3.07
Muni Master, ICE BofA 570.319 3.342 3.212 3.936 2.419 0.327 –1.119 Crude oil, $ per barrel 81.80 1.22 1.51 97.01 66.74 -12.88 1.92
New-car loan, 48-month 7.26 7.51 5.05 l 7.64 2.99
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 810.381 7.495 7.552 9.159 7.084 4.719 –3.341 Natural gas, $/MMBtu 2.634 -0.004 -0.15 9.680 1.991 -68.20 -41.14
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1970.50 10.10 0.52 2048.00 1623.30 11.39 8.29
 .

B8 | Tuesday, August 1, 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 Sept 250.225 250.650 247.625 249.200 .225 17,885 Sept .05948 .05949 .05905 .05926 –.00015 232,891 Dec 2761.70 13.80 n.a.
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Mini Nasdaq 100 (CME)-$20 x index
Contract Open
Aug 178.350 178.650 176.800 178.050 –.100 42,537 Aug 1.1027 1.1053 1.1002 1.1006 –.0026 2,769 Sept 15850.00 15917.00 15791.25 15857.50 10.00 255,857
Open High hi lo Low Settle Chg interest
Oct 179.925 180.125 177.925 179.525 –.075 140,017 Sept 1.1045 1.1073 1.1020 1.1025 –.0026 734,841 Dec 16042.75 16117.00 15994.50 16058.00 9.75 8,414
Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (CME)-$50 x index
Aug 3.9210 4.0010 3.9210 3.9945 0.0775 2,031 Aug 102.700 104.275 102.175 104.125 .925 23,961 1992.70 2015.70 1985.40 2013.60 22.60 517,855
Sept 3.9300 4.0170 3.9080 4.0080 0.0815 121,855
Index Futures Sept
Oct 84.225 86.250 83.075 86.000 .975 81,802 Dec 2013.80 2035.80 2006.00 2033.80 22.40 1,998
Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini DJ Industrial Average (CBT)-$5 x index Mini Russell 1000 (CME)-$50 x index
Aug 1959.20 1971.60 1950.00 1970.50 10.10 9,856 Sept 514.50 517.00 507.00 511.50 –5.00 4,240 Sept 35598 35713 35511 35695 103 107,009
Sept 2534.00 2534.90 2523.70 2531.90 5.90 7,980
Sept 1967.90 1981.10 1958.00 1979.60 9.50 2,427 Nov 523.00 523.50 517.00 523.00 –2.00 1,514 Dec 35900 36045 35850 36029 100 523
U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 1978.00 1991.00 1967.20 1989.30 9.30 31,831 Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index Sept 101.46 101.67 101.30 101.63 .23 30,958
Dec 1997.90 2010.90 1986.70 2009.20 9.30 377,004 July 13.81 13.82 13.79 13.81 … 7,142 Sept 4608.75 4619.25 4595.25 4614.50 8.00 2,198,469
Dec 101.25 101.34 101.04 101.29 .23 509
Feb'24 2018.80 2031.20 2007.60 2029.70 9.10 14,331 Aug 17.35 17.99 17.25 17.69 .43 5,291 Dec 4660.00 4670.50 4647.25 4666.00 8.00 20,733
April 2036.10 2050.40 2026.80 2049.40 9.20 6,694 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P Midcap 400 (CME)-$100 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 3,527 3,569 3,523 3,548 23 134,479 Sept 2730.00 2749.50 2725.90 2743.40 11.70 38,658 Source: FactSet
Aug 1264.70 36.00 Dec 3,521 3,564 3,519 3,543 22 127,861
Sept 1235.00 1284.00 1230.00 1275.60 36.00 15,383 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz.
Aug 952.60 949.70 12.10 2
Sept
Dec
157.90
158.15
166.00
165.90
157.90
158.15
164.65
164.55
6.75
6.35
85,597
61,785
Bonds | wsj.com/market-data/bonds/benchmarks
Oct 943.70 967.30 931.60 958.60 14.90 62,416 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Silver (CMX)-5,000 troy oz.; $ per troy oz. Oct
March'24
23.95
24.14
24.19
24.39
23.84
24.07
24.11
24.29
.19 396,035
.15 234,915
Tracking Bond Benchmarks
Aug 24.210 24.810 24.210 24.854 0.484 621
Sept 24.475 24.985 24.320 24.972 0.477 112,827 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 38.50 39.00 38.50 39.01 .72 820 highs and lows for different types of bonds
Sept 80.65 s 82.00
80.13 81.80 1.22 349,307 March'24 41.75 41.75 41.75 41.75 .71 2,783
Total Total
Oct 80.23 s 81.50
79.72 81.32 1.14 220,935 Cotton (ICE-US)-50,000 lbs.; cents per lb. YTD total YTD total
return Yield (%) return Yield (%)
Oct 85.04 87.20 84.50 85.44 .38 108
Nov 79.79 s 81.01
79.30 80.84 1.08 136,121 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 84.01 86.31 83.75 84.72 .46 135,329
Dec 79.36 s 80.51
78.88 80.35 1.03 242,012
June'24 76.62 s 77.53
76.19 77.43 0.84 119,873
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 317.75 319.40 s 310.10 316.20 –.65 7,972
Dec 74.25 s 74.96
73.79 74.86 0.69 127,133 1970.99 1.8 Mortgage-Backed 4.850 3.300 5.380
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Nov 303.75 305.00 s 297.10 299.55 –3.20 1,722 1990.07 2.0 U.S. Aggregate 4.850 3.370 5.210
Aug 2.9558 3.0041 s 2.9319 2.9909 .0323 3,150 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1945.74 2.1 Ginnie Mae (GNMA) 4.880 3.320 5.370
Sept 2.9548 3.0054 s 2.9222 2.9855 .0357 90,130
Interest Rate Futures
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2973.99 3.6 U.S. Corporate 5.450 4.280 6.130 1159.02 1.7 Fannie mae (FNMA) 4.840 3.300 5.390
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Aug 2.9380 2.9479 2.9126 2.9290 –.0268 4,937 Sept 132-090 132-260 131-150 132-070 9.0 1,514,883 1776.13 1.7 Freddie Mac (FHLMC) 4.920 3.300 5.370
2867.46 2.9 Intermediate 5.440 4.050 6.050
Sept 2.8815 2.9088 2.8494 2.8955 .0079 125,001 Dec 134-090 134-210 133-160 134-050 9.0 39
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3977.57 4.7 Long term 5.490 4.690 6.370 570.32 2.5 Muni Master 3.342 2.419 3.936
Sept 2.659 2.693 2.605 2.634 –.004 325,732 Sept 124-140 124-280 123-260 124-140 6.0 1,262,513
Dec 124-200 125-020 124-030 124-220 6.0 2,355 575.22 3.1 Double-A-rated 4.860 3.630 5.320 406.90 2.2 7-12 year 2.964 2.325 3.794
Oct 2.768 2.804 2.720 2.741 –.012 106,895
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Nov 3.183 3.213 3.133 3.143 –.033 108,073
Sept 111-150 111-200 111-020 111-130 2.0 4,823,387 792.71 4.0 Triple-B-rated 5.720 4.620 6.440 459.34 3.7 12-22 year 3.667 2.991 4.428
Jan'24 3.798 3.815 3.762 3.783 –.005 86,083
Dec 112-000 112-055 111-210 111-310 2.0 15,001 High Yield Bonds ICE BofA 433.39 5.1 22-plus year 4.299 3.700 5.131
March 3.441 3.459 3.410 3.441 –.005 73,556
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
April 3.140 3.167 3.120 3.152 –.006 68,169 Sept 106-272 106-307 106-195 106-262 2.0 5,477,880 495.44 6.9 High Yield Constrained n.a. 7.409 9.623 Global Government J.P. Morgan†
Dec 107-132 107-175 107-067 107-132 2.5 6,236
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 473.18 12.6 Triple-C-rated n.a. 12.836 16.916 528.55 1.3 Global Government 3.190 2.010 3.250
Sept 101-165 101-185 101-142 101-165 1.0 3,651,524 0.6
Corn (CBT)-5,000 bu.; cents per bu. 3335.87 7.2 High Yield 100 n.a. 6.786 8.753 768.05 Canada 3.610 2.730 3.780
Dec 101-315 102-021 101-302 102-003 1.0 556
Sept 516.25 516.25 498.50 504.00 –17.00 375,478
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 430.58 6.1 Global High Yield Constrained n.a. 7.593 9.945 340.69 2.3 EMU§ 3.249 1.594 3.490
Dec 524.50 524.50 508.00 513.00 –17.25 607,036
July 94.8800 94.8825 94.8800 94.8800 ... 322,162
Oats (CBT)-5,000 bu.; cents per bu. Aug 94.6725 94.6750 94.6700 94.6725 .0025 393,665 325.97 5.5 Europe High Yield Constrained 7.313 5.952 8.508 629.56 1.6 France 3.130 1.410 3.310
Sept 422.00 438.00 412.75 436.25 11.50 1,319 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
Dec 441.25 457.50 430.00 456.25 11.00 3,028 May 94.8575 94.8575 94.8550 94.8575 ... 27,604 U.S Agency Bloomberg Fixed Income Indices 448.98 1.2 Germany 2.550 0.770 2.760
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 94.6250 94.6350 94.6050 94.6250 .0050 1,265,601
Aug 1486.50 1486.50 1430.25 1445.75 –41.00 4,034
1721.57 1.8 U.S Agency 4.960 3.060 5.080 280.83 1.1 Japan 0.930 0.570 1.060
Nov 1375.50 1375.50 1322.75 1331.75 –50.75 324,002 Currency Futures 1522.70 1.7 10-20 years 4.980 3.020 5.100 486.02 1.3 Netherlands 2.810 1.080 3.000
Soybean Meal (CBT)-100 tons; $ per ton.
Aug 455.20 455.40 447.60 451.20 –4.00 5,262 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 3301.78 3.5 20-plus years 4.750 3.600 5.240 760.29 -2.8 U.K. 4.400 2.100 4.700
Dec 399.70 402.60 392.40 395.90 –9.90 206,252 Aug .7119 .7124 .7024 .7044 –.0065 648
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .7142 .7162 .7062 .7082 –.0066 223,588 2614.84 3.2 Yankee 5.300 3.970 5.840 810.38 5.5 Emerging Markets ** 7.495 7.084 9.159
Aug 67.75 67.75 64.55 65.58 –2.02 2,420
Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Aug .7545 .7605 .7543 .7591 .0037 207
Dec 62.40 62.46 59.30 59.99 –2.41 193,615 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept .7552 .7609 .7545 .7595 .0037 154,413
Rough Rice (CBT)-2,000 cwt.; $ per cwt. British Pound (CME)-£62,500; $ per £
Sept 15.58 15.58 15.36 15.47 –.15 8,487 Aug 1.2856 1.2873 1.2830 1.2839 –.0019 447
Nov 15.75 15.75
Wheat (CBT)-5,000 bu.; cents per bu.
15.55 15.67 –.15 1,357 Sept 1.2854 1.2876 1.2832 1.2841 –.0019 216,092 Global Government Bonds: Mapping Yields
Swiss Franc (CME)-CHF 125,000; $ per CHF
Sept 702.50 703.00 660.25 665.75 –38.50 133,307 Sept 1.1552 1.1601 1.1514 1.1532 –.0035 43,070 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Dec 725.25 726.75 688.25 691.75 –36.25 103,916 Dec 1.1671 1.1710 1.1629 1.1646 –.0034 738
Wheat (KC)-5,000 bu.; cents per bu. Australian Dollar (CME)-AUD 100,000; $ per AUD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Sept 857.50 858.00 807.00 812.75 –43.50 72,614 Aug .6652 .6743 .6652 .6721 .0067 253 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Dec 867.75 869.25 825.00 829.50 –39.75 68,464 Sept .6661 .6751 .6660 .6729 .0067 144,542 Coupon (%) Maturity, in years Latest(l)-1 0 1 2 3 4 5 Previous Month ago Year ago Latest Prev Year ago
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Aug .05964 –.00016 38
4.750 U.S. 2 4.874 t l 4.895 4.877 2.897
Aug 246.900 247.150 244.150 245.600 … 13,276
3.375 10 3.956 t l 3.968 3.818 2.642
3.250 Australia 2 4.038 t l 4.041 4.223 2.440 -82.4 -83.7 -44.4
Cash Prices | wsj.com/market-data/commodities Monday, July 31, 2023 4.500 10 4.058 t l 4.079 4.032 3.069 10.3 12.5 41.8

These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.000 France 2 3.306 s l 3.298 3.373 0.195 -155.6 -158.0 -268.8
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 3.000 10 3.030 s l 3.025 2.926 1.389 -92.6 -92.9 -126.3
months. 3.100 Germany 2 3.038 t l 3.050 3.195 0.260 -182.4 -182.9 -262.4
Monday Monday Monday
2.600 10 2.491 s l 2.491 2.394 0.814 -146.5 -146.3 -183.7
Iron Ore, 62% Fe CFR China-s n.a. Wheat,Spring14%-pro Mnpls-u 9.7575
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 6.0725 3.400 Italy 2 3.687 t l 3.699 3.902 1.403 -117.5 -118.0 -148.1
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 62.250 Steel, HRC USA, FOB Midwest Mill-s n.a. Wheat - Hard - KC (USDA) $ per bu-u 8.5275 4.350 10 4.102 t l 4.105 4.071 3.050 14.6 15.1 39.8
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.300 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 7.1750
BMI Lithium Carbonate, EXW China, =99.2%-v,w 40675 0.005 Japan 2 0.010 s l -0.011 -0.070 -0.082 -485.2 -489.0 -296.6
Metals Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 39000 0.400 10 0.603 s l 0.550 0.400 0.183 -335.3 -340.3 -246.8
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 6090 Beef,carcass equiv. index
Engelhard industrial 1966.00 BMI Nickel Sulphate, EXW China, >22%-v,m 4638 choice 1-3,600-900 lbs.-u 284.38 0.000 Spain 2 3.435 s l 3.430 3.509 0.534 -142.7 -144.9 -235.0
1970.65 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 620 select 1-3,600-900 lbs.-u 260.03
Handy & Harman base 3.550 10 3.511 s l 3.505 3.397 1.928 -44.5 -44.9 -72.3
Handy & Harman fabricated 2187.42 Broilers, National comp wtd. avg.-u,w 1.1436
LBMA Gold Price AM *1950.15
Fibers and Textiles Butter,AA Chicago-d 2.6800 0.625 U.K. 2 4.981 s l 4.980 5.256 1.713 11.9 10.2 -117.1
LBMA Gold Price PM *1954.25 Cheddar cheese,bbl,Chicago-d 187.00
Burlap,10-oz,40-inch NY yd-n,w 0.7300 4.250 10 4.309 t l 4.326 4.387 1.861 35.3 37.2 -79.0
Krugerrand,wholesale-e 2060.48
Cheddar cheese,blk,Chicago-d 196.00
Cotton,1 1/16 std lw-mdMphs-u 0.8244
Maple Leaf-e 2109.77
Milk,Nonfat dry,Chicago lb.-d 114.75 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Cotlook 'A' Index-t *94.90 Coffee,Brazilian,Comp-y 1.5882
American Eagle-e 2109.77 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 1.9012
Mexican peso-e
Austria crown-e
2543.75
1935.71
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 1.1150 Corporate Debt
Grains and Feeds Flour,hard winter KC-p n.a.
Austria phil-e 2070.34
Hams,17-20 lbs,Mid-US fob-u 0.94
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 100.55 expectations
Engelhard industrial 24.6000 Bran,wheat middlings, KC-u,w 145 Pork bellies,12-14 lb MidUS-u n.a.
Handy & Harman base 24.8120 Corn,No. 2 yellow,Cent IL-bp,u 5.4000 Pork loins,13-19 lb MidUS-u 1.3665
Investment-grade spreads that tightened the most…
Handy & Harman fabricated 31.0150 Corn gluten feed,Midwest-u,w 159.2 Steers,Tex.-Okla. Choice-u 178.64 Spread*, in basis points
LBMA spot price *£18.8500 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Corn gluten meal,Midwest-u,w 533.2 Steers,feeder,Okla. City-u,w 272.50
(U.S.$ equivalent) *24.2250 Cottonseed meal-u,w 345 Edison EIX 6.650 5.82 April 1, ’29 163 –11 n.a.
Coins,wholesale $1,000 face-a 21745 Hominy feed,Cent IL-u,w 160 Fats and Oils
Sumitomo Mitsui Financial SUMIBK 3.944 5.32 July 19, ’28 115 –10 n.a.
Other metals Meat-bonemeal,50% pro Mnpls-u,w 438 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *933.0 Oats,No.2 milling,Mnpls-u 4.3625 Grease,choice white,Chicago-h 0.6400 Ares Capital ARCC 7.000 6.90 Jan. 15, ’27 238 –9 n.a.
Platinum,Engelhard industrial 955.0 Rice, Long Grain Milled, No. 2 AR-u,w 37.25 Lard,Chicago-u n.a. Duke Energy DUK 5.000 5.27 Dec. 8, ’25 39 –9 43
Palladium,Engelhard industrial 1290.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7212
*2161.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 467.40 J.M. Smucker SJM 4.250 5.33 March 15, ’35 138 –9 n.a.
Aluminum, LME, $ per metric ton Tallow,bleach;Chicago-h 0.6750
Copper,Comex spot 3.9945 Soybeans,No.1 yllw IL-bp,u 14.0100 Tallow,edible,Chicago-u 0.7600 Cenovus Energy CVECN 6.750 6.18 Nov. 15, ’39 198 –8 n.a.
JPMorgan Chase JPM 6.400 5.23 May 15, ’38 126 –8 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; Credit Agricole ACAFP 5.301 5.26 July 12, ’28 108 –7 120
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 7/28
Source: Dow Jones Market Data …And spreads that widened the most
Barclays BACR 4.375 5.93 Jan. 12, ’26 140 10 146
3.300 May 15, ’26 9 n.a.
Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks International Business Machines
Johnson & Johnson
IBM
JNJ 4.950
5.13
4.28 May 15, ’33
60
35 9 n.a.
Money Rates July 31, 2023 Verizon Communications VZ 4.329 5.34 Sept. 21, ’28 116 9 114
John Deere Capital … 4.750 4.87 June 8, ’26 35 7 32
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Amphenol APH 4.750 5.10 March 30, ’26 58 6 55
guide to general levels but don’t always represent actual transactions. Mercedes–Benz Finance North America MBGGR 8.500 4.72 Jan. 18, ’31 76 6 n.a.
Week —52-WEEK— Week —52-WEEK— Banco Santander SANTAN 5.147 5.92 Aug. 18, ’25 103 5 100
Inflation Latest ago High Low Latest ago High Low
June index Chg From (%)
Japan 1.475 1.475 1.475 1.475
High-yield issues with the biggest price increases…
level May '23 June '22 Federal funds Bond Price as % of face value
Effective rate 5.3400 5.0900 5.3400 2.3300 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
U.S. consumer price index Policy Rates
Euro zone 4.00 4.00 4.00 0.50 High 5.6500 5.4000 5.6500 2.4500 Hughes Satellite Systems … 6.625 10.24 Aug. 1, ’26 90.875 1.11 89.625
All items 305.109 0.32 3.0 5.3100 5.0500 5.3100 2.3000
Switzerland 2.25 2.25 2.25 0.25 Low Transocean RIG 7.500 9.75 April 15, ’31 88.000 0.88 85.694
Core 308.910 0.26 4.8 Britain 5.00 5.00 5.00 1.25 Bid 5.3300 5.0700 5.3300 2.3000 Dish DBS … 5.125 19.69 June 1, ’29 50.750 0.75 49.375
Australia 4.10 4.10 4.10 1.35 Offer 5.3700 5.0800 5.3700 2.3200
International rates APA APA 6.000 6.60 Jan. 15, ’37 94.706 0.64 94.055
Overnight repurchase Treasury bill auction Telecom Italia Capital TITIM 7.200 9.02 July 18, ’36 86.232 0.48 85.459
Week 52-Week
U.S. 5.35 5.09 5.35 2.25 5.275 5.255 5.840 2.110 0.40
Latest ago High Low 4 weeks Occidental Petroleum OXY 7.500 5.83 May 1, ’31 110.292 109.219
13 weeks 5.280 5.270 5.300 2.490 OneMain Finance OMF 6.875 7.07 March 15, ’25 99.700 0.30 99.995
Prime rates U.S. government rates
26 weeks 5.270 5.270 5.290 2.850 Ford Motor F 7.450 6.24 July 16, ’31 107.500 0.25 n.a.
U.S. 8.50 8.25 8.50 5.50 Discount
Canada 7.20 7.20 7.20 4.70 5.50 5.25 5.50 2.50 Secondary market …And with the biggest price decreases
Fannie Mae Dish DBS … 5.875 13.49 Nov. 15, ’24 91.250 –0.56 90.938
30-year mortgage yields –0.54 95.396
Ford Motor Credit … 4.389 6.65 Jan. 8, ’26 95.004
Key Interest Rates 30 days 6.406 6.262 6.812 4.321 Liberty Interactive LINTA 8.250 31.29 Feb. 1, ’30 37.500 –0.41 39.000
Data are annualized on a 360-day basis. Treasury yields are per annum, 60 days 6.412 6.265 6.988 4.390 8.125 Sept. 19, ’23 –0.25 n.a.
Commerzbank CMZB 8.79 99.880
on actively traded noninflation and inflation-indexed issues that are Other short-term rates Navient NAVI 6.750 7.73 June 15, ’26 97.500 –0.22 98.419
adjusted to constant maturities. Data are from weekly Federal Reserve Occidental Petroleum OXY 7.875 5.93 Sept. 15, ’31 112.375 –0.17 112.228
Week 52-Week
release H.15. Latest ago high low Venture Global Calcasieu Pass VENTGL 4.125 6.62 Aug. 15, ’31 84.625 –0.16 84.875
Week Ended 52-Week Week Ended 52-Week –0.13 87.375
Transocean RIG 7.450 11.47 April 15, ’27 88.125
Jul 28 Jul 21 High Low Jul 28 Jul 21 High Low Call money
6-month 5.55 5.52 5.55 2.96 *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.
Federal funds (effective) 1-year 5.38 5.33 5.42 3.01
7.25 7.00 7.25 4.25
Note: Data are for the most active issue of bonds with maturities of two years or more
5.08 5.08 5.08 1.58 2-year 4.85 4.77 4.95 2.94 Source: MarketAxess
Commercial paper (AA financial)
Commercial paper 3-year 4.52 4.38 4.62 2.91
5-year 4.16 4.03 4.32 2.80 90 days 5.53 5.54 5.54 2.64
Nonfinancial 7-year 4.05 3.93 4.23 2.78
1-month
2-month
5.23
n.a.
5.16
n.a.
5.23
5.21
2.27
2.27
10-year 3.92 3.81 4.12 2.72
Secured Overnight Financing Rate Dividend Changes
20-year 4.17 4.08 4.44 3.19 5.30 5.05 5.31 2.25
3-month n.a. n.a. 5.20 2.46
Value 52-Week Amount Payable / Amount Payable /
Financial Treasury yields (secondary market) Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
1-month 5.38 5.21 5.38 2.25 Latest Traded High Low
2-month 5.35
1-month 5.27 5.21 5.62 2.12 Westamerica Bancorp WABC 3.6 .44 /.42 Q Aug18 /Aug07
5.38 n.a. n.a.
DTCC GCF Repo Index Increased
3-month 5.53 5.48 5.53 2.60 3-month 5.28 5.26 5.28 2.42
6-month 5.29 5.26 5.29 2.86 Arbor Realty Trust ABR 9.8 .43 /.42 Q Aug31 /Aug15 Reduced
Treasury 5.358 17.146 5.365 2.221
Discount window primary credit Baker Hughes BKR 2.2 .20 /.19 Q Aug18 /Aug08 AllianceBernstein AB 8.1 .61 /.66 Q Aug17 /Aug07
TIPS MBS 5.373 38.800 5.407 2.319 Boise Cascade BCC 0.8 .20 /.15 Q Sep15 /Sep01
5.50 5.25 5.50 2.50
5-year 1.89 1.86 2.08 0.14 Notes on data: Civista Bancshares CIVB 3.5 .16 /.15 Q Aug22 /Aug08 Foreign
Treasury yields at constant 7-year 1.69 1.66 1.87 0.18 Clorox CLX 3.2 1.20 /1.18 Q Aug25 /Aug09 AstraZeneca ADR AZN 2.0 .465 SA Sep11 /Aug11
maturities U.S. prime rate is the base rate on corporate
10-year 1.54 1.53 1.72 0.24 Banco Macro ADR BMA ... .45199 Aug15 /Aug08
loans posted by at least 70% of the 10 largest Community Healthcare Tr CHCT 5.1 .4525 /.45 Q Aug25 /Aug11
1-month 5.46 5.40 5.81 2.17 20-year 1.57 1.54 1.70 0.53 U.S. banks, and is effective July 27, 2023. Other Baytex Energy BTE ... .0171 Oct02 /Sep15
1.74 FirstCash Holdings FCFS 1.5 .35 /.33 Q Aug31 /Aug15
3-month 5.51 5.49 5.52 2.49 Long-term avg 1.69 1.94 0.87 prime rates aren’t directly comparable; lending Crescent Point Energy CPG 3.7 .02645 Aug15 /Aug08
Kellogg Co K 3.6 .60 /.59 Q Sep15 /Sep01
practices vary widely by location; Discount rate Imperial Oil IMO 2.4 .3789 Q Oct01 /Sep01
Notes on data: is effective July 27, 2023. Secured Overnight Mondelez Intl Cl A MDLZ 2.3 .425 /.385 Q Oct13 /Sep29
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates NuSTAR Energy Pfd. A NSpA 12.0 .7671 /.73169 Q Sep15 /Sep01 NatWest Group ADR NWG 6.0 .1415 Sep15 /Aug11
Financing Rate is as of July 28, 2023. DTCC
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing NuSTAR Energy Pfd. B NSpB 11.5 .697 /.6615 Q Sep15 /Sep01 TC Energy TRP 7.6 .7047 Q Oct31 /Sep29
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in NuSTAR Energy Pfd. C NSpC 12.1 .7743 /.73881 Q Sep15 /Sep01 Telefonica Brasil ADR VIV 4.8 .04313 Aug02 /
primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Principal Financial Group PFG 3.3 .65 /.64 Q Sep29 /Sep07 Transalta Corp TAC 1.6 .0417 Q Oct01 /Sep01
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett
Silvercrest Asset Mgmt A SAMG 3.6 .19 /.18 Q Sep15 /Sep08 Vale ADR VALE 5.1 .4056 SA Sep11 /Aug15
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. Sources: FactSet; Dow Jones Market Data
South State SSB 2.7 .52 /.50 Q Aug18 /Aug11
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Stanley Black & Decker SWK 3.3 .81 /.80 Q Sep19 /Sep05 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet;
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15 Tullett Prebon Information, Ltd. Voya Financial VOYA 2.2 .40 /.20 Q Sep27 /Aug28 S2:1: stock split and ratio; SO: spin-off.
 .

THE WALL STREET JOURNAL. * Tuesday, August 1, 2023 | B9

BIGGEST 1,000 STOCKS

Net 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 Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Carlisle CSL 277.20 -0.22 DaVita DVA 101.99 0.95 Ferrari RACE 320.39 -1.43 IronMountain IRM 61.40 0.84 Morningstar MORN 230.48 -5.07 RealtyIncome O 60.97 -0.24 Teradyne TER 112.94 0.63
Market listed securities. Prices are composite dd-Indicates loss in the most recent Carlyle CG 35.65 0.37 DeckersOutdoor DECK 543.69 9.63 FidNatlFinl FNF 39.17 0.12 ItauUnibanco ITUB 6.01 0.01 Mosaic MOS 40.76 0.54 RegalRexnord RRX 156.18 2.46 Tesla TSLA 267.43 0.99
quotations that include primary market trades four quarters. CarMax KMX 82.61 0.09 Deere DE 429.60 2.49 FidNatlInfo FIS 60.38 0.73 MotorolaSol MSI 286.63 -4.42 RegencyCtrs REG 65.53 0.65 TetraTech TTEK 169.21 -1.25
as well as trades reported by Nasdaq BX FD-First day of trading. Carnival CCL 18.84 0.35 DellTechC DELL 52.92 0.31 FifthThirdBncp FITB 29.10 0.25 J K L NICE NICE 217.85 1.85 RegenPharm REGN 741.91 -4.19 TevaPharm TEVA 8.40 -0.16
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Carnival CUK 17.13 0.29 DeltaAir DAL 46.26 0.54 FirstCitizBcshA FCNCA 1431.30 2.02 NIO NIO 15.30 0.56 RegionsFinl RF 20.37 0.12 TexasInstruments TXN 180.00 1.63
s CarrierGlobal CARR 59.55 0.56 JD.com JD 41.31 0.78
Cboe, NYSE National and Nasdaq ISE. standards DentsplySirona XRAY 41.52 0.49 FirstHorizon FHN 13.63 -0.14 NNN REIT NNN 42.68 -0.14 ReinsGrp RGA 140.35 -1.18 TexasPacLand TPL 1506.30 2.79
s JPMorganChase JPM 157.96 1.05
The list comprises the 1,000 largest lf-Late filing Carvana CVNA 45.95 1.93 DeutscheBank DB 11.13 0.02 FirstIndRlty FR 51.70 0.05 NOV NOV 20.08 0.73 s RelianceSteel RS 292.86 3.19 TexasRoadhouse TXRH 111.55 1.94
Jabil JBL 110.67 1.74
companies based on market capitalization. q-Temporary exemption from Nasdaq CaseysGenStores CASY 252.66 1.63 DevonEnergy DVN 54.00 1.00 FirstSolar FSLR 207.40 -1.00 NRG Energy NRG 37.99 0.66 RenaissanceRe RNR 186.76 -2.87 s Textron TXT 77.77 1.39
requirements. JackHenry JKHY 167.57 -0.65
Underlined quotations are those stocks with Catalent CTLT 48.52 0.34 DexCom DXCM 124.56 -7.82 FirstEnergy FE 39.39 0.05 NVR NVR 6306.44-36.89 RentokilInit RTO 40.80 0.51 ThermoFisher TMO 548.66-13.19
t-NYSE bankruptcy Caterpillar CAT 265.17 4.74 JacobsSolns J 125.41 0.11
large changes in volume compared with the Diageo DEO 175.94 -1.11 Fiserv FI 126.21 1.22 NXP Semi NXPI 222.98 -0.33 Repligen RGEN 171.56 -2.66 ThomsonReuters TRI 135.23 1.19
v-Trading halted on primary market. s JamesHardie JHX 29.60 0.44
issue’s average trading volume. Celanese CE 125.39 -0.60 DiamondbkEner FANG 147.32 1.68 FiveBelow FIVE 208.34 0.89 Nasdaq NDAQ 50.49 ... RepublicSvcs RSG 151.11 -0.39 3M MMM 111.50 -0.38
vj-In bankruptcy or receivership or CelsiusHldg CELH 144.70 -2.78 JazzPharm JAZZ 130.42 -0.44
Dick's DKS 141.00 5.73 FleetCorTech FLT 248.91 1.73 NationalGrid NGG 67.38 0.24 ResMed RMD 222.35 -0.82 Toast TOST 22.07 0.47
Boldfaced quotations highlight those issues being reorganized under the Cemex CX JefferiesFinl JEF 36.79 -0.11
7.62 -0.05 DigitalRealty DLR 124.62 1.84 Flex FLEX 27.36 0.38 NatlInstruments NATI 59.00 0.18 RestaurantBrands QSR 76.56 -0.35 Toll Bros TOL 80.33 0.12
whose price changed by 5% or more if their Bankruptcy Code, or securities CenovusEnergy CVE 19.02 0.13 DiscoverFinSvcs DFS 105.55 0.88 Floor&Decor FND 114.85 0.90
J&J JNJ 167.53 -6.95
NatWest NWG 6.35 0.01 Revvity RVTY122.95 -3.14 TopBuild BLD 273.93 -0.35
previous closing price was $2 or higher. assumed by such companies. Centene CNC 68.09 1.91 FomentoEconMex FMX 113.25 JohnsonControls JCI 69.55 0.36
Disney DIS 88.89 2.76 -0.53 NetApp NTAP 78.01 0.77 RexfordIndlRealty REXR 55.09 0.70 Toro TTC 101.65 -0.17
CenterPointEner CNP 30.09 -0.01 FordMotor F JonesLang JLL 166.55 0.84
s NetEase RIO 66.55 0.45 TorontoDomBk TD 65.94 0.91
DocuSign DOCU 53.82 0.96 13.21 -0.05 NTES 108.74 0.24 RioTinto
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CentraisElBras EBR 8.12 0.12 Fortinet FTNT 77.72 JuniperNetworks JNPR 27.80 0.17 RIVN 27.64 0.70 TotalEnergies TTE 60.85 0.94
DolbyLab DLB 88.61 0.18 0.92 Netflix NFLX 438.97 13.19 Rivian
changes in the closing prices from 4 p.m. the previous day. CeridianHCM CDAY 70.81 -1.09 Fortis KB Financial KB 40.17 -0.32
DollarGeneral DG 168.86 -1.73 FTS 42.63 0.25 Neurocrine NBIX 101.89 -0.86 RobertHalf RHI 74.15 -0.41 ToyotaMotor TM 168.24 1.09
CharlesRiverLabs CRL 209.54 -0.95 DollarTree DLTR 154.33 1.89 s Fortive FTV 78.35 1.35 KBR KBR 61.49 -0.62 s NewOrientalEduc EDU 56.13 0.02 Robinhood HOOD 12.86 0.13 TractorSupply TSCO 223.99 ...
Net Net ChartIndustries GTLS 182.16 10.90 DominionEner D 53.55 0.05 FortuneBrands FBIN 71.07 -0.66 KKR KKR 59.38 -0.57
NY CmntyBcp NYCB 13.87 0.21 Roblox RBLX 39.25 0.32 s TradeDesk TTD 91.26 0.81
Monday, July 31, 2023 s KLA KLAC 513.95 2.94
Stock Sym Close Chg Stock Sym Close Chg CharterComms CHTR 405.19 8.39 Domino's DPZ 396.74 -4.14 FoxA FOXA 33.45 0.21 Newmont NEM 42.92 0.50 RocketCos. RKT 10.93 0.10 Tradeweb TW 81.79 -0.88
Net KarunaTherap KRTX 199.77 -3.09
Stock Sym Close Chg
CheckPoint CHKP 132.21 1.39 Donaldson DCI 62.83 0.30 FoxB FOX 31.41 0.29 NewsCorp B NWS 20.11 0.45 Rockwell ROK 336.29 2.99 s TraneTech TT 199.44 0.88
Amphenol APH 88.31 0.74 BectonDicknsn BDX 278.62 -1.70 Chemed CHE 521.09 -2.12 s DoorDash DASH 90.79 1.14 Franco-Nevada FNV 145.84 1.72 Kellogg K 66.89 -0.69
NewsCorp A NWSA 19.82 0.44 RogersComm B RCI 43.78 -0.32 TransDigm TDG 899.72 14.59
s AnalogDevices ADI 199.53 1.11 BeiGene BGNE214.22-10.91 CheniereEnergy LNG 161.86 2.35 s DoubleVerify DV 42.10 0.59 FranklinRscs BEN 29.24 Kenvue KVUE 23.68 -0.72
NextEraEnergy NEE 73.30 0.45 RoivantSciences ROIV 11.98 0.32 TransUnion TRU 79.69 0.43
A B C AngloGoldAsh AU 22.20 0.18 BentleySystems BSY 53.88 0.58 CheniereEnerPtrs CQP 51.65 0.29 FreeportMcM FCX 44.65
-0.27
1.02 KeurigDrPepper KDP 34.01 0.09 Nike NKE 110.39 1.77 s Roku ROKU 96.27 6.66 Travelers TRV 172.61 -0.65
Dover DOV 145.97 0.28
AECOM ACM 87.00 0.01
AB InBev BUD 57.30 -1.56 Berkley WRB 61.69 -0.69 ChesapeakeEner CHK 84.34 -0.14 Dow DOW 56.47 1.01 FreseniusMed FMS 26.11 -0.17 KeyCorp KEY 12.31 -0.26
NiSource NI 27.84 0.09 Rollins ROL 40.83 0.20 Trex TREX 69.14 -0.12
AnnalyCap NLY 20.09 -0.26 s BerkHathwy B BRK.B 351.96 2.15 Chevron CVX 163.66 4.79 FullTruck YMM 7.49 -0.03 KeysightTech KEYS 161.08 -1.61 s Noble NE 52.27 0.36 RoperTech ROP 493.05 0.65 Trimble TRMB 53.80 0.73
AES AES 21.63 0.10 Doximity DOCS 35.73 0.26
AnteroResources AR 26.75 0.07 s BerkHathwy A BRK.A 5354002287.00 ChewyA CHWY 33.90 0.29 s DrReddy'sLab RDY 68.68 -0.13 Futu FUTU 60.20 1.49 KimberlyClark KMB 129.10 -1.32 Nokia NOK 3.94 0.01 RossStores ROST 114.64 0.03 s Trip.com TCOM 41.04 1.48
Aflac AFL 72.34 -0.05
Aon AON 318.50 -0.70 BerryGlobal BERY 65.57 0.29 Chipotle CMG 1962.28 49.76 KimcoRealty KIM 20.26 0.08
AGCO AGCO 133.10 0.60 DraftKings DKNG 31.78 -0.60 Nomura NMR 4.18 -0.02 RoyalBkCanada RY 99.13 0.61 TruistFinl TFC 33.22 0.21
AMC Ent AMC 4.97 0.33
ApolloGlbMgmt APO 81.71 -0.10 BestBuy BBY 83.05 0.15 Chubb CB 204.41 -1.57 Dropbox DBX 26.95 0.32 G H I KinderMorgan KMI 17.71 0.14 s Nordson NDSN 251.61 1.35 RoyalCaribbean RCL 109.11 0.54 Twilio TWLO 66.03 1.97
Apple AAPL 196.45 0.62 Bilibili BILI 19.07 0.40 ChunghwaTel CHT 36.70 -0.40 KinsaleCapital KNSL 372.63 -3.93 NorfolkSouthern NSC 233.59 -3.07 RoyalGold RGLD120.14 1.57 TylerTech TYL 396.63 5.96
Ansys ANSS 342.10 3.87 DukeEnergy DUK 93.62 0.28 GE HealthCare GEHC 78.00 0.13 Knight-Swift KNX 60.75 0.38
ApplMaterials AMAT 151.59 -0.34 Bio-Techne TECH 83.40 -0.39 Church&Dwight CHD 95.67 -1.48 NorthernTrust NTRS 80.12 0.06 RoyaltyPharma RPRX 31.38 0.15 TysonFoods TSN 55.72 -0.63
APA APA 40.49 0.34 DuPont DD 77.63 0.33 GFLEnvironmental GFL 34.14 -0.29 Philips
Applovin APP 31.40 0.14 Bio-RadLab A BIO 405.36-11.25 ChurchillDowns CHDN 115.85 -2.48 PHG 20.71 -0.17
ASE Tech ASX 8.03 -0.37 Dynatrace DT 54.69 0.66 GSK GSK 35.57 0.13 KoreaElecPwr KEP 7.60 -0.06 NorthropGrum NOC 445.00 -4.68 RyanSpecialty RYAN 43.34 -0.43 UBS Group UBS 22.17 -0.09
Aptargroup ATR 121.46 -2.32 Biogen BIIB 270.19 4.96
ASML ASML 716.41 -1.96 Cigna CI 295.10 3.00 s EMCOR EME 215.04 3.22 NorwegCruise NCLH 22.07 0.53 Ryanair RYAAY 102.53 1.89 UDR UDR 40.88 0.64
Aptiv APTV 109.49 0.32 BioMarinPharm BMRN 87.93 0.32 GXO Logistics GXO 67.07 0.70 KraftHeinz KHC 36.18 0.02
AT&T T 14.52 0.07 CincinnatiFinl CINF107.58 -2.07 ENI E 30.65 0.47 Novartis NVS 104.90 0.72 SAP SAP 136.35 -0.46 U-Haul UHAL 60.86 0.46
Aramark ARMK 40.37 0.06 BioNTech BNTX 108.87 1.45 Gallagher AJG 214.80 -1.42 Kroger KR 48.64 0.12
AbbottLabs ABT 111.33 -1.40 Cintas CTAS 502.04 -0.60 EOG Rscs EOG 132.53 1.83 NovoNordisk NVO 161.10 3.28 S&P Global SPGI 394.51 2.35 U-Haul N UHAL/B 57.21 0.17
ArcelorMittal MT 28.86 0.76 BlackKnight BKI 70.32 0.47 Gaming&Leisure GLPI 47.46 ... LKQ LKQ 54.79 0.34
AbbVie ABBV 149.58 -1.27 CiscoSystems CSCO 52.04 -0.05 EPAM Systems EPAM 236.81 5.91 NuHoldings NU 7.96 0.06 SBA Comm SBAC 218.95 0.07 US Foods USFD 42.73 ...
ArchCapital ACGL 77.69 0.44 BlackRock BLK 738.85 0.51 Garmin GRMN 105.89 1.20 LPL Financial LPLA 229.36 2.51
AcadiaHealthcare ACHC 79.03 -0.39 Citigroup C 47.66 0.25 EQT EQT 42.18 -0.10 Gartner IT 353.59 2.73 L3HarrisTech LHX 189.49 -2.77 Nucor NUE 172.09 3.15 SEI Investments SEIC 62.99 0.06 s UWM UWMC 6.56 -0.02
ADM ADM 84.96 -1.43 Blackstone BX 104.79 -0.26
Accenture ACN 316.35 0.80 CitizensFin CFG 32.26 -0.03 EastWestBncp EWBC 62.21 ... GenDigital GEN 19.45 -0.03 LabCorp.ofAmerica LH 213.93 -0.71 Nutanix NTNX 30.20 0.42 SK Telecom SKM 20.07 0.09 s Uber UBER 49.46 1.32
AresMgmt ARES 99.22 0.18 Block SQ 80.53 2.17 CleanHarbors CLH 166.26 1.07
ActivisionBliz ATVI 92.76 0.23 EastGroup EGP 177.18 1.22 Generac GNRC 153.70 3.80 s LamResearch LRCX 718.49 -2.77 Nutrien NTR 68.89 1.15 SS&C Tech SSNC 58.25 1.00 Ubiquiti UI 177.65 1.55
argenx ARGX 504.48-10.52 BlueOwlCapital OWL 12.32 -0.06
s Adobe ADBE 546.17 17.30 Cleveland-Cliffs CLF 17.65 0.54 EastmanChem EMN 85.58 -0.83 GeneralDynamics GD 223.58 0.94 LamarAdv LAMR 98.70 0.28 nVentElectric NVT 52.88 -0.33 s Saia SAIA 423.14 -2.75 UiPath PATH 18.08 0.65
AristaNetworks ANET 155.09 4.00 Boeing BA 238.85 0.16 Clorox CLX 151.48 -2.41
AdvDrainageSys WMS 121.99 -0.18 Eaton ETN 205.32 2.02 NVIDIA NVDA 467.29 -0.21 Salesforce CRM 225.01 -0.59 UltaBeauty ULTA 444.80 -0.59
ArrowElec ARW 142.54 2.01 s Booking BKNG 2970.80-41.45 Cloudflare NET 68.77 1.84
GeneralElec GE 114.24 -0.15 LambWeston LW 103.63 1.55
AdvMicroDevices AMD 114.40 1.44 eBay EBAY 44.51 -0.50 Samsara IOT 27.94 0.23 Unilever UL 53.73 -0.46
GeneralMills GIS 74.74 -0.71 LandstarSystem LSTR 203.59 0.25
Aegon AEG 5.39 ...
AspenTech AZPN 178.50 2.34
Assurant AIZ 134.51 1.24
BoozAllen BAH 121.08 0.14
BorgWarner BWA 46.50 0.29
Coca-Cola KO 61.93 -0.55 Ecolab ECL 183.14 -0.44 GeneralMotors GM 38.37 0.32 LasVegasSands LVS 59.81 0.59
O P Q Sanofi SNY 53.37 0.89 UnionPacific UNP 232.02 -0.75
s AerCap AER 63.81 -2.04 Coca-ColaEuro CCEP 63.39 -0.60 Ecopetrol EC 11.72 0.43 SareptaTherap SRPT 108.39 -0.14 UnitedAirlines UAL 54.31 0.14
AstraZeneca AZN 71.70 0.37 BostonProps BXP 66.63 0.68 Genmab GMAB 41.36 -0.88 LatticeSemi LSCC 90.94 -0.01 OGE Energy OGE 36.15 0.19 Sasol
AgilentTechs A 121.77 -4.28 Cognex CGNX 54.62 0.58 EdisonIntl EIX 71.96 -1.00 SSL 14.07 0.09 UnitedMicro UMC 7.51 ...
AtlantaBravesC BATRK 40.72 1.17 BostonSci BSX 51.85 0.16 s Gentex GNTX 33.58 0.69 Lear LEA 154.76 0.24 ONEOK OKE 67.04 0.78 Schlumberger SLB 58.34 1.19 UPS B
agilon health AGL 19.15 0.28 CognizantTech CTSH 66.03 0.27 EdwardsLife EW 82.07 -1.67 UPS 187.13 -0.76
AtlantaBravesA BATRA 47.34 1.64 BristolMyers BMY 62.19 0.78 Coherent COHR 47.36 0.79
GenuineParts GPC 155.72 -0.61 LegendBiotech LEGN 75.52 -0.98 s ON Semi ON 107.75 2.66 SchwabC SCHW 66.10 0.14 UnitedRentals URI 464.68 18.61
AgnicoEagleMines AEM 52.41 1.09 Atlassian TEAM 181.94 7.73 BritishAmTob BTI 33.68 -0.28 ElbitSystems ESLT 212.23 8.63 Gerdau GGB 6.15 0.19 Leidos OReillyAuto ORLY 925.79 -3.00 Sea
CoinbaseGlbl COIN 98.61 3.85 LDOS 93.53 -0.22 SE 66.52 2.80 US Bancorp USB 39.68 0.14
AirProducts APD 305.33 1.90 AtmosEnergy ATO 121.71 -0.39 Broadcom AVGO 898.65 -1.14 ElectronicArts EA 136.35 -1.50 GileadSciences GILD 76.14 -0.72 Lennar B OccidentalPetrol OXY 63.13 1.05 Seagate
ColgatePalm CL 76.26 0.64 LEN.B 114.91 -1.01 STX 63.50 0.05 UnitedTherap UTHR 242.72 -2.45
s Airbnb ABNB 152.19 -1.14 Autodesk ADSK 211.99 2.20 BroadridgeFinl BR 167.92 0.10 ElevanceHealth ELV 471.63 4.59 GitLab GTLB 49.63 1.65 Lennar A Okta OKTA 76.86 2.88 Seagen
Comcast A CMCSA 45.26 0.03 LEN 126.83 -0.95 SGEN 191.78 -0.33 UnitedHealth UNH 506.37 3.46
AkamaiTech AKAM 94.50 -0.14 Autoliv ALV 100.93 0.51 BrookfieldAsset BAM 33.72 -0.12 EmersonElec EMR 91.35 0.38 Global-EOnline GLBE 45.05 1.19 LennoxIntl LII 367.44 4.08 s OldDomFreight ODFL 419.49 -8.09 Sempra
Albemarle ALB 212.28 4.23 Comerica CMA 53.96 0.06 Enbridge ENB 36.80 0.38 SRE 149.02 -0.28 UnitySoftware U 45.84 0.45
ADP ADP 247.26 -3.35 Brookfield BN 34.90 0.18 s SABESP GlobalPayments GPN 110.25 1.36 LiAuto LI 42.80 0.08 OldRepublic ORI 27.57 -0.03 ServiceCorp SCI 66.65 -0.19 UniversalHealthB UHS 138.96 0.22
Albertsons ACI 21.73 0.07 SBS 12.21 0.26 Endeavor EDR 23.60 -0.07
AutoNation AN 160.98 3.18 BrookfieldInfr BIP 35.69 0.41 GlobalFoundries GFS 63.69 0.94 LibertyBroadbandA LBRDA 88.83 1.69 Olin OLN 57.68 -0.30 ServiceNow NOW 583.00 13.46 UnumGroup UNM 48.61 -0.23
Alcon ALC 84.92 -0.07 ConagraBrands CAG 32.81 -0.22 EnergyTransfer ET 13.29 0.04
AutoZone AZO 2481.72 3.95 BrookfieldRenew BEPC 31.17 -0.15 Globant GLOB 174.73 1.05 LibertyBroadbandC LBRDK 89.13 1.75 OmegaHealthcare OHI 31.90 0.40 Shell
AlexandriaRlEst ARE 125.68 -0.83 Confluent CFLT 34.54 0.09 EnphaseEnergy ENPH 151.83 -2.50 SHEL 61.63 0.69 VF VFC 19.81 0.12
Avalonbay AVB 188.65 2.52 Brown&Brown BRO 70.45 -0.14 ConocoPhillips COP 117.72 1.79 GlobeLife GL 112.17 -0.02 LibertyGlobal C LBTYK 19.76 0.06 Omnicom OMC 84.62 2.07 SherwinWilliams SHW 276.50 -3.62 VICI Prop VICI 31.48 -0.31
Alibaba BABA 102.16 1.61 Avangrid AGR 37.08 -0.38 Brown-Forman B BF.B 70.60 -0.22 Entegris ENTG 109.71 1.20 GoDaddy GDDY 77.09 2.50 LibertyGlobal B LBTYB 19.08 1.08
ConEd ED 94.86 -0.78 OnHolding ONON 36.00 0.77 ShinhanFin SHG 27.61 -0.01 VailResorts MTN 235.49 1.24
AlignTech ALGN 377.89 -4.01 Avantor AVTR 20.57 -0.71 Brown-Forman A BF.A 71.91 -0.31 Entergy ETR 102.70 -0.57 GoldFields GFI 15.47 0.13 LibertyGlobal A LBTYA 18.57 -0.01
ConstBrands A STZ 272.80 0.30 OpenText OTEX 42.95 0.65 ShockwaveMed SWAV 260.60 -2.34 Vale VALE 14.63 0.39
Allegion ALLE 116.86 1.87 AveryDennison AVY 184.01 -0.59 Bruker BRKR 68.72 -0.43 EnterpriseProd EPD 26.51 0.06 GoldmanSachs GS 355.87 2.64 LibertyFormOne A FWONA 64.28 -0.04
ConstellationEner CEG 96.65 0.91 Oracle ORCL 117.23 1.24 Shopify SHOP 67.58 1.54 ValeroEnergy VLO 128.91 -0.16
AllegroMicro ALGM 51.61 0.77 AvisBudget CAR 220.29 -2.15 BuildersFirst BLDR 144.43 0.78 Equifax EFX 204.08 1.31 Grab GRAB 3.83 0.07 LibertyFormOne C FWONK 72.60 0.09
Cooper COO 391.26 -2.19 Orange ORAN 11.31 -0.11 SimonProperty SPG 124.60 0.12 VeevaSystems VEEV 204.22 2.77
AlliantEnergy LNT 53.74 -0.15 AxaltaCoating AXTA 32.00 -0.35 s Bunge BG 108.67 0.31 Equinix EQIX 809.92 12.56 Graco GGG 79.33 0.24 LibertySirius B LSXMB 32.70 0.05
Copart CPRT 88.39 -0.22 Orix IX 96.38 -0.24 SiriusXM SIRI 5.10 -0.01 Ventas VTR 48.52 0.39
Allstate ALL 112.68 0.22 AxonEnterprise AXON 185.93 3.29 BurlingtonStrs BURL 177.62 -0.04 Equinor EQNR 30.68 0.78 Grainger GWW 738.49 7.12 LibertySirius C LSXMK 31.83 -0.48
s Core&Main CNM 31.61 -0.72 OtisWorldwide OTIS 90.96 0.91 SiteOneLandscape SITE 170.00 -0.19 VeriSign VRSN 210.95 2.67
AllyFinancial ALLY 30.54 0.89 BCE BCE 43.22 0.14 CACI Intl CACI 350.44 0.30 Equitable EQH 28.69 0.03 GraphicPkg GPK 24.20 -0.12 LibertySirius A LSXMA 31.70 -0.61
CorebridgeFin CRBG 18.71 -0.21 Ovintiv OVV 46.09 0.97 s SkechersUSA SKX 55.58 -0.53 VeriskAnalytics VRSK 228.94 -3.22
AlnylamPharm ALNY 195.40 -3.89 BHP Group BHP 62.65 1.32 CBRE Group CBRE 83.31 0.91 EquityLife ELS 71.18 -0.01 s Grifols GRFS 10.91 0.31 EliLilly
Corning GLW 33.94 0.18 LLY 454.55 -3.93 OwensCorning OC 139.99 -0.08 Skyworks SWKS 114.37 0.21 Verizon VZ 34.08 0.05
Alphabet A GOOGL 132.72 0.14 BILL BILL 125.34 0.72 CDW CDW 187.07 0.79 EquityResdntl EQR 65.94 1.13 GpoAeroportuar PAC 190.36 0.65 LincolnElectric LECO 200.71 1.58
Corteva CTVA 56.43 0.29 PDD PDD 89.82 0.47 SmithAO AOS 72.63 0.44 VertexPharm VRTX 352.34 -1.71
Alphabet C GOOG 133.11 0.10 BJ'sWholesale BJ 66.31 0.28 CF Industries CF 82.08 0.85 ErieIndemnity ERIE 221.96 3.01 GpoAeroportSur ASR 282.99 -2.67 Linde PG&E PCG 17.61 -0.05 Smith&Nephew SNN 30.38 -0.30 Vertiv
Cosan CSAN 16.78 0.07 LIN 390.67 1.96 VRT 26.01 0.06
Altria MO 45.42 -0.07 BP BP 37.30 0.59 CGI A GIB 101.59 2.45 EssentialUtil WTRG 42.29 0.15 HCA Healthcare HCA 272.81 -0.44 LithiaMotors LAD 310.53 3.90 PNC Finl PNC 136.89 1.39 Smucker
CoStar CSGP 83.97 2.29 EssexProp ESS 243.55 6.24 SJM 150.65 -0.34 Viatris VTRS 10.53 0.13
Amazon.com AMZN 133.68 1.47 s BRP DOOO 92.20 0.80 CH Robinson CHRW 100.18 -0.22 HDFC Bank HDB 68.28 0.19 Littelfuse LFUS 304.60 3.24 POSCO PKX 125.49 4.59 Snap
Ambev ABEV 3.12 -0.01 Costco COST 560.67 -2.65 EsteeLauder EL 180.00 -0.44 SNAP 11.36 0.68 s Vipshop VIPS 18.83 0.53
Baidu BIDU 155.99 0.63 CME Group CME 198.96 -0.46 HF Sinclair DINO 52.09 0.49 LiveNationEnt LYV 87.75 -1.58 PPG Ind PPG 143.90 -1.51 Snap-On
Amcor AMCR 10.26 0.04 CoterraEnergy CTRA 27.54 0.13 Etsy ETSY 101.65 2.02 SNA 272.44 0.35 Visa V 237.73 1.98
BakerHughes BKR 35.79 0.37 CMS Energy CMS 61.07 0.05 HP HPQ 32.83 0.20 LloydsBanking LYG 2.29 ... PPL PPL 27.53 0.07 Snowflake SNOW 177.71 2.88 s Vistra
Coty COTY 12.04 0.06 Everest EG 360.51 1.36 VST 28.06 0.34
Amdocs DOX 93.64 -0.03 Ball BALL 58.69 -0.06 CNA Fin CNA 39.16 -0.78 HSBC HSBC 41.78 0.05 LockheedMartin LMT 446.37 -2.63 PTC PTC 145.81 -0.82 SOQUIMICH SQM 73.69 -0.92 VMware
Coupang CPNG 18.15 0.14 Evergy EVRG 59.97 -0.18 VMW 157.63 -0.02
Ameren AEE 85.67 -0.16 BancoBilbaoViz BBVA 7.94 -0.11 CNH Indl CNHI 14.36 0.01 H World HTHT 48.04 0.30 s Loews Paccar PCAR 86.13 0.79 s SoFiTech
Credicorp BAP 157.05 -0.98 L 62.65 0.46 SOFI 11.45 1.90 Vodafone VOD 9.62 -0.13
AmericaMovil AMX 20.92 -0.53 BancoBradesco BBDO 3.09 0.03 CRH CRH 60.30 0.22 EversourceEner ES 72.33 0.23 Haleon HLN 8.81 -0.13 LogitechIntl LOGI 69.38 -2.10 PackagingCpAm PKG 153.35 0.53 SolarEdgeTech SEDG 241.46 4.67 VoyaFinancial VOYA 74.26 -0.39
CreditAcceptance CACC 556.60 8.70 ExactSciences EXAS 97.54 -1.50
AmerAirlines AAL 16.75 -0.04 BancodeChile BCH 22.35 -0.28 CSX CSX 33.32 -0.48 Halliburton HAL 39.08 0.92 Lowe's s PalantirTech PLTR 19.84 2.03 Sony
CrowdStrike CRWD 161.66 6.06 LOW 234.27 -0.82 SONY 93.60 0.13 VulcanMatls VMC 220.50 0.31
AEP AEP 84.74 -0.68 BancSanBrasil BSBR 6.07 -0.01 CVS Health CVS 74.69 0.08 Exelon EXC 41.86 0.16 HartfordFinl HIG 71.88 -0.36 Lucid PaloAltoNtwks PANW 249.96 1.52 Southern
CrownCastle CCI 108.29 -0.65 LCID 7.61 0.14 SO 72.34 -0.01
AmerExpress AXP 168.88 3.45 BcoSantChile BSAC 21.10 -0.01 CadenceDesign CDNS 234.01 -0.23 Expedia EXPE 122.53 2.44
AmericanFin AFG 121.61 -0.42 BancoSantander SAN 4.03 -0.01 CAE CAE 22.85 0.61
CrownHoldings CCK 92.76 -1.65 s ExpeditorsIntl EXPD 127.30 0.06
Hasbro HAS 64.56 2.56 lululemon LULU 378.53 0.57
HealthcareRealty HR 19.53 -0.06 LyondellBasell LYB 98.86 0.49
ParamountB PARA 16.03 0.70 s SoCopper SCCO 87.44 2.22 W X Y Z
CubeSmart CUBE 43.36 0.07 ParamountA PARAA 19.26 0.84 SouthwestAir LUV 34.16 0.46
AmHomes4Rent AMH 37.48 0.49 BanColombia CIB 30.56 0.47 CaesarsEnt CZR 59.02 1.08 t ExtraSpaceSt EXR 139.57 -1.27 HealthpeakProp PEAK 21.83 0.10 s ParkerHannifin PH 410.01 10.44 SouthwesternEner SWN 6.48 0.04 WEC Energy WEC 89.86 -0.20
Cummins CMI 260.80 2.05
AIG AIG 60.28 0.12
AmerTowerREIT AMT 190.31 1.34
BankofAmerica BAC 32.00 0.10
BankMontreal BMO 92.92 0.93
CamdenProperty CPT 109.09 0.58
s Cameco CCJ 35.16 1.19
Curtiss-Wright CW 191.36 0.88
ExxonMobil XOM 107.24 3.08
F5 FFIV 158.24 2.21
Heico HEI 175.98 1.73 M N Paychex PAYX 125.47 -1.05 Splunk SPLK 108.33 3.88
WEX WEX 189.35 0.95
Heico A HEI.A 140.35 1.84 PaycomSoftware PAYC 368.76 0.30 Spotify W.P.Carey WPC 67.53 -0.60
FMC SPOT 149.41 0.81
AmerWaterWorks AWK 147.43 0.49 BankNY Mellon BK 45.36 0.38 CampbellSoup CPB 45.82 -0.43 D E F FMC 96.23 -0.11 HenrySchein HSIC 78.79 -0.88 M&T Bank MTB 139.86 -0.19 Paylocity PCTY 226.85 0.81 StanleyBlackDck SWK 99.27 0.25 WPP WPP 54.74 0.23
AmericoldRealty COLD 32.42 0.44 BankNovaScotia BNS 50.36 0.45 CIBC CM 44.07 0.31 FactSet FDS 435.04 -1.47 Hershey HSY 231.31 -4.33 s MGM Resorts MGM 50.77 -0.13 PayPal PYPL 75.82 1.84 Stantec s Wabtec WAB 118.44 -0.14
FairIsaac STN 67.70 0.21
Ameriprise AMP 348.45 3.24 Barclays BCS 7.99 -0.01 CanNtlRlwy CNI 121.23 0.43 DTE Energy DTE 114.30 0.73 FICO 837.97 13.00 Hess HES 151.73 2.71 MKS Instrum MKSI 109.17 0.83 Pearson PSO 11.03 -0.08 Starbucks SBUX 101.57 0.32 WalgreensBoots WBA 29.97 0.17
AmerisourceBrgn ABC 186.90 0.34 BarrickGold GOLD 17.29 0.31 CanadianNatRscs CNQ 60.80 0.37 Danaher DHR 255.06 -5.01 Fastenal FAST 58.61 0.18 HessMidstream HESM 31.19 -0.14 MPLX MPLX 35.51 0.06 PembinaPipeline PBA 31.68 0.45 StateStreet STT 72.44 1.27 Walmart WMT 159.86 -0.05
Ametek AME 158.60 0.35 Bath&BodyWks BBWI 37.06 0.52 CdnPacKC CP 82.29 -0.76 Darden DRI 168.92 1.40 FederalRealty FRT 101.52 0.59 HewlettPackard HPE 17.38 0.12 MSCI MSCI 548.08 -2.20 PenskeAuto PAG 161.42 -0.17 SteelDynamics STLD 106.58 2.77 WarnerBrosA WBD 13.07 0.28
Amgen AMGN 234.15 -2.22 Bausch+Lomb BLCO 19.87 0.13 CapitalOne COF 117.02 2.17 DarlingIngred DAR 69.25 -0.51 s FedEx FDX 269.95 1.10 s Hilton HLT 155.49 1.32 MagellanMid MMP 66.27 0.54 WarnerMusic WMG 31.55 -0.37
Pentair PNR 69.50 -0.19 s Stellantis STLA 20.55 ...
AmkorTech AMKR 29.09 -0.53 BaxterIntl BAX 45.23 -1.78 CardinalHealth CAH 91.47 -0.22 Datadog DDOG 116.72 4.53 Ferguson FERG 161.62 0.68 Hologic HOLX 79.42 -1.27 MagnaIntl MGA 64.33 0.58 Penumbra PEN 303.36 -4.70 Steris WasteConnections WCN 141.17 -0.27
STE 225.55 -4.49
HomeDepot HD 333.84 2.47 ManhattanAssoc MANH 190.62 4.20 PepsiCo PEP 187.46 -2.85 Stevanato STVN 31.23 0.06 WasteMgt WM 163.79 0.85
HondaMotor HMC 31.92 0.13 ManulifeFinl MFC 20.00 0.12 PerformanceFood PFGC 59.76 -0.86 STMicroelec STM 53.68 0.23 Waters WAT 276.21 -9.56
Honeywell HON 194.13 -1.06 MarathonOil MRO 26.27 0.17 Watsco
Exchange-Traded Portfolios | WSJ.com/ETFresearch PetroleoBrasil PBR 14.68 0.75 Stryker WSO 378.19 1.78
SYK 283.41 0.41
HorizonTherap HZNP 100.27 0.33 MarathonPetrol MPC 133.02 1.19 PetroleoBrasilA PBR.A 13.20 0.58 SumitomoMits SMFG 9.32 -0.13 s Wayfair W 77.87 4.78
HormelFoods HRL 40.88 -0.16 Markel MKL 1449.71 2.23
Pfizer PFE 36.06 -0.01 SunComms SUI 130.30 -1.20 WebsterFin WBS 47.32 -0.03
Closing Chg YTD DR Horton DHI 127.02 -0.53 MarketAxess MKTX 269.22 -1.75 PhilipMorris PM 99.72 -0.14 s SunLifeFinancial SLF 52.61 -0.03 WellsFargo WFC 46.16 0.02
HostHotels HST 18.40 0.22 s Marriott MAR 201.81 2.20
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Phillips66 PSX 111.55 1.20 SuncorEnergy SU 31.29 0.49 Welltower WELL 82.15 1.14
HowmetAerospace HWM 51.14 0.71 Marsh&McLen MMC 188.42 -0.44 PinnacleWest PNW 82.82 -0.12 SuperMicroComp SMCI 330.27 -4.23 WescoIntl WCC 175.57 4.08
Closing Chg YTD SPDR S&P Div SDY 126.84 0.08 1.4 Hubbell HUBB 312.00 2.02 MartinMarietta MLM 446.46 -2.27 WestFraserTimber WFG 84.29 -0.92
Monday, July 31, 2023 Pinterest PINS 28.99 0.54 Suzano SUZ 10.16 0.17
TechSelectSector XLK 178.35 0.23 43.3 s HubSpot HUBS 580.55 23.69 MarvellTech MRVL 65.13 0.22
Closing Chg YTD ETF Symbol Price (%) (%) PioneerNatRscs PXD 225.67 2.27 SynchronyFinl SYF 34.54 -0.05 WestPharmSvcs WST 368.04 2.58
UtilitiesSelSector XLU 67.07 0.04 –4.9 Humana HUM 456.83 3.53 Masco MAS 60.68 -0.57
ETF Symbol Price (%) (%) iSh1-5YIGCorpBd IGSB 50.31 0.06 1.0 PlainsAllAmPipe PAA 14.88 0.14 Synopsys SNPS 451.80 0.90 WesternDigital WDC 42.56 0.53
VangdInfoTech VGT 454.81 0.49 42.4 JBHunt JBHT 203.94 -1.60 MasTec MTZ 117.75 0.73
PlainsGP PAGP 15.69 0.16 Sysco WesternMidstrm WES 28.27 0.17
iSh1-3YTreaBd SHY 81.12 0.02 –0.1 SYY 76.31 0.25
CnsmrDiscSelSector XLY 173.74 0.57 34.5 VangdSC Val VBR 174.39 0.54 9.8 HuntingtonBcshs HBAN 12.24 0.07 Mastercard MA 394.28 1.32 Westlake WLK 137.50 0.42
iShRussMC IWR 75.91 0.53 12.5 PlugPower PLUG 13.12 1.26
CnsStapleSelSector XLP 75.75 –0.46 1.6 VangdExtMkt VXF 157.63 0.99 18.6 HuntingIngalls HII 229.67 -0.78 MatchGroup MTCH 46.51 0.91 Polaris PII 135.84 1.03 T U V WestRock WRK 33.29 0.29
DimenUSCoreEq2 DFAC 28.22 0.39 16.2 iShRuss1000 IWB 252.17 0.22 19.8 VangdDivApp VIG 166.25 0.08 9.5 s HyattHotels H 126.35 1.17 Mattel MAT 21.30 0.57 Weyerhaeuser WY 34.06 0.39
iShRuss1000Grw IWF 284.64 0.20 32.9 PolestarAuto PSNY 4.48 -0.02
1.90 ICICI Bank IBN 24.57 0.18 McCormickVtg MKC.V 88.11 -1.77
EnSelSectorSPDR XLE 87.48 0.0 VangdFTSEAWxUS VEU 56.46 –0.02 12.6 Pool POOL 384.74 -0.10 TC Energy TRP 35.87 1.70 WheatonPrecMet WPM 44.83 0.82
iShRuss1000Val IWD 163.39 0.31 7.7 ICL Group ICL McCormick MKC 89.48 -0.35
0.37 PRI 212.70 1.71 TD Synnex SNX 98.71 1.60 Whirlpool WHR144.26 1.67
FinSelSectorSPDR XLF 35.33 3.3 VangdFTSEDevMk VEA 47.63 ... 13.5 6.69 ...
Primerica
iShRussell2000 IWM 198.71 1.16 14.0 IdexxLab IDXX 554.73 1.95 McDonald's MCD 293.20 -0.83
HealthCareSelSect XLV 134.15 –0.77 –1.3 VangdFTSE EM VWO 43.07 0.12 10.5 PrincipalFinl PFG 79.87 0.37 TE Connectivity TEL 143.49 0.72 Williams WMB 34.45 0.39
iShS&P500Grw IVW 72.66 0.21 24.2 ING Groep ING 14.57 0.06 McKesson MCK 402.40 -0.49 TU 17.79 -0.05 Williams-Sonoma WSM 138.64 -2.02
IndSelSectorSPDR XLI 110.42 0.24 12.4 VangdFTSE Europe VGK 63.49 –0.03 14.5 ProcoreTech PCOR 75.85 2.11 Telus
iShS&P500Value IVE 166.75 0.20 14.9 Invesco IVZ 16.80 0.20 Medpace MEDP 253.17 -1.64 TX 44.65 0.10 WillisTowers WTW 211.33 2.23
InvscQQQI QQQ 383.68 0.05 44.1 VangdGrowth VUG 292.46 0.21 37.2 Procter&Gamble PG 156.30 -0.11 Ternium
iShSelectDiv DVY 0.20 –2.1 IQVIA IQV 223.76 -2.39 Medtronic MDT 87.76 -0.49 TFII 128.35 0.85 WillScotMobile WSC 47.95 0.41
Progressive PGR 125.98 0.95 TFI Intl
InvscS&P500EW RSP 154.88 0.31 9.6 118.06
VangdHlthCr VHT 247.34 –0.62 –0.3
0.13 –0.0 s ITT ITT 99.60 0.68 MercadoLibre MELI 1238.05 13.03 TIMB 15.10 -0.19 Wipro
iShCoreDivGrowth DGRO 53.26 0.13 6.5 iSh7-10YTreaBd IEF 95.74
VangdHiDiv VYM 110.33 0.15 2.0 Prologis PLD 124.75 1.10 TIM WIT 4.89 0.05
iShCoreMSCIEAFE IEFA 69.55 –0.04 12.8 iShShortTreaBd SHV 110.44 0.02 0.5 IcahnEnterprises IEP 34.67 1.00 Merck MRK 106.65 0.31 TJX TJX 86.53 -0.32 Wolfspeed WOLF 65.90 1.76
VangdIntermBd BIV 74.99 0.19 0.9 PrudentialFinl PRU 96.49 0.21
Icon ICLR 251.41 -0.73 MetaData AIU 1.04 -0.03 WoodsideEnergy WDS 25.80 0.30
iShCoreMSCIEM IEMG 52.23 0.12 11.8 iShTIPSBondETF TIP 107.16 0.03 0.7
VangdIntrCorpBd VCIT 79.10 0.25 2.1 Prudential PUK 27.92 -0.41 T-MobileUS TMUS 137.77 -3.10
IDEX IEX 225.81 3.57 MetaPlatforms META 318.60 -6.88 TPG 29.43 -0.66 Woodward WWD 120.38 1.14
iShCoreMSCITotInt IXUS 65.10 0.08 12.5 iSh20+YTreaBd TLT 100.05 0.24 0.5
VangdLC VV 209.59 0.18 20.3 PublicServiceEnt PEG 63.12 -0.06 TPG
iShCoreS&P500 IVV 460.18 0.21 19.8 iShUSTreasuryBd GOVT 22.78 0.09 0.3 s IllinoisToolWks ITW 263.32 3.31 MetLife MET 62.97 0.41 T.RowePrice TROW123.26 -3.53 s Workday WDAY 237.13 2.13
VangdMC VO 227.92 0.46 11.8 PublicStorage PSA 281.75 0.22
Illumina ILMN 192.15 -0.29 Mettler-Toledo MTD 1257.47-51.04 WW Ent WWE 105.00 -0.91
iShCoreS&P MC IJH 272.40 0.43 12.6 JPMEquityPrem JEPI 55.88 0.11 2.6 PulteGroup PHM 84.39 -0.43 TaiwanSemi TSM 99.15 -1.71
iShCoreS&P SC IJR 105.16 0.88 11.1 JPM UltShIncm JPST 50.20 0.04 0.1 VangdMC Val VOE 143.57 0.36 6.2 ImperialOil IMO 53.92 -0.14 s MicrochipTech MCHP 93.94 0.84 TakeTwoSoftware TTWO 152.94 1.34 WynnResorts WYNN 108.98 ...
PureStorage PSTG 36.99 -0.56
ProShUltPrQQQ TQQQ 45.31 0.20 161.9 VangdMBS VMBS 45.80 0.07 0.6 Incyte INCY 63.72 0.63 MicronTech MU 71.39 0.19 TakedaPharm TAK 15.26 -0.05 XP XP 27.01 0.61
iShCoreS&PTotUS ITOT 101.39 0.27 19.6 Qiagen QGEN 46.82 -0.30
SPDRBbg1-3MTB BIL 91.80 0.01 0.4 VangdRealEst VNQ 85.26 0.65 3.4 Infosys INFY 16.66 0.20 Microsoft MSFT 335.92 -2.45 Tapestry TPR 43.15 0.14 XPO XPO 69.24 -2.36
iShCoreTotalUSDBd IUSB 45.32 0.13 0.9 Qorvo QRVO 110.02 0.53
SPDR DJIA Tr DIA 355.57 0.31 7.3 VangdS&P500ETF VOO 420.68 0.19 19.7 IngersollRand IR 65.27 1.07 MidAmApt MAA 149.66 0.92 s TargaResources TRGP 81.99 1.36 XcelEnergy XEL 62.73 -0.16
iShCoreUSAggBd AGG 97.68 0.12 0.7 Qualcomm QCOM 132.17 2.69
SPDR Gold GLD 182.35 0.27 7.5 VangdST Bond BSV 75.68 0.13 0.5 Ingredion INGR 111.26 0.80 Middleby MIDD 151.85 0.23 Target TGT 136.47 1.47 XPeng XPEV 20.92 -2.47
iShESGAwareUSA ESGU 100.86 0.19 19.0 QuantaServices PWR 201.62 1.14
VangdSTCpBd VCSH 75.93 0.12 1.0 InspireMedical INSP 287.81 -0.89 MitsubishiUFJ MUFG 8.07 -0.07 TechnipFMC FTI 18.34 -0.18 Xylem XYL 112.75 0.13
iShEdgeMSCIMinUSA USMV 75.36 –0.08 4.5 SPDRPtfDevxUS SPDW 33.58 0.12 13.1 QuestDiag DGX 135.21 0.72
VangdShtTmInfltn VTIP 47.30 0.08 1.3 Insulet PODD 276.75 -3.78 MizuhoFin MFG 3.44 0.01 TeckResourcesB TECK 44.43 0.74 YPF YPF 14.89 0.30
iShEdgeMSCIUSAQual QUAL 139.97 0.03 22.8 SPDRS&P500Value SPYV 44.69 0.22 14.9
iShGoldTr IAU 37.20 0.22 7.5 SPDRPtfS&P500 SPLG 53.81 0.15 19.6 VangdShortTrea VGSH 57.74 0.03 –0.1 Intel INTC 35.77 -1.06 Mobileye
InteractiveBrkrs IBKR 87.33 0.34 Moderna
MBLY 38.18 0.52
MRNA 117.66 -1.00
R S TeledyneTech TDY 384.53 2.51 Yum!Brands YUM 137.67 0.73
Teleflex TFX 251.17 -1.15 YumChina YUMC 61.02 1.26
iShiBoxx$HYCpBd HYG 75.50 0.24 2.5 SPDRS&P500Growth SPYG 62.89 0.21 24.1 VangdSC VB 208.75 0.81 13.7
ICE ICE 114.80 -0.33 MolinaHealthcare MOH 304.49 3.03 RB Global RBA 64.48 0.11 Ericsson ERIC 5.05 -0.02 ZTO Express ZTO 27.80 -0.19
iShiBoxx$IGCpBd LQD 107.85 0.28 2.3 SPDR S&P 500 SPY 457.79 0.19 19.7 VangdTaxExemptBd VTEB 50.14 –0.08 1.3
s InterContinentl IHG 75.40 0.29 MolsonCoorsB TAP 69.77 -0.78 RELX RELX 33.66 -0.19 TelefonicaBras VIV 8.98 -0.03 ZebraTech ZBRA 307.96 8.78
iShJPMUSDEmBd EMB 87.68 0.14 3.7 SchwabIntEquity SCHF 36.71 ... 14.0 VangdTotalBd BND 72.42 0.18 0.8
IBM IBM 144.18 0.73 monday.com MNDY 180.78 1.55 RH RH 388.17 0.88 Telefonica TEF 4.22 -0.05 Zillow C Z 54.16 0.65
iShMBS MBB 92.92 0.05 0.2 SchwabSrtTRmUSTrsr SCHO 48.06 0.04 –0.4 VangdTotIntlBd BNDX 48.74 –0.08 2.8
IntlFlavors IFF 84.61 -0.68 Mondelez MDLZ 74.13 -0.91 R1 RCM RCM 17.28 0.46 TelekmIndonesia TLK 24.53 0.11 Zillow A ZG 53.22 0.70
iShMSCIACWI ACWI 99.39 0.19 17.1 SchwabUS BrdMkt SCHB 53.57 0.32 19.5 VangdTotIntlStk VXUS 58.26 ... 12.6 IntlPaper IP 36.06 0.32 MongoDB MDB 423.40 11.78 RPM RPM103.31 -1.34 TempurSealy TPX 44.63 -1.36 ZimmerBiomet ZBH 138.15 -1.19
iShMSCI EAFE EFA 74.46 0.03 13.4 SchwabUS Div SCHD 75.66 0.04 0.2 VangdTotalStk VTI 228.35 0.30 19.4 Interpublic IPG 34.23 0.93 MonolithicPower MPWR 559.49 13.94 RTX RTX 87.93 0.59 s 10xGenomics TXG 62.98 0.07 Zoetis ZTS 188.09 -1.81
iSh MSCI EM EEM 41.95 0.05 10.7 SchwabUS LC SCHX 54.21 0.24 20.1 VangdTotWrldStk VT 100.59 0.22 16.7 s Intuit INTU 511.70 -0.14 MonsterBev MNST 57.49 -0.66 RalphLauren RL 131.33 3.65 Tenaris TS 33.49 0.24 ZoomVideo ZM 73.35 0.27
iShMSCIEAFEValue EFV 51.05 –0.01 11.3 SchwabUS LC Grw SCHG 77.60 0.19 39.7 VangdValue VTV 147.01 0.20 4.7 IntuitiveSurgical ISRG 324.40 -2.13 Moody's MCO 352.75 -0.71 RangeResources RRC 31.43 0.16 TencentMusic TME 6.99 -0.14 ZoomInfoTech ZI 25.57 -0.20
iShNatlMuniBd MUB 106.52 –0.13 0.9 SPDR S&PMdCpTr MDY 498.33 0.49 12.5 WisdTrFRTrea USFR 50.34 0.04 0.1 InvitatHomes INVH 35.50 0.03 MorganStanley MS 91.56 -0.01 RaymondJames RJF 110.07 0.89 TenetHealthcare THC 74.73 0.37 Zscaler ZS 160.38 2.89

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Enerflex EFXT 8.36 -0.9 IllinoisToolWks ITW 264.19 1.3 MetalsAcqnWt MTAL.WS 1.45 3.6 RelianceSteel RS 294.99 1.1 UWM UWMC 6.70 -0.3 AlsetCapAcqn ACAXU 9.44 -18.5 GRI Bio GRI 3.39 3.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE ErmenegildoZegna ZGN 15.88 1.5 InceptionGrowthRt IGTAR 0.22 10.5 MicrochipTech MCHP 94.30 0.9 RexAmerRscs REX 37.10 1.6 UWM Wt UWMC.WS 0.34 3.7 ApellisPharm APLS 24.97 -19.6 GenesisUnicornA GENQ 7.25 -14.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low EroCopper ERO 24.38 3.4 InFinTAcqnA IFIN 10.95 ... MidCapFin MFIC 13.74 -0.4 Roku ROKU 96.95 7.4 Uber UBER 49.49 2.7 AppliedUV AUVI 0.71 -3.9 HycroftMiningWt HYMCL 0.02 -11.3
in the latest session. % CHG-Daily percentage change from the previous trading session. EthanAllen ETD 31.80 1.2 InsightAcqn INAQU 10.70 3.9 MiMedx MDXG 8.13 1.3 Rover ROVR 5.71 1.5 Ultralife ULBI 8.28 6.1 AptoseBiosci APTO 2.91 -23.3 Impinj PI 64.82 -0.9
Eventbrite EB 11.82 -0.6 IntegralAd IAS 20.88 2.6 MontereyCapA MCAC 10.52 0.3 RyderSystem R 103.81 1.0 USComdtyIndxFd USCI 58.86 0.4 ArtesianRscs A ARTNA 45.27 -0.5 Janover JNVR 1.90 -3.2
EvolutionPetrol EPM 9.49 1.2 IntegratedRail IRRX.U 11.00 0.8 MurphyCanyon MURFU 10.83 0.5 Saia SAIA 436.50 -0.6 Univar UNVR 36.15 0.5 AshfordHospPfdD AHTpD 16.55 -0.4 LichenChina LICN 0.89 -9.5
Monday, July 31, 2023
ExpeditorsIntl EXPD 128.04 ... InterContinentl IHG 75.46 0.4 NGL Energy NGL 4.62 5.9 SchneiderNatl SNDR 31.31 -1.3 UnvlStainless USAP 16.99 -2.2 Biolase BIOL 5.75 -9.8 MatinasBioPharma MTNB 0.32 -5.7
52-Wk % 52-Wk % 52-Wk % EyePointPharm EYPT 12.66 5.6 IntlGeneralIns IGIC 9.74 3.5 Natura&Co NTCO 7.68 1.6 ScienceApplicat SAIC 121.68 0.6 Bionomics BNOX 1.46 -14.1 MedTechAcqnA MTAC 9.75 -5.4
Upstart UPST 68.92 5.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FedAgriMtg C AGM 162.34 0.4 IntlMediaAcqnA IMAQ 11.17 0.6 NerdyA NRDY 5.00 1.9 SeaDrill SDRL 50.23 5.0 Birks BGI 2.78 -25.5 Ohmyhome OMH 2.80 -0.9
UrbanOutfitters URBN 36.46 1.5
AvidXchange AVDX 12.49 1.2 Cars.com CARS 22.84 1.4 FedEx FDX 270.95 0.4 IntlMediaAcqnWt IMAQW 0.11 23.4 NetEase NTES 109.88 0.2 SelectiveIns SIGI 104.93 -1.2 V2X VVX 51.50 1.5 BitNileMetaverse BNMV 0.69 4.5 OsiskoDevtWt ODVWW 0.28 -34.4
Highs AxcelisTechs
BJsRestaurants BJRI
ACLS 200.73
37.83
3.9
3.3
CedarRealtyPfC CDRpC
Celestica CLS
14.85
22.01
1.4
6.1
FidelisInsurance FIHL
FifthWallIII A FWAC
14.27
20.12
-0.1
28.1
Intuit
IonQWt
INTU
IONQ.WS
514.14
8.50
...
18.1
NewOrientalEduc EDU
NewMarket NEU
57.73
452.65
...
0.7
SizzleAcqn
SkechersUSA SKX
SZZL 10.90
56.53
...
-0.9
VeecoInstr VECO 28.25 2.3 BlueStarFoods BSFC
BlueWhaleAcqnIWt BWCAW
0.82 -17.8
0.00 -93.6
ParanovusEntTech PAVS
ParaZeroTech PRZO
1.46 -10.7
2.11 -10.8
VeraBradley VRA 6.75 4.2
ACELYRIN SLRN 26.02 -2.1 BRP DOOO 92.74 0.9 ChartIndsPfdConvB GTLSpB 72.61 5.5 Forestar FOR 30.13 -1.7 IonQ IONQ 19.33 7.4 Noble NE 52.77 0.7 SoFiTech SOFI 11.70 19.9 BoneBiologics BBLG 1.23 -3.0 PhioPharm PHIO 2.58 -3.6
VerraMobility VRRM 21.06 3.0
AGNC InvtPfdD AGNCM 23.01 0.1 FORM 37.74 0.7 ITRI 78.79 2.8 NDSN 251.80 0.5 SCCO 87.59 2.6 BrenmillerEner BNRG 0.78 -1.1 PlatinumGrpMtls PLG 1.31 -1.1
BeaconRoof BECN 86.05 1.8 ChinaLiberalEduc CLEU 1.90 17.3 FormFactor Itron Nordson SoCopper VersaBank VBNK 8.96 1.1
ATI ATI 47.84 1.4 PopCulture CPOP 0.38 ...
BeazerHomes BZH 35.93 -5.1 Cohu COHU 43.73 2.7 Fortive FTV 78.36 1.8 JPMorganChase JPM 159.38 0.7 NortheastCmBncp NECB 16.41 -0.1 SpokHoldings SPOK 15.10 -0.8 Vipshop VIPS 19.13 2.9 CadrenalTherap CVKD 0.82 -0.8
AbriSPACI ASPA 11.13 1.2 PreludeTherap PRLD 3.70 -1.8
BerkHathwy A BRK.A 538498 0.4 ComfortSystems FIX 176.27 0.1 Freshpet FRPT 74.02 4.4 JackintheBox JACK 99.56 1.6 NorthernOil&Gas NOG 40.07 -0.5 StealthGas GASS 5.02 3.6 Vistra VST 28.56 1.2 CapstoneGreen CGRN 0.84 -13.2
Accuray ARAY 4.30 1.4 PurpleBiotech PPBT 1.02 -1.8
BerkHathwy B BRK.B 352.33 0.6 CommVaultSys CVLT 78.80 0.1 Freshworks FRSH 18.71 5.9 JamesHardie JHX 29.60 1.5 Nova NVMI 124.99 0.8 Stellantis STLA 20.71 ... WW Intl WW 12.13 6.9 CareMaxWt CMAXW 0.21 -25.9
AcmeUnited ACU 30.42 10.7 SWK Holdings SWKH 15.87 1.3
BetterwaredeMexico BWMX 14.45 6.9 SABESP SBS 12.24 2.2 FriedmanInds FRD 18.15 5.0 KLA KLAC 516.77 0.6 NuSTAREnergy NS 18.16 1.6 StoneCo STNE 14.69 4.9 Wabtec WAB 119.42 -0.1 Cel-Sci CVM 1.49 -4.2
Acushnet GOLF 59.80 4.3 SarcosTechRobotWt STRCW 0.03 7.7
BitcoinDepotWt BTMWW 0.34 -7.0 ComputeHlthA CPUH 10.94 3.6 GEN Restaurant GENK 20.44 3.7 KaratPkg KRT 20.41 4.9 Nuvalent NUVL 49.92 2.8 SunLifeFinancial SLF 53.21 -0.1 WarriorMetCoal HCC 44.41 4.2 CitizensHolding CIZN 11.00 -0.9
Adecoagro AGRO 11.11 3.0 Silicom SILC 29.00 -24.7
BlackSpadeA BSAQ 12.91 9.3 ConstellationI A CSTA 10.77 -1.5 Gentex GNTX 33.64 2.1 KensingtonCapV A KCGI 10.65 0.1 ON Semi ON 111.35 2.5 Symbotic SYM 64.14 50.6 Wayfair W 78.11 6.5 ClimateRockWt CLRCW 0.02 -2.2
Adobe ADBE 552.94 3.3 SurfAirMobility SRFM 2.00 -20.0
BlackSpadeAcqn BSAQ.U 12.60 14.8 Copa CPA 121.20 -0.8 GibraltarInds ROCK 65.00 1.9 Kirby KEX 81.99 0.6 OldDomFreight ODFL 429.24 -1.9 TargaResources TRGP 81.99 1.7 WeatherfordIntl WFRD 84.42 0.1 CompleteSolaria CSLR 3.30 -6.8
AdvEnergyInds AEIS 125.40 3.3 TelusIntl TIXT 9.30 -0.3
BlueOwlCapital OBDC 14.32 0.2 Core&Main CNM 32.63 -2.2 GlobalShipLease GSL 21.83 -0.6 KodiakGasSvcs KGS 19.38 -1.4 OneSpaWorld OSW 13.01 3.2 10xGenomics TXG 63.57 0.1 WeaveComms WEAV 12.45 3.3 ComputeHealth CPUH.U 9.60 5.0
TLG Acqn One TLGA.U 5.61 -6.1
AerCap AER 69.50 -3.1 BluegreenVac BVH 39.57 0.8 Culp CULP 5.74 1.6 Gorman-Rupp GRC 32.00 3.0 LamResearch LRCX 726.53 -0.4 OntoInnovation ONTO 126.64 1.8 Textron TXT 78.00 1.8 Conifer CNFR 1.19 -5.9
Workday WDAY 238.67 0.9 TLGAcqnOneA TLGA 5.42 -6.6
Airbnb ABNB 154.95 -0.7 BoiseCascade BCC 103.69 1.5 CymaBayTherap CBAY 13.17 6.3 GreenPlainsPtrs GPP 14.91 2.1 LegalZoom LZ 15.40 2.8 OrionGroup ORN 4.00 -0.5 ThorIndustries THO 115.52 1.2 ConyersParkIIIWt CPAAW 0.00 -94.8
WorthingtonInds WOR 75.42 0.7 TakungArt TKAT 0.16 -11.4
AkebiaTherap AKBA 1.69 5.7 Booking BKNG 3017.61 -1.4 DistributionSoln DSGR 56.67 0.9 Greenbrier GBX 46.35 3.1 LiveOakCrestWt LOCC.WS 0.42 25.0 OxbridgeAcqnWt OXACW 0.09 66.0 Tidewater TDW 63.42 1.9 DareBioscience DARE 0.73 0.1
XFinancial XYF 5.00 8.2 TempoAutoWt TMPOW 0.02 -6.6
AnalogDevices ADI 200.10 0.6 BorrDrilling BORR 8.78 4.5 DoorDash DASH 92.61 1.3 Grifols GRFS 10.97 2.9 Loews L 63.93 0.7 PROS PRO 38.96 3.1 TimkenSteel TMST 23.41 1.6 Datasea DTSS 0.71 -3.1
XIAO-I AIXI 9.20 28.5 Theratechnologies THTX 1.74 0.8
ApogeeEnt APOG 49.67 4.3 BowenAcqn BOWNU 10.16 -0.2 DorianLPG LPG 30.09 1.9 Guidewire GWRE 85.63 3.0 MDC Holdings MDC 51.68 0.4 PalantirTech PLTR 20.00 11.4 TortoiseEcoIII A TRTL 10.45 -0.1 DeltaApparel DLA 8.20 -4.3
Yalla YALA 5.77 2.1 TradeUPAcqn UPTD 9.55 0.1
ApolloStratII A APGB 10.50 -0.2 BowmanConsult BWMN 35.62 2.5 DoubleVerify DV 42.51 1.4 HainanManaslu HMAC 13.27 15.4 MGM Resorts MGM 51.35 -0.3 ParPacific PARR 31.59 1.3 TradeDesk TTD 91.85 0.9 Deswell DSWL 2.52 0.4 TransCodeTherap RNAZ 2.14 -5.2
Yelp YELP 45.53 0.4
ArcherAviationWt ACHR.WS 1.73 52.4 Bunge BG 109.88 0.3 DrReddy'sLab RDY 68.92 -0.2 HaymakerAcqn4 HYAC.U 10.16 0.1 M/I Homes MHO 100.93 0.5 ParkerHannifin PH 410.15 2.6 Traeger COOK 4.63 2.8 EBET EBET 0.07 -16.9 TrancntlRlty TCI 34.00 ...
ArcherAviation ACHR
Archrock AROC
6.87
11.72
40.8
1.2
CAVA
CNX Resources CNX
CAVA 57.29
20.40
7.9
2.4
EMCOR
Ebix
EME
EBIX
215.93
32.87
1.5
9.4
HelixEnergy HLX
HerculesCapital HTGC
10.04
16.92
0.4
1.1
MSC Industrial MSM
MSG Sports MSGS
100.93
215.79
1.0
0.2
PonoCapitalThree PTHR
PrimeImpactI A PIAI
11.92
10.75
...
-0.4
TraneTech
Transocean
TT
RIG
200.07
8.82
0.4
2.9
Lows Earlyworks
Eightco
ELWS
OCTO
1.95 -10.8
1.30 -3.4
UTA Acqn Wt UTAAW
VandaPharm VNDA
0.03 -45.5
5.58 -2.7
AresAcqn AAC.U 10.85 1.4 CSW Industrials CSWI 180.62 0.4 EHang EH 22.74 4.9 Hilton HLT 156.30 0.9 MarblegateAcqn GATEU 10.83 0.2 PrimorisSvcs PRIM 31.97 2.2 TrioTech TRT 5.75 5.6 ABVC Bio ABVC 2.40 -7.4 EsportsEnt GMBL 0.40 -5.6 VersusSystems VS 0.37 -5.7
AresAcqnA AAC 10.65 0.3 CaliforniaRscs CRC 53.54 1.5 EmeraldHldg EEX 5.00 5.1 HubSpot HUBS 581.40 4.3 Marriott MAR 203.41 1.1 ProjectEnReimag PEGR 10.90 ... Trip.com TCOM 41.21 3.7 Addentax ATXG 3.40 2.5 ExlService EXLS 140.33 -1.2 VisionSensingWt VSACW 0.02 -11.6
AspenInsPfd AHLpC 25.56 1.4 Cameco CCJ 35.24 3.5 EmpireStateReal250 FISK 8.89 6.5 HuronConsulting HURN 97.60 1.0 Matson MATX 94.37 -0.2 PureCycleTech PCT 11.89 5.0 TruistFinPfdI TFCpI 22.49 0.6 AequiAcqnWt ARBGW 0.00 -50.0 ExtraSpaceSt EXR 139.42 -0.9 Warrantee WRNT 1.85 -13.0
AthenaTechII A ATEK 11.46 0.4 CarpenterTech CRS 61.02 2.0 EmpireStateReal60 OGCP 9.61 ... HyattHotels H 127.80 0.9 MedallionFinl MFIN 10.11 6.0 QuadGraphics QUAD 6.09 2.2 TsakosEnergyPfdE TNPpE 25.55 0.2 AestheticMed AIH 0.83 -5.2 FintechEcoWt FEXDW 0.02 -7.8 XOMA XOMA 15.21 0.8
AuroraAcqnWt AURCW 0.27 -4.5 CarrierGlobal CARR 59.80 0.9 EmpireStateRealES ESBA 9.23 9.0 ITT ITT 100.15 0.7 MerchantsBancorp MBIN 33.59 2.9 RCM Tech RCMT 20.49 2.4 TurnstoneBiologics TSBX 13.20 8.8 AlsetCapAcqnA ACAX 5.50 -24.1 FourLeafAcqnWt FORLW 0.05 -16.3 YatraOnline YTRA 1.44 -9.5

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
LgCpGwId InstPre 27.71 +0.04 33.4 SrsIntlVal 11.45 +0.04 14.2 Lord Abbett I R2025 16.19 +0.02 10.7 PrmcpAdml r 158.27 +0.53 21.0 Welltn 41.71 +0.07 9.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. MidCpInxInstPrem 29.28 +0.15 13.3 TotalBond NA ... 3.4 ShtDurInc p 3.82 +0.01 2.4 R2030 24.58 +0.04 12.4 RealEstatAdml 120.84 +0.81 5.6 WndsrII 42.67 +0.07 15.3
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s SAIUSLgCpIndxFd 20.27 +0.03 20.6 Fidelity SAI Metropolitan West R2040 28.23 +0.05 15.6 SmCapAdml 100.03 +0.82 14.7 VANGUARD INDEX FDS
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- SeriesBondFd NA ... 2.2 TotalBd NA ... 3.4 TotRetBdI NA ... NA Putnam Funds Class A SmGthAdml 84.21 +0.98 19.8 ExtndIstPl 295.01 +2.86 19.4
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes SeriesOverseas 12.71 -0.01 17.0 U.S.TreBdIdx NA ... 1.5 TRBdPlan NA ... NA PutLargCap p 31.06 +0.12 10.8 STBondAdml 9.90 ... 1.6 IdxIntl 18.69 +0.03 13.6
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SerLTTreBdIdx NA ... 1.9 Fidelity Selects MFS Funds Schwab Funds STIGradeAdml 10.02 +0.01 2.4 MdCpGrAdml 91.55 +0.57 18.8
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not SmCpIdxInstPrem 24.83 +0.27 14.9 Semiconductors r 25.54 +0.09 75.2 IIE 32.70 -0.03 16.2 1000 Inv r 99.09 +0.21 NA STIPSIxAdm 23.72 +0.02 2.1 MdCpVlAdml 74.38 +0.25 7.3
tracked. NS-Fund didn’t exist at start of period. TMktIdxInstPrem 127.41 +0.35 20.5 Softwr 26.51 +0.23 34.9 MFS Funds Class I S&P Sel 70.88 +0.11 NA TotBdAdml 9.52 +0.01 2.2 SmValAdml 74.94 +0.42 11.1
TotalMarketIndex 16.09 +0.05 20.5 Tech 27.44 +0.15 53.8 GrowthI 168.10 -0.37 27.1 TSM Sel r 78.49 +0.22 NA TotIntBdIdxAdm 19.46 -0.03 3.8 TotBd2 9.41 +0.01 2.2
TtlIntIdxInstPr 13.30 ... 13.6 First Eagle Funds ValueI 49.63 +0.01 4.7 TIAA/CREF Funds TotIntlAdmIdx r 31.26 +0.05 13.7 TotIntlInstIdx r 125.01 +0.19 13.7
Monday, July 31, 2023 USBdIdxInstPrem NA ... 2.2 GlbA 64.79 +0.08 11.8 Natixis Funds EqIdxInst 32.66 +0.09 20.3 TotStAdml 111.15 +0.30 20.3 TotItlInstPlId r 125.04 +0.19 13.7
Net YTD Net YTD Net YTD Fidelity Freedom Franklin A1 LSGrowthY 23.50 +0.08 44.3 IntlEqIdxInst 21.99 +0.01 15.1 TxMCapAdml 237.25 +0.49 20.7 TotSt 111.13 +0.30 20.3
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret FF2020 13.94 +0.01 9.4 IncomeA1 2.32 +0.01 5.6 Neuberger Berman Fds LrgCpGrIdxInst 49.39 +0.07 33.3 TxMIn r 15.30 +0.03 14.6 VANGUARD INSTL FDS
FF2025 12.95 +0.02 10.6 FrankTemp/Frank Adv LCVal Inst 43.52 +0.07 1.1 VANGUARD ADMIRAL USGroAdml 138.45 +0.84 36.6 DevMktsIndInst 15.32 +0.02 14.7
AB Funds Artisan Funds US CoreEq1 34.78 +0.11 17.6 FF2030 16.34 +0.03 11.7 IncomeAdv 2.29 ... 5.2 Northern Funds 500Adml 423.73 +0.63 20.6 ValAdml DevMktsInxInst 23.94 +0.03 14.7
MuniIncmShares 10.93 NA IntlVal Inst
... 44.95 -0.05 16.5 US CoreEq2 31.45 +0.09 16.7 FF2035 57.35 +0.12 6.1
14.27 +0.02 13.7 FrankTemp/Franklin A StkIdx 48.83 +0.07 20.6 BalAdml 44.12 +0.09 12.8
WdsrllAdml 75.68 +0.11 15.4 ExtndInst 119.54 +1.15 19.3
AB Funds - ADV Baird Funds US Small 43.45 +0.35 12.9 FF2040 10.27 +0.02 15.9 Growth A 124.13 +0.11 21.5 Old Westbury Fds CAITAdml 11.23 ... 2.4 GrwthInst 150.53 +0.27 37.6
LgCpGrAdv 87.81 +0.18 25.6 AggBdInst 9.65 +0.01 2.4 US SmCpVal 43.47 +0.33 11.6 Freedom2030 K 16.33 WellsIAdml 60.48 +0.10 3.8
+0.02 11.7 RisDv A 90.02 +0.02 9.6 LrgCpStr 16.96 +0.04 16.3 CapOpAdml r 173.11 +0.46 18.5 InPrSeIn 9.49 ... 2.0
American Century Inv CorBdInst 9.95 +0.01 2.8 US TgdVal 30.73 +0.24 13.1 Idx2030InsPre 18.71 WelltnAdml 72.02 +0.12 9.8
+0.03 11.5 Guggenheim Funds Tru Parnassus Fds DivAppIdxAdm 45.11 +0.03 10.5 InstIdx 383.36 +0.57 20.6
Ultra 74.73 +0.13 35.5 BlackRock Funds USLgVa 44.37 +0.24 8.1 Idx2035InsPre 21.23 WndsrAdml 75.77 +0.25 11.9
+0.03 13.5 TotRtnBdFdClInst 23.39 +0.03 3.3 ParnEqFd 55.92 ... 19.5 EMAdmr 35.74 +0.07 10.9 InstPlus 383.36 +0.58 20.6
American Funds Cl A HiYldBd Inst 6.84 +0.01 7.1 Dodge & Cox VANGUARD FDS
Idx2040InsPre 21.91 +0.04 15.6 Harbor Funds PGIM Funds Cl Z EqIncAdml 87.82 +0.12 5.2 InstTStPlus 79.91 +0.22 20.3
AmcpA 37.03 +0.04 23.4 BlackRock Funds III Balanced 100.30 +0.29 9.5 Idx2045InsPre 22.85 +0.03 16.1 CapApInst 88.66 +0.31 41.3 TotalReturnBond 11.81 +0.02 NA ExplrAdml 100.59 +0.81 15.8 DivdGro 36.49 -0.05 4.4
MidCpInst 62.36 +0.29 12.7
AMutlA 50.96 +0.03 6.2 iShS&P500IdxK 538.45 +0.81 20.6 GblStock 14.82 +0.04 17.5 Fidelity Invest Harding Loevner PIMCO Fds Instl ExtndAdml 119.55 +1.16 19.3 IntlVal 41.60 +0.02 16.4 MidCpIstPl 307.55 +1.46 12.7
BalA 31.15 +0.03 9.0 BlackRock Funds Inst Income 12.38 +0.01 3.5 Balanc 26.43 +0.05 16.3 IntlEq 26.52 -0.01 NA AllAsset 11.07 +0.02 NA GNMAAdml 9.18 ... 1.8 LifeCon 20.48 +0.03 8.5 RealEstaInstl 18.70 +0.12 5.6
BondA 11.30 +0.01 1.3 EqtyDivd 19.43 +0.01 9.2 Intl Stk 50.07 +0.06 16.1 BluCh 164.63 +0.73 46.4 Invesco Funds A TotRt 8.49 +0.01 2.6 GrwthAdml 150.52 +0.27 37.6 LifeGro 40.87 +0.09 14.5 SmCapInst 100.03 +0.82 14.7
CapIBA 65.66 -0.02 5.7 StratIncOpptyIns 9.23 +0.01 3.0 Stock 238.65 +0.98 12.4 Contra 15.54 +0.01 30.4 EqIncA 10.33 +0.04 6.2 PIMCO Funds A HlthCareAdml r 90.06 -0.12 3.6 LifeMod 30.29 +0.05 11.5 SmCapIstPl 288.72 +2.37 14.7
CapWGrA 59.22 +0.04 16.0 TotRet 9.93 +0.01 NA DoubleLine Funds CpInc NA ... 7.8 Invesco Funds Y IncomeFd 10.49 +0.01 4.9 HYCorAdml r 5.25 +0.01 5.5 PrmcpCor 31.64 +0.08 16.4 STIGradeInst 10.02 +0.01 2.5
EupacA 56.36 +0.09 15.3 Calamos Funds TotRetBdI 8.75 -0.02 2.2 GroCo 31.50 +0.10 39.9 DevMktY 40.75 -0.02 16.6 PIMCO Funds I2 InfProAd 23.31 +0.02 2.0 STAR 27.20 +0.07 13.5 STIPSIxins 23.74 +0.03 2.1
FdInvA 70.32 +0.10 18.5 MktNeutI 14.59 ... 6.5 Edgewood Growth Instituti InvGrBd NA ... 3.1 JHF III DispVal Income 10.49 +0.01 5.1 IntlGrAdml 107.89 +0.22 19.3 TgtRe2020 27.57 +0.04 8.7 TotBdInst 9.52 +0.01 2.2
GwthA 63.41 +0.16 28.1 Columbia Class I EdgewoodGrInst 41.13 +0.20 31.4 LowP 49.91 +0.12 8.1 DispValMCI 27.07 +0.12 10.9 PIMCO Funds Instl ITBondAdml 10.14 +0.01 2.3 TgtRe2025 18.46 +0.03 10.7 TotBdInst2 9.41 +0.01 2.2
HI TrA 9.24 +0.01 5.7 DivIncom I 30.84 +0.03 7.7 Federated Hermes Int Magin 11.57 ... 21.1 John Hancock IncomeFd 10.49 +0.01 5.1 ITIGradeAdml 8.44 +0.02 3.7 TgtRe2030 35.14 +0.06 12.0 TotBdInstPl 9.52 +0.01 2.2
ICAA 49.18 +0.04 20.0 Dimensional Fds TtlRtnBdI 9.43 +0.01 1.8 NASDAQ 181.66 +0.37 37.7 BondR6 13.40 +0.02 2.9 Price Funds LarCapAd 105.85 +0.20 21.2 TgtRe2035 21.90 +0.05 13.2 TotIntBdIdxInst 29.20 -0.05 3.8
IncoA 23.25 +0.03 4.3 5GlbFxdInc 10.09 ... 2.6 Fidelity OTC 17.29 ... 34.8 JPMorgan I Class BlChip 144.28 +0.17 39.4 LTGradeAdml 7.93 +0.02 4.5 TgtRe2040 38.85 +0.07 14.3 TotStInst 111.17 +0.30 20.3
N PerA 57.01 ... 20.5 EmgMktVa 30.23 +0.10 15.4 500IdxInstPrem 159.36 +0.24 20.6 Puritn 23.38 +0.05 15.0 CoreBond NA ... NA DivGro 69.92 -0.02 9.7 MidCpAdml 282.30 +1.34 12.7 TgtRe2045 26.34 +0.05 15.4 ValueInst 57.34 +0.11 6.1
NEcoA 53.16 +0.08 22.2 EmMktCorEq 22.83 +0.06 14.7 Contrafund K6 21.69 +0.02 29.0 SAIUSQtyIdx 18.70 -0.01 22.1 EqInc NA ... NA Growth 84.52 +0.13 37.2 MuHYAdml 10.47 ... 4.3 TgtRe2050 43.88 +0.09 16.1 WCM Focus Funds
NwWrldA 76.97 +0.06 15.8 IntlCoreEq 15.14 +0.03 14.0 ExtMktIdxInstPre 75.11 +0.73 19.3 SrsEmrgMkt 18.04 -0.04 15.5 LgCpGwth NA ... NA HelSci 90.64 -0.30 0.9 MuIntAdml 13.48 ... 2.5 TgtRe2060 45.08 +0.09 16.1 WCMFocIntlGrwIns 22.61 -0.03 15.0
SmCpA 65.01 +0.16 15.9 IntSmCo 19.13 +0.04 11.2 FidSerToMarket 15.17 +0.04 20.4 SrsGlobal 14.06 ... 13.8 JPMorgan R Class LgCapGow I 62.01 +0.16 35.0 MuLTAdml 10.73 -0.01 3.5 TgtRet2055 48.96 +0.11 16.1 Western Asset
TxExA 12.20 ... NA IntSmVa 21.03 +0.05 13.5 GrowthCompanyK6 21.28 +0.08 38.3 SrsGroCoRetail 19.02 +0.06 38.1 CoreBond NA ... NA MidCap 103.66 +0.25 16.9 MuLtdAdml 10.70 -0.01 1.6 TgtRetInc 12.97 +0.02 7.0 CoreBondI 10.63 +0.02 NA
WshA 55.85 -0.02 11.0 LgCo 31.30 +0.04 20.6 IntlIdxInstPrem 47.43 -0.04 15.1 SrsIntlGrw 16.61 -0.04 16.5 CorePlusBd NA ... NA NHoriz 56.07 +0.39 21.0 MuShtAdml 15.61 ... 1.6 WellsI 24.97 +0.04 3.8 CorePlusBdI 9.47 +0.02 NA
 .

B10 | Tuesday, August 1, 2023 THE WALL STREET JOURNAL.


THE WALL STREET JOURNAL.
S&P Extends Monthly Win Streak to 5
July rally lifted
smaller regional
banks, the biggest
tech companies
BY GUNJAN BANERJI
The S&P 500 rose on the fi-
nal trading day of July and
notched its fifth consecutive
month of gains, its longest
winning streak since 2021.
The S&P 500 finished up
3.1% for the month, while the
tech-heavy Nasdaq Composite
added 4%. The
MONDAY’S Dow Jones In-
MARKETS dustrial Average
clinched a 3.3%
monthly gain.
The monthslong rally in
the stock market broadened
this month, lifting everything
from smaller regional banks
to the biggest technology
companies in the world, a
sign that many traders expect
continued strength in the U.S.
China’s Small Investors Shun Its Stocks
BY WEILUN SOON
China’s 200-million-strong
army of individual investors
has turned away from the
stock market.
The country’s benchmark
CSI 300 index lost around one-
fifth of its value last year, and
has risen much less than ma-
jor indexes in the U.S., Japan
and elsewhere in 2023. That is
creating a sense of despair
among the office workers, civil
servants and other ordinary
citizens who are responsible
for the bulk of trading in
China’s stock market.
“If we’re all going to lose
money, we might as well cut
our losses,” said Huang Jian-
bin, a 57-year-old teacher in
Shenzhen, who owns nearly
$70,000 worth of shares.
China’s small investors have
a huge influence on stock
prices. Unlike in the U.S.,
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* * * * *
economy.
“The market has fully em-
braced the soft-landing sce-
nario,” said Bryant Van-
Cronkhite, a senior portfolio
manager at Allspring Global
Investments.
A stretch of better-than-ex-
pected data on jobs and infla-
tion has pushed traders to un-
wind some of their bets on a
looming downturn. Some have
ditched their gloomy forecasts
on stocks and abandoned re-
cession wagers, helping push
swaths of the stock market
higher alongside bond yields.
Gains in regional-bank
stocks such as Zions Bancorp
pushed the KBW Nasdaq Re-
gional Banking Index up 18.3%
for the month, its best stretch
since November 2016. These
stocks were battered earlier in
the year, when Silicon Valley
Bank’s collapse stoked a bank-
ing crisis and exacerbated
worries about a recession.
Energy companies ripped
higher, with stocks such as
where large institutions domi-
nate trading, China’s stock
market is still driven by its 219
million individual investors.
They accounted for around
60% of trading volume in the
country last year, according to
official estimates, compared
with the less than one-fifth of
volume represented by small
investors in the U.S.
Now they are increasingly
putting their cash into money-
market funds, insurance prod-
ucts and bank savings ac-
counts, despite recent
reductions in interest rates
that mean they earn less on
their investments. Their ner-
vousness is a sign of how far
China has to go before it can
recover from two years of
strict measures to fight
Covid-19, a clampdown which
badly hurt the economy.
The CSI 300 index rose
more than 7% in January,
V I S I T G E T W S J . C O M /G I F T 2 3 O R C A L L ( 8 0 0 ) 2 1 0 - 7 7 8 8
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MARKETS
Index performance on Monday
0.4% Dow Jones
Industrial Average
Nasdaq Composite
0.3
S&P 500
0.2
0.1
0
–0.1
–0.2 Five-minute intervals
10 a.m. noon 2 p.m.
Source: FactSet
Schlumberger and Hallibur-
ton gaining around 18% a piece
for the month. Meanwhile,
tech stocks continued a win-
ning streak that has helped
send the Nasdaq up 37% for
the year, besting the Dow by
its widest margin through July
of any year on record, accord-
when many analysts and econ-
omists were optimistic the
economy would bounce back
quickly after China’s govern-
ment brought an end to the
country’s strict zero-Covid
policies late last year. But a
raft of data since then has un-
dermined that early confi-
dence.
China’s economy grew just
0.8% in the second quarter
from the preceding three
months, while data on retail
spending, corporate invest-
ment and property sales have
painted a gloomy picture.
Manufacturing data released
Monday showed the fourth
consecutive month of slowing
activity.
“Retail investors are losing
their risk appetite. They don’t
want to catch the falling knife
when everything around them
is collapsing,” said Wong Kok
Hoi, chief investment officer at
ing to Dow Jones Market Data
going back to the 1970s.
The S&P 500 added 0.1%,
while the Nasdaq edged up
0.2%. The Dow industrials rose
100.24 points, or 0.3%, boosted
by shares of Chevron and
Walt Disney.
Crude prices inched up and
notched the biggest one-
month percentage advance
since January of last year, as
traders braced for cuts by
Saudi Arabia and Russia to
tighten supplies. Brent crude
futures, the global oil bench-
mark, rose 14% in July to
$85.56 a barrel. The rally has
4 snapped oil out of a months-
long funk caused by concern
about the world economy and
a surge in exports from sanc-
tioned producers.
Investors have also been
sifting through a wave of earn-
ings results, many of which
have been better than ex-
pected by Wall Street analysts.
Around 81% of companies have
been beating earnings esti-
China-focused APS Asset
Management.
The slump in stock prices
means that two big sources of
wealth creation in China—
property and stocks—are now
offering little hope for citizens
who want to make money
from investing. Property
prices in many Chinese cities
fell in June for a second con-
secutive month.
Mark Xu, a 28-year-old data
product manager in Beijing,
holds more than $135,000
worth of shares listed in
China, including those of tech-
nology, energy and shipping
companies. He said he doesn’t
see any shares that look at-
tractive enough or offer good
growth potential. He would
rather invest in certificates of
deposit or life insurance plans
which pay a guaranteed re-
turn.
“I can’t earn much from A
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mates, the highest figure of
the past seven quarters, ac-
cording to Société Générale.
Now, analysts forecast that
second-quarter earnings will
mark a trough for quarterly
results before a rebound in
profits later this year, accord-
ing to DataTrek Research.
Later this week, traders
will be parsing results from
two of the biggest companies
in the world, Apple and Ama-
zon.com.
Shares of semiconductor
manufacturing company ON
Semiconductor were some of
the top gainers in the S&P
500, adding 2.5%, after dis-
closing strong financial re-
sults.
SoFi shares jumped almost
20% after the company re-
ported strong second-quarter
results and offered expecta-
tions-topping profit guidance
for the rest of the year. Mon-
day’s jump puts SoFi shares up
nearly 50% year to date, more
than making up for their 71%
Performance of two
benchmark stock indexes
in mainland China
40%
20
0 6 Hybrid
–20 CSI 300
(large caps)
CSI 500
–40 (small and mid-cap)
2018 ’19 ’20 ’21
*Year to date †Monthly data, through May
Note: 1 trillion yuan=$139.9 billion
Source: Wind (performance); Asset Management Association of China (assets)
shares at all. In fact, if the
market starts going up, I
might just gradually sell my
stocks away,” he said, refer-
ring to China’s domestic
shares.
Assets in money-market
funds in China climbed to a re-
cord 11.9 trillion yuan—the
equivalent of $1.67 trillion—in
.
Tuesday, August 1, 2023 | B11
decline in 2022.
The yield on the 10-year
Treasury note ascended for a
third consecutive month to
3.956% in July.
Overseas, Europe’s Stoxx
600 rose 0.1%. Early Tuesday,
South Korean stocks led, gain-
ing 1.3%. Japan’s Nikkei 225
was up 0.7%. S&P 500 futures
rose 0.1%
—Joe Wallace, Telis Demos
and Eric Wallerstein
contributed to this article.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Applications $198,513,945,100 $178,091,149,100
Accepted bids $73,060,795,200 $65,191,191,600
" noncomp $2,698,604,100 $2,796,772,100
" foreign noncomp $0 $104,000,000
Auction price (rate) 98.665333 97.335722
(5.280%) (5.270%)
5.441% 5.504%
Bids at clearing yield accepted 36.33% 94.27%
912796YT0 912797GE1
Both issues are dated Aug. 3, 2023. The 13-week bills
mature on Nov. 2, 2023; the 26-week bills mature on
Feb. 1, 2024.
Assets under management in
open-ended Chinese funds,
by type†
12 trillion yuan
Money
market
9
3 Bond
Equity
0
’22 ’23* 2021 ’22 ’23
May, dwarfing the 2.6 trillion
yuan invested in stock mutual
funds, although the difference
between the two eased in
June. Household deposits are
rising. Insurance products
have proved so popular that
regulators told insurers to
lower maximum yields for
some products.

B12 | Tuesday, August 1, 2023
Beijing’s Caution Could Be a Mistake
Even after second-quarter economic malaise, China’s central government still seems inclined to stick to half measures
China’s economy is either slog-
ging through a normal postpan-
demic soft patch or on the brink
of something much worse: a dam-
aging bout of deflation and a dou-
ble-dip downturn.
China’s official July purchasing
managers indexes, released Mon-
day, strengthened the case for the
latter. But China’s leadership still
seems inclined to wait and see:
boosting support for favored sec-
tors like electric vehicles and talk-
ing up entrepreneurs without roll-
ing out the big monetary and
fiscal guns. That overconfidence
could end up costing China.
The bull case essentially boils
down to this: China just emerged
from Covid-19 lockdowns about a
half a year ago, household incomes
are still bouncing back and other
countries’ labor markets also took
a long time to find their footing
Movie Industry Needs ‘Barbenheimer’ to Stretch Its Legs
Hollywood’s most ingenious—
and incongruous—bit of counter-
programing at the box office has
continued to pay off. But for the
studios behind “Barbie” and “Op-
penheimer,” that could set up a
new dilemma.
The two movies held up well in
their second weekend in theaters.
“Barbie” from Warner Bros. Dis-
covery scored a domestic box office
of $93 million, while “Oppen-
heimer” from Comcast’s Universal
took in $46.2 million, according to
Box Office Mojo. That was well
above the disappointing $24.2 mil-
lion debut of Walt Disney’s
“Haunted Mansion.”
The continued popularity of the
two movies that fueled the Barben-
heimer social-media craze made
this past weekend the third-largest
for the entire year for the domestic
box office, scoring above the total
even for extended weekends for the
Memorial Day, Fourth of July and
Presidents Day holidays.
The weekend’s successful box of-
fice also suggests the two movies
might have what is known in the
industry as “legs.” The second-
weekend take for “Barbie” was
down 43% from its opening week-
end, while “Oppenheimer” logged a
drop of 44%. Those are solid num-
bers in an industry where many
movies lose two-thirds of their au-
dience during the second week. Of
the big movies released so far this
year, only the blockbuster “The Su-
per Mario Bros. Movie” from Uni-
versal has fared better, dropping
just 37% in its second weekend.
Movies that scored an opening
weekend take of more than $50
Biogen Stock Has Yet to Price in Upside SoFi Bucks Neobank Fears
It was one heck of a week for
Biogen’s new boss Chris Vieh-
bacher, who was brought in late
last year in an effort to turn around
the struggling Boston-area biotech.
Last Tuesday, he announced he
was laying off more than 10% of the
workforce. He followed that up on
Friday by announcing the biotech’s
largest deal ever, the $7.3 billion ac-
quisition of Reata Pharmaceuti-
cals, which recently received a
somewhat surprising Food and
Drug Administration approval for
the first treat-ment of the genetic
disorder Friedreich’s ataxia. The
drug, Skyclarys, could be a block-
buster if Biogen is able to secure an
expanded label for children as well
as approval in Europe.
Cost cuts and common-sense
deals such as the purchase of Re-
ata, which can help fill a void as the
tide goes out on the company’s
multiple sclerosis franchise, are the
kinds of things that should make
Wall Street get excited. But it was a
bad week for Biogen’s stock, which
finished down 4.5%, underperform-
ing the biotech sector as well as the
broader market.
Those declines underscore a
sense among investors that there
could still be some bumps along the
way. Beyond the overarching con-
cern that Leqembi, Biogen’s new
Alzheimer’s drug, could face a slow
path to growth, the most immedi-
ate challenge concerns depression
drug zuranolone.
During the company’s first-quar-
ter earnings call in April, Vieh-
bacher played up the experimental
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
ON
THE
after the pandemic. pre-Covid average running back to
Last Monday’s Politburo com- early 2012, according to figures
muniqué, which noted that the re- from data provider CEIC. July’s
covery was developing in a wind- construction PMI was a paltry 51.2
ing, “wave-like” manner but that compared with a pre-Covid aver-
the long-term outlook remained age of around 60.
bright, essentially appeared to The bear argument is, of course,
take this position—recommending that what is happening in China
more policy support but without now isn’t really analogous to other
rolling out any big-bang an- big economies’ post-Covid experi-
nouncements. ence at all.
It is true that China’s current China’s property sector is in a
bout of weakness, particularly in deep downturn. Developers remain
services, looks exceptional by pre- financially stressed—Moody’s
Covid standards—meaning any notes that 72% of its rated high-
sort of reversion to the mean, as yield Chinese property developers
eventually happened in many had weak liquidity in June—and
other big economies after the project pipeline has collapsed.
Covid-19, would put the economy Exports—which helped mitigate
on a much stronger footing. the damage from the housing
China’s services sector PMI came downturn in 2021 and 2022—are
in at 51.5 in July, its weakest read- declining again as Europe strug-
ing since December—and nearly gles and the pandemic-era elec-
two full index points below its tronics boom ebbs.
Warner Bros. Discovery’s ‘Barbie’ might be one of the last big movie hits of the year if the Hollywood strikes continue well into the fall.
million domestically have averaged streaming services are also now
a second-weekend drop of 56%. highly incentivized to squeeze out
Just how long the studios and everything they can from a success-
theater chains can ride out “Bar- ful theatrical run. Paramount kept
benheimer” remains to be seen. last year’s box-office champ “Top
The aforementioned “Mario” movie Gun: Maverick” in theaters for 24
is still going strong, having re- weeks on its initial run, while Dis-
mained in theaters for 17 weeks ney kept “Avatar: The Way of Wa-
since its debut in early April. But ter” in theaters for 23 weeks before
that is getting to be more of an adding it to Disney+ in June.
anomaly in an industry where most But “Barbenheimer” now faces a
of Hollywood’s major studios also unique—and burdensome—oppor-
own their own content-hungry tunity. It has a more open competi-
streaming services. tive window in the near term as
Still, studios with cash-burning studios shift release dates due to
With Strong Results There also is a gnawing sense
among investors that the company
isn’t ready to move into the big
leagues just yet due to an unwill-
ingness to clean up its board. Bio-
gen recently upset quite a few
shareholders when it failed to dis-
close that a new nominee (since
elected) to its board, Susan Langer,
was actually the romantic partner
JEFF PINETTE FOR THE WALL STREET JOURNAL
of departing director Alex Denner.
Denner, the founder of Sarissa Cap-
ital, gave up his board seat at Bio-
gen to pursue an activist campaign
at biotech company Alkermes,
which has a commercial relation-
ship with Biogen. The fact that the
relationship between Denner and
Langer only surfaced when industry
publications Endpoints and Stat
brought it to light suggested to
Biogen CEO Chris Viehbacher. some that dysfunction at the board
level may continue to plague Biogen
treatment for major depressive dis- during the Viehbacher era.
order and postpartum depression, Viehbacher’s tepid defense last
calling it an “underestimated asset week—that Biogen doesn’t look at
in our portfolio” that is going to be personal relationships—failed to
an “enormous opportunity.” Ana- dispel those concerns. Biogen needs
lysts polled by Visible Alpha expect to show it is serious about cleaning
the drug to top $1 billion in sales by up its governance. For now, though,
2029. The tone was decidedly dif- the Reata deal and the cost cuts do
ferent during last week’s call, with help instill confidence that, despite
Viehbacher mostly evading analyst much-needed improvements, Vieh-
questions about the drug. He bacher can make transformative
chalked the silence up to a bit of change at the company.
“superstitiousness,” with the FDA’s With potentially bad news com-
decision over whether to approve ing later this week, investors aren’t
the drug expected by Aug. 5. wrong to exercise caution. But once
Wall Street interpreted his si- the dust settles, it will be hard for
lence as bad news. Some suggested the market to ignore that Biogen’s
the drug may only receive approval new leader is making changes that
for the smaller postpartum depres- are finally positioning the company
sion indication. for growth. —David Wainer
And Chinese households, which
are by some measures now more
indebted than American ones,
have been taking it from all sides.
They endured a much longer pe-
riod of pandemic restrictions and
rolling lockdowns than other ma-
jor economies. Their most impor-
tant asset—housing—is beginning
to lose value again. And the gov-
ernment spent the past several
years cracking down on some key
drivers of job creation: the inter-
net-platform sector and the for-
profit education industry.
Under such circumstances, rhe-
torical support for entrepreneurs
and consumers may not be enough
to turn things around. Something
more ambitious may be needed:
direct fiscal transfers to house-
holds, big-bang improvements to
China’s paltry social safety net or
a convincing return to an ambi-
the continuing Hollywood strikes.
Striking actors aren’t able to pro-
mote their movies. Sony last week
delayed the wide release of its
“Gran Turismo” videogame adapta-
tion that was set for Aug. 11 by two
weeks in the hopes that two week-
ends of sneak previews will gener-
ate strong word of mouth from the
audience.
But that also means “Barben-
heimer” carries the weight of the
industry’s remaining summer on its
shoulders. And they could even be
the last big hits for the year if the
Online “neobanks” seemed to
fall out of favor last year, with in-
vestors fearing that they could be
badly derailed by rapidly rising in-
terest rates and deposit prices.
But one the biggest, SoFi Technol-
ogies, has stymied those expecta-
tions so far.
SoFi shares jumped nearly 20%
on Monday after the company re-
ported a strong second quarter
and offered expectations-topping
profit guidance for the rest of the
year. One thing
standing out was its
deposit total, which
grew 26% quarter Shares of the
over quarter, to company are
$12.7 billion by quar-
ter end—or more up more than
than a billion dollars
over what analysts
148% in the
expected, according year to date.
to Visible Alpha.
Monday’s jump
puts SoFi shares up
more than 148% in the year to
date, more than making up for
their 71% decline in 2022.
The question about deposit
growth these days is naturally
whether banks are just buying it
by paying super-high rates.
That can be the case when
banks bring in expensive “hot”
brokered deposits, for example,
which they attract from third-
party platforms.
But SoFi told analysts on Mon-
day that 90% of its deposits are
.
THE WALL STREET JOURNAL.
tious, market-friendly reform
agenda.
The danger then is that instead,
Beijing mistakes the economy’s
current troubles for something
transitory—and that further weak-
ness in exports and construction
start to drag the overall labor
market down again.
There already are warning
signs: The employment subindex
for China’s construction PMI
dipped to 45.2 in July, its weakest
reading since December, and the
factory employment subindex fell
marginally as well.
The next few months in Beijing
could be critical for the course of
China’s economy over the next
couple of years. So far, however,
China’s leadership still seems con-
tent to bake in the summer heat—
and hope for the best.
—Nathaniel Taplin
©WARNER BROS/EVERETT COLLECTION
strikes extend well into the fall and
force more delays of major movies.
In a report Monday, Doug Creutz
of TD Cowen noted the “very wide
bid-ask spreads between the nego-
tiating parties” involved in the
strikes, and added that a long-term
shutdown would “likely accelerate
streaming churn, linear cord-cut-
ting, the migration of ad dollars to
digital platforms, and the reduction
of the theatrical footprint.” The fa-
ther of atomic weapons can only
keep Hollywood from bombing for
so long. —Dan Gallagher
through consumers or direct de-
posit.
Executives said they believe the
firm can continue to draw in new
money via competitive interest
rates, which can reach 4.4% annual
percentage yields for some cus-
tomers, such as savings accounts
with direct deposit, or 0.5% for
checking accounts.
Another way to beat high de-
posit rates is to lend at attractive
rates. With personal loans making
up the bulk of its
portfolio, carrying a
weighted average
coupon rate of 13.6%
as of the second
quarter, SoFi is man-
aging that as well.
The yield on its aver-
age balance of loans
jumped from 9.52%
in the first quarter
to 9.96% in the sec-
ond. That helped its
net interest margin expand by
0.26 percentage point quarter over
quarter, to 5.74%.
Along with record personal-loan
originations of over $3.7 billion in
the second quarter, that helped
more than double overall net in-
terest income from a year earlier.
This uptick more than made up for
a slight year-over-year decline in
student loan originations—which
notably also have lower average
coupons.
—Telis Demos